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Gonçalves, Jefferson da Silva
Caracterização de dispositivos híbridos
microondas/fotônica / Jefferson da Silva Gonçalves. -
Recife : O Autor, 2008.
ix, 55 folhas : il., fig., tab.
Dissertação (mestrado) - Universidade Federal de
Pernambuco. CCEN. Física, 2008.
Inclui bibliografia.
1. Óptica. 2. Modulador eletro-óptico. 3.Ganho 4.
Figura de ruido. 5. SFDR. I. Título.
530. 13 CDD (22.ed.) FQ2008-037
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ŵŝŶŚĂŵĆĞŶƚŽŶŝĂ
ĂŽŵĞƵƉĂŝ:ŽƐĠ&ůĄǀŝŽ
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'Z/DEdK^
'ŽƐƚĂƌŝĂ ĚĞ ĂŐƌĂĚĞĐĞƌ ƉƌŝŵĞŝƌĂŵĞŶƚĞ ĂŽƐ ŵĞƵƐ ƉĂŝƐ͕ ƉĞůŽƐ ƐĂĐƌŝĨşĐŝŽƐ ƋƵĞ
ĨŝnjĞƌĂŵƉĂƌĂŵĞƉƌŽƉŽƌĐŝŽŶĂƌĂŽƉŽƌƚƵŶŝĚĂĚĞĚĞƵŵĂďŽĂĞĚƵĐĂĕĆŽ͘ƐŵŝŶŚĂƐŝƌŵĆƐ͕
ƉĞůŽƐǀĄƌŝŽƐĂŶŽƐĚĞĐŽŶǀşǀŝŽ͘
 zĂƌĞŶŝ͕ ƉŽƌ ƚĞƌ ĞƐƚĂĚŽ ďŽĂ ƉĂƌƚĞ ĚŽ ƚĞŵƉŽ ĚŽ ĐƵƌƐŽ ŵĞ ĂƉŽŝĂŶĚŽ Ğ ŵĞ
ŝŶĐĞŶƚŝǀĂŶĚŽ͘
ŽŵĞƵŽƌŝĞŶƚĂĚŽƌ͕ƉĞůĂŽƉŽƌƚƵŶŝĚĂĚĞĚĞƌĞĂůŝnjĂƌĞƐƚĞƚƌĂďĂůŚŽ͕ĂƐƐŝŵĐŽŵŽĂ
ƚŽĚŽƐ ŶŽ ůĂďŽƌĂƚſƌŝŽ ƋƵĞ ĚĞ ĂůŐƵŵĂ ĨŽƌŵĂ ĐŽŶƚƌŝďƵşƌĂŵ ƉĂƌĂ Ă ƌĞĂůŝnjĂĕĆŽ ĚĞƐƚĞ
ƚƌĂďĂůŚŽ͘ ŽƐ ƉƌŽĨĞƐƐŽƌĞƐ >ĞŽŶĂƌĚŽ ĚĞ ^ŽƵnjĂ DĞŶĞnjĞƐ Ğ :ŽĂƋƵŝŵ &ĞƌƌĞŝƌĂ DĂƌƚŝŶƐ
&ŝůŚŽ͕ƉĞůĂƐĐŽƌƌĞĕƁĞƐ͕ƋƵĞĨŽƌĂŵĨƵŶĚĂŵĞŶƚĂŝƐƉĂƌĂĞƐƚĂĚŝƐƐĞƌƚĂĕĆŽ͘
ĂƚŽĚŽƐŽƐĂŵŝŐŽƐƋƵĞĨŝnjŶĞƐƚĞƉĞƌşŽĚŽĚĞŵĞƐƚƌĂĚŽ͘
ŝŝŝ
Z^hDK

ƐƚĂ ĚŝƐƐĞƌƚĂĕĆŽ ĂƉƌĞƐĞŶƚĂ Ƶŵ ĞƐƚƵĚŽ ĞdžƉĞƌŝŵĞŶƚĂů ĚŽ ůŝŶŬ
ŵŝĐƌŽŽŶĚĂƐͬĨŽƚƀŶŝĐĂ͕ƋƵĞŶĞƐƚĞƚƌĂďĂůŚŽĨŽŝĐŚĂŵĂĚŽĚĞĞŶůĂĐĞĂŶĂůſŐŝĐŽſƉƚŝĐŽ͘ƐƚĞ
ƚŝƉŽ ĚĞ ĞŶůĂĐĞ Ġ ƵƐĂĚŽ ƉĂƌĂ ƚƌĂŶƐŵŝƚŝƌ ŝŶĨŽƌŵĂĕƁĞƐ Ğŵ ĨŝďƌĂƐ ſƉƚŝĐĂƐ͕ ĂƐ ƋƵĂŝƐ
ŽĨĞƌĞĐĞŵ ǀĄƌŝĂƐ ǀĂŶƚĂŐĞŶƐ ƋƵĂŶƚŽ ă ƋƵĂŶƚŝĚĂĚĞ ĚĞ ŝŶĨŽƌŵĂĕĆŽ ƋƵĞ ƉŽĚĞ ƐĞƌ
ƚƌĂŶƐŵŝƚŝĚĂ͕ ŵĂŶƵƐĞŝŽ͕ ƉĞƌĚĂƐ Ğ ĐƵƐƚŽ Ğŵ ƌĞůĂĕĆŽ ăƐ ƚƌĂĚŝĐŝŽŶĂŝƐ ĨŽƌŵĂƐ ĚĞ
ƚƌĂŶƐŵŝƐƐĆŽĚĞĚĂĚŽƐ͘
ŝŶĨŽƌŵĂĕĆŽ͕ƵŵĂǀĞnjŶĂĨŽƌŵĂĚĞƌĂĚŝŽĨƌĞƋƺġŶĐŝĂ;Z&Ϳ͕ƉŽĚĞƐĞƌƚƌĂŶƐŵŝƚŝĚĂ
ĞŵĨŝďƌĂƐſƉƚŝĐĂƐ͘WĂƌĂŝƐƐŽ͕ĂŝŶĨŽƌŵĂĕĆŽƉĂƐƐĂƉŽƌƵŵƉƌŽĐĞƐƐŽĚĞŵŽĚƵůĂĕĆŽ͕ƋƵĞ
ƉĞƌŵŝƚĞ ƋƵĞ ĂƐ ƐƵĂƐ ĐĂƌĂĐƚĞƌşƐƚŝĐĂƐ ƐĞũĂŵ ƚƌĂŶƐƉŽƌƚĂĚĂƐ ƉŽƌ ƵŵĂ ƉŽƌƚĂĚŽƌĂ ſƉƚŝĐĂ
ĂƚƌĂǀĠƐĚĂĨŝďƌĂ͘
ŵ ƚĞůĞĐŽŵƵŶŝĐĂĕƁĞƐ͕ Ž ƉƌŽĐĞƐƐŽ ĚĞ ŵŽĚƵůĂĕĆŽ ƉŽĚĞ ƐĞƌ ŽďƚŝĚŽ ĚĞ ĚƵĂƐ
ĨŽƌŵĂƐ͗ŵŽĚƵůĂĕĆŽĚŝƌĞƚĂĞŵŽĚƵůĂĕĆŽĞdžƚĞƌŶĂ͘ŵĂŵďŽƐŽƐĐĂƐŽƐ͕ƚĞŵŽƐƉƌŽĐĞƐƐŽƐ
ƋƵĞĂůƚĞƌĂŵĂŝŶƚĞŶƐŝĚĂĚĞĚŽƐƐŝŶĂŝƐ͘
K ĞdžƉĞƌŝŵĞŶƚŽ ĨŽŝ ĐŽŶĚƵnjŝĚŽ ŶĂƐ ĨƌĞƋƺġŶĐŝĂƐ ĞŶƚƌĞ ϭ Ğ Ϯ ',nj͕ ĐŽŵ Ƶŵ
ĚŝƐƉŽƐŝƚŝǀŽĐĂƉĂnjĚĞƚƌĂŶƐŵŝƚŝƌĂƚĠϮ͕ϱ'ŝŐĂďŝƚƐƉŽƌƐĞŐƵŶĚŽ;'ďͬƐͿ͘ƚƌĂŶƐŵŝƐƐĆŽĨŽŝ
ĨĞŝƚĂ Ğŵ ƵŵĂ ĨŝďƌĂ ŵŽŶŽĚŽ ĚĞ ϭϬϬ ŵ ĚĞ ĐŽŵƉƌŝŵĞŶƚŽ͕ ƉĂƌĂ ŽƐ ĐĂƐŽƐ ƐĞŵ Ğ ĐŽŵ
ĂŵƉůŝĨŝĐĂĕĆŽ ſƉƚŝĐĂ͘ĂŵƉůŝĨŝĐĂĚŽƌĂĨŝďƌĂ ĚŽƉĂĚĂ ĐŽŵĠƌďŝŽ;ƌďŝƵŵ ŽƉĞĚ &ŝďĞƌ
ŵƉůŝĨŝĞƌ͕ &Ϳ Ğ Ƶŵ ĂŵƉůŝĨŝĐĂĚŽƌ ſƉƚŝĐŽ ĚĞ ƐĞŵŝĐŽŶĚƵƚŽƌ ;^ĞŵŝĐŽŶĚƵĐƚŽƌ KƉƚŝĐ
ŵƉůŝĨŝĞƌ͕^KͿĨŽƌĂŵƵƐĂĚŽƐŶĂĂŵƉůŝĨŝĐĂĕĆŽĚŽƐŝŶĂůſƉƚŝĐŽ͘
ƚƌĂǀĠƐĚĂĐĂƌĂĐƚĞƌŝnjĂĕĆŽĚŽĞŶůĂĐĞĂŶĂůſŐŝĐŽſƉƚŝĐŽ͕ŽďƚĞǀĞͲƐĞŽĚĞƐĞŵƉĞŶŚŽ
ĚŽ ŐĂŶŚŽ͕ ĚĂ ĨŝŐƵƌĂ ĚĞ ƌƵşĚŽ Ğ ĚĂ ĨĂŝdžĂ ĚŝŶąŵŝĐĂ ůŝǀƌĞ ĚĞ ŝŶƚĞƌĨĞƌġŶĐŝĂ͕ ďĞŵ ĐŽŵŽ
ĨĂƚŽƌĞƐƋƵĞŝŶƚĞƌĨĞƌĞŵŶĞƐƚĂƐƋƵĂŶƚŝĚĂĚĞƐ͘ƐƚĞƐƐĆŽƉĂƌąŵĞƚƌŽƐƉĂĚƌĆŽŶĂŵĞĚŝĚĂĚĂ
ƋƵĂůŝĚĂĚĞĚĞƐŝŶĂŝƐĚĞZ&͘
WŽƌ Ĩŝŵ͕ ƚĞŵŽƐ ĂƐ ĐŽŶĐůƵƐƁĞƐ ďĂƐĞĂĚĂƐ ŶŽ ĚĞƐĞŵƉĞŶŚŽ ĚŽ ĞŶůĂĐĞ Ğ ĂƐ ƐƵĂƐ
ƉĞƌƐƉĞĐƚŝǀĂƐĚĞŵĞůŚŽƌĂŵĞŶƚŽĞĂƉůŝĐĂĕƁĞƐ͘
WĂůĂǀƌĂƐͲĐŚĂǀĞ͗ ƚĞůĞĐŽŵƵŶŝĐĂĕĆŽ͕ ĨŝďƌĂ ſƉƚŝĐĂ͕ ƌĂĚŝŽĨƌĞƋƺġŶĐŝĂ͕ ŵŽĚƵůĂĕĆŽ͕
ĚĞƐĞŵƉĞŶŚŽĚŽĞŶůĂĐĞ͘
ŝǀ
^dZd

dŚŝƐ ĚŝƐƐĞƌƚĂƚŝŽŶ ƉƌĞƐĞŶƚƐ ĂŶ ĞdžƉĞƌŝŵĞŶƚĂů ƐƚƵĚLJ ŽĨ ƚŚĞ ŵŝĐƌŽǁĂǀĞ ƉŚŽƚŽŶŝĐ
ůŝŶŬƚŚĂƚ ŝŶƚŚŝƐǁŽƌŬ ǁĞ ĐĂůů ĂŶĂůŽŐŽƉƚŝĐĂů ůŝŶŬ͘dŚŝƐ ŬŝŶĚ ŽĨ ůŝŶŬŝƐƵƐĞĚƚŽƚƌĂŶƐŵŝƚ
ŝŶĨŽƌŵĂƚŝŽŶ ƚŚƌŽƵŐŚ ŽƉƚŝĐĂů ĨŝďĞƌƐ͕ ǁŚŝĐŚ ŽĨĨĞƌ ƐĞǀĞƌĂů ĂĚǀĂŶƚĂŐĞƐ͕ ƐƵĐŚ ĂƐ ƚŚĞ
ƋƵĂŶƚŝƚLJŽĨŝŶĨŽƌŵĂƚŝŽŶƚŚĂƚĐĂŶďĞƚƌĂŶƐŵŝƚƚĞĚ͕ŚĂŶĚůŝŶŐ͕ůŽƐƐĞƐĂŶĚĐŽƐƚŝŶƌĞůĂƚŝŽŶƚŽ
ƚŚĞƐƚĂŶĚĂƌĚǁĂLJƐŽĨĚĂƚĂƚƌĂŶƐŵŝƐƐŝŽŶ͘
dŚĞŝŶĨŽƌŵĂƚŝŽŶ͕ŽŶĐĞĐŽĚĞĚƌĂĚŝŽĨƌĞƋƵĞŶĐLJ;Z&Ϳ͕ĐĂŶďĞƚƌĂŶƐŵŝƚƚĞĚŝŶŽƉƚŝĐĂů
ĨŝďĞƌƐ͘dŽƌĞĂĐŚƚŚŝƐ͕ƚŚĞŝŶĨŽƌŵĂƚŝŽŶƉĂƐƐĞƐƚŚƌŽƵŐŚĂŵŽĚƵůĂƚŝŽŶƉƌŽĐĞƐƐƚŚĂƚĂůůŽǁƐ
ŝƚƚŽďĞĐŽŶǀĞLJĚďLJĂŶŽƉƚŝĐĂůĐĂƌƌŝĞƌƚŚƌŽƵŐŚƚŚĞĨŝďĞƌ͘
/ŶƚĞůĞĐŽŵŵƵŶŝĐĂƚŝŽŶ͕ƚŚĞƉƌŽĐĞĚƵƌĞŽĨƚŚĞŵŽĚƵůĂƚŝŽŶĐĂŶďĞƌĞĂĐŚĞĚďLJƚǁŽ
ǁĂLJƐ͗ĚŝƌĞĐƚŵŽĚƵůĂƚŝŽŶĂŶĚĞdžƚĞƌŶĂůŵŽĚƵůĂƚŝŽŶ͘/ŶďŽƚŚ ĐĂƐĞƐ͕ƚŚĞŝŶƚĞŶƐŝƚLJ ŽĨƚŚĞ
ƐŝŐŶĂůƐĂƌĞŵŽĚŝĨŝĞĚ͘
dŚĞĞdžƉĞƌŝŵĞŶƚ ǁĂƐ ŵĂĚĞ ǁŝƚŚZ& ĨƌĞƋƵĞŶĐŝĞƐďĞƚǁĞĞŶ ϭ ĂŶĚ Ϯ',nj͕ǁŝƚŚ Ă
ĚĞǀŝĐĞƚŚĂƚĐĂŶƚƌĂŶƐŵŝƚĂŵĂdžŝŵƵŵďŝƚƌĂƚĞŽĨϮ͕ϱ'ďͬƐ͘dŚĞƚƌĂŶƐŵŝƐƐŝŽŶǁĂƐŵĂĚĞ
ŝŶĂϭϬϬŵƐŝŶŐůĞŵŽĚĞĨŝďĞƌǁŝƚŚĂŶĚǁŝƚŚŽƵƚŽƉƚŝĐĂŵƉůŝĨŝĐĂƚŝŽŶ͘ƌďŝƵŵŽƉĞĚ&ŝďĞƌ
ŵƉůŝĨŝĞƌ ;&Ϳ ĂŶĚ ^ĞŵŝĐŽŶĚƵĐƚŽƌ KƉƚŝĐ ŵƉůŝĨŝĞƌ ;^KͿ ǁĂƐ ƵƐĞĚ ƚŽ ĂŵƉůŝĨLJ ƚŚĞ
ŽƉƚŝĐƐŝŐŶĂů͘
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Ϯ͘ϯ^&Z͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘
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ĂƉşƚƵůŽϯʹdžƉĞƌŝŵĞŶƚŽƐĞZĞƐƵůƚĂĚŽƐϯϵ
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&ŝŐƵƌĂϭ͘ϭͲŝĂŐƌĂŵĂĚĞďůŽĐŽƐďĄƐŝĐŽĚĞƵŵĞŶůĂĐĞĂŶĂůſŐŝĐŽſƉƚŝĐŽ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯ
&ŝŐƵƌĂϭ͘ϮͲƐƉĞĐƚƌŽůĞƚƌŽŵĂŐŶĠƚŝĐŽ;ĂͿĞĂƉůŝĐĂĕƁĞƐĚĞƐŝƐƚĞŵĂƐĚĞĐŽŵƵŶŝĐĂĕƁĞƐĐŽŵƐƵĂƐ
ĨƌĞƋƺġŶĐŝĂƐĐŽƌƌĞƐƉŽŶĚĞŶƚĞƐ;ďͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱ
&ŝŐƵƌĂϭ͘ϯͲZĞƉƌĞƐĞŶƚĂĕĆŽĚŽĞůŝƉƐſŝĚĞĚĞşŶĚŝĐĞƐĚĞƌĞĨƌĂĕĆŽ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴ
&ŝŐƵƌĂϭ͘ϰͲDŽĚƵůĂĚŽƌĚĞĨĂƐĞƵƐĂŶĚŽĞĨĞŝƚŽĞůĞƚƌŽͲſƉƚŝĐŽ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϮ
&ŝŐƵƌĂϭ͘ϱ Ͳ /ŶƚĞƌĨĞƌƀŵĞƚƌŽĚĞ DĂĐŚͲĞŚŶĚĞƌĐŽŵƵŵŵŽĚƵůĂĚŽƌ ĚĞ ĨĂƐĞ ůŽĐĂůŝnjĂĚŽĞŵ Ƶŵ
ĚŽƐƐĞƵƐďƌĂĕŽƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϯ
&ŝŐƵƌĂϭ͘ϲͲdƌĂŶƐŵŝƚąŶĐŝĂĚĂůƵnjĞŵĨƵŶĕĆŽĚĂǀŽůƚĂŐĞŵĚĞŵŽĚƵůĂĕĆŽĂƉůŝĐĂĚĂ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϰ
&ŝŐƵƌĂ ϭ͘ϳ Ͳ ŝĂŐƌĂŵĂ ĚĞ ďůŽĐŽƐ ĚŽ ĞŶůĂĐĞ ĐŽŵ ŵŽĚƵůĂĕĆŽ ĚŝƌĞƚĂ ;ĂͿ Ğ ŵŽĚƵůĂĕĆŽ ĞdžƚĞƌŶĂ
;ďͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϱ
&ŝŐƵƌĂϭ͘ϴͲƐƉĞĐƚƌŽĚĞƐĂşĚĂƚşƉŝĐŽĚĞƵŵůĂƐĞƌ&W͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϲ
&ŝŐƵƌĂϭ͘ϵͲƐƋƵĞŵĂďĄƐŝĐŽĚĞƵŵůĂƐĞƌ&͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϲ
&ŝŐƵƌĂϭ͘ϭϬͲWŽƚġŶĐŝĂĚĞƐĂşĚĂĚŽůĂƐĞƌĞŵƌĞůĂĕĆŽăĐŽƌƌĞŶƚĞĂƉůŝĐĂĚĂ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϳ
&ŝŐƵƌĂϭ͘ϭϭͲŝĂŐƌĂŵĂďĄƐŝĐŽĚŽĚŝƐƉŽƐŝƚŝǀŽĐŽŵƵŵůĂƐĞƌ&ŝŶƚĞŐƌĂĚŽĐŽŵƵŵŵŽĚƵůĂĚŽƌ
DĂĐŚͲĞŚŶĚĞƌ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϴ
&ŝŐƵƌĂϭ͘ϭϮͲŝĂŐƌĂŵĂďĄƐŝĐŽĚĞƵŵĂŵƉůŝĨŝĐĂĚŽƌſƉƚŝĐŽĚĞƐĞŵŝĐŽŶĚƵƚŽƌ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϮϬ
&ŝŐƵƌĂϭ͘ϭϯͲƐƚƌƵƚƵƌĂĚŽƐŶşǀĞŝƐĚĞĞŶĞƌŐŝĂĚŽܧݎ
ଷା
͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϭ
&ŝŐƵƌĂϭ͘ϭϰͲZĞƉƌĞƐĞŶƚĂĕĆŽĚŽĞƐƉĞĐƚƌŽĚŽƐŝŶĂůĚĞƐĂşĚĂĚŽ&͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϮϮ
&ŝŐƵƌĂϭ͘ϭϱͲƐƚƌƵƚƵƌĂďĄƐŝĐĂĚĞƵŵĨŽƚŽĚĞƚĞƚŽƌĚŽƚŝƉŽ^ĐŚŽƚƚŬLJ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϯ
&ŝŐƵƌĂϮ͘ϭͲŝƌĐƵŝƚŽƌĞƉƌĞƐĞŶƚĂŶĚŽŽƉƌŽĐĞƐƐŽĚĞŵŽĚƵůĂĕĆŽĞŵƵŵĞŶůĂĐĞĂŶĂůſŐŝĐŽſƉƚŝĐŽ
ĐŽŵŵŽĚƵůĂĕĆŽĚŝƌĞƚĂ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϰ
&ŝŐƵƌĂϮ͘ϮͲŝƌĐƵŝƚŽƌĞƉƌĞƐĞŶƚĂŶĚŽŽƉƌŽĐĞƐƐŽĚĞĨŽƚŽĚĞƚĞĕĆŽ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϲ
&ŝŐƵƌĂϮ͘ϯͲƐƋƵĞŵĂĚŽĐŝƌĐƵŝƚŽƌĞƉƌĞƐĞŶƚĂŶĚŽŽĞŶůĂĐĞĂŶĂůſŐŝĐŽſƉƚŝĐŽ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϳ
&ŝŐƵƌĂϮ͘ϰͲŝƌĐƵŝƚŽƌĞƉƌĞƐĞŶƚĂŶĚŽƵŵĂĨŽŶƚĞĚĞĐŽƌƌĞŶƚĞĚĞƌƵşĚŽƚĠƌŵŝĐŽĞŵƉĂƌĂůĞůŽĐŽŵ
ƌĞƐŝƐƚŽƌƐĞŵƌƵşĚŽ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϵ
&ŝŐƵƌĂϮ͘ϱͲZĞƉƌĞƐĞŶƚĂĕĆŽĚŽĐŝƌĐƵŝƚŽƉĂƌĂŵŽĚƵůĂĕĆŽĚŝƌĞƚĂĐŽŵŽZ/EƐĞŶĚŽŽĨĂƚŽƌĚĞƌƵşĚŽ
ĚŽŵŝŶĂŶƚĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϭ
ǀŝŝ
&ŝŐƵƌĂϮ͘ϲͲƐƋƵĞŵĂĚŽĞƐƉĞĐƚƌŽĚĞĨƌĞƋƺġŶĐŝĂƐĚŽƐƐŝŶĂŝƐĨƵŶĚĂŵĞŶƚĂŝƐĞƐƵĂƐĚŝƐƚŽƌĕƁĞƐŶĂ
ƐĂşĚĂĚŽĞŶůĂĐĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϱ
&ŝŐƵƌĂϮ͘ϳͲŝƐƚŽƌĕƁĞƐĐŽŵŽĨƵŶĕĆŽĚĂĨƌĞƋƺġŶĐŝĂƉĂƌĂ݂
ͷǡ͵ܩܪݖ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϳ
&ŝŐƵƌĂ ϯ͘ϭ Ͳ ƐƋƵĞŵĂ ĚŽ ĐŝƌĐƵŝƚŽ ĚĞŶƚƌŽ ĚŽ ĚŝƐƉŽƐŝƚŝǀŽ ƵƐĂĚŽ ƉĂƌĂ Ž ƉƌŽĐĞƐƐŽ ĚĞ
ŵŽĚƵůĂĕĆŽ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϬ
&ŝŐƵƌĂϯ͘ϮͲWŽƚġŶĐŝĂſƉƚŝĐĂĞŵĨƵŶĕĆŽĚĂǀŽůƚĂŐĞŵĂƉůŝĐĂĚĂĂŽŵŽĚƵůĂĚŽƌDĂĐŚͲĞŚŶĚĞƌĚŽ
ƚŝƉŽ/ŶW͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϭ
&ŝŐƵƌĂ ϯ͘ϯ Ͳ ƚĞŶƵĂĕĆŽ ĚĂ ĨŝďƌĂ ƵƚŝůŝnjĂĚĂ Ğŵ ĨƵŶĕĆŽ ĚŽ ĐŽŵƉƌŝŵĞŶƚŽ ĚĞ ŽŶĚĂ͕ ŵŽƐƚƌĂŶĚŽ
ƚĂŵďĠŵĂƐďĂŶĚĂƐĚĞĐŽŵƵŶŝĐĂĕƁĞƐſƉƚŝĐĂƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϮ
&ŝŐƵƌĂ ϯ͘ϰ Ͳ /ŵĂŐĞŵ ĚŽ ƐŝŶĂů ĚĞ ƐĂşĚĂ ĚĞ Ƶŵ ĞŶůĂĐĞ ĂŶĂůſŐŝĐŽ ſƉƚŝĐŽ ŶŽ ĂŶĂůŝƐĂĚŽƌ ĚĞ
ĞƐƉĞĐƚƌŽ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϯ
&ŝŐƵƌĂϯ͘ϱͲƐƋƵĞŵĂĞdžƉĞƌŝŵĞŶƚĂůĚŽĞŶůĂĐĞƉĂƌĂŽͲƚŽͲ;ĂͿĞƉĂƌĂŽĐĂƐŽĐŽŵĂŵƉůŝĨŝĐĂĕĆŽ
ſƉƚŝĐĂ;ďͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϰ
&ŝŐƵƌĂϯ͘ϲͲ^ŝŶĂůZ&ĚĞƐĂşĚĂĞŵĨƵŶĕĆŽĚŽƐŝŶĂůZ&ĚĞĞŶƚƌĂĚĂƉĂƌĂƵŵĂĨƌĞƋƺġŶĐŝĂĚĞϭ͕Ϭ
',nj͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϲ
&ŝŐƵƌĂϯ͘ϳͲ'ƌĄĨŝĐŽĚĂĨŝŐƵƌĂĚĞƌƵşĚŽĞŵĨƵŶĕĆŽĚĂĨƌĞƋƺġŶĐŝĂ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϳ
&ŝŐƵƌĂϯ͘ϴͲƐƋƵĞŵĂĞdžƉĞƌŝŵĞŶƚĂůƉĂƌĂƵŵĂĐŽŵƉůĞƚĂĂŶĄůŝƐĞĚĂƐĚŝƐƚŽƌĕƁĞƐƉĂƌĂŽͲƚŽͲ;ĂͿ
ĞƉĂƌĂŽĐĂƐŽĐŽŵĂŵƉůŝĨŝĐĂĕĆŽ;ďͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϴ
&ŝŐƵƌĂϯ͘ϵͲ'ƌĄĨŝĐŽƵƚŝůŝnjĂĚŽƉĂƌĂĂŵĞĚŝĚĂĚŽ^&ZĐŽŵƐŝŶĂůĚĞĞŶƚƌĂĚĂƉĂƌĂϭ͕Ϭ',njĞŶşǀĞů
ĚĞƌƵşĚŽĐŽŵůĂƌŐƵƌĂĚĞďĂŶĚĂĚĞϭ,nj͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϵ
&ŝŐƵƌĂϯ͘ϭϬͲ^&ZĞŵĨƵŶĕĆŽĚĂĨƌĞƋƺġŶĐŝĂ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϬ
ǀŝŝŝ
>/^dd>^
dĂďĞůĂ Ϯ͘ϭ ŽĞĨŝĐŝĞŶƚĞƐĚĂ ƐĠƌŝĞ ĚĞ dĂLJůŽƌ ĚĂƐ ĚŝƐƚŽƌĕƁĞƐŚĂƌŵƀŶŝĐĂƐ ĚĞ ƐĞŐƵŶĚĂ Ğ ƚĞƌĐĞŝƌĂ
ŽƌĚĞŶƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϯ
dĂďĞůĂϮ͘ϮŽĞĨŝĐŝĞŶƚĞƐĚĂƐĠƌŝĞĚĞdĂLJůŽƌĚĂƐŝŶƚĞƌŵŽĚƵůĂĕƁĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϰ
dĂďĞůĂϯ͘ϭĂƌĂĐƚĞƌşƐƚŝĐĂƐĚŽƐĂŵƉůŝĨŝĐĂĚŽƌĞƐĚĞZ&ƵƐĂĚŽƐŶŽĞdžƉĞƌŝŵĞŶƚŽ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϵ
ϭ
W1dh>KϭͲ/EdZKhK
ϭ͘ϭͲ/EdZKhKKE>E>M'/KMWd/K
ĞƐĚĞƚĞŵƉŽƐĂŶƚŝŐŽƐ͕ŶŽǀĂƐƚĞĐŶŽůŽŐŝĂƐƚġŵƐŝĚŽĚĞƐĞŶǀŽůǀŝĚĂƐŶĂƚĞŶƚĂƚŝǀĂ
ĚĞ ŵĞůŚŽƌĂƌ Ž ƉƌŽĐĞƐƐŽ ĚĞ ĚŝĨƵƐĆŽ ĚĂƐ ŝŶĨŽƌŵĂĕƁĞƐ͘ ƐƚĞƐ ĚĞƐĞŶǀŽůǀŝŵĞŶƚŽƐ
ďƵƐĐĂǀĂŵ͕ ŵĂŝƐ ĞƐƉĞĐŝĨŝĐĂŵĞŶƚĞ͕ Ă ĚŝŵŝŶƵŝĕĆŽ ĚŽƐ ĞƌƌŽƐ ŽĐŽƌƌŝĚŽƐ ŶĂ ŝŶĨŽƌŵĂĕĆŽ
ĚĞǀŝĚŽƐăƚƌĂŶƐŵŝƐƐĆŽ͕ĂƵŵĞŶƚŽĚĂĐĂƉĂĐŝĚĂĚĞĚĞƚƌĂŶƐŵŝƐƐĆŽŶŽĞŶůĂĐĞĞĂƵŵĞŶƚŽ
ĚĂ ĚŝƐƚąŶĐŝĂ ĚĞ ƚƌĂŶƐŵŝƐƐĆŽ ĚĂ ŝŶĨŽƌŵĂĕĆŽ ƐĞŵ Ă ŶĞĐĞƐƐŝĚĂĚĞ ĚĞ ƌĞĐƵƉĞƌĂĕĆŽ Ğ
ƌĞƚƌĂŶƐŵŝƐƐĆŽĚŽƐŝŶĂů͘
hŵ ĂǀĂŶĕŽ ŵƵŝƚŽ ŐƌĂŶĚĞ ŶĂƐ ĐŽŵƵŶŝĐĂĕƁĞƐ ĨŽŝ ŽďƚŝĚŽ ĐŽŵ Ă ŝŶǀĞŶĕĆŽ ĚŽ
ƚĞůĠŐƌĂĨŽ ƉŽƌ ^ĂŵƵĞů &͘ ͘ ƌƐĞ͕ ŵĂƌĐĂŶĚŽ Ž ŝŶşĐŝŽ ĚĂƐ ĐŽŵƵŶŝĐĂĕƁĞƐ ĞůĠƚƌŝĐĂƐ͘
^ŝƐƚĞŵĂƐ ĚĞ ĐŽŵƵŶŝĐĂĕƁĞƐ ĞůĠƚƌŝĐĂƐ ƚŝǀĞƌĂŵ͕ Ğ ĂŝŶĚĂ ƚġŵ͕ ŐƌĂŶĚĞ ĚĞƐĞŶǀŽůǀŝŵĞŶƚŽ͕
ůĞǀĂŶĚŽ Ă ƐŝƐƚĞŵĂƐ ĚĞ ĐŽŵƵŶŝĐĂĕƁĞƐ ƐŽĨŝƐƚŝĐĂĚŽƐ͘ ŽŵŽ ƌĞƐƵůƚĂĚŽ ĚĞƐƚĞ ĂǀĂŶĕŽ
ƚĞŵŽƐ͕ƉŽƌĞdžĞŵƉůŽ͕ĂĐƌŝĂĕĆŽĚĂƚĞůĞǀŝƐĆŽ͕ĚŽƐƐŝƐƚĞŵĂƐĚĞƌĄĚŝŽ͕ƵƐŽĚĞŵŝĐƌŽŽŶĚĂƐ͕
ĚŽƐ ƐĂƚĠůŝƚĞƐ Ğ ĚĞ ůŝŶŚĂƐ ĚĞ ƚƌĂŶƐŵŝƐƐĆŽ ĐŽŵ ŐƌĂŶĚĞ ĐĂƉĂĐŝĚĂĚĞ ĚĞ ƚƌĂŶƐŵŝƐƐƐĆŽ ĚĞ
ĚĂĚŽƐ͘
ŵ ĐŽŵƵŶŝĐĂĕƁĞƐ͕ ŽƐ ƐŝŶĂŝƐ ƐĆŽ ŽŶĚĂƐ ĞůĞƚƌŽŵĂŐŶĠƚŝĐĂƐ͕ ƌĞƐƉŽŶƐĄǀĞŝƐ ƉŽƌ
ƚƌĂŶƐƉŽƌƚĂƌ ŽƐ ĚĂĚŽƐ ƉŽƌ Ƶŵ ŵĞŝŽ ĨşƐŝĐŽ͘ KƐ ƐŝŶĂŝƐ ƉŽĚĞŵ ƐĞƌ ĚŽ ƚŝƉŽ ĂŶĂůſŐŝĐŽ ŽƵ
ĚŝŐŝƚĂů͘ EĞƐƚĂ ĚŝƐƐĞƌƚĂĕĆŽ͕ ƚƌĂďĂůŚĂŵŽƐ ĐŽŵ ƐŝŶĂŝƐ ĂŶĂůſŐŝĐŽƐ͘ KƐ ƐŝŶĂŝƐ ĂŶĂůſŐŝĐŽƐ
ƚƌĂŶƐƉŽƌƚĂŵ Ă ŝŶĨŽƌŵĂĕĆŽ ĂƚƌĂǀĠƐ ĚĞ ƵŵĂ ǀĂƌŝĂĕĆŽ ŶŽ ƚĞŵƉŽ ĐŽŶƚşŶƵĂ Ğ ƐƵĂǀĞ ĚĂ
ĂŵƉůŝƚƵĚĞĞĨƌĞƋƺġŶĐŝĂ͘KƐŝŶĂůĂŶĂůſŐŝĐŽŵĂŝƐĨƵŶĚĂŵĞŶƚĂůĠŽƌĞƉƌĞƐĞŶƚĂĚŽƉŽƌƵŵĂ
ŽŶĚĂ ƐĞŶŽŝĚĂů͕ Ă ƋƵĂů ƚĞŵ ĐŽŵŽ ĐĂƌĂĐƚĞƌşƐƚŝĐĂƐ ƉƌŝŶĐŝƉĂŝƐ ƐƵĂ ĂŵƉůŝƚƵĚĞ͕ ƐƵĂ
ĨƌĞƋƺġŶĐŝĂ Ğ ƐƵĂ ĨĂƐĞ͘ ƐƚĞƐ ƐŝŶĂŝƐ ƉŽĚĞŵ ƐĞƌ ƚƌĂŶƐŵŝƚŝĚŽƐ͕ ƉŽƌ ĞdžĞŵƉůŽ͕ ƉŽƌ ĐĂďŽƐ
ĐŽĂdžŝĂŝƐ͕ƉŽƌŐƵŝĂƐĚĞŽŶĚĂŵĞƚĄůŝĐĂƐ͕ƉĞůŽĂƌĞƉŽƌĨŝŽƐĚĞĐŽďƌĞ͘
KƐƐŝŶĂŝƐƚĂŵďĠŵƉŽƐƐƵĞŵƵŵĞƐƉĞĐƚƌŽĚĞĨƌĞƋƺġŶĐŝĂƐ͕ƋƵĞĠĂĐŽŵďŝŶĂĕĆŽĚĞ
ƚŽĚĂƐĂƐŽŶĚĂƐƐĞŶŽŝĚĂŝƐĚĞĚŝĨĞƌĞŶƚĞƐĨƌĞƋƺġŶĐŝĂƐƋƵĞĨŽƌŵĂŵŽƐŝŶĂů͘ůĂƌŐƵƌĂĚĞƐƚĞ
ĞƐƉĞĐƚƌŽĚĞĨƌĞƋƺġŶĐŝĂƐĠĂĐŚĂŵĂĚĂůĂƌŐƵƌĂĚĞďĂŶĚĂ͘
Ϯ
81,9(56,'$'()('(5$/'(3(51$0%8&2
ĐƌĞƐĐĞŶƚĞƋƵĂŶƚŝĚĂĚĞĚĞŝŶĨŽƌŵĂĕĆŽƋƵĞŶĞĐĞƐƐŝƚĂƐĞƌƚƌĂŶƐŵŝƚŝĚĂ͕ƚĞŵůĞǀĂĚŽă
ďƵƐĐĂĚĞŵĞŝŽƐƉĂƌĂƐĞƚƌĂŶƐŵŝƚŝƌƵŵǀŽůƵŵĞĚĞĚĂĚŽƐĐĂĚĂǀĞnjŵĂŝŽƌ͘ŵĂŝŽƌŝĂĚĂƐ
ƌĞĚĞƐ ĚĞ ĂĐĞƐƐŽ ƐĆŽ ĐŽŶƐƚŝƚƵşĚĂƐ ĚĞ ĨŝŽƐ ĚĞ ĐŽďƌĞ Ğ ŐƵŝĂƐ ĚĞ ŽŶĚĂ ŵĞƚĄůŝĐŽƐ͘ ƐƚĂƐ
ƌĞĚĞƐ ĂƉƌĞƐĞŶƚĂŵŐƌĂŶĚĞƐƉĞƌĚĂƐ͕ ƉƌŝŶĐŝƉĂůŵĞŶƚĞĐŽŵ Ž ĂƵŵĞŶƚŽ ĚĂĨƌĞƋƺġŶĐŝĂ ĚŽ
ƐŝŶĂů͘ >ŽŐŽ͕ ŵĞŝŽƐ ƋƵĞ ŽĨĞƌĞĕĂŵ ŐƌĂŶĚĞ ůĂƌŐƵƌĂ ĚĞ ďĂŶĚĂ ;ĂůƚĂƐ ĨƌĞƋƺġŶĐŝĂƐͿ Ğ ƋƵĞ
ƐĞũĂŵĞĐŽŶŽŵŝĐĂŵĞŶƚĞǀŝĄǀĞŝƐƚġŵƐŝĚŽĨƌƵƚŽĚĞŵƵŝƚĂƉĞƐƋƵŝƐĂ͕ĚĂşĂŶĞĐĞƐƐŝĚĂĚĞĚĞ
ƐĞƚƌĂŶƐŵŝƚŝƌĞŵŝŶĨŽƌŵĂĕƁĞƐŶĂĨĂŝdžĂĚĞĨƌĞƋƺġŶĐŝĂƐƋƵĞĂďƌĂŶŐĞĂƐŵŝĐƌŽŽŶĚĂƐ;ϯϬϬ
D,njʹϯϬϬ',njͿ͘
K ĚĞƐĞŶǀŽůǀŝŵĞŶƚŽ ĚĞ ĚŝƐƉŽƐŝƚŝǀŽƐ ĞůĞƚƌŽͲſƉƚŝĐŽƐ ƵůƚƌĂͲƌĄƉŝĚŽƐ͕ ƋƵĞ ƉĞƌŵŝƚĞŵ Ă
ŽďƚĞŶĕĆŽ ĚĞ ŐƌĂŶĚĞ ůĂƌŐƵƌĂ ĚĞ ďĂŶĚĂ Ğ ďĂŝdžĂ ƉĞƌĚĂ ĚĞ ƚƌĂŶƐŵŝƐƐĆŽ͕ ƚĞŵ ƐŝĚŽ ĚĞ
ĞdžƚƌĞŵĂ ŝŵƉŽƌƚąŶĐŝĂ ŶĂ ĞdžƉĂŶƐĆŽ ĚĂƐ ƌĞĚĞƐ ĚĞ ĐŽŵƵŶŝĐĂĕƁĞƐ ĂŽ ƌĞĚŽƌ ĚŽ ƉůĂŶĞƚĂ͘
/ƐƚŽƉŽƌƋƵĞ ĞƐƚĞƐ ĚŝƐƉŽƐŝƚŝǀŽƐ ƉĞƌŵŝƚĞŵ ƋƵĞĂ ŝŶĨŽƌŵĂĕĆŽƉŽƐƐĂƐĞƌ ƚƌĂŶƐŵŝƚŝĚĂƉŽƌ
ƵŵĂ ĨŝďƌĂ ſƉƚŝĐĂ͕ ĂƉƌŽǀĞŝƚĂŶĚŽƚŽĚĂƐ ĂƐ ǀĂŶƚĂŐĞŶƐ ƋƵĞ Ă ĨŝďƌĂ ƚĞŵ ƐŽďƌĞ ŽƐ ĨŝŽƐ ĚĞ
ĐŽďƌĞĞŐƵŝĂƐĚĞŽŶĚĂŵĞƚĄůŝĐĂƐĐŽŶǀĞŶĐŝŽŶĂŝƐ͘ĞŶƚƌĞĂƐŵƵŝƚĂƐǀĂŶƚĂŐĞŶƐĚĂĨŝďƌĂ͕
ĐŽŵƉĂƌĂĚĂƐĐŽŵŽƐĨŝŽƐĚĞĐŽďƌĞĞŐƵŝĂƐĚĞŽŶĚĂŵĞƚĄůŝĐĂƐƚĞŵŽƐ͗
/ŵƵŶŝĚĂĚĞăŝŶƚĞƌĨĞƌġŶĐŝĂĞůĞƚƌŽŵĂŐŶĠƚŝĐĂͲ&ŝďƌĂƐſƉƚŝĐĂƐƐĆŽĐŽŶƐƚŝƚƵşĚĂƐĚĞ
ŵĂƚĞƌŝĂŝƐĚŝĞůĠƚƌŝĐŽƐ͕ŽƋƵĞƚŽƌŶĂĂĨŝďƌĂŝŵƵŶĞăŝŶƚĞƌĨĞƌġŶĐŝĂĞůĞƚƌŽŵĂŐŶĠƚŝĐĂ͘
'ƌĂŶĚĞ ůĂƌŐƵƌĂ ĚĞ ďĂŶĚĂ Ͳ 'ƌĂŶĚĞ ƋƵĂŶƚŝĚĂĚĞ ĚĞ ŝŶĨŽƌŵĂĕĆŽ ƉŽĚĞ ƐĞƌ
ƚƌĂŶƐŵŝƚŝĚĂ Ğŵ ƵŵĂ ĨŝďƌĂ͕ ƌĞƐƵůƚĂŶĚŽ ŶƵŵĂ ŵĞŶŽƌ ƋƵĂŶƚŝĚĂĚĞ ĚĞ ůŝŶŚĂƐ ĚĞ
ƚƌĂŶƐŵŝƐƐĆŽƉĂƌĂĞŶǀŝĂƌƵŵĂĐĞƌƚĂƋƵĂŶƚŝĚĂĚĞĚĞŝŶĨŽƌŵĂĕĆŽ͘
DĞŶŽƌƉĞƐŽĞƚĂŵĂŶŚŽͲƐĨŝďƌĂƐƉƌŽƉŽƌĐŝŽŶĂŵƵŵŵĞůŚŽƌŵĂŶƵƐĞŝŽĞƵŵĂ
ŝŶƐƚĂůĂĕĆŽŵĂŝƐƐŝŵƉůĞƐ͘
>ŽŶŐĂĚŝƐƚąŶĐŝĂĚĞƚƌĂŶƐŵŝƐƐĆŽͲ&ŝďƌĂƐſƉƚŝĐĂƐƚġŵĂƚĞŶƵĂĕƁĞƐŵƵŝƚŽďĂŝdžĂƐ͕
ƉŽĚĞŶĚŽƚƌĂŶƐŵŝƚŝƌ Ă ŝŶĨŽƌŵĂĕĆŽ ƉŽƌ ůŽŶŐĂƐ ĚŝƐƚąŶĐŝĂƐƐĞŵĂ ŶĞĐĞƐƐŝĚĂĚĞĚĞ
ĞƐƚĂĕƁĞƐƋƵĞƌĞĐƵƉĞƌĞŵĞƌĞƚƌĂŶƐŵŝƚĂŵŽƐŝŶĂů͘
ŽŵƵŶŝĐĂĕƁĞƐĐŽŵĨŝďƌĂſƉƚŝĐĂƵƐĂŵƵŵĂƌĞŐŝĆŽĚŽĞƐƉĞĐƚƌŽĞůĞƚƌŽŵĂŐŶĠƚŝĐŽ
ĚĞ ĐŽŵƉƌŝŵĞŶƚŽ ĚĞ ŽŶĚĂ ƋƵĞ ǀĂƌŝĂ ĚĞ ͺͲͲ Ă ͳ͸͹ͷ͘  /ŶƚĞƌŶĂƚŝŽŶĂů
dĞůĞĐŽŵŵƵŶŝĐĂƚŝŽŶƐhŶŝŽŶ;/dhͿĐůĂƐƐŝĨŝĐŽƵƐĞŝƐƌĞŐŝƁĞƐŶƵŵŝŶƚĞƌǀĂůŽĚĞͳʹ͸ͲĂ
ͳ͸͹ͷƉĂƌĂĂƚƌĂŶƐŵŝƐƐĆŽĞŵĨŝďƌĂƐſƉƚŝĐĂƐ͗
ϯ
81,9(56,'$'()('(5$/'(3(51$0%8&2
KƌŝŐŝŶĂůďĂŶĚ;ĂŶĚĂKͿ͗ͳʹ͸ͲȂͳ͵͸Ͳ
džƚĞŶĚĞĚďĂŶĚ;ĂŶĚĂͿ͗ͳ͵͸ͲȂͳͶ͸Ͳ
^ŚŽƌƚďĂŶĚ;ĂŶĚĂ^Ϳ͗ͳͶ͸ͲȂͳͷ͵Ͳ
ŽŶǀĞŶƚŝŽŶĂůďĂŶĚ;ĂŶĚĂͿ͗ͳͷ͵ͲȂͳͷ͸ͷ
>ŽŶŐďĂŶĚ;ĂŶĚĂ>Ϳ͗ͳͷ͸ͷȂͳ͸ʹͷ
hůƚƌĂůŽŶŐďĂŶĚ;ĂŶĚĂhͿ͗ͳ͸ʹͷȂͳ͸͹ͷ
 ĄƌĞĂ ĚĞ ƉĞƐƋƵŝƐĂ Ğŵ ĞŶůĂĐĞƐ ĂŶĂůſŐŝĐŽƐ ſƉƚŝĐŽƐ ƐĞ ĚŝǀŝĚĞ Ğŵ ĚƵĂƐ ƉĂƌƚĞƐ͘
WƌŝŵĞŝƌŽ͕ŶŽĞƐƚƵĚŽĚĞƉƌŽĐĞƐƐĂŵĞŶƚŽĚĞƐŝŶĂŝƐĚĞŵŝĐƌŽŽŶĚĂƐĞĚŝƐƉŽƐŝƚŝǀŽƐĞůĞƚƌŽͲ
ſƉƚŝĐŽƐ͘ ^ĞŐƵŶĚŽ͕ ŶŽ ƵƐŽ ĚĞƐƚĞƐ ĚŝƐƉŽƐŝƚŝǀŽƐ ĞůĞƚƌŽͲſƉƚŝĐŽƐ Ğŵ ƐŝƐƚĞŵĂƐ ĚĞ
ŵŝĐƌŽŽŶĚĂƐ͘
KƐ ĞŶůĂĐĞƐ ĂŶĂůſŐŝĐŽƐ ſƉƚŝĐŽƐ ŝŶĐůƵĞŵ ůĂƐĞƌƐ ĚĞ ĚŝŽĚŽ͕ ŵŽĚƵůĂĚŽƌĞƐ Ğ
ĨŽƚŽĚĞƚĞƚŽƌĞƐĐŽŵŽĐŽŵƉŽŶĞŶƚĞƐƉƌŝŶĐŝƉĂŝƐ͘EĂĨŝŐƵƌĂϭ͘ϭ͕ƚĞŵŽƐŽĞƐƋƵĞŵĂďĄƐŝĐŽ
ĚŽĞŶůĂĐĞ͘
&ŝŐƵƌĂϭ͘ϭͲŝĂŐƌĂŵĂĚĞďůŽĐŽƐďĄƐŝĐŽĚĞƵŵĞŶůĂĐĞĂŶĂůſŐŝĐŽſƉƚŝĐŽ͘
WĞůŽĚĞƐĞŶŚŽĂĐŝŵĂ͕ƉŽĚĞŵŽƐǀĞƌƋƵĞŽƐŝŶĂůĚĞZ&ĠŝŶũĞƚĂĚŽŶĂĞŶƚƌĂĚĂĚŽ
ĚŝƐƉŽƐŝƚŝǀŽĚĞŵŽĚƵůĂĕĆŽƋƵĞŵŽĚƵůĂŽƐŝŶĂůſƉƚŝĐŽĚĞƵŵůĂƐĞƌĚĞĂĐŽƌĚŽĐŽŵŽƐŝŶĂů
ĚĞZ&ĂƉůŝĐĂĚŽ͘KƐŝŶĂůſƉƚŝĐŽŵŽĚƵůĂĚŽĠƚƌĂŶƐŵŝƚŝĚŽƉŽƌƵŵĂĨŝďƌĂſƚŝĐĂ͕ĐŚĞŐĂŶĚŽ
ĞŶƚĆŽ͕ĂŽĚŝƐƉŽƐŝƚŝǀŽĚĞĨŽƚŽĚĞƚĞĕĆŽ͕ƋƵĞĐŽŶǀĞƌƚĞŽƐŝŶĂůſƉƚŝĐŽĞŵƐŝŶĂůZ&͘
ŶůĂĐĞƐĂŶĂůſŐŝĐŽƐſƉƚŝĐŽƐƚĞŵŐƌĂŶĚĞƵƐŽŶĂĚŝƐƚƌŝďƵŝĕĆŽĚĞƐŝŶĂŝƐĚĞƚĞůĞǀŝƐĆŽ
ĂĐĂďŽ;ĐĂďůĞƚĞůĞǀŝƐŝŽŶ͕dsͿ͘ŵƵŵƉƌŽũĞƚŽĚĞƐŝƐƚĞŵĂƐĚĞĚŝƐƚƌŝďƵŝĕĆŽĚĞds͕Ġ
ŝŶƚĞƌĞƐƐĂŶƚĞ ƚƌĂŶƐŵŝƚŝƌ Ă ŵĂŝŽƌ ƋƵĂŶƚŝĚĂĚĞ ƉŽƐƐşǀĞů ĚĞ ĐĂŶĂŝƐ Ğŵ Ƶŵ ƷŶŝĐŽ ĞŶůĂĐĞ͕
ƐĞŵĚŝƐƚŽƌĕƁĞƐƐŝŐŶŝĨŝĐĂŶƚĞƐĚĞƵŵĐĂŶĂůĞŵŽƵƚƌŽ͘YƵĂŶĚŽŽƐĐĂŶĂŝƐƐĆŽĞƐƉĂĕĂĚŽƐĂ
^/E>Z&

EdZ
^/E>Z&
^1
/EdZ&
;ͬKͿ
/EdZ&
;KͬͿ
&/Z
ϰ
81,9(56,'$'()('(5$/'(3(51$0%8&2
ŝŐƵĂŝƐŝŶƚĞƌǀĂůŽƐĚĞĨƌĞƋƺġŶĐŝĂ͕ƵŵĂƉĞƋƵĞŶĂƉĂƌƚĞĚĂŝŶĨŽƌŵĂĕĆŽƚƌĂŶƐŵŝƚŝĚĂĞŵƚƌġƐ
ĚŽƐĐĂŶĂŝƐ͕ƉŽĚĞĂƉĂƌĞĐĞƌĐŽŵŽĚŝƐƚŽƌĕĆŽŶŽƋƵĂƌƚŽĐĂŶĂůƚƌĂŶƐŵŝƚŝĚŽ͕ŶĂĨƌĞƋƺġŶĐŝĂ
ƋƵĞĠĂƐŽŵĂĚĞĚŽŝƐĐĂŶĂŝƐŵĞŶŽƐĂĨƌĞƋƺġŶĐŝĂĚŽƚĞƌĐĞŝƌŽĐĂŶĂů΀ϭ΁͘
KƐĞŶůĂĐĞƐĂŶĂůſŐŝĐŽƐſƉƚŝĐŽƐƚĂŵďĠŵƉŽĚĞŵƐĞƌƵƐĂĚŽƐĞŵĐŽŵƵŶŝĐĂĕƁĞƐƉŽƌ
ĐĞůƵůĂƌ Ğ Ğŵ ƐŝƐƚĞŵĂƐ ĚĞ ĐŽŵƵŶŝĐĂĕƁĞƐƉĞƐƐŽĂŝƐ͘EĞƐƚĞƚŝƉŽ ĚĞĂƉůŝĐĂĕĆŽ͕ ĨŝďƌĂƐ ƐĆŽ
ƵƐĂĚĂƐĞŶƚƌĞĂƐĂŶƚĞŶĂƐĚĞƚƌĂŶƐŵŝƐƐĆŽĞĂĐĞŶƚƌĂůĚĞƚƌĂŶƐŵŝƐƐĆŽ͘ĂŵĞƐŵĂĨŽƌŵĂ͕
ĨŝďƌĂƐƐĆŽƵƐĂĚĂƐƉĂƌĂĐŽŵƵŶŝĐĂĕĆŽĞŶƚƌĞĂŶƚĞŶĂƐůŽĐĂůŝnjĂĚĂƐĞŵƌĞŐŝƁĞƐƌĞŵŽƚĂƐĞŽƐ
ĞƋƵŝƉĂŵĞŶƚŽƐĚĞƉƌŽĐĞƐƐĂŵĞŶƚŽ͕ƉĂƌĂĂƉůŝĐĂĕƁĞƐĞŵƌĂĚĂƌĞƐ͘WĂƌĂŵĂdžŝŵŝnjĂƌĂĄƌĞĂ
ƋƵĞ ƵŵĂ ĂŶƚĞŶĂ ƉŽĚĞ ĐŽďƌŝƌ͕ Ġ ŝŵƉŽƌƚĂŶƚĞ ƋƵĞ Ž ĞŶůĂĐĞ ƚĞŶŚĂ ƵŵĂ ďĂŝdžĂ ĨŝŐƵƌĂ ĚĞ
ƌƵşĚŽ͕ĂůƚŽ^&ZĞƵŵĐĞƌƚŽŐĂŶŚŽŵşŶŝŵŽ΀ϭ΁͘
KƵƚƌĂĂƉůŝĐĂĕĆŽ͕ƋƵĞƉŽĚĞƐĞƚŽƌŶĂƌĐŽŵƵŵŶŽĨƵƚƵƌŽ͕ĠĂŝŵƉůĂŶƚĂĕĆŽĚĞƵŵ
ƐŝƐƚĞŵĂ͕ŶŽƋƵĂůŽƐŝŶĂůſƉƚŝĐŽƉŽƌŵĞŝŽĚĞĨŝďƌĂƐſƉƚŝĐĂƐĐŚĞŐƵĞĂƚĠŽƵƐƵĄƌŝŽĨŝŶĂů͕
ĐŽŵŽĞŵƉƌĞƐĂƐ͕ĞƐĐƌŝƚſƌŝŽƐ͕ĞĂƚĠŵĞƐŵŽăƐƌĞƐŝĚġŶĐŝĂƐĐŽŵƵŶƐ͘ƐƚĂĂƉůŝĐĂĕĆŽƚĞŵŽ
ŶŽŵĞĚĞĨŝďƌĂĞŵĐĂƐĂ;ĨŝďĞƌͲƚŽͲƚŚĞͲŚŽŵĞ͕&dd,Ϳ͘ŽŵĂ&dd,͕ŽǀŽůƵŵĞĚĞĚĂĚŽƐƋƵĞ
ĐŚĞŐĂ ĂŽ ƵƐƵĄƌŝŽ ĨŝŶĂů Ġ ŵƵŝƚŽ ĂůƚŽ͕ ũĄ ƋƵĞ͕ ƉŽƌ ĞdžĞŵƉůŽ͕ Ž ĚŝƐƉŽƐŝƚŝǀŽ ƚƌĂŶƐŵŝƐƐŽƌ
ƵƚŝůŝnjĂĚŽŶŽĞdžƉĞƌŝŵĞŶƚŽ͕ƉŽĚĞƚƌĂŶƐŵŝƚŝƌĚĂĚŽƐĂƵŵĂǀĞůŽĐŝĚĂĚĞĚĞĂƚĠʹǡͷȀ͘
WĂƌĂ Ă ŝŵƉůĂƚĂĕĆŽ ĚĂ &dd,͕ ƐĆŽ ƵƐĂĚĂƐ ƌĞĚĞƐ ſƉƚŝĐĂƐ ƉĂƐƐŝǀĂƐ ;ƉĂƐƐŝǀĞ ŽƉƚŝĐ
ŶĞƚǁŽƌŬ͕WKEͿ͘ƐWKEƐƐĞĐĂƌĂĐƚĞƌŝnjĂŵƉŽƌƐĞƌĞŵƌĞĚĞƐĚĞĂĐĞƐƐŽĚŽƚŝƉŽƉŽŶƚŽͲĂͲ
ŵƵůƚŝƉŽŶƚŽ͕ƐĞŵĞƋƵŝƉĂŵĞŶƚŽƐĂƚŝǀŽƐĞŶƚƌĞĂĞƐƚĂĕĆŽĚĞĚŝƐƚƌŝďƵŝĕĆŽĚŽƐŝŶĂůſƉƚŝĐŽĞ
ŽƵƐƵĄƌŝŽĨŝŶĂů͘
EĂĨŝŐƵƌĂϭ͘Ϯ͕ƚĞŵŽƐƵŵĂƌĞƉƌĞƐĞŶƚĂĕĆŽĚŽĞƐƉĞĐƚƌŽĞůĞƚƌŽŵĂŐŶĠƚŝĐŽĞĚĞƵŵĂ
ĨĂŝdžĂĚĞĨƌĞƋƺġŶĐŝĂĐŽŵƐƵĂƐĂƉůŝĐĂĕƁĞƐĞŵĐŽŵƵŶŝĐĂĕƁĞƐ͘WŽĚĞŵŽƐŽďƐĞƌǀĂƌƋƵĞŽ
ƵƐŽĚĞƌĞĚĞƐƐĞŵĨŝŽĞƐŝƐƚĞŵĂĚĞƚĞůĞĨŽŶŝĂŵſǀĞůƵƐĂŵĨƌĞƋƺġŶĐŝĂƐĚĞŵŝĐƌŽŽŶĚĂƐ͘

ϱ
81,9(56,'$'()('(5$/'(3(51$0%8&2
&ŝŐƵƌĂϭ͘ϮƐƉĞĐƚƌŽůĞƚƌŽŵĂŐŶĠƚŝĐŽ;ĂͿĞĂƉůŝĐĂĕƁĞƐĚĞƐŝƐƚĞŵĂƐĚĞĐŽŵƵŶŝĐĂĕƁĞƐĐŽŵƐƵĂƐĨƌĞƋƺġŶĐŝĂƐ
ĐŽƌƌĞƐƉŽŶĚĞŶƚĞƐ;ďͿ͘
ϭ͘ϮͲsK>hK,/^dMZ/
EŽĐŽŵĞĕŽĚĂĐŝǀŝůŝnjĂĕĆŽ͕ƐŝŶĂŝƐĚĞĨŽŐŽĞĨƵŵĂĕĂĞƌĂŵƵƐĂĚŽƐĐŽŵŽŵŽĚŽƐĚĞ
ĐŽŵƵŶŝĐĂĕĆŽ͕ŽƐƋƵĂŝƐƚŝŶŚĂŵƐƵĂƋƵĂůŝĚĂĚĞĚĞƚƌĂŶƐŵŝƐƐĆŽůŝŵŝƚĂĚĂƐƉĞůĂƐĐŽŶĚŝĕƁĞƐ
ĂƚŵŽƐĨĠƌŝĐĂƐ͘ƐƚĂĨŽƌŵĂĚĞĐŽŵƵŶŝĐĂĕĆŽǀŝƐƵĂůĨŽŝŵƵŝƚŽƵƐĂĚĂ͕ĐŽŵƵƐŽĚĞďĂŶĚĞŝƌĂƐ
Ğ ůąŵƉĂĚĂƐ ďĂƐĞĂĚĂƐĞŵ ĐŽŵďƵƐƚĆŽ͕ĂƚĠƉŽƌ ǀŽůƚĂ ĚĞϭϳϵϬ͕ƋƵĂŶĚŽ ůĂƵĚĞ ŚĂƉƉĞ
ƐƵŐĞƌŝƵ Ƶŵ ƐŝƐƚĞŵĂ ĚĞ ĞƐƚĂĕƁĞƐ ĚĞ ƐĞŵĄĨŽƌŽƐ͘ Ɛ ŵĞŶƐĂŐĞŶƐ ĞƌĂŵ ƚƌĂĚƵnjŝĚĂƐ ƉĂƌĂ
ƵŵĂƐĞƋƵġŶĐŝĂĚĞƐŝŶĂŝƐǀŝƐƵĂŝƐ͘ƐƚĞƐƐŝŶĂŝƐĞƌĂŵĞŶƚĆŽƚƌĂŶƐŵŝƚŝĚŽƐĞŶƚƌĞƚŽƌƌĞƐĂůƚĂƐ
ƋƵĞƌĞĐƵƉĞƌĂǀĂŵĞƌĞƉĞƚŝĂŵŽƐƐŝŶĂŝƐ͕ĞĨŝĐĂǀĂŵĂƚĠ͵ʹĚŝƐƚĂŶƚĞƐƵŵĂĚĂŽƵƚƌĂ͘
DĂƐĞƐƚĞŵĠƚŽĚŽĞƌĂůĞŶƚŽĞŵƵŝƚŽĐĂƌŽ͕ƉŽƌƋƵĞĂŵĞŶƐĂŐĞŵƚŝŶŚĂƋƵĞƐĞƌǀĞƌŝĨŝĐĂĚĂ
ĞŵĐĂĚĂƚŽƌƌĞ΀Ϯ΁͘
Žŵ Ž ŵĞůŚŽƌ ĞŶƚĞŶĚŝŵĞŶƚŽ ĚĂ ĞůĞƚƌŝĐŝĚĂĚĞ ŶŽ ƐĠĐƵůŽ ϭϵ͕ ŽƐ ĐŝĞŶƚŝƐƚĂƐ
ĐŽŵĞĕĂƌĂŵĂŝŶǀĞƐƚŝŐĂƌĐŽŵŽĂĞůĞƚƌŝĐŝĚĂĚĞƉŽĚĞƌŝĂƐĞƌƵƐĂĚĂĞŵĐŽŵƵŶŝĐĂĕƁĞƐĚĞ
ůŽŶŐĂƐ ĚŝƐƚąŶĐŝĂƐ͘ K ƚĞůĠŐƌĂĨŽ Ğ Ž ƚĞůĞĨŽŶĞ ƐĆŽ ĚƵĂƐ ŝŶǀĞŶĕƁĞƐ ƋƵĞ ŵĞůŚŽƌ
ƌĞƉƌĞƐĞŶƚĂŵĞƐƚĞĐŽŵĞĕŽĚĂƐĐŽŵƵŶŝĐĂĕƁĞƐĞůĠƚƌŝĐĂƐ͘ƵƌĂŶƚĞĞƐƚĞƉĞƌşŽĚŽ͕ĂĨĂůƚĂĚĞ
ĨŽŶƚĞƐ ſƉƚŝĐĂƐ ĂƉƌŽƉƌŝĂĚĂƐ Ğ ŵĞŝŽƐ ĚĞ ƚƌĂŶƐŵŝƐƐĆŽ ĨŽƌĂŵ ĚŽŝƐ ĨĂƚŽƌĞƐ ƋƵĞ
ĐŽŶƚƌŝďƵşƌĂŵ ƉĂƌĂ Ă ĨĂůƚĂ ĚĞ ĂƚĞŶĕĆŽ ĚĂĚĂ ĂŽ ĚĞƐĞŶǀŽůǀŝŵĞŶƚŽ ĚĂƐ ĐŽŵƵŶŝĐĂĕƁĞƐ
D/^/D'E^
/Ed1&/^
Z^Z/K>KE'K
>E;^,ͬW,Ϳ
s^d
KDhE/O^
WKZ^d>/d
d>DdZ/
d^d
Yh/WDEdK^
Z^Z/KhZdK
>E;^,ͬW,Ϳ
/D'D
/Eh^dZ/>;^Ϳ
s1h>K^EK
dZ/Wh>K^
dZD/E/^
^dKD
^/^dD^
Z^dZDEdK
t/Dy;Z^D&/K
KD'ZE
KZdhZͿ
Z/K
^d>/d
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81,9(56,'$'()('(5$/'(3(51$0%8&2
ſƉƚŝĐĂƐ͘ŵϭϵϲϬ͕ĐŽŵĂŝŶǀĞŶĕĆŽĚŽůĂƐĞƌ͕ŽŝŶƚĞƌĞƐƐĞĞŵĐŽŵƵŶŝĐĂĕƁĞƐſƉƚŝĐĂƐĨŽŝ
ĞƐƚŝŵƵůĂĚŽ͘ DĂƐ͕ ĚĞǀŝĚŽ ă ĂƚĞŶƵĂĕĆŽ ĂƚŵŽƐĨĠƌŝĐĂ͕ Ž ƵƐŽ ĚŽ ůĂƐĞƌ ĞƐƚĂǀĂ ƌĞƐƚƌŝƚŽ Ă
ƉĞƋƵĞŶĂƐĚŝƐƚąŶĐŝĂƐ͘
ŵ ϭϵϲϲ <ĂŽ͕ ,ŽĐŬŵĂŶ Ğ tĞƌƚƐ͕ ĚĞƐĐŽďƌŝƌĂŵ Ƶŵ ŵŽĚŽ ĚĞ ƉƌŽƉĂŐĂƌ Ă ůƵnj
ĂƚƌĂǀĠƐ ĚŽ ŶƷĐůĞŽ ĐĞŶƚƌĂů ĚĞ Ƶŵ ŐƵŝĂ ĚĞ ŽŶĚĂ ĐŝůşŶĚƌŝĐĂ ďĂƐĞĂĚĂ Ğŵ ƐşůŝĐĂ ;ĨŝďƌĂ
ſƉƚŝĐĂͿ͕ Ž ƋƵĞ ƉĞƌŵŝƚŝĂ ƋƵĞ Ă ůƵnj ĚŽ ůĂƐĞƌ ǀŝĂũĂƐƐĞ Ă ƵŵĂ ĚŝƐƚąŶĐŝĂ ŵĂŝŽƌ ƋƵĞ ŶĂ
ĂƚŵŽƐĨĞƌĂ͘ DĞƐŵŽ ĂŝŶĚĂ ƚĞŶĚŽ ŐƌĂŶĚĞ ĂƚĞŶƵĂĕĆŽ ƉĂƌĂ ĂƉůŝĐĂĕƁĞƐ͕ ĞƐƚĂ ĚĞĐŽďĞƌƚĂ
ĚĞƐƉĞƌƚŽƵ ŝŶƚĞƌĞƐƐĞ ĂŽ ƌĞĚŽƌ ĚŽ ƉůĂŶĞƚĂ͘ /ƐƚŽ ĨĞnj ĐŽŵ ƋƵĞ ŵĂŝƐ ƉĞƐƋƵŝƐĂƐ ĨŽƐƐĞŵ
ĚĞƐĞŶǀŽůǀŝĚĂƐ͕ĨĂnjĞŶĚŽĐŽŵƋƵĞĂĂƚĞŶƵĂĕĆŽŶĂƐĨŝďƌĂƐĚŝŵŝŶƵşƐƐĞŵĐĂĚĂǀĞnjŵĂŝƐ΀ϯ΁͘
WĂƌĂ Ž ĚĞƐĞŶǀŽůǀŝŵĞŶƚŽ ĚĞ ƐŝƐƚĞŵĂƐ ĚĞ ĐŽŵƵŶŝĐĂĕƁĞƐ ſƉƚŝĐĂƐ ďĂƐĞĂĚĂƐ Ğŵ
ĨŝďƌĂƐ ſƉƚŝĐĂƐ͕ ĂůĠŵ ĚŽ ĚĞƐĞŶǀŽůǀŝŵĞŶƚŽ ĚĞ ĨŝďƌĂƐ ĐŽŵ ďĂŝdžĂƐ ĂƚĞŶƵĂĕƁĞƐ͕ ĨŽƌĂŵ
ƚĂŵďĠŵ ĚĞƐĞŶǀŽůǀŝĚŽƐ ĚŝƐƉŽƐŝƚŝǀŽƐ ſƉƚŝĐŽƐ͕ ŝŶĐůƵŝŶĚŽ ĨŽŶƚĞƐ ſƉƚŝĐĂƐ Ğ ĚĞƚĞƚŽƌĞƐ͘
ĞǀŝĚŽ Ă ƐƵĂ ĐĂƌĂĐƚĞƌşƐƚŝĐĂ ĚĞ ĐŽŶǀĞƌƚĞƌ ĚŝƌĞƚĂŵĞŶƚĞ ĐŽƌƌĞŶƚĞ ĞůĠƚƌŝĐĂ Ğŵ ĨſƚŽŶƐ
ĐŽĞƌĞŶƚĞƐ͕ ůĂƐĞƌƐ ĚĞ ƐĞŵŝĐŽŶĚƵƚŽƌ ƐĆŽ ĐŽŶƐŝĚĞƌĂĚŽƐ ĐŽŵŽ ĂƐ ĨŽŶƚĞƐ ſƉƚŝĐĂƐ ŵĂŝƐ
ĐŽŶĨŝĄǀĞŝƐ Ğŵ ƐŝƐƚĞŵĂƐ ĚĞ ĐŽŵƵŶŝĐĂĕƁĞƐ͘ Ă ŵĞƐŵĂ ĨŽƌŵĂ͕ ĨŽƚŽĚĞƚĞƚŽƌĞƐ ĚĞ
ƐĞŵŝĐŽŶĚƵƚŽƌĨŽƌĂŵĚĞƐĞŶǀŽůǀŝĚŽƐ΀ϰ΁͘ŵϭϵϳϬ͕ƐŝƐƚĞŵĂƐſƉƚŝĐŽƐĨŽƌĂŵŽƉĞƌĂĚŽƐĞŵ
ƵŵĐŽŵƉƌŝŵĞŶƚŽĚĞŽŶĚĂĚĞͲǡͺɊ݉͘KĚĞƐĞŵƉĞŶŚŽĚŽƐŝƐƚĞŵĂĞƐƚĂǀĂůŝŵŝƚĂĚŽƉĞůĂ
ƌĞůĂƚŝǀĂĂůƚĂĂƚĞŶƵĂĕĆŽĞĚŝƐƉĞƌƐĆŽĚĂĨŝďƌĂƵƐĂĚĂ΀ϱ΁͘
EŽĐŽŵĞĕŽĚŽƐĂŶŽƐϴϬ͕ƵŵĂĂƚĞŶƵĂĕĆŽĚĞͲǡʹȀĞŵĨŝďƌĂƐŵŽŶŽŵŽĚŽ
ĨŽŝ ĂůĐĂŶĕĂĚĂ Ğŵ ƚŽƌŶŽ ĚĞ ͳǡͷͷɊ͘ ůŝĂĚŽ Ă ĞƐƚĞ ĨĂƚŽ͕ ĨŽƌĂŵ ĚĞƐĞŶǀŽůǀŝĚŽƐ
ĂŵƉůŝĨŝĐĂĚŽƌĞƐ ſƉƚŝĐŽƐ ŶŽ ŝŶƚƵŝƚŽ ĚĞ ĂƵŵĞŶƚĂƌ Ă ĐĂƉĂĐŝĚĂĚĞ ĚĞ ƚƌĂŶƐŵŝƐƐĆŽ ƉĂƌĂ
ĚŝƐƚąŶĐŝĂƐĐĂĚĂǀĞnjŵĂŝŽƌĞƐ͘
hŵĂ ŐƌĂŶĚĞ ĞǀŽůƵĕĆŽ Ğŵ ĐŽŵƵŶŝĐĂĕƁĞƐ ſƉƚŝĐĂƐ ŽĐŽƌƌĞƵ ĐŽŵ Ž
ĚĞƐĞŶǀŽůǀŝŵĞŶƚŽ ĚĞ ŵƵůƚŝƉůĞdžĂĚŽƌĞƐ Ğ ĚĞŵƵůƚŝƉůĞdžĂĚŽƌĞƐ͘ KƐ ƐŝŶĂŝƐ ſƉƚŝĐŽƐ ĚŽƐ
ƚƌĂŶƐŵŝƐƐŽƌĞƐ ƐĆŽ ĂŐƌƵƉĂĚŽƐ ƉĞůŽ ŵƵůƚŝƉůĞdžĂĚŽƌ͕ ƉĂƌĂ ƋƵĞ ĞƐƚĞƐ ƐŝŶĂŝƐ ƉŽƐƐĂŵ ƐĞƌ
ƚƌĂŶƐŵŝƚŝĚŽƐĞŵƵŵĂŵĞƐŵĂĨŝďƌĂſƉƚŝĐĂ͘ĞƉŽŝƐĚĞƚƌĂŶƐŵŝƚŝĚŽƐ͕ĞƐƚĞƐƐŝŶĂŝƐƉĂƐƐĂŵ
ƉŽƌƵŵƉƌŽĐĞƐƐŽĚĞĚĞŵŽĚƵůĂĕĆŽ͕ŽƋƵĂůƐĞƉĂƌĂŽƐƐŝŶĂŝƐſƉƚŝĐŽƐ͘ŽŵĞƐƚĂƚĠĐŶŝĐĂ͕
ĨŽŝ ƉŽƐƐşǀĞů ĂƵŵĞŶƚĂƌ Ă ƋƵĂŶƚŝĚĂĚĞ ĚĞ ĚĂĚŽƐ ƚƌĂŶƐŵŝƚŝĚŽƐ Ğŵ ƵŵĂ ƐŝŵƉůĞƐ ĨŝďƌĂ
ſƉƚŝĐĂ͘
ϳ
81,9(56,'$'()('(5$/'(3(51$0%8&2
ϭ͘ϯʹ^WdK^dMZ/K^&hEDEd/^
ϭ͘ϯ͘ϭͲ&/dK>dZKͲMWd/KDKh>K>h
ŵ ŵĞŝŽƐ ŝƐŽƚƌſƉŝĐŽƐ͕ Ă ƉŽůĂƌŝnjĂĕĆŽ ĞůĠƚƌŝĐĂ͕ ŝŶĚƵnjŝĚĂ ƉĞůĂ ĂƉůŝĐĂĕĆŽ ĚĞ Ƶŵ
ĐĂŵƉŽĞůĠƚƌŝĐŽĞdžƚĞƌŶŽ͕ĠƐĞŵƉƌĞƉĂƌĂůĞůĂĂŽĐĂŵƉŽĞůĠƚƌŝĐŽĞdžƚĞƌŶŽ͘WŽƌŽƵƚƌŽůĂĚŽ͕
Ğŵ ŵĞŝŽƐ ĂŶŝƐŽƚƌſƉŝĐŽƐ͕ Ă ƉŽůĂƌŝnjĂĕĆŽ ŶĞŵ ƐĞŵƉƌĞ Ġ ƉĂƌĂůĞůĂ ĂŽ ĐĂŵƉŽ ĞůĠƚƌŝĐŽ
ĞdžƚĞƌŶŽ͘EĞƐƚĞĐĂƐŽ͕ĂƉŽůĂƌŝnjĂĕĆŽĞƐƚĂƌĞůĂĐŝŽŶĂĚĂĐŽŵŽĐĂŵƉŽĞůĠƚƌŝĐŽ͕ĂƚƌĂǀĠƐĚŽ
ƚĞŶƐŽƌƐƵƐĐĞƉŝƚŝďŝůŝĚĂĚĞĞůĠƚƌŝĐĂ΀ϲ΁͗

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ŽŶĚĞܲ
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ƐƵƐĐĞƉƚŝďŝůŝĚĂĚĞĞůĠƚƌŝĐĂĞܧ
ĠŽĐĂŵƉŽĞdžƚĞƌŶŽ͘
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ĞŽƚĞŶƐŽƌƉĞƌŵŝƐƐŝǀŝĚĂĚĞĞůĠƚƌŝĐĂƉŽƌ
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௜௝
ܧ
͘;ϭ͘ϰͿ
 ĚĞŶƐŝĚĂĚĞ ĚĞ ĞŶĞƌŐŝĂ ŵĞŝŽ ĂŶŝƐŽƚƌſƉŝĐŽ͕ ƌĞůĂĐŝŽŶĂĚĂ ĂŽ ĐĂŵƉŽ ĞůĠƚƌŝĐŽ͕ Ġ
ĚĂĚĂƉŽƌ

ܹ
ܧǤܦ
߳
௜௝
ܧ
͘;ϭ͘ϱͿ
ŝĨĞƌĞŶĐŝĂŶĚŽĂĚĞŶƐŝĚĂĚĞĚĞĞŶĞƌŐŝĂĐŽŵƌĞůĂĕĆŽĂŽƚĞŵƉŽ͕ƚĞŵŽƐ
ܹ
߳
௜௝
ሺܧ
ܧ
ܧ
ܧ
͘
;ϭ͘ϲͿ
^ĞŶĚŽ߳
௜௝
͕
ƵŵƚĞŶƐŽƌƐŝŵĠƚƌŝĐŽ
߳
݆݅
߳
݆݅
͕

ʹܹ
߳
௫௫
ܧ
߳
௬௬
ܧ
߳
௭௭
ܧ
ʹ߳
௫௬
ܧ
ܧ
ʹ߳
௬௭
ܧ
ܧ
ʹ߳
௫௭
ܧ
ܧ
;ϭ͘ϳͿ
ĚŝĂŐŽŶĂůŝnjĂŶĚŽĂŵĂƚƌŝnj͕ƚĞŵŽƐƋƵĞ
ϴ
81,9(56,'$'()('(5$/'(3(51$0%8&2

ʹܹ
߳
ܧ
߳
ܧ
߳
ܧ
;ϭ͘ϴͿ
ĞŶƚĆŽ͕ĂĞƋƵĂĕĆŽϭ͘ϰĠƌĞƉƌĞƐĞŶƚĂĚĂƉŽƌ

ܦ
ܦ
ܦ
߳
Ͳ Ͳ
Ͳ ߳
Ͳ
Ͳ Ͳ ߳
ܧ
ܧ
ܧ
͘;ϭ͘ϵͿ
ŽŶĚĞ͕ƉŽƌĞdžĞŵƉůŽ͕

ܦ
߳
ܧ
ܧ
͘
;ϭ͘ϭϬͿ
^ƵďƐƚŝƚƵŝŶĚŽϭ͘ϭϬĞŵϭ͘ϴ͕ƚĞŵŽƐ
ͳ
ଶௐ
ଶௐ
ଶௐ
;ϭ͘ϭϭͿ
ůŽŐŽ͕ĂĚĞŶƐŝĚĂĚĞĚĞĞŶĞƌŐŝĂ͕ŶŽĞƐƉĂĕŽ
ܦ
ǡܦ
݁ܦ
͕
ĠƌĞƉƌĞƐĞŶƚĂĚĂƉŽƌƵŵĞůŝƉƐſŝĚĞ͘

^ƵďƐƚŝƚƵŝŶĚŽ ܦȀ
ʹݓ
ƉŽƌ ͕ ŽŶĚĞ ƌĞƉƌĞƐĞŶƚĂ ŽƐ ĞŝdžŽƐ ĐŽŽƌĚĞŶĂĚŽƐ͕ Ğ
ƵƚŝůŝnjĂŶĚŽŽĨĂƚŽĚĞƋƵĞŽşŶĚŝĐĞĚĞƌĞĨƌĂĕĆŽ݊ĠĚĂĚŽƉŽƌ݊
͕߳ƚĞŵŽƐƋƵĞ

ͳ;ϭ͘ϭϮͿ
ƋƵĞĠĂĞƋƵĂĕĆŽĚŽĞůŝƉƐſŝĚĞ͘EĂĨŝŐƵƌĂϭ͘ϯ͕ƚĞŵŽƐĂƌĞƉƌĞƐĞŶƚĂĕĆŽŐƌĄĨŝĐĂĚĂĞƋƵĂĕĆŽ
ϭ͘ϭϮ͕ŽĐŚĂŵĂĚŽĞůŝƉƐſŝĚĞĚĞşŶĚŝĐĞƐĚĞƌĞĨƌĂĕĆŽ͘
&ŝŐƵƌĂϭ͘ϯZĞƉƌĞƐĞŶƚĂĕĆŽĚŽĞůŝƉƐſŝĚĞĚĞşŶĚŝĐĞƐĚĞƌĞĨƌĂĕĆŽ͘
KƐ ĞŝdžŽƐ ƉƌŝŶĐŝƉĂŝƐ ĚŽ ĞůŝƉƐſŝĚĞ͕ ŶĂƐ ĚŝƌĞĕƁĞƐ ݔǡݕ݁ݖ ƐĆŽ ŽƐ ĞŝdžŽƐ ſƉƚŝĐŽƐ
ƉƌŝŶĐŝƉĂŝƐĚŽŵĞŝŽ͕ŽŶĚĞ͕ĠƉĂƌĂůĞůŽĂŽ͘
݊
݇
݊
݊
ݕ
ݖ
ݔ
݊
݊
ϵ
81,9(56,'$'()('(5$/'(3(51$0%8&2
KĞůŝƉƐſŝĚĞĚĞşŶĚŝĐĞƐĚĞƌĞĨƌĂĕĆŽƉŽĚĞƐĞƌƵƐĂĚŽƉĂƌĂĐĂůĐƵůĂƌĂƐƉŽůĂƌŝnjĂĕƁĞƐĞ
şŶĚŝĐĞƐ ĚĞ ƌĞĨƌĂĕĆŽ ݊
Ğ ݊
ĚĞ ĚŽŝƐ ŵŽĚŽƐ ŶŽƌŵĂŝƐ ĚĞ ƵŵĂ ŽŶĚĂ͕ ĂƚƌĂǀĞƐƐĂŶĚŽ Ž
ŵĞŝŽ͕ĞŵƵŵĂĚŝƌĞĕĆŽĂƌďŝƚƌĄƌŝĂ݇͘
ĞƐĞŶŚĂŶĚŽ Ƶŵ ƉůĂŶŽ ƉĞƌƉĞŶĚŝĐƵůĂƌ ă ĚŝƌĞĕĆŽ ĚĞ ƉƌŽƉĂŐĂĕĆŽ ĚĂ ŽŶĚĂ
ƉĂƐƐĂŶĚŽ ŶŽ ĐĞŶƚƌŽ ĚŽ ĞůŝƉƐſŝĚĞ͕ ƉŽĚĞŵŽƐ ĐŚĞŐĂƌ ĂŽƐ ǀĂůŽƌĞƐ ĚĞ ݊
Ğ ݊
͘ 
ŝŶƚĞƌƐĞĐĕĆŽĚŽƉůĂŶŽĐŽŵŽĞůŝƉƐſŝĚĞĠƵŵĂĞůŝƉƐĞ͕ĐƵũŽƐĞŵŝͲĞŝdžŽŵĂŝŽƌĞƋƵŝǀĂůĞĂ݊

Ğ Ž ƐĞŵŝͲĞŝdžŽ ŵĞŶŽƌ ĐŽƌƌĞƐƉŽŶĚĞ ĂŽ ǀĂůŽƌ ĚĞ ݊
΀ϳ΁͘  ƉƌŽƉĂŐĂĕĆŽ ĚĞ ƵŵĂ ŽŶĚĂ
ĞůĞƚƌŽŵĂŐŶĠƚŝĐĂĞŵƵŵŵĞŝŽĐƌŝƐƚĂůŝŶŽƉŽĚĞ͕ĞŶƚĆŽ͕ƐĞƌĚĞƐĐƌŝƚĂĞŵƚĞƌŵŽƐĚŽƚĞŶƐŽƌ
ƉĞƌŵŝƐƐŝǀŝĚĂĚĞĞůĠƚƌŝĐĂ͘
YƵĂŶĚŽ Ƶŵ ĐĂŵƉŽ ĞůĠƚƌŝĐŽ ĂƌďŝƚƌĄƌŝŽ Ġ ĂƉůŝĐĂĚŽ ŶŽ ĐƌŝƐƚĂů͕ ĂĐŽŶƚĞĐĞ ƵŵĂ
ƌĞĚŝƐƚƌŝďƵŝĕĆŽ ĚĂƐ ĐĂƌŐĂƐ ĞůĠƚƌŝĐĂƐ ƋƵĞ ĐŽŵƉƁĞŵ Ă ƌĞĚĞ ĐƌŝƐƚĂůŝŶĂ͕ ŵƵĚĂŶĚŽ Ă
ƉĞƌŵŝƐƐŝǀŝĚĂĚĞ ĞůĠƚƌŝĐĂ͘ ĞƐƚĞ ĨĞŶƀŵĞŶŽ ĚĂŵŽƐ Ž ŶŽŵĞ ĚĞ ĞĨĞŝƚŽ ĞůĞƚƌŽͲſƉƚŝĐŽ͕ Ž
ƋƵĂůƉŽĚĞƐĞƌůŝŶĞĂƌ͕ƐĞĂŝŵƉĞƌŵĞĂďŝůŝĚĂĚĞǀĂƌŝĂƌůŝŶĞĂƌŵĞŶƚĞĐŽŵĂĂƉůŝĐĂĕĆŽĚŽܧ͕
ŽƵŶĆŽͲůŝŶĞĂƌ͕ƐĞĂǀĂƌŝĂĕĆŽĨŽƌƋƵĂĚƌĄƚŝĐĂĐŽŵĂĂƉůŝĐĂĕĆŽĚŽܧ͗
ο
ؠ
ؠ
σ
ݎ
௜௝
ܧ
σ
ݏ
௜௝௞
ܧ
௝ǡ௞ୀ
ୀଵ
ܧ
;ϭ͘ϭϯͿ
ƐĞŶĚŽ ݊
ܧ
Ğ ݊
Ͳ
ŽƐ şŶĚŝĐĞƐ ĚĞ ƌĞĨƌĂĕĆŽ ĚŽ ŵĂƚĞƌŝĂů ƐƵďŵĞƚŝĚŽ Ă Ƶŵ ĐĂŵƉŽ
ĞůĠƚƌŝĐŽ ܧ Ğ ŶĂ ĂƵƐġŶĐŝĂ ĚŽ ĐĂŵƉŽ ƌĞƐƉĞĐƚŝǀĂŵĞŶƚĞ͘ ݎ
௜௝
డ௡
೔ೕ
ƐĆŽ ŽƐ ĐŽĞĨŝĐŝĞŶƚĞƐ
ĞůĞƚƌŽͲſƉƚŝĐŽƐ ůŝŶĞĂƌĞƐ͕ ƚĂŵďĠŵ ĐŽŶŚĞĐŝĚŽƐ ĐŽŵŽ ĐŽĞĨŝĐŝĞŶƚĞƐ ĚĞ WŽĐŬĞůƐ͕ Ğŵ ƵŵĂ
ƌĞĨĞƌġŶĐŝĂ ĂŽ ĨşƐŝĐŽ ĂůĞŵĆŽ &ƌŝĞĚĞƌŝĐŚ Ăƌů ůǁŝŶ WŽĐŬĞůƐ͕ ƋƵĞ ƉƌŝŵĞŝƌŽ ĚĞƐĐƌĞǀĞƵ Ž
ĞĨĞŝƚŽ ĞůĞƚƌŽͲſƉƚŝĐŽ ůŝŶĞĂƌ͘ ݏ
௜௝௞
೔ೕ
ƐĆŽ ŽƐ ĐŽĞĨŝĐŝĞŶƚĞƐ ĞůĞƚƌŽͲſƉƚŝĐŽƐ ŶĆŽͲ
ůŝŶĞĂƌĞƐŽƵĐŽĞĨŝĐŝĞŶƚĞƐĚŽƚŝƉŽ<Ğƌƌ͕ĞŵŚŽŵĞŶĂŐĞŵĂŽĨşƐŝĐŽĞƐĐŽĐġƐ:ŽŚŶ<Ğƌƌ͕ƋƵĞ
ĚĞƐĐŽďƌŝƵĞƐƚĞĞĨĞŝƚŽ͘
ŽŵŽ ĞdžĞŵƉůŽ ĚĞ ĂƉůŝĐĂĕĆŽ ĚŽ ĞĨĞŝƚŽ ĞůĞƚƌŽͲſƉƚŝĐŽ͕ ƚĞŵŽƐ Ž ŵŽĚƵůĂĚŽƌ
ĞůĞƚƌŽͲſƉƚŝĐŽĚĞĨĂƐĞ͘ƐƚĞĚŝƐƉŽƐŝƚŝǀŽŵƵĚĂĂĨĂƐĞĚĞƵŵƐŝŶĂůſƉƚŝĐŽ͕ĚĞĂĐŽƌĚŽĐŽŵĂ
ǀŽůƚĂŐĞŵĂƉůŝĐĂĚĂŶŽŵĞŝŽŽƋƵĂůŽƐŝŶĂůĂƚƌĂǀĞƐƐĂ͘ƌĞdžĞŵƉůŽ͕ƚĞŵŽƐŽŶŝŽďĂƚŽĚĞ
ůşƚŝŽ;>ŝEďK
ϯ
Ϳ͕ƋƵĞĠƵŵŵĂƚĞƌŝĂůĞůĞƚƌŽͲſƉƚŝĐŽůŝŶĞĂƌ͕ĐŽŵŽŽŵĂƚĞƌŝĂůƋƵĞĐŽŶƐƚŝƚƵŝŽ
ŵŽĚƵůĂĚŽƌ͘
ϭϬ
81,9(56,'$'()('(5$/'(3(51$0%8&2
YƵĂŶĚŽƵŵĐĂŵƉŽĞůĠƚƌŝĐŽܧĠĂƉůŝĐĂĚŽĞŵƵŵŵĂƚĞƌŝĂůĞůĞƚƌŽͲſƉƚŝĐŽůŝŶĞĂƌ͕Ă
ĞƋƵĂĕĆŽĚŽĞůŝƉƐſŝĚĞĚĞşŶĚŝĐĞĚĞƌĞĨƌĂĕĆŽĠĚĂĚŽƉŽƌ΀ϲ΁
ݔ
ݕ
ݖ
ʹ
ݕݖʹ
ݔݖʹ
ݔݕͳ;ϭ͘ϭϰͿ
ƐĞŶĚŽƋƵĞĂǀĂƌŝĂĕĆŽůŝŶĞĂƌĚŽşŶĚŝĐĞĚĞƌĞĨƌĂĕĆŽĠĚĂĚĂƉŽƌ
ο
σ
ݎ
௜௝
ܧ
௝ୀଵ
݅ͳǡǥǡ͸͘

;ϭ͘ϭϱͿ
WŽĚĞŵŽƐ ƌĞĞƐĐƌĞǀĞƌ Ă ĞƋƵĂĕĆŽ ϭ͘ϭϱ ŶĂ ĨŽƌŵĂ ŵĂƚƌŝĐŝĂů͕ ŽŶĚĞ ƉŽĚĞŵŽƐ
ŽďƐĞƌǀĂƌƚŽĚŽƐŽƐĐŽĞĨŝĐŝĞŶƚĞƐĞůĞƚƌŽͲſƉƚŝĐŽƐůŝŶĞĂƌĞƐ
ŵĂƚƌŝnjĚŽƐĐŽĞĨŝĐŝĞŶƚĞƐĞůĞƚƌŽͲſƉƚŝĐŽƐĚŽ>ŝEďK
ϯ
ĠĚĂĚĂƉŽƌ΀ϲ΁͗
ο
ͳ
݊
ο
ͳ
݊
ο
ͳ
݊
ο
ͳ
݊
ο
ͳ
݊
ο
ͳ
݊
с
ݎ
ଵଵ
ݎ
ଵଶ
ݎ
ଶଵ
ݎ
ଷଶ
ݎ
ସଵ
ݎ
ଷଵ
ݎ
ଶଷ
ݎ
ହଵ
ݎ
ଶଶ
ݎ
଺ଵ
ݎ
ସଶ
ݎ
ହଶ
ݎ
଺ଶ
ݎ
ଵଷ
ݎ
ସଷ
ݎ
଺ଷ
ݎ
ଷଷ
ݎ
ହଷ
ܧ
ܧ
ܧ
;ϭ͘ϭϲͿ
ݎ
ଶଶ
Ϭ
Ϭ
ݎ
ଵଷ
Ϭ
Ϭ
Ϭ
Ϭ
ݎ
ହଵ
ݎ
ଶଶ
ݎ
ଶଶ
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ହଵ
ݎ
ଵଷ
ݎ
ଷଷ
Ϭ
Ϭ
Ϭ
Ϭ
;ϭ͘ϭϳͿ
ϭϭ
81,9(56,'$'()('(5$/'(3(51$0%8&2
WĂƌĂŽĐĂƐŽŽƋƵĂůŽĐĂŵƉŽĞůĠƚƌŝĐŽĠƉĂƌĂůĞůŽĂĚŝƌĞĕĆŽݖ͕ƵƚŝůŝnjĂŶĚŽĂĞƋƵĂĕĆŽ
ϭ͘ϭϲĞĂŵĂƚƌŝnjĚŽ>ŝEďK
ϯ
͕
ĂĞƋƵĂĕĆŽĚŽĞůŝƉƐſŝĚĞĠĚĂĚĂƉŽƌ͗

ݎ
ଵଷ
ܧ
ݔ
ݎ
ଵଷ
ܧ
ݕ
ݎ
ଷଷ
ܧ
ݖ
ͳ;ϭ͘ϭϴͿ
Ğ ƐĞŶĚŽ Ă ĚŝƌĞĕĆŽ ĚĞ ƉƌŽƉĂŐĂĕĆŽ ĚĂ ůƵnj ŶŽ ŵĂƚĞƌŝĂů͕ ƉĞƌƉĞŶĚŝĐƵůĂƌ ă ŽƌŝĞŶƚĂĕĆŽ ĚŽ
ĐĂŵƉŽĞůĠƚƌŝĐŽƚĞŵŽƐ΀ϳ΁͕

ሺா
ሺ଴ሻ
ݎ
ଷଷ
ܧ
;ϭ͘ϭϵͿ
ŵĂƐݎ
ଷଷ
ĠƉĞƋƵĞŶŽ;؆͵ͲǡͺͳͲ
ିଵଶ
ȀͿ΀ϲ΁͕ƉĞƌŵŝƚŝŶĚŽƋƵĞŶĂĞƋƵĂĕĆŽϭ͘ϭϵ͕ƉŽƐƐĂ
ƐĞƌ ƵƐĂĚĂ ƵŵĂ ĂƉƌŽdžŝŵĂĕĆŽ ĚĂ ĨŽƌŵĂ ሺͳοሻ
ିଵȀଶ
ͳ
ο ͕ ƐĞŶĚŽ ѐ ƉĞƋƵĞŶŽ͘
ŶƚĆŽ͕ĂĞƋƵĂĕĆŽϭ͘ϭϵƐĞƚŽƌŶĂ
݊
ܧ
݊
ሺͲሻ
݊
ݎ
ଷଷ
ܧ
͘;ϭ͘ϮϬͿ
EĂĨŝŐƵƌĂϭ͘ϰ͕ƚĞŵŽƐŽĞƐƋƵĞŵĂďĄƐŝĐŽĚĞƵŵŵŽĚƵůĂĚŽƌĚĞĨĂƐĞ͕ŽďĞĚĞĐĞŶĚŽ
ƚŽĚĂƐĂƐĐŽŶĚŝĕƁĞƐŝŵƉŽƐƚĂƐ͕ŽŶĚĞܮĠŽĐŽŵƉƌŝŵĞŶƚŽĚŽƐĞůĞƚƌŽĚŽƐ͕ƋƵĞĂƉůŝĐĂŵĂ
ǀŽůƚĂŐĞŵܸŶŽŵĞŝŽĞůĞƚƌŽͲſƉƚŝĐŽĞ݀ĠĂůĂƌŐƵƌĂĚĂŐƵŝĂĚĞŽŶĚĂ͕ƋƵĞĞƐƚĄůŽĐĂůŝnjĂĚĂ
ŶŽŵĂƚĞƌŝĂůĞůĞƚƌŽͲſƉƚŝĐŽ>ŝEďK
ϯ
͘ŵƵĚĂŶĕĂĚĞĨĂƐĞĠĚĂĚĂƉŽƌ͗
߮
ଶగ
;ϭ͘ϮϭͿ
ŽŶĚĞ ߣ
Ġ Ž ĐŽŵƉƌŝŵĞŶƚŽ ĚĞ ŽŶĚĂ ĚŽ ĨĞŝdžĞ ĚĞ ůƵnj ŶŽ ĞƐƉĂĕŽ ůŝǀƌĞ͘ ^ƵďƐƚŝƚƵŝŶĚŽ Ă
ĞƋƵĂĕĆŽ ϭ͘ϮϬ ŶĂ ĞƋƵĂĕĆŽ ϭ͘Ϯϭ Ğ ƐƵƉƌŝŵŝŶĚŽ Ž şŶĚŝĐĞ ϯ ĚŽ şŶĚŝĐĞ ĚĞ ƌĞĨƌĂĕĆŽ Ğ ĚŽ
ĐĂŵƉŽĞůĠƚƌŝĐŽ͕ƚĞŵŽƐ͗
 ߮
ଶగ௅
ቀ݊
యయ
ଶగ௡௅
యయ
௏௅గ
߮
గ௏
;ϭ͘ϮϮͿ
ŽŶĚĞ߮
ĠĂĨĂƐĞŝŶŝĐŝĂůĚŽĨĞŝdžĞĚĞůƵnjĞ
ܸ
యయ
;ϭ͘ϮϯͿ
ϭϮ
81,9(56,'$'()('(5$/'(3(51$0%8&2
&ŝŐƵƌĂϭ͘ϰDŽĚƵůĂĚŽƌĚĞĨĂƐĞƵƐĂŶĚŽĞĨĞŝƚŽĞůĞƚƌŽͲſƉƚŝĐŽ΀ϳ΁͘
WĞůĂĞƋƵĂĕĆŽϭ͘ϮϮ͕ǀĞŵŽƐƋƵĞܸ
ĠĂǀŽůƚĂŐĞŵŶĞĐĞƐƐĄƌŝĂƉĂƌĂŵƵĚĂƌĂĨĂƐĞĚŽ
ĨĞŝdžĞ ĚĞ ůƵnj ƉŽƌ Ƶŵ ĨĂƚŽƌ ĚĞ ߨ͘ K ܸ
Ġ ĐŽŶŚĞĐŝĚŽ ĐŽŵŽ ǀŽůƚĂŐĞŵ ĚĞ ŵĞŝĂ ŽŶĚĂ Ğ
ĚĞƉĞŶĚĞĚĞĐŽŵŽŽĐĂŵƉŽĞůĠƚƌŝĐŽĞƐƚĄƐĞŶĚŽĂƉůŝĐĂĚŽŶŽŵĞŝŽĞůĞƚƌŽͲſƉƚŝĐŽĞĚĂƐ
ĐĂƌĂĐƚĞƌşƐƚŝĐĂƐĚŽŵĞŝŽ͘
K ŵŽĚƵůĂĚŽƌ ĚĞ ŝŶƚĞŶƐŝĚĂĚĞ ƐŝŵƉůĞƐ ƉŽĚĞ ƐĞƌ ŽďƚŝĚŽ ĐŽůŽĐĂŶĚŽͲƐĞ Ƶŵ
ŵŽĚƵůĂĚŽƌ ĚĞĨĂƐĞ Ğŵ Ƶŵ ĚŽƐ ďƌĂĕŽƐĚĞƵŵŝŶƚĞƌĨĞƌƀŵĞƚƌŽĚŽƚŝƉŽ DĂĐŚͲĞŚŶĚĞƌ͘
hŵĨĞŝdžĞĚĞůƵnjĚĞŝŶƚĞŶƐŝĚĂĚĞܫŝŶĐŝĚĞŶŽŝŶƚĞƌĨĞƌƀŵĞƚƌŽĞĞŶƚĆŽĠĚŝǀŝĚŝĚŽĞŵĚŽŝƐ
ĨĞŝdžĞƐĚĞůƵnjĚĞŝŐƵĂŝƐŝŶƚĞŶƐŝĚĂĚĞƐ͘ƐƚĞƐĨĞŝdžĞƐĚĞůƵnjƐŽĨƌĞŵƵŵĂŵƵĚĂŶĕĂĚĞĨĂƐĞ͕
ĚĞǀŝĚŽ ĂŽƐ ĐĂŵŝŶŚŽƐſƉƚŝĐŽƐ ĚŽƐ ďƌĂĕŽƐ ϭ Ğ Ϯ ĚŽ ŝŶƚĞƌĨĞƌƀŵĞƚƌŽ͘ K ĨĞŝdžĞƋƵĞƉĂƐƐĂ
ƉĞůŽďƌĂĕŽϭ͕ƐŽĨƌĞƵŵĂŵƵĚĂŶĕĂĚĞĨĂƐĞ͕ĚĞǀŝĚŽƚĂŵďĠŵĂŽŵŽĚƵůĂĚŽƌĚĞĨĂƐĞĞŵ
ƵŵĚŽƐďƌĂĕŽƐĚŽŵŽĚƵůĂĚŽƌ͘ŶƚĆŽ͕ŽƐĨĞŝdžĞƐƐĆŽĐŽŵďŝŶĂĚŽƐĞŽďƚĞŵŽƐŶĂƐĂşĚĂĚŽ
ŝŶƚĞƌĨĞƌƀŵĞƚƌŽ͕ Ƶŵ ƐŝŶĂů ĚĞ ŝŶƚĞŶƐŝĚĂĚĞ ܫ
͘ EĂ ĨŝŐƵƌĂ ϭ͘ϱ ƚĞŵŽƐ Ƶŵ ĞƐƋƵĞŵĂ ĚŽ
ŵŽĚƵůĂĚŽƌ ĚĞ ŝŶƚĞŶƐŝĚĂĚĞ͘ ŵ Ƶŵ ŝŶƚĞƌĨĞƌƀŵĞƚƌŽ ĚĞ DĂĐŚͲĞŚŶĚĞƌ͕ ܫ ĞƐƚĄ
ƌĞůĂĐŝŽŶĂĚĂĐŽŵܫ
ƉĞůĂƐĞŐƵŝŶƚĞĞƋƵĂĕĆŽ΀ϴ΁͗

ߒ
ܸ

ቀ
׎
;ϭ͘ϮϰͿ
ƋƵĞĠĂĐŚĂŵĂĚĂƚƌĂŶƐŵŝƚąŶĐŝĂ͕ŽŶĚĞ׎׎
׎
ĠĂĚŝĨĞƌĞŶĕĂĞŶƚƌĞĂƐŵƵĚĂŶĕĂƐĚĞ
ĨĂƐĞĞdžƉĞƌŝŵĞŶƚĂĚĂƉĞůĂůƵnjĂŽƉĂƐƐĂƌƉĞůŽŝŶƚĞƌĨĞƌƀŵĞƚƌŽ͘
>ƵnjŝŶĐŝĚĞŶƚĞ
>ƵnjŵŽĚƵůĂĚĂ
ܸ
ůĞƚƌŽĚŽƐ
Ͳ
'ƵŝĂĚĞŽŶĚĂ
݀
ܮ
ݔ
ݔ

&ŝŐƵƌĂ ϭ͘ϱ
/ŶƚĞƌĨĞƌƀŵĞƚƌŽ ĚĞ DĂĐŚ
ďƌĂĕŽƐ΀ϳ΁͘
hƐĂŶĚŽĂĞƋƵĂĕĆŽϭ͘ϮϮ͕

ƐĞŶĚŽ׎
ଵ଴
ĚĞǀŝĚŽĂŽĐĂŵŝŶŚŽſƉƚŝĐŽ
׎׎
ŽŶĚĞ׎
׎
ଵ଴
׎
ĠƵŵĂĐŽŶƐƚĂŶƚĞ͘
^ƵďƐƚŝƚƵŝŶĚ
ŽĂĞƋƵĂĕĆŽϭ͘


EĂ ĨŝŐƵƌĂ ϭ͘ϲ͕
ƚĞŵŽƐ Ă ƚƌĂŶƐŵŝƚąŶĐŝĂ Ğŵ ĨƵŶĕĆŽ ĚĂ ǀŽůƚĂŐĞŵ ĂƉůŝĐĂĚ
ǀŽůƚĂŐĞŵĚĞŵŽĚƵůĂĕĆŽ͕
ƉĂƌĂƵŵǀĂůŽƌĚĞ
ĐŽŵŽĂĐŽŶƚĞĐĞŽƉƌŽĐĞƐƐŽĚĞŵŽĚƵůĂĕĆŽĚĂŝŶƚĞŶƐŝĚĂĚ
ƋƵĞߒ
ܸ
Ͳǡͷ
ĞƐƚĄŶĂƉĂƌƚĞŵĂŝƐůŝŶĞĂƌĚŽŐƌĄĨŝĐŽ͘
ƋƵĞĞůĞƐĞũĂƉŽůĂƌŝnjĂĚŽ͕
ŽƵƚĞ
ƋƵĞ Ă ŵŽĚƵůĂĕĆŽ ĂĐŽŶƚĞĕĂ
ǀŽůƚĂŐĞŵ ƋƵĞ ǀĂŝ ƐĞƌ ŵŽĚƵ
ŝŶƚĞŶƐŝĚĂĚĞ ƚƌĂŶƐŵŝƚŝĚĂ͘ WŽĚĞŵŽƐŽďƐĞƌǀĂƌ
࡮ࡾ࡭
.
81,9(56,'$'()('(5$/'(3(51$0%8&2
/ŶƚĞƌĨĞƌƀŵĞƚƌŽ ĚĞ DĂĐŚ
Ͳ
ĞŚŶĚĞƌ ĐŽŵ Ƶŵ ŵŽĚƵůĂĚŽƌ ĚĞ ĨĂƐĞ ůŽĐĂůŝnjĂĚŽ Ğŵ Ƶŵ Ě
hƐĂŶĚŽĂĞƋƵĂĕĆŽϭ͘ϮϮ͕
ƐĂďĞŵŽƐƋƵĞĂŵƵĚĂŶĕĂĚĞĨĂƐĞŶŽďƌĂĕŽϭĠĚĂĚĂƉŽƌ

׎
׎
ଵ଴
గ௏


ĚĞǀŝĚŽĂŽĐĂŵŝŶŚŽſƉƚŝĐŽ
ŶŽďƌĂĕŽϭ͘ŶƚĆŽ͕
׎
׎
ଵ଴
׎
గ௏
׎
గ௏


ĠƵŵĂĐŽŶƐƚĂŶƚĞ͘
ŽĂĞƋƵĂĕĆŽϭ͘
ϮϲŶĂĞƋƵĂĕĆŽϭ͘Ϯϰ͕ƚĞŵŽƐ

ߒ
ܸ

׎
గ௏
ଶ௏


ƚĞŵŽƐ Ă ƚƌĂŶƐŵŝƚąŶĐŝĂ Ğŵ ĨƵŶĕĆŽ ĚĂ ǀŽůƚĂŐĞŵ ĂƉůŝĐĂĚ
ƉĂƌĂƵŵǀĂůŽƌĚĞ
׎
ĂƌďŝƚƌĄƌŝŽ͘EĞƐƚĂŵĞƐŵ
ĐŽŵŽĂĐŽŶƚĞĐĞŽƉƌŽĐĞƐƐŽĚĞŵŽĚƵůĂĕĆŽĚĂŝŶƚĞŶƐŝĚĂĚĞĚŽƐŝŶĂůſƉƚŝĐŽ͘
ĞƐƚĄŶĂƉĂƌƚĞŵĂŝƐůŝŶĞĂƌĚŽŐƌĄĨŝĐŽ͘
ŵƵŵŵŽĚƵůĂĚŽƌ
ŽƵƚĞ
ŶŚĂƐƵĂĚŝĨĞ
ƌĞŶĕĂĚĞĐĂŵŝŶŚŽſƉƚŝĐŽĂũƵƐƚĂĚĂ
ƋƵĞ Ă ŵŽĚƵůĂĕĆŽ ĂĐŽŶƚĞĕĂ
ŶĂ ƉĂƌƚĞ ŵĂŝƐ ůŝŶĞĂƌ ĚŽ ŐƌĄĨŝĐŽ͘
sĞŵŽƐ
ǀŽůƚĂŐĞŵ ƋƵĞ ǀĂŝ ƐĞƌ ŵŽĚƵ
ůĂĚĂ ŶĂ ƌĞŐŝĆŽ ůŝŶĞĂƌ ĚŽ ŵŽĚƵůĂĚŽƌ Ğ ƐƵĂ ƌĞƐƉĞĐƚŝǀĂ
ŝŶƚĞŶƐŝĚĂĚĞ ƚƌĂŶƐŵŝƚŝĚĂ͘ WŽĚĞŵŽƐŽďƐĞƌǀĂƌ
͕ƚĂŵďĠŵ͕
ƋƵĞ ĂǀŽůƚĂŐĞŵĚĞ ŵŽĚƵůĂĕĆŽ
DŽĚƵůĂĚŽƌ
ĚĞ&ĂƐĞ
࡮ࡾ࡭
.
ϭϯ
81,9(56,'$'()('(5$/'(3(51$0%8&2
ĞŚŶĚĞƌ ĐŽŵ Ƶŵ ŵŽĚƵůĂĚŽƌ ĚĞ ĨĂƐĞ ůŽĐĂůŝnjĂĚŽ Ğŵ Ƶŵ ĚŽƐ ƐĞƵƐ
ƐĂďĞŵŽƐƋƵĞĂŵƵĚĂŶĕĂĚĞĨĂƐĞŶŽďƌĂĕŽϭĠĚĂĚĂƉŽƌ

;ϭ͘ϮϱͿ

;ϭ͘ϮϲͿ

;ϭ͘ϮϳͿ
ƚĞŵŽƐ Ă ƚƌĂŶƐŵŝƚąŶĐŝĂ Ğŵ ĨƵŶĕĆŽ ĚĂ ǀŽůƚĂŐĞŵ ĂƉůŝĐĂĚĂ
͕ ŽƵ
ĂƌďŝƚƌĄƌŝŽ͘EĞƐƚĂŵĞƐŵ
ĂĨŝŐƵƌĂ͕ǀĞŵŽƐ
ĞĚŽƐŝŶĂůſƉƚŝĐŽ͘
ƐĞƌǀĂŵŽƐ
ŵƵŵŵŽĚƵůĂĚŽƌ
͕ĠŝŵƉŽƌƚĂŶƚĞ
ƌĞŶĕĂĚĞĐĂŵŝŶŚŽſƉƚŝĐŽĂũƵƐƚĂĚĂ
ĚĞŵŽĚŽ
sĞŵŽƐ
͕ ŶŽ ŐƌĄĨŝĐŽ͕ Ă
ůĂĚĂ ŶĂ ƌĞŐŝĆŽ ůŝŶĞĂƌ ĚŽ ŵŽĚƵůĂĚŽƌ Ğ ƐƵĂ ƌĞƐƉĞĐƚŝǀĂ
ƋƵĞ ĂǀŽůƚĂŐĞŵĚĞ ŵŽĚƵůĂĕĆŽ
ϭϰ
81,9(56,'$'()('(5$/'(3(51$0%8&2
ƉƌĞĐŝƐĂͲƐĞĞƐƚĂƌŶƵŵĐĞƌƚŽŝŶƚĞƌǀĂůŽĚĞǀŽůƚĂŐĞŵƉĂƌĂƋƵĞŽƉƌŽĐĞƐƐŽĚĞŵŽĚƵůĂĕĆŽ
ŶĆŽƐŽĨƌĂŝŶĨůƵġŶĐŝĂĚĂƉĂƌƚĞŶĆŽͲůŝŶĞĂƌĚŽŐƌĄĨŝĐŽ͕ĞǀŝƚĂŶĚŽĂƐƐŝŵ͕ĚŝƐƚŽƌĕĆŽŶŽƐŝŶĂů͘
&ŝŐƵƌĂϭ͘ϲdƌĂŶƐŵŝƚąŶĐŝĂĚĂůƵnjĞŵĨƵŶĕĆŽĚĂǀŽůƚĂŐĞŵĚĞŵŽĚƵůĂĕĆŽĂƉůŝĐĂĚĂ͘
ϭ͘ϯ͘ϮͲ DKh>KydZEDKh>K/Zd
 ŵŽĚƵůĂĕĆŽ Ğŵ ĞŶůĂĐĞƐ ĂŶĂůſŐŝĐŽƐ ſƉƚŝĐŽƐ ƉŽĚĞ ƐĞƌ ŽďƚŝĚĂ ƉŽƌ ŵŽĚƵůĂĕĆŽ
ĚŝƌĞƚĂŽƵƉŽƌŵŽĚƵůĂĕĆŽĞdžƚĞƌŶĂ͘EĂŵŽĚƵůĂĕĆŽĚŝƌĞƚĂ͕ŽƐŝŶĂůĂŶĂůſŐŝĐŽĠĂƉůŝĐĂĚŽŶŽ
ƉƌſƉƌŝŽ ĚŝƐƉŽƐŝƚŝǀŽ ƚƌĂŶƐŵŝƐƐŽƌ͕ ŵŽĚƵůĂŶĚŽ Ă ŝŶƚĞŶƐŝĚĂĚĞ ĚĂ ƐĂşĚĂ ſƉƚŝĐĂ ĚŽ ůĂƐĞƌ
ĚŝƌĞƚĂŵĞŶƚĞ͘EĂŵŽĚƵůĂĕĆŽĞdžƚĞƌŶĂ͕ƵŵůĂƐĞƌŽƉĞƌĂĐŽŵƉŽƚġŶĐŝĂſƉƚŝĐĂĐŽŶƐƚĂŶƚĞĞ
Ă ŵŽĚƵůĂĕĆŽ ƉŽƌ ŝŶƚĞŶƐŝĚĂĚĞ ĂĐŽŶƚĞĐĞ Ğŵ Ƶŵ ĚŝƐƉŽƐŝƚŝǀŽ ĚĞ ŵŽĚƵůĂĕĆŽ ƋƵĞ ĨŝĐĂ
ƐĞƉĂƌĂĚŽĚŽůĂƐĞƌ͕ŽƋƵĂůƚĂŵďĠŵƌĞĐĞďĞŽƐŝŶĂůĂŶĂůſŐŝĐŽ͘ƐƚĞĚŝƐƉŽƐŝƚŝǀŽĠĐŚĂŵĂĚŽ
ĚĞ ŵŽĚƵůĂĚŽƌ͘ K ŵŽĚƵůĂĚŽƌ ŵĂŝƐ ƵƐĂĚŽ Ğŵ ŵŽĚƵůĂĕĆŽ ĞdžƚĞƌŶĂ Ġ Ž ŵŽĚƵůĂĚŽƌ ĚĞ
DĂĐŚͲĞŚŶĚĞƌ΀ϵ΁͘ĨŝŐƵƌĂϭ͘ϳŵŽƐƚƌĂŽĚŝĂŐƌĂŵĂĚĞďůŽĐŽƐƉĂƌĂĂŵŽĚƵůĂĕĆŽĚŝƌĞƚĂ
;ĂͿĞŵŽĚƵůĂĕĆŽĞdžƚĞƌŶĂ;ďͿ͘
sŽůƚĂŐĞŵ
ĚĞDŽĚƵůĂĕĆŽ
ϭ
͕Ϭ
Ϭ͕ϱ
Ϭ
͕Ϭ
/ŶƚĞŶƐŝĚĂĚĞdƌĂŶƐŵŝƚŝĚĂ
ŐŝĆŽ>ŝŶĞĂƌ
ϭϱ
81,9(56,'$'()('(5$/'(3(51$0%8&2
&ŝŐƵƌĂϭ͘ϳŝĂŐƌĂŵĂĚĞďůŽĐŽƐĚŽĞŶůĂĐĞĐŽŵŵŽĚƵůĂĕĆŽĚŝƌĞƚĂ;ĂͿĞŵŽĚƵůĂĕĆŽĞdžƚĞƌŶĂ;ďͿ͘
ŽŵƉĂƌĂŶĚŽŵŽĚƵůĂĕĆŽĚŝƌĞƚĂĞŵŽĚƵůĂĕĆŽĞdžƚĞƌŶĂ͕ƚĞŵŽƐƋƵĞĂŵŽĚƵůĂĕĆŽ
ĞdžƚĞƌŶĂ ƉŽƐƐƵŝ ŵĂŝŽƌ ůĂƌŐƵƌĂ ĚĞ ďĂŶĚĂ Ğ ďĂŝdžĂ ĨŝŐƵƌĂ ĚĞ ƌƵşĚŽ͘ WŽƌ ŽƵƚƌŽ ůĂĚŽ͕ ŶĂ
ŵŽĚƵůĂĕĆŽ ĚŝƌĞƚĂ ƚĞŵŽƐ ƵŵĂ ůŝŶĞĂƌŝĚĂĚĞ ŵĂŝŽƌ͕ ŵĂŝŽƌ ĞƐƚĂďŝůŝĚĂĚĞ ŶĂ ŽƉĞƌĂĕĆŽ ĚŽ
ĚŝƐƉŽƐŝƚŝǀŽ͕ŵĞŶŽƌĐŽŵƉůĞdžŝĚĂĚĞĞŐĞƌĂůŵĞŶƚĞŵĞŶŽƌĐƵƐƚŽĚĞŝŵƉůĂŶƚĂĕĆŽ΀ϭϬ΁͘
ϭ͘ϯ͘ϯͲ>^ZKDZ>/DEdK/^dZ/h1
EĞƐƚĂ ĚŝƐƐĞƌƚĂĕĆŽ͕ ĨŽŝ ĂďŽƌĚĂĚŽ Ž ĞŶůĂĐĞ ĂŶĂůſŐŝĐŽ ſƉƚŝĐŽ ĐŽŵ ŵŽĚƵůĂĕĆŽ
ĚŝƌĞƚĂ Ğ ĚĞƚĞĕĆŽ ĚŝƌĞƚĂ͘ WƌĂƚŝĐĂŵĞŶƚĞ Ğŵ ƚŽĚŽƐ ĞŶůĂĐĞƐ ĐŽŵ ŵŽĚƵůĂĕĆŽ ĚŝƌĞƚĂ͕
ƵƚŝůŝnjĂŵͲƐĞůĂƐĞƌƐĚĞĚŝŽĚŽĐŽŵĐĂǀŝĚĂĚĞƐĚŽƚŝƉŽ&ĂďƌLJͲWĞƌŽƚ;&ͿŽƵƌĞĂůŝŵĞŶƚĂĕĆŽ
ĚŝƐƚƌŝďƵşĚĂ ;ĚŝƐƚƌŝďƵƚĞĚ ĨĞĞĚďĂĐŬ͕ &Ϳ͘  ĞƐĐŽůŚĂ ĚŽ ůĂƐĞƌ ĞƐƚĄ ĂƐƐŽĐŝĂĚĂ
ƉƌŝŶĐŝƉĂůŵĞŶƚĞăůĂƌŐƵƌĂĚĞďĂŶĚĂ͕ăŝŶƚĞŶƐŝĚĂĚĞĚĞƌƵşĚŽƌĞůĂƚŝǀŽ;ƉĂƌąŵĞƚƌŽƚƌĂƚĂĚŽ
ŶŽĐĂƉşƚƵůŽϮͿĞĂŽĐŽŵƉƌŝŵĞŶƚŽĚĞŽŶĚĂĚŽƐŝŶĂůſƉƚŝĐŽ͘
KƚŝƉŽĚĞĐĂǀŝĚĂĚĞƌĞƐƐŽŶĂŶƚĞŵĂŝƐƐŝŵƉůĞƐĠĂ&W͕ƋƵĞƵƚŝůŝnjĂĚŽŝƐĞƐƉĞůŚŽƐŶĂƐ
ĞdžƚƌĞŵŝĚĂĚĞƐĚĂĐĂǀŝĚĂĚĞ͕ĂĨŝŵĚĞƌĞĨůĞƚŝƌŽƐĨſƚŽŶƐĂƚƌĂǀĠƐĚŽŵĞŝŽĚĞŐĂŶŚŽ͘EĞƐƚĞ
ƚŝƉŽ ĚĞ ĐĂǀŝĚĂĚĞ͕ ĨſƚŽŶƐ ĚĞ ƋƵĂůƋƵĞƌ ĨƌĞƋƺġŶĐŝĂ ƉŽĚĞŵ ĞƐĐĂƉĂƌ ĚĂ ĐĂǀŝĚĂĚĞ͕
ƌĞƐƵůƚĂŶĚŽ Ğŵ ĚŝǀĞƌƐŽƐ ŵŽĚŽƐ ĚĞ ŽƐĐŝůĂĕĆŽ͕ ĐŽŵŽ ƉŽĚĞŵŽƐ ŽďƐĞƌǀĂƌ ŶĂ ĨŝŐƵƌĂ ϭ͘ϴ͕
ŽŶĚĞƚĞŵŽƐĂƉŽƚġŶĐŝĂſƉƚŝĐĂĞŵĨƵŶĕĆŽĚŽĐŽŵƉƌŝŵĞŶƚŽĚĞŽŶĚĂ͘
>^Z
ddKZ
&/Z
Z&EdZ
Z&^1
DKh>KZ
Z&EdZ
ddKZ
Z&^1
>^Zt
&/Z
;ĂͿ
;ďͿ
ϭϲ
81,9(56,'$'()('(5$/'(3(51$0%8&2
&ŝŐƵƌĂϭ͘ϴƐƉĞĐƚƌŽĚĞƐĂşĚĂƚşƉŝĐŽĚĞƵŵůĂƐĞƌ&W΀ϵ΁͘
ŽŵŽŝŶƚƵŝƚŽĚĞĂƵŵĞŶƚĂƌĂƐĞůĞƚŝǀŝĚĂĚĞĚŽĐŽŵƉƌŝŵĞŶƚŽĚĞŽŶĚĂĚĞƐĂşĚĂĚŽ
ůĂƐĞƌ͕ƵŵĂŐƌĂĚĞſƉƚŝĐĂĠĐŽůŽĐĂĚĂĚĞŶƚƌŽĚĂĐĂǀŝĚĂĚĞĚŽůĂƐĞƌ͕ĂƋƵĂůƐĞĞƐƚĞŶĚĞƉŽƌ
ƚŽĚŽŽƐĞƵĐŽŵƉƌŝŵĞŶƚŽ͕ĐŽŵŽŵŽƐƚƌĂĚĂŶĂĨŝŐƵƌĂϭ͘ϵ͘,Ą͕ĞŶƚĆŽ͕ǀĄƌŝĂƐƌĞĨůĞdžƁĞƐĚĂ
ƌĂĚŝĂĕĆŽŶĂŐƌĂĚĞſƉƚŝĐĂ͕ŽŶĚĞĐĂĚĂƌĞĨůĞdžĆŽƚĞŵƵŵĂŵĂŐŶŝƚƵĚĞĞĨĂƐĞĂƐƐŽĐŝĂĚĂ͘Ğ
ƵŵĂĨŽƌŵĂŝĚĞĂů͕ƵŵĐŽŵƉƌŝŵĞŶƚŽĚĞŽŶĚĂ͕ŵĂƐŶĂƉƌĄƚŝĐĂŽƋƵĞŚĄĠƵŵŝŶƚĞƌǀĂůŽĚĞ
ĐŽŵƉƌŝŵĞŶƚŽƐĚĞŽŶĚĂ͘ƐƚĞŝŶƚĞƌǀĂůŽƚĞŵƐƵĂƐƌĞĨůĞdžƁĞƐĂĚŝĐŝŽŶĂĚĂƐĞŵĨĂƐĞ͕ĚĞǀŝĚŽ
ăĚŝƐƉŽƐŝĕĆŽĚĂƐĐƌŝƐƚĂƐĚĂŐƌĂĚĞ͕ĞŶƋƵĂŶƚŽƋƵĞŽƐŽƵƚƌŽƐĐŽŵƉƌŝŵĞŶƚŽƐĚĞŽŶĚĂƚġŵ
ŝŶƚĞƌĨĞƌġŶĐŝĂ ĚĞƐƚƌƵƚŝǀĂ͘ ŶƚĆŽ͕ ŝƐƚŽ ĨĂnj ĐŽŵ ƋƵĞ ƚĞŶŚĂŵŽƐ͕ ŶĂ ƐĂşĚĂ ĚŽ ůĂƐĞƌ͕ Ƶŵ
ŵŽĚŽĚŽŵŝŶĂŶƚĞĐŽŵĐŽŵƉƌŝŵĞŶƚŽĚĞŽŶĚĂĂƐƐŽĐŝĂĚŽăĚŝƐƉŽƐŝĕĆŽĚĂŐƌĂĚĞĚĞŶƚƌŽ
ĚĂ ĐĂǀŝĚĂĚĞ͘ ƐƚĞ ƚŝƉŽ ĚĞ ůĂƐĞƌ ƚĞŵ Ž ŶŽŵĞ ĚĞ ůĂƐĞƌ ĐŽŵ ƌĞĂůŝŵĞŶƚĂĕĆŽ ĚŝƐƚƌŝďƵşĚĂ
;&Ϳ΀ϭϭ΁͘
&ŝŐƵƌĂϭ͘ϵƐƋƵĞŵĂďĄƐŝĐŽĚĞƵŵůĂƐĞƌ&΀ϵ΁͘
^h^dZdK
Z'/Kd/s
^1
MWd/
^h^dZdK
^hWZ/KZ
'Z
MWd/
Ŷ
Ɖ
ʄ
ܲ
ĞĨŝĐŝġŶĐŝĂĚŽůĂƐĞƌ

ĠĚĂĚĂƉĞůĂŝŶĐůŝŶĂĕĆŽĚĂ
ĐƵƌǀĂĚĂĨŝŐƵƌĂϭ͘ϭϬ
WŽƌ ƚĞƌĞŵ
ĂůƚĂ ůŝŶĞĂƌŝĚĂĚĞ Ğ ďĂŝdžĂ ŝŶƚĞŶƐŝĚĂĚĞ ĚĞ ƌƵşĚŽ ƌĞůĂƚ
ŝŶƚĞŶƐŝƚLJ ŶŽŝƐĞ͕Z/E
ͿĞŵƌĞůĂĕĆŽĂůĂƐĞƌƐĚŽƚŝƉŽ&W
ĚĞƐĞŵƉĞŶŚŽ
ŵĞůŚŽƌĞŵĞŶůĂĐĞƐĂŶĂůſŐŝĐŽſ
&ŝŐƵƌĂϭ͘ϭϬ
WŽƚġŶĐŝĂĚĞƐĂşĚĂĚŽůĂƐĞƌĞŵƌĞůĂĕĆŽăĐŽƌƌĞŶƚĞĂƉ
ϭ͘ϯ͘ϰͲ
>^Z&/Ed'ZKKDDKh>KZD,
EŽ ĞdžƉĞƌŝŵĞŶƚŽ͕
ĨŽŝ ƵƐĂĚĂ
ĐŽŵƉŽƐƚŽ ďĂƐŝĐĂŵĞŶƚĞ ĚĞ Ƶŵ ůĂƐĞƌ & Ğ Ƶŵ ŵŽĚƵůĂĚŽƌ
ŝŶƚĞŐƌĂĚŽƐ͘EĂĨŝŐƵƌĂ
ϭ͘ϭϭ
ŵŽĚƵůĂĚŽƌĚŽƚŝƉŽDĂĐŚͲ
ĞŚŶĚĞƌ͘
81,9(56,'$'()('(5$/'(3(51$0%8&2
ĞĨŝĐŝġŶĐŝĂĚŽůĂƐĞƌ

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
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ĐƵƌǀĂĚĂĨŝŐƵƌĂϭ͘ϭϬ
ŶĂĐŽƌƌĞŶƚĞĚĞŽƉĞƌĂĕĆŽĚŽůĂƐĞƌ͘
ĂůƚĂ ůŝŶĞĂƌŝĚĂĚĞ Ğ ďĂŝdžĂ ŝŶƚĞŶƐŝĚĂĚĞ ĚĞ ƌƵşĚŽ ƌĞůĂƚ
ͿĞŵƌĞůĂĕĆŽĂůĂƐĞƌƐĚŽƚŝƉŽ&W
͕ŽƐůĂƐĞƌƐ&ǀġ
ŵĂƉƌĞƐĞŶƚĂŶĚŽ
ŵĞůŚŽƌĞŵĞŶůĂĐĞƐĂŶĂůſŐŝĐŽſ
ƉƚŝĐŽƐ΀ϭϮ΁͘
WŽƚġŶĐŝĂĚĞƐĂşĚĂĚŽůĂƐĞƌĞŵƌĞůĂĕĆŽăĐŽƌƌĞŶƚĞĂƉůŝĐĂĚĂ͘
>^Z&/Ed'ZKKDDKh>KZD,
Ͳ,EZ
ĨŽŝ ƵƐĂĚĂ
ŵŽĚƵůĂĕĆŽ ĚŝƌĞƚĂ ĐŽŵ Ž ƵƐŽ ĚĞ Ƶŵ ĚŝƐƉŽƐŝƚŝǀŽ
ĐŽŵƉŽƐƚŽ ďĂƐŝĐĂŵĞŶƚĞ ĚĞ Ƶŵ ůĂƐĞƌ & Ğ Ƶŵ ŵŽĚƵůĂĚŽƌ ĚĞ DĂĐŚ
ϭ͘ϭϭ
͕ƚĞŵŽƐŽ
ĞƐƋƵĞŵĂďĄƐŝĐŽĚŽůĂƐĞƌ&ŝŶƚĞŐƌĂĚŽĐŽŵƵŵ
ĞŚŶĚĞƌ͘
ϭϳ
81,9(56,'$'()('(5$/'(3(51$0%8&2

;ϭ͘ϮϴͿ
ŶĂĐŽƌƌĞŶƚĞĚĞŽƉĞƌĂĕĆŽĚŽůĂƐĞƌ͘
ĂůƚĂ ůŝŶĞĂƌŝĚĂĚĞ Ğ ďĂŝdžĂ ŝŶƚĞŶƐŝĚĂĚĞ ĚĞ ƌƵşĚŽ ƌĞůĂƚŝǀŽ
;ƌĞůĂƚŝǀĞ
ŵĂƉƌĞƐĞŶƚĂŶĚŽ
ŵŽĚƵůĂĕĆŽ ĚŝƌĞƚĂ ĐŽŵ Ž ƵƐŽ ĚĞ Ƶŵ ĚŝƐƉŽƐŝƚŝǀŽ
ĚĞ DĂĐŚ
ͲĞŚŶĚĞƌ
ĞƐƋƵĞŵĂďĄƐŝĐŽĚŽůĂƐĞƌ&ŝŶƚĞŐƌĂĚŽĐŽŵƵŵ
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݀ܲ
݀ܫ
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81,9(56,'$'()('(5$/'(3(51$0%8&2

&ŝŐƵƌĂ ϭ͘ϭϭ ŝĂŐƌĂŵĂ ďĄƐŝĐŽ ĚŽ ĚŝƐƉŽƐŝƚŝǀŽ ĐŽŵ Ƶŵ ůĂƐĞƌ & ŝŶƚĞŐƌĂĚŽ ĐŽŵ Ƶŵ ŵŽĚƵůĂĚŽƌ DĂĐŚͲ
ĞŚŶĚĞƌ͘
sĞŵŽƐƋƵĞŽƐŝŶĂůſƉƚŝĐŽƋƵĞƐĂŝĚŽůĂƐĞƌ&ĠŝŶũĞƚĂĚŽŶŽŐƵŝĂĚĞŽŶĚĂ͘K
ŐƵŝĂĚĞŽŶĚĂĨŽƌŵĂƵŵŝŶƚĞƌĨĞƌƀŵĞƚƌŽĚĞDĂĐŚͲĞŚŶĚĞƌ͕ĚŝǀŝĚŝŶĚŽŽƐŝŶĂůſƉƚŝĐŽĞŵ
ĚŽŝƐ͘ /ƐƚŽ ĨĂnj ĐŽŵ ƋƵĞ ŽƐ ƐŝŶĂŝƐ ſƉƚŝĐŽƐ ƉĂƐƐĞŵ ƉŽƌ ĐĂŵŝŶŚŽƐ ĚŝĨĞƌĞŶƚĞƐ͕
ĞdžƉĞƌŝŵĞŶƚĂŶĚŽ Ž ĞĨĞŝƚŽ ĞůĞƚƌŽͲſƉƚŝĐŽ ĂŽ ƉĂƐƐĂƌ ƉĞůĂ ƌĞŐŝĆŽ ĐŽŵ ƵŵĂ ǀŽůƚĂŐĞŵ
ĂƉůŝĐĂĚĂƉĞůŽƐĞůĞƚƌŽĚŽƐ͕ƋƵĞƐĆŽŝŶĚĞƉĞŶĚĞŶƚĞƐƵŵĚŽŽƵƚƌŽ͘WŽƌĨŝŵ͕ŽƐƐŝŶĂŝƐƐĆŽ
ƵŶŝĚŽƐŶĂũƵŶĕĆŽĚŽƐŐƵŝĂƐĚĞŽŶĚĂ͘ƐƚĞƉƌŽĐĞƐƐŽ͕ĐŽŵŽǀŝŵŽƐ͕ŵŽĚƵůĂŽƐŝŶĂůſƉƚŝĐŽ
ĚĞĂĐŽƌĚŽĐŽŵĂƐǀŽůƚĂŐĞŶƐĂƉůŝĐĂĚĂƐŶŽŵĂƚĞƌŝĂůĞůĞƚƌŽͲſƉƚŝĐŽƵƚŝůŝnjĂĚŽĞĚĞĂĐŽƌĚŽ
ĐŽŵŽĐĂŵŝŶŚŽſƉƚŝĐŽ͘
 ŵĂŝŽƌŝĂ ĚŽƐ ŵŽĚƵůĂĚŽƌĞƐ ĞůĞƚƌŽͲſƉƚŝĐŽƐ ƐĆŽ ďĂƐĞĂĚŽƐ Ğŵ ĞĨĞŝƚŽƐ ĞůĞƚƌŽͲ
ſƉƚŝĐŽƐůŝŶĞĂƌĞƐ͕ŽƐƋƵĂŝƐƐĆŽŵƵŝƚŽƉĞƋƵĞŶŽƐĞŵƐĞŵŝĐŽŶĚƵƚŽƌĞƐ͘ƐƚĞĨĂƚŽĨĂnjĐŽŵ
ƋƵĞĞƐƚĞƐŵŽĚƵůĂĚŽƌĞƐŶĞĐĞƐƐŝƚĞŵĚĞƵŵŐƌĂŶĚĞĐŽŵƉƌŝŵĞŶƚŽĚĂƌĞŐŝĆŽƋƵĞƐŽĨƌĞƌĄ
ŽƐĞĨĞŝƚŽƐĞůĞƚƌŽͲſƉƚŝĐŽƐŽƵĚĞƵŵĂ ĂůƚĂǀŽůƚĂŐĞŵĂƉůŝĐĂĚĂĂŽŵĂƚĞƌŝĂůĞůĞƚƌŽͲſƉƚŝĐŽ
ƉĂƌĂŵƵĚĂƌƐŝŐŝŶŝĨŝĐĂƚŝǀĂŵĞŶƚĞŽşŶĚŝĐĞĚĞƌĞĨƌĂĕĆŽ͘hŵĂĂůƚĞƌŶĂƚŝǀĂĠĂƵƚŝůŝnjĂĕĆŽĚĞ
ŵĂƚĞƌŝĂŝƐƋƵĞƐŽĨƌĂŵĞĨĞŝƚŽƐĞůĞƚƌŽͲſƉƚŝĐŽƐƋƵĂĚƌĄƚŝĐŽƐŽƵƋƵĞĂƉƌĞƐĞŶƚĞŵĂďƐŽƌĕĆŽ
ĚĂůƵnj͘ƐƚĞĠŽĐĂƐŽĚŽŵŽĚƵůĂĚŽƌDĂĐŚͲĞŚŶĚĞƌƵƚŝůŝnjĂĚŽŶŽĞdžƉĞƌŝŵĞŶƚŽ͘
KŵŽĚƵůĂĚŽƌĚĞDĂĐŚͲĞŚŶĚĞƌƵƚŝůŝnjĂĚŽŶŽĞdžƉĞƌŝŵĞŶƚŽƵƚŝůŝnjĂǀĂŽĨŽƐĨĞƚŽĚĞ
şŶĚŝŽ ;/ŶWͿ ĐŽŵŽ ŵĂƚĞƌŝĂů ĞůĞƚƌŽͲſƉƚŝĐŽ͘ K /ŶW ĂƉƌĞƐĞŶƚĂ ĞĨĞŝƚŽ ĞůĞƚƌŽͲſƉƚŝĐŽ ŶĆŽ
ůŝŶĞĂƌ͕ Ž ƋƵĂů͕ ĂůŝĂĚŽ ă ƐƵĂ ĐĂƉĂĐŝĚĂĚĞ ĚĞ ĂďƐŽƌĕĆŽ ĚĂ ůƵnj͕ ůĞǀĂ Ă ƵŵĂ ŵƵĚĂŶĕĂ
ƐŝŐŶŝĨŝĐĂƚŝǀĂ ĚŽ şŶĚŝĐĞ ĚĞ ƌĞĨƌĂĕĆŽ ΀ϭϯ΁͘ WĂƌĂ ƵŵĂ ŵĂŝŽƌ ĞƐƚĂďŝůŝĚĂĚĞ ĚŽ ĚŝƐƉŽƐŝƚŝǀŽ͕
ƚĂŶƚŽ Ž ůĂƐĞƌ & ƋƵĂŶƚŽ Ž ŵŽĚƵůĂĚŽƌ ĐŚͲĞŚŶĚĞƌ ƐĆŽ ĨĂďƌŝĐĂĚŽƐ ƵƚŝůŝnjĂŶĚŽ Ž
'ƵŝĂĚĞŽŶĚĂ
ůĞƚƌŽĚŽƐ
ůĞƚƌŽĚŽƐ
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ƐĞŵŝĐŽŶĚƵƚŽƌĨŽƐĨĞƚŽĚĞşŶĚŝŽ͕ŐĄůŝŽĞĂƌƐġŶŝŽ;/Ŷ'ĂƐWͿ͕ŵĂƐŵŽĚƵůĂĚŽƌĞůĂƐĞƌƐĆŽ
ĨŝƐŝĐĂŵĞŶƚĞƐĞƉĂƌĂĚŽƐ͘
ϭ͘ϯ͘ϱͲDW>/&/KZ^MWd/K^
WƌŽĐĞƐƐŽƐĚĞĞƐƉĂůŚĂŵĞŶƚŽĞĂďƐŽƌĕĆŽŶĂĨŝďƌĂſƉƚŝĐĂŐĞƌĂŵƵŵĂ ĂƚĞŶƵĂĕĆŽ
ĐƌĞƐĐĞŶƚĞ ĚŽƐ ƐŝŶĂŝƐ ſƉƚŝĐŽƐ͕ ƋƵĂŶĚŽ ĞƐƚĞƐ ƐĞ ƉƌŽƉĂŐĂŵ ƉĞůĂ ĨŝďƌĂ͘ ƐƚĂ ĂƚĞŶƵĂĕĆŽ
ƉŽĚĞƐĞƚŽƌŶĂƌƚĆŽŐƌĂŶĚĞƋƵĞĐŽŵĞĕĂĂĂĨĞƚĂƌĂƋƵĂůŝĚĂĚĞĚŽƐŝŶĂů͕ĨĂnjĞŶĚŽĐŽŵƋƵĞ
Ž ĚĞƚĞƚŽƌ ŶĆŽ Ž ŝŶƚĞƌƉƌĞƚĞ ĂƉƌŽƉƌŝĂĚĂŵĞŶƚĞ͘ WĂƌĂ ĐŽŵƉĞŶƐĂƌ ĞƐƚĂƐ ƉĞƌĚĂƐ ƉŽƌ
ĂƚĞŶƵĂĕĆŽ͕ĐŽƐƚƵŵĂͲƐĞĂŵƉůŝĨŝĐĂƌŽƐŝŶĂůſƉƚŝĐŽ͘
ƐƚĂ ĂŵƉůŝĨŝĐĂĕĆŽ ĐŽƐƚƵŵĂǀĂ ƐĞƌ ĨĞŝƚĂ ĐŽŶǀĞƌƚĞŶĚŽ Ž ƐŝŶĂů ſƉƚŝĐŽ ƉĂƌĂ
ĞůĞƚƌƀŶŝĐŽ͕ ĂŵƉůŝĨŝĐĂŶĚŽ ĞŶƚĆŽ Ž ƐŝŶĂů ĞůĞƚƌƀŶŝĐŽ Ğ ƌĞĐŽŶǀĞƌƚĞŶĚŽ Ž ƐŝŶĂů ĞůĞƚƌƀŶŝĐŽ
ĂŵƉůŝĨŝĐĂĚŽ ƉĂƌĂ ƐŝŶĂů ſƉƚŝĐŽ͕ ƐĞŶĚŽ ĞƐƚĞ ƷůƚŝŵŽ ŝŶũĞƚĂĚŽ ŶĂ ĨŝďƌĂ͘ DĂƐ͕ ĐŽŵ Ž
ƐƵƌŐŝŵĞŶƚŽĚĞĂŵƉůŝĨŝĐĂĚŽƌĞƐſƉƚŝĐŽƐ͕ƚŽĚŽĞƐƚĞƉƌŽĐĞƐƐŽƉŽĚĞƌŝĂƐĞƌĨĞŝƚŽŶŽĚŽŵşŶŝŽ
ſƉƚŝĐŽ͕ƐĞŵĂŶĞĐĞƐƐŝĚĂĚĞĚĞĐŽŶǀĞƌƐƁĞƐ͘ŶƚĆŽ͕ĂŵƉůŝĨŝĐĂĚŽƌĞƐſƉƚŝĐŽƐƐĞƚŽƌŶĂƌĂŵ
ŝŶĚŝƐƉĞŶƐĄǀĞŝƐŶĂŝŵƉůĂŶƚĂĕĆŽĚĞƌĞĚĞƐĚĞĐŽŵƵŶŝĐĂĕƁĞƐſƉƚŝĐĂƐ͘
 ŵĂŝŽƌŝĂ ĚŽƐ ĂŵƉůŝĨŝĐĂĚŽƌĞƐ ſƉƚŝĐŽƐ ĂŵƉůŝĨŝĐĂ Ă ůƵnj ĂƚƌĂǀĠƐ ĚŽ ƉƌŽĐĞƐƐŽ ĚĞ
ĞŵŝƐƐĆŽ ĞƐƚŝŵƵůĂĚĂ͕ Ž ŵĞƐŵŽ ƉƌŽĐĞƐƐŽ ƋƵĞ Ġ ƵƐĂĚŽ ƉĞůĂ ŵĂŝŽƌŝĂ ĚŽƐ ůĂƐĞƌƐ͘
ĚŝĨĞƌĞŶĕĂ Ġ ƋƵĞ Ž ĂŵƉůŝĨŝĐĂĚŽƌ ŶĆŽ ƵƚŝůŝnjĂ ƌĞĂůŝŵĞŶƚĂĕĆŽ͘ K ŐĂŶŚŽ ĚŽ ĂŵƉůŝĨŝĐĂĚŽƌ
ſƉƚŝĐŽ Ġ ĚĂĚŽ ƉĞůĂƌĂnjĆŽ ĞŶƚƌĞ Ă ƉŽƚġŶĐŝĂſƉƚŝĐĂŶĂ ƐĂşĚĂ ĐŽŵ Ă ƉŽƚġŶĐŝĂſƉƚŝĐĂŶĂ
ĞŶƚƌĂĚĂĚŽĂŵƉůŝĨŝĐĂĚŽƌ͕ƋƵĞĞŵĚĠĚĂĚŽƉŽƌ΀ϭϰ΁͗
ܩ ͳͲ
ଵ଴
ܲ
௦௔௜
ܲ
௘௡௧
;ϭ͘ϮϵͿ
ĨŝŐƵƌĂĚĞƌƵşĚŽĠĂŵĞĚŝĚĂĚŽŶşǀĞůĚĞĚĞŐƌĂĚĂĕĆŽĚŽƐŝŶĂůĂŽƉĂƐƐĂƌƉŽƌƵŵ
ĚŝƐƉŽƐŝƚŝǀŽ͘EŽƐĂŵƉůŝĨŝĐĂĚŽƌĞƐſƉƚŝĐŽƐ͕ĂŐĞƌĂĕĆŽƉƌŝŶĐŝƉĂůĚŽƌƵşĚŽĞƐƚĄĂƐƐŽĐŝĂĚĂă
ŝŶǀĞƌƐĆŽ ĚĞ ƉŽƉƵůĂĕĆŽ͘ ůŐƵŶƐ ĞůĠƚƌŽŶƐ ƐŝƚƵĂĚŽƐ ŶŽ ŶşǀĞů ĞdžĐŝƚĂĚŽ ƉŽĚĞŵ ĚĞĐĂŝƌ
ĞƐƉŽŶƚĂŶĞĂŵĞŶƚĞ͕ ŐĞƌĂŶĚŽ ĨſƚŽŶƐ ĐŽŵ ĐĂƌĂĐƚĞƌşƐƚŝĐĂƐ ĚŝĨĞƌĞŶƚĞƐ Ğŵ ƌĞůĂĕĆŽ ĂƐ
ĐĂƌĂĐƚĞƌşƐƚŝĐĂƐ ĚŽƐ ĨſƚŽŶƐ ĚŽ ƐŝŶĂů͘ ƐƚĞƐ ĨſƚŽŶƐ ƐĆŽ ĂŵƉůŝĨŝĐĂĚŽƐ ũƵŶƚŽ ĐŽŵ Ž ƐŝŶĂů͕
ƉƌŽĚƵnjŝŶĚŽ Ƶŵ ŶşǀĞů ĚĞ ƌƵşĚŽ͘ ƐƚĞ ƌƵşĚŽ Ġ ĐŽŶŚĞĐŝĚŽ ĐŽŵŽ ĞŵŝƐƐĆŽ ĞƐƉŽŶƚąŶĞĂ
ϮϬ
81,9(56,'$'()('(5$/'(3(51$0%8&2
ĂŵƉůŝĨŝĐĂĚĂ ;ŵƉůŝĨŝĞĚ ^ƉŽŶƚĂŶĞŽƵƐ ŵŝƐƐŝŽŶ͕ ^Ϳ͕ Ă ƋƵĂů ƉŽĚĞ ĚĞŐƌĂĚĂƌ Ž ƐŝŶĂů ĚĞ
ƐĂşĚĂ͘
ϭ͘ϯ͘ϱ͘ϭͲDW>/&/KZMWd/K^D/KEhdKZ
KĂŵƉůŝĨŝĐĂĚŽƌſƉƚŝĐŽĚĞƐĞŵŝĐŽŶĚƵƚŽƌ;^ĞŵŝĐŽŶĚƵĐƚŽƌKƉƚŝĐĂůŵƉůŝĨŝĞƌ͕^KͿ
ƵƐĂŽŵĞƐŵŽƉƌŝŶĐşƉŝŽĚŽƐůĂƐĞƌƐĚĞƐĞŵŝĐŽŶĚƵƚŽƌ͘ƐŽ^KĠŽƉĞƌĂĚŽĂďĂŝdžŽĚĂ
ĐŽƌƌĞŶƚĞĚĞůŝŵŝĂƌ͘EĂĨŝŐƵƌĂϭ͘ϭϮ͕ƚĞŵŽƐĂƌĞƉƌĞƐĞŶƚĂĕĆŽďĄƐŝĐĂĚĞƵŵ^K͘K/ŶWĠ
ƵƐĂĚŽ ĐŽŵŽ ƐƵďƐƚƌĂƚŽ Ğ Ă ƌĞŐŝĆŽ ĂƚŝǀĂ Ġ ĐŽŵƉŽƐƚĂ ƉĞůŽ ŵĂƚĞƌŝĂů ƐĞŵŝĐŽŶĚƵƚŽƌ
/Ŷ'ĂƐW͘KĞƐƋƵĞŵĂĠĂŶĂůŽŐŽĂŽĚĞ ƵŵůĂƐĞƌƐĞŵŝĐŽŶĚƵƚŽƌ͘ ĚŝĨĞƌĞŶĕĂĠƋƵĞ͕ŶŽ
ůĂƐĞƌ͕ŽƐŝŶĂůſƉƚŝĐŽĂƚƌĂǀĞƐƐĂĂĐĂǀŝĚĂĚĞſƉƚŝĐĂǀĄƌŝĂƐǀĞnjĞƐ͕ĞŶƋƵĂŶƚŽƋƵĞ͕ŶŽ^K͕Ž
ƐŝŶĂůƉĂƐƐĂƵŵĂǀĞnjƐſƉĞůŽĚŝƐƉŽƐŝƚŝǀŽ͕ĞůŝŵŝŶĂŶĚŽĂƐƐŝŵŽƉƌŽĐĞƐƐŽĚĞƌĞĂůŝŵĞŶƚĂĕĆŽ͘
ƵƌĂŶƚĞ ƐƵĂ ƉĂƐƐĂŐĞŵ ƉĞůŽ ĚŝƐƉŽƐŝƚŝǀŽ͕ Ž ƐŝŶĂů ſƉƚŝĐŽ ŐĂŶŚĂ ĞŶĞƌŐŝĂ͕ ƐĞŶĚŽ ĞŶƚĆŽ
ĂŵƉůŝĨŝĐĂĚŽ͘WĂƌĂŽƉƌŽĐĞƐƐŽĚĞŝŶǀĞƌƐĆŽĚĞƉŽƉƵůĂĕĆŽ͕ƵŵĂĐŽƌƌĞŶƚĞĞůĠƚƌŝĐĂĞdžƚĞƌŶĂ
ĠĂƉůŝĐĂĚĂŶŽĚŝƐƉŽƐŝƚŝǀŽ͘
&ŝŐƵƌĂϭ͘ϭϮͲŝĂŐƌĂŵĂďĄƐŝĐŽĚĞƵŵĂŵƉůŝĨŝĐĂĚŽƌſƉƚŝĐŽĚĞƐĞŵŝĐŽŶĚƵƚŽƌ͘
ĨŝŐƵƌĂĚĞƌƵşĚŽƚŝƉŝĐĂĚŽƐ^KƐĨŝĐĂĞŶƚƌĞϳĞϭϭĚ΀ϭϱ΁͘
^h^dZdK
;/ŶWͿ
Z'/Kd/s;/Ŷ'ĂƐWͿ
KZZEd>dZ/
KD/K
^/E>MWd/K
EdZ
^/E>MWd/K
DW>/&/K
Ϯϭ
81,9(56,'$'()('(5$/'(3(51$0%8&2
ϭ͘ϯ͘ϱ͘ϮͲDW>/&/KZMWd/K&/ZKWKDZ/K
KĂŵƉůŝĨŝĐĂĚŽƌſƉƚŝĐŽĂĨŝďƌĂĚŽƉĂĚĂĐŽŵĠƌďŝŽ;ƌďŝƵŵŽƉĞĚ&ŝďĞƌŵƉůŝĨŝĞƌ͕
&Ϳ Ġ Ž ĂŵƉůŝĨŝĐĂĚŽƌ ſƉƚŝĐŽ ŵĂŝƐ ƵƐĂĚŽ͕ ƉƌŝŶĐŝƉĂůŵĞŶƚĞ ƉŽƌ ƐĞƵ ĞƐƉĞĐƚƌŽ ĚĞ
ĂŵƉůŝĨŝĐĂĕĆŽĐŽŝŶĐŝĚŝƌĐŽŵŽŵşŶŝŵŽĚĞĂƚĞŶƵĂĕĆŽĚĂƐĨŝďƌĂƐſƉƚŝĐĂƐƉĂĚƌĆŽ͕ăďĂƐĞĚĞ
ƐşůŝĐĂ͕ĐĞƌĐĂĚĞͳͷͷͲ͘KŵĞŝŽĂƚŝǀŽĚĞƐƚĞĂŵƉůŝĨŝĐĂĚŽƌĠƵŵĂĨŝďƌĂſƉƚŝĐĂĚŽƉĂĚĂ
ĐŽŵƵŵĞůĞŵĞŶƚŽĚŽƚŝƉŽƚĞƌƌĂͲƌĂƌĂ͕ŶŽĐĂƐŽŽƐşŽŶƐĚĞĠƌďŝŽܧݎ
ଷା
΀ϭϰ΁͘
ŝĨĞƌĞŶƚĞŵĞŶƚĞĚŽ^K͕ƋƵĞƵƐĂƵŵĂĐŽƌƌĞŶƚĞĞůĠƚƌŝĐĂĐŽŵŽďŽŵďĞŝŽ͕Ž&
ƵƐĂ Ƶŵ ďŽŵďĞŝŽ ſƉƚŝĐŽ͘ ƐƚĞ ƚŝƉŽ ĚĞ ďŽŵďĞŝŽ ƵƐĂ Ƶŵ ƉƌŽĐĞƐƐŽ ĚĞ ƚƌġƐ ŶşǀĞŝƐ͘ K
ĞůĠƚƌŽŶ Ġ ĞůĞǀĂĚŽ ĂŽ ŶşǀĞů ŵĂŝƐ ĂůƚŽ͕ ĚĞƉŽŝƐ ůŝďĞƌĂ ĞŶĞƌŐŝĂ Ğ ĚĞĐĂŝ ƉĂƌĂ Ž ŶşǀĞů ĚĞ
ĞŶĞƌŐŝĂ ĚĞƐĞũĂĚŽ͘ ƐƚĞ ŶşǀĞů͕ ŽĐŽƌƌĞ Ă ĞŵŝƐƐĆŽ ĞƐƚŝŵƵůĂĚĂ ĚĞǀŝĚŽ ă ŝŶĐŝĚġŶĐŝĂ ĚŽƐ
ĨſƚŽŶƐĚŽƐŝŶĂůſƉƚŝĐŽ͕ƉƌŽĚƵnjŝŶĚŽ͕ĞŶƚĆŽ͕ŶŽǀŽƐĨſƚŽŶƐĐŽŵŵĞƐŵŽĐŽŵƉƌŝŵĞŶƚŽĚĞ
ŽŶĚĂƋƵĞŽƐĨſƚŽŶƐĚŽƐŝŶĂů͘
EĂĨŝŐƵƌĂϭ͘ϭϯ͕ƚĞŵŽƐĂĞƐƚƌƵƚƵƌĂĚŽƐŶşǀĞŝƐĚĞĞŶĞƌŐŝĂĚŽƐşŽŶƐܧݎ
ଷା
͘KƐĚŽŝƐ
ƉƌŝŶĐŝƉĂŝƐŶşǀĞŝƐƉĂƌĂƚĞůĞĐŽŵƵŶŝĐĂĕƁĞƐĚŽ ܧݎ
ଷା
ƐĆŽ ŽŶşǀĞůŵĞƚĂĞƐƚĄǀĞů ܫ
ଵଷ
Τ
ĞŽ
ŶşǀĞů ĚĞǀŝĚŽ ĂŽ ďŽŵďĞŝŽ ܫ
ଵଵ
Τ
͘ ŶƚĞŶĚĞͲƐĞ ƉŽƌ ŵĞƚĂĞƐƚĄǀĞů ƋƵĂŶĚŽ ŽƐ ƚĞŵƉŽƐ ĚĞ
ǀŝĚĂĚĂƐƚƌĂŶƐŝĕƁĞƐĚĞƐƚĞĞƐƚĂĚŽƉĂƌĂŽĞƐƚĂĚŽĨƵŶĚĂŵĞŶƚĂůƐĆŽďĞŵŵĂŝŽƌĞƐƋƵĞŽƐ
ƚĞŵƉŽƐĚĞǀŝĚĂĚŽƐĞƐƚĂĚŽƐƋƵĞůĞǀĂŵĂĞƐƚĞƐĞƐƚĂĚŽƐ͘
hŵůĂƐĞƌĚĞďŽŵďĞŝŽĐŽŵĐŽŵƉƌŝŵĞŶƚŽĚĞ ŽŶĚĂ ĚĞ ϵϴϬ ŶŵƉŽĚĞ ƐĞƌƵƐĂĚŽ
ƉĂƌĂ ĞdžĐŝƚĂƌ şŽŶƐ ĚŽ ĞƐƚĂĚŽ ĨƵŶĚĂŵĞŶƚĂů ƉĂƌĂ Ž ĞƐƚĂĚŽ ĞdžĐŝƚĂĚŽ ܫ
ଵଵ
Τ
͘ ƐƚĞƐ şŽŶƐ
ĚĞĐĂĞŵŵƵŝƚŽŵĂŝƐƌĄƉŝĚŽƉĂƌĂŽĞƐƚĂĚŽ ܫ
ଵଷ
Τ
͕ĞŵƌĞůĂĕĆŽĂŽĚĞĐĂŝŵĞŶƚŽĚĞ ܫ
ଵଷ
Τ
ƉĂƌĂ ܫ
ଵହ
Τ
͕ůŝďĞƌĂŶĚŽŽĞdžĐĞƐƐŽĚĞĞŶĞƌŐŝĂĞŵĨŽƌŵĂĚĞĨƀŶŽŶƐ͘
&ŝŐƵƌĂϭ͘ϭϯƐƚƌƵƚƵƌĂĚŽƐŶşǀĞŝƐĚĞĞŶĞƌŐŝĂĚŽܧݎ
ଷା
͘
ܫ
ଵଵ
Τ
ܫ
ଵଷ
Τ
ܫ
ଵହ
Τ
^/E>DW>/&/K
ϭϱϯϬŶŵͲϭϱϳϬŶŵ
ϵϴϬŶŵ
ϭϰϴϬŶŵ
ϮϮ
81,9(56,'$'()('(5$/'(3(51$0%8&2
KƵƚƌŽ ďŽŵďĞŝŽ ƉŽĚĞ ƐĞƌ ĨĞŝƚŽ ĂͳͶͺͲ͕݊݉ ŽŶĚĞ Ă ĞŶĞƌŐŝĂ ĚĞƐƚĞƐ ĨſƚŽŶƐ ƐĆŽ
ŵƵŝƚŽƉĂƌĞĐŝĚĂƐĐŽŵĂƐĞŶĞƌŐŝĂƐĚŽƐĨſƚŽŶƐĚŽƐŝŶĂů͘ƐƚĞďŽŵďĞŝŽĞŶƚĆŽĞdžĐŝƚĂşŽŶƐ
ƉĂƌĂŽƚŽƉŽĚŽĞƐƚĂĚŽŵĞƚĂĞƐƚĄǀĞů͘,Ą͕ĞŶƚĆŽ͕ƵŵƌĞůĂdžĂŵĞŶƚŽĚŽƐşŽŶƐƉĂƌĂŽŶşǀĞů
ŝŶĨĞƌŝŽƌĚĞƐƚĂďĂŶĚĂ͘ůŐƵŶƐĚĞƐƚĞƐşŽŶƐƉŽĚĞŵĚĞĐĂŝƌƉĂƌĂŽĞƐƚĂĚŽĨƵŶĚĂŵĞŶƚĂůƐĞŵ
ĂŶĞĐĞƐƐŝĚĂĚĞĚŽĞƐƚşŵƵůŽĚŽƐŝŶĂůſƉƚŝĐŽ͕ŐĞƌĂŶĚŽĞŶƚĆŽƌƵşĚŽŶŽĂŵƉůŝĨŝĐĂĚŽƌ͘
YƵĂŶĚŽ ƚĞŵŽƐ Ă ŝŶǀĞƌƐĆŽ ĚĞ ƉŽƉƵůĂĕĆŽ͕ Ž ƐŝŶĂů ſƉƚŝĐŽ ƉƌŽǀŽĐĂ Ă ĞŵŝƐƐĆŽ
ĞƐƚŝŵƵůĂĚĂ ĚĞ ĨſƚŽŶƐ ĐŽŵ ŵĞƐŵŽ ǀĞƚŽƌ ĚĞ ŽŶĚĂ͘ ƐƚĞƐ ĨſƚŽŶƐ ŐĞƌĂĚŽƐ ǀĆŽ ĞŶƚĆŽ
ĞƐƚŝŵƵůĂƌ ŶŽǀŽƐ ĚĞĐĂŝŵĞŶƚŽƐ ĂŽ ůŽŶŐŽ ĚĂ ĨŝďƌĂ ĚŽƉĂĚĂ͕ ĂŵƉůŝĨŝĐĂŶĚŽ ĂƐƐŝŵ Ž ƐŝŶĂů
ſƉƚŝĐŽ΀ϭϲ΁͘
EĂ ĨŝŐƵƌĂ ϭ͘ϭϰ͕ ƚĞŵŽƐ Ă ƌĞƉƌĞƐĞŶƚĂĕĆŽ ĚĞ ƵŵƚşƉŝĐŽ ĞƐƉĞĐƚƌŽ ĚĞ Ƶŵ ƐŝŶĂů ĚĞ
ƐĂşĚĂĚŽ&͕ŽŶĚĞƉŽĚĞŵŽƐŽďƐĞƌǀĂƌĂ^ŐĞƌĂĚĂ͘
&ŝŐƵƌĂϭ͘ϭϰZĞƉƌĞƐĞŶƚĂĕĆŽĚŽĞƐƉĞĐƚƌŽĚŽƐŝŶĂůĚĞƐĂşĚĂĚŽ&͘
ĨŝŐƵƌĂĚĞƌƵşĚŽƚŝƉŝĐĂĚŽƐ&ƐĨŝĐĂĞŵƚŽƌŶŽĚĞͷǡͷ݀ܤ΀ϭϳ΁͘
ϭ͘ϯ͘ϲͲ&KdK/KK
KĨŽƚŽĚŝŽĚŽĠƵŵĚŝŽĚŽĚĞũƵŶĕĆŽƉͲŶĐŽŶƐƚƌƵşĚŽĚĞĨŽƌŵĂĞƐƉĞĐŝĂů͕ĚĞŵŽĚŽĂ
ƉŽƐƐŝďŝůŝƚĂƌ Ă ƵƚŝůŝnjĂĕĆŽ ĚĂ ůƵnj ĐŽŵŽ ĨĂƚŽƌ ĚĞƚĞƌŵŝŶĂŶƚĞ ŶŽ ĐŽŶƚƌŽůĞ ĚĂ ĐŽƌƌĞŶƚĞ
ĞůĠƚƌŝĐĂ ΀ϰ΁͘  Ƶŵ ĚŝƐƉŽƐŝƚŝǀŽ ƐĞŵŝĐŽŶĚƵƚŽƌ͕ ĐƵũĂ ƌĞŐŝĆŽ ĚĞ ŽƉĞƌĂĕĆŽ Ġ ůŝŵŝƚĂĚĂƉĞůĂ
^
WŽƚġŶĐŝĂĚĞƐĂşĚĂ;ĚŵͿ
ŽŵƉƌŝŵĞŶƚŽĚĞŽŶĚĂ;ŶŵͿ
ϭϰϴϬ
ϭϱϬϬ
ϭϱϮϬ ϭϱϰϬ
ϭϱϲϬ
^/E>KD/K
^/E>
Ͳ
ϰϬ
Ͳ
ϯ
Ϭ
Ͳ
Ϯ
Ϭ
Ͳ
ϭ
Ϭ
ƌĞŐŝĆŽĚĞƉŽůĂƌŝnjĂĕĆŽƌĞǀĞƌƐĂĞ
ƐĂŝ
ĚĂĨŝďƌĂſƉƚŝĐĂĠŵƵŝƚŽĨƌĂĐŽĞĚŝƐƚŽƌĐŝĚŽ͕Ġ
Ƶŵ
ĞůĞǀĂĚŽĚĞƐĞŵƉĞŶŚŽ͘ƐƐŝŵ͕ĚĞǀĞƉŽƐƐƵŝƌƵŵĂĞůĞǀĂĚĂ
ƐĞŶƐŝďŝůŝĚĂĚĞŶŽĐŽŵƉƌŝŵĞŶƚŽĚĞŽŶĚĂĚĞĞŵŝƐƐĆŽ
ƌĞƐƉŽŶƐŝǀŝĚĂĚĞݎ
ƋƵĞ ŶŽƐ ŝŶĨŽƌŵĂ Ă ƌĞůĂĕĆŽ ĞŶƚƌĞ
ſƉƚŝĐŽ͘ƌĞƐƉŽŶƐŝǀŝĚĂĚĞ
Ġ
K ĨŽƚŽĚŝŽĚŽ ƵƚŝůŝnjĂĚŽ ŶŽ ĞdžƉĞƌŝŵĞŶƚŽ ĨŽŝ ĚŽ ƚŝƉŽ
ĨŽƌŵĂĚŽ ƉŽƌ ƵŵĂ ĐĂŵĂĚĂ ĚĞ ƐĞŵŝĐŽŶĚƵƚŽƌ
ĚĞƉŽƐŝƚĂĚĂ ŶŽƚŽƉŽ ĚŽ ĨŽƚŽĚŝŽĚŽ͕ ĨŽƌŵĂŶĚŽ ƵŵĂ ďĂƌƌĞ
ĨŝŐƵƌĂϭ͘ϭϱ͕
ƚĞŵŽƐĂĞƐƚƌƵƚƵƌĂďĄƐŝĐĂĚŽĨŽƚŽĚŝŽĚŽ͘
&ŝŐƵƌĂϭ͘ϭϱ
ƐƚƌƵƚƵƌĂďĄƐŝĐĂĚĞƵŵĨŽƚŽĚĞƚĞƚŽƌĚŽƚŝƉŽ^ĐŚŽƚƚŬLJ
hŵĨŽƌƚĞĐĂŵƉŽ ĞůĠƚƌŝĐŽ ĠŐĞƌĂĚŽ
ĐŽŵƉĂƌĂĚŽĐŽŵŽĐĂŵƉŽĞůĠƚƌŝĐŽŐĞƌĂĚŽĞŵŽƵƚƌŽƐƚŝƉ
ƐĞŵŝĐŽŶĚƵƚŽƌͲ
ƐĞŵŝĐŽŶĚƵƚŽƌ
;ŶĞŐĂƚŝǀŽͬEͿ͕
ŐĞƌĂĚŽƐ ĚĞǀŝĚŽ ă
ĐŽƌƉŽĚŽŵĂƚĞ
ƌŝĂůƐĞŵŝĐŽŶĚƵƚŽƌƌĞƐƉĞĐƚŝǀĂŵĞŶ
ŶŽ ĚŝŽĚŽ͕
ƚĂŶƚŽ Ž ĐĂŵƉŽ ĞůĠƚƌŝĐŽ ƋƵĂŶƚŽ Ă ƌĞŐŝĆŽ ĚĞ ĚĞƉůĞĕĆŽ
ŵŽǀŝŵĞŶƚĂĕĆŽĚĞĞůĠƚƌŽŶƐͿ
ĐŽŶƐĞƋƵĞŶƚĞŵĞŶƚĞĂƌĞƐƉŽŶƐŝǀŝĚĂĚĞ
ĨŽƚŽĚŝŽĚŽĠƚŝƉŝĐĂŵĞŶƚĞĚŽŵŝŶĂĚĂƉĞůĂŵŽǀŝŵĞŶƚĂĕĆŽ
ŶĆŽͲĚŽƉĂĚĂ͘
81,9(56,'$'()('(5$/'(3(51$0%8&2
ƌĞŐŝĆŽĚĞƉŽůĂƌŝnjĂĕĆŽƌĞǀĞƌƐĂĞ
ĐĂƌĂĐƚĞƌŝnjĂͲƐĞƉŽƌƐĞƌƐĞŶƐşǀĞůăůƵnj͘
ŽŵŽŽƐŝŶĂůƋƵĞ
ĚĂĨŝďƌĂſƉƚŝĐĂĠŵƵŝƚŽĨƌĂĐŽĞĚŝƐƚŽƌĐŝĚŽ͕Ġ
ŶĞĐĞƐƐĄƌŝŽƋƵĞŽĨŽƚŽĚĞƚĞ
ĞůĞǀĂĚŽĚĞƐĞŵƉĞŶŚŽ͘ƐƐŝŵ͕ĚĞǀĞƉŽƐƐƵŝƌƵŵĂĞůĞǀĂĚĂ
ǀĞůŽĐŝĚĂĚĞĚĞƌĞƐƉŽƐƚĂĞ
ƐĞŶƐŝďŝůŝĚĂĚĞŶŽĐŽŵƉƌŝŵĞŶƚŽĚĞŽŶĚĂĚĞĞŵŝƐƐĆŽ
͘
͕
ĠƵŵŝŵƉŽƌƚĂŶƚĞƉĂƌąŵĞƚƌŽĚĞĨŽƚŽĚĞƚĞƚŽƌĞƐ͘ůĂ
ƋƵĞ ŶŽƐ ŝŶĨŽƌŵĂ Ă ƌĞůĂĕĆŽ ĞŶƚƌĞ
ƐĂşĚĂ ĞůĠƚƌŝĐĂ ĚŽ
ĚĞƚĞƚŽƌ ĐŽŵ Ă ĞŶƚƌĂĚĂ ĚĞ ƐŝŶĂů
Ġ
ĚĂĚĂĞŶƚĆŽĞŵŵƉĠƌĞͬtĂƚƚ;ͬtͿ͘
K ĨŽƚŽĚŝŽĚŽ ƵƚŝůŝnjĂĚŽ ŶŽ ĞdžƉĞƌŝŵĞŶƚŽ ĨŽŝ ĚŽ ƚŝƉŽ ^ĐŚŽƚƚŬLJ͘
ƐƚĞ ĨŽƚŽĚŝŽĚŽ Ġ
ĨŽƌŵĂĚŽ ƉŽƌ ƵŵĂ ĐĂŵĂĚĂ ĚĞ ƐĞŵŝĐŽŶĚƵƚŽƌ
ŶĆŽͲĚŽƉĂĚĂ
Ğ ƵŵĂ ĐĂŵĂĚĂ ĚĞ ŵĞƚĂů
ĚĞƉŽƐŝƚĂĚĂ ŶŽƚŽƉŽ ĚŽ ĨŽƚŽĚŝŽĚŽ͕ ĨŽƌŵĂŶĚŽ ƵŵĂ ďĂƌƌĞŝƌĂĐŚĂŵĂĚĂ ĚĞ ^ĐŚŽƚƚŬLJ͘
ƚĞŵŽƐĂĞƐƚƌƵƚƵƌĂďĄƐŝĐĂĚŽĨŽƚŽĚŝŽĚŽ͘
ƐƚƌƵƚƵƌĂďĄƐŝĐĂĚĞƵŵĨŽƚŽĚĞƚĞƚŽƌĚŽƚŝƉŽ^ĐŚŽƚƚŬLJ͘
hŵĨŽƌƚĞĐĂŵƉŽ ĞůĠƚƌŝĐŽ ĠŐĞƌĂĚŽ
ƉĞƌƚŽĚĂ ŝŶƚĞƌĨĂĐĞ ŵĞƚĂůͲ
ƐĞŵŝĐŽŶĚƵƚŽƌ͕ƐĞ
ĐŽŵƉĂƌĂĚŽĐŽŵŽĐĂŵƉŽĞůĠƚƌŝĐŽŐĞƌĂĚŽĞŵŽƵƚƌŽƐƚŝƉŽƐĚĞũƵŶĕĆŽ͕ƉŽƌĞdžĞŵƉůŽ͕Ğŵ
ƐĞŵŝĐŽŶĚƵƚŽƌ
͘ &ĂůƚĂ ĚĞ ĞůĠƚƌŽŶƐ
;ƉŽƐŝƚŝǀŽͬWͿ Ğ ĞdžĐĞƐƐŽ ĚĞ ĞůĠƚƌŽŶƐ
ŐĞƌĂĚŽƐ ĚĞǀŝĚŽ ă
ŝŶĐŝĚġŶĐŝĂ ĚŽƐ ĨſƚŽŶƐ͕
ƐĆŽ ĐŽůĞƚĂĚŽƐ ŶŽ ŵĞƚĂů Ğ ŶŽ
ƌŝĂůƐĞŵŝĐŽŶĚƵƚŽƌƌĞƐƉĞĐƚŝǀĂŵĞŶ
ƚĞ͘
ƵŵĞŶƚĂŶĚŽĂƉŽůĂƌŝnjĂĕĆŽƌĞǀĞƌƐĂ
ƚĂŶƚŽ Ž ĐĂŵƉŽ ĞůĠƚƌŝĐŽ ƋƵĂŶƚŽ Ă ƌĞŐŝĆŽ ĚĞ ĚĞƉůĞĕĆŽ
;ƌĞŐŝĆŽ ŽŶĚĞ ŶĆŽ ŚĄ
ŵŽǀŝŵĞŶƚĂĕĆŽĚĞĞůĠƚƌŽŶƐͿ
ĚĞŶƚƌŽĚĂĐĂŵĂĚĂŶĆŽͲĚŽƉĂĚĂƉŽĚĞŵƐ
Ğƌ
ĐŽŶƐĞƋƵĞŶƚĞŵĞŶƚĞĂƌĞƐƉŽŶƐŝǀŝĚĂĚĞ
ƚĂŵďĠŵ ĂƵŵĞŶƚĂ͘
ǀĞůŽĐŝĚĂĚĞĚĞƌĞƐƉŽƐƚĂĚŽ
ĨŽƚŽĚŝŽĚŽĠƚŝƉŝĐĂŵĞŶƚĞĚŽŵŝŶĂĚĂƉĞůĂŵŽǀŝŵĞŶƚĂĕĆŽĚĞ
ĞůĠƚƌŽŶƐĂƚƌĂǀĠƐĚĂƌĞŐŝĆŽ
Ϯϯ
81,9(56,'$'()('(5$/'(3(51$0%8&2
ŽŵŽŽƐŝŶĂůƋƵĞ
ŶĞĐĞƐƐĄƌŝŽƋƵĞŽĨŽƚŽĚĞƚĞ
ƚŽƌĂƉƌĞƐĞŶƚĞ
ǀĞůŽĐŝĚĂĚĞĚĞƌĞƐƉŽƐƚĂĞ
ĠƵŵŝŵƉŽƌƚĂŶƚĞƉĂƌąŵĞƚƌŽĚĞĨŽƚŽĚĞƚĞƚŽƌĞƐ͘ůĂ
ĠŽĨĂƚŽƌ
ĚĞƚĞƚŽƌ ĐŽŵ Ă ĞŶƚƌĂĚĂ ĚĞ ƐŝŶĂů
ƐƚĞ ĨŽƚŽĚŝŽĚŽ Ġ
Ğ ƵŵĂ ĐĂŵĂĚĂ ĚĞ ŵĞƚĂů
ŝƌĂ ĐŚĂŵĂĚĂ ĚĞ ^ĐŚŽƚƚŬLJ͘
EĂ
ƐĞŵŝĐŽŶĚƵƚŽƌ͕ƐĞ
ŽƐĚĞũƵŶĕĆŽ͕ƉŽƌĞdžĞŵƉůŽ͕Ğŵ
;ƉŽƐŝƚŝǀŽͬWͿ Ğ ĞdžĐĞƐƐŽ ĚĞ ĞůĠƚƌŽŶƐ
ƐĆŽ ĐŽůĞƚĂĚŽƐ ŶŽ ŵĞƚĂů Ğ ŶŽ
ƵŵĞŶƚĂŶĚŽĂƉŽůĂƌŝnjĂĕĆŽƌĞǀĞƌƐĂ
;ƌĞŐŝĆŽ ŽŶĚĞ ŶĆŽ ŚĄ
Ğƌ
ĂƵŵĞŶƚĂĚŽƐ͕Ğ
ǀĞůŽĐŝĚĂĚĞĚĞƌĞƐƉŽƐƚĂĚŽ
ĞůĠƚƌŽŶƐĂƚƌĂǀĠƐĚĂƌĞŐŝĆŽ
Ϯϰ
81,9(56,'$'()('(5$/'(3(51$0%8&2
W1dh>KϮͲ&/'hZ^DZ/dK
Ă ŵĞƐŵĂ ĨŽƌŵĂ ƋƵĞ Ž ĞŶůĂĐĞ ĂŶĂůſŐŝĐŽ ſƉƚŝĐŽ ƚĞŵ Ž ŵĞƐŵŽ ŽďũĞƚŝǀŽ ĚĂƐ
ĐŽŶǀĞŶĐŝŽŶĂŝƐƌĞĚĞƐĚĞĚŝƐƚƌŝďƵŝĕĆŽ͕ƋƵĞĠƚƌĂŶƐŵŝƚŝƌĂŝŶĨŽƌŵĂĕĆŽ͕ŽĞŶůĂĐĞĂŶĂůſŐŝĐŽ
ſƉƚŝĐŽ ƚĞŵ ƐĞƵ ĚĞƐĞŵƉĞŶŚŽ ĂǀĂůŝĂĚŽ Ğŵ ƌĞůĂĕĆŽ ĂŽƐ ŵĞƐŵŽƐ ĐƌŝƚĠƌŝŽƐ ŽƐ ƋƵĂŝƐ ĂƐ
ĐŽŶǀĞŶĐŝŽŶĂŝƐ ƌĞĚĞƐ ĚĞ ĚŝƐƚƌŝďƵŝĕĆŽ ƐĆŽ ĂǀĂůŝĂĚĂƐ͘ ƐƚĞƐ ĐƌŝƚĠƌŝŽƐ ƐĆŽ ĂƐ ĨŝŐƵƌĂƐ ĚĞ
ŵĠƌŝƚŽĚŽĞŶůĂĐĞ͘ƐĨŝŐƵƌĂƐĚĞŵĠƌŝƚŽŵĂŝƐŝŵƉŽƌƚĂŶƚĞƐƐĆŽŽŐĂŶŚŽ͕ĂĨŝŐƵƌĂĚĞƌƵşĚŽ
ĞĂĨĂŝdžĂĚŝŶąŵŝĐĂůŝǀƌĞĚĞĞƐƉƷƌŝŽƐ;ƐƉƵƌŝŽƵƐĨƌĞĞĚLJŶĂŵŝĐƌĂŶŐĞ͕^&ZͿ͘
Ϯ͘ϭͲ'E,K
ĞƵŵĂŵĂŶĞŝƌĂŐĞƌĂů͕ŽŐĂŶŚŽĠĚĞĨŝŶŝĚŽĐŽŵŽĂƌĂnjĆŽĞŶƚƌĞĂƐƉŽƚġŶĐŝĂƐĚŽ
ƐŝŶĂůĂŶĂůſŐŝĐŽĚĞƐĂşĚĂ;݌
௦௔௜
ĞĞŶƚƌĂĚĂ;݌
௘௡௧
ŶŽĞŶůĂĐĞĂŶĂůſŐŝĐŽſƉƚŝĐŽ͘
݃
ೞೌ೔
೐೙೟
;Ϯ͘ϭͿ
ĞdžƉƌĞƐƐŽŶĂĞƐĐĂůĂĚ͕ŽŐĂŶŚŽĨŝĐĂ
ܩ ͳͲ
ଵ଴
݃͘;Ϯ͘ϮͿ
KŐĂŶŚŽƚĞſƌŝĐŽĚĞƵŵĞŶůĂĐĞĂŶĂůſŐŝĐŽſƉƚŝĐŽĐŽŵŵŽĚƵůĂĕĆŽĚŝƌĞƚĂƉŽĚĞƐĞƌ
ŽďƚŝĚŽ ĂƚƌĂǀĠƐ ĚĂ ĂŶĄůŝƐĞ ĚŽƐ ĐŝƌĐƵŝƚŽƐ ƋƵĞ ƌĞƉƌĞƐĞŶƚĂŵ Ž ĞŶůĂĐĞ͘ WĂƌĂ Ă
ƌĞƉƌĞƐĞŶƚĂĕĆŽĚŽƉƌŽĐĞƐƐŽĚĞŵŽĚƵůĂĕĆŽ͕ƵƚůŝnjĂŵŽƐŽĐŝƌĐƵŝƚŽĚĂĨŝŐƵƌĂϮ͘ϭ͘
&ŝŐƵƌĂ Ϯ͘ϭ ŝƌĐƵŝƚŽ ƌĞƉƌĞƐĞŶƚĂŶĚŽ Ž ƉƌŽĐĞƐƐŽ ĚĞ ŵŽĚƵůĂĕĆŽ Ğŵ Ƶŵ ĞŶůĂĐĞ ĂŶĂůſŐŝĐŽ ſƉƚŝĐŽ ĐŽŵ
ŵŽĚƵůĂĕĆŽĚŝƌĞƚĂ͘
ܴ
ி
ܴ
ܴ
݌
ݒ
Ϯϱ
81,9(56,'$'()('(5$/'(3(51$0%8&2
Ă ĨŝŐƵƌĂ Ϯ͘ϭ͕ ƉŽĚĞŵŽƐ ŽďƐĞƌǀĂƌ Ă ĨŽŶƚĞ ĚŽ ƐŝŶĂů ĂŶĂůſŐŝĐŽ͕ ŽƵ ĨŽŶƚĞ ĚĞ
ŵŽĚƵůĂĕĆŽ͕ŐĞƌĂŶĚŽƵŵƐŝŶĂůĚĞǀŽůƚĂŐĞŵݒ
ி
ĞĐŽŵƵŵĂƌĞƐŝƐƚġŶĐŝĂܴ
ி
͘ݒ
ி
ĠĞŶƚĆŽ
ĞŶƚƌĞŐƵĞ ĂŽ ůĂƐĞƌ ŶŽ ŝŶƚƵŝƚŽ ĚĞ ǀĂƌŝĂƌ Ă ƐĂşĚĂ ſƉƚŝĐĂ ĚŽ ůĂƐĞƌ͕ ƌĞƉƌĞƐĞŶƚĂĚĂ ƉŽƌ ƐƵĂ
ƉŽƚġŶĐŝĂ ſƉƚŝĐĂ ݌
͘ ŵ ĚŝƐƉŽƐŝƚŝǀŽƐ ƋƵĞ ƚƌĂďĂůŚĂŵ ĐŽŵ ƐŝŶĂŝƐ ĂŶĂůſŐŝĐŽƐ͕ Ġ ƉƌĞĐŝƐŽ
ŵĂŶƚĞƌƵŵĐĂƐĂŵĞŶƚŽĚĞŝŵƉĞĚąŶĐŝĂĞŶƚƌĞĞůĞƐ͘/ƐƚŽĠĨĞŝƚŽĨĂnjĞŶĚŽͲƐĞĐŽŵƋƵĞŽƐ
ĚŝƉŽƐŝƚŝǀŽƐ ƚĞŶŚĂŵ Ă ŵĞƐŵĂ ƌĞƐŝƐƚġŶĐŝĂ͘ EŽ ĐŝƌĐƵŝƚŽ ĚĂ ĨŝŐƵƌĂ Ϯ͘ϭ͕ ƉŽƌ ĞdžĞŵƉůŽ͕ Ă
ƌĞƐŝƐƚġŶĐŝĂ ĚĞ ĐĂƐĂŵĞŶƚŽ ĚĞ ĨĂƐĞ ܴ
͕ ĨŽŝ ŝŶĐůƵşĚĂ ŶŽ ĐŝƌĐƵŝƚŽ͕ Ă Ĩŝŵ ĚĞ ŵĂŶƚĞƌ Ă
ƌĞƐŝƐƚġŶĐŝĂĚŽůĂƐĞƌĞĂƌĞƐŝƐƚġŶĐŝĂĚĂĨŽŶƚĞĚĞŵŽĚƵůĂĕĆŽŝŐƵĂŝƐ͕
ܴ
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ܴ
ܴ
͘
ĂĂŶĄůŝƐĞĚŽĐŝƌƵŝƚŽĚĂĨŝŐƵƌĂϮ͘ϭ͕ƚĞŵŽƐƋƵĞ

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ାோ

;Ϯ͘ϯͿ
ĞƋƵĞĂƉŽƚġŶĐŝĂĚŽƐŝŶĂůĂŶĂůſŐŝĐŽĠĚĂĚĂƉŽƌ΀ϭϬ΁

݌
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͘

;Ϯ͘ϰͿ
ĂƐĞĕĆŽϭ͘ϯ͘ϯ͕ƚĞŵŽƐƋƵĞ

݌
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͘;Ϯ͘ϱͿ
ůĞǀĂŶĚŽĂƐĞƋƵĂĕƁĞƐϮ͘ϯĞϮ͘ϱĂŽƋƵĂĚƌĂĚŽ͕ŝŐƵĂůĂŶĚŽͲĂƐĞƵƐĂŶĚŽŽĨĂƚŽĚĞ
ƋƵĞ
ܴ
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ܴ
ܴ
͕
ƚĞŵŽƐ
݌
ସோ

;Ϯ͘ϲͿ
^ƵďƐƚŝƚƵŝŶĚŽ ݒ
ĚĂ ĞƋƵĂĕĆŽ Ϯ͘ϰ ŶĂ ĞƋƵĂĕĆŽ Ϯ͘ϲ͕ ŽďƚĞŵŽƐ ƵŵĂ ƌĞůĂĕĆŽ ĞŶƚƌĞ Ă
ƉŽƚġŶĐŝĂĚŽƐŝŶĂůĚĞŵŽĚƵůĂĕĆŽĞĂƉŽƚġŶĐŝĂſƉƚŝĐĂĚĞƐĂşĚĂĚŽůĂƐĞƌ

௣
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ಾಲ೅಴ಹ
͘;Ϯ͘ϳͿ
WĂƌĂƌĞƉƌĞƐĞŶƚĂƌŽƉƌŽĐĞƐƐŽĚĞĨŽƚŽĚĞƚĞĕĆŽ͕ƵƚŝůŝnjĂŵŽƐŽĐŝƌĐƵŝƚŽĚĂĨŝŐƵƌĂϮ͘Ϯ͘
Ϯϲ
81,9(56,'$'()('(5$/'(3(51$0%8&2
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&ŝŐƵƌĂϮ͘ϮŝƌĐƵŝƚŽƌĞƉƌĞƐĞŶƚĂŶĚŽŽƉƌŽĐĞƐƐŽĚĞĨŽƚŽĚĞƚĞĕĆŽ͘
ĂĨŝŐƵƌĂϮ͘Ϯ͕ƉŽĚĞŵŽƐŽďƐĞƌǀĂƌĂƉŽƚġŶĐŝĂſƉƚŝĐĂ
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ĐŚĞŐĂŶĚŽŶŽĨŽƚŽĚĞƚŽƌ͕
Ž ƋƵĂů ŐĞƌĂ ƵŵĂ ĐŽƌƌĞŶƚĞĚĞ ĚĞƚĞĕĆŽ ݅
͕ ƋƵĞ Ġ ĞŶƚƌĞŐƵĞ ĂŽ ĚŝƐƉŽƐŝƚŝǀŽ ƌĞĐĞƉƚŽƌ ĚŽ
ƐŝŶĂůĂŶĂůſŐŝĐŽĚĞƐĂşĚĂĚŽĞŶĂůĐĞ͕ƌĞƉƌĞƐĞŶƚĂĚŽƉĞůĂƌĞƐŝƐƚġŶĐŝĂĚĞƐĂŝĚĂܴ
͘
ŽĐŝƌĐƵŝƚŽ͕ƚĞŵŽƐƋƵĞĂƉŽƚġŶĐŝĂĚĞƐŝŶĂůĂŶĂůſŐŝĐŽĠĚĂĚĂƉŽƌ
݌
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
;Ϯ͘ϴͿ
ĂƐĞĕĆŽϭ͘ϯ͘ϲ͕ƚĞŵŽƐƋƵĞ
݅
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;Ϯ͘ϵͿ
ĞůĞǀĂŶĚŽĞƐƚĂĞƋƵĂĕĆŽĂŽƋƵĂĚƌĂĚŽĞƐƵďƐƚŝƚƵŝŶĚŽ݅
ŶĂĞƋƵĂĕĆŽϮ͘ϴ͕ŽďƚĞŵŽƐƵŵĂ
ĞdžƉƌĞƐƐĆŽ ƋƵĞ ƌĞůĂĐŝŽŶĂ Ă ƉŽƚġŶĐŝĂ ĂŶĂůſŐŝĐĂ ĚĞ ƐĂşĚĂ ĐŽŵ Ă ƉŽƚġŶĐŝĂ ſƉƚŝĐĂ ƋƵĞ
ĐŚĞŐĂĂŽĨŽƚŽĚĞƚĞƚŽƌ͗

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͘;Ϯ͘ϭϬͿ
KŐĂŶŚŽŶŽĞŶůĂĐĞƉŽĚĞƐĞƌĞƐĐƌŝƚŽĞŵƚĞƌŵŽƐĚĞ݌
Ğ݌
͗
݃
ೞೌ೔
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͘;Ϯ͘ϭϭͿ
/ŶƚƌŽĚƵnjŝŶĚŽ ƵŵĂ ĨƵŶĕĆŽ ĚĞ ƚƌĂŶƐĨĞƌġŶĐŝĂ ܶ ƋƵĞ ƌĞƉƌĞƐĞŶƚĂ ĂƐ ƉĞƌĚĂƐ ƉŽƌ
ƚƌĂŶƐŵŝƐƐĆŽĚŽƐŝŶĂůſƉƚŝĐŽ͕ƚĞŵŽƐƋƵĞ΀ϵ΁
݌
௢ௗ
ܶ݌
;Ϯ͘ϭϮͿ
ܴ
݌
௢ௗ
݅
ݎ
݌
௢ௗ
Ϯϳ
81,9(56,'$'()('(5$/'(3(51$0%8&2
ĞůĞǀĂŶĚŽĞƐƚĂĞƋƵĂĕĆŽĂŽƋƵĂĚƌĂĚŽĞ ŝŶƚƌŽĚƵnjŝŶĚŽͲĂ ŶĂ ĞƋƵĂĕĆŽϮ͘ϭϭ͕ŽďƚĞŵŽƐƵŵ
ŐĂŶŚŽ ƋƵĞ ĞƐƚĄ ƌĞůĂĐŝŽŶĂĚŽ ĐŽŵ Ă ĞĨŝĐŝġŶĐŝĂ ĚŽ ƉƌŽĐĞƐƐŽ ĚĞ ŵŽĚƵůĂĕĆŽ Ğ ĐŽŵ Ă
ĞĨŝĐŝġŶĐŝĂĚŽƉƌŽĐĞƐƐŽĚĞĨŽƚŽĚĞƚĞĕĆŽ͕ĂƚƌĂǀĠƐĚĞĞdžƉƌĞƐƐƁĞƐƋƵĞũĄĨŽƌĂĚĞĚƵnjŝĚĂƐ͗
݃
ܶ
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;Ϯ͘ϭϯͿ
ƉĂƌĂŽĐĂƐŽƐĞŵƉĞƌĚĂƐŶĂƚƌĂŶƐŵŝƐƐĆŽ͕ܶͳ͕ƚĞŵŽƐŽŐĂŶŚŽŝŶƚƌşŶƐĞĐŽĚŽĞŶůĂĐĞ
݃
೚೏
͘;Ϯ͘ϭϰͿ
^ƵďƐƚŝƚƵŝŶĚŽĂƐĞƋƵĂĕƁĞƐϮ͘ϳĞϮ͘ϭϬŶĂĞƋƵĂĕĆŽϮ͘ϭϰ͕ŽďƚĞŵŽƐ
݃
ାோ
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;Ϯ͘ϭϱͿ
ŵĂƐ Ă ƌĞƉƌĞƐĞŶƚĂĕĆŽ ĞƐƋƵĞŵĄƚŝĐĂ ĚŽ ĞŶůĂĐĞ͕ ĚĂĚĂ ƉĞůĂ ĨŝŐƵƌĂ Ϯ͘ϯ͕ ŵŽƐƚƌĂ ƋƵĞ ƉŽƌ
ĐĂƐĂŵĞŶƚŽĚĞĨĂƐĞ
ܴ
ܴ
ܴ
͕
ĞŶƚĆŽŽŐĂŶŚŽŝŶƚƌşŶƐĞĐŽĚŽĞŶůĂĐĞĂŶĂůſŐŝĐŽſƉƚŝĐŽ
ĠĚĂĚŽƉŽƌ
݃
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;Ϯ͘ϭϲͿ
ŽŶĚĞƉŽĚĞŵŽƐŽďƐĞƌǀĂƌ͕ƋƵĞŽŐĂŶŚŽƚĞſƌŝĐŽŶĆŽĚĞƉĞŶĚĞĚĂƉŽƚġŶĐŝĂĂŶĂůſŐŝĐĂŽƵ
ſƉƚŝĐĂĞŵƉƌĞŐĂĚĂĂŽĞŶůĂĐĞ͕ŵĂƐƐŽŵĞŶƚĞĚĂĞĨŝĐŝġŶĐŝĂĚŽůĂƐĞƌĞĚĂƌĞƐƉŽŶƐŝǀŝĚĂĚĞ
ĚŽĨŽƚŽĚĞƚĞƚŽƌ͘
&ŝŐƵƌĂϮ͘ϯƐƋƵĞŵĂĚŽĐŝƌĐƵŝƚŽƌĞƉƌĞƐĞŶƚĂŶĚŽŽĞŶůĂĐĞĂŶĂůſŐŝĐŽſƉƚŝĐŽ͘
ŵĞƐĐĂůĂůŽŐĂƌşƚŵŝĐĂ͕ŽŐĂŶŚŽĠĚĂĚŽƉŽƌ
ܩ ͳͲ
ଵ଴
ݏ
݈
ʹ
ݎ
݀
ʹ
͘;Ϯ͘ϭϳͿ
ܴ
ܴ
ܴ
ܴ
ݒ
݌
݌
௢ௗ
Ϯϴ
81,9(56,'$'()('(5$/'(3(51$0%8&2
WĂƌĂŽĐĂƐŽĚĞƵŵůĂƐĞƌ&͕ĐƵũĂƌĞƐƉŽŶƐŝǀŝĚĂĚĞŐŝƌĂĞŵƚŽƌŶŽĚĞͲǡ͹ܣȀܹŶŽ
ĐŽŵƉƌŝŵĞŶƚŽĚĞŽŶĚĂĚĞͳͷͷͲ͕ĞƉĂƌĂƵŵĨŽƚŽĚĞƚĞƚŽƌĚŽƚŝƉŽ^ĐŚŽƚƚŬLJ͕ƋƵĞƚĞŵ
ƌĞƐƉŽŶƐŝǀŝĚĂĚĞĚĞĐĞƌĐĂĚĞͲǡͶȀ͕ƚĞŵŽƐƵŵŐĂŶŚŽƚĞſƌŝĐŽĚĞܩെͳͳǡͲ݀ܤ͘
Ϯ͘ϮͲ&/'hZZh1K
ĨŝŐƵƌĂĚĞƌƵşĚŽĠĂŵĞĚŝĚĂĚĂƋƵĂŶƚŝĚĂĚĞĚĞƌƵşĚŽƋƵĞƵŵĞŶůĂĐĞŝŶƐĞƌĞĞŵ
Ƶŵ ƐŝŶĂů͘ EŽƐ ĐĂƐŽƐ Ğŵ ƋƵĞ Ă ƉŽƚġŶĐŝĂ ĚŽ ƐŝŶĂů ĨƵŶĚĂŵĞŶƚĂů Ġ ďĂŝdžĂ͕ Ž ƌƵşĚŽ ĚŽ
ƐŝƐƚĞŵĂ ƉŽĚĞ ĂĨĞƚĂƌ ĞƐƚĞ ƐŝŶĂů ĨƵŶĚĂŵĞŶƚĂů͕ ƐĞŶĚŽ ĞŶƚĆŽ ŝŵƉŽƌƚĂŶƚĞ ŵŝŶŝŵŝnjĂƌ Ă
ĨŝŐƵƌĂ ĚĞ ƌƵşĚŽĞŵƵŵƐŝƐƚĞŵĂ͘ ƐƚĂŵŝŶŝŵŝnjĂĕĆŽĠŵƵŝƚŽ ŝŵƉŽƌƚĂŶƚĞ͕ƉŽƌ ĞdžĞŵƉůŽ͕
ĞŵƐĞŶƐŽƌŝĂŵĞŶƚŽƌĞŵŽƚŽĞĞŵƌĞĐĞƉĕĆŽĚĞĂŶƚĞŶĂƌĞŵŽƚĂ΀ϭϴ΁͘
^ĞŶĚŽܵ
௘௡௧
Ğܵ
௦௔௜
͕ƌĞƐƉĞĐƚŝǀĂŵĞŶƚĞ͕ŽƐƐŝŶĂŝƐĚĞĞŶƚƌĂĚĂĞƐĂşĚĂĞܴ
௘௡௧
Ğܴ
௦௔௜
ŽƐƌƵşĚŽƐĚĞĞŶƚƌĂĚĂĞƐĂşĚĂĚŽĞŶůĂĐĞ͕ƚĞŵŽƐƋƵĞĂƌĞůĂĕĆŽƐŝŶĂůƌƵşĚŽŶĂĞŶƚƌĂĚĂĞŶĂ
ƐĂşĚĂ ĚĞ Ƶŵ ĞŶůĂĐĞ ƐĆŽ ĚĂĚĂƐ͕ ƌĞƐƉĞĐƚŝǀĂŵĞŶƚĞ͕ ƉŽƌ ܴܵ
௘௡௧
೐೙೟
೐೙೟
Ğ ܴܵ
௦௔௜
ೞೌ೔
ೞೌ೔
͘
dŽĚŽƐĞƐƚĞƐƉĂƌąŵĞƚƌŽƐ͕ܵ
௘௡௧
͕ܵ
௦௔௜
͕ܴ
௘௡௧
Ğܴ
௦௔௜
ƐĆŽĚĂĚŽƐĞŵĚŵ͘
Kܴ
௘௡௧
ĠĚĂĚŽƉŽƌ΀ϭϵ΁
ܴ
௘௡௧
݇ܶ
ο݂;Ϯ͘ϭϴͿ
ŽŶĚĞ͗
݇ͳǡ͵ͺͳͲ
ିଶଷ
ܬ ܭ
Τ
ĠĂĐŽŶƐƚĂŶƚĞĚĞŽůƚnjŵĂŶŶ
ܶ
ʹͻͲܭƋƵĞĠĂƚĞŵƉĞƌĂƚƵƌĂĂŵďŝĞŶƚĞ
ο݂ͳܪݖĠĂůĂƌŐƵƌĂĚĞďĂŶĚĂ͘
^ƵďƐƚŝƚƵŝŶĚŽ ŽƐ ǀĂůŽƌĞƐ ŽďƚĞŵŽƐ ܴ
௘௡௧
؆ͶǡͲͲͳͲ
ିଶଵ
ܹ͕ Ğŵ  ƚĞŵŽƐ͕
ܴ
௘௡௧
െͳ͹Ͷ݀ܤ݉͘
ŶƚĆŽ͕ƚĞŵŽƐƋƵĞĂĨŝŐƵƌĂĚĞƌƵşĚŽ͕ĚĂĚĂĞŵĚ͕Ġ
ܰܨͳͲ
ଵ଴
ௌோ
ೞೌ೔
ௌோ
೐೙೟
ͳͲ
ଵ଴
ೞೌ೔
೐೙೟
;Ϯ͘ϭϵͿ
Ϯϵ
81,9(56,'$'()('(5$/'(3(51$0%8&2
ŽŶĚĞܩ
ೞೌ೔
೐೙೟
ܩ݄ܽ݊݋݀݋݈݁݊ܽܿ݁͘
^ĞŶĚŽܴ
௦௔௜
ܴ
௘௡௧
ܩܴ
௔ௗ
͕ĞŶƚĆŽ
ܰܨͳͲ
ଵ଴
ቀͳ
ೌ೏
೐೙೟
;Ϯ͘ϮϬͿ
͕ŽŶĚĞܴ
௔ௗ
ĠŽƌƵşĚŽĂĚŝĐŝŽŶĂůĚĞǀŝĚŽĂŽƐĐŽŵƉŽŶĞŶƚĞƐĚŽĞŶůĂĐĞ͘
Kܴ
௔ௗ
ĠĐŽŵƉŽƐƚŽƉĞůĂĐŽŶƚƌŝďƵŝĕĆŽĚŽƐƚƌġƐƚŝƉŽƐĚĞƌƵşĚŽŵĂŝƐĐŽŵƵŶƐ͗
ZƵşĚŽdĠƌŵŝĐŽ
ZƵşĚŽĚĞŝƐƉĂƌŽ
ZƵşĚŽĚĞ/ŶƚĞŶƐŝĚĂĚĞZĞůĂƚŝǀĂ;Z/EͿ
K ƌƵşĚŽ Ġ ƵŵĂ ƋƵĂŶƚŝĚĂĚĞ ƋƵĞ ŶĆŽ Ġ ĚĞƚĞƌŵŝŶşƐƚŝĐĂ͕ ŽƵ ƐĞũĂ͕ ŶĆŽ ƉŽĚĞ ƐĞƌ
ĚĞƚĞƌŵŝŶĂĚĂƉŽƌƵŵĂĨƵŶĕĆŽĚŽƚĞŵƉŽĐŽŶŚĞĐŝĚĂ͘KƌƵşĚŽĠĞŶƚĆŽĚĞƐĐƌŝƚŽƉŽƌƐƵĂƐ
ĐĂƌĂĐƚĞƌşƐƚŝĐĂƐ ĞƐƚĂƚşƐƚŝĐĂƐ͕ ƐĞŶĚŽ͕ Ž ǀĂůŽƌ ŵĠĚŝŽ ƋƵĂĚƌĄƚŝĐŽ ĂƐƐŽĐŝĂĚŽ ĂŽ ƌƵşĚŽ͕ Ă
ŐƌĂŶĚĞnjĂŵĂŝƐƵƐĂĚĂĞŵĂƉůŝĐĂĕƁĞƐĞůĠƚƌŝĐĂƐĞſƉƚŝĐĂƐ΀ϵ΁͘
K ƌƵşĚŽ ƚĠƌŵŝĐŽ ĂƉĂƌĞĐĞ ĚĞǀŝĚŽ ă ĂŐŝƚĂĕĆŽ ĂůĞƚſƌŝĂ ĚŽƐ ĞůĠƚƌŽŶƐ ŶŽƐ
ĐŽŶĚƵƚŽƌĞƐ͕ ƉŽƌ ĞdžĞŵƉůŽ͕ ĐŽƌƌĞŶƚĞ ĞůĠƚƌŝĐĂ ƉĂƐƐĂŶĚŽ ƉŽƌ Ƶŵ ƌĞƐŝƐƚŽƌ͘ ĞǀŝĚŽ ĂƐ
ĐĂƌĂĐƚĞƌşƐƚŝĐĂƐ ĞƐƚĂƚşƐƚŝĐĂƐ ĚŽ ƌƵşĚŽ ƚĠƌŵŝĐŽ͕ ƉŽĚĞŵŽƐ ĂŶĂůŝƐĂƌ Ž ĐŝƌĐƵŝƚŽ ƋƵĞ
ƌĞƉƌĞƐĞŶƚĂĂĨŽŶƚĞĚĞƌƵşĚŽƚĠƌŵŝĐŽ͕ƐƵďƐƚŝƚƵŝŶĚŽŽƐƌĞƐŝƐƚŽƌĞƐ͕ƉŽƌĨŽŶƚĞƐĚĞĐŽƌƌĞŶƚĞ
ĚĞƌƵşĚŽƚĠƌŵŝĐŽĞŵƉĂƌĂůĞůŽĐŽŵƌĞƐŝƐƚŽƌĞƐƐĞŵƌƵşĚŽ͕ĐŽŵŽŵŽƐƚƌĂĚŽŶĂĨŝŐƵƌĂϮ͘ϰ͕
ŽŶĚĞ΀ϮϬ΁

ۃ
݅
ۄ
Ͷ݇ܶο݂Ȁܴ
௦௘௠௥௨Àௗ௢
͘;Ϯ͘ϮϭͿ
&ŝŐƵƌĂϮ͘ϰŝƌĐƵŝƚŽƌĞƉƌĞƐĞŶƚĂŶĚŽƵŵĂĨŽŶƚĞĚĞĐŽƌƌĞŶƚĞĚĞƌƵşĚŽƚĠƌŵŝĐŽĞŵƉĂƌĂůĞůŽĐŽŵƌĞƐŝƐƚŽƌƐĞŵ
ƌƵşĚŽ͘
ۃ
݅
ۄ
ܴ
௦௘௠
௥௨
À
ௗ௢
ϯϬ
81,9(56,'$'()('(5$/'(3(51$0%8&2
ŽƚƌĂďĂůŚŽĚĞELJƋƵŝƐƚ΀ϮϬ΁͕ƚĞŵŽƐƋƵĞĂƉŽƚġŶĐŝĂĚĞƌƵşĚŽƚĠƌŵŝĐŽĠĚĂĚĂƉŽƌ
݌
ǡ௧௘௥
݇ܶο݂;Ϯ͘ϮϮͿ
ƋƵĞĐŽŵŽũĄĨŽŝǀŝƐƚŽĠŝŐƵĂůă݌
௥ǡ௧௘
െͳ͹Ͷ݀ܤ݉͘
K ƌƵşĚŽ ĚĞ ĚŝƐƉĂƌŽ ƐƵƌŐĞ ĚŽ ƉƌŽĐĞƐƐŽ ĚĞ ĨŽƚŽĚĞƚĞĕĆŽ͘ ůĞ ĞƐƚĄ ĂƐƐŽĐŝĂĚŽ ĂŽ
ǀĂůŽƌ ŵĠĚŝŽ ĚĂ ĐŽƌƌĞŶƚĞ ĞůĠƚƌŝĐĂ ;
ۃ
ܫ
ۄ
Ϳ ŐĞƌĂĚĂ ĂƚƌĂǀĠƐ ĚĞ ƵŵĂ ƐĠƌŝĞ ĚĞ ĞǀĞŶƚŽƐ
ĂůĞĂƚſƌŝŽƐ͕ ŶŽ ĐĂƐŽ͕ ĨŽƚŽĐŽƌƌĞŶƚĞ Ğŵ Ƶŵ ĚĞƚĞĐƚŽƌ͘ K ƌƵşĚŽ ŐĞƌĂĚŽ ĞƐƚĄ ĚŝƌĞƚĂŵĞŶƚĞ
ĂƐƐŽĐŝĂĚŽ ă ƋƵĂŶƚŝĚĂĚĞ ĚĞ ůƵnj ŝŶĐŝĚĞŶƚĞ ŶŽ ĨŽƚŽĚĞƚĞĐƚŽƌ͕ ĂƵŵĞŶƚĂŶĚŽ ůŝŶĞĂƌŵĞŶƚĞ
ĐŽŵŽĂƵŵĞŶƚŽĚĞ
ۃ
ܫ
ۄ
͘ƐƚĂĠƵŵĂĚĂƐĚĞƐǀĂŶƚĂŐĞŶƐĚĞƵƐĂƌƵŵĂƉŽƚġŶĐŝĂĚĞůĂƐĞƌ
ĂůƚĂ͘
ĂŵĞƐŵĂĨŽƌŵĂƋƵĞĨŽŝĨĞŝƚĂƉĂƌĂŽƌƵşĚŽƚĠƌŵŝĐŽ͕ŽƌƵşĚŽĚĞĚŝƐƉĂƌŽƉŽĚĞƐĞƌ
ƌĞƉƌĞƐĞŶƚĂĚŽƉŽƌƵŵĂĨŽŶƚĞĚĞĐŽƌƌĞŶƚĞ͘ƐƚĂĨŽŶƚĞĚĞĐŽƌƌĞŶƚĞĞƐƚĄĞŵƉĂƌĂůĞůŽĐŽŵ
ŽƌĞƐŝƐƚŽƌĚŽĨŽƚŽĚĞƚĞƚŽƌܴ
͘^ƵĂĐŽƌƌĞŶƚĞƋƵĂĚƌĄƚŝĐĂŵĠĚŝĂĠĚĂĚĂƉŽƌ΀Ϯϭ΁

ۃ
݅
௦௡
ۄ
ʹݍ
ۃ
݅
ۄ
ο݂;Ϯ͘ϮϯͿ
ƉŽƚġŶĐŝĂĚŽƌƵşĚŽĚĞĚŝƐƉĂƌŽĚĂĚĂƉŽƌ΀ϮϮ΁
݌
ǡௗ௜௦
ʹݍ
ۃ
ܫ
ۄ
ܴ
;Ϯ͘ϮϰͿ
ŽŶĚĞݍͳǡ͸ͲʹݔͳͲ
ିଵଽ
ܥĠĂĐĂƌŐĂĞůĠƚƌŝĐĂĚŽĞůĠƚƌŽŶĞܴ
ĠĂƌĞƐŝƐƚġŶĐŝĂĞƋƵŝǀĂůĞŶƚĞ
ĚŽĚĞƚĞĐƚŽƌ͘WŽƌĞdžĞŵƉůŽ͕ƉĂƌĂƵŵĂƌĞƐŝƐƚġŶĐŝĂܴ
ͷͲߗ͕ƋƵĞĠĂƌĞƐŝƐƚġŶĐŝĂƉĂĚƌĆŽ
ƉĂƌĂŽƐĐŽŵƉŽŶĞŶƚĞƐĚŽƐŝƐƚĞŵĂ͕ĐŽŵ
ۃ
ܫ
ۄ
ͳ݉ܣ͕ƚĞŵŽƐ݌
ǡௗ௜௦
െͳ͸ͺ݀ܤ݉͘
K Z/E ĂƉĂƌĞĐĞ ĐŽŵŽ ƌĞƐƵůƚĂĚŽ ĚĂƐ ĨůƵƚƵĂĕƁĞƐ ĚĂ ƉŽƚġŶĐŝĂ ſƉƚŝĐĂ ĚŽ ůĂƐĞƌ͕
ĚĞǀŝĚŽƉƌŝŵĞŝƌĂŵĞŶƚĞăƐĞŵŝƐƐƁĞƐĞƐƉŽŶƚąŶĞĂƐĚĞůƵnj͕ƋƵĞĚĞƉĞŶĚĞŵĚŽƐƉĂƌąŵĞƚƌŽƐ
ĞƐƚƌƵƚƵƌĂŝƐĚŽůĂƐĞƌ͘dĂŵďĠŵƉŽĚĞŵŝŶĨůƵŝƌŶŽZ/E͕ĨĂƚŽƌĞƐƌĞůĂĐŝŽŶĂĚŽƐăƐĐŽŶĚŝĕƁĞƐ
ĚĞ ŽƉĞƌĂĕĆŽ͕ ĐŽŵŽ ǀŝďƌĂĕƁĞƐ ĚĂ ĞƐƚƌƵƚƵƌĂ ŵĞĐąŶŝĐĂ ĚŽ ĚŝƐƉŽƐŝƚŝǀŽ͕ ǀĂƌŝĂĕƁĞƐ ĚĞ
ƚĞŵƉĞƌĂƚƵƌĂĞƌĞĨůĞdžƁĞƐŶŽůĂƐĞƌ͘
KZ/EƉŽĚĞƐĞƌĚĞĨŝŶŝĚŽƉĞůĂĞƋƵĂĕĆŽĂďĂŝdžŽ΀ϭϬ΁
ܴܫܰͳͲ
ଵ଴
ۃఋ௣
ۄο௙
ۃ
ۄ
;Ϯ͘ϮϱͿ
ϯϭ
81,9(56,'$'()('(5$/'(3(51$0%8&2
ŽŶĚĞۃߜ݌
ۄĠŽǀĂůŽƌŵĠĚŝŽƋƵĂĚƌĄƚŝĐŽĚĂƐĨůƵƚƵĂĕƁĞƐĚĞŝŶƚĞŶƐŝĚĂĚĞĚĂĚĞŶƐŝĚĂĚĞ
ĞƐƉĞĐƚƌĂů͕ο݂ĠĂůĂƌŐƵƌĂĚĞďĂŶĚĂĚŽŝŶƚĞƌǀĂůŽĚĞĨƌĞƋƺġŶĐŝĂĚĞŝŶƚĞƌĞƐƐĞĞ
ۃ
ܲ
ۄ
ĠŽ
ǀĂůŽƌŵĠĚŝŽƋƵĂĚƌĄƚŝĐŽĚĂƉŽƚġŶĐŝĂĚĞƐĂşĚĂĚŽůĂƐĞƌ͘
KůĂƐĞƌƵƐĂĚŽŶŽĞdžƉĞƌŝŵĞŶƚŽƚĞŵƵŵZ/EŝŶĨŽƌŵĂĚŽĚĞĨĄďƌŝĐĂĚĞ΀Ϯϯ΁
ܴܫܰെͳͶͲ݀ܤ͘;Ϯ͘ϮϲͿ
KďƐĞƌǀĂŶĚŽŽƐǀĂůŽƌĞƐĚŽƐƚƌġƐƚŝƉŽƐĚĞƌƵşĚŽƐĐŽŶƐŝĚĞƌĂĚŽƐ͕ǀĞŵŽƐƋƵĞŽܴܫܰ
ƚĞŵƵŵĂĐŽŶƚƌŝďƵŝĕĆŽŵĂŝŽƌŶŽƌƵşĚŽĚŽƐŝƐƚĞŵĂ͕ƋƵĞĠĐĂƐŽŵĂŝƐƵƐƵĂůĞŵĞŶůĂĐĞƐ
ƋƵĞƵƚŝůŝnjĂŵŵŽĚƵůĂĕĆŽĚŝƌĞƚĂ΀ϭϮ΁͘ƐƚĞĐĂƐŽ͕ƵƚŝůŝnjĂŵŽƐƵŵŵŽĚĞůŽƋƵĞĚĞƐĐƌĞǀĞĂ
ĨŝŐƵƌĂ ĚĞ ƌƵşĚŽ ĚĞ Ƶŵ ƐŝƐƚĞŵĂ ĐŽŵ Ž Z/E ƐĞŶĚŽ Ă ĨŽŶƚĞ ĚĞ ƌƵşĚŽ ƉƌĞĚŽŵŝŶĂŶƚĞ ŶŽ
ĞŶůĂĐĞ͘EĂĨŝŐƵƌĂϮ͘ϱ͕ƚĞŵŽƐƵŵĐŝƌĐƵŝƚŽƌĞƉƌĞƐĞŶƚĂŶĚŽƵŵĞŶůĂĐĞƉĂƌĂŽĐĂƐŽŽƋƵĂůŽ
Z/EĠĚŽŵŝŶĂŶƚĞ͘


&ŝŐƵƌĂ Ϯ͘ϱ ZĞƉƌĞƐĞŶƚĂĕĆŽ ĚŽ ĐŝƌĐƵŝƚŽ ƉĂƌĂ ŵŽĚƵůĂĕĆŽ ĚŝƌĞƚĂ ĐŽŵ Ž Z/E ƐĞŶĚŽ Ž ĨĂƚŽƌ ĚĞ ƌƵşĚŽ
ĚŽŵŝŶĂŶƚĞ͘
WĂƌĂŽƌƵşĚŽĂĚŝĐŝŽŶĂůܴ
௔ௗ
͕ĐŽŶƐŝĚĞƌĂŵŽƐĂƉĞŶĂƐŽZ/EĞŽƌƵşĚŽƚĠƌŵŝĐŽ͕ĐŽŵŽ
ĨŽŶƚĞƐ ĚĞ ƌƵşĚŽ͘ ^ĞŶĚŽ ƋƵĞ Ă ĐŽŶƚƌŝďƵŝĕĆŽ ĚŽ ƌƵşĚŽ ƚĠƌŵŝĐŽ Ġ ĚĂĚĂ ƉŽƌ ݃
݇ܶ Ğ Ă
ĐŽŶƚƌŝďƵŝĕĆŽ ĚŽ Z/E Ġ ĚĂĚĂ ƉŽƌ
ۃ
݅
௥௜௡
ۄ
ܴ
͘ KƐ ĨĂƚŽƌĞƐ ĚĞ ƌƵşĚŽ͕ ƐĆŽ ĞƐƚĂƚŝƐƚŝĐĂŵĞŶƚĞ
ŝŶĚĞƉĞŶĚĞŶƚĞƐĞŶƚƌĞƐŝ͕ĞŶƚĆŽ
ܴ
௔ௗ
݃
݇ܶ
ۃ
݅
௥௜௡
ۄ
ܴ
;Ϯ͘ϮϳͿ
^ƵďƐƚŝƚƵŝŶĚŽĂĞƋƵĂĕĆŽϮ͘ϮϳŶĂĞƋƵĂĕĆŽϮ͘ϮϬ͕ŽďƚĞŵŽƐƵŵĂĞdžƉƌĞƐƐĆŽƉĂƌĂĂ
ĨŝŐƵƌĂ ĚĞ ƌƵşĚŽ Ğŵ ƚĞƌŵŽƐ ĚŽ ŐĂŶŚŽ͕ ĚĂ ĐŽƌƌĞŶƚĞ ŵĠĚŝĂ ƋƵĂĚƌĄƚŝĐĂ ĚŽ Z/E Ğ ĚŽƐ
ĨĂƚŽƌĞƐƚĠƌŵŝĐŽƐ͕
ݒ
ۃ
݅
௧௟௢௔ௗ
ۄ
ܴ
ۃ
݅
௧ௗ
ۄ
ۃ
݅
௥௜௡
ۄ
ܴ
ܴ
ۃ
ݒ
௧௟
ۄ
݌
௢ௗ
݌
ܴ
ϯϮ
81,9(56,'$'()('(5$/'(3(51$0%8&2
ܰܨ ͳͲ݈݋݃ቀͳ
௞்ା
ۃ
ೝ೔೙
ۄ
௞்
ͳͲ݈݋݃൬ʹ
ۃ
ೝ೔೙
ۄ
௞்
;Ϯ͘ϮϴͿ
ŽŶĚĞ
ۃ
݅
௥௜௡
ۄ
ĠŽďƚŝĚĂĚĂĞƋƵĂĕĆŽϮ͘Ϯϱ

ۃ
݅
௥௜௡
ۄ
ۃ
ۄ
ͳͲ
ೃ಺ಿ
భబ
ο݂͘;Ϯ͘ϮϵͿ
WŽĚĞͲƐĞĐĂůĐƵůĂƌƉŽƌĞdžĞŵƉůŽĂƐĨŝŐƵƌĂƐĚĞƌƵşĚŽƚĞſƌŝĐĂƐƉĂƌĂƉŽƚġŶĐŝĂƐ
ſƉƚŝĐĂƐĚĞϯŵtĞϲŵt͗
ܰܨ
ଷ௠ௐ
͵Ͳ݀ܤܰܨ
଺௠ௐ
͵͸݀ܤ;Ϯ͘ϯϬͿ
Ϯ͘ϯͲ^&Z
 ƉƌĞƐĞŶĕĂ ĚĞ ĞůĞŵĞŶƚŽƐ ŶĆŽͲůŝŶĞĂƌĞƐ ŶŽ ĞŶůĂĐĞ ĐĂƵƐĂŵ ĚŝƐƚŽƌĕƁĞƐ ŶŽ ƐŝŶĂů
ĂŶĂůſŐŝĐŽĂƉůŝĐĂĚŽĂĞůĞ͘EĂƐĂşĚĂĚŽĞŶůĂĐĞ͕ǀĞŵŽƐĞŶƚĆŽŶĆŽƐſĂƉƌĞƐĞŶĕĂĚŽƐŝŶĂů
ĂŶĂůſŐŝĐŽ ĨƵŶĚĂŵĞŶƚĂů͕ ŵĂƐ ƚĂŵďĠŵ Ž ĂƉĂƌĞĐŝŵĞŶƚŽ ĚĞ ƐŝŶĂŝƐ ŚĂƌŵŽŶŝĐĂŵĞŶƚĞ
ƌĞůĂĐŝŽŶĂĚŽƐ ĂŽ ƐŝŶĂů ĨƵŶĚĂŵĞŶƚĂů͘ ƐƚĞƐ ƐŝŶĂŝƐ ŚĂƌŵƀŶŝĐŽƐ ƐĆŽ ĐŚĂŵĂĚŽƐ ĚĞ
ĚŝƐƚŽƌĕƁĞƐ͘
WĞůŽĨĂƚŽĚĞŚĂǀĞƌƐŝŶĂŝƐĞŵĚŝĨĞƌĞŶƚĞƐĨƌĞƋƺġŶĐŝĂƐŶĂƐĂşĚĂĚŽĞŶůĂĐĞ͕ĨĂnjĞŵŽƐ
ƵƐŽĚĞƵŵĂĨƵŶĕĆŽĚĞƚƌĂŶƐĨĞƌġŶĐŝĂƋƵĞƌĞƉƌĞƐĞŶƚĂĂƐĚŝƐƚŽƌĕƁĞƐ͗
ܵ
௦௔௜
ݔ
ܪ
ݔ
ܵ
௘௡௧
ݔ
;Ϯ͘ϯϭͿ
WĂƌĂƉĞƋƵĞŶŽƐƐŝŶĂŝƐ͕ĂƉƌŽdžŝŵĂͲƐĞĂĨƵŶĕĆŽĚĞƚƌĂŶƐĨĞƌġŶĐŝĂĚĞƵŵĂƐĠƌŝĞĚĞdĂLJůŽƌ͗
ܪ
ݔ
σ
௫ି
௞Ǩ
௞ୀ଴
ௗ௫
௫ୀ
ͳ
σ
ݔܽ
݄
௞ୀ
;Ϯ͘ϯϮͿ
ŽŶĚĞ͕݄
ௗ௫
௫ୀ௔
ĞܽĠŽƉŽŶƚŽĚĞƉŽůĂƌŝnjĂĕĆŽ΀ϭϬ΁͘
ĞĨŝŶŝŶĚŽݒ
ݐ
ݒ
ݒ

ݓݐ
ĐŽŵŽĂǀŽůƚĂŐĞŵĚĞŵŽĚƵůĂĕĆŽ͕ŽŶĚĞݒ
ĠĂǀŽůƚĂŐĞŵĚĞƉŽůĂƌŝnjĂĕĆŽĞݒ

ݓݐ
ĠĂǀŽůƚĂŐĞŵĚĞŵŽĚƵůĂĕĆŽƋƵĞƌĞƉƌĞƐĞŶƚĂ
Ž ƐŝŶĂů ĂŶĂůſŐŝĐŽ͘ ŶƚĆŽ͕ ƐƵďƐƚŝƚƵŝŶĚŽ ݒ
ݐ
ŶĂ ĞƋƵĂĕĆŽ Ϯ͘ϯϮ Ğ ĐŽŶƐŝĚĞƌĂŶĚŽ
ŚĂƌŵƀŶŝĐŽƐĂƚĠĂƚĞƌĐĞŝƌĂŽƌĚĞŵ͗
ܪ
ݒ
ݐ
ሻሿ
ͳ݄
ݒ

ݓݐ
݄
ݒ

ݓݐ
ሻሿ
݄
ݒ

ݓݐ
ሻሿ
;Ϯ͘ϯϯͿ
ϯϯ
81,9(56,'$'()('(5$/'(3(51$0%8&2
DĂƐ 
ݓݐ
ଵିୡ୭ୱ
ଶ௪௧
Ğ 
ݓݐ
ୱ୧୬
௪௧
ିୱ୧୬
ଷ௪௧
͘ ŶƚĆŽ͕ Ă ĞƋƵĂĕĆŽ Ϯ͘ϯϯ
ĨŝĐĂ͗
ܪ
ݒ
ݐ
ሻሿ
ͳ݄
ݒ

ݓݐ
ͳ
ʹݓݐ
ሻሿ
͵
ݓݐ

͵ݓݐ
ሻሿ
;Ϯ͘ϯϰͿ
hŵ ŽƵƚƌŽ ƉĂƌąŵĞƚƌŽ Ʒƚŝů ŶĂ ĂŶĄůŝƐĞ ĚĞ ĚŝƐƚŽƌĕƁĞƐ ŶŽ ĞŶůĂĐĞ Ġ Ž şŶĚŝĐĞ ĚĞ
ŵŽĚƵůĂĕĆŽ;݉Ϳ͕ĚĞĨŝŶŝĚŽĐŽŵŽĂƌĂnjĆŽĞŶƚƌĞĂǀŽůƚĂŐĞŵĚĞŵŽĚƵůĂĕĆŽĞĂǀŽůƚĂŐĞŵ
ŵĄdžŝŵĂĚĞŵŽĚƵůĂĕĆŽ΀ϵ΁͗
݉ؠ
௦௜௡௔௟ௗ௘௠௢ௗ௨௟௔௢
௠௫௜௠௢௦௜௡௔௟ௗ௘௠௢ௗ௨௟௔௢
;Ϯ͘ϯϱͿ
ĨŝŵĚĞŶŽƌŵĂůŝnjĂƌĂĞƋƵĂĕĆŽϮ͘ϭϯƉĂƌĂĂŵŽĚƵůĂĕĆŽŵĄdžŝŵĂĚŽŵŽĚƵůĂĚŽƌ;݉ͳͿ͕
ĨĂnjĞŵŽƐ ݒ
͘ ^ƵďƐƚŝƚƵŝŶĚŽ ĞƐƚĞ ǀĂůŽƌ Ğŵ Ϯ͘ϯϰ Ğ ĂŐƌƵƉĂŶĚŽ ŽƐ ĞůĞŵĞŶƚŽƐ ĚĞ
ŵĞƐŵĂĨƌĞƋƺġŶĐŝĂ͕ŽďƐĞƌǀĂͲƐĞŽƐĐŽĞĨŝĐŝĞŶƚĞƐĚĂƐĠƌŝĞƉĂƌĂŽƐŝŶĂůĨƵŶĚĂŵĞŶƚĂů
ݓ
͕Ž
ŚĂƌŵƀŶŝĐŽ ĚĞ ƐĞŐƵŶĚĂ ŽƌĚĞŵ
ʹݓ
͕ Ž ŚĂƌŵƀŶŝĐŽ ĚĞ ƚĞƌĐĞŝƌĂ ŽƌĚĞŵ
͵ݓ
Ğ ƉĂƌĂ Ž
ƐŝŶĂůĚĞƉŽůĂƌŝnjĂĕĆŽ;ƐĞŵĚĞƉĞŶĚġŶĐŝĂĐŽŵŽƚĞŵƉŽͿ͕ŵŽƐƚƌĂĚŽƐŶĂƚĂďĞůĂϮ͘ϭ͘
&ZYmE/ K&//Ed
Ͳ
ͳ
݄
ʹ
݉
݄
ݓ
݉
͵
݄
Ͷ
݉
݄
ʹ
ݓ
݄
ʹ
݉
݄
͵
ݓ
݄
Ͷ
݉
݄
dĂďĞůĂϮ͘ϭŽĞĨŝĐŝĞŶƚĞƐĚĂƐĠƌŝĞĚĞdĂLJůŽƌĚĂƐĚŝƐƚŽƌĕƁĞƐŚĂƌŵƀŶŝĐĂƐĚĞƐĞŐƵŶĚĂĞƚĞƌĐĞŝƌĂŽƌĚĞŶƐ͘
KƐǀĂůŽƌĞƐŽďƚŝĚŽƐƐĆŽƉĂƌĂĂƉĞŶĂƐƵŵƐŝŶĂůĚĞZ&ŶŽƐŝƐƚĞŵĂ͘WĂƌĂƵŵĞƐƚƵĚŽ
ŵĂŝƐĐŽŵƉůĞƚŽĚĂƐĚŝƐƚŽƌĕƁĞƐ͕ĠĐŽŵƵŵƵƐĂƌŵŽƐĂƚĠĐŶŝĐĂĚĞĚŽŝƐƚŽŶƐ͘ƉůŝĐĂŶĚŽĚŽŝƐ
ƐŝŶĂŝƐ ĂŶĂůſŐŝĐŽƐ ܴܨ
݁ܴܨ
ĚĞ ĨƌĞƋƺġŶĐŝĂƐ ݓ
݁ݓ
͕ ĐŽŵ ŵĞƐŵĂ ĂŵƉůŝƚƵĚĞ͘ dĞŵŽƐ
ϯϰ
81,9(56,'$'()('(5$/'(3(51$0%8&2
ĞŶƚĆŽ ƋƵĞ ݒ
ݐ
ݒ
ݒ

ݓ
ݐ

ݓ
ݐ
ሻሿ
͕ ƐƵďƐƚŝƚƵŝŶĚŽ ŶĂ ĞƋƵĂĕĆŽ Ϯ͘ϯϮ Ğ
ůĞŵďƌĂŶĚŽƋƵĞݒ
͗
ܪ
ݒ
ݐ
ሻሿ
ͳ݉

ݓ
ݐ

ݓ
ݐ
ሻሿ
ଵିୡ୭ୱ
ଶ௪
ଵିୡ୭ୱ
ଶ௪

ݓ
ݓ

ݓ
ݓ
ୱ୧୬
ାୱ୧୬
ୱ୧୬
ଷ௪
ାୱ୧୬
ଷ௪

ʹݓ
ݓ

ݓ
ʹݓ

ʹݓ
ݓ

ݓ
ʹݓ
ሻሿ
;Ϯ͘ϯϲͿ
Žŵ Ă ĂƉůŝĐĂĕĆŽ ĚŽƐ ƐŝŶĂŝƐ ܴܨ
݁ܴܨ
ŶŽ ĞŶůĂĐĞ͕ ĂůĠŵ ĚĂ ŽďƚĞŶĕĆŽ ĚŽƐ
ŚĂƌŵƀŶŝĐŽƐ͕ŚĄƚĂŵďĠŵŽĂƉĂƌĞĐŝŵĞŶƚŽĚĂƐŝŶƚĞƌŵŽĚƵůĂĕƁĞƐ͘ƐŝŶƚĞƌŵŽĚƵůĂĕƁĞƐƐĆŽ
ƐŝŶĂŝƐĂĚŝĐŝŽŶĂŝƐ͕ĐŽŵĨƌĞƋƺġŶĐŝĂƐĚŝĨĞƌĞŶƚĞƐĚĂƐĨƌĞƋƺġŶĐŝĂƐĚŽƐŚĂƌŵƀŶŝĐŽƐ͘dĞŵͲƐĞ͕
ĞŶƚĆŽ͕ƋƵĞƉĂƌĂŽƐƐŝŶĂŝƐĨƵŶĚĂŵĞŶƚĂŝƐ
ݓ
ǡݓ
͕ŝŶƚĞƌŵŽĚƵůĂĕƁĞƐĚĞƐĞŐƵŶĚĂŽƌĚĞŵ
ݓ
ݓ
Ğ ŝŶƚĞƌŵŽĚƵůĂĕƁĞƐ ĚĞ ƚĞƌĐĞŝƌĂ ŽƌĚĞŵ
ʹݓ
ݓ
ǡݓ
ʹݓ
͕ ŽďƚĞŵŽƐŽƐ
ĐŽĞĨŝĐŝĞŶƚĞƐůŝƐƚĂĚŽƐŶĂƚĂďĞůĂϮ͘Ϯ͘
dĂďĞůĂϮ͘ϮŽĞĨŝĐŝĞŶƚĞƐĚĂƐĠƌŝĞĚĞdĂLJůŽƌĚĂƐŝŶƚĞƌŵŽĚƵůĂĕƁĞƐ͘
Ɛ ĚŝƐƚŽƌĕƁĞƐ ĚĞ ƐĞŐƵŶĚĂ ŽƌĚĞŵ ŝŶĐůƵĞŵ ĂŵďŽƐ ƐŝŶĂŝƐ ŚĂƌŵƀŶŝĐŽƐ Ğ
ŝŶƚĞƌŵŽĚƵůĂĕƁĞƐ ƋƵĞ ƚġŵ ŽƌŝŐĞŵ ŶŽ ƚĞƌŵŽ ƋƵĂĚƌĄƚŝĐŽ ĚĂ ĞƋƵĂĕĆŽ Ϯ͘ϯϮ͘
ŶĂůŽŐĂŵĞŶƚĞ͕ ĂƐ ĚŝƐƚŽƌĕƁĞƐ ĚĞ ƚĞƌĐĞŝƌĂ ŽƌĚĞŵ ŝŶĐůƵĞŵ ŽƐ ŚĂƌŵƀŶŝĐŽƐ Ğ
ŝŶƚĞƌŵŽĚƵůĂĕƁĞƐŽƌŝŐŝŶĄƌŝŽƐĚŽƚĞƌŵŽĐƷďŝĐŽĚĞϮ͘ϯϮ͘ŽŵŝƐƐŽ͕ĐŽŶƐŝĚĞƌĂŶĚŽƋƵĞŽ
ƚĞƌŵŽ ݉
Ġ ŵƵŝƚŽ ŵĞŶŽƌ ƋƵĞ ͕݉ ĞŶƚĆŽ Ž ƐŝŶĂů ĨƵŶĚĂŵĞŶƚĂů Ġ ƉƌŽƉŽƌĐŝŽŶĂů Ă ͕݉
&ZYmE/ K&//Ed
Ͳ
ͳ
݄
ʹ
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ǡ
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81,9(56,'$'()('(5$/'(3(51$0%8&2
ĞŶƋƵĂŶƚŽ ƋƵĞ ĂƐ ĚŝƐƚŽƌĕƁĞƐ ĚĞ ƐĞŐƵŶĚĂ Ğ ƚĞƌĐĞŝƌĂ ŽƌĚĞŶƐ ƐĆŽ ƉƌŽƉŽƌĐŝŽŶĂŝƐ Ă ݉
Ğ
݉
͕ƌĞƐƉĞĐƚŝǀĂŵĞŶƚĞ΀Ϯϰ΁͘
ŵĞĚŝĚĂĞŵƋƵĞĂǀŽůƚĂŐĞŵĚĞŵŽĚƵůĂĕĆŽĂƵŵĞŶƚĂ͕ŽƵƐĞũĂ͕Ž݉ĂƵŵĞŶƚĂ͕
ĞƐƚĂǀŽůƚĂŐĞŵĚĞŵŽĚƵůĂĕĆŽĂƚŝŶŐĞĂƌĞŐŝĆŽĚĞŵŽĚƵůĂĕĆŽŶĆŽͲůŝŶĞĂƌĚŽŵŽĚƵůĂĚŽƌ͘
Ɛ ĚŝƐƚŽƌĕƁĞƐ ĞŶƚĆŽ ĂƵŵĞŶƚĂŵ ŵĂŝƐ ƌĂƉŝĚĂŵĞŶƚĞ ĚŽ ƋƵĞ Ž ƐŝŶĂů ĨƵŶĚĂŵĞŶƚĂů͘ ƐƚĞ
ĂƵŵĞŶƚŽ ƉŽĚĞ ƐĞƌ ƚĂů ƋƵĞ ĂƐ ĚŝƐƚŽƌĕƁĞƐ ƉŽƐƐĂŵ ƵůƚƌĂƉĂƐƐĂƌ Ž ŶşǀĞů ĚĞ ƌƵşĚŽ ĚŽ
ƐŝƐƚĞŵĂ͕ĐŽŵĞĕĂŶĚŽĂĚŝƐƚŽƌĐĞƌŽƐƐŝŶĂŝƐĨƵŶĚĂŵĞŶƚĂŝƐ͘
EĂĨŝŐƵƌĂϮ͘ϲ͕ƚĞŵŽƐĂĚŝƐƉŽƐŝĕĆŽĚŽƐƐŝŶĂŝƐĨƵŶĚĂŵĞŶƚĂŝƐĞĚĂƐĚŝƐƚŽƌĕƁĞƐĞŵ
ƵŵŝŶƚĞƌǀĂůŽĚŽĞƐƉĞĐƚƌŽĚĞĨƌĞƋƺġŶĐŝĂƐ͘ƐĚŝƐƚŽƌĕƁĞƐĚĞƐĞŐƵŶĚĂŽƌĚĞŵĂƉĂƌĞĐĞŵ
Ğŵ ĨƌĞƋƺġŶĐŝĂƐ ƌĞůĂƚŝǀĂŵĞŶƚĞ ĚŝƐƚĂŶƚĞƐ ĚŽƐ ƐŝŶĂŝƐ ĨƵŶĚĂŵĞŶƚĂŝƐ͘ WĂƌĂ ƐŝƐƚĞŵĂƐ ĐŽŵ
ůĂƌŐƵƌĂ ĚĞ ďĂŶĚĂ ĞƐƚƌĞŝƚĂ͕ ŝŶĨĞƌŝŽƌĞƐ Ă ƵŵĂ ŽŝƚĂǀĂ͕ ĂƐ ĚŝƐƚŽƌĕƁĞƐ ĚĞ ƐĞŐƵŶĚĂ ŽƌĚĞŵ
ƉŽĚĞŵƐĞƌĚĞƐƉƌĞnjĂĚĂƐ͘hŵĂŽŝƚĂǀĂĠŽŝŶƚĞƌǀĂůŽĚĞĨƌĞƋƺġŶĐŝĂŝŐƵĂůĂŽŝŶƚĞƌǀĂůŽĚĞ
ĨƌĞƋƺġŶĐŝĂĚĞƐĞƉĂƌĂĕĆŽĞŶƚƌĞŽƐƐŝŶĂŝƐĨƵŶĚĂŵĞŶƚĂŝƐ΀Ϯϱ΁͘
&ŝŐƵƌĂϮ͘ϲƐƋƵĞŵĂĚŽĞƐƉĞĐƚƌŽĚĞĨƌĞƋƺġŶĐŝĂƐĚŽƐƐŝŶĂŝƐĨƵŶĚĂŵĞŶƚĂŝƐĞƐƵĂƐĚŝƐƚŽƌĕƁĞƐŶĂƐĂşĚĂĚŽ
ĞŶůĂĐĞ΀ϵ΁͘
^ŝŶĂů
&ƵŶĚĂŵĞŶƚĂů
Ğ,ĂƌŵƀŶŝĐŽƐ
/ŶƚĞƌŵŽĚƵůĂĕĆŽĚĞ
ϮǐŽƌĚĞŵ
/ŶƚĞƌŵŽĚƵůĂĕĆŽĚĞ
ϯǐŽƌĚĞŵ
&ZYmE/;D,njͿ
ϭϬϬ
ϮϬϬ
ϯϬϬ
Ϭ
Ͳ
ϱϬ
Ͳ
ϰϬ
Ͳ
ϯϬ
Ͳ
ϮϬ
Ͳ
ϭϬ
Ϭ
EşǀĞůĚĞZƵşĚŽ
/ŶƚĞƌǀĂůŽ>ŝǀƌĞĚĞ/ŶƚĞƌŵŽĚƵůĂĕĆŽ
;
ϯǐŽƌĚĞŵͿ
DW>/dh
;ĚͿ
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81,9(56,'$'()('(5$/'(3(51$0%8&2
ƐĚŝƐƚŽƌĕƁĞƐĚĞ ƚĞƌĐĞŝƌĂŽƌĚĞŵ ƚĂŵďĠŵ ƉŽƐƐƵĞŵ ĨĂƚŽƌĞƐĨŽƌĂ ĚĂůĂƌŐƵƌĂ ĚĞ
ďĂŶĚĂŝŶĨĞƌŝŽƌĂƵŵĂŽŝƚĂǀĂ͘DĂƐĞdžŝƐƚĞŵĚŽŝƐƐŝŶĂŝƐ͕ƉƌŽĚƵƚŽƐĚĂŝŶƚĞƌŵŽĚƵůĂĕĆŽĚĞ
ƚĞƌĐĞŝƌĂ ŽƌĚĞŵ͕ ƋƵĞ ĞƐƚĆŽ ƐĞƉĂƌĂĚŽƐ ĚĂƐ ĨƌĞƋƺġŶĐŝĂƐ ĨƵŶĚĂŵĞŶƚĂŝƐ ƉĞůĂ ŵĞƐŵĂ
ƋƵĂŶƚŝĚĂĚĞĚĞƐĞƉĂƌĂĕĆŽĞŶƚƌĞŽƐƐŝŶĂŝƐĨƵŶĚĂŵĞŶƚĂŝƐ͘ƐƚĞƐ ƐŝŶĂŝƐĞƐƚĆŽůŽĐĂůŝnjĂĚŽƐ
ŶĂƐĨƌĞƋƺġŶĐŝĂƐĚĞʹܨ
ܨ
Ğʹܨ
ܨ
͘ƐƚĞƐĚŽŝƐƐŝŶĂŝƐĞƐƚĆŽƉƌĞƐĞŶƚĞƐŵĞƐŵŽĞŵ
ƐŝƐƚĞŵĂƐĚĞůĂƌŐƵƌĂĚĞĨĂŝdžĂĞƐƚƌĞŝƚĂ͘ŶƚĆŽ͕ĞƐƚĞƐĚŽŝƐƐŝŶĂŝƐʹܨ
ܨ
Ğʹܨ
ܨ
ƐĆŽ
ƉĂƌąŵĞƚƌŽƐŝŵƉŽƌƚĂŶƚĞƐŶĂŵĞĚŝĚĂĚĂƋƵĂůŝĚĂĚĞĚŽƐŝŶĂů͘
K ĂƵŵĞŶƚŽ ĚĂ ƉŽƚġŶĐŝĂ ĚŽƐ ƐŝŶĂŝƐ ĚĞ ĞŶƚƌĂĚĂ ĐŽŶƐĞƋƵĞŶƚĞŵĞŶƚĞ ĂƵŵĞŶƚĂ Ă
ƉŽƚġŶĐŝĂĚŽƐƐŝŶĂŝƐĚĞǀŝĚŽăƐĚŝƐƚŽƌĕƁĞƐ͘DĂƐĂƐƉŽƚġŶĐŝĂƐĚĂƐĚŝƐƚŽƌĕƁĞƐĂƵŵĞŶƚĂŵ
ĚĞ ĂĐŽƌĚŽĐŽŵ ƐƵĂƐ ƌĞƐƉĞĐƚŝǀĂƐ ŽƌĚĞŶƐ͕ ĐŽŵŽ ĨŽŝ ǀŝƐƚŽ ĂŶƚĞƐ͘ ŶƚĆŽ͕Ă ƉĂƌƚŝƌ ĚĞ Ƶŵ
ĐĞƌƚŽǀĂůŽƌĚĞƉŽƚġŶĐŝĂĚĞĞŶƚƌĂĚĂĂŝŶƚĞƌŵŽĚƵůĂĕĆŽĚĞƚĞƌĐĞŝƌĂŽƌĚĞŵ;/DϯͿƉŽĚĞ
ƵůƚƌĂƉĂƐƐĂƌŽŶşǀĞůĚĞƌƵşĚŽĞĂĨĞƚĂƌĂƋƵĂůŝĚĂĚĞĚŽƐƐŝŶĂŝƐĨƵŶĚĂŵĞŶƚĂŝƐ͘ŽŵŽĨĂƚŽƌ
ĚĞƋƵĂůŝĚĂĚĞĚŽƐŝŶĂů͕ƵƐĂͲƐĞŽ^&Z͘ŶƚĆŽ͕Ž^&ZĠŽŝŶƚĞƌǀĂůŽĚĞƉŽƚġŶĐŝĂŽƋƵĂůŽ
ƐŝŶĂů ĨƵŶĚĂŵĞŶƚĂů ƉĞƌŵĂŶĞĐĞ ĂĐŝŵĂ ĚŽ ŶşǀĞů ĚĞ ƌƵşĚŽ͕ ĞŶƋƵĂŶƚŽ ƋƵĞ ĂƐ /Dϯ
ƉĞƌŵĂŶĞĕĂŵĂďĂŝdžŽĚŽŶşǀĞůĚĞƌƵşĚŽ͘
Ϯ͘ϯ͘ϭͲhDWKhKD/^^KZ/^dKZO^
ƐĚŝƐƚŽƌĕƁĞƐĞŵůĂƐĞƌƐ&ŶŽĐŽŵƉƌŝŵĞŶƚŽĚĞŽŶĚĂĚĞͳͷͷͲďĂƐĞĂĚŽƐ
ŶŽ ĨŽƐĨĞƚŽ ĚĞ şŶĚŝŽ;/ŶWͿĨŽƌĂŵ ƉƌŝŵĞŝƌĂŵĞŶƚĞ ĂƉƌĞƐĞŶƚĂĚŽƐ ƉŽƌd͘ ͘ ĂƌĐŝĞĞ Z͘
dƵĐŬĞƌ΀Ϯϲ΁͘ƐƚĞƚƌĂďĂůŚŽŵŽƐƚƌĂĐŽŵŽŽƐĞŐƵŶĚŽŚĂƌŵƀŶŝĐŽ͕ŽƚĞƌĐĞŝƌŽŚĂƌŵƀŶŝĐŽĞ
Ă ŝŶƚĞƌŵŽĚƵůĂĕĆŽ ƐĞ ĐŽŵƉŽƌƚĂŵ ĐŽŵ Ž ĂƵŵĞŶƚŽ ĚĂ ĨƌĞƋƺġŶĐŝĂ ĚĞ ŵŽĚƵůĂĕĆŽ͘ EŽ
ĂƌƚŝŐŽ͕ĞŶĐŽŶƚƌĂŵŽƐƋƵĞĂƐŵĂŐŶŝƚƵĚĞƐĚŽƐƉĂƌąŵĞƚƌŽƐĚĞĚŝƐƚŽƌĕĆŽǀĂƌŝĂŵĐŽŶĨŽƌŵĞ
ĂƐƐĞŐƵŝŶƚĞƐĞƋƵĂĕƁĞƐ͗
ƐĞŶĚŽ͕

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ଶ௙
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ାቀ
ଶ௙
ଷ௙
;Ϯ͘ϯϴͿ
ϯϳ
81,9(56,'$'()('(5$/'(3(51$0%8&2

ூெ஽
݉
ି
మഏ೑
ଶ௙
;Ϯ͘ϯϵͿ
ŽŶĚĞ Ϯ, Ġ Ž ŚĂƌŵƀŶŝĐŽ ĚĞ ʹ͐ ŽƌĚĞŵ͕ ϯ, Ž ŚĂƌŵƀŶŝĐŽ ĚĞ ͵͐ ŽƌĚĞŵ͕ /D Ă
ŝŶƚĞƌŵŽĚƵůĂĕĆŽ͕ĂŝŶƚĞŶƐŝĚĂĚĞĚĂƉŽƌƚĂĚŽƌĂſƉƚŝĐĂĞŽŐĂŶŚŽŵĠĚŝŽĞŵĨƵŶĕĆŽĚĂ
ĨƌĞƋƺġŶĐŝĂĠĚĂĚŽƉŽƌ

݂
ିଵ
ቈ൜ቀ
ͳൠ
ଶగఌ
ି
͘;Ϯ͘ϰϬͿ
^ĞŶĚŽ݃
ŽŐĂŶŚŽƉĂƌĂďĂŝdžĂƐĨƌĞƋƺġŶĐŝĂƐ͕ߝŽĨĂƚŽƌĚĞĐŽŵƉƌĞƐƐĆŽĚŽŐĂŶŚŽĚĞǀŝĚŽ
ăĚĞŶƐŝĚĂĚĞĚĞĨſƚŽŶƐĞ߬
ŽƚĞŵƉŽĚĞǀŝĚĂĚŽĨſƚŽŶ͘
WĞůĂƐ ĞƋƵĂĕƁĞƐ͕ ǀĞŵŽƐ ƋƵĞ Ž şŶĚŝĐĞ ĚĞ ŵŽĚƵůĂĕĆŽ ;݉Ϳ Ğ Ă ĨƌĞƋƺġŶĐŝĂ ĚĞ
ƌĞƐƐŽŶąŶĐŝĂ;݂
Ϳ͕ƐĆŽƉĂƌąŵĞƚƌŽƐͲĐŚĂǀĞ͕ŽŶĚĞĂ݂
ĚĞƉĞŶĚĞĚĂĐŽƌƌĞŶƚĞĚĞƉŽůĂƌŝnjĂĕĆŽ
ŶŽƌŵĂůŝnjĂĚĂ ĂƉůŝĐĂĚĂ ŶŽ ĚŝƐƉŽƐŝƚŝǀŽ ΀Ϯϳ΁͘ EĂ ĨŝŐƵƌĂ Ϯ͘ϳ͕ ƚĞŵŽƐ Ž ŐƌĄĨŝĐŽ
ĐŽƌƌĞƐƉŽŶĚĞŶƚĞĚĂƐĞƋƵĂĕƁĞƐϮ͘ϯϳͲϮ͘ϯϵ͕ĞŵĨƵŶĕĆŽĚĂĨƌĞƋƺġŶĐŝĂĚĞŵŽĚƵůĂĕĆŽƉĂƌĂ
݂
ͷǡ͵ܩܪݖ͕ ŽŶĚĞ Ă ƵŶŝĚĂĚĞ ĚĐ ŶŽ ĞŝdžŽ ĚĂƐ ĚŝƐƚŽƌĕƁĞƐ͕ ƐĞ ƌĞĨĞƌĞ Ă ĚŝĨĞƌĞŶĕĂ ĚĞ
ƉŽƚġŶĐŝĂĞŶƚƌĞŽƐŝŶĂůĨƵŶĚĂŵĞŶƚĂůĞĂƌĞƐƉĞĐƚŝǀĂĚŝƐƚŽƌĕĆŽ͘
&ŝŐƵƌĂϮ͘ϳŝƐƚŽƌĕƁĞƐĐŽŵŽĨƵŶĕĆŽĚĂĨƌĞƋƺġŶĐŝĂƉĂƌĂ݂
ͷǡ͵ܩܪݖ΀Ϯϲ΁͘
ϯϴ
81,9(56,'$'()('(5$/'(3(51$0%8&2
ŽŐƌĄĨŝĐŽ͕ƉŽĚĞŵŽƐŽďƐĞƌǀĂƌƋƵĞ͕ĚĞƵŵĂŵĂŶĞŝƌĂŐĞƌĂů͕ƚŽĚŽƐŽƐƉĂƌąŵĞƚƌŽƐ
ĚĞ ĚŝƐƚŽƌĕĆŽ ĞƐƚĆŽĂƵŵĞŶƚĂŶĚŽĐŽŵ ŽĂƵŵĞŶƚŽĚĂĨƌĞƋƺġŶĐŝĂ ĂƚĠĂĨƌĞƋƺġŶĐŝĂƋƵĞ
ĐŽƌƌĞƐƉŽŶĚĞăŵĞƚĂĚĞĚĂĨƌĞƋƺġŶĐŝĂĚĞƌĞƐƐŽŶąŶĐŝĂ;݂
ʹ
Τ
Ϳ͘ŵ݂
ʹ
Τ
͕ŽďƐĞƌǀĂŵŽƐƵŵ
ƉŝĐŽĚŽƐƉĂƌąŵĞƚƌŽƐĚĞĚŝƐƚŽƌĕĆŽ͘ĐŝŵĂĚĞ݂
ʹ
Τ
͕ŽƐŚĂƌŵƀŶŝĐŽƐĚĞƐĞŐƵŶĚĂĞƚĞƌĐĞŝƌĂ
ŽƌĚĞŶƐƚĞŶĚĞŵĂĚŝŵŝŶƵŝƌ͕ĂŽĐŽŶƚƌĄƌŝŽĚĂŝŶƚĞƌŵŽĚƵůĂĕĆŽƋƵĞĐƌĞƐĐĞĐŽŵŽĂƵŵĞŶƚŽ
ĚĂ ĨƌĞƋƺġŶĐŝĂ͕ ƚĞŶĚŽ ƐĞƵ ŵĄdžŝŵŽ ƉƌſdžŝŵŽ ă ݂
͘ ƐƚĞ Ġ ŽƵƚƌŽ ĨĂƚŽ Ă ƌĞƐƉĞŝƚŽ ĚĂ
ŝŶƚĞƌŵŽĚƵůĂĕĆŽ ƋƵĞ ĨĂnj ĐŽŵ ƋƵĞ ĞůĂ ƐĞũĂ ŝŵƉŽƌƚĂŶƚĞ ƉĂƌąŵĞƚƌŽ ĚĞ ƋƵĂůŝĚĂĚĞ ĚŽ
ĞŶůĂĐĞ͘
ϯϵ
81,9(56,'$'()('(5$/'(3(51$0%8&2
W1dh>KϯͲyWZ/DEdK^Z^h>dK^
ϯ͘ϭͲKDWKEEd^KE>
KƐ ĐŽŵƉŽŶĞŶƚĞƐ ƉƌŝŶĐŝƉĂŝƐ ĚŽ ĞdžƉĞƌŝŵĞŶƚŽ ƐĆŽ͗ ĚŽŝƐ ŐĞƌĂĚŽƌĞƐ ĚĞ ƐŝŶĂŝƐ
ĂŶĂůſŐŝĐŽƐ͕ ĂŵƉůŝĨŝĐĂĚŽƌĞƐ ĚĞ Z&͕ Ƶŵ ůĂƐĞƌ & ĐŽŵ DĂĐŚͲĞŚŶĚĞƌ ŝŶƚĞŐƌĂĚŽ͕ Ƶŵ
ĂŵƉůŝĨŝĐĂĚŽƌ&͕ƵŵĂŵƉůŝĨŝĐĂĚŽƌ^K͕ĨŝďƌĂſƉƚŝĐĂ͕ƵŵĨŽƚŽĚĞƚĞƚŽƌĞƵŵĂŶĂůŝnjĂĚŽƌ
ĚĞĞƐƉĞĐƚƌŽ͘
ƋƵŝƉĂŵĞŶƚŽƐ ĚŽ ĞŶůĂĐĞ ƋƵĞ ƚƌĂďĂůŚĂŵ ĐŽŵ Ž ƐŝŶĂů ĂŶĂůſŐŝĐŽ͕ ƉƌĞĐŝƐĂŵ
ŽďĞĚĞĐĞƌ Ă ĐŽŶĚŝĕĆŽ ĚĞ ĐĂƐĂŵĞŶƚŽ ĚĞ ŝŵƉĞĚąŶĐŝĂ ĚĞ ĞŶůĂĐĞƐ ĂŶĂůſŐŝĐŽƐ͘ WĂƌĂ ŝƐƐŽ͕
ĞƐƚĞƐĞƋƵŝƉĂŵĞŶƚŽƐƐĆŽƚĞƌŵŝŶĂĚŽƐĐŽŵƌĞƐŝƐƚġŶĐŝĂĚĞͷͲȳ͘
DW>/&/KZ^Z&
hƚŝůŝnjĂƌĂŵͲƐĞ ĚŽŝƐ ĂŵƉůŝĨŝĐĂĚŽƌĞƐ ĚĞ Z& ĨĂďƌŝĐĂĚŽƐ ƉĞůĂ DŝŶŝͲŝƌĐƵŝƚƐ ƉĂƌĂ
ĂŵƉůŝĨŝĐĂƌŽƐŝŶĂůĚĞͳǡͲ͘ŵĂŝƐĚŽŝƐĂŵƉůŝĨŝĐĂĚŽƌĞƐĚĞZ&ĚĂDŝŶŝͲŝƌĐƵŝƚƐƉĂƌĂ
ĂŵƉůŝĨŝĐĂƌŽƐƐŝŶĂŝƐĚĞͳǡͷʹǡͲ͘ƐĐĂƌĂĐƚĞƌşƐƚŝĐĂƐĚŽƐĂŵƉůŝĨŝĐĂĚŽƌĞƐĞƐƚĆŽ
ĂƉƌĞƐĞŶƚĂĚĂƐŶĂƚĂďĞůĂĂďĂŝdžŽ͗
dĂďĞůĂϯ͘ϭĂƌĂĐƚĞƌşƐƚŝĐĂƐĚŽƐĂŵƉůŝĨŝĐĂĚŽƌĞƐĚĞZ&ƵƐĂĚŽƐŶŽĞdžƉĞƌŝŵĞŶƚŽ͘
>^Z&/Ed'ZKKDDKh>KZD,Ͳ,EZ/ŶW
KĚŝƐƉŽƐŝƚŝǀŽƚƌĂŶƐŵŝƐƐŽƌƵƚŝůŝnjĂĚŽĠĨĂďƌŝĐĂĚŽƉĞůĂǁ&ŽĐƵƐ͘ŽŶƚƌŽůĂĚŽƌĞƐĚĞ
ƚĞŵƉĞƌĂƚƵƌĂ Ğ ĚŽ ůĂƐĞƌ͕ ĨĂďƌŝĐĂĚŽƐ ƉĞůĂ dŚŽƌůĂďƐ͕ ĨŽƌĂŵ ƵƐĂĚŽƐ ƉĂƌĂ ĞƐƚĂďŝůŝnjĂƌ Ă
ƚĞŵƉĞƌĂƚƵƌĂ ĚŽ ĚŝƐƉŽƐŝƚŝǀŽ Ğ ƉĂƌĂ Ă ŝŶũĞĕĆŽ ĚĞ ĐŽƌƌĞŶƚĞ ŶŽ ůĂƐĞƌ͘ Ɛ ƚĞŶƐƁĞƐ ĚĞ
ƉŽůĂƌŝnjĂĕĆŽĚŽŵŽĚƵůĂĚŽƌĞĚĞĐŽŶƚƌŽůĞĚŽƚĞŶƵĂĚŽƌMƉƚŝĐŽsĂƌŝĄǀĞů;sĂƌŝĂďůĞŽƉƚŝĐĂů
ƚƚĞŶƵĂƚŽƌ͕sKͿ͕ĨŽƌĂŵĨŽƌŶĞĐŝĚĂƐƉŽƌƵŵĂĨŽŶƚĞĞdžƚĞƌŶĂ͘
ŵƉůŝĨŝĐĂĚŽƌϭ ŵƉůŝĨŝĐĂĚŽƌϮ hŶŝĚĂĚĞƐ
&ĂŝdžĂĚĞĨƌĞƋƺġŶĐŝĂ
͸ͷͲ
Ǧ
ͳʹͲͲ
ͳͶͲͲ
Ǧ
ʹ͵ͲͲ

&ŝŐƵƌĂĚĞƌƵşĚŽ
ʹ
ǡͲ
ʹǡ
ͷ

'ĂŶŚŽ
ʹͲ
ǡͲ
ͳͺ
ǡͲ

ϰϬ
81,9(56,'$'()('(5$/'(3(51$0%8&2
K ĞƐƋƵĞŵĂ ĚŽƐ ĐŝƌĐƵŝƚŽƐ ŶŽ ŵſĚƵůŽ͕ ĞdžĐĞƚƵĂŶĚŽ Ă ƉĂƌƚĞ ƋƵĞ ĐŽŶƚƌŽůĂ Ă
ƚĞŵƉĞƌĂƚƵƌĂ ĚŽ ĚŝƐƉŽƐŝƚŝǀŽ͕ Ġ ĚĂĚŽ ŶĂ ĨŝŐƵƌĂ ϯ͘ϭ͘ EŽ ƉŝŶŽ ϯ ĚŽ ŵſĚƵůŽ ŝŶũĞƚĂͲƐĞ Ă
ĐŽƌƌĞŶƚĞĚĞĂůŝŵĞŶƚĂĕĆŽĚŽůĂƐĞƌ&͘KƐŝŶĂůſƉƚŝĐŽƉĂƐƐĂƉŽƌƵŵŝƐŽůĂĚŽƌſƉƚŝĐŽƉĂƌĂ
ĞǀŝƚĂƌƌĞĨůĞdžƁĞƐĚŽƐŝŶĂůſƉƚŝĐŽŶŽůĂƐĞƌ͘ĨŝŵĚĞŵĂŶƚĞƌƵŵĂƉŽƚġŶĐŝĂĚĞƐŝŶĂůſƉƚŝĐŽ
ĐŽŶƐƚĂŶƚĞ͕ĠƵƚŝůŝnjĂĚŽƵŵsK͕ƋƵĞĂďƐŽƌǀĞ ĂƉŽƚġŶĐŝĂ ſƉƚŝĐĂ͘ĂƚĞŶƵĂĕĆŽſƉƚŝĐĂĠ
ĐŽŶƚƌŽůĂĚĂĂƉůŝĐĂŶĚŽƵŵĂǀŽůƚĂŐĞŵŶŽƉŝŶŽϴ͘
&ŝŐƵƌĂϯ͘ϭƐƋƵĞŵĂĚŽĐŝƌĐƵŝƚŽĚĞŶƚƌŽĚŽĚŝƐƉŽƐŝƚŝǀŽƵƐĂĚŽƉĂƌĂŽƉƌŽĐĞƐƐŽĚĞŵŽĚƵůĂĕĆŽ΀Ϯϴ΁͘
dĞŵŽƐĚŽŝƐĞůĞƚƌŽĚŽƐĞŵĐĂĚĂďƌĂĕŽĚŽDĂĐŚͲĞŚŶĚĞƌ͘ƚƌĂǀĠƐĚŽĞůĞƚƌŽĚŽϭ
;ƉŝŶŽ ϭϰͿ͕ ĂƉůŝĐĂͲƐĞ ƵŵĂ ǀŽůƚĂŐĞŵ ĐŽŵ ƵŵĂ ĨƌĞƋƺġŶĐŝĂ ŵƵŝƚŽ ďĂŝdžĂ͕ ĐŚĂŵĂĚĂ ĚĞ
ǀŽůƚĂŐĞŵ ĚĞ ƉŽůĂƌŝnjĂĕĆŽ  ;ŝƌĞĐƚ ƵƌƌĞŶƚͿ͘ EŽ ĞůĞƚƌŽĚŽ Ϯ ;ƉŝŶŽ ϭϮͿ͕ ĂůĠŵ ĚĂ
ǀŽůƚĂŐĞŵĚĞƉŽůĂƌŝnjĂĕĆŽ͕ƚĞŵŽƐŽƐŝŶĂůĚĞZ&;ůƚĞƌŶĂƚĞƵƌƌĞŶƚͿĂƉůŝĐĂĚŽƐŶŽ
ŵŽĚƵůĂĚŽƌ͕ĂĐŚĂŵĂĚĂǀŽůƚĂŐĞŵĚĞŵŽĚƵůĂĕĆŽ͘
EĂ ĨŝŐƵƌĂ ϯ͘Ϯ͕ ƉŽĚĞŵŽƐ ŽďƐĞƌǀĂƌ ĐŽŵŽ Ă ƉŽƚġŶĐŝĂ ſƉƚŝĐĂ ĚĞ ƐĂşĚĂ ĚŽ
ŵŽĚƵůĂĚŽƌƚĞŵ ƵŵĐŽŵƉŽƌƚĂŵĞŶƚŽŶĆŽͲůŝŶĞĂƌĚĞǀŝĚŽăƐĐĂƌĂĐƚĞƌşƐƚŝĐĂƐŶĆŽͲůŝŶĞĂƌĞƐ
ĚŽ/ŶW͘
ϴ
ϱ
ϰ
ϯ
ϭϭ
ϭϬ
ϵ
ϭϮ
ϭϯ
ϭϰ
ϰϳϬŶ&
ϰϳϬŶ&
ϭϬϬ
Ŷ&
ϰϳϬŶ&
ϱϬ
π

ϰϭ
81,9(56,'$'()('(5$/'(3(51$0%8&2
&ŝŐƵƌĂϯ͘ϮWŽƚġŶĐŝĂſƉƚŝĐĂĞŵĨƵŶĕĆŽĚĂǀŽůƚĂŐĞŵĂƉůŝĐĂĚĂĂŽŵŽĚƵůĂĚŽƌDĂĐŚͲĞŚŶĚĞƌĚŽƚŝƉŽ/ŶW
΀Ϯϴ΁͘
 ĐŽƌƌĞŶƚĞ ĚĞ ůŝŵŝĂƌ ĚŽ ůĂƐĞƌ ;ƚŚƌĞƐŚŽůĚͿ Ġ ĚĞ ĐĞƌĐĂ ĚĞ ʹͺ݉ܣ͘ K ĚŝƐƉŽƐŝƚŝǀŽ
ĂƉƌĞƐĞŶƚŽƵ ĐĞƌĐĂ ĚĞ ͵ ƉŽƚġŶĐŝĂ ſƉƚŝĐĂ ŵĠĚŝĂ ĚĞ ƐĂşĚĂ ƐĞŵ ĂƉůŝĐĂĕĆŽ ĚĞ ƐŝŶĂů
ĂŶĂůſŐŝĐŽ Ğ ĐŽŵ Ƶŵ ĐŽŵƉƌŝŵĞŶƚŽ ĚĞ ŽŶĚĂ ĚĞ ͳͷͷͷǡͷ͸͘ Ɛ ƚĞŶƐƁĞƐ ƌĞƋƵĞƌŝĚĂƐ
ƉĞůŽ ĚŝƐƉŽƐŝƚŝǀŽ ƐĞ ĞŶĐŽŶƚƌĂŵ ŶŽ ĚĂƚĂƐŚĞĞƚ ĚŽ ůĂƐĞƌ ΀Ϯϯ΁͘ DĂƐ ƉĞůŽ ŐƌĄĨŝĐŽ ĂĐŝŵĂ
ƉŽĚĞŵŽƐ ŽďƐĞƌǀĂƌ ƋƵĞ Ă ǀŽůƚĂŐĞŵ ĚĞ ƉŽůĂƌŝnjĂĕĆŽ ;ƌĞŐŝĆŽ ŵĂŝƐ ůŝŶĞĂƌ ĚŽ ŐƌĄĨŝĐŽͿ ĨŽŝ
ĂƉƌŽdžŝŵĂĚĂŵĞŶƚĞെʹĞĂǀŽůƚĂŐĞŵĚĞŵŽĚƵůĂĕĆŽĐĞƌĐĂĚĞʹ
୮୮
͘
DW>/&/KZ^&Ğ^K
K & ƵƚŝůŝnjĂĚŽ ŶŽ ĞdžƉĞƌŝŵĞŶƚŽ ĨŽŝ Ž <ĞŽƉƐLJƐ <W^ͲdͲͲϮϳͲWͲ&͘ ƐƚĞ
ĂŵƉůŝĨŝĐĂĚŽƌƚĞŵƐƵĂƌĞŐŝĆŽĚĞŐĂŶŚŽĞŶƚƌĞͳͷʹͻĞͳͷ͸ʹǡĐŽŵƵŵŐĂŶŚŽƉŽƌ
ǀŽůƚĂĚĞʹ͹ǡͲ͘^ƵĂĨŝŐƵƌĂĚĞƌƵşĚŽĠĐĞƌĐĂĚĞͶǡͷĞŵͳͷͷͲ͘
K^KƵƚŝůŝnjĂĚŽĨŽŝŽKs'ϭϬϭϯ͕ƋƵĞĂŵƉůŝĨŝĐĂŽƐŝŶĂůſƉƚŝĐŽŶƵŵŝŶƚĞƌǀĂůŽĚĞ
ĐŽŵƉƌŝŵĞŶƚŽĚĞŽŶĚĂĚĞͳͷʹͺ݊݉Ăͳͷ͸ʹ݊݉ĐŽŵĨŝŐƵƌĂĚĞƌƵşĚŽŵĄdžŝŵĂĚĞͻǡͷ݀ܤ͘
KŐĂŶŚŽŵĄdžŝŵŽĚŽ^KĠĚĞĐĞƌĐĂĚĞͳͺǡͲ݀ܤƉĂƌĂŽĐŽŵƉƌŝŵĞŶƚŽĚĞŽŶĚĂƵƚŝůŝnjĂĚŽ
ŶŽĞdžƉĞƌŝŵĞŶƚŽ΀Ϯϵ΁͘
WKdE/
MWd/;ŵtͿ
sK>d'D
WK>Z/K;ͲsͿ
ϰϮ
81,9(56,'$'()('(5$/'(3(51$0%8&2
ŵďŽƐŽƐĂŵƉůŝĨŝĐĂĚŽƌĞƐ&Ğ^KĨŽƌĂŵĂũƵƐƚĂĚŽƐĚĞŵŽĚŽƋƵĞĞŶƚƌĞŐĂƐƐĞŵ
ŶĂĞŶƚƌĂĚĂĚŽĨŽƚŽĚĞƚĞƚŽƌƵŵĂƉŽƚġŶĐŝĂſƉƚŝĐĂĚĞĐĞƌĐĂĚĞ͸ܹ݉͘
&/ZMWd/
&ŝďƌĂſƉƚŝĐĂŵŽŶŽŵŽĚŽ;ƐŝŶŐůĞŵŽĚĞĨŝďĞƌ͕^D&ͿĨŽŝƵƚŝůŝnjŝĚĂƉĂƌĂƚƌĂŶƐŵŝƚŝƌŽƐŝŶĂů
ſƉƚŝĐŽ ĚŽ ĚŝƐƉŽƐŝƚŝǀŽ ĚĞ ŵŽĚƵůĂĕĆŽ ĂŽ ĨŽƚŽĚĞƚĞƚŽƌ͘ hƚŝůŝnjŽƵͲƐĞ Ƶŵ ĐŽŵƉƌŝŵĞŶƚŽ ĚĞ
ĨŝďƌĂĚĞĐĞƌĐĂĚĞͳͲͲ͘ĨŝďƌĂƉŽƐƐƵŝƵŵĂĂƚĞŶƵĂĕĆŽĚĞƉĞŶĚĞŶƚĞĚŽĐŽŵƉƌŝŵĞŶƚŽ
ĚĞŽŶĚĂĚĂůƵnj͕ĐŽŶĨŽƌŵĞĂĨŝŐƵƌĂϯ͘ϯ͘KďƐĞƌǀĂŵŽƐ͕ƉĞůŽŐƌĄĨŝĐŽ͕ƋƵĞŶŽĐŽŵƉƌŝŵĞŶƚŽ
ĚĞŽŶĚĂƵƚŝůŝnjĂĚŽŶŽĞdžƉĞƌŝŵĞŶƚŽ͕ͳͷͷͷǡͷ͸͕ĂĨŝďƌĂƚĞŵƵŵĂĂƚĞŶƵĂĕĆŽĚĞĐĞƌĐĂ
ĚĞ Ϭ͕ϮĚͬŬŵ͘ EĂ ĨŝŐƵƌĂ͕ ƚĂŵďĠŵƉŽĚĞŵŽƐ ŽďƐĞƌǀĂƌĂƐ ƌĞŐŝƁĞƐ ĚŽ ĐŽŵƉƌŝŵĞŶƚŽĚĞ
ŽŶĚĂ ŵĂŝƐ ƵŝůŝnjĂĚĂƐ ŶĂƐ ƚĞůĞĐŽŵƵŶŝĐĂĕƁĞƐ͘  ďĂŶĚĂ ^ ;^ŚŽƌƚ tĂǀĞůĞŶŐŚƚ ĂŶĚ͕
ͳͶͷͲͳͷ͵ͲͿ͕ďĂŶĚĂ;ŽŶǀĞŶƚŝŽŶĂůĂŶĚ͕ͳͷ͵Ͳͳͷ͸ͷͿĞĂďĂŶĚĂ>;>ŽŶŐ
tĂǀĞůĞŶŐŚƚ ĂŶĚ͕ ͳͷ͸ͷͳ͸ʹͷͿ ΀ϭϲ΁͘ dĂŵďĠŵ ƚĞŵŽƐ͕ ŶĂ ĨŝŐƵƌĂ͕ ĂƐ ũĂŶĞůĂƐ ĚĞ
ĐŽŵƵŶŝĐĂĕƁĞƐϮ͕ϯĞϰ͘
&ŝŐƵƌĂϯ͘ϯƚĞŶƵĂĕĆŽĚĂĨŝďƌĂƵƚŝůŝnjĂĚĂĞŵĨƵŶĕĆŽĚŽĐŽŵƉƌŝŵĞŶƚŽĚĞŽŶĚĂ͕ŵŽƐƚƌĂŶĚŽƚĂŵďĠŵĂƐ
ďĂŶĚĂƐĚĞĐŽŵƵŶŝĐĂĕƁĞƐſƉƚŝĐĂƐ΀ϭϬ΁͘
&KdKddKZ
&Žŝ ƵƐĂĚŽ Ƶŵ ĚĞƚĞĐƚŽƌ ĚŽ ƚŝƉŽ ^ĐŚŽƚƚŬLJ ĚĂ EĞǁ &ŽĐƵƐ͕ ĐŽŵƉŽƐƚŽ ƉĞůŽ
ƐĞŵŝĐŽŶĚƵƚŽƌ /Ŷ'ĂƐ ĐŽŵ ĐĂƉĂĐŝĚĂĚĞ ĚĞ ĚĞƚĞĕĆŽ ĚĞ ĂƚĠ ʹͲ͕ ĐŽďƌŝŶĚŽ Ƶŵ
ĐŽŵƉƌŝŵĞŶƚŽ ĚĞ ŽŶĚĂ ĚĂ ůƵnj ĚĞ ͻͷͲ Ă ͳ͸ͷͲ͘  ƉŽƚġŶĐŝĂ ſƉƚŝĐĂ ŵĄdžŝŵĂ ŶŽ
ϰϯ
81,9(56,'$'()('(5$/'(3(51$0%8&2
ĨŽƚŽĚĞƚĞƚŽƌ Ġ ĚĞ ͳͲ͘ EŽ ĐŽŵƉƌŝŵĞŶƚŽ ĚĞ ŽŶĚĂ ĐŽŵŽ ƋƵĂů ƐĞ ƚƌĂďĂůŚŽƵ͕ Ž
ĚĞƚĞĐƚŽƌƚĞŵƵŵĂƌĞƐƉŽŶƐŝǀŝĚĂĚĞĚĞͲǡͶȀ΀ϯϬ΁͘
E>/^KZ^WdZK
dƌĂĚŝĐŝŽŶĂůŵĞŶƚĞ͕ Ă ŽďƐĞƌǀĂĕĆŽ ĚĞ Ƶŵ ƐŝŶĂů ĞůĠƚƌŝĐŽ ĞŶǀŽůǀŝĂ Ž ƵƐŽ ĚĞ Ƶŵ
ŽƐĐŝůŽƐĐſƉŝŽ͕ ĐŽŵ ŽƋƵĂů Ġ ƉŽƐƐşǀĞů ĞŶdžĞƌŐĂƌ Ž ƐŝŶĂů ŶŽĚŽŵşŶŝŽĚŽ ƚĞŵƉŽ͘ ŵďŽƌĂ
ĞƐƚĂ ƐĞũĂ ƵŵĂ ŝŶĨŽƌŵĂĕĆŽ ŝŵƉŽƌƚĂŶƚĞ͕ Ž ŽƐĐŝůŽƐĐſƉŝŽ ŶĆŽ ƉŽĚĞ ĨŽƌŶĞĐĞƌ ŽƵƚƌĂƐ
ŝŶĨŽƌŵĂĕƁĞƐŶĂĂŶĄůŝƐĞĚŽƐŝŶĂůĚĞƐĂşĚĂĚŽĞŶůĂĐĞ͘KĂŶĂůŝƐĂĚŽƌĚĞĞƐƉĞĐƚƌŽĂŶĂůŝƐĂĂƐ
ĐĂƌĂĐƚĞƌşƐƚŝĐĂƐĚĞƵŵƐŝŶĂůĞůĠƚƌŝĐŽƌĞƉƌĞƐĞŶƚĂĚŽĞŵĨƵŶĕĆŽĚĂĨƌĞƋƺġŶĐŝĂ͘ƐƐŝŵ͕ Ġ
ƉŽƐƐşǀĞů ǀĞƌ ƚŽĚĂƐ ĂƐ ĚŝǀĞƌƐĂƐ ĐŽŵƉŽŶĞŶƚĞƐ ĚĞ ĨƌĞƋƺġŶĐŝĂ͕ ƋƵĞ ŶĆŽ ƉŽĚĞŵ ƐĞƌ
ŝĚĞŶƚŝĨŝĐĂĚĂƐ ŝŶĚŝǀŝĚƵĂůŵĞŶƚĞ Ğŵ Ƶŵ ŽƐĐŝůŽƐĐſƉŝŽ͘  ƉĂƌƚŝƌ ĚĞƐƚĂ ǀŝƐĆŽ ĚŽ ƐŝŶĂů͕ Ġ
ƉŽƐƐşǀĞůĨĂnjĞƌĨĂĐŝůŵĞŶƚĞŵĞĚŝĕƁĞƐĚĞĨƌĞƋƺġŶĐŝĂ͕ƉŽƚġŶĐŝĂ͕ĐŽŶƚĞƷĚŽĚĞŚĂƌŵƀŶŝĐĂƐ͕
ŵŽĚƵůĂĕĆŽ͕ĞƐƉƷƌŝŽƐĞƌƵşĚŽ͕ƵƐĂŶĚŽƐŽŵĞŶƚĞƵŵĂŶĂůŝƐĂĚŽƌĚĞĞƐƉĞĐƚƌŽ͘
KĂŶĂůŝƐĂĚŽƌƵƐĂĚŽĨŽŝƵŵŐŝůĞŶƚϰϰϰϲƋƵĞƚĞŵĐĂƉĂĐŝĚĂĚĞĚĞĐĂƉƚĂƌƐŝŶĂŝƐ
ĐŽŵĨƌĞƋƺġŶĐŝĂƐĞŶƚƌĞ͵ĞͶͶ͘ůĂƌŐƵƌĂĚĞĨĂŝdžĂƵƚŝůŝnjĂĚĂŶŽƐĞdžƉĞƌŝŵĞŶƚŽƐĨŽŝ
ĚĞͳͲͲĞŽƐƉĂŵ͕ŽƵƐĞũĂ͕ŽŝŶƚĞƌǀĂůŽƐƉĞĐƚƌĂůŽďƐĞƌǀĂĚŽ͕ĨŽŝĚĞͳͲ͘EĂĨŝŐƵƌĂ
ϯ͘ϰ͕ ƚĞŵŽƐ Ă ŝŵĂŐĞŵ ĚĞ Ƶŵ ƐŝŶĂů ǀŝƐƚŽ ŶŽ ĂŶĂůŝƐĂĚŽƌ ĚĞ ĞƐƉĞĐƚƌŽ͕ ŽŶĚĞ ƉŽĚĞŵŽƐ
ŽďƐĞƌǀĂƌ͕ ĂůĠŵ ĚŽƐ ƐŝŶĂŝƐ ĨƵŶĚĂŵĞŶƚĂŝƐ͕ Ž ŶşǀĞů ĚĞ ƌƵşĚŽ Ğ ĂƐ ĚŝƐƚŽƌĕƁĞƐ͕ĨĂĐŝůŝƚĂŶĚŽ
ĞŶƚĆŽŽĐĄůĐƵůŽĚĂƐĨŝŐƵƌĂƐĚĞŵĠƌŝƚŽ΀ϯϭ΁͘
&ŝŐƵƌĂϯ͘ϰ/ŵĂŐĞŵĚŽƐŝŶĂůĚĞƐĂşĚĂĚĞƵŵĞŶůĂĐĞĂŶĂůſŐŝĐŽſƉƚŝĐŽŶŽĂŶĂůŝƐĂĚŽƌĚĞĞƐƉĞĐƚƌŽ͘
-8,498E+01
-7,498E+01
-6,498E+01
-5,498E+01
-4,498E+01
-3,498E+01
-2,498E+01
-1,498E+01
-4,983E+00
9,90E+08 1,00E+09 1,01E+09
dBm
Frequency (Hz)
Analizador de Espectro (E4446A)
ϯ͘ϮͲ
WZK/DEdKyWZ/DEd>
KĞdžƉĞƌŝŵĞŶƚŽĨŽŝŵŽŶƚĂĚŽĚĞĂĐŽƌĚŽĐŽŵ
ϯ͘ϱ;ĂͿƉĂƌĂŽĞŶůĂĐĞƐĞŵĂŵƉůŝĨŝĐĂĕĆŽſƉƚŝĐĂ
Ϳ͘
WĂƌĂ ĞŶůĂĐĞƐ ĐŽŵ ĨŝďƌĂƐ ĚĂ ŽƌĚĞŵ ĚĞ ǀĄƌŝŽƐ ƋƵŝůƀŵĞƚ
ĚŝŵŝŶƵŝŶĚŽŽŐĂŶŚŽ
Ğ^&Z
ĨĞŝƚĂ ƉĂƌĂ
ĐŽŵƉĞŶƐĂƌ ĞƐƚĂƐ ƉĞƌĚĂƐ͘EŽ ĞdžƉĞƌŝŵĞŶƚŽĨŽƌĂŵ ƵƐĂĚŽƐ
ſƉƚŝĐŽƐ&Ğ^KĂĨŝŵĚĞŽ
ƐĂşĚĂĚŽĞŶůĂĐĞƐĆŽŵŽĚŝĨŝĐĂĚĂƐ͘
EĂ ĨŝŐƵƌĂ ϯ͘ϱ ;ďͿ͕
ƚĞŵŽƐ
ĂŵƉůŝĨŝĐĂĚŽƌĞƐ ſƉƚŝĐŽƐ͘
K ĂŵƉůŝĨŝĐĂĚŽƌ Ġ ŐĞƌĂůŵĞŶƚĞ ĐŽůŽĐĂĚŽ ĂŶƚĞƐ ĚĂ ĨŝďƌĂ
ĞǀŝƚĂƌ ƋƵĞ ĂƐ ƉĞƌĚĂƐ ĚŽ ƐŝŶĂů ſƉƚŝĐŽ ĂŽ ƉĂƐƐĂƌ ƉĞůĂ
ĂĨĞƚĂĚŽ ƉĞůĂ ^͘ ŶƚĆŽ͕
ƉĂƌĂ ŵĂdžŝŵŝnjĂƌĂ ƌ
ĚĞǀĞƌŝĂƐĞƌƉŽƐŝĐŝŽŶĂĚŽŽŶĚĞĂƉŽƚġŶĐŝĂĚŽƐŝŶĂůĠ
ƌƵşĚŽ ĚŽ ĂŵƉůŝĨŝĐĂĚŽƌ͕ ŵĂƐ ŶĆŽ ŽŶĚĞ Ă ƉŽƚġŶĐŝĂ ĚŽ Ɛ
ĨŽƚŽĚĞƚĞƚŽƌ΀ϯϮ΁͘
&ŝŐƵƌĂϯ͘ϱ
ƐƋƵĞŵĂĞdžƉĞƌŝŵĞŶƚĂůĚŽĞŶůĂĐĞƉĂƌĂŽ
;ĂͿ
;ďͿ
81,9(56,'$'()('(5$/'(3(51$0%8&2
WZK/DEdKyWZ/DEd>
KĞdžƉĞƌŝŵĞŶƚŽĨŽŝŵŽŶƚĂĚŽĚĞĂĐŽƌĚŽĐŽŵ
ŽĞƐƋƵĞŵĂĂƉƌĞƐĞŶƚĂĚŽŶĂĨŝŐƵƌĂ
ϯ͘ϱ;ĂͿƉĂƌĂŽĞŶůĂĐĞƐĞŵĂŵƉůŝĨŝĐĂĕĆŽſƉƚŝĐĂ
͕ŽƋƵĂůĠĐŚĂŵĂĚŽ
ĚĞĂĐŬ
WĂƌĂ ĞŶůĂĐĞƐ ĐŽŵ ĨŝďƌĂƐ ĚĂ ŽƌĚĞŵ ĚĞ ǀĄƌŝŽƐ ƋƵŝůƀŵĞƚƌŽƐ͕ Ž ƐŝŶĂů
Ğ^&Z
ĚŽĞŶůĂĐĞ͘ĂƉůŝĐĂĕĆŽĚŽƐ
ĂŵƉůŝĨŝĐĂĚŽƌĞƐ
ĐŽŵƉĞŶƐĂƌ ĞƐƚĂƐ ƉĞƌĚĂƐ͘EŽ ĞdžƉĞƌŝŵĞŶƚŽĨŽƌĂŵ ƵƐĂĚŽƐŽƐ ĂŵƉůŝĨŝĐĂĚŽƌĞƐ
ſƉƚŝĐŽƐ&Ğ^KĂĨŝŵĚĞŽ
ďƐĞƌǀĂƌ
ĐŽŵŽĂƐĨŝŐƵƌĂƐĚĞŵĠƌŝƚŽĚŽƐŝŶĂůĂŶĂůſŐŝĐŽŶĂ
ƐĂşĚĂĚŽĞŶůĂĐĞƐĆŽŵŽĚŝĨŝĐĂĚĂƐ͘

ƚĞŵŽƐ
Ă ƌĞƉƌĞƐĞŶƚĂĕĆŽ ĚŽ ĞdžƉĞƌŝŵĞŶƚŽ ŵŽŶƚĂĚŽ ĐŽŵ ŽƐ
K ĂŵƉůŝĨŝĐĂĚŽƌ Ġ ŐĞƌĂůŵĞŶƚĞ ĐŽůŽĐĂĚŽ ĂŶƚĞƐ ĚĂ ĨŝďƌĂ
ĞǀŝƚĂƌ ƋƵĞ ĂƐ ƉĞƌĚĂƐ ĚŽ ƐŝŶĂů ſƉƚŝĐŽ ĂŽ ƉĂƐƐĂƌ ƉĞůĂ ĨŝďƌĂ͕ ĨĂĕĂ ĐŽŵ ƋƵĞ Ž ƐŝŶĂů ƐĞũĂ
ƉĂƌĂ ŵĂdžŝŵŝnjĂƌĂ ƌ
ĞůĂĕĆŽƐŝŶĂů ƌƵşĚŽ͕Ž ĂŵƉůŝĨŝĐĂĚŽƌ ſƉƚŝĐŽ
ĚĞǀĞƌŝĂƐĞƌƉŽƐŝĐŝŽŶĂĚŽŽŶĚĞĂƉŽƚġŶĐŝĂĚŽƐŝŶĂůĠŵƵŝƚŽŵĂŝŽƌĚŽƋƵĞĂƉŽƚġŶĐŝĂĚĞ
ƌƵşĚŽ ĚŽ ĂŵƉůŝĨŝĐĂĚŽƌ͕ ŵĂƐ ŶĆŽ ŽŶĚĞ Ă ƉŽƚġŶĐŝĂ ĚŽ ƐŝŶĂů ƉŽƐƐĂ ĐĂƵƐ
ƐƋƵĞŵĂĞdžƉĞƌŝŵĞŶƚĂůĚŽĞŶůĂĐĞƉĂƌĂŽ
ͲƚŽͲ;ĂͿ
ĞƉĂƌĂŽĐĂƐŽĐŽŵĂŵƉůŝĨŝĐĂĕĆŽſƉƚŝĐĂ;ďͿ͘
ϰϰ
81,9(56,'$'()('(5$/'(3(51$0%8&2
ŽĞƐƋƵĞŵĂĂƉƌĞƐĞŶƚĂĚŽŶĂĨŝŐƵƌĂ
ĚĞĂĐŬ
ͲƚŽͲĂĐŬ;ͲƚŽͲ
ƌŽƐ͕ Ž ƐŝŶĂů
ƐŽĨƌĞƌĄ ƉĞƌĚĂƐ͕
ĂŵƉůŝĨŝĐĂĚŽƌĞƐ
ſƉƚŝĐŽƐĠĞŶƚĆŽ
ŽƐ ĂŵƉůŝĨŝĐĂĚŽƌĞƐ
ĐŽŵŽĂƐĨŝŐƵƌĂƐĚĞŵĠƌŝƚŽĚŽƐŝŶĂůĂŶĂůſŐŝĐŽŶĂ
Ă ƌĞƉƌĞƐĞŶƚĂĕĆŽ ĚŽ ĞdžƉĞƌŝŵĞŶƚŽ ŵŽŶƚĂĚŽ ĐŽŵ ŽƐ
K ĂŵƉůŝĨŝĐĂĚŽƌ Ġ ŐĞƌĂůŵĞŶƚĞ ĐŽůŽĐĂĚŽ ĂŶƚĞƐ ĚĂ ĨŝďƌĂ͕ ƉĂƌĂ
ĨŝďƌĂ͕ ĨĂĕĂ ĐŽŵ ƋƵĞ Ž ƐŝŶĂů ƐĞũĂ
ĞůĂĕĆŽƐŝŶĂů ƌƵşĚŽ͕Ž ĂŵƉůŝĨŝĐĂĚŽƌ ſƉƚŝĐŽ
ŵƵŝƚŽŵĂŝŽƌĚŽƋƵĞĂƉŽƚġŶĐŝĂĚĞ
ŝŶĂů ƉŽƐƐĂ ĐĂƵƐ
Ăƌ ĚĂŶŽƐ ŶŽ
ĞƉĂƌĂŽĐĂƐŽĐŽŵĂŵƉůŝĨŝĐĂĕĆŽſƉƚŝĐĂ;ďͿ͘
ϰϱ
81,9(56,'$'()('(5$/'(3(51$0%8&2
 ǀŽůƚĂŐĞŵ ĚŽ ƐŝŶĂů ĂŶĂůſŐŝĐŽ ƌĞƋƵĞƌŝĚĂ ƉĂƌĂ Ž ƉƌŽĐĞƐƐŽ ĚĞ ŵŽĚƵůĂĕĆŽ ŶŽ
ĚŝƐƉŽƐŝƚŝǀŽ͕ ĨŝĐĂ ĞŶƚƌĞ ͳǡͲĞ ʹǡͷ ;ǀĞƌ ĨŝŐƵƌĂ ϯ͘ϮͿ͘ Ăş ǀĞŵ Ă ŶĞĐĞƐƐŝĚĂĚĞ ĚĞ
ĂŵƉůŝĨŝĐĂƌŽƐŝŶĂůĂŶĂůſŐŝĐŽƉƌŽĚƵnjŝĚŽƉĞůŽƐŐĞƌĂĚŽƌĞƐƉĂƌĂŽďƚĞƌƵŵďŽŵƌĞƐƵůƚĂĚŽ
ŶŽƉƌŽĐĞƐƐŽĚĞŵŽĚƵůĂĕĆŽ͘KƐƐŝŶĂŝƐĂŶĂůſŐŝĐŽƐĂƉůŝĐĂĚŽƐĂŽƐĂŵƉůŝĨŝĐĂĚŽƌĞƐĚĞZ&ƐĆŽ
ĞŶƚĆŽ ŵŽĚƵůĂĚŽƐ ŶŽ ŵŽĚƵůĂĚŽƌ ĚĞ DĂĐŚͲĞŚŶĚĞƌ͘ ŐŽƌĂ ĐŽŵŽ ƐŝŶĂů ſƉƚŝĐŽ͕ Ă
ŝŶĨŽƌŵĂĕĆŽƉĂƐƐĂƉŽƌƵŵĂĨŝďƌĂĚĞϭϬϬŵĞƚƌŽƐ͘EŽĨŽƚŽĚĞƚĞƚŽƌ͕ƌĞĐƵƉĞƌĂŵŽƐŽƐŝŶĂů
ĂŶĂůſŐŝĐŽ͕ ƋƵĞ ƉŽĚĞ ƐĞƌ ŽďƐĞƌǀĂĚŽ ŶŽ ĚŽŵşŶŝŽ ĚĂ ĨƌĞƋƺġŶĐŝĂ ŶŽ ĂŶĂůŝƐĂĚŽƌ ĚĞ
ĞƐƉĞĐƚƌŽ͘
&ŽƌĂŵĨĞŝƚŽƐĞdžƉĞƌŝŵĞŶƚŽƐƉĂƌĂƚƌġƐĚŝĨĞƌĞŶƚĞƐĨƌĞƋƺġŶĐŝĂƐ͗ͳǡͲ͕ͳǡͷĞ
ʹǡͲ͘ WĂƌĂ ĐĂĚĂ ĨƌĞƋƺġŶĐŝĂ͕ ǀĂƌŝĂŵŽƐ Ă ĂŵƉůŝƚƵĚĞ ĚŽƐ ƐŝŶĂŝƐ ĂƉůŝĐĂĚŽƐ͕ Ă Ĩŝŵ ĚĞ
ŽďƐĞƌǀĂƌĂƋƵĂůŝĚĂĚĞĚŽƐƐŝŶĂŝƐŶŽĞŶůĂĐĞ͕ĞŵƌĞůĂĕĆŽĂŽŐĂŶŚŽ͕ĂĨŝŐƵƌĂĚĞƌƵşĚŽĞĂŽ
^&Z͘ ƐƚĞ ŝŶƚĞƌǀĂůŽ ĚĞ ĨƌĞƋƺġŶĐŝĂ ĨŽŝ ƵƐĂĚŽ ƉŽƌ ĐĂƵƐĂ ĚĞ ĂƉůŝĐĂĕƁĞƐ ĚŽ ĞŶůĂĐĞ
ĂŶĂůſŐŝĐŽſƉƚŝĐŽ͕ƉŽƌĞdžĞŵƉůŽ͕ĞŵƚĞůĞĨŽŶŝĂĐĞůƵůĂƌ͕ƌĞĚĞƐƐĞŵĨŝŽĞ&dd,͘
ϯ͘Ϯ͘ϭ>h>KK'E,K
WĂƌĂĐĂĚĂĨƌĞƋƺġŶĐŝĂƵƚŝůŝnjĂĚĂ͕ĂƉŽƚġŶĐŝĂĚĞĞŶƚƌĂĚĂĨŽŝǀĂƌŝĂĚĂĚĞെͳͺĂ
ʹ݀ܤ͕݉ ůĞŵďƌĂŶĚŽ ƋƵĞ Ă ƉŽƚġŶĐŝĂ ĚĞ ĞŶƚƌĂĚĂ ŶŽƐ ŐƌĄĨŝĐŽƐ ĂďĂŝdžŽ ƐĆŽ ĂƐ ƉŽƚġŶĐŝĂƐ
ĞŶƚƌĞŐƵĞƐƉĞůŽƐŐĞƌĂĚŽƌĞƐĚĞZ&ĂŽĞŶůĂĐĞ͘ŽƉĂƐƐĂƌƉĞůŽƐĂŵƉůŝĨŝĐĂĚŽƌĞƐĚĞZ&ĞƐƚĞ
ŝŶƚĞƌǀĂůŽ ĚĞ ƉŽƚġŶĐŝĂĨŽŝĚĞƐůŽĐĂĚŽ ƉĂƌĂͲ Ă ͳ͸͘ EĂ ĨŝŐƵƌĂϯ͘ϲ͕ƚĞŵŽƐ Ƶŵ
ŐƌĄĨŝĐŽĚŽƐŝŶĂůZ&ĚĞƐĂşĚĂĞŵĨƵŶĕĆŽĚŽƐŝŶĂůZ&ĚĞĞŶƚƌĂĚĂŶĂĨƌĞƋƺġŶĐŝĂĚĞϭ͕Ϭ',nj͘
KŐĂŶŚŽĞŵĚĨŽŝĐĂůĐƵůĂĚŽƵƚŝůŝnjĂŶĚŽĞƐƚĞƐĚĂĚŽƐ͕ĂƚƌĂǀĠƐĚĂĞƋƵĂĕĆŽϮ͘Ϯ͘
WĂƌĂ Ž ĐĂƐŽ ͲƚŽͲ ;͵Ϳ͕ ŽďƚĞŵŽƐ Ƶŵ ŐĂŶŚŽ ĚĞ െͳ͸ǡͶ͘ hƐĂŶĚŽ Ž
^K ;͸Ϳ͕ ƉŽƌ ĞdžĞŵƉůŽ͕ ƚĞŵŽƐ Ƶŵ ŐĂŶŚŽ ĚĞ െͳ͸ǡͲ͘ ŵ Ƶŵ ĞŶůĂĐĞ
ĂŶĂůſŐŝĐŽſƉƚŝĐŽ͕ŽŐĂŶŚŽĠƉƌĂƚŝĐĂŵĞŶƚĞƵŵĂĨƵŶĕĆŽĐŽŶƐƚĂŶƚĞĞŵƌĞůĂĕĆŽăƉŽƚġŶĐŝĂ
ſƉƚŝĐĂĂƉůŝĐĂĚĂ΀ϯϯ΁͘
ϰϲ
81,9(56,'$'()('(5$/'(3(51$0%8&2
&ŝŐƵƌĂϯ͘ϲ^ŝŶĂůZ&ĚĞƐĂşĚĂĞŵĨƵŶĕĆŽĚŽƐŝŶĂůZ&ĚĞĞŶƚƌĂĚĂƉĂƌĂƵŵĂĨƌĞƋƺġŶĐŝĂĚĞϭ͕Ϭ',nj͘
K ŐĂŶŚŽ ƚĞſƌŝĐŽ͕ ĐĂůĐƵůĂĚŽ ŶĂ ƐĞĕĆŽ Ϯ͘ϭ͕ ĨŽŝ ĚĞ ͳͳ ͕ ĐĞƌĐĂ ĚĞ ͷ
ŵĞůŚŽƌƋƵĞŽŐĂŶŚŽĞdžƉĞƌŝŵĞŶƚĂů͘
ϯ͘Ϯ͘Ϯ>h>K&/'hZZh1K
džƉĞƌŝŵĞŶƚĂůŵĞŶƚĞ͕ĨŽŝŽďƐĞƌǀĂĚĂĂƉŽƚġŶĐŝĂĚĞƌƵşĚŽŶŽĨŝŵĚŽĞŶůĂĐĞĐŽŵŽ
ĂŶĂůŝƐĂĚŽƌĚĞĞƐƉĞĐƚƌŽ͘KƌƵşĚŽŽďƐĞƌǀĂĚŽĨŽŝĞŶƚĆŽĞdžƚƌĂƉŽůĂĚŽƉĂƌĂƵŵĂůĂƌŐƵƌĂĚĞ
ďĂŶĚĂĚĞϭ,nj͘ƐƚĞƌƵşĚŽĨŽŝƐƵďƐƚŝƚƵşĚŽŶĂĞƋƵĂĕĆŽϮ͘ϰ͕ŽŶĚĞŽܴ
௦௔௜
ĠĂƉŽƚġŶĐŝĂĚĞ
ƌƵşĚŽŽďƐĞƌǀĂĚŽŶŽĂŶĂůŝƐĂĚŽƌĚĞĞƐƉĞĐƚƌŽĞdžƚƌĂƉŽůĂĚŽƉĂƌĂͳ͘
dŽĚŽƐŽƐƉĂƌąŵĞƚƌŽƐĚĂĞƋƵĂĕĆŽϮ͘ϰĞƐƚĆŽĞŵĞƐĐĂůĂůŽŐĂƌşƚŵŝĐĂ͘WĂƌĂƚŽƌŶĂƌĂ
ĨſƌŵƵůĂŵĂŝƐƐŝŵƉůĞƐ͕ܴ
௦௔௜
ƚĂŵďĠŵĠĞdžƚƌĂƉŽůĂĚŽƉĂƌĂƵŵĂůĂƌŐƵƌĂĚĞďĂŶĚĂĚĞϭ,nj͘
Kܴ
௘௡௧
ƚĂŵďĠŵĠĐŽŶƐŝĚĞƌĂĚŽƉĂƌĂƵŵĂůĂƌŐƵƌĂĚĞďĂŶĚĂĚĞͳ͕ĞŶƚĆŽ΀ϯϰ΁
ܰܨܴ
௦௔௜
ሺܴ
௘௡௧
ܩ͘;ϯ͘ϮͿ
ϰϳ
81,9(56,'$'()('(5$/'(3(51$0%8&2
EĂ ĨŝŐƵƌĂ ϯ͘ϳ͕ ƚĞŵŽƐ Ž ĐŽŵƉŽƌƚĂŵĞŶƚŽ ĚĂ ĨŝŐƵƌĂ ĚĞ ƌƵşĚŽ ĚŽ ĞŶůĂĐĞ ĐŽŵ Ă
ĨƌĞƋƺġŶĐŝĂ ĚŽ ƐŝŶĂů ĚĞ Z&͘ >ĞŵďƌĂŶĚŽ ƋƵĞ ĨŽƌĂŵ ƵƐĂĚŽƐ ĂŵƉůŝĨŝĐĂĚŽƌĞƐ ĚĞ Z&
ĚŝĨĞƌĞŶƚĞƐƉĂƌĂĂĨƌĞƋƺġŶĐŝĂĚĞͳǡͲĚŽƐƋƵĞĨŽƌĂŵƵƐĂĚŽƐƉĂƌĂĂĨƌĞƋƺġŶĐŝĂĚĞ
ͳǡͷĞʹǡͲ͕ŽƵƐĞũĂ͕ĂĨŝŐƵƌĂĚĞƌƵşĚŽĚŽƐĂŵƉůŝĨŝĐĂĚŽƌĞƐƐĆŽĚŝĨĞƌĞŶƚĞƐ͘
&ŝŐƵƌĂϯ͘ϳ'ƌĄĨŝĐŽĚĂĨŝŐƵƌĂĚĞƌƵşĚŽĞŵĨƵŶĕĆŽĚĂĨƌĞƋƺġŶĐŝĂ͘
sĞŵŽƐƋƵĞ͕ŶŽĐĂƐŽƉĂƌĂƉŽƚġŶĐŝĂƐſƉƚŝĐĂƐŵĞŶŽƌĞƐ;ĂĐŬͲƚŽͲĂĐŬͿ͕ĂĨŝŐƵƌĂĚĞ
ƌƵşĚŽĠŵĞŶŽƌĞŵƌĞůĂĕĆŽăĂƉůŝĐĂĕĆŽĚĞƉŽƚġŶĐŝĂƐſƉƚŝĐĂƐ;^KĞ&ͿŵĂŝƐĂůƚĂƐ͘
ĞƋƵĂĕĆŽϮ͘ϮϳŶŽƐŝŶĨŽƌŵĂƋƵĞĂĨŝŐƵƌĂĚĞƌƵşĚŽĂƵŵĞŶƚĂĐŽŵŽĂƵŵĞŶƚŽĚĂĐŽƌƌĞŶƚĞ
ŵĠĚŝĂ ĚŽ ĚĞƚĞƚŽƌ͘ ƐƚĂ ĐŽƌƌĞŶƚĞ ĞƐƚĄ ƌĞůĂĐŝŽŶĂĚĂ ĐŽŵ Ă ƉŽƚġŶĐŝĂ ſƉƚŝĐĂ͕ ĂƚƌĂǀĠƐ ĚĂ
ƌĞƐƉŽŶƐŝǀŝĚĂĚĞĚŽĨŽƚŽĚĞƚĞƚŽƌ͘ŶƚĆŽ͕ĂĨŝŐƵƌĂĚĞƌƵşĚŽĞdžƉĞƌŝŵĞŶƚĂůĐŽŶĐŽƌĚĂĐŽŵĂ
ƚĞŽƌŝĂ͕ĂƋƵĂůĚŝnjƋƵĞĂĨŝŐƵƌĂĚĞƌƵşĚŽƚĞŶĚĞĂĂƵŵĞŶƚĂƌĐŽŵŽĂĐƌĠƐĐŝŵŽĚĞƉŽƚġŶĐŝĂ
ſƉƚŝĐĂ΀ϯϱ΁͘ŵƌĞůĂĕĆŽăĨƌĞƋƺġŶĐŝĂ͕ĂƉĞƐĂƌĚĂĨŝŐƵƌĂĚĞƌƵşĚŽĂƉƌĞƐĞŶƚĂƌǀĂůŽƌĞƐƉĂƌĂ
ͳǡͲŵĂŝŽƌĞƐ ĚŽ ƋƵĞ ŶĂƐ ŽƵƚƌĂƐ ĨƌĞƋƺġŶĐŝĂƐ͕ ƉŽĚĞŵŽƐ ĂƚƌŝďƵŝƌ ĞƐƚĞ ĞƌƌŽ
ĞdžƉĞƌŝŵĞŶƚĂů ĂŽƐ ĂŵƉůŝĨŝĐĂĚŽƌĞƐ ĚĞ Z& ƵƐĂĚŽƐ ƉĂƌĂ ͳǡͲ͕ ƋƵĞ ĂƉƌĞƐĞŶƚĂƌĂŵ Ƶŵ
ƌƵşĚŽ ŵĂŝŽƌ Ğŵ ƌĞůĂĕĆŽ ĂŽƐ ŽƵƚƌŽƐ ĂŵƉůŝĨŝĐĂĚŽƌĞƐ ĚĞ Z& ƵƐĂĚŽƐ͘ DĂƐ ƉŽĚĞŵŽƐ
ŽďƐĞƌǀĂƌƋƵĞŚĄƵŵĂƵŵĞŶƚŽĚĂĨŝŐƵƌĂĚĞƌƵşĚŽĚĞͳǡͷƉĂƌĂʹǡͲ͘KĂƵŵĞŶƚŽ
ĚĂĨŝŐƵƌĂ
ĚĞƌƵşĚŽĐŽŵŽĂƵŵĞŶƚŽĚĂĨƌĞƋƺ
ƚƌĂďĂůŚŽĚĞ͘>͘ĂƌůƐƐŽŶ
Ğ
ŵĐŽŵƉĂƌĂĕĆŽăĨŝŐƵƌĂĚĞƌƵşĚŽƚĞſƌŝĐĂ
ͲƚŽͲ͕
Ă ĨŝŐƵƌĂ ĚĞ ƌƵşĚŽ ĞdžƉĞƌŝŵĞŶƚĂů ĨŽŝ ĐĞƌĐĂĚĞ
ĂŵƉůŝĨŝĐĂĕĆŽ;͸Ϳ͕
ĂĨŝŐƵƌĂĚĞƌƵşĚŽĞdžƉĞƌŝŵĞŶƚĂůĨŽŝĐĞƌĐĂĚĞ
^KĞʹ͸ƉĂƌĂŽ&͘
ϯ͘Ϯ͘ϯ>h>K^&Z
EĞƐƚĞ
ĞdžƉĞƌŝŵĞŶƚŽ
ĂƉůŝĐĂƌ͕
ĂŽƐŝƐƚĞŵĂĞŵƚĞƐƚĞ͕ĚŽŝƐƐŝŶĂŝƐĚĞZ&ĐŽŵŵĞƐŵĂĂŵ
ĚĞĨƌĞƋƺ
ġŶĐŝĂƌĞůĂƚŝǀĂŵĞŶ
ĂŶĂůſŐŝĐŽƐĨŽŝĚĞͳ
͕ŽƵƐĞũĂ͕ƐĞŶĚŽ
ŐĞƌĂĚŽƌĞƐϭĞϮƌĞƐƉĞĐƚŝǀĂŵĞŶƚĞ͕ĞŶƚĆŽƚĞŵŽƐƋƵĞ
ƚĞŵŽƐŽĞƐƋƵĞŵĂƵƚŝůŝnjĂĚŽ
&ŝŐƵƌĂ
ϯ͘ϴƐƋƵĞŵĂĞdžƉĞƌŝŵĞŶƚĂůƉĂƌĂƵŵĂĐŽŵƉůĞƚĂĂŶĄůŝƐĞ
ĐĂƐŽĐŽŵĂŵƉůŝĨŝĐĂĕĆŽ;ďͿ͘
ƉŽƚġŶĐŝĂĚĞĞŶƚƌĂĚĂĨŽŝǀĂƌŝĂĚĂŶƵŵŝŶƚĞƌǀĂůŽĞŶƚ
ƋƵĂů
ĨŽŝƉŽƐƐşǀĞůŽďƐĞƌǀĂƌŽĐŽŵƉŽƌƚĂŵĞŶƚŽĚŽƐŝŶĂůĨƵŶĚ
ŶşǀĞůĚĞƌƵşĚŽ͘KŶşǀĞůĚĞƌ
ĂͿ
ďͿ
81,9(56,'$'()('(5$/'(3(51$0%8&2
ĚĞƌƵşĚŽĐŽŵŽĂƵŵĞŶƚŽĚĂĨƌĞƋƺ
ġŶĐŝĂĨŽŝŽďƐĞƌǀĂĚŽĞdžƉĞƌŝŵĞŶƚĂůŵĞŶƚĞ
Ğ
͘ůƉŝŶŐ͕ϮϬϬϰ΀ϭϮ΁͘
ŵĐŽŵƉĂƌĂĕĆŽăĨŝŐƵƌĂĚĞƌƵşĚŽƚĞſƌŝĐĂ
ŽďƚŝĚĂŶĂƐĞĕĆŽϮ͘Ϯ͕
ƚĞŵŽƐƋƵĞƉĂƌĂŽ
Ă ĨŝŐƵƌĂ ĚĞ ƌƵşĚŽ ĞdžƉĞƌŝŵĞŶƚĂů ĨŽŝ ĐĞƌĐĂĚĞ
ͳ͹ŵĂŝŽƌ͘ W
ĂƌĂ Ž
ĂĨŝŐƵƌĂĚĞƌƵşĚŽĞdžƉĞƌŝŵĞŶƚĂůĨŽŝĐĞƌĐĂĚĞ
ʹͲ
ĞdžƉĞƌŝŵĞŶƚŽ
͕
ĨŽŝƵƐĂĚĂĂƚĠĐŶŝĐĂĚĞĚŽŝƐƚŽŶƐ͘ƐƚĂƚĠĐŶŝĐĂĐŽŶƐ
ĂŽƐŝƐƚĞŵĂĞŵƚĞƐƚĞ͕ĚŽŝƐƐŝŶĂŝƐĚĞZ&ĐŽŵŵĞƐŵĂĂŵ
ƉůŝƚƵĚĞĞĐŽŵƐĞƉĂƌĂĕĆŽ
ġŶĐŝĂƌĞůĂƚŝǀĂŵĞŶ
ƚĞƉĞƋƵĞŶĂ͘ĚŝĨĞƌĞŶĕĂĚĞĨƌĞƋƺ
ġŶĐŝĂĞŶƚƌĞŽƐĚŽŝƐƐŝŶĂŝƐ
͕ŽƵƐĞũĂ͕ƐĞŶĚŽ
ܨ
Ğܨ
ĂƐĨƌĞƋƺ
ġŶĐŝĂƐĚŽƐƐŝŶĂŝƐŐĞƌĂĚŽƐƉĞůŽƐ
ŐĞƌĂĚŽƌĞƐϭĞϮƌĞƐƉĞĐƚŝǀĂŵĞŶƚĞ͕ĞŶƚĆŽƚĞŵŽƐƋƵĞ
ܨ
ܨ
ͳ
ܯܪݖ
ƚĞŵŽƐŽĞƐƋƵĞŵĂƵƚŝůŝnjĂĚŽ
ƉĂƌĂĂŝŵƉůĂŶƚĂĕĆŽĚĂƚĠĐŶŝĐĂĚĞĚŽŝƐƚŽŶƐ͘
ϯ͘ϴƐƋƵĞŵĂĞdžƉĞƌŝŵĞŶƚĂůƉĂƌĂƵŵĂĐŽŵƉůĞƚĂĂŶĄůŝƐĞĚĂƐĚŝƐƚŽƌĕƁĞƐƉĂƌĂŽ
ƉŽƚġŶĐŝĂĚĞĞŶƚƌĂĚĂĨŽŝǀĂƌŝĂĚĂŶƵŵŝŶƚĞƌǀĂůŽĞŶƚƌĞ
ͳ͵

ĨŽŝƉŽƐƐşǀĞůŽďƐĞƌǀĂƌŽĐŽŵƉŽƌƚĂŵĞŶƚŽĚŽƐŝŶĂůĨƵŶĚĂŵĞŶƚ
ĂůĞĚ
Ă
ŶşǀĞůĚĞƌƵşĚŽ͘KŶşǀĞůĚĞƌ
ƵşĚŽĚĞƉĞŶĚĞĚĂůĂƌŐƵƌĂĚĞĨĂŝdžĂ
ƵƚŝůŝnjĂĚĂŶŽƐŝƐƚĞŵĂăƋƵĂů
ϰϴ
81,9(56,'$'()('(5$/'(3(51$0%8&2
ġŶĐŝĂĨŽŝŽďƐĞƌǀĂĚŽĞdžƉĞƌŝŵĞŶƚĂůŵĞŶƚĞ
ŶŽ
ƚĞŵŽƐƋƵĞƉĂƌĂŽ
ĂƌĂ Ž
Ɛ ĐĂƐŽƐ ĐŽŵ
ʹͲ
ŵĂŝŽƌƉĂƌĂŽ
ĨŽŝƵƐĂĚĂĂƚĠĐŶŝĐĂĚĞĚŽŝƐƚŽŶƐ͘ƐƚĂƚĠĐŶŝĐĂĐŽŶƐŝƐƚĞĞŵ
ƉůŝƚƵĚĞĞĐŽŵƐĞƉĂƌĂĕĆŽ
ġŶĐŝĂĞŶƚƌĞŽƐĚŽŝƐƐŝŶĂŝƐ
ġŶĐŝĂƐĚŽƐƐŝŶĂŝƐŐĞƌĂĚŽƐƉĞůŽƐ
ܯܪݖ
͘EĂĨŝŐƵƌĂϯ͘ϴ͕
ĚĂƐĚŝƐƚŽƌĕƁĞƐƉĂƌĂŽ
ͲƚŽͲ;ĂͿĞƉĂƌĂŽ

Ğ͵͕ŶŽ
Ă
/DϯĂĐŝŵĂĚŽ
ƵƚŝůŝnjĂĚĂŶŽƐŝƐƚĞŵĂăƋƵĂů
ϰϵ
81,9(56,'$'()('(5$/'(3(51$0%8&2
ĚĞƉĞŶĚĞĚĂƐĂƉůŝĐĂĕƁĞƐĚŽĞŶůĂĐĞ͘KƐƌĞƐƵůƚĂĚŽƐĨŽƌĂŵŶŽƌŵĂůŝnjĂĚŽƐƉĂƌĂƵŵĂůĂƌŐƵƌĂ
ĚĞĨĂŝdžĂĚĞο ͳ͕ĂƐƐŝŵĐŽŵŽĨŽŝĨĞŝƚŽŶŽĐĂƐŽĚŽƌƵşĚŽƐŝƐƚĞŵĂ͘
 ĞƐĐĂůĂ ĚĞ ůĂƌŐƵƌĂ ĚĞ ďĂŶĚĂ ĚŽ ^&Z ĚĞƉĞŶĚĞ ĚĂ ŽƌĚĞŵ ĚĂƐ ĚŝƐƚŽƌĕƁĞƐ
ĂƐƐŽĐŝĂĚĂƐăĞůĞ͕ŶĞƐƚĞĐĂƐŽĂƐ/Dϯ͘ĂĨŝŐƵƌĂϯ͘ϵƚĞŵŽƐƋƵĞ͕ĂŽĂƵŵĞŶƚĂƌŽŶşǀĞůĚĞ
ƌƵşĚŽĞŵͳŽŝŶĐƌĞŵĞŶƚŽĞŵƌĞůĂĕĆŽƐŝŶĂůĨƵŶĚĂŵĞŶƚĂůĠƚĂŵďĠŵĚĞͳ͘DĂƐĞŵ
ƌĞůĂĕĆŽă/DϯĞƐƚĞŝŶĐƌĞŵĞŶƚŽĠĚĞͳȀ͵͘ŵƵĚĂŶĕĂƌĞůĂƚŝǀĂĞŶƚƌĞĨƵŶĚĂŵĞŶƚĂůĞ
/DϯĠĚĂĚĂƉŽƌͳ ͳȀ͵ ʹȀ͵͘ŶƚĆŽŽ^&ZĠĚĂĚŽŶƵŵĂĞƐĐĂůĂĚĞǤ 
ଶȀଷ
΀36΁͘
WĂƌĂŽĐĂƐŽĚĂĨŝŐƵƌĂϯ͘ϵ͕ƚĞŵŽƐ͕Ƶŵܵܨܦܴ ͳͲ͸݀ܤǤ ܪݖ
ଶȀଷ
͕ƉĂƌĂƵŵĂĨƌĞƋƺġŶĐŝĂĚĞ
ϭ͕Ϭ',njĚĞƐŝŶĂůĚĞĞŶƚƌĂĚĂ͘
&ŝŐƵƌĂϯ͘ϵ'ƌĄĨŝĐŽƵƚŝůŝnjĂĚŽƉĂƌĂĂŵĞĚŝĚĂĚŽ^&ZĐŽŵƐŝŶĂůĚĞĞŶƚƌĂĚĂƉĂƌĂϭ͕Ϭ',njĞŶşǀĞůĚĞƌƵşĚŽ
ĐŽŵůĂƌŐƵƌĂĚĞďĂŶĚĂĚĞͳ͘
ϱϬ
81,9(56,'$'()('(5$/'(3(51$0%8&2
&ŝŐƵƌĂϯ͘ϭϬ^&ZĞŵĨƵŶĕĆŽĚĂĨƌĞƋƺġŶĐŝĂ͘
K ĞŶůĂĐĞ Ă ĨŝďƌĂ ſƉƚŝĐĂ ƉĂƌĂ ƚĞůĞĨŽŶŝĂ ŵſǀĞů ĚŽ ƚŝƉŽ '^D ;'ůŽďĂů ^LJƐƚĞŵ ĨŽƌ
DŽďŝůĞ ŽŵŵƵŶŝĐĂƚŝŽŶƐͿ͕ ĐŽŵ ĨƌĞƋƺġŶĐŝĂƐ ǀĂƌŝĂŶĚŽ ĞŶƚƌĞ ͻͲͲͳǤͺͲͲ
ƌĞƋƵĞƌ Ƶŵ ^&Z ĚĞ ŶŽ ŵşŶŝŵŽ ĚĞ ͺʹǤ 
ଶȀଷ
΀ϯϳ΁͘ WĂƌĂ ƌĞĚĞƐ ƐĞŵ ĨŝŽ ůŽĐĂŝƐ
;tŝƌĞůĞƐƐ >ĂŶ EĞƚǁŽƌŬ͕ t>EͿ͕ Ž ^&Z ŵşŶŝŵŽ ƉĂƌĂ ĞƐƚĂ ĂƉůŝĐĂĕĆŽ Ġ ĚĂĚŽ ƉŽƌ
ܵܨܦܴ ͻ͵݀ܤǤ ܪݖ
ଶȀଷ
΀ϯϴ΁͘EĂĨŝŐƵƌĂϯ͘ϭϬ͕ƚĞŵŽƐŽĐŽŵƉŽƌƚĂŵĞŶƚŽĚŽ^&ZĐŽŵĂ
ĨƌĞƋƺġŶĐŝĂ͘WŽĚĞŵŽƐŽďƐĞƌǀĂƌƋƵĞŽƐǀĂůŽƌĞƐŽďƚŝĚŽƐƉĂƌĂŽ^&Z͕ĞƐƚĆŽĚĞŶƚƌŽĚŽƐ
ǀĂůŽƌĞƐ ĂĐĞŝƚĄǀĞŝƐ ƉĂƌĂ ĂƐ ĂƉůŝĐĂĕƁĞƐ ĂĐŝŵĂ ŵĞŶĐŝŽŶĂĚĂƐ͘ Ă ĨŝŐƵƌĂ ϯ͘ϭϬ ƉŽĚĞŵŽƐ
ŽďƐĞƌǀĂƌƚĂŵďĠŵƋƵĞŽ^&ZƚĞŶĚĞĂĚŝŵŝŶƵŝƌĐŽŵŽƵƐŽĚĞĂŵƉůŝĨŝĐĂĚŽƌĞƐſƉƚŝĐŽƐ͘
/ƐƚŽĞƐƚĄĂƐƐŽĐŝĂĚŽĐŽŵŽĂƵŵĞŶƚŽĚŽŶşǀĞůĚĞƌƵşĚŽ͕ĐŽŵŽĞƐƚĄŝůƵƐƚƌĂĚŽŶŽŐƌĄĨŝĐŽ
ϯ͘ϵ͕ƚĞŵŽƐƋƵĞŽŶşǀĞůĚĞƌƵşĚŽŝŶƚĞƌĨĞƌĞŶŽ^&Z͘
ϱϭ
81,9(56,'$'()('(5$/'(3(51$0%8&2
ϰͲKE>h^O^WZ^Wd/s^
ƐƚĂ ĚŝƐƐĞƌƚĂĕĆŽ ĂƉƌĞƐĞŶƚŽƵ Ă ĐĂƌĂĐƚĞƌŝnjĂĕĆŽ ĚĞ Ƶŵ ĞŶůĂĐĞ ĂŶĂůſŐŝĐŽ ſƉƚŝĐŽ
ĐŽŵŵŽĚƵůĂĕĆŽĚŝƌĞƚĂ͘ƉĞƐĂƌĚĞŶĆŽƚĞƌƵƚŝůŝnjĂĚŽĂĨƌĞƋƺġŶĐŝĂŵĄdžŝŵĂĚĞŽƉĞƌĂĕĆŽ
ĚŽĚŝƐƉŽƐŝƚŝǀŽ;ʹǡͷͿ͕ƉƀĚĞͲƐĞĐŚĞŐĂƌĂƌĞƐƵůƚĂĚŽƐƐĂƚŝƐĨĂƚſƌŝŽƐĚĞĚĞƐĞŵƉĞŶŚŽĚŽ
ĞŶůĂĐĞ͘
K ŐĂŶŚŽ ƐĞ ĐŽŵƉŽƌƚŽƵ ĚĞ ŵĂŶĞŝƌĂ ĂƉƌŽdžŝŵĂĚĂŵĞŶƚĞ ŝŐƵĂů ă ƚĞŽƌŝĂ͕ ƉŽŝƐ Ž
ŵĞƐŵŽŶĆŽĂƵŵĞŶƚŽƵƐŝŐŶŝĨŝĐĂƚŝǀĂŵĞŶƚĞĞŵƌĞůĂĕĆŽĂŽĂƵŵĞŶƚŽĚĞƉŽƚġŶĐŝĂſƉƚŝĐĂ͕
ĐŽŵĂŝŶĐůƵƐĆŽŶŽĞŶůĂĐĞĚŽƐĂŵƉůŝĨŝĐĂĚŽƌĞƐſƉƚŝĐŽƐ͘ŽŵŽĂĨŝŐƵƌĂĚĞƌƵşĚŽĂƵŵĞŶƚĂ
ĐŽŶƐŝĚĞƌĂǀĞůŵĞŶƚĞ ĐŽŵ Ž ĂƵŵĞŶƚŽ ĚĂ ƉŽƚġŶĐŝĂ ſƉƚŝĐĂ͕ ƉŽĚĞͲƐĞ ĚŝnjĞƌ ƋƵĞ
ĚĞƐĞŵƉĞŶŚŽ ĚŽ ĞŶůĂĐĞ ƉĂƌĂ ƉŽƚġŶĐŝĂƐ ſƉƚŝĐĂƐ ŵƵŝƚŽ ĂůƚĂƐ ŶĆŽ ƐĞ ĐŽŵƉŽƌƚĂ ŵƵŝƚŽ
ďĞŵ͘
EŽ ĞdžƉĞƌŝŵĞŶƚŽ͕ ƉƌŽĐƵƌŽƵͲƐĞ ĐŽŵƉĞŶƐĂƌ ĂŽ ŵĄdžŝŵŽ Ă ƉĞƌĚĂ ĚĞ ƉŽƚġŶĐŝĂ ĚŽ
ƐŝŶĂů ĂŽ ƉĂƐƐĂƌ ƉĞůŽ ĞŶůĂĐĞ͕ ƐĞŵ ĚĞŐƌĂĚĂƌ ŵƵŝƚŽ Ă ĨŝŐƵƌĂ ĚĞ ƌƵşĚŽ͘ DĞƐŵŽ ĂƐƐŝŵ͕ Ă
ĨŝŐƵƌĂĚĞƌƵşĚŽĨŝĐŽƵƌĞůĂƚŝǀĂŵĞŶƚĞĂůƚĂĞŵĐŽŵƉĂƌĂĕĆŽăĨŝŐƵƌĂĚĞƌƵşĚŽƚĞſƌŝĐĂ΀ϯϵ΁͘
/ƐƐŽƐĞĚĞǀĞƉƌŝŶĐŝƉĂůŵĞŶƚĞĂŽĨĂƚŽĚĂŝŶĐůƵƐĆŽĚĞĞůĞŵĞŶƚŽƐĐŽŵŽŽƐĂŵƉůŝĨŝĐĂĚŽƌĞƐ
ĚĞZ&ĞĂŵƉůŝĨŝĐĂĚŽƌĞƐſƉƚŝĐŽƐ͕ŶŽŝŶƚƵŝƚŽĚĞƐĞŽďƚĞƌƵŵĂĐŽŵƉĞŶƐĂĕĆŽĚĞƉŽƚġŶĐŝĂ
ĚŽƐŝŶĂůĚĞƐĂşĚĂĚŽĞŶůĂĐĞ͕ĚĞǀŝĚŽĂƐƉĞƌĚĂƐĞŵƌĞůĂĕĆŽĂŽƐŝŶĂůĚĞĞŶƚƌĂĚĂ͘ƌĞůĂĕĆŽ
ƐŝŶĂůƌƵşĚŽǀĂŝĚĞƉĞŶĚĞƌĚŽƐƚŝƉŽƐĚĞĂƉůŝĐĂĕƁĞƐĚŽĞŶůĂĐĞ͘
DĞƐŵŽ ƚĞŶĚŽ ƚĞŽƌŝĐĂŵĞŶƚĞ ƵŵĂ ĨŝŐƵƌĂĚĞ ƌƵşĚŽŵĞŶŽƌ ƋƵĞŽ ^K͕ Ž ĞŶůĂĐĞ
ĐŽŵŽĂŵƉůŝĨŝĐĂĚŽƌ&ƚĞǀĞƵŵĂĨŝŐƵƌĂĚĞƌƵşĚŽŵĂŝŽƌƋƵĞŽĞŶůĂĐĞĐŽŵŽ^K͘ƐƚĞ
ƌƵşĚŽĞdžĐĞƐƐŝǀŽĚŽ&͕ƉŽĚĞƚĞƌƐŝĚŽĐĂƵƐĂĚŽ͕ƉĞůŽŵĂůĨƵŶĐŝŽŶĂŵĞŶƚŽĚŽĨŝůƚƌŽƋƵĞ
ƐĞƵƐĂŶĂƐƵĂƐĂşĚĂĚŽ&͕ƉĂƌĂƚĞŶƚĂƌĚŝŵŝŶƵŝƌĂŝŶĨůƵġŶĐŝĂĚĂ^ŶŽƐŝŶĂů͘
KƐ ŵĞůŚŽƌĞƐ ĚĞƐĞŵƉĞŶŚŽƐ ƉĂƌĂ ŵĞĚŝĚĂƐ Ğŵ ĞŶůĂĐĞƐ ĐŽŵ ŵŽĚƵůĂĕĆŽ ĚŝƌĞƚĂ͕
ŵĞĚŝĚĂ͕ĨŽƌĂŵƌĞƉŽƌƚĂĚĂƐƉŽƌ͘/͘ĐŬĞƌŵĂŶĞ͘,͘Ždž///΀ϯϵ΁͘EĞƐƚĞƚƌĂďĂůŚŽƚĞŵŽƐ
ƵŵŐĂŶŚŽĚĞ͵ǡͺ͕ƵŵĂĨŝŐƵƌĂĚĞƌƵşĚŽĚĞͳ͹ǡͺĞƵŵ^&ZĚĞͳʹͺ͘dŽŵĂŶĚŽ
ĐŽŵŽ ƌĞĨĞƌġŶĐŝĂ ĞƐƚĞ ƚƌĂďĂůŚŽ͕ ǀĞŵŽƐ ƋƵĞ Ž ŶŽƐƐŽ ĞdžƉĞƌŝŵĞŶƚŽ ĂƉƌĞƐĞŶƚŽƵ ƵŵĂ
ŐƌĂŶĚĞ ƋƵĂŶƚŝĚĂĚĞ ĚĞ ƌƵşĚŽ͕ Ž ƋƵĂů ƉŽĚĞŵŽƐ ĂƐƐŽĐŝĂƌ Ă ǀĄƌŝĂƐ ůŝŵŝƚĂĕƁĞƐ ĚŽ
ĞdžƉĞƌŝŵĞŶƚŽ͕ ĐŽŵŽ ĞƋƵŝƉĂŵĞŶƚŽƐ ĐŽŵ ŐƌĂŶĚĞ ĨŝŐƵƌĂ ĚĞ ƌƵşĚŽ Ğ ƵŵĂ ŵĞůŚŽƌ
ϱϮ
81,9(56,'$'()('(5$/'(3(51$0%8&2
ŵŽŶƚĂŐĞŵĚŽĞdžƉĞƌŝŵĞŶƚŽ͘K^&ZŽďƚŝĚŽŶŽĞdžƉĞƌŝŵĞŶƚŽĠĐŽŶƐŝĚĞƌĂĚŽƐĂƚŝƐĨĂƚſƌŝŽ
ƉĂƌĂĂŝŵƉůĂŶƚĂĕĆŽĐŽŵĞƌĐŝĂů͕ŵĞƐŵŽĞƐƚĂŶĚŽĐĞƌĐĂĚĞ͵ͲŵĞŶŽƌƋƵĞŽ^&ZĚŽ
ĂƌƚŝŐŽĂĐŝŵĂŵĞŶĐŝŽŶĂĚŽ͘
ŶƚĆŽ͕ ĞƐƚƵĚĂƌŵĂŝƐ ĂĨƵŶĚŽ ŽƐ ĞĨĞŝƚŽƐ ƋƵĞĐĂƵƐĂŵĂƐĚŝƐƚŽƌĕƁĞƐ ŶŽ ĞŶůĂĐĞ͕
ĐŽŵŽ ƉŽƌ ĞdžĞŵƉůŽ͕ ĂƐ ĚŝƐƚŽƌĕƁĞƐ Ğŵ ĨŽƚŽĚĞƚĞƚŽƌĞƐ Ğ Ž ƌƵşĚŽ ŝŶƐĞƌŝĚŽ ƉĞůŽƐ
ĂŵƉůŝĨŝĐĂĚŽƌĞƐƚĞŶƚĂŶĚŽĚŝŵŝŶƵşͲůŽƐ͕ĠĂůŐŽƋƵĞĚĞǀĞƐĞƌĨĞŝƚŽ͘
hŵĂ ƉĞƌƐƉĞĐƚŝǀĂ Ġ ŝŵƉůĂŶƚĂƌ ƵŵĂ ƌĞĚĞ ĚŽ ƚŝƉŽ &dd,͕ ĐŽŵƉĂƌĂŶĚŽ ƐƵĂƐ
ǀĂŶƚĂŐĞŶƐ Ğ ĚĞƐĂŶƚĂŐĞŶƐ Ğŵ ƌĞůĂĕĆŽ ĂŽƐ ŵŽĚŽƐ ĐŽŶǀĞŶĐŝŽŶĂŝƐ ĚĞ ƚƌĂŶƐŵŝƐƐĆŽ ĚĞ
ĚĂĚŽƐ͕ƉŽĚĞŶĚŽŵĞĚŝƌ͕ƉŽƌĞdžĞŵƉůŽ͕ĂƚĂdžĂĚĞĞƌƌŽ;ďŝƚͲĞƌƌŽƌƌĂƚĞ͕ZͿŶŽƐŝŶĂů͕ƋƵĞĠ
Ă ƉŽƌĐĞŶƚĂŐĞŵ ĚĞ ďŝƚƐ ƋƵĞ ƚĞŵ ĞƌƌŽƐ ƌĞůĂƚŝǀŽƐ ĂŽ ŶƷŵĞƌŽ ƚŽƚĂů ĚĞ ďŝƚƐ ƌĞĐĞďŝĚŽƐ ŶĂ
ƚƌĂŶƐŵŝƐƐĆŽ͘
ƐƚƵĚĂƌŽĚĞƐĞŵƉĞŶŚŽĚŽĞŶůĂĐĞƉĂƌĂĐŽŵƉƌŝŵĞŶƚŽƐĚĞĨŝďƌĂ ĚĂŽƌĚĞŵ
ĚĞƋƵŝůƀŵĞƚƌŽƐĠŽƵƚƌŽĂƌƌĂŶũŽƋƵĞƉŽĚĞƐĞƌŝŵƉůĞŵĞŶƚĂĚŽ͘
ϱϯ
81,9(56,'$'()('(5$/'(3(51$0%8&2
Z&ZE/^/>/K'Z&/^
΀ϭ΁ĐŬĞƌŵĂŶ͕͘/͘ĞŽdž///͕͘,͕͘͞^ƚĂƚĞŽĨƚŚĞĂƌƚŝŶĂŶĂůŽŐĨŝďĞƌͲŽƉƚŝĐůŝŶŬƚĞĐŚŶŽůŽŐLJ͕͟D/d
>ŝŶĐŽůŶ>ĂďŽƌĂƚŽƌLJ͕ϭϵϵϴ͘
΀Ϯ΁'ŚĂĨŽƵƌŝͲ^ŚŝƌĂnj͕,͘Ğ>Ž͕͕͘͟^ƚƌƵĐƚƵƌĂů/ŵƉĂĐƚŽŶƚŚĞďĞůŽǁƚŚƌĞƐŚŽůĚƐƉĞĐƚƌĂůďĞŚĂǀŝŽƌŽĨ
ƚŚƌĞĞ ƉŚĂƐĞ ƐŚŝĨƚ ;ϯW^Ϳ ĚŝƐƚƌŝďƵƚĞĚĨĞĞĚďĂĐŬ ;&Ϳ ůĂƐĞƌƐ͕͟ DŝĐƌŽǁĂǀĞKƉƚ͘ dĞĐŚ͘ >Ğƚƚ͕͘ ϳ;ϲͿ͕
ϮϵϲʹϮϵϵ͕ϭϵϵϰ͘
΀ϯ΁DĂŬŝŶŽ͕d͕͘͞dƌĂŶƐĨĞƌͲŵĂƚƌŝdžĂŶĂůLJƐŝƐŽĨƚŚĞŝŶƚĞŶƐŝƚLJĂŶĚƉŚĂƐĞŶŽŝƐĞŽĨŵƵůƚŝƐĞĐƚŝŽŶ&
ƐĞŵŝĐŽŶĚƵĐƚŽƌůĂƐĞƌƐ͕͟/͘:͘YƵĂŶƚƵŵůĞĐƚƌŽŶ͕Ϯϳ;ϭϭͿ͕ϮϰϬϰʹϮϰϭϱ͕ϭϵϵϭ͘
΀ϰ΁ŐƌĂǁĂů͕'͘W͕͘͞&ŝďĞƌͲŽƉƚŝĐĐŽŵŵƵŶŝĐĂƚŝŽŶƐƐLJƐƚĞŵƐ͕͟dŚŝƌĚĚŝƚŝŽŶ͕:ŽŚŶtŝůĞLJΘ^ŽŶƐ/ŶĐ͕
ϮϬϬϮ͘
΀ϱ΁ŐƌĂǁĂů͕'͘W͘ĞƵƚƚĂ͕E͘<͕͘͞>ŽŶŐͲǁĂǀĞůĞŶŐƚŚƐĞŵŝĐŽŶĚƵĐƚŽƌůĂƐĞƌƐ͕͟WƌŝŶĐĞƚŽŶ͕E:͗sĂŶ
EŽƐƚƌĂŶĚ͕ϭϵϴϲ͘
΀ϲ΁zĂƌŝǀ͕͕͘zĞŚ͕W͕͘͟KƉƚŝĐĂůǁĂǀĞƐŝŶĐƌLJƐƚĂůƐ͕͟tŝůĞLJͲ/ŶƚĞƌƐĐŝĞŶĐĞWƵďůŝĐĂƚŝŽŶ͕ϭϵϴϰ͘
΀ϳ΁ ͘͘͘ ^ĂůĞŚ͕ D͘͘ dĞŝĐŚ͕ ͞&ƵŶĚĂŵĞŶƚĂůƐ ŽĨ ƉŚŽƚŽŶŝĐƐ͕͟ tŝůĞLJͲ/ŶƚĞƌƐĐŝĞŶĐĞ WƵďůŝĐĂƚŝŽŶ͕
ϭϵϵϭ͘
΀ϴ΁,ĞĐŚƚ͕͕͘ĂũĂĐ͕͕͘͞KƉƚŝĐƐ͕͟ĚĚŝƐŽŶͲtĞƐůĞLJWƵďůŝƐŚŝŶŐŽŵƉĂŶLJ͕ϭϵϳϰ͘
΀ϵ΁Ždž͕͘,͕͘͟ŶĂůŽŐŽƉƚŝĐĂůůŝŶŬƐƚŚĞŽƌLJĂŶĚƉƌĂĐƚŝĐĞ͕͟ĂŵďƌŝĚŐĞhŶŝǀĞƌƐŝƚLJWƌĞƐƐ͕ϮϬϬϰ͘
΀ϭϬ΁ Ždž͕ ͘ ,͕͘ ͞Z& ƉŚŽƚŽŶŝĐ ƚĞĐŚŶŽůŽŐLJ ŝŶ ŽƉƚŝĐĂů ĨŝďĞƌ ůŝŶŬƐ͕͟ ĂŵďƌŝĚŐĞ hŶŝǀĞƌƐŝƚLJ WƌĞƐƐ͕
ϮϬϬϮ͘
΀ϭϭ΁'ŚĂĨŽƵƌŝʹ^ŚŝƌĂnj͕,͕͘
͞ŝƐƚƌŝďƵƚĞĚĨĞĞĚďĂĐŬůĂƐĞƌĚŝŽĚĞƐĂŶĚŽƉƚŝĐĂůƚƵŶĂďůĞĨŝůƚĞƌƐ͕͟:ŽŚŶ
tŝůĞLJΘ^ŽŶƐ>ƚĚ͕ϮϬϬϯ͘
΀ϭϮ΁ ĂƌůƐƐŽŶ͕ ͘ >͘ Ğ ůƉŝŶŐ͕ ͕͘ ͟Z& ƚƌĂŶƐŵŝƐƐŝŽŶ ŽǀĞƌ ŵƵůƚŝŵŽĚĞ ĨŝďĞƌƐ ƵƐŝŶŐ s^>ƐͶ
ĐŽŵƉĂƌŝŶŐƐƚĂŶĚĂƌĚĂŶĚŚŝŐŚͲďĂŶĚǁŝĚƚŚŵƵůƚŝŵŽĚĞĨŝďĞƌƐ͕͟:ŽƵƌŶĂůŽĨ>ŝŐŚƚǁĂǀĞdĞĐŚŶŽůŽŐLJ͕
ϮϮ;ϳͿ͕ϭϵϲϰͲϭϳϬϬ͕ϮϬϬϰ͘
΀ϭϯ΁&Ždž͕͘D͖͘DĂĐŝĞů͕͘͖͘ZLJĂŶ͕:͘&͖͘^ĐŽƚƚ͕͟EŽŶůŝŶĞĂƌŽƉƚŝĐĂůĂďƐŽƌƉƚŝŽŶŝŶďƵůŬ'Ă/ŶƐͬ/ŶW
Ăƚ ƌŽŽŵ ƚĞŵƉĞƌĂƚƵƌĞ͘͟ D͘͘ ƉƉůŝĞĚ WŚLJƐŝĐƐ >ĞƚƚĞƌƐ ;/^^E ϬϬϬϯͲϲϵϱϭͿ͕ ϱϬ;ϭϲͿ͕ ϯϵϴͲϰϬϬ͕
ϭϵϴϳ͘
΀ϭϰ΁ĂƐƚŽƐ&ŝůŚŽ͕͘:͘͕͞ŵƉůŝĨŝĐĂĚŽƌĞƐſƉƚŝĐŽƐƉĂƌĂƐŝƐƚĞŵĂƐĚĞĐŽŵƵŶŝĐĂĕĆŽŵƵůƚŝĐĂŶĂŝƐĚĞ
ĂůƚĂ ĐĂƉĂĐŝĚĂĚĞ͕͟ dĞƐĞ ĚĞ ŽƵƚŽƌĂĚŽ͕ ĞƉĂƌƚĂŵĞŶƚŽ ĚĞ ŶŐĞŶŚĂƌŝĂ ůĠƚƌŝĐĂ Ͳ hŶŝǀĞƌƐŝĚĂĚĞ
&ĞĚĞƌĂůĚĞWĞƌŶĂŵďƵĐŽ͕ϮϬϬϱ͘
΀ϭϱ΁ĞƌŶĂƌĚ͕:͘:͘ĞZĞŶĂƵĚ͕D͕͘͞^ĞŵŝĐŽŶĚƵĐƚŽƌŽƉƚŝĐĂůĂŵƉůŝĨŝĞƌƐ͕͟^W/KDĂŐĂnjŝŶĞ͕ϭ;ϵͿ͕
ϯϲʹϯϴ͕ϮϬϬϭ͘
ϱϰ
81,9(56,'$'()('(5$/'(3(51$0%8&2
΀ϭϲ΁'ƵŝŵĂƌĆĞƐ͕'͘&͕͘͞ŵƉůŝĨŝĐĂĚŽƌĞĐŽŶǀĞƌƐŽƌĚĞĐŽŵƉƌŝŵĞŶƚŽĚĞŽŶĚĂŚşďƌŝĚŽd&ͬ&KW
ƉĂƌĂĐŽŵƵŶŝĐĂĕƁĞƐſƉƚŝĐĂƐ͘ ŝƐƐĞƌƚĂĕĆŽĚĞƐƚƌĂĚŽ͕ hŶŝǀĞƌƐŝĚĂĚĞ &ĞĚĞƌĂůĚĞWĞƌŶĂŵďƵĐŽ͕
ũƵůŚŽͬϮϬϬϲ͘
΀ϭϳ΁ĞƐƵƌǀŝƌĞ͕͕͘ĂLJĂƌƚ͕͕͘ĞƐƚŚŝĞƵdž͕͕͘ĞŝŐŽ͕^͕͘͞ƌďŝƵŵͲŽƉĞĚ&ŝďĞƌŵƉůŝĨŝĞƌƐ͗ĚĞǀŝĐĞƐ
ĂŶĚƐLJƐƚĞŵĚĞǀĞůŽƉŵĞŶƚƐ͕͟tŝůĞLJ͕EĞǁzŽƌŬ͕ϮϬϬϮ͘
΀ϭϴ΁ůǁLJŶ:͘^ĞĞĚƐ͕͟DŝĐƌŽǁĂǀĞƉŚŽƚŽŶŝĐƐ͕͟&ĞůůŽǁ/ŝŶǀŝƚĞĚƉĂƉƉĞƌ͕ϮϬϬϮ͘
΀ϭϵ΁:ŽŚŶƐŽŶ͕:͘͕͘͞dŚĞƌŵĂůĂŐŝƚĂƚŝŽŶŽĨĞůĞĐƚƌŝĐŝƚLJŝŶĐŽŶĚƵĐƚŽƌƐ͕͟WŚLJƐ͘ZĞǀ͕͘ϯϮ;ϭͿ͕ϵϳͲϭϬϵ͕
ϭϵϮϴ͘
΀ϮϬ΁ELJƋƵŝƐƚ͕,͕͘͞dŚĞƌŵĂůĂŐŝƚĂƚŝŽŶŽĨĞůĞĐƚƌŝĐĐŚĂƌŐĞŝŶĐŽŶĚƵĐƚŽƌƐ͕͟WŚLJƐ͘ZĞǀ͕͘ϯϮ;ϰͿ͕ϭϭϬͲϭϯ͕
ϭϵϮϴ͘
΀Ϯϭ΁^ĐŚŽƚƚŬLJ͕t͕͘͞hďĞƌƐƉŽŶƚĂŶĞƐƚƌŽŵƐĐŚǁĂŶŬƵŶŐĞŶŝŶǀĞƌƐĐŚŝĞĚĞŶĞŶĞůĞŬƚƌŝnjŝƚĂƚƐůĞŝƚĞƌŶ͕͟
ŶŶWŚLJƐ͕͘ϱϳ͕ϱϰϭͲϱϲϳ͕ϭϵϭϴ͘
΀ϮϮ΁ Ždž͕ ͘ ,͕͘ ĐŬĞƌŵĂŶ͕ ͕͘ ,ĞůŬĞLJ͕ Z͕͘ Ğ ĞƚƚƐ͕ '͘ ͕͘ ͞dĞĐŚŶŝƋƵĞƐ ĂŶĚ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ
ŝŶƚĞŶƐŝƚLJͲŵŽĚƵůĂƚŝŽŶ ĚŝƌĞĐƚͲĚĞƚĞĐƚŝŽŶ ĂŶĂůŽŐ ŽƉƚŝĐĂů ůŝŶŬƐ͕͟ / dƌĂŶƐĂĐƚŝŽŶƐ ŽŶ ŵŝĐƌŽǁĂǀĞ
ƚŚĞŽƌLJĂŶĚƚĞĐŚŶŝƋƵĞƐ͕ϰϱ;ϴͿ͕ϭϯϳϱͲϭϯϴϯ͕ϭϵϵϳ͘
΀Ϯϯ΁ŽŽŬŚĂŵdĞĐŚŶŽůŽŐLJ͕͞Ϯ͘ϱ'ďͬƐ/ŶWDŽĚƵůĂƚŽƌǁŝƚŚtDůĂƐĞƌ͕͟ĂƚĂƐŚĞĞƚ͘
΀Ϯϰ΁>ĂŶĚĂƵ͕<͘z͕͘zĂƌŝǀ͕͕͘͞/ŶƚĞƌŵŽĚƵůĂƚŝŽŶĚŝƐƚŽƌƚŝŽŶŝŶĂĚŝƌĞĐƚůLJŵŽĚƵůĂƚĞĚƐĞŵŝĐŽŶĚƵĐƚŽƌ
ŝŶũĞĐƚŝŽŶůĂƐĞƌ͟ƉƉů͘WŚLJƐ͘>Ğƚƚ͕͘ϰϱ;ϭϬͿ͕ϭϬϯϰͲϭϬϯϲ͕ϭϵϴϰ͘
΀Ϯϱ΁ ŽƵƚŝŶŚŽ͕ K͘ >͕͘ ͟ƉůŝĐĂĕĆŽ ĚĞ ŵŽĚƵůĂĚŽƌĞƐ ĞůĞƚƌŽſƉƚŝĐŽƐ Ğŵ ĞŶůĂĐĞƐ ĂŶĂůſŐŝŽƐ Ă ĨŝďƌĂ
ſƉƚŝĐĂ͕͟ŝƐƐĞƌƚĂĕĆŽ͕/ŶƐƚŝƚƵƚŽdĞĐŶŽůſŐŝĐŽĚĞĞƌŽŶĄƵƚŝĐĂ͕ϮϬϬϱ͘
΀Ϯϲ΁ ĂƌĐŝĞ͕d͘͕͘ĞdƵĐŬĞƌ͕Z͘^͕͘͞/ŶƚĞŵŽĚƵůĂƚŝŽŶĂŶĚŚĂƌŵŽŶŝĐĚŝƐƚŽƌƚŝŽŶŝŶ/Ŷ'ĂƐWůĂƐĞƌƐ͕͟
dΘdĞůů>ĂďŽƌĂƚŽƌŝĞƐƌĂǁĨŽƌĚ,ŝůů>ĂďŽƌĂƚŽƌLJ,ŽůŵĚĞů͕ϭϵϴϱ͘
΀Ϯϳ΁zĂƐĂŬĂ͕,͕͘<ĂŶŽ͕&͕͘ĞtĂƚĂŶĂďĞ͕D͕͘͞&ƌĞƋƵĞŶĐLJƌĞƐƉŽŶƐĞŽĨĂŶDYt&ůĂƐĞƌŝŶũĞĐƚĞĚ
ǁŝƚŚŝŶƚĞŶƐŝƚLJͲŵŽĚƵůĂƚĞĚ͕͟dDͲWŽůĂƌŝnjĞĚ>ŝŐŚƚ͕/WŚŽƚŽŶŝĐƐdĞĐŚŶŽůŽŐLJ>ĞƚƚĞƌƐ͕ϯ;ϯͿ͕ϭϵϲͲ
ϭϵϴ͕ϭϵϵϭ͘
΀Ϯϴ΁ dĞĐŚŶŝĐĂů ĚŽĐƵŵĞŶƚ ĚĞƚĂŝůŝŶŐ ƚŚĞ ƐĞƚƵƉ ĂŶĚ ŽƉƚŝŵŝƐĂƚŝŽŶ ŽĨ ƚŚĞ ŶŽƌƚĞů Kϰϴͬ^dDϭϲ͕
Ϯ͘ϱ'ďͬƐ ŝŶƚĞŐƌĂƚĞĚ /ŶW ŵĂĐŚ njĞŚŶĚĞƌ ŵŽĚƵůĂƚĞĚ ƚƌĂŶƐŵŝƚƚĞƌ ŵŽĚƵůĞ ĨŽƌ tD ŽƉƚŝĐĂů
ƐLJƐƚĞŵƐ͕>DϭϱϱtͲϮϬ͕EŽƌƚĞůEĞƚǁŽƌŬƐ͕ϮϬϬϮ͘
΀Ϯϵ΁^KϭϬϭϯ͗ϭϱϱϬŶŵͲďĂŶĚƐĞŵŝĐŽŶĚƵĐƚŽƌŽƉƚŝĐĂůĂŵƉůŝĨŝĞƌ͕Ks'͘
΀ϯϬ΁ &ŝďĞƌͲŽƵƉůĞĚ ͕ hůƚƌĂŚŝŐŚͲƐƉĞĞĚ͕ ƉŚŽƚŽĚĞƚĞĐƚŽƌ ŵŽĚƵůĞƐ͕ DŽĚĞůƐ ϭϬϬy͕ ϭϬϭy Θ ϭϬϮy
hƐĞƌ͛ƐDĂŶƵĂů͕EĞǁ&ŽĐƵƐ͘
΀ϯϭ΁ ^ƉĞĐŝĨŝĐĂƚŝŽŶƐ ŐƵŝĚĞ ŐŝůĞŶƚ ƚĞĐŚŶŽůŽŐŝĞƐ W^ ƐĞƌŝĞƐ ƐƉĞĐƚƌƵŵ ĂŶĂůLJnjĞƌƐ͕ ŐŝůĞŶƚ
dĞĐŚŶŽůŽŐŝĞƐ͕ϮϬϬϳ͘
ϱϱ
81,9(56,'$'()('(5$/'(3(51$0%8&2
΀ϯϮ΁^ĂďŝĚŽ͕͘:͘D͕͘<ĂnjŽǀƐŬLJ͕>͘'͕͘͟LJŶĂŵŝĐƌĂŶŐĞŽĨŽƉƚŝĐĂůůLJĂŵƉůŝĨŝĞĚZ&ŽƉƚŝĐĂůůŝŶŬƐ͕͟
/dƌĂŶƐĂĐƚŝŽŶƐŽŶDŝĐƌŽǁĂǀĞdŚĞŽƌLJĂŶĚdĞĐŚŶŝƋƵĞƐ͕ϰϵ;ϭϬͿ͕ϭϵϱϬͲϭϵϱϱ͕ϮϬϬϭ͘
΀ϯϯ΁Ždž///͕͘,͕͘ĞƚƐ͕'͘͕͘Ğ:ŽŚŶƐŽŶ͕>͘D͕͘͟ŶĂŶĂůLJƚŝĐĂŶĚĞdžƉĞƌŝŵĞŶƚĂůĐŽŵƉĂƌŝƐŽŶŽĨ
ĚŝƌĞĐƚ ĂŶĚ ĞdžƚĞƌŶĂů ŵŽĚƵůĂƚŝŽŶ ŝŶ ĂŶĂůŽŐ ĨŝďĞƌͲŽƉƚŝĐ ůŝŶŬƐ͕͟ / dƌĂŶƐĂĐƚŝŽŶƐ ŽŶ ŵŝĐƌŽǁĂǀĞ
ƚŚĞŽƌLJĂŶĚƚĞĐŚŶŝƋƵĞƐ͕ϯϴ;ϮͿ͕ϱϬϭͲϱϬϵ͕ϭϵϵϬ͘
΀ϯϰ΁ DĂdžŝŵ ŝŶƚĞŐƌĂƚĞĚ ƉƌŽĚƵĐƚƐ͕ ƉƉůŝĐĂƚŝŽŶ EŽƚĞ Ϯϴϳϱ dŚƌĞĞ DĞƚŚŽĚƐ ŽĨ EŽŝƐĞ &ŝŐƵƌĞ
DĞĂƐƵƌĞŵĞŶƚ͘
΀ϯϱ΁ Ždž ///͕ ͘ ,͕͘ ͞'ĂŝŶ ĂŶĚ ŶŽŝƐĞ ĨŝŐƵƌĞ ŝŶ ĂŶĂůŽŐƵĞ ĨŝďĞƌͲŽƉƚŝĐ ůŝŶŬƐ͕͟ / WƌŽĐĞĞĚŝŶŐƐͲ:͘
ϭϯϵ;ϰͿ͕ϮϯϴͲϮϰϮ͕ϭϵϵϮ͘
΀ϯϲ΁ Ždž///͕͘,͕͘ĐŬĞƌŵĂŶ͕͕͘,ĞůŬĞLJ͕Z͘ĂŶĚĞƚƚƐ͕'͘͕͘͞dĞĐŚŶŝƋƵĞƐĂŶĚƉĞƌĨŽƌŵĂŶĐĞŽĨ
ŝŶƚĞŶƐŝƚLJͲŵŽĚƵůĂƚŝŽŶ ĚŝƌĞĐƚͲĚĞƚĞĐƚŝŽŶ ĂŶĂůŽŐ ŽƉƚŝĐĂů ůŝŶŬƐ͕͟ / dƌĂŶƐĂĐƚŝŽŶƐ ŽŶ DŝĐƌŽǁĂǀĞ
dŚĞŽƌLJĂŶĚdĞĐŚŶŝƋƵĞƐ͕ϭϵϵϳ͘
΀ϯϳ΁ ƵƚƌĞƌ͕ ͘ D͕͘ 'ĞŽƌŐĞƐ͕ :͘ ͕͘ >Ğ͕ d͘ ,͕͘ Ğ >ĂƵ͕ <͘ z͕͘ ͞LJŶĂŵŝĐ ƌĂŶŐĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ĨŽƌ
ŽƉƚŝĐĂů ƚƌĂŶƐŵŝƚƚĞƌƐ ŝŶ ĨŝďĞƌͲĨĞĚ ŵŝĐƌŽĐĞůůƵůĂƌ ŶĞƚǁŽƌŬƐ͕͟ / WŚŽƚŽŶ͘ dĞĐŚŶŽů͘ >Ğƚƚ͕͘ ϳ;ϱͿ͕
ϱϲϰʹϱϲϲ͕ϭϵϵϱ͘
΀ϯϴ΁ ďLJĂŬŽǀ͕ ͕͘ 'ĞŽƌŐĞ͕ :͕͘ Ğ ^ĂƵĞƌ͕ D͕͘ ͞^LJƐƚĞŵ ĚLJŶĂŵŝĐ ƌĂŶŐĞ ĨŽƌ t>E ƌĂĚŝŽ ƐŝŐŶĂů
ƚƌĂŶƐŵŝƐƐŝŽŶ ŽǀĞƌ ŵƵůƚŝͲŵŽĚĞ ĨŝďĞƌ ĂŶĚ ĐŽĂdžŝĂů ĐĂďůĞ ůŝŶŬƐ͕͟ ŽƌŶŝŶŐ /ŶĐ͕͘ ^ĐŝĞŶĐĞ ĂŶĚ
dĞĐŚŶŽůŽŐLJŝǀŝƐŝŽŶ͕KŶĞ^ĐŝĞŶĐĞĞŶƚĞƌƌŝǀĞ͕ŽƌŶŝŶŐEzϭϰϴϯϭ͘
΀ϯϵ΁ ĐŬĞƌŵĂŶ͕ ͘ /͕͘ Ğ Ždž ///͕ ͘ ,͕͘ ͞Z& ĨŝďĞƌͲŽƉƚŝĐ ůŝŶŬƐ ƉĞƌĨŽƌŵĂŶĐĞ͕͟ / DŝĐƌŽǁĂǀĞ
DĂŐĂnjŝŶĞ͕Ϯ;ϰͿ͕ϱϬͲϱϴ͕ϮϬϬϭ͘
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