08-8-7-SC Rules On Expedited Procedures in The First Level Courts

RULES ON
EXPEDITED
PROCEDURES
IN THE FIRST LEVEL COURTS
(A.M. No. 08-8-7-SC)
CONTENTS
Message of Chief Justice Alexander G. Gesmundo vii
Message of Associate Justice Henri Jean Paul B. Inting ix

Chairperson, Committee on the Revision of the
Rules on Summary Procedure and Small Claims Cases
Message of Associate Justice Samuel H. Gaerlan x

Vice Chairperson, Committee on the Revision of the
Message of Associate Justice Jose Midas P. Marquez xii

Member, Committee on the Revision of the
Message of Court of Appeals Associate Justice Maria Filomena D. Singh xiii

Member, Committee on the Revision of the
1. Rules on Expedited Procedures 1

in the First Level Courts
2. Small Claims Cases Forms 1 to 13 (English/Filipino) 29
Form 1-SCC Plaintiff’s Statement of Claim/s 31

Habla ng Pagsingil
Form 1-A-SCC Other Plaintiffs or Defendants 41

Iba pang mga Naghahabla o Hinahabla
Form 1-B-SCC Information for the Small Claims Plaintiff 44

Kaalaman para sa Naghahabla
Form 2-SCC Summons 50

Patawag
Form 3-SCC Verified Response 51

Beripikadong Sagot
Form 4-SCC Notice of Hearing 57

Abiso sa Pagdinig
Form 5-SCC Return of Summons/Manifestation [Personal Service] 58

Pagbalik ng Patawag/Paghahayag
Form 5-A-SCC Return of Summons/Manifestation [Substituted Service] 60

Pagbalik ng Patawag/Paghahayag
CONTENTS
Form 6-SCC Motion to Sue as Indigent 63
Mosyon na Maghabla Bilang “Indigent”
Form 7-SCC Special Power of Attorney 65

Natatanging Gawad-Kapangyarihan
Form 8-SCC Joint Motion (For Dismissal) 67

Pinagsamang Mosyon na Ibasura
at Ipawalang-saysay
Form 9-SCC Motion for Approval of Compromise Agreement 68

Mosyon para sa Pagpapa-apruba
ng Kasunduan o Kompromiso
Form 10-SCC Decision (Based on Compromise Agreement) 69
Form 11-SCC Decision on Small Claims 70
Form 12-SCC Motion for Execution 73

Mosyon sa Pagpapatupad ng Desisyon
Form 13-SCC Writ of Execution (Money Judgment) 74

Kautusan para sa Pagpapatupad
ng Pansalaping Hatol
Form 13-A-SCC Writ of Execution 76

(Decision Based on Compromise Agreement)
Kautusan para sa Pagpapatupad ng Desisyon
Base sa Kasunduan sa Kompromiso
Form 13-B-SCC Writ of Execution (Specific Judgment) 79

Kautusan para sa Pagpapatupad
ng Partikular na Hatol
3. Comparative Table of the 1991 Revised Rule 81

on Summary Procedure and 2016 Revised Rules
on Small Claims Cases and the Rules on Expedited
Procedures in the First Level Courts
4. Flowcharts of the Rule on Summary Procedure 123

5. Flowchart of the Rule on Small Claims 127
iv RULES ON EXPEDITED PROCEDURES IN THE FIRST LEVEL COURTS

6. Small Claims Cases Forms 1 to 13 (English/Visayan) 131
Form 1-SCC Plaintiff’s Statement of Claim/s 133
Asunto sa Pagsingil
Form 1-A-SCC Other Plaintiffs or Defendants 143

Mga Uban pa nga Nagareklamo o Ginareklamo
Form 1-B-SCC Information for the Small Claims Plaintiff 145

Pahibalo para sa Nagareklamo
Form 2-SCC Summons 151

Pagpatawag
Form 3-SCC Verified Response 152

Gipamatud-an nga Tubag
Form 4-SCC Notice of Hearing 158

Abiso sa Pagdungog
Form 5-SCC Return of Summons/Manifestation [Personal Service] 159

Pagbalik sa Pagpatawag/Pagpadayag
Form 5-A-SCC Return of Summons/Manifestation [Substituted Service] 161

Pagbalik sa Pagpatawag/Pagpadayag
Form 6-SCC Motion to Sue as Indigent 164

Mosyon na Magreklamo Isip “Indigent”
Form 7-SCC Special Power of Attorney 166

Espesyal nga Gahum sa Abogado
Form 8-SCC Joint Motion (For Dismissal) 168

Hiniusang Mosyon na Ibasura ug Isalikway
Form 9-SCC Motion for Approval of Compromise Agreement 169

Mosyon para sa Pagpapa-apruba sa Kasabutan sa Kompromiso
Form 10-SCC Decision (Based on Compromise Agreement) 170
Form 11-SCC Decision on Small Claims 171
Form 12-SCC Motion for Execution 174

Mosyon sa Pagpatuman sa Desisyon
Form 13-SCC Writ of Execution (Money Judgment) 175

Mando para sa Pagpatuman sa Desisyon na Naglambigit sa Kwarta
Form 13-A-SCC Writ of Execution (Decision Based on Compromise Agreement) 177

Mando para sa Pagpatuman sa Desisyon Base
sa Kasabutan sa Kompromiso
Form 13-B-SCC Writ of Execution (Specific Judgment) 180

Mando para sa Pagpatuman sa Partikular na Desisyon
MESSAGES v
vi RULES ON EXPEDITED PROCEDURES IN THE FIRST LEVEL COURTS
SUPREME COURT
FROM THE CHAMBERS OF
Alexander G. Gesmundo
CHIEF JUSTICE
Message
The rights to the speedy resolution of cases and speedy trial have been the essential consideration
of the Supreme Court in promulgating rules of procedure. These Constitutional rights ensure that
every litigant who seeks to enforce or defend their claims before the courts are not unnecessarily
burdened by the rigidities of legal proceedings. Until now, the maxim that “justice delayed is justice
denied” resonates fervently to improve and develop our adjudication process.
The 1991 Revised Rule on Summary Procedure and the 2016 Revised Rules on Small Claims Cases
have been at the forefront to guarantee that civil and criminal cases covered by these Rules shall
be resolved in an accelerated manner, taking into consideration the opportunity of each contending
parties to be heard. These Rules have been proven to assist the litigants in adjudicating their legal
disputes promptly and without needless delay.
When Congress enacted Republic Act No. 11576, which took effect on 21 August 2021 and which
expanded the jurisdictional amount cognizable by the First Level Courts in civil cases to Two
Million Pesos (₱2,000,000.00), among others, it was imperative for the Supreme Court to revive
and constitute the Committee on the Revision of the Rules on Summary Procedure and Small
Claims Cases. The goal of the Committee was not only to adjust the cases covered by these Rules,
but also to incorporate recent developments in procedural and substantive law and jurisprudence, as
well as technological advancements. The members of the Committee have firsthand experience in
resolving civil and criminal cases under the Rules on Summary Procedure and the Rules on Small
Claims Cases. Hence, they have the vital expertise and proficiency to produce the draft Rules in line
with the objectives of the Court.
Through the collective efforts of the Committee, with Associate Justice Henri Jean Paul B. Inting,
as Committee Chairperson, Associate Justice Samuel H. Gaerlan as Committee Vice Chairperson,
and its esteemed members and secretariat, they were able to timely submit the proposed Rules to the
Supreme Court En Banc. In turn, the members of the Court thoroughly deliberated the provisions to
MESSAGES vii
ensure that the essence of the speedy resolution of cases and speedy trial are intact and resolute. In
record time, the Supreme Court En Banc approved the Rules on Expedited Procedures in the First
Level Courts in A.M. No. 08-8-7-SC on 1 March 2022.
I am pleased to present the Rules on Expedited Procedures in the First Level Courts, which have
incorporated both the Rule on Summary Procedure and the Rules on Small Claims Cases. It is the
avid objective of the Supreme Court that these Rules be applied meticulously by the members of
the bench and the bar, and the general public, so as to reinforce that every civil and criminal case
covered by these Rules shall be resolved appropriately without unwarranted delay. The Rules will
apply prospectively and will take effect on 11 April 2022.
Alexan
nddeer G. Gesmu
Alexander undo
Gesmundo
Chieff JJustice
Chi ti
viii RULES ON EXPEDITED PROCEDURES IN THE FIRST LEVEL COURTS

SUPREME COURT

Henri Jean Paul B. Inting
ASSOCIATE JUSTICE
Message
As the Chairperson of the Committee on the Revision of the Rules on Summary Procedure and
Small Claims Cases (Committee), I am proud of the Rules on Expedited Procedures in the First
Level Courts. Taking effect on 11 April 2022, the Rules reflect the Court’s continuing commitment
to constantly develop and improve laws on procedure geared towards enhancing the efficiency of
judicial administration and giving effective service to the public. Guided by this perennial objective,
the members of the Committee did not merely confine the revisions of the 1991 Revised Rule on
Summary Procedure and 2016 Revised Rules on Small Claims Cases to the jurisdictional amount
adjustment mandated by Republic Act No. 11576.
I highly commend the efforts of the Committee in deliberately and exhaustively taking into
consideration the on the ground experiences availing in the first and second level courts, as shared
by the members representing said courts, as well as the relevant recent jurisprudence and issuance
of other relevant rules of procedure. Recalibrating, reconciling, and harmonizing the coverage of the
Revised Rules on Summary Procedure and Small Claims, the Rules now provide for a very efficient
and expedited procedure governing both summary procedure and small claims cases. Particularly,
there would be a more simplified, inexpensive, and speedier disposition of small claims cases as the
Rules introduce technological innovations and best practices for the benefit of the underprivileged
and the court users in general.
To optimize the execution and purpose of the Rules, this publication facilitated by the Philippine
Judicial Academy incorporates the text of the Rules, a comparative matrix of the old vis-à-vis the rules
on expedited procedures for the guidance of judges, updated Small Claims Forms with translations in
Filipino and Visayan for ease of use, and Flowcharts and Timeline for Summary Procedure and Small
Claims cases underscoring how expedited and efficient the new procedures are.
I am positive that this publication will help pave the way for achieving the Court’s objective of
ensuring simplified, inexpensive, and speedier disposition of cases.
He
enr
nri Jean Paul B.
Henri B Inting
Associate Justice
Chairperson, Committee on the Revision of the
MESSAGES ix
SUPREME COURT

Samuel H. Gaerlan
ASSOCIATE JUSTICE
Message
The Court continues to embark on efforts to speed up the disposition of cases without sacrificing
the quality of adjudication and depriving litigants of the opportunity to be heard and to seek the
appropriate reliefs. Rules of procedure remain a work in progress, evolving along with the changing
circumstances and the ever-growing needs of stakeholders.
The Revised Rules on Summary Procedure and Small Claims Cases, promulgated in 1991 and
2016, respectively, are perhaps the centerpiece of the Court’s drive to make justice more accessible
to more Filipinos, as well as micro, small and medium enterprises that comprise 99 percent of
the corporations in the country. Ordinary individuals, small businesses and informal sectors deal
with routine transactions and get involved in small-scale disputes that do not involve intricate or
complicated questions of fact and law. When sufficient guidance exists in the body of jurisprudence,
trial courts, as frontliners in the administration of justice, ideally should be able to identify and
apply the relevant doctrines to cases brought before them with dispatch.
With the pandemic highlighting the need for simplified proceedings that will not be hampered
severely by unexpected work interruptions, it is very timely that the Court has come up with the
new Rules on Expedited Procedures in the First Level Courts.
The Rules on Expedited Procedures in the First Level Courts arose from the need to recalibrate,
reconcile, and harmonize the coverage of the Revised Rules on Summary Procedure and Small
Claims Cases. Under the new Rules, the jurisdictional amount in covered civil actions and
complaints for damages is increased to ₱2,000,000.00, and small claims cases to ₱1,000,000.00;
the definition of small claims cases is also fleshed out and is clarified to exclude actions seeking
claims or reliefs other than the payment or reimbursement of a sum of money. The new Rules also
now provide for the enforcement of barangay amicable settlement agreements and the revival of
judgment of any first level court.
Most strikingly, the new Rules shall govern the criminal and civil aspects of violations of Batas
Pambansa Blg. 22 (the Bouncing Checks Law). The jurisdictional threshold in criminal cases is
x RULES ON EXPEDITED PROCEDURES IN THE FIRST LEVEL COURTS

increased to those punishable by imprisonment not exceeding one year and/or a fine not exceeding
₱50,000.00 (or ₱150,000.00 in cases involving damage to property through criminal negligence).
The Rules also provide for innovations, such as the presumption that motions for postponement are
dilatory, the inclusion of motions for and complaints in intervention among the prohibited pleadings,
the option for the courts to set the case for videoconference hearing, the option of electronic service
with the consent of the parties, the emphasis on exploring amicable settlement in civil cases, and
the option for the public prosecutor to submit the written sworn statements of the complainant
and/or the witnesses prepared by law enforcement agents or submitted during preliminary
investigation, among others.
As Vice Chairperson of the Committee on the Revision of the Rules on Summary Procedure and
Small Claims, I am very proud to be part of this significant undertaking which aimed not only to
adjust the jurisdictional amounts but also to provide mechanisms to improve the legal framework
and relieve the points of congestion in the proceedings as much as possible. The Court can only
move forward and ensure that the fundamental goals of improving and equalizing access to judicial
processes, de-clogging the dockets, eliminating inefficiencies, and preventing abuse shall always
be within reach.
I have mentioned before that the Judiciary needs to exert all efforts to curb entropy in our system
for administration of justice by infusing new energy in the form of reform. I am confident that our
committee has done that, but it is up to every one of us to ensure that we continue to have the zeal
to serve the people. There should be no reason to resort to improper and abusive methods when we
assure the people of the availability of the lawful channels to assert and defend their rights.
Samu
m el H. Gaerlan
Samuel G erla
Ga an
Associate
A i JJustice
i
MESSAGES xi
SUPREME COURT

Jose Midas P. Marquez
ASSOCIATE JUSTICE
Message
The Rules on Expedited Procedures in the First Level Courts is the latest initiative of the Supreme
Court in its pursuit of simplifying and expediting court proceedings and its commitment to
continuously enhance access to justice. Many people forego judicial remedies due to lengthy trials
and costly legal representation. The small claims procedure was first established precisely to
address these obstacles and empower the common person, especially the poor and marginalized,
to seek redress from the courts for the most common of legal problems, the collection of a sum of
money.
To respond to current developments and the evolving needs of our court users, the procedures were
transformed to integrate best practices and lessons learned, current laws, rules, jurisprudence, and
advancements in technology. Apart from increasing the threshold to accommodate more small
claims of up to One Million Pesos, the small claims forms were revised and updated for ease of use
and accomplishment, guidelines incorporated to help increase awareness of rights and remedies,
and translations in Filipino and some local dialects made readily available for better understanding.
The Rules likewise make it easier for litigants to attend hearings by making videoconferencing
available, even through the use of popular and widely-used platforms.
It is hoped that the Rules encourage the public, and make it easier for them, to use the courts for
the protection and enforcement of their rights. As the nature of rules is one of constant process, the
Court shall continue to develop these rules to ensure their responsiveness and efficiency in an ever-
changing landscape.
JJose
Jo
osee Midas P. Marquez
Associate Justice
xii RULES ON EXPEDITED PROCEDURES IN THE FIRST LEVEL COURTS

COURT OF APPEALS

Maria Filomena D. Singh
ASSOCIATE JUSTICE
Message
The Rule on Summary Procedure and the Rule on Small Claims Cases, since their origination, have
always had the same objective: expedited proceedings. When these two Rules were promulgated in
1983 and 2008, respectively, the expected net effect was the speedier resolution of covered cases.
Promulgated 25 years apart, it can be said that the Rule on Small Claims Cases is the offspring of the
Rule on Summary Procedure, the more radical and progressive one.
The Rule on Summary Procedure was the first rule of its kind in our procedural landscape. At
its inception, the vision was to shorten the process of adjudication in cases which are considered
simple, both as to nature and reliefs, as well as legal issues. The purpose remains the same until the
present, but 40 years have seen many changes, including in jurisdictional purview and technological
advances. These developments have rendered the original formulation of the rule less efficacious,
thus necessitating its long overdue revision.
On the other hand, the Rule on Small Claims Cases has been judicial reform’s showstopper since its
adoption. For the first time in the history of the Court, we have a rule that only allows one day for
hearing and judgment. We also prohibited appeals from decisions in small claims cases, limiting the
remedy to a Rule 65 petition. This was prompted by our experiences in Summary Procedure, where
you have a decision in ejectment, for instance, which is secured in less than six months, but which
goes all the way up to the Supreme Court through various modes of review, taking years to be finally
terminated. The objective of the Summary Rule is therefore defeated. Although we addressed this in
Small Claims, the majority of First Level Court Cases fall under the Rule on Summary Procedure.
Thus, the initiative of the Chief Justice Hon. Alexander G. Gesmundo to integrate the Rule on
Summary Procedure and the Rule on Small Claims Cases into one rule: the Rules on Expedited
Procedures in the First Level Courts. It is aligned with the Chief Justice’s goal of codifying all the
procedural rules into one physical whole, to make it more user-friendly, for the benefit of the lawyers
and the litigants, our own judges, and even our law students. With the Rules on Expedited Procedures
in the First Level Courts, the goal of “delivering justice real time” is now a step closer.
Maria
Mari
rriia F
ria Filomena
ilomena D. Singh
Associate
As
ssociate Justice
MESSAGES xxiii
xiv RULES ON EXPEDITED PROCEDURES IN THE FIRST LEVEL COURTS
RULES
A.M. NO.
MESSAGES
08 8 7 SC 1
2 RULES ON EXPEDITED PROCEDURES IN THE FIRST LEVEL COURTS
RULES ON EXPEDITED PROCEDURES
A.M. No. 08-8-7-SC
RESOLUTION
WHEREAS, pursuant to Section 5(5), Article VIII of the Constitution, the Supreme
Court is vested with the power to promulgate rules concerning the pleading, practice, and
procedure in all courts, the admission to the practice of law, the Integrated Bar, and legal
assistance to the underprivileged;
WHEREAS, Congress enacted Republic Act No. 11576, which expanded the
jurisdictional amount cognizable by the First Level Courts in civil cases to Two Million
Pesos (₱2,000,000.00) and the jurisdictional amount for recovery of real property with the
assessed value to Four Hundred Thousand Pesos (₱400,000.00);
WHEREAS, Congress enacted Republic Act No. 10951, which adjusted the value
of property and damage on which a penalty is based, and the fines imposed under Act No.
3815, otherwise known as The Revised Penal Code, As Amended;
WHEREAS, the 1991 Revised Rule on Summary Procedure and the 2016 Revised
Rules on Small Claims Cases were promulgated to simplify and expedite proceedings,
taking into account the recent developments in procedural and substantive law and
jurisprudence, as well as technological advancements;
WHEREAS, considering the passage of R.A. Nos. 11576 and 10951, there is a
need to recalibrate, reconcile, and harmonize the coverage of the 1991 Revised Rule on
Summary Procedure and 2016 Revised Rules on Small Claims Cases to efficiently attain
their objectives;
WHEREAS, through Memorandum Order No. 70-2021 dated 16 August 2021 and
31 August 2021, as amended by Memorandum Order No. 116-2021 dated 29 November
2021, the Committee on the Revision of the Rules on Summary Procedure and Small
Claims Cases was reorganized to review the rules and study proposals received by the
Court. The Committee is composed of the following:
A.M. NO. 08 8 7 SC 3
Chairperson: Hon. Henri Jean Paul B. Inting
Associate Justice, Supreme Court
Vice Chairperson: Hon. Samuel H. Gaerlan
Members: Hon. Jose Midas P. Marquez
Hon. Eduardo B. Peralta, Jr.
Associate Justice, Court of Appeals
Hon. Maria Filomena D. Singh
Hon. Germano Francisco D. Legaspi
Hon. Ma. Theresa Dolores C. Gomez-Estoesta
Associate Justice, Sandiganbayan
Hon. Raul Bautista Villanueva
Deputy Court Administrator (now Court Administrator)
Hon. Evangeline C. Cabochan-Santos
Presiding Judge, RTC, Br. 304, Quezon City
Hon. Jackie B. Crisologo-Saguisag
Presiding Judge, MeTC, Br. 67, Makati City
Hon. Karla A. Funtila-Abugan
Presiding Judge, MeTC, Br. 17, Manila
Hon. Carlo D. Villarama
Presiding Judge, MeTC, Br. 36, Quezon City
(now Presiding Judge, RTC, Br. 217, Quezon City)
Atty. Marcelino Michael I. Atanante IV
IBP Governor for Greater Manila
Atty. Antonio Ceasar R. Manila
Office of the Chief Justice
Secretariat: Atty. Ryan De Leon Ferraren

Atty. Hannah Joy A. Villarta
Office of Associate Justice Henri Jean Paul B. Inting

Atty. Barbie Kaye Perez Lopez
Atty. Theodore Joseph M. Jumamil
Office of Associate Justice Samuel H. Gaerlan
Atty. Camille Sue Mae L. Ting

Office of Associate Justice Jose Midas P. Marquez
WHEREAS, pursuant to Memorandum Order No. 116-2021 dated 29 November 2021, the
Technical Working Group for the Committee on the Revision of the Rules on Summary Procedure and
Small Claims Cases was reorganized and is composed of the following:
Chairperson: Hon. Maria Filomena D. Singh

Vice Chairperson: Hon. Raul Bautista Villanueva
Deputy Court Administrator (now Court Administrator)
Members: Hon. Ma. Theresa Dolores C. Gomez-Estoesta
Associate Justice, Sandiganbayan
Hon. Evangeline C. Cabochan-Santos
Presiding Judge, RTC, Br. 304, Quezon City
Hon. Jackie B. Crisologo-Saguisag
Presiding Judge, MeTC, Br. 67, Makati City
Hon. Karla A. Funtila-Abugan
Presiding Judge, MeTC, Br. 17, Manila
Hon. Carlo D. Villarama
Presiding Judge, MeTC, Br. 36, Quezon City
(now Presiding Judge, RTC, Br. 217, Quezon City)
Atty. Marcelino Michael I. Atanante IV
IBP Governor for Greater Manila
Atty. Antonio Ceasar R. Manila
Office of the Chief Justice
Atty. Barbie Kaye Perez Lopez
Atty. Theodore Joseph M. Jumamil
Office of Associate Justice Samuel H. Gaerlan
Secretariat: Atty. Ryan De Leon Ferraren

Atty. Hannah Joy A. Villarta
Office of Associate Justice Henri Jean Paul B. Inting
Atty. Camille Sue Mae L. Ting
Office of Associate Justice Jose Midas P. Marquez
A.M. NO. 08 8 7 SC 5
NOW, THEREFORE, acting on the recommendation of the Chairperson of the Committee
on the Revision of the Rules on Summary Procedure and Small Claims Cases, the Court resolves to
APPROVE the “Rules on Expedited Procedures in the First Level Courts.”
These Rules shall take effect on 11 April 2022 following their publication in two (2) newspapers
of general circulation.
1 March 2022
(Original signed)
ALEXANDER G. GESMUNDO
Chief Justice
(Original signed) (Original signed)

ESTELA M. PERLAS-BERNABE MARVIC M.V.F. LEONEN
Senior Associate Justice Associate Justice

ALFREDO BENJAMIN S. CAGUIOA RAMON PAUL L. HERNANDO
Associate Justice Associate Justice

AMY C. LAZARO-JAVIER HENRI JEAN PAUL B. INTING

RODIL V. ZALAMEDA MARIO V. LOPEZ

SAMUEL H. GAERLAN RICARDO R. ROSARIO

JHOSEP Y. LOPEZ JAPAR B. DIMAAMPAO

JOSE MIDAS P. MARQUEZ ANTONIO T. KHO, JR.
A.M. NO. 08 8 7 SC 7
Rule I
RULES ON EXPEDITED PROCEDURES

RULE I
APPLICABILITY
Section 1. Coverage. – These Rules shall govern the expedited procedures in the Metropolitan
Trial Courts (MeTCs), the Municipal Trial Courts in Cities (MTCCs), the Municipal Trial Courts
(MTCs), and the Municipal Circuit Trial Courts (MCTCs), for the following cases falling within their
jurisdiction:
A. CIVIL CASES
(1) Summary Procedure Cases, as follows:
(a) Forcible entry and unlawful detainer cases, regardless of the amount of damages or unpaid
rentals sought to be recovered. Where attorney’s fees are awarded, the same shall not exceed
One Hundred Thousand Pesos (₱100,000.00).
(b) All civil actions, except probate proceedings, admiralty and maritime actions, and small claims
cases falling under Rule IV hereof, where the total amount of the plaintiff’s claim does not
exceed Two Million Pesos (₱2,000,000.00), exclusive of interest, damages of whatever kind,
attorney’s fees, litigation expenses and costs.
(c) Complaints for damages where the claim does not exceed Two Million Pesos (₱2,000,000.00),
exclusive of interest and costs.
(d) Cases for enforcement of barangay amicable settlement agreements and arbitration awards
where the money claim exceeds One Million Pesos (₱1,000,000.00), provided that no execution
has been enforced by the barangay within six (6) months from the date of the settlement or date
of receipt of the award or from the date the obligation stipulated or adjudged in the arbitration
award becomes due and demandable, pursuant to Section 417, Chapter VII of Republic Act
No. 7160, otherwise known as The Local Government Code of 1991.
(e) Cases solely for the revival of judgment of any Metropolitan Trial Court, Municipal Trial
Court in Cities, Municipal Trial Court, and Municipal Circuit Trial Court, pursuant to Rule 39,
Section 6 of the Rules of Court.

Rule I
(f) The civil aspect of a violation of Batas Pambansa Blg. 22 (the Bouncing Checks Law), if no
criminal action has been instituted therefor. Should a criminal action be later instituted for the
same violation, the civil aspect shall be consolidated with the criminal action and shall be tried
and decided jointly under the Rule on Summary Procedure.
All other cases not included herein shall be governed by the regular rules of procedure.
(2) Small Claims Cases, as defined hereunder, where the claim does not exceed One Million Pesos
(₱1,000,000.00), exclusive of interest and costs.
A “small claim” is an action that is purely civil in nature where the claim or relief raised by the
plaintiff is solely for the payment or reimbursement of a sum of money. It excludes actions seeking
other claims or reliefs aside from payment or reimbursement of a sum of money and those coupled
with provisional remedies.
The claim or demand may be:
(a) For money owed under any of the following:
1. Contract of Lease;
2. Contract of Loan and other credit accommodations;
3. Contract of Services; or
4. Contract of Sale of personal property, excluding the recovery of the personal property,
unless it is made the subject of a compromise agreement between the parties.
(b) The enforcement of barangay amicable settlement agreements and arbitration awards,
where the money claim does not exceed One Million Pesos (₱1,000,000.00), provided that
no execution has been enforced by the barangay within six (6) months from the date of
the settlement or date of receipt of the award or from the date the obligation stipulated or
adjudged in the arbitration award becomes due and demandable, pursuant to Section 417,
Chapter VII of Republic Act No. 7160, otherwise known as The Local Government Code
of 1991.
B. CRIMINAL CASES
The following criminal cases shall be governed by the Rule on Summary Procedure:
(1) Violations of traffic laws, rules and regulations;
(2) Violations of the rental law;
A.M. NO. 08 8 7 SC 9
Rules I–II
(3) Violations of municipal or city ordinances;
(4) Violations of Batas Pambansa Blg. 22 (the Bouncing Checks Law); and
(5) All other criminal cases where the penalty prescribed by law for the offense charged is
imprisonment not exceeding one (1) year, or a fine not exceeding Fifty Thousand Pesos
(₱50,000.00), or both, regardless of other imposable penalties, accessory or otherwise,
or of the civil liability arising therefrom. In offenses involving damage to property
through criminal negligence under Article 365 of the Revised Penal Code, this Rule shall
govern where the imposable fine does not exceed One Hundred Fifty Thousand Pesos
(₱150,000.00).
If the prescribed penalty consists of imprisonment and/or a fine, the prescribed imprisonment
shall be the basis for determining the applicable procedure.
All other cases not included herein shall be governed by the regular rules of procedure.
Sec. 2. Non-applicability. – These Rules shall not apply to civil cases where the plaintiff’s cause of
action is pleaded in the same complaint with another cause of action subject to the regular procedure;
nor to criminal cases where the offense charged is necessarily related to another criminal case subject
to the regular procedure.
RULE II
GENERAL COMMON PROVISIONS
Section 1. Applicability of the regular rules. – The regular procedure prescribed in the Rules of Court
shall apply to the cases covered by these Rules where no specific provision is found herein. It shall
also apply in a suppletory manner even if there is a specific provision found in these Rules, but only in
so far as not inconsistent. In case of inconsistency, these Rules shall prevail.
Sec. 2. Prohibited pleadings and motions. – The following pleadings, motions, or petitions shall not
be allowed in cases governed by these Rules:
(a) In civil cases, a motion to dismiss the complaint or the statement of claim, and in criminal
cases, a motion to quash the complaint or information, except on the ground of lack of
jurisdiction over the subject matter or failure to comply with the requirement of barangay
conciliation, pursuant to Chapter VII, Title I, Book III of Republic Act No. 7160;
(b) Motion to hear and/or resolve affirmative defenses;
(c) Motion for a bill of particulars;

Rule II
(d) Motion for new trial, or for reconsideration of a judgment on the merits, or for reopening
of proceedings;
(e) Petition for relief from judgment;
(f) Motion for extension of time to file pleadings, affidavits or any other paper;
(g) Memoranda;
(h) Petition for certiorari, mandamus, or prohibition against any interlocutory order issued by
the court;
(i) Motion to declare the defendant in default;
(j) Dilatory motions for postponement. Any motion for postponement shall be presumed
dilatory unless grounded on acts of God, force majeure, or physical inability of a counsel
or witness to personally appear in court, as supported by the requisite affidavit and medical
proof;
(k) Rejoinder;
(l) Third-party complaints;
(m) Motion for and Complaint in Intervention;
(n) Motion to admit late judicial affidavit/s, position papers, or other evidence, except on the
ground of force majeure or acts of God;
(o) Motion for judicial determination of probable cause in criminal cases.
Sec. 3. Videoconference. – As far as practicable, and if the court finds that the conduct of a
videoconference hearing will be beneficial to the fair, speedy and efficient administration of justice,
the court, on its own initiative or upon motion, may set the case for a videoconference hearing at any
stage of the proceedings.
Sec. 4. Service pursuant to international convention. – Service made pursuant to the Hague Convention
on the Service Abroad of Judicial and Extrajudicial Documents in Civil or Commercial Matters shall
be valid, and the period to answer shall commence from receipt of the document served.
A.M. NO. 08 8 7 SC 11
Rule III
RULE III
THE RULE ON SUMMARY PROCEDURE
A. CIVIL CASES
Section 1. Pleadings and verification.– The only pleadings allowed to be filed are the complaint,
compulsory counterclaim, cross-claim pleaded in the answer, and reply, as provided in Section 8 of
this Rule.
All pleadings shall be verified.
Sec. 2. Form and contents of pleadings. – All pleadings submitted under this Rule shall comply with
Rule 7 of the 2019 Amendments to the 1997 Rules of Civil Procedure.
All cases requiring prior referral to barangay conciliation must contain a statement of
compliance, pursuant to Chapter VII, Title I, Book III of Republic Act No. 7160. Where there is no
showing of compliance with such requirement, the complaint shall be dismissed without prejudice,
on the court’s own initiative or upon motion by the defendant, and may be re-filed only after the
requirement has been complied with.
Sec. 3. Complaint. – The complaint shall state the following:
(a) The names of the affiants whose judicial affidavits will be presented to prove the plaintiff’s
claim. The judicial affidavits shall be attached to the complaint and form an integral part
thereof. Judicial affidavits not attached to the complaint shall not be considered;
(b) The summary of the statements in the judicial affidavits;
(c) The documentary and other object evidence in support of the allegations in the complaint;
and
(d) Whether the plaintiff consents to service by electronic means or facsimile and, if so, the
plaintiff’s e-mail addresses or facsimile numbers for such purpose.
Sec. 4. Summons. – Within five (5) calendar days from receipt of a new civil case, if the court determines
that the case falls under this Rule, the court shall direct the Branch Clerk to issue summons to the
defendant, stating clearly that the case shall be governed by the Rule on Summary Procedure.
However, if from an examination of the allegations in the initiatory pleading and such evidence
as may be attached thereto, a ground for the outright dismissal of the case is apparent, the court may
dismiss the case on its own initiative. These grounds include lack of subject matter jurisdiction,
improper venue, lack of legal capacity to sue, litis pendentia, res judicata, prescription, failure to state

Rule III
a cause of action, non-submission of a certification against forum shopping, and lack of compliance
with a condition precedent such as absence of barangay conciliation, among others.
A patently erroneous determination to avoid the application of the Rule on Summary Procedure
is a ground for disciplinary action.
Sec. 5. Filing and service. – The rules on filing and service of pleadings under Rule 13 and service
of summons under Rule 14 of the 2019 Amendments to the 1997 Rules of Civil Procedure shall be
applicable to cases under this Rule, unless inconsistent.
Sec. 6. Answer. – Within thirty (30) calendar days from service of summons, the defendant shall file
an answer to the complaint and serve a copy thereof on the plaintiff.
The answer shall state the following:
(a) The names of the affiants whose judicial affidavits will be presented to prove the defendant’s
allegations. The judicial affidavits shall be attached to the answer and form an integral part
thereof. Judicial affidavits not attached to the answer shall not be considered;
(b) The summary of the statements in the judicial affidavits;
(c) The documentary and other object evidence in support of the allegations in the answer; and
(d) Whether the defendant consents to service by electronic means or facsimile and, if so, the
defendant’s e-mail addresses or facsimile numbers for such purpose.
Affirmative defenses not pleaded in the answer shall be deemed waived, except for lack of
jurisdiction over the subject matter, litis pendentia, res judicata, and prescription.
Cross-claims and compulsory counterclaims not asserted in the answer shall be considered
barred.
Sec. 7. Counterclaims within the coverage of this Rule. – If at the time the action is commenced, the
defendant possesses a claim against the plaintiff that (a) is within the coverage of this Rule, exclusive
of interest and costs; (b) arises out of the same transaction or event that is the subject matter of the
plaintiff’s claim; (c) does not require for its adjudication the joinder of third parties; and (d) is not the
subject of another pending action, the claim shall be filed as a counterclaim in the answer; otherwise,
the defendant shall be barred from suing on such counterclaim.
The defendant may also elect to file a counterclaim against the plaintiff that does not arise
out of the same transaction or occurrence, provided that the amount and nature thereof are within the
coverage of this Rule and the prescribed docket and other legal fees are paid.
A.M. NO. 08 8 7 SC 13
Rule III
Any amount pleaded in a counterclaim in excess of Two Million Pesos (₱2,000,000.00),

excluding interests and costs, shall be deemed waived.
Sec. 8. Reply. – All new matters alleged in the answer shall be deemed controverted.
The plaintiff may file a reply to a counterclaim only when an actionable document is attached
to the answer. The reply shall be filed within ten (10) calendar days from receipt of the answer.
Sec. 9. Effect of failure to answer. – Should the defendant fail to answer the complaint within the
period provided, the court, on its own initiative, or upon manifestation by the plaintiff that the period
for filing an answer has already lapsed, shall render judgment as may be warranted by the facts alleged
in the complaint and its attachments, limited to what is prayed for therein.
The court may reduce the amount of damages and attorney’s fees claimed for being excessive
or otherwise unconscionable.
Sec. 10. Preliminary Conference; notice. – Within five (5) calendar days after the last responsive
pleading is filed, the Branch Clerk of Court shall issue a Notice of Preliminary Conference, which
shall be held within thirty (30) calendar days from the date of filing of such last responsive pleading.
The rules on pre-trial under Rule 18 of the 2019 Amendments to the 1997 Rules of Civil Procedure
shall be applicable to the Preliminary Conference, unless inconsistent.
The Notice of Preliminary Conference shall include the dates respectively set for:
(a) Preliminary Conference (within thirty [30] calendar days from the filing of the last
responsive pleading);
(b) Court-Annexed Mediation (within an inextendible period of thirty [30] calendar days from
date of referral for mediation); and
(c) Judicial Dispute Resolution, in the court’s discretion (within an inextendible period of
fifteen [15] calendar days from notice of failure of the Court-Annexed Mediation).
Non-appearance at any of the foregoing settings shall be deemed as non-appearance at the

Preliminary Conference and shall merit the same sanctions under Section 12 of this Rule.
Sec. 11. Preliminary Conference Brief. – The parties shall file with the court and serve on the adverse
party in such a way as to ensure receipt, at least three (3) calendar days before the scheduled Preliminary
Conference, their respective Preliminary Conference Briefs, which shall contain, among others:
(a) A summary of admitted facts;
(b) A summary of disputed facts and proposals for stipulations on the same;

Rule III
(c) A statement of factual and legal issues; and
(d) A list of testimonial, object, and other documentary evidence offered in support of the
party’s claims or defenses, and their markings, if any.
Failure to submit a Preliminary Conference Brief within the period given shall merit the same
sanction as non-appearance at the Preliminary Conference.
Sec. 12. Appearance at Preliminary Conference. – It shall be the duty of the parties and their counsel
to appear at the Preliminary Conference, Court-Annexed Mediation, and Judicial Dispute Resolution,
if the latter is ordered by the court. The non-appearance of a party and/or counsel may be excused only
for acts of God, force majeure, or duly substantiated physical inability.
A representative may appear on behalf of a party, but must be fully authorized through a Special
Power of Attorney or a board resolution, as the case may be, to: (1) enter into an amicable settlement,
(2) to submit to alternative modes of dispute resolution, and (3) to enter into stipulations or admissions
of facts and documents. An authority which fails to include all these acts shall be ineffective and the
party represented shall be deemed absent.
The failure despite notice of the plaintiff and/or his or her counsel to appear at the Preliminary
Conference shall be a cause for the dismissal of the complaint. The defendant who appears in the
absence of the plaintiff shall be entitled to judgment on the counterclaim, in accordance with Section
9 of this Rule. All cross-claims shall be dismissed.
If a sole defendant and/or his or her counsel fail to appear at the Preliminary Conference, the
plaintiff shall be entitled to judgment in accordance with Section 9 of this Rule. This Rule shall not
apply, however, where one of two or more defendants sued under a common cause of action and who
had pleaded a common defense, shall appear at the Preliminary Conference.
Sec. 13. Preliminary Conference Order. – Immediately after the preliminary conference and the
issues having been joined, the court shall issue a Preliminary Conference Order referring the parties to
the mandatory Court-Annexed Mediation, and Judicial Dispute Resolution, which shall be conducted
in accordance with the provisions of A.M. No. 19-10-20-SC or the 2020 Guidelines for the Conduct of
the Court-Annexed Mediation (CAM) and Judicial Dispute Resolution (JDR) in Civil Cases.
The court may, in the same Preliminary Conference Order, declare the case submitted for
judgment if, on the basis of the pleadings and their attachments, as well as the stipulations and
admissions made by the parties, judgment may be rendered without the need of submission of position
papers. In this event, the court shall render judgment within thirty (30) calendar days from issuance
of the order. The court’s order shall not be the subject of a motion for reconsideration or a petition for
certiorari, prohibition, or mandamus, but may be among the matters raised on appeal after a judgment
on the merits.
A.M. NO. 08 8 7 SC 15
Rule III
If the court, however, deems the submission of position papers still necessary, it shall require the
parties, in the Preliminary Conference Order, to submit their respective position papers within ten (10)
calendar days from receipt of such order. No other judicial affidavits or evidence will be admitted even
if filed with the position papers.
Sec. 14. Rendition of judgment. – Within thirty (30) calendar days from receipt by the court of the
Mediator’s Report or the JDR Report on the parties’ failure to reach an amicable settlement, the court
shall render judgment.
However, should the court find it necessary to clarify certain material facts, it may, during
the said period, issue an order specifying the matters to be clarified, and require the parties to submit
additional judicial affidavits or other evidence on the said matters, within ten (10) calendar days from
receipt of said order. Judgment shall be rendered within fifteen (15) calendar days after the receipt of
the last clarificatory judicial affidavits, or the expiration of the period for filing the same.
The court shall not resort to the clarificatory procedure to gain time for the rendition of the
judgment.
B. CRIMINAL CASES
Section 1. How commenced; filing and service. – The filing of criminal cases governed by the Rule
on Summary Procedure shall either be by complaint or by information.
The complaint or information shall be accompanied by the judicial affidavits of the complainant
and of his or her witnesses, in such number of copies as there are accused, plus one (1) copy for the
court.
The complaint or information and other submissions of the parties may be filed with the court
and served on the adverse party/ies, and judgments, resolutions, orders, and other court processes may
be served to the parties, electronically with their consent, in accordance with the prevailing Rules and
other Court issuances.
Sec. 2. Duty of court; judicial affidavits. –
(a) If commenced by complaint. – On the basis of the complaint and the judicial affidavits and
other evidence accompanying the same, the court may dismiss the case outright for lack of probable
cause, and order the release of the accused if in custody.
(b) If commenced by information. – When the case is commenced by information, or is not

dismissed pursuant to paragraph (a), the court shall issue an order which, together with copies of the
resolution of the investigating officer and the judicial affidavits and other evidence submitted by the
prosecution, shall require the accused to submit a judicial counter-affidavit and the judicial affidavits

Rule III
of his or her witnesses, as well as any other evidence in his or her behalf, within fifteen (15) calendar
days from receipt of the order. The accused shall serve copies thereof on the private complainant and
the public prosecutor within the same period.
Except on rebuttal, no witness shall be allowed to testify unless his or her judicial affidavit was
submitted in accordance with this provision. The judicial affidavit shall take the place of the direct
testimony of a witness.
However, instead of judicial affidavits, the prosecution may submit the written sworn statements
of the complainant and/or the witnesses prepared by the law enforcement agents assigned to the case,
or the affidavits submitted to the public prosecutor during preliminary investigation. If the prosecution
chooses this option, the prosecutor shall not be allowed to ask additional direct examination questions
of the complainant and/or the witnesses, except for meritorious reasons. The sworn statements
and affidavits shall stand as the direct testimony of the affiants, supplemented by additional direct
examination if allowed by the court.
Sec 3. Determination of probable cause. – Upon receipt of the accused’s judicial counter-affidavit
and/or the judicial affidavits of his or her witnesses, or the lapse of the period given for the submission
thereof, the court shall determine if probable cause exists to hold the accused for trial.
If the court finds that no probable cause exists, it shall order the dismissal of the case and the
immediate release of the accused, if in custody.
If the court finds that probable cause exists, the court shall set the case for arraignment and
pre-trial.
For detained accused, if the period for submission of judicial affidavits and other evidence by
the accused has not yet lapsed and no submission has been made on the date set for the arraignment and
pre-trial, the court may proceed with the arraignment if the accused waives the court’s consideration
of his or her judicial counter-affidavit and/or the judicial affidavits of his or her witnesses in the
determination of probable cause, without waiver of the admission of such judicial counter-affidavit
and/or the judicial affidavits of his or her witnesses within a fresh period of ten (10) calendar days from
the date of the arraignment and the pre-trial.
Sec. 4. Arrest. – The court shall not issue a warrant for the arrest of the accused in criminal cases
governed by the Rule on Summary Procedure, except for failure to appear despite notice, whenever
required by the court. Release of the person arrested shall either be on bail, or on his or her own
recognizance, or that of a responsible citizen acceptable to the court.
If the warrant of arrest could not be served on the accused because he or she could not be
located, the court shall issue an order archiving the case once the law enforcement agency entrusted
with the service of the warrant of arrest files a return to that effect, or after six (6) months from the
issuance of the warrant of arrest, there being no return filed by the law enforcement agency.
A.M. NO. 08 8 7 SC 17
Rule III
Sec. 5. Arraignment and pre-trial. –
(a) Upon receipt of the case, the court shall set the arraignment and pre-trial within ten (10)
calendar days for detained accused and thirty (30) calendar days for non-detained accused.
The notice of arraignment and pre-trial shall require the attendance of the accused and his or
her counsel and all defense witnesses, the private complainant and his or her witnesses, the public
prosecutor and private prosecutor, where allowed, as well as the law enforcement agents assigned to
the case.
Before arraigning the accused, the court shall inquire into the possibility of a plea bargain
between the parties. If there is no plea bargain, the court shall arraign the accused on the original
charge and enter his or her plea in the record.
If the accused pleads guilty to the original charge, the court shall forthwith sentence him or her.
If the accused offers to plead guilty to a lesser offense, the consent of the public prosecutor
and the private complainant, or the law enforcement agent assigned to the case in victimless crimes,
shall be secured, unless the latter are absent despite notice, in which case the consent of the public
prosecutor shall suffice.
(b) After arraignment, the court shall conduct the Pre-Trial Conference in accordance with the
Revised Guidelines for Continuous Trial of Criminal Cases.
No admission by the accused shall be used against him or her unless reduced into writing
and signed by the accused and the defense counsel. The signatures of the accused and the defense
counsel either on the Pre-Trial Order or the Minutes of the Pre-Trial Conference, which embodies such
admissions, shall suffice.
Sec. 6. Trial and offer. – At the trial, the testimonies of witnesses shall consist of the duly subscribed
written statements given to law enforcement agents, or the affidavits or counter-affidavits submitted
before the investigating officer, or their judicial affidavits, subject to cross, re-direct, and re-cross
examination questions.
Should any affiant fail to testify, his or her affidavit shall not be considered as competent
evidence for the party presenting the affidavit, but the adverse party may utilize the same for any
admissible purpose.
Except on rebuttal, no witness shall be allowed to testify unless his or her affidavit was
previously submitted to the court in accordance with Section 2 hereof.

Rules III–IV
The prosecution shall have sixty (60) calendar days to complete its evidence presentation. On
the last day of its presentation of evidence, the public prosecutor shall orally offer the prosecution
evidence. The defense counsel shall then make his or her oral comments on the offer, and thereafter,
the court shall orally resolve the offer of evidence of the prosecution. The ruling shall be embodied in
the written order the court will issue thereafter.
The defense shall also have sixty (60) calendar days to complete its evidence presentation. On
the last day of its presentation of evidence, the defense counsel shall orally offer the defense evidence.
The public prosecutor shall then make his or her oral comments on the offer, and thereafter, the court
shall orally resolve the offer of evidence of the defense. The ruling shall be embodied in the written
order the court will issue thereafter.
If the prosecution decides to present rebuttal evidence, it shall have fifteen (15) calendar days
from the court action on the offer of defense evidence to complete the same.
A motion for postponement of any trial date shall be presumed dilatory and denied outright,
unless grounded on acts of God, force majeure, or duly substantiated physical inability of the counsel
or witness. Any postponement granted by the court for the authorized causes shall not extend the
period for presentation of a party’s evidence. The party who sought the postponement shall only have
the remaining trial dates assigned to him or her to complete his or her evidence presentation.
Sec. 7. Judgment. – The court shall render and promulgate the judgment not later than thirty (30)
calendar days from the court’s action on the last presenting party’s offer of evidence.
C. APPEALS IN SUMMARY PROCEDURE
Section 1. Ordinary appeal. – Any judgment, final order, or final resolution in a Summary Procedure
case may be appealed to the appropriate Regional Trial Court exercising jurisdiction over the territory
under Rule 40 for civil cases and Rule 122 for criminal cases, of the Rules of Court. The appeal shall
be taken by filing a notice of appeal, together with proof of payment of the appeal fees, with the court
that rendered the judgment, order or resolution appealed from, within fifteen (15) calendar days from
receipt of the same.
Sec. 2. Remedy from judgment on appeal. – The judgment of the Regional Trial Court on the appeal
shall be final, executory, and unappealable.
RULE IV
THE RULE ON SMALL CLAIMS
Section 1. Scope. – This Rule shall govern the procedure in actions before the Metropolitan Trial
Courts (MeTCs), Municipal Trial Courts in Cities (MTCCs), Municipal Trial Courts (MTCs) and
Municipal Circuit Trial Courts (MCTCs) for payment or reimbursement of a sum of money where the
value of the claim does not exceed One Million Pesos (P1,000,000.00).
A.M. NO. 08 8 7 SC 19
Rule IV
Sec. 2. Objectives. –
(a) To protect and advance the constitutional right of persons to a speedy disposition of their
cases;
(b) To provide a simplified and inexpensive procedure for the disposition of small claims cases;
and
(c) To introduce innovations and best practices for the benefit of the underprivileged.
Sec. 3. Definition of terms. – For purposes of this Rule:
(a) Plaintiff refers to the party who initiated a small claims action. The term includes a defendant
who has filed a counterclaim against a plaintiff;
(b) Defendant is the party against whom the plaintiff has filed a small claims action. The term
includes a plaintiff against whom a defendant has filed a claim, or a person who replies to
the claim;
(c) Person is an individual, corporation, partnership, limited liability partnership, association,

or other juridical entity endowed with personality by law;
(d) Individual is a natural person;
(e) Motion means a party’s request, written or oral, to the court for an order or other action. It
shall include an informal written request to the court, such as a letter;
(f) Good cause means circumstances sufficient to justify the requested order or other action,
as determined by the judge;
(g) Affidavit means a written statement or declaration of facts that are sworn to or affirmed to
be true;
(h) Business of lending refers to any lending activity pursued with regularity;
(i) Business of banking refers to the business of lending funds obtained in the form of deposits.
Sec. 4. Commencement of small claims action. – A small claims action is commenced by filing with
the court an accomplished Statement of Claim/s with Verification and Certification Against Forum
Shopping, Splitting a Single Cause of Action, and Multiplicity of Suits (Form 1-SCC) and duly

Rule IV
certified photocopies of the actionable document/s subject of the claim, affidavits of witnesses, and
other evidence to support the claim, with as many copies thereof as there are defendants. No evidence
shall be allowed during the hearing which was not attached to or submitted together with the Statement
of Claim/s, unless good cause is shown for the admission of additional evidence.
The plaintiff must state in the Statement of Claim/s if he/she/it is engaged in the business of
lending, banking and similar activities, and the number of small claims cases filed within the calendar
year regardless of judicial station.
For juridical entities, a board resolution or secretary’s certificate authorizing the person to file
the claim must be attached to the Statement of Claim/s.1
No formal pleading, other than the Statement of Claim/s described in this Rule, is necessary to
initiate a small claims action.
Sec. 5. Venue for small claims cases. – The regular rules on venue shall apply.
However, if the plaintiff is engaged in the business of lending, banking and similar activities,
and has a branch within the municipality or city where the defendant resides or is holding business, the
Statement of Claim/s shall be filed in the court of the city or municipality where the defendant resides
or is holding business. If there are two (2) or more defendants, it shall be filed in the court of the city
or municipality where any of them resides or is holding business, at the option of the plaintiff.
Sec. 6. Joinder of claims. – Plaintiff may join in a single statement of claim one or more separate small
claims against a defendant provided that the total amount claimed, exclusive of interest and costs, does
not exceed One Million Pesos (P1,000,000.00).
Sec. 7. Affidavits. – The affidavits submitted under this Rule shall state only facts of direct personal
knowledge of the affiants or based on authentic records, which are admissible in evidence.
A violation of this requirement shall subject the party, and the counsel who assisted the party in
the preparation of the affidavits, if any, to appropriate disciplinary action. The inadmissible affidavit(s)
or portion(s) thereof shall be expunged from the record.
The non-submission of the required affidavits will cause the immediate dismissal of the claim
or counterclaim.
Sec. 8. Payment of filing fees. – The plaintiff shall pay the docket and other legal fees prescribed under
Rule 141 of the Revised Rules of Court, unless allowed to litigate as an indigent. Exemption from the
payment of filing fees shall be granted only by the Supreme Court.
1
Per Resolution dated 15 March 2022, A.M. No. 08-8-7-SC.
A.M. NO. 08 8 7 SC 21
Rule IV
However, if more than five (5) small claims are filed by one party within the calendar year,
regardless of the judicial station, an additional filing fee of Five Hundred Pesos (P500.00) shall be paid
for every claim filed after the fifth (5th) claim, and an additional One Hundred Pesos (P100.00) or a
total of Six Hundred Pesos (P600.00) for every claim filed after the tenth (10th) claim, and another
One Hundred Pesos (P100.00) or a total of Seven Hundred Pesos (P700.00) for every claim filed after
the fifteenth (15th) claim, progressively and cumulatively.
If a case is dismissed without prejudice under Section 12(f), and is re-filed within one (1) year
from notice of dismissal, the plaintiff shall pay a fixed amount of Two Thousand Pesos (P2,000.00) as
filing fee, inclusive of the One Thousand Pesos (P1,000.00) fee for service of summons and processes.
If the plaintiff is engaged in the business of lending, banking, and similar activities, the amount
of filing and other legal fees shall be the same as those applicable to cases filed under the regular rules
of procedure.
A claim filed with a motion to sue as indigent (Form 6-SCC) shall be referred to the Executive
Judge for immediate action in case of multi-sala courts. If the motion is granted by the Executive
Judge, the case shall be raffled off or assigned to the court designated to hear small claims cases. If
the motion is denied, the plaintiff shall be given five (5) calendar days within which to pay the docket
fees, otherwise, the case shall be dismissed without prejudice. In no case shall a party, even if declared
an indigent, be exempt from the payment of the One Thousand Pesos (P1,000.00) fee for service of
summons and processes.
Sec. 9. Dismissal of the claim. – After the court determines that the case falls under this Rule, it may,
from an examination of the allegations of the Statement of Claim/s and such evidence attached thereto,
on its own initiative, dismiss the case outright on any of the following grounds:
(a) The court has no jurisdiction over the subject matter;

(b) There is another action pending between the same parties for the same cause;
(c) The action is barred by prior judgment;
(d) The claim is barred by the statute of limitations;
(e) The court has no jurisdiction over the person of the defendant;
(f) Venue is improperly laid;
(g) Plaintiff has no legal capacity to sue;
(h) The Statement of Claim/s states no cause of action;
(i) That a condition precedent for filing the claim has not been complied with; and
(j) Plaintiff failed to submit the required affidavits, as provided in Section 7 of this Rule.

Rule IV
The order of dismissal shall state if it is with or without prejudice.
If, during the hearing, the court is able to determine that there exists a ground for dismissal of
the Statement of Claim/s, the court may, on its own initiative, dismiss the case even if such ground is
not pleaded in the defendant’s Response (Form 3-SCC).
If plaintiff misrepresents that he/she/it is not engaged in the business of lending, banking, or
similar activities when in fact he/she/it is so engaged, the Statement of Claim/s shall be dismissed with
prejudice and plaintiff shall be meted the appropriate sanctions, including citation for direct contempt.
However, if the case does not fall under this Rule, but falls under summary or regular procedure,
or if the case is filed under summary or regular procedure but falls under this Rule, the case shall not
be dismissed. Instead, the case shall be re-docketed under the appropriate procedure, and returned to
the court where it was assigned, subject to payment of any deficiency in the applicable regular rate of
filing fees.
Sec. 10. Summons and Notice of Hearing. – If no ground for dismissal is found, the court shall forthwith
issue Summons (Form 2-SCC) within twenty-four (24) hours from receipt of the Statement of Claim/s,
directing the defendant to submit a verified Response.
The Summons to be served on the defendant shall be accompanied by a copy of the Statement
of Claim/s and documents submitted by plaintiff, and a blank Response Form (Form 3-SCC) to be
accomplished by the defendant.
The court shall also issue a Notice of Hearing (Form 4-SCC) to both parties, directing them to
appear before it on a specific date and time for hearing, with a warning that no unjustified postponement
shall be allowed, as provided in Section 20 of this Rule. A blank Special Power of Attorney (Form
7-SCC) shall be attached to the Notice of Hearing.
The Notice of Hearing shall accompany the Summons and shall contain: (a) the date of the
hearing, which shall not be more than thirty (30) calendar days from the filing of the Statement of
Claim/s, or not more than sixty (60) calendar days if one of the defendants resides or holds business
outside the judicial region; and (b) the express prohibition against the filing of a motion to dismiss or
other prohibited motions under Section 2, Rule II.
Sec. 11. Electronic filing and service. – The service of court issuances and filings by the plaintiff/s
and defendant/s may be made through e-mail, facsimile, and other electronic means. Notices may
also be served through mobile phone calls, short messaging service (SMS), or instant messaging (IM)
software applications. The consent to, and chosen mode of, electronic service and notice shall be
indicated in the Statement of Claim/s or Response, as the case may be.
A.M. NO. 08 8 7 SC 23
Rule IV
Sec. 12. Service of Summons. –
(a) The Summons and Notice of Hearing must be issued within twenty-four (24) hours from receipt of
the Statement of Claim/s.
The Summons, together with the Notice of Hearing, shall be served by the sheriff, his or her deputy,
or other proper court officer within ten (10) calendar days from issuance. Within five (5) calendar
days from such service, the Officer’s Return shall be filed with the court with a copy furnished to
the plaintiff at the given address/es of record.
(b) If Summons is returned without being served on any or all of the defendants, the court shall order
the plaintiff or his or her representative to serve or cause the service of Summons.
(c) In cases where Summons is to be served outside the judicial region of the court where the case is
pending, the court may order the plaintiff or his or her representative to serve or cause the service
of Summons.
(d) If the plaintiff is a juridical entity, it shall notify the court, in writing, and name its authorized
representative therein, attaching a board resolution or secretary’s certificate thereto, as the case
may be, stating that such representative is duly authorized to serve the Summons on behalf of the
plaintiff.
(e) If the plaintiff misrepresents that the defendant was served with Summons, and it is later proved
that no Summons was served, the case shall be dismissed with prejudice, the proceedings shall
be nullified, and the plaintiff shall be declared in indirect contempt under Rule 71 of the Rules of
Court, and/or be meted a fine in the amount of Five Thousand Pesos (₱5,000.00).
(f) In both instances under paragraphs (b) and (c), the plaintiff shall inform the court within thirty
(30) calendar days from notice if said Summons was served; otherwise, the Statement of Claim/s
shall be dismissed without prejudice as to those who were not served with Summons. This is not a
ground to archive the case. The case, however, may be re-filed within one (1) year from notice of
dismissal, subject to payment of reduced filing fees under Section 8 hereof.
Sec. 13. Response. – The defendant shall file with the court and serve on the plaintiff a duly accomplished
and verified Response (Form 3-SCC) within a non-extendible period of ten (10) calendar days from
receipt of Summons. The Response shall be accompanied by certified photocopies of documents, as
well as affidavits of witnesses and other evidence in support thereof. No evidence shall be allowed
during the hearing which was not attached to or submitted together with the Response, unless good
cause is shown for the admission of additional evidence.
Sec. 14. Effect of failure to file response. – Should the defendant fail to file his/her/its Response within
the required period, and likewise fail to appear on the date set for hearing, the court shall render

Rule IV
judgment within twenty-four (24) hours from the termination of the hearing, as may be warranted by
the facts alleged in the Statement of Claim/s and its attachments.
Should the defendant fail to file his/her/its Response within the required period but appear
on the date set for hearing, the court shall ascertain what defense he/she/its has to offer, which shall
constitute his/her/its Response, proceed to hear the case on the same day as if a Response has been filed
and, thereafter, render judgment within twenty-four (24) hours from the termination of the hearing. If
the defendant relies on documentary evidence to support his/her/its defense, the court shall order him/
her/it to submit original copies of such documents within three (3) calendar days from the termination
of the hearing and, upon receipt thereof or expiration of the period to file, the court shall render
judgment within twenty-four (24) hours.
Sec. 15. Counterclaims within the coverage of this Rule. – If at the time the action is commenced, the
defendant possesses a claim against the plaintiff that (a) is within the coverage of this Rule, exclusive
of interest and costs; (b) arises out of the same transaction or event that is the subject matter of the
plaintiff’s claim; (c) does not require for its adjudication the joinder of third parties; and (d) is not
the subject of another pending action, the claim shall be filed as a counterclaim in the Response;
otherwise, the defendant shall be barred from suing on such counterclaim.
The defendant may also elect to file a counterclaim against the plaintiff that does not arise
out of the same transaction or occurrence, provided that the amount and nature thereof are within the
coverage of this Rule and the prescribed docket and other legal fees are paid.
Any amount pleaded in a counterclaim in excess of One Million Pesos (P1,000,000.00),

excluding interests and costs, shall be deemed waived.
Sec. 16. Availability of forms; assistance by court personnel. – The Clerk of Court or other court
personnel shall provide such assistance as may be requested by a plaintiff or a defendant regarding the
availability of forms and other information about the coverage, requirements, as well as procedure, for
small claims cases.
Plaintiff shall be given copies of Forms 1-SCC (Statement of Claim/s), 1-A-SCC (Other
Plaintiffs or Defendants) for additional plaintiffs or defendants, if any, and 1-B-SCC (Plaintiff’s
Information Sheet).
The Branch Clerk of Court must ensure that there should be, at least, one (1) hearing day every
week devoted to Small Claims, with a minimum of five (5) cases scheduled per hearing day. Cases
with the same party-plaintiff may all be set on the same date for facility in the preparation of notices
and judgments. The court should post a notice of its Small Claims hearing day conspicuously at the
Branch and at the Office of the Clerk of Court.
A.M. NO. 08 8 7 SC 25
Rule IV
Sec. 17. Appearance. – The parties shall personally appear on the designated date of hearing.
Appearance through a representative must be for a valid cause. The representative of an

individual-party must not be a lawyer. Juridical entities shall not be represented by a lawyer in any
capacity.
The representative must be authorized under a Special Power of Attorney (Form 7-SCC),
board resolution or secretary’s certificate, as the case may be, to enter into an amicable settlement of
the dispute and to enter into stipulations or admissions of facts and of documentary exhibits.
Sec. 18. Appearance of attorneys not allowed. – No attorney shall appear in behalf of or represent a
party at the hearing, unless the attorney is the plaintiff or defendant.
If the court determines that a party cannot properly present his/her/its claim or defense and
needs assistance, the court may, in its discretion, allow another individual who is not an attorney to
assist that party upon the latter’s consent.
Sec. 19. Non-appearance of parties. – Failure of the plaintiff to appear shall be cause for the dismissal
of the Statement of Claim/s without prejudice. The defendant who appears in the absence of the
plaintiff shall be entitled to judgment on the counterclaim.
Failure of the defendant to appear shall have the same effect as failure to file a Response under
Section 14 of this Rule. This shall not apply where one of two or more defendants who are sued under
a common cause of action and have pleaded a common defense appears at the hearing.
Failure of both parties to appear shall cause the dismissal with prejudice of both the Statement
of Claim/s and the counterclaim.
Sec. 20. Postponement when allowed. – A request for postponement of a hearing may be granted only
upon proof of the physical inability of the party to appear before the court on the scheduled date and
time. A party may avail of only one (1) postponement.
Sec. 21. Duty of the court. – At the beginning of the court session, the judge shall read aloud a short
statement explaining the nature, purpose and the rule of procedure of small claims cases.
Sec. 22. Hearing. – At the hearing, the judge shall first exert efforts to bring the parties to an amicable
settlement of their dispute. Settlement discussions must be conducted in strict confidentiality.
Any settlement or resolution of the dispute shall be reduced into writing, signed by the parties,
and immediately submitted to the court for approval at the hearing (Form 9-SCC). The court shall
render judgment based on the compromise agreement within twenty-four (24) hours, and furnish
copies thereof to the parties (Form 10-SCC).

Rule IV
If at any time before or at the hearing, a compromise agreement is submitted, signed by both
parties, but only one (1) or neither party appears to confirm it, the court shall issue an order directing
the non-appearing party/ies to confirm the compromise agreement within three (3) calendar days from
notice thereof; otherwise, it shall be deemed confirmed.
If efforts at settlement fail, the court shall immediately proceed to hear the case in an informal and
expeditious manner and, thereafter, render judgment within twenty-four (24) hours from termination
of the hearing.
Sec. 23. Resort to alternative videoconferencing platform. – Should the hearing be done through
videoconferencing, the court shall require the parties to participate through the use of the Court-
prescribed videoconferencing platform. However, if any of the participants communicates his or her
difficulty in accessing or using the said videoconferencing platform, the court may allow the use
of alternative videoconferencing platforms or instant messaging (IM) applications with video call
features, provided that the following conditions are met:
(a) The court shall use either its official e-mail address or cell phone number to access the
alternative videoconferencing platform or instant messaging (IM) application;
(b) The parties shall use the e-mail address or cell phone number they indicated in their Statement
of Claim/s or Response, as the case may be, to access the alternative videoconferencing
platform or instant messaging (IM) application; and
(c) The court shall maintain a record and transcription of the proceedings.
Sec. 24. Decision. – After the hearing, the court shall render its decision based on the facts established
by the evidence, within twenty-four (24) hours from termination of the hearing (Form 11-SCC). The
refund of the remaining balance from the Sheriff’s Trust Fund (STF), subject to accounting and auditing
procedures, shall be included in the decision.
The decision shall immediately be entered by the Clerk of Court in the court docket for civil
cases and a copy thereof forthwith served on the parties.
The decision shall be final, executory and unappealable.
Sec. 25. Execution. – When the decision is rendered and proof of receipt thereof is on record, execution
shall issue (Forms 13-SCC, 13-A-SCC, or 13-B-SCC) upon ex parte motion of the winning party
(Form 12-SCC). However, a decision based on compromise shall not be covered by the requirement
of proof of receipt.
Sec. 26. Certification of documents. – All documents attached to the Statement of Claim/s or Response
that are required to be certified, except public or official documents, shall be certified by the signature
of the plaintiff or defendant concerned.
A.M. NO. 08 8 7 SC 27
Rules IV–V
Sec. 27. Non-applicability. – The rules on mediation and judicial dispute resolution shall not apply, as
the parties may enter into compromise at any stage of the proceedings.
RULE V
EFFECTIVITY
The Rules on Expedited Procedures in the First Level Courts shall take effect on 11 April 2022
and shall prospectively apply only to cases filed from the said date of effectivity. Those pending cases
covered by these Rules, which are currently before the second and first level courts, shall remain with
and be decided by those same courts based on the rules applicable at the time those cases were filed.

SMALL CLAIMS CASES
FORMS 1 TO 13
(ENGLISH/FILIPINO)
SMALL CLAIMS CASES FORMS 1 TO 13 ENGLISH/FILIPINO 29


&KZK&&//>h^KE>z
W>/Ed/&&͛^^ddDEdK&>/Dͬ^
&KZDϭͲ^ WĂƌĂƐĂKƉŝƐǇĂůŶĂ'ĂŵŝƚůĂŶŐ
,ĂďůĂŶŐWĂŐƐŝŶŐŝů ůĞƌŬƐƚĂŵƉƐĚĂƚĞŚĞƌĞǁŚĞŶĨŽƌŵŝƐĨŝůĞĚ͘
/ŶƐƚƌƵĐƚŝŽŶƐĨŽƌƚŚĞWĞƌƐŽŶ^ƵŝŶŐ
x zKh Z d, W>/Ed/&&͘ dŚĞ ƉĞƌƐŽŶ ǇŽƵ ĂƌĞ ƐƵŝŶŐ ŝƐ ƚŚĞ
ĚĞĨĞŶĚĂŶƚ͘ ĞĨŽƌĞ ǇŽƵ Ĩŝůů ŽƵƚ ƚŚŝƐ ĨŽƌŵ͕ ƌĞĂĚ &Žƌŵ ϭͲͲ^͕
/ŶĨŽƌŵĂƚŝŽŶ ĨŽƌ ƚŚĞ WůĂŝŶƚŝĨĨ͕ ƚŽ ŬŶŽǁ ǇŽƵƌ ƌŝŐŚƚƐ͘ 'Ğƚ &Žƌŵ ϭͲͲ
^ĂƚƚŚĞKĨĨŝĐĞŽĨƚŚĞůĞƌŬŽĨŽƵƌƚŽĨĂŶǇĐŽƵƌƚŶĞĂƌĞƐƚǇŽƵŽƌ
ŐŽƚŽŚƚƚƉƐ͗ͬͬŽĐĂ͘ũƵĚŝĐŝĂƌǇ͘ŐŽǀ͘ƉŚͬƐŵĂůůͲĐůĂŝŵƐͬ

x &ŝůůŽƵƚƉĂŐĞƐϭͲϲŽĨƚŚŝƐĨŽƌŵ͘dŚĞŶŵĂŬĞĐŽƉŝĞƐŽĨĂůůƉĂŐĞƐŽĨƚŚŝƐ &ŝůůŝŶĐŽƵƌƚŶĂŵĞ͕ƐƚƌĞĞƚĂĚĚƌĞƐƐ͕ĂŶĚĞŵĂŝů͗
ĨŽƌŵ ĂŶĚ ƚŚĞ ĂƚƚĂĐŚĞĚ ĚŽĐƵŵĞŶƚƐ ;ŵĂŬĞ ŽŶĞ ĐŽƉǇ ĨŽƌ ĞĂĐŚ ZĞƉƵďůŝĐŽĨƚŚĞWŚŝůŝƉƉŝŶĞƐ
ĚĞĨĞŶĚĂŶƚŶĂŵĞĚŝŶƚŚŝƐĐĂƐĞĂŶĚĂŶĞǆƚƌĂĐŽƉǇĨŽƌǇŽƵƌƐĞůĨ͘ͿdĂŬĞ ŽƵƌƚ͗
ƚŚĞŽƌŝŐŝŶĂůĂŶĚƚŚĞƐĞĐŽƉŝĞƐƚŽƚŚĞKĨĨŝĐĞŽĨƚŚĞůĞƌŬŽĨŽƵƌƚĂŶĚ
ƉĂǇ ƚŚĞ ĨŝůŝŶŐ ĨĞĞƐ͘ ,ĂǀĞ ƚŚĞ ĨŽƌŵƐ ĂŶĚ Ăůů ǇŽƵƌ ƐƵƉƉŽƌƚŝŶŐ ƌĂŶĐŚ͗
ĚŽĐƵŵĞŶƚƐŶŽƚĂƌŝǌĞĚŽƌĂĚŵŝŶŝƐƚĞƌĞĚďǇĞŝƚŚĞƌĂŶŽƚĂƌǇƉƵďůŝĐ͕ƚŚĞ
^ƚƌĞĞƚĂĚĚƌĞƐƐ͗
ůĞƌŬŽĨŽƵƌƚŽĨƚŚĞKĨĨŝĐĞŽĨƚŚĞůĞƌŬŽĨŽƵƌƚ;KͿǁŚĞƌĞƚŚĞ

ĐĂƐĞ ǁŝůů ďĞ ĨŝůĞĚ͕ Ă ƌĂŶĐŚ ůĞƌŬ ŽĨ ŽƵƌƚ͕ Žƌ Ă ĂƌĂŶŐĂǇ

ŚĂŝƌƉĞƌƐŽŶ͘
,ŽƚůŝŶĞ͗

ŵĂŝůĂĚĚƌĞƐƐ͗
x 'Ž ƚŽ ĐŽƵƌƚ ŽŶ ǇŽƵƌ ƚƌŝĂů ĚĂƚĞ ĂŶĚ ƚŝŵĞ ŝŶĚŝĐĂƚĞĚ ŝŶ ƚŚĞ EŽƚŝĐĞ ŽĨ

,ĞĂƌŝŶŐ͘
ŽƵƌƚĨŝůůƐŝŶĐĂƐĞŶƵŵďĞƌǁŚĞŶĨŽƌŵŝƐĨŝůĞĚ͘

DŐĂŝůŝŶƐĂdĂŽŶŐEĂŐĚĞĚĞŵĂŶĚĂ͗ ĂƐĞEƵŵďĞƌ͗
x /<tE'E',,>͘ŶŐƚĂŽŶŐƐŝŶĂŵƉĂŚĂŶŵŽŶŐŬĂƐŽĂǇ
ĂŶŐŚŝŶĂŚĂďůĂ͘
ĂƐĞdŝƚůĞ͗
x ĂŐŽŵŽƉƵŶĂŶͬƐĂŐƵƚŝŶĂŶŐĨŽƌŵŶĂŝƚŽ͕ďĂƐĂŚŝŶĂŶŐ&ŽƌŵϭͲͲ^
;<ĂĂůĂŵĂŶ ƉĂƌĂ ƐĂ EĂŐŚĂŚĂďůĂͿ ƉĂƌĂ ŵĂůĂŵĂŶ ĂŶŐ ŝǇŽŶŐ ŵŐĂ
ŬĂƌĂƉĂƚĂŶ͘<ƵŵƵŚĂůĂŵĂŶŐŶŐŬŽƉǇĂŶŐ&ŽƌŵϭͲͲ^ƐĂKĨĨŝĐĞŽĨ
ƚŚĞ ůĞƌŬ ŽĨ ŽƵƌƚ ŶŐ ŚƵŬƵŵĂŶ ŵĂůĂƉŝƚ ƐĂ ŝǇŽ Ž ďŝƐŝƚĂŚŝŶ ĂŶŐ

ŚƚƚƉƐ͗ͬͬŽĐĂ͘ũƵĚŝĐŝĂƌǇ͘ŐŽǀ͘ƉŚͬƐŵĂůůͲĐůĂŝŵƐͬ ƌĂŶĐŚůĞƌŬŽĨŽƵƌƚĨŝůůƐŽƵƚƚŚŝƐĐŚĞĐŬůŝƐƚ͘
ϭ͘ ĂƵƐĞŽĨĂĐƚŝŽŶ
x WƵŶĂŶͬƐĂŐƵƚŝŶ ĂŶŐ ƉĂŚŝŶĂ ϭͲϲ ŶŐ ĨŽƌŵ ŶĂ ŝƚŽ͘ 'ĂǁĂŶ ŶŐ ŵŐĂ
ŬŽƉǇĂĂŶŐůĂŚĂƚŶŐƉĂŚŝŶĂŶŐĨŽƌŵŶĂŝƚŽĂƚŶŐŶĂŬĂůĂŬŝƉŶĂŵŐĂ ŚĞĐŬ ŽŶƚƌĂĐƚ
ĚŽŬƵŵĞŶƚŽ ;'ĂǁĂŶ ŶŐ ŬŽƉǇĂ ĂŶŐ ďĂǁĂƚ ,ŝŶĂŚĂďůĂ Ăƚ ŵĂŐͲŝǁĂŶ o KƌĂů
WƌŽŵŝƐƐŽƌǇEŽƚĞ
ŶŐŬŽƉǇĂƉĂƌĂƐĂŝǇŽͿ͘/ŚĂŝŶĂŶŐŽƌŝŚŝŶĂůĂƚŵŐĂŬŽƉǇĂƐĂŚƵŬŽŵĂƚ o tƌŝƚƚĞŶ
ŵĂŐďĂǇĂĚ ŶŐ ĨŝůŝŶŐ ĨĞĞƐ͘ /ƉĂƐĞƌƚŝƉŝŬĂĚŽ ůĂŚĂƚ ŶŐ ĨŽƌŵ Ăƚ
ĚŽŬƵŵĞŶƚŽĂůŝŶŵĂŶƐĂůĞƌŬŽĨŽƵƌƚŶŐKĨĨŝĐĞŽĨƚŚĞůĞƌŬŽĨŽƵƌƚ ĂƌĂŶŐĂǇŐƌĞĞŵĞŶƚ
;KͿ ŬƵŶŐ ƐĂĂŶ ŝƐĂƐĂŵƉĂ ĂŶŐ ŬĂƐŽ Ž ƐĂ ƌĂŶĐŚ ůĞƌŬ ŽĨ ŽƵƌƚ Ž KƚŚĞƌƐ;WůƐ͘ƐƉĞĐŝĨǇͿͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ
ŶŽƚĂƌǇŽƉƵďůŝŬŽŽWƵŶŽŶŐĂƌĂŶŐĂǇ͘ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ
Ϯ͘ ĂƌĂŶŐĂǇĐŽŶĐŝůŝĂƚŝŽŶ
x ƵŵĂůŽ ƐĂ ƉĂŐĚŝŶŝŐ ƐĂ ƉĞƚƐĂ Ăƚ ŽƌĂƐ ŶĂ ŝƉŝŶĂŚŝǁĂƚŝŐ ƐĂ ďŝƐŽ ƐĂ
WĂŐĚŝŶŝŐ͘
ZĞƋƵŝƌĞĚ
o ĞƌƚŝĨŝĐĂƚĞƚŽ&ŝůĞĐƚŝŽŶĂƚƚĂĐŚĞĚ
o ŽŵƉƌŽŵŝƐĞŐƌĞĞŵĞŶƚĂƚƚĂĐŚĞĚ
EŽƚZĞƋƵŝƌĞĚ;WůƐ͘ƐƚĂƚĞƌĞĂƐŽŶͿ͗

ϭd,W>/Ed/&&;ƚŚĞƉĞƌƐŽŶ͕ďƵƐŝŶĞƐƐ͕ŽƌƉƵďůŝĐĞŶƚŝƚǇƚŚĂƚŝƐƐƵŝŶŐͿŝƐ͗ŶŐEĂŐŚĂŚĂďůĂ
EĂŵĞWĂŶŐĂůĂŶŶŐEĂŐŚĂŚĂďůĂ ^Ğǆ<ĂƐĂƌŝĂŶ ŐĞ ĚĂĚ ŝǀŝů^ƚĂƚƵƐ<ĂƚĂǇƵĂŶŐ^ŝďŝů

ŚĞĐŬƚŚŽƐĞƚŚĂƚĂƉƉůǇ͗WƵŵŝůŝƐĂŵŐĂƐƵŵƵƐƵŶŽĚĂƚůĂŐǇĂŶŶŐƚƐĞŬ͗
dǇƉĞŽĨWůĂŝŶƚŝĨĨhƌŝŶŐEĂŐŚĂŚĂďůĂ dǇƉĞŽĨƵƐŝŶĞƐƐhƌŝŶŐEĞŐŽƐǇŽ
/ŶĚŝǀŝĚƵĂůdĂŽͬ/ŶĚŝďŝĚǁĂů ĂŶŬŝŶŐĂŶŐŬŽ
ŽƌƉŽƌĂƚŝŽŶ<ŽƌƉŽƌĂƐǇŽŶ >ĞŶĚŝŶŐWĂŐƉĂƉĂƵƚĂŶŐ
WĂƌƚŶĞƌƐŚŝƉĂŬĂƐĂŶ KƚŚĞƌƐ;ƉůƐ͘ŝŶĚŝĐĂƚĞͿ͗/ďĂƉĂŶŐƵƌŝŶŐŶĞŐŽƐǇŽ
ŽŽƉĞƌĂƚŝǀĞ<ŽŽƉĞƌĂƚŝďĂ
^ŽůĞWƌŽƉƌŝĞƚŽƌƐŚŝƉ^ŽůŽŶŐWĂŶŐŵĂǇͲĂƌŝ

,ŽŵĞĚĚƌĞƐƐWĂŚĂƚŝƌĂŶŐ^ƵůĂƚƐĂĂŚĂǇŶŐEĂŐŚĂŚĂďůĂ
hŶŝƚͬ&ůŽŽƌͬ,ŽƵƐĞͬƵŝůĚŝŶŐEŽ͘WĂůĂƉĂŐ^ƚƌĞĞƚ<ĂůƐĂĚĂ ĂƌĂŶŐĂǇ ŝƉŽĚĞ

ŝƚǇ>ƵŶŐƐŽĚͬDƵŶŝĐŝƉĂůŝƚǇDƵŶŝƐŝƉĂůŝĚĂĚ WƌŽǀŝŶĐĞ>ĂůĂǁŝŐĂŶZĞŐŝŽŶZĞŚŝǇŽŶ

ŽŶƚĂĐƚEŽ͘dĞůĞƉŽŶŽͬ^ĞůƉŽŶůŐ͘ ŵĂŝůĚĚƌĞƐƐ

WůĂŝŶƚŝĨĨ͛Ɛ^ƚĂƚĞŵĞŶƚŽĨůĂŝŵͬƐ &ŽƌŵϭͲ^͕WĂŐĞϭŽĨϭϬ
WůĂŝŶƚŝĨĨ͛Ɛ^ƚĂƚĞŵĞŶƚŽĨůĂŝŵͬƐ
;^ŵĂůůůĂŝŵƐͿ

WůĂŝŶƚŝĨĨ;ůŝƐƚŶĂŵĞͿ/ƐƵůĂƚĂŶŐƉĂŶŐĂůĂŶŶŐŶĂŐŚĂŚĂďůĂ ĂƐĞEƵŵďĞƌ͗

WůĂĐĞŽĨtŽƌŬͬƵƐŝŶĞƐƐ>ƵŐĂƌŶŐWŝŶĂŐƚĂƚƌĂďĂŚƵŚĂŶͬEĞŐŽƐǇŽ



/ĨŵŽƌĞƚŚĂŶŽŶĞƉůĂŝŶƚŝĨĨ͕ůŝƐƚŶĞǆƚƉůĂŝŶƚŝĨĨŚĞƌĞ͗





WůĂĐĞŽĨtŽƌŬͬƵƐŝŶĞƐƐ>ƵŐĂƌŶŐWŝŶĂŐƚĂƚƌĂďĂŚƵŚĂŶͬEĞŐŽƐǇŽŶŐEĂŐŚĂŚĂďůĂ



ŚĞĐŬŚĞƌĞŝĨŵŽƌĞƚŚĂŶƚǁŽƉůĂŝŶƚŝĨĨƐĂŶĚĂƚƚĂĐŚ&ŽƌŵϭͲͲ^;KƚŚĞƌWůĂŝŶƚŝĨĨƐŽƌĞĨĞŶĚĂŶƚƐͿ͘
>ĂŐǇĂŶŶŐƚƐĞŬŬƵŶŐŚŝŐŝƚƉĂƐĂĚĂůĂǁĂĂŶŐŶĂŐŚĂŚĂďůĂĂƚŝůĂŬŝƉĂŶŐ&ŽƌŵϭͲͲ^;/ďĂƉĂŶŐŵŐĂEĂŐŚĂŚĂďůĂŽ,ŝŶĂŚĂďůĂͿ͘

WůĂŝŶƚŝĨĨ͛ƐZĞƉƌĞƐĞŶƚĂƚŝǀĞ͕ŝĨĂƉƉůŝĐĂďůĞ<ŝŶĂƚĂǁĂŶŶŐEĂŐŚĂŚĂďůĂ͕ŬƵŶŐŵĞƌŽŶ
EĂŵĞWĂŶŐĂůĂŶŶŐ<ŝŶĂƚĂǁĂŶŶŐEĂŐŚĂŚĂďůĂ

,ŽŵĞĚĚƌĞƐƐWĂŚĂƚŝƌĂŶŐ^ƵůĂƚƐĂĂŚĂǇŶŐ<ŝŶĂƚĂǁĂŶŶŐEĂŐŚĂŚĂďůĂ



WůĂĐĞŽĨtŽƌŬ>ƵŐĂƌŶŐWŝŶĂŐƚĂƚƌĂďĂŚƵŚĂŶŶŐ<ŝŶĂƚĂǁĂŶŶŐEĂŐŚĂŚĂďůĂ



WůĂŝŶƚŝĨĨĂƐĂũƵƌŝĚŝĐĂůĞŶƚŝƚǇ͕ŝĨĂƉƉůŝĐĂďůĞ:ƵƌŝĚŝĐĂůĞŶƚŝƚǇĂŶŐŶĂŐŚĂŚĂďůĂ͕ŬƵŶŐƐĂŬĂůŝ

ŚĞĐŬŚĞƌĞŝĨƚŚĞƌĞŝƐĂďŽĂƌĚƌĞƐŽůƵƚŝŽŶŽƌƐĞĐƌĞƚĂƌǇ͛ƐĐĞƌƚŝĨŝĐĂƚĞĂƚƚĂĐŚĞĚƚŽƚŚĞ^ƚĂƚĞŵĞŶƚŽĨůĂŝŵͬƐĂƵƚŚŽƌŝǌŝŶŐ
ƚŚĞƉĞƌƐŽŶƚŽĨŝůĞƚŚĞĐůĂŝŵĨŽƌƚŚĞũƵƌŝĚŝĐĂůĞŶƚŝƚǇ
>ĂŐǇĂŶŶŐƚƐĞŬŬƵŶŐŵĂǇďŽĂƌĚƌĞƐŽůƵƚŝŽŶŽƐĞĐƌĞƚĂƌǇ͛ƐĐĞƌƚŝĨŝĐĂƚĞŶĂŶĂŬĂŬĂďŝƚƐĂ^ƚĂƚĞŵĞŶƚŽĨůĂŝŵͬƐŶĂƉŝŶĂƉĂŚŝŶƚƵůƵƚĂŶĂŶŐ
ƚĂŽŶĂŝŚĂŝŶĂŶŐƉĂŶŝŶŝŶŐŝůƉĂƌĂƐĂũƵƌŝĚŝĐĂůĞŶƚŝƚǇ

WůĂŝŶƚŝĨĨ͛Ɛ^ƚĂƚĞŵĞŶƚŽĨůĂŝŵͬƐ &ŽƌŵϭͲ^͕WĂŐĞϮŽĨϭϬ



Ϯd,&EEd;ƚŚĞƉĞƌƐŽŶ͕ďƵƐŝŶĞƐƐ͕ŽƌƉƵďůŝĐĞŶƚŝƚǇďĞŝŶŐƐƵĞĚͿŝƐ͗ŶŐ,ŝŶĂŚĂďůĂ
EĂŵĞWĂŶŐĂůĂŶŶŐ,ŝŶĂŚĂďůĂ ^Ğǆ <ĂƐĂƌŝĂŶ ŐĞ ĚĂĚ ŝǀŝů^ƚĂƚƵƐ<ĂƚĂǇƵĂŶŐ^ŝďŝů

dǇƉĞŽĨĞĨĞŶĚĂŶƚhƌŝŶŐ,ŝŶĂŚĂďůĂ ŽŽƉĞƌĂƚŝǀĞ<ŽŽƉĞƌĂƚŝďĂ
/ŶĚŝǀŝĚƵĂůdĂŽͬ/ŶĚŝďŝĚǁĂů ^ŽůĞWƌŽƉƌŝĞƚŽƌƐŚŝƉ^ŽůŽŶŐWĂŶŐŵĂǇͲĂƌŝ
ŽƌƉŽƌĂƚŝŽŶ<ŽƌƉŽƌĂƐǇŽŶ
WĂƌƚŶĞƌƐŚŝƉĂŬĂƐĂŶ
,ŽŵĞĚĚƌĞƐƐWĂŚĂƚŝƌĂŶŐ^ƵůĂƚƐĂĂŚĂǇŶŐ,ŝŶĂŚĂďůĂ



WůĂĐĞŽĨtŽƌŬͬƵƐŝŶĞƐƐ>ƵŐĂƌŶŐWŝŶĂŐƚĂƚƌĂďĂŚƵŚĂŶͬEĞŐŽƐǇŽŶŐ,ŝŶĂŚĂďůĂ



ŚĞĐŬŚĞƌĞŝĨƚŚĞƌĞŝƐŵŽƌĞƚŚĂŶŽŶĞĚĞĨĞŶĚĂŶƚĂŶĚĂƚƚĂĐŚ&ŽƌŵϭͲͲ^;KƚŚĞƌWůĂŝŶƚŝĨĨƐŽƌĞĨĞŶĚĂŶƚƐͿ͘
>ĂŐǇĂŶŶŐƚƐĞŬŬƵŶŐŚŝŐŝƚƉĂƐĂŝƐĂĂŶŐŚŝŶĂŚĂďůĂĂƚŝůĂŬŝƉĂŶŐ&ŽƌŵϭͲͲ^;/ďĂƉĂŶŐŵŐĂEĂŐŚĂŚĂďůĂŽ,ŝŶĂŚĂďůĂͿ͘

ŚĞĐŬŚĞƌĞŝĨĂŶǇĚĞĨĞŶĚĂŶƚŝƐĚĞƚĂŝŶĞĚŽƌƐĞƌǀŝŶŐƐĞŶƚĞŶĐĞŝŶĂƉƌŝƐŽŶĨĂĐŝůŝƚǇ͘tƌŝƚĞŚŝƐͬŚĞƌŶĂŵĞĂŶĚƚŚĞŶĂŵĞĂŶĚ
ĂĚĚƌĞƐƐŽĨƚŚĞĚĞƚĞŶƚŝŽŶŽƌƉƌŝƐŽŶĨĂĐŝůŝƚǇ>ĂŐǇĂŶŶŐƚƐĞŬŬƵŶŐĂŶŐŚŝŶĂŚĂďůĂĂǇŶĂŬĂŬƵůŽŶŐ͘/ƐƵůĂƚĂŶŐƉĂŶŐĂůĂŶŶŝǇĂƉĂƚŝĂŶŐ
ƉĂŶŐĂůĂŶĂƚůƵŐĂƌŶŐďŝůĂŶŐŐƵĂŶ͗

ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ

ĞĨĞŶĚĂŶƚ͛ƐZĞƉƌĞƐĞŶƚĂƚŝǀĞ͕ŝĨĂƉƉůŝĐĂďůĞ<ŝŶĂƚĂǁĂŶŶŐ,ŝŶĂŚĂďůĂ͕ŬƵŶŐŵĞƌŽŶ
EĂŵĞWĂŶŐĂůĂŶŶŐ<ŝŶĂƚĂǁĂŶŶŐ,ŝŶĂŚĂďůĂ

,ŽŵĞĚĚƌĞƐƐWĂŚĂƚŝƌĂŶŐ^ƵůĂƚƐĂĂŚĂǇŶŐ<ŝŶĂƚĂǁĂŶŶŐ,ŝŶĂŚĂďůĂ



WůĂĐĞŽĨtŽƌŬ>ƵŐĂƌŶŐWŝŶĂŐƚĂƚƌĂďĂŚƵŚĂŶŶŐ<ŝŶĂƚĂǁĂŶŶŐ,ŝŶĂŚĂďůĂ



ϯ W>/Ed/&&͛^>/D

͘ WůĂŝŶƚŝĨĨĐůĂŝŵƐƚŚĂƚƚŚĞĚĞĨĞŶĚĂŶƚŽǁĞƐŚŝŵͬŚĞƌͬŝƚŵŽŶĞǇŝŶƚŚĞĂŵŽƵŶƚŽĨ͗
ŶŐŚŝŶĂŚĂďůĂĂǇƵŵƵƚĂŶŐƐĂŶĂŐŚĂŚĂďůĂŶŐŚĂůĂŐĂŶŐ͗

Wͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ

WůĂŝŶƚŝĨĨ͛Ɛ^ƚĂƚĞŵĞŶƚŽĨůĂŝŵͬƐ &ŽƌŵϭͲ^͕WĂŐĞϯŽĨϭϬ



͘ tŚǇĚŽĞƐƚŚĞĚĞĨĞŶĚĂŶƚŽǁĞƚŚĞƉůĂŝŶƚŝĨĨŵŽŶĞǇ͍ĂŬŝƚŶĂŐŬĂƵƚĂŶŐĂŶŐŚŝŶĂŚĂďůĂŶŐƐĂůĂƉŝƐĂŶĂŐŚĂŚĂďůĂ͍

͘ tŚĞŶĚŝĚƚŚŝƐŚĂƉƉĞŶ͍<ĂŝůĂŶŝƚŽŶĂŶŐǇĂƌŝ͍ĂƚĞWĞƚƐĂ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ
/ĨŶŽƐƉĞĐŝĨŝĐĚĂƚĞ͕ŐŝǀĞƚŚĞƚŝŵĞƉĞƌŝŽĚ<ƵŶŐǁĂůĂŶŐƚŝǇĂŬŶĂƉĞƚƐĂ͕ŝďŝŐĂǇĂŶŐƚĂŶƚŝǇĂŶŐƉĂŶĂŚŽŶ͗

ĂƚĞƐƚĂƌƚĞĚWĞƚƐĂŶĂŐƐŝŵƵůĂ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ dŚƌŽƵŐŚ,ĂŶŐŐĂŶŐ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ

͘ ,ŽǁĚŝĚǇŽƵĐŽŵƉƵƚĞƚŚĞŵŽŶĞǇŽǁĞĚƚŽǇŽƵ͍ ;ŽŶŽƚŝŶĐůƵĚĞĐŽƵƌƚĐŽƐƚƐŽƌĨĞĞƐ͘Ϳ WĂĂŶŽŵŽŬŝŶƵǁĞŶƚĂĂŶŐ
ƐĂůĂƉŝŶŐŝŶƵƚĂŶŐƐĂŝǇŽ͍;,ŝŶĚŝŬĂƐĂŵĂĂŶŐďĂǇĂĚƐĂƉĂŐƉĂƉĂƚĂůĂƐĂŚƵŬƵŵĂŶ͘Ϳ

ŚĞĐŬŚĞƌĞŝĨǇŽƵŶĞĞĚŵŽƌĞƐƉĂĐĞ͘zŽƵŵĂǇǁƌŝƚĞĂƚƚŚĞďĂĐŬŽĨƚŚŝƐĨŽƌŵŽƌĂƚƚĂĐŚĂĚĚŝƚŝŽŶĂůƐŚĞĞƚƐŽĨƉĂƉĞƌĂŶĚǁƌŝƚĞ
͞&ŽƌŵϭͲ^͕/ƚĞŵϯ͟ĂƚƚŚĞƚŽƉ͘<ƵŶŐŬĂŝůĂŶŐĂŶŵŽŶŐŬĂƌĂŐĚĂŐĂŶŐƉĂƚůĂŶŐ͕ŵĂĂƌŝŵŽŶŐŝƐƵůĂƚƐĂůŝŬŽĚŶŐ&ŽƌŵŶĂŝƚŽŽŵĂŐůĂŬŝƉ
ŶŐŵŐĂŬĂƌĂŐĚĂŐĂŶŐƉĂƉĞůĂƚŝƐƵůĂƚĂŶŐ͞&ŽƌŵϭͲ^͕/ƚĞŵϯ͟ƐĂŝƚĂĂƐ͘

ϰDE&KZWzDEd
͘ ŝĚǇŽƵĂƐŬƚŚĞĚĞĨĞŶĚĂŶƚƚŽƉĂǇǇŽƵďĞĨŽƌĞĨŝůŝŶŐƚŚŝƐĐĂƐĞ͍ ^ŝŶŝŶŐŝůŵŽďĂĂŶŐŚŝŶĂŚĂďůĂďĂŐŽŬĂŶĂŐƐĂŵƉĂŶŐŬĂƐŽŶŐ
ŝƚŽ͍
zĞƐKŽ
EŽ,ŝŶĚŝ͘/ĨŶŽ͕ƉůĞĂƐĞĞǆƉůĂŝŶ͘<ƵŶŐŚŝŶĚŝ͕ŝƉĂůŝǁĂŶĂŐ͘ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ
ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ
͘ ,ŽǁĚŝĚǇŽƵĂƐŬƚŚĞĚĞĨĞŶĚĂŶƚ͍WĂĂŶŽŵŽƐŝŶŝŶŐŝůĂŶŐŚŝŶĂŚĂďůĂ͍
/ŶƉĞƌƐŽŶ^ĂŬĂŶǇĂŵŝƐŵŽ ǇƉŚŽŶĞ^ĂƚĞůĞƉŽŶŽ
/ŶǁƌŝƚŝŶŐ^ĂƐƵůĂƚ KƚŚĞƌƐ;ƉůƐ͘ƐƉĞĐŝĨǇͿ/ďĂƉĂ;ƉĂŬŝƐƵůĂƚŬƵŶŐƉĂĂŶŽͿ͗

͘ tŚĞŶĚŝĚǇŽƵĚŽƚŚŝƐ͍<ĂŝůĂŶŵŽŐŝŶĂǁĂŝƚŽ͍

ϱWZKK&K&>/D
͘ tŚĂƚŝƐǇŽƵƌƉƌŽŽĨƚŚĂƚĚĞĨĞŶĚĂŶƚŽǁĞƐǇŽƵŵŽŶĞǇ͍ŶŽĂŶŐŬĂƚŝďĂǇĂŶŽƉƌƵǁĞďĂŶĂĂŶŐŚŝŶĂŚĂďůĂĂǇŵĂǇƵƚĂŶŐŶĂ
ƐĂůĂƉŝƐĂŝǇŽ͍
ƐŝŐŶĞĚ ĐŚĞĐŬƐ
ĚĞĞĚͬĐŽŶƚƌĂĐƚͬĂŐƌĞĞŵĞŶƚ ůĂƚĞƐƚĚĞŵĂŶĚůĞƚƚĞƌ;ǁŝƚŚƉƌŽŽĨŽĨĚĞůŝǀĞƌǇĂŶĚƌĞĐĞŝƉƚͿ
ƉƌŽŵŝƐƐŽƌǇŶŽƚĞ ĂĨĨŝĚĂǀŝƚŽĨǁŝƚŶĞƐƐĞƐƚŽƐƵƉƉŽƌƚƚŚĞĐůĂŝŵ
ďĂŶŬĚĞƉŽƐŝƚƐůŝƉ ŽƚŚĞƌƐ;ƉůƐ͘ƐƉĞĐŝĨǇͿ͗
ƌĞĐĞŝƉƚƐ

͘ ŝĚǇŽƵĂƚƚĂĐŚǇŽƵƌƉƌŽŽĨƚŽƚŚŝƐĨŽƌŵ͍/ǇŽďĂŶŐŝŶŝůĂŬŝƉĂŶŐŬĂƚŝďĂǇĂŶŽƉƌƵǁĞďĂƐĂĨŽƌŵŶĂŝƚŽ͍
zĞƐKŽ EŽ,ŝŶĚŝ

WůĂŝŶƚŝĨĨ͛Ɛ^ƚĂƚĞŵĞŶƚŽĨůĂŝŵͬƐ &ŽƌŵϭͲ^͕WĂŐĞϰŽĨϭϬ



ϲZE'zKE/>/d/KE<ĂƚĂƌƵŶŐĂŶŐWĂŵďĂƌĂŶŐĂǇ
tĂƐƚŚŝƐĐůĂŝŵƌĞĨĞƌƌĞĚƚŽƚŚĞďĂƌĂŶŐĂǇ͍ƵŵĂĂŶďĂƐĂďĂƌĂŶŐĂǇĂŶŐƉĂŶŝŶŝŶŐŝůŶĂŝƚŽ͍
/ĨǇĞƐ͕ĚŽǇŽƵŚĂǀĞ ĂŶǇ ŽĨƚŚĞĨŽůůŽǁŝŶŐĨƌŽŵƚŚĞďĂƌĂŶŐĂǇ͍<ƵŶŐŽŽ͕ŵĞƌŽŶŬĂďĂ
ŶŐŵŐĂŝƚŽŶĂŝƐŝŶĂŐĂǁĂƐĂďĂƌĂŶŐĂǇ͍

zĞƐKŽ ĞƌƚŝĨŝĐĂƚĞƚŽ&ŝůĞĐƚŝŽŶWĂƚƵŶĂǇƐĂWĂŐƐĂŵƉĂŶŐ<ĂƐŽ
ŽŵƉƌŽŵŝƐĞŐƌĞĞŵĞŶƚ<ĂƐƵŶĚƵĂŶ

/ĨŶŽ͕ƐƚĂƚĞƌĞĂƐŽŶ͘ <ƵŶŐŚŝŶĚŝ͕ŝƐƵůĂƚĂŶŐĚĂŚŝůĂŶ͘
EŽ,ŝŶĚŝ
EŽƚĐŽǀĞƌĞĚ,ŝŶĚŝƐĂŬŽƉ

ϳEhDZK&^D>>>/D^^^&/>
,ŽǁŵĂŶǇƐŵĂůůĐůĂŝŵƐĐĂƐĞƐŚĂǀĞǇŽƵĨŝůĞĚǁŝƚŚŝŶƚŚŝƐĐĂůĞŶĚĂƌǇĞĂƌƉƌŝŽƌƚŽƚŚŝƐƉƌĞƐĞŶƚĐĂƐĞŝŶƚŚŝƐĐŽƵƌƚ
ƐƚĂƚŝŽŶĂŶĚŝŶƚŚĞĞŶƚŝƌĞĐŽƵŶƚƌǇ͍ͺͺͺͺͺͺͺͺͺͺͺ
WĂŶŐŝůĂŶŐŬĂƐŽŶĂŝƚŽŶŐŝƐŝŶĂŵƉĂŵŽƐĂůŽŽďŶŐŬĂƐĂůĂŬƵǇĂŶŐƚĂŽŶƐĂŬŽƌƚĞŶĂŝƚŽĂƚƐĂďƵŽŶŐďĂŶƐĂ͍ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ
ϴKEÊddK>dZKE/^Zs/
/ŐŝǀĞŵǇĐŽŶƐĞŶƚƚŽďĞƐĞƌǀĞĚǁŝƚŚŽĨĨŝĐŝĂůĐŽƵƌƚŶŽƚŝĐĞƐ͕ƉƌŽĐĞƐƐĞƐ͕ŽƌĚĞƌƐ͕ƌĞƐŽůƵƚŝŽŶƐĂŶĚĚĞĐŝƐŝŽŶƐ͕ĂƐǁĞůů
ĂƐĨŝůŝŶŐƐďǇƚŚĞĞĨĞŶĚĂŶƚ͕ƚŚƌŽƵŐŚ͗EĂŐďŝďŝŐĂǇĂŬŽŶŐƉĂŚŝŶƚƵůŽƚŶĂŵĂŝŚĂƚŝĚƐĂĂŬŝŶĂŶŐŵŐĂŽƉŝƐǇĂůŶĂƉĂƵŶĂǁĂ͕
ƉƌŽƐĞƐŽ͕ƵƚŽƐ͕ƌĞƐŽůƵƐǇŽŶ͕ĂƚĚĞƐŝƐǇŽŶŶŐŚƵŬƵŵĂŶ͕ƉĂƚŝĂŶŐŵŐĂƉĂŐƐĂƐĂŵƉĂŶŐ,ŝŶĂŚĂďůĂ͕ƐĂƉĂŵĂŵĂŐŝƚĂŶŶŐ͗
;ŚĞĐŬƚŚŽƐĞƚŚĂƚĂƉƉůǇWƵŵŝůŝƐĂŵŐĂƐƵŵƵƐƵŶŽĚĂƚůĂŐǇĂŶŶŐƚƐĞŬͿ

ĞŵĂŝůĂĚĚƌĞƐƐ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ
ĨĂǆŶƵŵďĞƌ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ
ĐĞůůƉŚŽŶĞŶƵŵďĞƌ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ
o ƉŚŽŶĞĐĂůů
o ƚĞǆƚŵĞƐƐĂŐĞ;^D^Ϳ
o ŝŶƐƚĂŶƚŵĞƐƐĂŐĞ;Ğǆ͘sŝďĞƌ͕tŚĂƚƐƉƉ͕&ĂĐĞďŽŽŬDĞƐƐĞŶŐĞƌͿƉůƐ͘ƐƉĞĐŝĨǇ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ

ϵWZzZWĂŐƐĂŵŽ

t,Z&KZ͕ ƉůĂŝŶƚŝĨĨ ƌĞƐƉĞĐƚĨƵůůǇ ƉƌĂǇƐ ĨŽƌ ũƵĚŐŵĞŶƚ ŽƌĚĞƌŝŶŐ ĚĞĨĞŶĚĂŶƚͬƐ ƚŽ ƉĂǇ ƚŚĞ ĂŵŽƵŶƚ ŽĨ ;ŝŶ ǁŽƌĚƐͿ
ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ
;ŝŶ ĨŝŐƵƌĞƐͿ Wͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ͕ ǁŝƚŚ ŝŶƚĞƌĞƐƚ Ăƚ ƚŚĞ ƌĂƚĞ ŽĨ ͺͺͺͺͺй ƉĞƌ ĂŶŶƵŵͬŵŽŶƚŚ͕ ĨƌŽŵ
ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺƵŶƚŝůĨƵůůǇƉĂŝĚ͘

,/>/dK͕ĂŶŐŶĂŐŚĂŚĂďůĂĂǇŵĂŐĂůĂŶŐŶĂƐƵŵĂƐĂŵŽŶĂŝŐĂǁĂĚĂŶŐŬĂƉĂƐŝǇĂŚĂŶŐƵƚƵƐĂŶĂŶŐŚŝŶĂŚĂďůĂŶĂ
ŵĂŐďĂǇĂĚ ƐĂ ŶĂŐŚĂŚĂďůĂ ŶŐ ŚĂůĂŐĂŶŐ ;ŝŶ ǁŽƌĚƐͿ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ;ŝŶ ĨŝŐƵƌĞƐͿ
Wͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ͕ƉĂƚŝĂŶŐƚƵďŽŶĂͺͺͺͺͺйďĂǁĂƚƚĂŽŶͬďƵǁĂŶ͕ƐŝŵƵůĂͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺŚĂŶŐŐĂŶŐŐĂŶĂƉ
ŽůƵďŽƐŶĂŵĂďĂǇĂƌĂŶŝƚŽ͘

ŝƚǇ>ƵŶŐƐŽĚ͗ ĂƚĞWĞƚƐĂ͗

WůĂŝŶƚŝĨĨ͛Ɛ^ŝŐŶĂƚƵƌĞ>ĂŐĚĂŶŐEĂŐŚĂŚĂďůĂ͗

WůĂŝŶƚŝĨĨ͛Ɛ^ƚĂƚĞŵĞŶƚŽĨůĂŝŵͬƐ &ŽƌŵϭͲ^͕WĂŐĞϱŽĨϭϬ



ϭϬsZ/&/d/KEEZd/&/d/KE'/E^d&KZhD^,KWW/E'͕^W>/dd/E'h^K&
d/KE͕EDh>d/W>//dzK&^h/d^WĂŐƉĂƉĂƚŽƚŽŽŽWĂŐƉĂƉĂƚƵŶĂǇŶĂtĂůĂŶŐ/ďĂŶŐ<ĂƐŽŶŐ
EĂŬĂƐĂŵƉĂͬEĂŬĂďŝŶďŝŶƐĂ/ďĂŶŐ,ƵŬƵŵĂŶ
/ŬŽ͕ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ͕ŽĨůĞŐĂůĂŐĞŶĂƐĂŚƵƐƚŽŶŐŐƵůĂŶŐ͕ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ͕
;EĂŵĞWĂŶŐĂůĂŶͿ;ŝƚŝǌĞŶƐŚŝƉWĂŐŬĂŵĂŵĂŵĂǇĂŶͿ
ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ͕ĂŶĚĂƌĞƐŝĚĞŶƚŽĨͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ
;ŝǀŝů^ƚĂƚƵƐ<ĂƚĂǇƵĂŶŐ^ŝďŝůͿ
ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ͕
;ZĞƐŝĚĞŶĐĞdŝƌĂŚĂŶͿ
ƵŶĚĞƌŽĂƚŚ͕ƐƚĂƚĞĂǇƐƵŵƵƐƵŵƉĂŶĂ͗

ϭ͘ /ĂŵƚŚĞƉůĂŝŶƚŝĨĨŝŶƚŚĞĂďŽǀĞͲĞŶƚŝƚůĞĚĐĂƐĞǁŚŽƉƌĞƉĂƌĞĚĂŶĚĨŝůůĞĚŽƵƚƚŚĞ^ƚĂƚĞŵĞŶƚŽĨůĂŝŵͬƐ͘
/ƌĞĂĚĂŶĚƵŶĚĞƌƐƚŽŽĚŝƚƐĐŽŶƚĞŶƚƐǁŚŝĐŚĂƌĞƚƌƵĞĂŶĚĐŽƌƌĞĐƚŽĨŵǇŽǁŶƉĞƌƐŽŶĂůŬŶŽǁůĞĚŐĞ
ĂŶĚͬŽƌďĂƐĞĚŽŶƚƌƵĞƌĞĐŽƌĚƐ͘
ŬŽĂŶŐŶĂŐŚĂŚĂďůĂƐĂŬĂƐŽŶŐŝƚŽ͕ŶĂŐƵŵĂǁĂĂƚŶĂŐƉƵŶŽŶŐ,ĂďůĂŶŐWĂŐƐŝŶŐŝů͘EĂŝŝŶƚŝŶĚŝŚĂŶŬŽĂŶŐ
ŵŐĂŶŝůĂůĂŵĂŶŶŝƚŽĂƚƉŝŶĂƚŽƚŽŚĂŶĂŶŬŽĂŶŐŵŐĂŶĂŬĂƐĂĂĚĚŝƚŽďĂƐĞƐĂĂŬŝŶŐƉĞƌƐŽŶĂůŶĂƉĂŐŬĂŬĂĂůĂŵ͕
ƚƵŶĂǇŶĂƚĂůĂĂŶ͕ĚŽŬƵŵĞŶƚŽ͕ĂƚĞďŝĚĞŶƐǇĂ͖

Ϯ͘ dŚĞ ^ƚĂƚĞŵĞŶƚ ŽĨ ůĂŝŵͬƐ ŝƐ ŶŽƚ ĨŝůĞĚ ƚŽ ŚĂƌĂƐƐ͕ ĐĂƵƐĞ ƵŶŶĞĐĞƐƐĂƌǇ ĚĞůĂǇ͕ Žƌ ŶĞĞĚůĞƐƐůǇ ŝŶĐƌĞĂƐĞ
ƚŚĞĐŽƐƚŽĨůŝƚŝŐĂƚŝŽŶ͘
ŶŐ,ĂďůĂŶŐWĂŐƐŝŶŐŝůĂǇŝƐŝŶƵŵŝƚĞƐĂŚƵŬƵŵĂŶŚŝŶĚŝƵƉĂŶŐŵĂŐĚƵůŽƚŶŐƉĂŐͲĂďĂůĂ͕ƉĂŐͲĂŶƚĂůĂ͕ŽǁĂůĂŶŐ
ŬĂďƵůƵŚĂŶŐƉĂŐƉĂƉĂŚŝƌĂƉƐĂƉƌŽƐĞƐŽŶŐŚƵŬƵŵĂŶ͖

ϯ͘ /ŚĂǀĞŶŽƚĐŽŵŵĞŶĐĞĚĂŶǇĂĐƚŝŽŶŽƌƉƌŽĐĞĞĚŝŶŐŝŶǀŽůǀŝŶŐƚŚĞƐĂŵĞŝƐƐƵĞŽƌƐƵďũĞĐƚŵĂƚƚĞƌŝŶƚŚĞ
^ƵƉƌĞŵĞŽƵƌƚ͕ŽƵƌƚŽĨƉƉĞĂůƐ͕ŽƌĂŶǇŽƚŚĞƌƚƌŝďƵŶĂůŽƌĂŐĞŶĐǇ͕ĂŶĚƚŚĂƚƚŚĞĐŚĞĐŬͬƐĐŽǀĞƌĞĚŝŶ
ƚŚŝƐ ĐĂƐĞ ŚĂƐͬŚĂǀĞ ŶŽƚ ďĞĞŶ ƚŚĞ ƐƵďũĞĐƚ ŽĨ Ă ĐƌŝŵŝŶĂů ĐŚĂƌŐĞ ĨŝůĞĚ ďĞĨŽƌĞ ƚŚĞ KĨĨŝĐĞ ŽĨ ƚŚĞ
WƌŽǀŝŶĐŝĂůͬŝƚǇ WƌŽƐĞĐƵƚŽƌ͖ ƚŚĂƚ ƚŽ ƚŚĞ ďĞƐƚ ŽĨ ŵǇ ŬŶŽǁůĞĚŐĞ͕ ŶŽ ƐƵĐŚ ĂĐƚŝŽŶ Žƌ ƉƌŽĐĞĞĚŝŶŐ ŝƐ
ƉĞŶĚŝŶŐ ŝŶ ƚŚĞ ^ƵƉƌĞŵĞ ŽƵƌƚ͕ ŽƵƌƚ ŽĨ ƉƉĞĂůƐ͕ Žƌ ĂŶǇ ŽƚŚĞƌ ƚƌŝďƵŶĂů Žƌ ĂŐĞŶĐǇ͖ ĂŶĚ ƚŚĂƚ͕ ŝĨ /
ƐŚŽƵůĚůĞĂƌŶƚŚĞƌĞĂĨƚĞƌƚŚĂƚĂƐŝŵŝůĂƌĂĐƚŝŽŶŽƌƉƌŽĐĞĞĚŝŶŐŚĂƐďĞĞŶĨŝůĞĚŽƌŝƐƉĞŶĚŝŶŐďĞĨŽƌĞƚŚŝƐ
ĐŽƵƌƚ͕ƚƌŝďƵŶĂů͕ŽƌĂŐĞŶĐǇ͕/ƵŶĚĞƌƚĂŬĞƚŽƌĞƉŽƌƚƚŚĂƚĨĂĐƚƚŽƚŚŝƐĐŽƵƌƚǁŝƚŚŝŶĨŝǀĞ;ϱͿĐĂůĞŶĚĂƌĚĂǇƐ
ƚŚĞƌĞĨƌŽŵ͘
ŬŽĂǇǁĂůĂŶŐŝďĂŶŐŬĂƐŽŶŐŝƐŝŶĂŵƉĂŽŶĂŬĂďŝŶďŝŶƐĂŝďĂŶŐŚƵŬƵŵĂŶŽƐĂŝďĂŶŐĂŚĞŶƐǇĂŶŐƉĂŵĂŚĂůĂĂŶ
ƉĂƚƵŶŐŬŽůƐĂƚƌĂŶƐĂŬƐǇŽŶŶĂŝƚŽ͕ĂƚŬƵŶŐŵĂǇĐŚĞŬĞͬŵŐĂĐŚĞŬĞŶĂŶĂŝƐĂŵĂƌŝƚŽ͕ǁĂůĂŶŐŚŝǁĂůĂǇŶĂŬĂƐŽŶŐ
ŬƌŝŵŝŶĂů ŶĂ ŝƐŝŶĂŵƉĂ ƌŝƚŽ͘ <ƵŶŐ ĂŬŽ ŵĂŶ ĂǇ ŵĂǇ ŵĂĚŝƐŬƵďƌĞŶŐ ŬĂƐŽ ŶĂ ŶĂŬĂƐĂŵƉĂ Ž ŶĂŬĂďŝŶďŝŶ ƐĂ
ŚƵŬƵŵĂŶ Ž ŝďĂŶŐ ĂŚĞŶƐǇĂ ŶŐ ƉĂŵĂŚĂůĂĂŶ ƉĂƚƵŶŐŬŽů ƐĂ ƚƌĂŶƐĂŬƐǇŽŶŐ Ž ĐŚĞŬĞͬŵŐĂ ĐŚĞŬĞŶŐ ŝƚŽ͕
ŶĂŶŐĂŶŐĂŬŽ ĂŬŽŶŐ ŝƐŝǁĂůĂƚ ŝƚŽ ƐĂ ŚƵŬƵŵĂŶ ƐĂ ůŽŽď ŶŐ ůŝŵĂŶŐ ;ϱͿ ĂƌĂǁ ƐĂ ŬĂůĞŶĚĂƌǇŽ ŵƵůĂ ƐĂ ĂŬŝŶŐ
ƉĂŐĚŝƐŬƵďƌĞ͖

ϰ͘ dŚĞ ĨŝůŝŶŐ ŽĨ ƚŚŝƐ ĐĂƐĞ ŝƐ ŶŽƚ ŝŶ ǀŝŽůĂƚŝŽŶ ŽĨ ƚŚĞ ƌƵůĞ ĂŐĂŝŶƐƚ ƐƉůŝƚƚŝŶŐ Ă ƐŝŶŐůĞ ĐĂƵƐĞ ŽĨ ĂĐƚŝŽŶ Žƌ
ŵƵůƚŝƉůŝĐŝƚǇŽĨƐƵŝƚƐ͘
ŶŐ ƉĂŐƐĂŵƉĂ ŶŐ ŬĂƐŽŶŐ ŝƚŽ ĂǇ ŚŝŶĚŝ ůĂďĂŐ ƐĂ ƉĂƚĂŬĂƌĂŶ ŶŐ <ŽƌƚĞ ^ƵƉƌĞŵĞ ŶĂ ŝƉŝŶĂŐďĂďĂǁĂů ĂŶŐ
ƉĂŐƐĂŵƉĂŶŐŝďĂ͛ƚŝďĂŶŐŬĂƐŽŶĂŶĂŐŵƵŵƵůĂůĂŵĂŶŐƐĂŝƐĂŶŐƚƌĂŶƐĂŬƐǇŽŶ͘

/Et/dE^^t,ZK&͕/ŚĂǀĞŚĞƌĞƵŶƚŽƐĞƚŵǇŚĂŶĚƚŚŝƐĚĂǇŽĨͺͺͺͺͺͺͺͺͺͺͺͺͺͺ͕ϮϬͺͺͺͺ͘

ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ
WůĂŝŶƚŝĨĨ͛ƐEĂŵĞĂŶĚ^ŝŐŶĂƚƵƌĞ
WĂŶŐĂůĂŶĂƚ>ĂŐĚĂŶŐEĂŐŚĂŚĂďůĂ

^h^Z/E^tKZEƚŽďĞĨŽƌĞŵĞƚŚŝƐͺͺͺͺĚĂǇŽĨͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ͕ϮϬͺͺͺ͘

EŽƚĂƌǇWƵďůŝĐͬĚŵŝŶŝƐƚĞƌŝŶŐKĨĨŝĐĞƌ
WůĂŝŶƚŝĨĨ͛Ɛ^ƚĂƚĞŵĞŶƚŽĨůĂŝŵͬƐ &ŽƌŵϭͲ^͕WĂŐĞϲŽĨϭϬ


&KZDϭͲ^ /E&KZDd/KE&KZd,^D>>>/D^&EEd
<ĂĂůĂŵĂŶƉĂƌĂƐĂ,ŝŶĂŚĂďůĂ
dŚŝƐŝŶĨŽƌŵĂƚŝŽŶƐŚĞĞƚŝƐǁƌŝƚƚĞŶĨŽƌƚŚĞƉĞƌƐŽŶƐƵĞĚŝŶƚŚĞƐŵĂůůĐůĂŝŵƐĐŽƵƌƚ͘/ƚĞǆƉůĂŝŶƐƐŽŵĞŽĨƚŚĞƌƵůĞƐŽĨ͕ĂŶĚƐŽŵĞ
ŐĞŶĞƌĂůŝŶĨŽƌŵĂƚŝŽŶĂďŽƵƚ͕ƚŚĞƐŵĂůůĐůĂŝŵƐƉƌŽĐĞĚƵƌĞ͘/ƚŵĂǇĂůƐŽďĞŚĞůƉĨƵůĨŽƌƚŚĞƉĞƌƐŽŶǁŚŽƐƵĞĚ͘
ŶŐĚĂŚŽŶŶŐŝŵƉŽƌŵĂƐǇŽŶŶĂŝƚŽĂǇŝƐŝŶƵůĂƚƉĂƌĂƐĂƚĂŽŶŐŚŝŶĂŚĂďůĂƵŬŽůƐĂWĂŐƐŝŶŐŝůŶŐŵĂůŝŝƚŶĂŚĂůĂŐĂ͘/ƉŝŶĂƉĂůŝǁĂŶĂŐ
ŶŝƚŽĂŶŐŝůĂŶƐĂŵŐĂƚƵŶƚƵŶŝŶͬƉĂƚĂŬĂƌĂŶŶŐWĂŐƐŝŶŐŝůĂƚŝůĂŶŐƉĂŶŐŬĂůĂŚĂƚĂŶŐŝŵƉŽƌŵĂƐǇŽŶƚƵŶŐŬŽůƐĂƉƌŽƐĞƐŽ͘DĂĂĂƌŝĚŝŶ
ŝƚŽŶŐŵĂŐŝŶŐŬĂƉĂŬŝͲƉĂŬŝŶĂďĂŶŐƉĂƌĂƐĂƚĂŽŶŐŶĂŐŚĂďůĂ͘

͞^ŵĂůů ůĂŝŵƐ ZƵůĞ͟ ŝƐ Ă ƐŝŵƉůĞ ĂŶĚ ŝŶĨŽƌŵĂů ƉƌŽĐĞĚƵƌĞ ͞dƵŶƚƵŶŝŶ ƐĂ WĂŐƐŝŶŐŝů ŶŐ DĂůŝůŝŝƚ ŶĂ ,ĂůĂŐĂ͟ ĂǇ ŝƐĂŶŐ
ǁŚĞƌĞŵŽŶĞǇĐůĂŝŵƐĨŽƌWϭDŝůůŝŽŶWĞƐŽƐŽƌůĞƐƐĂƌĞŚĞĂƌĚ ƐŝŵƉůĞ Ăƚ ŝŵƉŽƌŵĂů ŶĂ ƉĂŵĂŵĂƌĂĂŶ ƐĂ ƉĂŐĚŝŶŝŐ ŬƵŶŐ
ďǇƚŚĞDĞƚƌŽƉŽůŝƚĂŶdƌŝĂůŽƵƌƚƐ;DĞdƐͿ͕DƵŶŝĐŝƉĂůdƌŝĂů ƐĂĂŶĂŶŐŚĂůĂŐĂŶŐƐĂůĂƉŝŶĂƐŝŶŝƐŝŶŐŝůĂǇWϭDŝůǇŽŶŐWŝƐŽŽ
ŽƵƌƚƐ ŝŶ ŝƚŝĞƐ ;DdƐͿ͕ DƵŶŝĐŝƉĂů dƌŝĂů ŽƵƌƚƐ ;DdƐͿ ŵĂƐŵĂďĂďĂ͘ŶŐŵŐĂŝƚŽĂǇĚŝŶƵĚƵůŽŐƐĂDĞƚƌŽƉŽůŝƚĂŶ
ĂŶĚDƵŶŝĐŝƉĂůŝƌĐƵŝƚdƌŝĂůŽƵƌƚƐ;DdƐͿ͘ dƌŝĂů ŽƵƌƚƐ ;DĞdƐͿ͕ DƵŶŝĐŝƉĂů dƌŝĂů ŽƵƌƚƐ ŝŶ ŝƚŝĞƐ
;DdƐͿ͕DƵŶŝĐŝƉĂůdƌŝĂůŽƵƌƚƐ;DdƐͿĂƚDƵŶŝĐŝƉĂůŝƌĐƵŝƚ
dŚĞĐůĂŝŵŽƌĚĞŵĂŶĚŵĂǇďĞĨŽƌƚŚĞĨŽůůŽǁŝŶŐ͗ dƌŝĂůŽƵƌƚƐ;DdƐͿ͘

Ă͘ DŽŶĞǇŽǁĞĚƵŶĚĞƌĂŶǇŽĨƚŚĞĨŽůůŽǁŝŶŐ͗ ŶŐŚĂďůĂĂǇŵĂĂĂƌŝŶŐƉĂƌĂƐĂŵŐĂƐƵŵƵƐƵŶŽĚ͗
ϭͿ ŽŶƚƌĂĐƚŽĨůĞĂƐĞ
ϮͿ ŽŶƚƌĂĐƚ ŽĨ ůŽĂŶ ĂŶĚ ŽƚŚĞƌ ĐƌĞĚŝƚ Ă͘ ŶŐƐŝŶŐŝůĂǇƉĞƌĂŶĂŝŶƵƚĂŶŐƐĂŝůĂůŝŵŶŐĂůŝŶŵĂŶƐĂ
ĂĐĐŽŵŵŽĚĂƚŝŽŶƐ ŵŐĂƐƵŵƵƐƵŶŽĚ͗
ϯͿ ŽŶƚƌĂĐƚŽĨƐĞƌǀŝĐĞ ϭͿ <ŽŶƚƌĂƚĂŶŐƉĂŐͲƵƉĂ
ϰͿ ŽŶƚƌĂĐƚ ŽĨ ƐĂůĞ ŽĨ ƉĞƌƐŽŶĂů ƉƌŽƉĞƌƚǇ ;ƚŚŝƐ ϮͿ <ŽŶƚƌĂƚĂ ŶŐ ƵƚĂŶŐ Ăƚ ŝďĂ ƉĂŶŐ ĐƌĞĚŝƚ
ĞǆĐůƵĚĞƐ ƚŚĞ ƌĞĐŽǀĞƌǇ ŽĨ ƉĞƌƐŽŶĂů ƉƌŽƉĞƌƚǇ ĂĐĐŽŵŵŽĚĂƚŝŽŶ
ƵŶůĞƐƐ ŝƚ ŝƐ ƚŚĞ ƐƵďũĞĐƚ ŽĨ Ă ĐŽŵƉƌŽŵŝƐĞ ϯͿ <ŽŶƚƌĂƚĂŶŐƐĞƌďŝƐǇŽ
ĂŐƌĞĞŵĞŶƚͿ͘ ϰͿ <ŽŶƚƌĂƚĂŶŐƉĂŐďĞďĞŶƚĂŶŐƉĞƌƐŽŶĂůŶĂƉĂŐͲĂĂƌŝ
;ŚŝŶĚŝ ŬĂƐĂŵĂ ĂŶŐ ƉĂŐďĂǁŝ ŶŐ ƉĞƌƐŽŶĂů ŶĂ ƉĂŐͲ
ď͘ dŚĞĞŶĨŽƌĐĞŵĞŶƚŽĨĂďĂƌĂŶŐĂǇĂŵŝĐĂďůĞƐĞƚƚůĞŵĞŶƚ ĂĂƌŝ ŵĂůŝďĂŶ ŬƵŶŐ ŶĂƉĂƉĂŝůĂůŝŵ ƐĂ ŝƐĂŶŐ
Žƌ ĂŶ ĂƌďŝƚƌĂƚŝŽŶ ĂǁĂƌĚ ŝŶǀŽůǀŝŶŐ Ă ŵŽŶĞǇ ĐůĂŝŵ ŝĨ ŬĂƐƵŶĚƵĂŶƐĂŬŽŵƉƌŽŵŝƐŽͿ͘
ǁŝƚŚŝŶ Ɛŝǆ ;ϲͿ ŵŽŶƚŚƐ͕ ĨƌŽŵ ƚŚĞ ĚĂƚĞ ŽĨ ƚŚĞ
ƐĞƚƚůĞŵĞŶƚ Žƌ ĚĂƚĞ ŽĨ ƌĞĐĞŝƉƚ ŽĨ ƚŚĞ ĂǁĂƌĚ Žƌ ĨƌŽŵ ď͘ ŶŐ ƉĂŐƉĂƉĂƚƵƉĂĚ ŶŐ ŝƐĂŶŐ ƉĂŐͲĂƌĞŐůŽ Ž ĂƌďŝƚƌĂƚŝŽŶ
ƚŚĞĚĂƚĞƚŚĞŽďůŝŐĂƚŝŽŶƐƚŝƉƵůĂƚĞĚŽƌĂĚũƵĚŐĞĚŝŶƚŚĞ ĂǁĂƌĚ ŶŐ ďĂƌĂŶŐĂǇ ŶĂ ŬŝŶĂƐĂƐĂŶŐŬƵƚĂŶ ŶŐ ƉĂŐƐŝŶŐŝů
ĂƌďŝƚƌĂƚŝŽŶĂǁĂƌĚďĞĐŽŵĞƐĚƵĞĂŶĚĚĞŵĂŶĚĂďůĞ͕ŶŽ ƐĂƉĞƌĂ͕ŬƵŶŐƐĂůŽŽďŶŐĂŶŝŵ;ϲͿŶĂďƵǁĂŶŵƵůĂƐĂ
ĞǆĞĐƵƚŝŽŶ ŚĂƐ ďĞĞŶ ĞŶĨŽƌĐĞĚ ďǇ ƚŚĞ ĂƌĂŶŐĂǇ͕ ƉĞƚƐĂ ŶŐ ƉĂŐͲĂƌĞŐůŽ Ž ƐĂ ƉĞƚƐĂ ŶŐ ƉĂŐƚĂŶŐŐĂƉ ŶŐ
ƉƵƌƐƵĂŶƚ ƚŽ ^ĞĐƚŝŽŶ ϰϭϳ ŽĨ ZĞƉƵďůŝĐ Đƚ EŽ͘ ϳϭϲϬ ĂƌďŝƚƌĂƚŝŽŶ ĂǁĂƌĚ Ž ŵƵůĂ ƐĂ ƉĞƚƐĂ ŬƵŶŐ ŬĂŝůĂŶ
;dŚĞ>ŽĐĂů'ŽǀĞƌŶŵĞŶƚŽĚĞŽĨϭϵϵϭͿ͘ ŶĂŐŝŐŝŶŐ ŶĂƌĂƌĂƉĂƚ Ăƚ ŚŝŶŝŚŝŶŐŝ ĂŶŐ ŽďůŝŐĂƐǇŽŶ ŶĂ
ŶĂŬĂƚĂůĂ Ž ŶĂŝŚĂƚŽů ƐĂ ĂƌďŝƚƌĂƚŝŽŶ ĂǁĂƌĚ͕ ǁĂůĂ ƉĂŶŐ
ŝƉŝŶĂƉĂƚƵƉĂĚĂŶŐĂƌĂŶŐĂǇ͕ĂůŝŶƐƵŶŽĚƐĂ^ĞĐƚŝŽŶϰϭϳ
ŶŐZĞƉƵďůŝĐĐƚEŽ͘ϳϭϲϬ;dŚĞ>ŽĐĂů'ŽǀĞƌŶŵĞŶƚŽĚĞ
ŽĨϭϵϵϭͿ͘

ϭ͘ tŚĂƚŵƵƐƚ /ĚŽ ƵƉŽŶ ƌĞĐĞŝƉƚ ŽĨ ƚŚĞ ^ƵŵŵŽŶƐ ĂŶĚ ŶŽ ĂŶŐ ĚĂƉĂƚŬŽŶŐ ŐĂǁŝŶ ŵĂƚĂƉŽƐ ŵĂƚĂŶŐŐĂƉ ĂŶŐ
^ƚĂƚĞŵĞŶƚŽĨůĂŝŵ͍zŽƵŵƵƐƚĨŝůĞŝŶĐŽƵƌƚĂŶĚƐĞƌǀĞŽŶ ƉĂƚĂǁĂŐ Ăƚ ĂŶŐ ,ĂďůĂ ŶŐ WĂŐƐŝŶŐŝů͍ <ĂŝůĂŶŐĂŶ ŵŽŶŐ
ƚŚĞ ƉůĂŝŶƚŝĨĨ Ă ǀĞƌŝĨŝĞĚ ZĞƐƉŽŶƐĞ͕ ĂƚƚĂĐŚŝŶŐ Ăůů ĚŽĐƵŵĞŶƚƐ ŝƐĂŵƉĂ ƐĂ ŚƵŬƵŵĂŶ Ăƚ ŝŚĂƚŝĚ ƐĂ ŶĂŐŚĂŚĂďůĂ ĂŶŐ ŝǇŽŶŐ
ĂŶĚ ĞǀŝĚĞŶĐĞ ƚŽ ƐƵƉƉŽƌƚ ǇŽƵƌ ĚĞĨĞŶƐĞ͘ zŽƵ ŵƵƐƚ ĂůƐŽ ŶĂƉĂƚƵŶĂǇĂŶŐ ^ĂŐŽƚ ŶĂ ŶĂŬĂůĂŬŝƉ ůĂŚĂƚ ŶŐ ĚŽŬƵŵĞŶƚŽ Ăƚ
ĂƚƚĞŶĚƚŚĞŚĞĂƌŝŶŐŽŶƚŚĞĚĂƚĞĂŶĚƚŝŵĞŝŶĚŝĐĂƚĞĚŝŶƚŚĞ ĞďŝĚĞŶƐŝǇĂŶŐ ƐƵŵƵƐƵƉŽƌƚĂ ƐĂ ŝǇŽŶŐ ŶĂƉĂƚƵŶĂǇĂŶŐ ^ĂŐŽƚ͕
EŽƚŝĐĞŽĨ,ĞĂƌŝŶŐ͘ Ăƚ ĚƵŵĂůŽ ƐĂ ƉĂŐĚŝŶŝŐ ƐĂ ƉĞƚƐĂ Ăƚ ŽƌĂƐ ŶĂ ŶĂŬĂƐƵůĂƚ ƐĂ
ďŝƐŽƐĂWĂŐĚŝŶŝŐ͘

Ϯ͘ ,ŽǁĚŽ/ĨŝůĞŵǇǀĞƌŝĨŝĞĚZĞƐƉŽŶƐĞ͍ WĂĂŶŽŬŽŝƐĂƐĂŵƉĂĂŶŐĂŬŝŶŐŶĂƉĂƚƵŶĂǇĂŶŐ^ĂŐŽƚ͍ĂƉĂƚ
zŽƵŵƵƐƚĚŽƚŚĞĨĨ͗ ŵŽŶŐŐĂǁŝŶĂŶŐŵŐĂƐƵŵƵƐƵŶŽĚ͗
Ă͘ &ŝůůŽƵƚ&ŽƌŵϯͲ^;sĞƌŝĨŝĞĚZĞƐƉŽŶƐĞͿ Ă͘ WƵŶĂŶͬ^ĂŐƵƚĂŶĂŶŐ&ŽƌŵϯͲ^;^ĂŐŽƚͿ
ď͘ ƚƚĂĐŚ Ăůů ĚŽĐƵŵĞŶƚƐ ĂŶĚ ĞǀŝĚĞŶĐĞ ƐƵƉƉŽƌƚŝŶŐ ǇŽƵƌ ď͘ /ůĂŬŝƉ ĂŶŐ ůĂŚĂƚ ŶŐ ĚŽŬƵŵĞŶƚŽ Ăƚ ĞďŝĚĞŶƐǇĂ ŶĂ
ƌĞƐƉŽŶƐĞ͕ŝĨĂŶǇ͘ ƐƵŵƵƐƵƉŽƌƚĂ ƐĂ ŝǇŽŶŐ ŶĂƉĂƚƵŶĂǇĂŶŐ ^ĂŐŽƚ͕ ŬƵŶŐ
Đ͘ DĂŬĞ ĐŽƉŝĞƐ ŽĨ Ăůů ƉĂŐĞƐ ĂŶĚ ǇŽƵƌ ƐƵƉƉŽƌƚŝŶŐ ŵĞƌŽŶŵĂŶ͘
ĚŽĐƵŵĞŶƚƐ;ĨŝůĞƚŚĞŽƌŝŐŝŶĂůŝŶĐŽƵƌƚĂŶĚŵĂŬĞĐŽƉŝĞƐ Đ͘ 'ĂǁĂŶŶŐŬŽƉǇĂĂŶŐůĂŚĂƚŶŐƉĂŚŝŶĂĂƚŶŐŝǇŽŶŐŵŐĂ
ĨŽƌƚŚĞƉůĂŝŶƚŝĨĨĂŶĚǇŽƵƌƐĞůĨͿ͘ ƉĂŶŐͲĂůĂůĂǇ ŶĂ ĚŽŬƵŵĞŶƚŽ ;ŝŚĂŝŶ ĂŶŐ ŽƌŝŚŝŶĂů ƐĂ
Ě͘ /Ĩ ƚŚĞ ŽƌŝŐŝŶĂů ĚŽĐƵŵĞŶƚƐ ĐŽŶƐŝƐƚ ŽĨ ƌĞĐŽƌĚƐ ƚŚĂƚ ŚƵŬƵŵĂŶ͕ ŐƵŵĂǁĂ ŶŐ ŬŽƉǇĂ ƉĂƌĂ ƐĂ ŶĂŐŚĂŚĂďůĂ Ăƚ
ĐŽƵůĚ ŶŽƚ ďĞ ƐĞƉĂƌĂƚĞĚ͕ ǇŽƵ ĐĂŶ ƉŚŽƚŽĐŽƉǇ ƚŚĞ
ƉĂƌĂƐĂŝǇŽ͘
ƉĞƌƚŝŶĞŶƚĚŽĐƵŵĞŶƚĂŶĚŚĂǀĞŝƚĐĞƌƚŝĨŝĞĚďǇƚŚĞůĞƌŬ
Ě͘ <ƵŶŐ ĂŶŐ ŽƌŝŚŝŶĂů ŶĂ ĚŽŬƵŵĞŶƚŽ ĂǇ ďŝŶƵďƵŽ ŶŐ ŵŐĂ
ŽĨŽƵƌƚŽĨƚŚĞKĨĨŝĐĞŽĨƚŚĞůĞƌŬŽĨŽƵƌƚ;KͿĂƐĂ
ĨĂŝƚŚĨƵůƌĞƉƌŽĚƵĐƚŝŽŶŽĨƚŚĞŽƌŝŐŝŶĂů͘ ƚĂůĂĂŶŶĂŚŝŶĚŝŵĂƉĂŐŚŝǁĂůĂǇ͕ŵĂĂĂƌŝŵŽŶŐŝƉĂŬŽƉǇĂ
Ğ͘ ,ĂǀĞ &Žƌŵ ϯͲ^ ĂŶĚ Ăůů ƐƵƉƉŽƌƚŝŶŐ ĚŽĐƵŵĞŶƚƐ͕ ĂŶŐŶĂƵƵŬŽůŶĂĚŽŬƵŵĞŶƚŽĂƚŝƉĂƐĞƌƚŝƉŝŬĂĚŽ ƐĂůĞƌŬ
ĞƐƉĞĐŝĂůůǇ ƉĂƌƚ ϵ ŽŶ sĞƌŝĨŝĐĂƚŝŽŶ ;Žƌ ƉĂƌƚ ϭϬ ŽŶ ŽĨŽƵƌƚŶŐKĨĨŝĐĞŽĨƚŚĞůĞƌŬŽĨŽƵƌƚ;KͿŶĂŝƚŽĂǇ
sĞƌŝĨŝĐĂƚŝŽŶ ĞƌƚŝĨŝĐĂƚŝŽŶ ŐĂŝŶƐƚ &ŽƌƵŵ ^ŚŽƉƉŝŶŐ͕ ƚĂƉĂƚŶĂŬŽƉǇĂŶŐŽƌŝŚŝŶĂů͘
^ƉůŝƚƚŝŶŐĂĂƵƐĞŽĨĐƚŝŽŶ͕ĂŶĚDƵůƚŝƉůŝĐŝƚǇŽĨ^ƵŝƚƐ͕ŝĨ Ğ͘ <ĂŝůĂŶŐĂŶ ŶĂ ĂŶŐ &Žƌŵ ϯͲ^ Ăƚ ůĂŚĂƚ ŶŐ ŬĂůĂŬŝƉ ŶĂ
ǇŽƵ ŚĂǀĞ Ă ĐŽƵŶƚĞƌĐůĂŝŵͿ͕ ƐƵďƐĐƌŝďĞĚ ĂŶĚ ƐǁŽƌŶ ƚŽ ƉĂŶŐͲĂůĂůĂǇ ŶĂ ĚŽŬƵŵĞŶƚŽ͕ ůĂůŽŶŐ ŚŝŐŝƚ ĂŶŐ ŝŬĂͲϵ ŶĂ
ďĞĨŽƌĞ ĞŝƚŚĞƌ Ă ŶŽƚĂƌǇ ƉƵďůŝĐ͕ ƚŚĞ ůĞƌŬ ŽĨ ŽƵƌƚ ŽĨ ďĂŚĂŐŝ ƐĂ WĂŐƉĂƉĂƚŽƚŽŽ ;Ž ŝŬĂͲϭϬ ŶĂ ďĂŚĂŐŝ ƐĂ
ƚŚĞKĨĨŝĐĞŽĨƚŚĞůĞƌŬŽĨŽƵƌƚ;KͿǁŚĞƌĞƚŚĞĐĂƐĞ WĂŐƉĂƉĂƚŽƚŽŽͬWĂŐƉĂƉĂƚƵŶĂǇ ŶĂ tĂůĂŶŐ /ďĂŶŐ
WůĂŝŶƚŝĨĨ͛Ɛ^ƚĂƚĞŵĞŶƚŽĨůĂŝŵͬƐ &ŽƌŵϭͲ^͕WĂŐĞϳŽĨϭϬ


ǁŝůů ďĞ ĨŝůĞĚ͕ Ă ƌĂŶĐŚ ůĞƌŬ ŽĨ ŽƵƌƚ͕ Žƌ Ă ĂƌĂŶŐĂǇ <ĂƐŽͬEĂŬĂďŝŶďŝŶ ƐĂ /ďĂŶŐ ,ƵŬƵŵĂŶ͕ ŬƵŶŐ ŵĞƌŽŶ
ŚĂŝƌƉĞƌƐŽŶ͘ ŬĂŶŐ 'ĂŶƚŝŶŐ WĂŐͲƐŝŶŐŝůͿ͕ ĂǇ ŶŝůĂŐĚĂĂŶ Ăƚ ƐŝŶƵŵƉĂĂŶ
Ĩ͘ /ĨǇŽƵŚĂǀĞĂĐŽƵŶƚĞƌĐůĂŝŵ͕ƉĂǇƚŚĞĨŝůŝŶŐĨĞĞ͕ŝĨĂŶǇ͘ ĂůŝŶŵĂŶƐĂŚĂƌĂƉŶŐŶŽƚĂƌǇŽƉƵďůŝŬŽŽůĞƌŬŽĨŽƵƌƚ
Ő͘ tŝƚŚŝŶ ƚĞŶ ;ϭϬͿ ĐĂůĞŶĚĂƌ ĚĂǇƐ ĨƌŽŵ ƌĞĐĞŝƉƚ ŽĨ ƚŚĞ ŶŐ K ŬƵŶŐ ƐĂĂŶ ŝƐĂƐĂŵƉĂ ĂŶŐ ŬĂƐŽ Ž ƌĂŶĐŚ ůĞƌŬ
^ƵŵŵŽŶƐ͕ ǇŽƵ ŵƵƐƚ ƐĞƌǀĞ ŽŶ ƚŚĞ ƉůĂŝŶƚŝĨĨ Ă ĐŽƉǇ ŽĨ ŽĨŽƵƌƚŽWƵŶŽŶŐĂƌĂŶŐĂǇ͘
ǇŽƵƌǀĞƌŝĨŝĞĚ ZĞƐƉŽŶƐĞ͕ƚŽŐĞƚŚĞƌǁŝƚŚƚŚĞƐƵƉƉŽƌƚŝŶŐ Ĩ͘ DĂŐďĂǇĂĚ ŶŐ ďĂǇĂƌŝŶ ƐĂ ƉĂŐƐĂŵƉĂ ŶŐ ŐĂŶƚŝŶŐͲ
ĚŽĐƵŵĞŶƚƐ͕ ĂŶĚ ĨŝůĞ ƚŚĞ ŽƌŝŐŝŶĂů ǁŝƚŚ ƚŚĞ ĐŽƵƌƚ ƚŚĂƚ ƉĂŐƐŝŶŐŝů͕ŬƵŶŐŵĞƌŽŶŵĂŶ͘
ŝƐƐƵĞĚƚŚĞ^ƵŵŵŽŶƐ͘
Ő͘ ^Ă ůŽŽď ŶŐ ƐĂŵƉƵŶŐ ;ϭϬͿ ĂƌĂǁ ŶŐ ŬĂůĞŶĚĂƌǇŽ ŵƵůĂ

ƉĂŐƚĂŶŐŐĂƉ ŶŐ WĂƚĂǁĂŐ͕ ŬŝŶĂŬĂŝůĂŶŐĂŶ ŶĂ
/ĨǇŽƵŚĂǀĞƋƵĞƐƚŝŽŶƐƌĞŐĂƌĚŝŶŐ&ŽƌŵϯͲ^͕ǇŽƵŵĂǇŝŶƋƵŝƌĞ
ǁŝƚŚƚŚĞĐŽƵƌƚƚŚĂƚŝƐƐƵĞĚƚŚĞ^ƵŵŵŽŶƐ͘zŽƵŵĂǇĂůƐŽĐŽŶƚĂĐƚ ŵĂŐŚĂƚŝĚͬŵĂŐŚĂŝŶ ŶŐ ŬŽƉǇĂ ŶŐ ŝǇŽŶŐ ďĞƌŝƉŝŬĂĚŽŶŐ
ƚŚĞĐŽƵƌƚĂƚƚŚĞŶƵŵďĞƌŽƌĞŵĂŝůĂĚĚƌĞƐƐǁƌŝƚƚĞŶŝŶƚŚĞ ^ĂŐŽƚŬĂƐĂŵĂĂŶŐŵŐĂƉĂŶŐͲĂůĂůĂǇŶĂĚŽŬƵŵĞŶƚŽƐĂ
^ƵŵŵŽŶƐĂŶĚ^ƚĂƚĞŵĞŶƚŽĨůĂŝŵƐ͘ ŶĂŐŚĂďůĂĂƚŝƐĂŵƉĂĂŶŐŽƌŝŚŝŶĂůŶŝƚŽƐĂŚƵŬƵŵĂŶ͘

<ƵŶŐŝŬĂǁĂǇŵĂǇƌŽŽŶŐŵŐĂŬĂƚĂŶƵŶŐĂŶƚƵŶŐŬŽůƐĂ&Žƌŵ
ϯͲ^͕ ŵĂĂĂƌŝ ŬĂŶŐ ŵĂŐƚĂŶŽŶŐ ƐĂ ŚƵŬƵŵĂŶ ŶĂ
ŶĂŐƉĂůĂďĂƐ ŶŐ WĂƚĂǁĂŐ͘ DĂĂĂƌŝ ŵŽ ƌŝŶŐ ŬŽŶƚĂŬŝŶ ĂŶŐ
ŚƵŬƵŵĂŶ ƐĂ ŶƵŵĞƌŽ Ž ĞŵĂŝů ĂĚĚƌĞƐƐ ŶĂ ŶĂŬĂƐƵůĂƚ ƐĂ
WĂƚĂǁĂŐĂƚ,ĂďůĂŶŐWĂŐƐŝŶŐŝů͘

ϯ͘ tŚĂƚ ŝƐ Ă ĐŽƵŶƚĞƌĐůĂŝŵ͍ /ƚ ŝƐ Ă ĐůĂŝŵ ƚŚĂƚ ǇŽƵ͕ ƚŚĞ ŶŽĂŶŐ'ĂŶƚŝŶŐͲWĂŐƐŝŶŐŝů͍/ƚŽĂǇƉĂŐƐŝŶŐŝůŶĂŵĂǇƌŽŽŶ
ĚĞĨĞŶĚĂŶƚ͕ŵĂǇŚĂǀĞĂŐĂŝŶƐƚƚŚĞƉůĂŝŶƚŝĨĨ͘ ŬĂůĂďĂŶƐĂŶĂŐŚĂŚĂďůĂ͘

zŽƵĐĂŶƐĞƚƵƉĂĐŽƵŶƚĞƌĐůĂŝŵŝŶǇŽƵƌsĞƌŝĨŝĞĚZĞƐƉŽŶƐĞ;&Žƌŵ ŶŐ ŚŝŶĂŚĂďůĂ ĂǇ ŵĂĂƌŝŶŐ ŵĂŐƐĂŵƉĂ ŶŐ ŐĂŶƚŝŶŐͲ
ϯͲ^ͿŝĨ͗ ƉĂŐƐŝŶŐŝů ƐĂ ŬĂŶǇĂŶŐ ďĞƌŝƉŝŬĂĚŽŶŐ ^ĂŐŽƚ ;&Žƌŵ ϯͲ^Ϳ
ŬƵŶŐ͗
ϭͿ /ƚ ŝƐ ŶŽƚ ŵŽƌĞ ƚŚĂŶ Wϭ DŝůůŝŽŶ WĞƐŽƐ͕ ĞǆĐůƵƐŝǀĞ
ŽĨ ŝŶƚĞƌĞƐƚ ĂŶĚ ĐŽƐƚƐ͘ ŶǇ ĂŵŽƵŶƚ ŝŶ ĞǆĐĞƐƐ ŽĨ ϭͿ ŶŐ ŐĂŶƚŝŶŐͲƉĂŐƐŝŶŐŝů ĂǇ ŚŝŶĚŝ ůĂŵƉĂƐ ŶŐ Wϭ
WϭDŝůůŝŽŶƉĞƐŽƐ͕ĞǆĐůƵĚŝŶŐŝŶƚĞƌĞƐƚƐĂŶĚĐŽƐƚƐ͕ DŝůǇŽŶŐ WŝƐŽ͕ ŶĂ ŚŝŶĚŝ ŬĂƐĂŵĂ ĂŶŐ ŝŶƚĞƌĞƐ Ăƚ
ƐŚĂůůďĞĚĞĞŵĞĚǁĂŝǀĞĚ͖ ŐĂƐƚŽƐ ƐĂ ƉĂŐƐĂŵƉĂ ŶŐ ŬĂƐŽ͘ ŶŽ ŵĂŶŐ
ϮͿ /ƚĚŽĞƐŶŽƚƌĞƋƵŝƌĞƚŚĞũŽŝŶĚĞƌŽĨƚŚŝƌĚƉĂƌƚŝĞƐ͖ ŚĂůĂŐĂ ůĂďŝƐ ƐĂ Wϭ DŝůǇŽŶŐ WŝƐŽ ĂǇ ŝƚŝŶƵƚƵƌŝŶŐ
ĂŶĚ ŶĂƚŝŶĂůŝŬĚĂŶŶĂŶŐŚŝŶĂŚĂďůĂ͖
ϯͿ /ƚŝƐŶŽƚƚŚĞƐƵďũĞĐƚŽĨĂŶŽƚŚĞƌƉĞŶĚŝŶŐĂĐƚŝŽŶ͘ ϮͿ ,ŝŶĚŝ ŬŝŶĂŬĂŝůĂŶŐĂŶ ĂŶŐ ƉĂŐƐĂůŝ ŶŐ ŝďĂŶŐ
ƉĂƌƚŝĚŽƐĂŝƐŝŶĂƐĂŵƉĂŶŐŬĂƐŽ͖Ăƚ
ϯͿ tĂůĂŶŐ ŝďĂŶŐ ŬĂƐŽŶŐ ŝƐŝŶĂŵƉĂ Ăƚ ŶĂŬĂďŝŶďŝŶ
ƐĂƉĂƌĞŚŽŶŐŐĂŶƚŝŶŐͲƉĂŐƐŝŶŐŝů͘

ϰ͘ tŚĂƚ ŚĂƉƉĞŶƐ ŝĨ / ĚŽ ŶŽƚ ĨŝůĞ ƚŚĞ ǀĞƌŝĨŝĞĚ ZĞƐƉŽŶƐĞ ĂŶĚ ŶŽŶŐ ŵĂŶŐǇĂǇĂƌŝ ŬƵŶŐ ŚŝŶĚŝ ĂŬŽ ŵĂŐŚĂŝŶ ŶŐ
ĚŽ ŶŽƚ ĂƉƉĞĂƌ Ăƚ ƚŚĞ ŚĞĂƌŝŶŐ͍ dŚĞ ĐŽƵƌƚ ƐŚĂůů ƉƌŽĐĞĞĚ ŶĂƉĂƚƵŶĂǇĂŶŐ ^ĂŐŽƚ Ăƚ ŚŝŶĚŝ ĚƵŵĂůŽ ƐĂ ƉĂŐĚŝŶŝŐ͍ ŶŐ
ǁŝƚŚ ƚŚĞ ŚĞĂƌŝŶŐ͘ /Ĩ ǇŽƵ Žƌ ǇŽƵƌ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞ ĚŝĚ ŶŽƚ ŚƵŬƵŵĂŶĂǇŵĂŐƉĂƉĂƚƵůŽǇƐĂƉĂŐĚŝŶŝŐ͘<ƵŶŐŝŬĂǁŽĂŶŐ
ĂƚƚĞŶĚ͕ ƚŚĞ ĐŽƵƌƚ ǁŝůů ƌĞŶĚĞƌ ũƵĚŐŵĞŶƚ ĂƐ ŵĂǇ ďĞ ŝǇŽŶŐŬŝŶĂƚĂǁĂŶĂǇŚŝŶĚŝĚƵŵĂůŽƐĂƉĂŐĚŝŶŝŐ͕ŵĂŐďŝďŝŐĂǇ
ǁĂƌƌĂŶƚĞĚ ďǇ ƚŚĞ ĨĂĐƚƐ ĂůůĞŐĞĚ ŝŶ ƚŚĞ ^ƚĂƚĞŵĞŶƚ ŽĨ ŶŐ ĚĞƐŝƐǇŽŶ ĂŶŐ ŚƵŬƵŵĂŶ ĂǇŽŶ ƐĂ ŵŐĂ ŬĂƚŽƚŽŚĂŶĂŶ ŶĂ
ůĂŝŵͬƐ͘ ƐŝŶĂƐĂĂĚƐĂ,ĂďůĂŶŐWĂŐƐŝŶŐŝů͘

ϱ͘ tŚĂƚŚĂƉƉĞŶƐŝĨ/ĚŽŶŽƚĨŝůĞĂǀĞƌŝĨŝĞĚZĞƐƉŽŶƐĞǁŝƚŚŝŶ ŶŽŶŐ ŵĂŶŐǇĂǇĂƌŝ ŬƵŶŐ ŚŝŶĚŝ ĂŬŽ ŵĂŐŚĂŝŶ ŶŐ
ƚŚĞ ƌĞƋƵŝƌĞĚ ƉĞƌŝŽĚ ďƵƚ / ĂƉƉĞĂƌ Ăƚ ƚŚĞ ŚĞĂƌŝŶŐ͍ dŚĞ ŶĂƉĂƚƵŶĂǇĂŶŐ ^ĂŐŽƚ ŶŐƵŶŝƚ ĚƵŵĂůŽ ĂŬŽ ƐĂ ƉĂŐĚŝŶŝŐ͍
ĐŽƵƌƚ ǁŝůů ĐŽŶƐŝĚĞƌ ĂŶǇ ĚĞĨĞŶƐĞ ǇŽƵ ŽĨĨĞƌ ĚƵƌŝŶŐ ƚŚĞ /ƐĂƐĂĂůĂŶŐͲĂůĂŶŐŶŐŚƵŬƵŵĂŶĂŶŐĂŶƵŵĂŶŐƉĂŐƚĂƚĂŶŐŐŽů
ŚĞĂƌŝŶŐ ĂƐ ǇŽƵƌ ZĞƐƉŽŶƐĞ͘ ,ĞĂƌŝŶŐ ǁŝůů ƉƌŽĐĞĞĚ ŽŶ ƚŚĞ ŶĂ ŝĂĂůŽŬ ŵŽ ƐĂ ƉĂŶĂŚŽŶ ŶŐ ƉĂŐĚŝŶŝŐ ďŝůĂŶŐ ^ĂŐŽƚ ŵŽ͘
ƐĂŵĞ ĚĂǇ ĂŶĚ ƚŚĞ ĐŽƵƌƚ ǁŝůů ƌĞŶĚĞƌ ũƵĚŐŵĞŶƚ ǁŝƚŚŝŶ DĂŐƉĂƉĂƚƵůŽǇ ĂŶŐ ƉĂŐĚŝŶŝŐ ƐĂ ŵŝƐŵŽŶŐ ĂƌĂǁ ŶĂ ŝǇŽŶ Ăƚ
ƚǁĞŶƚǇͲĨŽƵƌ;ϮϰͿŚŽƵƌƐĨƌŽŵƚĞƌŵŝŶĂƚŝŽŶŽĨƚŚĞŚĞĂƌŝŶŐ͘/Ĩ ŵĂŐďŝďŝŐĂǇ ŶŐ ĚĞƐŝƐǇŽŶ ĂŶŐ ŚƵŬƵŵĂŶ ƐĂ ůŽŽď ŶŐ
ǇŽƵ ƌĞůǇ ŽŶ ĚŽĐƵŵĞŶƚĂƌǇ ĞǀŝĚĞŶĐĞ ƚŽ ƐƵƉƉŽƌƚ ǇŽƵƌ ĚĂůĂǁĂŵƉƵ͛ƚ ĂƉĂƚ ŶĂ ŽƌĂƐ ;Ϯϰ ŚŽƵƌƐͿ ŵƵůĂ ƐĂ
ĚĞĨĞŶƐĞ͕ƚŚĞĐŽƵƌƚǁŝůůŽƌĚĞƌǇŽƵƚŽƐƵďŵŝƚŽƌŝŐŝŶĂůĐŽƉŝĞƐ ƉĂŐǁĂǁĂŬĂƐ ŶŐ ƉĂŐĚŝŶŝŐ͘ <ƵŶŐ ŝŬĂǁ ĂǇ ƵŵĂĂƐĂ ƐĂ ŵŐĂ
ŽĨ ƐƵĐŚ ĚŽĐƵŵĞŶƚƐ ǁŝƚŚŝŶ ƚŚƌĞĞ ;ϯͿ ĐĂůĞŶĚĂƌ ĚĂǇƐ ĨƌŽŵ ĚŽŬƵŵĞŶƚŽ ŶĂ ĞďŝĚĞŶƐǇĂ ƉĂƌĂ ƐƵƉŽƌƚĂŚĂŶ ĂŶŐ ŝǇŽŶŐ
ƚŚĞ ƚĞƌŵŝŶĂƚŝŽŶ ŽĨ ƚŚĞ ŚĞĂƌŝŶŐ͘ hƉŽŶ ƌĞĐĞŝƉƚ ƚŚĞƌĞŽĨ Žƌ ĚĞƉĞŶƐĂ͕ĂŶŐŚƵŬƵŵĂŶĂǇŵĂŐͲƵƵƚŽƐƐĂŝǇŽŶĂŝƐƵŵŝƚŝĂŶŐ
ĞǆƉŝƌĂƚŝŽŶ ŽĨ ƚŚĞ ƉĞƌŝŽĚ ƚŽ ĨŝůĞ͕ ƚŚĞ ĐŽƵƌƚ ǁŝůů ƌĞŶĚĞƌ ŵŐĂ ŽƌŝŚŝŶĂů ŶĂ ŬŽƉǇĂ ŶŐ ŵŐĂ ŶĂƚƵƌĂŶŐ ĚŽŬƵŵĞŶƚŽ ƐĂ
ũƵĚŐŵĞŶƚǁŝƚŚŝŶƚǁĞŶƚǇͲĨŽƵƌ;ϮϰͿŚŽƵƌƐ͘ ůŽŽď ŶŐ ƚĂƚůŽŶŐ ;ϯͿ ĂƌĂǁ ƐĂ ŬĂůĞŶĚĂƌǇŽ ŵƵůĂ ƐĂ
ƉĂŐǁĂǁĂŬĂƐŶŐƉĂŐĚŝŶŝŐ͘^ĂƉĂŐƚĂŶŐŐĂƉŶŐŚƵŬƵŵĂŶŶŐ
ŵŐĂŶĂƚƵƌĂŶŐĚŽŬƵŵĞŶƚŽŽƐĂƉĂŐŬĂƵďŽƐŶŐƉĂŶĂŚŽŶŶĂ
ŝƐƵŵŝƚŝ ŝƚŽ͕ ĂŶŐ ŚƵŬƵŵĂŶ ĂǇ ŵĂŐďŝďŝŐĂǇ ŶŐ ĚĞƐŝƐǇŽŶ ƐĂ
ůŽŽďŶŐĚĂůĂǁĂŵƉƵ͛ƚĂƉĂƚŶĂŽƌĂƐ;ϮϰŚŽƵƌƐͿ͘

ϲ͘ Ž / ŶĞĞĚ Ă ůĂǁǇĞƌ͍ zKh EEKd ,s >tzZ d <ĂŝůĂŶŐĂŶ ŬŽ ďĂ ŶŐ ĂďŽŐĂĚŽ͍ ,/E/ < DZ/E'
d, ,Z/E'͘ zŽƵŵĂǇĐŽŶƐƵůƚĂůĂǁǇĞƌďĞĨŽƌĞŽƌĂĨƚĞƌ D'^D E' K'K ^ W'/E/'͘ DĂĂĂƌŝ ŬĂŶŐ
ƚŚĞŚĞĂƌŝŶŐďƵƚƚŚĞůĂǁǇĞƌĐĂŶŶŽƚĂƉƉĞĂƌĨŽƌŽƌǁŝƚŚǇŽƵ ŬƵŵƵŶƐƵůƚĂ ƐĂ ĂďŽŐĂĚŽ ďĂŐŽ Ž ƉĂŐŬĂƚĂƉŽƐ ŶŐ ƉĂŐĚŝŶŝŐ
ĂƚƚŚĞŚĞĂƌŝŶŐ͘ ƉĞƌŽĂŶŐĂďŽŐĂĚŽĂǇŚŝŶĚŝƉŝŶĂŚŝŚŝŶƚƵůƵƚĂŶŐĚƵŵĂůŽƉĂƌĂ
ƐĂŝǇŽŽƐƵŵĂŵĂƐĂŝǇŽƐĂƉĂŐĚŝŶŝŐ͘

ϳ͘ tŚĂƚŝĨ/ĚŽŶŽƚƐƉĞĂŬŶŐůŝƐŚǁĞůů͍dŚĞũƵĚŐĞǁŝůůƐƉĞĂŬ WĂĂŶŽ ŬƵŶŐ ŚŝŶĚŝ ĂŬŽ ŵĂŬĂƉĂŐƐĂůŝƚĂŶŐ ŵĂďƵƚŝ ŶŐ
ŝŶ &ŝůŝƉŝŶŽ Žƌ ƚŚĞ ůŽĐĂů ĚŝĂůĞĐƚ͘ ĐŽƵƌƚ ŝŶƚĞƌƉƌĞƚĞƌ ƐŚĂůů /ŶŐůĞƐ͍ŶŐŚƵŬŽŵĂǇŵĂŐƐĂƐĂůŝƚĂƐĂ&ŝůŝƉŝŶŽŽƐĂůŽŬĂůŶĂ
ĂůƐŽďĞĂǀĂŝůĂďůĞŽŶƚŚĞŚĞĂƌŝŶŐĚĂǇ͘ ĚĂǇĂůĞŬƚŽ͘ /ƐĂŶŐ ƉĂŶŐŚƵŬƵŵĂŶŐ ƚĂŐĂƐĂůŝŶ ĂŶŐ ƚŝǇĂŬ ŶĂ
ƚƵƚƵůŽŶŐĚŝŶƐĂĂƌĂǁŶŐƉĂŐĚŝŶŝŐ͘
WůĂŝŶƚŝĨĨ͛Ɛ^ƚĂƚĞŵĞŶƚŽĨůĂŝŵͬƐ &ŽƌŵϭͲ^͕WĂŐĞϴŽĨϭϬ



ϴ͘ tŚĂƚŚĂƉƉĞŶƐĂƚƚŚĞŚĞĂƌŝŶŐ͍ĞƐƵƌĞǇŽƵĂƌĞŽŶƚŝŵĞĨŽƌ ŶŽ ĂŶŐ ŶĂŶŐǇĂǇĂƌŝ ƐĂ ƉĂŐĚŝŶŝŐ͍ ^ŝŐƵƌƵŚŝŶŐ ŶĂƐĂ
ƚŚĞ ŚĞĂƌŝŶŐ͘ zŽƵ ŵƵƐƚ ďƌŝŶŐ ǁŝƚŚ ǇŽƵ ƚŚĞ ŽƌŝŐŝŶĂů ƚĂŬĚĂŶŐŽƌĂƐŬĂƉĂƌĂƐĂƉĂŐĚŝŶŝŐ͘ĂƉĂƚŵŽŶŐĚĂůŚŝŶĂŶŐ
ĂĨĨŝĚĂǀŝƚƐ ŽĨ ǁŝƚŶĞƐƐĞƐ͕ ƌĞĐĞŝƉƚƐ͕ ĂŶĚ ĂŶǇ ĞǀŝĚĞŶĐĞ ǇŽƵ ŵŐĂ ŽƌŝŚŝŶĂů ŶĂ ƐŝŶƵŵƉĂĂŶŐ ƐĂůĂǇƐĂǇ ŶŐ ŵŐĂ ƐĂŬƐŝ Ž
ŶĞĞĚƚŽƉƌŽǀĞǇŽƵƌƐƚĂƚĞŵĞŶƚƐŝŶǇŽƵƌǀĞƌŝĨŝĞĚZĞƐƉŽŶƐĞ͕ ƚĞƐƚŝŐŽ͕ ŵŐĂ ƌĞƐŝďŽ͕ Ăƚ ĂŶƵŵĂŶŐ ĞďŝĚĞŶƐǇĂ ŶĂ
ŝĨƚŚĞƐĞŚĂǀĞŶŽƚďĞĞŶƉƌĞǀŝŽƵƐůǇƐƵďŵŝƚƚĞĚƚŽƚŚĞĐŽƵƌƚ͘ ŬĂŬĂŝůĂŶŐĂŶŝŶŵŽƉĂƌĂƉĂƚƵŶĂǇĂŶĂŶŐŝǇŽŶŐŵŐĂƉĂŚĂǇĂŐ
/Ĩ ǇŽƵ ĂƌĞ ƌĞƉƌĞƐĞŶƚŝŶŐ Ă ũƵƌŝĚŝĐĂů ĞŶƚŝƚǇ͕ ǇŽƵ ŵƵƐƚ ďƌŝŶŐ ƐĂŝǇŽŶŐŶĂƉĂƚƵŶĂǇĂŶŐ^ĂŐŽƚ͕ŬƵŶŐĂŶŐ ŵŐĂ ŝƚŽĂǇŚŝŶĚŝ
ǇŽƵƌ ŽƌŝŐŝŶĂů ǁƌŝƚƚĞŶ ĂƵƚŚŽƌŝƚǇ ƚŽ ĂƉƉĞĂƌ Ăƚ ƚŚĞ ŚĞĂƌŝŶŐ ŵŽƉĂŶĂŝďŝŐĂǇƐĂŚƵŬƵŵĂŶ͘<ƵŶŐŝŬĂǁĂǇŬƵŵĂŬĂƚĂǁĂŶ
ƐĂ ŝƐĂŶŐ ŽƌŐĂŶŝƐĂƐǇŽŶͬƐĂŵĂŚĂŶ ŶĂ ŬŝŶŝŬŝůĂůĂ ŶŐ ďĂƚĂƐ
ĂŶĚ ƚŽ ĞŶƚĞƌ ŝŶƚŽ ĂŶ ĂŵŝĐĂďůĞ ƐĞƚƚůĞŵĞŶƚ͕ ƐƵďŵŝƚ ƚŽ
ďŝůĂŶŐ ŝƐĂŶŐ ũƵƌŝĚŝĐĂů ĞŶƚŝƚǇ͕ ĚĂƉĂƚ ŵŽŶŐ ĚĂůŚŝŶ ĂŶŐ
ĂůƚĞƌŶĂƚŝǀĞ ŵŽĚĞƐ ŽĨ ĚŝƐƉƵƚĞ ƌĞƐŽůƵƚŝŽŶ͕ ĂŶĚ ĞŶƚĞƌ ŝŶƚŽ
ŽƌŝŚŝŶĂů ŶĂ ŶĂŬĂƐƵůĂƚ ŶĂ ŬĂƉĂŶŐǇĂƌŝŚĂŶ ƉĂƌĂ ŝŬĂǁ ĂǇ
ƐƚŝƉƵůĂƚŝŽŶƐŽƌĂĚŵŝƐƐŝŽŶƐŽĨĨĂĐƚƐĂŶĚŽĨĚŽĐƵŵĞŶƚƐ͘ ĚƵŵĂůŽ ƐĂ ƉĂŐĚŝŶŝŐ Ăƚ ƉƵŵĂǇĂŐ ƐĂ ŵĂƉĂǇĂƉĂŶŐ
ƉĂŐŬĂŬĂƐƵŶĚƵĂŶ͕ ƐƵŵĂŝůĂůŝŵ ƐĂ ĂůƚĞƌŶĂƚŝďŽŶŐ ƉĂƌĂĂŶ ŶŐ
/ĨǇŽƵŽƌǇŽƵƌƌĞƉƌĞƐĞŶƚĂƚŝǀĞĂŶĚƚŚĞƉůĂŝŶƚŝĨĨŽƌŚŝƐͬŚĞƌͬŝƚƐ ƉĂŐůƵƚĂƐ ŶŐ ƉĂŐƚĂƚĂůŽ͕ Ăƚ ƉƵŵĂǇĂŐ ƐĂ ŬĂƐƵŶĚƵĂŶ Ăƚ
ƌĞƉƌĞƐĞŶƚĂƚŝǀĞĂƉƉĞĂƌĂƚƚŚĞŚĞĂƌŝŶŐ͕ƚŚĞũƵĚŐĞǁŝůůůŝƐƚĞŶ ŐƵŵĂǁĂ ŶŐ ƉĂŐͲĂŵŝŶ ŶŐ ƉĂŶŐǇĂǇĂƌŝ Ăƚ ŶŐ ŵŐĂ
ƚŽ ďŽƚŚ ŽĨ ǇŽƵ͘ dŚĞ ũƵĚŐĞ ǁŝůů ĐŽŶĚƵĐƚ ŵĞĚŝĂƚŝŽŶ ĂŶĚ ĚŽŬƵŵĞŶƚŽ͘
ĞŶĐŽƵƌĂŐĞǇŽƵĂŶĚƚŚĞƉůĂŝŶƚŝĨĨƚŽƐĞƚƚůĞǇŽƵƌĐĂƐĞ͘/ĨǇŽƵ
ĚŽ ŶŽƚ ƐĞƚƚůĞ͕ ƚŚĞ ũƵĚŐĞ ǁŝůů ƌĞŶĚĞƌ ũƵĚŐŵĞŶƚ ǁŝƚŚŝŶ <ƵŶŐ ŝŬĂǁ Ž ĂŶŐ ŝǇŽŶŐ ŬŝŶĂƚĂǁĂŶ Ăƚ ĂŶŐ ŶĂŐŚĂŚĂďůĂ Ž
ƚǁĞŶƚǇͲĨŽƵƌ ;ϮϰͿ ŚŽƵƌƐ ĨƌŽŵ ƚĞƌŵŝŶĂƚŝŽŶ ŽĨ ƚŚĞ ŚĞĂƌŝŶŐ͘ ŬĂŶǇĂŶŐŬŝŶĂƚĂǁĂŶĂǇĚĂĚĂůŽƐĂƉĂŐĚŝŶŝŐ͕ĂŶŐŚƵŬŽŵĂǇ
zŽƵĐĂŶŶŽƚĂƉƉĞĂůƚŚĞĚĞĐŝƐŝŽŶ͘ ŵĂŬŝŬŝŶŝŐƐĂŝŶǇŽŶŐĚĂůĂǁĂ͘ŶŐŚƵŬŽŵĂǇŵĂŵĂŵĂŐŝƚĂŶ
Ăƚ ŚŝŚŝŬĂǇĂƚŝŶ ŬĂǇŽ ŶĂ ŵĂŐͲĂǇŽƐ Ăƚ ůƵƚĂƐŝŶ ĂŶŐ ŝŶǇŽŶŐ
ŬĂƐŽ͘ <ƵŶŐ ŚŝŶĚŝ ŬĂǇŽ ŵĂŐŬĂŬĂƐƵŶĚŽ͕ ŵĂŐďŝďŝŐĂǇ ŶŐ
ŚĂƚŽůĂŶŐŚƵŬƵŵĂŶƐĂůŽŽďŶŐ ĚĂůĂǁĂŵƉƵ͛ƚĂƉĂƚ;ϮϰͿ ŶĂ
ŽƌĂƐ ŵƵůĂ ƐĂ ƉĂŐǁĂŬĂƐ ŶŐ ƉĂŐĚŝŶŝŐ͘ ,ŝŶĚŝ ŬĂ ŵĂĂĂƌŝŶŐ
ŵĂŐͲĂƉĞůĂƐĂĚĞƐŝƐǇŽŶŶŐŚƵŬƵŵĂŶ͘

ϵ͘ Ž/ŚĂǀĞŽƉƚŝŽŶƐ͍zĞƐ͕ǇŽƵĐĂŶĚŽĂŶǇŽĨƚŚĞĨŽůůŽǁŝŶŐ͗ DĂǇƌŽŽŶ ďĂ ĂŬŽŶŐ ŵŐĂ ƉĂŐƉŝƉŝůŝĂŶ͍ KŽ͕ ŵĂĂĂƌŝ ŵŽŶŐ
x ^ĞƚƚůĞ ƚŚĞ ĐĂƐĞ ďĞĨŽƌĞ ƚŚĞ ŚĞĂƌŝŶŐ͘ /Ĩ ǇŽƵ ĂŶĚ ƚŚĞ ŐĂǁŝŶĂŶŐĂůŝŶŵĂŶƐĂŵŐĂƐƵŵƵƐƵŶŽĚ͗
ƉůĂŝŶƚŝĨĨĂŐƌĞĞŽŶŚŽǁƚŽƐĞƚƚůĞƚŚĞĐĂƐĞ͕ďŽƚŚŽĨǇŽƵ x ǇƵƐŝŶ ŶĂ ĂŶŐ ƵƐĂƉŝŶ ďĂŐŽ ƉĂ ĚƵŵĂƚŝŶŐ ĂŶŐ
ŵƵƐƚŶŽƚŝĨǇƚŚĞĐŽƵƌƚ͘zŽƵŵĂǇĂƐŬƚŚĞKĨĨŝĐĞŽĨƚŚĞ ƉĂŐĚŝŶŝŐ͘<ƵŶŐŝŬĂǁĂƚĂŶŐŶĂŐŚĂŚĂďůĂĂǇŵĂŐŬĂŝƐĂ
ůĞƌŬ ŽĨ ŽƵƌƚ ;KͿ Žƌ ƌĂŶĐŚ ůĞƌŬ ŽĨ ŽƵƌƚ ĨŽƌ ŬƵŶŐƉĂĂŶŽŵĂƉĂŐŬĂƐƵŶĚƵĂŶĂŶŐŬĂƐŽ͕ĚĂƉĂƚŬĂƉǁĂ
ŚĞůƉ͘ ŶŝŶǇŽ ŝƚŽ ŝƉĂĂůĂŵ ƐĂ ŚƵŬƵŵĂŶ͘ DĂĂĂƌŝŶŐ ŚƵŵŝŶŐŝ ŶŐ
x &ŝůĞ ǇŽƵƌ ǀĞƌŝĨŝĞĚ ZĞƐƉŽŶƐĞ ĂŶĚͬŽƌ ĂƉƉĞĂƌ Ăƚ ƚŚĞ ƚƵůŽŶŐƐĂKĨĨŝĐĞŽĨƚŚĞůĞƌŬŽĨŽƵƌƚ;KͿŽƐĂƌĂŶĐŚ
ŚĞĂƌŝŶŐ͘ ƌŝŶŐ ƚŚĞ ŽƌŝŐŝŶĂů ĂĨĨŝĚĂǀŝƚƐ ŽĨ ǁŝƚŶĞƐƐĞƐ͕ ůĞƌŬŽĨŽƵƌƚ
ƌĞĐĞŝƉƚƐ͕ ĂŶĚ ĂŶǇ ĞǀŝĚĞŶĐĞ ǇŽƵ ŶĞĞĚ ƚŽ ƉƌŽǀĞ ǇŽƵƌ x DĂŐŚĂŝŶ ŶŐ ŶĂƉĂƚƵŶĂǇĂŶŐ ^ĂŐŽƚ ĂƚͬŽ ĚƵŵĂůŽ ƐĂ
ĐĂƐĞ͕ŝĨƚŚĞƐĞŚĂǀĞŶŽƚďĞĞŶƉƌĞǀŝŽƵƐůǇƐƵďŵŝƚƚĞĚƚŽ
ƉĂŐĚŝŶŝŐ͘ ĂůŚŝŶ ĂŶŐ ŵŐĂ ŽƌŝŚŝŶĂů ŶĂ ƐŝŶƵŵƉĂĂŶŐ
ƚŚĞĐŽƵƌƚ͘
ƐĂůĂǇƐĂǇ ŶŐ ŵŐĂ ƐĂŬƐŝ Ž ƚĞƐƚŝŐŽ͕ ŵŐĂ ƌĞƐŝďŽ Ăƚ
x ŐƌĞĞǁŝƚŚƚŚĞƉůĂŝŶƚŝĨĨ͛ƐĐůĂŝŵĂŶĚƉĂǇƚŚĞƐĂŵĞ͘/Ĩ
ĂŶƵŵĂŶŐ ŬĂƚŝďĂǇĂŶ ŶĂ ŝǇŽŶŐ ŬĂŝůĂŶŐĂŶ ƵƉĂŶŐ
ǇŽƵĐĂŶŶŽƚƉĂǇƚŚĞĂŵŽƵŶƚĐůĂŝŵĞĚŶŽǁ͕ŐŽƚŽƚŚĞ
ŚĞĂƌŝŶŐĂŶĚŵĂŶŝĨĞƐƚďĞĨŽƌĞƚŚĞĐŽƵƌƚƚŚĂƚǇŽƵǁĂŶƚ ŵĂƉĂƚƵŶĂǇĂŶ ĂŶŐ ŝǇŽŶŐ ŬĂƐŽ͕ ŬƵŶŐ ĂŶŐ ŵŐĂ ŝƚŽ ĂǇ
ƚŽŵĂŬĞƉĂǇŵĞŶƚƐďǇŝŶƐƚĂůůŵĞŶƚ͘ ŚŝŶĚŝŵŽƉĂŶĂŝďŝŐĂǇƐĂŚƵŬƵŵĂŶ͘
x >Ğƚ ƚŚĞ ĐĂƐĞ ƉƌŽĐĞĞĚ ǁŝƚŚŽƵƚ ǇŽƵ͘ /Ĩ ǇŽƵ ĚŝĚ ŶŽƚ x ^ƵŵĂŶŐͲĂǇŽŶ ƐĂ ŚĂůĂŐĂŶŐ ƐŝŶŝƐŝŶŐŝů ŶŐ ŶĂŐŚĂŚĂďůĂ
ƐĞƚƚůĞ͕ ĚŝĚ ŶŽƚ ĨŝůĞ Ă ǀĞƌŝĨŝĞĚ ƌĞƐƉŽŶƐĞ͕ ĂŶĚ ĚŝĚ ŶŽƚ Ăƚ ďĂǇĂƌĂŶ ŝƚŽ͘ <ƵŶŐ ŚŝŶĚŝ ŵŽ ŵĂďĂǇĂƌĂŶ ĂŐĂĚ ĂŶŐ
ĂƚƚĞŶĚ ƚŚĞ ŚĞĂƌŝŶŐ͕ ƚŚĞ ũƵĚŐĞ ŵĂǇ ŐŝǀĞ ƚŚĞ ƉůĂŝŶƚŝĨĨ ŚĂůĂŐĂ ŶŐ ƐŝŶŝƐŝŶŐŝů͕ ĚƵŵĂůŽ ŬĂ ƐĂ ƉĂŐĚŝŶŝŐ Ăƚ
ǁŚĂƚ ŚĞͬƐŚĞͬŝƚ ŝƐ ƉƌĂǇŝŶŐ ĨŽƌ͕ ŝŶĐůƵĚŝŶŐ ĐŽƵƌƚ ĐŽƐƚƐ͘ ŝƉĂŚĂǇĂŐ ƐĂ ŚƵŬƵŵĂŶ ŶĂ ŐƵƐƚŽ ŵŽŶŐ ŵĂŐďĂǇĂĚ ŶŐ
/ĨƚŚŝƐŚĂƉƉĞŶƐ͕ƚŚĞĐŽƵƌƚŵĂǇŽƌĚĞƌƚŚĂƚǇŽƵƌŵŽŶĞǇ ŚƵůƵŐĂŶ͘
Žƌ ƉƌŽƉĞƌƚǇ ďĞ ƚĂŬĞŶ ƚŽ ƉĂǇ ƚŚĞ ŵŽŶĞƚĂƌǇ ĂǁĂƌĚ x ,ĂǇĂĂŶŐ ŵĂŐƉĂƚƵůŽǇ ĂŶŐ ŬĂƐŽ ŶŐ ǁĂůĂ ŬĂ͘ <ƵŶŐ
ƚŽŐĞƚŚĞƌǁŝƚŚŝŶƚĞƌĞƐƚƐĂƐƐƚĂƚĞĚŝŶƚŚĞĞĐŝƐŝŽŶ͘ ŚŝŶĚŝ ŬĂ ŶĂŬŝƉĂŐͲĂǇŽƐ͕ ŚŝŶĚŝ ŶĂŐŚĂŝŶ ŶŐ
ŶĂƉĂƚƵŶĂǇĂŶŐ ^ĂŐŽƚ͕ Ăƚ ŚŝŶĚŝ ĚƵŵĂůŽ ƐĂ ƉĂŐĚŝŶŝŐ͕
ŵĂĂĂƌŝŶŐ ŝƉĂŐŬĂůŽŽď ŶŐ ŚƵŬŽŵ ĂŶŐ ĂŶƵŵĂŶŐ
ŚŝŶŝŚŝŶŐŝ ŶŐ ŶĂŐŚĂŚĂďůĂ ƐĂ ,ĂďůĂ ŶŐ WĂŐƐŝŶŐŝů͘ <ƵŶŐ
ŶĂŶŐǇĂƌŝ ŝƚŽ͕ ŵĂĂĂƌŝŶŐ ŝƉĂŐͲƵƚŽƐ ŶŐ ŚƵŬƵŵĂŶ ŶĂ
ŬƵŚĂŝŶ ĂŶŐ ŝǇŽŶŐ ƉĞƌĂ Ž ĂƌŝͲĂƌŝĂŶ ƉĂƌĂ ďĂǇĂƌĂŶ ĂŶŐ
ŚĂůĂŐĂ ŶĂ ŝƉŝŶĂŐŬĂůŽŽď ƐĂ ĞƐŝƐǇŽŶ͕ ŬĂƐĂŵĂ ĂŶŐ
ƚƵďŽ͘
ϭϬ͘tŚĂƚ ŚĂƉƉĞŶƐ ŝĨ ƚŚĞ ƉůĂŝŶƚŝĨĨ ĚŽĞƐ ŶŽƚ ĂƉƉĞĂƌ Ăƚ ƚŚĞ ŶŽ ĂŶŐ ŵĂŶŐǇĂǇĂƌŝ ŬƵŶŐ ĂŶŐ ŶĂŐŚĂŚĂďůĂ ĂŶŐ ŚŝŶĚŝ
ŚĞĂƌŝŶŐ͍ dŚĞ ĐŽƵƌƚ ǁŝůů ĚŝƐŵŝƐƐ ƉůĂŝŶƚŝĨĨ͛Ɛ ^ƚĂƚĞŵĞŶƚ ŽĨ ĚƵŵĂůŽƐĂƉĂŐĚŝŶŝŐ͍
ůĂŝŵ ǁŝƚŚŽƵƚ ƉƌĞũƵĚŝĐĞ͘ dŚŝƐ ŵĞĂŶƐ ƚŚĂƚ ƚŚĞ ƉůĂŝŶƚŝĨĨ ŝƐ /ďĂďĂƐƵƌĂŶŐŚƵŬƵŵĂŶĂŶŐŬĂŶǇĂŶŐ,ĂďůĂƐĂWĂŐƐŝŶŐŝůŶŐ
ĂůůŽǁĞĚƚŽƌĞͲĨŝůĞƚŚĞĐůĂŝŵ͘/ĨǇŽƵ͕ƚŚĞĚĞĨĞŶĚĂŶƚ͕ĂƉƉĞĂƌƐ ǁĂůĂŶŐŬĂƉŝŶƐĂůĂĂŶͬƉĂŐƚĂƚĂŶŐŐŝ͘ŶŐŝďŝŐƐĂďŝŚŝŶŶŝƚŽĂǇ
ĂƚƚŚĞŚĞĂƌŝŶŐ͕ǇŽƵŵĂǇďĞĞŶƚŝƚůĞĚƚŽĂũƵĚŐŵĞŶƚŽŶǇŽƵƌ ƉŝŶĂƉĂǇĂŐĂŶ ĂŶŐ ŶĂŐŚĂŚĂďůĂ ŶĂ ŝƐĂŵƉĂ ŵƵůŝ ŝƚŽ͘ <ƵŶŐ
ĐŽƵŶƚĞƌĐůĂŝŵ͕ŝĨĂŶǇ͘ ŝŬĂǁ ŶĂ ŚŝŶĂŚĂďůĂ ĂǇ ĚƵŵĂůŽ ƐĂ ƉĂŐĚŝŶŝŐ͕ ŝŬĂǁ ĂǇ ŵĂǇ
ŬĂƌĂƉĂƚĂŶ ŶĂ ŵĂŬĂŬƵŚĂ ŶŐ ĚĞƐŝƐǇŽŶ ƐĂ ŝǇŽŶŐ ŐĂŶƚŝŶŐͲ
ƉĂŐƐŝŶŐŝů͕ŬƵŶŐŵĞƌŽŶŵĂŶ͘

ϭϭ͘tŚĂƚŚĂƉƉĞŶƐŝĨďŽƚŚǇŽƵĂŶĚƚŚĞƉůĂŝŶƚŝĨĨĨĂŝůƚŽĂƉƉĞĂƌ ŶŽĂŶŐŵĂŶŐǇĂǇĂƌŝŬƵŶŐŬĂƉǁĂŬĂŵŝŚŝŶĚŝĚƵŵĂůŽŶŐ
ĂƚƚŚĞŚĞĂƌŝŶŐ͍/ĨďŽƚŚǇŽƵĂŶĚƚŚĞƉůĂŝŶƚŝĨĨĨĂŝůƚŽĂƉƉĞĂƌ ŶĂŐŚĂďůĂƐĂƉĂŐĚŝŶŝŐ͍<ƵŶŐƉĂƌĞŚŽŬĂǇŽŶŐŶĂŐŚĂďůĂŶĂ
ĂƚƚŚĞŚĞĂƌŝŶŐ͕ƚŚĞĐŽƵƌƚƐŚĂůůĚŝƐŵŝƐƐǁŝƚŚƉƌĞũƵĚŝĐĞďŽƚŚ ŚŝŶĚŝ ĚƵŵĂůŽ ƐĂ ƉĂŐĚŝŶŝŐ͕ ŝďĂďĂƐƵƌĂ ŶŐ ŚƵŬƵŵĂŶ ĂŶŐ
ƚŚĞ^ƚĂƚĞŵĞŶƚŽĨůĂŝŵĂŶĚǇŽƵƌĐŽƵŶƚĞƌĐůĂŝŵ͕ŝĨĂŶǇ͘ ƉĂƌĞŚŽŶŐ ,ĂďůĂ ŶŐ WĂŐƐŝŶŐŝů Ăƚ ĂŶŐ ŝǇŽŶŐ ŐĂŶƚŝŶŐͲ
ƉĂŐƐŝŶŐŝů͕ŬƵŶŐŵĞƌŽŶŵĂŶ͘

WůĂŝŶƚŝĨĨ͛Ɛ^ƚĂƚĞŵĞŶƚŽĨůĂŝŵͬƐ &ŽƌŵϭͲ^͕WĂŐĞϵŽĨϭϬ



ϭϮ͘ tŚĂƚŚĂƉƉĞŶƐĂĨƚĞƌĂĚĞĐŝƐŝŽŶŝƐƌĞŶĚĞƌĞĚďǇƚŚĞŽƵƌƚ͍ ŶŽŶŐŵĂŶŐǇĂǇĂƌŝƉĂŐŬĂƚĂƉŽƐŶŐƉĂŐŚĂƚŽů͍<ĂƉĂŐĂŶŐ
tŚĞŶĂĚĞĐŝƐŝŽŶŝƐƌĞŶĚĞƌĞĚŝŶĨĂǀŽƌŽĨƚŚĞƉůĂŝŶƚŝĨĨ͕ĂŶĚ ĚĞƐŝƐǇŽŶ ĂǇ ƉĂďŽƌ ƐĂ ŶĂŐŚĂďůĂ͕ Ăƚ ŵĂǇ ƉĂƚƵŶĂǇ ƐĂ
ƚŚĞƌĞ ŝƐ ƉƌŽŽĨ ŽŶ ƌĞĐŽƌĚ ƚŚĂƚ ǇŽƵ ƌĞĐĞŝǀĞĚ ƚŚĞ ƐĂŵĞ͕ ƌĞĐŽƌĚͬƚĂůĂĂŶŶĂŶĂƚĂŶŐŐĂƉŵŽŝƚŽ͕ŵĂĂĂƌŝŶŐŝƉĂƚƵƉĂĚŶŐ
ƉůĂŝŶƚŝĨĨ ĐĂŶ ĐĂƵƐĞ ƚŚĞ ĞǆĞĐƵƚŝŽŶ ŽĨ ƚŚĞ ĚĞĐŝƐŝŽŶ ďǇ ĨŝůŝŶŐ ŶĂŐŚĂďůĂĂŶŐĚĞƐŝƐǇŽŶƐĂƉĂŵĂŵĂŐŝƚĂŶŶŐƉĂŐƐĂŵƉĂŶŐ
ĂŶ Ğǆ ƉĂƌƚĞ ŵŽƚŝŽŶ ;&Žƌŵ ϭϮͲ^Ϳ͘ ,ŽǁĞǀĞƌ͕ ŝĨ ƚŚĞ ĞǆƉĂƌƚĞŵŽƐǇŽŶ;&ŽƌŵϭϮͲ^Ϳ͘'ĂǇƵŶƉĂŵĂŶ͕ŬƵŶŐĂŶŐ
ĚĞĐŝƐŝŽŶŝƐďĂƐĞĚŽŶĂĐŽŵƉƌŽŵŝƐĞĂŐƌĞĞŵĞŶƚ͕ƚŚĞƉƌŽŽĨ ĚĞƐŝƐǇŽŶĂǇďĂƐĞƐĂEĂƉĂŐŬĂƐƵŶĚƵĂŶŽ<ŽŵƉƌŽŵŝƐŽ͕ĂŶŐ
ƚŚĂƚǇŽƵƌĞĐĞŝǀĞĚƚŚĞĚĞĐŝƐŝŽŶŝƐŶŽůŽŶŐĞƌŶĞĐĞƐƐĂƌǇ͘ ƉĂƚƵŶĂǇŶĂŶĂƚĂŶŐŐĂƉŵŽŝƚŽĂǇŚŝŶĚŝŶĂŬĂŝůĂŶŐĂŶ͘

dŚĞ ĚĞĐŝƐŝŽŶ ŽĨ ƚŚĞ ĐŽƵƌƚ ŝƐ ĨŝŶĂů͕ ĞǆĞĐƵƚŽƌǇ ĂŶĚ ŶŐĚĞƐŝƐǇŽŶŶŐŚƵŬƵŵĂŶĂǇǁĂŬĂƐŶĂ͕ŝƉĂƚƵƚƵƉĂĚŶĂ͕Ăƚ
ƵŶĂƉƉĞĂůĂďůĞ͘ ŚŝŶĚŝŶĂŵĂĂĂƌŝŶŐŝͲĂƉĞůĂ͘

WůĂŝŶƚŝĨĨ͛Ɛ^ƚĂƚĞŵĞŶƚŽĨůĂŝŵͬƐ &ŽƌŵϭͲ^͕WĂŐĞϭϬŽĨϭϬ


Kd,ZW>/Ed/&&^KZ&EEd^ ĂƐĞEƵŵďĞƌ͗
&KZDϭͲͲ^ /ďĂƉĂŶŐŵŐĂEĂŐŚĂŚĂďůĂŽ,ŝŶĂŚĂďůĂ
dŚŝƐĨŽƌŵŝƐĂƚƚĂĐŚĞĚƚŽ&ŽƌŵϭͲ^;^ƚĂƚĞŵĞŶƚŽĨůĂŝŵͬƐͿ͕ŝƚĞŵϭŽƌϮ͘
ŶŐĨŽƌŵŶĂŝƚŽĂǇŶĂŬĂůĂŬŝƉƐĂ&ŽƌŵϭͲ^;,ĂďůĂŶŐWĂŐƐŝŶŐŝůͿ͕ŝƚĞŵϭŽϮ͘

ϭKd,ZW>/Ed/&&



ŝƚǇ>ƵŶŐƐŽĚͬDƵŶŝĐŝƉĂůŝƚǇDƵŶŝƐŝƉĂůŝĚĂĚ WƌŽǀŝŶĐĞ>ĂůĂǁŝŐĂŶ ZĞŐŝŽŶZĞŚŝǇŽŶ


WůĂĐĞŽĨtŽƌŬͬƵƐŝŶĞƐƐ>ƵŐĂƌŶŐWŝŶĂŐƚĂƚƌĂďĂŚƵŚĂŶͬEĞŐŽƐǇŽŶŐEĂŐŚĂŚĂďůĂ



WůĂŝŶƚŝĨĨ͛ƐZĞƉƌĞƐĞŶƚĂƚŝǀĞ͕ŝĨĂƉƉůŝĐĂďůĞ<ŝŶĂƚĂǁĂŶŶŐEĂŐŚĂŚĂďůĂ͕ŬƵŶŐŵĞƌŽŶ
EĂŵĞWĂŶŐĂůĂŶŶŐ<ŝŶĂƚĂǁĂŶŶŐEĂŐŚĂŚĂďůĂ

,ŽŵĞĚĚƌĞƐƐWĂŚĂƚŝƌĂŶŐ^ƵůĂƚƐĂĂŚĂǇŶŐ<ŝŶĂƚĂǁĂŶŶŐEĂŐŚĂŚĂďůĂ



WůĂĐĞŽĨtŽƌŬ>ƵŐĂƌŶŐWŝŶĂŐƚĂƚƌĂďĂŚƵŚĂŶŶŐ<ŝŶĂƚĂǁĂŶŶŐEĂŐŚĂŚĂďůĂ



ŚĞĐŬŚĞƌĞŝĨŵŽƌĞƚŚĂŶƚŚƌĞĞ;ϯͿƉůĂŝŶƚŝĨĨƐĂŶĚĨŝůůŽƵƚĂƐŵĂŶǇ&ŽƌŵϭͲͲ^ĂƐŵĂǇďĞŶĞĐĞƐƐĂƌǇ͘
>ĂŐǇĂŶŶŐƚƐĞŬŬƵŶŐŚŝŐŝƚƐĂƚĂƚůŽ;ϯͿĂŶŐŶĂŐŚĂŚĂďůĂĂƚƉƵŶĂŶĂŶŐŵŐĂŬĂƌĂŐĚĂŐĂŶŐ&ŽƌŵϭͲͲ^͘

KƚŚĞƌWůĂŝŶƚŝĨĨƐŽƌĞĨĞŶĚĂŶƚƐ &ŽƌŵϭͲͲ^͕WĂŐĞϭŽĨϯ

WůĂŝŶƚŝĨĨĂƐĂũƵƌŝĚŝĐĂůĞŶƚŝƚǇ͕ŝĨĂƉƉůŝĐĂďůĞ:ƵƌŝĚŝĐĂůĞŶƚŝƚǇĂŶŐŶĂŐŚĂŚĂďůĂ͕ŬƵŶŐƐĂŬĂůŝ

ŚĞĐŬŚĞƌĞŝĨƚŚĞƌĞŝƐĂďŽĂƌĚƌĞƐŽůƵƚŝŽŶŽƌƐĞĐƌĞƚĂƌǇ͛ƐĐĞƌƚŝĨŝĐĂƚĞĂƚƚĂĐŚĞĚƚŽƚŚĞ^ƚĂƚĞŵĞŶƚŽĨůĂŝŵͬƐĂƵƚŚŽƌŝǌŝŶŐ
ƚŚĞƉĞƌƐŽŶƚŽĨŝůĞƚŚĞĐůĂŝŵĨŽƌƚŚĞũƵƌŝĚŝĐĂůĞŶƚŝƚǇ
>ĂŐǇĂŶŶŐƚƐĞŬŬƵŶŐŵĂǇďŽĂƌĚƌĞƐŽůƵƚŝŽŶŽƐĞĐƌĞƚĂƌǇ͛ƐĐĞƌƚŝĨŝĐĂƚĞŶĂŶĂŬĂŬĂďŝƚƐĂ^ƚĂƚĞŵĞŶƚŽĨůĂŝŵͬƐŶĂƉŝŶĂƉĂŚŝŶƚƵůƵƚĂŶĂŶŐ
ƚĂŽŶĂŝŚĂŝŶĂŶŐƉĂŶŝŶŝŶŐŝůƉĂƌĂƐĂũƵƌŝĚŝĐĂůĞŶƚŝƚǇ

ŽŶƐĞŶƚƚŽůĞĐƚƌŽŶŝĐ^ĞƌǀŝĐĞWĂŚŝŶƚƵůŽƚƉĂƌĂƐĂĞůĞĐƚƌŽŶŝĐƐĞƌǀŝĐĞ

/ŐŝǀĞŵǇĐŽŶƐĞŶƚƚŽďĞƐĞƌǀĞĚǁŝƚŚŽĨĨŝĐŝĂůĐŽƵƌƚŶŽƚŝĐĞƐ͕ƉƌŽĐĞƐƐĞƐ͕ŽƌĚĞƌƐ͕ƌĞƐŽůƵƚŝŽŶƐĂŶĚĚĞĐŝƐŝŽŶƐ͕ĂƐ
ǁĞůůĂƐĨŝůŝŶŐƐďǇƚŚĞĞĨĞŶĚĂŶƚ͕ƚŚƌŽƵŐŚ͗ EĂŐďŝďŝŐĂǇ ĂŬŽ ŶŐ ƉĂŚŝŶƚƵůŽƚ ŶĂ ŵĂŝŚĂƚŝĚ ƐĂ ĂŬŝŶ ĂŶŐ ŵŐĂ ŽƉŝƐǇĂů ŶĂ
ƉĂƵŶĂǁĂ͕ƉƌŽƐĞƐŽ͕ƵƚŽƐ͕ƌĞƐŽůƵƐǇŽŶ͕ĂƚĚĞƐŝƐǇŽŶŶŐŚƵŬƵŵĂŶ͕ƉĂƚŝĂŶŐŵŐĂƉĂŐƐĂƐĂŵƉĂŶŐŚŝŶĂŚĂďůĂ͕ƐĂƉĂŵĂŵĂŐŝƚĂŶ
ŶŐ͗
;ŚĞĐŬƚŚŽƐĞƚŚĂƚĂƉƉůǇWƵŵŝůŝƐĂŵŐĂƐƵƐƵŶŽĚĂƚůĂŐǇĂŶŶŐƚƐĞŬͿ


KƚŚĞƌWůĂŝŶƚŝĨĨƐŽƌĞĨĞŶĚĂŶƚƐ &ŽƌŵϭͲͲ^͕WĂŐĞϮŽĨϯ

ĂƐĞEƵŵďĞƌ͗

ϮKd,Z&EEd
EĂŵĞWĂŶŐĂůĂŶŶŐ,ŝŶĂŚĂďůĂ ^Ğǆ<ĂƐĂƌŝĂŶ ŐĞ ĚĂĚ ŝǀŝů^ƚĂƚƵƐ<ĂƚĂǇƵĂŶŐ^ŝďŝů

dǇƉĞŽĨĞĨĞŶĚĂŶƚhƌŝŶŐ,ŝŶĂŚĂďůĂ ŽŽƉĞƌĂƚŝǀĞ<ŽŽƉĞƌĂƚŝďĂ
/ŶĚŝǀŝĚƵĂůdĂŽͬ/ŶĚŝďŝĚǁĂů ^ŽůĞWƌŽƉƌŝĞƚŽƌƐŚŝƉ^ŽůŽŶŐWĂŶŐŵĂǇͲĂƌŝ
ŽƌƉŽƌĂƚŝŽŶ<ŽƌƉŽƌĂƐǇŽŶ
WĂƌƚŶĞƌƐŚŝƉĂŬĂƐĂŶ




WůĂĐĞŽĨtŽƌŬͬƵƐŝŶĞƐƐ>ƵŐĂƌŶŐWŝŶĂŐƚĂƚƌĂďĂŚƵŚĂŶͬEĞŐŽƐǇŽŶŐ,ŝŶĂŚĂďůĂ



ĞĨĞŶĚĂŶƚ͛ƐZĞƉƌĞƐĞŶƚĂƚŝǀĞ͕ŝĨĂƉƉůŝĐĂďůĞ<ŝŶĂƚĂǁĂŶŶŐ,ŝŶĂŚĂďůĂ͕ŬƵŶŐŵĞƌŽŶ
EĂŵĞWĂŶŐĂůĂŶŶŐ<ŝŶĂƚĂǁĂŶŶŐ,ŝŶĂŚĂďůĂ







ŚĞĐŬŚĞƌĞŝĨŵŽƌĞƚŚĂŶƚǁŽ;ϮͿĚĞĨĞŶĚĂŶƚƐĂŶĚĨŝůůŽƵƚĂƐŵĂŶǇ&ŽƌŵϭͲͲ^ĂƐŵĂǇďĞŶĞĐĞƐƐĂƌǇ͘
>ĂŐǇĂŶŶŐƚƐĞŬŬƵŶŐŚŝŐŝƚƐĂĚĂůĂǁĂ;ϮͿĂŶŐŚŝŶĂŚĂďůĂĂƚƉƵŶĂŶĂŶŐŵŐĂŬĂƌĂŐĚĂŐĂŶŐ&ŽƌŵϭͲͲ^͘

KƚŚĞƌWůĂŝŶƚŝĨĨƐŽƌĞĨĞŶĚĂŶƚƐ &ŽƌŵϭͲͲ^͕WĂŐĞϯŽĨϯ

&KZDϭͲͲ^

/E&KZDd/KE&KZd,^D>>>/D^W>/Ed/&&
<>DEWZÊ',,>
dŚŝƐŝŶĨŽƌŵĂƚŝŽŶƐŚĞĞƚŝƐǁƌŝƚƚĞŶĨŽƌƚŚĞƉĞƌƐŽŶǁŚŽƐƵĞƐŝŶƚŚĞƐŵĂůůĐůĂŝŵƐĐŽƵƌƚ͘/ƚĞǆƉůĂŝŶƐƐŽŵĞŽĨƚŚĞƌƵůĞƐŽĨ͕
ĂŶĚƐŽŵĞŐĞŶĞƌĂůŝŶĨŽƌŵĂƚŝŽŶĂďŽƵƚ͕ƚŚĞƐŵĂůůĐůĂŝŵƐĐŽƵƌƚ͘/ƚŵĂǇĂůƐŽďĞŚĞůƉĨƵůĨŽƌƚŚĞƉĞƌƐŽŶǁŚŽŝƐƐƵĞĚ͘
ŶŐĚĂŚŽŶŶŐŝŵƉŽƌŵĂƐǇŽŶŶĂŝƚŽĂǇŝƐŝŶƵůĂƚƉĂƌĂƐĂƚĂŽŶŐŶĂŐŚĂŚĂďůĂƐĂŚƵŬƵŵĂŶƉĂƌĂƐĂŚĂďůĂŶŐƉĂŐƐŝŶŐŝůŶŐŵĂůŝŝƚŶĂ
ŚĂůĂŐĂ͘/ƉŝŶĂƉĂůŝǁĂŶĂŐŶŝƚŽĂŶŐŝůĂŶƐĂŵŐĂƚƵŶƚƵŶŝŶͬƉĂƚĂŬĂƌĂŶĂƚŝůĂŶŐƉĂŶŐŬĂůĂŚĂƚĂŶŐŝŵƉŽƌŵĂƐǇŽŶƚƵŶŐŬŽůƐĂŚƵŬƵŵĂŶ
ƉĂƌĂƐĂŚĂďůĂŶŐƉĂŐƐŝŶŐŝůŶŐŵĂůŝŝƚŶĂŚĂůĂŐĂ͘DĂĂĂƌŝĚŝŶŝƚŽŶŐŵĂŐŝŶŐŬĂƉĂŬŝͲƉĂŬŝŶĂďĂŶŐƉĂƌĂƐĂƚĂŽŶŐŚŝŶĂďůĂ͘

͞^ŵĂůů ůĂŝŵƐ ZƵůĞ͟ ŝƐ Ă ƐŝŵƉůĞ ĂŶĚ ŝŶĨŽƌŵĂů ƉƌŽĐĞĚƵƌĞ ͞dƵŶƚƵŶŝŶ ƐĂ WĂŐƐŝŶŐŝů ŶŐ DĂůŝůŝŝƚ ŶĂ ,ĂůĂŐĂ͟ ĂǇ ŝƐĂŶŐ
ǁŚĞƌĞŵŽŶĞǇĐůĂŝŵƐĨŽƌWϭDŝůůŝŽŶWĞƐŽƐŽƌůĞƐƐĂƌĞŚĞĂƌĚ ƐŝŵƉůĞ Ăƚ ŝŵƉŽƌŵĂů ŶĂ ƉĂŵĂŵĂƌĂĂŶ ƐĂ ƉĂŐĚŝŶŝŐ ŬƵŶŐ
ďǇƚŚĞDĞƚƌŽƉŽůŝƚĂŶdƌŝĂůŽƵƌƚƐ;DĞdƐͿ͕DƵŶŝĐŝƉĂůdƌŝĂů ƐĂĂŶĂŶŐŚĂůĂŐĂŶŐƐĂůĂƉŝŶĂƐŝŶŝƐŝŶŐŝůĂǇWϭDŝǇŽŶŐWŝƐŽŽ
ŽƵƌƚƐ ŝŶ ŝƚŝĞƐ ;DdƐͿ͕ DƵŶŝĐŝƉĂů dƌŝĂů ŽƵƌƚƐ ;DdƐͿ ŵĂƐŵĂďĂďĂ͘ŶŐŵŐĂŝƚŽĂǇĚŝŶƵĚƵůŽŐƐĂDĞƚƌŽƉŽůŝƚĂŶ
ĂŶĚDƵŶŝĐŝƉĂůŝƌĐƵŝƚdƌŝĂůŽƵƌƚƐ;DdƐͿ͘ dƌŝĂů ŽƵƌƚƐ ;DĞdƐͿ͕ DƵŶŝĐŝƉĂů dƌŝĂů ŽƵƌƚƐ ŝŶ ŝƚŝĞƐ
;DdƐͿ͕DƵŶŝĐŝƉĂůdƌŝĂůŽƵƌƚƐ;DdƐͿĂƚDƵŶŝĐŝƉĂůŝƌĐƵŝƚ
dŚĞĐůĂŝŵŽƌĚĞŵĂŶĚŵĂǇďĞĨŽƌƚŚĞĨŽůůŽǁŝŶŐ͗ dƌŝĂůŽƵƌƚƐ;DdƐͿ͘

Ă͘ DŽŶĞǇŽǁĞĚƵŶĚĞƌĂŶǇŽĨƚŚĞĨŽůůŽǁŝŶŐ͗ ŶŐŚĂďůĂĂǇŵĂĂĂƌŝŶŐƉĂƌĂƐĂŵŐĂƐƵŵƵƐƵŶŽĚ͗
ϭͿ ŽŶƚƌĂĐƚŽĨůĞĂƐĞ
ϮͿ ŽŶƚƌĂĐƚ ŽĨ ůŽĂŶ ĂŶĚ ŽƚŚĞƌ ĐƌĞĚŝƚ Ă͘ ŶŐƐŝŶŐŝůĂǇƉĞƌĂŶĂŝŶƵƚĂŶŐƐĂŝůĂůŝŵŶŐĂůŝŶŵĂŶƐĂ
ĂĐĐŽŵŵŽĚĂƚŝŽŶƐ ŵŐĂƐƵŵƵƐƵŶŽĚ͗
ϯͿ ŽŶƚƌĂĐƚŽĨƐĞƌǀŝĐĞ ϭͿ <ŽŶƚƌĂƚĂŶŐƉĂŐͲƵƉĂ
ϰͿ ŽŶƚƌĂĐƚ ŽĨ ƐĂůĞ ŽĨ ƉĞƌƐŽŶĂů ƉƌŽƉĞƌƚǇ ;ƚŚŝƐ ϮͿ <ŽŶƚƌĂƚĂ ŶŐ ƵƚĂŶŐ Ăƚ ŝďĂ ƉĂŶŐ ĐƌĞĚŝƚ
ĞǆĐůƵĚĞƐ ƚŚĞ ƌĞĐŽǀĞƌǇ ŽĨ ƉĞƌƐŽŶĂů ƉƌŽƉĞƌƚǇ ĂĐĐŽŵŵŽĚĂƚŝŽŶ
ƵŶůĞƐƐ ŝƚ ŝƐ ƚŚĞ ƐƵďũĞĐƚ ŽĨ Ă ĐŽŵƉƌŽŵŝƐĞ ϯͿ <ŽŶƚƌĂƚĂŶŐƐĞƌďŝƐǇŽ
ĂŐƌĞĞŵĞŶƚͿ͘ ϰͿ <ŽŶƚƌĂƚĂŶŐƉĂŐďĞďĞŶƚĂŶŐƉĞƌƐŽŶĂůŶĂƉĂŐͲĂĂƌŝ
;ŚŝŶĚŝ ŬĂƐĂŵĂ ĂŶŐ ƉĂŐďĂǁŝ ŶŐ ƉĞƌƐŽŶĂů ŶĂ ƉĂŐͲ
ĂĂƌŝ ŵĂůŝďĂŶ ŬƵŶŐ ŶĂƉĂƉĂŝůĂůŝŵ ƐĂ ŝƐĂŶŐ
ŬĂƐƵŶĚƵĂŶƐĂŬŽŵƉƌŽŵŝƐŽͿ͘

ď͘ dŚĞĞŶĨŽƌĐĞŵĞŶƚŽĨĂďĂƌĂŶŐĂǇĂŵŝĐĂďůĞƐĞƚƚůĞŵĞŶƚ ď͘ ŶŐ ƉĂŐƉĂƉĂƚƵƉĂĚ ŶŐ ŝƐĂŶŐ ƉĂŐͲĂƌĞŐůŽ Ž ĂƌďŝƚƌĂƚŝŽŶ
Žƌ ĂŶ ĂƌďŝƚƌĂƚŝŽŶ ĂǁĂƌĚ ŝŶǀŽůǀŝŶŐ Ă ŵŽŶĞǇ ĐůĂŝŵ ŝĨ ĂǁĂƌĚ ŶŐ ďĂƌĂŶŐĂǇ ŶĂ ŬŝŶĂƐĂƐĂŶŐŬƵƚĂŶ ŶŐ ƉĂŐƐŝŶŐŝů
ǁŝƚŚŝŶƐŝǆ;ϲͿŵŽŶƚŚƐĨƌŽŵƚŚĞĚĂƚĞŽĨƚŚĞƐĞƚƚůĞŵĞŶƚ ƐĂƉĞƌĂ͕ŬƵŶŐƐĂůŽŽďŶŐĂŶŝŵ;ϲͿŶĂďƵǁĂŶŵƵůĂƐĂ
ŽƌĚĂƚĞŽĨƌĞĐĞŝƉƚŽĨƚŚĞĂǁĂƌĚŽƌĨƌŽŵƚŚĞĚĂƚĞƚŚĞ ƉĞƚƐĂ ŶŐ ƉĂŐ ĂƌĞŐůŽ Ž ƐĂ ƉĞƚƐĂ ŶŐ ƉĂŐƚĂŶŐŐĂƉ ŶŐ
ŽďůŝŐĂƚŝŽŶ ƐƚŝƉƵůĂƚĞĚ Žƌ ĂĚũƵĚŐĞĚ ŝŶ ƚŚĞ ĂƌďŝƚƌĂƚŝŽŶ ĂƌďŝƚƌĂƚŝŽŶ ĂǁĂƌĚ Ž ŵƵůĂ ƐĂ ƉĞƚƐĂ ŬƵŶŐ ŬĂůŝĂŶ
ĂǁĂƌĚ ďĞĐŽŵĞƐ ĚƵĞ ĂŶĚ ĚĞŵĂŶĚĂďůĞ͕ ŶŽ ĞǆĞĐƵƚŝŽŶ ŶĂŐŝŐŝŶŐ ŶĂƌĂƌĂƉĂƚ Ăƚ ŚŝŶŝŚŝŶŐŝ ĂŶŐ ŽďůŝŐĂƐǇŽŶ ŶĂ
ŚĂƐ ďĞĞŶ ĞŶĨŽƌĐĞĚ ďǇ ƚŚĞ ĂƌĂŶŐĂǇ͕ ƉƵƌƐƵĂŶƚ ƚŽ ŶĂŬĂƚĂůĂ Ž ŶĂŝŚĂƚŽů ƐĂ ĂƌďŝƚƌĂƚŝŽŶ ĂǁĂƌĚ͕ ǁĂůĂ ƉĂŶŐ
^ĞĐƚŝŽŶ ϰϭϳ ŽĨ ZĞƉƵďůŝĐ Đƚ EŽ͘ ϳϭϲϬ ;dŚĞ >ŽĐĂů ŝƉŝŶĂƉĂƚƵƉĂĚĂŶŐĂƌĂŶŐĂǇ͕ĂůŝŶƐƵŶŽĚƐĂ^ĞĐƚŝŽŶϰϭϳ
'ŽǀĞƌŶŵĞŶƚŽĚĞŽĨϭϵϵϭͿ͘ ŶŐZĞƉƵďůŝĐĐƚEŽ͘ϳϭϲϬ;dŚĞ>ŽĐĂů'ŽǀĞƌŶŵĞŶƚŽĚĞ
ŽĨϭϵϵϭͿ͘

ϭ͘ tŚŽĐĂŶĨŝůĞĂĐůĂŝŵ͍ ^ŝŶŽĂŶŐŵĂĂĂƌŝŶŐŵĂŐƐĂŵƉĂŶŐƉĂŐƐŝŶŐŝů͍
Ă͘ zŽƵŵƵƐƚďĞĂƚůĞĂƐƚĞŝŐŚƚĞĞŶ;ϭϴͿǇĞĂƌƐŽůĚƚŽĨŝůĞĂ Ă͘ /ŬĂǁ ĂǇ ĚĂƉĂƚ ŶĂ ůĂďŝŶŐǁĂůŽŶŐ ;ϭϴͿ ƚĂŽŶŐ ŐƵůĂŶŐ
ĐůĂŝŵ͘ /Ĩ ǇŽƵ ĂƌĞ ŶŽƚ ǇĞƚ ĞŝŐŚƚĞĞŶ ;ϭϴͿ͕ Ă ƉĂƌĞŶƚ Žƌ ƵƉĂŶŐŵĂŐƐĂŵƉĂŶŐƉĂŐƐŝŶŐŝů͘<ƵŶŐǁĂůĂŬĂƉĂƐĂ
ůĞŐĂůŐƵĂƌĚŝĂŶŵĂǇĨŝůĞƚŚĞĐůĂŝŵĨŽƌǇŽƵ͘ ƐĂƉĂƚ ŶĂ ŐƵůĂŶŐ͕ ŝƐĂŶŐ ŵĂŐƵůĂŶŐ Ž ĂŶŐ ŝǇŽŶŐ ůĞŐĂů
ŶĂ ƚĂŐĂƉĂŐͲĂůĂŐĂ ĂŶŐ ŵĂŐƐĂƐĂŵƉĂ ŶŐ ƉĂŐƐŝŶŐŝů
ƉĂƌĂƐĂŝǇŽ͘
ď͘ /Ĩ Ă ũƵƌŝĚŝĐĂů ĞŶƚŝƚǇ ĨŝůĞƐ Ă ĐůĂŝŵ͕ ŝƚ ƐŚĂůů ŶŽƚŝĨǇ ƚŚĞ ď͘ <ƵŶŐĂŶŐŶĂŐƐĂƐĂŵƉĂŶŐƉĂŐƐŝŶŐŝůĂǇŽƌŐĂŶŝƐĂƐǇŽŶ
ĐŽƵƌƚ ĂŶĚ ŶĂŵĞ ŝƚƐ ĂƵƚŚŽƌŝǌĞĚ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞ ŝŶ Ž ŬŽƌƉŽƌĂƐǇŽŶ ŶĂ ŬŝŶŝŬŝůĂůĂ ŶŐ ďĂƚĂƐ ďŝůĂŶŐ ŝƐĂŶŐ
ǁƌŝƚŝŶŐ͕ ĂƚƚĂĐŚŝŶŐ Ă ďŽĂƌĚ ƌĞƐŽůƵƚŝŽŶ Žƌ ƐĞĐƌĞƚĂƌǇ͛Ɛ ũƵƌŝĚŝĐĂů ĞŶƚŝƚǇ͕ŬŝŶĂŬĂŝůĂŶŐĂŶ ŶĂ ŝƉĂŐďŝŐĂǇͲĂůĂŵ ƐĂ
ĐĞƌƚŝĨŝĐĂƚĞ ƐƚĂƚŝŶŐ ƚŚĂƚ ƐƵĐŚ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞ ŝƐ ĚƵůǇ ŚƵŬƵŵĂŶ ĂŶŐ ƉĂŶŐĂůĂŶ ŶŐ ŬŝŶĂƚĂǁĂŶ ŶĂ ďŝŶŝŐǇĂŶ
ĂƵƚŚŽƌŝǌĞĚƚŽĨŝůĞƚŚĞĐůĂŝŵŝŶŝƚƐďĞŚĂůĨ͘ ŶŐ ŬĂƉĂŶŐǇĂƌŝŚĂŶ ŶĂ ŵĂŐƐĂŵƉĂ ŶŐ ŬĂƐŽ͕ ŬĂůĂŬŝƉ
ĂŶŐ ďŽĂƌĚ ƌĞƐŽůƵƚŝŽŶ Ž ƐĞĐƌĞƚĂƌǇ͛Ɛ ĐĞƌƚŝĨŝĐĂƚĞ ŶĂ
ŶĂŐƐĂƐĂĂĚ ŶĂ ĂŶŐ ŶĂƚƵƌĂŶŐ ŬŝŶĂƚĂǁĂŶ ĂǇ
ƉŝŶĂŚŝŚŝŶƚƵůƵƚĂŶ ŶĂ ŵĂŐƐĂŵƉĂ ŶŐ ƉĂŐƐŝŶŐŝů ƐĂ
ŶŐĂůĂŶŶŝƚŽ͘

Ϯ͘ tŚĂƚŵƵƐƚǇŽƵƉƌĞƉĂƌĞďĞĨŽƌĞĨŝůŝŶŐĂĐůĂŝŵ͍ ŶŽ ĂŶŐ ĚĂƉĂƚ ŵŽŶŐ ŝŚĂŶĚĂ ďĂŐŽ ŬĂ ŵĂŐƐĂŵƉĂ ŶŐ
Ă͘ ŽĐƵŵĞŶƚƐ ĂŶĚ ĞǀŝĚĞŶĐĞ ƐƵƉƉŽƌƚŝŶŐ ǇŽƵƌ ĐůĂŝŵƐ͕ ƉĂŐƐŝŶŐŝů͍
ƐƵĐŚ ĂƐ ƐŝŐŶĞĚ ĚĞĞĚƐ ĂŶĚ ĐŽŶƚƌĂĐƚƐ͕ ƉƌŽŵŝƐƐŽƌǇ Ă͘ DŐĂ ĚŽŬƵŵĞŶƚŽ Ăƚ ŬĂƚŝďĂǇĂŶ ŶĂ ƐƵŵƵƐƵƉŽƌƚĂ ƐĂ
ŶŽƚĞƐ͕ ĐŚĞĐŬƐ͕ ƌĞĐĞŝƉƚƐ͕ ĂĨĨŝĚĂǀŝƚƐ ŽĨ ǁŝƚŶĞƐƐĞƐ͕ ĂŶĚ ŝǇŽŶŐ ƉĂŐƐŝƐŝŶŐŝů ƚƵůĂĚ ŶŐ ƉŝƌŵĂĚŽŶŐ ŬĂƐƵůĂƚĂŶ Ăƚ
ŽƚŚĞƌŝŵƉŽƌƚĂŶƚĚŽĐƵŵĞŶƚƐ͘ ŬŽŶƚƌĂƚĂ͕ ŬĂƚŝďĂǇĂŶ ŶŐ ƉĂŐŬĂŬĂƵƚĂŶŐ͕ ŵŐĂ ƚƐĞŬĞ͕
ď͘ >ĂƚĞƐƚĚĞŵĂŶĚůĞƚƚĞƌ͕ŝĨĂŶǇ͕ŝƚƐ ƉƌŽŽĨŽĨƐĞƌǀŝĐĞĂŶĚ ŵŐĂ ƌĞƐŝďŽ͕ ƐĂůĂǇƐĂǇ ŶŐ ŵŐĂ ƐĂŬƐŝͬƚĞƐƚŝŐŽ͕ Ăƚ ŝďĂ
ƌĞĐĞŝƉƚ͘ ƉĂŶŐŝŵƉŽƌƚĂŶƚĞŶŐŵŐĂĚŽŬƵŵĞŶƚŽ͘
Đ͘ ĞƌƚŝĨŝĐĂƚĞ ƚŽ &ŝůĞ ĐƚŝŽŶ ĨƌŽŵ ƚŚĞ ĂƌĂŶŐĂǇ͕ ŝĨ ď͘ WŝŶĂŬĂŚƵůŝŶŐ ůŝŚĂŵ ŶŐ ƉĂŶŝŶŝŶŐŝů͕ ŬƵŶŐ ŵĞƌŽŶ͕
ŶĞĐĞƐƐĂƌǇ͕ ĂŶĚ ŽŶůǇ ǁŚĞŶ ǇŽƵ ĂŶĚ ƚŚĞ ĚĞĨĞŶĚĂŶƚ ŬĂƚŝďĂǇĂŶŶŐƉĂŐƉĂƉĂĚĂůĂĂƚƉĂŐŬĂƚĂŶŐŐĂƉŶŝƚŽ͘
ƌĞƐŝĚĞǁŝƚŚŝŶƚŚĞƐĂŵĞŵƵŶŝĐŝƉĂůŝƚǇŽƌĐŝƚǇ͘
Đ͘ <ĂƚŝďĂǇĂŶ ƵƉĂŶŐ ƵŵƵůŽŐ ƐĂ ,ƵŬƵŵĂŶ ŐĂůŝŶŐ ƐĂ
Ě͘ /ĨǇŽƵĐĂŶŶŽƚĂƚƚĞŶĚƚŚĞŚĞĂƌŝŶŐ͕Ă^ƉĞĐŝĂůWŽǁĞƌŽĨ

/ŶĨŽƌŵĂƚŝŽŶĨŽƌWůĂŝŶƚŝĨĨ &ŽƌŵϭͲͲ^͕WĂŐĞϭŽĨϲ



&KZDϭͲͲ^

ƚƚŽƌŶĞǇ ;^WͿ͕ ďŽĂƌĚ ƌĞƐŽůƵƚŝŽŶ Žƌ ƐĞĐƌĞƚĂƌǇ͛Ɛ ĂƌĂŶŐĂǇŬƵŶŐŝŬĂǁĂƚĂŶŐŚŝŶĂŚĂďůĂĂǇŶĂŬĂƚŝƌĂƐĂ

ĐĞƌƚŝĨŝĐĂƚĞ͕ ĂƐ ƚŚĞ ĐĂƐĞ ŵĂǇ ďĞ͕ ĂƵƚŚŽƌŝǌŝŶŐ ǇŽƵƌ ŝŝƐĂŶŐŵƵŶŝƐŝƉǇŽŽůƵŶŐƐŽĚ͘
ƌĞƉƌĞƐĞŶƚĂƚŝǀĞ ƚŽ ƌĞƉƌĞƐĞŶƚ ǇŽƵ ĚƵƌŝŶŐ ƚŚĞ ŚĞĂƌŝŶŐ͕ Ě͘ <ƵŶŐ ŚŝŶĚŝ ŵŽ ŬĂǇĂŶŐ ĚƵŵĂůŽ ƐĂ ƉĂŐĚŝŶŝŐ͕ ŝƐĂŶŐ
ĞŶƚĞƌ ŝŶƚŽ ĂŶ ĂŵŝĐĂďůĞ ƐĞƚƚůĞŵĞŶƚ͕ ƐƵďŵŝƚ ƚŽ EĂƚĂƚĂŶŐŝŶŐ 'ĂǁĂĚͲ<ĂƉĂŶŐǇĂƌŝŚĂŶ ;^WͿ͕ ďŽĂƌĚ
ĂůƚĞƌŶĂƚŝǀĞ ŵŽĚĞƐ ŽĨ ĚŝƐƉƵƚĞ ƌĞƐŽůƵƚŝŽŶ͕ ĂŶĚ ŵĂŬĞ ƌĞƐŽůƵƚŝŽŶ Ž ƐĞĐƌĞƚĂƌǇ͛Ɛ ĐĞƌƚŝĨŝĐĂƚĞ͕ ŬƵŶŐ ƐĂĂŶ ŵĂŶ ŝƚŽ
ĂĚŵŝƐƐŝŽŶ Žƌ ƐƚŝƉƵůĂƚŝŽŶƐ ŽĨ ĨĂĐƚƐ ĂŶĚ ĚŽĐƵŵĞŶƚƐ ŶĂĂĂǇŽŶ͕ ŶĂ ŶĂŐƉĂƉĂŚŝŶƚƵůŽƚ ƐĂ ŝǇŽŶŐ ŬŝŶĂƚĂǁĂŶ ŶĂ
ǁŝƚŚŽƵƚĨƵƌƚŚĞƌĐŽŶƐƵůƚĂƚŝŽŶĨƌŽŵǇŽƵ͘ ŬƵŵĂƚĂǁĂŶ ƐĂ ŝǇŽ ƐĂ ƉĂŶĂŚŽŶ ŶŐ ƉĂŐĚŝŶŝŐ͕ ƉƵŵĂǇĂŐ
Ğ͘ /ĨǇŽƵĂƌĞĨŝůŝŶŐƚŚĞĐůĂŝŵŝŶďĞŚĂůĨŽĨĂůĞŐĂůĞŶƚŝƚǇ͕Ă ƐĂŝƐĂŶŐŵĂƉĂǇĂƉĂŶŐƉĂŐŬĂŬĂƐƵŶĚƵĂŶ͕ƐƵŵĂŝůĂůŝŵƐĂ
ƐĞĐƌĞƚĂƌǇ͛ƐĐĞƌƚŝĨŝĐĂƚĞŽƌďŽĂƌĚƌĞƐŽůƵƚŝŽŶĂƵƚŚŽƌŝǌŝŶŐ ĂůƚĞƌŶĂƚŝďŽŶŐ ƉĂƌĂĂŶ ŶŐ ƉĂŐůƵƚĂƐ ŶŐ ƉĂŐƚĂƚĂůŽ͕ Ăƚ
ǇŽƵƚŽĨŝůĞƚŚĞĐĂƐĞ͘ ŐƵŵĂǁĂ ŶŐ ƉĂŐͲĂŵŝŶ Ž ƉƵŵĂƐŽŬ ƐĂ ŬĂƐƵŶĚƵĂŶ ŶŐ
ŵŐĂƉĂŶŐǇĂǇĂƌŝĂƚĚŽŬƵŵĞŶƚŽŶŐǁĂůĂŶŐŬĂƌĂŐĚĂŐĂŶ
ŬŽŶƐƵůƚĂƐǇŽŶŵƵůĂƐĂŝǇŽ͘
Ğ͘ <ƵŶŐ ĂŶŐ ƉĂŐƐĂŵƉĂ ŶŐ ƉĂŐƐŝŶŐŝů ĂǇ ƐĂ ŶŐĂůĂŶ ŶŐ
ŝƐĂŶŐ ũƵƌŝĚŝĐĂů ĞŶƚŝƚǇ͕ ŬŝŶĂŬĂŝůĂŶŐĂŶ ĂŶŐ ƐĞĐƌĞƚĂƌǇ͛Ɛ
ĐĞƌƚŝĨŝĐĂƚĞŽďŽĂƌĚƌĞƐŽůƵƚŝŽŶŶĂŶĂŐƉĂƉĂŚŝŶƚƵůŽƚƐĂ
ŝǇŽŶĂŝƐĂŵƉĂĂŶŐŬĂƐŽ͘

ϯ͘ tŚĞƌĞĐĂŶǇŽƵĨŝůĞǇŽƵƌĐůĂŝŵ͍zŽƵŵƵƐƚƐƵĞŝŶƚŚĞƌŝŐŚƚ ^ĂĂŶŬĂŵĂĂĂƌŝŶŐŵĂŐƐĂŵƉĂŶŐŝǇŽŶŐƉĂŐƐŝŶŐŝů͍ĂƉĂƚ
ĐŽƵƌƚ ĂŶĚ ůŽĐĂƚŝŽŶ͘ dŚŝƐ ƌƵůĞ ŝƐ ĐĂůůĞĚ ǀĞŶƵĞ͘ /Ĩ ǇŽƵ ĨŝůĞ ŬĂŶŐ ŵĂŐƐĂŵƉĂ ƐĂ ƚĂŵĂŶŐ ŚƵŬƵŵĂŶ Ăƚ ůŽŬĂƐǇŽŶ͘ ŶŐ
ǇŽƵƌ ĐůĂŝŵ ŝŶ ƚŚĞ ǁƌŽŶŐ ĐŽƵƌƚ͕ ƚŚĞ ĐŽƵƌƚ ĐĂŶ ĚŝƐŵŝƐƐ ƚŚĞ ƉĂŶƵŶƚƵŶĂŶŶĂŝƚŽĂǇƚŝŶĂƚĂǁĂŐŶĂǀĞŶƵĞ͘<ƵŶŐŝƐĂƐĂŵƉĂ
ĐůĂŝŵ͘ dŚĞ ƌĞŐƵůĂƌ ƌƵůĞƐ ŽŶ ǀĞŶƵĞ ƐŚĂůů ĂƉƉůǇ͕ ŝ͘Ğ͕͘ ǁŚĞƌĞ ŵŽ ĂŶŐ ƉĂŐƐŝŶŐŝů ƐĂ ŵĂůŝŶŐ ŚƵŬƵŵĂŶ͕ ƉƵǁĞĚĞ ŝƚŽŶŐ
ǇŽƵ Žƌ ƚŚĞ ĚĞĨĞŶĚĂŶƚ ƌĞƐŝĚĞƐ͕ Žƌ ŝŶ ƚŚĞ ĐĂƐĞ ŽĨ Ă ŶŽŶͲ ŝďĂƐƵƌĂŶŐŚƵŬƵŵĂŶ͘ŶŐƌĞŐƵůĂƌŶĂƉĂŶƵŶƚƵŶĂŶƐĂǀĞŶƵĞ
ƌĞƐŝĚĞŶƚĚĞĨĞŶĚĂŶƚǁŚĞƌĞŚĞŽƌƐŚĞŵĂǇďĞĨŽƵŶĚ͕ĂƚǇŽƵƌ ĂŶŐŶĂƌĂƌĂƉĂƚŶĂƐƵŶĚŝŶ͕ŚĂůŝŵďĂǁĂ͕ŬƵŶŐƐĂĂŶŬĂŽĂŶŐ
ŚŝŶĂŚĂďůĂ ĂǇ ŶĂŬĂƚŝƌĂ͕ Ž ŬƵŶŐ ƐĂŬĂůŝ ŵĂŶ ŶĂ ĂŶŐ
ŽƉƚŝŽŶ͘
ŚŝŶĂŚĂďůĂ ĂǇ ŚŝŶĚŝ ƌĞƐŝĚĞŶƚĞ͕ ĂŶŐ ǀĞŶƵĞ ĂǇ ĚŽŽŶ ƐĂ ůƵŐĂƌ

ŬƵŶŐ ƐĂĂŶ ƐŝǇĂ ŵĂƚĂƚĂŐƉƵĂŶ͕ ďĂƐĞ ƐĂ ŝǇŽŶŐ ŽƉƐǇŽŶ Ž
,ŽǁĞǀĞƌ͕ŝĨǇŽƵĂƌĞĞŶŐĂŐĞĚŝŶƚŚĞďƵƐŝŶĞƐƐŽĨůĞŶĚŝŶŐ͕
ƉĂŐƉŝůŝ͘
ďĂŶŬŝŶŐ ĂŶĚ ƐŝŵŝůĂƌ ĂĐƚŝǀŝƚŝĞƐ͕ ĂŶĚ ŚĂǀĞ Ă ďƌĂŶĐŚ ǁŝƚŚŝŶ

ƚŚĞŵƵŶŝĐŝƉĂůŝƚǇŽƌĐŝƚǇǁŚĞƌĞƚŚĞĚĞĨĞŶĚĂŶƚƌĞƐŝĚĞƐŽƌŝƐ
'ĂǇƵŶƉĂŵĂŶ͕ ŬƵŶŐ ŝŬĂǁ ĂǇ ŶĂƐĂ ŶĞŐŽƐǇŽ ŶŐ
ŚŽůĚŝŶŐďƵƐŝŶĞƐƐ͕ƚŚĞĐĂƐĞƐŚĂůůďĞĨŝůĞĚŝŶƚŚĞĐŽƵƌƚŽĨƚŚĞ
ƉĂŐƉĂƉĂƵƚĂŶŐ͕ďĂŶŐŬŽĂƚŝďĂƉĂŶŐŬĂƚƵůĂĚŶĂŶĞŐŽƐǇŽ͕Ăƚ
ĐŝƚǇ Žƌ ŵƵŶŝĐŝƉĂůŝƚǇ ǁŚĞƌĞ ƚŚĞ ĚĞĨĞŶĚĂŶƚ ƌĞƐŝĚĞƐ Žƌ ŝƐ
ŵĞƌŽŶ ŬĂŶŐ ƐĂŶŐĂǇ ŶŐ ŶĞŐŽƐǇŽ ƐĂ ůŽŽď ŶŐ ŵƵŶŝƐŝƉǇŽ Ž
ŚŽůĚŝŶŐďƵƐŝŶĞƐƐ͘/ĨƚŚĞƌĞĂƌĞƚǁŽ;ϮͿŽƌŵŽƌĞĚĞĨĞŶĚĂŶƚƐ͕
ůƵŶŐƐŽĚ ŬƵŶŐ ƐĂĂŶ ŶĂŬĂƚŝƌĂ Ž ŶĂŐŶĞŶĞŐŽƐǇŽ ĂŶŐ
ƚŚĞ ĐĂƐĞ ƐŚĂůů ďĞ ĨŝůĞĚ ŝŶ ƚŚĞ ĐŽƵƌƚ ŽĨ ƚŚĞ ĐŝƚǇ Žƌ
ŚŝŶĂŚĂďůĂ͕ĂŶŐŬĂƐŽŶŐƉĂŐƐŝŶŐŝůĂǇŝƐĂƐĂŵƉĂƐĂŚƵŬƵŵĂŶ
ŵƵŶŝĐŝƉĂůŝƚǇ ǁŚĞƌĞ ĂŶǇ ŽĨ ƚŚĞŵ ƌĞƐŝĚĞƐ Žƌ ŝƐ ŚŽůĚŝŶŐ
ŶŐ ůƵŶŐƐŽĚ Ž ŵƵŶŝƐŝƉǇŽ ŬƵŶŐ ƐĂĂŶ ŶĂŬĂƚŝƌĂ Ž
ďƵƐŝŶĞƐƐ͕ĂƚǇŽƵƌŽƉƚŝŽŶ͘
ŶĂŐŶĞŶĞŐŽƐǇŽ ĂŶŐ ŚŝŶĂŚĂďůĂ͘ <ƵŶŐ ĚĂůĂǁĂ ;ϮͿ Ž ŚŝŐŝƚ ƉĂ

ĂŶŐ ŵŐĂ ŚŝŶĂŚĂďůĂ͕ ĂŶŐ ƉĂŶŝŶŝŶŐŝů ĂǇ ĚĂƉĂƚ ŝƐĂŵƉĂ ƐĂ

ůƵŶŐƐŽĚ Ž ŵƵŶŝƐŝƉǇŽ ŬƵŶŐ ƐĂĂŶ ĂŶŐ ĂůŝŶŵĂŶ ƐĂ ŬĂŶŝůĂ ĂǇ
ŶĂŶŝŶŝƌĂŚĂŶ Ž ŵĂǇƌŽŽŶŐ ŶĞŐŽƐǇŽ͕ ĂǇŽŶ ƐĂ ŝǇŽŶŐ
ƉĂŐƉŝƉŝůŝĂŶ͘

ϰ͘ ,ŽǁĚŽ/ĨŝůĞŵǇĐůĂŝŵ͍ WĂĂŶŽŬŽŝƐĂƐĂŵƉĂĂŶŐĂŬŝŶŐƉĂŐƐŝŶŐŝů͍
Ă͘ &ŝůůŽƵƚ&ŽƌŵϭͲ^;^ƚĂƚĞŵĞŶƚŽĨůĂŝŵͿ͘ Ă͘ WƵŶĂŶͬ^ĂŐƵƚĂŶ ĂŶŐ &Žƌŵ ϭͲ^ ;,ĂďůĂ ŶŐ
ď͘ ƚƚĂĐŚ Ăůů ĚŽĐƵŵĞŶƚƐ ĂŶĚ ĞǀŝĚĞŶĐĞ ƐƵƉƉŽƌƚŝŶŐ ǇŽƵƌ WĂŐƐŝŶŐŝůͿ͘
ĐůĂŝŵ͘ ď͘ /ůĂŬŝƉ ĂŶŐ ůĂŚĂƚ ŶŐ ĚŽŬƵŵĞŶƚŽ Ăƚ ĞďŝĚĞŶƐǇĂ ŶĂ
Đ͘ DĂŬĞĂƐŵĂŶǇĐŽƉŝĞƐŽĨĂůůƉĂŐĞƐŽĨ&ŽƌŵϭͲ^ĂŶĚ ƐƵŵƵƐƵƉŽƌƚĂƐĂŝǇŽŶŐƉĂŐƐŝŶŐŝů͘
ǇŽƵƌƐƵƉƉŽƌƚŝŶŐĚŽĐƵŵĞŶƚƐĂƐƚŚĞƌĞĂƌĞĚĞĨĞŶĚĂŶƚƐ͘ Đ͘ 'ĂǁĂŶ ŶŐ ŬŽƉǇĂ ĂŶŐ ůĂŚĂƚ ŶŐ ƉĂŚŝŶĂ ŶŐ &Žƌŵ
Ě͘ /Ĩ ƚŚĞ ŽƌŝŐŝŶĂů ĚŽĐƵŵĞŶƚƐ ĐŽŶƐŝƐƚ ŽĨ ƌĞĐŽƌĚƐ ƚŚĂƚ ϭͲ^ Ăƚ ŶŐ ŝǇŽŶŐ ŵŐĂ ƉĂŶŐͲĂůĂůĂǇ ŶĂ
ĐŽƵůĚ ŶŽƚ ďĞ ƐĞƉĂƌĂƚĞĚ͕ ǇŽƵ ĐĂŶ ƉŚŽƚŽĐŽƉǇ ƚŚĞ ĚŽŬƵŵĞŶƚŽ͘ŶŐĚĂŵŝŶŐŬŽƉǇĂĂǇĚĂƉĂƚŬĂƐŝŶŐ
ƉĞƌƚŝŶĞŶƚ ĚŽĐƵŵĞŶƚ ĂŶĚ ŚĂǀĞ ŝƚ ĐĞƌƚŝĨŝĞĚ ďǇ ƚŚĞ
ĚĂŵŝŶŐŵŐĂŚŝŶĂŚĂďůĂ͘
ůĞƌŬ ŽĨ ŽƵƌƚ ŽĨ ƚŚĞ KĨĨŝĐĞ ŽĨ ƚŚĞ ůĞƌŬ ŽĨ ŽƵƌƚ
Ě͘ <ƵŶŐ ĂŶŐ ŽƌŝŚŝŶĂů ŶĂ ĚŽŬƵŵĞŶƚŽ ĂǇ ďŝŶƵďƵŽ ŶŐ
;KͿĂƐĂĨĂŝƚŚĨƵůƌĞƉƌŽĚƵĐƚŝŽŶŽĨƚŚĞŽƌŝŐŝŶĂů͘
Ğ͘ ,ĂǀĞ&ŽƌŵϭͲ^ĂŶĚĂůůƐƵƉƉŽƌƚŝŶŐĚŽĐƵŵĞŶƚƐĂŶĚ ŵŐĂ ƚĂůĂĂŶ ŶĂ ŚŝŶĚŝ ŵĂƉĂŐŚŝǁĂůĂǇ͕ ŵĂĂĂƌŝ
ĐŽƉŝĞƐ ƚŚĞƌĞŽĨ ŶŽƚĂƌŝǌĞĚ Žƌ ĂĚŵŝŶŝƐƚĞƌĞĚ ďǇ ĞŝƚŚĞƌ ŵŽŶŐ ŝƉĂŬŽƉǇĂ ĂŶŐ ŶĂƵƵŬŽů ŶĂ ĚŽŬƵŵĞŶƚŽ Ăƚ
ƚŚĞŶŽƚĂƌǇƉƵďůŝĐ͕ůĞƌŬŽĨŽƵƌƚŽĨƚŚĞKĨĨŝĐĞŽĨƚŚĞ ŝƉĂƐĞƌƚŝƉŝŬĂĚŽ ƐĂ ůĞƌŬ ŽĨ ŽƵƌƚ ŶŐ KĨĨŝĐĞ ŽĨ ƚŚĞ
ůĞƌŬ ŽĨ ŽƵƌƚ ;KͿ ǁŚĞƌĞ ƚŚĞ ĐĂƐĞ ŝƐ ĨŝůĞĚ͕ ĂŶǇ ůĞƌŬŽĨŽƵƌƚ;KͿŶĂŝƚŽĂǇƚĂƉĂƚŶĂŬŽƉǇĂŶŐ
ƌĂŶĐŚůĞƌŬŽĨŽƵƌƚ͕ŽƌĂĂƌĂŶŐĂǇŚĂŝƌƉĞƌƐŽŶ͘ ŽƌŝŚŝŶĂů͘
Ĩ͘ WĂǇƚŚĞĨŝůŝŶŐĨĞĞ;ĞǆĐĞƉƚŝĨǇŽƵƌŵŽƚŝŽŶƚŽƉůĞĂĚĂƐ Ğ͘ <ĂŝůĂŶŐĂŶŶĂĂŶŐ&ŽƌŵϭͲ^ĂƚůĂŚĂƚŶŐŬĂůĂŬŝƉ
ĂŶ ŝŶĚŝŐĞŶƚ ŚĂƐ ďĞĞŶ ŐƌĂŶƚĞĚ ďǇ ƚŚĞ ǆĞĐƵƚŝǀĞ ŶĂ ƉĂŶŐͲĂůĂůĂǇ ŶĂ ĚŽŬƵŵĞŶƚŽ͕ ƉĂƚŝ ĂŶŐ ŵŐĂ
:ƵĚŐĞͿ͘ ŬŽƉǇĂ ŶŝƚŽ͕ ĂǇ ŶŝůĂŐĚĂĂŶ Ăƚ ƐŝŶƵŵƉĂĂŶ ĂůŝŶŵĂŶ
Ő͘ 'ĞƚƚŚĞĚĂƚĞĂŶĚƚŝŵĞŽĨǇŽƵƌŚĞĂƌŝŶŐĨƌŽŵƚŚĞĐŽƵƌƚ ƐĂŚĂƌĂƉŶŐŶŽƚĂƌǇŽƉƵďůŝŬŽŽůĞƌŬŽĨŽƵƌƚŶŐ
ƚŽǁŚŝĐŚǇŽƵƌĐĂƐĞǁĂƐƌĂĨĨůĞĚŽƌĂƐƐŝŐŶĞĚ͘ K ŬƵŶŐ ƐĂĂŶ ŝƐĂƐĂŵƉĂ ĂŶŐ ŬĂƐŽ Ž ƌĂŶĐŚ
ůĞƌŬŽĨŽƵƌƚŽWƵŶŽŶŐĂƌĂŶŐĂǇ͘
Ĩ͘ DĂŐďĂǇĂĚ ŶŐ ďĂǇĂƌŝŶ ƐĂ ƉĂŐƐĂŵƉĂ ;ŵĂůŝďĂŶ
ŬƵŶŐ ŝŬĂǁ ĂǇ ƉŝŶĂǇĂŐĂŶ ŶŐ ǆĞĐƵƚŝǀĞ :ƵĚŐĞ ŶĂ
ŵĂŬĂƉĂŐƐĂŵƉĂ ŶŐ ŬĂƐŽ ďŝůĂŶŐ ŝŶĚŝŐĞŶƚ Ž ŝƐĂŶŐ
ƚĂŽŶŐǁĂůĂŶŐƐĂƉĂƚŶĂŬĂďƵŚĂǇĂŶͿ͘

/ŶĨŽƌŵĂƚŝŽŶĨŽƌWůĂŝŶƚŝĨĨ &ŽƌŵϭͲͲ^͕WĂŐĞϮŽĨϲ



&KZDϭͲͲ^

Ő͘ ůĂŵŝŶ ĂŶŐ ĂƌĂǁ Ăƚ ŽƌĂƐ ŶŐ ƉĂŐĚŝŶŝŐ ŵƵůĂ ƐĂ

ŚƵŬƵŵĂŶŬƵŶŐƐĂĂŶĂŶŐŝǇŽŶŐŬĂƐŽĂǇŶĂƌŝƉĂŽ
ŶĂŝƚĂůĂŐĂ͘

ϱ͘ tŚĂƚ ŝĨ / ĐĂŶŶŽƚ ĂĨĨŽƌĚ ƚŽ ƉĂǇ ƚŚĞ ĨŝůŝŶŐ ĨĞĞ͍ /Ĩ ǇŽƵ ĂƌĞ WĂĂŶŽ ŬƵŶŐ ŚŝŶĚŝ ŬŽ ŬĂǇĂŶŐ ďĂǇĂƌĂŶ ĂŶŐ ďĂǇĂƌŝŶ ƐĂ
ƵŶĂďůĞƚŽƉĂǇƚŚĞĨŝůŝŶŐĨĞĞďĞĐĂƵƐĞǇŽƵŚĂǀĞŶŽĂĚĞƋƵĂƚĞ ƉĂŐƐĂŵƉĂ͍ <ƵŶŐ ŚŝŶĚŝ ŵŽ ŵĂďĂǇĂƌĂŶ ĂŶŐ ďĂǇĂƌŝŶ ƐĂ
ĨŝŶĂŶĐŝĂů ŵĞĂŶƐ͕ ǇŽƵ ŵĂǇ ĨŝůĞ ƚŚĞ ĐĂƐĞ ĂƐ ĂŶ ŝŶĚŝŐĞŶƚ ďǇ ƉĂŐƐĂŵƉĂ ĚĂŚŝů ǁĂůĂ ŬĂŶŐ ƐĂƉĂƚ ŶĂ ŬĂŬĂǇĂŚĂŶŐ
ĨŝůůŝŶŐ ŽƵƚ &Žƌŵ ϲͲ^ ĂŶĚ ĂƚƚĂĐŚŝŶŐ ƚŚĞ ĨŽůůŽǁŝŶŐ ƉŝŶĂŶƐǇĂů͕ ŵĂĂĂƌŝ ŬĂŶŐ ŵĂŐƐĂŵƉĂ ŶŐ ŬĂƐŽ ďŝůĂŶŐ ŝƐĂŶŐ
ĚŽĐƵŵĞŶƚƐ͗ ŝŶĚŝŐĞŶƚ ;ƚĂŽŶŐ ǁĂůĂŶŐ ƐĂƉĂƚ ŶĂ ŬĂďƵŚĂǇĂŶͿ ƐĂ
Ă͘ ĨĨŝĚĂǀŝƚŽĨ/ŶĚŝŐĞŶĐǇ ƉĂŵĂŵĂŐŝƚĂŶŶŐƉĂŐƉƵŶĂŶŽƉĂŐƐĂŐŽƚŶŐ&ŽƌŵϲͲ^Ăƚ
ď͘ ĂƌĂŶŐĂǇĞƌƚŝĨŝĐĂƚĞŽĨ/ŶĚŝŐĞŶĐǇ ŶĂŐůĂůĂŬŝƉŶŐŵŐĂƐƵŵƵƐƵŶŽĚŶĂĚŽŬƵŵĞŶƚŽ͗
Đ͘ ŝƚǇŽƌDƵŶŝĐŝƉĂůƐƐĞƐƐŽƌ͛ƐĞƌƚŝĨŝĐĂƚĞ
Ě͘ ŝƚǇŽƌDƵŶŝĐŝƉĂůdƌĞĂƐƵƌĞƌ͛ƐKĨĨŝĐĞĞƌƚŝĨŝĐĂƚĞ Ă͘ ^ŝŶƵŵƉĂĂŶŐ ^ĂůĂǇƐĂǇ ŶĂ tĂůĂŶŐ ^ĂƉĂƚ ŶĂ
Ğ͘ ĨĨŝĚĂǀŝƚŽĨƚǁŽ;ϮͿĚŝƐŝŶƚĞƌĞƐƚĞĚƉĞƌƐŽŶƐ <ĂďƵŚĂǇĂŶ
ď͘ <ĂƚŝďĂǇĂŶ ŶŐ ĂƌĂŶŐĂǇ ŶĂ tĂůĂŶŐ ^ĂƉĂƚ ŶĂ
<ĂďƵŚĂǇĂŶ
Đ͘ <ĂƚŝďĂǇĂŶ ŶŐ dĂŐĂƚĂƐĂ ;ĂƐƐĞƐƐŽƌͿ ŶŐ >ƵŶŐƐŽĚ Ž
DƵŶŝƐŝƉǇŽ
Ě͘ <ĂƚŝďĂǇĂŶ ŶŐ dĂŶŐŐĂƉĂŶ ŶŐ WĂŵďĂǇĂŶŐ /ŶŐĂƚͲ
zĂŵĂŶŶŐ>ƵŶŐƐŽĚŽDƵŶŝƐŝƉǇŽ
Ğ͘ ^ŝŶƵŵƉĂĂŶŐ ^ĂůĂǇƐĂǇ ŶŐ ĚĂůĂǁĂŶŐ ;ϮͿ ƚĂŽŶŐ
ǁĂůĂŶŐŝŶƚĞƌĞƐƐĂŬĂƐŽ

ϲ͘ ,Žǁ ĚŽĞƐ ƚŚĞ ĚĞĨĞŶĚĂŶƚ ĨŝŶĚ ŽƵƚ ĂďŽƵƚ ƚŚĞ ĐůĂŝŵ͍ zŽƵ WĂĂŶŽ ŵĂůĂůĂŵĂŶ ŶŐ ŚŝŶĂŚĂďůĂ ĂŶŐ ƚƵŶŐŬŽů ƐĂ
ŵƵƐƚ ŵĂŬĞ ƐƵƌĞ ƚŚĞ ĚĞĨĞŶĚĂŶƚ ĨŝŶĚƐ ŽƵƚ ĂďŽƵƚ ǇŽƵƌ ƉĂŐƐŝŶŐŝů͍ ĂƉĂƚ ŵŽŶŐ ƐŝŐƵƌĂĚƵŚŝŶ ŶĂ ŵĂůĂŵĂŶ ŶŐ
ůĂǁƐƵŝƚ͘ dŚŝƐ ŚĂƐ ƚŽ ďĞ ĚŽŶĞ ĂĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞ ƌƵůĞƐ͘ ŚŝŶĂŚĂďůĂ ĂŶŐ ƚƵŶŐŬŽů ƐĂ ŝǇŽŶŐ ŬĂƐŽ͘ <ĂŝůĂŶŐĂŶ ŝƚŽ ĂǇ
KƚŚĞƌǁŝƐĞ͕ ǇŽƵƌ ĐĂƐĞ ŵĂǇ ďĞ ĚĞůĂǇĞĚ Žƌ ĚŝƐŵŝƐƐĞĚ͘ dŚĞ ŵĂŐĂǁĂ ĂůŝŶƐƵŶŽĚ ƐĂ ŵŐĂ ƚƵŶƚƵŶŝŶ Ž ƉĂƚĂŬĂƌĂŶ͘ <ƵŶŐ
ĐŽƌƌĞĐƚ ǁĂǇ ŽĨ ƚĞůůŝŶŐ ƚŚĞ ĚĞĨĞŶĚĂŶƚ ĂďŽƵƚ ƚŚĞ ůĂǁƐƵŝƚ ŝƐ ŚŝŶĚŝ͕ĂŶŐŝǇŽŶŐŬĂƐŽĂǇŵĂĂĂƌŝŶŐŵĂĂŶƚĂůĂŽŵĂďĂƐƵƌĂ͘
ĐĂůůĞĚ ƐĞƌǀŝĐĞ ŽĨ ƉƌŽĐĞƐƐ͘ dŚŝƐ ŵĞĂŶƐ ƐĞƌǀŝŶŐ ^ƵŵŵŽŶƐ ŶŐ ƚĂŵĂŶŐ ƉĂƌĂĂŶ ŶŐ ƉĂŐďŝďŝŐĂǇ ĂůĂŵ ƐĂ ŚŝŶĂŚĂďůĂ
ĂůŽŶŐǁŝƚŚƚŚĞEŽƚŝĐĞŽĨ,ĞĂƌŝŶŐ͕ĂĐŽƉǇŽĨƚŚĞ^ƚĂƚĞŵĞŶƚ ƚƵŶŐŬŽůƐĂŚĂďůĂĂǇƚŝŶĂƚĂǁĂŐŶĂƐĞƌďŝƐǇŽŶŐƉƌŽƐĞƐŽ͘/ďŝŐ
ŽĨ ůĂŝŵͬƐ ĂŶĚ Ăůů ŝƚƐ ĂƚƚĂĐŚŵĞŶƚƐ͕ ĂŶĚ Ă ďůĂŶŬ ĐŽƉǇ ŽĨ ƐĂďŝŚŝŶŶŝƚŽĂǇƉĂŐŚĂƚŝĚͬƉĂŐŚĂŝŶŶŐWĂƚĂǁĂŐĂƚƉĂŐďŝŐĂǇ
&ŽƌŵϯͲ^;ZĞƐƉŽŶƐĞͿ͕ƚŽƚŚĞĚĞĨĞŶĚĂŶƚ͘ ŶŐŬŽƉǇĂŶŐƉĂŐƐŝŶŐŝů͘

Ă͘ tĂǇƐƚŽƐĞƌǀĞƚŚĞĚĞĨĞŶĚĂŶƚǁŝƚŚ^ƵŵŵŽŶƐ͗ Ă͘ DŐĂƉĂƌĂĂŶƉĂƌĂŝŚĂƚŝĚͬŝŚĂŝŶĂŶŐWĂƚĂǁĂŐĂƚŬŽƉǇĂ
ŶŐƉĂŐƐŝŶŐŝůƐĂŚŝŶĂŚĂďůĂ͗

ϭͿ WĞƌƐŽŶĂů ^ĞƌǀŝĐĞ͘ dŚŝƐ ĞŶƚĂŝůƐ ŚĂŶĚŝŶŐ ƚŚĞ ϭͿ WĞƌƐŽŶĂů ŶĂ ^ĞƌďŝƐǇŽ͘ <ĂŝůĂŶŐĂŶ ŶĂ ŝďŝŐĂǇ ŶŐ
^ƵŵŵŽŶƐ ƚŽ ƚŚĞ ĚĞĨĞŶĚĂŶƚ ŝŶ ƉĞƌƐŽŶ ĂŶĚ ƉĞƌƐŽŶĂů ĂŶŐ WĂƚĂǁĂŐ ƐĂ ŚŝŶĂŚĂďůĂ Ăƚ ŝƉĂŐďŝŐĂǇ
ŝŶĨŽƌŵŝŶŐŚŝŵͬŚĞƌƚŚĂƚŚĞͬƐŚĞŝƐďĞŝŶŐƐĞƌǀĞĚ͘/Ĩ ĂůĂŵ ƐĂ ŬĂŶǇĂ ŶĂ ƐŝǇĂ ĂǇ ƉŝŶĂƉĂŐŚĂƚŝƌĂŶ Ž
ŚĞͬƐŚĞ ƌĞĨƵƐĞƐ ƚŽ ƌĞĐĞŝǀĞ ĂŶĚ ƐŝŐŶ ĨŽƌ ŝƚ͕ ƚŚĞ ƉŝŶĂŐŚĂŝŶĂŶŶŝƚŽ͘<ƵŶŐƚĂƚĂŶŐŐŝƐŝǇĂŶŐƚĂŶŐŐĂƉŝŶĂƚ
^ƵŵŵŽŶƐ ŵĂǇ ďĞ ůĞĨƚ ǁŝƚŚŝŶ ƚŚĞ ĚĞĨĞŶĚĂŶƚͬƐ͛ ƉƵŵŝƌŵĂ ƉĂƌĂ ĚŝƚŽ͕ ĂŶŐ WĂƚĂǁĂŐ ĂǇ ŵĂĂĂƌŝŶŐ
ǀŝĞǁĂŶĚƉƌĞƐĞŶĐĞ͘dŚŝƐƐŚĂůůďĞĚŽŶĞďǇ͗ ŝǁĂŶĂŶ ƐĂ ŚĂƌĂƉ ŶŐ ŚŝŶĂŚĂďůĂ ŶĂ ĂďŽƚ ŬĂǇĂ ŶŐ
ŬĂŶǇĂŶŐƉĂŶŝŶŐŝŶ͘/ƚŽĂǇĚĂƉĂƚŐĂǁŝŶŶŐ͗

Ϳ dŚĞ ƐŚĞƌŝĨĨ͕ ŚŝƐͬŚĞƌ ĚĞƉƵƚǇ͕ Žƌ ŽƚŚĞƌ ƉƌŽƉĞƌ Ϳ ^ŚĞƌŝĨĨ͕ ŬĂŶǇĂŶŐ ŬŝŶĂƚĂǁĂŶ͕ Ž ŝďĂŶŐ ŶĂƚĂƚĂŶŐŝŶŐ
ĐŽƵƌƚŽĨĨŝĐĞƌ͖Žƌ ĂůĂŐĂĚͬŽƉŝƐǇĂůŶŐŚƵŬƵŵĂŶ͖Ž

Ϳ zŽƵŽƌǇŽƵƌƌĞƉƌĞƐĞŶƚĂƚŝǀĞ͕ǁŚĞŶƚŚĞĐŽƵƌƚƐŽ Ϳ /ŬĂǁ͕ Ž ĂŶŐ ŝǇŽŶŐ ŬŝŶĂƚĂǁĂŶ͕ ŬƵŶŐ ŝƚŽ ĂǇ
ŽƌĚĞƌƐƵŶĚĞƌƚŚĞĨŽůůŽǁŝŶŐŝŶƐƚĂŶĐĞƐ͗
ŝƉŝŶĂŐͲƵƚŽƐ ŶŐ ŚƵŬƵŵĂŶ ƐĂ ŝůĂůŝŵ ŶŐ ŵŐĂ

ƐƵŵƵƐƵŶŽĚŶĂƉĂŐŬĂŬĂƚĂŽŶ͗
ŝ͘ tŚĞŶ^ƵŵŵŽŶƐŝƐƌĞƚƵƌŶĞĚďǇƚŚĞƐŚĞƌŝĨĨ͕
ŚŝƐͬŚĞƌ ĚĞƉƵƚǇ͕ Žƌ ŽƚŚĞƌ ƉƌŽƉĞƌ ĐŽƵƌƚ
ŽĨĨŝĐĞƌ ǁŝƚŚŽƵƚ ďĞŝŶŐ ƐĞƌǀĞĚ ŽŶ ĂŶǇ Žƌ Ăůů ŝ͘ <ĂƉĂŐ ĂŶŐ WĂƚĂǁĂŐ ĂǇ ŝďŝŶĂůŝŬ ŶŐ ƐŚĞƌŝĨĨ͕
ŽĨƚŚĞĚĞĨĞŶĚĂŶƚƐ͖ĂŶĚ ŬĂŶǇĂŶŐ ŬŝŶĂƚĂǁĂŶ͕ Ž ŝďĂŶŐ ŶĂƚĂƚĂŶŐŝŶŐ
ĂůĂŐĂĚͬŽƉŝƐǇĂů ŶŐ ŚƵŬƵŵĂŶ ŶĂŶŐ ŚŝŶĚŝ ŝƚŽ
ŝŝ͘ tŚĞƌĞ ^ƵŵŵŽŶƐ ŝƐ ƚŽ ďĞ ƐĞƌǀĞĚ ŽƵƚƐŝĚĞ ŶĂŝŚĂƚŝĚͬŶĂŝŚĂŝŶ ƐĂ ƐŝŶŽ ŵĂŶ ƐĂ ŚŝŶĂŚĂďůĂ Ž
ƚŚĞ ũƵĚŝĐŝĂů ƌĞŐŝŽŶ ŽĨ ƚŚĞ ĐŽƵƌƚ ǁŚĞƌĞ ƚŚĞ ůĂŚĂƚŶŐŚŝŶĂŚĂďůĂ͖Ăƚ
ĐĂƐĞǁĂƐĨŝůĞĚ͘
ŝŝ͘ <ƵŶŐĂŶŐWĂƚĂǁĂŐĂǇŝŚĂŚĂƚŝĚͬŝŚĂŚĂŝŶƐĂůĂďĂƐ
ŶŐƉĂŶŐŚƵĚŝŬĂƚƵƌĂŶŐƌĞŚŝǇŽŶŶŐŚƵŬƵŵĂŶŬƵŶŐ
ƐĂĂŶƐŝŶĂŵƉĂĂŶŐŬĂƐŽ͘

ϮͿ ^ƵďƐƚŝƚƵƚĞĚ ^ĞƌǀŝĐĞ͘ /Ĩ͕ ĨŽƌ ũƵƐƚŝĨŝĂďůĞ ĐĂƵƐĞƐ͕ ƚŚĞ ϮͿ <ĂƉĂůŝƚ ŶĂ ^ĞƌďŝƐǇŽ͘ <ƵŶŐ ĂŶŐ ƉĞƌƐŽŶĂů ŶĂ ƐĞƌďŝƐǇŽ
ĚĞĨĞŶĚĂŶƚ ĐĂŶŶŽƚ ďĞ ƐĞƌǀĞĚ ƉĞƌƐŽŶĂůůǇ ĂĨƚĞƌ Ăƚ ƐĂ ŚŝŶĂŚĂďůĂ ĂǇ ŚŝŶĚŝ ŬĂǇĂŶŐ ŐĂǁŝŶ ĂǇŽŶ ƐĂ
ůĞĂƐƚƚŚƌĞĞ;ϯͿĂƚƚĞŵƉƚƐŽŶƚǁŽ;ϮͿĚŝĨĨĞƌĞŶƚĚĂƚĞƐ͕ ŵĂŬĂƚǁŝƌĂŶŐ ŬĂĚĂŚŝůĂŶĂŶ ŵĂƚĂƉŽƐ ĂŶŐ ƚĂƚůŽŶŐ ;ϯͿ
ƐĞƌǀŝĐĞŵĂǇďĞĞĨĨĞĐƚĞĚďǇ͗
ďĞƐĞƐ ŶĂ ƉĂŐƚĂŶŐŬĂ ƐĂ ĚĂůĂǁĂŶŐ ;ϮͿ ŵĂŐŬĂŝďĂŶŐ

ƉĞƚƐĂ͕ ĂŶŐ ƐĞƌďŝƐǇŽ ĂǇ ŵĂĂĂƌŝŶŐ ŵĂŝƐĂŐĂǁĂ ƐĂ
Ϳ >ĞĂǀŝŶŐ ƚŚĞ ^ƵŵŵŽŶƐ Ăƚ ƚŚĞ ĚĞĨĞŶĚĂŶƚ͛Ɛ
ƉĂŵĂŵĂŐŝƚĂŶŶŐ͗
ƌĞƐŝĚĞŶĐĞǁŝƚŚĂƉĞƌƐŽŶƌĞƐŝĚŝŶŐƚŚĞƌĞĂƚǁŚŽ

/ŶĨŽƌŵĂƚŝŽŶĨŽƌWůĂŝŶƚŝĨĨ &ŽƌŵϭͲͲ^͕WĂŐĞϯŽĨϲ



&KZDϭͲͲ^

ŝƐ Ăƚ ůĞĂƐƚ ĞŝŐŚƚĞĞŶ ;ϭϴͿ ǇĞĂƌƐ ŽůĚ ĂŶĚ ǁŝƚŚ Ϳ WĂŐͲŝǁĂŶ ŶŐ WĂƚĂǁĂŐ ƐĂ ƚŝƌĂŚĂŶ ŶŐ ŚŝŶĂŚĂďůĂ ƐĂ
ƐƵĨĨŝĐŝĞŶƚĚŝƐĐƌĞƚŝŽŶ͖ ƚĂŽŶŐ ŶĂŬĂƚŝƌĂ ƌŝƚŽ ŶĂ ůĂďŝŶŐǁĂůŽŶŐ ;ϭϴͿ ƚĂŽŶŐ
ŐƵůĂŶŐŵĂŶůĂŶŐĂƚŵĂǇƐĂƉĂƚŶĂƉĂŶŐŚƵŚƵƐŐĂ͖

Ϳ >ĞĂǀŝŶŐ ƚŚĞ ^ƵŵŵŽŶƐ Ăƚ ƚŚĞ ĚĞĨĞŶĚĂŶƚ͛Ɛ Ϳ WĂŐͲŝǁĂŶŶŐWĂƚĂǁĂŐƐĂƚĂŶŐŐĂƉĂŶŶŐƌĞŐƵůĂƌŶĂ
ŽĨĨŝĐĞŽƌƌĞŐƵůĂƌƉůĂĐĞŽĨďƵƐŝŶĞƐƐǁŝƚŚƐŽŵĞ ůƵŐĂƌ ŶŐ ŶĞŐŽƐǇŽ ŶŐ ŚŝŶĂŚĂďůĂ ƐĂ ƚĂŽŶŐ
ĐŽŵƉĞƚĞŶƚ ƉĞƌƐŽŶ ŝŶ ĐŚĂƌŐĞ ƚŚĞƌĞŽĨ͘ ŵĂĂĂƐĂŚĂŶ Ăƚ ŶĂŵĂŵĂŚĂůĂ ŶŝƚŽ͘ <ĂƐĂŵĂ ƐĂ
ĐŽŵƉĞƚĞŶƚƉĞƌƐŽŶŝŶĐůƵĚĞƐ͕ďƵƚŝƐŶŽƚůŝŵŝƚĞĚ ƚĂŽŶŐ ŵĂĂĂƐĂŚĂŶ ĂŶŐ ƚĂŽŶŐ ŬĂƌĂŶŝǁĂŶ ŶĂ
ƚŽ͕ ŽŶĞ ǁŚŽ ĐƵƐƚŽŵĂƌŝůǇ ƌĞĐĞŝǀĞƐ ƚƵŵĂƚĂŶŐŐĂƉ ŶŐ ŵŐĂ ƐƵůĂƚ ƉĂƌĂ ƐĂ ŚŝŶĂŚĂďůĂ͕
ĐŽƌƌĞƐƉŽŶĚĞŶĐĞƐĨŽƌƚŚĞĚĞĨĞŶĚĂŶƚ͖ ŶŐƵŶŝƚŚŝŶĚŝŝƚŽůŝŵŝƚĂĚŽƌŝƚŽ͘

Ϳ >ĞĂǀŝŶŐ ƚŚĞ ƐƵŵŵŽŶƐ͕ ŝĨ ƌĞĨƵƐĞĚ ĞŶƚƌǇ ƵƉŽŶ Ϳ WĂŐͲŝǁĂŶ ŶŐ WĂƚĂǁĂŐ͕ ŬƵŶŐ ŚŝŶĚŝ ƉŝŶĂǇĂŐĂŶ ĂŶŐ
ŵĂŬŝŶŐ ǇŽƵƌ ĂƵƚŚŽƌŝƚǇ Žƌ ƉƵƌƉŽƐĞ ŬŶŽǁŶ͕ ƉĂŐƉĂƐŽŬ ƐĂ ƐƵďĚŝǀŝƐŝŽŶ͕ ĐŽŶĚŽŵŝŶŝƵŵ Ž
ǁŝƚŚ ĂŶǇ ŽĨ ƚŚĞ ŽĨĨŝĐĞƌƐ ŽĨ ƚŚĞ ŚŽŵĞŽǁŶĞƌƐ͛ ŬŽƌƉŽƌĂƐǇŽŶ ŵĂƚĂƉŽƐ ŝƉĂŐͲĂůĂŵ ĂŶŐ ŝǇŽŶŐ
ĂƐƐŽĐŝĂƚŝŽŶ Žƌ ĐŽŶĚŽŵŝŶŝƵŵ ĐŽƌƉŽƌĂƚŝŽŶ͕ Žƌ ĂǁƚŽƌŝĚĂĚ Ăƚ ůĂǇƵŶŝŶ͕ ƐĂ ĂůŝŶŵĂŶ ƐĂ ŵŐĂ ŽƉŝƐǇĂů
ŝƚƐ ĐŚŝĞĨ ƐĞĐƵƌŝƚǇ ŽĨĨŝĐĞƌ ŝŶ ĐŚĂƌŐĞ ŽĨ ƚŚĞ ŶŐ ƐĂŵĂŚĂŶ ŶŐ ŵŐĂ ŵĂǇͲĂƌŝ ŶŐ ďĂŚĂǇ Ž
ĐŽŵŵƵŶŝƚǇ Žƌ ƚŚĞ ďƵŝůĚŝŶŐ ǁŚĞƌĞ ƚŚĞ
ŬŽƌƉŽƌĂƐǇŽŶ ŶŐ ĐŽŶĚŽŵŝŶŝƵŵ͕ Ž ĂŶŐ ŚĞƉĞ ŶŐ
ĚĞĨĞŶĚĂŶƚŵĂǇďĞĨŽƵŶĚ͖Žƌ
ŬĂƚŝǁĂƐĂǇĂŶ ŶĂ ŶĂŵĂŵĂŚĂůĂ ŶŐ ŬŽŵƵŶŝĚĂĚ Ž
ŐƵƐĂůŝŬƵŶŐƐĂĂŶŵĂƚĂƚĂŐƉƵĂŶĂŶŐŚŝŶĂŚĂďůĂ͖Ž

Ϳ ǇƐĞŶĚŝŶŐĂŶĞŵĂŝůƚŽƚŚĞĚĞĨĞŶĚĂŶƚ͛ƐĞŵĂŝů Ϳ ^Ă ƉĂŵĂŵĂŐŝƚĂŶ ŶŐ ƉĂŐƉĂƉĂĚĂůĂ ŶŐ ĞŵĂŝů ƐĂ
ĂĚĚƌĞƐƐ͕ŝĨĂůůŽǁĞĚďǇƚŚĞĐŽƵƌƚ͘ ĞŵĂŝůĂĚĚƌĞƐƐŶŐŚŝŶĂŚĂďůĂ͕ŬƵŶŐŝƚŽĂǇƉŝŶĂǇĂŐĂŶ
ŶŐŚƵŬƵŵĂŶ͘

ϯͿ tŚĞŶ ƚŚĞ ĚĞĨĞŶĚĂŶƚ ŝƐ Ă ĚŽŵĞƐƚŝĐ ĐŽƌƉŽƌĂƚŝŽŶ͕ ϯͿ <ƵŶŐĂŶŐŚŝŶĂŚĂďůĂĂǇŝƐĂŶŐŬŽƌƉŽƌĂƐǇŽŶ͕ďĂŬĂƐĂŶ͕Ž
ƉĂƌƚŶĞƌƐŚŝƉ͕ Žƌ ĂƐƐŽĐŝĂƚŝŽŶ ǁŝƚŚ Ă ũƵƌŝĚŝĐĂů ƐĂŵĂŚĂŶ ŶĂ ŵĂǇ ũƵƌŝĚŝĐĂů ƉĞƌƐŽŶĂůŝƚǇ͕ ŵĂĂĂƌŝŶŐ
ƉĞƌƐŽŶĂůŝƚǇ͕ ƐĞƌǀŝĐĞ ŵĂǇ ďĞ ŵĂĚĞ ŽŶ ƚŚĞ ŝƉĂĚĂůĂĂŶŐWĂƚĂǁĂŐƐĂƉƌĞƐŝĚĞŶƚ͕ŵĂŶĂŐŝŶŐƉĂƌƚŶĞƌ͕
ƉƌĞƐŝĚĞŶƚ͕ ŵĂŶĂŐŝŶŐ ƉĂƌƚŶĞƌ͕ ŐĞŶĞƌĂů ŵĂŶĂŐĞƌ͕ ŐĞŶĞƌĂů ŵĂŶĂŐĞƌ͕ ĐŽƌƉŽƌĂƚĞ ƐĞĐƌĞƚĂƌǇ͕ ƚƌĞĂƐƵƌĞƌ͕ Žƌ
ĐŽƌƉŽƌĂƚĞ ƐĞĐƌĞƚĂƌǇ͕ ƚƌĞĂƐƵƌĞƌ͕ Žƌ ŝŶͲŚŽƵƐĞ ŝŶͲŚŽƵƐĞĐŽƵŶƐĞůŶŐŶĂƐĂďŝŶŐŬŽƌƉŽƌĂƐǇŽŶ͕ŬƵŶŐƐĂĂŶ
ĐŽƵŶƐĞůŽĨƚŚĞĐŽƌƉŽƌĂƚŝŽŶ͕ǁŚĞƌĞǀĞƌƚŚĞǇŵĂǇďĞ ŵĂŶ ƐŝůĂ ŵĂƚĂƚĂŐƉƵĂŶ͘ <ƵŶŐ ƐŝůĂ ĂǇ ǁĂůĂ Ž ŚŝŶĚŝ
ĨŽƵŶĚ͘ /Ĩ ƚŚĞǇ ĂƌĞ ĂďƐĞŶƚ Žƌ ƵŶĂǀĂŝůĂďůĞ͕ ƐĞƌǀŝĐĞ ŵĂŚĂŶĂƉ͕ŵĂĂĂƌŝŶŐŝďŝŐĂǇĂŶŐWĂƚĂǁĂŐ ƐĂŬĂŶŝůĂŶŐ
ŵĂǇďĞŵĂĚĞŽŶƚŚĞŝƌƐĞĐƌĞƚĂƌŝĞƐ͘ ƐĞŬƌĞƚĂƌǇĂ͘

ϰͿ tŚĞŶƚŚĞĚĞĨĞŶĚĂŶƚŝƐĂƉƌŝƐŽŶĞƌĐŽŶĨŝŶĞĚŝŶĂũĂŝů ϰͿ <ƵŶŐĂŶŐŚŝŶĂŚĂďůĂĂǇŝƐĂŶŐƉƌĞƐŽŶĂŶĂŬĂŬƵůŽŶŐƐĂ
Žƌ ŝŶƐƚŝƚƵƚŝŽŶ͕ ƐĞƌǀŝĐĞ ƐŚĂůů ďĞ ĞĨĨĞĐƚĞĚ ƵƉŽŶ Śŝŵ ďŝůĂŶŐŐƵĂŶ͕ ĂŶŐ WĂƚĂǁĂŐ ĂǇ ŝďŝďŝŐĂǇ ƐĂ ŬĂŶǇĂ ŶŐ
Žƌ ŚĞƌ ďǇ ƚŚĞ ŽĨĨŝĐĞƌ ŚĂǀŝŶŐ ŵĂŶĂŐĞŵĞŶƚ ŽĨ ƐƵĐŚ ŽƉŝƐǇĂů ŶĂ ŶĂŵĂŵĂŚĂůĂ ƐĂ ďŝůĂŶŐŐƵĂŶŐ ŝǇŽŶ͘ ŶŐ
ũĂŝů Žƌ ŝŶƐƚŝƚƵƚŝŽŶ ǁŚŽ ŝƐ ĚĞĞŵĞĚ ĂƐ Ă ƐƉĞĐŝĂů ŶĂƐĂďŝŶŐ ŽƉŝƐǇĂů ĂǇ ŝƚƵƚƵƌŝŶŐ ŶĂ ƐƉĞĐŝĂů ƐŚĞƌŝĨĨ ƉĂƌĂ
ƐŚĞƌŝĨĨĨŽƌƚŚŝƐƉƵƌƉŽƐĞ͘dŚĞũĂŝůǁĂƌĚĞŶƐŚĂůůĨŝůĞĂ ƐĂ ůĂǇƵŶŝŶŐ ŝƚŽ͘ ŶŐ ũĂŝů ǁĂƌĚĞŶ ĂǇ ŵĂŐƐƵƐƵŵŝƚĞ ŶŐ
ƌĞƚƵƌŶǁŝƚŚŝŶĨŝǀĞ;ϱͿĐĂůĞŶĚĂƌĚĂǇƐĨƌŽŵƐĞƌǀŝĐĞŽĨ WĂŐďĂůŝŬ ŶŐ WĂƚĂǁĂŐ ƐĂ ŚƵŬƵŵĂŶ ƐĂ ůŽŽď ŶŐ
^ƵŵŵŽŶƐƚŽƚŚĞĚĞĨĞŶĚĂŶƚ͘ ůŝŵĂŶŐ ;ϱͿ ĂƌĂǁ ƐĂ ŬĂůĞŶĚĂƌǇŽ ŵƵůĂ ƐĂ ƉĂŐƚĂŶŐŐĂƉ
ŶŐŚŝŶĂŚĂďůĂŶŐWĂƚĂǁĂŐ͘

ď͘ dŝŵŝŶŐ ĂŶĚƉƌŽŽĨ ŽĨ ƐĞƌǀŝĐĞ͘ EŽ ŵĂƚƚĞƌ ǁŚŝĐŚ ŵĞƚŚŽĚ ď͘ dŝŵŝŶŐĂŶĚƉƌŽŽĨŽĨƐĞƌǀŝĐĞ͘^ĂĂůŝŶŵĂŶŐƉĂƌĂĂŶŶŐ
ŽĨ ƐĞƌǀŝĐĞ͕ ƚŚĞ ĚĞĨĞŶĚĂŶƚ ŵƵƐƚ ďĞ ƐĞƌǀĞĚ ďǇ Ă ĐĞƌƚĂŝŶ ƉĂŐŚĂƚŝĚͬƉĂŐŚĂŝŶ ŶĂ ŶĂƐĂďŝ ƐĂ ŝƚĂĂƐ͕ ĚĂƉĂƚ
ĚĂƚĞŽƌǇŽƵƌĐĂƐĞŵĂǇďĞĚŝƐŵŝƐƐĞĚ͘dŚĞƐŚĞƌŝĨĨ͕ŚŝƐͬŚĞƌ ŵĂŝŚĂƚŝĚͬŵĂŝŚĂŝŶƐĂŚŝŶĂŚĂďůĂĂŶŐWĂƚĂǁĂŐƐĂƚŝǇĂŬ
ĚĞƉƵƚǇ͕ Žƌ ŽƚŚĞƌ ƉƌŽƉĞƌ ĐŽƵƌƚ ŽĨĨŝĐĞƌ ŵƵƐƚ ƐĞƌǀĞ ƚŚĞ ŶĂ ƉĞƚƐĂ͘ <ƵŶŐ ŚŝŶĚŝ͕ ĂŶŐ ŬĂƐŽ ŵŽ ĂǇ ŵĂĂĂƌŝŶŐ
^ƵŵŵŽŶƐ͕ ƚŽŐĞƚŚĞƌ ǁŝƚŚ ƚŚĞ EŽƚŝĐĞ ŽĨ ,ĞĂƌŝŶŐ͕ ǁŝƚŚŝŶ ŝďĂƐƵƌĂ͘ŶŐƐŚĞƌŝĨĨŽĂŶŐŬĂŶǇĂŶŐŬŝŶĂƚĂǁĂŶŽŝďĂŶŐ
ƚĞŶ;ϭϬͿĐĂůĞŶĚĂƌĚĂǇƐĨƌŽŵŝƐƐƵĂŶĐĞ͘/ĨƚŚĞƐĞƌǀŝĐĞŝƐƚŽ ŶĂƚĂƚĂŶŐŝŶŐĂůĂŐĂĚŶŐŚƵŬƵŵĂŶĂǇĚĂƉĂƚŝŚĂƚŝĚͬŝŚĂŝŶ
ďĞĚŽŶĞďǇǇŽƵ͕ǇŽƵŵƵƐƚŝŶĨŽƌŵƚŚĞĐŽƵƌƚǁŝƚŚŝŶƚŚŝƌƚǇ ĂŶŐ WĂƚĂǁĂŐ ŬĂƐĂŵĂ ĂŶŐ ďŝƐŽ ƐĂ WĂŐĚŝŶŝŐ ƐĂ ůŽŽď
;ϯϬͿ ĐĂůĞŶĚĂƌ ĚĂǇƐ ĨƌŽŵ ŶŽƚŝĐĞ ŝĨ ^ƵŵŵŽŶƐ ǁĂƐ ƐĞƌǀĞĚ ŶŐ ƐĂŵƉƵŶŐ ;ϭϬͿ ĂƌĂǁ ƐĂ ŬĂůĞŶĚĂƌǇŽ ŵƵůĂ ƐĂ
Žƌ ŶŽƚ ;&Žƌŵ ϱͲ^͕ Žƌ &Žƌŵ ϱͲͲ^ ŝŶ ĐĂƐĞ ŽĨ ƉĂŐůĂďĂƐ ŶŝƚŽ͘ <ƵŶŐ ŝŬĂǁ ĂŶŐ ŐĂŐĂǁĂ ŶŐ
ƐƵďƐƚŝƚƵƚĞĚƐĞƌǀŝĐĞͿ͘ ƉĂŐŚĂƚŝĚͬƉĂŐŚĂŝŶ͕ŬĂŝůĂŶŐĂŶŵŽŶŐŝƉĂŐďŝŐĂǇĂůĂŵƐĂ
ŚƵŬƵŵĂŶ ƐĂ ůŽŽď ŶŐ ƚĂƚůƵŵƉƵŶŐ ;ϯϬͿ ĂƌĂǁ ƐĂ
ŬĂůĞŶĚĂƌǇŽ ŵƵůĂ ƐĂ ĂďŝƐŽ ŬƵŶŐ ŶĂŝŚĂƚŝĚͬŶĂŝŚĂŝŶ ŵŽ
ŶĂĂŶŐWĂƚĂǁĂŐŽŚŝŶĚŝ;&ŽƌŵϱͲ^͕Ž&ŽƌŵϱͲͲ^
ƉĂŐƐƵďƐƚŝƚƵƚĞĚƐĞƌǀŝĐĞͿ͘

ϳ͘ tŚĂƚŝĨƚŚĞĚĞĨĞŶĚĂŶƚĂůƐŽŚĂƐĂĐůĂŝŵ͍^ŽŵĞƚŝŵĞƐƚŚĞ WĂĂŶŽ ŬƵŶŐ ŵĂǇƌŽŽŶ ĚŝŶŐ ƉĂŐƐŝŶŐŝů ĂŶŐ ŚŝŶĂŚĂďůĂ͍
ĚĞĨĞŶĚĂŶƚŵĂǇĂůƐŽŚĂǀĞĂĐůĂŝŵĂŐĂŝŶƐƚǇŽƵ͘dŚŝƐŝƐĐĂůůĞĚ DŝŶƐĂŶ ĂŶŐ ƚĂŽŶŐ ŚŝŶĂŚĂďůĂ ĂǇ ŵĂǇƌŽŽŶ ĚŝŶŐ ƉĂŐƐŝŶŐŝů
ĂĐŽƵŶƚĞƌĐůĂŝŵ͘ ůĂďĂŶ ƐĂ ŶĂŐƐĂŵƉĂ ŶŐ ŬĂƐŽ ;ĂŶŐ ŶĂŐŚĂŚĂďůĂͿ͘ ŶŐ

dŚĞ ĚĞĨĞŶĚĂŶƚŵƵƐƚ ƌĂŝƐĞ ŝƚ ĂƐ Ă ĚĞĨĞŶƐĞ ŝŶ ƚŚĞ ƐĂŵĞ ƉĂŐƐŝŶŐŝů ŶĂ ŝƚŽ ĂǇ ƚŝŶĂƚĂǁĂŐ ŶĂ ŐĂŶƚŝŶŐͲƉĂŐƐŝŶŐŝů
ĐĂƐĞ͖ ŽƚŚĞƌǁŝƐĞ͕ ŝƚ ǁŝůů ďĞ ĚĞĞŵĞĚ ǁĂŝǀĞĚ͘ dŚĞ ;ĐŽƵŶƚĞƌĐůĂŝŵͿ͘
ĚĞĨĞŶĚĂŶƚ ĐĂŶ ƐĞƚ ƵƉ Ă ĐŽƵŶƚĞƌĐůĂŝŵ ŝŶ ŚŝƐͬŚĞƌͬŝƚƐ
ǀĞƌŝĨŝĞĚZĞƐƉŽŶƐĞŝĨ͗
<ŝŶĂŬĂŝůĂŶŐĂŶ ŶĂ ŝƐĂŵĂ ĂŶŐ ŐĂŶƚŝŶŐͲƉĂŐƐŝŶŐŝů ƐĂ
ƉĂƌĞŚŽŶŐ ŬĂƐŽ͖ ŬƵŶŐ ŚŝŶĚŝ͕ ŝƚŽ ĂǇ ŝƚƵƚƵƌŝŶŐ ŶĂ ŬƵƐĂŶŐ
ϭͿ /ƚ ŝƐ ŶŽƚ ŵŽƌĞ ƚŚĂŶ Wϭ DŝůůŝŽŶ WĞƐŽƐ͕ ĞǆĐůƵƐŝǀĞ
ƚŝŶĂůŝŬĚĂŶ ŶĂ Ăƚ ŚŝŶĚŝ ŶĂ ŵĂŝŚĂŚĂďůĂ ƉĂ͘ ŶŐ
ŽĨŝŶƚĞƌĞƐƚĂŶĚĐŽƐƚƐ͘ŶǇĂŵŽƵŶƚŝŶĞǆĐĞƐƐŽĨ

/ŶĨŽƌŵĂƚŝŽŶĨŽƌWůĂŝŶƚŝĨĨ &ŽƌŵϭͲͲ^͕WĂŐĞϰŽĨϲ



&KZDϭͲͲ^

WϭDŝůůŝŽŶƉĞƐŽƐ͕ĞǆĐůƵĚŝŶŐŝŶƚĞƌĞƐƚƐĂŶĚĐŽƐƚƐ͕ ŚŝŶĂŚĂďůĂĂǇŵĂĂƌŝŶŐŵĂŐƐĂŵƉĂŶŐŐĂŶƚŝŶŐͲƉĂŐƐŝŶŐŝů
ƐŚĂůůďĞĚĞĞŵĞĚǁĂŝǀĞĚ͖ ƐĂŬĂŶǇĂŶŐŶĂƉĂƚƵŶĂǇĂŶŐ^ĂŐŽƚŬƵŶŐ͗

ϮͿ /ƚĚŽĞƐŶŽƚƌĞƋƵŝƌĞƚŚĞũŽŝŶĚĞƌŽĨƚŚŝƌĚƉĂƌƚŝĞƐ͖
ϭͿ ŶŐ ŐĂŶƚŝŶŐͲƉĂŐƐŝŶŐŝů ĂǇ ŚŝŶĚŝ ůĂŵƉĂƐ ŶŐ
ĂŶĚ
ϯͿ /ƚŝƐŶŽƚƚŚĞƐƵďũĞĐƚŽĨĂŶŽƚŚĞƌƉĞŶĚŝŶŐĂĐƚŝŽŶ͘ Wϭ DŝůǇŽŶŐ WŝƐŽ͕ ŚŝŶĚŝ ŬĂƐĂŵĂ ĂŶŐ ŝŶƚĞƌĞƐ Ăƚ
ŐĂƐƚŽƐ ƐĂ ƉĂŐƐĂŵƉĂ ŶŐ ŬĂƐŽ͘ ŶŽ ŵĂŶŐ
ŚĂůĂŐĂ ůĂďŝƐ ƐĂ Wϭ DŝůǇŽŶŐ WŝƐŽ ĂǇ ŝƚŝŶƵƚƵƌŝŶŐ
ŶĂƚŝŶĂůŝŬĚĂŶŶĂŶŐŚŝŶĂŚĂďůĂ͖
ϮͿ ,ŝŶĚŝ ŬŝŶĂŬĂŝůĂŶŐĂŶ ĂŶŐ ƉĂŐƐĂůŝ ŶŐ ŝďĂŶŐ
ƉĂƌƚŝĚŽƐĂŝƐŝŶĂƐĂŵƉĂŶŐŬĂƐŽ͖Ăƚ
ϯͿ tĂůĂŶŐ ŝďĂŶŐ ŬĂƐŽŶŐ ŝƐŝŶĂŵƉĂ Ăƚ ŶĂŬĂďŝŶďŝŶ
ƐĂƉĂƌĞŚŽŶŐŐĂŶƚŝŶŐͲƉĂŐƐŝŶŐŝů͘

ϴ͘ Ž / ŶĞĞĚ Ă ůĂǁǇĞƌ͍ zKh EEKd ,s >tzZ d <ĂŝůĂŶŐĂŶ ŬŽ ďĂ ŶŐ ĂďŽŐĂĚŽ͍ ,/E/ < DZ/E'
d, ,Z/E'͘ zŽƵŵĂǇĐŽŶƐƵůƚĂůĂǁǇĞƌďĞĨŽƌĞŽƌĂĨƚĞƌ D'^D E' K'K ^ W'/E/'͘ DĂĂĂƌŝ ŬĂŶŐ
ƚŚĞŚĞĂƌŝŶŐďƵƚƚŚĞůĂǁǇĞƌĐĂŶŶŽƚĂƉƉĞĂƌĨŽƌŽƌǁŝƚŚǇŽƵ ŬƵŵƵŶƐƵůƚĂ ƐĂ ĂďŽŐĂĚŽ ďĂŐŽ Ž ƉĂŐŬĂƚĂƉŽƐ ŶŐ ƉĂŐĚŝŶŝŐ
ĂƚƚŚĞŚĞĂƌŝŶŐ͘ ƉĞƌŽĂŶŐĂďŽŐĂĚŽĂǇŚŝŶĚŝƉŝŶĂŚŝŚŝŶƚƵůƵƚĂŶŐĚƵŵĂůŽƉĂƌĂ
ƐĂŝǇŽŽƐƵŵĂŵĂƐĂŝǇŽƐĂƉĂŐĚŝŶŝŐ͘

ϵ͘ tŚĂƚŝĨ/ĚŽŶŽƚƐƉĞĂŬŶŐůŝƐŚǁĞůů͍dŚĞũƵĚŐĞǁŝůůƐƉĞĂŬ WĂĂŶŽ ŬƵŶŐ ŚŝŶĚŝ ĂŬŽ ŵĂŬĂƉĂŐƐĂůŝƚĂŶŐ ŵĂďƵƚŝ ŶŐ
ŝŶ &ŝůŝƉŝŶŽ Žƌ ƚŚĞ ůŽĐĂů ĚŝĂůĞĐƚ͘ ĐŽƵƌƚ ŝŶƚĞƌƉƌĞƚĞƌ ƐŚĂůů /ŶŐůĞƐ͍ŶŐŚƵŬŽŵĂǇŵĂŐƐĂƐĂůŝƚĂƐĂ&ŝůŝƉŝŶŽŽƐĂůŽŬĂůŶĂ
ĂůƐŽďĞĂǀĂŝůĂďůĞŽŶƚŚĞŚĞĂƌŝŶŐĚĂǇ͘ ĚĂǇĂůĞŬƚŽ͘ /ƐĂŶŐ ƉĂŶŐŚƵŬƵŵĂŶŐ ƚĂŐĂƐĂůŝŶ ĂŶŐ ƚŝǇĂŬ ŶĂ
ƚƵƚƵůŽŶŐĚŝŶƐĂĂƌĂǁŶŐƉĂŐĚŝŶŝŐ͘

ϭϬ͘ tŚĂƚ ŚĂƉƉĞŶƐ ŝĨ / ĚŽ ŶŽƚ ĂƉƉĞĂƌ Ăƚ ƚŚĞ ŚĞĂƌŝŶŐ͍ dŚĞ ŶŽĂŶŐŵĂŶŐǇĂǇĂƌŝŬƵŶŐŚŝŶĚŝĂŬŽĚƵŵĂůŽƐĂƉĂŐĚŝŶŝŐ͍
ĐŽƵƌƚ ǁŝůů ĚŝƐŵŝƐƐ ǇŽƵƌ ^ƚĂƚĞŵĞŶƚ ŽĨ ůĂŝŵ ǁŝƚŚŽƵƚ /ďĂďĂƐƵƌĂ ŶŐ ŚƵŬƵŵĂŶ ĂŶŐ ŝǇŽŶŐ ,ĂďůĂ ƐĂ WĂŐƐŝŶŐŝů ŶŐ
ƉƌĞũƵĚŝĐĞ͘dŚŝƐŵĞĂŶƐƚŚĂƚǇŽƵĂƌĞĂůůŽǁĞĚƚŽƌĞͲĨŝůĞƚŚĞ ǁĂůĂŶŐ ŬĂƉŝŶƐĂůĂĂŶͬƉĂŐƚĂƚĂŶŐŐŝ͘ EĂŶŐĂŶŐĂŚƵůƵŐĂŶ ŶĂ
ĐůĂŝŵ͘/ĨƚŚĞĚĞĨĞŶĚĂŶƚĂƉƉĞĂƌƐĂƚƚŚĞŚĞĂƌŝŶŐ͕ŚĞͬƐŚĞͬŝƚ ŝŬĂǁĂǇƉŝŶĂƉĂǇĂŐĂŶŶĂŝƐĂŵƉĂŵƵůŝŝƚŽ͘<ƵŶŐĚƵŵĂůŽĂŶŐ
ƐŚĂůůďĞĞŶƚŝƚůĞĚƚŽũƵĚŐŵĞŶƚŽŶƚŚĞĐŽƵŶƚĞƌĐůĂŝŵ͘ ŚŝŶĂŚĂďůĂ ƐĂ ƉĂŐĚŝŶŝŐ͕ ƐŝǇĂ ĂǇ ŵĂǇ ŬĂƌĂƉĂƚĂŶ ŶĂ
ŵĂŬĂŬƵŚĂ ŶŐ ĚĞƐŝƐǇŽŶ ƐĂ ŬĂŶǇĂŶŐ ŵĂƉĂŐƉĂŚŝŶƚƵůŽƚ ŶĂ
ŐĂŶƚŝŶŐͲƉĂŐƐŝŶŐŝů͘

ϭϭ͘ tŚĂƚ ŚĂƉƉĞŶƐ ŝĨ ƚŚĞ ĚĞĨĞŶĚĂŶƚ ĚŽĞƐ ŶŽƚ ĨŝůĞ Ă ǀĞƌŝĨŝĞĚ ŶŽ ĂŶŐ ŵĂŶŐǇĂǇĂƌŝ ŬƵŶŐ ĂŶŐ ŚŝŶĂŚĂďůĂ ĂǇ ŚŝŶĚŝ
ZĞƐƉŽŶƐĞĂŶĚĚŽĞƐŶŽƚĂƉƉĞĂƌĂƚƚŚĞŚĞĂƌŝŶŐ͍dŚĞĐŽƵƌƚ ŶĂŐŚĂŝŶ ŶŐ ŶĂƉĂƚƵŶĂǇĂŶŐ ^ĂŐŽƚ Ăƚ ŚŝŶĚŝ ĚƵŵĂůŽ ƐĂ
ƐŚĂůů ƉƌŽĐĞĞĚ ǁŝƚŚ ƚŚĞ ŚĞĂƌŝŶŐ ĂŶĚ ƌĞŶĚĞƌ ũƵĚŐŵĞŶƚ ĂƐ ƉĂŐĚŝŶŝŐ͍ŶŐŚƵŬƵŵĂŶĂǇŵĂŐƉĂƉĂƚƵůŽǇƐĂƉĂŐĚŝŶŝŐĂƚ
ŵĂǇďĞǁĂƌƌĂŶƚĞĚďǇƚŚĞĨĂĐƚƐĂůůĞŐĞĚŝŶǇŽƵƌ^ƚĂƚĞŵĞŶƚ ŵĂŐďŝďŝŐĂǇ ŶŐ ĚĞƐŝƐǇŽŶ ĂǇŽŶ ƐĂ ŵŐĂ ŬĂƚŽƚŽŚĂŶĂŶ ŶĂ
ŽĨůĂŝŵͬƐ͘ ŝƐŝŶĂĂĚƐĂ,ĂďůĂŶŐWĂŐƐŝŶŐŝů͘

ϭϮ͘ tŚĂƚ ŚĂƉƉĞŶƐ ŝĨ ƚŚĞ ĚĞĨĞŶĚĂŶƚ ĚŽĞƐ ŶŽƚ ĨŝůĞ Ă ǀĞƌŝĨŝĞĚ ŶŽ ĂŶŐ ŵĂŶŐǇĂǇĂƌŝ ŬƵŶŐ ĂŶŐ ŚŝŶĂŚĂďůĂ ĂǇ ŚŝŶĚŝ
ZĞƐƉŽŶƐĞďƵƚĂƉƉĞĂƌƐĚƵƌŝŶŐƚŚĞŚĞĂƌŝŶŐ͍dŚĞĐŽƵƌƚǁŝůů ŶĂŐŚĂŝŶ ŶŐ ŶĂƉĂƚƵŶĂǇĂŶŐ ^ĂŐŽƚ ŶŐƵŶŝƚ ĚƵŵĂůŽ ƐŝǇĂ ƐĂ
ĐŽŶƐŝĚĞƌ ĂŶǇ ĚĞĨĞŶƐĞ ƚŚĞ ĚĞĨĞŶĚĂŶƚ ŽĨĨĞƌƐ ĚƵƌŝŶŐ ƚŚĞ ƉĂŐĚŝŶŝŐ͍ /ƐĂƐĂĂůĂŶŐͲĂůĂŶŐ ŶŐ ŚƵŬƵŵĂŶ ĂŶŐ ĂŶƵŵĂŶŐ
ŚĞĂƌŝŶŐĂƐŚŝƐͬŚĞƌͬŝƚƐZĞƐƉŽŶƐĞ͘,ĞĂƌŝŶŐǁŝůůƉƌŽĐĞĞĚŽŶ ƉĂŐƚĂƚĂŶŐŐŽů ŶĂ ŝĂĂůŽŬ ŶŐ ŚŝŶĂŚĂďůĂ ƐĂ ƉĂŶĂŚŽŶ ŶŐ
ƚŚĞ ƐĂŵĞ ĚĂǇ ĂŶĚ ƚŚĞ ĐŽƵƌƚ ǁŝůů ƌĞŶĚĞƌ ũƵĚŐŵĞŶƚ ǁŝƚŚŝŶ ƉĂŐĚŝŶŝŐ ďŝůĂŶŐ ^ĂŐŽƚ ŶŝǇĂ͘ DĂŐƉĂƉĂƚƵůŽǇ ĂŶŐ ƉĂŐĚŝŶŝŐ
ƚǁĞŶƚǇͲĨŽƵƌ;ϮϰͿŚŽƵƌƐĨƌŽŵƚĞƌŵŝŶĂƚŝŽŶŽĨƚŚĞŚĞĂƌŝŶŐ͘/Ĩ ƐĂŵŝƐŵŽŶŐĂƌĂǁŶĂŝǇŽŶĂƚŵĂŐďŝďŝŐĂǇŶŐĚĞƐŝƐǇŽŶĂŶŐ
ƚŚĞĚĞĨĞŶĚĂŶƚƌĞůŝĞƐŽŶĚŽĐƵŵĞŶƚĂƌǇĞǀŝĚĞŶĐĞƚŽƐƵƉƉŽƌƚ ŚƵŬƵŵĂŶƐĂůŽŽďŶŐĚĂůĂǁĂŵƉƵ͛ƚĂƉĂƚ;ϮϰͿŶĂŽƌĂƐŵƵůĂ
ŚŝƐ ĚĞĨĞŶƐĞ͕ ƚŚĞ ĐŽƵƌƚ ǁŝůů ŽƌĚĞƌ Śŝŵ ƚŽ ƐƵďŵŝƚ ŽƌŝŐŝŶĂů ƐĂ ƉĂŐǁĂǁĂŬĂƐ ŶŐ ƉĂŐĚŝŶŝŐ͘ <ƵŶŐ ĂŶŐ ŚŝŶĂŚĂďůĂ ĂǇ
ĐŽƉŝĞƐ ŽĨ ƐƵĐŚ ĚŽĐƵŵĞŶƚƐ ǁŝƚŚŝŶ ƚŚƌĞĞ ;ϯͿ ĐĂůĞŶĚĂƌ ĚĂǇƐ ƵŵĂĂƐĂƐĂŵŐĂĚŽŬƵŵĞŶƚŽŶĂĞďŝĚĞŶƐǇĂƉĂƌĂƐƵƉŽƌƚĂŚĂŶ
ĨƌŽŵƚŚĞƚĞƌŵŝŶĂƚŝŽŶŽĨƚŚĞŚĞĂƌŝŶŐ͘hƉŽŶƌĞĐĞŝƉƚƚŚĞƌĞŽĨ ĂŶŐ ŬĂŶǇĂŶŐ ĚĞƉĞŶƐĂ͕ ĂŶŐ ŚƵŬƵŵĂŶ ĂǇ ŵĂŐͲƵƵƚŽƐ ŶĂ
Žƌ ĞǆƉŝƌĂƚŝŽŶ ŽĨ ƚŚĞ ƉĞƌŝŽĚ ƚŽ ĨŝůĞ͕ ƚŚĞ ĐŽƵƌƚ ǁŝůů ƌĞŶĚĞƌ ŝƐƵŵŝƚŝ ŶŐ ŚŝŶĂŚĂďůĂ ĂŶŐ ŵŐĂ ŽƌŝŚŝŶĂů ŶĂ ŬŽƉǇĂ ŶŐ ŵŐĂ
ũƵĚŐŵĞŶƚǁŝƚŚŝŶƚǁĞŶƚǇͲĨŽƵƌ;ϮϰͿŚŽƵƌƐ͘ ŶĂƚƵƌĂŶŐ ĚŽŬƵŵĞŶƚŽ ƐĂ ůŽŽď ŶŐ ƚĂƚůŽŶŐ ;ϯͿ ĂƌĂǁ ƐĂ
ŬĂůĞŶĚĂƌǇŽ ŵƵůĂ ƐĂ ƉĂŐǁĂǁĂŬĂƐ ŶŐ ƉĂŐĚŝŶŝŐ͘ ^Ă
ƉĂŐƚĂŶŐŐĂƉ ŶŐ ŚƵŬƵŵĂŶ ŶŐ ŵŐĂ ŶĂƚƵƌĂŶŐ ĚŽŬƵŵĞŶƚŽ Ž
ƐĂƉĂŐŬĂƵďŽƐŶŐƉĂŶĂŚŽŶŶĂŝƐƵŵŝƚŝŝƚŽ͕ĂŶŐŚƵŬƵŵĂŶĂǇ
ŵĂŐďŝďŝŐĂǇŶŐĚĞƐŝƐǇŽŶƐĂůŽŽďŶŐĚĂůĂǁĂŵƉƵ͛ƚĂƉĂƚ;ϮϰͿ
ŶĂŽƌĂƐ͘

ϭϯ͘ tŚĂƚŚĂƉƉĞŶƐŝĨďŽƚŚƚŚĞĚĞĨĞŶĚĂŶƚĂŶĚ/ĚŽŶŽƚĂƉƉĞĂƌ ŶŽĂŶŐŵĂŶŐǇĂǇĂƌŝŬƵŶŐƉĂƌĞŚĂƐŬĂŵŝŶŐŚŝŶĂŚĂďůĂŶĂ
ĚƵƌŝŶŐ ƚŚĞ ŚĞĂƌŝŶŐ͍ dŚĞ ĐŽƵƌƚ ƐŚĂůů ĚŝƐŵŝƐƐ ǁŝƚŚ ŚŝŶĚŝ ĚƵŵĂůŽ ƐĂ ƉĂŐĚŝŶŝŐ͍ /ďĂďĂƐƵƌĂ ŶŐ ŚƵŬƵŵĂŶ ĂŶŐ
ƉƌĞũƵĚŝĐĞ ďŽƚŚ ƚŚĞ ^ƚĂƚĞŵĞŶƚ ŽĨ ůĂŝŵ ĂŶĚ ƚŚĞ ƉĂƌĞŚŽŶŐ,ĂďůĂŶŐWĂŐƐŝŶŐŝůĂƚĂŶŐŐĂŶƚŝŶŐͲƉĂŐƐŝŶŐŝů͘
ĐŽƵŶƚĞƌĐůĂŝŵ͘

ϭϰ͘ tŚĂƚ ŚĂƉƉĞŶƐĂƚ ƚŚĞ ŚĞĂƌŝŶŐ͍Ğ ƐƵƌĞ ǇŽƵ ĂƌĞ ŽŶ ƚŝŵĞ ŶŽ ĂŶŐ ŶĂŶŐǇĂǇĂƌŝ ƐĂ ƉĂŐĚŝŶŝŐ͍ ^ŝŐƵƌƵŚŝŶŐ ŶĂƐĂ
ĨŽƌ ƚŚĞ ŚĞĂƌŝŶŐ͘ zŽƵ ŵƵƐƚ ďƌŝŶŐ ǁŝƚŚ ǇŽƵ ƚŚĞ ŽƌŝŐŝŶĂů ƚĂŬĚĂŶŐŽƌĂƐŬĂƉĂƌĂƐĂƉĂŐĚŝŶŝŐ͘ĂƉĂƚŵŽŶŐĚĂůŚŝŶĂŶŐ
ĂĨĨŝĚĂǀŝƚƐ ŽĨ ǁŝƚŶĞƐƐĞƐ͕ ƌĞĐĞŝƉƚƐ͕ ĂŶĚ ĂŶǇ ĞǀŝĚĞŶĐĞ ǇŽƵ ŵŐĂ ŽƌŝŚŝŶĂů ŶĂ ƐŝŶƵŵƉĂĂŶŐ ƐĂůĂǇƐĂǇ ŶŐ ŵŐĂ ƐĂŬƐŝ Ž
ŶĞĞĚƚŽƉƌŽǀĞǇŽƵƌĐĂƐĞ͕ŝĨƚŚĞƐĞŚĂǀĞŶŽƚďĞĞŶƉƌĞǀŝŽƵƐůǇ ƚĞƐƚŝŐŽ͕ ŵŐĂ ƌĞƐŝďŽ͕ Ăƚ ĂŶƵŵĂŶŐ ĞďŝĚĞŶƐǇĂ ŶĂ
ƐƵďŵŝƚƚĞĚƚŽƚŚĞĐŽƵƌƚ͘/ĨǇŽƵĂƌĞƌĞƉƌĞƐĞŶƚŝŶŐĂũƵƌŝĚŝĐĂů ŬĂŬĂŝůĂŶŐĂŶŝŶ ŵŽ ƉĂƌĂ ŵĂƉĂƚƵŶĂǇĂŶ ĂŶŐ ŝǇŽŶŐ ŬĂƐŽ͕
ĞŶƚŝƚǇ͕ ǇŽƵ ŵƵƐƚ ďƌŝŶŐ ǇŽƵƌ ŽƌŝŐŝŶĂů ǁƌŝƚƚĞŶ ĂƵƚŚŽƌŝƚǇ ƚŽ ŬƵŶŐ ĂŶŐ ŵŐĂ ŝƚŽ ĂǇ ŚŝŶĚŝ ŵŽ ƉĂ ŶĂďŝďŝŐĂǇ ƐĂ ŚƵŬƵŵĂŶ͘

/ŶĨŽƌŵĂƚŝŽŶĨŽƌWůĂŝŶƚŝĨĨ &ŽƌŵϭͲͲ^͕WĂŐĞϱŽĨϲ



&KZDϭͲͲ^

ĂƉƉĞĂƌ Ăƚ ƚŚĞ ŚĞĂƌŝŶŐ ĂŶĚ ƚŽ ĞŶƚĞƌ ŝŶƚŽ ĂŶ ĂŵŝĐĂďůĞ <ƵŶŐ ŝŬĂǁ ĂǇ ŬƵŵĂŬĂƚĂǁĂŶ ƐĂ ŝƐĂŶŐ
ƐĞƚƚůĞŵĞŶƚ͕ ƐƵďŵŝƚ ƚŽ ĂůƚĞƌŶĂƚŝǀĞ ŵŽĚĞƐ ŽĨ ĚŝƐƉƵƚĞ ŽƌŐĂŶŝƐĂƐǇŽŶͬƐĂŵĂŚĂŶŶĂŬŝŶŝŬŝůĂůĂŶŐďĂƚĂƐďŝůĂŶŐŝƐĂŶŐ
ƌĞƐŽůƵƚŝŽŶ͕ ĂŶĚ ĞŶƚĞƌ ŝŶƚŽ ƐƚŝƉƵůĂƚŝŽŶƐ Žƌ ĂĚŵŝƐƐŝŽŶƐ ŽĨ ũƵƌŝĚŝĐĂů ĞŶƚŝƚǇ͕ ĚĂƉĂƚ ŵŽŶŐ ĚĂůŚŝŶ ĂŶŐ ŽƌŝŚŝŶĂů ŶĂ
ĨĂĐƚƐĂŶĚŽĨĚŽĐƵŵĞŶƚƐ͘ ŶĂŬĂƐƵůĂƚ ŶĂ ŬĂƉĂŶŐǇĂƌŝŚĂŶ ƉĂƌĂ ŝŬĂǁ ĂǇ ĚƵŵĂůŽ ƐĂ
ƉĂŐĚŝŶŝŐ Ăƚ ƉƵŵĂƐŽŬ ƐĂ ŵĂƉĂǇĂƉĂŶŐ ƉĂŐŬĂŬĂƐƵŶĚƵĂŶ͕
/Ĩ ǇŽƵ Žƌ ǇŽƵƌ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞ ĂŶĚ ƚŚĞ ĚĞĨĞŶĚĂŶƚ Žƌ ƐƵŵĂŝůĂůŝŵ ƐĂ ĂůƚĞƌŶĂƚŝďŽŶŐ ƉĂƌĂĂŶ ŶŐ ƉĂŐůƵƚĂƐ ŶŐ
ŚŝƐͬŚĞƌͬŝƚƐƌĞƉƌĞƐĞŶƚĂƚŝǀĞĂƉƉĞĂƌĂƚƚŚĞŚĞĂƌŝŶŐ͕ƚŚĞũƵĚŐĞ ƉĂŐƚĂƚĂůŽ͕ĂƚƉƵŵĂƐŽŬƐĂŬĂƐƵŶĚƵĂŶĂƚŐƵŵĂǁĂŶŐƉĂŐͲ
ǁŝůů ůŝƐƚĞŶ ƚŽ ďŽƚŚ ŽĨ ǇŽƵ͘ dŚĞ ũƵĚŐĞ ǁŝůů ĐŽŶĚƵĐƚ ĂŵŝŶŶŐƉĂŶŐǇĂǇĂƌŝĂƚŶŐŵŐĂĚŽŬƵŵĞŶƚŽ͘
ŵĞĚŝĂƚŝŽŶĂŶĚĞŶĐŽƵƌĂŐĞǇŽƵĂŶĚƚŚĞĚĞĨĞŶĚĂŶƚƚŽƐĞƚƚůĞ
ǇŽƵƌ ĐĂƐĞ͘ /Ĩ ǇŽƵ ĚŽ ŶŽƚ ƐĞƚƚůĞ͕ ƚŚĞ ũƵĚŐĞ ǁŝůů ƌĞŶĚĞƌ <ƵŶŐ ŝŬĂǁ Ăƚ ĂŶŐ ŚŝŶĂďůĂ ĂǇ ĚĂĚĂůŽ ƐĂ ƉĂŐĚŝŶŝŐ͕ ĂŶŐ
ũƵĚŐŵĞŶƚǁŝƚŚŝŶƚǁĞŶƚǇͲĨŽƵƌ;ϮϰͿŚŽƵƌƐĨƌŽŵƚĞƌŵŝŶĂƚŝŽŶ ŚƵŬŽŵ ĂǇ ŵĂŬŝŬŝŶŝŐ ƐĂ ŝŶǇŽŶŐ ĚĂůĂǁĂ͘ ŶŐ ŚƵŬŽŵ ĂǇ
ŽĨƚŚĞŚĞĂƌŝŶŐ͘zŽƵĐĂŶŶŽƚĂƉƉĞĂůƚŚĞĚĞĐŝƐŝŽŶ͘ ŵĂŵĂŵĂŐŝƚĂŶĂƚŚŝŚŝŬĂǇĂƚŝŶŬĂǇŽŶĂŵĂŐͲĂǇŽƐĂƚůƵƚĂƐŝŶ
ĂŶŐ ŝŶǇŽŶŐ ŬĂƐŽ͘ <ƵŶŐ ŚŝŶĚŝ ŬĂǇŽ ŵĂŐŬĂŬĂƐƵŶĚŽ͕
ŵĂŐďŝďŝŐĂǇ ŶŐ ŚĂƚŽů ĂŶŐ ŚƵŬƵŵĂŶ ƐĂ ůŽŽď ŶŐ
ĚĂůĂǁĂŵƉƵ͛ƚ ĂƉĂƚ ;ϮϰͿ ŶĂ ŽƌĂƐ ŵƵůĂ ƐĂ ƉĂŐǁĂŬĂƐ ŶŐ
ƉĂŐĚŝŶŝŐ͘ ,ŝŶĚŝ ŬĂ ŵĂĂĂƌŝŶŐ ŵĂŐͲĂƉĞůĂ ƐĂ ĚĞƐŝƐǇŽŶ ŶŐ
ŚƵŬƵŵĂŶ͘

ϭϱ͘ tŚĂƚŚĂƉƉĞŶƐĂĨƚĞƌĂĚĞĐŝƐŝŽŶŝƐƌĞŶĚĞƌĞĚďǇƚŚĞŽƵƌƚ͍ ŶŽŶŐŵĂŶŐǇĂǇĂƌŝƉĂŐŬĂƚĂƉŽƐŶŐƉĂŐŚĂƚŽů͍<ĂƉĂŐĂŶŐ
tŚĞŶĂĚĞĐŝƐŝŽŶŝƐƌĞŶĚĞƌĞĚŝŶǇŽƵƌĨĂǀŽƌĂƐƚŚĞƉůĂŝŶƚŝĨĨ͕ ĚĞƐŝƐǇŽŶ ĂǇ ŶĂƐĂ ŝǇŽŶŐ ƉĂďŽƌ͕ Ăƚ ŵĂǇ ƉĂƚƵŶĂǇ ŶĂ
ĂŶĚƚŚĞƌĞŝƐƉƌŽŽĨŽŶƌĞĐŽƌĚƚŚĂƚƚŚĞĚĞĨĞŶĚĂŶƚƌĞĐĞŝǀĞĚ ŶĂƚĂŶŐŐĂƉ ŝƚŽ ŶŐ ŚŝŶĂďůĂ ƐĂ ƌĞŬŽƌĚͬƚĂůĂĂŶ ŶŐ ŬĂƐŽ͕
ƚŚĞƐĂŵĞ͕ǇŽƵĐĂŶĐĂƵƐĞƚŚĞĞǆĞĐƵƚŝŽŶŽĨƚŚĞĚĞĐŝƐŝŽŶďǇ ŵĂĂĂƌŝŵŽŶŐŝƉĂƚƵƉĂĚŝƚŽƐĂƉĂŵĂŵĂŐŝƚĂŶŶŐƉĂŐƐĂŵƉĂ
ĨŝůŝŶŐĂŶĞǆƉĂƌƚĞŵŽƚŝŽŶ;&ŽƌŵϭϮͲ^Ϳ͘,ŽǁĞǀĞƌ͕ŝĨƚŚĞ ŶŐ Ğǆ ƉĂƌƚĞ ŵŽƐǇŽŶ ;&Žƌŵ ϭϮͲ^Ϳ͘ ,ŝŶĚŝ ŬĂŝůĂŶŐĂŶ ŶĂ
ĚĞĐŝƐŝŽŶ ŝƐ ďĂƐĞĚ ŽŶ ĐŽŵƉƌŽŵŝƐĞ ĂŐƌĞĞŵĞŶƚ͕ ƚŚĞ ƉƌŽŽĨ ĂďŝƐƵŚĂŶĂŶŐŚŝŶĂďůĂŽĂŶŐŬĂŶǇĂŶŐƉĂƌƚŝƐŝƉĂƐǇŽŶ͘'ĂǇƵŶ
ƚŚĂƚ ƚŚĞ ĚĞĨĞŶĚĂŶƚ ƌĞĐĞŝǀĞĚ ƚŚĞ ĚĞĐŝƐŝŽŶ ŝƐ ŶŽ ůŽŶŐĞƌ ƉĂŵĂŶ͕ŬƵŶŐĂŶŐĚĞƐŝƐǇŽŶĂǇďĂƐĞƐĂEĂƉĂŐŬĂƐƵŶĚƵĂŶŽ
ŶĞĐĞƐƐĂƌǇ͘ <ŽŵƉƌŽŵŝƐŽ͕ĂŶŐƉĂƚƵŶĂǇŶĂŶĂƚĂŶŐŐĂƉŝƚŽŶŐŚŝŶĂŚĂďůĂ
ĂǇŚŝŶĚŝŶĂŬĂŝůĂŶŐĂŶ͘
dŚĞ ĚĞĐŝƐŝŽŶ ŽĨ ƚŚĞ ĐŽƵƌƚ ŝƐ ĨŝŶĂů͕ ĞǆĞĐƵƚŽƌǇ ĂŶĚ
ƵŶĂƉƉĞĂůĂďůĞ͘ ŶŐĚĞƐŝƐǇŽŶŶŐŚƵŬƵŵĂŶĂǇǁĂŬĂƐŶĂ͕ŝƉĂƚƵƚƵƉĂĚŶĂ͕Ăƚ
ŚŝŶĚŝŶĂŵĂĂĂƌŝŶŐŝͲĂƉĞůĂ͘

/ŶĨŽƌŵĂƚŝŽŶĨŽƌWůĂŝŶƚŝĨĨ &ŽƌŵϭͲͲ^͕WĂŐĞϲŽĨϲ



&KZDϮͲ^

ZWh>/K&d,W,/>/WW/E^
ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ

ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ͕
WůĂŝŶƚŝĨĨ͕
;EĂŐŚĂŚĂďůĂ͕Ϳ
ǀƐ͘ ŝǀŝůĂƐĞEŽ͘ͺͺͺͺͺͺͺͺͺͺͺ
&Žƌ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ
ĞĨĞŶĚĂŶƚ͘
;,ŝŶĂŚĂďůĂ͘Ϳ
ǆͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲǆ

^hDDKE^
;Wdt'Ϳ
dK͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ
ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ

^ŝƌƐĂŶĚDĞƐĚĂŵĞƐ͗
DŐĂ'ŝŶŽŽĂƚŝŶŝďŝŶŝŽ'ŝŶĂŶŐ͗

zŽƵĂƌĞŚĞƌĞďǇƌĞƋƵŝƌĞĚ͕ǁŝƚŚŝŶƚĞŶ;ϭϬͿĐĂůĞŶĚĂƌĚĂǇƐĨƌŽŵƌĞĐĞŝƉƚŽĨƚŚŝƐ^ƵŵŵŽŶƐ͕ƚŽĨŝůĞǁŝƚŚ
ƚŚŝƐŽƵƌƚĂŶĚƚŽƐĞƌǀĞŽŶƚŚĞƉůĂŝŶƚŝĨĨ͕ǇŽƵƌǀĞƌŝĨŝĞĚZĞƐƉŽŶƐĞƚŽƚŚĞĂƚƚĂĐŚĞĚ^ƚĂƚĞŵĞŶƚŽĨůĂŝŵͬƐ͘dŚĞ
ĨŽƌŵŽĨƚŚĞǀĞƌŝĨŝĞĚZĞƐƉŽŶƐĞ΀&ŽƌŵϯͲ^;^ŵĂůůůĂŝŵƐͿŝƐĂƚƚĂĐŚĞĚŚĞƌĞƚŽ͘
;/ŬĂǁ ĂǇ ŬŝŶĂŬĂŝůĂŶŐĂŶ͕ ƐĂ ůŽŽď ŶŐ ƐĂŵƉƵŶŐ ;ϭϬͿ ĂƌĂǁ ŶŐ ŬĂůĞŶĚĂƌǇŽ ŵƵůĂ ƐĂ ƉĂŐƚĂŶŐŐĂƉ ŶŐ
WĂƚĂǁĂŐ ŶĂ ŝƚŽ͕ ŶĂ ŵĂŐƐĂŵƉĂ ƐĂ ,ƵŬƵŵĂŶŐ ŝƚŽ Ăƚ ŵĂŐŚĂƚŝĚ ƐĂ EĂŐŚĂŚĂďůĂ͕ ŶŐ ŝǇŽŶŐ ďĞƌŝƉŝŬĂĚŽŶŐ
^ĂŐŽƚƐĂŶĂŬĂůĂŬŝƉŶĂ,ĂďůĂŶŐWĂŐƐŝŶŐŝů͘ŶŐĨŽƌŵƉĂƌĂƐĂŬĂŝůĂŶŐĂŶŐ^ĂŐŽƚ΀&ŽƌŵϯͲ^;^ŵĂůůůĂŝŵƐͿ΁
ĂǇŶĂŬĂůĂŬŝƉĚŝƚŽ͘Ϳ

zŽƵĂƌĞƌĞƋƵŝƌĞĚƚŽƐƵďŵŝƚǁŝƚŚǇŽƵƌZĞƐƉŽŶƐĞĐĞƌƚŝĨŝĞĚĐŽƉŝĞƐŽĨĚŽĐƵŵĞŶƚƐĂƐǁĞůůĂƐĂĨĨŝĚĂǀŝƚƐ
ŽĨĂŶǇǁŝƚŶĞƐƐƚŽƐƚĂŶĚĂƐǇŽƵƌĞǀŝĚĞŶĐĞŝŶƚŚŝƐĐĂƐĞ͘zŽƵŵƵƐƚƉƌĞƐĞŶƚƚŚĞŽƌŝŐŝŶĂůĚŽĐƵŵĞŶƚͬƐŽŶƚŚĞ
ĚĂǇŽĨŚĞĂƌŝŶŐ͘
;<ŝŶĂŬĂŝůĂŶŐĂŶ ŵŽŶŐ ŝƐƵŵŝƚĞ ŬĂƐĂŵĂ ƐĂ ŝǇŽŶŐ ^ĂŐŽƚ ĂŶŐ ƐĞƌƚŝƉŝŬĂĚŽŶŐ ŵŐĂ ŬŽƉǇĂ ŶŐ ŵŐĂ
ĚŽŬƵŵĞŶƚŽ ƉĂƚŝ ŶĂ ƌŝŶ ĂŶŐ ŵŐĂ ƐŝŶƵŵƉĂĂŶŐ ƐĂůĂǇƐĂǇ ŶŐ ƐŝŶƵŵĂŶŐ ƐĂŬƐŝ ŶĂ ƐŝǇĂŶŐ ƚĂƚĂǇŽ ďŝůĂŶŐ ŝǇŽŶŐ
ĞďŝĚĞŶƐǇĂ ƐĂ ŬĂƐŽŶŐ ŝƚŽ͘ ĂƉĂƚ ŵŽŶŐ ŝŚĂƌĂƉ Ăƚ ŝƉĂŬŝƚĂ ĂŶŐ ŽƌŝŚŝŶĂů ŶŐ ŵŐĂ ĚŽŬƵŵĞŶƚŽ ƐĂ ĂƌĂǁ ŶŐ
ƉĂŐĚŝŶŝŐ͘Ϳ

ŵŽƚŝŽŶƚŽĚŝƐŵŝƐƐŝƐƉƌŽŚŝďŝƚĞĚĂŶĚƐŚĂůůŶŽƚďĞĞŶƚĞƌƚĂŝŶĞĚ͘ŶǇŐƌŽƵŶĚĨŽƌĚŝƐŵŝƐƐĂůƐŚŽƵůĚ
ďĞŝŶĐůƵĚĞĚŝŶǇŽƵƌZĞƐƉŽŶƐĞ͘>ŝŬĞǁŝƐĞ͕ŵŽƚŝŽŶƐĨŽƌďŝůůŽĨƉĂƌƚŝĐƵůĂƌƐĂŶĚĨŽƌĞǆƚĞŶƐŝŽŶƚŽĨŝůĞƉůĞĂĚŝŶŐƐ͕
ĂĨĨŝĚĂǀŝƚƐŽƌĂŶǇŽƚŚĞƌƉĂƉĞƌĂƌĞƉƌŽŚŝďŝƚĞĚ͘
;ŶŐ ŵŽƐǇŽŶ ŶĂ ŝďĂƐƵƌĂ Ž ŝƉĂǁĂůĂŶŐͲƐĂǇƐĂǇ ĂǇ ŝƉŝŶĂŐďĂďĂǁĂů Ăƚ ŚŝŶĚŝ ŝƐĂƐĂĂůĂŶŐͲĂůĂŶŐ Ž
ďŝďŝŐǇĂŶŶŐƉĂŶƐŝŶ͘ŶŐĂŶƵŵĂŶŐďĂƚĂǇĂŶŽĚĂŚŝůĂŶƉĂƌĂƐĂƉĂŐƉĂƉĂďĂƐƵƌĂŽƉĂŐƉĂƉĂǁĂůĂŶŐͲƐĂǇƐĂǇ
ĂǇĚĂƉĂƚŶĂŶŐŝƐĂŵĂƐĂŝǇŽŶŐ^ĂŐŽƚ͘'ĂǇŽŶĚŝŶ͕ŝƉŝŶĂŐďĂďĂǁĂůĂŶŐƉĂŐŚĂŝŶŶŐŵŽƐǇŽŶƉĂƌĂƐĂĚĞƚĂůǇĞ
Ăƚ ŵŽƐǇŽŶ ƉĂƌĂ ĚƵŐƚƵŶŐĂŶ Ž ƉĂŚĂďĂŝŶ ĂŶŐ ƉĂŶĂŚŽŶ ƉĂƌĂ ƐĂ ƉĂŐƐĂŵƉĂ ŶŐ ŵŐĂ ƉĂŐƐƵƐƵŵĂŵŽ͕
ƐŝŶƵŵƉĂĂŶŐƐĂůǇƐĂǇŽĂŶƵŵĂŶŐŝďĂƉĂŶŐƉĂƉĞůĞƐ͘Ϳ

zŽƵƌĨĂŝůƵƌĞƚŽƌĞƐƉŽŶĚǁŝƚŚŝŶƚŚĞϭϬͲĚĂǇĐĂůĞŶĚĂƌƉĞƌŝŽĚEdKWWZdd,,Z/E'K&
d,/^^ǁŝůůĂƵƚŚŽƌŝǌĞƚŚĞŽƵƌƚƚŽƌĞŶĚĞƌũƵĚŐŵĞŶƚ͘
;ŶŐŝǇŽŶŐŚŝŶĚŝƉĂŐƐĂŐŽƚƐĂůŽŽďŶŐƐĂŵƉƵŶŐ;ϭϬͿĂƌĂǁŶŐŬĂůĞŶĚĂƌǇŽd,/E/W'>KĂƚ
W'WW</d ^ d/E<E' W'/E/' E' <^K ĂǇ ŵĂŐƉĂƉĂŚŝŶƚƵůŽƚ ƐĂ ,ƵŬƵŵĂŶ ŶĂ ŐĂǁĂƌĂŶ ŶŐ
ĚĞƐŝƐǇŽŶĂŶŐŬĂƐŽ͘Ϳ

tŝƚŶĞƐƐ ŵǇ ŚĂŶĚ ƵŶĚĞƌ ƚŚĞ ƐĞĂů ŽĨ ƚŚŝƐ ŽƵƌƚ͕ ƚŚŝƐ ͺͺͺͺͺͺͺĚĂǇ ŽĨ ͺͺͺͺͺͺͺͺͺͺͺͺ͕ ϮϬͺͺͺͺͺ͕ Ăƚ
ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ͕WŚŝůŝƉƉŝŶĞƐ͘

ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ
ZE,>Z<K&KhZd

dEE͗WZ^D'<dEhE'E͕dhDt'^ηͺͺͺͺͺͺͺͺͺͺ
ŵĂŝůĚĚƌĞƐƐŶŐ,ƵŬƵŵĂŶ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ
^ƵŵŵŽŶƐ &ŽƌŵϮͲ^͕WĂŐĞϭŽĨϭ


&KZK&&//>h^KE>z
sZ/&/Z^WKE^
&KZDϯͲ^ WĂƌĂƐĂKƉŝƐǇĂůŶĂ'ĂŵŝƚůĂŶŐ
ůĞƌŬƐƚĂŵƉƐĚĂƚĞŚĞƌĞǁŚĞŶĨŽƌŵŝƐĨŝůĞĚ͘
ĞƌŝƉŝŬĂĚŽŶŐ^ĂŐŽƚ

ĂƐĞEƵŵďĞƌ͗

ĂƐĞdŝƚůĞ͗

ZĞƉƵďůŝĐŽĨƚŚĞWŚŝůŝƉƉŝŶĞƐ ^ƚƌĞĞƚĂĚĚƌĞƐƐ͗
ŽƵƌƚ͗
,ŽƚůŝŶĞ͗
ƌĂŶĐŚ͗ ŵĂŝůĂĚĚƌĞƐƐ͗

EŽƚŝĐĞƚŽƚŚĞĞĨĞŶĚĂŶƚ
EŽƚŝĐĞƚŽƚŚĞƉĞƌƐŽŶďĞŝŶŐƐƵĞĚ͗
ϭ͘ zŽƵ ĂƌĞ ƚŚĞ ĚĞĨĞŶĚĂŶƚ ʹ ƚŚĞ ƉĞƌƐŽŶ ĂŐĂŝŶƐƚ ǁŚŽŵ ƚŚĞ ĐĂƐĞ ŝƐ ĨŝůĞĚ͕ ŝĨ ǇŽƵƌ ŶĂŵĞ ŝƐ ůŝƐƚĞĚ ŝŶ ďŽǆ ŶŽ͘ Ϯ ŽŶ ƉĂŐĞ Ϯ ŽĨ ƚŚĞ
^ƚĂƚĞŵĞŶƚŽĨůĂŝŵͬƐ;&ŽƌŵϭͲ^Ϳ͘dŚĞƉĞƌƐŽŶƐƵŝŶŐǇŽƵŝƐƚŚĞƉůĂŝŶƚŝĨĨ͕ůŝƐƚĞĚŝŶďŽǆŶŽ͘ϭŽŶƉĂŐĞϭŽĨƚŚĞ^ƚĂƚĞŵĞŶƚŽĨ
ůĂŝŵ͘
Ϯ͘ ZĞĂĚƚŚĞ^ƚĂƚĞŵĞŶƚŽĨůĂŝŵͬƐĂŶĚĂůůƉĂŐĞƐĂƚƚĂĐŚĞĚƚŽƵŶĚĞƌƐƚĂŶĚƚŚĞĐůĂŝŵĂŐĂŝŶƐƚǇŽƵĂŶĚƚŽĂůůŽǁǇŽƵƚŽƉƌŽƚĞĐƚǇŽƵƌ
ƌŝŐŚƚƐ͘
ϯ͘ zŽƵĂƌĞƌĞƋƵŝƌĞĚƚŽĨŝůĞǁŝƚŚƚŚŝƐŽƵƌƚƚŚŝƐǀĞƌŝĨŝĞĚZĞƐƉŽŶƐĞ;&ŽƌŵϯͲ^ͿǁŝƚŚŝŶƚĞŶ;ϭϬͿĐĂůĞŶĚĂƌĚĂǇƐĨƌŽŵƌĞĐĞŝƉƚŽĨ
^ƵŵŵŽŶƐ͘/ĨǇŽƵĚŽŶŽƚĨŝůĞĂǀĞƌŝĨŝĞĚZĞƐƉŽŶƐĞ͕ƚŚĞĐŽƵƌƚǁŝůůƌĞŶĚĞƌũƵĚŐŵĞŶƚďĂƐĞĚŽŶƚŚĞWůĂŝŶƚŝĨĨ͛Ɛ^ƚĂƚĞŵĞŶƚ͘
ϰ͘ zŽƵ ĂƌĞ ƌĞƋƵŝƌĞĚ ƚŽ ƐƵďŵŝƚ ĂůŽŶŐ ǁŝƚŚ ǇŽƵƌ ǀĞƌŝĨŝĞĚ ZĞƐƉŽŶƐĞ ǇŽƵƌ ĞǀŝĚĞŶĐĞ͕ ƐƵĐŚ ĂƐ ĐĞƌƚŝĨŝĞĚ ĐŽƉŝĞƐ ŽĨ ĚŽĐƵŵĞŶƚƐ͕
ƌĞĐĞŝƉƚƐ͕ĂŶĚĂĨĨŝĚĂǀŝƚƐ͘
ϱ͘ zŽƵŽƌǇŽƵƌƌĞƉƌĞƐĞŶƚĂƚŝǀĞ;ŶŽƚĂůĂǁǇĞƌͿĂŶĚƚŚĞƉůĂŝŶƚŝĨĨŽƌŚŝƐͬŚĞƌͬŝƚƐƌĞƉƌĞƐĞŶƚĂƚŝǀĞ;ŶŽƚĂůĂǁǇĞƌͿŵƵƐƚŐŽƚŽĐŽƵƌƚŽŶ
ƚŚĞƚƌŝĂůĚĂƚĞŝŶĚŝĐĂƚĞĚŝŶ^ƵŵŵŽŶƐ͕&ŽƌŵϮͲ^͘/ĨŶŽƚ͕ũƵĚŐŵĞŶƚŵĂǇďĞƌĞŶĚĞƌĞĚ͘
ϲ͘ /ĨǇŽƵůŽƐĞ͕ƚŚĞĐŽƵƌƚĐĂŶŽƌĚĞƌƚŚĂƚǇŽƵƌǁĂŐĞƐ͕ŵŽŶĞǇ͕ŽƌƉƌŽƉĞƌƚǇďĞƚĂŬĞŶƚŽƉĂǇƚŚŝƐĐůĂŝŵ͘

WĂĂůĂůĂƐĂƚĂŽŶŐĚŝŶĞĚĞŵĂŶĚĂ͗
ϭ͘ /ŬĂǁĂŶŐŚŝŶĂŚĂďůĂʹĂŶŐƚĂŽŶŐƐŝŶĂŵƉĂŚĂŶŶŐŬĂƐŽ͕ŬƵŶŐĂŶŐŝǇŽŶŐƉĂŶŐĂůĂŶĂǇŶĂŬĂůŝƐƚĂƐĂŬĂŚŽŶďŝůĂŶŐϮƐĂƉĂŚŝŶĂϮ
ŶŐ ,ĂďůĂ ŶŐ WĂŐƐŝŶŐŝů ;&Žƌŵ ϭͲ^Ϳ͘ ŶŐ ƚĂŽŶŐ ŶĂŐƐĂŵƉĂ ŶŐ ŬĂƐŽ ůĂďĂŶ ƐĂ ŝǇŽ ĂǇ ĂŶŐ ŶĂŐŚĂŚĂďůĂ͕ ŶĂŬĂůŝƐƚĂ ƐĂ ŬĂŚŽŶ
ďŝůĂŶŐϭƐĂƉĂŚŝŶĂϭŶŐ^ƚĂƚĞŵĞŶƚŽĨůĂŝŵ͘
Ϯ͘ ĂƐĂŚŝŶĂŶŐ,ĂďůĂŶŐWĂŐƐŝŶŐŝůĂƚůĂŚĂƚŶŐŵŐĂƉĂŚŝŶĂŶŐŶĂŬĂůĂŬŝƉƵƉĂŶŐŵĂƵŶĂǁĂĂŶĂŶŐƉĂŐŚĂŚĂďŽůůĂďĂŶƐĂŝǇŽĂƚ
ƉƌŽƚĞŬƚĂŚĂŶĂŶŐŝǇŽŶŐŵŐĂŬĂƌĂƉĂƚĂŶ͘
ϯ͘ ĂƉĂƚ ŵŽŶŐ ŝƐĂŵƉĂ ƐĂ ,ƵŬƵŵĂŶ ŶĂ ŝƚŽ ĂŶŐ ŝǇŽŶŐ ďĞƌŝƉŝŬĂĚŽŶŐ ^ĂŐŽƚ ;&Žƌŵ ϯͲ^Ϳ ƐĂ ůŽŽď ŶŐ ƐĂŵƉƵŶŐ ;ϭϬͿ ĂƌĂǁ ŶŐ
ŬĂůĞŶĚĂƌǇŽ ƉĂŐŬĂƚĂŶŐŐĂƉ ŶŐ WĂƚĂǁĂŐ͘ <ƵŶŐ ŚŝŶĚŝ ŬĂ ŵĂŐŚĂŝŶ ŶŐ ďĞƌŝƉŝŬĂĚŽŶŐ ^ĂŐŽƚ͕ ŵĂŐďŝďŝŐĂǇ ŶŐ ĚĞƐŝƐǇŽŶ ĂŶŐ
ŚƵŬƵŵĂŶĂǇŽŶƐĂŵŐĂŬĂƚŽƚŽŚĂŶĂŶŶĂƐŝŶĂƐĂďŝƐĂ,ĂďůĂŶŐWĂŐƐŝŶŐŝů͘
ϰ͘ <ĂŝůĂŶŐĂŶŵŽŶŐŵĂŐƐƵŵŝƚĞŬĂƐĂŵĂŶŐŝǇŽŶŐďĞƌŝƉŝŬĂĚŽŶŐ^ĂŐŽƚĂŶŐŝǇŽŶŐĞďŝĚĞŶƐǇĂ͕ƚƵůĂĚŶŐŵŐĂƐĞƌƚŝƉŝŬĂĚŽŶŐŬŽƉǇĂ
ŶŐŵŐĂĚŽŬƵŵĞŶƚŽ͕ƌĞƐŝďŽ͕ĂƚŵŐĂƐŝŶƵŵƉĂĂŶŐƐĂůĂǇƐĂǇ͘
ϱ͘ /ŬĂǁŽĂŶŐŝǇŽŶŐŬŝŶĂƚĂǁĂŶ;ŶĂŚŝŶĚŝĂďŽŐĂĚŽͿĂƚĂŶŐŶĂŐŚĂŚĂďůĂŽĂŶŐŬĂŶǇĂŶŐŬŝŶĂƚĂǁĂŶ;ŶĂŚŝŶĚŝĂďŽŐĂĚŽͿĂǇĚĂƉĂƚ
ƉƵŵƵŶƚĂ ƐĂ ŬŽƌƚĞ ƐĂ ƉĞƚƐĂ ŶŐ ƉĂŐĚŝŶŝŐ ŶĂ ŶĂŬĂůŝƐƚĂ ƐĂ WĂƚĂǁĂŐ͕ &Žƌŵ ϮͲ^͘ <ƵŶŐ ŚŝŶĚŝ͕ ŵĂŐďŝďŝŐĂǇ ŶŐ ĚĞƐŝƐǇŽŶ ĂŶŐ
ŚƵŬƵŵĂŶĂǇŽŶƐĂŵŐĂŬĂƚŽƚŽŚĂŶĂŶŶĂƐŝŶĂƐĂďŝƐĂ,ĂďůĂŶŐWĂŐƐŝŶŐŝů͘
ϲ͘ <ƵŶŐŵĂƚĂůŽŬĂ͕ŵĂĂĂƌŝŶŐŵĂŐͲƵƚŽƐĂŶŐŬŽƌƚĞŶĂŬƵŶŝŶĂŶŐŝǇŽŶŐƐĂŚŽĚ͕ƉĞƌĂ͕ŽƉĂŐͲĂĂƌŝƵƉĂŶŐďĂǇĂƌĂŶĂŶŐƉĂŐŚĂŚĂďŽů
ŶĂŝƚŽ͘

ϭd,&EEdŶŐ,ŝŶĂŚĂďůĂ
EĂŵĞWĂŶŐĂůĂŶ ^Ğǆ <ĂƐĂƌŝĂŶ ŐĞ ĚĂĚ ŝǀŝů^ƚĂƚƵƐ<ĂƚĂǇƵĂŶŐ^ŝďŝů




WůĂĐĞŽĨtŽƌŬͬƵƐŝŶĞƐƐ>ƵŐĂƌŶŐWŝŶĂŐƚĂƚƌĂďĂŚƵŚĂŶͬEĞŐŽƐǇŽ



sĞƌŝĨŝĞĚZĞƐƉŽŶƐĞ &ŽƌŵϯͲ^͕WĂŐĞϭŽĨϲ


ĞĨĞŶĚĂŶƚ͛ƐZĞƉƌĞƐĞŶƚĂƚŝǀĞ͕ŝĨĂƉƉůŝĐĂďůĞ<ŝŶĂƚĂǁĂŶŶŐŚŝŶĂŚĂďůĂ͕ŬƵŶŐŵĞƌŽŶ
EĂŵĞWĂŶŐĂůĂŶ







Ϯ&EEd͛Ê/>K&d,^ddDEdK&>/D

͘ dŚĞĚĞĨĞŶĚĂŶƚĚĞŶŝĞƐƚŚĞ^ƚĂƚĞŵĞŶƚŽĨůĂŝŵͬƐĨŽƌĂŶǇŽĨƚŚĞĨŽůůŽǁŝŶŐƌĞĂƐŽŶƐ;ŚĞĐŬƚŚŽƐĞƚŚĂƚĂƉƉůǇͿ͗
dŝŶĂƚĂŶŐŐŝŚĂŶŶŐŚŝŶĂŚĂďůĂĂŶŐ,ĂďůĂŶŐWĂŐƐŝŶŐŝůƐĂĂůŝŶŵĂŶŐƐƵŵƵƐƵŶŽĚŶĂĚĂŚŝůĂŶ;WƵŵŝůŝƐĂŵŐĂƐƵŵƵƐƵŶŽĚĂƚůĂŐǇĂŶŶŐƚƐĞŬͿ͗

dŚĞĚĞĨĞŶĚĂŶƚĚŽĞƐŶŽƚŽǁĞƚŚĞƉůĂŝŶƚŝĨĨŵŽŶĞǇ͘ŶŐŚŝŶĂŚĂďůĂĂǇǁĂůĂŶŐƉĂŐŬĂŬĂƵƚĂŶŐŶĂƐĂůĂƉŝƐĂŶĂŐŚĂŚĂďůĂ͘
dŚĞĚĞĨĞŶĚĂŶƚŽǁĞƐƚŚĞƉůĂŝŶƚŝĨĨŽŶůǇĂƉŽƌƚŝŽŶŽĨƚŚĞĂŵŽƵŶƚĐůĂŝŵĞĚ͘ŶŐƵƚĂŶŐŶŐŚŝŶĂŚĂďůĂĂǇďĂŚĂŐŝůĂŵĂŶŐŶŐ
ŚĂůĂŐĂŶŐƐŝŶŝƐŝŶŐŝůŶŐŶĂŐŚĂŚĂďůĂ͘
/ƚŝƐƚŚĞƉůĂŝŶƚŝĨĨǁŚŽŽǁĞƐƚŚĞĚĞĨĞŶĚĂŶƚŵŽŶĞǇ͘ŶŐŶĂŐŚĂŚĂďůĂĂŶŐƐŝǇĂŶŐŵĂǇƵƚĂŶŐŶŐƐĂůĂƉŝƐĂŚŝŶĂŚĂďůĂ͘

͘ /ĨƚŚĞĚĞĨĞŶĚĂŶƚŽǁĞƐƚŚĞƉůĂŝŶƚŝĨĨŽŶůǇĂƉŽƌƚŝŽŶŽĨƚŚĞĂŵŽƵŶƚĐůĂŝŵĞĚ͕ŚŽǁŵƵĐŚŝƐƚŚŝƐ͍
<ƵŶŐĂŶŐƵƚĂŶŐŶŐŚŝŶĂŚĂďůĂĂǇďĂŚĂŐŝůĂŵĂŶŐŶŐŚĂůĂŐĂŶŐƐŝŶŝƐŝŶŐŝůŶŐŶĂŐŚĂŚĂďůĂ͕ŵĂŐŬĂŶŽŝƚŽ͍

ϯ'ZKhE^&KZ/^D/^^>
͘ ŽǇŽƵŬŶŽǁŽĨĂŶǇŽƚŚĞƌƌĞĂƐŽŶǁŚǇƚŚĞ^ƚĂƚĞŵĞŶƚŽĨůĂŝŵͬƐƐŚŽƵůĚďĞĚŝƐŵŝƐƐĞĚ͍DĞƌŽŶŬĂďĂŶŐĂůĂŵŶĂŝďĂŶŐ
ĚĂŚŝůĂŶŬƵŶŐďĂŬŝƚĚĂƉĂƚŝďĂƐƵƌĂĂŶŐ,ĂďůĂŶŐWĂŐƐŝŶŐŝů͍
zĞƐKŽ /ĨǇĞƐ͕ƉůĞĂƐĞƐƉĞĐŝĨǇ<ƵŶŐKŽ͕ĂŶŽŶŐĚĂŚŝůĂŶŝƚŽ͗
EŽtĂůĂ
ŽŵƉůĞƚĞƉĂǇŵĞŶƚ
EĂďĂǇĂƌĂŶŬŽŶĂŶĂŶŐďƵŽ

ůĂŝŵŚĂƐĂůƌĞĂĚǇďĞĞŶĚĞĐŝĚĞĚďǇƚŚĞĐŽƵƌƚ
DĂǇŚĂƚŽůŶĂĂŶŐŬŽƌƚĞͬŚƵŬƵŵĂŶƵŬŽůĚŝƚŽ

ůĂŝŵŝƐƉĞŶĚŝŶŐŝŶĂŶŽƚŚĞƌĐŽƵƌƚ
DĞƌŽŶŐŬĂƐĂůƵŬƵǇĂŶŐŬĂƐŽŶĂŶĂŬĂŚĂďůĂƐĂŝďĂŶŐŬŽƌƚĞͬŚƵŬƵŵĂŶ

KƚŚĞƌƐ
/ďĂŶŐĚĂŚŝůĂŶ͗ͺͺͺͺͺͺͺͺͺͺ

͘ ŽǇŽƵŚĂǀĞĂŶǇƉƌŽŽĨ͍DĞƌŽŶŬĂďĂŶŐĂŶƵŵĂŶŐŬĂƚŝďĂǇĂŶ͍
zĞƐKŽ /ĨǇĞƐ͕ƉůĞĂƐĞƐƉĞĐŝĨǇ<ƵŶŐKŽ͕ĂŶŽŶŐŬĂƚŝďĂǇĂŶŝƚŽ͍͗
EŽtĂůĂ

ϰ&EEd͛^KhEdZ>/D'ĂŶƚŝŶŐWĂŐͲƐŝŶŐŝů
͘ /ĨŝƚŝƐƚŚĞƉůĂŝŶƚŝĨĨǁŚŽŽǁĞƐĚĞĨĞŶĚĂŶƚŵŽŶĞǇ͕ŚŽǁŵƵĐŚĂŶĚǁŚĞŶĚŝĚƚŚŝƐŚĂƉƉĞŶ͍<ƵŶŐĂŶŐŶĂŐŚĂŚĂďůĂĂŶŐ
ƐŝǇĂŶŐŵĂǇƵƚĂŶŐŶĂƐĂůĂƉŝƐĂŚŝŶĂŚĂďůĂ͕ŵĂŐŬĂŶŽĂƚŬĂůŝĂŶŝƚŽŶĂŶŐǇĂƌŝ͍

ŵŽƵŶƚ,ĂůĂŐĂ͗ /ĨŶŽƐƉĞĐŝĨŝĐĚĂƚĞ͕ĞƐƚŝŵĂƚĞƚŚĞƚŝŵĞƉĞƌŝŽĚ<ƵŶŐǁĂůĂŶŐƚŝǇĂŬŶĂƉĞƚƐĂ͕
ŝďŝŐĂǇĂŶŐƚĂŶƚŝǇĂŶŐƉĂŶĂŚŽŶ

ĂƚĞWĞƚƐĂ͗ ^ƚĂƌƚ͗ dŚƌŽƵŐŚ͗
^ŝŵƵůĂ ,ĂŶŐŐĂŶŐ
sĞƌŝĨŝĞĚZĞƐƉŽŶƐĞ &ŽƌŵϯͲ^͕WĂŐĞϮŽĨϲ


͘ ,ŽǁĚŝĚǇŽƵĐŽŵƉƵƚĞƚŚĞŵŽŶĞǇŽǁĞĚ͍;ŽŶŽƚŝŶĐůƵĚĞĐŽƵƌƚĐŽƐƚƐŽƌĨĞĞƐĨŽƌƐĞƌǀŝĐĞͿ
WĂĂŶŽŵŽŬŝŶƵǁĞŶƚĂĂŶŐƐĂůĂƉŝŶŐƉĂŐŬĂŬĂƵƚĂŶŐƐĂŝǇŽ͍;,ƵǁĂŐŝƐĂŵĂĂŶŐĨŝůŝŶŐĨĞĞƐĨŽƌƐĞƌǀŝĐĞͿ

͘ ŝĚǇŽƵĂƐŬƚŚĞƉůĂŝŶƚŝĨĨƚŽƉĂǇǇŽƵ͍<ƵŶŐĂŶŐŶĂŐŚĂŚĂďůĂĂǇƐŝǇĂŶŐŵĂǇƉĂŐŬĂŬĂƵƚĂŶŐƐĂŝǇŽ͕ƐŝŶŝŶŐŝůŵŽďĂƐŝǇĂ͍
/ĨǇĞƐ͕ŚŽǁ͍<ƵŶŐŽŽ͕ƉĂĂŶŽ͍
zĞƐKŽ /ŶƉĞƌƐŽŶ^ĂŬĂŶǇĂŵŝƐŵŽ ǇƉŚŽŶĞ^ĂƚĞůĞƉŽŶŽ
EŽ,ŝŶĚŝ /ŶǁƌŝƚŝŶŐ^ĂƐƵůĂƚ KƚŚĞƌƐ;ƐƉĞĐŝĨǇͿ/ďĂƉĂ;ĂŶŽŝƚŽ͍Ϳ͗

͘ ŽǇŽƵŚĂǀĞĂŶǇƉƌŽŽĨ͍DĞƌŽŶŬĂďĂŶŐĂŶƵŵĂŶŐŬĂƚŝďĂǇĂŶ͍
/ĨǇĞƐ͕ǁŚĂƚŝƚƚŚŝƐƉƌŽŽĨ͍<ƵŶŐKŽ͕ĂŶŽŶŐŬĂƚŝďĂǇĂŶŝƚŽ͍
zĞƐKŽ ƐŝŐŶĞĚĚĞĞĚͬĐŽŶƚƌĂĐƚͬĂŐƌĞĞŵĞŶƚ ůĂƚĞƐƚĚĞŵĂŶĚůĞƚƚĞƌ;ǁŝƚŚƉƌŽŽĨŽĨĚĞůŝǀĞƌǇ
EŽ,ŝŶĚŝ ƉƌŽŵŝƐƐŽƌǇŶŽƚĞ ĂŶĚƐĞƌǀŝĐĞͿ
ďĂŶŬĚĞƉŽƐŝƚƐůŝƉ ĂĨĨŝĚĂǀŝƚŽĨǁŝƚŶĞƐƐĞƐƚŽƐƵƉƉŽƌƚƚŚĞĐůĂŝŵ
ƌĞĐĞŝƉƚƐ ŽƚŚĞƌƐ;ƉůƐ͘ƐƉĞĐŝĨǇͿ͗
ĐŚĞĐŬƐ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ

ϱ>/^dK&KhDEd^>ŝƐƚĂŚĂŶŶŐŵŐĂŽŬƵŵĞŶƚŽ

zKh Dh^d dd, Zd/&/ KW/^ K& KhDEd^͕ ^ t>> ^ &&/s/d^ K& t/dE^^^ E Kd,Z
s/E͕/E^hWWKZdK&zKhZ&EÊͬKZKhEdZ>/D͘
;</E</>E'E DKE' /></W E' D' ^Zd/W/<KE' <KWz E' D' K<hDEdK͕ d D'
^/EhDWE'^>z^zE'/zKE'D'd^d/'Kd/WE'D'/E^z͕/>E'W'WWdhEzE'
/zKE'WE^dͬK<KEdZͲDEͬ'Ed/E'ͲW'^/E'/>͘Ϳ

>ŝƐƚĚŽǁŶďĞůŽǁĂůůĚŽĐƵŵĞŶƚƐĂƚƚĂĐŚĞĚƚŽƚŚŝƐĨŽƌŵ͗
/ůŝƐƚĂƐĂŝďĂďĂĂŶŐŵŐĂĚŽŬƵŵĞŶƚŽŶĂŝǇŽŶŐŝŶŝůĂŬŝƉƐĂĨŽƌŵŶĂŝƚŽ͗

ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ





ϲWZzZWĂŐƐĂŵŽ

t,Z&KZ͕ƚŚĞĚĞĨĞŶĚĂŶƚƌĞƐƉĞĐƚĨƵůůǇƉƌĂǇƐĨŽƌĂũƵĚŐŵĞŶƚŽƌĚĞƌŝŶŐ;ŚĞĐŬƚŚŽƐĞƚŚĂƚĂƉƉůǇͿ͗
,/>/dK͕ĂŶŐŚŝŶĂŚĂďůĂĂǇŵĂŐĂůĂŶŐŶĂƐƵŵĂƐĂŵŽŶĂŝŐĂǁĂĚĂŶŐŬĂƉĂƐŝǇĂŚĂŶŐ;WƵŵŝůŝƐĂŵŐĂƐƵŵƵƐƵŶŽĚĂƚůĂŐǇĂŶŶŐƚƐĞŬͿ͗

ƚŚĞĚŝƐŵŝƐƐĂůŽĨƚŚĞ^ƚĂƚĞŵĞŶƚŽĨůĂŝŵͬƐ͘ŝďĂƐƵƌĂĂŶŐ,ĂďůĂŶŐWĂŐƐŝŶŐŝů͘

ƚŚĞƉůĂŝŶƚŝĨĨƚŽƉĂǇƚŚĞĚĞĨĞŶĚĂŶƚƚŚĞĂŵŽƵŶƚŽĨWͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ͕ǁŝƚŚŝŶƚĞƌĞƐƚĂƚƚŚĞƌĂƚĞŽĨͺͺͺйƉĞƌ
ĂŶŶƵŵͬŵŽŶƚŚĨƌŽŵͺͺͺͺͺͺͺͺͺͺͺͺƵŶƚŝůĨƵůůǇƉĂŝĚ͘ƵƚƵƐĂŶĂŶŐŶĂŐŚĂŚĂďůĂŶĂŵĂŐďĂǇĂĚƐĂŚŝŶĂŚĂďůĂŶŐŚĂůĂŐĂŶŐ
Wͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ͕ƉĂƚŝĂŶŐƚƵďŽŶŐͺͺͺйďĂǁĂƚƚĂŽŶͬďƵǁĂŶƐŝŵƵůĂͺͺͺͺͺͺͺͺͺͺͺͺŚĂŶŐŐĂŶŐŐĂŶĂƉŽůƵďŽƐŶĂŵĂďĂǇĂƌĂŶŝƚŽ͘

ƚŚĞƉůĂŝŶƚŝĨĨƚŽƉĂǇƚŚĞĚĞĨĞŶĚĂŶƚƚŚĞĂŵŽƵŶƚŽĨWͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺĂƐĂĐƚƵĂůĚĂŵĂŐĞƐ͘ƵƚƵƐĂŶĂŶŐ
ŶĂŐŚĂŚĂďůĂŶĂŵĂŐďĂǇĂĚƐĂŚŝŶĂŚĂďůĂŶŐŚĂůĂŐĂŶŐWͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ͕ƉĂƌĂƐĂĂŬƚǁĂůŶĂƉŝŶƐĂůĂŶŐŝĚŝŶƵůŽƚŶŐƉĂŐƐĂƐĂŵƉĂ
ŶŐŬĂƐŽ͘

ƚŚĞƉůĂŝŶƚŝĨĨƚŽƉĂǇƚŚĞĚĞĨĞŶĚĂŶƚƚŚĞĂŵŽƵŶƚŽĨWͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺĂƐĐŽƐƚƐŽĨƐƵŝƚ͘ƵƚƵƐĂŶĂŶŐŶĂŐŚĂŚĂďůĂ
ŶĂŵĂŐďĂǇĂĚƐĂŚŝŶĂŚĂďůĂŶŐŚĂůĂŐĂŶŐWͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ͕ƉĂƌĂƐĂŬĂďĂǇĂƌĂŶͬŐĂƐƚŽƐƐĂŬĂƐŽŶŐŝƐŝŶĂŵƉĂ͘

sĞƌŝĨŝĞĚZĞƐƉŽŶƐĞ &ŽƌŵϯͲ^͕WĂŐĞϯŽĨϲ


ϳt/sZK&y^^K&^D>>>/D^/EKhEdZ>/D

ǇƚŚĞĨŝůŝŶŐŽĨƚŚŝƐĐŽƵŶƚĞƌĐůĂŝŵ͕ĚĞĨĞŶĚĂŶƚŚĞƌĞďǇǁĂŝǀĞƐĂŶǇĂŵŽƵŶƚŝŶĞǆĐĞƐƐŽĨWϭDŝůůŝŽŶWĞƐŽƐ͕ĞǆĐůƵĚŝŶŐ
ŝŶƚĞƌĞƐƚƐĂŶĚĐŽƐƚƐ͘^ĂƉĂŐƐĂƐĂŵƉĂŶŐŐĂŶƚŝŶŐͲƉĂŐƐŝŶŐŝůŶĂŝƚŽ͕ĂŶŐŚŝŶĂŚĂďůĂĂǇŝƐŝŶƵƐƵŬŽĂŶŐĂŶƵŵĂŶŐŚĂůĂŐĂŶĂŚŝŐŝƚƐĂ
WϭDŝůǇŽŶŐWŝƐŽ͕ŚŝŶĚŝŬĂƐĂŵĂĂŶŐƚƵďŽĂƚŐĂƐƚŽƐƐĂƉĂŐƐĂŵƉĂŶŐŬĂƐŽŶŐŝƚŽ͘

ϴKEÊddK>dZKE/^Zs/
/ŐŝǀĞŵǇĐŽŶƐĞŶƚƚŽďĞƐĞƌǀĞĚǁŝƚŚŽĨĨŝĐŝĂůĐŽƵƌƚŶŽƚŝĐĞƐ͕ƉƌŽĐĞƐƐĞƐ͕ŽƌĚĞƌƐ͕ƌĞƐŽůƵƚŝŽŶƐĂŶĚĚĞĐŝƐŝŽŶƐ͕ĂƐǁĞůůĂƐ
ĨŝůŝŶŐƐďǇƚŚĞWůĂŝŶƚŝĨĨ͕ƚŚƌŽƵŐŚ͗EĂŐďŝďŝŐĂǇĂŬŽŶŐƉĂŚŝŶƚƵůŽƚŶĂŵĂŝŚĂƚŝĚƐĂĂŬŝŶĂŶŐŵŐĂŽƉŝƐǇĂůŶĂƉĂƵŶĂǁĂ͕ƉƌŽƐĞƐŽ͕
ƵƚŽƐ͕ƌĞƐŽůƵƐǇŽŶ͕ĂƚĚĞƐŝƐǇŽŶŶŐŚƵŬƵŵĂŶ͕ƉĂƚŝĂŶŐŵŐĂƉĂŐƐĂƐĂŵƉĂŶŐŶĂŐŚĂŚĂďůĂ͕ƐĂƉĂŵĂŵĂŐŝƚĂŶŶŐ͗
;ŚĞĐŬƚŚŽƐĞƚŚĂƚĂƉƉůǇWƵŵŝůŝƐĂŵŐĂƐƵƐƵŶŽĚĂƚůĂŐǇĂŶŶŐƚƐĞŬͿ


ŝƚǇ>ƵŶŐƐŽĚ͗ ĂƚĞWĞƚƐĂ͗

ĞĨĞŶĚĂŶƚ͛Ɛ^ŝŐŶĂƚƵƌĞ>ĂŐĚĂŶŐ,ŝŶĂŚĂďůĂ͗

sĞƌŝĨŝĞĚZĞƐƉŽŶƐĞ &ŽƌŵϯͲ^͕WĂŐĞϰŽĨϲ


ϵsZ/&/d/KEWĂŐƉĂƉĂƚŽƚŽŽŽWĂŐƉĂƉĂƚƵŶĂǇ
ŽŶŽĂƚŚ͕ƐƚĂƚĞĂǇƐƵŵƵƐƵŵƉĂŶĂ͗

ϭ͘ /ĂŵƚŚĞĚĞĨĞŶĚĂŶƚŝŶƚŚŝƐĐĂƐĞ͕ĂŶĚ/ŚĂǀĞĐĂƵƐĞĚƚŚĞƉƌĞƉĂƌĂƚŝŽŶŽĨƚŚĞĨŽƌĞŐŽŝŶŐZĞƐƉŽŶƐĞ͖
ŬŽĂŶŐŚŝŶĂŚĂďĂůĂƐĂŬĂƐŽŶŐŝƚŽ͕ŶĂŐƵŵĂǁĂĂƚŶĂŐƉƵŶŽŶŐ^ĂŐŽƚ͖

Ϯ͘ / ŚĂǀĞ ƌĞĂĚ ĂŶĚ ƵŶĚĞƌƐƚŽŽĚ ƚŚĞ ĂůůĞŐĂƚŝŽŶƐ ĐŽŶƚĂŝŶĞĚ ŚĞƌĞŝŶ͕ ĂŶĚ ƚŚĞ ƐĂŵĞ ĂƌĞ ƚƌƵĞ ĂŶĚ
ĐŽƌƌĞĐƚďĂƐĞĚŽŶŵǇŽǁŶƉĞƌƐŽŶĂůŬŶŽǁůĞĚŐĞĂŶĚŽŶĂƵƚŚĞŶƚŝĐƌĞĐŽƌĚƐ͖ EĂŝŝŶƚŝŶĚŝŚĂŶŬŽĂŶŐ
ŵŐĂ ŶŝůĂůĂŵĂŶ ŶŝƚŽ Ăƚ ƉŝŶĂƚŽƚŽŚĂŶĂŶ ŬŽ ĂŶŐ ŵŐĂ ŶĂŬĂƐĂĂĚ ĚŝƚŽ ďĂƐĞ ƐĂ ĂŬŝŶŐ ƉĞƌƐŽŶĂů ŶĂ
ƉĂŐŬĂŬĂĂůĂŵ͕ƚƵŶĂǇŶĂƚĂůĂĂŶ͕ĚŽŬƵŵĞŶƚŽ͕ĂƚĞďŝĚĞŶƐǇĂ͖

ϯ͘ dŚŝƐZĞƐƉŽŶƐĞŝƐŶŽƚĨŝůĞĚƚŽŚĂƌĂƐƐ͕ĐĂƵƐĞƵŶŶĞĐĞƐƐĂƌǇĚĞůĂǇ͕ŽƌŶĞĞĚůĞƐƐůǇŝŶĐƌĞĂƐĞƚŚĞĐŽƐƚ
ŽĨůŝƚŝŐĂƚŝŽŶ͖ ŶŐ,ĂďůĂŶŐWĂŐƐŝŶŐŝůͬ^ĂŐŽƚĂǇŝƐŝŶƵŵŝƚĞƐĂŬŽƌƚĞŚŝŶĚŝƵƉĂŶŐŵĂŐĚƵůŽƚŶŐƉĂŐͲĂďĂůĂ͕
ƉĂŐͲĂŶƚĂůĂ͕ŽǁĂůĂŶŐŬĂďƵůƵŚĂŶŐƉĂŐƉĂƉĂŚŝƌĂƉƐĂƉƌŽƐĞƐŽŶŐŚƵŬƵŵĂŶ͖

ϰ͘ dŚĞ ĨĂĐƚƵĂů ĂůůĞŐĂƚŝŽŶƐ ŚĞƌĞŝŶ ŚĂǀĞ ĞǀŝĚĞŶƚŝĂƌǇ ƐƵƉƉŽƌƚ Žƌ͕ ŝĨ ƐƉĞĐŝĨŝĐĂůůǇ ƐŽ ŝĚĞŶƚŝĨŝĞĚ͕ ǁŝůů
ůŝŬĞǁŝƐĞ ŚĂǀĞ ĞǀŝĚĞŶƚŝĂƌǇ ƐƵƉƉŽƌƚ ĂĨƚĞƌ Ă ƌĞĂƐŽŶĂďůĞ ŽƉƉŽƌƚƵŶŝƚǇ ĨŽƌ ĚŝƐĐŽǀĞƌǇ͘ ŶŐ ŵŐĂ
ĂůĞŐĂƐǇŽŶĚŝƚŽĂǇŵĂŬĂƚŽƚŽŚĂŶĂŶĂƚƐƵƉŽƌƚĂĚŽŶŐĞďŝĚĞŶƐǇĂŽĚŝŬĂǇĂĂǇŵĂŐŬĂŬĂƌŽŽŶŶŐĞďŝĚĞŶƐǇĂ
ŬƵŶŐŵĂŐŬĂŬĂƌŽŽŶŶŐƉĂŐƉĂƉĂƚƵŬůĂƐŶŝƚŽ͘


ĞĨĞŶĚĂŶƚ͛ƐEĂŵĞĂŶĚ^ŝŐŶĂƚƵƌĞ
WĂŶŐĂůĂŶĂƚ>ĂŐĚĂŶŐ,ŝŶĂŚĂďůĂ


sĞƌŝĨŝĞĚZĞƐƉŽŶƐĞ &ŽƌŵϯͲ^͕WĂŐĞϱŽĨϲ


ϭϬsZ/&/d/KEEZd/&/d/KE'/E^d&KZhD^,KWW/E'͕^W>/dd/E'h^K&
d/KE͕EDh>d/W>//dzK&^h/d^;ŝĨǁŝƚŚĐŽƵŶƚĞƌĐůĂŝŵŽŶůǇͿWĂŐƉĂƉĂƚŽƚŽŽŽWĂŐƉĂƉĂƚƵŶĂǇŶĂ
tĂůĂŶŐ/ďĂŶŐ<ĂƐŽŶŐEĂŬĂƐĂŵƉĂͬEĂŬĂďŝŶďŝŶƐĂ/ďĂŶŐ,ƵŬƵŵĂŶ;ŬƵŶŐŵĂǇ'ĂŶƚŝŶŐͲWĂŐƐŝŶŐŝůůĂŵĂŶŐͿ

ŽŶŽĂƚŚ͕ƐƚĂƚĞĂǇƐƵŵƵƐƵŵƉĂŶĂ͗

ϭ͘ dŚĂƚ/ĂŵƚŚĞĚĞĨĞŶĚĂŶƚŝŶƚŚĞĂďŽǀĞͲĞŶƚŝƚůĞĚĐĂƐĞĂŶĚŚĂǀĞĐĂƵƐĞĚƚŚŝƐZĞƐƉŽŶƐĞƚŽďĞƉƌĞƉĂƌĞĚ͖
ƚŚĂƚ/ƌĞĂĚĂŶĚƵŶĚĞƌƐƚŽŽĚŝƚƐĐŽŶƚĞŶƚƐǁŚŝĐŚĂƌĞƚƌƵĞĂŶĚĐŽƌƌĞĐƚŽĨŵǇŽǁŶƉĞƌƐŽŶĂůŬŶŽǁůĞĚŐĞ
ĂŶĚͬŽƌ ďĂƐĞĚ ŽŶ ƚƌƵĞ ƌĞĐŽƌĚƐ͘ ŬŽ ĂŶŐ ŚŝŶĂŚĂďĂůĂ ƐĂ ŬĂƐŽŶŐ ŝƚŽ͕ ŶĂ ŐƵŵĂǁĂ Ăƚ ŶĂŐƉƵŶŽ ŶŐ ^ĂŐŽƚ͘
EĂŝŝŶƚŝŶĚŝŚĂŶ ŬŽ ĂŶŐ ŵŐĂ ŶŝůĂůĂŵĂŶ ŶŝƚŽ Ăƚ ƉŝŶĂƚŽƚŽŚĂŶĂŶ ŬŽ ĂŶŐ ŵŐĂ ŶĂŬĂƐĂĂĚ ĚŝƚŽ ďĂƐĞ ƐĂ ĂŬŝŶŐ
ƉĞƌƐŽŶĂůŶĂƉĂŐŬĂŬĂĂůĂŵĂƚƚƵŶĂǇŶĂƚĂůĂĂŶ͕ĚŽŬƵŵĞŶƚŽ͕ĂƚĞďŝĚĞŶƐǇĂ͖

Ϯ͘ dŚĞ ZĞƐƉŽŶƐĞ ǁŝƚŚ ĐŽƵŶƚĞƌĐůĂŝŵ ŝƐ ŶŽƚ ĨŝůĞĚ ƚŽ ŚĂƌĂƐƐ͕ ĐĂƵƐĞ ƵŶŶĞĐĞƐƐĂƌǇ ĚĞůĂǇ͕ Žƌ ŶĞĞĚůĞƐƐůǇ
ŝŶĐƌĞĂƐĞƚŚĞĐŽƐƚŽĨůŝƚŝŐĂƚŝŽŶ͘ ŶŐ,ĂďůĂŶŐWĂŐƐŝŶŐŝůŶĂŵĂǇŬĂƐĂŵĂŶŐ'ĂŶƚŝŶŐͲWĂŐƐŝŶŐŝůĂǇŝƐŝŶƵŵŝƚĞ
ƐĂ ŚƵŬƵŵĂŶ ŚŝŶĚŝ ƵƉĂŶŐ ŵĂŐĚƵůŽƚ ŶŐ ƉĂŐͲĂďĂůĂ͕ ƉĂŐͲĂŶƚĂůĂ͕ Ž ǁĂůĂŶŐ ŬĂďƵůƵŚĂŶŐ ƉĂŐƉĂƉĂŚŝƌĂƉ ƐĂ
ƉƌŽƐĞƐŽŶŐŚƵŬƵŵĂŶ͖

ϯ͘ /ŚĂǀĞŶŽƚĐŽŵŵĞŶĐĞĚĂŶǇĂĐƚŝŽŶŽƌƉƌŽĐĞĞĚŝŶŐŝŶǀŽůǀŝŶŐƚŚĞƐĂŵĞŝƐƐƵĞŽƌƐƵďũĞĐƚŵĂƚƚĞƌŝŶƚŚĞ
^ƵƉƌĞŵĞŽƵƌƚ͕ŽƵƌƚŽĨƉƉĞĂůƐ͕ŽƌĂŶǇŽƚŚĞƌƚƌŝďƵŶĂůŽƌĂŐĞŶĐǇ͕ĂŶĚƚŚĂƚƚŚĞĐŚĞĐŬͬƐĐŽǀĞƌĞĚŝŶ
ƚŚŝƐ ĐĂƐĞ ŚĂƐͬŚĂǀĞ ŶŽƚ ďĞĞŶ ƚŚĞ ƐƵďũĞĐƚ ŽĨ Ă ĐƌŝŵŝŶĂů ĐŚĂƌŐĞ ĨŝůĞĚ ďĞĨŽƌĞ ƚŚĞ KĨĨŝĐĞ ŽĨ ƚŚĞ
WƌŽǀŝŶĐŝĂůͬŝƚǇ WƌŽƐĞĐƵƚŽƌ͖ ƚŚĂƚ ƚŽ ƚŚĞ ďĞƐƚ ŽĨ ŵǇ ŬŶŽǁůĞĚŐĞ͕ ŶŽ ƐƵĐŚ ĂĐƚŝŽŶ Žƌ ƉƌŽĐĞĞĚŝŶŐ ŝƐ
ƉĞŶĚŝŶŐ ŝŶ ƚŚĞ ^ƵƉƌĞŵĞ ŽƵƌƚ͕ ŽƵƌƚ ŽĨ ƉƉĞĂůƐ͕ Žƌ ĂŶǇ ŽƚŚĞƌ ƚƌŝďƵŶĂů Žƌ ĂŐĞŶĐǇ͖ ĂŶĚ ƚŚĂƚ͕ ŝĨ /
ƐŚŽƵůĚůĞĂƌŶƚŚĞƌĞĂĨƚĞƌƚŚĂƚĂƐŝŵŝůĂƌĂĐƚŝŽŶŽƌƉƌŽĐĞĞĚŝŶŐŚĂƐďĞĞŶĨŝůĞĚŽƌŝƐƉĞŶĚŝŶŐďĞĨŽƌĞƚŚŝƐ
ĐŽƵƌƚ͕ ƚƌŝďƵŶĂů͕ Žƌ ĂŐĞŶĐǇ͕ / ƵŶĚĞƌƚĂŬĞ ƚŽ ƌĞƉŽƌƚ ƚŚĂƚ ĨĂĐƚ ƚŽ ƚŚŝƐ ĐŽƵƌƚ ǁŝƚŚŝŶ ĨŝǀĞ ;ϱͿ ĚĂǇƐ
ƚŚĞƌĞĨƌŽŵ͘ ŬŽĂǇǁĂůĂŶŐŝďĂŶŐŬĂƐŽŶŐŝƐŝŶĂŵƉĂŽŶĂŬĂďŝŶďŝŶƐĂŝďĂŶŐŚƵŬƵŵĂŶŽƐĂŝďĂŶŐĂŚĞŶƐǇĂŶŐ
ƉĂŵĂŚĂůĂĂŶ ƉĂƚƵŶŐŬŽů ƐĂ ƚƌĂŶƐĂŬƐǇŽŶ ŶĂ ŝƚŽ͕ Ăƚ ŬƵŶŐ ŵĂǇ ĐŚĞŬĞͬŵŐĂ ĐŚĞŬĞ ŶĂ ŶĂŝƐĂŵĂ ƌŝƚŽ͕ ǁĂůĂŶŐ
ŚŝǁĂůĂǇŶĂŬĂƐŽŶŐŬƌŝŵŝŶĂůŶĂŝƐŝŶĂŵƉĂƌŝƚŽ͘<ƵŶŐĂŬŽŵĂŶĂǇŵĂǇŵĂĚŝƐŬƵďƌĞŶŐŬĂƐŽŶĂŶĂŬĂƐĂŵƉĂŽ
ŶĂŬĂďŝŶďŝŶƐĂŚƵŬƵŵĂŶŽŝďĂŶŐĂŚĞŶƐǇĂŶŐƉĂŵĂŚĂůĂĂŶƉĂƚƵŶŐŬŽůƐĂƚƌĂŶƐĂŬǇƐŽŶŐŽĐŚĞŬĞͬŵŐĂĐŚĞŬĞŶŐ
ŝƚŽ͕ŶĂŶŐĂŶŐĂŬŽĂŬŽŶŐŝƐŝǁĂůĂƚŝƚŽƐĂŚƵŬƵŵĂŶƐĂůŽŽďŶŐůŝŵĂŶŐ;ϱͿĂƌĂǁŵƵůĂƐĂĂŬŝŶŐƉĂŐĚŝƐŬƵďƌĞ͖

ϰ͘ dŚĂƚƚŚĞĨŝůŝŶŐŽĨƚŚŝƐĐĂƐĞŝƐŶŽƚŝŶǀŝŽůĂƚŝŽŶŽĨƚŚĞƌƵůĞĂŐĂŝŶƐƚƐƉůŝƚƚŝŶŐĂƐŝŶŐůĞĐĂƵƐĞŽĨĂĐƚŝŽŶŽƌ
ŵƵůƚŝƉůŝĐŝƚǇ ŽĨ ƐƵŝƚƐ͘ ŶŐ ƉĂŐƐĂŵƉĂ ŶŐ ŬĂƐŽŶŐ ŝƚŽ ĂǇ ŚŝŶĚŝ ůĂďĂŐ ƐĂ ƉĂƚĂŬĂƌĂŶ ŶŐ <ŽƌƚĞ ^ƵƉƌĞŵĞ ŶĂ
ŝƉŝŶĂŐďĂďĂǁĂůĂŶŐƉĂŐƐĂŵƉĂŶŐŝďĂ͛ƚŝďĂŶŐŬĂƐŽŶĂŶĂŐŵƵŵƵůĂůĂŵĂŶŐƐĂŝƐĂŶŐƚƌĂŶƐĂŬƐǇŽŶ͘


ĞĨĞŶĚĂŶƚ͛ƐEĂŵĞĂŶĚ^ŝŐŶĂƚƵƌĞ
WĂŶŐĂůĂŶĂƚ>ĂŐĚĂŶŐ,ŝŶĂŚĂďůĂ


sĞƌŝĨŝĞĚZĞƐƉŽŶƐĞ &ŽƌŵϯͲ^͕WĂŐĞϲŽĨϲ


&KZDϰͲ^

ZWh>/K&d,W,/>/WW/E^

WůĂŝŶƚŝĨĨ͕
ǀƐ͘ ŝǀŝůĂƐĞEŽ͘ͺͺͺͺͺͺͺͺͺͺͺͺ
ĞĨĞŶĚĂŶƚ͘
ǆͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲǆ

EKd/K&,Z/E'
;/^K^W'/E/'Ϳ

zKhZ ^ /^ ^d ĨŽƌ ŚĞĂƌŝŶŐ ďĞĨŽƌĞ ƚŚĞ WƌĞƐŝĚŝŶŐ :ƵĚŐĞ ŽĨ ƚŚŝƐ ŽƵƌƚ ŽŶ
ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺĂƚ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ͘
;ŶŐ ŝŶǇŽŶŐ ŬĂƐŽ ĂǇ ĚŝƌŝŶŐŐŝŶ ŶŐ WŝŶƵŶŽŶŐ ,ƵŬŽŵ ŶŐ ,ƵŬƵŵĂŶŐ ŝƚŽ ƐĂ
ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ͕ƐĂŐĂŶĂƉŶĂ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ͘Ϳ

zKhDh^dddEd,,Z/E'͘/&zKhEEKdddEh^/d/^W,z^/>>z/DWK^^/>
&KZzKhdKK^K͕zKhDzhd,KZ/ZWZÊdd/st,K/ÊKd>tzZdKWWZ&KZzKh͘
&KZd,/^WhZWK^͕zKh^,Kh>&/>>hW&KZDϳͲ^;^W/>WKtZK&ddKZEzͿ͘
;</E</>E'EE/EzKE'hD>K ^ W'/E/'͘<hE' ,/E/<z E' <dtE E/EzK E'
W'>K EE' WZ^KE> ^ W'/E/' E' /zKE' <^K͕ DZ/ <E' D'W> E' /zKE'
</EdtEE,/E/K'K^W'/E/'͘^'E/dKE'>zhE/E͕WhEhEE/EzKE'&KZDϳͲ^
΀EddE'/E''tͲ<WE'zZ/,EͲ^W/>WKtZK&ddKZEz΁Ϳ͘

/E>h /E d,/^ &KZD /^ &KZD ϯͲ^ ;sZ/&/ Z^WKE^Ϳ dK t,/, zKh Dh^d dd,
Zd/&/ KW/^ K& KhDEd^͕ ^ t>> ^ &&/s/d^ K& t/dE^^^ E Kd,Z s/E͕ /E
^hWWKZdK&zKhZ&EÊͬKZKhEdZ>/D͘d,^KhDEd^Dh^d>/^dKtE/EKyϱ
;>/^d K& KhDEd^Ϳ K& &KZD ϯͲ^ ;<^D E' WW> E /dK z E' &KZD ϯͲ^ ΀Z/W/<KE'
^'Kd΁ <hE' Ê DK />></W E' D' ^Zd/W/<KE' <KWz E' D' K<hDEdK͕ d D'
^/EhDWE'^>z^zE'/zKE'D'd^d/'Kd/WE'D'/E^z͕/>E'W'WWdhEz
E' /zKE' WE^ dͬK <KEdZͲDEͬ'Ed/E'ͲW'^/E'/>͘ E' D' K<hDEdKE' /dK z
</>E'EDKE'/>/^d^<,KEϱ΀>/^d,EE'D'K<hDEdK΁Ϳ͘

d,,Z/E'^,>>KEhdd,ZKh',;E'W'/E/'z''t/E^WDD'/dEE'Ϳ͗

ͺͺͺ/EͲKhZdWZK/E'^;&ͲdKͲ&,Z/E'Ϳ
;,ZWͲ,ZWE'WDDZEͿ

ͺͺͺs/KKE&ZE/E'd,ZKh',d,h^K&d,W,/>/WW/E:h//ZzϯϲϱW>d&KZD
;s/KKE&ZE/E'E'D/dE'W,/>/WW/E:h//ZzϯϲϱW>d&KZDͿ

tZE/E'&KZs/KKE&ZE/E',Z/E'^
ĂďĂůĂƉĂƌĂƐĂŵŐĂWĂŐĚŝŶŝŐŶĂsŝĚĞŽĐŽŶĨĞƌĞŶĐŝŶŐ

dŚĞ ƉŚŽƚŽŐƌĂƉŚŝŶŐ͕ ƌĞĐŽƌĚŝŶŐ͕ ĂŶĚ ƌĞďƌŽĂĚĐĂƐƚŝŶŐ ŽĨ ƚŚĞ ĐŽƵƌƚ ƉƌŽĐĞĞĚŝŶŐƐ ĂƌĞ ƐƚƌŝĐƚůǇ ƉƌŽŚŝďŝƚĞĚ͘
sŝŽůĂƚŝŽŶƐŽĨƚŚĞƐĞƉƌŽŚŝďŝƚŝŽŶƐŵĂǇƌĞƐƵůƚŝŶƐĂŶĐƚŝŽŶƐ͕ŝŶĐůƵĚŝŶŐĐŽŶƚĞŵƉƚŽĨĐŽƵƌƚ͘
DĂŚŝŐƉŝƚ ŶĂ ŝƉŝŶĂŐďĂďĂǁĂů ĂŶŐ ƉĂŐŬƵŚĂ ŶŐ ůŝƚƌĂƚŽ͕ ƉĂŐƌĞŬŽƌĚ͕ Ăƚ ŵƵůŝŶŐ ƉĂŐͲďƌŽĂĚĐĂƐƚ ŶŐ ƉĂŐĚŝŶŝŐ ƐĂ
ŬŽƌƚĞ͘ ŶŐ ƉĂŐůĂďĂŐ ƐĂ ŵŐĂ ƉĂŐďĂďĂǁĂů ŶĂ ŝƚŽ ĂǇ ŵĂĂĂƌŝŶŐ ŵĂŐƌĞƐƵůƚĂ ƐĂ ŵŐĂ ƉĂƌƵƐĂ͕ ŬĂďŝůĂŶŐ ĂŶŐ
ĐŽŶƚĞŵƉƚŽĨĐŽƵƌƚ͘

t/dE^^ ƚŚĞ ,KE ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ͕ WƌĞƐŝĚŝŶŐ :ƵĚŐĞ ŽĨ ƚŚŝƐ
ŽƵƌƚ͕ƚŚŝƐͺͺͺͺͺĚĂǇŽĨͺͺͺͺ͕ϮϬͺͺͺͺͺͺͺ͕Ăƚͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ͕WŚŝůŝƉƉŝŶĞƐ͘

ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ
ƌĂŶĐŚůĞƌŬŽĨŽƵƌƚ

dĂůĂ͗WĂƌĂƐĂŬĂƚĂŶƵŶŐĂŶ͕ƚƵŵĂǁĂŐƐĂ<ŽƌƚĞƐĂdĞů͘ůŐ͘ͺͺͺͺͺͺͺͺͺͺͺͺ͘
ŵĂŝůĚĚƌĞƐƐŶŐ,ƵŬƵŵĂŶ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ
EŽƚŝĐĞŽĨ,ĞĂƌŝŶŐ &ŽƌŵϰͲ^͕WĂŐĞϭŽĨϭ

&KZDϱͲ^

ZWh>/K&d,W,/>/WW/E^

WůĂŝŶƚŝĨĨ͕
ĞĨĞŶĚĂŶƚ͘

ZdhZEK&^hDDKE^ͬDE/&^dd/KE
;W'>/<E'Wdt'ͬW',,z'Ϳ
΀WĞƌƐŽŶĂů^ĞƌǀŝĐĞ΁

dŚŝƐ ŝƐ ƚŽ ĐĞƌƚŝĨǇ ƚŚĂƚ ƚŚĞ ƵŶĚĞƌƐŝŐŶĞĚ ƉĞƌƐŽŶĂůůǇ ƐĞƌǀĞĚ ƚŚĞ ^ƵŵŵŽŶƐ͕ ^ƚĂƚĞŵĞŶƚ ŽĨ ůĂŝŵ͕
ƚŽŐĞƚŚĞƌ ǁŝƚŚƚŚĞ ŶŶĞǆĞƐ ĂŶĚ EŽƚŝĐĞ ŽĨ,ĞĂƌŝŶŐ ƵƉŽŶƚŚĞ ĚĞĨĞŶĚĂŶƚͬƐ͕ ĂƐ ƐŚŽǁŶďǇ ŚĞƌͬŚŝƐ ƐŝŐŶĂƚƵƌĞ
ĂƉƉĞĂƌŝŶŐĂƚƚŚĞůŽǁĞƌƉŽƌƚŝŽŶŽĨƚŚĞƐƵŵŵŽŶƐ͗
;/ƚŽ ĂǇ ĂŬŝŶŐ ƉĂŐƉĂƉĂƚƵŶĂǇ ŶĂ ƉĞƌƐŽŶĂů ŶĂ ŶĂƚĂŶŐŐĂƉ ŶŐ ,ŝŶĂŚĂďůĂ ĂŶŐ WĂƚĂǁĂŐ͕ ,ĂďůĂ ŶŐ
WĂŐƐŝŶŐŝů ŬĂƐĂŵĂ ĂŶŐ ŵŐĂ ŶŶĞǆ ŶŝƚŽ͕ Ăƚ ďŝƐŽ ŶŐ WĂŐĚŝŶŝŐ͕ ŶĂ ƉŝŶĂƚƵƚƵŶĂǇĂŶ ŶŐ ŬĂŶǇĂŶŐͬŬĂŶŝůĂŶŐ
ůĂŐĚĂƐĂŝďĂďĂŶŐďĂŚĂŐŝŶŐWĂƚĂǁĂŐ͗Ϳ

ĂƚĞŽĨ^ĞƌǀŝĐĞ EĂŵĞŽĨĞĨĞŶĚĂŶƚƐǁŚŽǁĞƌĞWĞƌƐŽŶĂůůǇ^ĞƌǀĞĚ
;WĞƚƐĂŶŐWĂŐƚĂŶŐŐĂƉͿ ;WĂŶŐĂůĂŶŶŐŵŐĂ,ŝŶĂŚĂďůĂŶĂWĞƌƐŽŶĂůŶĂEĂŬĂƚĂŶŐŐĂƉͿ

,ŽǁĞǀĞƌ͕ƚŚĞƵŶĚĞƌƐŝŐŶĞĚĨĂŝůĞĚƚŽƐĞƌǀĞƚŚĞ^ƵŵŵŽŶƐ͕^ƚĂƚĞŵĞŶƚŽĨůĂŝŵ͕ƚŽŐĞƚŚĞƌǁŝƚŚƚŚĞ
ŶŶĞǆĞƐĂŶĚEŽƚŝĐĞŽĨ,ĞĂƌŝŶŐƵƉŽŶƚŚĞĨŽůůŽǁŝŶŐĚĞĨĞŶĚĂŶƚͬƐŽŶƚŚĞŐƌŽƵŶĚͬƐƚŚĂƚ͗
;^ƵďĂůŝƚ͕ŚŝŶĚŝŬŽŶĂŝŚĂƚŝĚͬŶĂŝŚĂŝŶĂŶŐWĂƚĂǁĂŐ͕,ĂďůĂŶŐWĂŐƐŝŶŐŝůŬĂƐĂŵĂĂŶŐŵŐĂŶŶĞǆŶŝƚŽ͕
ĂƚďŝƐŽŶŐWĂŐĚŝŶŝŐƐĂŵŐĂƐƵŵƵƐƵŶŽĚŶĂ,ŝŶĂŚĂďůĂƐĂŬĂĚĂŚŝůĂŶĂŶŐ͗Ϳ

EĂŵĞŽĨĞĨĞŶĚĂŶƚ ĂƚĞŽĨƚƚĞŵƉƚĞĚ^ĞƌǀŝĐĞ ZĞĂƐŽŶĨŽƌ&ĂŝůƵƌĞŽĨ^ĞƌǀŝĐĞ
;WĂŶŐĂůĂŶŶŐ ;WĞƚƐĂŬƵŶŐ<ĂŝůĂŶ ;ĂŚŝůĂŶĂŬŝƚ,ŝŶĚŝEĂŝŚĂƚŝĚͬEĂŝŚĂŝŶͿ
,ŝŶĂŚĂďůĂͿ dŝŶĂŶŐŬĂŶŐ/ŚĂƚŝĚͬ/ŚĂŝŶͿ ΀ƐĞůĞĐƚĨƌŽŵŽƉƚŝŽŶƐůŝƐƚĞĚďĞůŽǁ΁
΀;ƉƵŵŝůŝŵƵůĂƐĂŵŐĂŽƉƐǇŽŶŐŶĂŬĂůŝƐƚĂƐĂŝďĂďĂͿ΁

WŽƐƐŝďůĞZĞĂƐŽŶƐĨŽƌ&ĂŝůƵƌĞŽĨ^ĞƌǀŝĐĞ
DŐĂWŽƐŝďůĞŶŐĂŚŝůĂŶĂŬŝƚ,ŝŶĚŝEĂŝŚĂƚŝĚͬEĂŝŚĂŝŶ
x ĚĚƌĞƐƐĐĂŶŶŽƚďĞůŽĐĂƚĞĚ;ŚŝŶĚŝŵĂŚĂŶĂƉĂŶŐƉĂŚĂƚŝƌĂŶŐƐƵůĂƚͿ
x /ŶƐƵĨĨŝĐŝĞŶƚĂĚĚƌĞƐƐ;ŚŝŶĚŝŬƵŵƉůĞƚŽĂŶŐƉĂŚĂƚŝƌĂŶŐƐƵůĂƚͿ
x ĞĨĞŶĚĂŶƚŵŽǀĞĚŽƵƚ;ůƵŵŝƉĂƚŶĂĂŶŐŚŝŶĂŚĂďůĂͿ
x ZĞĨƵƐĞĚƚŽƌĞĐĞŝǀĞ;ĂǇĂǁƚĂŶŐŐĂƉŝŶͿ
x KŶůĞĂǀĞ;ŶĂŬĂͲůĞĂǀĞƐĂƚƌĂďĂŚŽͿ
x EŽůŽŶŐĞƌĐŽŶŶĞĐƚĞĚǁŝƚŚƚŚĞŽĨĨŝĐĞͬĞƐƚĂďůŝƐŚŵĞŶƚͬĂŐĞŶĐǇ;ŚŝŶĚŝŶĂŶĂŐƚĂƚƌĂďĂŚŽƐĂ
ŽƉŝƐŝŶĂͬĞƐƚĂďůŝƐŝŵǇĞŶƚŽͬĂŚĞŶƐǇĂͿ
x ĞĂƚŚŽĨĚĞĨĞŶĚĂŶƚ;ƉĂŐŬĂŵĂƚĂǇŶŐŚŝŶĂŚĂďůĂͿ
x KƚŚĞƌƐ͕ƉůĞĂƐĞŝŶĚŝĐĂƚĞ;/ďĂƉĂ͕ŵĂŶŐǇĂƌŝŶŐŝďŝŐĂǇĂŶŐĚĂŚŝůĂŶͿ
ZĞƚƵƌŶŽĨ^ƵŵŵŽŶƐͬDĂŶŝĨĞƐƚĂƚŝŽŶ;WĞƌƐŽŶĂů^ĞƌǀŝĐĞͿ &ŽƌŵϱͲ^͕WĂŐĞϭŽĨϮ


&KZDϱͲ^

t,Z&KZ͕ƚŚĞŽƌŝŐŝŶĂůĐŽƉǇŽĨƚŚĞ^ƵŵŵŽŶƐŝƐƌĞƐƉĞĐƚĨƵůůǇƌĞƚƵƌŶĞĚƚŽƚŚĞ,ŽŶŽƌĂďůĞŽƵƌƚ͕
h>z^ZsWZ^KE>>z͘
;,/>/dK͕ĂŶŐŽƌŝŚŝŶĂůŶĂŬŽƉǇĂŶŐWĂƚĂǁĂŐĂǇŝďŝŶĂďĂůŝŬƐĂ<ĂŐĂůĂŶŐͲŐĂůĂŶŐŶĂ,ƵŬƵŵĂŶŐ
ŝƚŽ͕EWZ^KE>EE/,d/ͬE/,/EEE'EZZWd͘Ϳ

ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ͕WŚŝůŝƉƉŝŶĞƐ͕ͺͺͺͺͺͺͺͺͺͺͺͺͺͺ;ĚĂƚĞͿ;ƉĞƚƐĂͿ͘

ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ
^,Z/&&ͬW>/Ed/&&
;^ŚĞƌŝĨĨͬEĂŐŚĂŚĂďůĂͿ

&KZd,W>/Ed/&&ͬWZÊ',,>͗

EEhDW^,ZWE<KE/dKE'/<ͲͺͺͺͺͺͺͺŶŐͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ͕ƚĂŽŶŐͺͺͺͺͺͺͺͺͺ͘

ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ
EŽƚĂƌǇWƵďůŝĐͬEŽƚĂƌǇŽWƵďůŝŬŽ

ZĞƚƵƌŶŽĨ^ƵŵŵŽŶƐͬDĂŶŝĨĞƐƚĂƚŝŽŶ;WĞƌƐŽŶĂů^ĞƌǀŝĐĞͿ &ŽƌŵϱͲ^͕WĂŐĞϮŽĨϮ


&KZDϱͲͲ^

ZWh>/K&d,W,/>/WW/E^

WůĂŝŶƚŝĨĨ͕
ĞĨĞŶĚĂŶƚ͘

ZdhZEK&^hDDKE^ͬDE/&^dd/KE
;W'>/<E'Wdt'ͬW',,z'Ϳ
΀^ƵďƐƚŝƚƵƚĞĚ^ĞƌǀŝĐĞ΁

dŚŝƐŝƐƚŽĐĞƌƚŝĨǇƚŚĂƚƚŚĞƵŶĚĞƌƐŝŐŶĞĚƐĞƌǀĞĚƚŚĞ^ƵŵŵŽŶƐ͕^ƚĂƚĞŵĞŶƚŽĨůĂŝŵ͕ƚŽŐĞƚŚĞƌǁŝƚŚ
ƚŚĞŶŶĞǆĞƐĂŶĚEŽƚŝĐĞŽĨ,ĞĂƌŝŶŐƵƉŽŶƚŚĞĚĞĨĞŶĚĂŶƚͬƐ͕ƚŚƌŽƵŐŚŚŝƐͬŚĞƌƌĞƉƌĞƐĞŶƚĂƚŝǀĞ͕ĂƐĨŽůůŽǁƐ͗
;/ƚŽĂǇĂŬŝŶŐƉĂŐƉĂƉĂƚƵŶĂǇŶĂŶĂŝŚĂƚŝĚͬŶĂŝŚĂŝŶŬŽĂŶŐWĂƚĂǁĂŐ͕,ĂďůĂŶŐWĂŐƐŝŶŐŝůŬĂƐĂŵĂĂŶŐ
ŵŐĂ ŶŶĞǆ ŶŝƚŽ͕ Ăƚ ďŝƐŽ ŶŐ WĂŐĚŝŶŝŐ ƐĂ ,ŝŶĂŚĂďůĂ͕ ƐĂ ƉĂŵĂŵĂŐŝƚĂŶ ŶŐ ŬĂŶǇĂŶŐͬŬĂŶŝůĂŶŐ ŬŝŶĂƚĂǁĂŶ͕
ƚƵůĂĚŶŐƐƵŵƵƐƵŶŽĚ͗Ϳ

EĂŵĞŽĨWĞƌƐŽŶ ZĞůĂƚŝŽŶƐŚŝƉƚŽƚŚĞ
ĂƚĞŽĨ^ĞƌǀŝĐĞ
ǁŚŽZĞĐĞŝǀĞĚ ĞĨĞŶĚĂŶƚͬĞƐŝŐŶĂƚŝŽŶ ĚĚƌĞƐƐ
;WĞƚƐĂŶŐ
;WĂŶŐĂůĂŶŶŐ ;ZĞůĂƐǇŽŶƐĂ,ŝŶĂŚĂďůĂͬ ;WĂŚĂƚŝƌĂŶŐ^ƵůĂƚͿ
WĂŐƚĂŶŐŐĂƉͿ
dƵŵĂŶŐŐĂƉͿ WĂŐƚĂƚĂůĂŐĂͿ

^ĂŝĚƉĞƌƐŽŶƐǁĞƌĞĞŝƚŚĞƌ͗;ĂͿĂƚůĞĂƐƚĞŝŐŚƚĞĞŶ;ϭϴͿǇĞĂƌƐŽĨĂŐĞĂŶĚŽĨƐƵĨĨŝĐŝĞŶƚĚŝƐĐƌĞƚŝŽŶƌĞƐŝĚŝŶŐ
ǁŝƚŚ ĚĞĨĞŶĚĂŶƚ͖ ;ďͿ ŝŶ ĐŚĂƌŐĞ ŽĨ ĚĞĨĞŶĚĂŶƚ͛Ɛ ŽĨĨŝĐĞ Žƌ ƌĞŐƵůĂƌ ƉůĂĐĞ ŽĨ ďƵƐŝŶĞƐƐ͖ Žƌ ;ĐͿ ĂŶ ŽĨĨŝĐĞƌ ŽĨ ƚŚĞ
ŚŽŵĞŽǁŶĞƌƐ͛ ĂƐƐŽĐŝĂƚŝŽŶ Žƌ ĐŽŶĚŽŵŝŶŝƵŵ ĐŽƌƉŽƌĂƚŝŽŶ͕ Žƌ ŝƚƐ ĐŚŝĞĨ ƐĞĐƵƌŝƚǇ ŽĨĨŝĐĞƌ ŝŶ ĐŚĂƌŐĞ ŽĨ ƚŚĞ
ĐŽŵŵƵŶŝƚǇ Žƌ ƚŚĞ ďƵŝůĚŝŶŐ ǁŚĞƌĞ ƚŚĞ ĚĞĨĞŶĚĂŶƚ ŵĂǇ ďĞ ĨŽƵŶĚ͘ dŚĞŝƌ ƐŝŐŶĂƚƵƌĞƐ ŵĂǇ ďĞ ĨŽƵŶĚ Ăƚ ƚŚĞ
ůŽǁĞƌƉŽƌƚŝŽŶŽĨƚŚĞƐƵŵŵŽŶƐ͘
;ŶŐ ŵŐĂ ƚƵŵĂŶŐŐĂƉ ĂǇ ŵĂĂĂƌŝŶŐ͗ ;ĂͿ ŚŝŶĚŝ ďĂďĂďĂ ƐĂ ůĂďŝŶŐǁĂůŽŶŐ ;ϭϴͿ ƚĂŽŶŐ ŐƵůĂŶŐ Ăƚ ŵĂǇ
ƐĂƉĂƚ ŶĂ ĚŝƐŬƌĞƐǇŽŶ ŶĂ ŶĂŶŝŶŝƌĂŚĂŶ ŬĂƐĂŵĂ ĂŶŐ ŚŝŶĂŚĂďůĂ͖ ;ďͿ ŶĂŵĂŵĂŚĂůĂ ƐĂ ŽƉŝƐŝŶĂ Ž ůƵŐĂƌ ŶĂ
ƉŝŶĂŐƚĂƚƌĂďĂŚƵĂŶ ŶŐ ŚŝŶĂŚĂďůĂ͖ Ž ;ĐͿ ŝƐĂŶŐ ŽƉŝƐǇĂů ŶŐ ŚŽŵĞŽǁŶĞƌƐ͛ ĂƐƐŽĐŝĂƚŝŽŶ Ž ĐŽŶĚŽŵŝŶŝƵŵ
ĐŽƌƉŽƌĂƚŝŽŶ͕ŽĂŶŐĐŚŝĞĨƐĞĐƵƌŝƚǇŽĨĨŝĐĞƌŶĂŶĂŵĂŵĂŚĂůĂƐĂŬŽŵƵŶŝĚĂĚŽŐƵƐĂůŝŬƵŶŐƐĂĂŶŵĂƚĂƚĂŐƉƵĂŶ
ĂŶŐŚŝŶĂŚĂďůĂ͘ŶŐŬĂŶŝůĂŶŐŵŐĂůĂŐĚĂĂǇŵĂƚĂƚĂŐƉƵĂŶƐĂŝďĂďĂŶŐďĂŚĂŐŝŶŐWĂƚĂǁĂŐ͘Ϳ

tŝƚŚ ƚŚĞ ĐŽƵƌƚ͛Ɛ ƉĞƌŵŝƐƐŝŽŶ͕ / ĂůƐŽ ƐĞƌǀĞĚ ƚŚĞ ^ƵŵŵŽŶƐ͕ ^ƚĂƚĞŵĞŶƚ ŽĨ ůĂŝŵ͕ ƚŽŐĞƚŚĞƌ
ǁŝƚŚ ƚŚĞ
ŶŶĞǆĞƐ ĂŶĚ EŽƚŝĐĞ ŽĨ ,ĞĂƌŝŶŐ ƵƉŽŶ ƚŚĞ ĚĞĨĞŶĚĂŶƚͬƐ͕ ďǇ ƐĞŶĚŝŶŐ ĂŶ ĞůĞĐƚƌŽŶŝĐ ŵĂŝů ƚŽ ŚŝƐͬŚĞƌͬƚŚĞŝƌ
ĞůĞĐƚƌŽŶŝĐŵĂŝůĂĚĚƌĞƐƐ͕ĂƐĨŽůůŽǁƐ͗
;EĂŶŐŵĂǇƉĂŚŝŶƚƵůŽƚŶŐ,ƵŬƵŵĂŶ͕ƉŝŶĂĚĂůĂŬŽƌŝŶĂŶŐWĂƚĂǁĂŐ͕,ĂďůĂŶŐWĂŐƐŝŶŐŝůŬĂƐĂŵĂĂŶŐ
ŵŐĂ ŶŶĞǆ ŶŝƚŽ͕ Ăƚ ďŝƐŽ ŶŐ WĂŐĚŝŶŝŐ ƐĂ ŚŝŶĂŚĂďůĂ͕ ƐĂ ƉĂŵĂŵĂŐŝƚĂŶ ŶŐ ĞůĞĐƚƌŽŶŝĐ ŵĂŝů ƐĂ
ŬĂŶŝǇĂͬŬĂŶŝůĂŶŐĞůĞĐƚƌŽŶŝĐŵĂŝůĂĚĚƌĞƐƐ͕ƚƵůĂĚŶŐƐƵŵƵƐƵŶŽĚ͗Ϳ

EĂŵĞŽĨĞĨĞŶĚĂŶƚ
ůĞĐƚƌŽŶŝĐDĂŝůĚĚƌĞƐƐ
;WĂŶŐĂůĂŶŶŐ,ŝŶĂŚĂďůĂͿ

^ƵďƐƚŝƚƵƚĞĚ ƐĞƌǀŝĐĞ ǁĂƐ ŵĂĚĞ ĂĨƚĞƌ ƚŚĞ ƵŶĚĞƌƐŝŐŶĞĚ ŵĂĚĞ Ăƚ ůĞĂƐƚ ƚŚƌĞĞ ;ϯͿ ĂƚƚĞŵƉƚƐ ŽŶ ƚǁŽ ;ϮͿ
ĚŝĨĨĞƌĞŶƚĚĂƚĞƐƚŽƐĞƌǀĞƚŚĞ^ƵŵŵŽŶƐ͕^ƚĂƚĞŵĞŶƚŽĨůĂŝŵ͕ƚŽŐĞƚŚĞƌǁŝƚŚƚŚĞŶŶĞǆĞƐĂŶĚEŽƚŝĐĞŽĨ,ĞĂƌŝŶŐ
ƵƉŽŶƚŚĞĚĞĨĞŶĚĂŶƚͬƐ͕ďƵƚĨĂŝůĞĚĂŶĚƵŶĂǀĂŝůŝŶŐŽŶƚŚĞĨŽůůŽǁŝŶŐŐƌŽƵŶĚͬƐ͗
ZĞƚƵƌŶŽĨ^ƵŵŵŽŶƐͬDĂŶŝĨĞƐƚĂƚŝŽŶ;^ƵďƐƚŝƚƵƚĞĚ^ĞƌǀŝĐĞͿ &ŽƌŵϱͲͲ^͕WĂŐĞϭŽĨϯ


&KZDϱͲͲ^
;ŬŽ ĂǇ ŶĂƉŝůŝƚĂŶŐ ŐƵŵĂŵŝƚ ŶŐ ƐƵďƐƚŝƚƵƚĞĚ ƐĞƌǀŝĐĞϭ ŵĂƚĂƉŽƐ ŵĂďŝŐŽ ĂŶŐ ĂŬŝŶŐ ƉĂŐƐƵƐƵŵŝŬĂƉ ŶĂ
ŝŚĂƚŝĚͬŝŚĂŝŶĂŶŐWĂƚĂǁĂŐ͕,ĂďůĂŶŐWĂŐƐŝŶŐŝůŬĂƐĂŵĂĂŶŐŵŐĂŶŶĞǆŶŝƚŽ͕ĂƚďŝƐŽŶŐWĂŐĚŝŶŝŐ͕ŶĂŚŝŶĚŝďĂďĂďĂ
ƐĂƚĂƚůŽŶŐ;ϯͿƉĂŐƚĂƚĂŶŐŬĂƐĂĚĂůĂǁĂŶŐ;ϮͿŵĂŐŬĂŝďĂŶŐĂƌĂǁ͕ƐĂŬĂĚĂŚŝůĂŶĂŶŐ͗Ϳ

ĂƚĞĂŶĚdŝŵĞŽĨƚƚĞŵƉƚĞĚ^ĞƌǀŝĐĞ ZĞĂƐŽŶĨŽƌ&ĂŝůƵƌĞŽĨ^ĞƌǀŝĐĞ
;WĞƚƐĂĂƚKƌĂƐŬƵŶŐ<ĂŝůĂŶ ;ĂŚŝůĂŶĂŬŝƚ,ŝŶĚŝEĂŝŚĂƚŝĚͬEĂŝŚĂŝŶͿ
dŝŶĂŶŐŬĂŶŐ/ŚĂƚŝĚͬ/ŚĂŝŶͿ
΀΁ĚĚƌĞƐƐĐĂŶŶŽƚďĞůŽĐĂƚĞĚ;ŚŝŶĚŝŵĂŚĂŶĂƉĂŶŐƉĂŚĂƚŝƌĂŶŐ ƐƵůĂƚͿ
΀΁/ŶƐƵĨĨŝĐŝĞŶƚĂĚĚƌĞƐƐ;ŚŝŶĚŝŬƵŵƉůĞƚŽĂŶŐƉĂŚĂƚŝƌĂŶŐƐƵůĂƚͿ
΀΁ĞĨĞŶĚĂŶƚŵŽǀĞĚŽƵƚ;ůƵŵŝƉĂƚŶĂĂŶŐŚŝŶĂŚĂďůĂͿ
ĚĚƌĞƐƐŽĨĞĨĞŶĚĂŶƚ ΀΁ZĞĨƵƐĞĚƚŽƌĞĐĞŝǀĞ;ĂǇĂǁƚĂŶŐŐĂƉŝŶͿ
;WĂŚĂƚŝƌĂŶŐ^ƵůĂƚŶŐ,ŝŶĂŚĂďůĂͿ ΀΁KŶůĞĂǀĞ;ŶĂŬĂͲůĞĂǀĞƐĂƚƌĂďĂŚŽͿ
΀΁EŽůŽŶŐĞƌĐŽŶŶĞĐƚĞĚǁŝƚŚƚŚĞŽĨĨŝĐĞͬĞƐƚĂďůŝƐŚŵĞŶƚͬĂŐĞŶĐǇ
;ŚŝŶĚŝŶĂŶĂŐƚĂƚƌĂďĂŚŽƐĂŽƉŝƐŝŶĂͬĞƐƚĂďůŝƐŝŵǇĞŶƚŽͬĂŚĞŶƐǇĂͿ
΀΁ĞĂƚŚŽĨĚĞĨĞŶĚĂŶƚ;ƉĂŐŬĂŵĂƚĂǇŶŐŚŝŶĂŚĂďůĂͿ
΀΁KƚŚĞƌƐ͕ƉůĞĂƐĞŝŶĚŝĐĂƚĞ;/ďĂƉĂ͕ŵĂŶŐǇĂƌŝŶŐŝďŝŐĂǇĂŶŐĚĂŚŝůĂŶͿ͗
WůĞĂƐĞƐƚĂƚĞŝŶĚĞƚĂŝůƚŚĞĨĂĐƚƐĂŶĚĐŝƌĐƵŵƐƚĂŶĐĞƐŽŶƚŚĞĂƚƚĞŵƉƚƐŵĂĚĞĂƚƉĞƌƐŽŶĂůƐĞƌǀŝĐĞƚŽĚĞĨĞŶĚĂŶƚ
;DĂĂĂƌŝŶŐŵĂŐďŝŐĂǇŶŐĚĞƚĂůǇĂĚŽŶŐƵůĂƚŶŐŵŐĂƉĂŶŐǇĂǇĂƌŝƵŬŽůƐĂƉĂŐƚĂƚĂŶŐŬĂŶŐŵĂŝŚĂƚŝĚͬŵĂŝŚĂŝŶŶŐ
ƉĞƌƐŽŶĂůĂŶŐŵŐĂĚŽŬƵŵĞŶƚŽƐĂŚŝŶĂŚĂďůĂͿ

΀ΎΎƵƐĞĂĚĚŝƚŝŽŶĂůƉĂŐĞͬƐ͕ŝĨŶĞĞĚĞĚ͘;ŐƵŵĂŵŝƚŶŐŬĂƌĂŐĚĂŐĂŶŐƉĂŚŝŶĂ͕ŬƵŶŐŬŝŶĂŬĂŝůĂŶŐĂŶͿ΁

t,Z&KZ͕ ƚŚĞ ŽƌŝŐŝŶĂů ĐŽƉǇ ŽĨ ƚŚĞ ^ƵŵŵŽŶƐ ŝƐ ƌĞƐƉĞĐƚĨƵůůǇ ƌĞƚƵƌŶĞĚ ƚŽ ƚŚĞ ,ŽŶŽƌĂďůĞ ŽƵƌƚ͕ h>z
^Zs͘
;,/>/dK͕ĂŶŐŽƌŝŚŝŶĂůŶĂŬŽƉǇĂŶŐWĂƚĂǁĂŐĂǇŝƐŝŶĂƐĂƵůŝƐĂ<ĂŐĂůĂŶŐͲŐĂůĂŶŐŶĂ,ƵŬƵŵĂŶŐŝƚŽ͕E
E/,d/ͬE/,/EEE'EZZWd͘Ϳ

ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ͕WŚŝůŝƉƉŝŶĞƐ͕ͺͺͺͺͺͺͺͺͺͺͺͺͺ;ĚĂƚĞͿ;ƉĞƚƐĂͿ͘

ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ
^,Z/&&ͬW>Ed/&&
;^,Z/&&ͬE',,>Ϳ

&KZd,W>/Ed/&&ͬWZÊ',,>͗


ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ


΀/d/KE>^,d;<Z''E'W,/EͿ΁

ϭ
ŶŐ͞ƐƵďƐƚŝƚƵƚĞĚƐĞƌǀŝĐĞ͟ŶĂƚŝŶƵƚƵŬŽǇĚŝƚŽĂǇĂŶŐƉĂŐƉĂƉĂĚĂůĂͬƉĂŐŚĂŚĂŝŶŶŐŽƉŝƐǇĂůŶĂĚŽŬƵŵĞŶƚŽŶŐ,ƵŬƵŵĂŶƐĂƚĂŽŶŐ
ďƵŬŽĚ ƐĂ ŚŝŶĂŚĂďůĂ͕ ŶĂ ƉŝŶĂŚŝŚŝŶƚƵůƵƚĂŶŐ ƚƵŵĂŶŐŐĂƉ ŶŝƚŽ ĂǇŽŶ ƐĂ ^ĞĐƚŝŽŶ ϲ͕ ZƵůĞ ϭϰ ŶŐ ϮϬϭϵ ZĞǀŝƐĞĚ ZƵůĞƐ ŽĨ ŝǀŝů
WƌŽĐĞĚƵƌĞ͘
ZĞƚƵƌŶŽĨ^ƵŵŵŽŶƐͬDĂŶŝĨĞƐƚĂƚŝŽŶ;^ƵďƐƚŝƚƵƚĞĚ^ĞƌǀŝĐĞͿ &ŽƌŵϱͲͲ^͕WĂŐĞϮŽĨϯ


&KZDϱͲͲ^

;WĞƚƐĂĂƚKƌĂƐŬƵŶŐ<ĂŝůĂŶdŝŶĂŶŐŬĂŶŐ ;ĂŚŝůĂŶĂŬŝƚ,ŝŶĚŝEĂŝŚĂƚŝĚͬEĂŝŚĂŝŶͿ
/ŚĂƚŝĚͬ/ŚĂŝŶͿ
΀΁ĚĚƌĞƐƐĐĂŶŶŽƚďĞůŽĐĂƚĞĚ;ŚŝŶĚŝŵĂŚĂŶĂƉĂŶŐƉĂŚĂƚŝƌĂŶŐ ƐƵůĂƚͿ
ƉĞƌƐŽŶĂůĂŶŐŵŐĂĚŽŬƵŵĞŶƚŽͿ

;WĞƚƐĂĂƚKƌĂƐŬƵŶŐ<ĂŝůĂŶdŝŶĂŶŐŬĂŶŐ ;ĂŚŝůĂŶĂŬŝƚ,ŝŶĚŝEĂŝŚĂƚŝĚͬEĂŝŚĂŝŶͿ
/ŚĂƚŝĚͬ/ŚĂŝŶͿ
΀΁ĚĚƌĞƐƐĐĂŶŶŽƚďĞůŽĐĂƚĞĚ;ŚŝŶĚŝŵĂŚĂŶĂƉĂŶŐƉĂŚĂƚŝƌĂŶŐƐƵůĂƚͿ
ƉĞƌƐŽŶĂůĂŶŐŵŐĂĚŽŬƵŵĞŶƚŽͿ

ZĞƚƵƌŶŽĨ^ƵŵŵŽŶƐͬDĂŶŝĨĞƐƚĂƚŝŽŶ;^ƵďƐƚŝƚƵƚĞĚ^ĞƌǀŝĐĞͿ &ŽƌŵϱͲͲ^͕WĂŐĞϯŽĨϯ


&KZDϲͲ^

ZWh>/K&d,W,/>/WW/E^

WůĂŝŶƚŝĨĨ͕
ĞĨĞŶĚĂŶƚ͘
,ŝŶĂŚĂďůĂ͘Ϳ

DKd/KEdK^h^/E/'Ed
;DŽƐǇŽŶŶĂDĂŐŚĂďůĂŝůĂŶŐ͞/ŶĚŝŐĞŶƚ͟ϭͿ

ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ͕ƵŶƚŽƚŚŝƐ,ŽŶŽƌĂďůĞŽƵƌƚ͕ƌĞƐƉĞĐƚĨƵůůǇĂůůĞŐĞƐƚŚĂƚ͗
ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ͕ƐĂ<ĂŐĂůĂŶŐͲŐĂůĂŶŐŶĂ,ƵŬƵŵĂŶŐŝƚŽ͕ŝƐŝŶĂƐĂĂĚŶĂ͗

ϭ͘/ĂŵĂƌĞƐŝĚĞŶƚŽĨͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ͖
;ŬŽĂǇŶĂŬĂƚŝƌĂƐĂͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ͖Ϳ

Ϯ͘DǇŐƌŽƐƐŝŶĐŽŵĞĂŶĚƚŚĂƚŽĨŵǇŝŵŵĞĚŝĂƚĞĨĂŵŝůǇĚŽĞƐŶŽƚĞǆĐĞĞĚ͗
;ŬŽĂƚĂŶŐĂŬŝŶŐŵĂŐͲĂŶĂŬĂǇŬƵŵŝŬŝƚĂŶŐŚĂůĂŐĂŶŐŚŝŶĚŝŚƵŵŝŚŝŐŝƚƐĂ͗Ϳ

Wϰ͕ϬϬϬ͘ϬϬ Wϳ͕ϬϬϬ͘ϬϬ WϭϬ͕ϬϬϬ͘ϬϬ Wϭϯ͕ϬϬϬ͘ϬϬ
Wϱ͕ϬϬϬ͘ϬϬ Wϴ͕ϬϬϬ͘ϬϬ Wϭϭ͕ϬϬϬ͘ϬϬ Wϭϰ͕ϬϬϬ͘ϬϬ
Wϲ͕ϬϬϬ͘ϬϬ Wϵ͕ϬϬϬ͘ϬϬ WϭϮ͕ϬϬϬ͘ϬϬ KƚŚĞƌƐ;ŝďĂƉĂͿ͗ͺͺͺͺͺͺͺͺͺͺͺ

ϯ͘ / ĚŽ ŶŽƚ ŽǁŶ ƌĞĂů ƉƌŽƉĞƌƚǇ ǁŝƚŚ Ă ĨĂŝƌ ŵĂƌŬĞƚ ǀĂůƵĞ ŽĨ ŵŽƌĞ ƚŚĂŶ ;ĂŵŽƵŶƚ ĂƐ ƉƌŽǀŝĚĞĚ ŝŶ ƚŚĞ
ZĞǀŝƐĞĚ ZƵůĞƐ ŽĨ ŽƵƌƚ͕ ĂƐ ĂŵĞŶĚĞĚͿ ĂƐ ƐƚĂƚĞĚ ŝŶ ƚŚĞ ĐƵƌƌĞŶƚ ƚĂǆ ĚĞĐůĂƌĂƚŝŽŶ ĨƌŽŵ ƚŚĞ KĨĨŝĐĞ ŽĨ ƚŚĞ
ŝƚǇͬDƵŶŝĐŝƉĂůƐƐĞƐƐŽƌ͖
;tĂůĂĂŬŽŶŐƉĂŐŵĂŵĂǇͲĂƌŝŶŐůƵƉĂŶĂŵĂǇĨĂŝƌŵĂƌŬĞƚǀĂůƵĞŶĂŚŝŐŝƚƐĂ;ŚĂůĂŐĂŶŐŶĂŬĂƚĂŬĚĂƐĂ
ZĞǀŝƐĞĚ ZƵůĞƐ ŽĨ ŽƵƌƚ͕ ĂƐ ĂŵĞŶĚĞĚͿ ĂǇŽŶ ƐĂ ƉŝŶĂŬĂďĂŐŽŶŐ ƚĂǆ ĚĞĐůĂƌĂƚŝŽŶ ŵƵůĂ ƐĂ dĂŶŐŐĂƉĂŶ ŶŐ
dĂŐĂƉĂŐƚĂƐĂŶŐ>ƵŶŐƐŽĚͬDƵŶŝƐŝƉĂůŝĚĂĚ͖Ϳ

ϰ͘ƵĞƚŽĨŝŶĂŶĐŝĂůĐŽŶƐƚƌĂŝŶƚ͕/ĐĂŶŶŽƚĂĨĨŽƌĚƚŽƉĂǇĨŽƌƚŚĞĞǆƉĞŶƐĞƐŽĨĂĐŽƵƌƚůŝƚŝŐĂƚŝŽŶĂƐ/ĚŽŶŽƚ
ŚĂǀĞĞŶŽƵŐŚĨƵŶĚƐĨŽƌĨŽŽĚ͕ƐŚĞůƚĞƌĂŶĚŽƚŚĞƌďĂƐŝĐŶĞĐĞƐƐŝƚŝĞƐ͖
;ĂŚŝůƐĂƉĂŵƉŝŶĂŶƐǇĂůŶĂŬĂŐŝƉŝƚĂŶ͕ŚŝŶĚŝŬŽŵĂŬĂŬĂǇĂŶĂŶŐďĂǇĂƌĂŶĂŶŐŐĂƐƚŽƐŶŐƉĂŐůŝůŝƚŝƐƐĂ
ŚƵŬƵŵĂŶůĂůŽŶĂĂƚŚŝŶĚŝƐĂƉĂƚĂŶŐĂŬŝŶŐŬŝŶŝŬŝƚĂƉĂƌĂƐĂŵŐĂŐĂƐƚƵƐŝŶƐĂƉĂŐŬĂŝŶ͕ƚŝƌĂŚĂŶĂƚŝďĂƉĂŶŐ
ƉĂŶŐƵŶĂŚŝŶŐƉĂŶŐĂŶŐĂŝůĂŶŐĂŶ͖Ϳ

ϱ͘^ŚŽƵůĚƚŚĞĐŽƵƌƚƌĞŶĚĞƌũƵĚŐŵĞŶƚŝŶŵǇĨĂǀŽƌ͕ƚŚĞĂŵŽƵŶƚŽĨƚŚĞĚŽĐŬĞƚĂŶĚŽƚŚĞƌůĞŐĂůĨĞĞƐ
ǁŚŝĐŚ/ǁĂƐĞǆĞŵƉƚĞĚĨƌŽŵƉĂǇŝŶŐƐŚĂůůďĞĂůŝĞŶŽŶƚŚĞũƵĚŐŵĞŶƚ͕ƵŶůĞƐƐƚŚĞĐŽƵƌƚŽƌĚĞƌƐŽƚŚĞƌǁŝƐĞ͘
;<ƵŶŐĂŶŐĚĞƐŝƐǇŽŶŶŐŚƵŬƵŵĂŶĂǇƉĂďŽƌƐĂĂŬŝŶ͕ĂŶŐŝďŝŶƵŬŽĚƐĂĂŬŝŶŐŚĂůĂŐĂŶŐďĂǇĂĚƐĂĚĂŬĞƚ
Ăƚ ŝďĂ ƉĂŶŐ ďĂǇĂƌŝŶ ĂǇ ŝďĂďĂǁĂƐ ƐĂ ŝŐŝŶĂǁĂĚ ŶĂ ŚĂůĂŐĂ ƐĂ ĚĞƐŝƐǇŽŶ͕ ŵĂůŝďĂŶ ŬƵŶŐ ŝďĂ ĂŶŐ ƵƚŽƐ ŶŐ
ŚƵŬƵŵĂŶ͘Ϳ

ϭ
ǇŽŶ ƐĂ ^ĞĐƚŝŽŶ Ϯϭ͕ ZƵůĞ ϯ ŶŐ ZĞǀŝƐĞĚ ZƵůĞƐ ŽĨ ŽƵƌƚ͕ ĂƐ ĂŵĞŶĚĞĚ͕ ĂŶŐ ͞ŝŶĚŝŐĞŶƚ͟ ĂǇ ŝƐĂŶŐ ƚĂŽ ŶĂ
ǁĂůĂŶŐ ƐĂƉĂƚ ŶĂ ƉĞƌĂ Ăƚ ƉĂŐͲĂĂƌŝ ƉĂƌĂ ƐĂ ŵŐĂ ŐĂƐƚƵƐŝŶ ƐĂ ƉĂŐŬĂŝŶ͕ ƚŝƌĂŚĂŶ Ăƚ ŝďĂ ƉĂŶŐ ƉĂŶŐƵŶĂŚŝŶŐ
ƉĂŶŐĂŶŐĂŝůĂŶŐĂŶ͘

DŽƚŝŽŶƚŽ^ƵĞĂƐ/ŶĚŝŐĞŶƚ
;^ŵĂůůůĂŝŵƐͿ &ŽƌŵϲͲ^͕WĂŐĞϭŽĨϮ

&KZDϲͲ^

t,Z&KZ͕ƉƌĞŵŝƐĞƐĐŽŶƐŝĚĞƌĞĚ͕ŝƚŝƐƌĞƐƉĞĐƚĨƵůůǇƉƌĂǇĞĚƚŚĂƚ/ďĞĞǆĞŵƉƚĞĚĨƌŽŵƚŚĞƉĂǇŵĞŶƚ
ŽĨĚŽĐŬĞƚĂŶĚŽƚŚĞƌůĞŐĂůĨĞĞƐĂƐŝŶĚŝŐĞŶƚƉƵƌƐƵĂŶƚƚŽ^ĞĐƚŝŽŶϮϭ͕ZƵůĞϯ͕ŝŶƌĞůĂƚŝŽŶƚŽ^ĞĐƚŝŽŶϭϴ͕ZƵůĞ
ϭϰϭŽĨƚŚĞZĞǀŝƐĞĚZƵůĞƐŽĨŽƵƌƚ͘
;,/>/dK͕ŝƐŝŶĂƐĂĂůĂŶŐͲĂůĂŶŐĂŶŐůĂŚĂƚ͕ĂŬŽĂǇŵĂŐĂůĂŶŐŶĂƐƵŵĂƐĂŵŽŶĂŵĂŝďƵŬŽĚĂŬŽƐĂ
ƉĂŐďĂǇĂĚƐĂĚĂŬĞƚĂƚŝďĂƉĂŶŐďĂǇĂƌŝŶďŝůĂŶŐŝƐĂŶŐŝŶĚŝŐĞŶƚĂůŝŶƐƵŶŽĚƐĂ^ĞĐƚŝŽŶϮϭ͕ZƵůĞϯ͕ŬĂƵŐŶĂǇƐĂ
^ĞĐƚŝŽŶϭϴ͕ZƵůĞϭϰϭŶŐZĞǀŝƐĞĚZƵůĞƐŽĨŽƵƌƚ͘Ϳ

KƚŚĞƌƌĞůŝĞĨƐũƵƐƚĂŶĚĞƋƵŝƚĂďůĞƵŶĚĞƌƚŚĞƉƌĞŵŝƐĞƐĂƌĞůŝŬĞǁŝƐĞƉƌĂǇĞĚĨŽƌ͘
;ŶƵŵĂŶŐŬĂůƵǁĂŐĂŶĂŶŐŵĂŬĂƚĂƌƵŶŐĂŶĂƚƉĂƚĂƐƐĂŬĂůĂŐĂǇĂŶŐŝƚŽĂǇŝƐŝŶƵƐƵŵĂŵŽŬŽƌŝŶ͘Ϳ

ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ
W>/Ed/&&
;EĂŐŚĂŚĂďůĂͿ
DŽƚŝŽŶƚŽ^ƵĞĂƐ/ŶĚŝŐĞŶƚ
;^ŵĂůůůĂŝŵƐͿ &ŽƌŵϲͲ^͕WĂŐĞϮŽĨϮ

&KZDϳͲ^

^W/>WKtZK&ddKZEz
;EddE'/E''tͲ<WE'zZ/,EͿ

<EKt>>DEzd,^WZÊd^͗
;>D/EE'>,dE͗Ϳ

/͕ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ͕ ŽĨ ůĞŐĂů ĂŐĞ͕ ƐŝŶŐůĞͬŵĂƌƌŝĞĚ͕ ǁŝƚŚ ƌĞƐŝĚĞŶĐĞ Ăƚ
ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ĚŽ ŚĞƌĞďǇ ĂƉƉŽŝŶƚ͕ ŶĂŵĞ ĂŶĚ ĐŽŶƐƚŝƚƵƚĞ
ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ͕ǁŚŽŝƐŶŽƚĂůĂǁǇĞƌ͕ĂƐŵǇƚƌƵĞĂŶĚůĞŐĂůƌĞƉƌĞƐĞŶƚĂƚŝǀĞƚŽĂĐƚĨŽƌĂŶĚŝŶ
ŵǇŶĂŵĞĂŶĚƐƚĞĂĚ͕ĂŶĚƚŽƌĞƉƌĞƐĞŶƚŵĞĚƵƌŝŶŐƚŚĞŚĞĂƌŝŶŐŽĨŝǀŝůĂƐĞEŽ͘ͺͺͺͺͺͺͺͺͺͺͺ͕ƚŽĞŶƚĞƌŝŶƚŽ
ĂŵŝĐĂďůĞ ƐĞƚƚůĞŵĞŶƚ͕ ƚŽ ƐƵďŵŝƚ ƚŽ ĂůƚĞƌŶĂƚŝǀĞ ŵŽĚĞƐ ŽĨ ĚŝƐƉƵƚĞ ƌĞƐŽůƵƚŝŽŶ͕ ĂŶĚ ƚŽ ŵĂŬĞ ĂĚŵŝƐƐŝŽŶƐ Žƌ
ƐƚŝƉƵůĂƚŝŽŶƐŽĨĨĂĐƚƐĂŶĚĚŽĐƵŵĞŶƚƐǁŝƚŚŽƵƚĨƵƌƚŚĞƌĐŽŶƐƵůƚĂƚŝŽŶĨƌŽŵŵĞ͘
;<K͕ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ͕ ŵĂǇ ƐĂƉĂƚ ŶĂ ŐƵůĂŶŐ͕ ǁĂůĂŶŐ ĂƐĂǁĂͬŵĂǇ ĂƐĂǁĂ͕
ŶĂŶŝŶŝƌĂŚĂŶ Ăƚ ŵĂǇ ƉĂŚĂƚŝƌĂŶŐͲƐƵůĂƚ ƐĂ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ͕ ĚŝƚŽ ĂǇ ŝƐŝŶĂƐĂĂĚ ŶĂ
ĂŬŝŶŐ ŝƚŝŶĂƚĂůĂŐĂ͕ ƉŝŶŝƉŝůŝ Ăƚ ŚŝŶŝŚŝƌĂŶŐ Ɛŝ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ͕ ƐĂƉĂƚ ĚŝŶ ĂŶŐ ŐƵůĂŶŐ͕ ǁĂůĂŶŐ
ĂƐĂǁĂͬŵĂǇĂƐĂǁĂ͕ŶĂŶŝŶŝƌĂŚĂŶĂƚŵĂǇƉĂŚĂƚŝƌĂŶŐͲƐƵůĂƚƐĂͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ͕
ŶĂŚŝŶĚŝŝƐĂŶŐĂďŽŐĂĚŽ͕ďŝůĂŶŐĂŬŝŶŐƚƵŶĂǇĂƚƚŽƚŽŽŶŐŬŝŶĂƚĂǁĂŶƐĂďĂƚĂƐ͕ƵƉĂŶŐŵĂŐƐĂŐĂǁĂĂƚŬƵŵŝůŽƐ
ƐĂ ĂŬŝŶŐ ŬĂƉĂŬĂŶĂŶ Ăƚ ƉĂŶŐĂůĂŶ͕ Ăƚ ŵĂŐƐŝůďŝŶŐ ŬŝŶĂƚĂǁĂŶ ŬŽ ƐĂ ƉĂŐĚŝŶŝŐ ŶŐ ŝǀŝů ĂƐĞ EŽ͘ ͺͺͺͺͺͺͺͺ͕
ŵĂŬŝƉĂŐͲĂƌĞŐůŽ ŶŐ ŬĂƐƵŶĚƵĂŶ͕ ƐƵŵĂŝůĂůŝŵ ƐĂ ĂůƚĞƌŶĂƚŝǀĞ ŵŽĚĞƐ ŽĨ ĚŝƐƉƵƚĞ ƌĞƐŽůƵƚŝŽŶ͕ϭ Ăƚ ŵĂŐďŝŐĂǇ ŶŐ
ŵŐĂ ĂĚŵŝƐǇŽŶ Ž ŵĂŐƚĂŬĚĂ ŶŐ ŵŐĂ ŬĂƚŽƚŽŚĂŶĂŶ Ăƚ ŵŐĂ ĚŽŬƵŵĞŶƚŽ ŶĂŶŐ ŚŝŶĚŝ ŬŝŶĂŝŬĂŝůĂŶŐĂŶŐ
ŬƵŵƵŶƐƵůƚĂƉĂƐĂĂŬŝŶ͘Ϳ

/ ŚĞƌĞďǇ ŐƌĂŶƚ ŵǇ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞ ĨƵůů ƉŽǁĞƌ ĂŶĚ ĂƵƚŚŽƌŝƚǇ ƚŽ ĞǆĞĐƵƚĞ ĂŶĚ ƉĞƌĨŽƌŵ ĞǀĞƌǇ ĂĐƚ
ŶĞĐĞƐƐĂƌǇ ƚŽ ƌĞŶĚĞƌ ĞĨĨĞĐƚŝǀĞ ƚŚĞ ƉŽǁĞƌ ƚŽ ĐŽŵƉƌŽŵŝƐĞ ĂƐ ƚŚŽƵŐŚ / ŵǇƐĞůĨ ŚĂǀĞ ƐŽ ƉĞƌĨŽƌŵĞĚ ŝƚ ĂŶĚ
ŚĞƌĞďǇĂƉƉƌŽǀŝŶŐĂůůƚŚĂƚŚĞŵĂǇĚŽďǇǀŝƌƚƵĞŽĨƚŚĞƐĞƉƌĞƐĞŶƚƐ͘
;ŝƚŽ ĂǇ ĂŬŝŶŐ ŝŐŝŶĂŐĂǁĂĚ ƐĂ ŶĂƚƵƌĂŶ ŬŽŶŐ ŬŝŶĂƚĂǁĂŶ ĂŶŐ ůĂŚĂƚ ŶŐ ŬĂƌĂƉĂƚĂŶŐ ŬƵŵŝůŽƐ Ăƚ
ŵĂŐƐĂŐĂǁĂ ƵƉĂŶŐ ŝƐĂŬĂƚƵƉĂƌĂŶ ĂŶŐ ŬĂƉĂŶŐǇĂƌŝŚĂŶŐ ŵĂŐͲĂƌĞŐůŽ ŶŐ ŬĂƐƵŶĚƵĂŶ ƐĂ ďŝƐĂ ŶŐ ŬĂƌĂƉĂƚĂŶŐ
ŝƚŽ ĂǇ ŝŐŝŶĂŐĂǁĂĚ ƐĂ ŬĂŶǇĂ ŶĂŶŐ ŬĂŚĂůŝŶƚƵůĂĚ ŶŐ ŬƵŶŐ ĂŬŽ͕ ƐĂ ŐĂŶĂŶŐ ĂŬŝŶŐ ƐĂƌŝůŝ ŵŝƐŵŽ͕ ĂŶŐ
ŶĂŐƐĂŐĂǁĂ͕ĂƚĚŝƚŽĂǇĂŬŝŶŐƉŝŶĂŐƚŝƚŝďĂǇĂŶŐůĂŚĂƚŶŐŬĂŶǇĂŶŐŐĂǁŝŶ͘Ϳ

/Ŷ ǁŝƚŶĞƐƐ ǁŚĞƌĞŽĨ͕ / ŚĞƌĞƵŶƚŽ ƐĞƚ ŵǇ ŚĂŶĚ ƚŚŝƐ ͺͺͺͺͺ ĚĂǇ ŽĨ ͺͺͺͺͺͺͺͺͺͺͺͺ͕ ϮϬͺͺͺ͕ Ăƚ
ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ͘
;^ĂŬĂƚƵŶĂǇĂŶŶŐůĂŚĂƚ͕ĂŬŽĂǇůƵŵĂŐĚĂƐĂŝďĂďĂŶŝƚŽ͕ŶŐĂǇŽŶŐŝŬĂͲͺͺͺŶŐͺͺͺͺͺ͕ϮϬͺͺ͕ĚŝƚŽƐĂ
ͺͺͺͺͺͺͺͺͺͺͺͺͺͺ͘Ϳ

WƌŝŶĐŝƉĂů
;WƵŶŽͿ

ŐĞŶƚ
;<ŝŶĂƚĂǁĂŶͿ

tŝƚŶĞƐƐĞƐ͗
;DŐĂ^ĂŬƐŝͿ͗

ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ

ϭ
ŶŐ͞ůƚĞƌŶĂƚŝǀĞŝƐƉƵƚĞZĞƐŽůƵƚŝŽŶ^ǇƐƚĞŵ͟ĂǇĂŶƵŵĂŶŐƉƌŽƐĞƐŽŶĂŶŐƉĂŐůƵƚĂƐŽƉĂŐƉĂƉĂƐǇĂŶŐĂůŝƚĂŶŽŚŝŶĚŝ
ƉĂŐŬĂŬĂƵŶĂǁĂĂŶ͕ďƵŬŽĚƐĂƉĂŐůŝůŝƚŝƐƐĂŚƵŬƵŵĂŶŽŝďĂƉĂŶŐĂŚĞŶƐǇĂŶŐŐŽďǇĞƌŶŽ͕ŬƵŶŐƐĂĂŶŵĂǇŶĞƵƚƌĂůƚŚŝƌĚ
ƉĂƌƚǇ ŶĂ ƚƵƚƵůŽŶŐ ƵƉĂŶŐ ƐŽůƵƐǇƵŶĂŶ ĂŶŐ ŵŐĂ ŝƐǇƵ͘ ^ĂŬůĂǁ ŶŝƚŽ ĂŶŐ ĂƌďŝƚƌĂƚŝŽŶ͕ ŵĞĚŝĂƚŝŽŶ͕ ĐŽŶĐŝůŝĂƚŝŽŶ͕ ĞĂƌůǇ
ŶĞƵƚƌĂůĞǀĂůƵĂƚŝŽŶ͕ŵŝŶŝͲƚƌŝĂů͕ŽĂŶƵŵĂŶŐŬŽŵďŝŶĂƐǇŽŶŶŐŵŐĂŝƚŽ͘
^ƉĞĐŝĂůWŽǁĞƌŽĨƚƚŽƌŶĞǇ &ŽƌŵϳͲ^͕WĂŐĞϭŽĨϮ

&KZDϳͲ^

;<EKt>'DEdͿ
;W'WWdhEzͿ

&KZD͕ĂEŽƚĂƌǇWƵďůŝĐĨŽƌĂŶĚŝŶͺͺͺͺͺͺͺͺͺͺͺͺͺͺ͕ŽŶƚŚŝƐͺͺͺĚĂǇŽĨͺͺͺͺͺͺͺϮϬͺͺͺ͕ƚŚĞ
ĨŽůůŽǁŝŶŐĂĨĨŝĂŶƚƐƉĞƌƐŽŶĂůůǇĂƉƉĞĂƌĞĚǁŝƚŚƚŚĞŝƌƌĞƐƉĞĐƚŝǀĞǀĂůŝĚ/ƐĂƐĨŽůůŽǁƐ͗
;^,ZW<K͕ŶĂŝƐĂŶŐEŽƚĂƌǇŽWƵďůŝŬŽƐĂͺͺͺͺͺͺͺͺͺͺͺͺ͕ŶŐĂǇŽŶŐŝŬĂͲͺͺŶŐͺͺͺͺͺͺͺͺ͕ϮϬͺͺ͕
ĂǇĚƵŵƵůŽŐĂŶŐŵŐĂƐƵŵƵƐƵŶŽĚŶĂŶĂŬĂŬĂĂŬŽŶĂŵĂǇŬĂƚŝďĂǇĂŶŶŐƉĂŐŬĂŬĂŬŝůĂŶůĂŶ͗Ϳ

EĂŵĞ /EƵŵďĞƌ
;WĂŶŐĂůĂŶͿ ;<ĂƚŝďĂǇĂŶŶŐWĂŐŬĂŬĂŬŝůĂŶůĂŶͿ

;WƌŝŶĐŝƉĂůͿ;WƵŶŽͿ

;ŐĞŶƚͿ;<ŝŶĂƚĂǁĂŶͿ

;tŝƚŶĞƐƐͿ;^ĂŬƐŝͿ

;tŝƚŶĞƐƐͿ;^ĂŬƐŝͿ

ŬŶŽǁŶƚŽŵĞƚŽďĞƚŚĞƐĂŵĞƉĞƌƐŽŶƐǁŚŽĞǆĞĐƵƚĞĚƚŚĞĂďŽǀĞĚŽĐƵŵĞŶƚ͕ĂŶĚǁŚŽĂĐŬŶŽǁůĞĚŐĞĚƚŽŵĞ
ƚŚĂƚƚŚĞƐĂŵĞŝƐƚŚĞŝƌŽǁŶĨƌĞĞĂĐƚĂŶĚĚĞĞĚ͘
;ŶĂŬŝůĂůĂŬŽŶŐƐŝůĂŶŐŶĂŐƐĂŐĂǁĂŶŐŶĂƵƵŶĂŶŐŬĂƐƵůĂƚĂŶŶĂƉŝŶĂƚƵŶĂǇĂŶƐĂŚĂƌĂƉŬŽŶŐŵĂůĂǇĂĂƚƐĂƌŝůŝ
ŶŝůĂŶŐƉĂŐƉĂƉĂƐŝǇĂ͕ĂƚůƵďŽƐŶŝůĂŶŐŶĂŝŝŶƚŝŶĚŝŚĂŶĂŶŐůĞŐĂůŶĂŬĂŚŝŚŝŶĂƚŶĂŶŶŐŬĂŶŝůĂŶŐƐĂƌŝůŝŶŐƉĂƐǇĂ͘Ϳ

t/dE^^Dz,EE^>͘
;>'d^>zKE'WEd<͘Ϳ

ŽĐ͘EŽ͘ ͖
WĂŐĞEŽ͘ ͖
ŽŽŬEŽ͘ ͖
^ĞƌŝĞƐŽĨϮϬ ͘
^ƉĞĐŝĂůWŽǁĞƌŽĨƚƚŽƌŶĞǇ &ŽƌŵϳͲ^͕WĂŐĞϮŽĨϮ

FORM8ͲSCC

REPUBLICOFTHEPHILIPPINES
_______________________________
_______________________________
_______________________________

______________________________________,
Plaintiff,
(Naghahabla,)
vs. CivilCaseNo.____________
For:____________________
______________________________________,
Defendant.
(Hinahabla.)
xͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲx

JOINTMOTION
(FORDISMISSAL)
(PinagsamangMosyonnaIbasuraatIpawalangͲsaysay)

Plaintiffanddefendant,untothisHonorableCourt,respectfullyallegethat:
(Angnaghahablaathinahabla,saKagalangͲgalangnaHukumangito,aynagsasaad:)

1.Plaintiffanddefendanthavemutuallyandvoluntarilysettledtheirclaimandcounterclaimto
theentiresatisfactionofeachother;and
(Ang naghahabla at hinahabla ay nagkaisa at kusang loob na nagkasundo na wala na silang
paghahabolsaisa’tisa;at)

2.Thepartiesnolongerhaveacauseofactionagainsteachother.
(Angmgasangkotaywalanangcauseofaction1labansaisa’tisa.)

WHEREFORE, premises considered, plaintiff and defendant respectfully pray that the plaintiff’s
statementofclaimanddefendant’scounterclaimincorporatedinhisresponsebedismissed.
(Dahil dito, ang naghahablaat hinahabla ay buong galang nasumasangguni naang habol ng
naghahablaatgantingͲhabolnghinahablaayparehongibasura.)

Otherreliefsjustandequitableunderthepremisesarelikewiseprayedfor.
(Anumangkaluwagannamakatarunganatpatassakalagayangitoayisinusumamorin.)

________________________, _______________________
Place(Lugar) Date(Petsa)

_____________________ _____________________
Plaintiff Defendant
(Naghahabla) (Hinahabla)

TotheBranchClerkofCourt:

Please submit the foregoing motion for the consideration of the Court without hearing and
furtherargumentfromtheparties.

_____________________ _____________________
Plaintiff Defendant

1
Ang“causeofaction”ayangkilosopagkukulangkungsaanangisangtaoaylumalabagsakarapatanng
iba.
Form8ͲSCC,Page1of1
JointMotion(ForDismissal)
(SmallClaims)

FORM9ͲSCC

_______________________________
_______________________________
_______________________________

_____________________________________,
Plaintiff,
(Naghahabla,)
For:____________________
_____________________________________,
Defendant.
(Hinahabla.)

MOTIONFORAPPROVALOFCOMPROMISEAGREEMENT
(MosyonparasaPagpapaͲaprubangKasunduanoKompromiso)

Thepartiesrespectfullyallegethat:
(Angmgasangkotaybuonggalangnanagsasaadna:)

1. Plaintifffiledthisclaimagainstdefendantfor:
(Isinampangnaghahablaanghabolnaitolabansahinahablaparasa:)

_____________collectionofsumofmoney(pagsingil/pangongolektangsalapi)
_____________ enforcement of barangay agreement (pagpapatupad ng
napagkasunduansabarangay)

2. The parties have come to an amicable settlement and have executed a
CompromiseAgreementattachedtothisForm.
(Ang mga partido ay nagkasundo at sumulat ng Kasunduan o Kompromiso na
nakalakipsaFormnaito.)
*(AttachtheCompromiseAgreementtothisForm)
(IlakipsaFormnaitoangKasunduanoKompromiso)

3. ThepartiesagreethattheapprovalofthisagreementbytheCourtshallputanend
tothislitigation,exceptforpurposesofexecutionincaseofdefault.
(AngmgapartidoaynagkasundonaangpagͲaprubangHukumansaKasunduano
Kompromisonaitoaymagwawakassakasongito,malibansahangarinnaisakatuparanang
nasabingaprubadongKasunduanoKompromisokunghindinakatupadangpartido.)

WHEREFORE, premises considered the parties respectfully pray that the court
approvethisagreementandrenderjudgmentonthebasisthereof.
(DAHILDITO,angmgapartidoaybuonggalangnasumasangguninaaprubahanng
HukumanangKasunduanoKompromisonaito,atmaglabasngdesisyonnanakabataydito.)

________________________, _______________________

______________________________, ____________________________
Plaintiff Defendant

MotionforApprovalofCompromiseAgreement Form9ͲSCC,Page1of1
(SmallClaims)

FORM10ͲSCC

_______________________________
_______________________________
_______________________________

_____________________________________,
Plaintiff,

For:____________________
_____________________________________,
Defendant.
xͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲx

DECISION
(BASEDONCOMPROMISEAGREEMENT)

Plaintiff filed this case against defendant for __________________________ in the amount of
________________________.

Defendant denied plaintiff’s claim on the ground of __________________, and set up a
counterclaimfor_______________________.

Theparties,however,reachedanamicablesettlementandsubmittedtothecourtacompromise
agreement,thetermsandconditionsofwhichareattachedtothisDecision.
*(AttachtheCompromiseAgreementtothisDecision)

Itappearingthattheagreementisnotcontrarytolaw,morals,goodcustoms,publicmoraland
public policy, and pursuant to Articles 2028 and 2037 of the Civil Code of the Philippines, the same is
herebyAPPROVEDandADOPTEDastheDecisionofthiscourt.

The parties are hereby ordered to faithfully comply with the terms and conditions of the
agreement.

WHEREFORE, judgment is hereby rendered approving the Compromise Agreement and the
partiesareorderedtocomplywiththetermsandconditions,asfollows:

(The judge should define the rights and obligations of the parties
underthejudgmentapprovingtheCompromiseAgreementtobeenforcedby
aWritofExecution.)

SOORDERED.

________________________, _______________________
Place Date

____________________
Judge

Decision(BasedonCompromiseAgreement) Form10ͲSCC,Page1of1

(SmallClaims)

FORM11ͲSCC

_______________________________
_______________________________
_______________________________

_____________________________________,
Plaintiff,

For:____________________
_____________________________________,
Defendant.

xͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲx
DECISIONONSMALLCLAIMS

1.Thesmallclaimsactionfiledinthiscaseisformoneyowedunder:

[]ContractofLease []ContractofLoan/othercreditaccommodations
[]ContractofServices []ContractofSaleofPersonalProperty
[]EnforcementofaBarangayAmicableSettlement

2.IntheStatementofClaims,Plaintiff/sclaim/stheDefendant/sowe/shim/her/ittheprincipal
amountof൐__________________withinterestrateof____________computed,asfollows:

3.IntheResponsesubmitted,Defendant/sinterposedthefollowingdefense:

[]Defendant/sdo/esnotowePlaintiff/sanymoney.
[]Defendant/sowe/sPlaintiff/sonlyaportionoftheamountclaimed.
[]Defendant/salreadypaidtheprincipalamountclaimedandtheinterestschargedtothe
loanisexcessive.
[]ItisthePlaintiff/swhoowe/stheDefendant/smoney.
[]Defendant/sadmit/sowingmoneytothePlaintiff/sbuthas/havenofinancialcapacitytopay
atthemoment.
[]Defendant/sdeny/deniestheloanobtainedandraisesthedefenseofforgery.
[]Defendant/sis/areamerecoͲmaker/softheloanandhasthebenefitofexcussion.
[]Others

4.On_______________(date),bothparties:

[]personallyappearedduringthehearing
[]appearedthroughaspeciallyauthorizedrepresentative.

Attemptsforalternativedisputeresolutionfailed.Thecourtthusproceededwiththehearingof
thecasewhichwasterminatedon___________________.

DecisiononSmallClaims Form11ͲSCC,Page1of3
(SmallClaims)

FORM11ͲSCC
5.Inestablishingthesmallclaim,Plaintiff/spresentedthefollowingdocumentaryevidence:

[]Signeddeedoragreementcaptionedas_____________________
andmarkedasExhibit/s____________
[]PromissoryNotemarkedasExhibit/s___________________
[]Receipt/smarkedasExhibit/s_________
[]Bankdepositslip/smarkedasExhibit/s_______________
[]Check/smarkedasExhibit/s___________________
[]LatestDemandLettermarkedasExhibit_____________
[]BarangayAmicableSettlementmarkedasExhibit_________
[]Others:___________________markedasExhibit/s

6. Plaintiff/s likewise submitted the affidavits of the following witnesses who alleged, in
summary,asfollows:

NameofWitness GistofTestimony

7.Indefense,Defendant/ssubmittedthefollowingdocumentaryevidence:


8. Defendant/s likewise submitted the affidavits of the following witnesses who alleged, in
summary,asfollows:


9.Inthesameaction,Defendant/sraisedthefollowingcompulsorycounterclaim:

[]Theyaremutualcreditorsanddebtors.
[]Defendant/shas/havecommission/sduefromthePlaintiff.
[]ItisthePlaintiff/swhoowe/shim/her/itmoney.
[]Others.

10.Withthesamehavingbeensubmittedforjudgment,thiscourtfinds:

[]TheclaimofthePlaintiff/sismeritorious.
[]ThecompulsorycounterclaimoftheDefendantismeritorious.

Wherefore,thesmallclaim/counterclaimisgranted.

(Statereason).

(SmallClaims)

FORM11ͲSCC

Thiscourtorders____________________topayto_______________________theamountof൐
(statethemonetaryawardordamages)withinterestof________untilfullypaid.

Plaintiff’s prayer for the withdrawal of the remaining balance in theSheriff’s TrustFund in the
amountof൐_______________________,isgranted,subjecttoaccountingandauditingprocedures.The
ClerkofCourtisdirectedtoreleasesuchamounttothePlaintifforhis/her/itsauthorizedrepresentative.

[]TheclaimofthePlaintiff/sisdevoidofmerit.
[]ThecompulsorycounterclaimoftheDefendantisdevoidofmerit.

Wherefore,thesmallclaim/counterclaimisdenied.

(Statethereason).


[]Theactionisdismissediswithprejudice.
[]Theactionisdismissedwithoutprejudice.

Wherefore,thesmallclaim/counterclaimisdismissedwith/withoutprejudice.
(Statethereason).


SOORDERED.

________________________, _______________________
Place Date

__________________________
Judge

Copyfurnished:
Allparties
OfficeoftheClerkofCourtof__________
(SmallClaims)

FORM12ͲSCC

_______________________________
_______________________________
_______________________________

_____________________________________,
Plaintiff,
(Naghahabla,)
For:____________________
_____________________________________,
Defendant.
(Hinahabla.)
MOTIONFOREXECUTION
(MosyonsaPagpapatupadngDesisyon)

Plaintiff/Defendant,untothisHonorableCourt,respectfullyallegesthat:
(AngNaghahabla/Hinahablaaynagsasaad:)

1.On_________,ajudgmentwasrenderedbytheCourt,thedispositiveportionofwhichreads:
(Noong___________,angHukumanaynaglabasngDesisyonnanagsasabi:)

2.Thejudgmentisfinal,executoryandunappealable.
(AngDesisyonaywakasna,ipatutupadna,athindinamaaaringiͲapela).

3.Thedefendanthasnotcompliedwiththejudgment.
(AnghinahablaayhindisumunodsaDesisyon).

WHEREFORE,premisesconsidered,itisrespectfullyprayedthataWRITOFEXECUTIONbeissued
toimplementthejudgmentoftheCourtdated__________________.
(DAHILDITO,buonggalangnahinihilingnamaglabasngisangPAGPAPATUPADngDesisyonng
Hukumannamaypetsa_______.)

________________________, _______________________

________________________
Plaintiff/Defendant
(Naghahabla/Hinahabla)

MotionforExecution Form12ͲSCC,Page1of1

(SmallClaims)

FORM13ͲSCC

_______________________________
_______________________________
_______________________________

_____________________________________,
Plaintiff,
(Naghahabla,)

For:____________________
_____________________________________,
Defendant.
(Hinahabla.)

WRITOFEXECUTION
(MoneyJudgment)
(KautusanparasaPagpapatupadngPansalapingHatol)

TO:THESHERIFF/DEPUTYSHERIFF

WHEREAS,on__(dateoftheDecision),thisCourtrenderedaDecisionintheaboveͲ
entitledcase,thepertinentportionofwhichreadsasfollows:
(SAPAGKAT,noong__________,angHukumanaynaglabasngDesisyonsakasongito,
angkaugnaynabahagiaymababasanangganito:)

Thiscourtorders______(nameofdefendant/judgmentobligor)______
(AngHukumangitoaynagͲuutoskay)
topay_____________(nameofplaintiff/judgmentobligee)______theamountof
(nabayaransi) (nghalagang)
____(monetaryawardordamages)_____,withinterestof_________perannum
(namaytubona)(bawattaon)
reckonedfrom___(dateoftheDecision)__untilfullypaid.
(simulasa) (hanggangmabayaranngbuo.)

WHEREAS,theaforesaidDecisionisfinal,executory,andunappealable.
(SAPAGKAT,angnaturangDesisyonaywakasna,ipatutupadna,athindinamaaaringiͲ
apela)

NOW THEREFORE, you are commanded to cause the execution of the Decision, and
demandfrom_____(nameofdefendant/judgmentobligor)___thepaymentofthejudgment
obligation,togetherwithyourlawfulfeesfortheserviceofthiswrit,andtotenderthesameto
theplaintiff/judgmentobligee.
(NGAYON, DAHIL DITO, ikaw ay inuutusan na ipatupad ang Desisyon, at magͲ
demand/singilinkay__________________angkabayaransahinatolnaobligasyon,kasamaang
iyongnaaayonsabatasnabayarinparasapaghain/pagsisilbinitongkautusangpagpapatupad,
atibigayitosanaghahablaonahatulangnanalosakaso.)

Youareguidedasfollows:
(Ikawayinuutusannasundinangmgasumusunod:)

1.Ifthejudgmentobligorcannotpayallorpartoftheobligationincash,certifiedbank
checkorothermodeofpaymentacceptabletothejudgmentobligee,youshalllevyupon the
propertiesofthejudgmentobligorofeverykindandnaturewhatsoeverwhichmaybedisposed
offorvalueandnototherwiseexemptfromexecutiongivingthejudgmentobligortheoptionto

WritofExecution(MoneyJudgment) Form13ͲSCC,Page1of2
(SmallClaims)

FORM13ͲSCC
immediatelychoosewhichpropertyorpartthereofmaybeleviedupon,sufficienttosatisfythe
judgment.(Kunganghinatulangobligadonamagbayadayhindimabayarananglahatobahagi
ngobligasyonsapamamagitanngsalapi,sertipikadongtsekengbangko,oanumangparaanng
pagbabayadnakatanggapͲtanggapsahinatulangnanalo,ikawayinuutusannamagpatawng
kabayaransamgaariͲariannghinatulangobligadonamaaaringmaibentasahalaga,athindi
kasama sa mga ariͲarian na pinagbabawal na isali sa pagpapatupad ng hatol. Binibigyan ang
hinatulang obligado ng opsyon na mamili kung aling ariͲarian o bahagi nito ang maaaring
patawan,sapatparamatugunanangkabayaransahatol.)

2.Ifthejudgmentobligordoesnotexercisetheoption,youshallfirstlevyonthepersonal
properties,ifany,andthenontherealpropertiesifthepersonalpropertiesareinsufficientto
answerforthejudgment.Youshallsellonlyasufficientportionofthepersonalorrealpropertyof
thejudgmentobligorwhichhasbeenleviedupon.(Kunganghinatulangobligadonamagbayad
ayhindipumilisanasabingopsyon,ikawayinuutusannaunangpatawanangmgapersonalna
ariͲarian(halimbawa:sasakyan,muwebles,alahas,atibapa),kungmeronman,sakaisusunod
angmgatunaynaariͲarian(halimbawa:lupa,bahayatibapa)kungangmgapersonalnaariͲ
arianayhindisapatupangmatugunananghatol.Ikawaymaaringmagbentalamangngsapat
nabahagingpinatawangpersonalotunaynaariͲariannghinatulangobligado.)

3.Youshallnotlevyuponsomuchofthesalaries,wages,orearningsofthejudgment
obligorforhis/herpersonalserviceswithinthefour(4)monthsprecedingthelevyasarenecessary
forthesupportofhisfamily.Theyareexemptfromexecution.(Hindikamaaaringmagpatawng
napakaraming bahagi ng sweldo, sahod, o kita ng hinatulang obligado para sa kanyang mga
personalnagastusingkailanganparasuportahanangkanyangpamilyasaloobngapat(4)na
buwanbagoangpagpataw.Itoayhindisaklawngpagpapatupadnghatol.

4.Youshallmakeareporttothecourteverythirty(30)daysfromreceiptofthewriton
theproceedingstakenthereonuntilthejudgmentissatisfiedinfull,oruntiltheeffectivityofthe
writexpires,inaccordancewithSection14,Rule39ofthe2019Amendmentstothe1997Rules
ofCivilProcedure.(IkawaydapatgumawangulatsahukumankadaͲtatlumpung(30)arawmula
sapagkatanggapnitongkautusanparasaiyongmgaisinagawangpagpapatupadngpaghatol
hanggangsaganapnamabayaranito,ohanggangangkautusanaymawalanngbisa,alinsunod
saSection14,Rule39ng2019Amendmentstothe1997RulesofCivilProcedure.

GIVENunderMYHANDandSEALoftheCOURT,this____dayof________,20____.
(IBINIGAYsailalimngAKINGLAGDAatSELYOngKORTE,ngayong____arawng_______
20____.
________________________________
ClerkofCourt

WritofExecution(MoneyJudgment) Form13ͲSCC,Page2of2
(SmallClaims)

FORM13ͲAͲSCC

_______________________________
_______________________________
_______________________________

_____________________________________,
Plaintiff,
(Naghahabla,)

For:____________________
_____________________________________,
Defendant.
(Hinahabla.)

WRITOFEXECUTION
(DecisionBasedonCompromiseAgreement)
(KautusanparasaPagpapatupadngDesisyonBasesaKasunduansaKompromiso)


WHEREAS,on___(dateoftheDecision),thisCourtrenderedaDecisionintheaboveͲ
entitledcase,thepertinentportionofwhichisquotedhereunder:
(SAPAGKAT,noong______________,angHukumanaynaglabasngDesisyonsakasong
ito,angkaugnaynabahagiaysinipisailalimnito:)

WHEREFORE, judgment is hereby rendered approving the Compromise
Agreement and the parties are ordered to comply with the terms and conditions, as
follows:
(DAHIL DITO, itinatakda ang hatol na ito na pinagtitibay ang Kasunduan sa
Kompromiso at ang mga partido ay inuutusan na sundin ang mga sumusunod na mga
tuntuninatkundisyon:)
(TotheClerkofCourt:quotetheentirejudgmentoncompromiseforreferenceoftheSheriff)

WritofExecution(DecisionBasedonCompromiseAgreement) Form13ͲAͲSCC,Page1of3
(SmallClaims)

FORM13ͲAͲSCC

(continuedfrompage1–judgmentoncompromise)

(SAPAGKAT, ang naturang Desisyon ay wakas na, ipatutupad na, at hindi na
maaaringiͲapela.)

demandfrom_____(nameofdefendant)___thepaymentoftheamountagreedupon,subject
to deduction of payments made by the defendant after the execution of the Compromise
Agreemeent,ifany,togetherwithyourlawfulfeesfortheserviceofthiswrit,andtotenderthe
sametotheplaintiff.
(NGAYON, DAHIL DITO, ikaw ay inuutusan na ipatupad ang Desisyon, at magͲ
demand/singilin kay __________________ ang kabayaran ng halagang napagkasunduan, na
isasailalim sa pagbawas ng ano mang halaga na naibayad na matapos ang pagsasagawa ng
KasunduansaKompromiso,kungmeronman,kasamaangiyongnaaayonsabatasnabayarin
para sa paghain/pagsisilbi nitong kautusang pagpapatupad, at ibigay ito sa naghahabla o
nahatulangnanalosakaso.)

(Ikawayinuutusannasundinangmgasumusunod:)

1)Ifthedefendantcannotpayallorpartoftheobligationincash,certifiedbankcheck
orothermodeofpaymentacceptabletotheplaintiff,youshalllevyuponthepropertiesofthe
defendant of every kind and nature whatsoever which may be disposed of for value and not
otherwiseexemptfromexecution,givingthedefendanttheoptiontoimmediatelychoosewhich
property or part thereof may be levied upon, sufficient to satisfy the judgment. (Kung ang
hinahabla ay hindi mabayaran ang lahat o bahagi ng obligasyon sa pamamagitan ng salapi,
sertipikadong tseke ng bangko, o anumang paraan ng pagbabayad na katanggapͲtanggap sa
naghahabla, ikaw ayinuutusannamagpataw ng kabayaransa mgaariͲariannghinahablana
maaaring maibenta sa halaga, at hindi kasama sa mga ariͲarian na pinagbabawal na isali sa
pagpapatupad ng hatol. Binibigyan ang hinahabla ng opsyon na mamili kung aling ariͲarian o
bahaginitoangmaaaringpatawan,sapatparamatugunanangkabayaransahatol.)
(SmallClaims)

FORM13ͲAͲSCC

2) If the defendant does not exercise the option, you shall first levy on the personal
properties,ifany,andthenontherealpropertiesifthe personalpropertiesareinsufficientto
answerforthejudgment.Youshallsellonlyasufficientportionofthepersonalorrealproperty
ofthedefendantwhichhasbeenleviedupon.(Kunganghinahablaayhindipumilisanasabing
opsyon, ikaw ay inuutusan na unang patawan ang mga personal na ariͲarian (halimbawa:
sasakyan,muwebles,alahas,atibapa),kungmeronman,sakaisusunodangmgatunaynaariͲ
arian (halimbawa: lupa, bahay at iba pa) kung ang mga personal na ariͲarian ay hindi sapat
upang matugunan ang hatol. Ikaw ay maaaring magbenta lamang ng sapat na bahagi ng
pinatawangpersonalotunaynaariͲariannghinahabla.)

3)Youshallnotbuyuponsomuchofthesalaries,wages,orearningsofthedefendant
forhis/herpersonalserviceswithinthefour(4)monthsprecedingthelevyasarenecessaryfor
the support of his family are exempt form execution. (Hindi ka maaaring magpataw ng
napakaramingbahagingsweldo,sahod,okitanghinahablaparasakanyangmgapersonalna
gastusingkailanganparasuportahanangkanyangpamilyasaloobngapat(4)nabuwanbago
angpagpataw.Itoayhindisaklawngpagpapatupadnghatol.

4)Youshallmakeareporttothecourteverythirty(30)daysontheproceedingstaken
thereon until the judgment is satisfied in full, or until the effectivity of the writ expires, in
accordance with Section 14, Rule 39 of the 2019 Amendments to the 1997 Rules of Civil
Procedure. (Ikaw ay dapat gumawa ng ulat sa hukuman kadaͲtatlumpung (30) araw mula sa
pagkatanggap nitong kautusan para sa iyong mga isinagawang pagpapatupad ng hatol
hanggang sa ganap na mabayaran ito, o hanggang ang kautusang ito ay mawalan ng bisa,
alinsunodsaSection14,Rule39ng2019Amendmentstothe1997RulesofCivilProcedure.)

20____.

_________________________
ClerkofCourt
(SmallClaims)

FORM13ͲBͲSCC

_______________________________
_______________________________
_______________________________

_____________________________________,
Plaintiff,
(Naghahabla,)

For:____________________
_____________________________________,
Defendant.
(Hinahabla.)

WRITOFEXECUTION
(SpecificJudgment)
(KautusanparasaPagpapatupadngPartikularnaHatol)


WHEREAS, on ___(dateoftheDecision) , this Court rendered a Decision in the aboveͲ
entitledcase,disposingthus:
(SAPAGKAT,noong______________,angHukumanaynaglabasngDesisyonsakasong
ito,naganitoangsinasaad:)

(SAPAGKAT, ang naturang Desisyon ay wakas na, ipatutupad na, at hindi na
maaaringiͲapela)

NOWTHEREFORE,youarecommandedtocausetheexecutionoftheDecision,including
paymentinfullofyourlawfulfeesfortheserviceofthiswrit.
(NGAYON,DAHILDITOikawayinuutusannaipatupadangDesisyon,kabilangangbuong
kabayaran ng iyong naaayon sa batas na bayarin para sa paghain/pagsilbi nitong kautusang
pagpapatupad.)

20____.

_________________________
ClerkofCourt

WritofExecution(SpecificJudgment) Form13ͲBͲSCC,Page1of1

(SmallClaims)

COMPARATIVE TABLE OF THE 1991 REVISED
RULE ON SUMMARY PROCEDURE AND 2016
REVISED RULES ON SMALL CLAIMS CASES
AND THE RULES ON EXPEDITED PROCEDURES
COMPARATIVE TABLE OF THE 1991 REVISED RULE ON SUMMARY PROCEDURE AND 2016 REVISED RULES
ON SMALL CLAIMS CASES AND THE RULES ON EXPEDITED PROCEDURES IN THE FIRST LEVEL COURTS 81
Rule I
1991 Revised Rule on Summary Procedure/ Rules on Expedited Procedures

2016 Revised Rules on Small Claims Cases in the First Level Courts
RESOLUTION
RESOLUTION OF THE COURT EN BANC

DATED 15 OCTOBER 1991 PROVIDING
FOR THE REVISED RULE ON SUMMARY
PROCEDURE FOR METROPOLITAN TRIAL
COURTS, MUNICIPAL TRIAL COURTS IN
CITIES, MUNICIPAL TRIAL COURTS AND
MUNICIPAL CIRCUIT TRIAL COURTS
Pursuant to Section 36 of the Judiciary

Reorganization Act of 1980 (B.P. Blg. 129)
and to achieve an expeditious and inexpensive
determination of the cases referred to herein,
the Court resolved to promulgate the following
Revised Rules on Summary Procedure.
I RULE I
APPLICABILITY
(To What Cases Applicable) APPLICABILITY
Section 1. Scope.1 – This rule shall govern the Section 1. Coverage. – These Rules shall govern
summary procedure in the Metropolitan Trial the expedited procedures in the Metropolitan
Courts, the Municipal Trial Courts in Cities, the Trial Courts (MeTCs), the Municipal Trial Courts
Municipal Trial Courts, and the Municipal Circuit in Cities (MTCCs), the Municipal Trial Courts
Trial Courts in the following cases falling within (MTCs), and the Municipal Circuit Trial Courts
their jurisdiction: (MCTCs), for the following cases falling within
their jurisdiction:
A. Civil Cases:
A. CIVIL CASES
(1) All cases of forcible entry and unlawful
detainer, irrespective of the amount of (1) Summary Procedure Cases, as follows:
damages or unpaid rentals sought to be
recovered. Where attorney’s fees are (a) Forcible entry and unlawful detainer cases,
awarded, the same shall not exceed [T]wenty regardless of the amount of damages or
[T]housand [P]esos (P20,000.00). unpaid rentals sought to be recovered. Where
attorney’s fees are awarded, the same shall
not exceed One Hundred Thousand Pesos
(₱100,000.00).
1
12 November 2002 Resolution in A.M. No. 02-11-09-SC (Re: Amendment of the Revised Rule on Summary Procedure).
Rule I

(2) All other cases, except probate proceedings, (b) All civil actions, except probate proceedings,
where the total amount of the plaintiff’s claim admiralty and maritime actions, and small
does not exceed [O]ne [H]undred [T]housand claims cases falling under Rule IV hereof,
[P]esos (P100,000.00) or, [T]wo [H]undred [T] where the total amount of the plaintiff’s
housand [P]esos (P200,000.00) in Metropolitan claim does not exceed Two Million Pesos
Manila, exclusive of interests and costs. (₱2,000,000.00), exclusive of interest, damages
of whatever kind, attorney’s fees, litigation
expenses and costs.
(c) Complaints for damages where the claim

does not exceed Two Million Pesos
(₱2,000,000.00), exclusive of interest and
costs.
(d) Cases for enforcement of barangay amicable

settlement agreements and arbitration
awards where the money claim exceeds One
Million Pesos (₱1,000,000.00), provided
that no execution has been enforced by the
barangay within six (6) months from the
date of the settlement or date of receipt of
the award or from the date the obligation
stipulated or adjudged in the arbitration
award becomes due and demandable,
pursuant to Section 417, Chapter VII of
Republic Act No. 7160, otherwise known as
The Local Government Code of 1991.
(e) Cases solely for the revival of judgment of

any Metropolitan Trial Court, Municipal
Trial Court in Cities, Municipal Trial Court,
and Municipal Circuit Trial Court, pursuant
to Rule 39, Section 6 of the Rules of Court.
(f) The civil aspect of a violation of Batas

Pambansa Blg. 22 (the Bouncing Checks
Law), if no criminal action has been
instituted therefor. Should a criminal action
be later instituted for the same violation,
the civil aspect shall be consolidated with
the criminal action and shall be tried and
decided jointly under the Rule on Summary
Procedure.
All other cases not included herein shall be

governed by the regular rules of procedure.

Rule I

Sec. 2. Scope.2 – These Rules shall govern the (2) Small Claims Cases, as defined hereunder,
procedure in actions before the Metropolitan where the claim does not exceed One
Trial Courts (MeTCs), Municipal Trial Courts in Million Pesos (₱1,000,000.00), exclusive of
Cities (MTCCs), Municipal Trial Courts (MTCs) interest and costs.
and Municipal Circuit Trial Courts (MCTCs) for A “small claim” is an action that is purely
payment of money where the value of the claim civil in nature where the claim or relief raised
does not exceed the jurisdictional amount of by the plaintiff is solely for the payment or
these courts under Republic Act No. (R.A.) 7691 reimbursement of a sum of money. It excludes
(Four Hundred Thousand Pesos [P400,000.00] actions seeking other claims or reliefs aside
for the MeTCs and Three Hundred Thousand from payment or reimbursement of a sum
Pesos [P300,000.00] for the MTCCs, MTCs, and of money and those coupled with provisional
MCTCs), exclusive of interest and costs. remedies.
Sec. 5. Applicability.3 – The Metropolitan The claim or demand may be:
Trial Courts, Municipal Trial Courts in Cities,
Municipal Trial Courts, and Municipal Circuit (a) For money owed under any of the following:
Trial Courts shall apply this Rule in all actions 1. Contract of Lease
that are purely civil in nature where the claim
or relief prayed for by the plaintiff is solely for 2. Contract of Loan and other credit
payment or reimbursement of sum of money. accommodations;
3. Contract of Services; or
The claim or demand may be:
4. Contract of Sale of personal property,
(a) For money owned under any of the following:
excluding the recovery of the personal
1. Contract of Lease; property, unless it is made the subject of
2. Contract of Loan; a compromise agreement between the
3. Contract of Services; parties.
4. Contract of Sale; or (b) The enforcement of barangay amicable
settlement agreements and arbitration
5. Contract of Mortgage;
awards, where the money claim does not
(b) For liquidated damage arising from contracts; exceed One Million Pesos (₱1,000,000.00),
provided that no execution has been
(c) The enforcement of a barangay amicable enforced by the barangay within six (6)
settlement or an arbitration award involving months from the date of the settlement or
a money claim covered by this Rule pursuant date of receipt of the award or from the
to Sec. 417 of Republic Act 7160, otherwise date the obligation stipulated or adjudged
known as The Local Government Code of in the arbitration award becomes due
1991. and demandable, pursuant to Section
417, Chapter VII of Republic Act No.
7160, otherwise known as The Local
Government Code of 1991.
2
26 February 2019 Resolution in A.M. No. 08-8-7-SC (The 2016 Revised Rules of Procedure for Small Claims Cases).
3
8 December 2015 Resolution in A.M. No. 08-8-7-SC (The 2016 Revised Rules of Procedure for Small Claims Cases).
Rule I

B. Criminal Cases:4 B. CRIMINAL CASES
(1) Violations of traffic laws, rules and The following criminal cases shall be governed
regulations; by the Rule on Summary Procedure:
(2) Violations of the rental law; (1) Violations of traffic laws, rules and
regulations;
(3) Violations of municipal or city ordinances;
(2) Violations of the rental law;
(4) All other criminal cases where the penalty
prescribed by law for the offense charged is (3) Violations of municipal or city ordinances;
imprisonment not exceeding six (6) months,
or a fine not exceeding [O]ne [T]housand (4) Violations of Batas Pambansa Blg. 22 (the
[P]esos (P1,000.00), or both, irrespective Bouncing Checks Law); and
of other imposable penalties, accessory or
otherwise, or of the civil liability arising (5) All other criminal cases where the penalty
therefrom: Provided, however, that in offenses prescribed by law for the offense charged is
involving damage to property through criminal imprisonment not exceeding one (1) year, or
negligence, this Rule shall govern where a fine not exceeding Fifty Thousand Pesos
the imposable fine does not exceed [T]en (₱50,000.00), or both, regardless of other
[T]housand [P]esos (P10,000.00). imposable penalties, accessory or otherwise,
or of the civil liability arising therefrom.
In offenses involving damage to property
This Rule shall not apply to a civil case where through criminal negligence under Article
the plaintiff’s cause of action is pleaded in the same 365 of the Revised Penal Code, this Rule
shall govern where the imposable fine does
complaint with another cause of action subject to
not exceed One Hundred Fifty Thousand
the ordinary procedure; nor to a criminal case Pesos (₱150,000.00).
where the offense charged is necessarily related
to another criminal case subject to the ordinary If the prescribed penalty consists of
procedure. imprisonment and/or a fine, the prescribed
imprisonment shall be the basis for determining
the applicable procedure.
All other cases not included herein shall be

governed by the regular rules of procedure.
4
15 October 1991 Resolution in A.M. No. 02-11-09-SC (The 1991 Revised Rule on Summary Procedure).

Rules I–II

Sec. 2. Determination of applicability.5 –Upon Sec. 2. Non-applicability. – These Rules shall

the filing of a civil or criminal action, the court not apply to civil cases where the plaintiff’s cause
shall issue an order declaring whether or not the of action is pleaded in the same complaint with
case shall be governed by this Rule. another cause of action subject to the regular
A patently erroneous determination to avoid procedure; nor to criminal cases where the
the application of the Rule on Summary Procedure offense charged is necessarily related to another
is a ground for disciplinary action.6 criminal case subject to the regular procedure.
RULE II
GENERAL COMMON PROVISIONS
Sec. 22. Applicability of the regular rules.7 – Section 1. Applicability of the regular rules. –
The regular procedure prescribed in the Rules The regular procedure prescribed in the Rules of
of Court shall apply to the special cases herein Court shall apply to the cases covered by these
provided for in a suppletory capacity insofar as Rules where no specific provision is found
they are not inconsistent herewith. herein. It shall also apply in a suppletory
manner even if there is a specific provision
Sec. 27. Applicability of the Rules of Civil found in these Rules, but only in so far as not
Procedure.8 – The Rules of Civil Procedure inconsistent. In case of inconsistency, these
shall apply suppletorily insofar as they are not Rules shall prevail.
inconsistent with this Rule.
Sec. 19. Prohibited pleadings and motions. – Sec. 2. Prohibited pleadings and motions. – The
The following pleadings, motions, or petitions following pleadings, motions, or petitions shall
shall not be allowed in the cases covered by this not be allowed in cases governed by these Rules:
Rule:
(a) In civil cases, a motion to dismiss the
complaint or the statement of claim, and
(a) Motion to dismiss the complaint or to quash
in criminal cases, a motion to quash the
the complaint or information except on complaint or information, except on the
the ground of lack of jurisdiction over the ground of lack of jurisdiction over the
subject matter, or failure to comply with the subject matter or failure to comply with the
preceding section; requirement of barangay conciliation,
(b) Motion for a bill of particulars; pursuant to Chapter VII, Title I, Book III
of Republic Act No. 7160;
(b) Motion to hear and/or resolve affirmative

defenses;
5
Id.
6
Last sentence transposed to Sec. 4 (Summons), Rule II (A).
7
8
Rule II

(c) Motion for new trial, or for reconsideration of (c) Motion for a bill of particulars;
a judgment, or for reopening of trial; (d) Motion for new trial, or for reconsideration
(d) Petition for relief from judgment; of a judgment on the merits, or for reopening
(e) Motion for extension of time to file pleadings, of proceedings;
affidavits or any other paper; (e) Petition for relief from judgment;
(f) Memoranda; (f) Motion for extension of time to file pleadings,
(g) Petition for certiorari, mandamus, or affidavits or any other paper;
prohibition against any interlocutory order (g) Memoranda;
issued by the court;
(h) Petition for certiorari, mandamus, or
(h) Motion to declare the defendant in default; prohibition against any interlocutory order
(i) Dilatory motions for postponement; issued by the court;
(j) Reply; (i) Motion to declare the defendant in default;
(k) Third-party complaints; (j) Dilatory motions for postponement.
(l) Interventions. Any motion for postponement shall be
presumed dilatory unless grounded on acts
Sec. 16. Prohibited Pleadings and Motions.9– of God, force majeure, or physical inability
The following pleadings, motions, or petitions of a counsel or witness to personally appear
shall not be allowed in the cases covered by this in court, as supported by the requisite
Rule: affidavit and medical proof;
(a) Motion to dismiss the Statement of Claim/s; (k) Rejoinder;
(b) Motion for a bill of particulars;
(l) Third-party complaints;
(c) Motion for new trial, or for reconsideration of
a judgment, or for reopening of trial; (m) Motion for and Complaint in Intervention;
(d) Petition for relief from judgment; (n) Motion to admit late judicial affidavit/s,
(e) Motion for extension of time to file pleadings, position papers, or other evidence, except
affidavits, or any other paper; on the ground of force majeure or acts of
(f) Memoranda; God;
(g) Petition for certiorari, mandamus, or (o) Motion for judicial determination of
prohibition against any interlocutory order probable cause in criminal cases.
issued by the court;
(h) Motion to declare the defendant in default;
(i) Dilatory motions for postponement;
(j) Reply and rejoinder;
(k) Third-party complaints; and
(l) Interventions.
9
Id.

Rules II–III

Sec. 3. Videoconference. – As far as practicable,

and if the court finds that the conduct of a
No counterpart provision videoconference hearing will be beneficial to
the fair, speedy and efficient administration of
justice, the court, on its own initiative or upon
motion, may set the case for a videoconference
hearing at any stage of the proceedings.
Sec. 4. Service pursuant to international

convention. – Service made pursuant to the
No counterpart provision Hague Convention on the Service Abroad of
Judicial and Extrajudicial Documents in Civil
or Commercial Matters shall be valid, and the
period to answer shall commence from receipt
of the document served.
RULE III
THE RULE ON SUMMARY PROCEDURE
II
CIVIL CASES A. CIVIL CASES
Sec. 3. Pleadings. – Section 1. Pleadings and verification. – The only

pleadings allowed to be filed are the complaint,
A. Pleadings allowed. – The only pleadings compulsory counterclaim, cross-claim pleaded in
allowed to be filed are the complaints, the answer, and reply, as provided in Section 8
compulsory counterclaims and cross-claims of this Rule.
pleaded in the answer, and the answers
thereto. All pleadings shall be verified.
B. Verification. – All pleadings shall be verified.
Rule III

No counterpart provision Sec. 2. Form and contents of pleadings. – All

pleadings submitted under this Rule shall
comply with Rule 7 of the 2019 Amendments to
the 1997 Rules of Civil Procedure.
Sec. 18. Referral to Lupon.10 – Cases requiring All cases requiring prior referral to
referral to the Lupon for conciliation under the barangay conciliation must contain a statement
provisions of Presidential Decree No. 1508 of compliance, pursuant to Chapter VII, Title
where there is no showing of compliance with I, Book III of Republic Act No. 7160. Where
such requirement, shall be dismissed without there is no showing of compliance with such
prejudice, and may be revived only after such requirement, the complaint shall be dismissed
requirement shall have been complied with. This without prejudice, on the court’s own initiative
provision shall not apply to criminal cases where or upon motion by the defendant, and may be
the accused was arrested without a warrant. re-filed only after the requirement has been
complied with.
Sec. 3. Complaint. – The complaint shall state

the following:
No counterpart provision
(a) The names of the affiants whose judicial
affidavits will be presented to prove the
plaintiff’s claim. The judicial affidavits
shall be attached to the complaint and
form an integral part thereof. Judicial
affidavits not attached to the complaint
shall not be considered;
(b) The summary of the statements in the

judicial affidavits;
(c) The documentary and other object

evidence in support of the allegations in
the complaint; and
(d) Whether the plaintiff consents to service

by electronic means or facsimile and, if so,
the plaintiff’s e-mail addresses or facsimile
numbers for such purpose.
10

Rule III

Sec. 4. Duty of court.11 – After the court Sec. 4. Summons. – Within five (5) calendar
determines that the case falls under summary days from receipt of a new civil case, if the
procedure, it may, from an examination of the court determines that the case falls under this
allegations therein and such evidence as may Rule, the court shall direct the Branch Clerk
be attached thereto, dismiss the case outright on to issue summons to the defendant, stating
any of the grounds apparent therefrom for the clearly that the case shall be governed by the
dismissal of a civil action. Rule on Summary Procedure.
However, if from an examination of the

If no ground for dismissal is found, it shall allegations in the initiatory pleading and
forthwith issue summons which shall state that such evidence as may be attached thereto, a
the summary procedure under this Rule shall ground for the outright dismissal of the case
apply. is apparent, the court may dismiss the case
on its own initiative. These grounds include
lack of subject matter jurisdiction, improper
venue, lack of legal capacity to sue, litis
pendentia, res judicata, prescription, failure
to state a cause of action, non-submission of a
certification against forum shopping, and lack
of compliance with a condition precedent such
as absence of barangay conciliation, among
others.
A patently erroneous determination to

avoid the application of the Rule on Summary
Procedure is a ground for disciplinary action.
No counterpart provision Sec. 5. Filing and service. – The rules on filing

and service of pleadings under Rule 13 and
service of summons under Rule 14 of the
2019 Amendments to the 1997 Rules of Civil
Procedure shall be applicable to cases under
this Rule, unless inconsistent.
11
Id.
Rule III

Sec. 5. Answer.12 – Within ten (10) days from Sec. 6. Answer. – Within thirty (30) calendar
service of summons, the defendant shall file days from service of summons, the defendant
his answer to the complaint and serve a copy shall file an answer to the complaint and serve a
thereof on the plaintiff. Affirmative and negative copy thereof on the plaintiff.
defenses not pleaded therein shall be deemed
waived, except for lack of jurisdiction over the The answer shall state the following:
subject matter. Cross-claims and compulsory
counterclaims not asserted in the answer shall be (a) The names of the affiants whose judicial
considered barred. The answer to counterclaims affidavits will be presented to prove the
or cross-claims shall be filed and served within defendant’s allegations. The judicial
ten (10) days from service of the answer in which affidavits shall be attached to the answer
they are pleaded. and form an integral part thereof. Judicial
affidavits not attached to the answer shall
not be considered;
(b) The summary of the statements in the

judicial affidavits;
(c) The documentary and other object evidence

in support of the allegations in the answer;
and
(d) Whether the defendant consents to service

by electronic means or facsimile and, if
so, the defendant’s e-mail addresses or
facsimile numbers for such purpose.
Affirmative defenses not pleaded in the

answer shall be deemed waived, except for
lack of jurisdiction over the subject matter, litis
pendentia, res judicata, and prescription.
Cross-claims and compulsory counterclaims

not asserted in the answer shall be considered
barred.
12

Rule III

Sec. 7. Counterclaims within the coverage of

this Rule. – If at the time the action is
commenced, the defendant possesses a claim
against the plaintiff that (a) is within the
coverage of this Rule, exclusive of interest and
costs; (b) arises out of the same transaction or
event that is the subject matter of the plaintiff’s
claim; (c) does not require for its adjudication
the joinder of third parties; and (d) is not the
subject of another pending action, the claim
shall be filed as a counterclaim in the answer;
otherwise, the defendant shall be barred from
suing on such counterclaim.
The defendant may also elect to file a

counterclaim against the plaintiff that does
not arise out of the same transaction or
occurrence, provided that the amount and
nature thereof are within the coverage of this
Rule and the prescribed docket and other legal
fees are paid.
Any amount pleaded in a counterclaim in

excess of Two Million Pesos (₱2,000,000.00),
excluding interests and costs, shall be deemed
waived.
No counterpart provision Sec. 8. Reply. – All new matters alleged in the

answer shall be deemed controverted.
The plaintiff may file a reply to a

counterclaim only when an actionable
document is attached to the answer. The reply
shall be filed within ten (10) calendar days
from receipt of the answer.
Rule III

Sec. 6. Effect of failure to answer.13 – Should Sec. 9. Effect of failure to answer. – Should the
the defendant fail to answer the complaint defendant fail to answer the complaint within the
within the period above provided, the court, period provided, the court, on its own initiative,
motu proprio, or on motion of the plaintiff, shall or upon manifestation by the plaintiff that the
render judgment as may be warranted by the facts period for filing an answer has already lapsed,
alleged in the complaint and limited to what is shall render judgment as may be warranted
prayed for therein: Provided, however, That the by the facts alleged in the complaint and its
court may in its discretion reduce the amount of attachments, limited to what is prayed for
damages and attorney’s fees claimed for being therein.
excessive or otherwise unconscionable. This is
without prejudice to the applicability of Section The court may reduce the amount of damages
4, Rule 18 of the Rules of Court, if there are two and attorney’s fees claimed for being excessive or
or more defendants. otherwise unconscionable.
Sec. 7. Preliminary conference; appearance of Sec. 10. Preliminary Conference; notice. –

parties.14 – Not later than thirty (30) days after the Within five (5) calendar days after the last
last answer is filed, a preliminary conference shall responsive pleading is filed, the Branch Clerk
be held. The rules on pre-trial in ordinary cases of Court shall issue a Notice of Preliminary
shall be applicable to the preliminary conference Conference, which shall be held within thirty
unless inconsistent with the provisions of this (30) calendar days from the date of filing of
Rule. x x x such last responsive pleading. The rules on pre-
trial under Rule 18 of the 2019 Amendments
to the 1997 Rules of Civil Procedure shall be
applicable to the Preliminary Conference, unless
inconsistent.
The Notice of Preliminary Conference

shall include the dates respectively set for:
(a) Preliminary Conference (within thirty [30]

calendar days from the filing of the last
responsive pleading);
13
14
Id.

Rule III

(b) Court-Annexed Mediation (within an

inextendible period of thirty [30] calendar
days from date of referral for mediation);
and
(c) Judicial Dispute Resolution, in the court’s

discretion (within an inextendible period
of fifteen [15] calendar days from notice of
failure of the Court-Annexed Mediation).
Non-appearance at any of the foregoing

settings shall be deemed as non-appearance
at the Preliminary Conference and shall merit
the same sanctions under Section 12 of this
Rule.
No counterpart provision Sec. 11. Preliminary Conference Brief. – The

parties shall file with the court and serve on
the adverse party in such a way as to ensure
receipt, at least three (3) calendar days before
the scheduled Preliminary Conference, their
respective Preliminary Conference Briefs,
which shall contain, among others:
(a) A summary of admitted facts;
(b) A summary of disputed facts and proposals

for stipulations on the same;
(c) A statement of factual and legal issues;

and
(d) A list of testimonial, object, and other

documentary evidence offered in support
of the party’s claims or defenses, and their
markings, if any.
Failure to submit a Preliminary

Conference Brief within the period given shall
merit the same sanction as non-appearance at
the Preliminary Conference.
Rule III

Sec. 7. Preliminary conference; appearance of Sec. 12. Appearance at Preliminary Conference.

parties.15 – x x x – It shall be the duty of the parties and
their counsel to appear at the Preliminary
Conference, Court-Annexed Mediation, and
The failure of the plaintiff to appear in the Judicial Dispute Resolution, if the latter is
preliminary conference shall be a cause for the ordered by the court. The non-appearance
dismissal of his complaint. The defendant who of a party and/or counsel may be excused
appears in the absence of the plaintiff shall only for acts of God, force majeure, or duly
be entitled to judgment on his counterclaim substantiated physical inability.
in accordance with Section 6 hereof. All
cross-claims shall be dismissed. A representative may appear on behalf of
a party, but must be fully authorized through
If a sole defendant shall fail to appear, a Special Power of Attorney or a board
the plaintiff shall be entitled to judgment in resolution, as the case may be, to: (1) enter
accordance with Section 6 hereof. This Rule shall into an amicable settlement, (2) to submit to
not apply where one of two or more defendants alternative modes of dispute resolution, and
sued under a common cause of action who had (3) to enter into stipulations or admissions of
pleaded a common defense shall appear at the facts and documents. An authority which fails
preliminary conference. to include all these acts shall be ineffective and
the party represented shall be deemed absent.
The failure despite notice of the plaintiff and/

or his or her counsel to appear at the Preliminary
Conference shall be a cause for the dismissal of
the complaint. The defendant who appears in
the absence of the plaintiff shall be entitled to
judgment on the counterclaim, in accordance
with Section 9 of this Rule. All cross-claims
shall be dismissed.
If a sole defendant and/or his or her counsel

fail to appear at the Preliminary Conference,
the plaintiff shall be entitled to judgment in
accordance with Section 9 of this Rule. This Rule
shall not apply, however, where one of two or
more defendants sued under a common cause of
action and who had pleaded a common defense,
shall appear at the Preliminary Conference.
15

Rule III

Sec. 8. Record of preliminary conference.16 – Sec. 13. Preliminary Conference Order. –

Within five (5) days after the termination of the Immediately after the preliminary conference
preliminary conference, the court shall issue and the issues having been joined, the court
an order stating the matters taken up therein, shall issue a Preliminary Conference Order
including but not limited to: referring the parties to the mandatory Court-
Annexed Mediation, and Judicial Dispute
(a) Whether the parties have arrived at an Resolution, which shall be conducted in
amicable settlement, and if so, the terms accordance with the provisions of A.M. No.
thereof; 19-10-20-SC or the 2020 Guidelines for the
Conduct of the Court-Annexed Mediation
(b) The stipulations or admissions entered into
by the parties; (CAM) and Judicial Dispute Resolution (JDR)
in Civil Cases.
(c) Whether, on the basis of the pleadings and
the stipulations and admissions made by the The court may, in the same Preliminary
parties, judgment may be rendered without Conference Order, declare the case submitted
the need of further proceedings, in which for judgment if, on the basis of the pleadings and
event the judgment shall be rendered within their attachments, as well as the stipulations
thirty (30) days from issuance of the order; and admissions made by the parties, judgment
(d) A clear specification of material facts which may be rendered without the need of
remain controverted; [and] submission of position papers. In this event,
the court shall render judgment within thirty
(e) Such other matters intended to expedite the (30) calendar days from issuance of the order.
disposition of the case. The court’s order shall not be the subject of
a motion for reconsideration or a petition for
Sec. 9. Submission of affidavits and position
certiorari, prohibition, or mandamus, but may
papers. 17 – Within ten (10) days from receipt
be among the matters raised on appeal after a
of the order mentioned in the next preceding
judgment on the merits.
section, the parties shall submit the affidavits of
their witnesses and other evidence on the factual
If the court, however, deems the
issues defined in the order, together with their
submission of position papers still necessary,
position papers setting forth the law and the facts
it shall require the parties, in the Preliminary
relied upon by them.
Conference Order, to submit their respective
position papers within ten (10) calendar days
from receipt of such order. No other judicial
affidavits or evidence will be admitted even if
filed with the position papers.
16
Id.
17
Id.
Rule III

Sec. 10. Rendition of judgment.18 – Within Sec. 14. Rendition of judgment. – Within thirty
thirty (30) days after receipt of the last affidavits (30) calendar days from receipt by the court
and position papers, or the expiration of the of the Mediator’s Report or the JDR Report
period for filing the same, the court shall render on the parties’ failure to reach an amicable
judgment. settlement, the court shall render judgment.
However, should the court find it necessary However, should the court find it necessary
to clarify certain material facts, it may, during the to clarify certain material facts, it may, during the
said period, issue an order specifying the matters said period, issue an order specifying the matters
to be clarified, and require the parties to submit to be clarified, and require the parties to submit
affidavits or other evidence on the said matters additional judicial affidavits or other evidence
within ten (10) days from receipt of said order. on the said matters, within ten (10) calendar
Judgment shall be rendered within fifteen (15) days from receipt of said order. Judgment shall
days after the receipt of the last clarificatory be rendered within fifteen (15) calendar days
affidavits, or the expiration of the period for filing after the receipt of the last clarificatory judicial
the same. affidavits, or the expiration of the period for filing
the same.
The court shall not resort to the clarificatory The court shall not resort to the clarificatory
procedure to gain time for the rendition of the procedure to gain time for the rendition of the
judgment. judgment.
III
B. CRIMINAL CASES
CRIMINAL CASES
Sec. 11. How commenced.19 – The filing of Section 1. How commenced; filing and service.
criminal cases falling within the scope of this Rule – The filing of criminal cases governed by the
shall be either by complaint or by information: Rule on Summary Procedure shall either be by
Provided, however, that in Metropolitan Manila complaint or by information.
and in Chartered Cities. such cases shall be The complaint or information shall be
commenced only by information, except when accompanied by the judicial affidavits of the
the offense cannot be prosecuted de oficio. complainant and of his or her witnesses, in such
The complaint or information shall be number of copies as there are accused, plus one
accompanied by the affidavits of the complainant (1) copy for the court.
and of his witnesses in such number of copies The complaint or information and other
as there are accused plus two (2) copies for the submissions of the parties may be filed with
court’s files. If this requirement is not complied the court and served on the adverse party/
with within five (5) days from date of filing, the ies, and judgments, resolutions, orders, and
case may be dismissed. other court processes may be served to the
parties, electronically with their consent, in
accordance with the prevailing Rules and
other Court issuances.
18
Id.
19
Id.

Rule III

Sec. 12. Duty of court. – Sec. 2. Duty of court; judicial affidavits. –

(a) If commenced by complaint. – On the
(a) If commenced by complaint. – On the basis of the complaint and the judicial affidavits
basis of the complaint and the affidavits and and other evidence accompanying the same, the
other evidence accompanying the same, the court court may dismiss the case outright for lack of
may dismiss the case outright for being patently probable cause, and order the release of the
without basis or merit and order the release of the accused if in custody.
accused if in custody.
(b) If commenced by information. –
When the case is commenced by information, or
(b) If commenced by information. – When
is not dismissed pursuant to paragraph (a), the
the case is commenced by information, or is court shall issue an order which, together with
not dismissed pursuant to the next preceding copies of the resolution of the investigating
paragraph, the court shall issue an order which, officer and the judicial affidavits and other
together with copies of the affidavits and other evidence submitted by the prosecution, shall
evidence submitted by the prosecution, shall require the accused to submit a judicial counter-
require the accused to submit his counter- affidavit and the judicial affidavits of his or
her witnesses, as well as any other evidence in
affidavit and the affidavits of his witnesses as
his or her behalf, within fifteen (15) calendar
well as any evidence in his behalf, serving copies days from receipt of the order. The accused
thereof on the complainant or prosecutor not later shall serve copies thereof on the private
than ten (10) days from receipt of said order. The complainant and the public prosecutor within
prosecution may file reply affidavits within ten the same period.
(10) days after receipt of the counter-affidavits of Except on rebuttal, no witness shall be
the defense. allowed to testify unless his or her judicial
affidavit was submitted in accordance with
this provision. The judicial affidavit shall take
the place of the direct testimony of a witness.
However, instead of judicial affidavits, the

prosecution may submit the written sworn
statements of the complainant and/or the
witnesses prepared by the law enforcement
agents assigned to the case, or the affidavits
submitted to the public prosecutor during
preliminary investigation. If the prosecution
chooses this option, the prosecutor shall
not be allowed to ask additional direct
examination questions of the complainant
and/or the witnesses, except for meritorious
reasons. The sworn statements and affidavits
shall stand as the direct testimony of the
affiants, supplemented by additional direct
examination if allowed by the court.
Rule III

Sec 3. Determination of probable cause. – Upon

receipt of the accused’s judicial counter-affidavit
No counterpart provision and/or the judicial affidavits of his or her witnesses,
or the lapse of the period given for the submission
thereof, the court shall determine if probable
cause exists to hold the accused for trial.
If the court finds that no probable cause exists,
it shall order the dismissal of the case and the
immediate release of the accused, if in custody.
If the court finds that probable cause exists,
the court shall set the case for arraignment and
pre-trial.
For detained accused, if the period for
submission of judicial affidavits and other
evidence by the accused has not yet lapsed and no
submission has been made on the date set for the
arraignment and pre-trial, the court may proceed
with the arraignment if the accused waives the
court’s consideration of his or her judicial counter-
affidavit and/or the judicial affidavits of his or her
witnesses in the determination of probable cause,
without waiver of the admission of such judicial
counter-affidavit and/or the judicial affidavits of
his or her witnesses within a fresh period of ten (10)
calendar days from the date of the arraignment
and the pre-trial.
Sec. 16. Arrest of accused. – The court shall not Sec. 4. Arrest. – The court shall not issue a warrant
order the arrest of the accused unless for failure to for the arrest of the accused in criminal cases
appear whenever required. Release of the person governed by the Rule on Summary Procedure,
arrested shall either be on bail or on recognizance by except for failure to appear despite notice, whenever
a responsible citizen acceptable to the court. required by the court. Release of the person
arrested shall either be on bail, or on his or her
own recognizance, or that of a responsible citizen
acceptable to the court.
If the warrant of arrest could not be served on
the accused because he or she could not be located,
the court shall issue an order archiving the case
once the law enforcement agency entrusted with
the service of the warrant of arrest files a return
to that effect, or after six (6) months from the
issuance of the warrant of arrest, there being no
return filed by the law enforcement agency.
100
Rule III

Sec. 13. Arraignment and trial.20 – Should the court, Sec. 5. Arraignment and pre-trial. –
upon a consideration of the complaint or information a. Upon receipt of the case, the court shall
and the affidavits submitted by both parties, find no set the arraignment and pre-trial within ten (10)
cause or ground to hold the accused for trial, it shall calendar days for detained accused and thirty (30)
order the dismissal of the case; otherwise, the court calendar days for non-detained accused.
shall set the case for arraignment and trial.
The notice of arraignment and pre-trial shall
If the accused is in custody for the crime charged, require the attendance of the accused and his or
he shall be immediately arraigned and if he enters a her counsel and all defense witnesses, the private
plea of guilty, he shall forthwith be sentenced. complainant and his or her witnesses, the public
prosecutor and private prosecutor, where allowed,
as well as the law enforcement agents assigned to
the case.
Before arraigning the accused, the court

shall inquire into the possibility of a plea bargain
between the parties. If there is no plea bargain,
the court shall arraign the accused on the original
charge and enter his or her plea in the record.
If the accused pleads guilty to the original

Sec. 14. Preliminary conference. – Before 21 charge, the court shall forthwith sentence him or
conducting the trial, the court shall call the parties to a her.
preliminary conference during which a stipulation of
facts may be entered into, or the propriety of allowing If the accused offers to plead guilty to a lesser
the accused to enter a plea of guilty to a lesser offense offense, the consent of the public prosecutor and the
may be considered, or such other matters may be private complainant, or the law enforcement agent
taken up to clarify the issues and to ensure a speedy assigned to the case in victimless crimes, shall be
disposition of the case. However, no admission by the secured, unless the latter are absent despite notice,
accused shall be used against him unless reduced to in which case the consent of the public prosecutor
writing and signed by the accused and his counsel. A shall suffi ce.22
refusal or failure to stipulate shall not prejudice the b. After arraignment, the court shall conduct
accused. the Pre-Trial Conference in accordance with the
Revised Guidelines for Continuous Trial of Criminal
Cases.
No admission by the accused shall be used

against him or her unless reduced into writing and
signed by the accused and the defense counsel. The
signatures of the accused and the defense counsel
either on the Pre-Trial Order or the Minutes of
the Pre-Trial Conference, which embodies such
admissions, shall suffice.
20
21
Id.
22
To be reconciled with the En Banc decision on plea bargaining in drug cases.
101
Rule III

Sec. 15. Procedure of trial.23 – At the trial, Sec. 6. Trial and offer. – At the trial, the
the affidavits submitted by the parties shall testimonies of witnesses shall consist of the
constitute the direct testimonies of the witnesses duly subscribed written statements given
who executed the same. Witnesses who testified to law enforcement agents, or the affidavits
may be subjected to cross-examination, redirect or counter-affidavits submitted before the
or re-cross examination. Should the affiant fail investigating officer, or their judicial affidavits,
to testify, his affidavit shall not be considered as subject to cross, re-direct, and re-cross
competent evidence for the party presenting the examination questions.
affidavit, but the adverse party may utilize the
same for any admissible purpose. Should any affiant fail to testify, his or her
affidavit shall not be considered as competent
Except in rebuttal or surrebuttal, no witness evidence for the party presenting the affidavit,
shall be allowed to testify unless his affidavit was but the adverse party may utilize the same for
previously submitted to the court in accordance any admissible purpose.
with Section 12 hereof.
Except on rebuttal, no witness shall be
However, should a party desire to present allowed to testify unless his or her affidavit
additional affidavits or counter-affidavits as part was previously submitted to the court in
of his direct evidence, he shall so manifest during accordance with Section 2 hereof.
the preliminary conference, stating the purpose
thereof. If allowed by the court, the additional The prosecution shall have sixty (60)
affidavits of the prosecution or the counter- calendar days to complete its evidence
affidavits of the defense shall be submitted to presentation. On the last day of its presentation
the court and served on the adverse party not of evidence, the public prosecutor shall orally
later than three (3) days after the termination offer the prosecution evidence.The defense
of the preliminary conference. If the additional counsel shall then make his or her oral
affidavits are presented by the prosecution, the comments on the offer, and thereafter, the
accused may file his counter-affidavits and serve court shall orally resolve the offer of evidence
the same on the prosecution within three (3) days of the prosecution. The ruling shall be
from such service. embodied in the written order the court will
issue thereafter.
The defense shall also have sixty (60)

calendar days to complete its evidence
presentation. On the last day of its
presentation of evidence, the defense counsel
shall orally offer the defense evidence. The
public prosecutor shall then make his or her
oral comments on the offer, and thereafter, the
court shall orally resolve the offer of evidence
of the defense. The ruling shall be embodied in
the written order the court will issue thereafter.
23
Id.
102
Rule III

If the prosecution decides to present

rebuttal evidence, it shall have fifteen (15)
calendar days from the court action on the
offer of defense evidence to complete the same.
A motion for postponement of any trial

date shall be presumed dilatory and denied
outright, unless grounded on acts of God,
force majeure, or duly substantiated physical
inability of the counsel or witness. Any
postponement granted by the court for the
authorized causes shall not extend the period
for presentation of a party’s evidence. The
party who sought the postponement shall only
have the remaining trial dates assigned to him
or her to complete.
Sec. 17. Judgment.24 – Where a trial has Sec. 7. Judgment. – The court shall render and
been conducted, the court shall promulgate the promulgate the judgment not later than thirty (30)
judgment not later than thirty (30) days after the calendar days from the court’s action on the
termination of trial. last presenting party’s offer of evidence.
C. APPEALS IN SUMMARY PROCEDURE
Sec. 21. Appeal.25 – The judgment or final Section 1. Ordinary appeal. – Any judgment,
order shall be appealable to the appropriate final order, or final resolution in a Summary
[R]egional [T]rial [C]ourt which shall decide Procedure case may be appealed to the
the same in accordance with Section 22 of appropriate Regional Trial Court exercising
Batas Pambansa Blg. 129. The decision of the jurisdiction over the territory under Rule
[R]egional [T]rial [C]ourt in civil cases governed 40 for civil cases and Rule 122 for criminal
by this Rule, including forcible entry and unlawful cases, of the Rule of Court. The appeal shall
detainer, shall be immediately executory, without be taken by filing a notice of appeal, together
prejudice to a further appeal that may be taken with proof of payment of the appeal fees, with
therefrom. Section 10 of Rule 70 shall be deemed the court that rendered the judgment, order
repealed. or resolution appealed from, within fifteen (15)
calendar days from receipt of the same.
24
Id.
25
Id.
103
Rules III-IV

No counterpart provision Sec. 2. Remedy from judgment on appeal. –

The judgment of the Regional Trial Court
on the appeal shall be final, executory, and
unappealable.
RULE IV
THE RULE ON SMALL CLAIMS
Sec. 2. Scope.26 – These Rules shall govern the Section 1. Scope. – This Rule shall govern the
procedure in actions before the Metropolitan procedure in actions before the Metropolitan
Trial Courts (MeTCs), Municipal Trial Courts in Trial Courts (MeTCs), Municipal Trial Courts in
Cities (MTCCs), Municipal Trial Courts (MTCs) Cities (MTCCs), Municipal Trial Courts (MTCs)
and Municipal Circuit Trial Courts (MCTCs) for and Municipal Circuit Trial Courts (MCTCs) for
payment of money where the value of the claim payment or reimbursement of a sum of money
does not exceed the jurisdictional amount of where the value of the claim does not exceed One
these courts under Republic Act No. (R.A.) 7691 Million Pesos (P1,000,000.00).
(Four Hundred Thousand Pesos [P400,000.00]
for the MeTCs and Three Hundred Thousand
Pesos [P300,000.00] for the MTCCs, MTCs, and
MCTCs), exclusive of interest and costs.
Sec. 3. Objectives.27 Sec. 2. Objectives. –

(a) To protect and advance the constitutional (a) To protect and advance the constitutional
right of persons to a speedy disposition of right of persons to a speedy disposition of
their cases; their cases;
(b) To provide a simplified and inexpensive (b) To provide a simplified and inexpensive
procedure for the disposition of small claims procedure for the disposition of small claims
cases; and, cases; and
(c) To introduce innovations and best practices (c) To introduce innovations and best practices
for the benefit of the underprivileged. for the benefit of the underprivileged.
26
26 February 2019 Resolution in A.M. No. 08-8-7-SC (The Revised Rules of Procedure for Small Claims Cases).
27
104
Rule IV

Sec. 4. Definition of Terms.28 – For purposes of Sec. 3. Definition of terms. – For purposes of this
this Rule: Rule:
(a) Plaintiff refers to the party who initiated (a) Plaintiff refers to the party who initiated
a small claims action. The term includes a small claims action. The term includes
a defendant who has filed a counterclaim a defendant who has filed a counterclaim
against plaintiff; against a plaintiff;
(b) Defendant is the party against whom the (b) Defendant is the party against whom the
plaintiff has filed a small claims action. The plaintiff has filed a small claims action. The
term includes a plaintiff against whom a
term includes a plaintiff against whom a
defendant has filed a claim, or a person who
replies to the claim; defendant has filed a claim, or a person who
replies to the claim;
(c) Person is an individual, corporation,
partnership, limited liability partnership, (c) Person is an individual, corporation,
association, or other juridical entity partnership, limited liability partnership,
endowed with personality by law; association, or other juridical entity endowed
with personality by law;
(e) Motion means a party’s request, written or
oral, to the court for an order or other action. (e) Motion means a party’s request, written or
It shall include an informal written request oral, to the court for an order or other action.
to the court, such as a letter; It shall include an informal written request to
the court, such as a letter;
(f) Good cause means circumstances sufficient
to justify the requested order or other action, (f) Good cause means circumstances sufficient
as determined by the judge; and to justify the requested order or other action,
(g) Affidavit means a written statement or as determined by the judge;
declaration of facts that are sworn to or
(g) Affidavit means a written statement or
affirmed to be true.
declaration of facts that are sworn to or
affirmed to be true;
(h) Business of lending refers to any lending

activity pursued with regularity;
(i) Business of banking refers to the business

of lending funds obtained in the form of
deposits.
28
Id.
105
Rule IV

Sec. 6. Commencement of Small Claims Sec. 4. Commencement of small claims action. –

Action.29 – A small claims action is commenced by A small claims action is commenced by filing with
filing with the court an accomplished and verified the court an accomplished Statement of Claim/s
Statement of Claim (Form 1-SCC) in duplicate, with Verification and Certification Against
accompanied by a Certification Against Forum Forum Shopping, Splitting a Single Cause of
Shopping, Splitting a Single Cause of Action, and Action, and Multiplicity of Suits (Form 1-SCC)
Multiplicity of Suits (Form 1-A-SCC), and two and duly certified photocopies of the actionable
(2) duly certified photocopies of the actionable document/s subject of the claim, affidavits of
document/s subject of the claim, as well as the witnesses, and other evidence to support the
affidavits of witnesses and other evidence to claim, with as many copies thereof as there
support the claim. No evidence shall be allowed are defendants. No evidence shall be allowed
during the hearing which was not attached to or during the hearing which was not attached to or
submitted together with the Statement of Claim, submitted together with the Statement of Claim/s,
unless good cause is shown for the admission of unless good cause is shown for the admission of
additional evidence. additional evidence.
The plaintiff must state in the Statement The plaintiff must state in the Statement of
of Claim if he/she/it is engaged in the business Claim/s if he/she/it is engaged in the business of
of lending, banking and similar activities, and lending, banking and similar activities, and the
the number of small claims cases filed with the number of small claims cases filed within the
calendar year regardless of judicial station. calendar year regardless of judicial station.
No formal pleading, other than the Statement For juridical entities, a board resolution
of Claim/s described in this Rule, is necessary to or secretary’s certificate authorizing the
initiate a small claims action. person to file the claim must be attached to the
Statement of Claim/s.30
No formal pleading, other than the Statement

of Claim/s described in this Rule, is necessary to
initiate a small claims action.
29
Id.
30
Per Resolution dated 15 March 2022, A.M. No. 08-8-7-SC (Rules on Expedited Procedures in the First Level Courts).
106
Rule IV

Sec. 7. Venue.31 – The regular rules on venue shall Sec. 5. Venue for small claims cases. – The regular
apply. rules on venue shall apply.
However, if the plaintiff is engaged in the However, if the plaintiff is engaged in the
business of lending, banking and similar activities, business of lending, banking and similar activities,
and has a branch within the municipality or city and has a branch within the municipality or city
where the defendant resides, the Statement of where the defendant resides or is holding business,
Claim/s shall be filed where that branch is located. the Statement of Claim/s shall be filed in the court
of the city or municipality where the defendant
resides or is holding business. If there are two
(2) or more defendants, it shall be filed in the
court of the city or municipality where any of
them resides or is holding business, at the option
of the plaintiff.
Sec. 8. Joinder of Claims.32 – Plaintiff may join Sec. 6. Joinder of claims. – Plaintiff may join in
in a single statement of claim one or more separate a single statement of claim one or more separate
small claims against a defendant provided that the small claims against a defendant provided that
total amount claimed, exclusive of interest and the total amount claimed, exclusive of interest
costs, does not exceed the jurisdictional amount of and costs, does not exceed One Million Pesos
the concerned court under R.A. 7691 (Four Hundred (P1,000,000.00).
Thousand Pesos [P400,000.00] for the MeTCs and
Three Hundred Thousand Pesos [P300,000.00] for
the MTCCs, MTCs, and MCTCs).
Sec. 9. Affidavits.33 – The affidavits submitted under Sec. 7. Affidavits. – The affidavits submitted under
this Rule shall state only facts of direct personal this Rule shall state only facts of direct personal
knowledge of the affiants or based on authentic knowledge of the affiants or based on authentic
records, which are admissible in evidence. records, which are admissible in evidence.
A violation of this requirement shall subject the A violation of this requirement shall subject the
party, and the counsel who assisted the party in the party, and the counsel who assisted the party in the
preparation of the affidavits, if any, to appropriate preparation of the affidavits, if any, to appropriate
disciplinary action. The inadmissible affidavit(s) disciplinary action. The inadmissible affidavit(s)
or portion(s) thereof shall be expunged from the or portion(s) thereof shall be expunged from the
record. record.
The non-submission of the required affidavits The non-submission of the required affidavits
will cause the immediate dismissal of the claim or will cause the immediate dismissal of the claim or
counterclaim. counterclaim.
31
Id.
32
26 February 2019 Resolution in A.M. No. 08-8-7-SC (The Revised Rules of Procedure for Small Claims Cases).
33
107
Rule IV

Sec. 10. Payment of Filing Fees.34 – The plaintiff Sec. 8. Payment of filing fees. – The plaintiff shall pay
shall pay the docket and other legal fees prescribed the docket and other legal fees prescribed under Rule
under Rule 141 of the Revised Rules of Court, unless 141 of the Revised Rules of Court, unless allowed to
allowed to litigate as an indigent. Exemption from litigate as an indigent. Exemption from the payment
the payment of filing fees shall be granted only by the of filing fees shall be granted only by the Supreme
Supreme Court. Court.
However, if more than five (5) small claims are However, if more than five (5) small claims are
filed by one party within the calendar year, regardless filed by one party within the calendar year, regardless
of the judicial station, an additional filing fee of 500.00 of the judicial station, an additional filing fee of Five
shall be paid for every claim filed after the fifth (5th) Hundred Pesos (P500.00) shall be paid for every
claim, and an additional 100.00 or a total of 600.00 claim filed after the fifth (5th) claim, and an additional
for every claim filed after the tenth (10th) claim, and One Hundred Pesos (P100.00) or a total of Six
another 100.00 or a total of 700.00 for every claim Hundred Pesos (P600.00) for every claim filed after
filed after the fifteenth (15th) claim, progressively and the tenth (10th) claim, and another One Hundred
cumulatively. Pesos (P100.00) or a total of Seven Hundred Pesos
(P700.00) for every claim filed after the fifteenth
If the plaintiff is engaged in the business of (15th) claim, progressively and cumulatively.
banking, lending and similar activities, the amount of
filing and other legal fees shall be the same as those If a case is dismissed without prejudice under
applicable to cases filed under the regular rules. Section 12(f) of this Rule, and is re-filed within
one (1) year from notice of dismissal, the plaintiff
A claim filed with a motion to sue as indigent
shall pay a fixed amount of Two Thousand Pesos
(Form 6-SCC) shall be referred to the Executive Judge
(P2,000.00) as filing fee, inclusive of the One
for immediate action in case of multi-sala courts. If
the motion is granted by the Executive Judge, the case
Thousand Pesos (P1,000.00) fee for service of
shall be raffled off or assigned to the court designated summons and processes.
to hear small claims cases. If the motion is denied,
the plaintiff shall be given five (5) days within which If the plaintiff is engaged in the business of
to pay the docket fees, otherwise, the case shall be lending, banking, and similar activities, the amount
dismissed without prejudice. In no case shall a party, of filing and other legal fees shall be the same as
even if declared an indigent, be exempt from the those applicable to cases filed under the regular
payment of the P1,000.00 fee for service of summons rules of procedure.
and processes.
A claim filed with a motion to sue as indigent
(Form 6-SCC) shall be referred to the Executive Judge
for immediate action in case of multi-sala courts. If
the motion is granted by the Executive Judge, the case
shall be raffled off or assigned to the court designated
to hear small claims cases. If the motion is denied, the
plaintiff shall be given five (5) calendar days within
which to pay the docket fees, otherwise, the case shall
be dismissed without prejudice. In no case shall a
party, even if declared an indigent, be exempt from
the payment of the One Thousand Pesos (P1,000.00)
fee for service of summons and processes.
34
Id.
108
Rule IV

Sec. 11. Dismissal of the Claim.35 – After the court Sec. 9. Dismissal of the claim. – After the court determines
determines that the case falls under these Rules, it may, that the case falls under this Rule, it may, from an
from an examination of the allegations of the Statement examination of the allegations of the Statement of Claim/s
of Claim/s and such evidence attached thereto, by itself, and such evidence attached thereto, on its own initiative,
dismiss the case outright on any of the grounds for the dismiss the case outright on any of the following
dismissal of the case. The order of dismissal shall state if grounds:
it is with or without prejudice.
(a) The court has no jurisdiction over the subject
matter;
If, during the hearing, the court is able to determine
that there exists a ground for dismissal of the Statement of
(b) There is another action pending between the
Claim/s, the court may, by itself, dismiss the case even if same parties for the same cause;
such ground is not pleaded in the defendant’s Response. (c) The action is barred by prior judgment;
(d) The claim is barred by the Statute of
If plaintiff misrepresents that he/she/it is not engaged in limitations;
the business of banking, lending or similar activities when (e) The court has no jurisdiction over the person
in fact he/she/it is so engaged, the Statement of Claim/s of the defendant;
shall be dismissed with prejudice and plaintiff shall be (f) Venue is improperly laid;
meted the appropriate sanctions, such as direct contempt. (g) Plaintiff has no legal capacity to sue;
(h) The Statement of Claim/s states no cause of
However, if the case does not fall under this Rule, but
falls under summary or regular procedure, the case shall not
action;
be dismissed. Instead, the case shall be re-docketed under (i) That a condition precedent for filing the claim
the appropriate procedure, and returned to the court where has not been complied with; and
it was assigned, subject to payment of any deficiency in the (j) Plaintiff failed to submit the required affidavits,
applicable regular rate of filing fees. If a case is filed under as provided in Section 7 of this Rule.
the regular or summary procedure, but actually falls under The order of dismissal shall state if it is with or without
this Rule, the case shall be referred to the Executive Judge prejudice.
for appropriate assignment.
If, during the hearing, the court is able to determine
that there exists a ground for dismissal of the Statement of
Claim/s, the court may, on its own initiative, dismiss the
case even if such ground is not pleaded in the defendant’s
Response (Form 3-SCC).
If plaintiff misrepresents that he/she/ it is not engaged
in the business of lending, banking, or similar activities
when in fact he/she/it is so engaged, the Statement of
Claim/s shall be dismissed with prejudice and plaintiff shall
be meted the appropriate sanctions, including citation for
direct contempt.
However, if the case does not fall under this Rule,
but falls under summary or regular procedure, or if the
case is filed under summary or regular procedure but
falls under this Rule, the case shall not be dismissed.
Instead, the case shall be re-docketed under the appropriate
procedure, and returned to the court where it was assigned,
subject to payment of any deficiency in the applicable
regular rate of filing fees.
35
Id.
109
Rule IV

Sec. 12. Summons and Notice of Hearing.36 Sec. 10. Summons and Notice of Hearing. – If
– If no ground for dismissal is found, the court no ground for dismissal is found, the court shall
shall forthwith issue Summons (Form 2-SCC) on forthwith issue Summons (Form 2-SCC) within
the day of receipt of the Statement of Claim/s, twenty-four (24) hours from receipt of the
directing the defendant to submit a verified Statement of Claim/s, directing the defendant to
Response. submit a verified Response.
The court shall also issue a Notice of Hearing The Summons to be served on the
(Form 4-SCC) to both parties, directing the defendant shall be accompanied by a copy
to appear before it on a specific date and time of the Statement of Claim/s and documents
for hearing, with a warning that no unjustified submitted by plaintiff, and a blank Response
postponement shall be allowed, as provided in Form (Form 3-SCC) to be accomplished by
Section 21 of this Rule. the defendant.
The Summons to be served on the defendant shall The court shall also issue a Notice of
be accompanied by a copy of the Statement of Hearing (Form 4-SCC) to both parties,
Claim/s and documents submitted by plaintiff, directing them to appear before it on a specific
and a blank Response Form (Form 3-SCC) to be date and time for hearing, with a warning that
accomplished by the defendant. no unjustified postponement shall be allowed,
as provided in Section 20 of this Rule. A blank
A Notice of Hearing shall accompany the Special Power of Attorney (Form 7-SCC) shall
Summons and shall contain: (a) the date of the be attached to the Notice of Hearing.
hearing, which shall not be more than thirty (30)
days from the filing of the Statement of Claim/s; The Notice of Hearing shall accompany the
and (b) the express prohibition against the filing Summons and shall contain: (a) the date of the
of a motion to dismiss or any other motion under hearing, which shall not be more than thirty (30)
Section 16 of this Rule. calendar days from the filing of the Statement of
Claim/s, or not more than sixty (60) calendar
If Summons is returned without being served on days if one of the defendants resides or holds
any or all of the defendants, the court shall order business outside the judicial region; and (b) the
the plaintiff to cause the service of summons and express prohibition against the filing of a motion
shall inform the court within thirty (30) days to dismiss or other prohibited motions under
from notice if said summons was served or not; Section 2, Rule II.
otherwise, the Statement of Claim/s shall be
dismissed without prejudice as to those who were
not served with summons.
36
Id.

Rule IV

No counterpart provision Sec. 11. Electronic filing and service. – The

service of court issuances and filings by the
plaintiff/s and defendant/s may be made through
e-mail, facsimile, and other electronic means.
Notices may also be served through mobile
phone calls, short messaging service (SMS), or
instant messaging (IM) software applications.
The consent to, and chosen mode of, electronic
service and notice shall be indicated in the
Statement of Claim/s or Response, as the case
may be.
No counterpart provision Sec. 12. Service of Summons. –
(a) The Summons and Notice of Hearing must

be issued within twenty-four (24) hours from
receipt of the Statement of Claim/s.
The Summons, together with the Notice of

Hearing, shall be served by the sheriff, his
or her deputy, or other proper court officer
within ten (10) calendar days from issuance.
Within five (5) calendar days from such
service, the Officer’s Return shall be filed
with the court with a copy furnished to the
plaintiff at the given address/es of record.
(b) If Summons is returned without being

served on any or all of the defendants, the
court shall order the plaintiff or his or her
representative to serve or cause the service
of Summons.
(c) In cases where Summons is to be served

outside the judicial region of the court where
the case is pending, the court may order the
plaintiff or his or her representative to serve
or cause the service of Summons.
(d) If the plaintiff is a juridical entity, it shall

notify the court, in writing, and name its
authorized representative therein, attaching
a board resolution or secretary’s certificate
thereto, as the case may be, stating that such
representative is duly authorized to serve
the Summons on behalf of the plaintiff.
111
Rule IV

No counterpart provision (e) If the plaintiff misrepresents that the

defendant was served with Summons,
and it is later proved that no Summons
was served, the case shall be dismissed
with prejudice, the proceedings shall be
nullified, and the plaintiff shall be declared
in indirect contempt under Rule 71 of the
Rules of Court, and/or be meted a fine
in the amount of Five Thousand Pesos
(₱5,000.00).
(f) In both instances under paragraphs (b)

and (c), the plaintiff shall inform the
court within thirty (30) calendar days
from notice if said Summons was served;
otherwise, the Statement of Claim/s shall
be dismissed without prejudice as to those
who were not served with Summons. This
is not a ground to archive the case. The
case, however, may be re-filed within one
(1) year from notice of dismissal, subject
to payment of reduced filing fees under
Section 8 hereof.
Sec. 13. Response.37 – The defendant shall file Sec. 13. Response. – The defendant shall file
with the court and serve on the plaintiff a duly with the court and serve on the plaintiff a duly
accomplished and verified Response within a non- accomplished and verified Response (Form
extendible period of ten (10) days from receipt of 3-SCC) within a non-extendible period of ten
summons. The Response shall be accompanied (10) calendar days from receipt of Summons.
by certified photocopies of documents, as well The Response shall be accompanied by certified
as affidavits of witnesses and other evidence in photocopies of documents, as well as affidavits of
support thereof. No evidence shall be allowed witnesses and other evidence in support thereof.
during the hearing which was not attached No evidence shall be allowed during the hearing
to or submitted together with the Response, which was not attached to or submitted together
unless good cause is shown for the admission of with the Response, unless good cause is shown
additional evidence. for the admission of additional evidence.
37

Rule IV

Sec. 14. Effect of Failure to File Response.38 Sec. 14. Effect of failure to file response. – Should
– Should the defendant fail to file his/her/its the defendant fail to file his/her/its Response
Response within the required period, and likewise within the required period, and likewise fail to
fail to appear on the date set for hearing, the court appear on the date set for hearing, the court shall
shall render judgement on the same day, as may render judgment within twenty-four (24) hours
be warranted by the facts alleged in the Statement from the termination of the hearing, as may be
of Claim/s. warranted by the facts alleged in the Statement of
Claim/s and its attachments.
Should the defendant fail to file his/her/its
Response within the required period but appears Should the defendant fail to file his/her/its
on the date set for hearing, the court shall ascertain Response within the required period but appear
what defense he/she/it has to offer which shall on the date set for the hearing, the court shall
constitute his/her/its Response, and proceed to ascertain what defense he/she/it has to offer,
hear or adjudicate the case on the same day as if a which shall constitute his/ her/its Response,
Response has been filed. proceed to hear the case on the same day as
if a Response has been filed and, thereafter,
render judgment within twenty-four (24)
hours from the termination of the hearing. If
the defendant relies on documentary evidence
to support his/her/its defense, the court shall
order him/her/it to submit original copies of
such documents within three (3) calendar days
from the termination of the hearing and, upon
receipt thereof or expiration of the period to
file, the court shall render judgment within
twenty-four (24) hours.
38
Id.
113
Rule IV

Sec. 15. Counterclaims Within the Coverage Sec. 15. Counterclaims within the coverage
of this Rule.39 – If at the time the action is of this Rule. – If at the time the action is
commenced, the defendant possesses a claim commenced, the defendant possesses a claim
against the plaintiff that (a) is within the coverage against the plaintiff that (a) is within the coverage
of this Rule, exclusive of interest and costs; (b) of this Rule, exclusive of interest and costs; (b)
arises out of the same transaction or event that arises out of the same transaction or event that
is the subject matter of the plaintiff’s claim; (c) is the subject matter of the plaintiff’s claim; (c)
does not require for its adjudication the joinder does not require for its adjudication the joinder
of third parties; and (d) is not the subject of of third parties; and (d) is not the subject of
another pending action, the claim shall be filed another pending action, the claim shall be filed
as a counterclaim in the Response; otherwise, as a counterclaim in the Response; otherwise,
the defendant shall be barred from suing on the the defendant shall be barred from suing on such
counterclaim. counterclaim.
The defendant may also elect to file a The defendant may also elect to file a
counterclaim against the plaintiff that does not counterclaim against the plaintiff that does not
arise out of the same transaction or occurrence, arise out of the same transaction or occurrence,
provided that the amount and nature thereof provided that the amount and nature thereof
are within the coverage of this Rule and the are within the coverage of this Rule and the
prescribed docket and other legal fees are paid. prescribed docket and other legal fees are paid.
Any amount pleaded in a counterclaim in

excess of One Million Pesos (P1,000,000.00),
excluding interests and costs, shall be deemed
waived.
39
Id.

Rule IV

Sec. 17. Availability of Forms; Assistance by Sec. 16. Availability of forms; assistance by
Court Personnel.40 – The Clerk of Court or other court personnel. – The Clerk of Court or other
court personnel shall provide such assistance as court personnel shall provide such assistance as
may be requested by a plaintiff or a defendant may be requested by a plaintiff or a defendant
regarding the availability of forms and other regarding the availability of forms and other
information about the coverage, requirements as information about the coverage, requirements, as
well as procedure for small claims cases. well as procedure, for small claims cases.
Plaintiff shall be given copies of Forms

1-SCC (Statement of Claim/s), 1-A-SCC
(Other Plaintiffs or Defendants) for additional
plaintiffs or defendants, if any, and 1-B-SCC
(Plaintiff’s Information Sheet).
The Branch Clerk of Court must ensure

that there should be, at least, one (1) hearing
day every week devoted to Small Claims,
with a minimum of five (5) cases scheduled
per hearing day. Cases with the same party-
plaintiff may all be set on the same date for
facility in the preparation of notices and
judgments. The court should post a notice of
its Small Claims hearing day conspicuously at
the Branch and at the Office of the Clerk of
Court.
40
Id.
115
Rule IV

Sec. 18. Appearance.41 – The parties shall Sec. 17. Appearance. – The parties shall
personally appear on the designated date of personally appear on the designated date of
hearing. hearing.
Appearance through a representative must Appearance through a representative must

be for a valid cause. The representative of an be for a valid cause. The representative of an
individual-party must not be a lawyer, and must individual-party must not be a lawyer. Juridical
be related to or next-of-kin of the individual- entities shall not be represented by a lawyer in
party. Juridical entities shall not be represented any capacity.
by a lawyer in any capacity.
The representative must be authorized under
The representative must be authorized under a Special Power of Attorney (Form 7-SCC),
a Special Power of Attorney (Form 7-SCC) to board resolution or secretary’s certificate, as the
enter into an amicable settlement of the dispute case may be, to enter into an amicable settlement
and to enter into stipulations or admissions of of the dispute and to enter into stipulations or
facts and of documentary exhibits. admissions of facts and of documentary exhibits.
Sec. 19. Appearance of Attorneys Not Sec. 18. Appearance of attorneys not allowed. –
Allowed.42 – No attorney shall appear in behalf No attorney shall appear in behalf of or represent
of or represent a party at the hearing, unless the a party at the hearing, unless the attorney is the
attorney is the plaintiff or defendant. plaintiff or defendant.
If the court determines that a party cannot If the court determines that a party cannot
properly present his/her claim or defense and properly present his/her/its claim or defense and
needs assistance, the court may, in its discretion, needs assistance, the court may, in its discretion,
allow another individual who is not an attorney to allow another individual who is not an attorney to
assist that party upon the latter’s consent. assist that party upon the latter’s consent.
41
Id.
42
Id.

Rule IV

Sec. 20. Non-appearance of Parties.43 – Sec. 19. Non-appearance of parties. – Failure

Failure of the plaintiff to appear shall be cause of the plaintiff to appear shall be cause for the
for the dismissal of the Statement of Claim/s dismissal of the Statement of Claim/s without
without prejudice. The defendant who appears prejudice. The defendant who appears in the
in the absence of the plaintiff shall be entitled to absence of the plaintiff shall be entitled to
judgment on a permissive counterclaim. judgment on the counterclaim.
Failure of the defendant to appear shall have the Failure of the defendant to appear shall have
same effect as failure to file a Response under the same effect as failure to file a Response under
Section 14 of this Rule. This shall not apply Section 14 of this Rule. This shall not apply
where one of two or more defendants who are where one of two or more defendants who are
sued under a common cause of action and have sued under a common cause of action and have
pleaded a common defense appears at the hearing. pleaded a common defense appears at the hearing.
Failure of both parties to appear shall cause the Failure of both parties to appear shall cause
dismissal with prejudice of both the Statement of the dismissal with prejudice of both the Statement
Claim/s and the counterclaim. of Claim/s and the counterclaim.
Sec. 21. Postponement When Allowed.44 – A Sec. 20. Postponement when allowed. – A
request for postponement of a hearing may be request for postponement of a hearing may be
granted only upon proof of the physical inability granted only upon proof of the physical inability
of the party to appear before the court on the of the party to appear before the court on the
scheduled date and time. A party may avail of scheduled date and time. A party may avail of
only one (1) postponement. only one (1) postponement.
Sec. 22. Duty of the Court.45 – At the beginning Sec. 21. Duty of the court. – At the beginning
of the court session, the judge shall read aloud of the court session, the judge shall read aloud
a short statement explaining the nature, purpose a short statement explaining the nature, purpose
and the rule of procedure of small claims cases. and the rule of procedure of small claims cases.
43
44
Id.
45
Id.
117
Rule IV

Sec. 23. Hearing.46 – At the hearing, the judge Sec. 22. Hearing. – At the hearing, the judge
shall first exert efforts to bring the parties to an shall first exert efforts to bring the parties to an
amicable settlement of their dispute. If efforts amicable settlement of their dispute. Settlement
at settlement fail, the hearing shall immediately discussions must be conducted in strict
proceed in an informal and expeditious manner confidentiality.
and be terminated within the same day.
Any settlement or resolution of the
Any settlement (Form 8-SCC) or resolution of the dispute shall be reduced into writing, signed
dispute shall be reduced into writing, signed by by the parties, and immediately submitted to
the parties and submitted to the court for approval the court for approval at the hearing (Form
(Form 9-SCC and Form 10-SCC). 9-SCC). The court shall render judgment
based on the compromise agreement within
twenty-four (24) hours, and furnish copies
thereof to the parties (Form 10-SCC).
If at any time before or at the hearing, a

compromise agreement is submitted, signed by
both parties, but only one (1) or neither party
appears to confirm it, the court shall issue an
order directing the non-appearing party/ies
to confirm the compromise agreement within
three (3) calendar days from notice hereof;
otherwise, it shall be deemed confirmed.
If efforts at settlement fail, the court shall

immediately proceed to hear the case in
an informal and expeditious manner and,
thereafter, render judgment within twenty-
four (24) hours from termination of the
hearing.
46
Id.

Rule IV

No counterpart provision. Sec. 23. Resort to alternative videoconferencing

platform. – Should the hearing be done
through videoconferencing, the court shall
require the parties to participate through the
use of the Court-prescribed videoconferencing
platform. However, if any of the participants
communicates his or her difficulty in accessing
or using the said videoconferencing platform,
the court may allow the use of alternative
videoconferencing platforms or instant
messaging (IM) applications with video call
features, provided that the following conditions
are met:
(a) The court shall use either its official e-mail

address or cell phone number to access the
alternative videoconferencing platform or
instant messaging (IM) application;
(b) The parties shall use the e-mail address

or cell phone number they indicated in
their Statement of Claim/s or Response, as
the case may be, to access the alternative
videoconferencing platform or instant
messaging (IM) application; and
(c) The court shall maintain a record and

transcription of the proceedings.
119
Rule IV

Sec. 24. Decision.47 – After the hearing, the Sec. 24. Decision. – After the hearing, the
court shall render its decision based on the facts court shall render its decision based on the facts
established by the evidence (Form 11-SCC), established by the evidence, within twenty-four
within twenty-four (24) hours from termination (24) hours from termination of the hearing (Form
of the hearing. The decision shall immediately be 11-SCC). The refund of the remaining balance
entered by the Clerk of Court in the court docket from the Sheriff’s Trust Fund (STF), subject to
for civil cases and a copy thereof forthwith served accounting and auditing procedures, shall be
on the parties. included in the decision.
The decision shall be final, executory and The decision shall immediately be entered by
unappealable. the Clerk of Court in the court docket for civil
cases and a copy thereof forthwith served on the
parties.
The decision shall be final, executory and

unappealable.
Sec. 25. Execution.48 – When the decision is Sec. 25. Execution. – When the decision is
rendered, execution shall issue upon motion rendered and proof of receipt thereof is on
(Form 12-SCC) of the winning party. record, execution shall issue (Forms 13-SCC,
13-A-SCC, or 13-B-SCC) upon ex parte motion
of the winning party (Form 12-SCC). However,
a decision based on compromise shall not be
covered by the requirement of proof of receipt.
Sec. 26. Certification of documents.49 – All Sec. 26. Certification of documents. – All
documents attached to the Statement of Claim/s or documents attached to the Statement of Claim/s or
Response that are required to be certified, except Response that are required to be certified, except
public or official documents, shall be certified public or official documents, shall be certified
by the signature of the plaintiff or defendant by the signature of the plaintiff or defendant
concerned. concerned.
47
48
Id.
49
Id.
120
Rules IV–V

Sec. 28. Non-applicability.50 – The rules on Sec. 27. Non-applicability. – The rules on
mediation/judicial dispute resolution shall not mediation and judicial dispute resolution shall not
apply, inasmuch as the parties may enter into apply, as the parties may enter into compromise
compromise at any stage of the proceedings. at any stage of the proceedings.
RULE V
EFFECTIVITY
Sec. 23. Effectivity.51 – This revised Rule The Rules on Expedited Procedures in
on Summary Procedure shall be effective on the First Level Courts shall take effect on 11
November 15, 1991. April 2022 and shall prospectively apply only
to cases filed from the said date of effectivity.
Sec. 29. Effectivity.52 – These Revised Rules Those pending cases covered by these Rules,
shall take effect on February 1, 2016 following which are currently before the second and first
their publication in two newspapers of general level courts, shall remain with and be decided
circulation. They shall govern all cases filed after by those same courts based on the rules
their effectivity, and also all pending proceedings, applicable at the time those cases were filed.
except to the extent that in the opinion of the court,
their application would not be feasible or would
work injustice, in which case the procedure under
which the cases were filed shall govern.
50
Id.
51
52
121
122
FLOWCHARTS
OF THE RULE ON
SUMMARY PROCEDURE
123
124
727$/0,1,0807,0()5$0(
RULE ON SUMMARY PROCEDURE:

A TIMELINE FOR CIVIL CASES 727$/0$;,0807,0()5$0(

&$/(1'$5
'$<6 &' &'
12
&' NEED
<(6
COMPLAINT ISSUE NOTICE OF PRELIMINARY
START PRELIMINARY CONFERENCE POSITION
SUMMONS PAPERS?
CONFERENCE
&'
12 <(6 &' PRELIMINARY
CONFERENCE
ORDER
DISMISS COMPLIANT WITH

RULE 7, 2019 AMENDED PRELIMINARY
RULES OF COURT? CONFERENCE
BRIEF &'
SERVE 12
SUMMONS
REPLY POSITION
(OPTIONAL) PAPERS
12 <(6 (OPTIONAL)
&' <(6
&'
COURT-ANNEXED
DISMISS COMPLIANT WITH MEDIATION –
WITHOUT R.A. NO. 7160? SUCCESSFUL?
PREJUDICE NEED
CLARIFICATION? 12
&' <(6
&'
&'
&'
ANSWER EXTENSION
12 <(6 TO FILE
ANSWER JUDGMENT
UPON
(OPTIONAL) COMPROMISE &'
12$16:(5),/('
OUTRIGHT COMPLIANT WITH RULE III
DISMISSAL (A), SECTION 4, PAR. 2, JUDICIAL DISPUTE
AMENDED RSP? RESOLUTION
(OPTIONAL) – JUDGMENT
SUCCESSFUL? CLARIFICATORY
AFFIDAVITS/
&' EVIDENCE
FLOWCHARTS OF THE RULE ON SUMMARY PROCEDURE

1125
6
126
727$/0,1,0807,0()5$0(

RULE ON SUMMARY PROCEDURE: 727$/0$;,0807,0()5$0(

A TIMELINE FOR CRIMINAL CASES >127($GGGD\VIRUGHWDLQHGDFFXVHG

GD\VIRUXQGHWDLQHGDFFXVHG@
12 &'
PROBABLE &$/(1'$5
DISMISS
OUTRIGHT CAUSE? '$<6 &'
TRIAL PRESENTATION
OF EVIDENCE
(PROSECUTION)
<(6
ARRAIGNMENT/
PRE-TRIAL &'
12
&' &'
COMPLAINT &'
<(6
COURT- JUDICIAL
ANNEXED DISPUTE
START MEDIATION – RESOLUTION
ACCUSED (OPTIONAL) –
RULES ON EXPEDITED PROCEDURES IN THE FIRST LEVEL COURTS

SUCCESSFUL?
DETAINED? SUCCESSFUL?
JUDGMENT
PRESENTATION
12 OF EVIDENCE
INFORMATION (DEFENSE)
&'
&'
ARRAIGNMENT/ <(6
PRE-TRIAL PROVISIONAL
DISMISSAL
12 (W/ CONSENT OF
ACCUSED)
DISMISSAL &'
(CRIMINAL
DISMISS PROBABLE PERMANENT ASPECT)
OUTRIGHT CAUSE? DISMISSAL
(FAILURE TO
PROSECUTE/
VIOLATION OF REBUTTAL BY
RIGHT TO SPEEDY JUDGMENT PROSECUTION
TRIAL) UPON (OPTIONAL)
COMPROMISE
(CIVIL ASPECT)
FLOWCHART
OF THE RULE
ON SMALL CLAIMS
127
128
SMALL CLAIMS TIMELINE

DISMISSAL EXECUTION
HEARING

START STATEMENT OF ISSUE WITH

CLAIM/S SUMMONS PREJUDICE
DISMISSAL

!
JUDGMENT

SERVE
RE-DOCKET

SUMMONS
W/O
"
PLAINTIFF PREJUDICE

WITH
BOTH PREJUDICE
DISMISSAL

DEFENDANT

# $
OUTRIGHT RESPONSE

DISMISSAL
SUBMISSION OF DOCUMENTS BY DEFENDANT
(IF NO RESPONSE FILED)
FLOWCHART OF THE RULE ON SMALL CLAIMS

1129
130
SMALL CLAIMS CASES
FORMS 1 TO 13
(ENGLISH/VISAYAN)
131
132

FOROFFICIALUSEONLY
PLAINTIFF’SSTATEMENTOFCLAIM/S PararasaOpisyalngaGamit
FORM1ͲSCC
AsuntosaPagsingil Clerkstampsdateherewhenformisfiled.
InstructionsforthePersonSuing
x YOUARETHEPLAINTIFF.Thepersonyouaresuingisthedefendant.
Beforeyoufilloutthisform,readForm1ͲBͲSCC,Informationforthe
Plaintiff,toknowyourrights.GetForm1ͲBͲSCCattheOfficeofthe
Clerk of Court of any court nearest you or go to
https://oca.judiciary.gov.ph/smallͲclaims/

x Filloutpages1Ͳ6ofthisform.Thenmakecopiesofallpagesofthis Fillincourtname,streetaddress,andemail:
formandtheattacheddocuments(makeonecopyforeachdefendant RepublicofthePhilippines
namedinthiscaseandanextracopyforyourself.)Taketheoriginal Court:
andthesecopiestotheOfficeoftheClerkofCourtandpaythefiling
fees.Havetheformsandallyoursupportingdocumentsnotarizedor Branch:
administeredbyeitheranotarypublic,theClerkofCourtoftheOffice
Streetaddress:
oftheClerkofCourt(OCC)wherethecasewillbefiled,aBranchClerk

ofCourt,oraBarangayChairperson.

Hotline:
x Go to court on your trial date and time indicated in the Notice of
Emailaddress:
Hearing.

Courtfillsincasenumberwhenformisfiled.
MgaPahinumdonsaTawongaGareklamo: CaseNumber:
x IKAW ANG NAGAREKLAMO. Ang tawo nga imo gikasuhan mao ang
ginareklamo.

x BagͲonimosulatan/tubagonkiningapapel,basahausaangForm1ͲBͲ CaseTitle:
SCC(Pahibalo(Form1ͲB)parasaNagareklamo)paraimomahibawͲan
angimongmgakatungod.KuhaͲaangkopyasaForm1ͲBͲSCCsaOffice
oftheClerkof Courtsakortengapinakaduolsaimoobisitahaang
websitenahttps://oca.judiciary.gov.ph/smallͲclaims/

BranchClerkofCourtfillsoutthischecklist.
x PunͲi o tubaga ang mga panid 1Ͳ6 ani nga papel/porma. HimoͲi og 1. Causeofaction
kopyaangtananngapanidaningapapelugangmgagilakipngamga
dokumento. (PagͲhimo og tagsa ka kopya ang kada usa sa imong Check Contract
ginareklamo, og usa ka kopya para sa imo kaugalingon.) Ihatag sa o Oral
PromissoryNote
hukuman/korte(OfficeoftheClerkofCourt)angmgaorihinalugmga o Written
kopyaogbayariangfilingfeesomgabayrunonsapagpasakaaninga
kaso.Ipasertipikaangtananngapapel/pormaogmgadokumentosa BarangayAgreement
ClerkofCourtoftheOfficeoftheClerkofCourt(OCC)konahanimo Others(Pls.specify)_________________
gipasaka ang kaso o sa Branch Clerk of Court o notaryo publiko o ___________________________
PunongBarangay. 2. Barangayconciliation

Required
x Pagtambongsapagdungogsakasosapetsaugorasnganakabutang
saAbisosaPagdungog. o CertificatetoFileActionattached
o CompromiseAgreementattached
NotRequired(Pls.statereason):

1THEPLAINTIFF(theperson,business,orpublicentitythatissuing)is:AngNagareklamo
NameNgalansaNagareklamo SexKasarian AgeIdad CivilStatusSibilngakahimtang

Checkthosethatapply:Pagpilisaubosogbutangiogtsek:
TypeofPlaintiffKlasesaNagareklamo TypeofBusinessKlasesaNegosyo
IndividualTawo/Indibidwal BankingBangko
CorporationKorporasyon LendingPagpahulam/PagpaͲutang
PartnershipPanagͲubansanegosyo Others(pls.indicate):ogubanpangaNegosyo:
CooperativeKooperatiba
SoleProprietorshipSolonaPagpanagͲiya

HomeAddressAdres/LugarsaPaghatodsaSulatsaBalaysaNagareklamo
Unit/Floor/House/BuildingNo.NumerosaAndanaStreetDalan Barangay ZipCode

CitySiyudad/MunicipalityMunisipyo ProvinceProbinsiyaRegionRehiyon

ContactNo.Telepono/SelponNumero EmailAddress

Plaintiff’sStatementofClaim/s Form1ͲSCC,Page1of10
Plaintiff’sStatementofClaim/s
(SmallClaims)
(SmallClaims)
SMALL CLAIMS CASES FORMS 1 TO 13 ENGLISH/VISAYAN 1133

Plaintiff(listname) CaseNumber:

PlaceofWork/BusinessLugarkonasakaNagatrabaho/Naganegosyo



Ifmorethanoneplaintiff,listnextplaintiffhere:
NameNgalansaNagareklamo SexKasarian AgeIdad CivilStatusSibilngaKahimtang

TypeofPlaintiffKlasesaNagareklamo TypeofBusinessKlasesaNegosyo
CorporationKorporasyon LendingPagpahulam/Pagpautang
PartnershipPanagͲubansanegosyo Others(pls.indicate):ubanpangamganegosyo
SoleProprietorshipSolongaPanagͲiya

HomeAddressAdres/LugarsaPaghatodsaSulatsaBalayNagareklamo


ContactNo.Telepono/SelponNumero. EmailAddress

PlaceofWork/BusinessLugarngPinagtatrabahuan/NegosyongNaghahabla



CheckhereifmorethantwoplaintiffsandattachForm1ͲAͲSCC(OtherPlaintiffsorDefendants).
Butangiogtsekkonmolapassaduha(2)angmgaNagareklamo,ugilakip/iͲapilangForm1ͲAͲSCC(MgaUbanPa
NgaNagareklamooGinareklamo).

Plaintiff’sRepresentative,ifapplicableRepresentantesaNagareklamo,konmagamit
NameNgalansaRepresentantesaNagareklamo

HomeAddressAdres/LugarsaPaghatodsaSulatsaBalaysaNagareklamo



PlaceofWorkLugarkungasaNagatrabahoangRepresentantesaNagareklamo



Plaintiffasajuridicalentity,ifapplicableJuridicalentityangnagareklamo,konmagamit

Checkhereifthereisaboardresolutionorsecretary’scertificateattachedtotheStatementofClaim/sauthorizing
thepersontofiletheclaimforthejuridicalentity.
Butangiogtsekkungnaayboardresolutionosecretary’scertificatengagilakipsaAsuntosaPagsingilnagipagtugotang
tawo/representantenamagpasakaogpagsingilparasaorganisasyonokorporasyon.

(SmallClaims)
134

2THEDEFENDANT(theperson,business,orpublicentitybeingsued)is:AngGinareklamo
NameNgalansaGinareklamo SexKasarian AgeIdad CivilStatusSibilngakahimtang

Checkthosethatapply:Pilisaubos,butangiogtsek:
TypeofDefendantKlasesaGinareklamo CooperativeKooperatiba
IndividualTawo/Indibidwal
CorporationKorporasyon
PartnershipPanagͲubansanegosyo
HomeAddressAdres/LugarsaPaghatodsaSulatsaBalaysaGinareklamo



PlaceofWork/BusinessLugarkungasaNagatrabaho/NaganegosyoangGinareklamo



CheckhereifthereismorethanonedefendantandattachForm1ͲAͲSCC(OtherPlaintiffsorDefendants).
Butangiogtsekkonmolapassausakatawoangginareklamo,ugilakip/iͲapilangForm1ͲAͲSCC(MgaubanpangamgaNagareklamoo
Ginareklamo).

Checkhereifanydefendantisdetainedorservingsentenceinaprisonfacility.Writehis/hernameandthenameand
addressofthedetentionorprisonfacility:(Butangiogtsekkungangginareklamokaynaprisoonaasaprisuhan.Isulat
iyangalanugangngalanuglugarsaprisuhan):

_________________________________________________________________________________________________
_________________________________________________________________________________________________
_________________________________________________________________________________________________

Defendant’sRepresentative,ifapplicableRepresentantesaGinareklamo,konmagamit
NameNgalansaRepresentantesaGinareklamo

HomeAddressAdres/LugarsaPaghatodngaSulatsaBalaysaGinareklamo



PlaceofWorkLugarkonasaNagatrabahoangRepresentatesaGinareklamo



3 PLAINTIFF’SCLAIM

A. Plaintiffclaimsthatthedefendantoweshim/her/itmoneyintheamountof:
Angginareklamonaayutangsanagareklamosakantidadnga:

P__________________________________________________________________________________________

B. Whydoesthedefendantowetheplaintiffmoney?Nganonagkautangogkwartaangginareklamosanagareklamo?

(SmallClaims)


C. Whendidthishappen?KanusͲakininahitabo?DatePetsa:______________________
Ifnospecificdate,givethetimeperiod:Konwalasaktongapetsa,ihatagangimobanaͲbanangapanahon:

DatestartedPetsananagsugod: ThroughTaman:____________________________
____________________________
D. Howdidyoucomputethemoneyowedtoyou?(Donotincludecourtcostsorfees.)GiunsanimopagͲ
compute/pagͲkwenta/pagkalkulaangkwartangagiͲutangsaimo?(AyawiͲapilangmgagastoobayrunonsakorte.)

Checkhereifyouneedmorespace.Youmaywriteatthebackofthisformorattachadditionalsheetsofpaperandwrite
“Form1ͲSCC,Item3”atthetop.Butangiogtsekkonkinahanglannimoogdugangngamgapanidoluna.Pwedenimosulatanang
likodaningaFormogmaglakipomagdugangogmgapapelugisulatang“Form1ͲSCC,Item3”sababaw.

4DEMANDFORPAYMENT
A. Didyouaskthedefendanttopayyoubeforefilingthiscase?GisingilbanimoangginareklamobagͲonimogipasakakini
ngakaso?
YesOo
NoWala.Ifno,pleaseexplain.Kungwala,ipasabotdinhi._________________________________________
_____________________________________________________________________________________
B. Howdidyouaskthedefendant?Giunsanimopagsingilangginareklamo?
InpersonSaiyahamismo ByphoneSatelepono
InwritingSasulat Others(pls.specify):Ubanpa(isulatkunggiunsa):

C. Whendidyoudothis?Kanusanimogisingil?

5PROOFOFCLAIM
A. Whatisyourproofthatdefendantowesyoumoney?Unsaimopruwebanganaautangngakwartasaimoang
ginareklamo?
signed checks
deed/contract/agreement latestdemandletter(withproofofdeliveryandreceipt)
promissorynote affidavitofwitnessestosupporttheclaim
bankdepositslip others(pls.specify):Ubanpa(isulatkungunsa):
receipts

B. Didyouattachyourprooftothisform?Imobagilakip/giͲapilangimopruwebaaningaform/papel?
YesOo NoWala

(SmallClaims)
136

6BARANGAYCONCILIATIONKatarungangPambarangay
Wasthisclaimreferredtothebarangay?NiͲaginabasabarangaykiningapagsingil?
Ifyes,doyouhaveanyofthefollowingfromthebarangay?Kungoo,naabaka
aningmgadokumentosaubosngagihimosabarangay?

YesOo CertificatetoFileActionPruwebasaPagpasakasaKaso
CompromiseAgreementPanagsabot

Ifno,statereason.Konwala,isulatanghinungdan.
NoWala
NotcoveredDilisakop

7NUMBEROFSMALLCLAIMSCASESFILED
Howmanysmallclaimscaseshaveyoufiledwithinthiscalendaryearpriortothispresentcaseinthiscourt
stationandintheentirecountry?___________
Pilanakamgakasoangimonapasakasasulodsakaron/presentengatuͲigsakalendaryodirisakorteugsatibuͲoknasud?
________________
8CONSENTTOELECTRONICSERVICE
Igivemyconsenttobeservedwithofficialcourtnotices,processes,orders,resolutionsanddecisions,aswell
asfilingsbytheDefendant,through:Akoginahatagangakongpagtugotngaihatudsaakoangmgaopisyalngaabiso,
proseso,sugo,resolusyon,ugdesisyonsakorte/hukuman,apilangmgapagpasaka/pagsumitisaGinareklamo,pinaagisa:
(CheckthosethatapplyPilisaubosogbutangiogtsek)

emailaddress:__________________________________________________________________
faxnumber:____________________________________________________________________
cellphonenumber:______________________________________________________________
o phonecall
o textmessage(SMS)
o instantmessage(ex.Viber,WhatsApp,FacebookMessenger)pls.specify:__________________

9PRAYERPakiluoy/Paghangyo

WHEREFORE, plaintiff respectfully prays for judgment ordering defendant/s to pay the amount of (in words)
____________________________________________________________________________________________
(in figures) P_______________________, with interest at the rate of _____% per annum/month, from
____________________untilfullypaid.

TUNGOD ANI, ang nagareklamo kay matinahuron nga naghangyo nga ihatag ang paghatol nga suguͲon ang
ginareklamongamagbayadsakantidad(inwords)__________________________________________(infigures)
P_______________________,apilangtubo/interesnga_____%kadaͲtuig/bulan,gikan____________________
hangtudsamabayrankiniogtibuok.

CitySiyudad: DatePetsa:

Plaintiff’sSignaturePirmasaNagareklamo:

(SmallClaims)


10VERIFICATIONANDCERTIFICATIONAGAINSTFORUMSHOPPING,SPLITTINGACAUSEOF
ACTION,ANDMULTIPLICITYOFSUITSPagpapatotoooPagpapatunaynaWala’yUbannaKasong
Nakasampa/NakabinbinsaUbannaKorte/Hukuman
IAko,_______________________________,oflegalagenaasasaktongaidad,____________________,
(NameNgalan)(CitizenshipPagkalungsoranon)
__________________,andaresidentof___________________________________________________________
(CivilStatusSibilngaKahimtang)
___________________________________________________________________________________________________,
(ResidencePinuyͲanan)
underoath,statekaynanumpanga:

1. IamtheplaintiffintheaboveͲentitledcasewhopreparedandfilledouttheStatementofClaim/s.
Ireadandunderstooditscontentswhicharetrueandcorrectofmyownpersonalknowledgeand/or
basedontruerecords. Akoangnagareklamoaningangakaso,ogakoangnagahimougnagbutangani
nga Asunto sa Pagsingil. Nabasa ug nasabtan naku ang mga sulod ani nga Asunto sa Pagsingil, og ako
gipamatudͲanbasesaakongpersonalnakahibalo,ug/obasesatinoodngamgarecord;

2. TheStatementofClaim/sisnotfiledtoharass,causeunnecessarydelay,orneedlesslyincreasethe
cost of litigation. Ang Asunto sa Pagsingil kay ako gisumiti/gipasaka sa korte dili para makaͲharas o
makapadugaysakaso,omakahimoogwalayhinungdanngagastossaprosesosakorte;

3. Ihavenotcommencedanyactionorproceedinginvolvingthesameissueorsubjectmatterinthe
SupremeCourt,CourtofAppeals,oranyothertribunaloragency,andthatthecheck/scoveredin
this case has/have not been the subject of a criminal charge filed before the Office of the
Provincial/City Prosecutor; that to the best of my knowledge, no such action or proceeding is
pendingintheSupremeCourt,CourtofAppeals,oranyothertribunaloragency;andthat,ifIshould
learnthereafterthatasimilaractionorproceedinghasbeenfiledorispendingbeforethiscourt,
tribunal,oragency,Iundertaketoreportthatfacttothiscourtwithinfive(5)daystherefrom.Wala
konagpasakaoglainngakasoogwalaylainkasongasamtangginadungogsalainngakorteoubanpanga
ahensyasagobyernokabahinaningatransaksyon,ugkonnaamancheke/mgachekenganaapilani,walay
bulagngakasonakriminalangipasakadiri.Konmadiskubrinakunganaalainkasonganapasakaosamtang
ngaginadungogsalainngakorteoahensiyasagobyernokabahinaningatransaksyonocheke/mgacheke,
nagasaadkongaakoipahibalodayunaningakortesasulodsalima(5)kaadlawgikansaakongpagdiskubre;

4. The filing of this case is not in violation of the rule against splitting a single cause of action or
multiplicityofsuits.AngpagpasakaaningakasokaydilisukwahisapalisiyasaKorteSupremanaginadili
angpagpasakaoglainͲlainngakasonganagagikansausarakatransaksyon.

INWITNESSWHEREOF,Ihavehereuntosetmyhandthisdayof______________,20____.

____________________________
Plaintiff’sNameandSignature
NgalanugPirmasaNagareklamo

SUBSCRIBEDANDSWORNtobeforemethis____dayof_____________________,20___.

_________________________________
NotaryPublic/AdministeringOfficer
(SmallClaims)
138

FORM1ͲSCC INFORMATIONFORTHESMALLCLAIMSDEFENDANT
PahibaloparasaGinareklamo
Thisinformationsheetiswrittenforthepersonsuedinthesmallclaimscourt.Itexplainssomeoftherulesof,andsome
generalinformationabout,thesmallclaimsprocedure.Itmayalsobehelpfulforthepersonwhosued.
Kini nga papel nga naglangkob og pahibalo kay gisulat para sa tawo nga ginareklamo para sa pagsingil og gamay nga
kantidad.Ginapasabotsakiningapahibaloangmgalagda/palisiyaogubanpangakinatibukͲanngapahibalomahitungodsa
korteparasaasunto/demandangapagsingiloggamayngakantidad.Pwedepudkinimapahimuslansataonganagareklamo.

“Small Claims Rule” is a simple and informal procedure “Lagda/Palisiya kabahin sa Pagsingil og Gamay nga
wheremoneyclaimsforP1MillionPesosorlessareheard Kantidad” mao ang simple ug dili pormal na
bytheMetropolitanTrialCourts(MeTCs),MunicipalTrial pamaagi/proseso sa pagdungog sa pagsingil nga ang
CourtsinCities(MTCCs),MunicipalTrialCourts(MTCs)and kantidadkayP1MilyonPesosomasubos/gamaypa.Kini
MunicipalCircuitTrialCourts(MCTCs). ngamgapagsingilkayipasakasaMetropolitanTrialCourts
(MeTCs),MunicipalTrialCourtsinCities(MTCCs),Municipal
Trial Courts (MTCs) at Municipal Circuit Trial Courts
(MCTCs).

Theclaimordemandmaybeforthefollowing: Angasunto/pagsingilkaypwedeparasamganakalistasa
ubos:

a. Moneyowedunderanyofthefollowing: a. Angasunto/demandakayparasapagsingilogkwarta
1)Contractoflease ngagiͲutangpinaagisamganakalistasaubos:
2)Contractofloanandothercreditaccommodations 1) KontratasapagͲabang
3)Contractofservice 2) Kontrata sa utang ug uban pa nga mga credit
4)Contractofsaleofpersonalproperty(thisexcludes accommodations
the recovery of personal property unless it is the 3) Kontratasaserbisyo
subjectofacompromiseagreement). 4) Kontrata sa pagbaligya ug mga personal nga
butang o kabtangan (dili apil ang pagbawi sa
personalnabutanggawaskongipailalomkinisa
usakakasabutanokompromiso).

b. Theenforcementofabarangayamicablesettlement b. AngpagpatumansausakamahigalaonngapagͲareglo
or an arbitration award involving a money claim if o arbitration award sa barangay nga naglambigit sa
withinsix(6)monthsfromthedateofthesettlement pagsingilogkwarta,konsasulodsaunom(6)kabulan
ordateofreceiptoftheawardorfromthedatethe gikan sa petsa sa areglo o sa petsa sa pagdawat sa
obligation stipulated or adjudged in the arbitration arbitration award o gikan sa petsa kon kanusͲa ang
award becomes due and demandable, no execution obligasyon nga gitakda o gihukman nga award
has been enforced by the Barangay, pursuant to nahimong angay og gikinhanglan, wala pay
Section 417 of Republic Act No. 7160 (The Local gipatuman/gipatupadangBarangay,subaysaSection
GovernmentCodeof1991). 417 sa Republic Act No. 7160 (The Local Government
Codeof1991).

1. Whatmust Ido upon receipt of the Summons and Unsaakobuhaton,isipusakaginareklamo,sapagdawat
StatementofClaim?Youmustfileincourtandserveon nakusaPagpatawagogAsuntosaPagsingil?Kinahanglan
the plaintiff a verified Response, attaching all documents nimo nga ipasaka o isumiti sa korte ug ihatud sa
and evidence to support your defense. You must also NagareklamoangimohangGipamatudͲanngaTubagapilo
attendthehearingonthedateandtimeindicatedinthe nakalakipangtananngamgadokumento/papelesugmga
NoticeofHearing. ebidensya nga magsuporta sa imong depensa, ug
kinahanglan ka motambong/motunga sa pagdungog sa
petsaogorasnganakasulatsaAbisosaPagdungog.

2. HowdoIfilemyverifiedResponse? Unsaon naku pagsumiti o pagpasaka sa akong
Youmustdotheff: GipamatudͲanngaTubag?Kinihanglannimobuhatonang
a. FilloutForm3ͲSCC(VerifiedResponse) mganaasaubos:
b. Attach all documents and evidence supporting your a. Sulati/Tubaga ang Form 3ͲSCC (GipamatudͲan
response,ifany. ngaTubag)
c. Make copies of all pages and your supporting b. Ilakip/iͲapilangtananngadokumento/papelesug
documents(filetheoriginalincourtandmakecopies ebidensiya nga mosuporta sa imong tubag, kon
fortheplaintiffandyourself). naa.
d. Iftheoriginaldocumentsconsistofrecordsthatcould c. HimoͲi og kopya ang tanan nga panid ug ang
not be separated, you can photocopy the pertinent imong mga makatabang/makasuporta nga mga
documentandhaveitcertifiedbytheClerkofCourt
dokumento/papeles (isumiti sa korte ang mga
oftheOfficeoftheClerkofCourt(OCC)asafaithful
orihinal na kopya ug paghimo og kopya para
reproductionoftheoriginal.
e. Have Form 3ͲSCC and all supporting documents, nagareklamougsaimongaginareklamo).
especially part 8 on Verification (or part 9 on d. Kon ang orihinal nga dokumento/papeles kay
Verification Certification Against Forum Shopping, naglangkob og mga rekord nga dili pwede
Plaintiff’sStatementofClaim/s
(SmallClaims)
(SmallClaims)


SplittingaCauseofAction,andMultiplicityofSuits,if bulagon, pwede nimo ipakopya ang mga
you have a counterclaim), subscribed and sworn to importante ra nga dokumento og ipasertipika sa
beforeeitheranotarypublic,theClerkofCourtofthe ClerkofCourtngOfficeoftheClerkofCourt(OCC)
OfficeoftheClerkofCourt(OCC)wherethecasewill ngakiniangmatinudͲanonngakopyasaorihinal.
be filed, a Branch Clerk of Court, or a Barangay
Chairperson. e. Ang Form 3ͲSCC og ang tanan nga
f. Ifyouhaveacounterclaim,paythefilingfee,ifany. nakalakip/nakaapil nga mga makatabang/
g. Within ten (10) calendar days from receipt of the
makasuporta nga dokumento/papeles, labi na
Summons, you must serve on the plaintiff a copy of
ang parti sa bahin/parte 8 sa PagpamatuͲod (o
yourverified Response,togetherwiththesupporting
documents, and file the original with the court that bahin/parte 9 sa PagpamatuͲod nga Walay Lain
issuedtheSummons. NgaKasoangNakabinbinoSamtangGidungogsa
UbanngaKorte,konnaakayBalosngaPagsingil),
gikinahanglan nga pirmahan og gisumpaan sa
atubangan sa notary publiko o Clerk of Court ng
OCCkonasagipasakaangkasoosaBranchClerk
ofCourtoPunongBarangay.
f. Bayari ang bayronon sa pagpasaka sa kaso, kon
naakaybalosngapagsingil.
g. Sa sulod sa napulo (10) ka adlaw sa kalendaryo
gikansapagdawatsaPagpatawag,kinahanglan
nimoihatud/itunolsanagareklamoangkopyasa
imohang GipamatudͲan nga Tubag, apil ang

imong mga dokumento/papeles, og kinahanglan

pudnimoisumitiangmgaorihinalnakopyadidto

sakortengagaͲisyusaPagpatawag.

IfyouhavequestionsregardingForm3ͲSCC,youmayinquire KonnaakaymgapangutanakabahinsaForm3ͲSCC,pwedi
withthecourtthatissuedtheSummons.Youmayalsocontact kamangutanasakortenganagͲisyusaPagpatawag.Pwedi
thecourtatthenumberoremailaddresswritteninthe pudnimokontakonotawaganangKortesanumerooemail
SummonsandStatementofClaims. address nga nakasulat sa Pagpatawag og Asunto sa
Pagsingil.

3. What is a counterclaim? It is a claim that you, the UnsaangBalosngaPagsingil?Kiniangpagsingilnimonga
defendant,mayhaveagainsttheplaintiff. ginareklamobatoksanagareklamo.

You can set up a counterclaim in your Verified Ang ginareklamo pwedi magpasaka og balos nga
Response(Form3ͲSCC)if: pagsingil base sa mapamatudͲan sa iya nga
GipamatudͲanngaTubag(Form3ͲSCC)kon:
1) Itisnotmorethan൐1MillionPesos,exclusiveof
interestandcosts.Anyamountinexcessof൐1 1) Ang balos nga pagsingil dili molapas sa P1
Million pesos, excluding interests and costs, MilyonPesos,walaylabotodiliapilanginteres
shallbedeemedwaived; uggastossapagpasakasakaso.Angkantidad
2) Itdoesnotrequirethejoinderofthirdparties; nga molapas P1 Milyon Pesos kay ikonsiderar
and ngagisalikwayna;
3) Itisnotthesubjectofanotherpendingaction. 2) Dili kinahanglan ang pagͲapil sa uban nga
Partidosagipasakangakaso;ug
3) Walalainngakasoanggipasakaognakabinbin
salainkortengaparehosabalosngapagsingil.

4. WhathappensifIdonotfiletheverifiedResponseanddo Unsa ang mahitabo kon ako nga ginareklamo kay wala
notappearatthehearing?Thecourtshallproceedwith gasumitiogahatagsakorteogGipamatudͲanngaTubag
thehearing.Ifyouoryourrepresentativedidnotattend, ug wala pud ko nitambong/nitunga sa pagdungog?
thecourtwillrenderjudgmentasmaybewarrantedbythe Magpadayun giyapon ang korte sa pagdungog og
factsallegedintheStatementofClaim/s. maghatagkiniogdesisyonbase/sumalasamapamatudͲan
saAsuntosaPagsingil.

5. WhathappensifIdonotfileaverifiedResponsewithin Unsa ang mahitabo kon ako na ginareklamo kay wala
therequiredperiodbutIappearatthehearing?Thecourt nagsumiti/naghatag sa korte og GipamatudͲan nga
willconsideranydefenseyouofferduringthehearingas Tubagperonitambong/nitungakosapagdungog?HunaͲ
yourResponse.Hearingwillproceedonthesamedayand hunaonotagdonsakorteangunsamanngaimodepensa
the court will render judgment within twentyͲfour (24) ngaitanyag/ipresentarsaadlawsapagdungogogmaokini
hours from termination of the hearing. If you rely on angmahimonimongatubag.Magpadayunangpagdungog
documentaryevidencetosupportyourdefense,thecourt sa kanang adlaw mismo ug maghatag ang korte og
willorderyoutosubmitoriginalcopiesofsuchdocuments desisyon/hatol sa sulod sa baynteͲkuwatro (24) ka oras
withinthree(3)calendardaysfromtheterminationofthe gikan sa pagkahuman sa pagdungog. Kon ikaw nga
(SmallClaims)
140

hearing.Uponreceiptthereoforexpirationoftheperiodto ginareklamo nagsalig sa mga dokumento/papeles na
file,thecourtwillrenderjudgmentwithintwentyͲfour(24) ebidensya para suportahan ang imong depensa, ang
hours. korte/hukuman magsugo sa imo nga isumiti ang mga
orihinal nga kopya ani nga mga dokumento/papeles sa
sulod ka tulo (3) ka adlaw sa kalendaryo gikan sa
pagkahumansapagdungog.Gikansapagdawatsakortesa
mga dokumento/papel o pagkahuman sa panahon sa
pagsumiti ani, maghatag na ang korte/hukuman og
paghukom/desisyon sa sulod sa baynteͲkuwatro (24) ka
oras.

6. DoIneedalawyer?YOUCANNOTHAVEALAWYERATTHE Kinahanglan ba ko og abogado? DILI KA PWEDE
HEARING. You may consult a lawyer before or after the MAGPAKUYOGOGABOGADOSAPAGDUNGOG.Pwedeka
hearingbutthelawyercannotappearfororwithyouatthe mokunsultaogabogadobagͲomagsugodangpagdungog
hearing. og pagkahuman sa pagdungog, pero ang abogado dili
pwede motambong para sa imoha o mokuyog sa
pagdungog.

7. WhatifIdonotspeakEnglishwell?Thejudgewillspeak Unsaon kon dili ko kaantigo/kabalo mosulti og Ingles?
inFilipinoorthelocaldialect.Acourtinterpretershallalso Magstorya/mosulti ang korte/hukom og tagalog o lokal
beavailableonthehearingday. ngadiyalekto/panulti.Usakatagasalin/interpretersakorte
ang motabang sa pagpasabot sa imo sa adlaw sa
pagdungog.

8. Whathappensatthehearing?Besureyouareontimefor Unsaangmahitabosapagdungog?Siguraduanganaaka
thehearing.Youmustbringwithyoutheoriginalaffidavits sa saktong oras sa pagdungog. Kinahanglan nimo dadͲon
ofwitnesses,receipts,andanyevidenceyouneedtoprove angmgaorihinalngagipamatudͲanngamgapagsaysayo
your statements in your verified Response, if these have affidavits sa imong mga testigo, mga resibo, ug uban pa
not been previously submitted to the court. If you are nga mga ebidensya na imong kinahanglan para
representingajuridicalentity,youmustbringyouroriginal mapamatudͲanangimohangGipamatudͲanngaTubagkon
writtenauthoritytoappearatthehearingandtoenterinto kini wala pa nimo nahatag sa korte/hukuman. Kon ikaw
nagaͲrepresenta sa usa ka organisyon/panagͲuban nga
an amicable settlement, submit to alternative modes of
giilasabalaodngausakajuridicalentity,kinahanglannimo
dispute resolution, and enter into stipulations or
dadͲonangorihinalnganakasuwatngagahum/awtoridad
admissionsoffactsandofdocuments. para makatambong ka sa pagdungog ug mosulod sa
mahigalaon/malinawon nga panagsabot, mosumiti/
modangop sa alternatibo nga pamaagi sa resolusyon/
paghusay sa panaglalis, ug mohimo og pagͲangkon o
mosulodsausakakasabutansamgapanghitabougmga
dokumento/papeles.

Ifyouoryourrepresentativeandtheplaintifforhis/her/its Kon ikaw o ang imohang representante ug ang
representativeappearatthehearing,thejudgewilllisten nagareklamo kay motambong sa pagdungog, ang
to both of you. The judge will conduct mediation and korte/hukommaminawsainyongduha.Angkorte/hukom
encourageyouandtheplaintifftosettleyourcase.Ifyou ang magpataliwala ug mohikayat sa inyong duha nga
do not settle, the judge will render judgment within magkasinabotogsulbaronanginyongkaso.Kondilikamo
twentyͲfour (24) hours from termination of the hearing. magkasinabot, maghatag og hatol/desisyon ang
korte/hukomsasulodsabaynteͲkuwatro(24)kaorasgikan
Youcannotappealthedecision.
sapagkahumansapagdungog.DilinakapwedemoͲapela

sadesisyonsakorte/hukom.

9. DoIhaveoptions?Yes,youcandoanyofthefollowing: Naa ba koy kapiliͲan? Oo, pwedi nimo buhaton ang mga
x Settle the case before the hearing. If you and the naasaubos:
plaintiffagreeonhowtosettlethecase,bothofyou x Husayon na nimo ang kaso o ang dili pagkasinabot
mustnotifythecourt.YoumayasktheOfficeofthe bagͲo pa ang pagdungog. Kon ikaw ug ang
ClerkofCourt(OCC)orBranchClerkofCourtforhelp. Nagareklamo parehas nga mouyon sa pamaagi sa
x File your verified Response and/or appear at the pagkasinabotsakaso,kinahanglanninyongduhanga
hearing. Bring the original affidavits of witnesses, ipahibalokinisakorte.Pwedimomangayoogtabang
receipts, and any evidence you need to prove your saOfficeoftheClerkofCourt(OCC)osaBranchClerk
case, if these have not been previously submitted to ofCourt.
thecourt.
x Magsumiti ka og GipamatudͲan nga Tubag ug/o
x Agreewiththeplaintiff’sclaimandpaythesame.If
motunga/moapil ka sa pagdungog. DadͲa ang mga
you cannot pay the amount claimed now, go to the
orihinal nga affidavits/pagpamatuod sa mga testigo,
hearingandmanifestbeforethecourtthatyouwantto
makepaymentsbyinstallment. resibo,ugubanpangamgaebidensyangamosuporta
x Letthecaseproceedwithoutyou.Ifyoudidnotsettle, saimohangkaso,konwalapakinikaniadtonasumitisa
didnotfileaverifiedresponse,anddidnotattendthe korte.
hearing,thejudgemaygivetheplaintiffwhathe/she/it x MouyonsakantidadngagisingilsaNagareklamaug
isprayingfor,includingcourtcosts.Ifthishappens,the bayari kini. Kon dili nimo mabayran dayun ang
courtmayorderthatyourmoneyorpropertybetaken kantidad nga gisingil, kinahanglan ka moadto/
motambong sa pagdungog ug ipadayag sa korte/
(SmallClaims)


topaythemonetaryawardtogetherwithinterestsas hukuman nga gusto ka magbayad og hulugan o
statedintheDecision. pautayͲutayngapagbayad.
x Pasagdanngamagpadayunangkasobisanwalaka.
Kon wala ka nakipaghusay, wala ka nagsumiti og
GipamatudͲan nga Tubag, ug wala pud ka
nitambong/nitunga sa pagdungog, pwedi maghatag
ang korte sa unsa man nga gipangayo sa Asunto sa
PagsingilngagipasakasaNagareklamo.Konkiniang
mahitabo, pwedi isugo sa korte nga kuhaon ang
imohang kwarta o kabtangan para bayaran ang
kantidad nga gibutang sa Desisyon, apil ang mga
interes.

10. What happens if the plaintiff does not appear at the Unsa ang mahitabo kon dili makatambong/makaapil sa
hearing? The court will dismiss plaintiff’s Statement of pagdungogangnagareklamo?
Claim without prejudice. This means that the plaintiff is Ibasura/ilabay sa korte ang imohang Asunto sa Pagsingil
allowedtoreͲfiletheclaim.Ifyou,thedefendant,appears nga walay kadaot/pagpihig. Gapasabot kini nga pwede
atthehearing,youmaybeentitledtoajudgmentonyour gihaponmagpasakaogusabangnagareklamosakininga
counterclaim,ifany. pagsingil.Konikawngaginareklamonitambong/nitungasa
pagdungog,naaka(ginareklamo)katungodngamakakuha
ogdesisyon/hatolsaimohangbalosngapagsingil.

11. Whathappensifbothyouandtheplaintifffailtoappear Unsa ang mahitabo kon ikaw nga ginareklamo ug ang
atthehearing?Ifbothyouandtheplaintifffailtoappear nagareklamoparehangadilimakatambong/makaapilsa
atthehearing,thecourtshalldismisswithprejudiceboth pagdungog?Parehasngaibasura/ilabaysakorte/hukom
theStatementofClaimandyourcounterclaim,ifany. anginyongAsuntosaPagsingilugangbalosngapagsingil.
Ang kini nga pagbasura/paglabay naay kadaot/pagpihig.
Buotpasabotani,dilinaninyoparehasmapasakaogusab
angmaongAsuntosaPagsingilugbalosngapagsingil.

12. WhathappensafteradecisionisrenderedbytheCourt? Unsaangmahitabopagkahumansapaghukom?Konang
Whenadecisionisrenderedinfavoroftheplaintiff,and desisyon kay pabor sa nagareklamo, ug naay pruweba
there is proof on record that you received the same, base/sumala sa record nga nadawat na nimo nga
plaintiffcancausetheexecutionofthedecisionbyfilingan ginareklamoangmaongdesisyon,pwedinakiniipatuman
expartemotion(Form12ͲSCC).However,ifthedecisionis sa nagareklamo pinaagi sa pagsampa og ex parte nga
based on a compromise agreement, the proof that you mosyon(Form12ͲSCC).Dilinakinikinahanglanipahibalosa
receivedthedecisionisnolongernecessary. imo nga ginareklamo. Bisan pa niana, kon ang desisyon
nakabase sa Kasabutan o Kompromiso, ang pruweba na
The decision of the court is final, executory and nadawatkininimonaginareklamokaydilinakinahanglan.
unappealable.
And desisyon sa korte/hukuman kay mao na ang

paghuman/ katapusan, ipatuman na ug dili na pwede

iͲapela.

(SmallClaims)
142

OTHERPLAINTIFFSORDEFENDANTS CaseNumber:
FORM1ͲAͲSCC MgaUbanpangaNagareklamoo
Ginareklamo
ThisformisattachedtoForm1ͲSCC(StatementofClaim/s),item1or2.
KiningapapelkaygilakipsaForm1ͲSCC(AsuntosaPagsingil),item1o2.
1OTHERPLAINTIFF
NameNgalansaNagareklamo SexKasarian AgeIdad CivilStatusSibilngaKahimtang

TypeofPlaintiffKlasesaNagareklamo TypeofBusinessKlasengaNegosyo
CorporationKorporasyon LendingPagpahulam
PartnershipPanagͲubansanegosyo Others(pls.indicate):ogubanpangaNegosyo:

HomeAddressAdres/LugarsaPaghatodngaSulatsaBalaysaNagareklamo


ContactNo.Telepono/SelponNumero. EmailAddress

PlaceofWork/BusinessLugarkungasakaNagatrabaho/Naganegosyo



Plaintiff’sRepresentative,ifapplicableRepresentatesaNagareklamo,konmagamit
NameNgalansaRepresentantesaNagareklamo

HomeAddressAdres/LugarsaPaghatodngaSulatsaBalaysaRepresentantesaNagareklamo



PlaceofWorkLugarkungasaNagatrabahoangRepresentantesaNagareklamo



Checkhereifmorethanthree(3)plaintiffsandfilloutasmanyForm1ͲAͲSCCasmaybenecessary.
Butangiogtsekkungmolapassatulo(3)angmganagareklamo,ugpagsulatogdugangsaForm1ͲAͲSCC,kung
kinahanglan.

OtherPlaintiffsorDefendants Form1ͲAͲSCC,Page1of2
(SmallClaims)

CaseNumber:

2OTHERDEFENDANT
NameNgalansaGinareklamo SexKasarian AgeIdad CivilStatusSibilngaKahimtang

TypeofDefendantUringHinahabla CooperativeKooperatiba
IndividualTawo/Indibidwal SoleProprietorshipSolongaPanagͲiya
CorporationKorporasyon
PartnershipPanagͲubansanegosyo

HomeAddressAdres/LugarsaPaghatodngaSulatsaBalayGinareklamo



PlaceofWork/BusinessLugarkungasakaNagatrabaho/NaganegosyoangGinareklamo



Defendant’sRepresentative,ifapplicableRepresentatesaGinareklamo,konmagamit
NameNgalansaGinareklamo

HomeAddressAdres/LugarsaPaghatodngaSulatSaBalaysaRepresentantesaGinareklamo



PlaceofWorkLugarkungasaNagatrabahoangRepresentantesaGinareklamo



Checkhereifmorethantwo(2)defendantsandfilloutasmanyForm1ͲAͲSCCasmaybenecessary.
Butangiogtsekkonmolapassaduha(2)angmgaginareklamo,ogpagsulatogdugangsaForm1ͲAͲSCC,kon
kinahanglan.

OtherPlaintiffsorDefendants Form1ͲAͲSCC,Page2of2
(SmallClaims)
144
FORM1ͲBͲSCC

INFORMATIONFORTHESMALLCLAIMSPLAINTIFF
PAHIBALOPARASANAGAREKLAMO
Thisinformationsheetiswrittenforthepersonwhosuesinthesmallclaimscourt.Itexplainssomeoftherulesof,
andsomegeneralinformationabout,thesmallclaimscourt.Itmayalsobehelpfulforthepersonwhoissued.
Kiningapapelnganaglangkobogpahibalokaygisulatparasatawonganagareklamoonagapasakaogkasosakorteparasa
pagsingiloggamayngakantidad.Ginapasabotsakiningapahibaloangmgalagda/palisiyaogubanpangakinatibukͲannga
pahibalomahitungodsakorteparasaasunto/demandangapagsingiloggamayngakantidad.Pwedepudkinimapahimuslansa
taongaginareklamo.

“Small Claims Rule” is a simple and informal procedure “Lagda/Palisiya kabahin sa Pagsingil og Gamay nga
wheremoneyclaimsforP1MillionPesosorlessareheard Kantidad” mao ang simple ug dili pormal na
bytheMetropolitanTrialCourts(MeTCs),MunicipalTrial pamaagi/proseso sa pagdungog sa pagsingil nga ang
CourtsinCities(MTCCs),MunicipalTrialCourts(MTCs)and kantidadkayP1MilyonPesosomasubos/gamaypakininga
MunicipalCircuitTrialCourts(MCTCs). mga pagsingil kay ipasaka sa Metropolitan Trial Courts
(MeTCs),MunicipalTrialCourtsinCities(MTCCs),Municipal
Trial Courts (MTCs) ug Municipal Circuit Trial Courts
(MCTCs).

Theclaimordemandmaybeforthefollowing: Angasunto/pagsingilkaypwedeparasamganakalistasa
ubos:
a. Moneyowedunderanyofthefollowing:
1)Contractoflease a. Angasunto/demandakayparasapagsingilogkwarta
2)Contractofloanandothercreditaccommodations ngagiͲutangpinaagisamganakalistasaubos:
3)Contractofservice 1) KontratasapagͲabang
4)Contractofsaleofpersonalproperty(thisexcludes 2) Kontrata sa utang ug uban pa nga mga credit
the recovery of personal property unless it is the accommodations
subjectofacompromiseagreement). 3) Kontratasaserbisyo
4) Kontrata sa pagbaligya og mga personal nga
butang o kabtangan (dili apil ang pagbawi sa
personalnabutanggawaskongipailalomkinisa
usakakasabutanokompromiso).

b. Theenforcementofabarangayamicablesettlement b. AngpagpatumansausakamahigalaonngapagͲareglo
or an arbitration award involving a money claim if o arbitration award sa barangay nga naglambigit sa
withinsix(6)monthsfromthedateofthesettlement pagsingilogkwarta,kungsasulodsaunom(6)kabulan
ordateofreceiptoftheawardorfromthedatethe gikan sa petsa sa areglo o sa petsa sa pagdawat sa
obligation stipulated or adjudged in the arbitration arbitration award o gikan sa petsa kung kanusͲa ang
award becomes due and demandable, no execution obligasyon nga gitakda o gihukman nga award
has been enforced by the Barangay, pursuant to nahimong angay og gikinhanglan na, wala pay
Section 417 of Republic Act No. 7160 (The Local gipatuman/gipatupadangBarangay,subaysaSection
GovernmentCodeof1991). 417 sa Republic Act No. 7160 (The Local Government
Codeof1991).

1. Whocanfileaclaim? Kinsaangpwedemagpasakaogpagsingil?
a. Youmustbeatleasteighteen(18)yearsoldtofilea a. Kinahanglanngaikawkaynaasaidadngadiseotso
claim. If you are not yet eighteen (18), a parent or (18)paramakapasakaogpagsingil.Kungwalapaka
legalguardianmayfiletheclaimforyou. sa sakto nga idad, ang imong mga ginikanan o ang
imong legal nga tigbantay ang magpasaka og
pagsingilparasaimo.
b. Ifajuridicalentityfilesaclaim,itshallnotifythecourt
and name its authorized representative in writing, b. Kunganggapasakaogpagsingilusakaorganisasyon
attachingaboardresolutionorsecretary’scertificate o korporasyon nga giila sa balaod, kinahanglan nga
statingthatsuchrepresentativeisdulyauthorizedto ipahibalo sa korte/hukuman ang pangalan sa
filetheclaiminitsbehalf. representante nga gitagaan og gahom nga
magpasakaogkaso,ugkinahanglanilakipangboard
resolution o secretary’s certificate nga gaingon nga
ang maong representante kay gitugutan nga
magpasakasakasongapagsingilsangalansamaong
organisasyonokorporasyon.

2. Whatmustyoupreparebeforefilingaclaim? UnsaangimongdapatiͲandambagͲokamagpasakaog
a. Documentsandevidencesupportingyourclaims,such pagsingil?
as signed deeds and contracts, promissory notes, a. Mga dokumento ug ebidensya nga mosuporta sa
checks, receipts, affidavits of witnesses, and other imongpagsingilsamasapirmadongakasulatanug
importantdocuments. kontrata,ebidensyasautang,mgatseke,mgaresibo,

InformationforPlaintiff Form1ͲBͲSCC,Page1of6

(SmallClaims)


FORM1ͲBͲSCC

b. Latestdemandletter,ifany,its proofofserviceand mga affidavits/pagpamatuod sa mga testigo, ug

receipt. ubanpangamgaimportantenadokumento/papeles.
c. Certificate to File Action from the Barangay, if b. Pinakaulahingasulatngapagsingil,kungnaa,ogang
necessary, and only when you and the defendant ebidensyasapagpadalaugpagdawatniini.
residewithinthesamemunicipalityorcity. c. Sertipiko/KatibayanparaMagpasakaogKasogikan
d. Ifyoucannotattendthehearing,aSpecialPowerof saBarangaykungikawugangginareklamonagpuyo
Attorney (SPA), board resolution or secretary’s saparehasngamunisipyoosiyudad.
certificate, as the case may be, authorizing your
d. Kungdilikamakatambong/makaapilsapagdungog
representative to represent you during the hearing,
sakaso,kinahanglannaakayEspesyalngaGahumsa
enter into an amicable settlement, submit to
alternative modes of dispute resolution, and make Abogado (SPA), board resolution o secretary’s
admission or stipulations of facts and documents certificate,kungahamankinipwede,ngagatugotsa
withoutfurtherconsultationfromyou. imongrepresentantengamagrepresentarsaimosa
e. Ifyouarefilingtheclaiminbehalfofalegalentity,a pagdungog, mosugot sa usa ka mahigalaon/
secretary’scertificateorboardresolutionauthorizing malinawonngapaghusay/pagkasinabot,mosumiter/
youtofilethecase. modangop sa alternatibo nga pamaagi sa
resolusyon/paghusay sa panaglalis, ug mohimo og
pagͲangkonomosulodsausakakasabutansamga
panghitabo ug mga dokumento/papeles nga dili na
kinahanglan og dungag nga konsultasyon gikan sa
imo.
e. Kung ang pagpasaka sa pagsingil kay sa ngalan sa
usakajuridicalentity(organisasyonokorporasyon),
kinahanglan ang Secretary’s Certificate o Board
Resolutionngagatugotsaimongaipasakaangkaso.

3. Wherecanyoufileyourclaim?Youmustsueintheright Asa ka pwedi magpasaka og pagsingil? Kinahanglan ka
courtandlocation.Thisruleiscalledvenue.Ifyoufileyour magpasaka og kaso sa sakto nga korte ug lokasyon. Kini
claiminthewrongcourt,thecourtcandismisstheclaim. nga lagda/palisiya gitawag nga venue. Kung imo ipasaka
Theregularrulesonvenueshallapply,i.e.,whereyouor angkasosasayopngakorte,pwedeibasurasakorteang
the defendant resides, or in the case of a nonͲresident imongkaso.Angregularngamgalagda/palisiyasavenue
defendant wherever he or she may be found, at your ang mao magdumala, pananglitan, kung asa ka o ang
option. ginareklamo nagpuyo, o kung ang ginareklamo dili
residente, kung asa siya makitͲan, sumala/base sa imong
pagpili.

However, if you are engaged in the business of lending, Bisanpaniana,kungikawnaasanegosyosapagpahulam,
bankingandsimilaractivities,andhaveabranchwithinthe bangkougubanpangaparehasnaaktibidad/negosyo,ug
municipality or city where the defendant resides or is naakaysangangaopisinasasulodsamunisipyoosyudad
holdingbusiness,thecaseshallbefiledinthecourtofthe kung asa nagpuyo o lugar na naganegosyo ang
city or municipality where the defendant resides or is ginareklamo, ang kaso kay ipasaka sa korte/hukuman sa
holdingbusiness.Iftherearetwo(2)ormoredefendants, siyudadomunisipyokungasaangginareklamonagpuyoo
thecaseshallbefiledinthecourtofthecityormunicipality naganegosyo.Kungadunayduha(2)olabawpangamga
whereanyofthemresidesorisholdingbusiness,atyour ginareklamo, ang kaso sa pagsingil dapat ipasaka sa
option. syudad o munisipyo kung asa ang bisan kinsa sa ilaha
nagpuyoonaaynegosyo,sumala/basesaimongpagpili.

4. HowdoIfilemyclaim? Unsaonnakupagpasakasapagsingil?
a. FilloutForm1ͲSCC(StatementofClaim). a. Sulati/Tubaga ang Form 1ͲSCC (Asunto sa
b. Attach all documents and evidence supporting your Pagsingil).
claim. b. Ilakip/IͲapil ang tanan nga dokumento/papeles
c. MakeasmanycopiesofallpagesofForm1ͲSCCand ugebidensiyangamosuportasaimongpagsingil.
yoursupportingdocumentsastherearedefendants. c. HimoͲiogkopyaangtananngapanidsaForm1Ͳ
d. If the original documents consist of records that SCC ug ang imong mga makatabang/
could not be separated, you can photocopy the makasuportangamgadokumento/papeles.Ang
pertinentdocumentandhaveitcertifiedbytheClerk
kadaghanonsakopyamaopudangkadaghanon
ofCourtoftheOfficeoftheClerkofCourt(OCC)asa
saginareklamo.
faithfulreproductionoftheoriginal.
e. HaveForm1ͲSCCandallsupportingdocumentsand d. Kung ang orihinal nga dokumento/papeles kay
copies thereof notarized or administered by either naglangkob og mga rekord nga dili pwede
thenotarypublic,ClerkofCourtoftheOfficeofthe bulagon, pwede nimo ipakopya ang mga
Clerk of Court (OCC) where the case is filed, any importanterangadokumentougipasertipikasa
BranchClerkofCourt,oraBarangayChairperson. ClerkofCourtngOfficeoftheClerkofCourt(OCC)
f. Paythefilingfee(exceptifyourmotiontopleadasan ngakiniangmatinudͲanonngakopyasaorihinal.
indigenthasbeengrantedbytheExecutiveJudge). e. Kinahanglan ang Form 1ͲSCC ug ang tanan nga
g. Getthedateandtimeofyourhearingfromthecourt nakalakip/nakaapil nga mga makatabang/
towhichyourcasewasraffledorassigned. makasuporta nga dokumento/papeles, ug ang
mgakopyaani,kaypirmahanogpagpatudͲansa


(SmallClaims)

146
FORM1ͲBͲSCC

atubangansanotaryopublikooClerkofCourtng
Office of the Clerk of Court (OCC) kung asa
ipasaka ang kaso o Branch Clerk of Court o
PunongBarangay.
f. Bayari ang bayronon sa pagpasaka sa kaso
(gawas kung ikaw gitugutan sa Executive Judge
ngamagpasakaogkasoingonsausakaindigent
otawongawalaysaktongpanginabuhian).
g. Dapat imo mahibalͲan ang adlaw og oras sa
pagdungog gikan sa korte kung asa ang imong
kasonanabutang/naͲibutang.

5. What if I cannot afford to paythe filingfee? If you are Unsaon man kung dili naku makaya ang pagbayad sa
unabletopaythefilingfeebecauseyouhavenoadequate bayrononsapagpasakaogkaso?Kungdilinimomakaya
financial means, you may file the case as an indigent by ngabayaranangbayrononsapagpasakaogkasokaywala
filling out Form 6ͲSCC and attaching the following kaysaktongpinansyalnapamaagi,pwedekamagpasaka
documents: ogkasoingonsausakaindigent(tawongawalaysaktong
a. AffidavitofIndigency panginabuhi)pinaagisapagsulatopagtubagsaForm6ͲSCC
b. BarangayCertificateofIndigency nganagaapil/nagalakipsamgadokumentosaubos:
c. CityorMunicipalAssessor’sCertificate
d. CityorMunicipalTreasurer’sOfficeCertificate a. Pagpamatuod/Affidavit nga Wala kay Sakto nga
e. Affidavitoftwo(2)disinterestedpersons Panginabuhi
b. Sertipiko/KatibayangikansaBarangayngaWalakay
SaktongaPanginabuhi
c. Sertipiko/Katibayan gikan sa Assessor’s Office sa
SyudadoMunisipyo
d. Sertipiko/Katibayan gikan sa Treasurer’s Office sa
SyudadoMunisipyo
e. Pagpamatuod/Affidavit sa duha (2) ka Tawo nga
WalayInteressaKaso

6. How does the defendant find out about the claim? You Unsaonpagkahibalosaginareklamoangkasosapagsingil
must make sure the defendant finds out about your saiya?KinahanglanimongsiguraduhonngamahibalͲansa
lawsuit. This has to be done according to the rules. ginareklamoangimongkasosaiya.Kinahanglanmahimo
Otherwise, your case may be delayed or dismissed. The kini sumala sa mga lagda/palisiya. Kung dili, ang imong
correct way of telling the defendant about the lawsuit is kasopwedimadugayomabasura.Angsaktongapamaagi
called service of process. This means serving Summons sa paghatag og pahibalo mahitungod sa imong kaso kay
alongwiththeNoticeofHearing,acopyoftheStatement gitawagogserbisyosaproseso.Angbuotipasabotanimao
ofClaim/sandallitsattachments,andablankcopyofForm ang paghatod/pagtunol sa Pagpatawag og paghatag sa
3ͲSCC(Response),tothedefendant. kopyasapagsingil.

a. WaystoservethedefendantwithSummons: a. Mgapamaagisapaghatod/pagtunolsaPagpatawag
ogkopyasapagsingilsaginareklamo:

1) Personal Service. This entails handing the 1) Personal nga Serbisyo. Kinahanglan nga ihatag
Summons to the defendant in person and og personal sa ginareklamo ang Pagpatawag ug
informinghim/herthathe/sheisbeingserved.If ipahibalo sa iya nga siya gihatdan/gitunulan ani.
he/she refuses to receive and sign for it, the Kungmobalibadsiyangadawatonugmobalibad
Summonsmaybeleftwithinthedefendant/s’view mopirmaani,angPagpatawagpwedenimoibilin
andpresence.Thisshallbedoneby: saatubangansaginareklamongamaabotsaiya
ngapagtanͲaw.Kinikinahanglanhimoonsa:
A) The sheriff, his/her deputy, or other proper
courtofficer;or A) Sheriff/Serip, iyang representate, o uban pa nga
hustongaopisyal/alagadsakorte;o
B) Youoryourrepresentative,whenthecourtso
ordersunderthefollowinginstances: B) Ikaw,oangimongrepresentante,kungkinigisugo

sakortebasesamgakahigayonansaubos:
i. WhenSummonsisreturnedbythesheriff,

his/her deputy, or other proper court
officerwithoutbeingservedonanyorallof i. Kung ang Pagpatawag kay gibalik sa
thedefendants;and sheriff/serip, iyang representante, o uban pa
ngamgahustongaopisyal/alagadsakorte,og
ii. Where Summons is to be served outside wala kini nahatud/natunol sa usa sa mga
the judicial region of the court where the ginareklamoosatananngaginareklamo;ug
casewasfiled. ii. Kung ang Pagpatawag kay ihatod/itunol sa
gawas sa panghudikaturang rehiyon sa korte
kungasagipasakaangkaso.


(SmallClaims)


FORM1ͲBͲSCC

2) Substituted Service. If, for justifiable causes, the 2)GipulihanngaSerbisyo.Kungangpersonalnaserbisyo

defendant cannot be served personally after at sa ginareklamo kay dili mahimo pinaagi sa
leastthree(3)attemptsontwo(2)differentdates, makatarunganonngahinungdanpagkahumansatulo(3)
servicemaybeeffectedby: kapagsulaysaduha(2)kalainͲlainngapetsa,angserbisyo
kaypwedihimoonpinaagisa:
A) Leaving the Summons at the defendant’s
residencewithapersonresidingthereatwho A) PagbilinsaPagpatawagsabalaysaginareklamosa
is at least eighteen (18) years old and with
tawo nga gapuyo diri nga ang idad kay napulogͲ
sufficientdiscretion;
walo(18)nganaaysaktongapagkabuotan.

B) Leaving the Summons at the defendant’s
officeorregularplaceofbusinesswithsome B) Pagbilin sa Pagpatawag sa opisina o regular nga
competent person in charge thereof. A lugar sa negosyo sa ginareklamo sa tawo nga
competentpersonincludes,butisnotlimited gikasaligan nga nagdumala sa negosyo. Apil sa
to, one who customarily receives tawo nga gikasaligan ang tawo nga kasagaran
correspondencesforthedefendant; nagadawat og mga sulat para sa nagareklamo,
perodilikinilimitadodinhi.
C) Leaving the summons, if refused entry upon
makingyourauthorityorpurposeknown,with C) Pagbilin sa Pagpatawag, kung gibalibaran ang
any of the officers of the homeowners’ pagsulod sa subdivision, korporasyon sa
association or condominium corporation, or condominium paghuman ipahibalo ang imong
its chief security officer in charge of the awtoridadogkatuyuan/tumong,sabisankinsasa
community or the building where the mga opisyal sa mga samahan/organisasyon sa
defendantmaybefound;or mga tagͲiya sa balay o korporasyon sa

condominium, o sa hepe/puno nga gwardia o
D) Bysendinganemailtothedefendant’semail
opisyalsakalinawnganagdumalasakomunidado
address,ifallowedbythecourt.
sa bilding/gusali kung asa makitͲan ang
ginareklamo;o

D) Pinaagisapagpadalaogemailsaemailaddresssa
ginareklamo,kungitugotkinisakorte.

3) When the defendant is a domestic corporation, 3) Kung ang ginareklamo kay usa ka korporasyon,
partnership, or association with a juridical panagͲubansanegosyo,oasosasyon/panagͲubannga
personality,servicemaybemadeonthepresident, naay juridical personality, pwedi ipadala ang
managing partner, general manager, corporate Pagpatawagsapresident,managingpartner,general
secretary, treasurer, or inͲhouse counsel of the manager,corporatesecretary,treasurer,orinͲhouse
corporation,wherevertheymaybefound.Ifthey counsel sa mao nga korporasyon, kung asa man sila
areabsentorunavailable,servicemaybemadeon makitͲan.KungwalasilaodilimakitͲan,pwediihatag
theirsecretaries. angPagpatawagsailangsekretarya.

4) Whenthedefendantisaprisonerconfinedinajail 4) Kungangginareklamousakapiniriso/binilanggonga
orinstitution,serviceshallbeeffecteduponhimor nakapriso/nakakulong sa prisuhan, ang opisyal nga
herbytheofficerhavingmanagementofsuchjail nagdumala sa prisuhan ang maghatag sa iya sa
orinstitutionwhoisdeemedasaspecialsherifffor Pagpatawag. Kini nga opisyal mao ang
this purpose. The jail warden shall file a return isipon/ikonsiderar nga espesyal nga sheriff para ani
within five (5) calendar days from service of ngakatuyoan.Angjailwardenkinahanglanmagsumiti
Summonstothedefendant. sakorteogPagbaliksaPagpatawagsasulodsalima
(5) ka adlaw sa kalendaryo gikan sa pagdawat sa
ginareklamosaPagpatawag.

b. Timingandproofofservice.Nomatterwhichmethodof b. Timing and proof of service. Sa unsa man nga
service,thedefendantmustbeservedbyacertaindateor pamaagi sa paghatud/pagͲabot nga gihisgotan sa
yourcasemaybedismissed.Thesheriff,his/herdeputy, taas, kinahanglan mahatud/maabot sa ginareklamo
or other proper court officer must serve the Summons, angPagpatawagsasiguradongapetsa.Kungdilikini
together with the Notice of Hearing, within ten (10) mahimo,pwedeibasura/ilabay sakorteangimohang
calendarcalendardaysfromissuance.Iftheserviceisto kaso.Angsheriffoiyangmgarepresentanteoubanpa
be doneby you, you must inform the court within thirty nga husto nga opisyal sa korte ang kinahanglan
(30)calendardaysfromnoticeifSummonswasservedor maghatud/magtunol sa Pagpatawag uban ang abiso
not (Form 5ͲSCC, or Form 5ͲAͲSCC in case of substituted sa pagdungog sa sulod sa napulo (10) ka adlaw sa
service). kalendaryo gikan sa paggawas niini. Kung ikaw ang
mohimo sa paghatud/pagͲabot, kinahanglan nimo
ipahibalosakortesasulodsakatloan(30)kaadlawsa
kalendaryo gikan sa abiso kung imo na ba
nahatud/natunolowalapaangPagpatawag(Form5Ͳ
SCC,oForm5ͲAͲSCCpagsubstitutedservice).


(SmallClaims)

148
FORM1ͲBͲSCC

7. Whatifthedefendantalsohasaclaim?Sometimesthe Unsaonkungnaapudpagsingilangginareklamo?Usahay
defendantmayalsohaveaclaimagainstyou.Thisiscalled ang ginareklamo kay naa pud pagsingil batok sa
acounterclaim. nagareklamo. Kini nga pagsingil gitawag og balos nga
pagsingil(counterclaim).

Thedefendantmustraiseitasadefenseinthesame Kinahanglaniapilangbalosngapagsingilsapareho
case; otherwise, it will be deemed waived. The ngakaso;kungdilinimahimo,hunaͲhunaakininga
defendant can set up a counterclaim in his/her/its kusa nga pagsalikway sa pagsingil og dili na kini
verifiedResponseif: mapasaka pa nga kaso. Ang ginareklamo pwede
magpasakaogbalosngapagsingilsaiyaGipamatudͲ
1) Itisnotmorethan൐1MillionPesos,exclusiveof annapamatudͲanngaTubagkung:
interestandcosts.Anyamountinexcessof൐1
Million pesos, excluding interests and costs, 1) Ang balos nga pagsingil dili molapas sa ඖ1
shallbedeemedwaived; Milyon Pesos, walay labot o dili apil ang
2) Itdoesnotrequirethejoinderofthirdparties; tubo/interes og gastos sa pagpasaka sa kaso.
and Angkantidadngamolapasඖ1MilyonPesoskay
3) Itisnotthesubjectofanotherpendingaction. ikonsiderarngagisalikwaynasaginareklamo;
2) Dili kinahanglan ang pagͲapil sa uban nga
Partidosagipasakangakaso;ug
3) WalalaͲinngakasoanggipasakaognakabinbin
salainkortengaparehosabalosngapagsingil.

8. DoIneedalawyer?YOUCANNOTHAVEALAWYERATTHE Kinahanglan ba ko og abogado? DILI KA PWEDE
HEARING. You may consult a lawyer before or after the MAGPAKUYOGOGABOGADOSAPAGDUNGOG.Pwedeka
hearingbutthelawyercannotappearfororwithyouatthe mokunsultaogabogadobagͲomagsugodangpagdungog
hearing. og pagkahuman sa pagdungog, pero ang abogado dili
pwede motambong para sa imoha o mokuyog sa
pagdungog.

9. WhatifIdonotspeakEnglishwell?Thejudgewillspeak Unsaon kung dili ko kaantigo/kabalo mosulti og Ingles?
inFilipinoorthelocaldialect.Acourtinterpretershallalso Magstorya/mosulti ang korte/hukom og tagalog o lokal
beavailableonthehearingday. ngadiyalekto/panulti.Usakatagasalin/interpretersakorte
ang motabang sa pagpasabot sa imo sa adlaw sa
pagdungog.

10. WhathappensifIdonotappearatthehearing?Thecourt Unsa ang mahitabo kung dili ko makatambong/
will dismiss your Statement of Claim without prejudice. makatungasapagdungog?
ThismeansthatyouareallowedtoreͲfiletheclaim.Ifthe Ibasura/ilabay sa korte ang imohang Asunto sa Pagsingil
defendant appears at the hearing, he/she/it shall be ngawalaykadaot/pagpihig.Gapasabotkiningagitugutan
entitledtojudgmentonthe. gihapon ka nga ipasaka usab kini nga kaso. Kung
nitambong/nitunga sa pagdungog ang ginareklamo, naa
siyakatungodngamakakuhaogdesisyon/hatolsaiyabalos
ngapagsingil.

11. What happens if the defendant does not file a verified Unsa ang mahitabo kung ang ginareklamo kay wala
Responseanddoesnotappearatthehearing?Thecourt gasumitiogahatagsakorteogGipamatudͲanngaTubag
shallproceedwiththehearingandrenderjudgmentasmay ug wala pud siya nitambong/nitunga sa pagdungog?
be warranted by the facts alleged in your Statement of Magpadayun giyapon ang korte sa pagdungog og
Claim/s. maghatagkiniogdesisyonbase/sumalasamapamatudͲan
saAsuntosaPagsingil.

12. What happens if the defendant does not file a verified Unsa ang mahitabo kung ang ginareklamo kay wala
Responsebutappearsduringthehearing?Thecourtwill nagsumiti/naghatag sa korte og GipamatudͲan nga
consider any defense the defendant offers during the Tubag pero nitambong/nitunga sa pagdungog?
hearingashis/her/itsResponse.Hearingwillproceedon Ikonsiderarotagdonsakorteangunsamanngadepensa
the same day and the court will render judgment within nga itanyag/ipresentar sa ginareklamo sa adlaw sa
twentyͲfour(24)hoursfromterminationofthehearing.If pagdungog og mao kini ang mahimong tubag niya.
thedefendantreliesondocumentaryevidencetosupport Magpadayunangpagdungogsakanangadlaw mismoug
his defense, the court will order him to submit original maghatagangkorteogdesisyon/hatolsasulodsabaynteͲ
copies of such documents within three (3) calendar days kuwatro(24)kaorasgikansapagkahumansapagdungog.
fromtheterminationofthehearing.Uponreceiptthereof Kung ang ginareklamo nagsalig sa mga
or expiration of the period to file, the court will render dokumento/papeles na ebidensya para suportahan ang
judgmentwithintwentyͲfour(24)hours. iyang depensa, ang korte/hukom magsugo sa iya nga
isumiti ang mga orihinal nga kopya ani nga
dokumento/papeles sa sulod ka tulo (3) ka adlaw sa
kalendaryogikansapagkahumansapagdungog.Gikansa


(SmallClaims)


FORM1ͲBͲSCC

pagdawat sa korte sa mga dokumento/papeles o

pagkahumansapanahonsapagsumiterani,maghatagna
ang korte/hukuman og paghukom/desisyon sa sulod sa
baynteͲkuwatro(24)kaoras.

13. WhathappensifboththedefendantandIdonotappear Unsa ang mahitabo kung pareha kamo sa ginareklamo
duringthehearing?Thecourtshalldismisswithprejudice ngadilimakatambong/makaapilsapagdungog?Parehas
boththeStatementofClaimandthecounterclaim. nga ibasura/ilabay sa korte/hukom ang inyong Asunto sa
Pagsingil ug ang Balos nga Pagsingil. Ang kini nga
pagbasura/paglabaynaaykadaot/pagpihig.Buotpasabot
ani, dili na ninyo parehas mapasaka og usab ang maong
AsuntosaPagsingilugBalosngaPagsingil.

14. Whathappensatthehearing?Besureyouareontimefor Unsaangmahitabosapagdungog?Siguraduhanganaaka
thehearing.Youmustbringwithyoutheoriginalaffidavits sa saktong oras sa pagdungog. Kinahanglan nimo dadͲon
ofwitnesses,receipts,andanyevidenceyouneedtoprove angmgaorihinalngagipamatudͲanngamgapagsaysayo
yourcase,ifthesehavenotbeenpreviouslysubmittedto affidavits sa imong mga testigo, mga resibo, ug uban pa
the court. If you are representing a juridical entity, you nga mga ebidensya na imong kinahanglan para
mustbringyouroriginalwrittenauthoritytoappearatthe mapamatudͲanangimohangkaso,kungkiniwalapanimo
hearingandtoenterintoanamicablesettlement,submit nahatagsakorte/hukuman.KungikawnagaͲrepresentasa
toalternativemodesofdisputeresolution,andenterinto usakaorganisyon/panagͲubanngagiilasabalaodngausa
stipulationsoradmissionsoffactsandofdocuments. ka juridical entity, kinahanglan nimo dadͲon ang orihinal
nga nakasulat nga gahum/awtoridad para makatambong
If you or your representative and the defendant or ka sa pagdungog ug mosulod sa mahigalaon/malinawon
his/her/itsrepresentativeappearatthehearing,thejudge nga panagsabot, mosumiti/modangop sa alternatibo nga
willlistentobothofyou.Thejudgewillconductmediation pamaagisaresolusyon/paghusaysapanaglalis,ugmohimo
andencourageyouandthedefendanttosettleyourcase. og pagͲangkon o mosulod sa usa ka kasabutan sa mga
Ifyoudonotsettle,thejudgewillrenderjudgmentwithin panghitabougmgadokumento/papeles.
twentyͲfour (24) hours from termination of the hearing.
Youcannotappealthedecision. Kung ikaw o imohang representante ug ang ginareklamo
kay motambong sa pagdungog, ang korte/hukom
maminaw sa inyong duha. Ang korte/hukom ang
magpataliwala ug mohikayat sa inyong duha nga
magkasinabotogsulbaronanginyongkaso.Kungdilikamo
magkasinabot, maghatag og hatol/desisyon ang
korte/hukomsasulodsabaynteͲkuwatro(24)kaorasgikan
sapagkahumansapagdungog.DilinakapwedemoͲapela
sadesisyonsakorte/hukom.

15. WhathappensafteradecisionisrenderedbytheCourt? Unsaangmahitabopagkahumansapaghukom?Kungang
Whenadecisionisrenderedinyourfavorastheplaintiff, desisyon kay pabor sa imoha nga nagareklamo, ug naay
andthereisproofonrecordthatthedefendantreceived pruweba base/sumala sa record nga nadawat na sa
thesame,youcancausetheexecutionofthedecisionby ginareklamoangmaongdesisyon,pwedinakiniipatuman
filinganexpartemotion(Form12ͲSCC).However,ifthe pinaagi sa pagsampa og ex parte nga mosyon (Form 12Ͳ
decision is based on compromise agreement, the proof SCC). Dili na kini kinahanglan ipahibalo sa ginareklamo o
that the defendant received the decision is no longer iyang partisipasyon. Bisan pa niana, kung ang desisyon
necessary. nakabase sa Kasabutan o Kompromiso, ang pruweba na
nadawatkinisaginareklamokaydilinakinahanglan.
The decision of the court is final, executory and
unappealble. Ang desisyon sa korte/hukuman kay mao na ang
paghuman/katapusan, ipatuman na ug dili na pwede iͲ
apela.


(SmallClaims)

150

FORM2ͲSCC

_______________________________
_______________________________
_______________________________

______________________________________,
Plaintiff,
(Nagareklamo,)
For:____________________
______________________________________,
Defendant.
(Ginareklamo.)
xͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲx

SUMMONS
(PAGPATAWAG)
TO:__________________________
_____________________________
_____________________________

SirsandMesdames:
MgaGinoougBinibinioGinang:

Youareherebyrequired,withinten(10)calendardaysfromreceiptofthisSummons,tofilewith
thisCourtandtoserveontheplaintiff,yourverifiedResponsetotheattachedStatementofClaim/s.The
formoftheverifiedResponse[Form3ͲSCC(SmallClaims)]isattachedhereto.
(Gikinahanglankana,sasulodsanapulo(10)kaadlawsakalendaryogikansapagdawatsakini
ngaPagtawag,ngamagͲsumitisaKorteugmaghatodsaNagareklamo,saimongGipamatudͲannaTubag
sagilakipngaAsuntongaPagsingil.GilakipaniangForm[Form3ͲSCC(SmallClaims)parasaimongTubag.

YouarerequiredtosubmitwithyourResponsecertifiedcopiesofdocumentsaswellasaffidavits
ofanywitnesstostandasyourevidenceinthiscase.Youmustpresenttheoriginaldocument/sontheday
ofhearing.
(Kinahanglan nimo iͲsumiti uban sa imong Tubag and mga sertipikado nga kopya sa mga
dokumentoogangmgagipanumpaanngapagsaysaysaimongmgasaksi,ngamaoangmahimongimong
ebidensiyasakaso.KinahanglannimongaiͲprisintaogipakitaangorihinalngamgadokumentosaadlaw
sapagdungogsakaso.)

Amotiontodismissisprohibitedandshallnotbeentertained.Anygroundfordismissalshouldbe
included in your Response. Likewise, motions for bill of particulars and for extension to file pleadings,
affidavitsoranyotherpaperareprohibited.
(Ginadiliugdilitagdonangmosyonsapaglabayogpagwalaogpulos.Kungunsamanangbasehan
parapaglabayopagwalaogpulos,kinahanglaniͲubannakinisaimohangTubag.GinadilipudangpagͲ
sumitiugmosyonparasadetalyeugmosyonngalugyawanangpanahonparamagͲsumitiogmgahangyo,
gipanumpaanngapahayagugunsapamanngamgapapel.)

Yourfailuretorespondwithinthe10ͲdaycalendarperiodANDTOAPPEARATTHEHEARINGOF
THISCASEwillauthorizetheCourttorenderjudgment.
(Angimohangdilipagtubagsasulodsanapulo(10)kaadlawsakalendaryoOGDILIPAGTUNGA
OGPAGPAKITASAGITAKDANGAADLAWSAPAGDUNGOGSAKASOkaymagtugotsaKortengamagbuhat
ogpaghatolodesisyon.

Witness my hand under the seal of this Court, this _______day of ____________, 20_____, at
____________________________,Philippines.

_________________________
BRANCHCLERKOFCOURT

NOTE:Forquestions,callthephonenumber/s:___________________
(Nota:Parasamgapangutana,tawaglamangsaKortesanumero:#______________)
EmailAddressoftheCourt:________________________
EmailAddresssaKorte:_________________________

Summons Form2ͲSCC,Page1of1
(SmallClaims)

FOROFFICIALUSEONLY
VERIFIEDRESPONSE PararasaOpisyalngaGamit
FORM3ͲSCC Clerkstampsdateherewhenformisfiled.
GipamatudͲanngaTubag

CaseNumber:

CaseTitle:

RepublicofthePhilippines Streetaddress:
Court:
Hotline:
Branch: Emailaddress:

NoticetotheDefendant
PahinumdomsaTawongaGinareklamo
Noticetothepersonbeingsued:
1. You are the defendant – the person against whom the case is filed, if your name is listed in box no. 2 on page 2 of the
StatementofClaim/s(Form1ͲSCC).Thepersonsuingyouistheplaintiff,listedinboxno.1onpage1oftheStatementof
Claim.
2. ReadtheStatementofClaim/sandallpagesattachedtounderstandtheclaimagainstyouandtoallowyoutoprotectyour
rights.
3. YouarerequiredtofilewiththisCourtthisverifiedResponse(Form3ͲSCC)withinten(10)calendardaysfromreceiptof
Summons.IfyoudonotfileaverifiedResponse,thecourtwillrenderjudgmentbasedonthePlaintiff’sStatement.
4. YouarerequiredtosubmitalongwithyourverifiedResponseyourevidence,suchascertifiedcopiesofdocuments,receipts,
andaffidavits.
5. Youoryourrepresentative(notalawyer)andtheplaintifforhis/her/itsrepresentative(notalawyer)mustgotocourton
thetrialdateindicatedinSummons,Form2ͲSCC.Ifnot,judgmentmayberendered.
6. Ifyoulose,thecourtcanorderthatyourwages,money,orpropertybetakentopaythisclaim.

PahinumdomsaTawongaGinareklamo:
1. IkawangGinareklamo–angtawongagipasakaanogkaso,kungangimongpangalankaynakalistasakahonnumero2sa
ikaduhang panid sa Asunto nga Pagsingil (Form 1ͲSCC). Ang tawo nga gapasaka og kaso sa imo kay ang Nagareklamo,
nakalistasakahonnumero1saunangapanidsaAsuntosaPagsingil.
2. BasahaangAsuntosaPagsingilugangtananngamgagilakipnapanidparaimongamasabtanangpagͲangkonbatoksa
imougparamaprotektahanangimongmgakatungod.
3. GikinahanglanngaimongisumitisadinhinaKorteangimongGipamatudͲanngaTubag(Form3ͲSCC)sasulodsanapulo(10)
kaadlawsakalendaryosapagdawatsaPagpatawag.KungdilikamagsumitisaGipamatudͲanngaTubag,magbuhatang
KorteogpaghatolordesisyonbasesamganapamatudͲanngamgagipangͲingonsaAsuntosaPagsingil.
4. KinahanglankamagsumitiubansaimongGipamatudͲanngaTubagogimohangebidensiya,samasamgasertipikadonga
kopyangamgadokumento,resibo,ugmgagipanumpaanngapagsaysay.
5. Ikawoangimongrepresentante(ngadiliabogado)ogangnagareklamooangiyangrepresentante(ngadiliabogado)kay
kinahanglan moadto sa Korte sa petsa sa paghusay nga nakalista sa Pagpatawag, Form 2ͲSCC. Kung dili nimo mabuhat,
magbuhatogdesisyonangKortebasesamganapamatudͲanngamgagipangͲingonsaAsuntosaPagsingil.
6. Kung mapildi man, ang korte pwede magsugo na imo mga sweldo, kwarta, o kabtangan/butang pwede makuha para
mabayadangpagsingilsanagareklamo.
1THEDEFENDANTAngGinareklamo
NameNgalansaGinareklamo SexKasarian AgeIdad CivilStatusSibilngaKahimtang

HomeAddressAdres/LugarsaPaghatodngaSulatsaBalaysaGinareklamo



PlaceofWork/BusinessLugarkungasakaNagatrabaho/Naganegosyo



VerifiedResponse Form3ͲSCC,Page1of6
(SmallClaims)
152

Defendant’sRepresentative,ifapplicableRepresentantesaginareklamo,konmagamit
NameNgalan

HomeAddressAdres/LugarsaPaghatodngaSulatsaBalaysaRepresentantesaGinareklamo



PlaceofWorkLugarkungasaNagatrabahoangRepresentantesaGinareklamo



2DEFENDANT’SDENIALOFTHESTATEMENTOFCLAIM
Pagsalikway/paglimodsaGinareklamosaasuntosapagsingil

A. ThedefendantdeniestheStatementofClaim/sforanyofthefollowingreasons(Checkthosethatapply):
GinalimodsaginareklamoangAsuntosaPagsingilbasesamgaubosngarason(Pagpilisaubosogbutangiogtsek):

Thedefendantdoesnotowetheplaintiffmoney.Angginareklamokaywalayutangngakwartasanagareklamo.
Thedefendantowestheplaintiffonlyaportionoftheamountclaimed.Angutangsaginareklamokayparterao
kabahinrasagisingilngakantidadsanagareklamo.
Itistheplaintiffwhoowesthedefendantmoney.Angnagareklamoangnaayutangngakwartasaginareklamo.

B. Ifthedefendantowestheplaintiffonlyaportionoftheamountclaimed,howmuchisthis?
Kungangutangsaginareklamokayparteraokabahinrasagisingilngakantidad,pilakini?

3GROUNDSFORDISMISSAL
A. DoyouknowofanyotherreasonwhytheStatementofClaim/sshouldbedismissed?NaabakanahibalͲannga
rasonparailabayoibasuraangAsuntosaPagsingil?
YesOo Ifyes,pleasespecifyKungoo,unsaangmgarason:
NoWala
Completepayment
NabayarannanakuogtibuͲokangginasingil

Claimhasalreadybeendecidedbythecourt
Naanahatolangkortekabahinaningapagsingil

Claimispendinginanothercourt
NaapresentenagipasakaoginadungogsaubanolaͲinnakortekabahinsakinina
pagsingil

Others
Ubanpangamgarason:__________

B. Doyouhaveanyproof?Naabakaypruweba?
YesOo Ifyes,pleasespecifyKungoo,unsaningamgapruweba:
NoWala

4DEFENDANT’SCOUNTERCLAIMBalosngaPagsingil
A. Ifitistheplaintiffwhoowesdefendantmoney,howmuchandwhendidthishappen?Kungangnagareklamoang
maonganayutangngakwartasaginareklamo,pilamanogkanusͲaninahitabo?
(SmallClaims)

AmountKantidad: Ifnospecificdate,estimatethetimeperiodKungwalaysiguradooespesipiko
ngapetsa,ibutangangbanaͲbananapanahon:

DatePetsa: Start: Through:
Sugod Taman
B. Howdidyoucomputethemoneyowed?(Donotincludecourtcostsorfeesforservice)
GiͲunsanimopagkwentaangkalidadsakwartangagiutang?(AyawiͲapilangmgabayadngafilingfeessakorteoforservice).

C. Didyouasktheplaintifftopayyou?Kungangnagareklamoangnayutangsaimoha,imobasiyagisingil?
Ifyes,how?Kungoo,giunsa?
YesOo InpersonSaiyamismo ByphoneSatelepono
NoWala InwritingSasulat Others(specify)Ubanpa(unsani):

D. Doyouhaveanyproof?Naabakaypruweba?
Ifyes,whatitthisproof?Kungoo,unsaningapruweba?
YesOo signeddeed/contract/agreement latestdemandletter(withproofofdelivery
NoWala promissorynote andservice)
bankdepositslip affidavitofwitnessestosupporttheclaim
receipts others(pls.specify):ubanpa(isulatdinhi):
checks _______________________________

5LISTOFDOCUMENTSListahanngmgadokumento

YOU MUST ATTACH CERTIFIED COPIES OF DOCUMENTS, AS WELL AS AFFIDAVITS OF WITNESSES AND OTHER
EVIDENCE,INSUPPORTOFYOURDEFENSEAND/ORCOUNTERCLAIM.
(KINAHANGLANNIMOIKABITOIͲAPILPAGSUMITIANINGAPORMA/PAPELANGMGASERTIPIKADONGKOPYANA
MGA DOKUMENTO/PAPEL, OG ANG MGA PAGPAMATUOD SA IMONG MGA TESTIGO UG UBAN PA NGA MGA
EBIDENSIYA,PARASUPORTAHANANGIMONGDEPENSAOKONTRANGAPAGSINGIL/ASUNTO/DEMANDA.)

Listdownbelowalldocumentsattachedtothisform:
Ilistasaubosangmgadokumentongaimonggikabitaningaporma/papel:

_____________________________________________________________________________

_____________________________________________________________________________

_____________________________________________________________________________

_____________________________________________________________________________

_____________________________________________________________________________

6.PRAYERPagpakiluoy/Paghangyo

WHEREFORE,thedefendantrespectfullypraysforajudgmentordering(Checkthosethatapply):
TUNGODANI,angginareklamokaynagpakiluoyngaihatagangdesisyonohatolngamagsugo(PiliͲasaubosogbutangiogtsek):

thedismissaloftheStatementofClaim/s.ilabay/ibasuraangAsuntongaPagsingil.

theplaintifftopaythedefendanttheamountofP________________,withinterestattherateof___%per
annum/monthfrom____________untilfullypaid.Suguonangnagareklamongamagbayadsaginareklamoogkantitad
ngaP___________________,ogangtuboointeresnga___%kadaͲtuig/bulansugodsa____________hangtudgyudngamabayran
kinitanan.

theplaintifftopaythedefendanttheamountofP_________________asactualdamages.Suguonang
nagareklamongabayaranangGinareklamoogkantidadngaP______________________,parasaaktuwalngakadaottungodsa
pagpasakaaningakaso.

theplaintifftopaythedefendanttheamountofP_________________ascostsofsuit.Suguonangnagareklamo
ngamagbayadsaginareklamoogkantidadngaP_______________________,parasabayad/gastossakasongngagipasaka.

(SmallClaims)
154
7WAIVEROFEXCESSOFSMALLCLAIMSINCOUNTERCLAIM

Bythefilingofthiscounterclaim,defendantherebywaivesanyamountinexcessofP1MillionPesos,excluding
interestsandcosts.TungodsapagpasakaaningaBalosngaPagsingil,dilinanakugukuron/apilon(waiver)saginareklamo
angkantidadngamolapassaP1MilyonPesos,walaylabotangtubo/interesogmgagastossapagpasakaaningakaso.

8CONSENTTOELECTRONICSERVICE
Igivemyconsenttobeservedwithofficialcourtnotices,processes,orders,resolutionsanddecisions,aswellas
filingsbythePlaintiff,through:Nagahatagkoogpagtugotngaihatudsaakoangmgaopisyalngapahinumdon,proseso,
sugo,resolusyon,ogdesisyonsaKorte,apilangmgagipangsumitisanagareklamongamgapagpasaka,pinaagisa:
(CheckthosethatapplyPagpilisaubosogbutangiogtsek:)

emailaddress:__________________________________________________________________
faxnumber:____________________________________________________________________
cellphonenumber:______________________________________________________________
o phonecall
o textmessage(SMS)
o instantmessage(ex.Viber,WhatsApp,FacebookMessenger)pls.specify:__________________

CitySiyudad: DatePetsa:

Defendant’sSignaturePirmasaGinareklamo:

(SmallClaims)

9VERIFICATIONPagpamatuod
IAko,_______________________________,oflegalagenasahustonggulang,____________________,
__________________,andaresidentof___________________________________________________________
(CivilStatusSibilngaKahimtang)
___________________________________________________________________________________________________,
onoath,statenanumpana:

1. Iamthedefendantinthiscase,andIhavecausedthepreparationoftheforegoingResponse;
Akoangginareklamoaningakaso,ogakoangnagahimoognagbutanganingaTubag;

2. Ihavereadandunderstoodtheallegationscontainedherein,andthesamearetrueandcorrect
basedonmyownpersonalknowledgeandonauthenticrecords; Nabasaognasabtannakuang
mgapasangilngasulodani,ogakogipamatudͲanngakinisaktobasesaakongpersonalnakahibalo,
tinoodngamgarecord,ogebidensya;

3. ThisResponseisnotfiledtoharass,causeunnecessarydelay,orneedlesslyincreasethecostof
litigation; Kini nga Balos nga Pagsingil/Tubag kay ako gisumiti sa korte dili para makaͲharas o
makapadugaysakaso,omakahimoogwalayhinungdanngagastossaprosesosakorte;

4. The factual allegations herein have evidentiary support or, if specifically so identified, will
likewisehaveevidentiarysupportafterareasonableopportunityfordiscovery. Kiningamga
pasangil kay tinuod og suportado og mga ebidensiya, og makabaton og timbang pagkahuman og
makatarunganonngapagkadiskubriani.


____________________________
Defendant’sNameandSignature
NgalanugPirmasaGinareklamo


___________________________
(SmallClaims)
156
10VERIFICATIONANDCERTIFICATIONAGAINSTFORUMSHOPPING,SPLITTINGACAUSEOF
ACTION,ANDMULTIPLICITYOFSUITS(ifwithcounterclaimonly)PagpamatuodogSertipikasyonna
WalayLainngaKasongaGipasaka/GidungogsaUbanngaKorteHukuman(kungnaaBalosAsuntosa
Pagsingil,walanaylain)

IAko,_______________________________,oflegalagenaasasaktongaidad,____________________,
__________________,andaresidentof___________________________________________________________
(CivilStatusKatayuangSibil)
___________________________________________________________________________________________________,
onoath,statekaynanumpana:

1. ThatIamthedefendantintheaboveͲentitledcaseandhavecausedthisResponsetobeprepared;
thatIreadandunderstooditscontentswhicharetrueandcorrectofmyownpersonalknowledge
and/orbasedontruerecords.Akoangginareklamoaningangakaso,ogakoangnagahimoognagbutang
aningaTubag.NabasaognasabtannkuangmgasulodaningaTubag,ogakogipamatudͲanbasesaako
personalnakahibalo,ogbasesatinoodngamgarecord.

2. The Response with counterclaim is not filed to harass, cause unnecessary delay, or needlessly
increasethecostoflitigation.TubagnganaaBalosngaPagsingilkayakogisumitisakortediliparamakaͲ
harasomakapadugaysakaso,omakahimoogwalayhinungdanngagastossaprosesosakorte.

3. Ihavenotcommencedanyactionorproceedinginvolvingthesameissueorsubjectmatterinthe
SupremeCourt,CourtofAppeals,oranyothertribunaloragency,andthatthecheck/scoveredin
this case has/have not been the subject of a criminal charge filed before the Office of the
Provincial/City Prosecutor; that to the best of my knowledge, no such action or proceeding is
pendingintheSupremeCourt,CourtofAppeals,oranyothertribunaloragency;andthat,ifIshould
learnthereafterthatasimilaractionorproceedinghasbeenfiledorispendingbeforethiscourt,
tribunal,oragency,Iundertaketoreportthatfacttothiscourtwithinfive(5)daystherefrom.Wala
konagpasakaoglainngakasoogwalaylainkasongasamtangginadungogsalainngakorteoubanpanga
ahensyasagobyernokabahinaningatransaksyon,ugkungnaamancheke/mgachekenganaapilani,walay
bulagngakasonakriminalangipasakadiri.Kungmadiskubrinakunganaalainkasonganapasakaosamtang
ngaginadungogsalainngakorteoahensiyasagobyernokabahinaningatransaksyonocheke/mgacheke,
nagasaadkongaakoipahibalodayunaningakortesasulodsalima(5)kaadlawgikansaakongpagdiskubre.

4. Thatthefilingofthiscaseisnotinviolationoftheruleagainstsplittingasinglecauseofactionor
multiplicityofsuits.AngpagpasakaaningakasokaydilisukwahisapalisiyasaKorteSupremanaginadili
angpagpasakaoglainͲlainngakasonganagagikansausarakatransaksyon.


____________________________
Defendant’sNameandSignature
NgalanugPirmasaGinareklamo


_______________________________
(SmallClaims)

FORM4ͲSCC

_______________________________
_______________________________
_______________________________

______________________________________,
Plaintiff,
(Nagareklamo,)
For:____________________
______________________________________,
Defendant
(Ginareklamo.)

NOTICEOFHEARING
(ABISOSAPAGDUNGOG)

YOURCASEISSETforhearingbeforethePresidingJudgeofthisCourton_______________________
at ___________________________.
(Dunggon ang imong kaso sa Nagdumala nga Maghuhukom niini nga Korte sa
_______________________________,sadirisa_______________.)

YOUMUSTATTENDTHEHEARING.IFYOUCANNOTATTENDBECAUSEITISPHYSICALLYIMPOSSIBLE
FORYOUTODOSO,YOUMAYAUTHORIZEAREPRESENTATIVEWHOISNOTALAWYERTOAPPEARFORYOU.
FORTHISPURPOSE,YOUSHOULDFILLUPFORM7ͲSCC(SPECIALPOWEROFATTORNEY).
(GIKINAHANGLAN ANG INYONG PAGTAMBONG SA PAGDUNGOG. KUNG DILI KAYA SA INYONG
PANGLAWAS ANG PERSONAL NA PAGTAMBONG SA PAGDUNGOG SA INYONG KASO, MAHIMO NGA
MAGPADALASAPAGDUNGOGUGINYONGTINUGYANAN/REPRESENTATIBONGADILIABOGADO.ALANGNIINI
NGAKATUYUAN,PUNͲANINYOANGFORM7ͲSCC[ESPESYALNGAGAHUMSAABOGADOͲSPECIALPOWEROF
ATTORNEY.)

INCLUDED IN THIS FORM IS FORM 3ͲSCC (VERIFIED RESPONSE) TO WHICH YOU MUST ATTACH
CERTIFIED COPIES OF DOCUMENTS, AS WELL AS AFFIDAVITS OF WITNESSES AND OTHER EVIDENCE, IN
SUPPORTOFYOURDEFENSEAND/ORCOUNTERCLAIM.THESEDOCUMENTSMUSTBELISTEDDOWNINBOX
5(LISTOFDOCUMENTS)OFFORM3ͲSCC(UBANANINGAPAPELANGFORM3ͲSCC(GIPAMATUDͲANNGA
TUBAG)KONDIINIMOILAKIP/IAPILANGMGASERTIPIKADONGAKOPYASAMGADOKUMENTO,AFFIDAVITS
OGIPAMATUDͲANNGASALAYSAYSAIMOHANGMGATESTIGOUGUBANPANGAMGAEBIDENSYA,PARA
SUPORTAHAN ANG IMONG DEPENSA UG/O BALOS NGA PAGSINGIL. KINI NGA MGA DOKUMENTO
KINAHANGLANNIMOILISTASAKAHON5[LISTAHANSAMGADOKUMENTO]SAFORM3ͲSCC.)
THEHEARINGSHALLBECONDUCTEDTHROUGH:(ANGMAONGPAGDUNGOGIPAHIGAYONSA:)

___INͲCOURTPROCEEDINGS(FACEͲTOͲFACEHEARING)
(ATUBANGAYNGAPAMAAGI)

___VIDEOCONFERENCINGTHROUGHTHEUSEOFTHEPHILIPPINEJUDICIARY365PLATFORM
(PAMAAGINGAVIDEOCONFERENCINGGAMITANGPHILIPPINEJUDICIARY365PLATFORM)

WARNINGFORVIDEOCONFERENCINGHEARINGS
BabalaparasamgaPagdinigsaVideoconferencing

Thephotographing,recording,andrebroadcastingofthecourtproceedingsarestrictlyprohibited.Violations
oftheseprohibitionsmayresultinsanctions,includingcontemptofcourt.
Estriktongaginadiliangpagkuhaoglitrato,pagrekord,ogpagͲbroadcastugutrosapagdungogsakorte.
Angpaglapassaniiningpagdiliposiblemoresultasasilot,lakipangcontemptofcourt.

WITNESS the HON. _____________________________________________, Presiding Judge of this
Court,this_____dayof____,20_______,at__________________________,Philippines.

______________________________
BranchClerkofCourt

Note:Forquestions,contactthecourtatTel.No.________
orviaemailat________________.
(Nota:Parasamgapangutana,tawaglamangsakortesaTel.No._________
omagͲemailsa________________.)

NoticeofHearing Form4ͲSCC,Page1of1
(SmallClaims)
158

FORM5ͲSCC
_______________________________
_______________________________
_______________________________

______________________________________,
Plaintiff,
(Nagareklamo,)
For:____________________
______________________________________,
Defendant.
(Ginareklamo.)

RETURNOFSUMMONS/MANIFESTATION
(PAGBALIKSAPAGPATAWAG/PAGPADAYAG)
[PersonalService]

This is to certify that the undersigned personally served the Summons, Statement of Claim,
together withtheAnnexes andNotice ofHearinguponthedefendant/s, as shown by her/his signature
appearingatthelowerportionofthesummons:
(KinimaoangpagsertipikangapersonalnganadawatsaGinareklamoangPagpatawag,Asunto
saPagsingil,lakipangmgaAnnexniini,ugAbisosaPagdungog,ngagipamatudͲansaiyang/ilangpirmasa
ubosngabahinsaPagpatawag:)

DateofService NameofDefendantswhowerePersonallyServed
(PetsasaPagdawat) (PangalansamgaGinareklamonaPersonalnaNakadawat)

However,theundersignedfailedtoservetheSummons,StatementofClaim,togetherwiththe
AnnexesandNoticeofHearinguponthefollowingdefendant/sontheground/sthat:
(Bisanpaniana,walanakomahatod/matunolangPatawag,AsuntosaPagsingil,lakipangmga
Annexniini,ugAbisosaPagdungog,samgasumusunodngaGinareklamotungodsa:)

NameofDefendant DateofAttemptedService ReasonforFailureofService
(Pangalansa (PetsakungKanusͲa (RasonNganoWalaMahatod/Matunol)
Ginareklamo) GisulayanugHatod/Tunol) [selectfromoptionslistedbelow]
[(Pagpilisamgakapilianngamakitasaubos)]

PossibleReasonsforFailureofService
MgaPosiblengNgaRasonNganoWalaMahatod/Matunol
x Addresscannotbelocated(DilimakitaangpuloyͲanan)
x Insufficientaddress(DilikumpletoangpuloyͲanan)
x Defendantmovedout(Nibalhinnaangginareklamo)
x Refusedtoreceive(Dilidawaton)
x Onleave(NakaͲleavesatrabaho)
x Nolongerconnectedwiththeoffice/establishment/agency(Walananagatrabahosa
opisina/establisamento/ahensya)
x Deathofdefendant(Pataynaangginareklamo)
x Others,pleaseindicate(Ubanpa,mahimongaisulatangrason)

ReturnofSummons/Manifestation(PersonalService) Form5ͲSCC,Page1of2
(SmallClaims)

FORM5ͲSCC
WHEREFORE,theoriginalcopyoftheSummonsisrespectfullyreturnedtotheHonorableCourt,
DULYSERVEDPERSONALLY.
(TUNGODNIINI,ginabaliksaHalangdonngaKorteangorihinalngakopyasaPagpatawag,NGA
HUSTONGNAHATOD/NATUNOL.)

__________________,Philippines,______(date)(petsa).

_____________________
SHERIFF/PLAINTIFF
(Sheriff/Nagareklamo)

FORTHEPLAINTIFF/PARASANAGAREKLAMO:

NANUMPASAAKONGATUBANGANKARONGIKAͲ_______sa__________________,20___.

___________________________
NotaryPublic(NotaryoPubliko)

ReturnofSummons/Manifestation(PersonalService) Form5ͲSCC,Page2of2
(SmallClaims)
160

FORM5ͲAͲSCC

_______________________________
_______________________________
_______________________________

______________________________________,
Plaintiff,
(Nagareklamo,)
For:____________________
______________________________________,
Defendant.
(Ginareklamo.)

RETURNOFSUMMONS/MANIFESTATION
(PAGBALIKSAPAGPATAWAG/PAGPADAYAG)
[SubstitutedService]

ThisistocertifythattheundersignedservedtheSummons,StatementofClaim,togetherwiththe
AnnexesandNoticeofHearinguponthedefendant/s,throughhis/herrepresentative,asfollows:
(Kinimaoangpagsertipikangaakonggihatod/gitunolangPagpatawag,AsuntosaPagsingil,lakip
angmgaAnnexniini,ugAbisosaPagdungog,saGinareklamo,pinaagisaiyang/ilangtinugyanan,samasa
mgasumusunod:)

NameofPerson Relationshiptothe
DateofService
whoReceived Defendant/Designation Address
(Petsasa
(Pangalansa (RelasyonsaGinareklamo/ (PuloyͲanan)
Pagdawat)
Nagdawat) Pangtudlo

Saidpersonswereeither:(a)atleasteighteen(18)yearsofageandofsufficientdiscretionresidingwith
defendant; (b) in charge of defendant’s office or regular place of business; or (c) an officer of the
homeowners’ association or condominium corporation, or its chief security officer in charge of the
communityorthebuildingwherethedefendantmaybefound.Theirsignaturesmaybefoundatthelower
portionofthesummons.
(Angnagdawat:(a)walamuubossanapulogͲwalo/diseotso(18)angidad,aduna’yigongakaugdang,ug
nagapuyokaubansaGinareklamo;o(b)nagdumalasaopisinaolugarsaginatrabahuansaGinareklamo;o
(c)usakaopisyalsahomeowners’associationocondominiumcorporation,oangchiefsecurityofficernga
nagdumalasakomunidadobildingkungdiinmakitaangginareklamo.AngilangmgapirmamakitͲansa
ubosngabahinsaPagpatawag.)

Withthecourt’spermission,IalsoservedtheSummons,StatementofClaim,togetherwiththe
Annexes and Notice of Hearing upon the defendant/s, by sending an electronic mail to his/her/their
electronicmailaddress,asfollows:
(Dalaangpermisosakorte,akousabgipadalaangPagpatawag,AsuntosaPagsingil,lakipang
mga Annex niini ug Abiso sa Pagdungog, sa ginareklamo, pinaagi sa pagpadala og electronic mail sa
iyang/ilangelectronicmailaddress,samasamgasumusunod:)

NameofDefendant
ElectronicMailAddress
(PangalansaGinareklamo)

ReturnofSummons/Manifestation(SubstitutedService) Form5ͲAͲSCC,Page1of3
(SmallClaims)

FORM5ͲAͲSCC
Substitutedservicewasmadeaftertheundersignedmadeatleastthree(3)attemptsontwo(2)
differentdatestoservetheSummons,StatementofClaim,togetherwiththeAnnexesandNoticeofHearing
uponthedefendant/s,butfailedandunavailingonthefollowingground/s:
(Napugosakongamugamitogsubstitutedservice1humanmapakyassaakongpagsulay,ngadili
munaogsatulo(3)kabesessaduha(2)kabulagngaadlaw,ughatod/tunolsaPagpatawag,Asuntosa
Pagsingil,lakipangmgaAnnexniini,ugAbisosaPagdungog,saGinareklamo,tungodsa:)

DateandTimeofAttemptedService ReasonforFailureofService
(PetsaugOraskungKanusͲa (RasonNganoWalaMahatod/Matunol)
GisulayanugHatod/Tunol)
[]Addresscannotbelocated(DilimakitaangpuloyͲanan)
[]Insufficientaddress(DilikumpletoangpuloyͲanan)
[]Defendantmovedout(Nibalhinnaangginareklamo)
AddressofDefendant []Refusedtoreceive(Walagidawat)
(PuloyͲanansaGinareklamo) []Onleave(NakaͲleavesatrabaho)
[]Nolongerconnectedwiththeoffice/establishment/agency
(Walananagatrabahosaopisina/establisamento/ahensya)
[]Deathofdefendant(Pataynaangginareklamo)
[]Others,pleaseindicate:(Ubanpa,mahimongaisulatang
rason:)
Pleasestateindetailthefactsandcircumstancesontheattemptsmadeatpersonalservicetodefendant.
(Mahimongamaghatagugdetalyadongapagsaysaysamgapanghitabomahitungodsamgapagsulay
ngamahatod/matunolugpersonalangmgadokumentosaginareklamo.)

[**useadditionalpage/s,ifneeded.]([Paggamitogdugangngapanid,kunggikinahanglan])

WHEREFORE,theoriginalcopyoftheSummonsisrespectfullyreturnedtotheHonorableCourt,
DULYSERVED.
(TUNGODNIINI,ginabaliksaHalangdonngaKorteangorihinalngakopyasaPagpatawag,NGA
HUSTONGNAHATOD/NATUNOL.)

__________________,Philippines,_______(date)(petsa).

______________________
SHERIFF/PLANTIFF
(SHERIFF/NAGAREKLAMO)

FORTHEPLAINTIFF/PARASANAGAREKLAMO:


______________________________
1
Ang“substitutedservice”ngagipasabotdirimaoangpagpadala/pagtunolsaopisyalnadokumentosa
kortesataogawassaginareklamo,ngagitugtanngamudawatniinisumalasaSection6,Rule14sa
2019RevisedRulesofCivilProcedure.
(SmallClaims)
162

FORM5ͲAͲSCC
[ADDITIONALSHEET(DUGANGNGAPANID)]

GisulayugHatod/Tunol)
rason:)
ngamahatod/matunolugpersonalangmgadokumentosaGinareklamo.)

GisulayugHatod/Tunol)
rason:)
ngamahatod/matunolugpersonalangmgadokumentosaGinareklamo.)

(SmallClaims)

FORM6ͲSCC

_______________________________
_______________________________
_______________________________

______________________________________,
Plaintiff,
(Nagareklamo,)
For:____________________
______________________________________,
Defendant.
(Ginareklamo.)

MOTIONTOSUEASINDIGENT
(MosyonnaMagreklamoIsip“Indigent”1)

_____________________,untothisHonorableCourt,respectfullyallegesthat:
_____________________,saniiningHalangdonngaKorte,gipahayagnga:

1. Iamaresidentof________________________________________________;
(Nagpuyoakosa___________________________________________________;)

2. Mygrossincomeandthatofmyimmediatefamilydoesnotexceed:
(AngkinatibukͲangkantidadsaakongkitaugkitasatananmembrosaakongpamilyadilimulapasog:)

൐4,000.00 ൐7,000.00 ൐10,000.00 ൐13,000.00
൐5,000.00 ൐8,000.00 ൐11,000.00 ൐14,000.00
൐6,000.00 ൐9,000.00 ൐12,000.00 Others(ubanpa,pila):______

3. Idonotownrealpropertywithafairmarketvalueofmorethan(amountasprovidedintheRevised
RulesofCourt,asamended)asstatedinthecurrenttaxdeclarationfromtheOfficeoftheCity/Municipal
Assessor;
(WalakonanagͲiyaugyutangaaduna’yfairmarketvaluenamulapassa(kantidadngagipahayagsa
Revised Rules of Court, as amended) sumala sa pinakabagͲong tax declaration gikan sa Office of the
City/MunicipalAssessor;)

4. Duetofinancialconstraint,IcannotaffordtopayfortheexpensesofacourtlitigationasIdonot
haveenoughfundsforfood,shelterandotherbasicnecessities;
(Tungodsakakulangongnapinansyal,dilinakomakayaangbayrunonsagastosalitigasyonlabina
nga dili igo ang akong kita para sa gasto sa pagkaon, puloyͲanan ug uban pa nga mga pangunang
panginahanglan;)

5. Shouldthecourtrenderjudgmentinmyfavor,theamountofthedocketandotherlegalfeeswhich
Iwasexemptedfrompayingshallbealienonthejudgment,unlessthecourtordersotherwise.
(Kungmahitabomanngamudesisyonangkortepaborsaako,maminusanangkantidadngagihatag
sadesisyonsakantidadsabayadsadaketnawalagipabayadsaako,gawaskunglahiangisugosakorte.)

1
SumalasaSection21,Rule3saRevisedRulesofCourt,asamended,ang“indigent”maoangusakatao
ngawala’yigongakwartaugpanagͲiyaparasamgagastosapagkaon,puloyͲananogubanpangamga
pangunangpanginahanglan.

MotiontoSueasIndigent
Form6ͲSCC,Page1of2
(SmallClaims)
164

FORM6ͲSCC
WHEREFORE,premisesconsidered,itisrespectfullyprayedthatIbeexemptedfromthepayment
ofdocketandotherlegalfeesasindigentpursuanttoSection21,Rule3,inrelationtoSection18,Rule141
oftheRevisedRulesofCourt.
(TUNGOD NIINI, human gikonsiderar/gihunaͲhuna ang kahimtangan, matinahuron ako nga
nangamuyongadiliakopabayronsadaketugubanpanggastoisipusakaindigentsumalasaSection21,
Rule3,ngakonektadosaSection18,Rule141saRevisedRulesofCourt.)

(Ginapangamuyokousabangubanpangaangayogpatasngakahupayansaniiningkahimtang.)

________________________________
PLAINTIFF
(NgalanugPirmasaNagareklamo)
MotiontoSueasIndigent
Form6ͲSCC,Page2of2
(SmallClaims)

FORM7ͲSCC

SPECIALPOWEROFATTORNEY
(ESPESYALNGAGAHUMSAABOGADO)

KNOWALLMENBYTHESEPRESENTS:
(GIPAHIBALOSATANANTAWONGA:)

I, __________________________________, of legal age, single/married, with residence at
________________________________________ do hereby appoint, name and constitute
__________________________,whoisnotalawyer,asmytrueandlegalrepresentativetoactforandin
mynameandstead,andtorepresentmeduringthehearingofCivilCaseNo.___________,toenterinto
amicable settlement, to submit to alternative modes of dispute resolution, and to make admissions or
stipulationsoffactsanddocumentswithoutfurtherconsultationfromme.
(AKO,_______________________,naasasaktongidad,wala’yasawa/aduna’yasawa,nagpuyo
ugaduna’ypuloyͲanansa_________________________________,gipahayagdiringaakonggitudlo,gipili
uggihimosi__________________________,nadiliabogado,isipakongtinuoduglegalngatinugyanan,
aronmaghimougmaglihok,saakongpuliugngalan,ugmagsilbingaakongtinugyanansapagdungogsa
CivilCaseNo.________,makipagͲareglosakasabutan,muagisaalternativemodesofdisputeresolution,1
ug magpahayag ug mga pagͲangkon o magtakda ug mga kamatuoran ug mga dokumento nga dili na
kinihanglanonangpagkonsultasaako.)

I hereby grant my representative full power and authority to execute and perform every act
necessarytorendereffectivethepowertocompromiseasthoughImyselfhavesoperformeditandhereby
approvingallthathemaydobyvirtueofthesepresents.
(Diri akong ginahatag sa akong tinugyanan ang tibuok gahum ug awtoridad para mulihok ug
muhimosamgabutangngagikinahanglanparaipatumananggahumsapakipagkompromisongadawako
mismoangnilihokniini,ugdiriakongginatugtanangtananngaiyangbuhaton.)

In witness whereof, I hereunto set my hand this _____ day of ____________, 20___, at
________________.
(Sa pagsaksi niini, nagpirma ko sa diri sa ubos, karong ikaͲ___ sa _____, 20__, diri sa
______________.)

_______________________________
Principal
(Nagtugyan)

_______________________________
Agent
(Tinugyanan)

Witnesses:
(MgaSaksi):

______________________ ________________________

1 Ang “Alternative Dispute Resolution System” mao ang proseso sa paglutas o pagdesisyon sa panaglalis o dili
pagsinabtanay,gawassalitigasyonsakorteoubanpangahensyasagobyerno,kungdiinaduna’yneutralthird
partynamutabangaronsolusyunanangmgaisyu.Lakipniiniangarbitration,mediation,conciliation,earlyneutral
evaluation,miniͲtrial,obisanunsangakombinasyonsamgagihisgutan.
SpecialPowerofAttorney Form7ͲSCC,Page1of2
(SmallClaims)
166

FORM7ͲSCC
(ACKNOWLEDGMENT)
(PAGPAMATUOD)

BEFOREME,aNotaryPublicforandin______________,onthis___dayof_______20___,the
followingaffiantspersonallyappearedwiththeirrespectivevalidIDsasfollows:
(SA AKONG ATUBANGAN, nga usa ka Notaryo Publiko sa____________, karong ikaͲ__ sa
________, 20__, nitunga ang mga sumusunod nga manunumpa nga aduna’y dokumento sa ilhanan sa
pagkatawo:)

Name IDNumber
(Ngalan) (NumerosaDokumentosaIlhanansa
Pagkatawo)

(Principal)(Nagtugyan)

(Agent)(Ginatugyan)

(Witness)(Saksi)

(Witness)(Saksi)

knowntometobethesamepersonswhoexecutedtheabovedocument,andwhoacknowledgedtome
thatthesameistheirownfreeactanddeed.
(nganailhannakongamaoangnaghimosadokumentosaibabaw,ugnagͲilangakaugalingongkabubutͲ
onnilaangpaghimosamaongdokumento,ugnasayodsilasamgalegalnasangputananniini.)

WITNESSMYHANDANDSEAL.
(SAKSISAAKONGPIRMAUGSELYO.)

Doc.No.______;
PageNo.______;
BookNo.______;
Seriesof20____.
SpecialPowerofAttorney Form7ͲSCC,Page2of2
(SmallClaims)

FORM8ͲSCC

_______________________________
_______________________________
_______________________________

______________________________________,
Plaintiff,
(Nagareklamo,)
For:____________________
______________________________________,
Defendant.
(Ginareklamo.)

JOINTMOTION
(FORDISMISSAL)
(HiniusangMosyonnaIbasuraugIsalikway)

Plaintiffanddefendant,untothisHonorableCourt,respectfullyallegethat:
(AngnagareklamougGinareklamo,dirisaHalangdonngaKorte,matinahuronnganagpahayag
nga:)

1.Plaintiffanddefendanthavemutuallyandvoluntarilysettledtheirclaimandcounterclaimto
theentiresatisfactionofeachother;and
(Ang nagareklamo ug ginareklamo nagkahiusa ug boluntaryo nga miuyon nga wala na sila
naggukodsausa’gusa;ug)

2.Thepartiesnolongerhaveacauseofactionagainsteachother.
(Walanausabsila’ycauseofactionbatoksausa’gusa.)

WHEREFORE, premises considered, plaintiff and defendant respectfully pray that the plaintiff’s
statementofclaimanddefendant’scounterclaimincorporatedinhisresponsebedismissed.
(TUNGOD NIINI, matinahurong ginahangyo sa nagareklamo ug ginareklamo ang pagbasura sa
reklamosanagareklamougsakontraͲreklamosaginareklamo.)

(Ginapangamuyo man usab ang uban pa nga angay ug patas nga kahupayan sa niining
kahimtang.)

________________________, _______________________

_____________________ _____________________
Plaintiff Defendant
(Nagareklamo/Naghahabla) (Ginareklamo/Hinahabla)

TotheBranchClerkofCourt:

PleasesubmittheforegoingmotionfortheconsiderationoftheCourtwithouthearingandfurther
argumentfromtheparties.

_____________________ _____________________
Plaintiff Defendant
(Nagareklamo) (Ginareklamo)

JointMotion(ForDismissal) Form8ͲSCC,Page1of1
(SmallClaims)
168

FORM9ͲSCC
_______________________________
_______________________________
_______________________________

_____________________________________,
Plaintiff,
(Nagareklamo,)
For:____________________
_____________________________________,
Defendant.
(Ginareklamo.)

MOTIONFORAPPROVALOFCOMPROMISEAGREEMENT
(MosyonparasaPagpapaͲaprubasaKasabutansaKompromiso)

Thepartiesrespectfullyallegethat:
(Angnagareklamougginareklamomatinahuronnganagpahayagnga:)

1. Plaintifffiledthisclaimagainstdefendantfor:
(Angnagareklamogipasakaangkiningareklamobatoksaginareklamoparasa:)
_____________ collectionofsumofmoney(pagsingil/pangongolektaugkwarta)
_____________ enforcementofbarangayagreement
(pagpatumansanasabutansabarangay)

2. ThepartieshavecometoanamicablesettlementandhaveexecutedaCompromise
AgreementattachedtothisForm.
(Ang Nagareklamo og Ginareklamo nagkasundo ug nagsulat og Kasabutan sa
KompromisonanakalakipniiningaForm.)
*(AttachtheCompromiseAgreementtothisForm)
(IlakipdirisaFormangKasabutansaKompromiso)

3. ThepartiesagreethattheapprovalofthisagreementbytheCourtshallputanend
tothislitigation,exceptforpurposesofexecutionincaseofdefault.
(AngNagareklamougGinareklamonagkasundongaangpagͲaprubasaHalangdon
ngaKorteniiningKasabutanoKompromisomaoangmagtaposniiningkaso,gawassakatuyuan
nga ipatuman ang maong Kasabutan sa Kompromiso kung wala musunod sa sabot ang
NagareklamooangGinareklamooangparehongpartido.)

WHEREFORE,premisesconsidered,thepartiesrespectfullypraythatthecourtapprove
thisagreementandrenderjudgmentonthebasisthereof.
(TUNGODNIINI,humangikonsiderarangkahimtangan,matinahurongginahangyonga
iͲaprubasakorteangmaongKasabutansaKompromisougmagpagwasogdesisyonbaseniini.)

________________________, _______________________

______________________________, ____________________________
Plaintiff Defendant
(Nagareklamo) (Ginareklamo)

MotionforApprovalofCompromiseAgreement Form9ͲSCC,page1of1
(SmallClaims)

FORM10ͲSCC

_______________________________
_______________________________
_______________________________

_____________________________________,
Plaintiff,

For:____________________
_____________________________________,
Defendant.

DECISION
(BASEDONCOMPROMISEAGREEMENT)

Plaintiff filed this case against defendant for __________________________ in the amount of
________________________.

Defendant denied plaintiff’s claim on the ground of __________________, and set up a
counterclaimfor_______________________.

Theparties,however,reachedanamicablesettlementandsubmittedtothecourtacompromise
agreement,thetermsandconditionsofwhichareattachedtothisDecision.
*(AttachtheCompromiseAgreementtothisDecision)

Itappearingthattheagreementisnotcontrarytolaw,morals,goodcustoms,publicmoraland
publicpolicy,andpursuanttoArticles2028and2037oftheCivilCodeofthePhilippines,thesameishereby
APPROVEDandADOPTEDastheDecisionofthiscourt.

The parties are hereby ordered to faithfully comply with the terms and conditions of the
agreement.

WHEREFORE,judgmentisherebyrenderedapprovingtheCompromiseAgreementandtheparties
areorderedtocomplywiththetermsandconditions,asfollows:

(The judge should define the rights and obligations of the parties
underthejudgmentapprovingtheCompromiseAgreementtobeenforcedby
aWritofExecution.)

SOORDERED

________________________, _______________________
Place Date

____________________
PresidingJudge

Decision(BasedonCompromiseAgreement) Form10ͲSCC,Page1of1
(SmallClaims)
170

FORM11ͲSCC

_______________________________
_______________________________
_______________________________

_____________________________________,
Plaintiff,

For:____________________
_____________________________________,
Defendant.

DECISIONONSMALLCLAIMS

1.Thesmallclaimsactionfiledinthiscaseisformoneyowedunder:

[]ContractofLease []ContractofLoan/othercreditaccommodations
[]ContractofServices []ContractofSaleofPersonalProperty
[]EnforcementofaBarangayAmicableSettlement

2.IntheStatementofClaims,Plaintiff/sclaim/stheDefendant/sowe/shim/her/ittheprincipal
amountof൐__________________withinterestrateof____________computed,asfollows:

3.IntheResponsesubmitted,Defendant/sinterposedthefollowingdefense:

[]Defendant/sdo/esnotowePlaintiff/sanymoney.
[]Defendant/sowe/sPlaintiff/sonlyaportionoftheamountclaimed.
[]Defendant/salreadypaidtheprincipalamountclaimedandtheinterestschargedtotheloan
isexcessive.
[]ItisthePlaintiff/swhoowestheDefendant/smoney.
[]Defendant/sadmit/sowingmoneytothePlaintiff/sbuthas/havenofinancialcapacitytopay
atthemoment.
[]Defendant/sdeny/deniestheloanobtainedandraisesthedefenseofforgery.
[]Defendant/sis/areamerecoͲmakeroftheloanandhasthebenefitofexcussion.
[]Others

4.On_______________(date),bothparties:

[]personallyappearedduringthehearing
[]appearedthroughaspeciallyauthorizedrepresentative.

Attemptsforalternativedisputeresolutionfailed.Thecourtthusproceededwiththehearingof
thecasewhichwasterminatedon___________________.

(SmallClaims)

FORM11ͲSCC
5.Inestablishingthesmallclaim,Plaintiff/spresentedthefollowingdocumentary
evidence:

[]LatestDemandLettermarkedasExhibit_____________

6.Plaintiff/slikewisesubmittedtheaffidavitsofthefollowingwitnesseswhoalleged,insummary,
asfollows:


7.Indefense,Defendant/ssubmittedthefollowingdocumentaryevidence:


8. Defendant/s likewise submitted the affidavits of the following witnesses who alleged, in
summary,asfollows:


9.Inthesameaction,Defendant/sraisedthefollowingcompulsorycounterclaim:

[]Theyaremutualcreditorsanddebtors.
[]Defendant/shas/havecommission/sduefromthePlaintiff.
[]ItisthePlaintiff/swhoowe/shim/her/itmoney.
[]Others.

10.Withthesamehavingbeensubmittedforjudgment,thiscourtfinds:

[]TheclaimofthePlaintiff/sismeritorious.
[]ThecompulsorycounterclaimoftheDefendantismeritorious.

Wherefore,thesmallclaim/counterclaimisgranted.

(Statereason).

Thiscourtorders____________________topayto_______________________theamountof൐
(statethemonetaryawardordamages)withinterestof________untilfullypaid.
(SmallClaims)
172

FORM11ͲSCC

Plaintiff’sprayerforthewithdrawaloftheremainingbalanceintheSheriff’sTrustFundinthe

[]TheclaimofthePlaintiff/sisdevoidofmerit.
[]ThecompulsorycounterclaimoftheDefendantisdevoidofmerit.

Wherefore,thesmallclaim/counterclaimisdenied.

(Statethereason).


[]Theactionisdismissediswithprejudice.
[]Theactionisdismissedwithoutprejudice.

Wherefore,thesmallclaim/counterclaimisdismissedwith/withoutprejudice.
(Statethereason).


SOORDERED.

________________________, _______________________
Place Date

__________________________
PresidingJudge

Copyfurnished:
Allparties
OfficeoftheClerkofCourtof__________
(SmallClaims)

FORM12ͲSCC

_______________________________
_______________________________
_______________________________

_____________________________________,
Plaintiff,
(Nagareklamo,)
For:____________________
_____________________________________,
Defendant.
(Ginareklamo.)
MOTIONFOREXECUTION
(MosyonsaPagpatumansaDesisyon)

Plaintiff/Defendant,untothisHonorableCourt,respectfullyallegesthat:
(AngNagareklamo/Ginareklamo,saniiningKorte,nagpahayagnga:)

1. On_________,ajudgmentwasrenderedbytheCourt,thedispositiveportionofwhichreads:
(Niadtong___________,nagpagawasangKorteugDesisyonngamuingon:)

2. Thejudgmentisfinal,executoryandunappealable.
(AngDesisyonmaonaangkatapusan,ipatumannaugdilinamahimongaiͲapela).

3. Theplaintiff/defendanthasnotcompliedwiththejudgment.
(AngNagareklamo/GinareklamowalamusunodsaDesisyon).

WHEREFORE,premisesconsidered,itisrespectfullyprayedthataWRITOFEXECUTIONbeissued
toimplementthejudgmentoftheCourtdated__________________.
(TUNGODNIINI,matinahurongginahangyonamagpagawasugusakaPAGPATUMANsaDesisyon
saKortenamaypetsa__________.)

________________________, _______________________

________________________
Plaintiff/Defendant
(Nagareklamo/Ginareklamo)

174
FORM13ͲSCC

_______________________________
_______________________________
_______________________________

_____________________________________,
Plaintiff,
(Nagareklamo,)

For:____________________
_____________________________________,
Defendant.
(Ginareklamo.)

WRITOFEXECUTION
(MoneyJudgment)
(MandoparasaPagpatumansaDesisyonnaNaglambigitsaKwarta)

(ParasaSerip/DeputySerip)
WHEREAS,on___(dateoftheDecision)_,thisCourtrenderedaDecisionintheaboveͲ
entitled case, the pertinent portion of which reads as follows: (SAMTANG,
kaniadtong ________(petsa sa Desisyon)_______, nagpagawas ang Korte og Desisyon niining
kaso,maykalabutanngabahinniinimabasasamgamusunod:)

Thiscourtorders______(nameofdefendant/judgmentobligor)_______
(Gisugosaniiningkortesi)
topay_____________(nameofplaintiff/judgmentobligee)______theamountof
(ngabayaransi)(sakantidadnga)
____(monetaryawardordamages)_____,withinterestof_________perannum
(namaytubo/interesnga)(kadatuig)
reckonedfrom___(dateoftheDecision)__untilfullypaid.
(gikan)(hangtudmakumpletoangbayad.)

(SAMTANG, ang maong Desisyon nahuman na, ipatuman na, ug dili na mahimong iͲ
apela.)

demandfrom_____(nameofdefendant/judgmentobligor)___thepaymentofthejudgment
obligation,togetherwithyourlawfulfeesfortheserviceofthiswrit,andtotenderthesameto
theplaintiff/judgmentobligee.
(BUSA KARON, gisugo ka nga ipatuman and Desisyon, og magͲdemanda/maningil kay
__________________parasakantidadngagipahamtang,lakipangmgabayrunonglegalpara
sa pagtunol niining mando sa pagpatuman, ug ihatag kini sa nagareklamo o gideklarar nga
nakadaogsakaso.)

Form13ͲSCC,Page1of2
WritofExecution(MoneyJudgment)
(SmallClaims)

FORM13ͲSCC

(Ikawgigiyahansumalasamgamusunod:)

1. Ifthejudgmentobligorcannotpayallorpartoftheobligationincash,certifiedbank
checkorothermodeofpaymentacceptabletothejudgmentobligee,youshalllevyupon the
propertiesofthejudgmentobligorofeverykindandnaturewhatsoeverwhichmaybedisposed
offorvalueandnototherwiseexemptfromexecutiongivingthejudgmentobligortheoptionto
immediatelychoosewhichpropertyorpartthereofmaybeleviedupon,sufficienttosatisfythe
judgment. (Kung ang ginareklamo dili mabayran ang tibuok o tipik sa kantidad sa obligasyon
pinaagisakwarta,sertipikadongatsekesabangko,okungunsangpamaagimanngamadawat
sanagareklamo,gisugokangaibuhisangbayadsamgakabtangansaginareklamongapwede
ibaligya,bastadilikinilakipsamgakabtangannagidiliilakipsapagpatumansadesisyon.Ang
ginareklamoangnaa’yopsiyonmamilikunghainangpilionsaiyangkabtanganobahinniiniang
mahimongibuhis,igolangngamakatagbawsabayrunonngagipahamtangsadesisyon.)

2. Ifthejudgmentobligordoesnotexercisetheoption,youshallfirstlevyonthepersonal
thejudgmentobligorwhichhasbeenleviedupon.(Kungangginareklamowalamupilisamga
opsiyon nga gihisgutan, gisugo ka nga ibuhis og una ang mga personal na kabtangan
(pananglitan:sakyanan,muwebles,alahas,ogubanpa),kungadunaman,ayhaisunodangmga
tinuodngakabtangan(pananglitan:yuta,balay,ogubanpa)kungkulangangmgapersonalna
kabtanganparamabayrananggipahamtangsadesisyon.Gitugtankangamamaligyalamangug
tipiksapersonalotinuodngakabtangansaginareklamongaigolangmakabayadsakantidadnga
gipahamtang.)

3. Youshallnotlevyuponsomuchofthesalaries,wages,orearningsofthejudgment
obligorforhis/herpersonalserviceswithinthefour(4)monthsprecedingthelevyasarenecessary
forthesupportofhisfamily.Theyareexemptfromexecution.(Angmgasweldo,suhol,okitasa
ginareklamo gikan sa iyang mga personal na serbisyo sulod sa upat (4) ka bulan bagͲo ang
pagpahamtang,ngagikinahanglanniyaparaisuportasaiyangpamilya,dililabotsapagpatuman
sadesisyon.)

4. Youshallmakeareporttothecourteverythirty(30)daysfromreceiptofthewriton
theproceedingstakenthereonuntilthejudgmentissatisfiedinfull,oruntiltheeffectivityofthe
writexpires,inaccordancewithSection14,Rule39ofthe2019Amendmentstothe1997Rules
of Civil Procedure. (Gikinahanglan ka nga maghimo ug report sa korte matag katloan (30) ka
adlawgikansapagdawatniiningmandoparasaimongmgagihimongapagtumansapaghukom
hangtud sa mabayaran na nimo ang katibukͲan nga bayrunon, o hangtud mawala na ang
pagkaepektibosamando,subaysaSection14,Rule39sa2019Amendmentstothe1997Rulesof
CivilProcedure.)

(GIHATAG ubos sa AKONG KAMOT UG SELYO sa KORTE, karong ika ____ nga adlaw sa
_______,20____.)

________________________________
ClerkofCourt

Form13ͲSCC,Page2of2
WritofExecution(MoneyJudgment)
(SmallClaims)
176
FORM13ͲAͲSCC

_______________________________
_______________________________
_______________________________

_____________________________________,
Plaintiff,
(Nagareklamo,)

For:____________________
_____________________________________,
Defendant.
(Ginareklamo.)

WRITOFEXECUTION
(DecisionBasedonCompromiseAgreement)
(MandoparasaPagpatumansaDesisyonBasesaKasabutansaKompromiso)

(ParakaySerip/DeputySerip)

WHEREAS,on___(dateoftheDecision),thisCourtrenderedaDecisionintheaboveͲ
entitled case, the pertinent portion of which is quoted hereunder: (SAMTANG, kaniadtong
_________[petsa sa Desisyon]_______, nagpagawas ang Korte og Desisyon niining kaso, may
kalabutanngabahinniinigikutlongarisaubos:)

WHEREFORE, judgment is hereby rendered approving the Compromise
Agreement and the parties are ordered to comply with the terms and conditions, as
follows:(TUNGODNIINI,gihatagdiriangpaghukomngamaonakinianggiͲaprubahan
ngaKasabutansaKompromisouggisugoangmgapartidongamusunodsamgatermino
ugkondisyon:)
(TotheClerkofCourt:quotetheentirejudgmentoncompromiseforreferenceoftheSheriff)

(SmallClaims)

FORM13ͲAͲSCC

(continuedfrompage1–judgmentoncompromise)

(SAMTANG,angmaongDesisyonnagtaposna,ipatumanna,ugdilinamahimongiͲapela)

demandfrom_____(nameofdefendant)___thepaymentoftheamountagreedupon,subject
to deduction of payments made by the defendant after the execution of the Compromise
Agreement,ifany,togetherwithyourlawfulfeesfortheserviceofthiswrit,andtotenderthe
sametotheplaintiff.
(BUSA KARON, gisugo ka nga ipatuman ang Desisyon, ug maningil kay
__________________(ngalansaginareklamo)ugbayadsakantidadngagikasabutan,naibawas
diriangkantidadnanabayarannahumanipatumanangKasabutansaKompromiso,kungaduna
man, lakip ang imong mga bayrunong legal para sa paghatod/pagtunol niining mando sa
pagpatuman,ugihatagkinisaNagareklamoogihukmanngamananaogsakaso.)

(Ikawgigiyahansumalasamgamusunod:)

1)Ifthedefendantcannotpayallorpartoftheobligationincash,certifiedbankcheckor
other mode of payment acceptable to the plaintiff, you shall levy upon the properties of the
defendant of every kind and nature whatsoever which may be disposed of for value and not
otherwiseexemptfromexecution,givingthedefendanttheoptiontoimmediatelychoosewhich
property or part thereof may be levied upon, sufficient to satisfy the judgment. (Kung ang
Ginareklamo dili mabayran ang tibuok o tipik sa kantidad sa obligasyon pinaagi sa kwarta,
sertipikadongatseke sa bangko,okungunsangpamaagimanngamadawat sanagareklamo,
gisugokangaibuhisangbayadsamgakabtangansaGinareklamongapwedeibaligya,bastadili
kinilakipsamgakabtangannagidiliilakipsapagpatumansadesisyon.AngGinareklamoangnaa
opsyonmamilikunghainangpilionsaiyangkabtanganobahinniiniangmahimongibuhis,igo
ngamakatagbawsabayrunonngagipahamtangsadesisyon.)

(SmallClaims)
178
FORM13ͲAͲSCC

2) If the defendant does not exercise the option, you shall first levy on the personal
thedefendantwhichhasbeenleviedupon.(KungangGinareklamowalamupilisamgaopsyon
nga gihisgutan, gisugo ka nga ibuhis ug una ang mga personal na kabtangan (pananglitan:
sakyanan,muwebles,alahas,ogubanpa),kungadunaman,ayhaisunodangmgatinuodnga
kabtangan(pananglitan:yuta,balay,ogubanpa)kungkulangangmgapersonalnakabtangan
paramabayrananggipahamtangsadesisyon.Gitugtankangapwedemamaligyalamangogtipik
sapersonalotinuodngakabtangansaGinareklamongaigolangmakabayadsakantidadnga
gipahamtang.)

3)Somuchofthesalaries,wages,orearningsofthedefendantforhispersonalservices
within the four months preceding the levy as are necessary for the support of his family are
exempt from execution. (Ang mga sweldo, suhol, o kita sa Ginareklamo gikan sa iyang mga
personalnaserbisyosulodsaupatkabulanbagͲoangpagpahamtang,ngagikinahanglanniya
paraisuportasaiyangpamilya,dililabotsapagpatumansadesisyon.)

4)Youshallmakeareporttothecourteverythirty(30)daysontheproceedingstaken
thereon until the judgment is satisfied in full, or until the effectivity of the writ expires, in
accordancewithSection14,Rule39ofthe2019Amendmentstothe1997RulesofCivilProcedure.
(Gikinahanglan ka nga maghimo og report sa korte matag katloan (30) ka adlaw gikan sa
pagdawat niining mando para sa imong mga gihimo nga pagtuman sa paghukom hangtud sa
mabayarannanimoangkatibukͲanngabayrunon,ohangtudmawalanaangpagkaepektibosa
mando,subaysaSection14,Rule39sa2019Amendmentstothe1997RulesofCivilProcedure.)

(GIHATAG ubos sa AKONG KAMOT UG SELYO sa KORTE, karong ika ____ nga adlaw sa
_______,20____.)

_________________________
ClerkofCourt
(SmallClaims)

FORM13ͲBͲSCC

_______________________________
_______________________________
_______________________________

_____________________________________,
Plaintiff,
(Nagareklamo,)

For:____________________
_____________________________________,
Defendant.
(Ginareklamo.)

WRITOFEXECUTION
(SpecificJudgment)
(MandoparasaPagpatumansaPartikularnaDesisyon)


WHEREAS, on ___(date of the Decision) , this Court rendered a Decision in the aboveͲ
entitledcase,disposingthus:
(SAMTANG,kaniadtong_____(petsasaDesisyon),angKortenagpagawasogDesisyon
niiningkaso:)

(SAMTANG,angmaongDesisyonnahumanna,ipatumanna,ugdilinamahimongiͲapela.)

NOWTHEREFORE,youarecommandedtocausetheexecutionoftheDecision,including
payment in full of your lawful fees for the service of this writ. (BUSA KARON, gisugo ka nga
ipatuman ang Desisyon, ingon man ang bugͲos nga pagbayad sa bayrunong legal para sa
pagtunolniiningmandosapagpatuman.)

(GIHATAG ubos sa AKONG KAMOT UG SELYO sa KORTE, karong ika ____ nga adlaw
sa_______,20____.)

_________________________
ClerkofCourt

WritofExecution(SpecificJudgment) Form13ͲBͲSCC,Page1of1
(SmallClaims)
180

08-8-7-SC Rules On Expedited Procedures in The First Level Courts

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

08-8-7-SC Rules On Expedited Procedures in The First Level Courts

Uploaded by

Copyright:

Available Formats

RULES ON

Message of Associate Justice Henri Jean Paul B. Inting ix

Message of Associate Justice Samuel H. Gaerlan x

Message of Associate Justice Jose Midas P. Marquez xii

Message of Court of Appeals Associate Justice Maria Filomena D. Singh xiii

1. Rules on Expedited Procedures 1

2. Small Claims Cases Forms 1 to 13 (English/Filipino) 29

Form 1-SCC Plaintiﬀ’s Statement of Claim/s 31

Form 1-A-SCC Other Plaintiﬀs or Defendants 41

Form 1-B-SCC Information for the Small Claims Plaintiﬀ 44

Form 2-SCC Summons 50

Form 3-SCC Veriﬁed Response 51

Form 4-SCC Notice of Hearing 57

Form 5-SCC Return of Summons/Manifestation [Personal Service] 58

Form 5-A-SCC Return of Summons/Manifestation [Substituted Service] 60

Form 7-SCC Special Power of Attorney 65

Form 8-SCC Joint Motion (For Dismissal) 67

Form 9-SCC Motion for Approval of Compromise Agreement 68

Form 10-SCC Decision (Based on Compromise Agreement) 69

Form 11-SCC Decision on Small Claims 70

Form 12-SCC Motion for Execution 73

Form 13-SCC Writ of Execution (Money Judgment) 74

Form 13-A-SCC Writ of Execution 76

Form 13-B-SCC Writ of Execution (Speciﬁc Judgment) 79

3. Comparative Table of the 1991 Revised Rule 81

4. Flowcharts of the Rule on Summary Procedure 123

iv RULES ON EXPEDITED PROCEDURES IN THE FIRST LEVEL COURTS

Form 1-A-SCC Other Plaintiﬀs or Defendants 143

Form 1-B-SCC Information for the Small Claims Plaintiﬀ 145

Form 2-SCC Summons 151

Form 3-SCC Veriﬁed Response 152

Form 4-SCC Notice of Hearing 158

Form 5-SCC Return of Summons/Manifestation [Personal Service] 159

Form 5-A-SCC Return of Summons/Manifestation [Substituted Service] 161

Form 6-SCC Motion to Sue as Indigent 164

Form 7-SCC Special Power of Attorney 166

Form 8-SCC Joint Motion (For Dismissal) 168

Form 9-SCC Motion for Approval of Compromise Agreement 169

Form 10-SCC Decision (Based on Compromise Agreement) 170

Form 11-SCC Decision on Small Claims 171

Form 12-SCC Motion for Execution 174

Form 13-SCC Writ of Execution (Money Judgment) 175

Form 13-A-SCC Writ of Execution (Decision Based on Compromise Agreement) 177

Form 13-B-SCC Writ of Execution (Speciﬁc Judgment) 180

FROM THE CHAMBERS OF

viii RULES ON EXPEDITED PROCEDURES IN THE FIRST LEVEL COURTS

FROM THE CHAMBERS OF

FROM THE CHAMBERS OF

x RULES ON EXPEDITED PROCEDURES IN THE FIRST LEVEL COURTS

FROM THE CHAMBERS OF

xii RULES ON EXPEDITED PROCEDURES IN THE FIRST LEVEL COURTS

FROM THE CHAMBERS OF

Secretariat: Atty. Ryan De Leon Ferraren

4 RULES ON EXPEDITED PROCEDURES IN THE FIRST LEVEL COURTS

Atty. Camille Sue Mae L. Ting

Chairperson: Hon. Maria Filomena D. Singh

Secretariat: Atty. Ryan De Leon Ferraren

(Original signed) (Original signed)

(Original signed) (Original signed)

(Original signed) (Original signed)

(Original signed) (Original signed)

6 RULES ON EXPEDITED PROCEDURES IN THE FIRST LEVEL COURTS

(Original signed) (Original signed)

ƚƚŽƌŶĞǇ ;^WͿ͕ ďŽĂƌĚ ƌĞƐŽůƵƚŝŽŶ Žƌ ƐĞĐƌĞƚĂƌǇ͛Ɛ ĂƌĂŶŐĂǇŬƵŶŐŝŬĂǁĂƚĂŶŐŚŝŶĂŚĂďůĂĂǇŶĂŬĂƚŝƌĂƐĂ