Ğ ^ƚƌŝũĚ <ĂŶ ĞŐŝŶŶĞŶ͊
KƉ njŽŶĚĂŐ ϭ ũƵŶŝ ǁŽƌĚƚ ǀŽŽƌ ŚĞƚ ĞĞƌƐƚ ĚĞ ͞ ŽƐƚƌƵŵƐĞ ^ƚƌĂŽƚĞƐƚƌŝũĚ͟ ŐĞƐƚƌĞĚĞŶ͕ ŽƉ ƐƉŽƌƚƉĂƌŬ ĚĞ ^ƉĂƌ͘
,ŝĞƌǀŽŽƌ ŚĞďďĞŶ njŝĐŚ ϭϲ ƚĞĂŵƐ ;ϭϳϱ ĚĞĞůŶĞŵĞƌƐͿ ŽƉŐĞŐĞǀĞŶ͘ EĂĂƐƚ Ěŝƚ ƐƉĞŬƚĂŬĞů njĂů ŽŽŬ ǁĞĞƌ ŚĞƚ
ũĂĂƌůŝũŬƐĞ :ĞƵ ĚĞƐ ŽƵůĞƐ ƚŽĞƌŶŽŽŝ ǁŽƌĚĞŶ ŐĞŚŽƵĚĞŶ͘ dŝũĚĞŶƐ ĚĞ ƉĂƵnjĞ ǁŽƌĚƚ Žŵ ĚĞ ďƌŽĞĚĞƌ ,ƵŝũďĞƌƐ
ƚƌŽĨĞĞ ŐĞǀŽĞƚďĂůĚ ĚŽŽƌ ĚĞ ŬůĞŝŶƐƚĞ ũĞƵŐĚ ͘ dĞǀĞŶƐ ŝƐ Ğƌ ǀŽŽƌ ĚĞ ũĞƵŐĚ ĞĞŶ ƐƉƌŝŶŐŬƵƐƐĞŶ͕ ŬůƵƐ ĞŶ
ƐƉĞĞůŚŽĞŬ ĞŶ ƐĐŚŵŝŶŬĞŶ͘
,Ğƚ ƉƌŽŐƌĂŵŵĂ njŝĞƚ Ğƌ ĂůƐ ǀŽůŐƚ Ƶŝƚ͊
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ĂůůĞ ƚĞĂŵƐ ŵŽĞƚĞŶ njŝĐŚ ƚƵƐƐĞŶ ϵ͘ϭϱ ƵƵƌ ĞŶ ϵ͘ϯϬ ƵƵƌ ŝŶƐĐŚƌŝũǀĞŶ͘
ϵ͘ϱϬ ƵƵƌ ŝƐ ŚĞƚ ǁĞůŬŽŵƐƚǁŽŽƌĚ ĚŽŽƌ ŝĞŵĂŶĚ ǀĂŶ ŚĞƚ ďĞƐƚƵƵƌ͘
ϭϬ͘ϬϬ ƵƵƌ ƐƚĂƌƚ ĚĞ ĞĞƌƐƚ ǁĞĚƐƚƌŝũĚ͘ ϭϬ͘ϮϬ ƵƵƌ ĚĞ ǀŽůŐĞŶĚĞ ϭϬ͘ϰϬ ĚĞ ǀŽůŐĞŶĚĞ ĞƚĐ͘
ϭϯ͘ϬϬ Ͳ ϭϰ͘ϬϬ ƵƵƌ ŝƐ ŚĞƚ ƉĂƵnjĞ ͗ ǀŽĞƚďĂů Žŵ ĚĞ ďƌŽĞĚĞƌ ,ƵŝũďĞƌƐ dƌŽĨĞĞ
ϭϯ͕ϬϬ ƵƵƌ ƐƚĂƌƚ ǀĂŶ ŚĞƚ :ĞƵ ĚĞƐ ŽƵůĞƐ ƚŽĞƌŶŽŽŝ͊
ϭϰ͘ϬϬ ƵƵƌ ƐƚĂƌƚĞŶ ǁĞĞƌ ĚĞ ǁĞĚƐƚƌŝũĚĞŶ͕ ϭϲ͘ϬϬ ƵƵƌ ĚĞ ůĂĂƚƐƚĞ͘
ϭϲ͘ϯϬ ƵƵƌ ƐƚĂƌƚ : ZƵƵĚ ĞŶ ĂƐ
ϭϲ͘ϱϬ ƵƵƌ ǁŽƌĚĞŶ ĚĞ ĨŝŶĂůŝƐƚĞŶ ŽŵŐĞƌŽĞƉĞŶ͘
ϭϳ͘ϬϬ ƵƵƌ ĨŝŶĂůĞƐƉĞů ŵĞƚ ŚĞƚ ďŽƌƌĞůĞŶ ĂůƐ ŐĞǀŽůŐ͊
,Ğƚ ǀŽůůĞĚŝŐĞ ƐƉĞůƐĐŚĞŵĂ ŝƐ ƚĞ ĚŽǁŶůŽĂĚĞŶ ŽƉ ǁǁǁ͘ƐǀŽŽƐƚƌƵŵ͘Ŷů
DĞƚ ĂŶĚĞƌĞ ǁŽŽƌĚĞŶ͗ ĞŶ
ĚĂŐ ǀŽŽƌ ũŽŶŐ ĞŶ ŽƵĚ͕ ǀŽŽƌ ŝĞĚĞƌĞĞŶ ǁĂƚ ǁŝůƐ͊
^ƉĞůůĞŶ ^ƚƌĂŽƚĞƐƚƌŝũĚ
ϭ͘ :ĞƵ ĚĞ ďŽƵůĞƐ
dǁĞĞ ƚĞĂŵƐ ƐƚƌŝũĚĞŶ ŽƉ Ϯ ďĂŶĞŶ ƚĞŐĞůŝũŬ ƚĞŐĞŶ ĞůŬĂĂƌ͘ KƉ ĞůŬĞ ďĂĂŶ
ƐƉĞůĞŶ ǀĂŶ ŝĞĚĞƌ ƚĞĂŵ ϰ ƐƉĞůĞƌƐ ŵĞƚ ĞůŬ Ϯ ďĂůůĞŶ͘ ŝƚ ďĞƚĞŬĞŶƚ ĚĂƚ ǀĂŶ
ĞůŬ ƚĞĂŵ ϴ ƐƉĞůĞƌƐ ŵĞĞƐƉĞůĞŶ͘ ƌ ǁŽƌĚƚ ŐĞƐƉĞĞůĚ ǀŽůŐĞŶƐ ĚĞ ũĞƵ ĚĞ
ďŽƵůĞƐ ƐƉĞůƌĞŐĞůƐ ĞŶ ƉƵŶƚĞŶƚĞůůŝŶŐ͘Ğ ďĞŚĂĂůĚĞ ƉƵŶƚĞŶ ǀĂŶ ďĞŝĚĞ ďĂŶĞŶ
ǁŽƌĚĞŶ ďŝũ ĞůŬĂĂƌ ŽƉŐĞƚĞůĚ ĞŶ ŚĞƚ ƚĞĂŵ ŵĞƚ ĚĞ ŵĞĞƐƚĞ ƉƵŶƚĞŶ ǁŝŶƚ͘
ƌ ŝƐ ĞĞŶ ƐĐŚĞŝĚƐƌĞĐŚƚĞƌͬƐƉĞůďĞŐĞůĞŝĚĞƌ ĂĂŶǁĞnjŝŐ ĚŝĞ ĚĞ ǁĞĚƐƚƌŝũĚ
ĐŽƂƌĚŝŶĞĞƌƚ͘
^ĐŽƌĞ͗ tŝŶŶĂĂƌ
ϲ WƵŶƚĞŶ
'ĞůŝũŬ
ϯ WƵŶƚĞŶ
sĞƌůŝĞnjĞƌ
Ϭ WƵŶƚĞŶ
Ϯ͘ ĞŶŬƚĂŶŬ
/Ŷ ĚĞ ƚĂŶŬƚĂŶŬ ůŝŐƚ ĞĞŶ ĞŶǀĞůŽƉ ǁĂĂƌ ϴϬ ǀƌĂŐĞŶͬŽƉĚƌĂĐŚƚĞŶ ŽǀĞƌ
ƵŝƚĞĞŶůŽƉĞŶĚĞ ŽŶĚĞƌǁĞƌƉĞŶ ŝŶnjŝƚƚĞŶ͘ ŝũ ďŝŶŶĞŶŬŽŵƐƚ ĚŝĞŶƚ ŝĞĚĞƌĞ
ƐƉĞůĞƌ njŝũŶͬŚĂĂƌ ƚĞůĞĨŽŽŶ ĞŶ ĂŶĚĞƌĞ ŚƵůƉŵŝĚĚĞůĞŶ ŝŶ ƚĞ ůĞǀĞƌĞŶ ďŝũ ĚĞ
ƐƉĞůďĞŐĞůĞŝĚĞƌ͘ Ğ ĚĞŶŬƚĂŶŬ ŵĂŐ ŵĞƚ ϵ ƐƉĞůĞƌƐ ŐĞƐƉĞĞůĚ ǁŽƌĚĞŶ͘ ůŬ
ƚĞĂŵ ŬƌŝũŐƚ ŝŶ ƚŽƚĂĂů ϭϱ ŵŝŶƵƚĞŶ Žŵ ĚĞ ǀƌĂŐĞŶ ƚĞ ďĞĂŶƚǁŽŽƌĚĞŶ ĞŶ ƚĞ
ŶŽƚĞƌĞŶ ŽƉ ŚĞƚ ĂŶƚǁŽŽƌĚďůĂĚ͘
ƌ ŝƐ ĞĞŶ ƐĐŚĞŝĚƐƌĞĐŚƚĞƌͬƐƉĞůďĞŐĞůĞŝĚĞƌ ĂĂŶǁĞnjŝŐ ĚŝĞ ŚĞƚ ƐƉĞů
ĐŽƂƌĚŝŶĞĞƌƚ͘
ůŬĞ ŐŽĞĚ ďĞĂŶƚǁŽŽƌĚĞ ǀƌĂĂŐ ŝƐ ϭ ƉƵŶƚ͘
^ĐŽƌĞ͗ ŚĞƚ ƚĞĂŵ ĚĂƚ ŚĞƚ ďĞƐƚĞ ƐĐŽŽƌƚ ŬƌŝũŐƚ ϭϲ ƉƵŶƚĞŶ͘ ,Ğƚ ƚĞĂŵ ĚĂƚ
ĚĂĂƌŽƉ ǀŽůŐƚ ŬƌŝũŐƚ ϭϱ ƉƵŶƚĞŶ ĞƚĐ͘
ϯ͘ dĞŶŶŝƐ njŽŶĚĞƌ ƐƚĞŶŶŝƐ
dĞŶŶŝƐ njŽŶĚĞƌ ƐƚĞŶŶŝƐ ǁŽƌĚƚ ŐĞƐƉĞĞůĚ ŵĞƚ ϴ ƐƉĞůĞƌƐ͘ ĞŶ ƚĞŶŶŝƐŬĂŶŽŶ
ƐĐŚŝĞƚ ďĂůůĞŶ ŽǀĞƌ ŚĞƚ ŶĞƚ͘ Ğ ƚĞŶŶŝƐƐĞƌƐ ƉƌŽďĞƌĞŶ ĚĞnjĞ Žŵ ďĞƵƌƚĞŶ
ƚĞƌƵŐ ƚĞ ƐƉĞůĞŶ͘ Ğ ǀĂŶŐĞƌƐ ƉƌŽďĞƌĞŶ njŽǀĞĞů ŵŽŐĞůŝũŬ ďĂůůĞŶ ŝŶ ůĂĐƌŽƐƐ
ƐƚŝĐŬ ƚĞ ǀĂŶŐĞŶ͕ ŚŝĞƌ ŬƌŝũŐƚ ĞůŬ ƚĞĂŵ ϭϮ͕ϱ ŵŝŶ ǀŽŽƌ͘ ĞŶ ďĂů ŵĂŐ
ŵĂdžŝŵĂĂů ϭdž ƐƚƵŝƚĞƌĞŶ ĂĂŶ ďĞŝĚĞ ŬĂŶƚĞŶ͘
<ĂŶŽŶ
Æ
sĂŶŐĞƌƐ ;ϲdžͿ
Å
dĞŶŶŝƐƐĞƌƐ;ϮdžͿ
ƌ ŝƐ ĞĞŶ ƐĐŚĞŝĚƐƌĞĐŚƚĞƌͬƐƉĞůďĞŐĞůĞŝĚĞƌ ĂĂŶǁĞnjŝŐ ĚŝĞ ŚĞƚ ƐƉĞů
ĐŽƂƌĚŝŶĞĞƌƚ͘
ůŬĞ ŐŽĞĚ ŐĞǀĂŶŐĞŶ ďĂů ŝƐ ϭ ƉƵŶƚ͘
^ĐŽƌĞ͗ ŚĞƚ ƚĞĂŵ ĚĂƚ ŚĞƚ ďĞƐƚĞ ƐĐŽŽƌƚ ŬƌŝũŐƚ ϭϲ ƉƵŶƚĞŶ͘ ,Ğƚ ƚĞĂŵ ĚĂƚ
ĚĂĂƌŽƉ ǀŽůŐƚ ŬƌŝũŐƚ ϭϱ ƉƵŶƚĞŶ ĞƚĐ͘
ϰ͘ sŽĞƚďĂů
ĞŶ ƚĞĂŵ ďĞƐƚĂĂƚ Ƶŝƚ ϰ ƐƉĞůĞƌƐ ĞŶ ĞĞŶ ĚŽĞůǀĞƌĚĞĚŝŐĞƌ͘ ,Ğƚ ĂĂŶƚĂů
ǁŝƐƐĞůƐƉĞůĞƌƐ ŝƐ ŽŶďĞƉĞƌŬƚ͘ Ğ ǁĞĚƐƚƌŝũĚ ĚƵƵƌƚ ϭϱ ŵŝŶƵƚĞŶ͕ ŚĞƚ ƚĞĂŵ
ŵĞƚ ĚĞ ŵĞĞƐƚĞ ĚŽĞůƉƵŶƚĞŶ ǁŝŶƚ͊͊ ;ŵĞĞƌ ŝŶĨŽ͕ njŝĞ ƌĞŐůĞŵĞŶƚ ǀŽĞƚďĂůͿ
ƌ ŝƐ ĞĞŶ ƐĐŚĞŝĚƐƌĞĐŚƚĞƌͬƐƉĞůďĞŐĞůĞŝĚĞƌ ĂĂŶǁĞnjŝŐ ĚŝĞ ĚĞ ǁĞĚƐƚƌŝũĚ
ĐŽƂƌĚŝŶĞĞƌƚ͘
^ĐŽƌĞ͗ tŝŶŶĂĂƌ
ϲ WƵŶƚĞŶ
'ĞůŝũŬ
sĞƌůŝĞnjĞƌ
ϱ͘ dŽƵǁƚƌĞŬŬĞŶ
ϯ WƵŶƚĞŶ
Ϭ WƵŶƚĞŶ
Ğ ǁŝŶŶĂĂƌ ǀĂŶ Ěŝƚ ƐƉĂŶŶĞŶĚĞ ŽŶĚĞƌĚĞĞů ǁŽƌĚƚ ďĞƉĂĂůĚ ĚŽŽƌ ͚ďĞƐƚ ŽĨ ϱ
ŐĂŵĞƐΖ͘ ,Ğƚ ƚĞĂŵ ĚĂƚ ϯ ŬĞĞƌ ǁŝŶƚ ŚĞĞĨƚ ŚĞƚ ƐƉĞů ƵŝƚĞŝŶĚĞůŝũŬ ĚƵƐ
ŐĞǁŽŶŶĞŶ͘
ŝƚ ƐƉĞů ǁŽƌĚƚ ŐĞƐƉĞĞůĚ ŵĞƚ ĞĞŶ ƚĞĂŵ ǀĂŶ ϲ ƉĞƌƐŽŶĞŶ ǁĂĂƌǀĂŶ
ŵŝŶŝŵĂĂů ŐĞĚƵƌĞŶĚĞ ŚĞƚ ŚĞůĞ ƐƉĞů ǀĞƌƉůŝĐŚƚ ƚǁĞĞ ĚĂŵĞƐ͘ EĂ ŝĞĚĞƌĞ
ƌŽŶĚĞ ŵŽŐĞŶ ƐƉĞůĞƌƐ ŐĞǁŝƐƐĞůĚ ǁŽƌĚĞŶ͘ ƌ ŵĂŐ ŵĞƚ ŽĨ njŽŶĚĞƌ ƐĐŚŽĞŝƐĞů
ŐĞƐƉĞĞůĚ ǁŽƌĚĞŶ͕ ĞĐŚƚĞƌ ǁĞŐĞŶƐ ǀĞŝůŝŐŚĞŝĚ ĚŝĞŶƚ ŝĞĚĞƌĞ ƐƉĞůĞƌ Ƶŝƚ ŚĞƚ
ĞŝŐĞŶ ƚĞĂŵ ŚĞƚnjĞůĨĚĞ ƚĞ ĚŽĞŶ͘
ƌ ŵĂŐ ĂůůĞĞŶ ŵĞƚ ĚĞ ŚĂŶĚĞŶ ĂĂŶ ŚĞƚ ƚŽƵǁ ŐĞƚƌŽŬŬĞŶ ǁŽƌĚĞŶ ĞŶ Ğƌ
ŵŽŐĞŶ ŐĞĞŶ ŬŶŽƉĞŶ ŝŶ ŚĞƚ ƚŽƵǁ ǁŽƌĚĞŶ ŐĞůĞŐĚ͘
,Ğƚ ůŝŶƚũĞ ďĞƉĂĂůĚ ŚĞƚ ŵŝĚĚĞůƉƵŶƚ ǀĂŶ ŚĞƚ ƚŽƵǁ͘ ŝũ ĚĞ ƐƚĂƌƚ ŝƐ ĚĞnjĞ
ĂůƚŝũĚ ŝŶ ŚĞƚ ŵŝĚĚĞŶ͘ ,Ğƚ ƚĞĂŵ ĚĂƚ ŚĞƚ ůŝŶƚũĞ ǀŽŽƌďŝũ ĚĞ ũƵŝƐƚĞ ƉŝŽŶ ǁĞĞƚ
ƚĞ ƚƌĞŬŬĞŶ͕ ǁŝŶƚ͊͊
ƌ ŝƐ ĞĞŶ ƐĐŚĞŝĚƐƌĞĐŚƚĞƌͬƐƉĞůďĞŐĞůĞŝĚĞƌ ĂĂŶǁĞnjŝŐ ĚŝĞ ĚĞ ǁĞĚƐƚƌŝũĚ
ĐŽƂƌĚŝŶĞĞƌƚ͘
^ĐŽƌĞ͗ tŝŶŶĂĂƌ
ϲ WƵŶƚĞŶ
sĞƌůŝĞnjĞƌ
Ϭ WƵŶƚĞŶ
ϲ͘ ^ƉŽŶƐǀŽůůĞLJ
^ƉŽŶƐǀŽůůĞLJ ǁŽƌĚƚ ŐĞƐƉĞĞůĚ ƚĞŐĞŶ ĞĞŶ ĂŶĚĞƌ ƚĞĂŵ͘ /ĞĚĞƌ ƚĞĂŵ ŵĂŐ ŵĞƚ
ϳ ƐƉĞůĞƌƐ ŝŶ ŚĞƚ ǀĞůĚ͗ ŵŝŶŝŵĂĂů Ϯ ƐƉĞůĞƌƐ ĂĂŶ ŝĞĚĞƌĞ njŝũĚĞ ǀĂŶ ĚĞ njǁĂƌƚĞ
ǁĂŶĚ͕ ŵŝŶŝŵĂĂů ϭ ƐƉĞůĞƌ ĚŝĞ ĚĞ ƐƉŽŶnjĞŶ ƚĞƌƵŐ ŶĂĂƌ ĚĞ ǁĂƚĞƌďĂŬ ďƌĞŶŐƚ
ĞŶ ĚĞ ĂŶĚĞƌĞ Ϯ ƐƉĞůĞƌƐ ŵŽŐĞŶ ŶĂĂƌ ĞŝŐĞŶ ŝŶnjŝĐŚƚ ŝŶŐĞĚĞĞůĚ ǁŽƌĚĞŶ͘
Ğ ŶĂƚƚĞ ƐƉŽŶnjĞŶ ǁŽƌĚĞŶ ŽǀĞƌ ĚĞ njǁĂƌƚĞ ǁĂŶĚ ŐĞŐŽŽŝĚ͕ ŶĂĂƌ ĚĞ
ƚĞĂŵůĞĚĞŶ ĚŝĞ ĂĂŶ ĚĞ ĂŶĚĞƌĞ ŬĂŶƚ ǀĂŶ ĚĞ ǁĂŶĚ ƐƚĂĂŶ͘ ĞnjĞ ƐƉĞůĞƌƐ
ĚŝĞŶĞŶ ĚĞ ƐƉŽŶnjĞŶ ƚĞ ǀĂŶŐĞŶ͕ ĂůƐ ĚĞ ƐƉŽŶnjĞŶ ŽƉ ĚĞ ŐƌŽŶĚ ǀĂůůĞŶ ŽĨ
ďƵŝƚĞŶ ŚĞƚ ǀĞůĚ ǀĂůůĞŶ ŵŽĞƚĞŶ njĞ ƚĞƌƵŐ ŽǀĞƌ ĚĞ ǁĂŶĚ ǁŽƌĚĞŶ ŐĞŐŽŽŝĚ͘
Ğ ƐƉŽŶnjĞŶ ĚŝĞ ǁĞů ŐĞǀĂŶŐĞŶ ǁŽƌĚĞŶ ŵŽŐĞŶ ƵŝƚŐĞŬŶĞƉĞŶ ǁŽƌĚĞŶ
ďŽǀĞŶ ĚĞ ĞŵŵĞƌ͘
^ƉŽŶƐǀŽůůĞLJ ĚƵƵƌƚ ϭϮ͕ϱ ŵŝŶƵƚĞŶ͘ ,Ğƚ ƚĞĂŵ ĚĂƚ ŶĂ ϭϬ ŵŝŶƵƚĞŶ ŚĞƚ
ŵĞĞƐƚĞ ǁĂƚĞƌ ŝŶ ĚĞ ĞŵŵĞƌ ŚĞĞĨƚ͕ ǁŝŶƚ͊͊
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