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LJ ůĂ ŝŶŐĞƐƚŝſŶ ĚĞ ǀĞƌĚƵƌĂƐ͕ ůĞŐƵŵďƌĞƐ LJ
ĨƌƵƚĂƐ ĐŽŶƚĂŵŝŶĂĚĂƐ ƐŽŶ ƚĂŵďŝĠŶ
ŝŵƉŽƌƚĂŶƚĞƐ͘ >Ă ŝŶŐĞƐƚŝſŶ ĐŽŶ ƵŶ ĨŝŶ
ĚĞƚĞƌŵŝŶĂĚŽĚĞƚŝĞƌƌĂ͕ĚĞŶŽŵŝŶĂĚĂ͚ƉŝĐĂ͕͛
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ĐŽŶƚĂŵŝŶĂĐŝſŶĞŶĞůĂŵďŝĞŶƚĞ͕ĞŶƚƌĞŽƚƌŽƐ
ĨĂĐƚŽƌĞƐ͕ŚŽLJĞŶĚşĂƐĞĞƐƚĄƉƌĞƐĞŶƚĂŶĚŽ
ŵĂLJŽƌ ŝŶĐŝĚĞŶĐŝĂ ĚĞ ĞŶĨĞƌŵĞĚĂĚĞƐ
ĐĂƵƐĂĚĂƐ ƉŽƌ ƉĂƌĄƐŝƚŽƐ͕ ƋƵĞ ƐŽŶ
ŽƌŐĂŶŝƐŵŽƐ ƋƵĞ ƉĂƐĂŶ ƵŶĂ ƉĂƌƚĞ Ž ůĂ
ƚŽƚĂůŝĚĂĚĚĞƐƵĞdžŝƐƚĞŶĐŝĂ͕ĞŶĞůŝŶƚĞƌŝŽƌŽ
ĞdžƚĞƌŝŽƌĚĞŽƚƌŽƐĞƌǀŝǀŽ͕ĂĞdžƉĞŶƐĂƐĚĞů
ĐƵĂů ƐĞ ŶƵƚƌĞŶ ĐĂƵƐĄŶĚŽůĞ ĚĂŹŽ͘ ŶƚƌĞ
ĞůůŽƐ ĞƐƚĄŶ ůŽƐ ŐĞŽŚĞůŵŝŶƚŽƐ ƋƵĞ ƐŽŶ
ŐƵƐĂŶŽƐŽůŽŵďƌŝĐĞƐ͕ůŽƐĐƵĂůĞƐůĞĐĂƵƐĂŶ
ĚĂŹŽƐĂůŝŶƚĞƐƚŝŶŽĚĞůƐĞƌŚƵŵĂŶŽLJƚŝĞŶĞŶ
ĞŶ ĐŽŵƷŶ ůĂ ŶĞĐĞƐŝĚĂĚ ĚĞ ĐƵŵƉůŝƌ ƵŶĂ
ĞƚĂƉĂ ĚĞ ƐƵ ǀŝĚĂ ĞŶ Ğů ƐƵĞůŽ͘ Ğ ůĂƐ
ŐĞŽŚĞůŵŝƚŝŽƐŝƐ͕ ĂƐĐĂƌŝŽƐŝƐ ĞƐ ůĂ ŵĄƐ
ĨƌĞĐƵĞŶƚĞĞŶŶƵĞƐƚƌŽŵĞĚŝŽ͘
>Ă ĂƐĐĂƌŝŽƐŝƐ ĞƐ ƵŶĂ ƉĂƌĂƐŝƚŽƐŝƐ ƋƵĞ
ƐĞ ĂĚƋƵŝĞƌĞ ŵĞĚŝĂŶƚĞ ůĂ ŝŶŐĞƐƚŝſŶ ĚĞ ůĂ
ĨŽƌŵĂŝŶĨĞĐƚĂŶƚĞ;ŚƵĞǀŽůĂƌǀĂĚŽͿ͕ƋƵĞŚĂ
ŵĂĚƵƌĂĚŽ ĞŶ Ğů ƐƵĞůŽ͕ ĚĞ ĂŚş ƋƵĞ ƐĞ
ĐĂƚĂůŽŐƵĞ Ă ĞƐƚĂ ƉĂƌĂƐŝƚŽƐŝƐ ĐŽŵŽ ƵŶĂ
ĞĚĂĨŽŚĞůŵŝŶƚŝŽƐŝƐ Ž ŐĞŽŚĞůŵŝŶƚŝŽƐŝƐ͕
ƐĞŐƷŶ ƐƵ ĚĞĨŝŶŝĐŝſŶ ƉŽƌ ůĂ KƌŐĂŶŝnjĂĐŝſŶ
DƵŶĚŝĂů ĚĞ ůĂ ^ĂůƵĚ ĚĞ ŚĞůŵŝŶƚŝŽƐŝƐ
ƚƌĂŶƐŵŝƚŝĚĂƐƉŽƌĞůƐƵĞůŽ͘
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ƉƌŽďůĞŵĂƐ ŝŶƚĞƐƚŝŶĂůĞƐ LJ ƉƵůŵŽŶĂƌĞƐ͘
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Ġů ĚĞƐĚĞ ŚĂĐĞ ŵƵĐŚŽƐ ƐŝŐůŽƐ͕ LJĂ ƋƵĞ ƐƵ
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ĞƐ ƵŶŝĨŽƌŵĞ ĞŶ ƚŽĚŽƐ ůŽƐ ĞƐƚƵĚŝŽƐ͕ ƐŝŶŽ
ƋƵĞ ƐĞ ĚĞƐĐƌŝďĞ ĨƌĞĐƵĞŶƚĞŵĞŶƚĞ
ŚĂĐŝŶĂŵŝĞŶƚŽ͕ĞĚƵĐĂĐŝſŶĚĞĨŝĐŝĞŶƚĞĚĞůĂƐ
ŵĂĚƌĞƐ͕ ĚĞĨĞĐĂĐŝſŶ Ăů ƌĂƐ ĚĞů ƐƵĞůŽ͕
ƐƵŵŝŶŝƐƚƌŽŝŶĂĚĞĐƵĂĚŽĚĞĂŐƵĂ͕ƉŽďƌĞnjĂ͕
ĞƐƚĂĚŽ ŶƵƚƌŝĐŝŽŶĂů ĐĂƌĞŶĐŝĂů͕ ƵƐŽ ĚĞ
ďŝŽƐſůŝĚŽƐ ŚƵŵĂŶŽƐ ƉĂƌĂ ĨĞƌƚŝůŝnjĂŶƚĞƐ LJ
ƌŝĞŐŽƐ͕ŐĞŽĨĂŐŝĂ͕ŽŵŝƐŝſŶĚĞůůĂǀĂĚŽĚĞůĂƐ
ŵĂŶŽƐĂŶƚĞƐĚĞĐŽŵĞƌ͕ƉŽƐĞƐŝſŶĚĞĐĞƌĚŽƐ
Ž ĐƌşĂ ĚĞ ŐĂŶĂĚŽ͕ ĞŶ ĨƵŶĐŝſŶ ĚĞ ůĂ
ƉŽďůĂĐŝſŶƋƵĞƐĞĞƐƚĠĐŽŶƐŝĚĞƌĂŶĚŽ;ŶŝŹŽƐ
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ĞŵŝŐƌĂŶƚĞƐ͕ ǀĞŶĚĞĚŽƌĞƐ ĂŵďƵůĂŶƚĞƐ͕
ĐŽŵƵŶŝĚĂĚĞƐĞŶƚĞƌĂƐͿ;DĂƌŝůLJŶ͕ϮϬϬϴͿ͘
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ŵŝĚĞ ĚĞ ϮϬͲϯϱ Đŵ LJ Ğů ŵĂĐŚŽ ϭϱͲϯϬ Đŵ
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ĐŽƌĚŽŶĞƐ ůĂƚĞƌĂůĞƐ ƐŽŶ ŵƵLJ ĂƉĂƌĞŶƚĞƐ LJ
ƚŝĞŶĞŶ Ğů ĂƐƉĞĐƚŽ ĚĞ ĞƐƚƌşĂƐ ĚĞ ĐŽůŽƌ
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ĚŝĞŶƚĞƐ Ž ĚĞŶƚşĐƵůĂƐ͘ ĂĚĂ ůĂďŝŽ ƚŝĞŶĞ
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ƵŶĂ ƉĞƋƵĞŹĂ ĐĂǀŝĚĂĚ ďƵĐĂů ĚĞ ĨŽƌŵĂ
ƚƌŝĂŶŐƵůĂƌƋƵĞĐŽŶƚŝŶƷĂĐŽŶĞůĞƐſĨĂŐŽĞ
ŝŶƚĞƐƚŝŶŽƚƵďƵůĂƌ͕ƚĞƌŵŝŶĂŶĚŽĞŶůĂĐůŽĂĐĂ
ƐĞdžƵĂů ĞŶ Ğů ŵĂĐŚŽ LJ ĞŶ Ğů ĂŶŽ ĞŶ ůĂ
ŚĞŵďƌĂ͘ŶĞůŵĂĐŚŽ͕ĞůĞdžƚƌĞŵŽƉŽƐƚĞƌŝŽƌ
ĞƐƚĄĐƵƌǀĂĚŽŚĂĐŝĂůĂƉŽƐŝĐŝſŶǀĞŶƚƌĂů;dĂLJ͕
ϮϬϬϮͿ͘
>ĂƐĚŝĨĞƌĞŶƚĞƐƉƌĞƐĞŶƚĂĐŝŽŶĞƐĐůşŶŝĐĂƐ
ƌĞƐƵůƚĂŶĚĞůĂŵŝŐƌĂĐŝſŶƉƵůŵŽŶĂƌ;ůĂƌǀĂƐͿ͕
ŽďƐƚƌƵĐĐŝſŶ ŝŶƚĞƐƚŝŶĂů LJ ŵŝŐƌĂĐŝſŶ Ă ůŽƐ
ĐŽŶĚƵĐƚŽƐ ďŝůŝĂƌĞƐ ;ŐƵƐĂŶŽƐ ĂĚƵůƚŽƐͿ͕
ĚŽŶĚĞƉƵĞĚĞŶƉƌŽǀŽĐĂƌƵŶĐƵĂĚƌŽĐůşŶŝĐŽ
ĚĞ ĚŽůŽƌ ĂďĚŽŵŝŶĂů ŝŶƚĞƌŵŝƚĞŶƚĞ ĞŶ Ğů
ĐƵĂĚƌĂŶƚĞ ƐƵƉĞƌŝŽƌ ĚĞƌĞĐŚŽ͕ ĨŝĞďƌĞ͕
ĂƐƉĞĐƚŽ ƚſdžŝĐŽ͕ ŽďƐƚƌƵĐĐŝſŶ ďŝůŝĂƌ͕
ĐŽůĂŶŐŝƚŝƐ͕ ĨŽƌŵĂĐŝſŶ ĚĞ ĂďƐĐĞƐŽƐ͕
ĨĂĐŝůŝƚĂŶĚŽ ůĂ ĨŽƌŵĂĐŝſŶ ĚĞ ĐĄůĐƵůŽƐ
;ZŽĚƌşŐƵĞnj͕ϮϬϬϯͿ͘
>ĂƐ ŵĂŶŝĨĞƐƚĂĐŝŽŶĞƐ ĐůşŶŝĐĂƐ ŵĄƐ
ĨƌĞĐƵĞŶƚĞƐ ĐĂƵƐĂĚĂƐ ƉŽƌ ĞƐƚŽƐ ƉĂƌĄƐŝƚŽƐ
ƐŽŶ͗ ĚŝĂƌƌĞĂ͕ ĚŽůŽƌ ĂďĚŽŵŝŶĂů͕
ĞƐƚƌĞŹŝŵŝĞŶƚŽ͕ ŶĄƵƐĞĂ͕ ǀſŵŝƚŽ͕ ƉƌƵƌŝƚŽ
ĂŶĂů͕ ĚŝƐƚĞŶƐŝſŶ ĂďĚŽŵŝŶĂů͕ ĐĞĨĂůĞĂ͕
ŚŝƉŽƌĞdžŝĂ͕ĂŶŽƌĞdžŝĂ͕ŵĞƚĞŽƌŝƐŵŽ͕ĂŶĞŵŝĂ͕
ĂƐƚĞŶŝĂ LJ ĂĚŝŶĂŵŝĂ͘ Ŷ ĐĂƐŽƐ ƌĂƌŽƐ
ŚĞƉĂƚŽŵĞŐĂůŝĂLJƐşŶĚƌŽŵĞĚĞ>ƂĞĨĨůĞƌ͘Ŷ
ĐĂƐŽƐ ĐŽŵƉůŝĐĂĚŽƐ ƐĞ ƉƵĞĚĞ ŽďƐĞƌǀĂƌ
ŵĞůĞŶĂLJĞdžƉƵůƐŝſŶĚĞŚĞůŵŝŶƚŽƐƉŽƌĂŶŽ
ĞŝŶĐůƵƐŽƉŽƌŶĂƌŝnj;ZŽĚƌşŐƵĞnj͕ϮϬϬϯͿ͘
ƉĂşƐ͘ŚŝůĞ͕ĐŽŶƵŶŶƷŵĞƌŽĚĞŝŶĨĞĐƚĂĚŽƐ
ĞƐƚƵĚŝĂĚŽƐ ĞŶ ϰϮϯ Ϯϳϵ͕ ŵƵĞƐƚƌĂ
ĐůĂƌĂŵĞŶƚĞ ůĂ ƌĞůĂĐŝſŶ ƋƵĞ ĞdžŝƐƚĞ ĐŽŶ Ğů
ĂŵďŝĞŶƚĞLJĞůĐůŝŵĂ͘ŶĞůƐƵƌĚĞůƉĂşƐůĂ
ƉƌĞǀĂůĞŶĐŝĂĚĞĂƐĐĂƌŝŽƐŝƐƐŽďƌĞƉĂƐĂĞůϮϬй
Ğ ŝŶĐůƵƐŽ ůĂ ŝŶĨĞĐĐŝſŶ ŚĂ ƐŽďƌĞƉĂƐĂĚŽ Ğů
ϱϬй;ŽƌƚĞnjĞƚĂů͕ϭϵϵϲͿ͘
>Ă ĂƐĐĂƌŝŽƐŝƐ ĞŶ ŶŝŹŽƐ ƉƌŽĚƵĐĞ ƵŶĂ
ĚŝƐŵŝŶƵĐŝſŶĚĞůĂĂďƐŽƌĐŝſŶĚĞƉƌŽĚƵĐƚŽƐ
ŶŝƚƌŽŐĞŶĂĚŽƐ͕ůşƉŝĚŽƐLJͲdžŝůŽƐĂ͕ƋƵĞũƵŶƚŽ
ĂƵŶĂĚŝƐŵŝŶƵĐŝſŶĚĞůĂĂĐƚŝǀŝĚĂĚůĂĐƚĂƐĂ
ĚĞů ƌŝďĞƚĞ ŝŶƚĞƐƚŝŶĂů͕ ĐŽŶĚƵĐĞ Ă ƵŶĂ
ĚŝƐŵŝŶƵĐŝſŶ ĚĞ ůĂ ƚĂƐĂ ĚĞ ĐƌĞĐŝŵŝĞŶƚŽ LJ
ĚĞƐĂƌƌŽůůŽ ĚĞů ƐŝƐƚĞŵĂ ŶĞƌǀŝŽƐŽ ĐĞŶƚƌĂů
;dŽƌƌĞƐĞƚĂů͕ϭϵϵϵͿ͘
^Ğ ƌĞĂůŝnjſ ƵŶ ĞƐƚƵĚŝŽ ĞŶ ƵďĂ ƉĂƌĂ
ĐŽŶŽĐĞƌ ůĂ ƐŝƚƵĂĐŝſŶ ĚĞ ůŽƐ ƉĂƚſŐĞŶŽƐ
ŝŶƚĞƐƚŝŶĂůĞƐ ĞŶ ϲϵ ŶŝŹŽƐ ĚĞ ĞĚĂĚ ĞƐĐŽůĂƌ
;ϱͲϭϯ ĂŹŽƐͿ͕ ůĂ ƉŽďůĂĐŝſŶ ĚĞ ĚŝĐŚĂ
ĐŽŵƵŶŝĚĂĚĂƌƌŽũſƵŶƌĞƐƵůƚĂĚŽĚĞϰϭ͘ϵй
ĚĞ ŝŶĨĞĐĐŝſŶ ƉŽƌ ƐĐĂƌŝƐ ůƵŵďƌŝĐŽŝĚĞƐ
;ĂďĂůůĞƌŽĞƚĂů͕ϮϬϭϭͿ͘
ŶDĠdžŝĐŽƐĞĞƐƚŝŵĂƋƵĞĞůϯϯйĚĞůĂ
ƉŽďůĂĐŝſŶĞƐƚĄƉĂƌĂƐŝƚĂĚĂ͕ĂƷŶĐƵĂŶĚŽĂů
ƉĂƌĞĐĞƌ ƐŽůŽ Ğů ϲй ĚĞ ůŽƐ ŝŶĨĞĐƚĂĚŽƐ
ƉƌĞƐĞŶƚĂƉĂƌĂƐŝƚŽƐŝƐŵĂƐŝǀĂ͕ŽĐƵƉĂŶĚŽĂƐş
ƵŶŽĚĞůŽƐƉƌŝŵĞƌŽƐůƵŐĂƌĞƐĐŽŵŽĐĂƵƐĂ
ĚĞ ŵŽƌďŝůŝĚĂĚ LJ ŵŽƌƚĂůŝĚĂĚ ĞŶ ŶŝŹŽƐ
ŵĞŶŽƌĞƐ ĚĞ ϱ ĂŹŽƐ͘ Ŷ Ğů /ŶƐƚŝƚƵƚŽ
DĞdžŝĐĂŶŽ ĚĞů ^ĞŐƵƌŽ ^ŽĐŝĂů ;/D^^Ϳ ůĂƐ
ŚĞůŵŝŶƚŝĂƐŝƐĐŽŶƐƚŝƚƵLJĞŶůĂƐĞdžƚĂĐĂƵƐĂĚĞ
ĚĞŵĂŶĚĂĚĞĐŽŶƐƵůƚĂ͕LJĞŶĞůŐƌƵƉŽĚĞϭ
ĂϭϱĂŹŽƐĞƐĞůƚĞƌĐĞƌŵŽƚŝǀŽĚĞĐŽŶƐƵůƚĂ
;ĂďĂůůĞƌŽĞƚĂů͕ϮϬϭϭͿ͘
>Ă ĂƐĐĂƌŝŽƐŝƐ ĂĨĞĐƚĂ Ăů Ϯϱй ĚĞ ůĂ
ƉŽďůĂĐŝſŶŵƵŶĚŝĂů͕ĞŶƌĞŐŝŽŶĞƐĚŽŶĚĞůŽƐ
ĐůŝŵĂƐĨĂǀŽƌĞĐĞŶĞůĚĞƐĂƌƌŽůůŽĚĞƐĐĂƌŝƐ
ůƵŵďƌŝĐŽŝĚĞƐ͕ĐŽŵŽĞŶůĂŵĂLJŽƌşĂĚĞůŽƐ
ƉĂşƐĞƐĚĞĞŶƚƌŽLJ^ƵĚĂŵĠƌŝĐĂ͕ĚŽŶĚĞůĂ
ƉƌĞǀĂůĞŶĐŝĂ ĂůĐĂŶnjĂ ƵŶ ϱϬ й ĐŽŵŽ
ƉƌŽŵĞĚŝŽ;DĂŵĂŶŝĞƚĂů͕ϮϬϬϵͿ͘
Ŷ^ƵĚĂŵĠƌŝĐĂƐĞĞƐƚŝŵĂƋƵĞŚĂLJŵĄƐ
ĚĞ ϭϬϬ ŵŝůůŽŶĞƐ ĚĞ ƉĞƌƐŽŶĂƐ ŝŶĨĞĐƚĂĚĂƐ
ƉŽƌ ƐĐĂƌŝƐ ůƵŵďƌŝĐŽŝĚĞƐ͘ ƌĂƐŝů ŵƵĞƐƚƌĂ
ĂůƚĂƐ ƚĂƐĂƐ ĚĞ ŝŶĨĞĐĐŝſŶ ĞŶ ƚŽĚŽ ƐƵ
ƚĞƌƌŝƚŽƌŝŽ͕ ĞƐƉĞĐŝĂůŵĞŶƚĞ ĞŶ ůĂ ƌĞŐŝſŶ
ŵĂnjſŶŝĐĂ ĚŽŶĚĞ ƐĞ ŚĂŶ ŽďƐĞƌǀĂĚŽ
ĨƌĞĐƵĞŶĐŝĂƐĚĞůϲϱͲϳϵй͕ůĂƐŵĄƐĂůƚĂƐĚĞů
0LOHQDULD
^ĞŐƷŶ ĚĂƚŽƐ ĚĞ ůĂ ^ŝƐƚĞŵĂ EĂĐŝŽŶĂů
ĚĞ s ŝŐŝůĂŶĐŝĂ ƉŝĚĞŵŝŽůſŐŝĐĂ͕ ĞŶ Ğů
ƉĞƌŝŽĚŽ ĚĞ ϭϵϵϬ Ă ϮϬϭϬ ĞŶ DĠdžŝĐŽ͕ ƐĞ
ŽďƐĞƌǀĂƌŽŶƵŶƚŽƚĂůĚĞϯϭŵŝůůŽŶĞƐϯϴŵŝů
ƌĞĐƵƌƌĞŶĐŝĂ ĞŶ ůĂƐ njŽŶĂƐ ƌƵƌĂůĞƐ LJ ĚĞ
ĞƐĐĂƐŽƐƌĞĐƵƌƐŽƐĞĐŽŶſŵŝĐŽƐ͘WŽƌĞƐƚĂ
ƌĂnjſŶĞƐƉĞƌƚŝŶĞŶƚĞĐŽŶŽĐĞƌƐŽďƌĞĞƐƚĂ
ƉĂƌĂƐŝƚŽƐŝƐLJƌĞĂůŝnjĂƌŝŶǀĞƐƚŝŐĂĐŝŽŶĞƐĚĞ
ĚŝĐŚĂ ƉĂƚŽůŽŐşĂ ƋƵĞ ĐŽŶƚƌŝďƵLJĂŶ Ă ůĂ
ĚŝƐŵŝŶƵĐŝſŶ ĚĞ ůĂ ŚĞůŵŝŶƚŝĂƐŝƐ LJ ĂƐş
ƉƌŽƉŽŶĞƌŵĞĚŝĚĂƐĚĞŚŝŐŝĞŶĞ͕ŚĄďŝƚŽƐ
ĂůŝŵĞŶƚŝĐŝŽƐLJĐŽŶĚŝĐŝŽŶĞƐĚĞǀŝǀŝĞŶĚĂ͘
ŝďůŝŽŐƌĂĨşĂ
ϭ͘ ĂďĂůůĞƌŽ ͕ Ğƚ Ăů͘ ƐĐĂƌŝƐ ůƵŵďƌŝĐŽŝĚĞƐ ĞŶ
Ğů ĐŽƌĂnjſŶ ĚĞ ƵŶĂ ŐĞƐƚĂŶƚĞ͘ ZĞǀŝƐƚĂ ƵďĂŶĂ
ĚĞKďƐƚĞƚƌŝĐŝĂLJ'ŝŶĞĐŽůŽŐşĂϮϬϭϭ͖ϯϳ;ϮͿ͗ϮϰϯͲ
ϮϱϬ͘
Ϯ͘ŽƌƚĞnjDD͕DĂƌşŶDZ͘ƐĐĂƌŝƐůƵŵďƌŝĐŽŝĚĞƐ͘
DĞŵŽƌŝĂ ĚĞů ^ĞƌǀŝĐŝŽ ^ŽĐŝĂů hŶŝĚŝƐĐŝƉůŝŶĂƌŝŽ
ϭϵϵϲ͘ &ĂĐƵůƚĂĚ ĚĞ ŝĞŶĐŝĂƐ YƵşŵŝĐŽ
ŝŽůſŐŝĐĂƐ͕hŶŝǀĞƌƐŝĚĂĚƵƚſŶŽŵĂĚĞ^ŝŶĂůŽĂ͘
ϯ͘ 'ĂdžŝŽůĂ ,͕ ZƵŝnj '>͘ ƐĐĂƌŝƐ ůƵŵďƌŝĐŽŝĚĞƐ͘
DĞŵŽƌŝĂ ĚĞů ^ĞƌǀŝĐŝŽ ^ŽĐŝĂů hŶŝƉƌŽĨĞƐŝŽŶĂů
ϮϬϬϲ͘ &ĂĐƵůƚĂĚ ĚĞ ŝĞŶĐŝĂƐ YƵşŵŝĐŽ
ŝŽůſŐŝĐĂƐ͕hŶŝǀĞƌƐŝĚĂĚƵƚſŶŽŵĂĚĞ^ŝŶĂůŽĂ͘
ϰ͘DĂŵĂŶŝ͕͘ĞƚĂů͘dƌĂďĂũŽĚĞ/ŶǀĞƐƚŝŐĂĐŝſŶ͗
WƌĞǀĂůĞŶĐŝĂĚĞƐĐĂƌŝŽƐŝƐĞŶŶŝŹŽƐĚĞϯĂϭϭ
ĂŹŽƐ ĚĞ ĞĚĂĚ ĞŶ ůĂ ƵŶŝĚĂĚ ĞĚƵĐĂƚŝǀĂ ĚĞ ůĂ
ĐŽůŽŶŝĂ >ŝŶĂƌĞƐ ĚĞ ĞƌŵĞũŽ dĂƌŝũĂ ĚĞ ũƵůŝŽͲ
ƐĞƉƚŝĞŵďƌĞĚĞůϮϬϬϵ͘hŶŝǀĞƌƐŝĚĂĚƵƚſŶŽŵĂ
ͨ:ƵĂŶDŝƐĂĞů^ĂƌĂĐŚŽ͕ͩ&ĂĐƵůƚĂĚĚĞŝĞŶĐŝĂƐ
ĚĞůĂ^ĂůƵĚ͘ŽůŝǀŝĂ͖ϮϬϬϵ͘
&ŝŐƵƌĂϯ͘ŽŵƉŽƌƚĂŵŝĞŶƚŽĚĞůĂƐĐĂƌŝŽƐŝƐĞŶƉŽďůĂĐŝſŶŵĞŶŽƌĚĞϭϱĂŹŽƐĚĞĞĚĂĚƉŽƌŶƚŝĚĂĚ
&ĞĚĞƌĂƚŝǀĂ͕ϭϵϵϬLJϮϬϭϬ;DŽŶƚŽLJĂ͕ϮϬϭϭͿ͘
ϴϯϳ ĐĂƐŽƐ ĚĞ ĂƐĐĂƌŝŽƐŝƐ͕ ĞŶƚĞƌŽďŝŽƐŝƐ͕
ĂŵĞďŝŽƐŝƐŝŶƚĞƐƚŝŶĂůLJŐŝĂƌĚŝŽƐŝƐ͕ƐŝĞŶĚŽůĂƐ
ƉĂƌĂƐŝƚŽƐŝƐŝŶƚĞƐƚŝŶĂůĞƐŵĄƐĨƌĞĐƵĞŶƚĞƐĞŶ
ůĂƉŽďůĂĐŝſŶŵĞŶŽƌĚĞϭϱĂŹŽƐĚĞĞĚĂĚ͘
ůƚŽƚĂůĚĞůŽƐƌĞŐŝƐƚƌŽƐƉŽƌĂƐĐĂƌŝŽƐŝƐĞŶůĂ
ƉŽďůĂĐŝſŶ ŐĞŶĞƌĂů ĨƵĞ ĚĞ ϲ ŵŝůůŽŶĞƐ ϲϬϭ
ŵŝůϱϵϬ͘ŶŵĞŶŽƌĞƐĚĞϭϱĂŹŽƐĚĞĞĚĂĚ
ůĂƐ ŝŶĨĞĐĐŝŽŶĞƐ ĚĞ ƉƌŝŵĞƌĂ ǀĞnj ƉŽƌ ĞƐƚĞ
ƉĂƌĄƐŝƚŽ͕ĨƵĞƌŽŶĚĞϰŵŝůůŽŶĞƐϴϱϬŵŝůϲϭϮ
ĐĂƐŽƐ ;ϲϰ͘ϮйͿ͘ Ɛ ĚĞĐŝƌ͕ ĞŶ ůĂ ƉŽďůĂĐŝſŶ
ŵĞŶŽƌ ĚĞ ϭϱ ĂŹŽƐ ĞŶ ŵĂLJŽƌ ƉƌŽƉŽƌĐŝſŶ
ƐĞƉƌĞƐĞŶƚſĞƐƚĂĞŶĨĞƌŵĞĚĂĚƉĂƌĂƐŝƚĂƌŝĂ͘
Ŷ ŐĞŶĞƌĂů͕ ĞŶ Ğů ƷůƚŝŵŽ ĂŹŽ ƐĞ ŽďƐĞƌǀſ
ƵŶĂ ĚŝƐŵŝŶƵĐŝſŶ ĚĞ ĐĂƐŽƐ ƌĞƉŽƌƚĂĚŽƐ͘
WĂƌĂ Ğů ϮϬϭϬ ĚĞ ĂĐƵĞƌĚŽ Ă ůĂƐ
ƉƌŽƉŽƌĐŝŽŶĞƐ͕ Ğů ŐƌƵƉŽ ĞƚĂƌŝŽ ƋƵĞ ĨƵĞ
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ƚĞŵƉĞƌĂƚƵƌĂƐĞŚĂĐĞŶŵĄƐĨƌĞĐƵĞŶƚĞƐůĂƐ
ŽŶĚĂƐ ĚĞ ĐĂůŽƌ ƋƵĞ ĨĂǀŽƌĞĐĞŶ ůĂ
ƐĞŶƐŝďŝůŝĚĂĚ ĚĞ ůŽƐ ĂƐŵĄƚŝĐŽƐ Ă ƐƵ
ĐŽŶĚŝĐŝſŶ ;DĂƌƚĞŶƐ͕ ϭϵϵϵͿ͘ KƚƌĂ ƚşƉŝĐĂ
ĐŽŶƐĞĐƵĞŶĐŝĂ ĚĞů ĞƐƚƌĠƐ ƉŽƌ ĐĂůŽƌ ĞƐ ůĂ
ŝŶƐŽůĂĐŝſŶ͘ŽŶĞůĐĂůĞŶƚĂŵŝĞŶƚŽŐůŽďĂůƐĞ
ŚĂŶ ƌĞƉŽƌƚĂĚŽ ŵĄƐ ŵƵĞƌƚĞƐ ƉŽƌ
ŚŝƉĞƌƚĞƌŵŝĂ ;W^Z ZĞƉŽƌƚƐ ^ƚĂĨĨ͕ ϮϬϬϬͿ LJ
ƵŶĂ ĚŝƐŵŝŶƵĐŝſŶ ĚĞ ůĂƐ ŵƵĞƌƚĞƐ ƉŽƌ
ŚŝƉŽƚĞƌŵŝĂ͘>ŽƐĞĨĞĐƚŽƐĚĞůĐĂůŽƌƐŽďƌĞůĂ
ƐĂůƵĚĞŶĄƌĞĂƐƵƌďĂŶĂƐƐĞǀĞŶĂƵŵĞŶƚĂĚŽƐ
ƉŽƌƵŶĨĞŶſŵĞŶŽĐŽŶŽĐŝĚŽĐŽŵŽͨŝƐůĂƐĚĞ
ĐĂůŽƌͩ;:ĂƵƌĞŐƵŝĞƚĂů͘ϭϵϵϮͿ͕ůĂƐǀŝĐƚŝŵĂƐ
ƐŽŶ ƵƐƵĂůŵĞŶƚĞ ĂŶĐŝĂŶŽƐ͕ ŶŝŹŽƐ LJ
ƉĞƌƐŽŶĂƐ ĐŽŶ ĚĞƐĞƋƵŝůŝďƌŝŽ ĞůĞĐƚƌŽůşƚŝĐŽ͘
/ŶĚŝǀŝĚƵŽƐĐŽŶĞŶĨĞƌŵĞĚĂĚĞƐƌĞƐƉŝƌĂƚŽƌŝĂƐ
ƐŽŶƉƌŽďĂďůĞŵĞŶƚĞůŽƐŵĄƐĂĨĞĐƚĂĚŽƐƉŽƌ
ĞůŝŶĐƌĞŵĞŶƚŽĚĞĞƐƚƌĠƐĐĂůŽƌşĨŝĐŽ͕ĂƐşĐŽŵŽ
ůĂ ŵŽƌƚĂůŝĚĂĚ ĚĞďŝĚĂ Ăů ŝŶĐƌĞŵĞŶƚŽ ĚĞ
ĞŶĨĞƌŵĞĚĂĚĞƐ ƌĞƐƉŝƌĂƚŽƌŝĂƐ ĐŽŶ
ƚĞŵƉĞƌĂƚƵƌĂƐĞůĞǀĂĚĂƐƉƌĞƐƵŵŝďůĞŵĞŶƚĞ
ĚĞďŝĚĂƐ Ă ĞĨĞĐƚŽƐ ĐŽŵďŝŶĂĚŽƐ ĚĞ ůĂ
ĞŶĨĞƌŵĞĚĂĚ LJ ƚĞŵƉĞƌĂƚƵƌĂ ƐŽďƌĞ Ğů
ƐŝƐƚĞŵĂĐŝƌĐƵůĂƚŽƌŝŽ;>ŽŶŐƐƚƌĞƚŚ͕ϭϵϵϵͿ͘
WŽƌ ŽƚƌŽ ůĂĚŽ͕ ŝŶǀŝĞƌŶŽƐ ŵĄƐ ƚŝďŝŽƐ
ƉŽĚƌşĂŶĨĂǀŽƌĞĐĞƌƵŶĂŵĞũŽƌŽƉŽƌƚƵŶŝĚĂĚ
ĚĞƐŽďƌĞǀŝǀĞŶĐŝĂƉĂƌĂůŽƐŐƌƵƉŽƐĚĞƌŝĞƐŐŽ͕
ĐŽŵŽůŽƐĂŶĐŝĂŶŽƐ͕ĚƵƌĂŶƚĞůŽƐŵĞƐĞƐŵĄƐ
ĨƌşŽƐ͘
>ĂƐ ĞŶĨĞƌŵĞĚĂĚĞƐ ŝŶĨĞĐĐŝŽƐĂƐ ƐŽŶ
ĞŶƚŝĚĂĚĞƐ ŐůŽďĂůĞƐ ƋƵĞ ĚĞƉĞŶĚĞŶ
ĚŝŶĄŵŝĐĂŵĞŶƚĞĚĞůĂŝŶƚĞƌĂĐĐŝſŶĞŶƚƌĞůĂ
ƉŽďůĂĐŝſŶLJĞůĐůŝŵĂƌĞŐŝŽŶĂůĞdžŝƐƚĞŶƚĞ͕ƉŽƌ
ůŽ ƚĂŶƚŽ Ğů ĐĂůĞŶƚĂŵŝĞŶƚŽ ŐůŽďĂů ƉŽĚƌşĂ
ĐĂŵďŝĂƌ Ğů ĞƐƉĞĐƚƌŽ ĚĞ ĞŶĨĞƌŵĞĚĂĚĞƐ
ŝŶĨĞĐĐŝŽƐĂƐLJůĂŽĐƵƌƌĞŶĐŝĂĚĞůĂƐŵŝƐŵĂƐ͕
ĚĞƐĚĞůĂŵƵĞƌƚĞŶĞŐƌĂĞŶĞůƐŝŐůŽy/sĞŶ
ƵƌŽƉĂŚĂƐƚĂůŽƐƚŝĞŵƉŽƐŵŽĚĞƌŶŽƐĚĞůĂ
ĚŝƐƉĞƌƐŝſŶĚĞůďŽůĂĞŶĨƌŝĐĂ͕ĞůĐſůĞƌĂĞŶ
^ƵĚĂŵĠƌŝĐĂLJůĂĞŶĨĞƌŵĞĚĂĚĚĞůŝŵŽĞŶ
h ƐŽŶ ĂĨĞĐƚĂĚĂƐ ƉŽƌ ĐĂŵďŝŽƐ ĞŶ ůĂ
ƚĞŵƉĞƌĂƚƵƌĂ͕ ƉƌĞĐŝƉŝƚĂĐŝſŶ͕ ŝŶƐŽůĂĐŝſŶ LJ
ĐŽƌƌŝĞŶƚĞƐŽĐĞĄŶŝĐĂƐ͘>ĂŝŶƚĞƌĂĐĐŝſŶĞŶƚƌĞ
ĞƐŽƐ ĨĂĐƚŽƌĞƐ ĞŶ ĐŽŵďŝŶĂĐŝſŶ ĐŽŶ ŽƚƌĂƐ
ǀĂƌŝĂďůĞƐ ŶŽ ĐůŝŵĄƚŝĐĂƐ ĚĞƚĞƌŵŝŶĂŶ Ğů
ƚŝĞŵƉŽ ĚĞ ďƌŽƚĞ ĚĞ ĞŶĨĞƌŵĞĚĂĚĞƐ
ŝŶĨĞĐĐŝŽƐĂƐ;DĂƌƚĞŶƐ͕ϭϵϵϵͿ͘
ůŐƵŶŽƐ ĞĨĞĐƚŽƐ ƐŽďƌĞ ůĂ ƐĂůƵĚ
ƉƵĞĚĞŶ ƌĞƐƵůƚĂƌ ĚĞ ĐĂŵďŝŽƐ ŝŶĚŝƌĞĐƚŽƐ
ƐŽďƌĞ ůŽƐ ĞĐŽƐŝƐƚĞŵĂƐ͘ WŽƌ ĞũĞŵƉůŽ͕
ĐŽŶĚŝĐŝŽŶĞƐ ĐůŝŵĄƚŝĐĂƐ ĂůƚĞƌĂĚĂƐ ƉƵĞĚĞŶ
ŵŽĚŝĨŝĐĂƌĞůŚĄďŝƚĂƚĚĞůŽƐǀĞĐƚŽƌĞƐĐŽŵŽ
ůŽƐ ŵŽƐƋƵŝƚŽƐ Ž ƌĂƚĂƐ LJ ĂĨĞĐƚĂƌ ůŽƐ
ƉĂƌĄƐŝƚŽƐ ƋƵĞ ĞůůŽƐ ƚƌĂŶƐƉŽƌƚĂŶ
;'ƌŝŵƐƚĂŶĚ͕ ϭϵϴϯ͖ ,ĂŝůĞ LJ tĞůĚŚĂƐƐ͕
ϭϵϳϳͿ͘ ů ĐĂŵďŝŽ ĞŶ ůĂ ĂďƵŶĚĂŶĐŝĂ LJ
ĚŝƐƚƌŝďƵĐŝſŶŐĞŽŐƌĄĨŝĐĂĚĞůŽƐŚŽƐƉĞĚĞƌŽƐ
LJƉĂƌĄƐŝƚŽƐƉƵĞĚĞŵŽĚŝĨŝĐĂƌůĂŽĐƵƌƌĞŶĐŝĂ
ĞƐƚĂĐŝŽŶĂů ĚĞ ŵƵĐŚĂƐ ĞŶĨĞƌŵĞĚĂĚĞƐ
ŝŶĨĞĐĐŝŽƐĂƐ LJ ŽĐĂƐŝŽŶĂƌ ƋƵĞ ĞůůĂƐ ƐĞ
ĚŝƐƉĞƌƐĞŶ͘
>ŽƐ ǀĞĐƚŽƌĞƐ ĚĞ ĞŶĨĞƌŵĞĚĂĚĞƐ ŵĄƐ
ĐŽŵƵŶĞƐ ƐŽŶ ůŽƐ ĂƌƚƌſƉŽĚŽƐ͕ ƋƵĞ ƐŽŶ
ŚĞƚĞƌŽƚĞƌŵŽƐ ͨĚĞ ƐĂŶŐƌĞ ĨƌşĂ͕ͩ ƐƵ
ƚĞŵƉĞƌĂƚƵƌĂ ŝŶƚĞƌŶĂ ĞƐƚĄ ĨƵĞƌƚĞŵĞŶƚĞ
ĂĨĞĐƚĂĚĂƉŽƌůĂƚĞŵƉĞƌĂƚƵƌĂĚĞůĂŵďŝĞŶƚĞ͘
ůĐĂŵďŝŽĐůŝŵĄƚŝĐŽƉƵĞĚĞŝŶĐŝĚŝƌƐŽďƌĞĞů
ƚĂŵĂŹŽ ĚĞ ůĂ ƉŽďůĂĐŝſŶ ĚĞ ǀĞĐƚŽƌĞƐ͘
DĂůĂƌŝĂ͕ĚĞŶŐƵĞ͕ƉĞƐƚĞLJǀŝƌƵƐƋƵĞĐĂƵƐĂŶ
ƐşŶĚƌŽŵĞƐ ĞŶĐĞĨĄůŝĐŽƐ ĞƐƚĄŶ ĞŶƚƌĞ ůĂƐ
ƉƌŝŶĐŝƉĂůĞƐ ĞŶĨĞƌŵĞĚĂĚĞƐ ƚƌĂŶƐŵŝƚŝĚĂƐ
ƉŽƌ ǀĞĐƚŽƌĞƐ ;>ŽŶŐƐƚƌĞŚƚ LJ tŝƐĞŵĂŶ͕
ϭϵϴϵͿ͘ĞŶƚƌŽĚĞĞƐƚĂƐĞŶĨĞƌŵĞĚĂĚĞƐ͕ůĂ
ŵĂůĂƌŝĂŚĂƌĞĐŝďŝĚŽƵŶĂŶŽƚĂďůĞĂƚĞŶĐŝſŶ
ĞŶůŽƐƷůƚŝŵŽƐϭϬĂŹŽƐLJĞƐŵŽƚŝǀŽĚĞƵŶ
ŝŶƚĞŶƐŽ ĚĞďĂƚĞ ĚĞďŝĚŽ Ă ƋƵĞ ƐƵ
ƚƌĂŶƐŵŝƐŝſŶĞƐƚĂŝŶĨůƵĞŶĐŝĂĚĂƉŽƌĞůĐůŝŵĂ
;&ŝŐƵƌĂ ϯͿ͘ ůĂƌĂŵĞŶƚĞ ůĂ ƚƌĂŶƐŵŝƐŝſŶ ĚĞ
ůĂŵĂůĂƌŝĂŶŽŽĐƵƌƌĞĞŶĐůŝŵĂƐĚŽŶĚĞůŽƐ
ŵŽƐƋƵŝƚŽƐŶŽƐŽďƌĞǀŝǀĞŶ͘>ĂƉƌŽŐƌĞƐŝſŶ
ĞŶ Ğů ĂŐƵĂ ĚĞ ĞƐƚĂĚŝŽƐ ĚĞ ĚĞƐĂƌƌŽůůŽ ĚĞů
ǀĞĐƚŽƌ ƐĞ ĂĐĞůĞƌĂ ďĂũŽ ĐŽŶĚŝĐŝŽŶĞƐ ĚĞ
ŝŶĐƌĞŵĞŶƚŽ ĚĞ ůĂ ƚĞŵƉĞƌĂƚƵƌĂ͕ ĂƐş Ğů
ĐĂůĞŶƚĂŵŝĞŶƚŽ ŐůŽďĂů ƉƌŽǀĞĞ ůĂƐ
ĐŽŶĚŝĐŝŽŶĞƐƉƌŽƉŝĐŝĂƐƉĂƌĂůĂĚŝƐƉĞƌƐŝſŶĚĞ
ůĂŵĂůĂƌŝĂĞŶƌĞŐŝŽŶĞƐĚŽŶĚĞƉŽƌƐƵĐůŝŵĂ͕
Ğů ŵŽƐƋƵŝƚŽ ƚƌĂŶƐŵŝƐŽƌ ŶŽ ƐĞ ƌĞƉƌŽĚƵĐĞ
;<ŚĂƐŶŝƐLJEĞƚƚůĞŵĂŶ͕ϮϬϬϱͿ͘
ů
ĐĂůĞŶƚĂŵŝĞŶƚŽ
ŐůŽďĂů
ƉƌŽďĂďůĞŵĞŶƚĞ ƚĞŶŐĂ ŝŵƉĂĐƚŽƐ ƐŽďƌĞ
ďŽƐƋƵĞƐ͕ ƚŝĞƌƌĂƐ ĚĞ ĐƵůƚŝǀŽ LJ ŚƵŵĞĚĂůĞƐ
ƋƵĞ ƌĞƐƵůƚĞŶ ĞŶ ĐĂŵďŝŽƐ ĚĞ ůĂ
ďŝŽĚŝǀĞƌƐŝĚĂĚ ĂĨĞĐƚĂŶĚŽ ĐƵĂŶƚŝƚĂƚŝǀĂ Ž
ĐƵĂůŝƚĂƚŝǀĂŵĞŶƚĞ ůĂƐ ĐŽŶĐĞŶƚƌĂĐŝŽŶĞƐ ĚĞ
ĂůĠƌŐĞŶŽƐ͕ĐŽŵŽŵŽŚŽƐLJƉŽůĞŶ͕ĞƐƚŽĂƐƵ
ǀĞnj ƉƵĞĚĞ ƉĞƌŵŝƚŝƌ ĐĂŵďŝŽƐ ĞŶ ůĂ
ƉƌĞǀĂůĞŶĐŝĂ Ž ŝŶƚĞŶƐŝĚĂĚ ĚĞ ĂƐŵĂ LJ ĞŶ
ĞƉŝƐŽĚŝŽƐĚĞĨŝĞďƌĞĚĞŚĞŶŽĞŶŝŶĚŝǀŝĚƵŽƐ
ƐĞŶƐŝďůĞƐ;>ŽŶŐƐƚƌĞƚŚ͕ϭϵϵϭͿ͘
ůŝŵƉĂĐƚŽĚĞůĂĞůĞǀĂĚĂƚĞŵƉĞƌĂƚƵƌĂ
ĐŽƌƉŽƌĂůƐŽďƌĞůĂĨĞƌƚŝůŝĚĂĚ;DŝĞƵƐƐĞƚĞƚĂů͘
ϭϵϴϳͿ LJ Ğů ĚĞƐĂƌƌŽůůŽ ĚĞ ŶĞŽŶĂƚŽƐ
;ĚǁĂƌĚƐ͕ ϭϵϴϲͿ ƐĞ ĞŶĐƵĞŶƚƌĂ ďŝĞŶ
ƌĞĐŽŶŽĐŝĚĂ͖ ƐŝŶ ĞŵďĂƌŐŽ ŚĂLJ ƉŽĐĂ
ŝŶĨŽƌŵĂĐŝſŶ ĞŶ ůĂ ůŝƚĞƌĂƚƵƌĂ ƋƵĞ ŝŶĚŝƋƵĞ
ƋƵĞƚĂůĞĨĞĐƚŽƉƵĞĚĂĞƐƚĂƌĂƐŽĐŝĂĚŽĐŽŶůĂ
ĞůĞǀĂĐŝſŶ ĚĞ ůĂ ƚĞŵƉĞƌĂƚƵƌĂ ĂŵďŝĞŶƚĂů͘
ůŐƵŶŽƐ ƌĞƉŽƌƚĞƐ ŝŶĚŝĐĂŶ ƵŶ ŝŶĐƌĞŵĞŶƚŽ
ĞƐƚĂĐŝŽŶĂů ĞŶ ůĂ ŵŽƌƚĂůŝĚĂĚ ƉĞƌŝŶĂƚĂů
;ĚǁĂƌĚƐ͕ ϭϵϴϲͿ LJ ĞŶ ůŽƐ ŶĂĐŝŵŝĞŶƚŽƐ
ƉƌĞƚĞƌŵŝŶŽ;ŽŽƉĞƌƐƚŽĐŬLJtŽůĨ͕ϭϵϴϲͿ͘
&ŝŐƵƌĂϮ͘/ŵƉĂĐƚŽƐĚĞůĐĂŵďŝŽĐůŝŵĄƚŝĐŽƐŽďƌĞůĂƐĂůƵĚƉƷďůŝĐĂ͘>ŽŶŐŚƐƚƌĞŚƚ;ϭϵϵϭͿ͘
0LOHQDULD
>Ă ƉŽďůĂĐŝſŶ ŵƵŶĚŝĂů ŚĂ ĐƌĞĐŝĚŽ
ĞdžƉŽŶĞŶĐŝĂůŵĞŶƚĞ͕ ƐĞ ĞƐƚŝŵĂ ƋƵĞ
ĂůĐĂŶnjĂƌĄĚĞϴͲϭϬŵŝůŵŝůůŽŶĞƐƉĂƌĂĞůĂŹŽ
ϮϭϱϬ ;Ğ>ĂĐƌŽŝdž͕ ϮϬϬϬͿ͘ >ĂƐ ĄƌĞĂƐ ŵĄƐ
ĂĨĞĐƚĂĚĂƐ ƉŽƌ ůĂ ƐŽďƌĞƉŽďůĂĐŝſŶ ƐŽŶ
ĨƌŝĐĂ͕ƐŝĂLJ>ĂƚŝŶŽĂŵĠƌŝĐĂ͘ĐƚƵĂůŵĞŶƚĞ͕
ϴϬϬ ŵŝůůŽŶĞƐ ĚĞ ƉĞƌƐŽŶĂƐ ĂůƌĞĚĞĚŽƌ ĚĞů
ŵƵŶĚŽ ƐĞ ĞŶĐƵĞŶƚƌĂŶ ĚĞƐŶƵƚƌŝĚĂƐ͘
'ĞŶĞƌĂƌ ĂůŝŵĞŶƚŽ ƉĂƌĂ ůĂ ĐƌĞĐŝĞŶƚĞ
ƉŽďůĂĐŝſŶ ŵƵŶĚŝĂů ƉŽƌ ŵĞĚŝŽ ĚĞ ůĂ
&ŝŐƵƌĂϯ͘ŶŽƉŚĞůĞƐ͕ĞůŵŽƐƋƵŝƚŽĚĞůĂŵĂůĂƌŝĂ͘ŚƚƚƉ͗ͬͬŚĞŵŝƐĨĞƌŝŽnjĞƌŽ͘ĐŽŵͬϮϬϭϮͬϬϰͬϮϱͬĚŝĂͲŵƵŶĚŝĂůͲĚĞͲůĂͲŵĂůĂƌŝĂͲϮϬϭϮͲ
ŵĂŶƚĞŶĞƌͲůŽƐͲůŽŐƌŽƐͲƐĂůǀĂƌͲǀŝĚĂƐͲŝŶǀĞƌƚŝƌͲĞŶͲŵĂůĂƌŝĂͬ
ĂŐƌŝĐƵůƚƵƌĂͲŐĂŶĂĚĞƌşĂ
ƚƌĂĚŝĐŝŽŶĂů
ŝŶĐƌĞŵĞŶƚĂĞůKϮĚĞůĂĂƚŵſƐĨĞƌĂĚĞďŝĚŽ
Ă ůĂ ƉĞƌĚŝĚĂ ĚĞ ĐŽďĞƌƚƵƌĂ ǀĞŐĞƚĂů LJ Ă ůĂ
ƐşŶƚĞƐŝƐĚĞĂŐƌŽƋƵşŵŝĐŽƐ;ŽŶŽŚŽĞ͕ϮϬϬϯͿ͘
ůŝŶĐƌĞŵĞŶƚŽĚĞKϮƉƵĞĚĞƐĞƌďĞŶĠĨŝĐŽ
ƉĂƌĂ Ğů ĐƌĞĐŝŵŝĞŶƚŽ ĚĞ ůĂƐ ƉůĂŶƚĂƐ͕ ƐŝŶ
ĞŵďĂƌŐŽ ƵŶĂ ĐŽŵďŝŶĂĐŝſŶ ĚĞ ĂůƚĂƐ
ƚĞŵƉĞƌĂƚƵƌĂƐ ĐŽŶ ďĂũĂ ƉƌĞĐŝƉŝƚĂĐŝſŶ
ƉƵĞĚĞĂĨĞĐƚĂƌůĂƉƌŽĚƵĐĐŝſŶ͘ůĚĞƐĂďĂƐƚŽ
ĚĞ ĂůŝŵĞŶƚŽƐ ĂĨĞĐƚĂ ůĂ ƐĂůƵĚ ĚĞ ŵĂŶĞƌĂ
ĚŝƌĞĐƚĂƉ͘Ğũ͘>ĂĂŶĞŵŝĂƉŽƌĚĞĨŝĐŝĞŶĐŝĂĚĞ
ŚŝĞƌƌŽ͕ŽŝŶĚŝƌĞĐƚĂŵĞŶƚĞĚĞďŝĚŽĂƋƵĞůĂ
ĚĞƐŶƵƚƌŝĐŝſŶ ŚĂĐĞ ǀƵůŶĞƌĂďůĞƐ Ă ůĂ
ƉĞƌƐŽŶĂƐ Ă ĂĚƋƵŝƌŝƌ ĞŶĨĞƌŵĞĚĂĚĞƐ͘
ĚŝĐŝŽŶĂůŵĞŶƚĞ͕ ůĂƐ ĂĐƚŝǀŝĚĂĚĞƐ
ĂŐƌŽƉĞĐƵĂƌŝĂƐ ŝŶĐƌĞŵĞŶƚĂŶ Ğů ƌŝĞƐŐŽ ĚĞ
ĞdžƚŝŶĐŝſŶĚĞůĂƐĞƐƉĞĐŝĞƐĐŽŶůĂƉĞƌĚŝĚĂĚĞ
ůĂ ĨĂƌŵĂĐŽƉĞĂ ŶĂƚƵƌĂů ƉŽƚĞŶĐŝĂůŵĞŶƚĞ
ǀĂůŝŽƐĂ͘DĄƐĚĞůĂŵŝƚĂĚĚĞůĂƐϭϱϬĚƌŽŐĂƐ
ŵĄƐ ƌĞĐĞƚĂĚĂƐ ĐŽŶƚŝĞŶĞŶ ƵŶ ĐŽŵƉƵĞƐƚŽ
ĂĐƚŝǀŽĚĞƌŝǀĂĚŽŽŵŽĚĞůĂĚŽĚĞƉƌŽĚƵĐƚŽƐ
ŶĂƚƵƌĂůĞƐ ;Ɖ͘ Ğũ͕͘ ĚŝŐŽdžŝŶĂ͕ ǀŝŶĐƌŝƐƚŝŶĂ͕
ĂƐƉŝƌŝŶĂ͕ƉĂĐůŝƚĂdžĞůLJĂŐĞŶƚĞƐƉĂƌĂůŝnjĂŶƚĞƐ
;'ƌŝĨŽLJZŽƐĞŶƚŚĂů͕ϭϵϵϳͿ͘
ůĂŐƵĂĞƐƵŶĂŶĞĐĞƐŝĚĂĚďĄƐŝĐĂLJƐƵ
ĚŝƐƉŽŶŝďŝůŝĚĂĚĞƐĚĞƐƵŵĂŝŵƉŽƌƚĂŶĐŝĂ͕ĞƐ
ůĂ ƐƵƐƚĂŶĐŝĂ ƉƌŝŶĐŝƉĂů ƵƚŝůŝnjĂĚĂ ƉĂƌĂ
ĐŽĐŝŶĂƌ͕ ĚŝƐŽůǀĞƌ LJ ƉĂƌĂ Ğů ĐŽŶƐƵŵŽ
ŶŽƌŵĂů͘ ^Ğ ƉƌŽŶŽƐƚŝĐĂŶ ĐĂŵďŝŽƐ ĞŶ ůĂ
ĐĂŶƚŝĚĂĚ ĚĞ ƉƌĞĐŝƉŝƚĂĐŝſŶ ĚĞƌŝǀĂĚŽƐ ĚĞů
ĐĂŵďŝŽĐůŝŵĄƚŝĐŽ͘DƵĐŚŽƐŽƌŐĂŶŝƐŵŽƐƋƵĞ
ĐĂƵƐĂŶĞŶĨĞƌŵĞĚĂĚĞƐƌĞƋƵŝĞƌĞŶĂŐƵĂƉĂƌĂ
ƐƵ ƐŽďƌĞǀŝǀĞŶĐŝĂ͕ ĂůƚĂƐ ƚĞŵƉĞƌĂƚƵƌĂƐ
ƉƵĞĚĞŶ ŝŶĐƌĞŵĞŶƚĂƌ ůĂ ŽƉŽƌƚƵŶŝĚĂĚ ĚĞ
ƐŽďƌĞǀŝǀĞŶĐŝĂĚĞďĂĐƚĞƌŝĂƐ;^ĂůŵŽŶĞůůĂ LJ
^ŚŝŐĞůůĂͿ͕ ǀŝƌƵƐ ;ƌŽƚĂǀŝƌƵƐͿ LJ ƉƌŽƚŽnjŽĂƌŝŽƐ
;ƌLJƉƚŽƐƉŽƌŝĚŝƵŵ LJ 'ŝĂƌĚŝĂͿ͘ ^ŝ
ĐŽŶƐŝĚĞƌĂŵŽƐ ƵŶ ĞƐĐĞŶĂƌŝŽ ĐŽŶ ĂŐƵĂ
ĐŽŶƚĂŵŝŶĂĚĂ͕ ĂůƚĂƐ ƚĞŵƉĞƌĂƚƵƌĂƐ Ğ
ŝŶƵŶĚĂĐŝŽŶĞƐ͕ Ğů ŝŵƉĂĐƚŽ ƐŽďƌĞ ůĂƐ
ĞŶĨĞƌŵĞĚĂĚĞƐ ĚŝĂƌƌĞŝĐĂƐ ƉƵĞĚĞ ƐĞƌ
ƐŝŐŶŝĨŝĐĂƚŝǀĂ͕ƐŝĞŶĚŽůŽƐƉĂşƐĞƐƉŽďƌĞƐůŽƐ
ŵĄƐǀƵůŶĞƌĂďůĞƐ;WĂƚnjĞƚĂů͘ϭϵϵϲͿ͘
ŽŶĐůƵƐŝſŶ͘
džŝƐƚĞŶ ƐƵĨŝĐŝĞŶƚĞƐ ĞǀŝĚĞŶĐŝĂƐ ƉĂƌĂ
ĐŽŶƐŝĚĞƌĂƌ ƋƵĞ Ğů ĂƵŵĞŶƚŽ ĚĞ
ƚĞŵƉĞƌĂƚƵƌĂĞŶůĂƚŝĞƌƌĂĞƐƚĄĂůƚĞƌĂŶĚŽĞů
ĐůŝŵĂLJƋƵĞĞƐƚĞĐĂŵďŝŽƉƵĞĚĞŽĐĂƐŝŽŶĂƌ
ƉƌŽďůĞŵĂƐ ĚĞ ƐĂůƵĚ ƉƷďůŝĐĂ͘ ^ŽŶ
ŶĞĐĞƐĂƌŝĂƐ ĂĐĐŝŽŶĞƐ ƉĂƌĂ ĚŝƐŵŝŶƵŝƌ Ğů
ĐĂůĞŶƚĂŵŝĞŶƚŽĚĞůĂƚŝĞƌƌĂĂŶŝǀĞůŐůŽďĂů͕
ŶĂĐŝŽŶĂůLJůŽĐĂů͕ƵŶƉĂƐŽŝŵƉŽƌƚĂŶƚĞĞƐůĂ
ĂĚŚĞƐŝſŶ Ăů ƉƌŽƚŽĐŽůŽ ĚĞ <ŝŽƚŽ͘ DĠdžŝĐŽ
ĚĞďĞ ĚĞ ƉƌŽƉŽŶĞƌ LJ ĞũĞĐƵƚĂƌ ƉůĂŶĞƐ ĚĞ
ĂĐĐŝſŶ ƉĂƌĂ ĂĨƌŽŶƚĂƌ ůŽƐ ƉƌŽďůĞŵĂƐ ĚĞ
ƐĂůƵĚĞŝŶĨĞĐĐŝŽŶĞƐƌĞůĂĐŝŽŶĂĚĂƐĂůĐĂŵďŝŽ
ĐůŝŵĄƚŝĐŽ͕ ůĂ ĐŽŽƉĞƌĂĐŝſŶ ĞŶƚƌĞ ŶĂĐŝŽŶĞƐ
ĞƐŝŶĚŝƐƉĞŶƐĂďůĞƉĂƌĂƋƵĞůŽƐƉůĂŶĞƐƐĞĂŶ
ĞĨĞĐƚŝǀŽƐͨ͘>ĂƐĂůƵĚŚƵŵĂŶĂĞƐƵŶƌĞĨůĞũŽ
ĚĞůĂƐĂůƵĚĚĞůĂƚŝĞƌƌĂ͕ͩ,ĞƌĄĐůŝƚŽ͘
0LOHQDULD
ŝďůŝŽŐƌĂĨşĂ
ŽŽƉĞƌƐƚŽĐŬ͕D͘ΘtŽůĨ͕Z͘͘;ϭϵϴϲͿ͘^ĞĂƐŽŶĂůŝƚLJŽĨ
ƉƌĞƚĞƌŵďŝƌƚŚŝŶƚŚĞĐŽůůĂďŽƌĂƚŝǀĞƉĞƌŝŶĂƚĂůƉƌŽũĞĐƚ͗
ĚĞŵŽŐƌĂƉŚŝĐ ĨĂĐƚŽƌƐ͘ ŵĞƌŝĐĂŶ :ŽƵƌŶĂů ŽĨ
ƉŝĚĞŵŝŽůŽŐLJ͘ ϭϮϰ͗ ϮϯϰͲϮϰϭ͘
Ğ>ĂĐƌŽŝdž͕D͘;ϮϬϬϬͿ͘WůĂŶĞƚĞĂƌƚŚ͘ůƵĞ͘ϯ͗ϲϱ͘ϲϵ͘
ŽŶŽŚŽĞ͕ D͘ ;ϮϬϬϯͿ͘ ĂƵƐĞƐ ĂŶĚ ŚĞĂůƚ
ĐŽŶƐĞƋƵĞŶĐĞƐŽĨĞŶǀŝƌŽŶŵĞŶƚĂůĚĞŐƌĂĚĂƚŝŽŶĂŶĚ
ƐŽĐŝĂů ŝŶũƵƐƚŝĐŝĞ͘ ^ŽĐŝĂů ^ĐŝĞŶĐĞ Θ DĞĚŝĐŝŶĞ͘ ϱϲ͗
ϱϳϯͲϱϴϳ͘
ĚǁĂƌĚƐ͕D͘:͘;ϭϵϴϲͿ͘,LJƉĞƌƚŚĞƌŵŝĂĂƐĂƚĞƌĂƚŽŐĞŶ͗
ĂƌĞǀŝĞǁŽĨĞdžƉĞƌŝŵĞŶƚĂůƐƚƵĚŝĞƐĂŶĚƚŚĞŝƌĐůŝŶŝĐĂů
ƐŝŐŶŝĨŝĐĂŶĐĞ͘ dĞƌĂƚŽŐĞŶĞƐŝƐ͕ ĂƌĐŝŶŽŐĞŶĞƐŝƐ ĂŶĚ
DƵƚĂŐĞŶĞƐŝƐ͘ϲ͗ϱϲϯͲϱϴϮ͘
'ƌŝĨŽ͕&͘ΘZŽƐĞŶƚŚĂů͕:͘;ĞĚƐͿ͘ϭϵϵϳ͘ŝŽĚŝǀĞƌƐŝƚLJĂŶĚ
ŚƵŵĂŶŚĞĂůƚŚ͘tŚĂƐŝŶŐƚŽŶŐ͕͗͘/ƐůĂŶĚWƌĞƐƐ͘
'ƌŝŵƐƚĂĚ͕W͘Z͘;ϭϵϴϯͿ͘DŽƐƋƵŝƚŽĞƐĂŶĚƚŚĞŝŶĐŝĚĞŶĐĞ
ŽĨ ĞŶĐĞƉŚĂůŝƚŝƐ͘ ĚǀĂŶĐĞƐ ŝŶ sŝƌƵƐ ZĞƐĞĂƌĐŚ͘ Ϯϴ͗
ϯϱϴͲϰϯϴ͘
,ĂŝůĞ͕ ͘ '͘ Θ tĞůĚŚĂƐƐ͕ ͘ t͘ ;ϭϵϳϳͿ͘ ŽŵƉƵƚĞƌ
ƐŝŵƵůĂƚŝŽŶ ŽĨ ŵŽƐƋƵŝƚŽ ƉŽƉƵůĂƚŝŽŶƐ ;ŶŽƉŚĞůĞƐ
ĂůďŝŵĂŶƵƐͿ ĨŽƌ ĐŽŵƉĂƌŝŶŐ ƚŚĞ ĞĨĨĞĐƚŝǀĞŶĞƐƐ ŽĨ
ĐŽŶƚƌŽů ƚĞĐŚŶŝƋƵĞƐ͘ :ŽƵƌŶĂů ŽĨ DĞĚŝĐĂů
ŶƚŽŵŽůŽŐLJ͘ ϭϯ͗ϱϯϯͲϱϲϳ͘
,ĞďĞƌƚ͕ ,͘ :͘ ;ϭϵϵϵͿ͘ WŽůůƵƚŝŽŶ ĂĚĚƐ ƚŽ ŐůŽďĂů
ǁĂƌŵŝŶŐ͘ƐƐŽĐŝĂƚĞĚWƌĞƐƐ͕KĐƚŽďĞƌϮϱ͘hZ>͗ŚƚƚƉ͗ͬ
ͬǁǁǁ͘ŶĐĂƌ͘ƵĐĂƌ͘ĞĚƵ
,ƵŐĞƐ͕>͘;ϮϬϬϬͿ͘ŝŽůŽŐŝĐĂůĐŽŶƐĞƋƵĞŶĐĞƐŽĨŐůŽďĂů
ǁĂƌŵŝŶŐ͗ŝƐƚŚĞƐŝŐŶĂůĂůƌĞĂĚLJ͘dƌĞŶĚƐŝŶĐŽůŽŐLJ
dƌĞŶĚƐĂŶĚǀŽůƵƚŝŽŶ͘ϭϱ͘ϱϲͲϲϭ
:ĂƵƌĞŐƵŝ͕͕͘'ŽĚŝŶĞƐ͕>͘ΘƌƵnj͕&͘;ϭϵϵϮͿ͘ƐƉĞĐƚƐ
ŽĨ ŚĞĂƚͲŝƐůĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ ŝŶ 'ƵĂĚĂůĂũĂƌĂ͕
DĞdžŝĐŽ͘ƚŵŽƐƉŚĞƌŝĐŶǀŝƌŽŶŵĞŶƚ͘ϭϲϮ͗ϯϵϭͲϯϵϲ͘
<ŚĂƐŶŝƐ͕ ͘ ͘ Θ EĞƚƚůĞŵĂŶ͕ D͘ ͘ ;ϮϬϬϱͿ͘ 'ůŽďĂů
ǁĂƌŵŝŶŐ ĂŶĚ ŝŶĨĞĐƚŝŽƵƐ ĚŝƐĞĂƐĞ͘ ƌĐŚŝǀĞƐ ŽĨ
DĞĚŝĐĂůZĞƐĞĂƌĐŚ͘ϯϲ͗ϲϴϵͲϲϵϲ͘
>ŽŶŐƐƚƌĞƚŚ͕ :͘ ;ϭϵϵϭͿ͘ ŶƚŝĐŝƉĂƚĞĚ ƉƵďůŝĐ ŚĞĂůƚ
ĐŽŶƐĞƋƵĞŶĐĞƐ ŽĨ ŐůŽďĂů ĐůŝŵĂƚĞ ĐŚĂŶŐĞ͘
ŶǀŝƌŽŶŵĞŶƚĂů,ĞĂůƚWĞƌƐƉĞĐƚŝǀĞƐ͘ϵϲ͗ϭϯϵͲϭϰϰ͘
>ŽŶŐƐƚƌĞƚŚ͕:͘;ϭϵϵϵͿ͘WƵďůŝĐŚĞĂůƚŚĐŽŶƐĞƋƵĞŶĐĞƐŽĨ
ŐůŽďĂů ĐůŝŵĂƚĞ ĐŚĂŶŐĞ ŝŶ ƚŚĞ hŶŝƚĞĚ ^ƚĂƚĞƐͲƐŽŵĞ
ƌĞŐŝŽŶƐ ŵĂLJ ƐƵĨĨĞƌ ĚŝƐƉƌŽƉŽƌƚŝŽŶĂƚĞůLJ͘
ŶǀŝƌŽŶŵĞŶƚĂů ,ĞĂůƚŚ WĞƌƐƉĞĐƚŝǀĞƐ ϭϬϳ ;ϭͿ͗ ϭϲϵͲ
ϭϳϵ
>ŽŶŐƐƚƌĞƚŚ͕:͘͘ΘtŝƐĞŵĂŶ͕:͘;ϭϵϴϵͿ͘dŚĞƉŽƚĞŶƚŝĂů
ŝŵƉĂĐƚƐŽĨĐůŝŵĂƚĞĐŚĂŶŐĞŽŶƉĂƚƚĞƌŶƐŽĨŝŶĨĞĐƚŝŽƵƐ
ĚŝƐĞĂƐĞ ŝŶ ƚŚĞ hŶŝƚĞĚ ^ƚĂƚĞƐ͘ Ŷ͗ dŚĞ WŽƚĞŶƚŝĂů
ĨĨĞĐƚƐ ŽĨ 'ůŽďĂů ůŝŵĂƚĞ ŚĂŶŐĞ ŽŶ ƚŚĞ hŶŝƚĞĚ
^ƚĂƚĞƐ͘ WͲϮϯϬͲϬϱͲϴϵͲϬϱϳ͘ KĨĨŝĐĞ ŽĨ WŽůŝĐLJ͕
WůĂŶŶŝŶŐ ĂŶĚ ǀĂůƵĂƚŝŽŶ͕ h͘ ^͘ ŶǀŝƌŽŶŵĞŶƚĂů
WƌŽƚĞĐƚŝŽŶŐĞŶĐLJ͕tĂƐŚŝŶŐƚŽŶ͘͘WƉϯͲϰϭ͘
DĂƌƚĞŶƐ͕W͘;ϭϵϵϵͿ͘,ŽǁǁŝůůĐůŝŵĂƚĞĐŚĂŶŐĞĂĨĨĞĐƚ
ŚƵŵĂŶŚĞĂůƚŚ͍ŵĞƌŝĐĂŶ^ĐŝĞŶƚŝƐƚ͘ϴϳ͗ϱϯϰͲϱϰϭ͘
DĐŽŶĂůĚ͕<͘:͘ΘDĂƌƚŝŶ͕'͘W͘;ϮϬϬϬͿ͘dƌĂŶƐŝƚŝŽŶƚŽ
&ͲĨƌĞĞ ŵĞƚĞƌĞĚ ĚŽƐĞ ŝŶŚĂůĞƌƐͲŝŶƚŽ ƚŚĞ ŶĞǁ
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ŚĂďŝƚŽ ĚĞ ĨƵŵĂƌ ƉŝƉĂ͕ ŵĂƐƚŝĐĂƌ ďĞƚĞů
;<ƵŵĂƌsŝŶĂLJĞƚĂů͕͘ϮϬϭϬͿ
>ŽƐ ƐŝƚŝŽƐ ŵĄƐ ĨƌĞĐƵĞŶƚĞƐ ĚĞ
ƉƌĞƐĞŶƚĂĐŝſŶ ƐŽŶ͗ Ğů ƉŝƐŽ ĚĞ ůĂ ďŽĐĂ͕
ƐƵƉĞƌĨŝĐŝĞ ǀĞŶƚƌĂů LJ ůĂƚĞƌĂů ĚĞ ůĂ ůĞŶŐƵĂ
;&ƵĞŶƚĞƐ zƵŶĞƐ ĠƐĂƌ Ğƚ Ăů͕͘ϮϬϬϵͿ͕ ƐƵƌĐŽ
ĂůǀĞŽůŽŐŝŶŐŝǀĂů͕ƉĂůĂĚĂƌďůĂŶĚŽũƵŶƚŽĐŽŶ
ůŽƐ ƉŝůĂƌĞƐ ĂŵŝŐĚĂůŝŶŽƐ͘ ů ĐĂƌĐŝŶŽŵĂ
ĞƉŝĚĞƌŵŽŝĚĞ ŝŶǀĂĚĞ ĚŝƌĞĐƚĂŵĞŶƚĞ
ĞƐƚƌƵĐƚƵƌĂƐ ƉƌſdžŝŵĂƐ LJ ƉƵĞĚĞ ůůĞŐĂƌ Ă
ĞŵďŽůŝnjĂƌ ǀĂƐŽƐ ůŝŶĨĄƚŝĐŽƐ LJ ƐĂŶŐƵşŶĞŽƐ
ĚĂŶĚŽŵĞƚĄƐƚĂƐŝƐŐĂŶŐůŝŽŶĂƌĞƐ;ϱϬйͿLJĂ
ĚŝƐƚĂŶĐŝĂ;ϳĂϭϮйͿƐŽďƌĞƚŽĚŽĂƉƵůŵſŶĞ
ŚşŐĂĚŽ͘ ů ƚƌĂƚĂŵŝĞŶƚŽ ĞƐ ƋƵŝƌƷƌŐŝĐŽ͘ >Ă
ƌĂĚŝŽƚĞƌĂƉŝĂ LJ ůĂ ƋƵŝŵŝŽƚĞƌĂƉŝĂ ƐŽŶ
ƚĠĐŶŝĐĂƐĐŽŵƉůĞŵĞŶƚĂƌŝĂƐLJͬŽƐƵƐƚŝƚƵƚŝǀĂƐ
ĚĞůĂĐŝƌƵŐşĂ͘>ĂƐƵƉĞƌǀŝǀĞŶĐŝĂŐůŽďĂůĂůŽƐ
ϱ ĂŹŽƐ ŽƐĐŝůĂ ĚĞů ϯϬ Ăů ϴϬ й ĚĞ ĂĐƵĞƌĚŽ
ĐŽŶĞůĞƐƚĂĚŝŽ;ĞŶƚĞŶŽ͘ĞƚĂů͕͘ϮϬϭϬͿ͘
D>EKDKZ>
Ɛ ƵŶ ƚƵŵŽƌ ŽƌŝŐŝŶĂĚŽ ĚĞ ůĂƐ
ŵĞůĂŶŽĐŝƚŽƐĚĞůĂĐĂƉĂďĂƐĂůĚĞůĂŵƵĐŽƐĂ
ŽƌĂů͘ƐƵŶĂĞŶƚŝĚĂĚŝŶĨƌĞĐƵĞŶƚĞ;Ϭ͘ϰĂůϰй
ĚĞůŽƐƚƵŵŽƌĞƐŽƌĂůĞƐƉƌŝŵĂƌŝŽƐLJϬ͘Ϯʹϴй
ĚĞ ƚŽĚŽƐ ůŽƐ ŵĞůĂŶŽŵĂƐ ŵĂůŝŐŶŽƐͿ ůĂ
ŵĂLJŽƌ ƉĂƌƚĞ ĚĞ ůŽƐ ƋƵĞ ĂƉĂƌĞĐĞŶ ĞŶ ůĂ
ďŽĐĂƐŽŶŶĞŽƉůĂƐŝĂƐŵĞƚĄƐƚĂƐŝĐĂƐƐĞǀĞĐŽŶ
ŵĂLJŽƌĨƌĞĐƵĞŶĐŝĂĞŶŚŽŵďƌĞĞŶƚƌĞůĂϰƚĂ
LJ ϲƚĂ ĚĠĐĂĚĂ ĚĞ ůĂ ǀŝĚĂ͘ ƉĂƌĞĐĞŶ ĐŽŶ
ŵĂLJŽƌ ĨƌĞĐƵĞŶĐŝĂ ĞŶ Ğů ƉĂůĂĚĂƌ ;ϱϳй ĚĞ
ĞůůŽƐĞŶĞůƉĂůĂĚĂƌĚƵƌŽͿϮϲйĞŶĞůƌĞďŽƌĚĞ
ĂůǀĞŽůĂƌ;ƉƌŝŶĐŝƉĂůŵĞŶƚĞĞŶĐşĂĚĞůŵĂdžŝůĂƌ
ƐƵƉĞƌŝŽƌͿLJϴйĞŶƉĂůĂĚĂƌďůĂŶĚŽ͘ƐŵĄƐ
ĨƌĞĐƵĞŶƚĞ ĚĞ ŽďƐĞƌǀĂƌ ĞŶ ĐůŝŵĂ
ŵĞƌŝĚŝŽŶĂůĞƐ͕ ƉƵĞĚĞŶ ĚĞƌŝǀĂƌ ĚĞ ƉůĂĐĂƐ
ŵĞůĂŶŽƚŝĐĂƐ ƌĂĐŝĂůĞƐ Ž ĚĞ ŶĞǀŽƐ
ƉƌĞĞdžŝƐƚĞŶƚĞƐ͕ ůĂ ŝƌƌŝƚĂĐŝſŶ ĐƌſŶŝĐĂ͕ Ğů
ƚƌĂƵŵĂ ŽĐůƵƐĂů ;ĚĞŶƚĂĚƵƌĂƐ ŵĂů
ĂĚĂƉƚĂĚĂƐͿLJůĂŝƌƌŝƚĂĐŝſŶƋƵşŵŝĐĂ;ŶƵĞnjĚĞ
ďĞƚĞů͕ ƚĂďĂĐŽ͕ ĐŚŝŵŽ͕ ĞƚĐ͘Ϳ͘ >ŽƐ ĞƐƚƵĚŝŽƐ
ƋƵĞƚƌĂƚĂŶĚĞǀŝŶĐƵůĂƌĂůĂĞdžƉŽƐŝĐŝſŶƐŽůĂƌ
ŶŽŚĂŶĚĂĚŽƌĞƐƵůƚĂĚŽƐĐŽŶĐůƵLJĞŶƚĞƐ͘
ů ŵĞůĂŶŽŵĂ ŽƌĂů ƚŝĞŶĚĞ Ă ŝŶǀĂĚŝƌ
ůŽĐĂůŵĞŶƚĞ ůŽƐ ƚĞũŝĚŽƐ ŵĄƐ ƌĄƉŝĚĂŵĞŶƚĞ
ƋƵĞŽƚƌŽƐƚƵŵŽƌĞƐŵĂůŝŐŶŽƐĚĞůĂĐĂǀŝĚĂĚ
ďƵĐĂů LJ Ă ƉƌŽĚƵĐŝƌ ŵĞƚĄƐƚĂƐŝƐ Ă njŽŶĂƐ
ĚŝƐƚĂŶƚĞƐĐŽŵŽĞůĐĞƌĞďƌŽ͕ƉƵůŵŽŶĞƐLJůĂ
ƌĞŐŝſŶĂďĚŽŵŝŶĂů͘ůŵĂŶĞũŽĞƐĂŐƌĞƐŝǀŽ
ĞŶĞƚĂƉĂƐƚĞŵƉƌĂŶĂƐ͗ĐŝƌƵŐşĂƌĂĚŝĐĂůĞƐƚĂ
ƉƵĞĚĞ ƐĞƌ ĐŽŵďŝŶĂĚĂ ĐŽŶ ƌĂĚŝŽƚĞƌĂƉŝĂ LJ
ƋƵŝŵŝŽƚĞƌĂƉŝĂ ĂƵŶ ĐƵĂŶĚŽ ƐƵ ƵƐŽ ĞƐ
ĐŽŶƚƌŽǀĞƌƐŝĂů LJ ƚĂŵďŝĠŶ ĐŽŶ
ŝŶŵƵŶŽƚĞƌĂƉŝĂ͘ůDKĐŽŶƐƚŝƚƵLJĞƵŶŽĚĞ
ůŽƐƚƵŵŽƌĞƐĚĞŵĂLJŽƌŵŽƌƚĂůŝĚĂĚĚĞŶƚƌŽ
ĚĞ ůĂƐ ŶĞŽƉůĂƐŝĂƐ ŚƵŵĂŶĂƐ LJ ĚĞ ƉĞŽƌ
ƉƌŽŶſƐƚŝĐŽ͘^ƵƉĞƌǀŝǀĞŶĐŝĂ͗ϳĂůϮϬйĂůŽƐ
ϱ ĂŹŽƐ Ğů ƉƌŽŶſƐƚŝĐŽ ĞƐ ĞƐƉĞĐŝĂůŵĞŶƚĞ
ĂĚǀĞƌƐŽƐŝĞdžŝƐƚĞĐŽŵƉƌŽŵŝƐŽſƐĞŽŽŚĂLJ
ŵĞƚĄƐƚĂƐŝƐ Ăů ŵŽŵĞŶƚŽ ĚĞů ĚŝĄŐŶŽƐƚŝĐŽ͕
ŐůĂŶŐůŝŽ ĐĞŶƚŝŶĞůĂ ƉŽƐŝƚŝǀŽ͕ ƌĞĐŝĚŝǀĂ͕
ƚŝĞŵƉŽĚĞĞǀŽůƵĐŝſŶƉƌŽůŽŶŐĂĚŽŽůĞƐŝſŶ
ĚĞŐƌĂŶƚĂŵĂŹŽ͘
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ů ĐĂƌĐŝŶŽŵĂ ĂĚĞŶŽƋƵŝƐƚŝĐŽ LJ Ğů
ĂĚĞŶŽĐĂƌĐŝŶŽŵĂ ƐŽŶ ůĂƐ ŶĞŽƉůĂƐŝĂƐ
ŵĂůŝŐŶĂƐ ŵĄƐ ĨƌĞĐƵĞŶƚĞƐ͘ ^ŽŶ ŵĄƐ
ĐŽŵƵŶĞƐ ĞŶ ŵƵũĞƌĞƐ͘ >Ă ŵĂLJŽƌşĂ ĚĞ ůŽƐ
ƉĂĐŝĞŶƚĞƐ ƐŽŶ ŵĂLJŽƌĞƐ ĚĞ ϰϬ ĂŹŽƐ͘ >ŽƐ
ƐŝƚŝŽƐ ĚĞ ƉƌĞĚŝůĞĐĐŝſŶ ƐŽŶ ĂƋƵĞůůŽƐ ƋƵĞ
ƉƌĞƐĞŶƚĂŶ ĂůƚĂ ĐŽŶĐĞŶƚƌĂĐŝſŶ ĚĞ
ŐůĄŶĚƵůĂƐĐŽŵŽĞůƉĂůĂĚĂƌ͕ůĂŵƵĐŽƐĂ
ůĂďŝĂů LJ ďƵĐĂů͕ ůĂƐ ƌĞŐŝŽŶĞƐ
ƌĞƚƌŽŵŽůĂƌĞƐ͕ Ğů ƉŝƐŽ ĚĞ ůĂ ďŽĐĂ LJ ůĂ
ďĂƐĞ ĚĞ ůĂ ůĞŶŐƵĂ ĞŶ ĞƐĞ ŽƌĚĞŶ ĚĞ
ĨƌĞĐƵĞŶĐŝĂ;ĞŶƚĞŶŽ͘ĞƚĂů͕͘ϮϬϭϬͿ͘
>ŽƐ ĐĂƌĐŝŶŽŵĂƐ ĂĚĞŶŽƋƵŝƐƚŝĐŽƐ
ƌĞƉƌĞƐĞŶƚĂŶĞůϱйĚĞůŽƐƚƵŵŽƌĞƐĚĞ
ůĂƐŐůĄŶĚƵůĂƐƐĂůŝǀĂůĞƐƉƌŝŶĐŝƉĂůĞƐLJĞů
ϮϬйĚĞůĂƐŐůĄŶĚƵůĂƐƐĞĐƵŶĚĂƌŝĂƐ;ŶŽ
ƐŽůŽƐĞĚĞƐĂƌƌŽůůĂŶĞŶůĂĐĂǀŝĚĂĚŽƌĂů͕
ƐŝŶŽƚĂŵďŝĠŶĂƉĂƌƚŝƌĚĞůĂƐŐůĄŶĚƵůĂƐ
ůĂŐƌŝŵĂůĞƐ͕ ůĂ ŶĂƐŽĨĂƌŝŶŐĞ͕ ůĂ ĐĂǀŝĚĂĚ
ŶĂƐĂů͕ůŽƐƐĞŶŽƐƉĂƌĂŶĂƐĂůĞƐLJůĂƐǀşĂƐ
ƌĞƐƉŝƌĂƚŽƌŝĂƐ ŝŶĨĞƌŝŽƌĞƐͿ͘ Ɛ ƉƌŽďĂďůĞ
ƋƵĞ ĚĞƌŝǀĞŶ ĚĞ ĐĠůƵůĂƐ ƋƵĞ ƐĞ
ĞŶĐƵĞŶƚƌĂŶ ĞŶ ĚŝĨĞƌĞŶĐŝĂĐŝſŶ ƉĂƌĂ
ĐŽŶƐƚŝƚƵŝƌ ĐŽŶĚƵĐƚŽƐ ŝŶƚĞƌĐĂůĂĚŽƐ LJ
ŵŝŽĞƉŝƚĞůŝŽ ;ZĞŐĞnjŝ :ŽƐĞƉŚ Ă͘ Ğƚ
Ăů͕͘ϮϬϬϲͿ
͘ƐƚĂƐ
ŶĞŽƉůĂƐŝĂƐ
ŵĞƚĂƐƚĂƚŝnjĂŶ ŚĂĐŝĂ ůŽƐ ŐĂŶŐůŝŽƐ
ůŝŶĨĄƚŝĐŽƐĞŶƵŶϭϬĂϭϱй͘>ĂƚĂƐĂĚĞ
ƐƵƉĞƌǀŝǀĞŶĐŝĂ ƐĞ ĞŶĐƵĞŶƚƌĂ ĞŶ ƚŽƌŶŽ
ĂůϵϬйůŽƐϱĂŹŽƐLJĚĞůϲϬйĂůŽƐϮϬ
ĂŹŽƐ;<ƵŵĂƌsŝŶĂLJĞƚĂů͕͘ϮϬϭϬͿ͘
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ƐƚŽƐ ƚƵŵŽƌĞƐ ŵĂůŝŐŶŽƐ ƐĞ
ĚĞƐĂƌƌŽůůĂŶĞŶůŽƐŵƷƐĐƵůŽƐLJŚƵĞƐŽƐ͘Ŷ
ĐĂďĞnjĂ LJ ĐƵĞůůŽ ĂůĐĂŶnjĂŶ Ğů ϭй ĚĞ ƚŽĚŽƐ
ůŽƐƚƵŵŽƌĞƐŵĂůŝŐŶŽƐ͘
Ͳ&ŝďƌŽƐĂƌĐŽŵĂ͗ ĞƐ ŵĄƐ ĐŽŵƷŶ ĞŶ
ŚŽŵďƌĞƐƋƵĞĞŶŵƵũĞƌĞƐ͕ĞŶƚƌĞůĂϯǐLJϱǐ
ĚĠĐĂĚĂƐ ĚĞ ůĂ ǀŝĚĂ LJ ƐĞ ĚĞƐĂƌƌŽůůĂŶ Ă
ĞdžƉĞŶƐĂƐ ĚĞ ƉĞƌŝŽƐƚŝŽ͕ ƉĞƌŝŽĚŽŶƚŽ͕
ĐŝĐĂƚƌŝĐĞƐ ĂŶƚŝŐƵĂƐ Ž ĞŶ njŽŶĂƐ ƋƵĞ ŚĂŶ
ƌĞĐŝďŝĚŽƚƌĂƚĂŵŝĞŶƚŽĚĞƌĂĚŝĂĐŝŽŶĞƐ
ͲZĂďĚŽŵŝŽƐĂƌĐŽŵĂ͗ ƚƵŵŽƌ ƋƵĞ ƐĞ
ŽƌŝŐŝŶĂ ĞŶ Ğů ŵƵƐĐƵůŽ ĞƐƚƌŝĂĚŽ ŵĄƐ
ĨƌĞĐƵĞŶƚĞĞŶŶŝŹŽƐ;ĞůϳϱйƐĞƉƌĞƐĞŶƚĂŶ
ĞŶ ůĂ ƉƌŝŵĞƌĂ ĚĠĐĂĚĂ ĚĞ ůĂ ǀŝĚĂͿ LJ
ĂĚŽůĞƐĐĞŶƚĞƐ͘ >Ă ůĞŶŐƵĂ ĞƐ Ğů ĂƐŝĞŶƚŽ
ƉƌŝŶĐŝƉĂů ĚĞďŝĚŽ Ă ƐƵ ƌĂƉŝĚĞnj ĚĞ
ĐƌĞĐŝŵŝĞŶƚŽ Ğ ŝŶǀĂƐŝſŶ ůŽĐĂů ůĂ ĐŝƌƵŐşĂ
ĂĐƚƵĂůŵĞŶƚĞ ƐĞ ĂƐŽĐŝĂ Ă ƌĂĚŝĂĐŝŽŶĞƐ LJ Ă
ƋƵŝŵŝŽƚĞƌĂƉŝĂ͕ ƋƵĞ ŚĂ ŵĞũŽƌĂĚŽ Ğů
ƉƌŽŵĞĚŝŽĚĞƐŽďƌĞǀŝĚĂ͕ĂůĐĂŶnjĂŶĚŽĞůϱϬй
ĞŶůĂĂĐƚƵĂůŝĚĂĚ
ͲKƐƚĞŽƐĂƌĐŽŵĂƐLJĐŽŶĚƌŽƐĂƌĐŽŵĂƐ͗ůĂ
ŵĂŶĚşďƵůĂ LJ Ğů ŵĂdžŝůĂƌ ƐƵƉĞƌŝŽƌ ƐŽŶ ůŽƐ
ŚƵĞƐŽƐŵĄƐĂĨĞĐƚĂĚŽƐ͕ĞůĐŽŶĚƌŽƐĂƌĐŽŵĂ
ĞƐƵŶĂŶĞŽƉůĂƐŝĂƐŵĂůŝŐŶĂŵĄƐĐŽŵƷŶĞŶ
ŚŽŵďƌĞƐĞŶƚƌĞůŽƐϯϬLJϲϬĂŹŽƐĚĞĞĚĂĚ͘
Ͳů ŽƐƚĞŽƐĂƌĐŽŵĂ ĞƐ ƵŶĂ ŶĞŽƉůĂƐŝĂ
ŵĂůŝŐŶĂƋƵĞĂĨĞĐƚĂŵĄƐĂůŽƐǀĂƌŽŶĞƐLJƋƵĞ
ŽĐƵƌƌĞĞŶƚƌĞůŽƐϭϬLJϮϬĂŹŽƐĚĞĞĚĂĚ͘^Ƶ
ƌĂƉŝĚĞnj ĚĞ ĐƌĞĐŝŵŝĞŶƚŽ͕ ƐƵ ĂŐƌĞƐŝǀŝĚĂĚ LJ
ƉŽďƌĞ ƌĞƐƉƵĞƐƚĂ Ă ůĂƐ ƌĂĚŝĂĐŝŽŶĞƐ
ĚĞƚĞƌŵŝŶĂŶƋƵĞůĂƐŽďƌĞǀŝĚĂĂůĐĂŶĐĞƐŽůŽ
Ğů ϭϬ Ž ϭϱй͘ ů ƚƌĂƚĂŵŝĞŶƚŽ
ƋƵŝŵŝŽƚĞƌĂƉĠƵƚŝĐŽ͕ ĂĐŽŵƉĂŹĂĚŽ Ă ǀĞĐĞƐ
ĚĞ ƌĂĚŝŽƚĞƌĂƉŝĂ͕ ŚĂ ĚĞƚĞƌŵŝŶĂĚŽ ƵŶĂ
ŵĞũŽƌƐŽďƌĞǀŝĚĂƋƵĞĂůĐĂŶnjĂĞůϰϬй
dhDKZ^Dd^d^/K^
Es/h>
^ĞĐŽŶƐŝĚĞƌĂƋƵĞĞůϭйĚĞƚŽĚĂƐůĂƐ
ůĞƐŝŽŶĞƐŵĂůŝŐŶĂƐĚĞůĂĐĂǀŝĚĂĚďƵĐĂůƐŽŶ
ŵĞƚĄƐƚĂƐŝƐ ƉƌŽǀĞŶŝĞŶƚĞƐ ĚĞ ƚƵŵŽƌĞƐ
ƉƌŝŵĂƌŝŽƐĂůĞũĂĚŽƐ͘
Ŷ ůĂ ŵĂLJŽƌşĂ ĚĞ ůŽƐ ĐĂƐŽƐ͕ ůĂƐ
ŵĞƚĄƐƚĂƐŝƐĂƐŝĞŶƚĂŶĞŶĞůŵĂdžŝůĂƌŝŶĨĞƌŝŽƌ
ĞŶƵŶϵϬйLJƐŽůŽĞŶƵŶϭϬйĞŶůŽƐƚĞũŝĚŽƐ
ďůĂŶĚŽƐ͕ƐŝĞŶĚŽůĂůĞŶŐƵĂ͕ĞŶĐşĂLJĐĂƌƌŝůůŽ
ůŽƐƌĞĐĞƉƚŽƌĞƐŵĄƐĐŽŵƵŶĞƐ͘>ŽƐſƌŐĂŶŽƐ
ŵĞƚĂƐƚĂƚŝnjĂŶƚĞƐ ƐŽŶ ůĂ ŵĂŵĂ͕ ƚŝƌŽŝĚĞƐ͕
ƌŝŹŽŶĞƐ͕ ƉƵůŵŽŶĞƐ LJ ůŽƐ ĂƉĂƌĂƚŽƐ
ŐĞŶŝƚŽƵƌŝŶĂƌŝŽƐLJŐĂƐƚƌŽŝŶƚĞƐƚŝŶĂů;ĞŶƚĞŶŽ
͘ĞƚĂů͕͘ϮϬϬϲͿ
dhDKZ^KKEdK'E/K^D>/'EK^
>ŽƐ ƚƵŵŽƌĞƐ ŽĚŽŶƚŽŐĠŶŝĐŽƐ
ĐŽŶƐƚŝƚƵLJĞŶ ƵŶ ŐƌƵƉŽ ŚĞƚĞƌŽŐĠŶĞŽ ĚĞ
ůĞƐŝŽŶĞƐ ƉŽĐŽ ĨƌĞĐƵĞŶƚĞƐ͕ LJĂ ƋƵĞ
ƌĞƉƌĞƐĞŶƚĂŶ ŵĞŶŽƐ ĚĞů ϰй ĚĞ ƚŽĚŽƐ ůŽƐ
ĞƐƉĞĐşŵĞŶĞƐ ĚĞ ůĂ ƌĞŐŝſŶ ďƵĐĂů LJ
ŵĂdžŝůŽĨĂĐŝĂů͘>ĂƐŶĞŽƉůĂƐŝĂƐŵĂůŝŐŶĂƐĂƐƵ
ǀĞnj͕ĐŽŶƐƚŝƚƵLJĞŶƵŶƉŽƌĐĞŶƚĂũĞŵşŶŝŵŽĚĞ
ĞƐƚŽƐ͕ LJĂ ƋƵĞ ĞŶ ůĂƐ ĚŝǀĞƌƐĂƐ ƐĞƌŝĞƐ
ƉƵďůŝĐĂĚĂƐĂŶŝǀĞůŵƵŶĚŝĂůƐƵĨƌĞĐƵĞŶĐŝĂ
ǀĂƌşĂĞŶƚƌĞϬLJϲ͘ϭйLJƉƵĞĚĞŶƚĞŶĞƌŽƌŝŐĞŶ
ŵĞƐĞŶƋƵŝŵĂƚŽƐŽŽŵŝdžƚŽ͕ĐŽŶƵŶŵĂƌĐĂĚŽ
ƉƌĞĚŽŵŝŶŝŽĚĞĐĂƌĐŝŶŽŵĂƐƐŽďƌĞůĂƐŽƚƌĂƐ
ĞƐƚŝƌƉĞƐŚŝƐƚŽůſŐŝĐĂƐ͘
Ğ ĂĐƵĞƌĚŽ ĐŽŶ ůĂ ŵĄƐ ƌĞĐŝĞŶƚĞ
ĐůĂƐŝĨŝĐĂĐŝſŶ ŝŶƚĞƌŶĂĐŝŽŶĂů ĚĞ ƚƵŵŽƌĞƐ
ŽĚŽŶƚŽŐĠŶŝĐŽƐĚĞůĂKD^͘>ŽƐĐĂƌĐŝŶŽŵĂƐ
ŽĚŽŶƚŽŐĠŶŝĐŽƐ ƐŽŶ ůĞƐŝŽŶĞƐ ƋƵĞ ƉƵĞĚĞŶ
ĚĞƐĂƌƌŽůůĂƌƐĞƉŽƌƚƌĂŶƐĨŽƌŵĂĐŝſŶŵĂůŝŐŶĂ
ĚĞ ƵŶ ĂŵĞůŽďůĂƐƚŽŵĂ͕ ŽƌŝŐŝŶĂƌƐĞ
ĚŝƌĞĐƚĂŵĞŶƚĞĂƉĂƌƚŝƌĚĞƌĞƐƚŽƐĚĞĞƉŝƚĞůŝŽ
ŽĚŽŶƚŽŐĠŶŝĐŽ ĚĞƐƉƵĠƐ ĚĞ ƋƵĞ ƐĞ ŚĂ
ĐŽŵƉůĞƚĂĚŽ ůĂ ĨŽƌŵĂĐŝſŶ ĚĞŶƚĂƌŝĂ͕
ĚĞƐĂƌƌŽůůĂƌƐĞƉŽƌƚƌĂŶƐĨŽƌŵĂĐŝſŶŵĂůŝŐŶĂ
ĚĞů ƌĞǀĞƐƚŝŵŝĞŶƚŽ ĞƉŝƚĞůŝĂů ĚĞ ƋƵŝƐƚĞƐ
ŽĚŽŶƚŽŐĠŶŝĐŽƐ͕ŽƐƵƌŐŝƌĐŽŵŽƵŶĂǀĂƌŝĞĚĂĚ
ŵĂůŝŐŶĂĚĞŽƚƌŽƐƚƵŵŽƌĞƐĞƉŝƚĞůŝĂůĞƐ͘WŽƌ
ƐƵ ƉĂƌƚĞ͕ ůŽƐ ƐĂƌĐŽŵĂƐ ŽĚŽŶƚŽŐĠŶŝĐŽƐ ƐĞ
ĐůĂƐŝĨŝĐĂŶ ĞŶ ϯ ƚŝƉŽƐ͗ ĨŝďƌŽƐĂƌĐŽŵĂ
ĂŵĞůŽďůĂƐƚŝĐŽ;ǀĂƌŝĞĚĂĚŵĂůŝŐŶĂĚĞůĨŝďƌŽŵĂ
ĂŵĞůŽďůĂƐƚŝĐŽͿ ĨŝďƌŽĚĞŶƚŝŶŽƐĂƌĐŽŵĂ LJ
ŽĚŽŶƚŽƐĂƌĐŽŵĂ ĂŵĞůŽďůĄƐƚŝĐŽ ;ǀĂƌŝĂŶƚĞƐ
ŵĂůŝŐŶĂƐ ĚĞů ĨŝďƌŽͲĚĞŶƚŝŶŽŵĂ LJ ĨŝďƌŽͲ
ŽĚŽŶƚŽŵĂĂŵĞůŽďůĂƐƚŝĐŽƐƌĞƐƉĞĐƚŝǀĂŵĞŶƚĞͿ͘
džŝƐƚĞŶ ĂƐŝ ŵŝƐŵŽ Ğů ĐĂƌƐŝŶŽƐĂƌĐŽŵĂ
ŽĚŽŶƚŽŐĠŶŝĐŽ͕ĞŶƚŝĚĂĚƐƵŵĂŵĞŶƚĞƌĂƌĂĞŶ
ĚŽŶĚĞ ůŽƐ ĐŽŵƉŽŶĞŶƚĞƐ ĞƉŝƚĞůŝĂůĞƐ LJ
ŵĞƐĞŶƋƵŝŵĂƚŽƐŽŵƵĞƐƚƌĂŶƌĂƐŐŽƐŚŝƐƚŽůſŐŝĐŽƐ
ĚĞŵĂůŝŐŶŝĚĂĚ͘
>Ă ĞƚŝŽƉĂƚŽŐĞŶŝĂ ĚĞ ůŽƐ ƚƵŵŽƌĞƐ
ŽĚŽŶƚŽŐĠŶŝĐŽƐ ĞƐ ŚĂƐƚĂ ĂŚŽƌĂ
ĚĞƐĐŽŶŽĐŝĚĂ͘ Ŷ ůĂ ŵĂLJŽƌşĂ ĚĞ ƐĞƌŝĞƐ
ƉƵďůŝĐĂĚĂƐ ůŽƐ ĐĂƌĐŝŶŽŵĂƐ ŽĚŽŶƚŽŐĠŶŝĐŽƐ
ĨƵĞƌŽŶ ŵƵĐŚŽ ŵĄƐ ĨƌĞĐƵĞŶƚĞƐ ƋƵĞ ůŽƐ
ƐĂƌĐŽŵĂƐ͘
Ğ ĂĐƵĞƌĚŽ ĐŽŶ ůĂ ƌĞǀŝƐŝſŶ ĚĞ ůĂ
ůŝƚĞƌĂƚƵƌĂ͕ ůĂ ŵĂLJŽƌşĂ ŚĂŶ ŽĐƵƌƌŝĚŽ ĞŶ
ŵƵũĞƌĞƐĐŽŶƌĂŶŐŽĚĞĞĚĂĚĚĞϭϳĂϴϵĂŹŽƐ
0LOHQDULD
ĐŽŶ ƉƌŽŵĞĚŝŽ ĚĞ ϱϲ͘ϱ͘ >Ă ŵĂŶĚşďƵůĂ ƐĞ
ŚĂ ǀŝƐƚŽ ĂĨĞĐƚĂĚĂ ĞŶ ϴϮ͘ϯй LJ Ğů ŵĂdžŝůĂƌ
ĞŶ ϭϳ͘ϲй͘ Ɛ ŝŶƚĞƌĞƐĂŶƚĞ ŶŽƚĂƌ ƋƵĞ ůĂ
ŵĂLJŽƌşĂĚĞůĞƐŝŽŶĞƐƐĞŚĂŶƉƌĞƐĞŶƚĂĚŽĞŶ
ůĂ ƌĞŐŝſŶ ĂŶƚĞƌŝŽƌ Ăů ƉƌŝŵĞƌ ŵŽůĂƌ͘
;DŽƐƋƵĞĚĂdĂLJůŽƌĚĂůďĞƌƚŽĞƚĂů͕͘ϮϬϬϯͿ
EKW>^/^D>/'E^>
s/E^>z^EK^WZE^>^
DĄƐĚĞůĂŵŝƚĂĚĚĞůŽƐĐĂŶĐĞƌĞƐĚĞ
ůĂ ĐĂǀŝĚĂĚ ŶĂƐĂů LJ ůŽƐ ƐĞŶŽƐ ƉĂƌĂŶĂƐĂůĞƐ
ƐĞŽƌŝŐŝŶĂŶĞŶĞůĂŶƚƌŽĚĞůƐĞŶŽŵĂdžŝůĂƌ͕
ƵŶĂ ƚĞƌĐĞƌĂ ƉĂƌƚĞ ĚĞŶƚƌŽ ĚĞ ůĂ ĐĂǀŝĚĂĚ
ŶĂƐĂů͕ĞůϭϬйĞŶůŽƐƐĞŶŽƐĞƚŵŽŝĚĂůĞƐLJĞů
ϭй ĞŶ ůŽƐ ƐĞŶŽƐ ĞƐĨĞŶŽŝĚĂů LJ ĨƌŽŶƚĂů͘
ůƌĞĚĞĚŽƌ ĚĞů ϭϱй ĐŽƌƌĞƐƉŽŶĚĞŶ Ă
ĂĚĞŶŽĐĂƌĐŝŶŽŵĂƐ Ž ďŝĞŶ ĐĂƌĐŝŶŽŵĂƐ
ŝŶĚŝĨĞƌĞŶĐŝĂĚŽƐ͘ sĂƌŝŽƐ ƋƵşŵŝĐŽƐ
ŝŶĚƵƐƚƌŝĂůĞƐƉƵĞĚĞŶŝŶĚƵĐŝƌĐĄŶĐĞƌŶĂƐĂů
ŽĚĞůŽƐƐĞŶŽƐƉĂƌĂŶĂƐĂůĞƐĐŽŵŽŶşƋƵĞů͕
ĐƌŽŵŽ LJ ůŽƐ ŚŝĚƌŽĐĂƌďƵƌŽƐ ĂƌŽŵĄƚŝĐŽƐ͕
ĄŵďŝƚŽƐůĂďŽƌĂůĞƐĐŽŵŽůĂĐĂƌƉŝŶƚĞƌşĂĞŶ
ůĂŝŶĚƵƐƚƌŝĂĚĞůŵƵĞďůĞ͕ĞůƵƐŽĚĞĂĐĞŝƚĞƐ
ƉĂƌĂ ĐŽƌƚĞ LJ ůĂƐ ŝŶĚƵƐƚƌŝĂƐ ƚĞdžƚŝůĞƐ ƋƵĞ
ƚƌĂďĂũĂŶ Ğů ĐƵĞƌŽ͘ >ŽƐ ƚƌĂďĂũĂĚŽƌĞƐ ĚĞů
ŶşƋƵĞůƚŝĞŶĚĞŶĂĚĞƐĂƌƌŽůůĂƌĐĂƌĐŝŶŽŵĂĚĞ
ĐĠůƵůĂƐĞƐĐĂŵŽƐĂƐ͕ĞŶƐƵŵĂLJŽƌşĂĂƉĂƌƚŝƌ
ĚĞůĐŽƌŶĞƚĞŵĞĚŝŽ͕ůĂŵĂLJŽƌƉĂƌƚĞĚĞůĂƐ
ŽƚƌĂƐ ĞdžƉŽƐŝĐŝŽŶĞƐ ƉƵĞĚĞŶ ŐĞŶĞƌĂƌ
ĂĚĞŶŽĐĂƌĐŝŶŽŵĂƐ LJ ĂĨĞĐƚĂŶ ĚĞ ŵĂŶĞƌĂ
ƉƌŝŵŽƌĚŝĂů Ă ůŽƐ ƐĞŶŽƐ ŵĂdžŝůĂƌĞƐ LJ
ĞƚŵŽŝĚĂůĞƐ͕ƐŽŶŵƵĐŚŽŵĄƐĐŽŵƵŶĞƐĞŶ
ǀĂƌŽŶĞƐLJƐĞƉƌŽĚƵĐĞŶĚĞƐƉƵĠƐĚĞůŽƐϱϬ
ĂŹŽƐ͘;ZƵďŝŶZĂƉŚĂĞůĞƚĂů͕͘ϮϬϭϮͿ
EhZK>^dKDK>&dKZ/KK
^d^/KEhZK>^dKD
WƌĞĚŽŵŝŶĂĞŶǀĂƌŽŶĞƐĐŽŶƵŶƌĂŶŐŽ
ĚĞ ĞĚĂĚ ĂŵƉůŝŽ ƋƵĞ ǀĂ ĚĞ ůĂ ϯǐ Ă ůĂ ϵǐ
ĚĠĐĂĚĂ ĚĞ ůĂ ǀŝĚĂ͘ >Ă ƉĞƌĐĞƉĐŝſŶ
ĐƌĂŶĞŽĐĞĨĂĐŝĂůĂƵŶĂĚĂĂůĂƋƵŝŵŝŽƚĞƌĂƉŝĂ͕
ůĂ ƌĂĚŝŽƚĞƌĂƉŝĂ Ž ĂŵďĂƐ ƉƵĞĚĞ ƉĞƌŵŝƚŝƌ
ƵŶĂƐƵƉĞƌǀŝǀĞŶĐŝĂĂϱĂŹŽƐĚĞůϴϱй͘
>/E&KDE'/KEdZ/Kd/WK
E^>>h>^dz>/E&K/dK^
/dK>/d/K^EdhZ>^
;EdZ/KZDEd'ZEh>KD>d>
>>/ED/Ϳ
^ĞĐŽƌƌĞůĂĐŝŽŶĂĐŽŶůĂŝŶĨĞĐĐŝſŶƉŽƌ
ǀŝƌƵƐĚĞƉŝƐƚĞŝŶͲďĂƌƌ͘
Z/EKD^>h>^^DK^^
hK&Z/E'K^
ƐĞƐƚĂĚŽƐƵŶŝĚŽƐĂůƌĞĚĞĚŽƌĚĞůϴϬй
ĚĞ ĞƐƚŽƐ ƐĞ ƌĞůĂĐŝŽŶĂŶ ĐŽŶ ƚŝƉŽƐ ĚĞ ĂůƚŽ
ƌŝĞƐŐŽ ĚĞ sW,͘ Ğ ůŽƐ ŵĄƐ ĚĞ ϭϬϬ
ŐĞŶŽƚŝƉŽƐ ĚĞů ƉĂƉŝůŽŵĂǀŝƌƵƐ ŚƵŵĂŶŽ ƐĞ
ŚĂŶ ĞŶĐŽŶƚƌĂĚŽ ϭϲ ĞŶ ůĞƐŝŽŶĞƐ ďƵĐĂůĞƐ
;ϭ͕Ϯ͕ϯ͕ϰ͕ϲ͕ϳ͕ϭϬ͕ϭϭ͕ϭϯ͕ϭϲ͕ϭϴ͕ϯϭ͕ϯϮ͕ϯϯ͕ϯϱLJ
ϱϳͿĞůϭϯLJϯϮƐŽŶĞdžĐůƵƐŝǀŽƐĚĞůĂĐĂǀŝĚĂĚ
ŽƌĂů;ŽůŽŐŶĂͲDŽůŝŶĂZŽŶĞůů͘ĞƚĂů͕͘ϮϬϬϲͿ
E/EKD^E^K&Z1E'K
ƐŵƵLJĨƌĞĐƵĞŶƚĞĞŶĂůŐƵŶĂƐƌĞŐŝŽŶĞƐ
ĚĞ ĄĨƌŝĐĂ͕ ĞŶ Ğů ƐƵƌĞƐƚĞ ĚĞ ƐşĂ͕ ŚŝŶĂ͕
,ŽŶŐ <ŽŶŐ͘ ŶƚƌĞ ůŽƐ ĨĂĐƚŽƌĞƐ
ƉƌĞĚŝƐƉŽŶĞŶƚĞƐĞƐƚĄŶůĂƐŝŶĨĞĐĐŝŽŶĞƐƉŽƌ
ǀŝƌƵƐ ĚĞ ĞƉŝƐƚĞŝŶͲďĂƌƌ͕ ƐƵĐĞƉƚŝďŝůŝĚĂĚ
ŐĞŶĠƚŝĐĂ ;ĚĞ ůĞƐŝŽŶĞƐ ĐƌŽŵŽƐſŵŝĐĂƐ ĞŶ
ĚŝƐƚŝŶƚĂƐƌĞŐŝŽŶĞƐ;ϯƉ͕ϵƉ͕ϭϰƋͿ͘ŶĐƵĂŶƚŽ
ƐƵƉƌŽŶſƐƚŝĐŽĞƐƌĂĚŝŽƐĞŶƐŝďůĞLJĐĂƐŝƚŽĚŽƐ
ůŽƐƉĂĐŝĞŶƚĞƐƐŽďƌĞǀŝǀĞŶϱĂŹŽƐŽŵĄƐ͘
>/E&KD^>E/>>Kt>zZ
ƐƚŽƐ ĞŶ ƐƵ ŵĂLJŽƌşĂ ƐŽŶ ƚƵŵŽƌĞƐ
ĚŝĨƵƐŽƐĚĞĐĠůƵůĂƐ͘ĐŽŶƐƚŝƚƵLJĞŶŚĂƐƚĂƵŶ
ϱйĚĞůŽƐĐĂŶĐĞƌĞƐĚĞĐĂďĞnjĂLJĐƵĞůůŽ͘Ŷ
ĐƵĂŶƚŽ Ă ƐƵ ĨƌĞĐƵĞŶĐŝĂ ůĂƐ ĂŵşŐĚĂůĂƐ
ƉĂůĂƚŝŶĂƐŽĐƵƉĂŶĞůƉƌŝŵĞƌůƵŐĂƌƐĞŐƵŝĚĂƐ
ĚĞ ůĂ ŶĂƐŽĨĂƌŝŶŐĞ LJ ůĂ ďĂƐĞ ĚĞ ůĂ ůĞŶŐƵĂ
;<ƵŵĂƌsŝŶĂLJĞƚĂů͕͘ϮϬϭϬͿ͘
EKW>^/^D>/'E^>>Z/E'
ů ĐĄŶĐĞƌ ĚĞ ůĂƌŝŶŐĞ ĞƐ Ğů ŵĄƐ
ĨƌĞĐƵĞŶƚĞ ĞŶ ŽƚŽƌƌŝŶŽůĂƌŝŶŐŽůŽŐşĂ͕ ĐĂƐŝ
ƚŽĚŽƐ ƐŽŶ ĐĂƌĐŝŶŽŵĂƐ ĚĞ ĐĠůƵůĂƐ
ĞƐĐĂŵŽƐĂƐ;ϵϴйͿLJĞůƐĞdžŽŵĂƐĐƵůŝŶŽĞƐĞů
ŵĄƐĂĨĞĐƚĂĚŽ͘ƐŵĄƐĨƌĞĐƵĞŶƚĞĞŶƚƌĞůŽƐ
ϱϬLJϳϬĂŹŽƐ͘>ŽƐĨĂĐƚŽƌĞƐĚĞƌŝĞƐŐŽŵĄƐ
ŝŵƉŽƌƚĂŶƚĞƐ ƐŽŶ͗ Ğů ƚĂďĂĐŽ͕ ƐĞŐƵŝĚŽ ƉŽƌ
Ğů ĂůĐŽŚŽů͕ ŵĂůĂ ŚŝŐŝĞŶĞ ďƵĐĂů͕ ĨĂĐƚŽƌĞƐ
ŽĐƵƉĂĐŝŽŶĂůĞƐ ;ĐŽŵŽ ĞdžƉŽƐŝĐŝſŶ Ă ƉŽůǀŽ
ĚĞĐĞŵĞŶƚŽƐ͕ĂƐďĞƐƚŽƐ͕ŵĂĚĞƌĂ͕ŶşƋƵĞů͕ůĂ
ƉŽƐƚͲƌĂĚŝĂĐŝſŶĚĞĐĂďĞnjĂLJĐƵĞůůŽĚƵƌĂŶƚĞ
ƵŶ ůĂƉƐŽ ŚĂƐƚĂ ĚĞ ϰϬ ĂŹŽƐ ͿǀŝƌŽƐŝƐ ;sW,
ϭϲLJϭϴͿ͕ƉƌŽĐĞƐŽƐŝŶĨůĂŵĂƚŽƌŝŽƐĐƌſŶŝĐŽƐ͕
ĚĞĨŝĐŝĞŶĐŝĂƐ ŶƵƚƌŝĐŝŽŶĂůĞƐ ;ǀŝƚĂŵŝŶĂ ͕
ďĞƚĂĐĂƌŽƚĞŶŽƐͿ;/ZW͕ϮϬϭϮͿ͘
ůƚƌĂƚĂŵŝĞŶƚŽƐĞďĂƐĂĞŶůĂĐŝƌƵŐşĂ͕
ƌĂĚŝŽƚĞƌĂƉŝĂ
LJ
ƋƵŝŵŝŽƚĞƌĂƉŝĂ͘
jůƚŝŵĂŵĞŶƚĞ ƐĞ ĂŐƌĞŐſ ůĂ ĐŝƌƵŐşĂ
ŵşŶŝŵĂŵĞŶƚĞ ŝŶǀĂƐŝǀĂ ĐŽŶ ůĄƐĞƌ LJ
ƌĂĚŝŽĨƌĞĐƵĞŶĐŝĂ ŝŶƚĞƌƐƚŝĐŝĂů ůŽ ĐƵĂů ŚĂ
ŵĞũŽƌĂĚŽ ůĂ ĐĂůŝĚĂĚ ĚĞ ǀŝĚĂ ĚĞ ĞƐƚŽƐ
ƉĂĐŝĞŶƚĞƐ;WĂƌĠůĂƵĚŝĂ͘ĞƚĂů͕͘ϮϬϬϵͿ
Z/EKD^d/ZK/K^
^ŽŶ ƌĞůĂƚŝǀĂŵĞŶƚĞ ŝŶĨƌĞĐƵĞŶƚĞƐ ƉŽƌ
ĞũĞŵƉůŽĞŶ͘͘h͘hƌĞƉƌĞƐĞŶƚĂŶĂůƌĞĚĞĚŽƌ
ĚĞů ϭ ʹ ϭ͘ϱй ĚĞ ƚŽĚŽƐ ůŽƐ ĐĂŶĐĞƌĞƐ LJ
ƉƌŽĚƵĐĞŶĞůϬ͘ϰйĚĞƚŽĚĂƐůĂƐŵƵĞƌƚĞƐƉŽƌ
ĐĄŶĐĞƌ͘ >Ă ŵĂLJŽƌ ƉĂƌƚĞ ĚĞ ĐĂƐŽƐ ƐĞ
ƉƌĞƐĞŶƚĂŶĞŶƚƌĞůĂϯǐLJϳǐĚĠĐĂĚĂĚĞůĂǀŝĚĂ
LJĂĨĞĐƚĂŶĂůĂƐŵƵũĞƌĞƐĐŽŶƵŶĂĨƌĞĐƵĞŶĐŝĂ
Ϯ͘ϱǀĞĐĞƐŵĂLJŽƌƋƵĞĂůŽƐǀĂƌŽŶĞƐ͘
ŶƚƌĞůŽƐĨĂĐƚŽƌĞƐĞƚŝŽůſŐŝĐŽƐƐĞŚĂŶ
ŝĚĞŶƚŝĨŝĐĂĚŽŝŶŐĞƐƚĂƐĚĞĚŽƐŝƐŝŶĂĚĞĐƵĂĚĂƐ
ĚĞLJŽĚŽ͕ƌĂĚŝĂĐŝŽŶĞƐƐĞŚĂŶĚĞŵŽƐƚƌĂĚŽ
ƋƵĞ ůĂƐ ƌĂĚŝĂĐŝŽŶĞƐ Ă ĚŽƐŝƐ ďĂũĂƐ
ƉƌĞĚŝƐƉŽŶĞŶ Ăů ĚĞƐĂƌƌŽůůŽ ĚĞ ƵŶĂ
ŶĞŽƉůĂƐŝĂƚŝƌŽŝĚĞĂ͕ƐŝĞŶĚŽůĂĚŽƐŝƐſƉƚŝŵĂ
ƉĂƌĂƐƵĂƉĂƌŝĐŝſŶĞŶƚƌĞůŽƐϱϬϬLJϮϬϬϬĐ'z͘
ůƌŝĞƐŐŽĚŝƐŵŝŶƵLJĞƐŝůĂĚŽƐŝƐĞƐƐƵƉĞƌŝŽƌ
Ă ůŽƐ ϮϬϬϬ Đ'z ƉŽƌ ůĂ ĚĞƐƚƌƵĐĐŝſŶ ĚĞů
ƚĞũŝĚŽŐůĂŶĚƵůĂƌ͘ůůĂƉƐŽƉƌŽŵĞĚŝŽĞŶƚƌĞ
ůĂŝƌƌĂĚĂĐŝŽŶLJůĂĂƉĂƌŝĐŝſŶĚĞĐĂƌĐŝŶŽŵĂƐ
ƚŝƌŽŝĚĞŽ ĞƐ ĚĞ ϴ͘ ϳ ĂŹŽƐ͘ ;ŽŵŝŶŐƵĞnj
WŝŽƌŶŽZĂƷůĞƚĂů͕͘ϮϬϭϮ͖ZƵďŝŶZĂƉŚĂĞůĞƚ
Ăů͕͘ϮϬϭϮͿ͘ >ŽƐ ƐƵďƚŝƉŽƐ ƉƌŝŶĐŝƉĂůĞƐ ĚĞ
ĐĂƌĐŝŶŽŵĂƐ ĚĞ ƚŝƌŽŝĚĞƐ LJ ƐƵƐ ĨƌĞĐƵĞŶĐŝĂƐ
ƌĞůĂƚŝǀĂƐƐŽŶ͗
ΎĐĂƌĐŝŶŽŵĂ ƉĂƉŝůĂƌ ;ŵĄƐ ĚĞů ϴϱй
ĐĂƐŽƐͿΎĐĂƌĐŝŶŽŵĂĨŽůŝĐƵůĂƌ;ϱͲϭϱйĚĞůŽƐ
ĐĂƐŽƐͿΎĐĂƌĐŝŶŽŵĂƐ
ĂŶĂƉůĂƐŝĐŽ
;ŝŶĚŝĨĞƌĞŶĐŝĂĚŽͿ ;ŵĞŶŽƐ ĚĞ ϱй
ĐĂƐŽƐͿΎĐĂƌĐŝŶŽŵĂƐŵĞĚƵůĂƌ;ϱйĐĂƐŽƐͿ
KE>h^/KE^
ŽŵŽƐĞŚĂĚĞŵŽƐƚƌĂĚŽůĂŵĂLJŽƌşĂ
ĚĞ ůĂƐ ŶĞŽƉůĂƐŝĂƐ ĚĞ ĐĂďĞnjĂ LJ ĚĞ ĐƵĞůůŽ
ƉƌĞĚŽŵŝŶĂŶ ĞŶ ŝŶĚŝǀŝĚƵŽƐ ĚĞů ƐĞdžŽ
ŵĂƐĐƵůŝŶŽLJƐŽŶĚĞďŝĚŽƐĂǀĂƌŝŽƐĨĂĐƚŽƌĞƐ
ƋƵĞƉŽĚƌşĂŶƐĞƌŵŽĚŝĨŝĐĂďůĞƐƉŽƌĞůŵŝƐŵŽ
ƉĂĐŝĞŶƚĞ͕ ƚĂůĞƐ ĐŽŵŽ Ğů ƚĂďĂƋƵŝƐŵŽ͕ Ğů
ĂůĐŽŚŽůŝƐŵŽ ĂƐş ĐŽŵŽ ůĂƐ ǀŝƌŽƐŝƐ͕
ĂĚƋƵŝƌŝĚŽƐƉŽƌĂůŐƵŶŽƐŚĄďŝƚŽƐĚĞǀŝĚĂ͘
0LOHQDULD
ŝďůŝŽŐƌĂĨŝĂ
ϭ͘ͲŽůŽŶŐĂͲDŽůŝŶĂZŽŶĞůů͕͘ĂƐƚĂŹĞĚĂͲĂƐƚĂŶĞŝƌĂ
ZĂƷů ͕͘ DŽůŝŶĂ &ƌĞĐŚĞƌŽ͕ WĠƌĞnj ZŽĚƌŝŐƵĞnj͘ sŝƌƵƐ
ĚĞůƉĂƉŝůŽŵĂŚƵŵĂŶŽLJƐƵĂƐŽĐŝĂĐŝſŶĐŽŶĐĄŶĐĞƌ
ďƵĐĂů͘ ZĞǀ͘ DĞĚ͘/ŶƐƚ͘ DĞdž͘ ^ĞŐƵƌŽ
ƐŽĐŝĂů͘ϮϬϬϲ͖ϰϰ;ϮͿ͗ϭϰϳͲϭϱϯ͘
Ϯ͘ͲĞŶƚĞŶŽ͕͘ĂŶŝĞůŽ͕͘Z͘ĂŵƉĂŶĂ͕KƌŽnjĐŽDĂ͘
dƵŵŽƌĞƐ ŵĂůŝŐŶŽƐ ĚĞ ďŽĐĂ͘ DĞĚ ƵƚĂŶ >Ăƚ
ŵ͘ϮϬϭϬ͖ϯϴ;ϲͿ͗ϮϮϭͲϮϮϴ
ϯ͘ͲŽŵŝƐŝſŶ /ŶƚĞƌŶĂĐŝŽŶĂů ĚĞ WƌŽƚĞĐĐŝſŶ
ZĂĚŝŽůſŐŝĐĂ;/ZWͿ͘>ĂZĂĚŝĂĐŝſŶLJĞůƉĂĐŝĞŶƚĞ͕ƵŶĂ
ŐƵşĂ ƉĂƌĂ ŵĠĚŝĐŽƐ͘ ũƵŶŝŽ ϮϬϬϮ͘ŝƐƉŽŶŝďůĞ ĞŶ Ğů
ƐŝƚŝŽǁĞďĚĞůĂ/ZW͘
ϰ͘ͲŽŵşŶŐƵĞnjƉŝŽƌŶŽZĂƷů͘ůƉƌŽƚĞĐƚŽƌĚĞƚŝƌŽŝĚĞƐ͘
ƐƵŝŵƉŽƌƚĂŶĐŝĂĞŶƚŽŵŽŐƌĂĨşĂĂdžŝĂůĐŽŵƉƵƚĂƌŝnjĂĚĂ͘
ZĂĚŝŽĚŝĂŐŶŽƐƚŝĐŽLJZĂĚŝŽƚĞƌĂƉŝĂ͘ϮϬϭϮ͘
ϱ͘Ͳ&ƵĞŶƚĞƐ zƵŶĞƐ ĠƐĂƌ͕ ůǀĂƌĂĚŽ ^ƵĂƌĞnj ZĂƋƵĞů͕
ůĚĂƉĞĂƌƌŝŽƐĞĂƚƌŝnj͘ĂƌĐŝŶŽŵĂƉŝĚĞƌŵŽŝĚĞĚĞ
>ĞŶŐƵĂĐŽŶĚŝĂŐŶŽƐƚŝĐŽƚĂƌĚŝŽ͘WƌĞƐĞŶƚĂĐŝŽŶĚĞƵŶ
ĐĂƐŽĐůşŶŝĐŽ͘ƐŽĐŝĂĐŝŽŶDĞdžŝĐĂŶĂĚĞŝƌƵŐŝĂƵĐĂů
LJ DĂdžŝůŽĨĂĐŝĂů͘ϮϬϬϵ͖ϱ;ϮͿ͗ϳϵͲϴϮ͘
ϲ͘Ͳ'ĂƌĐŝĂ ůƉşnjĂƌ ĞĂƚƌŝnj͕ 'ƵĞƌƌĂ ůĨŽŶƐŽ ƌƚƵƌŽ͕
ĞŶĞƚZŽĚƌşŐƵĞnjDŝŬŚĂşů͘ƵĐĐŽͲĚĞŶƚĂůŚĞĂůƚƐƚĂƚĞ
ŝŶ ƚŚĞ ĂŐĞĚ͘ ZĞǀŝƐƚĂ ůĞĐƚƌŽŶŝĐĂ ĚĞ ůĂƐ ĐŝĞŶĐŝĂƐ
ŵĞĚŝĐĂƐĞŶŝĞŶĨƵĞŐŽƐ͘ϮϬϬϲ͖ϰ;ϮͿ͗ϯϬͲϯϰ͘
ϳ͘Ͳ'ŽŶnjĄůĞƐ ZĂŵŽƐ ZŽƐĂ DĂƌşĂ͕ ,ĞƌƌĞƌĂ >ſƉĞnj /ƐŝƐ
ĄƌďĂƌĂ͕ KƐŽƌŝŽ EƷŹĞnj DĂƌŝƚnjĂ͕ DĂĚƌĂnjŽ KƌĚĂnj
ĞLJƐŝ͘>ĞĂĚŝŶŐKƌĂů>ĞƐŝŽŶƐĂŶĚZŝƐŬĨĂĐƚŽƌƐƉƌĞƐĞŶƚ
ŝŶĂƉŽƉƵůĂƚŝŽŶĂŐĞĚŽǀĞƌϲϬLJĞĂƌƐ͘ZĞǀŝƐƚĂƵďĂŶĂ
ĚĞ ƐƚŽŵĂƚŽůŽŐşĂ ͘ϮϬϭϬ͖ϰϳ;ϭͿ͘
ϴ͘Ͳ>ĞǀŝƐŽŶ ĂǀŝĚ ͕͘ ZĞŝĚ ZƵďŝŶ͕ Ƶƌƚ ůĂŝƐƚĂƌ ͕͘
,ĂƌƌŝƐŽŶ ĂǀŝĚ :͕͘ &ůĞŵŝŶŐ ^ƚĞǁĂƌƚ͘ WĂƚŽůŽŐşĂ ĚĞ
DƵŝƌ͘ϭϰĂ͘Ě͘ŚŝŶĂ͘DĐ'ƌĂǁ,ŝůů͖ϮϬϬϵ͘W͘ϮϮϳͲϮϮϴ͘
ϵ͘ͲDĞŚĂŶŶĂ ,͕͘ WĂůĞƌŝ s͕͘tĞƐƚ ͘D͘>͕͘ EƵƚƚŝŶŐ ͘
ƉŝĚĞŵŝŽůŽŐşĂ͕WƌĞƐĞŶƚĂĐŝſŶLJWƌĞǀĞŶĐŝſŶĄŶĐĞƌ
ĚĞĂďĞnjĂLJƵĞůůŽ͘ZĞǀŝƐƚĂ/ŶƚƌĂŵĞĚ͘ϮϬϭϭ
ϭϬ͘ͲDŽŶƚĞƌŽ ^ĂŶĚƌĂ͕ ZĞLJĞƐ DĂƌŝŽ͕ ŝĨƵĞŶƚĞƐ :ƵůŝŽ͘
ŽŵƉůŝĐĂĐŝŽŶĞƐ ŽƌĂůĞƐ ĚĞů ƚƌĂƚĂŵŝĞŶƚŽ ŶŽ
ƋƵŝƌƷƌŐŝĐŽĚĞůĐĄŶĐĞƌĚĞĐĂďĞnjĂLJĐƵĞůůŽ͘ZĞǀŝƐƚĂ
ĞŶƚĂů ĚĞ ŚŝůĞ͘ϮϬϬϮ͖ϵϯ;ϯͿ͗ϭϮͲϭϲ
ϭϭ͘ͲDŽƐƋƵĞĚĂ dĂLJůŽƌ ĚĂůďĞƌƚŽ͕ DĞŶĞƐĞƐ 'ĂƌĐşĂ
ďĞůĂƌĚŽ͕ZƵşnj'ŽĚŽLJ>ƵnjDĂƌşĂ͕^ƵĄƌĞnjZŽĂDĂ͘
Ğ ůŽƐ ŶŐĞůĞƐ ͕>ƵŶĂ Kƌƚŝnj <ƵĂƵŚLJĂŵĂ͘ dƵŵŽƌĞƐ
ŽĚŽŶƚŽŐĠŶŝĐŽƐDĂůŝŐŶŽƐ͘ƐƚƵĚŝŽƌĞƚƌŽƐƉĞĐƚŝǀŽLJ
ĐŽůĂďŽƌĂƚŝǀŽ ĚĞ ϳ ĐĂƐŽƐ ͘DĞĚŝĐŝŶĂ KƌĂů
͘ϮϬϬϯ͖ϴ͗ϭϭϬͲϮϭ͘
ϭϮ͘ͲWĂƌĞůĂƵĚŝĂŶĚƌĞĂ͕WĂƌĞ<ĂƌŝŶĂůŝnjĂďĞƚŚ͕ZŽĂ
^ĂŶĂďƌŝĂ ĞĂƚƌŝnj sĂŶĞƐĂ͕ dĂŐůĞ :ƵĂŶ &ƌĂŶĐŝƐĐŽ͕
ŚĂŵŽƌƌŽ ƌŵĂŶĚŽ WĞĚƌŽ͘ ĄŶĐĞƌ ĚĞ >ĂƌŝŶŐĞ͗
ZĞǀŝƐŝſŶ͘ ZĞǀŝƐƚĂ ĚĞ WŽƐŐƌĂĚŽ ĚĞ ůĂ ĄƚĞĚƌĂ ĚĞ
DĠĚŝĐŝŶĂ͘ϮϬϬϵ͖ϭϵϮ͗ϭϳͲϮϭ͘
ϭϯ͘ͲZĞŐĞnjŝ :ŽƐĞƉŚ ͕͘ ^ĐŝƵďďĂ :ĂŵĞƐ :͘ WĂƚŽůŽŐşĂ
ƵĐĂů ϯǐ ĞĚ͘ DĠdžŝĐŽ͘ DĐŐƌĂǁͲ,ŝůů
/ŶƚĞƌĂŵĞƌŝĐĂŶĂ͖ϮϬϬϲ ͘W͘ ϮϱϴͲϮϲϮ͘
ϭϰ͘ͲZƵďŝŶ ZĂƉŚĂĞů͕ ^ƚƌĂLJĞƌ ĂǀŝĚ ^͘ WĂƚŽůŽŐşĂ
&ƵŶĚĂŵĞŶƚŽƐůŝŶŝĐŽƉĂƚŽůſŐŝĐŽƐĞŶDĞĚŝĐŝŶĂ͘ϯǐ
ĞĚ͘ ŚŝŶĂ >ŝƉƉŝŶĐŽƚƚ tŝůůŝĂŵ Θ tŝůŬŝŶƐ͖ ϮϬϭϮ͘ W͘
ϭϭϳϰͲϭϭϳϳ͘
ϭϱ͘ͲdŝƌĂĚŽ>ĂƵƌĂ'ƌĂŶĂĚŽƐDĂƌƚŝŶ͘ƉŝĚĞŵŝŽůŽŐŝĂLJ
ƚŝŽůŽŐşĂ ĚĞů ĄŶĐĞƌ ĚĞ ĂďĞnjĂ LJ ƵĞůůŽ͘
ĂŶĐĞƌŽůŽŐşĂ͘ϮϬϬϳ͖ Ϯ͗ ϵͲϭϳ͘
ϭϲ͘Ͳ<ƵŵĂƌ sŝŶĂLJ͕ ďďĂƐ ďƵů <͕͘ &ĂƵƐƚŽ EĞůƐŽŶ͕
ƐƚĞƌũŽŶ͘WĂƚŽůŽŐşĂƐƚƌƵĐƚƵƌĂůLJ&ƵŶĐŝŽŶĂůϴǐĞĚ͘
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hŶŝǀĞƌƐŝƚĂƌŝĂ ĚĞ ůĂ hD^E, ĞŶ ĐŽŶũƵŶƚŽ
ĐŽŶƵŶĂĐŽŵŝƐŝſŶŝŶƚĞƌŶĂĚĞůĂƐĐƵĞůĂĚĞ
ŶĨĞƌŵĞƌşĂLJ^ĂůƵĚWƷďůŝĐĂ͕ůůĞǀĂƌŽŶĂĐĂďŽ
ƵŶĞƐƚƵĚŝŽĚĞůWƌŽŐƌĂŵĂĚƵĐĂƚŝǀŽĚĞůĂ
>ŝĐĞŶĐŝĂƚƵƌĂ ĞŶ ^ĂůƵĚ ƉƷďůŝĐĂ͕ ƋƵĞ
ƌĞĐŝĞŶƚĞŵĞŶƚĞƐĞŚĂƉƵďůŝĐĂĚŽLJĚĞůƋƵĞ
ƐĞƌĞƐĂůƚĂŶůŽƐƐŝŐƵŝĞŶƚĞƐĂƐƉĞĐƚŽƐ͗
>ĂŵĞƚŽĚŽůŽŐşĂĞŵƉůĞĂĚĂƉĂƌĂĞƐƚĞ
ĞƐƚƵĚŝŽ͕ ƚŽŵĂ ĂƐƉĞĐƚŽƐ ĚĞ ůĂ 'ƵşĂ
ŵĞƚŽĚŽůſŐŝĐĂ ƉĂƌĂ ůĂ ĞůĂďŽƌĂĐŝſŶ ĚĞ
ƉƌŽƉƵĞƐƚĂƐ ĐƵƌƌŝĐƵůĂƌĞƐ ĚĞ ĞĚƵĐĂĐŝſŶ
ƐƵƉĞƌŝŽƌĚĞůĂŽŵŝƐŝſŶƉĂƌĂůĂWůĂŶĞĂĐŝſŶ
ĚĞ ůĂ ĚƵĐĂĐŝſŶ ^ƵƉĞƌŝŽƌ ĞŶ DŝĐŚŽĂĐĄŶ
;KW^Ϳ͘
>Ă ŽŵŝƐŝſŶ ĚĞ WůĂŶĞĂĐŝſŶ
hŶŝǀĞƌƐŝƚĂƌŝĂLJůĂƐĐƵĞůĂĚĞŶĨĞƌŵĞƌşĂLJ
^ĂůƵĚ WƷďůŝĐĂ ŽƌŐĂŶŝnjĂƌŽŶ Ğů ͨ&ŽƌŽ ĚĞ
ŽŶƐƵůƚĂƉĂƌĂĞůƐƚƵĚŝŽĚĞWĞƌƚŝŶĞŶĐŝĂĚĞ
ůĂ>ŝĐĞŶĐŝĂƚƵƌĂĞŶ^ĂůƵĚWƷďůŝĐĂͩĞůĚşĂϭϱ
ĚĞŵĂƌnjŽĚĞϮϬϭϯ͕ĐŽŶůĂƉĂƌƚŝĐŝƉĂĐŝſŶĚĞů
ĞƐƚƵĚŝĂŶƚĂĚŽ ĞŶ ůĂ ƌĞĂůŝnjĂĐŝſŶ ĚĞ ůĂƐ
ĞŶĐƵĞƐƚĂƐ Ă ůŽƐ ĚĞƉĂƌƚĂŵĞŶƚŽƐ ĚĞ
^ĞůĞĐĐŝſŶLJZĞĐůƵƚĂŵŝĞŶƚŽĚĞWĞƌƐŽŶĂůĞŶ
ůĂƐ /ŶƐƚŝƚƵĐŝŽŶĞƐ ĚŽŶĚĞ ƉƌĞƐƚĂďĂŶ ƐƵƐ
ƐĞƌǀŝĐŝŽƐŽĐŝĂů͘
ZĞƐƵůƚĂĚŽƐƌĞůĞǀĂŶƚĞƐ͗
ĂďĞ ŵĞŶĐŝŽŶĂƌ ƋƵĞ ĂƵŶƋƵĞ ůĂ
ůŝĐĞŶĐŝĂƚƵƌĂ ƐĞĂ ƉĂƌƚĞ ĚĞ ŝĞŶĐŝĂƐ ĚĞ ůĂ
^ĂůƵĚ͕ ůŽƐ ƐĞƌǀŝĐŝŽƐ ƋƵĞ ďƌŝŶĚĂ ƵŶ
^ĂůƵďƌŝƐƚĂƉƵĞĚĞŶƐĞƌĞŵƉůĞĂĚŽƐƚĂŶƚŽĞŶ
ƐĞĐƚŽƌĞƐĚĞŐŽďŝĞƌŶŽĐŽŵŽĚĞĞĚƵĐĂĐŝſŶ
Ğ ŝŶǀĞƐƚŝŐĂĐŝſŶ͘ ů ϵϲй ĚĞ ůŽƐ
ĞŵƉůĞĂĚŽƌĞƐ ĞŶĐƵĞƐƚĂĚŽƐ ĞdžƉƌĞƐĂ ƋƵĞ
ĞdžŝƐƚĞƵŶĄƌĞĂŝĚſŶĞĂĞŶƐƵĞŵƉƌĞƐĂƉĂƌĂ
ůĞƐƚƵĚŝŽƐĞƉůĂŶƚĞſĐŽŶĞůŽďũĞƚŝǀŽ
ĚĞ ƉƌŽƉŽƌĐŝŽŶĂƌ ŝŶĨŽƌŵĂĐŝſŶ ŽƉŽƌƚƵŶĂ LJ
ƉƌĞĐŝƐĂƐŽďƌĞůĂƉĞƌƚŝŶĞŶĐŝĂĚĞůWƌŽŐƌĂŵĂ
ĞĚƵĐĂƚŝǀŽ ĚĞ ůĂ >ŝĐĞŶĐŝĂƚƵƌĂ ĞŶ ^ĂůƵĚ
WƷďůŝĐĂ͕ ƉĂƌĂ ĨƵŶĚĂŵĞŶƚĂƌ ůĂƐ
ŽƌŝĞŶƚĂĐŝŽŶĞƐ ĚĞ ůĂƌŐŽ ƉůĂnjŽ ĚĞ ůĂ
ĚĞƉĞŶĚĞŶĐŝĂ ĞŶ ĐƵĂŶƚŽ Ă ƐƵƐ ŵĞƚĂƐ LJ
ŶĞĐĞƐŝĚĂĚĞƐƐŽĐŝĂůĞƐ͘
0LOHQDULD
ůĂƐĂĐƚŝǀŝĚĂĚĞƐĚĞƵŶůŝĐĞŶĐŝĂĚŽĞŶ^ĂůƵĚ
WƷďůŝĐĂ͘
dƌĂƐ ŽďƐĞƌǀĂƌ ƐƵ ĚĞƐĞŵƉĞŹŽ ĞŶ Ğů
ƐĞƌǀŝĐŝŽƐŽĐŝĂů͕ůŽƐĞŵƉůĞĂĚŽƌĞƐŵƵĞƐƚƌĂŶ
ƵŶĂ ĂůƚĂ ĚŝƐƉŽƐŝĐŝſŶ Ă ĐŽŶƚƌĂƚĂƌ
>ŝĐĞŶĐŝĂĚŽƐĞŶ^ĂůƵĚWƷďůŝĐĂĚĞůĂhD^E,͘
Ŷ ƐƵ ŵĂLJŽƌşĂ͕ ĚĞƐƚĂĐĂƌŽŶ ĐŽŵŽ
ƐĂƚŝƐĨĞĐŚŽƐĐŽŶĞůŶŝǀĞůƉƌŽĨĞƐŝŽŶĂůLJĠƚŝĐŽ
ĚĞů ĞŐƌĞƐĂĚŽ LJ ůĂ ĐĂƉĂĐŝĚĂĚ ƉĂƌĂ
ŽŶĐůƵƐŝŽŶĞƐ͗
>Ă ƉĞƌƚŝŶĞŶĐŝĂ ĚĞů ƉƌŽŐƌĂŵĂ
ĞĚƵĐĂƚŝǀŽĚĞ>ŝĐĞŶĐŝĂƚƵƌĂĞŶ^ĂůƵĚWƷďůŝĐĂ
ĚĞůĂƐĐƵĞůĂĞŶŶĨĞƌŵĞƌşĂLJ^ĂůƵĚWƷďůŝĐĂ
ƉƵĞĚĞƌĞĂĨŝƌŵĂƌƐĞĚĞƐĚĞǀĂƌŝŽƐĂƐƉĞĐƚŽƐ͗
ƌĞƐƉŽŶĚĞƌ Ă ƉƌŽďůĞŵĂƐ ĚĞů ƚƌĂďĂũŽ ĚĞ
ŵĂŶĞƌĂ ĂĚĞĐƵĂĚĂ͘ DŝĞŶƚƌĂƐ ƋƵĞ Ğů
ĂƐƉĞĐƚŽ ƋƵĞ ĐĂůŝĨŝĐĂƌŽŶ ĐŽŶ ŵĂLJŽƌ
ŝŶƐĂƚŝƐĨĂĐĐŝſŶĨƵĞĞůŶŝǀĞůĚĞƉƌĞƉĂƌĂĐŝſŶ
ĂĐĂĚĠŵŝĐĂ͘ƐƚŽŶŽƋƵŝĞƌĞĚĞĐŝƌƋƵĞƐĞĂ
ƵŶĂ ĚĞďŝůŝĚĂĚ ĐƌşƚŝĐĂ LJĂ ƋƵĞ ƐſůŽ Ğů ϭϴй
ĚĞ ůŽƐ ĞŶĐƵĞƐƚĂĚŽƐ ůŽ ŵĂŶŝĨĞƐƚſ͕ ƉĞƌŽ Ɛş
ƋƵĞĞƐƵŶĂƐƉĞĐƚŽĂŵĞũŽƌĂƌ͘
Ğ ĂĐƵĞƌĚŽ Ă ůŽƐ ĞŵƉůĞĂĚŽƌĞƐ͕ Ğů
ĞŐƌĞƐĂĚŽ ƐĞ ĚĞƐĞŵƉĞŹĂ ĂůƚĂŵĞŶƚĞ ĞŶ
ĨƵŶĐŝŽŶĞƐ ĚĞ ƉƌŽŵŽĐŝſŶ Ă ůĂ ƐĂůƵĚ LJ ĞŶ
ĞĚƵĐĂĐŝſŶ ƉƷďůŝĐĂ͘ DŝĞŶƚƌĂƐ ƋƵĞ ĞŶ
/ŶǀĞƐƚŝŐĂĐŝſŶ ĞŶ ^ĂůƵĚ LJ 'ĞƐƚŝſŶ
/ŶƐƚŝƚƵĐŝŽŶĂůƉĂƌĂůĂƉůŝĐĂĐŝſŶĚĞWŽůşƚŝĐĂƐ
ĞŶ ^ĂůƵĚ ŶŽ ŵƵĞƐƚƌĂ ƵŶ ĚĞƐĞŵƉĞŹŽ
ĨĂǀŽƌĂďůĞ͘
>ŽƐ ƌĞƐƵůƚĂĚŽƐ ĞdžƉƌĞƐĂŶ ƋƵĞ ůĂƐ
ĞŵƉƌĞƐĂƐŽŝŶƐƚŝƚƵĐŝŽŶĞƐĐŽŶƐŝĚĞƌĂŶƋƵĞ
ůŽƐ ĞŐƌĞƐĂĚŽƐ ƚŝĞŶĞŶ ƵŶ ŝŵƉĂĐƚŽ ŵƵLJ
ĂĚĞĐƵĂĚŽ ĞŶ ůĂƐ ĄƌĞĂƐ ĚĞ ^ĂůƵĚ
ŽŵƵŶŝƚĂƌŝĂ ;ϲϭйͿ͕ ^ĂůƵĚ &ĂŵŝůŝĂƌ LJ
EƵƚƌŝĐŝſŶ ;ĂŵďĂƐ ϱϳйͿ͘ DŝĞŶƚƌĂƐ ƋƵĞ
ĐŽŶƐŝĚĞƌĂŶ ƋƵĞ Ğů ĚĞƐĞŵƉĞŹŽ ĚĞů
ĞŐƌĞƐĂĚŽ ŚĂ ƚĞŶŝĚŽ ƵŶ ďĂũŽ ŝŵƉĂĐƚŽ Ž
ƉŽĐŽĂĚĞĐƵĂĚŽĞŶĞůĄƌĞĂĚĞŝŽĞƐƚĂĚşƐƚŝĐĂ
ƉƌŝŶĐŝƉĂůŵĞŶƚĞ ;ϮϯйͿ͕ ƐĞŐƵŝĚŽ ƉŽƌ
WŽůşƚŝĐĂƐ ĚĞ WůĂŶŝĨŝĐĂĐŝſŶ͕ WŽůşƚŝĐĂƐ
^ĂŶŝƚĂƌŝĂƐLJƉŝĚĞŵŝŽůŽŐşĂ;ϮϬйĐĂĚĂƵŶĂͿ͘
ƐƚŽŶŽƐŝŐŶŝĨŝĐĂƋƵĞĞůĞŐƌĞƐĂĚŽŶŽĞƐƚĠ
ƉƌĞƉĂƌĂĚŽ ĞŶ ĚŝĐŚĂƐ ĄƌĞĂƐ͕ ƐŝŶŽ ƋƵĞ ůĂƐ
ĞŵƉƌĞƐĂƐ ƌĞƋƵŝĞƌĞŶ ƋƵĞ Ğů ĞŐƌĞƐĂĚŽ
ĂƚŝĞŶĚĂĐŽŶŵĂLJŽƌĠŶĨĂƐŝƐĚŝĐŚĂƐĄƌĞĂƐ͘
>ŽƐĐƵĂƚƌŽĐƵƌƐŽƐLJƚĂůůĞƌĞƐƐƵŐĞƌŝĚŽƐ
ĨƵĞƌŽŶ ĐŽŶƐŝĚĞƌĂĚŽƐ ĐŽŵŽĞƐĞŶĐŝĂůĞƐ ĞŶ
ƐƵ ŵĂLJŽƌşĂ͘ ^ŝŶ ĞŵďĂƌŐŽ͕ ƐſůŽ Ğů ϳϭй
ĐŽŶƐŝĚĞƌſƋƵĞĞůƚĂůůĞƌĚĞůŝĚĞƌĂnjŐŽĐŽŵŽ
ĞƐĞŶĐŝĂů LJ ĨƵĞ Ğů ĐƵƌƐŽ ƋƵĞ ŵĄƐ
ĐŽŶƐŝĚĞƌĂƌŽŶ ĐŽŵŽ ƉŽĐŽ ƌĞůĞǀĂŶƚĞ ;ϳйͿ͘
DŝĞŶƚƌĂƐ ƋƵĞ Ğů ĐƵƌƐŽ ĚĞ ƐĂŶĞĂŵŝĞŶƚŽ
ĂŵďŝĞŶƚĂů ĨƵĞ ĐŽŶƐŝĚĞƌĂĚŽ ĞƐĞŶĐŝĂů ƉŽƌ
ŵĂLJŽƌşĂ;ϵϯйͿƐŽďƌĞůŽƐŽƚƌŽƐĐƵƌƐŽƐ͘
0LOHQDULD
ϭ͘ ů ƉĞƌĨŝů ĚĞů ƐĂůƵďƌŝƐƚĂ ĞƐƚĄ
ĚŝƐĞŹĂĚŽĐŽŶĐŽŶŽĐŝŵŝĞŶƚŽƐ͕ŚĂďŝůŝĚĂĚĞƐ͕
ĚĞƐƚƌĞnjĂƐ͕ ĐŽŵƉĞƚĞŶĐŝĂƐ͕ ĂĐƚŝƚƵĚĞƐ LJ
ǀĂůŽƌĞƐƋƵĞƌĞƋƵŝĞƌĞŶůĂƐůŽĐĂůŝĚĂĚĞƐĚĞů
ĞƐƚĂĚŽLJĞůƉĂşƐĞŶĚŽŶĚĞĞƐƚĄŝĚĞŶƚŝĨŝĐĂĚĂ
ůĂŵĂLJŽƌƉƌŽďůĞŵĄƚŝĐĂĚĞƐĂůƵĚ͘^ĞĚĞďĞ
ĂƵƐƉŝĐŝĂƌ Ğů ĨŽƌƚĂůĞĐŝŵŝĞŶƚŽ ĚĞ ůĂ ƉůĂŶƚĂ
ĂĐĂĚĠŵŝĐĂ͕ ůŽƐ ĞƐƉĂĐŝŽƐ LJ ƐĞƌǀŝĐŝŽƐ ƉĂƌĂ
ĨĂǀŽƌĞĐĞƌůĂĨŽƌŵĂĐŝſŶĚĞůŽƐ>ŝĐĞŶĐŝĂĚŽƐ
ĞŶ^ĂůƵĚWƷďůŝĐĂ͘
Ϯ͘ ů ĚŝĂŐŶſƐƚŝĐŽ LJ ĂŶĄůŝƐŝƐ ĚĞ ƐĂůƵĚ
ƋƵĞ ƐĞ ƌĞĂůŝnjſ ĚĞů ĞƐƚĂĚŽ ĚĞ DŝĐŚŽĂĐĄŶ
ũƵƐƚŝĨŝĐĂ ƉůĞŶĂŵĞŶƚĞ ůĂ ŶĞĐĞƐŝĚĂĚ ĚĞ
ƐĂůƵďƌŝƐƚĂƐ ĐĂƉĂĐŝƚĂĚŽƐ ƉĂƌĂ ƌĞĂůŝnjĂƌ
ĂĐĐŝŽŶĞƐƚĞŶĚŝĞŶƚĞƐĂƐƵƉĞƌĂƌůĂƉŽďƌĞnjĂ
LJůĂĞdžĐůƵƐŝſŶƐŽĐŝĂůĞŶĞůƚĞŵĂĚĞƐĂůƵĚ
ĂĚĞŵĄƐ ĚĞ ŐĞŶĞƌĂƌ ƉƌŽĐĞƐŽƐ ĚĞ
/ŶǀĞƐƚŝŐĂĐŝſŶ͕ƐŽďƌĞƚŽĚŽĞŶƉŽďůĂĐŝŽŶĞƐ
ƉĞƋƵĞŹĂƐ ĐŽŶ ƉŽĐŽ ĂĐĐĞƐŽ Ă ƌĞĐƵƌƐŽƐ LJ
ƐĞƌǀŝĐŝŽƐ͘
ϯ͘ ĞƐĚĞ Ğů ƉƵŶƚŽ ĚĞ ǀŝƐƚĂ ĚĞ ůĂ
ĂƚĞŶĐŝſŶĂůĂĚĞŵĂŶĚĂĞĚƵĐĂƚŝǀĂLJĚĞůĂƐ
ĞdžƉĞĐƚĂƚŝǀĂƐ ĚĞ ůŽƐ ĂƐƉŝƌĂŶƚĞƐ͕ ĞƐƚĄ
ĚĞŵŽƐƚƌĂĚŽ ƋƵĞ Ğů ƉƌŽŐƌĂŵĂ ĞĚƵĐĂƚŝǀŽ
ĂƚŝĞŶĚĞ ĐĂĚĂ ǀĞnj Ă ƵŶĂ ŵĂLJŽƌ ĚĞŵĂŶĚĂ
ĚĞĂƐƉŝƌĂŶƚĞƐĂĞƐƚƵĚŝĂƌĞƐƚĂůŝĐĞŶĐŝĂƚƵƌĂ͘
ƐŝŵƉŽƌƚĂŶƚĞƉƌŽŵŽǀĞƌůĂĂƉĞƌƚƵƌĂLJĞů
ĐŽŶŽĐŝŵŝĞŶƚŽĚĞůƚƌĂďĂũŽĚĞůƐĂůƵďƌŝƐƚĂĂ
ƐĞĐƚŽƌĞƐĚŝƐƚŝŶƚŽƐĂ/ŶƐƚŝƚƵĐŝŽŶĞƐĚĞƐĂůƵĚ͘
dŽŵĂĚŽ ĚĞ͗ hD^E,͘ ŽŵŝƐŝſŶ ĚĞ WůĂŶĞĂĐŝſŶ
hŶŝǀĞƌƐŝƚĂƌŝĂ͘ ƐƚƵĚŝŽ ĚĞ ƉĞƌƚŝŶĞŶĐŝĂ ĚĞ ůĂ
>ŝĐĞŶĐŝĂƚƵƌĂĞŶ^ĂůƵĚWƷďůŝĐĂhD^E,͘ϮϬϭϯ͘
3(/8',726212
0(5(&(118(6752
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ƋƵĞƚĞĚĞƐĞŵƉĞŹĞƐ͕ŚĂƐĚĞĚĂƌůŽŵĞũŽƌ
ĚĞ ƚŝ͕ ĚĞŵŽƐƚƌĂƌ LJ ĂƉůŝĐĂƌ ƚƵƐ
ĐŽŶŽĐŝŵŝĞŶƚŽƐ ĞŶ ůĂ ǀĞƌĚĂĚĞƌĂ ƉƌĄĐƚŝĐĂ͘
&ŽƌŵĂƌƉĂƌƚĞĚĞƵŶĂŝŶƐƚŝƚƵĐŝſŶĚĞƐĂůƵĚ͕
ĞĚƵĐĂƚŝǀĂ Ž ŐƵďĞƌŶĂŵĞŶƚĂů͕ ĞŶƚƌĞ ŽƚƌĂƐ͕
ĞdžŝŐĞůĂŵĂĚƵƌĞnjŶĞĐĞƐĂƌŝĂƉĂƌĂŽĐƵƉĂƌƵŶ
ƉƵĞƐƚŽ͕ ƉŽƌ ƉĞƋƵĞŹŽ ƋƵĞ ƐĞĂ͕ LJ ĐƵŵƉůŝƌ
ĐŽŶůĂƐĨƵŶĐŝŽŶĞƐLJŽďũĞƚŝǀŽƐƋƵĞĞůŵŝƐŵŽ
ĚĞŵĂŶĚĞ͘ ͎ſŵŽ ĂĨƌŽŶƚĂƌ ůŽ ƋƵĞ ǀŝĞŶĞ
ĚĞƐƉƵĠƐĚĞůĞŐƌĞƐŽ͍DŝƌĞƐƉƵĞƐƚĂĂĞƐƚĂ
ŝŶƚĞƌƌŽŐĂŶƚĞůĂƌĞƐƵŵŝƌĠĞŶĚŽƐƐĞŶĐŝůůĂƐ
ƉĞƌŽ ŐƌĂŶĚĞƐ ƉĂůĂďƌĂƐ͗ ^'hZ/ LJ
,hD/>͘ŶƚĞůŽƐƌĞƚŽƐƋƵĞƚĞĚĞƉĂƌĞŶ
ƚƵƐ ŶƵĞǀĂƐ ĂĐƚŝǀŝĚĂĚĞƐ͘ >Ă ƐĞŐƵƌŝĚĂĚ ƚĞ
ƐĞƌĄƷƚŝůĐƵĂŶĚŽĚƵĚĞƐĚĞƚƵƐĐĂƉĂĐŝĚĂĚĞƐ͕
ĐƵĂŶĚŽ ĐƌĞĂƐ ƋƵĞ ůĂƐ ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞƐ
ŽƚŽƌŐĂĚĂƐ ƐŽŶ ĚĞŵĂƐŝĂĚŽ ƉĂƌĂ ƚŝ͕ ƉĂƌĂ
ů ĐŽŶĐůƵŝƌ ƚƵƐ ĞƐƚƵĚŝŽƐ ĞƐ ƉƌĞĐŝƐŽ
ƌĞĂůŝnjĂƌĞůƐĞƌǀŝĐŝŽƐŽĐŝĂů͕ĚŽŶĚĞŶŽƐĞƌĄƐ
ŵĄƐƚƌĂƚĂĚŽĐŽŵŽĞƐƚƵĚŝĂŶƚĞLJŚĂďƌĄƐĚĞ
ĂƐƵŵŝƌ ŶƵŵĞƌŽƐĂƐ ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞƐ LJ
ĂĚĞŵĄƐĂĐƚƵĂƌĐŽŵŽƚŽĚŽƵŶƉƌŽĨĞƐŝŽŶĂů͗
ƐĞƌƉƵŶƚƵĂů͕ĐƵŵƉůŝĚŽ͕ĂŵĂďůĞ͕ĚĞŵŽƐƚƌĂƌ
Ă ĐĂĚĂ ƉĂƐŽ ůĂ ĐĂůŝĚĂĚ ĚĞ ĨŽƌŵĂĐŝſŶ
ĂĚƋƵŝƌŝĚĂĞŶůŽƐĂŹŽƐĚĞĞƐƚƵĚŝŽ͎͘WĂƌĞĐĞ
ĨĄĐŝů͍͋WƵĞƐŶŽůŽĞƐ͕͊ĂƋƵşƚĞĚĂƌĄƐĐƵĞŶƚĂ
ĚĞůŽǀĂůŝŽƐĂƐƋƵĞĨƵĞƌŽŶĐĂĚĂƵŶĂĚĞůĂƐ
ƉĂůĂďƌĂƐƋƵĞƚƵƐƉƌŽĨĞƐŽƌĞƐƚĞĞŶƚƌĞŐĂƌŽŶ
ĐŽŵŽĐŽŶŽĐŝŵŝĞŶƚŽƐ͘
EŽƉƵĞĚŽŚĂďůĂƌĚĞŵĂŶĞƌĂŐĞŶĞƌĂů
ƉƵĞƐƐĞƌşĂĐĂĞƌĞŶƵŶĞƌƌŽƌ͕ĂƐşƋƵĞŚĂďůŽ
0LOHQDULD
ŚĂĐĞƌƚĞŶŽƚĂƌƋƵĞƚƵƚƌĂďĂũŽĂƵŶĐƵĂŶĚŽ
ŶŽƌĞĐŝďĂƐĐƌĞĚŝďŝůŝĚĂĚŶŝƌĞƐƉĞƚŽ͕ƉŽƌƚĂƌƚĞ
ĚĞĂƋƵĞůůŽƐƋƵŝĞŶĞĂŚĂŶŽůǀŝĚĂĚŽƋƵĞƵŶ
̺à ƚĂŵďŝĠŶ ĨƵĞƌŽŶ ĞƐƚƵĚŝĂŶƚĞ͕ Ž ĚĞ
ĂƋƵĞůůŽƐƉĂƌĂůŽƐƋƵĞůĂƉĂůĂďƌĂĞŵƉĂƚşĂ
ŶŽ ƚŝĞŶĞ ŶŝŶŐƵŶ ƐŝŐŶŝĨŝĐĂĚŽ ĂƉůŝĐĂďůĞ͘ >Ă
ŚƵŵŝůĚĂĚƚĞƐĞƌǀŝƌĄĐƵĂŶĚŽƚĞĚĞƐĐƵĞŶƚĂ
ƋƵĞƉƵĞĚĞƐŚĂĐĞƌŵĄƐĚĞůŽƋƵĞƐĞƐƵƉŽŶĞ
ƋƵĞ ĚĞďĞƌşĂƐ ŚĂĐĞƌ͕ ƚĂŵďŝĠŶ ƉĂƌĂ
ƐŽƐƚĞŶĞƌƚĞ Ă ůĂ ŚŽƌĂ ĚĞ ƉĞĚŝƌ ĂLJƵĚĂ Ž
ĐŽŶƐĞũŽƐƉĂƌĂŵĞũŽƌĂƌLJƐĞŐƵŝƌĐƌĞĐŝĞŶĚŽ͕
ĂƐş ĐŽŵŽ ƉĂƌĂ ŵŽƐƚƌĂƌ ƌĞƐƉĞƚŽ͕ LJ ĚĂƌ ůŽ
ŵĞũŽƌĚĞƚŝĂĂƋƵĞůůŽƐƋƵĞĚĞĂůŐƵŶĂĨŽƌŵĂ
ƚĞŶĞĐĞƐŝƚĞŶ͘
ƐůŽŵĞũŽƌƋƵĞƉƵĞĚŽĚĞĐŝƌĚĞƐĚĞůĂ
ĞdžƉĞƌŝĞŶĐŝĂƋƵĞŵĞĞƐƚĄƚŽĐĂŶĚŽǀŝǀŝƌĞŶ
ĞƐƚĞƉƌŽĐĞƐŽ͖ƉŽƌƋƵĞĂƵŶƋƵĞƋƵŝƐŝĠƌĂŵŽƐ͕
ŶŽ ĞdžŝƐƚĞ ƵŶ ŵĂŶƵĂů ƋƵĞ ĞdžƉůŝƋƵĞ Ğů ƚĂŶ
ĚŝĨĞƌĞŶƚĞ ŵƵŶĚŽ Ăů ƋƵĞ ĞƐƚĄƐ ƉŽƌ
ĞŶĨƌĞŶƚĂƌƚĞ͕ ŵƵŶĚŽ ƋƵĞ ĞƐƚĄ ůůĞŶŽ ĚĞ
ĞdžƉĞƌŝĞŶĐŝĂƐ ďƵĞŶĂƐ LJ ŵĂůĂƐ͕ ůůĞŶŽ ĚĞ
ĚƵĚĂƐ͕ ĚĞ ĂƉƌĞŶĚŝnjĂũĞ͕ ĚĞ ĞƌƌŽƌĞƐ LJ
ĂĐŝĞƌƚŽƐ͘dĂůǀĞnjĞŶƚƌĞƚŽĚŽĞƐƚŽ͕ůŽŵĞũŽƌ
Ă ůŽ ƋƵĞ ƚĞ ĞŶĨƌĞŶƚĂƌĄƐ͕ ĞƐ Ăů ŝŶŵĞŶƐŽ
ĂƉƌĞŶĚŝnjĂũĞƋƵĞĞƐƚĄƐƉŽƌĂĚƋƵŝƌŝƌLJĚĂƌƚĞ
ĐƵĞŶƚĂƋƵĞƚƵĞƐĨƵĞƌnjŽŚĂǀĂůŝĚŽůĂƉĞŶĂ͘
DŝƐŵĞũŽƌĞƐĚĞƐĞŽƐĚĞĠdžŝƚŽ͘
(
ůŝŵƉƵůƐŽĚĂĚŽĂůĂĐŝĞŶĐŝĂ
ĞŶDĠdžŝĐŽĂƉĂƌƚŝƌĚĞϭϴϲϳƉŽƌůĂ
ŐĞŶĞƌĂĐŝſŶƉŽƐŝƚŝǀŝƐƚĂĨƵĞĚĞƐƵŵĂ
ŝŵƉŽƌƚĂŶĐŝĂ͘ ^ƵƐ ĐŽŶƚƌŝďƵĐŝŽŶĞƐ
ĨƵĞƌŽŶĞŶƚĂůŐƌĂĚŽƋƵĞĐŽŶĞůůĂƐĞ
ŝŶŝĐŝſĞŶƌĞĂůŝĚĂĚ͕ĞůĚĞƐĂƌƌŽůůŽĚĞ
ůĂ ĐŝĞŶĐŝĂ ĞŶ ŶƵĞƐƚƌŽ ƉĂşƐ͘
/ŵƉŽƌƚĂƌŽŶ ŝŶƐƚƌƵŵĞŶƚŽƐ ĚĞ
ŵĞĚŝĐŝſŶ LJ ĞdžƉĞƌŝŵĞŶƚĂĐŝſŶ ĐŽŶ
ůŽƐ ĐƵĂůĞƐ ĐƌĞĂƌŽŶ ůĂďŽƌĂƚŽƌŝŽƐ
ƉĞƌƐŽŶĂůĞƐ Ğ ŝŶƐƚŝƚƵĐŝŽŶĂůĞƐ͖ ƐƵƐ
ƚƌĂďĂũŽƐ ĚĞ ŝŶǀĞƐƚŝŐĂĐŝſŶ ĚĞũĂƌŽŶ
ĂƚƌĄƐůĂƐƉƌĞŽĐƵƉĂĐŝŽŶĞƐƌĞůŝŐŝŽƐŽͲ
ŵĞƚĂĨşƐŝĐĂƐ͕ƐƵƉĞƌĂŶĚŽĂƐş͕ƵŶĂĚĞ
ůĂƐ ŵĄƐ ƐĞƌŝĂƐ ďĂƌƌĞƌĂƐ ĚĞ ĞƐƚĂ
ĂĐƚŝǀŝĚĂĚ͖LJƐĞĚŝĞƌŽŶĂůĂƚĂƌĞĂĚĞ
ĚŝĨƵŶĚŝƌ
ƐƵƐ
ƌĞƐƵůƚĂĚŽƐ͘
ƐƉĞĐŝĂůŵĞŶƚĞ͕ ĚĞƐƉƵĠƐ ĚĞ ϭϴϲϳ
ůĂƐ ƐŽĐŝĞĚĂĚĞƐ ĐŝĞŶƚşĨŝĐĂƐ ƐĞ
ŵƵůƚŝƉůŝĐĂƌŽŶ͕ ĂƐş ĐŽŵŽ ƐƵƐ
ſƌŐĂŶŽƐ
ĚĞ
ĚŝǀƵůŐĂĐŝſŶ͘
WƌĞĐŝƐĂŵĞŶƚĞĞŶƌĞǀŝƐƚĂƐĐŽŵŽ>Ă
EĂƚƵƌĂůĞnjĂ ƐĞ ƉƵĞĚĞ ĂĚǀĞƌƚŝƌ ĞƐĞ
ŐƌĂŶ ƉĂƐŽ ƋƵĞ ĚŝŽ ůĂ ĐŝĞŶĐŝĂ
ŵĞdžŝĐĂŶĂĞŶĞƐƚĂĠƉŽĐĂ;dƌĂďƵůƐĞ͕
ϭϵϴϱ͖ϭϯͿ͘ŶĨŝŶ͕ĞůǀŽůƵŵĞŶĚĞůŽƐ
ƚƌĂďĂũŽƐĞƐĐƌŝƚŽƐLJůĂŐƌĂŶĐĂŶƚŝĚĂĚ
ĚĞ ŝŶƐƚŝƚƵĐŝŽŶĞƐ LJ ƐŽĐŝĞĚĂĚĞƐ
ĐŝĞŶƚşĨŝĐĂƐĨƵŶĚĂĚĂƐƉŽƌĞƐƚĞŐƌƵƉŽ
ĚĞĚĞƐƚĂĐĂĚŽƐƉĞƌƐŽŶĂũĞƐ͕ƉƌƵĞďĂ
ĚĞ ĂůŐƷŶ ŵŽĚŽ Ğů ƉƌŽŐƌĞƐŽ
ĂůĐĂŶnjĂĚŽ ƉŽƌ ůĂ ĐŝĞŶĐŝĂ ŶĂĐŝŽŶĂů
ĞŶĞůƷůƚŝŵŽƚĞƌĐŝŽĚĞůƐŝŐůŽy/y;Ğ
'ŽƌƚĂƌŝ͕ϭϵϳϵ͖ϯϭϲͿ͘
ĚĞ ƐƵƐ ĐŽůĞĐĐŝŽŶĞƐ ĐŝĞŶƚşĨŝĐĂƐ
ƉĂƐĂƌŽŶ Ă ƐĞƌ ƉĂƚƌŝŵŽŶŝŽ ĚĞ
ĂƋƵĠů͕ ĂŚŽƌĂ ƚƌĂŶƐĨŽƌŵĂĚŽ ĞŶ ůĂ
hŶŝǀĞƌƐŝĚĂĚ ĚĞ 'ƵĂŶĂũƵĂƚŽ͘ ƐƚĂ
ŶƵĞǀĂ ĞƚĂƉĂ ĚŝŽ ůƵŐĂƌ Ă ƵŶ
ĂŵďŝĞŶƚĞ ŵĄƐ ƉƌŽƉŝĐŝŽ ƉĂƌĂ ůŽƐ
ĂĨĂŶĞƐ ĐŝĞŶƚşĨŝĐŽƐ ĚĞ ƵŐğƐ͕
ŵŝƐŵŽƋƵĞƐĞĂĨŝĂŶnjſďĂũŽůĂͨƉĂnj
ƉŽƌĨŝƌŝĂŶĂ͕ͩĚĂŶĚŽĂƐşƐƵƐŵĞũŽƌĞƐ
ĨƌƵƚŽƐ͘
ůĨƌĞĚŽƵŐğƐLJĞů
ŽůĞŐŝŽĚĞ^ĂŶ
EŝĐŽůĄƐ
ůĨƌĞĚŽ ƵŐğƐ ŚĂďşĂ ŶĂĐŝĚŽ
ĞŶ DŽŶƚƉĞůůŝĞƌ͕ ,ĞƌĂƵůƚ͕ &ƌĂŶĐŝĂ͕
ĞůϭϱĚĞĂďƌŝůĚĞϭϴϮϲ͘ƐƚĂĐŝƵĚĂĚ
ĂůďĞƌŐĂďĂ ůĂ hŶŝǀĞƌƐŝĚĂĚ ĚĞů
ŵŝƐŵŽŶŽŵďƌĞĨƵŶĚĂĚĂĞŶϭϮϴϵ͕
ƵŶĂ ĚĞ ůĂƐ ŵĄƐ ĂŶƚŝŐƵĂƐ LJ
ƉƌĞƐƚŝŐŝĂĚĂƐ ĚĞ ƵƌŽƉĂ͕ ůĂ ĐƵĂů
ƚƵǀŽ ĞŶƚƌĞ ƐƵƐ ĂůƵŵŶŽƐ
ĚĞƐƚĂĐĂĚŽƐ ĞŶ Ğů ƚĞƌƌĞŶŽ ĚĞ ůŽƐ
ĞƐƚƵĚŝŽƐ ŶĂƚƵƌĂůŝƐƚĂƐ Ă ĨŝŐƵƌĂƐ
ĐŽŵŽƌŶĂƵůĚsŝůůĞŶĞƵǀĞLJ'ƵLJĚĞ
ŚĂƵůůŝĂĐ͘ŶĞƐƚĂŵŝƐŵĂĐĂƐĂĚĞ
ĞƐƚƵĚŝŽƐƵŐğƐŝŶŝĐŝſƐƵĐĂƌƌĞƌĂĚĞ
ŵĠĚŝĐŽ ƋƵĞ ĐŽŶĐůƵLJſ ĞŶ ůĂ
hŶŝǀĞƌƐŝĚĂĚĚĞWĂƌşƐ͕ŽďƚĞŶŝĞŶĚŽ
ĞůĚŽĐƚŽƌĂĚŽĞŶDĞĚŝĐŝŶĂĞůϮϴĚĞ
ĨĞďƌĞƌŽ ĚĞ ϭϴϱϮ͕ ĐŽŶ ůĂ ƚĞƐŝƐ͗
^ŽďƌĞ ůĂ ƉŽƐŝďŝůŝĚĂĚ ĚĞ
ƚƌĂŶƐŵŝƐŝſŶ ĚĞ ůĂ ƐşĨŝůŝƐ ƉŽƌ ůĂƐ
ŶŽĚƌŝnjĂƐ;ĞůƚƌĄŶ͕ϭϵϵϬ͖ϵͿ͘
,ĞƌĞĚĞƌŽ LJ ĐŽŶƚŝŶƵĂĚŽƌ ĚĞ
ƵŶĂƚƌĂĚŝĐŝſŶĨĂŵŝůŝĂƌĐŝĞŶƚşĨŝĐĂ;ƐƵ
ƉĂĚƌĞ ĨƵĞ ƵŶ ĞŵŝŶĞŶƚĞ ŵĠĚŝĐŽͿ͕
ůĨƌĞĚŽ ƵŐğƐ ĨƵĞ ŝŶĨůƵĞŶĐŝĂĚŽ
ƌ͘>ƵĐŝŽZĂŶŐĞů,ĞƌŶĄŶĚĞnj
ƉŽƌ ůĂƐ ŝŶǀĞƐƚŝŐĂĐŝŽŶĞƐ ĚĞ :ĞĂŶ
WƌŽĨĞƐŽƌĞ/ŶǀĞƐƚŝŐĂĚŽƌĚĞůŽůĞŐŝŽĚĞ^ĂŶEŝĐŽůĄƐ
ĂƉƚŝƐƚĞ ĚĞ DŽŶĞƚ͕ ĂďĂůůĞƌŽ ĚĞ
LJĚĞůĂ&ĂĐƵůƚĂĚĚĞ,ŝƐƚŽƌŝĂĚĞůĂhD^E,͘
ĞƐƚĂŐĞŶĞƌĂĐŝſŶƉĞƌƚĞŶĞĐŝſ
>ĂŵĂƌĐŬ͕ ƋƵŝĞŶ ŚĂďşĂ ĞdžƉƵĞƐƚŽ
ůĨƌĞĚŽƵŐƵƐƚĞĞůƐĞƐĐĂƵƚnjƵŐğƐ͕
ƵŶĂƚĞŽƌşĂƐŽďƌĞĞůƚƌĂŶƐĨŽƌŵŝƐŵŽ͕
ƋƵŝĞŶ ůůĞŐſ Ă ŶƵĞƐƚƌŽ ƉĂşƐ ĞŶ ŵĂLJŽ ĚĞ ůŽƐ ĐŽŵŝĞŶnjŽƐ ĚĞ ƵŶĂ ŶƵĞǀĂ ĞƚĂƉĂ ĞŶ ůĂ ƵŶĂĚĞůĂƐƉƌŝŵĞƌĂƐƚĞŽƌşĂƐĚĞůĂĞǀŽůƵĐŝſŶ
ϭϴϱϯ͘ ƌĂŶ ƚŝĞŵƉŽƐ ĚŝĨşĐŝůĞƐ͕ ĐĂſƚŝĐŽƐ͕ ŚŝƐƚŽƌŝĂ ĚĞ ŶƵĞƐƚƌŽ ƉĂşƐ͕ ůĂ ĚĞů DĠdžŝĐŽ ďĂƐĂĚĂĞŶůĂĂĚĂƉƚĂĐŝſŶ͖ƉŽƌĞůŶĂƚƵƌĂůŝƐƚĂ
ƚŝĞŵƉŽƐ ŵĂƌĐĂĚŽƐ ƉŽƌ ůĂ ŐƵĞƌƌĂ Đŝǀŝů ŵŽĚĞƌŶŽ͕ŝŶŝĐŝĂĚĂĐŽŶůĂƌĞƐƚĂƵƌĂĐŝſŶĚĞ 'ĞŽƌŐĞƐƵǀŝĞƌ͕ĨƵŶĚĂĚŽƌĚĞůĂĂŶĂƚŽŵşĂ
ĚŽŶĚĞĐŽŶƐĞƌǀĂĚŽƌĞƐLJůŝďĞƌĂůĞƐĂƚƌĂǀĠƐ ůĂ ZĞƉƷďůŝĐĂ͘ Ŷ ϭϴϲϳ ĞŶ 'ƵĂŶĂũƵĂƚŽ͕ ĐŽŵƉĂƌĂĚĂ LJ ĚĞ ůĂ ƉĂůĞŽŶƚŽůŽŐşĂ͕ ĐƵLJĂ
ĚĞ ůĂƐ ĂƌŵĂƐ ďƵƐĐĂďĂŶ Ěŝƌŝŵŝƌ ƐƵƐ ƐŝĞŶĚŽŐŽďĞƌŶĂĚŽƌ ĚĞů ĞƐƚĂĚŽ Ğů ŐĞŶĞƌĂů ĐůĂƐŝĨŝĐĂĐŝſŶ ĚĞů ƌĞŝŶŽ ĂŶŝŵĂů͕ ĞůĂďŽƌĂĚĂ
ĚŝĨĞƌĞŶĐŝĂƐƉĂƌĂŝŵƉŽŶĞƌƐƵƉƌŽLJĞĐƚŽĚĞ &ůŽƌĞŶĐŝŽŶƚŝůůſŶ͕ĐŽŵĞŶnjſƵŶĂĠƉŽĐĂĚĞ ĞŶϭϴϭϳƐĞŵĂŶƚƵǀŽĞŶůĂŚŝƐƚŽƌŝĂŶĂƚƵƌĂů
ŶĂĐŝſŶ͘'ƵĞƌƌĂĐŝǀŝůĂůĂĐƵĂůůĞƐĞŐƵŝƌşĂůĂ ĚĞƐĂƌƌŽůůŽŵĂƚĞƌŝĂůƋƵĞĚŝŽůƵŐĂƌĂƐƵǀĞnj ĚĞ &ƌĂŶĐŝĂ LJ 'ƌĂŶ ƌĞƚĂŹĂ ŚĂƐƚĂ ůĂ
ŝŶƚĞƌǀĞŶĐŝſŶĨƌĂŶĐĞƐĂ͕LJƐŝŶĞŵďĂƌŐŽ͕ďĂũŽ ĂůĚĞƐĞŶǀŽůǀŝŵŝĞŶƚŽĐƵůƚƵƌĂůĞŶůĂĞŶƚŝĚĂĚ͘ ƉƵďůŝĐĂĐŝſŶ ĞŶ ϭϴϱϵ ĚĞ ů ŽƌŝŐĞŶ ĚĞ ůĂƐ
ĞƐƚĂƐ ĐŽŶĚŝĐŝŽŶĞƐ ƐŽĐŝŽƉŽůşƚŝĐĂƐ ƋƵĞ ^Ğ ĨƵŶĚſ Ğů ŽůĞŐŝŽ ĚĞů ƐƚĂĚŽ ĞŶ ϭϴϳϬ͕ ĞƐƉĞĐŝĞƐĚĞŚĂƌůĞƐĂƌǁŝŶ͖ĂƐşĐŽŵŽƉŽƌ
ŚĂĐşĂŶ ĚŝĨşĐŝůĞƐ ůĂƐ ƚĂƌĞĂƐ ĐŝĞŶƚşĨŝĐĂƐ͕ ƐŽďƌĞ ůĂ ďĂƐĞ ĚĞů ĂŶƚŝŐƵŽ ŽůĞŐŝŽ ĚĞ ůĂ ůĂƵĚĞĞƌŶĂƌĚ͕ĨƵŶĚĂĚŽƌĚĞůĂŵĞĚŝĐŝŶĂ
ĐŽŵĞŶnjſĂƚƌĂďĂũĂƌĞŶDĠdžŝĐŽ͕ƌĂĚŝĐĂŶĚŽ WƵƌşƐŝŵĂ ŽŶĐĞƉĐŝſŶ͕ ĞƐƚŽ ĐŽŵŽ ĞĨĞĐƚŽ ĞdžƉĞƌŝŵĞŶƚĂů͕ ĂƵƚŽƌ ĚĞ ůĂ ŽďƌĂ
ƐƵĐĞƐŝǀĂŵĞŶƚĞ ĞŶ ůĂ ĐĂƉŝƚĂů ĚĞ ůĂ ŝŶŵĞĚŝĂƚŽ ĚĞů ĞƐƚĂďůĞĐŝŵŝĞŶƚŽ ĚĞ ůĂ /ŶƚƌŽĚƵĐĐŝſŶ
Ă
ůĂ
ŵĞĚŝĐŝŶĂ
ZĞƉƷďůŝĐĂ͕ ĞŶ ůĂƐ ĐŝƵĚĂĚĞƐ ĚĞ sĞƌĂĐƌƵnj͕ ĞĚƵĐĂĐŝſŶůĂŝĐĂĚĞĐƌĞƚĂĚĂƉŽƌůĂƐ>ĞLJĞƐĚĞ ĐŽŵƉĂƌĂĚĂ;:ĄƵƌĞŐƵŝ͕ϭϵϵϬ͖ϮϯͿ͘
'ƵĂŶĂũƵĂƚŽ͕'ƵĂĚĂůĂũĂƌĂLJ^ŝůĂŽ͘
ZĞĨŽƌŵĂ ;ƌƵnj͕ ϭϵϵϬ͖ ϵϯͿ͕ ƉůĂŶƚĞů ĐŽŶ Ğů
ĐƵĂů͕ ƵŐğƐ ĞƐƚĂďůĞĐŝſ ƵŶĂ ƌĞůĂĐŝſŶ
ĞĞƐƚĂĨŽƌŵĂ͕ĚĞƐĚĞϭϴϰϵ͕ƵŐğƐĨƵĞ
ƉĂƌƚŝƌĚĞϭϴϲϰƵŐğƐƐĞĞƐƚĂďůĞĐŝſ ĂĨĞĐƚŝǀĂŵƵLJĞƐƚƌĞĐŚĂƋƵĞŚĂĐŽŶƚŝŶƵĂĚŽ ĂĐĞƉƚĂĚŽ ĐŽŵŽ ŵŝĞŵďƌŽ ĚĞ ůĂ ^ŽĐŝĞĚĂĚ
ĞŶ'ƵĂŶĂũƵĂƚŽ͘ŶĞƐƚĂĐŝƵĚĂĚůĞƚŽĐſǀŝǀŝƌ ĂƷŶĚĞƐƉƵĠƐĚĞƐƵŵƵĞƌƚĞ͕LJĂƋƵĞǀĂƌŝĂƐ ĚĞ DĞĚŝĐŝŶĂ LJ ŝƌƵպà ƉƌĄĐƚŝĐĂƐ ĚĞ
0LOHQDULD
DŽŶƚƉĞůůŝĞƌ͕LJĞŶϭϴϱϬ͕ĚŽƐĂŹŽƐĂŶƚĞƐĚĞ
ƋƵĞ ƚĞƌŵŝŶĂƌĂ ƐƵ ĐĂƌƌĞƌĂ ĚĞ ŵĠĚŝĐŽ͕
ƐŝĞŶĚŽŵŝĞŵďƌŽĚĞůĂ^ŽĐŝĞĚĂĚĚĞŝŽůŽŐşĂ
ĞŶ WĂƌşƐ LJĂ ŚĂďşĂ ƉƵďůŝĐĂĚŽ ǀĂƌŝŽƐ
ƚƌĂďĂũŽƐ͕ ĞŶƚƌĞ ĞůůŽƐ ƵŶŽ ƐŽďƌĞ Ğů dƌŝƚſŶ
ƐƉĞƌ͕ ƵƌŽĚĞůŽ ŚĂƐƚĂ ĞŶƚŽŶĐĞƐ
ĚĞƐĐŽŶŽĐŝĚŽ;:ĄƵƌĞŐƵŝ͕ϭϵϵϬ͖ϮϯͿ͘
ƵŐğƐ ŚĂďşĂ ůĞşĚŽ ůĂƐ ŽďƌĂƐ ĚĞ
&ƌĂŶĐŝƐĐŽyĂǀŝĞƌůĂǀŝũĞƌŽ͕ĚĞůĞũĂŶĚƌŽĚĞ
,ƵŵďŽůĚƚLJƚĂŵďŝĠŶŚĂďşĂŽşĚŽŚĂďůĂƌĚĞ
:ŽƐĠ DĂƌŝĂŶŽ DŽĐŝŹŽ ;ŝŶƚĞŐƌĂŶƚĞ ĚĞ ůĂ
ĞdžƉĞĚŝĐŝſŶĐŝĞŶƚşĨŝĐĂŽƌĚĞŶĂĚĂƉŽƌĂƌůŽƐ
///ĂĨŝŶĞƐĚĞůƐŝŐůŽys///ĂůĂEƵĞǀĂƐƉĂŹĂ͕
ĚŝƌŝŐŝĚĂƉŽƌDĂƌƚşŶ^ĞƐƐĠͿ͕ůŽĐƵĂůĚĞƐƉĞƌƚſ
ĞŶĠůůĂĐƵƌŝŽƐŝĚĂĚƉŽƌĞƐƚƵĚŝĂƌůĂƐĞƐƉĞĐŝĞƐ
ĚĞ ůĂ ĨůŽƌĂ LJ ĨĂƵŶĂ ŵĞdžŝĐĂŶĂƐ ;:ĄƵƌĞŐƵŝ͕
ϭϵϵϬ͖ϮϯͿ͘
ů ĐŽŶĐůƵŝƌ ƐƵ ĐĂƌƌĞƌĂ ĐŽŶƚƌĂũŽ
ŵĂƚƌŝŵŽŶŝŽLJĞŶŵĂLJŽĚĞϭϴϱϯƐĞƚƌĂƐůĂĚſ
ĐŽŶƐƵĞƐƉŽƐĂĂDĠdžŝĐŽ͕ŝŶƐƚĂůĄŶĚŽƐĞĞŶ
ůĂĐĂƉŝƚĂů͕ĞŶĚŽŶĚĞƉĂƌĂƉŽĚĞƌĞũĞƌĐĞƌƐƵ
ƉƌŽĨĞƐŝſŶĨƵĞŶĞĐĞƐĂƌŝŽƋƵĞƐƵƐƚĞŶƚĂƌĂƵŶ
ĞdžĂŵĞŶ ƉƷďůŝĐŽ ƚĞſƌŝĐŽͲƉƌĄĐƚŝĐŽ͕ ƐŝĞŶĚŽ
ĂƉƌŽďĂĚŽĞŶĨŽƌŵĂƵŶĄŶŝŵĞƉŽƌĞůũƵƌĂĚŽ͘
WŽƐƚĞƌŝŽƌŵĞŶƚĞƌĂĚŝĐſĞŶǀĂƌŝĂƐĐŝƵĚĂĚĞƐ
ĚĞůŝŶƚĞƌŝŽƌĚĞůƉĂşƐ͗ĞŶ'ƵĂŶĂũƵĂƚŽĚŽŶĚĞ
ƐĞ ĚĞƐĞŵƉĞŹſ ĐŽŵŽ sŽĐĂů ĚĞ ůĂ :ƵŶƚĂ
^ƵƉĞƌŝŽƌ ĚĞ ĞŶĞĨŝĐĞŶĐŝĂ LJ ^ĂŶŝĚĂĚ͕
ĐƵĂŶĚŽ ĞƌĂ ŐŽďĞƌŶĂĚŽƌ ŝŶƚĞƌŝŶŽ ĚĞů
ĞƐƚĂĚŽ Ğů ŐĞŶĞƌĂů DĂŶƵĞů ŽďůĂĚŽ͖ ĞŶ
^ŝůĂŽĨƵĞŵĠĚŝĐŽĚĞĐĄƌĐĞůĞƐLJĞŶĐĂƌŐĂĚŽ
ĚĞůĂǀĂĐƵŶĂĐŝſŶ͖LJĞŶ'ƵĂĚĂůĂũĂƌĂĚŽŶĚĞ
ƚƵǀŽ Ă ƐƵ ĐĂƌŐŽ ůĂ WƌĞƐŝĚĞŶĐŝĂ ĚĞ ůĂ
^ŽĐŝĞĚĂĚ &ŝůĂŶƚƌſƉŝĐĂ džƚƌĂŶũĞƌĂ LJ ƐŽĐŝŽ
ĐŽƌƌĞƐƉŽŶƐĂůĚĞůĂ^ŽĐŝĞĚĂĚ:ĂůŝƐĐŝĞŶƐĞĚĞ
ĞůůĂƐ ƌƚĞƐ͖ŚĂƐƚĂ ƋƵĞ Ĩŝũſ ƐƵ ƌĞƐŝĚĞŶĐŝĂ
ĚĞĨŝŶŝƚŝǀĂ ĞŶ ůĂ ĐŝƵĚĂĚ ĚĞ 'ƵĂŶĂũƵĂƚŽ
;:ĄƵƌĞŐƵŝ͕ϭϵϵϬ͖ϮϴͿ͕ĨĂŵŽƐĂĞŶĞůŵƵŶĚŽ
ĞŶƚĞƌŽ ƉŽƌ ƐƵ ƉƌŽĚƵĐĐŝſŶ ĚĞ ŵĞƚĂůĞƐ
ƉƌĞĐŝŽƐŽƐ͕ƉĂƌƚŝĐƵůĂƌŵĞŶƚĞĚĞƉůĂƚĂ͘
ƉƌĞƉĂƌĂĚŽƌ LJ ƉƌŽĨĞƐŽƌ ĚĞ ŶĂƚŽŵşĂ Ğ
,ŝƐƚŽůŽŐşĂ ĞŶ Ğů ŽůĞŐŝŽ WƌŝŵŝƚŝǀŽ LJ
EĂĐŝŽŶĂů ĚĞ ^ĂŶ EŝĐŽůĄƐ ĚĞ ,ŝĚĂůŐŽ͖
ƚĂŵďŝĠŶ ĐŽůĂďŽƌſ ĐŽŵŽ :ĞĨĞ ĚĞů
ĞƉĂƌƚĂŵĞŶƚŽ ĚĞ ,ŝƐƚŽƌŝĂ EĂƚƵƌĂů͖ LJ͕ Ă
ƉĂƌƚŝƌĚĞϭϴϵϮƐĞŚŝnjŽĐĂƌŐŽĚĞůĂĚŝƌĞĐĐŝſŶ
ĚĞůDƵƐĞŽDŝĐŚŽĂĐĂŶŽŚĂƐƚĂƐƵŵƵĞƌƚĞ͕
ŽĐƵƌƌŝĚĂ ĞŶ ϭϴϵϱ;^ĄŶĐŚĞnj LJ DŝũĂŶŐŽƐ͕
ϭϵϵϲͿ͘
Ŷ 'ƵĂŶĂũƵĂƚŽ͕ Ă ƉĂƌƚŝƌ ĚĞ ϭϴϲϰ͕
ŶƵĞƐƚƌŽ ƉĞƌƐŽŶĂũĞ͕ ƐĞ ŚŝnjŽ ƐŽĐŝŽ
ĐŽƌƌĞƐƉŽŶƐĂůĚĞůĂ^ŽĐŝĞĚĂĚDĞdžŝĐĂŶĂĚĞ
'ĞŽŐƌĂĨşĂLJƐƚĂĚşƐƚŝĐĂ͖ĞŶϭϴϲϱŝŶƚĞŐƌſůĂ
:ƵŶƚĂĞƉĂƌƚĂŵĞŶƚĂůĚĞdžƉŽƐŝĐŝŽŶĞƐ͖ĞŶ
ϭϴϲϲ ĨƵĞ ĚŝƌĞĐƚŽƌ ŐĞŶĞƌĂů LJ ŵĠĚŝĐŽ
ĐŝƌƵũĂŶŽĚĞů,ŽƐƉŝƚĂůĚĞĞůĠŶ͖LJĞŶϭϴϳϬ
ŵĠĚŝĐŽĚĞůĂŵŝŶĂĚĞ^ĂŶ:ƵĂŶĚĞůĂƐZĂLJĂƐ
;:ĄƵƌĞŐƵŝ͕ϭϵϵϬ͖ϮϴͿ͘
WĂƌĂůĞůĂŵĞŶƚĞĂůĂůĂďŽƌĐŝĞŶƚşĨŝĐĂLJ
ůĂƉƌĄĐƚŝĐĂĚĞƐƵƉƌŽĨĞƐŝſŶŵĠĚŝĐĂ͕ƵŐğƐ
ĚĞƐĂƌƌŽůůſ ĐŽŶ ƉƌŽĨƵŶĚĂ ǀŽĐĂĐŝſŶ͕ ƵŶĂ
ůĂďŽƌĚŽĐĞŶƚĞĞŶĞůŽůĞŐŝŽĚĞůƐƚĂĚŽLJ
ĞŶůĂƐĐƵĞůĂĚĞDĞĚŝĐŝŶĂĚĞ'ƵĂŶĂũƵĂƚŽ͘
ů ƉĞƌĨŝů ĂĐĂĚĠŵŝĐŽ ĚĞ ƵŐğƐ ĞŶĐĂũĂďĂ
ƉĞƌĨĞĐƚĂŵĞŶƚĞĞŶůĂƌĞĨŽƌŵĂĞĚƵĐĂƚŝǀĂĚĞů
ŐŽďŝĞƌŶŽůŝďĞƌĂůĚĞ:ƵĄƌĞnj͘'ĂďŝŶŽĂƌƌĞĚĂ
ĐŽŵŽ ŝƌĞĐƚŽƌ ĚĞ ůĂ ƐĐƵĞůĂ EĂĐŝŽŶĂů
WƌĞƉĂƌĂƚŽƌŝĂĨŽƌŵƵůſƵŶƉůĂŶĚĞĞƐƚƵĚŝŽƐ
ĚĞ ŝŶƐƉŝƌĂĐŝſŶ ƉŽƐŝƚŝǀŝƐƚĂ͕ ŝŶƚƌŽĚƵĐŝĞŶĚŽ
ŵĂƚĞƌŝĂƐ ĚĞ ůĂƐ ĐŝĞŶĐŝĂƐ ŶĂƚƵƌĂůĞƐ
;ĂƌƌĞĚĂ͕ϭϵϰϭͿ͘ŶĞůŽůĞŐŝŽĚĞůƐƚĂĚŽ
Ɛ ŝŵƉŽƌƚĂŶƚĞ ŵĞŶĐŝŽŶĂƌ ƋƵĞ Ğů
ŚĞƌŵĂŶŽŵĞŶŽƌĚĞůĨƌĞĚŽƵŐğƐ͕ƵŐĞŶĞ
ZŽŵĂŝŶĞůƐĞƐĐĂƵƚnjƵŐğƐ͕ ƚĂŵďŝĠŶ ƐĞ
ƌĂĚŝĐſ ĞŶ DĠdžŝĐŽ͘ EĂĐŝĚŽ ĞŶ ϭϴϯϯ͕ ƐĞ
ĚŽĐƚŽƌſĞŶDĞĚŝĐŝŶĂĞŶůĂhŶŝǀĞƌƐŝĚĂĚĚĞ
WĂƌşƐĐŽŶůĂƚĞƐŝƐ͗ >ĂƐĂůƚƵƌĂƐĚĞDĠdžŝĐŽ͕
ƚĞŵĂ ƋƵĞ ƐĞŐƵƌĂŵĞŶƚĞ ůĞ ƐƵŐŝƌŝſ ƐƵ
ŚĞƌŵĂŶŽ͕ƉŽƌůŽƋƵĞƉƵĞĚĞĂĨŝƌŵĂƌƐĞƋƵĞ
ďĂũŽ ůĂ ŝŶĨůƵĞŶĐŝĂ ĚĞ ůĨƌĞĚŽ͕ ƵŐĞŶŝŽ
ĚĞĐŝĚŝſ ƚƌĂƐůĂĚĂƌƐĞ Ă DĠdžŝĐŽ ĞŶ ϭϴϲϱ͕
ĞƐƚĂďůĞĐŝĠŶĚŽƐĞ ƚĞŵƉŽƌĂůŵĞŶƚĞ ĞŶ
'ƵĂŶĂũƵĂƚŽ͕>ĞſŶLJ^ŝůĂŽ͕ƉĂƌĂĨŝŶĂůŵĞŶƚĞ
ĨŝũĂƌ ƐƵ ƌĞƐŝĚĞŶĐŝĂ ĞŶ DŽƌĞůŝĂ͕ ĞŶ ĚŽŶĚĞ
ĂƉĂƌƚĞ ĚĞ ĞũĞƌĐĞƌ ƐƵ ƉƌŽĨĞƐŝſŶ͕ ĨƵĞ
ĚĞ'ƵĂŶĂũƵĂƚŽƐĞĐƌĞĂƌŽŶůĂƐĚĞŚŝƐƚŽƌŝĂ
ŶĂƚƵƌĂů͕njŽŽůŽŐşĂLJďŽƚĄŶŝĐĂ͕ƋƵĞƋƵĞĚĂƌŽŶ
ĂĐĂƌŐŽĚĞƵŐğƐ;:ĄƵƌĞŐƵŝ͕ϭϵϵϬ͖ϯϬͲϯϭͿ͖
ŵŝĞŶƚƌĂƐ ƋƵĞ ĞŶ ůĂ ƐĐƵĞůĂ ĚĞ DĞĚŝĐŝŶĂ
ƐĞŚŝnjŽĐĂƌŐŽĚĞůĂĐĄƚĞĚƌĂĚĞ,ŝƐƚŽůŽŐşĂ
;ĞůƚƌĄŶ͕ϭϵϵϬ͖ϭϮͿ͘
ƌĂşnjĚĞƐƵĂĐƚŝǀŝĚĂĚĚŽĐĞŶƚĞ͕ƵŐğƐ
ŝŶŝĐŝſ ůĂ ĨŽƌŵĂĐŝſŶ ĚĞ ƵŶ ŐĂďŝŶĞƚĞ ĚĞ
,ŝƐƚŽƌŝĂEĂƚƵƌĂůĞŶĞůŽůĞŐŝŽĚĞůƐƚĂĚŽ
ĚĞ'ƵĂŶĂũƵĂƚŽĐŽŶĞůƉƌŽƉſƐŝƚŽĚĞŚĂĐĞƌ
ŵĄƐĚŝĚĄĐƚŝĐĂƐƐƵƐĐĄƚĞĚƌĂƐ͘/ŐƵĂůŵĞŶƚĞĂů
ŝŵƉĂƌƚŝƌƐƵĐůĂƐĞĚĞnjŽŽůŽŐşĂƐĞĞŶĐŽŶƚƌſ
ĐŽŶůĂĨĂůƚĂĚĞƚĞdžƚŽƐƐŽďƌĞůĂŵĂƚĞƌŝĂ͕ƉŽƌ
ůŽƋƵĞƐĞĂďŽĐſĂƐƵďƐĂŶĂƌĞƐĂĐĂƌĞŶĐŝĂ͕
ĞĚŝƚĄŶĚŽƐĞ ƉŽƌ ƉĂƌƚĞ ĚĞů ŐŽďŝĞƌŶŽ ĚĞ
'ƵĂŶĂũƵĂƚŽ ĞŶ Ğů ĂŹŽ ĚĞ ϭϴϳϴ ƐƵ ůŝďƌŽ
WƌŽŐƌĂŵĂƉĂƌĂƵŶĐƵƌƐŽĚĞŽŽůŽŐşĂ͖ĞŶ
ϭϴϴϰ ůĂ ^ĞĐƌĞƚĂƌşĂ ĚĞ ŐƌŝĐƵůƚƵƌĂ LJ
&ŽŵĞŶƚŽƉƵďůŝĐſĞŶůĂĐŝƵĚĂĚĚĞDĠdžŝĐŽ
ůĞŵĞŶƚŽƐ ĚĞ ŽŽůŽŐşĂ͖ LJ͕ >Ă ĨůŽƌĂ LJ ůĂ
ĨĂƵŶĂĚĞůƐƚĂĚŽĚĞ'ƵĂŶĂũƵĂƚŽ͕ŝŵƉƌĞƐŽ
ŝŐƵĂůŵĞŶƚĞ ƉŽƌ Ğů ŐŽďŝĞƌŶŽ ĚĞ ĚŝĐŚĂ
ĞŶƚŝĚĂĚ ĞŶ ϭϵϮϰ͖ ƚŽĚŽƐ ĞůůŽƐ ĨƵĞƌŽŶ
ƵƚŝůŝnjĂĚŽƐĐŽŵŽůŝďƌŽƐĚĞƚĞdžƚŽĞŶǀĂƌŝĂƐ
ŝŶƐƚŝƚƵĐŝŽŶĞƐĞĚƵĐĂƚŝǀĂƐĚĞůƉĂşƐ;:ĄƵƌĞŐƵŝ͕
ϭϵϵϬ͖ϯϯͲϯϰͿ͕ĞŶƚƌĞĞůůĂƐĞŶĞůŽůĞŐŝŽĚĞ
^ĂŶEŝĐŽůĄƐĐŽŵŽƉƵĞĚĞĐŽŶƐƚĂƚĂƌƐĞĞŶĞů
ĨŽŶĚŽĂŶƚŝŐƵŽĚĞƐƵďŝďůŝŽƚĞĐĂ͘
Ŷ ĐƵĂŶƚŽ Ă ƐƵƐ ŝŶǀĞƐƚŝŐĂĐŝŽŶĞƐ
ĐŝĞŶƚşĨŝĐĂƐ͕ƵŐğƐ ĞƐĐƌŝďŝſŵĄƐĚĞĐŝĞŶƚŽ
ĐŝŶĐƵĞŶƚĂĂƌƚşĐƵůŽƐƋƵĞĨƵĞƌŽŶƉƵďůŝĐĂĚŽƐ
ĞŶ ĚŝǀĞƌƐĂƐ ƌĞǀŝƐƚĂƐ ŶĂĐŝŽŶĂůĞƐ LJ
ĞdžƚƌĂŶũĞƌĂƐ͘WƌŝŶĐŝƉĂůŵĞŶƚĞƉƵďůŝĐſĞŶ>Ă
EĂƚƵƌĂůĞnjĂ͕ ĞĚŝƚĂĚĂ ƉŽƌ ůĂ ^ŽĐŝĞĚĂĚ
DĞdžŝĐĂŶĂĚĞ,ŝƐƚŽƌŝĂEĂƚƵƌĂů͕ĞŶůĂƌĞǀŝƐƚĂ
ĚĞůĂ^ŽĐŝĞĚĂĚŝĞŶƚşĨŝĐĂͨŶƚŽŶŝŽůnjĂƚĞͩ
LJ ĞŶ Ğů ŽůĞƚşŶ ĚĞ ůĂ ^ŽĐŝĞĚĂĚ DĞdžŝĐĂŶĂ
ĚĞ 'ĞŽŐƌĂĨşĂ LJ ƐƚĂĚşƐƚŝĐĂ͘ ĞƐƚĂĐĂŶ ĞŶ
ĞůůĂƐůĂƐŝŶǀĞƐƚŝŐĂĐŝŽŶĞƐƐŽďƌĞnjŽŽůŽŐşĂLJ
ĞŶ ĞƐƉĞĐŝĂů ůĂƐ ƌĞĂůŝnjĂĚĂƐ ƐŽďƌĞ
ŚĞƌƉĞƚŽůŽŐşĂ ;:ĄƵƌĞŐƵŝ͕ ϭϵϵϬ͖ ϯϴͿ͘ Ğ
ŚĞĐŚŽ͕ ƵŐğƐ ĨƵĞ Ğů ƉƌŝŵĞƌŽ ĞŶ ŶƵĞƐƚƌŽ
ƉĂşƐĞŶƌĞĂůŝnjĂƌĞƐƚƵĚŝŽƐƐŽďƌĞĞƐƚĂƌĂŵĂ͕
ƐĞŶƚĂŶĚŽ ůĂƐ ďĂƐĞƐ ƉĂƌĂ ůĂ ĐůĂƐŝĨŝĐĂĐŝſŶ
ƐŝƐƚĞŵĄƚŝĐĂĚĞůŽƐƌĞƉƚŝůĞƐLJďĂƚƌĂĐŝŽƐ͘WĂƌĂ
ĞƐƚŽƚƵǀŽĐŽŵŽĂŶƚĞĐĞĚĞŶƚĞůŽƐĞƐƚƵĚŝŽƐ
ŚĞĐŚŽƐ ƉŽƌ tŝĞŐŵĂŶ͕ ƵŵĠƌŝů͕ ŽĐŽƵƌƚ͕
ŽƉĞLJŽƵůĂŶŐĞƌ;ƌƵnj͕ϭϵϵϬ͖ϵϱͿ͘
WƵďůŝĐſ ŶŽǀĞŶƚĂ LJ ĐƵĂƚƌŽ ĂƌƚşĐƵůŽƐ
ƐŽďƌĞŚĞƌƉĞƚŽůŽŐşĂ͕ƚƌĞŝŶƚĂLJŽĐŚŽĚĞĞůůŽƐ
ĞŶ>ĂEĂƚƵƌĂůĞnjĂ͕LJŽĐŚŽĞŶůĂƐDĞŵŽƌŝĂƐ
LJ ZĞǀŝƐƚĂ ĚĞ ůĂ ^ŽĐŝĞĚĂĚ ŝĞŶƚşĨŝĐĂ
ͨŶƚŽŶŝŽ ůnjĂƚĞ͖ͩ ŵŝĞŶƚƌĂƐ ůŽƐ ŽƚƌŽƐ
ĐƵĂƌĞŶƚĂ LJ ŽĐŚŽ ƐĞ ƌĞƉĂƌƚŝĞƌŽŶ ĞŶƚƌĞ
0LOHQDULD
ŽĐĂƐŝŽŶſ ŽƚƌĂ ŐƌĂŶ ƚƌŝƐƚĞnjĂ͕ ƐŝŶ ĞŵďĂƌŐŽ
ĐŽŶƚŝŶƵſ ĞŶ ƉůĞŶĂ ĂĐƚŝǀŝĚĂĚ ĐŝĞŶƚşĨŝĐĂ͗
ŵĂŶƚĞŶşĂ ƌĞůĂĐŝŽŶĞƐ ĐŽŶ ŝŶƐƚŝƚƵĐŝŽŶĞƐ LJ
ƐŽĐŝĞĚĂĚĞƐ ĚĞ ǀĂƌŝĂƐ ƉĂƌƚĞƐ ĚĞů ŵƵŶĚŽ͕
ĐŽŵŽĞůĞƉĂƌƚĂŵĞŶƚŽĚĞŐƌŝĐƵůƚƵƌĂĚĞ
ůŽƐ ƐƚĂĚŽƐ hŶŝĚŽƐ ĚĞ EŽƌƚĞĂŵĠƌŝĐĂ LJ ůĂ
^ŽĐŝĞĚĂĚ EĂĐŝŽŶĂů ĚĞ ĐůŝŵĂƚĂĐŝſŶ ĚĞ
&ƌĂŶĐŝĂ;ƋƵĞĞŶϭϴϵϳůŽŶŽŵďƌſŵŝĞŵďƌŽ
ŚŽŶŽƌĂƌŝŽͿ͕ĐŽŶůĂhŶŝǀĞƌƐŝĚĂĚĚĞEĂŶĐLJ͕
ůĂ &ĂĐƵůƚĂĚ ĚĞ DĞĚŝĐŝŶĂ ĚĞ >ŝůůĞ͕ Ğů
/ŶƐƚŝƚƵƚŽ WĂƐƚĞƵƌ ĚĞ WĂƌşƐ͕ ůĂ ^ŽĐŝĞĚĂĚ
ŝĞŶƚşĨŝĐĂĚĞŚŝůĞ͕ĞůDƵƐĞŽƚŶŽŐƌĄĨŝĐŽ
ĚĞ WĂƌşƐ͕ Ğů EĂĐŝŽŶĂů DƵƐĞƵŵ ĚĞ
tĂƐŚŝŶŐƚŽŶ LJ ůĂ ŽŵŝƐŝſŶ ^ĐŝĞŶƚŝĨŝƋƵĞ͕
>ŝƚƚĞƌĂŝƌĞ Ğƚ ƌƚŝƐƚŝƋƵĞ ĚƵ DĞdžŝƋƵĞ
;:ĄƵƌĞŐƵŝ͕ϭϵϵϬ͖ϲϭͿ͘
ĚŝĞĐŝŶƵĞǀĞ ƌĞǀŝƐƚĂƐ ĞƐƉĞĐŝĂůŝnjĂĚĂƐ ĞŶ
DĠdžŝĐŽLJĞůĞdžƚƌĂŶũĞƌŽ;ƌƵnj͕ϭϵϵϬ͖ϵϱͿ͘
ŵĂŶĞƌĂ ĚĞ ƉƌĞƉĂƌĂƌůĂƐ ;:ĄƵƌĞŐƵŝ͕ ϭϵϵϬ͖
ϱϴͿ͘
ƵŐğƐ ĞƐƚĄ ĐŽŶƐŝĚĞƌĂĚŽ ĐŽŵŽ
ƉŝŽŶĞƌŽĚĞůĂƐŝƐƚĞŵĂƚŝnjĂĐŝſŶĐŝĞŶƚşĨŝĐĂĚĞ
ůĂnjŽŽůŽŐşĂLJŚĞƌƉĞƚŽůŽŐşĂĞŶDĠdžŝĐŽ͘^Ğ
ŽĐƵƉſĚĞůĂĚĞƐĐƌŝƉĐŝſŶĚĞƚƌĞŝŶƚĂLJƐŝĞƚĞ
ŶƵĞǀĂƐ ĞƐƉĞĐŝĞƐ ĂŶŝŵĂůĞƐ ƋƵĞ ůůĞǀĂŶ Ğů
ŶŽŵďƌĞ ĚĞ Ġů ĐŽŵŽ ƐƵ ĐůĂƐŝĨŝĐĂĚŽƌ ;Ŷ
ϭϴϳϬĞŶ>ĂEĂƚƵƌĂůĞnjĂƉƵďůŝĐſƵŶĂƌƚşĐƵůŽ
ƌĞůĂƚŝǀŽĂƵŶĂŶƵĞǀĂĞƐƉĞĐŝĞĚĞĂũŽůŽƚĞĞŶ
Ğů>ĂŐŽĚĞWĄƚnjĐƵĂƌŽ͕ŵŝƐŵĂƋƵĞƌĞŐŝƐƚƌſ
ĐŽŵŽ ^ŝĚĞƌŽŶƵŵŝĞƌĞůůŝůĨƌ͘ ƵŐ͕͘
ĐŽŶŽĐŝĚŽǀƵůŐĂƌŵĞŶƚĞĐŽŵŽĐŚŽƋƵĞĚĞ
ĂŐƵĂ͕ ^ĄŶĐŚĞnjLJ DŝũĂŶŐŽƐ͕ ϭϵϵϲ͖ ϰϰͿ͖
ƚĂŵďŝĠŶ ĐůĂƐŝĨŝĐſ ůĂ ĨůŽƌĂ ĚĞů ĞƐƚĂĚŽ ĚĞ
'ƵĂŶĂũƵĂƚŽĞŶƐĞƚĞŶƚĂLJƐĞŝƐĨĂŵŝůŝĂƐLJůĂ
ĨĂƵŶĂ ĞŶ ƚƌĞŝŶƚĂ LJ ƚƌĞƐ͖ ƌĞĂůŝnjſ ƵŶ
ͨĐĂƚĄůŽŐŽ ĚĞ ĂŶŝŵĂůĞƐ ǀĞƌƚĞďƌĂĚŽƐ
ŽďƐĞƌǀĂĚŽƐ ĞŶ ůĂ ZĞƉƷďůŝĐĂ DĞdžŝĐĂŶĂ͕ͩ
ƉƵďůŝĐĂĚŽ ĞŶ >Ă EĂƚƵƌĂůĞnjĂ͘ WĂƌĂ ůĂ
ĞůĂďŽƌĂĐŝſŶĚĞĞƐƚĞƚƌĂďĂũŽĐŽŶƚſĐŽŶůĂ
ĐŽůĂďŽƌĂĐŝſŶ ĚĞů ƌĞĐŽŶŽĐŝĚŽ ŽƌŶŝƚſůŽŐŽ
ĨƌĂŶĐĠƐ:ƵůŝŽsĞƌƌĞĂƵdž;:ĄƵƌĞŐƵŝ͕ϭϵϵϬ͖ϯϯͿ͘
WŽƌ ŽƚƌŽ ůĂĚŽ͕ ůĂ ƚƌĂĚŝĐŝſŶ
ĚĞĐŝŵŽŶſŶŝĐĂ ĚĞ ŚĂĐĞƌ ƵŶ ƌĞŐŝƐƚƌŽ
ŝůƵƐƚƌĂĚŽ ĚĞů ŽďũĞƚŽ ĚĞ ĞƐƚƵĚŝŽ ĞŶ ůĂƐ
ĐŝĞŶĐŝĂƐŶĂƚƵƌĂůĞƐLJĂƉůŝĐĂĚĂƐ͕ĂŶƚĞůĂĨĂůƚĂ
ĚĞ ŽƚƌŽƐ ƌĞĐƵƌƐŽƐ ƚĠĐŶŝĐŽƐ ĐŽŵŽ ůĂ
ĨŽƚŽŐƌĂĨşĂ͕ ĚĞƐĂƌƌŽůůſ ĞŶ ůŽƐ ƐĂďŝŽƐ
ŶĂƚƵƌĂůŝƐƚĂƐ ĐŽŵŽ ƵŐğƐ͕ ƵŶĂ ŚĂďŝůŝĚĂĚ
ĂƌƚşƐƚŝĐĂƋƵĞƉŽƌŽƚƌŽůĂĚŽŚĂďşĂŚĞƌĞĚĂĚŽ
ĚĞ ƐƵ ƉĂĚƌĞ͘ >ĂƐ ĂĐƵĂƌĞůĂƐ ƋƵĞ ĞůĂďŽƌſ͕
ŝůƵƐƚƌĂƌŽŶƐƵƐĂƌƚşĐƵůŽƐĚĞŝŶǀĞƐƚŝŐĂĐŝſŶLJ
ŵƵĐŚĂƐ ĚĞ ĞůůĂƐ ĨƵĞƌŽŶ ĞŶǀŝĂĚĂƐ Ă
ŝŶƐƚŝƚƵĐŝŽŶĞƐ ĞdžƚƌĂŶũĞƌĂƐ͖ ƐŝŶ ĞŵďĂƌŐŽ͕
ĞŶƚƌĞ ϭϴϰϳ LJ ϭϵϬϲ ƵŐğƐ ŝŶƚĞŐƌſ ǀĂƌŝĂƐ
ĐŽůĞĐĐŝŽŶĞƐ͕ ůĂ ŵĄƐ ŶƵŵĞƌŽƐĂ ĞƐƚĄ
ĐŽŵƉƵĞƐƚĂ ƉŽƌ ƚƌĞƐĐŝĞŶƚĂƐ ĐŝŶĐƵĞŶƚĂ
ůĄŵŝŶĂƐ Ă ĐŽůŽƌ͕ ŵŝƐŵĂ ƋƵĞ ĂĐƚƵĂůŵĞŶƚĞ
ĨŽƌŵĂ ƉĂƌƚĞ ĚĞů ƉĂƚƌŝŵŽŶŝŽ ĚĞ ůĂ
hŶŝǀĞƌƐŝĚĂĚ ĚĞ 'ƵĂŶĂũƵĂƚŽ ;:ĄƵƌĞŐƵŝ͕
ϭϵϵϬ͖ϲϴͿ͘
>ŽƐĞƐƚƵĚŝŽƐĐŝĞŶƚşĨŝĐŽƐĚĞƵŐğƐƐĞ
ŽƌŝĞŶƚĂƌŽŶƚĂŵďŝĠŶŚĂĐŝĂĞůƚĞƌƌĞŶŽƐŽĐŝĂů͘
ŽŵŽ ŵŝĞŵďƌŽ ĚĞ ůĂ ŽŵŝƐŝſŶ ĚĞ
WĂƌĂƐŝƚŽůŽŐşĂ ŐƌşĐŽůĂ ƐĞ ŽĐƵƉſ ĚĞ ůĂ
ĐŽŶƐĞƌǀĂĐŝſŶ ĚĞ ůŽƐ ďŽƐƋƵĞƐ LJ ĚĞ ůĂ
ƉƌŽƚĞĐĐŝſŶĚĞůĂƐĂǀĞƐƐŝůǀĞƐƚƌĞƐďĞŶĠĨŝĐĂƐ
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ĐƵŝĚĂƐ ĞƐĞ ĐƵĞƌƉŽ ůŽnjĂŶŽ͍ ^ş͕ ŚĂƐ ůĞşĚŽ
ďŝĞŶ͎͘dĞůŽĐƵŝĚĂƐ͍^ĞĂĐĂďĂĚĞĐŽŶĨŝƌŵĂƌ
ĂůŐŽ ƋƵĞ ƚŽĚŽƐ ŝŶƚƵşĂŵŽƐ ĐƵĂŶĚŽ ĐĂĚĂ
ŶŽĐŚĞ ŶŽƐ şďĂŵŽƐ Ă ĚŽƌŵŝƌ͗ ůĂ ƉŽĞƐşĂ
ĐůĄƐŝĐĂĞƐƉĂƌĂĞůĐĞƌĞďƌŽůŽƋƵĞĞůďşĨŝĚƵƐ
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ĐŽŶĐŝĞŶnjƵĚŽ͕ ĂŵďŝĐŝŽƐŽ LJ ĂŶŚĞůĂĚŽ
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ůŽƐ ĚĞƚĂůůĞƐ ĚĞů ƚƌĂďĂũŽ LJ ĚĞ ƐƵƐ
ĐŽŶĐůƵƐŝŽŶĞƐ͕ ĂƐş ƋƵĞ ĞƐƚŽ ĞƐ ůŽ ƋƵĞ
ƉŽĚĞŵŽƐĚĞĐŝƌƉŽƌĂŚŽƌĂ͗
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ĞƐƚĂŶĂƚƵƌĂůĞnjĂƐĞŶĞĐĞƐŝƚĂŶĂƵƚŽƌŝĚĂĚĞƐ
ǀĞƌƐĂĚĂƐĞŶĐŝĞŶĐŝĂ͕ůŝƚĞƌĂƚƵƌĂLJƉƐŝĐŽůŽŐşĂ͕
LJƋƵĞĨůƵLJĂĞŶĂƌŵŽŶşĂ͕ĐſŵŽŶŽ͕ĞůƉŽĚĞƌ
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ĞdžƉĞƌŝŵĞŶƚŽ ƉŝƐĐŽͲĐŝĞŶƚşĨŝĐŽͲůŝƚĞƌĂƌŝŽ͖
ƚĞƌĐĞƌŽ͗ ĂůŐƵŶŽƐ ĚĞ ůŽƐ ĂƵƚŽƌĞƐ ůĞşĚŽƐ
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sĂƵŐŚĂŶ LJ ůŝnjĂďĞƚŚ ĂƌƌĞƚƚ ƌŽǁŶŝŶŐ͖ LJ
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ĐĞƌĞďƌŽ ƐĞ ĂĐƚŝǀĂ ŵƵLJ ĞƐƉĞĐŝĂůŵĞŶƚĞ LJ
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ƉƌŽƉŝĂƐ ǀŝǀĞŶĐŝĂƐ LJ Ă ĞŶƚĞŶĚĞƌůĂƐ ĚĞƐĚĞ
ŽƚƌĂƉĞƌƐƉĞĐƚŝǀĂ͘
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ĐƵĞƐƚŝſŶĚĞĞƐƚŝůŽ͘>ĂĚĞƐĐƌŝƉĐŝſŶƉƌŽĨƵŶĚĂ
ĚĞ ĞdžƉĞƌŝĞŶĐŝĂƐ ĂŹĂĚĞ ĞůĞŵĞŶƚŽƐ
ĞŵŽĐŝŽŶĂůĞƐLJďŝŽŐƌĄĨŝĐŽƐĂůĐŽŶŽĐŝŵŝĞŶƚŽ
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ƚŝĞŶĞŶ ƉĞŶƐĂĚŽ ĂŚŽŶĚĂƌ ĂƷŶ ŵĄƐ ĞŶ Ğů
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ĞĨĞĐƚŽƐŚĂŶƉŽĚŝĚŽƚĞŶĞƌůĂƐƌĞǀŝƐŝŽŶĞƐĚĞ
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ƚĞůĞǀŝƐŝſŶ ŵĞdžŝĐĂŶĂ͕ ĚĞĚŝĐĂĚŽ Ă
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ĂƌŵĞŶ ƌŝƐƚĞŐƵŝ͕ ƌĞĐŝĞŶƚĞŵĞŶƚĞ
ƐĞ ŚĂ ĐŽŶǀĞƌƚŝĚŽ ĞŶ ƵŶ ĞdžŝƚŽƐŽ
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ƋƵĞĚĂƌŽŶ ůĂƐ ŵĂŵĄƐ LJ ůŽƐ ƉĂƉĄƐ͕ ůŽƐ
ŚĞƌŵĂŶŽƐ͘ >ŽƐ ŚŝũŽƐ͘ >ĂƐ ƌĞĐĄŵĂƌĂƐ͕ ůŽƐ
ĐƵĂƌƚŽƐ ƐŝŐƵĞŶ ĂŚş͕ ŝŶƚĂĐƚŽƐ͘ >Ă ƌŽƉĂ
ĐŽůŐĂĚĂ ĞdžƚƌĂŹĂŶĚŽ ůŽƐ ĐƵĞƌƉŽƐ ƋƵĞ
ĂďƌŝŐĂďĂŶ͕ ƋƵĞ ĂďƌŝŐĂƌŽŶ ĂůŐƷŶ ƚŝĞŵƉŽ͘
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ďƵƐĐĂŶ ǀŝǀŽƐ͕ ŶŽ ŵƵĞƌƚŽƐ͘ ůĂƐ ƋƵĞ
ďƵƐĐĂŶ ůĂƐ ƌŝƐĂƐ ĚĞ ůŽƐ ĞdžƚƌĂǀŝĂĚŽƐ͕ ŶŽ
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ŶƚĞ ůĂ ŝŶĚŽůĞŶĐŝĂ͕ ůĂ ĞƐƉĞƌĂŶnjĂ ƐĞ
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ďŽĐĂ͕ ŐƌŝƚĂŶĚŽ LJ ƉƌĞŐƵŶƚĂŶĚŽ LJ
ĞdžŝŐŝĞŶĚŽ͙ ƚŽĚĂƐ ĞůůĂƐ ƋƵŝĞƌŽ ĚĞĚŝĐĂƌ
ĞƐƚĂĐŽůĂďŽƌĂĐŝſŶ͘EŽŽůǀŝĚĂƌŶŝƵŶŽƐſůŽ
ĚĞ ůŽƐ ŶŽŵďƌĞƐ͘ >ŽƐ ĚĞƐĂƉĂƌĞĐŝĚŽƐ ŶŽƐ
ŚĂĐĞŶ ĨĂůƚĂ Ă ƚŽĚŽƐ͗ ůĂƐ ŵĂŵĄƐ LJ ůŽƐ
ƉĂƉĄƐ͕ ůŽƐ ŚĞƌŵĂŶŽƐ͘ ůŽƐ ŚŝũŽƐ͘ ůĂƐ
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