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ĞŶŝƚŽdĂŝďŽ 7 ŽĚŽƐƐĂďĞŵŽƐƋƵĞĞůƐŝƐƚĞŵĂĚĞƐĂůƵĚƉƷďůŝĐŽĞŶŶƵĞƐƚƌŽƉĂşƐĞƐƵŶ
ǀĞƌĚĂĚĞƌŽĚĞƐĂƐƚƌĞ͘zĂƉĞƐĂƌĚĞĞůůŽ͕ĐŽŶŐĂŶĐŚŝƚŽƐ͕ƌĞŵĞĚŽƐ͕ŵĞƌĐĂĚŽŶĞŐƌŽ
ĚĞ ŵĞĚŝĐĂŵĞŶƚŽƐ͕ ĞŶ ŽĐĂƐŝŽŶĞƐ ŚĂƌƚĂ ŝŵĂŐŝŶĂĐŝſŶ LJ ƐŝŶ ĚƵĚĂ ůĂ ŚĞƌŽŝĐĂ
ĐŽůĞĐƚŝǀŽĞŶĠƉŽĐĂĚĞŐƵĞƌƌĂ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϰ ĂĐƚŝƚƵĚĚĞƵŶŵŽŶƚſŶĚĞŵĠĚŝĐŽƐ͕ĞŶĨĞƌŵĞƌĂƐLJĞŶĨĞƌŵĞƌŽƐ͕ŵŽŶƚŽŶĞƐĚĞ
ZŽƐĞŶĚĂŐƵŝůĂƌŐƵŝůĂƌ ŵĞdžŝĐĂŶŽƐ ƐŽŶ ƐĂůǀĂĚŽƐ ĚŝĂƌŝĂŵĞŶƚĞ ŐƌĂĐŝĂƐ Ă ǀĂůŝĞŶƚĞƐ ĞƐĨƵĞƌnjŽƐ͘ Eŝ ƋƵĞ
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KDjEEEh^dZKD/K ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϴ ĂŐƵĂŶƚĂŶ ĞƐƚŽŝĐĂ LJ ďƌĂǀĂŵĞŶƚĞ ĚĞƐƉƌĞĐŝŽƐ ďƵƌŽĐƌĄƚŝĐŽƐ͕ ĚĞƐĂďĂƐƚŽƐ ĚĞ
ŝŶƐƵŵŽƐ LJ ŵĞĚŝĐŝŶĂƐ͕ ŝŶĨƌĂĞƐƚƌƵĐƚƵƌĂƐ ĐŽŵƉůĞƚĂŵĞŶƚĞ ͨŝŶĨƌĂͩ LJ ĂĐƚŝƚƵĚĞƐ
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ƚĞƌƌŝďůĞƐ ĚĞ ͨƐĞƌǀŝĚŽƌĞƐ ƉƷďůŝĐŽƐͩ ƋƵĞ ĞƐƚĄŶ Ăůůş ƉĂƌĂ ƐĞƌǀŝƌůĞƐ͕ Ŷŝ ŵĄƐ Ŷŝ
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ĂĂůŐƵŶĂƐŚŽƌŵŝŐĂƐ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϭ zƐŝŶĞŵďĂƌŐŽĞƐĞƐŝƐƚĞŵĂĐŽƌƌƵƉƚŽ͕ĂŶƋƵŝůŽƐĂĚŽ͕ǀŝĞũŽ͕ĚƌĂŵĄƚŝĐŽ͕ƐĞ
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ƵŶŽƐLJŽƚƌŽƐ;ůŽƐƋƵĞŚĂĐĞŶƐƵƚƌĂďĂũŽLJůŽƐƋƵĞƚŝĞŶĞŶĞůŵĂůŐƵƐƚŽĚĞ
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ƌĂƐƚŽ,ĞƌŶĄŶĚĞnjĂůĚĞƌſŶ LJĞůĚĞƐĞŽĨĞƌǀŝĞŶƚĞ͕ƵƌŐĞŶƚĞ͕ĚĞƋƵĞůĂƐĐŽƐĂƐĐĂŵďŝĞŶ͘
ůĚĞƐƉĞƌĚŝĐŝŽĚĞĂůŝŵĞŶƚŽƐĞƐĐĂƌŽ dŽĚŽĞƐƚŽǀŝĞŶĞĂĐƵĞŶƚŽƉŽƌƋƵĞƋƵŝĞƌŽƌĞĨĞƌŝƌŵĞŚŽLJĂůƌĞǀĞƌƐŽĚĞůĂ
LJĚĂŹĂĂůĂŵďŝĞŶƚĞ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϲ ŵŽŶĞĚĂ͘ >Ă ŵĞĚŝĐŝŶĂ ƉƌŝǀĂĚĂ͘ z ŶŽ ĞƐĐƌŝďŝƌĠ ƵŶ ůŝďƌŽ ;ƋƵĞ ĂŵĞƌŝƚĂƌşĂ ƐŝŶ
ĂƌůĂůŵĞŝĚĂ ĚƵĚĂͿƐŽďƌĞĞůƚĞŵĂ͕LJĐŽŶƚĂƌĠƚĂŶƐſůŽƵŶƉĞƋƵĞŹŽĞũĞŵƉůŽĚĞůŐƌĂĚŽĚĞ
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ƐƉĞĐƚŽƐ ĞƉŝĚĞŵŝŽůſŐŝĐŽƐ ĞƚŝŽůſŐŝĐŽƐ WŽƌŵŽƚŝǀŽƐƋƵĞŶŽǀŝĞŶĞŶĂĐƵĞŶƚŽ͕ƚƵǀĞƋƵĞŝƌĂů,ŽƐƉŝƚĂůŶŐĞůĞƐĚĞů
LJƉƌŽŶſƐƚŝĐŽƐĞŶĐĄŶĐĞƌ͕ĚĞĐĂǀŝĚĂĚŽƌĂů͕ WĞĚƌĞŐĂů;LJĚĞƵŶĂǀĞnjůĞƐĚŝŐŽƋƵĞƚŽĚŽƐĞƐƚĂŵŽƐƉĞƌĨĞĐƚĂŵĞŶƚĞďŝĞŶͿ͕LJ
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ƌŽĐşĂƐƵƐŵĂŶŽƐĐŽŶĞůŐĞůĚĞĂůĐŽŚŽůƋƵĞ ǀĞnjƋƵĞLJŽĞŶƚƌĂďĂŽƐĂůşĂĚĞůĂŚĂďŝƚĂĐŝſŶ͕ Ɛş ƋƵĞ ůŽƐ ƐĞŹŽƌĞƐ ĚĞů ŶŐĞůĞƐ ĚĞů
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ƉƌŽĐĞƐŽ͘ DĞ ƉĂƌĞĐĞ ďŝĞŶ͖ ŵƵĐŚĂƐ ůĞĚĂďĂƵŶƉĂƌĚĞůůĞŐƵĞƐĂůĂďŽƚĞůůŝƚĂLJ ĐŽŵŽĚŝĐĞƵŶĂŵŝŐŽŵĠĚŝĐŽͿƐĞĞŵďŽůƐĂŶ
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ǀşĂĚĞĞƐŽƐĐŽŶƚĂĐƚŽƐLJƉƌĞǀĞŶŝƌůŽĞƐƵŶĂ ůĂƐ ŵĂŶŽƐ ůŝďƌĞƐ ĚĞ ŐĠƌŵĞŶĞƐ͕ LJ ĂƐş͕ ƐŝŶ ϵϬϬйĚĞƵƚŝůŝĚĂĚŶĞƚĂ;LJĂĐŽŶ/s͕ŶŽƐĞ
ĚŝƐĐŝƉůŝŶĂƐĂŶĂLJƋƵĞƐĞĚĞďĞƌşĂƐĞŐƵŝƌĂů ŵŝĞĚŽ͕ ƐĂďşĂ ƋƵĞ ƉŽĚşĂ ĞƐƚƌĞĐŚĂƌůĂƐ Ă ĂƐƵƐƚĞŶͿ͘
ƉŝĞĚĞůĂůĞƚƌĂ͘ ĂŵŝŐŽƐLJĐŽŶŽĐŝĚŽƐƐŝŶƚƌĂŶƐŵŝƚŝƌŶŝŶŐƵŶĂ DĞƉĂƌĞĐĞďŽĐŚŽƌŶŽƐŽ͘ůƉƌŽƚŽĐŽůŽ
ŶƚĞƐ͕ ͎ƌĞĐƵĞƌĚĂŶ͍͕ ŚĂďşĂ ĐůĂƐĞĚĞŵĂů͘ ĚĞŚŝŐŝĞŶĞƐĞĐŽŶǀŝƌƚŝſĞŶĞůƉƌŽƚŽĐŽůŽĚĞ
ĚŝƐƉĞŶƐĂƌŝŽƐĚĞĞƐĞŐĞůĚĞĂůĐŽŚŽůĞŶůĂƐ WĞƌŽůůĞŐſůĂŚŽƌĂĚĞƉĂŐĂƌůĂĐƵĞŶƚĂ͘ ůĂĂǀĂƌŝĐŝĂ͘
ƉĂƌĞĚĞƐLJĐƵĂůƋƵŝĞƌĂƉŽĚşĂƵƚŝůŝnjĂƌůŽƐƐŝŶ z ƌĞƐƵůƚſ ƋƵĞ Ğů ĨĂŵŽƐŽ ƉƌŽĚƵĐƚŽ ^Ġ ƋƵĞ ůŽƐ ĚƵĞŹŽƐ ĚĞů ŚŽƐƉŝƚĂů ƐŽŶ
ĐŽƐƚŽĂůŐƵŶŽ͘zĂŶŽ͘ĞƐĂƉĂƌĞĐŝĞƌŽŶ ŵĂƚĂŐĠƌŵĞŶĞƐ;ǀŝůĂůĐŽŚŽůƐſůŝĚŽͿ͕LJĂĐŽŶ ŵƵLJĚĞǀŽƚŽƐ͋͘EŽƐĂďĞŶƋƵĞůĂĂǀĂƌŝĐŝĂĞƐ
ĞƐĐƵďƌŝĞƌŽŶƋƵĞĞƐƵŶŶĞŐŽĐŝŽ͘hŶŽ /s͕ĐŽƐƚĂďĂůĂĨƌŝŽůĞƌĂĚĞ͋ϰϴϭ͘ϮϯƉĞƐŽƐ͊ ƵŶƉĞĐĂĚŽĐĂƉŝƚĂů͕ĐŽŹŽ͎͊YƵĠƐĞƉƵĞĚĞŶ
ƋƵĞĚĂũƵŐŽƐŽƐĚŝǀŝĚĞŶĚŽƐ͘ ^ş͕ƋƵĞƌŝĚŽƐ͕hdZK/EdK^K,Edz ŝƌĂůŝŶĨŝĞƌŶŽ͍
ŚŽƌĂ͕ ĞŶƚƌĂƐ Ă ůĂ ŚĂďŝƚĂĐŝſŶ LJ ŚĂLJ hEW^K^KEs/Ed/dZ^EdsK^͘ ͎EŽƉŽĚƌşĂŶůŽƐƐĞŹŽƌĞƐĚĞWZK&K
ƵŶĂĚĞĞƐĂƐďŽƚĞůůĂƐĚĞŐĞůĚĞϮϱϬŵůũƵŶƚŽ ^ş ůĂ ŚĂĐĞƐ ĚĞ ũĂŵſŶ ;ĐŽŵŽ Ğů ĐĂƐŽ ĚĂƌƐĞ ƵŶĂ ǀƵĞůƚĂ͍ ^ƵƉŽŶŐŽ͕ ƋƵŝĞƌŽ
ĂůĂƚĞůĞǀŝƐŝſŶ͕ĐĞƌƌĂĚĂ͘džŐĞƌŵĂŶƚŝƐĠƉƚŝĐŽ ƐŝŶůƵŐĂƌĂĚƵĚĂƐĂŵĞƌŝƚĂƌşĂͿĞƐƉƌŽďĂďůĞ ƐƵƉŽŶĞƌƋƵĞĚĞďĞƐĞƌƵŶĚĞůŝƚŽ͘
ƉĂƌĂ ŵĂŶŽƐ͘ z ůĂ ĂďƌĞƐ͕ ƐŝŶ ĚƵĚĂƌůŽ͘ ƋƵĞƚƵƉĂĐŝĞŶƚĞƐĞĐŽŶǀŝĞƌƚĂĞŶƌĞŚĠŶ͕LJ ^ş ĂůŐƵŶŽ ĐĂĞ ƉŽƌ Ğů ŵƵůƚŝĐŝƚĂĚŽ
͎ƵĄŶƚŽƉƵĞĚĞĐŽƐƚĂƌ͍ ƋƵĞĚĞƐĞĐƵĞƐƚƌĂĚŽ͘ ŶŽƐŽĐŽŵŝŽ͕ůůĞǀĞƐƵŐĞů͘ŝŶǀŝƚĞ͘
ƐďĂƌĂƚŽLJƉƵĞĚĞĂůĂůĂƌŐĂƉƌĞǀĞŶŝƌ Ɛş ƋƵĞ ƉĂŐĂƐ͕ ƉŽƌƋƵĞ ƉŽƌ WŽƌ ĐƵƌŝŽƐŝĚĂĚ͕ ůůĂŵĠ Ăů ƌĞƐƚĂƵƌĂŶƚĞ
ŵƵĐŚŽƐƉƌŽďůĞŵĂƐ͘ ƐƵƉƵĞƐƚşƐŝŵŽ͕ĞůƐĞŐƵƌŽŵĠĚŝĐŽŶŽĐƵďƌĞ ĚĞůůƵŐĂƌLJƉƌĞŐƵŶƚĠƉŽƌƐƵǀŝŶŽŵĄƐĐĂƌŽ͘
ƐşƋƵĞůŽĂďƌĞƐ͕ƐŝŶĚƵĚĂƌůŽ;ŝŶƐŝƐƚŽͿ͘ ƐĞŵĞũĂŶƚĞƐ ũŽƚĞƌşĂƐ͘ /ŶĐůƵƐŽ ŵĞ ŝŵĂŐŝŶŽ z ŵŝůŝůŝƚƌŽ Ă ŵŝůŝůŝƚƌŽ͕ ĞƐ ďĂƐƚĂŶƚĞ ŵĄƐ
zĐĂĞƐĞŶůĂƚƌĂŵƉĂĐŽŵŽĂĚŽůĞƐĐĞŶƚĞƋƵĞ Ăů ƌĞƉƌĞƐĞŶƚĂŶƚĞ ĚĞ ƵŶĂ ĂƐĞŐƵƌĂĚŽƌĂ ďĂƌĂƚŽƋƵĞĞůƉŝŶĐŚĞŐĞů͘
ĂďƌĞƵŶƉĂƌĚĞĐŚĞůĂƐĚĞƵŶƐĞƌǀŝďĂƌĞŶ ĚŝĐŝĞŶĚŽ ĐŽŶ ĐĂƌŝŹŽ͗ ͎EŽ ƐĂďşĂ ƋƵĞ Ğů zŽ͕ĂƉĂƌƚŝƌĚĞĞƐƚĞŵŽŵĞŶƚŽ͕ĐŽŵŽ
ƵŶ ŚŽƚĞů ĚĞ ůƵũŽ LJ ƋƵĞ ĐĂƐŝ ƐĞ ĚĞƐŵĂLJĂ ũĂďſŶLJĞůĂŐƵĂƚŝĞŶĞŶĞůŵŝƐŵŽĞĨĞĐƚŽ͍ WŽŶĐŝŽWŝůĂƚŽƐ͕ŶŽŵĄƐŵĞůĂǀŽůĂƐŵĂŶŽƐ͘
ĐƵĂŶĚŽ ƉĂŐĂ ůĂ ĐƵĞŶƚĂ͕ Ž ĐƵĂŶĚŽ ƐƵƐ ů ƐĂůŝƌ ĚĞů ŶŐĞůĞƐ ƉĂƐĠ Ă ĚŽƐ
ƉĂƉĄƐƉĂŐĂŶůĂĐƵĞŶƚĂ͘ ĨĂƌŵĂĐŝĂƐ͘ ^ĂŶ WĂďůŽ LJ ƵŶĂ ĚĞ ůĂƐ ĚĞů
dŽĚŽƐ ƵƐĂďĂŶ Ğů ĨĂŵŽƐŽ ŐĞů ĞŶ Ğů ŚŽƌƌŽ͘ z Ğů ůşƋƵŝĚŽ ŵĄŐŝĐŽ ŶŽ ĐƵĞƐƚĂ ŝƐƉŽŶŝďůĞ ĞŶ͗ ŚƚƚƉƐ͗ͬͬǁǁǁ͘ĨĂĐĞŬ͘ĐŽŵͬ
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ŵĂĚƌĞƐ͕ ĚĞĨĞĐĂĐŝſŶ Ăů ƌĂƐ ĚĞů ƐƵĞůŽ͕
>Ă ĂƐĐĂƌŝŽƐŝƐ ĞƐ ƵŶĂ ƉĂƌĂƐŝƚŽƐŝƐ ƋƵĞ ƐƵŵŝŶŝƐƚƌŽŝŶĂĚĞĐƵĂĚŽĚĞĂŐƵĂ͕ƉŽďƌĞnjĂ͕
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ĨŽƌŵĂŝŶĨĞĐƚĂŶƚĞ;ŚƵĞǀŽůĂƌǀĂĚŽͿ͕ƋƵĞŚĂ ďŝŽƐſůŝĚŽƐ ŚƵŵĂŶŽƐ ƉĂƌĂ ĨĞƌƚŝůŝnjĂŶƚĞƐ LJ
ĞďŝĚŽĂůĂĨĂůƚĂĚĞŚŝŐŝĞŶĞ͕ĂůĂ ŵĂĚƵƌĂĚŽ ĞŶ Ğů ƐƵĞůŽ͕ ĚĞ ĂŚş ƋƵĞ ƐĞ ƌŝĞŐŽƐ͕ŐĞŽĨĂŐŝĂ͕ŽŵŝƐŝſŶĚĞůůĂǀĂĚŽĚĞůĂƐ
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ĨĂĐƚŽƌĞƐ͕ŚŽLJĞŶĚşĂƐĞĞƐƚĄƉƌĞƐĞŶƚĂŶĚŽ ĞĚĂĨŽŚĞůŵŝŶƚŝŽƐŝƐ Ž ŐĞŽŚĞůŵŝŶƚŝŽƐŝƐ͕ Ž ĐƌşĂ ĚĞ ŐĂŶĂĚŽ͕ ĞŶ ĨƵŶĐŝſŶ ĚĞ ůĂ
ŵĂLJŽƌ ŝŶĐŝĚĞŶĐŝĂ ĚĞ ĞŶĨĞƌŵĞĚĂĚĞƐ ƐĞŐƷŶ ƐƵ ĚĞĨŝŶŝĐŝſŶ ƉŽƌ ůĂ KƌŐĂŶŝnjĂĐŝſŶ ƉŽďůĂĐŝſŶƋƵĞƐĞĞƐƚĠĐŽŶƐŝĚĞƌĂŶĚŽ;ŶŝŹŽƐ
ĐĂƵƐĂĚĂƐ ƉŽƌ ƉĂƌĄƐŝƚŽƐ͕ ƋƵĞ ƐŽŶ DƵŶĚŝĂů ĚĞ ůĂ ^ĂůƵĚ ĚĞ ŚĞůŵŝŶƚŝŽƐŝƐ ƉƌĞĞƐĐŽůĂƌĞƐ͕ ŶŝŹŽƐ ĞƐĐŽůĂƌĞƐ͕ ŵƵũĞƌĞƐ
ŽƌŐĂŶŝƐŵŽƐ ƋƵĞ ƉĂƐĂŶ ƵŶĂ ƉĂƌƚĞ Ž ůĂ ƚƌĂŶƐŵŝƚŝĚĂƐƉŽƌĞůƐƵĞůŽ͘ ĞŵŝŐƌĂŶƚĞƐ͕ ǀĞŶĚĞĚŽƌĞƐ ĂŵďƵůĂŶƚĞƐ͕
ƚŽƚĂůŝĚĂĚĚĞƐƵĞdžŝƐƚĞŶĐŝĂ͕ĞŶĞůŝŶƚĞƌŝŽƌŽ ĐŽŵƵŶŝĚĂĚĞƐĞŶƚĞƌĂƐͿ;DĂƌŝůLJŶ͕ϮϬϬϴͿ͘
ĞdžƚĞƌŝŽƌĚĞŽƚƌŽƐĞƌǀŝǀŽ͕ĂĞdžƉĞŶƐĂƐĚĞů ů ĂŐĞŶƚĞ ĞƚŝŽůſŐŝĐŽ ;ƐĐĂƌŝƐ
ĐƵĂů ƐĞ ŶƵƚƌĞŶ ĐĂƵƐĄŶĚŽůĞ ĚĂŹŽ͘ ŶƚƌĞ ůƵŵďƌŝĐŽŝĚĞƐͿĞƐƵŶŶĞŵĂƚŽĚŽĐŽŵƷŶĞŶ >Ă ŚĞŵďƌĂ ĚĞ ƐĐĂƌŝƐ ůƵŵďƌŝĐŽŝĚĞƐ
ĞůůŽƐ ĞƐƚĄŶ ůŽƐ ŐĞŽŚĞůŵŝŶƚŽƐ ƋƵĞ ƐŽŶ ĞůŚŽŵďƌĞĂůƋƵĞůĞĐĂƵƐĂƉƌŝŶĐŝƉĂůŵĞŶƚĞ ŵŝĚĞ ĚĞ ϮϬͲϯϱ Đŵ LJ Ğů ŵĂĐŚŽ ϭϱͲϯϬ Đŵ
ŐƵƐĂŶŽƐŽůŽŵďƌŝĐĞƐ͕ůŽƐĐƵĂůĞƐůĞĐĂƵƐĂŶ ƉƌŽďůĞŵĂƐ ŝŶƚĞƐƚŝŶĂůĞƐ LJ ƉƵůŵŽŶĂƌĞƐ͘ ĐŽŶƵŶĚŝĄŵĞƚƌŽĚĞĂƉƌŽdžŝŵĂĚĂŵĞŶƚĞϰ
ĚĂŹŽƐĂůŝŶƚĞƐƚŝŶŽĚĞůƐĞƌŚƵŵĂŶŽLJƚŝĞŶĞŶ ƐĐĂƌŝƐůƵŵďƌŝĐŽŝĚĞƐĞƐĞůŶĞŵĂƚŽĚŽŵĄƐ ŵŵ͘ƐĐŝůşŶĚƌŝĐŽĐŽŶƵŶĞdžƚƌĞŵŽƉŽƐƚĞƌŝŽƌ
ĞŶ ĐŽŵƷŶ ůĂ ŶĞĐĞƐŝĚĂĚ ĚĞ ĐƵŵƉůŝƌ ƵŶĂ ŐƌĂŶĚĞƋƵĞƉĂƌĂƐŝƚĂĞůƚƵďŽĚŝŐĞƐƚŝǀŽĚĞů ƉƵŶƚŝĂŐƵĚŽ LJ ƵŶŽ ĂŶƚĞƌŝŽƌ ƌŽŵŽ͘ >ŽƐ
ĞƚĂƉĂ ĚĞ ƐƵ ǀŝĚĂ ĞŶ Ğů ƐƵĞůŽ͘ Ğ ůĂƐ ŚŽŵďƌĞLJƐĞŐƵƌĂŵĞŶƚĞĨƵĞĐŽŶŽĐŝĚŽƉŽƌ ĐŽƌĚŽŶĞƐ ůĂƚĞƌĂůĞƐ ƐŽŶ ŵƵLJ ĂƉĂƌĞŶƚĞƐ LJ
ŐĞŽŚĞůŵŝƚŝŽƐŝƐ͕ ĂƐĐĂƌŝŽƐŝƐ ĞƐ ůĂ ŵĄƐ Ġů ĚĞƐĚĞ ŚĂĐĞ ŵƵĐŚŽƐ ƐŝŐůŽƐ͕ LJĂ ƋƵĞ ƐƵ ƚŝĞŶĞŶ Ğů ĂƐƉĞĐƚŽ ĚĞ ĞƐƚƌşĂƐ ĚĞ ĐŽůŽƌ
ĨƌĞĐƵĞŶƚĞĞŶŶƵĞƐƚƌŽŵĞĚŝŽ͘ ƚĂŵĂŹŽŶŽƉƵĚŽƉĂƐĂƌŝŶĂĚǀĞƌƚŝĚŽĂůƐĞƌ ďůĂŶƋƵĞĐŝŶŽ ƋƵĞ ƌĞĐŽƌƌĞŶ
0LOHQDULD
&ŝŐƵƌĂϮ͘DĂĐŚŽLJŚĞŵďƌĂĚĞƐĐĂƌŝƐůƵŵďƌŝĐŽŝĚĞƐ
0LOHQDULD
ƌĞĐƵƌƌĞŶĐŝĂ ĞŶ ůĂƐ njŽŶĂƐ ƌƵƌĂůĞƐ LJ ĚĞ
ĞƐĐĂƐŽƐƌĞĐƵƌƐŽƐĞĐŽŶſŵŝĐŽƐ͘WŽƌĞƐƚĂ
ƌĂnjſŶĞƐƉĞƌƚŝŶĞŶƚĞĐŽŶŽĐĞƌƐŽďƌĞĞƐƚĂ
ƉĂƌĂƐŝƚŽƐŝƐLJƌĞĂůŝnjĂƌŝŶǀĞƐƚŝŐĂĐŝŽŶĞƐĚĞ
ĚŝĐŚĂ ƉĂƚŽůŽŐşĂ ƋƵĞ ĐŽŶƚƌŝďƵLJĂŶ Ă ůĂ
ĚŝƐŵŝŶƵĐŝſŶ ĚĞ ůĂ ŚĞůŵŝŶƚŝĂƐŝƐ LJ ĂƐş
ƉƌŽƉŽŶĞƌŵĞĚŝĚĂƐĚĞŚŝŐŝĞŶĞ͕ŚĄďŝƚŽƐ
ĂůŝŵĞŶƚŝĐŝŽƐLJĐŽŶĚŝĐŝŽŶĞƐĚĞǀŝǀŝĞŶĚĂ͘
ŝďůŝŽŐƌĂĨşĂ
Ϯ͘ŽƌƚĞnjDD͕DĂƌşŶDZ͘ƐĐĂƌŝƐůƵŵďƌŝĐŽŝĚĞƐ͘
DĞŵŽƌŝĂ ĚĞů ^ĞƌǀŝĐŝŽ ^ŽĐŝĂů hŶŝĚŝƐĐŝƉůŝŶĂƌŝŽ
ϭϵϵϲ͘ &ĂĐƵůƚĂĚ ĚĞ ŝĞŶĐŝĂƐ YƵşŵŝĐŽ
ŝŽůſŐŝĐĂƐ͕hŶŝǀĞƌƐŝĚĂĚƵƚſŶŽŵĂĚĞ^ŝŶĂůŽĂ͘
ϰ͘DĂŵĂŶŝ͕͘ĞƚĂů͘dƌĂďĂũŽĚĞ/ŶǀĞƐƚŝŐĂĐŝſŶ͗
WƌĞǀĂůĞŶĐŝĂĚĞƐĐĂƌŝŽƐŝƐĞŶŶŝŹŽƐĚĞϯĂϭϭ
ĂŹŽƐ ĚĞ ĞĚĂĚ ĞŶ ůĂ ƵŶŝĚĂĚ ĞĚƵĐĂƚŝǀĂ ĚĞ ůĂ
ĐŽůŽŶŝĂ >ŝŶĂƌĞƐ ĚĞ ĞƌŵĞũŽ dĂƌŝũĂ ĚĞ ũƵůŝŽͲ
ƐĞƉƚŝĞŵďƌĞĚĞůϮϬϬϵ͘hŶŝǀĞƌƐŝĚĂĚƵƚſŶŽŵĂ
ͨ:ƵĂŶDŝƐĂĞů^ĂƌĂĐŚŽ͕ͩ&ĂĐƵůƚĂĚĚĞŝĞŶĐŝĂƐ
ĚĞůĂ^ĂůƵĚ͘ŽůŝǀŝĂ͖ϮϬϬϵ͘
0LOHQDULD
/RVSHVWLFLGDVYXHOYHQ
PiVDJUHVLYDV
DDOJXQDVKRUPLJDV
/XLV)HUQDQGR2UWHJD 9DUHOD
3URIHVRUH,QYHVWLJDGRUGHOD(VFXHODGH
(QIHUPHUtD\6DOXG3~EOLFD8061+
0LOHQDULD
SREODFLRQHV HQ ODV FRPXQLGDGHV GH
HVWRVLQVHFWRV
%LEOLRJUDItD
0LOHQDULD
ƉƌŽƉſƐŝƚŽĚĞĚĞƐĂƐƚƌĞƐŶĂƚƵƌĂůĞƐ
ZĞƉĞƌĐƵƐŝŽŶĞƐĚĞůĐĂŵďŝŽĐůŝŵĄƚŝĐŽ
ƐŽďƌĞ ůŽƐ ŽƌŐĂŶŝƐŵŽƐ LJ ůĂ ƐĂůƵĚ
ƌĂƐƚŽ,ĞƌŶĄŶĚĞnjĂůĚĞƌſŶ
ƉƷďůŝĐĂ >ĂďŽƌĂƚŽƌŝŽĚĞĐŽůŽŐşĂ'ĞŶĠƚŝĐĂLJDŽůĞĐƵůĂƌ͕
/K ;hEDͿ
&ŝŐƵƌĂϭ͘DĂƉĂĚĞĞĨĞĐƚŽƐĚĞůĐĂůĞŶƚĂŵŝĞŶƚŽŐůŽďĂů͘DŽĚŝĨŝĐĂĚŽĚĞŚƚƚƉ͗ͬͬĞŶǀŝƌŽŶŵĞŶƚ͘ŶĂƚŝŽŶĂůŐĞŽŐƌĂƉŚŝĐ͘ĐŽŵͬĞŶǀŝƌŽŶŵĞŶƚͬŐůŽďĂůͲǁĂƌŵŝŶŐͬŐǁͲŝŵƉĂĐƚƐͲŝŶƚĞƌĂĐƚŝǀĞͬ
0LOHQDULD
ŚĂŶ ƌĞƉŽƌƚĂĚŽ ŵĄƐ ŵƵĞƌƚĞƐ ƉŽƌ ƵƌŽƉĂŚĂƐƚĂůŽƐƚŝĞŵƉŽƐŵŽĚĞƌŶŽƐĚĞůĂ ƚĂŵĂŹŽ ĚĞ ůĂ ƉŽďůĂĐŝſŶ ĚĞ ǀĞĐƚŽƌĞƐ͘
ŚŝƉĞƌƚĞƌŵŝĂ ;W^Z ZĞƉŽƌƚƐ ^ƚĂĨĨ͕ ϮϬϬϬͿ LJ ĚŝƐƉĞƌƐŝſŶĚĞůďŽůĂĞŶĨƌŝĐĂ͕ĞůĐſůĞƌĂĞŶ DĂůĂƌŝĂ͕ĚĞŶŐƵĞ͕ƉĞƐƚĞLJǀŝƌƵƐƋƵĞĐĂƵƐĂŶ
ƵŶĂ ĚŝƐŵŝŶƵĐŝſŶ ĚĞ ůĂƐ ŵƵĞƌƚĞƐ ƉŽƌ ^ƵĚĂŵĠƌŝĐĂLJůĂĞŶĨĞƌŵĞĚĂĚĚĞůŝŵŽĞŶ ƐşŶĚƌŽŵĞƐ ĞŶĐĞĨĄůŝĐŽƐ ĞƐƚĄŶ ĞŶƚƌĞ ůĂƐ
ŚŝƉŽƚĞƌŵŝĂ͘>ŽƐĞĨĞĐƚŽƐĚĞůĐĂůŽƌƐŽďƌĞůĂ h ƐŽŶ ĂĨĞĐƚĂĚĂƐ ƉŽƌ ĐĂŵďŝŽƐ ĞŶ ůĂ ƉƌŝŶĐŝƉĂůĞƐ ĞŶĨĞƌŵĞĚĂĚĞƐ ƚƌĂŶƐŵŝƚŝĚĂƐ
ƐĂůƵĚĞŶĄƌĞĂƐƵƌďĂŶĂƐƐĞǀĞŶĂƵŵĞŶƚĂĚŽƐ ƚĞŵƉĞƌĂƚƵƌĂ͕ ƉƌĞĐŝƉŝƚĂĐŝſŶ͕ ŝŶƐŽůĂĐŝſŶ LJ ƉŽƌ ǀĞĐƚŽƌĞƐ ;>ŽŶŐƐƚƌĞŚƚ LJ tŝƐĞŵĂŶ͕
ƉŽƌƵŶĨĞŶſŵĞŶŽĐŽŶŽĐŝĚŽĐŽŵŽͨŝƐůĂƐĚĞ ĐŽƌƌŝĞŶƚĞƐŽĐĞĄŶŝĐĂƐ͘>ĂŝŶƚĞƌĂĐĐŝſŶĞŶƚƌĞ ϭϵϴϵͿ͘ĞŶƚƌŽĚĞĞƐƚĂƐĞŶĨĞƌŵĞĚĂĚĞƐ͕ůĂ
ĐĂůŽƌͩ;:ĂƵƌĞŐƵŝĞƚĂů͘ϭϵϵϮͿ͕ůĂƐǀŝĐƚŝŵĂƐ ĞƐŽƐ ĨĂĐƚŽƌĞƐ ĞŶ ĐŽŵďŝŶĂĐŝſŶ ĐŽŶ ŽƚƌĂƐ ŵĂůĂƌŝĂŚĂƌĞĐŝďŝĚŽƵŶĂŶŽƚĂďůĞĂƚĞŶĐŝſŶ
ƐŽŶ ƵƐƵĂůŵĞŶƚĞ ĂŶĐŝĂŶŽƐ͕ ŶŝŹŽƐ LJ ǀĂƌŝĂďůĞƐ ŶŽ ĐůŝŵĄƚŝĐĂƐ ĚĞƚĞƌŵŝŶĂŶ Ğů ĞŶůŽƐƷůƚŝŵŽƐϭϬĂŹŽƐLJĞƐŵŽƚŝǀŽĚĞƵŶ
ƉĞƌƐŽŶĂƐ ĐŽŶ ĚĞƐĞƋƵŝůŝďƌŝŽ ĞůĞĐƚƌŽůşƚŝĐŽ͘ ƚŝĞŵƉŽ ĚĞ ďƌŽƚĞ ĚĞ ĞŶĨĞƌŵĞĚĂĚĞƐ ŝŶƚĞŶƐŽ ĚĞďĂƚĞ ĚĞďŝĚŽ Ă ƋƵĞ ƐƵ
/ŶĚŝǀŝĚƵŽƐĐŽŶĞŶĨĞƌŵĞĚĂĚĞƐƌĞƐƉŝƌĂƚŽƌŝĂƐ ŝŶĨĞĐĐŝŽƐĂƐ;DĂƌƚĞŶƐ͕ϭϵϵϵͿ͘ ƚƌĂŶƐŵŝƐŝſŶĞƐƚĂŝŶĨůƵĞŶĐŝĂĚĂƉŽƌĞůĐůŝŵĂ
ƐŽŶƉƌŽďĂďůĞŵĞŶƚĞůŽƐŵĄƐĂĨĞĐƚĂĚŽƐƉŽƌ ;&ŝŐƵƌĂ ϯͿ͘ ůĂƌĂŵĞŶƚĞ ůĂ ƚƌĂŶƐŵŝƐŝſŶ ĚĞ
ĞůŝŶĐƌĞŵĞŶƚŽĚĞĞƐƚƌĠƐĐĂůŽƌşĨŝĐŽ͕ĂƐşĐŽŵŽ ůŐƵŶŽƐ ĞĨĞĐƚŽƐ ƐŽďƌĞ ůĂ ƐĂůƵĚ ůĂŵĂůĂƌŝĂŶŽŽĐƵƌƌĞĞŶĐůŝŵĂƐĚŽŶĚĞůŽƐ
ůĂ ŵŽƌƚĂůŝĚĂĚ ĚĞďŝĚĂ Ăů ŝŶĐƌĞŵĞŶƚŽ ĚĞ ƉƵĞĚĞŶ ƌĞƐƵůƚĂƌ ĚĞ ĐĂŵďŝŽƐ ŝŶĚŝƌĞĐƚŽƐ ŵŽƐƋƵŝƚŽƐŶŽƐŽďƌĞǀŝǀĞŶ͘>ĂƉƌŽŐƌĞƐŝſŶ
ĞŶĨĞƌŵĞĚĂĚĞƐ ƌĞƐƉŝƌĂƚŽƌŝĂƐ ĐŽŶ ƐŽďƌĞ ůŽƐ ĞĐŽƐŝƐƚĞŵĂƐ͘ WŽƌ ĞũĞŵƉůŽ͕ ĞŶ Ğů ĂŐƵĂ ĚĞ ĞƐƚĂĚŝŽƐ ĚĞ ĚĞƐĂƌƌŽůůŽ ĚĞů
ƚĞŵƉĞƌĂƚƵƌĂƐĞůĞǀĂĚĂƐƉƌĞƐƵŵŝďůĞŵĞŶƚĞ ĐŽŶĚŝĐŝŽŶĞƐ ĐůŝŵĄƚŝĐĂƐ ĂůƚĞƌĂĚĂƐ ƉƵĞĚĞŶ ǀĞĐƚŽƌ ƐĞ ĂĐĞůĞƌĂ ďĂũŽ ĐŽŶĚŝĐŝŽŶĞƐ ĚĞ
ĚĞďŝĚĂƐ Ă ĞĨĞĐƚŽƐ ĐŽŵďŝŶĂĚŽƐ ĚĞ ůĂ ŵŽĚŝĨŝĐĂƌĞůŚĄďŝƚĂƚĚĞůŽƐǀĞĐƚŽƌĞƐĐŽŵŽ ŝŶĐƌĞŵĞŶƚŽ ĚĞ ůĂ ƚĞŵƉĞƌĂƚƵƌĂ͕ ĂƐş Ğů
ĞŶĨĞƌŵĞĚĂĚ LJ ƚĞŵƉĞƌĂƚƵƌĂ ƐŽďƌĞ Ğů ůŽƐ ŵŽƐƋƵŝƚŽƐ Ž ƌĂƚĂƐ LJ ĂĨĞĐƚĂƌ ůŽƐ ĐĂůĞŶƚĂŵŝĞŶƚŽ ŐůŽďĂů ƉƌŽǀĞĞ ůĂƐ
ƐŝƐƚĞŵĂĐŝƌĐƵůĂƚŽƌŝŽ;>ŽŶŐƐƚƌĞƚŚ͕ϭϵϵϵͿ͘ ƉĂƌĄƐŝƚŽƐ ƋƵĞ ĞůůŽƐ ƚƌĂŶƐƉŽƌƚĂŶ ĐŽŶĚŝĐŝŽŶĞƐƉƌŽƉŝĐŝĂƐƉĂƌĂůĂĚŝƐƉĞƌƐŝſŶĚĞ
;'ƌŝŵƐƚĂŶĚ͕ ϭϵϴϯ͖ ,ĂŝůĞ LJ tĞůĚŚĂƐƐ͕ ůĂŵĂůĂƌŝĂĞŶƌĞŐŝŽŶĞƐĚŽŶĚĞƉŽƌƐƵĐůŝŵĂ͕
WŽƌ ŽƚƌŽ ůĂĚŽ͕ ŝŶǀŝĞƌŶŽƐ ŵĄƐ ƚŝďŝŽƐ ϭϵϳϳͿ͘ ů ĐĂŵďŝŽ ĞŶ ůĂ ĂďƵŶĚĂŶĐŝĂ LJ Ğů ŵŽƐƋƵŝƚŽ ƚƌĂŶƐŵŝƐŽƌ ŶŽ ƐĞ ƌĞƉƌŽĚƵĐĞ
ƉŽĚƌşĂŶĨĂǀŽƌĞĐĞƌƵŶĂŵĞũŽƌŽƉŽƌƚƵŶŝĚĂĚ ĚŝƐƚƌŝďƵĐŝſŶŐĞŽŐƌĄĨŝĐĂĚĞůŽƐŚŽƐƉĞĚĞƌŽƐ ;<ŚĂƐŶŝƐLJEĞƚƚůĞŵĂŶ͕ϮϬϬϱͿ͘
ĚĞƐŽďƌĞǀŝǀĞŶĐŝĂƉĂƌĂůŽƐŐƌƵƉŽƐĚĞƌŝĞƐŐŽ͕ LJƉĂƌĄƐŝƚŽƐƉƵĞĚĞŵŽĚŝĨŝĐĂƌůĂŽĐƵƌƌĞŶĐŝĂ
ĐŽŵŽůŽƐĂŶĐŝĂŶŽƐ͕ĚƵƌĂŶƚĞůŽƐŵĞƐĞƐŵĄƐ ĞƐƚĂĐŝŽŶĂů ĚĞ ŵƵĐŚĂƐ ĞŶĨĞƌŵĞĚĂĚĞƐ ů ĐĂůĞŶƚĂŵŝĞŶƚŽ ŐůŽďĂů
ĨƌşŽƐ͘ ŝŶĨĞĐĐŝŽƐĂƐ LJ ŽĐĂƐŝŽŶĂƌ ƋƵĞ ĞůůĂƐ ƐĞ ƉƌŽďĂďůĞŵĞŶƚĞ ƚĞŶŐĂ ŝŵƉĂĐƚŽƐ ƐŽďƌĞ
ĚŝƐƉĞƌƐĞŶ͘ ďŽƐƋƵĞƐ͕ ƚŝĞƌƌĂƐ ĚĞ ĐƵůƚŝǀŽ LJ ŚƵŵĞĚĂůĞƐ
>ĂƐ ĞŶĨĞƌŵĞĚĂĚĞƐ ŝŶĨĞĐĐŝŽƐĂƐ ƐŽŶ ƋƵĞ ƌĞƐƵůƚĞŶ ĞŶ ĐĂŵďŝŽƐ ĚĞ ůĂ
ĞŶƚŝĚĂĚĞƐ ŐůŽďĂůĞƐ ƋƵĞ ĚĞƉĞŶĚĞŶ >ŽƐ ǀĞĐƚŽƌĞƐ ĚĞ ĞŶĨĞƌŵĞĚĂĚĞƐ ŵĄƐ ďŝŽĚŝǀĞƌƐŝĚĂĚ ĂĨĞĐƚĂŶĚŽ ĐƵĂŶƚŝƚĂƚŝǀĂ Ž
ĚŝŶĄŵŝĐĂŵĞŶƚĞĚĞůĂŝŶƚĞƌĂĐĐŝſŶĞŶƚƌĞůĂ ĐŽŵƵŶĞƐ ƐŽŶ ůŽƐ ĂƌƚƌſƉŽĚŽƐ͕ ƋƵĞ ƐŽŶ ĐƵĂůŝƚĂƚŝǀĂŵĞŶƚĞ ůĂƐ ĐŽŶĐĞŶƚƌĂĐŝŽŶĞƐ ĚĞ
ƉŽďůĂĐŝſŶLJĞůĐůŝŵĂƌĞŐŝŽŶĂůĞdžŝƐƚĞŶƚĞ͕ƉŽƌ ŚĞƚĞƌŽƚĞƌŵŽƐ ͨĚĞ ƐĂŶŐƌĞ ĨƌşĂ͕ͩ ƐƵ ĂůĠƌŐĞŶŽƐ͕ĐŽŵŽŵŽŚŽƐLJƉŽůĞŶ͕ĞƐƚŽĂƐƵ
ůŽ ƚĂŶƚŽ Ğů ĐĂůĞŶƚĂŵŝĞŶƚŽ ŐůŽďĂů ƉŽĚƌşĂ ƚĞŵƉĞƌĂƚƵƌĂ ŝŶƚĞƌŶĂ ĞƐƚĄ ĨƵĞƌƚĞŵĞŶƚĞ ǀĞnj ƉƵĞĚĞ ƉĞƌŵŝƚŝƌ ĐĂŵďŝŽƐ ĞŶ ůĂ
ĐĂŵďŝĂƌ Ğů ĞƐƉĞĐƚƌŽ ĚĞ ĞŶĨĞƌŵĞĚĂĚĞƐ ĂĨĞĐƚĂĚĂƉŽƌůĂƚĞŵƉĞƌĂƚƵƌĂĚĞůĂŵďŝĞŶƚĞ͘ ƉƌĞǀĂůĞŶĐŝĂ Ž ŝŶƚĞŶƐŝĚĂĚ ĚĞ ĂƐŵĂ LJ ĞŶ
ŝŶĨĞĐĐŝŽƐĂƐLJůĂŽĐƵƌƌĞŶĐŝĂĚĞůĂƐŵŝƐŵĂƐ͕ ůĐĂŵďŝŽĐůŝŵĄƚŝĐŽƉƵĞĚĞŝŶĐŝĚŝƌƐŽďƌĞĞů ĞƉŝƐŽĚŝŽƐĚĞĨŝĞďƌĞĚĞŚĞŶŽĞŶŝŶĚŝǀŝĚƵŽƐ
ĚĞƐĚĞůĂŵƵĞƌƚĞŶĞŐƌĂĞŶĞůƐŝŐůŽy/sĞŶ ƐĞŶƐŝďůĞƐ;>ŽŶŐƐƚƌĞƚŚ͕ϭϵϵϭͿ͘
ůŝŵƉĂĐƚŽĚĞůĂĞůĞǀĂĚĂƚĞŵƉĞƌĂƚƵƌĂ
ĐŽƌƉŽƌĂůƐŽďƌĞůĂĨĞƌƚŝůŝĚĂĚ;DŝĞƵƐƐĞƚĞƚĂů͘
ϭϵϴϳͿ LJ Ğů ĚĞƐĂƌƌŽůůŽ ĚĞ ŶĞŽŶĂƚŽƐ
;ĚǁĂƌĚƐ͕ ϭϵϴϲͿ ƐĞ ĞŶĐƵĞŶƚƌĂ ďŝĞŶ
ƌĞĐŽŶŽĐŝĚĂ͖ ƐŝŶ ĞŵďĂƌŐŽ ŚĂLJ ƉŽĐĂ
ŝŶĨŽƌŵĂĐŝſŶ ĞŶ ůĂ ůŝƚĞƌĂƚƵƌĂ ƋƵĞ ŝŶĚŝƋƵĞ
ƋƵĞƚĂůĞĨĞĐƚŽƉƵĞĚĂĞƐƚĂƌĂƐŽĐŝĂĚŽĐŽŶůĂ
ĞůĞǀĂĐŝſŶ ĚĞ ůĂ ƚĞŵƉĞƌĂƚƵƌĂ ĂŵďŝĞŶƚĂů͘
ůŐƵŶŽƐ ƌĞƉŽƌƚĞƐ ŝŶĚŝĐĂŶ ƵŶ ŝŶĐƌĞŵĞŶƚŽ
ĞƐƚĂĐŝŽŶĂů ĞŶ ůĂ ŵŽƌƚĂůŝĚĂĚ ƉĞƌŝŶĂƚĂů
;ĚǁĂƌĚƐ͕ ϭϵϴϲͿ LJ ĞŶ ůŽƐ ŶĂĐŝŵŝĞŶƚŽƐ
ƉƌĞƚĞƌŵŝŶŽ;ŽŽƉĞƌƐƚŽĐŬLJtŽůĨ͕ϭϵϴϲͿ͘
0LOHQDULD
ŝďůŝŽŐƌĂĨşĂ
ŽŽƉĞƌƐƚŽĐŬ͕D͘ΘtŽůĨ͕Z͘͘;ϭϵϴϲͿ͘^ĞĂƐŽŶĂůŝƚLJŽĨ
ƉƌĞƚĞƌŵďŝƌƚŚŝŶƚŚĞĐŽůůĂďŽƌĂƚŝǀĞƉĞƌŝŶĂƚĂůƉƌŽũĞĐƚ͗
ĚĞŵŽŐƌĂƉŚŝĐ ĨĂĐƚŽƌƐ͘ ŵĞƌŝĐĂŶ :ŽƵƌŶĂů ŽĨ
ƉŝĚĞŵŝŽůŽŐLJ͘ ϭϮϰ͗ ϮϯϰͲϮϰϭ͘
Ğ>ĂĐƌŽŝdž͕D͘;ϮϬϬϬͿ͘WůĂŶĞƚĞĂƌƚŚ͘ůƵĞ͘ϯ͗ϲϱ͘ϲϵ͘
ŽŶŽŚŽĞ͕ D͘ ;ϮϬϬϯͿ͘ ĂƵƐĞƐ ĂŶĚ ŚĞĂůƚ
ĐŽŶƐĞƋƵĞŶĐĞƐŽĨĞŶǀŝƌŽŶŵĞŶƚĂůĚĞŐƌĂĚĂƚŝŽŶĂŶĚ
ƐŽĐŝĂů ŝŶũƵƐƚŝĐŝĞ͘ ^ŽĐŝĂů ^ĐŝĞŶĐĞ Θ DĞĚŝĐŝŶĞ͘ ϱϲ͗
ϱϳϯͲϱϴϳ͘
ĚǁĂƌĚƐ͕D͘:͘;ϭϵϴϲͿ͘,LJƉĞƌƚŚĞƌŵŝĂĂƐĂƚĞƌĂƚŽŐĞŶ͗
ĂƌĞǀŝĞǁŽĨĞdžƉĞƌŝŵĞŶƚĂůƐƚƵĚŝĞƐĂŶĚƚŚĞŝƌĐůŝŶŝĐĂů
ƐŝŐŶŝĨŝĐĂŶĐĞ͘ dĞƌĂƚŽŐĞŶĞƐŝƐ͕ ĂƌĐŝŶŽŐĞŶĞƐŝƐ ĂŶĚ
DƵƚĂŐĞŶĞƐŝƐ͘ϲ͗ϱϲϯͲϱϴϮ͘
'ƌŝĨŽ͕&͘ΘZŽƐĞŶƚŚĂů͕:͘;ĞĚƐͿ͘ϭϵϵϳ͘ŝŽĚŝǀĞƌƐŝƚLJĂŶĚ
ŚƵŵĂŶŚĞĂůƚŚ͘tŚĂƐŝŶŐƚŽŶŐ͕͗͘/ƐůĂŶĚWƌĞƐƐ͘
'ƌŝŵƐƚĂĚ͕W͘Z͘;ϭϵϴϯͿ͘DŽƐƋƵŝƚŽĞƐĂŶĚƚŚĞŝŶĐŝĚĞŶĐĞ
ŽĨ ĞŶĐĞƉŚĂůŝƚŝƐ͘ ĚǀĂŶĐĞƐ ŝŶ sŝƌƵƐ ZĞƐĞĂƌĐŚ͘ Ϯϴ͗
ϯϱϴͲϰϯϴ͘
,ĂŝůĞ͕ ͘ '͘ Θ tĞůĚŚĂƐƐ͕ ͘ t͘ ;ϭϵϳϳͿ͘ ŽŵƉƵƚĞƌ
ƐŝŵƵůĂƚŝŽŶ ŽĨ ŵŽƐƋƵŝƚŽ ƉŽƉƵůĂƚŝŽŶƐ ;ŶŽƉŚĞůĞƐ
ĂůďŝŵĂŶƵƐͿ ĨŽƌ ĐŽŵƉĂƌŝŶŐ ƚŚĞ ĞĨĨĞĐƚŝǀĞŶĞƐƐ ŽĨ
ĐŽŶƚƌŽů ƚĞĐŚŶŝƋƵĞƐ͘ :ŽƵƌŶĂů ŽĨ DĞĚŝĐĂů
ŶƚŽŵŽůŽŐLJ͘ ϭϯ͗ϱϯϯͲϱϲϳ͘
,ĞďĞƌƚ͕ ,͘ :͘ ;ϭϵϵϵͿ͘ WŽůůƵƚŝŽŶ ĂĚĚƐ ƚŽ ŐůŽďĂů
ǁĂƌŵŝŶŐ͘ƐƐŽĐŝĂƚĞĚWƌĞƐƐ͕KĐƚŽďĞƌϮϱ͘hZ>͗ŚƚƚƉ͗ͬ
ͬǁǁǁ͘ŶĐĂƌ͘ƵĐĂƌ͘ĞĚƵ
&ŝŐƵƌĂϯ͘ŶŽƉŚĞůĞƐ͕ĞůŵŽƐƋƵŝƚŽĚĞůĂŵĂůĂƌŝĂ͘ŚƚƚƉ͗ͬͬŚĞŵŝƐĨĞƌŝŽnjĞƌŽ͘ĐŽŵͬϮϬϭϮͬϬϰͬϮϱͬĚŝĂͲŵƵŶĚŝĂůͲĚĞͲůĂͲŵĂůĂƌŝĂͲϮϬϭϮͲ
ŵĂŶƚĞŶĞƌͲůŽƐͲůŽŐƌŽƐͲƐĂůǀĂƌͲǀŝĚĂƐͲŝŶǀĞƌƚŝƌͲĞŶͲŵĂůĂƌŝĂͬ ,ƵŐĞƐ͕>͘;ϮϬϬϬͿ͘ŝŽůŽŐŝĐĂůĐŽŶƐĞƋƵĞŶĐĞƐŽĨŐůŽďĂů
ǁĂƌŵŝŶŐ͗ŝƐƚŚĞƐŝŐŶĂůĂůƌĞĂĚLJ͘dƌĞŶĚƐŝŶĐŽůŽŐLJ
dƌĞŶĚƐĂŶĚǀŽůƵƚŝŽŶ͘ϭϱ͘ϱϲͲϲϭ
:ĂƵƌĞŐƵŝ͕͕͘'ŽĚŝŶĞƐ͕>͘ΘƌƵnj͕&͘;ϭϵϵϮͿ͘ƐƉĞĐƚƐ
ŽĨ ŚĞĂƚͲŝƐůĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ ŝŶ 'ƵĂĚĂůĂũĂƌĂ͕
ĂŐƌŝĐƵůƚƵƌĂͲŐĂŶĂĚĞƌşĂ ƚƌĂĚŝĐŝŽŶĂů ĐĂƵƐĂŶĞŶĨĞƌŵĞĚĂĚĞƐƌĞƋƵŝĞƌĞŶĂŐƵĂƉĂƌĂ DĞdžŝĐŽ͘ƚŵŽƐƉŚĞƌŝĐŶǀŝƌŽŶŵĞŶƚ͘ϭϲϮ͗ϯϵϭͲϯϵϲ͘
ŝŶĐƌĞŵĞŶƚĂĞůKϮĚĞůĂĂƚŵſƐĨĞƌĂĚĞďŝĚŽ ƐƵ ƐŽďƌĞǀŝǀĞŶĐŝĂ͕ ĂůƚĂƐ ƚĞŵƉĞƌĂƚƵƌĂƐ <ŚĂƐŶŝƐ͕ ͘ ͘ Θ EĞƚƚůĞŵĂŶ͕ D͘ ͘ ;ϮϬϬϱͿ͘ 'ůŽďĂů
ǁĂƌŵŝŶŐ ĂŶĚ ŝŶĨĞĐƚŝŽƵƐ ĚŝƐĞĂƐĞ͘ ƌĐŚŝǀĞƐ ŽĨ
Ă ůĂ ƉĞƌĚŝĚĂ ĚĞ ĐŽďĞƌƚƵƌĂ ǀĞŐĞƚĂů LJ Ă ůĂ ƉƵĞĚĞŶ ŝŶĐƌĞŵĞŶƚĂƌ ůĂ ŽƉŽƌƚƵŶŝĚĂĚ ĚĞ
DĞĚŝĐĂůZĞƐĞĂƌĐŚ͘ϯϲ͗ϲϴϵͲϲϵϲ͘
ƐşŶƚĞƐŝƐĚĞĂŐƌŽƋƵşŵŝĐŽƐ;ŽŶŽŚŽĞ͕ϮϬϬϯͿ͘ ƐŽďƌĞǀŝǀĞŶĐŝĂĚĞďĂĐƚĞƌŝĂƐ;^ĂůŵŽŶĞůůĂ LJ >ŽŶŐƐƚƌĞƚŚ͕ :͘ ;ϭϵϵϭͿ͘ ŶƚŝĐŝƉĂƚĞĚ ƉƵďůŝĐ ŚĞĂůƚ
ůŝŶĐƌĞŵĞŶƚŽĚĞKϮƉƵĞĚĞƐĞƌďĞŶĠĨŝĐŽ ^ŚŝŐĞůůĂͿ͕ ǀŝƌƵƐ ;ƌŽƚĂǀŝƌƵƐͿ LJ ƉƌŽƚŽnjŽĂƌŝŽƐ ĐŽŶƐĞƋƵĞŶĐĞƐ ŽĨ ŐůŽďĂů ĐůŝŵĂƚĞ ĐŚĂŶŐĞ͘
ƉĂƌĂ Ğů ĐƌĞĐŝŵŝĞŶƚŽ ĚĞ ůĂƐ ƉůĂŶƚĂƐ͕ ƐŝŶ ;ƌLJƉƚŽƐƉŽƌŝĚŝƵŵ LJ 'ŝĂƌĚŝĂͿ͘ ^ŝ ŶǀŝƌŽŶŵĞŶƚĂů,ĞĂůƚWĞƌƐƉĞĐƚŝǀĞƐ͘ϵϲ͗ϭϯϵͲϭϰϰ͘
>ŽŶŐƐƚƌĞƚŚ͕:͘;ϭϵϵϵͿ͘WƵďůŝĐŚĞĂůƚŚĐŽŶƐĞƋƵĞŶĐĞƐŽĨ
ĞŵďĂƌŐŽ ƵŶĂ ĐŽŵďŝŶĂĐŝſŶ ĚĞ ĂůƚĂƐ ĐŽŶƐŝĚĞƌĂŵŽƐ ƵŶ ĞƐĐĞŶĂƌŝŽ ĐŽŶ ĂŐƵĂ
ŐůŽďĂů ĐůŝŵĂƚĞ ĐŚĂŶŐĞ ŝŶ ƚŚĞ hŶŝƚĞĚ ^ƚĂƚĞƐͲƐŽŵĞ
ƚĞŵƉĞƌĂƚƵƌĂƐ ĐŽŶ ďĂũĂ ƉƌĞĐŝƉŝƚĂĐŝſŶ ĐŽŶƚĂŵŝŶĂĚĂ͕ ĂůƚĂƐ ƚĞŵƉĞƌĂƚƵƌĂƐ Ğ ƌĞŐŝŽŶƐ ŵĂLJ ƐƵĨĨĞƌ ĚŝƐƉƌŽƉŽƌƚŝŽŶĂƚĞůLJ͘
ƉƵĞĚĞĂĨĞĐƚĂƌůĂƉƌŽĚƵĐĐŝſŶ͘ůĚĞƐĂďĂƐƚŽ ŝŶƵŶĚĂĐŝŽŶĞƐ͕ Ğů ŝŵƉĂĐƚŽ ƐŽďƌĞ ůĂƐ ŶǀŝƌŽŶŵĞŶƚĂů ,ĞĂůƚŚ WĞƌƐƉĞĐƚŝǀĞƐ ϭϬϳ ;ϭͿ͗ ϭϲϵͲ
ĚĞ ĂůŝŵĞŶƚŽƐ ĂĨĞĐƚĂ ůĂ ƐĂůƵĚ ĚĞ ŵĂŶĞƌĂ ĞŶĨĞƌŵĞĚĂĚĞƐ ĚŝĂƌƌĞŝĐĂƐ ƉƵĞĚĞ ƐĞƌ ϭϳϵ
>ŽŶŐƐƚƌĞƚŚ͕:͘͘ΘtŝƐĞŵĂŶ͕:͘;ϭϵϴϵͿ͘dŚĞƉŽƚĞŶƚŝĂů
ĚŝƌĞĐƚĂƉ͘Ğũ͘>ĂĂŶĞŵŝĂƉŽƌĚĞĨŝĐŝĞŶĐŝĂĚĞ ƐŝŐŶŝĨŝĐĂƚŝǀĂ͕ƐŝĞŶĚŽůŽƐƉĂşƐĞƐƉŽďƌĞƐůŽƐ
ŝŵƉĂĐƚƐŽĨĐůŝŵĂƚĞĐŚĂŶŐĞŽŶƉĂƚƚĞƌŶƐŽĨŝŶĨĞĐƚŝŽƵƐ
ŚŝĞƌƌŽ͕ŽŝŶĚŝƌĞĐƚĂŵĞŶƚĞĚĞďŝĚŽĂƋƵĞůĂ ŵĄƐǀƵůŶĞƌĂďůĞƐ;WĂƚnjĞƚĂů͘ϭϵϵϲͿ͘ ĚŝƐĞĂƐĞ ŝŶ ƚŚĞ hŶŝƚĞĚ ^ƚĂƚĞƐ͘ Ŷ͗ dŚĞ WŽƚĞŶƚŝĂů
ĚĞƐŶƵƚƌŝĐŝſŶ ŚĂĐĞ ǀƵůŶĞƌĂďůĞƐ Ă ůĂ ĨĨĞĐƚƐ ŽĨ 'ůŽďĂů ůŝŵĂƚĞ ŚĂŶŐĞ ŽŶ ƚŚĞ hŶŝƚĞĚ
ƉĞƌƐŽŶĂƐ Ă ĂĚƋƵŝƌŝƌ ĞŶĨĞƌŵĞĚĂĚĞƐ͘ ^ƚĂƚĞƐ͘ WͲϮϯϬͲϬϱͲϴϵͲϬϱϳ͘ KĨĨŝĐĞ ŽĨ WŽůŝĐLJ͕
WůĂŶŶŝŶŐ ĂŶĚ ǀĂůƵĂƚŝŽŶ͕ h͘ ^͘ ŶǀŝƌŽŶŵĞŶƚĂů
ĚŝĐŝŽŶĂůŵĞŶƚĞ͕ ůĂƐ ĂĐƚŝǀŝĚĂĚĞƐ ŽŶĐůƵƐŝſŶ͘
WƌŽƚĞĐƚŝŽŶŐĞŶĐLJ͕tĂƐŚŝŶŐƚŽŶ͘͘WƉϯͲϰϭ͘
ĂŐƌŽƉĞĐƵĂƌŝĂƐ ŝŶĐƌĞŵĞŶƚĂŶ Ğů ƌŝĞƐŐŽ ĚĞ DĂƌƚĞŶƐ͕W͘;ϭϵϵϵͿ͘,ŽǁǁŝůůĐůŝŵĂƚĞĐŚĂŶŐĞĂĨĨĞĐƚ
ĞdžƚŝŶĐŝſŶĚĞůĂƐĞƐƉĞĐŝĞƐĐŽŶůĂƉĞƌĚŝĚĂĚĞ džŝƐƚĞŶ ƐƵĨŝĐŝĞŶƚĞƐ ĞǀŝĚĞŶĐŝĂƐ ƉĂƌĂ ŚƵŵĂŶŚĞĂůƚŚ͍ŵĞƌŝĐĂŶ^ĐŝĞŶƚŝƐƚ͘ϴϳ͗ϱϯϰͲϱϰϭ͘
ůĂ ĨĂƌŵĂĐŽƉĞĂ ŶĂƚƵƌĂů ƉŽƚĞŶĐŝĂůŵĞŶƚĞ ĐŽŶƐŝĚĞƌĂƌ ƋƵĞ Ğů ĂƵŵĞŶƚŽ ĚĞ DĐŽŶĂůĚ͕<͘:͘ΘDĂƌƚŝŶ͕'͘W͘;ϮϬϬϬͿ͘dƌĂŶƐŝƚŝŽŶƚŽ
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ŵŝůůĞŶŶŝƵŵ͘ /ŶƚĞƌŶĂƚŝŽŶĂů :ŽƵƌŶĂů ŽĨ
ŵĄƐ ƌĞĐĞƚĂĚĂƐ ĐŽŶƚŝĞŶĞŶ ƵŶ ĐŽŵƉƵĞƐƚŽ ĐůŝŵĂLJƋƵĞĞƐƚĞĐĂŵďŝŽƉƵĞĚĞŽĐĂƐŝŽŶĂƌ WŚĂƌŵĂĐĞƵƚŝĐƐ͘ ϮϬϭ͗ ϴϵͲϭϬϳ͘
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ƐƉĞƌŵĂƚŽŐĞŶĞƐŝƐ ŝŶ ŝŶĨĞƌƚŝůĞ ŵĞŶ͘ &ĞƌƚŝůŝƚLJ ĂŶĚ
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ĂĚŚĞƐŝſŶ Ăů ƉƌŽƚŽĐŽůŽ ĚĞ <ŝŽƚŽ͘ DĠdžŝĐŽ WĂƚnj͕:͕͘͘ƉƐƚĞŝŶ͕W͘Z͕͘dŚŽŵĂƐ͕͕͘͘ƵƌŬĞ͕͘Θ
ůĂŐƵĂĞƐƵŶĂŶĞĐĞƐŝĚĂĚďĄƐŝĐĂLJƐƵ ĚĞďĞ ĚĞ ƉƌŽƉŽŶĞƌ LJ ĞũĞĐƵƚĂƌ ƉůĂŶĞƐ ĚĞ ĂůďƵƐ͕ :͘ D͘ ;ϭϵϵϲͿ͘ 'ůŽďĂů ĐůŝŵĂƚĞ ĐŚĂŶŐĞ ĂŶĚ
ĞŵĞƌŐŝŶŐ ŝŶĨĞĐƚŝŽƵƐ ĚŝƐĞĂƐĞƐ͘ dŚĞ :ŽƵƌŶĂů ŽĨ ƚŚĞ
ĚŝƐƉŽŶŝďŝůŝĚĂĚĞƐĚĞƐƵŵĂŝŵƉŽƌƚĂŶĐŝĂ͕ĞƐ ĂĐĐŝſŶ ƉĂƌĂ ĂĨƌŽŶƚĂƌ ůŽƐ ƉƌŽďůĞŵĂƐ ĚĞ
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ϮϬϭϭͿ ĞŶ ŶƵĞƐƚƌŽ ƉĂşƐ ůĂƐ ŵĂůŝŐŶŝĚĂĚĞƐ ĂƐƉĞĐƚŽƐ ĞƉŝĚĞŵŝŽůſŐŝĐŽƐ ĞƚŝŽůſŐŝĐŽƐ LJ ĚĞ ǀŝƚĂŵŝŶĂ LJ ŚŝĞƌƌŽͿ ŝŶĨůĂŵĂƚŽƌŝŽ Ğ
ƵďŝĐĂĚĂƐ ĞŶ ĐĂďĞnjĂ LJ ĐƵĞůůŽ ƌĞƉƌĞƐĞŶƚĂŶ ƉƌŽŶſƐƚŝĐŽƐ ĚĞ ĐĂƐŝ ƚŽĚŽƐ ůŽƐ ƚŝƉŽƐ ĚĞ ŝŶĨĞĐĐŝŽƐŽƐ;ƐşĨŝůŝƐ͕ŚĞƌƉĞƐ͕ƉĂƉŝůŽŵĂǀŝƌƵƐ
Ğůϭϳ͘ϲйĚĞůĂƚŽƚĂůŝĚĂĚ;ϭϬϴ͕ϬϲϰͿĚĞůĂƐ ĐĄŶĐĞƌ ĚĞ ƵŶĂ ŵĂŶĞƌĂ ŝŶĚŝǀŝĚƵĂů ĞŶ ůĂƐ LJ ĐĂŶĚŝĚŝĂƐŝƐͿ ;'ĂƌĐŝĂ ůƉşnjĂƌ ĞĂƚƌŝnj Ğƚ
ŶĞŽƉůĂƐŝĂƐŵĂůŝŐŶĂƐƌĞƉŽƌƚĂĚĂƐĂůƌĞŐŝƐƚƌŽ ƌĞŐŝŽŶĞƐĚĞĐĂďĞnjĂ͕ĐƵĞůůŽLJĐĂǀŝĚĂĚŽƌĂů͘ Ăů͕͘ϮϬϬϲͿĂƐşĐŽŵŽ͕ĞŶũƵĂŐƵĞƐďƵĐĂůĞƐĐŽŶ
ŚŝƐƚŽƉĂƚŽůſŐŝĐŽ ĚĞ ůĂƐ ŶĞŽƉůĂƐŝĂƐ ĞŶ
DĠdžŝĐŽ;Z,EDͿĞŶĞůĂŹŽϮϬϬϮ͘
0LOHQDULD
ĂůĐŽŚŽů;&ƵĞŶƚĞƐzƵŶĞƐĠƐĂƌĞƚĂů͕͘ϮϬϬϵͿ͕ ƚĠĐŶŝĐĂƐĐŽŵƉůĞŵĞŶƚĂƌŝĂƐLJͬŽƐƵƐƚŝƚƵƚŝǀĂƐ ů ŵĞůĂŶŽŵĂ ŽƌĂů ƚŝĞŶĚĞ Ă ŝŶǀĂĚŝƌ
Ğů ĂŶƚĞĐĞĚĞŶƚĞ ĨĂŵŝůŝĂƌ ĚĞ ĞŶ ƵŶ ĚĞůĂĐŝƌƵŐşĂ͘>ĂƐƵƉĞƌǀŝǀĞŶĐŝĂŐůŽďĂůĂůŽƐ ůŽĐĂůŵĞŶƚĞ ůŽƐ ƚĞũŝĚŽƐ ŵĄƐ ƌĄƉŝĚĂŵĞŶƚĞ
ĨĂŵŝůŝĂƌ ĚĞ ƉƌŝŵĞƌ ŐƌĂĚŽ͕ ůŽƐ ϱ ĂŹŽƐ ŽƐĐŝůĂ ĚĞů ϯϬ Ăů ϴϬ й ĚĞ ĂĐƵĞƌĚŽ ƋƵĞŽƚƌŽƐƚƵŵŽƌĞƐŵĂůŝŐŶŽƐĚĞůĂĐĂǀŝĚĂĚ
ƉŽůŝŵŽƌĨŝƐŵŽƐŐĞŶĠƚŝĐŽƐĞŶůŽƐŐĞŶĞƐƋƵĞ ĐŽŶĞůĞƐƚĂĚŝŽ;ĞŶƚĞŶŽ͘ĞƚĂů͕͘ϮϬϭϬͿ͘ ďƵĐĂů LJ Ă ƉƌŽĚƵĐŝƌ ŵĞƚĄƐƚĂƐŝƐ Ă njŽŶĂƐ
ĐŽĚŝĨŝĐĂŶůĂƐĞŶnjŝŵĂƐƋƵĞŝŶƚĞƌǀŝĞŶĞŶĞŶ ĚŝƐƚĂŶƚĞƐĐŽŵŽĞůĐĞƌĞďƌŽ͕ƉƵůŵŽŶĞƐLJůĂ
ĞůŵĞƚĂďŽůŝƐŵŽĚĞůƚĂďĂĐŽLJĞůĂůĐŽŚŽů͕ƉŽƌ ƌĞŐŝſŶĂďĚŽŵŝŶĂů͘ůŵĂŶĞũŽĞƐĂŐƌĞƐŝǀŽ
ĞũĞŵƉůŽƵŶDĞƚĂͲĂŶĄůŝƐŝƐĚĞϯϬĞƐƚƵĚŝŽƐ D>EKDKZ> ĞŶĞƚĂƉĂƐƚĞŵƉƌĂŶĂƐ͗ĐŝƌƵŐşĂƌĂĚŝĐĂůĞƐƚĂ
ŵŽƐƚƌĂƌŽŶ ƋƵĞ ƵŶ ƉŽůŝŵŽƌĨŝƐŵŽ ĞŶ Ğů ƉƵĞĚĞ ƐĞƌ ĐŽŵďŝŶĂĚĂ ĐŽŶ ƌĂĚŝŽƚĞƌĂƉŝĂ LJ
'^dDϭ ͕ ƋƵĞ ĐŽĚŝĨŝĐĂ ƵŶĂ ƉƌŽƚĞşŶĂ Ɛ ƵŶ ƚƵŵŽƌ ŽƌŝŐŝŶĂĚŽ ĚĞ ůĂƐ ƋƵŝŵŝŽƚĞƌĂƉŝĂ ĂƵŶ ĐƵĂŶĚŽ ƐƵ ƵƐŽ ĞƐ
ŝŵƉůŝĐĂĚĂ ĞŶ Ğů ŵĞƚĂďŽůŝƐŵŽ ĚĞ ůŽƐ ŵĞůĂŶŽĐŝƚŽƐĚĞůĂĐĂƉĂďĂƐĂůĚĞůĂŵƵĐŽƐĂ ĐŽŶƚƌŽǀĞƌƐŝĂů LJ ƚĂŵďŝĠŶ ĐŽŶ
džĞŶŽďŝŽƚŝĐŽƐ ;ŐůƵƚĂƚŝſŶ͕ ^ ƚƌĂŶƐĨĞƌĂƐĂͿ ŽƌĂů͘ƐƵŶĂĞŶƚŝĚĂĚŝŶĨƌĞĐƵĞŶƚĞ;Ϭ͘ϰĂůϰй ŝŶŵƵŶŽƚĞƌĂƉŝĂ͘ůDKĐŽŶƐƚŝƚƵLJĞƵŶŽĚĞ
;DĞŚĂŶŶĂ ,͘ Ğƚ Ăů͕͘ϮϬϭϭͿ͕ĐŽŵŝĚĂƐ ŵƵLJ ĚĞůŽƐƚƵŵŽƌĞƐŽƌĂůĞƐƉƌŝŵĂƌŝŽƐLJϬ͘Ϯʹϴй ůŽƐƚƵŵŽƌĞƐĚĞŵĂLJŽƌŵŽƌƚĂůŝĚĂĚĚĞŶƚƌŽ
ĐĂůŝĞŶƚĞƐ ƉŝĐĂŶƚĞƐ LJ ĐŽŶĚŝŵĞŶƚĂĚĂƐ ĚĞ ƚŽĚŽƐ ůŽƐ ŵĞůĂŶŽŵĂƐ ŵĂůŝŐŶŽƐͿ ůĂ ĚĞ ůĂƐ ŶĞŽƉůĂƐŝĂƐ ŚƵŵĂŶĂƐ LJ ĚĞ ƉĞŽƌ
;'ŽŶnjĄůĞƐZĂŵŽƐZŽƐĂDĂƌşĂĞƚĂů͕͘ϮϬϭϬͿ ŵĂLJŽƌ ƉĂƌƚĞ ĚĞ ůŽƐ ƋƵĞ ĂƉĂƌĞĐĞŶ ĞŶ ůĂ ƉƌŽŶſƐƚŝĐŽ͘^ƵƉĞƌǀŝǀĞŶĐŝĂ͗ϳĂůϮϬйĂůŽƐ
ŚĂďŝƚŽ ĚĞ ĨƵŵĂƌ ƉŝƉĂ͕ ŵĂƐƚŝĐĂƌ ďĞƚĞů ďŽĐĂƐŽŶŶĞŽƉůĂƐŝĂƐŵĞƚĄƐƚĂƐŝĐĂƐƐĞǀĞĐŽŶ ϱ ĂŹŽƐ Ğů ƉƌŽŶſƐƚŝĐŽ ĞƐ ĞƐƉĞĐŝĂůŵĞŶƚĞ
;<ƵŵĂƌsŝŶĂLJĞƚĂů͕͘ϮϬϭϬͿ ŵĂLJŽƌĨƌĞĐƵĞŶĐŝĂĞŶŚŽŵďƌĞĞŶƚƌĞůĂϰƚĂ ĂĚǀĞƌƐŽƐŝĞdžŝƐƚĞĐŽŵƉƌŽŵŝƐŽſƐĞŽŽŚĂLJ
LJ ϲƚĂ ĚĠĐĂĚĂ ĚĞ ůĂ ǀŝĚĂ͘ ƉĂƌĞĐĞŶ ĐŽŶ ŵĞƚĄƐƚĂƐŝƐ Ăů ŵŽŵĞŶƚŽ ĚĞů ĚŝĄŐŶŽƐƚŝĐŽ͕
>ŽƐ ƐŝƚŝŽƐ ŵĄƐ ĨƌĞĐƵĞŶƚĞƐ ĚĞ ŵĂLJŽƌ ĨƌĞĐƵĞŶĐŝĂ ĞŶ Ğů ƉĂůĂĚĂƌ ;ϱϳй ĚĞ ŐůĂŶŐůŝŽ ĐĞŶƚŝŶĞůĂ ƉŽƐŝƚŝǀŽ͕ ƌĞĐŝĚŝǀĂ͕
ƉƌĞƐĞŶƚĂĐŝſŶ ƐŽŶ͗ Ğů ƉŝƐŽ ĚĞ ůĂ ďŽĐĂ͕ ĞůůŽƐĞŶĞůƉĂůĂĚĂƌĚƵƌŽͿϮϲйĞŶĞůƌĞďŽƌĚĞ ƚŝĞŵƉŽĚĞĞǀŽůƵĐŝſŶƉƌŽůŽŶŐĂĚŽŽůĞƐŝſŶ
ƐƵƉĞƌĨŝĐŝĞ ǀĞŶƚƌĂů LJ ůĂƚĞƌĂů ĚĞ ůĂ ůĞŶŐƵĂ ĂůǀĞŽůĂƌ;ƉƌŝŶĐŝƉĂůŵĞŶƚĞĞŶĐşĂĚĞůŵĂdžŝůĂƌ ĚĞŐƌĂŶƚĂŵĂŹŽ͘
;&ƵĞŶƚĞƐ zƵŶĞƐ ĠƐĂƌ Ğƚ Ăů͕͘ϮϬϬϵͿ͕ ƐƵƌĐŽ ƐƵƉĞƌŝŽƌͿLJϴйĞŶƉĂůĂĚĂƌďůĂŶĚŽ͘ƐŵĄƐ
ĂůǀĞŽůŽŐŝŶŐŝǀĂů͕ƉĂůĂĚĂƌďůĂŶĚŽũƵŶƚŽĐŽŶ ĨƌĞĐƵĞŶƚĞ ĚĞ ŽďƐĞƌǀĂƌ ĞŶ ĐůŝŵĂ
ůŽƐ ƉŝůĂƌĞƐ ĂŵŝŐĚĂůŝŶŽƐ͘ ů ĐĂƌĐŝŶŽŵĂ ŵĞƌŝĚŝŽŶĂůĞƐ͕ ƉƵĞĚĞŶ ĚĞƌŝǀĂƌ ĚĞ ƉůĂĐĂƐ EKW>^/^>^'>Eh>^
ĞƉŝĚĞƌŵŽŝĚĞ ŝŶǀĂĚĞ ĚŝƌĞĐƚĂŵĞŶƚĞ ŵĞůĂŶŽƚŝĐĂƐ ƌĂĐŝĂůĞƐ Ž ĚĞ ŶĞǀŽƐ ^>/s>^DEKZ^
ĞƐƚƌƵĐƚƵƌĂƐ ƉƌſdžŝŵĂƐ LJ ƉƵĞĚĞ ůůĞŐĂƌ Ă ƉƌĞĞdžŝƐƚĞŶƚĞƐ͕ ůĂ ŝƌƌŝƚĂĐŝſŶ ĐƌſŶŝĐĂ͕ Ğů
ĞŵďŽůŝnjĂƌ ǀĂƐŽƐ ůŝŶĨĄƚŝĐŽƐ LJ ƐĂŶŐƵşŶĞŽƐ ƚƌĂƵŵĂ ŽĐůƵƐĂů ;ĚĞŶƚĂĚƵƌĂƐ ŵĂů ů ĐĂƌĐŝŶŽŵĂ ĂĚĞŶŽƋƵŝƐƚŝĐŽ LJ Ğů
ĚĂŶĚŽŵĞƚĄƐƚĂƐŝƐŐĂŶŐůŝŽŶĂƌĞƐ;ϱϬйͿLJĂ ĂĚĂƉƚĂĚĂƐͿLJůĂŝƌƌŝƚĂĐŝſŶƋƵşŵŝĐĂ;ŶƵĞnjĚĞ ĂĚĞŶŽĐĂƌĐŝŶŽŵĂ ƐŽŶ ůĂƐ ŶĞŽƉůĂƐŝĂƐ
ĚŝƐƚĂŶĐŝĂ;ϳĂϭϮйͿƐŽďƌĞƚŽĚŽĂƉƵůŵſŶĞ ďĞƚĞů͕ ƚĂďĂĐŽ͕ ĐŚŝŵŽ͕ ĞƚĐ͘Ϳ͘ >ŽƐ ĞƐƚƵĚŝŽƐ ŵĂůŝŐŶĂƐ ŵĄƐ ĨƌĞĐƵĞŶƚĞƐ͘ ^ŽŶ ŵĄƐ
ŚşŐĂĚŽ͘ ů ƚƌĂƚĂŵŝĞŶƚŽ ĞƐ ƋƵŝƌƷƌŐŝĐŽ͘ >Ă ƋƵĞƚƌĂƚĂŶĚĞǀŝŶĐƵůĂƌĂůĂĞdžƉŽƐŝĐŝſŶƐŽůĂƌ ĐŽŵƵŶĞƐ ĞŶ ŵƵũĞƌĞƐ͘ >Ă ŵĂLJŽƌşĂ ĚĞ ůŽƐ
ƌĂĚŝŽƚĞƌĂƉŝĂ LJ ůĂ ƋƵŝŵŝŽƚĞƌĂƉŝĂ ƐŽŶ ŶŽŚĂŶĚĂĚŽƌĞƐƵůƚĂĚŽƐĐŽŶĐůƵLJĞŶƚĞƐ͘ ƉĂĐŝĞŶƚĞƐ ƐŽŶ ŵĂLJŽƌĞƐ ĚĞ ϰϬ ĂŹŽƐ͘ >ŽƐ
ƐŝƚŝŽƐ ĚĞ ƉƌĞĚŝůĞĐĐŝſŶ ƐŽŶ ĂƋƵĞůůŽƐ ƋƵĞ
ƉƌĞƐĞŶƚĂŶ ĂůƚĂ ĐŽŶĐĞŶƚƌĂĐŝſŶ ĚĞ
ŐůĄŶĚƵůĂƐĐŽŵŽĞůƉĂůĂĚĂƌ͕ůĂŵƵĐŽƐĂ
ůĂďŝĂů LJ ďƵĐĂů͕ ůĂƐ ƌĞŐŝŽŶĞƐ
ƌĞƚƌŽŵŽůĂƌĞƐ͕ Ğů ƉŝƐŽ ĚĞ ůĂ ďŽĐĂ LJ ůĂ
ďĂƐĞ ĚĞ ůĂ ůĞŶŐƵĂ ĞŶ ĞƐĞ ŽƌĚĞŶ ĚĞ
ĨƌĞĐƵĞŶĐŝĂ;ĞŶƚĞŶŽ͘ĞƚĂů͕͘ϮϬϭϬͿ͘
0LOHQDULD
KdZK^dhDKZ^> ŵĞƚĂƐƚĂƚŝnjĂŶƚĞƐ ƐŽŶ ůĂ ŵĂŵĂ͕ ƚŝƌŽŝĚĞƐ͕ ĐŽŶ ƉƌŽŵĞĚŝŽ ĚĞ ϱϲ͘ϱ͘ >Ă ŵĂŶĚşďƵůĂ ƐĞ
D^EYh/DKZ> ƌŝŹŽŶĞƐ͕ ƉƵůŵŽŶĞƐ LJ ůŽƐ ĂƉĂƌĂƚŽƐ ŚĂ ǀŝƐƚŽ ĂĨĞĐƚĂĚĂ ĞŶ ϴϮ͘ϯй LJ Ğů ŵĂdžŝůĂƌ
ŐĞŶŝƚŽƵƌŝŶĂƌŝŽƐLJŐĂƐƚƌŽŝŶƚĞƐƚŝŶĂů;ĞŶƚĞŶŽ ĞŶ ϭϳ͘ϲй͘ Ɛ ŝŶƚĞƌĞƐĂŶƚĞ ŶŽƚĂƌ ƋƵĞ ůĂ
ƐƚŽƐ ƚƵŵŽƌĞƐ ŵĂůŝŐŶŽƐ ƐĞ ͘ĞƚĂů͕͘ϮϬϬϲͿ ŵĂLJŽƌşĂĚĞůĞƐŝŽŶĞƐƐĞŚĂŶƉƌĞƐĞŶƚĂĚŽĞŶ
ĚĞƐĂƌƌŽůůĂŶĞŶůŽƐŵƷƐĐƵůŽƐLJŚƵĞƐŽƐ͘Ŷ ůĂ ƌĞŐŝſŶ ĂŶƚĞƌŝŽƌ Ăů ƉƌŝŵĞƌ ŵŽůĂƌ͘
ĐĂďĞnjĂ LJ ĐƵĞůůŽ ĂůĐĂŶnjĂŶ Ğů ϭй ĚĞ ƚŽĚŽƐ dhDKZ^KKEdK'E/K^D>/'EK^ ;DŽƐƋƵĞĚĂdĂLJůŽƌĚĂůďĞƌƚŽĞƚĂů͕͘ϮϬϬϯͿ
ůŽƐƚƵŵŽƌĞƐŵĂůŝŐŶŽƐ͘
>ŽƐ ƚƵŵŽƌĞƐ ŽĚŽŶƚŽŐĠŶŝĐŽƐ
Ͳ&ŝďƌŽƐĂƌĐŽŵĂ͗ ĞƐ ŵĄƐ ĐŽŵƷŶ ĞŶ ĐŽŶƐƚŝƚƵLJĞŶ ƵŶ ŐƌƵƉŽ ŚĞƚĞƌŽŐĠŶĞŽ ĚĞ EKW>^/^D>/'E^>
ŚŽŵďƌĞƐƋƵĞĞŶŵƵũĞƌĞƐ͕ĞŶƚƌĞůĂϯǐLJϱǐ ůĞƐŝŽŶĞƐ ƉŽĐŽ ĨƌĞĐƵĞŶƚĞƐ͕ LJĂ ƋƵĞ s/E^>z^EK^WZE^>^
ĚĠĐĂĚĂƐ ĚĞ ůĂ ǀŝĚĂ LJ ƐĞ ĚĞƐĂƌƌŽůůĂŶ Ă ƌĞƉƌĞƐĞŶƚĂŶ ŵĞŶŽƐ ĚĞů ϰй ĚĞ ƚŽĚŽƐ ůŽƐ
ĞdžƉĞŶƐĂƐ ĚĞ ƉĞƌŝŽƐƚŝŽ͕ ƉĞƌŝŽĚŽŶƚŽ͕ ĞƐƉĞĐşŵĞŶĞƐ ĚĞ ůĂ ƌĞŐŝſŶ ďƵĐĂů LJ DĄƐĚĞůĂŵŝƚĂĚĚĞůŽƐĐĂŶĐĞƌĞƐĚĞ
ĐŝĐĂƚƌŝĐĞƐ ĂŶƚŝŐƵĂƐ Ž ĞŶ njŽŶĂƐ ƋƵĞ ŚĂŶ ŵĂdžŝůŽĨĂĐŝĂů͘>ĂƐŶĞŽƉůĂƐŝĂƐŵĂůŝŐŶĂƐĂƐƵ ůĂ ĐĂǀŝĚĂĚ ŶĂƐĂů LJ ůŽƐ ƐĞŶŽƐ ƉĂƌĂŶĂƐĂůĞƐ
ƌĞĐŝďŝĚŽƚƌĂƚĂŵŝĞŶƚŽĚĞƌĂĚŝĂĐŝŽŶĞƐ ǀĞnj͕ĐŽŶƐƚŝƚƵLJĞŶƵŶƉŽƌĐĞŶƚĂũĞŵşŶŝŵŽĚĞ ƐĞŽƌŝŐŝŶĂŶĞŶĞůĂŶƚƌŽĚĞůƐĞŶŽŵĂdžŝůĂƌ͕
ͲZĂďĚŽŵŝŽƐĂƌĐŽŵĂ͗ ƚƵŵŽƌ ƋƵĞ ƐĞ ĞƐƚŽƐ͕ LJĂ ƋƵĞ ĞŶ ůĂƐ ĚŝǀĞƌƐĂƐ ƐĞƌŝĞƐ ƵŶĂ ƚĞƌĐĞƌĂ ƉĂƌƚĞ ĚĞŶƚƌŽ ĚĞ ůĂ ĐĂǀŝĚĂĚ
ŽƌŝŐŝŶĂ ĞŶ Ğů ŵƵƐĐƵůŽ ĞƐƚƌŝĂĚŽ ŵĄƐ ƉƵďůŝĐĂĚĂƐĂŶŝǀĞůŵƵŶĚŝĂůƐƵĨƌĞĐƵĞŶĐŝĂ ŶĂƐĂů͕ĞůϭϬйĞŶůŽƐƐĞŶŽƐĞƚŵŽŝĚĂůĞƐLJĞů
ĨƌĞĐƵĞŶƚĞĞŶŶŝŹŽƐ;ĞůϳϱйƐĞƉƌĞƐĞŶƚĂŶ ǀĂƌşĂĞŶƚƌĞϬLJϲ͘ϭйLJƉƵĞĚĞŶƚĞŶĞƌŽƌŝŐĞŶ ϭй ĞŶ ůŽƐ ƐĞŶŽƐ ĞƐĨĞŶŽŝĚĂů LJ ĨƌŽŶƚĂů͘
ĞŶ ůĂ ƉƌŝŵĞƌĂ ĚĠĐĂĚĂ ĚĞ ůĂ ǀŝĚĂͿ LJ ŵĞƐĞŶƋƵŝŵĂƚŽƐŽŽŵŝdžƚŽ͕ĐŽŶƵŶŵĂƌĐĂĚŽ ůƌĞĚĞĚŽƌ ĚĞů ϭϱй ĐŽƌƌĞƐƉŽŶĚĞŶ Ă
ĂĚŽůĞƐĐĞŶƚĞƐ͘ >Ă ůĞŶŐƵĂ ĞƐ Ğů ĂƐŝĞŶƚŽ ƉƌĞĚŽŵŝŶŝŽĚĞĐĂƌĐŝŶŽŵĂƐƐŽďƌĞůĂƐŽƚƌĂƐ ĂĚĞŶŽĐĂƌĐŝŶŽŵĂƐ Ž ďŝĞŶ ĐĂƌĐŝŶŽŵĂƐ
ƉƌŝŶĐŝƉĂů ĚĞďŝĚŽ Ă ƐƵ ƌĂƉŝĚĞnj ĚĞ ĞƐƚŝƌƉĞƐŚŝƐƚŽůſŐŝĐĂƐ͘ ŝŶĚŝĨĞƌĞŶĐŝĂĚŽƐ͘ sĂƌŝŽƐ ƋƵşŵŝĐŽƐ
ĐƌĞĐŝŵŝĞŶƚŽ Ğ ŝŶǀĂƐŝſŶ ůŽĐĂů ůĂ ĐŝƌƵպà ŝŶĚƵƐƚƌŝĂůĞƐƉƵĞĚĞŶŝŶĚƵĐŝƌĐĄŶĐĞƌŶĂƐĂů
ĂĐƚƵĂůŵĞŶƚĞ ƐĞ ĂƐŽĐŝĂ Ă ƌĂĚŝĂĐŝŽŶĞƐ LJ Ă Ğ ĂĐƵĞƌĚŽ ĐŽŶ ůĂ ŵĄƐ ƌĞĐŝĞŶƚĞ ŽĚĞůŽƐƐĞŶŽƐƉĂƌĂŶĂƐĂůĞƐĐŽŵŽŶşƋƵĞů͕
ƋƵŝŵŝŽƚĞƌĂƉŝĂ͕ ƋƵĞ ŚĂ ŵĞũŽƌĂĚŽ Ğů ĐůĂƐŝĨŝĐĂĐŝſŶ ŝŶƚĞƌŶĂĐŝŽŶĂů ĚĞ ƚƵŵŽƌĞƐ ĐƌŽŵŽ LJ ůŽƐ ŚŝĚƌŽĐĂƌďƵƌŽƐ ĂƌŽŵĄƚŝĐŽƐ͕
ƉƌŽŵĞĚŝŽĚĞƐŽďƌĞǀŝĚĂ͕ĂůĐĂŶnjĂŶĚŽĞůϱϬй ŽĚŽŶƚŽŐĠŶŝĐŽƐĚĞůĂKD^͘>ŽƐĐĂƌĐŝŶŽŵĂƐ ĄŵďŝƚŽƐůĂďŽƌĂůĞƐĐŽŵŽůĂĐĂƌƉŝŶƚĞƌşĂĞŶ
ĞŶůĂĂĐƚƵĂůŝĚĂĚ ŽĚŽŶƚŽŐĠŶŝĐŽƐ ƐŽŶ ůĞƐŝŽŶĞƐ ƋƵĞ ƉƵĞĚĞŶ ůĂŝŶĚƵƐƚƌŝĂĚĞůŵƵĞďůĞ͕ĞůƵƐŽĚĞĂĐĞŝƚĞƐ
ĚĞƐĂƌƌŽůůĂƌƐĞƉŽƌƚƌĂŶƐĨŽƌŵĂĐŝſŶŵĂůŝŐŶĂ ƉĂƌĂ ĐŽƌƚĞ LJ ůĂƐ ŝŶĚƵƐƚƌŝĂƐ ƚĞdžƚŝůĞƐ ƋƵĞ
ͲKƐƚĞŽƐĂƌĐŽŵĂƐLJĐŽŶĚƌŽƐĂƌĐŽŵĂƐ͗ůĂ ĚĞ ƵŶ ĂŵĞůŽďůĂƐƚŽŵĂ͕ ŽƌŝŐŝŶĂƌƐĞ ƚƌĂďĂũĂŶ Ğů ĐƵĞƌŽ͘ >ŽƐ ƚƌĂďĂũĂĚŽƌĞƐ ĚĞů
ŵĂŶĚşďƵůĂ LJ Ğů ŵĂdžŝůĂƌ ƐƵƉĞƌŝŽƌ ƐŽŶ ůŽƐ ĚŝƌĞĐƚĂŵĞŶƚĞĂƉĂƌƚŝƌĚĞƌĞƐƚŽƐĚĞĞƉŝƚĞůŝŽ ŶşƋƵĞůƚŝĞŶĚĞŶĂĚĞƐĂƌƌŽůůĂƌĐĂƌĐŝŶŽŵĂĚĞ
ŚƵĞƐŽƐŵĄƐĂĨĞĐƚĂĚŽƐ͕ĞůĐŽŶĚƌŽƐĂƌĐŽŵĂ ŽĚŽŶƚŽŐĠŶŝĐŽ ĚĞƐƉƵĠƐ ĚĞ ƋƵĞ ƐĞ ŚĂ ĐĠůƵůĂƐĞƐĐĂŵŽƐĂƐ͕ĞŶƐƵŵĂLJŽƌşĂĂƉĂƌƚŝƌ
ĞƐƵŶĂŶĞŽƉůĂƐŝĂƐŵĂůŝŐŶĂŵĄƐĐŽŵƷŶĞŶ ĐŽŵƉůĞƚĂĚŽ ůĂ ĨŽƌŵĂĐŝſŶ ĚĞŶƚĂƌŝĂ͕ ĚĞůĐŽƌŶĞƚĞŵĞĚŝŽ͕ůĂŵĂLJŽƌƉĂƌƚĞĚĞůĂƐ
ŚŽŵďƌĞƐĞŶƚƌĞůŽƐϯϬLJϲϬĂŹŽƐĚĞĞĚĂĚ͘ ĚĞƐĂƌƌŽůůĂƌƐĞƉŽƌƚƌĂŶƐĨŽƌŵĂĐŝſŶŵĂůŝŐŶĂ ŽƚƌĂƐ ĞdžƉŽƐŝĐŝŽŶĞƐ ƉƵĞĚĞŶ ŐĞŶĞƌĂƌ
ĚĞů ƌĞǀĞƐƚŝŵŝĞŶƚŽ ĞƉŝƚĞůŝĂů ĚĞ ƋƵŝƐƚĞƐ ĂĚĞŶŽĐĂƌĐŝŶŽŵĂƐ LJ ĂĨĞĐƚĂŶ ĚĞ ŵĂŶĞƌĂ
Ͳů ŽƐƚĞŽƐĂƌĐŽŵĂ ĞƐ ƵŶĂ ŶĞŽƉůĂƐŝĂ ŽĚŽŶƚŽŐĠŶŝĐŽƐ͕ŽƐƵƌŐŝƌĐŽŵŽƵŶĂǀĂƌŝĞĚĂĚ ƉƌŝŵŽƌĚŝĂů Ă ůŽƐ ƐĞŶŽƐ ŵĂdžŝůĂƌĞƐ LJ
ŵĂůŝŐŶĂƋƵĞĂĨĞĐƚĂŵĄƐĂůŽƐǀĂƌŽŶĞƐLJƋƵĞ ŵĂůŝŐŶĂĚĞŽƚƌŽƐƚƵŵŽƌĞƐĞƉŝƚĞůŝĂůĞƐ͘WŽƌ ĞƚŵŽŝĚĂůĞƐ͕ƐŽŶŵƵĐŚŽŵĄƐĐŽŵƵŶĞƐĞŶ
ŽĐƵƌƌĞĞŶƚƌĞůŽƐϭϬLJϮϬĂŹŽƐĚĞĞĚĂĚ͘^Ƶ ƐƵ ƉĂƌƚĞ͕ ůŽƐ ƐĂƌĐŽŵĂƐ ŽĚŽŶƚŽŐĠŶŝĐŽƐ ƐĞ ǀĂƌŽŶĞƐLJƐĞƉƌŽĚƵĐĞŶĚĞƐƉƵĠƐĚĞůŽƐϱϬ
ƌĂƉŝĚĞnj ĚĞ ĐƌĞĐŝŵŝĞŶƚŽ͕ ƐƵ ĂŐƌĞƐŝǀŝĚĂĚ LJ ĐůĂƐŝĨŝĐĂŶ ĞŶ ϯ ƚŝƉŽƐ͗ ĨŝďƌŽƐĂƌĐŽŵĂ ĂŹŽƐ͘;ZƵďŝŶZĂƉŚĂĞůĞƚĂů͕͘ϮϬϭϮͿ
ƉŽďƌĞ ƌĞƐƉƵĞƐƚĂ Ă ůĂƐ ƌĂĚŝĂĐŝŽŶĞƐ ĂŵĞůŽďůĂƐƚŝĐŽ;ǀĂƌŝĞĚĂĚŵĂůŝŐŶĂĚĞůĨŝďƌŽŵĂ
ĚĞƚĞƌŵŝŶĂŶƋƵĞůĂƐŽďƌĞǀŝĚĂĂůĐĂŶĐĞƐŽůŽ ĂŵĞůŽďůĂƐƚŝĐŽͿ ĨŝďƌŽĚĞŶƚŝŶŽƐĂƌĐŽŵĂ LJ
Ğů ϭϬ Ž ϭϱй͘ ů ƚƌĂƚĂŵŝĞŶƚŽ ŽĚŽŶƚŽƐĂƌĐŽŵĂ ĂŵĞůŽďůĄƐƚŝĐŽ ;ǀĂƌŝĂŶƚĞƐ EhZK>^dKDK>&dKZ/KK
ƋƵŝŵŝŽƚĞƌĂƉĠƵƚŝĐŽ͕ ĂĐŽŵƉĂŹĂĚŽ Ă ǀĞĐĞƐ ŵĂůŝŐŶĂƐ ĚĞů ĨŝďƌŽͲĚĞŶƚŝŶŽŵĂ LJ ĨŝďƌŽͲ ^d^/KEhZK>^dKD
ĚĞ ƌĂĚŝŽƚĞƌĂƉŝĂ͕ ŚĂ ĚĞƚĞƌŵŝŶĂĚŽ ƵŶĂ ŽĚŽŶƚŽŵĂĂŵĞůŽďůĂƐƚŝĐŽƐƌĞƐƉĞĐƚŝǀĂŵĞŶƚĞͿ͘
ŵĞũŽƌƐŽďƌĞǀŝĚĂƋƵĞĂůĐĂŶnjĂĞůϰϬй džŝƐƚĞŶ ĂƐŝ ŵŝƐŵŽ Ğů ĐĂƌƐŝŶŽƐĂƌĐŽŵĂ WƌĞĚŽŵŝŶĂĞŶǀĂƌŽŶĞƐĐŽŶƵŶƌĂŶŐŽ
ŽĚŽŶƚŽŐĠŶŝĐŽ͕ĞŶƚŝĚĂĚƐƵŵĂŵĞŶƚĞƌĂƌĂĞŶ ĚĞ ĞĚĂĚ ĂŵƉůŝŽ ƋƵĞ ǀĂ ĚĞ ůĂ ϯǐ Ă ůĂ ϵǐ
ĚŽŶĚĞ ůŽƐ ĐŽŵƉŽŶĞŶƚĞƐ ĞƉŝƚĞůŝĂůĞƐ LJ ĚĠĐĂĚĂ ĚĞ ůĂ ǀŝĚĂ͘ >Ă ƉĞƌĐĞƉĐŝſŶ
dhDKZ^Dd^d^/K^ ŵĞƐĞŶƋƵŝŵĂƚŽƐŽŵƵĞƐƚƌĂŶƌĂƐŐŽƐŚŝƐƚŽůſŐŝĐŽƐ ĐƌĂŶĞŽĐĞĨĂĐŝĂůĂƵŶĂĚĂĂůĂƋƵŝŵŝŽƚĞƌĂƉŝĂ͕
Es/h> ĚĞŵĂůŝŐŶŝĚĂĚ͘ ůĂ ƌĂĚŝŽƚĞƌĂƉŝĂ Ž ĂŵďĂƐ ƉƵĞĚĞ ƉĞƌŵŝƚŝƌ
ƵŶĂƐƵƉĞƌǀŝǀĞŶĐŝĂĂϱĂŹŽƐĚĞůϴϱй͘
^ĞĐŽŶƐŝĚĞƌĂƋƵĞĞůϭйĚĞƚŽĚĂƐůĂƐ >Ă ĞƚŝŽƉĂƚŽŐĞŶŝĂ ĚĞ ůŽƐ ƚƵŵŽƌĞƐ
ůĞƐŝŽŶĞƐŵĂůŝŐŶĂƐĚĞůĂĐĂǀŝĚĂĚďƵĐĂůƐŽŶ ŽĚŽŶƚŽŐĠŶŝĐŽƐ ĞƐ ŚĂƐƚĂ ĂŚŽƌĂ
ŵĞƚĄƐƚĂƐŝƐ ƉƌŽǀĞŶŝĞŶƚĞƐ ĚĞ ƚƵŵŽƌĞƐ ĚĞƐĐŽŶŽĐŝĚĂ͘ Ŷ ůĂ ŵĂLJŽƌşĂ ĚĞ ƐĞƌŝĞƐ >/E&KDE'/KEdZ/Kd/WK
ƉƌŝŵĂƌŝŽƐĂůĞũĂĚŽƐ͘ ƉƵďůŝĐĂĚĂƐ ůŽƐ ĐĂƌĐŝŶŽŵĂƐ ŽĚŽŶƚŽŐĠŶŝĐŽƐ E^>>h>^dz>/E&K/dK^
ĨƵĞƌŽŶ ŵƵĐŚŽ ŵĄƐ ĨƌĞĐƵĞŶƚĞƐ ƋƵĞ ůŽƐ /dK>/d/K^EdhZ>^
Ŷ ůĂ ŵĂLJŽƌşĂ ĚĞ ůŽƐ ĐĂƐŽƐ͕ ůĂƐ ƐĂƌĐŽŵĂƐ͘ ;EdZ/KZDEd'ZEh>KD>d>
ŵĞƚĄƐƚĂƐŝƐĂƐŝĞŶƚĂŶĞŶĞůŵĂdžŝůĂƌŝŶĨĞƌŝŽƌ >>/ED/Ϳ
ĞŶƵŶϵϬйLJƐŽůŽĞŶƵŶϭϬйĞŶůŽƐƚĞũŝĚŽƐ Ğ ĂĐƵĞƌĚŽ ĐŽŶ ůĂ ƌĞǀŝƐŝſŶ ĚĞ ůĂ
ďůĂŶĚŽƐ͕ƐŝĞŶĚŽůĂůĞŶŐƵĂ͕ĞŶĐşĂLJĐĂƌƌŝůůŽ ůŝƚĞƌĂƚƵƌĂ͕ ůĂ ŵĂLJŽƌşĂ ŚĂŶ ŽĐƵƌƌŝĚŽ ĞŶ ^ĞĐŽƌƌĞůĂĐŝŽŶĂĐŽŶůĂŝŶĨĞĐĐŝſŶƉŽƌ
ůŽƐƌĞĐĞƉƚŽƌĞƐŵĄƐĐŽŵƵŶĞƐ͘>ŽƐſƌŐĂŶŽƐ ŵƵũĞƌĞƐĐŽŶƌĂŶŐŽĚĞĞĚĂĚĚĞϭϳĂϴϵĂŹŽƐ ǀŝƌƵƐĚĞƉŝƐƚĞŝŶͲďĂƌƌ͘
0LOHQDULD
Z/EKD^>h>^^DK^^ ůƚƌĂƚĂŵŝĞŶƚŽƐĞďĂƐĂĞŶůĂĐŝƌƵŐşĂ͕ ŝďůŝŽŐƌĂĨŝĂ
hK&Z/E'K^ ƌĂĚŝŽƚĞƌĂƉŝĂ LJ ƋƵŝŵŝŽƚĞƌĂƉŝĂ͘
jůƚŝŵĂŵĞŶƚĞ ƐĞ ĂŐƌĞŐſ ůĂ ĐŝƌƵպà ϭ͘ͲŽůŽŶŐĂͲDŽůŝŶĂZŽŶĞůů͕͘ĂƐƚĂŹĞĚĂͲĂƐƚĂŶĞŝƌĂ
ZĂƷů ͕͘ DŽůŝŶĂ &ƌĞĐŚĞƌŽ͕ WĠƌĞnj ZŽĚƌŝŐƵĞnj͘ sŝƌƵƐ
ƐĞƐƚĂĚŽƐƵŶŝĚŽƐĂůƌĞĚĞĚŽƌĚĞůϴϬй ŵşŶŝŵĂŵĞŶƚĞ ŝŶǀĂƐŝǀĂ ĐŽŶ ůĄƐĞƌ LJ
ĚĞůƉĂƉŝůŽŵĂŚƵŵĂŶŽLJƐƵĂƐŽĐŝĂĐŝſŶĐŽŶĐĄŶĐĞƌ
ĚĞ ĞƐƚŽƐ ƐĞ ƌĞůĂĐŝŽŶĂŶ ĐŽŶ ƚŝƉŽƐ ĚĞ ĂůƚŽ ƌĂĚŝŽĨƌĞĐƵĞŶĐŝĂ ŝŶƚĞƌƐƚŝĐŝĂů ůŽ ĐƵĂů ŚĂ ďƵĐĂů͘ ZĞǀ͘ DĞĚ͘/ŶƐƚ͘ DĞdž͘ ^ĞŐƵƌŽ
ƌŝĞƐŐŽ ĚĞ sW,͘ Ğ ůŽƐ ŵĄƐ ĚĞ ϭϬϬ ŵĞũŽƌĂĚŽ ůĂ ĐĂůŝĚĂĚ ĚĞ ǀŝĚĂ ĚĞ ĞƐƚŽƐ ƐŽĐŝĂů͘ϮϬϬϲ͖ϰϰ;ϮͿ͗ϭϰϳͲϭϱϯ͘
ŐĞŶŽƚŝƉŽƐ ĚĞů ƉĂƉŝůŽŵĂǀŝƌƵƐ ŚƵŵĂŶŽ ƐĞ ƉĂĐŝĞŶƚĞƐ;WĂƌĠůĂƵĚŝĂ͘ĞƚĂů͕͘ϮϬϬϵͿ Ϯ͘ͲĞŶƚĞŶŽ͕͘ĂŶŝĞůŽ͕͘Z͘ĂŵƉĂŶĂ͕KƌŽnjĐŽDĂ͘
ŚĂŶ ĞŶĐŽŶƚƌĂĚŽ ϭϲ ĞŶ ůĞƐŝŽŶĞƐ ďƵĐĂůĞƐ dƵŵŽƌĞƐ ŵĂůŝŐŶŽƐ ĚĞ ďŽĐĂ͘ DĞĚ ƵƚĂŶ >Ăƚ
ŵ͘ϮϬϭϬ͖ϯϴ;ϲͿ͗ϮϮϭͲϮϮϴ
;ϭ͕Ϯ͕ϯ͕ϰ͕ϲ͕ϳ͕ϭϬ͕ϭϭ͕ϭϯ͕ϭϲ͕ϭϴ͕ϯϭ͕ϯϮ͕ϯϯ͕ϯϱLJ
ϯ͘ͲŽŵŝƐŝſŶ /ŶƚĞƌŶĂĐŝŽŶĂů ĚĞ WƌŽƚĞĐĐŝſŶ
ϱϳͿĞůϭϯLJϯϮƐŽŶĞdžĐůƵƐŝǀŽƐĚĞůĂĐĂǀŝĚĂĚ Z/EKD^d/ZK/K^ ZĂĚŝŽůſŐŝĐĂ;/ZWͿ͘>ĂZĂĚŝĂĐŝſŶLJĞůƉĂĐŝĞŶƚĞ͕ƵŶĂ
ŽƌĂů;ŽůŽŐŶĂͲDŽůŝŶĂZŽŶĞůů͘ĞƚĂů͕͘ϮϬϬϲͿ ŐƵşĂ ƉĂƌĂ ŵĠĚŝĐŽƐ͘ ũƵŶŝŽ ϮϬϬϮ͘ŝƐƉŽŶŝďůĞ ĞŶ Ğů
^ŽŶ ƌĞůĂƚŝǀĂŵĞŶƚĞ ŝŶĨƌĞĐƵĞŶƚĞƐ ƉŽƌ ƐŝƚŝŽǁĞďĚĞůĂ/ZW͘
ĞũĞŵƉůŽĞŶ͘͘h͘hƌĞƉƌĞƐĞŶƚĂŶĂůƌĞĚĞĚŽƌ ϰ͘ͲŽŵşŶŐƵĞnjƉŝŽƌŶŽZĂƷů͘ůƉƌŽƚĞĐƚŽƌĚĞƚŝƌŽŝĚĞƐ͘
ƐƵŝŵƉŽƌƚĂŶĐŝĂĞŶƚŽŵŽŐƌĂĨşĂĂdžŝĂůĐŽŵƉƵƚĂƌŝnjĂĚĂ͘
E/EKD^E^K&Z1E'K ĚĞů ϭ ʹ ϭ͘ϱй ĚĞ ƚŽĚŽƐ ůŽƐ ĐĂŶĐĞƌĞƐ LJ ZĂĚŝŽĚŝĂŐŶŽƐƚŝĐŽLJZĂĚŝŽƚĞƌĂƉŝĂ͘ϮϬϭϮ͘
ƉƌŽĚƵĐĞŶĞůϬ͘ϰйĚĞƚŽĚĂƐůĂƐŵƵĞƌƚĞƐƉŽƌ ϱ͘Ͳ&ƵĞŶƚĞƐ zƵŶĞƐ ĠƐĂƌ͕ ůǀĂƌĂĚŽ ^ƵĂƌĞnj ZĂƋƵĞů͕
ƐŵƵLJĨƌĞĐƵĞŶƚĞĞŶĂůŐƵŶĂƐƌĞŐŝŽŶĞƐ ĐĄŶĐĞƌ͘ >Ă ŵĂLJŽƌ ƉĂƌƚĞ ĚĞ ĐĂƐŽƐ ƐĞ ůĚĂƉĞĂƌƌŝŽƐĞĂƚƌŝnj͘ĂƌĐŝŶŽŵĂƉŝĚĞƌŵŽŝĚĞĚĞ
ĚĞ ĄĨƌŝĐĂ͕ ĞŶ Ğů ƐƵƌĞƐƚĞ ĚĞ ƐşĂ͕ ŚŝŶĂ͕ ƉƌĞƐĞŶƚĂŶĞŶƚƌĞůĂϯǐLJϳǐĚĠĐĂĚĂĚĞůĂǀŝĚĂ >ĞŶŐƵĂĐŽŶĚŝĂŐŶŽƐƚŝĐŽƚĂƌĚŝŽ͘WƌĞƐĞŶƚĂĐŝŽŶĚĞƵŶ
,ŽŶŐ <ŽŶŐ͘ ŶƚƌĞ ůŽƐ ĨĂĐƚŽƌĞƐ LJĂĨĞĐƚĂŶĂůĂƐŵƵũĞƌĞƐĐŽŶƵŶĂĨƌĞĐƵĞŶĐŝĂ ĐĂƐŽĐůşŶŝĐŽ͘ƐŽĐŝĂĐŝŽŶDĞdžŝĐĂŶĂĚĞŝƌƵŐŝĂƵĐĂů
LJ DĂdžŝůŽĨĂĐŝĂů͘ϮϬϬϵ͖ϱ;ϮͿ͗ϳϵͲϴϮ͘
ƉƌĞĚŝƐƉŽŶĞŶƚĞƐĞƐƚĄŶůĂƐŝŶĨĞĐĐŝŽŶĞƐƉŽƌ Ϯ͘ϱǀĞĐĞƐŵĂLJŽƌƋƵĞĂůŽƐǀĂƌŽŶĞƐ͘
ϲ͘Ͳ'ĂƌĐŝĂ ůƉşnjĂƌ ĞĂƚƌŝnj͕ 'ƵĞƌƌĂ ůĨŽŶƐŽ ƌƚƵƌŽ͕
ǀŝƌƵƐ ĚĞ ĞƉŝƐƚĞŝŶͲďĂƌƌ͕ ƐƵĐĞƉƚŝďŝůŝĚĂĚ ĞŶĞƚZŽĚƌşŐƵĞnjDŝŬŚĂşů͘ƵĐĐŽͲĚĞŶƚĂůŚĞĂůƚƐƚĂƚĞ
ŐĞŶĠƚŝĐĂ ;ĚĞ ůĞƐŝŽŶĞƐ ĐƌŽŵŽƐſŵŝĐĂƐ ĞŶ ŶƚƌĞůŽƐĨĂĐƚŽƌĞƐĞƚŝŽůſŐŝĐŽƐƐĞŚĂŶ ŝŶ ƚŚĞ ĂŐĞĚ͘ ZĞǀŝƐƚĂ ůĞĐƚƌŽŶŝĐĂ ĚĞ ůĂƐ ĐŝĞŶĐŝĂƐ
ĚŝƐƚŝŶƚĂƐƌĞŐŝŽŶĞƐ;ϯƉ͕ϵƉ͕ϭϰƋͿ͘ŶĐƵĂŶƚŽ ŝĚĞŶƚŝĨŝĐĂĚŽŝŶŐĞƐƚĂƐĚĞĚŽƐŝƐŝŶĂĚĞĐƵĂĚĂƐ ŵĞĚŝĐĂƐĞŶŝĞŶĨƵĞŐŽƐ͘ϮϬϬϲ͖ϰ;ϮͿ͗ϯϬͲϯϰ͘
ƐƵƉƌŽŶſƐƚŝĐŽĞƐƌĂĚŝŽƐĞŶƐŝďůĞLJĐĂƐŝƚŽĚŽƐ ĚĞLJŽĚŽ͕ƌĂĚŝĂĐŝŽŶĞƐƐĞŚĂŶĚĞŵŽƐƚƌĂĚŽ ϳ͘Ͳ'ŽŶnjĄůĞƐ ZĂŵŽƐ ZŽƐĂ DĂƌşĂ͕ ,ĞƌƌĞƌĂ >ſƉĞnj /ƐŝƐ
ĄƌďĂƌĂ͕ KƐŽƌŝŽ EƷŹĞnj DĂƌŝƚnjĂ͕ DĂĚƌĂnjŽ KƌĚĂnj
ůŽƐƉĂĐŝĞŶƚĞƐƐŽďƌĞǀŝǀĞŶϱĂŹŽƐŽŵĄƐ͘ ƋƵĞ ůĂƐ ƌĂĚŝĂĐŝŽŶĞƐ Ă ĚŽƐŝƐ ďĂũĂƐ ĞLJƐŝ͘>ĞĂĚŝŶŐKƌĂů>ĞƐŝŽŶƐĂŶĚZŝƐŬĨĂĐƚŽƌƐƉƌĞƐĞŶƚ
ƉƌĞĚŝƐƉŽŶĞŶ Ăů ĚĞƐĂƌƌŽůůŽ ĚĞ ƵŶĂ ŝŶĂƉŽƉƵůĂƚŝŽŶĂŐĞĚŽǀĞƌϲϬLJĞĂƌƐ͘ZĞǀŝƐƚĂƵďĂŶĂ
ŶĞŽƉůĂƐŝĂƚŝƌŽŝĚĞĂ͕ƐŝĞŶĚŽůĂĚŽƐŝƐſƉƚŝŵĂ ĚĞ ƐƚŽŵĂƚŽůŽŐşĂ ͘ϮϬϭϬ͖ϰϳ;ϭͿ͘
>/E&KD^>E/>>Kt>zZ ƉĂƌĂƐƵĂƉĂƌŝĐŝſŶĞŶƚƌĞůŽƐϱϬϬLJϮϬϬϬĐ'z͘ ϴ͘Ͳ>ĞǀŝƐŽŶ ĂǀŝĚ ͕͘ ZĞŝĚ ZƵďŝŶ͕ Ƶƌƚ ůĂŝƐƚĂƌ ͕͘
ůƌŝĞƐŐŽĚŝƐŵŝŶƵLJĞƐŝůĂĚŽƐŝƐĞƐƐƵƉĞƌŝŽƌ ,ĂƌƌŝƐŽŶ ĂǀŝĚ :͕͘ &ůĞŵŝŶŐ ^ƚĞǁĂƌƚ͘ WĂƚŽůŽŐşĂ ĚĞ
DƵŝƌ͘ϭϰĂ͘Ě͘ŚŝŶĂ͘DĐ'ƌĂǁ,ŝůů͖ϮϬϬϵ͘W͘ϮϮϳͲϮϮϴ͘
ƐƚŽƐ ĞŶ ƐƵ ŵĂLJŽƌşĂ ƐŽŶ ƚƵŵŽƌĞƐ Ă ůŽƐ ϮϬϬϬ Đ'z ƉŽƌ ůĂ ĚĞƐƚƌƵĐĐŝſŶ ĚĞů ϵ͘ͲDĞŚĂŶŶĂ ,͕͘ WĂůĞƌŝ s͕͘tĞƐƚ ͘D͘>͕͘ EƵƚƚŝŶŐ ͘
ĚŝĨƵƐŽƐĚĞĐĠůƵůĂƐ͘ĐŽŶƐƚŝƚƵLJĞŶŚĂƐƚĂƵŶ ƚĞũŝĚŽŐůĂŶĚƵůĂƌ͘ůůĂƉƐŽƉƌŽŵĞĚŝŽĞŶƚƌĞ ƉŝĚĞŵŝŽůŽŐşĂ͕WƌĞƐĞŶƚĂĐŝſŶLJWƌĞǀĞŶĐŝſŶĄŶĐĞƌ
ϱйĚĞůŽƐĐĂŶĐĞƌĞƐĚĞĐĂďĞnjĂLJĐƵĞůůŽ͘Ŷ ůĂŝƌƌĂĚĂĐŝŽŶLJůĂĂƉĂƌŝĐŝſŶĚĞĐĂƌĐŝŶŽŵĂƐ ĚĞĂďĞnjĂLJƵĞůůŽ͘ZĞǀŝƐƚĂ/ŶƚƌĂŵĞĚ͘ϮϬϭϭ
ĐƵĂŶƚŽ Ă ƐƵ ĨƌĞĐƵĞŶĐŝĂ ůĂƐ ĂŵşŐĚĂůĂƐ ƚŝƌŽŝĚĞŽ ĞƐ ĚĞ ϴ͘ ϳ ĂŹŽƐ͘ ;ŽŵŝŶŐƵĞnj ϭϬ͘ͲDŽŶƚĞƌŽ ^ĂŶĚƌĂ͕ ZĞLJĞƐ DĂƌŝŽ͕ ŝĨƵĞŶƚĞƐ :ƵůŝŽ͘
ƉĂůĂƚŝŶĂƐŽĐƵƉĂŶĞůƉƌŝŵĞƌůƵŐĂƌƐĞŐƵŝĚĂƐ WŝŽƌŶŽZĂƷůĞƚĂů͕͘ϮϬϭϮ͖ZƵďŝŶZĂƉŚĂĞůĞƚ ŽŵƉůŝĐĂĐŝŽŶĞƐ ŽƌĂůĞƐ ĚĞů ƚƌĂƚĂŵŝĞŶƚŽ ŶŽ
ƋƵŝƌƷƌŐŝĐŽĚĞůĐĄŶĐĞƌĚĞĐĂďĞnjĂLJĐƵĞůůŽ͘ZĞǀŝƐƚĂ
ĚĞ ůĂ ŶĂƐŽĨĂƌŝŶŐĞ LJ ůĂ ďĂƐĞ ĚĞ ůĂ ůĞŶŐƵĂ Ăů͕͘ϮϬϭϮͿ͘ >ŽƐ ƐƵďƚŝƉŽƐ ƉƌŝŶĐŝƉĂůĞƐ ĚĞ ĞŶƚĂů ĚĞ ŚŝůĞ͘ϮϬϬϮ͖ϵϯ;ϯͿ͗ϭϮͲϭϲ
;<ƵŵĂƌsŝŶĂLJĞƚĂů͕͘ϮϬϭϬͿ͘ ĐĂƌĐŝŶŽŵĂƐ ĚĞ ƚŝƌŽŝĚĞƐ LJ ƐƵƐ ĨƌĞĐƵĞŶĐŝĂƐ ϭϭ͘ͲDŽƐƋƵĞĚĂ dĂLJůŽƌ ĚĂůďĞƌƚŽ͕ DĞŶĞƐĞƐ 'ĂƌĐşĂ
ƌĞůĂƚŝǀĂƐƐŽŶ͗ ďĞůĂƌĚŽ͕ZƵşnj'ŽĚŽLJ>ƵnjDĂƌşĂ͕^ƵĄƌĞnjZŽĂDĂ͘
Ğ ůŽƐ ŶŐĞůĞƐ ͕>ƵŶĂ Kƌƚŝnj <ƵĂƵŚLJĂŵĂ͘ dƵŵŽƌĞƐ
ŽĚŽŶƚŽŐĠŶŝĐŽƐDĂůŝŐŶŽƐ͘ƐƚƵĚŝŽƌĞƚƌŽƐƉĞĐƚŝǀŽLJ
EKW>^/^D>/'E^>>Z/E' ΎĐĂƌĐŝŶŽŵĂ ƉĂƉŝůĂƌ ;ŵĄƐ ĚĞů ϴϱй
ĐŽůĂďŽƌĂƚŝǀŽ ĚĞ ϳ ĐĂƐŽƐ ͘DĞĚŝĐŝŶĂ KƌĂů
ĐĂƐŽƐͿΎĐĂƌĐŝŶŽŵĂĨŽůŝĐƵůĂƌ;ϱͲϭϱйĚĞůŽƐ ͘ϮϬϬϯ͖ϴ͗ϭϭϬͲϮϭ͘
ů ĐĄŶĐĞƌ ĚĞ ůĂƌŝŶŐĞ ĞƐ Ğů ŵĄƐ ĐĂƐŽƐͿΎĐĂƌĐŝŶŽŵĂƐ ĂŶĂƉůĂƐŝĐŽ ϭϮ͘ͲWĂƌĞůĂƵĚŝĂŶĚƌĞĂ͕WĂƌĞ<ĂƌŝŶĂůŝnjĂďĞƚŚ͕ZŽĂ
ĨƌĞĐƵĞŶƚĞ ĞŶ ŽƚŽƌƌŝŶŽůĂƌŝŶŐŽůŽŐşĂ͕ ĐĂƐŝ ;ŝŶĚŝĨĞƌĞŶĐŝĂĚŽͿ ;ŵĞŶŽƐ ĚĞ ϱй ^ĂŶĂďƌŝĂ ĞĂƚƌŝnj sĂŶĞƐĂ͕ dĂŐůĞ :ƵĂŶ &ƌĂŶĐŝƐĐŽ͕
ƚŽĚŽƐ ƐŽŶ ĐĂƌĐŝŶŽŵĂƐ ĚĞ ĐĠůƵůĂƐ ĐĂƐŽƐͿΎĐĂƌĐŝŶŽŵĂƐŵĞĚƵůĂƌ;ϱйĐĂƐŽƐͿ ŚĂŵŽƌƌŽ ƌŵĂŶĚŽ WĞĚƌŽ͘ ĄŶĐĞƌ ĚĞ >ĂƌŝŶŐĞ͗
ZĞǀŝƐŝſŶ͘ ZĞǀŝƐƚĂ ĚĞ WŽƐŐƌĂĚŽ ĚĞ ůĂ ĄƚĞĚƌĂ ĚĞ
ĞƐĐĂŵŽƐĂƐ;ϵϴйͿLJĞůƐĞdžŽŵĂƐĐƵůŝŶŽĞƐĞů DĠĚŝĐŝŶĂ͘ϮϬϬϵ͖ϭϵϮ͗ϭϳͲϮϭ͘
ŵĄƐĂĨĞĐƚĂĚŽ͘ƐŵĄƐĨƌĞĐƵĞŶƚĞĞŶƚƌĞůŽƐ ϭϯ͘ͲZĞŐĞnjŝ :ŽƐĞƉŚ ͕͘ ^ĐŝƵďďĂ :ĂŵĞƐ :͘ WĂƚŽůŽŐşĂ
ϱϬLJϳϬĂŹŽƐ͘>ŽƐĨĂĐƚŽƌĞƐĚĞƌŝĞƐŐŽŵĄƐ KE>h^/KE^ ƵĐĂů ϯǐ ĞĚ͘ DĠdžŝĐŽ͘ DĐŐƌĂǁͲ,ŝůů
ŝŵƉŽƌƚĂŶƚĞƐ ƐŽŶ͗ Ğů ƚĂďĂĐŽ͕ ƐĞŐƵŝĚŽ ƉŽƌ /ŶƚĞƌĂŵĞƌŝĐĂŶĂ͖ϮϬϬϲ ͘W͘ ϮϱϴͲϮϲϮ͘
Ğů ĂůĐŽŚŽů͕ ŵĂůĂ ŚŝŐŝĞŶĞ ďƵĐĂů͕ ĨĂĐƚŽƌĞƐ ŽŵŽƐĞŚĂĚĞŵŽƐƚƌĂĚŽůĂŵĂLJŽƌşĂ ϭϰ͘ͲZƵďŝŶ ZĂƉŚĂĞů͕ ^ƚƌĂLJĞƌ ĂǀŝĚ ^͘ WĂƚŽůŽŐşĂ
&ƵŶĚĂŵĞŶƚŽƐůŝŶŝĐŽƉĂƚŽůſŐŝĐŽƐĞŶDĞĚŝĐŝŶĂ͘ϯǐ
ŽĐƵƉĂĐŝŽŶĂůĞƐ ;ĐŽŵŽ ĞdžƉŽƐŝĐŝſŶ Ă ƉŽůǀŽ ĚĞ ůĂƐ ŶĞŽƉůĂƐŝĂƐ ĚĞ ĐĂďĞnjĂ LJ ĚĞ ĐƵĞůůŽ ĞĚ͘ ŚŝŶĂ >ŝƉƉŝŶĐŽƚƚ tŝůůŝĂŵ Θ tŝůŬŝŶƐ͖ ϮϬϭϮ͘ W͘
ĚĞĐĞŵĞŶƚŽƐ͕ĂƐďĞƐƚŽƐ͕ŵĂĚĞƌĂ͕ŶşƋƵĞů͕ůĂ ƉƌĞĚŽŵŝŶĂŶ ĞŶ ŝŶĚŝǀŝĚƵŽƐ ĚĞů ƐĞdžŽ ϭϭϳϰͲϭϭϳϳ͘
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ĞƐƚƵĚŝŽ͕ƚƌĂďĂũŽƐ͕ƚĂƌĞĂƐ͕ůĞĐƚƵƌĂƐƋƵĞŶŽ ĞĚƵĐĂƚŝǀĂ Ž ŐƵďĞƌŶĂŵĞŶƚĂů͕ ĞŶƚƌĞ ŽƚƌĂƐ͕ ĞdžƉĞƌŝĞŶĐŝĂƋƵĞŵĞĞƐƚĄƚŽĐĂŶĚŽǀŝǀŝƌĞŶ
ƚŝĞŶĞŶĨŝŶ͖ƉĞƌŽĞůŝŵƉƵůƐŽĚĞůůĞŐĂƌĂƐĞƌ ĞdžŝŐĞůĂŵĂĚƵƌĞnjŶĞĐĞƐĂƌŝĂƉĂƌĂŽĐƵƉĂƌƵŶ ĞƐƚĞƉƌŽĐĞƐŽ͖ƉŽƌƋƵĞĂƵŶƋƵĞƋƵŝƐŝĠƌĂŵŽƐ͕
ͨĂůŐƵŝĞŶ ĞŶ ůĂ ǀŝĚĂͩ ĨŽƌƚĂůĞĐĞ Ğů ĞƐƉşƌŝƚƵ ƉƵĞƐƚŽ͕ ƉŽƌ ƉĞƋƵĞŹŽ ƋƵĞ ƐĞĂ͕ LJ ĐƵŵƉůŝƌ ŶŽ ĞdžŝƐƚĞ ƵŶ ŵĂŶƵĂů ƋƵĞ ĞdžƉůŝƋƵĞ Ğů ƚĂŶ
ĐŽŶƐƚĂŶƚĞŵĞŶƚĞ͘ ĐŽŶůĂƐĨƵŶĐŝŽŶĞƐLJŽďũĞƚŝǀŽƐƋƵĞĞůŵŝƐŵŽ ĚŝĨĞƌĞŶƚĞ ŵƵŶĚŽ Ăů ƋƵĞ ĞƐƚĄƐ ƉŽƌ
ĚĞŵĂŶĚĞ͘ ͎ſŵŽ ĂĨƌŽŶƚĂƌ ůŽ ƋƵĞ ǀŝĞŶĞ ĞŶĨƌĞŶƚĂƌƚĞ͕ ŵƵŶĚŽ ƋƵĞ ĞƐƚĄ ůůĞŶŽ ĚĞ
dĞŚĂƐƉƵĞƐƚŽĂƉĞŶƐĂƌ͕͎ƋƵĠĞƐůŽƋƵĞ ĚĞƐƉƵĠƐĚĞůĞŐƌĞƐŽ͍DŝƌĞƐƉƵĞƐƚĂĂĞƐƚĂ ĞdžƉĞƌŝĞŶĐŝĂƐ ďƵĞŶĂƐ LJ ŵĂůĂƐ͕ ůůĞŶŽ ĚĞ
ƐŝŐƵĞ ĐƵĂŶĚŽ ĞƐƚĞ ĐŝĐůŽ ĚĞ ƚƵ ǀŝĚĂ ŚĂLJĂ ŝŶƚĞƌƌŽŐĂŶƚĞůĂƌĞƐƵŵŝƌĠĞŶĚŽƐƐĞŶĐŝůůĂƐ ĚƵĚĂƐ͕ ĚĞ ĂƉƌĞŶĚŝnjĂũĞ͕ ĚĞ ĞƌƌŽƌĞƐ LJ
ƚĞƌŵŝŶĂĚŽ͍ ƉĞƌŽ ŐƌĂŶĚĞƐ ƉĂůĂďƌĂƐ͗ ^'hZ/ LJ ĂĐŝĞƌƚŽƐ͘dĂůǀĞnjĞŶƚƌĞƚŽĚŽĞƐƚŽ͕ůŽŵĞũŽƌ
,hD/>͘ŶƚĞůŽƐƌĞƚŽƐƋƵĞƚĞĚĞƉĂƌĞŶ Ă ůŽ ƋƵĞ ƚĞ ĞŶĨƌĞŶƚĂƌĄƐ͕ ĞƐ Ăů ŝŶŵĞŶƐŽ
>Ă>ŝĐĞŶĐŝĂƚƵƌĂĞŶ^ĂůƵĚWƷďůŝĐĂ͕LJůĂ ƚƵƐ ŶƵĞǀĂƐ ĂĐƚŝǀŝĚĂĚĞƐ͘ >Ă ƐĞŐƵƌŝĚĂĚ ƚĞ ĂƉƌĞŶĚŝnjĂũĞƋƵĞĞƐƚĄƐƉŽƌĂĚƋƵŝƌŝƌLJĚĂƌƚĞ
ĂƌƌĞƌĂ ĞŶ ŶĨĞƌŵĞƌşĂ dĠĐŶŝĐĂ ƚŝĞŶĞŶ ůĂ ƐĞƌĄƷƚŝůĐƵĂŶĚŽĚƵĚĞƐĚĞƚƵƐĐĂƉĂĐŝĚĂĚĞƐ͕ ĐƵĞŶƚĂƋƵĞƚƵĞƐĨƵĞƌnjŽŚĂǀĂůŝĚŽůĂƉĞŶĂ͘
ĞŶŽƌŵĞ ǀĞŶƚĂũĂ ĚĞ ƐĞƌ ƐƵŵĂŵĞŶƚĞ ĐƵĂŶĚŽ ĐƌĞĂƐ ƋƵĞ ůĂƐ ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞƐ
ƉƌĄĐƚŝĐĂƐ͕ůŽƋƵĞŶŽƐĚĂůĂŽƉŽƌƚƵŶŝĚĂĚĚĞ ŽƚŽƌŐĂĚĂƐ ƐŽŶ ĚĞŵĂƐŝĂĚŽ ƉĂƌĂ ƚŝ͕ ƉĂƌĂ DŝƐŵĞũŽƌĞƐĚĞƐĞŽƐĚĞĠdžŝƚŽ͘
ƉƌŽďĂƌ Ğů ƐĂďŽƌ ĚĞ ůĂ ͨƌĞĂůŝĚĂĚ ĨƵƚƵƌĂ͕ͩ
ĞŵƉĂƉĄŶĚŽŶŽƐĚĞǀĂůŝŽƐŽƐĐŽŶŽĐŝŵŝĞŶƚŽƐ
ƋƵĞŵĄƐƚĂƌĚĞŚĂďƌĞŵŽƐĚĞĂƉůŝĐĂƌ͘
0LOHQDULD
( ůŝŵƉƵůƐŽĚĂĚŽĂůĂĐŝĞŶĐŝĂ
ĞŶDĠdžŝĐŽĂƉĂƌƚŝƌĚĞϭϴϲϳƉŽƌůĂ
ŐĞŶĞƌĂĐŝſŶƉŽƐŝƚŝǀŝƐƚĂĨƵĞĚĞƐƵŵĂ
ĚĞ ƐƵƐ ĐŽůĞĐĐŝŽŶĞƐ ĐŝĞŶƚşĨŝĐĂƐ
ƉĂƐĂƌŽŶ Ă ƐĞƌ ƉĂƚƌŝŵŽŶŝŽ ĚĞ
ĂƋƵĠů͕ ĂŚŽƌĂ ƚƌĂŶƐĨŽƌŵĂĚŽ ĞŶ ůĂ
hŶŝǀĞƌƐŝĚĂĚ ĚĞ 'ƵĂŶĂũƵĂƚŽ͘ ƐƚĂ
ŶƵĞǀĂ ĞƚĂƉĂ ĚŝŽ ůƵŐĂƌ Ă ƵŶ
ĂŵďŝĞŶƚĞ ŵĄƐ ƉƌŽƉŝĐŝŽ ƉĂƌĂ ůŽƐ
ŝŵƉŽƌƚĂŶĐŝĂ͘ ^ƵƐ ĐŽŶƚƌŝďƵĐŝŽŶĞƐ ĂĨĂŶĞƐ ĐŝĞŶƚşĨŝĐŽƐ ĚĞ ƵŐğƐ͕
ĨƵĞƌŽŶĞŶƚĂůŐƌĂĚŽƋƵĞĐŽŶĞůůĂƐĞ ŵŝƐŵŽƋƵĞƐĞĂĨŝĂŶnjſďĂũŽůĂͨƉĂnj
ŝŶŝĐŝſĞŶƌĞĂůŝĚĂĚ͕ĞůĚĞƐĂƌƌŽůůŽĚĞ ƉŽƌĨŝƌŝĂŶĂ͕ͩĚĂŶĚŽĂƐşƐƵƐŵĞũŽƌĞƐ
ůĂ ĐŝĞŶĐŝĂ ĞŶ ŶƵĞƐƚƌŽ ƉĂşƐ͘ ĨƌƵƚŽƐ͘
/ŵƉŽƌƚĂƌŽŶ ŝŶƐƚƌƵŵĞŶƚŽƐ ĚĞ
ŵĞĚŝĐŝſŶ LJ ĞdžƉĞƌŝŵĞŶƚĂĐŝſŶ ĐŽŶ ůĨƌĞĚŽ ƵŐğƐ ŚĂďşĂ ŶĂĐŝĚŽ
ůŽƐ ĐƵĂůĞƐ ĐƌĞĂƌŽŶ ůĂďŽƌĂƚŽƌŝŽƐ ĞŶ DŽŶƚƉĞůůŝĞƌ͕ ,ĞƌĂƵůƚ͕ &ƌĂŶĐŝĂ͕
ƉĞƌƐŽŶĂůĞƐ Ğ ŝŶƐƚŝƚƵĐŝŽŶĂůĞƐ͖ ƐƵƐ ĞůϭϱĚĞĂďƌŝůĚĞϭϴϮϲ͘ƐƚĂĐŝƵĚĂĚ
ƚƌĂďĂũŽƐ ĚĞ ŝŶǀĞƐƚŝŐĂĐŝſŶ ĚĞũĂƌŽŶ ĂůďĞƌŐĂďĂ ůĂ hŶŝǀĞƌƐŝĚĂĚ ĚĞů
ĂƚƌĄƐůĂƐƉƌĞŽĐƵƉĂĐŝŽŶĞƐƌĞůŝŐŝŽƐŽͲ ŵŝƐŵŽŶŽŵďƌĞĨƵŶĚĂĚĂĞŶϭϮϴϵ͕
ŵĞƚĂĨşƐŝĐĂƐ͕ƐƵƉĞƌĂŶĚŽĂƐş͕ƵŶĂĚĞ ƵŶĂ ĚĞ ůĂƐ ŵĄƐ ĂŶƚŝŐƵĂƐ LJ
ůĂƐ ŵĄƐ ƐĞƌŝĂƐ ďĂƌƌĞƌĂƐ ĚĞ ĞƐƚĂ ƉƌĞƐƚŝŐŝĂĚĂƐ ĚĞ ƵƌŽƉĂ͕ ůĂ ĐƵĂů
ĂĐƚŝǀŝĚĂĚ͖LJƐĞĚŝĞƌŽŶĂůĂƚĂƌĞĂĚĞ ƚƵǀŽ ĞŶƚƌĞ ƐƵƐ ĂůƵŵŶŽƐ
ĚŝĨƵŶĚŝƌ ƐƵƐ ƌĞƐƵůƚĂĚŽƐ͘ ĚĞƐƚĂĐĂĚŽƐ ĞŶ Ğů ƚĞƌƌĞŶŽ ĚĞ ůŽƐ
ƐƉĞĐŝĂůŵĞŶƚĞ͕ ĚĞƐƉƵĠƐ ĚĞ ϭϴϲϳ ĞƐƚƵĚŝŽƐ ŶĂƚƵƌĂůŝƐƚĂƐ Ă ĨŝŐƵƌĂƐ
ůĂƐ ƐŽĐŝĞĚĂĚĞƐ ĐŝĞŶƚşĨŝĐĂƐ ƐĞ ĐŽŵŽƌŶĂƵůĚsŝůůĞŶĞƵǀĞLJ'ƵLJĚĞ
ŵƵůƚŝƉůŝĐĂƌŽŶ͕ ĂƐş ĐŽŵŽ ƐƵƐ ŚĂƵůůŝĂĐ͘ŶĞƐƚĂŵŝƐŵĂĐĂƐĂĚĞ
ſƌŐĂŶŽƐ ĚĞ ĚŝǀƵůŐĂĐŝſŶ͘ ĞƐƚƵĚŝŽƐƵŐğƐŝŶŝĐŝſƐƵĐĂƌƌĞƌĂĚĞ
WƌĞĐŝƐĂŵĞŶƚĞĞŶƌĞǀŝƐƚĂƐĐŽŵŽ>Ă ŵĠĚŝĐŽ ƋƵĞ ĐŽŶĐůƵLJſ ĞŶ ůĂ
EĂƚƵƌĂůĞnjĂ ƐĞ ƉƵĞĚĞ ĂĚǀĞƌƚŝƌ ĞƐĞ hŶŝǀĞƌƐŝĚĂĚĚĞWĂƌşƐ͕ŽďƚĞŶŝĞŶĚŽ
ŐƌĂŶ ƉĂƐŽ ƋƵĞ ĚŝŽ ůĂ ĐŝĞŶĐŝĂ
ŵĞdžŝĐĂŶĂĞŶĞƐƚĂĠƉŽĐĂ;dƌĂďƵůƐĞ͕ ůĨƌĞĚŽƵŐğƐLJĞů ĞůĚŽĐƚŽƌĂĚŽĞŶDĞĚŝĐŝŶĂĞůϮϴĚĞ
ĨĞďƌĞƌŽ ĚĞ ϭϴϱϮ͕ ĐŽŶ ůĂ ƚĞƐŝƐ͗
ϭϵϴϱ͖ϭϯͿ͘ŶĨŝŶ͕ĞůǀŽůƵŵĞŶĚĞůŽƐ ^ŽďƌĞ ůĂ ƉŽƐŝďŝůŝĚĂĚ ĚĞ
ƚƌĂďĂũŽƐĞƐĐƌŝƚŽƐLJůĂŐƌĂŶĐĂŶƚŝĚĂĚ
ĚĞ ŝŶƐƚŝƚƵĐŝŽŶĞƐ LJ ƐŽĐŝĞĚĂĚĞƐ ŽůĞŐŝŽĚĞ^ĂŶ ƚƌĂŶƐŵŝƐŝſŶ ĚĞ ůĂ ƐşĨŝůŝƐ ƉŽƌ ůĂƐ
ŶŽĚƌŝnjĂƐ;ĞůƚƌĄŶ͕ϭϵϵϬ͖ϵͿ͘
ĐŝĞŶƚşĨŝĐĂƐĨƵŶĚĂĚĂƐƉŽƌĞƐƚĞŐƌƵƉŽ
ĚĞĚĞƐƚĂĐĂĚŽƐƉĞƌƐŽŶĂũĞƐ͕ƉƌƵĞďĂ
ĚĞ ĂůŐƷŶ ŵŽĚŽ Ğů ƉƌŽŐƌĞƐŽ EŝĐŽůĄƐ ,ĞƌĞĚĞƌŽ LJ ĐŽŶƚŝŶƵĂĚŽƌ ĚĞ
ƵŶĂƚƌĂĚŝĐŝſŶĨĂŵŝůŝĂƌĐŝĞŶƚşĨŝĐĂ;ƐƵ
ĂůĐĂŶnjĂĚŽ ƉŽƌ ůĂ ĐŝĞŶĐŝĂ ŶĂĐŝŽŶĂů ƉĂĚƌĞ ĨƵĞ ƵŶ ĞŵŝŶĞŶƚĞ ŵĠĚŝĐŽͿ͕
ĞŶĞůƷůƚŝŵŽƚĞƌĐŝŽĚĞůƐŝŐůŽy/y;Ğ ƌ͘>ƵĐŝŽZĂŶŐĞů,ĞƌŶĄŶĚĞnj ůĨƌĞĚŽ ƵŐğƐ ĨƵĞ ŝŶĨůƵĞŶĐŝĂĚŽ
'ŽƌƚĂƌŝ͕ϭϵϳϵ͖ϯϭϲͿ͘ ƉŽƌ ůĂƐ ŝŶǀĞƐƚŝŐĂĐŝŽŶĞƐ ĚĞ :ĞĂŶ
WƌŽĨĞƐŽƌĞ/ŶǀĞƐƚŝŐĂĚŽƌĚĞůŽůĞŐŝŽĚĞ^ĂŶEŝĐŽůĄƐ
LJĚĞůĂ&ĂĐƵůƚĂĚĚĞ,ŝƐƚŽƌŝĂĚĞůĂhD^E,͘ ĂƉƚŝƐƚĞ ĚĞ DŽŶĞƚ͕ ĂďĂůůĞƌŽ ĚĞ
ĞƐƚĂŐĞŶĞƌĂĐŝſŶƉĞƌƚĞŶĞĐŝſ >ĂŵĂƌĐŬ͕ ƋƵŝĞŶ ŚĂďşĂ ĞdžƉƵĞƐƚŽ
ůĨƌĞĚŽƵŐƵƐƚĞĞůƐĞƐĐĂƵƚnjƵŐğƐ͕ ƵŶĂƚĞŽƌşĂƐŽďƌĞĞůƚƌĂŶƐĨŽƌŵŝƐŵŽ͕
ƋƵŝĞŶ ůůĞŐſ Ă ŶƵĞƐƚƌŽ ƉĂşƐ ĞŶ ŵĂLJŽ ĚĞ ůŽƐ ĐŽŵŝĞŶnjŽƐ ĚĞ ƵŶĂ ŶƵĞǀĂ ĞƚĂƉĂ ĞŶ ůĂ ƵŶĂĚĞůĂƐƉƌŝŵĞƌĂƐƚĞŽƌşĂƐĚĞůĂĞǀŽůƵĐŝſŶ
ϭϴϱϯ͘ ƌĂŶ ƚŝĞŵƉŽƐ ĚŝĨşĐŝůĞƐ͕ ĐĂſƚŝĐŽƐ͕ ŚŝƐƚŽƌŝĂ ĚĞ ŶƵĞƐƚƌŽ ƉĂşƐ͕ ůĂ ĚĞů DĠdžŝĐŽ ďĂƐĂĚĂĞŶůĂĂĚĂƉƚĂĐŝſŶ͖ƉŽƌĞůŶĂƚƵƌĂůŝƐƚĂ
ƚŝĞŵƉŽƐ ŵĂƌĐĂĚŽƐ ƉŽƌ ůĂ ŐƵĞƌƌĂ Đŝǀŝů ŵŽĚĞƌŶŽ͕ŝŶŝĐŝĂĚĂĐŽŶůĂƌĞƐƚĂƵƌĂĐŝſŶĚĞ 'ĞŽƌŐĞƐƵǀŝĞƌ͕ĨƵŶĚĂĚŽƌĚĞůĂĂŶĂƚŽŵşĂ
ĚŽŶĚĞĐŽŶƐĞƌǀĂĚŽƌĞƐLJůŝďĞƌĂůĞƐĂƚƌĂǀĠƐ ůĂ ZĞƉƷďůŝĐĂ͘ Ŷ ϭϴϲϳ ĞŶ 'ƵĂŶĂũƵĂƚŽ͕ ĐŽŵƉĂƌĂĚĂ LJ ĚĞ ůĂ ƉĂůĞŽŶƚŽůŽŐşĂ͕ ĐƵLJĂ
ĚĞ ůĂƐ ĂƌŵĂƐ ďƵƐĐĂďĂŶ Ěŝƌŝŵŝƌ ƐƵƐ ƐŝĞŶĚŽŐŽďĞƌŶĂĚŽƌ ĚĞů ĞƐƚĂĚŽ Ğů ŐĞŶĞƌĂů ĐůĂƐŝĨŝĐĂĐŝſŶ ĚĞů ƌĞŝŶŽ ĂŶŝŵĂů͕ ĞůĂďŽƌĂĚĂ
ĚŝĨĞƌĞŶĐŝĂƐƉĂƌĂŝŵƉŽŶĞƌƐƵƉƌŽLJĞĐƚŽĚĞ &ůŽƌĞŶĐŝŽŶƚŝůůſŶ͕ĐŽŵĞŶnjſƵŶĂĠƉŽĐĂĚĞ ĞŶϭϴϭϳƐĞŵĂŶƚƵǀŽĞŶůĂŚŝƐƚŽƌŝĂŶĂƚƵƌĂů
ŶĂĐŝſŶ͘'ƵĞƌƌĂĐŝǀŝůĂůĂĐƵĂůůĞƐĞŐƵŝƌşĂůĂ ĚĞƐĂƌƌŽůůŽŵĂƚĞƌŝĂůƋƵĞĚŝŽůƵŐĂƌĂƐƵǀĞnj ĚĞ &ƌĂŶĐŝĂ LJ 'ƌĂŶ ƌĞƚĂŹĂ ŚĂƐƚĂ ůĂ
ŝŶƚĞƌǀĞŶĐŝſŶĨƌĂŶĐĞƐĂ͕LJƐŝŶĞŵďĂƌŐŽ͕ďĂũŽ ĂůĚĞƐĞŶǀŽůǀŝŵŝĞŶƚŽĐƵůƚƵƌĂůĞŶůĂĞŶƚŝĚĂĚ͘ ƉƵďůŝĐĂĐŝſŶ ĞŶ ϭϴϱϵ ĚĞ ů ŽƌŝŐĞŶ ĚĞ ůĂƐ
ĞƐƚĂƐ ĐŽŶĚŝĐŝŽŶĞƐ ƐŽĐŝŽƉŽůşƚŝĐĂƐ ƋƵĞ ^Ğ ĨƵŶĚſ Ğů ŽůĞŐŝŽ ĚĞů ƐƚĂĚŽ ĞŶ ϭϴϳϬ͕ ĞƐƉĞĐŝĞƐĚĞŚĂƌůĞƐĂƌǁŝŶ͖ĂƐşĐŽŵŽƉŽƌ
ŚĂĐşĂŶ ĚŝĨşĐŝůĞƐ ůĂƐ ƚĂƌĞĂƐ ĐŝĞŶƚşĨŝĐĂƐ͕ ƐŽďƌĞ ůĂ ďĂƐĞ ĚĞů ĂŶƚŝŐƵŽ ŽůĞŐŝŽ ĚĞ ůĂ ůĂƵĚĞĞƌŶĂƌĚ͕ĨƵŶĚĂĚŽƌĚĞůĂŵĞĚŝĐŝŶĂ
ĐŽŵĞŶnjſĂƚƌĂďĂũĂƌĞŶDĠdžŝĐŽ͕ƌĂĚŝĐĂŶĚŽ WƵƌşƐŝŵĂ ŽŶĐĞƉĐŝſŶ͕ ĞƐƚŽ ĐŽŵŽ ĞĨĞĐƚŽ ĞdžƉĞƌŝŵĞŶƚĂů͕ ĂƵƚŽƌ ĚĞ ůĂ ŽďƌĂ
ƐƵĐĞƐŝǀĂŵĞŶƚĞ ĞŶ ůĂ ĐĂƉŝƚĂů ĚĞ ůĂ ŝŶŵĞĚŝĂƚŽ ĚĞů ĞƐƚĂďůĞĐŝŵŝĞŶƚŽ ĚĞ ůĂ /ŶƚƌŽĚƵĐĐŝſŶ Ă ůĂ ŵĞĚŝĐŝŶĂ
ZĞƉƷďůŝĐĂ͕ ĞŶ ůĂƐ ĐŝƵĚĂĚĞƐ ĚĞ sĞƌĂĐƌƵnj͕ ĞĚƵĐĂĐŝſŶůĂŝĐĂĚĞĐƌĞƚĂĚĂƉŽƌůĂƐ>ĞLJĞƐĚĞ ĐŽŵƉĂƌĂĚĂ;:ĄƵƌĞŐƵŝ͕ϭϵϵϬ͖ϮϯͿ͘
'ƵĂŶĂũƵĂƚŽ͕'ƵĂĚĂůĂũĂƌĂLJ^ŝůĂŽ͘ ZĞĨŽƌŵĂ ;ƌƵnj͕ ϭϵϵϬ͖ ϵϯͿ͕ ƉůĂŶƚĞů ĐŽŶ Ğů
ĐƵĂů͕ ƵŐğƐ ĞƐƚĂďůĞĐŝſ ƵŶĂ ƌĞůĂĐŝſŶ ĞĞƐƚĂĨŽƌŵĂ͕ĚĞƐĚĞϭϴϰϵ͕ƵŐğƐĨƵĞ
ƉĂƌƚŝƌĚĞϭϴϲϰƵŐğƐƐĞĞƐƚĂďůĞĐŝſ ĂĨĞĐƚŝǀĂŵƵLJĞƐƚƌĞĐŚĂƋƵĞŚĂĐŽŶƚŝŶƵĂĚŽ ĂĐĞƉƚĂĚŽ ĐŽŵŽ ŵŝĞŵďƌŽ ĚĞ ůĂ ^ŽĐŝĞĚĂĚ
ĞŶ'ƵĂŶĂũƵĂƚŽ͘ŶĞƐƚĂĐŝƵĚĂĚůĞƚŽĐſǀŝǀŝƌ ĂƷŶĚĞƐƉƵĠƐĚĞƐƵŵƵĞƌƚĞ͕LJĂƋƵĞǀĂƌŝĂƐ ĚĞ DĞĚŝĐŝŶĂ LJ ŝƌƵպà ƉƌĄĐƚŝĐĂƐ ĚĞ
0LOHQDULD
DŽŶƚƉĞůůŝĞƌ͕LJĞŶϭϴϱϬ͕ĚŽƐĂŹŽƐĂŶƚĞƐĚĞ ƉƌĞƉĂƌĂĚŽƌ LJ ƉƌŽĨĞƐŽƌ ĚĞ ŶĂƚŽŵşĂ Ğ ĚĞ'ƵĂŶĂũƵĂƚŽƐĞĐƌĞĂƌŽŶůĂƐĚĞŚŝƐƚŽƌŝĂ
ƋƵĞ ƚĞƌŵŝŶĂƌĂ ƐƵ ĐĂƌƌĞƌĂ ĚĞ ŵĠĚŝĐŽ͕ ,ŝƐƚŽůŽŐşĂ ĞŶ Ğů ŽůĞŐŝŽ WƌŝŵŝƚŝǀŽ LJ ŶĂƚƵƌĂů͕njŽŽůŽŐşĂLJďŽƚĄŶŝĐĂ͕ƋƵĞƋƵĞĚĂƌŽŶ
ƐŝĞŶĚŽŵŝĞŵďƌŽĚĞůĂ^ŽĐŝĞĚĂĚĚĞŝŽůŽŐşĂ EĂĐŝŽŶĂů ĚĞ ^ĂŶ EŝĐŽůĄƐ ĚĞ ,ŝĚĂůŐŽ͖ ĂĐĂƌŐŽĚĞƵŐğƐ;:ĄƵƌĞŐƵŝ͕ϭϵϵϬ͖ϯϬͲϯϭͿ͖
ĞŶ WĂƌşƐ LJĂ ŚĂďşĂ ƉƵďůŝĐĂĚŽ ǀĂƌŝŽƐ ƚĂŵďŝĠŶ ĐŽůĂďŽƌſ ĐŽŵŽ :ĞĨĞ ĚĞů ŵŝĞŶƚƌĂƐ ƋƵĞ ĞŶ ůĂ ƐĐƵĞůĂ ĚĞ DĞĚŝĐŝŶĂ
ƚƌĂďĂũŽƐ͕ ĞŶƚƌĞ ĞůůŽƐ ƵŶŽ ƐŽďƌĞ Ğů dƌŝƚſŶ ĞƉĂƌƚĂŵĞŶƚŽ ĚĞ ,ŝƐƚŽƌŝĂ EĂƚƵƌĂů͖ LJ͕ Ă ƐĞŚŝnjŽĐĂƌŐŽĚĞůĂĐĄƚĞĚƌĂĚĞ,ŝƐƚŽůŽŐşĂ
ƐƉĞƌ͕ ƵƌŽĚĞůŽ ŚĂƐƚĂ ĞŶƚŽŶĐĞƐ ƉĂƌƚŝƌĚĞϭϴϵϮƐĞŚŝnjŽĐĂƌŐŽĚĞůĂĚŝƌĞĐĐŝſŶ ;ĞůƚƌĄŶ͕ϭϵϵϬ͖ϭϮͿ͘
ĚĞƐĐŽŶŽĐŝĚŽ;:ĄƵƌĞŐƵŝ͕ϭϵϵϬ͖ϮϯͿ͘ ĚĞůDƵƐĞŽDŝĐŚŽĂĐĂŶŽŚĂƐƚĂƐƵŵƵĞƌƚĞ͕
ŽĐƵƌƌŝĚĂ ĞŶ ϭϴϵϱ;^ĄŶĐŚĞnj LJ DŝũĂŶŐŽƐ͕ ƌĂşnjĚĞƐƵĂĐƚŝǀŝĚĂĚĚŽĐĞŶƚĞ͕ƵŐğƐ
ƵŐğƐ ŚĂďşĂ ůĞşĚŽ ůĂƐ ŽďƌĂƐ ĚĞ ϭϵϵϲͿ͘ ŝŶŝĐŝſ ůĂ ĨŽƌŵĂĐŝſŶ ĚĞ ƵŶ ŐĂďŝŶĞƚĞ ĚĞ
&ƌĂŶĐŝƐĐŽyĂǀŝĞƌůĂǀŝũĞƌŽ͕ĚĞůĞũĂŶĚƌŽĚĞ ,ŝƐƚŽƌŝĂEĂƚƵƌĂůĞŶĞůŽůĞŐŝŽĚĞůƐƚĂĚŽ
,ƵŵďŽůĚƚLJƚĂŵďŝĠŶŚĂďşĂŽşĚŽŚĂďůĂƌĚĞ Ŷ 'ƵĂŶĂũƵĂƚŽ͕ Ă ƉĂƌƚŝƌ ĚĞ ϭϴϲϰ͕ ĚĞ'ƵĂŶĂũƵĂƚŽĐŽŶĞůƉƌŽƉſƐŝƚŽĚĞŚĂĐĞƌ
:ŽƐĠ DĂƌŝĂŶŽ DŽĐŝŹŽ ;ŝŶƚĞŐƌĂŶƚĞ ĚĞ ůĂ ŶƵĞƐƚƌŽ ƉĞƌƐŽŶĂũĞ͕ ƐĞ ŚŝnjŽ ƐŽĐŝŽ ŵĄƐĚŝĚĄĐƚŝĐĂƐƐƵƐĐĄƚĞĚƌĂƐ͘/ŐƵĂůŵĞŶƚĞĂů
ĞdžƉĞĚŝĐŝſŶĐŝĞŶƚşĨŝĐĂŽƌĚĞŶĂĚĂƉŽƌĂƌůŽƐ ĐŽƌƌĞƐƉŽŶƐĂůĚĞůĂ^ŽĐŝĞĚĂĚDĞdžŝĐĂŶĂĚĞ ŝŵƉĂƌƚŝƌƐƵĐůĂƐĞĚĞnjŽŽůŽŐşĂƐĞĞŶĐŽŶƚƌſ
///ĂĨŝŶĞƐĚĞůƐŝŐůŽys///ĂůĂEƵĞǀĂƐƉĂŹĂ͕ 'ĞŽŐƌĂĨşĂLJƐƚĂĚşƐƚŝĐĂ͖ĞŶϭϴϲϱŝŶƚĞŐƌſůĂ ĐŽŶůĂĨĂůƚĂĚĞƚĞdžƚŽƐƐŽďƌĞůĂŵĂƚĞƌŝĂ͕ƉŽƌ
ĚŝƌŝŐŝĚĂƉŽƌDĂƌƚşŶ^ĞƐƐĠͿ͕ůŽĐƵĂůĚĞƐƉĞƌƚſ :ƵŶƚĂĞƉĂƌƚĂŵĞŶƚĂůĚĞdžƉŽƐŝĐŝŽŶĞƐ͖ĞŶ ůŽƋƵĞƐĞĂďŽĐſĂƐƵďƐĂŶĂƌĞƐĂĐĂƌĞŶĐŝĂ͕
ĞŶĠůůĂĐƵƌŝŽƐŝĚĂĚƉŽƌĞƐƚƵĚŝĂƌůĂƐĞƐƉĞĐŝĞƐ ϭϴϲϲ ĨƵĞ ĚŝƌĞĐƚŽƌ ŐĞŶĞƌĂů LJ ŵĠĚŝĐŽ ĞĚŝƚĄŶĚŽƐĞ ƉŽƌ ƉĂƌƚĞ ĚĞů ŐŽďŝĞƌŶŽ ĚĞ
ĚĞ ůĂ ĨůŽƌĂ LJ ĨĂƵŶĂ ŵĞdžŝĐĂŶĂƐ ;:ĄƵƌĞŐƵŝ͕ ĐŝƌƵũĂŶŽĚĞů,ŽƐƉŝƚĂůĚĞĞůĠŶ͖LJĞŶϭϴϳϬ 'ƵĂŶĂũƵĂƚŽ ĞŶ Ğů ĂŹŽ ĚĞ ϭϴϳϴ ƐƵ ůŝďƌŽ
ϭϵϵϬ͖ϮϯͿ͘ ŵĠĚŝĐŽĚĞůĂŵŝŶĂĚĞ^ĂŶ:ƵĂŶĚĞůĂƐZĂLJĂƐ WƌŽŐƌĂŵĂƉĂƌĂƵŶĐƵƌƐŽĚĞŽŽůŽŐşĂ͖ĞŶ
;:ĄƵƌĞŐƵŝ͕ϭϵϵϬ͖ϮϴͿ͘ ϭϴϴϰ ůĂ ^ĞĐƌĞƚĂƌşĂ ĚĞ ŐƌŝĐƵůƚƵƌĂ LJ
ů ĐŽŶĐůƵŝƌ ƐƵ ĐĂƌƌĞƌĂ ĐŽŶƚƌĂũŽ &ŽŵĞŶƚŽƉƵďůŝĐſĞŶůĂĐŝƵĚĂĚĚĞDĠdžŝĐŽ
ŵĂƚƌŝŵŽŶŝŽLJĞŶŵĂLJŽĚĞϭϴϱϯƐĞƚƌĂƐůĂĚſ WĂƌĂůĞůĂŵĞŶƚĞĂůĂůĂďŽƌĐŝĞŶƚşĨŝĐĂLJ ůĞŵĞŶƚŽƐ ĚĞ ŽŽůŽŐşĂ͖ LJ͕ >Ă ĨůŽƌĂ LJ ůĂ
ĐŽŶƐƵĞƐƉŽƐĂĂDĠdžŝĐŽ͕ŝŶƐƚĂůĄŶĚŽƐĞĞŶ ůĂƉƌĄĐƚŝĐĂĚĞƐƵƉƌŽĨĞƐŝſŶŵĠĚŝĐĂ͕ƵŐğƐ ĨĂƵŶĂĚĞůƐƚĂĚŽĚĞ'ƵĂŶĂũƵĂƚŽ͕ŝŵƉƌĞƐŽ
ůĂĐĂƉŝƚĂů͕ĞŶĚŽŶĚĞƉĂƌĂƉŽĚĞƌĞũĞƌĐĞƌƐƵ ĚĞƐĂƌƌŽůůſ ĐŽŶ ƉƌŽĨƵŶĚĂ ǀŽĐĂĐŝſŶ͕ ƵŶĂ ŝŐƵĂůŵĞŶƚĞ ƉŽƌ Ğů ŐŽďŝĞƌŶŽ ĚĞ ĚŝĐŚĂ
ƉƌŽĨĞƐŝſŶĨƵĞŶĞĐĞƐĂƌŝŽƋƵĞƐƵƐƚĞŶƚĂƌĂƵŶ ůĂďŽƌĚŽĐĞŶƚĞĞŶĞůŽůĞŐŝŽĚĞůƐƚĂĚŽLJ ĞŶƚŝĚĂĚ ĞŶ ϭϵϮϰ͖ ƚŽĚŽƐ ĞůůŽƐ ĨƵĞƌŽŶ
ĞdžĂŵĞŶ ƉƷďůŝĐŽ ƚĞſƌŝĐŽͲƉƌĄĐƚŝĐŽ͕ ƐŝĞŶĚŽ ĞŶůĂƐĐƵĞůĂĚĞDĞĚŝĐŝŶĂĚĞ'ƵĂŶĂũƵĂƚŽ͘ ƵƚŝůŝnjĂĚŽƐĐŽŵŽůŝďƌŽƐĚĞƚĞdžƚŽĞŶǀĂƌŝĂƐ
ĂƉƌŽďĂĚŽĞŶĨŽƌŵĂƵŶĄŶŝŵĞƉŽƌĞůũƵƌĂĚŽ͘ ů ƉĞƌĨŝů ĂĐĂĚĠŵŝĐŽ ĚĞ ƵŐğƐ ĞŶĐĂũĂďĂ ŝŶƐƚŝƚƵĐŝŽŶĞƐĞĚƵĐĂƚŝǀĂƐĚĞůƉĂşƐ;:ĄƵƌĞŐƵŝ͕
WŽƐƚĞƌŝŽƌŵĞŶƚĞƌĂĚŝĐſĞŶǀĂƌŝĂƐĐŝƵĚĂĚĞƐ ƉĞƌĨĞĐƚĂŵĞŶƚĞĞŶůĂƌĞĨŽƌŵĂĞĚƵĐĂƚŝǀĂĚĞů ϭϵϵϬ͖ϯϯͲϯϰͿ͕ĞŶƚƌĞĞůůĂƐĞŶĞůŽůĞŐŝŽĚĞ
ĚĞůŝŶƚĞƌŝŽƌĚĞůƉĂşƐ͗ĞŶ'ƵĂŶĂũƵĂƚŽĚŽŶĚĞ ŐŽďŝĞƌŶŽůŝďĞƌĂůĚĞ:ƵĄƌĞnj͘'ĂďŝŶŽĂƌƌĞĚĂ ^ĂŶEŝĐŽůĄƐĐŽŵŽƉƵĞĚĞĐŽŶƐƚĂƚĂƌƐĞĞŶĞů
ƐĞ ĚĞƐĞŵƉĞŹſ ĐŽŵŽ sŽĐĂů ĚĞ ůĂ :ƵŶƚĂ ĐŽŵŽ ŝƌĞĐƚŽƌ ĚĞ ůĂ ƐĐƵĞůĂ EĂĐŝŽŶĂů ĨŽŶĚŽĂŶƚŝŐƵŽĚĞƐƵďŝďůŝŽƚĞĐĂ͘
^ƵƉĞƌŝŽƌ ĚĞ ĞŶĞĨŝĐĞŶĐŝĂ LJ ^ĂŶŝĚĂĚ͕ WƌĞƉĂƌĂƚŽƌŝĂĨŽƌŵƵůſƵŶƉůĂŶĚĞĞƐƚƵĚŝŽƐ
ĐƵĂŶĚŽ ĞƌĂ ŐŽďĞƌŶĂĚŽƌ ŝŶƚĞƌŝŶŽ ĚĞů ĚĞ ŝŶƐƉŝƌĂĐŝſŶ ƉŽƐŝƚŝǀŝƐƚĂ͕ ŝŶƚƌŽĚƵĐŝĞŶĚŽ Ŷ ĐƵĂŶƚŽ Ă ƐƵƐ ŝŶǀĞƐƚŝŐĂĐŝŽŶĞƐ
ĞƐƚĂĚŽ Ğů ŐĞŶĞƌĂů DĂŶƵĞů ŽďůĂĚŽ͖ ĞŶ ŵĂƚĞƌŝĂƐ ĚĞ ůĂƐ ĐŝĞŶĐŝĂƐ ŶĂƚƵƌĂůĞƐ ĐŝĞŶƚşĨŝĐĂƐ͕ƵŐğƐ ĞƐĐƌŝďŝſŵĄƐĚĞĐŝĞŶƚŽ
^ŝůĂŽĨƵĞŵĠĚŝĐŽĚĞĐĄƌĐĞůĞƐLJĞŶĐĂƌŐĂĚŽ ;ĂƌƌĞĚĂ͕ϭϵϰϭͿ͘ŶĞůŽůĞŐŝŽĚĞůƐƚĂĚŽ ĐŝŶĐƵĞŶƚĂĂƌƚşĐƵůŽƐƋƵĞĨƵĞƌŽŶƉƵďůŝĐĂĚŽƐ
ĚĞůĂǀĂĐƵŶĂĐŝſŶ͖LJĞŶ'ƵĂĚĂůĂũĂƌĂĚŽŶĚĞ ĞŶ ĚŝǀĞƌƐĂƐ ƌĞǀŝƐƚĂƐ ŶĂĐŝŽŶĂůĞƐ LJ
ƚƵǀŽ Ă ƐƵ ĐĂƌŐŽ ůĂ WƌĞƐŝĚĞŶĐŝĂ ĚĞ ůĂ ĞdžƚƌĂŶũĞƌĂƐ͘WƌŝŶĐŝƉĂůŵĞŶƚĞƉƵďůŝĐſĞŶ>Ă
^ŽĐŝĞĚĂĚ &ŝůĂŶƚƌſƉŝĐĂ džƚƌĂŶũĞƌĂ LJ ƐŽĐŝŽ EĂƚƵƌĂůĞnjĂ͕ ĞĚŝƚĂĚĂ ƉŽƌ ůĂ ^ŽĐŝĞĚĂĚ
ĐŽƌƌĞƐƉŽŶƐĂůĚĞůĂ^ŽĐŝĞĚĂĚ:ĂůŝƐĐŝĞŶƐĞĚĞ DĞdžŝĐĂŶĂĚĞ,ŝƐƚŽƌŝĂEĂƚƵƌĂů͕ĞŶůĂƌĞǀŝƐƚĂ
ĞůůĂƐ ƌƚĞƐ͖ŚĂƐƚĂ ƋƵĞ Ĩŝũſ ƐƵ ƌĞƐŝĚĞŶĐŝĂ ĚĞůĂ^ŽĐŝĞĚĂĚŝĞŶƚşĨŝĐĂͨŶƚŽŶŝŽůnjĂƚĞͩ
ĚĞĨŝŶŝƚŝǀĂ ĞŶ ůĂ ĐŝƵĚĂĚ ĚĞ 'ƵĂŶĂũƵĂƚŽ LJ ĞŶ Ğů ŽůĞƚşŶ ĚĞ ůĂ ^ŽĐŝĞĚĂĚ DĞdžŝĐĂŶĂ
;:ĄƵƌĞŐƵŝ͕ϭϵϵϬ͖ϮϴͿ͕ĨĂŵŽƐĂĞŶĞůŵƵŶĚŽ ĚĞ 'ĞŽŐƌĂĨşĂ LJ ƐƚĂĚşƐƚŝĐĂ͘ ĞƐƚĂĐĂŶ ĞŶ
ĞŶƚĞƌŽ ƉŽƌ ƐƵ ƉƌŽĚƵĐĐŝſŶ ĚĞ ŵĞƚĂůĞƐ ĞůůĂƐůĂƐŝŶǀĞƐƚŝŐĂĐŝŽŶĞƐƐŽďƌĞnjŽŽůŽŐşĂLJ
ƉƌĞĐŝŽƐŽƐ͕ƉĂƌƚŝĐƵůĂƌŵĞŶƚĞĚĞƉůĂƚĂ͘ ĞŶ ĞƐƉĞĐŝĂů ůĂƐ ƌĞĂůŝnjĂĚĂƐ ƐŽďƌĞ
ŚĞƌƉĞƚŽůŽŐşĂ ;:ĄƵƌĞŐƵŝ͕ ϭϵϵϬ͖ ϯϴͿ͘ Ğ
Ɛ ŝŵƉŽƌƚĂŶƚĞ ŵĞŶĐŝŽŶĂƌ ƋƵĞ Ğů ŚĞĐŚŽ͕ ƵŐğƐ ĨƵĞ Ğů ƉƌŝŵĞƌŽ ĞŶ ŶƵĞƐƚƌŽ
ŚĞƌŵĂŶŽŵĞŶŽƌĚĞůĨƌĞĚŽƵŐğƐ͕ƵŐĞŶĞ ƉĂşƐĞŶƌĞĂůŝnjĂƌĞƐƚƵĚŝŽƐƐŽďƌĞĞƐƚĂƌĂŵĂ͕
ZŽŵĂŝŶĞůƐĞƐĐĂƵƚnjƵŐğƐ͕ ƚĂŵďŝĠŶ ƐĞ ƐĞŶƚĂŶĚŽ ůĂƐ ďĂƐĞƐ ƉĂƌĂ ůĂ ĐůĂƐŝĨŝĐĂĐŝſŶ
ƌĂĚŝĐſ ĞŶ DĠdžŝĐŽ͘ EĂĐŝĚŽ ĞŶ ϭϴϯϯ͕ ƐĞ ƐŝƐƚĞŵĄƚŝĐĂĚĞůŽƐƌĞƉƚŝůĞƐLJďĂƚƌĂĐŝŽƐ͘WĂƌĂ
ĚŽĐƚŽƌſĞŶDĞĚŝĐŝŶĂĞŶůĂhŶŝǀĞƌƐŝĚĂĚĚĞ ĞƐƚŽƚƵǀŽĐŽŵŽĂŶƚĞĐĞĚĞŶƚĞůŽƐĞƐƚƵĚŝŽƐ
WĂƌşƐĐŽŶůĂƚĞƐŝƐ͗ >ĂƐĂůƚƵƌĂƐĚĞDĠdžŝĐŽ͕ ŚĞĐŚŽƐ ƉŽƌ tŝĞŐŵĂŶ͕ ƵŵĠƌŝů͕ ŽĐŽƵƌƚ͕
ƚĞŵĂ ƋƵĞ ƐĞŐƵƌĂŵĞŶƚĞ ůĞ ƐƵŐŝƌŝſ ƐƵ ŽƉĞLJŽƵůĂŶŐĞƌ;ƌƵnj͕ϭϵϵϬ͖ϵϱͿ͘
ŚĞƌŵĂŶŽ͕ƉŽƌůŽƋƵĞƉƵĞĚĞĂĨŝƌŵĂƌƐĞƋƵĞ
ďĂũŽ ůĂ ŝŶĨůƵĞŶĐŝĂ ĚĞ ůĨƌĞĚŽ͕ ƵŐĞŶŝŽ WƵďůŝĐſ ŶŽǀĞŶƚĂ LJ ĐƵĂƚƌŽ ĂƌƚşĐƵůŽƐ
ĚĞĐŝĚŝſ ƚƌĂƐůĂĚĂƌƐĞ Ă DĠdžŝĐŽ ĞŶ ϭϴϲϱ͕ ƐŽďƌĞŚĞƌƉĞƚŽůŽŐşĂ͕ƚƌĞŝŶƚĂLJŽĐŚŽĚĞĞůůŽƐ
ĞƐƚĂďůĞĐŝĠŶĚŽƐĞ ƚĞŵƉŽƌĂůŵĞŶƚĞ ĞŶ ĞŶ>ĂEĂƚƵƌĂůĞnjĂ͕LJŽĐŚŽĞŶůĂƐDĞŵŽƌŝĂƐ
'ƵĂŶĂũƵĂƚŽ͕>ĞſŶLJ^ŝůĂŽ͕ƉĂƌĂĨŝŶĂůŵĞŶƚĞ LJ ZĞǀŝƐƚĂ ĚĞ ůĂ ^ŽĐŝĞĚĂĚ ŝĞŶƚşĨŝĐĂ
ĨŝũĂƌ ƐƵ ƌĞƐŝĚĞŶĐŝĂ ĞŶ DŽƌĞůŝĂ͕ ĞŶ ĚŽŶĚĞ ͨŶƚŽŶŝŽ ůnjĂƚĞ͖ͩ ŵŝĞŶƚƌĂƐ ůŽƐ ŽƚƌŽƐ
ĂƉĂƌƚĞ ĚĞ ĞũĞƌĐĞƌ ƐƵ ƉƌŽĨĞƐŝſŶ͕ ĨƵĞ ĐƵĂƌĞŶƚĂ LJ ŽĐŚŽ ƐĞ ƌĞƉĂƌƚŝĞƌŽŶ ĞŶƚƌĞ
0LOHQDULD
ŽĐĂƐŝŽŶſ ŽƚƌĂ ŐƌĂŶ ƚƌŝƐƚĞnjĂ͕ ƐŝŶ ĞŵďĂƌŐŽ
ĐŽŶƚŝŶƵſ ĞŶ ƉůĞŶĂ ĂĐƚŝǀŝĚĂĚ ĐŝĞŶƚşĨŝĐĂ͗
ŵĂŶƚĞŶşĂ ƌĞůĂĐŝŽŶĞƐ ĐŽŶ ŝŶƐƚŝƚƵĐŝŽŶĞƐ LJ
ƐŽĐŝĞĚĂĚĞƐ ĚĞ ǀĂƌŝĂƐ ƉĂƌƚĞƐ ĚĞů ŵƵŶĚŽ͕
ĐŽŵŽĞůĞƉĂƌƚĂŵĞŶƚŽĚĞŐƌŝĐƵůƚƵƌĂĚĞ
ůŽƐ ƐƚĂĚŽƐ hŶŝĚŽƐ ĚĞ EŽƌƚĞĂŵĠƌŝĐĂ LJ ůĂ
^ŽĐŝĞĚĂĚ EĂĐŝŽŶĂů ĚĞ ĐůŝŵĂƚĂĐŝſŶ ĚĞ
&ƌĂŶĐŝĂ;ƋƵĞĞŶϭϴϵϳůŽŶŽŵďƌſŵŝĞŵďƌŽ
ŚŽŶŽƌĂƌŝŽͿ͕ĐŽŶůĂhŶŝǀĞƌƐŝĚĂĚĚĞEĂŶĐLJ͕
ůĂ &ĂĐƵůƚĂĚ ĚĞ DĞĚŝĐŝŶĂ ĚĞ >ŝůůĞ͕ Ğů
/ŶƐƚŝƚƵƚŽ WĂƐƚĞƵƌ ĚĞ WĂƌşƐ͕ ůĂ ^ŽĐŝĞĚĂĚ
ŝĞŶƚşĨŝĐĂĚĞŚŝůĞ͕ĞůDƵƐĞŽƚŶŽŐƌĄĨŝĐŽ
ĚĞ WĂƌşƐ͕ Ğů EĂĐŝŽŶĂů DƵƐĞƵŵ ĚĞ
tĂƐŚŝŶŐƚŽŶ LJ ůĂ ŽŵŝƐŝſŶ ^ĐŝĞŶƚŝĨŝƋƵĞ͕
>ŝƚƚĞƌĂŝƌĞ Ğƚ ƌƚŝƐƚŝƋƵĞ ĚƵ DĞdžŝƋƵĞ
;:ĄƵƌĞŐƵŝ͕ϭϵϵϬ͖ϲϭͿ͘
ƐƚĞŐƌĂŶĐŝĞŶƚşĨŝĐŽĨƵĞŚŽŶƌĂĚŽĐŽŶ
ůĂƐWĂůŵĂƐĐĂĚĠŵŝĐĂƐĚĞ&ƌĂŶĐŝĂ͕>ĂƌƵnj
ĚĞ ůĂ >ĞŐŝſŶ ĚĞ ,ŽŶŽƌ͕ ĐŽŵŽ ŵŝĞŵďƌŽ
ĚŝĞĐŝŶƵĞǀĞ ƌĞǀŝƐƚĂƐ ĞƐƉĞĐŝĂůŝnjĂĚĂƐ ĞŶ ŵĂŶĞƌĂ ĚĞ ƉƌĞƉĂƌĂƌůĂƐ ;:ĄƵƌĞŐƵŝ͕ ϭϵϵϬ͖
ŚŽŶŽƌĂƌŝŽ ĚĞ ƐŽĐŝĞĚĂĚĞƐ ĐŝĞŶƚşĨŝĐĂƐ ĚĞ
DĠdžŝĐŽLJĞůĞdžƚƌĂŶũĞƌŽ;ƌƵnj͕ϭϵϵϬ͖ϵϱͿ͘ ϱϴͿ͘
ǀĂƌŝĂƐ ƉĂƌƚĞƐ ĚĞů ŵƵŶĚŽ LJ ĐŽŵŽ ĚĞĐĂŶŽ
ĚĞůŽůĞŐŝŽĚĞůƐƚĂĚŽĚĞ'ƵĂŶĂũƵĂƚŽ͖Ğů
ƵŐğƐ ĞƐƚĄ ĐŽŶƐŝĚĞƌĂĚŽ ĐŽŵŽ WŽƌ ŽƚƌŽ ůĂĚŽ͕ ůĂ ƚƌĂĚŝĐŝſŶ
ŐŽďŝĞƌŶŽ ĨƌĂŶĐĠƐ ůŽ ĚŝƐƚŝŶŐƵŝſ ĞŶ ϭϴϴϱ
ƉŝŽŶĞƌŽĚĞůĂƐŝƐƚĞŵĂƚŝnjĂĐŝſŶĐŝĞŶƚşĨŝĐĂĚĞ ĚĞĐŝŵŽŶſŶŝĐĂ ĚĞ ŚĂĐĞƌ ƵŶ ƌĞŐŝƐƚƌŽ
ĚĞƐŝŐŶĄŶĚŽůŽ ſŶƐƵů ĚĞ &ƌĂŶĐŝĂ ĞŶ
ůĂnjŽŽůŽŐşĂLJŚĞƌƉĞƚŽůŽŐşĂĞŶDĠdžŝĐŽ͘^Ğ ŝůƵƐƚƌĂĚŽ ĚĞů ŽďũĞƚŽ ĚĞ ĞƐƚƵĚŝŽ ĞŶ ůĂƐ
'ƵĂŶĂũƵĂƚŽ ;:ĄƵƌĞŐƵŝ͕ ϭϵϵϬ͖ ϱϵͿ͖LJ Ğů
ŽĐƵƉſĚĞůĂĚĞƐĐƌŝƉĐŝſŶĚĞƚƌĞŝŶƚĂLJƐŝĞƚĞ ĐŝĞŶĐŝĂƐŶĂƚƵƌĂůĞƐLJĂƉůŝĐĂĚĂƐ͕ĂŶƚĞůĂĨĂůƚĂ
ŽůĞŐŝŽ WƌŝŵŝƚŝǀŽ LJ EĂĐŝŽŶĂů ĚĞ ^ĂŶ
ŶƵĞǀĂƐ ĞƐƉĞĐŝĞƐ ĂŶŝŵĂůĞƐ ƋƵĞ ůůĞǀĂŶ Ğů ĚĞ ŽƚƌŽƐ ƌĞĐƵƌƐŽƐ ƚĠĐŶŝĐŽƐ ĐŽŵŽ ůĂ
EŝĐŽůĄƐ ĚĞ ,ŝĚĂůŐŽ ƚĂŵďŝĠŶ ůŽ ƌĞĐŽŶŽĐĞ
ŶŽŵďƌĞ ĚĞ Ġů ĐŽŵŽ ƐƵ ĐůĂƐŝĨŝĐĂĚŽƌ ;Ŷ ĨŽƚŽŐƌĂĨşĂ͕ ĚĞƐĂƌƌŽůůſ ĞŶ ůŽƐ ƐĂďŝŽƐ
ĐŽŵŽƵŶŽĚĞůŽƐŵĄƐĂůƚŽƐĞdžƉŽŶĞŶƚĞƐĚĞ
ϭϴϳϬĞŶ>ĂEĂƚƵƌĂůĞnjĂƉƵďůŝĐſƵŶĂƌƚşĐƵůŽ ŶĂƚƵƌĂůŝƐƚĂƐ ĐŽŵŽ ƵŐğƐ͕ ƵŶĂ ŚĂďŝůŝĚĂĚ
ůĂƐ ĐŝĞŶĐŝĂƐ ŶĂƚƵƌĂůĞƐ ĚĞů ƐŝŐůŽ y/y ĞŶ
ƌĞůĂƚŝǀŽĂƵŶĂŶƵĞǀĂĞƐƉĞĐŝĞĚĞĂũŽůŽƚĞĞŶ ĂƌƚşƐƚŝĐĂƋƵĞƉŽƌŽƚƌŽůĂĚŽŚĂďşĂŚĞƌĞĚĂĚŽ
ŶƵĞƐƚƌŽƉĂşƐLJĞŶĞůŵƵŶĚŽ͘ŶƐƵŚŽŶŽƌ͕
Ğů>ĂŐŽĚĞWĄƚnjĐƵĂƌŽ͕ŵŝƐŵĂƋƵĞƌĞŐŝƐƚƌſ ĚĞ ƐƵ ƉĂĚƌĞ͘ >ĂƐ ĂĐƵĂƌĞůĂƐ ƋƵĞ ĞůĂďŽƌſ͕
ƵŶĂĚĞůĂƐĂƵůĂƐĚĞůƉůĂŶƚĞů͕ƵďŝĐĂĚĂĞŶůĂ
ĐŽŵŽ ^ŝĚĞƌŽŶƵŵŝĞƌĞůůŝůĨƌ͘ ƵŐ͕͘ ŝůƵƐƚƌĂƌŽŶƐƵƐĂƌƚşĐƵůŽƐĚĞŝŶǀĞƐƚŝŐĂĐŝſŶLJ
ƉůĂŶƚĂ ďĂũĂ ĚĞů ƐĞŐƵŶĚŽ ƉĂƚŝŽ͕ ůůĞǀĂ ƐƵ
ĐŽŶŽĐŝĚŽǀƵůŐĂƌŵĞŶƚĞĐŽŵŽĐŚŽƋƵĞĚĞ ŵƵĐŚĂƐ ĚĞ ĞůůĂƐ ĨƵĞƌŽŶ ĞŶǀŝĂĚĂƐ Ă
ŶŽŵďƌĞ͘
ĂŐƵĂ͕ ^ĄŶĐŚĞnjLJ DŝũĂŶŐŽƐ͕ ϭϵϵϲ͖ ϰϰͿ͖ ŝŶƐƚŝƚƵĐŝŽŶĞƐ ĞdžƚƌĂŶũĞƌĂƐ͖ ƐŝŶ ĞŵďĂƌŐŽ͕
ƚĂŵďŝĠŶ ĐůĂƐŝĨŝĐſ ůĂ ĨůŽƌĂ ĚĞů ĞƐƚĂĚŽ ĚĞ ĞŶƚƌĞ ϭϴϰϳ LJ ϭϵϬϲ ƵŐğƐ ŝŶƚĞŐƌſ ǀĂƌŝĂƐ
ƵŐğƐŵƵƌŝſĂůŽƐŽĐŚĞŶƚĂLJĐƵĂƚƌŽ
'ƵĂŶĂũƵĂƚŽĞŶƐĞƚĞŶƚĂLJƐĞŝƐĨĂŵŝůŝĂƐLJůĂ ĐŽůĞĐĐŝŽŶĞƐ͕ ůĂ ŵĄƐ ŶƵŵĞƌŽƐĂ ĞƐƚĄ
ĂŹŽƐ ĚĞ ĞĚĂĚ ĞŶ ůĂ ŵĂĚƌƵŐĂĚĂ ĚĞů ϳ ĚĞ
ĨĂƵŶĂ ĞŶ ƚƌĞŝŶƚĂ LJ ƚƌĞƐ͖ ƌĞĂůŝnjſ ƵŶ ĐŽŵƉƵĞƐƚĂ ƉŽƌ ƚƌĞƐĐŝĞŶƚĂƐ ĐŝŶĐƵĞŶƚĂ
ĞŶĞƌŽ ĚĞ ϭϵϭϬ ;:ĄƵƌĞŐƵŝ͕ ϭϵϵϬ͖ ϱϵͿ͕
ͨĐĂƚĄůŽŐŽ ĚĞ ĂŶŝŵĂůĞƐ ǀĞƌƚĞďƌĂĚŽƐ ůĄŵŝŶĂƐ Ă ĐŽůŽƌ͕ ŵŝƐŵĂ ƋƵĞ ĂĐƚƵĂůŵĞŶƚĞ
ĐĞƌƌĂŶĚŽĐŽŶƐƵŵƵĞƌƚĞƵŶĂĠƉŽĐĂĞŶůĂ
ŽďƐĞƌǀĂĚŽƐ ĞŶ ůĂ ZĞƉƷďůŝĐĂ DĞdžŝĐĂŶĂ͕ͩ ĨŽƌŵĂ ƉĂƌƚĞ ĚĞů ƉĂƚƌŝŵŽŶŝŽ ĚĞ ůĂ
ŚŝƐƚŽƌŝĂĚĞůĂĐŝĞŶĐŝĂĞŶDĠdžŝĐŽĂůĂĐƵĂů
ƉƵďůŝĐĂĚŽ ĞŶ >Ă EĂƚƵƌĂůĞnjĂ͘ WĂƌĂ ůĂ hŶŝǀĞƌƐŝĚĂĚ ĚĞ 'ƵĂŶĂũƵĂƚŽ ;:ĄƵƌĞŐƵŝ͕
ĠůĐŽŶƚƌŝďƵLJſĞŶĨŽƌŵĂĚĞƐƚĂĐĂĚĂ͘
ĞůĂďŽƌĂĐŝſŶĚĞĞƐƚĞƚƌĂďĂũŽĐŽŶƚſĐŽŶůĂ ϭϵϵϬ͖ϲϴͿ͘
ĐŽůĂďŽƌĂĐŝſŶ ĚĞů ƌĞĐŽŶŽĐŝĚŽ ŽƌŶŝƚſůŽŐŽ
ĨƌĂŶĐĠƐ:ƵůŝŽsĞƌƌĞĂƵdž;:ĄƵƌĞŐƵŝ͕ϭϵϵϬ͖ϯϯͿ͘ dŽĚĂƐ ůĂƐ ĂĐƵĂƌĞůĂƐ LJ ĚŝďƵũŽƐ
ĞůĂďŽƌĂĚŽƐ ƉŽƌ ƵŐğƐ ĐŽŶ Ğů ƉƌŽƉſƐŝƚŽ
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OHUH]DEDDOGLRVGHOOODQWR )UDQFLVFR &KiYH] +HUUHUD
0LOHQDULD
>ĂƉŽĞƐşĂĞƐƐĂůƵĚ :ƵĂŶDĂŶƵĞů'ŝů
¢ >ĞĞƐƉŽĞƐşĂ͍͎dĞŐƵƐƚĂ͍͎dĞǀĂŶ
ůŽƐ ĂƵƚŽƌĞƐ ĐůĄƐŝĐŽƐ͍ Ŷ ƌĞƐƵŵĞŶ͕ ͎ƚĞ
ĐƵŝĚĂƐ ĞƐĞ ĐƵĞƌƉŽ ůŽnjĂŶŽ͍ ^ş͕ ŚĂƐ ůĞşĚŽ
ǀĞƌƐĂĚĂƐĞŶĐŝĞŶĐŝĂ͕ůŝƚĞƌĂƚƵƌĂLJƉƐŝĐŽůŽŐşĂ͕
LJƋƵĞĨůƵLJĂĞŶĂƌŵŽŶşĂ͕ĐſŵŽŶŽ͕ĞůƉŽĚĞƌ
ĚĞůĐŽŶŽĐŝŵŝĞŶƚŽ͖ƐĞŐƵŶĚŽ͗ƐŽŶƚƌĞŝŶƚĂůŽƐ
ǀŽůƵŶƚĂƌŝŽƐ ƋƵĞ ƐĞ ŚĂŶ ƐŽŵĞƚŝĚŽ Ăů
ĞdžƉĞƌŝŵĞŶƚŽ ƉŝƐĐŽͲĐŝĞŶƚşĨŝĐŽͲůŝƚĞƌĂƌŝŽ͖
ƚĞƌĐĞƌŽ͗ ĂůŐƵŶŽƐ ĚĞ ůŽƐ ĂƵƚŽƌĞƐ ůĞşĚŽƐ
ĂƵƚŽĂLJƵĚĂ͘zĂĐůĂƌĂƋƵĞͨŶŽĞƐƐŽůŽƵŶĂ
ĐƵĞƐƚŝſŶĚĞĞƐƚŝůŽ͘>ĂĚĞƐĐƌŝƉĐŝſŶƉƌŽĨƵŶĚĂ
ĚĞ ĞdžƉĞƌŝĞŶĐŝĂƐ ĂŹĂĚĞ ĞůĞŵĞŶƚŽƐ
ĞŵŽĐŝŽŶĂůĞƐLJďŝŽŐƌĄĨŝĐŽƐĂůĐŽŶŽĐŝŵŝĞŶƚŽ
ĐŽŐŶŝƚŝǀŽ ƋƵĞ LJĂ ƉŽƐĞĞŵŽƐ ĞŶ ŶƵĞƐƚƌŽƐ
ƌĞĐƵĞƌĚŽƐͩ͘
ďŝĞŶ͎͘dĞůŽĐƵŝĚĂƐ͍^ĞĂĐĂďĂĚĞĐŽŶĨŝƌŵĂƌ ĨƵĞƌŽŶ WŚŝůŝƉ >ĂƌŬŝŶ͕ :ŽŚŶ ŽŶŶĞ͕ ,ĞŶƌLJ ů ƉĂƌĞĐĞƌ͕ ůŽƐ ƌĞƐƵůƚĂĚŽƐ ŽďƚĞŶŝĚŽƐ
ĂůŐŽ ƋƵĞ ƚŽĚŽƐ ŝŶƚƵşĂŵŽƐ ĐƵĂŶĚŽ ĐĂĚĂ sĂƵŐŚĂŶ LJ ůŝnjĂďĞƚŚ ĂƌƌĞƚƚ ƌŽǁŶŝŶŐ͖ LJ ŚĂŶ ŵŽƚŝǀĂĚŽ Ă ĞƐƚŽƐ ĐŝĞŶƚşĨŝĐŽƐ͕
ŶŽĐŚĞ ŶŽƐ şďĂŵŽƐ Ă ĚŽƌŵŝƌ͗ ůĂ ƉŽĞƐşĂ ĐƵĂƌƚŽ͗ ůĂ ĐŽŶĐůƵƐŝſŶ ƉĂƌĞĐĞ ƐĞƌ ƉƐŝĐſůŽŐŽƐ LJ ĞdžƉĞƌƚŽƐ ĞŶ ůŝƚĞƌĂƚƵƌĂ͕ LJ
ĐůĄƐŝĐĂĞƐƉĂƌĂĞůĐĞƌĞďƌŽůŽƋƵĞĞůďşĨŝĚƵƐ ĚĞŵŽůĞĚŽƌĂ͘ ƵĂŶĚŽ ƐĞ ĚĂ ůĞĐƚƵƌĂ Ă ƚŝĞŶĞŶ ƉĞŶƐĂĚŽ ĂŚŽŶĚĂƌ ĂƷŶ ŵĄƐ ĞŶ Ğů
ĂĐƚŝǀŽƉĂƌĂůĂƐĂƌƚĞƌŝĂƐ͘>ĂhŶŝǀĞƌƐŝĚĂĚĚĞ ƉŽĞŵĂƐ ĞŶ ůŽƐ ƋƵĞ ĂƉĂƌĞĐĞŶ ƉĂůĂďƌĂƐ ĂƐƵŶƚŽ͘ >ĞƐ ŝŶƚĞƌĞƐĂ ĚĞƐĞŶƚƌĂŹĂƌ ƋƵĠ
>ŝǀĞƌƉŽŽůĞƐƚĄĂƉƵŶƚŽĚĞƉƌĞƐĞŶƚĂƌĞŶƵŶĂ ŝŶƵƐƵĂůĞƐ Ž ƉŽƐĞĞŶ ƵŶĂ ƐŝŶƚĂdžŝƐ ŵĄƐ ĞĨĞĐƚŽƐŚĂŶƉŽĚŝĚŽƚĞŶĞƌůĂƐƌĞǀŝƐŝŽŶĞƐĚĞ
ĐŽŶĨĞƌĞŶĐŝĂ ůŽƐ ƌĞƐƵůƚĂĚŽƐ ĚĞ ƵŶ ĐŽŵƉůĞũĂ͕ĐŽŵŽŽĐƵƌƌĞĞŶŵƵĐŚŽƐĚĞůŽƐ ůŽƐĐůĄƐŝĐŽƐĚĞůĂůŝƚĞƌĂƚƵƌĂĞŶůĂĂĐƚŝǀŝĚĂĚ
ĐŽŶĐŝĞŶnjƵĚŽ͕ ĂŵďŝĐŝŽƐŽ LJ ĂŶŚĞůĂĚŽ ƚĞdžƚŽƐĐůĄƐŝĐŽƐ͕ĞůŚĞŵŝƐĨĞƌŝŽĚĞƌĞĐŚŽĚĞů ĐĞƌĞďƌĂů͘ƵŶĂƐş͕ĂƉĞƐĂƌĚĞůŽƐĂůƵĚĂďůĞ
ĞƐƚƵĚŝŽƐŽďƌĞĞůŝŵƉĂĐƚŽĚĞůĂůĞĐƚƵƌĂĚĞ ĐĞƌĞďƌŽ ƐĞ ĂĐƚŝǀĂ ŵƵLJ ĞƐƉĞĐŝĂůŵĞŶƚĞ LJ ĚĞů ĂƐƵŶƚŽ͕ ŶĂĚŝĞ ŚĂ ŚĂďůĂĚŽ ƚŽĚĂǀşĂ ĚĞ
ƉŽĞƐşĂĐůĄƐŝĐĂĞŶŶƵĞƐƚƌŽĐĞƌĞďƌŽ͘ůĂŝůLJ ĐŽŶƚƌŝďƵLJĞ Ă ƌĞĨůĞdžŝŽŶĂƌ ƐŽďƌĞ ŶƵĞƐƚƌĂƐ ƋƵĞĞůŵĠĚŝĐŽĚĞĐĂďĞĐĞƌĂƉƵĞĚĂƌĞĐĞƚĂƌ
dĞůĞŐƌĂƉŚ ŶŽƐ ŚĂ ĂĚĞůĂŶƚĂĚŽĂůŐƵŶŽƐĚĞ ƉƌŽƉŝĂƐ ǀŝǀĞŶĐŝĂƐ LJ Ă ĞŶƚĞŶĚĞƌůĂƐ ĚĞƐĚĞ ůĂůĞĐƚƵƌĂĚĞ:ŽŚŶŽŶŶĞŽWŚŝůŝƉ>ĂƌŬŝŶ͘
ůŽƐ ĚĞƚĂůůĞƐ ĚĞů ƚƌĂďĂũŽ LJ ĚĞ ƐƵƐ ŽƚƌĂƉĞƌƐƉĞĐƚŝǀĂ͘ dĂŵƉŽĐŽƐŝůĂ^ĞŐƵƌŝĚĂĚ^ŽĐŝĂůĐƵďƌŝƌşĂůŽƐ
ĐŽŶĐůƵƐŝŽŶĞƐ͕ ĂƐş ƋƵĞ ĞƐƚŽ ĞƐ ůŽ ƋƵĞ ĐŽƐƚĞƐ͘
ƉŽĚĞŵŽƐĚĞĐŝƌƉŽƌĂŚŽƌĂ͗ ^ĞŐƷŶĞůƌĞƐƉŽŶƐĂďůĞĚĞƉƌĞƐĞŶƚĂƌĞů
ĞƐƚƵĚŝŽ͕ůĂƉŽĞƐşĂĐůĄƐŝĐĂͨĞƐŵĄƐƷƚŝůƋƵĞ
WƌŝŵĞƌŽ͗ ƉĂƌĂ ŚĂĐĞƌ ƵŶ ƚƌĂďĂũŽ ĚĞ ůŽƐůŝďƌŽƐĚĞĂƵƚŽĂLJƵĚĂͩ͘ZĞƉŝƚŽ͗ůĂƉŽĞƐşĂ ŝƐƉŽŶŝďůĞ ĞŶ͗ ŚƚƚƉ͗ͬͬǁǁǁ͘ĞůĚŝĂƌŝŽ͘ĞƐͬ<ĂĨŬĂͬ
ĞƐƚĂŶĂƚƵƌĂůĞnjĂƐĞŶĞĐĞƐŝƚĂŶĂƵƚŽƌŝĚĂĚĞƐ ĐůĄƐŝĐĂ ĞƐ ŵĄƐ Ʒƚŝů ƋƵĞ ůŽƐ ůŝďƌŽƐ ĚĞ ĂůŵĂĐĞŶͬƉŽĞƐŝĂͲƐĂůƵĚͺϬͺϵϬϵϵϭϭϰϭ͘Śƚŵů
0LOHQDULD
>ŽƐĚĞƐĂƉĂƌĞĐŝĚŽƐŶŽƐĨĂůƚĂŶĂƚŽĚŽƐ
DĂƌĚŽŶŝŽ ĂƌďĂůůŽ
7
ĞƐƚĂĐŽůĂďŽƌĂĐŝſŶ͘EŽŽůǀŝĚĂƌŶŝƵŶŽƐſůŽ ĐŽůĞĐƚŝǀŽ͘ĞůĚŽůŽƌ͕ĞŶĐĂŵďŝŽ͕ĞƐƌĞĂů͘^Ğ
ĚĞ ůŽƐ ŶŽŵďƌĞƐ͘ >ŽƐ ĚĞƐĂƉĂƌĞĐŝĚŽƐ ŶŽƐ ĂĐƵŵƵůĂ͘
ŚĂĐĞŶ ĨĂůƚĂ Ă ƚŽĚŽƐ͗ ůĂƐ ŵĂŵĄƐ LJ ůŽƐ
ͨ ĞŶşĂůŽƐƉŝĞƐĚĞƉĄũĂƌŽLJůĂƐŐĂŶĂƐ ƉĂƉĄƐ͕ ůŽƐ ŚĞƌŵĂŶŽƐ͘ ůŽƐ ŚŝũŽƐ͘ ůĂƐ ŝǀĞƌƐŽƐ ƚĂŶĂƚſůŽŐŽƐ͕ Ă ĚĞĐŝƌ ĚĞ
ĚĞǀŽůĂƌ͘dŽŵſĐŝĞůŽLJĐĂŵŝŶſĐĂŵŝŶŽ͘>ŽƐ ƌĞĐĄŵĂƌĂƐ͕ůŽƐĐƵĂƌƚŽƐƐŝŐƵĞŶĂŚş͕ŝŶƚĂĐƚŽƐ͘ DĂƌĐĞůĂdƵƌĂƚŝĞŶƐƵůŝďƌŽ&ƵĞŐŽĐƌƵnjĂĚŽ͕
ĞĐŽƐ ƐĞ ƋƵĞĚĂƌŽŶ͕ ƉĂƐĂƌŽŶ ůŽƐ ĂŹŽƐ͘ ^Ğ >Ă ƌŽƉĂ ĐŽůŐĂĚĂ ĞdžƚƌĂŹĂŶĚŽ ůŽƐ ĐƵĞƌƉŽƐ ĚŝĐĞŶ ƋƵĞ ĐĂĚĂ ŵƵĞƌƚĞ ǀŝŽůĞŶƚĂ ĞƐ
ƋƵĞĚĂƌŽŶ ůĂƐ ŵĂŵĄƐ LJ ůŽƐ ƉĂƉĄƐ͕ ůŽƐ ƋƵĞ ĂďƌŝŐĂďĂŶ͕ ƋƵĞ ĂďƌŝŐĂƌŽŶ ĂůŐƷŶ ĂĐŽŵƉĂŹĂĚĂƉŽƌϮϬϬƉĞƌƐŽŶĂƐĞŶĚƵĞůŽ͘
ŚĞƌŵĂŶŽƐ͘ >ŽƐ ŚŝũŽƐ͘ >ĂƐ ƌĞĐĄŵĂƌĂƐ͕ ůŽƐ ƚŝĞŵƉŽ͘^ŝŐƵĞŶĂŚş͕ĐŽŶĞƐƉĞƌĂŶnjĂ͘ ^ŝƵƐƚĞĚ͕ŽLJŽ͕ŽĞůĚĞũƵŶƚŽ͕ŵƵůƚŝƉůŝĐĂŵŽƐ
ĐƵĂƌƚŽƐ ƐŝŐƵĞŶ ĂŚş͕ ŝŶƚĂĐƚŽƐ͘ >Ă ƌŽƉĂ ϵϲŵŝůŵƵĞƌƚŽƐƉŽƌϮϬϬƉĞƌƐŽŶĂƐĞŶĚƵĞůŽ͕
ĐŽůŐĂĚĂ ĞdžƚƌĂŹĂŶĚŽ ůŽƐ ĐƵĞƌƉŽƐ ƋƵĞ YƵŝĞƌŽ ĚĞĚŝĐĂƌ ĞƐƚĂ ĐŽůĂďŽƌĂĐŝſŶ Ă ĞůƌĞƐƵůƚĂĚŽĞƐĂƚƌŽnj͘ůĚŽůŽƌƐĞĂĐƵŵƵůĂ͗
ĂďƌŝŐĂďĂŶ͕ ƋƵĞ ĂďƌŝŐĂƌŽŶ ĂůŐƷŶ ƚŝĞŵƉŽ͘ ůŽƐĚĞƐĂƉĂƌĞĐŝĚŽƐ͘ƐƵƐŵĂĚƌĞƐ͘ĞůůĂƐLJ ϭϵŵŝůůŽŶĞƐϮϬϬŵŝůƉĞƌƐŽŶĂƐƋƵĞƐĞĞƐƚĄŶ
^ŝŐƵĞŶĂŚş͕ĐŽŶĞƐƉĞƌĂŶnjĂ͘dĞŶşĂŶůŽƐƉŝĞƐ ĂƵƐƚĞĚůĞƐƚĞŶŐŽƵŶĂĐŽŶĨĞƐŝſŶƋƵĞŶŽƐ ĚŽůŝĞŶĚŽ ƐŽŶ Ğů ƌĞƐƵůƚĂĚŽ ĚĞ ĞƐƚĂ
ĚĞƉĄũĂƌŽLJůĂŶĞĐĞƐŝĚĂĚĚĞǀŽůĂƌ͙ĞůďƵƌƌŽ ŚĞƌŵĂŶĂ͘DĄƐĂĚĞůĂŶƚĞĚĞǀĞůĂƌĠůĂƌĂnjſŶ ŵĂƚĞŵĄƚŝĐĂ ĨƷŶĞďƌĞ͘ Ɛ ĐĂƐŝ ůĂ ƚŽƚĂůŝĚĂĚ
ĞƐďƵƌƌŽLJĞŶŵĂLJŽďĂũĂĂƚŽŵĂƌĂŐƵĂ͕LJ ĚĞŵŝƐƉĂůĂďƌĂƐLJŵŝƐŽůŝĚĂƌŝĚĂĚ͘ ĚĞ ŚĂďŝƚĂŶƚĞƐ ĚĞ ůĂ ŝƵĚĂĚ ĚĞ DĠdžŝĐŽ͘
ďĂũĂƌŽŶŽƐƵďŝĞƌŽŶ͘sŽůĂƌŽŶ͘dƵǀŝĞƌŽŶƐĞĚ WĞƌŵĂŶĞĐĞƌ ĐĂůůĂĚŽ ŶŽ ĞƐ ůŽ ŶƵĞƐƚƌŽ͘
LJŶĞĐĞƐŝĚĂĚ͘ ^ĞŐƷŶ Ğů /ŶƐƚŝƚƵƚŽ EĂĐŝŽŶĂů ĚĞ ZŽŵƉĞƌĞůƐŝůĞŶĐŝŽƐĞŚĂĐĞŶĞĐĞƐĂƌŝŽ͘YƵĞ
ƐƚĂĚşƐƚŝĐĂ͕ 'ĞŽŐƌĂĨşĂ Ğ /ŶĨŽƌŵĄƚŝĐĂ͕ ŚĂLJ ǀĞŶŐĂĞůŐƌŝƚŽƋƵĞƐĞŶŽƐŚĂĂƚŽƌĂĚŽĞŶĞů
YƵŝĞƌŽ ĚĞĚŝĐĂƌ ĞƐƚĂ ĐŽůĂďŽƌĂĐŝſŶ Ă ϵϲŵŝůŚŽŵŝĐŝĚŝŽƐĚŽĐƵŵĞŶƚĂĚŽƐĚĞϮϬϬϳ ƉĞƐĐƵĞnjŽ͘
ůĂƐŵĂĚƌĞƐĚĞůŽƐĚĞƐĂƉĂƌĞĐŝĚŽƐ͘ůĂƐƋƵĞ ĂϮϬϭϭ͘ƐƚŽƐĐƵĂƚƌŽĂŹŽƐĨƵĞƌŽŶ͕ƐŝŶĚƵĚĂ͕
ďƵƐĐĂŶ ǀŝǀŽƐ͕ ŶŽ ŵƵĞƌƚŽƐ͘ ůĂƐ ƋƵĞ ĚĞ ůŽƐ ŵĄƐ ƐĂŶŐƌŝĞŶƚŽƐ ƋƵĞ ŚĂ ǀŝǀŝĚŽ zĂůĂƐƵŵĂĚĞŵƵĞƌƚŽƐ͕ĂŐƌĞŐƵĞŵŽƐ
ďƵƐĐĂŶ ůĂƐ ƌŝƐĂƐ ĚĞ ůŽƐ ĞdžƚƌĂǀŝĂĚŽƐ͕ ŶŽ DĠdžŝĐŽ͘ůƐĞdžĞŶŝŽĚĞ&ĞůŝƉĞĐĂůĚĞƌſŶƐĞƌĄ͕ ůĂ ĐŝĨƌĂ ĚĞ ůŽƐ ĚĞƐĂƉĂƌĞĐŝĚŽƐ͙ ĚĞ ůĂƐ
ŚƵĞƐŽƐĞŶůĂĨŽƐĂĐŽŵƷŶ͘ůĂƐƋƵĞďƵƐĐĂŶ ĞŶƚƌĞŽƚƌĂƐĐŽƐĂƐ͕ƌĞĐŽƌĚĂĚŽƉŽƌĞƐŽ͘WŽƌ ŵĂŵĄƐ LJ ůŽƐ ƉĂƉĄƐ͕ ůŽƐ ŚĞƌŵĂŶŽƐ͕ ůŽƐ
ĂƐƵƐŚŝũŽƐ͕ŚŝũŽƐƚĂŵďŝĠŶĚĞůƐĞdžĞŶŝŽĚĞ ůĂ ƐĂŶŐƌĞ LJ ƉŽƌ ƵŶĂ ůƵĐŚĂ ŝŶĨƌƵĐƚƵŽƐĂ ŚŝũŽƐ͖ĚĞůĂƐƌĞĐĄŵĂƌĂƐ͕ĚĞůŽƐĐƵĂƌƚŽƐƋƵĞ
ůĂ ƐŽďĞƌďŝĂ LJ Ğů ŚŽƌƌŽƌ ƋƵĞ ĞƐƚĄ ƉŽƌ ĐŽŶƚƌĂĞůŶĂƌĐŽƚƌĄĨŝĐŽ͘WŽƌůĂŵĞĐŚĂĐŽƌƚĂ ƐŝŐƵĞŶ ĂŚş͕ ŝŶƚĂĐƚŽƐ͘ Ğ ůĂ ƌŽƉĂ ĐŽůŐĂĚĂ
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