DIRQWHGDPHOKRUJHQ«WLFD

6(/(&76,5(6'2%5$6,/
352'8&72)86$

d>K'KdKhZK^ͮZ^KZd
ϮϬϭϳͮϮϬϭϴ
 DIRQWHGDPHOKRUJHQ«WLFD

dZ/^>d^/Z^KZd
Yh>/^^K/YhEd/

WƌĞnjĂĚŽƐƌŝĂĚŽƌĞƐ

  DŽŵĞŶƚŽƐ ĚŝİĐĞŝƐ ƐĆŽ ƵŵĂ ĐŽŶƐƚĂŶƚĞ ŶĂ ĞĐŽŶŽŵŝĂ ĚĞ ƉĂşƐĞƐ Ğŵ ĐƌĞƐĐŝŵĞŶƚŽ͘ dƵƌďƵůġŶĐŝĂƐ
ĞĐŽŶƀŵŝĐĂƐĞƉŽůşƟĐĂƐƐĞĂƉƌĞƐĞŶƚĂŵĨƌĞƋƵĞŶƚĞƐĞĚĞǀĞŵƚƌĂnjĞƌĐŽŶŚĞĐŝŵĞŶƚŽĞĞdžƉĞƌŝġŶĐŝĂƉĂƌĂŽƐƉƌŽďůĞŵĂƐ
ĨƵƚƵƌŽƐƋƵĞŝƌĆŽĂƉĂƌĞĐĞƌ͘

 hŵĚŝƚĂĚŽŵƵŝƚŽƉŽƉƵůĂƌĚŝnjƋƵĞ͞ĂƉſƐĂƚĞŵƉĞƐƚĂĚĞǀĞŵĂĐĂůŵĂƌŝĂ͘͟ŚŝƐƚſƌŝĂĚĞŵŽŶƐƚƌĂƋƵĞŽƐ
ŵŽŵĞŶƚŽƐĚĞĐƌŝƐĞƐĆŽĚĞŐƌĂŶĚĞŽƉŽƌƚƵŶŝĚĂĚĞƉĂƌĂƋƵĞŵĐŽŶƐĞŐƵĞǀŝƐůƵŵďƌĂƌŽĨƵƚƵƌŽ͘WĞŶƐĂŶĚŽĚĞƐƐĂĨŽƌŵĂŽ
ƉƌŽĚƵƚŽƌƉƌĞĐŝƐĂƐĞƌĞĮĐŝĞŶƚĞĞƚƌĂďĂůŚĂƌĐŽŵŽƋƵĞĞdžŝƐƚĞĚĞŵĞůŚŽƌƉĂƌĂŵĂdžŝŵŝnjĂƌŽƐŐĂŶŚŽƐĞĚŝŵŝŶƵŝƌŽƐĐƵƐƚŽƐ
ŶĞƐƚĞŵŽŵĞŶƚŽ͘

 ƵƟůŝnjĂĕĆŽĚĂŵĞůŚŽƌŐĞŶĠƟĐĂĚŝƐƉŽŶşǀĞůĠĨƵŶĚĂŵĞŶƚĂůƉĂƌĂŝŶĐƌĞŵĞŶƚĂƌĂƉƌŽĚƵƟǀŝĚĂĚĞĞĂƟŶŐŝƌ
ŽƐƌĞƐƵůƚĂĚŽƐĚĞƐĞũĂĚŽƐĚĞŶƚƌŽĚĂƉƌŽƉƌŝĞĚĂĚĞ͘

  ^ĞůĞĐƚ^ŝƌĞƐĚŽƌĂƐŝůĚŝƐƉŽŶŝďŝůŝnjĂŽƋƵĞĞdžŝƐƚĞĚĞŵĞůŚŽƌŶĂŐĞŶĠƟĐĂďŽǀŝŶĂĚĞƌĂĕĂƐĚĞĐŽƌƚĞƉĂƌĂ
ƋƵĞŶŽƐƐŽĐůŝĞŶƚĞĂůĐĂŶĐĞƐĞƵƐŽďũĞƟǀŽƐ͘dŽƵƌŽŝŵƉŽƌƚĂĚŽƐĞŶĂĐŝŽŶĂŝƐ͕ƐĞůĞĐŝŽŶĂĚŽƐƉŽƌƉĞƌĨŽƌŵĂŶĐĞ͕ĨĞŶſƟƉŽĞ
ĨĞƌƟůŝĚĂĚĞŶŽƐġŵĞŶ͘

ƚĞŶĐŝŽƐĂŵĞŶƚĞ͕
ƋƵŝƉĞ^ĞůĞĐƚ^ŝƌĞƐĚŽƌĂƐŝů


1E/
       
ZEE'h^ ZE'h^ ,Z&KZ   sKE 
>>/E ϳEϯϳϵ ϳ :EE/E'^ ϳEϰϯϴ ϯϰ KZKEK ϳZϬϲϴ ϰϰ hKEKZd, ϳ,Wϭϭϱ ϱϱ ϳϵϬϬ ϳϵϬϬ ϲϲ
E^tZ ϳEϮϵϵ ϴ D>d EϬϭϮϬ ϭϭ KsEEd ϳZϬϱϳ ϰϬ hZE'K ϳ,WϭϬϱ ϱϳ W/d'KZ^ ϬϳϬϬ ϲϲ
/hh Eϲϰϱϳ ϯϱ DEE/E' ϳEϰϮϳ ϮϮ &&//Ed ϳZϬϳϳ ϰϲ W/K ,WϭϬϱϳ ϱϴ ^KDZ ϭϰϰϬ ϲϲ
E<ZK>> ϳEϰϯϮ Ϯϲ Dh^dE' ϳEϯϮϵ ϭϴ y>h^/s ϳZϬϲϲ ϰϯ y ϳ,Wϭϭϲ ϱϰ
>^^/ ϳEϯϯϮ ϯϯ Etz ϳEϯϬϯ ϭϬ ,ZZ| ZϬϳϯϭ ϰϳ DZ'dK ,WϮϲϴϴ ϱϲ 
KE ϳEϯϰϱ Ϯϯ E/'Z ϳEϯϴϴ ϲ ,Z/d' ϳZϬϱϴ ϰϭ ZD ϳ,WϭϬϵ ϱϴ ^,KZd,KZE 
ZKE ϳEϰϰϯ ϯϮ K^ZsZ ϳEϰϭϯ ϭϳ W^ddZ ϳZϬϳϱ ϰϮ Z^KhZ ϳ,WϭϭϮ ϱϵ W/, ϳ^WϬϯϮ ϲϳ
W/d>/^d ϳEϯϱϭ ϱ WZ^d/E ϳEϮϮϮ ϭϮ WZ^d/'/Kh^ ϳZϬϳϰ ϰϮ dKW^,>& ϳ,WϭϬϴ ϱϰ 'h' ϳ^WϬϯϯ ϲϳ
EdEZ/K EϬϴϵϬ ϯϰ WZD/hE& ϳEϮϰϱ ϭϬ WhZ^h/d ϳZϬϳϬ ϰϬ h>dZ ϳ,WϭϬϰ ϱϵ
,/&d/E ϳEϰϭϬ Ϯϰ WZKd/s ϳEϰϱϳ ϭϳ ZEt> ϳZϬϳϮ ϰϲ KZZK ,WϴϮϴϭ ϱϲ
>Z< EϳϰϳϮ ϯϲ WZKW,d ϳEϯϮϬ ϰ ^DhZ/ ϳZϬϲϬ ϯϴ ^EWK>
KDZ ϳEϯϲϴ ϭϱ WZK^WZ/dz ϳEϯϮϴ ϭϵ ^hE</E' ϳZϬϲϭ ϯϴ '/KE ^ϬϳϬϭ ϲϳ
KE&/ZD EϭϰϬϵ ϯϲ ZE,Z ϳEϰϱϱ ϯϭ d<Khd ϳZϬϲϵ ϯϵ
KEsZ^d/KE ϳEϰϮϲ Ϯϵ Z'/^ ϳEϯϯϬ ϵ d/EdK ZϬϭϯϱ ϰϱ Z&KZ
KhEdZz ϳEϯϰϳ ϰ Zs/s> ϳEϯϴϲ Ϯϳ    KDE, KϲϭϬϴ ϲϯ ^/DEd>
KhZ' ϳEϯϴϰ ϯ ^WKd>/d ϳEϰϭϳ Ϯϰ  KZKE/>, KϬϱϬϮ ϲϭ KEsKz ϳ^Dϲϳ ϲϴ
DE ϳEϰϬϱ ϭϰ ^hZ&/Z ϳEϯϴϵ ϭϲ ZE'h^ DZK KϬ:ϭϳ ϲϬ /E&/E/d/ ϳ^Dϱϴ ϲϴ
ZKsZ ϳEϰϰϱ ϯϮ dE<Z ϳEϯϵϭ Ϯϴ Zh/^ ϳEϬϬϳ ϰϵ yYhͲDd ϬϮϬϴϲ ϲϮ D:^d/ ϳ^Dϰϲ ϲϴ
DW/Z ϳEϰϯϰ Ϯϲ d,hEZK>d ϳEϰϬϳ ϭϰ /W,KE EϬϬϱϵ ϱϭ
&/Z^dͲEͲ'K> ϳEϯϳϰ ϮϬ dKW,E ϳEϯϱϳ Ϯϴ W^^WKZd ϳEϬϬϰ ϱϬ 
&>ddKW ϳEϰϱϭ ϭϮ dKd>Z>> ϳEϰϭϰ ϯϬ ^ZEz EϬϲϬϯ ϱϬ Zd/'K^ ϲϵ
&KZdZ^^ ϳEϯϵϱ ϭϲ hE/KE ϳEϯϴϱ ϲ zKhdh EϬϬϲϱ ϱϭ ,ZK>^ ϲ
'Zd/s/ ϳEϯϬϵ Ϯϭ hWdKtE ϳEϯϲϵ ϮϬ E,DZ< ,Ϭϴϵ ϰ
,D/^W,Z ϳEϯϯϱ ϭϴ s>^ EϬϭϱϰ ϭϯ ZZE'h^ ^ ϳ,ϵϱ ϲϰ dydK^KE^h>d
,/',t/', ϳEϰϮϱ ϯϬ sEdhZ ϳEϰϯϬ Ϯϱ KZ/E' ZϬϲϳϮ ϱϮ &Z>hE, ϳ,ϵϭ ϲϱ 1E/^/KKEND/K^ ϵϰ
/W ϳEϰϰϵ ϮϮ tKZ<,KZ^ ϳEϯϮϳ ϴ K>dZ ϳZϬϬϱ ϱϮ dZs>'Ed ϳ,ϵϰ ϲϱ /EdZWZdKWZKs^ ϵϱ

&KdKW͗ŶĚĞƌƐŽŶ^ĐŚŝŵŝĚƚ 
 ZEE'h^
ϳEϯϴϰ
&RXUDJH KEE>zKhZ'Ϯϱ>

70

ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ

ZĞŐ͗ϭϳϯϬϮϯϬϰ;D&ͲE,&ͿͲZĞŐ͘EĂĐ͗,/ϭϮϵϱ
ƌŝĂĚŽƌ͗ŽŶŶĞĂůLJŶŐƵƐZĂŶĐŚ͕E͖ZĂLJŵŽŶĚ,ĂƵŐĞŶ͕EĂŶĚtĂLJsŝĞǁĂƚƚůĞŽ͕K,
ĂƚĂEĂƐĐ͗͘ϬϲͬϬϮͬϮϬϭϮ

ŽŶŶĞĂůLJdŽďŝŶ
WE͗ ϯϴŬŐͬ͘d ŽŶŶĞĂůLJŽŶĨŝĚĞŶĐĞϬϭϬϬ
W͗ ϯϲϬŬŐͬ͘d ĞĐŬĂ'ĂůĂŽĨŽŶĂŶŐĂϴϮϴϭ
W͗ ϲϯϬŬŐͬ͘d
WͬĂŶŽ͗ ϯϳĐŵ sĞƌŵŝůůŝŽŶĂƚĞůŝŶĞϳϬϳϴ
&ƌĂŵĞͬĂŶŽ͗ ϱ͘ϳ WĞĂƌůWĂŵŵLJŽĨŽŶĂŶŐĂϭϵϰ
WĞĂƌů:ĂŵŽĨŽŶĂŶŐĂϲϭϭϰ &/>,͕^W/<>ZZE,͕E

/ŶĚŝĐĂĚŽƉĂƌĂŶŽǀŝůŚĂƐ͘
/ŶĚŝĐĂĚŽƉĂƌĂƉůĂŶƚĞŝƐĞĐƌƵnjĂŵĞŶƚŽƐ͘
/ŵƉƌŝŵĞƉĂĚƌĆŽƌĂĐŝĂů͘

hŵĚŽƐŵĞůŚŽƌĞƐĨŝůŚŽƐĚĞKE&/EƋƵĞĠƚŽƵƌŽƌĞĐŽƌĚĞĞŵƌĞŐŝƐƚƌŽŶĂƐƐŽĐŝĂĕĆŽĚĞ
ŶŐƵƐĚŽƐhƉŽƌϮĂŶŽƐĐŽŶƐĞĐƵƚŝǀŽƐ͘KhZ'ĠǀŝƐƚŽĐŽŵŽŽĞdžĞŵƉůŽĚŽƋƵĞĂŽŶͲ
ŶĞĂůLJďƵƐĐĂĞŵƐƵĂƉƌŽĚƵĕĆŽ͘/ŵƉĞĐĄǀĞůĞŵƐĞƵĨĞŶſƚŝƉŽĞƐĞůŽƌĂĐŝĂů͘hƐĂĚŽŶĂƐŶŽǀŝůŚĂƐ
ĚŽƐƉůĂŶƚĞŝƐŵĂŝƐŝŵƉŽƌƚĂŶƚĞƐĚĂƌŐĞŶƚŝŶĂ͕hƌƵŐƵĂŝĞƌĂƐŝů͘:ĄĐŽŶƐĂŐƌŽƵ'ƌĂŶĚĞƐĂŵͲ
&/>,K͕^W/<>ZZE,͕E
ƉĞƁĞƐŶĂƐƉƌŝŶĐŝƉĂŝƐĞdžƉŽƐŝĕƁĞƐĚĞƐƚĞƐƉĂşƐĞƐ͘

'W͛^
ϮϳͬϬϳͬϮϬϭϳ WZKhK DdZE> Z 1E/^KEND/K^
K^ &W WE W W d W K &WD > Ws ΨE W D K> ' Ψ Ψ Ψ' Ψd
WDz^ нϭϲ нϬ нϱϲ нϵϲ Ͳ͘ϰ н͘ϭϯ нϭϴ нϭϰ нϮϰ нϮϱ Ͳϰ͘ϯϮ нϮϵ н͘Ϯϵ н͘ϳϰ н͘ϬϮϵ нϱϵ͘ϭϵ нϱϮ͘ϳϴ нϮϳ͘ϮϬ нϵϴ͘ϭϯ
ĐĐ͘ ͘ϴϮ ͘ϵϯ ͘ϵϮ ͘ϴϵ ͘ϴϴ ͘ϴϴ ͘ϴϱ ͘ϱϮ ͘ϰϴ ͘ϰϯ ͘ϱϯ ͘ϰϳ ͘ϰϵ ͘ϰϴ
йdKW Ϯ ϯ ϰϱ ϭϬ
ďĞƌĚĞĞŶŶŐƵƐͲDĠĚŝĂƐĚĂZĂĕĂ:ƵůŚŽϮϬϭϳ
&W͗нϲͮWE͗нϭ͘ϯͮW͗нϰϵͮW ͗нϴϲͮd͗н͘ϰͮW͗н͘ϳϭͮK͗нϭϯͮ&WD͗нϴͮ> ͗нϮϯͮWs͗нϮϲͮΨE͗ͲϮ͘ϰϳͮW͗нϯϯͮD͗н͘ϰϴͮK> ͗н͘ϰϮͮ'͗н͘ϬϭϮ
Ψнϰϰ͘ϬϴͮΨ͗нϯϵ͘ϬϴͮΨ'͗нϮϵ͘ϲϵͮΨ/ &͗нϭϬϭ͘Ϯϱ

ϯ
 ZEE'h^
ϳEϯϮϬ 3URSKHW 'ZWZKW,d

&ŝůŚĂƐĚĞĂůƚĂƉƌŽĚƵĕĆŽ͘
ƌĞƐĐŝŵĞŶƚŽĂĐĞůĞƌĂĚŽĐŽŵƋƵĂůŝĚĂĚĞĚĞĐĂƌŶĞ͘

ŽŵƵŵĂĐŽŵďŝŶĂĕĆŽƉĞƌĨĞŝƚĂĚĞWƐĚĞĐƌĞƐĐŝŵĞŶƚŽĞdžͲ
ƚƌĂĞŵĂƌŵŽƌĞŝŽ͕WZKW,dĠƐĞŵĚƷǀŝĚĂƵŵĂĨĞƌƌĂŵĞŶƚĂ
ŐĞŶĠƚŝĐĂ ƉĂƌĂ ŽƐ ĐƌŝĂĚŽƌĞƐ ƋƵĞ ďƵƐĐĂŵ ŐĂŶŚŽ ĂĐĞůĞƌĂĚŽ
ĚĞƉĞƐŽĐŽŵƋƵĂůŝĚĂĚĞĚĞĐĂƌŶĞ͘^ĞƵƐŶƷŵĞƌŽƐĞƉĞĚŝŐƌĞĞ
ŵŽƐƚƌĂŵĂŝŵƉŽƌƚąŶĐŝĂĚĞůĞĞŵƋƵĂůƋƵĞƌƌĞďĂŶŚŽ͘

ZĞŐ͗нϭϲϮϵϱϲϴϴ;D&ͲE,&Ϳ
ƌŝĂĚŽƌ͗'ĂƌĚŝŶĞƌŶŐƵƐZĂŶĐŚ͕<^ͲDZĂŶĐŚĞƐKŐĞĞĐŚĞĞŶŐƵƐ͕'
ĂƚĂEĂƐĐ͗͘ϭϱͬϬϴͬϮϬϬϴ

ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ

ZdžƚdƌĂǀĞůĞƌϮϬϱ
WE͗ ϯϱŬŐͬ͘d
ZĞdžƚŽƌϴϳϮϱϮϬϱϲϬϴ
W͗ ϰϬϯŬŐͬ͘d
ƌĂ>ĂĚLJ:ĂLJĞϲϬϴϰϵϴ^ĂƐLJ
W͗ ϲϵϱŬŐͬ͘d
^^KďũĞĐƚŝǀĞdϱϭϬϬdϮϲ
WͬĂŶŽ͗ ϯϴĐŵ͘
'ZKďũĞĐƚŝǀĞϭϴϴϱ
&ƌĂŵĞͬĂŶŽ͗ ϲ͘Ϯ 'ZϭϰϬϳEĞǁĞƐŝŐŶϮϮϯϮ &/>,͕DZE,^͕'
'W͛^
ϮϳͬϬϳͬϮϬϭϳ WZKhK DdZE> Z 1E/^KEND/K^
K^ &W WE W W d W K &WD > Ws ΨE W D K> ' Ψ Ψ Ψ' Ψd
WDz^ нϭϮ нϭ͘ϯ нϳϮ нϭϮϰ н͘ϲ н͘Ϭϵ нϮϯ нϭϭ нϯϯ нϯϴ Ͳϭϯ͘ϭϰ нϰϱ нϭ͘ϱϴ н͘ϰϮ н͘Ϭϰϱ нϵϯ͘Ϯϴ нϱϳ͘Ϯϲ нϱϰ͘ϭϵ нϭϮϴ͘ϯϭ
ĐĐ͘ ͘ϵϭ ͘ϵϳ ͘ϵϲ ͘ϵϰ ͘ϵϲ ͘ϵϱ ͘ϵϯ ͘ϴϲ ͘ϴϰ ͘ϳϳ ͘ϴϭ ͘ϳϵ ͘ϳϲ ͘ϳϵ
йdKW ϭϬ ϯ ϰ ϭϱ ϮϬ ϱ ϮϬ ϭ ϭ ϯϬ Ϯ

ZEE'h^
ϳEϯϰϳ &RXQWU\ ϰϰKhEdZzyϴϬϮ

džĐĞůĞŶƚĞĂƌƋƵĞĂŵĞŶƚŽĚĞĐŽƐƚĞůĂƐ͕ĨŽƌƚĞĞƐƚƌƵƚƵƌĂſƐƐĞĂ͘
/ŶĚŝĐĂĚŽƉĂƌĂŶŽǀŝůŚĂƐ͘
WĞĚŝŐƌĞĞŵƵŝƚŽĨŽƌƚĞĞĐŽŶƐŝƐƚĞŶƚĞ͘

dŽƵƌŽƉƌŽĨƵŶĚŽĞĐŽŵŵƵŝƚŽǀŽůƵŵĞĚĞĐĂƌŶĞ͕ƐƵƐƚĞŶƚĂͲ
ĚŽƉŽƌſƚŝŵĂĞƐƚƌƵƚƵƌĂſƐƐĞĂ͕ĂƉƌƵŵŽƐĞůŝŶŚĂĚĞůŽŵďŽ
ŝŵƉĞĐĄǀĞŝƐ͘

ZĞŐ͗ϭϲϲϰϱϭϴϲ;&ͿͲZĞŐ͘EĂĐ͗,/ϭϱϳϳ
ƌŝĂĚŽƌ͗ϰϰ&ĂƌŵƐ͕dy
ĂƚĂEĂƐĐ͗͘ϬϯͬϬϭͬϮϬϭϬ

ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ

ŽLJĚEĞǁĂLJϴϬϬϱ
WE͗ ϰϭŬŐͬ͘d
ͬZEĞǁĂLJϰϱϰ
W͗ ϮϱϳŬŐͬ͘d
ͬZZƵďLJϭϮϮϰ
W͗ ϲϲϬŬŐͬ͘d
ZdžƚdƌĂǀĞůĞƌϮϬϱ
WͬĂŶŽ͗ ϯϲĐŵ͘ Zh^>ĂĚLJ:ĂLJĞϰϵϰ
&ƌĂŵĞͬĂŶŽ͗ ϲ͘Ϭ ƌĂ>ĂĚLJ:ĂLJĞϲϬϴϰϵϴ^ĂƐLJ
DKhEdZz
'W͛^
ϮϳͬϬϳͬϮϬϭϳ WZKhK DdZE> Z 1E/^KEND/K^
K^ &W WE W W d W K &WD > Ws ΨE W D K> ' Ψ Ψ Ψ' Ψd
WDz^ нϳ н͘ϴ нϯϳ нϲϵ Ͳ͘ϭ Ͳ͘ϱϮ нϱ нϳ нϭϲ нϯϱ нϭϮ͘Ϭϰ нϭϳ н͘ϯϬ н͘ϯϵ н͘ϬϮϭ нϮϱ͘ϳϭ нϭϮ͘ϭϳ нϮϲ͘ϯϳ нϱϵ͘ϵϬ
ĐĐ͘ ͘ϱϬ ͘ϴϭ ͘ϳϳ ͘ϲϭ ͘ϲϱ ͘ϱϵ ͘ϱϭ ͘ϰϳ ͘ϰϴ ͘ϯϳ ͘ϰϵ ͘ϰϯ ͘ϰϰ ͘ϰϭ
йdKW ϭϱ
ďĞƌĚĞĞŶŶŐƵƐͲDĠĚŝĂƐĚĂZĂĕĂ:ƵůŚŽϮϬϭϳ
&W͗нϲͮWE͗нϭ͘ϯͮW͗нϰϵͮW ͗нϴϲͮd͗н͘ϰͮW͗н͘ϳϭͮK͗нϭϯͮ&WD͗нϴͮ> ͗нϮϯͮWs͗нϮϲͮΨE͗ͲϮ͘ϰϳͮW͗нϯϯͮD͗н͘ϰϴͮK> ͗н͘ϰϮͮ'͗н͘ϬϭϮ
Ψнϰϰ͘ϬϴͮΨ͗нϯϵ͘ϬϴͮΨ'͗нϮϵ͘ϲϵͮΨ/ &͗нϭϬϭ͘Ϯϱ

ϯ
ϰ
 ZEE'h^
ϳEϯϱϭ
&DSLWDOLVW KEE>zW/d>/^dϬϮϴ

ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ

ZĞŐ͗ϭϲϳϱϮϮϲϮ;&ͲK^&ͿͲZĞŐ͘EĂĐ͗,/ϭϮϲϱ
ƌŝĂĚŽƌ͗ŽŶŶĞĂůLJŶŐƵƐZĂŶĐŚ͕E͕ϰϰ&ĂƌŵƐ͕dy
ĂƚĂEĂƐĐ͗͘ϭϭͬϬϭͬϮϬϭϬ

^ŝƚnjdƌĂǀĞůĞƌϴϭϴϬ
WE͗ ϯϮŬŐͬ͘ƌĂƚŝŽϵϲ ^s&ŝŶĂůŶƐǁĞƌϬϬϯϱ
W͗ ϯϵϭŬŐͬ͘ƌĂƚŝŽϭϭϳ ^sŵƵůŽƵƐϴϭϰϱ
W͗ ϲϱϲŬŐͬ͘ƌĂƚŝŽϭϭϳ
WͬĂŶŽ͗ ϯϳĐŵ ZĞdžƚŽƌϴϳϮϱϮϬϱϲϬϴ
&ƌĂŵĞͬĂŶŽ͗ ϱ͘ϴ WƌŝĚĞƐWŝƚĂŽĨŽŶĂŶŐĂϴϴϮϭ
WƌĞƚƚLJWĞƚŽĨŽŶĂŶŐĂ W/d>/^dK^ϮϰD^^

&ĞŶſƚŝƉŽĞĚĞƐĞŵƉĞŶŚŽŶĂŵĞƐŵĂŐĞŶĠƚŝĐĂ͘
džĐĞůĞŶƚĞĂĐĂƐĂůĂŵĞŶƚŽƉĂƌĂŶŽǀŝůŚĂƐ͘
KƉĕĆŽĞŵƚŽƌŶĂƌŵŽĚĞƌĂĚŽ͕ƉƌŽĚƵƚŝǀŽĞĚĞĂůƚŽŶşǀĞůŽƐƉůĂŶƚĞŝƐŶŐƵƐ͘

^ƵƌƉƌĞĞŶĚĞͲŶŽƐƉŽƐŝƚŝǀĂŵĞŶƚĞĂĐĂĚĂĨŝůŚŽƋƵĞŶĂƐĐĞ͕ĠŝŶĐŽŵƉĂƌĄǀĞůĂŽƵƚƌŽƚŽƵƌŽĂĐĂƉĂͲ
ĐŝĚĂĚĞƋƵĞW/d>/^dƚĞŵĚĞƚƌĂŶƐŵŝƚŝƌŵĂƐƐĂŵƵƐĐƵůĂƌ͕ŚĂƌŵŽŶŝĂ͕ƐƵĂǀŝĚĂĚĞŶĂƐĨġŵĞĂƐ͕
ĞdžĐĞůĞŶƚĞĐĂƉĂĐŝĚĂĚĞĚĞĐĂŵŝŶŚĂƌĂŽƐŵĂĐŚŽƐ͘WŽƐƐƵŝĨŝůŚŽƐŶĂƐďĂƚĞƌŝĂƐŵĂŝƐŝŵƉŽƌƚĂŶƚĞƐ
ĚĞƚŽƵƌŽƐĚĂƐŵĂŝƐĨŽƌƚĞƐĐĞŶƚƌĂŝƐĚĞŝŶƐĞŵŝŶĂĕĆŽĚŽŵƵŶĚŽ͘hŵĂĚĂƐŵĞůŚŽƌĞƐƐĂĨƌĂƐĚĞ
ĚŽĂĚŽƌĂƐĚĞĞŵďƌŝƁĞƐĞŵŵƵŝƚŽƐƉůĂŶƚĠŝƐŶŽZ^/>͘ŝŵƉƌĞƐĐŝŶĚşǀĞůƚĞƌĞƐƐĂŐĞŶĠƚŝĐĂĞŵ W/d>/^dK^ϮϰD^^
ƐĞƵƌĞďĂŶŚŽ͘
'W͛^
ϮϳͬϬϳͬϮϬϭϳ WZKhK DdZE> Z 1E/^KEND/K^
K^ &W WE W W d W K &WD > Ws ΨE W D K> ' Ψ Ψ Ψ' Ψd
WDz^ нϭϮ нϮ нϱϴ нϵϵ Ͳ͘Ϯ н͘ϵϲ нϭϲ нϭϭ нϭϴ нϯϱ нϳ͘ϰϰ нϯϰ н͘ϰϰ н͘ϱϱ н͘ϬϰϬ нϱϵ͘ϳϱ нϰϭ͘ϯϬ нϮϵ͘ϮϬ нϵϱ͘ϴϴ
ĐĐ͘ ͘ϵϬ ͘ϵϲ ͘ϵϲ ͘ϵϰ ͘ϵϮ ͘ϵϯ ͘ϴϵ ͘ϴϬ ͘ϴϬ ͘ϲϯ ͘ϲϳ ͘ϲϯ ͘ϲϬ ͘ϲϰ
йdKW ϭϬ ϮϬ ϮϬ
ďĞƌĚĞĞŶŶŐƵƐͲDĠĚŝĂƐĚĂZĂĕĂ:ƵůŚŽϮϬϭϳ
&W͗нϲͮWE͗нϭ͘ϯͮW͗нϰϵͮW ͗нϴϲͮd͗н͘ϰͮW͗н͘ϳϭͮK͗нϭϯͮ&WD͗нϴͮ> ͗нϮϯͮWs͗нϮϲͮΨE͗ͲϮ͘ϰϳͮW͗нϯϯͮD͗н͘ϰϴͮK> ͗н͘ϰϮͮ'͗н͘ϬϭϮ
Ψнϰϰ͘ϬϴͮΨ͗нϯϵ͘ϬϴͮΨ'͗нϮϵ͘ϲϵͮΨ/ &͗нϭϬϭ͘Ϯϱ

ϱ
 ZEE'h^
ϳEϯϴϱ 8QLRQ KEE>zhE/KEϮϭϱy

WĞĚŝŐƌĞĞŵƵŝƚŽĨŽƌƚĞ͘
/ŶĚŝĐĂĚŽƉĂƌĂƉůĂŶƚĞŝƐĞĐƌƵnjĂŵĞŶƚŽ͘

ƋƵŝůŝďƌĂĚŽ͕ŚĂƌŵƀŶŝĐŽ͕ĨŽƌƚĞĞŵƐƵĂĞƐƚƌƵƚƵƌĂſƐƐĞĂ͕ƉĞůĂͲ
ŵĞďĂŝdžŽ͕ŵƵŝƚŽĂĚĂƉƚĂĚŽĂŽƋƵĞďƵƐĐĂŵŽƐĞŵŶŽƐƐŽƐƌĞͲ
ďĂŶŚŽƐ͘hE/KEĠƵŵƚŽƵƌŽĐŽŵƉƌŝĚŽĞƉƌŽĨƵŶĚŽ͕ƋƵĞŝŵͲ
ƉƌŝŵĞƉĞƐŽĞƌĞŶĚŝŵĞŶƚŽĞŵĐĂƌĐĂĕĂƐ͘

ZĞŐ͗ϭϳϯϬϮϮϯϮ;&ͿͲZĞŐ͘EĂĐ͗,/ϭϱϰϱ
ƌŝĂĚŽƌ͗ŽŶŶĞĂůLJŶŐƵƐZĂŶĐŚ͕E
ĂƚĂEĂƐĐ͗͘ϮϵͬϬϭͬϮϬϭϮ

ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ

WE͗ <D<ůůŝĂŶĐĞϲϱϵϱ/ϴϳ
ϯϱ͕ϰϱŬŐͬ͘ƌĂƚŝŽϵϴ
ŽŶŶĞĂůLJŽŶƐĞŶƐƵƐ
W͗ ϯϲϰ͕ϬϵŬŐͬ͘ƌĂƚŝŽϭϬϲ
ůŝŶĚĂŽĨŽŶĂŶŐĂϬϬϰ
W͗ ϲϯϭ͕ϴϮŬŐͬ͘ƌĂƚŝŽϭϬϵ
DLJƚƚLJ/Ŷ&ŽĐƵƐ
WͬĂŶŽ͗ ϯϴĐŵ͘
Z/ŽĨŽŶĂŶŐĂϱϮϰ
&ƌĂŵĞͬĂŶŽ͗ ϲ͘Ϯ ZŽĨŽŶĂŶŐĂϱϮϰ
'W͛^
ϮϳͬϬϳͬϮϬϭϳ WZKhK DdZE> Z 1E/^KEND/K^
K^ &W WE W W d W K &WD > Ws ΨE W D K> ' Ψ Ψ Ψ' Ψd
WDz^ Ͳϭ нϭ͘Ϯ нϱϯ нϴϳ н͘Ϯ нϭ͘ϰϱ нϭϲ нϵ нϮϱ нϮϰ Ͳϯ͘ϳϮ нϭϰ н͘ϱϮ н͘Ϭϵ Ͳ͘ϬϮϱ нϱϱ͘ϱϰ нϰϬ͘ϰϵ нϯϳ͘ϰϯ нϳϱ͘ϲϯ
ĐĐ͘ ͘ϲϲ ͘ϴϴ ͘ϴϲ ͘ϴϬ ͘ϲϵ ͘ϳϲ ͘ϲϰ ͘ϯϴ ͘ϯϵ ͘ϯϲ ͘ϲϴ ͘ϲϱ ͘ϲϭ ͘ϲϯ
йdKW ϭϬ ϭϬ

ZEE'h^
ϳEϯϴϴ 1LDJDUD ^^E/'ZϮϵ

/ŶĚŝĐĂĚŽƉĂƌĂŶŽǀŝůŚĂ͘
70

/ŶĚŝĐĂĚŽƉĂƌĂ/d&͘
WƌŽĚƵnjĐĂƌŶĞĚĞƋƵĂůŝĚĂĚĞ͘

WĂƌĂƋƵĞŵďƵƐĐĂĨĂĐŝůŝĚĂĚĞĚĞƉĂƌƚŽĐŽŵŐĂŶŚŽĚĞƉĞƐŽ
ƐƵƉĞƌŝŽƌăŵĠĚŝĂĚĂƌĂĕĂ͕E/'ZĠĂĞƐĐŽůŚĂĐĞƌƚĂ͘WĞͲ
ĚŝŐƌĞĞĨŽƌƚĞ͕ƉŽƌĠŵĚĞĨĄĐŝůĂĐĂƐĂůĂŵĞŶƚŽ͕ĨĞŶſƚŝƉŽŵƵŝƚŽ
ĐŽƌƌĞƚŽĞŚĂƌŵƀŶŝĐŽ͕WƐĚĞĐĂƌĐĂĕĂƋƵĞŶŽƐĚĞŝdžĂŵƐĞͲ
ŐƵƌŽƐĂŝŶĚŝĐĄͲůŽĐŽŵŽƵŵĂſƚŝŵĂĨĞƌƌĂŵĞŶƚĂƉĂƌĂŽƐƌĞͲ
ďĂŶŚŽƐĂŶŐƵƐŵĂŝƐĞdžŝŐĞŶƚĞƐĚŽŵƵŶĚŽ͘

ZĞŐ͗ϭϳϮϴϳϯϴϳ;D&ͲE&,Ϳ
ƌŝĂĚŽƌ͗^ƚĞǁĂƌƚ^ĞůĞĐƚŶŐƵƐ͕/E
ĂƚĂEĂƐĐ͗͘ϬϱͬϬϭͬϮϬϭϮ

ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ

^LJĚ'ĞŶΘϳ
WE͗ ϯϰŬŐͬ͘ƌĂƚŝŽϭϬϭ
,ŽŽǀĞƌĂŵ
W͗ ϯϭϰŬŐͬ͘ƌĂƚŝŽϭϬϴ
ƌŝĐĂŽĨůůƐƚŽŶϭϮϰ
W͗ ϲϰϬŬŐͬ͘ƌĂƚŝŽϭϭϰ
ͬZEĞǁĂLJϰϱϰ
WͬĂŶŽ͗ ϯϲĐŵ͘ :Ğƚ^^yϭϰϰ
&ƌĂŵĞͬĂŶŽ͗ ϲ͘Ϭ :Ğƚ^^dϭϱϭ
DE/'Z
'W͛^
ϮϳͬϬϳͬϮϬϭϳ WZKhK DdZE> Z 1E/^KEND/K^
K^ &W WE W W d W K &WD > Ws ΨE W D K> ' Ψ Ψ Ψ' Ψd
WDz^ нϵ н͘ϯ нϲϵ нϭϯϬ н͘ϰ н͘ϳϳ нϮϭ нϲ нϯϬ нϱϭ ͲϮϰ͘ϴϰ нϱϯ н͘ϴϭ н͘ϵϰ Ͳ͘ϬϬϳ нϳϭ͘ϵϭ нϵϲ͘ϴϱ нϰϴ͘Ϭϴ нϭϲϯ͘ϰϲ
ĐĐ͘ ͘ϱϯ ͘ϴϰ ͘ϴϭ ͘ϳϰ ͘ϳϮ ͘ϲϯ ͘ϲϳ ͘ϯϱ ͘ϯϲ ͘ϰϯ ͘ϱϳ ͘ϱϮ ͘ϱϬ ͘ϱϭ
йdKW ϱ ϯ ϮϬ ϭϱ ϮϬ ϭϬ ϭϱ Ϯ ϰ ϯ ϭϬ ϰ
ďĞƌĚĞĞŶŶŐƵƐͲDĠĚŝĂƐĚĂZĂĕĂ:ƵůŚŽϮϬϭϳ
&W͗нϲͮWE͗нϭ͘ϯͮW͗нϰϵͮW ͗нϴϲͮd͗н͘ϰͮW͗н͘ϳϭͮK͗нϭϯͮ&WD͗нϴͮ> ͗нϮϯͮWs͗нϮϲͮΨE͗ͲϮ͘ϰϳͮW͗нϯϯͮD͗н͘ϰϴͮK> ͗н͘ϰϮͮ'͗н͘ϬϭϮ
Ψнϰϰ͘ϬϴͮΨ͗нϯϵ͘ϬϴͮΨ'͗нϮϵ͘ϲϵͮΨ/ &͗нϭϬϭ͘Ϯϱ

ϯ
ϲ
 ZEE'h^
ϳEϯϳϵ
$OO,Q Zs>>z>>/E

70

ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ

ZĞŐ͗ϭϳϯϬϳϬϳϰ;&ͿͲZĞŐ͘EĂĐ͗,/ϭϱϯϳ
ƌŝĂĚŽƌ͗ĞĞƌsĂůůĞLJ&Ăƌŵ͕dEĂŶĚ<ĞŶDĐDŝĐŚĂĞůΘƌŝĚŐĞƐŶŐƵƐ&Ăƌŵ>>͕'
ĂƚĂEĂƐĐ͗͘ϮϯͬϬϭͬϮϬϭϮ

DLJƚƚLJ/Ŷ&ŽĐƵƐ
WE͗ ϯϭ͕ϯϲŬŐͬ͘ƌĞů͘ϭϬϭ ZdĞŶyϳϬϬϴ^
W͗ ϯϮϴ͕ϭϴŬŐͬ͘ƌĞů͘ϭϬϮ Z>ĂĚLJ<ĞůƚŽŶϱϱϱϭ
W͗ ϱϮϬŬŐͬ͘ƌĞů͘ϭϬϬ
WͬĂŶŽ͗ ϰϯĐŵ͘ ^ŝƚnjhƉǁĂƌĚϯϬϳZ
&ƌĂŵĞͬĂŶŽ͗ ϲ͘Ϭ ĞĞƌsĂůůĞLJZŝƚĂϬϮϳϰ
'ZKďũĞĐƚŝǀĞϮϯϰϱ &/>,͕Zs>>z&ZD͘

WĞĚŝŐƌĞĞŵƵŝƚŽĨŽƌƚĞ͘
ĞƐĞŵƉĞŶŚŽĞĨĞŶſƚŝƉŽŶĂŵĞƐŵĂŐĞŶĠƚŝĐĂ͘

hŵĚŽƐƉƌŝŶĐŝƉĂŝƐƚŽƵƌŽƐĚĂZs>>z͕ƐĞŵĚƷǀŝĚĂĂůŐƵŵĂǀĞŵƚƌĂĕĂŶĚŽƵŵĐĂŵŝŶŚŽ
ŵƵŝƚŽŝŵƉŽƌƚĂŶƚĞŶĂŐĞŶĠƚŝĐĂĂŶŐƵƐ͘^ƵĂƐĨŝůŚĂƐƐĆŽĨĞŵŝŶŝŶĂƐ͕ƐƵĂǀĞƐĞĐŽŵŵƵŝƚĂƉƵƌĞnjĂ
ƌĂĐŝĂů͘
&/>,͕Zs>>z&ZD͘

'W͛^
ϮϳͬϬϳͬϮϬϭϳ WZKhK DdZE> Z 1E/^KEND/K^
K^ &W WE W W d W K &WD > Ws ΨE W D K> ' Ψ Ψ Ψ' Ψd
WDz^ нϭϮ н͘ϰ нϳϰ нϭϮϵ н͘ϴ н͘ϵϵ нϭϲ нϭϱ нϮϰ нϰϲ Ͳϲ͘Ϭϲ нϰϴ н͘ϲϱ н͘ϳϮ Ͳ͘Ϭϯϰ нϴϰ͘ϰϴ нϴϭ͘ϳϴ нϰϰ͘ϯϮ нϭϰϭ͘ϲϵ
ĐĐ͘ ͘ϴϵ ͘ϵϲ ͘ϵϱ ͘ϵϯ ͘ϵϰ ͘ϵϯ ͘ϴϵ ͘ϲϳ ͘ϲϮ ͘ϲϴ ͘ϳϳ ͘ϳϱ ͘ϳϯ ͘ϳϱ
йdKW ϭϬ Ϯ ϯ ϭϱ ϭ ϭϱ ϭϱ ϰ ϭ ϭϬ ϭϱ ϮϬ
ďĞƌĚĞĞŶŶŐƵƐͲDĠĚŝĂƐĚĂZĂĕĂ:ƵůŚŽϮϬϭϳ
&W͗нϲͮWE͗нϭ͘ϯͮW͗нϰϵͮW ͗нϴϲͮd͗н͘ϰͮW͗н͘ϳϭͮK͗нϭϯͮ&WD͗нϴͮ> ͗нϮϯͮWs͗нϮϲͮΨE͗ͲϮ͘ϰϳͮW͗нϯϯͮD͗н͘ϰϴͮK> ͗н͘ϰϮͮ'͗н͘ϬϭϮ
Ψнϰϰ͘ϬϴͮΨ͗нϯϵ͘ϬϴͮΨ'͗нϮϵ͘ϲϵͮΨ/ &͗нϭϬϭ͘Ϯϱ

ϳ
 ZEE'h^
ϳEϮϵϵ $QVZHU KEE>zE^tZϳϭ

dŽƵƌŽĚĞƐƚĂƋƵĞŶŽWZKDK͘
WƌŽĚƵnjǀĞŶƚƌĞƐƋƵĞĨĂnjĞŵĂĚŝĨĞƌĞŶĕĂŶŽƐƌĞďĂŶŚŽƐ͘

^ƵĂƐĨŝůŚĂƐƐĆŽĨĞŵŝŶŝŶĂƐĞĨĠƌƚĞŝƐ͘E^tZĠŵŽĚĞƌĂĚŽ͕
ŵƵŝƚŽĂĚĂƉƚĂĚŽƉŽƌƐĞƵƉĞůĂŵĞďĂŝdžŽ͕ŝŵƉƌŝŵĞŵƵŝƚĂƉƌŽͲ
ĨƵŶĚŝĚĂĚĞ͕ĐŽŵƉƌŝŵĞŶƚŽĞŚŽŵŽŐĞŶĞŝĚĂĚĞŶĂƐƵĂƉƌŽĚƵͲ
ĕĆŽ͘

ZĞŐ͗ϭϱϴϯϮϱϳϵ;D&Ͳ&Ͳ&ͲDϭ&ͲE,&ͲK,&ͲK^&Ϳ
ZĞŐ͘EĂĐ͗,/ϭϬϮϰͲƌŝĂĚŽƌ͗ŽŶŶĞĂůLJŶŐƵƐZĂŶĐŚ͕E
ĂƚĂEĂƐĐ͗͘ϬϭͬϬϭͬϮϬϬϳ

ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ

^ŝƚnjdƌĂǀĞůĞƌϴϭϴϬ
WE͗ ϮϬ͕ϰϱŬŐͬ͘ƌĂƚŝŽϲϰ
^s&ŝŶĂůŶƐǁĞƌϬϬϯϱ
W͗ ϯϯϯ͕ϭϴŬŐͬ͘ƌĂƚŝŽϭϬϬ ^sŵƵůŽƵƐϴϭϰϱ
W͗ ϲϮϯ͕ϭϴŬŐͬ͘ƌĂƚŝŽϭϬϴ ZŝƚŽϭ/ϮŽĨϮϱϯϲZŝƚŽϲ/ϲ
WͬĂŶŽ͗ ϯϲĐŵ͘ ƵƌŽZĞĞŬĂŽĨŽŶĂŶŐĂϯϱϯϵ
&ƌĂŵĞͬĂŶŽ͗ ϰ͘ϵ ƵƌŽŽƉĂŽĨŽŶĂŶŐĂϴϲϵ
&/>,͕hE/sZ^/<Eh<z
'W͛^
ϮϳͬϬϳͬϮϬϭϳ WZKhK DdZE> Z 1E/^KEND/K^
K^ &W WE W W d W K &WD > Ws ΨE W D K> ' Ψ Ψ Ψ' Ψd
WDz^ нϭϮ н͘Ϯ нϱϮ нϴϴ нϬ н͘ϭϳ нϮϬ нϵ нϮϯ Ͳϭϭ нϯ͘ϯϱ нϮϱ н͘ϱϱ н͘ϯϯ н͘ϬϮϲ нϱϴ͘Ϭϰ нϰϮ͘ϵϰ нϯϯ͘ϵϲ нϵϱ͘ϴϲ
ĐĐ͘ ͘ϳϵ ͘ϵϮ ͘ϵϭ ͘ϴϳ ͘ϴϯ ͘ϴϱ ͘ϳϱ ͘ϳϯ ͘ϳϴ ͘ϱϮ ͘ϳϯ ͘ϳϭ ͘ϲϳ ͘ϳϬ
йdKW ϭϬ

ZEE'h^
ϳEϯϮϳ :RUNKRUVH >Z/'tKZ<,KZ^tϳϰ

/ŶĚŝĐĂĚŽƉĂƌĂŶŽǀŝůŚĂ͘
 ƌŽĚƵnjĂŶŝŵĂŝƐĚĞŐƌĂŶĚĞƌĞŶĚŝŵĞŶƚŽĚĞĐĂƌĐĂĕĂ͘
W

hƚŝůŝnjĂĚŽĞŵŐƌĂŶĚĞĞƐĐĂůĂƉĂƌĂĂƉƌŽĚƵĕĆŽĚĞďĞnjĞƌƌŽƐ͕
ƐƵĂƉƌŽŐġŶŝĞĠŵƵŝƚŽƉĂĚƌŽŶŝnjĂĚĂĞĚĞĞdžĐĞůĞŶƚĞƐŶƷŵĞͲ
ƌŽƐĚĞĚĞƐĞŵƉĞŶŚŽ͘

ZĞŐ͗ϭϲϰϳϲϵϱϮ;&ͿͲZĞŐ͘EĂĐ͗,/ϭϯϳϯ
ƌŝĂĚŽƌ͗:ƵĚƐŽŶĂůĚƌŝĚŐĞ͕E͘
ĂƚĂEĂƐĐ͗͘ϮϵͬϬϭͬϮϬϬϵ

ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ

ZŝƚŽϭ/ϮŽĨϮϱϯϲZŝƚŽϲ/ϲ
WE͗ ϯϰŬŐͬ͘ƌĂƚŝŽϭϬϭ
'ZͲ'>WƌŽƚĞŐĞ
W͗ ϯϰϱŬŐͬ͘ƌĂƚŝŽϭϭϵ
>ϲϴϬϳ/ƐĂďĞůϯϯϵ
W͗ ϱϯϱŬŐͬ͘ƌĂƚŝŽϭϭϭ
ĂůĚƌŝĚŐĞZĂƉŝĚZϯϭ
WͬĂŶŽ͗ ϯϱĐŵ͘
ĂůĚƌŝĚŐĞDĂǀĞƌŝĐŬdϰϯ
&ƌĂŵĞͬĂŶŽ͗ ϱ͘ϱ
ĂůĚƌŝĚŐĞDĂǀĞƌŝĐŬZϯϵ
DͲ>Z/'DsZ/<dϰϯ
'W͛^
ϮϳͬϬϳͬϮϬϭϳ WZKhK DdZE> Z 1E/^KEND/K^
K^ &W WE W W d W K &WD > Ws ΨE W D K> ' Ψ Ψ Ψ' Ψd
WDz^ нϰ Ͳ͘ϵ нϱϲ нϵϲ н͘Ϯ Ͳ͘ϯϯ нϮϯ нϭϭ нϭ нϰϮ нϮϭ͘Ϭϳ нϰϱ н͘ϱϱ н͘ϴϰ Ͳ͘ϬϮϱ нϯϬ͘ϱϬ нϱϭ͘Ϭϴ нϰϭ͘ϴϵ нϭϰϮ͘ϳϯ
ĐĐ͘ ͘ϲϭ ͘ϴϰ ͘ϴϭ ͘ϳϮ ͘ϳϬ ͘ϲϲ ͘ϲϭ ͘ϰϵ ͘ϱϮ ͘ϰϳ ͘ϲϬ ͘ϱϲ ͘ϱϯ ͘ϱϮ
йdKW ϭϱ ϭϱ ϮϬ ϱ ϮϬ ϱ ϭϬ ϮϬ ϭϱ
ďĞƌĚĞĞŶŶŐƵƐͲDĠĚŝĂƐĚĂZĂĕĂ:ƵůŚŽϮϬϭϳ
&W͗нϲͮWE͗нϭ͘ϯͮW͗нϰϵͮW ͗нϴϲͮd͗н͘ϰͮW͗н͘ϳϭͮK͗нϭϯͮ&WD͗нϴͮ> ͗нϮϯͮWs͗нϮϲͮΨE͗ͲϮ͘ϰϳͮW͗нϯϯͮD͗н͘ϰϴͮK> ͗н͘ϰϮͮ'͗н͘ϬϭϮ
Ψнϰϰ͘ϬϴͮΨ͗нϯϵ͘ϬϴͮΨ'͗нϮϵ͘ϲϵͮΨ/ &͗нϭϬϭ͘Ϯϱ

ϯ
ϴ
 ZEE'h^
ϳEϯϯϬ
5HJLV K>DEZ'/^ϵϬϰ

ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ

ZĞŐ͗ϭϲϯϲϰϳϵϰ;&ͲZ&ͿͲZĞŐ͘EĂĐ͗,/ϭϮϭϱ
ƌŝĂĚŽƌ͗ŽůĞŵĂŶŶŐƵƐ͕Dd
ĂƚĂEĂƐĐ͗͘ϭϭͬϬϭͬϮϬϬϵ

^ŝƚnjdƌĂǀĞůĞƌϴϭϴϬ
WE͗ ϮϴŬŐͬ͘ƌĂƚŝŽϵϳ ^s&ŝŶĂůŶƐǁĞƌϬϬϯϱ
W͗ ϯϳϬŬŐͬ͘ƌĂƚŝŽϭϬϳ ^sŵƵůŽƵƐϴϭϰϱ
W͗ ϲϬϲŬŐ͘
WͬĂŶŽ͗ ϯϳĐŵ͘ ŽŶŶĞĂůLJKŶǁĂƌĚ
&ƌĂŵĞͬĂŶŽ͗ ϱ͘Ϭ ŽůĞŵĂŶŽŶŶĂϳϭϰ
ŽůĞŵĂŶŽŶŶĂϯϴϲ DZ'/^͕K>DEE'h^͕Dd

^ƵĂŵĆĞĠƵŵĂĚĂƐǀĂĐĂƐŵĂŝƐŝŵƉŽƌƚĂŶƚĞƐĚĂŚŝƐƚſƌŝĂŶŐƵƐŶŽƐh͘
/ŵƉƌŝŵĞƉƌŽĨƵŶĚŝĚĂĚĞ͕ƉƵƌĞnjĂƌĂĐŝĂů͕ĞdžĐĞůĞŶƚĞĨĞŶſƚŝƉŽĞŶƷŵĞƌŽƐƋƵĞ
ŶŽƐƐƵƌƉƌĞĞŶĚĞŵƐĞŵƉƌĞ͘

WĞƌŵĂŶĞĐĞƐĞŶĚŽƐĞŵĚƷǀŝĚĂƵŵĚŽƐƚŽƵƌŽƐŵĂŝƐŝŵƉŽƌƚĂŶƚĞƐƉĂƌĂĂĐĂƐĂůĂŵĞŶƚŽĐŽŵŶŽͲ
ǀŝůŚĂƐĚĂŶŽƐƐĂďĂƚĞƌŝĂ͘ĐĂĚĂŐĞƌĂĕĆŽƋƵĞŶĂƐĐĞŽƐĚĞĨŝůŚŽƐĚĞZ'/^͕ƐƵƌƉƌĞĞŶĚĞŵŽͲŶŽƐ
ĐŽŵ ŽƐ ƌĞƐƵůƚĂĚŽƐ ĚĞ ĂǀĂůŝĂĕĆŽ ŐĞŶĠƚŝĐĂ Ğ ĨĞŶſƚŝƉŽ͘ :Ą ƉŽƐƐƵŝ ĨŝůŚŽƐ Ğŵ ŶŽƐƐĂ ďĂƚĞƌŝĂ ĚĞ
ƚŽƵƌŽƐŶĂ^ĞůĞĐƚ^ŝƌĞƐĞĠƉĂŝĚĞƵŵĂĚĂƐŵĞůŚŽƌĞƐƐĂĨƌĂƐĚĞĚŽĂĚŽƌĂƐĚĞĞŵďƌŝƁĞƐĞŵĐƌŝĂͲ
&/>,͕>K͕E
ƚſƌŝŽƐŶŽƌĂƐŝů͕ƌŐĞŶƚŝŶĂ͕hƌƵŐƵĂŝĞh͘
'W͛^
ϮϳͬϬϳͬϮϬϭϳ WZKhK DdZE> Z 1E/^KEND/K^
K^ &W WE W W d W K &WD > Ws ΨE W D K> ' Ψ Ψ Ψ' Ψd
WDz^ нϭϳ Ͳϭ͘ϯ нϱϭ нϴϰ Ͳ͘Ϯ н͘ϳϮ нϮϮ нϭϰ нϮϭ нϮ нϭϰ͘ϴϬ нϮϲ н͘ϯϯ н͘ϰϱ н͘Ϭϯϰ нϲϱ͘ϰϲ нϯϯ͘ϲϬ нϮϱ͘ϱϯ нϴϯ͘ϰϬ
ĐĐ͘ ͘ϴϵ ͘ϵϲ ͘ϵϱ ͘ϵϮ ͘ϵϬ ͘ϵϭ ͘ϴϵ ͘ϴϲ ͘ϴϳ ͘ϳϴ ͘ϲϱ ͘ϲϭ ͘ϱϵ ͘ϲϮ
йdKW ϭ ϭϬ ϭϱ ϯ ϭϬ ϭϬ
ďĞƌĚĞĞŶŶŐƵƐͲDĠĚŝĂƐĚĂZĂĕĂ:ƵůŚŽϮϬϭϳ
&W͗нϲͮWE͗нϭ͘ϯͮW͗нϰϵͮW ͗нϴϲͮd͗н͘ϰͮW͗н͘ϳϭͮK͗нϭϯͮ&WD͗нϴͮ> ͗нϮϯͮWs͗нϮϲͮΨE͗ͲϮ͘ϰϳͮW͗нϯϯͮD͗н͘ϰϴͮK> ͗н͘ϰϮͮ'͗н͘ϬϭϮ
Ψнϰϰ͘ϬϴͮΨ͗нϯϵ͘ϬϴͮΨ'͗нϮϵ͘ϲϵͮΨ/ &͗нϭϬϭ͘Ϯϱ

ϵ
 ZEE'h^
ϳEϮϰϱ 3UHPLXP%HHI 'Zh^WZD/hD&

džĐĞůĞŶƚĞƐĞůŽƌĂĐŝĂů͘
/ŶĚŝĐĂĚŽƉĂƌĂƉůĂŶƚĞŝƐ͕ſƚŝŵĂŽƉĕĆŽĞŵĐƌƵnjĂŵĞŶƚŽƐ͘

ĞƐƚĂĐĂĚŽƉŽƌƉƌŽĚƵnjŝƌƉĂŝĚĞƚŽƵƌŽƐĞŵƉůĂŶƚĞŝƐŝŵƉŽƌƚĂŶͲ
ƚĞƐ ŶĂ ƌŐĞŶƚŝŶĂ͕ ƌĂƐŝů Ğ hƌƵŐƵĂŝ͘ WZD/hD & Ġ Ƶŵ
ŐƌĂŶĚĞƉƌŽĚƵƚŽƌĚĞǀĞŶƚƌĞƐĐŽŵŵƵŝƚĂŚĂďŝůŝĚĂĚĞŵĂƚĞƌŶĂ͕
ĐŽŶƐŝƐƚġŶĐŝĂĞƉƵƌĞnjĂƌĂĐŝĂů͘

ZĞŐ͗нϭϰϯϬϭϬϭϰ΀D&Ͳ&Ͳ&ͲDϭ&ͲE,&ͲK,&ͲK^&΁
ZĞŐ͘EĂĐ͗D/ͲϳϱϬͲƌŝĂĚŽƌ͗ůĂŝƌƌŽƐ͘ŶŐƵƐ͕
^ĂŶĚ'ĂƌĚŝŶĞƌŶŐƵƐZ͕<^ͲĂƚĂEĂƐĐ͗͘ϬϭͬϬϯͬϮϬϬϮ

ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ

dĞŚĂŵĂĂŶĚŽϭϱϱ
WE͗ ϯϲ͕ϯϲŬŐͬ͘d
'ZWƌĞĐŝƐŝŽŶϭϲϴϬ
W͗ Ϯϴϴ͕ϭϴŬŐͬ͘d
ϵ:ϵ'Zϴϱϲ
W͗ ϱϱϴ͕ϲϰŬŐͬ͘d
EĂƌŵƵůĂƚŝŽŶyd
WͬĂŶŽ͗ ϰϬ͘ϯĐŵ
'ZydϮϵϮϴ
&ƌĂŵĞͬĂŶŽ͗ ϱ͘ϳ
'ZϲϴϬϳdƌĂǀĞůĞƌϭϱϰ &/>,K͕E>>>Ks/EͲZ'Ed/E
'W͛^
ϮϳͬϬϳͬϮϬϭϳ WZKhK DdZE> Z 1E/^KEND/K^
K^ &W WE W W d W K &WD > Ws ΨE W D K> ' Ψ Ψ Ψ' Ψd
WDz^ нϯ н͘ϵ нϯϭ нϲϳ Ͳ͘Ϯ н͘ϭϴ нϮ нϴ нϭϳ нϯϬ нϭϮ͘ϴϴ нϮϳ н͘ϱϵ н͘ϰϭ н͘Ϭϯϵ нϭϵ͘ϭϵ нϮϳ͘ϯϴ нϯϰ͘ϱϮ нϭϬϯ͘ϵϭ
ĐĐ͘ ͘ϴϳ ͘ϵϱ ͘ϵϰ ͘ϵϮ ͘ϵϮ ͘ϵϭ ͘ϴϲ ͘ϴϰ ͘ϴϵ ͘ϴϭ ͘ϳϬ ͘ϲϴ ͘ϲϰ ͘ϲϴ
йdKW ϭϱ

ZEE'h^
ϳEϯϬϯ 1HZ'D\ ͬZEtzϰϱϰ

ĞƐƚĂĐĂͲƐĞƉŽƌƉƌŽĚƵnjŝƌǀĞŶƚƌĞƐĞĨŝĐŝĞŶƚĞƐ͘
dŽƵƌŽƉƌŽĨƵŶĚŽĞĐŽŵƉƌŝĚŽĐŽŵĞdžĐĞůĞŶƚĞƐŶƷŵĞƌŽƐ
ĚĞĐĂƌĐĂĕĂ͘

WƌŽĚƵnjǀĂĐĂƐƋƵĞĚĞƐŵĂŵĂŵďĞnjĞƌƌŽƐƉĞƐĂĚŽƐĐŽŵŐƌĂŶͲ
ĚĞĚĞƐĞŵƉĞŶŚŽĚĞƉƌŽĚƵĕĆŽ͘EtzƉƌŽĚƵnjŝƵĚŽĂĚŽͲ
ƌĂƐ ĚĞ ĞŵďƌŝƁĞƐ ƉĂƌĂ ƉůĂŶƚĞŝƐ ŝŵƉŽƌƚĂŶƚĞƐ ĐŽŵŽ Ă ĞĞƌ
sĂůůĞLJ&ĂƌŵĞĂdžƉƌĞƐƐŶŐƵƐZĂŶĐŚ͘

ZĞŐ͗ϭϰϲϳϱϰϰϱ;ͲD&Ͳ&ͲDϭ&ͲE,&ͲK,&Ϳ
ZĞŐ͘EĂĐ͗,/ϭϬϮϴͲƌŝĂĚŽƌ͗ϰϰ&ĂƌŵƐ͕dyΘtŝĞĚĞƌƐƚĞŝŶWƵƌĞ
ŶŐƵƐ͕/͘ĂƚĂEĂƐĐ͗͘ϮϯͬϬϭͬϮϬϬϰ

ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ

ZEĞǁdƌĞŶĚ
WE͗ ϯϳ͕ϮϳŬŐͬ͘ƌĂƚŝŽϵϲ
ŽLJĚEĞǁĂLJϴϬϬϱ
W͗ ϯϭϬ͕ϰϱŬŐͬ͘ƌĂƚŝŽϵϵ
^s&&ŽƌĞǀĞƌ>ĂĚLJϱϳ
W͗ ϲϮϵ͕ϱϱŬŐͬ͘ƌĂƚŝŽϭϭϬ
ͬZEĞǁĞƐŝŐŶϯϮϯ
WͬĂŶŽ͗ ϯϲĐŵ͘
ͬZZƵďLJϭϮϮϰ
&ƌĂŵĞͬĂŶŽ͗ ϱϳƉŽů͘
,&ZƵďLJϬϯϲͲϵϱϭ
&/>,͕Zs>>z&ZD͕dE
'W͛^
ϮϳͬϬϳͬϮϬϭϳ WZKhK DdZE> Z 1E/^KEND/K^
K^ &W WE W W d W K &WD > Ws ΨE W D K> ' Ψ Ψ Ψ' Ψd
WDz^ нϲ нϭ͘ϱ нϰϵ нϵϮ н͘Ϯ н͘Ϭϱ нϮϳ нϱ нϮϰ нϯϬ нϰ͘ϭϲ нϯϯ н͘ϲϮ н͘ϳϵ н͘ϬϬϭ нϱϰ͘ϯϬ нϯϮ͘ϰϬ нϰϯ͘ϯϵ нϭϬϰ͘Ϯϴ
ĐĐ͘ ͘ϵϬ ͘ϵϳ ͘ϵϲ ͘ϵϱ ͘ϵϱ ͘ϵϰ ͘ϵϮ ͘ϵϬ ͘ϵϭ ͘ϴϱ ͘ϴϰ ͘ϴϯ ͘ϴϬ ͘ϴϯ
йdKW ϱ ϭϬ ϭϱ
ďĞƌĚĞĞŶŶŐƵƐͲDĠĚŝĂƐĚĂZĂĕĂ:ƵůŚŽϮϬϭϳ
&W͗нϲͮWE͗нϭ͘ϯͮW͗нϰϵͮW ͗нϴϲͮd͗н͘ϰͮW͗н͘ϳϭͮK͗нϭϯͮ&WD͗нϴͮ> ͗нϮϯͮWs͗нϮϲͮΨE͗ͲϮ͘ϰϳͮW͗нϯϯͮD͗н͘ϰϴͮK> ͗н͘ϰϮͮ'͗н͘ϬϭϮ
Ψнϰϰ͘ϬϴͮΨ͗нϯϵ͘ϬϴͮΨ'͗нϮϵ͘ϲϵͮΨ/ &͗нϭϬϭ͘Ϯϱ

ϭϬ
ϯ
 ZEE'h^
EϭϮϬ
0DOWD D>d

ZĞŐ͗͘,WKϭϴϯϳϰϮ
ƌŝĂĚŽƌ͗ŐƌŽEĞŵŝƚnj͕DĂŶŽĞůsŝĂŶĂͲZ^
ĂƚĂEĂƐĐ͗͘ϬϵͬϬϴͬϮϬϭϰ

ŽŶ:ŽƐĠϭϳϲ>1ZϲϮϬϰ
WE͗ ϰϬŬŐ͘ dƌĞƐDĂƌŝĂƐϴϭϱϱĂŶĚĞůĞƌŽ
W͗ ϮϱϵŬŐ͘ dƌĞƐDĂƌŝĂƐϳϯϱϴ>Ă>ĂŶĚƌŝĂ
W͗ ϰϴϵŬŐ͘
WͬĂŶŽ͗ ϰϯĐŵ͘ ^sEĞƚǁŽƌƚŚϰϮϬ
&ƌĂŵĞͬĂŶŽ͗ Eͬ W/dϮϴEĞƚǁŽƌƚŚ
ZŝŶĐŽŶĂůŽŶ

/ŶĚŝĐĂĚŽƉĂƌĂ/d&͘
/ŶĚŝĐĂĚŽƉĂƌĂĐƌƵnjĂŵĞŶƚŽ͘

DĂůƚĂŶŽƐƚƌĂnjĂĐŽŵďŝŶĂĕĆŽƉĞƌĨĞŝƚĂĞŶƚƌĞ'ĞŶĠƚŝĐĂĂƌŐĞŶƚŝŶĂĞĂŵĞƌŝĐĂŶĂ͕ĞŶƚƌĞŐĂŶĚŽͲ
ŶŽƐƵŵĞůĞǀĂĚŽƉŽƚĞŶĐŝĂůĚĞĐƌĞƐĐŝŵĞŶƚŽŽƌŝƵŶĚŽĚĞƐƵĂĞdžĐĞůĞŶƚĞĂǀĂůŝĂĕĆŽŶŽWƌŽŵĞͲ
ďŽ͘/ŶĚŝĐĂĚŽƉĂƌĂĂƉƌŽĚƵĕĆŽĚĞďĞnjĞƌƌŽƐƉĞƐĂĚŽƐ͘

K^,ZͲKK<K>>Z^Ͳ:h>,KͬϮϬϭϲ
K^ 'E 'E^ ^ W^ D^ /E&
K^ нϰ͘ϵϰ нϲ͘ϱϴ н͘ϮϮ н͘ϭϱ н͘ϭϱ нϭϱ͘ϰϱ
 ϭ ϭ ϭ ϭ ϭ ϭ

ϭϭ
 ZEE'h^
ϳEϮϮϮ 3UHGHVWLQHG 
'ZWZ^d/E

dŽƵƌŽƉĂƌĂƉĂĚƌŽŶŝnjĂƌĞĂďƌŝƌďĂƐĞĞŵƉůĂŶƚĞŝƐ͘
hƐĂĚŽĞŵƌĞďĂŶŚŽƐƉƵƌŽƐĞĐŽŵŽĞdžĐĞůĞŶƚĞŽƉĕĆŽ
ƉĂƌĂĐƌƵnjĂŵĞŶƚŽ͘

dŽƵƌŽĐŽŵƉĂƌƚŝĐŝƉĂĕĆŽŚŝƐƚſƌŝĐĂŶĂƌĂĕĂĂŶŐƵƐ͕WZ^d/Ͳ
EƉŽƐƐƵŝĨŝůŚŽƐĞŵŵƵŝƚŽƐĐĞŶƚƌŽƐĚĞĐŽůĞƚĂĚĞƐġŵĞŶ͕
ƐƵĂƐĨŝůŚĂƐƉƌŽĚƵnjĞŵĂŶŝŵĂŝƐĚĞĂůƚĂƉĞƌĨŽƌŵĂŶĐĞĞŵƉƌŽͲ
ŐƌĂŵĂƐ ĚĞ ĂǀĂůŝĂĕĆŽ͘ EŽ ŐĞƌĂů ƐƵĂ ƉƌŽŐġŶŝĞ ŵŽƐƚƌĂ ƚŽƚĂů
ĂĚĂƉƚĂĕĆŽĂŽŶŽƐƐŽĐůŝŵĂ͘1ĐŽŶĞĚĂƌĂĕĂ͘

ZĞŐ͗ϭϯϯϵϱϯϰϰ;ͲD&Ͳ&ͲDϭ&ͲE,&ͲK,&ͲK^&Ϳ
ZĞŐ͘EĂĐ͗,/ϳϱϬͲƌŝĂĚŽƌ͗'ĂƌĚŝŶĞƌŶŐƵƐZĂŶĐŚ͕<^
ĂƚĂEĂƐĐ͗͘ϭϲͬϬϴͬϭϵϵϵ

ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ

WE͗ sZEĞǁdƌĞŶĚϯϭϱ
ϯϰ͕ϬϵŬŐͬ͘ƌĞů͘ϵϲ
ͬZEĞǁĞƐŝŐŶϬϯϲ
W͗ ϯϭϲ͕ϯϲŬŐͬ͘ƌĞů͘ϭϬϴ
ͬZůĂĐŬĐĂƉŵƉƌĞƐƐϳϲ
W͗ ϱϲϯ͕ϲϰŬŐͬ͘ƌĞů͘ϭϭϮ
EĂƌŵƵůĂƚŝŽŶyd
WͬĂŶŽ͗ ϯϳ͕ϲĐŵ͘
'ZydϰϮϬϲ
&ƌĂŵĞͬĂŶŽ͗ ϱ͘ϱ
'ZϲϴϬϳdƌĂǀĞůĞƌϭϰϯϮ
&/>,K͗E,^ϮͲdYhZͲZ^
'W͛^
ϮϳͬϬϳͬϮϬϭϳ WZKhK DdZE> Z 1E/^KEND/K^
K^ &W WE W W d W K &WD > Ws ΨE W D K> ' Ψ Ψ Ψ' Ψd
WDz^ нϱ нϯ͘ϳ нϰϲ нϴϮ н͘ϭ н͘ϰϮ нϭϮ нϵ нϮϲ Ͳϱ нϭϭ͘ϰϲ нϯϬ нϭ͘ϯϬ н͘ϰϰ н͘Ϭϰϭ нϱϰ͘Ϭϲ нϮϬ͘ϳϰ нϱϭ͘ϰϰ нϭϬϳ͘Ϯϲ
ĐĐ͘ ͘ϵϮ ͘ϵϴ ͘ϵϴ ͘ϵϳ ͘ϵϴ ͘ϵϳ ͘ϵϲ ͘ϵϱ ͘ϵϳ ͘ϵϯ ͘ϵϮ ͘ϵϮ ͘ϵϬ ͘ϵϮ
йdKW ϭϱ ϭ ϰ

ZEE'h^
ϳEϰϱϭ )ODW7RS tZEZ&>ddKWϰϭϯϲ

/ŶĚŝĐĂĚŽƉĂƌĂƉůĂŶƚĠŝƐĞĐƌƵnjĂŵĞŶƚŽƐ͘
/ŶĚŝĐĂĚŽƉĂƌĂŶŽǀŝůŚĂƐ͘
70

&ĞŶſƚŝƉŽĞŐĂŶŚŽĂĐĞůĞƌĂĚŽĚĞƉĞƐŽ͘

 ŝŵƉĞĐĄǀĞů Ğŵ ĞƐƚƌƵƚƵƌĂ Ğ ĨĞŶſƚŝƉŽ͕ ĐŽŵ ƵŵĂ ĐĂƌŐĂ ĚĞ

WƐƋƵĞƚŽƌŶĂŵ&>ddKW͕ƵŵĂĞdžƚƌĂŽƌĚŝŶĄƌŝĂĨĞƌƌĂŵĞŶƚĂ
ŐĞŶĠƚŝĐĂƉĂƌĂŽƐƉůĂŶƚĞŝƐŵĂŝƐĞdžŝŐĞŶƚĞƐĚŽŶŐƵƐ͘KŵĞůŚŽƌ
ĨŝůŚŽĚĞůĂĐŬ'ƌĂŶŝƚĞ͕ĞŵƐƵĂŐĞƌĂĕĆŽ͘

ZĞŐ͗ϭϴϬϵϰϱϬϭ΀D&Ͳ&Ͳy&΁
ƌŝĂĚŽƌ͗tĞƌŶĞƌŶŐƵƐ͕/>ĂŶĚƚŚĞ&ůĂƚdŽƉ'ƌŽƵƉ
ĂƚĂEĂƐĐ͗͘ϬϳͬϬϵͬϮϬϭϰ

ŽŶŶĞĂůLJŽŶƐĞŶƐƵƐϳϮϮϵ
WE͗ ϯϵ͕ϱϱŬŐͬ͘ƌĂƚŝŽϭϬϭ
ŽŶŶĞĂůLJůĂĐŬ'ƌĂŶŝƚĞ
W͗ ϯϵϳ͕ϮϳŬŐͬ͘ƌĂƚŝŽϭϭϰ
ƵƌĂůŐĂŽĨŽŶĂŶŐĂϵϭϬϵ
W͗ ϲϲϬ͕ϬϬŬŐͬ͘ƌĂƐƚŝŽϭϭϰ
ZĞdžƚŽƌϴϳϮϱϮϬϱϲϬϴ
WͬĂŶŽ͗ ϯϴĐŵ͘
tĞƌŶĞƌ>ĂĚLJϬϯϬϰ
&ƌĂŵĞͬĂŶŽ͗ Ͳ
^ĂŶĚWŽŝŶƚ>ĂĚLJϳϴϲϵ
'W͛^
ϮϳͬϬϳͬϮϬϭϳ WZKhK DdZE> Z 1E/^KEND/K^
K^ &W WE W W d W K &WD > Ws ΨE W D K> ' Ψ Ψ Ψ' Ψd
WDz^ нϭϱ Ͳϭ͘Ϯ нϱϱ нϭϬϴ н͘Ϯ н͘ϳϳ нϭϳ нϭϰ нϯϬ нϳ Ͳϭϭ͘ϳϱ нϯϳ н͘ϴϵ н͘ϲϱ н͘ϬϭϬ нϲϱ͘ϲϱ нϳϱ͘ϳϲ нϰϳ͘ϵϯ нϭϰϬ͘Ϭϳ
ĐĐ͘ ͘ϰϬ ͘ϲϭ ͘ϱϱ ͘ϰϯ ͘ϰϭ ͘ϱϬ ͘ϯϳ ͘ϯϮ ͘ϯϯ ͘ϯϱ ͘ϰϯ ͘ϰϬ ͘ϰϬ ͘ϯϳ
йdKW ϯ ϭϬ ϮϬ ϯ ϭϱ ϭϬ ϮϬ ϭϬ ϭϱ ϭϬ ϮϬ
ďĞƌĚĞĞŶŶŐƵƐͲDĠĚŝĂƐĚĂZĂĕĂ:ƵůŚŽϮϬϭϳ
&W͗нϲͮWE͗нϭ͘ϯͮW͗нϰϵͮW ͗нϴϲͮd͗н͘ϰͮW͗н͘ϳϭͮK͗нϭϯͮ&WD͗нϴͮ> ͗нϮϯͮWs͗нϮϲͮΨE͗ͲϮ͘ϰϳͮW͗нϯϯͮD͗н͘ϰϴͮK> ͗н͘ϰϮͮ'͗н͘ϬϭϮ
Ψнϰϰ͘ϬϴͮΨ͗нϯϵ͘ϬϴͮΨ'͗нϮϵ͘ϲϵͮΨ/ &͗нϭϬϭ͘Ϯϱ

ϭϮ
ϯ
 ZEE'h^
Eϱϰ
9HOHV s>^

ZĞŐ͗,WKϭϲϰϵϬϭ
ƌŝĂĚŽƌ͗ŐƌŽEĞŵŝƚnj͕DĂŶŽĞůsŝĂŶĂ͕Z^
ĂƚĂEĂƐĐ͗͘ϭϮͬϬϲͬϮϬϭϯ

K,ĞĂĚůŝŶĞƌϲϲϭ,
WE͗ ϰϬŬŐ͘ ŽŶ:ŽƐĞϭϳϲ>ŝĚĞƌϲϮϬϰd
W͗ ϮϰϱŬŐ͘ dƌĞƐDĂƌŝĂƐϲϮϬϰ,ŽƌŶĞƌŽϯϭϰd
W͗ ϯϯϳŬŐ͘ 
WͬĂŶŽ͗ ϰϮĐŵ͘ dƌĞƐDĂƌŝĂƐϲϯϬϭŽƌnjĂůd
&ƌĂŵĞͬĂŶŽ͗ ŶͬĚ dƌĞƐDĂƌŝĂƐϳϲϯϬŽƌnjĂůϱϳϰ
dƌĞƐDĂƌŝĂƐϱϳϰϬDĂƚƌĞƌĂd &/>,Ks>^DDW/d>/^d

/ŶĚŝĐĂĚŽƉĂƌĂ/d&͘
/ŶĚŝĐĂĚŽƉĂƌĂĐƌƵnjĂŵĞŶƚŽŝŶĚƵƐƚƌŝĂů͘

ZĞƉƌŽĚƵƚŽƌĞƋƵŝůŝďƌĂĚŽ͕ĚĞĨƌĂŵĞŵŽĚĞƌĂĚŽ͕ůĂƌŐŽ͕ƉƌŽĨƵŶĚŽ͕ŵƵƐĐƵůŽƐŽ͕ƉƌĞĐŽĐĞĞĐŽŵ
ƵŵĂĐĂƌĂĐƚĞƌŝnjĂĕĆŽĞdžĐĞůĞŶƚĞ͘/ŶĚŝĐĂĚŽƚĂŶƚŽƉĂƌĂĐƌƵnjĂŵĞŶƚŽƐĐŽŵŽƉĂƌĂŽƐŵĂŝƐĞdžŝͲ
ŐĞŶƚĞƐƐĞůĞĐŝŽŶĂĚŽƌĞƐĚĞŐĞŶĠƚŝĐĂŶŐƵƐ͘
s>^

K^WZKDKͲϭϰͬϬϱͬϮϬϭϱ
K^ WE 'E 'E^ ^ W^ D^ /E&
K^ н͘ϱϰ нϯ͘ϭ нϯ͘ϴ н͘ϮϮ н͘Ϭϳ н͘ϮϬ нϭϬ͘Ϭ
 Ϭ Ϯ Ϯ ϭ ϯ ϭ ϭ

ϭϯ
 ZEE'h^
ϳEϰϬϱ 'HPDQG 
dyDEϮϳϵϭ

ĞƐƚĂĐĂͲƐĞĞŵƐƵĂƐWƐĚĞşŶĚŝĐĞƐĞĐŽŶƀŵŝĐŽƐ͘
/ŶĐƌĞŵĞŶƚŽĚĞŵƵƐĐƵůĂƚƵƌĂĞŐĂŶŚŽĚĞƉĞƐŽ͘
dŽƉĞŵƉƌŽĚƵĕĆŽĚĞDĂƌŵŽƌĞŝŽ͘

WŽƐƐƵŝĞdžĐĞůĞŶƚĞŽƐƐĂƚƵƌĂ͕ſƚŝŵŽĐĂƌĄƚĞƌƌĂĐŝĂů͕ƉƌŽĨƵŶĚŝĚĂĚĞ
ĞĐŽŵƉƌŝŵĞŶƚŽ͘WĞĚŝŐƌĞĞĐŽŶƐŝƐƚĞŶƚĞĞŵƵŝƚŽĨŽƌƚĞ͘

ZĞŐ͗ϭϳϰϰϵϴϬϮ;Ϳ
ƌŝĂĚŽƌ͗dĞŝdžĞƌŝĂĂƚƚůĞŽ͕͖͘ŝůůZŝƐŚĞůĂŶĚ
,ŽĨĨŵĂŶZĂŶĐŚ͕EͲĂƚĂEĂƐĐ͗͘ϬϱͬϭϬͬϮϬϭϮ

ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ

'ZWƌĞĚĞƐƚŝŶĞĚ
WE͗ ϯϰŬŐͬ͘ƌĂƚŝŽϵϳd
ZŝƚŽϵDϮϱŽĨZŝƚĂϱ&ϱϲWƌĞĚ
W͗ ϯϭϱϬŬŐͬ͘ƌĂƚŝŽϭϬϱd
ZŝƚĂϱ&ϱϲŽĨϭ/ϵϴ&
W͗ ϱϮϳŬŐͬ͘ƌĂƚŝŽϭϬϵd
DLJƚƚLJ/Ŷ&ŽĐƵƐ
WͬĂŶŽ͗ ϯϴĐŵ͘ ŵƉƌĞƐƐŽĨ,ŽůŝĚĂLJϳϬϬϰ
&ƌĂŵĞͬĂŶŽ͗ ϲ ŵƉƌĞƐƐŽĨ,ŽůŝĚĂLJϱϭϮϮ
&/>,͕:^KE,K&&DE͕E
'W͛^
ϮϳͬϬϳͬϮϬϭϳ WZKhK DdZE> Z 1E/^KEND/K^
K^ &W WE W W d W K &WD > Ws ΨE W D K> ' Ψ Ψ Ψ' Ψd
WDz^ нϳ н͘ϯ нϲϮ нϭϭϮ н͘Ϯ нϭ͘Ϭϵ нϮϬ нϭϮ нϮϲ нϲ ͲϭϬ͘ϳϰ нϰϬ нϭ͘ϯϯ н͘Ϯϴ н͘Ϭϱϱ нϲϲ͘Ϯϯ нϳϭ͘ϴϬ нϰϱ͘Ϯϱ нϭϯϳ͘ϭϳ
ĐĐ͘ ͘ϲϭ ͘ϴϱ ͘ϴϮ ͘ϳϳ ͘ϲϴ ͘ϳϱ ͘ϱϴ ͘ϯϰ ͘ϯϱ ͘ϯϲ ͘ϱϮ ͘ϰϳ ͘ϰϳ ͘ϰϳ
йdKW ϭϱ ϭϱ ϭϱ ϭ ϭϬ ϮϬ ϭϱ ϮϬ

ZEE'h^
ϳEϰϬϳ 7KXQGHUEROW ZhE^d,hEZK>dϵϲϯ

WƌŽĚƵnjŶŽǀŝůŚŽƐƉĞƐĂĚŽƐ͘
dŽƉĞŵƉƌŽĚƵĕĆŽĚĞDĂƌŵŽƌĞŝŽ͘

^ĞůŽƌĂĐŝĂůŵƵŝƚŽŝŵƉŽŶĞŶƚĞ͕ĨŽƌƚĞĞŵƐƵĂĞƐƚƌƵƚƵƌĂſƐƐĞĂ͕
ŵƵŝƚĂ ƉƌŽĨƵŶĚŝĚĂĚĞ ĚĞ ĐŽƐƚĞůĂ Ğ ǀŽůƵŵĞ ĚĞ ŵƷƐĐƵůŽ Ğŵ
ƐĞƵƐƵƉĞƌŝŽƌ͘

ZĞŐ͗ϭϳϲϴϬϱϱϬ;K,&ͿͲZĞŐ͘EĂĐ͗,/ϭϱϱϬ
ƌŝĂĚŽƌ͗ĂŶƌƵŶƐ͕^
ĂƚĂEĂƐĐ͗͘ϯϭͬϬϭͬϮϬϭϯ

ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ

DK'<^ƵƌĞ^ŚŽƚ
WE͗ ϯϳ͕ϮϳŬŐͬ͘ƌĞů͘ϭϬϭ
DŽŐĐŬƵůůƐĞLJĞ
W͗ ϯϵϯ͕ϲϰŬŐͬ͘ƌĞů͘ϭϭϰ
DŽŐĐŬDĂƌLJϭϮϱϱ
W͗ ϲϲϱŬŐͬ͘ƌĞů͘ϭϬϵ
ŽŶŶĞĂůLJdŚƵŶĚĞƌ
WͬĂŶŽ͗ ϯϲĐŵ͘
,ŝŐŚůĂŶĚĂƌďĂƌĂϴϬϵĂĨ
&ƌĂŵĞͬĂŶŽ͗ ϲ͘ϰ
,ŝŐŚůĂŶĚĂƌďĂƌĂϯϮϲϯ&
Dd,hEZK>d
'W͛^
ϮϳͬϬϳͬϮϬϭϳ WZKhK DdZE> Z 1E/^KEND/K^
K^ &W WE W W d W K &WD > Ws ΨE W D K> ' Ψ Ψ Ψ' Ψd
WDz^ нϰ нϮ͘ϱ нϱϴ нϭϬϱ н͘ϲ нϭ͘ϬϮ нϮϴ нϴ нϰϬ нϭϳ ͲϮϴ͘ϲϴ нϰϴ нϭ͘ϭϰ н͘ϰϰ н͘Ϭϭϱ нϲϳ͘ϵϬ нϲϭ͘ϲϱ нϰϳ͘ϳϲ нϭϱϭ͘ϵϱ
ĐĐ͘ ͘ϰϱ ͘ϴϬ ͘ϳϲ ͘ϱϵ ͘ϱϴ ͘ϲϭ ͘ϰϰ ͘ϯϭ ͘ϯϯ ͘ϯϭ ͘ϰϳ ͘ϰϭ ͘ϰϮ ͘ϰϬ
йdKW ϮϬ ϰ ϭ ϭϱ ϯ ϭϬ ϭϬ ϭϬ
ďĞƌĚĞĞŶŶŐƵƐͲDĠĚŝĂƐĚĂZĂĕĂ:ƵůŚŽϮϬϭϳ
&W͗нϲͮWE͗нϭ͘ϯͮW͗нϰϵͮW ͗нϴϲͮd͗н͘ϰͮW͗н͘ϳϭͮK͗нϭϯͮ&WD͗нϴͮ> ͗нϮϯͮWs͗нϮϲͮΨE͗ͲϮ͘ϰϳͮW͗нϯϯͮD͗н͘ϰϴͮK> ͗н͘ϰϮͮ'͗н͘ϬϭϮ
Ψнϰϰ͘ϬϴͮΨ͗нϯϵ͘ϬϴͮΨ'͗нϮϵ͘ϲϵͮΨ/ &͗нϭϬϭ͘Ϯϱ

ϭϰ
ϯ
 ZEE'h^
ϳEϯϲϴ
&RPUDGH KEE>zKDZϭϯϴϱ

70

ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ

ZĞŐ͗ϭϳϬϯϭϰϲϱ;&ͲK^&ͿͲZĞŐ͘EĂĐ͗,/ϭϰϯϮ
ƌŝĂĚŽƌ͗ŽŶŶĞĂůLJŶŐƵƐZĂŶĐŚ͕E
ĂƚĂEĂƐĐ͗͘ϬϮͬϬϮͬϮϬϭϭ

ŽŶŶĞĂůLJŽŶƐĞŶƐƵƐ
WE͗ ϯϯ͕ϲϰŬŐͬ͘ƌĂƚŝŽϭϬϮ ŽŶŶĞĂůLJŽŶƐĞŶƐƵƐϳϮϮϵ
W͗ ϯϳϬ͕ϵϭŬŐͬ͘ƌĂƚŝŽϭϭϭ ůƵĞ>ŝůůLJŽĨŽŶĂŶŐĂϭϲ
W͗ ϲϰϱŬŐͬ͘ƌĂƚŝŽϭϭϯ
WͬĂŶŽ͗ ϯϱĐŵ͘ 'ZEĞǁĞƐŝŐŶϱϬϱϬ
&ƌĂŵĞͬĂŶŽ͗ ϱ͘ϵ ,ĂƉƉLJ'ĞĞŽĨŽŶĂŶŐĂϵϭϵ
,ĂƉ'ŝŶĂŽĨŽŶĂŶŐĂϮϲϬϰϵϲϱ &/>,͕t^EZ>/s^dK<Ed͕͘/E

/ŶĚŝĐĂĚŽƉĂƌĂ/d&͘
/ŶĚŝĐĂĚŽƉĂƌĂŶŽǀŝůŚĂ͘
WƌŽĚƵnjĂŶŝŵĂŝƐĚĞƉŝƐƚĂĞĂůƚŽĚĞƐĞŵƉĞŶŚŽƉƌŽĚƵƚŝǀŽ͘

WĞůŽƐĞŐƵŶĚŽĂŶŽĐŽŶƐĞĐƵƚŝǀŽŽƚŽƵƌŽŵĂŝƐƵƐĂĚŽĚĂ^ĞůĞĐƚ^ŝƌĞƐ͕ƉŽŝƐǀĂŝĚĂƉƌŽĚƵĕĆŽƉĂƌĂ
ŐĂĚŽ ĚĞ ƉŝƐƚĂ͕ ŽŶĚĞ ǀĞŵ ƐĞ ĚĞƐƚĂĐĂŶĚŽ͕ Ğ ƚĂŵďĠŵ ƉĂƌĂ ƉƌŽĚƵĕĆŽ ĐŽŵĞƌĐŝĂů͘ WĂƌĂ ƋƵĞŵ
ďƵƐĐĂ ƌĞƐƵůƚĂĚŽ Ğ ĚĞƐĞŵƉĞŶŚŽ Ă ƉƌŽŐġŶŝĞ ĚĞ KDZ Ġ Ă ŶƷŵĞƌŽ Ƶŵ Ğŵ ƚĞƐƚĞƐ ĚĞ ĞĨŝͲ
ĐŝġŶĐŝĂĂůŝŵĞŶƚĂƌĞŐĂŶŚŽĚĞƉĞƐŽĞŵĚŝǀĞƌƐĂƐƵŶŝǀĞƌƐŝĚĂĚĞƐƋƵĞĚĞƐĞŶǀŽůǀĞŵĞƐƐĂƉĞƐƋƵŝƐĂ
ŶŽƐ h͘ EŽ ƌĂƐŝů͕ ƐƵĂ ƉƌŽĚƵĕĆŽ Ğ ĨĞƌƚŝůŝĚĂĚĞ Ž ƚŽƌŶĂƌĂŵ Ž ƚŽƵƌŽ ƉƌĞĨĞƌŝĚŽ ƉĂƌĂ ƚƌĂďĂůŚŽƐ &/>,K͕DKEE>>E'h^͕E
ĐŽŵ/d&͘dĞŵŽƐƚŽƚĂůƐĞŐƵƌĂŶĕĂĞŵĂĨŝƌŵĂƌƋƵĞĞƐƚĞƚŽƵƌŽĠĐŽŵƉůĞƚŽƉĂƌĂƋƵĂůƋƵĞƌƌĞďĂŶŚŽ͘
'W͛^
ϮϳͬϬϳͬϮϬϭϳ WZKhK DdZE> Z 1E/^KEND/K^
K^ &W WE W W d W K &WD > Ws ΨE W D K> ' Ψ Ψ Ψ' Ψd
WDz^ нϭϳ Ͳϯ͘ϱ нϰϲ нϵϬ Ͳ͘ϰ н͘Ϯϱ нϯϱ нϭϭ нϮϱ ͲϮϱ нϮ͘ϭϭ нϮϯ н͘ϱϮ н͘ϲϱ н͘ϬϭϮ нϱϲ͘Ϯϭ нϱϭ͘Ϯϵ нϯϴ͘ϴϬ нϵϴ͘ϱϯ
ĐĐ͘ ͘ϴϳ ͘ϵϱ ͘ϵϰ ͘ϵϮ ͘ϵϭ ͘ϵϭ ͘ϴϴ ͘ϱϳ ͘ϱϯ ͘ϱϱ ͘ϲϴ ͘ϲϱ ͘ϲϭ ͘ϲϱ
йdKW ϭ ϭ ϭ ϮϬ ϮϬ
ďĞƌĚĞĞŶŶŐƵƐͲDĠĚŝĂƐĚĂZĂĕĂ:ƵůŚŽϮϬϭϳ
&W͗нϲͮWE͗нϭ͘ϯͮW͗нϰϵͮW ͗нϴϲͮd͗н͘ϰͮW͗н͘ϳϭͮK͗нϭϯͮ&WD͗нϴͮ> ͗нϮϯͮWs͗нϮϲͮΨE͗ͲϮ͘ϰϳͮW͗нϯϯͮD͗н͘ϰϴͮK> ͗н͘ϰϮͮ'͗н͘ϬϭϮ
Ψнϰϰ͘ϬϴͮΨ͗нϯϵ͘ϬϴͮΨ'͗нϮϵ͘ϲϵͮΨ/ &͗нϭϬϭ͘Ϯϱ

ϭϱ
 ZEE'h^
ϳEϯϴϵ 6XUH)LUH 'Z^hZ&/Z

/ŶĚŝĐĂĚŽƉĂƌĂŶŽǀŝůŚĂƐ͘
dŽƉĚĂƌĂĕĂƉĂƌĂƋƵĂƐĞƚŽĚĂƐĂƐĐĂƌĂĐƚĞƌşƐƚŝĐĂƐ͘
WƌŽĚƵnjĐĂƌŶĞĚĞƋƵĂůŝĚĂĚĞ͘

 ĞĚŝŐƌĞĞ ŽƌŝƵŶĚŽ ĚŽ ƉƌŽŐƌĂŵĂ 'ĂƌĚŝŶĞƌ͕ ^hZ &/Z Ġ

W
ƵŵĂŵĄƋƵŝŶĂŐĞŶĠƚŝĐĂĚĞĚĞƐĞŵƉĞŶŚŽ͕ƉĂƌĂƋƵĞŵďƵƐͲ
ĐĂĞdžĐĞůĞŶƚĞŶƷŵĞƌŽƐĂůŝĂĚŽƐĂƵŵŝŵƉĞĐĄǀĞůĨĞŶſƚŝƉŽ͘

ZĞŐ͗ϭϳϯϮϴϰϲϭ;&ͿͲZĞŐ͘EĂĐ͗,/ϭϱϰϯ
ƌŝĂĚŽƌ͗'ĂƌĚŝŶĞƌŶŐƵƐZĂŶĐŚ͕<^
ĂƚĂEĂƐĐ͗͘ϬϱͬϬϮͬϮϬϭϮ

ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ

DLJƚƚLJ/Ŷ&ŽĐƵƐ
WE͗ ϯϴ͕ϭϴŬŐͬ͘ƌĞů͘ϭϬϬ
ŽŶŶĞĂůLJ/Ŷ^ƵƌĞϴϱϮϰ
W͗ ϯϮϱ͕ϰϱŬŐͬ͘ƌĞů͘ϭϬϬ
ŶƚƌĞĞŶĂŽĨŽŶĂŶŐĂϲϱϳ
W͗ ϱϱϬŬŐͬ͘ƌĞů͘ϭϬϬ
'ZEĞǁĞƐŝŐŶϱϬϱϬ
WͬĂŶŽ͗ ϰϬĐŵ͘
ŚĂŝƌZŽĐŬϱϬϱϬ'ZϴϬϴϲ
&ƌĂŵĞͬĂŶŽ͗ ϲ͘ϲ
ŚĂŝƌZŽĐŬ'ƌŝĚDĂŬĞƌϮϭϬϳ
D^hZ&/Z
'W͛^
ϮϳͬϬϳͬϮϬϭϳ WZKhK DdZE> Z 1E/^KEND/K^
K^ &W WE W W d W K &WD > Ws ΨE W D K> ' Ψ Ψ Ψ' Ψd
WDz^ нϭϲ Ͳ͘ϰ нϱϴ нϭϬϵ н͘ϯ нϮ͘ϰϴ нϯϮ нϭϰ нϮϳ нϮϯ ͲϭϮ͘ϰϮ нϰϰ нϭ͘ϯϴ н͘ϴϮ н͘ϬϮϱ нϲϭ͘ϲϴ нϳϭ͘ϰϮ нϱϳ͘ϰϰ нϭϱϴ͘ϯϲ
ĐĐ͘ ͘ϴϮ ͘ϵϮ ͘ϴϱ ͘ϴϱ ͘ϴϴ ͘ϴϲ ͘ϳϲ ͘ϱϭ ͘ϰϳ ͘ϰϯ ͘ϳϵ ͘ϳϳ ͘ϳϯ ͘ϳϱ
йdKW Ϯ ϮϬ ϭϱ ϭ ϭ ϯ ϭ ϱ ϭϱ ϮϬ ϭ ϭϬ

ZEE'h^
ϳEϯϵϱ )RUWUHVV <&EEdd&KZdZ^^

/ŶĚŝĐĂĚŽƉĂƌĂŶŽǀŝůŚĂƐ͘
'ĂŶŚŽĚĞƉĞƐŽĂĐĞůĞƌĂĚŽĚŽĚĞƐŵĂŵĞĂŽƐŽďƌĞĂŶŽ͘
WƌŽĚƵnjŵĆĞƐƐƵƉĞƌŝŽƌĞƐ͘

hƐĂĚŽŵĂƐƐŝǀĂŵĞŶƚĞĞŵƉƌŽŐƌĂŵĂƐĚĞ/d&ƚĂŶƚŽŶŽĐƌƵͲ
njĂŵĞŶƚŽĐŽŵŽŶŽŐĂĚŽƉƵƌŽ͘&KZdZ^^ƉƌŽĚƵnjĐĂƌŶĞĚĞ
ƋƵĂůŝĚĂĚĞĞŵƵŝƚŽƌĞŶĚŝŵĞŶƚŽĚĞĐĂƌĐĂĕĂ͖ĂůĠŵĚŝƐƐŽ͕ĐĂƌͲ
ƌĞŐĂƵŵƉĞĚŝŐƌĞĞŵƵŝƚŽĨŽƌƚĞĞŝŵƉƌĞƐƐŝŽŶĂŶƚĞƐWƐĚĞ
ƉĞƌĨŽƌŵĂŶĐĞ͘

ZĞŐ͗ϭϳϮϱϵϬϭϮͲZĞŐ͘EĂĐ͗,/ϭϱϯϮ
ƌŝĂĚŽƌ͗<ŶŽůůƌĞƐƚ&Ăƌŵ/ŶĐ͕͘s
ĂƚĂEĂƐĐ͗͘ϮϱͬϬϵͬϮϬϭϭ

ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ

<D<ůůŝĂŶĐĞϲϱϵϱ/ϴϳ
WE͗ ϯϰ͕ϱϱŬŐͬ͘d
ŽŶŶĞĂůLJŽŶƐĞŶƐƵƐ
W͗ Ϯϴϰ͕ϬϵŬŐͬ͘d
ůŝŶĚĂŽĨŽŶĂŶŐĂϬϬϰ
W͗ ϰϳϵ͕ϬϵŬŐͬ͘d
^^KďũĞĐƚŝǀĞdϱϭϬϬdϮϲ
WͬĂŶŽ͗ ϯϱĐŵ
dŚŽŵĂƐWĂƚƌŝĐŝĂϵϳϬϱ
&ƌĂŵĞͬĂŶŽ͗ ϱ͘ϳ
dŚŽŵĂƐWĂƚƌŝĐŝĂϳϭϭϯϴ
/ZD/Ed/Z&KZdZ^^
'W͛^
ϮϳͬϬϳͬϮϬϭϳ WZKhK DdZE> Z 1E/^KEND/K^
K^ &W WE W W d W K &WD > Ws ΨE W D K> ' Ψ Ψ Ψ' Ψd
WDz^ нϭϱ Ͳ͘ϰ нϳϵ нϭϯϴ н͘ϯ н͘ϳϳ нϭϰ нϭϲ нϯϰ нϯϬ Ͳϯϭ͘Ϯϳ нϰϬ н͘ϲϯ н͘ϱϲ Ͳ͘ϬϬϳ нϵϬ͘ϲϲ нϭϬϮ͘ϲϯ нϰϬ͘ϲϭ нϭϯϰ͘ϰϮ
ĐĐ͘ ͘ϲϳ ͘ϴϴ ͘ϴϲ ͘ϳϮ ͘ϳϯ ͘ϳϭ ͘ϲϯ ͘ϯϴ ͘ϯϴ ͘ϯϳ ͘ϱϲ ͘ϱϭ ͘ϰϵ ͘ϰϴ
йdKW ϯ ϮϬ ϭ ϭ ϭ ϯ ϭ Ϯ ϮϬ
ďĞƌĚĞĞŶŶŐƵƐͲDĠĚŝĂƐĚĂZĂĕĂ:ƵůŚŽϮϬϭϳ
&W͗нϲͮWE͗нϭ͘ϯͮW͗нϰϵͮW ͗нϴϲͮd͗н͘ϰͮW͗н͘ϳϭͮK͗нϭϯͮ&WD͗нϴͮ> ͗нϮϯͮWs͗нϮϲͮΨE͗ͲϮ͘ϰϳͮW͗нϯϯͮD͗н͘ϰϴͮK> ͗н͘ϰϮͮ'͗н͘ϬϭϮ
Ψнϰϰ͘ϬϴͮΨ͗нϯϵ͘ϬϴͮΨ'͗нϮϵ͘ϲϵͮΨ/ &͗нϭϬϭ͘Ϯϱ

ϭϲ
ϯ
 ZEE'h^
ϳEϰϭϯ 2EVHUYHU KEE>zK^ZsZϯϳϮ

70

/ŶĚŝĐĂĚŽƉĂƌĂ/d&͘
'ĂŶŚŽĚĞƉĞƐŽĂĐĞůĞƌĂĚŽ͘
džĐĞůĞŶƚĞĨĞŶſƚŝƉŽ͕ƉĞĚŝŐƌĞĞĞWƐĚĞĚĞƐĞŵƉĞŶŚŽ͘

hƐĂĚŽ Ğŵ ŐƌĂŶĚĞ ĞƐĐĂůĂ ƚĂŶƚŽ Ğŵ ƉůĂŶƚĞŝƐ ƉƵƌŽƐ ĐŽŵŽ

ŶŽĐƌƵnjĂŵĞŶƚŽŝŶĚƵƐƚƌŝĂů͘K^ZsZŵŽƐƚƌŽƵĞdžĐĞůġŶĐŝĂ
Ğŵ ĨĞƌƚŝůŝĚĂĚĞ ŶŽƐ ƉƌŽŐƌĂŵĂƐ ĚĞ /d&͘ ^ƵĂ ƉƌŽĚƵĕĆŽ ƐĞ
ĚĞƐƚĂĐĂ Ğŵ ƉƌŽŐƌĂŵĂƐ ĚĞ ĂǀĂůŝĂĕĆŽ ŶŽƐ ĐĞŶƚƌŽƐ ĚĞ ƉĞƐͲ
ƋƵŝƐĂƐŵĂŝƐƐĠƌŝŽƐĚŽƐhĐŽŵŽŶĂhŶŝǀĞƌƐŝĚĂĚĞĚŽdĞŶͲ
ŶĞƐƐĞĞ͘ƐƐĞƐĚĂĚŽƐĞƐĞƵĨĞŶſƚŝƉŽŽƚŽƌŶĂŵĂƚƌĂĞŶƚĞĞ
ŵƵŝƚŽĨƵŶĐŝŽŶĂůƉĂƌĂƋƵĂůƋƵĞƌƌĞďĂŶŚŽ͘

ZĞŐ͗ϭϳϱϴϳϴϵϱ;&ͲK,&ͲK^&ͿͲZĞŐ͘EĂĐ͗,/ϭϱϱϮ
ƌŝĂĚŽƌ͗ŽŶŶĞĂůLJŶŐƵƐZĂŶĐŚ͕E
ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ ĂƚĂEĂƐĐ͗͘ϭϴͬϬϭͬϮϬϭϯ

^s&ŝŶĂůŶƐǁĞƌϬϬϯϱ
WE͗ Ϯϵ͕ϬϵŬŐͬ͘ƌĂƚŝŽϵϲ
ŽŶŶĞĂůLJZŝŐŚƚŶƐǁĞƌϳϰϲ
W͗ ϯϱϳ͕ϳϯŬŐͬ͘ƌĂƚŝŽϭϬϲ
,ĂƉƉLJĞůůŽĨŽŶĂŶŐĂϮϲϮ
W͗ ϲϮϵ͕ϱϱŬŐͬ͘ƌĂƚŝŽϭϬϴ
WͬĂŶŽ͗ ϯϲĐŵ͘ ^ŝƚnjĂƐŚϭϬϮϳϳ
&ƌĂŵĞͬĂŶŽ͗ ϲ͘ϭ WŽůŝƚĞWƌĞƐƐŽĨŽŶĂŶŐĂϭϰϬϵ
WŽůŝƚĞWĞƚƌĂŽĨŽŶĂŶŐĂϵϰϯϬ
'W͛^
ϮϳͬϬϳͬϮϬϭϳ WZKhK DdZE> Z 1E/^KEND/K^
K^ &W WE W W d W K &WD > Ws ΨE W D K> ' Ψ Ψ Ψ' Ψd
WDz^ нϭϮ н͘Ϯ нϱϲ нϭϬϰ н͘Ϯ н͘ϯϬ нϭϱ нϭϭ нϮϯ нϱϬ Ͳϴ͘ϭϴ нϯϰ н͘ϯϯ н͘ϭϴ н͘Ϭϱϲ нϱϮ͘ϳϬ нϲϮ͘ϵϯ нϭϲ͘ϯϰ нϵϲ͘ϭϱ
ĐĐ͘ ͘ϰϱ ͘ϳϵ ͘ϳϱ ͘ϲϰ ͘ϲϳ ͘ϲϯ ͘ϰϴ ͘ϯϭ ͘ϯϯ ͘ϯϰ ͘ϰϵ ͘ϰϯ ͘ϰϰ ͘ϰϮ
йdKW ϭϬ ϮϬ ϮϬ

ZEE'h^
ϳEϰϱϳ 3URDFWLYH 'ZWZKd/s

/ŶĚŝĐĂĚŽƉĂƌĂƉůĂŶƚĞŝƐĞĐƌƵnjĂŵĞŶƚŽŝŶĚƵƐƚƌŝĂů͘
ĞƐĞŵƉĞŶŚŽƉƌŽǀĂĚŽƉŽƌƐƵĂƐĞdžĐĞůĞŶƚĞƐWƐ͘

&ŝůŚŽĚĞ'ZWƌŽƉŚĞƚ͕şĐŽŶĞĚĂƌĂĕĂĞŵƉĞƌĨŽƌŵĂŶĐĞĚĞ
ĐƌĞƐĐŝŵĞŶƚŽ Ğ ŵĂƌŵŽƌĞŝŽ͕ 'Z WƌŽĂĐƚŝǀĞ ƉƌŽŵĞƚĞ ƐĞƌ Ž
ƚĆŽĞƐƉĞƌĂĚŽƐƵďƐƚŝƚƵƚŽĚĞƐĞƵƉĂŝ͘ZĂŶƋƵĞĂĚŽĞŵƚŽƉϮй
ƉĂƌĂ W͕ W Ğ K>͕ Ğ ƚŽƉ ϯй ƉĂƌĂ DĂƌŵ͕͘ ĞƐĐŽůŚĂ 'Z
WƌŽĂĐƚŝǀĞƐĞǀŽĐġŶĆŽĂďƌĞŵĆŽĚĞƋƵĂůŝĚĂĚĞĚĞĐĂƌĐĂĕĂ
ĞŵĂŶŝŵĂŝƐĚĞĂůƚşƐƐŝŵŽĐƌĞƐĐŝŵĞŶƚŽ͘

ZĞŐ͗ͲZĞŐ͘EĂĐ͗,ϭϴϯϯϯϰϮϰ
ƌŝĂĚŽƌ͗ϭϴϯϯϯϰϮϰ;D&Ͳ&Ͳy&Ϳ

ϰϬŬŐͬ͘d ZĞdžƚŽƌϴϳϮϱϮϬϱϲϬϴ
WE͗
ϯϲϴ͕ϭϴŬŐͬ͘d 'ZWƌŽƉŚĞƚ
W͗
'ZKďũĞĐƚŝǀĞϭϴϴϱ
W͗ ϲϯϱŬŐͬ͘d
DĂLJďƌĞĂŬ
WͬĂŶŽ͗ ϯϴĐŵ͘
'ZĂLJďƌĞĂŬϭϱϮϭ
&ƌĂŵĞͬĂŶŽ͗ ϳ͘ϰ 'ZϱϬϱϬEĞǁĞƐŝŐŶϭϬϯϵ
'W͛^
ϮϳͬϬϳͬϮϬϭϳ WZKhK DdZE> Z 1E/^KEND/K^
K^ &W WE W W d W K &WD > Ws ΨE W D K> ' Ψ Ψ Ψ' Ψd
WDz^ нϭϱ Ͳ͘ϴ нϳϰ нϭϯϱ н͘ϵ н͘ϲϰ нϮϬ нϭϲ нϮϰ нϯϱ Ͳϭϰ͘Ϭϰ нϲϰ нϭ͘Ϭϴ н͘ϵϰ Ͳ͘ϬϬϯ нϳϴ͘ϯϱ нϵϰ͘ϴϬ нϱϮ͘ϭϯ нϭϳϱ͘ϳϮ
ĐĐ͘ ͘ϯϲ ͘ϱϭ ͘ϰϱ ͘ϰϭ ͘ϱϮ ͘ϱϮ ͘ϰϴ ͘ϯϯ ͘ϯϰ ͘ϯϳ ͘ϰϱ ͘ϰϭ ͘ϰϭ ͘ϯϵ
йdKW Ϯ ϭϬ Ϯ ϭ ϭϬ ϭ Ϯ ϱ ϯ Ϯ ϯ ϰ Ϯ
ďĞƌĚĞĞŶŶŐƵƐͲDĠĚŝĂƐĚĂZĂĕĂ:ƵůŚŽϮϬϭϳ
&W͗нϲͮWE͗нϭ͘ϯͮW͗нϰϵͮW ͗нϴϲͮd͗н͘ϰͮW͗н͘ϳϭͮK͗нϭϯͮ&WD͗нϴͮ> ͗нϮϯͮWs͗нϮϲͮΨE͗ͲϮ͘ϰϳͮW͗нϯϯͮD͗н͘ϰϴͮK> ͗н͘ϰϮͮ'͗н͘ϬϭϮ
Ψнϰϰ͘ϬϴͮΨ͗нϯϵ͘ϬϴͮΨ'͗нϮϵ͘ϲϵͮΨ/ &͗нϭϬϭ͘Ϯϱ

ϭϳ
ϯ
 ZEE'h^
ϳEϯϮϵ 0XVWDQJ ^sDh^dE'ϵϭϯϰ

 ĞĚŝŐƌĞĞĚĞƉĞƐŽ͘
W
dŽƵƌŽĞƋƵŝůŝďƌĂĚŽ͕ĨƌĂŵĞŵŽĚĞƌĂĚŽ͖ĞdžĐĞůĞŶƚĞ
ĨĞƌƌĂŵĞŶƚĂƉĂƌĂŽŶŐƵƐĚĞŚŽũĞ͘

WĞĚŝŐƌĞĞĚĞƉĞƐŽĞĐŽŶƐŝƐƚġŶĐŝĂĚĂŐĞŶĠƚŝĐĂ^s͘dŽƵƌŽ
ĐŽŵĞdžĐĞůĞŶƚĞƐŶƷŵĞƌŽƐĚĞĚĞƐĞŵƉĞŶŚŽ͕Dh^dE'Ġ
ŵƵŝƚŽƉƌŽĨƵŶĚŽĞƉŽƐƐƵŝďĂƐƚĂŶƚĞǀŽůƵŵĞĚĞŵƷƐĐƵůŽƐ
ĞŵƐĞƵƉŽƐƚĞƌŝŽƌ͕ĂƐƐŽĐŝĂĚŽĂƵŵƐĞůŽƌĂĐŝĂůŝŵƉĞĐĄǀĞů͘

ZĞŐ͗ϭϲϯϵϳϮϰϲ;&Ͳ&ͲDϭ&ͲK,&ͿͲZĞŐ͘EĂĐ͗,/ϭϮϭϮ
ƌŝĂĚŽƌ͗^ĐŚĂĨĨƐŶŐƵƐsĂůůĞLJ͕E
ĂƚĂEĂƐĐ͗͘ϬϮͬϬϯͬϮϬϬϵ

ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ

WE͗ ^ŝƚnjdƌĂǀĞůĞƌϴϭϴϬ
ϯϰŬŐͬ͘ƌĂƚŝŽϵϳ
^s&ŝŶĂůŶƐǁĞƌϬϬϯϱ
W͗ ϰϰϯŬŐͬ͘ƌĂƚŝŽϭϬϳ
^sŵƵůŽƵƐϴϭϰϱ
W͗ ϲϴϴŬŐͬ͘ƌĂƚŝŽϭϬϰ
^sEĞƚtŽƌƚŚϰϮϬϬ
WͬĂŶŽ͗ ϯϳĐŵ͘
^sŵďůLJŶĞƚƚĞϳϰϭϱ
&ƌĂŵĞͬĂŶŽ͗ ϱ͘ϯ
^sŵďůLJŶĞƚƚĞϳϮϲϬ D͕^sD>zEddϳϰϭϱ
'W͛^
ϮϳͬϬϳͬϮϬϭϳ WZKhK DdZE> Z 1E/^KEND/K^
K^ &W WE W W d W K &WD > Ws ΨE W D K> ' Ψ Ψ Ψ' Ψd
WDz^ нϭϮ н͘Ϯ нϯϵ нϳϭ Ͳ͘ϭ нϭ͘ϰϲ нϭϳ нϵ нϯϰ Ͳϲ Ͳϭ͘ϭϵ нϭϬ н͘ϱϮ н͘ϭϵ н͘Ϭϱϱ нϱϳ͘ϴϴ нϮϲ͘ϯϳ нϯϬ͘Ϯϰ нϲϭ͘ϯϰ
ĐĐ͘ ͘ϴϮ ͘ϵϰ ͘ϵϮ ͘ϴϵ ͘ϴϱ ͘ϴϳ ͘ϴϯ ͘ϳϳ ͘ϴϭ ͘ϲϯ ͘ϲϭ ͘ϱϲ ͘ϱϱ ͘ϱϳ
йdKW ϭϬ ϭϬ ϯ

ZEE'h^
ϳEϯϯϱ +HPLVSKHUH KEE>z,D/^W,Zϵϱϳ>

WƌŽĚƵnjĂŶŝŵĂŝƐĚĞŐĂŶŚŽƌĄƉŝĚŽĚŽĚĞƐŵĂŵĞĂŽĂŶŽ͘
ŐƌĞŐĂŵƵƐĐƵůĂƚƵƌĂĞƉĞƐŽĚĞĐĂƌĐĂĕĂ͘

WĂƌƚŝĐŝƉĂĕĆŽ ŝŵƉŽƌƚĂŶƚĞ ĚĞŶƚƌŽ ĚĂ ŐĞŶĠƚŝĐĂ ŽŶŶĞĂůLJ

ĚĞƐĚĞƐƵĂĐŽŵĞƌĐŝĂůŝnjĂĕĆŽĞŵϮϬϭϬ͘ƐƐŝŵĐŽŵŽĞůĞ͕ƐĞƵƐ
ĨŝůŚŽƐƐĆŽŽƐŵĂŝƐĐŽŶĐŽƌƌŝĚŽƐŶŽƐůĞŝůƁĞƐĂŶƵĂŝƐĚĂŽŶͲ
ŶĞĂůLJ͘,D/^W,ZĐĂƌƌĞŐĂĞdžĐĞůĞŶƚĞƐWƐĚĞƉƌŽĚƵĕĆŽ͕
ŵĂƚĞƌŶĂůĞĐĂƌĐĂĕĂ͘

ZĞŐ͗нϭϲϰϲϴϱϵϱ;Ͳ&ͲDϭ&ͲE,&ͲK,&Ϳ
ƌŝĂĚŽƌ͗ŽŶŶĞĂůLJŶŐƵƐZĂŶĐŚ͕E
ĂƚĂEĂƐĐ͗͘ϭϰͬϬϮͬϮϬϬϵ

ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ

ͬZEĞǁĞƐŝŐŶϬϯϲ
WE͗ ϯϳ͕ϮϳŬŐͬ͘d
'ZEĞǁĞƐŝŐŶϱϬϱϬ
W͗ ϯϰϱŬŐͬ͘d
'ZWƌĞĐŝƐŝŽŶϳϬϲ
W͗ ϲϳϵ͕ϱϱŬŐͬ͘d
&ƵƚƵƌĞŝƌĞĐƚŝŽŶϱϯϮϭ
WͬĂŶŽ͗ ϯϲĐŵ͘
ƌĞĞůĂŽĨŽŶĂŶŐĂϯϵϵϭ
&ƌĂŵĞͬĂŶŽ͗ ϲ͘ϴ
ƌĞĞƐŚĂŽĨŽŶĂŶŐĂϭϮϱϭ
&/>,͕,KKsZE'h^͕/͘
'W͛^
ϮϳͬϬϳͬϮϬϭϳ WZKhK DdZE> Z 1E/^KEND/K^
K^ &W WE W W d W K &WD > Ws ΨE W D K> ' Ψ Ψ Ψ' Ψd
WDz^ Ͳϭ нϮ͘ϯ нϱϵ нϭϭϮ н͘ϳ Ͳ͘Ϭϴ нϮϰ нϳ нϯϮ нϲϴ ͲϮϰ͘ϲϰ нϱϯ н͘ϵϲ н͘ϵϯ Ͳ͘Ϭϯϴ нϱϲ͘ϱϴ нϴϬ͘ϳϴ нϱϰ͘ϱϲ нϭϳϱ͘ϳϳ
ĐĐ͘ ͘ϱϵ ͘ϴϵ ͘ϴϳ ͘ϴϬ ͘ϳϳ ͘ϴϬ ͘ϳϯ ͘ϲϯ ͘ϲϴ ͘ϰϳ ͘ϱϲ ͘ϱϭ ͘ϱϬ ͘ϱϭ
йdKW ϭϱ ϮϬ ϭϬ ϭϬ ϱ ϭϬ ϭϬ Ϯ ϯ ϭϬ Ϯ Ϯ
ďĞƌĚĞĞŶŶŐƵƐͲDĠĚŝĂƐĚĂZĂĕĂ:ƵůŚŽϮϬϭϳ
&W͗нϲͮWE͗нϭ͘ϯͮW͗нϰϵͮW ͗нϴϲͮd͗н͘ϰͮW͗н͘ϳϭͮK͗нϭϯͮ&WD͗нϴͮ> ͗нϮϯͮWs͗нϮϲͮΨE͗ͲϮ͘ϰϳͮW͗нϯϯͮD͗н͘ϰϴͮK> ͗н͘ϰϮͮ'͗н͘ϬϭϮ
Ψнϰϰ͘ϬϴͮΨ͗нϯϵ͘ϬϴͮΨ'͗нϮϵ͘ϲϵͮΨ/ &͗нϭϬϭ͘Ϯϱ

ϭϴ
ϯ
 ZEE'h^
ϳEϯϮϴ
3URVSHULW\ ^sWZK^WZ/dzϵϭϯϭ

ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ

ZĞŐ͗ϭϲϯϵϲϱϮϯ;&Ͳ&ͲDϭ&ͲK,&ͿͲZĞŐ͘EĂĐ͗,/ϭϭϯϯ
ƌŝĂĚŽƌ͗^ĐŚĂĨĨƐŶŐƵƐsĂůůĞLJ͕E
ĂƚĂEĂƐĐ͗͘ϬϮͬϬϯͬϮϬϬϵ

^sϬϬϰWƌĞĚŽŵŝŶĂŶƚϰϰϯϴ
WE͗ ϯϳŬŐͬ͘ƌĂƚŝŽϵϴ ^sWƌŽǀŝĚĞŶĐĞϲϵϮϮ
W͗ ϰϰϳŬŐͬ͘ƌĂƚŝŽϭϬϴ ^sDĂLJϳϮϯϴ
W͗ ϳϭϰŬŐͬ͘ƌĂƚŝŽ͘ϭϯϰ
WͬĂŶŽ͗ ϰϬĐŵ͘ ƵƐŚǁĂĐŬĞƌϰϭͲϵϯ
&ƌĂŵĞͬĂŶŽ͗ ϱ͘ϴ ^sŵďůLJŶĞƚƚĞϯϭϮϯ
^sŵďůLJŶĞƚƚĞϭϭϳϳ &/>,WZK^WZ/dz͕>>>Ks/EͲZ'Ed/E

/ŶĚŝĐĂĚŽƉĂƌĂĂĐĂƐĂůĂŵĞŶƚŽƐĚĞƉůĂŶƚĞů͘
dŽƉĚĂƌĂĕĂĞŵƉĞƌşŵĞƚƌŽĞƐĐƌŽƚĂů͘

dŽƵƌŽƵƐĂĚŽŶŽƐƉƌŝŶĐŝƉĂŝƐĐƌŝĂƚſƌŝŽƐĚĂƌĂĕĂŶŐƵƐŶŽƐhƉĂƌĂĂŐƌĞŐĂƌŶƷŵĞƌŽƐĚĞƉƌŽͲ
ĚƵĕĆŽ͕ ĨĞƌƚŝůŝĚĂĚĞ Ğ ĚĞƐĞŵƉĞŶŚŽ Ğŵ ǀĂƌŝĂĚĂƐ ĐĂƌĂĐƚĞƌşƐƚŝĐĂƐ͘ WZK^WZ/dz Ġ ǀŝƐƚŽ ĐŽŵŽ
ƚŽƵƌŽŵĞůŚŽƌĂĚŽƌƉĂƌĂƌĞďĂŶŚŽƐũĄĂůƚĂŵĞŶƚĞƋƵĂůŝĨŝĐĂĚŽƐ͘
&/>,WZK^WZ/dz͕^E<z͕<^

'W͛^
ϮϳͬϬϳͬϮϬϭϳ WZKhK DdZE> Z 1E/^KEND/K^
K^ &W WE W W d W K &WD > Ws ΨE W D K> ' Ψ Ψ Ψ' Ψd
WDz^ нϯ нϰ͘ϰ нϳϭ нϭϭϬ н͘ϱ нϭ͘ϳϲ нϮϮ нϳ нϯϬ нϰϳ Ͳϭϵ͘ϯϳ нϯϳ н͘ϱϵ н͘ϲϰ Ͳ͘Ϭϭϳ нϲϴ͘ϭϰ нϲϴ͘ϱϵ нϰϭ͘ϲϴ нϭϯϮ͘ϵϮ
ĐĐ͘ ͘ϲϴ ͘ϵϯ ͘ϵϮ ͘ϴϴ ͘ϴϯ ͘ϴϲ ͘ϳϰ ͘ϳϵ ͘ϴϮ ͘ϰϯ ͘ϱϬ ͘ϰϰ ͘ϰϲ ͘ϰϰ
йdKW ϰ ϭϱ ϰ ϭϱ ϭϱ ϮϬ ϮϬ ϭϱ ϭϬ ϮϬ ϮϬ
ďĞƌĚĞĞŶŶŐƵƐͲDĠĚŝĂƐĚĂZĂĕĂ:ƵůŚŽϮϬϭϳ
&W͗нϲͮWE͗нϭ͘ϯͮW͗нϰϵͮW ͗нϴϲͮd͗н͘ϰͮW͗н͘ϳϭͮK͗нϭϯͮ&WD͗нϴͮ> ͗нϮϯͮWs͗нϮϲͮΨE͗ͲϮ͘ϰϳͮW͗нϯϯͮD͗н͘ϰϴͮK> ͗н͘ϰϮͮ'͗н͘ϬϭϮ
Ψнϰϰ͘ϬϴͮΨ͗нϯϵ͘ϬϴͮΨ'͗нϮϵ͘ϲϵͮΨ/ &͗нϭϬϭ͘Ϯϱ

ϭϵ
 ZEE'h^
ϳEϯϲϵ 8SWRZQ KEE>zhWdKtEϬϵϴ

70

/ŶĚŝĐĂĚŽƉĂƌĂŶŽǀŝůŚĂƐ͘
WƌŽĚƵnjĐĂƌŶĞĚĞƋƵĂůŝĚĂĚĞ͘


hŵĂĨĞƌƌĂŵĞŶƚĂŐĞŶĠƚŝĐĂƉĂƌĂƋƵĞŵďƵƐĐĂƵŵĂƉƌŽĚƵͲ
ĕĆŽĐŽŵŐĂŶŚŽĚĞƉĞƐŽĂĐŝŵĂĚĂŵĠĚŝĂĚĂƌĂĕĂ͘

ZĞŐ͗ϭϲϴϵϲϮϵϲ;&ͿͲZĞŐ͘EĂĐ͗,/ϭϰϰϳ
ƌŝĂĚŽƌ͗ŽŶŶĞĂůLJŶŐƵƐZĂŶĐŚ͕E
ĂƚĂEĂƐĐ͗͘ϬϰͬϬϴͬϮϬϭϬ

ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ

ŽŶŶĞĂůLJKŶǁĂƌĚ
WE͗ ϯϬ͕ϵϭŬŐͬ͘ƌĂƚŝŽϵϴ
^ŝƚnjhƉǁĂƌĚϯϬϳZ
W͗ ϯϭϵ͕ϱϱŬŐͬ͘ƌĂƚŝŽϭϬϴ
^ŝƚnj,ĞŶƌŝĞƚƚĂWƌŝĚĞϴϭD
W͗ ϱϰϯ͕ϲϰŬŐͬ͘ƌĂƚŝŽϭϭϭ
ŽŶŶĞĂůLJdŚƵŶĚĞƌ
WͬĂŶŽ͗ ϯϵĐŵ͘
:ĂĐĞŽĨŽŶĂŶŐĂϰϲϲϬϴϭϴE
&ƌĂŵĞͬĂŶŽ͗ ϱ͘ϵ :ĂnjĞŽĨŽŶĂŶŐĂϮϯϰ
'W͛^
ϮϳͬϬϳͬϮϬϭϳ WZKhK DdZE> Z 1E/^KEND/K^
K^ &W WE W W d W K &WD > Ws ΨE W D K> ' Ψ Ψ Ψ' Ψd
WDz^ нϭϰ н͘Ϯ нϲϳ нϭϭϰ н͘ϱ н͘ϯϳ нϮϰ нϭϬ нϯϮ нϮϬ ͲϮϬ͘ϯϭ нϯϴ н͘ϰϭ н͘ϴϬ Ͳ͘Ϭϭϴ нϳϴ͘Ϭϭ нϲϴ͘ϳϯ нϯϲ͘ϰϰ нϭϮϭ͘ϰϮ
ĐĐ͘ ͘ϲϱ ͘ϴϴ ͘ϴϲ ͘ϳϵ ͘ϴϬ ͘ϳϳ ͘ϳϭ ͘ϱϭ ͘ϱϬ ͘ϰϮ ͘ϲϬ ͘ϱϱ ͘ϱϯ ͘ϱϱ
йdKW ϰ ϭϬ ϭϬ ϭϬ ϭϬ ϭϬ ϭϱ Ϯ ϮϬ

ZEE'h^
ϳEϯϳϰ )LUVW1*RDO ^&/Z^dͲEͲ'K>'&ϭϭϰ

70
dŽƵƌŽƉĂŝĚĞĞƐƚƌĞůĂƐĚĞĞůŝƚĞ͘
ĂƌƌĞŐĂƐĞůŽĚĞĨĞƌƚŝůŝĚĂĚĞƐƵƉĞƌŝŽƌ͘


WĂŝĚĞŐƌĂŶĚĞƐĞƐƚƌĞůĂƐŶĂƐƉƌŝŶĐŝƉĂŝƐĞdžƉŽƐŝĕƁĞƐĚŽƐh͕
ĐŽŵŽ Ğŵ EsZ͕ ĐŽŶƐŝĚĞƌĂĚĂ Ă ŵĂŝŽƌ ĚĂ ƌĂĕĂ ŶŐƵƐ͘
hŵĂŐĞŶĠƚŝĐĂƋƵĞĞdžƉůŽĚĞĞŵƉŝƐƚĂŶŽŵƵŶĚŽƚŽĚŽĚŝƐƉŽͲ
ŶşǀĞůƉĂƌĂƐĞƵƉůĂŶƚĞůďƌŝůŚĂƌĂƋƵŝ͘

ZĞŐ͗нϭϳϬϯϬϭϭϱ;&ͲK^&ͿͲZĞŐ͘EĂĐ͗,/ϭϱϰϰ
ƌŝĂĚŽƌ͗^ƚĞƌƚnjďĂĐŚĂƚƚůĞŽ͕K,͖ĂŵĞƌŽŶŶŐƵƐ&Ăƌŵ͕
/>͖^ƚĞĞůĞŶŐƵƐ͕/͖'ƌĂŶĚǀŝĞǁŶŐƵƐ͕ĂƚĂEĂƐĐ͗͘ϬϱͬϬϭͬϮϬϭϭ

ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ

y'Z^&ŝƌƐƚZĂƚĞ^ϵϬϯZϯ
WE͗ ϯϳŬŐͬ͘d
ĂŵĞƌŽŶ&ŝƌƐƚůĂƐƐ
W͗ ϰϬϭŬŐͬ͘d
ĂŵĞƌŽŶEŽƌƚŚĞƌŶDŝƐƐϯϭϭϰ
W͗ ϲϯϱŬŐͬ͘d
ŚĂŵƉŝŽŶ,ŝůůĚŝƚŝŽŶϮϬϮϵ
WͬĂŶŽ͗ ϰϬĐŵ͘
^ZŽLJĂůůĂĐŬďŝƌĚϱϬϮ
&ƌĂŵĞͬĂŶŽ͗ ϲ͘ϭ
ŚĂŵƉŝŽŶ,ŝůůůĂĐŬďŝƌĚϭϵϰϯ
/ZD/Ed/ZͲd,Et,/d^/͕D
'W͛^
ϮϳͬϬϳͬϮϬϭϳ WZKhK DdZE> Z 1E/^KEND/K^
K^ &W WE W W d W K &WD > Ws ΨE W D K> ' Ψ Ψ Ψ' Ψd
WDz^ Ͳϵ нϲ͘ϱ нϲϱ нϵϴ н͘Ϯ Ͳ͘ϭϴ нϯ нϮ нϮϯ нϲϬ Ͳϳ͘ϱϱ нϰϳ н͘ϯϯ н͘ϱϱ н͘Ϭϯϰ нϰϳ͘Ϯϳ нϲϮ͘ϰϮ нϮϮ͘ϯϴ нϭϰϬ͘Ϯϱ
ĐĐ͘ ͘ϰϵ ͘ϴϲ ͘ϴϰ ͘ϲϱ ͘ϰϵ ͘ϱϯ ͘ϰϮ ͘ϱϯ ͘ϱϮ ͘ϯϮ ͘ϰϳ ͘ϰϬ ͘ϰϭ ͘ϯϴ
йdKW ϭϬ ϭϬ ϮϬ ϮϬ
ďĞƌĚĞĞŶŶŐƵƐͲDĠĚŝĂƐĚĂZĂĕĂ:ƵůŚŽϮϬϭϳ
&W͗нϲͮWE͗нϭ͘ϯͮW͗нϰϵͮW ͗нϴϲͮd͗н͘ϰͮW͗н͘ϳϭͮK͗нϭϯͮ&WD͗нϴͮ> ͗нϮϯͮWs͗нϮϲͮΨE͗ͲϮ͘ϰϳͮW͗нϯϯͮD͗н͘ϰϴͮK> ͗н͘ϰϮͮ'͗н͘ϬϭϮ
Ψнϰϰ͘ϬϴͮΨ͗нϯϵ͘ϬϴͮΨ'͗нϮϵ͘ϲϵͮΨ/ &͗нϭϬϭ͘Ϯϱ

ϮϬ
ϯ
 ZEE'h^
ϳEϯϬϵ
*UHDW'LYLGH >/D^dKE'Zd/s/hϮϱϰ

ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ

ZĞŐ͗ϭϲϭϲϱϰϭϭ;D&Ͳ&Ͳ&ͲDϭ&ͲE,&ͲK,&ͿͲZĞŐ͘EĂĐ͗,/ϭϭϭϴ
ƌŝĂĚŽƌ͗>ŝŵĞƐƚŽŶĞ͕>>͕K<ĂŶĚZĞŝƐŝŐĂƚƚůĞ͕Dd
ĂƚĂEĂƐĐ͗͘ϭϴͬϬϮͬϮϬϬϴ

K<ŝƌďLJϲϯϯ<
WE͗ ϯϱŬŐͬ͘ƌĂƚŝŽϵϱ DĂƌĂƚŚŽŶϳϬϮϮ
W͗ ϰϮϬŬŐͬ͘ƌĂƚŝŽϭϭϱ 'ŝďďĞƚ,ŝůůDŝŐŶŽŶŶĞϯϳ
W͗ ϱϵϬŬŐͬ͘ƌĂƚŝŽϭϮϭ
WͬĂŶŽ͗ ϰϯĐŵ͘ dƌĂǀĞůĞƌϲϴϬϳϰϬϰϭ
&ƌĂŵĞͬĂŶŽ͗ ϱ͘ϰ ^ƚĞǀĞŶƐŽŶtĂƚĞƌďĂĐŬϰϲϮ:
:Z^tĂƚĞƌďĂĐŬϵϱϳ &/>,KͲE,KWK^dKͲhZh'h/EͲZ^

^ƵĂƉƌŽŐġŶŝĞƐĞĚĞƐƚĂĐĂĞŵĨĞŶſƚŝƉŽĞĚĞƐĞŵƉĞŶŚŽ͘
/ŵƉƌŝŵĞŵƵƐĐƵůĂƚƵƌĂĞƐĞůŽƌĂĐŝĂů͘

WĂŝĚĞĚŽĂĚŽƌĂƐĚĞĞŵďƌŝƁĞƐĞƚŽƵƌŽƐŝŵƉŽƌƚĂŶƚĞƐĞŵƉůĂŶƚĞŝƐĚĞŐƌĂŶĚĞĚĞƐƚĂƋƵĞĚĂƌĂͲ
ĕĂŶŐƵƐ͘džŝďŝŶĚŽŚĂƌŵŽŶŝĂĞŵƵŵƐĞůŽƌĂĐŝĂůŝŵƉĞĐĄǀĞů͕'Zd/s/ĠƉƌŽĨƵŶĚŽ͕ĐŽŵ
ŵƵŝƚŽǀŽůƵŵĞĚĞĐĂƌŶĞĞŵƐĞƵƉŽƐƚĞƌŝŽƌ͕ƵŵĂůŝŶŚĂĚĞůŽŵďŽƉĞƌĨĞŝƚĂƐƵƐƚĞŶƚĂĚŽƉŽƌĨŽƌͲ
ƚĞĞƐƚƌƵƚƵƌĂſƐƐĞĂ͘^ĞŵĚƷǀŝĚĂĂůŐƵŵĂ͕ƉŽƌƐĞƵƉĞĚŝŐƌĞĞĞƐƵĂƉƌŽĚƵĕĆŽĚĞǀĞƐĞƌƵƐĂĚŽ
&/>,K'Zd/s/ͲhZh'h/
ŶŽƐƉůĂŶƚĞŝƐŵĂŝƐĞdžŝŐĞŶƚĞƐĚĂƌĂĕĂŶŐƵƐ͘
'W͛^
ϮϳͬϬϳͬϮϬϭϳ WZKhK DdZE> Z 1E/^KEND/K^
K^ &W WE W W d W K &WD > Ws ΨE W D K> ' Ψ Ψ Ψ' Ψd
WDz^ Ͳϯ нϯ͘ϯ нϱϭ нϴϲ н͘Ϯ н͘Ϯϳ ͲϮ Ͳϱ нϭϯ нϮϵ нϭϭ͘ϴϲ нϯϯ Ͳ͘Ϯϲ н͘ϵϬ Ͳ͘Ϭϯϭ нϯϯ͘Ϯϯ нϰϰ͘ϳϳ нϭ͘ϰϯ нϴϰ͘ϲϮ
ĐĐ͘ ͘ϱϵ ͘ϴϵ ͘ϴϳ ͘ϳϱ ͘ϲϳ ͘ϳϰ ͘ϱϵ ͘ϲϰ ͘ϳϮ ͘ϰϴ ͘ϰϵ ͘ϰϰ ͘ϰϱ ͘ϰϰ
йdKW ϭϱ ϯ ϱ
ďĞƌĚĞĞŶŶŐƵƐͲDĠĚŝĂƐĚĂZĂĕĂ:ƵůŚŽϮϬϭϳ
&W͗нϲͮWE͗нϭ͘ϯͮW͗нϰϵͮW ͗нϴϲͮd͗н͘ϰͮW͗н͘ϳϭͮK͗нϭϯͮ&WD͗нϴͮ> ͗нϮϯͮWs͗нϮϲͮΨE͗ͲϮ͘ϰϳͮW͗нϯϯͮD͗н͘ϰϴͮK> ͗н͘ϰϮͮ'͗н͘ϬϭϮ
Ψнϰϰ͘ϬϴͮΨ͗нϯϵ͘ϬϴͮΨ'͗нϮϵ͘ϲϵͮΨ/ &͗нϭϬϭ͘Ϯϱ

Ϯϭ
 ZEE'h^
ϳEϰϰϵ ,FH&DS d,/E'dKE/WϯϬϱ

dŽƉĞŵĨĂĐŝůŝĚĂĚĞĚĞƉĂƌƚŽĐŽŵĐƌĞƐĐŝŵĞŶƚŽƌĄƉŝĚŽ͘
70

/ŶĚŝĐĂĚŽƉĂƌĂŶŽǀŝůŚĂ͘
WŽƐƐƵŝĨĞƌƚŝůŝĚĂĚĞƐƵƉĞƌŝŽƌ͘

ŝŵƉŽƌƚĂŶƚĞƌĞƐƐĂůƚĂƌƋƵĞ/WĠƵŵŶĞƚŽĚĞW/Ͳ
d>/^d͖ĞůĞĠĂƉƌŽǀĂĚĞĐŽŶƐŝƐƚġŶĐŝĂ͕ŚĞƌĂŶĕĂĚĞĨĞŶſͲ
ƚŝƉŽĞŶƷŵĞƌŽƐŝŵƉĞĐĄǀĞŝƐ͘ŽŵĨĂĐŝůŝĚĂĚĞĚĞƉĂƌƚŽĞ
ŐĂŶŚŽĂĐĞůĞƌĂĚŽĚĞƉĞƐŽĚŽŶĂƐĐĞƌĂŽĂŶŽ͕ƚĂŵďĠŵƐĞ
ĚĞƐƚĂĐĂĞŵWƐŵĂƚĞƌŶĂŝƐ͕/WĠŝŵƉŽƌƚĂŶƚĞĨĞƌͲ
ƌĂŵĞŶƚĂŐĞŶĠƚŝĐĂƉĂƌĂƐĞƵƌĞďĂŶŚŽ͘

ZĞŐ͗ϭϴϮϲϯϳϱϵ΀D&Ͳ&Ͳy&΁
ƌŝĂĚŽƌ͗ĂƚŚŝŶŐƚŽŶŶŐƵƐ͕/>
ĂƚĂEĂƐĐ͗͘ϭϱͬϬϵͬϮϬϭϱ

ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ

ŽŶŶĞĂůLJĂƉŝƚĂůŝƐƚϬϮϴ
WE͗ Ϯϴ͕ϲϰŬŐͬ͘ƌĂƚŝŽϳϲ
ĂƚŚŝŶŐƚŽŶ^ƵďͲĞƌŽ
W͗ ϯϰϲ͕ϴϮŬŐͬ͘ƌĂƚŝŽϭϯϬ
<WDŝƐƐWƌŽǀĞŶYƵĞĞŶϮϭ
W͗ ϲϬϴ͕ϭϴŬŐͬ͘ƌĂƚŝŽϭϬϴ
ĂŵĞƌŽŶ&ŝƌƐƚ/ŵƉƌĞƐƐŝŽŶ
WͬĂŶŽ͗ ϯϳĐŵ͘
ĂƚŚŝŶŐƚŽŶ>ƵĐLJϯϬϬϲ
&ƌĂŵĞͬĂŶŽ͗ ϱ͘ϵ ůƵĞ^ƚŽŶ>ƵĐLJϭϬϮϵ
'W͛^
ϮϳͬϬϳͬϮϬϭϳ WZKhK DdZE> Z 1E/^KEND/K^
K^ &W WE W W d W K &WD > Ws ΨE W D K> ' Ψ Ψ Ψ' Ψd
WDz^ нϭϱ ͲϮ͘ϭ нϲϮ нϭϬϰ н͘ϯ н͘ϯϴ нϭϮ нϭϮ нϮϴ нϰϰ Ͳϭϯ͘ϱϰ нϰϰ Ͳ͘ϭϵ н͘ϲϵ н͘Ϭϭϳ нϳϭ͘ϯϴ нϱϲ͘ϵϱ ͲϮ͘ϲϴ нϵϯ͘ϱϳ
ĐĐ͘ ͘ϯϳ ͘ϱϮ ͘ϰϲ ͘ϰϭ ͘ϰϴ ͘ϰϴ ͘ϰϯ ͘Ϯϲ ͘Ϯϳ ͘Ϯϴ ͘ϰϬ ͘ϯϲ ͘ϯϲ ͘ϯϰ
йdKW Ϯ ϯ ϭϱ ϭϬ ϮϬ ϮϬ ϰ

ZEE'h^
ϳEϰϮϳ 0DQQLQJ Yh<Z,/>>DEE/E'ϰyϵ

/ŶĚŝĐĂĚŽƉĂƌĂƉůĂŶƚĞŝƐĞĐƌƵnjĂŵĞŶƚŽŝŶĚƵƐƚƌŝĂů͘
ĞƐĞŵƉĞŶŚŽƉƌŽǀĂĚŽƉŽƌƐƵĂƐĞdžĐĞůĞŶƚĞƐWƐ͘


dŽƵƌŽĚŽƌĞŶŽŵĂĚŽĐƌŝĂƚſƌŝŽYƵĂŬĞƌ,ŝůůĐŽŵĚĂĚŽƐŝŵƉƌĞƐͲ
ƐŝŽŶĂŶƚĞƐ ƉĂƌĂ Ă ĚĞƐŵĂŵĂ͘ &ŝůŚŽ ĚĞ ƵŵĂ ŝƌŵĆ ƉƌſƉƌŝĂ ĚĞ
ZĂŵƉĂŐĞ͕ DĂŶŶŝŶŐ ĂůŝĂ ĐƌĞƐĐŝŵĞŶƚŽ ƌĄƉŝĚŽ ĐŽŵ ĐĂƌĐĂĕĂƐ
ĂŵƉůĂƐ͕ŵĂƌŵŽƌŝnjĂĚĂƐĞďĞŵĂĐĂďĂĚĂƐ͘

ZĞŐ͗ϭϳϴϯϭϬϯϰ;D&ͲE,&Ϳ
ƌŝĂĚŽƌ͗YƵĂŬĞƌ,ŝůů&Ăƌŵ
ĂƚĂEĂƐĐ͗͘ϭϲͬϬϯͬϮϬϭϰ

yZhƉƐŚŽƚϬϱϲϮ
WE͗ ϯϭ͕ϯϲŬŐͬ͘d
yZĞŶǀĞƌϮϬϬϮ
W͗ ϯϮϵ͕ϱϱŬŐͬ͘d džĂƌZŽLJĂů>ĂƐƐϭϬϲϳ
W͗ ϲϭϯ͕ϲϰŬŐͬ͘d DĂLJďƌĞĂŬ
WͬĂŶŽ͗ ϯϳĐŵ͘ YƵĂŬĞƌ,ŝůůůĂĐŬĐĂƉϬϯϮ
&ƌĂŵĞͬĂŶŽ͗ ϲ͘ϭ Y,&ůĂĐŬĐĂƉϲϮŽĨϰsϭϲϰϯϱϱ
'W͛^
ϮϳͬϬϳͬϮϬϭϳ WZKhK DdZE> Z 1E/^KEND/K^
K^ &W WE W W d W K &WD > Ws ΨE W D K> ' Ψ Ψ Ψ' Ψd
WDz^ нϭϰ нϭ͘ϱ нϴϰ нϭϯϵ н͘ϲ н͘ϴϯ нϮϴ нϭϯ нϮϴ нϰϱ ͲϮϰ͘Ϭϲ нϱϯ н͘ϵϭ н͘ϳϰ н͘Ϭϭϭ нϴϴ͘ϵϯ нϭϬϬ͘ϱϳ нϰϲ͘ϰϵ нϭϲϬ͘ϵϲ
ĐĐ͘ ͘ϲϬ ͘ϳϴ ͘ϳϰ ͘ϱϲ ͘ϱϲ ͘ϱϬ ͘ϱϵ ͘ϯϭ ͘ϯϮ ͘ϯϰ ͘ϰϯ ͘ϯϲ ͘ϯϳ ͘ϯϯ
йdKW ϰ ϭ ϭ ϰ ϭϬ ϮϬ ϭϬ ϭϬ ϭϬ ϭ ϯ ϭϬ ϱ
ďĞƌĚĞĞŶŶŐƵƐͲDĠĚŝĂƐĚĂZĂĕĂ:ƵůŚŽϮϬϭϳ
&W͗нϲͮWE͗нϭ͘ϯͮW͗нϰϵͮW ͗нϴϲͮd͗н͘ϰͮW͗н͘ϳϭͮK͗нϭϯͮ&WD͗нϴͮ> ͗нϮϯͮWs͗нϮϲͮΨE͗ͲϮ͘ϰϳͮW͗нϯϯͮD͗н͘ϰϴͮK> ͗н͘ϰϮͮ'͗н͘ϬϭϮ
Ψнϰϰ͘ϬϴͮΨ͗нϯϵ͘ϬϴͮΨ'͗нϮϵ͘ϲϵͮΨ/ &͗нϭϬϭ͘Ϯϱ

ϮϮ
ϯ
 ZEE'h^
ϳEϯϰϱ
%HDFRQ ^sKEϬϬϬϴ

ZĞŐ͗ϭϲϲϴϳϱϵϭ;&ͲK^&ͿͲZĞŐ͘EĂĐ͗,/ϭϮϵϱ
ƌŝĂĚŽƌ͗^ĐŚĂĨĨƐŶŐƵƐsĂůůĞLJ͕E
ĂƚĂEĂƐĐ͗͘ϮϬͬϬϮͬϮϬϭϬ

'Z'ƌŝĚDĂŬĞƌ
WE͗ ϮϴŬŐͬ͘ƌĂƚŝŽϴϮ ^sŝƐŵĂƌĐŬϱϲϴϮ
W͗ ϯϴϰŬŐͬ͘ƌĂƚŝŽϵϱ ^sďŝŐĂůĞϬϰϱϭ
W͗ ϲϴϯŬŐͬ͘ƌĂƚŝŽϵϵ
WͬĂŶŽ͗ ϰϮĐŵ͘ ^sEĞƚtŽƌƚŚϰϮϬϬ
&ƌĂŵĞͬĂŶŽ͗ ϱ͘Ϯ ^sDĂĚĂŵĞWƌŝĚĞϴϭϴϬ
^sDĂĚĂŵĞWƌŝĚĞϬϭϬϮ D/ZDKKE͘

WĞĚŝŐƌĞĞŝŵƉŽƌƚĂŶƚĞĞĐŽŶƐŝƐƚĞŶƚĞ͘
/ŶĚŝĐĂĚŽƉĂƌĂ/d&͘
WƌŽĚƵnjĂŶŝŵĂŝƐƉĞƐĂĚŽƐĞĚĞĂůƚŽƌĞŶĚŝŵĞŶƚŽĚĞĐĂƌĐĂĕĂ͘

hƐĂĚŽŵĂƐƐŝǀĂŵĞŶƚĞƉĂƌĂĂƉƌŽĚƵĕĆŽĚĞďĞnjĞƌƌŽƐĐŽŵĐŽŶƐŝƐƚġŶĐŝĂĞŐĂŶŚŽĂĐĞůĞƌĂĚŽĚĞ
ƉĞƐŽĚĂĚĞƐŵĂŵĂĂŽĂŶŽ͘KEƉŽƐƐƵŝŝŶĐƌşǀĞůĐĂƉĂĐŝĚĂĚĞĚĞŵĂŶƵƚĞŶĕĆŽĚĞĐŽŶĚŝĕĆŽ
ĐŽƌƉŽƌĂů͕ŽƋƵĞŝŵƉƌĞƐƐŝŽŶĂƋƵĂŶĚŽĂǀĂůŝĂĚŽŶĂĞŶƚƌĂů͘dĞŵĞƐƚƌƵƚƵƌĂſƐƐĞĂĨŽƌƚĞ͕ĠƉƌŽͲ
ĨƵŶĚŽĞĚĞĨĄĐŝůĂĚĂƉƚĂĕĆŽĂŽŶŽƐƐŽĐůŝŵĂ͘/ŵƉƌŝŵĞŵƵŝƚŽĐŽŵƉƌŝŵĞŶƚŽĞŵƐƵĂƉƌŽŐġŶŝĞ͕
&/>,͕s/^E'h^͕K<
ŽƋƵĞƌĞƐƵůƚĂĞŵĞdžĐĞůĞŶƚĞƐŐĂŶŚŽƐĞŵƌĞŶĚŝŵĞŶƚŽƐĚĞĐĂƌĐĂĕĂ͘
'W͛^
ϮϳͬϬϳͬϮϬϭϳ WZKhK DdZE> Z 1E/^KEND/K^
K^ &W WE W W d W K &WD > Ws ΨE W D K> ' Ψ Ψ Ψ' Ψd
WDz^ Ͳϯ нϯ͘ϯ нϱϭ нϴϲ н͘Ϯ н͘Ϯϳ ͲϮ Ͳϱ нϭϯ нϮϵ нϭϭ͘ϴϲ нϯϯ Ͳ͘Ϯϲ н͘ϵϬ Ͳ͘Ϭϯϭ нϯϯ͘Ϯϯ нϰϰ͘ϳϳ нϭ͘ϰϱ нϴϰ͘ϲϮ
ĐĐ͘ ͘ϱϵ ͘ϴϵ ͘ϴϳ ͘ϳϱ ͘ϲϳ ͘ϳϰ ͘ϱϵ ͘ϲϰ ͘ϳϮ ͘ϰϴ ͘ϰϵ ͘ϰϰ ͘ϰϱ ͘ϰϰ
йdKW ϭϱ ϯ ϱ
ďĞƌĚĞĞŶŶŐƵƐͲDĠĚŝĂƐĚĂZĂĕĂ:ƵůŚŽϮϬϭϳ
&W͗нϲͮWE͗нϭ͘ϯͮW͗нϰϵͮW ͗нϴϲͮd͗н͘ϰͮW͗н͘ϳϭͮK͗нϭϯͮ&WD͗нϴͮ> ͗нϮϯͮWs͗нϮϲͮΨE͗ͲϮ͘ϰϳͮW͗нϯϯͮD͗н͘ϰϴͮK> ͗н͘ϰϮͮ'͗н͘ϬϭϮ
Ψнϰϰ͘ϬϴͮΨ͗нϯϵ͘ϬϴͮΨ'͗нϮϵ͘ϲϵͮΨ/ &͗нϭϬϭ͘Ϯϱ

Ϯϯ
 ZEE'h^
ϳEϰϭϬ &KLHIWDLQ sZ,/&d/EϯtϮϭ

'ĂŶŚŽĂĐĞůĞƌĂĚŽĚĞƉĞƐŽ͘
WƌŽĚƵƚŽƌĚĞŶŽǀŝůŚŽƐŵĂŝƐƉĞƐĂĚŽƐ͘


ŽŵďŝŶĂĕĆŽƉĞƌĨĞŝƚĂĞŶƚƌĞĚĂĚŽƐĚĞĚĞƐƉĞŶŚŽĚŽĚĞƐͲ
ŵĂŵĞĂŽĂŶŽĂůŝĂĚĂăƵŵƚŽƵƌŽĞƋƵŝůŝďƌĂĚŽ͕ŵŽĚĞƌĂĚŽ͕
ƉƌŽĨƵŶĚŽĞŵƐĞƵĂƌĐŽĚĞĐŽƐƚĞůĂͲŝƐƐŽƚƵĚŽƐƵƐƚĞŶƚĂĚŽ
ƉŽƌĞdžƚƌĂŽƌĚŝŶĄƌŝĂŽƐƐĂƚƵƌĂ͘

ZĞŐ͗ϭϳϳϯϯϱϳϱ;D&ͲE,&ͿͲZĞŐ͘EĂĐ͗,/ϭϱϱϭ
ƌŝĂĚŽƌ͗sĂŶĞĞŬZĂŶĐŚ͕^
ĂƚĂEĂƐĐ͗͘ϬϲͬϬϮͬϮϬϭϯ

ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ

WE͗ ŽŶŶĞĂůLJKŶǁĂƌĚ
ϯϰ͕ϱϱŬŐͬ͘ƌĂƚŝŽϭϬϭ
tĞƌŶĞƌtĂƌWĂƌƚLJϮϰϭϳ
W͗ ϯϳϯ͕ϲϰŬŐͬ͘ƌĂƚŝŽϭϯϱ
Zh^>ĂĚLJ:ĂLJĞϰϴϵ
W͗ ϲϭϲ͕ϯϲŬŐͬ͘ƌĂƚŝŽ͘ϭϮϮ
ͬZEĞǁĂLJϰϱϰ
WͬĂŶŽ͗ ϯϰĐŵ͘
sZϭEϵŽĨϲϭϭEĞǁĂLJ
&ƌĂŵĞͬĂŶŽ͗ ϱ͘ϰ
sZϲϭϭdŽƚĂůŽĨϰϮϴ ,/d/E
'W͛^
ϮϳͬϬϳͬϮϬϭϳ WZKhK DdZE> Z 1E/^KEND/K^
K^ &W WE W W d W K &WD > Ws ΨE W D K> ' Ψ Ψ Ψ' Ψd
WDz^ нϬ нϯ͘Ϭ нϳϳ нϭϯϭ н͘ϱ н͘ϭϮ нϮϯ нϯ нϮϳ нϱϮ Ͳϭϵ͘ϲϭ нϲϭ н͘ϲϲ н͘ϲϳ н͘ϬϮϭ нϳϱ͘ϱϲ нϴϰ͘ϰϳ нϯϱ͘ϳϰ нϭϱϯ͘ϲϬ
ĐĐ͘ ͘ϯϳ ͘ϱϴ ͘ϱϮ ͘ϰϰ ͘ϰϴ ͘ϰϵ ͘ϯϵ ͘ϯϭ ͘ϯϯ ͘ϯϱ ͘ϰϯ ͘ϯϵ ͘ϯϵ ͘ϯϳ
йdKW Ϯ Ϯ ϭϱ ϭϱ ϯ ϭϱ Ϯ ϭϬ ϭϬ

ZEE'h^
ϳEϰϭϳ 6SRWOLWH Θ^WKd>/dϯϬϲϱ

WĞĚŝŐƌĞĞďĞƌƚŽ͘
/ŶĚŝĐĂĚŽƉĂƌĂŶŽǀŝůŚĂƐ͘
&ĞŶſƚŝƉŽĞĚĞƐĞŵƉĞŶŚŽĞŵĐŽŶũƵŶƚŽ͘

WĞĚŝŐƌĞĞĂďĞƌƚŽƉŽĚĞŶĚŽƐĞƌƵŵĂĞdžĐĞůĞŶƚĞŽƉĕĆŽƉĂƌĂ
ĂĐĂƐĂůĂƌ ĐŽŵ ŶŽǀŝůŚĂƐ͕ ƉŽŝƐ ĐĂƌƌĞŐĂ ſƚŝŵĂ ĨĂĐŝůŝĚĂĚĞ ĚĞ
ƉĂƌƚŽĐŽŵĨŽƌƚĞĚĞƐĞŵƉĞŶŚŽĚĞŐĂŶŚŽĚĞƉĞƐŽ͘&ĞŶſƚŝƉŽ
ŝŵƉŽŶĞŶƚĞ͕ŚĂƌŵŽŶŝĂĞĨŽƌĕĂũƵŶƚŽƐĞŵƵŵƚŽƵƌŽŵƵŝƚŽ
ĨƵŶĐŝŽŶĂůƉĂƌĂŶŽƐƐŽƐƉůĂŶƚĞŝƐ͘

ZĞŐ͗ϭϳϲϴϵϲϲϱ;K,&Ϳ
ƌŝĂĚŽƌ͗ΘĂƚƚůĞ͕E
ĂƚĂEĂƐĐ͗͘ϬϵͬϬϮͬϮϬϭϯ

ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ

WE͗ ZWƵƐŚǁĂĐŬĞƌϯϵϰϰ
ϯϰ͕ϬϵŬŐͬ͘ƌĂƚŝŽϭϬϬ
dĞŚĂŵĂϵϰϰZϱϮϱ
W͗ ϮϵϬŬŐͬ͘ƌĂƚŝŽϭϬϳ
dĞŚĂŵĂƌŝĐĂEϭϮϳ
W͗ ϱϳϲ͕ϯϲŬŐͬ͘ƌĂƚŝŽϭϬϵ
yZϮϲϯ
WͬĂŶŽ͗ ϯϴĐŵ͘
ΘYƵĞĞŶϭϬϮϭ
&ƌĂŵĞͬĂŶŽ͗ ϱ͘ϳ
ΘYƵĞĞŶϵϮϵϲ
'W͛^
ϮϳͬϬϳͬϮϬϭϳ WZKhK DdZE> Z 1E/^KEND/K^
K^ &W WE W W d W K &WD > Ws ΨE W D K> ' Ψ Ψ Ψ' Ψd
WDz^ нϭϰ ͲϮ͘ϯ нϲϱ нϭϮϮ н͘ϳ нϭ͘ϭϬ нϭ нϭϰ нϮϴ нϲϴ ͲϮϯ͘ϭϲ нϰϱ н͘ϴϴ н͘Ϯϰ н͘ϬϮϱ нϲϲ͘ϲϱ нϵϬ͘Ϯϵ нϯϴ͘ϰϬ нϭϰϰ͘ϱϭ
ĐĐ͘ ͘ϲϵ ͘ϴϱ ͘ϴϮ ͘ϳϲ ͘ϲϳ ͘ϳϰ ͘ϲϳ ͘Ϯϴ ͘ϯϬ ͘ϯϬ ͘ϲϬ ͘ϱϲ ͘ϱϯ ͘ϱϱ
йdKW ϰ ϯ ϭϬ ϱ ϮϬ ϯ ϮϬ ϱ ϮϬ ϭϬ ϭϬ ϱ ϭϱ
ďĞƌĚĞĞŶŶŐƵƐͲDĠĚŝĂƐĚĂZĂĕĂ:ƵůŚŽϮϬϭϳ
&W͗нϲͮWE͗нϭ͘ϯͮW͗нϰϵͮW ͗нϴϲͮd͗н͘ϰͮW͗н͘ϳϭͮK͗нϭϯͮ&WD͗нϴͮ> ͗нϮϯͮWs͗нϮϲͮΨE͗ͲϮ͘ϰϳͮW͗нϯϯͮD͗н͘ϰϴͮK> ͗н͘ϰϮͮ'͗н͘ϬϭϮ
Ψнϰϰ͘ϬϴͮΨ͗нϯϵ͘ϬϴͮΨ'͗нϮϵ͘ϲϵͮΨ/ &͗нϭϬϭ͘Ϯϱ

Ϯϰ
ϯ
 ZEE'h^
ϳEϰϯϬ
9HQWXUH K>DEsEdhZϰϬϯ

ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ

ZĞŐ͗ϭϳϵϭϱϵϮϮ
ƌŝĂĚŽƌ͗ŽůĞŵĂŶŶŐƵƐ͕Dd͖>ĂǁƐŽŶ&ĂƌŵƐ͕sĂŶĚŽƵďůĞ&ĂƌŵƐ͕dE
ĂƚĂEĂƐĐ͗͘ϭϬͬϬϭͬϮϬϭϰ

^s&ŝŶĂůŶƐǁĞƌϬϬϯϱ
WE͗ ϯϴ͕ϲϰŬŐͬ͘d ŽŶŶĞĂůLJĂƉŝƚĂůŝƐƚϬϮϴ
W͗ ϯϬϱŬŐͬ͘d WƌŝĚĞƐWŝƚĂŽĨŽŶĂŶĂŐĂϴϴϮϭ
W͗ ϱϳϲ͕ϯϲŬŐͬ͘d
WͬĂŶŽ͗ ϯϱĐŵ͘ ŽŶŶĞĂůLJKŶǁĂƌĚ
&ƌĂŵĞͬĂŶŽ͗ Eͬ ŽůĞŵĂŶŽŶŶĂϳϭϰ
ŽůĞŵĂŶŽŶŶĂϯϴϲ

/ŶĚŝĐĂĚŽƉĂƌĂŶŽǀŝůŚĂƐ͘
'ĂŶŚŽĂĐĞůĞƌĂĚŽĚĞƉĞƐŽ͘
džĐĞůĞŶƚĞĨŝůŚŽĚĞĂƉŝƚĂůŝƐƚ͘

EĆŽŚĄĚƷǀŝĚĂƐĞŵĂĨŝƌŵĂƌƋƵĞĠƵŵĚŽƐŵĞůŚŽƌĞƐĨŝůŚŽƐĚĞW/d>/^d͘sEdhZŝŵƉƌĞƐͲ
ƐŝŽŶĂĐŽŵƐƵĂŵƵƐĐƵůĂƚƵƌĂĞƉƵƌĞnjĂƌĂĐŝĂů͘^ĞƵƐŶƷŵĞƌŽƐĨŽƌƚĂůĞĐĞŵĂĞƐĐŽůŚĂĚĞƐƐĞƚŽƵƌŽ
ƉĂƌĂŽƐŵĂŝƐĞdžŝŐĞŶƚĞƐƉůĂŶƚĞŝƐŶŐƵƐ͘

'W͛^
ϮϳͬϬϳͬϮϬϭϳ WZKhK DdZE> Z 1E/^KEND/K^
K^ &W WE W W d W K &WD > Ws ΨE W D K> ' Ψ Ψ Ψ' Ψd
WDz^ нϭϲ Ͳϭ͘Ϭ нϲϴ нϭϭϰ Ͳ͘ϰ н͘ϰϬ нϮϳ нϭϯ нϮϮ нϴ Ͳϭ͘Ϯϭ нϰϭ н͘ϭϰ н͘ϴϱ н͘ϬϮϵ нϳϳ͘ϲϵ нϲϳ͘ϳϵ нϭϴ͘ϲϰ нϭϬϵ͘ϬϬ
ĐĐ͘ ͘ϯϵ ͘ϱϮ ͘ϰϳ ͘ϰϮ ͘ϰϮ ͘ϱϭ ͘ϰϴ ͘ϯϲ ͘ϯϳ ͘ϯϵ ͘ϰϮ ͘ϯϵ ͘ϯϴ ͘ϯϱ
йdKW Ϯ ϭϬ ϭϬ ϭϬ ϱ ϭϬ ϰ Ϯ ϮϬ
ďĞƌĚĞĞŶŶŐƵƐͲDĠĚŝĂƐĚĂZĂĕĂ:ƵůŚŽϮϬϭϳ
&W͗нϲͮWE͗нϭ͘ϯͮW͗нϰϵͮW ͗нϴϲͮd͗н͘ϰͮW͗н͘ϳϭͮK͗нϭϯͮ&WD͗нϴͮ> ͗нϮϯͮWs͗нϮϲͮΨE͗ͲϮ͘ϰϳͮW͗нϯϯͮD͗н͘ϰϴͮK> ͗н͘ϰϮͮ'͗н͘ϬϭϮ
Ψнϰϰ͘ϬϴͮΨ͗нϯϵ͘ϬϴͮΨ'͗нϮϵ͘ϲϵͮΨ/ &͗нϭϬϭ͘Ϯϱ

Ϯϱ
 ZEE'h^
ϳEϰϯϮ %DQNUROO Z^dKtE<ZK>>ϳϯ

/ŶĚŝĐĂĚŽƉĂƌĂŶŽǀŝůŚĂƐ͘
70

 ĞĚŝŐƌĞĞĂďĞƌƚŽ͘
W
&ĞŶſƚŝƉŽŝŵƉĞĐĄǀĞů͘


hŵĂŵŝƐƚƵƌĂĞƐƉĞĐŝĂůĚĞĨĞŶſƚŝƉŽĞĚĞƐĞŵƉĞŶŚŽ͕ĨĂĐŝůŝĚĂͲ
ĚĞĚĞƉĂƌƚŽĞŐĂŶŚŽĂĐĞůĞƌĂĚŽĚĞƉĞƐŽƚŽƌŶĂE<ZK>>
ƵŵƚŽƵƌŽŝŶĚŝƐƉĞŶƐĄǀĞůƉĂƌĂŽƐƌĞďĂŶŚŽƐŶŐƵƐĚŽƌĂƐŝů͘
WĞĚŝŐƌĞĞĂďĞƌƚŽĚĞĨĄĐŝůĂĐĂƐĂůĂŵĞŶƚŽ͘

ZĞŐ͗ϭϴϬϯϲϯϮϳ;D&ͲE,&Ϳ
ƌŝĂĚŽƌ͗ĂƌƐƚŽǁŶŐƵƐ͕E͖ŽĐŬƚĞƌΖƐtͲ,ĞĂƌƚZĂŶĐŚ͕EĂŶĚ
,Ăƌƚ&ĂƌŵƐ͕^ͲĂƚĂEĂƐĐ͗͘ϭϰͬϬϮͬϮϬϭϰ

^ŝƚnjĂƐŚϭϬϮϳϳ
WE͗ ϯϮ͕ϳϯŬŐͬ͘ƌĂƚŝŽϵϲ
ĂƌƐƚŽǁĂƐŚ
W͗ ϯϮϱ͕ϰϱŬŐͬ͘ƌĂƚŝŽϭϬϯ
ĂƌƐƚŽǁYƵĞĞŶtϭϲ
W͗ ϲϱϭ͕ϴϮŬŐͬ͘ƌĂƚŝŽ͘ϭϭϭ
ZĨĨŝĐŝĞŶƚϱϯϰ
WͬĂŶŽ͗ ϯϵĐŵ͘
ĂƌƐƚŽǁDŝƐƐŝĂŶŶĂϮϱ
&ƌĂŵĞͬĂŶŽ͗ ϲ͘Ϯ
ĂƌƐƚŽǁDŝƐƐŝĂŶŶĂyϭϮϴ
'W͛^
ϮϳͬϬϳͬϮϬϭϳ WZKhK DdZE> Z 1E/^KEND/K^
K^ &W WE W W d W K &WD > Ws ΨE W D K> ' Ψ Ψ Ψ' Ψd
WDz^ нϭϱ Ͳϭ͘ϴ нϲϴ нϭϯϲ н͘ϱ нϭ͘Ϯϯ нϮϳ нϭϭ нϮϮ нϱϬ Ͳϭϰ͘ϴϲ нϱϱ н͘ϰϴ н͘ϲϬ Ͳ͘ϬϬϵ нϲϱ͘ϭϱ нϭϬϳ͘ϭϮ нϯϯ͘ϭϲ нϭϱϭ͘ϵϴ
ĐĐ͘ ͘ϰϵ ͘ϳϱ ͘ϳϬ ͘ϱϭ ͘ϰϯ ͘ϰϱ ͘ϯϳ ͘ϯϮ ͘ϯϰ ͘ϯϲ ͘ϰϱ ͘ϯϵ ͘ϯϵ ͘ϯϳ
йdKW ϯ ϱ ϭϬ ϭ ϮϬ ϱ ϮϬ ϮϬ ϭϬ ϮϬ ϭϬ Ϯ ϭϬ

ZEE'h^
ϳEϰϯϰ (PSLUH ,W^KDW/Z

/ŶĚŝĐĂĚŽƉĂƌĂŶŽǀŝůŚĂƐ͘
WƌŽĚƵnjŵĆĞƐĞĨŝĐŝĞŶƚĞƐ͘
ĞƐŵĂŵĂďĞnjĞƌƌŽƐŵĂŝƐƉĞƐĂĚŽƐ͘


ZĞƐƵůƚĂĚŽĚĞƵŵƉĞĚŝŐƌĞĞŵƵŝƚŽĨŽƌƚĞ͕DW/ZƉŽƐƐƵŝŐĞͲ
ŶĠƚŝĐĂĂĚŝƚŝǀĂĞŵƉƌŽĚƵnjŝƌďŽĂƐŵĆĞƐĞĂŶŝŵĂŝƐĐŽŵŐƌĂŶͲ
ĚĞƌĞŶĚŝŵĞŶƚŽĚĞĐĂƌĐĂĕĂ͘

ZĞŐ͗ϭϳϳϭϴϳϴϲ;&Ϳ
ƌŝĂĚŽƌ͗'ĂƌĚŝŶĞƌŶŐƵƐZĂŶĐŚ/ŶĐ͕ƐŚůĂŶĚ<^
ĂƚĂEĂƐĐ͗͘ϬϲͬϭϭͬϮϬϭϯ

WE͗ ZĞdžƚŽƌϴϳϮϱϮϬϱϲϬϴ
ϯϬ͕ϵϭŬŐͬ͘ƌĂƚŝŽϵϲ
'ZWƌŽƉŚĞƚ
W͗ ϯϳϲ͕ϯϲŬŐͬ͘ƌĂƚŝŽϭϬϵ
'ZKďũĞĐƚŝǀĞϭϴϴϱ
W͗ ϲϮϯ͕ϲϰŬŐͬ͘ƌĂƚŝŽϭϭϯ
'ZEĞǁĞƐŝŐŶϱϬϱϬ
WͬĂŶŽ͗ ϯϳĐŵ͘
'ZϱϬϱϬEĞǁĞƐŝŐŶϵϯϱ
&ƌĂŵĞͬĂŶŽ͗ ϲ͘ϵ
'ZKďũĞĐƚŝǀĞdϲϲ
'W͛^
ϮϳͬϬϳͬϮϬϭϳ WZKhK DdZE> Z 1E/^KEND/K^
K^ &W WE W W d W K &WD > Ws ΨE W D K> ' Ψ Ψ Ψ' Ψd
WDz^ нϭϲ Ͳ͘ϱ нϲϵ нϭϮϳ нϭ͘Ϭ Ͳ͘Ϯϳ нϭϵ нϭϬ нϰϱ нϰϴ Ͳϰϯ͘ϱϴ нϱϴ нϭ͘Ϯϱ н͘ϴϱ н͘ϬϮϴ нϴϳ͘Ϭϰ нϴϮ͘ϳϮ нϱϭ͘ϵϳ нϭϲϱ͘Ϭϲ
ĐĐ͘ ͘ϰϬ ͘ϱϵ ͘ϱϯ ͘ϰϯ ͘ϰϵ ͘ϰϵ ͘ϯϴ ͘ϯϮ ͘ϯϯ ͘ϯϱ ͘ϰϰ ͘ϰϭ ͘ϰϬ ͘ϯϴ
йdKW Ϯ ϭϱ ϱ ϯ ϯ ϭ ϮϬ ϰ Ϯ ϰ ϰ ϭϬ ϯ ϰ
ďĞƌĚĞĞŶŶŐƵƐͲDĠĚŝĂƐĚĂZĂĕĂ:ƵůŚŽϮϬϭϳ
&W͗нϲͮWE͗нϭ͘ϯͮW͗нϰϵͮW ͗нϴϲͮd͗н͘ϰͮW͗н͘ϳϭͮK͗нϭϯͮ&WD͗нϴͮ> ͗нϮϯͮWs͗нϮϲͮΨE͗ͲϮ͘ϰϳͮW͗нϯϯͮD͗н͘ϰϴͮK> ͗н͘ϰϮͮ'͗н͘ϬϭϮ
Ψнϰϰ͘ϬϴͮΨ͗нϯϵ͘ϬϴͮΨ'͗нϮϵ͘ϲϵͮΨ/ &͗нϭϬϭ͘Ϯϱ

Ϯϲ
ϯ
 ZEE'h^
ϳEϯϴϲ
5HYLYDO ^dZs/s>ϮϭϬ

ZĞŐ͗ϭϳϯϮϵϵϯϬ;D&ͲE,&Ϳ
ƌŝĂĚŽƌ͗dĂůŬŝŶŐƚŽŶŶŐƵƐZĂŶĐŚĂŶĚdƌĂǀŝƐ&ƌŽĞŚůŝĐŚ͕E
ĂƚĂEĂƐĐ͗͘ϬϱͬϬϯͬϮϬϭϮ

^s&ŝŶĂůŶƐǁĞƌϬϬϯϱ
WE͗ ϮϳŬŐͬ͘ƌĂƚŝŽϴϮ ŽůĞŵĂŶZĞŐŝƐϵϬϰ
W͗ ϯϯϬŬŐͬ͘ƌĂƚŝŽϭϭϲ ŽůĞŵĂŶŽŶŶĂϳϭϰ
W͗ ϱϰϮŬŐͬ͘ƌĂƚŝŽϭϬϴ
WͬĂŶŽ͗ ϯϱĐŵ͘ ŽŶŶĞĂůLJĂŶŶLJϱϯϵϴ
&ƌĂŵĞͬĂŶŽ͗ ϱ͘Ϭ ^dŝdžŝϬϭϬ
^dŝdžŝĞϲϬϲ

/ŶĚŝĐĂĚŽƉĂƌĂŶŽǀŝůŚĂƐ͘
WĞĚŝŐƌĞĞŵƵŝƚŽĨŽƌƚĞĞŝŵƉŽƌƚĂŶƚĞƉĂƌĂĂ^ĞůĞĐƚ^ŝƌĞƐ͘
WĂƌĂƋƵĞŵďƵƐĐĂĚĞƐŵĂŵĂƌďĞnjĞƌƌŽƐŵĂŝƐƉĞƐĂĚŽƐ͘

džĐĞůĞŶƚĞĨŝůŚŽĚĞZĞŐŝƐ͕ĐŽŵƵŵƉŽĚĞƌŽƐŽĨĞŶſƚŝƉŽ͘Zs/s>ĠŵƵŝƚŽĨŽƌƚĞĞŵƐƵĂĞƐƚƌƵͲ
ƚƵƌĂſƐƐĞĂ͕ƉƌŽĨƵŶĚŽ͕ĐŽŵƉƌŝĚŽĞĐŽƌƌĞƚşƐƐŝŵŽĞŵƐƵĂůŝŶŚĂůŽŵďĂƌ͕ĐŽŵƉĞůŽďĂŝdžŽĞƵŵ
ǀŽůƵŵĞĚĞŵƷƐĐƵůŽƐĞŵƐĞƵƉŽƐƚĞƌŝŽƌƋƵĞŝŵƉƌĞƐƐŝŽŶĂ͘

'W͛^
ϮϳͬϬϳͬϮϬϭϳ WZKhK DdZE> Z 1E/^KEND/K^
K^ &W WE W W d W K &WD > Ws ΨE W D K> ' Ψ Ψ Ψ' Ψd
WDz^ нϭϱ Ͳ͘ϴ нϱϵ нϵϵ Ͳ͘ϰ н͘ϵϳ нϮϬ нϭϰ нϭϴ Ͳϳ нϲ͘ϳϲ нϯϳ Ͳ͘Ϭϰ н͘ϱϲ н͘ϬϮϵ нϲϮ͘ϭϲ нϱϲ͘ϯϮ нϱ͘ϭϭ нϵϯ͘ϰϳ
ĐĐ͘ ͘ϱϵ ͘ϳϴ ͘ϳϰ ͘ϲϱ ͘ϲϱ ͘ϱϵ ͘ϱϵ ͘ϯϳ ͘ϯϳ ͘ϰϬ ͘ϱϰ ͘ϰϵ ͘ϰϳ ͘ϰϰ
йdKW ϯ ϭϱ ϯ ϮϬ ϭϱ
ďĞƌĚĞĞŶŶŐƵƐͲDĠĚŝĂƐĚĂZĂĕĂ:ƵůŚŽϮϬϭϳ
&W͗нϲͮWE͗нϭ͘ϯͮW͗нϰϵͮW ͗нϴϲͮd͗н͘ϰͮW͗н͘ϳϭͮK͗нϭϯͮ&WD͗нϴͮ> ͗нϮϯͮWs͗нϮϲͮΨE͗ͲϮ͘ϰϳͮW͗нϯϯͮD͗н͘ϰϴͮK> ͗н͘ϰϮͮ'͗н͘ϬϭϮ
Ψнϰϰ͘ϬϴͮΨ͗нϯϵ͘ϬϴͮΨ'͗нϮϵ͘ϲϵͮΨ/ &͗нϭϬϭ͘Ϯϱ

Ϯϳ
 ZEE'h^
ϳEϯϱϳ 7RS+DQG d,KD^dKW,EϬϱϯϲ

/ŶĚŝĐĂĚŽƉĂƌĂŶŽǀŝůŚĂ͘
WƌŽĚƵnjĐĂƌŶĞĚĞƋƵĂůŝĚĂĚĞ͘

WĞĚŝŐƌĞĞĚĞƉĞƐŽ͘

ŽŵĞdžĐĞƉĐŝŽŶĂŝƐŶƷŵĞƌŽƐĞŵƐƵĂƐWƐ͕dKW,EĠĂ
ŽƉĕĆŽĚĞŐĞŶĠƚŝĐĂƉĂƌĂƉƌŽĚƵƚŽƌĞƐƋƵĞďƵƐĐĂŵĂŶƚĞƐĚĞ
ƚƵĚŽƌĞƐƵůƚĂĚŽƉŽƐŝƚŝǀŽĞŵƐĞƵƐƉƌŽũĞƚŽƐĨŝŶĂŶĐĞŝƌŽƐ͘WƌŽͲ
ŐġŶŝĞĐŽŵĨĂĐŝůŝĚĂĚĞĂŽŶĂƐĐĞƌĐŽŵŐĂŶŚŽĚĞƉĞƐŽĂĐĞůĞͲ
ƌĂĚŽ͘ ĞƐƚĂƋƵĞ Ğŵ ƉƌŽĚƵĕĆŽ ĚĞ ĐĂƌĐĂĕĂƐ ĚĞ ĂůƚŽ ƌĞŶĚŝͲ
ŵĞŶƚŽĞŵĂƌŵŽƌĞŝŽ͘

ZĞŐ͗ϭϲϴϲϬϮϳϯ;&ͿͲZĞŐ͘EĂĐ͗,/ϭϰϰϴ
ƌŝĂĚŽƌ͗dŚŽŵĂƐŶŐƵƐZĂŶĐŚ͕KZ
ĂƚĂEĂƐĐ͗͘ϭϳͬϬϳͬϮϬϭϬ

WE͗ 'Z'ƌŝĚDĂŬĞƌ
Ϯϯ͕ϲϰŬŐͬ͘ƌĂƚŝŽϲϵ
^sŝƐŵĂƌĐŬϱϲϴϮ
W͗ ϯϮϭ͕ϯϲŬŐͬ͘ƌĂƚŝŽϭϮϱ
^sďŝŐĂůĞϬϰϱϭ
W͗ ϱϴϰ͕ϱϱŬŐͬ͘ƌĂƚŝŽϭϭϴ
DLJƚƚLJ/Ŷ&ŽĐƵƐ
WͬĂŶŽ͗ ϰϭĐŵ͘
dŚŽŵĂƐZƵďLJƌŝĐĂϴϮϵϯ
&ƌĂŵĞͬĂŶŽ͗ ϲ͘Ϭ
dŚŽŵĂƐZƵďLJƌŝĐĂϱϭϬϬϬ DdKW,E
'W͛^
ϮϳͬϬϳͬϮϬϭϳ WZKhK DdZE> Z 1E/^KEND/K^
K^ &W WE W W d W K &WD > Ws ΨE W D K> ' Ψ Ψ Ψ' Ψd
WDz^ нϭϮ Ͳϭ͘Ϯ нϲϴ нϭϭϵ н͘ϰ нϭ͘ϲϱ нϭϲ нϭϯ нϮϳ нϱϳ Ͳϭϴ͘ϲϲ нϱϮ н͘ϱϵ н͘ϱϴ н͘Ϭϯϯ нϳϭ͘ϵϳ нϵϭ͘Ϯϲ нϯϮ͘ϰϭ нϭϱϳ͘ϮϮ
ĐĐ͘ ͘ϳϯ ͘ϴϴ ͘ϴϲ ͘ϴϬ ͘ϳϵ ͘ϳϲ ͘ϳϬ ͘ϰϳ ͘ϰϴ ͘ϰϰ ͘ϲϲ ͘ϲϯ ͘ϱϵ ͘ϲϭ
йdKW ϭϬ ϭϬ ϭϬ ϭϬ ϭϬ ϭϬ ϭϬ ϭϬ ϰ ϱ ϭϬ

ZEE'h^
ϳEϯϵϭ 7DQNHU D&dE<ZϮϯ

ĞƐƚĂĐĂĚŽĞŵWĚĞƋƵĂƐĞƚŽĚĂƐĂƐĐĂƌĂĐƚĞƌşƐƚŝĐĂƐ͘
/ŶĚŝĐĂĚŽƉĂƌĂƉůĂŶƚĞŝƐĞĐƌƵnjĂŵĞŶƚŽƐƋƵĞďƵƐƋƵĞŵ
ƌĞƐƵůƚĂĚŽƐĨŝŶĂŶĐĞŝƌŽƐ͘

ůƚĂ ƉĞƌĨŽƌŵĂŶĐĞ Ġ ƐĞŵ ĚƷǀŝĚĂ Ă ƉƌŝŶĐŝƉĂů ĐĂƌĂĐƚĞƌşƐƚŝĐĂ

ĚŽƐ ĨŝůŚŽƐ ĚĞ dĂŶŬĞƌ͘ Žŵ ĚĂĚŽƐ ĞdžƚƌĞŵŽƐ ƉĂƌĂ W Ğ W͕
dĂŶŬĞƌĠĂĞƐĐŽůŚĂŝĚĞĂůƉĂƌĂĂƉƌŽĚƵĕĆŽĚĞĂŶŝŵĂŝƐƉƌĞĐŽͲ
ĐĞƐĞƐƵƉĞƌͲƉƌĞĐŽĐĞƐ͘

ZĞŐ͗ϭϳϰϮϬϳϭϳ;D&ͲE,&Ϳ
ƌŝĂĚŽƌ͗DŽŐĐŬŶŐƵƐ&Ăƌŵ͕^
ĂƚĂEĂƐĐ͗͘ϮϭͬϬϭͬϮϬϭϮ

^s&ŝŶĂůŶƐǁĞƌϬϬϯϱ
WE͗ ϯϬ͕ϵϭŬŐͬ͘ƌĂƚŝŽϴϴ
ŽŶŶĞĂůLJZŝŐŚƚŶƐǁĞƌϳϰϲ
W͗ ϯϱϭ͕ϯϲŬŐͬ͘ƌĂƚŝŽϭϮϯ
,ĂƉƉLJĞůůŽĨŽŶĂŶŐĂϮϲϮ
W͗ ϲϴϯ͕ϲϰŬŐͬ͘ƌĂƚŝŽϭϮϮ
^ŝƚnjĂƐŚϭϬϮϳϳ
WͬĂŶŽ͗ ϰϬĐŵ͘
:ĂĐŬŝĞ>ĂƐƐϬϯϮŽĨdƌŝƉƉ
&ƌĂŵĞͬĂŶŽ͗ ϲ͘Ϭ
:ĂĐŬŝĞ>ĂƐƐϭϭϰϮŽĨdƌŝƉƉ
'W͛^
ϮϳͬϬϳͬϮϬϭϳ WZKhK DdZE> Z 1E/^KEND/K^
K^ &W WE W W d W K &WD > Ws ΨE W D K> ' Ψ Ψ Ψ' Ψd
WDz^ нϲ н͘ϳ нϴϰ нϭϰϳ нϭ͘Ϯ нϭ͘Ϭϳ нϮϵ нϴ нϭϴ нϮϲ Ͳϭϯ͘ϵϯ нϰϰ н͘ϲϲ н͘ϭϵ н͘Ϭϱϰ нϳϰ͘ϯϯ нϭϮϳ͘ϴϲ нϮϳ͘Ϯϲ нϭϰϭ͘ϯϭ
ĐĐ͘ ͘ϱϯ ͘ϴϮ ͘ϳϴ ͘ϳϭ ͘ϲϱ ͘ϲϴ ͘ϲϭ ͘ϯϯ ͘ϯϲ ͘ϯϱ ͘ϲϯ ͘ϲϬ ͘ϱϲ ͘ϱϳ
йdKW ϭ ϭ ϭ ϯ ϯ ϭ
ďĞƌĚĞĞŶŶŐƵƐͲDĠĚŝĂƐĚĂZĂĕĂ:ƵůŚŽϮϬϭϳ
&W͗нϲͮWE͗нϭ͘ϯͮW͗нϰϵͮW ͗нϴϲͮd͗н͘ϰͮW͗н͘ϳϭͮK͗нϭϯͮ&WD͗нϴͮ> ͗нϮϯͮWs͗нϮϲͮΨE͗ͲϮ͘ϰϳͮW͗нϯϯͮD͗н͘ϰϴͮK> ͗н͘ϰϮͮ'͗н͘ϬϭϮ
Ψнϰϰ͘ϬϴͮΨ͗нϯϵ͘ϬϴͮΨ'͗нϮϵ͘ϲϵͮΨ/ &͗нϭϬϭ͘Ϯϱ

Ϯϴ
ϯ
 ZEE'h^
ϳEϰϮϲ
&RQYHUVDWLRQ ^KEsZ^d/KE

ZĞŐ͗ϭϳϴϬϴϱϯϮͲZĞŐ͘EĂĐ͗,/ϭϲϲϬ
ƌŝĂĚŽƌ͗:ĂĐŽď^ĐŚĞƌŵĞƌ͕/͖^ŝůǀĞŝƌĂƌŽƐ͕ĂŶĚdŚĞŽŶǀĞƌƐĂƚŝŽŶ'ƌŽƵƉ͘
ĂƚĂEĂƐĐ͗͘ϭϮͬϭϭͬϮϬϭϯ

dƌŽƐƐŽǀĞƌϳϱϴE
WE͗ ϯϰ͕ϱϱŬŐͬ͘ƌĂƚŝŽϵϱ ^ŝůǀĞŝƌĂƐŽŶǀĞƌƐŝŽŶϴϬϲϰ
W͗ ϰϬϯ͕ϲϰŬŐͬ͘ƌĂƚŝŽϭϮϰ y'^ĂƌĂƐƌĞĂŵ^ϲϬϵZϯ
W͗ ϲϴϮ͕ϳϯŬŐͬ͘ƌĂƚŝŽϭϭϳ
WͬĂŶŽ͗ ϰϭĐŵ͘ ^sϬϬϰWƌĞĚŽŵŝŶĂŶƚϰϰϯϴ
&ƌĂŵĞͬĂŶŽ͗ ϲ͘ϭ >ĂĨůŝŶƐ&ĂƌƌĂŚϬϮϱϮ
>ĂĨůŝŶƐ&ĂƌƌĂŚϳϮϭϱ KEsZ^d/KE

&ĞŶſƚŝƉŽŝŵƉĞĐĄǀĞů͘
WĞĚŝŐƌĞĞĂďĞƌƚŽ͘

hŵĚŽƐƋƵĞƌŝĚŝŶŚŽƐĚĂĂƚĞƌŝĂ^ĞůĞĐƚ^ŝƌĞƐ͘KEsZ^d/KEŝŵƉƌĞƐƐŝŽŶĂĐŽŵƐƵĂƉƌŽĨƵŶͲ
ĚŝĚĂĚĞ͕ ĐŽŵƉƌŝŵĞŶƚŽ͕ ĞƐƚƌƵƚƵƌĂ Ğ ǀŽůƵŵĞ ŵƵƐĐƵůĂƌ͘ KƌŝƵŶĚŽ ĚŽ ƉƌŽŐƌĂŵĂ ĚĂ ^ŝůǀĞŝƌĂ
ƌŽƚŚĞƌƐ͕ƐĞƵƐĨŝůŚŽƐŶĂƐĐĞŵĐŽŵĨĂĐŝůŝĚĂĚĞĞŵƵŝƚŽǀŝŐŽƌ͘WĞĚŝŐƌĞĞĚĞĨĄĐŝůĂĐĂƐĂůĂŵĞŶƚŽ
ĞŶƷŵĞƌŽƐĚĞWƐƐƵƉĞƌŝŽƌĞƐ͕ƋƵĞŽƚŽƌŶĂŵŝŶĚŝƐƉĞŶƐĄǀĞůƉĂƌĂƋƵĂůƋƵĞƌƉůĂŶƚĞůŶŐƵƐ͘

'W͛^
ϮϳͬϬϳͬϮϬϭϳ WZKhK DdZE> Z 1E/^KEND/K^
K^ &W WE W W d W K &WD > Ws ΨE W D K> ' Ψ Ψ Ψ' Ψd
WDz^ нϴ н͘ϲ нϰϱ нϴϭ н͘ϯ нϭ͘ϱϯ нϭϱ нϭϬ нϮϴ нϬ Ͳϯ͘ϵϰ нϮϲ н͘ϱϳ н͘ϴϭ н͘Ϭϯϯ нϱϬ͘ϱϴ нϯϴ͘ϳϵ нϯϵ͘ϳϯ нϭϬϱ͘ϵϮ
ĐĐ͘ ͘ϱϰ ͘ϴϱ ͘ϴϮ ͘ϳϬ ͘ϱϰ ͘ϲϱ ͘ϱϱ ͘Ϯϵ ͘ϯϮ ͘ϯϭ ͘ϰϴ ͘ϰϭ ͘ϰϯ ͘ϰϭ
йdKW ϭϬ ϮϬ ϭϬ
ďĞƌĚĞĞŶŶŐƵƐͲDĠĚŝĂƐĚĂZĂĕĂ:ƵůŚŽϮϬϭϳ
&W͗нϲͮWE͗нϭ͘ϯͮW͗нϰϵͮW ͗нϴϲͮd͗н͘ϰͮW͗н͘ϳϭͮK͗нϭϯͮ&WD͗нϴͮ> ͗нϮϯͮWs͗нϮϲͮΨE͗ͲϮ͘ϰϳͮW͗нϯϯͮD͗н͘ϰϴͮK> ͗н͘ϰϮͮ'͗н͘ϬϭϮ
Ψнϰϰ͘ϬϴͮΨ͗нϯϵ͘ϬϴͮΨ'͗нϮϵ͘ϲϵͮΨ/ &͗нϭϬϭ͘Ϯϱ

Ϯϵ
 ZEE'h^
ϳEϰϭϰ 7RWDO5HFDOO Zs>>zdKd>Z>>Ϯϱϱϳ

ŐƌĞŐĂƚĂŵĂŶŚŽĞƋƵĂůŝĚĂĚĞĂŽĂĐĂƐĂůĂŵĞŶƚŽ͘
 ƐƚƌƵƚƵƌĂſƐƐĞĂĨŽƌƚĞĞŵƵŝƚŽĐŽƌƌĞƚĂ͘

hŵĂĨĞƌƌĂŵĞŶƚĂŐĞŶĠƚŝĐĂƉĂƌĂƋƵĞŵďƵƐĐĂƵŵĨƌĂŵĞĞůĞͲ
ǀĂĚŽ ƉĂƌĂ ƌĞďĂŶŚŽ ƋƵĞ ƉƌĞĐŝƐĞ ŐĂŶŚĂƌ ƚĂŵĂŶŚŽ ĐŽŵ
ƋƵĂůŝĚĂĚĞ Ğ ƌĞŶƚĂďŝůŝĚĂĚĞ͘ dKd> Z>> ĚĞƐƚĂĐĂͲƐĞ Ğŵ
ƐĞƵƐşŶĚŝĐĞƐĞĐŽŶƀŵŝĐŽƐ͘

ZĞŐ͗ϭϳϰϵϬϵϲϲͲZĞŐ͘EĂĐ͗,/ϭϱϱϯ
ƌŝĂĚŽƌ͗ŽďŽŶŐƵƐ&Ăƌŵ͕>ĂŶĚĞĞƌsĂůůĞLJ&Ăƌŵ͕dE
ĂƚĂEĂƐĐ͗͘ϮϬͬϬϴͬϮϬϭϮ

ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ

ddŽƚĂůϰϭϬ
WE͗ ϯϲ͕ϴϮŬŐͬ͘d
WŽƐƐdŽƚĂů/ŵƉĂĐƚϳϰϱ
W͗ ϯϳϯ͕ϲϰŬŐͬ͘d
WŽƐƐůĂĐŬĐĂƉϱϭϭϲ
W͗ ϱϵϳ͕ϳϯŬŐͬ͘d 'ZWƌĞĚĞƐƚŝŶĞĚ
WͬĂŶŽ͗ ϯϲĐŵ͘ ƌŝĚŐĞƐWƌĞĚĞƐƚŝŶĞĚϳϬϮϯ
&ƌĂŵĞͬĂŶŽ͗ ϲ͘ϴ ƌŝĚŐĞƐǀĞƌŐƌĞĞŶƌŝĐĂϰϭϯϵ
sMDdZEdKd>Z>>
'W͛^
ϮϳͬϬϳͬϮϬϭϳ WZKhK DdZE> Z 1E/^KEND/K^
K^ &W WE W W d W K &WD > Ws ΨE W D K> ' Ψ Ψ Ψ' Ψd
WDz^ нϯ нϯ͘ϯ нϲϲ нϭϮϵ н͘ϲ н͘ϱϲ нϰ нϭϬ нϭϴ нϱϮ Ͳϳ͘ϳϰ нϲϬ нϭ͘Ϭϭ н͘ϲϲ Ͳ͘ϬϬϲ нϰϴ͘ϳϵ нϭϬϱ͘ϲϳ нϰϴ͘ϭϱ нϭϴϮ͘ϯϮ
ĐĐ͘ ͘ϯϳ ͘ϲϭ ͘ϱϱ ͘ϰϱ ͘ϰϯ ͘ϱϮ ͘ϰϬ ͘ϯϯ ͘ϯϱ ͘ϯϲ ͘ϰϰ ͘ϰϬ ͘ϰϬ ͘ϯϴ
йdKW ϭϬ ϯ ϭϱ ϯ ϱ ϮϬ Ϯ ϭϬ ϭ

ZEE'h^
ϳEϰϮϱ +LJK:HLJK t,/',t/',ϯϭϮϯ

WƌŽĚƵnjďŽŶƐǀĞŶƚƌĞƐ͘
WƌŽĚƵnjďĞnjĞƌƌŽƐƉĞƐĂĚŽƐĚĞĂůƚŽƌĞŶĚŝŵĞŶƚŽ͘

^ƵĂƉƌŽŐġŶŝĞĠĚĞĂůƚŽŶşǀĞůĞŵƉƌŽĚƵĕĆŽĞƌĞŶĚŝŵĞŶƚŽ
ĚĞĐĂƌĐĂĕĂ͘EŽǀŝůŚŽƐƉĞƐĂĚŽƐĞĨŝůŚĂƐĨĞŵŝŶŝŶĂƐĞĚĞďŽŶƐ
ƷďĞƌĞƐ͘

ZĞŐ͗ϭϳϴϭϲϯϯϯ;D&ͲE,&Ϳ
ƌŝĂĚŽƌ͗ĚŐĞǁŽŽĚŶŐƵƐ>>͕s
ĂƚĂEĂƐĐ͗͘ϬϭͬϭϬͬϮϬϭϯ

ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ

^ŝƚnjhƉǁĂƌĚϯϬϳZ
WE͗ ϯϴ͕ϲϰŬŐͬ͘ƌĂƚŝŽϭϭϱ
WůĂƚƚĞŵĞƌĞtĞŝŐŚhƉ<ϯϲϬ
W͗ ϯϯϲ͕ϴϮŬŐͬ͘ƌĂƚŝŽϭϭϲ
ĂƌďĂƌĂŽĨWůĂƚƚĞŵĞƌĞϯϯϳ
W͗ ϲϯϱ͕ϵϭŬŐͬ͘ƌĂƚŝŽϭϭϲ
'ZEĞǁĞƐŝŐŶϱϬϱϬ
WͬĂŶŽ͗ ϯϳĐŵ͘
ĚŐĞǁŽŽĚ:ĂƵŶƚLJϭϮϴ
&ƌĂŵĞͬĂŶŽ͗ ϲ͘ϴ
ĚŐĞǁŽŽĚ:ĂƵŶƚLJϵϯϱ
'W͛^
ϮϳͬϬϳͬϮϬϭϳ WZKhK DdZE> Z 1E/^KEND/K^
K^ &W WE W W d W K &WD > Ws ΨE W D K> ' Ψ Ψ Ψ' Ψd
WDz^ нϱ нϭ͘ϵ нϴϯ нϭϱϭ н͘ϴ н͘ϲϵ нϯϬ нϰ нϮϮ нϳϬ ͲϮϭ͘ϵϭ нϲϴ нϭ͘Ϭϳ нϭ͘ϬϮ Ͳ͘ϬϯϮ нϳϰ͘ϱϭ нϭϮϲ͘ϲϵ нϱϱ͘Ϭϰ нϭϵϱ͘ϱϵ
ĐĐ͘ ͘ϯϴ ͘ϲϲ ͘ϲϭ ͘ϰϵ ͘ϱϲ ͘ϱϰ ͘ϰϮ ͘ϯϭ ͘ϯϮ ͘ϯϰ ͘ϰϰ ͘ϯϵ ͘ϰϬ ͘ϯϴ
йdKW ϭ ϭ ϭϬ Ϯ ϰ ϭ ϰ ϭ ϱ ϯ ϭ Ϯ ϭ
ďĞƌĚĞĞŶŶŐƵƐͲDĠĚŝĂƐĚĂZĂĕĂ:ƵůŚŽϮϬϭϳ
&W͗нϲͮWE͗нϭ͘ϯͮW͗нϰϵͮW ͗нϴϲͮd͗н͘ϰͮW͗н͘ϳϭͮK͗нϭϯͮ&WD͗нϴͮ> ͗нϮϯͮWs͗нϮϲͮΨE͗ͲϮ͘ϰϳͮW͗нϯϯͮD͗н͘ϰϴͮK> ͗н͘ϰϮͮ'͗н͘ϬϭϮ
Ψнϰϰ͘ϬϴͮΨ͗нϯϵ͘ϬϴͮΨ'͗нϮϵ͘ϲϵͮΨ/ &͗нϭϬϭ͘Ϯϱ

ϯϬ
ϯ
 ZEE'h^
ϳEϰϱϱ
5DQFKHU ZK<Z<ZE,Zϭϰϵϱ

ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ

ZĞŐ͗ϭϴϯϬϲϯϰϳ;D&Ͳ&Ͳy&Ϳ
ƌŝĂĚŽƌ͗^ƚƌĂƚĨŽƌĚ>ŝǀĞƐƚŽĐŬ͕<^ĂŶĚWŝŶĞsŝĞǁŶŐƵƐ͕/
ĂƚĂEĂƐĐ͗͘ϬϭͬϬϵͬϮϬϭϰ

WWŽǁĞƌdŽŽůϵϭϬϴ
WE͗ ϯϰ͕ϱϱŬŐͬ͘d W&ƵůůWŽǁĞƌϭϮϬϴ
W͗ ϮϴϮ͕ϮϳŬŐͬ͘d WŝŶĞsŝĞĞǁ^YZZŝƚĂtϬϵϭ
W͗ Ͳ
WͬĂŶŽ͗ Ͳ ŽŶŶĞĂůLJZŝŐŚƚŶƐǁĞƌϳϰϲ
&ƌĂŵĞͬĂŶŽ͗ Ͳ &&ŽƌĞǀĞƌ>ĂĚLJϭϬϴϬ
^&&ŽƌĞǀĞƌ>ĂĚLJϵϰϬϱ DZE,Z

/ŶĚŝĐĂĚŽƉĂƌĂŶŽǀŝůŚĂƐ͘
WƌŽĚƵnjďĞnjĞƌƌŽƐƉĞƐĂĚŽƐ͘

/ŵƉƌĞƐƐŝŽŶĂ Ă ƋƵĂůŝĚĂĚĞ ŐĞŶĠƚŝĐĂ ƋƵĞ ZE,Z ĐĂƌƌĞŐĂ Ğŵ ƋƵĂƐĞ ƚŽĚĂƐ ĂƐ ƐƵĂƐ WƐ͘
^ĞƵƐĨŝůŚŽƐŶĂƐĐĞŵĐŽŵŵƵŝƚĂĨĂĐŝůŝĚĂĚĞĞƐĆŽdKWĞŵŐĂŶŚŽĚĞƉĞƐŽĂƚĠŽĂŶŽ͕ŽƋƵĞŶŽƐ
ŐĂƌĂŶƚĞŶŽǀŝůŚŽƐŵĂŝƐƉĞƐĂĚŽƐ͘

'W͛^
ϮϳͬϬϳͬϮϬϭϳ WZKhK DdZE> Z 1E/^KEND/K^
K^ &W WE W W d W K &WD > Ws ΨE W D K> ' Ψ Ψ Ψ' Ψd
WDz^ нϭϳ ͲϮ͘ϵ нϱϴ нϭϭϬ н͘ϯ нϭ͘ϲϯ нϮϴ нϭϬ нϯϮ нϳ Ͳϭϱ͘ϯϯ нϯϯ н͘ϴϴ н͘ϲϰ н͘Ϭϭϴ нϳϯ͘ϯϯ нϲϲ͘ϳϬ нϰϳ͘ϯϲ нϭϮϭ͘Ϯϲ
ĐĐ͘ ͘ϯϰ ͘ϰϳ ͘ϰϮ ͘ϯϴ ͘ϯϵ ͘ϰϬ ͘ϯϱ ͘Ϯϵ ͘ϯϬ ͘ϯϬ ͘ϯϵ ͘ϯϲ ͘ϯϲ ͘ϯϮ
йdKW ϭ ϭ ϭϱ ϭϬ ϰ ϱ ϭϱ ϯ ϮϬ ϭϬ
ďĞƌĚĞĞŶŶŐƵƐͲDĠĚŝĂƐĚĂZĂĕĂ:ƵůŚŽϮϬϭϳ
&W͗нϲͮWE͗нϭ͘ϯͮW͗нϰϵͮW ͗нϴϲͮd͗н͘ϰͮW͗н͘ϳϭͮK͗нϭϯͮ&WD͗нϴͮ> ͗нϮϯͮWs͗нϮϲͮΨE͗ͲϮ͘ϰϳͮW͗нϯϯͮD͗н͘ϰϴͮK> ͗н͘ϰϮͮ'͗н͘ϬϭϮ
Ψнϰϰ͘ϬϴͮΨ͗нϯϵ͘ϬϴͮΨ'͗нϮϵ͘ϲϵͮΨ/ &͗нϭϬϭ͘Ϯϱ

ϯϭ
 ZEE'h^
ϳEϰϰϯ %URQF >Z/'ZKE

 W
 ĞĚŝŐƌĞĞĂďĞƌƚŽĚĞĨĄĐŝůĂĐĂƐĂůĂŵĞŶƚŽ͘
'ĞŶĠƚŝĐĂĞĨĞŶſƚŝƉŽƐƵƉĞƌŝŽƌĞƐ͘

KƚŽƵƌŽŵĂŝƐŝŵƉŽƌƚĂŶƚĞĚĂ>Z/'ĐŽŵĞƌĐŝĂůŝnjĂĚŽĞŵ
ϮϬϭϲ͘YƵĂŶĚŽďƵƐĐĂŵŽƐĚĞƐĞŵƉĞŶŚŽƐƵƉĞƌŝŽƌĞŵĨĂĐŝůŝĚĂͲ
ĚĞĚĞƉĂƌƚŽ͕ƉĞƐŽĂŽŶĂƐĐĞƌ͕ƉĞƐŽĂĚĞƐŵĂŵĂ͕ƉĞƐŽĂŽĂŶŽ͕
ŵĂŝƐ WƐ ŵĂƚĞƌŶĂŝƐ Ğ ĚĞ ĐĂƌĐĂĕĂ͕ ZKE Ġ ŽƉĕĆŽ ĐĞƌƚĂ
ĚŽƐƚŽƵƌŽƐŶŽǀŽƐĚĂŶŽƐƐĂďĂƚĞƌŝĂ͘

ZĞŐ͗ϭϴϮϮϵϰϮϱ΀D&Ͳ&Ͳy&΁
ƌŝĂĚŽƌ͗ĂůĚƌŝĚŐĞƌŽƐ͕͘E͖DŝůĞ,ŝŐŚŶŐƵƐ͕K͕
ĂŶĚdƵĐŚƐŚĞƌĞƌŶŐƵƐ͕<^ͲĂƚĂEĂƐĐ͗͘ϬϲͬϬϭͬϮϬϭϱ

&ŽŵƉůĞŵĞŶƚϴϬϴϴ
WE͗ ϯϯ͕ϲϰŬŐͬ͘d
&ŽŵŵĂŶĚŽϭϯϲϲ
W͗ ϯϰϳ͕ϳϯŬŐͬ͘d
ZŝǀĞƌďĞŶĚzŽƵŶŐ>ƵĐLJtϭϰϳϬ
W͗ ϲϭϱ͕ϵϭŬŐͬ͘d
^ƚLJůĞƐhƉŐƌĂĚĞ:ϱϵ
WͬĂŶŽ͗ ϯϳ͘ϱĐŵ͘
ĂůĚƌŝĚŐĞ/ƐĂďĞůzϲϵ
&ƌĂŵĞͬĂŶŽ͗ ϱ͘ϲ
ĂůĚƌŝĚŐĞ/ƐĂďĞůdϵϯϱ
'W͛^
ϮϳͬϬϳͬϮϬϭϳ WZKhK DdZE> Z 1E/^KEND/K^
K^ &W WE W W d W K &WD > Ws ΨE W D K> ' Ψ Ψ Ψ' Ψd
WDz^ нϭϲ Ͳϭ͘ϱ нϲϴ нϭϬϵ н͘Ϯ н͘ϳϮ нϮϲ нϭϱ нϯϭ нϮϮ Ͳϭϲ͘Ϯϴ нϯϴ н͘ϳϲ н͘ϲϴ н͘Ϭϯϲ нϴϯ͘ϴϭ нϳϭ͘ϰϰ нϰϭ͘ϲϰ нϭϯϳ͘ϯϲ
ĐĐ͘ ͘ϯϲ ͘ϱϱ ͘ϰϵ ͘ϰϱ ͘ϱϭ ͘ϱϭ ͘ϰϳ ͘Ϯϳ ͘Ϯϵ ͘ϯϬ ͘ϰϭ ͘ϯϴ ͘ϯϴ ͘ϯϱ
йdKW Ϯ ϭϬ ϭϬ ϭϱ ϭϬ ϭ ϭϬ ϮϬ ϭϱ ϭ ϮϬ ϮϬ ϮϬ

ZEE'h^
ϳEϰϰϱ 'URYHU ^sZKsZϱϲϭϭ

WĞĚŝŐƌĞĞĚĞƉĞƐŽ͘
'ĂŶŚŽĂĐĞůĞƌĂĚŽĚĞƉĞƐŽ͘

ĞƵŵĂůŝŶŚĂŐĞŵĨŽƌƚĞ͕ƉĞĚŝŐƌĞĞĐŽŶƐĂŐƌĂĚŽĞĚĞĨĄĐŝůĂĐĂͲ
ƐĂůĂŵĞŶƚŽ͕ ZKsZ Ġ ƉƌŽĨƵŶĚŽ Ğŵ ƐĞƵ ĂƌĐŽ ĚĞ ĐŽƐƚĞůĂƐ͕
ĨŽƌƚĞĞŵƐƵĂĞƐƚƌƵƚƵƌĂſƐƐĞĂ͕ĐŽŵƉƌŝĚŽĞĐŽŵŵƵŝƚŽǀŽůƵͲ
ŵĞĚĞŵƷƐĐƵůŽĞŵƐĞƵƚƌĞŵƉŽƐƚĞƌŝŽƌ͘ĚĞƵŵĨĞŶſƚŝƉŽŝŵͲ
ƉĞĐĄǀĞůĞĐŽŵŶƷŵĞƌŽƐĞŵƐƵĂƐWƐƋƵĞŽƚŽƌŶĂŵŝŶĚŝƐͲ
ƉĞŶƐĄǀĞůƉĂƌĂŽƐƉůĂŶƚĞŝƐŶŐƵƐŵĂŝƐĞdžŝŐĞŶƚĞƐĚŽŵƵŶĚŽ͘

ZĞŐ͗ϭϴϮϱϴϬϬϬ΀D&Ͳ&Ͳy&΁
ƌŝĂĚŽƌ͗^ĐŚĂĨĨΖƐŶŐƵƐsĂůůĞLJ͕E
ĂƚĂEĂƐĐ͗͘ϭϬͬϬϭͬϮϬϭϱ

ZŝƚŽϳϬϳŽĨ/ĚĞĂůϯϰϬϳϳϬϳϱ
WE͗ ϯϰ͕ϱϱŬŐͬ͘d
^sZĞƐŽƵƌĐĞϭϰϰϭ
W͗ ϰϯϬŬŐͬ͘d
^sůĂĐŬĐĂƉDĂLJϰϭϯϲ
W͗ ϳϬϭ͕ϯϲŬŐͬ͘d
^&ϱϵϴĂŶĚŽϱϭϳϱ
WͬĂŶŽ͗ ϰϬĐŵ͘
^sŵďůLJŶĞƚƚĞϯϯϬϭ
&ƌĂŵĞͬĂŶŽ͗ Ͳ
^sŵďůLJŶĞƚƚĞϳϯϭϵ
'W͛^
ϮϳͬϬϳͬϮϬϭϳ WZKhK DdZE> Z 1E/^KEND/K^
K^ &W WE W W d W K &WD > Ws ΨE W D K> ' Ψ Ψ Ψ' Ψd
WDz^ нϰ нϭ͘ϲ нϲϵ нϭϭϰ н͘ϭ нϭ͘ϭϲ нϮϮ нϯ нϮϰ нϮϲ Ͳϭϰ͘ϴϰ нϰϱ н͘ϯϬ н͘ϱϳ н͘ϬϮϳ нϲϱ͘ϵϰ нϲϴ͘ϱϱ нϮϮ͘ϲϰ нϭϮϭ͘ϮϮ
ĐĐ͘ ͘Ϭϱ ͘ϰϬ ͘ϯϲ ͘ϯϱ ͘Ϭϱ ͘ϰϭ ͘ϯϵ ͘Ϭϱ ͘Ϯϱ ͘Ϭϱ ͘Ϯϲ ͘ϮϮ ͘Ϯϳ ͘ϮϮ
йdKW ϱ ϭϬ ϮϬ ϭϬ ϮϬ
ďĞƌĚĞĞŶŶŐƵƐͲDĠĚŝĂƐĚĂZĂĕĂ:ƵůŚŽϮϬϭϳ
&W͗нϲͮWE͗нϭ͘ϯͮW͗нϰϵͮW ͗нϴϲͮd͗н͘ϰͮW͗н͘ϳϭͮK͗нϭϯͮ&WD͗нϴͮ> ͗нϮϯͮWs͗нϮϲͮΨE͗ͲϮ͘ϰϳͮW͗нϯϯͮD͗н͘ϰϴͮK> ͗н͘ϰϮͮ'͗н͘ϬϭϮ
Ψнϰϰ͘ϬϴͮΨ͗нϯϵ͘ϬϴͮΨ'͗нϮϵ͘ϲϵͮΨ/ &͗нϭϬϭ͘Ϯϱ

ϯϮ
ϯ
 ZEE'h^
ϳEϯϯϮ
&ODVVLF >^^/ϯϴϱͲϳ

ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ

ZĞŐ͗ϭϱϳϰϴϵϱϲ;&Ͳ&ͲDϭ&ͲK,&ͿͲZĞŐ͘EĂĐ͗,/ϭϮϭϯ
ƌŝĂĚŽƌ͗^ĂƵĐĞƌϱZĂŶĐŚĞƐ͕hd͖ŽŶůĞLJŶŐƵƐ͕>>͕DK͖WĞŵďƌŽŽŬĂƚƚůĞŽ͕͘K<ĂŶĚŽŶůĞLJĂƚƚůĞ͕K<
ĂƚĂEĂƐĐ͗͘ϭϴͬϬϰͬϮϬϬϳ


,dƌĂǀĞůĞƌϲϴϬϳ
WE͗ ϯϰŬŐͬ͘ƌĂƚŝŽϵϳ ůĂƐƐŝĐϰϰϯϲϴϬϳZdϮϰϮϰ
W͗ ϯϭϱŬŐͬ͘ƌĂƚŝŽϭϬϱ ŽƵďůĞtDŝƐƐWƌŝŵƌŽƐĞϲϰ
W͗ ϱϲϴŬŐ͘
WͬĂŶŽ͗ ϰϬĐŵ͘ K>ĞŐĞŶĚϲϭϲ>
&ƌĂŵĞͬĂŶŽ͗ ϱϲƉŽů͘ DŝŐŽŶŶĞΖƐ>ŝďďLJϯϴϱ
'ŝďďĞƚ,ŝůůDŝŐŽŶŶĞdZϮϵ &/>,K͕'ZEDWKKWZK͕hzϮϬϭϰ

WĂŝĚĞƚŽƵƌŽƐĞŵĐŽůĞƚĂĞŵĐĞŶƚƌĂŝƐĚĞŝŶƐĞŵŝŶĂĕĆŽ͘
WĂŝĚĞĚŽĂĚŽƌĂƐĚĞĞŵďƌŝƁĞƐ͘
WĂŝĚĞ'ƌĂŶĚĞƐĂŵƉĞƁĞƐĞŵƉŝƐƚĂƐĚĞƉĞƐŽĐŽŵŽŶŽWƌĂĚŽͲhƌƵŐƵĂŝ͘

hŵĚŽƐŵĂŝƐŝŵƉŽƌƚĂŶƚĞƐƚŽƵƌŽƐŽƌŝƵŶĚŽƐĚĂ'ĞŶĞƚŝĐƐ͕ĞĞŵŶŽƐƐĂďĂƚĞƌŝĂƐĞĐŽŶƐĂŐƌĂ
ƉŽƌƉƌŽĚƵnjŝƌĂŶŝŵĂŝƐĐŽŶƐŝƐƚĞŶƚĞƐĞĚĞĞdžĐĞůĞŶƚĞĨĞŶſƚŝƉŽ͘^ƵĂƉƌŽŐġŶŝĞƐĞĚĞƐƚĂĐĂƐĞŵͲ
ƉƌĞĞŵƉŝƐƚĂƐŶŽƌĂƐŝů͕hƌƵŐƵĂŝĞƌŐĞŶƚŝŶĂ͘ĂƌƌĞŐĂƵŵĂĨƵƐĆŽŝŵƉĞĐĄǀĞůĚĞĨĞŶſƚŝƉŽĞ
&/>,K͕K:KE͕/>
ĚĞƐĞŵƉĞŶŚŽ͘

'W͛^
ϮϳͬϬϳͬϮϬϭϳ WZKhK DdZE> Z 1E/^KEND/K^
K^ &W WE W W d W K &WD > Ws ΨE W D K> ' Ψ Ψ Ψ' Ψd
WDz^ нϰ нϮ͘Ϭ нϱϱ нϴϵ Ͳ͘ϭ н͘Ϯϰ Ͳϭ нϯ нϭϰ нϮϬ нϭϬ͘ϲϴ нϯϬ н͘ϮϮ н͘ϯϭ н͘ϬϰϮ нϰϱ͘Ϭϵ нϰϲ͘Ϭϱ нϭϲ͘Ϭϯ нϵϮ͘Ϭϱ
ĐĐ͘ ͘ϳϮ ͘ϵϬ ͘ϴϴ ͘ϳϵ ͘ϳϯ ͘ϳϯ ͘ϱϬ ͘ϲϰ ͘ϲϴ ͘ϰϰ ͘ϱϮ ͘ϰϲ ͘ϰϲ ͘ϰϱ
йdKW ϭϱ
ďĞƌĚĞĞŶŶŐƵƐͲDĠĚŝĂƐĚĂZĂĕĂ:ƵůŚŽϮϬϭϳ
&W͗нϲͮWE͗нϭ͘ϯͮW͗нϰϵͮW ͗нϴϲͮd͗н͘ϰͮW͗н͘ϳϭͮK͗нϭϯͮ&WD͗нϴͮ> ͗нϮϯͮWs͗нϮϲͮΨE͗ͲϮ͘ϰϳͮW͗нϯϯͮD͗н͘ϰϴͮK> ͗н͘ϰϮͮ'͗н͘ϬϭϮ
Ψнϰϰ͘ϬϴͮΨ͗нϯϵ͘ϬϴͮΨ'͗нϮϵ͘ϲϵͮΨ/ &͗нϭϬϭ͘Ϯϱ

ϯϯ
 ZEE'h^
ϳEϰϯϴ -HQQLQJV 
>Z/':EE/E'^Ϭϲϰ

70

'ĂŶŚŽĂĐĞůĞƌĂĚŽĚĞƉĞƐŽ͘
WĞĚŝŐƌĞĞĂďĞƌƚŽ͘

WŽƐƐƵŝƵŵƐĞůŽƌĂĐŝĂůĚĞŵƵŝƚĂĞdžƉƌĞƐƐŝǀŝĚĂĚĞ͘:EE/E'^Ġ
ŝŵƉŽŶĞŶƚĞ͕ƉƌŽĨƵŶĚŽĞĚĞŵƵŝƚŽǀŽůƵŵĞŵƵƐĐƵůĂƌ͘^ĞŵĚƷͲ
ǀŝĚĂ ĂůŐƵŵĂ ƵŵĂ ĨĞƌƌĂŵĞŶƚĂ ŐĞŶĠƚŝĐĂ ŝŵƉŽƌƚĂŶƚĞ ƉĂƌĂ ŽƐ
ƉůĂŶƚĞŝƐĚĞĂŶŐƵƐĚĞŚŽũĞ͘WŽƐƐƵŝƉĞĚŝŐƌĞĞďĞŵĂďĞƌƚŽĚĞ
ĨĄĐŝůĂĐĂƐĂůĂŵĞŶƚŽ͘

ZĞŐ͗ϭϳϯϭϰϵϱϰ;&Ϳ
ƌŝĂĚŽƌ͗ĂůĚƌŝĚŐĞƌŽƐ͕EĂŶĚ<ŽďĞƌƐƚĞŝŶ&ŶŐƵƐ>>͕K
ĂƚĂEĂƐĐ͗͘ϮϰͬϬϮͬϮϬϭϮ

ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ

'ZͲ'>WƌŽƚĞŐĞ
WE͗ ϯϲ͕ϯϲŬŐͬ͘d
ĂůĚƌŝĚŐĞtĂLJůŽŶtϯϰ
W͗ ϯϬϱ͕ϵϭŬŐͬ͘d
ĂůĚƌŝĚŐĞůĂĐŬĐĂƉdϭϲϯ
W͗ ϱϰϳ͕ϮϳŬŐͬ͘d
ĂůĚƌŝĚŐĞZĂƉŝĚZϯϭ
WͬĂŶŽ͗ ϯϳĐŵ͘
ĂůĚƌŝĚŐĞDĂǀĞƌŝĐŬdϰϯ
&ƌĂŵĞͬĂŶŽ͗ ϱ͘ϱ
ĂůĚƌŝĚŐĞDĂǀĞƌŝĐŬZϯϵ &/>,K͕>Z/'ZK^͕E
'W͛^
ϮϳͬϬϳͬϮϬϭϳ WZKhK DdZE> Z 1E/^KEND/K^
K^ &W WE W W d W K &WD > Ws ΨE W D K> ' Ψ Ψ Ψ' Ψd
WDz^ ͲϮ нϮ͘ϭ нϲϱ нϭϭϭ н͘ϯ н͘ϬϮ нϮϳ нϱ нϭϵ нϮϴ Ͳϯ͘Ϭϵ нϱϱ н͘ϵϳ н͘ϰϲ н͘Ϭϭϭ нϱϴ͘ϯϮ нϲϯ͘Ϯϵ нϰϯ͘ϱϯ нϭϱϱ͘ϭϯ
ĐĐ͘ ͘ϲϴ ͘ϴϴ ͘ϴϲ ͘ϴϬ ͘ϳϴ ͘ϳϵ ͘ϳϭ ͘ϰϱ ͘ϰϯ ͘ϰϮ ͘ϱϯ ͘ϰϳ ͘ϰϴ ͘ϰϴ
йdKW ϭϬ ϭϱ ϱ ϭϬ ϭϬ ϭϱ ϭϬ

ZEE'h^
EϴϵϬ &HQWHQ¡ULR &^>EdEZ/KϴϵϬ

&ĞƌƚŝůŝĚĂĚĞƐƵƉĞƌŝŽƌĞŵ/d&͘
WĞĚŝŐƌĞĞĨŽƌƚĞĞĐŽŶƐŝƐƚĞŶƚĞ͘
'ĂƌĂŶƚŝĂĚĞďĞnjĞƌƌŽƐƉƌĞƚŽƐĞŵŽĐŚŽƐ͘

DĂŝƐĚĞϭϬϬŵŝůŝŶƐĞŵŝŶĂĕƁĞƐĐŽŵƉƌŽǀĂŵĂĂůƚĂƚĂdžĂĚĞ
ĨĞƌƚŝůŝĚĂĚĞ ĚĞ EdEZ/K Ğŵ ƉƌŽŐƌĂŵĂƐ ĚĞ /d&͘ ^ƵĂ
ƉƌŽŐġŶŝĞƚĞŵĂůƚŽĚĞƐĞŵƉĞŶŚŽĞĞdžĐĞůĞŶƚĞƉĞƌĨŽƌŵĂŶĐĞ
ĞŵĐŽŶĨŝŶĂŵĞŶƚŽ͘

ZĞŐ͗ϭϯϲϭϰϲ
ĂƚĂEĂƐĐ͗͘ϬϵͬϬϭͬϮϬϭϬ

WE͗ ^/ddƌĂǀĞůĞƌϴϭϴϬ
ϯϮŬŐ͘
^s&ŝŶĂůŶƐǁĞƌϬϬϯϱ
W͗ ϮϴϳŬŐ͘
^sŵŽůŽƵƐϴϭϰϱ
W͗ ϱϬϭŬŐ͘
dƌġƐDĂƌŝĂƐϲϯϬϭŽƌnjĂůd
WͬĂŶŽ͗ ϯϴĐŵ͘
&^>'>Ƶnjůŝd/ϭϯϲ
&ƌĂŵĞͬĂŶŽ͗ ϲ͘Ϯ
dƌġƐDĂƌŝĂƐϲϲϭϴDĂƌĂďƵŶƚĂϰϴϱϬd

WZKhK DdZE> Z 1E/^

K^ &W WE W &WD > W K> ' ΨDsW
WDz^ нϱ͘ϴ ͲϮ͘Ϭ нϰϬ нϱ͘ϭ нϭϰ нϮϴ н͘ϭϰ н͘ϬϬ нϭϯϴ
йdKW ϭϱ ϭϱ
ďĞƌĚĞĞŶŶŐƵƐͲDĠĚŝĂƐĚĂZĂĕĂ:ƵůŚŽϮϬϭϳ
&W͗нϲͮWE͗нϭ͘ϯͮW͗нϰϵͮW ͗нϴϲͮd͗н͘ϰͮW͗н͘ϳϭͮK͗нϭϯͮ&WD͗нϴͮ> ͗нϮϯͮWs͗нϮϲͮΨE͗ͲϮ͘ϰϳͮW͗нϯϯͮD͗н͘ϰϴͮK> ͗н͘ϰϮͮ'͗н͘ϬϭϮ
Ψнϰϰ͘ϬϴͮΨ͗нϯϵ͘ϬϴͮΨ'͗нϮϵ͘ϲϵͮΨ/ &͗нϭϬϭ͘Ϯϱ

ϯϰ
ϯ
 ZEE'h^
Eϲϰϱϳ
%D\XFX¡ zhh

ZĞŐ͗Ϭϭϴϳϭϭϭ
ƌŝĂĚŽƌ͗,ĞůĞŶĂZŽĚƌŝŐƵĞƐZŽƚƚĂ
ĂƚĂEĂƐĐ͗͘ϮϳͬϬϲͬϮϬϭϰ



ϮϬϱ/^͗ Ϯϲϭ͘ϯϰŬŐͬ͘ƌĂƚŝŽϭϭϱ ^sŝƐŵĂƌĐŬϱϲϴϮ
ϱϱϬ/^͗ ϰϳϭ͘ϭϴŬŐͬ͘ƌĂƚŝŽϮϰϭ 

ŝŐƵĄϱϳϭϲDĂŶĂd/


DĞůŚŽƌƚŽƵƌŽƌƷƐƚŝĐŽĚĂdžƉŽŝŶƚĞƌϮϬϭϲ͘
dŽƵƌŽŶĂĐŝŽŶĂůƚŽƚĂůŵĞŶƚĞĂĚĂƉƚĂĚŽ͘

DĂŝƐƵŵĂŵĄƋƵŝŶĂŐĞŶĠƚŝĐĂĚĞĨĞŶſƚŝƉŽĞĚĞƐĞŵƉĞŶŚŽŶĂďĂƚĞƌŝĂĚĞƚŽƵƌŽƐŶĂĐŝŽŶĂŝƐ
^ĞůĞĐƚ^ŝƌĞƐĚŽƌĂƐŝů͘^ĞŐƵŝŶĚŽŶŽƐƐŽƉƌŝŶĐşƉŝŽĚĞƐŽŵĞŶƚĞĂĐƌĞƐĐĞŶƚĂƌŵŽƐƚŽƵƌŽƐĐŽŵ
ĞdžĐĞůĞŶƚĞƐƉƌŽǀĂƐ͕zhhĂƚĞŶĚĞƵĂƐŶŽƐƐĂƐĞdžŝŐġŶĐŝĂƐ͕ƉĂƌĂĐŽŶƚŝŶƵĂƌŵŽƐĂƉĂƐƐĂƌ
ƉƌŽĚƵƚŝǀŝĚĂĚĞĂĐŝŵĂĚĞƚƵĚŽƉĂƌĂŶŽƐƐŽƐĐůŝĞŶƚĞƐ͘dŽƵƌŽƉƌŽĨƵŶĚŽ͕ĐŽŵŵƵŝƚŽƉŽƚĞŶĐŝĂů
ĐĂƌŶŝĐĞŝƌŽĞĨŽƌƚĞĞƐƚƌƵƚƵƌĂſƐƐĞĂ͘

K^WZKDKͲϬϯͬϬϯͬϮϬϭϳ
K^ 'E 'E^ ^ W^ D^ /E&
K^ нϯ͘ϳϬ нϮ͘Ϯϴ н͘Ϭϲ Ͳ͘ϬϮ н͘ϮϬ нϵ͘ϰϮ
 ϭ ϭ ϯ ϲ ϭ Ϯ

ϯϱ
 ZEE'h^
EϳϰϳϮ &ODUN /Ͳ^s>Z<ϴϯϳϰ

 W
 ĞĚŝŐƌĞĞĨŽƌƚĞĞŝŵƉŽƌƚĂŶƚĞ͘
/ŶĚŝĐĂĚŽƉĂƌĂƉůĂŶƚĞŝƐĞĐƌƵnjĂŵĞŶƚŽŝŶĚƵƐƚƌŝĂů͘

&ŝůŚŽĚĞƵŵĂĚĂƐƉƌŝŶĐŝƉĂŝƐĚŽĂĚŽƌĂƐĚĞĞŵďƌŝƁĞƐĚĂ^ĐŚĂĨĨ
ŶŐƵƐsĂůůĞLJ͘WƌŽĨƵŶĚŝĚĂĚĞ͕ŚĂƌŵŽŶŝĂĞƐĞůŽƌĂĐŝĂůĚĞƐƚĂĐĂͲ
ĚŽƐĆŽƐƵĂƐƉƌŝŶĐŝƉĂŝƐĐĂƌĂĐƚĞƌşƐƚŝĐĂƐ͘

ZĞŐ͗нϭϲϭϭϯϰϲϳ;&Ϳ
ƌŝĂĚŽƌ͗^ĐŚĂĨĨƐŶŐƵƐsĂůůĞLJ͕^ĂŝŶƚŶƚŚŽŶLJE
ĂƚĂEĂƐĐ͗͘ϭϬͬϬϭͬϮϬϬϴ

^ŝƚnjdƌĂǀĞůĞƌϴϭϴϬ
^sϴϭϴϬdƌĂǀĞůĞƌϬϬϰ
ŽLJĚ&ŽƌĞǀĞƌ>ĂĚLJϴϬϬϯ
^&ϱϵϴĂŶĚŽϱϭϳϱ
^sĞƐƐŝĞ,ĞŝƌĞƐƐϭϭϴϰ
^sĞƐƐŝĞ,ĞŝƌĞƐƐϴϬϲϳ
W͛^
ϮϳͬϬϳͬϮϬϭϳ WZKhK DdZE> Z 1E/^KEND/K^
K^ &W WE W W d W K &WD > Ws ΨE W D K> ' Ψ Ψ Ψ' Ψd
WDz^ нϰ нϮ͘ϲ нϱϵ нϭϬϱ н͘ϱ н͘Ϭϱ ͲϮ нϭϭ нϮϲ нϱϱ Ͳϭϯ͘ϯϬ нϰϭ н͘ϱϯ н͘ϯϴ н͘Ϭϱϵ нϱϯ͘ϯϴ нϲϲ͘ϲϳ нϮϱ͘ϵϵ нϭϮϯ͘Ϯϰ
ĐĐ͘ ͘ϰϭ ͘ϳϵ ͘ϳϱ ͘ϰϳ ͘ϮϮ ͘ϰϱ ͘Ϯϳ ͘ϰϵ ͘ϱϰ ͘Ϯϯ ͘ϯϵ ͘ϯϬ ͘ϯϰ ͘ϯϭ
йdKW ϮϬ ϮϬ ϭϱ ϮϬ

ZEE'h^
EϭϰϬϵ &RQILUPHG /ͲK^hKE&/ZDϬϭϬϯ

WĞĚŝŐƌĞĞĂůƚĞƌŶĂƚŝǀŽ͘
/ŶĚŝĐĂĚŽƉĂƌĂĐƌƵnjĂŵĞŶƚŽŝŶĚƵƐƚƌŝĂů͘

dŽƵƌŽ ĚĞ ƚĂŵĂŶŚŽ ŵŽĚĞƌĂĚŽ͕ ĐŽŵ ŵƵŝƚĂ ƉƵƌĞnjĂ ƌĂĐŝĂů

ƐƵƐƚĞŶƚĂĚĂĞŵſƚŝŵĂĞƐƚƌƵƚƵƌĂſƐƐĞĂ͘/ŶĚŝĐĂĚŽƉĂƌĂĐƌƵnjĂͲ
ŵĞŶƚŽƐĞƌĞďĂŶŚŽƐƉƵƌŽƐ͘

ZĞŐ͗нϭϲϲϰϮϴϲϰ
ƌŝĂĚŽƌ͗KŬůĂŚŽŵĂ^ƚĂƚĞhŶŝǀĞƌƐŝƚLJ
ĂƚĂEĂƐĐ͗͘ϬϭͬϬϭͬϮϬϭϬ

ŽLJĚKŶdĂƌŐĞƚϭϬϴϯ
^ƚĞǀĞŶƐŽŶDŽŶĞLJŵĂŬĞƌZϭϴϱ
^ƚĞǀĞŶƐŽŶůŽǀĂWƌŝĚĞ>ϴϴϴ
EŽƚŚĞƌŶ/ŵƉƌŽǀĞŵĞŶƚϰϰϴϬ'&
K^hŵƉƌĞƐƐϰϭϮϯ
K^hϮϵϮϴŵƉƌĞƐƐϰϭϳϳ
W͛^
ϮϳͬϬϳͬϮϬϭϳ WZKhK DdZE> Z 1E/^KEND/K^
K^ &W WE W W d W K &WD > Ws ΨE W D K> ' Ψ Ψ Ψ' Ψd
WDz^ нϱ н͘ϰ нϱϱ нϵϴ н͘Ϯ н͘ϭϵ нϮ нϭϬ нϭϴ нϭ нϱ͘ϵϴ нϮϲ н͘ϯϵ н͘ϭϳ н͘Ϭϰϳ нϱϯ͘ϯϳ нϱϯ͘ϰϵ нϮϮ͘ϭϭ нϴϯ͘ϳϲ
ĐĐ͘ ͘ϰϭ ͘ϲϲ ͘ϲϮ ͘ϱϭ ͘ϯϵ ͘ϱϮ ͘ϰϬ ͘ϰϮ ͘ϰϰ ͘ϯϱ ͘ϰϱ ͘ϯϵ ͘ϰϬ ͘ϯϴ
йdKW
ďĞƌĚĞĞŶŶŐƵƐͲDĠĚŝĂƐĚĂZĂĕĂ:ƵůŚŽϮϬϭϳ
&W͗нϲͮWE͗нϭ͘ϯͮW͗нϰϵͮW ͗нϴϲͮd͗н͘ϰͮW͗н͘ϳϭͮK͗нϭϯͮ&WD͗нϴͮ> ͗нϮϯͮWs͗нϮϲͮΨE͗ͲϮ͘ϰϳͮW͗нϯϯͮD͗н͘ϰϴͮK> ͗н͘ϰϮͮ'͗н͘ϬϭϮ
Ψнϰϰ͘ϬϴͮΨ͗нϯϵ͘ϬϴͮΨ'͗нϮϵ͘ϲϵͮΨ/ &͗нϭϬϭ͘Ϯϱ

ϯϲ
ϯ
 ZE'h^
ϳZϲϬ 6DPXUDL /ZZKh^^DhZ/yϮϮ

hŵĚŽƐƉƌŝŶĐŝƉĂŝƐƉĂŝƐƵƐĂĚŽƐŶĂ/Z͘
/ŶĚŝĐĂĚŽƉĂƌĂ/d&͘
70

/ŶĚŝĐĂĚŽƉĂƌĂŶŽǀŝůŚĂƐ͘

WŽƐƐƵŝ ŵƵƐĐƵůĂƚƵƌĂ ƋƵĞ ƐĞ ĚĞƐƚĂĐĂ Ğŵ ƐĞƵ ƉŽƐƚĞƌŝŽƌ͕

ĐŽŵƉƌŝŵĞŶƚŽƋƵĞŝŵƉƌŝŵĞƌĞŶĚŝŵĞŶƚŽĚĞĐĂƌĐĂĕĂĞŵƐƵĂ
ƉƌŽĚƵĕĆŽ Ğ ĂůƚĂ ĨĞƌƚŝůŝĚĂĚĞ Ğŵ ƐĞƵ ƐġŵĞŶ͘ ^ƵĂ ĐŽůŽƌĂĕĆŽ
ǀĞƌŵĞůŚĂĠŵƵŝƚŽĐŽŶƐŝƐƚĞŶƚĞĞƐƵĂĞƐƚƌƵƚƵƌĂſƐƐĞĂĠŵƵŝƚŽ
ĨŽƌƚĞͲƚƵĚŽŝƐƐŽĞŵƵŵĨƌĂŵĞŵŽĚĞƌĂĚŽ͘

ZĞŐ͗ϭϯϲϯϰϮϳͲZĞŐ͘EĂĐ͗,/ϭϰϯϭ
ƌŝĂĚŽƌ͗ŝĞďĞƌZĞĚŶŐƵƐ͕^
ĂƚĂEĂƐĐ͗͘ϭϲͬϬϮͬϮϬϭϬ

ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ

&<ŚĞƌŽŬĞĞŶLJŶϰϵϭϮ
WE͗ ϯϰŬŐͬ͘ƌĞů͘ϵϯ
>ŚĞLJĞŶŶĞϮϮ/>
W͗ ϯϬϳŬŐͬ͘ƌĞů͘ϭϭϯ
,yϳϬϭ'
W͗ ϱϭϲŬŐͬ͘ƌĞů͘ϭϬϲ
ŝĞďĞƌŽŽŶĞϴϬϬϬ
WͬĂŶŽ͗ ϯϲĐŵ͘
',ZDĂƌŝƚĂZϯϭ
&ƌĂŵĞͬĂŶŽ͗ ϱ͘Ϭ
',ZDϬϯDĂƌŝƚĂ
^DhZ/K^ϯEK^͘
ZW͛^
ϬϳͬϮϬϭϳ WZKhK DdZE> Z
K^ &W WE W W > D /&E &WDd WZ D Z W K> '
WDz^ нϰ Ͳϰ͘ϭ нϳϱ нϭϭϱ нϭϲ нϭϮ нϭϯ нϳ нϭϬ нϬ͘ϵϭ н͘Ϯϴ нϯϮ Ͳ͘ϭϳ н͘ϬϬϲ
ĐĐ͘ ͘ϴϬ ͘ϴϳ ͘ϴϱ ͘ϴϱ ͘ϳϵ ͘ϲϳ ͘ϰϳ ͘ϳϵ ͘ϰϴ ͘ϰϯ ͘ϯϴ ͘ϱϵ ͘ϯϳ ͘ϰϳ
йdKW ϮϬ ϮϬ ϮϬ ϭϬ

ZE'h^
ϳZϲϭ 6XQ.LQJ >Z^KE^hE</E'Ϭϭϲ

/ŶĚŝĐĂĚŽƉĂƌĂŶŽǀŝůŚĂƐ͘
WƌŽĚƵnjďĞnjĞƌƌŽƐŵĂŝƐƉĞƐĂĚŽƐĞƉĂĚƌŽŶŝnjĂůŽƚĞƐ͘

ŽŶƚŝŶƵĂ ƐĞ ĚĞƐƚĂĐĂŶĚŽ ŶĂƐ ĚŝǀĞƌƐĂƐ ĐĂƌĂĐƚĞƌşƐƚŝĐĂƐ ĚĞ

ĐĂƌĐĂĕĂ͘^ƵĂƉƌŽĚƵĕĆŽĠĚĞĂůƚŽƌĞŶĚŝŵĞŶƚŽĞĨĄĐŝůƚĞƌŵŝͲ
ŶĂĕĆŽ͘ĞŝdžĂĨŝůŚĂƐƋƵĞƐĞƌĆŽŵĆĞƐŵƵŝƚŽĞĨŝĐŝĞŶƚĞƐ͘^hE
</E'ĠƉƌŽĨƵŶĚŽ͕ĐŽŵŵƵŝƚŽǀŽůƵŵĞŵƵƐĐƵůĂƌĞĨŽƌƚĞŽƐͲ
ƐĂƚƵƌĂ͘

ZĞŐ͗ϭϯϴϰϲϭϴͲZĞŐ͘EĂĐ͗,/ϭϯϰϱ
ƌŝĂĚŽƌ͗>ĂƌƐŽŶZĞĚŶŐƵƐ͕Dd
ĂƚĂEĂƐĐ͗͘ϬϰͬϬϮͬϮϬϭϬ

ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ

ĞĐŬƚŽŶEĞďƵůĂDϬϰϱ
WE͗ ϯϴŬŐͬ͘ƌĂƚŝŽϵϴ
ĞĐŬƚŽŶEĞďƵůĂWWϳϬϳ
W͗ ϯϯϵŬŐͬ͘ƌĂƚŝŽϭϭϬ
ĞĐŬƚŽŶ>ĂŶĂDϴϬϵW
W͗ ϱϴϴŬŐͬ͘ƌĂƚŝŽϭϬϳ
>ĐĐDĂũŽƌ>ĞĂŐƵĞϱϬϮD
WͬĂŶŽ͗ ϯϵĐŵ͘
>ĂƌƐŽŶdĂŵĂƌĂϱϰϱͲϱϱϲ
&ƌĂŵĞͬĂŶŽ͗ ϲ͘ϭ
>ĂƌƐŽŶdĂŵϱϱϲͲϭϳϬ
D͕/Z&>KtZϯϲϭz
ZW͛^
ϬϳͬϮϬϭϳ WZKhK DdZE> Z
K^ &W WE W W > D /&E &WDd WZ D Z W K> '
WDz^ нϴ Ͳϯ͘ϳ нϱϵ нϭϬϬ нϯϵ нϮ нϭϳ нϱ нϭϰ нϭ͘Ϯϯ н͘Ϭϲ нϮϰ Ͳ͘ϭϮ Ͳ͘ϬϬϭ
ĐĐ͘ ͘ϳϱ ͘ϴϲ ͘ϴϰ ͘ϴϯ ͘ϳϲ ͘ϭϵ ͘ϱϱ ͘ϳϱ ͘ϰϰ ͘ϰϴ ͘ϰϭ ͘ϱϴ ͘ϰϮ ͘ϰϵ
йdKW ϭ ϭϬ ϭϬ Ϯ
ZĞĚŶŐƵƐͲDĠĚŝĂƐĚĂZĂĕĂͲ:ƵůŚŽϮϬϭϳ
&W͗нϱͮWE͗Ͳϭ͘ϲͮW͗нϱϵͮW ͗нϵϭͮ>͗нϮϭͮD͗нϭͮ/&E͗нϭϭͮ&WDd͗нϰͮWZ͗нϭϬͮD͗н͘ϰϲͮZ͗нϬ͘ϬϮͮW͗нϮϮͮK> ͗н͘ϭϯͮ'͗н͘ϬϬ

ϯϴ
ϯ
 ZE'h^
ϳZϲϵ
7DNHRXW /ZZZ^d<KhdϯϬϱ

70

ZĞŐ͗ϭϱϵϵϱϱϰͲZĞŐ͘EĂĐ͗,/ϭϱϱϰ
ƌŝĂĚŽƌ͗ŝĞďĞƌZĞĚŶŐƵƐZ͘ĂŶĚZŚŽĚĞƐZĞĚŶŐƵƐ͕^
ĂƚĂEĂƐĐ͗͘ϬϱͬϬϯͬϮϬϭϯ

,yŽŶƋƵĞƐƚϰϰϬϱW
WE͗ ϯϴ͕ϭϴŬŐͬ͘ƌĂƚŝŽϴϰ >^&dĂŬĞŽǀĞƌϵϵϰϯt
W͗ ϯϯϵ͕ϱϱŬŐͬ͘ƌĂƚŝŽϭϬϳ >^&tŝĚĞůŽĂĚZϱϬϭϰhϴϲϬϭ
W͗ ϲϱϴ͕ϲϰŬŐͬ͘ƌĂƚŝŽϭϬϳ 
WͬĂŶŽ͗ ϯϮĐŵ͘ ĂƐŝŶdžƚϴϲϮϴ
&ƌĂŵĞͬĂŶŽ͗ ϱ͘ϱ ŝĞďĞƌ&ůŽǁĞƌϯϲϭz
ŝĞďĞƌ&ůŽǁĞƌϯϯϬh d<Khd

/ŶĚŝĐĂĚŽƉĂƌĂŶŽǀŝůŚĂƐ͘
WŽƐƐƵŝƐĞůŽĚĞĨĞƌƚŝůŝĚĂĚĞ͘

hƐĂĚŽƚĂŶƚŽƉĂƌĂĂƉƌŽĚƵĕĆŽĐŽŵĞƌĐŝĂůƋƵĂŶƚŽƉĂƌĂĂĐĂƐĂůĂŵĞŶƚŽƐĞŵƉůĂŶƚĞŝƐŶŐƵƐ͕
d<Khd ƐƵƌƉƌĞĞŶĚĞƵ Ğŵ ƐĞƵƐ şŶĚŝĐĞƐ ĚĞ ƉƌĞŶŚĞƐ ŶŽƐ ƉƌŽŐƌĂŵĂƐ ĚĞ /d&͘  ĐĂĚĂ
ŶĂƐĐŝŵĞŶƚŽ ĚĞ ƐĞƵƐ ĨŝůŚŽƐ͕ ƉƌŽǀĂͲƐĞ ƋƵĞ Ġ Ƶŵ ĞdžĐĞůĞŶƚĞ ƉƌŽĚƵƚŽƌ ĚĞ ƚŽƵƌŽƐ Ğ ĨƵƚƵͲ
ƌĂƐŵĆĞƐ͘^ƵĂƉƌŽĚƵĕĆŽĠŵƵŝƚŽĐŽŶƐŝƐƚĞŶƚĞ͕ĞƐĞƵŐĂŶŚŽĚĞƉĞƐŽĂĐĞůĞƌĂĚŽĠĂĐŝŵĂĚĂ
ŵĠĚŝĂĚĂƌĂĕĂ͘ƵŵĂĨĂŶƚĄƐƚŝĐĂŽƉĕĆŽŐĞŶĠƚŝĐĂƉĂƌĂŶŽǀŝůŚĂƐĚĞϭϱŵĞƐĞƐ͘
ZW͛^
ϬϳͬϮϬϭϳ WZKhK DdZE> Z
K^ &W WE W W > D /&E &WDd WZ D Z W K> '
WDz^ нϭϬ ͲϮ͘ϴ нϲϳ нϭϬϵ нϮϲ нϳ нϳ нϳ нϭϭ н͘ϲϯ н͘ϭϮ нϯϭ н͘Ϯϯ н͘Ϭϰ
ĐĐ͘ ͘ϯϮ ͘ϯϯ ͘Ϯϴ ͘Ϯϳ ͘Ϯϯ ͘ϮϮ ͘ϭϬ ͘ϯϮ ͘ϴ ͘Ϯϵ ͘Ϯϯ ͘Ϯϯ ͘Ϯϳ ͘Ϯϴ
йdKW ϭϱ ϮϬ ϭϱ ϮϬ ϮϬ
ZĞĚŶŐƵƐͲDĠĚŝĂƐĚĂZĂĕĂͲ:ƵůŚŽϮϬϭϳ
&W͗нϱͮWE͗Ͳϭ͘ϲͮW͗нϱϵͮW ͗нϵϭͮ>͗нϮϭͮD͗нϭͮ/&E͗нϭϭͮ&WDd͗нϰͮWZ͗нϭϬͮD͗н͘ϰϲͮZ͗нϬ͘ϬϮͮW͗нϮϮͮK> ͗н͘ϭϯͮ'͗н͘ϬϬ

ϯϵ
 ZE'h^
ϳZϱϳ &RYHQDQW ZKtEKsEEdhϳϱϰϴ

70

/ŶĚŝĐĂĚŽƉĂƌĂ/d&͘
&ĂĐŝůŝĚĂĚĞĚĞƉĂƌƚŽĐŽŵŐĂŶŚŽĚĞƉĞƐŽĂĐĞůĞƌĂĚŽ͘

WƌŽĚƵnjŵĆĞƐĚĞŵƵŝƚĂĐůĂƐƐĞĨĞŵŝŶŝŶĂ͕ŵƵŝƚŽůĞŝƚĞƉƌĞĐŽͲ
ĐĞƐĞĨĠƌƚĞŝƐ͕ĂůĠŵĚĞƚŽƵƌŽƐŝŵƉĞĐĄǀĞŝƐĐŽŵŵƵŝƚĂĐŽŶͲ
ƐŝƐƚġŶĐŝĂƌĂĐŝĂ͕ůĨŽƌĕĂĞſƚŝŵĂĞƐƚƌƵƚƵƌĂſƐƐĞĂ͕ƋƵĞƐĞƌǀĞŵ
ƉĂƌĂƚƌĂďĂůŚĂƌĞŵƋƵĂůƋƵĞƌƌŽĚĞŝŽ͘

ZĞŐ͗ϭϮϴϮϵϰϴͲZĞŐ͘EĂĐ͗,/ϭϭϯϭ
ƌŝĂĚŽƌ͗ƌŽǁŶ&ĂŵŝůLJ'ĞŶĞƚŝĐƐ͕dŚƌŽĐŬŵŽƌƚŽŶ͕dy
ĂƚĂEĂƐĐ͗͘ϮϱͬϬϭͬϮϬϬϴ

ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ

>:>ĂŶĐĞƌϴϬϲ
WE͗ ϯϴ͕ϲϰŬŐͬ͘d
ƌŽǁŶŽŵŵŝƚŵĞŶƚ^ϳϮϬϲ
W͗ ϮϳϮ͕ϳϯŬŐͬ͘d
ƌŽǁŶDƐ^ŚĂnjnjĂŵWϳϵϰϬ
W͗ ϰϭϵ͕ϬϵŬŐͬ͘d
:ZDŽŶƵϰyͲϯϬϯ
WͬĂŶŽ͗ ϰϬĐŵ͘
ƌŽǁŶD^DŽŶƵWϳϵϯϬ
&ƌĂŵĞͬĂŶŽ͗ ϱ͘ϱ
Z^DƐsŝĐŝůĂ,ϳϱϱϮ
&/>,͕^,h>dZE,͕^
ZW͛^
ϬϳͬϮϬϭϳ WZKhK DdZE> Z
K^ &W WE W W > D /&E &WDd WZ D Z W K> '
WDz^ нϯ Ͳϯ͘ϳ нϲϱ нϭϬϮ нϮϭ нϰ нϳ нϳ нϬ н͘ϵϱ н͘Ϭϴ нϱϴ н͘Ϯϵ н͘ϬϬϱ
ĐĐ͘ ͘ϳϮ ͘ϴϮ ͘ϴϬ ͘ϳϵ ͘ϳϱ ͘ϰϮ ͘ϰϮ ͘ϰϮ ͘ϳϭ ͘ϰϲ ͘ϰϬ ͘ϱϳ ͘ϰϮ ͘ϰϳ
йdKW ϭϬ

ZE'h^
ϳZϳϬ 3XUVXLW ZKtEWhZ^h/dϳϲϳϬ

/ŶĚŝĐĂĚŽƉĂƌĂŶŽǀŝůŚĂƐ͘
dŽƉĞŵDĂƌŵŽƌĞŝŽ͘

ƵŵƚŽƵƌŽƋƵĞŝŵƉƌĞƐƐŝŽŶĂƉŽƌĂƉƌĞƐĞŶƚĂƌſƚŝŵŽƐĚĂͲ
ĚŽƐĞƵŵĂĞdžĐĞůĞŶƚĞĐŽŶĨŽƌŵĂĕĆŽĨĞŶŽƚşƉŝĐĂ͘WĂƌĂƉƌŽͲ
ĚƵĕĆŽĚĞƋƵĂůŝĚĂĚĞĐŽŵŐĂŶŚŽĂĐĞůĞƌĂĚŽĚĞƉĞƐŽ͘

ZĞŐ͗ϭϲϬϳϮϱϳ
ƌŝĂĚŽƌ͗ƌŽǁŶ&ĂŵŝůLJ'ĞŶĞƚŝĐƐ͕dŚƌŽĐŬŵŽƌƚŽŶ͕dy
ĂƚĂEĂƐĐ͗͘ϭϱͬϬϮͬϮϬϭϯ

WE͗ ĞĐŬƚŽŶEĞďƵůĂWWϳϬϳ
ϯϳ͕ϳϯŬŐͬ͘ƌĂƚŝŽϭϬϲ
ƌŽǁŶ:z:ZĞĚĞŵƉƚŝŽŶzϭϯϯϰ
W͗ Ϯϯϵ͕ϬϵŬŐͬ͘ƌĂƚŝŽϭϭϰ
:z:DƐ:ŽůĞŶĞtϭϲ
W͗ ϰϯϳ͕ϳϯŬŐͬ͘ƌĂƚŝŽϭϭϬ
,ƵƐƚŚŝĞĨ^ĞƋƵŽLJĂZϯϯϲ
WͬĂŶŽ͗ ŶͬĚ
ƌŽǁŶDƐ^ĞƋƵŽLJĂyϳϱϵϯ
&ƌĂŵĞͬĂŶŽ͗ ŶͬĚ
ƌŽǁŶͲ:ŽůĞŶĞ^ϲϬϱ
ZW͛^
ϬϳͬϮϬϭϳ WZKhK DdZE> Z
K^ &W WE W W > D /&E &WDd WZ D Z W K> '
WDz^ нϭϭ Ͳϰ͘Ϯ нϳϴ нϭϮϰ нϭϳ нϯ нϭϭ нϯ нϭϲ н͘ϵϲ н͘ϭϰ нϯϳ н͘ϭϱ н͘Ϭϯ
ĐĐ͘ ͘ϯϳ ͘ϰϮ ͘ϯϲ ͘ϯϳ ͘Ϯϴ ͘Ϭ ͘Ϯϲ ͘ϯϵ ͘ϯϵ ͘ϯϱ ͘Ϯϳ ͘ϯϭ ͘Ϯϵ ͘ϯϱ
йdKW ϭϱ ϭϬ ϰ ϰ ϯ ϯ ϭϱ
ZĞĚŶŐƵƐͲDĠĚŝĂƐĚĂZĂĕĂͲ:ƵůŚŽϮϬϭϳ
&W͗нϱͮWE͗Ͳϭ͘ϲͮW͗нϱϵͮW ͗нϵϭͮ>͗нϮϭͮD͗нϭͮ/&E͗нϭϭͮ&WDd͗нϰͮWZ͗нϭϬͮD͗н͘ϰϲͮZ͗нϬ͘ϬϮͮW͗нϮϮͮK> ͗н͘ϭϯͮ'͗н͘ϬϬ

ϰϬ
ϯ
 ZE'h^
ϳZϱϴ
+HULWDJH ZKtE,Z/d'hϲϱϬϵ

ZĞŐ͗ϭϮϱϱϯϴϬͲZĞŐ͘EĂĐ͗,/ϭϭϯϮ
ƌŝĂĚŽƌ͗ƌŽǁŶ&ĂŵŝůLJ'ĞŶĞƚŝĐƐ͕dŚƌŽĐŬŵŽƌƚŽŶ͕dy
ĂƚĂEĂƐĐ͗͘ϬϴͬϬϭͬϮϬϬϴ

ĞĐŬƚŽŶ,ƵƐƚůĞƌϮ>Ϭϳϵ
WE͗ Ϯϲ͕ϴϮŬŐͬ͘ƌĂƚŝŽϵϰ ĞĐŬƚŽŶ,ĞƌŝƚĂŐĞEϬϭϯ
W͗ Ϯϳϰ͕ϬϵŬŐͬ͘ƌĂƚŝŽϭϭϱ ĞĐŬƚŽŶ>ĂŶĂ>ϬϬϳ:>
W͗ ϰϭϴ͕ϲϰŬŐͬ͘ƌĂƚŝŽϭϬϳ
WͬĂŶŽ͗ ϯϴĐŵ͘ >:>ĂŶĐĞƌϴϬϲ
&ƌĂŵĞͬĂŶŽ͗ ϱ͘Ϭ ƌŽǁŶD^>ϴϬϲ^ϲϵϰϰ
ƌŽǁŶDƐŚĞƌŽŬĞĞ D,Z/d'

/ŶĚŝĐĂĚŽƉĂƌĂŶŽǀŝůŚĂƐ͘
WƌŽĚƵnjĐĂƌŶĞĚĞƋƵĂůŝĚĂĚĞ͘

WƌŽĚƵĕĆŽĐŽŶƐŝƐƚĞŶƚĞĞƚŽƚĂůŵĞŶƚĞĂĚĂƉƚĂĚĂĂŽŶŽƐƐŽĐůŝŵĂĞƐŝƐƚĞŵĂƐĚĞĐƌŝĂĕĆŽ͕ŐĞƌĂŶͲ
ĚŽ ƚŽƵƌŽƐ ĚĞƐƚĂĐĂĚŽƐ Ğŵ ŶƷŵĞƌŽƐ ĚĞ ĚĞƐĞŵƉĞŶŚŽ Ğ ĨĞŶſƚŝƉŽ͘ ,Z/d' Ġ ƉƌŽĨƵŶĚŽ͕
ĐŽŵƉƌŝĚŽĞĐŽŵĞdžĐĞůĞŶƚĞƐĞůŽƌĂĐŝĂů͘
&/>,K,Z/d'͕^>Ks<ZE,͕^

ZW͛^
ϬϳͬϮϬϭϳ WZKhK DdZE> Z
K^ &W WE W W > D /&E &WDd WZ D Z W K> '
WDz^ нϳ Ͳϰ͘Ϭ нϲϯ нϵϳ нϮϱ Ͳϭ нϭϬ нϮ нϭϮ нϭ͘ϲϰ Ͳ͘Ϭϱ нϮϮ н͘ϯϲ н͘ϬϬϭ
ĐĐ͘ ͘ϲϲ ͘ϴϭ ͘ϳϴ ͘ϳϳ ͘ϲϵ ͘ϰϵ ͘ϰϳ ͘ϲϱ ͘ϰϱ ͘ϰϮ ͘ϯϳ ͘ϱϲ ͘ϯϳ ͘ϰϱ
йdKW ϮϬ ϭ
ZĞĚŶŐƵƐͲDĠĚŝĂƐĚĂZĂĕĂͲ:ƵůŚŽϮϬϭϳ
&W͗нϱͮWE͗Ͳϭ͘ϲͮW͗нϱϵͮW ͗нϵϭͮ>͗нϮϭͮD͗нϭͮ/&E͗нϭϭͮ&WDd͗нϰͮWZ͗нϭϬͮD͗н͘ϰϲͮZ͗нϬ͘ϬϮͮW͗нϮϮͮK> ͗н͘ϭϯͮ'͗н͘ϬϬ

ϰϭ
 ZE'h^
ϳZϳϰ 3UHVWLJLRXV ZKtEWZ^d/'/Kh^ϱϭϱϯ

/ŶĚŝĐĂĚŽƉĂƌĂŶŽǀŝůŚĂƐ͘
WƌŽĚƵnjĐĂƌŶĞĚĞƋƵĂůŝĚĂĚĞ͘

ƌŝĂĚŽƉĂƌĂĂĚŝĐŝŽŶĂƌŐĂŶŚŽĚĞƉĞƐŽĐŽŵĨĂĐŝůŝĚĂĚĞĂŽŶĂƐͲ
ĐĞƌ Ğ ĞdžĐĞůĞŶƚĞƐ ĚĂĚŽƐ ĚĞ ĐĂƌĐĂĕĂƐ͘  WŽƐƐƵŝ ĐŽůŽƌĂĕĆŽ ŝŵͲ
ƉƌĞƐƐŝŽŶĂŶƚĞ͕ƋƵĞŵŽƐƚƌĂĐŽŶƐŝƐƚġŶĐŝĂĞŵƐĞƵǀĞƌŵĞůŚŽ͘

ZĞŐ͗ϭϲϵϰϱϳϳ
ƌŝĂĚŽƌ͗Z͘͘ƌŽǁŶZĂŶĐŚ͕ŽƵďůĞĂƚƚůĞŽ͘
ĂƚĂEĂƐĐ͗͘ϬϵͬϬϭͬϮϬϭϰ

,yŽŶƋƵĞƐƚϰϰϬϱW
WE͗ ϯϱ͕ϵϭŬŐͬ͘d
>^&dĂŬĞŽǀĞƌϵϵϰϯt
W͗ Ϯϴϳ͕ϮϳŬŐͬ͘d
>^&tŝĚĞůŽĂĚZϱϬϭϰhϴϬϲϭ
W͗ ϰϮϵ͕ϱϱŬŐͬ͘d
ϱ>ĞƐƚŝŶĂƚŝŽŶϴϵϯͲϲϮϭϱ
WͬĂŶŽ͗ Eͬ
ƌŽǁŶDƐĞƐƚŝŶĂƚŝŽŶdϳϲϯϰ
&ƌĂŵĞͬĂŶŽ͗ Eͬ
ƌŽǁŶDƐŚĞƌŽŬĞĞWϳϵϭϲ
ZW͛^
ϬϳͬϮϬϭϳ WZKhK DdZE> Z
K^ &W WE W W > D /&E &WDd WZ D Z W K> '
WDz^ нϭϰ Ͳϱ͘Ϯ нϲϭ нϴϵ нϮϯ нϱ нϭϱ нϲ нϭϲ нϭ͘ϬϬ Ͳ͘ϮϬ нϭϱ н͘ϲϴ Ͳ͘ϬϮϬ
ĐĐ͘ ͘ϯϴ ͘ϯϵ ͘ϯϱ ͘ϯϲ ͘ϯϬ ͘ϭϳ ͘Ϯϵ ͘ϰϭ ͘ϰϭ ͘ϯϱ ͘Ϯϴ ͘ϯϬ ͘ϯϬ ͘ϯϲ
йdKW Ϯ ϱ ϭϬ Ϯ Ϯ ϯ ϯ

ZE'h^
ϳZϳϱ 3DFHVHWWHU ZKtEW^ddZzϳϭϳϬ

70
/ŶĚŝĐĂĚŽƉĂƌĂŶŽǀŝůŚĂ͘
/ŶĚŝĐĂĚŽƉĂƌĂ/d&͘

/ŵƉƌĞƐƐŝŽŶĂ ƉŽƌ ƐĞƵ ǀŽůƵŵĞ ŵƵƐĐƵůĂƌ Ğ ĞdžĐĞůġŶĐŝĂ Ğŵ

WƐ͘W^ddZĠƵŵƚŽƵƌŽĐŽŵƉƌŝĚŽĞƉƌŽĨƵŶĚŽƋƵĞ
ŐĂƌĂŶƚĞƌĞŶĚŝŵĞŶƚŽĚĞĐĂƌĐĂĕĂŶĂƐƵĂƉƌŽĚƵĕĆŽ͘ŽŵĨĞƌͲ
ƚŝůŝĚĂĚĞ ƐƵƉĞƌŝŽƌ Ğŵ ƐġŵĞŶ͕ Ġ ƵŵĂ ĨĞƌƌĂŵĞŶƚĂ ŐĞŶĠƚŝĐĂ
ĚĞŵƵŝƚĂĐĂƌŶĞĞſƚŝŵŽƐŶƷŵĞƌŽƐĚĞĚĞƐĞŵƉĞŶŚŽ͘

ZĞŐ͗ϭϰϰϮϯϬϰ
ƌŝĂĚŽƌ͗ƌŽǁŶ&ĂŵŝůLJ'ĞŶĞƚŝĐƐ͕dŚƌŽĐŬŵŽƌƚŽŶ͕dy
ĂƚĂEĂƐĐ͗͘ϭϱͬϬϮͬϮϬϭϯ

WE͗ ĞĐŬƚŽŶEĞďƵůĂDϬϰϱ
ϯϯ͕ϭϴŬŐͬ͘d
ĞĐŬƚŽŶEĞďƵůĂWWϳϬϳ
W͗ Ϯϴϯ͕ϭϴŬŐͬ͘d
ĞĐŬƚŽŶ>ĂŶĂDϴϬϵW
W͗ ϰϭϭ͕ϴϮŬŐͬ͘d
ƌŽǁŶZĞǀĞůĂƚŝŽŶWϳϬϮϭ
WͬĂŶŽ͗ ϯϰ
ƌŽǁŶDƐZĞǀĞůĂƚŝŽŶhϳϳϰϴ
&ƌĂŵĞͬĂŶŽ͗ Ͳ
ƌŽǁŶDƐďďLJWϳϵϰϰ
ZW͛^
ϬϳͬϮϬϭϳ WZKhK DdZE> Z
K^ &W WE W W > D /&E &WDd WZ D Z W K> '
WDz^ нϭϮ Ͳϱ͘ϴ нϲϭ нϭϬϲ нϮϰ нϰ нϭϯ нϰ нϭϴ нϭ͘ϭϲ Ͳ͘Ϭϱ нϮϱ н͘ϰϱ н͘ϬϬϭ
ĐĐ͘ ͘ϱϮ ͘ϳϲ ͘ϳϬ ͘ϳϬ ͘ϰϴ ͘ϭϳ ͘ϯϯ ͘ϱϮ ͘ϰϯ ͘ϰϬ ͘ϯϲ ͘ϱϯ ͘ϯϰ ͘ϰϰ
йdKW ϭϱ ϭϬ ϭ ϯ
ZĞĚŶŐƵƐͲDĠĚŝĂƐĚĂZĂĕĂͲ:ƵůŚŽϮϬϭϳ
&W͗нϱͮWE͗Ͳϭ͘ϲͮW͗нϱϵͮW ͗нϵϭͮ>͗нϮϭͮD͗нϭͮ/&E͗нϭϭͮ&WDd͗нϰͮWZ͗нϭϬͮD͗н͘ϰϲͮZ͗нϬ͘ϬϮͮW͗нϮϮͮK> ͗н͘ϭϯͮ'͗н͘ϬϬ

ϰϮ
ϯ
 ZE'h^
ϳZϲϲ
([FOXVLYH >^&Zy>h^/sϮϳϵϯ

70

ZĞŐ͗ϭϱϱϭϯϮϱͲZĞŐ͘EĂĐ͗,/ϭϱϰϴ
ƌŝĂĚŽƌ͗ƌŽǁŶ&ĂŵŝůLJ'ĞŶĞƚŝĐƐ͕dŚƌŽĐŬŵŽƌƚŽŶ͕dy
ĂƚĂEĂƐĐ͗͘ϮϲͬϬϮͬϮϬϭϮ

ĞĐŬƚŽŶEĞďƵůĂWWϳϬϳ
WE͗ ϯϲŬŐͬ͘d ƌŽǁŶWĂƌĂŵŽƵŶƚyϳϴϳϵ
W͗ ϯϭϬŬŐͬ͘d ƌŽǁŶĞƐƚŝŶĂƚŝŽŶdϳϲϲϰ
W͗ ϱϰϬŬŐͬ͘d
WͬĂŶŽ͗ ϯϳĐŵ͘ >:DŝƐƐŝŽŶ^ƚĂƚĞŵĞŶƚWϮϳ
&ƌĂŵĞͬĂŶŽ͗ ϱ͘Ϯ ƌŽǁŶDƐDŝƐƐŝŽŶ^ƚŵƚtϳϱϮϱ
ƌŽǁŶDƐŚĞLJĞŶŶĞ^ϳϲϭϭ

/ŶĚŝĐĂĚŽƉĂƌĂŶŽǀŝůŚĂƐ͘
MƚŝŵŽƐĞůŽƌĂĐŝĂů͘

KĨĞƌĞĐĞƵŵƉĂĐŽƚĞĚĞWƐĞƐƉĞƚĂĐƵůĂƌĞƐĚĞĨĂĐŝůŝĚĂĚĞĚĞƉĂƌƚŽ͕ƉĞƐŽĂŽŶĂƐĐĞƌ͕ŐĂŶŚŽĂĐĞůĞƌĂͲ
ĚŽĚĞƉĞƐŽĞŵĂƌŵŽƌĞŝŽ͕ĂůŝĂĚŽƐĂƵŵĨĞŶſƚŝƉŽŝŵƉĞĐĄǀĞů͘y>h^/sĠŚĂƌŵƀŶŝĐŽ͕ƉƌŽĨƵŶĚŽ͕
ŵƵŝƚŽĨŽƌƚĞĞĐŽŵŽƉĂĚƌĆŽƌĂĐŝĂůƋƵĞŽZĞĚŶŐƵƐďƵƐĐĂ͘

ZW͛^
ϬϳͬϮϬϭϳ WZKhK DdZE> Z
K^ &W WE W W > D /&E &WDd WZ D Z W K> '
WDz^ нϯ Ͳϯ͘ϴ нϱϮ нϳϵ нϭϱ нϭ нϭϰ нϰ нϭϯ нϭ͘ϰϭ н͘Ϭϴ нϭϮ Ͳ͘ϭϯ н͘ϬϬϭ
ĐĐ͘ ͘ϱϴ ͘ϳϴ ͘ϳϮ ͘ϳϮ ͘ϱϯ ͘ϭ ͘ϴ ͘ϱϰ ͘ϰ ͘ϯϳ ͘ϯϱ ͘ϱϰ ͘ϯϮ ͘ϰϯ
йdKW ϭϱ ϭ
ZĞĚŶŐƵƐͲDĠĚŝĂƐĚĂZĂĕĂͲ:ƵůŚŽϮϬϭϳ
&W͗нϱͮWE͗Ͳϭ͘ϲͮW͗нϱϵͮW ͗нϵϭͮ>͗нϮϭͮD͗нϭͮ/&E͗нϭϭͮ&WDd͗нϰͮWZ͗нϭϬͮD͗н͘ϰϲͮZ͗нϬ͘ϬϮͮW͗нϮϮͮK> ͗н͘ϭϯͮ'͗н͘ϬϬ

ϰϯ
 ZE'h^
ϳZϲϴ
&RURQDGR ZKtEKZKEKϳϮϲϲ

70

ZĞŐ͗ϭϱϱϬϱϰϯͲZĞŐ͘EĂĐ͗,/ϭϱϰϳ
ƌŝĂĚŽƌ͗ƌŽǁŶ&ĂŵŝůLJ'ĞŶĞƚŝĐƐ͕dy
ĂƚĂEĂƐĐ͗͘ϬϴͬϬϮͬϮϬϭϮ

>:>ĂŶĐĞƌϴϬϲ
WE͗ ϯϳŬŐͬ͘d >:DŝƐƐŝŽŶ^ƚĂƚĞŵĞŶƚWϮϳ
W͗ ϮϱϱŬŐͬ͘d >:,ĂŶŶĂŚϭϬϲ
W͗ ϰϬϱŬŐͬ͘d
WͬĂŶŽ͗ ϯϳĐŵ͘ ϱ>ĞƐƚŝŶĂƚŝŽŶϴϵϯͲϲϮϭϱ
&ƌĂŵĞͬĂŶŽ͗ ϱ͘Ϭ ƌŽǁŶDƐĞƐƚŝŶĂƚŝŽŶdϳϲϯϰ
ƌŽǁŶDƐŚĞƌŽŬĞĞWϳϵϭϲ

WƌŽĚƵnjĐĂƌŶĞĚĞƋƵĂůŝĚĂĚĞ͘
WŽƐƐƵŝƐĞůŽĚĞĨĞƌƚŝůŝĚĂĚĞ͘

^ƵĂƉƌŽĚƵĕĆŽĠĚĞĨĄĐŝůƚĞƌŵŝŶĂĕĆŽ͕ŐƌĂŶĚĞƋƵĂůŝĚĂĚĞĞƌĞŶĚŝŵĞŶƚŽĚĞĐĂƌĐĂĕĂ͘KZKEK
ƚĞŵĨŽƌƚĞĞƐƚƌƵƚƵƌĂſƐƐĞĂ͕ƉĞůĂŵĞƚŽƚĂůŵĞŶƚĞĂĚĂƉƚĂĚŽĂŽŶŽƐƐŽĐůŝŵĂ͕ĞŵƵŝƚŽǀŽůƵŵĞĚĞ
ŵƷƐĐƵůŽĞŵƐĞƵƚƌĞŵƉŽƐƚĞƌŝŽƌ͘

ZW͛^
ϬϳͬϮϬϭϳ WZKhK DdZE> Z
K^ &W WE W W > D /&E &WDd WZ D Z W K> '
WDz^ нϱ ͲϮ͘ϯ нϱϱ нϴϵ нϮϴ нϮϯ нϭϳ нϭ нϭϱ н͘ϲϰ Ͳ͘Ϯϱ нϮϬ н͘ϳϴ Ͳ͘ϬϬϭ
ĐĐ͘ ͘ϰϬ ͘ϲϬ ͘ϱϮ ͘ϱϬ ͘Ϯϲ ͘ϯϮ ͘ϯϯ ͘ϰϭ ͘ϰϱ ͘ϰϯ ͘ϯϱ ͘ϰϭ ͘ϯϴ ͘ϰϯ
йdKW ϮϬ ϭϬ ϭϬ ϭϬ ϭϬ
ZĞĚŶŐƵƐͲDĠĚŝĂƐĚĂZĂĕĂͲ:ƵůŚŽϮϬϭϳ
&W͗нϱͮWE͗Ͳϭ͘ϲͮW͗нϱϵͮW ͗нϵϭͮ>͗нϮϭͮD͗нϭͮ/&E͗нϭϭͮ&WDd͗нϰͮWZ͗нϭϬͮD͗н͘ϰϲͮZ͗нϬ͘ϬϮͮW͗нϮϮͮK> ͗н͘ϭϯͮ'͗н͘ϬϬ

ϰϰ
 ZE'h^
Zϭϯϱ
7LQWR d/EdK

ZĞŐ͗,WKϭϴϯϳϰϴ
ƌŝĂĚŽƌ͗ŐƌŽEĞŵŝƚnj͕DĂŶŽĞůsŝĂŶĂ͕Z^
ĂƚĂEĂƐĐ͗͘ϭϮͬϬϴͬϮϬϭϰ

dƌĞƐDĂƌŝĂƐϱϴϯϵYhZ,K
WE͗ ϰϬŬŐ͘ dƌĞƐDĂƌŝĂƐϲϵϮϳWƵĐĂƌĄ
W͗ ϮϭϱŬŐ͘ dƌĞƐDĂƌŝĂƐϱϰϵϰ^ZdZ/
W͗ ϰϱϱŬŐ͘
WͬĂŶŽ͗ ϯϳĐŵ͘ WĂƐƚŽƌŝnjĂϱϲϱZ/
&ƌĂŵĞͬĂŶŽ͗ Eͬ >ŝŶĚşƐƐŝŵĂKϯϵĂƌƚŽůŽŵĠƌŝŐĂĚŝĞƌ
/ŶŚĂŶĚƵϭϱϬĂƌƚ d/EdK

ĞĐĂϭƉĂƌĂşŶĚŝĐĞĨŝŶĂůŶŽWZKDK͘
/ŶĚŝĐĂĚŽƉĂƌĂ/d&͘

džĐĞůĞŶƚĞŽƉĕĆŽĞŵǀĞƌŵĞůŚŽƉŽƌƐĞƚƌĂƚĂƌĚĞƵŵƌĞƉƌŽĚƵƚŽƌĚĞſƚŝŵĂĐĂƌĂĐƚĞƌŝnjĂĕĆŽƌĂĐŝͲ
Ăů͕ŐƌĂŶĚĞǀŽůƵŵĞĐŽƌƉŽƌĂů͕ĨŽƌƚĞĞƐƚƌƵƚƵƌĂſƐƐĞĂĞŵĂŐŶşĨŝĐĂƐWƐ͘d/EdKƉŽƐƐƵŝƵŵĂĨĞƌͲ
ƚŝůŝĚĂĚĞƐƵƉĞƌŝŽƌĞŵƉƌŽŐƌĂŵĂƐĚĞ/d&͘ d/EdK

K^WZKDKͲϭϰͬϬϱͬϮϬϭϱ
K^ 'E 'E^ ^ W^ D^ /E&
K^ ͲϬ͘Ϯϴ нϬ͘ϴϴ н͘ϭϮ н͘Ϯϵ н͘ϯϲ нϭϭ͘ϬϬ
 ϲ ϱ Ϯ ϭ ϭ ϭ
ZĞĚŶŐƵƐͲDĠĚŝĂƐĚĂZĂĕĂͲ:ƵůŚŽϮϬϭϳ
&W͗нϱͮWE͗Ͳϭ͘ϲͮW͗нϱϵͮW ͗нϵϭͮ>͗нϮϭͮD͗нϭͮ/&E͗нϭϭͮ&WDd͗нϰͮWZ͗нϭϬͮD͗н͘ϰϲͮZ͗нϬ͘ϬϮͮW͗нϮϮͮK> ͗н͘ϭϯͮ'͗н͘ϬϬ

ϰϱ
 ZE'h^
ϳZϳϮ 5HQHZDO ZKtEyZEt>ϭϵϱϭ

WĞƌĨĞŝƚŽƉĂƌĂĂĐĂƐĂůĂƌĐŽŵĨŝůŚĂƐĚĞŽǀĞŶĂŶƚ
70

Ğ^ƵŶ<ŝŶŐ͘
/ŶĚŝĐĂĚŽƉĂƌĂŶŽǀŝůŚĂƐ͘

ŽŵŵƵŝƚĂƉƌŽĨƵŶĚŝĚĂĚĞĞƉƵƌĞnjĂƌĂĐŝĂů͕ZEt>ĠƵŵĂ
ſƚŝŵĂŽƉĕĆŽƉĂƌĂŶŽǀŝůŚĂƐƉŽŝƐĠƵŵĂĨĞƌƌĂŵĞŶƚĂŐĞŶĠƚŝĐĂ
ƉĂƌĂĨĂĐŝůŝĚĂĚĞĚĞƉĂƌƚŽĞŐĂŶŚŽĂĐĞůĞƌĂĚŽĚĞƉĞƐŽ͘

ZĞŐ͗ϭϲϭϮϳϯϮ
ƌŝĂĚŽƌ͗Z͘͘ƌŽǁŶZĂŶĐŚ͕dy
ĂƚĂEĂƐĐ͗͘ϭϱͬϬϮͬϮϬϭϯ

WE͗ &^ĞƋƵŽLJĂϬϯϲϭ
Ϯϴ͕ϭϴŬŐͬ͘ƌĂƚŝŽϴϲ
,ƵƐƚŚŝĞĨ^ĞƋƵŽLJĂZϯϯϲ
W͗ ϮϳϮ͕ϮϳŬŐͬ͘ƌĂƚŝŽϵϱ
>ZĞďĞůůĂEĂϭϮϯ
W͗ ϰϴϰ͕ϬϵŬŐͬ͘ƌĂƚŝŽϵϲ
ĞĐŬƚŽŶEĞďƵůĂWWϳϬϳ
WͬĂŶŽ͗ Eͬ
ƌŽǁŶD^WϳϬϳzϳϳϯϳ
&ƌĂŵĞͬĂŶŽ͗ Eͬ
ƌŽǁŶDƐDŝƐƐŝŽŶ^ƚĂƚĞŵĞŶƚh
ZW͛^
ϬϳͬϮϬϭϳ WZKhK DdZE> Z
K^ &W WE W W > D /&E &WDd WZ D Z W K> '
WDz^ нϭϮ Ͳϱ͘ϵ нϲϲ нϵϴ нϮϮ нϲ нϭϯ нϯ нϭϲ н͘ϳϰ Ͳ͘Ϭϱ нϭϵ н͘Ϯϳ н͘ϬϬ
ĐĐ͘ ͘ϯϮ ͘ϰϱ ͘ϯϯ ͘ϯϱ ͘Ϯϳ ͘ϰ ͘Ϯϲ ͘ϯϲ ͘ϰϮ ͘Ϯϴ ͘Ϯϭ ͘ϯϬ ͘ϮϮ ͘Ϯϯ
йdKW ϭϬ Ϯ ϮϬ Ϯ ϭϬ

ZE'h^
ϳZϳϳ (IILFLHQW ZKtE&W&&//Edϱϰϱϰ

/ŶĚŝĐĂĚŽƉĂƌĂŶŽǀŝůŚĂ͘
ƋƵŝůşďƌŝŽĞĐŽŶƐŝƐƚġŶĐŝĂ͘

dŽƵƌŽƋƵĞƐĞĚĞƐƚĂĐĂĞŵƚŽĚĂƐĂƐĐĂƌĂĐƚĞƌşƐƚŝĐĂƐĚĞƉƌŽͲ
ĚƵĕĆŽĚĞĐĂƌŶĞĚĞƋƵĂůŝĚĂĚĞ͕ĞŵƵŵĨĞŶſƚŝƉŽŵƵŝƚŽĂƚƌĂͲ
ƚŝǀŽƉĂƌĂŽZĞĚͲŶŐƵƐ͘&&//EdĠŚĂƌŵƀŶŝĐŽ͕ĐŽŵƉƌŝĚŽ͕
ĐŽŵŽƐƐŽƐĨŽƌƚĞƐĞƵŵǀĞƌŵĞůŚŽŵƵŝƚŽĐŽŶƐŝƐƚĞŶƚĞ͘

ZĞŐ͗ϯϰϵϳϬϯϵ
ƌŝĂĚŽƌ͗Θ&ĂŵŝůLJWĂƌƚŶĞƌƐ͕>ƚĚ͘ĂŶĚZ͘͘ƌŽǁŶZĂŶĐŚ͕
dyĂŶĚƌŽŝƐƐĂŶƚZĞĚŶŐƵƐ͕KͲĂƚĂEĂƐĐ͗͘ϬϭͬϬϯͬϮϬϭϱ

WE͗ ĞĐŬƚŽŶEĞďƵůĂWWϳϬϳ
ϯϳ͕ϮϳŬŐͬ͘d
ƌŽǁŶ:z:ZĞĚĞŵƉƚŝŽŶzϭϯϯϰ
W͗ ϯϮϮ͕ϳϯŬŐͬ͘d
:z:DƐ:ŽůĞŶĞtϭϲ
W͗ ϱϬϯ͕ϲϰŬŐͬ͘d
>ŚĞLJĞŶŶĞϮϮϭ>
WͬĂŶŽ͗ ϯϱĐŵ
ƌŽǁŶDƐŚĞLJĞŶŶĞdϲϵϳϲ
&ƌĂŵĞͬĂŶŽ͗ ϰ͘ϵ
ƌŽǁŶDƐsĂĐĂƚŝŽŶWϲϴϰϭ
ZW͛^
ϬϳͬϮϬϭϳ WZKhK DdZE> Z
K^ &W WE W W > D /&E &WDd WZ D Z W K> '
WDz^ нϭϮ Ͳϯ͘ϭ нϳϱ нϭϯϭ нϮϭ нϴ нϭϮ нϲ нϭϵ н͘ϳϮ н͘ϭϭ нϰϰ н͘Ϯϯ н͘ϬϮ
ĐĐ͘ ͘ϯϭ ͘ϯϱ ͘Ϯϵ ͘ϯϭ ͘Ϯϱ ͘ϭϬ ͘Ϯϵ ͘ϯϲ ͘ϰϭ ͘ϯϯ ͘Ϯϱ ͘Ϯϲ ͘Ϯϵ ͘ϯϬ
йdKW ϭϬ ϭϬ ϭ ϭ ϭϱ ϯ
ZĞĚŶŐƵƐͲDĠĚŝĂƐĚĂZĂĕĂͲ:ƵůŚŽϮϬϭϳ
&W͗нϱͮWE͗Ͳϭ͘ϲͮW͗нϱϵͮW ͗нϵϭͮ>͗нϮϭͮD͗нϭͮ/&E͗нϭϭͮ&WDd͗нϰͮWZ͗нϭϬͮD͗н͘ϰϲͮZ͗нϬ͘ϬϮͮW͗нϮϮͮK> ͗н͘ϭϯͮ'͗н͘ϬϬ

ϰϲ
ϯ
 +DUUÂ
ZE'h^
Zϳϯϭ W/Z/dϳϯϭHdK,ZZ|

ZĞŐ͗,ϳϴϳϴϰϱͲZĞŐ͘EĂĐ͗,/ϭϯϵϴ
ƌŝĂĚŽƌ͗ĂďĂŶŚĂ>ĂWŝĞĚƌŝƚĂ
ĂƚĂEĂƐĐ͗͘ϭϰͬϬϴͬϮϬϭϬ

&<ŚĞƌŽŬĞĞEzEϰϵϭϮ
WE͗ ϯϱŬŐͬ͘d >&ŝĞůĚĂLJϲϭϰE
W͗ ϮϵϵŬŐͬ͘d >WƌŝŶĐĞƐƐůϬϵϵ
W͗ ϳϲϬͬd 
WͬĂŶŽ͗ ϯϵ͘ϴĐŵ ůŐƵŝůϴϴϵ,ĞƌĐƵůĞƐͲd
&ƌĂŵĞͬĂŶŽ͗ ϱ͘ϱ HĂƚĂϮϳϯ,ĞƌĐƵůĞƐŽƉZŽďϭϱϵ
HĂƚĂϭϱϵŽƉƉĞƌZŽďϭϵͲd
,ZZ|

/ŶĚŝĐĂĚŽƉĂƌĂŶŽǀŝůŚĂƐ͘
 ƌŽĚƵnjĂŶŝŵĂŝƐĚĞĞůŝƚĞ͘
W

^ƵĂƉƌŽĚƵĕĆŽƐĞĐŽŶƐĂŐƌŽƵŶŽƐƌĞŵĂƚĞƐĚŽƐƉƌŝŶĐŝƉĂŝƐĐƌŝĂĚŽƌĞƐĚĞŶŐƵƐsĞƌŵĞůŚŽƐŶĂ
ƌŐĞŶƚŝŶĂĞŶŽƌĂƐŝů͕ĐŽŵŽƚĂŵďĠŵŶĂƐĨĞŝƌĂƐĞĞdžƉŽƐŝĕƁĞƐĚĞƐƚĞƐƉĂşƐĞƐ͘^ƵĂƐĨŝůŚĂƐƐĆŽ
ĨĞŵŝŶŝŶĂƐĐŽŵŵƵŝƚĂƉƌĞĐŽĐŝĚĂĚĞ͕ŚĂƌŵŽŶŝĂĞďĞůŽƐĞůŽƌĂĐŝĂů͘^ĞƵƐĨŝůŚŽƐũĄĐŽŵŽƚŽƵƌŽƐ
ƉŽƐƐƵĞŵĨŽƌƚĞĞƐƚƌƵƚƵƌĂſƐƐĞĂ͕ƐĆŽŵƵƐĐƵůŽƐŽƐĞƉƌŽĨƵŶĚŽƐ͘

ZͲƌŐĞŶƚŝŶĂW͛^Ͳ:ƵůŚŽϮϬϭϱ
K^ WE W W& > W >d
WDz^ ͲϬ͘ϰ нϵ͘Ϭ нϭϯ͘ϳ нϮ͕ϲ нϬ͘ϵ нϭ͘ϱ
ĐĐ͘ ͘ϵϮ ͘ϴϯ ͘ϲϭ ͘ϯϰ ͘ϴϭ ͘ϵϮ
йdKW
ZĞĚŶŐƵƐͲDĠĚŝĂƐĚĂZĂĕĂͲ:ƵůŚŽϮϬϭϳ
&W͗нϱͮWE͗Ͳϭ͘ϲͮW͗нϱϵͮW ͗нϵϭͮ>͗нϮϭͮD͗нϭͮ/&E͗нϭϭͮ&WDd͗нϰͮWZ͗нϭϬͮD͗н͘ϰϲͮZ͗нϬ͘ϬϮͮW͗нϮϮͮK> ͗н͘ϭϯͮ'͗н͘ϬϬ

ϰϳ
 ZE'h^
ϳEϬϬϳ
&UXLVH tZh/^ϭϬϳϯ

ZĞŐ͗ZϭϬϮϵϯϰϱϳ
ƌŝĂĚŽƌ͗ůĂĐŬǁĂƚĞƌĂƚƚůĞŽŵƉĂŶLJ
ĂƚĂEĂƐĐ͗͘ϭϵͬϭϬͬϮϬϭϰ

DůĞŐŝĚŽϵϮϰtϲ
WE͗ ϯϳ͕ϳϯŬŐͬ͘ƌĂƚŝŽϭϬϳ tƌƵŝƐĞϴϴϵϮϴ
W͗ Ϯϳϴ͕ϲϰŬŐͬ͘ƌĂƚŝŽϵϬ tDƐ>ĞĂĚ'ƵŶϴϴϵtϮϲ
W͗ ϱϬϮ͕ϮϳŬŐͬ͘ƌĂƚŝŽϭϬϭ
WͬĂŶŽ͗ ϯϱ͕ϲĐŵ͘ DZŽĐŬ^ƚĂƌϵϮϰhϲ
&ƌĂŵĞͬĂŶŽ͗ ϲ͕Ϯ tDƐZŽĐŬ^ƚĂƌϭϬϳϳ
tDƐZĞĂůĞĂůϭϬϳhϯ

WĞĚŝŐƌĞĞĚĞƉĞƐŽ͘
WƵƌĞnjĂƌĂĐŝĂůĞŵƵŝƚĂƉƌĞĐŽĐŝĚĂĚĞ͘

hŵ ƉĞĚŝŐƌĞĞ ĚĞ ŵƵŝƚĂ ĐŽŶƐŝƐƚġŶĐŝĂ Ğ ŝŵƉŽƌƚąŶĐŝĂ ĚĞŶƚƌŽ ĚŽ ƌĂŶŐƵƐ͘ Zh/^ ƉŽƐƐƵŝ ĞdžĐĞͲ
ůĞŶƚĞƐ ŶƷŵĞƌŽƐ Ğŵ ƐƵĂƐ WƐ Ğ Ƶŵ ĨĞŶſƚŝƉŽ ƋƵĞ ŝŵƉƌĞƐƐŝŽŶĂ͘ DƵŝƚŽ ĐŽƌƌĞƚŽ ĚĞ ƉƌĞƉƷĐŝŽ͕
ƉƌĞĐŽĐĞ͕ĐŽŵĞdžĐĞůĞŶƚĞůŽŵďŽ͕ŝŶƐĞƌĕĆŽĚĞĐŽůĂ͕ĞĚĞŵƵŝƚĂƉƵƌĞnjĂƌĂĐŝĂůͲƚƵĚŽŝƐƐŽƐƵƐƚĞŶƚĂĚŽ
ƉŽƌĞƐƚƌƵƚƵƌĂſƐƐĞĂŝŶĐƌşǀĞů͘

/W͛^Ͳ:hE,KϮϬϭϳ
K^ &W WE W W > Dd &WD W K> '/D '
WDz^ нϭ͘ϲ нϭ͘Ϯ нϯϱ нϲϯ нϱ нϮϮ нϱ͘ϵ Ͳ͘ϭϮ н͘ϱϱ Ͳ͘Ϭϭ Ͳ͘Ϭϭϲ
ĐĐ͘ ͘ϯϴ ͘ϱϬ ͘ϰϮ ͘ϯϯ ͘Ϯϱ ͘Ϯϱ ͘ϰϯ ͘ϰϰ ͘ϯϱ ͘ϰϮ
йdKW ϮϬ ϮϬ ϮϬ
ƌĂŶŐƵƐͲDĠĚŝĂƐĚĂZĂĕĂ:ƵŶŚŽϮϬϭϳ
&W͗нϰ͘ϬͮWE͗нϬ͘ϵͮW͗нϮϯ͘ϵͮW ͗нϰϰ͘ϵͮ>͗нϵ͘ϮͮDd͗нϰ͘ϭͮ&WD͗нϮϭ͘ϮͮW ͗нϬ͘ϰϯͮK>͗нϬ͘ϯϯͮ'/D͗нϬ͘Ϭϰͮ'͗Ͳ͘ϬϰϬ

ϰϵ
 ZE'h^
ϳEϰ 3DVVSRUW ^ZKZd^W^^WKZdϰϬϵhϯ

&ŝůŚŽĚĞƵŵĂĚĂƐŵĞůŚŽƌĞƐǀĂĐĂƐĚŽƌĞďĂŶŚŽƌŝŶŬƐ͘
džĐĞůĞŶƚĞƚĞŵƉĞƌĂŵĞŶƚŽ͘

dŽƵƌŽ ĚĞ ŵƵŝƚŽ ďŽĂ ĐĂďĞĕĂ͕ ĨŽƌƚĞ ĚĞ ŽƐƐĂƚƵƌĂ͕ ůĂƌŐŽ ĚĞ ŐĂͲ
ƌƵƉĂ͕ƋƵĞĐĂŵŝŶŚĂĞŵſƚŝŵŽƐĂƉƌƵŵŽƐĞĠĐŽƌƌĞƚşƐƐŝŵŽĚĞ
ƉƌĞƉƷĐŝŽ͘^ƵĂƉƌŽĚƵĕĆŽĠĐŽŶƐŝƐƚĞŶƚĞĞĚĞĂůƚŽĚĞƐĞŵƉĞŶŚŽ͘

ZĞŐ͗,ϭϬϭϮϯϭϱϯ
ƌŝĂĚŽƌ͗ZŽďĞƌƚƐZĂŶĐŚ͕dyĂŶĚ^ŽƵƚŚĞƌŶĂƚƚůĞŽ͕͘&>
ĂƚĂEĂƐĐ͗͘ϭϰͬϬϰͬϮϬϬϴ

ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ

>ĞĂĚ'ƵŶŽĨƌŝŶŬƐϮϮϮ<ϭϰ
WE͗ ϰϬŬŐͬ͘ƌĂƚŝŽϭϬϱ
,ĞŶĚĞƌƐŽŶŽĨƌŝŶŬƐϯϬ^ϳ
W͗ Ϯϲϭ͕ϴϮŬŐͬ͘ƌĂƚŝŽϵϵ
D^ƌŝŶŬƐ^ŽŶĂƌ^ϬWϭϯ
W͗ ϰϰϮ͕ϮϳŬŐͬ͘ƌĂƚŝŽϵϵ
^ƵŶĚĂŶĐĞŽĨƌŝŶŬƐϯϵϮ'ϵ
WͬĂŶŽ͗ Ͳ
^ƵŶŶLJ^ŚĂƋϰϬϵͬϯ
&ƌĂŵĞͬĂŶŽ͗ Ͳ
DŝƐƐƌŝŶŬƐ^ŚĂƋϰϬϵ&ϲ ,EZ^KEK&Z/E<^ϯϬ^ϳͲW/W^^WKZd
/W͛^Ͳ:hE,KϮϬϭϳ
K^ &W WE W W > Dd &WD W K> '/D '
WDz^ нϭ͘ϰ нϬ͘ϱ нϴ нϰϰ нϭϭ нϮϯ нϯ͘ϱ н͘ϱϱ н͘ϯϬ н͘ϬϮ Ͳ͘Ϭϱϭ
ĐĐ͘ ͘ϯϵ ͘ϱϮ ͘ϰϯ ͘ϬϯϮ ͘ϯϬ ͘ϯϭ ͘ϯϰ ͘ϰϯ ͘ϯϰ ͘ϰϬ
йdKW ϭϱ

ZE'h^
EϬϲϬϯ 6DUDQG\ ^ZEz

džĐĞůĞŶƚĞƐĂƚƌŝďƵƚŽƐĐĂƌŶŝĐĞŝƌŽƐ͘
MƚŝŵŽƚĞŵƉĞƌĂŵĞŶƚŽ͘

hƚŝůŝnjĂĚŽĞŵŐƌĂŶĚĞĞƐĐĂůĂƉĂƌĂĂƉƌŽĚƵĕĆŽĚĞďĞnjĞƌƌŽƐ͕
ƐƵĂƉƌŽŐġŶŝĞĠŵƵŝƚŽƉĂĚƌŽŶŝnjĂĚĂĞĚĞĞdžĐĞůĞŶƚĞƐŶƷŵĞͲ
ƌŽƐĚĞĚĞƐĞŵƉĞŶŚŽ͘

ZĞŐ͗'Ϭϭϱϵ
ƌŝĂĚŽƌ͗ĚƵĂƌĚŽDĂĐĞĚŽ>ŝŶŚĂƌĞƐ
ĂƚĂEĂƐĐ͗͘ϬϭͬϬϵͬϮϬϭϬ

ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ

&KdK͗ůĞdžĂŶĚƌĞdĞŝdžĞŝƌĂ^ƚĞĨĂŶŝ
^sD^DĂŝŶůŝŶĞͲϯϭϰͲ/Ͳϰϴϳ͘ϱϴϭ
>ĂƐ>ŝůĂƐϵϯϬϱKƌŽƐĐŽ>ĂƐƉŝƵƌϵϯϵϱͲͲϭϭϮ͘ϴϮϮ
>ĂƐ>ŝůĂƐϬϮϴϭϴ>ĂƐƉŝƵƌϭϭϵϵϴϱͲ
ZDϯϴϬϲͲϯϬͲϯϴ
'WϭϬϮϰͲϭϬϮϰͲϯϴͲϴϲϱ
ZW͘DƷůƚŝƉůŽƐͲϯϴ
^ZEz
K^WZKDKͲϭϰͬϬϱͬϮϬϭϱ
K^ WE 'E 'E^ ^ W^ D^ /E&
K^ нϮ͘ϭϰ нϰ͘ϴϴ нϳ͘ϬϮ н͘ϮϬ н͘ϭϰ н͘ϭϵ нϭϮ͘ϴϱ
 ϯ ϭ ϭ ϭ Ϯ Ϯ ϭ

ƌĂŶŐƵƐͲDĠĚŝĂƐĚĂZĂĕĂ:ƵŶŚŽϮϬϭϳ
&W͗нϰ͘ϬͮWE͗нϬ͘ϵͮW͗нϮϯ͘ϵͮW ͗нϰϰ͘ϵͮ>͗нϵ͘ϮͮDd͗нϰ͘ϭͮ&WD͗нϮϭ͘ϮͮW ͗нϬ͘ϰϯͮK>͗нϬ͘ϯϯͮ'/D͗нϬ͘Ϭϰͮ'͗Ͳ͘ϬϰϬ

ϱϬ
ϯ
 ZE'h^
EϬϱϵ ,SKRQH /W,KE

ĞĐĂϭƉĂƌĂşŶĚŝĐĞĨŝŶĂů͘
^ġŵĞŶĚĞĂůƚşƐƐŝŵĂĨĞƌƚŝůŝĚĂĚĞ͘

džƚƌĞŵŽ ǀŽůƵŵĞ ŵƵƐĐƵůĂƌ͕ ŵƵŝƚŽ ƉƌŽĨƵŶĚŽ͕ ĐŽŵƉƌŝĚŽ ĚĞ

ĂƉƌƵŵŽƐ Ğ ƉƌĞƉƷĐŝŽƐ ĐŽƌƌĞƚşƐƐŝŵŽƐ͘ /W,KE ƉŽƐƐƵŝ WƐ
ĞdžĐĞůĞŶƚĞƐ Ğ Ƶŵ ĨĞŶſƚŝƉŽ ŵƵŝƚŽ ĂƚƌĂƚŝǀŽ ƉĂƌĂ ƌĞďĂŶŚŽƐ
ŵĂŝƐĂnjĞďƵĂĚŽƐ͘ĐƌĞƐĐĞŶƚĂǀŽůƵŵĞĞƚĂŵĂŶŚŽŵŽĚĞƌĂĚŽ
ăƉƌŽĚƵĕĆŽ͘

ZĞŐ͗W^ϴϵ͘ϵϬϵ
ƌŝĂĚŽƌ͗'W'ĞŶĠƚŝĐĂŐƌŽƉĞĐĄƌŝĂ
ĂƚĂEĂƐĐ͗͘ϭϬͬϬϰͬϮϬϭϱ

'W^ϱϬϱͬϬϭ;ϯͬϴͿ
'WEŝŶũĂ;ϯͬϴͿ
ϮϮϳϴϬϱ'W;ϯͬϴͿ
^͘ŝďŝĂŶŽϯϲϬϵͬϬϳ;ϯͬϴͿ
'ϬϳϮϲϭϬ'W;ϯͬϴͿ
hϭϰϴϬϬϮ'W;ϯͬϴͿ
/W,KE
'E^z^Ͳ:h>,KϮϬϭϱ
K^ 'WE 'W^ 'WE^ W/ W/W /E /E&
WDz^ нϲ͘ϯϱ нϴ͘ϲϲ ϭϱ͘ϬϬ ϭ͘Ϭϳ Ϭ͘ϯϴ ϭϭ͘ϯϬ ϭϳ͘ϲϱ
 ϭ ϭ ϭ ϭ ϯ ϭ ϭ

ZE'h^
EϬϲϱ <RXWXEH zKhdh

ĞĐĂϭƉĂƌĂşŶĚŝĐĞĨŝŶĂů͘
&ĞƌƚŝůŝĚĂĚĞĞdžĐĞƉĐŝŽŶĂů͘

ĞƐƚĂĐĂͲƐĞƉŽƌƐƵĂƋƵĂůŝĚĂĚĞƌĂĐŝĂů͘ŵƵŝƚŽĐŽƌƌĞƚŽĞŵ
ƐƵĂůŝŶŚĂƐƵƉĞƌŝŽƌ͕ŚĂƌŵƀŶŝĐŽ͕ƉƌŽĨƵŶĚŽĞĐŽŵƉƌŝĚŽ͘WŽƐͲ
ƐƵŝůŝŵƉĞnjĂĚĞƉƌĞƉƷĐŝŽ͕ƉŽƌĠŵŶĆŽƉĞƌĚĞĂĐĂƌĂĐƚĞƌşƐƚŝĐĂ
ĚĞ͞ĐŽƵƌŽƐŽůƚŽ͘͟zKhdhƵŵĂĨĞƌƌĂŵĞŶƚĂŐĞŶĠƚŝĐĂƉĂƌĂ
ƌĞďĂŶŚŽƐŵĂŝƐďƌŝƚąŶŝĐŽƐ͘

ZĞŐ͗W^ϭϬϮ͘ϭϳϱ
ƌŝĂĚŽƌ͗'W'ĞŶĠƚŝĐĂŐƌŽƉĞĐĄƌŝĂ
ĂƚĂEĂƐĐ͗͘ϬϱͬϬϴͬϮϬϭϯ

'W^ϱϬϱͬϬϭ;ϯͬϴͿ
'WEŝŶũĂ;ϯͬϴͿ
ϮϮϳϴϬϱ'W;ϯͬϴͿ
'WϳϮϯͬϬϲ;ϯͬϴͿ
'ϬϯϴϲϭϬ'W;ϯͬϴͿ
ϬϴϴϴϬϳ'W;ϯͬϴͿ
zKhdh
'E^z^Ͳ:h>,KϮϬϭϱ
K^ 'WE 'W^ 'WE^ W/ W/W /E /E&
WDz^ нϲ͘ϯϴ нϱ͘ϲϬ ϭϭ͘ϵϵ ϭ͘ϲϱ Ϭ͘ϴϰ ϭϴ͘ϯϱ ϮϬ͘ϱ
 ϭ ϭ ϭ ϭ ϭ ϭ ϭ

ƌĂŶŐƵƐͲDĠĚŝĂƐĚĂZĂĕĂ:ƵŶŚŽϮϬϭϳ
&W͗нϰ͘ϬͮWE͗нϬ͘ϵͮW͗нϮϯ͘ϵͮW ͗нϰϰ͘ϵͮ>͗нϵ͘ϮͮDd͗нϰ͘ϭͮ&WD͗нϮϭ͘ϮͮW ͗нϬ͘ϰϯͮK>͗нϬ͘ϯϯͮ'/D͗нϬ͘Ϭϰͮ'͗Ͳ͘ϬϰϬ

ϱϭ
ϯ
 ZZE'h^
ϳZϬϱ =ROWDU dZ/KΖ^>KK>dZϭϳϱϮ

WĞĚŝŐƌĞĞĂďĞƌƚŽ͕ſƚŝŵĂŽƉĕĆŽĚĞǀĞƌŵĞůŚŽ͘
džĐĞůĞŶƚĞƐWƐĞƵŵĂĨŽƌƚĞĞƐƚƌƵƚƵƌĂ͘

MƚŝŵĂŽƉĕĆŽĚĞŐĞŶĠƚŝĐĂŶŽƌĂŶŐƵƐsĞƌŵĞůŚŽ͘ŽƋƵĞĂ
ƌĂĕĂƉƌĞĐŝƐĂƉĂƌĂĂďƌŝƌůŝŶŚĂŐĞŶƐǀĞƌŵĞůŚĂƐĐŽŵƋƵĂůŝĚĂĚĞ
ĐĂƌŶŝĐĞŝƌĂĞŵƵŝƚĂĞůĞŐąŶĐŝĂ͘ŽŵƐĞůŽƌĂĐŝĂů͕ĐŽƌƌĞĕĆŽĚĞ
ƉƌĞƉƷĐŝŽĞĞdžĐĞůĞŶƚĞĞƐƚƌƵƚƵƌĂſƐƐĞĂ͘

ZĞŐ͗ZZϭϬϮϮϮϵϮϮ
ƌŝĂĚŽƌ͗dƌŝŽĂƚƚůĞΘ'ĞŶĞƚŝĐƐ>>ĂŶĚ&ĂďŝĂŶĂůĂŶĚƌĂŶŽ͕dy
ĂƚĂEĂƐĐ͗͘ϭϰͬϬϯͬϮϬϭϮ

ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ

WE͗ ydžĐĂůŝďĞƌϭϵͬD
ϯϯ͕ϲϰŬŐͬ͘d
>ĂnjLJϯ^ƚĂƚĞŵĂŶϭϬϬ^
W͗ ϯϬϱŬŐͬ͘d
DŝƐƐ<ŚĂƉƐϭϬϬW
W͗ ϱϯϰ͕ϱϱŬŐͬ͘d
///ZĞĚdŽƉϰϴϮͬϭ
WͬĂŶŽ͗ ϯϳĐŵ͘
///DŝƐ&ĂŶĐLJϭϳϱͬϰ
&ƌĂŵĞͬĂŶŽ͗ Eͬ
DŝƐƐ/ǀĞLJϬϭϳϱ K>dZ
/W͛^Ͳ:hE,KϮϬϭϳ
K^ &W WE W W > Dd &WD W K> '/D '
WDz^ нϮ͘ϵ нϭ͘ϵ нϮϴ нϰϯ нϭϭ нϮϱ нϰ͘Ϭ Ͳ͘ϭϮ н͘Ϯϰ Ͳ͘ϬϮ Ͳ͘Ϭϯϱ
ĐĐ͘ ͘Ϯϰ ͘ϯϮ ͘Ϯϯ ͘Ϭϵ ͘ϭϬ ͘ϭϲ ͘Ϭϰ ͘Ϭϲ ͘Ϭϯ ͘Ϭϰ
йdKW

ZZE'h^
ZϲϳϮ &RULQJD DZϬͬϲϳϮKZ/E'

'ƌĂŶĚĞĐĂŵƉĞĆŽƉƌŽĚƵnjŝŶĚŽŐƌĂŶĚĞƐĐĂŵƉĞƁĞƐ͘
/ŶĚŝĐĂĚŽƉĂƌĂŶŽǀŝůŚĂƐ͘

^ƵĂƉƌŽĚƵĕĆŽƐſĐŽŶĨŝƌŵŽƵŽƋƵĞƐĞŵƉƌĞǀŝŵŽƐĞĞƐƉĞͲ
ƌĄǀĂŵŽƐĚĞKZ/E'͕ƉĂŝĚĞŐƌĂŶĚĞĐŽŶƐŝƐƚġŶĐŝĂĞŝŵͲ
ƉŽƌƚąŶĐŝĂ ŐĞŶĠƚŝĐĂ͘ KZ/E' ũĄ ƉƌŽĚƵnj ĂŶŝŵĂŝƐ ƋƵĞ ƐĞ
ĚĞƐƚĂĐĂŵĞŵƉŝƐƚĂĞĞŵĚĞƐĞŵƉĞŶŚŽ͘^ƵĂƉƌŽĚƵĕĆŽĠ
ŵƵŝƚŽƉƌĞĐŽĐĞĐŽŵĂůƚŽƉŽƚĞŶĐŝĂůĐĂƌŶŝĐĞŝƌŽĞŝŵƉĞĐĄǀĞů
ƐĞůŽƌĂĐŝĂů͘

ZĞŐ͗ϳϭϵϴϯ
ƌŝĂĚŽƌ͗EĞůƐŽŶĚĞůǀĂƌĞŶŐĂDĂƌŝĂŶŽĚĂZŽĐŚĂ
ĂƚĂEĂƐĐ͗͘ϮϯͬϬϴͬϮϬϭϬ

ƌƵĐĞƐŽŶĚĚŽŶ;ĂĚĞŶĂůͿ
WE͗ ϯϲŬŐ͘
dƌĞƐƌƵĐĞƐĂƌĚĞŶĂůϰϯϭϮd
W͗ Ϯϲϲ͕ϵϳŬŐͬ͘ƌĂƚŝŽϭϬϴ͕ϱϮ
dƌĞƐƌƵĐĞƐŽŶƌŶĞƐƚŽϯϬϯϬ
W͗ ϱϴϴ͕ϲϰŬŐͬ͘ƌĂƚŝŽϭϭϮ͕ϴϮ
ZĞƉDƷůƚŝƉůŽƐͲϯϯ
WͬĂŶŽ͗ ϰϱĐŵ͘
DZϱͬϵϲϮ
&ƌĂŵĞͬĂŶŽ͗ ϱ͘Ϭ
ZĞďĂŶŚŽϲϭϭ
&/>,K^KZ/E'
WZ&/>/'E/dz:h>,KϮϬϭϱ
D K> ' Z Yh>͘ dy&Zd͘ &WD ͘͘Z^͘ 'WD
K^ нϱ нϲ нϱ нϲ нϱ нϰ нϲ нϲ нϱ
D/ нϱ͘ϵϴ нϰ͘ϳϱ нϰ͘ϵϲ нϱ͘ϯϴ нϱ͘ϵϬ нϰ͘ϲϯ нϱ͘ϯϳ нϱ͘ϭϬ нϱ͘ϳϱ

ƌĂŶŐƵƐͲDĠĚŝĂƐĚĂZĂĕĂ:ƵŶŚŽϮϬϭϳ
&W͗нϰ͘ϬͮWE͗нϬ͘ϵͮW͗нϮϯ͘ϵͮW ͗нϰϰ͘ϵͮ>͗нϵ͘ϮͮDd͗нϰ͘ϭͮ&WD͗нϮϭ͘ϮͮW ͗нϬ͘ϰϯͮK>͗нϬ͘ϯϯͮ'/D͗нϬ͘Ϭϰͮ'͗Ͳ͘ϬϰϬ

ϱϮ
ϯ
 ,Z&KZ
ϳ,WϭϬϴ 7RS6KHOI d,ϳϭ/dKW^,>&ϱϬϰyd

70
/ŶĚŝĐĂĚŽƉĂƌĂ/d&͘
/ŶĚŝĐĂĚŽƉĂƌĂŶŽǀŝůŚĂƐ͘

ĞƐĞŵƉĞŶŚŽ ƉƌŽǀĂĚŽ ƉŽƌ ŐĂŶŚŽ ĂĐĞůĞƌĂĚŽ ĚĞ ƉĞƐŽ͘ ^ƵĂ

ƉƌŽĚƵĕĆŽƐĞĚĞƐƚĂĐŽƵƉŽƌĚĞƐŵĂŵĂƌďĞnjĞƌƌŽƐƉĞƐĂĚŽƐĞĚĞ
ŵƵŝƚŽ ƉĂĚƌĆŽ ƌĂĐŝĂů͘ dKW ^,>& ƉŽƐƐƵŝ ƐĞůŽ ĚĞ ĨĞƌƚŝůŝĚĂĚĞ
ĞŵƐĞƵƐġŵĞŶ͘

ZĞŐ͗WϰϯϭϮϮϴϱϭͲZĞŐ͘EĂĐ͗,/ϲϬϰ
ƌŝĂĚŽƌ͗dŽƉƉ,ĞƌĞĨŽƌĚƐ͕E
ĂƚĂEĂƐĐ͗͘ϬϰͬϬϰͬϮϬϭϬ

ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ

,ZWd,DsŝĐƚŽƌϭϬϵtϵϯϮϵ
WE͗ ϯϲŬŐͬ͘d
Z&:tZWƌŝŶĐĞsŝĐƚŽƌϳϭ
W͗ ϮϱϱŬŐͬ͘d
Z,&ϵϲϰsŝĐƚƌĂϰϬϱϳ
W͗ ϰϮϬŬŐͬ͘d
E:tϭztƌĂŶŐůĞƌϭϵ
WͬĂŶŽ͗ ϰϯĐŵ͘
EZϭϵŽŵŝŶĞƚƚĞϭϮϮ
&ƌĂŵĞͬĂŶŽ͗ ϲ͘ϯ <ZŽŵŝŶĞƚƚĞϵϭϭϮ
DͲEZϭϵKD/EddϭϮϮ
W,W͛^Ͳ:h>,KͬϮϬϭϳ
K^ &W WE W W > Dd &W& W ' K> D
WDz^ нϰ͘Ϯ н͘ϭ нϰϰ нϲϳ нϮϲ нϰϴ н͘ϱ нϭ͘Ϭ Ͳ͘ϬϬϱ н͘ϭϵ н͘ϬϮ
ĐĐ͘ ͘ϰϭ ͘ϳϵ ͘ϳϭ ͘ϳϬ ͘ϯϱ ͘ϯϱ ͘ϱϰ ͘ϰϳ ͘ϰϴ ͘ϯϴ
йdKW

,Z&KZ
ϳ,Wϭϭϲ ([FHGH DK,/Ed,DyϰϮϲ

ĞnjĞƌƌŽƐĚĞĨĄĐŝůŶĂƐĐŝŵĞŶƚŽĐŽŵŵƵŝƚŽǀŝŐŽƌ͘
džĐĞůġŶĐŝĂĞŵĨĞŶſƚŝƉŽĐŽŵWƐĞƐƉĞƚĂĐƵůĂƌĞƐ͘

dŽƉĚĂƌĂĕĂĞŵƋƵĂƐĞƚŽĚĂƐĂƐĐĂƌĂĐƚĞƌşƐƚŝĐĂƐ͕ŽƋƵĞƚŽƌͲ
ŶĂyƵŵƚŽƵƌŽƐĞŵĚƷǀŝĚĂĂůŐƵŵĂƐƵƉĞƌŝŽƌĞŝŵƉŽƌͲ
ƚĂŶƚĞĞŵƋƵĂůƋƵĞƌƉůĂŶƚĞů,ĞƌĞĨŽƌĚ͘WƌŽĚƵnjŝƵĨŝůŚĂƐŝŶĐƌşͲ
ǀĞŝƐŶĂDĞĂĚĂƚƚůĞ'͕ƐĞŶĚŽĞůĂƐĂƐƉƌŝŶĐŝƉĂŝƐĚŽĂĚŽƌĂƐ͕
ĐŽŵĞdžĐĞůĞŶƚĞƐƷďĞƌĞƐĞƉŝŐŵĞŶƚĂĕĆŽĚĞƐĞũĂĚĂŶĂƌĂĕĂ͘

ZĞŐ͗ϰϯϮϵϮϵϰϵ
ƌŝĂĚŽƌ͗DĞĂĚĂƚƚůĞ͕'
ĂƚĂEĂƐĐ͗͘ϮϰͬϬϰͬϮϬϭϮ

d,ϭϮϮϳϭ/sŝĐƚŽƌϳϭϵd
WE͗ ϯϯ͕ϭϴŬŐͬ͘d
d,ϭϯϯhϳϭϵdhƉĚŐƌĂĚĞϲϵy
W͗ ϯϬϯ͕ϭϴŬŐͬ͘d
d,ϭϰ^ϭϬϯZDĞŐĂŶϭϯϯh
W͗ Ͳ
<&ĞŶŶĞƚƚϯϬϬϴDϯϮϲ
WͬĂŶŽ͗ Ͳ
E:tDϯϮϲhŶĨŽƌŐĞƚƚĂďůĞϳϲtd
&ƌĂŵĞͬĂŶŽ͗ Ͳ
E:tWϲϬϲϳϮEĂLJĚƌĞĂŵϳϯ^

W,W͛^Ͳ:h>,KͬϮϬϭϳ
K^ &W WE W W > Dd &W& W ' K> D
WDz^ нϳ͘ϰ ͲϬ͘ϵ нϲϲ нϭϬϴ нϮϴ нϲϭ нϭ͘ϴ нϮ͘Ϭ н͘ϬϬϯ н͘ϴϴ н͘ϯϱ
ĐĐ͘ ͘ϰϬ ͘ϳϮ ͘ϱϱ ͘ϱϱ ͘Ϯϰ ͘ ͘ϯϮ ͘ϮϮ ͘ϯϴ ͘ϯϴ ͘ϯϱ
йdKW Ϯ Ϯ ϯ ϯ ϮϬ ϱ ϭ
,ĞƌĞĨŽƌĚͲ:ƵůŚŽϮϬϭϳ
&W͗нϭ͘ϮͮWE͗нϯ͘ϮͮW͗нϰϵͮW͗нϳϵͮ>͗нϮϭͮDd͗нϰϱͮ&W&͗нϭ͘ϰͮW͗нϭ͘ϭͮ'͗н͘ϬϬϰͮK>͗н͘ϯϯͮD͗н͘Ϭϴ

ϱϰ
ϯ
 ,Z&KZ
ϳ,Wϭϭϱ
'XH1RUWK d,ϰϬϵϰϳϱhEKZd,ϯϲϭd

ZĞŐ͗ϰϯϱϵϲϵϲϯ
ƌŝĂĚŽƌ͗dŽƉƉ,ĞƌĞĨŽƌĚƐ͕E
ĂƚĂEĂƐĐ͗͘ϭϰͬϬϭͬϮϬϭϱ

d,ϮϮϯϳϭůsŝĐƚŽƌϳϱϱd
WE͗ ϯϯ͕ϯϲŬŐͬ͘ƌĞů͘ϵϳ d,ϴϵdϳϱϱd^ƚŽĐŬŵĂŶϰϳϱ
W͗ ϯϰϯ͕ϲϰŬŐͬ͘ƌĂƚŝŽϭϭϭ d,ϭϲ'ϮϬE'ĞŵŝŶŝϴϵd
W͗ ϱϲϭ͕ϴϮŬŐͬ͘ƌĂƚŝŽϭϬϱ
WͬĂŶŽ͗ ϯϳĐŵ͘ d,ϳϭhϳϭϵdDZ,ĞƌĞĨŽƌĚϭϭy
&ƌĂŵĞͬĂŶŽ͗ ϱϱ͘ϱƉŽů͘ d,ϰϵhϭϭyƵĐŚĞƐƐϰϬϵ
d,Ϯϯ^ϭϬϯZƵĐŚĞƐƐϰϵh

'ĂŶŚŽĚĞƉĞƐŽĂĐĞůĞƌĂĚŽ͘
DŽĚĞƌĂĕĆŽĞſƚŝŵĂƐWƐ͘

dŽƵƌŽ͕ƉƌŽĨƵŶĚŽ͕ŚĂƌŵƀŶŝĐŽ͕ŵŽĚĞƌĂĚŽ͕ĨŽƌƚĞĞŵĞƐƚƌƵƚƵƌĂſƐƐĞĂ͕ŵƵŝƚŽǀŽůƵŵĞŵƵƐĐƵůĂƌ
ĞĚĞƵŵĨĞŶſƚŝƉŽŝŶĐƌşǀĞů͘^ƵĂƐWƐĚĞĚĞƐĞŵƉĞŶŚŽŶŽƐŐĂƌĂŶƚĞƵŵĂĨĞƌƌĂŵĞŶƚĂŐĞŶĠƚŝĐĂ
ĐŽŵƉůĞƚĂƉĂƌĂŽƐŵĂŝƐĞdžŝŐĞŶƚĞƐƌĞďĂŶŚŽƐĚĂƌĂĕĂ͘

W,W͛^Ͳ:h>,KͬϮϬϭϳ
K^ &W WE W W > Dd &W& W ' K> D
WDz^ нϭ͘ϵ нϮ͘ϱ нϲϮ нϵϵ нϮϱ нϱϲ Ͳϭ͘Ϯ н͘ϱ н͘Ϭϯϵ н͘ϱϲ н͘ϭϴ
ĐĐ͘ W ͘ϯϰ ͘Ϯϴ ͘ϯϬ ͘ϭϰ W ͘ϮϬ ͘Ϯϴ ͘Ϯϳ ͘Ϯϰ
йdKW ϭϬ ϭϬ ϭϱ ϭϱ ϭϱ
,ĞƌĞĨŽƌĚͲ:ƵůŚŽϮϬϭϳ
&W͗нϭ͘ϮͮWE͗нϯ͘ϮͮW͗нϰϵͮW͗нϳϵͮ>͗нϮϭͮDd͗нϰϱͮ&W&͗нϭ͘ϰͮW͗нϭ͘ϭͮ'͗н͘ϬϬϰͮK>͗н͘ϯϯͮD͗н͘Ϭϴ

ϱϱ
 ,Z&KZ
,WϮϲϴϴ 0DUDJDWR dKW^^DZ'dKϭ

WƌŽĚƵĕĆŽĚĞĂůƚĂƉĞƌĨŽƌŵĂŶĐĞ͘
WƌŽĚƵnjĐĂŵƉĞƁĞƐĞŵƉŝƐƚĂĚĞŐƌĂŶĚĞĚĞƐĞŵƉĞŶŚŽ͘

'ĂŶŚĂĚŽƌĚĂWƌŽǀĂĚĞWƌŽŐġŶŝĞĚĂdžƉŽƐŝĕĆŽEĂĐŝŽŶĂůĚĞ
,ĞƌĞĨŽƌĚ Ğŵ ϮϬϭϳ͕ Ž ƋƵĞ ĐŽŵƉƌŽǀĂ Ž ǀĂůŽƌ ŐĞŶĠƚŝĐŽ ƋƵĞ
DZ'dKĐĂƌƌĞŐĂ͘ŽŵƉŝŐŵĞŶƚĂĕĆŽŽĐƵůĂƌĞƚĞƐƚŝĐƵůĂƌ͕
ŽƐƐŽƐĨŽƌƚĞƐ͕ďŽŵĐŽŵƉƌŝŵĞŶƚŽ͕ĞĐŽŵƵŵĂŐƌĂŶĚĞĞdžƉƌĞƐͲ
ƐĆŽĚĞŵĂĐŚŽ͘^ƵĂĐŽŶĨŽƌŵĂĕĆŽĞƋƵŝůŝďƌĂĚĂĞĂĐŽůŽƌĂĕĆŽ
ƉĞƌĨĞŝƚĂƐĆŽŽƋƵĞĂƌĂĕĂƉƌĞĐŝƐĂ͘
ZĞŐ͗,ϬϮϯϳϰϲϵ
WƌŽƉƌŝĞƚĄƌŝŽ͗ĂďĂŶŚĂdŽƵƌŽWĂƐƐŽĞ&ĂnjĞŶĚĂϮ͘
ĂƚĂEĂƐĐ͗͘ϬϳͬϬϮͬϮϬϭϭ

t<ŶĨŽƌĐĞƌϯE
WE͗ ϯϬŬŐ͘
dŽƉĂƐƐĞƚĞŶƚŽϯϱ;DĂŵĆŽͿ
W͗ ϰϬϰŬŐ͘
dŽƉĂƐƐEĞǁŐĞ
W͗ ϱϬϱŬŐ͘
dŽƉĂƐƐ&ƌĞĞtĂLJϮ
WͬĂŶŽ͗ ϯϳĐŵ͘
dŽƉĂƐƐDƵĐĂŵĂϭ
&ƌĂŵĞͬĂŶŽ͗ ϲ͘Ϭ
dŽƉĂƐƐ:ĂƌĚŝŶĞŝƌĂϭϰ
&/>,KDZ'dK
K^yWK/EdZϮϬϭϰ ůƚƵƌĂ͗ϭ͕ϰϲ
 WE W W^ 'W dſƌĂdž͗Ϯ͕ϱϬŵ
W͛^ Ϭ͕Ϯϳ Ϭ͕Ϭϴ ϯ͕ϮϮ ϯ͕ϭϴ ŽŵƉƌŝŵĞŶƚŽ͗ϭ͕ϵϬŵ
WĞƐŽ͗ϭϬϴϬŬŐ
,ĞƌĞĨŽƌĚ͗Wϰϯ

,Z&KZ
,WϴϮϴϭ =RUUR KZZK

WƌŽĚƵnjĂŶŝŵĂŝƐĚĞƐƚĂĐĂĚŽƐƉĂƌĂƉŝƐƚĂ͘
WŽƚĞŶĐŝĂůŐĞŶĠƚŝĐŽĐŽŵƉƌŽǀĂĚŽƉŽƌŐƌĂŶĚĞƉƌŽĚƵĕĆŽ͘

^ƵĂƉƌŽĚƵĕĆŽĠĂĚĞƐƚĂƋƵĞŶĂĂďĂŶŚĂ^ĆŽ&ĞƌŶĂŶĚŽ͕ŽŶͲ
ĚĞ Ă ƉŽŶƚĂ ĚĂ ƐĞůĞĕĆŽ ĚĞ ƉŝƐƚĂ Ġ ƵŵĂ ƚĞƌŶĞŝƌĂ ĨŝůŚĂ ĚĞ
KZZKƋƵĞũĄǀĞŵďƌŝůŚĂŶĚŽŶĂƐƉƌŝŶĐŝƉĂŝƐĞdžƉŽƐŝĕƁĞƐĚĂ
ƌĂĕĂ͘^ƵĂƉƌŽŐġŶŝĞƉŽƐƐƵŝŐƌĂŶĚĞĞƐƚƌƵƚƵƌĂſƐƐĞĂĞŵƵƐͲ
ĐƵůĂƌ͕ĨŽƌƚĞƉŝŐŵĞŶƚĂĕĆŽ͕ĞdžĐĞůĞŶƚĞƉĂĚƌĆŽƌĂĐŝĂůĞŐƌĂŶĚĞ
ĚĞƐĞŵƉĞŶŚŽ͘
ZĞŐ͗,ϬϮϰϬϯϴϱ
ƌŝĂĚŽƌ͗:ŽĆŽ^ŽƵnjĂĂǀĂůĐĂŶƚŝͲĂďĂŶŚĂ^ĆŽ&ĞƌŶĂŶĚŽ͕Z^
ĂƚĂEĂƐĐ͗͘ϮϬͬϭϬͬϮϬϭϮ

^ƚŽĐŬĞƌϰϵϯĐϭϯϳ
WE͗ ϯϰŬŐͬ͘d
^ƚŽĐŬĞƌϲϲϲϮ
W͗ ϯϬϬŬŐͬ͘d
DŝƐƐdžƚĞŶĚĞĚϰ,ϭϭϲϮ
W͗ ϱϮϬŬŐͬ͘d
WĂĐĞŵĂŬĞƌŽŶĚ
WͬĂŶŽ͗ ϰϭĐŵ͘
>ƵŝnjĂDŝƐƐEŽďůĞŵĂŶϬϵϱϴ
&ƌĂŵĞͬĂŶŽ͗ ŶͬĚ
>ƵŝnjĂDŝƐƐEŽďůĞŵĂŶϬϱϬϬ
KZZK
W͛^Ͳ:h>,KͬϮϬϭϳ
K^ WE WĚ WD dD W^ 'W hD /'
WDz^ н͘ϱϬ нϵ͘ϱϲ н͘Ϭϱ нϰ͘ϴϯ нϭϮ͘ϰϯ нϯ͘Ϯϭ Ͳ͘ϬϬ нϭ͘ϲϮ
ĐĐ͘ ϯϮ ϭϮ
йdKW ϭ Ϯ ϭ ϭϬ ϱ

ϱϲ
ϯ
 ,Z&KZ
ϳ,WϭϬϱ
'XUDQJR E:tϵϴ^hZE'Kϰϰh

ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ

ZĞŐ͗WϰϮϴϵϮϮϲϰͲZĞŐ͘EĂĐ͗,ϱϯϮ
ƌŝĂĚŽƌ͗EĞĚĂŶĚ:ĂŶtĂƌĚ͕tz
ĂƚĂEĂƐĐ͗͘ϭϰͬϬϮͬϮϬϬϴ

^ŽŽŵĞƌϮϵ&
WE͗ ϯϯ͕ϯϲŬŐͬ͘ƌĞů͘ϵϳ d,DƵƌĂŶŐŽϰϬϯϳ
W͗ ϯϰϯ͕ϲϰŬŐͬ͘ƌĂƚŝŽϭϭϭ d,DϳϬϴϱsŝĐƚƌĂϵϬϯϲ
W͗ ϱϲϭ͕ϴϮŬŐͬ͘ƌĂƚŝŽϭϬϱ
WͬĂŶŽ͗ ϯϳĐŵ͘ >ϭŽŵŝŶŽϵϭϮϲ:ϭd
&ƌĂŵĞͬĂŶŽ͗ ϱϱ͘ϱƉŽů͘ E:tϵϭϮϲ:tŽŵŝŶŽϵϴ^
E:tϱϳ'ϳϰ'tϱD DhZE'K

/ŶĚŝĐĂĚŽƉĂƌĂŶŽǀŝůŚĂƐ͘
/ŶĚŝĐĂĚŽƉĂƌĂĂƐŵĞůŚŽƌĞƐĚŽĂĚŽƌĂƐĚĞĞŵďƌŝƁĞƐ͘

DƵŝƚŽŵƷƐĐƵůŽ͕ĐŽŵƉƌŝŵĞŶƚŽ͕ƉƌŽĨƵŶĚŝĚĂĚĞ͕ůĂƌŐƵƌĂĞŶƷŵĞƌŽƐĚĞWƐĞdžĐĞƉĐŝŽŶĂŝƐ͘EŽͲ
ďƌĞnjĂĞŵƐĞƵƚŝƉŽƌĂĐŝĂůĞŶĂĨŽƌŵĂƋƵĞĐĂŵŝŶŚĂ͘hZE'KĐŽŶƚŝŶƵĂƐĞŶĚŽƐĞŵĚƷǀŝĚĂ
ĂůŐƵŵĂŽƚŽƵƌŽŵĂŝƐĐŽŵƉůĞƚŽƉĂƌĂĂĐĂƐĂůĂŵĞŶƚŽƐƐƵƉĞƌŝŽƌĞƐƚŽĚĂƐĂƐĐĂƚĞŐŽƌŝĂƐ͘
&/>,K͕Kz&dd>͕<z

W,W͛^Ͳ:h>,KͬϮϬϭϳ
K^ &W WE W W > Dd &W& W ' K> D
WDz^ нϴ͘Ϯ н͘ϰ нϱϳ нϵϮ нϯϴ нϲϲ нϲ͘ϲ нϭ͘ϭ Ͳ͘ϬϮϳ н͘ϯϴ Ͳ͘ϭϬ
ĐĐ͘ ͘ϲϮ ͘ϵϭ ͘ϴϴ ͘ϴϳ ͘ϳϳ ͘ϱϯ ͘ϳϳ ͘ϲϲ ͘ϲϳ ͘ϲϭ
йdKW ϭ ϭϬ Ϯ ϯ ϭ
,ĞƌĞĨŽƌĚͲ:ƵůŚŽϮϬϭϳ
&W͗нϭ͘ϮͮWE͗нϯ͘ϮͮW͗нϰϵͮW͗нϳϵͮ>͗нϮϭͮDd͗нϰϱͮ&W&͗нϭ͘ϰͮW͗нϭ͘ϭͮ'͗н͘ϬϬϰͮK>͗н͘ϯϯͮD͗н͘Ϭϴ

ϱϳ
 ,Z&KZ
ϳ,WϭϬϵ 5HGHHP <:,s,ϯϯEZDϰϴϱdd

dŽƵƌŽĐŽŵŵĂŝŽƌŝŶĨůƵġŶĐŝĂĚĂƌĂĕĂĞŵĞŶǀĞƌ͘
WƌŽĚƵnjĐĂŵƉĞƁĞƐ͘


^ƵĂƉƌŽĚƵĕĆŽƐĞĚĞƐƚĂĐĂŶĂƐƉŝƐƚĂƐĞŶŽĐĂŵƉŽ͘^ƵĂƉƌŽŐġͲ
ŶŝĞĠŵŽĚĞƌĂĚĂĞĚĞŵƵŝƚĂĐůĂƐƐĞĐŽŵĂŶŝŵĂŝƐŵƵŝƚŽŵƵƐͲ
ĐƵůŽƐŽƐĞĚĞĨŽƌƚĞĞƐƚƌƵƚƵƌĂ͘hŵĂŝŶĚŝƐƉĞŶƐĄǀĞůĨĞƌƌĂŵĞŶƚĂ
ŐĞŶĠƚŝĐĂƉĂƌĂĂƐŵĞůŚŽƌĞƐĚŽĂĚŽƌĂƐĚŽƐƉůĂŶƚĞŝƐŵĂŝƐŝŵͲ
ƉŽƌƚĂŶƚĞƐĚĂƌĂĕĂ͘

ZĞŐ͗WϰϮϴϯϰϮϬϭ
ƌŝĂĚŽƌ͗:ĞŶƐĞŶƌŽƐ͕͘<^͖ŚƵƌĐŚŝůůĂƚƚůĞŽ͕͘Dd
ĂƚĂEĂƐĐ͗͘ϭϱͬϬϯͬϮϬϬϳ

<&ĞŶŶĞƚƚϯϬϬϴDϯϮϲ
WE͗ ϰϬŬŐͬ͘d
^,&ZĂĚĂƌDϯϮϲZϭϮϱ
W͗ ϯϱϮŬŐͬ͘d
^,&WŽƐŝƚŝǀĞDŝƐƐϳϯDϭϱ
W͗ ϱϳϲŬŐͬ͘d
,s,<ƌĞŵůŝŶϱϳ&ϭϬϴ<
WͬĂŶŽ͗ ϯϲĐŵ͘
,s,KŬƐĂŶĂϰ>ϯϯE
&ƌĂŵĞͬĂŶŽ͗ ϲ͘ϭ
,s,'ĞŶĞƚŝĐYƵĞĞŶϱϯ,ϰ>
&/>,ZD
W,W͛^Ͳ:h>,KͬϮϬϭϳ
K^ &W WE W W > Dd &W& W ' K> D
WDz^ ͲϬ͘ϴ нϯ͘ϴ нϲϱ нϭϬϬ нϮϮ нϱϰ нϯ͘ϱ нϭ͘ϭ н͘Ϭϱϳ н͘ϲϮ н͘Ϭϵ
ĐĐ͘ ͘ϲϮ ͘ϵϮ ͘ϴϵ ͘ϴϴ ͘ϴϬ ͘ϱϳ ͘ϳϵ ͘ϳϮ ͘ϳϰ ͘ϳϮ
йdKW Ϯ ϭϬ ϭϱ ϭϱ ϭϱ
t

,Z&KZ
,WϭϬϱϳ (SLFR W/K

^ĞŐƵŶĚŽĐŽůŽĐĂĚŽŶĂWϮϬϭϰͬϮϬϭϱ͘
'ĂƌĂŶƚŝĂĚĞďĞnjĞƌƌŽƐƉƌĞƚŽƐĞŵŽĐŚŽƐ͘
dŽƵƌŽŶĂĐŝŽŶĂůƚŽƚĂůŵĞŶƚĞĂĚĂƉƚĂĚŽ͘
dŽƵƌŽĚĞĞdžĐĞůĞŶƚĞĨĞŶſƚŝƉŽ͕ĐŽŵƉƌŝĚŽĞƋƵĞǀĂŝƉƌŽĚƵnjŝƌ
ĂŶŝŵĂŝƐĚĞĂůƚŽƌĞŶĚŝŵĞŶƚŽĚĞĐĂƌĐĂĕĂ͘&ŽƌƚĞĚĞŽƐƐĂƚƵͲ
ƌĂĐŽŵŝŵƉĞĐĄǀĞůĐĂƉĂĐŝĚĂĚĞĚĞƐĞůŽĐŽŵŽǀĞƌ͕ĠƉƌŽĨƵŶͲ
ĚŽĞĚĞŵƵŝƚŽǀŽůƵŵĞŵƵƐĐƵůĂƌ͘WƌŽǀĂĚŽĐŽŵŽĐĂƚĞŐŽƌŝĂ
>/dŶĂWŶŽƉĞƌşŽĚŽĚĞĂŐŽƐƚŽĚĞϮϬϭϰĂĨĞǀĞƌĞŝƌŽĚĞ
ϮϬϭϱ͘
ZĞŐ͗DϭϬϱϳϭϯ'Z^
ƌŝĂĚŽƌ͗ƐƚĂŶĐŝĂ'ƵĂƚĂŵďƵʹŽŵWĞĚƌŝƚŽZ^
WƌŽƉƌŝĞƚĄƌŝŽ͗ĂďĂŶŚĂ^ĂŶƚĂdĞƌĞnjĂʹƌĂŵďĂƌĞZ^
ĂƚĂEĂƐĐ͗͘ϬϯͬϬϵͬϮϬϭϯ


'ƵĂƚĂŵďƵϭϲϬϬdĂŶŶĂƚ


'ƵĂƚĂŵďƵ/ϭϬϱϮ

W/K
'E^z^ϮϬϭϯ
K^ WE '  W D d h W> /E
WDz^ нϬ͘ϯϰ нϱ͘ϵϳ нϬ͘ϮϬ нϬ͘Ϯϳ нϬ͘ϭϴ нϬ͘ϮϮ нϬ͘ϬϬ ͲϬ͘ϬϮ нϮϮ͘ϳϬ
 ϴ ϭ ϭ ϭ ϭ ϭ ϲ ϰ ϭ

,ĞƌĞĨŽƌĚͲ:ƵůŚŽϮϬϭϳ
&W͗нϭ͘ϮͮWE͗нϯ͘ϮͮW͗нϰϵͮW͗нϳϵͮ>͗нϮϭͮDd͗нϰϱͮ&W&͗нϭ͘ϰͮW͗нϭ͘ϭͮ'͗н͘ϬϬϰͮK>͗н͘ϯϯͮD͗н͘Ϭϴ

ϱϴ
ϯ
 ,Z&KZ
ϳ,WϭϬϰ 8OWUD 'ZZh>dZϴϬϵh

/ŶĚŝĐĂĚŽƉĂƌĂŶŽǀŝůŚĂƐ͘
WƌŽĚƵnjĂŶŝŵĂŝƐŵŽĚĞƌĂĚŽƐĞŵƵŝƚŽŵƵƐĐƵůŽƐŽƐ͘

dŽƵƌŽ ŵŽĚĞƌĂĚŽ Ğ ĞƋƵŝůŝďƌĂĚŽ͕ ĚĞ ƉĞůŽ ďĂŝdžŽ͕ ŵŽƐƚƌĂŶĚŽ

ƚŽƚĂůĂĚĂƉƚĂĕĆŽĂŽŶŽƐƐŽĐůŝŵĂ͘h>dZƉƌŽĚƵnjďĞnjĞƌƌŽƐĐŽŵ
ŐĂŶŚŽ ĚĞ ƉĞƐŽ ǀĞůŽnj͘ ^ƵĂ ƉƌŽĚƵĕĆŽ Ġ ĐŽŶƐŝƐƚĞŶƚĞ Ğ ŵƵŝƚŽ
ƉĂĚƌŽŶŝnjĂĚĂ͘

ZĞŐ͗WϰϮϵϱϵϯϴϮͲZĞŐ͘EĂĐ͗,/ϲϬϯ
ƌŝĂĚŽƌ͗'ĞƌďĞƌWŽůůĞĚ,ĞƌĞĨŽƌĚƐ͕/E
ĂƚĂEĂƐĐ͗͘ϭϬͬϬϯͬϮϬϬϴ

ZZ,DZ&ĞůƚϯϬϬϴ
WE͗ ϯϯŬŐͬ͘ƌĂƚŝŽϴϳ
^ĐŚƵͲ>ĂƌϱEŽĨϵ>ϯϬϬϴ
W͗ ϮϴϬŬŐͬ͘ƌĂƚŝŽϭϬϵ
^ĐŚƵͲ>Ăƌϵ>ŽĨϭ&ϴϮϭ
W͗ ϰϳϴŬŐͬ͘ƌĂƚŝŽϵϱ
&ĞůƚŽŶƐŽŵŝŶŽϳϳϰ
WͬĂŶŽ͗ ϯϲĐŵ͘
'ĞƌďĞƌϳϳϰůůĂϲϱϳ^
&ƌĂŵĞͬĂŶŽ͗ ϱ͘ϰ
'ĞƌďĞƌϭϮϭůůĂϯϭϵE
DͲ'ZZ>EΘdd>͕/E͘
W,W͛^Ͳ:h>,KͬϮϬϭϳ
K^ &W WE W W > Dd &W& W ' K> D
WDz^ нϳ͘Ϯ нϭ͘Ϭ нϱϭ нϴϬ нϭϭ нϯϲ нϯ͘ϰ нϭ͘Ϯ н͘ϬϭϮ н͘ϭϭ н͘ϰϰ
ĐĐ͘ ͘ϯϳ ͘ϳϯ ͘ϲϲ ͘ϲϳ ͘ϯϱ ͘ϯϬ ͘ϯϴ ͘ϱϬ ͘ϱϯ ͘ϱϱ
йdKW Ϯ ϭϱ ϮϬ ϭϬ Ϯ

,Z&KZ
ϳ,WϭϭϮ 5HVRXUFH ,z>/dZ^KhZϯϯϭ

/ŶĚŝĐĂĚŽƉĂƌĂŶŽǀŝůŚĂƐ͘
WĂĚƌŽŶŝnjĂƐĞƵƌĞďĂŶŚŽ͘

Ğ ĨĞŶſƚŝƉŽ ŝŵƉĞĐĄǀĞů Ğ ĐŽŵ ŶƷŵĞƌŽƐ ĚĞ WƐ ŝŵƉƌĞƐͲ

ƐŝŽŶĂŶƚĞƐ͕ƐƵĂƉƌŽĚƵĕĆŽƉŽƐƐƵŝĂůƚŽĚĞƐĞŵƉĞŶŚŽ͘^ƵĂƐĨŝͲ
ůŚĂƐ ƐĆŽ ĞĨŝĐŝĞŶƚĞƐ͕ ĨĞŵŝŶŝŶĂƐ ĐŽŵ ŵƵŝƚŽ ďŽŶƐ ƷďĞƌĞƐ͖
ƐĞƵƐĨŝůŚŽƐƐĆŽƚŽƵƌŽƐĨŽƌƚĞƐĞĚĞŐƌĂŶĚĞĞƐƚƌƵƚƵƌĂ͘

ZĞŐ͗Wϰϯϯϴϴϰϭϱ
ƌŝĂĚŽƌ͗>ŝŶƚŽŶWŽůůĞĚ,ĞƌĞĨŽƌĐĚƐ͕E
ĂƚĂEĂƐĐ͗͘ϮϰͬϬϮͬϮϬϭϯ

D^hd&ZĞǀŽůƵƚŝŽŶϰZ
WE͗ ϯϵ͕ϬϵŬŐͬ͘ƌĂƚŝŽϭϬϬ
<&ĞŶŶĞƚƚZĞǀŽůƵƚŝŽŶyϱϭ
W͗ ϯϮϬ͕ϰϱŬŐͬ͘ƌĂƚŝŽϭϭϮ
<&DŝƐƐWƌŽĨŝĐŝĞŶƚhϮϬϭ
W͗ ϱϯϱ͕ϰϱŬŐͬ͘ƌĂƚŝŽϭϬϴ
^ĐŚƵͲ>ĂƌKŶdĂƌŐĞƚϮϮ^
WͬĂŶŽ͗ ϯϰĐŵ͘
,LJĂůŝƚĞϮϮ^>ĂƐƐϬϭϴ
&ƌĂŵĞͬĂŶŽ͗ ϲ͘Ϭ
,LJĂůŝƚĞd^>ĂƐƐϴϭϬ Z^KhZ

W,W͛^Ͳ:h>,KͬϮϬϭϳ
K^ &W WE W W > Dd &W& W ' K> D
WDz^ нϲ͘ϱ нϮ͘ϳ нϱϳ нϵϴ нϮϯ нϱϮ нϮ͘ϰ н͘ϳ н͘Ϭϭϱ н͘ϳϮ н͘ϱϳ
ĐĐ͘ ͘ϯϳ ͘ϴϭ ͘ϳϮ ͘ϲϴ ͘ϮϮ ͘ϯϬ ͘ϰϵ ͘ϰϴ ͘ϰϴ ͘ϰϰ
йdKW ϯ ϮϬ ϭϱ ϰ ϭ
,ĞƌĞĨŽƌĚͲ:ƵůŚŽϮϬϭϳ
&W͗нϭ͘ϮͮWE͗нϯ͘ϮͮW͗нϰϵͮW͗нϳϵͮ>͗нϮϭͮDd͗нϰϱͮ&W&͗нϭ͘ϰͮW͗нϭ͘ϭͮ'͗н͘ϬϬϰͮK>͗н͘ϯϯͮD͗н͘Ϭϴ

ϱϵ
ϯ
 Z&KZ
K:ϭϳ
0DUFR DZKW/dE'h/ZϬϯϴ

ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ

ZĞŐ͗Wϭϱϵϳϭϲ
ƌŝĂĚŽƌ͗ƐƚĂŶĐŝĂ'ƵĂƚĂŵďƵʹŽŵWĞĚƌŝƚŽZ^
WƌŽƉƌŝĞƚĄƌŝŽĕĂďĂŶŚĂ^ĂŶƚĂdĞƌĞnjĂʹƌĂŵďĂƌĞZ^
ĂƚĂEĂƐĐ͗͘ϮϭͬϬϭͬϮϬϭϬ

W/dE'h/ZϯϴϮϱϮ;ŝŐƌŽƚŚĞƌͿ
WE͗ ϯϲŬŐ͘ ^ĆŽDŝŐƵĞůϯϴͲϵϯϬϵ;dĂƵƌĂͿ
W͗ ϭϳϮŬŐͬ͘ƌĂƚŝŽϭϭϯ ^ĆŽDŝŐƵĞůϯϴͲϮϳϮϲ
W͗ ϯϵϬŬŐͬ͘ƌĂƚŝŽϭϮϰ 
WͬĂŶŽ͗ ϰϬĐŵ͘ WŝƚĂŶŐƵĞŝƌĂϯϴͲϬϮϲ
&ƌĂŵĞͬĂŶŽ͗ ϲ͕Ϭ WŝƚĂŶŐƵĞŝƌĂϯϴͲϮϬϵϭ
WŝƚĂŶŐƵĞŝƌĂϭϰͲ/ϭϬϰϯ DZK


/ŵƉƌŝŵĞĐĂŵŝƐĞƚĂ;ĨŝdžĂŽƉĂĚƌĆŽĚĂƌĂĕĂͿ͘
džĐĞůĞŶƚĞĐŽƌƌĞĕĆŽĚĞƉƌĞƉƷĐŝŽ͘


&ŽƌĕĂ͕ƐƵĂǀŝĚĂĚĞĞƵŵĂŝŶĐƌşǀĞůĨĂĐŝůŝĚĂĚĞĚĞůŽĐŽŵŽĕĆŽĐŽŶĨŝƌŵĂŵĂĞdžĐĞůġŶĐŝĂĞŵƉƌŽͲ
ĚƵĕĆŽĚĞĂŶŝŵĂŝƐƐƵƉĞƌŝŽƌĞƐ͘DZKĠƉƌŽĨƵŶĚŽĞŵƐĞƵĂƌĐŽĚĞĐŽƐƚĞůĂƐ͕ƚĞŵƵŵǀŽůƵŵĞ
ŵƵƐĐƵůĂƌĞdžƚƌĞŵŽ͕ŝŵƉĞĐĄǀĞůƉŝŐŵĞŶƚĂĕĆŽĞĐŽƌƌĞƚĂĞƐƚƌƵƚƵƌĂſƐƐĞĂ͘ƉƌĞĨĞƌŝĚŽƉĂƌĂƉƌŽͲ
ŐƌĂŵĂƐĚĞ/d&ĞŵƌĞďĂŶŚŽƐĐŽŵĞƌĐŝĂŝƐ͕ĞĂĨĞƌƌĂŵĞŶƚĂŐĞŶĠƚŝĐĂƉĞƌĨĞŝƚĂƉĂƌĂĂĐĂƐĂůĂŵĞŶͲ &/>,^DZK
ƚŽƐƐƵƉĞƌŝŽƌĞƐŶŽƐƉůĂŶƚĞŝƐƌĂĨŽƌĚ͘

W
K^ WϮϬϱ Wϯϲϱ WϱϱϬ
s>KZ нϭϳϮ нϯϵϬ нϲϱϯ
Zd/K;йͿ ϭϭϯ ϭϮϰ ϭϭϯ

ϲϬ
 Z&KZ
KϬϱϬϮ
&RURQLOKD KZKE/>,dzϯϴ/ͲϮϳ

ZĞŐ͗ϭϱϱϱϬϴ
ƌŝĂĚŽƌ͗ŐƌŽƉĞĐƵĄƌŝĂĂƚLJ
ĂƚĂEĂƐĐ͗͘ϬϳͬϬϵͬϮϬϬϵ

'ƌĂŶĚĞƵƌ
WE͗ Eͬ ďƐŽůƵƚĞ
W͗ Eͬ džƉƌĞƐƐŽ
W͗ ϴϰϬŬŐ͘ 
WͬĂŶŽ͗ ϰϬĐŵ͘ ZĞĚƵůů
&ƌĂŵĞͬĂŶŽ͗ Eͬ ϭϱϱϬϱͲd
ϴϬϬϮͲd KZKE/>,K^ϭϮD^^


/ŶĚŝĐĂĚŽƉĂƌĂƉůĂŶƚĞŝƐĞƌĞďĂŶŚŽƐĐŽŵĞƌĐŝĂŝƐ͘
&ŝůŚŽĚĞƵŵĚŽƐŵĞůŚŽƌĞƐƌĂĨŽƌĚĂƵƐƚƌĂůŝĂŶŽƐ͘


hŵĚŽƐƚŽƵƌŽƐŵĂŝƐƵƚŝůŝnjĂĚŽƐƚĂŶƚŽĞŵƌĞďĂŶŚŽƐƉƌŽĚƵƚŽƌĞƐĚĞŐĞŶĠƚŝĐĂƋƵĂŶƚŽĐŽŵĞƌĐŝĂŝƐ͘
/ŶĚŝĐĂĚŽƉĂƌĂĨŝdžĂƌĐĂƌĂĐƚĞƌşƐƚŝĐĂƐĞŵƋƵĂůƋƵĞƌƌĞďĂŶŚŽ͕ƚĞŵƉƌĞƉƷĐŝŽĐƵƌƚŽ͕ĠŵŽĐŚŽŶĂƚƵͲ
ƌĂů͕ĚĞƉĞůĂŐĞŵĞƐĐƵƌĂ͕ĂƉƌƵŵŽƐĐŽƌƌĞƚŽƐĞĞdžĐĞůĞŶƚĞƉĞƌşŵĞƚƌŽĞƐĐƌŽƚĂů͘hŵĂĚĂƐůŝŶŚĂŐĞŶƐ
ŵĂŝƐĂŶƚŝŐĂƐĚŽƌĂĨŽƌĚďƌĂƐŝůĞŝƌŽ͗ZĞĚƵůůƉĞůĂƉĂƌƚĞŵĂƚĞƌŶĂĞ͕ŶĂůŝŶŚĂƉĂƚĞƌŶĂƚƌĂnjŽƚŽƵͲ
ƌŽĂƵƐƚƌĂůŝĂŶŽďƐŽůƵƚĞ͕ƐƵĐĞƐƐŽŶĂƵƐƚƌĄůŝĂĞƐƚĂĚŽƐhŶŝĚŽƐ͘

s>/K^DDͲKEyK>d'ͲϮϬϭϯ
K^ 1E/ Z E& WE 'E ^D W^D D^D d^D h^D
K^ нϭϮ͘ϰϮ нϭ нϭϳ нϭ͘Ϭϵ нϮ͘Ϯϴ нϬ͘ϭϵ нϬ͘ϯϮ нϬ͘Ϯϳ нϬ͘ϭϵ ͲϬ͘ϬϮ
 ϭ ϵ ϯ ϭ ϭ ϭ Ϯ ϱ

ϲϭ
 Z&KZ
ϮϬϴϲ
;HTXH0DWH yYhͲDd

ZĞŐ͗,ϮϬϴϲ
ƌŝĂĚŽƌ͗ĂďĂŶŚĂ^ĂŶƚĂdĞƌĞnjĂͲƌĂŵďĂƌĠͲZ^
ĂƚĂEĂƐĐ͗͘ϮϭͬϬϭͬϮϬϭϬ

ŽƌŽŶĞů^d
WE͗ ϯϬŬŐ͘ ^ĂŶƚĂdĞƌĞnjĂ/W>KDd
W͗ ϮϰϬŬŐ͘ ^dyϬϱϯϱ
W͗ ϰϮϬŬŐ͘ 
WͬĂŶŽ͗ ϯϵĐŵ͘ 'W^ϯϮϱ
&ƌĂŵĞͬĂŶŽ͗ ŶͬĚ ϭϮϯϵ
^dZϮϵϱ /W>KDd͕W/yYhDd


ĞĐĂϭŶŽWƌŽŵĞďŽĞdŽƉϯйŶŽWĂŵƉĂWůƵƐ͘
WƐ͕ĨĞŶſƚŝƉŽĞƉƌŽŐġŶŝĞĐŽŵƉƌŽǀĂŵƐƵĂĞdžĐĞůġŶĐŝĂ͘

/ŵƉƌĞƐƐŝŽŶĂƉŽƐŝƚŝǀĂŵĞŶƚĞĂƉƌŽĚƵĕĆŽyYhͲDd͘&ŝůŚĂƐĨĞŵŝŶŝŶĂƐƋƵĞŵŽƐƚƌĂŵƉƌĞͲ
ĐŽĐŝĚĂĚĞ Ğ ŚĂďŝůŝĚĂĚĞ ŵĂƚĞƌŶĂ͘ ĞnjĞƌƌŽƐ ĐŽŵ ŐĂŶŚŽ ĂĐĞůĞƌĂĚŽ ĚĞ ƉĞƐŽ͕ ŚĂƌŵƀŶŝĐŽƐ Ğ
ĐŽŵƚŽĚĂĂĐĞƌƚĞnjĂĨƵƚƵƌŽƐƚŽƵƌŽƐƉĂƌĂŽƐŵĞůŚŽƌĞƐƌĞďĂŶŚŽƐ͘ yYhDd

W͛^ͲWDWW>h^:hE,KͬϮϬϭϱ W͛^ͲWZKDK:hE,KͬϮϬϭϱ
K^ /Y' WE W W^ 'W W K^ WE 'E /E '^ 'E^ /E&
WDz^ нϭ͘ϴϯ н͘Ϯϰ нϴ͘ϭϯ нϵ͘ϴϭ нϭ͘Ϯ н͘Ϭϲ K^ н͘Ϭϲ нϭ͘ϳ нϭϭ͘ϳ нϮ͘ϱ нϰ͘Ϯ нϭϰ
ĐĐ͘ ͘ϭϮ ͘ϭϭ ͘ϭϭ ͘ϭϭ ͘ϵ  ϴ ϯ ϭ ϭ Ϯ ϭ
йdKW ϯ ϭ ϭ

ϲϮ
 Z&KZ
ϲϭϬϴ
&RPDQFKH KDE,

ZĞŐ͗,ϲϭϬϴ
ƌŝĂĚŽƌ͗ĚƌŽĂůĚŽĞƌŶĂƌĚŽWŽƚƚĞƌͲ>ŝǀƌĂŵĞŶƚŽͲZ^
ĂƚĂEĂƐĐ͗͘ϭϯͬϭϮͬϮϬϭϮ

WŝƚĂŶŐƵĞŝƌĂϭϰͲ:ϭϰϰϱ
WE͗ ϯϲŬŐ͘ ŚĂƉĂĚĂϯϴͲϴϱϮϲϳϬ
W͗ ϭϵϬŬŐ͘ ƌĂĨŽƌĚĚĂŚĂƉĂĚĂϭϮͲϭϮϭϵ
W͗ ϯϱϱŬŐ͘ 
WͬĂŶŽ͗ ϯϰĐŵ͘ ŚĂĚǁŝĐŬŽǁŶƐtŽƌĚĞƌůĂŶĚWϵϰϬϯϰ
&ƌĂŵĞͬĂŶŽ͗ ŶͬĚ ĂƚLJϯϴͲϭϮϰ
dzϭϰͲzϮϰϴ KDE,


/ŶĚŝĐĂĚŽƉĂƌĂƉƌŽĚƵĕĆŽĚĞĐĂƌŶĞĐŽŵƌĞŶĚŝŵĞŶƚŽĚĞĐĂƌĐĂĕĂ͘
&ŝůŚŽ&ſƌŵƵůĂϭ͘

dŽƵƌŽĐĂƌŶŝĐĞŝƌŽĚĞƚĂŵĂŶŚŽŵŽĚĞƌĂĚŽĞĞdžĐĞůĞŶƚĞƉŝŐŵĞŶƚĂĕĆŽ͘/ŶĚŝĐĂĚŽƉĂƌĂƉƌŽĚƵnjŝƌ
ŶŽǀŝůŚŽƐĚĞƌĄƉŝĚŽĞŶŐŽƌĚĞĞďŽĂĐĂƌĐĂĕĂ͘džĐĞůĞŶƚĞĐŽŵďŝŶĂĕĆŽĚĞůŝŶŚĂŐĞŶƐ͕ĐŽŵƉĂŝƐ KDE,
ĞĂǀƀƐůşĚĞƌĞƐĚĞƐƵŵĄƌŝŽƐĚĂƌĂĕĂ͘

W͛^ͲWZKDK:hE,KͬϮϬϭϱ
K^ WE 'E /E 'E^ W /E&
K^ н͘ϱϴ н͘ϵϬ нϴ͘ϵϭ Ͳϭ͘ϭϲ н͘ϬϮ нϮ͘ϳϳ
 Ϭ ϰ ϯ Ϭ ϱ ϰ

ϲϯ
 ,ZK>^
ϳ,Ϭϴϵ %HQFKPDUN d,ZdZ^E,DZ<ZϬϬϬϰ

70

 ƌŽĚƵnjĐĂƌĐĂĕĂƐĚĞĂůƚŽƌĞŶĚŝŵĞŶƚŽ͘
W
/ŶĚŝĐĂĚŽƉĂƌĂŶŽǀŝůŚĂƐ͘

^ƵĂ ƉƌŽĚƵĕĆŽ ƚĞŵ ŐĂŶŚŽ ĚĞ ƉĞƐŽ ĂĐĞůĞƌĂĚŽ͕ ŶĂƐĐĞ ĐŽŵ

ŵƵŝƚĂĨĂĐŝůŝĚĂĚĞĞĐŽŵŐƌĂŶĚĞƉƵƌĞnjĂƌĂĐŝĂů͘E,DZ<
ĚĞƐƚĂĐĂͲƐĞŶŽƐşŶĚŝĐĞƐĚĞĐĂƌĐĂĕĂ͕ŽƋƵĞǀĂŝƌĞƐƵůƚĂƌĞŵ
ŵĂŝŽƌŐĂŶŚŽƉƌŽĚƵƚŝǀŽĞĨŝŶĂŶĐĞŝƌŽƉĂƌĂƐĞƵƌĞďĂŶŚŽ͘

ZĞŐ͗DϳϬϯϬϴϴͲZĞŐ͘EĂĐ͗,ϯϵϱ
ƌŝĂĚŽƌ͗dŚƌĞĞdƌĞĞƐZĂŶĐŚ͕'
ĂƚĂEĂƐĐ͗͘ϬϭͬϬϭͬϮϬϬϱ

WE͗ tZ^ŝƌdƌĂĚŝƚŝŽŶϬϲϲ
ϰϰŬŐͬ͘d
Dϲ'ƌŝĚDĂŬĞƌϭϬϰWd
W͗ ϯϬϯŬŐͬ͘d
sZDŝƐƐDĂĐ/sϯϭϳ
W͗ ϱϱϰŬŐͬ͘d
tZ^ŝƌ&ĂDĂĐϮϮϰϰ
WͬĂŶŽ͗ ϯϳ͘ϰĐŵ͘
:t<sĂŶĞƐƐĂϬϮϵd
&ƌĂŵĞͬĂŶŽ͗ ϲ͘Ϭ
,Z>ĂĚLJWĞƌĨŽƌŵĞƌϵϯϰW
DͲtd:,ZK>/^ZE,Ͳs>>z/dz͕E
/W͛^Ͳ:h>,KϮϬϭϳ
K^ &W WE W W > &WD Dd W W K> ' D
WDz^ нϴ͘ϴ н͘ϯ нϮϮ нϱϮ нϮϯ нϵ͘Ϯ нϯϰ нϭ͘Ϯ нϭϴ н͘ϳϴ н͘ϬϬϴ н͘ϮϬ
ĐĐ͘ ͘ϱϱ ͘ϳϲ ͘ϲϭ ͘ϱϮ ͘ϰϮ ͘ϯϱ ͘ϬϬ ͘ϯϰ ͘Ϯϵ ͘ϯϰ ͘Ϯϳ ͘Ϯϳ
йdKW ϭϱ ϯ ϰ ϭϬ ϮϬ ϯ ϭϬ

,ZK>^
ϳ,Ϭϵϱ &DVFDGH &d:^ϭϱϬϴ

70

WƌŽĚƵnjŵĆĞƐĞĨŝĐŝĞŶƚĞƐ͘
/ŶĚŝĐĂĚŽƉĂƌĂŶŽǀŝůŚĂƐ͘

^ĞĚĞƐƚĂĐĂĞŵĚŝǀĞƌƐŽƐĚĂĚŽƐĚĞĚĞƐĞŵƉĞŶŚŽ͕ƚĞŵĐŽŵŽ
ĐĂƌĂĐƚĞƌşƐƚŝĐĂĂƌĐĂŶƚĞĂĨĂĐŝůŝĚĂĚĞĚĞůŽĐŽŵŽĕĆŽ͘&ŽƌƚĞĞƐͲ
ƚƌƵƚƵƌĂſƐƐĞĂ͕ĞŚĂƌŵŽŶŝĂĞŵƐĞƵƐĞůŽƌĂĐŝĂů͘

ZĞŐ͗Dϴϲϴϭϯϰ
ƌŝĂĚŽƌ͗&ƌĞĚĂŶĚdŽŶŝ:ŽƌŐĞŶƐĞŶ
ĂƚĂEĂƐĐ͗͘ϬϳͬϬϭͬϮϬϭϱ

>důƵĞŐƌĂƐƐϰϬϭϳW
WE͗ ϯϲ͕ϴϮŬŐͬ͘ƌĂƚŝŽϵϱ
>důƵĞsĂůƵĞϳϵϬϯd
W͗ ϯϮϵ͕ϱϱŬŐͬ͘ƌĂƚŝŽϭϬϱ
>dhŶůŝŵŝƚĞĚDĂŝĚϳϭϴϰW
W͗ ϱϳϭ͕ϴϮŬŐͬ͘ƌĂƚŝŽϭϬϳ
>d^ŝůǀĞƌŝƐƚĂŶĐĞϱϯϰϮW
WͬĂŶŽ͗ ϯϵ͘ϳĐŵ͘
&d:^ŝůǀĞƌŝƐƚĂŶĐĞůŝdtϭϯϬϭ
&ƌĂŵĞͬĂŶŽ͗ ϲ͘ϲ
&d:ĂƐLJůĞŶĚůŝϳϬϰͲϭϭϮϴ
/W͛^Ͳ:h>,KϮϬϭϳ
K^ &W WE W W > &WD Dd W W K> ' D
WDz^ нϱ͘ϴ Ͳ͘ϴ нϯϵ нϳϭ нϭϯ нϲ͘ϭ нϯϯ нϬ͘ϵ нϮϭ н͘ϭϲ н͘ϬϮϴ н͘Ϯϭ
ĐĐ͘ ͘ϯϱ ͘ϯϵ ͘ϯϭ ͘ϯϬ ͘Ϯϯ ͘ϭϴ ͘ϬϬ ͘Ϯϴ ͘ϭϵ ͘Ϯϰ ͘ϭϵ ͘ϭϴ
йdKW ϭϬ ϭϬ ϮϬ ϭϬ ϭϱ
ŚĂƌŽůġƐͲ:ƵůŚŽϮϬϭϳ
&W͗нϯ͘ϭͮWE͗н͘ϰͮW͗нϮϳ͘ϭͮW͗нϰϵ͘ϳͮ>͗нϴ͘ϲͮ&W&͗нϯ͘ϮͮDd͗нϮϮ͘ϰͮW͗нϬ͘ϳϵͮW͗нϭϯ͘ϭͮK>͗н͘Ϯϱͮ'͗н͘ϬϬϮͮD͗н͘ϬϮ

ϲϰ
ϯ
 ,ZK>^
ϳ,Ϭϵϭ )UHH/XQFK sW/&Z>hE,ϳϬϴd

 ƌŽĚƵnjĐĂƌĐĂĕĂƐĚĞĂůƚŽƌĞŶĚŝŵĞŶƚŽ͘
W
/ŶĚŝĐĂĚŽƉĂƌĂŶŽǀŝůŚĂƐ͘


ŽƚŽƵƌŽƋƵĞĐĂƌƌĞŐĂĂŐĞŶĠƚŝĐĂƉĂƌĂƋƵĞŵƉƌŽĐƵƌĂĞdžƉůŽƌĂƌ͕
ŶŽĐŚĂƌŽůġƐ͕ŽŵĂŝŽƌĚĞƐĞŵƉĞŶŚŽĞŐĂŶŚŽĚĞƉĞƐŽĞŵƐƵĂ
ƉƌŽĚƵĕĆŽ͕ƚƵĚŽŝƐƐŽĐŽŵĨĂĐŝůŝĚĂĚĞĚĞƉĂƌƚŽ͘

ZĞŐ͗Dϳϯϲϳϳϯ
ƌŝĂĚŽƌ͗sŝƌŐŝŶŝĂWŽůLJƚĞĐŚŶŝĐ/ŶƐƚŝƚƵƚĞ͕s
ĂƚĂEĂƐĐ͗͘ϮϯͬϬϭͬϮϬϬϳ

ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ

tZWƌŝŵĞƵƚϳϲϰW>
WE͗ ϰϬŬŐ͘
>dZŝŽůĂŶĐŽϭϮϯϰW
W͗ ϯϬϯŬŐͬ͘ƌĂƚŝŽϵϳ
>dWƌĂŝƌŝĞDĂŝĚϰϬϱϰ
W͗ ϲϭϭŬŐͬ͘ƌĂƚŝŽϭϭϭ
tZWƌŝŵĞƵƚϳϲϰW>
WͬĂŶŽ͗ ϰϯĐŵ͘
sW/DŝƐƐƵĐŚĞƐϰϬϰW
&ƌĂŵĞͬĂŶŽ͗ ϲ͘Ϭ sZDŝƐƐƵĐŚĞƐϳϬϯW>
D&Z>hE,
/W͛^Ͳ:h>,KϮϬϭϳ
K^ &W WE W W > &WD Dd W W K> ' D
WDz^ нϴ͘ϲ Ͳϭ͘ϵ нϰϬ нϳϱ Ͳϱ нϴ͘ϴ нϭϱ нϮ͘ϯ нϰϬ н͘ϯϭ н͘ϬϲϮ н͘ϰϱ
ĐĐ͘ ͘ϲϳ ͘ϴϴ ͘ϴϯ ͘ϳϵ ͘ϱϯ ͘ϰϱ ͘ϬϬ ͘ϲϱ ͘ϰϲ ͘ϱϮ ͘ϰϱ ͘ϰϴ
йdKW ϭϱ ϭϱ ϭϱ ϭϬ ϭϬ ϭ ϭ ϭ

,ZK>^
ϳ,Ϭϵϰ 7UDYHO$JHQW tZdZs>'EdϲϬϮ

dŽƵƌŽĞƋƵŝůŝďƌĂĚŽĞĚĞĂůƚŽĚĞƐĞŵƉĞŶŚŽ͘
/ŶĚŝĐĂĚŽƉĂƌĂ/d&͘

dŽƵƌŽ ĐŽŵ ŐƌĂŶĚĞ ĞdžƉƌĞƐƐĆŽ ŵĂƐĐƵůŝŶĂ͕ ĨŽƌƚĞ Ğ ƌŽďƵƐƚŽ

Ğŵ ƐƵĂ ĞƐƚƌƵƚƵƌĂ͘ Žŵ Ƶŵ ĞdžĐĞůĞŶƚĞ ƐĞůŽ ƌĂĐŝĂů Ğ ſƚŝŵŽƐ
ŶƷŵĞƌŽƐĚĞĚĞƐĞŵƉĞŶŚŽ͕dZs>'EdĠƵŵĂĨĞƌƌĂŵĞŶͲ
ƚĂŐĞŶĠƚŝĐĂŵƵŝƚŽƷƚŝůĂŽƐƉůĂŶƚĞŝƐŵĂŝƐĞdžŝŐĞŶƚĞƐĚĂĐŚĂͲ
ƌŽůġƐ͘WŽƐƐƵŝĂůƚĂĨĞƌƚŝůŝĚĂĚĞĞŵƐĞƵƐġŵĞŶ͘

ZĞŐ͗DϴϯϲϲϬϰ
ƌŝĂĚŽƌ͗tĂŐŽŶŚĂŵŵĞƌZĂŶĐŚĞƐ͕E
ĂƚĂEĂƐĐ͗͘ϭϰͬϬϮͬϮϬϭϯ

>d^ŝůǀĞƌŝƐƚĂŶĐĞϱϯϰϮW
WE͗ ϯϱ͕ϰϱŬŐ͘
>d>ŽŶŐŝƐƚĂŶĐĞϵϬϬϭW>
W͗ ϯϮϵ͕ϱϱŬŐͬ͘ƌĂƚŝŽϭϭϱ
>dĞůůĞϳϬϮϲW
W͗ ϲϯϳ͕ϳϯŬŐͬ͘ƌĂƚŝŽϭϭϭ
EtD^hŽĐ^ŝůǀĞƌϯϲϮW>
WͬĂŶŽ͗ ϯϲĐŵ͘
tZDŝƐƐ^ŝůǀĞƌzϲϬϭ
&ƌĂŵĞͬĂŶŽ͗ ϲ͘Ϭ
tZDŝƐƐĂƐLJWƌŽtϲϬϬ
W/dZs>'Ed
/W͛^Ͳ:h>,KϮϬϭϳ
K^ &W WE W W > &WD Dd W W K> ' D
WDz^ нϳ͘ϭ ͲϬ͘ϵ нϯϭ нϱϵ нϮϭ н͘ϴ нϯϳ н͘Ϯ нϴ Ͳ͘Ϭϵ н͘Ϭϭϲ н͘ϯϭ
ĐĐ͘ ͘ϰϴ ͘ϲϯ ͘ϰϵ ͘ϯϱ ͘Ϯϰ ͘ϮϬ ͘ϬϬ ͘Ϯϯ ͘ϭϴ ͘ϭϴ ͘ϭϰ ͘ϭϰ
йdKW ϮϬ ϱ ϱ ϯ
ŚĂƌŽůġƐͲ:ƵůŚŽϮϬϭϳ
&W͗нϯ͘ϭͮWE͗н͘ϰͮW͗нϮϳ͘ϭͮW͗нϰϵ͘ϳͮ>͗нϴ͘ϲͮ&W&͗нϯ͘ϮͮDd͗нϮϮ͘ϰͮW͗нϬ͘ϳϵͮW͗нϭϯ͘ϭͮK>͗н͘Ϯϱͮ'͗н͘ϬϬϮͮD͗н͘ϬϮ

ϲϱ
ϯ
 sKE
ϬϳϬϬ 3LW¡JRUDV Z/'/ZKW/d'KZ^ϳϬϬ
WE͗
W͗
ϰϯŬŐ͘
ϯϭϯŬŐͬ͘ƌĂƚŝŽϭϬϬ
W͗ ϲϬϱŬŐͬ͘ƌĂƚŝŽϭϬϬ
WͬĂŶŽ͗ ϯϱĐŵ͘
&ƌĂŵĞͬĂŶŽ͗ Eͬ

WĂŝ͗ZŽĚĞŝŽŽůŽƌĂĚŽ'ϱ

DĆĞ͗ƌŝŐĂĚĞŝƌĂ>ĞǀĂĚĂ


ZĞŐ͗ϬϲϬϵϳϭͲƌŝĂĚŽƌ͗>Ƶŝnj&ĞƌŶĂŶĚŽŝƌŶĞ>ŝŵĂΘ&ŝůŚŽƐͲĂƚĂEĂƐĐ͗͘ϮϬͬϭϬͬϮϬϭϮ W/d'KZ^

sKE
ϳϵϬϬ  'hZhWϳϵϬϬ

ϮϬϱ/^͗ ϮϴϲŬŐ͘
ϯϲϱ/^͗ ϰϴϱ
ϱϱϬ/^͗ ϲϯϬ

WĂŝ͗'ƵĂƌƵƉĄϳϬϵϬͲ'ϱϲϴϲZŽĚŽŬĂǁĂ
DĆĞ͗njƵůϱϰϲϭͲ'ϯϵϭϲ'Ƶƌŝ͘

ZĞŐ͗ϬϬϱϳϯϵϲͲƌŝĂĚŽƌ͗:ŽĆŽsŝĞŝƌĂĚĞDĂĐĞĚŽEĞƚŽͲĂƚĂEĂƐĐ͗͘ϭϰͬϬϵͬϮϬϭϬ 'ZhWϳϵϬϬͲyWK/EdZϮϬϭϰ

sKE
ϭϰϰϬ 6RPEUD ^Ks>Ed/DϭϰϰϬͲ^KDZ

ϮϬϱ/^͗ ϯϴϱŬŐ͘
ϯϲϱ/^͗ ϱϰϯ
ϱϱϬ/^͗ ϳϰϱ

WĂŝ͗ƌŝŐĂĚĞŝƌŽĞůŵĂƌ͘
DĆĞ͗^sWƌŽŐƌĞƐƐŝŽŶϭϬϵϰͲϭϮϰϬ͘

ϲϰ

ZĞŐ͗ϬϬϱϭϬϱϭͲƌŝĂĚŽƌ͗ZĞŝŶŽůĚĞƐŶƚƀŶŝŽŚĞƌƵďŝŶŝ͘ͲĂƚĂEĂƐĐ͗͘ϬϱͬϬϴͬϮϬϬϲ &/>,^KDZE,^Ed>j/ʹZ^͘

ϲϲ
 ^,KZd,KZE
ϳ^WϯϮ &DSLFKH :&^W/,
WE͗
W͗
ϯϯ͕ϭϴŬŐͬ͘ƌĂƚŝŽϭϭϱ͘ϲ
Ϯϰϱ͕ϰϱŬŐͬ͘ƌĂƚŝŽϵϯ
W͗ ϰϭϲ͕ϯϲŬŐͬ͘ƌĂƚŝŽϵϱ
WͬĂŶŽ͗ ϯϳĐŵ͘

^DŝƐƐŝŽŶDϰϬ
:^&DĂƌǀĞůϲ^
:^&DĂƌǀĞůϬϰϮϬ
:ĂŬĞƐWƌŽƵĚ>ĞĂĚĞƌϮϰϯ,
:ĂŬĞƐWƌŽƵĚ:ĂnjnjϮϲϲ>
ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ
:ĂŬĞƐ:ĂnjnjLJϮϱϬ:

^W͛^Ͳ:h>,KϮϬϭϳ
K^ &W WE W W > Dd &WD W W K> ' D
WDz^ нϭϬ Ͳϭ͘ϰ нϯϮ нϮϯ нϭϮ нϮϴ нϯ нϲ Ͳϭϵ Ͳ͘Ϯϯ Ͳ͘Ϭϳ Ͳ͘ϭϭ
ĐĐ͘ ͘ϴϲ ͘ϴϴ ͘ϴϱ ͘ϴϱ ͘ϴϯ ͘ϴϯ ͘ϯϰ ͘ϱϵ ͘ϯϭ ͘ϯϵ ͘ϯϰ
йdKW ϱ ϭϬ ϭϬ

ZĞŐ͗ΎdžϰϭϰϮϵϮϬͲƌŝĂĚŽƌ͗:ƵŶŐĞůƐ^ŚŽƌƚŚŽƌŶ&ĂƌŵƐ͕EͲĂƚĂEĂƐĐ͗͘ϭϭͬϬϯͬϮϬϬϴ

^,KZd,KZE
ϳ^Wϯϯ *DXJH :&^'h'ϭϯϳt
WE͗
W͗
ϰϬ͕ϰϱŬŐͬ͘ƌĂƚŝŽϭϬϮ͘Ϯ
Ϯϭϰ͕ϱϱŬŐͬ͘ƌĂƚŝŽϭϬϰ
W͗ ϰϵϵ͕ϬϵŬŐͬ͘ƌĂƚŝŽϭϬϰ͘ϲ
WͬĂŶŽ͗ ϯϵĐŵ͘

LJůĂŶĚdžŝƐϭϴϱ
^ZdƐƵŶĂŵŝϮϬd
^ZĞĞϮϯϮ
<>ƵƉůŝĐĂƚŽƌ
<>DŝŶĂ^ƚĂƌϭϬϱϭ
<>DŝŶĂ^ƚĂƌ
ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ

^W͛^Ͳ:h>,KϮϬϭϳ
K^ &W WE W W > Dd &WD W W K> ' D
WDz^ нϭϱ Ͳϭ͘Ϯ нϱϰ нϰϳ нϯϯ нϲϬ нϭϮ нϭϬ Ͳϲ Ͳ͘Ϯϭ н͘ϰϬ н͘Ϭϭ
ĐĐ͘ ͘ϴϰ ͘ϴϳ ͘ϴϰ ͘ϴϰ ͘ϳϵ ͘ϴϬ ͘ϯϱ ͘ϱϵ ͘ϱϭ ͘ϱϱ ͘ϱϮ
йdKW ϯ ϭϱ ϭ ϭ ϭ ϭϱ ϰ

ZĞŐ͗džϰϭϲϰϴϬϳͲƌŝĂĚŽƌ͗:ƵŶŐĞůƐ^ŚŽƌƚŚŽƌŶ&ĂƌŵƐͲĂƚĂEĂƐĐ͗͘ϭϭͬϬϵͬϬϵ

^EWK>
'>ϬϱϴϬ *LRQ '/KE

WE͗ ϯϰŬŐ͘
W͗ ϮϯϬŬŐ͘
W͗ ϰϭϳŬŐ͘

Eϱϳϱϰ
Z^ϵϳϬϰ'
Eϱϴϳϯ
EŽĐŽŶĂ
::ϬϬϭϴϬϯͲZŝďůĂĚĂ::͘d͘
:,ϰϲϴ

DZ/E^EWK>^^K/d/KEͲϮϬϭϮ
K^ WE W W >D Dd
WDz^ нϮ͘ϱ нϭϬ нϴ нϱ нϭϬ
ĐĐ͘ ͘Ϭϴ ͘Ϭϴ ͘͘Ϭ ͘Ϭϱ
йdKW
ZĞŐ͗ϬϰϭϱϱͲƌŝĂĚŽƌ͗^ĞŶĞƉŽůŐƵĂ>ŝŵƉĂͲĂƚĂEĂƐĐ͗͘ϮϬͬϭϭͬϮϬϬϵ

ϲϳ
ϯ
 ^/DDEd>
ϳ^Dϰϲ 0DMHVWLF :,KK<͛^D:^d/ϯϭD
WE͗
W͗
ϰϭ͕ϴϮŬŐͬ͘d
ϯϰϭ͕ϴϮŬŐͬ͘d
W͗ ϲϲϱ͕ϵϭŬŐͬ͘d
WͬĂŶŽ͗ ϯϴ͘ϱĐŵ
&ƌĂŵĞͬĂŶŽ͗ ϲ͘ϱ

>ĐŚŵŶ>ƵĐŬLJƵĐŬϳϬϰϵ
't>ƵĐŬLJŝĐĞϭϴϳ,
ϰϬϳ
EŝĐŚŽůƐ>ĞŐĂĐLJ'ϭϱϭ
,ŽŽŬΖƐ<ŽŬŽϭϭ<
,ŽŽŬΖƐ,ŽůůLJϭϬ,
^W͛^Ͳ:hE,KϮϬϭϳ
K^ &W WE W W &W& > Dd WZ K W йZ D ' K>
WDz^ нϭϭ͘ϲ н͘ϳ нϲϱ͘ϭ нϭϬϵ͘ϴ нϭϭ͘Ϭ нϭϴ͘ϯ нϱϬ͘ϴ нϭϯ͘ϱ нϭϬ͘Ϯ нϯϲ͘ϵ Ͳ͘Ϯϵ н͘Ϭϳ Ͳ͘Ϭϯϴ н͘ϵϯ
ĐĐ͘ ͘ϵϮ ͘ϵϰ ͘ϵϯ ͘ϵϯ ͘ϵϬ ͘ϵϭ ͘ϵϮ ͘ϲϴ ͘ϳϮ ͘ϲϭ ͘ϱϳ ͘ϳϵ ͘ϳϱ ͘ϳϳ
йdKW ϭϱ ϮϬ
ZĞŐ͗ϮϭϲϱϵϭϮͲƌŝĂĚŽƌ͗,ŽŽŬ&ĂƌŵƐ͕DEͲĂƚĂEĂƐĐ͗͘ϮϳͬϬϮͬϮϬϬϮ

^/DDEd>
ϳ^Dϱϴ ,QILQLWL ,KK<͛^/E&/E/d/ϭϬh
WE͗
W͗
ϰϭ͕ϴϮŬŐͬ͘ƌĂƚŝŽϭϭϱ
ϯϲϵ͕ϬϵŬŐͬ͘ƌĂƚŝŽϭϬϰ
W͗ ϲϳϰ͕ϱϱŬŐͬ͘ƌĂƚŝŽϭϬϴ
WͬĂŶŽ͗ ϯϴĐŵ͘
&ƌĂŵĞͬĂŶŽ͗ ϲ͘ϯ

^Z^:ϵϭϰWƌĞĨĞƌƌĞĚĞĞĨ
dƌŝƉůĞ/ŶǀĂƐŝŽŶZϰϳ<
,ŽŽŬƐ<ĂƌƌŝĞϰϳ<
,ŽŽŬƐ^ŚĞĂƌ&ŽƌĐĞϯϴ<
,ŽŽŬƐ^ĂƌŝƚĂϰ^
,ŽŽŬƐWĞĂƌůϮϮͲW
^W͛^Ͳ:hE,KϮϬϭϳ
K^ &W WE W W &W& > Dd WZ K W йZ D ' K>
WDz^ нϯ͘ϴ нϲ͘Ϯ нϳϲ͘Ϭ нϭϭϵ͘ϰ нϳ͘ϭ нϳ͘Ϭ нϰϱ͘Ϭ нϭϴ͘ϯ нϭϱ͘ϰ нϱϬ͘ϯ Ͳ͘Ϯϭ н͘ϲϳ Ͳ͘Ϭϯϭ н͘ϵϭ
ĐĐ͘ ͘ϴϮ ͘ϴϳ ͘ϴϱ ͘ϴϱ ͘ϳϴ ͘ϳϴ ͘ϴϬ ͘ϰϰ ͘ϲϯ ͘ϱϵ ͘ϱϭ ͘ϲϲ ͘ϲϭ ͘ϲϯ
йdKW ϭϬ ϰ Ϯ ϭ Ϯ ϭ
ZĞŐ͗ϮϰϲϱϵϯϴͲƌŝĂĚŽƌ͗,ŽŽŬ&ĂƌŵƐ͕DEͲĂƚĂEĂƐĐ͗͘ϭϰͬϬϮͬϮϬϬϴ

^/DDEd>
ϳ^Dϲϳ &RQYR\ ZKEsKzϳϬϬϱy
WE͗
W͗
ϯϱ͕ϵϭŬŐͬ͘ƌĂƚŝŽϭϬϰ
ϯϯϲ͕ϯϲŬŐͬ͘ƌĂƚŝŽϭϬϬ
W͗ ϲϭϴ͕ϭϴŬŐͬ͘ƌĂƚŝŽϭϭϬ
WͬĂŶŽ͗ ϯϵĐŵ
&ƌĂŵĞͬĂŶŽ͗ ϲ͘ϳ

ͬZEĞǁĞƐŝŐŶϬϯϲ
'ZWƌĞĚĞƐƚŝŶĞĚ
'ZdžƚϰϮϬϲ
ŝƌĐůĞƚŶƚŽŝŶĞƚƚĞƐ^ƚĂƌ
ZϱϬϮϱZ^ƚĂƌϳϬϬϱd
ZD^WƌĞĨĞƌƌĞĚϱϬϮϰZ
^W͛^Ͳ:hE,KϮϬϭϳ
K^ &W WE W W &W& > Dd WZ K W йZ D ' K>
WDz^ Ͳϯ͘ϲ нϱ͘ϭ нϳϱ͘ϰ нϭϮϯ͘ϯ нϰ͘ϭ нϰϰ͘ϳ нϴϮ͘ϰ нϭϬ͘ϰ нϵ͘ϱ нϱϭ͘ϭ н͘Ϭϲ н͘ϲϳ н͘ϬϮϯ н͘ϱϬ
ĐĐ͘ ͘ϳϴ ͘ϴϭ ͘ϳϴ ͘ϳϴ ͘ϳϯ ͘ϳϯ ͘ϳϱ ͘ϯϵ ͘ϱϵ ͘ϱϳ ͘ϰϵ ͘ϲϱ ͘ϱϴ ͘ϲϭ
йdKW ϭϬ ϱ ϴϱ ϭ ϭ Ϯ ϭϬ
ZĞŐ͗ϮϱϯϵϬϯϲͲƌŝĂĚŽƌ͗ŽǁĂŵƉZĂŶĐŚ͕<^ͲĂƚĂEĂƐĐ͗͘ϭϲͬϬϭͬϮϬϭϬ

^ŝŵŵĞŶƚĂůͲ:ƵůŚŽϮϬϭϱ
&W͗нϭϬ͘ϰͮWE͗нϲͮW͗нϲϬ͘ϳͮW͗нϵϮ͘ϵͮ&W&͗нϴ͘Ϭͮ>͗нϮϮ͘ϴͮDd͗нϰϭ͘ϲͮK͗нϭϬ͘ϯ
W͗нϮϱ͘ϴͮйZ͗Ͳ͘ϮϬͮD͗н͘ϯϱͮ'͗Ͳ͘ϬϯͮK>͗н͘ϲϬ ϲϴ
ϯ
$UWLJRV7«FQLFRV
$VVRFLD©¥RGHLQGX©¥RGHSXEHUGDGH
HSURWRFRORGH,$7)HPQRYLOKDVQHORUH 

%HPHVWDUGHWRXURVHP6LVWHPDVH[WHQVLYRV
GHSURGX©¥R 

&RPELQD©¥RLPEDW¯YHO
,$7)FUX]DPHQWRVHWRXURVPHKRUDGRUHV 

'RHQ©DVTXHLPSDFWDPQDUHSURGX©¥R
HQWHQGHUDWUDQVPLVV¥R«VHPSUHDPHOKRU
IRUPDGHEXVFDUPHGLGDVGHSUHYHQ©¥R 

(PWHPSRVGLI¯FHLVSURGXWLYLGDGHTXDOLGDGHH
JHVW¥RHNJFLHQWHGHFXVWRVV¥RIXQGDPHQWDLV 

)DWRUHVTXDQWLWDWLYRVTXH
DIHWDPRP«ULWRGDFDUFD©DERYLQD 

)HFXQGD©¥R,Q9LWUR),9
7HFQRORJLDGDUHSURGX©¥R¢VHUYL©RGR
PHOKRUDPHQWRJHQ«WLFRHPERYLQRV 

)HUWLOLGDGHGR6¬PHQ6HOHFW6LUHV 

3URJUDPD©¥RIHWDO
8PQRYRFRQFHLWRQDQXWUL©¥RGHYDFDVSUHQKHV 

5HSHQVDQGRDHVWDW«JLDGHSURGX©¥R 

8WLOL]D©¥RGDVDYDOLD©·HV
JHQ«WLFDVSDUDDTXLVL©¥RGHWRXURV 

DIRQWHGDPHOKRUJHQ«WLFD

(PWHPSRVGLI¯FHLVSURGXWLYLGDGHTXDOLGDGH
HJHVW¥RHNJFLHQWHGHFXVWRVV¥RIXQGDPHQWDLV
)£ELR6FKXOHU0HGHLURV
0«GLFR9HWHULQ£ULR'6F
*HUHQWH3URJUDPD
&DUQH$QJXV&HUWLNJFDGD
$VVRFLD©¥R%UDVLOHLUDGH$QJXV
DIRQWHGDPHOKRUJHQ«WLFD
 
(PERUDRPXQGRQ¥RSRVVD
SUHVFLQGLUGHQRVVDFDUQHHP
YROXPHHTXDOLGDGHHPERUD
WHQKDPRVXPPHUFDGRLQWHUQR
H[WUHPDPHQWHIRUWHH
HVWUXWXUDGRHXPDYRFD©¥R
QDWXUDOSDUDSHFX£ULDHPQRVVR
SD¯VYLYHPRVXPFHQ£ULRGH
LQFHUWH]DVQRFXUWRHP«GLR
SUD]RQDSHFX£ULDEUDVLOHLUD
&DUQHIULDFDUQHIUDFDGHOD©·HV
HHPEDUJRVWXGRLVVRWHP
JHUDGRSUHRFXSD©·HV
LQGHNJQL©·HVHPQRVVDDWLYLGDGH
1HVWHPRPHQWRPDLVGRTXH
QXQFD«SUHFLVRID]HUXP
WUDEDOKREHPIHLWRGHQWURGD
SRUWHLUDJDUDQWLQGR
SURGXWLYLGDGHTXDOLGDGH
GLIHUHQFLDGDHJHVW¥RHNJFLHQWH
GHFXVWRV
1RPHUFDGRGDFDUQHRQGHD
HGLOXLUVHXVFXVWRVGHQWURGR
SURFHVVRGHSURGX©¥R

4XDQGRSURGX]LPRVDOJR
GLIHUHQFLDGRTXHQ¥RSRGHVHU
FODVVLNJFDGRFRPRFRPPRGLW\
FRQVHJXLPRVQDYHJDUHPXP
EDUFRXPSRXFRGLIHUHQWH
3URGXWRVGHDOWRYDORUDJUHJDGR
QDWXUDOPHQWHHVFDVVRV
REHGHFHPDXPDUHOD©¥R
GLVWLQWDSRLVQ¥RV¥RUHJLGRV
SHORVPHVPRVPHFDQLVPRV(VWH
«RFDVRGRVSURGXWRUHVTXH
RSWDPSRUSDUWLFLSDUGH
SURJUDPDVGHFDUQHGH
TXDOLGDGHFRPRR3URJUDPD
&DUQH$QJXV&HUWLNJFDGDGD
$VVRFLD©¥R%UDVLOHLUDGH$QJXV
0HVPRHPWHPSRVRQGHWHPRV
H[FHVVRGHDQLPDLVQRPHUFDGR
DGHPDQGDGLIHUHQFLDGDSDUDRV
QRYLOKRV$QJXVID]FRPTXHRV
UHOD©¥RHQWUHRIHUWDSURGX©¥R SUH©RVSDUDHVWHVSURGXWRV
HGHPDQGDFRQVXPRGLWDR
SDVVRVRPRVQDWXUDOPHQWH
WRPDGRUHVGHSUH©R$O«P
GHVWHVGRLVIDWRUHVRPHUFDGR
LQWHUQDFLRQDOHVXDVLQWHPS«ULHV
WDPE«PLQNjXHQFLDPXLWR
1HVWDVFRQGL©·HVDHNJFL¬QFLDH
SURGXWLYLGDGHWRUQDPVH
IXQGDPHQWDLVSDUDJDUDQWLUD
UHQWDELOLGDGHGHQRVVRQHJµFLR
HEOLQG£ORGRVLPSDFWRVGR
FHQ£ULRšIRUDGDSRUWHLUDŢR
P£[LPRSRVV¯YHO*HULU
IHUUDPHQWDVFRPRWD[DGH
SUHQKH]SHVRDGHVPDPDH
JDQKRGHSHVRV¥R
IXQGDPHQWDLVQHVWHSURFHVVR
SDUDRWLPL]DURUHVXOWDGRGRV
VHXVLQYHVWLPHQWRVHPLQVXPRV
ϳϬ
VHMDPVXSHULRUHVHVXDOLTXLGH]
JDUDQWLGD3RUTXHLVVR
DFRQWHFH"3RUXPDV«ULHGH
PRWLYRV([LVWHXPDGHPDQGD
PXLWRPDLRUGRTXHDRIHUWD
GHVWHWLSRGHDQLPDO2V
FRQVXPLGRUHVV¥RFDSD]HVGH
SHUFHEHUTXDOLGDGHHYDORU
GLIHUHQFLDGRQHVWHWLSRGH
SURGXWRHHVW¥RUHDOPHQWH
GLVSRVWRVDSDJDUPDLVSRU
&DUQH$QJXV&HUWLNJFDGD2
SDODGDUQ¥RUHWURFHGH8PDYH]
TXHRFRQVXPLGRUFRQKHFHH
UHFRQKHFHXPDFDUQHGH
TXDOLGDGHVXSHULRUHOHQ¥RYROWD
PDLVDWU£V
3URGX]LUFDUQHGHTXDOLGDGH

 
VLJQLNJFDHVWDULQVHULGRHPXP
FDQDOGHFRPHUFLDOL]D©¥R
SURGX]LUDQLPDLVGHDFRUGRFRP
SDGU·HVHVSHF¯NJFRVGHUD©D
LGDGHDFDEDPHQWRGHFDUFD©DH
TXDOLGDGHGHFDUQH4XDQGR
YRF¬HVFROKDXPDUD©DRSWDSRU
XPFRQMXQWRGHFDUDFWHU¯VWLFDV
&RPRH[LVWHPYDULD©·HVHQWUH
LQGLY¯GXRVGHXPDPHVPDUD©D
NJTXHDWHQWR¢V'(3V'LIHUHQ©D
DIRQWHGDPHOKRUJHQ«WLFD
UDFLRQDOPHQWHFRPRPHOKRU
LQYHVWLUVHXVUHFXUVRVSDUDREWHU
PDLRUSURGXWLYLGDGHH
YDORUL]D©¥R(FRQRPL]DUHP
JHQ«WLFDLQYDULDYHOPHQWH«
XPDS«VVLPDHVFROKD4XDQGR
YRF¬GHL[DGHXVDUJHQ«WLFD
PHOKRUDGRUDHVW£OLPLWDQGRR
UHWRUQRGRLQYHVWLPHQWRHP
WRGRVRVLQVXPRVGRSURFHVVR
VHMDSDVWRUD©¥RPLQHUDLVHWF
(VSHUDGDQD3URJ¬QLH3URFXUH
LQGLY¯GXRVFRPFDUDFWHU¯VWLFDV
GHSUHFRFLGDGHTXHY¥RJDUDQWLU
RDEDWHGRVDQLPDLVGHQWURGRV
SDGU·HVGHLGDGHH
FDUDWHU¯VWLFDVFRPRHVSHVVXUD
GHJRUGXUD£UHDGHROKRGH
ORPERHPDUPRUHLRVXSHULRUHV
TXHSURSRUFLRQDPXPSURGXWR
UHDOPHQWHGLIHUHQFLDGR(
SULQFLSDOPHQWHSDUDRIDWRGH
H[LVWLURXQ¥RGHPDQGDSDUDR
SURGXWRHVFROKLGR
(PDPERVRVFDVRVFRPPRGLW\
RXSURGXWRVGHTXDOLGDGH
GLIHUHQFLDGDJHULUFXVWRVGH
IRUPDDGHTXDGD«IXQGDPHQWDO
(LVVRQ¥RVLJQLNJFDTXHYRF¬
GHYHID]HURSRVV¯YHOHR
LPSRVV¯YHOSDUDJDVWDUPHQRV
GHQWURGDSURSULHGDGH6LJQLNJFD
TXHYRF¬GHYHHVFROKHU
(FRQRPL]DUHPVHPHQWH«DOJR
TXHQHQKXPDJULFXOWRUID]PDV
TXHPXLWDVYH]HVYHPRVQD
SHFX£ULD
3RULVVRWXGR0$;,0,=(R
SRWHQFLDOGHVHXVLQYHVWLPHQWRV
HVFROKHQGRUHSURGXWRUHV
DGHTXDGRVDVHXVREMHWLYRVH
VLVWHPDGHSURGX©¥R2WRXUR
PDLVFDURPXLWDVYH]HVVHU£R
TXHOKHWUDU£PDLRUUHWRUQR
PXLWRDO«PGRVUHDLV
HFRQRPL]DGRVHPXPDGRVHGH
V¬PHQ1HVWHFHQ£ULRGH
LQFHUWH]DVGLIHUHQFLHVH
352'8=$9$/25QRYLOKRVH
EH]HUURVGLIHUHQFLDGRVSDUD
VHXVFOLHQWHV(3$57,&,3(GHXP
SURMHWRRXSURJUDPDGHFDUQHGH
TXDOLGDGHDVVLPYRF¬WHPD
JDUDQWLDGHGHPDQGDH
YDORUL]D©¥RSDUDVHXVSURGXWRV

şş1HVWHPRPHQWRPDLVGRTXHQXQFD
«SUHFLVRID]HUXPWUDEDOKREHP
IHLWRGHQWURGDSRUWHLUDJDUDQWLQGR
SURGXWLYLGDGHTXDOLGDGHGLIHUHQFLDGD
HJHVW¥RHNJFLHQWHGHFXVWRVşş

ϳϭ
 DIRQWHGDPHOKRUJHQ«WLFD

8WLOL]D©¥RGDV$YDOLD©·HV*HQ«WLFDV
SDUDDTXLVL©¥RGH7RXURV
 
6DEHPRVTXHDHVFROKDFRUUHWD ,PSRUWDQW¯VVLPRVSDUDDWRPDGD
GRVWRXURVTXHLU¥RSDGUHDURV GHGHFLV¥RRQGHSRGHPRVFLWDU
UHEDQKRV«XPDGHFLV¥R GDGRVGHFDUFD©DLQFUHPHQWRQD
LPSRUWDQWHGHYLGRDRLPSDFWR £UHDGHROKRGHORPERŜ$2/RX
HFRQ¶PLFRTXHSRGHU£WUD]HU
SRVLWLYRRXQHJDWLYR(VWD
GHYHU£VHUHPEDVDGD
SULQFLSDOPHQWHQDVGHNJFL¬QFLDV
TXHGHYHPVHUFRUULJLGDVFRPD
XWLOL]D©¥RGHWRXURV
PHOKRUDGRUHVFRPRSRU
H[HPSORDSURGX©¥RGH
WHUQHLURVEH]HUURVPDLVSHVDGRV
FRPPDLRUSRWHQFLDOSDUD
PDLRUGHSRVL©¥RGHJRUGXUD
$VVLPFRPRR3520(%2pRV
GLIHUHQWHVSURJUDPDVGH
PHOKRUDPHQWRJHQ«WLFRHVW¥R¢
GLVSRVL©¥RGRVFULDGRUHVSDUD
DSRL£ORVQDEXVFDSRUDQLPDLV
TXHDWHQGDPVXDVQHFHVVLGDGHV
SXEOLFDQGRDQXDOPHQWH
LQIRUPD©·HVDWXDOL]DGDVGH
)HUQDQGD1.XKO
0«GLFD9HWHULQ£ULD
&RRUGHQDGRUD3520(%2p
$VVRFLD©¥R1DFLRQDOGH&ULDGRUHV
š+HUG%RRN&ROODUHVŢ
JDQKRGHSHVRTXHVW·HV
UHODFLRQDGDVDRIHQµWLSR
DQLPDLVFRPSHORFXUWRHOLVR
PDLVDGDSWDGRVŜFRPSURJ¬QLH
WHVWDGDHDSURYDGDSDUDHVWD
FDUDFWHU¯VWLFDVHOH©¥RSDUD
WHPSHUDPHQWRHWF$O«P
GHVWHVWDPE«PSRGHPRV
GHVWDFDUDVFDUDFWHU¯VWLFDV
PHGLGDVGHIRUPDREMHWLYD
RQGHDWHFQRORJLDHDV
LQIRUPD©·HVGLVSRQ¯YHLVQRV
VXP£ULRVGRVSURJUDPDVGH
DYDOLD©¥RJHQ«WLFDHFDW£ORJRV
GHYHQGDGHV¬PHQV¥R
DFRUGRFRPDVDYDOLD©·HV
UHDOL]DGDVDFDPSRHP
GLIHUHQWHVUHEDQKRV3RU«PD
DSUHVHQWD©¥RGHVWHVUHVXOWDGRV
QHPVHPSUH«UHDOL]DGDGH
IRUPDFODUDSRGHQGRGLNJFXOWDU
VHXHQWHQGLPHQWRDRLQY«VGH
DX[LOLDU
6DEHQGRGLVWRDHTXLSH
3520(%2pEXVFDFRPHVWH
DUWLJRDX[LOLDURSURGXWRUQD
OHLWXUDGDVLQIRUPD©·HV
GLVSRQLELOL]DGDVHOHQFDQGR
DOJXQVSRQWRVLPSRUWDQWHV

 1HPVHPSUHRPHOKRUWRXUR«RPDLVFDUR4XDQGRIRU
DGTXLULUGRVHVGHV¬PHQFRQKH©DDEDWHULDGHWRXURVTXHDHPSUHVD
FRPDTXDOVHHVWDQHJRFLDQGRWUDEDOKDLVWRSRGHOHYDUDOJXP
WHPSRPDVFRPFHUWH]DVHU£PXLWREHPJDVWR(VWDHVFROKDGHYHU£
VHUHPEDVDGDQRTXHHOHSRGHU£GHVHPSHQKDUHPVXDSURSULHGDGH
HQ¥RVRPHQWHRYDORUNJQDOSDJRSRLVLVWR«LQYHVWLPHQWR(FRPR
WRGRGHYHVHUPXLWREHPHVWXGDGRSDUDJHUDURPDLRUOXFUR
SRVV¯YHO

 ([LVWHPWRXURVLPSRUWDGRVTXHSRVVXDPNJOKRVDYDOLDGRV
HPVHXSD¯VGHRULJHPHQR%UDVLO1HVWHVFDVRVG¬HVSHFLDODWHQ©¥R
DVDYDOLD©·HVGRVNJOKRVQDVFLGRVQR%UDVLOSRLVHVWHVIRUDPWHVWDGRV
GHQWURGDQRVVDUHDOLGDGHGHDPELHQWHDOLPHQWD©¥RFOLPDHWF

ϳϮ
 DIRQWHGDPHOKRUJHQ«WLFD

 
 1XQFDFRPSDUDUDYDOLD©·HVJHQ«WLFDVSXEOLFDGDVSRU ([LVWHPDLQGDRXWUDV
GLIHUHQWHV6XP£ULRV&DGDSURJUDPDDYDOLDVHXVSURGXWRVGHDFRUGR IHUUDPHQWDVTXHSRGHPDX[LOLDU
FRPDVFDUDFWHU¯VWLFDVHVWDEHOHFLGDVHVXDVSRQGHUD©·HV8P QRLQFUHPHQWRGRJDQKRGH
SURJUDPDSRGHYDORUL]DUDQLPDLVFRPPDLRUJDQKRGHSHVRTXDQGR SHVRFRPRRFUX]DPHQWRGH
RXWURVYDORUL]DPPDLVGDGRVREMHWLYRVFRPRPHGL©¥RGHSHU¯PHWUR GLIHUHQWHVUD©DVSDUDREWHQ©¥R
HVFURWDORXGDGRVGHXOWUDVVRQRJUDNJDGHFDUFD©D‹LPSRUWDQWH GHJDQKRVDWUDY«VGDKHWHURVH
FRQKHFHURVSURJUDPDVGHDYDOLD©¥RQRPRPHQWRGDHVFROKD 0HVPRRSWDQGRSRUHVWHWLSRGH
 FUX]DPHQWRGHYHPRVVHOHFLRQDU
 1¥RVHLOXGDFRP'(3vVPXLWRSRVLWLYDV&RQKH©DDEDVH RVWRXURVEDVHDGRQRVGDGRVGH
GHFRPSDUD©¥RGDVDYDOLD©·HVVHRSURJUDPDWUDEDOKDFRPEDVH DYDOLD©¥RJHQ«WLFD
PµYHODPHGLDVHPSUHVHU£=(52GLIHUHQWHGHSURJUDPDVFRPEDVH
NJ[DRQGHDP«GLDGDSRSXOD©¥RSRGHDSUHVHQWDUXPD'(3EDVWDQWH 3RU¼OWLPRQ¥RSRGHPRV
HOHYDGDQRVID]HQGRDFUHGLWDUTXHHVWHVDQLPDLVV¥RVXSHULRUHV HVTXHFHUTXHPHVPR
TXDQGRQDYHUGDGHSRGHPQ¥RVHU HVFROKHQGRPXLWREHPRV
 UHSURGXWRUHVXWLOL]DGRV«
 %XVTXHVHPSUHDQLPDLVHTXLOLEUDGRV'HQDGDDGLDQWD LPSRUWDQWHPHGLUR
EXVFDVRPHOKRUWRXURSDUDJDQKRGHSHVRDGHVPDPDVHQDV GHVHPSHQKRGHVXDVSURJ¬QLHV
DYDOLD©·HVSµVGHVPDPDVXDV'(3Q¥RV¥RERDVSURGX]LQGR HPVHXDPELHQWHGHSURGX©¥R
DQLPDLVQDP«GLDGDSRSXOD©¥R2LGHDOV¥RWRXURVFRPERQV SRLVšFRQWUDGDGRVQ¥RK£
JDQKRVQDVGXDVIDVHVGHVPDPDHVREUHDQRQDV'(3SDUDJDQKR DUJXPHQWRVŢ$YDOLHVHXV
GHSHVRHHVFRUHVYLVXDLV WHUQHLURVEH]HUURVSURGX]LGRV
 HPXPGRVSURJUDPDVGH
 ,QLFLHVXDEXVFDXWLOL]DQGRLQIRUPD©·HVGHXPDIRUPD PHOKRUDPHQWRJHQ«WLFR
VLPSOLNJFDGD$OJXQVSURJUDPDVXWLOL]DPQGLFHVHFODVVLNJFD©·HV GLVSRQ¯YHLVQRPHUFDGRFRPRR
FRPRDV'(&$6XWLOL]DGDVSHOR3520(%2pRQGH$'(&$LQGLFD 3520(%2pHFROKDRV
TXHRWRXURHVW£HQWUHRVPHOKRUHV'(&$LQGLFDTXHHVW£ UHVXOWDGRVGHXPDDYDOLD©¥R
HQWUHRVHRVPHOKRUHVHDVVLPSRUGLDQWHRXDLQGD MXVWDHFRUUHWDHPEDVDGDQRV
SHUFHQWLVSDUDHOHQFDURVPHOKRUHVDQLPDLV8WLOL]HHVWDV PDLVPRGHUQRVP«WRGRVGH
LQIRUPD©·HVSDUDLQLFLDUDVXDEXVFD DYDOLD©¥RGHERYLQRVXWLOL]DGD
 QRPHUFDGR
 1¥RHVTXH©DDVI¬PHDVGHUHSRVL©¥R3DUDSURGX]LUERQV
WHUQHLURVEH]HUURVGHYHPRVSRVVXLUERDVYDFDVTXHVHU¥RDVP¥HV
GRVERQVWRXURVHYLFHYHUVD(QW¥RGXUDQWHDHVFROKDGRVWRXURV 3520(%2p
EXVTXHDQLPDLVTXHSRVVXDP'(3SRVLWLYDVSDUDHVWDV DQRVGH7UDEDOKR
FDUDFWHU¯VWLFDVFRPR+DELOLGDGH0DWHUQDVWD\DELOLW\7RWDO0DWHUQR SHOD3HFX£ULD%UDVLOHLUD
HWF

şşRVGLIHUHQWHVSURJUDPDVGHPHOKRUDPHQWRJHQ«WLFRHVW¥R
¢GLVSRVL©¥RGRVFULDGRUHVSDUDDSRL£ORVQDEXVFDSRUDQLPDLV
TXHDWHQGDPVXDVQHFHVVLGDGHVSXEOLFDQGRDQXDOPHQWH
LQIRUPD©·HVDWXDOL]DGDVGHDFRUGRFRPDV
DYDOLD©·HVUHDOL]DGDVDFDPSRHPGLIHUHQWHVUHEDQKRVşş

ϳϯ
 DIRQWHGDPHOKRUJHQ«WLFD
%HPHVWDUGHWRXURVHP
6LVWHPDVH[WHQVLYRVGHSURGX©¥R
 
 $PRQWDQDWXUDO«R
SULQFLSDOVLVWHPDGH
DFDVDODPHQWRQRVVLVWHPDVGH
FULDHQHODRWRXURGHVHPSHQKD
XPDIXQ©¥RIXQGDPHQWDO
PHVPRTXHUHSUHVHQWHPXP
SHTXHQRQ¼PHURGHDQLPDLVŜ
DGRHIHWLYRGRUHEDQKR
1HVVHVVLVWHPDVRV
UHSURGXWRUHVQHFHVVLWDP
PDQLIHVWDUKDELOLGDGHVI¯VLFDVH
FRPSRUWDPHQWDLVDRH[WUHPR
VHQGRDVXDHNJF£FLD
LQNjXHQFLDGDSRUTXHVW·HV
UHODFLRQDGDVDRIXQFLRQDPHQWR
ELROµJLFRDRHVWDGRDIHWLYRHD
KDELOLGDGHHPGHPRQVWUDUVHX
FRPSRUWDPHQWRQDWXUDO$O«P
GLVVRIDWRUHVDPELHQWDLVFRPR
DVLQWHPS«ULHVFOLP£WLFDVRQGDV
UHVLVW¬QFLDGRUHSURGXWRUFRP
P¯QLPRFRQWUROHTX¯PLFR9DOH
OHPEUDUTXHWDLVPHFDQLVPRVGH
DGDSWD©¥RHQYROYHP
FRPSRUWDPHQWRH
WHPSHUDPHQWRWDPDQKRDGXOWR
FRQVXPRGHIRUUDJHP
PDQXWHQ©¥RI¯VLFDPDQXWHQ©¥R
GRHVWDGRQXWULFLRQDOSHODJHPH
ORQJHYLGDGHGRUHSURGXWRU
 (PFRQGL©·HVLQWHQVLYDV
GHSURGX©¥RRFRPSRUWDPHQWR
VRFLDOGRVERYLQRVGLIHUH
GDTXHOHPDQLIHVWDGRHP
DPELHQWHQDWXUDO2VVLVWHPDV
H[WHQVLYRVSHUPLWHPDRV
ERYLQRVPDLRUOLEHUGDGHSDUD
H[SUHVVDUVHXFRPSRUWDPHQWR
DO«PGHYLYHUHPRUJDQL]DGRV
HPXPJUXSRVRFLDO
-¼OLR2-%DUFHOORV
 IRUUDJHPDRORQJRGRDQRV¥R
0DULD(XJ¬QLD$&DQR]]L
0HG9HW3K'1(63UR8)5*6
1(6352
8 ) 5 * 6
GHFDORUFKXYDYHQWRUDGLD©¥R
HDVYDULD©·HVQD
GLVSRQLELOLGDGHGH£JXDH
GHWHUPLQDQWHVGREHPHVWDUGRV
DQLPDLV
 $VSUHYLV·HVGH
DTXHFLPHQWRJOREDOV¥RUHDLV2
HTXLO¯EULRHQWUHRJHQµWLSRHR
DPELHQWHSDUDSHUPLWLUDRWRXUR
FDUDFWHU¯VWLFDVSUµSULDVGH
DGDSWD©¥RWRUQDVHXPDVSHFWR
SULPRUGLDO$VSHFWRV
DGDSWDWLYRVHTXHGHVDNJDPR
EHPHVWDUQRVVLVWHPDV
H[WHQVLYRVGHFULDV¥RRWLSRGH
IRUUDJHPGHPDLRUSRUWHHPDLV
NJEURVDDVHOHYDGDV
WHPSHUDWXUDVHXPLGDGHTXH
JHUDPXPDFRQGL©¥R
H[WUHPDPHQWHGHVIDYRU£YHO¢
SURGX©¥RHVSHUP£WLFDD
WRSRJUDNJDGRVRORHDVYDVWDV
H[WHQV·HVGHWHUUDTXHH[LJHP
GRWRXURXPDPDLRUFDSDFLGDGH
GHORFRPR©¥RHDSUHVHQ©DGH
HFWRSDUDVLWRVTXHH[LJH
ϳϰ
'HWHUPLQDGDVVLWXD©·HVSRGHP
DW«LQLELUDH[SUHVV¥RGDOLELGR
HPWRXURVVXERUGLQDGRVQD
SUHVHQ©DGHWRXURVGRPLQDQWHV
DO«PGHLQNjXHQFLDU
QHJDWLYDPHQWHQRGHVHPSHQKR
GHYLGRDRFRPSRUWDPHQWRGH
OXWDHFRPSHWL©¥RSRUUHFXUVRV
W¯SLFRVGD«SRFDGH
DFDVDODPHQWR(VVHV
FRPSRUWDPHQWRVSRGHPOHYDUD
SUREOHPDVGHEHPHVWDU
SULQFLSDOPHQWHTXDQGRV¥R
IRUPDGRVQRYRVJUXSRVSRU
PHLRGRDJUXSDPHQWRGHWRXURV
RULXQGRVGHORWHVGLIHUHQWHV
(VVDVLWXD©¥RWHQGHDVHDJUDYDU
FRPRUHDJUXSDPHQWRRXFRPD
PLVWXUDGHMRYHQVHDGXOWRVTXH
SRUDOWHUDUDKLHUDUTXLDVRFLDOM£
HVWDEHOHFLGDLQNjXHQFLDR
GHVHPSHQKRHREHPHVWDU3RU
LVVRDRRUJDQL]DUVXEJUXSRV
GHYHVHFRQVLGHUDUPDQWHU
WRXURVMRYHQVHPDGXURVHP
GLIHUHQWHVSLTXHWHVDVVLPFRPR
WRXURVDVSDGRVHPRFKRV


 2VSURFHGLPHQWRV
GRORURVRVUHDOL]DGRVFRP
DQLPDLVHVW¥RHQWUHDVPDLRUHV
SUHRFXSD©·HVGDVRFLHGDGH
KDYHQGRSULRULGDGHQDSHFX£ULD
GHFRUWHGHPLQLPL]DUR
VRIULPHQWRHSURPRYHUD
PHOKRULDGREHPHVWDUHP
SU£WLFDVGHPDQHMRGHURWLQD1R
H[DPHDQGUROµJLFRGHWRXURVD
W«FQLFDGHFROHWDVHPLQDOSRU
HOHWURHMDFXOD©¥R«DPSODPHQWH
XWLOL]DGDHPUHSURGXWRUHVQ¥R
FRQGLFLRQDGRV¢FROHWDFRP
YDJLQDDUWLNJFLDO3HVTXLVDV
PRVWUDPTXHDHOHWURHMDFXOD©¥R
DSHVDUGHVHURP«WRGRGH
DIRQWHGDPHOKRUJHQ«WLFD
ODPLQLWHVQHVVHVDQLPDLV$V
H[LJ¬QFLDVGHQXWULHQWHVSDUD
XPGHVHQYROYLPHQWRQRUPDOGH
WRXURVMRYHQVV¥RVHPHOKDQWHV¢
GHPDQGDGHQXWULHQWHVGH
PDFKRVFDVWUDGRVSDUDD
SURGX©¥RGHFDUQHPDVGHYHVHU
GHDOWDTXDOLGDGHDLQGDTXHHP
PHQRUTXDQWLGDGHHPUHOD©¥R
DRVDGXOWRV/HPEUHVHRULWPR
GHFUHVFLPHQWRGRV
UHSURGXWRUHVGHYHVHJXLUXPD
FXUYDTXHSULRUL]DRDXPHQWR
KDUP¶QLFRGRSHVRSRUPHLRGR
GHVHQYROYLPHQWRµVVHR
PXVFXODUHIXQGDPHQWDOPHQWH
GRWHFLGRWHVWLFXODU

VRFLDOL]D©¥RFRPDVXDSUµSULD
HVS«FLHHPFRQGL©·HV
H[WHQVLYDVSHU¯RGRVFXUWRVGH
FRQWDWRKXPDQRDQLPDODMXGDP
DPHOKRUDUDUHOD©¥R
SULQFLSDOPHQWHVHRPDQHMR
RFRUUHUDOJXPDVVHPDQDVDSµVR
QDVFLPHQWRHLPHGLDWDPHQWH
DSµVRGHVPDPHSDUDUHGX]LUR
PHGRHDUHDWLYLGDGHSRGHVH
DXPHQWDUDLQWHUD©¥RFRPD
HVFRYD©¥RHFRQGX©¥RGRV
DQLPDLVDOLPHQWD©¥RDVVLVWLGD
FRPSOHPHQWDGDFRPFDU¯FLDV
šFRQYHUVDVŢHVXF©¥RGDP¥RGR
DOLPHQWDGRUDO«PGRPDQHMR
JHQWLO
FROHWDPDLVHNJFD]HU£SLGRDO«P
GRV¬PHQDSUHVHQWDUPDLRU
SHUFHQWXDOGHPRWLOLGDGHHGH
HVSHUPDWR]µLGHVYLYRVSURYRFD
DOWHUD©·HVNJVLROµJLFDVHOHYDGRV
Q¯YHLVGHFRUWLVROH
FLUFXQIHU¬QFLDHVFURWDOSDUD
TXHDSXEHUGDGHVHMDDOFDQ©DGD
RPDLVFHGRSRVV¯YHO
 2VERYLQRVSRUVHUHP
DQLPDLVJUHJ£ULRVTXDOTXHU
SULQF¯SLRGHLVRODPHQWR«
 $SUHRFXSD©¥RFRPR
EHPHVWDUGRVDQLPDLVWDQWRHP
VLVWHPDVH[WHQVLYRVFRPR
LQWHQVLYRVGHYHID]HUSDUWHGH
WRGRVRVVHJPHQWRVTXH
FRPS·HPDFDGHLDSURGXWLYDGH
SURJHVWHURQDH PRWLYRGHGHVFRQIRUWRH FDUQHERYLQD+RMHDSURGX©¥R
FRPSRUWDPHQWDLVYRFDOL]D©¥R HVWUHVVH$GHPDLVSRVVXHP Q¥RGHYHFRQVLGHUDUW¥R
LQGLFDWLYRGHEDL[RQ¯YHOGH KDELOLGDGHGHOHPEUDU VRPHQWHTXLORVSURGX]LGRVPDV
EHPHVWDU H[SHUL¬QFLDVHSURFHGLPHQWRV WDPE«PTXDOLGDGH
 $DOLPHQWD©¥RGRWRXUR DYHUVLYRV$SHVDUGLVVRJULWRVH SULQFLSDOPHQWHDTXHOD
DGTXLUHFDUDFWHU¯VWLFDVHVSHFLDLV DFRQGX©¥RLQDGHTXDGDFRP VXEMHWLYDGRTXH«SURGX]LGR(
GHYLGRDVVXDVIXQ©·HVGHQWUR šWRTXHVŢHP£UHDVVHQV¯YHLVGR HVVDQRTXHVHUHIHUHDREHP
GRUHEDQKRGHFULD2WRXUR FRUSRJROSHVXVRGHFKRTXHV HVWDUGRVWRXURVQRVVLVWHPDVGH
H[LJHXPDGLHWDGHQRPLQDGDGH HO«WULFRVGHPDWHULDO FULDGHYHDEDUFDUDVSHFWRVGR
šGLHWDGHHTXLO¯EULRI¯VLFR
QXWULFLRQDOŢSRLVQHFHVVLWDWHUD
SHUIRUPDQFHI¯VLFDSDUDDPRQWD
DFDPSRHDLQGDDWHQGHURV
DVSHFWRVGDSURGX©¥R
HVSHUP£WLFD(VWD¼OWLPD
GLNJFLOPHQWHVRIUH
FRQVHTX¬QFLDVQHJDWLYDVSRU
XPDDOLPHQWD©¥RPRGHUDGDRX
DW«OHYHPHQWHGHNJFLHQWHWRXUR
PDJURQ¥RVHJXHSURGX]LQGR
SRQWLDJXGREDQGHLUDVDLQGD
V¥RFRPXQVQRPDQHMRGL£ULRGH
ERYLQRV/DPHQWDYHOPHQWH«
IUHTXHQWHDRFRUU¬QFLDGH
DJUHVV¥RQRVHQWLGRLQYHUVR
DQLPDOŜKXPDQR6DEHVHTXHRV
WRXURVSRVVXHPUHSXWD©¥RSRU
DWDFDUKXPDQRV4XDQGR
DJUHVVLYRVRVSULPHLURVDWDTXHV
RFRUUHPHQWUHHPHVHVGH
LGDGHKDYHQGRYDULDELOLGDGH
DQLPDOGRPDQHMRHGR
DPELHQWH6µDVVLPHVWDUHPRV¢
IUHQWHGDVH[LJ¬QFLDVGD
VRFLHGDGHSUHSDUDGRVSDUD
DOFDQ©DUQRYRVPHUFDGRVH
VHUPRVDLQGDPDLVFRPSHWLWLYRV
QRVHWRU
V¬PHQYL£YHOQRUPDOPHQWH
&RQWXGRDVXSHUDOLPHQWD©¥R
SDUDSURPRYHUXPJDQKRGH
SHVRP£[LPRFRPRXVRGHDOWRV
Q¯YHLVGHFRQFHQWUDGRSRGH
SURYRFDUREHVLGDGHGLPLQXLUD
DWLYLGDGHVH[XDODOLELGRHD
FDSDFLGDGHGHPRQWD$O«P
GLVVRIUHTXHQWHPHQWHRFRUUHP
HQWUH%RVLQGLFXVTXHV¥RPDLV
H[FLW£YHLVH%RVWDXUXV$NJPGH
PLQLPL]DUDRFRUU¬QFLDGHVVD
DJUHVVLYLGDGHDOJXPDV
HVWUDW«JLDVGHYHPVHU
FRQVLGHUDGDVPDQHMDURV
UHSURGXWRUHVFRPDVYDFDVH
PDQW¬ORVHPJUXSRVFRP
RXWURVERYLQRVSURYHQGR
ϳϱ
 DIRQWHGDPHOKRUJHQ«WLFD

&RPELQD©¥RLPEDW¯YHO
,$7)FUX]DPHQWRHWRXURVPHOKRUDGRUHV
 
 3DUDDERDHNJFL¬QFLD XVRGHSURWRFRORVKRUPRQDLV
UHSURGXWLYDGRVUHEDQKRVGH SDUDLQGX©¥RHVLQFURQL]D©¥RGH
FRUWHSUHFLVDPRVHPSUHQKDUD FLRD,$7),QVHPLQD©¥R$UWLNJFLDO
YDFDQRP£[LPRDW«GLDVSµV ¢7HPSR)L[RQRV¼OWLPRV
SDUWRDVVLPPDQWHUHPRVR DQRVQR%UDVLO2EVHUYHRV
LQWHUYDORHQWUHSDUWRVOLPLWDGRD VHJXLQWHVGDGRV
PHVHVSURGX]LQGRHQW¥R
EH]HUURYDFDDQRGHQWURGD
HVWD©¥RUHSURGXWLYD
 1RV(8$RVUHEDQKRVGH
FULDWHPDOWDHNJFL¬QFLD
 D(PDSHQDV
GDVYDFDVHUDPLQVHPLQDGDV
FRP,$7)$SDUWLFLSD©¥R
DOFDQ©RXGDVPDWUL]HV
LQVHPLQDGDVHP
UHSURGXWLYDSRLVDVPDWUL]HVV¥R  E2LQFUHPHQWRGH,$7)
PDQWLGDVFRPµWLPDFRQGL©¥R SHUPLWLXTXHVD¯VVHPRVGHD
FRUSRUDORDQRWRGRVHQGR GHYDFDVLQVHPLQDGDVQR
SRVV¯YHOWHUDOWDVWD[DVGH %UDVLOQRLQ¯FLRGRVDQRV
SUHQKH]VHPQHFHVVDULDPHQWH SDUDDSUR[LPDGDPHQWHD
XVDUGHDOJXPSURWRFROR DWXDOPHQWH
KRUPRQDO‹XPDRS©¥RSRU  F(PPHVPRHPXP
PD[LPL]DURGHVHPSHQKR PHUFDGRGHLQVHPLQD©¥RTXH
DQLPDODOWDWD[DGHSUHQKH]H UHGX]LXRXVRGD,$7)
)HUQDQGR)9HOORVR DOWRVSHVRVDRGHVPDPHHP DXPHQWRXHP
$VVHVVRULD$JURSHFX£ULD))9HOORVR GHWULPHQWRGRGHVHPSHQKRSRU  G2PHUFDGRGHJHQ«WLFD
'LPDV5RFKD £UHD GHUD©DVWDXULQDV
 1R%UDVLOQDPDLRULDGDV
YH]HVDYDFDGHFULDVRIUH
UHVWUL©·HVDOLPHQWDUHVHP
DOJXQVSHU¯RGRVGRDQR
QHFHVVLWDQGRDOJXPPDQHMR
GLIHUHQFLDGRH['HVPDPH
HVSHFLDOPHQWHD$QJXVFUHVFHX
DWLYDPHQWHFRPRXVRGD,$7)
 (PYHQGHXVHDSUR[
PLOK¥RGHGRVHVGHVWHJUXSR
DOFDQ©DQGRPDLVGHPLOK·HV
GHGRVHVHP8P
3UHFRFHRXšDSRLRŢKRUPRQDO FUHVFLPHQWRGHSUDWLFDPHQWH
SDUDUHSHWLUFULDQR HPDQRV
SHU¯RGRGHDW«GLDV
SµVSDUWR‹XP
VLVWHPDGHSURGX©¥R
TXHRSWDSRUEXVFDUD
FRPELQD©¥RGH
GHVHPSHQKRDQLPDOH
GHVHPSHQKRSRU£UHD
 $VLWXD©¥R
GHVFULWDGHIRUPDEHP
VLPSOLNJFDGDDTXL
H[SOLFDRSRUTX¬GR
FUHVFLPHQWR
LPSUHVVLRQDQWHGR

ϳϲ
 DIRQWHGDPHOKRUJHQ«WLFD


 2SURGXWRUEUDVLOHLUR VXSHULRULGDGHGHNJQR XPVLVWHPDVLPSOHVHEHP

YHQFHXDUHVLVW¬QFLDDRXVRGD GHVPDPHSDUDNJOKRVGH,$7) FRQGX]LGR2SHVRDRGHVPDPH
W«FQLFDHRVUHVXOWDGRVGH REWHQGRNJSDUDRVNJOKRV SRGHVHUHOHYDGRHPD
FDPSRY¬PWRUQDQGRVHFDGD GHPRQWDQDWXUDOHNJSDUD QXPSURGXWR)(XURSHX[
YH]PDLVFRQVLVWHQWHV2V RVNJOKRVGH,$7)$VGLIHUHQ©DV =HEX¯QRDWUDY«VGDKHWHURVHGR
WUDEDOKRVGR*UXSR*(5$5 IRUDPFRQVLGHUDGDVFRPRNJ SURGXWR6HDPDWUL]IRUFUX]DGD
=RHWLVPRVWUDPUHVXOWDGRV GHYLGRV¢LGDGHQDVFLGRVPDLV HRWRXURWDPE«P6LQW«WLFRR
P«GLRVGHSUHQKH]QDSULPHLUD FHGRHNJGHYLGRV SHVRDRGHVPDPHSRGHVHU
,$7)GHHPVXELQGR H[FOXVLYDPHQWH¢JHQ«WLFD HOHYDGRHPDW«VRPDQGR
SDUDHP'HYHVH VXSHULRUGRVSDLV7UDEDOKRVGD VHRVHIHLWRVGDKHWHURVH
REVHUYDUTXHQR¼OWLPRDQRRV (0%5$3$PRVWUDPFODUDPHQWH LQGLYLGXDOHPDWHUQDO$,$7)«
GDGRVV¥RDPHGLDGHPDLVGH TXH«SRVV¯YHOREWHUXP*DQKR XPJUDQGHIDFLOLWDGRUSDUD
PLOPDWUL]HVLQVHPLQDGDV
 2VXFHVVRGRVSURWRFRORV
GH,$7)GHSHQGHGHP¼OWLSORV
IDWRUHV$OJXQVGRVLWHQVPDLV
LPSRUWDQWHVWRUQDUDPVHPDLV
DFHVV¯YHLVQRV¼OWLPRVDQRVQR
*HQ«WLFR'HOWD*GHD
QRSHVRDRGHVPDPHFRP
WRXURVPHOKRUDGRUHV
FRPSDUDGRVFRPWRXURVFRPXQV
1RH[HPSORSU£WLFRXVDGRD
GHVPDPDSDUWLDGHNJ
SURJUDPDVGH,$7)SRLV
SRGHPRVWUDEDOKDUFRPPDLV
TXHXPDUD©DYLDLQVHPLQD©¥R
PDVSRGHPRVVLPSOLNJFDUR
UHSDVVHFRPWRXURVXVDQGR
VRPHQWHDUD©DPDLVDSURSULDGD
%UDVLOFRQVLGHUDQGRDUHOD©¥R
GHWURFDGRNJERLYHUVXVRFXVWR
GRLQVXPR(VWDDNJUPD©¥R«
YHUGDGHLUDHIDFLOPHQWH
FRPSURY£YHOSDUDYDFLQDV
WRXURFRPXPSDUDD
NJFRPRXVRGHWRXURV
SURYDGRV(VWHJDQKRGHXVH
H[FOXVLYDPHQWHSHORP«ULWR
JHQ«WLFRGRVDQLPDLVHSRGH
DRDPELHQWHGHSURGX©¥R
2XVRGH,$7)WRXURV
PHOKRUDGRUHVHSURJUDPDVGH
FUX]DPHQWREHPFRQGX]LGRV«D
FRPELQD©¥RW«FQLFDSHUIHLWD
UHSURGXWLYDV,%5%9'/HSWR
SURWRFRORVKRUPRQDLVHWDPE«P
SDUDRFXVWRGRV¬PHQ
 2LQFUHPHQWRGH
SURGXWLYLGDGHGRVUHEDQKRV
DWUDY«VGRXVRGHWRXURV
PHOKRUDGRUHVHVW£IDUWDPHQWH
GHPRQVWUDGRSHODSHVTXLVDH
SRUGDGRVGHFDPSR1D
DLQGDVHUPHOKRUDGRFRPNJ
DGLFLRQDLVSURSLFLDGRSHOR
QDVFLPHQWRPDLVFHGRGRV
DQLPDLVGH,$7)
 2FUX]DPHQWR«XPDGDV
SRXFDVWHFQRORJLDVHPSHFX£ULD
FRPšFXVWR]HURŢHFRP
LPSDFWRVHOHYDGRVHP
SURGXWLYLGDGH2XVRGHOH
SDUDJUDQGHVJDQKRVHP
SURGXWLYLGDGH6¥RW«FQLFDV
FRQKHFLGDVGRVSURGXWRUHV
FRPSURYDGDVSHODSHVTXLVDH
FRPFXVWRVPDLVDFHVV¯YHLVQRV
¼OWLPRVDQRV,QVHPLQHHFUX]H
FRPWRXURVVXSHULRUHV
5HIHU¬QFLDVELEOLRJU£NJFDV
$UJHQWLQDRSHVTXLVDGRU&XWDLD GHSHQGHVRPHQWHGDGHFLV¥R (VWLPDWLYDGR0HUFDGRGH,$7)QR%UDVLO863
5HODWµULR,QGH[$6%,$
GHPRQVWURX GRSURGXWRUHGDGHNJQL©¥RGH %HQFKPDUNLQJ*HUDU&RUWH

ϳϳ
 DIRQWHGDPHOKRUJHQ«WLFD
3URJUDPD©¥RIHWDO
8PQRYRFRQFHLWRQDQXWUL©¥RGHYDFDVSUHQKHV
 
 3URJUDPD©¥RIHWDO«R
FRQFHLWRGHTXHHVW¯PXORRX
LQVXOWRPDWHUQDOQRSHU¯RGRGR
GHVHQYROYLPHQWRIHWDOWHP
ORQJRLPSDFWRQDVFULDV$
VXEQXWUL©¥RPDWHUQDOQD
SULPHLUDPHWDGHGDJHVWD©¥R
VHJXLGDGHQXWUL©¥RDGHTXDGD
GRPHLRGDJHVWD©¥RDW«NJQDO
UHVXOWRXHPUHF«PQDVFLGRVGH
SHVRDRQDVFLPHQWRQRUPDOPDV
IRUDPSURSRUFLRQDOPHQWHPDLV
FRPSULGRVHPDLVPDJURVTXHR
QRUPDO(VVDVXEQXWUL©¥RQR
LQ¯FLRGRGHVHQYROYLPHQWRIHWDO
UHVXOWDHPDXPHQWRGD
LQFLG¬QFLDGHSUREOHPDVGH
VD¼GHDSµVRQDVFLPHQWRHDW«
GLVWµFLFRVHSDUDTXHHOD
HPSUHQKHQRYDPHQWHD
DOLPHQWD©¥RGRSHU¯RGRNJQDOGH
JHVWD©¥RHGHSµVSDUWR
LPHGLDWRV¥RQRUPDOPHQWH
TXDQGRVHRIHUHFHERDVGLHWDV
DGHTXDGDVQRHQWDQWRR
SHU¯RGRSµVFRQFHS©¥RLPHGLDWR
GDVI¬PHDVJHUDOPHQWHRFRUUH
QD«SRFDFRPPHQRURIHUWDGH
DOLPHQWRVDO«PGLVVR
JHUDOPHQWHFRLQFLGHFRPR
SHU¯RGRODFWDFLRQDOGHXPDYDFD
DGXOWDRFRUUHQGRFRPSHWL©¥R
SRUQXWULHQWHVHQWUHDODFWD©¥RH
RGHVHQYROYLPHQWRIHWDORTXH
HPPXLWDVVLWXD©·HVOHYDD
GLPLQXL©¥RGHHVFRUHGH
QDYLGDDGXOWD
 DQLPDO
$QGU«'DOWR  $VXEQXWUL©¥RGDYDFD
3URIHVVRUGH0HGLFLQD JHVWDQWHGXUDQWHRVHVW£JLRV
GH*UDQGHV5XPLQDQWHV LQLFLDLVGRGHVHQYROYLPHQWR
IHWDOSDUHFHQ¥RVHULPSRUWDQWH
)DFXOGDGHGH9HWHULQ£ULDGD HPYLUWXGHGDOLPLWDGDH[LJ¬QFLD
8QLYHUVLGDGH)HGHUDOGR GHQXWULHQWHVSHORIHWRSDUDR
5LR*UDQGHGR6XO FUHVFLPHQWRHGHVHQYROYLPHQWR
)$9(78)5*6 GXUDQWHDSULPHLUDPHWDGHGD
JHVWD©¥R,VWR«HYLGHQFLDGR
SHORIDWRGHTXHGR
FUHVFLPHQWRIHWDOGRUXPLQDQWH
RFRUUHGXUDQWHRV¼OWLPRVGRLV
PHVHVGDJHVWD©¥R(QWUHWDQWR
GXUDQWHRHVW£JLRLQLFLDOH
PHDGRVGRFUHVFLPHQWRIHWDO
RFRUUHDGLIHUHQFLD©¥R
YDVFXODUL]D©¥RGDSODFHQWD
RUJDQRJ¬QHVHPLRJ¬QHVHH
DGLSRQRJ¬QHVHTXHV¥RHYHQWRV
FU¯WLFRVSDUDRGHVHPSHQKRH
TXDOLGDGHGDFDUQHGDSURJ¬QLH
 QRUPDO«QHFHVV£ULRD
 3DUDTXHDYDFDQ¥RWHQKD
SUREOHPDVFRPSDUWRV
ϳϴ
FRQGL©¥RFRUSRUDO(&&GR

 'LYHUVRVHVWXGRVVREUHD
IRUPD©¥RHPEULRQ£ULDHVW¥R
VHQGRUHDOL]DGRVGHPRQVWUDQGR
TXHDSULPHLUDPHWDGHGD
JHVWD©¥R«RSHU¯RGRHPTXH
RFRUUHPRFUHVFLPHQWR
GHVHQYROYLPHQWRH
YDVFXODUL]D©¥RP£[LPRVGD
SODFHQWD2DXPHQWR
SURJUHVVLYRGRNjX[RVDQJX¯QHR
SDUDR¼WHURJU£YLGRHPDLV
HVSHFLNJFDGDPHQWHSDUDRORFDO
GDVWURFDVPDWHUQRIHWDO
GXUDQWHDJHVWD©¥R«YLWDOSDUD
RFUHVFLPHQWRH
GHVHQYROYLPHQWRGRIHWR
$SHVDUGDH[LJ¬QFLDGH
QXWULHQWHVGXUDQWHRSHU¯RGR
LQLFLDOGDJHVWD©¥RVHUEDL[D
SDUDRGHVHQYROYLPHQWRIHWDO
RFRUU¬QFLDGHDOJXQVHYHQWRV
FU¯WLFRVFRPRRHVWDEHOHFLPHQWR
 DIRQWHGDPHOKRUJHQ«WLFD

GDFLUFXOD©¥RIHWDOIXQFLRQDOHXWHURSODFHQW£ULDRUJDQRJ¬QHVH 3RGHVHFRQFOXLUTXHDFRQGL©¥R
PLRJ¬QHVH2GHVIDYRUHFLPHQWRGRDPELHQWHXWHULQRQHVWDIDVH QXWULFLRQDOGRUHEDQKR«DOJR
LQLFLDOSRGHWHUXPLPSDFWRVLJQLNJFDWLYRWDPE«PQR TXHWHPTXHVHUUHDOL]DGRFRP
GHVHQYROYLPHQWRGHPHFDQLVPRVKRPHRVW£WLFRVQRI¯JDGRH PXLWRFULW«ULRHTXHRWHU©R
S¤QFUHDVLQNjXHQFLDQGRDFDSDFLGDGHGDSURJ¬QLHHPPHWDEROL]DU LQLFLDOGDJHVWD©¥RTXH
QXWULHQWHV3RUWDQWRXPDPELHQWHXWHULQRHPSREUHFLGRWHU£HIHLWRV JHUDOPHQWHFRLQFLGHFRP
VREUHWRGRRGHVHQYROYLPHQWRGRVWHFLGRVIHWDLVSRGHQGR SHU¯RGRVGHUHVWUL©¥RDOLPHQWDU
FRPSURPHWHURGHVHQYROYLPHQWRGRVRY£ULRVHWHVW¯FXORV HFRQVHTXHQWHHPDJUHFLPHQWR
FRPSURPHWHQGRDFDSDFLGDGHUHSURGXWLYDRGHVHQYROYLPHQWRGD GDVPDWUL]HVDFDUUHWDPSHUGDV
JO¤QGXODPDP£ULDHRGHVHQYROYLPHQWRGRWHFLGRPXVFXODUH SURGXWLYDVVLJQLNJFDWLYDVDR
DGLSRVRDIHWDQGRDTXDOLGDGHGDFDUFD©DGDSURJ¬QLH IXWXUREH]HUUR7HQGRHPYLVWD
 $WUDMHWµULDGRFUHVFLPHQWRSU«QDWDOHVW£UHODFLRQDGDDHIHLWRV HVVDLQIRUPD©¥RSRGHVHU
GLUHWRVHLQGLUHWRVGRFRQVXPRGLHW«WLFRGDP¥HPHVPRQRVHVW£JLRV FRQVLGHUDGRTXHHVWUDW«JLDVGH
LQLFLDLVGDYLGDHPEULRQ£ULDTXDQGRDH[LJ¬QFLDGHQXWULHQWHVSDUDR VXSOHPHQWD©¥RSDUDYDFDV
FUHVFLPHQWRIHWDO«PXLWRSHTXHQD4XDQGRDP¥HHVW£VXEQXWULGDD JHVWDQWHVGHYHPVHUHIHWXDGDV
VD¼GHGRUHF«PQDVFLGRNJFDFRPSURPHWLGDDVVLPFRPRDVD¼GH Q¥RVRPHQWHQRWHU©RNJQDOGD
VXEVHTXHQWHDRORQJRGDVXDYLGD$O«PGLVVRRVUHF«PQDVFLGRV JHVWD©¥RGHYLGRDRLQWHQVR
SRGHPDSUHVHQWDUFUHVFLPHQWRHSURGXWLYLGDGHVLQDGHTXDGDVH FUHVFLPHQWRIHWDOPDLVWDPE«P
WDPE«PDGTXLULUGRHQ©DVFRPPDLRUIDFLOLGDGHPHVPRTXDQGR GXUDQWHWRGDDJHVWD©¥RSRLV
DGXOWR FRQIRUPHUHODWDGRHYHQWRV
FU¯WLFRVRFRUUHPQRLQ¯FLRH
5HVWUL©¥RGHQXWULHQWHVUHGX]DGLSRJHQHVH
HGLPLQXLRPDUPRUHLRQDVFULDV
PHDGRVGDJHVWD©¥RHSRGHP
FRPSURPHWHUGUDVWLFDPHQWHR
5HVWUL©¥RGHQXWULHQWHVUHGX]DKLSHUWURNJDGDV
GHVHPSHQKRUHSURGXWLYRH
NJEUDVPXVFXODUHVHGLPLQXLSHVRDRQDVFLPHQWR SRQGHUDOGDSURJ¬QLH
5HVWUL©¥RGHQXWULHQWHVUHGX]DPLRJHQHVHGLPLQXLRQ¼PHUR
GDVNJEUDVPXVFXODUHVHPDVVDPXVFXODUDRQDVFLPHQWR $JUDGHFLPHQWR
+LSHUWURNJDGDV  $RDOXQRGHJUDGXD©¥RGH
NJEUDVPXVFXODUHV
0HGLFLQD9HWHULQ£ULD0DWHXV
0LRJHQHVHVHFXQG£ULD
)HOLSH2VµULRSHODFRODERUD©¥R
QDFRQIHF©¥RGHVWHDUWLJR
0LRJHQHVHSULP£ULD
$GLSRJHQHVH W«FQLFR

         0HVHV %LEOLRJUDNJD
&RQFHS©¥R 3DUWR

'80721*-=+$2-HWDO)HWDO
(VW£JLR(PEULRQ£ULR(VW£JLR)HWDO 3URJUDPPLQJRI6NHOHWDOPXVFOH'HYHORSPHQWLQ
 5XPLQDQW$QLPDOV-RXUQDORI$QLPDO6FLHQFH
3XEOLVKHG2QOLQHS

 $UHJXOD©¥RGRSURFHVVRGHIRUPD©¥RGRVP¼VFXORVHVTXHO«WLFRV '80+8$1*<'$6$HWDO0DQLSXODWLQJ
HQYROYHDDWLYD©¥RSUROLIHUD©¥RHGLIHUHQFLD©¥RGHY£ULDVOLQKDJHQV PHVHQFK\PDOSURJHQLWRUFHOOGLljHUHQWLDWLRQWR
RSWLPL]HSHUIRUPDQFHDQGFDUFDVVYDOXHRIEHHI
GHF«OXODVPLRJ¬QLFDVHGHSHQGHGDH[SUHVV¥RHDWLYLGDGHGHIDWRUHV FDWWOH-RXUQDORI$QLPDO6FLHQFHYVXSSO
WUDQVLFLRQDLVFRQKHFLGRVFRPRIDWRUHVGHUHJXOD©¥RPLRJ¬QLFD2X 
VHMDDVF«OXODVWURQFRPHVHQTXLPDLVFRPSURPHWHPVHHPOLQKDJHP )8167215'0/$5621.$9211$+0(
PLRJ¬QLFDDSµVUHFHEHUVLQDLVGRVWHFLGRVYL]LQKRV0¼VFXOR (ljHFWVRIPDWHUQDOQXWULWLRQRQFRQFHSWXV
HVTXHO«WLFRDPDGXUHFHGXUDQWHRNJQDOGDJHVWD©¥RHPERYLQRVSRU JURZWKDQGRljVSULQJSHUIRUPDQFH,PSOLFDWLRQV
IRUEHHIFDWWOHSURGXFWLRQ-RXUQDORI$QLPDO
YROWDGRVPHVHVGHJHVWD©¥RHUHVWUL©¥RGRVQXWULHQWHVGHSRLV 6FLHQFH6XSSOS
GHVWDIDVHQ¥RWHPJUDQGHLPSDFWRVREUHDTXDQWLGDGHGHNJEUDV
PXVFXODUHV
ϳϵ
 DIRQWHGDPHOKRUJHQ«WLFD

)HFXQGD©¥R,Q9LWUR),9
7HFQRORJLDGDUHSURGX©¥R¢VHUYL©RGR
PHOKRUDPHQWRJHQ«WLFRHPERYLQRV
 
 'XUDQWHDV¼OWLPDV RµFLWRVµYXORVGHXPDI¬PHD
G«FDGDVDEXVFDSRUVLVWHPDVGH VXSHULRUDWUDY«VGD$VSLUD©¥R
SURGX©¥RPDLVHNJFLHQWHV )ROLFXODU*XLDGDSRU8OWUDVVRP
LPSXOVLRQRXGLIHUHQWHV£UHDVGD
ELRWHFQRORJLDDQLPDO2XVRGH
ELRWHFQRORJLDVGDUHSURGX©¥R
DVVRFLDGDVDRVSURJUDPDVGH
PHOKRUDPHQWRJHQ«WLFRYHP
FRQWULEXLQGRGHIRUPD
VLJQLNJFDWLYDSDUDR
GHVHQYROYLPHQWRGRVHWRU
DJURSHFX£ULRXPDYH]TXHD
SHFX£ULDPRGHUQDHVW£DSRLDGD
2382VRµFLWRVV¥RHQW¥R
VHOHFLRQDGRVQDID]HQGDH
OHYDGRVDRODERUDWµULRGH
SURGX©¥RLQYLWURGHHPEUL·HV
1RODERUDWµULRRVRµFLWRVVHU¥R
PDWXUDGRVIHFXQGDGRVHDSµV
GLDVHPFXOWLYRRVHPEUL·HV
UHWRUQDP¢ID]HQGDTXDQGR
VHU¥RWUDQVIHULGRVSDUDR¼WHUR
GDVI¬PHDVUHFHSWRUDVP¥HVGH
&ULVWLDQR)HOWULQ
0«G9HWHWLQ£ULR
0HVWUHHP5HSURGX©¥R$QLPDO
QDLQWHQVLNJFD©¥RGDVDWLYLGDGHV
WDQWRHPUHOD©¥R¢EXVFDGH
DQLPDLVPDLVSURGXWLYRVTXDQWR
SDUDXPDPDLRUSURGX©¥RSRU
£UHDDQR
'HQWUHDVELRWHFQRORJLDV
UHSURGXWLYDVPDLVXWLOL]DGDV
DWXDOPHQWHGHVWDFDPVHD
LQVHPLQD©¥RDUWLNJFLDOHPWHPSR
DOXJXHO
 'XUDQWHDSUHSDUD©¥RSDUD
LQLFLDUXPSURJUDPDGH),9HP
XPDSURSULHGDGHDOJXQVLWHQV
PHUHFHPGHVWDTXH
 6HOH©¥RGDVI¬PHDV
GRDGRUDVGHRµFLWRV
 &RQVLVWHQDVHOH©¥RGDV
'RXWRUHP%LRWHFQRORJLD$QLPDO NJ[R,$7)HDW«FQLFDGH I¬PHDVTXHVHU¥RPXOWLSOLFDGDV
SURGX©¥RLQYLWURGHHPEUL·HV DWUDY«VGD),9'HIRUPDJHUDO
3URIHVVRUGH0HOKRUDPHQWR 3,9FRQKHFLGDFRPR),9 I¬PHDVDSDUWLUGHPHVHVGH
*HQ«WLFRH7HFQRORJLD 'DGRVGD,(766RFLHGDGH LGDGHI¬PHDVFRPDW«PHVHV
GD5HSURGX©¥R$QLPDO ,QWHUQDFLRQDOGH7UDQVIHU¬QFLD GHJHVWD©¥REHPFRPRI¬PHDV
GH(PEUL·HVDSRQWDP
TXHR%UDVLO«UHVSRQV£YHOSRU
GDSURGX©¥RPXQGLDOGH
HPEUL·HVERYLQRVSRU),9RV
TXDLVV¥RSURGX]LGRVHP
GH]HQDVGHODERUDWµULRV
HVSDOKDGRVSHORSD¯VRTXH
WRUQRXDW«FQLFDPXLWRPDLV
DFHVV¯YHODRSURGXWRUQ¥RVµHP
UHOD©¥R¢GLPLQXL©¥RGDV
GLVW¤QFLDVHQWUHDVID]HQGDVH
HVVHVODERUDWµULRVPDVWDPE«P
DFHVV¯YHOHFRQRPLFDPHQWH
'HPDQHLUDVLPSOLNJFDGDD),9
FRQVLVWHQDUHFXSHUD©¥RGRV
ϴϬ
FRPSUREOHPDVUHSURGXWLYRV
DGTXLULGRVSRGHPVHUXWLOL]DGDV
HPXPSURJUDPDGH),91R
HQWDQWRDVPHOKRUHVFDQGLGDWDV
SDUDGRDGRUDVGHRµFLWRVV¥RDV
I¬PHDVQRDXJHGHVXDYLGD
UHSURGXWLYDSRLVSRVVXHP
PDLRUKDELOLGDGHHPSURGX]LU
HPEUL·HVYL£YHLVH
FRQVHTXHQWHPHQWHXPPDLRU
Q¼PHURGHSUHQKH]HV
(PP«GLDFRQVLGHUDQGRDV
YDULD©·HVUDFLDLVSRGHVH
DVSLUDUDPHVPDYDFDFRP
LQWHUYDORVGHGXDVVHPDQDVRX
 DIRQWHGDPHOKRUJHQ«WLFD

XPDYH]SRUP¬VRTXHSHUPLWH DYDQ©RJHQ«WLFRVLJQLNJFDWLYR PHOKRUDPHQWRJHQ«WLFR

XPDUHFXSHUD©¥RP«GLDQR
JDGRHXURSHXGHDRµFLWRV
YL£YHLVSRU238HQDVUD©DV
VLQW«WLFDVGHDRµFLWRV
YL£YHLVSRUSURJUDPD
 3URGX©¥RLQYLWURGRV
HPEUL·HV DVVLPFKDPDGDVSRUUHFHEHUHP
 'HYHVHUUHDOL]DGDSRU
ODERUDWµULRVFRPHUFLDLV
FUHGHQFLDGRVSHOR0$3$GH
IRUPDDPDQWHUDHNJFL¬QFLDGD
SURGX©¥RDTXDOLGDGHHD
VDQLGDGHGRVHPEUL·HV
SURGX]LGRV$WXDOPHQWHDWD[D
GHSURGX©¥RHPEULRQ£ULDQR
JDGRHXURSHXHJDGRVLQW«WLFR
JLUDDRUHGRUGHFRPXPD
P«GLDGHDHPEUL·HVYL£YHLV
DSUHQKH]HVSRUSURJUDPD
$O«PGLVVRRDYDQ©RGRV
SURWRFRORVGHFRQJHODPHQWR
WHPSHUPLWLGRD
FULRFRQVHUYD©¥RGRVHPEUL·HV
),9SDUDSRVWHULRUWUDQVIHU¬QFLD
GLUHWDRTXHLPSXOVLRQDU£DLQGD
PDLVRFRP«UFLRGHHPEUL·HV
EHPFRPRSRVVLELOLWDU£HPXP
FXUWRLQWHUYDORGHWHPSRXP
GHQWURGDVGLIHUHQWHVUD©DV  HPEDVDGRVHP'(36HDQ£OLVHV
6HOH©¥RGDVUHFHSWRUDV JDQKRJHQ«WLFRGHXPUHEDQKR
 2VXFHVVRGHXPSURJUDPD
GH),9HVW£GLUHWDPHQWH
UHODFLRQDGR¢TXDOLGDGHGDV
I¬PHDVUHFHSWRUDVTXHV¥R
RVHPEUL·HVGDVI¬PHDV
GRDGRUDV7D[DVGHSUHQKH]HV
HQWUHHV¥RDWLQJLGDV
TXDQGRI¬PHDVQRDXJHGDVXD
YLGDSURGXWLYDHUHSURGXWLYDV¥R
XWLOL]DGDVFRPRUHFHSWRUDV
(PERUDI¬PHDVGHTXDOTXHU
UD©DRXPHVPRFUX]DVSRVVDP
VHUXWLOL]DGDVHPXPSURJUDPD
GH),9DOJXQVIDWRUHVGHYHPVHU
FRQVLGHUDGRVQDVHOH©¥RXPD
YH]TXHWDLVI¬PHDVLU¥RJHVWDU
SDULUHDPDPHQWDURWHUQHLUR
6HQGRDVVLPDVUHFHSWRUDV
GHYHU¥RDSUHVHQWDUERDVD¼GH
JHUDOHVD¼GHUHSURGXWLYD
DVVRFLDGRVDERPHVFRUHGH
GHVHQYROYLPHQWRFRUSRUDOHERD
KDELOLGDGHPDWHUQD
3RUNJPDXWLOL]D©¥RGD),9
DFRSODGDDSURJUDPDVGH
JHQ¶PLFDVSHUPLWHDFHOHUDUR
HPSHORPHQRVJHUD©·HVR
TXHIDFLOLWDDIRUPD©¥RGHXP
SODQWHOUHFRQKHFLGDPHQWH
PHOKRUDGRUDXPFXVWR
DFHVV¯YHOHPXPPHQRU
LQWHUYDORGHWHPSR
SRVVLELOLWDQGRXPPDLRU
DSURYHLWDPHQWRGRPDWHULDO
JHQ«WLFRGLVSRQ¯YHOQDVI¬PHDV
PD[LPL]DQGRRSRWHQFLDO
UHSURGXWLYRGRVDQLPDV
JHQHWLFDPHQWHVXSHULRUHV

 )UHQWHDRH[SRVWR
SHUFHEHVHTXHKRXYHXPD
FRQVROLGD©¥RGD),9HQTXDQWR
ELRW«FQLFDPXOWLSOLFDGRUDH
GLVVHPLQDGRUDGHJHQ«WLFDGH
I¬PHDVHPDFKRVQRWDGDPHQWH
VXSHULRUHV&RQFRPLWDQWHD
PDLRUDFHVVLELOLGDGHGHVWD
ELRW«FQLFDDRVSURGXWRUHVSRV
VLELOLWDU£TXHD),9HPXPIXWX
URSUµ[LPRID©DSDUWHGRFRWLGL
DQRGHJUDQGHSDUWHGRVSUR
GXWRUHVGHQRUWHDVXOGRSD¯V

şşR%UDVLO«UHVSRQV£YHOSRUGDSURGX©¥R
PXQGLDOGHHPEUL·HVERYLQRVSRU),9şş

ϴϭ
 DIRQWHGDPHOKRUJHQ«WLFD
)DWRUHVTXDQWLWDWLYRVTXH
DIHWDPRP«ULWRGDFDUFD©DERYLQD
 
 $FDGHLDGDFDUQH
YHUPHOKDQRSD¯VSDVVDSRU
WUDQVIRUPD©·HVHPUHOD©¥RDRV
VHXVFRQFHLWRVHREMHWLYRV
WHQGRFRPRSUHRFXSD©¥R
SULQFLSDOVDWLVID]HUVHXV
FRQVXPLGRUHVFRPXPSURGXWR
HUHWDOKLVWDVTXHQXPIXWXUR
SUµ[LPRHOHVSRGHPQ¥RGHWHU
PDLVRFRQWUROHGRVXSULPHQWR
GDFDGHLD2VFRQVXPLGRUHVY¥R
GLWDUFRPRDFDUQHGHYHVHU
SURGX]LGDHFRPHUFLDOL]DGD
VHJXLQGRSULQF¯SLRVHFRQ¶PLFRV
VDGLRVHJXURFRQVLVWHQWHH
SDODW£YHO3DUDTXHLVWRRFRUUD
«QHFHVV£ULRXWLOL]DUP«WRGRVGH
DYDOLD©¥RHGHFRQWUROHTXH
DVVHJXUHPSURFHG¬QFLD
FXVWRSUH©RYDORUQ¥R
HFRQ¶PLFRVVHJXUDQ©D
DOLPHQWDUDWULEXWRVGH
TXDOLGDGHGHFRQVXPR
GLHWDVD¼GHQXWUL©¥R
FRQVLVW¬QFLDHTXDOLGDGHGR FRQYHQL¬QFLD«WLFRVFRQFHLWR
SURGXWRFRPHUFLDOL]DGR GHEHPHVWDUDQLPDOH
FRQIRUPHDVHVSHFLNJFD©·HVGR HFROµJLFRVFRQFHLWRDPELHQWDO
QLFKRGHPHUFDGRDVHU FRQFHLWRHPUHOD©¥RDDOLPHQWRV
DWHQGLGR
 (QWUHWDQWRVRPHQWH
HVWHVSURFHVVRVQ¥RDVVHJXUDP
DTXDOLGDGHGRSURGXWR
FRPHUFLDOL]DGR‹QHFHVV£ULDD
LQWURGX©¥RGHSURJUDPDVGH
FRQWUROHHPSRQWRVHVWUDW«JLFRV
-DLPH87DURXFR HFU¯WLFRVGDFDGHLDFRPRD
LGHQWLNJFD©¥RHXWLOL]D©¥RGH
=RRWHFQLVWD
JHQ«WLFDVXSHULRUSDUDD
'RXWRUHP=RRWHFQLD
SURGX©¥RGHFDUQHGHTXDOLGDGH
'=)$*528)5*6
,VWR«SRVV¯YHOFRPDYDOLD©¥R
VHOH©¥RHWLSLNJFD©¥RGRV
DQLPDLVFDUFD©DVHFDUQHVTXH
VHUYHPFRPRIRQWHGH
DEDVWHFLPHQWRGDPDW«ULD
JHQHWLFDPHQWHPRGLNJFDGRV
VXJHULQGRXPDJUDQGHDOWHUD©¥R
QRVVLVWHPDVGHFRUUHQWHGDV
SUHIHU¬QFLDVFRQIRUPHDWULEXWRV
TXDOLWDWLYRVGHFRQVXPR
 $WUDQVIHU¬QFLDGH
LQIRUPD©¥RHPDPEDVDV
GLUH©·HVGHQWURGDFDGHLDGH
SURGX©¥RGHFDUQHDWUDY«VGR
FRQFHLWRGHUDVWUHDELOLGDGHH
DYDOLD©¥RGRVDWULEXWRV
TXDOLWDWLYRVGHFRQVXPRDSDUWLU
GHSURJUDPDVGHFODVVLNJFD©¥RH
WLSLNJFD©¥RGHFDUFD©DVHFDUQHV
LU¥RSUHVHUYDURPDLVLPSRUWDQWH
TXH«DLGHQWLGDGHGRSURGXWR
SULPD
 $W«RPRPHQWRQ¥RVH
GHVFREULXQHQKXPSURFHVVR
WHFQROµJLFRSU«HSµVDEDWHTXH
DQXOHWRWDOPHQWHRHIHLWR
JHQ«WLFRQDTXDOLGDGHSRWHQFLDO
GRSURGXWRF£UQHR(QW¥RD
XWLOL]D©¥RGDVLQIRUPD©·HVGDV
FDUDFWHU¯VWLFDVGDFRPSRVL©¥R
FRUSRUDOTXDQWLWDWLYDVH
IRQWHGHYHULNJFD©¥R
 8PGRVSRQWRVGHFRQWUROH
TXHGLVSRPRVDWXDOPHQWHQD
FDGHLD«DJHQ«WLFDTXHHQYROYH
VHOH©¥RGHQWURGHUD©DVEDVHDGD
HPUHVXOWDGRVGHPHGLGDVGH
GHVHPSHQKRHGDSURJ¬QLH
VREUHFDUDFWHU¯VWLFDVGH
FRPSRVL©¥RFRUSRUDOH
FUX]DPHQWRVHQWUHUD©DVSDUD
TXDOLWDWLYDVGRVDQLPDLVHGH DSURYHLWDPHQWRGRVDWULEXWRV
VXDVFDUFD©DVWRUQDVH VXSHULRUHVGHFDGDXPD&RP
LQGLVSHQV£YHOSDUDDHNJFL¬QFLD SOHPHQWDULGDGHQRDWHQGLPHQ
GDFDGHLDFRPRXPWRGR WRGRVREMHWLYRVSURSRVWRV
+RMHRVSURGXWRUHVGHYHP $VFDUDFWHU¯VWLFDVGHFDUFD©DTXH
HQWHQGHUDVVLPFRPRLQG¼VWULD JHUDOPHQWHV¥RFRQVLGHUDGDVGH

ϴϮ
 DIRQWHGDPHOKRUJHQ«WLFD

LPSRUW¤QFLDQDDYDOLD©¥R FRPRSHVRGRVFRUWHV TXHDQLPDLVGHFRUWHSRUTXH

LQGHSHQGHQWHGHHVS«FLHH FRPHUFLDLVGHVRVVDGRVGH WHPPDLRUSHVRGHµUJ¥RV
SRGHPVHUGLYLGLGDVHP SULPHLUDTXDOLGDGH7$528&2 LQWHUQRVPDLRUFRQWH¼GR
TXDQWLWDWLYDVHTXDOLWDWLYDV(ODV PDVVHJXQGR*5(,1(5HW JDVWURLQWHVWLQDODFXPXODPDLRU
SRGHPVHUFDWHJRUL]DGDVFRPR
SHVRUHQGLPHQWRHUHODFLRQDGDV
¢TXDOLGDGHGHFDUQH
$VFDUDFWHU¯VWLFDVGHUHQGLPHQWR
GHFDUFD©DUHIHUHPVHDR
UHQGLPHQWRGHFDUQHFRPHUFLDO
DOQ¥R«XPERP
HVWLPDGRUGDSHUFHQWDJHPGRV
FRUWHVFRPHUFLDLVGHVRVVDGRV
,VWRVHGHYHDRIDWRGHTXH
FDUFD©DVPDLVSHVDGDV
JHUDOPHQWHDSUHVHQWDPPDLRU
TXDQWLGDGHGHJRUGXUDDRUHGRU
GRVµUJ¥RVLQWHUQRVH
DSUHVHQWDPXPDPHQRUUHOD©¥R
P¼VFXORRVVR
6H[RI¬PHDVJHUDOPHQWH
DSUHVHQWDPXPDPXVFXODWXUD
FDUQHJRUGXUDSURGX]LGDVSRU
FDUFD©DRXSRUXQLGDGHGHSHVR
GHFDUFD©D
&DUDFWHU¯VWLFDVTXDQWLWDWLYDVGD
FDUFD©D
3HVRGHFDUFD©DRSHVRRX
WDPDQKRGHXPDFDUFD©D«D
FDUDFWHU¯VWLFDGHPDLRU
LQNjX¬QFLDQ¥RVRPHQWHVREUHD
TXDQWLGDGHGRVY£ULRVWHFLGRV
PDVWDPE«PQRWDPDQKRGRV
P¼VFXORVH[SRVWRVVREUHR
FRUWHHQRWDPDQKRGDVSH©DV
GHFDUQH2UHWDOKLVWDGHYHWHUD
KDELOLGDGHHPXVDU
SURFHGLPHQWRVGHGHVRVVD
SDGURQL]DGDHPFDUFD©DVIRUDGR
SDGU¥RQRUPDOGDV
HVSHFLNJFD©·HVGHSHVRQR
PHUFDGRHSURGX]LUWDPDQKRV
GHFRUWHVDFHLW£YHLVDR
FRQVXPLGRU
 &RPUHOD©¥RDRWDPDQKR
GRVFRUWHVDLQFRQVLVW¬QFLDQR
WDPDQKRGRVP¼VFXORV
TXDQWLGDGHGHRVVRVHJRUGXUDH
HVVHVWHFLGRVV¥RUHWLUDGRV
GXUDQWHDGHVRVVDHRWRDOHWH
GRVFRUWHVGLPLQXLQGRD
SHUFHQWDJHPGRFRUWHHP
UHOD©¥RDRSHVRGHFDUFD©D
 (QWUHWDQWRHQWUHDQLPDLV
RXGHQWURGHJUXSRVGHDQLPDLV
GHVLPLODUHVLGDGHVFULDGRVVRE
VLPLODUHVFRQGL©·HVH
FRPSDUDGRVHPSHVRVLJXDLVRV
DQLPDLVPDLRUHVGHU£SLGR
FUHVFLPHQWRWHQGHPDWHUDOWRV
UHQGLPHQWRVGHFRUWHV
FRPHUFLDLVHEDL[DSHUFHQWDJHP
GHJRUGXUD
 2SHVR«DSULPHLUD
YDUL£YHODVHUFRQVLGHUDGDQRV
PRGHORVGHSUHGL©¥RGD
FRPSRVL©¥RGDFDUFD©DH«
XVDGDHPWHVWHVGHSURJ¬QLH
SDUDRP«ULWRGHFDUFD©D
5HQGLPHQWRGHFDUFD©D$V
FDUDFWHU¯VWLFDVGHUHQGLPHQWR
IRUQHFHPXPDHVWLPDWLYDGR
SHVRRXSHUFHQWDJHPGHFDUQH
PHQRVGHVHQYROYLGDHPDLVOHYH
TXHRVPDFKRV
7LSRGHDOLPHQWD©¥RDQLPDLV
DOLPHQWDGRVHPFDPSRQDWLYRH
SDVWDJHQVUHQGHPPHQRVTXH
RVDOLPHQWDGRVFRPJU¥R
GHYLGR¢SDVVDJHPPDLVOHQWD
GRDOLPHQWRSHORWUDWR
JDVWURLQWHVWLQDORULJLQDQGR
PDLRUUHV¯GXRHSHVRGH
FRQWH¼GR
‹SRFDGRDQRJHUDOPHQWHQR
YHU¥RHLQYHUQRRDOLPHQWR«
PDLVNJEURVRGRTXHQD
SULPDYHUDHRXWRQRHD
SDVVDJHP«PDLVOHQWDSHOR
WUDWRGLJHVWLYR
3HU¯RGRRXWHPSRGHMHMXP«
RXWUDIRQWHGHYDULD©¥R$W«
KRUDVGHMHMXPQ¥RWHPRVXPD
SHUGDWHFLGXDOVLJQLNJFDWLYDH
DXPHQWDRUHQGLPHQWRGH
FDUFD©D
3HVRGHFDUFD©DTXHQWHRXIULR
FRPSUHVHQ©DGDJRUGXUD
LQWHUQDRXQ¥RSHVRYLYRFRP
MHMXPFRPGLHWDK¯GULFDRXQ¥R
WDPDQKRGDSRU©¥R«XPIDWRU
GLUHWDPHQWHOLJDGR¢JHQ«WLFD
GRVDQLPDLV(VWDFDUDFWHU¯VWLFD
ID]SDUWHLQWHJUDQWHGHTXDVH
WRGRVRVVLVWHPDVGH
FODVVLNJFD©¥RGHFDUFD©DFRP
H[FH©¥RSRUH[HPSORGR
6LVWHPDGD1RYD=HO¤QGLD
 ‹XPDFDUDFWHU¯VWLFD
FRPHUFLDOSRUFDUFD©D
SURFHVVDGD6¥RLPSRUWDQWHV
SDUDRSURFHVVDGRUGHVGHTXHR
DXPHQWRHPUHQGLPHQWRGH
FDUQHFRPHUFLDOUHVXOWHHPPDLV
SURGXWRSRUFDUFD©DSURFHVVDGD
*HUDOPHQWHXPDPHGLGD
XWLOL]DGD«RUHQGLPHQWRGH
FDUFD©DSHVRGHFDUFD©DSHVR
RXSHVRYLYRVHPMHMXP
3RUWRGRVHVWHVIDWRUHVR
UHQGLPHQWRGHFDUFD©DQ¥R«
FRQVLGHUDGRXPERPSUHGLWRU
GRVHXYDORUQ¥RVHQGR
DFRQVHOK£YHODVXDXWLOL]D©¥RHP
SURJUDPDVGHVHOH©¥RSDUD
FDUDFWHU¯VWLFDVGHFDUFD©DVHP
RVGHYLGRVDMXVWHV
SULP£ULDQDGHWHUPLQD©¥RGR
SUH©RGHFRPHUFLDOL]D©¥RQR
QRVVRVLVWHPDTXDQGRR
SURGXWRURSWDSHODUHPXQHUD©¥R
SHORUHQGLPHQWRGHFDUFD©D
 2SHVRGHFDUFD©DHVW£
SRVLWLYDPHQWHFRUUHODFLRQDGR
YLYR[(QWUHWDQWRR
DXPHQWRGRUHQGLPHQWRGH
FDUFD©DSRGHVHUGHYLGRDRDX
PHQWRGRFRQWH¼GRGRRVVRRX
JRUGXUD(VWHSRGHVHUDIHWDGR
5D©DDQLPDLVGHRULJHPOHLWHLUD
DSUHVHQWDPPHQRUUHQGLPHQWR
ϴϯ
0XVFXORVLGDGHH
&RQIRUPD©¥RGD&DUFD©D$
PXVFXORVLGDGHGDFDUFD©D«
GHNJQLGDFRPRDHVSHVVXUDGR
P¼VFXORHPUHOD©¥R¢V
GLPHQV·HVGRHVTXHOHWR$
 DIRQWHGDPHOKRUJHQ«WLFD

FRQIRUPD©¥R«DDYDOLD©¥R
VXEMHWLYDUHDOL]DGDYLVXDOPHQWH
TXHPHGHDHVSHVVXUDGDVNJEUDV
PXVFXODUHVJRUGXUD
LQWHUPXVFXODUHVXEFXW¤QHDHP
UHOD©¥R¢VGLPHQV·HVGR
DOHQWUHFDUFD©DVFRPR
PHVPRFRQWH¼GRGHJRUGXUDH
FRQIRUPD©¥RD£UHDGHP¼VFXOR
DXPHQWDFRPRSHVRGDFDUFD©D
HQWUHDVGHPHVPRSHVRH
FRQWH¼GRGHJRUGXUDD£UHDGH
FRVWHODVREUHRP¼VFXORVHUU£WLO
GRUVDOFDXGDOTXHGHVFUHYHD
GLVWULEXL©¥RGDJRUGXUDH[WHUQD
VREUHDFDUFD©D
 26LVWHPD1DFLRQDOGH
&ODVVLNJFD©¥RGH&DUFD©DV
HVTXHOHWR%2(5HWDO
 $FRQIRUPD©¥RSRGHVHU
FRQVLGHUDGDFRPRXPIDWRU
TXDOLWDWLYROHYDQGRVHHPFRQWD
TXHDQLPDLVGHPDLRUKLSHUWURNJD
PXVFXODUSURSRUFLRQDPFRUWHV
P¼VFXORDXPHQWDFRPFDUFD©DV
GHPHOKRUFRQIRUPD©¥R(QWUH
FDUFD©DVFRPPHVPRSHVRH
FRQIRUPD©¥RD£UHDGHP¼VFXOR
GLPLQXLTXDQGRDXPHQWDR
FRQWH¼GRGHJRUGXUD
GHVFUHYHRJUDXGHDFDEDPHQWR
DWUDY«VGRVVHJXLQWHVQ¼PHURV
0DJUDJRUGXUDDXVHQWH
*RUGXUDHVFDVVDPP
*RUGXUDPHGLDQDPP
*RUGXUDXQLIRUPHDFLPDGH
FRPPHOKRUDSDU¬QFLDSDUDR  6HJXQGR:,/621 VHLVHDW«PPGHHVSHVVXUD
FRQVXPLGRUPDLVH[LJHQWHRX H[LVWHXPDDOWDFRUUHOD©¥R *RUGXUDH[FHVVLYDDFLPDGH
FRPRIDWRUTXDQWLWDWLYR1HVVH JHQ«WLFDHQWUHD£UHDGH PP3RUWDULD0$3$
¼OWLPRFDVRDDNJUPD©¥RVH ROKRGHORPERHRSHVRWRWDO
EDVHLDQRIDWRGHTXHFDUFD©DV
GHPHOKRUFRQIRUPD©¥RWHQGHP
DDSUHVHQWDUPHQRUSURSRU©¥R
GHRVVRHPDLRUGHSRU©¥R
GRVFRUWHVFRPHUFLDLV‹
XWLOL]DGDFRPRHVWLPDGRUQR
JUDXGHUHQGLPHQWRGRV
VLVWHPDVGHDYDOLD©¥RGHFDUFD©D

 $SURIXQGLGDGHGD
HVSHVVXUDGHJRUGXUD
VXEFXW¤QHD«PHGLGDDGD
FRPHVW¯YHO08//(5
 $FRQIRUPD©¥R«XPIDWRU
LPSRUWDQWHQRYDORUFRPHUFLDO
GDVFDUFD©DVSDUWLFXODUPHQWH
QRVERYLQRVHHVSHFLDOPHQWH
HPSD¯VHVRQGHH[LVWDPUD©DVGH
PRUIRORJLDVPXLWRYDUL£YHLV‹
XPLQGLFDGRULQGLUHWRGR
UHQGLPHQWRGHFDUQHQDFDUFD©D
1R%UDVLORSDJDPHQWRSRU
FDUFD©D«GHWHUPLQDGRSHOD
FRQIRUPD©¥RHQ¥RSHOR
UHQGLPHQWRGHFDUQHFRPHUFLDO
QRV((88$XVWU£OLDH&DQDG£H
GHYHVHUXVDGDHPWHVWHVGH
SURJ¬QLHGHFDUFD©DSRUHVWDU
DVVRFLDGDSRVLWLYDPHQWHFRPDV
FDUDFWHU¯VWLFDVPXVFXODUHVH
FRPDUHOD©¥RP¼VFXORRVVR
 ‹LPSRUWDQWHWDPE«PQR
Q¯YHOGHYDUHMRSRUTXHDOJXQV
PHUFDGRVH[LJHPFRUWHVGR
GRUVRHORPERFRPPHGLGDV
P¯QLPDVGH£UHDFRPRSRU
H[HPSORVXSHUPHUFDGRV
DXVWUDOLDQRVFPϸ
OLQKDPHGLDOGRP¼VFXORORQJR
GRUVDOQDlFRVWHOD(VWD
PHGLGD«PXLWRLPSRUWDQWHSDUD
WRGDDFDGHLDSURGXWLYD$QLPDLV
TXHDWLQJHPRDFDEDPHQWRPDLV
MRYHPV¥RPDLVSUHFRFHV
NJVLRORJLFDPHQWHHSRGHPVHU
DEDWLGRVDQWHVTXHDQLPDLVPDLV
WDUGLRV,VWRGLPLQXLWHPSRHR
FXVWRGHPDQWHQ©DGHQWURGR
VLVWHPDGHSURGX©¥RDO«PGR
TXHTXDVHWRGDVDVGHFLV·HVGH
VHOH©¥RHFRPHUFLDOL]D©¥RGH
&RQIRUPH7$528&2DV llFRVWHODV DQLPDLVSDUDRDEDWHV¥R
FDUFD©DVPHOKRUFRQIRUPDGDV VXSHUPHUFDGRVMDSRQHVHV WRPDGDVHPIXQ©¥RGRJUDXGH
DSUHVHQWDUDPPDLRUSHVRGH FPllFRVWHODV DFDEDPHQWR
WUDVHLURFRQVHTXHQWHPHQWH VXSHUPHUFDGRVFRUHDQRV ‹LPSRUWDQWHSDUDGHFLV·HVGR
PDLVFDUQHGHSULPHLUD FPllFRVWHODVHFDUQH PDQHMRUHSURGXWLYRGDVI¬PHDV
TXDOLGDGH FHUWLNJFDGD$QJXVDPHULFDQD TXHLQJUHVVDPQRFLFORGH
ƒUHDGHROKRGHORPER
0HGLGDGD£UHDGRP¼VFXOR
ORQJLVVLPXVRXORQJRGRUVDOQR
HVSD©RLQWHUFRVWDOHQWUHDlH
lFRVWHODVSRGHQGRWDPE«P
VHUPHGLGDHQWUHDlHlH
HQWUHDlHlFRVWHODV$£UHD
GHROKRGHORPER«XP
LQGLFDGRUGDPXVFXORVLGDGHGD
FDUFD©DTXDQGRD£UHDDXPHQWD
RUHQGLPHQWRGHFRUWHV
FRPHUFLDLVWDPE«PDXPHQWD
 &RQIRUPH.(0367(5HW
FPϸllFRVWHODV
*UDXGHDFDEDPHQWRH(V
SHVVXUDGHJRUGXUDVXEFXW¤QHD
2JUDXGHDFDEDPHQWRGD
FDUFD©D«REWLGRSHODDYDOLD©¥R
YLVXDOHPWU¬VSRQWRV
DQDW¶PLFRV¢DOWXUDGDl
FRVWHODVREUHRP¼VFXORJUDQGH
GRUVDOHPVXDSDUWHGRUVDO¢
DOWXUDGDlFRVWHODVREUHR
P¼VFXORJUDQGHGRUVDOHPVXD
SDUWHYHQWUDOH¢DOWXUDGDl
ϴϰ
SURGX©¥RSRLVJHUDOPHQWHR
HVFRUHGHFRQGL©¥RFRUSRUDO«
FRQVLGHUDGRSDUDVHHVWLPDUR
VXFHVVRFRPRIXWXUD
UHSURGXWRUD
 3DUDDLQG¼VWULDH
UHWDOKLVWDHYLWDSUREOHPDVFRP
DFRQVHUYD©¥RGDVFDUFD©DVH
FRUWHVGHFDUQHSRUH[HPSOR
HYLWDRHQFXUWDPHQWRGDVNJEUDV
PXVFXODUHVSHODD©¥RGRIULR
GLUHWDPHQWHQRP¼VFXOR
GLPLQXLQGRDPDFLH]GDFDUQH
HYLWDDTXHLPDGRP¼VFXORSHOR
 DIRQWHGDPHOKRUJHQ«WLFD

IULRDOWHUDQGRVXDFRORUD©¥R SURGXWRDSDVWRVHPLLQWHQVLYR  '(3

VSDUDSHVRRX
QRUPDOHVFXUHFHQGRDVHQGR
HVWDUHMHLWDGDSHORFRQVXPLGRU
VSDUDSHVR
HYLWDXPDPDLRUGHVLGUDWD©¥RGD
FDUQHHSHUGDGHSHVRGDV
FDUFD©DVHVWRFDGDVQDVF¤PDUDV
IULJRU¯NJFDVHQWUHRXWURVIDWRUHV
 2SUH©RRGHVWLQRHD
RXLQWHQVLYRGDV
HVSHFLNJFD©·HVGRQLFKRGH
PHUFDGRTXHVHTXHLUDDWLQJLUH
GRYDORUFRPHUFLDOGRSURGXWR
DOYR
SHUFHQWDJHPGRVFRUWHV
FRPHUFLDLV$'(3
RXSHUFHQWDJHPGRVFRUWHV
FRPHUFLDLVFRPELQDDV
WUDGLFLRQDLVFDUDFWHU¯VWLFDVGH
FDUFD©DSHVRGHFDUFD©DTXHQWH
HVSHVVXUDGHJRUGXUD£UHDGH
FODVVLNJFD©¥RGDVFDUFD©DVHP
VFRPSRVWD
TXDVHWRGRVRVVLVWHPDV
FRPHUFLDLVVHEDVHLDPQRJUDX
GHDFDEDPHQWRGDVFDUFD©DV
3DUDRFRQVXPLGRU«LPSRUWDQWH
SRUTXHHVW£DVVRFLDGD
SRVLWLYDPHQWHFRPDPDFLH]
VXFXO¬QFLDVDERUHDX[LOLDQD
WRPDGDGHGHFLV¥RGRGHVWLQR
FXOLQ£ULRDTXHYDLVHU
VXEPHWLGRRSURGXWR6HJXQGR
&RQVLGHUD©·HVVREUHVHOH©¥R
GDVFDUDFWHU¯VWLFDVGHFDUFD©D GHQWURGHXPD'(3
 2VREMHWLYRVGRV
SURFHGLPHQWRVGHDYDOLD©¥R
JHQ«WLFDGDVFDUDFWHU¯VWLFDVGH
FRPSRVL©¥RFRUSRUDOV¥RGH
DXPHQWDUDHNJFL¬QFLD
HFRQ¶PLFDGRVLVWHPD
HQTXDQWRSURGX]SURGXWRV
GHVHM£YHLVSDUDRV
FRQVXPLGRUHVHGHNJQLUXPD
ROKRGHORPERJRUGXUDLQWHUQD
,PSRUWDQWHSRUTXHHVW£
GLUHWDPHQWHOLJDGDDR
DSURYHLWDPHQWRGDSRU©¥R
FRPHVW¯YHOGDFDUFD©DTXH«
FRPHUFLDOL]DGD
 $PHOKRULDGRUHQGLPHQWR
FRPHUFLDOGDFDUQHSDVVDSRU
XPDDYDOLD©¥RHVHOH©¥RGD
JHQ«WLFDDVHUXWLOL]DGDQR
VLVWHPDGHSURGX©¥R3URJUDPDV
&+$57(5,6DQG*$55,&. EDVHJHQ«WLFDTXHRULHQWHRV TXHQ¥RXWLOL]HPDLQIRUPD©¥R
FULDGRUHVQDGLUH©¥RHFRQ¶PLFD GDVFDUDFWHU¯VWLFDVTXDQWLWDWLYDV
DPHGLGDGRJUDXGHFREHUWXUD
SDUDRVSURFHVVRVGHVHOH©¥R HTXDOLWDWLYDVGDFDUFD©DWHU¥R
GHJRUGXUDSDUDRVSURSµVLWRV GLNJFXOGDGHHPREWHUVXFHVVR
 $VHVWLPDWLYDVGDV
GHFODVVLNJFD©¥RGHFDUFD©DVH GLIHUHQ©DVJHQ«WLFDVGRV FRPHUFLDOGRVHXSURGXWRQR
VHOH©¥R«LPSRUWDQWHSRUTXH DQLPDLVSDUDGHWHUPLQDGD PHUFDGRIXWXUR

2UHQGLPHQWRGHFDUQHPDJUD FDUDFWHU¯VWLFDSRGHPVHUREWLGDV  'HYHPRVLQLFLDUXP
GLPLQXLTXDQGRRFRQWH¼GRGH SHODV'(3
VGLIHUHQ©DHVSHUDGD SURFHVVRGHFRQKHFLPHQWRH
JRUGXUDDXPHQWD QDSURJ¬QLH3RUGHNJQL©¥RDV XWLOL]D©¥RGDVIRQWHVGHYDULD©¥R

2FRQVXPLGRUWHQGHHYLWDUXP '(3
VSUHGL]HPDGLIHUHQ©D TXHLQNjXHQFLDPQRP«ULWR
DOWRFRQWH¼GRGHJRUGXUDQD HVSHUDGDQRGHVHPSHQKRGRV JHQ«WLFRGDVFDUFD©DVSDUD
FDUQHSRUSUREOHPDVGHVD¼GH NJOKRVGHYLGRDRVJHQHV DXPHQWDUDHNJFL¬QFLDGDFDGHLD

$JRUGXUD«FRQVLGHUDGDXPD SDVVDGRVSHORVSDLV2XWUR GDFDUQHERYLQD+RMHM£
SHUGDTXDQGRUHFRUWDGDGD SRQWRIXQGDPHQWDOQD SRVVX¯PRVFRQKHFLPHQWRVH
LQWHUSUHWD©¥RGDV'(3
V«TXH IHUUDPHQWDVVXNJFLHQWHVSDUD
FDUQHDQWHVGDFRF©¥R2V DODYDQFDUPRVHVWHSURFHVVR2V
FRQVXPLGRUHVQ¥RUHFHEHP HODVVHUYHPSDUDUDQNLQJGRV
DQLPDLV&RPSDUDQGRXPD'(3
V WHVWHVGHDYDOLD©¥RGHFDUFD©DV
UHWRUQRPRQHW£ULRQHQKXP V¥RXPDIHUUDPHQWDGLVSRQ¯YHOH
GHXPDQLPDOSDUDXPD
TXDQGRJUDQGHSRU©¥RGR W¬PFRPRREMHWLYRRIHUHFHUDRV
GHWHUPLQDGDFDUDFWHU¯VWLFDHP
SURGXWRFDUQH«SHUGLGDFRPR UHOD©¥R¢'(3
VP«GLDGHWRGRV SURGXWRUHVDVLQIRUPD©·HV
UHFRUWHGHJRUGXUD RVDQLPDLVDYDOLDGRVGD QHFHVV£ULDVSDUDGLUHFLRQDUDV

$LQHNJFL¬QFLDGDFDGHLD SRSXOD©¥RQRSURJUDPDGH DOWHUD©·HVQDFRPSRVL©¥R
DXPHQWDTXDQGRVHSURGX] FRUSRUDOGRVDQLPDLV
VHOH©¥RDVVLPSRGHPRV
5HIHU¬QFLDV%LEOLRJU£NJFDV
H[FHVVRGHJRUGXUD GHWHUPLQDUVHRDQLPDOHVW£ %2(5+GH'80217%/320(52<5::(1,*(5-+
0DQXDORQ($$35HIHUHQFHPHWKRGVIRUWKHDVVHVVPHQWRI
 2JUDXGHDFDEDPHQWR DFLPDRXDEDL[RGDP«GLD FKDUDFWHULVWLFVLQFDWWOH/LYHVWRFN3URGXFWLRQ6FLHQFH
&+$57(5,63/DQG*$55,&.'-8VLQJEUHHGUHVRXUFHV
LGHDOYDLGHSHQGHUGRWLSR 4XDLVDV'(3
VSDUDFDUDFWHU¯V WRLPSURYHFDUFDVVDQGPHDWTXDOLW\1HZ=HDODQG6LPPHQWDO
)LHOGD\0DUFK
ELROµJLFRGRVDQLPDLV WLFDVGHFDUFD©DTXHDWXDOPHQWH *5(,1(5635286(*+:,/621'(&81',))/3UHGLFWLQJ
EHHIFDUFDVVUHWDLOSURGXFWXVLQJUHDOWLPHXOWUDVRXQGDQGOLYH
PDWXULGDGHSUHFRFHP«GLDRX V¥RDSUHVHQWDGDVQRVVXP£ULRV DQLPDOPHDVXUHV3URJUHVV5HSRUW,Q*HQHWLF3UHGLFWLRQ
:RUNVKRS3URFHHGLQJV%HHI,PSURYHPHQWV)HGHUDWLRQ
WDUGLDGRVREMHWLYRVGHFULD©¥R GHWRXURV"'(3
VSDUDRSHVRGH .DQVDV&LW\S
.(0367(5$-&87+%(57621$+$55,1*721*&DUFDVV
HYDOXDWLRQLQOLYHVWRFNEUHHGLQJSURGXFWLRQDQGPDUNHWLQJ
UHSURGXWRUHVQRYLOKRVSDUDR FDUFD©D'(3
VSDUDPDUPRUHLR *UDQDGD3UHVVS
08//(5/1RUPDVSDUDDYDOLD©¥RGHFDUFD©DVHFRQFXUVRGH
DEDWHQRYLOKDVGHUHSRVL©¥R '(3
VSDUD£UHDGHROKRGH FDUFD©DVGHQRYLOKRV6DQWD0DULDSSXEOLFD©¥R
7$528&2-8'HWHUPLQD©¥RGRVFRUWHVGDFDUFD©DHGR
HWFGRFXVWRHGRVLVWHPDTXH ORPER'(3
VSDUDHVSHVVXUDGH FRUWHVHUURWHHPQRYLOKRV+HUHIRUG'LVVHUWD©¥RGH
0HVWUDGR8)3(/3HORWDV56S
«XWLOL]DGRSDUDDSURGX©¥RGR JRUGXUDVXEFXW¤QHD :,/621'(&HQWUDOL]HG8OWUDVRXQG3URFHVVLQJ6WXG\*XLGHV
,RZD6WDWH8QLYHUVLW\$WODQWLF

ϴϱ
 DIRQWHGDPHOKRUJHQ«WLFD

$VVRFLD©¥RGHLQGX©¥RGHSXEHUGDGH
HSURWRFRORGH,$7)HPQRYLOKDVQHORUH

2EMHWLYR
 2REMHWLYRGHVWHHVWXGRIRLDYDOLDUSURWRFRORVGHLQGX©¥RGH
SXEHUGDGHDVVRFLDGRVDSURWRFRORVGH,$7)HPQRYLOKDV1HORUHLGDGH
P«GLDGHPHVHVHSHVRP«GLR.J)RUDPUHDOL]DGRV
GLIHUHQWHVH[SHULPHQWRVVHQGRFRQVLGHUDGDVSU«S¼EHUHVDV
QRYLOKDVFRPDXV¬QFLDGHFRUSRO¼WHR&/HPGXDVDYDOLD©·HV
XOWUDVVRQRJU£NJFDVFRPGLDVGHLQWHUYDOR

'HOLQHDPHQWR
 1RVGLIHUHQWHVH[SHULPHQWRVDLQGX©¥RGDSXEHUGDGHIRL
UHDOL]DGDFRQIRUPHDGHVFUL©¥RDVHJXLULQVHU©¥RGH&,'5pGHrXVR
SRUGLDVVHQGRTXHQRGLDGDUHWLUDGDGRGLVSRVLWLYRRVDQLPDLV
HUDPGLVWULEX¯GRVDOHDWRULDPHQWHHQWUHRVWUDWDPHQWRV$WD[DGH
LQGX©¥RGHFLFOLFLGDGHSUHVHQ©DGH&/IRLDYDOLDGDGLDVDSµVD
UHWLUDGDGRGLVSRVLWLYR
7RGRVRVHVWXGRVIRUDPFRQGX]LGRVHUHDOL]DGRVSRU$GQDQ'DULQVRE
DRULHQWD©¥RGR3URI-RV«9DVFRQFHORV81(63Ŝ%RWXFDWXFRQWDQGR
FRPRDSRLRGHWRGDVXDHTXLSH

([SHULPHQWRV
LQGX©¥RQ ;LQGX©¥R8,,0H&*Q 

$GQDQ'DULQ5RGULJXHV LQGX©¥RQ ;LQGX©¥R8,,0H&*Q ;LQGX©¥R

0«GLFR9HWHULQ£ULR 8,,0H&*P/,0(&3pQ 

*HUHQWHGD)D]HQGD(VSODQDGD LQGX©¥RQ ;LQGX©¥R8,,0H&*Q ;LQGX©¥R

GR*UXSR9%HP$UXDQ¥*2 8,,0H&*P/,0(&3pQ ;LQGX©¥RP/,0(&3p
Q 1HVWHH[SHULPHQWRWDPE«PIRLDYDOLDGRRPHOKRULQWHUYDOR
HPGLDVSDUDVHLQLFLDURSURWRFRORGH,$7)QDVQRYLOKDVDSµVR
SURWRFRORGHLQGX©¥RGHSXEHUGDGH*GLDVQ ;*Ŝ
GLDVQ ;*ŜGLDVQ 3URWRFRORGH,$7)QDV
QRYLOKDV

 1RH[SHULPHQWRQRYLOKDVSU«S¼EHUHVQ HS¼EHUHV

Q UHFHEHUDPRSURWRFRORGHLQGX©¥RGHSXEHUGDGHFRP&,'5p
GHrXVRSRUGLDVP/,0(&3pVHQGRRVDQLPDLVTXHHUDP
S¼EHUHVUHFHEHUDP/XWDO\VHpDRNJQDOGDLQGX©¥RQRGLD$SµV
GLDVUHFHEHUDPRSURWRFRORGH,$7)FRQIRUPHGHVFULWRDFLPD8P
VXEJUXSRGHQRYLOKDVF¯FOLFDVQ¥RUHFHEHXRSURWRFRORGHLQGX©¥RH
UHFHEHXRSURWRFRORGH,$7)FRP/XWDO\VHpQRGLDQ 

ϴϲ
 DIRQWHGDPHOKRUJHQ«WLFD

5HVXOWDGRV FRPSURWRFROR&,'5pGHrXVR WD[DGHSUHQKH]GHQRYLOKDVSU«

1RH[SHULPHQWRQRYLOKDV SRUGLDV8,H&* S¼EHUHVHS¼EHUHV
LQGX]LGDVFRPRSURWRFROR DSUHVHQWDUDPLQGX©·HVLJXDLV VLQFURQL]DGDVFRPRSURWRFROR
&,'5pGHrXVRSRUGLDV GHHVXSHULRUHVHPUHOD©¥R GH,$7)DQWHULRUPHQWHGHVFULWR
8,H&*DSUHVHQWDUDP DRVJUXSRVFRP&,'5pGHrXVR GLDVDSµVDLQGX©¥RIRL
LQGX©¥RGHHVXSHULRUHP SRUGLDVP/(&3p VHPHOKDQWH¢VQRYLOKDV
UHOD©¥RDRJUXSRVRPHQWHFRP H&,'5pGHrXVRSRU SUHYLDPHQWHFLFODQGRTXHQ¥R
&,'5pGHrXVRSRUGLDV GLDV UHFHEHUDPRSURWRFRORGH
 LQGX©¥RHUHFHEHUDPR
SURWRFRORGH,$7)/XWDO\VHpQR
1RH[SHULPHQWRQRYLOKDV
LQGX]LGDVFRPRSURWRFROR
&,'5pGHrXVRSRUGLDV
 
 $LQGDQRH[SHULPHQWR
DVQRYLOKDVTXHLQLFLDUDPR
SURWRFRORGH,$7)GLDVDSµVR
GLD
&RQFOXV¥R
 2SURWRFRORGHLQGX©¥RGH
SXEHUGDGHHPQRYLOKDVSU«
S¼EHUHVFRPRXVRGH&,'5pGH
rXVRSRUGLDVP/,0
(&3pWURX[HUHVXOWDGRV
VDWLVIDWµULRVSRUXPFXVWRPDLV
DFHVV¯YHO
SURWRFRORGHLQGX©¥R*  2PHOKRULQWHUYDORHP
8,H&*P/(&3p
DSUHVHQWDUDPPDLRUHVWD[DVGH GLDVHQWUHRSURWRFRORGH,$7)
DSUHVHQWDUDPLQGX©¥RGHH
FRQFHS©¥RHSUHQKH]H /XWDO\VHpQRGLDHSURWRFROR
VXSHULRUHPUHOD©¥RDRVJUXSRV
UHVSHFWLYDPHQWHHP GHLQGX©¥RHPQRYLOKDVSU«
FRP&,'5pGHrXVRSRU
FRPSDUD©¥RDR*H S¼EHUHV«GHGLDV 
GLDVH&*H
H*H  1RYLOKDVSU«S¼EHUHVRX
&,'5pGHrXVRSRUGLDV
S¼EHUHVDSµVUHFHEHUHPR

1RH[SHULPHQWRQRYLOKDV
LQGX]LGDVFRPRSURWRFROR
&,'5pGHrXVRSRUGLDV
1RH[SHULPHQWRDWD[DGH
LQGX©¥RGHFLFOLFLGDGHFRP
&,'5pGHrXVRSRUGLDV
SURWRFRORGHLQGX©¥RGH
FLFOLFLGDGHHSURWRFRORGH,$7)
DSUHVHQWDUDPUHVXOWDGRV
VDWLVIDWµULRVHVHPHOKDQWHVGH
WD[DGHSUHQKH]¢,$7)
VHPHOKDQWHWDPE«PFRP
QRYLOKDVSUHYLDPHQWHF¯FOLFDV
$VVLPVHPRVWUDQGRWRWDOPHQWH
YL£YHOID]HUVHD,$7)HP
QRYLOKDVSU«S¼EHUHVORJRDSµV
VXDLQGX©¥R
5HIHU¬QFLDV
$'5RGULJXHV0+3HUHLUD(5&DUYDOKR$3/HPHV7
0DUWLQV5)3HUHV+%*UDlj/66DOLQR+0&DUORWR3/
)RQWHV/)%DUERVDH-/09DVFRQFHORVŜ5HVXPR6%7(
$VVRFLD©¥RGH,QGX©¥RGH3XEHUGDGHH3URWRFRORVGH,$7)HP
8,H&*P/(&3pH P/,0(&3pIRLGH$ 1RYLOKDV1HORUH

ϴϳ

5HSHQVDQGRDHVWUDW«JLDGHSURGX©¥R
)HOLSH0RXUD3LQWR
06F
9LFH3UHVLGHQWHGH0DUNHWLQJ
$VVRFLD©¥R%UDVLOHLUDGH$QJXV
 2VHJPHQWRFULDGHQWUR
GHXPVLVWHPDGHSURGX©¥RGH
JDGRGHFRUWHXVXDOPHQWH
VHPSUHIRLDWUHODGRD£UHDVGH
PHQRUYDORURXVHPSUHGH
PHQRUSURGXWLYLGDGH$
SRVVLELOLGDGHGHH[SDQV¥RGD
SHFX£ULDHPQRYDVIURQWHLUDV
DJU¯FRODVSRVVLELOLWRXRVHQVR
GHTXHDOJXPDVIDVHVGR
SURFHVVRIRVVHPGLUHWDPHQWH
DIRQWHGDPHOKRUJHQ«WLFD
SDLV3RUDTXLDVXEVWLWXL©¥RGH
£UHDVGHšFDPSRŢSRUODYRXUDV
HVSHFLDOPHQWHGDVRMDPXGRX
XPSRXFRRSHUNJOGRHVWDGR
(VVHPRYLPHQWRVHPSUH«
IXQGDPHQWDGRQDEDL[D
SURGXWLYLGDGHGDDWLYLGDGH
SULQFLSDODTXDOVHPSUHSDVVDD
VHUWURFDGDSRURXWUD(LVVRYHP
DFRQWHFHQGRFRPRELQ¶PLR
FDPSR[VRMD  XPSRVLFLRQDPHQWRFRPSHWLWLYR
&RQWUDULDQGRRTXHPXLWRV
DFKDYDPGHTXHHVVHDYDQ©RGD
DJULFXOWXUDWLUDULDRJDGRGHVVDV
UHJL·HVXPHVWXGRGREDQFRGH
GDGRVGDVLQVSHWRULDV
YHWHULQ£ULDVWHPPRVWUDGRTXHD
DJULFXOWXUDQ¥RPRYHXRJDGR
PDVVLPPXGRXRSHUNJOGD
SURGX©¥R(PRXWUDVSDODYUDV
PHVPRTXHDLQGDPXLWR
LQFLSLHQWHDSURGX©¥RSHFX£ULD
HVW£DXPHQWDQGRDRVSRXFRVRV
VHXV¯QGLFHVGHSURGXWLYLGDGH
GHYLGRDHVVHšDSHUWRŢH[HUFLGR
SHODDJULFXOWXUD2XWURSRQWR
LQWHUHVVDQWHQRHVWDGR«TXHD
WHUPLQD©¥RSDVVRXDVHU
H[HUFLGDSRUXPVHJPHQWRTXH
DW«HQW¥RQ¥RDWXDYDQR
PHUFDGRGHSHFX£ULD2
šODYRXUHLURŢFRPR«FKDPDGRR
SURGXWRUGHVRMD0DVSRUTXH
GHYLGRDLQWHJUD©¥RFRPD
DJULFXOWXUD)RUPDVHDVVLPR
ELQ¶PLR6RMD[$]HY«PHHVVD
šGREUDGLQKDŢSDVVRXDVHU
H[SORUDGDHPVXDJUDQGH
PDLRULDSHORVSURGXWRUHVGH
VRMD$VVLPDWXDOPHQWHXPDERD
SDUWHGDWHUPLQD©¥RGH
QRYLOKRVSDVVRXDVHUUHDOL]DGD
SHORVSUµSULRVDJULFXOWRUHVFRP
LQWHUHVVDQWH
 (VVDV£UHDVUHFHEHPWRGRV
RVWLSRVGHFDWHJRULDDQLPDO
PDVRPDLVFRPXP«RXVRFRP
YDFDVPDJUDVHYD]LDVTXHV¥R
GLDJQRVWLFDGDVQHVVDPHVPD
«SRFDRERLPDJURH
SULQFLSDOPHQWHRGHVREUHDQR
$VVLPFHUFDGHDGLDV
GHSDVWDJHPGHLQYHUQRFRPR
JDQKRSRUYROWDGH
NJFDEH©DGLDHVVHVDQLPDLV
VHDSURQWDPHDFDEDPVHQGR
DEDWLGRVSRUYROWDGHVHWHPEUR
RXWXEUR([LVWHDTXLXPD
SHTXHQDSDUWLFXODULGDGHGR
PHUFDGRLQWHUQRDRQGHRV
SUH©RVSDJRVSHODLQG¼VWULDHVVD
«SRFDFDLXPSRXFRGHYLGRDR
DXPHQWRGDRIHUWDGHJDGR
JRUGRHVWDYDULD©¥RGRVSUH©RV
DQHVWD«SRFDPHUHFHXPDRXWUD
OLJDGDVDEDL[DSURGXWLYLGDGH
,VVRVHH[SOLFDSHORIDWRGHTXH
SRGHUVHLDWUDEDOKDUFRPDOJR
GHPHQRUSURGX©¥RXPDYH]TXH
RVFXVWRVHUDPUHODWLYDPHQWH
EDUDWRV,VVRQDYHUGDGHSDVVRX
DVHUXPDLOXV¥RDSDUWLUGR
PRPHQWRHPTXHKRXYHXP
DXPHQWRGDH[SDQV¥RGDV£UHDV
GHDJULFXOWXUDEHPFRPRR
DXPHQWRGDYDORUL]D©¥RGDWHUUD
HGRVLQVXPRV9DORUHVDSDUWH
DOJXQVSRQWRVV¥RLPSRUWDQWHV
GHDQDOLVDUPRV
 1R56RPHUFDGRGRERL
JRUGRWHPVHPRVWUDGRXP
SRXFRVXSHULRUDRUHVWDQWHGR
LVVRHVW£DFRQWHFHQGR"([SOLFR
 (PVLVWHPDVGHSODQWLR
GLUHWRRXVRGDSDOKD«GHVXPD
LPSRUW¤QFLD3DUDHVVDV£UHDV
GHSRLVGDFROKHLWDGDVRMDXPD
GDVDOWHUQDWLYDVGHFUHVFLPHQWR
IRUUDJHLUR«RGDVJUDP¯QHDVGH
LQYHUQRHVSHFLDOPHQWHDV
DYHLDVHD]HY«P(VVDVHVS«FLHV
SURGX]HPIRUUDJHPGH
H[FHOHQWHYDORUQXWULFLRQDOH
TXHSURSRUFLRQDPJDQKRV
HOHYDGRVHQWUHD
NJVGLD(VVHJDQKR«DLQGD
PDLVVLJQLNJFDWLYRTXDQGRNJFD
DWUHODGRDXPDDOLPHQWD©¥RGH
EDL[RFXVWRGHLPSODQWD©¥R
ϴϴ
DERUGDJHPHPRXWURPRPHQWR
&RPHVVHQ¯YHOGHJDQKRH
DWUHODQGRVHDLVVRXPDWD[DGH
ORWD©¥RGHD8$KD
JURVVHLUDPHQWHSRGHPRVLQIHULU
XPJDQKRGHNJKDHP
GLDV2PHUFDGRGDYDFDJRUGD
DSRQWDYDORUHVQDFDVDGRV5
NJ39SDUDRXWXEURRTXH
GDULDDOJRHPWRUQRGH5
KHFWDUHQHVWH3HU¯RGR
GHLQYHUQR
 $VVLPHVVDODFXQDWHP
VLGRLPSXOVLRQDGDSHODD©¥R
GLUHWDGDDJULFXOWXUDHRSHUNJO
GRLQYHUQDGRUWDPE«PYHPVH
DOWHUDQGR

 0DVRTXHLVVRWHPDYHU
FRPDDQ£OLVHGDFULDRXGR
EH]HUUR"
 7HPXPDFRUUHOD©¥R
GLUHWD(VVDV£UHDVDRLQY«VGH
VHUHPXWLOL]DGDVSDUD
WHUPLQD©¥RWDPE«PHPVXD
JUDQGHPDLRULDV¥RXWLOL]DGDV
SDUDDVFDWHJRULDVPDLVMRYHQV
FRPRDGRVEH]HUURV
GHVPDPDGRV(VVHVDQLPDLV
WDPE«PWHPXPJDQKRGHSHVR
GL£ULRQDPHVPDRUGHPGRV
DQLPDLVDGXOWRV&RQWXGR
FRQVHJXHVHQRHVTXHPD
VLPSOHVGHXVRGHSDVWDJHQVGH
DIRQWHGDPHOKRUJHQ«WLFD
 3RUTXHH[LVWHXPDFXOWXUD
GHFRPSUDGHEH]HUURV
GHVPDPDGRVQDVIHLUDVTXH
VHJXHPXPDP£[LPDGH
PD[LPL]DURQ¼PHURGHDQLPDLV
FRPSUDGRV,VVR
LQYDULDYHOPHQWHVLQDOL]DSDUD
XPFRPSRUWDPHQWREHPFRPXP
GRFRPSUDGRU6HSDJDPDLVSRU
NJGHXPEH]HUURPDLVOHYHGR
TXHXPPDLVSHVDGR3RU«PQ¥R
SRGHPRVHVTXHFHUTXHR
EH]HUURPDLVSHVDGRWHPXPD
JHQ«WLFDPHOKRUHREYLDPHQWH
FRQYHUWHXPDLVSDVWRRXOHLWH
HPFDUQHRXVHMD«XP
(SDUDWHUPRVPDLRU
SURGXWLYLGDGHSUHFLVDPRV
*HQ«WLFD
0DLRUSHVRDGHVPDPD
0HOKRUFRQYHUV¥R
3DVWDJHQVPHOKRUDGDV
(QFXUWDPHQWRGHFLFOR
 7RGRVHVVHVSRQWRVV¥R
LPSUHVFLQG¯YHLVHSRUWDQWR
FRQWHVWDPRSUH©RPDLRUSHOR
EH]HUURšSLRUŢQ¥RDXPHQWDUDV
WD[DVGHORWD©¥RQ¥RXVDUD
LQWHJUD©¥RFRPDDJULFXOWXUD
FRPRIRUPDGHLQFUHPHQWR
WHFQROµJLFR
LQGLY¯GXRPDLVHNJFLHQWH(VVD 3URGXWLYLGDGHNJKD 
LQYHUQRXPDORWD©¥RGHFHUFDGH
DEH]HUURVSRUKHFWDUH HNJFL¬QFLD«XPGRVSULQFLSDLV *39NJDQLPDOGLD;
9DPRVHVTXHFHUXPSRXFRR
SHVRGHVVHVDQLPDLVSRUKRUD
PDVVRPHQWHDW¯WXORGH
H[HPSORWHU¯DPRVTXDVHTXHR
GREURGRJDQKRSRUKHFWDUH
(VVH«RSULPHLURSRQWRSDUD
TXHRSUH©RGHEH]HUURRX
šWHUQHLURŢFRPR«FKDPDGRDTXL
SRVVDDVHUPDLRU$
WUDQVIRUPD©¥RGHPDLVSHVRQD
PHVPDXQLGDGHGH£UHD
SRVVLELOLWDWUDEDOKDUPRVFRPXP
š£JLOŢPDLRUHPUHOD©¥RDRERL
JRUGR(VVH«RHPEUL¥RGR
FRQFHLWRGHDXPHQWRGHJDQKR
SRUDXPHQWRGHFDEH©DVSRU
XQLGDGHGH£UHD(LVVR«RSRQWR
FKDYHGRHQWHQGLPHQWRGHFRPR
TXHVHSRGHH[SOLFDUXPYDORU
PDLRUGHFRPSUDSDUDEH]HUURV
 $IRUPDPDLVI£FLOGH
UHWRUQRNJQDQFHLURTXDQGRRV
YDORUHVGHFRPSUDV¥RPDLRUHV
RXPDLVSUµ[LPRVGRVYDORUHVGH
YHQGDHVWUHLWDPHQWRGD
IDWRUHVSDUDTXHHOHVHMDXPERL
HNJFLHQWH
 $VVLPGHYHVHSDVVDUD
YDORUL]DUFDGDYH]PDLVR
 EH]HUURPDLVSHVDGRHQ¥RR
PDLVOHYH7HPRVTXHDXPHQWDU
MXQWRGLVVRDVWD[DVGHORWD©¥R
SDUDTXHWRGRHVVHFHQ£ULRPDLV
FRPSHWLWLYRWHQKDFKDQFHGHVHU
UHQW£YHO
 4XDQGRVHSDJDPDLVSRU
NJGHXPDQLPDOPDLVOHYH
DVVXPHVHTXHQ¥RVHDFUHGLWD
HPPHOKRUDPHQWRJHQ«WLFRQHP
PHVPRHPHNJFL¬QFLDGH
FRQYHUV¥R7HPSRVDWU£VRQGHD
YHORFLGDGHGHVVDWHUPLQD©¥R
Q¥RHUDW¥RORQJDDW«SRGHULD
ID]HUDOJXPVHQWLGRPDV
DWXDOPHQWHHSDUDVHU
HTXLSDUDGDDDJULFXOWXUDD
SHFX£ULDWHPTXHVHUPDLV
U£SLGDRGHVIUXWHWHPTXHVHU
PDLRUHDYHORFLGDGHGHJLUR
PXLWRPDLVDLQGD6HWHQKRXP
7;/RWD©¥R8$KD
 0XLWRVHIDODHPJDQKR
LQGLYLGXDOSRUGLDRXDOJR
SDUHFLGRHLVVRRSHFXDULVWDWHP
PXLWDIDFLOLGDGHHPWUDWDU3RU
RXWURODGRTXDQGRVHWUDWDGH
WD[DGHORWD©¥RHVWDPHVPD
IDFLOLGDGHQ¥RDFRQWHFHSHOD
VLPSOHVIDOWDGHFRQKHFLPHQWR
UHDOGRTXHVHWHPQDID]HQGD
RXGHFRPRVHSRGHPHGLUHVWHV
YDORUHVHSRUWDQWRTXDODUHDO
VLWXD©¥RGDSURSULHGDGH
š‹PXLWRI£FLOVHIDODUGHJDQKR
LQGLYLGXDOPDV«PXLWRGLI¯FLOGH
VHIDODUGHWD[DGHORWD©¥RŢ
$VVLPVHPSUHTXHHVWLYHUPRV
H[SORUDQGRSDVWREDVHDGRHP
PHQRUHVWD[DVGHORWD©¥RD
H[SORUD©¥RGRP«ULWRJHQ«WLFR
GRDQLPDOSDVVDDVHU
LQWHUHVVDQWHEHPFRPRRYDORU
LQGLYLGXDOGHYHQGD9DOH
UHVVDOWDUTXHSURGXWRUHVWHP
SRXFDLQWHUIHU¬QFLDQRVSUH©RV
UHSRVL©¥RSRUH[HPSOR«
DWUDY«VGRDXPHQWRGDWD[DGH
ORWD©¥R&RPRFXVWRVNJ[RVVH
PDQW¬PSUDWLFDPHQWH
LQDOWHUDGRVDPDLRU
SURGXWLYLGDGHMXVWLNJFDRPDLRU
SUH©RGHFRPSUD0DVDW«TXH
SRQWR"3DUDR56HVVHSRQWR
DLQGDQ¥RHVW£SHUWRGR
FRQKHFLPHQWRJHUDOGRV
SURGXWRUHV0DVSRUTXH"
SRPDUGHODUDQMDQ¥RSRVVR
GHL[DUSDUDRDQRVHJXLQWHD
FROKHLWDGHVVHDQR2XVHMDDV
VREUHSRVL©·HVGHFDPDGDVRX
GHJHUD©·HVGHQWURGHXPD
PHVPDID]HQGDSRGHVHUR
GHWHUPLQDQWHGRVXFHVVRRX
IUDFDVVR$WXDOPHQWHH[LVWHP
Y£ULDVIRUPDVGHVHDFHOHUDUR
FLFORGHSURGX©¥R
ϴϵ
GHYHQGDM£TXHHVWHVV¥R
GHWHUPLQDGRVSHORPHUFDGR3RU
RXWURODGRVHPSUHTXH
HVWLYHUPRVWUDEDOKDQGRFRP
HOHYDGDVWD[DVGHORWD©¥RD
H[SORUD©¥RSDVVDDVHU
IXQGDPHQWDGDQRP«ULWR
JHQ«WLFRGDSODQWDIRUUDJHLUDH
DSDUWLUGHVWHSRQWRPXLWDV
D©·HVSRGHPGHWHUPLQDU
LQFUHPHQWRGHSURGXWLYLGDGH
 DIRQWHGDPHOKRUJHQ«WLFD
'RHQ©DVTXHLPSDFWDPQDUHSURGX©¥R
(QWHQGHUDWUDQVPLVV¥R«VHPSUHDPHOKRU
IRUPDGHEXVFDUPHGLGDVGHSUHYHQ©¥R
 'RHQ©DQDGDPDLV«TXHD
TXHEUDGRHTXLO¯EULRHQWUH
DJHQWHVKRVSHGHLURHDPELHQWH
(DPHOKRUIRUPDGHSUHYHQLUH
PDQWHURHTXLO¯EULRHVW£VHPSUH
DVVRFLDGDDRHQWHQGLPHQWRGH
FRPRXPDGRHQ©D«WUDQVPLWLGD
(FRPRRFRUUHDWUDQVPLVV¥R"
(VVDVHU£DSHUJXQWDFHQWUDO
8VDUHPRVDOJXQVH[HPSORVTXH
H[SOLFDPEHPRSRUTX¬
GHYHPRVQRVSUHRFXSDUFRPD
FXLGDGRVFRPFRQWUROHGRV
YHWRUHVQRDPELHQWHV¥R
HVVHQFLDLVQRFRQWUROHGD
GRHQ©D2XVHMDHXLQWHUYHQKR
H[DWDPHQWHQRPHFDQLVPRGH
WUDQVPLVV¥RTXH«RFRQWUROH
GRVYHWRUHV3RU«PHXHQWHQGR
FRPRRFRUUHDWUDQVPLVV¥RGH
WRGDVDVGRHQ©DVGHQWURGR
UHEDQKR"
5LQRWUDTXH¯WHLQIHFFLRVD%RYLQD
IRUPDGHWUDQVPLVV¥R1R5LR
*UDQGHGRVXOHPGHYLGR
DRVJUDQGHV¯QGLFHVGH
SUHFLSLWD©¥RPXLWDV
SURSULHGDGHVDFDEDUDPWHQGR
VXD£UHDGHSHFX£ULDUHGX]LGD
MXVWDPHQWHQRSHU¯RGRGD
)DEULFLR'LDV7RUUHV SDUL©¥RFRPFRQVHTXHQWH
0«G9HWHWLQ£ULR ORWD©¥RHRVDQLPDLVQDVFHQGR
HPDPELHQWHVH[WUHPDPHQWH
¼PLGRV(VVHTXDGUROHYRXD
XPDDOWDRFRUU¬QFLDGHGLDUUHLD
QHRQDWDO$OJXPDVID]HQGDVTXH
QXQFDKDYLDWLGRFDVRVGH
GLDUUHLDQHVVHDQRWLYHUDPPDLV
GHGRVEH]HUURV
,%5FRPRRFRUUHD
WUDQVPLVV¥R"
 $,%5«XPDGRHQ©DFRP
DOWDRFRUU¬QFLDQR%UDVLOFRP
JUDQGHLPSDFWRQD
SURGXWLYLGDGHGRVUHEDQKRV
HVSHFLDOPHQWHSRUVXDQRWµULD
UHOD©¥RFRPSHUGDV
UHSURGXWLYDV$OJXPDYH]YRF¬V
VHSHUJXQWRXFRPRD,%5«
WUDQVPLWLGD"4XDLVRVIDWRUHV
TXHSUHGLVS·H¢PDQLIHVWD©¥R
FO¯QLFDGDGRHQ©D"9DFLQDU«D
¼QLFDDOWHUQDWLYD"$,%5«
FDXVDGDSHOR+HVSHUY¯UXV
DFRPHWLGRVHWUDWDGRVHXPD %RYLQR7LSR%R+9
PRUWDOLGDGHGHPDLVGH SDUHFLGRFRPRKHUSHVODELDO
1HVVHVFDVRVDJHQWHH KXPDQR&RPRWRGRVRVY¯UXVGD
KRVSHGHLURHVWDYDPQDV IDP¯OLDGRVKHUSHV
ID]HQGDVDW«TXHKRXYH
GHVHTXLO¯EULRQRDPELHQWHSDUD
SUHGLVSRUDRFRUU¬QFLDGD
GRHQ©D2XWURERPH[HPSORGH
TXHHQWHQGHUFRPRVHWUDQVPLWH
DGRHQ©D«DPHOKRUIRUPDGH
SUHYHQLU«D7ULVWH]D3DUDVLW£ULD
+HUSHVYLULGDHRDQLPDO
LQIHFWDGRRY¯UXVFDXVDGRUGD
,%5VHU£SRUWDGRUGRDJHQWHSDUD
WRGDDYLGD(VVHY¯UXVšVH
HVFRQGHŢQRVLVWHPDQHUYRVRGR
DQLPDOHPXPDIRUPDQ¥R
LQIHFWLYDFKDPDGDODW¬QFLD
%RYLQD73%6DEHQGRTXHD 4XDQGRRFRUUHPVLWXD©·HVGH
WUDQVPLVV¥RRFRUUHDSDUWLUGH HVWUHVVHRY¯UXVTXHHVW£HP
FDUUDSDWRVHPRVFDVRV ODW¬QFLDUHFHEHXPVLQDOGHTXH

ϵϬ
 DIRQWHGDPHOKRUJHQ«WLFD

«KRUDGHUHWRUQDUDIRUPD LQFRRUGHQD©¥RP£IRUPD©¥RGH LQIHF©¥RSRU%9'9QD

LQIHFFLRVDFDXVDQGRGRHQ©D PHPEURVFHJXHLUDKLGURFHIDOLD SURSULHGDGH(OHHOLPLQDRY¯UXV
FO¯QLFD2Y¯UXV«HQW¥R HQWUHRXWUDV7DOYH]DSULQFLSDO HPJUDQGHVTXDQWLGDGHVQD
H[FUHWDGRHPVHFUH©·HVFRPR FDUDFWHU¯VWLFDGR%9'9VHMDD VDOLYDXULQDIH]HVV¬PHQRX
VDOLYDV¬PHQPXFRVD FDSDFLGDGHFDXVDUTXHGDGH TXDOTXHURXWUDVHFUH©¥R$V
SUHSXFLDOHYDJLQDPXFRVD LPXQLGDGHLPXQRGHSUHVV¥R DOWDVTXDQWLGDGHVGHY¯UXV
YXOYDUYDJLQDOLQIHFWDQGR
QRYRVDQLPDLV
(FRPRSUHYHQLU"
 7RGRHTXDOTXHUHVWUHVVH
VHMDHOHSRUPDXPDQHMR
QXWULFLRQDODPELHQWDOIDOWDGH
PDQHMRUDFLRQDOGHFXUUDORXGH
TXDOTXHURUGHPTXHEDL[HD
VV¥R
LPXQLGDGHGRUHEDQKRV¥RIDWRU
GHVHQFDGHDGRUHVGDUHDWLYD©¥R
GD,%5+£DOJXQVDQRVQµV
GLDJQRVWLFDPRVXPVXUWRGH,%5
FRPPRUWHVPDQLIHVWD©¥RGH
3QHXPRQLDHVLQDLVQHXUROµJLFRV
HPDQLPDLVMRYHQVORJRDSµVR
WUDQVSRUWH1HVVHFDVRWLYHPRV
XPTXDGUREHPHYLGHQWHGR
HPUHEDQKRVFRPDFLUFXOD©¥R
GRY¯UXV(VVDEDL[DQD
LPXQLGDGHSUHGLVS·HDGRHQ©DV
TXHHPUHEDQKRV
LPXQRFRPSHWHQWHVQ¥RLULDP
RFRUUHURXRFRUUHULDPGHIRUPD
PDLVFRQWURODGD5HFHQWHPHQWH
YLPRVVXUWRGH
&HUDWRFRQMXQWLYLWHHPXP
UHEDQKR$QJXVYDFLQDGRFRP
ORWHVGHDQLPDLV
DFRPHWLGRV$%9'HVWDYD
FDXVDQGRDFHUDWRFRQMXQWLYLWH
QRUHEDQKR"'HNJQLWLYDPHQWH
Q¥R3RU«PDEDL[DGD
LPXQLGDGHDEUHSRUWDVSDUDD
LQVWDOD©¥RGDVEDFW«ULDV
FDXVDGRUDVGD
FHUDWRFRQMXQWLYLWHHOHYDDEDL[D
HOLPLQDGRVSHOR3,ID]HPGHOHD
SULQFLSDOIRQWHGHLQIHF©¥RGR
Y¯UXVQRUHEDQKR8P3,FKHJDD
HOLPLQDUSDUW¯FXODVYLUDLV
LQIHFFLRVDVSRUPOGHVHFUH©¥R
2XVHMDV¥RSDUW¯FXODV
HPPO,PDJLQHHQW¥RHP/
GHXULQDTXHXPDQLPDODGXOWR«
FDSD]GHSURGX]LUSRUGLD"3RU
HVVHPRWLYRRV3,
FRQVLGHUDGRVERPEDVGHY¯UXV
VHQGRDSULQFLSDOIRQWHGH
LQIHF©¥RGD%9'QRVUHEDQKRV
şş(QWHQGHQGRDIRQWH
GDWUDQVPLVV¥R
HXSRVVRWUD©DUDV
IDWRUHVWUHVVHWUDQVSRUWHQD
GRHQ©D2XVHMDDSDUWLUGHKRMH
TXDQGRSHQVDUPRVHP
SUHYHQ©¥RGD,%5GHYHPRV
VHPSUHDVVRFLDUUHGX©¥RGH
HVWUHVVHFRPRVSURWRFRORV
YDFLQDLV
$OWHUQDWLYDVSDUDRFRQWUROHGD
HNJF£FLDGRVWUDWDPHQWRV(
FHUWDPHQWHR%9'9LQNjXHQFLRX
QHJDWLYDPHQWHQDLPXQLGDGH
&RPRRFRUUHD7UDQVPLVV¥R"
 $WUDQVPLVV¥RGD%9'9
RFRUUHGHIRUPDKRUL]RQWDOSRU
FRQWDWRGLUHWRHLQGLUHWR
HVWUDW«JLDVGH
FRQWUROHşş
7RGRHTXDOTXHUSURJUDPDGH
FRQWUROHGH%9'SDVVDSRU
SRQWRVHVVHQFLDLV,GHQWLNJFD©¥R
HHOLPLQD©¥RGR3,3URWRFRORV
YDFLQDLVHPHGLGDVGH
'LDUUHLD9LUDO%RYLQD%9' 4XDQGRDWUDQVPLVV¥RRFRUUHGH %LRVVHJXUDQ©DTXHHYLWHP
IRUPDYHUWLFDORXVHMDGXUDQWHD LQWURGX©¥RUHLQWURGX©¥RGR
 $%9'«XPDGRHQ©DYLUDO JHVWD©¥RDYDFDSRGHVH DJHQWHQRUHEDQKR
FDXVDGDSHOR9¯UXVGD'LDUUHLD FRQWDPLQDUFRPR%9'9H
9LUDO%RYLQD%9'9‹FRQKHFLGD
FRPRXPDGRHQ©DGHDOWR
LPSDFWRSURGXWLYRHLJXDOPHQWH
LPSDFWDIRUWHPHQWHQD
UHSURGX©¥R$VPDQLIHVWD©·HV
FO¯QLFDVGD%9'Y¥RGHVGH
LQIHUWLOLGDGHSHUGDV
HPEULRQ£ULDVSUHFRFHVHDERUWRV
WUDQVPLWLURY¯UXVSDUDRIHWR1D
PDLRULDGDVYH]HVHVVDLQIHF©¥R
FDXVDDERUWRRXUHWRUQRDRFLR
3RU«PHPDOJXQVFDVRVR
EH]HUURQDVFHSRUWDGRUGRY¯UXV
HWUDQVPLWLQGRDGRHQ©DSDUD
WRGRRUHEDQKRSRUWRGDDYLGD
(VVHDQLPDO«FKDPDGR
,GHQWLNJFD©¥RHHOLPLQD©¥RGH3,
QRUHEDQKR3RURQGHFRPH©DU"
 0XLWRVSD¯VHVFRPR
1RUXHJD'LQDPDUFD+RODQGDH
,UODQGDDGRWDUDPSURJUDPDV
SDUDFRQWUROHHHUUDGLFD©¥RGD
%9'9EDVHDGRHPLGHQWLNJFD©¥R
HPTXDOTXHUIDVHGDJHVWD©¥R 3HUVLVWHQWHPHQWH,QIHFWDGR3, PDVVLYDHHOLPLQD©¥RGHDQLPDLV
DO«PGHRFRUU¬QFLDGHP£ SRGHYLYHUSRUPXLWRWHPSR 3,1RV(VWDGRV8QLGRVSRU
IRUPD©¥RIHWDOFRPR VHQGRDSULQFLSDOIRQWHGH H[HPSORPDLVGHGDV
ϵϭ

ID]HQGDVGHDOWDWHFQLNJFD©¥R
SRVVXHPSURJUDPDVGH
GLDJQµVWLFRGH3,HP
DQGDPHQWR2VH[DPHVSDUD
LGHQWLNJFD©¥RGHDPLPDLV3,
SRGHPVHUIHLWRVDSDUWLUGH
DPRVWUDVGHVDQJXHHELRSVLDGH
RUHOKDM£VHQGRXPDURWLQDHP
PXLWDVID]HQGDVQR%UDVLO
 DQLPDLVDGXOWRVVHULDPWHVWDGRV
 2VSURJUDPDVGHFRQWUROH
GH3,V¥RDGDSWDGRVH
GHVHQKDGRVSDUDDUHDOLGDGHGH
FDGDID]HQGD2VSURJUDPDVGH
FRQWUROHHHUUDGLFD©¥RGD%9'9
LQLFLDPFRPRWHVWHGHGR
UHEDQKRSDUDLGHQWLNJFD©¥RH
HOLPLQD©¥RGH3,3RU«PSDUD
UHGX]LURVFXVWRVHRWUDEDOKRDV
FROHWDVSDUWHPGR¼OWLPRDQLPDO
DIRQWHGDPHOKRUJHQ«WLFD
SURSULHGDGH7RGDDYDFDP¥HGH
XPEH]HUURQHJDWLYR«
DXWRPDWLFDPHQWHQHJDWLYD
$VVLPVRPHQWHGHYHU¥RVHU
WHVWDGDVDVDVFHQGHQWHVTXDQGR
DDPRVWUDGREH]HUURIRU
SRVLWLYD&RQVLGHUDQGRTXHD
SUHYDO¬QFLDHVSHUDGD«GH
DSUR[LPDGDPHQWHSRXFRV
9DFDVVHPFULDQDSURSULHGDGH
WDPE«PGHYHU¥RVHUWHVWDGDV
9DOHOHPEUDUTXHR3,VHIRUPD
QDYLGDIHWDO
 $VVLPGHYRWHVWDUWRGRV
RVDQLPDLVQDVFLGRVSRUSHOR
LPHQRVXPDSDUL©¥RDSµVR
WHVWHLQLFLDOGRVDQLPDLVGD
ID]HQGD
 IHUUDPHQWDFDGDYH]PDLV
XVDGDHPURWLQDVDVVRFLDGDV¢
UHSURGX©¥R9HMRPXLWRV
SURWRFRORVYDFLQDLVFRQWUD%9'H
,%5VHQGRDSOLFDGRVGXUDQWHD
HVWD©¥RFRPRUHIRU©R
RFRUUHQGRQRWRTXH&DEHGL]HU
TXHHVVDQ¥R«DPHOKRU
HVWUDW«JLDHK£PXLWRVHVWXGRV
TXHFRPSURYDPTXHGLPLQXLD
HNJF£FLD(XGHL[RGHDSURYHLWDU
RP£[LPRGDLPXQLGDGHQR
SHU¯RGRJHVWDFLRQDOPDLVIU£JLO
TXH«MXVWDPHQWHRGH
IHFXQGD©¥RLPSODQWD©¥R
HPEULRQ£ULD(VVDOµJLFDGHYH
VHUFRQVLGHUDGDPDLV
IRUWHPHQWHSRUSURGXWRUHVTXH
XWLOL]DPRVSURWRFRORVGH
LQVHPLQD©¥RDUWLNJFLDOHPWHPSR
GHXPDJHQHDORJLDFRPH©DQGR  3DUDNJQDOL]DU« NJ[R,$7)
DVVLPSHORVDQLPDLVMRYHQVGD LPSRUWDQWHIDODUPRVGHXPD 


şş2VSURJUDPDVGHFRQWUROHGH3,V¥RDGDSWDGRVHGHVHQKDGRV
SDUDDUHDOLGDGHGHFDGDID]HQGD2VSURJUDPDVGH
FRQWUROHHHUUDGLFD©¥RGD%9'9LQLFLDPFRPRWHVWHGH
GRUHEDQKRSDUDLGHQWLNJFD©¥RHHOLPLQD©¥RGH3,şş

ϵϮ

70
70
)HUWLOLGDGHGR6¬PHQ6HOHFW6LUHV
 $TXDOLGDGHGHFRQFHS©¥R
GRV¬PHQSURGX]LGRSHOD6HOHFW
6LUHV«FRQKHFLGDQRPHUFDGR
PXQGLDOGD,QVHPLQD©¥R
$UWLNJFLDOGHUD©DVOHLWHLUDVSRU
PDLVGHDQRVHHVVD
TXDOLGDGH«LGHQWLNJFDGDDWUDY«V
GR6HOR683(5,256(77/(5&RP
DQHFHVVLGDGHGHLGHQWLNJFDU
WRXURVPDLVI«UWHLVWDPE«PQDV
DIRQWHGDPHOKRUJHQ«WLFD
SDUWHVGRWHVWHGHSURJ¬QLH(
DO«PGHVWHVSURJUDPDVD
6HOHFW6LUHVFROHWDGDGRVGH
UHVXOWDGRVGH,$7)GHUHEDQKRV
GHFRUWHTXHVLQFURQL]DP
GH]HQDVGHPLOKDUHVGHYDFDVD
FDGDHVWD©¥RGHPRQWD7RGRVRV
VLVWHPDVDFLPDXWLOL]DP
PRGHORVVLPLODUHVGHDMXVWHV
SDUDHIHLWRDPELHQWDOUHEDQKR
$48$/,'$'(683(5,25
6(77/(50XLWDVYH]HVRVWRXURV
SRVVXHPXPDTXDOLGDGHVHPLQDO
LQFU¯YHOQRHMDFXODGRHDSHQDV
P«GLDQRFDPSR(PDOJXPDV
RXWUDVRFDVL·HVDOJXQVWRXURV
FRPXPHMDFXODGRPHGLDQR
DWLQJHPµWLPDVWD[DVGH
FRQFHS©¥RQRFDPSR'HVVD
IRUPDRVHOR683(5,256(77/(5
IRLGHVHQYROYLGRSDUDUHPRYHUR
TXHVLWRVRUWHFKDQFHDOHDWµULDH
FRQIXV¥RGRSURFHVVRGH
UD©DVGHFRUWHD6HOHFW6LUHV P¬VDQRHIHUWLOLGDGHGDV VHOHFLRQDUWRXURVFRPSRWHQFLDO
LQWURGX]LXHVVDLGHQWLNJFD©¥R I¬PHDVQ|GHSDUWRVQ|GH DOWRGHIHUWLOLGDGH2VWRXURV
WDPE«PDRVWRXURVGRFDW£ORJR VHUYL©RVSURGX©¥RGHOHLWHHWF FRPHVVDGHVLJQD©¥RSRVVXHP
GHFRUWH/¯GHUPXQGLDOHP $SµVDQDOLVDGRVHVWHVGDGRV DOWDTXDOLGDGHODERUDWRULDOQR
SHVTXLVDHIHUWLOLGDGHD6HOHFW IRUPDPXP&RPSRVWRGH HMDFXODGRDFRPSDQKDGRFRP
6LUHVXWLOL]DGLYHUVRVHVWXGRV
SDUDLGHQWLNJFDUTXDLVVHULDPRV
WRXURVGHVLJQDGRV6XSHULRU
6HWWOHU$DOWDIHUWLOLGDGH«
DSHQDVXPGRVFRPSRQHQWHV
TXHFRPS·HPDFODVVLNJFD©¥RRX
Q¥RGHXPWRXURQHVWDFDWHJRULD
2&RPSRQHQWH(VWLPDWLYDGH
IHUWLOLGDGH$6HOHFW6LUHVSRVVXL
WU¬VVLVWHPDVLQGHSHQGHQWHV
SDUDFROHWDUGDGRVGHIHUWLOLGDGH
QRVWRXURVGHFRUWH25%(
)HUWLOLGDGH&),SDUDDMXGDUQD
LGHQWLNJFD©¥RGRVWRXURVPDLV
I«UWHLV
2&RPSRQHQWH4XDOLGDGHGR
6¬PHQ'HQWURGRVODERUDWµULRV
GD6HOHFW6LUHVFDGDFROHWDGH
FDGDWRXUR«VXEPHWLGDDXP
SURFHVVRH[WHQVLYRGHDQ£OLVH
HPGLIHUHQWHVFDUDFWHU¯VWLFDV
TXHYHULNJFDPDTXDOLGDGH
VHPLQDO1HQKXPDSDUWLGDVDLGR
ODERUDWµULRSDUDRHVWRTXHVH
DOWDVWD[DVGHFRQFHS©¥RD
FDPSR
2%6(PERUDDVHOH©¥RGHWRXURV
SDUDRSRWHQFLDOGHIHUWLOLGDGH
SRVVDDMXGDUDJHUDUXPPDLRU
Q¼PHURGHSUHQKH]HPXP
GHWHUPLQDGRQ¼PHURGH
,QVHPLQD©·HV«LPSRUWDQWHTXH
RFULDGRUVDLEDTXHQRDVSHFWR
JHUDORLPSDFWRGDIHUWLOLGDGH
GRWRXURQDVWD[DVNJQDLVGH
FRQFHS©¥RGDID]HQGD«
SHTXHQRFRPSDUDQGRD
UHODWLYHEUHHGHnjFLHQF\TXH
XWLOL]DGDGRVGHPDLVGH
UHEDQKRVOHLWHLURVTXH
SDUWLFLSDPGRVWHVWHVGH
SURJ¬QLH2-(56(<5%(6<67(0
TXHXWLOL]DGDGRVGHUHEDQKRV
OHLWHLURVJUDQGHVHQWUHH
YDFDVHTXHQ¥RV¥R
Q¥RHVWLYHUGHQWURGRVPDLV
U¯JLGRVFULW«ULRVTXHD
LGHQWLNJFDPFRPRFDSD]GH
DWLQJLURQ¯YHODFHLW£YHOGH
IHUWLOLGDGH(QWUHWDQWRH[LVWHP
WRXURVTXHSURGX]HPV¬PHQ
FRQVLVWHQWHPHQWHDFLPDGR
SDGU¥RGDVXDUD©D
6(/(&76,5(6'2%5$6,/'(3$57$0(172*$'2'(&257(
ϵϯ
LPSRUW¤QFLDHIDWRUHV
DPELHQWDLVGHPDQHMRHH
IHUWLOLGDGHGDVYDFDV$VHOH©¥R
GHWRXURVFRPDOWDIHUWLOLGDGHQR
V¬PHQ«PDLVXPDIHUUDPHQWD
DX[LOLDUTXH1…2VXEVWLWXLXP
HNJFLHQWHPDQHMRUHSURGXWLYRGR
UHEDQKR
70
70
&202,17(535(7$5$63529$6
KƐƐƵŵĄƌŝŽƐĚŽƐƚŽƵƌŽƐĚĂƐƌĂĕĂƐĚĞĐŽƌƚĞƐĆŽƉƵďůŝĐĂĚŽƐƉĞůĂƐƌĞƐͲ
ƉĞĐƚŝǀĂƐƐƐŽĐŝĂĕƁĞƐƐĞŵĞƐƚƌĂůŵĞŶƚĞ͕ĞĞdžƉƌĞƐƐĂŵĞŵW;ĚŝĨĞƌĞŶͲ
ĕĂĞƐƉĞƌĂĚĂŶĂƉƌŽŐġŶŝĞͿĚŽƐŝŶĚŝǀşĚƵŽƐĞŵƌĞůĂĕĆŽĂŵĠĚŝĂĚĂƌĂĕĂ
;ďĂƐĞŐĞŶĠƚŝĐĂͿĞƐĞƌǀĞƉĂƌĂĐŽŵƉĂƌĂƌƚŽƵƌŽƐĚĂŵĞƐŵĂƌĂĕĂ͘EƵŶĐĂ
ĚĞǀĞŵŽƐƵƚŝůŝnjĂƌWΖƐƉĂƌĂĨĂnjĞƌĐŽŵƉĂƌĂĕƁĞƐĞŶƚƌĞƚŽƵƌŽƐĚĞƌĂĕĂƐ
ĚŝĨĞƌĞŶƚĞƐ͕ ƉŽƌƋƵĞ ƚŽĚĂƐ ĂƐ ĂǀĂůŝĂĕƁĞƐ ƐĞŵƉƌĞ ƐĆŽ ĂĚŵŝŶŝƐƚƌĂĚĂƐ
ĚĞŶƚƌŽĚĞƵŵĂƌĂĕĂĞƐƉĞĐşĨŝĐĂ͕ĞŶƚĆŽŽƐǀĂůŽƌĞƐĚĞƐƚĂƐĂǀĂůŝĂĕƁĞƐƐſ
ƐĆŽ ƌĞůĂƚŝǀŽƐ ă ĂƋƵĞůĂ ĚĞƚĞƌŵŝŶĂĚĂ ƌĂĕĂ͘ KƵ ƐĞũĂ͕ ŶƵŶĐĂ ĨĂnjĞƌ ĐŽŵͲ
ƉĂƌĂĕƁĞƐŐĞŶĠƚŝĐĂƐĞŶƚƌĞƌĂĕĂƐďĂƐĞĂĚĂƐĞŵWΖƐ͘
ŽŵŽ Ğŵ ƚŽĚŽƐ ŽƐ ĂƐƉĞĐƚŽƐ ĚŽ DĞůŚŽƌĂŵĞŶƚŽ 'ĞŶĠƚŝĐŽ͕ ĂƐ WΖƐ
ŶĆŽĚĞǀĞŵƐĞƌĐŽŶƐŝĚĞƌĂĚĂƐǀĞƌĚĂĚĞƐĂďƐŽůƵƚĂƐ͕ĞƐŝŵŝŶƐƚƌƵŵĞŶƚŽƐ
ĚĞĂƵdžşůŝŽƉĂƌĂĐŽŶĚƵĕĆŽĚĞƉƌŽŐƌĂŵĂƐĚĞƐĞůĞĕĆŽĂĚĞƋƵĂĚŽ͕ƉŽŝƐŚĄ
ĂŶĞĐĞƐƐŝĚĂĚĞĚĞƐĞĂǀĂůŝĂƌǀĂůŽƌĞƐĚĞĂĐƵƌĄĐŝĂ͕ǀĂůŽƌĞƐĚĞŚĞƌĚĂďŝůŝͲ
ĚĂĚĞ͕ŽƵƐĞũĂ͕ƐĞĚĞƚĞƌŵŝŶĂĚĂĐĂƌĂĐƚĞƌşƐƚŝĐĂĂǀĂůŝĂĚĂĠŚĞƌĚĂĚĂƉĞůŽƐ
ĂŶƚĞƉĂƐƐĂĚŽƐ Ğ ƋƵĂů Ž ǀĂůŽƌ ĚĂ ŵĞƐŵĂ͕ ĞŶƚƌĞ ŽƵƚƌŽƐ ĨĂƚŽƌĞƐ͘  ŝŵͲ
ƉŽƌƚĂŶƚĞůĞŵďƌĂƌƚĂŵďĠŵƋƵĞĂƐWΖƐŶĆŽƐĆŽǀĂůŽƌĞƐŝŶǀĂƌŝĄǀĞŝƐ͕
ƉŽŝƐƐŽĨƌĞŵĂůƚĞƌĂĕƁĞƐĚĞƵŵĂŶŽƉĂƌĂŽƵƚƌŽ͕ƵŵĂǀĞnjƋƵĞƐĞŝŶĐƌĞͲ
ŵĞŶƚĞŝŶĨŽƌŵĂĕƁĞƐĂŽƉƌŽŐƌĂŵĂ͘
W;WͿ͗
ŝĨĞƌĞŶĕĂƐƉĞƌĂĚĂĚĞWƌŽŐġŶŝĞƉŽĚĞƐĞƌƉĂƌĂŵĂŝƐŽƵƉĂƌĂŵĞŶŽƐ͕
ĞĠĞdžƉƌĞƐƐĂŶĂƵŶŝĚĂĚĞĚĞŵĞĚŝĚĂĚĞĐĂĚĂĐĂƌĂĐƚĞƌşƐƚŝĐĂĂǀĂůŝĂĚĂ͘
WŽƌĞdžĞŵƉůŽ͗WĞƐŽĂŽĞƐŵĂŵĞ;WͿĠĞdžƉƌĞƐƐŽĞŵΗůŝďƌĂƐΗŽƵΗƋƵŝͲ
ůŽƐΗ;ϭůŝďƌĂсϬ͕ϰϱϯŬŐͿ͘ŽŶƐŝĚĞƌĞŵŽƐƵŵƚŽƵƌŽZĞĚŶŐƵƐyĐŽŵ
W ƉĂƌĂ WĞƐŽ ĂŽ ŶŽ ;WͿ ĚĞ н ϳϳ ůďƐ͕͘ Ğ Ƶŵ ƚŽƵƌŽ ZĞĚ ŶŐƵƐ z
ĐŽŵ W ƉĂƌĂ W ĚĞ н Ϯϱ ůďƐ͘ /ƐƚŽ ƐŝŐŶŝĨŝĐĂ ƋƵĞ ƐĞ ĂĐĂƐĂůĂƌŵŽƐ ŽƐ
ϮƚŽƵƌŽƐĐŽŵŐƌƵƉŽƐƐĞŵĞůŚĂŶƚĞƐĚĞǀĂĐĂƐĞŽƐƉƌŽĚƵƚŽƐĨŽƌĞŵƐƵďͲ
ŵĞƚŝĚŽƐăƐŵĞƐŵĂƐĐŽŶĚŝĕƁĞƐĂŵďŝĞŶƚĂŝƐ͕ƉŽĚĞŵŽƐĞƐƉĞƌĂƌƋƵĞŽƐ
ƉƌŽĚƵƚŽƐĚŽƚŽƵƌŽZĞĚŶŐƵƐyƐĞũĂŵϱϮůďƐŵĂŝƐƉĞƐĂĚŽƐĂŽƐŽďƌĞͲ
ĂŶŽĚŽƋƵĞŽƐƉƌŽĚƵƚŽƐĚŽƚŽƵƌŽZĞĚŶŐƵƐz͘WĂƌĂƵŵĂĐŽƌƌĞƚĂŝŶͲ
ƚĞƌƉƌĞƚĂĕĆŽĚĞǀĞͲƐĞƚĞƌƐĞŵƉƌĞĞŵŵĞŶƚĞƋƵĞĂƉĞŶĂƐĂƐĚŝĨĞƌĞŶĕĂƐ
ĞŶƚƌĞWΖƐƐĆŽƌĞůĞǀĂŶƚĞƐ͕ŶĆŽŽƐǀĂůŽƌĞƐĂďƐŽůƵƚŽƐ͘ 
hZ/;ĐĐ͘Ϳ͗
 džƉƌĞƐƐŽĞŵşŶĚŝĐĞĚĞŵĂƌŵŽƌŝnjĂĕĆŽĚĂĐĂƌĐĂĕĂĚĂƉƌŽŐġŶŝĞ͘ǀĂͲ
/ŶĚŝĐĂŽŐƌĂƵĚĞĐŽŶĨŝĂŶĕĂĚĞƉŽƐŝƚĂĚŽŶĂĞƐƚŝŵĂƚŝǀĂĚĂW͘KƐǀĂůŽͲ
ƌĞƐ ǀĂƌŝĂŵ ĚĞ Ϭ͕Ϭ Ă Ϭ͕ϵϵ͘ ^ĞŶĚŽ ƋƵĞ ŽƐ ǀĂůŽƌĞƐ ŵĂŝƐ ĞůĞǀĂĚŽƐ ŝŶĚŝͲ
ĐĂŵ ŵĂŝŽƌ ƐĞŐƵƌĂŶĕĂ ŶĂ ĞƐƚŝŵĂƚŝǀĂ ĚĂ W͘  ĨƵŶĚĂŵĞŶƚĂů ƚĞƌ Ğŵ
ŵĞŶƚĞ ƋƵĞ Ă ƐĞůĞĕĆŽ ĚĞǀĞ ƐĞƌ ƌĞĂůŝnjĂĚĂ ĐŽŵ ďĂƐĞ ŶĂƐ WΖƐ Ğ ŶŽƐ
şŶĚŝĐĞƐ Ğ ŶĆŽ ŶĂƐ ĂĐƵƌĄĐŝĂƐ͘ YƵĂŶĚŽ ŶĂ ĐŽůƵŶĂ ĚĂ ĂĐƵƌĄĐŝĂ ĂƉĂƌĞĐĞ
ĂůĞƚƌĂΗWΗ͕ƐŝŐŶŝĨŝĐĂƋƵĞƚƌĂƚĂĚĞƚŽƵƌŽũŽǀĞŵ͕ƐĞƵƐĨŝůŚŽƐĐŽŶƚƌŽůĂĚŽƐ͕
ĐŽŵƐĞƵƐWƐĞƐƚŝŵĂĚŽƐĐŽŵďĂƐĞŶĂƐWƐĚŽƐĞƵƉĂŝĞĚĂŵĆĞ͕
ŽƵ ƐĞũĂ͕ ĨŽŝ ĐĂůĐƵůĂĚŽ ƐŽŵĂŶĚŽͲƐĞ Ă ŵĞƚĂĚĞ ĚĂ W ĚŽ ƉĂŝ ĐŽŵ Ă
ŵĞƚĂĚĞĚĂWĚĂŵĆĞ͘
WE;tͿ͗WĞƐŽĂŽEĂƐĐĞƌ;ůŝďƌĂƐͿ͘
WĞƐŽƌĞĂůĂŽŶĂƐĐŝŵĞŶƚŽ͘ŽŵĞůŚŽƌŝŶĚŝĐĂƚŝǀŽĚĂĨĂĐŝůŝĚĂĚĞĚĞƉĂƌƚŽ͘
dŽƵƌŽƐ ĐŽŵ WƐ ďĂŝdžĂƐ ŽƵ ŵĞƐŵŽ ŶĞŐĂƚŝǀĂƐ ƐĆŽ ĚĞƐĞũĄǀĞŝƐ ƉĂƌĂ
ĞƐƚĂĐĂƌĂĐƚĞƌşƐƚŝĐĂ͕ĐŽŵƉĂƌĂĚŽĂŵĠĚŝĂĚĂƌĂĕĂ͘
W;ttͿ͗WĞƐŽĂŽĞƐŵĂŵĞ;ůŝďƌĂƐͿ͘
WĞƐŽŵĞĚŝĚŽĂŽƐϮϬϱĚŝĂƐ͘dŽƵƌŽƐĐŽŵWƉŽƐŝƚŝǀĂĞĞůĞǀĂĚĂƐĆŽ
ŽƐŵĂŝƐŝŶĚŝĐĂĚŽƐ͘ 
W;ztͿ͗WĞƐŽĂŽŶŽ;ůŝďƌĂƐͿ͘
ŝĨĞƌĞŶĕĂĞƐƉĞƌĂĚĂŶĂƉƌŽŐġŶŝĞƉĂƌĂƉĞƐŽĂŽƐϯϲϱĚŝĂƐ͕ĐŽŵƉĂƌĂĚŽ
ăŵĠĚŝĂĚĂƌĂĕĂ͘
&W;Ϳ͗&ĂĐŝůŝĚĂĚĞĚĞWĂƌƚŽ͘
džƉƌĞƐƐĂĂĚŝĨĞƌĞŶĕĂĞŵйĚĞƉĂƌƚŽƐĨĄĐĞŝƐĞŵƌĞůĂĕĆŽăŵĠĚŝĂĚĂ
ƌĂĕĂƉĂƌĂƚĞƌŶĞŝƌŽƐŶĂƐĐŝĚŽƐĚĞǀĂĐĂƐĚĞϭǐĐƌŝĂ͘
ϵϰ
>;DŝůŬͿ͗,ĂďŝůŝĚĂĚĞDĂƚĞƌŶĂĚĂƐĨŝůŚĂƐĚŽƐƚŽƵƌŽƐ͘
ZĞĨůĞƚĞ͕ĞŵůŝďƌĂƐ͕ŽƋƵĂŶƚŽĚŽWĞƐŽĂŽĞƐŵĂŵĞ;WͿĠĚĞǀŝĚŽă
ƉƌŽĚƵĕĆŽĚĞůĞŝƚĞĚĂŵĆĞ͘
Dd;dDͿ͗DĂƚĞƌŶĂůdŽƚĂů͘
ZĞĨůĞƚĞĂŚĂďŝůŝĚĂĚĞŵĂƚĞƌŶĂĚĂƐĨŝůŚĂƐƋƵĂŶƚŽĂŽƉŽƚĞŶĐŝĂůĚĞĐƌĞƐͲ
ĐŝŵĞŶƚŽƚŽƚĂůĚĞƐĞƵƐĨŝůŚŽƐ͕ŵĞĚŝĚŽĞŵůŝďƌĂƐ͕ĂŽĚĞƐŵĂŵĞ͘ƵŵĂ
ĐŽŵďŝŶĂĕĆŽĞŶƚƌĞŐĞŶĠƚŝĐĂƉĂƌĂĐƌĞƐĐŝŵĞŶƚŽĂƚĠŽĚĞƐŵĂŵĞĞŐĞŶĠͲ
ƚŝĐĂƉĂƌĂĂƉƌŽĚƵĕĆŽĚĞůĞŝƚĞ͘
&ZD͗
DĞĚŝĚĂƌĞůĂƚŝǀĂƉĂĚƌĆŽ͕ƵƚŝůŝnjĂĚĂƉĂƌĂƚĂŵĂŶŚŽĚŽĂŶŝŵĂů͕ĐŽŵďĂƐĞ
ŶŽƐϭϮŵĞƐĞƐĚĞŝĚĂĚĞ͕ƚŽŵĂŶĚŽͲƐĞĂƐŵĞĚŝĚĂƐĚĞĂůƚƵƌĂĚŽƉŽƐƚĞͲ
ƌŝŽƌĞƉĞƐŽĂũƵƐƚĂĚŽ͘ĞƐƚĂƐŵĞĚŝĚĂƐ͕ĐŽŵďŝŶĂĚĂƐĂƵŵĂƚĂďĞůĂƉĂͲ
ĚƌĆŽĚĂƌĂĕĂ͕ƐĆŽĐŽŶƐŝĚĞƌĂĚĂƐşŶĚŝĐĞƐĚĞϭĂϵ͘DĂŝŽƌĞƐşŶĚŝĐĞƐĚĞ
ĨƌĂŵĞŝŶĚŝĐĂŵŵĂŝŽƌƉŽƌƚĞ͘
s>/KZ͗
ƉĂƌƚŝƌĚĂƉƌŽǀĂĚĞũƵůŚŽĚĞϮϬϬϴ͕ĂƐĐĂƌĂĐƚĞƌşƐƚŝĐĂƐĚĞĐĂƌĐĂĕĂĚĂƌĂĕĂ
ŶŐƵƐ͕ƋƵĞĂŶƚĞƌŝŽƌŵĞŶƚĞĞƐƚĂǀĂŵĚŝǀŝĚŝĚĂƐĞŵWƐĚĞĐĂƌĐĂĕĂĞWƐ
ĚĞƵůƚƌĂƐƐŽŵĨŽƌĂŵƵŶŝĨŝĐĂĚĂƐĞŵĂƉĞŶĂƐƵŵƚŝƉŽĚĞW͘&ŽŝŝŶƚƌŽĚƵnjŝĚŽ
ƵŵŶŽǀŽŵŽĚĞůŽĚĞĂŶĄůŝƐĞĞŽƐϳϳϵ͘ϵϮϮĚĂĚŽƐĚĞƵůƚƌĂƐƐŽŶŽŐƌĂĨŝĂĨŽƌĂŵ
ĂŐƌĞŐĂĚŽƐĂŽƐϴϲ͘ϲϳϴĚĂĚŽƐĚĞĐĂƌĐĂĕĂ͕ĨŽƌŵĂŶĚŽƵŵĂĐĂƌĂĐƚĞƌşƐƚŝĐĂ͘ĞͲ
ǀŝĚŽĂŝƐƚŽ͕ŽĐƌŝĂĚŽƌĚĞǀĞƚĞƌŵĂŝƐdEK͕ƉŽŝƐŽƐĚĂĚŽƐĚĞƐƚĂƉƌŽǀĂ
ŶĆŽƉŽĚĞŵƐĞƌĐŽŵƉĂƌĂĚŽƐĂŽƐĚĂĚŽƐĚĂƐƉƌŽǀĂƐĂŶƚĞƌŝŽƌĞƐ͘
W;tͿ͗WĞƐŽĚĂĂƌĐĂĕĂ͘
džƉƌĞƐƐĂĂĚŝĨĞƌĞŶĕĂ͕ĞŵůŝďƌĂƐ͕ŶŽƉĞƐŽĚĂĐĂƌĐĂĕĂĚĂƉƌŽŐġŶŝĞĚĞ
ƵŵƚŽƵƌŽĐŽŵƉĂƌĂĚŽĐŽŵĂƉƌŽŐġŶŝĞĚŽƐĚĞŵĂŝƐƚŽƵƌŽƐĂǀĂůŝĂĚŽƐ͘
;WĞƐŽĂũƵƐƚĂĚŽƉĂƌĂĐĂƌĐĂĕĂŶŐƵƐĂďĂƚŝĚŽĂŽƐϰϴϬĚŝĂƐ͘WĞƐŽĂũƵƐͲ
ƚĂĚŽƉĂƌĂĐĂƌĐĂĕĂ^ŝŵĞŶƚĂůĂďĂƚŝĚŽĂŽƐϰϳϱĚŝĂƐͿ͘
DZD;DĂƌďͿ͗DĂƌŵŽƌĞŝŽĚĂĂƌĐĂĕĂ͘
ůŝĂĚŽĂŽŶşǀĞůĚĂϭϮǐĐŽƐƚĞůĂ͘
K>;ZͿ͗ƌĞĂĚĞŽůŚŽĚĞůŽŵďŽ͘
ƵŵĂĞƐƚŝŵĂƚŝǀĂĚĂŵƵƐĐƵůĂƚƵƌĂĚĂĐĂƌĐĂĕĂ͕ĞdžƉƌĞƐƐĂĞŵƉŽůĞŐĂĚĂ
ƋƵĂĚƌĂĚĂ͘DĞĚŝĚĂƌĞůĂƚŝǀĂƚŽŵĂĚĂĂŽŶşǀĞůĚĂϭϮǐĐŽƐƚĞůĂ͘
';&dͿ͗ŽďĞƌƚƵƌĂĚĞ'ŽƌĚƵƌĂĚĂĐĂƌĐĂĕĂ͘
DĞĚŝĚĂĞŵƉŽůĞŐĂĚĂƐĞŶƚƌĞĂϭϮǐĞϭϯǐĐŽƐƚĞůĂ͘
ZdZ^//KE/^͗
';'^dͿƵƌĂĕĆŽĚĂ'ĞƐƚĂĕĆŽ
ĞdžƉƌĞƐƐĂĞŵĚŝĂƐ
W;^ͿWĞƌşŵĞƚƌŽƐĐƌŽƚĂů
ĞdžƉƌĞƐƐŽĞŵĐĞŶƚşŵĞƚƌŽƐ
d;z,ͿdĂŵĂŶŚŽĂŽŶŽ
ĞdžƉƌĞƐƐŽĞŵƉŽůĞŐĂĚĂƐ
WZ;^dzͿWĞƌŵĂŶġŶĐŝĂŶŽZĞďĂŶŚŽ
/ŶĚŝĐĂĂŚĂďŝůŝĚĂĚĞĚĂƐĨŝůŚĂƐĞŵŵĂŶƚĞƌĞŵͲƐĞƉƌŽĚƵnjŝŶĚŽŶŽŵşŶŝͲ
ŵŽĂƚĠŽƐϲĂŶŽƐĚĞŝĚĂĚĞ͘džƉƌĞƐƐĂĞŵşŶĚŝĐĞĚĞƉĞƌŵĂŶġŶĐŝĂ͘
ŝŵƉŽƌƚĂŶƚĞƌĞůĞŵďƌĂƌƋƵĞƚŽĚŽƐŽƐĐĂƌĂĐƚĞƌĞƐƐĆŽĞdžƉƌĞƐƐŽƐĞŵ
W;WͿ͕ŽƵƐĞũĂ͕ĚĞŵŽŶƐƚƌĂŵĂĚŝĨĞƌĞŶĕĂĞŶƚƌĞƚŽƵƌŽƐĞdžƉƌĞƐƐĂ
ŶĂƵŶŝĚĂĚĞĚĞĐĂĚĂĐĂƌĂĐƚĞƌşƐƚŝĐĂĂǀĂůŝĂĚĂ͘
1',&(6%,2(&21–0,&26
KƵƐŽĚĞşŶĚŝĐĞƐĚĞƐĞůĞĕĆŽĚĞĐĂƌĂĐƚĞƌşƐƚŝĐĂƐŵƷůƚŝƉůĂƐ͕ƉŽƌĐƌŝĂĚŽͲ
ƌĞƐĚĞŐĂĚŽĐŽŵĞƌĐŝĂůŽƵĞŵƉůĂŶƚĠŝƐ͕ĐŽŵŽĨĞƌƌĂŵĞŶƚĂĚĞƐĞůĞĕĆŽ͕
ĞƐƚĄĞǀŽůƵŝŶĚŽŶĂŝŶĚƷƐƚƌŝĂĚĂĐĂƌŶĞ͘
KƐϭϳWƐĚŝƐƉŽŶşǀĞŝƐĂƚƵĂůŵĞŶƚĞŶĂƐƐŽĐŝĂĕĆŽŵĞƌŝĐĂŶĂĚĞŶͲ
ŐƵƐ͕ ĂƐƐŝŵ ĐŽŵŽ ĂƐ ŵĞĚŝĚĂƐ ŝŶĚŝǀŝĚƵĂŝƐ ĚĞ ĚĞƐĞŵƉĞŶŚŽ͕ ĐŚĞŐĂŵ Ă
ĐƌŝĂƌĐŽŶĨƵƐĆŽ͘
K1ŶĚŝĐĞĐŽŶƀŵŝĐŽ&ŝŶĂů;Ψ/&ͿĠŽƉƌŝŵĞŝƌŽĚĞƵŵŐƌƵƉŽĚĞǀĂůŽƌĞƐ
ďŝŽͲĞĐŽŶƀŵŝĐŽƐ͕ ĞdžƉƌĞƐƐĂĚŽƐ Ğŵ ĚſůĂƌĞƐ ƉŽƌ ĐĂďĞĕĂ͕ ĐƌŝĂĚŽ ƉĂƌĂ
ĂũƵĚĂƌĂŽƐƉƌŽĚƵƚŽƌĞƐĐŽŵĞƌĐŝĂŝƐ͕ƐŝŵƉůŝĨŝĐĂŶĚŽĂƐĚĞĐŝƐƁĞƐĚĞƐĞůĞͲ
ĕĆŽŐĞŶĠƚŝĐĂ͘
K1ŶĚŝĐĞĐŽŶƀŵŝĐŽ&ŝŶĂů;Ψ/&ͿŝŶĐůƵŝƚƌġƐǀĂůŽƌĞƐĚĞƐĐƌŝƚŽƐĞŵΨͬĐĂͲ
ďĞĕĂ͘džĞŵƉůŽ͗ΨΨ'Ψd                          
Ϯ͕ϴϱΨϭϵ͕ϯϯ      Ψϯϳ͕ϭϮ                       
DĞƐŵŽ ƋƵĞ Ž sĂůŽƌ ĚĞ ŽŶĨŝŶĂŵĞŶƚŽ ;ΨͿ Ğ Ž sĂůŽƌ ĚĞ ĂƌĐĂĕĂ
;Ψ'Ϳ ƐĞũĂŵ ĐŽŵƉŽŶĞŶƚĞƐ ŝŵƉŽƌƚĂŶƚĞƐ ŶĂ ĐĂĚĞŝĂ ĚĞ ƉƌŽĚƵĕĆŽ ĚĞ
ĐĂƌŶĞ͕ĚĞǀĞŵŽƐĂůĞƌƚĂƌĂŽƐƉƌŽĚƵƚŽƌĞƐĚĞƋƵĞŽ1ŶĚŝĐĞĐŽŶƀŵŝĐŽ&ŝͲ
ŶĂů;Ψ/&ͿŶĆŽĚĞǀĞƐĞƌƵƐĂĚŽĐŽŵŽƷŶŝĐŽĐƌŝƚĠƌŝŽĚĞƐĞůĞĕĆŽ͕ƉŽƌƋƵĞ
ĞůĞ ƐŽŵĞŶƚĞ ĂǀĂůŝĂ Ž ĚĞƐĞŵƉĞŶŚŽ ƉſƐ ĚĞƐŵĂŵĂ Ğ ĚĞ ĐĂƌĐĂĕĂ͘ hŵ
ƐŝƐƚĞŵĂĐŽŵƉůĞƚŽĚĞǀĂůŽƌĞƐďŝŽͲĞĐŽŶƀŵŝĐŽƐŝŶĐůƵŝƌĄ͕ŶŽĨƵƚƵƌŽ͕ǀĂͲ
ůŽƌĞƐĞĐŽŶƀŵŝĐŽƐĚĞƌĞƉƌŽĚƵĕĆŽƉŽƌƚĞƌŶĞŝƌŽĚĞƐŵĂŵĂĚŽ͘
KƐ ǀĂůŽƌĞƐ ;ΨͿ ƵƚŝůŝnjĂŵ ŽƐ WƐ ĚŝƐƉŽŶşǀĞŝƐ͕ ĐŽŶǀĞƌƚŝĚŽƐ Ğŵ ǀĂůŽƌĞƐ
ĞĐŽŶƀŵŝĐŽƐ͕ŝŶĐŽƌƉŽƌĂŶĚŽĐŽŵƉŽŶĞŶƚĞƐĚĂ/ŶĚƷƐƚƌŝĂƋƵĞƐĆŽŝŵƉŽƌͲ
ƚĂŶƚĞƐ ŶŽ ĚĞƐĞŵƉĞŶŚŽ ĚŽ ĐŽŶĨŝŶĂŵĞŶƚŽ͕ ĐŽŵŽ͗ ĚŝĂƐ ĂůŝŵĞŶƚĂĚŽƐ͕
ĐƵƐƚŽ ĚĂ ƌĂĕĆŽ͕ ĐƵƐƚŽ ĚŽ ƉĞƐƐŽĂů͘  ƉĂƌĂ Ž sĂůŽƌ ĚĞ ĂƌĐĂĕĂ͗ ĐŽŵͲ
ďŝŶĂŽƐĂƚƌŝďƵƚŽƐƉĂƌĂŐƌĂƵĚĞƋƵĂůŝĚĂĚĞĞŐƌĂƵĚĞƌĞŶĚŝŵĞŶƚŽ͕ĞƐĆŽ
ĐĂůĐƵůĂĚŽƐƉĞůŽƐWƐĚĞĐĂƌĐĂĕĂĞŽƵƵůƚƌĂƐƐŽŵ͘
KƐ sĂůŽƌĞƐ ;ΨͿ ƐĆŽ ƌĞƐƵůƚĂŶƚĞƐ ĚŽ ƋƵĞ Ă /ŶĚƷƐƚƌŝĂ ƵƚŝůŝnjĂ ĐŽŵŽ ĐŽŵͲ
ƉŽŶĞŶƚĞƐƌĞůĞǀĂŶƚĞƐƵƐĂĚŽƐŶŽĐĄůĐƵůŽĚŽƐsĂůŽƌĞƐΨ͕Ψ'ĞΨ/&͘
ŽŵƉĂƌĂĚŽ ĐŽŵ ŽƐ WƐ͕ Ă ǀĂƌŝĂĕĆŽ ĞŶƚƌĞ ŽƐ ǀĂůŽƌĞƐ ƉĂƌĂ ĚŝĨĞƌĞŶͲ
ƚĞƐĂŶŝŵĂŝƐ͕ŝŶĚŝĐĂĂƐĚŝĨĞƌĞŶĕĂƐĞƐƉĞƌĂĚĂƐŶŽǀĂůŽƌƌĞůĂƚŝǀŽĚĂƉƌŽͲ
ŐġŶŝĞ͕ ƵƚŝůŝnjĂŶĚŽ Ƶŵ ŶŝǀĞůĂŵĞŶƚŽ ĂůĞĂƚſƌŝŽ͘ ƐƐŝŵ͕ Ƶŵ sĂůŽƌ ;ΨͿ ƐŽͲ
ŵĞŶƚĞ ƚĞƌĄ ƐĞŶƚŝĚŽ͕ ƋƵĂŶĚŽ Ġ ƵƐĂĚŽ Ğŵ ĐŽŵƉĂƌĂĕĆŽ ĐŽŵ Ž sĂůŽƌ
;ΨͿĚĞŽƵƚƌŽĂŶŝŵĂů͘
ŽŵŽ ĐŽŵ ŽƐ WƐ͕ ĂƐ ŵĠĚŝĂƐ Ğ Ă ĚŝƐƚƌŝďƵŝĕĆŽ ƉĞƌĐĞŶƚƵĂů ƐĞƌĆŽ
ĚĞƐĐƌŝƚĂƐŶŽsĂůŽƌdŽƚĂůĚĞĂƌŶĞ͘hŵsĂůŽƌ;ΨͿnjĞƌŽ;ϬͿŶĆŽĞƐƚĄĐŽƌͲ
ƌĞůĂĐŝŽŶĂĚŽĐŽŵŽƌĂŶŬŝŶŐŝŶĨĞƌŝŽƌŽƵĐŽŵƵŵĂŶŝŵĂůŶĂŵĠĚŝĂ͘
s>KZKE&/EDEdKΨ;Ψ&Ϳ 
K sĂůŽƌ ĚĞ ŽŶĨŝŶĂŵĞŶƚŽ Ͳ Ψ ĐĂůĐƵůĂ Ă ĚŝĨĞƌĞŶĕĂ ΨͬĐĂďĞĕĂ ŶŽ ĚĞͲ
ƐĞŵƉĞŶŚŽĞƐƉĞƌĂĚŽĚĂƉƌŽŐġŶŝĞƉĂƌĂŵĠƌŝƚŽƉſƐĚĞƐŵĂŵĞ͘
K Ψ ƵƚŝůŝnjĂ ŽƐ WƐ ĚĞ WĞƐŽ ĂŽ ĞƐŵĂŵĞ ;WͿ Ğ WĞƐŽ ĂŽ ŶŽ ;WͿ
ũƵŶƚĂŵĞŶƚĞĐŽŵĂŝŶƚĞƌƌĞůĂĕĆŽĞŶƚƌĞĂƐĐĂƌĂĐƚĞƌşƐƚŝĐĂƐ͘
sĂůŽƌĞƐƚşƉŝĐŽƐĚĞŐĂŶŚŽƐŶŽĐŽŶĨŝŶĂŵĞŶƚŽ͕ĐŽŶƐƵŵŽĚĞĂůŝŵĞŶƚŽĞ
ĚŝĨĞƌĞŶĕĂƐŶŽƐĐƵƐƚŽƐƐĆŽůĞǀĂĚŽƐĞŵĐŽŶƚĂŶŽƐĐĄůĐƵůŽƐĨŝŶĂŝƐ͘
sĂůŽƌĞƐƚşƉŝĐŽƐĚĂ/ŶĚƷƐƚƌŝĂƐĆŽƵƐĂĚŽƐƉĂƌĂĚŝĂƐĂůŝŵĞŶƚĂĚŽƐ͕ĐƵƐƚŽ
ĚĂƐƌĂĕƁĞƐ͕ĞƉƌĞĕŽĞĨĞƚŝǀŽĚŽƐĂŶŝŵĂŝƐ͘
s>KZZΨ';Ψ'Ϳ
K sĂůŽƌ ĚĞ ĂƌĐĂĕĂ Ͳ Ψ' ĐŽŵďŝŶĂ Ă ĐůĂƐƐŝĨŝĐĂĕĆŽ ƉŽƌ ƋƵĂůŝĚĂĚĞ Ğ
ƉĞƌĐĞŶƚƵĂůĚĞƌĞŶĚŝŵĞŶƚŽ͕ĞĠĐĂůĐƵůĂĚŽƉĂƌĂĂŶŝŵĂŝƐĐŽŵWƐĚĞ
ĐĂƌĐĂĕĂĞŽƵĚĞƵůƚƌĂͲƐŽŵ͘
hŵĂŵĠĚŝĂĚĞƚƌġƐĂŶŽƐĠƵƐĂĚĂƉĂƌĂĞƐƚĂďĞůĞĐĞƌǀĂůŽƌĞƐĞĐŽŶƀŵŝͲ
ĐŽƐ ƚşƉŝĐŽƐ ĚĂ /ŶĚƷƐƚƌŝĂ ƉĂƌĂ ĐůĂƐƐŝĨŝĐĂĕĆŽ ĚĞ ƋƵĂůŝĚĂĚĞ ĚĞ ĐĂƌĐĂĕĂ͕
ĞƉĞƌĐĞŶƚƵĂůĚĞƌĞŶĚŝŵĞŶƚŽ͘
$%5(9,$785$686$'$6
K> ƌĞĂĚĞKůŚŽĚĞ>ŽŵďŽ 'E
D ƌƚŚƌŽŐƌLJƉŽƐŝƐDƵůƚŝƉůĞdž 'E^
 ŽŶƚƌĂĐƚƵƌĂůƌĂĐŚŶŽĚĂĐƚLJůLJ 'W
> ůĂƐƐĞ /&E
' ƵƌĂĕĆŽĚĞ'ĞƐƚĂĕĆŽ /E&
K ŽĐŝůŝĚĂĚĞ >
^ ƐƚĂƚƵƌĂĂŽ^ŽďƌĞĂŶŽ D
& &ŝůŚĂƐ Dd
&W &ĂĐŝůŝĚĂĚĞĚĞWĂƌƚŽ E,
&W& &ĂĐŝůŝĚĂĚĞĚĞWĂƌƚŽĚĂƐ&ŝůŚĂƐ W
&WD &ĂĐŝůŝĚĂĚĞĚĞWĂƌƚŽDĂƚĞƌŶĂů W
&WDd &ĂĐŝůŝĚĂĚĞĚĞWĂƌƚŽDĂƚĞƌŶĂůdŽƚĂů W
' 'ŽƌĚƵƌĂ W WĞƌşŵĞƚƌŽƐĐƌŽƚĂů
'/D 'ŽƌĚƵƌĂ/ŶƚƌĂŵƵƐĐƵůĂƌ WD
RRNBH@¢žN LDQHB@M@CD MFTR
WƌġŵŝŽƐ ƉĂƌĂ ĐůĂƐƐŝĨŝĐĂĕĆŽ ĚĞ ƋƵĂůŝĚĂĚĞ ĞƐƚĆŽ ĞƐƉĞĐŝĨŝĐĂĚŽƐ ƉĂƌĂ
ĐĂƌĐĂĕĂƐ ĚĞ ƉƌŝŵĞŝƌĂ ;ƉƌŝŵĞ Ğ ĐŚŽŝĐĞͿ Ğ ĚĞƐĐŽŶƚŽƐ ƉĂƌĂ ĐĂƌĐĂĕĂƐ ĚĞ
ƐĞŐƵŶĚĂ;ƐĞůĞĐƚĞƐƚĂŶĚĂƌĚͿ͘
WƌġŵŝŽƐ ƉĂƌĂ ƉĞƌĐĞŶƚƵĂů ĚĞ ƌĞŶĚŝŵĞŶƚŽ ĨŽƌĂŵ ŝŶĐŽƌƉŽƌĂĚŽƐ ƉĂƌĂ
z'ϭ Ğ z'Ϯ ;ĐĂƌĐĂĕĂƐ ĚĞ ĞůĞǀĂĚŽ ƌĞŶĚŝŵĞŶƚŽͿ͕ ĐŽŵ ĚĞƐĐŽŶƚŽƐ ƉĂƌĂ
z'ϰ Ğ z'ϱ ;ďĂŝdžŽƐ ƌĞŶĚŝŵĞŶƚŽƐ ĚĞ ĐĂƌŶĞƐ ǀĞƌŵĞůŚĂƐͿ͘                   

K ŝŵƉĂĐƚŽ ĚŽ sĂůŽƌ ĚĞ ĂƌĐĂĕĂ ŶŽ ΨͬƉĞƐŽ Ğ ŶŽ ΨͬĐĂďĞĕĂ Ġ ĐĂůĐƵůĂĚŽ Ă
ƉĂƌƚŝƌ ĚŽƐ ĐŽŵƉŽŶĞŶƚĞƐ ĚŽ ƉĞƌĐĞŶƚƵĂů ĚĞ ƌĞŶĚŝŵĞŶƚŽ Ğ ĚĞ ƋƵĂůŝĚĂĚĞ͕
Ğ ĂƐƐŝŵ ƐĆŽ ĐŽŵďŝŶĂĚŽƐ ƉĂƌĂ ĐŚĞŐĂƌ ĂŽ 1ŶĚŝĐĞ ĐŽŶƀŵŝĐŽ &ŝŶĂů ;Ψ/&Ϳ͘ 
1E/KEND/K&/E>Ψ/&;ΨͿ
1ŶĚŝĐĞĐŽŶƀŵŝĐŽ&ŝŶĂůΨ/&ƌĞƉƌĞƐĞŶƚĂŽǀĂůŽƌĞŵĚſůĂƌĞƐĚĂƐĚŝĨĞƌĞŶĕĂƐ
ĞƐƉĞƌĂĚĂƐŶĂƉƌŽŐġŶŝĞ;WͿ͕ŶŽĚĞƐĞŵƉĞŶŚŽƉſƐĚĞƐŵĂŵĂĞŶŽǀĂůŽƌĚĂ
ĐĂƌĐĂĕĂ͘ƐƚĞǀĂůŽƌΨ/&ĠĐŽŵƉŽƐƚŽĚĞĚƵĂƐƉĂƌƚĞƐ͗
sĂůŽƌĚĞŽŶĨŝŶĂŵĞŶƚŽ;ΨͿĞsĂůŽƌĚĞĂƌĐĂĕĂ;Ψ'Ϳ͘
WĂƌĂĚĞĨŝŶŝƌŽΨ/&ĐŽŵĂƐƌĞĂůŝĚĂĚĞƐĚĞŵĞƌĐĂĚŽĞƉĂƌĂǀĂůŽƌŝnjĂƌĂƉƌŽͲ
ƉƌŝĂĚĂŵĞŶƚĞ Ž ƉĞƐŽ ĚĂ ĐĂƌĐĂĕĂ ĚŽ ŶŐƵƐ͕ ŽƐ ƐĞŐƵŝŶƚĞƐ ĨĂƚŽƌĞƐ ƐĆŽ ŝŶͲ
ĐŽƌƉŽƌĂĚŽƐĂŽƐĐĄůĐƵůŽƐĨŝŶĂŝƐĚĞΨ/&͗
ΎKΨ/&ŶĆŽĠĂƐŽŵĂĚĞΨĞΨ'͘
Ύ^ĞĐĂůĐƵůĂŽƉĞƐŽƉƌŽũĞƚĂĚŽĚĂĐĂƌĐĂĕĂĞƐĞƵǀĂůŽƌ͕ũƵŶƚŽĐŽŵĂƐĚŝĨĞͲ
ƌĞŶĕĂƐĚŽĐƵƐƚŽĚĞƉƌŽĚƵĕĆŽ͘
Ύ K Ψ/& ůĞǀĂ Ğŵ ĐŽŶƐŝĚĞƌĂĕĆŽ ƋƵĂůƋƵĞƌ ĚĞƐĐŽŶƚŽ ƉŽƌ ĐĂƌĐĂĕĂƐ ŵƵŝƚŽ
ƉĞƐĂĚĂƐ͘
Ύ &ŝŶĂůŵĞŶƚĞ͕ ƐĆŽ ĨĞŝƚŽƐ ĂũƵƐƚĞƐ ƉĂƌĂ ƉƌĞǀĞŶŝƌ Ă ǀĂůŽƌŝnjĂĕĆŽ Ğŵ ĚŽďƌŽ
ƉĂƌĂŽƐƐĞŐŵĞŶƚŽƐĚŽĐŽŶĨŝŶĂŵĞŶƚŽĞĚĂĐĂƌĐĂĕĂ͘
KǀĂůŽƌΨ/&ƌĞƐƵůƚĂŶƚĞŶĆŽĨŽŝĞůĂďŽƌĂĚŽƉĂƌĂƐĞƌĚŽŵŝŶĂĚŽƉŽƌƵŵƐſ
ĨĂƚŽƌ ĐŽŵŽ Ă ƋƵĂůŝĚĂĚĞ͕ Ž ƌĞŶĚŝŵĞŶƚŽ ĚĞ ĐĂƌŶĞ ǀĞƌŵĞůŚĂ͕ ŽƵ Ž ƉĞƐŽ͘
EĂƌĞĂůŝĚĂĚĞ͕ĞůĞĠŽƌĞƐƵůƚĂĚŽĚŝŶąŵŝĐŽĚĂĂƉůŝĐĂĕĆŽĚĞǀĂůŽƌĞƐĐŽŵĞƌͲ
ĐŝĂŝƐĚĞŵĞƌĐĂĚŽŶĂŐĞŶĠƚŝĐĂŶŐƵƐ͕ƚĂŶƚŽƉĂƌĂŽŵĠƌŝƚŽĚĞĐŽŶĨŝŶĂŵĞŶͲ
ƚŽĐŽŵŽƉĂƌĂŽĚĞĐĂƌĐĂĕĂ͘
K  1ŶĚŝĐĞ ĐŽŶƀŵŝĐŽ &ŝŶĂů ĨĂĐŝůŝƚĂ Ž ƋƵĞ ƚŽĚŽ ƉƌŽĚƵƚŽƌ ĚĞ ĐĂƌŶĞ ĞƐƚĄ
ďƵƐĐĂŶĚŽ͗ DĞůŚŽƌĂŵĞŶƚŽ ŐĞŶĠƚŝĐŽ ƐŝŵƵůƚąŶĞŽ ĚĞ ŵƷůƚŝƉůĂƐ ĐĂƌĂĐƚĞƌşƐͲ
ƚŝĐĂƐ ƉĂƌĂ ŵĠƌŝƚŽ ĚĞ ĐŽŶĨŝŶĂŵĞŶƚŽ Ğ ƉĂƌĂ ŵĠƌŝƚŽ ĚĞ ĐĂƌĐĂĕĂ͕ ďĂƐĞĂĚŽ
ĞŵƌĞƐƵůƚĂĚŽĞĐŽŶƀŵŝĐŽ͘
s>KZ EZ'd/K  s ;ΨEͿ                                    
 Ƶŵ ǀĂůŽƌ ĞdžƉƌĞƐƐŽ Ğŵ ĚſůĂƌĞƐ ƌĞĨĞƌĞŶƚĞ ĂŽ ĐƵƐƚŽ ĞŶĞƌŐĠƚŝĐŽ ĚĂ ǀĂĐĂ
ƉŽƌ ĂŶŽ͘ ƐƚĞ ǀĂůŽƌ ĚĞŵŽŶƐƚƌĂ ĂƐ ĚŝĨĞƌĞŶĕĂƐ ŶŽƐ ƌĞƋƵĞƌŝŵĞŶƚŽƐ ĞŶĞƌͲ
ŐĠƚŝĐŽƐ ĚĂ ǀĂĐĂ ĐŽŵŽ ƐĞŶĚŽ Ă ĚŝĨĞƌĞŶĕĂ ĚŽ ĐƵƐƚŽ ĂŶƵĂů ĚĞ ŵĂŶƵƚĞŶͲ
ĕĆŽ ĚĂƐ ĨŝůŚĂƐ ĚĞ Ƶŵ ĚĞƚĞƌŵŝŶĂĚŽ ƚŽƵƌŽ͘ YƵĂŶƚŽ ŵĂŝŽƌ Ž ǀĂůŽƌ͕ ŵĂŝƐ
ĨĂǀŽƌĄǀĞů ƐĞƌĄ ĂŽ ƐĞ ĐŽŵƉĂƌĂƌ ĂƐ ĨŝůŚĂƐ ĚĞ ĚŽŝƐ ƚŽƵƌŽƐ ;ŵĂŝƐ ĚſůĂƌĞƐ
ƉŽƵƉĂĚŽƐ ŶĂƐ ĚĞƐƉĞƐĂƐ ĚĞ ĂůŝŵĞŶƚĂĕĆŽ ĞŶĞƌŐĠƚŝĐĂͿ͘ ŽƐ ĐŽŵƉŽŶĞŶͲ
ƚĞƐ ƉĂƌĂ ĐĄůĐƵůŽ ĚĞƐƚĞ ǀĂůŽƌ ;hΨ^Ϳ ĞĐŽŶŽŵŝnjĂĚŽ ƉŽƌ ǀĂĐĂ͕ ĂĚŝĐŝŽŶĂŵͲ
ƐĞ ĂƐ ĞdžŝŐġŶĐŝĂƐ ĞŶĞƌŐĠƚŝĐĂƐ ƉĂƌĂ ůĂĐƚĂĕĆŽ Ğ ŽƐ ĐƵƐƚŽƐ ĞŶĞƌŐĠƚŝĐŽƐ ĂƐͲ
ƐŽĐŝĂĚŽƐĐŽŵŽƚĂŵĂŶŚŽĚĂǀĂĐĂĂĚƵůƚĂ͘
s>KZ^DDΨ;ΨtͿ
 Ƶŵ ǀĂůŽƌ ĞdžƉƌĞƐƐŽ Ğŵ ĚſůĂƌĞƐ ƉŽƌ ĐĂďĞĕĂ͕ Ğ Ġ Ă ĚŝĨĞƌĞŶĕĂ ŵĠĚŝĂ ĞƐͲ
ƉĞƌĂĚĂ ŶŽ ĚĞƐĞŵƉĞŶŚŽ ĚĂ ƉƌŽŐġŶŝĞ ƉĂƌĂ ŵĠƌŝƚŽ ƉƌĠͲĚĞƐŵĂŵĂ͘ sĂůŽƌ
ĚĞ ĚĞƐŵĂŵĂ ;ΨͿ ŝŶĐůƵŝ ƚĂŶƚŽ Ž ŐĂŶŚŽ ĐŽŵŽ ŽƐ ĐƵƐƚŽƐ ĂũƵƐƚĂĚŽƐ Ğ
ĂƐƐŽĐŝĂĚŽƐ ĐŽŵ ĂƐ ĚŝĨĞƌĞŶĕĂƐ Ğŵ ƉĞƐŽ ĂŽ ŶĂƐĐĞƌ͕ ĐƌĞƐĐŝŵĞŶƚŽ ĚŝƌĞƚŽ
ĂĚĞƐŵĂŵĂ͕ůĞŝƚĞŵĂƚĞƌŶŽĞƚĂŵĂŶŚŽĚĂǀĂĐĂĂĚƵůƚĂ͘
'ĂŶŚŽŶĂĞƐŵĂŵĂ WE WĞƐŽĂŽŶĂƐĐĞƌ
'ĂŶŚŽĚĞƉĞƐŽĚĂĚĞƐŵĂŵĂĂŽƐŽďƌĞĂŶŽ WZ WĞƌŵĂŶġŶĐŝĂŶŽZĞďĂŶŚŽ
'ĂŶŚŽĚĞWĞƐŽŝĄƌŝŽ Zͬ& ZĞďĂŶŚŽƐͬ&ŝůŚĂƐ
1ŶĚŝĐĞĚĞ&ĞƌƚŝůŝĚĂĚĞĚĂƐEŽǀŝůŚĂƐ йZ WĞƌĐĞŶƚƵĂůĚĞƌĞŶĚŝŵĞŶƚŽĚĞĐŽƌƚĞ
1ŶĚŝĐĞĨŝŶĂů d dĂŵĂŶŚŽĂŽĂŶŽ
>ĞŝƚĞ Ψ sĂůŽƌĚĞŽŶĨŝŶĂŵĞŶƚŽ
DĂƌŵŽƌĞŝŽ Ψ sĂůŽƌĚĞĞƐŵĂŵĂ
DĂƚĞƌŶĂůdŽƚĂů ΨE sĂůŽƌĞŶĞƌŐĠƚŝĐŽĚĂǀĂĐĂ
EĞƵƌŽƉĂƚŚŝĐ,ŝĚƌŽĐĞƉŚĂůƵƐ Ψ' sĂůŽƌĚĞĂƌĐĂĕĂ
WĞƐŽĂŽŶŽ ΨY' sĂůŽƌĚĞYƵĂůŝĚĂĚĞĚĂĂƌŶĞ
WĞƐŽĚĂĂƌĐĂĕĂ Ψd sĂůŽƌdŽƚĂůĚĞĂƌŶĞ
WĞƐŽĂĞƐŵĂŵĂ Ψz' sĂůŽƌĚĞZĞŶĚŝŵĞŶƚŽĚĞĂƌŶĞ>ŝŵƉĂ
Ψ/& 1ŶĚŝĐĞĐŽŶƀŵŝĐŽ&ŝŶĂů
WĞƐŽĂŽŶĂƐĐĞƌĞĨĞŝƚŽŵĂƚĞƌŶŽ
ϵϱ
 6(/(&76,5(6'2%5$6,/
ΛƐĞůĞĐƚƐŝƌĞƐďƌ ƐĞůĞĐƚ͘ƐŝƌĞƐĚŽďƌĂƐŝů͘ϳ

ZƵĂ^ĆŽEŝĐŽůĂƵ͕ϮϯϬͲƉĂǀŝůŚĆŽϲͮĂŝƌƌŽ͗^ĂŶƚĂDĂƌŝĂ'ŽƌĞƚƚŝ
W͗ϵϭϬϯϬͲϮϯϬͮWŽƌƚŽůĞŐƌĞͮZ^
&ŽŶĞϱϱϱϭϯϮϮϮ͘ϵϲϴϴͲƐĞůĞĐƚƐŝƌĞƐΛƐĞůĞĐƚƐŝƌĞƐ͘ĐŽŵ͘ďƌ
ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐ͘ĐŽŵ͘ďƌ