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ƌƚ͘ϭϳ͘ͲZŝĚƵnjŝŽŶĞƉĞƌůĂƌĂĐĐŽůƚĂĚŝĨĨĞƌĞŶnjŝĂƚĂĚĂƉĂƌƚĞĚĞůůĞƵƚĞŶnjĞĚŽŵĞƐƚŝĐŚĞ
Ϯϴ
ƌƚ͘ϭϴ͘ͲZŝĚƵnjŝŽŶĞƉĞƌůĞƵƚĞŶnjĞŶŽŶĚŽŵĞƐƚŝĐŚĞ
Ϯϴ
ƌƚ͘ϭϵ͘ͲZŝĚƵnjŝŽŶĞƚĂƌŝĨĨĂƌŝĞĚĞůƚƌŝďƵƚŽ
Ϯϵ
ƌƚ͘ϮϬ͘ͲůƚƌĞƌŝĚƵnjŝŽŶŝĞĚĞƐĞŶnjŝŽŶŝ ϯϬ
ƌƚ͘Ϯϭ͘ͲƵŵƵůĂďŝůŝƚăĚŝƌŝĚƵnjŝŽŶŝ
ϯϬ
ƌƚ͘ϮϮ͘ͲdƌŝďƵƚŽŐŝŽƌŶĂůŝĞƌŽ ϯϭ
ƌƚ͘Ϯϯ͘ʹdƌŝďƵƚŽƉƌŽǀŝŶĐŝĂůĞ
ϯϭ
ƌƚ͘Ϯϰ͘ͲŝĐŚŝĂƌĂnjŝŽŶĞĚŝŝŶŝnjŝŽ͕ǀĂƌŝĂnjŝŽŶĞĞĐĞƐƐĂnjŝŽŶĞ
ϯϮ
ƌƚ͘Ϯϱ͘ʹsĞƌƐĂŵĞŶƚŝ ϯϯ
ƌƚ͘Ϯϲ͘Ͳ/ŵƉŽƌƚŝŵŝŶŝŵŝ
ϯϰ
ƌƚ͘Ϯϳ͘ͲsĞƌŝĨŝĐŚĞĞĐŽŶƚƌŽůůŝ ϯϱ
3
W/dK>KͲ/^WK^//KE/'EZ>//h
ƌƚ͘ϭ͘KŐŐĞƚƚŽ
ϭ͘ /ůƉƌĞƐĞŶƚĞZĞŐŽůĂŵĞŶƚŽ͕ĂĚŽƚƚĂƚŽŶĞůůΖĂŵďŝƚŽĚĞůůĂƉŽƚĞƐƚăƉƌĞǀŝƐƚĂĚĂůůΖĂƌƚ͘ϱϮĚĞů͘>ŐƐ͘ϭϱĚŝĐĞŵďƌĞ
ϭϵϵϳ͕Ŷ͘ϰϰϲ͕ĚŝƐĐŝƉůŝŶĂůΖĂƉƉůŝĐĂnjŝŽŶĞĚĞůůΖ/ŵƉŽƐƚĂhŶŝĐĂŽŵƵŶĂůĞΗ/hΗŝƐƚŝƚƵŝƚĂĐŽŶůΖĂƌƚ͘ϭ͕ĐŽŵŵŝ
ϲϯϵĞƐĞŐƵĞŶƚŝ͕ĚĞůůĂ>ĞŐŐĞϭϰϳĚĞůϮϳͬϭϮͬϮϬϭϯ;ůĞŐŐĞĚŝƐƚĂďŝůŝƚăƉĞƌů͛ĂŶŶŽϮϬϭϰͿ͘>͛ŝŵƉŽƐƚĂƐŝďĂƐĂƐƵ
ĚƵĞƉƌĞƐƵƉƉŽƐƚŝŝŵƉŽƐŝƚŝǀŝ͕ƵŶŽĐŽƐƚŝƚƵŝƚŽĚĂůƉŽƐƐĞƐƐŽĚŝŝŵŵŽďŝůŝĞĐŽůůĞŐĂƚŽĂůůĂůŽƌŽŶĂƚƵƌĂĞǀĂůŽƌĞ
Ğ ůΖĂůƚƌŽ ĐŽůůĞŐĂƚŽ ĂůůΖĞƌŽŐĂnjŝŽŶĞ Ğ ĂůůĂ ĨƌƵŝnjŝŽŶĞ Ěŝ ƐĞƌǀŝnjŝ ĐŽŵƵŶĂůŝ͘ >Ă /h Ɛŝ ĐŽŵƉŽŶĞ ĚĞůůΖŝŵƉŽƐƚĂ
ŵƵŶŝĐŝƉĂůĞ ƉƌŽƉƌŝĂ ;/DhͿ͕ Ěŝ ŶĂƚƵƌĂ ƉĂƚƌŝŵŽŶŝĂůĞ͕ ĚŽǀƵƚĂ ĚĂů ƉŽƐƐĞƐƐŽƌĞ Ěŝ ŝŵŵŽďŝůŝ͕ ĞƐĐůƵƐĞ ůĞ
ĂďŝƚĂnjŝŽŶŝ ƉƌŝŶĐŝƉĂůŝ͕ Ğ Ěŝ ƵŶĂ ĐŽŵƉŽŶĞŶƚĞ ƌŝĨĞƌŝƚĂ Ăŝ ƐĞƌǀŝnjŝ͕ ĐŚĞ Ɛŝ ĂƌƚŝĐŽůĂ ŶĞů ƚƌŝďƵƚŽ ƉĞƌ ŝ ƐĞƌǀŝnjŝ
ŝŶĚŝǀŝƐŝďŝůŝ;d^/Ϳ͕ĂĐĂƌŝĐŽƐŝĂĚĞůƉŽƐƐĞƐƐŽƌĞĐŚĞĚĞůůΖƵƚŝůŝnjnjĂƚŽƌĞĚĞůůΖŝŵŵŽďŝůĞ͕ĞŶĞůůĂƚĂƐƐĂƐƵŝƌŝĨŝƵƚŝ
;dZ/Ϳ͕ ĚĞƐƚŝŶĂƚĂ Ă ĨŝŶĂŶnjŝĂƌĞ ŝ ĐŽƐƚŝ ĚĞů ƐĞƌǀŝnjŝŽ Ěŝ ƌĂĐĐŽůƚĂ Ğ ƐŵĂůƚŝŵĞŶƚŽ ĚĞŝ ƌŝĨŝƵƚŝ͕ Ă ĐĂƌŝĐŽ
ĚĞůůΖƵƚŝůŝnjnjĂƚŽƌĞ͘
Zd͘Ϯ͘Ͳ&ƵŶnjŝŽŶĂƌŝŽƌĞƐƉŽŶƐĂďŝůĞĚĞůƚƌŝďƵƚŽ
ϭ͘ /ů ŽŵƵŶĞ ĚĞƐŝŐŶĂ ŝů ĨƵŶnjŝŽŶĂƌŝŽ ƌĞƐƉŽŶƐĂďŝůĞ Ă ĐƵŝ ƐŽŶŽ ĂƚƚƌŝďƵŝƚŝ ƚƵƚƚŝ ŝ ƉŽƚĞƌŝ ƉĞƌ ůΖĞƐĞƌĐŝnjŝŽ Ěŝ ŽŐŶŝ
Ăƚƚŝǀŝƚă ŽƌŐĂŶŝnjnjĂƚŝǀĂ Ğ ŐĞƐƚŝŽŶĂůĞ͕ ĐŽŵƉƌĞƐŽ ƋƵĞůůŽ Ěŝ ƐŽƚƚŽƐĐƌŝǀĞƌĞ ŝ ƉƌŽǀǀĞĚŝŵĞŶƚŝ ĂĨĨĞƌĞŶƚŝ Ă ƚĂůŝ
Ăƚƚŝǀŝƚă͕ŶŽŶĐŚĠůĂƌĂƉƉƌĞƐĞŶƚĂŶnjĂŝŶŐŝƵĚŝnjŝŽƉĞƌůĞĐŽŶƚƌŽǀĞƌƐŝĞƌĞůĂƚŝǀĞĂůƚƌŝďƵƚŽƐƚĞƐƐŽ͘
Ϯ͘ ŝ ĨŝŶŝ ĚĞůůĂ ǀĞƌŝĨŝĐĂ ĚĞů ĐŽƌƌĞƚƚŽ ĂƐƐŽůǀŝŵĞŶƚŽ ĚĞŐůŝ ŽďďůŝŐŚŝ ƚƌŝďƵƚĂƌŝ͕ ŝů ĨƵŶnjŝŽŶĂƌŝŽ ƌĞƐƉŽŶƐĂďŝůĞ ƉƵž
ŝŶǀŝĂƌĞƋƵĞƐƚŝŽŶĂƌŝĂůĐŽŶƚƌŝďƵĞŶƚĞ͕ƌŝĐŚŝĞĚĞƌĞĚĂƚŝĞŶŽƚŝnjŝĞĂƵĨĨŝĐŝƉƵďďůŝĐŝŽǀǀĞƌŽĂĞŶƚŝĚŝŐĞƐƚŝŽŶĞĚŝ
ƐĞƌǀŝnjŝ ƉƵďďůŝĐŝ͕ ŝŶ ĞƐĞŶnjŝŽŶĞ ĚĂ ƐƉĞƐĞ Ğ Ěŝƌŝƚƚŝ͕ Ğ ĚŝƐƉŽƌƌĞ ůΖĂĐĐĞƐƐŽ Ăŝ ůŽĐĂůŝ ĞĚ ĂƌĞĞ ĂƐƐŽŐŐĞƚƚĂďŝůŝ Ă
ƚƌŝďƵƚŽ͕ŵĞĚŝĂŶƚĞƉĞƌƐŽŶĂůĞĚĞďŝƚĂŵĞŶƚĞĂƵƚŽƌŝnjnjĂƚŽĞĐŽŶƉƌĞĂǀǀŝƐŽĚŝĂůŵĞŶŽƐĞƚƚĞŐŝŽƌŶŝ͘
Zd͘ϯ͘ͲŝĐŚŝĂƌĂnjŝŽŶĞ
ϭ͘ /ƐŽŐŐĞƚƚŝƉĂƐƐŝǀŝĚĞŝƚƌŝďƵƚŝƉƌĞƐĞŶƚĂŶŽůĂĚŝĐŚŝĂƌĂnjŝŽŶĞƌĞůĂƚŝǀĂĂůůĂ/hĞŶƚƌŽŝůƚĞƌŵŝŶĞĚĞůϯϬŐŝƵŐŶŽ
ĚĞůů͛ĂŶŶŽ ƐƵĐĐĞƐƐŝǀŽ ĂůůĂ ĚĂƚĂ Ěŝ ŝŶŝnjŝŽ ĚĞů ƉŽƐƐĞƐƐŽ Ž ĚĞůůĂ ĚĞƚĞŶnjŝŽŶĞ ĚĞŝ ůŽĐĂůŝ Ğ ĚĞůůĞ ĂƌĞĞ
ĂƐƐŽŐŐĞƚƚĂďŝůŝĂůƚƌŝďƵƚŽ͕ƐĞĐŽŶĚŽůĞŵŽĚĂůŝƚăƉƌĞǀŝƐƚĞĚĂůůĂůĞŐŐĞ͘
Ϯ͘ >ĂĚŝĐŚŝĂƌĂnjŝŽŶĞŚĂĞĨĨĞƚƚŽĂŶĐŚĞƉĞƌŐůŝĂŶŶŝƐƵĐĐĞƐƐŝǀŝƐĞŵƉƌĞĐŚĞŶŽŶƐŝǀĞƌŝĨŝĐŚŝŶŽŵŽĚŝĨŝĐĂnjŝŽŶŝĚĞŝ
ĚĂƚŝ ĚŝĐŚŝĂƌĂƚŝ ĚĂ ĐƵŝ ĐŽŶƐĞŐƵĂ ƵŶ ĚŝǀĞƌƐŽ ĂŵŵŽŶƚĂƌĞ ĚĞů ƚƌŝďƵƚŽ͖ ŝŶ ƚĂů ĐĂƐŽ͕ ůĂ ĚŝĐŚŝĂƌĂnjŝŽŶĞ ǀĂ
ƉƌĞƐĞŶƚĂƚĂ ĞŶƚƌŽ ŝů ϯϬ ŐŝƵŐŶŽ ĚĞůů͛ĂŶŶŽ ƐƵĐĐĞƐƐŝǀŽ Ă ƋƵĞůůŽ ŝŶ ĐƵŝ ƐŽŶŽ ŝŶƚĞƌǀĞŶƵƚĞ ůĞ ƉƌĞĚĞƚƚĞ
ŵŽĚŝĨŝĐĂnjŝŽŶŝ͘ůĨŝŶĞĚŝĂĐƋƵŝƐŝƌĞůĞŝŶĨŽƌŵĂnjŝŽŶŝƌŝŐƵĂƌĚĂŶƚŝůĂƚŽƉŽŶŽŵĂƐƚŝĐĂĞůĂŶƵŵĞƌĂnjŝŽŶĞĐŝǀŝĐĂ
ŝŶƚĞƌŶĂ ĞĚ ĞƐƚĞƌŶĂ Ěŝ ĐŝĂƐĐƵŶ ŽŵƵŶĞ͕ ŶĞůůĂ ĚŝĐŚŝĂƌĂnjŝŽŶĞ ĚĞůůĞ ƵŶŝƚă ŝŵŵŽďŝůŝĂƌŝ Ă ĚĞƐƚŝŶĂnjŝŽŶĞ
ŽƌĚŝŶĂƌŝĂ ĚĞǀŽŶŽ ĞƐƐĞƌĞ ŽďďůŝŐĂƚŽƌŝĂŵĞŶƚĞ ŝŶĚŝĐĂƚŝ ŝ ĚĂƚŝ ĐĂƚĂƐƚĂůŝ͕ ŝů ŶƵŵĞƌŽ ĐŝǀŝĐŽ Ěŝ ƵďŝĐĂnjŝŽŶĞ
ĚĞůů͛ŝŵŵŽďŝůĞĞŝůŶƵŵĞƌŽĚĞůů͛ŝŶƚĞƌŶŽ͕ŽǀĞĞƐŝƐƚĞŶƚĞ͘
4
ϯ͘ ŝĨŝŶŝĚĞůůĂĚŝĐŚŝĂƌĂnjŝŽŶĞƌĞůĂƚŝǀĂĂůůĂdZ/͕ƌĞƐƚĂŶŽĨĞƌŵĞůĞƐƵƉĞƌĨŝĐŝĚŝĐŚŝĂƌĂƚĞŽĂĐĐĞƌƚĂƚĞĂŝĨŝŶŝĚĞůůĂ
ƚĂƐƐĂƉĞƌůŽƐŵĂůƚŝŵĞŶƚŽĚĞŝƌŝĨŝƵƚŝƐŽůŝĚŝƵƌďĂŶŝĚŝĐƵŝĂůĚĞĐƌĞƚŽůĞŐŝƐůĂƚŝǀŽϭϱŶŽǀĞŵďƌĞϭϵϵϯ͕Ŷ͘ϱϬϳ
;dZ^hͿ͘
ϰ͘ ŝ ĨŝŶŝ ĚĞůůĂ ĚŝĐŚŝĂƌĂnjŝŽŶĞ ƌĞůĂƚŝǀĂ ĂůůĂ d^/ Ɛŝ ĂƉƉůŝĐĂŶŽ ůĞ ĚŝƐƉŽƐŝnjŝŽŶŝ ĐŽŶĐĞƌŶĞŶƚŝ ůĂ ƉƌĞƐĞŶƚĂnjŝŽŶĞ
ĚĞůůĂĚŝĐŚŝĂƌĂnjŝŽŶĞĚĞůů͛/Dh͘
ϱ͘ >ĞĚŝĐŚŝĂƌĂnjŝŽŶŝƉƌĞƐĞŶƚĂƚĞĂŝĨŝŶŝĚĞůů͛ĂƉƉůŝĐĂnjŝŽŶĞĚĞůů͛ŝŵƉŽƐƚĂĐŽŵƵŶĂůĞƐƵŐůŝŝŵŵŽďŝůŝ;//Ϳ͕ŝŶƋƵĂŶƚŽ
ĐŽŵƉĂƚŝďŝůŝ͕ǀĂůŐŽŶŽĂŶĐŚĞĐŽŶƌŝĨĞƌŝŵĞŶƚŽĂůů͛/Dh͘
Zd͘ϰ͘ʹĐĐĞƌƚĂŵĞŶƚŽ
ϭ͘ /ŶĐĂƐŽĚŝŽŵĞƐƐŽŽŝŶƐƵĨĨŝĐŝĞŶƚĞǀĞƌƐĂŵĞŶƚŽĚĞůůĂ/hƌŝƐƵůƚĂŶƚĞĚĂůůĂĚŝĐŚŝĂƌĂnjŝŽŶĞ͕ƐŝĂƉƉůŝĐĂůΖĂƌƚŝĐŽůŽ
ϭϯĚĞůĚĞĐƌĞƚŽůĞŐŝƐůĂƚŝǀŽϭϴĚŝĐĞŵďƌĞϭϵϵϳ͕Ŷ͘ϰϳϭ͘
Ϯ͘ /ŶĐĂƐŽĚŝŽŵĞƐƐĂƉƌĞƐĞŶƚĂnjŝŽŶĞĚĞůůĂĚŝĐŚŝĂƌĂnjŝŽŶĞ͕ƐŝĂƉƉůŝĐĂůĂƐĂŶnjŝŽŶĞĚĞůϮϬϬƉĞƌĐĞŶƚŽĚĞůƚƌŝďƵƚŽ
ŶŽŶǀĞƌƐĂƚŽ͕ĐŽŶƵŶŵŝŶŝŵŽĚŝϱϬĞƵƌŽ͘
ϯ͘ /ŶĐĂƐŽĚŝŝŶĨĞĚĞůĞĚŝĐŚŝĂƌĂnjŝŽŶĞ͕ƐŝĂƉƉůŝĐĂůĂƐĂŶnjŝŽŶĞĚĞůϲϬƉĞƌĐĞŶƚŽĚĞůƚƌŝďƵƚŽŶŽŶǀĞƌƐĂƚŽ͕ĐŽŶƵŶ
ŵŝŶŝŵŽĚŝϱϬĞƵƌŽ͘
ϰ͘ /ŶĐĂƐŽĚŝŵĂŶĐĂƚĂ͕ŝŶĐŽŵƉůĞƚĂŽŝŶĨĞĚĞůĞƌŝƐƉŽƐƚĂĂůƋƵĞƐƚŝŽŶĂƌŝŽĚŝĐƵŝĂůů͛ĂƌƚŝĐŽůŽϮ͕͘ĞŶƚƌŽŝůƚĞƌŵŝŶĞ
ĚŝƚƌĞŶƚĂŐŝŽƌŶŝĚĂůůĂŶŽƚŝĨŝĐĂĚĞůůŽƐƚĞƐƐŽ͕ƐŝĂƉƉůŝĐĂůĂƐĂŶnjŝŽŶĞĚŝĞƵƌŽϭϬϬ͘
ϱ͘ ŝƐĞŶƐŝĚĞůůΖĂƌƚ͘ϭϱ͘>ŐƐ͘ϭϵŐŝƵŐŶŽϭϵϵϳŶ͘ϮϭϴůĞƐĂŶnjŝŽŶŝĚŝĐƵŝĂŝĐŽŵŵŝϮ͕ϯĞϰƐŽŶŽƌŝĚŽƚƚĞĂĚƵŶ
ƚĞƌnjŽƐĞ͕ĞŶƚƌŽŝůƚĞƌŵŝŶĞƉĞƌůĂƉƌŽƉŽƐŝnjŝŽŶĞĚĞůƌŝĐŽƌƐŽ͕ŝŶƚĞƌǀŝĞŶĞĂĐƋƵŝĞƐĐĞŶnjĂĚĞůĐŽŶƚƌŝďƵĞŶƚĞ͕ĐŽŶ
ƉĂŐĂŵĞŶƚŽĚĞůƚƌŝďƵƚŽ͕ƐĞĚŽǀƵƚŽ͕ĚĞůůĂƐĂŶnjŝŽŶĞĞĚĞŐůŝŝŶƚĞƌĞƐƐŝ͘
ϲ͘ ŝ ƐĞŶƐŝ ĚĞůůΖĂƌƚ͘ ϭ͕ĐŽŵŵĂ ϭϲϭ͕ ĚĞůůĂ>ĞŐŐĞϮϳ ĚŝĐĞŵďƌĞϮϬϬϲ͕ Ŷ͘Ϯϵϲ͕ ŝů ƚĞƌŵŝŶĞ ƉĞƌ ůĂ ŶŽƚŝĨŝĐĂ ĚĞŐůŝ
ĂǀǀŝƐŝ Ěŝ ĂĐĐĞƌƚĂŵĞŶƚŽ ŝŶ ƌĞƚƚŝĨŝĐĂ Ğ Ě͛ƵĨĨŝĐŝŽ ğ ĨŝƐƐĂƚŽ Ăů ϯϭ ĚŝĐĞŵďƌĞ ĚĞů ƋƵŝŶƚŽ ĂŶŶŽ ƐƵĐĐĞƐƐŝǀŽ Ă
ƋƵĞůůŽĐƵŝůĂĚŝĐŚŝĂƌĂnjŝŽŶĞŽŝůǀĞƌƐĂŵĞŶƚŽƐŽŶŽƐƚĂƚŝĞĂǀƌĞďďĞƌŽĚŽǀƵƚŽĞƐƐĞƌĞĞĨĨĞƚƚƵĂƚŝ͘>ΖĂǀǀŝƐŽĚŝ
ĂĐĐĞƌƚĂŵĞŶƚŽ ƉƵž ĞƐƐĞƌĞ ŶŽƚŝĨŝĐĂƚŽ ĂŶĐŚĞ Ă ŵĞnjnjŽ ƉŽƐƚĂ ŵĞĚŝĂŶƚĞ ƌĂĐĐŽŵĂŶĚĂƚĂ ĐŽŶ ĂǀǀŝƐŽ Ěŝ
ƌŝĐĞǀŝŵĞŶƚŽ͘>ĂŶŽƚŝĨŝĐĂnjŝŽŶĞĂŵĞnjnjŽĚĞůƐĞƌǀŝnjŝŽƉŽƐƚĂůĞƐŝĐŽŶƐŝĚĞƌĂĨĂƚƚĂŶĞůůĂĚĂƚĂĚĞůůĂƐƉĞĚŝnjŝŽŶĞ͖ŝ
ƚĞƌŵŝŶŝ ĐŚĞ ŚĂŶŶŽ ŝŶŝnjŝŽ ĚĂůůĂ ŶŽƚŝĨŝĐĂnjŝŽŶĞ ĚĞĐŽƌƌŽŶŽ ƉĞƌ ŝů ĐŽŶƚƌŝďƵĞŶƚĞ ĚĂůůĂ ĚĂƚĂ ŝŶ ĐƵŝ ůΖĂƚƚŽ ğ
ƌŝĐĞǀƵƚŽ͘
ϳ͘ ŝ ƐĞŶƐŝ ĚĞůůΖĂƌƚ͘ ϵ͕ ĚĞů ͘>ŐƐ͘ ϭϰ ŵĂƌnjŽ ϮϬϭϭ͕ Ŷ͘ Ϯϯ Ɛŝ ĂƉƉůŝĐĂ͕ ŝŶ ƋƵĂŶƚŽ ĐŽŵƉĂƚŝďŝůĞ͕ ů͛ŝƐƚŝƚƵƚŽ
ĚĞůů͛ĂĐĐĞƌƚĂŵĞŶƚŽ ĐŽŶ ĂĚĞƐŝŽŶĞ ƉƌĞǀŝƐƚŽ ĚĂů ͘>ŐƐ͘ Ϯϭϴͬϭϵϵϳ͘ >͛ĂĐĐĞƌƚĂŵĞŶƚŽ ƉƵž ĞƐƐĞƌĞ ƋƵŝŶĚŝ
ĚĞĨŝŶŝƚŽ ĐŽŶ ĂĚĞƐŝŽŶĞ ĚĞů ĐŽŶƚƌŝďƵĞŶƚĞ ƐƵůůĂ ďĂƐĞ ĚĞŝ ĐƌŝƚĞƌŝ ƐƚĂďŝůŝƚŝ ĚĂů ƌĞŐŽůĂŵĞŶƚŽ ĐŽŵƵŶĂůĞ͘ ^ŝ
ĂƉƉůŝĐĂŶŽĂůƚƌĞƐŞůĞŶŽƌŵĞĚĞůů͛Ăƌƚ͘ϭϯ͘>ŐƐ͘ϭϴĚŝĐĞŵďƌĞϭϵϵϳŶ͘ϰϳϮƐƵůƌĂǀǀĞĚŝŵĞŶƚŽŽƉĞƌŽƐŽ͖
ϴ͘ 'ůŝ ĞƌĞĚŝ ƌŝƐƉŽŶĚŽŶŽ ŝŶ ƐŽůŝĚŽ ĚĞůůĞ ŽďďůŝŐĂnjŝŽŶŝ ƚƌŝďƵƚĂƌŝĞ ŝů ĐƵŝ ƉƌĞƐƵƉƉŽƐƚŽ Ɛŝ ğ ǀĞƌŝĨŝĐĂƚŽ
ĂŶƚĞƌŝŽƌŵĞŶƚĞĂůůĂŵŽƌƚĞĚĞůĚĂŶƚĞĐĂƵƐĂ
ϵ͘ WĞƌƚƵƚƚŽƋƵĂŶƚŽŶŽŶƉƌĞǀŝƐƚŽĚĂůůĞĚŝƐƉŽƐŝnjŝŽŶŝĚĞŝƉƌĞĐĞĚĞŶƚŝĂƌƚŝĐŽůŝĐŽŶĐĞƌŶĞŶƚŝůĂ/h͕ƐŝĂƉƉůŝĐĂŶŽ
ůĞĚŝƐƉŽƐŝnjŝŽŶŝĚŝĐƵŝĂůůΖĂƌƚŝĐŽůŽϭ͕ĐŽŵŵŝĚĂϭϲϭĂϭϳϬ͕ĚĞůůĂůĞŐŐĞϮϳĚŝĐĞŵďƌĞϮϬϬϲ͕Ŷ͘Ϯϵϲ͘
5
Zd͘ϱ͘ʹZŝŵďŽƌƐŝ
ϭ͘ ŝƐĞŶƐŝĚĞůůΖĂƌƚ͘ϭ͕ĐŽŵŵĂϭϲϰ͕ĚĞůůĂůĞŐŐĞϮϳĚŝĐĞŵďƌĞϮϬϬϲ͕Ŷ͘ϮϵϲŝůĐŽŶƚƌŝďƵĞŶƚĞƉƵžƌŝĐŚŝĞĚĞƌĞĂů
ŽŵƵŶĞ ŝů ƌŝŵďŽƌƐŽ ĚĞůůĞ ƐŽŵŵĞ ǀĞƌƐĂƚĞ Ğ ŶŽŶ ĚŽǀƵƚĞ ĞŶƚƌŽ ŝů ƚĞƌŵŝŶĞ Ěŝ ϱ ĂŶŶŝ ĚĂů ŐŝŽƌŶŽ ĚĞů
ƉĂŐĂŵĞŶƚŽŽǀǀĞƌŽĚĂƋƵĞůůŽŝŶĐƵŝğƐƚĂƚŽĚĞĨŝŶŝƚŝǀĂŵĞŶƚĞĂĐĐĞƌƚĂƚŽŝůĚŝƌŝƚƚŽĂůůĂƌĞƐƚŝƚƵnjŝŽŶĞ͘/ŶĐĂƐŽ
ĚŝƉƌŽĐĞĚŝŵĞŶƚŽĐŽŶƚĞŶnjŝŽƐŽƐŝŝŶƚĞŶĚĞĐŽŵĞŐŝŽƌŶŽŝŶĐƵŝğƐƚĂƚŽĂĐĐĞƌƚĂƚŽŝůĚŝƌŝƚƚŽĂůůĂƌĞƐƚŝƚƵnjŝŽŶĞ
ƋƵĞůůŽŝŶĐƵŝğŝŶƚĞƌǀĞŶƵƚĂĚĞĐŝƐŝŽŶĞĚĞĨŝŶŝƚŝǀĂ͘
Ϯ͘ >͛ŝƐƚĂŶnjĂĚŝƌŝŵďŽƌƐŽĚĞǀĞĞƐƐĞƌĞĐŽƌƌĞĚĂƚĂĚĂĚŽĐƵŵĞŶƚĂnjŝŽŶĞĂƚƚĂĂĚŝŵŽƐƚƌĂƌĞŝůĚŝƌŝƚƚŽĂůůŽƐƚĞƐƐŽ͘
^ƵůůĞƐŽŵŵĞƌŝŵďŽƌƐĂƚĞƐƉĞƚƚĂŶŽŐůŝŝŶƚĞƌĞƐƐŝĂĚĞĐŽƌƌĞƌĞĚĂůůĂĚĂƚĂĚŝǀĞƌƐĂŵĞŶƚŽ͕ŶĞůůĂŵŝƐƵƌĂĚŝĐƵŝ
ĂůƐƵĐĐĞƐƐŝǀŽĂƌƚŝĐŽůŽƌĞůĂƚŝǀŽĂůĐĂůĐŽůŽĚĞŐůŝŝŶƚĞƌĞƐƐŝ͘
ϯ͘ WĞƌ ŝ ƌŝŵďŽƌƐŝ ƌĞůĂƚŝǀŝ ĂĚ ŝŶĚĞďŝƚŝ ǀĞƌƐĂŵĞŶƚŝ ĐŚĞ Ɛŝ ĐĂƌĂƚƚĞƌŝnjnjĂŶŽ ĚĂůů͛ĂƐƐĞŶnjĂ ĚĞů ƉƌĞƐƵƉƉŽƐƚŽ
Ě͛ŝŵƉŽƐƚĂ ƐƵ ĐƵŝ Ɛŝ ĨŽŶĚĂ ůĂ ƉƌĞƚĞƐĂ ƚƌŝďƵƚĂƌŝĂ͕ Őůŝ ŝŶƚĞƌĞƐƐŝ ƐƵůůĞ ƐŽŵŵĞ ƌĞƐĞ ĚĞĐŽƌƌŽŶŽ ĚĂůůĂ ĚĂƚĂ Ěŝ
ƉƌĞƐĞŶƚĂnjŝŽŶĞĚĞůůĂƌĞůĂƚŝǀĂŝƐƚĂŶnjĂ͘
ϰ͘ EŽŶƐŝĨĂůƵŽŐŽĂƌŝŵďŽƌƐŽƐĞŝůĐŽŶƚƌŝďƵĞŶƚĞŶŽŶƌŝƐƵůƚĂŝŶƌĞŐŽůĂĐŽŶŝƉĂŐĂŵĞŶƚŝƌŝĨĞƌŝƚŝĂĚĂŶŶƵĂůŝƚă
ƉƌĞĐĞĚĞŶƚŝŽƐƵĐĐĞƐƐŝǀĞĂƋƵĞůůĞƉĞƌůĞƋƵĂůŝƐŝğĐŚŝĞƐƚŽŝůƌŝŵďŽƌƐŽ
ϱ͘ ŝƐĞŶƐŝĚĞůů͛Ăƌƚ͘ϭ͕ĐŽŵŵĂϭϲϳ͕ĚĞůůĂůĞŐŐĞϮϳĚŝĐĞŵďƌĞϮϬϬϲ͕Ŷ͘Ϯϵϲ͕ů͛ŝŵƉŽƐƚĂƉĞƌůĂƋƵĂůĞŝůŽŵƵŶĞ
ĂďďŝĂ ĂĐĐĞƌƚĂƚŽ ŝů ĚŝƌŝƚƚŽ Ăů ƌŝŵďŽƌƐŽ ƉƵž ĞƐƐĞƌĞ ĐŽŵƉĞŶƐĂƚĂ ĐŽŶ Őůŝ ŝŵƉŽƌƚŝ ĚŽǀƵƚŝ Ă ƚŝƚŽůŽ ĚĞůůĂ /h
ƐĞĐŽŶĚŽ ŵŽĚĂůŝƚă ĚĂ ĐŽŶĐŽƌĚĂƌƐŝ ĐŽŶ ůΖƵĨĨŝĐŝŽ ĐŽŵƉĞƚĞŶƚĞ͘ >Ğ ƐŽŵŵĞ Ěŝ ĐƵŝ Ɛŝ ƌŝĐŚŝĞĚĞ ůĂ
ĐŽŵƉĞŶƐĂnjŝŽŶĞŶŽŶƐŽŶŽƉƌŽĚƵƚƚŝǀĞĚŝƵůƚĞƌŝŽƌŝŝŶƚĞƌĞƐƐŝ͘
Zd͘ϲ͘ͲĂůĐŽůŽĚĞŐůŝŝŶƚĞƌĞƐƐŝ
ϭ͘ >ĂŵŝƐƵƌĂ ĂŶŶƵĂ ĚĞŐůŝ ŝŶƚĞƌĞƐƐŝ͕ŽǀĞ ƉƌĞǀŝƐƚŝ͕Ăŝ ƐĞŶƐŝ ĚĞůůΖĂƌƚ͘ ϭ͕ ĐŽŵŵĂϭϲϱ͕ ĚĞůůĂ ůĞŐŐĞϮϳ ĚŝĐĞŵďƌĞ
ϮϬϬϲ͕Ŷ͘Ϯϵϲ͕ğƐƚĂďŝůŝƚĂŝŶŵŝƐƵƌĂƉĂƌŝĂůƚĂƐƐŽůĞŐĂůĞǀŝŐĞŶƚĞĂůϭΣŐĞŶŶĂŝŽĚŝĐŝĂƐĐƵŶĂŶŶŽĚΖŝŵƉŽƐƚĂ͕
ƐŝĂƉĞƌŝƉƌŽǀǀĞĚŝŵĞŶƚŝĚŝĂĐĐĞƌƚĂŵĞŶƚŽĐŚĞĚŝƌŝŵďŽƌƐŽ͘
Zd͘ϳ͘ͲďƌŽŐĂnjŝŽŶŝĞŶŽƌŵĞĚŝƌŝŶǀŝŽ
ϭ͘ /ů ƉƌĞƐĞŶƚĞ ƌĞŐŽůĂŵĞŶƚŽ ƐŽƐƚŝƚƵŝƐĐĞ Ğ ƋƵŝŶĚŝ ĂďƌŽŐĂ ŝů ƉƌĞĐĞĚĞŶƚĞ ƌĞŐŽůĂŵĞŶƚŽ /Dh ĂƉƉƌŽǀĂƚŽ ĐŽŶ
ĚĞůŝďĞƌĂnjŝŽŶĞĐŽŶƐŝůŝĂƌĞŶ͘ϮϳĚĞůϯϬͬϬϰͬϮϬϭϯ͘
Ϯ͘ ůůĂĚĂƚĂĚŝĞŶƚƌĂƚĂŝŶǀŝŐŽƌĞĚĞůůĂdZ/ĚŝƐĐŝƉůŝŶĂƚĂĚĂůƉƌĞƐĞŶƚĞƌĞŐŽůĂŵĞŶƚŽ͕ĂŝƐĞŶƐŝĚĞůů͛Ăƌƚ͘ϭĐŽŵŵĂ
ϳϬϰĚĞůůĂ>ĞŐŐĞŶ͘ϭϰϳĚĞůϮϳ͘ϭϮ͘ϮϬϭϯĞƐŵŝ͕ğƐŽƉƉƌĞƐƐĂů͛ĂƉƉůŝĐĂnjŝŽŶĞĚĞůůĂdZ^h͘WĞƌƋƵĞƐƚ͛ƵůƚŝŵĂ
ƌŝŵĂŶŐŽŶŽ ĂƉƉůŝĐĂďŝůŝ ƚƵƚƚĞ ůĞ ŶŽƌŵĞ ůĞŐŝƐůĂƚŝǀĞ Ğ ƌĞŐŽůĂŵĞŶƚĂƌŝ ŶĞĐĞƐƐĂƌŝĞ ƉĞƌ ůŽ ƐǀŽůŐŝŵĞŶƚŽ
ĚĞůů͛ĂƚƚŝǀŝƚăĚŝĂĐĐĞƌƚĂŵĞŶƚŽĚĞůů͛ĞŶƚƌĂƚĂƌĞůĂƚŝǀĂĂůůĞĂŶŶƵĂůŝƚăƉƌĞŐƌĞƐƐĞ͘WĞƌůĂĐŽŵƉŽŶĞŶƚĞdZ/Ɛŝ
ƌŝŶǀŝĂ ŝŶŽůƚƌĞ ĂůůĞ ĚŝƐƉŽƐŝnjŝŽŶŝ ĐŽŶƚĞŶƵƚĞ ŶĞů WZ ϮϳͬϬϰͬϭϵϵϵ͕ Ŷ͘ ϭϱϴ Ğ ƐƵĐĐĞƐƐŝǀĞ ŵŽĚŝĨŝĐĂnjŝŽŶŝ ĞĚ
ŝŶƚĞŐƌĂnjŝŽŶŝ͕ĂůƌĞŐŽůĂŵĞŶƚŽĚŝŝŐŝĞŶĞƵƌďĂŶĂĚŝƋƵĞƐƚŽŽŵƵŶĞ͕ŶŽŶĐŚĠĂůůĞĂůƚƌĞŶŽƌŵĞůĞŐŝƐůĂƚŝǀĞĞ
ƌĞŐŽůĂŵĞŶƚĂƌŝ ǀŝŐĞŶƚŝ ŝŶ ŵĂƚĞƌŝĂ͘ KŐŶŝ ĂůƚƌĂ ĚŝƐƉŽƐŝnjŝŽŶĞ ƌĞŐŽůĂŵĞŶƚĂƌĞ ŝŶ ĐŽŶƚƌĂƐƚŽ ĐŽŶ ŝů ƉƌĞƐĞŶƚĞ
ƌĞŐŽůĂŵĞŶƚŽğĚĂŝŶƚĞŶĚĞƌƐŝĂďƌŽŐĂƚŽ͘
ϯ͘ WĞƌƋƵĂŶƚŽŶŽŶƉƌĞǀŝƐƚŽĚĂůƉƌĞƐĞŶƚĞƌĞŐŽůĂŵĞŶƚŽƐŝĂƉƉůŝĐĂŶŽůĞĚŝƐƉŽƐŝnjŝŽŶŝŶŽƌŵĂƚŝǀĞǀŝŐĞŶƚŝ͘
6
Zd͘ϴ͘ͲŶƚƌĂƚĂŝŶǀŝŐŽƌĞ
ϭ͘ /ůƉƌĞƐĞŶƚĞƌĞŐŽůĂŵĞŶƚŽĞŶƚƌĂŝŶǀŝŐŽƌĞŝůϭΣŐĞŶŶĂŝŽϮϬϭϰ͘
7
W/dK>KͲ/DWK^dDhE//W>WZKWZ/Ͳ/Dh
Zd͘ϭ͘ͲKŐŐĞƚƚŽĚĞůZĞŐŽůĂŵĞŶƚŽ
ϭ͘ /ůƉƌĞƐĞŶƚĞĐĂƉŝƚŽůŽ͕ĚŝƐĐŝƉůŝŶĂů͛ĂƉƉůŝĐĂnjŝŽŶĞĚĞůů͛ŝŵƉŽƐƚĂŵƵŶŝĐŝƉĂůĞƉƌŽƉƌŝĂ;/DhͿĚŝĐƵŝĂůů͛ĂƌƚŝĐŽůŽϭϯ
ĚĞů ͘>͘ ϲ ĚŝĐĞŵďƌĞ ϮϬϭϭ͕ Ŷ͘ ϮϬϭ͕ ĐŽŶǀĞƌƚŝƚŽ ĐŽŶ >ĞŐŐĞ ϮϮ ĚŝĐĞŵďƌĞ ϮϬϭϭ͕ Ŷ͘ Ϯϭϰ͕ Ě͛ŽƌĂ ŝŶ ƉŽŝ
ĚĞŶŽŵŝŶĂƚŽ͘>͘ϮϬϭͬϮϬϭϭ͕ĞĚŝĐƵŝĂŐůŝĂƌƚŝĐŽůŝϴĞϵĚĞů͘>ŐƐ͘ϭϰŵĂƌnjŽϮϬϭϭ͕Ŷ͘Ϯϯ͕ŶŽŶĐŚğĚĞů͘>ŐƐ͘
ϱϬϰͬϵϮŝŶƋƵĂŶƚŽĐŽŵƉĂƚŝďŝůŝ͘
Zd͘Ϯ͘ͲůŝƋƵŽƚĞĞĚĞƚƌĂnjŝŽŶŝĚ͛ŝŵƉŽƐƚĂ
ϭ͘ >ĞĂůŝƋƵŽƚĞĞůĞĚĞƚƌĂnjŝŽŶŝĚ͛ŝŵƉŽƐƚĂƐŽŶŽƐƚĂďŝůŝƚĞĚĂůů͛ŽƌŐĂŶŽĐŽŵƉĞƚĞŶƚĞƉĞƌůĞŐŐĞĐŽŶĚĞůŝďĞƌĂnjŝŽŶĞ
ĂĚŽƚƚĂƚĂĞŶƚƌŽůĂĚĂƚĂĚŝĂƉƉƌŽǀĂnjŝŽŶĞĚĞůďŝůĂŶĐŝŽĚŝƉƌĞǀŝƐŝŽŶĞƉĞƌů͛ĂŶŶŽĚŝƌŝĨĞƌŝŵĞŶƚŽ͘
Ϯ͘ >Ğ ĂůŝƋƵŽƚĞ Ğ ůĞ ĚĞƚƌĂnjŝŽŶŝ Ěŝ ĐƵŝ Ăů ĐŽŵŵĂ ϭ͕ ŝŶ ŵĂŶĐĂŶnjĂ Ěŝ ƵůƚĞƌŝŽƌŝ ƉƌŽǀǀĞĚŝŵĞŶƚŝ ĚĞůŝďĞƌĂƚŝǀŝ͕ Ɛŝ
ŝŶƚĞŶĚŽŶŽƉƌŽƌŽŐĂƚĞĚŝĂŶŶŽŝŶĂŶŶŽĂŝƐĞŶƐŝĚĞůů͛Ăƌƚ͘ϭ͕ĐŽŵŵĂϭϲϵ͕ĚĞůůĂ>ĞŐŐĞϮϳĚŝĐĞŵďƌĞϮϬϬϲ͕Ŷ͘
Ϯϵϲ͘
Zd͘ϯ͘ͲĞĨŝŶŝnjŝŽŶĞĚŝĨĂďďƌŝĐĂƚŝĞĂƌĞĞ
ϭ͘ ŝƐĞŶƐŝĚĞůů͛Ăƌƚ͘ϭϯ͕ĚĞů͘>͘ϲĚŝĐĞŵďƌĞϮϬϭϭ͕Ŷ͘ϮϬϭ͕ĐŽƐŞĐŽŵĞŵŽĚŝĨŝĐĂƚŽĐŽŶ>ĞŐŐĞϮϮĚŝĐĞŵďƌĞϮϬϭϭ͕
Ŷ͘ Ϯϭϰ͕ ƐŽŶŽ ĂƐƐŽŐŐĞƚƚĂƚŝ Ăůů͛ŝŵƉŽƐƚĂ ŵƵŶŝĐŝƉĂůĞ ƉƌŽƉƌŝĂ ƚƵƚƚŝ Őůŝ ŝŵŵŽďŝůŝ ƵďŝĐĂƚŝ ŶĞů ƚĞƌƌŝƚŽƌŝŽ ĚĞů
ŽŵƵŶĞĚŝ^E^>sK͕ĂĚĞƐĐůƵƐŝŽŶĞĚŝƋƵĞůůŝĞƐƉƌĞƐƐĂŵĞŶƚĞŝŶĚŝĐĂƚŝĚĂůůĞŶŽƌŵĂƚŝǀĞǀŝŐĞŶƚŝ͘
Ϯ͘ WĞƌů͛ŝŶĚŝǀŝĚƵĂnjŝŽŶĞĚĞůůĞĐĂƌĂƚƚĞƌŝƐƚŝĐŚĞĚĞůƉƌĞƐƵƉƉŽƐƚŽŽŐŐĞƚƚŝǀŽ͕ĐŽƐƚŝƚƵŝƚŽĚĂůƉŽƐƐĞƐƐŽĚŝŝŵŵŽďŝůŝĂ
ƚŝƚŽůŽĚŝƉƌŽƉƌŝĞƚăƉŝĞŶĂŽĂůƚƌŽĚŝƌŝƚƚŽƌĞĂůĞ͕ƐŝƌŝŶǀŝĂĂůů͛Ăƌƚ͘Ϯ͕ĚĞů͘>ŐƐ͘ϱϬϰͬϵϮ͘
ŽŶƌŝĨĞƌŝŵĞŶƚŽĂůů͛ĂƉƉůŝĐĂnjŝŽŶĞĚĞůů͛ŝŵƉŽƐƚĂŐůŝŝŵŵŽďŝůŝƐŽŶŽĚĞĨŝŶŝƚŝĐŽŵĞƐĞŐƵĞ͗
– ĨĂďďƌŝĐĂƚŽ͗ ůΖƵŶŝƚă ŝŵŵŽďŝůŝĂƌĞ ŝƐĐƌŝƚƚĂ Ž ĐŚĞ ĚĞǀĞ ĞƐƐĞƌĞ ŝƐĐƌŝƚƚĂ ŶĞů ĐĂƚĂƐƚŽ ĞĚŝůŝnjŝŽ ƵƌďĂŶŽ͕
ĐŽŶƐŝĚĞƌĂŶĚŽƐŝƉĂƌƚĞŝŶƚĞŐƌĂŶƚĞĚĞůĨĂďďƌŝĐĂƚŽůΖĂƌĞĂŽĐĐƵƉĂƚĂĚĂůůĂĐŽƐƚƌƵnjŝŽŶĞĞƋƵĞůůĂĚŝƉĞƌƚŝŶĞŶnjĂ͖
ŝůĨĂďďƌŝĐĂƚŽĚŝŶƵŽǀĂĐŽƐƚƌƵnjŝŽŶĞğƐŽŐŐĞƚƚŽĂĚŝŵƉŽƐƚĂĂƉĂƌƚŝƌĞĚĂůůĂĚĂƚĂĚŝƵůƚŝŵĂnjŝŽŶĞĚĞŝůĂǀŽƌŝ
ŽǀǀĞƌŽ͕ƐĞĂŶƚĞĐĞĚĞŶƚĞ͕ĚĂůůĂĚĂƚĂŝŶĐƵŝğĐŽŵƵŶƋƵĞƵƚŝůŝnjnjĂƚŽ͖
– ĂƌĞĂ ĨĂďďƌŝĐĂďŝůĞ͗ ůΖĂƌĞĂ ƵƚŝůŝnjnjĂďŝůĞ Ă ƐĐŽƉŽ ĞĚŝĨŝĐĂƚŽƌŝŽ ŝŶ ďĂƐĞ ĂŐůŝ ƐƚƌƵŵĞŶƚŝ ƵƌďĂŶŝƐƚŝĐŝ ŐĞŶĞƌĂůŝ Ž
ĂƚƚƵĂƚŝǀŝ͘ >ΖĞĚŝĨŝĐĂďŝůŝƚă ĚĞůůΖĂƌĞĂ ŶŽŶ ĚĞǀĞ ŶĞĐĞƐƐĂƌŝĂŵĞŶƚĞ ĚŝƐĐĞŶĚĞƌĞ ĚĂ ƉŝĂŶŝ ƵƌďĂŶŝƐƚŝĐŝ
ƉĂƌƚŝĐŽůĂƌĞŐŐŝĂƚŝ͕ĞƐƐĞŶĚŽƐƵĨĨŝĐŝĞŶƚĞĐŚĞƚĂůĞĐĂƌĂƚƚĞƌŝƐƚŝĐĂƌŝƐƵůƚŝĚĂƵŶƉŝĂŶŽƌĞŐŽůĂƚŽƌĞŐĞŶĞƌĂůĞ͘
ŝ ƐĞŶƐŝ ĚĞůůΖĂƌƚ͘ ϱ͕ ĐŽŵŵĂ ϱ͕ ĚĞů ͘>ŐƐ͘ ϯϬ ĚŝĐĞŵďƌĞ ϭϵϵϮ͕ Ŷ͘ ϱϬϰ͕ ŝů ǀĂůŽƌĞ ĚĞůůĞ ĂƌĞĞ ĨĂďďƌŝĐĂďŝůŝ ğ
ĐŽƐƚŝƚƵŝƚŽĚĂƋƵĞůůŽǀĞŶĂůĞŝŶĐŽŵƵŶĞĐŽŵŵĞƌĐŝŽĂůƉƌŝŵŽŐĞŶŶĂŝŽĚĞůů͛ĂŶŶŽĚŝŝŵƉŽƐŝnjŝŽŶĞ͕ĂǀĞŶĚŽ
8
ƌŝŐƵĂƌĚŽĂůůĂnjŽŶĂƚĞƌƌŝƚŽƌŝĂůĞĚŝƵďŝĐĂnjŝŽŶĞ͕ĂůůΖŝŶĚŝĐĞĚŝĞĚŝĨŝĐĂďŝůŝƚă͕ĂůůĂĚĞƐƚŝŶĂnjŝŽŶĞĚΖƵƐŽĐŽŶƐĞŶƚŝƚĂ͕
ĂŐůŝ ŽŶĞƌŝ ƉĞƌ ĞǀĞŶƚƵĂůŝ ůĂǀŽƌŝ Ěŝ ĂĚĂƚƚĂŵĞŶƚŽ ĚĞů ƚĞƌƌĞŶŽ ŶĞĐĞƐƐĂƌŝ ƉĞƌ ůĂ ĐŽƐƚƌƵnjŝŽŶĞ͕ Ăŝ ƉƌĞnjnjŝ ŵĞĚŝ
ƌŝůĞǀĂƚŝƐƵůŵĞƌĐĂƚŽĚĂůůĂǀĞŶĚŝƚĂĚŝĂƌĞĞĂǀĞŶƚŝĂŶĂůŽŐŚĞĐĂƌĂƚƚĞƌŝƐƚŝĐŚĞ͘
Zd͘ϰ͘ͲƐĞŶnjŝŽŶŝ
ϭ͘ ^ŽŶŽĞƐĞŶƚŝĚĂůů͛ŝŵƉŽƐƚĂŐůŝŝŵŵŽďŝůŝƉŽƐƐĞĚƵƚŝĚĂůůŽ^ƚĂƚŽ͕ŶŽŶĐŚĠŐůŝŝŵŵŽďŝůŝƉŽƐƐĞĚƵƚŝ͕ŶĞůƉƌŽƉƌŝŽ
ƚĞƌƌŝƚŽƌŝŽ͕ ĚĂůůĞ ZĞŐŝŽŶŝ͕ ĚĂůůĞ WƌŽǀŝŶĐĞ͕ ĚĂů ŽŵƵŶĞ͕ ĚĂůůĞ ŽŵƵŶŝƚă ŵŽŶƚĂŶĞ͕ ĚĂŝ ĐŽŶƐŽƌnjŝ ĨƌĂ ĚĞƚƚŝ
ĞŶƚŝ͕ŽǀĞŶŽŶƐŽƉƉƌĞƐƐŝ͕ĚĂŐůŝŶƚŝĚĞů^ĞƌǀŝnjŝŽ^ĂŶŝƚĂƌŝŽEĂnjŝŽŶĂůĞ͕ĚĞƐƚŝŶĂƚŝĞƐĐůƵƐŝǀĂŵĞŶƚĞĂŝĐŽŵƉŝƚŝ
ŝƐƚŝƚƵnjŝŽŶĂůŝ͘
Ϯ͘ ^ŝ ĂƉƉůŝĐĂŶŽ ůĞ ĞƐĞŶnjŝŽŶŝ ƉƌĞǀŝƐƚĞ ĚĂůů͛Ăƌƚ͘ ϳ͕ ĐŽŵŵĂ ϭ͕ ůĞƚƚĞƌĞ ďͿ͕ ĐͿ͕ ĚͿ͕ ĞͿ͕ ĨͿ͕ ŚͿ ĞĚ ŝͿ ĚĞů ͘>ŐƐ͘
ϱϬϰͬϭϵϵϮ͘
ϯ͘ >͛ŝŵƉŽƐƚĂ ŶŽŶ Ɛŝ ĂƉƉůŝĐĂ Ăů ƉŽƐƐĞƐƐŽ ĚĞůů͛ĂďŝƚĂnjŝŽŶĞ ƉƌŝŶĐŝƉĂůĞ Ğ ĚĞůůĞ ƉĞƌƚŝŶĞŶnjĞ ĚĞůůĂ ƐƚĞƐƐĂ͕ ĐŽŵĞ
ŝĚĞŶƚŝĨŝĐĂƚĞĚĂůů͛Ăƌƚ͘ϭϯ͕ĐŽŵŵĂϮ͕ĚĞů͘>͘ϲĚŝĐĞŵďƌĞϮϬϭϭ͕Ŷ͘ϮϬϭ͕ĂĚĞĐĐĞnjŝŽŶĞĚŝƋƵĞůůĞĐůĂƐƐŝĨŝĐĂƚĞ
ŶĞůůĞ ĐĂƚĞŐŽƌŝĞ ĐĂƚĂƐƚĂůŝ ͬϭ͕ ͬϴ Ğ ͬϵ͘ EĞů ĐĂƐŽ ŝŶ ĐƵŝ ŝ ĐŽŵƉŽŶĞŶƚŝ ĚĞů ŶƵĐůĞŽ ĨĂŵŝůŝĂƌĞ ĂďďŝĂŶŽ
ƐƚĂďŝůŝƚŽůĂĚŝŵŽƌĂĂďŝƚƵĂůĞĞůĂƌĞƐŝĚĞŶnjĂĂŶĂŐƌĂĨŝĐĂŝŶŝŵŵŽďŝůŝĚŝǀĞƌƐŝƐŝƚƵĂƚŝŶĞůƚĞƌƌŝƚŽƌŝŽĐŽŵƵŶĂůĞ͕
ůĞ ĂŐĞǀŽůĂnjŝŽŶŝ ƉĞƌ ůĞ ĂďŝƚĂnjŝŽŶŝ ƉƌŝŶĐŝƉĂůŝ Ɛŝ ĂƉƉůŝĐĂŶŽ ƉĞƌ ƵŶ ƐŽůŽ ŝŵŵŽďŝůĞ͘ KǀĞ ĚƵĞ ĐŽŶŝƵŐŝ ŶŽŶ
ůĞŐĂůŵĞŶƚĞ ƐĞƉĂƌĂƚŝ ĂďďŝĂŶŽ ƐƚĂďŝůŝƚŽ ŝŶǀĞĐĞ͕ ůĂ ĚŝŵŽƌĂ ĂďŝƚƵĂůĞ Ğ ůĂ ƌĞƐŝĚĞŶnjĂ ĂŶĂŐƌĂĨŝĐĂ ŝŶ ĚƵĞ
ŝŵŵŽďŝůŝƐŝƚƵĂƚŝŝŶĐŽŵƵŶŝĚŝǀĞƌƐŝ͕ůĞĂŐĞǀŽůĂnjŝŽŶŝĂŶnjŝĚĞƚƚĞĐŽŵƉĞƚŽŶŽĂĚĞŶƚƌĂŵďŝŐůŝŝŵŵŽďŝůŝƐŽůŽĂ
ĐŽŶĚŝnjŝŽŶĞ ĐŚĞ ƐŝĂ ĨŽƌŶŝƚĂ ŝĚŽŶĞĂ ĚŽĐƵŵĞŶƚĂnjŝŽŶĞ Ž ĂůƚƌŽ ĞůĞŵĞŶƚŽ Ěŝ ƉƌŽǀĂ ŝĚŽŶĞŝ Ă ĚŝŵŽƐƚƌĂƌĞ
ů͛ĞĨĨĞƚƚŝǀŝƚă ĚĞůů͛ĞƐŝŐĞŶnjĂ ĚĞů ŵĂŶƚĞŶŝŵĞŶƚŽ Ěŝ ĚŝŵŽƌĞ Ğ ƌĞƐŝĚĞŶnjĞ ƐĞƉĂƌĂƚĞ͘ /Ŷ ŵĂŶĐĂŶnjĂ͕ ůĞ
ĂŐĞǀŽůĂnjŝŽŶŝĐŽŵƉĞƚŽŶŽĂĚƵŶƐŽůŽŝŵŵŽďŝůĞ͘
ϰ͘ ^ŝ ĐŽŶƐŝĚĞƌĂ ĂďŝƚĂnjŝŽŶĞ ƉƌŝŶĐŝƉĂůĞ ƋƵĞůůĂ ƉŽƐƐĞĚƵƚĂ Ă ƚŝƚŽůŽ Ěŝ ƉƌŽƉƌŝĞƚă Ž Ěŝ ƵƐƵĨƌƵƚƚŽ ĚĂ ƐŽŐŐĞƚƚŽ
ĂŶnjŝĂŶŽŽĚŝƐĂďŝůĞĐŚĞŚĂĂĐƋƵŝƐŝƚŽůĂƌĞƐŝĚĞŶnjĂŝŶŝƐƚŝƚƵƚŽĚŝƌŝĐŽǀĞƌŽŽƐĂŶŝƚĂƌŝŽĂƐĞŐƵŝƚŽĚŝƌŝĐŽǀĞƌŽ
ƉĞƌŵĂŶĞŶƚĞ͕ĂĐŽŶĚŝnjŝŽŶĞĐŚĞůĂƐƚĞƐƐĂŶŽŶƌŝƐƵůƚŝůŽĐĂƚĂ͘>ΖĂŐĞǀŽůĂnjŝŽŶĞğƌŝĐŚŝĞƐƚĂĚĂůďĞŶĞĨŝĐŝĂƌŝŽ͕Ă
ƉĞŶĂ Ěŝ ĚĞĐĂĚĞŶnjĂ͕ ĞŶƚƌŽ ŝů ƚĞƌŵŝŶĞ Ěŝ ƉƌĞƐĞŶƚĂnjŝŽŶĞ ĚĞůůĂ ĚŝĐŚŝĂƌĂnjŝŽŶĞ /h ƌĞůĂƚŝǀĂ ĂůůΖĂŶŶŽ
ŝŶƚĞƌĞƐƐĂƚŽ͖
ϱ͘ >ĞĞƐĞŶnjŝŽŶŝĚŝĐƵŝĂŝĐŽŵŵŝƉƌĞĐĞĚĞŶƚŝƐƉĞƚƚĂŶŽƉĞƌŝůƉĞƌŝŽĚŽĚĞůů͛ĂŶŶŽĚƵƌĂŶƚĞŝůƋƵĂůĞƐƵƐƐŝƐƚŽŶŽůĞ
ĐŽŶĚŝnjŝŽŶŝƉƌĞƐĐƌŝƚƚĞĚĂůůĂŶŽƌŵĂ͘
Zd͘ϱ͘ͲƐĞŶnjŝŽŶĞĂƌĞĞĨĂďďƌŝĐĂďŝůŝƵƚŝůŝnjnjĂƚĞƉĞƌĂƚƚŝǀŝƚăĂŐƌŽƐŝůǀŽƉĂƐƚŽƌĂůŝ
ϭ͘ >Ğ ĂƌĞĞ ĨĂďďƌŝĐĂďŝůŝ ƉŽƐƐĞĚƵƚĞ Ğ ĐŽŶĚŽƚƚĞ ĚĂ ĐŽůƚŝǀĂƚŽƌĞ ĚŝƌĞƚƚŽ Ž ĚĂ ŝŵƉƌĞŶĚŝƚŽƌĞ ĂŐƌŝĐŽůŽ Ă ƚŝƚŽůŽ
ƉƌŽĨĞƐƐŝŽŶĂůĞ͕ĚŝĐƵŝĂůů͛Ăƌƚ͘ϭĚĞů͘>ŐƐ͘ϮϵŵĂƌnjŽϮϬϬϰ͕Ŷ͘ϵϵ͕ĂŝĨŝŶŝĚĞůů͛ŝŵƉŽƐƚĂŵƵŶŝĐŝƉĂůĞƉƌŽƉƌŝĂ
ƐŽŶŽ ĐŽŶƐŝĚĞƌĂƚĞ ƚĞƌƌĞŶŝ ĂŐƌŝĐŽůŝ ƐĞ ƐƵůůĞ ƐƚĞƐƐĞ ƉĞƌƐŝƐƚĞ ů͛ƵƚŝůŝnjnjĂnjŝŽŶĞ ĂŐƌŽͲƐŝůǀŽͲƉĂƐƚŽƌĂůĞ ŵĞĚŝĂŶƚĞ
ů͛ĞƐĞƌĐŝnjŝŽĚŝĂƚƚŝǀŝƚăĚŝƌĞƚƚĞĂůůĂĐŽůƚŝǀĂnjŝŽŶĞĚĞůĨŽŶĚŽ͕ĂůůĂĨƵŶŐŚŝĐŽůƚƵƌĂĞĚĂůů͛ĂůůĞǀĂŵĞŶƚŽĚŝĂŶŝŵĂůŝ͘
9
EĞĐŽŶƐĞŐƵĞĐŚĞƚĂůŝŝŵŵŽďŝůŝƐŽŶŽĞƐĞŶƚŝĂŝƐĞŶƐŝĚĞůů͛Ăƌƚ͘ϳ͕ůĞƚƚĞƌĂŚͿĚĞů͘>ŐƐ͘ϯϬĚŝĐĞŵďƌĞϭϵϵϮ͕Ŷ͘
ϱϬϰ͕ Ă ĐŽŶĚŝnjŝŽŶĞ ĐŚĞ Őůŝ ƐƚĞƐƐŝ ƌŝĐĂĚĂŶŽ ŝŶ ĂƌĞĞ ŝŶĚŝǀŝĚƵĂƚĞ ĐŽŵĞ ĞƐĞŶƚŝ ĚĂůůĂ ŝƌĐ͘ ϵ ŐŝƵŐŶŽ ϭϵϵϯ
DŝŶŝƐƚĞƌŽĚĞůůĞ&ŝŶĂŶnjĞ͘
͛ ŝŵƉƌĞŶĚŝƚŽƌĞ ĂŐƌŝĐŽůŽ ƉƌŽĨĞƐƐŝŽŶĂůĞ ;/WͿ ĐŽůƵŝ ŝů ƋƵĂůĞ͕ ŝŶ ƉŽƐƐĞƐƐŽ Ěŝ ĐŽŶŽƐĐĞŶnjĞ Ğ ĐŽŵƉĞƚĞŶnjĞ
ƉƌŽĨĞƐƐŝŽŶĂůŝ Ăŝ ƐĞŶƐŝ ĚĞůů͛Ăƌƚ͘ϱ ĚĞů ƌĞŐŽůĂŵĞŶƚŽ ;ͿŶ͘ ϭϮϱϳͬϭϵϵϵ ĚĞů ŽŶƐŝŐůŝŽ͕ ĚĞů ϭϳŵĂŐŐŝŽ ϭϵϵϵ͕
ĚĞĚŝĐŚŝĂůůĞĂƚƚŝǀŝƚăĂŐƌŝĐŽůĞĚŝĐƵŝĂůů͛Ăƌƚ͘ϮϭϯϱĐ͘Đ͕͘ĚŝƌĞƚƚĂŵĞŶƚĞŽŝŶƋƵĂůŝƚăĚŝƐŽĐŝŽĚŝƐŽĐŝĞƚă͕ĂůŵĞŶŽ
ŝůϱϬйĚĞůƉƌŽƉƌŝŽƚĞŵƉŽĚŝůĂǀŽƌŽĐŽŵƉůĞƐƐŝǀŽĞĐŚĞƌŝĐĂǀŝĚĂůůĞĂƚƚŝǀŝƚăŵĞĚĞƐŝŵĞĂůŵĞŶŽŝůϱϬйĚĞů
ƉƌŽƉƌŝŽ ƌĞĚĚŝƚŽ ŐůŽďĂůĞ ĚĂ ůĂǀŽƌŽ͘ >Ğ ƉĞŶƐŝŽŶŝ Ěŝ ŽŐŶŝ ŐĞŶĞƌĞ͕ Őůŝ ĂƐƐĞŐŶŝ ĂĚ ĞƐƐĞ ĞƋƵŝƉĂƌĂƚŝ͕ ůĞ
ŝŶĚĞŶŶŝƚăĞůĞƐŽŵŵĞƉĞƌĐĞƉŝƚĞƉĞƌů͛ĞƐƉůĞƚĂŵĞŶƚŽĚŝĐĂƌŝĐŚĞƉƵďďůŝĐŚĞ͕ŽǀǀĞƌŽŝŶƐŽĐŝĞƚă͕ĂƐƐŽĐŝĂnjŝŽŶŝ
ĞĚĂůƚƌŝĞŶƚŝŽƉĞƌĂŶƚŝŶĞůƐĞƚƚŽƌĞĂŐƌŝĐŽůŽ͕ƐŽŶŽĞƐĐůƵƐĞĚĂůĐŽŵƉƵƚŽĚĞůƌĞĚĚŝƚŽŐůŽďĂůĞĚĂůĂǀŽƌŽ͘>Ğ
ƐŽĐŝĞƚă Ěŝ ƉĞƌƐŽŶĞ͕ ĐŽŽƉĞƌĂƚŝǀĞ Ğ ĚŝĐĂƉŝƚĂůŝ͕ ĂŶĐŚĞ Ă ƐĐŽƉŽ ĐŽŶƐŽƌƚŝůĞ͕ ƐŽŶŽĐŽŶƐŝĚĞƌĂƚĞ ŝŵƉƌĞŶĚŝƚŽƌŝ
ĂŐƌŝĐŽůŝƉƌŽĨĞƐƐŝŽŶĂůŝƋƵĂůŽƌĂůŽƐƚĂƚƵƚŽƉƌĞǀĞĚĂƋƵĂůĞŽŐŐĞƚƚŽƐŽĐŝĂůĞů͛ĞƐĞƌĐŝnjŝŽĞƐĐůƵƐŝǀŽĚĞůůĞĂƚƚŝǀŝƚă
ĂŐƌŝĐŽůĞĚŝĐƵŝĂůů͛Ăƌƚ͘ϮϭϯϱĐ͘Đ͘ĞƐŝĂŶŽŝŶƉŽƐƐĞƐƐŽĚĞŝƐĞŐƵĞŶƚŝƌĞƋƵŝƐŝƚŝ͗
ĂͿ ŶĞů ĐĂƐŽ Ěŝ ƐŽĐŝĞƚă Ěŝ ƉĞƌƐŽŶĞ ƋƵĂůŽƌĂ ĂůŵĞŶŽ ƵŶ ƐŽĐŝŽ ƐŝĂ ŝŶ ƉŽƐƐĞƐƐŽ ĚĞůůĂ ƋƵĂůŝĨŝĐĂ Ěŝ
ŝŵƉƌĞŶĚŝƚŽƌĞ ĂŐƌŝĐŽůŽ ƉƌŽĨĞƐƐŝŽŶĂůĞ ͘ WĞƌ ůĞ ƐŽĐŝĞƚă ŝŶ ĂĐĐŽŵĂŶĚŝƚĂ ůĂ ƋƵĂůŝĨŝĐĂ Ɛŝ ƌŝĨĞƌŝƐĐĞ Ăŝ ƐŽĐŝ
ĂĐĐŽŵĂŶĚĂƚĂƌŝ͖
ďͿ ŶĞů ĐĂƐŽ Ěŝ ƐŽĐŝĞƚă ĐŽŽƉĞƌĂƚŝǀĞ͕ ŝǀŝ ĐŽŵƉƌĞƐĞ ƋƵĞůůĞ Ěŝ ĐŽŶĚƵnjŝŽŶĞ Ěŝ ĂnjŝĞŶĚĞ ĂŐƌŝĐŽůĞ͕ ƋƵĂůŽƌĂ
ƋƵĂůŽƌĂ ĂůŵĞŶŽ ƵŶ ƋƵŝŶƚŽ ĚĞŝ ƐŽĐŝ ƐŝĂ ŝŶ ƉŽƐƐĞƐƐŽ ĚĞůůĂ ƋƵĂůŝĨŝĐĂ Ěŝ ŝŵƉƌĞŶĚŝƚŽƌĞ ĂŐƌŝĐŽůŽ
ƉƌŽĨĞƐƐŝŽŶĂůĞ͖
ĐͿŶĞůĐĂƐŽĚŝƐŽĐŝĞƚăĚŝĐĂƉŝƚĂůŝ͕ƋƵĂŶĚŽĂůŵĞŶŽƵŶĂŵŵŝŶŝƐƚƌĂƚŽƌĞƐŝĂŝŶƉŽƐƐĞƐƐŽĚĞůůĂƋƵĂůŝĨŝĐĂ
ĚŝŝŵƉƌĞŶĚŝƚŽƌĞĂŐƌŝĐŽůŽƉƌŽĨĞƐƐŝŽŶĂůĞ͘
/ŶƉĂƌƚŝĐŽůĂƌĞ͕ůĂĐŽŶĚŝnjŝŽŶĞĚĞůƐŽŐŐĞƚƚŽƉĂƐƐŝǀŽƋƵĂůĞĐŽůƚŝǀĂƚŽƌĞĚŝƌĞƚƚŽŽŝŵƉƌĞŶĚŝƚŽƌĞĂŐƌŝĐŽůŽĚĞǀĞ
ĞƐƐĞƌĞĐŽŶĨĞƌŵĂƚĂĚĂůůΖŝƐĐƌŝnjŝŽŶĞŶĞŐůŝĂƉƉŽƐŝƚŝĞůĞŶĐŚŝĚĞŝĐŽůƚŝǀĂƚŽƌŝĚŝƌĞƚƚŝ͕ŵĞnjnjĂĚƌŝĞĐŽůŽŶŝ͕ƉƌĞǀŝƐƚŝ
ĚĂůůΖĂƌƚ͘ ϭϬ ĚĞůůĂ ůĞŐŐĞ ϵͲϭͲϭϵϲϯ͕ Ŷ͘ ϵ͕ ĐŽŶĐĞƌŶĞŶƚĞ ůĞ ŶŽƌŵĞ ŝŶ ŵĂƚĞƌŝĂ Ěŝ ƉƌĞǀŝĚĞŶnjĂ ĚĞŝ ĐŽůƚŝǀĂƚŽƌŝ
ĚŝƌĞƚƚŝĐŽŶŽďďůŝŐŽĚŝĂƐƐŝĐƵƌĂnjŝŽŶŝƉĞƌŝŶǀĂůŝĚŝƚă͕ǀĞĐĐŚŝĂŝĂĞŵĂůĂƚƚŝĂ͘>͛ŝƐĐƌŝnjŝŽŶĞĞůĂĐĂŶĐĞůůĂnjŝŽŶĞĚĂŝ
ƉƌĞĚĞƚƚŝĞůĞŶĐŚŝŚĂŶŶŽĞĨĨĞƚƚŽĂĚĞĐŽƌƌĞƌĞĚĂůϭΣŐĞŶŶĂŝŽĚĞůů͛ĂŶŶŽƐƵĐĐĞƐƐŝǀŽ͘>ĞĂŐĞǀŽůĂnjŝŽŶŝĚŝĐƵŝĂů
ƉƌĞƐĞŶƚĞĂƌƚŝĐŽůŽƐŽŶŽƌŝĐŚŝĞƐƚĞĚĂůďĞŶĞĨŝĐŝĂƌŝŽ͕ĂƉĞŶĂĚŝĚĞĐĂĚĞŶnjĂ͕ĞŶƚƌŽŝůƚĞƌŵŝŶĞĚŝƉƌĞƐĞŶƚĂnjŝŽŶĞ
ĚĞůůĂĚŝĐŚŝĂƌĂnjŝŽŶĞ/hƌĞůĂƚŝǀĂĂůůΖĂŶŶŽŝŶƚĞƌĞƐƐĂƚŽ͘
EŽŶƉŽƐƐŽŶŽďĞŶĞĨŝĐŝĂƌĞĚĞůů͛ĂŐĞǀŽůĂnjŝŽŶĞŝŶĂƌŐŽŵĞŶƚŽŐůŝĂŐƌŝĐŽůƚŽƌŝƋƵĂŶĚŽ͗
ĂͿ ůĞ ĂƌĞĞ ĨĂďďƌŝĐĂďŝůŝ ŶŽŶ ƐŽŶŽ ĂĚŝďŝƚĞ Ăůů͛ĞƐĞƌĐŝnjŝŽ ĚĞůů͛Ăƚƚŝǀŝƚă ĂŐƌŝĐŽůĂ ĐŚĞ ĚĞǀĞ ĞƐƐĞƌĞ
ƉƌĞǀĞŶƚŝǀĂŵĞŶƚĞĚĞŶƵŶĐŝĂƚĂĂůů͛ĞŶƚĞŝŶĚŝĐĂŶĚŽŐůŝĞƐƚƌĞŵŝĐĂƚĂƐƚĂůŝĚĞŝƚĞƌƌĞŶŝĐŽůƚŝǀĂƚŝ͖
ďͿ ůĞĂƌĞĞĞĚŝĨŝĐĂďŝůŝƐŽŶŽĂĚŝďŝƚĞĂůů͛ĞƐĞƌĐŝnjŝŽĚĞůů͛ĂƚƚŝǀŝƚăĂŐƌŝĐŽůĂŵĂĐŽŶĚŽƚƚĞĚĂƵŶƐŽŐŐĞƚƚŽ
ĚŝǀĞƌƐŽĚĂůƉŽƐƐĞƐƐŽƌĞ͕ŝŶƚĞƐŽĐŽŵĞƐŽŐŐĞƚƚŽƉĂƐƐŝǀŽĚĞůů͛ŝŵƉŽƐƚĂ͖
ĐͿ ůĞĂƌĞĞĞĚŝĨŝĐĂďŝůŝƐŽŶŽƉŽƐƐĞĚƵƚĞŽĐŽŶĚŽƚƚĞĚĂƉĞƌƐŽŶĞĨŝƐŝĐŚĞŶŽŶŝƐĐƌŝƚƚĞŶĞŐůŝĞůĞŶĐŚŝĚŝ
ĐƵŝ Ăů ƉƌĞƐĞŶƚĞ ĂƌƚŝĐŽůŽ Ž ŶŽŶ ƐŽŐŐĞƚƚĞ Ăů ĐŽƌƌŝƐƉŽŶĚĞŶƚĞ ŽďďůŝŐŽ Ěŝ ĂƐƐŝĐƵƌĂnjŝŽŶĞ ƉĞƌ
ŝŶǀĂůŝĚŝƚă͕ǀĞĐĐŚŝĂŝĂĞŵĂůĂƚƚŝĂ͘
10
ĚͿ ƐƵůůĞĂƌĞĞƐŝĂŶŽƐƚĂƚĞĞƐĞŐƵŝƚĞŽƉĞƌĞĚŝƵƌďĂŶŝnjnjĂnjŝŽŶĞŽ͕ĐŽŵƵŶƋƵĞ͕ůĂǀŽƌŝĚŝĂĚĂƚƚĂŵĞŶƚŽ
ĚĞůƚĞƌƌĞŶŽŶĞĐĞƐƐĂƌŝƉĞƌůĂƐƵĐĐĞƐƐŝǀĂĞĚŝĨŝĐĂnjŝŽŶĞ͖
Zd͘ϲ͘ͲŝƐƉŽƐŝnjŝŽŶŝƉĞƌůĂĚĞƚĞƌŵŝŶĂnjŝŽŶĞĚĞůůĂďĂƐĞŝŵƉŽŶŝďŝůĞĚĞůůĞĂƌĞĞĨĂďďƌŝĐĂďŝůŝ
ϭ͘ >Ă ďĂƐĞ ŝŵƉŽŶŝďŝůĞ ĚĞůů͛ĂƌĞĂ ĨĂďďƌŝĐĂďŝůĞ ğ ĚĞƚĞƌŵŝŶĂƚĂ ĐŽŶƐŝĚĞƌĂŶĚŽ ŝů ǀĂůŽƌĞ ǀĞŶĂůĞ ŝŶ ĐŽŵƵŶĞ
ĐŽŵŵĞƌĐŝŽ ĐŽƐŞ ĐŽŵĞ ƌŝƐƵůƚĂŶƚĞ ĚĂ ĂƚƚŽ ƉƵďďůŝĐŽ Ğ ĐŽŵƵŶƋƵĞ ŝŶ ŵŝƐƵƌĂ ŶŽŶ ŝŶĨĞƌŝŽƌĞ Ăŝ ǀĂůŽƌŝ ǀĞŶĂůŝ
ĚĞůŝďĞƌĂƚŝ ĚĂůůĂ 'ŝƵŶƚĂ ŽŵƵŶĂůĞ͘ ^ŝ ĐŽŶĨĞƌŵĂ ů͛ĂƐƐƵŶnjŝŽŶĞ ĚĞůůĂ ďĂƐĞ ŝŵƉŽŶŝďŝůĞ ĐĂůĐŽůĂƚĂ ƐƵŝ ǀĂůŽƌŝ
ƉƌĞǀŝƐƚŝĚĂůůĂĚĞůŝďĞƌĂ'͘D͘ĚĞůϮϱDĂƌnjŽϮϬϭϬĨŝŶŽĂůůĂƌĞǀŝƐŝŽŶĞĚĞůůĂƐƚĞƐƐĂĐŚĞƉŽƚƌăĂǀǀĞŶŝƌĞĐŽŶůĞ
ŵŽĚĂůŝƚăƉƌĞǀŝƐƚĞĚĂůĐŽŵŵĂϮĚĞůƉƌĞƐĞŶƚĞĂƌƚŝĐŽůŽ͘
Ϯ͘ &ĞƌŵŽ ƌĞƐƚĂŶĚŽ ĐŚĞ ŝů ǀĂůŽƌĞ ĚĞůůĞ ĂƌĞĞ ĨĂďďƌŝĐĂďŝůŝ ğ ƋƵĞůůŽ ǀĞŶĂůĞ ŝŶ ĐŽŵƵŶĞ ĐŽŵŵĞƌĐŝŽ͕ ĐŽŵĞ
ƐƚĂďŝůŝƚŽ ŶĞů ĐŽŵŵĂ ϱ Ăƌƚ͘ ϱ ͘>ŐƐ͘ ϱϬϰͬϵϮ͕ ĂůůŽ ƐĐŽƉŽ Ěŝ ƌŝĚƵƌƌĞ ůΖŝŶƐŽƌŐĞŶnjĂ Ěŝ ĐŽŶƚĞŶnjŝŽƐŽ͕ ůĂ 'ŝƵŶƚĂ
DƵŶŝĐŝƉĂůĞƉƵžĚĞƚĞƌŵŝŶĂƌĞƉĞƌŝŽĚŝĐĂŵĞŶƚĞĞƉĞƌnjŽŶĞŽŵŽŐĞŶĞĞŝǀĂůŽƌŝǀĞŶĂůŝĚŝƌŝĨĞƌŝŵĞŶƚŽĚĞůůĞ
ĂƌĞĞ ĨĂďďƌŝĐĂďŝůŝ Ăŝ ƐĞŶƐŝ ĚĞůů͛Ăƌƚ͘ ϱϵ ĚĞů ͘>ŐƐ͘ ϰϰϲͬϵϳ͘ >Ă ĚĞůŝďĞƌĂ Ěŝ ĚĞƚĞƌŵŝŶĂnjŝŽŶĞ ĚĞŝ ǀĂůŽƌŝ ǀĞŶĂůŝ
ŵŝŶŝŵŝĚĂĚŝĐŚŝĂƌĂƌĞƉƵžĞƐƐĞƌĞŵŽĚŝĨŝĐĂƚĂĂŶŶƵĂůŵĞŶƚĞ͘/ŶŵĂŶĐĂŶnjĂƐŝŝŶƚĞŶĚŽŶŽĐŽŶĨĞƌŵĂƚŝŝǀĂůŽƌŝ
ƐƚĂďŝůŝƚŝƉĞƌů͛ĂŶŶŽƉƌĞĐĞĚĞŶƚĞ͘
ϯ͘ YƵĂůŽƌĂů͛ŝŵƉŽƐƚĂƐŝĂƐƚĂƚĂǀĞƌƐĂƚĂƐƵůůĂďĂƐĞĚŝƵŶǀĂůŽƌĞŶŽŶŝŶĨĞƌŝŽƌĞĂƋƵĞůůŽƉƌĞĚĞƚĞƌŵŝŶĂƚŽĚĂůůĂ
'ŝƵŶƚĂ ŽŵƵŶĂůĞ͕ ŶŽŶ Ɛŝ ĨĂƌă ůƵŽŐŽ ĂĚ ĂĐĐĞƌƚĂŵĞŶƚŽ Ěŝ ŵĂŐŐŝŽƌĞ ŝŵƉŽƐƚĂ Ă ĐŽŶĚŝnjŝŽŶĞ ĐŚĞ ƐŝĂ ƐƚĂƚĂ
ƉƌĞƐĞŶƚĂƚĂůĂƌĞůĂƚŝǀĂĚŝĐŚŝĂƌĂnjŝŽŶĞ͘EĞůĐĂƐŽĚŝŽŵĞƐƐĂŽŝŶĨĞĚĞůĞĚĞŶƵŶĐŝĂĚŝĂƌĞĂĨĂďďƌŝĐĂďŝůĞŝůǀĂůŽƌĞ
Ěŝ ƌĞƚƚŝĨŝĐĂ ğ ƉĂƌŝ Ă ƋƵĞůůŽ ĚĞůŝďĞƌĂƚŽ Ăŝ ƐĞŶƐŝ ĚĞů ĐŽŵŵĂ ϭ Ž͕ ƐĞ ŵĂŐŐŝŽƌĞ͕ Ă ƋƵĞůůŽ ƌŝƐƵůƚĂŶƚĞ ĚĂ ĂƚƚŽ
ƉƵďďůŝĐŽŽƉĞƌŝnjŝĂŐŝƵƌĂƚĂ͘
ϰ͘ WĞƌůĂƐƵƐƐŝƐƚĞŶnjĂĚĞůůΖĞĚŝĨŝĐĂďŝůŝƚăĚĞůůΖĂƌĞĂ͕ĐŽŵĞŝĚĞŶƚŝĨŝĐĂƚĂĂůƉƌĞĐĞĚĞŶƚĞĂƌƚŝĐŽůŽϯ͕͘ğƐƵĨĨŝĐŝĞŶƚĞůĂ
ƉƌĞǀŝƐŝŽŶĞĚŝƚĂůĞĐĂƌĂƚƚĞƌŝƐƚŝĐĂŶĞůƉŝĂŶŽƌĞŐŽůĂƚŽƌĞŐĞŶĞƌĂůĞǀŝŐĞŶƚĞ͘
>ΖĂƌĞĂ ĨƌĂnjŝŽŶĂƚĂ ƌŝƐƉĞƚƚŽ Ăů ĨĂďďƌŝĐĂƚŽ Ă ĐƵŝ ƌŝƐƵůƚĞƌĞďďĞ ĂƐƐĞƌǀŝƚĂ ğ ĂƐƐŽŐŐĞƚƚĂďŝůĞ ĂĚ ĂƵƚŽŶŽŵĂ
ƚĂƐƐĂnjŝŽŶĞ ĨŝŶŽ Ăů ƉĞƌĚƵƌĂƌĞ ĚĞůůĂ ƐƵĂ ƐĞƉĂƌĂƚĂ ŝŶĚŝĐĂnjŝŽŶĞ ŶĞŐůŝ ĂƌĐŚŝǀŝ ĐĂƚĂƐƚĂůŝ͘ /ů ƚĞƌƌĞŶŽ ĐŚĞ ƐŝĂ
ĞĨĨĞƚƚŝǀĂŵĞŶƚĞ ƉĞƌƚŝŶĞŶnjĂ Ěŝ ƵŶ ĞĚŝĨŝĐŝŽ͕ ĐŽƐƚŝƚƵŝƐĐĞ ƉĂƌƚĞ ŝŶƚĞŐƌĂŶƚĞ ĚĞůů͛ĞĚŝĨŝĐŝŽ ƐƚĞƐƐŽ Ğ͕ ƋƵŝŶĚŝ͕ ůĞ
ƌĞŶĚŝƚĞ ĐĂƚĂƐƚĂůŝ ĚĞůůĞ ƐŝŶŐŽůĞ ƵŶŝƚă ŝŵŵŽďŝůŝĂƌŝ ĨŽƌŵĂŶƚŝ ů͛ĞĚŝĨŝĐŝŽ ĐŽŵƉƌĞŶĚŽŶŽ ĂŶĐŚĞ ůĂ ƋƵŽƚĂ ƉĂƌƚĞ
ĂƚƚƌŝďƵŝďŝůĞĂůƚĞƌƌĞŶŽƉĞƌƚŝŶĞŶnjŝĂůĞ͘>͛ĂƌĞĂƉĞƌƚŝŶĞŶnjŝĂůĞğƋƵŝŶĚŝƋƵĞůůĂĐŚĞğĂĐĐĂƚĂƐƚĂƚĂƵŶŝƚĂŵĞŶƚĞĂů
ĨĂďďƌŝĐĂƚŽ͖ĂŝĨŝŶŝƉƌĂƚŝĐŝ͕ŝůĐŽŶƚƌŝďƵĞŶƚĞĐŚĞĞĐĐĞƉŝƌăŝŶƚĂůƐĞŶƐŽŝŶŵĞƌŝƚŽĂĚƵŶ͛ĂƌĞĂŽŐŐĞƚƚŽĚŝǀĞƌŝĨŝĐĂ
ĚŽǀƌăĚĂƌĞĚŝŵŽƐƚƌĂnjŝŽŶĞĚŝƋƵĂŶƚŽƐŽƐƚĞŶƵƚŽ͕ƉƌĞƐĞŶƚĂŶĚŽŝĚŽŶĞĂĚŽĐƵŵĞŶƚĂnjŝŽŶĞĐĂƚĂƐƚĂůĞ͘WĞƌĐŚĠ
ƵŶΖĂƌĞĂĨĂďďƌŝĐĂďŝůĞƉŽƐƐĂĐŽŶƐŝĚĞƌĂƌƐŝƉĞƌƚŝŶĞŶnjŝĂůĞ͕ŽĐĐŽƌƌĞƵŶŽŐŐĞƚƚŝǀŽĞĨƵŶnjŝŽŶĂůĞƌĂƉƉŽƌƚŽĐŽŶŝů
ĨĂďďƌŝĐĂƚŽĐŚĞƐƚĞƌŝůŝnjnjŝ͕ŝŶĐŽŶĐƌĞƚŽĞƐƚĂďŝůŵĞŶƚĞ͕ůĂƌĞƐŝĚƵĂƉŽƐƐŝďŝůŝƚăĞĚŝĨŝĐĂƚŽƌŝĂĞĐŚĞŶŽŶƐŝƌŝƐŽůǀĂ
ŝŶƵŶŵĞƌŽĐŽůůĞŐĂŵĞŶƚŽŵĂƚĞƌŝĂůĞĨĂĐŝůŵĞŶƚĞƌŝŵƵŽǀŝďŝůĞ͘
ϱ͘ ^ŝ ĐŽŶĨĞƌŵĂ ů͛ĂƐƐƵŶnjŝŽŶĞ ĚĞůůĂ ďĂƐĞ ŝŵƉŽŶŝďŝůĞ ĐĂůĐŽůĂƚĂ ƐƵůů͛ĂƌĞĂ ĞĚŝĨŝĐĂďŝůĞ ŶĞŝ ĐĂƐŝ Ěŝ ƵƚŝůŝnjnjĂnjŝŽŶĞ
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ĞĚŝĨŝĐĂƚŽƌŝĂ͕ĚŝĚĞŵŽůŝnjŝŽŶĞĚŝĨĂďďƌŝĐĂƚŝ͕ĚŝŝŶƚĞƌǀĞŶƚŝĚŝƌĞĐƵƉĞƌŽĚŝĐƵŝĂůůΖĂƌƚ͘ϱ͕ĐŽŵŵĂϲ͕ĚĞůĚĞĐƌĞƚŽ
ůĞŐŝƐůĂƚŝǀŽϱϬϰͬϭϵϵϮ͘
ϲ͘ /ů ƐŽŐŐĞƚƚŽ ƉĂƐƐŝǀŽ ĐŚĞ ƌĞƉƵƚŝ ĐŽŵƵŶƋƵĞ ŽƉƉŽƌƚƵŶŽ ĚŝĐŚŝĂƌĂƌĞ ƵŶ ǀĂůŽƌĞ ŝŶĨĞƌŝŽƌĞ Ă ƋƵĞůůŽ
ƉƌĞĚĞƚĞƌŵŝŶĂƚŽ͕ƉĞƌƉĂƌƚŝĐŽůĂƌŝĞůĞŵĞŶƚŝĐŚĞŝŶĐŝĚŽŶŽŶĞŐĂƚŝǀĂŵĞŶƚĞƐƵůǀĂůŽƌĞĚĞůůΖĂƌĞĂ͕ƉƵžƌĞŶĚĞƌĞ
ŶŽƚŝƚĂůŝĞůĞŵĞŶƚŝĂůůΖƵĨĨŝĐŝŽĐŽŵƵŶĂůĞĐŚĞŶĞĞĨĨĞƚƚƵĞƌăǀĂůƵƚĂnjŝŽŶĞŝŶƐĞĚĞĚŝĐŽŶƚƌŽůůŽ͘
ϳ͘ EĞŝĐĂƐŝĚŝĨĂďďƌŝĐĂƚŝŝŶĐŽƌƐŽĚŝĐŽƐƚƌƵnjŝŽŶĞ͕ŽƐŽŐŐĞƚƚŝĂĚŝŶƚĞƌǀĞŶƚŝĚŝƌĞĐƵƉĞƌŽĐŽŵĞĚĞĨŝŶŝƚŝĚĂůůΖĂƌƚ͘ϱ͕
ĐŽŵŵĂϲ͕ĚĞůĚĞĐƌĞƚŽůĞŐŝƐůĂƚŝǀŽϱϬϰͬϭϵϵϮ͕ĐŽŶĐĞƌŶĞŶƚĞůĂĚĞƚĞƌŵŝŶĂnjŝŽŶĞĚĞůůĂďĂƐĞŝŵƉŽŶŝďŝůĞ/͘͘/͕͘
ŽǀĞƐŝĂŶŽƚĞƌŵŝŶĂƚŝŝůĂǀŽƌŝƐŽůƚĂŶƚŽƉĞƌĂůĐƵŶĞƵŶŝƚăŝŵŵŽďŝůŝĂƌŝ͕ůĞƵŶŝƚăŶŽŶƵůƚŝŵĂƚĞƐŽŶŽĐŽŶƐŝĚĞƌĂƚĞ
ĂƌĞĞĨĂďďƌŝĐĂďŝůŝĂŝĨŝŶŝĚĞůůĂŝŵƉŽƐŝnjŝŽŶĞ͖ůΖĂƌĞĂĨĂďďƌŝĐĂďŝůĞğƋƵĂŶƚŝĨŝĐĂƚĂƌŝĚƵĐĞŶĚŽůΖĂƌĞĂĐŽŵƉůĞƐƐŝǀĂ
ƐƵůůĂƋƵĂůĞƐŽƌŐĞůΖŝŶƚĞƌŽĨĂďďƌŝĐĂƚŽĚŝƵŶĂƋƵŽƚĂƌŝƐƵůƚĂŶƚĞĚĂůƌĂƉƉŽƌƚŽĞƐŝƐƚĞŶƚĞƚƌĂůĂǀŽůƵŵĞƚƌŝĂĚĞůůĞ
ƵŶŝƚă ƵůƚŝŵĂƚĞ ĞĚ ĂƐƐŽŐŐĞƚƚĂƚĞ Ă ŝŵƉŽƐŝnjŝŽŶĞ ĐŽŵĞ ĨĂďďƌŝĐĂƚŽ͕ Ğ ůĂ ǀŽůƵŵĞƚƌŝĂ ĐŽŵƉůĞƐƐŝǀĂ ĚĞů
ĨĂďďƌŝĐĂƚŽ͘
Zd͘ϳ͘ͲŐĞǀŽůĂnjŝŽŶŝ
1. >ĂďĂƐĞŝŵƉŽŶŝďŝůĞğƌŝĚŽƚƚĂĚĞůϱϬƉĞƌĐĞŶƚŽƉĞƌŝĨĂďďƌŝĐĂƚŝĚŝŝŶƚĞƌĞƐƐĞƐƚŽƌŝĐŽŽĂƌƚŝƐƚŝĐŽĚŝĐƵŝĂůů͛Ăƌƚ͘
ϭϬĚĞůĚ͘ůŐƐ͘ϮϮͬϬϭͬϮϬϬϰŶ͘ϰϮ͕ƐŽŐŐĞƚƚŝĂǀŝŶĐŽůŽĚŝƌĞƚƚŽ͕ĞƉĞƌŝĨĂďďƌŝĐĂƚŝĚŝĐŚŝĂƌĂƚŝŝŶĂŐŝďŝůŝŽŝŶĂďŝƚĂďŝůŝ
Ěŝ ĨĂƚƚŽ ŶŽŶ ƵƚŝůŝnjnjĂƚŝ͕ ůŝŵŝƚĂƚĂŵĞŶƚĞ Ăů ƉĞƌŝŽĚŽ ĚĞůůΖĂŶŶŽ ĚƵƌĂŶƚĞ ŝů ƋƵĂůĞ ƐƵƐƐŝƐƚŽŶŽ ƚĂůŝ ĐŽŶĚŝnjŝŽŶŝ͘
>ΖŝŶĂŐŝďŝůŝƚă Ž ŝŶĂďŝƚĂďŝůŝƚă ĚĞǀĞ ĐŽŶƐŝƐƚĞƌĞ ŝŶ ƵŶ ĚĞŐƌĂĚŽ ĨŝƐŝĐŽ ƐŽƉƌĂǀǀĞŶƵƚŽ ;ĨĂďďƌŝĐĂƚŽ ĚŝƌŽĐĐĂƚŽ͕
ƉĞƌŝĐŽůĂŶƚĞ͕ ĨĂƚŝƐĐĞŶƚĞͿ ŶŽŶ ƐƵƉĞƌĂďŝůĞ ĐŽŶ ŝŶƚĞƌǀĞŶƚŝ Ěŝ ŵĂŶƵƚĞŶnjŝŽŶĞ ŽƌĚŝŶĂƌŝĂ Ž ƐƚƌĂŽƌĚŝŶĂƌŝĂ͕ ĚĞǀĞ
ƋƵŝŶĚŝ ĨĂƌƐŝ ƌŝĨĞƌŝŵĞŶƚŽ Ă ƐŝƚƵĂnjŝŽŶŝ ƉĂƚŽůŽŐŝĐŚĞ ĚĞů ĨĂďďƌŝĐĂƚŽ͕ Ğ ŶŽŶ Ă ƐĞŵƉůŝĐŝ ŝŶƚĞƌǀĞŶƚŝ ĞĚŝůŝnjŝ͕ ƉĞƌ
ƋƵĂŶƚŽ ŽƐƚĂƚŝǀŝ ĚĞůů͛ƵƐŽ ĚĞů ĨĂďďƌŝĐĂƚŽ ƐƚĞƐƐŽ͘ /ů ĨĂďďƌŝĐĂƚŽ ƉƵž ĞƐƐĞƌĞ ĐŽƐƚŝƚƵŝƚŽ ĚĂ ƵŶĂ Ž Ɖŝƶ ƵŶŝƚă
ŝŵŵŽďŝůŝĂƌŝ;ƵŶŝƚăŝŵŵŽďŝůŝĂƌŝŝŶĚŝǀŝĚƵĂƚĞƐĞĐŽŶĚŽůĞǀŝŐĞŶƚŝƉƌŽĐĞĚƵƌĞĚŝĂĐĐĂƚĂƐƚĂŵĞŶƚŽͿ͕ĂŶĐŚĞĐŽŶ
ĚŝǀĞƌƐĂ ĚĞƐƚŝŶĂnjŝŽŶĞ ĚΖƵƐŽ͕ ŽǀĞ ƌŝƐƵůƚŝ ŝŶĂŐŝďŝůĞ Ž ŝŶĂďŝƚĂďŝůĞ ůΖŝŶƚĞƌŽ ĨĂďďƌŝĐĂƚŽ Ž ůĞ ƐŝŶŐŽůĞ ƵŶŝƚă
ŝŵŵŽďŝůŝĂƌŝ͘ /Ŷ ƋƵĞƐƚΖƵůƚŝŵŽ ĐĂƐŽ ůĞ ƌŝĚƵnjŝŽŶŝ ĚΖŝŵƉŽƐƚĂ ĚŽǀƌĂŶŶŽ ĞƐƐĞƌĞ ĂƉƉůŝĐĂƚĞ ĂůůĞ ƐŽůĞ ƵŶŝƚă
ŝŵŵŽďŝůŝĂƌŝŝŶĂŐŝďŝůŝŽŝŶĂďŝƚĂďŝůŝĞŶŽŶĂůůΖŝŶƚĞƌŽĞĚŝĨŝĐŝŽ͘
2. ^ŝ ŝŶƚĞŶĚŽŶŽ ƉĞƌƚĂŶƚŽ ƚĂůŝŝ ĨĂďďƌŝĐĂƚŝ Ž ůĞ ƵŶŝƚă ŝŵŵŽďŝůŝĂƌŝ ĐŚĞ ŶĞĐĞƐƐŝƚŝŶŽ Ěŝ ŝŶƚĞƌǀĞŶƚŝ Ěŝ ƌĞƐƚĂƵƌŽ Ğ
ƌŝƐĂŶĂŵĞŶƚŽĐŽŶƐĞƌǀĂƚŝǀŽĞͬŽĚŝƌŝƐƚƌƵƚƚƵƌĂnjŝŽŶĞĞĚŝůŝnjŝĂ͕ĂŝƐĞŶƐŝĚĞůůΖĂƌƚ͘ϯϭ͕ĐŽŵŵĂϭ͕ůĞƚƚ͘ĐͿĞĚͿ͕ĚĞůůĂ
ůĞŐŐĞ ϱ ĂŐŽƐƚŽ ϭϵϳϴ͕ Ŷ͘ ϰϱϳ ĞĚ Ăŝ ƐĞŶƐŝ ĚĞůůĞ ĚŝƐƉŽƐŝnjŝŽŶŝ ĐŽŶƚĞŶƵƚĞ ŶĞů ǀŝŐĞŶƚĞ ZĞŐŽůĂŵĞŶƚŽ ĚŝůŝnjŝŽ
ŽŵƵŶĂůĞĞĐŚĞ͕ŶĞůĐŽŶƚĞŵƉŽ͕ƌŝƐƵůƚŝŶŽĚŝƌŽĐĐĂƚŝ͕ƉĞƌŝĐŽůĂŶƚŝĞĨĂƚŝƐĐĞŶƚŝ͘
3. >ΖŝŶĂŐŝďŝůŝƚăŽŝŶĂďŝƚĂďŝůŝƚăƉƵžĞƐƐĞƌĞĂĐĐĞƌƚĂƚĂ͗ĂͿŵĞĚŝĂŶƚĞƉĞƌŝnjŝĂƚĞĐŶŝĐĂĚĂƉĂƌƚĞĚĞůůΖƵĨĨŝĐŝŽƚĞĐŶŝĐŽ
ĐŽŵƵŶĂůĞ͕ ĐŽŶ ƐƉĞƐĞ Ă ĐĂƌŝĐŽ ĚĞů ƉƌŽƉƌŝĞƚĂƌŝŽ͖ ďͿ ĚĂ ƉĂƌƚĞ ĚĞů ĐŽŶƚƌŝďƵĞŶƚĞ ĐŽŶ ĚŝĐŚŝĂƌĂnjŝŽŶĞ
ƐŽƐƚŝƚƵƚŝǀĂĂŝƐĞŶƐŝĚĞŐůŝĂƌƚƚ͘ϰϲĞϰϳĚĞů͘W͘Z͘ϰϰϱͬϮϬϬϬ͘
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4. /ůŽŵƵŶĞƐŝƌŝƐĞƌǀĂĐŽŵƵŶƋƵĞĚŝǀĞƌŝĨŝĐĂƌĞůĂǀĞƌŝĚŝĐŝƚăĚĞůůĂĚŝĐŚŝĂƌĂnjŝŽŶĞƉƌĞƐĞŶƚĂƚĂĚĂůĐŽŶƚƌŝďƵĞŶƚĞ
Ăŝ ƐĞŶƐŝ ĚĞů ƐƵĐĐĞƐƐŝǀŽ ĐŽŵŵĂ͕ ŵĞĚŝĂŶƚĞ ůΖhĨĨŝĐŝŽ dĞĐŶŝĐŽ ŽŵƵŶĂůĞ͕ ŽǀǀĞƌŽ ŵĞĚŝĂŶƚĞ ƚĞĐŶŝĐŝ ůŝďĞƌŝ
ƉƌŽĨĞƐƐŝŽŶŝƐƚŝĂůůΖƵŽƉŽŝŶĐĂƌŝĐĂƚŝ͘
Zd͘ϴ͘ͲDŽĚĂůŝƚăĚŝǀĞƌƐĂŵĞŶƚŽ
ϭ͘ >͛ŝŵƉŽƐƚĂ ğ ĚŽǀƵƚĂ ƉĞƌ ĂŶŶŝ ƐŽůĂƌŝ ƉƌŽƉŽƌnjŝŽŶĂůŵĞŶƚĞ ĂůůĂ ƋƵŽƚĂ ĞĚ Ăŝ ŵĞƐŝ ĚĞůů͛ĂŶŶŽ ŶĞŝ ƋƵĂůŝ Ɛŝ ğ
ƉƌŽƚƌĂƚƚŽ ŝů ƉŽƐƐĞƐƐŽ Ěŝ ŝŵŵŽďŝůŝ Ă ƚŝƚŽůŽ Ěŝ ƉƌŽƉƌŝĞƚă ƉŝĞŶĂ Ž ĂůƚƌŽ ĚŝƌŝƚƚŽ ƌĞĂůĞ Ăŝ ƐĞŶƐŝ ĚĞůů͛Ăƌƚ͘Ϯ ĚĞů
͘>ŐƐ͘ϱϬϰͬϵϮ͖ĂƚĂůĨŝŶĞ͕ŝůŵĞƐĞĚƵƌĂŶƚĞŝůƋƵĂůĞŝůƉŽƐƐĞƐƐŽƐŝğƉƌŽƚƌĂƚƚŽƉĞƌĂůŵĞŶŽƋƵŝŶĚŝĐŝŐŝŽƌŶŝğ
ĐŽŵƉƵƚĂƚŽƉĞƌŝŶƚĞƌŽ͘
Ϯ͘ >͛ŝŵƉŽƐƚĂğǀĞƌƐĂƚĂĂƵƚŽŶŽŵĂŵĞŶƚĞĚĂŽŐŶŝƐŽŐŐĞƚƚŽƉĂƐƐŝǀŽ͘
ϯ͘ ŝƐĞŶƐŝĚĞůůΖĂƌƚ͘ϭ͕ĐŽŵŵĂϭϲϲĚĞůůĂ>ĞŐŐĞϮϳĚŝĐĞŵďƌĞϮϬϬϲ͕Ŷ͘Ϯϵϲ͕ŝůǀĞƌƐĂŵĞŶƚŽĚĞůůΖŝŵƉŽƌƚŽĚŽǀƵƚŽ
ĚĞǀĞĞƐƐĞƌĞĞĨĨĞƚƚƵĂƚŽĐŽŶĂƌƌŽƚŽŶĚĂŵĞŶƚŽĂůůΖĞƵƌŽƉĞƌĚŝĨĞƚƚŽƐĞůĂĨƌĂnjŝŽŶĞğŝŶĨĞƌŝŽƌĞŽƵŐƵĂůĞĂϰϵ
ĐĞŶƚĞƐŝŵŝ͕ŽǀǀĞƌŽƉĞƌĞĐĐĞƐƐŽƐĞƐƵƉĞƌŝŽƌĞĂĚĞƚƚŽŝŵƉŽƌƚŽ͘
Zd͘ϵ͘ʹ/ŵƉŽƌƚŝŵŝŶŝŵŝ
ϭ͘ /ůĐŽŶƚƌŝďƵĞŶƚĞŶŽŶğƚĞŶƵƚŽĂůǀĞƌƐĂŵĞŶƚŽĚĞůƚƌŝďƵƚŽƋƵĂůŽƌĂů͛ŝŵƉŽƌƚŽĂŶŶƵĂůĞĚŽǀƵƚŽ͕ğŝŶĨĞƌŝŽƌĞŽ
ƵŐƵĂůĞĂΦϭϮ͕ϬϬ͘
Ϯ͘ EŽŶƐŽŶŽĞƐĞŐƵŝƚŝƌŝŵďŽƌƐŝĚŝŝŵƉŽƌƚŽĂŶŶƵĂůĞĚŽǀƵƚŽŝŶĨĞƌŝŽƌĞĂůŵĞĚĞƐŝŵŽůŝŵŝƚĞĚŝĐƵŝĂůĐŽŵŵĂ͘
13
W/dK>KͲd^/
ƌƚ͘ϭ͘ͲKŐŐĞƚƚŽ
ϭ͘ /ů ƉƌĞƐĞŶƚĞ ĐĂƉŝƚŽůŽ ĚŝƐĐŝƉůŝŶĂ ůĂ ĐŽŵƉŽŶĞŶƚĞ d^/ ĚŝƌĞƚƚĂ ĂůůĂ ĐŽƉĞƌƚƵƌĂ ĚĞŝ ĐŽƐƚŝ ƌĞůĂƚŝǀŝ Ăů ƐĞƌǀŝnjŝŽ
ŝŶĚŝǀŝƐŝďŝůŝĂĚĞĐŽƌƌĞƌĞĚĂůϭͬϭͬϮϬϭϰ͕ĚĞůů͛/ŵƉŽƐƚĂhŶŝĐĂŽŵƵŶĂůĞ͞/h͟ŝŶĂƚƚƵĂnjŝŽŶĞĚĞůů͛Ăƌƚ͘ϭĐŽŵŵŝ
ĚĂůϲϲϵĂůϲϳϵĞĐŽŵŵŝĚĂůϲϴϭĂůϳϬϱĚĞůůĂ>ĞŐŐĞŶ͘ϭϰϳĚĞůϮϳ͘ϭϮ͘ϮϬϭϯ;ůĞŐŐĞĚŝƐƚĂďŝůŝƚăϮϬϭϰͿĞƐŵŝ͘
Zd͘Ϯ͘ʹWƌĞƐƵƉƉŽƐƚŽĚĞůƚƌŝďƵƚŽ
ϭ͘ /ů ƉƌĞƐƵƉƉŽƐƚŽ ŝŵƉŽƐŝƚŝǀŽ ĚĞůůĂ d^/ ğ ŝů ƉŽƐƐĞƐƐŽ Ž ůĂ ĚĞƚĞŶnjŝŽŶĞ Ă ƋƵĂůƐŝĂƐŝ ƚŝƚŽůŽ Ěŝ ĨĂďďƌŝĐĂƚŝ͕ ŝǀŝ
ĐŽŵƉƌĞƐĂ ůΖĂďŝƚĂnjŝŽŶĞ ƉƌŝŶĐŝƉĂůĞ Ğ Ěŝ ĂƌĞĞ ĞĚŝĨŝĐĂďŝůŝ͕ ĐŽŵĞ ĚĞĨŝŶŝƚŝ Ăŝ ƐĞŶƐŝ ĚĞůůΖŝŵƉŽƐƚĂ ŵƵŶŝĐŝƉĂůĞ
ƉƌŽƉƌŝĂ͕ĂĚĞĐĐĞnjŝŽŶĞ͕ŝŶŽŐŶŝĐĂƐŽ͕ĚĞŝƚĞƌƌĞŶŝĂŐƌŝĐŽůŝ͘
Zd͘ϯ͘ʹ^ŽŐŐĞƚƚŝƉĂƐƐŝǀŝ
ϭ͘ >Ăd^/ğĚŽǀƵƚĂĚĂĐŚŝƵŶƋƵĞƉŽƐƐŝĞĚĂŽĚĞƚĞŶŐĂĂƋƵĂůƐŝĂƐŝƚŝƚŽůŽůĞƵŶŝƚăŝŵŵŽďŝůŝĂƌŝĚŝĐƵŝĂůůΖĂƌƚ͘Ϯ͘͘
/Ŷ ĐĂƐŽ Ěŝ ƉůƵƌĂůŝƚă Ěŝ ƉŽƐƐĞƐƐŽƌŝ Ž Ěŝ ĚĞƚĞŶƚŽƌŝ͕ ĞƐƐŝ ƐŽŶŽ ƚĞŶƵƚŝ ŝŶ ƐŽůŝĚŽ Ăůů͛ĂĚĞŵƉŝŵĞŶƚŽ ĚĞůů͛ƵŶŝĐĂ
ŽďďůŝŐĂnjŝŽŶĞƚƌŝďƵƚĂƌŝĂ͘
Ϯ͘ /ŶĐĂƐŽĚŝĚĞƚĞŶnjŝŽŶĞƚĞŵƉŽƌĂŶĞĂĚŝĚƵƌĂƚĂŶŽŶƐƵƉĞƌŝŽƌĞĂƐĞŝŵĞƐŝŶĞůĐŽƌƐŽĚĞůůŽƐƚĞƐƐŽĂŶŶŽƐŽůĂƌĞ͕
ůĂ d^/ ğ ĚŽǀƵƚĂ ƐŽůƚĂŶƚŽ ĚĂů ƉŽƐƐĞƐƐŽƌĞ ĚĞŝ ůŽĐĂůŝ Ğ ĚĞůůĞ ĂƌĞĞ Ă ƚŝƚŽůŽ Ěŝ ƉƌŽƉƌŝĞƚă͕ ƵƐƵĨƌƵƚƚŽ͕ ƵƐŽ͕
ĂďŝƚĂnjŝŽŶĞĞƐƵƉĞƌĨŝĐŝĞ͘
ϯ͘ EĞů ĐĂƐŽ Ěŝ ůŽĐĂůŝ ŝŶ ŵƵůƚŝƉƌŽƉƌŝĞƚă Ğ Ěŝ ĐĞŶƚƌŝ ĐŽŵŵĞƌĐŝĂůŝ ŝŶƚĞŐƌĂƚŝ ŝů ƐŽŐŐĞƚƚŽ ĐŚĞ ŐĞƐƚŝƐĐĞ ŝ ƐĞƌǀŝnjŝ
ĐŽŵƵŶŝ ğ ƌĞƐƉŽŶƐĂďŝůĞ ĚĞů ǀĞƌƐĂŵĞŶƚŽ ĚĞůůĂ d^/ ĚŽǀƵƚĂ ƉĞƌ ŝ ůŽĐĂůŝ Ğ ůĞ ĂƌĞĞ Ěŝ ƵƐŽ ĐŽŵƵŶĞ Ğ ƉĞƌ ŝ
ůŽĐĂůŝĞůĞĂƌĞĞŝŶƵƐŽĞƐĐůƵƐŝǀŽĂŝƐŝŶŐŽůŝƉŽƐƐĞƐƐŽƌŝŽĚĞƚĞŶƚŽƌŝ͕ĨĞƌŵŝƌĞƐƚĂŶĚŽŶĞŝĐŽŶĨƌŽŶƚŝĚŝƋƵĞƐƚŝ
Ƶůƚŝŵŝ͕ Őůŝ Ăůƚƌŝ ŽďďůŝŐŚŝ Ž Ěŝƌŝƚƚŝ ĚĞƌŝǀĂŶƚŝ ĚĂů ƌĂƉƉŽƌƚŽ ƚƌŝďƵƚĂƌŝŽ ƌŝŐƵĂƌĚĂŶƚĞ ŝ ůŽĐĂůŝ Ğ ůĞ ĂƌĞĞ ŝŶ ƵƐŽ
ĞƐĐůƵƐŝǀŽ͘
ϰ͘ EĞů ĐĂƐŽ ŝŶ ĐƵŝ ů͛ƵŶŝƚă ŝŵŵŽďŝůŝĂƌĞ ğ ŽĐĐƵƉĂƚĂ ĚĂ ƵŶ ƐŽŐŐĞƚƚŽ ĚŝǀĞƌƐŽ ĚĂů ƚŝƚŽůĂƌĞ ĚĞů ĚŝƌŝƚƚŽ ƌĞĂůĞ
ƐƵůů͛ƵŶŝƚăŝŵŵŽďŝůŝĂƌĞ͕ƋƵĞƐƚ͛ƵůƚŝŵŽĞů͛ŽĐĐƵƉĂŶƚĞƐŽŶŽƚŝƚŽůĂƌŝĚŝƵŶ͛ĂƵƚŽŶŽŵĂŽďďůŝŐĂnjŝŽŶĞƚƌŝďƵƚĂƌŝĂ͘
>͛ŽĐĐƵƉĂŶƚĞ ǀĞƌƐĂ ůĂ d^/ ŶĞůůĂ ŵŝƐƵƌĂ ĚĞů ϮϬ ƉĞƌ ĐĞŶƚŽ ĚĞůů͛ĂŵŵŽŶƚĂƌĞ ĐŽŵƉůĞƐƐŝǀŽ͕ ĐĂůĐŽůĂƚŽ
ĂƉƉůŝĐĂŶĚŽů͛ĂůŝƋƵŽƚĂĚŝĐƵŝĂůƐƵĐĐĞƐƐŝǀŽĂƌƚ͘ϱ͘͘>ĂƌĞƐƚĂŶƚĞƉĂƌƚĞğĐŽƌƌŝƐƉŽƐƚĂĚĂůƚŝƚŽůĂƌĞĚĞůĚŝƌŝƚƚŽ
ƌĞĂůĞƐƵůů͛ƵŶŝƚăŝŵŵŽďŝůŝĂƌĞ͘
Zd͘ϰ͘ʹĂƐĞŝŵƉŽŶŝďŝůĞ
ϭ͘ >Ă ďĂƐĞ ŝŵƉŽŶŝďŝůĞ ğ ƋƵĞůůĂ ƉƌĞǀŝƐƚĂ ƉĞƌ ů͛ĂƉƉůŝĐĂnjŝŽŶĞ ĚĞůů͛ŝŵƉŽƐƚĂ ŵƵŶŝĐŝƉĂůĞ ƉƌŽƉƌŝĂ ͞/Dh͟ Ěŝ ĐƵŝ
Ăůů͛ĂƌƚŝĐŽůŽϭϯĚĞůĚĞĐƌĞƚŽͲůĞŐŐĞŶ͘ϮϬϭĚĞůϮϬϭϭ͕ĐŽŶǀĞƌƚŝƚŽ͕ĐŽŶŵŽĚŝĨŝĐĂnjŝŽŶŝ͕ĚĂůůĂůĞŐŐĞϮϮĚŝĐĞŵďƌĞ
ϮϬϭϭ͕Ŷ͘ϮϭϰĞƐŵ͘ĞĚĂůƌĞůĂƚŝǀŽƌĞŐŽůĂŵĞŶƚŽĐŽŵƵŶĂůĞ͘
Ϯ͘ WĞƌůĂĚĞƚĞƌŵŝŶĂnjŝŽŶĞĚĞůǀĂůŽƌĞĚĞůůĞĂƌĞĞĨĂďďƌŝĐĂďŝůŝƐŝĂƉƉůŝĐĂůΖĂƌƚŝĐŽůŽϲ͘ĚĞůǀŝŐĞŶƚĞƌĞŐŽůĂŵĞŶƚŽ
ĐŽŵƵŶĂůĞƉĞƌůΖĂƉƉůŝĐĂnjŝŽŶĞĚĞůůΖ/Dh͘
14
Zd͘ϱ͘ʹůŝƋƵŽƚĞĞĚĞƚƌĂnjŝŽŶŝ
ϭ͘ >͛ĂůŝƋƵŽƚĂ Ěŝ ďĂƐĞ ĚĞůůĂ d^/ ğ ĨŝƐƐĂƚĂ ĚĂůůĂ ůĞŐŐĞ͘ /ů ŽŵƵŶĞ ƉƵž ƉƌŽǀǀĞĚĞƌĞ ĂůůĂ ĚĞƚĞƌŵŝŶĂnjŝŽŶĞ Ěŝ
ĂůŝƋƵŽƚĞ ĚŝǀĞƌƐĞ͕ ŶĞů ƌŝƐƉĞƚƚŽ ĚĞůůĞ ĚŝƐƉŽƐŝnjŝŽŶŝ Ěŝ ůĞŐŐĞ͕ ĐŽŶ ĚĞůŝďĞƌĂnjŝŽŶĞ ĚĞů ŽŶƐŝŐůŝŽ ĐŽŵƵŶĂůĞ
ĂĚŽƚƚĂƚĂĞŶƚƌŽůĂĚĂƚĂĚŝĂƉƉƌŽǀĂnjŝŽŶĞĚĞůďŝůĂŶĐŝŽĚŝƉƌĞǀŝƐŝŽŶĞƉĞƌů͛ĂŶŶŽĚŝƌŝĨĞƌŝŵĞŶƚŽ͘
Ϯ͘ /ůŽŵƵŶĞ͕ĐŽŶůĂŵĞĚĞƐŝŵĂĚĞůŝďĞƌĂnjŝŽŶĞĚĞůŽŶƐŝŐůŝŽĐŽŵƵŶĂůĞ͕ĐŚĞĚĞƚĞƌŵŝŶĂůĞĂůŝƋƵŽƚĞĚĞůůĂd^/͕
ƉƵžƐƚĂďŝůŝƌĞů͛ĂƉƉůŝĐĂnjŝŽŶĞĚŝĚĞƚƌĂnjŝŽŶŝ͕ƌŝĚƵnjŝŽŶŝĞĚĞƐĞŶnjŝŽŶŝŶĞŝůŝŵŝƚŝĚŝƉƌĞǀŝƐŝŽŶĞĚŝůĞŐŐĞ͕ĂŶĐŚĞ
ƚĞŶĞŶĚŽĐŽŶƚŽĚĞůůĂĐĂƉĂĐŝƚăĐŽŶƚƌŝďƵƚŝǀĂĚĞůůĞĨĂŵŝŐůŝĞĚĞƌŝǀĂŶƚĞĚĂůů͛ĂƉƉůŝĐĂnjŝŽŶĞĚĞůů͛/^͘
Zd͘ϲ͘ʹ^ĞƌǀŝnjŝŝŶĚŝǀŝƐŝďŝůŝ
ϭ͘ >͛ŝŶĚŝǀŝĚƵĂnjŝŽŶĞ ĚĞŝ ƐĞƌǀŝnjŝ ŝŶĚŝǀŝƐŝďŝůŝ Ğ ů͛ŝŶĚŝĐĂnjŝŽŶĞ ĂŶĂůŝƚŝĐĂ͕ ƉĞƌ ĐŝĂƐĐƵŶŽ Ěŝ ƚĂůŝ ƐĞƌǀŝnjŝ͕ ĚĞŝ ƌĞůĂƚŝǀŝ
ĐŽƐƚŝ ĂůůĂ ĐƵŝ ĐŽƉĞƌƚƵƌĂ ůĂ d^/ ğ ĚŝƌĞƚƚĂ͕ ğ ƌŝƉŽƌƚĂƚĂ ŶĞůů͛ĂůůĞŐĂƚŽ ϭͿ ĚĞů ƉƌĞƐĞŶƚĞ ƌĞŐŽůĂŵĞŶƚŽ
ƌĞůĂƚŝǀĂŵĞŶƚĞ Ăůů͛ĂŶŶŽ ϮϬϭϰ͖ ĂůůĞŐĂƚŽ ĐŚĞ ƐĂƌă ĂŐŐŝŽƌŶĂƚŽ ĂŶŶƵĂůŵĞŶƚĞ ĐŽŶ ĚĞůŝďĞƌĂ ĚĞů ŽŶƐŝŐůŝŽ
ĐŽŵƵŶĂůĞ͘
Zd͘ϳ͘ʹhůƚĞƌŝŽƌŝƌŝĚƵnjŝŽŶŝĞĚĞƐĞŶnjŝŽŶŝ
ϭ͘ WĞƌ ůĂ ĚĞƚĞƌŵŝŶĂnjŝŽŶĞ ĚĞůůĂ ďĂƐĞ ŝŵƉŽŶŝďŝůĞ ĚĞŝ ĨĂďďƌŝĐĂƚŝ ŝŶĂďŝƚĂďŝůŝ͕ ŝŶĂŐŝďŝůŝ Ž ƐƚŽƌŝĐŽ ĂƌƚŝƐƚŝĐŽ Ɛŝ
ĂƉƉůŝĐĂůΖĂƌƚŝĐŽůŽϳ͘ĚĞůǀŝŐĞŶƚĞƌĞŐŽůĂŵĞŶƚŽƉĞƌůΖĂƉƉůŝĐĂnjŝŽŶĞĚĞůůΖ/Dh͘
Ϯ͘ WĞƌůĂĚĞƚĞƌŵŝŶĂnjŝŽŶĞĚĞůůĂďĂƐĞŝŵƉŽŶŝďŝůĞĚĞůůĞĂƌĞĞĨĂďďƌŝĐĂďŝůŝƉŽƐƐĞĚƵƚĞĞĐŽŶĚŽƚƚĞĚĂĐŽůƚŝǀĂƚŽƌĞ
ĚŝƌĞƚƚŽ Ž ŝŵƉƌĞŶĚŝƚŽƌĞ ĂŐƌŝĐŽůŽ ƉƌŽĨĞƐƐŝŽŶĂůĞ Ɛŝ ĂƉƉůŝĐĂ ůΖĂƌƚŝĐŽůŽ ϱ͘ ĚĞů ǀŝŐĞŶƚĞ ƌĞŐŽůĂŵĞŶƚŽ ƉĞƌ
ůΖĂƉƉůŝĐĂnjŝŽŶĞĚĞůůΖ/Dh͘
Zd͘ϴ͘ʹDŽĚĂůŝƚăĚŝǀĞƌƐĂŵĞŶƚŽ
ϭ͘ /ů ƚƌŝďƵƚŽ ğ ĚŽǀƵƚŽ ƉĞƌ ĂŶŶŽ ƐŽůĂƌĞ ƉƌŽƉŽƌnjŝŽŶĂůŵĞŶƚĞ ĂůůĂ ƋƵŽƚĂ Ğ Ăŝ ŵĞƐŝ ĚĞůů͛ĂŶŶŽ ŶĞŝ ƋƵĂůŝ Ɛŝ ğ
ƉƌŽƚƌĂƚƚŽ ŝů ƉŽƐƐĞƐƐŽ͕ ů͛ŽĐĐƵƉĂnjŝŽŶĞ Ž ůĂ ĚĞƚĞŶnjŝŽŶĞ͖ Ă ƚĂů ĨŝŶĞ ŝů ŵĞƐĞ ĚƵƌĂŶƚĞ ŝů ƋƵĂůĞ ŝů ƉŽƐƐĞƐƐŽ͕
ů͛ŽĐĐƵƉĂnjŝŽŶĞ Ž ůĂ ĚĞƚĞŶnjŝŽŶĞ Ɛŝ ğ ƉƌŽƚƌĂƚƚŽ ƉĞƌ ĂůŵĞŶŽ ƋƵŝŶĚŝĐŝ ŐŝŽƌŶŝ ğ ĐŽŵƉƵƚĂƚŽ ƉĞƌ ŝŶƚĞƌŽ͘ /ů
ƚƌŝďƵƚŽğǀĞƌƐĂƚŽŝŶĂƵƚŽůŝƋƵŝĚĂnjŝŽŶĞĚĂůĐŽŶƚƌŝďƵĞŶƚĞ͘
Ϯ͘ /ůǀĞƌƐĂŵĞŶƚŽĚĞůƚƌŝďƵƚŽğĞĨĨĞƚƚƵĂƚŽ͕ƉĞƌů͛ĂŶŶŽĚŝƌŝĨĞƌŝŵĞŶƚŽ͕ŝŶĚƵĞƌĂƚĞ͕ĐŽŶůĞƐƚĞƐƐĞƐĐĂĚĞŶnjĞ
ƉƌĞǀŝƐƚĞƉĞƌů͛ŝŵƉŽƐƚĂŵƵŶŝĐŝƉĂůĞƉƌŽƉƌŝĂ͘
ϯ͘ ĐŽŶƐĞŶƚŝƚŽŝůƉĂŐĂŵĞŶƚŽŝŶƵŶŝĐĂƐŽůƵnjŝŽŶĞĞŶƚƌŽůĂƐĐĂĚĞŶnjĂƉƌĞǀŝƐƚĂƉĞƌů͛ĂĐĐŽŶƚŽ͘
ϰ͘ /ů ǀĞƌƐĂŵĞŶƚŽ ĚĞǀĞ ĞƐƐĞƌĞ ĞƐĞŐƵŝƚŽ ŵĞĚŝĂŶƚĞ ƵƚŝůŝnjnjŽ ĚĞů DŽĚĞůůŽ &Ϯϰ ƐĞĐŽŶĚŽ ůĞ ĚŝƐƉŽƐŝnjŝŽŶŝ
ĚĞůů͛ĂƌƚŝĐŽůŽ ϭϳ ĚĞů ĞĐƌĞƚŽ >ĞŐŝƐůĂƚŝǀŽ ϵ ůƵŐůŝŽ ϭϵϵϳ͕ Ŷ͘ Ϯϰϭ͕ ŽǀǀĞƌŽ ƚƌĂŵŝƚĞ ůĞ ĂůƚƌĞ ŵŽĚĂůŝƚĂΖ Ěŝ
ƉĂŐĂŵĞŶƚŽŽĨĨĞƌƚĞĚĂŝƐĞƌǀŝnjŝĞůĞƚƚƌŽŶŝĐŝĚŝŝŶĐĂƐƐŽĞĚŝƉĂŐĂŵĞŶƚŽŝŶƚĞƌďĂŶĐĂƌŝĞƉŽƐƚĂůŝ͘
ϱ͘ ŝƐĞŶƐŝĚĞůůΖĂƌƚ͘ϭ͕ĐŽŵŵĂϭϲϲĚĞůůĂ>ĞŐŐĞϮϳĚŝĐĞŵďƌĞϮϬϬϲ͕Ŷ͘Ϯϵϲ͕ŝůǀĞƌƐĂŵĞŶƚŽĚĞůůΖŝŵƉŽƌƚŽĚŽǀƵƚŽ
ĚĞǀĞĞƐƐĞƌĞĞĨĨĞƚƚƵĂƚŽĐŽŶĂƌƌŽƚŽŶĚĂŵĞŶƚŽĂůůΖĞƵƌŽƉĞƌĚŝĨĞƚƚŽƐĞůĂĨƌĂnjŝŽŶĞğŝŶĨĞƌŝŽƌĞŽƵŐƵĂůĞĂϰϵ
ĐĞŶƚĞƐŝŵŝ͕ŽǀǀĞƌŽƉĞƌĞĐĐĞƐƐŽƐĞƐƵƉĞƌŝŽƌĞĂĚĞƚƚŽŝŵƉŽƌƚŽ͘
15
Zd͘ϵ͘ʹ/ŵƉŽƌƚŝŵŝŶŝŵŝ
ϭ͘ /ůĐŽŶƚƌŝďƵĞŶƚĞŶŽŶğƚĞŶƵƚŽĂůǀĞƌƐĂŵĞŶƚŽĚĞůƚƌŝďƵƚŽƋƵĂůŽƌĂů͛ŝŵƉŽƌƚŽĂŶŶƵĂůĞĚŽǀƵƚŽ͕ğŝŶĨĞƌŝŽƌĞŽ
ƵŐƵĂůĞĂΦϭϮ͕ϬϬ͘
Ϯ͘ EŽŶƐŽŶŽĞƐĞŐƵŝƚŝƌŝŵďŽƌƐŝĚŝŝŵƉŽƌƚŽĂŶŶƵĂůĞĚŽǀƵƚŽŝŶĨĞƌŝŽƌĞĂůŵĞĚĞƐŝŵŽůŝŵŝƚĞĚŝĐƵŝĂůĐŽŵŵĂϭ͘
16
W/dK>KͲdZ/
ƌƚ͘ϭ͘ͲKŐŐĞƚƚŽ
ϭ͘ /ů ƉƌĞƐĞŶƚĞ ĐĂƉŝƚŽůŽ ĚŝƐĐŝƉůŝŶĂ ůĂ ĐŽŵƉŽŶĞŶƚĞ dZ/ ;dĂƐƐĂ ƐƵŝ ƌŝĨŝƵƚŝͿ͕ ĚŝƌĞƚƚĂ ĂůůĂ ĐŽƉĞƌƚƵƌĂ ĚĞŝ ĐŽƐƚŝ
ƌĞůĂƚŝǀŝĂůƐĞƌǀŝnjŝŽĚŝŐĞƐƚŝŽŶĞĚĞŝƌŝĨŝƵƚŝĂĚĞĐŽƌƌĞƌĞĚĂůϭͬϭͬϮϬϭϰ͕ĚĞůů͛/ŵƉŽƐƚĂhŶŝĐĂŽŵƵŶĂůĞ͞/h͟ŝŶ
ĂƚƚƵĂnjŝŽŶĞĚĞůů͛Ăƌƚ͘ϭĐŽŵŵŝĚĂůϲϰϭĂůϲϲϴĞĐŽŵŵŝĚĂůϲϴϮĂůϳϬϱĚĞůůĂ>ĞŐŐĞŶ͘ϭϰϳĚĞůϮϳ͘ϭϮ͘ϮϬϭϯ
;ůĞŐŐĞ Ěŝ ƐƚĂďŝůŝƚă ϮϬϭϰͿ Ğ Ɛŵŝ͕ ŝŶ ƉĂƌƚŝĐŽůĂƌĞ ƐƚĂďŝůĞŶĚŽ ĐŽŶĚŝnjŝŽŶŝ͕ ŵŽĚĂůŝƚă Ğ ŽďďůŝŐŚŝ ƉĞƌ ůĂ ƐƵĂ
ĂƉƉůŝĐĂnjŝŽŶĞ͘
Ϯ͘ WĞƌƋƵĂŶƚŽŶŽŶƉƌĞǀŝƐƚŽĚĂůƉƌĞƐĞŶƚĞƌĞŐŽůĂŵĞŶƚŽƐŝƌŝŶǀŝĂĂůůĞĚŝƐƉŽƐŝnjŝŽŶŝĐŽŶƚĞŶƵƚĞŶĞůů͛Ăƌƚ͘ϭĚĞůůĂ
>ĞŐŐĞ Ŷ͘ϭϰϳͬϮϬϭϯ Ğ Ɛ͘ŵ͘ŝ͕͘ Ăů ͘W͘Z͘ ϮϳͬϬϰͬϭϵϵϵ͕ Ŷ͘ϭϱϴ Ğ Ɛ͘ŵ͘ŝ͕͘ Ăů ƌĞŐŽůĂŵĞŶƚŽ ĐŽŵƵŶĂůĞ Ěŝ ŝŐŝĞŶĞ
ƵƌďĂŶĂĂĚŽƚƚĂƚŽĚĂƋƵĞƐƚŽŶƚĞ͕ŶŽŶĐŚĠĂůůĞĂůƚƌĞŶŽƌŵĞůĞŐŝƐůĂƚŝǀĞĞƌĞŐŽůĂŵĞŶƚĂƚŝǀŝŐĞŶƚŝŝŶŵĂƚĞƌŝĂ͘
ƌƚ͘Ϯ͘Ͳ'ĞƐƚŝŽŶĞĞĐůĂƐƐŝĨŝĐĂnjŝŽŶĞĚĞŝƌŝĨŝƵƚŝ
ϭ͘>ĂŐĞƐƚŝŽŶĞĚĞŝƌŝĨŝƵƚŝƵƌďĂŶŝĐŽŵƉƌĞŶĚĞůĂƌĂĐĐŽůƚĂ͕ŝůƚƌĂƐƉŽƌƚŽ͕ŝůƌĞĐƵƉĞƌŽĞůŽƐŵĂůƚŝŵĞŶƚŽĚĞŝƌŝĨŝƵƚŝ
ƵƌďĂŶŝ Ğ ĂƐƐŝŵŝůĂƚŝ Ğ ĐŽƐƚŝƚƵŝƐĐĞ ƵŶ ƐĞƌǀŝnjŝŽ Ěŝ ƉƵďďůŝĐŽ ŝŶƚĞƌĞƐƐĞ͕ ƐǀŽůƚŽ ŝŶ ƌĞŐŝŵĞ Ěŝ ƉƌŝǀĂƚŝǀĂ ƐƵůů͛ŝŶƚĞƌŽ
ƚĞƌƌŝƚŽƌŝŽĐŽŵƵŶĂůĞ͘
Ϯ͘/ůƐĞƌǀŝnjŝŽğĚŝƐĐŝƉůŝŶĂƚŽĚĂůůĞĚŝƐƉŽƐŝnjŝŽŶŝĚĞůĚĞĐƌĞƚŽůĞŐŝƐůĂƚŝǀŽϯĂƉƌŝůĞϮϬϬϲ͕Ŷ͘ϭϱϮ͕ĚĂůZĞŐŽůĂŵĞŶƚŽ
ĐŽŵƵŶĂůĞ Ěŝ ŝŐŝĞŶĞ ƵƌďĂŶĂ Ğ ŐĞƐƚŝŽŶĞ ĚĞŝ ƌŝĨŝƵƚŝ͕ ŶŽŶĐŚĠ ĚĂůůĞ ĚŝƐƉŽƐŝnjŝŽŶŝ ƉƌĞǀŝƐƚĞ ŶĞů ƉƌĞƐĞŶƚĞ
ƌĞŐŽůĂŵĞŶƚŽ͘
ϯ͘^ŝĚĞĨŝŶŝƐĐĞͨƌŝĨŝƵƚŽ͕ͩĂŝƐĞŶƐŝĚĞůů͛ĂƌƚŝĐŽůŽϭϴϯ͕ĐŽŵŵĂϭ͕ůĞƚƚ͘ĂͿ͕ĚĞůĚĞĐƌĞƚŽůĞŐŝƐůĂƚŝǀŽϯĂƉƌŝůĞϮϬϬϲ͕Ŷ͘
ϭϱϮ͕ƋƵĂůƐŝĂƐŝƐŽƐƚĂŶnjĂŽĚŽŐŐĞƚƚŽĚŝĐƵŝŝůĚĞƚĞŶƚŽƌĞƐŝĚŝƐĨŝŽĂďďŝĂů͛ŝŶƚĞŶnjŝŽŶĞŽĂďďŝĂůΖŽďďůŝŐŽĚŝĚŝƐĨĂƌƐŝ͘
ϰ͘^ŽŶŽƌŝĨŝƵƚŝƵƌďĂŶŝĂŝƐĞŶƐŝĚĞůů͛ĂƌƚŝĐŽůŽϭϴϰ͕ĐŽŵŵĂϮ͕ĚĞůĚĞĐƌĞƚŽůĞŐŝƐůĂƚŝǀŽϯĂƉƌŝůĞϮϬϬϲ͕Ŷ͘ϭϱϮ͗
ĂͿ
ŝƌŝĨŝƵƚŝĚŽŵĞƐƚŝĐŝ͕ĂŶĐŚĞŝŶŐŽŵďƌĂŶƚŝ͕ƉƌŽǀĞŶŝĞŶƚŝĚĂůŽĐĂůŝĞůƵŽŐŚŝĂĚŝďŝƚŝĂĚƵƐŽĚŝĐŝǀŝůĞĂďŝƚĂnjŝŽŶĞ͖
ďͿ
ŝƌŝĨŝƵƚŝŶŽŶƉĞƌŝĐŽůŽƐŝƉƌŽǀĞŶŝĞŶƚŝĚĂůŽĐĂůŝĞůƵŽŐŚŝĂĚŝďŝƚŝĂĚƵƐŝĚŝǀĞƌƐŝĚĂƋƵĞůůŝĚŝĐƵŝĂůůĂůĞƚƚĞƌĂĂͿ
ĚĞůƉƌĞƐĞŶƚĞĐŽŵŵĂ͕ĂƐƐŝŵŝůĂƚŝĚĂůĐŽŵƵŶĞĂŝƌŝĨŝƵƚŝƵƌďĂŶŝ͖
ĐͿ
ŝƌŝĨŝƵƚŝƉƌŽǀĞŶŝĞŶƚŝĚĂůůŽƐƉĂnjnjĂŵĞŶƚŽĚĞůůĞƐƚƌĂĚĞ͖
ĚͿ
ŝƌŝĨŝƵƚŝĚŝƋƵĂůƵŶƋƵĞŶĂƚƵƌĂŽƉƌŽǀĞŶŝĞŶnjĂ͕ŐŝĂĐĞŶƚŝƐƵůůĞƐƚƌĂĚĞĞĚĂƌĞĞƉƵďďůŝĐŚĞŽƐƵůůĞƐƚƌĂĚĞĞĚ
ĂƌĞĞƉƌŝǀĂƚĞĐŽŵƵŶƋƵĞƐŽŐŐĞƚƚĞĂĚƵƐŽƉƵďďůŝĐŽŽƐƵůůĞƐƉŝĂŐŐĞŵĂƌŝƚƚŝŵĞĞůĂĐƵĂůŝĞƐƵůůĞƌŝǀĞĚĞŝ
ĐŽƌƐŝĚΖĂĐƋƵĂ͖
ĞͿ
ŝƌŝĨŝƵƚŝǀĞŐĞƚĂůŝƉƌŽǀĞŶŝĞŶƚŝĚĂĂƌĞĞǀĞƌĚŝ͕ƋƵĂůŝŐŝĂƌĚŝŶŝ͕ƉĂƌĐŚŝĞĂƌĞĞĐŝŵŝƚĞƌŝĂůŝ͖
ĨͿ
ŝ ƌŝĨŝƵƚŝ ƉƌŽǀĞŶŝĞŶƚŝ ĚĂ ĞƐƵŵĂnjŝŽŶŝ ĞĚ ĞƐƚƵŵƵůĂnjŝŽŶŝ͕ ŶŽŶĐŚĠ Őůŝ Ăůƚƌŝ ƌŝĨŝƵƚŝ ƉƌŽǀĞŶŝĞŶƚŝ ĚĂ Ăƚƚŝǀŝƚă
ĐŝŵŝƚĞƌŝĂůĞĚŝǀĞƌƐŝĚĂƋƵĞůůŝĚŝĐƵŝĂůůĞůĞƚƚĞƌĞďͿ͕ĐͿĞĚĞͿĚĞůƉƌĞƐĞŶƚĞĐŽŵŵĂ͘
ϱ͘^ŽŶŽƌŝĨŝƵƚŝƐƉĞĐŝĂůŝĂŝƐĞŶƐŝĚĞůů͛ĂƌƚŝĐŽůŽϭϴϰ͕ĐŽŵŵĂϯ͕ĚĞůĚĞĐƌĞƚŽůĞŐŝƐůĂƚŝǀŽϯĂƉƌŝůĞϮϬϬϲ͕Ŷ͘ϭϱϮ͗
ĂͿ
ŝƌŝĨŝƵƚŝĚĂĂƚƚŝǀŝƚăĂŐƌŝĐŽůĞĞĂŐƌŽͲŝŶĚƵƐƚƌŝĂůŝ͕ĂŝƐĞŶƐŝĞƉĞƌŐůŝĞĨĨĞƚƚŝĚĞůůΖĂƌƚŝĐŽůŽϮϭϯϱĐ͘Đ͖͘
ďͿ
ŝƌŝĨŝƵƚŝĚĞƌŝǀĂŶƚŝĚĂůůĞĂƚƚŝǀŝƚăĚŝĚĞŵŽůŝnjŝŽŶĞ͕ĐŽƐƚƌƵnjŝŽŶĞ͕ŶŽŶĐŚĠŝƌŝĨŝƵƚŝĐŚĞĚĞƌŝǀĂŶŽĚĂůůĞĂƚƚŝǀŝƚă
ĚŝƐĐĂǀŽ͖
ĐͿ
ŝƌŝĨŝƵƚŝĚĂůĂǀŽƌĂnjŝŽŶŝŝŶĚƵƐƚƌŝĂůŝ͖
17
ĚͿ
ŝƌŝĨŝƵƚŝĚĂůĂǀŽƌĂnjŝŽŶŝĂƌƚŝŐŝĂŶĂůŝ͖
ĞͿ
ŝƌŝĨŝƵƚŝĚĂĂƚƚŝǀŝƚăĐŽŵŵĞƌĐŝĂůŝ͖
ĨͿ
ŝƌŝĨŝƵƚŝĚĂĂƚƚŝǀŝƚăĚŝƐĞƌǀŝnjŝŽ͖
ŐͿ
ŝ ƌŝĨŝƵƚŝ ĚĞƌŝǀĂŶƚŝ ĚĂůůĂ Ăƚƚŝǀŝƚă Ěŝ ƌĞĐƵƉĞƌŽ Ğ ƐŵĂůƚŝŵĞŶƚŽ Ěŝ ƌŝĨŝƵƚŝ͕ ŝ ĨĂŶŐŚŝ ƉƌŽĚŽƚƚŝ ĚĂůůĂ
ƉŽƚĂďŝůŝnjnjĂnjŝŽŶĞ Ğ ĚĂ Ăůƚƌŝ ƚƌĂƚƚĂŵĞŶƚŝ ĚĞůůĞ ĂĐƋƵĞ͕ ĚĂůůĂ ĚĞƉƵƌĂnjŝŽŶĞ ĚĞůůĞ ĂĐƋƵĞ ƌĞĨůƵĞ Ğ ĚĂ
ĂďďĂƚƚŝŵĞŶƚŽĚŝĨƵŵŝ͖
ŚͿ
ŝƌŝĨŝƵƚŝĚĞƌŝǀĂŶƚŝĚĂĂƚƚŝǀŝƚăƐĂŶŝƚĂƌŝĞ͘
ƌƚ͘ϯ͘ͲZŝĨŝƵƚŝĂƐƐŝŵŝůĂƚŝĂŐůŝƵƌďĂŶŝ
ϭ͘ ^ŽŶŽ ĂƐƐŝŵŝůĂƚŝ Ăŝ ƌŝĨŝƵƚŝ ƵƌďĂŶŝ͕ Ăŝ ĨŝŶŝ ĚĞůů͛ĂƉƉůŝĐĂnjŝŽŶĞ ĚĞů ƚƌŝďƵƚŽĞ ĚĞůůĂ ŐĞƐƚŝŽŶĞ ĚĞů ƐĞƌǀŝnjŝŽ͕ ůĞ
ƐŽƐƚĂŶnjĞ ŶŽŶ ƉĞƌŝĐŽůŽƐĞ ĞůĞŶĐĂƚĞ ŶĞůů͛ĂůůĞŐĂƚŽ ϯ ƉƌŽǀĞŶŝĞŶƚŝ ĚĂ ůŽĐĂůŝ Ğ ůƵŽŐŚŝ ĂĚŝďŝƚŝ Ă ƵƐŝ ĚŝǀĞƌƐŝ
ĚĂůůĂ ĐŝǀŝůĞ ĂďŝƚĂnjŝŽŶĞ͕ ĐŽŵƉƌĞƐŝ Őůŝ ŝŶƐĞĚŝĂŵĞŶƚŝ ĂĚŝďŝƚŝ ĂĚ Ăƚƚŝǀŝƚă ĂŐƌŝĐŽůĞ͕ ĂŐƌŽŝŶĚƵƐƚƌŝĂůŝ͕
ŝŶĚƵƐƚƌŝĂůŝ͕ĂƌƚŝŐŝĂŶĂůŝ͕ĐŽŵŵĞƌĐŝĂůŝ͕ĚŝƐĞƌǀŝnjŝĞĚĂĂƚƚŝǀŝƚăƐĂŶŝƚĂƌŝĞ͘
Ϯ͘ /ƌŝĨŝƵƚŝŶŽŶĂƐƐŝŵŝůĂƚŝĂŐůŝƵƌďĂŶŝŶŽŶƉŽƐƐŽŶŽĞƐƐĞƌĞĐŽŶĨĞƌŝƚŝĂůƉƵďďůŝĐŽƐĞƌǀŝnjŝŽ͖ůĂƌĞƐƉŽŶƐĂďŝůŝƚă
ĚĞůůĂƌĂĐĐŽůƚĂ͕ĚĞůů͛ĂǀǀŝŽĂƌĞĐƵƉĞƌŽ͕ƌŝĐŝĐůŽŽƐŵĂůƚŝŵĞŶƚŽƌŝŵĂŶĞŝŶĐĂƉŽĂůƉƌŽĚƵƚƚŽƌĞ͘
ϯ͘ ^ŽŶŽŝŶŽŐŶŝĐĂƐŽĞƐĐůƵƐŝĚĂůů͛ĂƐƐŝŵŝůĂnjŝŽŶĞĂŝƌŝĨŝƵƚŝƵƌďĂŶŝŝƌŝĨŝƵƚŝƐƉĞĐŝĂůŝůĂĐƵŝĨŽƌŵĂnjŝŽŶĞĂǀǀĞŶŐĂ
Ăůů͛ĞƐƚĞƌŶŽĚĞŝƉĞƌŝŵĞƚƌŝĞŶƚƌŽĐƵŝğŝƐƚŝƚƵŝƚŽŝůƐĞƌǀŝnjŝŽĚŝƌĂĐĐŽůƚĂĚĞŝƌŝĨŝƵƚŝƵƌďĂŶŝ͘
ϰ͘ ů ĨŝŶĞ Ěŝ ŐĂƌĂŶƚŝƌĞ ŝů ĐŽŶĨĞƌŝŵĞŶƚŽ Ăů ƐĞƌǀŝnjŝŽ ƉƵďďůŝĐŽ ƐĞŶnjĂ ŐƌĂǀŝ ƐĐŽŵƉĞŶƐŝ ŽƌŐĂŶŝnjnjĂƚŝǀŝ Ğ
ĨƵŶnjŝŽŶĂůŝ Ěŝ ƋƵĞƐƚŽ͕ ǀĞŶŐŽŶŽ ĞƐĐůƵƐŝ ĚĂůů͛ĂƐƐŝŵŝůĂnjŝŽŶĞ Ăŝ ƌŝĨŝƵƚŝ ƵƌďĂŶŝ ŝ ƌŝĨŝƵƚŝ ƐƉĞĐŝĂůŝ ĐŚĞ
ƉƌĞƐĞŶƚĂŶŽ ĐĂƌĂƚƚĞƌŝƐƚŝĐŚĞ ƋƵĂůŝƚĂƚŝǀĞ ŝŶĐŽŵƉĂƚŝďŝůŝ ĐŽŶ ůĞ ƚĞĐŶŝĐŚĞ Ěŝ ƌĂĐĐŽůƚĂ ĂĚŽƚƚĂƚĞ͕ ĐŽŵĞ ĂĚ
ĞƐĞŵƉŝŽƌŝĨŝƵƚŝŶŽŶƉĂůĂďŝůŝ͕ĨŽƌƚĞŵĞŶƚĞŵĂůĞŽĚŽƌĂŶƚŝ͕ƐŽƚƚŽĨŽƌŵĂĚŝƉŽůǀĞƌĞĨŝŶĞĞůĞŐŐĞƌĂ͕ŽĐĂƐŝ
Ɛŝŵŝůŝ͘
ϱ͘ /ƌŝĨŝƵƚŝƐƉĞĐŝĂůŝĚŝĐƵŝĂůĐŽŵŵĂϭ͕ƐŽŶŽĂƐƐŝŵŝůĂƚŝĂŐůŝƵƌďĂŶŝƐŝŶŽĂĚƵŶƋƵĂŶƚŝƚĂƚŝǀŽŶŽŶƐƵƉĞƌŝŽƌĞ͕
ŝŶƌĂƉƉŽƌƚŽĂůůĂŵŝƐƵƌĂĚĞůůĞƐƵƉĞƌĨŝĐŝĚŝŽƌŝŐŝŶĞ͕ĂŶŽŶŽůƚƌĞŝůĚŽƉƉŝŽĚĞůĐŽĞĨĨŝĐŝĞŶƚĞĚŝƉƌŽĚƵƚƚŝǀŝƚă
ƐƉĞĐŝĨŝĐĂ<Ě;ĞƐƉƌĞƐƐŽŝŶ<ŐͬŵƋΎĂŶŶŽͿƌĞůĂƚŝǀŽĂůůĂĐĂƚĞŐŽƌŝĂĚŝĐŽŶƚƌŝďƵĞŶnjĂĚŝĐƵŝĂůů͛ĂůůĞŐĂƚŽϮĚĞů
ƉƌĞƐĞŶƚĞƌĞŐŽůĂŵĞŶƚŽ͘
ϲ͘ ^ŽŶŽ ĐŽŵƵŶƋƵĞ ĂƐƐŝŵŝůĂƚŝ ĂŐůŝ ƵƌďĂŶŝ ŝ ƌŝĨŝƵƚŝ ĐŚĞ ƐƵƉĞƌĂŶŽ ŝů ůŝŵŝƚĞ ƋƵĂŶƚŝƚĂƚŝǀŽ Ěŝ ĐƵŝ Ăů ĐŽŵŵĂ
ƉƌĞĐĞĚĞŶƚĞ͕ ƉƵƌĐŚĠ ŝů ŽŵƵŶĞ͕ ĂŶĐŚĞ ƚƌĂŵŝƚĞ ŝů 'ĞƐƚŽƌĞ ĚĞů ƐĞƌǀŝnjŝŽ ĞĚ ĞĨĨĞƚƚƵĂƚĞ ůĞ ŽƉƉŽƌƚƵŶĞ
ǀĞƌŝĨŝĐŚĞ͕ ƐƉĞĐŝĨŝĐŚŝ Ͳ ĞŶƚƌŽ ϲϬ ŐŝŽƌŶŝ ĚĂůůĂ ĚŝĐŚŝĂƌĂnjŝŽŶĞ ƉƌĞƐĞŶƚĂƚĂ Ăŝ ƐĞŶƐŝ ĚĞůů͛ĂƌƚŝĐŽůŽ Ϯϰ͕͘
ĐŽŵŵĂϯ͕ĚĂůůĞƵƚĞŶnjĞĐŚĞƌŝƚĞŶŐŽŶŽĚŝƐƵƉĞƌĂƌĞŝůƉƌĞĚĞƚƚŽůŝŵŝƚĞƋƵĂŶƚŝƚĂƚŝǀŽĚŝĂƐƐŝŵŝůĂnjŝŽŶĞͲůĞ
ƐƉĞĐŝĨŝĐŚĞŵŝƐƵƌĞŽƌŐĂŶŝnjnjĂƚŝǀĞĂƚƚĞĂŐĞƐƚŝƌĞƚĂůŝƌŝĨŝƵƚŝ͘
18
ƌƚ͘ϰ͘ͲWƌĞƐƵƉƉŽƐƚŽ
ϭ͘ /ůƉƌĞƐƵƉƉŽƐƚŽĚĞůůĂdZ/ğŝůƉŽƐƐĞƐƐŽŽůĂĚĞƚĞŶnjŝŽŶĞĂƋƵĂůƐŝĂƐŝƚŝƚŽůŽĚŝůŽĐĂůŝŽĚŝĂƌĞĞƐĐŽƉĞƌƚĞ͕Ă
ƋƵĂůƐŝĂƐŝƵƐŽĂĚŝďŝƚŝ͕ƐƵƐĐĞƚƚŝďŝůŝĚŝƉƌŽĚƵƌƌĞƌŝĨŝƵƚŝƵƌďĂŶŝƐŝƚŝŶĞůƚĞƌƌŝƚŽƌŝŽĚĞůĐŽŵƵŶĞŽƐŝƚŝŶĞŝƚĞƌƌŝƚŽƌŝ
ĚĞŝĐŽŵƵŶŝĐŽŶĨŝŶĂŶƚŝ͕ĐƵŝǀŝĞŶĞŐĂƌĂŶƚŝƚŽŝůƐĞƌǀŝnjŝŽ͘
Ϯ͘ ^ŽŶŽĞƐĐůƵƐĞĚĂůůĂdZ/ůĞĂƌĞĞƐĐŽƉĞƌƚĞƉĞƌƚŝŶĞŶnjŝĂůŝŽĂĐĐĞƐƐŽƌŝĞĂůŽĐĂůŝƚĂƐƐĂďŝůŝ͕ŶŽŶŽƉĞƌĂƚŝǀĞ͕ĞůĞ
ĂƌĞĞĐŽŵƵŶŝĐŽŶĚŽŵŝŶŝĂůŝĚŝĐƵŝĂůůΖĂƌƚŝĐŽůŽϭϭϭϳĚĞůĐŽĚŝĐĞĐŝǀŝůĞĐŚĞŶŽŶƐŝĂŶŽĚĞƚĞŶƵƚĞŽŽĐĐƵƉĂƚĞŝŶ
ǀŝĂĞƐĐůƵƐŝǀĂ͘
ƌƚ͘ϱ͘ʹ^ŽŐŐĞƚƚŝƉĂƐƐŝǀŝ
ϭ͘ ůůƚƌŝďƵƚŽğĚŽǀƵƚŽĚĂĐŚŝƵŶƋƵĞƉŽƐƐŝĞĚĂŽĚĞƚĞŶŐĂĂƋƵĂůƐŝĂƐŝƚŝƚŽůŽůŽĐĂůŝŽĂƌĞĞƐĐŽƉĞƌƚĞ͕ĂƋƵĂůƐŝĂƐŝ
ƵƐŽĂĚŝďŝƚŝ͕ƐƵƐĐĞƚƚŝďŝůŝĚŝƉƌŽĚƵƌƌĞƌŝĨŝƵƚŝƵƌďĂŶŝ͘
Ϯ͘ /Ŷ ĐĂƐŽ Ěŝ ƉůƵƌĂůŝƚă Ěŝ ƉŽƐƐĞƐƐŽƌŝ Ž Ěŝ ĚĞƚĞŶƚŽƌŝ͕ ĞƐƐŝ ƐŽŶŽ ƚĞŶƵƚŝ ŝŶ ƐŽůŝĚŽ Ăůů͛ĂĚĞŵƉŝŵĞŶƚŽ ĚĞůů͛ƵŶŝĐĂ
ŽďďůŝŐĂnjŝŽŶĞƚƌŝďƵƚĂƌŝĂ͘
ϯ͘ EĞůů͛ŝƉŽƚĞƐŝĚŝƵƚŝůŝnjnjŝƚĞŵƉŽƌĂŶĞŝĚŝĚƵƌĂƚĂŶŽŶƐƵƉĞƌŝŽƌĞĂƐĞŝŵĞƐŝŶĞůĐŽƌƐŽĚĞůůŽƐƚĞƐƐŽĂŶŶŽƐŽůĂƌĞ͕
ŝů ƚƌŝďƵƚŽğ ĚŽǀƵƚŽ ƐŽůƚĂŶƚŽ ĚĂů ƉŽƐƐĞƐƐŽƌĞ ĚĞŝ ůŽĐĂůŝ Ğ ĚĞůůĞ ĂƌĞĞ Ă ƚŝƚŽůŽ Ěŝ ƉƌŽƉƌŝĞƚă͕ ƵƐƵĨƌƵƚƚŽ͕ ƵƐŽ͕
ĂďŝƚĂnjŝŽŶĞŽƐƵƉĞƌĨŝĐŝĞ͘
ϰ͘ WĞƌ ŝ ůŽĐĂůŝ ŝŶ ŵƵůƚŝƉƌŽƉƌŝĞƚă Ğ ƉĞƌ ŝ ĐĞŶƚƌŝ ĐŽŵŵĞƌĐŝĂůŝ ŝŶƚĞŐƌĂƚŝ͕ ŝů ƐŽŐŐĞƚƚŽ ĐŚĞ ŐĞƐƚŝƐĐĞ ŝ ƐĞƌǀŝnjŝ
ĐŽŵƵŶŝ ğ ƌĞƐƉŽŶƐĂďŝůĞ ĚĞů ǀĞƌƐĂŵĞŶƚŽ ĚĞů ƚƌŝďƵƚŽ ĚŽǀƵƚŽ ƉĞƌ ŝ ůŽĐĂůŝ Ğ ƉĞƌ ůĞ ĂƌĞĞ ƐĐŽƉĞƌƚĞ Ěŝ ƵƐŽ
ĐŽŵƵŶĞĞƉĞƌŝůŽĐĂůŝĞůĞĂƌĞĞƐĐŽƉĞƌƚĞŝŶƵƐŽĞƐĐůƵƐŝǀŽĂŝƐŝŶŐŽůŝŽĐĐƵƉĂŶƚŝŽĚĞƚĞŶƚŽƌŝ͕ĨĞƌŵŝƌĞƐƚĂŶĚŽ
ŶĞŝ ĐŽŶĨƌŽŶƚŝ Ěŝ ƋƵĞƐƚ͛Ƶůƚŝŵŝ Őůŝ Ăůƚƌŝ ŽďďůŝŐŚŝ Ž Ěŝƌŝƚƚŝ ĚĞƌŝǀĂŶƚŝ ĚĂů ƌĂƉƉŽƌƚŽƚƌŝďƵƚĂƌŝŽ ƌŝŐƵĂƌĚĂŶƚĞ ŝ
ůŽĐĂůŝĞůĞĂƌĞĞƐĐŽƉĞƌƚĞŝŶƵƐŽĞƐĐůƵƐŝǀŽ͘
ƌƚ͘ϲ͘ʹ>ŽĐĂůŝĞĂƌĞĞƐĐŽƉĞƌƚĞƐƵƐĐĞƚƚŝďŝůŝĚŝƉƌŽĚƵƌƌĞƌŝĨŝƵƚŝƵƌďĂŶŝ
ϭ͘ ^ŽŶŽƐŽŐŐĞƚƚŝĂůƚƌŝďƵƚŽƚƵƚƚŝŝůŽĐĂůŝĐŽŵƵŶƋƵĞĚĞŶŽŵŝŶĂƚŝ͕ĞƐŝƐƚĞŶƚŝŝŶƋƵĂůƐŝĂƐŝƐƉĞĐŝĞĚŝĐŽƐƚƌƵnjŝŽŶĞ
ƐƚĂďŝůŵĞŶƚĞŝŶĨŝƐƐĂĂůƐƵŽůŽŽŶĞůƐƵŽůŽ͕ĐŚŝƵƐŝŽĐŚŝƵĚŝďŝůŝĚĂŽŐŶŝůĂƚŽǀĞƌƐŽů͛ĞƐƚĞƌŶŽƋƵĂůƵŶƋƵĞƐŝĂůĂ
ůŽƌŽ ĚĞƐƚŝŶĂnjŝŽŶĞ Ž ŝů ůŽƌŽ ƵƐŽ͕ ƐƵƐĐĞƚƚŝďŝůŝ Ěŝ ƉƌŽĚƵƌƌĞ ƌŝĨŝƵƚŝ ƵƌďĂŶŝ͕ ŝŶƐŝƐƚĞŶƚŝ ŝŶƚĞƌĂŵĞŶƚĞ Ž
ƉƌĞǀĂůĞŶƚĞŵĞŶƚĞŶĞůƚĞƌƌŝƚŽƌŝŽĚĞůŽŵƵŶĞ͘
Ϯ͘ ^ŝĐŽŶƐŝĚĞƌĂŶŽƐŽŐŐĞƚƚŝƚƵƚƚŝŝůŽĐĂůŝƉƌĞĚŝƐƉŽƐƚŝĂůů͛ƵƐŽĂŶĐŚĞƐĞĚŝĨĂƚƚŽŶŽŶƵƚŝůŝnjnjĂƚŝ͕ĐŽŶƐŝĚĞƌĂŶĚŽƚĂůŝ͕
ŶĞů ĐĂƐŽ Ěŝ ƵƐŽ ĚŽŵĞƐƚŝĐŽ͕ ƋƵĞůůŝ ĚŽƚĂƚŝ Ěŝ ĂůŵĞŶŽ ƵŶ͛ƵƚĞŶnjĂ ĂƚƚŝǀĂ Ăŝ ƐĞƌǀŝnjŝ Ěŝ ƌĞƚĞ ;ĂĐƋƵĂ͕ ĞŶĞƌŐŝĂ
ĞůĞƚƚƌŝĐĂ͕ŐĂƐͿŽĚŝĂƌƌĞĚĂŵĞŶƚŽ;ŶŽŶƐŝĐŽŶƐŝĚĞƌĂĂƌƌĞĚŽůĂĐŽůůŽĐĂnjŝŽŶĞĚŝŵŽďŝůŝĂůůĂƌŝŶĨƵƐĂͿ͕ŵĞŶƚƌĞ͕
ƉĞƌ ŝ ůŽĐĂůŝ ĂĚ ƵƐŽ ŶŽŶ ĚŽŵĞƐƚŝĐŽ͕ ƋƵĞůůŝ ĨŽƌŶŝƚŝ Ěŝ ŝŵƉŝĂŶƚŝ͕ ĂƚƚƌĞnjnjĂƚƵƌĞ Ğ ƉĞƌ ŝ ƋƵĂůŝ ğ ĐŽŶƐĞŶƚŝƚŽ
ů͛ĞƐĞƌĐŝnjŝŽĚŝƵŶ͛ĂƚƚŝǀŝƚăŶĞŝůŽĐĂůŝŵĞĚĞƐŝŵŝ͘
ϯ͘ ^ŽŶŽĂůƚƌĞƐŞƐŽŐŐĞƚƚĞĂůƚƌŝďƵƚŽƚƵƚƚĞůĞĂƌĞĞƐĐŽƉĞƌƚĞŽĐĐƵƉĂƚĞŽĚĞƚĞŶƵƚĞ͕ĂƋƵĂůƐŝĂƐŝƵƐŽĂĚŝďŝƚĞ͕ůĂ
ĐƵŝ ƐƵƉĞƌĨŝĐŝĞ ŝŶƐŝƐƚĞ ŝŶƚĞƌĂŵĞŶƚĞ Ž ƉƌĞǀĂůĞŶƚĞŵĞŶƚĞ ŶĞů ƚĞƌƌŝƚŽƌŝŽ ĐŽŵƵŶĂůĞ͕ ƐƵƐĐĞƚƚŝďŝůŝ Ěŝ ƉƌŽĚƵƌƌĞ
19
ƌŝĨŝƵƚŝ ƵƌďĂŶŝ͕ ƌŝĨĞƌŝďŝůŝ ĂůůĞ ƵƚĞŶnjĞ ŶŽŶ ĚŽŵĞƐƚŝĐŚĞ ͕ ĞƐĐůƵƐĞ ƋƵĞůůĞ ĂǀĞŶƚŝ ĚĞƐƚŝŶĂnjŝŽŶĞ ĂĐĐĞƐƐŽƌŝĂ Ž
ƉĞƌƚŝŶĞŶnjŝĂůĞĂůŽĐĂůŝĂůŽƌŽǀŽůƚĂĂƐƐŽŐŐĞƚƚĂƚŝĂůƉƌĞůŝĞǀŽ͘
ƌƚ͘ϳ͘Ͳ>ŽĐĂůŝĞĂƌĞĞƐĐŽƉĞƌƚĞŶŽŶƐƵƐĐĞƚƚŝďŝůŝĚŝƉƌŽĚƵƌƌĞƌŝĨŝƵƚŝƵƌďĂŶŝ
ϭ͘ EŽŶƐŽŶŽƐŽŐŐĞƚƚŝĂůů͛ĂƉƉůŝĐĂnjŝŽŶĞĚĞůƚƌŝďƵƚŽŝůŽĐĂůŝĞůĞĂƌĞĞĐŚĞŶŽŶƉŽƐƐŽŶŽƉƌŽĚƵƌƌĞƌŝĨŝƵƚŝ͕ƵƌďĂŶŝ
ŽĂƐƐŝŵŝůĂƚŝ͕ƉĞƌůĂůŽƌŽŶĂƚƵƌĂŽƉĞƌŝůƉĂƌƚŝĐŽůĂƌĞƵƐŽĐƵŝƐŽŶŽƐƚĂďŝůŵĞŶƚĞĚĞƐƚŝŶĂƚŝ͕ŽƉĞƌĐŚĠƌŝƐƵůƚŝŶŽ
ŝŶŽďŝĞƚƚŝǀĞĐŽŶĚŝnjŝŽŶŝĚŝŶŽŶƵƚŝůŝnjnjĂďŝůŝƚă͘WƌĞƐĞŶƚĂŶŽƚĂůŝĐĂƌĂƚƚĞƌŝƐƚŝĐŚĞĂƚŝƚŽůŽĞƐĞŵƉůŝĨŝĐĂƚŝǀŽ͗
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hƚĞŶnjĞĚŽŵĞƐƚŝĐŚĞ
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ƐŽůĂŝĞƐŽƚƚŽƚĞƚƚŝŶŽŶĐŽůůĞŐĂƚŝĚĂƐĐĂůĞ͕ĨŝƐƐĞŽƌĞƚƌĂƚƚŝůŝ͕ĚĂĂƐĐĞŶƐŽƌŝŽŵŽŶƚĂĐĂƌŝĐŚŝ͖
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ĐĞŶƚƌĂůŝ ƚĞƌŵŝĐŚĞ͕ ůŽĐĂůŝ ƌŝƐĞƌǀĂƚŝ ĂĚ ŝŵƉŝĂŶƚŝ ƚĞĐŶŽůŽŐŝĐŝ͕ ƋƵĂůŝ ĐĂďŝŶĞ ĞůĞƚƚƌŝĐŚĞ͕ ǀĂŶŝ
ĂƐĐĞŶƐŽƌŝĞƋƵĞŝůŽĐĂůŝĚŽǀĞŶŽŶğĐŽŵƉĂƚŝďŝůĞůĂƉƌĞƐĞŶnjĂĚŝƉĞƌƐŽŶĞŽŽƉĞƌĂƚŽƌŝ͖
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ůŽĐĂůŝƉƌŝǀŝĚŝƚƵƚƚĞůĞƵƚĞŶnjĞĚŝƐĞƌǀŝnjŝĚŝƌĞƚĞ;ŐĂƐ͕ĂĐƋƵĂ͕ĞŶĞƌŐŝĂĞůĞƚƚƌŝĐĂͿĞŶŽŶĂƌƌĞĚĂƚŝ͕
;ŶŽŶƐŝĐŽŶƐŝĚĞƌĂĂƌƌĞĚŽůĂĐŽůůŽĐĂnjŝŽŶĞĚŝŵŽďŝůŝĂůůĂƌŝŶĨƵƐĂͿ͖
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ůŽĐĂůŝ ŝŶ ŽŐŐĞƚƚŝǀĞ ĐŽŶĚŝnjŝŽŶŝ Ěŝ ŶŽŶ ƵƚŝůŝnjnjŽ ŝŶ ƋƵĂŶƚŽ ŝŶĂďŝƚĂďŝůŝ͕ ƉƵƌĐŚĠ Ěŝ ĨĂƚƚŽ ŶŽŶ
ƵƚŝůŝnjnjĂƚŝ͕ ŝŶ ƋƵĂŶƚŽ ŽŐŐĞƚƚŽ Ěŝ ůĂǀŽƌŝ Ěŝ ƌŝƐƚƌƵƚƚƵƌĂnjŝŽŶĞ͕ ƌĞƐƚĂƵƌŽ Ž ƌŝƐĂŶĂŵĞŶƚŽ
ĐŽŶƐĞƌǀĂƚŝǀŽ ŝŶ ƐĞŐƵŝƚŽ Ăů ƌŝůĂƐĐŝŽ Ěŝ ůŝĐĞŶnjĞ͕ ƉĞƌŵĞƐƐŝ͕ ĐŽŶĐĞƐƐŝŽŶŝ ŽĚ ĂƵƚŽƌŝnjnjĂnjŝŽŶŝ͕
ůŝŵŝƚĂƚĂŵĞŶƚĞ Ăů ƉĞƌŝŽĚŽ Ěŝ ǀĂůŝĚŝƚă ĚĞů ƉƌŽǀǀĞĚŝŵĞŶƚŽ Ğ͕ ĐŽŵƵŶƋƵĞ͕ ŶŽŶ ŽůƚƌĞ ůĂ ĚĂƚĂ
ƌŝƉŽƌƚĂƚĂŶĞůůĂĐĞƌƚŝĨŝĐĂnjŝŽŶĞĚŝĨŝŶĞůĂǀŽƌŝ͖
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ƌŝƐƉŽƐƚŝŐůŝ͕ƐƚĞŶĚŝƚŽŝ͕ĐĂŶƚŝŶĞ͕ƐŽĨĨŝƚƚĞĞƐŝŵŝůŝĐŽŶƐƵƉĞƌĨŝĐŝĐŽƉĞƌƚĞůŝŵŝƚĂƚĂŵĞŶƚĞĂůůĂƉĂƌƚĞ
ĚŝƚĂůŝůŽĐĂůŝĐŽŶĂůƚĞnjnjĂƵŐƵĂůĞŽŝŶĨĞƌŝŽƌĞĂϮŵƚ͖͘
hƚĞŶnjĞŶŽŶĚŽŵĞƐƚŝĐŚĞ
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ůŽĐĂůŝ ĚŽǀĞ Ɛŝ ĨŽƌŵĂŶŽ͕ ŝŶ ǀŝĂ ĐŽŶƚŝŶƵĂƚŝǀĂ Ğ ƉƌĞǀĂůĞŶƚĞ͕ ƌŝĨŝƵƚŝ ƐƉĞĐŝĂůŝ ŶŽŶ ĂƐƐŝŵŝůĂƚŝ ĂŐůŝ
ƵƌďĂŶŝƐĞĐŽŶĚŽůĞĚŝƐƉŽƐŝnjŝŽŶŝŶŽƌŵĂƚŝǀĞǀŝŐĞŶƚŝ͕ĂĐŽŶĚŝnjŝŽŶĞĐŚĞŝůƉƌŽĚƵƚƚŽƌĞŶĞĚŝŵŽƐƚƌŝ
ů͛ĂǀǀĞŶƵƚŽ ƚƌĂƚƚĂŵĞŶƚŽ ŝŶ ĐŽŶĨŽƌŵŝƚă ĂůůĞ ŶŽƌŵĂƚŝǀĞ ǀŝŐĞŶƚŝ͕ ĨĂƚƚŽ ƐĂůǀŽ ƋƵĂŶƚŽ ƉƌĞǀŝƐƚŽ
Ăůů͛Ăƌƚ͘ϲ͕͘ĐŽŵŵĂϮ͕ĚĞůƉƌĞƐĞŶƚĞƌĞŐŽůĂŵĞŶƚŽ͖
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ůĞƐƵƉĞƌĨŝĐŝĚĞůůĞƐƚƌƵƚƚƵƌĞƐĂŶŝƚĂƌŝĞƉƵďďůŝĐŚĞĞƉƌŝǀĂƚĞĂĚŝďŝƚĞĂ͗ƐĂůĞŽƉĞƌĂƚŽƌŝĞ͕ƐƚĂŶnjĞĚŝ
ŵĞĚŝĐĂnjŝŽŶĞ͕ůĂďŽƌĂƚŽƌŝĚŝĂŶĂůŝƐŝ͕ĚŝƌŝĐĞƌĐĂ͕ĚŝƌĂĚŝŽůŽŐŝĂ͕ĚŝƌĂĚŝŽƚĞƌĂƉŝĂ͕ĞƐŝŵŝůŝ͕ƌĞƉĂƌƚŝĞ
ƐĂůĞ Ěŝ ĚĞŐĞŶnjĂ ĐŚĞ͕ ƐƵ ĐĞƌƚŝĨŝĐĂnjŝŽŶĞ ĚĞů ĚŝƌĞƚƚŽƌĞ ƐĂŶŝƚĂƌŝŽ͕ ŽƐƉŝƚĂŶŽ ƉĂnjŝĞŶƚŝ ĂĨĨĞƚƚŝ ĚĂ
ŵĂůĂƚƚŝĞ ŝŶĨĞƚƚŝǀĞ͕ ĨĞƌŵŽ ƌĞƐƚĂŶĚŽ ů͛ĂƐƐŽŐŐĞƚƚĂďŝůŝƚă Ăů ƚƌŝďƵƚŽ ĚĞŐůŝ ƵĨĨŝĐŝ͕ ŵĂŐĂnjnjŝŶŝ Ğ ůŝ
ůŽĐĂůŝĂĚƵƐŽĚŝĚĞƉŽƐŝƚŽ͕ůĞĐƵĐŝŶĞĞŝůŽĐĂůŝĚŝƌŝƐƚŽƌĂnjŝŽŶĞ͕ůĞĞǀĞŶƚƵĂůŝĂďŝƚĂnjŝŽŶŝ͕ůĞƐĂůĞĚŝ
ĂƐƉĞƚƚŽ͕ŝŶŽŐŶŝĐĂƐŽƐŽŶŽƐŽŐŐĞƚƚĞĂůƚƌŝďƵƚŽŝůŽĐĂůŝĞůĞĂƌĞĞĚŽǀĞĚŝŶŽƌŵĂƐŝƉƌŽĚƵĐŽŶŽŝ
ƌŝĨŝƵƚŝƵƌďĂŶŝĂƐƐŝŵŝůĂƚŝĚŝĐƵŝĂůůĞŐĂƚŽϯ͖
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ĐĞŶƚƌĂůŝ ƚĞƌŵŝĐŚĞ͕ Ğ ůŽĐĂůŝ ƌŝƐĞƌǀĂƚŝ ĂĚ ŝŵƉŝĂŶƚŝ ƚĞĐŶŽůŽŐŝĐŝ͕ ƋƵĂůŝ ĐĂďŝŶĞ ĞůĞƚƚƌŝĐŚĞ͕ ǀĂŶŝ
ĂƐĐĞŶƐŽƌŝ͕ĐĞůůĞĨƌŝŐŽƌŝĨĞƌĞ;ŶŽŶŵĂŐĂnjnjŝŶŝͿůŽĐĂůŝĚĞƐƚŝŶĂƚŝĞƐĐůƵƐŝǀĂŵĞŶƚĞĂůůĂĞƐƐŝĐĂnjŝŽŶĞĞ
ĂůůĂƐƚĂŐŝŽŶĂƚƵƌĂƐĞŶnjĂůĂǀŽƌĂnjŝŽŶĞ͕ƐŝůŽƐĞƐŝŵŝůŝ͕ĚŽǀĞŶŽŶğĐŽŵƉĂƚŝďŝůĞŽŶŽŶƐŝĂďďŝĂĚŝ
ƌĞŐŽůĂůĂƉƌĞƐĞŶnjĂƵŵĂŶĂ͖
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ĂƌĞĞ ƐĐŽƉĞƌƚĞ ĚĞƐƚŝŶĂƚĞ Ăůů͛ĞƐĞƌĐŝnjŝŽ ĚĞůů͛ĂŐƌŝĐŽůƚƵƌĂ͕ ƐŝůǀŝĐŽůƚƵƌĂ͕ ĂůůĞǀĂŵĞŶƚŽ Ğ ůĞ ƐĞƌƌĞ Ă
ƚĞƌƌĂ͖
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ĚĞƉŽƐŝƚŝ Ěŝ ĂƚƚƌĞnjnjŝ ĂŐƌŝĐŽůŝ ƋƵĂůŽƌĂ ŝů ƌŝĨŝƵƚŽ ƉƌŽĚŽƚƚŽ ƌŝĞŶƚƌŝ ŶĞůů͛ĞƐĞƌĐŝnjŝŽ ĚĞůů͛ŝŵƉƌĞƐĂ
ĂŐƌŝĐŽůĂĞĐŚĞƋƵŝŶĚŝĚĞďďĂĞƐƐĞƌĞĂƵƚŽƐŵĂůƚŝƚŽŽĐŽŶĨĞƌŝƚŽ͕ĂƐƉĞƐĞĚĞůƉƌŽĚƵƚƚŽƌĞ͕ĂƚĞƌnjŝ
ĂƵƚŽƌŝnjnjĂƚŝŽĂůŐĞƐƚŽƌĞƉƵďďůŝĐŽŝŶƌĞŐŝŵĞĚŝĐŽŶǀĞŶnjŝŽŶĞ͖
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ĂƌĞĞĂĚŝďŝƚĞŝŶǀŝĂĞƐĐůƵƐŝǀĂĂůƚƌĂŶƐŝƚŽĚĞŝǀĞŝĐŽůŝĚĞƐƚŝŶĂƚĞĂůů͛ĂĐĐĞƐƐŽĂůůĂƉƵďďůŝĐĂǀŝĂĞĚ
ĂůŵŽǀŝŵĞŶƚŽǀĞŝĐŽůĂƌĞŝŶƚĞƌŶŽ͖
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ĂƌĞĞƐĐŽƉĞƌƚĞŶŽŶŽƉĞƌĂƚŝǀĞĂƵƐŽŶŽŶĞƐĐůƵƐŝǀŽĚĞƐƚŝŶĂƚĞĂůůĂƐŽƐƚĂƚĞŵƉŽƌĂŶĞĂĚŝǀĞŝĐŽůŝ͖
20
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ĂƌĞĞƐĐŽƉĞƌƚĞŽƉĞƌĂƚŝǀĞĂĚŝďŝƚĞĂůƐĞƌǀŝnjŝŽƉƵďďůŝĐŽĚŝƉĂƌĐŚĞŐŐŝŽƉĞƌůĂƐŽƐƚĂƚĞŵƉŽƌĂŶĞĂ͕
ĂŶĐŚĞĂƉĂŐĂŵĞŶƚŽ͖
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ĂƌĞĞŝŵƉƌĂƚŝĐĂďŝůŝŽŝŶƚĞƌĐůƵƐĞĚĂƌĞĐŝŶnjŝŽŶĞ͖
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ĂƌĞĞƐĐŽƉĞƌƚĞƉĞƌƚŝŶĞŶnjŝĂůŝĞĂĐĐĞƐƐŽƌŝĞĞƐĐůƵƐŝǀĂŵĞŶƚĞĂĚŝďŝƚĞĂǀĞƌĚĞ͖
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ĂƌĞĞŝŶĂďďĂŶĚŽŶŽŽĚŝĐƵŝƐŝƉŽƐƐĂĚŝŵŽƐƚƌĂƌĞŝůƉĞƌŵĂŶĞŶƚĞƐƚĂƚŽĚŝŝŶƵƚŝůŝnjnjŽ͖
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ĂƌĞĞŶŽŶƉƌĞƐŝĚŝĂƚĞŽĂĚŝďŝƚĞĂŵĞƌŽĚĞƉŽƐŝƚŽĚŝŵĂƚĞƌŝĂůŝŝŶĚŝƐƵƐŽ͖
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ŝ ůŽĐĂůŝ Ğ ůĞ ĂƌĞĞ ĚĞŐůŝ ŝŵƉŝĂŶƚŝ ƐƉŽƌƚŝǀŝ͕ ĚĞƐƚŝŶĂƚŝ Ăů ƐŽůŽ ĞƐĞƌĐŝnjŝŽ ĚĞůů͛Ăƚƚŝǀŝƚă ĂŐŽŶŝƐƚŝĐŽ
ƐƉŽƌƚŝǀĂ͕ĨĞƌŵŽƌĞƐƚĂŶĚŽů͛ĂƐƐŽŐŐĞƚƚĂďŝůŝƚăĂůƚƌŝďƵƚŽĚĞŐůŝƐƉŽŐůŝĂƚŽŝ͕ƐĞƌǀŝnjŝŝŐŝĞŶŝĐŝ͕ƵĨĨŝĐŝ͕
ďŝŐůŝĞƚƚĞƌŝĞ͕ƉƵŶƚŝĚŝƌŝƐƚŽƌŽ͕ŐƌĂĚŝŶĂƚĞĞĚŝŶŐĞŶĞƌĞĂƌĞĞĚĞƐƚŝŶĂƚĞĂůƉƵďďůŝĐŽ͖
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ŝůŽĐĂůŝĚĞƐƚŝŶĂƚŝĞƐĐůƵƐŝǀĂŵĞŶƚĞĂůĐƵůƚŽ͕ĐŽŵƉĂƚŝďŝůŵĞŶƚĞĐŽŶůĞĚŝƐƉŽƐŝnjŝŽŶŝĚĞŐůŝĂƌƚ͘ϴĞ
ϭϵĚĞůůĂŽƐƚŝƚƵnjŝŽŶĞ͕ůŝŵŝƚĂƚĂŵĞŶƚĞĂůůĂƉĂƌƚĞŽǀĞƐŝƐǀŽůŐŽŶŽůĞĨƵŶnjŝŽŶŝƌĞůŝŐŝŽƐĞ͖
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ŝůŽĐĂůŝĞůĞĂƌĞĞŽĐĐƵƉĂƚŝŽĚĞƚĞŶƵƚŝĂƋƵĂůƵŶƋƵĞƚŝƚŽůŽĚĂůŽŵƵŶĞ͕ĂĚŝďŝƚŝĞƐĐůƵƐŝǀĂŵĞŶƚĞ
ĂĐŽŵƉŝƚŝŝƐƚŝƚƵnjŝŽŶĂůŝ͖
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ŝ ůŽĐĂůŝ Ğ ůĞ ĂƌĞĞ ĚĞƚĞŶƵƚĞĚĂůůĞ ŽƌŐĂŶŝnjnjĂnjŝŽŶŝ ŶŽŶ ůƵĐƌĂƚŝǀĞ Ěŝ Ƶƚŝůŝƚă ƐŽĐŝĂůĞ ;KE>h^Ϳ ĐŚĞ
ƐǀŽůŐŽŶŽĂƚƚŝǀŝƚăĚŝƉƌŽƚĞnjŝŽŶĞĐŝǀŝůĞ͘dĂůŝƐƵƉĞƌĨŝĐŝĚĞǀŽŶŽĞƐƐĞƌĞĚĞƐƚŝŶĂƚĞĞƐĐůƵƐŝǀĂŵĞŶƚĞ
ĂůůŽ ƐǀŽůŐŝŵĞŶƚŽ ĚĞůů͛Ăƚƚŝǀŝƚă͘ ŝ ĨŝŶŝ ĚĞů ƌŝĐŽŶŽƐĐŝŵĞŶƚŽ ĚĞůů͛ĞƐŽŶĞƌŽ͕ ůĂ ƌŝĐŚŝĞƐƚĂ ĚĞǀĞ
ƉĞƌǀĞŶŝƌĞĂůů͛ƵĨĨŝĐŝŽdƌŝďƵƚŝĚĞůŽŵƵŶĞĞŶƚƌŽŝůƚĞƌŵŝŶĞƉƌĞǀŝƐƚŽĂůů͛Ăƌƚ͘Ϯϰ͕͘ĐŽƌƌĞĚĂƚĂĚĂ
ĂƵƚŽĐĞƌƚŝĨŝĐĂnjŝŽŶĞ ĚĞů ƌĂƉƉƌĞƐĞŶƚĂŶƚĞ ůĞŐĂůĞ ĚĞůů͛ŽƌŐĂŶŝnjnjĂnjŝŽŶĞ͕ ŝů ƋƵĂůĞ ĚĞǀĞ ĂƚƚĞƐƚĂƌĞ
ů͛ŝƐĐƌŝnjŝŽŶĞŶĞůů͛ĂŶĂŐƌĂĨĞĚĞůů͛KE>h^ĞĚŝůƐĞƚƚŽƌĞĚŝĂƉƉĂƌƚĞŶĞŶnjĂ͖/ůůĞŐĂůĞƌĂƉƉƌĞƐĞŶƚĂŶƚĞ
ĚĞǀĞ ĂůƚƌĞƐŞ ĐĞƌƚŝĨŝĐĂƌĞ ĐŚĞ ů͛ŽƌŐĂŶŝnjnjĂnjŝŽŶĞ͕ ŶĞůůŽ ƐǀŽůŐŝŵĞŶƚŽ ĚĞůůĂ ƉƌŽƉƌŝĂ Ăƚƚŝǀŝƚă͕ Ɛŝ
ĂǀǀĂůĞ Ěŝ ƉƌĞƐƚĂnjŝŽŶŝ ƌĞƐĞ ƉƌĞǀĂůĞŶƚĞŵĞŶƚĞ ĚĂ ƉĞƌƐŽŶĂůĞ ǀŽůŽŶƚĂƌŝŽ Ăů ƋƵĂůĞ ŶŽŶ ǀŝĞŶĞ
ƌŝĐŽŶŽƐĐŝƵƚŽĐŽƌƌŝƐƉĞƚƚŝǀŽĂůĐƵŶŽ͘
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njŽŶĞ Ěŝ ƚƌĂŶƐŝƚŽ Ğ ŵĂŶŽǀƌĂ ĚĞŐůŝ ĂƵƚŽǀĞŝĐŽůŝ Ăůů͛ŝŶƚĞƌŶŽ ĚĞůůĞ ĂƌĞĞ ĚĞŐůŝ ƐƚĂďŝůŝŵĞŶƚŝ
ŝŶĚƵƐƚƌŝĂůŝĂĚŝďŝƚĞĂŵĂŐĂnjnjŝŶŝĂůů͛ĂƉĞƌƚŽ͖
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ĂƌĞĞĂĚŝďŝƚĞŝŶǀŝĂĞƐĐůƵƐŝǀĂĂůů͛ĂĐĐĞƐƐŽĚĞŝǀĞŝĐŽůŝĂůůĞƐƚĂnjŝŽŶŝĚŝƐĞƌǀŝnjŝŽĚĞŝĐĂƌďƵƌĂŶƚŝ͖
Ϯ͘ ĂƌĞĞƐĐŽƉĞƌƚĞƉĞƌƚŝŶĞŶnjŝĂůŝŽĂĐĐĞƐƐŽƌŝĞĂĐĂƐĞĚŝĐŝǀŝůĞĂďŝƚĂnjŝŽŶĞƋƵĂůŝ͕ĂƚŝƚŽůŽĚŝĞƐĞŵƉŝŽ͕ƉĂƌĐŚĞŐŐŝ͕
ĂƌĞĞĂǀĞƌĚĞ͕ŐŝĂƌĚŝŶŝ͕ĐŽƌƚŝ͕ůĂƐƚƌŝĐŝƐŽůĂƌŝ͕ďĂůĐŽŶŝ͕ǀĞƌĂŶĚĞ͕ƚĞƌƌĂnjnjĞĞƉŽƌƚŝĐĂƚŝŶŽŶĐŚŝƵƐŝĐŽŶƐƚƌƵƚƚƵƌĞ
ĨŝƐƐĞ͖
ϯ͘ ĂƌĞĞ ĐŽŵƵŶŝ ĐŽŶĚŽŵŝŶŝĂůŝ Ăŝ ƐĞŶƐŝ ĚĞůů͛Ăƌƚ͘ ϭϭϭϳ ĚĞů ĐŽĚŝĐĞ ĐŝǀŝůĞ ŶŽŶ ĚĞƚĞŶƵƚĞ Ž ŽĐĐƵƉĂƚĞ ŝŶ ǀŝĂ
ĞƐĐůƵƐŝǀĂ͖
ϰ͘ ůŽĐĂůŝĞĚĂƌĞĞŝŶƚĞƌĞƐƐĂƚŝĚĂƉƌŽǀǀĞĚŝŵĞŶƚŝĚĞůů͛ƵƚŽƌŝƚă'ŝƵĚŝnjŝĂƌŝĂ͘
ϱ͘ Ăŝ ĨŝŶŝ ĚĞůůĂ ŶŽŶ ĂƉƉůŝĐĂnjŝŽŶĞ ĚĞů ƚƌŝďƵƚŽ ƐƵŝ ůŽĐĂůŝ Ğ ƐƵůůĞ ĂƌĞĞ Ěŝ ĐƵŝ Ăů ĐŽŵŵĂ ϭ͕ ŝ ĐŽŶƚƌŝďƵĞŶƚŝ ƐŽŶŽ
ƚĞŶƵƚŝĂĚŝĐŚŝĂƌĂƌĞŐůŝƐƚĞƐƐŝŶĞůůĂĚŝĐŚŝĂƌĂnjŝŽŶĞŽƌŝŐŝŶĂƌŝĂŽĚŝǀĂƌŝĂnjŝŽŶĞ͕ŝŶĚŝĐĂŶĚŽůĞĐŝƌĐŽƐƚĂŶnjĞĐŚĞ
ĚĂŶŶŽ ĚŝƌŝƚƚŽ ĂůůĂ ůŽƌŽ ĚĞƚĂƐƐĂnjŝŽŶĞ͘ EĞůůĂ ĚŝĐŚŝĂƌĂnjŝŽŶĞ ĚŽǀƌĂŶŶŽ ĂůƚƌĞƐŞ ĞƐƐĞƌĞ ƐƉĞĐŝĨŝĐĂƚŝ ĞůĞŵĞŶƚŝ
ŽďŝĞƚƚŝǀŝĚŝƌĞƚƚĂŵĞŶƚĞƌŝůĞǀĂďŝůŝŽĂůůĞŐĂƚĂŝĚŽŶĞĂĚŽĐƵŵĞŶƚĂnjŝŽŶĞƚĂůĞĚĂĐŽŶƐĞŶƚŝƌĞŝůƌŝƐĐŽŶƚƌŽĚĞůůĞ
ĐŝƌĐŽƐƚĂŶnjĞĚŝĐŚŝĂƌĂƚĞ͘
21
ƌƚ͘ϴ͘ʹWƌŽĚƵnjŝŽŶĞĚŝƌŝĨŝƵƚŝƐƉĞĐŝĂůŝĞŶŽŶĂƐƐŝŵŝůĂƚŝ
ϭ͘ EĞůůĂĚĞƚĞƌŵŝŶĂnjŝŽŶĞĚĞůůĂƐƵƉĞƌĨŝĐŝĞĂƐƐŽŐŐĞƚƚĂďŝůĞĂůůĂdZ/ŶŽŶƐŝƚŝĞŶĞĐŽŶƚŽĚŝƋƵĞůůĂƉĂƌƚĞĚŝĞƐƐĂ
ŽǀĞ Ɛŝ ĨŽƌŵĂŶŽ͕ ŝŶ ǀŝĂ ĐŽŶƚŝŶƵĂƚŝǀĂ Ğ ƉƌĞǀĂůĞŶƚĞ͕ ƌŝĨŝƵƚŝ ƐƉĞĐŝĂůŝ ŶŽŶ ĂƐƐŝŵŝůĂƚŝ ĂŐůŝ ƵƌďĂŶŝ͕ Ăů ĐƵŝ
ƐŵĂůƚŝŵĞŶƚŽƐŽŶŽƚĞŶƵƚŝĂƉƌŽǀǀĞĚĞƌĞĂƉƌŽƉƌŝĞƐƉĞƐĞŝƌĞůĂƚŝǀŝƉƌŽĚƵƚƚŽƌŝ͕ĂĐŽŶĚŝnjŝŽŶĞĐŚĞŐůŝƐƚĞƐƐŝ
ĚŝŵŽƐƚƌŝŶŽ ůΖĂǀǀĞŶƵƚŽ ƚƌĂƚƚĂŵĞŶƚŽ ŝŶ ĐŽŶĨŽƌŵŝƚăΖ ĂůůĂ ŶŽƌŵĂƚŝǀĂ ǀŝŐĞŶƚĞ͘ ŽŶĞƌĞ ĚĞů ĐŽŶƚƌŝďƵĞŶƚĞ
ĚŝĐŚŝĂƌĂƌĞůĞƐƵƉĞƌĨŝĐŝƉƌŽĚƵƚƚŝǀĞĚŝƌŝĨŝƵƚŝƐƉĞĐŝĂůŝŶŽŶĂƐƐŝŵŝůĂƚŝ͘
Ϯ͘ EĞůů͛ŝƉŽƚĞƐŝ ŝŶ ĐƵŝ ǀŝ ƐŝĂŶŽ ŽďŝĞƚƚŝǀĞ ĚŝĨĨŝĐŽůƚă ŶĞů ĚĞůŝŵŝƚĂƌĞ ůĞ ƐƵƉĞƌĨŝĐŝ ŽǀĞ Ɛŝ ĨŽƌŵĂŶŽ ƌŝĨŝƵƚŝ ƐƉĞĐŝĂůŝ
ŶŽŶĂƐƐŝŵŝůĂƚŝĂŐůŝƵƌďĂŶŝ͕ƐƚĂŶƚĞůĂĐŽŶƚĞƐƚƵĂůĞƉƌŽĚƵnjŝŽŶĞĂŶĐŚĞĚŝƌŝĨŝƵƚŝƐƉĞĐŝĂůŝĂƐƐŝŵŝůĂƚŝ͕ůĂƌĞůĂƚŝǀĂ
ƚĂƐƐĂnjŝŽŶĞ ğ ĚĞĨŝŶŝƚĂ ŝŶ ŵĂŶŝĞƌĂ ĨŽƌĨĞƚƚĂƌŝĂ ĂƉƉůŝĐĂŶĚŽ Ă ƚĂůŝ ƐƵƉĞƌĨŝĐŝ ůĞ ƐĞŐƵĞŶƚŝ ƉĞƌĐĞŶƚƵĂůŝ Ěŝ
ĂďďĂƚƚŝŵĞŶƚŽĚŝƐƚŝŶƚĞƉĞƌƚŝƉŽůŽŐŝĂĚŝĂƚƚŝǀŝƚăĞĐŽŶŽŵŝĐŚĞ͗
ĂƚĞŐŽƌŝĂĚŝĂƚƚŝǀŝƚă
WĞƌĐĞŶƚƵĂůĞĚŝĂďďĂƚƚŝŵĞŶƚŽĚĞůůĂƐƵƉĞƌĨŝĐŝĞ
&ĂůĞŐŶĂŵĞƌŝĞ͕ƚŝƉŽŐƌĂĨŝĞ͕ƐƚĂŵƉĞƌŝĞĞ
ŝŶĐŝƐŝŽŶŝ͘
ƵƚŽĐĂƌƌŽnjnjĞƌŝĞ͕ĂƵƚŽĨĨŝĐŝŶĞ
ŵĞĐĐĂŶŝĐŚĞ͕ĂƵƚŽĨĨŝĐŝŶĞĚŝĞůĞƚƚƌĂƵƚŽ͕
ϯϬй
ϯϬй
ǀĞƌŶŝĐŝĂƚƵƌĂ͕ŵŽƚŽƌŝƉĂƌĂƚŽƌŝ͕ŐŽŵŵŝƐƚŝ͕
ŐĂůǀĂŶŽƚĞĐŶŝĐŝ͕ĞĨŽŶĚĞƌŝĞ͕
ŝƐƚƌŝďƵƚŽƌŝĚŝĐĂƌďƵƌĂŶƚĞ͕ĂƵƚŽƐĞƌǀŝnjŝ͕
ĂƵƚŽůĂǀĂŐŐŝ͕ĂƵƚŽƌŝŵĞƐƐĂŐŐŝ͕ŽĨĨŝĐŝŶĂĚŝ
ϭϱй
ĐĂƌƉĞŶƚĞƌŝĂŵĞƚĂůůŝĐĂ͕ŵĂƌŵŝƐƚŝ͕ǀĞƚƌĞƌŝĞ͕
ƉĞůůĞƚƚĞƌŝĞĞnjŝŶĐĂƚƵƌŝĨŝĐŝ͕ƐĞƌƌĂŵĞŶƚŝƐƚŝ͕
>ĂǀĂŶĚĞƌŝĞ͕ůĂďŽƌĂƚŽƌŝĨŽƚŽŐƌĂĨŝĐŝ͕
ĞůŝŽŐƌĂĨŝĞ͕ŐĂďŝŶĞƚƚŝŵĞĚŝĐŝ͕ĚĞŶƚŝƐƚŝĐŝ͕
ϭϬй
ƌĂĚŝŽůŽŐŝĐŝ͕ĞůĂďŽƌĂƚŽƌŝŽĚŽŶƚŽƚĞĐŶŝĐŝ͕
ůĂďŽƌĂƚŽƌŝĚŝĂŶĂůŝƐŝ͕ĨĂƌŵĂĐĞƵƚŝĐŝ͘
YƵĂůƐŝĂƐŝĂůƚƌĂĂƚƚŝǀŝƚăŶŽŶƉƌĞǀŝƐƚĂ
ϮϬй
ŶĞůů͛ĞůĞŶĐŽ
ϯ͘ >͛ĞƐĞŶnjŝŽŶĞ Ğ ůĞ ƌŝĚƵnjŝŽŶŝ Ěŝ ĐƵŝ Ăŝ ĐŽŵŵŝ ƉƌĞĐĞĚĞŶƚŝ ǀŝĞŶĞ ƌŝĐŽŶŽƐĐŝƵƚĂ ƐŽůŽ Ăŝ ĐŽŶƚƌŝďƵĞŶƚŝ ĐŚĞ
ƉƌŽǀǀĞĚĂŶŽĂĚŝŶĚŝĐĂƌĞůĞƐƵƉĞƌĨŝĐŝĞƉƌŽĚƵƚƚŝǀĞĚŝƌŝĨŝƵƚŝƐƉĞĐŝĂůŝŶŽŶĂƐƐŝŵŝůĂƚŝŶĞůůĂĚŝĐŚŝĂƌĂnjŝŽŶĞdZ/
ĞĚ Ă ĨŽƌŶŝƌĞ ŝĚŽŶĞĂ ĚŽĐƵŵĞŶƚĂnjŝŽŶĞ ĐŽŵƉƌŽǀĂŶƚĞ ů͛ŽƌĚŝŶĂƌŝĂ ƉƌŽĚƵnjŝŽŶĞ ĚĞŝ ƉƌĞĚĞƚƚŝ ƌŝĨŝƵƚŝĞĚ ŝů ůŽƌŽ
ƚƌĂƚƚĂŵĞŶƚŽŝŶĐŽŶĨŽƌŵŝƚăĚĞůůĞĚŝƐƉŽƐŝnjŝŽŶŝǀŝŐĞŶƚŝ;ĂƚŝƚŽůŽĚŝĞƐĞŵƉŝŽĐŽŶƚƌĂƚƚŝƐŵĂůƚŝŵĞŶƚŽ͕ĐŽƉŝĞ
ĨŽƌŵƵůĂƌŝ Ěŝ ƚƌĂƐƉŽƌƚŽ ĚĞŝ ƌŝĨŝƵƚŝ ƌĞŐŽůĂƌŵĞŶƚĞ ĨŝƌŵĂƚŝ Ă ĚĞƐƚŝŶĂnjŝŽŶĞ͕ ĞĐĐ͘Ϳ͘ /Ŷ ĐĂƐŽ Ěŝ ŵĂŶĐĂƚĂ
ŝŶĚŝĐĂnjŝŽŶĞ ŝŶ ĚĞŶƵŶĐŝĂ ĚĞůůĞ ƐƵƉĞƌĨŝĐŝ ƉƌŽĚƵƚƚŝǀĞ Ěŝ ƌŝĨŝƵƚŝ ƐƉĞĐŝĂůŝ ŶŽŶ ĂƐƐŝŵŝůĂƚŝ͕ ůΖĞƐĞŶnjŝŽŶĞ Ğ ůĞ
ƌŝĚƵnjŝŽŶŝ Ěŝ ĐƵŝ Ăŝ ĐŽŵŵŝ ƉƌĞĐĞĚĞŶƚŝ͕ ŶŽŶ ƉŽƚƌĂŶŶŽ ĂǀĞƌĞ ĞĨĨĞƚƚŽ ĨŝŶŽ Ă ƋƵĂŶĚŽ ŶŽŶ ǀĞƌƌĂŶŶŽ
ƉƌĞƐĞŶƚĂƚĞůĞƌĞůĂƚŝǀĞŝŶĚŝĐĂnjŝŽŶŝŶĞůůĂĚŝĐŚŝĂƌĂnjŝŽŶĞ͘
22
ϰ͘ /ů ƚƌŝďƵƚŽ ŶŽŶ Ɛŝ ĂƉƉůŝĐĂ Ăŝ ůŽĐĂůŝ Ğ ůĞ ĂƌĞĞ ƐĐŽƉĞƌƚĞ ƉĞƌ ŝ ƋƵĂůŝ ŶŽŶ ƐƵƐƐŝƐƚĞ ůΖŽďďůŝŐŽ ĚĞůůΖŽƌĚŝŶĂƌŝŽ
ĐŽŶĨĞƌŝŵĞŶƚŽ ĚĞŝ ƌŝĨŝƵƚŝ ƵƌďĂŶŝ ŝŶ ƌĞŐŝŵĞ Ěŝ ƉƌŝǀĂƚŝǀĂ ĐŽŵƵŶĂůĞ ƉĞƌ ĞĨĨĞƚƚŽ Ěŝ ŶŽƌŵĞ ůĞŐŝƐůĂƚŝǀĞ Ž
ƌĞŐŽůĂŵĞŶƚĂƌŝ͕ Ěŝ ŽƌĚŝŶĂŶnjĞ ŝŶ ŵĂƚĞƌŝĂ ƐĂŶŝƚĂƌŝĂ͕ ĂŵďŝĞŶƚĂůĞ Ž Ěŝ ƉƌŽƚĞnjŝŽŶĞ ĐŝǀŝůĞ ŽǀǀĞƌŽ Ěŝ ĂĐĐŽƌĚŝ
ŝŶƚĞƌŶĂnjŝŽŶĂůŝƌŝŐƵĂƌĚĂŶƚŝŽƌŐĂŶŝĚŝ^ƚĂƚŽĞƐƚĞƌŝ͘
ƌƚ͘ϵ͘ʹĞƚĞƌŵŝŶĂnjŝŽŶĞĚĞůůĂďĂƐĞŝŵƉŽŶŝďŝůĞ
ϭ͘ ^ŝŶŽ ĂůůĂ ĐŽŵƉŝƵƚĂ ĂƚƚŝǀĂnjŝŽŶĞ ĚĞůůĞ ƉƌŽĐĞĚƵƌĞ ƉĞƌ ů͛ĂůůŝŶĞĂŵĞŶƚŽ ƚƌĂ ŝ ĚĂƚŝ ĐĂƚĂƐƚĂůŝ ƌĞůĂƚŝǀŝ ĂůůĞ
ƵŶŝƚă ŝŵŵŽďŝůŝĂƌŝ Ă ĚĞƐƚŝŶĂnjŝŽŶĞ ŽƌĚŝŶĂƌŝĂ Ğ ŝ ĚĂƚŝ ƌŝŐƵĂƌĚĂŶƚŝ ůĂ ƚŽƉŽŶŽŵĂƐƚŝĐĂ Ğ ůĂ ŶƵŵĞƌĂnjŝŽŶĞ
ĐŝǀŝĐĂ ŝŶƚĞƌŶĂ ĞĚ ĞƐƚĞƌŶĂ Ěŝ ĐŝĂƐĐƵŶ ĐŽŵƵŶĞ͕ ůĂ ƐƵƉĞƌĨŝĐŝĞ ĚĞůůĞ ƵŶŝƚă ŝŵŵŽďŝůŝĂƌŝ Ă ĚĞƐƚŝŶĂnjŝŽŶĞ
ŽƌĚŝŶĂƌŝĂ ŝƐĐƌŝƚƚĞ Ž ŝƐĐƌŝǀŝďŝůŝ ŶĞů ĐĂƚĂƐƚŽ ĞĚŝůŝnjŝŽ ƵƌďĂŶŽ ĂƐƐŽŐŐĞƚƚĂďŝůĞ Ăů ƚƌŝďƵƚŽ ğ ĐŽƐƚŝƚƵŝƚĂ ĚĂ
ƋƵĞůůĂ ĐĂůƉĞƐƚĂďŝůĞ ĚĞŝ ůŽĐĂůŝ Ğ ĚĞůůĞ ĂƌĞĞ ƐƵƐĐĞƚƚŝďŝůŝ Ěŝ ƉƌŽĚƵƌƌĞ ƌŝĨŝƵƚŝ ƵƌďĂŶŝ Ğ ĂƐƐŝŵŝůĂƚŝ͘ ŝ ĨŝŶŝ
ĚĞůů͛ĂƉƉůŝĐĂnjŝŽŶĞĚĞůƚƌŝďƵƚŽƐŝĐŽŶƐŝĚĞƌĂŶŽůĞƐƵƉĞƌĨŝĐŝŐŝăĚŝĐŚŝĂƌĂƚĞŽĂĐĐĞƌƚĂƚĞĂŝĨŝŶŝĚĞůůĂdZ^hĚŝ
ĐƵŝĂůĂƉŽϯΣĚĞůĚĞĐƌĞƚŽůĞŐŝƐůĂƚŝǀŽϯϬͬϭϮͬϭϵϵϯ͕Ŷ͘ϱϬϰ͘
Ϯ͘ ^ƵĐĐĞƐƐŝǀĂŵĞŶƚĞĂůů͛ĂƚƚŝǀĂnjŝŽŶĞ ĚĞůůĞŝŶĚŝĐĂƚĞƉƌŽĐĞĚƵƌĞĚŝĂůůŝŶĞĂŵĞŶƚŽůĂƐƵƉĞƌĨŝĐŝĞĂƐƐŽŐŐĞƚƚĂďŝůĞ
Ăů ƚƌŝďƵƚŽ ĚĞůůĞ ƵŶŝƚă ŝŵŵŽďŝůŝĂƌŝ Ă ĚĞƐƚŝŶĂnjŝŽŶĞ ŽƌĚŝŶĂƌŝĂ ŝƐĐƌŝƚƚĞ Ž ŝƐĐƌŝǀŝďŝůŝ ŶĞůĐĂƚĂƐƚŽ ĞĚŝůŝnjŝŽ
ƵƌďĂŶŽ͕ Ɛ Ă ƌ ă ƉĂƌŝ ĂůůΖŽƚƚĂŶƚĂ ƉĞƌ ĐĞŶƚŽ ĚĞůůĂ ƐƵƉĞƌĨŝĐŝĞ ĐĂƚĂƐƚĂůĞ͕ĚĞƚĞƌŵŝŶĂƚĂ ƐĞĐŽŶĚŽ ŝ ĐƌŝƚĞƌŝ
ƐƚĂďŝůŝƚŝ ĚĂů ĞĐƌĞƚŽ ĚĞů WƌĞƐŝĚĞŶƚĞ ĚĞůůĂ ZĞƉƵďďůŝĐĂ ϮϯŵĂƌnjŽ ϭϵϵϴ͕ Ŷ͘ ϭϯϴ͘ /ů ĐŽŵƵŶĞ ĐŽŵƵŶŝĐŚĞƌă
Ăŝ ĐŽŶƚƌŝďƵĞŶƚŝ ůĞ ŶƵŽǀĞ ƐƵƉĞƌĨŝĐŝ ŝŵƉŽŶŝďŝůŝ ĂĚŽƚƚĂŶĚŽ ůĞ Ɖŝƶ ŝĚŽŶĞĞ ĨŽƌŵĞ Ěŝ ĐŽŵƵŶŝĐĂnjŝŽŶĞ Ğ ŶĞů
ƌŝƐƉĞƚƚŽĚĞůů͛ĂƌƚŝĐŽůŽϲĚĞůůĂůĞŐŐĞϮϳůƵŐůŝŽϮϬϬϬ͕Ŷ͘ϮϭϮ͘
ϯ͘ WĞƌ ůĞ ĂůƚƌĞ ƵŶŝƚă ŝŵŵŽďŝůŝĂƌŝ͕ ĚŝǀĞƌƐĞ ĚĂ ƋƵĞůůĞ Ěŝ ĐƵŝ Ăů ĐŽŵŵĂ ϭ͕ ĐŽŵĞ ƉĞƌ ůĞ ĂƌĞĞ ƐĐŽƉĞƌƚĞ
ŽƉĞƌĂƚŝǀĞ͕ ůĂ ƐƵƉĞƌĨŝĐŝĞ ĂƐƐŽŐŐĞƚƚĂďŝůĞ Ăů ƚƌŝďƵƚŽ ğ ĐŽƐƚŝƚƵŝƚĂ ĚĂƋƵĞůůĂ ĐĂůƉĞƐƚĂďŝůĞ͘ ϰ͘ >Ă ƐƵƉĞƌĨŝĐŝĞ ĐŽŵƉůĞƐƐŝǀĂ ğ ĂƌƌŽƚŽŶĚĂƚĂ Ăů ŵĞƚƌŽ ƋƵĂĚƌŽ ƐƵƉĞƌŝŽƌĞ ƐĞ ůĂ ƉĂƌƚĞ ĚĞĐŝŵĂůĞ ğ
ŵĂŐŐŝŽƌĞŽƵŐƵĂůĞĂϬ͕ϱϬ͖ŝŶĐĂƐŽĐŽŶƚƌĂƌŝŽĂůŵĞƚƌŽƋƵĂĚƌŽŝŶĨĞƌŝŽƌĞ͘
ϱ͘ >Ă ƐƵƉĞƌĨŝĐŝĞ ĐĂůƉĞƐƚĂďŝůĞ Ěŝ ĐƵŝ Ăů ƉƌĞĐĞĚĞŶƚĞ ĐŽŵŵĂ ϭ ƉĞƌ ŝ ůŽĐĂůŝ ğ ĚĞƚĞƌŵŝŶĂƚĂ ĐŽŶƐŝĚĞƌĂŶĚŽ ůĂ
ƐƵƉĞƌĨŝĐŝĞ ĚĞůů͛ƵŶŝƚă ŝŵŵŽďŝůŝĂƌĞ Ăů ŶĞƚƚŽ ĚĞŝ ŵƵƌŝ ŝŶƚĞƌŶŝ͕ ĚĞŝ ƉŝůĂƐƚƌŝ Ğ ĚĞŝ ŵƵƌŝ ƉĞƌŝŵĞƚƌĂůŝ͘ EĞůůĂ
ĚĞƚĞƌŵŝŶĂnjŝŽŶĞĚĞůůĂƉƌĞĚĞƚƚĂƐƵƉĞƌĨŝĐŝĞŶŽŶƐŝƚŝĞŶĞĐŽŶƚŽĚĞŝůŽĐĂůŝ;ĚŝĐƵŝĂůů͛Ăƌƚ͘ϳ͘ĐŽŵŵĂϭƵƚĞŶnjĞ
ĚŽŵĞƐƚŝĐŚĞͿĐŽŶĂůƚĞnjnjĂƵŐƵĂůĞŽŝŶĨĞƌŝŽƌĞĂϮŵƚ͕͘ĚĞůůĞƌŝĞŶƚƌĂŶnjĞŽƐƉŽƌŐĞŶnjĞƌĞĂůŝnjnjĂƚĞƉĞƌŵŽƚŝǀŝ
ĞƐƚĞƚŝĐŝ͕ ƐĂůǀŽ ĐŚĞ ŶŽŶ ƐŝĂŶŽ ĨƌƵŝďŝůŝ͕ ĚĞŝ ůŽĐĂůŝ ƚĞĐŶŝĐŝ ƋƵĂůŝ ĐĂďŝŶĞ ĞůĞƚƚƌŝĐŚĞ͕ ǀĂŶŝ ĂƐĐĞŶƐŽƌŝ͕ ůŽĐĂůŝ
ĐŽŶƚĂƚŽƌŝĞĐĐ͘>ĞƐĐĂůĞŝŶƚĞƌŶĞƐŽŶŽĐŽŶƐŝĚĞƌĂƚĞƐŽůŽƉĞƌůĂƉƌŽŝĞnjŝŽŶĞŽƌŝnjnjŽŶƚĂůĞ͘>ĂƐƵƉĞƌĨŝĐŝĞĚĞŝůŽĐĂůŝ
ƚĂƐƐĂďŝůŝğĚĞƐƵŶƚĂĚĂůůĂƉůĂŶŝŵĞƚƌŝĂĐĂƚĂƐƚĂůĞŽĚĂĂůƚƌĂĂŶĂůŽŐĂ;ĂĚĞƐĞŵƉŝŽƉůĂŶŝŵĞƚƌŝĂƐŽƚƚŽƐĐƌŝƚƚĂĚĂ
ƵŶƚĞĐŶŝĐŽĂďŝůŝƚĂƚŽŝƐĐƌŝƚƚŽĂůů͛ĂůďŽƉƌŽĨĞƐƐŝŽŶĂůĞͿ͕ŽǀǀĞƌŽĚĂŵŝƐƵƌĂnjŝŽŶĞĚŝƌĞƚƚĂ͘WĞƌůĞĂƌĞĞƐĐŽƉĞƌƚĞůĂ
ƐƵƉĞƌĨŝĐŝĞǀŝĞŶĞĚĞƚĞƌŵŝŶĂƚĂƐƵůƉĞƌŝŵĞƚƌŽŝŶƚĞƌŶŽĚĞůůĞƐƚĞƐƐĞĂůŶĞƚƚŽĚŝĞǀĞŶƚƵĂůŝĐŽƐƚƌƵnjŝŽŶŝŝŶĞƐƐĞ
ĐŽŵƉƌĞƐĞ͘
23
ƌƚ͘ϭϬ͘ʹ/ƐƚŝƚƵnjŝŽŶĞ^ĐŽůĂƐƚŝĐŚĞ^ƚĂƚĂůŝ
ϭ͘ ůůĞ ŝƐƚŝƚƵnjŝŽŶŝ ƐĐŽůĂƐƚŝĐŚĞ ƐƚĂƚĂůŝ Ɛŝ ĐŽŶƚŝŶƵĂŶŽ ĂĚ ĂƉƉůŝĐĂƌĞ ůĞ ŶŽƌŵĞ ĚĞůů͛Ăƌƚ͘ϯϯͲďŝƐ ĚĞů ͘>͘
ϯϭͬϭϮͬϮϬϬϳ͕Ŷ͘Ϯϰϴ͕ĐŽŶǀĞƌƚŝƚŽĐŽŶŵŽĚŝĨŝĐĂnjŝŽŶŝĚĂůůĂůĞŐŐĞϮϴͬϬϮͬϮϬϬϴŶ͘ϯϭ͘
ƌƚ͘ϭϭ͘ʹŽƉĞƌƚƵƌĂĚĞŝĐŽƐƚŝĚĞůƐĞƌǀŝnjŝŽĚŝŐĞƐƚŝŽŶĞĚĞŝƌŝĨŝƵƚŝ
ϭ͘ >Ğ ƚĂƌŝĨĨĞ ĚĞů ƚƌŝďƵƚŽ ƐŽŶŽ ĚĞƚĞƌŵŝŶĂƚĞ ŝŶ ŵŽĚŽ ĚĂ ŐĂƌĂŶƚŝƌĞ ůĂ ĐŽƉĞƌƚƵƌĂ ŝŶƚĞŐƌĂůĞ ĚĞŝ ĐŽƐƚŝ Ěŝ
ŝŶǀĞƐƚŝŵĞŶƚŽĞĚŝĞƐĞƌĐŝnjŝŽƌĞůĂƚŝǀŝĂůƐĞƌǀŝnjŝŽ͘
Ϯ͘ /ŶƉĂƌƚŝĐŽůĂƌĞůĞƚĂƌŝĨĨĞĚĞůƚƌŝďƵƚŽĚĞǀŽŶŽŐĂƌĂŶƚŝƌĞůĂĐŽƉĞƌƚƵƌĂĚŝƚƵƚƚŝŝĐŽƐƚŝƌĞůĂƚŝǀŝĂŐůŝŝŶǀĞƐƚŝŵĞŶƚŝ
ƉĞƌůĞŽƉĞƌĞĞĚĂŝƌĞůĂƚŝǀŝĂŵŵŽƌƚĂŵĞŶƚŝ͕ŶŽŶĐŚĠĚŝƚƵƚƚŝŝĐŽƐƚŝĚ͛ĞƐĞƌĐŝnjŝŽĚĞůƐĞƌǀŝnjŝŽĚŝŐĞƐƚŝŽŶĞĚĞŝ
ƌŝĨŝƵƚŝ͕ŝŶĐůƵƐŝŝĐŽƐƚŝĚŝĐƵŝĂůů͛ĂƌƚŝĐŽůŽϭϱĚĞů͘>ŐƐϭϯͬϬϭͬϮϬϬϯ͕Ŷ͘ϯϲ͘
ϯ͘ WĞƌ ůĂ ĚĞƚĞƌŵŝŶĂnjŝŽŶĞ ĚĞŝ ĐŽƐƚŝ ĚĞů ƐĞƌǀŝnjŝŽ ƐŽŶŽ ĐŽŶƐŝĚĞƌĂƚŝ ƚƵƚƚŝ Őůŝ ŽŶĞƌŝ ĚŝƌĞƚƚĂŵĞŶƚĞ ĞĚ
ŝŶĚŝƌĞƚƚĂŵĞŶƚĞŝŵƉƵƚĂďŝůŝŝŶƋƵĂŶƚŽŝŶĞƌĞŶƚŝĂůůŽƐƚĞƐƐŽ͘
ϰ͘ EĞůůĂ ĚĞƚĞƌŵŝŶĂnjŝŽŶĞ ĚĞŝ ĐŽƐƚŝ ĚĞů ƐĞƌǀŝnjŝŽ ŶŽŶ Ɛŝ ƚŝĞŶĞ ĐŽŶƚŽ Ěŝ ƋƵĞůůŝ ƌĞůĂƚŝǀŝ Ăŝ ƌŝĨŝƵƚŝ ƐƉĞĐŝĂůŝ Ăů ĐƵŝ
ƐŵĂůƚŝŵĞŶƚŽƉƌŽǀǀĞĚŽŶŽĂƉƌŽƉƌŝĞƐƉĞƐĞŝƌĞůĂƚŝǀŝƉƌŽĚƵƚƚŽƌŝ͕ĐŽŵƉƌŽǀĂŶĚŽŶĞů͛ĂǀǀĞŶƵƚŽƚƌĂƚƚĂŵĞŶƚŽ
ŝŶĐŽŶĨŽƌŵŝƚăĂůůĂŶŽƌŵĂƚŝǀĂǀŝŐĞŶƚĞ͘
ϱ͘ ĚĞĐŽƌƌĞƌĞĚĂůů͛ĂŶŶŽϮϬϭϲŶĞůůĂĚĞƚĞƌŵŝŶĂnjŝŽŶĞĚĞŝĐŽƐƚŝĚĞůƐĞƌǀŝnjŝŽƐŝƚŝĞŶĞĐŽŶƚŽĚĞůůĞƌŝƐƵůƚĂŶnjĞĚĞŝ
ĨĂďďŝƐŽŐŶŝƐƚĂŶĚĂƌĚƌĞůĂƚŝǀŝĂůůŽƐƉĞĐŝĨŝĐŽƐĞƌǀŝnjŝŽ͕ŽǀĞĂƉƉƌŽǀĂƚĞŝŶƚĞŵƉŽƵƚŝůĞ͘
ϲ͘ ŶŽƌŵĂĚĞůů͛Ăƌƚ͘ϭ͕ĐŽŵŵĂϲϱϱ͕ĚĞůůĂ>ĞŐŐĞϮϳͬϭϮͬϮϬϭϯ͕Ŷ͘ϭϰϳŝůĐŽƐƚŽƌĞůĂƚŝǀŽĂůůĂŐĞƐƚŝŽŶĞĚĞŝƌŝĨŝƵƚŝ
ĚĞůůĞŝƐƚŝƚƵnjŝŽŶŝƐĐŽůĂƐƚŝĐŚĞƐƚĂƚĂůŝğƐŽƚƚƌĂƚƚŽĚĂůĐŽƐƚŽĐŚĞĚĞǀĞĞƐƐĞƌĞĐŽƉĞƌƚŽĐŽŶŝůƚƌŝďƵƚŽ͘
ϳ͘ /ĐŽƐƚŝĚĞůƐĞƌǀŝnjŝŽĚŝŐĞƐƚŝŽŶĞĚĞŝƌŝĨŝƵƚŝƵƌďĂŶŝĞĚĂƐƐŝŵŝůĂƚŝƐŽŶŽĚĞƚĞƌŵŝŶĂƚŝĂŶŶƵĂůŵĞŶƚĞĚĂůƉŝĂŶŽ
ĨŝŶĂŶnjŝĂƌŝŽ͘
ϴ͘ >͛ĞǀĞŶƚƵĂůĞ ĞĐĐĞĚĞŶnjĂ ĚĞů ŐĞƚƚŝƚŽ ĐŽŶƐƵŶƚŝǀŽ ĚĞů ƚƌŝďƵƚŽ ƌŝƐƉĞƚƚŽ Ă ƋƵĞůůŽ ƉƌĞǀĞŶƚŝǀŽ ğ ƌŝƉŽƌƚĂƚĂ ŶĞů
ƉŝĂŶŽĨŝŶĂŶnjŝĂƌŝŽĚĞůů͛ĂŶŶŽƐƵĐĐĞƐƐŝǀŽ͕ŵĞŶƚƌĞů͛ĞǀĞŶƚƵĂůĞĚŝĨĨĞƌĞŶnjĂŶĞŐĂƚŝǀĂƚƌĂŝůŐĞƚƚŝƚŽĐŽŶƐƵŶƚŝǀŽĞ
ƋƵĞůůŽ ƉƌĞǀĞŶƚŝǀŽ ĚĞů ƚƌŝďƵƚŽ ğ ƉŽƌƚĂƚĂ ĂĚ ŝŶĐƌĞŵĞŶƚŽ ĚĞů ƉŝĂŶŽ ĨŝŶĂŶnjŝĂƌŝŽ ĚĞůů͛ĂŶŶŽ ƐƵĐĐĞƐƐŝǀŽ
ƐŽůĂŵĞŶƚĞ ƐĞ ĚŽǀƵƚĂ ĂůůĂ ƌŝĚƵnjŝŽŶĞ ĚĞůůĞ ƐƵƉĞƌĨŝĐŝ ŝŵƉŽŶŝďŝůŝ͕ ŽǀǀĞƌŽ ĂĚ ĞǀĞŶƚŝ ŝŵƉƌĞǀĞĚŝďŝůŝ ŶŽŶ
ĚŝƉĞŶĚĞŶƚŝĚĂŶĞŐůŝŐĞŶƚĞŐĞƐƚŝŽŶĞĚĞůƐĞƌǀŝnjŝŽ͘
ƌƚ͘ϭϮ͘ʹWŝĂŶŽĨŝŶĂŶnjŝĂƌŝŽ
ϭ͘ >Ă ĚĞƚĞƌŵŝŶĂnjŝŽŶĞ ĚĞůůĂ ƚĂƌŝĨĨĂ ĚĞů ƚƌŝďƵƚŽ ĂǀǀŝĞŶĞ ƐƵůůĂ ďĂƐĞ ĚĞů ƉŝĂŶŽ ĨŝŶĂŶnjŝĂƌŝŽ ĚĞů ƐĞƌǀŝnjŝŽ Ěŝ
ŐĞƐƚŝŽŶĞĚĞŝƌŝĨŝƵƚŝƵƌďĂŶŝ͕ĂŝƐĞŶƐŝĚĞůĐŽŵŵĂϲϴϯ͕Ăƌƚ͘ϭĚĞůůĂůĞŐŐĞŶ͘ϭϰϳͬϮϬϭϯ͘/ůƉŝĂŶŽĨŝŶĂŶnjŝĂƌŝŽğ
ƌĞĚĂƚƚŽ ĚĂů ƐŽŐŐĞƚƚŽ ŐĞƐƚŽƌĞ ĚĞů ƐĞƌǀŝnjŝŽ Ž ĚĂůů͛ŶƚĞ͕ ĞĚ ĂƉƉƌŽǀĂƚŽ ŝŶ ŽŶƐŝŐůŝŽ ŽŵƵŶĂůĞ ĞŶƚƌŽ ŝů
ƚĞƌŵŝŶĞĚŝĂƉƉƌŽǀĂnjŝŽŶĞĚĞůŝůĂŶĐŝŽ͘
Ϯ͘ /ůƉŝĂŶŽĨŝŶĂŶnjŝĂƌŝŽĐŽŵƉƌĞŶĚĞ͗
ĂͿ ŝůƉƌŽŐƌĂŵŵĂĚĞŐůŝŝŶǀĞƐƚŝŵĞŶƚŝŶĞĐĞƐƐĂƌŝ͖
ďͿ ŝůƉŝĂŶŽĨŝŶĂŶnjŝĂƌŝŽĚĞŐůŝŝŶǀĞƐƚŝŵĞŶƚŝ͖
24
ĐͿ ůĂƐƉĞĐŝĨŝĐĂĚĞŝďĞŶŝ͕ĚĞůůĞƐƚƌƵƚƚƵƌĞĞĚĞŝƐĞƌǀŝnjŝĚŝƐƉŽŶŝďŝůŝ͕ŶŽŶĐŚĠŝůƌŝĐŽƌƐŽĞǀĞŶƚƵĂůĞĂůů͛ƵƚŝůŝnjnjŽĚŝ
ďĞŶŝĞƐƚƌƵƚƚƵƌĞĚŝƚĞƌnjŝ͕ŽĂůů͛ĂĨĨŝĚĂŵĞŶƚŽĚŝƐĞƌǀŝnjŝĂƚĞƌnjŝ͖
ĚͿ ůĞƌŝƐŽƌƐĞĨŝŶĂŶnjŝĂƌŝĞŶĞĐĞƐƐĂƌŝĞ͘
ϯ͘ ůƉŝĂŶŽĨŝŶĂŶnjŝĂƌŝŽĚĞǀĞĞƐƐĞƌĞĂůůĞŐĂƚĂƵŶĂƌĞůĂnjŝŽŶĞŶĞůůĂƋƵĂůĞƐŽŶŽŝŶĚŝĐĂƚŝ͗
ĂͿ
ďͿ
ĐͿ
ĚͿ
ŝůŵŽĚĞůůŽŐĞƐƚŝŽŶĂůĞĞĚŽƌŐĂŶŝnjnjĂƚŝǀŽ͖
ŝůŝǀĞůůŝĚŝƋƵĂůŝƚăĚĞůƐĞƌǀŝnjŝŽ͖
ůĂƌŝĐŽŐŶŝnjŝŽŶĞĚĞŐůŝŝŵƉŝĂŶƚŝĞƐŝƐƚĞŶƚŝ͖
ŝŶĚŝĐĂnjŝŽŶĞĚĞŐůŝƐĐŽƐƚĂŵĞŶƚŝĐŚĞƐŝƐŽŶŽĞǀĞŶƚƵĂůŵĞŶƚĞǀĞƌŝĨŝĐĂƚŝƌŝƐƉĞƚƚŽĂůů͛ĂŶŶŽƉƌĞĐĞĚĞŶƚĞĞůĞ
ƌĞůĂƚŝǀĞŵŽƚŝǀĂnjŝŽŶŝ͖
ĞͿ ƵůƚĞƌŝŽƌŝĞǀĞŶƚƵĂůŝĂůƚƌŝĞůĞŵĞŶƚŝƌŝĐŚŝĞƐƚŝĚĂůů͛ĂƵƚŽƌŝƚăĐŽŵƉĞƚĞŶƚĞĂůů͛ĂƉƉƌŽǀĂnjŝŽŶĞ͘
ϰ͘ dƵƚƚŝ Őůŝ ƵĨĨŝĐŝ ŝŶƚĞƌĞƐƐĂƚŝ ƐŽŶŽ ƚĞŶƵƚŝ Ă ĨŽƌŶŝƌĞ ƚĞŵƉĞƐƚŝǀĂŵĞŶƚĞ ůĞ ŝŶĨŽƌŵĂnjŝŽŶŝ ŶĞĐĞƐƐĂƌŝĞ ƉĞƌ ůĂ
ƉƌĞĚŝƐƉŽƐŝnjŝŽŶĞ ĚĞů ƉŝĂŶŽ ĨŝŶĂŶnjŝĂƌŝŽ Ğ ĚĞůůĂ ƚĂƌŝĨĨĂ ĚĞů ƚƌŝďƵƚŽ ĞĚ ŝŶ ƉĂƌƚŝĐŽůĂƌĞ ƚƵƚƚŝ ŝ ĐŽƐƚŝ ƐŽƐƚĞŶƵƚŝ
ĚĂůů͛ŶƚĞĐŚĞƉĞƌŶĂƚƵƌĂƌŝĞŶƚƌĂŶŽƚƌĂŝĐŽƐƚŝĚĂĐŽŶƐŝĚĞƌĂƌĞ͘
ƌƚ͘ϭϯ͘ͲĞƚĞƌŵŝŶĂnjŝŽŶĞĚĞůůĞƚĂƌŝĨĨĞĚĞůƚƌŝďƵƚŽ
ϭ͘ /ů ƚƌŝďƵƚŽ ğ ĐŽƌƌŝƐƉŽƐƚŽ ŝŶ ďĂƐĞ Ă ƚĂƌŝĨĨĂ ĐŽŵŵŝƐƵƌĂƚĂ ĂĚ ĂŶŶŽ ƐŽůĂƌĞ͕ ĐƵŝ ĐŽƌƌŝƐƉŽŶĚĞ ƵŶ͛ĂƵƚŽŶŽŵĂ
ŽďďůŝŐĂnjŝŽŶĞƚƌŝďƵƚĂƌŝĂ͘/ůŽŶƐŝŐůŝŽŽŵƵŶĂůĞĚĞƚĞƌŵŝŶĂĂŶŶƵĂůŵĞŶƚĞůĞƚĂƌŝĨĨĞĞŶƚƌŽŝůƚĞƌŵŝŶĞĨŝƐƐĂƚŽ
ĚĂůůĞ ŶŽƌŵĞ ƉƌĞǀŝƐƚĞ ƉĞƌ ů͛ĂƉƉƌŽǀĂnjŝŽŶĞ ĚĞů ďŝůĂŶĐŝŽ Ěŝ ƉƌĞǀŝƐŝŽŶĞ͘ >Ğ ƚĂƌŝĨĨĞ ĚĞů ƚƌŝďƵƚŽ ƐŽŶŽ
ĐŽŵŵŝƐƵƌĂƚĞŝŶďĂƐĞĂůůĞƋƵĂŶƚŝƚăĞƋƵĂůŝƚăŵĞĚŝĞŽƌĚŝŶĂƌŝĞĚŝƌŝĨŝƵƚŝƉƌŽĚŽƚƚŝƉĞƌƵŶŝƚăĚŝƐƵƉĞƌĨŝĐŝĞ͕ŝŶ
ƌĞůĂnjŝŽŶĞ ĂŐůŝ ƵƐŝ ĞĚ ĂůůĂ ƚŝƉŽůŽŐŝĂ Ěŝ Ăƚƚŝǀŝƚă ƐǀŽůƚĞ͕ ƚĞŶƵƚŽ ĐŽŶƚŽ ĚĞŝ ĐƌŝƚĞƌŝ ŝŶĚŝǀŝĚƵĂƚŝ ĚĂů ͘W͘Z͘
ϭϱϴͬϭϵϵϵ͘
Ϯ͘ >Ğ ƚĂƌŝĨĨĞ ĚĞů ƚƌŝďƵƚŽ ƐŽŶŽ ĂƌƚŝĐŽůĂƚĞ ƉĞƌ ůĞ ƵƚĞŶnjĞ ĚŽŵĞƐƚŝĐŚĞ Ğ ƉĞƌ ƋƵĞůůĞ ŶŽŶ ĚŽŵĞƐƚŝĐŚĞ͘ WĞƌ
ƵƚĞŶnjĞ ĚŽŵĞƐƚŝĐŚĞ Ɛŝ ŝŶƚĞŶĚŽŶŽ ƚƵƚƚŝ ŝ ůŽĐĂůŝ ĚĞƐƚŝŶĂƚŝ Ă ĐŝǀŝůĞ ĂďŝƚĂnjŝŽŶĞ͕ ŵĞŶƚƌĞ ƉĞƌ ƵƚĞŶnjĞ ŶŽŶ
ĚŽŵĞƐƚŝĐŚĞƚƵƚƚŝŝƌĞƐƚĂŶƚŝůŽĐĂůŝĞĚĂƌĞĞƐŽŐŐĞƚƚŝĂůƚƌŝďƵƚŽ͕ƚƌĂĐƵŝůĞĐŽŵƵŶŝƚă͕ůĞĂƚƚŝǀŝƚăĂŐƌŝĐŽůĞĞ
ĐŽŶŶĞƐƐĞ͕ ĐŽŵŵĞƌĐŝĂůŝ͕ ĂƌƚŝŐŝĂŶĂůŝ͕ ŝŶĚƵƐƚƌŝĂůŝ͕ ƉƌŽĨĞƐƐŝŽŶĂůŝ Ğ ůĞ Ăƚƚŝǀŝƚă ƉƌŽĚƵƚƚŝǀĞ ŝŶ ŐĞŶĞƌĞ͕
ƋƵĞƐƚ͛ƵůƚŝŵĞĂůŽƌŽǀŽůƚĂƐƵĚĚŝǀŝƐĞŝŶĐĂƚĞŐŽƌŝĞĚŝĂƚƚŝǀŝƚăĐŽŶŽŵŽŐĞŶĞĂƉŽƚĞŶnjŝĂůŝƚăĚŝƉƌŽĚƵnjŝŽŶĞĚŝ
ƌŝĨŝƵƚŝ͘ >Ă ĐůĂƐƐŝĨŝĐĂnjŝŽŶĞ ĚĞůůĞ ĐĂƚĞŐŽƌŝĞ ĚĞůůĞ ƵƚĞŶnjĞ ĚŽŵĞƐƚŝĐŚĞ Ğ ŶŽŶ ĚŽŵĞƐƚŝĐŚĞ ğ ƌŝƉŽƌƚĂƚŽ
ŶĞůů͛ĂůůĞŐĂƚŽϮĂůƉƌĞƐĞŶƚĞƌĞŐŽůĂŵĞŶƚŽ͘
ϯ͘ >ĞƚĂƌŝĨĨĞĚĞůƚƌŝďƵƚŽƐŝĐŽŵƉŽŶŐŽŶŽĚŝƵŶĂƋƵŽƚĂĚĞƚĞƌŵŝŶĂƚĂŝŶƌĞůĂnjŝŽŶĞĂůůĞĐŽŵƉŽŶĞŶƚŝĞƐƐĞŶnjŝĂůŝ
ĚĞů ĐŽƐƚŽ ĚĞů ƐĞƌǀŝnjŝŽ Ěŝ ŐĞƐƚŝŽŶĞ ĚĞŝ ƌŝĨŝƵƚŝ͕ ƌŝĨĞƌŝƚĞ ŝŶ ƉĂƌƚŝĐŽůĂƌĞ ĂŐůŝ ŝŶǀĞƐƚŝŵĞŶƚŝ ƉĞƌ ůĞ ŽƉĞƌĞ ĞĚ Ăŝ
ƌĞůĂƚŝǀŝ ĂŵŵŽƌƚĂŵĞŶƚŝ ;ƋƵŽƚĂ ĨŝƐƐĂͿ͕ Ğ ĚĂ ƵŶĂ ƋƵŽƚĂ ƌĂƉƉŽƌƚĂƚĂ ĂůůĞ ƋƵĂŶƚŝƚă Ěŝ ƌŝĨŝƵƚŝ ĐŽŶĨĞƌŝƚŝ͕ Ăů
ƐĞƌǀŝnjŝŽĨŽƌŶŝƚŽĞĚĂůů͛ĞŶƚŝƚăĚĞŝĐŽƐƚŝĚŝŐĞƐƚŝŽŶĞ;ƋƵŽƚĂǀĂƌŝĂďŝůĞͿ͘
ϰ͘ /Ŷ ǀŝƌƚƶ ĚĞůůĞ ŶŽƌŵĞ ĚĞů ͘W͘Z ϭϱϴͬϭϵϵϵ͕ ŝů ƉƌŽǀǀĞĚŝŵĞŶƚŽ Ěŝ ĚĞƚĞƌŵŝŶĂnjŝŽŶĞ ĚĞůůĞ ƚĂƌŝĨĨĞ ĚĞů ƚƌŝďƵƚŽ
ƐƚĂďŝůŝƐĐĞ͗
Ă͘ ůĂĐŽƉĞƌƚƵƌĂŝŶƚĞŐƌĂůĞĚĞŝĐŽƐƚŝĚĞůƐĞƌǀŝnjŝŽĚŝŐĞƐƚŝŽŶĞĚĞŝƌŝĨŝƵƚŝƵƌďĂŶŝĞĚĂƐƐŝŵŝůĂƚŝ͕ĂŶĐŚĞŝŶ
ƌĞůĂnjŝŽŶĞĂůƉŝĂŶŽĨŝŶĂŶnjŝĂƌŝŽĚĞŐůŝŝŶƚĞƌǀĞŶƚŝƌĞůĂƚŝǀŝĂůƐĞƌǀŝnjŝŽĞƚĞŶƵƚŽĐŽŶƚŽĚĞŐůŝŽďŝĞƚƚŝǀŝĚŝ
ŵŝŐůŝŽƌĂŵĞŶƚŽĚĞůůĂƉƌŽĚƵƚƚŝǀŝƚăĞĚĞůůĂƋƵĂůŝƚăĚĞůƐĞƌǀŝnjŝŽĨŽƌŶŝƚŽ͖
ď͘ ůĂƋƵŽƚĂĨŝƐƐĂĞƋƵĞůůĂǀĂƌŝĂďŝůĞĚĞůůĞƚĂƌŝĨĨĞĚĞůƚƌŝďƵƚŽƉĞƌůĞƵƚĞŶnjĞĚŽŵĞƐƚŝĐŚĞĞƋƵĞůůĞŶŽŶ
ĚŽŵĞƐƚŝĐŚĞ͕ĚĞƚĞƌŵŝŶĂƚĞŝŶďĂƐĞĂƋƵĂŶƚŽƐƚĂďŝůŝƚŽĚĂŐůŝĂůůĞŐĂƚŝϭĞϮĂů͘W͘Z͘ϭϱϴͬϭϵϵϵ͖
25
Đ͘ ůĂ ƌŝƉĂƌƚŝnjŝŽŶĞ ĚĞŝ ĐŽƐƚŝ ĚĞů ƐĞƌǀŝnjŝŽ ƚƌĂ ůĞ ƵƚĞŶnjĞ ĚŽŵĞƐƚŝĐŚĞ Ğ ƋƵĞůůĞ ŶŽŶ ĚŽŵĞƐƚŝĐŚĞ͕
ŝŶĚŝĐĂŶĚŽŝůĐƌŝƚĞƌŝŽĂĚŽƚƚĂƚŽ͖
Ě͘ ŝĐŽĞĨĨŝĐŝĞŶƚŝ<Ă͕<ď͕<ĐĞ<ĚƉƌĞǀŝƐƚŝĚĂůů͛ĂůůĞŐĂƚŽϭĂů͘W͘Z͘ϭϱϴͬϵϵ͖
ƌƚ͘ϭϰ͘ʹůĂƐƐŝĨŝĐĂnjŝŽŶĞĚĞůůĞƵƚĞŶnjĞŶŽŶĚŽŵĞƐƚŝĐŚĞ
ϭ͘ WĞƌ ůĞ ƵƚĞŶnjĞ ŶŽŶ ĚŽŵĞƐƚŝĐŚĞ͕ ƐŝŶŽ Ă ĐŚĞ ŶŽŶ ƐŝĂŶŽ ŵĞƐƐŝ Ă ƉƵŶƚŽ Ğ ƌĞƐŝ ŽƉĞƌĂƚŝǀŝ ƐŝƐƚĞŵŝ Ěŝ
ŵŝƐƵƌĂnjŝŽŶĞĚĞůůĞƋƵĂŶƚŝƚăĚŝƌŝĨŝƵƚŝĞĨĨĞƚƚŝǀĂŵĞŶƚĞƉƌŽĚŽƚƚŝĚĂůůĞƐŝŶŐŽůĞƵƚĞŶnjĞ͕ŝůŽĐĂůŝĞůĞĂƌĞĞĐŽŶ
ĚŝǀĞƌƐĂ ĚĞƐƚŝŶĂnjŝŽŶĞ Ě͛ƵƐŽ ǀĞŶŐŽŶŽ ĂĐĐŽƌƉĂƚŝ ŝŶ ĐůĂƐƐŝ Ěŝ Ăƚƚŝǀŝƚă ŽŵŽŐĞŶĞĞ ĐŽŶ ƌŝĨĞƌŝŵĞŶƚŽ ĂůůĂ
ƉƌĞƐƵŶƚŝǀĂƋƵĂŶƚŝƚăĚŝƌŝĨŝƵƚŝƉƌŽĚŽƚƚŝ͕ƉĞƌů͛ĂƚƚƌŝďƵnjŝŽŶĞƌŝƐƉĞƚƚŝǀĂŵĞŶƚĞĚĞůůĂƋƵŽƚĂĨŝƐƐĂĞĚĞůůĂƋƵŽƚĂ
ǀĂƌŝĂďŝůĞĚĞůůĂƚĂƌŝĨĨĂĚĞůƚƌŝďƵƚŽ͕ĐŽŵĞƌŝƉŽƌƚĂƚŽŶĞůů͛ĂůůĞŐĂƚŽϮĚĞůƉƌĞƐĞŶƚĞƌĞŐŽůĂŵĞŶƚŽ͘
Ϯ͘ >͛ĂƐƐĞŐŶĂnjŝŽŶĞ Ěŝ ƵŶ͛ƵƚĞŶnjĂ Ă ƵŶĂ ĚĞůůĞ ĐůĂƐƐŝ Ěŝ Ăƚƚŝǀŝƚă ƉƌĞǀŝƐƚĞ ĚĂů ƉƌĞĐĞĚĞŶƚĞ ĐŽŵŵĂ ǀŝĞŶĞ
ĞĨĨĞƚƚƵĂƚĂ ĐŽŶ ƌŝĨĞƌŝŵĞŶƚŽ Ăů ĐŽĚŝĐĞ /^dd ĚĞůů͛Ăƚƚŝǀŝƚă ƉƌĞǀĂůĞŶƚĞ ĚŝĐŚŝĂƌĂƚŽ ĚĂůů͛ƵƚĞŶƚĞ ŝŶ ƐĞĚĞ Ěŝ
ƌŝĐŚŝĞƐƚĂĚŝĂƚƚƌŝďƵnjŝŽŶĞĚŝƉĂƌƚŝǀĂ/s͘/ŶŵĂŶĐĂŶnjĂŽŝŶĐĂƐŽĚŝĞƌƌŽŶĞĂĂƚƚƌŝďƵnjŝŽŶĞĚĞůĐŽĚŝĐĞƐŝĨĂ
ƌŝĨĞƌŝŵĞŶƚŽĂůů͛ĂƚƚŝǀŝƚăĞĨĨĞƚƚŝǀĂŵĞŶƚĞƐǀŽůƚĂ͘EĞůĐĂƐŽĚŝƉŝƶĂƚƚŝǀŝƚăĞƐĞƌĐŝƚĂƚĞĚĂůŵĞĚĞƐŝŵŽƵƚĞŶƚĞůĂ
ƚĂƌŝĨĨĂ ĚĞů ƚƌŝďƵƚŽ ĂƉƉůŝĐĂďŝůĞ ğ ƵŶŝĐĂ Ğ ďĂƐĂƚĂ ƐƵůůΖĂƚƚŝǀŝƚă ƉƌĞǀĂůĞŶƚĞ͕ ƉƌĞǀŝĂ ǀĞƌŝĨŝĐĂ Ěŝ ŽŐŐĞƚƚŝǀŝ
ƉĂƌĂŵĞƚƌŝ ƋƵĂŶƚŝƚĂƚŝǀŝ͕ ƐĂůǀŽ ŝů ĐĂƐŽ ŝŶ ĐƵŝ ůĞ Ăƚƚŝǀŝƚă ƐŝĂŶŽ ĞƐĞƌĐŝƚĂƚĞ ŝŶ ĚŝƐƚŝŶƚĞ ƵŶŝƚă ŝŵŵŽďŝůŝĂƌŝ͕
ŝŶƚĞŶĚĞŶĚŽƐŝƉĞƌƚĂůŝůĞƵŶŝƚăŝŵŵŽďŝůŝĂƌŝŝƐĐƌŝƚƚĞŽĚĂŝƐĐƌŝǀĞƌƐŝŶĞůĐĂƚĂƐƚŽĞĚŝůŝnjŝŽƵƌďĂŶŽŽǀǀĞƌŽĐŚĞůĞ
Ăƚƚŝǀŝƚă ŶŽŶ ƐŝĂŶŽ ĚŝƉĞŶĚĞŶƚŝ ůΖƵŶĂ ĚĂůůΖĂůƚƌĂ ŵĂ ƉŽƐƐĂŶŽ ĞƐƐĞƌĞ ĐŽŶƐŝĚĞƌĂƚĞ ŝŶ ŵŽĚŽ ĂƵƚŽŶŽŵŽ͘ >Ğ
Ăƚƚŝǀŝƚă ĞĐŽŶŽŵŝĐŚĞ ŶŽŶ ŝŶĐůƵƐĞ ĞƐƉůŝĐŝƚĂŵĞŶƚĞ ŶĞůů͛ĞůĞŶĐŽ ƐĂƌĂŶŶŽ ŝŶƐĞƌŝƚĞ ŶĞůůĂ ĐĂƚĞŐŽƌŝĂ ƚĂƌŝĨĨĂƌŝĂ
ĐŽŶ Ɖŝƶ ƐŝŵŝůĂƌĞ ƉƌŽĚƵƚƚŝǀŝƚă ƉŽƚĞŶnjŝĂůĞ Ěŝ ƌŝĨŝƵƚŝ͘ >Ă ƚĂƌŝĨĨĂ ĚĞů ƚƌŝďƵƚŽ ĂƉƉůŝĐĂďŝůĞ ƉĞƌ ŽŐŶŝ Ăƚƚŝǀŝƚă
ĞĐŽŶŽŵŝĐĂ͕ĚĞƚĞƌŵŝŶĂƚĂŝŶďĂƐĞĂůůĂĐůĂƐƐŝĨŝĐĂnjŝŽŶĞŽƉĞƌĂƚĂƐĞĐŽŶĚŽŝĐŽŵŵŝƉƌĞĐĞĚĞŶƚŝ͕ğƵŶŝĐĂĂŶĐŚĞ
ƐĞůĞƐƵƉĞƌĨŝĐŝĐŚĞƐĞƌǀŽŶŽƉĞƌů͛ĞƐĞƌĐŝnjŝŽĚĞůů͛ĂƚƚŝǀŝƚăƐƚĞƐƐĂƉƌĞƐĞŶƚĂŶŽĚŝǀĞƌƐĂĚĞƐƚŝŶĂnjŝŽŶĞĚ͛ƵƐŽ͘;ĞƐ͘
ƐƵƉĞƌĨŝĐŝĞĚŝǀĞŶĚŝƚĂ͕ĞƐƉŽƐŝnjŝŽŶĞ͕ĚĞƉŽƐŝƚŽ͕ƵĨĨŝĐŝŽ͕ĞĐĐ͘Ϳ͘WĞƌŝůŽĐĂůŝĚĞůůĂŵĞĚĞƐŝŵĂĂƚƚŝǀŝƚăĞĐŽŶŽŵŝĐĂ
ŵĂƐŝƚŝŝŶůƵŽŐŚŝĚŝǀĞƌƐŝƐŝƚĞƌƌăĐŽŶƚŽĚĞůƌĞĂůĞƵƚŝůŝnjnjŽĚŝŽŐŶŝƐŝŶŐŽůĂƵŶŝƚăƉƌŽĚƵƚƚŝǀĂ͘
ƌƚ͘ϭϱ͘ʹĞƚĞƌŵŝŶĂnjŝŽŶĞĚĞůŶƵŵĞƌŽĚĞŐůŝŽĐĐƵƉĂŶƚŝĚĞůůĞƵƚĞŶnjĞĚŽŵĞƐƚŝĐŚĞ
ϭ͘ >Ă ƚĂƌŝĨĨĂ ĚĞů ƚƌŝďƵƚŽ ƉĞƌ ůĞ ƵƚĞŶnjĞ ĚŽŵĞƐƚŝĐŚĞ ğ ĐŽŵŵŝƐƵƌĂƚĂ͕ ŽůƚƌĞ ĐŚĞ ĂůůĂ ƐƵƉĞƌĨŝĐŝĞ͕ ĂŶĐŚĞ Ăů
ŶƵŵĞƌŽĚĞŝĐŽŵƉŽŶĞŶƚŝ͕ƐĞĐŽŶĚŽƋƵĂŶƚŽƉƌĞǀŝƐƚŽĚĂů͘W͘Z͘ϭϱϴͬϭϵϵϵ͘
Ϯ͘ WĞƌ ůĞ ƵƚĞŶnjĞ ĚŽŵĞƐƚŝĐŚĞ ĐŽŶĚŽƚƚĞ ĚĂ ƉĞƌƐŽŶĞ ĨŝƐŝĐŚĞ ĐŚĞ ǀŝ ŚĂŶŶŽ ƐƚĂďŝůŝƚŽ ůĂ ƉƌŽƉƌŝĂ ƌĞƐŝĚĞŶnjĂ
ĂŶĂŐƌĂĨŝĐĂ͕ŝůŶƵŵĞƌŽĚĞŐůŝŽĐĐƵƉĂŶƚŝğƋƵĞůůŽĚĞůŶƵĐůĞŽĨĂŵŝůŝĂƌĞƌŝƐƵůƚĂŶƚĞĚĂŝƌĞŐŝƐƚƌŝĂŶĂŐƌĂĨŝĐŝĂůůĂ
ĚĂƚĂ Ěŝ ĞƐƚƌĂnjŝŽŶĞ ĚĞůůĂ ďŽůůĞƚƚĂnjŝŽŶĞ ĚĞůů͛ĂŶŶŽ Ěŝ ĐŽŵƉĞƚĞŶnjĂ ĚĞůůĂ ƚĂƌŝĨĨĂnjŝŽŶĞ͕ ƐĂůǀĂ ĚŝǀĞƌƐĂ Ğ
ĚŽĐƵŵĞŶƚĂƚĂĚŝĐŚŝĂƌĂnjŝŽŶĞĚĞůů͛ƵƚĞŶƚĞ͘ĞǀŽŶŽĐŽŵƵŶƋƵĞĞƐƐĞƌĞĚŝĐŚŝĂƌĂƚĞůĞƉĞƌƐŽŶĞĐŚĞŶŽŶĨĂŶŶŽ
ƉĂƌƚĞ ĚĞů ŶƵĐůĞŽ ĨĂŵŝůŝĂƌĞ ĂŶĂŐƌĂĨŝĐŽ Ğ ĚŝŵŽƌĂŶƚŝ ŶĞůů͛ƵƚĞŶnjĂ ƉĞƌ ĂůŵĞŶŽ ƐĞŝ ŵĞƐŝ ŶĞůů͛ĂŶŶŽ ƐŽůĂƌĞ͕
ĐŽŵĞĂĚĞƐ͘ůĞĐŽůĨĐŚĞĚŝŵŽƌĂŶŽƉƌĞƐƐŽůĂĨĂŵŝŐůŝĂ͘
ϯ͘ ^ŽŶŽ ĐŽŶƐŝĚĞƌĂƚŝ ƉƌĞƐĞŶƚŝ ŶĞů ŶƵĐůĞŽ ĨĂŵŝůŝĂƌĞ ĂŶĐŚĞ ŝ ŵĞŵďƌŝ ƚĞŵƉŽƌĂŶĞĂŵĞŶƚĞ ĚŽŵŝĐŝůŝĂƚŝ ĂůƚƌŽǀĞ͘
EĞů ĐĂƐŽ Ěŝ ƐĞƌǀŝnjŝŽ Ěŝ ǀŽůŽŶƚĂƌŝĂƚŽ Ž Ăƚƚŝǀŝƚă ůĂǀŽƌĂƚŝǀĂ ƉƌĞƐƚĂƚĂ Ăůů͛ĞƐƚĞƌŽ Ğ ŶĞů ĐĂƐŽ Ěŝ ĚĞŐĞŶnjĞ Ž
ƌŝĐŽǀĞƌŝ ƉƌĞƐƐŽ ĐĂƐĞ Ěŝ ĐƵƌĂ Ž Ěŝ ƌŝƉŽƐŽ͕ ĐŽŵƵŶŝƚă Ěŝ ƌĞĐƵƉĞƌŽ͕ ĐĞŶƚƌŝ ƐŽĐŝŽͲĞĚƵĐĂƚŝǀŝ͕ ŝƐƚŝƚƵƚŝ
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ƉĞŶŝƚĞŶnjŝĂƌŝ͕ ƉĞƌ ƵŶ ƉĞƌŝŽĚŽ ŶŽŶ ŝŶĨĞƌŝŽƌĞ Ăůů͛ĂŶŶŽ͕ ůĂ ƉĞƌƐŽŶĂ ĂƐƐĞŶƚĞ ŶŽŶ ǀŝĞŶĞ ĐŽŶƐŝĚĞƌĂƚĂ Ăŝ ĨŝŶŝ
ĚĞůůĂĚĞƚĞƌŵŝŶĂnjŝŽŶĞĚĞůůĂƚĂƌŝĨĨĂ͕ĂĐŽŶĚŝnjŝŽŶĞĐŚĞů͛ĂƐƐĞŶnjĂƐŝĂĂĚĞŐƵĂƚĂŵĞŶƚĞĚŽĐƵŵĞŶƚĂƚĂ͘
ϰ͘ WĞƌ ůĞ ƵƚĞŶnjĞ ĚŽŵĞƐƚŝĐŚĞ ĐŽŶĚŽƚƚĞ ĚĂ ƐŽŐŐĞƚƚŝ ŶŽŶ ƌĞƐŝĚĞŶƚŝ ŶĞů ŽŵƵŶĞ͕ ƉĞƌ Őůŝ ĂůůŽŐŐŝ ĚĞŝ ĐŝƚƚĂĚŝŶŝ
ƌĞƐŝĚĞŶƚŝ Ăůů͛ĞƐƚĞƌŽ ;ŝƐĐƌŝƚƚŝ /ZͿ͕ Ğ ƉĞƌ Őůŝ ĂůůŽŐŐŝ Ă ĚŝƐƉŽƐŝnjŝŽŶĞ Ěŝ ĞŶƚŝ ĚŝǀĞƌƐŝ ĚĂůůĞ ƉĞƌƐŽŶĞ ĨŝƐŝĐŚĞ
ŽĐĐƵƉĂƚŝĚĂƐŽŐŐĞƚƚŝŶŽŶƌĞƐŝĚĞŶƚŝ͕ƐŝĂƐƐƵŵĞĐŽŵĞŶƵŵĞƌŽĚĞŐůŝŽĐĐƵƉĂŶƚŝƋƵĞůůŽŝŶĚŝĐĂƚŽĚĂůů͛ƵƚĞŶƚĞ
Ž͕ŝŶŵĂŶĐĂŶnjĂ͕ƋƵĞůůŽĚŝϯƵŶŝƚă͘
ZĞƐƚĂ ĨĞƌŵĂ ůĂ ƉŽƐƐŝďŝůŝƚă ƉĞƌ ŝů ĐŽŵƵŶĞ Ěŝ ĂƉƉůŝĐĂƌĞ͕ ŝŶ ƐĞĚĞ Ěŝ ĂĐĐĞƌƚĂŵĞŶƚŽ͕ ŝů ĚĂƚŽ ƐƵƉĞƌŝŽƌĞ
ĞŵĞƌŐĞŶƚĞĚĂůůĞƌŝƐƵůƚĂŶnjĞĂŶĂŐƌĂĨŝĐŚĞĚĞůĐŽŵƵŶĞĚŝƌĞƐŝĚĞŶnjĂ͘
ϱ͘ WĞƌůĞƵŶŝƚăĂďŝƚĂƚŝǀĞ͕ĚŝƉƌŽƉƌŝĞƚăŽƉŽƐƐĞĚƵƚĞĂƚŝƚŽůŽĚŝƵƐƵĨƌƵƚƚŽ͕ƵƐŽŽĂďŝƚĂnjŝŽŶĞĚĂƐŽŐŐĞƚƚŝŐŝăŝǀŝ
ĂŶĂŐƌĂĨŝĐĂŵĞŶƚĞƌĞƐŝĚĞŶƚŝ͕ƚĞŶƵƚĞĂĚŝƐƉŽƐŝnjŝŽŶĞĚĂŐůŝƐƚĞƐƐŝĚŽƉŽĂǀĞƌƚƌĂƐĨĞƌŝƚŽůĂƌĞƐŝĚĞŶnjĂͬĚŽŵŝĐŝůŝŽ
ŝŶZĞƐŝĚĞŶnjĞ^ĂŶŝƚĂƌŝĞƐƐŝƐƚĞŶnjŝĂůŝ;Z͘^͘͘ͿŽŝƐƚŝƚƵƚŝƐĂŶŝƚĂƌŝĞŶŽŶůŽĐĂƚĞŽĐŽŵƵŶƋƵĞƵƚŝůŝnjnjĂƚĞĂǀĂƌŝŽ
ƚŝƚŽůŽ͕ŝůŶƵŵĞƌŽĚĞŐůŝŽĐĐƵƉĂŶƚŝğĨŝƐƐĂƚŽ͕ƉƌĞǀŝĂƉƌĞƐĞŶƚĂnjŝŽŶĞĚŝƌŝĐŚŝĞƐƚĂĚŽĐƵŵĞŶƚĂƚĂ͕ŝŶƵŶĂƵŶŝƚă͘
ϲ͘ WĞƌůĞƵŶŝƚăŝŵŵŽďŝůŝĂƌŝĂĚƵƐŽĂďŝƚĂƚŝǀŽŽĐĐƵƉĂƚĞĚĂĚƵĞŽƉŝƶŶƵĐůĞŝĨĂŵŝůŝĂƌŝůĂƚĂƌŝĨĨĂğĐĂůĐŽůĂƚĂĐŽŶ
ƌŝĨĞƌŝŵĞŶƚŽĂůŶƵŵĞƌŽĐŽŵƉůĞƐƐŝǀŽĚĞŐůŝŽĐĐƵƉĂŶƚŝů͛ĂůůŽŐŐŝŽ͘
ϳ͘ /ů ŶƵŵĞƌŽ ĚĞŐůŝ ŽĐĐƵƉĂŶƚŝ ůĞ ƵƚĞŶnjĞ ĚŽŵĞƐƚŝĐŚĞ ğ ƋƵĞůůŽ ƌŝƐƵůƚĂŶƚĞ ĂůůĂ ĚĂƚĂ Ěŝ ĞƐƚƌĂnjŝŽŶĞ ĚĞůůĂ
ďŽůůĞƚƚĂnjŝŽŶĞ ĚĞůů͛ĂŶŶŽ Ěŝ ĐŽŵƉĞƚĞŶnjĂ͕ ĐŽƐŝĐĐŚĠ ůĞ ǀĂƌŝĂnjŝŽŶŝ ŝŶƚĞƌǀĞŶƵƚĞ ƐƵĐĐĞƐƐŝǀĂŵĞŶƚĞ ŚĂŶŶŽ
ĞĨĨŝĐĂĐŝĂĂƉĂƌƚŝƌĞƐŽůŽĚĂůůΖĂŶŶŽƐĞŐƵĞŶƚĞ͘
ϴ͘ WĞƌůĂĐŽŵŵŝƐƵƌĂnjŝŽŶĞĚĞůůĂƚĂƌŝĨĨĂĚĞůƚƌŝďƵƚŽƉĞƌůĞĂďŝƚĂnjŝŽŶŝƚĞŶƵƚĞĂĚŝƐƉŽƐŝnjŝŽŶĞĚĂŝƌĞƐŝĚĞŶƚŝŶĞů
ŽŵƵŶĞƐŝƚŝĞŶĞĐŽŶƚŽĚĞůŶƵŵĞƌŽĚĞŝĐŽŵƉŽŶĞŶƚŝůĂĨĂŵŝŐůŝĂĂŶĂŐƌĂĨŝĐĂĚĞŐůŝƐƚĞƐƐŝ͘
ƌƚ͘ϭϲ͘ʹKďďůŝŐĂnjŝŽŶĞƚƌŝďƵƚĂƌŝĂ
ϭ͘ >͛ŽďďůŝŐĂnjŝŽŶĞ ƚƌŝďƵƚĂƌŝĂ ĚĞĐŽƌƌĞ ĚĂů ƉƌŝŵŽ ŐŝŽƌŶŽ ĚĞů ďŝŵĞƐƚƌĞ ƐŽůĂƌĞ ƐƵĐĐĞƐƐŝǀŽ Ă ƋƵĞůůŽ ŝŶ ĐƵŝ ŚĂ
ŝŶŝnjŝŽů͛ƵƚĞŶnjĂ͘
Ϯ͘ >͛ŽďďůŝŐĂnjŝŽŶĞ ƚƌŝďƵƚĂƌŝĂ ĐĞƐƐĂ ŝů ďŝŵĞƐƚƌĞ ƐƵĐĐĞƐƐŝǀŽ ŝŶ ĐƵŝ ƚĞƌŵŝŶĂ ů͛ŽĐĐƵƉĂnjŝŽŶĞ͕ ůĂ ĚĞƚĞŶnjŝŽŶĞ Ž ŝů
ƉŽƐƐĞƐƐŽ͕ĂĐŽŶĚŝnjŝŽŶĞĐŚĞŝůĐŽŶƚƌŝďƵĞŶƚĞƉƌĞƐĞŶƚŝůĂĚŝĐŚŝĂƌĂnjŝŽŶĞĚŝĐĞƐƐĂƚĂŽĐĐƵƉĂnjŝŽŶĞŶĞůƚĞƌŵŝŶĞ
ŝŶĚŝĐĂƚŽĚĂůƐƵĐĐĞƐƐŝǀŽĂƌƚŝĐŽůŽϮϰ͘͘>ĂĐĞƐƐĂnjŝŽŶĞƉƵžĂǀǀĞŶŝƌĞĂŶĐŚĞĚΖƵĨĨŝĐŝŽŶĞůůĂĐŝƌĐŽƐƚĂŶnjĂĐŚĞƐŝ
ƐŝĂŝŶƉŽƐƐĞƐƐŽĚŝĚĂƚŝĐĞƌƚŝĞĚŝŶĐŽŶƚƌŽǀĞƌƚŝďŝůŝĚĞůůĂĨŝŶĞĚŝƵƚŝůŝnjnjŽĚĞůƐĞƌǀŝnjŝŽ;ĚĞĐĞƐƐŝ͕ƐƵďĞŶƚƌŝ͕ĞĐĐ͘Ϳ͘
ϯ͘ >ĞǀĂƌŝĂnjŝŽŶŝŝŶƚĞƌǀĞŶƵƚĞŶĞůĐŽƌƐŽĚĞůů͛ĂŶŶŽƌĞůĂƚŝǀĞŝŶƉĂƌƚŝĐŽůĂƌĞĂůůĞƐƵƉĞƌĨŝĐŝĞŽĂůůĂĚĞƐƚŝŶĂnjŝŽŶĞ
Ě͛ƵƐŽ͕ĐŚĞĐŽŵƉŽƌƚĂŶŽƵŶĂƵŵĞŶƚŽĚĞůƚƌŝďƵƚŽƉƌŽĚƵĐŽŶŽĞĨĨĞƚƚŽĚĂůďŝŵĞƐƚƌĞƐƵĐĐĞƐƐŝǀŽĚŝĞĨĨĞƚƚŝǀĂ
ǀĂƌŝĂnjŝŽŶĞĚĞŐůŝĞůĞŵĞŶƚŝƐƚĞƐƐŝ͘EĞůů͛ŝƉŽƚĞƐŝŝŶĐƵŝůĞǀĂƌŝĂnjŝŽŶŝ;ĚŝĐƵŝƐŽƉƌĂͿĐŽŵƉŽƌƚŝŶŽŝŶǀĞĐĞƵŶĂ
ƌŝĚƵnjŝŽŶĞ ĚĞů ƚƌŝďƵƚŽ͕ ŝů ƌŝĐŽŶŽƐĐŝŵĞŶƚŽ ĚĞů ŵŝŶŽƌ ƚƌŝďƵƚŽ ğ ƐƵďŽƌĚŝŶĂƚŽ ĂůůĂ ƉƌĞƐĞŶƚĂnjŝŽŶĞ ĚĞůůĂ
ĚŝĐŚŝĂƌĂnjŝŽŶĞĞŶƚƌŽŝůƚĞƌŵŝŶĞƉƌĞǀŝƐƚŽĚŝĐƵŝĂůů͛ĂƌƚŝĐŽůŽϮϰ͘͘ĚŝƚĂůŝǀĂƌŝĂnjŝŽŶŝƐŝƚŝĞŶĞĐŽŶƚŽŝŶƐĞĚĞĚŝ
ĐŽŶŐƵĂŐůŝŽƐĞĐŽŶĚŽƋƵĂŶƚŽƉƌĞǀŝƐƚŽĚĂůƐƵĐĐĞƐƐŝǀŽĂƌƚŝĐŽůŽϮϱ͘ĐŽŵŵĂϱ͘
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ƌƚ͘ϭϳ͘ʹZŝĚƵnjŝŽŶĞƉĞƌůĂƌĂĐĐŽůƚĂĚŝĨĨĞƌĞŶnjŝĂƚĂĚĂƉĂƌƚĞĚĞůůĞƵƚĞŶnjĞĚŽŵĞƐƚŝĐŚĞ
ϭ͘ KDWK^d''/KKD^d/K
WĞƌ ůĞ ƵƚĞŶnjĞ ĚŽŵĞƐƚŝĐŚĞ ĐŚĞ ƉƌŽǀǀĞĚŽŶŽ Ă ƐŵĂůƚŝƌĞ ŝŶ ƉƌŽƉƌŝŽ ĞĚ ŝŶ ƐŝƚŽ Őůŝ ƐĐĂƌƚŝ ĐŽŵƉŽƐƚĂďŝůŝ
ŵĞĚŝĂŶƚĞĐŽŵƉŽƐƚĂŐŐŝŽĚŽŵĞƐƚŝĐŽğƉƌĞǀŝƐƚĂƵŶĂƌŝĚƵnjŝŽŶĞĚĞůϭϱйĚĞůůĂƋƵŽƚĂǀĂƌŝĂďŝůĞĚĞůůĂƚĂƌŝĨĨĂ
ĚĞů ƚƌŝďƵƚŽ͕ ĐŽŶ ĞĨĨĞƚƚŽ ĚĂů ϭΣ ŐĞŶŶĂŝŽ ĚĞůů͛ĂŶŶŽ ƐƵĐĐĞƐƐŝǀŽ Ă ƋƵĞůůŽ Ěŝ ƉƌĞƐĞŶƚĂnjŝŽŶĞ Ěŝ ĂƉƉŽƐŝƚĂ
ŝƐƚĂŶnjĂĚĂŝŶŽůƚƌĂƌĞĞŶƚƌŽŝůϯϭŐĞŶŶĂŝŽĚĞůů͛ĂŶŶŽĚŝĞĨĨĞƚƚƵĂnjŝŽŶĞĚĞůů͛Ăƚƚŝǀŝƚă͕ŶĞůůĂƋƵĂůĞƐŝĚŝĐŚŝĂƌŝ
ĚŝĂǀĞƌĂƚƚŝǀĂƚŽŝů͞ĐŽŵƉŽƐƚĂŐŐŝŽ͟ĚŽŵĞƐƚŝĐŽŝŶŵŽĚŽĐŽŶƚŝŶƵĂƚŝǀŽƐĞĐŽŶĚŽůĞŵŽĚĂůŝƚăĐŚĞƐĂƌĂŶŶŽ
ƉƌĞǀŝƐƚĞĚĂĂƉƉŽƐŝƚŽZĞŐŽůĂŵĞŶƚŽ͘
ƌƚ͘ϭϴ͘ʹZŝĚƵnjŝŽŶĞƉĞƌůĞƵƚĞŶnjĞŶŽŶĚŽŵĞƐƚŝĐŚĞ
ϭ͘ >ĞƵƚĞŶnjĞŶŽŶĚŽŵĞƐƚŝĐŚĞĐŚĞĚŝŵŽƐƚƌŝŶŽĚŝĂǀĞƌĂǀǀŝĂƚŽĂůƌĞĐƵƉĞƌŽƌŝĨŝƵƚŝĂƐƐŝŵŝůĂƚŝĂŐůŝƵƌďĂŶŝŚĂŶŶŽ
ĚŝƌŝƚƚŽ ĂĚ ƵŶĂ ƌŝĚƵnjŝŽŶĞ ĚĞů ƚƌŝďƵƚŽ ŶĞůůĂ ƋƵŽƚĂ ǀĂƌŝĂďŝůĞ͘ dĂůĞ ƌŝĚƵnjŝŽŶĞ ǀŝĞŶĞ ĐĂůĐŽůĂƚĂ ŝŶ ďĂƐĞ Ăů
ƌĂƉƉŽƌƚŽ ƚƌĂ ŝů ƋƵĂŶƚŝƚĂƚŝǀŽ Ěŝ ƌŝĨŝƵƚŝ ĂƐƐŝŵŝůĂƚŝ ĂŐůŝ ƵƌďĂŶŝ ;ĐŽŶ ĞƐĐůƵƐŝŽŶĞ ĚĞŐůŝ ŝŵďĂůůĂŐŐŝ ƚĞƌnjŝĂƌŝͿ
ĞĨĨĞƚƚŝǀĂŵĞŶƚĞ ĂǀǀŝĂƚŽ Ăů ƌĞĐƵƉĞƌŽ ŶĞů ĐŽƌƐŽ ĚĞůů͛ĂŶŶŽ ƐŽůĂƌĞ Ğ ŝ ƋƵĂŶƚŝƚĂƚŝǀŝ ĐĂůĐŽůĂƚŝ ŵŽůƚŝƉůŝĐĂŶĚŽ ůĂ
ƐƵƉĞƌĨŝĐŝĞĂƐƐŽŐŐĞƚƚĂƚĂĂƚĂƌŝĨĨĂĚĞůů͛ĂƚƚŝǀŝƚăĞĚŝůĐŽĞĨĨŝĐŝĞŶƚĞĚŝƉƌŽĚƵnjŝŽŶĞ<ĂƉƉƌŽǀĂƚŽĚĂůů͛ŶƚĞƉĞƌůĂ
ƐƉĞĐŝĨŝĐĂĐĂƚĞŐŽƌŝĂƐĞĐŽŶĚŽůĂƐĞŐƵĞŶƚĞĨŽƌŵƵůĂ͗
<Ő͘ƌŝĨŝƵƚŝƌĞĐƵƉĞƌĂƚŝ
ĐĂůĐŽůŽĚĞůůĂйĚŝƌĞĐƵƉĞƌŽсͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺyϭϬϬ
<Ě͘ĂƐƐĞŐŶĂƚŽdžƐƵƉĞƌĨŝĐŝĞƚĂƐƐĂďŝůĞ
EĞůĐĂůĐŽůŽĚĞůůĞƋƵĂŶƚŝƚăƌĞĐƵƉĞƌĂƚĞŶŽŶƐŝƚŝĞŶĞĐŽŶƚŽĚĞůůĞŵĂƚĞƌŝĞƉƌŝŵĞƐĞĐŽŶĚĂƌŝĞĂǀĞŶƚŝĚŝƐĐƌĞƚŽ
ǀĂůŽƌĞ ŝŶƚƌŝŶƐĞĐŽ͕ ƋƵĂůŝ ƐĐĂƌƚŝ Ěŝ ĨĂůĞŐŶĂŵĞƌŝĂ͕ ŝ ŵĞƚĂůůŝ ĨĞƌƌŽƐŝ Ğ ŶŽŶ ĨĞƌƌŽƐŝ ĂŶĐŚĞ ĐŽƐƚŝƚƵŝƚŝ ĚĂ ƐĨƌŝĚŝ
ĚĞƌŝǀĂŶƚŝĚĂůů͛ĂƚƚŝǀŝƚăĚŝůĂǀŽƌĂnjŝŽŶĞŝŶĚƵƐƚƌŝĂůĞŽĂƌƚŝŐŝĂŶĂůĞǀĞŶĚƵƚŝĂƚĞƌnjŝ͘
WĞƌͨƌĞĐƵƉĞƌŽͩƐŝŝŶƚĞŶĚĞ͕ĂŝƐĞŶƐŝĚĞůů͛ĂƌƚŝĐŽůŽϭϴϯ͕ĐŽŵŵĂϭ͕ůĞƚƚ͘ƚͿ͕ĚĞůĚĞĐƌĞƚŽůĞŐŝƐůĂƚŝǀŽϯĂƉƌŝůĞ
ϮϬϬϲ͕Ŷ͘ϭϱϮ͕ƵŶĂƋƵĂůƐŝĂƐŝŽƉĞƌĂnjŝŽŶĞŝůĐƵŝƉƌŝŶĐŝƉĂůĞƌŝƐƵůƚĂƚŽƐŝĂĚŝƉĞƌŵĞƚƚĞƌĞĂŝƌŝĨŝƵƚŝĚŝƐǀŽůŐĞƌĞƵŶ
ƌƵŽůŽ ƵƚŝůĞ͕ ƐŽƐƚŝƚƵĞŶĚŽ Ăůƚƌŝ ŵĂƚĞƌŝĂůŝ ĐŚĞ ƐĂƌĞďďĞƌŽ ƐƚĂƚŝ ĂůƚƌŝŵĞŶƚŝ ƵƚŝůŝnjnjĂƚŝ ƉĞƌ ĂƐƐŽůǀĞƌĞ ƵŶĂ
ƉĂƌƚŝĐŽůĂƌĞĨƵŶnjŝŽŶĞŽĚŝƉƌĞƉĂƌĂƌůŝĂĚĂƐƐŽůǀĞƌĞƚĂůĞĨƵŶnjŝŽŶĞ͕ĂůůΖŝŶƚĞƌŶŽĚĞůůΖŝŵƉŝĂŶƚŽŽŶĞůůΖĞĐŽŶŽŵŝĂ
ŝŶŐĞŶĞƌĂůĞ͘
Ϯ͘ >ĂƌŝĚƵnjŝŽŶĞĐŽƐŞĚĞƚĞƌŵŝŶĂƚĂŶŽŶƉƵžĞƐƐĞƌĞ͕ĐŽŵƵŶƋƵĞ͕ƐƵƉĞƌŝŽƌĞĂůϮϬйĚĞůůĂƋƵŽƚĂǀĂƌŝĂďŝůĞĚĞů
ƚƌŝďƵƚŽ͘
ϯ͘ ů ĨŝŶĞ ĚĞů ĐĂůĐŽůŽ ĚĞůůĂ ƉƌĞĐĞĚĞŶƚĞ ƌŝĚƵnjŝŽŶĞ͕ ŝ ƚŝƚŽůĂƌŝ ĚĞůůĞ ƵƚĞŶnjĞ ŶŽŶ ĚŽŵĞƐƚŝĐŚĞ ƐŽŶŽ ƚĞŶƵƚŝ Ă
ƉƌĞƐĞŶƚĂƌĞĞŶƚƌŽŝůϯϭŐĞŶŶĂŝŽĚĞůů͛ĂŶŶŽĚŝƌŝĨĞƌŝŵĞŶƚŽ͕ĂƉƉŽƐŝƚĂĚŝĐŚŝĂƌĂnjŝŽŶĞĂƚƚĞƐƚĂŶƚĞůĂƋƵĂŶƚŝƚă
ĚŝƌŝĨŝƵƚŝĂǀǀŝĂƚŝĂůƌĞĐƵƉĞƌŽŶĞůĐŽƌƐŽĚĞůů͛ĂŶŶŽƐŽůĂƌĞƉƌĞĐĞĚĞŶƚĞĞĚ͕ŝŶǀŝĂƐŽƐƚŝƚƵƚŝǀĂ͕ĂŝƐĞŶƐŝĚĞůWZ
ϰϰϱͬϮϬϬϬ͕ ůĂ ƋƵĂŶƚŝƚă ĐŽŵƉůĞƐƐŝǀĂ Ěŝ ƌŝĨŝƵƚŝ ĂƐƐŝŵŝůĂƚŝ ƐƉĞĐŝĂůŝ ŶŽŶ ƉĞƌŝĐŽůŽƐŝ ĂƐƐŝŵŝůĂƚŝ ĂŐůŝ ƵƌďĂŶŝ
ƉƌŽĚŽƚƚŝ ĚĂůů͛ƵŶŝƚă ůŽĐĂůĞ͘ ƚĂůĞ ĚŝĐŚŝĂƌĂnjŝŽŶĞ ĚŽǀƌĂŶŶŽ ĂůƚƌĞƐŞ ĂůůĞŐĂƌĞ ĐŽƉŝĂ Ěŝ ƚƵƚƚŝ ŝ ĨŽƌŵƵůĂƌŝ Ěŝ
ƚƌĂƐƉŽƌƚŽ͕ĚŝĐƵŝĂůů͛Ăƌƚ͘ϭϵϯĚĞů͘>ŐƐϭϱϮͬϮϬϬϲ͕ƌĞůĂƚŝǀŝĂŝƌŝĨŝƵƚŝƌĞĐƵƉĞƌĂƚŝ͕ĚĞďŝƚĂŵĞŶƚĞĐŽŶƚƌŽĨŝƌŵĂƚŝ
28
ĚĂůĚĞƐƚŝŶĂƚĂƌŝŽ͕ŽĂĚĞŐƵĂƚĂĚŽĐƵŵĞŶƚĂnjŝŽŶĞĐŽŵƉƌŽǀĂŶƚĞůĂƋƵĂŶƚŝƚăĚĞŝƌŝĨŝƵƚŝƐƉĞĐŝĂůŝŶŽŶƉĞƌŝĐŽůŽƐŝ
ĂƐƐŝŵŝůĂƚŝĂŐůŝƵƌďĂŶŝĂǀǀŝĂƚŝĂůƌĞĐƵƉĞƌŽ͕ŝŶĐŽŶĨŽƌŵŝƚăĚĞůůĞŶŽƌŵĂƚŝǀĞǀŝŐĞŶƚŝ͛͘ĨĂĐŽůƚăĚĞůŽŵƵŶĞ͕
ĐŽŵƵŶƋƵĞ͕ ƌŝĐŚŝĞĚĞƌĞ Ăŝ ƉƌĞĚĞƚƚŝ ƐŽŐŐĞƚƚŝ ĐŽƉŝĂ ĚĞů ŵŽĚĞůůŽ ƵŶŝĐŽ Ěŝ ĚĞŶƵŶĐŝĂ ;DhͿ ƉĞƌ ů͛ĂŶŶŽ Ěŝ
ƌŝĨĞƌŝŵĞŶƚŽ Ž ĂůƚƌĂ ĚŽĐƵŵĞŶƚĂnjŝŽŶĞ ĞƋƵŝǀĂůĞŶƚĞ͘ YƵĂůŽƌĂ Ɛŝ ĚŽǀĞƐƐĞƌŽ ƌŝůĞǀĂƌĞ ĚĞůůĞ ĚŝĨĨŽƌŵŝƚă ƚƌĂ
ƋƵĂŶƚŽĚŝĐŚŝĂƌĂƚŽĞƋƵĂŶƚŽƌŝƐƵůƚĂŶƚĞŶĞůDhͬĂůƚƌĂĚŽĐƵŵĞŶƚĂnjŝŽŶĞ͕ƚĂůŝĚĂĐŽŵƉŽƌƚĂƌĞƵŶĂŵŝŶŽƌĞ
ƌŝĚƵnjŝŽŶĞ ƐƉĞƚƚĂŶƚĞ͕ Ɛŝ ƉƌŽǀǀĞĚĞƌă Ă ƌĞĐƵƉĞƌĂƌĞ ůĂ ƋƵŽƚĂ Ěŝ ƌŝĚƵnjŝŽŶĞ ŝŶĚĞďŝƚĂŵĞŶƚĞ ĂƉƉůŝĐĂƚĂ͘ >Ğ
ĚŽŵĂŶĚĞƉƌĞƐĞŶƚĂƚĞŽůƚƌĞŝůƚĞƌŵŝŶĞĚŝĐƵŝƐŽƉƌĂŶŽŶƐĂƌĂŶŶŽĂĐĐĞƚƚĂƚĞ͘/ůŽŵƵŶĞƐŝƌŝƐĞƌǀĂĂůƚƌĞƐŞůĂ
ĨĂĐŽůƚăĚŝǀĞƌŝĨŝĐĂƌĞĐŽŶƉƌŽƉƌŝŽƉĞƌƐŽŶĂůĞůĂĐŽƌƌŝƐƉŽŶĚĞŶnjĂĚŝƋƵĂŶƚŽĚŝĐŚŝĂƌĂƚŽ͘
ϰ͘ >ĂƌŝĚƵnjŝŽŶĞĚŝĐƵŝĂůƉƌĞƐĞŶƚĞĂƌƚŝĐŽůŽǀĞƌƌăĐĂůĐŽůĂƚĂĂĐŽŶƐƵŶƚŝǀŽĐŽŶĐŽŵƉĞŶƐĂnjŝŽŶĞĐŽŶŝůƚƌŝďƵƚŽ
ĚŽǀƵƚŽƉĞƌů͛ĂŶŶŽƐƵĐĐĞƐƐŝǀŽŽƌŝŵďŽƌƐŽĚĞůů͛ĞǀĞŶƚƵĂůĞĞĐĐĞĚĞŶnjĂƉĂŐĂƚĂŶĞůĐĂƐŽĚŝŝŶĐĂƉŝĞŶnjĂ͘
ƌƚ͘ϭϵ͘ʹZŝĚƵnjŝŽŶŝƚĂƌŝĨĨĂƌŝĞĚĞůƚƌŝďƵƚŽ
ϭ͘ >ĂƚĂƌŝĨĨĂƐŝĂƉƉůŝĐĂŝŶŵŝƐƵƌĂƌŝĚŽƚƚĂ͕ŶĞůůĂƋƵŽƚĂǀĂƌŝĂďŝůĞ͕ĂůůĞƵƚĞŶnjĞĚŽŵĞƐƚŝĐŚĞĞŶŽŶĚŽŵĞƐƚŝĐŚĞ
ĐŚĞƐŝƚƌŽǀĂŶŽŶĞůůĞƐĞŐƵĞŶƚŝĐŽŶĚŝnjŝŽŶŝ͗
ĂͿ ĂďŝƚĂnjŝŽŶŝ ƚĞŶƵƚĞ Ă ĚŝƐƉŽƐŝnjŝŽŶĞ ƉĞƌ ƵƐŽ ƐƚĂŐŝŽŶĂůĞ ŽĚ ĂůƚƌŽ ƵƐŽ ůŝŵŝƚĂƚŽ Ğ ĚŝƐĐŽŶƚŝŶƵŽ͕ Ă
ĐŽŶĚŝnjŝŽŶĞĐŚĞŶŽŶƐŝĂŶŽůŽĐĂƚĞŽĐĞĚƵƚĞŝŶĐŽŵŽĚĂƚŽŐƌĂƚƵŝƚŽ͗ƌŝĚƵnjŝŽŶĞĚĞůϯϬй͖
ďͿ ĂďŝƚĂnjŝŽŶŝ ŽĐĐƵƉĂƚĞ ĚĂ ƐŽŐŐĞƚƚŝ ĐŚĞ ƌŝƐŝĞĚĂŶŽ Ž ĂďďŝĂŶŽ ůĂ ĚŝŵŽƌĂ͕ ƉĞƌ Ɖŝƶ Ěŝ ƐĞŝ ŵĞƐŝ ĂůůΖĂŶŶŽ͕
ĂůůΖĞƐƚĞƌŽ͗ƌŝĚƵnjŝŽŶĞĚĞůϯϬй͖
ĐͿ ĨĂďďƌŝĐĂƚŝƌƵƌĂůŝĂĚƵƐŽĂďŝƚĂƚŝǀŽ͗ƌŝĚƵnjŝŽŶĞĚĞůϯϬй͘
ĚͿ ůŽĐĂůŝ͕ĚŝǀĞƌƐŝĚĂůůĞĂďŝƚĂnjŝŽŶŝ͕ĞĚĂƌĞĞƐĐŽƉĞƌƚĞĂĚŝďŝƚŝĂĚƵƐŽƐƚĂŐŝŽŶĂůĞŽĂĚƵƐŽŶŽŶĐŽŶƚŝŶƵĂƚŝǀŽ͕
ŵĂƌŝĐŽƌƌĞŶƚĞ͗ƌŝĚƵnjŝŽŶĞĚĞůϯϬй͕ĂĐŽŶĚŝnjŝŽŶĞĐŚĞ͗
- ů͛ƵƚŝůŝnjnjŽŶŽŶƐƵƉĞƌŝϭϴϯŐŝŽƌŶŝŶĞůĐŽƌƐŽĚĞůů͛ĂŶŶŽƐŽůĂƌĞ͖
- ůĞ ĐŽŶĚŝnjŝŽŶŝ Ěŝ ĐƵŝ ƐŽƉƌĂ ƌŝƐƵůƚŝŶŽ ĚĂůůĂ ůŝĐĞŶnjĂ Ž ĚĂ ĂůƚƌĂ ĂƵƚŽƌŝnjnjĂnjŝŽŶĞ
ĂŵŵŝŶŝƐƚƌĂƚŝǀĂƌŝůĂƐĐŝĂƚĂĚĂŝĐŽŵƉĞƚĞŶƚŝŽƌŐĂŶŝ͖
Ϯ͘ >Ğ ƌŝĚƵnjŝŽŶŝ Ğ ŝů ǀĞŶŝƌ ŵĞŶŽ ĚĞůůĞ ĐŽŶĚŝnjŝŽŶŝ ĐŚĞ ĚĂŶŶŽ ĚŝƌŝƚƚŽ ĂůůĂ ůŽƌŽ ĂƉƉůŝĐĂnjŝŽŶĞ͕ ĐŽŵƉĞƚŽŶŽ
ĞƐĐůƵƐŝǀĂŵĞŶƚĞ Ă ƐĞŐƵŝƚŽ Ěŝ ƉƌĞƐĞŶƚĂnjŝŽŶĞ Ěŝ ŝƐƚĂŶnjĂ ĚĂ ƉĂƌƚĞ ĚĞů ĐŽŶƚƌŝďƵĞŶƚĞ͕ ĐŚĞ ĚĞǀĞ ĞƐƐĞƌĞ
ƌĞĚĂƚƚĂ ƐƵ ĂƉƉŽƐŝƚŽ ŵŽĚƵůŽ ŵĞƐƐŽ Ă ĚŝƐƉŽƐŝnjŝŽŶĞ ĚĞůů͛ƵĨĨŝĐŝŽ ƚƌŝďƵƚŝ Ğ ĚĞĐŽƌƌŽŶŽ ĚĂůůĂ ĚĂƚĂ Ěŝ
ƉƌĞƐĞŶƚĂnjŝŽŶĞĚĞůů͛ŝƐƚĂŶnjĂ͕ƉƵƌĐŚĠĚĞŶƵŶĐŝĂƚĞĂůĐŽŵƵŶĞŶĞŝƚĞƌŵŝŶŝŝŶĚŝĐĂƚŝŶĞůů͛Ăƌƚ͘Ϯϰ͕͘͘ĂůƚƌŝŵĞŶƚŝ
ĚĂůůĂĚĂƚĂĚŝƉƌĞƐĞŶƚĂnjŝŽŶĞĚĞůůĂĚŽŵĂŶĚĂƐƚĞƐƐĂ͘
ϯ͘ >ĂƚĂƌŝĨĨĂĚĞůƚƌŝďƵƚŽğƌŝĚŽƚƚĂŶĞůůĂƐĞŐƵĞŶƚĞŝƉŽƚĞƐŝ͗
ĂͿ ŝŵŵŽďŝůŝƵďŝĐĂƚŝĞƐƚĞƌŶĂŵĞŶƚĞĂůůĞnjŽŶĞŽǀĞŝůƐĞƌǀŝnjŝŽğĂƚƚŝǀĂƚŽ͕ŶĞůůĂŵŝƐƵƌĂĚĞůϲϬй͘
29
ƌƚ͘ϮϬ͘ʹůƚƌĞƌŝĚƵnjŝŽŶŝĞĚĞƐĞŶnjŝŽŶŝ
ϭ͘ ŝƐĞŶƐŝĚĞůů͛Ăƌƚ͘ϭ͕ĐŽŵŵĂϲϲϬ͕ĚĞůůĂ>͘ϭϰϳͬϮϬϭϯ͕ůĂƚĂƌŝĨĨĂğƌŝĚŽƚƚĂŶĞůůĞƐĞŐƵĞŶƚŝŝƉŽƚĞƐŝ͗
ĂͿ ͛ ƉƌĞǀŝƐƚĂ ůĂ ƌŝĚƵnjŝŽŶĞ ĚĞů ϮϬй ĚĞůůĂ ƚĂƌŝĨĨĂ ŶĞůůĂ ƋƵŽƚĂ ǀĂƌŝĂďŝůĞ ƉĞƌ ŝ ůŽĐĂůŝ ĂĚ ƵƐŽ ĂďŝƚĂnjŝŽŶĞ
ŽĐĐƵƉĂƚŝ ĞƐĐůƵƐŝǀĂŵĞŶƚĞ ĚĂ ŶƵĐůĞŝ ĨĂŵŝůŝĂƌŝ ĐŽŵƉŽƐƚŝ ĚĂ ϲ Ž Ɖŝƶ ĐŽŵƉŽŶĞŶƚŝ ƐŝƚƵĂƚŝ ŝŶ ƵŶŝƚă
ŝŵŵŽďŝůŝĂƌŝ Ěŝ ƚŝƉŽ ĐŝǀŝůĞ͕ ĞĐŽŶŽŵŝĐŽ Ž ƉŽƉŽůĂƌĞ ;ͬϮ͕ ͬϯ͕ ͬϰ͕ ͬϱͿ͕ ƉƵƌĐŚĠ ŶŽŶ ƐƵƉĞƌŝŶŽ ŝů
ƌĞĚĚŝƚŽ͕ ĐŽŵƵŶƋƵĞ ĂĐĐĞƌƚĂƚŽ͕ Ěŝ ĞƵƌŽ Ϯϱ͘ϬϬϬ͕ϬϬ͘ /ů ƌĞĚĚŝƚŽ ǀĂ ŝŶƚĞƐŽ ĐŽŶ ƌŝĨĞƌŝŵĞŶƚŽ Ăů ƌĞĚĚŝƚŽ
ůŽƌĚŽĚĞůů͛ŝŶƚĞƌŽŶƵĐůĞŽĨĂŵŝůŝĂƌĞ͖
ďͿ ͛ƉƌĞǀŝƐƚĂůĂƌŝĚƵnjŝŽŶĞŵĂƐƐŝŵŽĚĞůϮϬйĚĞůůĂƚĂƌŝĨĨĂŶĞůůĂƋƵŽƚĂǀĂƌŝĂďŝůĞ͕ƋƵĂůĞƉƌĞŵŝĂůŝƚăůĞŐĂƚĂ
Ăůů͛ƵƚŝůŝnjnjŽĚĞůůĂKͲZƉƌĞǀŝƐƚĂĚĂůƌĞŐŽůĂŵĞŶƚŽƐƵůĨƵŶnjŝŽŶĂŵĞŶƚŽĚĞůů͛ĐŽĐĞŶƚƌŽĚĞůŽŵƵŶĞ
Ěŝ ^ĂŶ ^ĂůǀŽ͘ >Ğ ŵŽĚĂůŝƚă Ěŝ ŽƚƚĞŶŝŵĞŶƚŽ ĚĞůůĂ ĐŝƚĂƚĂ ƉƌĞŵŝĂůŝƚă ƐĂƌă ĚŝƐĐŝƉůŝŶĂƚĂ ĚĂ ĂƉƉŽƐŝƚŽ
ƌĞŐŽůĂŵĞŶƚŽĚĂĞŵĂŶĂƌƐŝƉĞƌů͛ĂƚƚŝǀĂnjŝŽŶĞĚĞůůĂKͲZ͖
ĐͿ ͛ƉƌĞǀŝƐƚĂůĂƌŝĚƵnjŝŽŶĞĚĞůϮϬйĚĞůůĂƚĂƌŝĨĨĂŶĞůůĂƋƵŽƚĂǀĂƌŝĂďŝůĞ͗
ͲƉĞƌ ŝ Ɖƌŝŵŝ ƚƌĞ ĂŶŶŝ Ěŝ Ăƚƚŝǀŝƚă͕ Ž ĨƌĂnjŝŽŶĞ ƉĞƌ ŝů ƉƌŝŵŽ ĂŶŶŽ Ěŝ Ăƚƚŝǀŝƚă ĨŝŶŽ Ăů ϯϭ ĚŝĐĞŵďƌĞ ĚĞůůŽ
ƐƚĞƐƐŽ͕ Ă ĨĂǀŽƌĞ Ěŝ ĐŽůŽƌŽ ĐŚĞ ƌŝĐŚŝĞĚŽŶŽ ůĂ ƉĂƌƚŝƚĂ /͘s͘͘ ƉĞƌ ŝŶƚƌĂƉƌĞŶĚĞƌĞ ƵŶĂ ŶƵŽǀĂ Ăƚƚŝǀŝƚă
Ě͛ŝŵƉƌĞƐĂ ĐŚĞ ƌŝĐĂĚĞ ŶĞůůĂ njŽŶĂ ĐůĂƐƐŝĨŝĐĂƚĂ ĐĞŶƚƌŽ ƐƚŽƌŝĐŽ ĚĂů ǀŝŐĞŶƚĞ W͘Z͘'͕͘ ůĂ ƌŝĚƵnjŝŽŶĞ ŶŽŶ
ƐƉĞƚƚĂĂĐŽůŽƌŽĐŚĞĐĞƐƐĂŶŽů͛ĂƚƚŝǀŝƚăĞŶĞŝŶƚƌĂƉƌĞŶĚŽŶŽƵŶ͛ĂůƚƌĂĐŽŶůŽƐƚĞƐƐŽĐŽĚŝĐĞĂƚƚŝǀŝƚăĞŶƚƌŽ
ƐĞŝ ŵĞƐŝ ĚĂůůĂ ĐĞƐƐĂnjŝŽŶĞ͕ Ğ ĂůůĞ Ăƚƚŝǀŝƚă ĐŚĞ ĐŽƐƚŝƚƵŝƐĐŽŶŽ ƵŶĂ ŵĞƌĂ ƉƌŽƐĞĐƵnjŝŽŶĞ ĚĞůů͛Ăƚƚŝǀŝƚă
ƉƌĞĐĞĚĞŶƚĞ͕ ĂŶĐŚĞ ŶĞů ĐĂƐŽ Ɛŝ ƚƌĂƚƚŝ Ěŝ ƐŽŐŐĞƚƚŝ ĚŝǀĞƌƐŝ͘ YƵĞƐƚ͛ƵůƚŝŵĂ ĨĂƚƚŝƐƉĞĐŝĞ Ɛŝ ǀĞƌŝĨŝĐĂ ƋƵĂŶĚŽ
ů͛Ăƚƚŝǀŝƚă ŶŽŶ ƉƌĞƐĞŶƚĂ ŝů ĐĂƌĂƚƚĞƌĞ ĚĞůůĂ ŶŽǀŝƚă ƵŶŝĐĂŵĞŶƚĞ ƐŽƚƚŽ ů͛ĂƐƉĞƚƚŽ ĨŽƌŵĂůĞ ŵĂ ĐŚĞ ǀŝĞŶĞ
ƐǀŽůƚĂ͕ĂŶĐŽƌĐŚĠĚĂƵŶĂůƚƌŽƐŽŐŐĞƚƚŽ͕ŝŶƐŽƐƚĂŶnjŝĂůĞĐŽŶƚŝŶƵŝƚă;ĐŽŶĨĞƌŝŵĞŶƚŽĚĞůů͛ƵŶŝĐĂĂnjŝĞŶĚĂŝŶ
ƐŽĐŝĞƚă͕ĚŽŶĂnjŝŽŶĞĚ͛ĂnjŝĞŶĚĂƉĂĚƌĞͲĨŝŐůŝŽ͕ƐƵĐĐĞƐƐŝŽŶĞĚ͛ĂnjŝĞŶĚĂ͕ĐĞƐƐŝŽŶĞĚ͛ĂnjŝĞŶĚĂ͕ŽƉĞƌĂnjŝŽŶĞĚŝ
ƚƌĂƐĨŽƌŵĂnjŝŽŶĞ͕ ƐĐŝƐƐŝŽŶĞ Ž ĨƵƐŝŽŶĞ Ě͛ĂnjŝĞŶĚĂ͕ ƐĐŝŽŐůŝŵĞŶƚŽ Ěŝ ƵŶĂ ƐŽĐŝĞƚă Ěŝ ƉĞƌƐŽŶĞ ĐŽŶ
ƉƌŽƐĞĐƵnjŝŽŶĞĚĞůů͛ĂƚƚŝǀŝƚăĚĂƉĂƌƚĞĚŝƵŶƐŽĐŝŽͿ͘ŽƐƚŝƚƵŝƐĐĞ͕ŝŶŽůƚƌĞ͕ƐŽƐƚĂŶnjŝĂůĞĐŽŶƚŝŶƵŝƚăĚŝĂƚƚŝǀŝƚă͕
ĂŶĐŽƌĐŚĠ͕ ƐǀŽůƚĂ ĚĂ ĂůƚƌŽ ƐŽŐŐĞƚƚŽ͕ ƋƵĞůůĂ ŝŶŝnjŝĂƚĂ ĐŽŶ ĚĞŶƵŶĐŝĂ ^/͕ ƉƌĞƐƐŽ ůŽĐĂůŝ Őŝă
ƉƌĞĐĞĚĞŶƚĞŵĞŶƚĞĂĚŝďŝƚŝ͕ŶĞŝϯϬŐŝŽƌŶŝĂŶƚĞĐĞĚĞŶƚŝ͕ĂůůĂƐƚĞƐƐĂƚŝƉŽůŽŐŝĂĚŝĂƚƚŝǀŝƚăƉƌŽĚƵƚƚŝǀĂ͖
Ϯ͘ >Ğ ƌŝĚƵnjŝŽŶŝ Ğ ŝů ǀĞŶŝƌ ŵĞŶŽ ĚĞůůĞ ĐŽŶĚŝnjŝŽŶŝ ĐŚĞ ĚĂŶŶŽ ĚŝƌŝƚƚŽ ĂůůĂ ůŽƌŽ ĂƉƉůŝĐĂnjŝŽŶĞ͕ ĐŽŵƉĞƚŽŶŽ
ĞƐĐůƵƐŝǀĂŵĞŶƚĞ Ă ƐĞŐƵŝƚŽ Ěŝ ƉƌĞƐĞŶƚĂnjŝŽŶĞ Ěŝ ŝƐƚĂŶnjĂ ĚĂ ƉĂƌƚĞ ĚĞů ĐŽŶƚƌŝďƵĞŶƚĞ͕ ĐŚĞ ĚĞǀĞ ĞƐƐĞƌĞ
ƌĞĚĂƚƚĂ ƐƵ ĂƉƉŽƐŝƚŽ ŵŽĚƵůŽ ŵĞƐƐŽ Ă ĚŝƐƉŽƐŝnjŝŽŶĞ ĚĂůů͛ƵĨĨŝĐŝŽ ƚƌŝďƵƚŝ Ğ ĚĞĐŽƌƌŽŶŽ ĚĂůůĂ ĚĂƚĂ Ěŝ
ƉƌĞƐĞŶƚĂnjŝŽŶĞ ĚĞůů͛ŝƐƚĂŶnjĂ͕ ƉƵƌĐŚĠ ĚĞŶƵŶĐŝĂƚĞ Ăů ĐŽŵƵŶĞ ŶĞŝ ƚĞƌŵŝŶŝ ŝŶĚŝĐĂƚŝ ŶĞůů͛Ăƌƚ͘Ϯϰ͕͘ ĂůƚƌŝŵĞŶƚŝ
ĚĂůůĂĚĂƚĂĚŝƉƌĞƐĞŶƚĂnjŝŽŶĞĚĞůůĂĚŽŵĂŶĚĂƐƚĞƐƐĂ͘
ƌƚ͘Ϯϭ͘ʹƵŵƵůĂďŝůŝƚăĚŝƌŝĚƵnjŝŽŶŝ
ϭ͘ YƵĂůŽƌĂ Ɛŝ ƌĞŶĚĞƐƐĞƌŽ ĂƉƉůŝĐĂďŝůŝ Ɖŝƶ ƌŝĚƵnjŝŽŶŝ͕ ŶŽŶ ƐŽŶŽ ĐƵŵƵůĂďŝůŝ Ğ ǀĞƌƌă ĂƉƉůŝĐĂƚĂ ƋƵĞůůĂ Ɖŝƶ
ĨĂǀŽƌĞǀŽůĞĂůĐŽŶƚƌŝďƵĞŶƚĞ͘
30
ƌƚ͘ϮϮ͘ͲdƌŝďƵƚŽŐŝŽƌŶĂůŝĞƌŽ
ϭ͘ WĞƌ ŝů ƐĞƌǀŝnjŝŽ Ěŝ ŐĞƐƚŝŽŶĞ ĚĞŝ ƌŝĨŝƵƚŝ ĂƐƐŝŵŝůĂƚŝ ƉƌŽĚŽƚƚŝ ĚĂŝ ƐŽŐŐĞƚƚŝ ĐŚĞ ŽĐĐƵƉĂŶŽ Ž ĚĞƚĞŶŐŽŶŽ
ƚĞŵƉŽƌĂŶĞĂŵĞŶƚĞ͕ĐŽŶŽƐĞŶnjĂĂƵƚŽƌŝnjnjĂnjŝŽŶĞ͕ůŽĐĂůŝ ŽĂƌĞĞ ƉƵďďůŝĐŚĞŽ Ěŝ ƵƐŽ ƉƵďďůŝĐŽ͕ğĚŽǀƵƚŽ ŝů
ƚƌŝďƵƚŽŐŝŽƌŶĂůŝĞƌŽ͘
Ϯ͘ >͛ŽĐĐƵƉĂnjŝŽŶĞ Ž ůĂ ĚĞƚĞŶnjŝŽŶĞ ğ ƚĞŵƉŽƌĂŶĞĂ ƋƵĂŶĚŽ Ɛŝ ƉƌŽƚƌĂĞ ƉĞƌ ƉĞƌŝŽĚŝ ŝŶĨĞƌŝŽƌŝ Ă ϭϴϯ ŐŝŽƌŶŝ ŶĞů
ĐŽƌƐŽĚĞůůŽƐƚĞƐƐŽĂŶŶŽƐŽůĂƌĞ͘
ϯ͘ >ĂƚĂƌŝĨĨĂĚĞůƚƌŝďƵƚŽŐŝŽƌŶĂůŝĞƌŽğĐŽŵŵŝƐƵƌĂƚĂƉĞƌĐŝĂƐĐƵŶŵĞƚƌŽƋƵĂĚƌĂƚŽĚŝƐƵƉĞƌĨŝĐŝĞŽĐĐƵƉĂƚĂ͕ƉĞƌ
ŐŝŽƌŶŽŽĨƌĂnjŝŽŶĞĚŝŐŝŽƌŶŽĚŝŽĐĐƵƉĂnjŝŽŶĞ͘
ϰ͘ >ĂƚĂƌŝĨĨĂĚĞůƚƌŝďƵƚŽŐŝŽƌŶĂůŝĞƌŽğĨŝƐƐĂƚĂ͕ƉĞƌŽŐŶŝĐĂƚĞŐŽƌŝĂ͕ŶĞůůĂŵŝƐƵƌĂĚŝϭͬϯϲϱĚĞůůĂƚĂƌŝĨĨĂĂŶŶƵĂůĞ
ĚĞůƚƌŝďƵƚŽ;ƋƵŽƚĂĨŝƐƐĂĞƋƵŽƚĂǀĂƌŝĂďŝůĞͿŵĂŐŐŝŽƌĂƚĂĚĞůϱϬй͘
ϱ͘ EĞůĐĂƐŽĚŝƐǀŽůŐŝŵĞŶƚŽĚĞůů͛ĂƚƚŝǀŝƚăŽĚŝĚƵƌĂƚĂĚĞůů͛ŽĐĐƵƉĂnjŝŽŶĞƐƵƉĞƌŝŽƌĞŽƉĂƌŝĂϭϴϯŐŝŽƌŶŝĚĞůů͛ĂŶŶŽ
ƐŽůĂƌĞğĚŽǀƵƚĂĐŽŵƵŶƋƵĞůĂƚĂƌŝĨĨĂĂŶŶƵĂůĞĚĞůƚƌŝďƵƚŽ͘
ϲ͘ >͛ŽďďůŝŐŽĚĞůůĂĚŝĐŚŝĂƌĂnjŝŽŶĞĚĞůů͛ƵƐŽƚĞŵƉŽƌĂŶĞŽğĂƐƐŽůƚŽĐŽŶŝůƉĂŐĂŵĞŶƚŽĚĞůƚƌŝďƵƚŽĚĂĞĨĨĞƚƚƵĂƌƐŝ
ĐŽŶůĞŵŽĚĂůŝƚăĞĚŝƚĞƌŵŝŶŝƉƌĞǀŝƐƚŝƉĞƌůĂƚĂƐƐĂĚŝŽĐĐƵƉĂnjŝŽŶĞƚĞŵƉŽƌĂŶĞĂĚŝƐƉĂnjŝĞĚĂƌĞĞƉƵďďůŝĐŚĞ
Ž ĞŶƚƌĂƚĂ ĞƋƵŝǀĂůĞŶƚĞ͕ ŽǀǀĞƌŽ ƉĞƌ ů͛ŝŵƉŽƐƚĂ ŵƵŶŝĐŝƉĂůĞ ƐĞĐŽŶĚĂƌŝĂ Ěŝ ĐƵŝ Ăůů͛Ăƌƚ͘ ϭϭ ĚĞů ĚĞĐƌĞƚŽ
ůĞŐŝƐůĂƚŝǀŽ ϭϰ ŵĂƌnjŽ ϮϬϭϭ͕ Ŷ͘ Ϯϯ͕ Ă ƉĂƌƚŝƌĞ ĚĂůůĂ ĚĂƚĂ Ěŝ ĞŶƚƌĂƚĂ ŝŶ ǀŝŐŽƌĞ ĚĞůůĂ ƐƚĞƐƐĂ Ž Ă ƐĞŐƵŝƚŽ Ěŝ
ƌŝĐŚŝĞƐƚĂĚĂƉĂƌƚĞĚĞůŽŵƵŶĞĐŽŶůĞŵŽĚĂůŝƚăĚĂůůŽƐƚĞƐƐŽŝŶĚŝĐĂƚĞ͘
ϳ͘ ůƚƌŝďƵƚŽŐŝŽƌŶĂůŝĞƌŽƐŝĂƉƉůŝĐĂŶŽ͕ŝŶƋƵĂŶƚŽĐŽŵƉĂƚŝďŝůŝ͕ƚƵƚƚĞůĞĚŝƐƉŽƐŝnjŝŽŶŝĚĞůƚƌŝďƵƚŽĂŶŶƵĂůĞ͘
ϴ͘ >͛ƵĨĨŝĐŝŽ ĐŽŵƵŶĂůĞ ĂĚĚĞƚƚŽ Ăů ƌŝůĂƐĐŝŽ ĚĞůůĞ ĐŽŶĐĞƐƐŝŽŶŝ ƉĞƌ ů͛ŽĐĐƵƉĂnjŝŽŶĞ ĚĞů ƐƵŽůŽ ƉƵďďůŝĐŽ Ğ ƋƵĞůůŽ
ĂĚĚĞƚƚŽĂůůĂǀŝŐŝůĂŶnjĂƐŽŶŽƚĞŶƵƚŝĂĐŽŵƵŶŝĐĂƌĞĂůů͛ƵĨĨŝĐŝŽƚƌŝďƵƚŝŽĂůƐŽŐŐĞƚƚŽĐŚĞŶĞƐǀŽůŐĞůĞĨƵŶnjŝŽŶŝ
ƚƵƚƚĞůĞĐŽŶĐĞƐƐŝŽŶŝƌŝůĂƐĐŝĂƚĞ͕ŶŽŶĐŚĠĞǀĞŶƚƵĂůŝŽĐĐƵƉĂnjŝŽŶŝĂďƵƐŝǀĞƌŝƐĐŽŶƚƌĂƚĞ͘
ϵ͘ ^ŽŶŽĞƐĐůƵƐĞĚĂůůΖĂƉƉůŝĐĂnjŝŽŶĞĚĞůůĂƚĂƌŝĨĨĂĚĞůƚƌŝďƵƚŽŐŝŽƌŶĂůŝĞƌĂůĞŽĐĐƵƉĂnjŝŽŶŝĞĨĨĞƚƚƵĂƚĞĐŽŶĐĂŶƚŝĞƌŝ͕
ŝŶƋƵĂŶƚŽŝůƌŝĨŝƵƚŽƉƌŽĚŽƚƚŽğƉĞƌůĂƋƵĂƐŝƚŽƚĂůŝƚăĚĂĐŽŶƐŝĚĞƌĂƌƐŝƐƉĞĐŝĂůĞ͕ŽĐĐƵƉĂnjŝŽŶŝŶĞĐĞƐƐĂƌŝĞƉĞƌ
ƚƌĂƐůŽĐŚŝŝŶƋƵĂŶƚŽůĂƚĂƌŝĨĨĂĚĞůƚƌŝďƵƚŽğŐŝăĂƉƉůŝĐĂƚĂĂůůΖŝŵŵŽďŝůĞŶŽŶĐŚĠŽŐŶŝĂůƚƌĂŽĐĐƵƉĂnjŝŽŶĞĐŚĞŽ
ƉĞƌ ůĂ ƉĂƌƚŝĐŽůĂƌĞ ƚŝƉŽůŽŐŝĂ ;ŽĐĐƵƉĂnjŝŽŶĞ ƐŽƉƌĂƐƐƵŽůŽ Ğ ƐŽƚƚŽƐƵŽůŽ͕ ĨŝŽƌŝĞƌĞ͕ ĞĐĐͿ Ž ƉĞƌĐŚĠ
ŽŐŐĞƚƚŝǀĂŵĞŶƚĞ ;ďĂŶĐŚĞƚƚŝ ƉĞƌ ƌĂĐĐŽůƚĂ ĨŝƌŵĞ͕ ƐƵŽŶĂƚŽƌŝ ĂŵďƵůĂŶƚŝ͕ ƐƉĂnjŝ ƵƚŝůŝnjnjĂƚŝ ĚĂ ƐƉĞƚƚĂĐŽůŝ
ǀŝĂŐŐŝĂŶƚŝƉĞƌů͛ŝŶƐƚĂůůĂnjŝŽŶĞĚŝĂƚƚƌĞnjnjĂƚƵƌĞĞͬŽŐŝŽĐŚŝ͕ĞĐĐ͘ͿŶŽŶƉƌŽĚƵĐŽŶŽŽŚĂŶŶŽƵŶĂƉƌŽĚƵnjŝŽŶĞĚŝ
ƌŝĨŝƵƚŽŝƌƌŝůĞǀĂŶƚĞ͘
ϭϬ͘ EŽŶƐŝĨĂůƵŽŐŽĂƌŝƐĐŽƐƐŝŽŶĞƋƵĂŶĚŽů͛ŝŵƉŽƌƚŽĂŶŶƵĂůĞĚŽǀƵƚŽ͕ĐŽŵƉƌĞŶƐŝǀŽĚŝĞǀĞŶƚƵĂůŝŝŶƚĞƌĞƐƐŝ͕ğ
ŝŶĨĞƌŝŽƌĞŽƵŐƵĂůĞĂϭϮ;ĚŽĚŝĐŝͿƵƌŽ͘
ƌƚ͘Ϯϯ͘ʹdƌŝďƵƚŽWƌŽǀŝŶĐŝĂůĞ
ϭ͘ ͛ĨĂƚƚĂƐĂůǀĂů͛ĂƉƉůŝĐĂnjŝŽŶĞĚĞůƚƌŝďƵƚŽƉƌŽǀŝŶĐŝĂůĞƉĞƌů͛ĞƐĞƌĐŝnjŝŽĚĞůůĞĨƵŶnjŝŽŶŝĚŝƚƵƚĞůĂ͕ƉƌŽƚĞnjŝŽŶĞĞĚ
ŝŐŝĞŶĞĂŵďŝĞŶƚĂůĞĚŝĐƵŝĂůů͛Ăƌƚ͘ϭϵĚĞů͘>ŐƐ͘ϯϬĚŝĐĞŵďƌĞϭϵϵϮ͕Ŷ͘ϱϬϰ͘
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Ϯ͘ /ůƚƌŝďƵƚŽğĐŽŵŵŝƐƵƌĂƚŽĂůůĂƐƵƉĞƌĨŝĐŝĞĚĞŝůŽĐĂůŝĞĚĞůůĞĂƌĞĞĂƐƐŽŐŐĞƚƚĂďŝůŝĂůƚƌŝďƵƚŽĞĚğĂƉƉůŝĐĂƚŽ
ŶĞůůĂŵŝƐƵƌĂƉĞƌĐĞŶƚƵĂůĞĚĞůŝďĞƌĂƚĂĚĂůůĂƉƌŽǀŝŶĐŝĂ͘
ƌƚ͘Ϯϰ͘ʹŝĐŚŝĂƌĂnjŝŽŶĞĚŝŝŶŝnjŝŽ͕ǀĂƌŝĂnjŝŽŶĞĞĐĞƐƐĂnjŝŽŶĞ
ϭ͘ /ů ǀĞƌŝĨŝĐĂƌƐŝ Ž ŝů ĐĞƐƐĂƌĞ ĚĞů ƉƌĞƐƵƉƉŽƐƚŽ ƉĞƌ ů͛ĂƐƐŽŐŐĞƚƚĂŵĞŶƚŽ Ăů ƚƌŝďƵƚŽ ĚĞƚĞƌŵŝŶĂ ů͛ŽďďůŝŐŽ ƉĞƌ ŝů
ƐŽŐŐĞƚƚŽ ƉĂƐƐŝǀŽ Ěŝ ƉƌĞƐĞŶƚĂƌĞ ĂƉƉŽƐŝƚĂ ĚŝĐŚŝĂƌĂnjŝŽŶĞ Ěŝ ŝŶŝnjŝŽ Ž ĨŝŶĞ ŽĐĐƵƉĂnjŝŽŶĞͬĚĞƚĞŶnjŝŽŶĞ Ž
ƉŽƐƐĞƐƐŽĚĞŝůŽĐĂůŝŽĚĞůůĞĂƌĞĞƐŽŐŐĞƚƚĞ͘
Ϯ͘ EĞůů͛ŝƉŽƚĞƐŝĚŝƉŝƶƐŽŐŐĞƚƚŝŽďďůŝŐĂƚŝŝŶƐŽůŝĚŽ͕ůĂĚŝĐŚŝĂƌĂnjŝŽŶĞƉƵžĞƐƐĞƌĞƉƌĞƐĞŶƚĂƚĂĂŶĐŚĞĚĂƵŶŽƐŽůŽ
ĚĞŐůŝŽĐĐƵƉĂŶƚŝͬĚĞƚĞŶƚŽƌŝŽƉŽƐƐĞƐƐŽƌŝ͘
ϯ͘ / ƐŽŐŐĞƚƚŝ ŽďďůŝŐĂƚŝ ƉƌŽǀǀĞĚŽŶŽ Ă ĐŽŶƐĞŐŶĂƌĞ Ăů ŽŵƵŶĞ ůĂ ĚŝĐŚŝĂƌĂnjŝŽŶĞ͕ ƌĞĚĂƚƚĂ ƐƵŝ ŵŽĚƵůŝ
ĂƉƉŽƐŝƚĂŵĞŶƚĞ ƉƌĞĚŝƐƉŽƐƚŝ ĚĂůůŽ ƐƚĞƐƐŽ͕ ĞŶƚƌŽ ŝů ϯϬ ŐŝƵŐŶŽ ĚĞůů͛ĂŶŶŽ ƐƵĐĐĞƐƐŝǀŽ ĂůůĂ ĚĂƚĂ Ěŝ ŝŶŝnjŝŽ
ĚĞůů͛ŽĐĐƵƉĂnjŝŽŶĞ͕ĚĞůůĂĚĞƚĞŶnjŝŽŶĞŽĚĞůƉŽƐƐĞƐƐŽĚĞŝůŽĐĂůŝĞĚĞůůĞĂƌĞĞĂƐƐŽŐŐĞƚƚĂďŝůŝĂůƚƌŝďƵƚŽ͘
>Ă ĚŝĐŚŝĂƌĂnjŝŽŶĞ ƉƵž ĞƐƐĞƌĞ ĐŽŶƐĞŐŶĂƚĂ Ž ĚŝƌĞƚƚĂŵĞŶƚĞ Ž Ă ŵĞnjnjŽ ƉŽƐƚĂ ĐŽŶ ƌĂĐĐŽŵĂŶĚĂƚĂ Ăͬƌ Ž Ă
ŵĞnjnjŽ ĨĂdž͕ ĂůůĞŐĂŶĚŽ ĨŽƚŽĐŽƉŝĂ ĚĞů ĚŽĐƵŵĞŶƚŽ Ě͛ŝĚĞŶƚŝƚă͕ Ž ƉŽƐƚĂ ĞůĞƚƚƌŽŶŝĐĂ Ž W ;ŝŶĚŝĐĂƌĞ ůĂ
ŵŽĚĂůŝƚăƉƌĞƐĐĞůƚĂͿ͘>ĂĚĞŶƵŶĐŝĂƐŝŝŶƚĞŶĚĞĐŽŶƐĞŐŶĂƚĂĂůů͛ĂƚƚŽĚĞůƌŝĐĞǀŝŵĞŶƚŽĚĂƉĂƌƚĞĚĞůŽŵƵŶĞ͕
ŶĞů ĐĂƐŽ Ěŝ ĐŽŶƐĞŐŶĂ ĚŝƌĞƚƚĂ͕ ĂůůĂ ĚĂƚĂ Ěŝ ƐƉĞĚŝnjŝŽŶĞ ƌŝƐƵůƚĂŶƚĞ ĚĂů ƚŝŵďƌŽ ƉŽƐƚĂůĞ͕ ŶĞů ĐĂƐŽ Ěŝ ŝŶǀŝŽ
ƉŽƐƚĂůĞ͕ŽĂůůĂĚĂƚĂĚĞůƌĂƉƉŽƌƚŽĚŝƌŝĐĞǀŝŵĞŶƚŽŶĞůĐĂƐŽĚŝŝŶǀŝŽĂŵĞnjnjŽĨĂdž;ƐƉĞĐŝĨŝĐĂƌĞůĂĚĂƚĂƉĞƌůĂ
ƉŽƐƚĂĞůĞƚƚƌŽŶŝĐĂĞWͿ͘
ϰ͘ ŝĨŝŶŝĚĞůů͛ĂƉƉůŝĐĂnjŝŽŶĞĚĞůƚƌŝďƵƚŽůĂĚŝĐŚŝĂƌĂnjŝŽŶĞŚĂĞĨĨĞƚƚŽĂŶĐŚĞƉĞƌŐůŝĂŶŶŝƐƵĐĐĞƐƐŝǀŝ͕ƐĞŵƉƌĞĐŚĠ
ŶŽŶƐŝǀĞƌŝĨŝĐŚŝŶŽŵŽĚŝĨŝĐĂnjŝŽŶŝĚĞŝĚĂƚŝĚŝĐŚŝĂƌĂƚŝĚĂĐƵŝĐŽŶƐĞŐƵĂƵŶĚŝǀĞƌƐŽĂŵŵŽŶƚĂƌĞĚĞůƚƌŝďƵƚŽ͘
/Ŷ ƋƵĞƐƚ͛ƵůƚŝŵŽ ĐĂƐŽ ŝů ĐŽŶƚƌŝďƵĞŶƚĞ ğ ŽďďůŝŐĂƚŽ Ă ƉƌĞƐĞŶƚĂƌĞ ĂƉƉŽƐŝƚĂ ĚŝĐŚŝĂƌĂnjŝŽŶĞ Ěŝ ǀĂƌŝĂnjŝŽŶĞ
ĞŶƚƌŽŝůϯϬŐŝƵŐŶŽĚĞůů͛ĂŶŶŽƐƵĐĐĞƐƐŝǀŽĂůǀĞƌŝĨŝĐĂƌƐŝĚĞůůĂǀĂƌŝĂnjŝŽŶĞ͘
ϱ͘ EŽŶĐŽŵƉŽƌƚĂŽďďůŝŐŽĚŝƉƌĞƐĞŶƚĂnjŝŽŶĞĚĞůůĂĚŝĐŚŝĂƌĂnjŝŽŶĞdZ/ĚŝǀĂƌŝĂnjŝŽŶĞůĂŵŽĚŝĨŝĐĂĚĞůŶƵŵĞƌŽ
ĚĞŝĐŽŵƉŽŶĞŶƚŝŝůŶƵĐůĞŽĨĂŵŝůŝĂƌĞƐĞƐŝƚƌĂƚƚĂĚŝƐŽŐŐĞƚƚŝƌĞƐŝĚĞŶƚŝ͘
ϲ͘ >ĂĚŝĐŚŝĂƌĂnjŝŽŶĞƐŝĂŽƌŝŐŝŶĂƌŝĂĐŚĞĚŝǀĂƌŝĂnjŝŽŶĞĚĞǀĞĐŽŶƚĞŶĞƌĞŝƐĞŐƵĞŶƚŝĞůĞŵĞŶƚŝ͗
hƚĞŶnjĞĚŽŵĞƐƚŝĐŚĞ
ĂͿ ŐĞŶĞƌĂůŝƚăĚĞůů͛ŽĐĐƵƉĂŶƚĞͬĚĞƚĞŶƚŽƌĞͬƉŽƐƐĞƐƐŽƌĞ͕ŝůĐŽĚŝĐĞĨŝƐĐĂůĞ͕ůĂƌĞƐŝĚĞŶnjĂ͖
ďͿ ŐĞŶĞƌĂůŝƚăĚĞůƐŽŐŐĞƚƚŽĚŝĐŚŝĂƌĂŶƚĞƐĞĚŝǀĞƌƐŽĚĂůĐŽŶƚƌŝďƵĞŶƚĞ͕ĐŽŶŝŶĚŝĐĂnjŝŽŶĞĚĞůůĂƋƵĂůŝĨŝĐĂ͖
ĐͿ ĞƐƚƌĞŵŝ ĐĂƚĂƐƚĂůŝ͕ ŝŶĚŝƌŝnjnjŽ Ěŝ ƵďŝĐĂnjŝŽŶĞ͕ ƐƵƉĞƌĨŝĐŝĞ ĐĂůƉĞƐƚĂďŝůĞ Ğ ĚĞƐƚŝŶĂnjŝŽŶĞ Ě͛ƵƐŽ ĚĞŝ ƐŝŶŐŽůŝ
ůŽĐĂůŝ͖
ĚͿ ƉĞƌ ŝ ƌĞƐŝĚĞŶƚŝ ŶĞů ŽŵƵŶĞ ŝů ŶƵŵĞƌŽ ĚĞŐůŝ ŽĐĐƵƉĂŶƚŝ ŝ ůŽĐĂůŝ͕ ƐĞ ĚŝǀĞƌƐŽ ĚĂ ƋƵĞůůŽ ƌŝƐƵůƚĂŶƚĞ
ĂŶĂŐƌĂĨŝĐĂŵĞŶƚĞĚĂůŶƵĐůĞŽĨĂŵŝůŝĂƌĞ͖
ĞͿ ĚĂƚĂŝŶĐƵŝŚĂĂǀƵƚŽŝŶŝnjŝŽů͛ŽĐĐƵƉĂnjŝŽŶĞͬĚĞƚĞŶnjŝŽŶĞŽŝůƉŽƐƐĞƐƐŽĚĞŝůŽĐĂůŝŽŝŶĐƵŝğŝŶƚĞƌǀĞŶƵƚĂůĂ
ǀĂƌŝĂnjŝŽŶĞ͖
ĨͿ ƐƵƐƐŝƐƚĞŶnjĂĚŝĞǀĞŶƚƵĂůŝĚŝƌŝƚƚŝĂůů͛ŽƚƚĞŶŝŵĞŶƚŽĚŝƌŝĚƵnjŝŽŶŝ͘
32
hƚĞŶnjĞŶŽŶĚŽŵĞƐƚŝĐŚĞ
ĂͿ ĚĞŶŽŵŝŶĂnjŝŽŶĞĚĞůůĂĚŝƚƚĂŽƌĂŐŝŽŶĞƐŽĐŝĂůĞĚĞůůĂƐŽĐŝĞƚă͕ƌĞůĂƚŝǀŽƐĐŽƉŽƐŽĐŝĂůĞŽŝƐƚŝƚƵnjŝŽŶĂůĞĚĞůůĂ
ƉĞƌƐŽŶĂ ŐŝƵƌŝĚŝĐĂ͕ ƐĞĚĞ ƉƌŝŶĐŝƉĂůĞ Ž ůĞŐĂůĞ͕ ĐŽĚŝĐĞ ĨŝƐĐĂůĞ Ğ ƉĂƌƚŝƚĂ /s͕ ĐŽĚŝĐĞ dK ĚĞůů͛Ăƚƚŝǀŝƚă
ƉƌĞǀĂůĞŶƚĞ͖
ďͿ ŐĞŶĞƌĂůŝƚăĚĞůƐŽŐŐĞƚƚŽĚŝĐŚŝĂƌĂŶƚĞ͕ĐŽŶŝŶĚŝĐĂnjŝŽŶĞĚĞůůĂƋƵĂůŝĨŝĐĂ͖
ĐͿ ƉĞƌƐŽŶĞĨŝƐŝĐŚĞĐŚĞŚĂŶŶŽůĂƌĂƉƉƌĞƐĞŶƚĂŶnjĂĞů͛ĂŵŵŝŶŝƐƚƌĂnjŝŽŶĞĚĞůůĂƐŽĐŝĞƚă͖
ĚͿ ĞƐƚƌĞŵŝ ĐĂƚĂƐƚĂůŝ͕ ŝŶĚŝƌŝnjnjŽ Ěŝ ƵďŝĐĂnjŝŽŶĞ͕ ƐƵƉĞƌĨŝĐŝĞ ĐĂůƉĞƐƚĂďŝůĞ ĞĚ ĞǀĞŶƚƵĂůĞ ƐƵƉĞƌĨŝĐŝĞ ŶŽŶ
ƚĂƐƐĂďŝůĞĞĚĞƐƚŝŶĂnjŝŽŶĞĚ͛ƵƐŽĚĞŝƐŝŶŐŽůŝůŽĐĂůŝĞĚĂƌĞĞĚŝĐŚŝĂƌĂƚŝĞůŽƌŽƉĂƌƚŝnjŝŽŶŝŝŶƚĞƌŶĞ͖
ĞͿ ĚĂƚĂĚŝŝŶŝnjŝŽĚĞůů͛ŽĐĐƵƉĂnjŝŽŶĞͬĚĞƚĞŶnjŝŽŶĞ͕ƉŽƐƐĞƐƐŽŽĚŝǀĂƌŝĂnjŝŽŶĞĚĞŐůŝĞůĞŵĞŶƚŝĚŝĐŚŝĂƌĂƚŝ͘
ĨͿ ƐƵƐƐŝƐƚĞŶnjĂĚŝĞǀĞŶƚƵĂůŝĚŝƌŝƚƚŝĂůů͛ŽƚƚĞŶŝŵĞŶƚŽĚŝƌŝĚƵnjŝŽŶŝ͘
ϳ͘ >Ă ĚŝĐŚŝĂƌĂnjŝŽŶĞ Ěŝ ĐĞƐƐĂƚĂ ŽĐĐƵƉĂnjŝŽŶĞͬĚĞƚĞŶnjŝŽŶĞ Ž ƉŽƐƐĞƐƐŽ ĚĞŝ ůŽĐĂůŝ Ž ĚĞůůĞ ĂƌĞĞ ĚĞǀĞ ĞƐƐĞƌĞ
ƉƌĞƐĞŶƚĂƚĂ ĚĂů ĚŝĐŚŝĂƌĂŶƚĞ ŽƌŝŐŝŶĂƌŝŽ Ž ĚĂŝ ƐŽŐŐĞƚƚŝ ĐŽŶǀŝǀĞŶƚŝ ĞŶƚƌŽ ϯϬ ŐŝŽƌŶŝ ĚĂůůĂ ĐĞƐƐĂnjŝŽŶĞ͕ ĐŽŶ
ů͛ŝŶĚŝĐĂnjŝŽŶĞĚŝƚƵƚƚŝŐůŝĞůĞŵĞŶƚŝĂƚƚŝĂĐŽŵƉƌŽǀĂƌĞůĂƐƚĞƐƐĂ͘/ŶƚĂůĞŝƉŽƚĞƐŝŝůĐŽŶƚƌŝďƵĞŶƚĞŚĂĚŝƌŝƚƚŽ
Ăůů͛ĂďďƵŽŶŽŽĂůƌŝŵďŽƌƐŽĚĞůƚƌŝďƵƚŽƌĞůĂƚŝǀŽĂůůĂƌĞƐƚĂŶƚĞƉĂƌƚĞĚĞůů͛ĂŶŶŽĚĂůďŝŵĞƐƚƌĞƐƵĐĐĞƐƐŝǀŽĂ
ƋƵĞůůŽ ŝŶ ĐƵŝ Ɛŝ ğ ǀĞƌŝĨŝĐĂƚĂ ůĂ ĐĞƐƐĂnjŝŽŶĞ͘ /Ŷ ĐĂƐŽ Ěŝ ƉƌĞƐĞŶƚĂnjŝŽŶĞ ĚĞůůĂ ĚŝĐŚŝĂƌĂnjŝŽŶĞ Ěŝ ĐĞƐƐĂnjŝŽŶĞ
ŽůƚƌĞŝůƚĞƌŵŝŶĞĚŝϯϬŐŝŽƌŶŝ͕ŵĂĐŽŵƵŶƋƵĞŶĞůĐŽƌƐŽĚĞůů͛ĂŶŶŽ͕ŝůĐŽŶƚƌŝďƵĞŶƚĞŚĂĚŝƌŝƚƚŽĂůů͛ĂďďƵŽŶŽŽ
ĂůƌŝŵďŽƌƐŽĚĞůƚƌŝďƵƚŽƌĞůĂƚŝǀŽĂůůĂƌĞƐƚĂŶƚĞƉĂƌƚĞĚĞůů͛ĂŶŶŽĚĂůďŝŵĞƐƚƌĞƐƵĐĐĞƐƐŝǀŽĂƋƵĞůůŽŝŶĐƵŝğ
ƐƚĂƚĂƉƌĞƐĞŶƚĂƚĂůĂĚĞŶƵŶĐŝĂĚŝĐĞƐƐĂnjŝŽŶĞ͘
ϴ͘ /ŶĐĂƐŽĚŝŵĂŶĐĂƚĂƉƌĞƐĞŶƚĂnjŝŽŶĞĚĞůůĂĚŝĐŚŝĂƌĂnjŝŽŶĞŶĞůĐŽƌƐŽĚĞůů͛ĂŶŶŽĚŝĐĞƐƐĂnjŝŽŶĞŝůƚƌŝďƵƚŽŶŽŶğ
ĚŽǀƵƚŽ ƉĞƌ ůĞ ĂŶŶƵĂůŝƚă ƐƵĐĐĞƐƐŝǀĞ ƐĞ ŝů ĐŽŶƚƌŝďƵĞŶƚĞ ĚŝŵŽƐƚƌĂ Ěŝ ŶŽŶ ĂǀĞƌ ĐŽŶƚŝŶƵĂƚŽ
ů͛ŽĐĐƵƉĂnjŝŽŶĞͬĚĞƚĞŶnjŝŽŶĞŽŝůƉŽƐƐĞƐƐŽĚĞŝůŽĐĂůŝĞĚĞůůĞĂƌĞĞ͕ŽǀǀĞƌŽƐĞŝůƚƌŝďƵƚŽğƐƚĂƚŽĂƐƐŽůƚŽĚĂů
ƐŽŐŐĞƚƚŽƐƵďĞŶƚƌĂŶƚĞĂƐĞŐƵŝƚŽĚŝĚŝĐŚŝĂƌĂnjŝŽŶĞŽŝŶƐĞĚĞĚŝƌĞĐƵƉĞƌŽĚ͛ƵĨĨŝĐŝŽ͘
ϵ͘ EĞů ĐĂƐŽ Ěŝ ĚĞĐĞƐƐŽ ĚĞů ĐŽŶƚƌŝďƵĞŶƚĞ͕ ŝ ĨĂŵŝůŝĂƌŝ ĐŽŶǀŝǀĞŶƚŝ Ž Őůŝ ĞƌĞĚŝ ĚĞůůŽ ƐƚĞƐƐŽ͕ ĚŽǀƌĂŶŶŽ
ƉƌŽǀǀĞĚĞƌĞĂůůĂƉƌĞƐĞŶƚĂnjŝŽŶĞĚĞůůĂĚŝĐŚŝĂƌĂnjŝŽŶĞĚŝĐĞƐƐĂnjŝŽŶĞĞŶƚƌŽŝůƚĞƌŵŝŶĞƉƌĞǀŝƐƚŽ͘
ƌƚ͘Ϯϱ͘ͲsĞƌƐĂŵĞŶƚŝ
ϭ͘ /ůƚƌŝďƵƚŽĐŽŵƵŶĂůĞƐƵŝƌŝĨŝƵƚŝğǀĞƌƐĂƚŽĚŝƌĞƚƚĂŵĞŶƚĞĂůŽŵƵŶĞ͘/ůǀĞƌƐĂŵĞŶƚŽĚĞůůĂdZ/ĞΖĞĨĨĞƚƚƵĂƚŽ͕
ŝŶ ĚĞƌŽŐĂ ĂůůΖĂƌƚŝĐŽůŽ ϱϮ ĚĞů ĚĞĐƌĞƚŽ ůĞŐŝƐůĂƚŝǀŽ Ŷ͘ ϰϰϲ ĚĞů ϭϵϵϳ͕ ƐĞĐŽŶĚŽ ůĞ ĚŝƐƉŽƐŝnjŝŽŶŝ Ěŝ ĐƵŝ
ĂůůΖĂƌƚŝĐŽůŽϭϳĚĞůĚĞĐƌĞƚŽůĞŐŝƐůĂƚŝǀŽϵůƵŐůŝŽϭϵϵϳ͕Ŷ͘Ϯϰϭ͕ŵĞĚŝĂŶƚĞŵŽĚĞůůŽĚŝƉĂŐĂŵĞŶƚŽƵŶŝĨŝĐĂƚŽ
;ŵŽĚĞůůŽ&ϮϰͿŽĂƉƉŽƐŝƚŽďŽůůĞƚƚŝŶŽĚŝĐŽŶƚŽĐŽƌƌĞŶƚĞƉŽƐƚĂůĞĂůƋƵĂůĞƐŝĂƉƉůŝĐĂŶŽůĞĚŝƐƉŽƐŝnjŝŽŶŝĚŝĐƵŝ
ĂůĐŝƚĂƚŽĂƌƚŝĐŽůŽϭϳ͕ŝŶƋƵĂŶƚŽĐŽŵƉĂƚŝďŝůŝ͕ŽǀǀĞƌŽƚƌĂŵŝƚĞůĞĂůƚƌĞŵŽĚĂůŝƚăΖĚŝƉĂŐĂŵĞŶƚŽŽĨĨĞƌƚĞĚĂŝ
ƐĞƌǀŝnjŝĞůĞƚƚƌŽŶŝĐŝĚŝŝŶĐĂƐƐŽĞĚŝƉĂŐĂŵĞŶƚŽŝŶƚĞƌďĂŶĐĂƌŝĞƉŽƐƚĂůŝ͘
Ϯ͘ /ůŽŵƵŶĞƉƌŽǀǀĞĚĞĂůů͛ŝŶǀŝŽĂŝĐŽŶƚƌŝďƵĞŶƚŝĚŝƵŶĂƉƉŽƐŝƚŽŝŶǀŝƚŽĚŝƉĂŐĂŵĞŶƚŽ͕ĐŽŶĂŶŶĞƐƐŝŵŽĚĞůůŝ
Ěŝ ƉĂŐĂŵĞŶƚŽ ƉƌĞĐŽŵƉŝůĂƚŝ͕ ƐƵůůĂ ďĂƐĞ ĚĞůůĞ ĚŝĐŚŝĂƌĂnjŝŽŶŝ ƉƌĞƐĞŶƚĂƚĞ Ğ ĚĞŐůŝ ĂĐĐĞƌƚĂŵĞŶƚŝ ŶŽƚŝĨŝĐĂƚŝ͕
ĐŽŶƚĞŶĞŶƚĞ ů͛ŝŵƉŽƌƚŽ ĚŽǀƵƚŽ ĞĚ ŝů ƚƌŝďƵƚŽ ƉƌŽǀŝŶĐŝĂůĞ͕ ů͛ƵďŝĐĂnjŝŽŶĞ Ğ ůĂ ƐƵƉĞƌĨŝĐŝĞ ĚĞŝ ůŽĐĂůŝ Ğ ĚĞůůĞ
ĂƌĞĞ ƐƵ ĐƵŝ ğ ĂƉƉůŝĐĂƚĂ ŝů ƚƌŝďƵƚŽ͕ ůĂ ĚĞƐƚŝŶĂnjŝŽŶĞ Ě͛ƵƐŽ ĚŝĐŚŝĂƌĂƚĂ Ž ĂĐĐĞƌƚĂƚĂ͕ ůĞ ƚĂƌŝĨĨĞ ĂƉƉůŝĐĂƚĞ͕
ů͛ŝŵƉŽƌƚŽ Ěŝ ŽŐŶŝ ƐŝŶŐŽůĂ ƌĂƚĂ Ğ ůĞ ƐĐĂĚĞŶnjĞ͘ >͛ĂǀǀŝƐŽ Ěŝ ƉĂŐĂŵĞŶƚŽ ĚĞǀĞ ĐŽŶƚĞŶĞƌĞ ĂůƚƌĞƐŞ ƚƵƚƚŝ Őůŝ
ĞůĞŵĞŶƚŝ ƉƌĞǀŝƐƚŝ ĚĂůů͛Ăƌƚ͘ ϳ ĚĞůůĂ >͘ ϮϭϮͬϮϬϬϬ Ğ ƉƵž ĞƐƐĞƌĞ ŝŶǀŝĂƚŽ ĂŶĐŚĞ ƉĞƌ ƉŽƐƚĂ ƐĞŵƉůŝĐĞ Ž
33
ŵĞĚŝĂŶƚĞ ƉŽƐƚĂ ĞůĞƚƚƌŽŶŝĐĂ Ăůů͛ŝŶĚŝƌŝnjnjŽ ĐŽŵƵŶŝĐĂƚŽ ĚĂů ĐŽŶƚƌŝďƵĞŶƚĞ Ž ĚŝƐƉŽŶŝďŝůĞ ƐƵů ƉŽƌƚĂůĞ ĚĞů
ĐŝƚƚĂĚŝŶŽ͘
ϯ͘ /ůŵĂŶĐĂƚŽƌŝĐĞǀŝŵĞŶƚŽĚĞůů͛ŝŶǀŝƚŽĚŝĐƵŝĂůĐŽŵŵĂƉƌĞĐĞĚĞŶƚĞŶŽŶĞƐŝŵĞŝŶĂůĐƵŶĐĂƐŽŝůĐŽŶƚƌŝďƵĞŶƚĞ
ĚĂůƉĂŐĂŵĞŶƚŽĚĞůƚƌŝďƵƚŽĂůůĞĚĂƚĞƉƌĞĨŝƐƐĂƚĞ͘
ϰ͘ /ůƉĂŐĂŵĞŶƚŽĚĞůů͛ŝŵƉŽƌƚŽĂŶŶƵŽĚŽǀƵƚŽĚĞǀĞĞƐƐĞƌĞĞĨĨĞƚƚƵĂƚŽŝŶĂůŵĞŶŽƚƌĞƌĂƚĞŽ͕ĂĚŝƐĐƌĞnjŝŽŶĞ
ĚĞů ĐŽŶƚƌŝďƵĞŶƚĞ͕ ŝŶ ƵŶŝĐĂ ƐŽůƵnjŝŽŶĞ ĞŶƚƌŽ ŝů ϭϲ ŐŝƵŐŶŽ͘ >͛ŝŵƉŽƌƚŽ ĐŽŵƉůĞƐƐŝǀŽ ĚĞů ƚƌŝďƵƚŽ ĂŶŶƵŽ ĚĂ
ǀĞƌƐĂƌĞğĂƌƌŽƚŽŶĚĂƚŽĂůů͛ĞƵƌŽƐƵƉĞƌŝŽƌĞŽŝŶĨĞƌŝŽƌĞĂƐĞĐŽŶĚĂĐŚĞůĞĐŝĨƌĞĚĞĐŝŵĂůŝƐŝĂŶŽƐƵƉĞƌŝŽƌŝŽ
ŝŶĨĞƌŝŽƌŝͬƉĂƌŝĂϰϵĐĞŶƚĞƐŝŵŝ͕ŝŶďĂƐĞĂƋƵĂŶƚŽƉƌĞǀŝƐƚŽĚĂůĐŽŵŵĂϭϲϲ͕Ăƌƚ͘ϭ͕ĚĞůůĂ>͘ϮϵϲͬϮϬϬϲ͘
ϱ͘ >Ğ ŵŽĚŝĨŝĐŚĞ ŝŶĞƌĞŶƚŝ ĂůůĞ ĐĂƌĂƚƚĞƌŝƐƚŝĐŚĞ ĚĞůů͛ƵƚĞŶnjĂ͕ ĐŚĞ ĐŽŵƉŽƌƚŝŶŽ ǀĂƌŝĂnjŝŽŶŝ ŝŶ ĐŽƌƐŽ Ě͛ĂŶŶŽ ĚĞů
ƚƌŝďƵƚŽ͕ ƉŽƚƌĂŶŶŽ ĞƐƐĞƌĞ ĐŽŶƚĞŐŐŝĂƚĞ ŶĞů ƚƌŝďƵƚŽ ƌĞůĂƚŝǀŽ Ăůů͛ĂŶŶŽ ƐƵĐĐĞƐƐŝǀŽ ĂŶĐŚĞ ŵĞĚŝĂŶƚĞ
ĐŽŶŐƵĂŐůŝŽĐŽŵƉĞŶƐĂƚŝǀŽ͘
ϲ͘ /ů ŽŵƵŶĞ ƉƌŽǀǀĞĚĞ Ăů ƌŝǀĞƌƐĂŵĞŶƚŽ ĂůůĂ ƉƌŽǀŝŶĐŝĂ ĚĞů ƚƌŝďƵƚŽ ƉƌŽǀŝŶĐŝĂůĞ Ěŝ ĐƵŝ Ăůů͛Ăƌƚ͘ϭϵ ĚĞů ͘>ŐƐ
ϱϬϰͬϵϮƌŝƐĐŽƐƐŽ͕ƐĞĐŽŶĚŽůĂƉĞƌŝŽĚŝĐŝƚăĞůĞŵŽĚĂůŝƚăĐŚĞƐĂƌĂŶŶŽĐŽŶĐŽƌĚĂƚĞĐŽŶŝůŵĞĚĞƐŝŵŽŶƚĞŽ
ƐĞĐŽŶĚŽƋƵĂŶƚŽƐƚĂďŝůŝƚŽĚĂƐƉĞĐŝĨŝĐŚĞĚŝƐƉŽƐŝnjŝŽŶŝ͘
ϳ͘ /ŶĐĂƐŽĚŝŵĂŶĐĂƚŽŽƉĂƌnjŝĂůĞƉĂŐĂŵĞŶƚŽ͕ĚĞůů͛ŝŵƉŽƌƚŽƌŝĐŚŝĞƐƚŽĂůůĞƉƌĞƐĐƌŝƚƚĞƐĐĂĚĞŶnjĞ͕ŝůŽŵƵŶĞ
ƉƌŽǀǀĞĚĞ ĂůůĂ ŶŽƚŝĨŝĐĂ͕ ĂŶĐŚĞ ŵĞĚŝĂŶƚĞ ƐĞƌǀŝnjŝŽ ƉŽƐƚĂůĞ ĐŽŶ ƌĂĐĐŽŵĂŶĚĂƚĂ Ăͬƌ Ž ƉŽƐƚĂ ĞůĞƚƚƌŽŶŝĐĂ
ĐĞƌƚŝĨŝĐĂƚĂĚŝƵŶƐŽůůĞĐŝƚŽĚŝǀĞƌƐĂŵĞŶƚŽ͕ĐŽŶƚĞŶĞŶƚĞůĞƐŽŵŵĞĚĂǀĞƌƐĂƌĞŝŶƵŶŝĐĂƐŽůƵnjŝŽŶĞĞŶƚƌŽŝů
ƚĞƌŵŝŶĞŝǀŝŝŶĚŝĐĂƚŽ͘
ϴ͘ ^ŽůŽƉĞƌůΖĂŶŶŽϮϬϭϰ͕ŝůƚƌŝďƵƚŽǀĞƌƌăĐŽƌƌŝƐƉŽƐƚŽŝŶEhDZKϰZd͕ĚŝĐƵŝůĞƉƌŝŵĞĚƵĞŝŶĂĐĐŽŶƚŽ
ƐƵůůĂďĂƐĞĚĞŐůŝŝŵƉŽƌƚŝǀĞƌƐĂƚŝŶĞůůΖĂŶŶŽϮϬϭϯĐŽŵĞƐŽƚƚŽƐƉĞĐŝĨŝĐĂƚŽ͗
ͲϭΔZd͞ĂĐĐŽŶƚŽ͕͟ƐĐĂĚĞŶnjĂϯϬD''/K
ͲϮΔZd͞ĂĐĐŽŶƚŽ͕͟ƐĐĂĚĞŶnjĂϯϬ>h'>/K
ZdhE/͞ĂĐĐŽŶƚŽ͕͟ƐĐĂĚĞŶnjĂϯϬD''/K
ů͛ŝŵƉŽƌƚŽƌĞůĂƚŝǀŽĐĂůĐŽůĂƚŽƐƵůůĂďĂƐĞĚŝϲŵĞƐŝĚŝƋƵĂŶƚŽĚŽǀƵƚŽĂƉƉůŝĐĂŶĚŽĂůůĞƐƵƉĞƌĨŝĐŝŽĐĐƵƉĂƚĞůĞ
ƚĂƌŝĨĨĞǀŝŐĞŶƚŝĂůϯϭͬϭϮͬϮϬϭϯĂŝĨŝŶŝdZ^h͕ŽůƚƌĞŝůƚƌŝďƵƚŽƉƌŽǀŝŶĐŝĂůĞ͖
ͲϯΔZd͞ƐĂůĚŽͬĐŽŶŐƵĂŐůŝŽ͕͟ƐĐĂĚĞŶnjĂϯϬ^ddDZ
ͲϰΔZd͞ƐĂůĚŽͬĐŽŶŐƵĂŐůŝŽ͞ƐĐĂĚĞŶnjĂϯϬEKsDZ
ZdhE/͞ƐĂůĚŽͬĐŽŶŐƵĂŐůŝŽ͕͟ƐĐĂĚĞŶnjĂϯϬ^ddDZ
ůĞ ƌĂƚĞ Ěŝ ƐĂůĚŽͬĐŽŶŐƵĂŐůŝŽ ǀĞƌƌĂŶŶŽ ĐĂůĐŽůĂƚĞ ƐƵůůĂ ďĂƐĞ ĚĞůů͛ŝŵƉŽƌƚŽ ĂŶŶƵŽ ĚŽǀƵƚŽ Ă ƚŝƚŽůŽ Ěŝ dZ/
ϮϬϭϰ͕ ƚĞŶƵƚŽ ĐŽŶƚŽ ĚĞůůĞ ƚĂƌŝĨĨĞ ĚĞĨŝŶŝƚŝǀĞ ƐƚĂďŝůŝƚĞ ĐŽŶ ĂƉƉŽƐŝƚĂ ĚĞůŝďĞƌĂ ŽŵƵŶĂůĞ͕ ŽůƚƌĞ ŝů ƚƌŝďƵƚŽ
ƉƌŽǀŝŶĐŝĂůĞ͕ĚĂůƋƵĂůĞƚŽƚĂůĞƐĂƌĂŶŶŽƐĐŽŵƉƵƚĂƚŝŝƉĂŐĂŵĞŶƚŝĚĞůůĞƌĂƚĞŝŶĂĐĐŽŶƚŽ͘
ƌƚ͘Ϯϲ͘ʹ/ŵƉŽƌƚŝŵŝŶŝŵŝ
ϭ͘ /ůĐŽŶƚƌŝďƵĞŶƚĞŶŽŶğƚĞŶƵƚŽĂůǀĞƌƐĂŵĞŶƚŽĚĞůƚƌŝďƵƚŽƋƵĂůŽƌĂů͛ŝŵƉŽƌƚŽĂŶŶƵĂůĞĚŽǀƵƚŽ͕ğŝŶĨĞƌŝŽƌĞŽ
ƵŐƵĂůĞĂΦϭϮ͕ϬϬ͘
Ϯ͘ EŽŶƐŽŶŽĞƐĞŐƵŝƚŝƌŝŵďŽƌƐŝĚŝŝŵƉŽƌƚŽĂŶŶƵĂůĞĚŽǀƵƚŽŝŶĨĞƌŝŽƌĞĂůŵĞĚĞƐŝŵŽůŝŵŝƚĞĚŝĐƵŝĂůĐŽŵŵĂϭ͘
34
ƌƚ͘Ϯϳ͘ʹsĞƌŝĨŝĐŚĞĞĐŽŶƚƌŽůůŝ
ϭ͘ /ů ŽŵƵŶĞ ƐǀŽůŐĞ ůĞ Ăƚƚŝǀŝƚă ŶĞĐĞƐƐĂƌŝĞ Ăů ĐŽŶƚƌŽůůŽ ĚĞŝ ĚĂƚŝ ĐŽŶƚĞŶƵƚŝ ŶĞůůĂ ĚĞŶƵŶĐŝĂ Ěŝ ĐƵŝ Ăů
ƉƌĞĐĞĚĞŶƚĞĂƌƚ͘Ϯϰ͘Ğ͕ůĞĂƚƚŝǀŝƚăĚŝĐŽŶƚƌŽůůŽƉĞƌůĂĐŽƌƌĞƚƚĂĂƉƉůŝĐĂnjŝŽŶĞĚĞůƚƌŝďƵƚŽ͘ƚĂůĨŝŶĞƉƵž͗
ĂͿ ŝŶǀŝĂƌĞĂůĐŽŶƚƌŝďƵĞŶƚĞƋƵĞƐƚŝŽŶĂƌŝ͕ĚĂƌĞƐƚŝƚƵŝƌĞĚĞďŝƚĂŵĞŶƚĞĐŽŵƉŝůĂƚŝĞŶƚƌŽŝůƚĞƌŵŝŶĞĚŝ
ϲϬŐŝŽƌŶŝĚĂůůĂŶŽƚŝĨŝĐĂ͖
ďͿ ƵƚŝůŝnjnjĂƌĞ͕ŶĞůƌŝƐƉĞƚƚŽĚĞůůĞǀŝŐĞŶƚŝĚŝƐƉŽƐŝnjŝŽŶŝĚŝƚƵƚĞůĂĚĞůƚƌĂƚƚĂŵĞŶƚŽĚĞŝĚĂƚŝƉĞƌƐŽŶĂůŝ͕
ĚĂƚŝ ƉƌĞƐĞŶƚĂƚŝ ƉĞƌ Ăůƚƌŝ ĨŝŶŝ͕ ŽǀǀĞƌŽ ƌŝĐŚŝĞĚĞƌĞ ĂĚ ƵĨĨŝĐŝ ƉƵďďůŝĐŝ Ž ĂĚ ĞŶƚŝ Ěŝ ŐĞƐƚŝŽŶĞ Ěŝ
ƐĞƌǀŝnjŝƉƵďďůŝĐŝ͕ĚĂƚŝĞŶŽƚŝnjŝĞŶĞŝĐŽŶĨƌŽŶƚŝĚĞŝƐŝŶŐŽůŝĐŽŶƚƌŝďƵĞŶƚŝ͕ŝŶĞƐĞŶnjŝŽŶĞĚŝƐƉĞƐĞĞ
Ěŝƌŝƚƚŝ͖
ĐͿ ĂĐĐĞĚĞƌĞĂŝůŽĐĂůŝĞĚĂůůĞĂƌĞĞĂƐƐŽŐŐĞƚƚĂďŝůŝĂůƚƌŝďƵƚŽ͕ŵĞĚŝĂŶƚĞƉĞƌƐŽŶĂůĞĚĞďŝƚĂŵĞŶƚĞ
ĂƵƚŽƌŝnjnjĂƚŽ ĚĂů ^ŝŶĚĂĐŽ͕ ĚĂŶĚŽ ƉƌĞĂǀǀŝƐŽ Ăů ĐŽŶƚƌŝďƵĞŶƚĞ Ěŝ ĂůŵĞŶŽ ϳ ŐŝŽƌŶŝ͘ /Ŷ ĐĂƐŽ Ěŝ
ŵĂŶĐĂƚĂ ĐŽůůĂďŽƌĂnjŝŽŶĞ ĚĞů ĐŽŶƚƌŝďƵĞŶƚĞ ŽĚ ĂůƚƌŽ ŝŵƉĞĚŝŵĞŶƚŽ ĂůůĂ ĚŝƌĞƚƚĂ ƌŝůĞǀĂnjŝŽŶĞ
ů͛ŶƚĞ ƉƌŽĐĞĚĞ Ăůů͛ĂĐĐĞƌƚĂŵĞŶƚŽ ƐƵůůĂ ďĂƐĞ Ěŝ ƉƌĞƐƵŶnjŝŽŶŝ ƐĞŵƉůŝĐŝ Ěŝ ĐƵŝ Ăůů͛Ăƌƚ͘ϮϳϮϵ ĚĞů
ĐŽĚŝĐĞĐŝǀŝůĞ͘WĞƌůĞŽƉĞƌĂnjŝŽŶŝĚŝĐƵŝƐŽƉƌĂ͕ŝůŽŵƵŶĞŚĂĨĂĐŽůƚăĚŝĂǀǀĂůĞƌƐŝ͗
ͲĚĞŐůŝĂĐĐĞƌƚĂƚŽƌŝĚŝĐƵŝĂŝĐŽŵŵŝϭϳϵͲϭϴϮ͕Ăƌƚ͘ϭ͕ĚĞůůĂ>͘ϮϵϲͬϮϬϬϲ͕ŽǀĞŶŽŵŝŶĂƚŝ͖
ͲĚĞůƉƌŽƉƌŝŽƉĞƌƐŽŶĂůĞĚŝƉĞŶĚĞŶƚĞ͖
Ͳ Ěŝ ƐŽŐŐĞƚƚŝ ƉƌŝǀĂƚŝ Ž ƉƵďďůŝĐŝ Ěŝ ƉƌŽǀĂƚĂ ĂĨĨŝĚĂďŝůŝƚă Ğ ĐŽŵƉĞƚĞŶnjĂ͕ ĐŽŶ ŝů ƋƵĂůĞ ŝů
ŵĞĚĞƐŝŵŽƉƵžƐƚŝƉƵůĂƌĞĂƉƉŽƐŝƚĞĐŽŶǀĞŶnjŝŽŶŝ͖
WĞƌ ĂĐĐĞĚĞƌĞ ĂŐůŝ ŝŵŵŽďŝůŝ ŝů ƉĞƌƐŽŶĂůĞ Ěŝ ĐƵŝ ƐŽƉƌĂ ĚŽǀƌă ĞƐƐĞƌĞ ĂƉƉŽƐŝƚĂŵĞŶƚĞ
ĂƵƚŽƌŝnjnjĂƚŽĞĚĞƐŝďŝƌĞĂƉƉŽƐŝƚŽĚŽĐƵŵĞŶƚŽĚŝƌŝĐŽŶŽƐĐŝŵĞŶƚŽ͖
ĚͿ ƵƚŝůŝnjnjĂƌĞ ƚƵƚƚĞ ůĞ ďĂŶĐŚĞ ĚĂƚŝ ŵĞƐƐĞ Ă ĚŝƐƉŽƐŝnjŝŽŶĞ ĚĂůů͛ŐĞŶnjŝĂ ĚĞůůĞ ŶƚƌĂƚĞ Ğ
ĚĂůů͛ŐĞŶnjŝĂĚĞůdĞƌƌŝƚŽƌŝŽ͖
Ϯ͘ &ĂƚƚŽƐĂůǀŽƋƵĂŶƚŽŐŝăƉƌĞǀŝƐƚŽŶĞůůĂĚŝƐĐŝƉůŝŶĂŐĞŶĞƌĂůĞĚĞůƚƌŝďƵƚŽĚŝĐƵŝĂůĐĂƉŝƚŽůŽ͕ƚƵƚƚŝŐůŝƵĨĨŝĐŝ
ƐŽŶŽŽďďůŝŐĂƚŝĂƚƌĂƐŵĞƚƚĞƌĞĂůů͛ƵĨĨŝĐŝŽƚƌŝďƵƚŝŽĂůƐŽŐŐĞƚƚŽĐŚĞŶĞƐǀŽůŐĞůĞĨƵŶnjŝŽŶŝ͕ŶĞůƌŝƐƉĞƚƚŽĚĞůůĞ
ǀŝŐĞŶƚŝŶŽƌŵĂƚŝǀĞŝŶŵĂƚĞƌŝĂĚŝƚƌĂƚƚĂŵĞŶƚŽĚĞŝĚĂƚŝƉĞƌƐŽŶĂůŝ͕ƉĞƌŝŽĚŝĐĂŵĞŶƚĞĐŽƉŝĂŽĞůĞŶĐŚŝĂŶĐŚĞ
ĐŽŶŵŽĚĂůŝƚăŝŶĨŽƌŵĂƚŝĐŚĞĞƚĞůĞŵĂƚŝĐŚĞĚĂƐƚĂďŝůŝƌĞ͗
ͲĚĞůůĞĐŽŶĐĞƐƐŝŽŶŝƉĞƌů͛ŽĐĐƵƉĂnjŝŽŶĞĚŝƐƉĂnjŝĞĚĂƌĞĞƉƵďďůŝĐŚĞ͖
ͲĚĞŝƉƌŽǀǀĞĚŝŵĞŶƚŝĚŝĂďŝƚĂďŝůŝƚăͬĂŐŝďŝůŝƚăƌŝůĂƐĐŝĂƚŝƉĞƌů͛ƵƐŽĚĞŝůŽĐĂůŝĞĚĂƌĞĞ͖
ͲĚĞŝƉƌŽǀǀĞĚŝŵĞŶƚŝƌĞůĂƚŝǀŝĂůů͛ĞƐĞƌĐŝnjŝŽĚŝĂƚƚŝǀŝƚăĂƌƚŝŐŝĂŶĂůŝ͕ĐŽŵŵĞƌĐŝĂůŝĨŝƐƐĞŽŝƚŝŶĞƌĂŶƚŝ͖
Ͳ Ěŝ ŽŐŶŝ ǀĂƌŝĂnjŝŽŶĞ ĂŶĂŐƌĂĨŝĐĂ ƌĞůĂƚŝǀĂ ĂůůĂ ŶĂƐĐŝƚĂ͕ ĚĞĐĞƐƐŽ͕ ǀĂƌŝĂnjŝŽŶĞ Ěŝ ƌĞƐŝĚĞŶnjĂ Ğ ĚŽŵŝĐŝůŝŽ ĚĞůůĂ
ƉŽƉŽůĂnjŝŽŶĞƌĞƐŝĚĞŶƚĞ͘
ϯ͘ EĞŝĐĂƐŝŝŶĐƵŝĚĂůůĞǀĞƌŝĨŝĐŚĞĐŽŶĚŽƚƚĞƐƵŝǀĞƌƐĂŵĞŶƚŝĞƐĞŐƵŝƚŝĚĂŝĐŽŶƚƌŝďƵĞŶƚŝĞĚĂŝƌŝƐĐŽŶƚƌŝŽƉĞƌĂƚŝŝŶ
ďĂƐĞĂŝƉƌĞĐĞĚĞŶƚŝĐŽŵŵŝ͕ǀĞŶŐĂƌŝƐĐŽŶƚƌĂƚĂůĂŵĂŶĐĂŶnjĂ͕ů͛ŝŶƐƵĨĨŝĐŝĞŶnjĂŽůĂƚĂƌĚŝǀŝƚăĚĞůǀĞƌƐĂŵĞŶƚŽ
ŽǀǀĞƌŽů͛ŝŶĨĞĚĞůƚă͕ů͛ŝŶĐŽŵƉůĞƚĞnjnjĂŽů͛ŽŵŝƐƐŝŽŶĞĚĞůůĂĚŝĐŚŝĂƌĂnjŝŽŶĞŽƌŝŐŝŶĂƌŝĂŽĚŝǀĂƌŝĂnjŝŽŶĞ͕ŝůŽŵƵŶĞ
ƉƌŽǀǀĞĚĞƌăĂůůĂŶŽƚŝĨŝĐĂĚŝĂƉƉŽƐŝƚŽĂǀǀŝƐŽĚŝĂĐĐĞƌƚĂŵĞŶƚŽŵŽƚŝǀĂƚŽŝŶƌĞƚƚŝĨŝĐĂŽĚ͛ƵĨĨŝĐŝŽ͕ĂŶŽƌŵĂĚĞŝ
ĐŽŵŵŝϭϲϭĞϭϲϮĚĞůů͛Ăƌƚ͘ϭĚĞůůĂ>͘ϮϵϲͬϮϬϬϲ͕ĐŽŵƉƌĞŶƐŝǀŽĚĞůƚƌŝďƵƚŽŽĚĞůŵĂŐŐŝŽƌĞƚƌŝďƵƚŽĚŽǀƵƚŽ͕
ŽůƚƌĞĐŚĞĚĞŐůŝŝŶƚĞƌĞƐƐŝĞĚĞůůĞƐĂŶnjŝŽŶŝĞĚĞůůĞƐƉĞƐĞ͘>͛ĂǀǀŝƐŽĚŝĂĐĐĞƌƚĂŵĞŶƚŽĚĞǀĞĞƐƐĞƌĞƐŽƚƚŽƐĐƌŝƚƚŽ
ĚĂůĨƵŶnjŝŽŶĂƌŝŽƌĞƐƉŽŶƐĂďŝůĞĚĞůƚƌŝďƵƚŽ͘
35
ϰ͘ /ů ǀĞƌƐĂŵĞŶƚŽ ĚĞůůĞ ƐŽŵŵĞ ĚŽǀƵƚĞ Ă ƐĞŐƵŝƚŽ ĚĞůůĂ ŶŽƚŝĨŝĐĂ ĚĞŐůŝ ĂǀǀŝƐŝ Ěŝ ĂĐĐĞƌƚĂŵĞŶƚŽ ĂǀǀŝĞŶĞ
ŵĞĚŝĂŶƚĞďŽůůĞƚƚŝŶŽĚŝĐŽŶƚŽĐŽƌƌĞŶƚĞƉŽƐƚĂůĞŽĂůƚƌĞŵŽĚĂůŝƚă͘
36
ůůĞŐĂƚŽϭ
^Ğƌǀŝnjŝ/ŶĚŝǀŝƐŝďŝůŝ
WƌĞǀŝƐŝŽŶŝĚŝƐƉĞƐĂďŝůĂŶĐŝŽϮϬϭϰ
Polizia Locale
Dettaglio
Riepilogo
Personale
529.819,00
Materie prime e beni di consumo
32.350,00
Spese per servizi
98.026,00
Spese per godimento beni terzi
25.000,00
Trasferimenti
Interessi Passivi
Ammortamenti
Oneri straordinari
2.500,00
Imposte e tasse
35.117,00
TOTALE
722.812,00 Parchi, verde pubblico e servizi per la tutela ambientale
Dettaglio
Riepilogo
Personale
Materie prime e beni di consumo
10.050,00
Spese per servizi
247.609,00
Spese per godimento beni terzi
Trasferimenti
38.500,00
Interessi Passivi
41.290,00
Ammortamenti
Oneri straordinari
Imposte e tasse
1.121,00
TOTALE
338.570,00
37
Viabilità,circolazione stradale e servizi connessi
Dettaglio
Riepilogo
Personale
188.847,00
Materie prime e beni di consumo
79.000,00
Spese per servizi
381.282,00
Spese per godimento beni terzi
29.600,00
Trasferimenti
Interessi Passivi
60.179,00
Ammortamenti
Oneri straordinari
Imposte (IRAP) e tasse
18.795,00
TOTALE
757.703,00
Illuminazione pubblica e servizi connessi
Dettaglio
Riepilogo
Personale
42.697,00
Materie prime e beni di consumo
29.500,00
Spese per servizi
620.735,00
Spese per godimento beni terzi
Trasferimenti
Interessi Passivi
80.944,00
Ammortamenti
Oneri straordinari
Imposte (IRAP) e tasse
2.100,00
TOTALE
775.976,00
38
Servizi di protezione civile
Dettaglio
Riepilogo
Personale
Materie prime e beni di consumo
Spese per servizi
Spese per godimento beni terzi
Trasferimenti
5.000,00
Interessi Passivi
Ammortamenti
Oneri straordinari
Imposte (IRAP)
TOTALE
5.000,00
Urbanistica e gestione territorio
Dettaglio
Riepilogo
Personale
142.886,00
Materie prime e beni di consumo
2.100,00
Spese per servizi
1.051,00
Spese per godimento beni terzi
Trasferimenti
Interessi Passivi
Ammortamenti
Oneri straordinari
Imposte (IRAP)
9.513,00
TOTALE
155.550,00
39
Anagrafe -St.Civile-Elettorale-Leva
Dettaglio
Riepilogo
Personale
142.443,00
Materie prime e beni di consumo
9.699,00
Spese per servizi
600,00
Spese per godimento beni terzi
Trasferimenti
1.000,00
Interessi Passivi
Ammortamenti
Oneri straordinari
Imposte (IRAP)
7.429,00
TOTALE
161.171,00
^Ğƌǀŝnjŝ/ŶĚŝǀŝƐŝďŝůŝ
WƌĞǀŝƐŝŽŶŝĚŝƐƉĞƐĂďŝůĂŶĐŝŽϮϬϭϰ
PROSPETTO RIEPILOGATIVO
Polizia Locale
Costi
722.812,00
Parchi, verde pubblico e servizi per la tutela ambientale
338.570,00
Viabilità, circolazione stradale e servizi connessi
757.703,00
Illuminazione pubblica e servizi connessi
775.976,00
Servizi di protezione civile
5.000,00
Urbanistica e gestione territorio
155.550,00
Anagrafe
158.672,00
TOTALE
2.914.283,00
Entrate
Gettito TASI
Grado di copertura dei costi
2.715.000
93,16185147 40
ůůĞŐĂƚŽϮd>>d'KZ/KD^d/,
ŶΣ
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ĂƚĞŐŽƌŝĞʹhdEKD^d/,
EƵĐůĞŽĨĂŵŝůŝĂƌĞĐŽŶϭĐŽŵƉŽŶĞŶƚĞ
EƵĐůĞŽĨĂŵŝůŝĂƌĞĐŽŶϮĐŽŵƉŽŶĞŶƚŝ
EƵĐůĞŽĨĂŵŝůŝĂƌĞĐŽŶϯĐŽŵƉŽŶĞŶƚŝ
EƵĐůĞŽĨĂŵŝůŝĂƌĞĐŽŶϰĐŽŵƉŽŶĞŶƚŝ
EƵĐůĞŽĨĂŵŝůŝĂƌĞĐŽŶϱĐŽŵƉŽŶĞŶƚŝ
EƵĐůĞŽĨĂŵŝůŝĂƌĞĐŽŶϲĐŽŵƉŽŶĞŶƚŝ
d>>d'KZ//dd/s/d͛KEKDK'EWKdE/>/d͛/Z/&/hd/͛
Categorie attività – UTENZE NON DOMESTICHE
ƚƚŝǀŝƚă
ŶΣ
ϭ DƵƐĞŝ͕ďŝďůŝŽƚĞĐŚĞ͕ƐĐƵŽůĞ͕ĂƐƐŽĐŝĂnjŝŽŶŝ͕ůƵŽŐŚŝĚŝĐƵůƚŽ
Ϯ
ϯ
ϰ
ŝŶĞŵĂƚŽŐƌĂĨŝĞƚĞĂƚƌŝ
ƵƚŽƌŝŵĞƐƐĞĞŵĂŐĂnjnjŝŶŝƐĞŶnjĂĂůĐƵŶĂǀĞŶĚŝƚĂĚŝƌĞƚƚĂ
ĂŵƉĞŐŐŝ͕ĚŝƐƚƌŝďƵƚŽƌŝĐĂƌďƵƌĂŶƚŝ͕ŝŵƉŝĂŶƚŝƐƉŽƌƚŝǀŝ
ϱ
ϲ
ϳ
ϴ
ϵ
ϭϬ
ϭϭ
ϭϮ
ϭϯ
^ƚĂďŝůŝŵĞŶƚŝďĂůŶĞĂƌŝ
ƐƉŽƐŝnjŝŽŶŝ͕ĂƵƚŽƐĂůŽŶŝ
ůďĞƌŐŚŝĐŽŶƌŝƐƚŽƌĂŶƚĞ
ůďĞƌŐŚŝƐĞŶnjĂƌŝƐƚŽƌĂŶƚĞ
ĂƐĞĚŝĐƵƌĂĞƌŝƉŽƐŽ
KƐƉĞĚĂůŝ
hĨĨŝĐŝ͕ĂŐĞŶnjŝĞ͕ƐƚƵĚŝƉƌŽĨĞƐƐŝŽŶĂůŝ
ĂŶĐŚĞĞŝƐƚŝƚƵƚŝĚŝĐƌĞĚŝƚŽ
EĞŐŽnjŝĂďďŝŐůŝĂŵĞŶƚŽ͕ĐĂůnjĂƚƵƌĞ͕ůŝďƌĞƌŝĂ͕ĐĂƌƚŽůĞƌŝĂ͕ĨĞƌƌĂŵĞŶƚĂ
ĞĂůƚƌŝďĞŶŝĚƵƌĞǀŽůŝ
ϭϰ ĚŝĐŽůĞ͕ĨĂƌŵĂĐŝĞ͕ƚĂďĂĐĐĂŝŽ͕ƉůƵƌŝůŝĐĞŶnjĞ
ϭϱ EĞŐŽnjŝƉĂƌƚŝĐŽůĂƌŝƋƵĂůŝĨŝůĂƚĞůŝĂ͕ƚĞŶĚĞĞƚĞƐƐƵƚŝ͕ƚĂƉƉĞƚŝ͕ĐĂƉƉĞůůŝ
ĞŽŵďƌĞůůŝ͕ĂŶƚŝƋƵĂƌŝĂƚŽ
ϭϲ ĂŶĐŚŝĚŝŵĞƌĐĂƚŽďĞŶŝĚƵƌĞǀŽůŝ
ϭϳ ƚƚŝǀŝƚăĂƌƚŝŐŝĂŶĂůŝƚŝƉŽďŽƚƚĞŐŚĞ͗ƉĂƌƌƵĐĐŚŝĞƌĞ͕ďĂƌďŝĞƌĞ͕
ĞƐƚĞƚŝƐƚĂ
ϭϴ ƚƚŝǀŝƚăĂƌƚŝŐŝĂŶĂůŝƚŝƉŽďŽƚƚĞŐŚĞ͗ĨĂůĞŐŶĂŵĞ͕ŝĚƌĂƵůŝĐŽ͕ĨĂďďƌŽ͕
ĞůĞƚƚƌŝĐŝƐƚĂ
ϭϵ ĂƌƌŽnjnjĞƌŝĂ͕ĂƵƚŽĨĨŝĐŝŶĂ͕ĞůĞƚƚƌĂƵƚŽ
ϮϬ ƚƚŝǀŝƚăŝŶĚƵƐƚƌŝĂůŝĐŽŶĐĂƉĂŶŶŽŶŝĚŝƉƌŽĚƵnjŝŽŶĞ
Ϯϭ
ϮϮ
Ϯϯ
Ϯϰ
Ϯϱ
Ϯϲ
Ϯϳ
Ϯϴ
Ϯϵ
ϯϬ
ƚƚŝǀŝƚăĂƌƚŝŐŝĂŶĂůŝĚŝƉƌŽĚƵnjŝŽŶĞďĞŶŝƐƉĞĐŝĨŝĐŝ
ZŝƐƚŽƌĂŶƚŝ͕ƚƌĂƚƚŽƌŝĞ͕ŽƐƚĞƌŝĞ͕ƉŝnjnjĞƌŝĞ͕ƉƵď
DĞŶƐĞ͕ďŝƌƌĞƌŝĞ͕ĂŵďƵƌŐŚĞƌŝĞ
Ăƌ͕ĐĂĨĨĞ͕ƉĂƐƚŝĐĐĞƌŝĂ
^ƵƉĞƌŵĞƌĐĂƚŽ͕ƉĂŶĞĞƉĂƐƚĂ͕ŵĂĐĞůůĞƌŝĂ͕ƐĂůƵŵŝĞĨŽƌŵĂŐŐŝ͕
ŐĞŶĞƌŝĂůŝŵĞŶƚĂƌŝ
WůƵƌŝůŝĐĞŶnjĞĂůŝŵĞŶƚĂƌŝĞͬŽŵŝƐƚĞ
KƌƚŽĨƌƵƚƚĂ͕ƉĞƐĐŚĞƌŝĞ͕ĨŝŽƌŝĞƉŝĂŶƚĞ͕ƉŝnjnjĂĂůƚĂŐůŝŽ͕ŐĞůĂƚĞƌŝĞĚĂ
ĂƐƉŽƌƚŽ
/ƉĞƌŵĞƌĐĂƚŝĚŝŐĞŶĞƌŝŵŝƐƚŝ
ĂŶĐŚŝĚŝŵĞƌĐĂƚŽŐĞŶĞƌĞĂůŝŵĞŶƚĂƌŝ
ŝƐĐŽƚĞĐŚĞ͕ŶŝŐŚƚĐůƵď
41
ůůĞŐĂƚŽϯ
^ŽƐƚĂŶnjĞĂƐƐŝŵŝůĂƚĞĂŝƌŝĨŝƵƚŝƵƌďĂŶŝĂŝƐĞŶƐŝĚĞůů͛ĂƌƚŝĐŽůŽϯͬĚĞůƉƌĞƐĞŶƚĞƌĞŐŽůĂŵĞŶƚŽ͕ůĞƐĞŐƵĞŶƚŝ
ƐŽƐƚĂŶnjĞ͗
- ƌŝĨŝƵƚŝĚŝĐĂƌƚĂ͕ĐĂƌƚŽŶĞĞƐŝŵŝůĂƌŝ͖
- ƌŝĨŝƵƚŝĚŝǀĞƚƌŽ͕ǀĞƚƌŽĚŝƐĐĂƌƚŽ͕ƌŽƚƚĂŵŝĚŝǀĞƚƌŽĞĐƌŝƐƚĂůůŽ͖
- ŝŵďĂůůĂŐŐŝƉƌŝŵĂƌŝ
- ŝŵďĂůůĂŐŐŝ ƐĞĐŽŶĚĂƌŝ ƋƵĂůŝĐĂƌƚĂ͕ ĐĂƌƚŽŶĞ͕ ƉůĂƐƚŝĐĂ͕ ůĞŐŶŽ͕ ŵĞƚĂůůŽ Ğ Ɛŝŵŝůŝ ƉƵƌĐŚğ ƌĂĐĐŽůƚŝ ŝŶ ĨŽƌŵĂ
ĚŝĨĨĞƌĞŶnjŝĂƚĂ͖
- ĐŽŶƚĞŶŝƚŽƌŝǀƵŽƚŝ;ĨƵƐƚŝ͕ǀƵŽƚŝĚŝǀĞƚƌŽ͕ƉůĂƐƚŝĐĂ͕ŵĞƚĂůůŽ͕ůĂƚƚĞ͕ůĂƚƚŝŶĞĞƐŝŵŝůŝͿ͖
- ƐĂĐĐŚŝĞƐĂĐĐŚĞƚƚŝĚŝĐĂƌƚĂŽƉůĂƐƚŝĐĂ͕ĨŽŐůŝĚŝĐĂƌƚĂ͕ƉůĂƐƚŝĐĂ͕ĐĞůůŽƉŚĂŶĞ͕ĐĂƐƐĞƚƚĞ͕ƉĂůůĞƚƐ͖
- ĂĐĐŽƉƉŝĂƚŝ Ěŝ ĐĂƌƚĂ ƉůĂƐƚŝĨŝĐĂƚĂ͕ ĐĂƌƚĂ ŵĞƚĂůůŝnjnjĂƚĂ͕ ĐĂƌƚĂ ĂĚĞƐŝǀĂ͕ ĐĂƌƚĂ ĐĂƚƌĂŵĂƚĂ͕ ĨŽŐůŝ Ěŝ ƉůĂƐƚŝĐĂ
ŵĞƚĂůůŝnjnjĂƚŝĞƐŝŵŝůŝ͖
- ĨƌĂŵŵĞŶƚŝĞŵĂŶƵĨĂƚƚŝĚŝǀŝŵŝŶŝĞƐƵŐŚĞƌŽ͕
- ƉĂŐůŝĂĞƉƌŽĚŽƚƚŝĚŝƉĂŐůŝĂ͖
- ƐĐĂƌƚŝĚŝůĞŐŶŽƉƌŽǀĞŶĞŶƚŝĚĂĨĂůĞŐŶĂŵĞƌŝĂĞĐĂƌƉĞŶƚĞƌŝĂ͕ƚƌƵĐŝŽůŝĞƐĞŐĂƚƵƌĂ͖
- ĨŝďƌĂĚŝůĞŐŶŽĞƉĂƐƚĂĚŝůĞŐŶŽĂŶĐŚĞƵŵŝĚĂ͕ƉƵƌĐŚĠƉĂůĂďŝůĞ͖
- ƌŝƚĂŐůŝĞƐĐĂƌƚŝĚŝƚĞƐƐƵƚŽĚŝĨŝďƌĂŶĂƚƵƌĂůĞĞƐŝŶƚĞƚŝĐĂ͕ƐƚƌĂĐĐŝĞũƵƚĂ͖
- ĨĞůƚƌŝĞƚĞƐƐƵƚŝŶŽŶƚĞƐƐƵƚŝ͖
- ƉĞůůĞĞƐŝŵŝůͲƉĞůůĞ͖
- ŐŽŵŵĂĞĐĂƵĐĐŝƶ;ƉŽůǀĞƌĞĞƌŝƚĂŐůŝͿĞŵĂŶƵĨĂƚƚŝĐŽŵƉŽƐƚŝƉƌĞǀĂůĞŶƚĞŵĞŶƚĞĚĂƚĂůŝŵĂƚĞƌŝĂůŝ͕ĐŽŵĞ
ĐĂŵĞƌĞĚΖĂƌŝĂĞĐŽƉĞƌƚŽŶŝ͖
- ƌĞƐŝŶĞƚĞƌŵŽƉůĂƐƚŝĐŚĞĞƚĞƌŵŽͲŝŶĚƵƌĞŶƚŝŝŶŐĞŶĞƌĞĂůůŽƐƚĂƚŽƐŽůŝĚŽĞŵĂŶƵĨĂƚƚŝĐŽŵƉŽƐƚŝĚĂƚĂůŝ
ŵĂƚĞƌŝĂůŝ͖
- ŝŵďŽƚƚŝƚƵƌĞ͕ ŝƐŽůĂŵĞŶƚŝ ƚĞƌŵŝĐŝ Ğ ĂĐƵƐƚŝĐŝ ĐŽƐƚŝƚƵŝƚŝ ĚĂ ƐŽƐƚĂŶnjĞ ŶĂƚƵƌĂůŝ Ğ ƐŝŶƚĞƚŝĐŚĞ͕ ƋƵĂůŝ ůĂŶĞ Ěŝ
ǀĞƚƌŽĞĚŝƌŽĐĐŝĂ͕ĞƐƉĂŶƐŝƉůĂƐƚŝĐŝĞŵŝŶĞƌĂůŝĞƐŝŵŝůŝ͖
- ŵŽƋƵĞƚƚĞ͕ůŝŶŽůĞƵŵ͕ƚĂƉƉĞnjnjĞƌŝĞ͕ƉĂǀŝŵĞŶƚŝĞƌŝǀĞƐƚŝŵĞŶƚŝŝŶŐĞŶĞƌĞ͖
- ŵĂƚĞƌŝĂůŝǀĂƌŝŝŶƉĂŶŶĞůůŝ;ĚŝůĞŐŶŽ͕ŐĞƐƐŽ͕ƉůĂƐƚŝĐĂĞƐŝŵŝůŝͿ͖
- ĨƌĂŵŵĞŶƚŝĞŵĂŶƵĨĂƚƚŝĚŝƐƚƵĐĐŽĞĚŝŐĞƐƐŽĞƐƐŝĐĐĂƚŝ͖
- ƌŝĨŝƵƚŝĚŝŵĞƚĂůůŝĨĞƌƌŽƐŝĞŵĞƚĂůůŝŶŽŶĨĞƌƌŽƐŝĞůŽƌŽůĞŐŚĞ͖
- ŵĂŶƵĨĂƚƚŝĚŝĨĞƌƌŽĞƚŝƉŽƉĂŐůŝĞƚƚĂŵĞƚĂůůŝĐĂ͕ĨŝůŽĚŝĨĞƌƌŽ͕ƐƉƵŐŶĂĚŝĨĞƌƌŽĞƐŝŵŝůŝ͖
- ŶĂƐƚƌŝĂďƌĂƐŝǀŝ͖
- ĐĂǀŝĞŵĂƚĞƌŝĂůĞĞůĞƚƚƌŝĐŽŝŶŐĞŶĞƌĞ͖
- ƉĞůůŝĐŽůĞĞůĂƐƚƌĞĨŽƚŽŐƌĂĨŝĐŚĞĞƌĂĚŝŽŐƌĂĨŝĐŚĞƐǀŝůƵƉƉĂƚĞ͖
- ƐĐĂƌƚŝ ŝŶ ŐĞŶĞƌĞ ĚĞůůĂ ƉƌŽĚƵnjŝŽŶĞ Ěŝ ĂůŝŵĞŶƚĂƌŝ͕ ƉƵƌĐŚĠ ŶŽŶ ĂůůŽ ƐƚĂƚŽ ůŝƋƵŝĚŽ͕ ƋƵĂůŝ ƐĐĂƌƚŝ Ěŝ ĐĂĨĨğ
ƐĐĂƌƚŝĚĞůůΖŝŶĚƵƐƚƌŝĂŵŽůŝƚŽƌŝĂĞĚĞůůĂƉůĂƐƚŝĨŝĐĂnjŝŽŶĞ͕ƉĂƌƚŝƚĞĚŝĂůŝŵĞŶƚŝĚĞƚĞƌŝŽƌĂƚŝĂŶĐŚĞŝŶƐĐĂƚŽůĂƚŝ
ŽĐŽŵƵŶƋƵĞŝŵďĂůůĂƚŝ͕ƐĐĂƌƚŝĚĞƌŝǀĂŶƚŝĚĂůůĂůĂǀŽƌĂnjŝŽŶĞĚŝĨƌƵƚƚĂĞŽƌƚĂŐŐŝ͕ĐĂƐĞŝŶĂ͕ƐĂůƐĞĞƐĂƵƐƚĞĞ
Ɛŝŵŝůŝ͖
- ƐĐĂƌƚŝǀĞŐĞƚĂůŝŝŶŐĞŶĞƌĞ;ĞƌďĞ͕ĨŝŽƌŝ͕ƉŝĂŶƚĞ͕ǀĞƌĚƵƌĞ͕ĞƚĐ͘ͿĂŶĐŚĞĚĞƌŝǀĂŶƚŝĚĂůĂǀŽƌĂnjŝŽŶŝďĂƐĂƚĞƐƵ
ƉƌŽĐĞƐƐŝŵĞĐĐĂŶŝĐŝ;ďƵĐĐĞ͕ďĂĐĞůůŝ͕ƉƵůĂ͕ƐĐĂƌƚŝĚŝƐŐƌĂŶĂƚƵƌĂĞĚŝƚƌĞďďŝĂƚƵƌĂĞƐŝŵŝůŝͿ͕ĐŽŵƉƌĞƐĂůĂ
ŵĂŶƵƚĞŶnjŝŽŶĞĚĞůǀĞƌĚĞŽƌŶĂŵĞŶƚĂůĞ͖
- ƌĞƐŝĚƵŝĂŶŝŵĂůŝĞǀĞŐĞƚĂůŝƉƌŽǀĞŶŝĞŶƚŝĚĂůůΖĞƐƚƌĂnjŝŽŶĞĚŝƉƌŝŶĐŝƉŝĂƚƚŝǀŝ͖
- ĂĐĐĞƐƐŽƌŝƉĞƌů͛ŝŶĨŽƌŵĂƚŝĐĂ͘
^ŽŶŽĂůƚƌĞƐŞĂƐƐŝŵŝůĂƚŝĂŝƌŝĨŝƵƚŝƵƌďĂŶŝ͕ĂŝƐĞŶƐŝĚĞůů͛ĂƌƚŝĐŽůŽϮ͕ůĞƚƚ͘ŐͿ͕͘W͘Z͘ϭϱůƵŐůŝŽϮϬϬϯ͕Ŷ͘Ϯϱϰ͕ŝƐĞŐƵĞŶƚŝ
ƌŝĨŝƵƚŝƉƌŽĚŽƚƚŝĚĂůůĞƐƚƌƵƚƚƵƌĞƐĂŶŝƚĂƌŝĞƉƵďďůŝĐŚĞĞƉƌŝǀĂƚĞ͕ĐŚĞƐǀŽůŐŽŶŽĂƚƚŝǀŝƚăŵĞĚŝĐĂĞǀĞƚĞƌŝŶĂƌŝĂĚŝ
ƉƌĞǀĞŶnjŝŽŶĞ͕ĚŝĚŝĂŐŶŽƐŝ͕ĚŝĐƵƌĂ͕ĚŝƌŝĂďŝůŝƚĂnjŝŽŶĞĞĚŝƌŝĐĞƌĐĂĞĚĞƌŽŐĂŶŽůĞƉƌĞƐƚĂnjŝŽŶŝĚŝĐƵŝĂůůĂůĞŐŐĞϮϯ
ĚŝĐĞŵďƌĞϭϵϳϴ͕Ŷ͘ϴϯϯ͗
- ƌŝĨŝƵƚŝĚĞƌŝǀĂŶƚŝĚĂůůĂƉƌĞƉĂƌĂnjŝŽŶĞĚĞŝƉĂƐƚŝƉƌŽǀĞŶŝĞŶƚŝĚĂůůĞĐƵĐŝŶĞĚĞůůĞƐƚƌƵƚƚƵƌĞƐĂŶŝƚĂƌŝĞ͖
- ƌŝĨŝƵƚŝĚĂůů͛ĂƚƚŝǀŝƚăĚŝƌŝƐƚŽƌĂnjŝŽŶĞĞŝƌĞƐŝĚƵŝĚĞŝƉĂƐƚŝƉƌŽǀĞŶŝĞŶƚŝĚĂƌĞƉĂƌƚŝĚŝĚĞŐĞŶnjĂĚĞůůĞ
ƐƚƌƵƚƚƵƌĞƐĂŶŝƚĂƌŝĞ͕ĞƐĐůƵƐŝƋƵĞůůŝĐŚĞƉƌŽǀĞŶŐŽŶŽĚĂƉĂnjŝĞŶƚŝĂĨĨĞƚƚŝĚĂŵĂůĂƚƚŝĞŝŶĨĞƚƚŝǀĞƉĞƌŝƋƵĂůŝ
ƐŝĂƌĂǀǀŝƐĂƚĂĐůŝŶŝĐĂŵĞŶƚĞ͕ĚĂůŵĞĚŝĐŽĐŚĞůŝŚĂŝŶĐƵƌĂ͕ƵŶĂƉĂƚŽůŽŐŝĂƚƌĂƐŵŝƐƐŝďŝůĞĂƚƚƌĂǀĞƌƐŽƚĂůŝ
ƌĞƐŝĚƵŝ͖
- ǀĞƚƌŽ͕ĐĂƌƚĂ͕ĐĂƌƚŽŶĞ͕ƉůĂƐƚŝĐĂ͕ŵĞƚĂůůŝ͕ŝŵďĂůůĂŐŐŝŝŶŐĞŶĞƌĞ͕ŵĂƚĞƌŝĂůŝŝŶŐŽŵďƌĂŶƚŝĚĂĐŽŶĨĞƌŝƌĞŶĞŐůŝ
ŽƌĚŝŶĂƌŝĐŝƌĐƵŝƚŝĚŝƌĂĐĐŽůƚĂĚŝĨĨĞƌĞŶnjŝĂƚĂ͕ŶŽŶĐŚĠĂůƚƌŝƌŝĨŝƵƚŝŶŽŶƉĞƌŝĐŽůŽƐŝĐŚĞƉĞƌƋƵĂůŝƚăĞƋƵĂŶƚŝƚă
ƐŝĂŶŽĂƐƐŝŵŝůĂƚŝĂŐůŝƵƌďĂŶŝ͖
- ůĂƐƉĂnjnjĂƚƵƌĂĞĂůƚƌŝƌŝĨŝƵƚŝŶŽŶƉĞƌŝĐŽůŽƐŝĂƐƐŝŵŝůĂƚŝĂŐůŝƵƌďĂŶŝ͖
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ŝŶĚƵŵĞŶƚŝĞůĞŶnjƵŽůĂŵŽŶŽƵƐŽĞƋƵĞůůŝĚŝĐƵŝŝůĚĞƚĞŶƚŽƌĞŝŶƚĞŶĚĞĚŝƐĨĂƌƐŝ͖
ŝŐĞƐƐŝŽƌƚŽƉĞĚŝĐŝĞůĞďĞŶĚĞ͕ŐůŝĂƐƐŽƌďĞŶƚŝŝŐŝĞŶŝĐŝĂŶĐŚĞĐŽŶƚĂŵŝŶĂƚŝĚĂƐĂŶŐƵĞĞƐĐůƵƐŝƋƵĞůůŝĚĞŝ
ĚĞŐĞŶƚŝŝŶĨĞƚƚŝǀŝ͕ŝƉĂŶŶŽůŝŶŝƉĞĚŝĂƚƌŝĐŝĞŝƉĂŶŶŽůŽŶŝ͕ŝĐŽŶƚĞŶŝƚŽƌŝĞůĞƐĂĐĐŚĞƵƚŝůŝnjnjĂƚĞƉĞƌůĞƵƌŝŶĞ͖
ƌŝĨŝƵƚŝƉƌŽǀĞŶŝĞŶƚŝĚĂĂƚƚŝǀŝƚăĚŝŐŝĂƌĚŝŶĂŐŐŝŽĞĨĨĞƚƚƵĂƚĂŶĞůů͛ĂŵďŝƚŽĚĞůůĞƐƚƌƵƚƚƵƌĞƐĂŶŝƚĂƌŝĞ͘
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グリーンスパンの資本理論と金融政策

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