PROJECTE O TESINA D¶ESPECIALITAT AN LISIS

352-(&7(27(6,1$'¶(63(&,$/,7$7 7tWRO E>/^/^DZK^MW/K>,h>>,1Z/ E/s>DhE/>͘ Z>/KE^^K/KͲKEMD/KͲ,/ZK>M'/^ $XWRUD s>zEzK>E/KD1E'h 7XWRUD :KZ':K^DK>/EZK,h'hd 'HSDUWDPHQW /E'E/Z1>dZZEK͕ZdK'Z&/z'K&1^/ ,QWHQVLILFDFLy ,/ZK>K'1^hdZZE 'DWD &ZZKϮϬϭϭ ANÁLISIS MACROSCÓPICO DE LA HUELLA HÍDRICA A NIVEL MUNDIAL. RELACIONES SOCIO-ECONÓMICO-HIDROLÓGICAS Autora: Evelyn Icaza Domínguez Tutor: Jorge José Molinero Huguet Co-tutor: Agustí Pérez Foguet Palabras claves: huella hídrica, agua virtual, recursos hídricos, consumo, agua dulce. Resumen: La huella hídrica de una persona, empresa o país es el volumen total de agua dulce que se utiliza para producir los bienes y servicios consumidos por el individuo, empresa o nación. Es un indicador que permite relacionar el consumo humano de agua dulce con los recursos hídricos existentes. A su vez el concepto de huella hídrica está estrechamente relacionado con el concepto de agua virtual que se define como el volumen de agua necesario para producir un bien. La huella hídrica está formada por dos grandes componentes: huella hídrica interna y huella hídrica externa. La huella hídrica interna de un país es el volumen de agua usada, de los recursos hídricos nacionales, para producir los bienes y servicios consumidos por los habitantes del país. La huella hídrica externa de un país es el volumen de agua que se utiliza en otros países para producir bienes y servicios importados y consumidos por los habitantes del país. El objetivo fundamental de la tesina es realizar un análisis macroscópico cualitativo de la huella hídrica y sus componentes a nivel mundial frente a variables climatológicas, territoriales, hidrológicas, económicas, sociológicas, etc. determinadas en nuestro estudio con el fin de obtener relaciones socio-económicas-hidrológicas existentes. Así mismo mediante estas relaciones determinaremos algunas de las pautas o factores que caracterizan el consumo de agua de los habitantes de los países, ya sea del recurso hídrico en sí o mediante agua virtual contenida en los bienes agrícolas, industriales y domésticos. Para conseguir nuestro objetivo, se proseguirá de la siguiente manera: En primer lugar se realiza un estudio exhaustivo de los diferentes factores económicos, sociales, políticos y de las características demográficas, climáticas, territoriales, hidrológicas, etc. que aporten información necesaria y que mejor describan a los países. Definiendo así las variables e índices a considerar. En segundo lugar se determinan los países sobre los cuales realizaremos el estudio y seguidamente se describe brevemente las consideraciones, las premisas y la metodología utilizada para la realización del respectivo análisis. Finalmente hemos divido los países en dos grupos: áridos y no áridos. Realizamos el análisis pertinente entre los diversos factores de cada grupo. Y los resultados se esquematizan de manera que podamos ver claramente las relaciones existentes entre la huella hídrica y sus componentes con los demás factores. Esto nos va a permitir concluir y definir las pautas que caracterizan el consumo de agua de los países. MACROSCOPIC ANALYSIS OF THE WATER FOOTPRINT GLOBALLY. SOCIO-ECONOMIC RELATIONS-HYDROLOGICAL Author: Evelyn Icaza Domínguez Tutor: Jorge José Molinero Huguet Co-tutor: Agustí Pérez Foguet Keywords: water footprint, virtual water, water resources, consumption, Freshwater. Summary: The water footprint of a person, company or country is the total volume of fresh water that is used to produce goods and services consumed by the individual, company or nation. It is an indicator that relates human consumption of fresh water with existing water resources. In turn, the water footprint concept is closely related to the concept of virtual water which is defined as the volume of water required to produce a commodity. The water footprint consists of two major components: internal water footprint and external water footprint. The internal water footprint of a country is the volume of water used from domestic water resources to produce the goods and services consumed by its inhabitants of the country. The external water footprint of a nation is the volume of water used abroad to produce the goods and services which are imported and consumed by the inhabitants of the country. The main objective of the thesis is to analyze the qualitative macroscopic water footprint and its global components against various variables (climatic, territorial, hydrological, economic, sociological, etc.) determined in our study in order to obtain the existing socio-economic-hydrological relations. Also through these relationships we will determine some of the guidelines or factors that characterize the water consumption of the inhabitants of each country, whether by the water resource itself or by the virtual water contained in the agricultural, industrial and domestic. To achieve our objective will be proceed as it follows: First we perform a comprehensive study of the different economic, social, political and economic factors, and also of the demographic, climatic, territorial, and hydrological features which provide the necessary information or the best data to describe the countries, thus defining the variables and indexes to consider. Secondly, we determine the countries to study and then briefly describe the considerations, assumptions and methodology used to carry out the analysis. Finally we divided these countries in two groups: dry and not dry. Then the appropriate analysis is made for the various factors relevant to each group. The results are outlined so that we can clearly see the relationship of water footprint and its components with the other factors. This will allow us to conclude and define the patterns that characterize the water consumption of the studied countries. 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/ŶĚŝĐĂĚŽƌĞƐĞĐŽŶſŵŝĐŽƐ ϭϳ ϯ͘Ϯ͘ϵ 1ŶĚŝĐĞĚĞĚĞƐĂƌƌŽůůŽŚƵŵĂŶŽ ϭϴ ϰ͘ DdKK>K'1 ϭϵ ϰ͘ϭ WĂşƐĞƐĐŽŶƐŝĚĞƌĂĚŽƐ ϭϵ ϰ͘Ϯ ƌŝƚĞƌŝŽƐƉĂƌĂůĂƉƌĞƉĂƌĂĐŝſŶĚĞĚĂƚŽƐ Ϯϭ ϰ͘Ϯ͘ϭ dƌĂŶƐĨŽƌŵĂĐŝſŶĚĞǀĂƌŝĂďůĞƐ Ϯϭ ϰ͘Ϯ͘Ϯ dŝĞƌƌĂƐĞĐĂ Ϯϯ ϰ͘ϯ DĞƚŽĚŽůŽŐşĂ Ϯϰ ϰ͘ϰ 'ƌƵƉŽƐĚĞǀĂƌŝĂďůĞƐǇĨĂĐƚŽƌĞƐŽďƚĞŶŝĚŽƐ Ϯϴ LLL ŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĂŶŝǀĞůŵƵŶĚŝĂů͘ ZĞůĂĐŝŽŶĞƐƐŽĐŝŽͲĞĐŽŶſŵŝĐŽͲŚŝĚƌŽůſŐŝĐĂƐ͘ ϰ͘ϰ͘ϭ ,ƵĞůůĂŚşĚƌŝĐĂ Ϯϴ ϰ͘ϰ͘Ϯ sĂƌŝĂďůĞƐŚşĚƌŝĐĂƐ ϯϬ ϰ͘ϰ͘ϯ /ŶĚŝĐĂĚŽƌĞƐŚşĚƌŝĐŽƐ ϯϯ ϰ͘ϰ͘ϰ ĂƌĂĐƚĞƌşƐƚŝĐĂƐĚĞůƚĞƌƌŝƚŽƌŝŽ ϯϰ ϰ͘ϰ͘ϱ WŽďůĂĐŝſŶ ϯϱ ϰ͘ϰ͘ϲ ĂƌĂĐƚĞƌşƐƚŝĐĂƐĐůŝŵĄƚŝĐĂƐ ϯϲ ϰ͘ϰ͘ϳ ĂƚŽƐĂůŝŵĞŶƚĂƌŝŽƐ ϯϳ ϰ͘ϰ͘ϴ /ŶĚŝĐĂĚŽƌĞƐĞĐŽŶſŵŝĐŽƐĞşŶĚŝĐĞĚĞĚĞƐĂƌƌŽůůŽŚƵŵĂŶŽ ϯϵ ϱ͘ Z^h>dK^z/^h^/ME>'ZhWKW1^^Z/K^ϰϭ ϱ͘ϭ /ŶƚƌŽĚƵĐĐŝſŶ ϰϭ ϱ͘Ϯ ŶĄůŝƐŝƐ ŵĂĐƌŽƐĐſƉŝĐŽ ĚĞ ůĂ ŚƵĞůůĂ ŚşĚƌŝĐĂ Ǉ ƐƵƐ ĐŽŵƉŽŶĞŶƚĞƐ Ă ŶŝǀĞů ŵƵŶĚŝĂů͘ WĂşƐĞƐĄƌŝĚŽƐ͘ ϰϭ ϱ͘Ϯ͘ϭ ϰϮ WĂşƐĞƐĄƌŝĚŽƐ͘ZĞƐƵůƚĂĚŽƐŽďƚĞŶŝĚŽƐ ϲ͘ Z^h>dK^ z /^h^/ME > 'ZhWK W1^^ EK Z/K^ ϲϭ ϲ͘ϭ /ŶƚƌŽĚƵĐĐŝſŶ ϲϭ ϲ͘Ϯ ŶĄůŝƐŝƐ ŵĂĐƌŽƐĐſƉŝĐŽ ĚĞ ůĂ ŚƵĞůůĂ ŚşĚƌŝĐĂ Ǉ ƐƵƐ ĐŽŵƉŽŶĞŶƚĞƐ Ă ŶŝǀĞů ŵƵŶĚŝĂů͘ WĂşƐĞƐŶŽĄƌŝĚŽƐ ϲϭ ϲ͘Ϯ͘ϭ ϲϭ WĂşƐĞƐŶŽĄƌŝĚŽƐ͘ZĞƐƵůƚĂĚŽƐŽďƚĞŶŝĚŽƐ ϳ͘ KE>h^/KE^ ϳ͘ϭ ŽŶĐůƵƐŝŽŶĞƐ ϴ͘ Z&ZE/^ E:K^ ŶĞũŽ/͘ĂƐĞĚĞĚĂƚŽƐ ŶĞũŽ//͘'ƌĄĨŝĐĂƐĚĞůĂƐƌĞůĂĐŝŽŶĞƐƌĞĐŚĂǌĂĚĂƐƉŽƌƚĞŶĞƌďĂũŽĐŽĞĨŝĐŝĞŶƚĞZϮ ϴϭ ϴϭ ϴϳ ϴϵ ϴϵ ϭϬϴ LY ŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĂŶŝǀĞůŵƵŶĚŝĂů͘ ZĞůĂĐŝŽŶĞƐƐŽĐŝŽͲĞĐŽŶſŵŝĐŽͲŚŝĚƌŽůſŐŝĐĂƐ͘ 1E/d>^ dĂďůĂ ϰ͘ϭ ŽŵƉĂƌĂƚŝǀĂ ĞŶƚƌĞ ůĂ ƐƵƉĞƌĨŝĐŝĞ Ǉ ƉŽďůĂĐŝſŶ ŵƵŶĚŝĂů Ǉ ůĂ ƐƵƉĞƌĨŝĐŝĞ Ǉ ƉŽďůĂĐŝſŶ ŵƵŶĚŝĂůĚĞůŽƐϵϳƉĂşƐĞƐ͘;&K͘ƋƵĂƐƚĂƚĚĂƚĂďĂƐĞͿ ϮϬ dĂďůĂϰ͘ϮsĂƌŝĂďůĞƐǇƚƌĂŶƐĨŽƌŵĂĐŝŽŶĞƐĞĨĞĐƚƵĂĚĂƐƉƌĞǀŝĂƐĂůĂŶĄůŝƐŝƐ Ϯϭ dĂďůĂϱ͘ϭ'ƌƵƉŽƐĚĞǀĂƌŝĂďůĞƐǇĨĂĐƚŽƌĞƐŽďƚĞŶŝĚŽƐĞŶĐĂĚĂƵŶŽĚĞĞůůŽƐ͕ĚĞůŐƌƵƉŽĚĞƉĂşƐĞƐ ϰϮ ĄƌŝĚŽƐ dĂďůĂϲ͘ϭ'ƌƵƉŽƐĚĞǀĂƌŝĂďůĞƐǇĨĂĐƚŽƌĞƐŽďƚĞŶŝĚŽƐĞŶĐĂĚĂƵŶŽĚĞĞůůŽƐ͕ĚĞůŐƌƵƉŽĚĞƉĂşƐĞƐ ŶŽĄƌŝĚŽƐ ϲϮ dĂďůĂϳ͘ϭZĞůĂĐŝŽŶĞƐĞǆŝƐƚĞŶƚĞƐĞŶƚƌĞůĂŚƵĞůůĂŚşĚƌŝĐĂƚŽƚĂůǇůŽƐƉĂƌĄŵĞƚƌŽƐĚĞŶƵĞƐƚƌŽ ϴϭ ĞƐƚƵĚŝŽ dĂďůĂϳ͘ϮZĞůĂĐŝŽŶĞƐĞǆŝƐƚĞŶƚĞƐĞŶƚƌĞůĂt&WĚŽŵĠƐƚŝĐĂŝŶƚĞƌŶĂƉĞƌĐĄƉŝƚĂǇůĂt&WŝŶĚƵƐƚƌŝĂů ŝŶƚĞƌŶĂǇĞǆƚĞƌŶĂƉĞƌĐĄƉŝƚĂĐŽŶůŽƐĚŝǀĞƌƐŽƐƉĂƌĄŵĞƚƌŽƐĚĞŶƵĞƐƚƌŽĞƐƚƵĚŝŽ ϴϮ dĂďůĂϳ͘ϯZĞůĂĐŝŽŶĞƐĞŶƚƌĞůĂĞƐĐĂƐĞǌĚĞĂŐƵĂǇůŽƐĚŝǀĞƌƐŽƐƉĂƌĄŵĞƚƌŽƐĚĞŶƵĞƐƚƌŽ ĞƐƚƵĚŝŽ ϴϯ dĂďůĂϳ͘ϰZĞůĂĐŝŽŶĞƐĞŶƚĞůĂt&WƚŽƚĂůǇƐƵƐĐŽŵƉŽŶĞŶƚĞƐĐŽŶůŽƐĚŝǀĞƌƐŽƐƉĂƌĄŵĞƚƌŽƐĚĞ ŶƵĞƐƚƌŽĞƐƚƵĚŝŽ ϴϯ dĂďůĂϳ͘ϱZĞůĂĐŝŽŶĞƐĚĞůйĚĞĂƵƚŽƐƵĨŝĐŝĞŶĐŝĂĚĞĂŐƵĂǇĚĞůйĚĞĚĞƉĞŶĚĞŶĐŝĂĚĞĂŐƵĂĐŽŶůŽƐ ĚŝǀĞƌƐŽƐƉĂƌĄŵĞƚƌŽƐĚĞŶƵĞƐƚƌŽĞƐƚƵĚŝŽ ϴϰ dĂďůĂϳ͘ϲZĞůĂĐŝŽŶĞƐĚĞůйĚĞĂƵƚŽƐƵĨŝĐŝĞŶĐŝĂ͕йĚĞĚĞƉĞŶĚĞŶĐŝĂŝŵƉŽƌƚĂĐŝſŶĚĞĂŐƵĂ͕t&W ŐƌŝĐƵůƚƵƌĂĞ/ŶĚƵƐƚƌŝĂůĞǆƚĞƌŶĂǇt&WƚŽƚĂůĞǆƚĞƌŶĂĐŽŶůŽƐƉĂƌĄŵĞƚƌŽƐĚĞŶƵĞƐƚƌŽ ĞƐƚƵĚŝŽ ϴϰ dĂďůĂϳ͘ϳZĞůĂĐŝŽŶĞƐĞŶƚƌĞt&WĚŽŵĠƐƚŝĐĂ͕ŝŶĚƵƐƚƌŝĂůǇĂŐƌşĐŽůĂŝŶƚĞƌŶĂ͕t&WƚŽƚĂůŝŶƚĞƌŶĂǇ t&WƚŽƚĂůĐŽŶůŽƐƉĂƌĄŵĞƚƌŽƐĚĞŶƵĞƐƚƌŽĞƐƚƵĚŝŽ ϴϱ Y ŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĂŶŝǀĞůŵƵŶĚŝĂů͘ ZĞůĂĐŝŽŶĞƐƐŽĐŝŽͲĞĐŽŶſŵŝĐŽͲŚŝĚƌŽůſŐŝĐĂƐ͘ 1E/&/'hZ^ &ŝŐƵƌĂϮ͘ϭ͘EŝǀĞůĞƐĚĞŐĞƐƚŝſŶĚĞĂŐƵĂ;,ŽĞŬƐƚƌĂǇ,ƵŶŐ͕ϮϬϬϮͿ ϳ &ŝŐƵƌĂϮ͘Ϯ͘WĂƐŽƐĞŶĞůĐĄůĐƵůŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĚĞƵŶĂŶĂĐŝſŶ;ŚĂƉĂŐĂŝŶǇ,ŽĞŬƐƚƌĂ͕ ϮϬϬϰͿ &ŝŐƵƌĂϮ͘ϯ͘,ƵĞůůĂŚşĚƌŝĐĂƉŽƌĐĂƚĞŐŽƌşĂĚĞĐŽŶƐƵŵŽ;ŚĂƉĂŐĂŝŶǇ,ŽĞŬƐƚƌĂ͕ϮϬϬϰͿ ϵ ϭϬ &ŝŐƵƌĂϰ͘ϭ͘ŽŵƉĂƌĂĐŝſŶĞŶƚƌĞůĂǀĂƌŝĂďůĞŽƌŝŐŝŶĂůǇůĂǀĂƌŝĂďůĞĂƉůŝĐĂĚĂůĂƚƌĂŶƐĨŽƌŵĂĐŝſŶ >ŽŐĂƌşƚŵŝĐĂ ϮϮ &ŝŐƵƌĂϰ͘Ϯ͘,ŝƐƚŽŐƌĂŵĂĚĞůĂǀĂƌŝĂďůĞdŝĞƌƌĂ^ĞĐĂ Ϯϯ &ŝŐƵƌĂϰ͘ϯ͘DĂƚƌŝǌĚĞĐŽƌƌĞůĂĐŝſŶƋƵĞĞǆƉƌĞƐĂůĂǀĂƌŝĂďŝůŝĚĂĚĐŽŶũƵŶƚĂĚĞƚŽĚĂƐůĂƐ ǀĂƌŝĂďůĞƐ Ϯϲ &ŝŐƵƌĂϰ͘ϰ͘ƐƋƵĞŵĂƋƵĞŵƵĞƐƚƌĂůĂƐĐŽŵƵŶĂůŝĚĂĚĞƐĞǆƉůŝĐĂĚĂƐĚĞĐĂĚĂǀĂƌŝĂďůĞ Ϯϲ &ŝŐƵƌĂϰ͘ϱ͘ƐƋƵĞŵĂƋƵĞŵƵĞƐƚƌĂůĂǀĂƌŝĂŶǌĂƚŽƚĂůĞǆƉůŝĐĂĚĂĚĞůĂƐǀĂƌŝĂďůĞƐĂŶĂůŝǌĂĚĂƐ Ϯϲ &ŝŐƵƌĂϰ͘ϲ͘DĂƚƌŝǌƌŽƚĂĚĂ͘ǆƉůŝĐĂůĂƐǀĂƌŝĂďůĞƐĚĞůĂƐĐƵĂůĞƐĞƐƚĄŶĨŽƌŵĂĚĂƐůĂƐ ŽŵƉŽŶĞŶƚĞƐ Ϯϳ &ŝŐƵƌĂϰ͘ϳ͘ƐƋƵĞŵĂĚĞůĂŵĂƚƌŝǌƚƌĂŶƐĨŽƌŵĂĐŝſŶĚĞůŽƐŶƵĞǀŽƐĨĂĐƚŽƌĞƐ Ϯϴ &ŝŐƵƌĂϰ͘ϴ͘ƐƋƵĞŵĂĚĞůŽƐƉĂƌĄŵĞƚƌŽƐĚĞůŐƌƵƉŽŚƵĞůůĂŚşĚƌŝĐĂ;t&WͿ Ϯϴ &ŝŐƵƌĂϰ͘ϵ͘ƐƋƵĞŵĂĚĞůŽƐƉĂƌĄŵĞƚƌŽƐĚĞůŐƌƵƉŽǀĂƌŝĂďůĞƐŚşĚƌŝĐĂƐ ϯϬ &ŝŐƵƌĂϰ͘ϭϬ͘ƐƋƵĞŵĂĚĞůŽƐƉĂƌĄŵĞƚƌŽƐĚĞůŐƌƵƉŽŝŶĚŝĐĂĚŽƌĞƐŚşĚƌŝĐŽƐ ϯϯ &ŝŐƵƌĂϰ͘ϭϭ͘ƐƋƵĞŵĂĚĞůŽƐƉĂƌĄŵĞƚƌŽƐĚĞůŐƌƵƉŽĐĂƌĂĐƚĞƌşƐƚŝĐĂƐĚĞůƚĞƌƌŝƚŽƌŝŽ ϯϰ &ŝŐƵƌĂϰ͘ϭϮ͘ƐƋƵĞŵĂĚĞůŽƐƉĂƌĄŵĞƚƌŽƐĚĞůŐƌƵƉŽƉŽďůĂĐŝſŶ ϯϱ &ŝŐƵƌĂϰ͘ϭϯ͘ƐƋƵĞŵĂĚĞůŽƐƉĂƌĄŵĞƚƌŽƐĚĞůŐƌƵƉŽĐĂƌĂĐƚĞƌşƐƚŝĐĂƐĐůŝŵĄƚŝĐĂƐ ϯϲ &ŝŐƵƌĂϰ͘ϭϰ͘ƐƋƵĞŵĂĚĞůŽƐƉĂƌĄŵĞƚƌŽƐĚĞůŐƌƵƉŽĚĂƚŽƐĂůŝŵĞŶƚĂƌŝŽƐ ϯϳ &ŝŐƵƌĂϰ͘ϭϱ͘ƐƋƵĞŵĂĚĞůŽƐƉĂƌĄŵĞƚƌŽƐĞĐŽŶſŵŝĐŽƐ ϯϵ &ŝŐƵƌĂϱ͘ϭ͘ZĞůĂĐŝſŶĞŶƚƌĞĞů>K';,ƵĞůůĂŚşĚƌŝĐĂƚŽƚĂůͿǇĞůĨĂĐƚŽƌZ,Ϯ ϰϯ &ŝŐƵƌĂϱ͘Ϯ͘ZĞůĂĐŝſŶĞŶƚƌĞĞů>K';,ƵĞůůĂŚşĚƌŝĐĂƚŽƚĂůͿǇĞůĨĂĐƚŽƌdŝĞƌƌĂϭ ϰϰ &ŝŐƵƌĂϱ͘ϯ͘ZĞůĂĐŝſŶĞŶƚƌĞĞů>K';,ƵĞůůĂŚşĚƌŝĐĂƚŽƚĂůͿǇĞůĨĂĐƚŽƌWKϭ ϰϱ &ŝŐƵƌĂϱ͘ϰ͘ZĞůĂĐŝſŶĞŶƚƌĞĞů>K';,ƵĞůůĂŚşĚƌŝĐĂƚŽƚĂůͿǇĞůĨĂĐƚŽƌůŝŵϯ ϰϲ &ŝŐƵƌĂϱ͘ϱ͘ZĞůĂĐŝſŶĞŶƚƌĞĞů>K';,ƵĞůůĂŚşĚƌŝĐĂƚŽƚĂůͿǇĞů>K';W/ƚŽƚĂůĞŶWWͿ ϰϳ &ŝŐƵƌĂϱ͘ϲ͘ZĞůĂĐŝſŶĞŶƚƌĞůŽƐĨĂĐƚŽƌĞƐt&WĐĂƉϮǇZ,ĐĂƉϯ ϰϴ &ŝŐƵƌĂϱ͘ϳ͘ZĞůĂĐŝſŶĞŶƚƌĞůŽƐĨĂĐƚŽƌĞƐt&WĐĂƉϮǇW^Ϯ ϰϵ &ŝŐƵƌĂϱ͘ϴ͘ZĞůĂĐŝſŶĞŶƚƌĞĞůĨĂĐƚŽƌt&WĐĂƉϮǇĞů1ŶĚŝĐĞĚĞĞƐĂƌƌŽůůŽ,ƵŵĂŶŽ;/,Ϳ ϱϬ &ŝŐƵƌĂϱ͘ϵ͘ZĞůĂĐŝſŶĞŶƚƌĞůŽƐĨĂĐƚŽƌĞƐt&WϭǇZ,Ϯ ϱϭ &ŝŐƵƌĂϱ͘ϭϬ͘ZĞůĂĐŝſŶĞŶƚƌĞůŽƐĨĂĐƚŽƌĞƐt&WϭǇdŝĞƌƌĂϭ ϱϮ YL ŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĂŶŝǀĞůŵƵŶĚŝĂů͘ ZĞůĂĐŝŽŶĞƐƐŽĐŝŽͲĞĐŽŶſŵŝĐŽͲŚŝĚƌŽůſŐŝĐĂƐ͘ &ŝŐƵƌĂϱ͘ϭϭ͘ZĞůĂĐŝſŶĞŶƚƌĞůŽƐĨĂĐƚŽƌĞƐt&WϭǇWKϭ ϱϯ &ŝŐƵƌĂϱ͘ϭϮ͘ZĞůĂĐŝſŶĞŶƚƌĞůŽƐĨĂĐƚŽƌĞƐt&WϭǇůŝŵϭ ϱϰ &ŝŐƵƌĂϱ͘ϭϯ͘ZĞůĂĐŝſŶĞŶƚƌĞĞůĨĂĐƚŽƌt&WϭǇĞů>K';W/ƚŽƚĂůĞŶWWͿ ϱϱ &ŝŐƵƌĂϱ͘ϭϰ͘ZĞůĂĐŝſŶĞŶƚƌĞůŽƐĨĂĐƚŽƌĞƐt&WϮǇůŝŵϮ ϱϲ &ŝŐƵƌĂϱ͘ϭϱ͘ZĞůĂĐŝſŶĞŶƚƌĞůŽƐĨĂĐƚŽƌĞƐt&WϯǇZ,ĐĂƉϭ͘dĞŶŝĞŶĚŽĞŶĐƵĞŶƚĂƌĂďŝĂ^ĂƵĚş ϱϳ &ŝŐƵƌĂϱ͘ϭϲ͘ZĞůĂĐŝſŶĞŶƚƌĞůŽƐĨĂĐƚŽƌĞƐt&WϯǇZ,ĐĂƉϭ ϱϴ &ŝŐƵƌĂϱ͘ϭϳ͘ZĞůĂĐŝſŶĞŶƚƌĞůŽƐĨĂĐƚŽƌĞƐt&WϯǇW^ϯ ϱϵ &ŝŐƵƌĂϲ͘ϭ͘ZĞůĂĐŝſŶĞŶƚƌĞĞů>K';,ƵĞůůĂŚşĚƌŝĐĂƚŽƚĂůͿǇĞůĨĂĐƚŽƌZ,Ϯ ϲϯ &ŝŐƵƌĂϲ͘Ϯ͘ZĞůĂĐŝſŶĞŶƚƌĞĞů>K';,ƵĞůůĂŚşĚƌŝĐĂƚŽƚĂůͿǇĞůĨĂĐƚŽƌdŝĞƌƌĂϭ ϲϰ &ŝŐƵƌĂϲ͘ϯ͘ZĞůĂĐŝſŶĞŶƚƌĞĞů>K';,ƵĞůůĂŚşĚƌŝĐĂƚŽƚĂůͿǇĞůĨĂĐƚŽƌWKϭ ϲϱ &ŝŐƵƌĂϲ͘ϰ͘ZĞůĂĐŝſŶĞŶƚƌĞĞů>K';,ƵĞůůĂŚşĚƌŝĐĂƚŽƚĂůͿǇĞůĨĂĐƚŽƌůŝŵϭ ϲϲ &ŝŐƵƌĂϲ͘ϱ͘ZĞůĂĐŝſŶĞŶƚƌĞĞů>K';,ƵĞůůĂŚşĚƌŝĐĂƚŽƚĂůͿǇĞů>K';W/ƚŽƚĂůĞŶWWͿ ϲϳ &ŝŐƵƌĂϲ͘ϲ͘ZĞůĂĐŝſŶĞŶƚƌĞůŽƐĨĂĐƚŽƌĞƐt&WĐĂƉϮǇZ,ĐĂƉϯ ϲϴ &ŝŐƵƌĂϲ͘ϳ͘ZĞůĂĐŝſŶĞŶƚƌĞůŽƐĨĂĐƚŽƌĞƐt&WĐĂƉϮǇW^ϭ ϲϵ &ŝŐƵƌĂϲ͘ϴ͘ZĞůĂĐŝſŶĞŶƚƌĞĞůĨĂĐƚŽƌt&WĐĂƉϮǇĞů1ŶĚŝĐĞĚĞĞƐĂƌƌŽůůŽ,ƵŵĂŶŽ;/,Ϳ ϳϬ &ŝŐƵƌĂϲ͘ϵ͘ZĞůĂĐŝſŶĞŶƚƌĞůŽƐĨĂĐƚŽƌĞƐt&WϭǇZ,ĐĂƉϯ ϳϭ &ŝŐƵƌĂϲ͘ϭϬ͘ZĞůĂĐŝſŶĞŶƚƌĞůŽƐĨĂĐƚŽƌĞƐt&WϭǇZ,Ϯ ϳϮ &ŝŐƵƌĂϲ͘ϭϭ͘ZĞůĂĐŝſŶĞŶƚƌĞůŽƐĨĂĐƚŽƌĞƐt&WϭǇW^ϭ ϳϯ &ŝŐƵƌĂϲ͘ϭϮ͘ZĞůĂĐŝſŶĞŶƚƌĞĞůĨĂĐƚŽƌt&WϭǇĞů>K';W/ƚŽƚĂůĞŶWWͿ ϳϰ &ŝŐƵƌĂϲ͘ϭϯ͘ZĞůĂĐŝſŶĞŶƚƌĞĞůĨĂĐƚŽƌt&WϭǇĞů1ŶĚŝĐĞĚĞĞƐĂƌƌŽůůŽ,ƵŵĂŶŽ;/,Ϳ ϳϱ &ŝŐƵƌĂϲ͘ϭϰ͘ZĞůĂĐŝſŶĞŶƚƌĞůŽƐĨĂĐƚŽƌĞƐt&WϮǇdŝĞƌƌĂϭ ϳϲ &ŝŐƵƌĂϲ͘ϭϱ͘ZĞůĂĐŝſŶĞŶƚƌĞůŽƐĨĂĐƚŽƌĞƐt&WϮǇWKϭ ϳϳ &ŝŐƵƌĂϲ͘ϭϲ͘ZĞůĂĐŝſŶĞŶƚƌĞůŽƐĨĂĐƚŽƌĞƐt&WϮǇůŝŵϭ ϳϴ &ŝŐƵƌĂϲ͘ϭϳ͘ZĞůĂĐŝſŶĞŶƚƌĞůŽƐĨĂĐƚŽƌĞƐt&WϯǇZ,ĐĂƉϭ ϳϵ &ŝŐƵƌĂϲ͘ϭϴ͘ZĞůĂĐŝſŶĞŶƚƌĞůŽƐĨĂĐƚŽƌĞƐt&WϯǇW^ϯ ϴϬ YLL ŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĂŶŝǀĞůŵƵŶĚŝĂů͘ ZĞůĂĐŝŽŶĞƐƐŽĐŝŽͲĞĐŽŶſŵŝĐŽͲŚŝĚƌŽůſŐŝĐĂƐ͘ YLLL ŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĂŶŝǀĞůŵƵŶĚŝĂů͘ ZĞůĂĐŝŽŶĞƐƐŽĐŝŽͲĞĐŽŶſŵŝĐŽͲŚŝĚƌŽůſŐŝĐĂƐ͘ ϭ͘/EdZKh/MEzK:d/sK^ ϭ͘ϭ /ŶƚƌŽĚƵĐĐŝſŶ ů ĐƌĞĐŝŵŝĞŶƚŽ ĚĞ ůĂ ƉŽďůĂĐŝſŶ͕ ůĂ ƚƌĂŶƐĨŽƌŵĂĐŝſŶ ĚĞ ůŽƐ ĞƐƚŝůŽƐ ĚĞ ǀŝĚĂ͕ Ğů ĚĞƐĂƌƌŽůůŽ ĞĐŽŶſŵŝĐŽ ĚĞ ůŽƐ ƉĂşƐĞƐ ĞŶ ĚĞƐĂƌƌŽůůŽ Ǉ ůŽƐ ƉƌŽďůĞŵĂƐ ŵĞĚŝŽĂŵďŝĞŶƚĂůĞƐ͕ ƐŽďƌĞƚŽĚŽ Ğů ĐĂŵďŝŽ ĐůŝŵĄƚŝĐŽ͕ ŚĂŶ ĂĐĞŶƚƵĂĚŽ ůĂ ƉƌĞƐŝſŶ ƐŽďƌĞ ůŽƐ ƌĞĐƵƌƐŽƐ ŚşĚƌŝĐŽƐ͘ YƵĞ ũƵŶƚŽ Ă ůĂ ĂƉĂƌŝĐŝſŶĚĞƵŶĚĠĨŝĐŝƚĚĞĂŐƵĂƋƵĞĂƵŵĞŶƚĂĐŽŶƌĂƉŝĚĞǌĞŶƚĂŶƚŽƐƉĂşƐĞƐ͕ŶĂĐĞůĂŶĞĐĞƐŝĚĂĚ ĚĞ ŽďƚĞŶĞƌ ƵŶ ĞŶĨŽƋƵĞ ƚŽƚĂůŵĞŶƚĞ ŶƵĞǀŽ ĚĞ ůĂ ƉŽůşƚŝĐĂ ŚŝĚƌŽůſŐŝĐĂ͕ ƵŶ ĞŶĨŽƋƵĞ ƋƵĞ ŶŽ ƐĞ ĐĞŶƚƌĞ ĞŶ Ğů ŝŶĐƌĞŵĞŶƚŽ ĚĞů ƐƵŵŝŶŝƐƚƌŽ ƐŝŶŽ ĞŶ ŵĞũŽƌĂƌ ůĂ ŐĞƐƚŝſŶ ƚĂŶƚŽ ĚĞ ůŽƐ ƌĞĐƵƌƐŽƐ ŚşĚƌŝĐŽƐĐŽŵŽĚĞůĂĚĞŵĂŶĚĂĚĞůŽƐŵŝƐŵŽƐ͘ Ğ ĞƐƚĞ ŝŶƚĞƌĠƐ ŶĂĐĞ Ğů ĐŽŶĐĞƉƚŽ ĚĞ ůĂ ŚƵĞůůĂ ŚşĚƌŝĐĂ͘ &ƵĞ ĐƌĞĂĚŽ ƉĂƌĂ ŽďƚĞŶĞƌ ƵŶ ŝŶĚŝĐĂĚŽƌ ƋƵĞ ƌĞůĂĐŝŽŶĂ Ğů ĂŐƵĂ ĐŽŶ Ğů ĐŽŶƐƵŵŽ͕ Ă ƚŽĚŽƐ ůŽƐ ŶŝǀĞůĞƐ͕ ĚĞ ůĂ ƉŽďůĂĐŝſŶ͘ ^ĞŐƷŶ ƐĞŹĂůĂ Ğů ĂƚĞĚƌĄƚŝĐŽ ƌũĞŶ z͘ ,ŽĞŬƐƚƌĂ͕ ĐƌĞĂĚŽƌ ĚĞů ĐŽŶĐĞƉƚŽ ĚĞ ůĂ ŚƵĞůůĂ ŚşĚƌŝĐĂ͗ ͚ů ŝŶƚĞƌĠƐ ƉŽƌ ůĂ ŚƵĞůůĂ ŚşĚƌŝĐĂ ƐĞ ŽƌŝŐŝŶĂ ĞŶ Ğů ƌĞĐŽŶŽĐŝŵŝĞŶƚŽ ĚĞ ƋƵĞ ůŽƐ ŝŵƉĂĐƚŽƐ ŚƵŵĂŶŽƐ ĞŶ ůŽƐ ƐŝƐƚĞŵĂƐ ŚşĚƌŝĐŽƐ ƉƵĞĚĞŶ ĞƐƚĂƌ ƌĞůĂĐŝŽŶĂĚŽƐ͕ ĞŶ ƷůƚŝŵĂ ŝŶƐƚĂŶĐŝĂ͕ Ăů ĐŽŶƐƵŵŽ ŚƵŵĂŶŽ Ǉ ƋƵĞ ƚĞŵĂƐ ĐŽŵŽ ůĂ ĞƐĐĂƐĞǌ Ž ĐŽŶƚĂŵŝŶĂĐŝſŶ ĚĞů ĂŐƵĂ ƉƵĞĚĞŶ ƐĞƌ ŵĞũŽƌ ĞŶƚĞŶĚŝĚŽƐ Ǉ ŐĞƐƚŝŽŶĂĚŽƐ ĐŽŶƐŝĚĞƌĂŶĚŽůĂƉƌŽĚƵĐĐŝſŶǇĐĂĚĞŶĂƐĚĞĚŝƐƚƌŝďƵĐŝſŶĞŶƐƵƚŽƚĂůŝĚĂĚ͛͘ ĚĞŵĄƐ͕ĂĐƚƵĂůŵĞŶƚĞůĂŵĂǇŽƌƉĂƌƚĞĚĞůŽƐĞǆƉĞƌƚŽƐĞŶĞƐƚŽƐƚĞŵĂƐƐƵĞůĞĂĚŵŝƚŝƌƋƵĞŚŽǇĞŶ ĚşĂůŽƐĐŽŶĨůŝĐƚŽƐŚşĚƌŝĐŽƐŶŽƐĞĚĞďĞŶƐŽůŽĂůĂĞƐĐĂƐĞǌĨşƐŝĐĂĚĞůĂŐƵĂƐŝŶŽƚĂŵďŝĠŶĂůĂŵĂůĂ͕Ă ǀĞĐĞƐ ƉĠƐŝŵĂ͕ ŐĞƐƚŝſŶ ƋƵĞ ƌĞĂůŝǌĂŶ ůŽƐ ƉŽĚĞƌĞƐ ƉƷďůŝĐŽƐ ĚĞ ĞƐƚĞ ƌĞĐƵƌƐŽ͘ WŽƌ ůŽ ƚĂŶƚŽ ůĂ ĂĚĞĐƵĂĚĂ ŐĞƐƚŝſŶ ĚĞ ůŽƐ ƌĞĐƵƌƐŽƐ ŚşĚƌŝĐŽƐ ĞƐ ƵŶ ƚĞŵĂ ƚĂŶ ŝŵƉŽƌƚĂŶƚĞ ĐŽŵŽ ĐŽŶĨůŝĐƚŝǀŽ͘ ƐƚĂ ƐŝƚƵĂĐŝſŶ ĐŽŶĨůŝĐƚŝǀĂ ŽďĞĚĞĐĞ Ă ĚŝƐƚŝŶƚĂƐ ĐĂƵƐĂƐ Ǉ ƚŝĞŶĞ ǀĂƌŝĂƐ ƐŽůƵĐŝŽŶĞƐ ĚĞ ĂĐƵĞƌĚŽ ŶŽ ƐſůŽ ĐŽŶůĂƐĐĂƌĂĐƚĞƌşƐƚŝĐĂƐĐůŝŵĄƚŝĐĂƐ͕ƐŝŶŽƚĂŵďŝĠŶůŽƐĚŝĨĞƌĞŶƚĞƐĨĂĐƚŽƌĞƐĞĐŽŶſŵŝĐŽƐ͕ƉŽůşƚŝĐŽƐǇ ƐŽĐŝĂůĞƐ͘ ů ĚĞƐĂƌƌŽůůŽ ĚĞ ĞƐƚĞ ĞƐƚƵĚŝŽ ĞƐƚĄ ďĂƐĂĚŽ ĞŶ ĚĞƚĞƌŵŝŶĂƌ Ɛŝ ĞǆŝƐƚĞŶ ƌĞůĂĐŝŽŶĞƐ ĞŶƚƌĞ ůĂ ŚƵĞůůĂ ŚşĚƌŝĐĂ Ǉ ůĂ ĞƐĐĂƐĞǌ ĚĞů ĂŐƵĂ ĚĞ ůŽƐ ĚŝǀĞƌƐŽƐ ƉĂşƐĞƐ ĐŽŶ ůŽƐ ĚŝĨĞƌĞŶƚĞƐ ĨĂĐƚŽƌĞƐ ĞĐŽŶſŵŝĐŽƐ͕ ƉŽůşƚŝĐŽƐ͕ ƐŽĐŝĂůĞƐ Ǉ ĐĂƌĂĐƚĞƌşƐƚŝĐĂƐ ǀĂƌŝĂƐ͘ WĂƌĂ ĂƐş ĚĞƚĞƌŵŝŶĂƌ ůĂƐ ĚŝǀĞƌƐĂƐ ƉĂƵƚĂƐ Ž ĐŽŵƉŽƌƚĂŵŝĞŶƚŽƐ ŐůŽďĂůĞƐ ƋƵĞ ƐĞ ĐƵŵƉůĞŶ͕ Ǉ ƋƵĞ Ă ƐƵ ǀĞǌ ĂǇƵĚĞ Ă ůŽƐ ƉĂşƐĞƐ ŽďƚĞŶĞƌ ƵŶĂ ŵĞũŽƌǀŝƐŝſŶƐŽďƌĞĞůƵƐŽĚĞƐƵƐƌĞĐƵƌƐŽƐŚşĚƌŝĐŽƐ͘ŽŶĞƐƚŽŵĞũŽƌĂƌĞůĞŶĨŽƋƵĞĚĞůŽƐĂƐƉĞĐƚŽƐ _ ŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĂŶŝǀĞůŵƵŶĚŝĂů͘ ZĞůĂĐŝŽŶĞƐƐŽĐŝŽͲĞĐŽŶſŵŝĐŽͲŚŝĚƌŽůſŐŝĐĂƐ͘ ƋƵĞ ŝŶƚĞƌǀŝĞŶĞŶ Ž ŝŶĨůƵǇĞŶ ĞŶ Ğů ƵƐŽ ĚĞů ĂŐƵĂ͕ ĚĞ ĐĂƌĂ Ă ƉůĂŶƚĞĂƌ ŵĞũŽƌĞƐ ƐŽůƵĐŝŽŶĞƐ ĞŶ ůŽƐ ƉƌŽŐƌĂŵĂƐĚĞŐĞƐƚŝſŶĚĞůŽƐƌĞĐƵƌƐŽƐŚşĚƌŝĐŽƐǇĚĞůĂĚĞŵĂŶĚĂĚĞĂŐƵĂĚĞƐƵƉŽďůĂĐŝſŶ͘ ϭ͘Ϯ KďũĞƚŝǀŽƐ ůŽďũĞƚŝǀŽĨƵŶĚĂŵĞŶƚĂůĚĞůĂƚĞƐŝŶĂĞƐƌĞĂůŝǌĂƌƵŶĂŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĐƵĂůŝƚĂƚŝǀŽĚĞůĂŚƵĞůůĂ ŚşĚƌŝĐĂ Ǉ ƐƵƐ ĐŽŵƉŽŶĞŶƚĞƐ Ă ŶŝǀĞů ŵƵŶĚŝĂů ĨƌĞŶƚĞ Ă ǀĂƌŝĂďůĞƐ ĐůŝŵĂƚŽůſŐŝĐĂƐ͕ ƚĞƌƌŝƚŽƌŝĂůĞƐ͕ ŚŝĚƌŽůſŐŝĐĂƐ͕ ĞĐŽŶſŵŝĐĂƐ͕ ƐŽĐŝŽůſŐŝĐĂƐ͕ ĞƚĐ͘ ĚĞƚĞƌŵŝŶĂĚĂƐ ĞŶ ŶƵĞƐƚƌŽ ĞƐƚƵĚŝŽ ĐŽŶ Ğů ĨŝŶ ĚĞ ŽďƚĞŶĞƌ ƌĞůĂĐŝŽŶĞƐ ƐŽĐŝŽͲĞĐŽŶſŵŝĐĂƐͲŚŝĚƌŽůſŐŝĐĂƐ ĞǆŝƐƚĞŶƚĞƐ͘ Ɛş ŵŝƐŵŽ ŵĞĚŝĂŶƚĞ ĞƐƚĂƐ ƌĞůĂĐŝŽŶĞƐ ĚĞƚĞƌŵŝŶĂƌĞŵŽƐ ĂůŐƵŶĂƐ ĚĞ ůĂƐ ƉĂƵƚĂƐ Ž ĨĂĐƚŽƌĞƐ ƋƵĞ ĐĂƌĂĐƚĞƌŝǌĂŶ Ğů ĐŽŶƐƵŵŽ ĚĞ ĂŐƵĂĚĞůŽƐŚĂďŝƚĂŶƚĞƐĚĞůŽƐƉĂşƐĞƐ͕ǇĂƐĞĂĚĞůƌĞĐƵƌƐŽŚşĚƌŝĐŽĞŶƐşŽŵĞĚŝĂŶƚĞĂŐƵĂǀŝƌƚƵĂů ĐŽŶƚĞŶŝĚĂĞŶůŽƐďŝĞŶĞƐĂŐƌşĐŽůĂƐ͕ŝŶĚƵƐƚƌŝĂůĞƐǇĚŽŵĠƐƚŝĐŽƐ͘ WĂƌĂůŽŐƌĂƌĞƐƚĞŽďũĞƚŝǀŽƐĞŚĂŶƉůĂŶƚĞĂĚŽůĂƐƐŝŐƵŝĞŶƚĞƐĨĂƐĞƐ͗ /ŶǀĞƐƚŝŐĂƌ͕ ĂŶĂůŝǌĂƌ͕ ĚĞƚĞƌŵŝŶĂƌ Ǉ ĚĞĨŝŶŝƌ ůĂƐ ĐĂƌĂĐƚĞƌşƐƚŝĐĂƐ ĐůŝŵĂƚŽůſŐŝĐĂƐ͕ ƚĞƌƌŝƚŽƌŝĂůĞƐ͕ŚŝĚƌŽůſŐŝĐĂƐ͕ĞĐŽŶſŵŝĐĂƐ͕ƐŽĐŝŽůſŐŝĐĂƐ͕ĞƚĐ͘ĞşŶĚŝĐĞƐƋƵĞƐĞĂŶůŽ ŵĄƐƌĞƉƌĞƐĞŶƚĂƚŝǀŽĚĞůŽƐƉĂşƐĞƐǇƋƵĞŵĞũŽƌůŽƐĚĞĨŝŶĂŶ͘ ƐƚĂďůĞĐĞƌůŽƐƉĂşƐĞƐĂƚĞŶĞƌĞŶĐƵĞŶƚĂ͕ůĂƐĐŽŶƐŝĚĞƌĂĐŝŽŶĞƐ͕ůĂƐƉƌĞŵŝƐĂƐǇůĂ ŵĞƚŽĚŽůŽŐşĂ ĚĞ ĐĄůĐƵůŽ ƋƵĞ ƵƚŝůŝǌĂƌĞŵŽƐ ƉĂƌĂ Ğů ƌĞƐƉĞĐƚŝǀŽ ĂŶĄůŝƐŝƐ ĚĞů ĐƵĂů ĐŽŶĐŝĞƌŶĞŶƵĞƐƚƌŽĞƐƚƵĚŝŽ͘ KďƚĞŶĞƌ ůĂƐ ƌĞůĂĐŝŽŶĞƐ ĞǆŝƐƚĞŶƚĞƐ ĞŶƚƌĞ ůĂ ŚƵĞůůĂ ŚşĚƌŝĐĂ Ǉ ƐƵƐ ĐŽŵƉŽŶĞŶƚĞƐ ĐŽŶůŽƐĚŝǀĞƌƐŽƐĨĂĐƚŽƌĞƐĐŽŶƐƚŝƚƵŝĚŽƐƉŽƌůĂƐǀĂƌŝĂďůĞƐĚĞĨŝŶŝĚĂƐ͘>ĂƐƌĞůĂĐŝŽŶĞƐ ŽďƚĞŶŝĚĂƐ ƉƵĞĚĞŶ ƐĞƌ ĂĐĞƉƚĂĚĂƐ Ž ƌĞĐŚĂǌĂĚĂƐ ĞŶ ĨƵŶĐŝſŶ ĚĞů ĐŽĞĨŝĐŝĞŶƚĞ ĚĞ ĐŽƌƌĞůĂĐŝſŶZϮƋƵĞƉƌĞƐĞŶƚĞŶ͘ ƐƋƵĞŵĂƚŝǌĂƌ ůĂƐ ƌĞůĂĐŝŽŶĞƐ ĂĐĞƉƚĂĚĂƐ͘ WĂƌĂ ĂƐş ĐŽŶĐůƵŝƌ Ǉ ĚĞĨŝŶŝƌ ůĂƐ ƉĂƵƚĂƐ ƋƵĞĐĂƌĂĐƚĞƌŝǌĂŶĞůĐŽŶƐƵŵŽĚĞĂŐƵĂ͘ ϭ͘ϯ ůĐĂŶĐĞ hŶĂǀĞǌĞĨĞĐƚƵĂĚĂůĂŝŶƚƌŽĚƵĐĐŝſŶ͕ĞǆƉŽŶĚƌĞŵŽƐĚĞĨŽƌŵĂĐůĂƌĂǇĐŽŶĐŝƐĂůŽƐŽďũĞƚŝǀŽƐƋƵĞƐĞ ƉůĂŶƚĞĂŶ ĞŶ Ğů ƉƌĞƐĞŶƚĞ ƚƌĂďĂũŽ͘ ^ĞŐƵŝĚĂŵĞŶƚĞ ĂŶĂůŝǌĂŵŽƐ ƚŽĚĂ ůĂ ŝŶĨŽƌŵĂĐŝſŶ ƌĞĐŽƉŝůĂĚĂ ƐŽďƌĞĞƐƚƵĚŝŽƐ ĂŶƚĞƌŝŽƌĞƐǇ ĐŽŶĐĞƉƚŽƐ ƋƵĞĞƐƚĄŶ ƌĞůĂĐŝŽŶĂĚŽƐ ĐŽŶ Ğů ƚĞŵĂ Ǉ ůŽƐŽďũĞƚŝǀŽƐ ĚĞ ŶƵĞƐƚƌŽĞƐƚƵĚŝŽ͘ WŽƐƚĞƌŝŽƌŵĞŶƚĞ ƐĞ ƌĞĂůŝǌĂ ƵŶ ĞƐƚƵĚŝŽ ĞǆŚĂƵƐƚŝǀŽ ĚĞ ůŽƐ ĚŝĨĞƌĞŶƚĞƐ ĨĂĐƚŽƌĞƐ ĞĐŽŶſŵŝĐŽƐ͕ ƐŽĐŝĂůĞƐ͕ ƉŽůşƚŝĐŽƐ Ǉ ĚĞ ůĂƐ ĐĂƌĂĐƚĞƌşƐƚŝĐĂƐ ĚĞŵŽŐƌĄĨŝĐĂƐ͕ ĐůŝŵĄƚŝĐĂƐ͕ ƚĞƌƌŝƚŽƌŝĂůĞƐ͕ ŚŝĚƌŽůſŐŝĐĂƐ͕ ĞƚĐ͘ ƋƵĞ ĂƉŽƌƚĞŶ ŐƌĂŶ ŝŶĨŽƌŵĂĐŝſŶ Ǉ ĚĞƐĐƌŝďĂŶ ŵĞũŽƌ Ă ůŽƐ ƉĂşƐĞƐ͘ ƉĂƌƚŝƌ ĚĞ ĞƐƚŽ ƐĞ ĚĞƚĞƌŵŝŶĂŶǇƐĞĚĞĨŝŶĞŶůĂƐǀĂƌŝĂďůĞƐǇůŽƐşŶĚŝĐĞƐƋƵĞĐŽŶƐŝĚĞƌĂƌĞŵŽƐĞŶĞůĂŶĄůŝƐŝƐĨƌĞŶƚĞĂůĂ ŚƵĞůůĂŚşĚƌŝĐĂǇƐƵƐĐŽŵƉŽŶĞŶƚĞƐ͘ ŽŶŽĐŝĚŽ Ğů ĐŽŶũƵŶƚŽ ĚĞ ƉĂƌĄŵĞƚƌŽƐ ƋƵĞ ƵƚŝůŝǌĂƌĞŵŽƐ Ă ůŽ ůĂƌŐŽ ĚĞ ŶƵĞƐƚƌŽ ĞƐƚƵĚŝŽ͘ ĐŽŶƚŝŶƵĂĐŝſŶƐĞĚĞƚĞƌŵŝŶĂŶůŽƐƉĂşƐĞƐƐŽďƌĞůŽƐĐƵĂůĞƐƌĞĂůŝǌĂŵŽƐĞůĞƐƚƵĚŝŽ͘hŶĂǀĞǌĚĞĨŝŶŝĚŽ _ ŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĂŶŝǀĞůŵƵŶĚŝĂů͘ ZĞůĂĐŝŽŶĞƐƐŽĐŝŽͲĞĐŽŶſŵŝĐŽͲŚŝĚƌŽůſŐŝĐĂƐ͘ Ğů ŐƌƵƉŽ ĚĞ ƉĂşƐĞƐ Ǉ ĚĞ ƉĂƌĄŵĞƚƌŽƐ͕ ĚĞƐĐƌŝďŝƌĞŵŽƐ ďƌĞǀĞŵĞŶƚĞ ůĂƐ ĐŽŶƐŝĚĞƌĂĐŝŽŶĞƐ͕ ůĂƐ ƉƌĞŵŝƐĂƐǇůĂŵĞƚŽĚŽůŽŐşĂƵƚŝůŝǌĂĚĂƉĂƌĂůĂƌĞĂůŝǌĂĐŝſŶĚĞůƌĞƐƉĞĐƚŝǀŽĂŶĄůŝƐŝƐĚĞůĐƵĂůĐŽŶĐŝĞƌŶĞ ŶƵĞƐƚƌŽƚƌĂďĂũŽ͘ ^ŽŶ ĞŶ ƚŽƚĂů ϵϳ ƉĂşƐĞƐ ůŽƐ ƋƵĞ ƐĞ ŚĂŶ ĐŽŶƐŝĚĞƌĂĚŽ Ǉ ƋƵĞ ĨŝŶĂůŵĞŶƚĞ ƐĞ ŚĂŶ ĚŝǀŝĚŝĚŽ ĞŶ ĚŽƐ ŐƌƵƉŽƐ͗ĞůŐƌƵƉŽĚĞƉĂşƐĞƐĄƌŝĚŽƐǇĞůŐƌƵƉŽĚĞƉĂşƐĞƐŶŽĄƌŝĚŽƐ͘ůƌĞƐƉĞĐƚŝǀŽĂŶĄůŝƐŝƐƐĞƌĞĂůŝǌĂ ĞŶĐĂĚĂŐƌƵƉŽƉŽƌƐĞƉĂƌĂĚŽ͘ >ŽƐ ƌĞƐƵůƚĂĚŽƐ ƐĞ ŚĂŶ ĞƐƋƵĞŵĂƚŝǌĂĚŽ ĚĞ ůĂ ƐŝŐƵŝĞŶƚĞ ŵĂŶĞƌĂ͗ ƉƌŝŵĞƌŽ ƐĞ ƉƌĞƐĞŶƚĂŶ ůĂƐ ƌĞůĂĐŝŽŶĞƐŽďƚĞŶŝĚĂƐĚĞůĂŶĄůŝƐŝƐĂƉůŝĐĂĚŽĂůŐƌƵƉŽĚĞƉĂşƐĞƐĄƌŝĚŽƐĐŽŶƐƵƐƌĞƐƉĞĐƚŝǀŽƐŐƌĄĨŝĐŽƐ ǇĐƵĂĚƌŽƐƌĞƐƵŵĞŶ͘ĐŽŶƚŝŶƵĂĐŝſŶƐĞƉƌĞƐĞŶƚĂŶůĂƐŽďƚĞŶŝĚĂƐĚĞůŐƌƵƉŽĚĞƉĂşƐĞƐŶŽĄƌŝĚŽƐ͕ ƚĂŵďŝĠŶĐŽŶƐƵƐƌĞƐƉĞĐƚŝǀŽƐŐƌĄĨŝĐŽƐǇĐƵĂĚƌŽƐƌĞƐƵŵĞŶ͘ &ŝŶĂůŵĞŶƚĞ͕ ƐĞ ĞĨĞĐƚƷĂ ƵŶĂ ƌĞĐĂƉŝƚƵůĂĐŝſŶ ĚĞ ƚŽĚĂƐ ůĂƐ ƌĞůĂĐŝŽŶĞƐ ĞǆŝƐƚĞŶƚĞƐ ĞŶƚƌĞ ůĂ ŚƵĞůůĂ ŚşĚƌŝĐĂ Ǉ ƐƵƐ ĐŽŵƉŽŶĞŶƚĞƐ ĐŽŶ ůĂƐ ǀĂƌŝĂďůĞƐ ĐŽŶƐŝĚĞƌĂĚĂƐ͘ z ƐĞ ƌĞƉƌĞƐĞŶƚĂŶ ŵĞĚŝĂŶƚĞ ƵŶ ĞƐƋƵĞŵĂ ĞŶ ĚŽŶĚĞ ƐĞ ĞƐƉĞĐŝĨŝĐĂŶ ůĂƐ ƌĞůĂĐŝŽŶĞƐ ƋƵĞ ŚĂǇ ĐŽŵƵŶĞƐ ĞŶƚƌĞ ůŽƐ ĚŽƐ ŐƌƵƉŽƐ ĚĞ ƉĂşƐĞƐǇůĂƐƋƵĞƐĞĐƵŵƉůĞŶĞŶĐĂĚĂŐƌƵƉŽƉŽƌƐĞƉĂƌĂĚŽ͘ _ ŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĂŶŝǀĞůŵƵŶĚŝĂů͘ ZĞůĂĐŝŽŶĞƐƐŽĐŝŽͲĞĐŽŶſŵŝĐŽͲŚŝĚƌŽůſŐŝĐĂƐ͘ _ ŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĂŶŝǀĞůŵƵŶĚŝĂů͘ ZĞůĂĐŝŽŶĞƐƐŽĐŝŽͲĞĐŽŶſŵŝĐŽͲŚŝĚƌŽůſŐŝĐĂƐ͘ Ϯ͘^dK>Zd Ϯ͘ϭŽŶĐĞƉƚŽƐƉƌĞǀŝŽƐ ŽŶƐŝĚĞƌŽ ĚĞ ŐƌĂŶ ŝŶƚĞƌĠƐ͕ ĂŶƚĞƐ ĚĞ ƌĞĂůŝǌĂƌ Ğů ĚĞďŝĚŽ ĂŶĄůŝƐŝƐ ĚĞ ůŽƐ ĞƐƚƵĚŝŽƐ ƉƌĞǀŝŽƐ ƌĞůĂĐŝŽŶĂĚŽƐ ĐŽŶ ůŽƐ ŽďũĞƚŝǀŽƐ ĚĞů ƉƌĞƐĞŶƚĞ ƚƌĂďĂũŽ͕ ĚĞĨŝŶŝƌ ƵŶĂ ƐĞƌŝĞ ĚĞ ĐŽŶĐĞƉƚŽƐ ƋƵĞ ƐĞ ƵƚŝůŝǌĂƌĄŶĂůŽůĂƌŐŽĚĞůƉƌĞƐĞŶƚĞĞƐƚƵĚŝŽ͘ ŽŵĞŶǌĂƌĞŵŽƐ ĚĞĨŝŶŝĞŶĚŽ ŶƵĞƐƚƌĂ ƉƌŝŶĐŝƉĂů ǀĂƌŝĂďůĞ ĚĞ ĞƐƚƵĚŝŽ ƋƵĞ ĞƐ ,h>> ,1Z/ ;,ŽĞŬƐƚƌĂ͕ ϮϬϬϮͿ͘ >Ă ŚƵĞůůĂ ŚşĚƌŝĐĂ ĚĞ ƵŶĂ ƉĞƌƐŽŶĂ͕ ĞŵƉƌĞƐĂ Ž ƉĂşƐ ;ŚĂƉĂŐĂŝŶ Ǉ ,ŽĞŬƐƚƌĂ͕ ϮϬϬϰͿƐĞĚĞĨŝŶĞĐŽŵŽĞůǀŽůƵŵĞŶƚŽƚĂůĚĞĂŐƵĂĚƵůĐĞƋƵĞƐĞƵƚŝůŝǌĂƉĂƌĂƉƌŽĚƵĐŝƌůŽƐďŝĞŶĞƐǇ ƐĞƌǀŝĐŝŽƐĐŽŶƐƵŵŝĚŽƐƉŽƌĞůŝŶĚŝǀŝĚƵŽ͕ĞŵƉƌĞƐĂŽŶĂĐŝſŶ͘ƐƵŶŝŶĚŝĐĂĚŽƌĞŵƉşƌŝĐŽ͕ŐĞŽŐƌĄĨŝĐŽ͕ ĞǆƉůşĐŝƚŽǇŵƵůƚŝĚŝŵĞŶƐŝŽŶĂů͘WƵĞĚĞĂƉůŝĐĂƌƐĞĂŝŶĚŝǀŝĚƵŽƐ͕ĐŽŵƵŶŝĚĂĚĞƐŽƉƌŽĚƵĐƚŽƐ͘ ůĐŽŶĐĞƉƚŽĚĞŚƵĞůůĂŚşĚƌŝĐĂĞƐƚĄĞƐƚƌĞĐŚĂŵĞŶƚĞƌĞůĂĐŝŽŶĂĚŽĐŽŶĞůĐŽŶĐĞƉƚŽĚĞĂŐƵĂǀŝƌƚƵĂů͘ ů ĂŐƵĂ ǀŝƌƚƵĂů ;ůůĂŶ͕ ϭϵϵϬͿ ƐĞ ĚĞĨŝŶĞ ĐŽŵŽ Ğů ǀŽůƵŵĞŶ ĚĞ ĂŐƵĂ ŶĞĐĞƐĂƌŝŽ ƉĂƌĂ ƉƌŽĚƵĐŝƌ ƵŶ ďŝĞŶ͘ ^ŝ ƵŶ ƉĂşƐ ŝŵƉŽƌƚĂ Ž ĞǆƉŽƌƚĂ ĚŝĐŚŽƐ ďŝĞŶĞƐ͕ ĞƐƚĄ ƌĞĂůŝǌĂŶĚŽ ŝŵƉŽƌƚĂĐŝŽŶĞƐ Ǉ ĞǆƉŽƌƚĂĐŝŽŶĞƐĚĞĂŐƵĂĚĞĨŽƌŵĂǀŝƌƚƵĂů͘WŽƌůŽƚĂŶƚŽ͕ĂůĞǀĂůƵĂƌůĂŚƵĞůůĂŚşĚƌŝĐĂĚĞƵŶĂŶĂĐŝſŶ͕ ĞƐĨƵŶĚĂŵĞŶƚĂůĐƵĂŶƚŝĨŝĐĂƌůŽƐĨůƵũŽƐĚĞĂŐƵĂǀŝƌƚƵĂůƋƵĞĞŶƚƌĂŶǇƐĂůĞŶĚĞůƉĂşƐ͘ƐŝŵƉŽƌƚĂŶƚĞ ŶŽ ĐŽŶĨƵŶĚŝƌ Ğů ĐŽŶĐĞƉƚŽ ĚĞ ĂŐƵĂ ǀŝƌƚƵĂů Ǉ ŚƵĞůůĂ ŚşĚƌŝĐĂ ƉƵĞƐƚŽ ƋƵĞ Ğů ĐŽŶƚĞŶŝĚŽ ĚĞ ĂŐƵĂ ǀŝƌƚƵĂů ĚĞ ƵŶ ƉƌŽĚƵĐƚŽ ƐĞ ƌĞĨŝĞƌĞ͕ ƷŶŝĐĂŵĞŶƚĞ͕ Ăů ǀŽůƵŵĞŶ ŝŶĐŽƌƉŽƌĂĚŽ ĞŶ Ğů ƉƌŽĚƵĐƚŽ Ǉ ƉŽƌ ƚĂŶƚŽ͕ĞƐƵŶŝŶĚŝĐĂĚŽƌƵŶŝĚŝŵĞŶƐŝŽŶĂů͘ ƐƵǀĞǌůĂŚƵĞůůĂŚşĚƌŝĐĂĞƐƚĄĨŽƌŵĂĚĂƉŽƌĚŽƐŐƌĂŶĚĞƐĐŽŵƉŽŶĞŶƚĞƐƋƵĞƐŽŶ͗ŚƵĞůůĂŚşĚƌŝĐĂ ŝŶƚĞƌŶĂǇŚƵĞůůĂŚşĚƌŝĐĂĞǆƚĞƌŶĂ;ŚĂƉĂŐĂŝŶǇ,ŽĞŬƐƚƌĂ͕ϮϬϬϰͿ͘>ĂŚƵĞůůĂŚşĚƌŝĐĂŝŶƚĞƌŶĂĚĞƵŶ ƉĂşƐĞƐĞůǀŽůƵŵĞŶĚĞĂŐƵĂƵƐĂĚĂ͕ĚĞůŽƐƌĞĐƵƌƐŽƐŚşĚƌŝĐŽƐŶĂĐŝŽŶĂůĞƐ͕ƉĂƌĂƉƌŽĚƵĐŝƌůŽƐďŝĞŶĞƐ Ǉ ƐĞƌǀŝĐŝŽƐ ĐŽŶƐƵŵŝĚŽƐ ƉŽƌ ůŽƐ ŚĂďŝƚĂŶƚĞƐ ĚĞů ƉĂşƐ͘ >Ă ŚƵĞůůĂ ŚşĚƌŝĐĂ ĞǆƚĞƌŶĂ ĚĞů ƉĂşƐ ĞƐ Ğů ǀŽůƵŵĞŶĚĞĂŐƵĂƋƵĞƐĞƵƚŝůŝǌĂĞŶŽƚƌŽƐƉĂşƐĞƐƉĂƌĂƉƌŽĚƵĐŝƌďŝĞŶĞƐǇƐĞƌǀŝĐŝŽƐŝŵƉŽƌƚĂĚŽƐǇ ĐŽŶƐƵŵŝĚŽƐƉŽƌůŽƐŚĂďŝƚĂŶƚĞƐĚĞůƉĂşƐ͘ ŽŶĚĞ ůĂ ŚƵĞůůĂ ŚşĚƌŝĐĂ ŝŶƚĞƌŶĂ ĚĞ ƵŶ ƉĂşƐ ;ŚĂƉĂŐĂŝŶ Ǉ ,ŽĞŬƐƚƌĂ͕ ϮϬϬϰͿ ƐĞ ĐĂůĐƵůĂ ĐŽŵŽ ůĂ ƐƵŵĂĚĞůǀŽůƵŵĞŶƚŽƚĂůĚĞĂŐƵĂƵƚŝůŝǌĂĚĂĞŶůĂĞĐŽŶŽŵşĂŶĂĐŝŽŶĂůƉĂƌĂƵƐŽĂŐƌşĐŽůĂ͕ŝŶĚƵƐƚƌŝĂů Ǉ ĚŽŵĠƐƚŝĐŽ͕ ŵĞŶŽƐ Ğů ǀŽůƵŵĞŶ ĚĞ ĞǆƉŽƌƚĂĐŝſŶ ĚĞ ĂŐƵĂ ǀŝƌƚƵĂů Ă ŽƚƌŽƐ ƉĂşƐĞƐ ĞŶ ůĂ ŵĞĚŝĚĂ ƌĞůĂĐŝŽŶĂĚĂ ĐŽŶ ůĞ ĞǆƉŽƌƚĂĐŝſŶ ĚĞ ůŽƐ ƉƌŽĚƵĐƚŽƐ ƉƌŽĚƵĐŝĚŽƐ ĞŶ Ğů ƉĂşƐ͘ z ůĂ ŚƵĞůůĂ ŚşĚƌŝĐĂ ĞǆƚĞƌŶĂ ĚĞ ƵŶ ƉĂşƐ ;ŚĂƉĂŐĂŝŶ Ǉ ,ŽĞŬƐƚƌĂ͕ ϮϬϬϰͿ ĞƐ Ğů ǀŽůƵŵĞŶ ĂŶƵĂů ĚĞ ƌĞĐƵƌƐŽƐ ŚşĚƌŝĐŽƐ ƵƚŝůŝǌĂĚŽƐ ĞŶŽƚƌŽƐ ƉĂşƐĞƐƉĂƌĂ ƉƌŽĚƵĐŝƌ ďŝĞŶĞƐǇ ƐĞƌǀŝĐŝŽƐ ĐŽŶƐƵŵŝĚŽƐ ƉŽƌ ůŽƐŚĂďŝƚĂŶƚĞƐ ĚĞů _ ŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĂŶŝǀĞůŵƵŶĚŝĂů͘ ZĞůĂĐŝŽŶĞƐƐŽĐŝŽͲĞĐŽŶſŵŝĐŽͲŚŝĚƌŽůſŐŝĐĂƐ͘ ƉĂşƐĞŶĐƵĞƐƚŝſŶ͕ĞƐĚĞĐŝƌƋƵĞƐĞƌĄŝŐƵĂůĂůĂŝŵƉŽƌƚĂĐŝſŶĚĞĂŐƵĂǀŝƌƚƵĂůĞŶĞůƉĂşƐŵĞŶŽƐĞů ǀŽůƵŵĞŶĚĞĂŐƵĂǀŝƌƚƵĂůĞǆƉŽƌƚĂĚĂĂŽƚƌŽƐƉĂşƐĞƐĐŽŵŽƌĞƐƵůƚĂĚŽĚĞůĂƌĞͲĞǆƉŽƌƚĂĐŝſŶĚĞůŽƐ ƉƌŽĚƵĐƚŽƐŝŵƉŽƌƚĂĚŽƐ͘ _ ŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĂŶŝǀĞůŵƵŶĚŝĂů͘ ZĞůĂĐŝŽŶĞƐƐŽĐŝŽͲĞĐŽŶſŵŝĐŽͲŚŝĚƌŽůſŐŝĐĂƐ͘ Ϯ͘ϮƐƚƵĚŝŽƐƉƌĞǀŝŽƐ Ϯ͘Ϯ͘ϭ'ĞƐƚŝſŶĚĞůŽƐƌĞĐƵƌƐŽƐŚşĚƌŝĐŽƐ Ŷ Ğů ĂŹŽ ϭϵϵϮ ƐĞ ƌĞĂůŝǌſ ƵŶĂ ĐŽŶĨĞƌĞŶĐŝĂ ĞŶ ƵďůşŶ͕ ĐƵǇĂƐ ĐŽŶĐůƵƐŝŽŶĞƐ ĨŝũĂƌŽŶ ƋƵĞ Ğů ĂŐƵĂ ĚƵůĐĞƉŽƚĂďůĞĞƐƵŶďŝĞŶĞƐĐĂƐŽǇƉŽƌůŽƚĂŶƚŽĚĞďĞƐĞƌĐŽŶƐŝĚĞƌĂĚĂĐŽŵŽƵŶďŝĞŶĞĐŽŶſŵŝĐŽ͘ ^ĞƐƵŐŝƌŝſƋƵĞůŽƐƉƌŽďůĞŵĂƐĚĞĞƐĐĂƐĞǌĚĞĂŐƵĂ͕ĞůĞǆĐĞƐŽĚĞĂŐƵĂǇĞůĚĞƚĞƌŝŽƌŽĚĞůĂĐĂůŝĚĂĚ ĚĞůĂŐƵĂƐĞƐŽůƵĐŝŽŶĂƌşĂƐŝĞůĂŐƵĂĨƵĞƌĂƚƌĂƚĂĚĂĐŽƌƌĞĐƚĂŵĞŶƚĞĐŽŵŽƵŶďŝĞŶĞĐŽŶſŵŝĐŽ͘ƐƚŽ ŐĞŶĞƌĂ ƵŶĂ ŶĞĐĞƐŝĚĂĚ ƵƌŐĞŶƚĞ ĚĞ ĚĞƐĂƌƌŽůůĂƌ ĐŽŶĐĞƉƚŽƐ Ǉ ŚĞƌƌĂŵŝĞŶƚĂƐ ĂĚĞĐƵĂĚĂƐ ƉĂƌĂ ŚĂĐĞƌůŽ͘ ŽŵŽ ƉƌŝŵĞƌĂƐ ƉĂƵƚĂƐ ƐĞ ŽďƚƵǀŽ ƋƵĞ Ăů ƚƌĂƚĂƌ ĐŽŶ ůŽƐ ƌĞĐƵƌƐŽƐ ŚşĚƌŝĐŽƐ ĚŝƐƉŽŶŝďůĞƐ ĞŶ ƵŶĂ ĨŽƌŵĂ ĞĐŽŶſŵŝĐĂŵĞŶƚĞ ĞĨŝĐŝĞŶƚĞ͕ ŚĂǇ ƚƌĞƐ ŶŝǀĞůĞƐ ĚŝĨĞƌĞŶƚĞƐ ĞŶ ůŽƐ ƋƵĞ ƐĞ ƉƵĞĚĞŶ ƚŽŵĂƌ ĚĞĐŝƐŝŽŶĞƐǇůŽŐƌĂƌŵĞũŽƌĂƐ͗ WƌŝŵĞƌŶŝǀĞů͗ŶŝǀĞůĚĞůƵƐƵĂƌŝŽ͕ĚŽŶĚĞĞůƉƌĞĐŝŽǇůĂƚĞĐŶŽůŽŐşĂĚĞƐĞŵƉĞŹĂŶƵŶƉĂƉĞů ĐůĂǀĞ͘ƐƚĞĞƐĞůŶŝǀĞůĚŽŶĚĞƐĞĐŽŶƐŝĚĞƌĂƋƵĞůĂ͞ĞĨŝĐŝĞŶĐŝĂĞŶĞůƵƐŽůŽĐĂůĚĞůĂŐƵĂ͟ƐĞ ƉƵĞĚĞŵĞũŽƌĂƌŵĞĚŝĂŶƚĞůĂĐƌĞĂĐŝſŶĚĞůĂĐŽŶĐŝĞŶĐŝĂ͕ůĂĂƉůŝĐĂĐŝſŶĚĞƉƌĞĐŝŽƐďĂƐĂĚŽƐ ĞŶĞůĐŽƐƚĞŵĂƌŐŝŶĂůǇĨŽŵĞŶƚĂŶĚŽůĂƚĞĐŶŽůŽŐşĂĚĞĂŚŽƌƌŽĚĞĂŐƵĂ͘ ^ĞŐƵŶĚŽŶŝǀĞů͗ŶŝǀĞůĚĞĐƵĞŶĐĂŽŶŝǀĞůŶĂĐŝŽŶĂů͕ĞŶĞůƋƵĞƐĞĐŽŶƐŝĚĞƌĂůĂ͞ĂƐŝŐŶĂĐŝſŶ ĞĨŝĐŝĞŶƚĞ ĚĞů ĂŐƵĂ͟ Ǉ ůĂ ĞůĞĐĐŝſŶ ƐĞ ƌĞĂůŝǌĂ ƐŽďƌĞ ůĂ ĨŽƌŵĂ ĚĞ ĂƐŝŐŶĂƌ ůŽƐ ƌĞĐƵƌƐŽƐ ŚşĚƌŝĐŽƐ ĚŝƐƉŽŶŝďůĞƐ ƉĂƌĂ ůŽƐ ĚŝĨĞƌĞŶƚĞƐ ƐĞĐƚŽƌĞƐ ĚĞ ůĂ ĞĐŽŶŽŵşĂ ;ŝŶĐůƵǇĞŶĚŽ ůĂ ƐĂůƵĚ ƉƷďůŝĐĂ Ǉ Ğů ŵĞĚŝŽ ĂŵďŝĞŶƚĞͿ͘ 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ŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĂŶŝǀĞůŵƵŶĚŝĂů͘ ZĞůĂĐŝŽŶĞƐƐŽĐŝŽͲĞĐŽŶſŵŝĐŽͲŚŝĚƌŽůſŐŝĐĂƐ͘ ŶƌĞƐƵŵĞŶ͕ůĂĞĨŝĐŝĞŶĐŝĂŐůŽďĂůĞŶůĂĂƉƌŽƉŝĂĐŝſŶĚĞůŽƐƌĞĐƵƌƐŽƐŚşĚƌŝĐŽƐŵƵŶĚŝĂůĞƐƐĞƉƵĞĚĞ ĚĞĨŝŶŝƌ ĐŽŵŽ ůĂ ͚ƐƵŵĂ͛ ĚĞ ůĂ ĞĨŝĐŝĞŶĐŝĂ ůŽĐĂů ĚĞů ƵƐŽ ĚĞů ĂŐƵĂ͕ ůĂ ĞĨŝĐŝĞŶĐŝĂ ĚĞ ĂŐƵĂ Ă ĞƐĐĂůĂ ŵĞƐŽĂƐŝŐŶĂĐŝſŶǇůĂĞĨŝĐŝĞŶĐŝĂŐůŽďĂůĚĞůƵƐŽĚĞůĂŐƵĂ͘ Ϯ͘Ϯ͘ϮŽŵĞƌĐŝŽŐůŽďĂůĚĞĂŐƵĂǀŝƌƚƵĂů ĂĚĂ ǀĞǌ ĞƐ ŵĄƐ ŝŵƉŽƌƚĂŶƚĞ ƉŽŶĞƌ ůĂƐ ĐƵĞƐƚŝŽŶĞƐ ĚĞ ĂŐƵĂ ĚƵůĐĞ ĞŶ ƵŶ ĐŽŶƚĞǆƚŽ ŐůŽďĂů͘ ů ĂŐŽƚĂŵŝĞŶƚŽĚĞůĂŐƵĂůŽĐĂůǇůĂĐŽŶƚĂŵŝŶĂĐŝſŶĞƐƚĄŶĂŵĞŶƵĚŽĞƐƚƌĞĐŚĂŵĞŶƚĞǀŝŶĐƵůĂĚŽƐĂůĂ ĞƐƚƌƵĐƚƵƌĂĚĞůĂĞĐŽŶŽŵşĂŵƵŶĚŝĂů͘ŽŶĞůĂƵŵĞŶƚŽĚĞůĐŽŵĞƌĐŝŽŝŶƚĞƌŶĂĐŝŽŶĂůĚĞƉƌŽĚƵĐƚŽƐ͕ ƋƵĞ ůůĞǀĂ ĐŽŶƐŝŐŽ ůĂƚƌĂŶƐĨĞƌĞŶĐŝĂ Ă ůĂƌŐĂ ĚŝƐƚĂŶĐŝĂ ĚĞ ĂŐƵĂ ĞŶ ĨŽƌŵĂǀŝƌƚƵĂů͕ ŶĂĐĞ ůĂ ŝĚĞĂ ĚĞ ĂŶĂůŝǌĂƌǇĐĂůĐƵůĂƌůĂƐŝŵƉŽƌƚĂĐŝŽŶĞƐǇĞǆƉŽƌƚĂĐŝŽŶĞƐĚĞĂŐƵĂǀŝƌƚƵĂůĞǆŝƐƚĞŶƚĞƐĞŶƚƌĞůŽƐƉĂşƐĞƐ ǇĂƐşƚĞŶĞƌƵŶĂŚĞƌƌĂŵŝĞŶƚĂĂƚƌĂǀĠƐĚĞůĂĐƵĂůƐĞƉƵĞĚĂŵĞũŽƌĂƌůĂĞĨŝĐŝĞŶĐŝĂŐůŽďĂůĚĞůƵƐŽĚĞů ĂŐƵĂ͘ ů ĐŽŶŽĐŝŵŝĞŶƚŽ ƐŽďƌĞ ůŽƐ ĨůƵũŽƐ ĚĞ ĂŐƵĂ ǀŝƌƚƵĂů͕ ƋƵĞ ĞŶƚƌĂŶ Ǉ ƐĂůĞŶ ĚĞ ƵŶ ƉĂşƐ ƉƵĞĚĞ Ğŵŝƚŝƌ ƵŶĂ ůƵǌ ĐŽŵƉůĞƚĂŵĞŶƚĞ ŶƵĞǀĂ ƐŽďƌĞ ůĂ ĞƐĐĂƐĞǌ ĚĞ ĂŐƵĂ ƌĞĂů ĚĞ ƵŶ ƉĂşƐ͘ ů ƉƌŝŵĞƌ ĞƐƚƵĚŝŽ ;,ŽĞŬƐƚƌĂ Ǉ ,ƵŶŐ͕ ϮϬϬϮͿ ƋƵĞ ƐĞ ƉƵďůŝĐſ Ăů ƌĞƐƉĞĐƚŽ͕ ƐĞ ůŝŵŝƚſ Ă ĐƵĂŶƚŝĨŝĐĂƌ ůŽƐ ĨůƵũŽƐ ĚĞ ĐŽŵĞƌĐŝŽ ĚĞ ĂŐƵĂ ǀŝƌƚƵĂů ƌĞůĂĐŝŽŶĂĚĂ ĐŽŶ Ğů ĐŽŵĞƌĐŝŽ ŝŶƚĞƌŶĂĐŝŽŶĂů ĚĞ ĐƵůƚŝǀŽƐ͘ dƵǀŽ ĐŽŵŽ ŽďũĞƚŝǀŽƐ͗ĞƐƚŝŵĂƌůĂĐĂŶƚŝĚĂĚĚĞĂŐƵĂŶĞĐĞƐĂƌŝĂƉĂƌĂƉƌŽĚƵĐŝƌĐƵůƚŝǀŽƐĞŶĚŝĨĞƌĞŶƚĞƐƉĂşƐĞƐĚĞů ŵƵŶĚŽ͕ ĐƵĂŶƚŝĨŝĐĂƌ ůŽƐ ǀŽůƷŵĞŶĞƐ ĚĞ ƚŽĚŽƐ ůŽƐ ĨůƵũŽƐ ĚĞ ĐŽŵĞƌĐŝŽ ĚĞ ĂŐƵĂ ǀŝƌƚƵĂů ĞŶƚƌĞ ůŽƐ ƉĂşƐĞƐĞŶĞůƉĞƌşŽĚŽϭϵϵϱͲϭϵϵϵǇƉŽŶĞƌůŽƐƐĂůĚŽƐĚĞůĐŽŵĞƌĐŝŽĚĞĂŐƵĂǀŝƌƚƵĂůĚĞůŽƐƉĂşƐĞƐĞŶ ĞůĐŽŶƚĞǆƚŽĚĞůĂƐŶĞĐĞƐŝĚĂĚĞƐŶĂĐŝŽŶĂůĞƐĚĞĂŐƵĂǇůĂĚŝƐƉŽŶŝďŝůŝĚĂĚĚĞĂŐƵĂ͘ hŶĂĚĞůĂƐƉƌŝŶĐŝƉĂůĞƐĞƐƚŝŵĂĐŝŽŶĞƐŽďƚĞŶŝĚĂƐƉŽƌ,ŽĞŬƐƚƌĂǇ,ƵŶŐ͕ĨƵĞƋƵĞĞůϭϯйĚĞůĂŐƵĂ ƵƚŝůŝǌĂĚĂ ƉĂƌĂ ůĂ ƉƌŽĚƵĐĐŝſŶ ĂŐƌşĐŽůĂ ĞŶ Ğů ŵƵŶĚŽ ŶŽ ƐĞ ƵƚŝůŝǌĂ ƉĂƌĂ Ğů ĐŽŶƐƵŵŽ ŝŶƚĞƌŶŽ ƐŝŶŽ ƉĂƌĂ ůĂ ĞǆƉŽƌƚĂĐŝſŶ ;ĞŶ ĨŽƌŵĂ ǀŝƌƚƵĂůͿ͘ ĂďĞ ĚĞƐƚĂĐĂƌ ƋƵĞ ĞƐƚĞ ĞƐ Ğů ƉŽƌĐĞŶƚĂũĞ ŐůŽďĂů͕ ůĂ ƐŝƚƵĂĐŝſŶ ǀĂƌşĂ ĐŽŶƐŝĚĞƌĂďůĞŵĞŶƚĞ ĞŶƚƌĞ ƉĂşƐĞƐ͘ Ɛş ŵŝƐŵŽ͕ ĐŽŶŽĐĞƌ Ğů ďĂůĂŶĐĞ ŶĂĐŝŽŶĂů ĚĞ ĐŽŵĞƌĐŝŽ ĚĞ ĂŐƵĂ ǀŝƌƚƵĂů ĞƐ ĞƐĞŶĐŝĂů ƉĂƌĂ Ğů ĚĞƐĂƌƌŽůůŽ ĚĞ ƵŶĂ ƉŽůşƚŝĐĂ ƌĂĐŝŽŶĂů ŶĂĐŝŽŶĂů ĐŽŶ ƌĞƐƉĞĐƚŽĂůŵŝƐŵŽ͘ WŽƐƚĞƌŝŽƌŵĞŶƚĞ ƐĞƌĞĂůŝǌſƵŶ ĞƐƚƵĚŝŽ ƐŝŵŝůĂƌ;ŚĂƉĂŐĂŝŶ Ǉ ,ŽĞŬƐƚƌĂ͕ϮϬϬϯͿ͕ ĚſŶĚĞ Ğů ƉĞƌşŽĚŽ ĞŶ ĐƵĞƐƚŝſŶ ĨƵĞ ϭϵϵϳͲϭϵϵϵ Ǉ ƐĞ ĐƵĂŶƚŝĨŝĐſ ůŽƐ ĨůƵũŽƐ ĚĞ ĐŽŵĞƌĐŝŽ ĚĞ ĂŐƵĂ ǀŝƌƚƵĂů ƌĞůĂĐŝŽŶĂĚĂ ĐŽŶĞůĐŽŵĞƌĐŝŽŝŶƚĞƌŶĂĐŝŽŶĂůĚĞůŽƐĂŶŝŵĂůĞƐǇƉƌŽĚƵĐƚŽƐĂŶŝŵĂůĞƐ͘ Ϯ͘Ϯ͘ϯ,ƵĞůůĂŚşĚƌŝĐĂ ůĐŽŶĐĞƉƚŽŚƵĞůůĂŚşĚƌŝĐĂĨƵĞŝŶƚƌŽĚƵĐŝĚŽƉŽƌƉƌŝŵĞƌĂǀĞǌƉŽƌ,ŽĞŬƐƚƌĂĞŶĞůĂŹŽϮϬϬϮĐŽŶĞů ĨŝŶ ĚĞ ƚĞŶĞƌ ƵŶ ŝŶĚŝĐĂĚŽƌ ďĂƐĂĚŽ ĞŶ Ğů ĐŽŶƐƵŵŽ ĚĞů ƵƐŽ ĚĞů ĂŐƵĂ ƋƵĞ ƉŽĚƌşĂ ƉƌŽƉŽƌĐŝŽŶĂƌ ŝŶĨŽƌŵĂĐŝſŶƷƚŝů͕ĂĚĞŵĄƐĚĞůŽƐŝŶĚŝĐĂĚŽƌĞƐƚƌĂĚŝĐŝŽŶĂůĞƐĚĞƉƌŽĚƵĐĐŝſŶďĂƐĂĚŽƐĞŶĞůƐĞĐƚŽƌ ĚĞůƵƐŽĚĞůĂŐƵĂ͘ƉĂƌƚŝƌĚĞĞƐĞĞŶƚŽŶĐĞƐƐĞƌĞĂůŝǌĂŶĞƐƚƵĚŝŽƐǇĂŶĄůŝƐŝƐƐŽďƌĞůŽƐƵƐŽƐĚĞĂŐƵĂ͕ Ă ƚƌĂǀĠƐ ĚĞ ĚĂƚŽƐ ĞǆŝƐƚĞŶƚĞƐ͕ ůŽŐƌĂŶĚŽ ĐƌĞĂƌ ƵŶ ĐŽŶĐĞƉƚŽ ŵĄƐ ĐůĂƌŽ Ǉ ƌĞĨŽƌǌĂĚŽ ĚĞ ŚƵĞůůĂ ŚşĚƌŝĐĂǇŽďƚĞŶŝĞŶĚŽƵŶĂŵĞƚŽĚŽůŽŐşĂĚĞĐĄůĐƵůŽƋƵĞƚŽŵĂŶŐƌĂŶŝŵƉŽƌƚĂŶĐŝĂĞŝŶƚĞƌĠƐĂƉĂƌƚŝƌ ĚĞůĂŹŽϮϬϬϰ͘ hŶŽ ĚĞ ůŽƐ ĞƐƚƵĚŝŽƐ ƐŽďƌĞ ůĂ ŚƵĞůůĂ ŚşĚƌŝĐĂ ;ŚĂƉĂŐĂŝŶ Ǉ ,ŽĞŬƐƚƌĂ͕ ϮϬϬϰͿ ƋƵĞ ƚƵǀŽ ŐƌĂŶ ŝŵƉŽƌƚĂŶĐŝĂ Ǉ ƌĞůĞǀĂŶĐŝĂ͕ ƚŽŵĂ Ğů ƉĞƌşŽĚŽ ĚĞ ϭϵϵϳͲϮϬϬϭ ƚĞŶŝĞŶĚŽ ĞŶ ĐƵĞŶƚĂ ůŽƐ ĚĂƚŽƐ _ ŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĂŶŝǀĞůŵƵŶĚŝĂů͘ ZĞůĂĐŝŽŶĞƐƐŽĐŝŽͲĞĐŽŶſŵŝĐŽͲŚŝĚƌŽůſŐŝĐĂƐ͘ ĚŝƐƉŽŶŝďůĞƐǇƐĞďĂƐĂĞŶĚŽƐĞƐƚƵĚŝŽƐĂŶƚĞƌŝŽƌĞƐ͘ůƉƌŝŵĞƌŽƌĞĂůŝǌĂĚŽƉŽƌ,ŽĞŬƐƚƌĂǇ,ƵŶŐĞŶ ĞůĂŹŽϮϬϬϮ͕ĚſŶĚĞŚĂďşĂŶĐƵĂŶƚŝĨŝĐĂĚŽůŽƐĨůƵũŽƐĚĞĂŐƵĂǀŝƌƚƵĂůƌĞůĂĐŝŽŶĂĚĂĐŽŶĞůĐŽŵĞƌĐŝŽ ŝŶƚĞƌŶĂĐŝŽŶĂůĚĞƉƌŽĚƵĐƚŽƐĂŐƌşĐŽůĂƐ͘ůƐĞŐƵŶĚŽƌĞĂůŝǌĂĚŽƉŽƌŚĂƉĂŐĂŝŶǇ,ŽĞŬƐƚƌĂĞŶĞůĂŹŽ ϮϬϬϯ͕ ƋƵĞ ĐƵĂŶƚŝĨŝĐĂ ůŽƐ ĨůƵũŽƐ ĚĞ ĂŐƵĂ ǀŝƌƚƵĂů ƌĞůĂĐŝŽŶĂĚĂ ĐŽŶ Ğů ĐŽŵĞƌĐŝŽ ŝŶƚĞƌŶĂĐŝŽŶĂů ĚĞ ĂŶŝŵĂůĞƐǇƉƌŽĚƵĐƚŽƐĂŶŝŵĂůĞƐ͘ Ŷ Ğů ĞƐƚƵĚŝŽ͕ ĚĞ ůĂ ŚƵĞůůĂ ŚşĚƌŝĐĂ ĚĞ ůŽƐ ƉĂşƐĞƐ͕ ƐĞ ŵƵĞƐƚƌĂ Ğů ƐŝŐƵŝĞŶƚĞ ĞƐƋƵĞŵĂ ĚŽŶĚĞ ƐĞ ƌĞƐƵŵĞŶůŽƐƉĂƐŽƐƵƚŝůŝǌĂĚŽƐƉĂƌĂĞůĐŽƌƌĞƐƉŽŶĚŝĞŶƚĞĐĄůĐƵůŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĚĞƵŶƉĂşƐ͗ WĂƌĄŵĞƚƌŽƐ ĐůŝŵĄƚŝĐŽƐ WĂƌĄŵĞƚƌŽƐ ĚĞĐƵůƚŝǀŽ ZĞŶĚŝŵŝĞŶƚŽĚĞůĐƵůƚŝǀŽ ƉŽƌĐƵůƚŝǀŽĐ;dŽŶͬ,ĂͿ WƌŽĚƵĐĐŝſŶĂŐƌşĐŽůĂƉŽƌ ĐƵůƚŝǀŽĐ;dŽŶͬĂŹŽͿ ZĞƋƵĞƌŝŵŝĞŶƚŽƐĚĞĂŐƵĂ ĚĞůĐƵůƚŝǀŽ;ŵϯͬƚŽŶͿ ŽŶƚĞŶŝĚŽĚĞĂŐƵĂ ǀŝƌƚƵĂůĚĞůĂĐŽƐĞĐŚĂ ;ŵϯͬƚŽŶͿ ǆƚƌĂĐĐŝŽŶĞƐĚĞĂŐƵĂŝŶĚƵƐƚƌŝĂůǇĚŽŵĠƐƚŝĐĂĚĞƵŶƉĂşƐ ;ŵϯͬĂŹŽͿ hƐŽƚŽƚĂůĚĞĂŐƵĂƉŽƌ ĐƵůƚŝǀŽĐ;ŵϯͬĂŹŽͿ hƐŽĂŐƌşĐŽůĂĚĞůĂŐƵĂĞŶ ƵŶƉĂşƐ;ŵϯͬĂŹŽͿ ,ƵĞůůĂŚşĚƌŝĐĂŝŶƚĞƌŶĂ ĚĞƵŶƉĂşƐ;ŵϯͬĂŹŽͿ ǆƉŽƌƚĂĐŝſŶĚĞĂŐƵĂǀŝƌƚƵĂůƌĞůĂĐŝŽŶĂĚĂĐŽŶůĂ ĞǆƉŽƌƚĂĐŝſŶĚĞƉƌŽĚƵĐƚŽƐƉƌŽĚƵĐŝĚŽƐĞŶĞůƉĂşƐ;ŵϯͬĂŹŽͿ /ŵƉŽƌƚĂĐŝſŶĚĞĂŐƵĂǀŝƌƚƵĂůĞŶƵŶƉĂşƐ;ŵϯͬĂŹŽͿ ǆƉŽƌƚĂĐŝſŶĚĞĂŐƵĂǀŝƌƚƵĂůƌĞůĂĐŝŽŶĂĚŽĐŽŶůĂ ZĞͲĞǆƉŽƌƚĂĐŝſŶĚĞƉƌŽĚƵĐƚŽƐŝŵƉŽƌƚĂĚŽƐ;ŵϯͬĂŹŽͿ ,ƵĞůůĂŚşĚƌŝĐĂ ĞǆƚĞƌŶĂĚĞƵŶ ƉĂşƐ;ŵϯͬĂŹŽͿ ,h>>,1Z/ĚĞƵŶ ƉĂşƐ;ŵϯͬĂŹŽͿ WŽďůĂĐŝſŶƚŽƚĂů;ĐĂƉͿ ,h>>,1Z/ƉĞƌ ĐĄƉŝƚĂ;ŵϯͬĐĂƉͬĂŹŽͿ &/'hZ Ϯ͘Ϯ͘ WĂƐŽƐ ĞŶ Ğů ĐĄůĐƵůŽ ĚĞ ůĂ ŚƵĞůůĂ ŚşĚƌŝĐĂ ĚĞ ƵŶĂ ŶĂĐŝſŶ ;ŚĂƉĂŐĂŝŶ Ǉ ,ŽĞŬƐƚƌĂ͕ ϮϬϬϰͿ Ŷ ůĂ ĨŝŐƵƌĂ Ϯ͘Ϯ ƐĞ ŵƵĞƐƚƌĂ ůŽƐ ƉĂƐŽƐ ĞŶ Ğů ĐĄůĐƵůŽ ĚĞ ůĂ ŚƵĞůůĂ ŚşĚƌŝĐĂ ĚĞ ƵŶĂ ŶĂĐŝſŶ͘ ſŵŽ ƉŽĚĞŵŽƐŽďƐĞƌǀĂƌ͕ůĂŵĞƚŽĚŽůŽŐşĂƋƵĞĞƐƚĂďůĞĐĞŶƉƌĞƐĞŶƚĂĂůŐƵŶĂƐĚŝĨŝĐƵůƚĂĚĞƐĞŶĐƵĂŶƚŽĂůĂ ƌĞĐŽƉŝůĂĐŝſŶĚĞĚĂƚŽƐ͕ƉĞƌŽĞƐďĂƐƚĂŶƚĞĐůĂƌĂ͘>ŽƐĂƵƚŽƌĞƐĚĞƐƚĂĐĂŶĚŝĨĞƌĞŶƚĞƐĨĂĐƚŽƌĞƐĂƚĞŶĞƌ _ ŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĂŶŝǀĞůŵƵŶĚŝĂů͘ ZĞůĂĐŝŽŶĞƐƐŽĐŝŽͲĞĐŽŶſŵŝĐŽͲŚŝĚƌŽůſŐŝĐĂƐ͘ ĞŶĐƵĞŶƚĂĞŶĞůĐĄůĐƵůŽǇĞŶƚƌĞĞƐƚŽƐƌĞƐĂůƚĂŶƋƵĞĂůĞǀĂůƵĂƌůĂŚƵĞůůĂŚşĚƌŝĐĂĚĞƵŶĂŶĂĐŝſŶ͕ĞƐ ĨƵŶĚĂŵĞŶƚĂů ĐƵĂŶƚŝĨŝĐĂƌ ůŽƐ ĨůƵũŽƐ ĚĞ ĂŐƵĂ ǀŝƌƚƵĂů ƋƵĞ ĞŶƚƌĂŶ Ǉ ƐĂůĞŶ ĚĞů ƉĂşƐ͘ ĞďŝĚŽ ƐŽďƌĞ ƚŽĚŽĂƋƵĞĞŶůŽƐƷůƚŝŵŽƐĂŹŽƐǀĂƌŝŽƐĞƐƚƵĚŝŽƐŵƵĞƐƚƌĂŶƋƵĞůŽƐĨůƵũŽƐĚĞĂŐƵĂǀŝƌƚƵĂůĞŶƚƌĞ ƉĂşƐĞƐƐŽŶĐŽŶƐŝĚĞƌĂďůĞƐ͘ƐĚĞĐŝƌ͕ƐŝƐĞƚŽŵĂĞůƵƐŽĚĞůŽƐƌĞĐƵƌƐŽƐŚşĚƌŝĐŽƐŶĂĐŝŽŶĂůĞƐĐŽŵŽ ƉƵŶƚŽĚĞƉĂƌƚŝĚĂƉĂƌĂůĂĞǀĂůƵĂĐŝſŶĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĚĞƵŶƉĂşƐ͕ƐĞĚĞďĞƌĞƐƚĂƌĞůĨůƵũŽĚĞ ĂŐƵĂǀŝƌƚƵĂůƋƵĞƐĞǀĂĚĞůƉĂşƐǇĂŹĂĚŝƌĞůƋƵĞĞŶƚƌĂĞŶĞůƉĂşƐ͘ ĐŽŶƚŝŶƵĂĐŝſŶ͕ƐĞŵƵĞƐƚƌĂůĂŚƵĞůůĂŚşĚƌŝĐĂŐůŽďĂůƉŽƌĐĂƚĞŐŽƌşĂĚĞĐŽŶƐƵŵŽ͗ ,ƵĞůůĂŚşĚƌŝĐĂƌĞůĂĐŝŽŶĂĚĂ ĐŽŶĞůĐŽŶƐƵŵŽĚĞďŝĞŶĞƐ ŝŶĚƵƐƚƌŝĂůĞƐ ϵ͘ϲй ,ƵĞůůĂŚşĚƌŝĐĂƌĞůĂĐŝŽŶĂĚĂĐŽŶ ϰ͘ϲй ĞůĐŽŶƐƵŵŽĚĞĂŐƵĂĚŽŵĠƐƚŝĐŽ ϴϱ͘ϴй ,ƵĞůůĂŚşĚƌŝĐĂƌĞůĂĐŝŽŶĂĚĂĐŽŶ ĞůĐŽŶƐƵŵŽĚĞďŝĞŶĞƐĂŐƌşĐŽůĂƐ &/'hZϮ͘ϯ͘,ƵĞůůĂŚşĚƌŝĐĂƉŽƌĐĂƚĞŐŽƌşĂĚĞĐŽŶƐƵŵŽ;ŚĂƉĂŐĂŝŶǇ,ŽĞŬƐƚƌĂ͕ϮϬϬϰͿ >Ă ĨŝŐƵƌĂ Ϯ͘ϯ͕ ŵƵĞƐƚƌĂ ĐŽŵŽ Ğů ƚĂŵĂŹŽ ĚĞ ůĂ ŚƵĞůůĂ ŐůŽďĂů ĚĞů ĂŐƵĂ ĞƐ ĚĞƚĞƌŵŝŶĂĚĂ ĞŶ ŐƌĂŶ ŵĞĚŝĚĂ ƉŽƌ Ğů ĐŽŶƐƵŵŽ ĚĞ ĂůŝŵĞŶƚŽƐ Ǉ ŽƚƌŽƐ ƉƌŽĚƵĐƚŽƐ ĂŐƌşĐŽůĂƐ͘ ƐƚĂ ĞƐƚŝŵĂĐŝſŶ ĚĞ ůĂ ĐŽŶƚƌŝďƵĐŝſŶĚĞůĂĂŐƌŝĐƵůƚƵƌĂĐŽŶĞůƵƐŽƚŽƚĂůĚĞĂŐƵĂ͕ŽďƚĞŶŝĚĂƉŽƌĞƐƚĞĞƐƚƵĚŝŽ͕ĞƐĂƷŶŵĄƐ ŐƌĂŶĚĞƋƵĞůĂŵĂǇŽƌşĂĚĞŽƚƌĂƐĞƐƚĂĚşƐƚŝĐĂƐ͘ƐƚŽĞƐĚĞďŝĚŽĂƋƵĞƐĞŚĂŝŶĐůƵŝĚŽĞůĂŐƵĂƋƵĞĞƐ ƉĂƌƚĞ ĚĞ ůĂ ƉƌĞĐŝƉŝƚĂĐŝſŶ ƋƵĞ ŶŽ ĐŝƌĐƵůĂ Ž ƌĞĐĂƌŐĂ ůĂƐ ĂŐƵĂƐ ƐƵďƚĞƌƌĄŶĞĂƐ ƐŝŶŽ ƋƵĞ ƋƵĞĚĂ ĂůŵĂĐĞŶĂĚĂĞŶĞůƐƵĞůŽŽĞŶůĂǀĞŐĞƚĂĐŝſŶƚĞŵƉŽƌĂůŵĞŶƚĞǇ͕ĨŝŶĂůŵĞŶƚĞ͕ĞƐƚĂƉƌĞĐŝƉŝƚĂĐŝſŶƐĞ ĞǀĂƉŽƚƌĂŶƐƉŝƌĂĂƚƌĂǀĠƐĚĞůĂƐƉůĂŶƚĂƐ͘ sĂƌŝĂƐ ĚĞ ůĂƐ ĐŽŶĐůƵƐŝŽŶĞƐ ƋƵĞ ƐĞ ŽďƚƵǀŝĞƌŽŶ ĞŶ Ğů ĐĄůĐƵůŽ ĚĞ ůĂ ŚƵĞůůĂ ŚşĚƌŝĐĂ ĨƵĞ ƋƵĞ͕ ĞŶ ƚĠƌŵŝŶŽƐ ĂďƐŽůƵƚŽƐ͕ ůĂ /ŶĚŝĂ ĐŽŶƚƌŝďƵǇĞ ĐŽŶ ƵŶ ϭϳй Ă ůĂ ŚƵĞůůĂ ŚşĚƌŝĐĂ ŵƵŶĚŝĂů ĂƵŶƋƵĞ ƐƵ ŐĞŶƚĞƐŽůŽĐŽŶƚƌŝďƵǇĞĐŽŶĞůϭϯй͘ŶƚĠƌŵŝŶŽƐƌĞůĂƚŝǀŽƐ͕ĞƐĞůƉƵĞďůŽĚĞůŽƐ͘hh͘ƋƵĞƚŝĞŶĞůĂ ŚƵĞůůĂŵĄƐŐƌĂŶĚĞĚĞĂŐƵĂƉŽƌŚĂďŝƚĂŶƚĞ͕ƐĞŐƵŝĚŽƉŽƌĂůŐƵŶŽƐĚĞůŽƐƉĂşƐĞƐĚĞůƐƵƌĚĞƵƌŽƉĂ ĐŽŵŽ'ƌĞĐŝĂ͕/ƚĂůŝĂǇƐƉĂŹĂ͘,ƵĞůůĂƐĚĞĂŐƵĂĂůƚĂƚĂŵďŝĠŶƐĞƉƵĞĚĞŶĞŶĐŽŶƚƌĂƌĞŶDĂůĂƐŝĂǇ dĂŝůĂŶĚŝĂ͘ z ĞŶ Ğů ůĂĚŽ ŽƉƵĞƐƚŽ ĚĞ ůĂ ĞƐĐĂůĂ͕ Ğů ƉƵĞďůŽ ĐŚŝŶŽ ƚŝĞŶĞ ƵŶĂ ŚƵĞůůĂ ĚĞ ĂŐƵĂ ƌĞůĂƚŝǀĂŵĞŶƚĞďĂũĂƉŽƌŚĂďŝƚĂŶƚĞ͘ WŽƐƚĞƌŝŽƌŵĞŶƚĞ͕ ƐĞ ĐŽŶƚŝŶƵĂƌŽŶ ƉƵďůŝĐĂŶĚŽ ĞƐƚƵĚŝŽƐ ƐŽďƌĞ ůĂ ŚƵĞůůĂ ŚşĚƌŝĐĂ Ǉ ƵŶŽ ĚĞ ůŽƐ ƌĞĐŝĞŶƚĞƐƉƵďůŝĐĂĚŽƐ;,ŽĞŬƐƚƌĂ͕ŚĂƉĂŐĂŝŶ͕ůĚĂǇĂǇDĞŬŽŶŶĞŶ͕ϮϬϬϵͿĞƐƵŶĂƌĞĐŽƉŝůĂĐŝſŶŵĄƐ ƌĞĐŝĞŶƚĞ ĚĞ ĂǀĂŶĐĞƐ ŽďƚĞŶŝĚŽƐ ĚƵƌĂŶƚĞ ůĂƐ ĚŝĨĞƌĞŶƚĞƐ ŝŶǀĞƐƚŝŐĂĐŝŽŶĞƐ ĚſŶĚĞ ƐĞ ŝŶƚƌŽĚƵĐĞŶ ŶƵĞǀŽƐ ĐŽŶĐĞƉƚŽƐ Ǉ ĐĄůĐƵůŽƐ͕ ĂĚĞŵĄƐ ĚĞ ƵŶ ĂŶĄůŝƐŝƐ Ă ƉĂƌƚŝƌ ĚĞ ůĂ ŚƵĞůůĂ ŚşĚƌŝĐĂ ƐŽďƌĞ ůĂ ƐŽƐƚĞŶŝďŝůŝĚĂĚ͘ _ ŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĂŶŝǀĞůŵƵŶĚŝĂů͘ ZĞůĂĐŝŽŶĞƐƐŽĐŝŽͲĞĐŽŶſŵŝĐŽͲŚŝĚƌŽůſŐŝĐĂƐ͘ Ϯ͘Ϯ͘ϰ>ĂŚƵĞůůĂŚşĚƌŝĐĂǇĞůĐŽŵĞƌĐŝŽĚĞĂŐƵĂǀŝƌƚƵĂůĞŶƐƉĂŹĂ Ŷ ƐƉĂŹĂ͕ ĐŽŶƐŝĚĞƌĂĚŽ ĐŽŵŽ Ğů ƉĂşƐ ŵĄƐ ĄƌŝĚŽ ĚĞ ůĂ hŶŝſŶ ƵƌŽƉĞĂ͕ ůĂ ŐĞƐƚŝſŶ ĚĞ ƌĞĐƵƌƐŽƐ ŚşĚƌŝĐŽƐ ĞƐ ƵŶ ƚĞŵĂŵƵǇ ŝŵƉŽƌƚĂŶƚĞ͘>Ă ĞƐƚŝŵĂĐŝſŶǇ ĂŶĄůŝƐŝƐ ĚĞ ůĂ ŚƵĞůůĂ ŚşĚƌŝĐĂ ĞŶ ƐƉĂŹĂ͕ ĚĞƐĚĞ ƵŶ ƉƵŶƚŽ ĚĞ ǀŝƐƚĂ ŚŝĚƌŽůſŐŝĐŽ͕ ĞĐŽŶſŵŝĐŽ Ǉ ĞĐŽůſŐŝĐŽ͕ ĞƐ ŵƵǇ Ʒƚŝů ƉĂƌĂ ĨĂĐŝůŝƚĂƌ ƵŶĂ ĂƐŝŐŶĂĐŝſŶĞĨŝĐŝĞŶƚĞĚĞůĂŐƵĂ͘hŶŽĚĞůŽƐĞƐƚƵĚŝŽƐĚĞŝŶƚĞƌĠƐƉƵďůŝĐĂĚŽƐƌĞĐŝĞŶƚĞŵĞŶƚĞĂĐĞƌĐĂ ĚĞůĂƐŝƚƵĂĐŝſŶĞŶƐƉĂŹĂĞƐ͚͗,ƵĞůůĂŚşĚƌŝĐĂǇĞůĐŽŵĞƌĐŝŽĚĞĂŐƵĂǀŝƌƚƵĂůĞŶƐƉĂŹĂ͛͘ůĚĂǇĂ D͘D͕͘ĞƚĂů͘ϮϬϭϬ͘ Ŷ ĞƐƚĞ ĞƐƚƵĚŝŽ ;ůĚĂǇĂ Ğƚ Ăů͕͘ ϮϬϭϬͿ͕ Ğů ĂŶĄůŝƐŝƐ ƚŝĞŶĞ ĐŽŵŽ ŽďũĞƚŝǀŽ ĐŽŶƚƌŝďƵŝƌ Ă ůŽŐƌĂƌ ƵŶĂ ĂƐŝŐŶĂĐŝſŶ ŵĄƐ ĞĨŝĐŝĞŶƚĞ ĚĞ ůŽƐ ƌĞĐƵƌƐŽƐ ŚşĚƌŝĐŽƐ͘ Ŷ ƉƌŝŵĞƌ ůƵŐĂƌ͕ ƉƌŽƉŽƌĐŝŽŶĂ ƵŶĂ ǀŝƐŝſŶ ŐĞŶĞƌĂů ĚĞ ůĂ ŚƵĞůůĂ ŚşĚƌŝĐĂ Ǉ Ğů ǀĂůŽƌ ĞĐŽŶſŵŝĐŽ ĚĞ ůŽƐ ĚŝƐƚŝŶƚŽƐ ƐĞĐƚŽƌĞƐ ĞŶ ƐƉĂŹĂ͕ ĐĞŶƚƌĄŶĚŽƐĞ ĚĞƐƉƵĠƐ ĞŶ Ğů ƐĞĐƚŽƌ ĂŐƌşĐŽůĂ͕ ƋƵĞ ĞƐ Ğů ƵƐƵĂƌŝŽ ƉƌŝŶĐŝƉĂů ĚĞ ĂŐƵĂ͘ Ŷ ƐĞŐƵŶĚŽ ůƵŐĂƌ͕ƐĞĂŶĂůŝǌĂĞůĐŽŵĞƌĐŝŽĚĞĂŐƵĂǀŝƌƚƵĂůǇůĂƐŝŵƉůŝĐĂĐŝŽŶĞƐƉŽůşƚŝĐĂƐ͘WŽƌƷůƚŝŵŽĐŽŶĐůƵǇĞ ƋƵĞůĂŝĚĞĂĂĐƚƵĂůĚĞĞƐĐĂƐĞǌĚĞĂŐƵĂĞŶƐƉĂŹĂƐĞĚĞďĞƉƌŝŶĐŝƉĂůŵĞŶƚĞĂůĂŵĂůĂŐĞƐƚŝſŶĞŶĞů ƐĞĐƚŽƌĂŐƌşĐŽůĂǇƐĞĞƐƚĂďůĞĐĞůĞĐĐŝŽŶĞƐŝŶƚĞƌĞƐĂŶƚĞƐƉĂƌĂůŽƐƉĂşƐĞƐĄƌŝĚŽƐǇƐĞŵŝĄƌŝĚŽƐ͘ƐƚĂ ŵĂůĂŐĞƐƚŝſŶĞŶĞůƐĞĐƚŽƌĂŐƌşĐŽůĂĞƐƉĂŹŽůƐĞĚĞďĞĂǀĂƌŝĂƐƌĂǌŽŶĞƐ͕ƚĂůĞƐĐŽŵŽůĂƉĞƌƐŝƐƚĞŶĐŝĂ ĚĞ ůĂ ŝĚĞĂ ĂŶƚŝŐƵĂ ĚĞ ůĂ ĂƵƚŽƐƵĨŝĐŝĞŶĐŝĂ ĂůŝŵĞŶƚĂƌŝĂ͕ ůĂ ĂƷŶ ŝŵƉĞƌĨĞĐƚĂ KƌŐĂŶŝǌĂĐŝſŶ DƵŶĚŝĂů ĚĞů ŽŵĞƌĐŝŽ ;KDͿ͕ ůĂ ĂƵƐĞŶĐŝĂ ĚĞ ŝŶƐƚƌƵŵĞŶƚŽƐ ĞĐŽŶſŵŝĐŽƐ ĂĚĞĐƵĂĚŽƐ ƉĂƌĂůĂ ŐĞƐƚŝſŶ ĚĞů ĂŐƵĂ͕ ůĂƐ ƉŽůşƚŝĐĂƐ ŶĂĐŝŽŶĂůĞƐ ƋƵĞ ƉƌŽŵƵĞǀĞŶ ůĂ ĂŐƌŝĐƵůƚƵƌĂ ĚĞ ƌĞŐĂĚşŽ ƉĂƌĂ ĐŽŶƚƌŝďƵŝƌ Ă ůĂ ĞƐƚĂďŝůŝĚĂĚƌĞŐŝŽŶĂůǇůŽƐƉƌĞĐŝŽƐĚĞůŽƐƉƌŽĚƵĐƚŽƐĂŐƌşĐŽůĂƐ͘ ƐƚƵĚŝŽƐ ŵĄƐ ĚĞƚĂůůĂĚŽƐ ƉƌŽƉŽƌĐŝŽŶĂŶ ůŽƐ ƐŝŐƵŝĞŶƚĞƐ ĚĂƚŽƐ ĂĐĞƌĐĂ ĚĞ ƐƉĂŹĂ ;ŚĂƉĂŐĂŝŶ Ǉ ,ŽĞŬƐƚƌĂ͕ ϮϬϬϰͿ͗ Ğů ϱй ĚĞů ĂŐƵĂ ƚŽƚĂů ĞƐ ƵƚŝůŝǌĂĚĂ ĞŶ Ğů ƐĞĐƚŽƌ ĚŽŵĠƐƚŝĐŽ͕ Ğů ƐĞĐƚŽƌ ŝŶĚƵƐƚƌŝĂů ƌĞƉƌĞƐĞŶƚĂ Ğů ϭϱй ĚĞů ĐŽŶƐƵŵŽ ƚŽƚĂů ĂŐƵĂ ;ĚĞ ůŽƐ ĐƵĂůĞƐ ŵĄƐ ĚĞ ůĂ ŵŝƚĂĚ ĐŽƌƌĞƐƉŽŶĚĞ Ă ͚ŝŵƉŽƌƚĂĐŝŽŶĞƐ͛ĚĞĂŐƵĂǀŝƌƚƵĂůͿǇĞůƐĞĐƚŽƌĂŐƌşĐŽůĂƌĞƉƌĞƐĞŶƚĂĂůƌĞĚĞĚŽƌĚĞůϴϬйĚĞůĐŽŶƐƵŵŽ ƚŽƚĂůĚĞůĂŐƵĂ;ϮͬϯĐŽŶĂŐƵĂŶĂĐŝŽŶĂůǇϭͬϯĐŽŶ͚ŝŵƉŽƌƚĂĚŽƐ͛ĚĞĂŐƵĂǀŝƌƚƵĂůͿ͘ ZĞƐƉĞĐƚŽ Ă ůĂ ƐŝƚƵĂĐŝſŶ ĚĞ ƐƉĂŹĂ ĨƌĞŶƚĞ Ăů ĐŽŵĞƌĐŝŽ ĚĞ ĂŐƵĂ ǀŝƌƚƵĂů͕ Ğů ĞƐƚƵĚŝŽ ƌĞǀĞůĂ ƋƵĞ ƐƉĂŹĂ ŝŵƉŽƌƚĂ ŵƵĐŚĂ ĂŐƵĂ ǀŝƌƚƵĂů ďĂũŽ ůŽƐ ĐƵůƚŝǀŽƐ ŝŶƚĞŶƐŝǀŽƐ ĚĞ ĂŐƵĂ͕ ƉƌŝŶĐŝƉĂůŵĞŶƚĞ ĚĞ ƚƌŝŐŽ͕ ŵĂşǌ Ǉ ƐŽũĂ͕ ŵŝĞŶƚƌĂƐ ƋƵĞ ůĂƐ ĞǆƉŽƌƚĂĐŝŽŶĞƐ ƋƵĞ ƌĞĂůŝǌĂ ƐŽŶ ĚĞ ƉƌŽĚƵĐƚŽƐ ĞǆƚĞŶƐŽƐ ĚĞ ĂŐƵĂĚĞĂůƚŽǀĂůŽƌĞĐŽŶſŵŝĐŽĂĚĂƉƚĂĚŽĂůĐůŝŵĂŵĞĚŝƚĞƌƌĄŶĞŽ͕ĨƵŶĚĂŵĞŶƚĂůŵĞŶƚĞĞůĂĐĞŝƚĞĚĞ ŽůŝǀĂ͕ ĨƌƵƚĂƐ Ǉ ǀĞƌĚƵƌĂƐ͘ Ŷ ĞƐƚĞ ƐĞŶƚŝĚŽ͕ ůŽƐ ĞƐƚƵĚŝŽƐ ǀŝƌƚƵĂůĞƐ ĚĞů ĂŐƵĂ ƚĞŶŝĞŶĚŽ ĞŶ ĐƵĞŶƚĂ ƚĂŶƚŽ ůŽƐ ƌĞĐƵƌƐŽƐ ŚşĚƌŝĐŽƐ ĐŽŵŽ ůĂƐ ƉŽůşƚŝĐĂƐ ĐŽŵĞƌĐŝĂůĞƐ͕ ƉƵĞĚĞ ĐŽŶƚƌŝďƵŝƌ Ă ƵŶĂ ŵĞũŽƌ ŐĞƐƚŝſŶŝŶƚĞŐƌĂĚĂĚĞůŽƐƌĞĐƵƌƐŽƐŚşĚƌŝĐŽƐ͘ _ ŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĂŶŝǀĞůŵƵŶĚŝĂů͘ ZĞůĂĐŝŽŶĞƐƐŽĐŝŽͲĞĐŽŶſŵŝĐŽͲŚŝĚƌŽůſŐŝĐĂƐ͘ _ ŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĂŶŝǀĞůŵƵŶĚŝĂů͘ ZĞůĂĐŝŽŶĞƐƐŽĐŝŽͲĞĐŽŶſŵŝĐŽͲŚŝĚƌŽůſŐŝĐĂƐ͘ ϯ͘sZ/>^͘&/E//ME ϯ͘ϭ/ŶƚƌŽĚƵĐĐŝſŶ WĂƌĂ ƉŽĚĞƌ ĞĨĞĐƚƵĂƌ Ğů ĐŽƌƌĞƐƉŽŶĚŝĞŶƚĞ ĂŶĄůŝƐŝƐ ŵĂĐƌŽƐĐſƉŝĐŽ ĚĞ ůĂ ŚƵĞůůĂ ŚşĚƌŝĐĂ Ă ŶŝǀĞů ŵƵŶĚŝĂů ƌĞƐƉĞĐƚŽ Ă ƌĞůĂĐŝŽŶĞƐ ƐŽĐŝŽͲĞĐŽŶſŵŝĐĂƐͲŚŝĚƌŽůſŐŝĐĂƐ͕ ƐĞ ŶĞĐĞƐŝƚĂ ƉƌŝŵĞƌĂŵĞŶƚĞ ĚĞĨŝŶŝƌĐƵĄůĞƐƐŽŶůĂƐǀĂƌŝĂďůĞƐĂĐŽŶƐŝĚĞƌĂƌǇĐŽŵŽƐĞƚƌĂƚĂƌĄĂĐĂĚĂƵŶĂĚĞĞůůĂƐ͘ĂďĞƌĞƐĂůƚĂƌ ƋƵĞĞŶůĂŵĞĚŝĚĂĚĞůŽƉŽƐŝďůĞ͕ůŽƐĚĂƚŽƐĚĞĐĂĚĂǀĂƌŝĂďůĞƐĞŚĂŶŝŶƚĞŶƚĂĚŽƚŽŵĂƌĚĞůŝŶƚĞƌǀĂůŽ ĚĞ ĂŹŽƐ ϭϵϵϳͲϮϬϬϭ͘ YƵĞ ƐŽŶ ůŽƐ ŵŝƐŵŽƐ ĂŹŽƐ ĞŶ ůŽƐ ƋƵĞ ƐĞ ďĂƐĂ Ğů ĞƐƚƵĚŝŽ ĚĞ ŚĂƉĂŐĂŝŶ Ǉ ,ŽĞŬƐƚƌĂ͕ϮϬϬϰ͘ƐƚƵĚŝŽĚĞůĐƵĂůĞǆƚƌĂĞŵŽƐůŽƐĚĂƚŽƐĚĞůĂƐŚƵĞůůĂƐŚşĚƌŝĐĂƐǇƐƵƐƌĞƐƉĞĐƚŝǀĂƐ ĐŽŵƉŽŶĞŶƚĞƐ͘ ϯ͘ϮĞĨŝŶŝĐŝſŶĚĞǀĂƌŝĂďůĞƐ >ĂƐǀĂƌŝĂďůĞƐĐŽŶƐŝĚĞƌĂĚĂƐĞŶĞůƉƌĞƐĞŶƚĞĞƐƚƵĚŝŽƐŽŶǀĂƌŝĂƐ͕ƉĂƌĂƐƵŵĞũŽƌŝŶƚĞƌƉƌĞƚĂĐŝſŶƐĞ ŚĂ ĚĞĐŝĚŝĚŽ ĐƌĞĂƌ ŐƌƵƉŽƐ ĚĞ ǀĂƌŝĂďůĞƐ ĚĞ ƐŝŵŝůĂƌĞƐ ĐŽŵƉŽƌƚĂŵŝĞŶƚŽƐ ƉĂƌĂ ƵŶĂ ŵĞũŽƌ Ǉ ĨĄĐŝů ŝŶƚĞƌƉƌĞƚĂĐŝſŶ͘ ϯ͘Ϯ͘ϭ,ƵĞůůĂŚşĚƌŝĐĂ ĞĨŝŶŝĚŽ ĞŶ Ğů ĐĂƉşƚƵůŽ ĂŶƚĞƌŝŽƌ͘ >ŽƐ ĚĂƚŽƐ ĨƵĞƌŽŶ ŽďƚĞŶŝĚŽƐ ĚĞ ůĂ ďĂƐĞ ĚĞ ĚĂƚŽƐ ĚĞů ĞƐƚƵĚŝŽ ƌĞĂůŝǌĂĚŽ ƉŽƌ ŚĂƉĂŐĂŝŶ Ǉ ,ŽĞŬƐƚƌĂ͕ ϮϬϬϰ͘ ŽŶĚĞ͕ ůĂ ŚƵĞůůĂ ŚşĚƌŝĐĂ ƉĞƌ ĐĄƉŝƚĂ Ǉ ƐƵƐ ĐŽŵƉŽŶĞŶƚĞƐƐĞĚĞĨŝŶĞŶĞŶŵϯͬĐĂƉͬ͘ĂŹŽǇůĂŚƵĞůůĂŚşĚƌŝĐĂƚŽƚĂůǇƐƵƐĐŽŵƉŽŶĞŶƚĞƐƐĞĚĞĨŝŶĞŶ ĞŶ'ŵϯͬĂŹŽ͘ ŶĞƐƚĞĂƉĂƌƚĂĚŽƚĂŵďŝĠŶƐĞŚĂƚĞŶŝĚŽĞŶĐƵĞŶƚĂůĂƐƐŝŐƵŝĞŶƚĞƐǀĂƌŝĂďůĞƐ͗ůĂĞƐĐĂƐĞǌĚĞĂŐƵĂ͕ůĂ ĂƵƚŽͲƐƵĨŝĐŝĞŶĐŝĂ ĚĞ ĂŐƵĂ Ǉ ůĂ ĚĞƉĞŶĚĞŶĐŝĂ ĚĞ ůĂ ŝŵƉŽƌƚĂĐŝſŶ ĚĞ ĂŐƵĂ ĚĞ ƵŶ ƉĂşƐ͘ YƵĞ ƐĞ ĚĞĨŝŶĞŶĂĐŽŶƚŝŶƵĂĐŝſŶ;ŚĂƉĂŐĂŝŶǇ,ŽĞŬƐƚƌĂ͕ϮϬϬϰͿ͗ _ ŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĂŶŝǀĞůŵƵŶĚŝĂů͘ ZĞůĂĐŝŽŶĞƐƐŽĐŝŽͲĞĐŽŶſŵŝĐŽͲŚŝĚƌŽůſŐŝĐĂƐ͘ ƐĐĂƐĞǌĚĞĂŐƵĂ;t^͕йͿ ^ĞĚĞĨŝŶĞůĂĞƐĐĂƐĞǌĚĞĂŐƵĂĚĞƵŶƉĂşƐĐŽŵŽůĂƌĞůĂĐŝſŶĞŶƚƌĞůĂŚƵĞůůĂŚşĚƌŝĐĂĞůƉĂşƐ;t&WͿǇ ůĂĚŝƐƉŽŶŝďŝůŝĚĂĚĚĞĂŐƵĂĚĞůŵŝƐŵŽ;tͿ͘ :6 = :)3 ⋅ :$ ΀Ƌ͘ϯ͘ϭ΁ >ĂĞĐƵĂĐŝſŶϯ͘ϭŵƵĞƐƚƌĂĐŽŵŽƐĞĐĂůĐƵůĂůĂĞƐĐĂƐĞǌĚĞĂŐƵĂŶĂĐŝŽŶĂů͕ĞƐƚĂƉƵĞĚĞƐĞƌŵĄƐĚĞů ϭϬϬй Ɛŝ ƐĞ ŶĞĐĞƐŝƚĂ ŵĄƐ ĂŐƵĂ ƉĂƌĂ ƉƌŽĚƵĐŝƌ ůŽƐ ĂůŝŵĞŶƚŽƐ Ǉ ƐĞƌǀŝĐŝŽƐ ĐŽŶƐƵŵŝĚŽƐ ƉŽƌ ůŽƐ ŚĂďŝƚĂŶƚĞƐĚĞůƉĂşƐĚĞůŽƋƵĞĞƐƚĄĚŝƐƉŽŶŝďůĞĞŶĞůŵŝƐŵŽ͘ĞůŽĐŽŶƚƌĂƌŝŽƐĞƌĄŵĞŶŽƌŽŝŐƵĂůĂ ϭϬϬй͘ ŽŵŽ ŵĞĚŝĚĂ ĚĞ ůĂ ĚŝƐƉŽŶŝďŝůŝĚĂĚ ĚĞ ĂŐƵĂ ƐĞ ƚŽŵĂ ͞Ğů ƚŽƚĂů ĚĞ ůŽƐ ƌĞĐƵƌƐŽƐ ŚşĚƌŝĐŽƐ ƌĞŶŽǀĂďůĞƐ͟ĚĞĨŝŶŝĚŽƉŽƌůĂ&K͘ ĞƉĞŶĚĞŶĐŝĂĞŶůĂŝŵƉŽƌƚĂĐŝſŶ;t͕йͿ ^ĞĚĞĨŝŶĞůĂĚĞƉĞŶĚĞŶĐŝĂĚĞůĂŝŵƉŽƌƚĂĐŝſŶĚĞƵŶƉĂşƐĐŽŵŽůĂƌĞůĂĐŝſŶĞŶƚƌĞůĂŚƵĞůůĂŚşĚƌŝĐĂ ĞǆƚĞƌŶĂ;t&W͕ŵϯͬĂŹŽͿǇůĂŚƵĞůůĂŚşĚƌŝĐĂƚŽƚĂůĚĞƵŶƉĂşƐ;t&W͕ŵϯͬĂŹŽͿ͘ (:)3 :' = ⋅ ΀Ƌ͘ϯ͘Ϯ΁ :)3 >ĂĞĐƵĂĐŝſŶϯ͘ϮŵƵĞƐƚƌĂĐŽŵŽƐĞĐĂůĐƵůĂůĂĚĞƉĞŶĚĞŶĐŝĂĞŶůĂŝŵƉŽƌƚĂĐŝſŶĚĞĂŐƵĂ͘ ƵƚŽͲƐƵĨŝĐŝĞŶĐŝĂĚĞĂŐƵĂ;t^^͕йͿ ^ĞĚĞĨŝŶĞůĂĂƵƚŽͲƐƵĨŝĐŝĞŶĐŝĂĚĞĂŐƵĂĚĞƵŶƉĂşƐĐŽŵŽůĂƌĞůĂĐŝſŶĞŶƚƌĞůĂŚƵĞůůĂŚşĚƌŝĐĂŝŶƚĞƌŶĂ ;/t&W͕ŵϯͬĂŹŽͿǇůĂŚƵĞůůĂŚşĚƌŝĐĂƚŽƚĂůĚĞƵŶƉĂşƐ͘ :66 = ,:)3 ⋅ :)3 ΀Ƌ͘ϯ͘ϯ΁ >ĂĞĐƵĂĐŝſŶϯ͘ϯŵƵĞƐƚƌĂĐŽŵŽƐĞĐĂůĐƵůĂůĂĂƵƚŽͲƐƵĨŝĐŝĞŶĐŝĂĚĞĂŐƵĂ͕ĞƐƚĂĞƐĚĞůϭϬϬйĐƵĂŶĚŽ ƚŽĚĂ Ğů ĂŐƵĂ ŶĞĐĞƐĂƌŝĂ ĞƐƚĄ ĚŝƐƉŽŶŝďůĞ Ǉ͕ ĚĞ ŚĞĐŚŽ ĂĚŽƉƚĂĚĂ ĚĞŶƚƌŽ ĚĞů ƉƌŽƉŝŽ ƚĞƌƌŝƚŽƌŝŽ͘ ^Ğ ĂĐĞƌĐĂĂĐĞƌŽƐŝůĂĚĞŵĂŶĚĂĚĞďŝĞŶĞƐǇƐĞƌǀŝĐŝŽƐĞŶƵŶƉĂşƐƐŽŶŵƵǇďƌƵƚŽƐ͕ĞƐĚĞĐŝƌƋƵĞƐƵƐ ŝŵƉŽƌƚĂĐŝŽŶĞƐĚĞĂŐƵĂǀŝƌƚƵĂůƐŽŶĐŽŶƐŝĚĞƌĂďůĞƐ͕ƉŽƌůŽƚĂŶƚŽƚĞŶĚƌĄůĂŚƵĞůůĂĞǆƚĞƌŶĂĚĞĂŐƵĂ ƌĞůĂƚŝǀĂŵĞŶƚĞŐƌĂŶĚĞĞŶĐŽŵƉĂƌĂĐŝſŶĐŽŶƐƵŚƵĞůůĂŚşĚƌŝĐĂŝŶƚĞƌŶĂ͘ ϯ͘Ϯ͘ϮsĂƌŝĂďůĞƐŚşĚƌŝĐĂƐ • ǆƚƌĂĐĐŝŽŶĞƐĚĞĂŐƵĂ ƐůĂĐĂŶƚŝĚĂĚĚĞĂŐƵĂĞǆƚƌĂşĚĂĐĂĚĂĂŹŽƉĂƌĂƵƐŽƐĂŐƌŽƉĞĐƵĂƌŝŽƐ͕ŝŶĚƵƐƚƌŝĂůĞƐǇŵƵŶŝĐŝƉĂůĞƐ͘ /ŶĐůƵǇĞ ůŽƐ ƌĞĐƵƌƐŽƐ ƌĞŶŽǀĂďůĞƐ ĚĞ ĂŐƵĂ ĚƵůĐĞ ĂƐş ĐŽŵŽ ůĂ ƉŽƐŝďůĞ ƐŽďƌĞ ĞǆƚƌĂĐĐŝſŶ ĚĞ ĂŐƵĂƐ ƐƵďƚĞƌƌĄŶĞĂƐ ƌĞŶŽǀĂďůĞƐ͕ ĂŐƵĂƐ ƐƵďƚĞƌƌĄŶĞĂƐ ĨſƐŝůĞƐ͕ ĂŐƵĂƐ ĚĞƐĂůŝŶŝǌĂĚĂƐ Ǉ ĂŐƵĂƐ ƌĞƐŝĚƵĂůĞƐ ƚƌĂƚĂĚĂƐ͘ _ ŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĂŶŝǀĞůŵƵŶĚŝĂů͘ ZĞůĂĐŝŽŶĞƐƐŽĐŝŽͲĞĐŽŶſŵŝĐŽͲŚŝĚƌŽůſŐŝĐĂƐ͘ ŶĞůƉƌĞƐĞŶƚĞĞƐƚƵĚŝŽƐĞŚĂƚĞŶŝĚŽĞŶĐƵĞŶƚĂůĂĞǆƚƌĂĐĐŝſŶĚĞĂŐƵĂƉĞƌĐĄƉŝƚĂĞŶŵϯͬƉĞƌͬĂŹŽǇ ůĂĞǆƚƌĂĐĐŝſŶƚŽƚĂůĚĞĂŐƵĂĞŶŵϯͬĂŹŽĚĞůĂŹŽϮϬϬϬ͘>ŽƐĚĂƚŽƐĨƵĞƌŽŶŽďƚĞŶŝĚŽƐĚĞůƐŝƐƚĞŵĂĚĞ ŝŶĨŽƌŵĂĐŝſŶŵƵŶĚŝĂůƐŽďƌĞĞůƵƐŽĚĞůĂŐƵĂĞŶůĂĂŐƌŝĐƵůƚƵƌĂǇĞůŵĞĚŝŽƌƵƌĂů͕ĞůĂďŽƌĂĚŽƉŽƌůĂ ŝƌĞĐĐŝſŶ ĚĞ &ŽŵĞŶƚŽ ĚĞ dŝĞƌƌĂ Ǉ ŐƵĂ ĚĞ ůĂ &K͕ ůůĂŵĂĚŽ Yh^dd ĚĞ ĂĐĐĞƐŽ ůŝďƌĞ ĞŶ ƐƵ tĞď͘ • ŐƵĂƐƵƉĞƌĨŝĐŝĂůƌĞŶŽǀĂďůĞ ů ĂŐƵĂ ƐƵƉĞƌĨŝĐŝĂůƚŽƚĂů ƌĞŶŽǀĂďůĞ ĞƐ ůĂ ƐƵŵĂ ĚĞ ůŽƐƌĞĐƵƌƐŽƐ ŝŶƚĞƌŶŽƐ ƌĞŶŽǀĂďůĞƐ Ǉ ĞǆƚĞƌŶŽƐ ƌĞŶŽǀĂďůĞƐ ĚĞ ĂŐƵĂ ƐƵƉĞƌĨŝĐŝĂů͘ ů ĂŐƵĂ ƐƵƉĞƌĨŝĐŝĂů ŝŶƚĞƌŶĂ ƚŽƚĂů ƌĞŶŽǀĂďůĞ Ă ůĂƌŐŽ ƉůĂǌŽ ĞƐ Ğů ǀŽůƵŵĞŶ ŵĞĚŝŽ ĂŶƵĂů ĚĞ ĂŐƵĂ ƐƵƉĞƌĨŝĐŝĂů ŐĞŶĞƌĂĚĂ ƉŽƌ ůĂ ĞƐĐŽƌƌĞŶƚşĂ ĚŝƌĞĐƚĂ ĚĞ ůĂ ƉƌĞĐŝƉŝƚĂĐŝſŶ Ǉ ůĂƐ ĐŽŶƚƌŝďƵĐŝŽŶĞƐ ĚĞ ůĂƐ ĂŐƵĂƐ ƐƵďƚĞƌƌĄŶĞĂƐ͘ ů ĂŐƵĂ ƐƵƉĞƌĨŝĐŝĂů ĞǆƚĞƌŶĂ ƌĞŶŽǀĂďůĞĞƐůĂƐƵŵĂĚĞůĂĂƉŽƌƚĂĐŝſŶƌĞĂůƋƵĞŶŽƐĞƉƌĞƐĞŶƚĂĞŶůŽƐƚƌĂƚĂĚŽƐ͕ĞůŝŶŐƌĞƐŽƌĞĂů ĂƐĞŐƵƌĂĚŽ Ă ƚƌĂǀĠƐ ĚĞ ůŽƐ ƚƌĂƚĂĚŽƐ͕ Ğů ĨůƵũŽ ĚĞ ůŽƐ ƌşŽƐ ĨƌŽŶƚĞƌŝǌŽƐ Ǉ ůŽƐ ůĂŐŽƐ ĐŽŵƉĂƌƚŝĚŽƐ͕ ŵĞŶŽƐĞůĨůƵũŽĚĞƐĂůŝĚĂƌĞƐĞƌǀĂĚŽĂůŽƐƉĂşƐĞƐĂŐƵĂƐĂďĂũŽĂƚƌĂǀĠƐĚĞůŽƐƚƌĂƚĂĚŽƐ͘ ^Ğ ĚĞĨŝŶĞ Ğů ĂŐƵĂ ƐƵƉĞƌĨŝĐŝĂů ƌĞŶŽǀĂďůĞ ƉĞƌ ĐĄƉŝƚĂ ĞŶ ŵϯͬƉĞƌͬĂŹŽ Ǉ Ğů ĂŐƵĂ ƐƵƉĞƌĨŝĐŝĂů ƚŽƚĂů ƌĞŶŽǀĂďůĞ ĞŶ ŵϯͬĂŹŽ͘ Ğů ĂŹŽ ϮϬϬϬ͕ ĚĂƚŽƐ ŽďƚĞŶŝĚŽƐ ĚĞ ůĂ ďĂƐĞ ĚĞ ĚĂƚŽƐ ĚĞ ůĂƐ &K͕ Yh^dd͘ • ZĞĐƵƌƐŽƐŚşĚƌŝĐŽƐƌĞŶŽǀĂďůĞƐ >ŽƐ ƌĞĐƵƌƐŽƐ ŚşĚƌŝĐŽƐ ƚŽƚĂůĞƐ ƌĞŶŽǀĂďůĞƐ ƐŽŶ ůĂ ƐƵŵĂ ĚĞ ůŽƐ ƌĞĐƵƌƐŽƐ ŚşĚƌŝĐŽƐ ŝŶƚĞƌŶŽƐ Ǉ ĞǆƚĞƌŶŽƐ ƌĞŶŽǀĂďůĞƐ ŵĞŶŽƐ Ğů ƐŽůĂƉĂŵŝĞŶƚŽ ĞŶƚƌĞ ĂŐƵĂƐ ƐƵƉĞƌĨŝĐŝĂůĞƐ Ǉ ĂŐƵĂƐ ƐƵďƚĞƌƌĄŶĞĂƐ͘ ŽƌƌĞƐƉŽŶĚĞĂůĂĐĂŶƚŝĚĂĚŵĄǆŝŵĂƚĞſƌŝĐĂĂŶƵĂůĚĞĂŐƵĂƌĞĂůŵĞŶƚĞĚŝƐƉŽŶŝďůĞƉĂƌĂƵŶƉĂşƐĞŶ ƵŶ ŵŽŵĞŶƚŽ ĚĂĚŽ͘ ,ĂǇ ƋƵĞ ƌĞƐĂůƚĂƌ ƋƵĞ ůŽƐ ƌĞĐƵƌƐŽƐ ŚşĚƌŝĐŽƐ ĞǆƚĞƌŶŽƐ ƌĞŶŽǀĂďůĞƐ ĞŶ ĐĂƐŽƐ ĞǆƚƌĞŵŽƐ͕ƉƵĞĚĞƐĞƌŶĞŐĂƚŝǀŽĐƵĂŶĚŽĞůĨůƵũŽƌĞƐĞƌǀĂĚŽĂůŽƐƉĂşƐĞƐĂŐƵĂƐĂďĂũŽĞƐŵĄƐƋƵĞĞů ĨůƵũŽĚĞĞŶƚƌĂĚĂ͘ ^Ğ ĚĞĨŝŶĞŶ ůŽƐ ƌĞĐƵƌƐŽƐ ŚşĚƌŝĐŽƐ ƌĞŶŽǀĂďůĞƐ ƉĞƌ ĐĄƉŝƚĂ ĞŶ ŵϯͬƉĞƌͬĂŹŽ Ǉ ůŽƐ ƌĞĐƵƌƐŽƐ ƚŽƚĂůĞƐ ƌĞŶŽǀĂďůĞƐ ĞŶ ŵϯͬĂŹŽ͘ Ğů ĂŹŽ ϮϬϬϬ͕ ĚĂƚŽƐ ŽďƚĞŶŝĚŽƐ ĚĞ ůĂ ďĂƐĞ ĚĞ ĚĂƚŽƐ ĚĞ ůĂƐ &K͕ Yh^dd͘ • /ŶƐƵŵŽĂŐƌşĐŽůĂ͘/ŶƚĞŶƐŝĚĂĚĚĞůƵƐŽĚĞůĂŐƵĂ͘ ƐůĂĐĂŶƚŝĚĂĚĚĞĂŐƵĂƵƚŝůŝǌĂĚĂĞŶĞůƐĞĐƚŽƌĂŐƌşĐŽůĂƉŽƌŚĞĐƚĄƌĞĂĚĞƚŝĞƌƌĂĚĞĐƵůƚŝǀŽƚĞŵƉŽƌĂů ǇƉĞƌŵĂŶĞŶƚĞĞŶĞůĂŹŽĞƐƉĞĐŝĨŝĐĂĚŽ͕ϮϬϬϬ͘ƐƚĞŝŶĚŝĐĂĚŽƌŵƵĞƐƚƌĂůĂĚĞƉĞŶĚĞŶĐŝĂĚĞƵŶƉĂşƐ ĞŶĞůƌŝĞŐŽƉĂƌĂůĂƉƌŽĚƵĐĐŝſŶĂŐƌşĐŽůĂ͘ ƐƚĄĚĞĨŝŶŝĚŽƉĞƌĐĄƉŝƚĂĞŶŵϯͬƉĞƌͬĂŹŽǇƚŽƚĂůĞƐĞŶŵϯͬŚĂͬĂŹŽ͘ĂƚŽƐŽďƚĞŶŝĚŽƐĚĞůĂďĂƐĞĚĞ ĚĂƚŽƐĚĞůĂƐ&KůůĂŵĂĚĂ&K^ddͲWƌŽĚƵĐĐŝſŶǇĚĞĂĐĐĞƐŽůŝďƌĞĞŶƐƵtĞď͘ _ ŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĂŶŝǀĞůŵƵŶĚŝĂů͘ ZĞůĂĐŝŽŶĞƐƐŽĐŝŽͲĞĐŽŶſŵŝĐŽͲŚŝĚƌŽůſŐŝĐĂƐ͘ ϯ͘Ϯ͘ϯ/ŶĚŝĐĂĚŽƌĞƐŚşĚƌŝĐŽƐ • 1ŶĚŝĐĞĚĞƉŽďƌĞǌĂŚşĚƌŝĐĂ ůşŶĚŝĐĞĚĞƉŽďƌĞǌĂŚşĚƌŝĐĂ͕ĞůĂďŽƌĂĚŽƉŽƌĞůĞŶƚƌŽĚĞĐŽůŽŐşĂǇZĞĐƵƌƐŽƐ,şĚƌŝĐŽƐĚĞůZĞŝŶŽ hŶŝĚŽ͕ƐĞĐŽŶƐƚŝƚƵǇĞĐŽŵŽƵŶĂŶƵĞǀĂŚĞƌƌĂŵŝĞŶƚĂƉĂƌĂĞůŽƌĚĞŶĂŵŝĞŶƚŽƚĞƌƌŝƚŽƌŝĂůĞŶǌŽŶĂƐ ĄƌŝĚĂƐ͘ƐƚĞŵŝĚĞůĂĞƐĐĂƐĞǌŚşĚƌŝĐĂĂƚƌĂǀĠƐĚĞůĂĞǀĂůƵĂĐŝſŶĚĞĐŝŶĐŽĐŽŵƉŽŶĞŶƚĞƐ;^ƵůůŝǀĂŶ ͕͘ϮϬϬϮͿ͕ĞŶĨŽƌŵĂŝŶƚĞƌĚŝƐĐŝƉůŝŶĂƌŝĂ͕ĞǆƉĞĚŝƚŝǀĂǇƉŽŶĚĞƌĂĚĂ͘ƐƚŽƐĐŽŵƉŽŶĞŶƚĞƐƐŽŶ͗ ZĞĐƵƌƐŽ͗ǀŽůƵŵĞŶĚĞĂŐƵĂĚŝƐƉŽŶŝďůĞƉĞƌĐĄƉŝƚĂ͕ĞŶƐƵƉĞƌĨŝĐŝĞƐǇƐƵďƚĞƌƌĄŶĞĂ͘ ĐĐĞƐŽ͗ ƌĞůĂĐŝŽŶĂĚŽ ĐŽŶ ůĂ ĚŝƐƚĂŶĐŝĂ ƋƵĞ ŶŽƐ ƐĞƉĂƌĂ ĚĞ ůĂ ĨƵĞŶƚĞ ĚĞ ĂŐƵĂ Ǉ ĐŽŶ Ğů ƚŝĞŵƉŽ ƋƵĞ ŶĞĐĞƐŝƚĂŵŽƐ ƉĂƌĂ ĂďĂƐƚĞĐĞƌŶŽƐ ĚĞ ĂŐƵĂ ĞŶ ĐĂƐĂ͘ dĂŵďŝĠŶ ƐĞ ƌĞĨŝĞƌĞ Ăů ĂŐƵĂƉĂƌĂƌĞŐĂĚşŽ͘ ĂƉĂĐŝĚĂĚ͗ĚĞĨŝŶĞůĂŚĂďŝůŝĚĂĚĚĞƵŶƉĂşƐƉĂƌĂĐŽŵƉƌĂƌǇĂĚŵŝŶŝƐƚƌĂƌĂŐƵĂǇŵĞũŽƌĂƌůĂ͘ dĂŵďŝĠŶƚŝĞŶĞĞŶĐƵĞŶƚĂůĂƐŵĞĚŝĚĂƐĞŶŵĂƚĞƌŝĂĚĞĞĚƵĐĂĐŝſŶǇƐĂůƵĚƋƵĞƐĞƚŽŵĂŶ ĞŶƌĞůĂĐŝſŶĐŽŶĞůĂŐƵĂ͘ hƐŽ͗ ůĂ ŵĂŶĞƌĂ ĞŶ ůĂ ƋƵĞ ƵƚŝůŝǌĂŵŽƐ Ğů ĂŐƵĂ͖ ƐĞ ƚŝĞŶĞ ĞŶ ĐƵĞŶƚĂ Ɛŝ ŚĂĐĞŵŽƐ ƵŶ ƵƐŽ ĞĨŝĐŝĞŶƚĞǇĚĞĂŚŽƌƌŽ͘ /ŵƉĂĐƚŽĂŵďŝĞŶƚĂů͗ƐĞĞǀĂůƷĂƐŝůŽƐĞĐŽƐŝƐƚĞŵĂƐǇůĂƐĞƐƉĞĐŝĞƐƐĞǀĞŶĂĨĞĐƚĂĚĂƐƉŽƌĞů ƵƐŽǇĞůĐŽŶƐƵŵŽĚĞĂŐƵĂƋƵĞŚĂĐĞůĂƉŽďůĂĐŝſŶŚƵŵĂŶĂ͘ >ŽƐĐŝŶĐŽĐŽŵƉŽŶĞŶƚĞƐĞƐƚĄŶĚĞĨŝŶŝĚŽƐĞŶƵŶĂĞƐĐĂůĂĚĞϬĂϮϬ͘ů1ŶĚŝĐĞĚĞƉŽďƌĞǌĂŚşĚƌŝĐĂĞƐ ůĂƐƵŵĂĚĞƐƵƐĐŽŵƉŽŶĞŶƚĞƐ͕ƉŽƌůŽĐƵĂůĞƐƚĄĚĞĨŝŶŝĚŽĞŶƵŶĂĞƐĐĂůĂĚĞϬĂϭϬϬ͘hŶŽĚĞůŽƐ ƷůƚŝŵŽƐ ĞƐƚƵĚŝŽƐ ;'ŝŶĞ͕ WĞƌĞǌͲ&ŽŐƵĞƚ͘ ϮϬϭϬͿ ƉƵďůŝĐĂĚŽ ĞŶ ^Ͳ: Ŷǀ͘ ŶŐ͘ ĞĨĞĐƚƷĂ ƵŶ ƐĞŐƵŝŵŝĞŶƚŽĚĞůĂƉŽďƌĞǌĂĚĞůĂŐƵĂ͘ >ŽƐ ĚĂƚŽƐ ĞƐƚĄŶ ĚŝƐƉŽŶŝďůĞƐ ĞŶ ůĂ ďĂƐĞ ĚĞ ĚĂƚŽƐ ĚĞů tŽƌůĚ ZĞƐŽƵƌĐĞƐ /ŶƐƚŝƚƵƚĞ ůůĂŵĂĚĂ Zd,dZE^ĚĞĂĐĐĞƐŽůŝďƌĞĞŶůĂtĞď͘ • ďĂƐƚĞĐŝŵŝĞŶƚŽǇ^ĂŶĞĂŵŝĞŶƚŽ >ŽƐ ĚĂƚŽƐ ĨƵĞƌŽŶ ƚŽŵĂĚŽƐ ĚĞ ƵŶ ĞƐƚƵĚŝŽ ƌĞĂůŝǌĂĚŽ ƉŽƌ ůĂ KƌŐĂŶŝǌĂĐŝſŶ DƵŶĚŝĂů ĚĞ ůĂ ^ĂůƵĚ ůůĂŵĂĚŽ͗ /ŶĨŽƌŵĞ ƐŽďƌĞ ůĂ ĞǀĂůƵĂĐŝſŶ ŵƵŶĚŝĂů ĚĞů ĂďĂƐƚĞĐŝŵŝĞŶƚŽ ĚĞ ĂŐƵĂ Ǉ ƐĂŶĞĂŵŝĞŶƚŽ͕ ϮϬϬϬ͘zĞƐƚĄŶĚĞĨŝŶŝĚŽƐĞŶƉŽƌĐĞŶƚĂũĞƐ͘ ϯ͘Ϯ͘ϰĂƌĂĐƚĞƌşƐƚŝĐĂƐĚĞůƚĞƌƌŝƚŽƌŝŽ • ƉƌŽǀĞĐŚĂŵŝĞŶƚŽĚĞƚŝĞƌƌĂƐ ŽŵƉƵĞƐƚŽƉŽƌ͗dŝĞƌƌĂƐĐƵůƚŝǀĂďůĞƐ͕ƚŝĞƌƌĂƐĐŽŶĐƵůƚŝǀŽƐƉĞƌŵĂŶĞŶƚĞƐǇƚĞŵƉŽƌĂůĞƐǇƐƵƉĞƌĨŝĐŝĞ ĐƵůƚŝǀĂĚĂƚŽƚĂůĚĞůƉĂşƐ͘^ĞŚĂŶĚĞĨŝŶŝĚŽĞŶϭϬϬϬ,ĂǇůŽƐĂŹŽƐĐŽŶƐŝĚĞƌĂĚŽƐŚĂŶƐŝĚŽǀĂƌŝŽƐĞŶ ĨƵŶĐŝſŶ ĚĞ ůŽƐ ĚĂƚŽƐ ĚŝƐƉŽŶŝďůĞƐ ĞŶ ůĂ ďĂƐĞ ĚĞ ĚĂƚŽƐ ĚĞů tŽƌůĚ ZĞƐŽƵƌĐĞƐ /ŶƐƚŝƚƵƚĞ ůůĂŵĂĚĂ Zd,dZE^ĚĞĂĐĐĞƐŽůŝďƌĞĞŶůĂtĞď͘ _ ŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĂŶŝǀĞůŵƵŶĚŝĂů͘ ZĞůĂĐŝŽŶĞƐƐŽĐŝŽͲĞĐŽŶſŵŝĐŽͲŚŝĚƌŽůſŐŝĐĂƐ͘ • dŝĞƌƌĂƐĞĐĂ ^Ğ ĞŶĐƵĞŶƚƌĂ ĚŝǀŝĚŝĚĂ ĞŶ ƚƌĞƐ ǌŽŶĂƐ͗ ǌŽŶĂ ĄƌŝĚĂ͕ ƐĞŵŝĄƌŝĚĂ Ǉ ƐƵďŚƷŵĞĚĂ ƐĞĐĂ͘^Ğ ĚĞĨŝŶĞŶ ĞŶ ϭϬϬϬ,Ă Ǉ ůŽƐ ĚĂƚŽƐ ĞƐƚĄŶ ĚŝƐƉŽŶŝďůĞƐ ĞŶ ůĂ ďĂƐĞ ĚĞ ĚĂƚŽƐ ĚĞů tŽƌůĚ ZĞƐŽƵƌĐĞƐ /ŶƐƚŝƚƵƚĞ ůůĂŵĂĚĂZd,dZE^ĚĞĂĐĐĞƐŽůŝďƌĞĞŶůĂtĞď͘ • ŽŶĂĚĞĞĐŽƐŝƐƚĞŵĂƐ &ŽƌŵĂĚĂ ƉŽƌ͗ ĄƌĞĂĞƐƚĠƌŝůŽ ĐŽŶ ĞƐĐĂƐĂ ǀĞŐĞƚĂĐŝſŶǇ ƚŝĞƌƌĂƐ ĚĞĐƵůƚŝǀŽ͘ ^Ğ ĚĞĨŝŶĞŶ ĞŶ ŬŵϮ͕ Ğů ƉĞƌşŽĚŽĚĞĂŹŽĐŽŶƐŝĚĞƌĂĚŽĞƐϭϵϵϮͲϭϵϵϯ͘>ŽƐĚĂƚŽƐƐĞĞŶĐƵĞŶƚƌĂŶĚŝƐƉŽŶŝďůĞƐĞŶůĂďĂƐĞĚĞ ĚĂƚŽƐĚĞůtŽƌůĚZĞƐŽƵƌĐĞƐ/ŶƐƚŝƚƵƚĞůůĂŵĂĚĂZd,dZE^ĚĞĂĐĐĞƐŽůŝďƌĞĞŶůĂtĞď͘ ϯ͘Ϯ͘ϱWŽďůĂĐŝſŶ ^ĞŚĂĐŽŶƐŝĚĞƌĂĚŽůĂƉŽďůĂĐŝſŶƚŽƚĂů͕ƉŽďůĂĐŝſŶƵƌďĂŶĂǇƉŽďůĂĐŝſŶƌƵƌĂůĚĞůŽƐƉĂşƐĞƐĞŶĞůĂŹŽ ϮϬϬϬ͘ z ƚĂŵďŝĠŶ ůĂ ǀĂƌŝĂĐŝſŶ ĚĞ ůĂ ƉŽďůĂĐŝſŶ ĞŶ Ğů ŝŶƚĞƌǀĂůŽ ĚĞ ůŽƐ ĂŹŽƐ ϭϵϵϳͲϮϬϬϭ͘ ĂƚŽƐ ĚĞĨŝŶŝĚŽƐ ĞŶ ŵŝůĞƐ ĚĞ ƉĞƌƐŽŶĂƐ Ǉ ƐĞ ĞŶĐƵĞŶƚƌĂŶ ĚŝƐƉŽŶŝďůĞƐ ĞŶ ůĂƐ ďĂƐĞ ĚĞ ĚĂƚŽƐ ĚĞ ůĂƐ &K ůůĂŵĂĚĂYh^dd͘ ϯ͘Ϯ͘ϲĂƌĂĐƚĞƌşƐƚŝĐĂƐĐůŝŵĄƚŝĐĂƐ ŽŶƐŝĚĞƌĂƌĞŵŽƐ ĞŶ ĞƐƚĞ ĂƉĂƌƚĂĚŽ ůĂ ƉƌĞĐŝƉŝƚĂĐŝſŶ Ǉ ůĂ ƚĞŵƉĞƌĂƚƵƌĂ͘ ŽŶ ƌĞƐƉĞĐƚŽ Ă ůĂ ƉƌĞĐŝƉŝƚĂĐŝſŶ ƚĞŶĞŵŽƐ ůĂ ƉƌĞĐŝƉŝƚĂĐŝſŶ ŵĞĚŝĂ ĞŶ ƉƌŽĨƵŶĚŝĚĂĚ ĚĞĨŝŶŝĚĂ ĞŶ DŵͬĂŹŽ Ǉ ůĂ ƉƌĞĐŝƉŝƚĂĐŝſŶŵĞĚŝĂĞŶǀŽůƵŵĞŶĚĞĨŝŶŝĚĂĞŶ'ŵϯͬĂŹŽ͘ŶĐƵĂŶƚŽĂůĂƚĞŵƉĞƌĂƚƵƌĂƚĞŶĞŵŽƐůĂ ƚĞŵƉĞƌĂƚƵƌĂ ŵşŶŝŵĂ ŵĞĚŝĂ Ǉ ůĂ ƚĞŵƉĞƌĂƚƵƌĂ ŵĄǆŝŵĂ ŵĞĚŝĂ͘ >ŽƐ ĚĂƚŽƐ ŵĞĚŝŽƐ ƐĞ ŚĂŶ ŽďƚĞŶŝĚŽĚĞůŝŶƚĞƌǀĂůŽĚĞůϮϬϬϯͲϮϬϬϳǇĞƐƚĄŶĚŝƐƉŽŶŝďůĞƐĞŶůĂďĂƐĞĚĞĚĂƚŽƐĐůŝŵĄƚŝĐŽƐĚĞůĂƐ &KůůĂŵĂĚŽ&K>/DͲEd͘ ϯ͘Ϯ͘ϳĂƚŽƐĂůŝŵĞŶƚĂƌŝŽƐ ƐƚĞ ĂƉĂƌƚĂĚŽ ĞƐƚĄ ĐŽŵƉƵĞƐƚŽ ƉŽƌ ůĂ ƉƌŽĚƵĐĐŝſŶ Ǉ Ğů ĐŽŶƐƵŵŽ ĚĞ ĐĂƌŶĞ Ǉ ůĂ ĞǆƉŽƌƚĂĐŝſŶ Ğ ŝŵƉŽƌƚĂĐŝſŶ ĚĞ ĂůŝŵĞŶƚŽƐ Ǉ ƉƌŽĚƵĐƚŽƐ ĂŐƌşĐŽůĂƐ ĞŶ Ğů ĂŹŽ ϮϬϬϮ ĚĞĨŝŶŝĚŽƐ ĞŶ ŵŝůůŽŶĞƐ ĚĞ Ψ ĐŽƌƌŝĞŶƚĞƐ͘ >ŽƐ ĚĂƚŽƐ ĞƐƚĄŶ ĚŝƐƉŽŶŝďůĞƐ ĞŶ ůĂ ďĂƐĞ ĚĞ ĚĂƚŽƐ ĚĞů tŽƌůĚ ZĞƐŽƵƌĐĞƐ /ŶƐƚŝƚƵƚĞ ůůĂŵĂĚĂZd,dZE^ĚĞĂĐĐĞƐŽůŝďƌĞĞŶůĂtĞď͘ ϯ͘Ϯ͘ϴ/ŶĚŝĐĂĚŽƌĞƐĞĐŽŶſŵŝĐŽƐ 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RSTOT NTYYT USP MSQYY MST H_`WH RSUQM MRMUR USY YTY XSQ ŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĂŶŝǀĞůŵƵŶĚŝĂů͘ ZĞůĂĐŝŽŶĞƐƐŽĐŝŽͲĞĐŽŶſŵŝĐŽͲŚŝĚƌŽůſŐŝĐĂƐ͘ ŶĞũŽ// ƐƚĞĂŶĞũŽĐŽŶƚŝĞŶĞůŽƐŐƌĄĨŝĐŽƐĚĞůĂƐƌĞůĂĐŝŽŶĞƐŽďƚĞŶŝĚĂƐŵĞĚŝĂŶƚĞĞůĂŶĄůŝƐŝƐĨĂĐƚŽƌŝĂůǇƋƵĞ ƐĞŚĂŶƌĞĐŚĂǌĂĚŽĚĞďŝĚŽĂůďĂũŽĐŽĞĨŝĐŝĞŶƚĞĚĞĐŽƌƌĞůĂĐŝſŶZϮƋƵĞƉƌĞƐĞŶƚĂŶ͘ ϭ͘ W1^^KEZ/ • >K';t&WĐĂƉͿ >K';t&WĐĂƉͿʹZ,ĐĂƉϯ _ ŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĂŶŝǀĞůŵƵŶĚŝĂů͘ ZĞůĂĐŝŽŶĞƐƐŽĐŝŽͲĞĐŽŶſŵŝĐŽͲŚŝĚƌŽůſŐŝĐĂƐ͘ >K';t&WĐĂƉͿʹZ,Ϯ >K';t&WĐĂƉͿʹW^ϭ _ ŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĂŶŝǀĞůŵƵŶĚŝĂů͘ ZĞůĂĐŝŽŶĞƐƐŽĐŝŽͲĞĐŽŶſŵŝĐŽͲŚŝĚƌŽůſŐŝĐĂƐ͘ >K';t&WĐĂƉͿʹdŝĞƌƌĂϭ >K';t&WĐĂƉͿʹůŝŵĂϮ _ ŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĂŶŝǀĞůŵƵŶĚŝĂů͘ ZĞůĂĐŝŽŶĞƐƐŽĐŝŽͲĞĐŽŶſŵŝĐŽͲŚŝĚƌŽůſŐŝĐĂƐ͘ >K';t&WĐĂƉͿʹůŝŵϮ • t&WĐĂƉϭ t&WĐĂƉϭʹZ,ĐĂƉϭ _ ŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĂŶŝǀĞůŵƵŶĚŝĂů͘ ZĞůĂĐŝŽŶĞƐƐŽĐŝŽͲĞĐŽŶſŵŝĐŽͲŚŝĚƌŽůſŐŝĐĂƐ͘ t&WĐĂƉϭʹZ,ϭ t&WĐĂƉϭʹW^ϯ _ ŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĂŶŝǀĞůŵƵŶĚŝĂů͘ ZĞůĂĐŝŽŶĞƐƐŽĐŝŽͲĞĐŽŶſŵŝĐŽͲŚŝĚƌŽůſŐŝĐĂƐ͘ t&WĐĂƉϭʹdŝĞƌƌĂϭ t&WĐĂƉϭʹWKϯ _ ŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĂŶŝǀĞůŵƵŶĚŝĂů͘ ZĞůĂĐŝŽŶĞƐƐŽĐŝŽͲĞĐŽŶſŵŝĐŽͲŚŝĚƌŽůſŐŝĐĂƐ͘ t&WĐĂƉϭʹůŝŵĂϯ t&WĐĂƉϭʹůŝŵϯ _ ŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĂŶŝǀĞůŵƵŶĚŝĂů͘ ZĞůĂĐŝŽŶĞƐƐŽĐŝŽͲĞĐŽŶſŵŝĐŽͲŚŝĚƌŽůſŐŝĐĂƐ͘ • t&WĐĂƉϯ t&WĐĂƉϯʹZ,ĐĂƉϯ t&WĐĂƉϯʹZ,ϭ _ ŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĂŶŝǀĞůŵƵŶĚŝĂů͘ ZĞůĂĐŝŽŶĞƐƐŽĐŝŽͲĞĐŽŶſŵŝĐŽͲŚŝĚƌŽůſŐŝĐĂƐ͘ t&WĐĂƉϯʹW^ϭ t&WĐĂƉϯʹdŝĞƌƌĂϭ _ ŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĂŶŝǀĞůŵƵŶĚŝĂů͘ ZĞůĂĐŝŽŶĞƐƐŽĐŝŽͲĞĐŽŶſŵŝĐŽͲŚŝĚƌŽůſŐŝĐĂƐ͘ t&WĐĂƉϯʹůŝŵĂϯ t&WĐĂƉϯʹůŝŵϮ _ ŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĂŶŝǀĞůŵƵŶĚŝĂů͘ ZĞůĂĐŝŽŶĞƐƐŽĐŝŽͲĞĐŽŶſŵŝĐŽͲŚŝĚƌŽůſŐŝĐĂƐ͘ Ϯ͘W1^^^/EZ/ • >K';t&WĐĂƉͿ >K';t&WWͿʹZ,ĐĂƉϯ >K';t&WĐĂƉͿʹZ,Ϯ _ ŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĂŶŝǀĞůŵƵŶĚŝĂů͘ ZĞůĂĐŝŽŶĞƐƐŽĐŝŽͲĞĐŽŶſŵŝĐŽͲŚŝĚƌŽůſŐŝĐĂƐ͘ >K';t&WĐĂƉͿʹW^ϯ >K';t&WĐĂƉͿʹdŝĞƌƌĂϯ _ ŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĂŶŝǀĞůŵƵŶĚŝĂů͘ ZĞůĂĐŝŽŶĞƐƐŽĐŝŽͲĞĐŽŶſŵŝĐŽͲŚŝĚƌŽůſŐŝĐĂƐ͘ >K';t&WĐĂƉͿʹůŝŵϯ • t&WĐĂƉϭ t&WĐĂƉϭʹZ,ĐĂƉϭ _ ŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĂŶŝǀĞůŵƵŶĚŝĂů͘ ZĞůĂĐŝŽŶĞƐƐŽĐŝŽͲĞĐŽŶſŵŝĐŽͲŚŝĚƌŽůſŐŝĐĂƐ͘ t&WĐĂƉϭʹZ,ϭ t&WĐĂƉϭʹW^Ϯ _ ŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĂŶŝǀĞůŵƵŶĚŝĂů͘ ZĞůĂĐŝŽŶĞƐƐŽĐŝŽͲĞĐŽŶſŵŝĐŽͲŚŝĚƌŽůſŐŝĐĂƐ͘ t&WĐĂƉϭʹdŝĞƌƌĂϮ t&WĐĂƉϭʹWKϮ _ ŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĂŶŝǀĞůŵƵŶĚŝĂů͘ ZĞůĂĐŝŽŶĞƐƐŽĐŝŽͲĞĐŽŶſŵŝĐŽͲŚŝĚƌŽůſŐŝĐĂƐ͘ t&WĐĂƉϭʹůŝŵĂϭ t&WĐĂƉϭʹůŝŵϮ _ ŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĂŶŝǀĞůŵƵŶĚŝĂů͘ ZĞůĂĐŝŽŶĞƐƐŽĐŝŽͲĞĐŽŶſŵŝĐŽͲŚŝĚƌŽůſŐŝĐĂƐ͘ t&WĐĂƉϭʹ>K';W/ƚŽƚĂůĞŶWWͿ • t&WĐĂƉϯ t&WĐĂƉϯʹZ,ĐĂƉϯ _ ŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĂŶŝǀĞůŵƵŶĚŝĂů͘ ZĞůĂĐŝŽŶĞƐƐŽĐŝŽͲĞĐŽŶſŵŝĐŽͲŚŝĚƌŽůſŐŝĐĂƐ͘ t&WĐĂƉϯʹZ,ϯ t&WĐĂƉϯʹW^Ϯ _ ŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĂŶŝǀĞůŵƵŶĚŝĂů͘ ZĞůĂĐŝŽŶĞƐƐŽĐŝŽͲĞĐŽŶſŵŝĐŽͲŚŝĚƌŽůſŐŝĐĂƐ͘ t&WĐĂƉϯʹdŝĞƌƌĂϮ t&WĐĂƉϯʹůŝŵĂϭ _ ŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĂŶŝǀĞůŵƵŶĚŝĂů͘ ZĞůĂĐŝŽŶĞƐƐŽĐŝŽͲĞĐŽŶſŵŝĐŽͲŚŝĚƌŽůſŐŝĐĂƐ͘ t&WĐĂƉϯʹůŝŵϯ _

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