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EĞƐƚŽƌZƵďŝĂŶŽ

//͘ /EdZKh/ME͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϬ
:ŽƐĠŶƚŽŶŝŽsŝƌƐĞĚĂͲ,ĞƌĂƐLJĞĂƚƌŝnjƵĂƵƚůĞͲ,ŽƌŶŝůůĂ

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:ƵĂŶůŝĂƐĂŵƉŽƐͲ'ĂƌĐşĂ

/s͘ ͎WŽƌƋƵĠůĂƚŽƌƚƵƌĂĞƐƵŶĂƉƌĄĐƚŝĐĂƌĞĐƵƌƌĞŶƚĞLJƐŝƐƚĞŵĄƚŝĐĂĞŶDĠdžŝĐŽ͍͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϰ
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s͘ >ĂƚŽƌƚƵƌĂĞŶDĠdžŝĐŽ͕ĐŽŶĚŝĐŝŽŶĞƐƋƵĞĐŽŶƚƌŝďƵLJĞŶĂƐƵƉƌĄĐƚŝĐĂƐŝƐƚĞŵĄƚŝĐĂLJŐĞŶĞƌĂůŝnjĂĚĂ͘ϲϲ
ĂůŝĂůĞũĂŶĚƌĂ>ƵŶĂͲDƵŹŽnj

s/͘ WĞƌĐĞƉĐŝſŶƐŽĐŝĂůĚĞĞƐƚƵĚŝĂŶƚĞƐĚĞďĂĐŚŝůůĞƌĂƚŽƐŽďƌĞůĂƉƌĄĐƚŝĐĂĚĞůĂƚŽƌƚƵƌĂ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴϬ
ŶĂLJĂŶƐŝdƌƵũŝůůŽͲ'ĂƌĐşĂ͖ZĞŶĂƚĂ:ŝŵĠŶĞnjͲ'ĂůĄŶLJdĂLJĚĞ/ĐĞůĂDŽŶƚĞƐͲZĞLJĞƐ

s//͘ ůŐƵŶĂƐƌĞĨůĞdžŝŽŶĞƐĞŶƚŽƌŶŽĂůĂƚŽƌƚƵƌĂ͕ƵŶĂƉĞƌƐƉĞĐƚŝǀĂĐůşŶŝĐĂLJƉƐŝĐŽƐŽĐŝĂů͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϭϴ
zĂnjŵŝŶůĞũĂŶĚƌĂYƵŝŶƚĞƌŽͲ,ĞƌŶĄŶĚĞnjLJWĞƌůĂ^ŚŝŽŵĂƌĂĚĞůĂƌƉŝŽͲKǀĂŶĚŽ

s///͘ ZĞĨůĞdžŝſŶĞŶƚŽƌŶŽĂůĂƐĐŽŶƐĞĐƵĞŶĐŝĂƐďŝŽƉƐŝĐŽƐŽĐŝĂůĞƐĚĞůĂƚŽƌƚƵƌĂ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϰϯ
dŚĂůŝĂDŽŶƐĞƌƌĂƚ,ŽŶŽƌĂƚŽͲĞƌŶĂů

/y͘ dſƉŝĐŽƐĞŶƚŽƌŶŽĂůĂŽŵŝƐŝſŶĚĞƐĞŐƵƌŝĚĂĚƉƷďůŝĐĂ͎͗ƉƵĞĚĞĐŽŶƐŝĚĞƌĂƌƐĞĐŽŵŽƚŽƌƚƵƌĂ
ƐŽĐŝĂů͍ϭϲϰ
ĠƐĂƌƵŐƵƐƚŽ>ƵŶĂͲůŽŶƐŽ͖<ĂƌůĂůŝnjĂďĞƚŚƐƚƌĂĚĂͲŽŶƚƌĞƌĂƐ͖^ĂŶĚLJĞĞů/ďĂŹĞnjͲEƵŹĞnj͖:ĞƐƵƐ
'ƵƐƚĂǀŽĂůnjĂĚĂͲŝƐŶĞƌŽƐLJDĂƌŝĂ'ƵĂĚĂůƵƉĞZŽũĂƐͲdƌĞũŽ

y͘ sŽĐĞƐĚĞsşĐƚŝŵĂƐ^ĞĐƵŶĚĂƌŝĂƐĚĞůĞůŝƚŽ^ĞĐƵĞƐƚƌŽĐŽŵŽ'ƌƵƉŽ/ŶǀŝƐŝďŝůŝnjĂĚŽLJsƵůŶĞƌĂďůĞĂ
dŽƌƚƵƌĂWƐŝĐŽůſŐŝĐĂ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϴϱ
^ĞƌŐŝŽ^ĂŶƚĂŵĂƌşĂͲ^ƵĄƌĞnj͖sĞƌſŶŝĐĂZŽĚƌşŐƵĞnjͲŽŶƚƌĞƌĂƐ͖ŵŵĂŶƵĞůĞƐĞŹĂͲĂƌƋƵĞƌĂ͖hůƌŝŬ
ůǀĂƌĞnjͲDĂƌƚşŶĞnjLJhƌŝĞůƌƌĞĚŽŶĚŽͲZŝǀĞƌŽ

ϯ






y/͘ WƌŝŶĐŝƉŝŽƐƉĂƌĂůĂŝŶǀĞƐƚŝŐĂĐŝſŶLJĚŽĐƵŵĞŶƚĂĐŝſŶĚĞůĂƚŽƌƚƵƌĂ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϮϬϭ
:ŽƐĠŶƚŽŶŝŽsŝƌƐĞĚĂͲ,ĞƌĂƐ

y//͘ ŶĄůŝƐŝƐĚĞůĂŶŽƌŵĂƚŝǀŝĚĂĚĞŶĞůƉƌŽĐĞƐŽĚĞĂĚĂƉƚĂĐŝſŶĚĞůWƌŽƚŽĐŽůŽĚĞƐƚĂŵďƵůĞŶ
DĠdžŝĐŽ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϭϳ
&ĞůŝƉĞDĂƌŝĂŶŽKƌƚĞŐĂͲĂŵƉŽƐ

y///͘ ^ŽďƌĞůĂƉƌŽĨĞƐŝŽŶĂůŝnjĂĐŝſŶĚĞůƉĞƌŝƚŽĞŶƉƐŝĐŽůŽŐşĂĞŶĐĂƐŽƐĚĞƉŽƐŝďůĞƚŽƌƚƵƌĂ͕ƚƌĂƚŽƐ
ĐƌƵĞůĞƐ͕ŝŶŚƵŵĂŶŽƐŽĚĞŐƌĂĚĂŶƚĞƐĞŶDĠdžŝĐŽ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϰϱ
:ĞƐƷƐůďĞƌƚŽ>ŝŵĞƚĂͲDĞůĞŶĚĞnj

y/s͘ ƵƚŽĐƵŝĚĂĚŽLJƉƌĞǀĞŶĐŝſŶĚĞůĚĞƐŐĂƐƚĞĞŵŽĐŝŽŶĂůLJƵƌŶŽƵƚĞŶƉĞƌƐŽŶĂůŝŶƚĞƌǀŝŶŝĞŶƚĞĞŶ
ĐĂƐŽƐĚĞƚŽƌƚƵƌĂ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϲϯ
ƌŝƐƚŝĂŶ&ĞƌŶĂŶDƵŹŽnjͲDƵŶŽnjLJůĂƵĚŝĂDŝůĞŶĂŽƌƌĞĂͲKƚĄůǀĂƌŽ

ys͘ ƉƌŽdžŝŵĂĐŝſŶƉƐŝĐŽƐŽĐŝĂůĂůĂƚŽƌƚƵƌĂLJĂůWƌŽƚŽĐŽůŽĚĞƐƚĂŵďƵů͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϴϲ
:ŽƐĠDĂŶƵĞůĞnjĂŶŝůůĂͲ^ĄŶĐŚĞnjLJDĂƌşĂŵƉĂƌŽDŝƌĂŶĚĂͲ^ĂůĂnjĂƌ

ys/͘ ŽŶƐŝĚĞƌĂĐŝŽŶĞƐƉƌĞůŝŵŝŶĂƌĞƐƉĂƌĂƵŶĂǀĂůŽƌĂĐŝſŶƉƐŝĐŽůſŐŝĐĂĚĞůĂdŽƌƚƵƌĂ͗ƵŶĂ
ĂĐƚƵĂůŝnjĂĐŝſŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϬϭ
:ŽƐĠDĂŶƵĞůĞnjĂŶŝůůĂͲ^ĄŶĐŚĞnjLJDĂƌşĂŵƉĂƌŽDŝƌĂŶĚĂͲ^ĂůĂnjĂƌ

ys//͘ WƌŽƉƵĞƐƚĂ͖ĞƐƚƌƵĐƚƵƌĂLJŵĞƚŽĚŽůŽŐşĂƉĂƌĂĞůĚŝĐƚĂŵĞŶƉƐŝĐŽůſŐŝĐŽĐŽŶďĂƐĞĂůWƌŽƚŽĐŽůŽĚĞ
ƐƚĂŵďƵů͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϯϴ
ĞĂƚƌŝnjƵĂƵƚůĞͲ,ŽƌŶŝůůĂ

ys///͘ WĞƌŝƚĂũĞĚĞWƌŽƚŽĐŽůŽĚĞƐƚĂŵďƵůĞŶŵĂƚĞƌŝĂĚĞƉƐŝĐŽůŽŐşĂƐŽďƌĞĚŽĐƵŵĞŶƚĂůĞƐ͖ĞƐƚƵĚŝŽ
ĚĞĐĂƐŽ͘ ϯϳϲ
ĞĂƚƌŝnjƵĂƵƚůĞͲ,ŽƌŶŝůůĂ

y/y͘ ůŝŵƉĂĐƚŽƉƐŝĐŽƐŽĐŝĂůĚĞůĂƚŽƌƚƵƌĂƐĞdžƵĂů͗ĞƐƚƵĚŝŽĚĞůĐĂƐŽ͞E͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͟ϰϬϲ
ĞĂƚƌŝnjƵĂƵƚůĞͲ,ŽƌŶŝůůĂLJ:ŽƐĠŶƚŽŶŝŽsşƌƐĞĚĂͲ,ĞƌĂƐ

yy͘ ŽŶƐŝĚĞƌĂĐŝŽŶĞƐdĠĐŶŝĐĂƐWĂƌĂǀŝƚĂƌ&ĂůƐŽƐEĞŐĂƚŝǀŽƐŶsĂůŽƌĂĐŝſŶWƐŝĐŽůſŐŝĐĂĞ
WƌŽƚŽĐŽůŽĞƐƚĂŵďƵů͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϮϴ

ϰ






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