DWW^^K>KDhE/1W/Ks/>EKs&D>/K
EKϮϬϭϰ
WK^dK^dZ>,K
Z'K^ͬ
ZZ/Z^ͬ
d'KZ/^
dZ/h/O^ͬKDWdE/^ͬd/s/^
Z&KZDK
D/ͬKh
WZK&/^^/KE>
KhWK^
ŽŶƚƌĂƚŽĚĞdƌĂďĂůŚŽĞŵ&ƵŶĕƁĞƐ
EK
EŽŵĞĂĕĆŽ
ŽŵŝƐƐĆŽ KhWK^
WƷďůŝĐĂƐ
ĚĞ^ĞƌǀŝĕŽ
dĞŵƉŽ
dĞƌŵŽZĞƐŽůƵƚŝǀŽ
ĞĨŝŶŝƚŝǀĂ
/ŶĚĞƚĞƌŵŝŶĂĚŽ
ĞƌƚŽ
dKd>
/ZdKZDhE//W>
EŽƐ ƚĞƌŵŽƐ ĚŽ ĂƌƚŝŐŽ ϭϮ͘Ǒ ĚĂ >Ğŝ
Ŷ͘Ǒ ϰϵͬϮϬϭϮ͕ ĚĞ Ϯϵ ĚĞ ĂŐŽƐƚŽ͕
EŽƐ ƚĞƌŵŽƐ ĚŽƐ ĂƌƚŝŐŽƐ ϭϱ͘Ǒ Ğ ϭϲ͘Ǒ ĚĂ >Ğŝ Ŷ͘Ǒ ϰϵͬϮϬϭϮ͕ ĚĞ Ϯϵ ĚĞ ĂŐŽƐƚŽ͕ ƋƵĞ
ƋƵĞ ƉƌŽĐĞĚĞ ă ĂĚĂƉƚĂĕĆŽ ă
ƉƌŽĐĞĚĞăĂĚĂƉƚĂĕĆŽăĂĚŵŝŶŝƐƚƌĂĕĆŽůŽĐĂůĚĂ>ĞŝŶ͘ǑϮͬϮϬϬϰ͕ĚĞϭϱĚĞũĂŶĞŝƌŽ͘
ĂĚŵŝŶŝƐƚƌĂĕĆŽ ůŽĐĂů ĚĂ >Ğŝ Ŷ͘Ǒ
ϮͬϮϬϬϰ͕ĚĞϭϱĚĞũĂŶĞŝƌŽ͘
Ϭ
ϭ
ϭ
/ZdKZWZdDEdK
DhE//W>
EŽƐ ƚĞƌŵŽƐ ĚŽ ĂƌƚŝŐŽ ϭϮ͘Ǒ ĚĂ >Ğŝ
Ŷ͘Ǒ ϰϵͬϮϬϭϮ͕ ĚĞ Ϯϵ ĚĞ ĂŐŽƐƚŽ͕
EŽƐ ƚĞƌŵŽƐ ĚŽƐ ĂƌƚŝŐŽƐ ϭϱ͘Ǒ Ğ ϭϲ͘Ǒ ĚĂ >Ğŝ Ŷ͘Ǒ ϰϵͬϮϬϭϮ͕ ĚĞ Ϯϵ ĚĞ ĂŐŽƐƚŽ͕ ƋƵĞ
ƋƵĞ ƉƌŽĐĞĚĞ ă ĂĚĂƉƚĂĕĆŽ ă
ƉƌŽĐĞĚĞăĂĚĂƉƚĂĕĆŽăĂĚŵŝŶŝƐƚƌĂĕĆŽůŽĐĂůĚĂ>ĞŝŶ͘ǑϮͬϮϬϬϰ͕ĚĞϭϱĚĞũĂŶĞŝƌŽ͘
ĂĚŵŝŶŝƐƚƌĂĕĆŽ ůŽĐĂů ĚĂ >Ğŝ Ŷ͘Ǒ
ϮͬϮϬϬϰ͕ĚĞϭϱĚĞũĂŶĞŝƌŽ͘
ϭ
ϲ
ϳ
,&/s/^KDhE//W>
EŽƐ ƚĞƌŵŽƐ ĚŽ ĂƌƚŝŐŽ ϭϮ͘Ǒ ĚĂ >Ğŝ
Ŷ͘Ǒ ϰϵͬϮϬϭϮ͕ ĚĞ Ϯϵ ĚĞ ĂŐŽƐƚŽ͕
EŽƐ ƚĞƌŵŽƐ ĚŽƐ ĂƌƚŝŐŽƐ ϭϱ͘Ǒ Ğ ϭϲ͘Ǒ ĚĂ >Ğŝ Ŷ͘Ǒ ϰϵͬϮϬϭϮ͕ ĚĞ Ϯϵ ĚĞ ĂŐŽƐƚŽ͕ ƋƵĞ
ƋƵĞ ƉƌŽĐĞĚĞ ă ĂĚĂƉƚĂĕĆŽ ă
ƉƌŽĐĞĚĞăĂĚĂƉƚĂĕĆŽăĂĚŵŝŶŝƐƚƌĂĕĆŽůŽĐĂůĚĂ>ĞŝŶ͘ǑϮͬϮϬϬϰ͕ĚĞϭϱĚĞũĂŶĞŝƌŽ͘
ĂĚŵŝŶŝƐƚƌĂĕĆŽ ůŽĐĂů ĚĂ >Ğŝ Ŷ͘Ǒ
ϮͬϮϬϬϰ͕ĚĞϭϱĚĞũĂŶĞŝƌŽ͘
ϭϴ
ϭ
ϭϵ
EŽƐ ƚĞƌŵŽƐ ĚŽ Ŷ͘Ǒ ϱ ĚŽ ĂƌƚŝŐŽ
ϰϬ͘Ǒ ĚŽ ZĞŐƵůĂŵĞŶƚŽ ĚĂ
EŽƐ ƚĞƌŵŽƐ ĚŽ Ŷ͘Ǒ ϰ ĚŽ ĂƌƚŝŐŽ ϰϬ͘Ǒ ĚŽ ZĞŐƵůĂŵĞŶƚŽ ĚĂ KƌŐĂŶŝnjĂĕĆŽ ĚŽƐ
KƌŐĂŶŝnjĂĕĆŽ
ĚŽƐ
^ĞƌǀŝĕŽƐ
,&^Zs/KDhE//W> ^ĞƌǀŝĕŽƐ DƵŶŝĐŝƉĂŝƐ͕ ƉƵďůŝĐĂĚŽ ŶŽ ŝĄƌŝŽ ĚĂ ZĞƉƷďůŝĐĂ ͕ Ϯ͘ǐ ƐĠƌŝĞ͕ Ŷ͘Ǒ ϯϮ͕ ĚĞ ϭϰ
DƵŶŝĐŝƉĂŝƐ͕ ƉƵďůŝĐĂĚŽ ŶŽ ŝĄƌŝŽ
ĚĞĨĞǀĞƌĞŝƌŽĚĞϮϬϭϯ͘
ĚĂ ZĞƉƷďůŝĐĂ ͕ Ϯ͘ǐ ƐĠƌŝĞ͕ Ŷ͘Ǒ ϯϮ͕
ĚĞϭϰĚĞĨĞǀĞƌĞŝƌŽĚĞϮϬϭϯ͘
Ϭ
ϰ
ϰ
Ϭ
ϭ
ϭ
ϭϵ
ϭϯ
ϯϮ
,&Yh/W
Dh>d//^/W/EZ
EŽƐ ƚĞƌŵŽƐ ĚŽ ĂƌƚŝŐŽ ϰ͘Ǒ ĚŽ ZĞŐƵůĂŵĞŶƚŽ ĚĂ KƌŐĂŶŝnjĂĕĆŽ ĚŽƐ ^ĞƌǀŝĕŽƐ
DƵŶŝĐŝƉĂŝƐ͕ ƉƵďůŝĐĂĚŽ ŶŽ ŝĄƌŝŽ ĚĂ ZĞƉƷďůŝĐĂ ͕ Ϯ͘ǐ ƐĠƌŝĞ͕ Ŷ͘Ǒ ϯϮ͕ ĚĞ ϭϰ ĚĞ
>ŝĐĞŶĐŝĂƚƵƌĂĞŵĄƌĞĂĂĚĞƋƵĂĚĂ
ĨĞǀĞƌĞŝƌŽ ĚĞ ϮϬϭϯ͕ Ğ ĚŽƐ Ŷ͘ǑƐ ϯ Ğ ϰ ĚŽ ĂƌƚŝŐŽ ϭϮǑ ĚŽ ĞĐƌĞƚŽͲ>Ğŝ Ŷ͘Ǒ ϯϬϱͬϮϬϬϵ͕
ĚĞϮϯĚĞŽƵƚƵďƌŽ͕ĂŝŶĚĂĂĚĞĨŝŶŝƌ͘
^hdKd>
Ϭ
Ϭ
Ϭ
WĄŐŝŶĂϭĚĞϯϰ
DWW^^K>KDhE/1W/Ks/>EKs&D>/K
EKϮϬϭϰ
WK^dK^dZ>,K
Z'K^ͬ
ZZ/Z^ͬ
d'KZ/^
dZ/h/O^ͬKDWdE/^ͬd/s/^
Z&KZDK
D/ͬKh
WZK&/^^/KE>
dE/K^hWZ/KZ
ƌĞĂ ĚŵŝŶŝƐƚƌĂƚŝǀĂ Ͳ KƌŐĂŶŝnjĂ͕ ĐŚĞĨŝĂ Ğ ĐŽŽƌĚĞŶĂ Ƶŵ ĐŽŶũƵŶƚŽ ĚĞ ĂƚŝǀŝĚĂĚĞƐ
ŝŶƐƚƌƵŵĞŶƚĂŝƐ ĚĞ ĐĂƌĄƚĞƌ ĂĚŵŝŶŝƐƚƌĂƚŝǀŽ͕ ŶŽŵĞĂĚĂŵĞŶƚĞ ŶĂƐ ĄƌĞĂƐ ĚĞ ƌĞĐƵƌƐŽƐ
ŚƵŵĂŶŽƐ͕ĐŽŶƚĂďŝůŝĚĂĚĞ͕ĞdžƉĞĚŝĞŶƚĞ͕ĂƌƋƵŝǀŽ͕ĂƉƌŽǀŝƐŝŽŶĂŵĞŶƚŽĞƉĂƚƌŝŵſŶŝŽ͘
ϰ
Ϭ
Ϭ
ϰ
dE/K^hWZ/KZ
ƌĞĂ 'ĞŶĞƌĂůŝƐƚĂ Ͳ ĞƐĞŶǀŽůǀĞ ĨƵŶĕƁĞƐ ĚĞ ŝŶǀĞƐƚŝŐĂĕĆŽ͕ ĞƐƚƵĚŽ͕ ĐŽŶĐĞĕĆŽ Ğ
ĂĚĂƉƚĂĕĆŽ ĚĞ ŵĠƚŽĚŽƐ͕ ƉƌŽĐĞƐƐŽƐ ĐŝĞŶƚşĨŝĐŽͲƚĠĐŶŝĐŽƐ ĚĞ ąŵďŝƚŽ ŐĞƌĂů ŽƵ
>ŝĐĞŶĐŝĂƚƵƌĂĞŵĄƌĞĂĂĚĞƋƵĂĚĂ
ĞƐƉĞĐŝĂůŝnjĂĚŽ͕ ĞdžĞĐƵƚĂĚĂƐ ĐŽŵ ĂƵƚŽŶŽŵŝĂ Ğ ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞ͕ ƚĞŶĚŽ Ğŵ ǀŝƐƚĂ
ŝŶĨŽƌŵĂƌĂĚĞĐŝƐĆŽƐƵƉĞƌŝŽƌ͘
ϰϮ
ϭ
ϭϭ
ϱϰ
dE/K^hWZ/KZ
ƌĞĂ ĚĞ ƌƋƵŝƚĞƚƵƌĂ Ͳ ĞƐĞŶǀŽůǀĞ ĨƵŶĕƁĞƐ ĚĞ ĐŽŶĐĞĕĆŽ Ğ ƉƌŽũĞĕĆŽ ĚĞ ĐŽŶũƵŶƚŽƐ
ƵƌďĂŶŽƐ͕ ĞĚŝĨŝĐĂĕƁĞƐ͕ ŽďƌĂƐ ƉƷďůŝĐĂƐ Ğ ŽďũĞƚŽƐ͕ ƉƌĞƐƚĂŶĚŽ Ă ĚĞǀŝĚĂ ĂƐƐŝƐƚġŶĐŝĂ
ƚĠĐŶŝĐĂ Ğ ŽƌŝĞŶƚĂĕĆŽ ŶŽ ĚĞĐƵƌƐŽ ĚĂ ƌĞƐƉĞƚŝǀĂ ĞdžĞĐƵĕĆŽ͖ ĞůĂďŽƌĂ ŝŶĨŽƌŵĂĕƁĞƐ
ƌĞůĂƚŝǀĂƐ Ă ƉƌŽĐĞƐƐŽƐ ŶĂ ĄƌĞĂ ĚĂ ƌĞƐƉĞƚŝǀĂ ĞƐƉĞĐŝĂůŝĚĂĚĞ͕ ŝŶĐůƵŝŶĚŽ Ž
ƉůĂŶĞĂŵĞŶƚŽ ƵƌďĂŶşƐƚŝĐŽ͕ ďĞŵ ĐŽŵŽ ƐŽďƌĞ Ă ƋƵĂůŝĚĂĚĞ Ğ ĂĚĞƋƵĂĕĆŽ ĚĞ
ƉƌŽũĞƚŽƐ ƉĂƌĂ ůŝĐĞŶĐŝĂŵĞŶƚŽ ĚĞ ŽďƌĂƐ ĚĞ ĐŽŶƐƚƌƵĕĆŽ Đŝǀŝů ŽƵ ĚĞ ŽƵƚƌĂƐ
ŽƉĞƌĂĕƁĞƐ ƵƌďĂŶşƐƚŝĐĂƐ͖ ĐŽůĂďŽƌĂ ŶĂ ŽƌŐĂŶŝnjĂĕĆŽ ĚĞ ƉƌŽĐĞƐƐŽƐ ĚĞ ĐĂŶĚŝĚĂƚƵƌĂ Ă
ĨŝŶĂŶĐŝĂŵĞŶƚŽƐ ĐŽŵƵŶŝƚĄƌŝŽƐ͕ ĚĂ ĂĚŵŝŶŝƐƚƌĂĕĆŽ ĐĞŶƚƌĂů ŽƵ ŽƵƚƌŽƐ͖ ĐŽůĂďŽƌĂ ŶĂ
ĚĞĨŝŶŝĕĆŽ ĚĂƐ ƉƌŽƉŽƐƚĂƐ ĚĞ ĞƐƚƌĂƚĠŐŝĂ͕ ĚĞ ŵĞƚŽĚŽůŽŐŝĂ Ğ ĚĞ ĚĞƐĞŶǀŽůǀŝŵĞŶƚŽ
ƉĂƌĂ ĂƐ ŝŶƚĞƌǀĞŶĕƁĞƐ ƵƌďĂŶşƐƚŝĐĂƐ Ğ ĂƌƋƵŝƚĞƚſŶŝĐĂƐ͖ ĐŽŽƌĚĞŶĂ Ğ ĨŝƐĐĂůŝnjĂ Ă
ĞdžĞĐƵĕĆŽ ĚĞ ŽďƌĂƐ͖ ĂƌƚŝĐƵůĂ ĂƐ ƐƵĂƐ ĂƚŝǀŝĚĂĚĞƐ ĐŽŵ ŽƵƚƌŽƐ ƉƌŽĨŝƐƐŝŽŶĂŝƐ͕
ŶŽŵĞĂĚĂŵĞŶƚĞ ŶĂƐ ĄƌĞĂƐ ĚŽ ƉůĂŶĞĂŵĞŶƚŽ ĚŽ ƚĞƌƌŝƚſƌŝŽ͕ ĂƌƋƵŝƚĞƚƵƌĂ ƉĂŝƐĂŐŝƐƚĂ͕
ƌĞĂďŝůŝƚĂĕĆŽƐŽĐŝĂůĞƵƌďĂŶĂĞĞŶŐĞŶŚĂƌŝĂ͘
Ϯϯ
Ϭ
Ϯ
Ϯϱ
>ŝĐĞŶĐŝĂƚƵƌĂĞŵƌƋƵŝƚĞƚƵƌĂ
KhWK^
ŽŶƚƌĂƚŽĚĞdƌĂďĂůŚŽĞŵ&ƵŶĕƁĞƐ
EK
EŽŵĞĂĕĆŽ
ŽŵŝƐƐĆŽ KhWK^
WƷďůŝĐĂƐ
ĚĞ^ĞƌǀŝĕŽ
dĞŵƉŽ
dĞƌŵŽZĞƐŽůƵƚŝǀŽ
ĞĨŝŶŝƚŝǀĂ
/ŶĚĞƚĞƌŵŝŶĂĚŽ
ĞƌƚŽ
dKd>
WĄŐŝŶĂϮĚĞϯϰ
DWW^^K>KDhE/1W/Ks/>EKs&D>/K
EKϮϬϭϰ
WK^dK^dZ>,K
Z'K^ͬ
ZZ/Z^ͬ
d'KZ/^
dZ/h/O^ͬKDWdE/^ͬd/s/^
dE/K^hWZ/KZ
ƌĞĂ ĚĞ ƌƋƵŝƚĞƚƵƌĂ WĂŝƐĂŐşƐƚŝĐĂ Ͳ ĞƐĞŶǀŽůǀĞ ĨƵŶĕƁĞƐ ĞƐƚƵĚŽ͕ ĐŽŶĐĞĕĆŽ Ğ
ĂĚĂƉƚĂĕĆŽ ĚĞ ŵĠƚŽĚŽƐ͕ ƉƌŽĐĞƐƐŽƐ ĐŝĞŶƚşĨŝĐŽͲƚĠĐŶŝĐŽƐ͕ ŝŶƐĞƌŝĚŽƐ ŶŽƐ ƐĞŐƵŝŶƚĞƐ
ĚŽŵşŶŝŽƐ ĚĞ ĂƚŝǀŝĚĂĚĞ͗ ĞƐƚƵĚŽ Ğ ƉůĂŶĞĂŵĞŶƚŽ ĚŽ ƚĞƌƌŝƚſƌŝŽ Ğ ĚĂ ƉĂŝƐĂŐĞŵ͕
ŽƌĚĞŶĂŶĚŽ ŽƐ ĚŝǀĞƌƐŽƐ ĞůĞŵĞŶƚŽƐ ĚĞ ŵŽĚŽ Ă ŐĂƌĂŶƚŝƌ Ă ƉĞƌŵĂŶġŶĐŝĂ ĚŽ
ĞƋƵŝůşďƌŝŽ ĞĐŽůſŐŝĐŽ Ğ ǀŝƐƵĂů͕ ƚĞŶĚŽ Ğŵ ĐŽŶƐŝĚĞƌĂĕĆŽ ĂƐƉĞƚŽƐ ďŝŽůſŐŝĐŽƐ͕
ĞƐƚĠƚŝĐŽƐ͕ ĂƌƋƵŝƚĞƚſŶŝĐŽƐ͕ ŚŝƐƚſƌŝĐŽƐ͕ ƐŽĐŝĂŝƐ͕ ĚĞ ƋƵĂůŝĚĂĚĞ ĚĞ ǀŝĚĂ Ğ ĚĞ
ƐƵƐƚĞŶƚĂďŝůŝĚĂĚĞ ĞĐŽŶſŵŝĐĂ͖ ƉƌŽũĞĕĆŽ ĚĞ ĞƐƉĂĕŽƐ Ğ ĞƐƚƌƵƚƵƌĂƐ ǀĞƌĚĞƐ͕ ĞƐƚƵĚŽ
ĚŽ ĞƋƵŝƉĂŵĞŶƚŽ ŵŽďŝůŝĄƌŝŽ Ğ ŽďƌĂƐ ĚĞ ĂƌƚĞ Ă ŝŵƉůĂŶƚĂƌ Ğ ƌĞĂůŝnjĂĕĆŽ ĚĞ ĞƐƚƵĚŽƐ
ĚĞ ŝŶƚĞŐƌĂĕĆŽ ƉĂŝƐĂŐşƐƚŝĐĂ͖ ĂƌƚŝĐƵůĂĕĆŽ ĚĂƐ ƐƵĂƐ ĂƚŝǀŝĚĂĚĞƐ ĐŽŵ ŽƵƚƌŽƐ
ƉƌŽĨŝƐƐŝŽŶĂŝƐ͕ ŶŽŵĞĂĚĂŵĞŶƚĞ ŶĂƐ ĄƌĞĂƐ ĚŽ ƉůĂŶĞĂŵĞŶƚŽ ĚŽ ƚĞƌƌŝƚſƌŝŽ͕
ĂƌƋƵŝƚĞƚƵƌĂ͕ƌĞĂďŝůŝƚĂĕĆŽƐŽĐŝĂůĞƵƌďĂŶĂĞĞŶŐĞŶŚĂƌŝĂ͘
dE/K^hWZ/KZ
Z&KZDK
D/ͬKh
WZK&/^^/KE>
>ŝĐĞŶĐŝĂƚƵƌĂĞŵƌƋƵŝƚĞƚƵƌĂ
WĂŝƐĂŐşƐƚŝĐĂ
KhWK^
ŽŶƚƌĂƚŽĚĞdƌĂďĂůŚŽĞŵ&ƵŶĕƁĞƐ
EK
EŽŵĞĂĕĆŽ
ŽŵŝƐƐĆŽ KhWK^
WƷďůŝĐĂƐ
ĚĞ^ĞƌǀŝĕŽ
dĞŵƉŽ
dĞƌŵŽZĞƐŽůƵƚŝǀŽ
ĞĨŝŶŝƚŝǀĂ
/ŶĚĞƚĞƌŵŝŶĂĚŽ
ĞƌƚŽ
dKd>
ϭ
Ϭ
ϭ
Ϯ
ƌĞĂ ĚĞ ŶŐĞŶŚĂƌŝĂ Ͳ ĞƐĞŶǀŽůǀĞ ĨƵŶĕƁĞƐ ĚĞ ŝŶǀĞƐƚŝŐĂĕĆŽ͕ ĞƐƚƵĚŽ͕ ĐŽŶĐĞĕĆŽ Ğ
ĂĚĂƉƚĂĕĆŽ ĚĞ ŵĠƚŽĚŽƐ͕ ƉƌŽĐĞƐƐŽƐ ĐŝĞŶƚşĨŝĐŽͲƚĠĐŶŝĐŽƐ ĚĞ ąŵďŝƚŽ ŐĞƌĂů ŽƵ >ŝĐĞŶĐŝĂƚƵƌĂĞŵŶŐĞŶŚĂƌŝĂ͕Ğŵ
ĞƐƉĞĐŝĂůŝnjĂĚŽ͕ ĞdžĞĐƵƚĂĚĂƐ ĐŽŵ ĂƵƚŽŶŽŵŝĂ Ğ ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞ͕ ƚĞŶĚŽ Ğŵ ǀŝƐƚĂ
ĄƌĞĂĂĚĞƋƵĂĚĂ
ŝŶĨŽƌŵĂƌĂĚĞĐŝƐĆŽƐƵƉĞƌŝŽƌ͘
Ϯϰ
Ϭ
Ϯ
Ϯϲ
dE/K^hWZ/KZ
ƌĞĂ ĚĞ ŶŐĞŶŚĂƌŝĂ YƵşŵŝĐĂ Ͳ ůĂďŽƌĂ ƉƌŽũĞƚŽƐ Ğ ŝŶĨŽƌŵĂĕƁĞƐ Ğ ĂƐƐĞŐƵƌĂ Ž
ƐƵƉŽƌƚĞ ƚĠĐŶŝĐŽ ĂĚĞƋƵĂĚŽ ƌĞůĂƚŝǀĂŵĞŶƚĞ Ă ŝŶƚĞƌǀĞŶĕƁĞƐ ĞƐƉĞĐşĨŝĐĂƐ ŶŽƐ
ƐĞŐƵŝŶƚĞƐ ĚŽŵşŶŝŽƐ ĂŵďŝĞŶƚĂŝƐ͗ ĂŵŽƐƚƌĂŐĞŶƐ Ğ ƚƌĂƚĂŵĞŶƚŽƐ ĚĞ ĚĂĚŽƐ ĚĞ
ƉŽůƵĞŶƚĞƐ ĂƚŵŽƐĨĠƌĐŽƐ͕ ƉĂƌąŵĞƚƌŽƐ ĨşƐŝĐŽͲƋƵşŵŝĐŽƐ ĚŽ ŵĞŝŽ ŚşĚƌŝĐŽ͖ ƉƌŽĐĞĚĞ Ă
ĞƐƚƵĚŽƐ Ğ ĂƐƐĞŐƵƌĂ Ž ĂĐŽŵƉĂŶŚĂŵĞŶƚŽ ĚĞ ŐĞƐƚĆŽ ƐŽďƌĞ Ă ĐĂƌĂĐƚĞƌŝnjĂĕĆŽ ĨşƐŝĐŽͲ
ƋƵşŵŝĐĂ ĚĞ ƌĞƐşĚƵŽƐ ƐſůŝĚŽƐ ƵƌďĂŶŽƐ͕ ƌĞƐşĚƵŽƐ ŝŶĚƵƐƚƌŝĂŝƐ Ğ ƉĞƌŝŐŽƐŽƐ͖ ĞƐƚƵĚĂ͕
ƉƌĞƉĂƌĂ Ğ ŝŵƉůĞŵĞŶƚĂ ŵĞĚŝĚĂƐ ĚĞ ƉƌŽƚĞĕĆŽ ĂŵďŝĞŶƚĂů Ğŵ ŵĂƚĠƌŝĂ ĚĞ ƉƌŽĚƵƚŽƐ
ƋƵşŵŝĐŽƐ͘ ŽůĂďŽƌĂ Ğŵ ĂĕƁĞƐ ĚĞ ĨŽƌŵĂĕĆŽ Ğ ĚŝǀƵůŐĂĕĆŽ ũƵŶƚŽ ĚĂ ƉŽƉƵůĂĕĆŽ
ĞƐĐŽůĂƌ͕ ŶŽŵĞĂĚĂŵĞŶƚĞ ŶĂƐ ĄƌĞĂƐ ĚĞ ƋƵşŵŝĐĂ ĂƉůŝĐĂĚĂ ĂŽƐ ǀĄƌŝŽƐ ƐŝƐƚĞŵĂƐ
ĂŵďŝĞŶƚĂŝƐ͘
>ŝĐĞŶĐŝĂƚƵƌĂĞŵŶŐĞŶŚĂƌŝĂ
YƵşŵŝĐĂ
Ϯ
Ϭ
ϭ
ϯ
dE/K^hWZ/KZ
ƌĞĂ ĚĞ ŶŐĞŶŚĂƌŝĂ ŐſŶŽŵĂ Ͳ WĂƌƚŝĐŝƉĂ ŶĂ ŐĞƐƚĆŽ ĚŽ ŚŽƌƚŽ ŵƵŶŝĐŝƉĂů͕
ĚĞƐŝŐŶĂĚĂŵĞŶƚĞ ŶĂ ƉƌŽŵŽĕĆŽ Ğ ĐŽŽƌĚĞŶĂĕĆŽ ĚĞ ƚŽĚŽƐ ŽƐ ƚƌĂďĂůŚŽƐ
ƌĞůĂĐŝŽŶĂĚŽƐ ĐŽŵ Ă ƌĞƉƌŽĚƵĕĆŽ ǀĞŐĞƚĂƚŝǀĂ ĚĞ ŚĞƌďĄĐĞĂƐ͕ ĂƌďƵƐƚŝǀĂƐ Ğ ĂƌďſƌĞĂƐ
;ƐĞŵĞŶƚĞŝƌĂ͕ ƌĞŐĂ͕ ƚƌĂŶƐƉůĂŶƚĂĕƁĞƐ͕ ĂĚƵďĂĕƁĞƐ͕ ƚƌĂƚĂŵĞŶƚŽ ĨŝƚŽƐƐĂŶŝƚĄƌŝŽƐ͕
ƉůĂŶƚĂĕƁĞƐ͕ ĞƚĐ͘Ϳ ƉĂƌĂ ƵƚŝůŝnjĂĕĆŽ ŶŽƐ ĞƐƉĂĕŽƐ ǀĞƌĚĞƐ ĚĞ ƚŽĚŽ Ž ĐŽŶĐĞůŚŽ͕ ďĞŵ
ĐŽŵŽŵĂŐĞƐƚĆŽĚŽƐĞƐƉĂĕŽƐǀĞƌĚĞƐ͘
>ŝĐĞŶĐŝĂƚƵƌĂĞŵŶŐĞŶŚĂƌŝĂ
ŐƌſŶŽŵĂ
ϭ
Ϭ
ϭ
Ϯ
WĄŐŝŶĂϯĚĞϯϰ
DWW^^K>KDhE/1W/Ks/>EKs&D>/K
EKϮϬϭϰ
WK^dK^dZ>,K
Z'K^ͬ
ZZ/Z^ͬ
d'KZ/^
dZ/h/O^ͬKDWdE/^ͬd/s/^
Z&KZDK
D/ͬKh
WZK&/^^/KE>
dE/K^hWZ/KZ
ƌĞĂ ĚĞ ŶŐĞŶŚĂƌŝĂ ŵďŝĞŶƚĂů Ͳ ŶĂůŝƐĂ͕ ĞƐƚƵĚĂ Ğ ĞŵŝƚĞ ƉĂƌĞĐĞƌĞƐ ŶƵŵĂ
ƉĞƌƐƉĞƚŝǀĂ ŵĂĐƌŽƐĐſƉŝĐĂ͕ ƐŝƐƚĞŵĄƚŝĐĂ͕ ŝŶƚĞŐƌĂĚĂ ŶŽƐ ĂƐƐƵŶƚŽƐ ƋƵĞ ůŚĞ ƐĆŽ
ƐƵďŵĞƚŝĚŽƐ͕ ƉĂƌĂ ƚƌĂƚĂŵĞŶƚŽ ă ůƵnj ĚĂƐ ĐŝġŶĐŝĂƐ ĚŽ ĂŵďŝĞŶƚĞ͖ ĞůĂďŽƌĂ ƉƌŽƉŽƐƚĂƐ
ĨƵŶĚĂŵĞŶƚĂĚĂƐ ĚĞ ƐŽůƵĕĆŽ ĚĞ ƉƌŽďůĞŵĂƐ ĐŽŶĐƌĞƚŽƐ ŶĂ ĄƌĞĂ ĂŵďŝĞŶƚĂů͖
ƉƌĞƉĂƌĂ͕ ĞůĂďŽƌĂ Ğ ĂĐŽŵƉĂŶŚĂ ƉƌŽũĞƚŽƐ ĂŵďŝĞŶƚĂŝƐ͖ ŝŵƉůĞŵĞŶƚĂ͕ ĚŝŶĂŵŝnjĂ Ğ
ĂĐŽŵƉĂŶŚĂ ĐĂŵƉĂŶŚĂƐ ĚĞ ƐĞŶƐŝďŝůŝnjĂĕĆŽ Ğ ĞĚƵĐĂĕĆŽ ĂŵďŝĞŶƚĂů͕ ďĞŵ ĐŽŵŽ
ŵĞĚŝĚĂƐ Ğ ĂĕƁĞƐ ĚĞ ŵŽŶŝƚŽƌŝnjĂĕĆŽ͕ ĐŽŶƚƌŽůŽ͕ ŐĞƐƚĆŽ Ğ ƉƌŽƚĞĕĆŽ ĂŵďŝĞŶƚĂů͕
ŶŽŵĞĂĚĂŵĞŶƚĞ ŶŽ ąŵďŝƚŽ ĚĞ ƌĞƐşĚƵŽƐ ƐſůŝĚŽƐ͕ ŝŶĚŝĐĂĚŽƌĞƐ ĂŵďŝĞŶƚĂŝƐ͕ ĞƐƉĂĕŽƐ
ǀĞƌĚĞƐ Ğ ƌĞĐƵƌƐŽƐ ŚşĚƌŝĐŽƐ͖ ƉĂƌƚŝĐŝƉĂ͕ ĐŽŵ ĞǀĞŶƚƵĂů ĐŽŽƌĚĞŶĂĕĆŽ͕ Ğŵ ĞƋƵŝƉĂƐ
ŝŶƚĞƌĚŝƐĐŝƉůŝŶĂƌĞƐ ĐŽŵƉŽƐƚĂƐ ƉŽƌ ƚĠĐŶŝĐŽƐ ƐƵƉĞƌŝŽƌĞƐ ŽƵ ŽƵƚƌŽƐ͖ ŝŶƚĞƌǀĞŵ ŶŽ
ĚŝĄůŽŐŽ ƉƌŝǀŝůĞŐŝĂĚŽ ĐŽŵ ŽƵƚƌŽƐ ƌĂŵŽƐ ĚĞ ĞƐƉĞĐŝĂůŝĚĂĚĞƐ ƉĂƌĂ ƉƌŽƐƐĞĐƵĕĆŽ ĚĞ
ŽďũĞƚŝǀŽƐĐŽŵĐŽŶƚĞƷĚŽƉůƵƌŝĚŝƐĐŝƉůŝŶĂƌ͘
>ŝĐĞŶĐŝĂƚƵƌĂĞŵŶŐĞŶŚĂƌŝĂ
ŵďŝĞŶƚĂů
ϭ
Ϭ
Ϭ
ϭ
dE/K^hWZ/KZ
ƌĞĂ ĚĞ ŝŽůŽŐŝĂ Ͳ džĞƌĐĞ ĐŽŵ ĂƵƚŽŶŽŵŝĂ Ğ ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞ ĨƵŶĕƁĞƐ ĚĞ
ĞƐƚƵĚŽ͕ ĐŽŶĐĞĕĆŽ Ğ ĂĚĂƉƚĂĕĆŽ ĚĞ ŵĠƚŽĚŽƐ Ğ ƉƌŽĐĞƐƐŽƐ ĐŝĞŶƚşĨŝĐŽͲƚĠĐŶŝĐŽƐ͕
ŝŶƐĞƌŝĚŽƐ ŶŽƐ ƐĞŐƵŝŶƚĞƐ ĚŽŵşŶŝŽƐ ĚĞ ĂƚŝǀŝĚĂĚĞ͗ ĞƐƚƵĚŽ Ğ ŝŶƚĞƌůŝŐĂĕĆŽ ƚĠĐŶŝĐĂ Ğŵ
ƉƌŽũĞƚŽƐ Ğ ĂĕƁĞƐ ĚĞ ŶĂƚƵƌĞnjĂ ƉůƵƌŝĚŝƐĐŝƉůŝŶĂƌ ƋƵĞ ĞdžŝũĂŵ ƵŵĂ ŝŶƚĞƌǀĞŶĕĆŽ ŶŽ
ĐĂŵƉŽ ĚĂ ďŝŽůŽŐŝĂ͖ ƉĂƌƚŝĐŝƉĂĕĆŽ ŶĂ ƉůĂŶŝĨŝĐĂĕĆŽ ĚĞ ƉƌŽŐƌĂŵĂƐ ĚĞ ƐĞŶƐŝďŝůŝnjĂĕĆŽ͕
ŝŶĨŽƌŵĂĕĆŽ Ğ ĞĚƵĐĂĕĆŽ ĂŵďŝĞŶƚĂů Ğ ĂĚĞƋƵĂĕĆŽ ĚŽ ĐŽŶƚĞƷĚŽ Ğ
ĚĞƐĞŶǀŽůǀŝŵĞŶƚŽ ĚŽƐ ŵĞƐŵŽƐ Ă ĚŝĨĞƌĞŶƚĞƐ ŐƌƵƉŽƐ ĂůǀŽ͖ ĐŽŶƚƌŽůŽ Ğ ŵĂŶƵƚĞŶĕĆŽ
ĚĂ ďŝŽĚŝǀĞƌƐŝĚĂĚĞ ŶŽƐ ĞƐƉĂĕŽƐ ǀĞƌĚĞƐ͖ ĞƐƚƵĚŽ Ğ ĐŽŶƚƌŽůŽ ĚŽ ĞƋƵŝůşďƌŝŽ
ĨĂƵŶşƐƚŝĐŽ ĚŽƐ ĞƐƉĂĕŽƐ ǀĞƌĚĞƐ͖ ƉƌĞƉĂƌĂĕĆŽ Ğ ĂĐŽŵƉĂŶŚĂŵĞŶƚŽ ĚĂ ŝŶƚƌŽĚƵĕĆŽ
ĚĞ ĞƐƉĠĐŝĞƐ ĂŶŝŵĂŝƐ ŶŽƐ ĞƐƉĂĕŽƐ ǀĞƌĚĞƐ͕ ŶĂ ƉĞƌƐƉĞƚŝǀĂ ĚĂ ĐŽŶƐĞƌǀĂĕĆŽ Ğ ŽƵ
ƌĞĐƵƉĞƌĂĕĆŽ ĚĂƐ ĞƐƉĠĐŝĞƐ ŶĂƚŝǀĂƐ͖ ůĞǀĂŶƚĂŵĞŶƚŽ Ğ ĐĂƚĂůŽŐĂĕĆŽ ĚĞ ĞƐƉĠĐŝĞƐ
ǀĞŐĞƚĂŝƐĐŽŵŝŶƚĞƌĞƐƐĞĐŝĞŶƚşĨŝĐŽ͕ĞĐŽůſŐŝĐŽ͕ŚŝƐƚſƌŝĐŽŽƵĐƵůƚƵƌĂů͘
>ŝĐĞŶĐŝĂƚƵƌĂĞŵŝŽůŽŐŝĂ
Ϭ
Ϭ
ϭ
ϭ
KhWK^
ŽŶƚƌĂƚŽĚĞdƌĂďĂůŚŽĞŵ&ƵŶĕƁĞƐ
EK
EŽŵĞĂĕĆŽ
ŽŵŝƐƐĆŽ KhWK^
WƷďůŝĐĂƐ
ĚĞ^ĞƌǀŝĕŽ
dĞŵƉŽ
dĞƌŵŽZĞƐŽůƵƚŝǀŽ
ĞĨŝŶŝƚŝǀĂ
/ŶĚĞƚĞƌŵŝŶĂĚŽ
ĞƌƚŽ
dKd>
WĄŐŝŶĂϰĚĞϯϰ
DWW^^K>KDhE/1W/Ks/>EKs&D>/K
EKϮϬϭϰ
WK^dK^dZ>,K
Z'K^ͬ
ZZ/Z^ͬ
d'KZ/^
dZ/h/O^ͬKDWdE/^ͬd/s/^
Z&KZDK
D/ͬKh
WZK&/^^/KE>
dE/K^hWZ/KZ
ƌĞĂ ĚĞ DĞĚŝĐŝŶĂ sĞƚĞƌŝŶĄƌŝĂ Ͳ ŽůĂďŽƌĂ ŶĂ ĞdžĞĐƵĕĆŽ ƚĂƌĞĨĂƐ ŝŶƐƉĞĕĆŽ ŚşŐŝŽͲ
ƐĂŶŝƚĄƌŝĂ Ğ ĐŽŶƚƌŽůŽ ŚşŐŝŽͲƐĂŶŝƚĄƌŝŽ ĚĂƐ ŝŶƐƚĂůĂĕƁĞƐ ƉĂƌĂ ĂůŽũĂŵĞŶƚŽ ĚĞ ĂŶŝŵĂŝƐ͕
ĚŽƐ ƉƌŽĚƵƚŽƐ ĚĞ ŽƌŝŐĞŵ ĂŶŝŵĂů Ğ ĚŽƐ ĞƐƚĂďĞůĞĐŝŵĞŶƚŽƐ ĐŽŵĞƌĐŝĂŝƐ ŽƵ
ŝŶĚƵƐƚƌŝĂŝƐ ŽŶĚĞ ƐĞ ĂďĂƚĂŵ͕ ƉƌĞƉĂƌĞŵ͕ ƉƌŽĚƵnjĂŵ͕ ƚƌĂŶƐĨŽƌŵĞŵ͕ ĨĂďƌŝƋƵĞŵ͕
ĐŽŶƐĞƌǀĞŵ͕ ĂƌŵĂnjĞŶĞŵ ŽƵ ĐŽŵĞƌĐŝĂůŝnjĞŵ ĂŶŝŵĂŝƐ ŽƵ ƉƌŽĚƵƚŽƐ ĚĞ ŽƌŝŐĞŵ
ĂŶŝŵĂů Ğ ƐĞƵƐ ĚĞƌŝǀĂĚŽƐ͖ ĞŵŝƚĞ ƉĂƌĞĐĞƌ͕ ŶŽƐ ƚĞƌŵŽƐ ĚĂ ůĞŐŝƐůĂĕĆŽ ǀŝŐĞŶƚĞ͕ ƐŽďƌĞ
ĂƐ ŝŶƐƚĂůĂĕƁĞƐ Ğ ĞƐƚĂďĞůĞĐŝŵĞŶƚŽƐ ƌĞĨĞƌŝĚŽƐ͖ ĞůĂďŽƌĂ Ğ ƌĞŵĞƚĞ͕ ŶŽƐ ƉƌĂnjŽƐ
ĨŝdžĂĚŽƐ͕ Ă ŝŶĨŽƌŵĂĕĆŽ ƌĞůĂƚŝǀĂ ĂŽ ŵŽǀŝŵĞŶƚŽ ŶŽƐŽŶĞĐƌŽůſŐŝĐŽ ĚŽƐ ĂŶŝŵĂŝƐ͖
ŶŽƚŝĨŝĐĂ ĚĞ ŝŵĞĚŝĂƚŽ ĂƐ ĚŽĞŶĕĂƐ ĚĞ ĚĞĐůĂƌĂĕĆŽ ŽďƌŝŐĂƚſƌŝĂ Ğ ĂĚŽƚĂ ƉƌŽŶƚĂŵĞŶƚĞ
ĂƐ ŵĞĚŝĚĂƐ ĚĞ ƉƌŽĨŝůĂdžŝĂ ĚĞƚĞƌŵŝŶĂĚĂƐ ƉĞůĂ ĂƵƚŽƌŝĚĂĚĞ ƐĂŶŝƚĄƌŝĂ ǀĞƚĞƌŝŶĄƌŝĂ
ŶĂĐŝŽŶĂů ƐĞŵƉƌĞ ƋƵĞ ƐĞũĂŵ ĚĞƚĞƚĂĚŽƐ ĐĂƐŽƐ ĚĞ ĚŽĞŶĕĂƐ ĚĞ ĐĂƌĄƚĞƌ ĞƉŝnjŽſƚŝĐŽ͖
ĞŵŝƚĞ ŐƵŝĂƐ ƐĂŶŝƚĄƌŝĂƐ ĚĞ ƚƌąŶƐŝƚŽ͖ ƉĂƌƚŝĐŝƉĂ ŶĂƐ ĐĂŵƉĂŶŚĂƐ ĚĞ ƐĂŶĞĂŵĞŶƚŽ ŽƵ
ĚĞ ƉƌŽĨŝůĂdžŝĂ ĚĞƚĞƌŵŝŶĂĚĂ ƉĞůĂ ĂƵƚŽƌŝĚĂĚĞ ƐĂŶŝƚĄƌŝĂ ǀĞƚĞƌŝŶĄƌŝĂ ŶĂĐŝŽŶĂů ĚŽ
ƌĞƐƉĞƚŝǀŽ ŵƵŶŝĐşƉŝŽ͖ ĐŽůĂďŽƌĂ ŶĂ ƌĞĂůŝnjĂĕĆŽ ĚŽ ƌĞĐĞŶƐĞĂŵĞŶƚŽ ĚĞ ĂŶŝŵĂŝƐ͕ ĚĞ
ŝŶƋƵĠƌŝƚŽƐ ĚĞ ŝŶƚĞƌĞƐƐĞ ƉĞĐƵĄƌŝŽ ĞͬŽƵ ĞĐŽŶſŵŝĐŽ Ğ ƉƌĞƐƚĂ ŝŶĨŽƌŵĂĕĆŽ ƚĠĐŶŝĐĂ
ƐŽďƌĞĂďĞƌƚƵƌĂĚĞŶŽǀŽƐĞƐƚĂďĞůĞĐŝŵĞŶƚŽƐĚĞĐŽŵĞƌĐŝĂůŝnjĂĕĆŽ͘
dE/K^hWZ/KZ
ƌĞĂ ĚĞ ŝƌĞŝƚŽ Ͳ ZĞĂůŝnjĂ ĞƐƚƵĚŽƐ Ğ ŽƵƚƌŽƐ ƚƌĂďĂůŚŽƐ ĚĞ ŶĂƚƵƌĞnjĂ ũƵƌşĚŝĐĂ
ĐŽŶĚƵĐĞŶƚĞƐ ă ĚĞĨŝŶŝĕĆŽ Ğ ĐŽŶĐƌĞƚŝnjĂĕĆŽ ĚĂƐ ƉŽůşƚŝĐĂƐ ĚŽ ŵƵŶŝĐşƉŝŽ͖ ĞůĂďŽƌĂ
ƉĂƌĞĐĞƌĞƐ Ğ ŝŶĨŽƌŵĂĕƁĞƐ ƐŽďƌĞ Ă ŝŶƚĞƌƉƌĞƚĂĕĆŽ Ğ ĂƉůŝĐĂĕĆŽ ĚĂ ůĞŐŝƐůĂĕĆŽ͕ ďĞŵ
ĐŽŵŽ ŶŽƌŵĂƐ Ğ ƌĞŐƵůĂŵĞŶƚŽƐ ŝŶƚĞƌŶŽƐ͖ ƌĞĐŽůŚĞ͕ ƚƌĂƚĂ Ğ ĚŝĨƵŶĚĞ ůĞŐŝƐůĂĕĆŽ͕ >ŝĐĞŶĐŝĂƚƵƌĂŶĂĄƌĞĂĚĞŝƌĞŝƚŽ
ũƵƌŝƐƉƌƵĚġŶĐŝĂ͕ ĚŽƵƚƌŝŶĂ Ğ ŽƵƚƌĂ ŝŶĨŽƌŵĂĕĆŽ ŶĞĐĞƐƐĄƌŝĂ ĂŽ ƐĞƌǀŝĕŽ Ğŵ ƋƵĞ ĞƐƚĄ
ŝŶƚĞŐƌĂĚŽ͖ ƉŽĚĞ ƐĞƌ ŝŶĐƵŵďŝĚŽ ĚĞ ĐŽŽƌĚĞŶĂƌ Ğ ƐƵƉĞƌŝŶƚĞŶĚĞƌ ŶĂ ĂƚŝǀŝĚĂĚĞ ĚĞ
ŽƵƚƌŽƐƉƌŽĨŝƐƐŝŽŶĂŝƐĞ͕ďĞŵĂƐƐŝŵ͕ĚĞĂĐŽŵƉĂŶŚĂƌƉƌŽĐĞƐƐŽƐũƵĚŝĐŝĂŝƐ͘
>ŝĐĞŶĐŝĂƚƵƌĂĞŵDĞĚŝĐŝŶĂ
sĞƚĞƌŝŶĄƌŝĂ
KhWK^
ŽŶƚƌĂƚŽĚĞdƌĂďĂůŚŽĞŵ&ƵŶĕƁĞƐ
EK
EŽŵĞĂĕĆŽ
ŽŵŝƐƐĆŽ KhWK^
WƷďůŝĐĂƐ
ĚĞ^ĞƌǀŝĕŽ
dĞŵƉŽ
dĞƌŵŽZĞƐŽůƵƚŝǀŽ
ĞĨŝŶŝƚŝǀĂ
/ŶĚĞƚĞƌŵŝŶĂĚŽ
ĞƌƚŽ
dKd>
ϭ
Ϭ
ϭ
Ϯ
ϭϬ
Ϭ
ϭ
ϭϭ
WĄŐŝŶĂϱĚĞϯϰ
DWW^^K>KDhE/1W/Ks/>EKs&D>/K
EKϮϬϭϰ
WK^dK^dZ>,K
Z'K^ͬ
ZZ/Z^ͬ
d'KZ/^
dZ/h/O^ͬKDWdE/^ͬd/s/^
Z&KZDK
D/ͬKh
WZK&/^^/KE>
dE/K^hWZ/KZ
ƌĞĂ ĚĞ ŽŶƚĂďŝůŝĚĂĚĞ Ͳ WƌŽƉƁĞ ĂĕƁĞƐ ƋƵĞ ǀŝƐĞŵ Ž ĂƉŽŝŽ ă ƚŽŵĂĚĂ ĚĞ ĚĞĐŝƐƁĞƐ
ĂŽ ŶşǀĞů ƐƵƉĞƌŝŽƌ ŶŽ ĚŽŵşŶŝŽ ĨŝŶĂŶĐĞŝƌŽ͕ ŶŽŵĞĂĚĂŵĞŶƚĞ ŶŽ ƋƵĞ ĐŽŶĐĞƌŶĞ ă
ŽďƚĞŶĕĆŽ͕ ƵƚŝůŝnjĂĕĆŽ Ğ ĐŽŶƚƌŽůŽ ĚĞ ƌĞĐƵƌƐŽƐ ĨŝŶĂŶĐĞŝƌŽƐ͖ ƉůĂŶŝĨŝĐĂ͕ ŽƌŐĂŶŝnjĂ Ğ
ĐŽŽƌĚĞŶĂ Ă ĞdžĞĐƵĕĆŽ ĚĂ ĐŽŶƚĂďŝůŝĚĂĚĞ͕ ƌĞƐƉĞŝƚĂŶĚŽ ĂƐ ŶŽƌŵĂƐ ůĞŐĂŝƐ Ğ ŽƐ
ƉƌŝŶĐşƉŝŽƐ ĐŽŶƚĂďŝůşƐƚŝĐŽƐ ŐĞƌĂůŵĞŶƚĞ ĂĐĞŝƚĞƐ͖ ĞdžĞƌĐĞ ĨƵŶĕƁĞƐ ĚĞ ĐŽŶƐƵůƚĂĚŽƌŝĂ
Ğŵ ŵĂƚĠƌŝĂ ĚĞ ąŵďŝƚŽ ĨŝŶĂŶĐĞŝƌŽ͖ ĂƐƐƵŵĞ Ă ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞ ƉĞůĂ ƌĞŐƵůĂƌŝĚĂĚĞ
ƚĠĐŶŝĐĂ ŶĂƐ ĄƌĞĂƐ ĐŽŶƚĂďŝůşƐƚŝĐĂ Ğ ĨŝƐĐĂů͖ ǀĞƌŝĨŝĐĂ ƚŽĚĂ Ă ĂƚŝǀŝĚĂĚĞ ĨŝŶĂŶĐĞŝƌĂ͕
ĚĞƐŝŐŶĂĚĂŵĞŶƚĞ Ž ĐƵŵƉƌŝŵĞŶƚŽ ĚŽƐ ƉƌŝŶĐşƉŝŽƐ ůĞŐĂŝƐ ƌĞůĂƚŝǀŽƐ ă ĂƌƌĞĐĂĚĂĕĆŽ
ĚĂƐ ƌĞĐĞŝƚĂƐ Ğ ă ƌĞĂůŝnjĂĕĆŽ ĚĂƐ ĚĞƐƉĞƐĂƐ͖ ŽƌŐĂŶŝnjĂ Ğ ǀĞƌŝĨŝĐĂ Ă ĞůĂďŽƌĂĕĆŽ ĚŽƐ
ĚŽĐƵŵĞŶƚŽƐ ƉƌĞǀŝƐŝŽŶĂŝƐ͕ ƐƵĂƐ ƌĞǀŝƐƁĞƐ Ğ ĂůƚĞƌĂĕƁĞƐ͕ ďĞŵ ĐŽŵŽ ŽƐ ĚŽĐƵŵĞŶƚŽƐ
ĚĞƉƌĞƐƚĂĕĆŽĚĞĐŽŶƚĂƐ͘
>ŝĐĞŶĐŝĂƚƵƌĂŶĂĄƌĞĂĚĞ
ŽŶƚĂďŝůŝĚĂĚĞ
ϴ
Ϭ
Ϯ
ϭϬ
dE/K^hWZ/KZ
ƌĞĂ ĚĞ ŽŵƵŶŝĐĂĕĆŽ ^ŽĐŝĂů Ͳ ĞƐĞŶǀŽůǀĞ ĨƵŶĕƁĞƐ ĚĞ ĞƐƚƵĚŽ Ğ ĐŽŶĐĞĕĆŽ ĚĞ
ŵĠƚŽĚŽƐ Ğ ƉƌŽĐĞƐƐŽƐ ŶŽ ąŵďŝƚŽ ĚĂ ĐŽŵƵŶŝĐĂĕĆŽ ƐŽĐŝĂů͖ ĞdžĞĐƵƚĂ ĐŽŵ
ĂƵƚŽŶŽŵŝĂ Ğ ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞ Ă ŽƌŐĂŶŝnjĂĕĆŽ Ğ ƉƌĞƉĂƌĂĕĆŽ ĚĂ ŝŶĨŽƌŵĂĕĆŽ
ŵƵŶŝĐŝƉĂů ĚĞƐƚŝŶĂĚĂ Ă ĚŝǀƵůŐĂĕĆŽ͖ ŝŶĨŽƌŵĂ ƐƵƉĞƌŝŽƌŵĞŶƚĞ Ă ĂƚŝǀŝĚĂĚĞ
ĚĞƐĞŶǀŽůǀŝĚĂ Ğ ƉŽĚĞ ƐĞƌ ŝŶĐƵŵďŝĚŽ ĚĞ ƐƵƉĞƌŝŶƚĞŶĚĞƌ ŶĂ ĂƚŝǀŝĚĂĚĞ ĚĞ ŽƵƚƌŽƐ
ƉƌŽĨŝƐƐŝŽŶĂŝƐ ŶĂ ĄƌĞĂ ĚĂ ĐŽŵƵŶŝĐĂĕĆŽ ƐŽĐŝĂů͖ ƉůĂŶĞŝĂ͕ ĞůĂďŽƌĂ͕ ŽƌŐĂŶŝnjĂ Ğ
ĐŽŶƚƌŽůĂ ĂĕƁĞƐ ĚĞ ĐŽŵƵŶŝĐĂĕĆŽ ƉĂƌĂ ĞƐƚĂďĞůĞĐĞƌ͕ ŵĂŶƚĞƌ Ğ ĂƉĞƌĨĞŝĕŽĂƌ Ž
ĐŽŶŚĞĐŝŵĞŶƚŽ ŵƷƚƵŽ ĞŶƚƌĞ ĞŶƚŝĚĂĚĞƐ ŽƵ ŐƌƵƉŽƐ Ğ Ž ƉƷďůŝĐŽ ĐŽŵ ƋƵĞ ĞƐƚĞƐ
ĞƐƚĞũĂŵ ĚŝƌĞƚĂ ŽƵ ŝŶĚŝƌĞƚĂŵĞŶƚĞ ƌĞůĂĐŝŽŶĂĚŽƐ͖ ƉĂƌƚŝĐŝƉĂ Ğŵ ĂĕƁĞƐ ĚĞ ĐĂƌĄƚĞƌ
ƉƌŽƚŽĐŽůĂƌ͕ ĂƐƐĞƐƐŽƌŝĂ ĚĞ ŝŵƉƌĞŶƐĂ͕ ĂĐŽŵƉĂŶŚĂŵĞŶƚŽ Ğ ŽƌŐĂŶŝnjĂĕĆŽ ĚĞ
ĞǀĞŶƚŽƐ ĐƵůƚƵƌĂŝƐ͕ ŶŽŵĞĂĚĂŵĞŶƚĞ͕ ĐŽŶĨĞƌġŶĐŝĂƐ͕ ĞŶĐŽŶƚƌŽƐ ĚĞ ĞƐĐƌŝƚŽƌĞƐ Ğ ĨĞŝƌĂ
ĚŽůŝǀƌŽ͘
>ŝĐĞŶĐŝĂƚƵƌĂŶĂĄƌĞĂĚĞ
ŽŵƵŶŝĐĂĕĆŽ^ŽĐŝĂů
Ϭ
Ϭ
ϭ
ϭ
KhWK^
ŽŶƚƌĂƚŽĚĞdƌĂďĂůŚŽĞŵ&ƵŶĕƁĞƐ
EK
EŽŵĞĂĕĆŽ
ŽŵŝƐƐĆŽ KhWK^
WƷďůŝĐĂƐ
ĚĞ^ĞƌǀŝĕŽ
dĞŵƉŽ
dĞƌŵŽZĞƐŽůƵƚŝǀŽ
ĞĨŝŶŝƚŝǀĂ
/ŶĚĞƚĞƌŵŝŶĂĚŽ
ĞƌƚŽ
dKd>
WĄŐŝŶĂϲĚĞϯϰ
DWW^^K>KDhE/1W/Ks/>EKs&D>/K
EKϮϬϭϰ
WK^dK^dZ>,K
Z'K^ͬ
ZZ/Z^ͬ
d'KZ/^
dZ/h/O^ͬKDWdE/^ͬd/s/^
dE/K^hWZ/KZ
ƌĞĂ ĚĞ ^ŽĐŝŽůŽŐŝĂ Ͳ WĂƌƚŝĐŝƉĂ ŶĂ ƉƌŽŐƌĂŵĂĕĆŽ Ğ ĞdžĞĐƵĕĆŽ ĚĂƐ ĂƚŝǀŝĚĂĚĞƐ
ůŝŐĂĚĂƐ ĂŽ ĚĞƐĞŶǀŽůǀŝŵĞŶƚŽ ĚĂ ƌĞƐƉĞƚŝǀĂ ĂƵƚĂƌƋƵŝĂ ůŽĐĂů͖ ĚĞƐĞŶǀŽůǀĞ ƉƌŽũĞƚŽƐ Ğ
ĂĕƁĞƐ ĂŽ ŶşǀĞů ĚĂ ŝŶƚĞƌǀĞŶĕĆŽ ŶĂ ĐŽůĞƚŝǀŝĚĂĚĞ͕ ĚĞ ĂĐŽƌĚŽ ĐŽŵ Ž ƉůĂŶĞĂŵĞŶƚŽ
ĞƐƚƌĂƚĠŐŝĐŽ ŝŶƚĞŐƌĂĚŽ ĚĞĨŝŶŝĚŽ ƉĂƌĂ Ă ĄƌĞĂ ĚĂ ƌĞƐƉĞƚŝǀĂ ĂƵƚĂƌƋƵŝĂ ůŽĐĂů͖ ƉƌŽƉƁĞ
Ğ ĞƐƚĂďĞůĞĐĞ ĐƌŝƚĠƌŝŽƐ ƉĂƌĂ ĂǀĂůŝĂĕĆŽ ĚĂ ĞĨŝĐĄĐŝĂ ĚŽƐ ƉƌŽŐƌĂŵĂƐ ĚĞ ŝŶƚĞƌǀĞŶĕĆŽ
ƐŽĐŝĂů͖ ƉƌŽĐĞĚĞ ĂŽ ůĞǀĂŶƚĂŵĞŶƚŽ ĚĂƐ ŶĞĐĞƐƐŝĚĂĚĞƐ ĚĂ ĂƵƚĂƌƋƵŝĂ ůŽĐĂů͖ ƉƌŽƉƁĞ
ŵĞĚŝĚĂƐ ƉĂƌĂ ĐŽƌƌŝŐŝƌ Ğ ŽƵ ĐŽŵďĂƚĞƌ ĂƐ ĚĞƐŝŐƵĂůĚĂĚĞƐ Ğ ĐŽŶƚƌĂĚŝĕƁĞƐ ĐƌŝĂĚĂƐ
ƉĞůŽƐ ŐƌƵƉŽƐ ŽƵ ƐŝƐƚĞŵĂƐ ƋƵĞ ŝŶĨůƵĞŶĐŝĂŵ ŽƵ ŵŽĚĞůĂŵ Ă ƐŽĐŝĞĚĂĚĞ͖ ƉƌŽŵŽǀĞ Ğ
ĚŝŶĂŵŝnjĂ ĂĕƁĞƐ ƚĞŶĚĞŶƚĞƐ ă ŝŶƚĞŐƌĂĕĆŽ Ğ ǀĂůŽƌŝnjĂĕĆŽ ĚŽƐ ĐŝĚĂĚĆŽƐ͖ ƌĞĂůŝnjĂ
ĞƐƚƵĚŽƐ ƋƵĞ ƉĞƌŵŝƚĞŵ ĐŽŶŚĞĐĞƌ Ă ƌĞĂůŝĚĂĚĞ ƐŽĐŝĂů͕ ŶŽŵĞĂĚĂŵĞŶƚĞ ŶĂƐ ĄƌĞĂƐ
ĚĂ ƐĂƷĚĞ͕ ĚŽ ĞŵƉƌĞŐŽ Ğ ĚĂ ĞĚƵĐĂĕĆŽ͖ ŝŶǀĞƐƚŝŐĂ ŽƐ ĨĂĐƚŽƐ Ğ ĨĞŶſŵĞŶŽƐ ƋƵĞ͕
ƉĞůĂƐƵĂŶĂƚƵƌĞnjĂ͕ƉŽĚĞŵŝŶĨůƵĞŶĐŝĂƌĂǀŝǀġŶĐŝĂĚŽƐĐŝĚĂĚĆŽƐ͘
Z&KZDK
D/ͬKh
WZK&/^^/KE>
>ŝĐĞŶĐŝĂƚƵƌĂĞŵ^ŽĐŝŽůŽŐŝĂ
KhWK^
ŽŶƚƌĂƚŽĚĞdƌĂďĂůŚŽĞŵ&ƵŶĕƁĞƐ
EK
EŽŵĞĂĕĆŽ
ŽŵŝƐƐĆŽ KhWK^
WƷďůŝĐĂƐ
ĚĞ^ĞƌǀŝĕŽ
dĞŵƉŽ
dĞƌŵŽZĞƐŽůƵƚŝǀŽ
ĞĨŝŶŝƚŝǀĂ
/ŶĚĞƚĞƌŵŝŶĂĚŽ
ĞƌƚŽ
ϭ
Ϭ
ϭ
dKd>
Ϯ
WĄŐŝŶĂϳĚĞϯϰ
DWW^^K>KDhE/1W/Ks/>EKs&D>/K
EKϮϬϭϰ
WK^dK^dZ>,K
Z'K^ͬ
ZZ/Z^ͬ
d'KZ/^
dZ/h/O^ͬKDWdE/^ͬd/s/^
Z&KZDK
D/ͬKh
WZK&/^^/KE>
KhWK^
ŽŶƚƌĂƚŽĚĞdƌĂďĂůŚŽĞŵ&ƵŶĕƁĞƐ
EK
EŽŵĞĂĕĆŽ
ŽŵŝƐƐĆŽ KhWK^
WƷďůŝĐĂƐ
ĚĞ^ĞƌǀŝĕŽ
dĞŵƉŽ
dĞƌŵŽZĞƐŽůƵƚŝǀŽ
ĞĨŝŶŝƚŝǀĂ
/ŶĚĞƚĞƌŵŝŶĂĚŽ
ĞƌƚŽ
dKd>
dE/K^hWZ/KZ
ƌĞĂ ĚĞ ^ĞƌǀŝĕŽ ^ŽĐŝĂů Ͳ ŽůĂďŽƌĂ ŶĂ ƌĞƐŽůƵĕĆŽ ĚĞ ƉƌŽďůĞŵĂƐ ĚĞ ĂĚĂƉƚĂĕĆŽ Ğ
ƌĞĂĚĂƉƚĂĕĆŽ ƐŽĐŝĂů ĚŽƐ ŝŶĚŝǀşĚƵŽƐ͕ ŐƌƵƉŽƐ ŽƵ ĐŽŵƵŶŝĚĂĚĞƐ͕ ƉƌŽǀŽĐĂĚŽƐ ƉŽƌ
ĐĂƵƐĂƐĚĞŽƌĚĞŵƐŽĐŝĂů͕ĨşƐŝĐĂŽƵƉƐŝĐŽůſŐŝĐĂ͕ĂƚƌĂǀĠƐĚĂŵŽďŝůŝnjĂĕĆŽĚĞƌĞĐƵƌƐŽƐ
ŝŶƚĞƌŶŽƐ Ğ ĞdžƚĞƌŶŽƐ͕ ƵƚŝůŝnjĂŶĚŽ Ž ĞƐƚƵĚŽ͕ Ă ŝŶƚĞƌƉƌĞƚĂĕĆŽ Ğ Ž ĚŝĂŐŶſƐƚŝĐŽ Ğŵ
ƌĞůĂĕƁĞƐ ƉƌŽĨŝƐƐŝŽŶĂŝƐ͕ ŝŶĚŝǀŝĚƵĂůŝnjĂĚĂƐ͕ ĚĞ ŐƌƵƉŽƐ ŽƵ ĚĞ ĐŽŵƵŶŝĚĂĚĞ͖ ĚĞƚĞĕĆŽ
ĚĞ ŶĞĐĞƐƐŝĚĂĚĞƐ ĚŽƐ ŝŶĚŝǀşĚƵŽƐ͕ ŐƌƵƉŽƐ Ğ ĐŽŵƵŶŝĚĂĚĞƐ͖ ĞƐƚƵĚĂ͕ ĐŽŶũƵŶƚĂŵĞŶƚĞ
ĐŽŵ ŽƐ ŝŶĚŝǀşĚƵŽƐ͕ ĂƐ ƐŽůƵĕƁĞƐ ƉŽƐƐşǀĞŝƐ ĚŽ ƐĞƵ ƉƌŽďůĞŵĂ͕ ƚĂŝƐ ĐŽŵŽ Ă
ĚĞƐĐŽďĞƌƚĂ ĚŽ ĞƋƵŝƉĂŵĞŶƚŽ ƐŽĐŝĂů ĚĞ ƋƵĞ ƉŽĚĞŵ ĚŝƐƉŽƌ͕ ƉŽƐƐŝďŝůŝĚĂĚĞ ĚĞ
ĞƐƚĂďĞůĞĐĞƌ ĐŽŶƚĂĐƚŽƐ ĐŽŵ ƐĞƌǀŝĕŽƐ ƐŽĐŝĂŝƐ͕ ŽďƌĂƐ ĚĞ ďĞŶĞĨŝĐġŶĐŝĂ Ğ
ĞŵƉƌĞŐĂĚŽƌĞƐ͖ ĐŽůĂďŽƌĂ ŶĂ ƌĞƐŽůƵĕĆŽ ĚŽƐ ƐĞƵƐ ƉƌŽďůĞŵĂƐ͕ ĨŽŵĞŶƚĂŶĚŽ ƵŵĂ
ĚĞĐŝƐĆŽ ƌĞƐƉŽŶƐĄǀĞů͖ ĂũƵĚĂ ŽƐ ŝŶĚŝǀşĚƵŽƐ Ă ƵƚŝůŝnjĂƌ Ž ŐƌƵƉŽ Ă ƋƵĞ ƉĞƌƚĞŶĐĞŵ
ƉĂƌĂ Ž ƐĞƵ ƉƌſƉƌŝŽ ĚĞƐĞŶǀŽůǀŝŵĞŶƚŽ͕ ŽƌŝĞŶƚĂŶĚŽͲŽƐ ƉĂƌĂ Ă ƌĞĂůŝnjĂĕĆŽ ĚĞ ƵŵĂ
ĂĕĆŽ Ʒƚŝů ă ƐŽĐŝĞĚĂĚĞ͕ ƉŽŶĚŽ Ğŵ ĞdžĞĐƵĕĆŽ ƉƌŽŐƌĂŵĂƐ ƋƵĞ ĐŽƌƌĞƐƉŽŶĚĞŵ ĂŽƐ >ŝĐĞŶĐŝĂƚƵƌĂĞŵ^ĞƌǀŝĕŽ^ŽĐŝĂů
ƐĞƵƐ ŝŶƚĞƌĞƐƐĞƐ͖ ĂƵdžŝůŝĂ ĂƐ ĨĂŵşůŝĂƐ ŽƵ ŽƵƚƌŽƐ ŐƌƵƉŽƐ Ă ƌĞƐŽůǀĞƌĞŵ ŽƐ ƐĞƵƐ
ƉƌſƉƌŝŽƐ ƉƌŽďůĞŵĂƐ͕ ƚĂŶƚŽ ƋƵĂŶƚŽ ƉŽƐƐşǀĞů ĂƚƌĂǀĠƐ ĚŽƐ ƐĞƵƐ ƉƌſƉƌŝŽƐ ŵĞŝŽƐ Ğ Ă
ĂƉƌŽǀĞŝƚĂƌĞŵ ŽƐ ďĞŶĞĨşĐŝŽƐ ƋƵĞ ŽƐ ĚŝĨĞƌĞŶƚĞƐ ƐĞƌǀŝĕŽƐ ůŚĞƐ ŽĨĞƌĞĐĞŵ͖ ƚŽŵĂ
ĐŽŶƐĐŝġŶĐŝĂ ĚĂƐ ŶĞĐĞƐƐŝĚĂĚĞƐ ŐĞƌĂŝƐ ĚĞ ƵŵĂ ĐŽŵƵŶŝĚĂĚĞ Ğ ƉĂƌƚŝĐŝƉĂ ŶĂ ĐƌŝĂĕĆŽ
ĚĞ ƐĞƌǀŝĕŽƐ ƉƌſƉƌŝŽƐ ƉĂƌĂ ĂƐ ƌĞƐŽůǀĞƌ͕ Ğŵ ĐŽůĂďŽƌĂĕĆŽ ĐŽŵ ĂƐ ĞŶƚŝĚĂĚĞƐ
ĂĚŵŝŶŝƐƚƌĂƚŝǀĂƐ ƋƵĞ ƌĞƉƌĞƐĞŶƚĂŵ ŽƐ ǀĄƌŝŽƐ ŐƌƵƉŽƐ͕ ĚĞ ŵŽĚŽ Ă ĐŽŶƚƌŝďƵŝƌ ƉĂƌĂ Ă
ŚƵŵĂŶŝnjĂĕĆŽ ĚĂƐ ĞƐƚƌƵƚƵƌĂƐ Ğ ĚŽƐ ƋƵĂĚƌŽ ƐŽĐŝĂŝƐ͖ ƌĞĂůŝnjĂ ĞƐƚƵĚŽƐ ĚĞ ĐĂƌĄƚĞƌ
ƐŽĐŝĂů Ğ ƌĞƵŶŝƁĞƐ ĚĞ ĞůĞŵĞŶƚŽƐ ƉĂƌĂ ĞƐƚƵĚŽƐ ŝŶƚĞƌĚŝƐĐŝƉůŝŶĂƌĞƐ͖ ƌĞĂůŝnjĂ ƚƌĂďĂůŚŽƐ
ĚĞ ŝŶǀĞƐƚŝŐĂĕĆŽ͕ Ğŵ ŽƌĚĞŵ ĂŽ ĂƉĞƌĨĞŝĕŽĂŵĞŶƚŽ ĚŽƐ ŵĠƚŽĚŽƐ Ğ ƚĠĐŶŝĐĂƐ
ƉƌŽĨŝƐƐŝŽŶĂŝƐ͖ ĂƉůŝĐĂ ƉƌŽĐĞƐƐŽƐ ĚĞ ĂƚƵĂĕĆŽ͕ ƚĂŝƐ ĐŽŵŽ ĞŶƚƌĞǀŝƐƚĂƐ͕ ŵŽďŝůŝnjĂĕĆŽ
ĚŽƐ ƌĞĐƵƌƐŽƐ ĚĂ ĐŽŵƵŶŝĚĂĚĞ͕ ƉƌŽƐƉĞĕĆŽ ƐŽĐŝĂů͕ ĚŝŶĂŵŝnjĂĕĆŽ ĚĞ ƉŽƚĞŶĐŝĂůŝĚĂĚĞƐ
ĂŶşǀĞůŝŶĚŝǀŝĚƵĂů͕ŝŶƚĞƌƉĞƐƐŽĂůĞŝŶƚĞƌŐƌƵƉĂů͘
ϳ
Ϭ
ϭ
ϴ
dE/K^hWZ/KZ
ƌĞĂ ĚĞ ĚƵĐĂĕĆŽ Ͳ WĂƌƚŝĐŝƉĂ ŶĂ ĐŽŶƐƚƌƵĕĆŽ ĚĞ ƉƌŽũĞƚŽƐ ĞĚƵĐĂƚŝǀŽƐ ŝŶĚŝǀŝĚƵĂŝƐ Ğ
ĐŽůĞƚŝǀŽƐ͖ ĐŽŶĐĞďĞ͕ ƉůĂŶŝĨŝĐĂ͕ ƉƌĞƉĂƌĂ͕ ŽƌŝĞŶƚĂ ŽƵ ƌĞĂůŝnjĂ ĂĕƁĞƐ ƉĞĚĂŐſŐŝĐĂƐ͕
>ŝĐĞŶĐŝĂƚƵƌĂŶĂĄƌĞĂĚĞĚƵĐĂĕĆŽ
ĚŝƌĞĐŝŽŶĂĚĂƐ ƉĂƌĂ ĂƐ ĐƌŝĂŶĕĂƐ͕ ŶŽŵĞĂĚĂŵĞŶƚĞ͕ ĐƌŝĂŶĕĂƐ ĐŽŵ ĚŝĨŝĐƵůĚĂĚĞƐ ĚĞ
ĂƉƌĞŶĚŝnjĂŐĞŵ͘
ϰ
Ϭ
ϭ
ϱ
WĄŐŝŶĂϴĚĞϯϰ
DWW^^K>KDhE/1W/Ks/>EKs&D>/K
EKϮϬϭϰ
WK^dK^dZ>,K
Z'K^ͬ
ZZ/Z^ͬ
d'KZ/^
dZ/h/O^ͬKDWdE/^ͬd/s/^
Z&KZDK
D/ͬKh
WZK&/^^/KE>
dE/K^hWZ/KZ
ƌĞĂ ĚĞ WƐŝĐŽůŽŐŝĂ Ͳ ĨĞƚƵĂ ĞƐƚƵĚŽƐ ĚĞ ŶĂƚƵƌĞnjĂ ĐŝĞŶƚşĨŝĐŽͲƚĠĐŶŝĐĂ͕ ƚĞŶĚŽ Ğŵ
ǀŝƐƚĂ Ă ĨƵŶĚĂŵĞŶƚĂĕĆŽ ĚĂ ƚŽŵĂĚĂ ĚĞ ĚĞĐŝƐƁĞƐ͕ Ğŵ ĄƌĞĂƐ ĐŽŵŽ ƌĞĐƵƌƐŽƐ
ŚƵŵĂŶŽƐ͕ ĂƉŽŝŽ ƐŽĐŝĂů͕ ĞĚƵĐĂƚŝǀŽ Ğ ĐƵůƚƵƌĂů͕ ĐŽůĂďŽƌĂŶĚŽ͕ ŶĂƐ ƐĞŐƵŝŶƚĞƐ ĄƌĞĂƐ͗
ƉƌŽŵŽĕĆŽ ĚĞ ĂĕƁĞƐ ŶĞĐĞƐƐĄƌŝĂƐ ĂŽ ƌĞĐƌƵƚĂŵĞŶƚŽ͕ ƐĞůĞĕĆŽ Ğ ŽƌŝĞŶƚĂĕĆŽ
ƉƌŽĨŝƐƐŝŽŶĂů ĚŽƐ ƚƌĂďĂůŚĂĚŽƌĞƐ͖ ƌĞƐŽůƵĕĆŽ ĚĞ ƉƌŽďůĞŵĂƐ ĚĞ ĂĚĂƉƚĂĕĆŽ Ğ
ƌĞĂĚĂƉƚĂĕĆŽ ƐŽĐŝĂů ĚŽƐ ŝŶĚŝǀşĚƵŽƐ͕ ŐƌƵƉŽƐ ŽƵ ĐŽŵƵŶŝĚĂĚĞƐ͖ ĚĞƚĞĕĆŽ ĚĞ
ŶĞĐĞƐƐŝĚĂĚĞƐ ĚĂ ĐŽŵƵŶŝĚĂĚĞ ĞĚƵĐĂƚŝǀĂ͕ ĐŽŵ Ž Ĩŝŵ ĚĞ ƉƌŽƉŽƌ Ă ƌĞĂůŝnjĂĕĆŽ ĚĞ
ĂĕƁĞƐ ĚĞ ƉƌĞǀĞŶĕĆŽ Ğ ŵĞĚŝĚĂƐ ĂĚĞƋƵĂĚĂƐ͕ ĚĞƐŝŐŶĂĚĂŵĞŶƚĞ Ğŵ ĐĂƐŽƐ ĚĞ
ŝŶƐƵĐĞƐƐŽĞƐĐŽůĂƌ͖/ĚĞŶƚŝĨŝĐĂĕĆŽĚĞŶĞĐĞƐƐŝĚĂĚĞƐĚĞŽĐƵƉĂĕĆŽĚĞƚĞŵƉŽƐůŝǀƌĞƐ͘
>ŝĐĞŶĐŝĂƚƵƌĂĞŵWƐŝĐŽůŽŐŝĂ
ϯ
Ϭ
Ϯ
ϱ
dE/K^hWZ/KZ
ƌĞĂ ĚĞ ƌƋƵĞŽůŽŐŝĂ Ͳ džĞĐƵƚĂ ŽƵ ĐŽŽƌĚĞŶĂ Ă ĞdžĞĐƵĕĆŽ ĚĞ ƚŽĚŽ Ž ƚŝƉŽ ĚĞ
ƚƌĂďĂůŚŽƐ ĞƐƉĞĐşĨŝĐŽƐ ŶŽ ąŵďŝƚŽ ĚĂ ĂƌƋƵĞŽůŽŐŝĂ͕ ŶŽ ĐĂŵƉŽ͕ Ğŵ ŵĞŝŽ ƵƌďĂŶŽ͕
Ğŵ ŐĂďŝŶĞƚĞƐ ŽƵ ůĂďŽƌĂƚſƌŝŽƐ͖ ĞůĂďŽƌĂ ĞƐƚƵĚŽƐ͕ ĐŽŶĐĞďĞ Ğ ĚĞƐĞŶǀŽůǀĞ ƉƌŽũĞƚŽƐ͕
ĞŵŝƚĞ ƉĂƌĞĐĞƌĞƐ Ğ ƉĂƌƚŝĐŝƉĂ Ğŵ ƌĞƵŶŝƁĞƐ͕ ĐŽŵŝƐƐƁĞƐ Ğ ŐƌƵƉŽƐ ĚĞ ƚƌĂďĂůŚŽ Ğŵ
ƵŶŝĚĂĚĞƐ ŽƌŐąŶŝĐĂƐ ĚĞ ĨƵŶĐŝŽŶĂŵĞŶƚŽ͕ ĚĞ ąŵďŝƚŽ ŶĂĐŝŽŶĂů ŽƵ ŝŶƚĞƌŶĂĐŝŽŶĂů͕
ƚĞŶĚŽ Ğŵ ǀŝƐƚĂ Ă ƚŽŵĂĚĂ ĚĞ ĚĞĐŝƐĆŽ ƐƵƉĞƌŝŽƌ ƐŽďƌĞ ĂƐ ŵĞĚŝĚĂƐ ĚĞ ƉŽůşƚŝĐĂ ƋƵĞ
ŝŶƚĞƌĞƐƐĂŵ ă ĂƌƋƵĞŽůŽŐŝĂ͖ ƌĞĂůŝnjĂ ĂƐ ƐĞŐƵŝŶƚĞƐ ĂƚŝǀŝĚĂĚĞƐ͗ ƉƌŽƐƉĞĕƁĞƐ͕
ĞƐĐĂǀĂĕƁĞƐ͕ ƉĞƌŝƚĂŐĞŶƐ Ğ ŝŶĨŽƌŵĂĕƁĞƐ͕ ĞƐƚƵĚŽƐ ĚŝǀĞƌƐŽƐ ;ďŝďůŝŽŐƌĄĨŝĐŽƐ͕ ƐŽďƌĞ
ŵĂƚĞƌŝĂŝƐ͕ ƐŽďƌĞ ĞƐƚĂĕƁĞƐ͕ ĚĞ ŝŵƉĂĐƚĞ ĂƌƋƵĞŽůſŐŝĐŽ͕ ĚĞ ƉůĂŶĞĂŵĞŶƚŽƐ͕ ĞƚĐ͘Ϳ͕
ĞdžƉŽƐŝĕƁĞƐ͕ ĐŽŶĨĞƌġŶĐŝĂƐ͕ ĐŽŶĚƵĕĆŽ ĚĞ ǀŝƐŝƚĂƐ͕ ĞůĂďŽƌĂĕĆŽ ĚĞ ƉƵďůŝĐĂĕƁĞƐ͕
ĞŶƐŝŶŽ͕ ƉĂƌƚŝĐŝƉĂĕĆŽ Ğŵ ĐŽŵŝƐƐƁĞƐ ƚĠĐŶŝĐĂƐ ĚĞ ŐĞƐƚĆŽ Ğ ĐŽŶƚƌŽůŽ ĚŽƐ ƉůĂŶŽƐ ĚĞ
ŽƌĚĞŶĂŵĞŶƚŽ ĚŽ ƚĞƌƌŝƚſƌŝŽ͕ ĞŵŝƐƐĆŽ ĚĞ ƉĂƌĞĐĞƌĞƐ ƐŽďƌĞ ŶŽƌŵĂƐ ĚĞ ƉƌŽƚĞĕĆŽ ĚĞ
ŐĞƐƚĆŽ ĚŽ ƉĂƚƌŝŵſŶŝŽ ĂƌƋƵĞŽůſŐŝĐŽ ŽƵ ƐŽďƌĞ ƉƌŽũĞƚŽƐ ĚĞ ĐŽŶƐĞƌǀĂĕĆŽ͕ ƌĞƐƚĂƵƌŽ
ĞŵƵƐĞĂůŝnjĂĕĆŽĚĞŝŵſǀĞŝƐĞƐşƚŝŽƐĂƌƋƵĞŽůſŐŝĐŽƐ͘
>ŝĐĞŶĐŝĂƚƵƌĂĞŵƌƋƵĞŽůŽŐŝĂ
ϭ
Ϭ
ϭ
Ϯ
dE/K^hWZ/KZ
>ŝĐĞŶĐŝĂƚƵƌĂ ĚŽ ĐƵƌƐŽ ĚĞ
ŽŶƐĞƌǀĂĚŽƌ ĚĞ DƵƐĞƵ͖ ŽƵ
>ŝĐĞŶĐŝĂƚƵƌĂ Ğ ĐƵƌƐŽ ĚĞ ƉſƐ
ƌĞĂ ĚĞ ŽŶƐĞƌǀĂĕĆŽ ĚĞ DƵƐĞƵƐ Ͳ ZĞĂůŝnjĂ Ğ ĐŽŽƌĚĞŶĂ ƚƌĂďĂůŚŽƐ ĚĞ
ŐƌĂĚƵĂĕĆŽ ŶĆŽ ŝŶĨĞƌŝŽƌ Ă ĚŽŝƐ
ŝŶǀĞŶƚĂƌŝĂĕĆŽ͕ ŝŶǀĞƐƚŝŐĂĕĆŽ͕ ĞƐƚƵĚŽ͕ ĞdžƉŽƐŝĕĆŽ͕ ĚŝǀƵůŐĂĕĆŽ Ğ ŽƌŐĂŶŝnjĂĕĆŽ ĚŽ
ĂŶŽƐ ŶĂƐ ĄƌĞĂƐ ĚĞ DƵƐĞŽůŽŐŝĂ ŽƵ
ƉĂƚƌŝŵſŶŝŽ ĐƵůƚƵƌĂů Ğ ĐŽŽƌĚĞŶĂ ĂĕƁĞƐ ĚĞ ĐŽŶƐĞƌǀĂĕĆŽ͕ ƉĂƌƚŝĐƵůĂƌŵĞŶƚĞ ĚĞ
ĚŽ WĂƚƌŝŵſŶŝŽ͕ ŽƵ ĞƋƵŝƉĂƌĂĚĂƐ͖
ĐŽŶƐĞƌǀĂĕĆŽƉƌĞǀĞŶƚŝǀĂ͘
ŽƵ DĞƐƚƌĞƐ ŶĂƐ ĄƌĞĂƐ ĚĂ
DƵƐĞŽůŽŐŝĂ ŽƵ ĚŽ WĂƚƌŝŵſŶŝŽ͕
ŽƵĞƋƵŝƉĂƌĂĚĂƐ
ϭ
Ϭ
ϭ
Ϯ
KhWK^
ŽŶƚƌĂƚŽĚĞdƌĂďĂůŚŽĞŵ&ƵŶĕƁĞƐ
EK
EŽŵĞĂĕĆŽ
ŽŵŝƐƐĆŽ KhWK^
WƷďůŝĐĂƐ
ĚĞ^ĞƌǀŝĕŽ
dĞŵƉŽ
dĞƌŵŽZĞƐŽůƵƚŝǀŽ
ĞĨŝŶŝƚŝǀĂ
/ŶĚĞƚĞƌŵŝŶĂĚŽ
ĞƌƚŽ
dKd>
WĄŐŝŶĂϵĚĞϯϰ
DWW^^K>KDhE/1W/Ks/>EKs&D>/K
EKϮϬϭϰ
WK^dK^dZ>,K
Z'K^ͬ
ZZ/Z^ͬ
d'KZ/^
dZ/h/O^ͬKDWdE/^ͬd/s/^
Z&KZDK
D/ͬKh
WZK&/^^/KE>
dE/K^hWZ/KZ
ƌĞĂ ĚĞ ŝďůŝŽƚĞĐĂ Ğ ŽĐƵŵĞŶƚĂĕĆŽ Ͳ ŽŶĐĞďĞ Ğ ƉůĂŶĞŝĂ ƐĞƌǀŝĕŽƐ Ğ ƐŝƐƚĞŵĂƐ ĚĞ
ŝŶĨŽƌŵĂĕĆŽ͖ ĞƐƚĂďĞůĞĐĞ Ğ ĂƉůŝĐĂ ĐƌŝƚĠƌŝŽƐ ĚĞ ŽƌŐĂŶŝnjĂĕĆŽ Ğ ĨƵŶĐŝŽŶĂŵĞŶƚŽ ĚŽƐ
ƐĞƌǀŝĕŽƐ͖ ƐĞůĞĐŝŽŶĂ͕ ĐůĂƐƐŝĨŝĐĂ Ğ ŝŶĚĞdžĂ ĚŽĐƵŵĞŶƚŽƐ ƐŽď Ă ĨŽƌŵĂ ƚĞdžƚƵĂů͕ ƐŽŶŽƌĂ͕
ǀŝƐƵĂů ŽƵ ŽƵƚƌĂ͕ ƉĂƌĂ Ž ƋƵĞ ŶĞĐĞƐƐŝƚĂ ĚĞ ĚĞƐĞŶǀŽůǀĞƌ Ğ ĂĚĂƉƚĂƌ ƐŝƐƚĞŵĂƐ ĚĞ
ƚƌĂƚĂŵĞŶƚŽ ĂƵƚŽŵĄƚŝĐŽ ŽƵ ŵĂŶƵĂů͕ ĚĞ ĂĐŽƌĚŽ ĐŽŵ ĂƐ ŶĞĐĞƐƐŝĚĂĚĞƐ ĞƐƉĞĐşĨŝĐĂƐ
ĚŽƐ ƵƚŝůŝnjĂĚŽƌĞƐ͖ ĚĞĨŝŶĞ ƉƌŽĐĞĚŝŵĞŶƚŽƐ ĚĞ ƌĞĐƵƉĞƌĂĕĆŽ Ğ ĞdžƉůŽƌĂĕĆŽ ĚĞ
ŝŶĨŽƌŵĂĕĆŽ͖ ĂƉŽŝĂ Ğ ŽƌŝĞŶƚĂ Ž ƵƚŝůŝnjĂĚŽƌ ĚŽƐ ƐĞƌǀŝĕŽƐ͖ ƉƌŽŵŽǀĞ ĂĕƁĞƐ ĚĞ
ĚŝĨƵƐĆŽ͕ Ă Ĩŝŵ ĚĞ ƚŽƌŶĂƌ ĂĐĞƐƐşǀĞŝƐ ĂƐ ĨŽŶƚĞƐ ĚĞ ŝŶĨŽƌŵĂĕĆŽ ƉƌŝŵĄƌŝĂ͕ ƐĞĐƵŶĚĄƌŝĂ
Ğ ƚĞƌĐŝĄƌŝĂ͖ ĐŽŽƌĚĞŶĂ Ğ ƐƵƉĞƌǀŝƐŝŽŶĂ ŽƐ ƌĞĐƵƌƐŽƐ ŚƵŵĂŶŽƐ Ğ ŵĂƚĞƌŝĂŝƐ
ŶĞĐĞƐƐĄƌŝŽƐăƐĂƚŝǀŝĚĂĚĞƐĂĚĞƐĞŶǀŽůǀĞƌĞƉƌŽĐĞĚĞăĂǀĂůŝĂĕĆŽĚŽƐƌĞƐƵůƚĂĚŽƐ͘
>ŝĐĞŶĐŝĂƚƵƌĂ͕
ĐŽŵƉůĞŵĞŶƚĂĚĂ
ƉĞůŽ
ĐƵƌƐŽ
ƐƵƉĞƌŝŽƌ
ĚĞ
ďŝďůŝŽƚĞĐĄƌŝŽͲĂƌƋƵŝǀŝƐƚĂ͖ ŽƵ ĐƵƌƐŽ
ĚĞ ĞƐƉĞĐŝĂůŝnjĂĕĆŽ Ğŵ ŝġŶĐŝĂƐ
ŽĐƵŵĞŶƚĂŝƐ͕
ŽƉĕĆŽ
Ğŵ
ŽĐƵŵĞŶƚĂĕĆŽ Ğ ŝďůŝŽƚĞĐĂ͖ ŽƵ
ŽƵƚƌŽƐ ĐƵƌƐŽƐ ĚĞ ĞƐƉĞĐŝĂůŝnjĂĕĆŽ
ƉſƐ ůŝĐĞŶĐŝĂƚƵƌĂ ŶĂ ĄƌĞĂ ĚĂƐ
ŝġŶĐŝĂƐ
ŽĐƵŵĞŶƚĂŝƐ͕
ĚĞ
ĚƵƌĂĕĆŽŶĆŽŝŶĨĞƌŝŽƌĂĚŽŝƐĂŶŽƐ
ϯ
Ϭ
ϭ
ϰ
dE/K^hWZ/KZ
ƌĞĂ ĚĞ ƌƋƵŝǀŽ Ͳ ƐƚĂďĞůĞĐĞ Ğ ĂƉůŝĐĂ ĐƌŝƚĠƌŝŽƐ ĚĞ ŐĞƐƚĆŽ ĚĞ ĚŽĐƵŵĞŶƚŽƐ͖ ĂǀĂůŝĂ
Ğ ŽƌŐĂŶŝnjĂƌ Ă ĚŽĐƵŵĞŶƚĂĕĆŽ ĚĞ ĨƵŶĚŽƐ ƉƷďůŝĐŽƐ Ğ ƉƌŝǀĂĚŽƐ ĐŽŵ ŝŶƚĞƌĞƐƐĞ
ĂĚŵŝŶŝƐƚƌĂƚŝǀŽ͕ ƉƌŽďĂƚſƌŝŽ Ğ ĐƵůƚƵƌĂů͕ ƚĂŝƐ ĐŽŵŽ ĚŽĐƵŵĞŶƚŽƐ ƚĞdžƚƵĂŝƐ͕
ĐĂƌƚŽŐƌĄĨŝĐŽƐ͕ ĂƵĚŝŽǀŝƐƵĂŝƐ Ğ ůĞŐşǀĞŝƐ ƉŽƌ ŵĄƋƵŝŶĂ͕ ĚĞ ĂĐŽƌĚŽ ĐŽŵ ƐŝƐƚĞŵĂƐ ĚĞ
ĐůĂƐƐŝĨŝĐĂĕĆŽ ƋƵĞ ĚĞĨŝŶĞ Ă ƉĂƌƚŝƌ ĚŽ ĞƐƚƵĚŽ ĚĂ ŝŶƐƚŝƚƵŝĕĆŽ ƉƌŽĚƵƚŽƌĂ ĚĂ
ĚŽĐƵŵĞŶƚĂĕĆŽ͖ ŽƌŝĞŶƚĂ Ă ĞůĂďŽƌĂĕĆŽ ĚĞ ŝŶƐƚƌƵŵĞŶƚŽƐ ĚĞ ĚĞƐĐƌŝĕĆŽ ĚĂ
ĚŽĐƵŵĞŶƚĂĕĆŽ͕ ƚĂŝƐ ĐŽŵŽ ŐƵŝĂƐ͕ ŝŶǀĞŶƚĄƌŝŽƐ͕ ĐĂƚĄůŽŐŽƐ Ğ şŶĚŝĐĞƐ͖ ĂƉŽŝĂ Ž
ƵƚŝůŝnjĂĚŽƌ͕ ŽƌŝĞŶƚĂŶĚŽͲŽ ŶĂ ƉĞƐƋƵŝƐĂ ĚĞ ƌĞŐŝƐƚŽƐ Ğ ĚŽĐƵŵĞŶƚŽƐ ĂƉƌŽƉƌŝĂĚŽƐ͖
ƉƌŽŵŽǀĞ ĂĕƁĞƐ ĚĞ ĚŝĨƵƐĆŽ͕ Ă Ĩŝŵ ĚĞ ƚŽƌŶĂƌ ĂĐĞƐƐşǀĞŝƐ ĂƐ ĨŽŶƚĞƐ͖ ĞdžĞĐƵƚĂ ŽƵ
ĚŝƌŝŐĞŽƐƚƌĂďĂůŚŽƐƚĞŶĚŽĞŵǀŝƐƚĂĂĐŽŶƐĞƌǀĂĕĆŽĞŽƌĞƐƚĂƵƌŽĚĞĚŽĐƵŵĞŶƚŽƐ͘
>ŝĐĞŶĐŝĂƚƵƌĂ͕
ĐŽŵƉůĞŵĞŶƚĂĚĂ
ƉĞůŽ
ĐƵƌƐŽ
ƐƵƉĞƌŝŽƌ
ĚĞ
ďŝďůŝŽƚĞĐĄƌŝŽͲĂƌƋƵŝǀŝƐƚĂ͖ ŽƵ ĐƵƌƐŽ
ĚĞ ĞƐƉĞĐŝĂůŝnjĂĕĆŽ Ğŵ ŝġŶĐŝĂƐ
ŽĐƵŵĞŶƚĂŝƐ͕ ŽƉĕĆŽ Ğŵ ƌƋƵŝǀŽ͖
ŽƵ
ŽƵƚƌŽƐ
ĐƵƌƐŽƐ
ĚĞ
ĞƐƉĞĐŝĂůŝnjĂĕĆŽ ƉſƐͲůŝĐĞŶĐŝĂƚƵƌĂ
ŶĂ
ĄƌĞĂ
ĚĂƐ
ŝġŶĐŝĂƐ
ŽĐƵŵĞŶƚĂŝƐ͕ ĚĞ ĚƵƌĂĕĆŽ ŶĆŽ
ŝŶĨĞƌŝŽƌĂĚŽŝƐĂŶŽƐ
ϭ
Ϭ
ϭ
Ϯ
dE/K^hWZ/KZ
ƌĞĂ ĚĞ ĞƐƉŽƌƚŽ Ͳ džĞƌĐĞ ĐŽŵ ĂƵƚŽŶŽŵŝĂ Ğ ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞ ĨƵŶĕƁĞƐ ĚĞ
ĞƐƚƵĚŽ͕ ĐŽŶĐĞĕĆŽ Ğ ĂĚĂƉƚĂĕĆŽ ĚĞ ŵĠƚŽĚŽƐ Ğ ƉƌŽĐĞƐƐŽƐ ĐŝĞŶƚşĨŝĐŽͲƚĠĐŶŝĐŽƐ͕
ŝŶƐĞƌŝĚŽƐ ŶŽƐ ƐĞŐƵŝŶƚĞƐ ĚŽŵşŶŝŽƐ ĚĞ ĂƚŝǀŝĚĂĚĞ͗ ƉůĂŶĞĂŵĞŶƚŽ͕ ĞůĂďŽƌĂĕĆŽ͕
ŽƌŐĂŶŝnjĂĕĆŽ Ğ ĐŽŶƚƌŽůĞ ĚĞ ĂĕƁĞƐ ĚĞƐƉŽƌƚŝǀĂƐ͖ ŐĞƐƚĆŽ Ğ ƌĂĐŝŽŶĂůŝnjĂĕĆŽ ĚĞ
ƌĞĐƵƌƐŽƐ ŚƵŵĂŶŽƐ Ğ ŵĂƚĞƌŝĂŝƐ ĚĞƐƉŽƌƚŝǀŽƐ͖ ĐŽŶĐĞĕĆŽ Ğ ĂƉůŝĐĂĕĆŽ ĚĞ ƉƌŽũĞƚŽƐ ĚĞ >ŝĐĞŶĐŝĂƚƵƌĂŶĂĄƌĞĂĚĞĞƐƉŽƌƚŽ
ĚĞƐĞŶǀŽůǀŝŵĞŶƚŽ ĚĞƐƉŽƌƚŝǀŽ͖ ĚĞƐĞŶǀŽůǀŝŵĞŶƚŽ ĚĞ ƉƌŽũĞƚŽƐ Ğ ĂĕƁĞƐ ĂŽ ŶşǀĞů ĚĂ
ŝŶƚĞƌǀĞŶĕĆŽ ŶĂƐ ĐŽůĞƚŝǀŝĚĂĚĞƐ͕ ĚĞ ĂĐŽƌĚŽ ĐŽŵ Ž ƉƌŽũĞƚŽ ĚĞ ĚĞƐĞŶǀŽůǀŝŵĞŶƚŽ
ĚĞƐƉŽƌƚŝǀŽ͖ ŽƌŝĞŶƚĂĕĆŽ͕ ĂĐŽŵƉĂŶŚĂŵĞŶƚŽ Ğ ĚĞƐĞŶǀŽůǀŝŵĞŶƚŽ ĚĞ ƚƌĞŝŶŽ ĚĞ
ũŽǀĞŶƐŶŽƐǀĄƌŝŽƐĞƐĐĂůƁĞƐĚĞĨŽƌŵĂĕĆŽĚĞƐƉŽƌƚŝǀĂ͘
ϰ
Ϭ
ϰ
ϴ
KhWK^
ŽŶƚƌĂƚŽĚĞdƌĂďĂůŚŽĞŵ&ƵŶĕƁĞƐ
EK
EŽŵĞĂĕĆŽ
ŽŵŝƐƐĆŽ KhWK^
WƷďůŝĐĂƐ
ĚĞ^ĞƌǀŝĕŽ
dĞŵƉŽ
dĞƌŵŽZĞƐŽůƵƚŝǀŽ
ĞĨŝŶŝƚŝǀĂ
/ŶĚĞƚĞƌŵŝŶĂĚŽ
ĞƌƚŽ
dKd>
WĄŐŝŶĂϭϬĚĞϯϰ
DWW^^K>KDhE/1W/Ks/>EKs&D>/K
EKϮϬϭϰ
WK^dK^dZ>,K
Z'K^ͬ
ZZ/Z^ͬ
d'KZ/^
dZ/h/O^ͬKDWdE/^ͬd/s/^
Z&KZDK
D/ͬKh
WZK&/^^/KE>
KhWK^
ŽŶƚƌĂƚŽĚĞdƌĂďĂůŚŽĞŵ&ƵŶĕƁĞƐ
EK
EŽŵĞĂĕĆŽ
ŽŵŝƐƐĆŽ KhWK^
WƷďůŝĐĂƐ
ĚĞ^ĞƌǀŝĕŽ
dĞŵƉŽ
dĞƌŵŽZĞƐŽůƵƚŝǀŽ
ĞĨŝŶŝƚŝǀĂ
/ŶĚĞƚĞƌŵŝŶĂĚŽ
ĞƌƚŽ
dKd>
dE/K^hWZ/KZ
ƌĞĂ ĚĞ EĂƚĂĕĆŽ Ͳ džĞƌĐĞ ĨƵŶĕƁĞƐ ĚĞ ĞƐƚƵĚŽ Ğ ŽƌŐĂŶŝnjĂĕĆŽ ĚĞ ũŽŐŽƐ Ğ ĞdžĞƌĐşĐŝŽƐ
ĂƋƵĄƚŝĐŽƐ ĚĞ ĂĐŽƌĚŽ ĐŽŵ ŽƐ ƉƌŝŶĐşƉŝŽƐ ĚĂ ŵŽƚƌŝĐŝĚĂĚĞ ŚƵŵĂŶĂ͕ ƚĞŶĚŽ ƉŽƌ
ŽďũĞƚŝǀŽ Ž ĚĞƐĞŶǀŽůǀŝŵĞŶƚŽ ĨşƐŝĐŽ Ğ ŐůŽďĂů ĚĞ ĐƌŝĂŶĕĂƐ͕ ũŽǀĞŶƐ Ğ ĂĚƵůƚŽƐ͖
ŽƌŐĂŶŝnjĂ Ğ ĞŶƐŝŶĂ ƚĠĐŶŝĐĂƐ ĚĞ ĂƉƌĞŶĚŝnjĂŐĞŵ ĚĞ ŶĂƚĂĕĆŽ͕ ďĂƐĞĂĚĂƐ ŶĂ ĂĚŽĕĆŽ
ŽƵ ĂĚĂƉƚĂĕĆŽ ĚĞ ŵĠƚŽĚŽƐ Ğ ƉƌŽĐĞƐƐŽƐ ƚĠĐŶŝĐŽƐ͕ ĐŽŵ ƌĞĐƵƌƐŽ Ă ĐŽŶŚĞĐŝŵĞŶƚŽƐ
ƚĞſƌŝĐŽƐ Ğ ƉƌĄƚŝĐŽƐ͖ ŽƌŐĂŶŝnjĂ Ğ ĐŽŽƌĚĞŶĂ ĞƋƵŝƉĂƐ ĚĞ ĚĞƐƉŽƌƚŽ ŽƵ ƌĞĐƌĞŝŽ
ĂƋƵĄƚŝĐŽƐ͖ ĂĐŽŵƉĂŶŚĂ ƚŽĚŽƐ ŽƐ ĂƉƌĞŶĚŝnjĞƐ ĚĞ ŶĂƚĂĕĆŽ ĚĞ ĨŽƌŵĂ Ă ĐŽƌƌŝŐŝƌ
ĞǀĞŶƚƵĂŝƐĞƌƌŽƐĚĞĞdžĞĐƵĕĆŽĚŽƐĞdžĞƌкЎƐ͘
>ŝĐĞŶĐŝĂƚƵƌĂƐ
ƋƵĞ
ĐŽŶĨŝƌĂŵ
ŚĂďŝůŝƚĂĕĆŽ ƉƌſƉƌŝĂ ƉĂƌĂ Ă
ĚŽĐġŶĐŝĂ ĚĂ ĚŝƐĐŝƉůŝŶĂ ĚĞ
ĚƵĐĂĕĆŽ &şƐŝĐĂ ŽƵ ůŝĐĞŶĐŝĂƚƵƌĂ
ŶĂĄƌĞĂĚĞĞƐƉŽƌƚŽ
Ϭ
0
ϲϬ
ϲϬ
dE/K^hWZ/KZ
EŽƐ ƚĞƌŵŽƐ ĚŽ ĞĐƌĞƚŽͲ>Ğŝ Ŷ͘Ǒ
ƌĞĂ ĚĞ ƚŝǀŝĚĂĚĞƐ ĚĞ ŶƌŝƋƵĞĐŝŵĞŶƚŽ ƵƌƌŝĐƵůĂƌ Ͳ >ĞĐŝŽŶĂ ĂƐ ĂƚŝǀŝĚĂĚĞƐ ĚĞ
ϮϳͬϮϬϬϲ͕ ĚĞ ϭϬ ĚĞ ĨĞǀĞƌĞŝƌŽ Ğ ĚŽ
ĞŶƌŝƋƵĞĐŝŵĞŶƚŽ ĐƵƌƌŝĐƵůĂƌ ŶŽ ϭ͘Ǒ ŝĐůŽ ĚŽ ŶƐŝŶŽ ĄƐŝĐŽ͕ ŶŽƐ ŐƌƵƉĂŵĞŶƚŽƐ ĚĞ
ĞƐƉĂĐŚŽ Ŷ͘Ǒ ϭϰϰϲϬͬϮϬϬϴ͕ ĚĞ ϭϱ
ƐĐŽůĂƐĚŽĐŽŶĐĞůŚŽ͘
ĚĞ ŵĂŝŽ͕ ĂůƚĞƌĂĚŽ ƉĞůŽ ĞƐƉĂĐŚŽ
Ŷ͘ǑϴϲϴϯͬϮϬϭϭ͕ĚĞϮϴĚĞũƵŶŚŽ
Ϭ
Ϭ
ϭϬ
ϭϬ
dE/K^hWZ/KZ
ƌĞĂ ĚĞ DĞĚŝĐŝŶĂ ŶŽ dƌĂďĂůŚŽ Ͳ ZĞĂůŝnjĂ ĞdžĂŵĞƐ ŵĠĚŝĐŽƐ ĚĞ ĂƉƚŝĚĆŽ ƉĂƌĂ Ž
ĞdžĞƌĐşĐŝŽ ĚĂ ĨƵŶĕĆŽ͕ ŶŽƐ ĐĂƐŽƐ ĚĞ ĂĚŵŝƐƐĆŽ Ğ ŵƵĚĂŶĕĂ ĚŽ ƉŽƐƚŽ ĚĞ ƚƌĂďĂůŚŽ͖
ƌĞĂůŝnjĂ ĞdžĂŵĞƐ ŵĠĚŝĐŽƐ ƉĞƌŝſĚŝĐŽƐ ŶŽƐ ƚĞƌŵŽƐ ĚĂ ůĞŝ ĂƉůŝĐĄǀĞů͖ ĞdžĂŵŝŶĂ͕ ƉƌĞƐƚĂ
ŽƐ ƉƌŝŵĞŝƌŽƐ ƐŽĐŽƌƌŽƐ Ğ ƚƌĂƚĂ ŽƐ ƐŝŶŝƐƚƌĂĚŽƐ͖ ĐŽŶĨŝƌŵĂ͕ ĂƉſƐ Ă ĂůƚĂ͕ Ă ĂƉƚŝĚĆŽ ĂŽ
ƌĞƐƉĞƚŝǀŽ ƉŽƐƚŽ ĚĞ ƚƌĂďĂůŚŽ ĚĞ ƚƌĂďĂůŚĂĚŽƌĞƐ ƐŝŶŝƐƚƌĂĚŽƐ͖ ĞŵŝƚĞ ƉĂƌĞĐĞƌĞƐ
ǀŝƐĂŶĚŽ Ă ƌĞŝŶƚĞŐƌĂĕĆŽ ƉƌŽĨŝƐƐŝŽŶĂů ĚĞ ƚƌĂďĂůŚĂĚŽƌĞƐ ƐŝŶŝƐƚƌĂĚŽƐ ĐŽŵ
ŝŶĐĂƉĂĐŝĚĂĚĞ ƚĞŵƉŽƌĄƌŝĂ͖ ƐŽůŝĐŝƚĂ ĞdžĂŵĞƐ ĐŽŵƉůĞŵĞŶƚĂƌĞƐ ĚĞ ĚŝĂŐŶſƐƚŝĐŽ͕ ƋƵĞ
ĐŽŶƐŝĚĞƌĞ ŶĞĐĞƐƐĄƌŝŽƐ͖ ƉƌŽŵŽǀĞ ĐĂŵƉĂŶŚĂƐ ĚĞ ǀĂĐŝŶĂĕĆŽ Ğ ƌĂƐƚƌĞŝŽ͖ ƉƌŽŵŽǀĞ
ĂĕƁĞƐ ǀŝƐĂŶĚŽ Ă ĞĚƵĐĂĕĆŽ ƐĂŶŝƚĄƌŝĂ ĚŽƐ ƚƌĂďĂůŚĂĚŽƌĞƐ Ğ ĐŽůĂďŽƌĂ ĐŽŵ ŽƐ
ƐĞƌǀŝĕŽƐĚĞŚŝŐŝĞŶĞĞƐĞŐƵƌĂŶĕĂŶĂĂǀĂůŝĂĕĆŽĚĞƌŝƐĐŽƐŶŽŵĞƌĐĂĚŽĚĞƚƌĂďĂůŚŽ͘
Ϭ
Ϭ
ϭ
ϭ
>ŝĐĞŶĐŝĂƚƵƌĂĞŵDĞĚŝĐŝŶĂĞ
ŝŶƐĐƌŝĕĆŽŶĂKƌĚĞŵ
WĄŐŝŶĂϭϭĚĞϯϰ
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EKϮϬϭϰ
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WƷďůŝĐĂƐ
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>ŝĐĞŶĐŝĂƚƵƌĂĞĞƌƚŝĨŝĐĂĚŽĚĞ
ƌĞĂ ĚĞ ,ŝŐŝĞŶĞ Ğ ^ĞŐƵƌĂŶĕĂ ŶŽ dƌĂďĂůŚŽ Ͳ ĞƐĞŶǀŽůǀĞ ĂƚŝǀŝĚĂĚĞƐ ĚĞ ƉƌĞǀĞŶĕĆŽ ƉƚŝĚĆŽWƌŽĨŝƐƐŝŽŶĂůĚĞdĠĐŶŝĐŽ
^ƵƉĞƌŝŽƌĚĞ,ŝŐŝĞŶĞĞ^ĞŐƵƌĂŶĕĂ
ĞĚĞƉƌŽƚĞĕĆŽĐŽŶƚƌĂƌŝƐĐŽƐƉƌŽĨŝƐƐŝŽŶĂŝƐ͘
ŶŽdƌĂďĂůŚŽ
Ϭ
Ϭ
Ϯ
Ϯ
dE/K^hWZ/KZ
ƌĞĂ dĠĐŶŝĐĂ Ͳ džĞƌĐĞ ĨƵŶĕƁĞƐ ĚĞ ĞƐƚƵĚŽ Ğ ĂƉůŝĐĂĕĆŽ ĚĞ ŵĠƚŽĚŽƐ Ğ ƉƌŽĐĞƐƐŽƐ ĚĞ
ŶĂƚƵƌĞnjĂ ƚĠĐŶŝĐĂ͕ ĐŽŵ ĂƵƚŽŶŽŵŝĂ Ğ ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞ͕ ĞŶƋƵĂĚƌĂĚĂƐ Ğŵ
ƉůĂŶŝĨŝĐĂĕĆŽĞĐŽŶŚĞĐŝŵĞŶƚŽƐƉƌŽĨŝƐƐŝŽŶĂŝƐ͘
ϭϮ
Ϭ
Ϭ
ϭϮ
dE/K^hWZ/KZ
ƌĞĂ dĠĐŶŝĐĂ ĚĞ ŶŐĞŶŚĂƌŝĂ Ͳ džĞƌĐĞ ĨƵŶĕƁĞƐ ĚĞ ĞƐƚƵĚŽ Ğ ĂƉůŝĐĂĕĆŽ ĚĞ ŵĠƚŽĚŽƐ
Ğ ƉƌŽĐĞƐƐŽƐ ĚĞ ŶĂƚƵƌĞnjĂ ƚĠĐŶŝĐĂ͕ ĐŽŵ ĂƵƚŽŶŽŵŝĂ Ğ ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞ͕
ĞŶƋƵĂĚƌĂĚĂƐĞŵƉůĂŶŝĨŝĐĂĕĆŽĞĐŽŶŚĞĐŝŵĞŶƚŽƐƉƌŽĨŝƐƐŝŽŶĂŝƐ͘
ϰ
Ϭ
Ϭ
ϰ
dE/K^hWZ/KZ
ƌĞĂ dĠĐŶŝĐĂ ĚĞ ^ĞƌǀŝĕŽ ^ŽĐŝĂů Ͳ džĞƌĐĞ ĨƵŶĕƁĞƐ ĚĞ ĞƐƚƵĚŽ Ğ ĂƉůŝĐĂĕĆŽ ĚĞ
ŵĠƚŽĚŽƐ Ğ ƉƌŽĐĞƐƐŽƐ ĚĞ ŶĂƚƵƌĞnjĂ ƚĠĐŶŝĐĂ͕ ĐŽŵ ĂƵƚŽŶŽŵŝĂ Ğ ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞ͕
ĞŶƋƵĂĚƌĂĚĂƐ Ğŵ ƉůĂŶŝĨŝĐĂĕĆŽ Ğ ĐŽŶŚĞĐŝŵĞŶƚŽƐ ƉƌŽĨŝƐƐŝŽŶĂŝƐ͕ ĐŽŵ ǀŝƐƚĂ ă
ƉƌŽŵŽĕĆŽ ĚĞ ƵŵĂ ŵĞůŚŽƌ ĂĚĂƉƚĂĕĆŽ ĚŽƐ ŝŶĚŝǀşĚƵŽƐ͕ ĨĂŵşůŝĂƐ Ğ ŽƵƚƌŽƐ ŐƌƵƉŽƐ
ĂŽ ŵĞŝŽ ƐŽĐŝĂů Ğŵ ƋƵĞ ǀŝǀĞŵ͕ ĂƚƌĂǀĠƐ ĚŽ ĚĞƐĞŶǀŽůǀŝŵĞŶƚŽ ĚĞ ĐŽŵƉĞƚġŶĐŝĂƐ Ğ
ĐĂƉĂĐŝĚĂĚĞƐƐŽĐŝĂŝƐĂŽŶşǀĞůĐŽŐŶŝƚŝǀŽ͕ŽƌŐĂŶŝnjĂƚŝǀŽĞƌĞůĂĐŝŽŶĂů͘
Ϯ
Ϭ
Ϭ
Ϯ
ϭϲϬ
ϭ
ϭϭϬ
Ϯϳϭ
ϴ
Ϭ
Ϭ
ϴ
^hdKd>
^^/^dEddE/Kͬ
KKZEKZdE/K
ƌĞĂ ĚŵŝŶŝƐƚƌĂƚŝǀĂ Ͳ ŽŽƌĚĞŶĂ͕ ŽƌŝĞŶƚĂ Ğ ƐƵƉĞƌǀŝƐŝŽŶĂ ĂƐ ĂƚŝǀŝĚĂĚĞƐ
ƌĞůĂĐŝŽŶĂĚĂƐ ĐŽŵ ĂƐ ĄƌĞĂƐ ĚĞ ƉĞƐƐŽĂů͕ ĐŽŶƚĂďŝůŝĚĂĚĞ͕ ĞdžƉĞĚŝĞŶƚĞ͕ ƉĂƚƌŝŵſŶŝŽ Ğ
ĂƉƌŽǀŝƐŝŽŶĂŵĞŶƚŽĞŽƵƚƌĂƐĚĞĂƉŽŝŽŝŶƐƚƌƵŵĞŶƚĂů͘
Ϭ
Ϭ
WĄŐŝŶĂϭϮĚĞϯϰ
DWW^^K>KDhE/1W/Ks/>EKs&D>/K
EKϮϬϭϰ
WK^dK^dZ>,K
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ƌĞĂ ĚĞ ^ĞƌǀŝĕŽƐ ĚĞ ĞŵŝƚĠƌŝŽ Ͳ ŽŽƌĚĞŶĂ͕ ŽƌŝĞŶƚĂ Ğ ƐƵƉĞƌǀŝƐŝŽŶĂ ĂƐ ĂƚŝǀŝĚĂĚĞƐ
ĚĞƐĞŶǀŽůǀŝĚĂƐ ŶŽ ĐĞŵŝƚĠƌŝŽ͕ ĂƐƐĞŐƵƌĂŶĚŽ Ă ŐĞƐƚĆŽ ĐŽƌƌĞŶƚĞ ĚŽƐ ƐĞƌǀŝĕŽƐ͖
ĐŽůĂďŽƌĂ ŶĂ ŐĞƐƚĆŽ ĚŽƐ ĞƋƵŝƉĂŵĞŶƚŽƐ Ğ ĚŽƐ ŵĂƚĞƌŝĂŝƐ ĞdžŝƐƚĞŶƚĞƐ ƉĂƌĂ ƵƐŽ ŶŽ
ĐĞŵŝƚĠƌŝŽ͖ ĂƉƌĞƐĞŶƚĂ ƐƵŐĞƐƚƁĞƐ ŶŽ ƐĞŶƚŝĚŽ ĚĞ ƵŵĂ ŵĞůŚŽƌ ƌĂĐŝŽŶĂůŝnjĂĕĆŽ ĚŽƐ
ƌĞĐƵƌƐŽƐ ĞdžŝƐƚĞŶƚĞƐ͖ ĐŽůĂďŽƌĂ ŶĂ ĞůĂďŽƌĂĕĆŽ ĚĞ ƉƌŽƉŽƐƚĂƐ ƋƵĞ ǀŝƐĞŵ ƵŵĂ
ĐŽƌƌĞƚĂŐĞƐƚĆŽĚĞƉĞƐƐŽĂů͘
^^/^dEddE/K
ƌĞĂ ĚŵŝŶŝƐƚƌĂƚŝǀĂ Ͳ ĞƐĞŶǀŽůǀĞ ĨƵŶĕƁĞƐ͕ ƋƵĞ ƐĞ ĞŶƋƵĂĚƌĂŵ Ğŵ ĚŝƌĞƚŝǀĂƐ
ŐĞƌĂŝƐ ƐƵƉĞƌŝŽƌĞƐ͕ ĚĞ ĞdžƉĞĚŝĞŶƚĞ͕ ĂƌƋƵŝǀŽ͕ ƐĞĐƌĞƚĂƌŝĂ͕ ĐŽŶƚĂďŝůŝĚĂĚĞͲ
ƉƌŽĐĞƐƐĂŵĞŶƚŽ͕ ƉĞƐƐŽĂů Ğ ĂƉƌŽǀŝƐŝŽŶĂŵĞŶƚŽ Ğ ĞĐŽŶŽŵĂƚŽ͕ ƚĞŶĚŽ Ğŵ ǀŝƐƚĂ
ĂƐƐĞŐƵƌĂƌ Ž ĨƵŶĐŝŽŶĂŵĞŶƚŽ ĚŽƐ ſƌŐĆŽƐ ŝŶĐƵŵďŝĚŽƐ ĚĂ ƉƌĞƐƚĂĕĆŽ ĚĞ ďĞŶƐ Ğ
ƐĞƌǀŝĕŽƐ Ğ ĞdžĞĐƵƚĂ ƉƌĞĚŽŵŝŶĂŶƚĞŵĞŶƚĞ ĂƐ ƐĞŐƵŝŶƚĞƐ ƚĂƌĞĨĂƐ͗ ĂƐƐĞŐƵƌĂ Ă
ƚƌĂŶƐŵŝƐƐĆŽ ĚĂ ĐŽŵƵŶŝĐĂĕĆŽ ĞŶƚƌĞ ŽƐ ǀĄƌŝŽƐ ſƌŐĆŽƐ Ğ ĞŶƚƌĞ ĞƐƚĞƐ Ğ ŽƐ
ƉĂƌƚŝĐƵůĂƌĞƐ͕ ĂƚƌĂǀĠƐ ĚŽ ƌĞŐŝƐƚŽ͕ ƌĞĚĂĕĆŽ͕ ĐůĂƐƐŝĨŝĐĂĕĆŽ Ğ ĂƌƋƵŝǀŽ ĚĞ ĞdžƉĞĚŝĞŶƚĞ
Ğ ŽƵƚƌĂƐ ĨŽƌŵĂƐ ĚĞ ĐŽŵƵŶŝĐĂĕĆŽ͖ ĂƐƐĞŐƵƌĂ ƚƌĂďĂůŚŽƐ ĚĞ ĚĂĐƚŝůŽŐƌĂĨŝĂ͖ ƚƌĂƚĂ
ŝŶĨŽƌŵĂĕĆŽ͕ ƌĞĐŽůŚĞŶĚŽ Ğ ĞĨĞƚƵĂŶĚŽ ĂƉƵƌĂŵĞŶƚŽƐ ĞƐƚĂƚşƐƚŝĐŽƐ ĞůĞŵĞŶƚĂƌĞƐ Ğ
ĞůĂďŽƌĂŶĚŽ ŵĂƉĂƐ͕ ƋƵĂŶĚŽ ŽƵ ƵƚŝůŝnjĂŶĚŽ ƋƵĂůƋƵĞƌ ŽƵƚƌĂ ĨŽƌŵĂ ĚĞ ƚƌĂŶƐŵŝƐƐĆŽ
ĞĨŝĐĂnj ĚŽƐ ĚĂĚŽƐ ĞdžŝƐƚĞŶƚĞƐ͖ ƌĞĐŽůŚĞ͕ ĞdžĂŵŝŶĂ͕ ĐŽŶĨĞƌĞ Ğ ƉƌŽĐĞĚĞ ă ĞƐĐƌŝƚƵƌĂĕĆŽ
ĚĞ ĚĂĚŽƐ ƌĞůĂƚŝǀŽƐ ăƐ ƚƌĂŶƐĂĕƁĞƐ ĨŝŶĂŶĐĞŝƌĂƐ Ğ ĐŽŶƚĂďŝůşƐƚŝĐĂƐ͕ ƉŽĚĞŶĚŽ
ĂƐƐĞŐƵƌĂƌ Ă ŵŽǀŝŵĞŶƚĂĕĆŽ ĚĞ ĨƵŶĚŽ ĚĞ ŵĂŶĞŝƌŽ͖ ƌĞĐŽůŚĞ͕ ĞdžĂŵŝŶĂ Ğ ĐŽŶĨĞƌĞ
ĞůĞŵĞŶƚŽƐ ĐŽŶƐƚĂŶƚĞƐ ĚŽƐ ƉƌŽĐĞƐƐŽƐ͕ ĂŶŽƚĂŶĚŽ ĨĂůƚĂƐ ŽƵ ĂŶŽŵĂůŝĂƐ Ğ
ƉƌŽǀŝĚĞŶĐŝĂŶĚŽ ƉĞůĂ ƐƵĂ ĐŽƌƌĞĕĆŽ Ğ ĂŶĚĂŵĞŶƚŽ͕ ĂƚƌĂǀĠƐ ĚĞ ŽĨşĐŝŽƐ͕ ŝŶĨŽƌŵĂĕƁĞƐ
ŽƵŶŽƚĂƐ͘
Z&KZDK
D/ͬKh
WZK&/^^/KE>
ϭϮ͘ǑĂŶŽĚĞĞƐĐŽůĂƌŝĚĂĚĞ
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ŽŶƚƌĂƚŽĚĞdƌĂďĂůŚŽĞŵ&ƵŶĕƁĞƐ
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EŽŵĞĂĕĆŽ
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WƷďůŝĐĂƐ
ĚĞ^ĞƌǀŝĕŽ
dĞŵƉŽ
dĞƌŵŽZĞƐŽůƵƚŝǀŽ
ĞĨŝŶŝƚŝǀĂ
/ŶĚĞƚĞƌŵŝŶĂĚŽ
ĞƌƚŽ
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Ϭ
ϴ
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ϭϬϲ
Ϯ
Ϭ
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ϭ
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ϭϭϴ
WĄŐŝŶĂϭϯĚĞϯϰ
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EKϮϬϭϰ
WK^dK^dZ>,K
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ĞĚƵĐĂƚŝǀŽ ĚĂ ĞƐĐŽůĂ͕ Ž ĞdžĞƌĐşĐŝŽ ĚĞ ĨƵŶĕƁĞƐ ĚĞ ĂƉŽŝŽ Ă ĂůƵŶŽƐ͕ ĚŽĐĞŶƚĞƐ Ğ
ĞŶĐĂƌƌĞŐĂĚŽƐ ĚĞ ĞĚƵĐĂĕĆŽ ĞŶƚƌĞ Ğ ĚƵƌĂŶƚĞ ĂƐ ĂƚŝǀŝĚĂĚĞƐ ůĞƚŝǀĂƐ͕ ĂƐƐĞŐƵƌĂŶĚŽ
ƵŵĂ ĞƐƚƌĞŝƚĂ ĐŽůĂďŽƌĂĕĆŽ ŶŽ ƉƌŽĐĞƐƐŽ ĞĚƵĐĂƚŝǀŽ͕ ĐŽŵƉĞƚŝŶĚŽͲůŚĞ ĚĞƐĞŵƉĞŶŚĂƌ
ĂƐ ƐĞŐƵŝŶƚĞƐ ĨƵŶĕƁĞƐ͗ ƉĂƌƚŝĐŝƉĂƌ Ğŵ ĂĕƁĞƐ ƋƵĞ ǀŝƐĞŵ Ž ĚĞƐĞŶǀŽůǀŝŵĞŶƚŽ ƉĞƐƐŽĂů
Ğ ĐşǀŝĐŽ ĚĞ ĐƌŝĂŶĕĂƐ Ğ ũŽǀĞŶƐ Ğ ĨĂǀŽƌĞĕĂŵ Ƶŵ ĐƌĞƐĐŝŵĞŶƚŽ ƐĂƵĚĄǀĞů͖ ĞdžĞƌĐĞƌ
ƚĂƌĞĨĂƐ ĚĞ ĂƉŽŝŽ ă ĂƚŝǀŝĚĂĚĞ ĚŽĐĞŶƚĞ ĚĞ ąŵďŝƚŽ ĐƵƌƌŝĐƵůĂƌ Ğ ĚĞ ĞŶƌŝƋƵĞĐŝŵĞŶƚŽ
ĚŽ ĐƵƌƌşĐƵůŽ͖ ĞdžĞƌĐĞƌ ƚĂƌĞĨĂƐ ĚĞ ĞŶƋƵĂĚƌĂŵĞŶƚŽ Ğ ĂĐŽŵƉĂŶŚĂŵĞŶƚŽ ĚĞ
ĐƌŝĂŶĕĂƐ Ğ ũŽǀĞŶƐ͕ ŶŽŵĞĂĚĂŵĞŶƚĞ ŶŽ ąŵďŝƚŽ ĚĂ ĂŶŝŵĂĕĆŽ ƐſĐŝŽͲĞĚƵĐĂƚŝǀĂ Ğ ĚĞ
ĂƉŽŝŽ ă ĨĂŵşůŝĂ͖ ĐŽŽƉĞƌĂƌ ĐŽŵ ŽƐ ƐĞƌǀŝĕŽƐ ĞƐƉĞĐŝĂůŝnjĂĚŽƐ ĚĞ ĂƉŽŝŽ ƐſĐŝŽͲ
ĞĚƵĐĂƚŝǀŽ͖ ƉƌĞƐƚĂƌ ĂƉŽŝŽ ĞƐƉĞĐşĨŝĐŽ Ă ĐƌŝĂŶĕĂƐ Ğ ũŽǀĞŶƐ ƉŽƌƚĂĚŽƌĞƐ ĚĞ
ĚĞĨŝĐŝġŶĐŝĂ͖ ĐŽůĂďŽƌĂƌ ŶŽ ĚĞƐƉŝƐƚĞ ĚĞ ƐŝƚƵĂĕƁĞƐ ĚĞ ƌŝƐĐŽ ƐŽĐŝĂů͕ ŝŶƚĞƌŶĂƐ Ğ
ĞdžƚĞƌŶĂƐ͕ƋƵĞƉŽŶŚĂŵĞŵĐĂƵƐĂŽďĞŵͲĞƐƚĂƌĚĞĐƌŝĂŶĕĂƐĞũŽǀĞŶƐĞĚĂĞƐĐŽůĂ͘
Z&KZDK
D/ͬKh
WZK&/^^/KE>
KhWK^
ŽŶƚƌĂƚŽĚĞdƌĂďĂůŚŽĞŵ&ƵŶĕƁĞƐ
EK
EŽŵĞĂĕĆŽ
ŽŵŝƐƐĆŽ KhWK^
WƷďůŝĐĂƐ
ĚĞ^ĞƌǀŝĕŽ
dĞŵƉŽ
dĞƌŵŽZĞƐŽůƵƚŝǀŽ
ĞĨŝŶŝƚŝǀĂ
/ŶĚĞƚĞƌŵŝŶĂĚŽ
ĞƌƚŽ
dKd>
ϯϱ
ϭ
ϭϬ
ϰϲ
^^/^dEddE/K
ƵƌƐŽ ƚĞĐŶŽůſŐŝĐŽ͖ ĐƵƌƐŽ ĚĂƐ
ĞƐĐŽůĂƐ ƉƌŽĨŝƐƐŝŽŶĂŝƐ͖ ĐƵƌƐŽ ĚĂƐ
ƌĞĂ ĚĞ ƉŽŝŽ dĠĐŶŝĐŽ Ͳ džĞƌĐĞ ĨƵŶĕƁĞƐ ĚĞ ŶĂƚƵƌĞnjĂ ĞdžĞĐƵƚŝǀĂ ĚĞ ĂƉůŝĐĂĕĆŽ
ĞƐĐŽůĂƐ ĞƐƉĞĐŝĂůŝnjĂĚĂƐ ĚĞ ĞŶƐŝŶŽ
ƚĠĐŶŝĐĂ ĐŽŵ ďĂƐĞ ŶŽ ĞƐƚĂďĞůĞĐŝŵĞŶƚŽ ŽƵ ĂĚĂƉƚĂĕĆŽ ĚĞ ŵĠƚŽĚŽƐ Ğ ƉƌŽĐĞƐƐŽƐ͕
ĂƌƚşƐƚŝĐŽ͖ ĐƵƌƐŽ ƋƵĞ ĐŽŶĨŝƌĂ
ĞŶƋƵĂĚƌĂĚŽƐ Ğŵ ĚŝƌĞƚŝǀĂƐ ďĞŵ ĚĞĨŝŶŝĚĂƐ͕ ĞdžŝŐŝŶĚŽ ĐŽŶŚĞĐŝŵĞŶƚŽƐ ƚĠĐŶŝĐŽƐ͕
ĐĞƌƚŝĨŝĐĂĚŽ
ĚĞ
ƋƵĂůŝĨŝĐĂĕĆŽ
ƚĞſƌŝĐŽƐĞƉƌĄƚŝĐŽƐ͘
ƉƌŽĨŝƐƐŝŽŶĂů ĚĞ EşǀĞů ///͕ Ğŵ ĄƌĞĂ
ĂĚĞƋƵĂĚĂ
ϯϵ
Ϭ
Ϯ
ϰϭ
^^/^dEddE/K
ƵƌƐŽ ƚĞĐŶŽůſŐŝĐŽ͖ ĐƵƌƐŽ ĚĂƐ
ĞƐĐŽůĂƐ ƉƌŽĨŝƐƐŝŽŶĂŝƐ͖ ĐƵƌƐŽ ĚĂƐ
ƌĞĂ ĚĞ ƉŽŝŽ dĠĐŶŝĐŽ Ğŵ ^ĞĐƌĞƚĂƌŝĂĚŽ Ͳ ƐƐĞŐƵƌĂ ĨƵŶĕƁĞƐ ĚĞ ŶĂƚƵƌĞnjĂ ĞƐĐŽůĂƐ ĞƐƉĞĐŝĂůŝnjĂĚĂƐ ĚĞ ĞŶƐŝŶŽ
ĞdžĞĐƵƚŝǀĂ ĚĞ ŶşǀĞů ƚĠĐŶŝĐŽͲĂĚŵŝŶŝƐƚƌĂƚŝǀŽ͕ ŶĂ ĂƉůŝĐĂĕĆŽ ĚĞ ĐŽŶŚĞĐŝŵĞŶƚŽƐ ŶĂ ĂƌƚşƐƚŝĐŽ͖ ĐƵƌƐŽ ƋƵĞ ĐŽŶĨŝƌĂ
ĚĞ
ƋƵĂůŝĨŝĐĂĕĆŽ
ĄƌĞĂ ĚĞ ƐĞĐƌĞƚĂƌŝĂĚŽ͕ ŶŽ ĂƚĞŶĚŝŵĞŶƚŽ Ğ ƉƌĞƐƚĂĕĆŽ ĚĞ ŝŶĨŽƌŵĂĕƁĞƐ ƐŽďƌĞ ĐĞƌƚŝĨŝĐĂĚŽ
ƉƌŽĨŝƐƐŝŽŶĂů ĚĞ EşǀĞů ///͕ Ğŵ
ƉƌŽĐĞĚŝŵĞŶƚŽƐƌĞŐƵůĂŵĞŶƚĂƌĞƐͬůĞŐĂŝƐ͘
ƐĞĐƌĞƚĂƌŝĂĚŽ
ŽƵ
ĐƵƌƐŽ
ĞƋƵŝƉĂƌĂĚŽ
Ϭ
Ϭ
ϭ
ϭ
ϭϮ͘ǑĂŶŽĚĞĞƐĐŽůĂƌŝĚĂĚĞ
WĄŐŝŶĂϭϰĚĞϯϰ
DWW^^K>KDhE/1W/Ks/>EKs&D>/K
EKϮϬϭϰ
WK^dK^dZ>,K
Z'K^ͬ
ZZ/Z^ͬ
d'KZ/^
dZ/h/O^ͬKDWdE/^ͬd/s/^
Z&KZDK
D/ͬKh
WZK&/^^/KE>
KhWK^
ŽŶƚƌĂƚŽĚĞdƌĂďĂůŚŽĞŵ&ƵŶĕƁĞƐ
EK
EŽŵĞĂĕĆŽ
ŽŵŝƐƐĆŽ KhWK^
WƷďůŝĐĂƐ
ĚĞ^ĞƌǀŝĕŽ
dĞŵƉŽ
dĞƌŵŽZĞƐŽůƵƚŝǀŽ
ĞĨŝŶŝƚŝǀĂ
/ŶĚĞƚĞƌŵŝŶĂĚŽ
ĞƌƚŽ
dKd>
^^/^dEddE/K
ƌĞĂ ĚĞ ƉŽŝŽ dĠĐŶŝĐŽ Ğŵ ŵďŝĞŶƚĞ Ͳ WƌĞƐƚĂ ĂƉŽŝŽ ƚĠĐŶŝĐŽ Ğ ůŽŐşƐƚŝĐŽ ăƐ ĂĕƁĞƐ
Ă ĚĞƐĞŶǀŽůǀĞƌ ŶŽƐ ĚŝĨĞƌĞŶƚĞƐ ĚŽŵşŶŝŽƐ ĂŵďŝĞŶƚĂŝƐ͖ /ŵƉůĞŵĞŶƚĂ Ğ ĚŝŶĂŵŝnjĂ
ĐĂŵƉĂŶŚĂƐ ĚĞ ƐĞŶƐŝďŝůŝnjĂĕĆŽ Ğ ĞĚƵĐĂĕĆŽ ĂŵďŝĞŶƚĂů͕ ďĞŵ ĐŽŵŽ ŽƵƚƌĂƐ ŵĞĚŝĚĂƐ
ĚĞ ƉƌŽƚĞĕĆŽ ĂŵďŝĞŶƚĂů͖ ƉƌĞƐƚĂ ĂƉŽŝŽ ƚĠĐŶŝĐŽ ăƐ ĂƚŝǀŝĚĂĚĞƐ ƌĞůĂĐŝŽŶĂĚĂƐ ĐŽŵ
ůŝŵƉĞnjĂ ƉƷďůŝĐĂ Ğ ĐŽŵ Ă ƌĞĐŽůŚĂ ĚĞ ƌĞƐşĚƵŽƐ͖ ĐŽůĂďŽƌĂ ŶĂ ŵĞĚŝĕĆŽ ĚŽ ƌƵşĚŽ Ğ
ĚŽƐ şŶĚŝĐĞƐ ĚĞ ŝƐŽůĂŵĞŶƚŽ ƐŽŶŽƌŽ ƉĂƌĂ ŽƐ ƐŽŶƐ ĚĞ ĐŽŶĚƵĕĆŽ ĂĠƌĞĂ ;/ĂͿ Ğ ƉĂƌĂ ŽƐ
ƐŽŶƐ ĚĞ ƉĞƌĐƵƐƐĆŽ ;/ƉͿ͕ ŶŽŵĞĂĚĂŵĞŶƚĞ Ğŵ ůŽĐĂŝƐ ŽŶĚĞ ƐĞ ĚĞƐĞŶǀŽůǀĂŵ
ĂƚŝǀŝĚĂĚĞƐ ŝŶĚƵƐƚƌŝĂŝƐ͕ ĚĞ ĐŽŵĠƌĐŝŽ ŽƵ ƐĞƌǀŝĕŽƐ͕ ĚĞ ĞƐƉĞƚĄĐƵůŽƐ Ğ ĚŝǀĞƌƚŝŵĞŶƚŽƐ
ƉƷďůŝĐŽƐ͘
ƵƌƐŽ ƚĞĐŶŽůſŐŝĐŽ͖ ĐƵƌƐŽ ĚĂƐ
ĞƐĐŽůĂƐ ƉƌŽĨŝƐƐŝŽŶĂŝƐ͖ ĐƵƌƐŽ ĚĂƐ
ĞƐĐŽůĂƐ ĞƐƉĞĐŝĂůŝnjĂĚĂƐ ĚĞ ĞŶƐŝŶŽ
ĂƌƚşƐƚŝĐŽ͖ ĐƵƌƐŽ ƋƵĞ ĐŽŶĨŝƌĂ
ĐĞƌƚŝĨŝĐĂĚŽ
ĚĞ
ƋƵĂůŝĨŝĐĂĕĆŽ
ƉƌŽĨŝƐƐŝŽŶĂů ĚĞ EşǀĞů ///͕ Ğŵ
ĂŵďŝĞŶƚĞŽƵĐƵƌƐŽĞƋƵŝƉĂƌĂĚŽ
Ϭ
Ϭ
ϭ
ϭ
^^/^dEddE/K
ƵƌƐŽ ƚĞĐŶŽůſŐŝĐŽ͖ ĐƵƌƐŽ ĚĂƐ
ĞƐĐŽůĂƐ ƉƌŽĨŝƐƐŝŽŶĂŝƐ͖ ĐƵƌƐŽ ĚĂƐ
ĞƐĐŽůĂƐ ĞƐƉĞĐŝĂůŝnjĂĚĂƐ ĚĞ ĞŶƐŝŶŽ
ƌĞĂ ĚĞ ƉŽŝŽ dĠĐŶŝĐŽ Ğŵ ,ŝŐŝĞŶĞ ^ĂŶŝƚĄƌŝĂ Ͳ ŽůĂďŽƌĂ ŶĂ ĞdžĞĐƵĕĆŽ ĚĞ ƚĂƌĞĨĂƐ
ĂƌƚşƐƚŝĐŽ͖ ĐƵƌƐŽ ƋƵĞ ĐŽŶĨŝƌĂ
ĚĞŝŶƐƉĞĕĆŽŚşŐŝŽͲƐĂŶŝƚĄƌŝĂ͘
ĐĞƌƚŝĨŝĐĂĚŽ
ĚĞ
ƋƵĂůŝĨŝĐĂĕĆŽ
ƉƌŽĨŝƐƐŝŽŶĂů ĚĞ EşǀĞů ///͕ Ğŵ ĄƌĞĂ
ĂĚĞƋƵĂĚĂ
ϭ
Ϭ
Ϭ
ϭ
^^/^dEddE/K
ƌĞĂ ĚĞ ƉŽŝŽ dĠĐŶŝĐŽ Ğŵ ůĞƚƌſŶŝĐĂ Ͳ džĞĐƵƚĂ ƚƌĂďĂůŚŽƐ ĚĞ ŵŽŶƚĂŐĞŵ͕
ĐŽŶƐĞƌǀĂĕĆŽ͕ ƌĞŵŽĚĞůĂĕĆŽ Ğ ƌĞƉĂƌĂĕĆŽ ĚĞ ĞƋƵŝƉĂŵĞŶƚŽƐ ĞůĞƚƌſŶŝĐŽƐ Ğ͕ ƉŽƌ
ǀĞnjĞƐ͕ ƚĂŵďĠŵ ĚĞ ĞƋƵŝƉĂŵĞŶƚŽƐ ĞůĠƚƌŝĐŽƐ Ğ ĞůĞƚƌŽŵĞĐąŶŝĐŽƐ͖ ŝŶƚĞƌƉƌĞƚĂ
ĚĞƐĞŶŚŽƐ͕ ĞƐƋƵĞŵĂƐ Ğ ŽƵƚƌĂƐ ĞƐƉĞĐŝĨŝĐĂĕƁĞƐ ƚĠĐŶŝĐĂƐ͖ ƉƌĞƉĂƌĂ Ž ƉŽƐƚŽ ĚĞ
ƚƌĂďĂůŚŽ͕ ŵĂŶƚĞŶĚŽ Ğŵ ďŽŵ ĞƐƚĂĚŽ ĚĞ ĐŽŶƐĞƌǀĂĕĆŽ ĂƐ ĨĞƌƌĂŵĞŶƚĂƐ Ğ
ĂƉĂƌĞůŚĂŐĞŵĚĞŵĞĚŝĚĂĚĞĞŶƐĂŝŽ͘
ƵƌƐŽ ƚĞĐŶŽůſŐŝĐŽ͖ ĐƵƌƐŽ ĚĂƐ
ĞƐĐŽůĂƐ ƉƌŽĨŝƐƐŝŽŶĂŝƐ͖ ĐƵƌƐŽ ĚĂƐ
ĞƐĐŽůĂƐ ĞƐƉĞĐŝĂůŝnjĂĚĂƐ ĚĞ ĞŶƐŝŶŽ
ĂƌƚşƐƚŝĐŽ͖ ĐƵƌƐŽ ƋƵĞ ĐŽŶĨŝƌĂ
ĐĞƌƚŝĨŝĐĂĚŽ
ĚĞ
ƋƵĂůŝĨŝĐĂĕĆŽ
ƉƌŽĨŝƐƐŝŽŶĂů ĚĞ EşǀĞů ///͕ Ğŵ
ĞůĞƚƌſŶŝĐĂŽƵĐƵƌƐŽĞƋƵŝƉĂƌĂĚŽ
Ϭ
Ϭ
ϭ
ϭ
WĄŐŝŶĂϭϱĚĞϯϰ
DWW^^K>KDhE/1W/Ks/>EKs&D>/K
EKϮϬϭϰ
WK^dK^dZ>,K
Z'K^ͬ
ZZ/Z^ͬ
d'KZ/^
dZ/h/O^ͬKDWdE/^ͬd/s/^
Z&KZDK
D/ͬKh
WZK&/^^/KE>
KhWK^
ŽŶƚƌĂƚŽĚĞdƌĂďĂůŚŽĞŵ&ƵŶĕƁĞƐ
EK
EŽŵĞĂĕĆŽ
ŽŵŝƐƐĆŽ KhWK^
WƷďůŝĐĂƐ
ĚĞ^ĞƌǀŝĕŽ
dĞŵƉŽ
dĞƌŵŽZĞƐŽůƵƚŝǀŽ
ĞĨŝŶŝƚŝǀĂ
/ŶĚĞƚĞƌŵŝŶĂĚŽ
ĞƌƚŽ
dKd>
^^/^dEddE/K
ƌĞĂ ĚĞ ƉŽŝŽ dĠĐŶŝĐŽ Ğŵ ŽŶƐƚƌƵĕĆŽ ŝǀŝů Ͳ /ĚĞŶƚŝĨŝĐĂ Ž ƉƌŽũĞƚŽ͕ Ž ĐĂĚĞƌŶŽ ĚĞ
ĞŶĐĂƌŐŽƐ Ğ Ž ƉůĂŶŽ ĚĞ ƚƌĂďĂůŚŽ ĚĞ ŽďƌĂ͖ ĨŝƐĐĂůŝnjĂ Ğ ĂĐŽŵƉĂŶŚĂ ĂƐ ŽďƌĂƐ
ŵƵŶŝĐŝƉĂŝƐ͕ ƋƵĞƌ ƉŽƌ ĞŵƉƌĞŝƚĂĚĂƐ͕ ƋƵĞƌ ƉŽƌ ĂĚŵŝŶŝƐƚƌĂĕĆŽ ĚŝƌĞƚĂ͖ ĞĨĞƚƵĂ
ƚĂƌĞĨĂƐ ĚĞ ĐĂƌĄƚĞƌ ƚĠĐŶŝĐŽ ĚĞ ĞƐƚƵĚŽ Ğ ĐŽŶĐĞĕĆŽ ĚĞ ƉƌŽũĞƚŽƐ͕ ƚĞŶĚŽ Ğŵ ĂƚĞŶĕĆŽ
Ă ĐŽŶƐƚŝƚƵŝĕĆŽ ŐĞŽůſŐŝĐĂ ĚŽƐ ƚĞƌƌĞŶŽƐ Ğ ĐŽŵƉŽƌƚĂŵĞŶƚŽƐ ĚŽƐ ƐŽůŽƐ͖ ĞůĂďŽƌĂ
ĐĂĚĞƌŶŽƐĚĞĞŶĐĂƌŐŽƐ͘
ƵƌƐŽ ƚĞĐŶŽůſŐŝĐŽ͖ ĐƵƌƐŽ ĚĂƐ
ĞƐĐŽůĂƐ ƉƌŽĨŝƐƐŝŽŶĂŝƐ͖ ĐƵƌƐŽ ĚĂƐ
ĞƐĐŽůĂƐ ĞƐƉĞĐŝĂůŝnjĂĚĂƐ ĚĞ ĞŶƐŝŶŽ
ĂƌƚşƐƚŝĐŽ͖ ĐƵƌƐŽ ƋƵĞ ĐŽŶĨŝƌĂ
ĐĞƌƚŝĨŝĐĂĚŽ
ĚĞ
ƋƵĂůŝĨŝĐĂĕĆŽ
ƉƌŽĨŝƐƐŝŽŶĂů ĚĞ EşǀĞů ///͕ Ğŵ
ĐŽŶƐƚƌƵĕĆŽ Đŝǀŝů ŽƵ ĐƵƌƐŽ
ĞƋƵŝƉĂƌĂĚŽ
ϭϬ
Ϭ
ϱ
ϭϱ
^^/^dEddE/K
ƵƌƐŽ ƚĞĐŶŽůſŐŝĐŽ͖ ĐƵƌƐŽ ĚĂƐ
ĞƐĐŽůĂƐ ƉƌŽĨŝƐƐŝŽŶĂŝƐ͖ ĐƵƌƐŽ ĚĂƐ
ƌĞĂ ĚĞ ƉŽŝŽ dĠĐŶŝĐŽ Ğŵ &ŽƚŽŐƌĂĨŝĂ Ͳ džĞĐƵƚĂ ƚƌĂďĂůŚŽƐ ĚĞ ĨŽƚŽŐƌĂĨŝĂ Ğ ŽƵ
ĞƐĐŽůĂƐ ĞƐƉĞĐŝĂůŝnjĂĚĂƐ ĚĞ ĞŶƐŝŶŽ
ŵŝĐƌŽĨŝůŵĂŐĞŵ͕ ůĂǀĂŐĞŵ Ğ ƌĞǀĞůĂĕĆŽ͖ ĂƐƐĞŐƵƌĂ Ă ůŝŐĂĕĆŽ ĚŽ ƐĞƌǀŝĕŽ ĐŽŵ
ĂƌƚşƐƚŝĐŽ͖ ĐƵƌƐŽ ƋƵĞ ĐŽŶĨŝƌĂ
ůĂďŽƌĂƚſƌŝŽƐ ĨŽƚŽŐƌĄĨŝĐŽƐ Ğ ŽƵƚƌŽƐ ƐĞƌǀŝĕŽƐ ŵƵŶŝĐŝƉĂŝƐ͖ ƉƌŽĐĞĚĞ ă ĐĂƚĂůŽŐĂĕĆŽ Ğ
ĐĞƌƚŝĨŝĐĂĚŽ
ĚĞ
ƋƵĂůŝĨŝĐĂĕĆŽ
ĂƌƋƵŝǀŽĚĞĨŽƚŽŐƌĂĨŝĂƐ͘
ƉƌŽĨŝƐƐŝŽŶĂů ĚĞ EşǀĞů ///͕ Ğŵ ĄƌĞĂ
ĂĚĞƋƵĂĚĂ
Ϭ
Ϭ
ϭ
ϭ
^^/^dEddE/K
ƵƌƐŽ ƚĞĐŶŽůſŐŝĐŽ͖ ĐƵƌƐŽ ĚĂƐ
ĞƐĐŽůĂƐ ƉƌŽĨŝƐƐŝŽŶĂŝƐ͖ ĐƵƌƐŽ ĚĂƐ
ƌĞĂ ĚĞ ĞƐĞŶŚŽ Ͳ džĞĐƵƚĂ ĚĞƐĞŶŚŽƐ Ğ ƉƌŽĐĞĚĞ ă ŝŶƚĞƌƉƌĞƚĂĕĆŽ ĚĞ ƉůĂŶƚĂƐ͕
ĞƐĐŽůĂƐ ĞƐƉĞĐŝĂůŝnjĂĚĂƐ ĚĞ ĞŶƐŝŶŽ
ŵĂƉĂƐ͕ ŐƌĄĨŝĐŽƐ Ğ ŽƵƚƌŽƐ ƚƌĂĕĂĚŽƐ͕ ƐĞŐƵŶĚŽ ĞƐďŽĕŽƐ Ğ ĞƐƉĞĐŝĨŝĐĂĕƁĞƐ
ĂƌƚşƐƚŝĐŽ͖ ĐƵƌƐŽ ƋƵĞ ĐŽŶĨŝƌĂ
ĐŽŵƉůĞŵĞŶƚĂƌĞƐ͕ ƵƚŝůŝnjĂŶĚŽ ŵĂƚĞƌŝĂů Ğ ĞƋƵŝƉĂŵĞŶƚŽ ĂĚĞƋƵĂĚŽƐ ĚĞ ĂĐŽƌĚŽ ĐŽŵ
ĐĞƌƚŝĨŝĐĂĚŽ
ĚĞ
ƋƵĂůŝĨŝĐĂĕĆŽ
ĂƌĞƐƉĞƚŝǀĂĞƐƉĞĐŝĂůŝĚĂĚĞ͘
ƉƌŽĨŝƐƐŝŽŶĂů ĚĞ EşǀĞů ///͕ Ğŵ
ĚĞƐĞŶŚŽŽƵĐƵƌƐŽĞƋƵŝƉĂƌĂĚŽ
Ϯ
Ϭ
ϭ
ϯ
WĄŐŝŶĂϭϲĚĞϯϰ
DWW^^K>KDhE/1W/Ks/>EKs&D>/K
EKϮϬϭϰ
WK^dK^dZ>,K
Z'K^ͬ
ZZ/Z^ͬ
d'KZ/^
dZ/h/O^ͬKDWdE/^ͬd/s/^
Z&KZDK
D/ͬKh
WZK&/^^/KE>
^^/^dEddE/K
ƌĞĂ ĚĞ dŽƉŽŐƌĂĨŝĂ Ͳ ĨĞƚƵĂ ůĞǀĂŶƚĂŵĞŶƚŽƐ ƚŽƉŽŐƌĄĨŝĐŽƐ͕ ƚĞŶĚŽ Ğŵ ǀŝƐƚĂ Ă
ĞůĂďŽƌĂĕĆŽ ĚĞ ƉůĂŶƚĂƐ͕ ƉůĂŶŽƐ͕ ĐĂƌƚĂƐ Ğ ŵĂƉĂƐ ƋƵĞ ƐĞ ĚĞƐƚŝŶĂŵ ă ƉƌĞƉĂƌĂĕĆŽ Ğ
ŽƌŝĞŶƚĂĕĆŽ ĚĞ ƚƌĂďĂůŚŽƐ ĚĞ ĞŶŐĞŶŚĂƌŝĂ ŽƵ ƉĂƌĂ ŽƵƚƌŽƐ ĨŝŶƐ͖ ĞĨĞƚƵĂ
ůĞǀĂŶƚĂŵĞŶƚŽƐ ƚŽƉŽŐƌĄĨŝĐŽƐ͕ ĂƉŽŝĂŶĚŽͲƐĞ ŶŽƌŵĂůŵĞŶƚĞ Ğŵ ǀĠƌƚŝĐĞƐ ŐĞŽĚĠƐŝĐŽƐ
ĞdžŝƐƚĞŶƚĞƐ͖ ĚĞƚĞƌŵŝŶĂ ƌŝŐŽƌŽƐĂŵĞŶƚĞ Ă ƉŽƐŝĕĆŽ ƌĞůĂƚŝǀĂ ĚĞ ƉŽŶƚŽƐ ŶŽƚĄǀĞŝƐ ĚĞ
ĚĞƚĞƌŵŝŶĂĚĂ njŽŶĂ ĚĞ ƐƵƉĞƌĨşĐŝĞ ƚĞƌƌĞƐƚƌĞ͕ ĐƵũĂƐ ĐŽŽƌĚĞŶĂĚĂƐ Ğ ĐŽƚĂƐ ŽďƚĠŵ ƉŽƌ
ƚƌŝĂŶŐƵůĂĕĆŽ͕ ƚƌŝůĂƚĞƌĂĕĆŽ͕ ƉŽůŝŐŽŶĂĕĆŽ͕ ŝŶƚĞƌƐĞĐĕƁĞƐ ĚŝƌĞƚĂ Ğ ŝŶǀĞƌƐĂ͕
ŶŝǀĞůĂŵĞŶƚŽ͕ ƉƌŽĐĞƐƐŽƐ ŐƌĄĨŝĐŽƐ ŽƵ ŽƵƚƌŽƐ͖ ƌĞŐƵůĂ Ğ ƵƚŝůŝnjĂ ŽƐ ŝŶƐƚƌƵŵĞŶƚŽƐ ĚĞ
ŽďƐĞƌǀĂĕĆŽ͕ ƚĂŝƐ ĐŽŵŽ ƚĂƋƵſŵĞƚƌŽƐ͕ ƚĞŽĚŽůŝƚŽƐ͕ ŶşǀĞŝƐ͕ ĞƐƚĄĚŝĂƐ͕ ƚĞůƵƌſŵĞƚƌŽƐ͕
ĞƚĐ͖ ƉƌŽĐĞĚĞ Ă ĐĄůĐƵůŽƐ ƐŽďƌĞ ŽƐ ĞůĞŵĞŶƚŽƐ ĐŽůŚŝĚŽƐ ŶŽ ĐĂŵƉŽ͖ ƉƌŽĐĞĚĞ ă
ŝŵƉůĂŶƚĂĕĆŽ ŶŽ ƚĞƌƌĞŶŽ ĚĞ ƉŽŶƚŽƐ ĚĞ ƌĞĨĞƌġŶĐŝĂ ƉĂƌĂ ĚĞƚĞƌŵŝŶĂĚĂƐ
ĐŽŶƐƚƌƵĕƁĞƐ͕ ƚƌĂĕĂ ĞƐďŽĕŽƐ Ğ ĚĞƐĞŶŚŽƐ Ğ ĞůĂďŽƌĂ ƌĞůĂƚſƌŝŽƐ ĚĂƐ ŽƉĞƌĂĕƁĞƐ
ĞĨĞƚƵĂĚĂƐ͖ ƉŽĚĞ ĚĞĚŝĐĂƌͲƐĞ͕ ĐŽŶƐŽĂŶƚĞ Ă ƐƵĂ ƋƵĂůŝĨŝĐĂĕĆŽ͕ Ă Ƶŵ ĐĂŵƉŽ ĚĞ
ƚŽƉŽŐƌĂĨŝĂ ĂƉůŝĐĂĚĂ͕ ĐŽŵŽ Ă ŚŝĚƌŽŐƌĂĨŝĂ͕ Ă ĚƵĐƚŽŐƌĂĨŝĂ͕ Ă ŝŵďĞŐƌĂĨŝĂ͕ Ă
ŵŝŶĞƌŽůŽŐŝĂŽƵĂĂĞƌŽĚƌŽŵŽŐƌĂĨŝĂ͘
ƵƌƐŽ ƚĞĐŶŽůſŐŝĐŽ͖ ĐƵƌƐŽ ĚĂƐ
ĞƐĐŽůĂƐ ƉƌŽĨŝƐƐŝŽŶĂŝƐ͖ ĐƵƌƐŽ ĚĂƐ
ĞƐĐŽůĂƐ ĞƐƉĞĐŝĂůŝnjĂĚĂƐ ĚĞ ĞŶƐŝŶŽ
ĂƌƚşƐƚŝĐŽ͖ ĐƵƌƐŽ ƋƵĞ ĐŽŶĨŝƌĂ
ĐĞƌƚŝĨŝĐĂĚŽ
ĚĞ
ƋƵĂůŝĨŝĐĂĕĆŽ
ƉƌŽĨŝƐƐŝŽŶĂů ĚĞ EşǀĞů ///͕ Ğŵ ĄƌĞĂ
ĂĚĞƋƵĂĚĂ
ϰ
Ϭ
Ϯ
ϲ
^^/^dEddE/K
ƌĞĂ ĚĞ ĨĞƌŝĕĆŽ ĚĞ WĞƐŽƐ Ğ DĞĚŝĚĂƐ Ͳ džĞƌĐĞ ĨƵŶĕƁĞƐ ĚĞ ŶĂƚƵƌĞnjĂ ĞdžĞĐƵƚŝǀĂ ĚĞ
ĂƉůŝĐĂĕĆŽ ƚĠĐŶŝĐĂ͕ ĞdžŝŐŝŶĚŽ ĐŽŶŚĞĐŝŵĞŶƚŽƐ ƚĠĐŶŝĐŽƐ͕ ƚĞſƌŝĐŽƐ Ğ ƉƌĄƚŝĐŽƐ͕
ĚĞƐŝŐŶĂĚĂŵĞŶƚĞ͗ ĞůĂďŽƌĂ ĨŝĐŚĂƐ Ğ ƉƌĞƉĂƌĂ ĞůĞŵĞŶƚŽƐ ƌĞůĂƚŝǀŽƐ Ă ĐŽďƌĂŶĕĂƐ͖
ƌĞŐƵůĂ Ğ ĂĨŝŶĂ ŝŶƐƚƌƵŵĞŶƚŽƐ ſƚŝĐŽƐ ĚĞ ƉƌĞĐŝƐĆŽ ŵĞĐąŶŝĐŽƐ͕ ĞůĠƚƌŝĐŽƐ ŽƵ ſƚŝĐŽƐ͕
ŵŽŶƚĂ ŽƐ ŝŶƐƚƌƵŵĞŶƚŽƐ Ă ĂĨĞƌŝƌ ŶƵŵ ďĂŶĐŽ ĚĞ ĞŶƐĂŝŽ ĂƉƌŽƉƌŝĂĚŽ͕ ĞĨĞƚƵĂ Ă ƐƵĂ
ůŝŐĂĕĆŽ ĂŽƐ ƐŝƐƚĞŵĂƐ ƚƌĂŶƐŵŝƐƐŽƌĞƐ ĚĞ ŵŽǀŝŵĞŶƚŽ͕ ĂŽƐ ĐŽŶĚƵƚŽƌĞƐ ĞůĠƚƌŝĐŽƐ ŽƵ
ăƐ ƚƵďĂŐĞŶƐ ĂĚĞƋƵĂĚĂƐ͕ ĂĐŝŽŶĂͲŽƐ͕ ƐĞŐƵŶĚŽ Ƶŵ ƌĞŐŝŵĞ ĞƐƉĞĐŝĨŝĐĂĚŽ Ğ ĐŽŵƉĂƌĂ
ŽƐ ƌĞƐƵůƚĂĚŽƐ ŽďƚŝĚŽƐ ĐŽŵ ŽƐ ĚĞ Ƶŵ ŝŶƐƚƌƵŵĞŶƚŽ ƉĂĚƌĆŽ͖ ĂĐŝŽŶĂ ƉĂƌĂĨƵƐŽƐ Ğ
ŽƵƚƌŽƐ ĚŝƐƉŽƐŝƚŝǀŽƐ ĚĞ ƌĞŐƵůĂĕĆŽ ƉĂƌĂ ƋƵĞ ĨƵŶĐŝŽŶĞŵ ĚĞŶƚƌŽ ĚĂƐ ƚŽůĞƌąŶĐŝĂƐ
ƉƌĞƐĐƌŝƚĂƐ͕ ƌĞƉĞƚŝŶĚŽ ĂƐ ŽƉĞƌĂĕƁĞƐ ƉĂƌĂ ŽƐ ĚĞŵĂŝƐ ƌĞŐŝŵĞƐ ĚĞ ĨƵŶĐŝŽŶĂŵĞŶƚŽ͖
ĞŶǀŝĂ ƉĂƌĂ ƌĞƉĂƌĂĕĆŽ ŽƐ ŝŶƐƚƌƵŵĞŶƚŽƐ ŶĆŽ ƐƵƐĐĞƚşǀĞŝƐ ĚĞ ĂĨŝŶĂĕĆŽ͕ ŝŶĚŝĐĂŶĚŽ ĂƐ
ĚĞĨŝĐŝġŶĐŝĂƐ ĞŶĐŽŶƚƌĂĚĂƐ͖ ƉƌŽĐĞĚĞ ĂŽ ƌĞŐŝƐƚŽ ĚŽƐ ĞůĞŵĞŶƚŽƐ ĚĞ ŝĚĞŶƚŝĨŝĐĂĕĆŽ
ĚŽƐ ĂƉĂƌĞůŚŽƐ Ğ ĚŽƐ ƌĞƐƵůƚĂĚŽƐ ŽďƚŝĚŽƐ ŶŽƐ ĞŶƐĂŝŽƐ ĞĨĞƚƵĂĚŽƐ͖ ĞdžĞĐƵƚĂ ƚĂƌĞĨĂƐ
ĚĞĐĂƌĄƚĞƌŽƌŐĂŶŝnjĂƚŝǀŽĞƉƌŽĐĞƐƐƵĂůŶŽąŵďŝƚŽĚĂƐƵĂĂƚŝǀŝĚĂĚĞ͘
ƵƌƐŽ ƚĞĐŶŽůſŐŝĐŽ͖ ĐƵƌƐŽ ĚĂƐ
ĞƐĐŽůĂƐ ƉƌŽĨŝƐƐŝŽŶĂŝƐ͖ ĐƵƌƐŽ ĚĂƐ
ĞƐĐŽůĂƐ ĞƐƉĞĐŝĂůŝnjĂĚĂƐ ĚĞ ĞŶƐŝŶŽ
ĂƌƚşƐƚŝĐŽ͖ ĐƵƌƐŽ ƋƵĞ ĐŽŶĨŝƌĂ
ĐĞƌƚŝĨŝĐĂĚŽ
ĚĞ
ƋƵĂůŝĨŝĐĂĕĆŽ
ƉƌŽĨŝƐƐŝŽŶĂů ĚĞ EşǀĞů ///͕ Ğŵ ĄƌĞĂ
ĂĚĞƋƵĂĚĂ
Ϭ
Ϭ
Ϯ
Ϯ
KhWK^
ŽŶƚƌĂƚŽĚĞdƌĂďĂůŚŽĞŵ&ƵŶĕƁĞƐ
EK
EŽŵĞĂĕĆŽ
ŽŵŝƐƐĆŽ KhWK^
WƷďůŝĐĂƐ
ĚĞ^ĞƌǀŝĕŽ
dĞŵƉŽ
dĞƌŵŽZĞƐŽůƵƚŝǀŽ
ĞĨŝŶŝƚŝǀĂ
/ŶĚĞƚĞƌŵŝŶĂĚŽ
ĞƌƚŽ
dKd>
WĄŐŝŶĂϭϳĚĞϯϰ
DWW^^K>KDhE/1W/Ks/>EKs&D>/K
EKϮϬϭϰ
WK^dK^dZ>,K
Z'K^ͬ
ZZ/Z^ͬ
d'KZ/^
dZ/h/O^ͬKDWdE/^ͬd/s/^
Z&KZDK
D/ͬKh
WZK&/^^/KE>
^^/^dEddE/K
ƌĞĂ ŐƌĄƌŝĂ Ͳ WƌŽŵŽǀĞ Ğ ĞdžĞĐƵƚĂ ƉƌŽũĞƚŽƐ ĚĞ ĂũĂƌĚŝŶĂŵĞŶƚŽ Ğ ĚĞ ĐŽŶƐƚƌƵĕĆŽ
ĚĞ ĞƐƉĂĕŽƐ ǀĞƌĚĞƐ͖ ĨŝƐĐĂůŝnjĂ ŽƐ ƚƌĂďĂůŚŽƐ ĚĞƐĚĞ Ž ĐƵůƚŝǀŽ ĚĞ ƉůĂŶƚĂƐ͕ ƉƌĞƉĂƌĂĕĆŽ
ĚĞ ƚĞƌƌĂƐ͕ ƚƌĂƚĂŵĞŶƚŽ͕ ƚƌĂƚĂŵĞŶƚŽ ĨŝƚŽƐƐĂŶŝƚĄƌŝŽ Ğ ŽƵƚƌĂƐ ŽƉĞƌĂĕƁĞƐ ĐƵůƚƵƌĂŝƐ
ĂƚĠ ă ŵŽĚĞůĂĕĆŽ ĚĞ ƚĞƌƌĞŶŽƐ͖ ŝŶƐƚĂůĂĕĆŽ ĚĞ ƌĞĚĞƐ ĚĞ ĚƌĞŶĂŐĞŵ Ğ ƌĞŐĂ Ğ ĚĞ
ĞƋƵŝƉĂŵĞŶƚŽ ĚĞƐƉŽƌƚŝǀŽ Ğ ƌĞĐƌĞĂƚŝǀŽ͖ ĞdžĞĐƵƚĂ ƚƌĂďĂůŚŽƐ ĚĞ ĐŽƌƌĞĕĆŽ͕
ĐůĂƐƐŝĨŝĐĂĕĆŽ Ğ ƵƐŽ ĚĞ ƐŽůŽƐ Ğ ŽƵƚƌŽƐ͕ ŶŽ ąŵďŝƚŽ ĚĂ ƐƵĂ ƋƵĂůŝĨŝĐĂĕĆŽ ƉƌŽĨŝƐƐŝŽŶĂů͖
ĞůĂďŽƌĂ ƉĂƌĞĐĞƌĞƐ ŶĂ ĄƌĞĂ ĚŽƐ ĞƐƉĂĕŽƐ ǀĞƌĚĞƐ͖ ƉƌŽĐĞĚĞ ĂŽ ƉůĂŶĞĂŵĞŶƚŽ Ğ
ŝŵƉůĞŵĞŶƚĂĕĆŽ ĚĞ ŝŶĨƌĂĞƐƚƌƵƚƵƌĂƐ Ă ŶşǀĞů ĚĞ ŝŶƐƚĂůĂĕĆŽ͕ ƌĞǀŝƚĂůŝnjĂĕĆŽ Ğ
ŵĂŶƵƚĞŶĕĆŽĚĂƋƵĞůĞƐĞƐƉĂĕŽƐ͘
ƵƌƐŽ ƚĞĐŶŽůſŐŝĐŽ͖ ĐƵƌƐŽ ĚĂƐ
ĞƐĐŽůĂƐ ƉƌŽĨŝƐƐŝŽŶĂŝƐ͖ ĐƵƌƐŽ ĚĂƐ
ĞƐĐŽůĂƐ ĞƐƉĞĐŝĂůŝnjĂĚĂƐ ĚĞ ĞŶƐŝŶŽ
ĂƌƚşƐƚŝĐŽ͖ ĐƵƌƐŽ ƋƵĞ ĐŽŶĨŝƌĂ
ĐĞƌƚŝĨŝĐĂĚŽ
ĚĞ
ƋƵĂůŝĨŝĐĂĕĆŽ
ƉƌŽĨŝƐƐŝŽŶĂů ĚĞ EşǀĞů ///͕ Ğŵ ĄƌĞĂ
ĂĚĞƋƵĂĚĂ
ϭ
Ϭ
Ϭ
ϭ
^^/^dEddE/K
ƌĞĂ ĚĞ dƌĂĚƵĕĆŽ͕ ŽƌƌĞƐƉŽŶĚġŶĐŝĂ Ğ /ŶƚĞƌƉƌĞƚĂĕĆŽ Ͳ ĞƐĞŶǀŽůǀĞ ƚĂƌĞĨĂƐ ĚĞ
ƐĞĐƌĞƚĂƌŝĂĚŽ͕ ƌĞĚĂĕĆŽ͕ ƚƌĂĚƵĕĆŽ͕ ƌĞƚƌŽǀĞƌƐĆŽ ĚĞ ƚĞdžƚŽƐ ĞƐĐƌŝƚŽƐ Ğ ĨĂůĂĚŽƐ͖
ĂƐƐĞŐƵƌĂ Ă ƌĞĂůŝnjĂĕĆŽ ĚĞ ĐŽŶƚĂĐƚŽƐ ŽƌĂŝƐ Ğ ĞƐĐƌŝƚŽƐ ĚŽ ƐĞƌǀŝĕŽ ĐŽŵ ĞŶƚŝĚĂĚĞƐ
ĞƐƚƌĂŶŐĞŝƌĂƐ͖ ĂĐŽůŚĞ͕ ĂĐŽŵƉĂŶŚĂ Ğ ƐĞĐƌĞƚĂƌŝĂ͕ ŵĞĚŝĂŶƚĞ ƉƌŽŐƌĂŵĂ
ĞƐƚĂďĞůĞĐŝĚŽ͕ ĚĞůĞŐĂĕƁĞƐ ĞƐƚƌĂŶŐĞŝƌĂƐ ƋƵĞ ƉĂƌƚŝĐŝƉĞŵ Ğŵ ŵŝƐƐƁĞƐ ƚĠĐŶŝĐĂƐ ŽƵ
ĞƐƉĞĐşĨŝĐĂƐ;ǀŝƐŝƚĂƐ͕ĞƐƚĄŐŝŽƐ͕ĐŽŶĨĞƌġŶĐŝĂƐͿ͘
ƵƌƐŽ ƚĞĐŶŽůſŐŝĐŽ͖ ĐƵƌƐŽ ĚĂƐ
ĞƐĐŽůĂƐ ƉƌŽĨŝƐƐŝŽŶĂŝƐ͖ ĐƵƌƐŽ ĚĂƐ
ĞƐĐŽůĂƐ ĞƐƉĞĐŝĂůŝnjĂĚĂƐ ĚĞ ĞŶƐŝŶŽ
ĂƌƚşƐƚŝĐŽ͖ ĐƵƌƐŽ ƋƵĞ ĐŽŶĨŝƌĂ
ĐĞƌƚŝĨŝĐĂĚŽ
ĚĞ
ƋƵĂůŝĨŝĐĂĕĆŽ
ƉƌŽĨŝƐƐŝŽŶĂů ĚĞ EşǀĞů ///͕ Ğŵ ĄƌĞĂ
ĂĚĞƋƵĂĚĂ
ϭ
Ϭ
Ϭ
ϭ
^^/^dEddE/K
ƌĞĂ ĚĞ ŝďůŝŽƚĞĐĂ Ğ ŽĐƵŵĞŶƚĂĕĆŽ Ͳ ZĞĂůŝnjĂ ƚĂƌĞĨĂƐ ƌĞůĂĐŝŽŶĂĚĂƐ ĐŽŵ Ă
ĂƋƵŝƐŝĕĆŽ͕ Ž ƌĞŐŝƐƚŽ͕ Ă ĐĂƚĂůŽŐĂĕĆŽ͕ Ă ĐŽƚĂĕĆŽ͕ Ž ĂƌŵĂnjĞŶĂŵĞŶƚŽ ĚĞ ĞƐƉĠĐŝĞƐ
ĚŽĐƵŵĞŶƚĂŝƐ͕ Ă ŐĞƐƚĆŽ ĚĞ ĐĂƚĄůŽŐŽƐ͕ ŽƐ ƐĞƌǀŝĕŽƐ ĚĞ ĂƚĞŶĚŝŵĞŶƚŽ͕ ĚĞ ϭϮ͘Ǒ ĂŶŽ ĚĞ ĞƐĐŽůĂƌŝĚĂĚĞ Ğ ĐƵƌƐŽ
ĞŵƉƌĠƐƚŝŵŽ Ğ ĚĞ ƉĞƐƋƵŝƐĂ ďŝďůŝŽŐƌĄĨŝĐĂ͕ ĂƐƐŝŵ ĐŽŵŽ Ă ƉƌĞƉĂƌĂĕĆŽ ĚĞ ƚĠĐŶŝĐŽ ƉƌŽĨŝƐƐŝŽŶĂů ŶĂ ĄƌĞĂ ĚĞ
ŝŶƐƚƌƵŵĞŶƚŽƐ ĚĞ ĚŝĨƵƐĆŽ͕ ĂƉůŝĐĂŶĚŽ ŶŽƌŵĂƐ ĚĞ ĨƵŶĐŝŽŶĂŵĞŶƚŽ ĚĞ ďŝďůŝŽƚĞĐĂƐ Ğ ďŝďůŝŽƚĞĐĂĞĚŽĐƵŵĞŶƚĂĕĆŽ
ƐĞƌǀŝĕŽƐ ĚĞ ĚŽĐƵŵĞŶƚĂĕĆŽ͕ ĚĞ ĂĐŽƌĚŽ ĐŽŵ ŵĠƚŽĚŽƐ Ğ ƉƌŽĐĞĚŝŵĞŶƚŽƐ
ƉƌĞǀŝĂŵĞŶƚĞĞƐƚĂďĞůĞĐŝĚŽƐ͕ƵƚŝůŝnjĂŶĚŽƐŝƐƚĞŵĂƐŶĂƚƵƌĂŝƐŽƵĂƵƚŽŵĂƚŝnjĂĚŽƐ͘
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Ϭ
Ϯ
ϵ
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ŽŶƚƌĂƚŽĚĞdƌĂďĂůŚŽĞŵ&ƵŶĕƁĞƐ
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EŽŵĞĂĕĆŽ
ŽŵŝƐƐĆŽ KhWK^
WƷďůŝĐĂƐ
ĚĞ^ĞƌǀŝĕŽ
dĞŵƉŽ
dĞƌŵŽZĞƐŽůƵƚŝǀŽ
ĞĨŝŶŝƚŝǀĂ
/ŶĚĞƚĞƌŵŝŶĂĚŽ
ĞƌƚŽ
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WĄŐŝŶĂϭϴĚĞϯϰ
DWW^^K>KDhE/1W/Ks/>EKs&D>/K
EKϮϬϭϰ
WK^dK^dZ>,K
Z'K^ͬ
ZZ/Z^ͬ
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ŽŶƚƌĂƚŽĚĞdƌĂďĂůŚŽĞŵ&ƵŶĕƁĞƐ
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WƷďůŝĐĂƐ
ĚĞ^ĞƌǀŝĕŽ
dĞŵƉŽ
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ĞĨŝŶŝƚŝǀĂ
/ŶĚĞƚĞƌŵŝŶĂĚŽ
ĞƌƚŽ
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^^/^dEddE/K
ƌĞĂ ĚĞ ƌƋƵŝǀŽ Ͳ ZĞĂůŝnjĂ ƚĂƌĞĨĂƐ ƌĞůĂĐŝŽŶĂĚĂƐ ĐŽŵ Ă ŐĞƐƚĆŽ ĚĞ ĚŽĐƵŵĞŶƚŽƐ͕ Ž
ĐŽŶƚƌŽůŽ ĚĂƐ ŝŶĐŽƌƉŽƌĂĕƁĞƐ͕ Ž ƌĞŐŝƐƚŽ͕ Ă ĐŽƚĂĕĆŽ͕ Ž ĂǀĞƌďĂŵĞŶƚŽ ĚĞ ƌĞŐŝƐƚŽƐ͕ Ă
ϭϮ͘Ǒ ĂŶŽ ĚĞ ĞƐĐŽůĂƌŝĚĂĚĞ Ğ ĐƵƌƐŽ
ĚĞƐĐƌŝĕĆŽ ĚĞ ĚŽĐƵŵĞŶƚŽƐ͕ Ž ĂĐŽŶĚŝĐŝŽŶĂŵĞŶƚŽ ĚĞ ĚŽĐƵŵĞŶƚŽƐ͕ Ž ĞŵƉƌĠƐƚŝŵŽ͕
ƚĠĐŶŝĐŽ ƉƌŽĨŝƐƐŝŽŶĂů ŶĂ ĄƌĞĂ ĚĞ
Ă ƉĞƐƋƵŝƐĂ ĚŽĐƵŵĞŶƚĂů͕ Ă ĞŵŝƐƐĆŽ ĚĞ ĐĞƌƚŝĚƁĞƐ͕ Ă ƉƌŽĚƵĕĆŽ ĞĚŝƚŽƌŝĂů Ğ Ă
ĂƌƋƵŝǀŽ
ĂƉůŝĐĂĕĆŽ ĚĞ ŶŽƌŵĂƐ ĚĞ ĨƵŶĐŝŽŶĂŵĞŶƚŽ ĚĞ ĂƌƋƵŝǀŽƐ͕ ĚĞ ĂĐŽƌĚŽ ĐŽŵ ŵĠƚŽĚŽƐ Ğ
ƉƌŽĐĞĚŝŵĞŶƚŽƐĞƐƚĂďĞůĞĐŝĚŽƐ͘
Ϯ
Ϭ
ϭ
ϯ
^^/^dEddE/K
ƵƌƐŽ ƚĞĐŶŽůſŐŝĐŽ͖ ĐƵƌƐŽ ĚĂƐ
ĞƐĐŽůĂƐ ƉƌŽĨŝƐƐŝŽŶĂŝƐ͖ ĐƵƌƐŽ ĚĂƐ
ĞƐĐŽůĂƐ ĞƐƉĞĐŝĂůŝnjĂĚĂƐ ĚĞ ĞŶƐŝŶŽ
ƌĞĂ ĚĞ DƵƐĞƵƐ Ͳ ŽůĂďŽƌĂ ŶĂ ĂĕĆŽ ĐƵůƚƵƌĂů ĚŽ ŵƵƐĞƵ͕ ĞdžĞƌĐĞŶĚŽ ũƵŶƚŽ ĚŽ
ĂƌƚşƐƚŝĐŽ͖ ĐƵƌƐŽ ƋƵĞ ĐŽŶĨŝƌĂ
ƉƷďůŝĐŽĨƵŶĕƁĞƐĚĞĞĚƵĐĂĕĆŽ͕ĂŶŝŵĂĕĆŽĞŝŶĨŽƌŵĂĕĆŽ͘
ĐĞƌƚŝĨŝĐĂĚŽ
ĚĞ
ƋƵĂůŝĨŝĐĂĕĆŽ
ƉƌŽĨŝƐƐŝŽŶĂů ĚĞ EşǀĞů ///͕ Ğŵ ĄƌĞĂ
ĂĚĞƋƵĂĚĂ
Ϭ
Ϭ
ϭ
ϭ
^^/^dEddE/K
ƌĞĂ ĚĞ ƌƋƵĞŽůŽŐŝĂ Ͳ džĞĐƵƚĂ Ğ ĨŝƐĐĂůŝnjĂ͕ Ğŵ ĐĂŵƉŽ Ğ Ğŵ ůĂďŽƌĂƚſƌŝŽ͕
ƚƌĂďĂůŚŽƐ ĞƐƉĞĐşĨŝĐŽƐ ŶŽ ąŵďŝƚŽ ĚĂ ĂƌƋƵĞŽůŽŐŝĂ͕ ƐŽď Ă ŽƌŝĞŶƚĂĕĆŽ͕
ĚĞƐŝŐŶĂĚĂŵĞŶƚĞ͗ Ă ƉƌŽƐƉĞĕĆŽ͕ Ă ĞƐĐĂǀĂĕĆŽ͕ Ž ůĞǀĂŶƚĂŵĞŶƚŽ ĚĞ ĞƐƚƌƵƚƵƌĂƐ Ğ
ĞƐƉſůŝŽƐ͕ Ž ůĞǀĂŶƚĂŵĞŶƚŽ ƚŽƉŽŐƌĄĨŝĐŽ Ğ ŽƵƚƌŽƐ ĐŽŶƐŝĚĞƌĂĚŽƐ ŶĞĐĞƐƐĄƌŝŽƐ ŽƵ
ϭϮ͘Ǒ ĂŶŽ ĚĞ ĞƐĐŽůĂƌŝĚĂĚĞ Ğ ĐƵƌƐŽ
ƌĞůĞǀĂŶƚĞƐ ƉĂƌĂ Ă ŝŶǀĞƐƚŝŐĂĕĆŽ Ğ Ă ĐŽŶƐĞƌǀĂĕĆŽ ĚŽƐ ďĞŶƐ ĂƌƋƵĞŽůſŐŝĐŽƐ͖ ŽƉĞƌĂ
ƚĠĐŶŝĐŽ ƉƌŽĨŝƐƐŝŽŶĂů Ğŵ ĄƌĞĂ
ĐŽŵ ŵĄƋƵŝŶĂƐ Ğ ĞƋƵŝƉĂŵĞŶƚŽ ŶĞĐĞƐƐĄƌŝŽ Ą ƌĞĂůŝnjĂĕĆŽ ă ƌĞĂůŝnjĂĕĆŽ ĚĞ ƚĂƌĞĨĂƐ
ĂĚĞƋƵĂĚĂ
ĞƐƉĞĐşĨŝĐĂƐ ĚĂƐ ŵŝƐƐƁĞƐ ĂƌƋƵĞŽůſŐŝĐĂƐ͕ ŶŽŵĞĂĚĂŵĞŶƚĞ ĞƋƵŝƉĂŵĞŶƚŽ
ĨŽƚŽŐƌĄĨŝĐŽ͕ ĚĞ ƚŽƉŽŐƌĂĨŝĂ͕ ŐĞƌĂĚŽƌĞƐ͕ ŵŽƚŽƌĞƐ Ğ ŽƵƚƌŽƐ͕ njĞůĂŶĚŽ ƉĞůĂ ƐƵĂ
ĐŽŶƐĞƌǀĂĕĆŽ͖ ƉĂƌƚŝĐŝƉĂ Ğŵ ĂƚŝǀŝĚĂĚĞƐ ĚĞ ĞƐƚƵĚŽ͕ ĐŽŶƐĞƌǀĂĕĆŽ͕ ǀĂůŽƌŝnjĂĕĆŽ Ğ
ĚŝǀƵůŐĂĕĆŽĚŽƉĂƚƌŝŵſŶŝŽĂƌƋƵĞŽůſŐŝĐŽ͘
ϭ
Ϭ
ϭ
Ϯ
WĄŐŝŶĂϭϵĚĞϯϰ
DWW^^K>KDhE/1W/Ks/>EKs&D>/K
EKϮϬϭϰ
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Z'K^ͬ
ZZ/Z^ͬ
d'KZ/^
dZ/h/O^ͬKDWdE/^ͬd/s/^
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D/ͬKh
WZK&/^^/KE>
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ŽŶƚƌĂƚŽĚĞdƌĂďĂůŚŽĞŵ&ƵŶĕƁĞƐ
EK
EŽŵĞĂĕĆŽ
ŽŵŝƐƐĆŽ KhWK^
WƷďůŝĐĂƐ
ĚĞ^ĞƌǀŝĕŽ
dĞŵƉŽ
dĞƌŵŽZĞƐŽůƵƚŝǀŽ
ĞĨŝŶŝƚŝǀĂ
/ŶĚĞƚĞƌŵŝŶĂĚŽ
ĞƌƚŽ
dKd>
^^/^dEddE/K
ƌĞĂ ĚĞ ĞƐĞŶŚŽ ĚĞ ƌƋƵĞŽůŽŐŝĂ Ͳ džĞĐƵƚĂ ŶŽ ĐĂŵƉŽ Ğ Ğŵ ŐĂďŝŶĞƚĞ ĚĞƐĞŶŚŽƐ
ĚĞ ƉůĂŶŽƐ͕ ĂůĕĂĚŽƐ͕ ĐŽƌƚĞƐ ĞƐƚƌĂƚŝŐƌĄĨŝĐŽƐ͕ ƉĞƌƐƉĞƚŝǀĂƐ͕ ŵĂƉĂƐ͕ ŐƌĄĨŝĐŽƐ Ğ ŽƵƚƌŽƐ͕
ƐĞŐƵŶĚŽ ĞƐďŽĕŽƐ Ğ ĞƐƉĞĐŝĨŝĐĂĕƁĞƐ ĐŽŵƉůĞŵĞŶƚĂƌĞƐ͕ ƵƚŝůŝnjĂŶĚŽ ŵĂƚĞƌŝĂŝƐ Ğ ϭϮ͘Ǒ ĂŶŽ ĚĞ ĞƐĐŽůĂƌŝĚĂĚĞ Ğ ĐƵƌƐŽ
ĞƋƵŝƉĂŵĞŶƚŽƐ ĂĚĞƋƵĂĚŽƐ ă ĨƵŶĕĆŽ͖ ĞdžĞĐƵƚĂ ƚŽĚĂƐ ĂƐ ƚĂƌĞĨĂƐ ŝŶĞƌĞŶƚĞƐ ĂŽ ƚĠĐŶŝĐŽ ƉƌŽĨŝƐƐŝŽŶĂů Ğŵ ĄƌĞĂ
ĚĞƐĞŶŚŽ ĚĞ ĞƐƉſůŝŽ ĚĞ ŶĂƚƵƌĞnjĂ ĂƌƋƵĞŽůſŐŝĐĂ͕ ĂƉůŝĐĂŶĚŽ ƚĠĐŶŝĐĂƐ Ğ ŵĠƚŽĚŽƐ ĂĚĞƋƵĂĚĂ
ƉƌſƉƌŝŽƐ͖ ĐŽůĂďŽƌĂ ŶĂ ƌĞĂůŝnjĂĕĆŽ ĚĞ ĞdžƉŽƐŝĕƁĞƐ͕ ĞdžĞĐƵƚĂŶĚŽ ƚĂƌĞĨĂƐ ŝŶĞƌĞŶƚĞƐ ă
ƐƵĂĨŽƌŵĂĕĆŽĞƐƉĞĐşĨŝĐĂ͘
Ϭ
Ϭ
ϭ
ϭ
^^/^dEddE/K
ƌĞĂ ĚĞ ŽŶƐƵŵŽ Ͳ ƚĞŶĚĞ Ğ ŝŶĨŽƌŵĂ ŽƐ ĐŽŶƐƵŵŝĚŽƌĞƐ ƐŽďƌĞ ƋƵĞƐƚƁĞƐ
ƌĞůĂĐŝŽŶĂĚĂƐ ĐŽŵ Ž ĐŽŶƐƵŵŽ Ğ ƐŽďƌĞ ŽƐ ƐĞƵƐ ĚŝƌĞŝƚŽƐ Ğ ŵŽĚŽ ĚĞ ĞdžĞƌĐşĐŝŽ͖
ƌĞĐĞďĞ Ğ ĂŶĂůŝƐĂ ĂƐ ƌĞĐůĂŵĂĕƁĞƐ ĚŽƐ ĐŽŶƐƵŵŝĚŽƌĞƐ͕ ƉƌŽĐĞĚĞŶĚŽ ă ŵĞĚŝĂĕĆŽ
ϭϮ͘ǑĂŶŽĚĞĞƐĐŽůĂƌŝĚĂĚĞĞĐƵƌƐŽ
ĚŽƐ ƌĞƐƉĞƚŝǀŽƐ ĐŽŶĨůŝƚŽƐ ĚĞ ĐŽŶƐƵŵŽ ŽƵ͕ ĐĂƐŽ ĞƐƚĂ ŶĆŽ ƐĞũĂ ǀŝĄǀĞů͕ ĞŶĐĂŵŝŶŚĂ Ă
ĚĞĨŽƌŵĂĕĆŽĂĚĞƋƵĂĚĂ
ƌĞƐŽůƵĕĆŽ ĚĞƐƐĞƐ ĐŽŶĨůŝƚŽƐ ƉĂƌĂ ĂƐ ĞŶƚŝĚĂĚĞƐ ĐŽŵƉĞƚĞŶƚĞƐ͖ ƉĞƐƋƵŝƐĂ͕ ĂŶĂůŝƐĂ Ğ
ŵŝŶŝƐƚƌĂĚŽƉĞůŽ&;ĞŶƚƌŽĚĞ
ƐĞůĞĐŝŽŶĂ Ă ĚŽĐƵŵĞŶƚĂĕĆŽ ŶĞĐĞƐƐĄƌŝĂ ĂŽ ĨŽƌŶĞĐŝŵĞŶƚŽ ĚĂ ŝŶĨŽƌŵĂĕĆŽ ŽďũĞƚŝǀĂ
ƐƚƵĚŽƐĞ&ŽƌŵĂĕĆŽƵƚĄƌƋƵŝĐĂͿ
Ğ ĂƚƵĂůŝnjĂĚĂ ŶŽ ĚŽŵşŶŝŽ ĚŽ ĐŽŶƐƵŵŽ͖ ŝŶǀĞŶƚĂƌŝĂ Ğ ĂŶĂůŝƐĂ ŽƐ ƌĞĐƵƌƐŽƐ
ĐŽŶĐĞůŚŝŽƐ͕ ĚĞƐŝŐŶĂĚĂŵĞŶƚĞ Ğŵ ŵĂƚĠƌŝĂ ĚĞ ĞƐƚƌƵƚƵƌĂ ĚŽ ŵĞƌĐĂĚŽ͕ ĚŽ ĐŽŶƐƵŵŽ
ĞĚĞŽƌŐĂŶŝnjĂĕƁĞƐƐŽĐŝŽĞĐŽŶſŵŝĐĂƐ͘
Ϭ
Ϭ
ϭ
ϭ
^^/^dEddE/K
ƌĞĂ ĚĞ dĞƐŽƵƌĂƌŝĂ Ͳ WĂƌƚŝĐŝƉĂ ŶĂ ĐŽŽƌĚĞŶĂĕĆŽ ĚĂƐ ƚĂƌĞĨĂƐ ŝŶĞƌĞŶƚĞƐ Ă ƵŵĂ
ƚĞƐŽƵƌĂƌŝĂ͕ ĐĂďĞŶĚŽͲůŚĞ Ă ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞ ĚŽƐ ǀĂůŽƌĞƐ ƋƵĞ ůŚĞ ĞƐƚĆŽ
ĐŽŶĨŝĂĚŽƐ͕ ĞĨĞƚƵĂŶĚŽ ƚŽĚŽ Ž ŵŽǀŝŵĞŶƚŽ ĚĞ ůŝƋƵŝĚĂĕĆŽ ĚĞ ĚĞƐƉĞƐĂƐ Ğ ĐŽďƌĂŶĕĂ
ĚĞ ƌĞĐĞŝƚĂƐ͕ ƉĂƌĂ Ž ƋƵĞ ƉƌŽĐĞĚĞ Ă ůĞǀĂŶƚĂŵĞŶƚŽƐ Ğ ĚĞƉſƐŝƚŽƐ͕ ĐŽŶĨĞƌġŶĐŝĂƐ͕
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ŵĂƚĞƌŝĂŝƐ͖ ǀĞƌŝĨŝĐĂ ŐƵŝĂƐ ĚĞ ƌĞŵĞƐƐĂ͕ ďĞŵ ĐŽŵŽ Ă ƐƵĂ ĐŽŶĐŽƌĚąŶĐŝĂ ĐŽŵ ĂƐ
ƌĞƋƵŝƐŝĕƁĞƐ ĚŽƐ ĨŽƌŶĞĐĞĚŽƌĞƐ͖ ĞŵŝƚĞ ŝŶĨŽƌŵĂĕĆŽ ƉĂƌĂ ƌĞƉŽƐŝĕĆŽ ĚĞ ƐƚŽĐŬƐ͖ njĞůĂ
ƉĞůŽ ĂĐŽŶĚŝĐŝŽŶĂŵĞŶƚŽ Ğ ĐŽŶƐĞƌǀĂĕĆŽ ĚĞ ƐƚŽĐŬƐ ĚĞ ĂĐŽƌĚŽ ĐŽŵ Ă ƐƵĂ ŶĂƚƵƌĞnjĂ
Ğ ĐĂƌĂĐƚĞƌşƐƚŝĐĂƐ͖ ƉƌŽŵŽǀĞ Ğ ŽƌŝĞŶƚĂ Ă ĐŽŶĨĞƌġŶĐŝĂ ĚĞ ůŝƐƚĂŐĞŶƐ ĚĞ ŵŽǀŝŵĞŶƚŽ
ĚĞĞŶƚƌĂĚĂƐ͕ƐĂşĚĂƐĞƐĂůĚŽƐ͖ƉƌŽŵŽǀĞĞĐŽŽƌĚĞŶĂŽŝŶǀĞŶƚĄƌŝŽĨşƐŝĐŽ͘
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ƚƌĂŶƐƉŽƌƚĞƐ ŵĞĐąŶŝĐŽƐ͗ ĞĨĞƚƵĂŶĚŽ Ă ƉƌĞǀŝƐĆŽ͕ ƉůĂŶŝĨŝĐĂĕĆŽ Ğ ĐŽŶƚƌŽůŽ ĚŽ
ŵŽǀŝŵĞŶƚŽ ĚŝĄƌŝŽ ĚĂƐ ǀŝĂƚƵƌĂƐ͕ ďĞŵ ĐŽŵŽ Ă ŝŶĨŽƌŵĂĕĆŽ ĞƐƚĂƚşƐƚŝĐĂ Ğ ĐŽŶƚƌŽůŽ
ĚĂƐƌĞƋƵŝƐŝĕƁĞƐƌĞƐƉĞŝƚĂŶƚĞƐĂŽƐĞƌǀŝĕŽ͘
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ŽƌŐĂŶŝnjĂĕĆŽ͕ ĐŽŽƌĚĞŶĂĕĆŽ Ğ ĐŽŶƚƌŽůŽ ĚŽƐ ƚƌĂďĂůŚĂĚŽƌĞƐ ŝŶƚĞŐƌĂĚŽƐ ŶĂ ĐĂƌƌĞŝƌĂ
Ğ ĐĂƚĞŐŽƌŝĂ ĚĞ ĂƐƐŝƐƚĞŶƚĞ ŽƉĞƌĂĐŝŽŶĂů ƋƵĞ ĞdžĞƌĐĞŵ ĂƐ ĂƚƌŝďƵŝĕƁĞƐ͕ ĐŽŵƉĞƚġŶĐŝĂƐ
Ğ ĂƚŝǀŝĚĂĚĞƐ ƌĞůĂĐŝŽŶĂĚĂƐ ĐŽŵ Ă ĄƌĞĂ ĚĞ ƐĞƌǀŝĕŽƐ ĚĞ ŶĂƚƵƌĞnjĂ ĞdžĞĐƵƚŝǀĂ ĚĞ
ĞůĞǀĂĚĂĐŽŵƉůĞdžŝĚĂĚĞĞĚĞĐŽŵƉůĞdžŝĚĂĚĞǀĂƌŝĄǀĞů͘
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ĞƋƵŝƉĂŵĞŶƚŽƐ ĚŽ ĐĞŵŝƚĠƌŝŽ͖ ĐŽŽƌĚĞŶĂ Ă ĂƚŝǀŝĚĂĚĞ ĚĞ ŽƵƚƌŽƐ ƚƌĂďĂůŚĂĚŽƌĞƐ͖ ĨĂnj
Ă ůŝŐĂĕĆŽ ĞŶƚƌĞ Ă ĂĚŵŝŶŝƐƚƌĂĕĆŽ ĚŽ ĐĞŵŝƚĠƌŝŽ Ğ ŽƐ ƚƌĂďĂůŚĂĚŽƌĞƐ͖ ĨŝƐĐĂůŝnjĂ ŽƐ
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ĂŶŽŵĂůŝĂƐĞdžŝƐƚĞŶƚĞƐŶĂƐƵĂĄƌĞĂĚĞĂƚƵĂĕĆŽ͘
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ĚŽƐ ƚƌĂďĂůŚĂĚŽƌĞƐ͕ ŶŽ ƉĂƌƋƵĞ ĚĞƐƉŽƌƚŝǀŽ ŽƵ ƌĞĐƌĞĂƚŝǀŽ Ă ƐĞƵ ĐĂƌŐŽ͕ ĚĞ ĂĐŽƌĚŽ
ĐŽŵ ĂƐ ŽƌŝĞŶƚĂĕƁĞƐ ƐƵƉĞƌŝŽƌŵĞŶƚĞ ƌĞĐĞďŝĚĂƐ͖ ĂƐƐƵŵĞ Ă ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞ ƉĞůŽ
ĐƵŵƉƌŝŵĞŶƚŽ ĚŽ ƌĞŐƵůĂŵĞŶƚŽ ŝŶƚĞƌŶŽ͕ ƉĞůŽƐ ďĞŶƐ Ğ ĞƋƵŝƉĂŵĞŶƚŽ ĞdžŝƐƚĞŶƚĞƐ
ŶĂƐŝŶƐƚĂůĂĕƁĞƐĞƉĞůĂĐŽŶĨĞƌġŶĐŝĂĚĞƌĞĐĞŝƚĂƐĂƌƌĞĐĂĚĂĚĂƐĂƚĠăƐƵĂĞŶƚƌĞŐĂ͘
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ƌĞĂ ĚĞ WĂƌƋƵĞƐ ĚĞ DĄƋƵŝŶĂƐ͕ sŝĂƚƵƌĂƐ͕ ƵƚŽŵſǀĞŝƐ ŽƵ dƌĂŶƐƉŽƌƚĞƐ Ͳ
ŽŽƌĚĞŶĂ Ă ŐĞƐƚĆŽ ĚŽ ƉĂƌƋƵĞ ĚĞ ŵĄƋƵŝŶĂƐ Ğ ǀŝĂƚƵƌĂƐ ĂƵƚŽŵſǀĞŝƐ͕ ƉƌŽĐĞĚĞŶĚŽ
ă ƐƵĂ ĚŝƐƚƌŝďƵŝĕĆŽ͕ ĂĨĞƚĂĕĆŽ Ğ ĐŽŶƚƌŽůŽ͕ ĚĞ ĂĐŽƌĚŽ ĐŽŵ ĂƐ ŶĞĐĞƐƐŝĚĂĚĞƐ ĚŽƐ
ĚŝǀĞƌƐŽƐ ƐĞƌǀŝĕŽƐ ŵƵŶŝĐŝƉĂŝƐ͖ ƐƵƉĞƌǀŝƐŝŽŶĂ Ğ ŽƌŝĞŶƚĂ Ă ĂƚŝǀŝĚĂĚĞ ĚŽƐ
ƚƌĂďĂůŚĂĚŽƌĞƐ ĂĨĞƚŽƐ ă ĄƌĞĂ ĚŽƐ ƚƌĂŶƐƉŽƌƚĞƐ͖ ĂƐƐĞŐƵƌĂ Ă ĐŽŶƐĞƌǀĂĕĆŽ Ğ
ŵĂŶƵƚĞŶĕĆŽ ĚŽƐ ǀĄƌŝŽƐ ǀĞşĐƵůŽƐ Ğ ŵĄƋƵŝŶĂƐ ƋƵĞ ŝŶƚĞŐƌĂŵ Ž ƉĂƌƋƵĞ͖ ĂƐƐƵŵĞ Ă
ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞ ƉĞůŽ ĐƵŵƉƌŝŵĞŶƚŽ ĚŽ ƌĞŐƵůĂŵĞŶƚŽ ŝŶƚĞƌŶŽ Ğ ƉĞůŽƐ ďĞŶƐ Ğ
ĞƋƵŝƉĂŵĞŶƚŽƐĂĚŝƐƚƌŝƚŽƐăƐƵĂĄƌĞĂ͘
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ŽƌŐĂŶŝnjĂĕĆŽ͕ ĐŽŽƌĚĞŶĂĕĆŽ Ğ ĐŽŶƚƌŽůŽ ĚŽƐ ƚƌĂďĂůŚĂĚŽƌĞƐ ŝŶƚĞŐƌĂĚŽƐ ŶĂ ĐĂƌƌĞŝƌĂ
Ğ ĐĂƚĞŐŽƌŝĂ ĚĞ ĂƐƐŝƐƚĞŶƚĞ ŽƉĞƌĂĐŝŽŶĂů ƋƵĞ ĞdžĞƌĐĞŵ ĂƐ ĂƚƌŝďƵŝĕƁĞƐ͕ ĐŽŵƉĞƚġŶĐŝĂƐ
Ğ ĂƚŝǀŝĚĂĚĞƐ ƌĞůĂĐŝŽŶĂĚĂƐ ĐŽŵ Ă ĄƌĞĂ ĚĞ ƐĞƌǀŝĕŽƐ ĚĞ ŶĂƚƵƌĞnjĂ ĞdžĞĐƵƚŝǀĂ ĚĞ
ĞůĞǀĂĚĂĐŽŵƉůĞdžŝĚĂĚĞĞĚĞĐŽŵƉůĞdžŝĚĂĚĞǀĂƌŝĄǀĞů͘
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ƌĞĂ ĚĞ ^ĞƌǀŝĕŽƐ ƵdžŝůŝĂƌĞƐ Ͳ ŽŶƚƌŽůĂ Ğ ĐŽŽƌĚĞŶĂ ĂƐ ƚĂƌĞĨĂƐ ĞdžĞƌĐŝĚĂƐ ƉĞůŽƐ
ƚƌĂďĂůŚĂĚŽƌĞƐ Ă ƐĞƵ ĐĂƌŐŽ ƋƵĞ ĚĞƐĞŶǀŽůǀĞŵ ƐĞƌǀŝĕŽƐ ĂƵdžŝůŝĂƌĞƐ͕ ĚŝƐƚƌŝďƵŝŶĚŽ
ƚĂƌĞĨĂƐĞnjĞůĂŶĚŽƉĞůŽĐƵŵƉƌŝŵĞŶƚŽĚĂƐŶŽƌŵĂƐĚĞƐĞƌǀŝĕŽ͘
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ƌĞĂ ĚĞ ^ĞƌǀŝĕŽƐ ĚĞ ,ŝŐŝĞŶĞ Ğ >ŝŵƉĞnjĂ Ͳ ŽŽƌĚĞŶĂ Ğ ŽƌŝĞŶƚĂ Ă ĂƚŝǀŝĚĂĚĞ ĚŽƐ
ƚƌĂďĂůŚĂĚŽƌĞƐ ĚŽƐ ƐĞƌǀŝĕŽƐ ĚĞ ŚŝŐŝĞŶĞ Ğ ůŝŵƉĞnjĂ ĚĂ ĄƌĞĂ Ă ƐĞƵ ĐĂƌŐŽ͕
ƉƌŽĐĞĚĞŶĚŽ ă ĚŝƐƚƌŝďƵŝĕĆŽ ĚĂƐ ƌĞƐƉĞƚŝǀĂƐ ƚĂƌĞĨĂƐ͖ ŽƌŝĞŶƚĂ Ğ ƐƵƉĞƌǀŝƐŝŽŶĂ ŽƐ
ƚƌĂďĂůŚŽƐ ĞĨĞƚƵĂĚŽƐ͕ ǀĞƌŝĨŝĐĂŶĚŽ ĂƐ ĐŽŶĚŝĕƁĞƐ ĚĞ ŚŝŐŝĞŶĞ Ğ ůŝŵƉĞnjĂ ĚĂƐ
ŝŶƐƚĂůĂĕƁĞƐ͕ ĚĞ ĂĐŽƌĚŽ ĐŽŵ ĂƐ ŝŶƐƚƌƵĕƁĞƐ ĚĂĚĂƐ͖ ĂƐƐƵŵĞ Ă ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞ
ƉĞůŽ ĐƵŵƉƌŝŵĞŶƚŽ ĚĂƐ ƌĞŐƌĂƐ ĚĞ ůŝŵƉĞnjĂ͕ ďĞŵ ĐŽŵŽ ƉĞůŽƐ ďĞŶƐ Ğ
ĞƋƵŝƉĂŵĞŶƚŽƐ ƋƵĞ ĞƐƚĆŽ ĂĚƐƚƌŝƚŽƐ ă ĄƌĞĂ Ă ƐĞƵ ĐĂƌŐŽ͕ ƉƌŽǀŝĚĞŶĐŝĂŶĚŽ Ă
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EZZ'KKWZ/KE>
ƌĞĂ ĚĞ ^ĞƌǀŝĕŽƐ ĚĞ >ŝŵƉĞnjĂ ĚĞ ƐƉĂĕŽƐ WƷďůŝĐŽƐ Ͳ ŽŽƌĚĞŶĂ͕ ŽƌŝĞŶƚĂ Ğ
ĐŽŶƚƌŽůĂ Ă ĂƚŝǀŝĚĂĚĞ ĚŽƐ ƚƌĂďĂůŚĂĚŽƌĞƐ Ă ƐĞƵ ĐĂƌŐŽ͖ ƉƌŽĐĞĚĞ ă ĂĨĞƚĂĕĆŽ ĚŽƐ
ƚƌĂďĂůŚĂĚŽƌĞƐ ƋƵĞ ƐƵƉĞƌǀŝƐŝŽŶĂŵ ŽƐ ĚŝĨĞƌĞŶƚĞƐ ƚƌĂďĂůŚŽƐ Ğŵ ĞdžĞĐƵĕĆŽ͕
ĐŽŽƌĚĞŶĂŶĚŽͲŽƐ Ğ ĂĐŽŵƉĂŶŚĂŶĚŽͲŽƐ ŶŽ ĞdžĞƌĐşĐŝŽ ĚĂƐ ƐƵĂƐ ĂƚŝǀŝĚĂĚĞƐ͕ ďĞŵ
ĐŽŵŽ ĨĂnjĞŶĚŽ ĐƵŵƉƌŝƌ ŽƐ ƌĞŐƵůĂŵĞŶƚŽƐ ĞdžŝƐƚĞŶƚĞƐ͖ ƉƌŽǀŝĚĞŶĐŝĂ Ă ĂƋƵŝƐŝĕĆŽ ĚŽ
ŵĂƚĞƌŝĂů ŶĞĐĞƐƐĄƌŝŽ ĚĞ ĂĐŽƌĚŽ ĐŽŵ ĂƐ ŶĞĐĞƐƐŝĚĂĚĞƐ ĚĞƚĞƚĂĚĂƐ͕ ƐĞŶĚŽ
ƌĞƐƉŽŶƐĄǀĞů ƉĞůĂƐ ĨĂůŚĂƐ ĚĞ ƌĞŐŝƐƚŽ ĚŽ ŵĂƚĞƌŝĂů͕ ĐŽŵƵŶŝĐĂŶĚŽ ĞǀĞŶƚƵĂŝƐ ĚĞƐǀŝŽƐ
ĂŽƐƵƉĞƌŝŽƌŚŝĞƌĄƌƋƵŝĐŽ͘
ƐĐŽůĂƌŝĚĂĚĞŽďƌŝŐĂƚſƌŝĂ
Ϯ
Ϭ
Ϭ
Ϯ
^^/^dEdKWZ/KE>ͬ
EZZ'KKWZ/KE>
ƌĞĂ ĚĞ ^ĞƌǀŝĕŽƐ ĚĞ >ŝŵƉĞnjĂ ĚĞ ŽůĞƚŽƌĞƐ Ͳ ŽŽƌĚĞŶĂ͕ ŽƌŝĞŶƚĂ Ğ ĐŽŶƚƌŽůĂ Ă
ĂƚŝǀŝĚĂĚĞ ĚŽƐ ƚƌĂďĂůŚĂĚŽƌĞƐ Ă ƐĞƵ ĐĂƌŐŽ͖ ƉƌŽĐĞĚĞ ă ĂĨĞƚĂĕĆŽ ĚŽƐ ƚƌĂďĂůŚĂĚŽƌĞƐ
ƋƵĞ ƐƵƉĞƌǀŝƐŝŽŶĂŵ ŽƐ ĚŝĨĞƌĞŶƚĞƐ ƚƌĂďĂůŚŽƐ Ğŵ ĞdžĞĐƵĕĆŽ͕ ĐŽŽƌĚĞŶĂŶĚŽͲŽƐ Ğ
ĂĐŽŵƉĂŶŚĂŶĚŽͲŽƐ ŶŽ ĞdžĞƌĐşĐŝŽ ĚĂƐ ƐƵĂƐ ĂƚŝǀŝĚĂĚĞƐ͕ ďĞŵ ĐŽŵŽ ĨĂnjĞŶĚŽ ĐƵŵƉƌŝƌ
ŽƐ ƌĞŐƵůĂŵĞŶƚŽƐ ĞdžŝƐƚĞŶƚĞƐ͖ ƉƌŽǀŝĚĞŶĐŝĂ Ă ĂƋƵŝƐŝĕĆŽ ĚŽ ŵĂƚĞƌŝĂů ŶĞĐĞƐƐĄƌŝŽ ĚĞ
ĂĐŽƌĚŽ ĐŽŵ ĂƐ ŶĞĐĞƐƐŝĚĂĚĞƐ ĚĞƚĞƚĂĚĂƐ͕ ƐĞŶĚŽ ƌĞƐƉŽŶƐĄǀĞů ƉĞůĂƐ ĨĂůŚĂƐ ĚĞ
ƌĞŐŝƐƚŽĚĞŵĂƚĞƌŝĂů͕ĐŽŵƵŶŝĐĂŶĚŽĞǀĞŶƚƵĂŝƐĚĞƐǀŝŽƐĂŽƐƵƉĞƌŝŽƌŚŝĞƌĄƌƋƵŝĐŽ͘
ƐĐŽůĂƌŝĚĂĚĞŽďƌŝŐĂƚſƌŝĂ
Ϭ
Ϭ
ϭ
ϭ
ϭϵ
Ϭ
Ϯ
Ϯϭ
^^/^dEdKWZ/KE>
ƌĞĂ ĚĞ ^ĞƌǀŝĕŽƐ ƵdžŝůŝĂƌĞƐ Ͳ ĞƐĞŶǀŽůǀĞ ĨƵŶĕƁĞƐ ƋƵĞ ƐĞ ĞŶƋƵĂĚƌĂŵ Ğŵ ĂƉŽŝŽ
ă ĞdžĞĐƵĕĆŽ ĚĞ ƐĞƌǀŝĕŽƐ ƚĠĐŶŝĐŽƐ Ğ ĞƐƉĞĐŝĂůŝnjĂĚŽƐ͕ ƚƌĂƚĂŶĚŽ ĚĂ ĐŽŵƵŶŝĐĂĕĆŽ͕
ƌĞĐŽůŚĂ Ğ ƚƌĂƚĂŵĞŶƚŽ ĚĞ ŝŶĨŽƌŵĂĕĆŽ ĞƐƉĞĐŝĂůŝnjĂĚĂ͕ ƉƌŽǀŝĚĞŶĐŝĂŶĚŽ Ă ƐƵĂ
ĐŽƌƌĞĕĆŽ Ğ ƐĞŐƵŝŵĞŶƚŽ ĂĚĞƋƵĂĚŽ͖ ĞdžĂŵŝŶĂ Ğ ĐŽŶĨĞƌĞ ŽƐ ĞůĞŵĞŶƚŽƐ ĐŽŶƐƚĂŶƚĞƐ
ĚŽƐ ƉƌŽĐĞƐƐŽƐ͕ ĂŶŽƚĂŶĚŽ ĨĂůƚĂƐ ŽƵ ĂŶŽŵĂůŝĂƐ͕ ƉƌŽǀŝĚĞŶĐŝĂŶĚŽ ƉĞůĂ ƐƵĂ ĐŽƌƌĞĕĆŽ
Ğ ĂŶĚĂŵĞŶƚŽ͕ ĂƚƌĂǀĠƐ ĚĞ ŽĨşĐŝŽƐ͕ ŝŶĨŽƌŵĂĕƁĞƐ ŽƵ ŶŽƚĂƐ͕ Ğŵ ĐŽŶĨŽƌŵŝĚĂĚĞ ĐŽŵ
ĂůĞŐŝƐůĂĕĆŽĞdžŝƐƚĞŶƚĞ͘
ϯ
Ϭ
Ϯ
ϱ
^hdKd>
ƐĐŽůĂƌŝĚĂĚĞŽďƌŝŐĂƚſƌŝĂ
KhWK^
ŽŶƚƌĂƚŽĚĞdƌĂďĂůŚŽĞŵ&ƵŶĕƁĞƐ
EK
EŽŵĞĂĕĆŽ
ŽŵŝƐƐĆŽ KhWK^
WƷďůŝĐĂƐ
ĚĞ^ĞƌǀŝĕŽ
dĞŵƉŽ
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ĞĨŝŶŝƚŝǀĂ
/ŶĚĞƚĞƌŵŝŶĂĚŽ
ĞƌƚŽ
Ϭ
Ϭ
dKd>
WĄŐŝŶĂϮϯĚĞϯϰ
DWW^^K>KDhE/1W/Ks/>EKs&D>/K
EKϮϬϭϰ
WK^dK^dZ>,K
Z'K^ͬ
ZZ/Z^ͬ
d'KZ/^
dZ/h/O^ͬKDWdE/^ͬd/s/^
^^/^dEdKWZ/KE>
ƌĞĂ ĚĞ ^ĞƌǀŝĕŽƐ ƵdžŝůŝĂƌĞƐ ĚŵŝŶŝƐƚƌĂƚŝǀŽƐ Ͳ ƐƐĞŐƵƌĂ Ž ĐŽŶƚĂĐƚŽ ĞŶƚƌĞ ŽƐ
ƐĞƌǀŝĕŽƐ͖ ĞĨĞƚƵĂ Ă ƌĞĐĞĕĆŽ Ğ ĞŶƚƌĞŐĂ ĚĞ ĞdžƉĞĚŝĞŶƚĞ Ğ ĞŶĐŽŵĞŶĚĂƐ͖ ĂŶƵŶĐŝĂ
ŵĞŶƐĂŐĞŶƐ͕ ƚƌĂŶƐŵŝƚĞ ƌĞĐĂĚŽƐ͕ ůĞǀĂŶƚĂ Ğ ĚĞƉŽƐŝƚĂ ĚŝŶŚĞŝƌŽ ŽƵ ǀĂůŽƌĞƐ͕ ƉƌĞƐƚĂ
ŝŶĨŽƌŵĂĕƁĞƐ ǀĞƌďĂŝƐ ŽƵ ƚĞůĞĨſŶŝĐĂƐ͕ ƚƌĂŶƐƉŽƌƚĂ ŵĄƋƵŝŶĂƐ͕ ĂƌƚŝŐŽƐ ĚĞ ĞƐĐƌŝƚſƌŝŽ Ğ
ĚŽĐƵŵĞŶƚĂĕĆŽ ĚŝǀĞƌƐĂ ĞŶƚƌĞ ƐĞƌǀŝĕŽƐ͖ ĂƐƐĞŐƵƌĂ Ă ǀŝŐŝůąŶĐŝĂ ĚĞ ŝŶƐƚĂůĂĕƁĞƐ Ğ
ĂĐŽŵƉĂŶŚĂ ŽƐ ǀŝƐŝƚĂŶƚĞƐ ĂŽƐ ůŽĐĂŝƐ ƉƌĞƚĞŶĚŝĚŽƐ͖ ĞƐƚĂŵƉŝůŚĂ ĐŽƌƌĞƐƉŽŶĚġŶĐŝĂ͕
ŽƉĞƌĂ ĐŽŵ ĞůĞǀĂĚŽƌĞƐ ĚĞ ĐŽŵĂŶĚŽ ŵĂŶƵĂů͖ ƋƵĂŶĚŽ ĨŽƌ ĐĂƐŽ ĚŝƐƐŽ͕ ƉƌŽĐĞĚĞ ă
ǀĞŶĚĂ ĚĞ ƐĞŶŚĂƐ ƉĂƌĂ ƵƚŝůŝnjĂĕĆŽ ĚĂƐ ŝŶƐƚĂůĂĕƁĞƐ͖ ƉƌŽǀŝĚĞŶĐŝĂ ƉĞůĂƐ ĐŽŶĚŝĕƁĞƐ ĚĞ
ĂƐƐĞŝŽ͕ ůŝŵƉĞnjĂ Ğ ĐŽŶƐĞƌǀĂĕĆŽ ĚĞ ƉŽƌƚĂƌŝĂƐ Ğ ǀĞƌŝĨŝĐĂ ĂƐ ĐŽŶĚŝĕƁĞƐ ĚĞ ƐĞŐƵƌĂŶĕĂ
ĂŶƚĞƐĚĞƐĞƉƌŽĐĞĚĞƌĂŽƐĞƵĞŶĐĞƌƌĂŵĞŶƚŽ͘
^^/^dEdKWZ/KE>
ƌĞĂ ĚĞ ^ĞƌǀŝĕŽƐ ƵdžŝůŝĂƌĞƐ ĚĞ ĚƵĐĂĕĆŽ Ͳ ĐŽŵƉĂŶŚĂ ĚŝƌĞƚĂŵĞŶƚĞ ĂƐ ĐƌŝĂŶĕĂƐ
ŶĂƐ ĂƚŝǀŝĚĂĚĞƐ ĞĚƵĐĂƚŝǀĂƐ Ğ ŽƵ ůƷĚŝĐĂƐ͕ ƉƌŽƉŽƌĐŝŽŶĂŶĚŽͲůŚĞƐ ĂŵďŝĞŶƚĞ
ĂĚĞƋƵĂĚŽ Ğ ĐŽŶƚƌŽůĂ ĞƐƐĂƐ ĂƚŝǀŝĚĂĚĞƐ͕ ƉƌŽŵŽǀĞŶĚŽ ŶŽŵĞĂĚĂŵĞŶƚĞ Ă ĂĚŽĕĆŽ
ĚĞ ĂƚŝƚƵĚĞƐ Ğ ƌĞŐƌĂƐ ĚĞ ŚŝŐŝĞŶĞ ƉĞƐƐŽĂů͕ ƉƌĞǀĞŶĕĆŽ Ğ ƐĞŐƵƌĂŶĕĂ͕ ĐŽƌƚĞƐŝĂ Ğ ďŽĂ
ĐŽŶĚƵƚĂ͕ ƐĞŐƵŶĚŽ Ž ƉůĂŶŽ ĞůĂďŽƌĂĚŽ ƉĞůŽ ĞĚƵĐĂĚŽƌ ĚĞ ŝŶĨąŶĐŝĂ͖ ǀŝŐŝĂ ĂƐ
ĐƌŝĂŶĕĂƐ ĚƵƌĂŶƚĞ Ž ƌĞƉŽƵƐŽ Ğ ŶĂ ƐĂůĂ ĚĞ ĂƵůĂ͖ ĂƐƐŝƐƚĞ Ă ĐƌŝĂŶĕĂƐ ŶŽƐ ƚƌĂŶƐƉŽƌƚĞƐ͕
ŶŽƐ ƌĞĐƌĞŝŽƐ͕ ŶŽƐ ƉĂƐƐĞŝŽƐ Ğ ǀŝƐŝƚĂƐ ĚĞ ĞƐƚƵĚŽ͖ ƉƌŽǀŝĚĞŶĐŝĂ Ă ĐŽŶƐĞƌǀĂĕĆŽ Ğ ďŽĂ
ƵƚŝůŝnjĂĕĆŽ ĚĂƐ ŝŶƐƚĂůĂĕƁĞƐ͕ ďĞŵ ĐŽŵŽ ĚŽ ŵĂƚĞƌŝĂů Ğ ĞƋƵŝƉĂŵĞŶƚŽ ĚŝĚĄƚŝĐŽ
ŶĞĐĞƐƐĄƌŝŽ ĂŽ ĚĞƐĞŶǀŽůǀŝŵĞŶƚŽ ĞĚƵĐĂƚŝǀŽ͖ njĞůĂ ƉĞůĂ ĐŽŶƐĞƌǀĂĕĆŽ Ğ ŚŝŐŝĞŶĞ
ĂŵďŝĞŶƚĂů ĚŽƐ ĞƐƉĂĕŽƐ Ğ ĚĂƐ ŝŶƐƚĂůĂĕƁĞƐ ă ƐƵĂ ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞ͕ ŶƵŵĂ
ƉĞƌƐƉĞƚŝǀĂ ƉĞĚĂŐſŐŝĐĂ Ğ ĐşǀŝĐĂ͖ ŽůĂďŽƌĂ ĐŽŵ ŽƐ ĞĚƵĐĂĚŽƌĞƐ ĚĞ ŝŶĨąŶĐŝĂ ŶĂ
ƉƌŽŐƌĂŵĂĕĆŽ Ğ ƌĞĂůŝnjĂĕĆŽ ĚĂƐ ĂƚŝǀŝĚĂĚĞƐ͕ ŶŽ ĂƚĞŶĚŝŵĞŶƚŽ ĚŽƐ ĞŶĐĂƌƌĞŐĂĚŽƐ ĚĞ
ĞĚƵĐĂĕĆŽ Ğ ŶĂ ŝŶƚĞƌůŝŐĂĕĆŽ ĚŽ ĞƐƚĂďĞůĞĐŝŵĞŶƚŽ ĚĞ ĞŶƐŝŶŽ Ğ ĂƋƵĞůĞƐ
ĞŶĐĂƌƌĞŐĂĚŽƐ͖ ƉĂƌƚŝĐŝƉĂ ŶĂƐ ƌĞƵŶŝƁĞƐ ĚŽ ƉĞƐƐŽĂů ƚĠĐŶŝĐŽ͖ ĞdžĞƌĐĞ ƚĂƌĞĨĂƐ ĚĞ
ĞŶƋƵĂĚƌĂŵĞŶƚŽ Ğ ĂĐŽŵƉĂŶŚĂŵĞŶƚŽ ĚĂƐ ĐƌŝĂŶĕĂƐ Ğ ũŽǀĞŶƐ͕ ŶŽŵĞĂĚĂŵĞŶƚĞ ŶŽ
ąŵďŝƚŽ ĚĂ ĂĕĆŽ ĞĚƵĐĂƚŝǀĂ Ğ ĚĞ ĂƉŽŝŽ ă ĨĂŵşůŝĂ͖ ŝŶƚĞƌǀĠŵ ŽƵ ĐŽŵƵŶŝĐĂ ĞǀĞŶƚƵĂŝƐ
ƉƌŽďůĞŵĂƐ͕ ŶĞĐĞƐƐŝĚĂĚĞƐ ŽƵ ƐŝƚƵĂĕƁĞƐ ĐĂƌĞĐŝĚĂƐ ĚĞ ƌĞƐŽůƵĕĆŽ ƋƵĞƌ ƌĞƐƉĞŝƚĂŶƚĞƐ
ĂĐƌŝĂŶĕĂƐ͕ƋƵĞƌƌĞƐƉĞŝƚĂŶƚĞƐĂĞƋƵŝƉĂŵĞŶƚŽƐĞŝŶƐƚĂůĂĕƁĞƐ͘
Z&KZDK
D/ͬKh
WZK&/^^/KE>
KhWK^
ŽŶƚƌĂƚŽĚĞdƌĂďĂůŚŽĞŵ&ƵŶĕƁĞƐ
EK
EŽŵĞĂĕĆŽ
ŽŵŝƐƐĆŽ KhWK^
WƷďůŝĐĂƐ
ĚĞ^ĞƌǀŝĕŽ
dĞŵƉŽ
dĞƌŵŽZĞƐŽůƵƚŝǀŽ
ĞĨŝŶŝƚŝǀĂ
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ĞƌƚŽ
dKd>
ƐĐŽůĂƌŝĚĂĚĞŽďƌŝŐĂƚſƌŝĂ
Ϯϰ
Ϭ
Ϯ
Ϯϲ
ƐĐŽůĂƌŝĚĂĚĞŽďƌŝŐĂƚſƌŝĂ
ϰϳ
Ϭ
ϭϬ
ϱϳ
WĄŐŝŶĂϮϰĚĞϯϰ
DWW^^K>KDhE/1W/Ks/>EKs&D>/K
EKϮϬϭϰ
WK^dK^dZ>,K
Z'K^ͬ
ZZ/Z^ͬ
d'KZ/^
^^/^dEdKWZ/KE>
^^/^dEdKWZ/KE>
^^/^dEdKWZ/KE>
dZ/h/O^ͬKDWdE/^ͬd/s/^
ƌĞĂ ĚĞ ^ĞƌǀŝĕŽƐ ƵdžŝůŝĂƌĞƐ ĚĞ ĕĆŽ ĚƵĐĂƚŝǀĂ Ͳ džĞƌĐĞ ĨƵŶĕƁĞƐ ĚĞ ĂƉŽŝŽ ŐĞƌĂů͕
ĚĞƐĞŶǀŽůǀĞŶĚŽ Ğ ŝŶĐĞŶƚŝǀĂŶĚŽ Ž ƌĞƐƉĞŝƚŽ Ğ ĂƉƌĞĕŽ ƉĞůŽ ĞƐƚĂďĞůĞĐŝŵĞŶƚŽ ĚĞ
ĞĚƵĐĂĕĆŽ ŽƵ ĚĞ ĞŶƐŝŶŽ Ğ ƉĞůŽ ƚƌĂďĂůŚŽ ƋƵĞ͕ Ğŵ ĐŽŵƵŵ͕ ŶĞůĞ ĚĞǀĞ ƐĞƌ
ĞĨĞƚƵĂĚŽ͕ ĐŽŵƉĞƚŝŶĚŽͲůŚĞ͗ ƉĂƌƚŝĐŝƉĂƌ ĐŽŵ ŽƐ ĚŽĐĞŶƚĞƐ ŶŽ ĂĐŽŵƉĂŶŚĂŵĞŶƚŽ
ĚĂƐ ĐƌŝĂŶĕĂƐ Ğ ĚŽƐ ũŽǀĞŶƐ ĚƵƌĂŶƚĞ Ž ƉĞƌşŽĚŽ ĚĞ ĨƵŶĐŝŽŶĂŵĞŶƚŽ ĚĂ ĞƐĐŽůĂ͕ ĐŽŵ
ǀŝƐƚĂ Ă ĂƐƐĞŐƵƌĂƌ Ƶŵ ďŽŵ ĂŵďŝĞŶƚĞ ĞĚƵĐĂƚŝǀŽ͖ ĞdžĞƌĐĞƌ ƚĂƌĞĨĂƐ ĚĞ ĂƚĞŶĚŝŵĞŶƚŽ
Ğ ĞŶĐĂŵŝŶŚĂŵĞŶƚŽ ĚĞ ƵƚŝůŝnjĂĚŽƌĞƐ ĚĂ ĞƐĐŽůĂ Ğ ĐŽŶƚƌŽůĂƌ ĞŶƚƌĂĚĂƐ Ğ ƐĂşĚĂƐ ĚĂ
ĞƐĐŽůĂ͖ ĐŽŽƉĞƌĂƌ ŶĂƐ ĂƚŝǀŝĚĂĚĞƐ ƋƵĞ ǀŝƐĞŵ Ă ƐĞŐƵƌĂŶĕĂ ĚĞ ĐƌŝĂŶĕĂƐ Ğ ũŽǀĞŶƐ ŶĂ
ĞƐĐŽůĂ͖ ƉƌŽǀŝĚĞŶĐŝĂƌ Ă ůŝŵƉĞnjĂ͕ ĂƌƌƵŵĂĕĆŽ͕ ĐŽŶƐĞƌǀĂĕĆŽ Ğ ďŽĂ ƵƚŝůŝnjĂĕĆŽ ĚĂƐ
ŝŶƐƚĂůĂĕƁĞƐ͕ ďĞŵ ĐŽŵŽ ĚŽ ŵĂƚĞƌŝĂů Ğ ĞƋƵŝƉĂŵĞŶƚŽ ĚŝĚĄƚŝĐŽ Ğ ŝŶĨŽƌŵĄƚŝĐŽ
ŶĞĐĞƐƐĄƌŝŽ ĂŽ ĚĞƐĞŶǀŽůǀŝŵĞŶƚŽ ĚŽ ƉƌŽĐĞƐƐŽ ĞĚƵĐĂƚŝǀŽ͖ ĞdžĞƌĐĞƌ ƚĂƌĞĨĂƐ ĚĞ ĂƉŽŝŽ
ĂŽƐ ƐĞƌǀŝĕŽƐ ĚĞ ĂĕĆŽ ƐŽĐŝĂů ĞƐĐŽůĂƌ͖ ƉƌĞƐƚĂƌ ĂƉŽŝŽ Ğ ĂƐƐŝƐƚġŶĐŝĂ Ğŵ ƐŝƚƵĂĕƁĞƐ ĚĞ
ƉƌŝŵĞŝƌŽƐ ƐŽĐŽƌƌŽƐ Ğ͕ Ğŵ ĐĂƐŽ ĚĞ ŶĞĐĞƐƐŝĚĂĚĞ͕ ĂĐŽŵƉĂŶŚĂƌ Ă ĐƌŝĂŶĕĂ ŽƵ Ž
ĂůƵŶŽ Ă ƵŶŝĚĂĚĞƐ ĚĞ ƉƌĞƐƚĂĕĆŽ ĚĞ ĐƵŝĚĂĚŽƐ ĚĞ ƐĂƷĚĞ͖ ĞƐƚĂďĞůĞĐĞƌ ůŝŐĂĕƁĞƐ
ƚĞůĞĨſŶŝĐĂƐ Ğ ƉƌĞƐƚĂƌ ŝŶĨŽƌŵĂĕƁĞƐ͖ ƌĞĐĞďĞƌ Ğ ƚƌĂŶƐŵŝƚŝƌ ŵĞŶƐĂŐĞŶƐ͖ njĞůĂƌ ƉĞůĂ
ĐŽŶƐĞƌǀĂĕĆŽ ĚŽƐ ĞƋƵŝƉĂŵĞŶƚŽƐ ĚĞ ĐŽŵƵŶŝĐĂĕĆŽ͖ ƌĞƉƌŽĚƵnjŝƌ ĚŽĐƵŵĞŶƚŽƐ ĐŽŵ
ƵƚŝůŝnjĂĕĆŽ ĚĞ ĞƋƵŝƉĂŵĞŶƚŽ ƉƌſƉƌŝŽ͕ ĂƐƐĞŐƵƌĂŶĚŽ Ă ůŝŵƉĞnjĂ Ğ ŵĂŶƵƚĞŶĕĆŽ ĚŽ
ŵĞƐŵŽ Ğ ĞĨĞƚƵĂŶĚŽ ƉĞƋƵĞŶĂƐ ƌĞƉĂƌĂĕƁĞƐ ŽƵ ĐŽŵƵŶŝĐĂŶĚŽ ĂƐ ĂǀĂƌŝĂƐ
ǀĞƌŝĨŝĐĂĚĂƐ͖ ĂƐƐĞŐƵƌĂƌ Ž ĐŽŶƚƌŽůŽ ĚĞ ŐĞƐƚĆŽ ĚĞ ƐƚŽĐŬƐ ŶĞĐĞƐƐĄƌŝŽƐ ĂŽ
ĨƵŶĐŝŽŶĂŵĞŶƚŽ ĚĂ ƌĞƉƌŽŐƌĂĨŝĂ͖ ĞĨĞƚƵĂƌ͕ ŶŽ ŝŶƚĞƌŝŽƌ Ğ ĞdžƚĞƌŝŽƌ͕ ƚĂƌĞĨĂƐ
ŝŶĚŝƐƉĞŶƐĄǀĞŝƐ ĂŽ ĨƵŶĐŝŽŶĂŵĞŶƚŽ ĚŽƐ ƐĞƌǀŝĕŽƐ͖ ĞdžĞƌĐĞƌ͕ ƋƵĂŶĚŽ ŶĞĐĞƐƐĄƌŝŽ͕
ƚĂƌĞĨĂƐ ĚĞ ĂƉŽŝŽ ĚĞ ŵŽĚŽ Ă ƉĞƌŵŝƚŝƌ Ž ŶŽƌŵĂů ĨƵŶĐŝŽŶĂŵĞŶƚŽ ĚĞ ůĂďŽƌĂƚſƌŝŽƐ Ğ
ďŝďůŝŽƚĞĐĂƐĞƐĐŽůĂƌĞƐ͘
ƌĞĂ ĚĞ ^ĞƌǀŝĕŽƐ ƵdžŝůŝĂƌĞƐ ĚĞ ŝďůŝŽƚĞĐĂ͕ ƌƋƵŝǀŽ Ğ ŽĐƵŵĞŶƚĂĕĆŽ Ͳ sŝŐŝĂ Ă
ƐĂůĂ ĚĞ ůĞŝƚƵƌĂ Ğ ĨĂnj Ž ƉƌŝŵĞŝƌŽ ĂƚĞŶĚŝŵĞŶƚŽ ĚŽ ƉƷďůŝĐŽ͖ ĞŶƚƌĞŐĂ Ğ ƌĞĐĞďĞ ĂƐ
ŽďƌĂƐ ƉĞĚŝĚĂƐ ƉĞůŽƐ ůĞŝƚŽƌĞƐ Ğ ƉĂƌƚŝĐŝƉĂ ĂƐ ŽĐŽƌƌġŶĐŝĂƐ͖ ĂƌƌƵŵĂ Ğ ĐŽŶƐĞƌǀĂ ĂƐ
ĞƐƉĠĐŝĞƐ ďŝďůŝŽŐƌĄĨŝĐĂƐ͖ ĂďƌĞ͕ ĐĂƌŝŵďĂ Ğ ƐĞůĂ ĂƐ ĞƐƉĠĐŝĞƐ͖ ĐŽůĂ ĞdžͲůşďƌŝƐ Ğ ĐŽƚĂƐ͖
ŶƵŵĞƌĂƐĞŶŚĂƐĞĐĂƌƚƁĞƐĚĞůĞŝƚƵƌĂ͘
ƌĞĂ ĚĞ ^ĞƌǀŝĕŽƐ ƵdžŝůŝĂƌĞƐ ĚĞ DƵƐĞŽŐƌĂĨŝĂ Ͳ ĨĞƚƵĂ ƚƌĂďĂůŚŽƐ ĂƵdžŝůŝĂƌĞƐ ŶŽ
ƚƌĂƚĂŵĞŶƚŽ Ğ ĐŽŶƐĞƌǀĂĕĆŽ ĚĞ ŽďƌĂƐ ĚĞ ĂƌƚĞ Ğ ŵŽŶƚĂŐĞŵ ĚĞ ƐĂůĂƐ ĚĞ ĞdžƉŽƐŝĕĆŽ͖
ǀŝŐŝĂ ƉĞĕĂƐ Ğŵ ĞdžƉŽƐŝĕĆŽ͕ ĨĂnj Ž ƉƌŝŵĞŝƌŽ ĂƚĞŶĚŝŵĞŶƚŽ ĚŽ ƉƷďůŝĐŽ Ğ ĐŽŶƚƌŽůĂ Ă
ƐƵĂ ǀŝƐƚĂ͖ ĂƐƐƵŵĞ Ă ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞ ƉĞůĂ ůŝŵƉĞnjĂ Ğ ďŽĂ ĐŽŶƐĞƌǀĂĕĆŽ ĚŽ
ŵƵƐĞƵ͘
Z&KZDK
D/ͬKh
WZK&/^^/KE>
KhWK^
ŽŶƚƌĂƚŽĚĞdƌĂďĂůŚŽĞŵ&ƵŶĕƁĞƐ
EK
EŽŵĞĂĕĆŽ
ŽŵŝƐƐĆŽ KhWK^
WƷďůŝĐĂƐ
ĚĞ^ĞƌǀŝĕŽ
dĞŵƉŽ
dĞƌŵŽZĞƐŽůƵƚŝǀŽ
ĞĨŝŶŝƚŝǀĂ
/ŶĚĞƚĞƌŵŝŶĂĚŽ
ĞƌƚŽ
dKd>
ƐĐŽůĂƌŝĚĂĚĞŽďƌŝŐĂƚſƌŝĂ
ϳϮ
Ϭ
ϱ
ϳϳ
ƐĐŽůĂƌŝĚĂĚĞŽďƌŝŐĂƚſƌŝĂ
ϭ
Ϭ
Ϯ
ϯ
ƐĐŽůĂƌŝĚĂĚĞŽďƌŝŐĂƚſƌŝĂ
ϯ
Ϭ
ϭ
ϰ
WĄŐŝŶĂϮϱĚĞϯϰ
DWW^^K>KDhE/1W/Ks/>EKs&D>/K
EKϮϬϭϰ
WK^dK^dZ>,K
Z'K^ͬ
ZZ/Z^ͬ
d'KZ/^
dZ/h/O^ͬKDWdE/^ͬd/s/^
ƌĞĂ ĚĞ ^ĞƌǀŝĕŽƐ ƵdžŝůŝĂƌĞƐ ĚĞ dƵƌŝƐŵŽ Ͳ WƌŽĐĞĚĞ ă ĂďĞƌƚƵƌĂ Ğ ĞŶĐĞƌƌĂŵĞŶƚŽ
ĚŽƐ ƉŽƐƚŽƐ ĚĞ ƚƵƌŝƐŵŽ͖ ƉƌĞƐƚĂ ŝŶĨŽƌŵĂĕƁĞƐ ƐŽůŝĐŝƚĂĚĂƐ ƉĞůŽƐ ƵƚĞŶƚĞƐ͖ njĞůĂ ƉĞůŽ
ĞƋƵŝƉĂŵĞŶƚŽ Ğ ŵĂƚĞƌŝĂů ĚĞ ƚƵƌŝƐŵŽ ĞdžŝƐƚĞŶƚĞ͖ ĞŶƚƌĞŐĂ ĚŽĐƵŵĞŶƚŽƐ͕ ŵĞŶƐĂŐĞŶƐ
Ğ ŽďũĞƚŽƐ ŝŶĞƌĞŶƚĞƐ ĂŽ ƐĞƌǀŝĕŽ͖ ĞƐƚĂŵƉŝůŚĂ ŽƵ ĞŶƚƌĞŐĂ ĐŽƌƌĞƐƉŽŶĚġŶĐŝĂ͖ ŽƉĞƌĂ
ĐŽŵƉůĞŵĞŶƚĂƌŵĞŶƚĞ ĐŽŵ ŵĄƋƵŝŶĂƐ ĂƵdžŝůŝĂƌĞƐ ĚĞ ƐĞĐƌĞƚĂƌŝĂ Ğ ƉĂƌƚŝĐŝƉĂ
ƐƵƉĞƌŝŽƌŵĞŶƚĞĂƐŽĐŽƌƌġŶĐŝĂƐǀĞƌŝĨŝĐĂĚĂƐŶŽƐĞƌǀŝĕŽ͘
Z&KZDK
D/ͬKh
WZK&/^^/KE>
KhWK^
ŽŶƚƌĂƚŽĚĞdƌĂďĂůŚŽĞŵ&ƵŶĕƁĞƐ
EK
EŽŵĞĂĕĆŽ
ŽŵŝƐƐĆŽ KhWK^
WƷďůŝĐĂƐ
ĚĞ^ĞƌǀŝĕŽ
dĞŵƉŽ
dĞƌŵŽZĞƐŽůƵƚŝǀŽ
ĞĨŝŶŝƚŝǀĂ
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ĞƌƚŽ
dKd>
ƐĐŽůĂƌŝĚĂĚĞŽďƌŝŐĂƚſƌŝĂ
ϰ
Ϭ
ϭ
ϱ
ƐĐŽůĂƌŝĚĂĚĞŽďƌŝŐĂƚſƌŝĂ
Ϭ
Ϭ
ϭ
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^^/^dEdKWZ/KE>
ƌĞĂ ĚĞ ^ĞƌǀŝĕŽƐ ĚĞ dĞůĞĨŽŶĞ Ͳ ƐƚĂďĞůĞĐĞ ůŝŐĂĕƁĞƐ ƚĞůĞĨſŶŝĐĂƐ ƉĂƌĂ Ž ĞdžƚĞƌŝŽƌ Ğ
ƚƌĂŶƐŵŝƚĞ ĂŽƐ ƚĞůĞĨŽŶĞƐ ŝŶƚĞƌŶŽƐ ĐŚĂŵĂĚĂƐ ƌĞĐĞďŝĚĂƐ͖ ƉƌĞƐƚĂ ŝŶĨŽƌŵĂĕƁĞƐ͕
ĚĞŶƚƌŽ ĚŽ ƐĞƵ ąŵďŝƚŽ͖ ƌĞŐŝƐƚĂ Ž ŵŽǀŝŵĞŶƚŽ ĚĞ ĐŚĂŵĂĚĂƐ Ğ ĂŶŽƚĂ͕ ƐĞŵƉƌĞ ƋƵĞ
ŶĞĐĞƐƐĄƌŝŽ͕ ĂƐ ŵĞŶƐĂŐĞŶƐ ƋƵĞ ƌĞƐƉĞŝƚĞŵ Ă ĂƐƐƵŶƚŽƐ ĚĞ ƐĞƌǀŝĕŽ Ğ ƚƌĂŶƐŵŝƚĞͲĂƐ
ƉŽƌ ĞƐĐƌŝƚŽ ŽƵ ŽƌĂůŵĞŶƚĞ͖ njĞůĂ ƉĞůĂ ĐŽŶƐĞƌǀĂĕĆŽ ĚŽ ŵĂƚĞƌŝĂů ă ƐƵĂ ŐƵĂƌĚĂ
ƉĂƌƚŝĐŝƉĂŶĚŽĂƐĂǀĂƌŝĂƐ͘
ƐĐŽůĂƌŝĚĂĚĞŽďƌŝŐĂƚſƌŝĂ
ϭ
Ϭ
Ϯ
ϯ
^^/^dEdKWZ/KE>
ƌĞĂ ĚĞ ^ĞƌǀŝĕŽƐ ĚĞ ZĞƉƌŽŐƌĂĨŝĂ Ͳ WƌŽĐĞĚĞ ă ƌĞƉƌŽĚƵĕĆŽ ĚĞ ĚŽĐƵŵĞŶƚŽƐ
ĞƐĐƌŝƚŽƐ ŽƵ ĚĞƐĞŶŚĂĚŽƐ͕ ŽƉĞƌĂŶĚŽ ĐŽŵ ŵĄƋƵŝŶĂƐ ŚĞůŝŽŐƌĄĨŝĐĂƐ͕ ĨŽƚŽĐŽƉŝĂĚŽƌĂƐ
ŽƵ ĚƵƉůŝĐĂĚŽƌĂƐ ĚĞ ŵĞĐąŶŝĐĂ ƐŝŵƉůĞƐ͖ ĞĨĞƚƵĂ ƉĞƋƵĞŶŽƐ ĂĐĂďĂŵĞŶƚŽƐ ƌĞůĂƚŝǀŽƐ
ă ŵĞƐŵĂ ƌĞƉƌŽĚƵĕĆŽ͕ ƚĂŝƐ ĐŽŵŽ ĂůĕĂƌ͕ ĂŐƌĂĨĂƌ Ğ ĞŶĐĂĚĞƌŶĂƌ͖ ƌĞŐŝƐƚĂ Ž
ŵŽǀŝŵĞŶƚŽĚĞƌĞƉƌŽŐƌĂĨŝĂ͖ĐƵŝĚĂĚĂŵĂŶƵƚĞŶĕĆŽĚŽĞƋƵŝƉĂŵĞŶƚŽĂƐĞƵĐĂƌŐŽ͘
ƐĐŽůĂƌŝĚĂĚĞŽďƌŝŐĂƚſƌŝĂ
ϯ
Ϭ
ϭ
ϰ
^^/^dEdKWZ/KE>
ƌĞĂ ĚĞ ^ĞƌǀŝĕŽƐ ƵdžŝůŝĂƌĞƐ ĚĞ ZĞŐŝƐƚŽ Ͳ sĞƌŝĨŝĐĂ Ğ ƌĞŐŝƐƚĂ Ă ĂƐƐŝĚƵŝĚĂĚĞ ĚŽ
ƉĞƐƐŽĂů ĂŽ ƐĞƌǀŝĕŽ͕ ĐĂůĐƵůĂ ŽƐ ƚĞŵƉŽƐ ĚĞĚŝĐĂĚŽƐ ă ĞdžĞĐƵĕĆŽ ĚĞ ĚĞƚĞƌŵŝŶĂĚĂ
ŽďƌĂ ŽƵ ƚĂƌĞĨĂ ĐŽŵ ǀŝƐƚĂ ĂŽ ƉĂŐĂŵĞŶƚŽ ĚĞ ƐĂůĄƌŝŽƐ ŽƵ ŽƵƚƌĂƐ ƌĞŵƵŶĞƌĂĕƁĞƐ Ğ
ĞdžĞĐƵƚĂƉĞƋƵĞŶĂƐƚĂƌĞĨĂƐĚĞąŵďŝƚŽĂĚŵŝŶŝƐƚƌĂƚŝǀŽ͘
ƐĐŽůĂƌŝĚĂĚĞŽďƌŝŐĂƚſƌŝĂ
ϰ
Ϭ
Ϭ
ϰ
^^/^dEdKWZ/KE>
^^/^dEdKWZ/KE>
ƌĞĂ ĚĞ ^ĞƌǀŝĕŽƐ ƵdžŝůŝĂƌĞƐ ĚĞ ĂŵƉŝƐŵŽ Ͳ sŝŐŝĂ Ğ njĞůĂ ƉĞůĂ ƐĞŐƵƌĂŶĕĂ Ğ
ĐŽŶƐĞƌǀĂĕĆŽ ĚĂƐ ŝŶƐƚĂůĂĕƁĞƐ ĚŽ ƉĂƌƋƵĞ ĚĞ ĐĂŵƉŝƐŵŽ͕ ĐŽŶƚƌŽůĂ Ă ĞŶƚƌĂĚĂ Ğ
ƐĂŝĚĂ ĚĞ ƉĞƐƐŽĂƐ͕ ǀĞŝĐƵůŽƐ Ğ ĂŶŝŵĂŝƐ͖ ƉƌŽĐĞĚĞ ă ǀĞŶĚĂ ĚĞ ƐĞŶŚĂƐ ƉĂƌĂ Ă
ƵƚŝůŝnjĂĕĆŽĚĂƐŝŶƐƚĂůĂĕƁĞƐ͖ĞĨĞĐƚƵĂŽƌĞŐŝƐƚŽĚĞƵƚŝůŝnjĂĚŽƌĞƐĚŽƉĂƌƋƵĞ͘
WĄŐŝŶĂϮϲĚĞϯϰ
DWW^^K>KDhE/1W/Ks/>EKs&D>/K
EKϮϬϭϰ
WK^dK^dZ>,K
Z'K^ͬ
ZZ/Z^ͬ
d'KZ/^
dZ/h/O^ͬKDWdE/^ͬd/s/^
Z&KZDK
D/ͬKh
WZK&/^^/KE>
^^/^dEdKWZ/KE>
ƌĞĂ ĚĞ ŽďƌĂŶĕĂ ĚĞ ŽŶƐƵŵŽƐ Ͳ >ġ Ğŵ ĐŽŶƚĂĚŽƌĞƐ ŶĂƐ ĐĂƐĂƐ ĚŽƐ
ĐŽŶƐƵŵŝĚŽƌĞƐ ŽƐ ŶƷŵĞƌŽƐ ƌĞůĂƚŝǀŽƐ ĂŽƐ ŐĂƐƚŽƐ ĚĞ ĄŐƵĂ͕ ĞůĞƚƌŝĐŝĚĂĚĞ ŽƵ ŐĄƐ͕
ĂŶŽƚĂͲŽƐ Ğŵ ůŝǀƌŽƐ ĂƉƌŽƉƌŝĂĚŽƐ Ğ ƌĞĐĞďĞ ĂƐ ǀĞƌďĂƐ ĐŽŶƐƚĂŶƚĞƐ ĚŽƐ ƌĞĐŝďŽƐ
ĐŽƌƌĞƐƉŽŶĚĞŶƚĞƐĂŽƐŐĂƐƚŽƐĂŶƚĞƌŝŽƌĞƐ͘
ƐĐŽůĂƌŝĚĂĚĞŽďƌŝŐĂƚſƌŝĂ
ϲ
Ϭ
Ϯ
ϴ
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ƌĞĂ ĚĞ ƌŵĂnjĠŵ Ͳ ZĞĐĞďĞ͕ ĂƌŵĂnjĞŶĂ Ğ ĨŽƌŶĞĐĞ͕ ĐŽŶƚƌĂ ƌĞƋƵŝƐŝĕĆŽ͕ ŵĂƚĠƌŝĂƐͲ
ƉƌŝŵĂƐ͕ ĨĞƌƌĂŵĞŶƚĂƐ͕ ĂĐĞƐƐſƌŝŽƐ Ğ ŵĂƚĞƌŝĂŝƐ ĚŝǀĞƌƐŽƐ͖ ĞƐĐƌŝƚƵƌĂ ĂƐ ĞŶƚƌĂĚĂƐ Ğ
ƐĂşĚĂƐ ĚŽƐ ŵĂƚĞƌŝĂŝƐ Ğŵ ĨŝĐŚĂƐ ƉƌſƉƌŝĂƐ͖ ĚĞƚĞƌŵŝŶĂ ŽƐ ƐĂůĚŽƐ Ğ ƌĞŐŝƐƚĂͲŽƐ Ğ
ĞŶǀŝĂ ƉĞƌŝŽĚŝĐĂŵĞŶƚĞ ĂŽƐ ƐĞƌǀŝĕŽƐ ĐŽŵƉĞƚĞŶƚĞƐ ƚŽĚĂ Ă ĚŽĐƵŵĞŶƚĂĕĆŽ
ŶĞĐĞƐƐĄƌŝĂ ă ĐŽŶƚĂďŝůŝnjĂĕĆŽ ĚĂƐ ŽƉĞƌĂĕƁĞƐ ƐƵďƐĞƋƵĞŶƚĞƐ͖ njĞůĂ ƉĞůĂƐ ďŽĂƐ
ĐŽŶĚŝĕƁĞƐ ĚĞ ĂƌŵĂnjĞŶĂŐĞŵ ĚŽƐ ŵĂƚĞƌŝĂŝƐ Ğ ĂƌƌƵŵĂͲŽƐ Ğ ƌĞƚŝƌĂͲŽƐ ƉĂƌĂ
ĨŽƌŶĞĐŝŵĞŶƚŽ͘
ƐĐŽůĂƌŝĚĂĚĞŽďƌŝŐĂƚſƌŝĂ
Ϯ
Ϭ
ϭ
ϯ
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ƌĞĂ ĚĞ DĞƌĐĂĚŽƐ Ğ &ĞŝƌĂƐ Ͳ ZĞĐĞďĞ͕ ĂƌƌƵŵĂ͕ ĞŶƚƌĞŐĂ Ğ ĐŽŶƚƌŽůĂ ƚŽĚŽƐ ŽƐ ďĞŶƐ
ĚĞ ĞƋƵŝƉĂŵĞŶƚŽ ĂĨĞƚŽƐ ĂŽƐ ŵĞƌĐĂĚŽƐ Ğ ĨĞŝƌĂƐ͕ ŽďƐĞƌǀĂŶĚŽ Ž ĐƵŵƉƌŝŵĞŶƚŽ ĚĂƐ
ĨƵŶĕƁĞƐĂƚƌŝďƵşĚĂƐƉĞůŽƐƌĞŐƵůĂŵĞŶƚŽƐĚŽƐŵĞƌĐĂĚŽƐĞĨĞŝƌĂƐ͘
ƐĐŽůĂƌŝĚĂĚĞŽďƌŝŐĂƚſƌŝĂ
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Ϭ
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ϯ
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ƌĞĂ ĚĞ ŽŵĠƌĐŝŽ ĚĞ ŝůŚĞƚĞƐ Ͳ WƌŽĐĞĚĞ ĂŽ ĂƌƌƵŵŽ ĚĂ ĐŽůĞĕĆŽ ĚĞ ďŝůŚĞƚĞƐ Ğ ă
ĞŶƚƌĞŐĂ͕ ŵĞĚŝĂŶƚĞ Ă ƉĞƌĐĞĕĆŽ ĚŽ ƉƌĞĕŽ͕ ĚĞ ďŝůŚĞƚĞƐ ĚĞ ĂĐĞƐƐŽ Ă ĞƐƉĞƚĄĐƵůŽƐ ĚĞ
ƚĞĂƚƌŽ͕ ĐŝŶĞŵĂ ŽƵ ŽƵƚƌĂƐ ŝŶƐƚĂůĂĕƁĞƐ ŵƵŶŝĐŝƉĂŝƐ ŽƵ ŽƵƚƌĂƐ ĂƚŝǀŝĚĂĚĞƐ
ƌĞĐƌĞĂƚŝǀĂƐ ƉƌŽŵŽǀŝĚĂƐ ƉĞůŽ ŵƵŶŝĐşƉŝŽ͖ Ġ ƌĞƐƉŽŶƐĄǀĞů ƉĞůĂ ƌĞĐĞŝƚĂ ĂƚĠ ă ƐƵĂ
ĞŶƚƌĞŐĂ͘
ƐĐŽůĂƌŝĚĂĚĞŽďƌŝŐĂƚſƌŝĂ
ϯ
Ϭ
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ϯ
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ƌĞĂ ĚĞ ^ĞƌǀŝĕŽƐ ĚĞ ŽnjŝŶŚĂ Ͳ ŽŶĨĞĐŝŽŶĂ ƌĞĨĞŝĕƁĞƐ͕ ĚŽĐĞƐ Ğ ƉĂƐƚĞůĂƌŝĂ͖ ƉƌĞƉĂƌĂ
Ğ ŐƵĂƌŶĞĐĞ ƉƌĂƚŽƐ Ğ ƚƌĂǀĞƐƐĂƐ͖ ĞůĂďŽƌĂ ĞŵĞŶƚĂƐ ĚĞ ƌĞĨĞŝĕƁĞƐ͖ ĞĨĞƚƵĂ ƚƌĂďĂůŚŽƐ
ĚĞ ĞƐĐŽůŚĂ͕ ƉĞƐĂŐĞŵ Ğ ƉƌĞƉĂƌĂĕĆŽ ĚĞ ŐĠŶĞƌŽƐ Ă ĐŽŶĨĞĐŝŽŶĂƌ͖ ŽƌŝĞŶƚĂ Ğ ĐŽůĂďŽƌĂ
ŶŽƐ ƚƌĂďĂůŚŽƐ ĚĞ ůŝŵƉĞnjĂ Ğ ĂƌƌƵŵŽ ĚĂƐ ůŽŝĕĂƐ͖ ƵƚĞŶƐşůŝŽƐ Ğ ĞƋƵŝƉĂŵĞŶƚŽ ĚĞ
ĐŽnjŝŶŚĂ͖ ŽƌŝĞŶƚĂ Ğ͕ ĞǀĞŶƚƵĂůŵĞŶƚĞ͕ ĐŽůĂďŽƌĂ ŶĂ ůŝŵƉĞnjĂ ĚĂ ĐŽnjŝŶŚĂ Ğ njŽŶĂƐ
ĂŶĞdžĂƐ͘
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ƌĞĂ ĚĞ ^ĞƌǀŝĕŽƐ ĚĞ sŝŐŝůąŶĐŝĂ ŶĂƐ WŝƐĐŝŶĂƐ Ͳ WƌĞƐƚĂ ƐŽĐŽƌƌŽ Ă ƉĞƐƐŽĂƐ Ğŵ
ƐĐŽůĂƌŝĚĂĚĞŽďƌŝŐĂƚſƌŝĂĞĂƌƚĂ
ĚŝĨŝĐƵůĚĂĚĞƐ ŽƵ Ğŵ ƌŝƐĐŽ ĚĞ ƐĞ ĂĨŽŐĂƌĞŵ͖ ĂĚŵŝŶŝƐƚƌĂ ŽƐ ƉƌŝŵĞŝƌŽƐ ĐƵŝĚĂĚŽƐ͕
ĚĞEĂĚĂĚŽƌ^ĂůǀĂĚŽƌ
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ƌĞĂ ĚĞ ^ĞƌǀŝĕŽƐ ĚĞ sŝŐŝůąŶĐŝĂ ĚĞ :ĂƌĚŝŶƐ Ğ WĂƌƋƵĞƐ /ŶĨĂŶƚŝƐ Ͳ džĞƌĐĞ Ă ǀŝŐŝůąŶĐŝĂ
ŶŽƐ ũĂƌĚŝŶƐ Ğ ƉĂƌƋƵĞƐ ŝŶĨĂŶƚŝƐ͕ ƐĞŶĚŽ ƌĞƐƉŽŶƐĄǀĞů ƉĞůŽƐ ďĞŶƐ Ğ ĞƋƵŝƉĂŵĞŶƚŽƐ͖
ĐƵŝĚĂĚŽƐƵƚŝůŝnjĂĚŽƌĞƐĚĞŵĞŶŽƌŝĚĂĚĞ͖ƉĂƌƚŝĐŝƉĂƐƵƉĞƌŝŽƌŵĞŶƚĞĂƐŽĐŽƌƌġŶĐŝĂƐ͘
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Ϭ
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ƌĞĂ ĚĞ ^ĞƌǀŝĕŽƐ ĚĞ ĞŵŝƚĠƌŝŽ Ͳ WƌŽĐĞĚĞ ă ĂďĞƌƚƵƌĂ Ğ ĂƚĞƌƌŽ ĚĞ ƐĞƉƵůƚƵƌĂƐ͕ ĂŽ
ĚĞƉſƐŝƚŽ Ğ ĂŽ ůĞǀĂŶƚĂŵĞŶƚŽ ĚŽƐ ƌĞƐƚŽƐ ŵŽƌƚĂŝƐ͖ ĐƵŝĚĂ ĚŽ ƐĞƚŽƌ ĚŽ ĐĞŵŝƚĠƌŝŽ
ƋƵĞůŚĞĞƐƚĄĚŝƐƚƌŝďƵşĚŽ͘
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ƌĞĂ ĚĞ ŽŶĚƵĕĆŽ ĚĞ WĞƐĂĚŽƐ Ͳ ŽŶĚƵnj ǀĞşĐƵůŽƐ ĚĞ ĞůĞǀĂĚĂ ƚŽŶĞůĂŐĞŵ ƋƵĞ
ĨƵŶĐŝŽŶĂŵ ĐŽŵŽ ŵŽƚŽƌĞƐ Ă ŐĂƐŽůŝŶĂ ŽƵ Ă ĚŝĞƐĞů͖ ĐŽůŽĐĂ Ž ǀĞşĐƵůŽ Ğŵ
ĨƵŶĐŝŽŶĂŵĞŶƚŽ ĂĐŝŽŶĂŶĚŽ Ă ŝŐŶŝĕĆŽ͖ ĚŝƌŝŐĞͲŽ ŵĂŶŽďƌĂŶĚŽ Ž ǀŽůĂŶƚĞ͕
ĞŶŐƌĞŶĂŶĚŽ ĂƐ ŵƵĚĂŶĕĂƐ Ğ ĂĐŝŽŶĂŶĚŽ Ž ƚƌĂǀĆŽ ƋƵĂŶĚŽ ŶĞĐĞƐƐĄƌŝŽ͖ ĨĂnj ĂƐ
ŵĂŶŽďƌĂƐ Ğ ŽƐ ƐŝŶĂŝƐ ůƵŵŝŶŽƐŽƐ ŶĞĐĞƐƐĄƌŝŽƐ ă ĐŝƌĐƵůĂĕĆŽ͕ ƚĞŶĚŽ Ğŵ ĂƚĞŶĕĆŽ Ž
ĞƐƚĂĚŽ ĚĂ ǀŝĂ͕ Ă ƉŽƚġŶĐŝĂ Ğ Ž ĞƐƚĂĚŽ ĚŽ ǀĞşĐƵůŽ͕ Ă ůĞŐŝƐůĂĕĆŽ Ğŵ ǀŝŐŽƌ͕ Ă
ĐŝƌĐƵůĂĕĆŽ ĚĞ ŽƵƚƌĂƐ ǀŝĂƚƵƌĂƐ Ğ ƉĞƁĞƐ Ğ ĂƐ ƐŝŶĂůŝnjĂĕƁĞƐ ĚĞ ƚƌąŶƐŝƚŽ Ğ ĚŽƐ ĂŐĞŶƚĞƐ
ĚĞ ƉŽůşĐŝĂ͖ ĂĐŝŽŶĂ ŽƐ ŵĞĐĂŶŝƐŵŽƐ ŶĞĐĞƐƐĄƌŝŽƐ ƉĂƌĂ Ă ĚĞƐĐĂƌŐĂ ĚĞ ŵĂƚĞƌŝĂŝƐ͕
ƉŽĚĞŶĚŽ͕ ƋƵĂŶĚŽ ĞƐƚĞ ƐĞƌǀŝĕŽ Ġ ĨĞŝƚŽ ŵĂŶƵĂůŵĞŶƚĞ͕ ƉƌĞƐƚĂƌ ĐŽůĂďŽƌĂĕĆŽ͖
ĂƐƐĞŐƵƌĂ Ă ŵĂŶƵƚĞŶĕĆŽ ĚŽ ǀĞşĐƵůŽ͕ ĐƵŝĚĂŶĚŽ ĚĂ ƐƵĂ ůŝŵƉĞnjĂ Ğ ůƵďƌŝĨŝĐĂĕĆŽ͖
ĂďĂƐƚĞĐĞ Ă ǀŝĂƚƵƌĂ ĚĞ ĐŽŵďƵƐƚşǀĞů͕ ƉŽƐƐƵŝŶĚŽ ƉĂƌĂ Ž ĞĨĞŝƚŽ Ƶŵ ůŝǀƌŽ ĚĞ
ƌĞƋƵŝƐŝĕƁĞƐ͕ ĐƵũŽ ŽƌŝŐŝŶĂů ƉƌĞĞŶĐŚĞ Ğ ĞŶƚƌĞŐĂ ŶŽ ƉŽƐƚŽ ĚĞ ĂďĂƐƚĞĐŝŵĞŶƚŽ͖
ĞdžĞĐƵƚĂ ƉĞƋƵĞŶĂƐ ƌĞƉĂƌĂĕƁĞƐ͕ ƚŽŵĂŶĚŽ͕ Ğŵ ĐĂƐŽ ĚĞ ĂǀĂƌŝĂƐ ŵĂŝŽƌĞƐ ŽƵ
ĂĐŝĚĞŶƚĞƐ͕ ĂƐ ƉƌŽǀŝĚġŶĐŝĂƐ ŶĞĐĞƐƐĄƌŝĂƐ ĐŽŵ ǀŝƐƚĂ ă ƌĞŐƵůĂƌŝnjĂĕĆŽ ĚĞƐƐĂƐ
ƐŝƚƵĂĕƁĞƐ͖ ƉĂƌĂ ĞƐƚĞ ĞĨĞŝƚŽ ĂƉƌĞƐĞŶƚĂ ƵŵĂ ƉĂƌƚŝĐŝƉĂĕĆŽ ĚĂ ŽĐŽƌƌġŶĐŝĂ ŶŽ ƐĞĐƚŽƌ
ĚĞ ƚƌĂŶƐƉŽƌƚĞƐ͖ ƉƌĞĞŶĐŚĞ Ğ ĞŶƚƌĞŐĂ ĚŝĂƌŝĂŵĞŶƚĞ ŶŽ ƐĞĐƚŽƌ ĚĞ ƚƌĂŶƐƉŽƌƚĞƐ Ž
ďŽůĞƚŝŵ ĚŝĄƌŝŽ ĚĂ ǀŝĂƚƵƌĂ͕ ŵĞŶĐŝŽŶĂŶĚŽ Ž ƚŝƉŽ ĚĞ ƐĞƌǀŝĕŽ͕ ƋƵŝůſŵĞƚƌŽƐ
ĞĨĞƚƵĂĚŽƐ Ğ ĐŽŵďƵƐƚşǀĞů ŝŶƚƌŽĚƵnjŝĚŽ͖ ĐŽůĂďŽƌĂ͕ ƋƵĂŶĚŽ ŶĞĐĞƐƐĄƌŝŽ͕ ŶĂƐ
ŽƉĞƌĂĕƁĞƐĚĞĐĂƌŐĂĞĚĞƐĐĂƌŐĂ͖ĐŽŶĚƵnj͕ĞǀĞŶƚƵĂůŵĞŶƚĞ͕ǀŝĂƚƵƌĂƐůŝŐĞŝƌĂƐ͘
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ƌĞĂ ĚĞ ŽŶĚƵĕĆŽ ĚĞ dƌĂŶƐƉŽƌƚĞƐ ŽůĞƚŝǀŽƐ Ͳ ŽŶĚƵnj ĂƵƚŽĐĂƌƌŽƐ ƉĂƌĂ
ƚƌĂŶƐƉŽƌƚĞ ĚĞ ƉĂƐƐĂŐĞŝƌŽƐ͕ ƚĞŶĚŽ Ğŵ ĂƚĞŶĕĆŽ Ă ĐŽŵŽĚŝĚĂĚĞ Ğ ƐĞŐƵƌĂŶĕĂ ĚĂƐ
ƉĞƐƐŽĂƐ͖ ƉƁĞ Ž ĂƵƚŽĐĂƌƌŽ Ğŵ ĨƵŶĐŝŽŶĂŵĞŶƚŽ ĂĐŝŽŶĂŶĚŽ Ă ŝŐŶŝĕĆŽ͕ ĚŝƌŝŐŝŶĚŽͲŽ͕
ŵĂŶŽďƌĂŶĚŽ Ž ǀŽůĂŶƚĞ͕ ĞŶŐƌĞŶĂŶĚŽ ĂƐ ŵƵĚĂŶĕĂƐ Ğ ĂĐŝŽŶĂŶĚŽ Ž ƚƌĂǀĆŽ ƋƵĂŶĚŽ
ŶĞĐĞƐƐĄƌŝŽ͖ ĨĂnj ĂƐ ŵƵĚĂŶĕĂƐ Ğ ŽƐ ƐŝŶĂŝƐ ůƵŵŝŶŽƐŽƐ ŶĞĐĞƐƐĄƌŝŽƐ ă ĐŝƌĐƵůĂĕĆŽ͕
ƚĞŶĚŽ Ğŵ ĂƚĞŶĕĆŽ Ž ĞƐƚĂĚŽ ĚĂ ǀŝĂ͕ Ă ƉŽƚġŶĐŝĂ Ğ Ž ĞƐƚĂĚŽ ĚŽ ǀĞşĐƵůŽ͕ Ă
ůĞŐŝƐůĂĕĆŽ Ğŵ ǀŝŐŽƌ͕ Ă ĐŝƌĐƵůĂĕĆŽ ĚĞ ŽƵƚƌĂƐ ǀŝĂƚƵƌĂƐ Ğ ƉĞƁĞƐ Ğ ĂƐ ƐŝŶĂůŝnjĂĕƁĞƐ ĚĞ
ƚƌąŶƐŝƚŽ Ğ ĚŽƐ ĂŐĞŶƚĞƐ ĚĞ ƉŽůşĐŝĂ͖ ƌĞŐƵůĂ Ă ǀĞůŽĐŝĚĂĚĞ ĚŽ ǀĞşĐƵůŽ͕ ĂƐ ƌĞŐƌĂƐ ĚĞ
ƚƌąŶƐŝƚŽ Ğ Ă ĐŽŵŽĚŝĚĂĚĞ Ğ ƐĞŐƵƌĂŶĕĂ ĚŽƐ ƉĂƐƐĂŐĞŝƌŽƐ͖ ƉĄƌĂ ŽƐ ĂƵƚŽĐĂƌƌŽƐ͕
ƐĞŐƵŶĚŽ ŝŶĚŝĐĂĕĆŽ ƐŽŶŽƌĂ ĚĞ ĚĞŶƚƌŽ ĚŽ ǀĞşĐƵůŽ ŽƵ ƉŽƌ ŽďƐĞƌǀĂĕĆŽ ĚŽƐ ƐŝŶĂŝƐ
ĨĞŝƚŽƐ ŶĂƐ ƉĂƌĂŐĞŶƐ͕ Ă Ĩŝŵ ĚĞ ƉĞƌŵŝƚŝƌ Ă ĞŶƚƌĂĚĂ Ğ ƐĂşĚĂ ĚĞ ƉĂƐƐĂŐĞŝƌŽƐ͕
ĂƐƐĞŐƵƌĂŶĚŽͲƐĞ ƋƵĞ ƚŽĚŽƐ ŽƐ ƉĂƐƐĂŐĞŝƌŽƐ ƋƵĞ ƚƌĂŶƐƉŽƌƚĂ ĞƐƚĆŽ ĐƌĞĚĞŶĐŝĂĚŽƐ
ƉĂƌĂ Ž ĞĨĞŝƚŽ͖ ƉŽƌ ǀĞnjĞƐ ĐŽůĂďŽƌĂ ŶĂ ĐĂƌŐĂ Ğ ĚĞƐĐĂƌŐĂ ĚĞ ďĂŐĂŐĞŶƐ͖ ŶŽ ĨŝŶĂů ĚĞ
ĐĂĚĂ ĚŝĂ ƉƌŽĐĞĚĞ ă ĂƌƌƵŵĂĕĆŽ ĚĂ ǀŝĂƚƵƌĂ Ğŵ ůŽĐĂů ĚĞƐƚŝŶĂĚŽ ƉĂƌĂ ĞƐƐĞ ĞĨĞŝƚŽ͖
ƌĞĐĞďĞ ĚŝĂƌŝĂŵĞŶƚĞ Ž ƐĞƌǀŝĕŽ ƉĂƌĂ Ž ĚŝĂ ƐĞŐƵŝŶƚĞ͕ ƋƵĞ͕ ƉĂƌĂ ĂůĠŵ ĚĂ ƌŽƚŝŶĂ
ŚĂďŝƚƵĂů ;ŶŽƌŵĂůŵĞŶƚĞ ĐĂĚĂ ŵŽƚŽƌŝƐƚĂ ĨĂnj Ƶŵ ƚƌĂũĞƚŽ ĚĞůŝŵŝƚĂĚŽ Ğŵ ŚŽƌĄƌŝŽƐ
ĚĞĨŝŶŝĚŽƐͿ͕ ƉŽĚĞ͕ Ğŵ ĨƵŶĕĆŽ ĚĂƐ ŶĞĐĞƐƐŝĚĂĚĞƐ ƉŽŶƚƵĂŝƐ ƐƵƌŐŝĚĂƐ͕ ĐŽŵƉƌĞĞŶĚĞƌ
ĚĞƐůŽĐĂĕƁĞƐ ŽƵ ƋƵĂůƋƵĞƌ ŽƵƚƌŽ ƚŝƉŽ ĚĞ ƚĂƌĞĨĂƐ ŶĆŽ ƉƌĞǀŝƐƚĂƐ ŶŽ ƉƌŽŐƌĂŵĂ ĚŝĄƌŝŽ
ƌĞŐƵůĂƌ͖ ĂƐƐĞŐƵƌĂ Ž ďŽŵ ĞƐƚĂĚŽ ĚĞ ĨƵŶĐŝŽŶĂŵĞŶƚŽ ĚĞ ǀĞşĐƵůŽ͕ ƉƌŽĐĞĚĞŶĚŽ ă
ƐƵĂ ůŝŵƉĞnjĂ Ğ njĞůĂŶĚŽ ƉĞůĂ ƐƵĂ ŵĂŶƵƚĞŶĕĆŽ Ğ ůƵďƌŝĨŝĐĂĕĆŽ͖ ĂďĂƐƚĞĐĞ Ă ǀŝĂƚƵƌĂ
ĚĞ ĐŽŵďƵƐƚşǀĞů͕ ƉŽƐƐƵŝŶĚŽ ƉĂƌĂ Ž ĞĨĞŝƚŽ Ƶŵ ůŝǀƌŽ ĚĞ ƌĞƋƵŝƐŝĕƁĞƐ͕ ĐƵũŽ ŽƌŝŐŝŶĂů
ƉƌĞĞŶĐŚĞ Ğ ĞŶƚƌĞŐĂ ŶŽ ƉŽƐƚŽ ĚĞ ĂďĂƐƚĞĐŝŵĞŶƚŽ͖ ƉƌŽĐĞĚĞ Ă ƉĞƋƵĞŶĂƐ
ƌĞƉĂƌĂĕƁĞƐ͕ ƚŽŵĂŶĚŽ͕ Ğŵ ĐĂƐŽ ĚĞ ĂǀĂƌŝĂƐ ŵĂŝŽƌĞƐ ŽƵ ĂĐŝĚĞŶƚĞƐ͕ ĂƐ ƉƌŽǀŝĚġŶĐŝĂƐ
ŶĞĐĞƐƐĄƌŝĂƐ ĐŽŵ ǀŝƐƚĂ ă ƌĞŐƵůĂƌŝnjĂĕĆŽ ĚĞƐƐĂƐ ƐŝƚƵĂĕƁĞƐ͕ ƉĂƌĂ ĞƐƐĞ ĞĨĞŝƚŽ
ĂƉƌĞƐĞŶƚĂ ƵŵĂ ƉĂƌƚŝĐŝƉĂĕĆŽ ĚĂ ŽĐŽƌƌġŶĐŝĂ͕ ĂĐŽŵƉĂŶŚĂŶĚŽ ƉŽƐƚĞƌŝŽƌŵĞŶƚĞ
ũƵŶƚŽ ĚĂƐ ŽĨŝĐŝŶĂƐ ŽƐ ƚƌĂďĂůŚŽƐ ĚĞ ƌĞƉĂƌĂĕĆŽ Ă ĞĨĞƚƵĂƌ͖ ƉƌĞĞŶĐŚĞ Ğ ĞŶƚƌĞŐĂ
ĚŝĂƌŝĂŵĞŶƚĞ Ž ďŽůĞƚŝŵ ĚŝĄƌŝŽ ĚĞ ǀŝĂƚƵƌĂ͕ ŵĞŶĐŝŽŶĂŶĚŽ Ž ƚŝƉŽ ĚĞ ƐĞƌǀŝĕŽ͕
ƋƵŝůſŵĞƚƌŽƐĞĨĞƚƵĂĚŽƐĞĐŽŵďƵƐƚşǀĞůŝŶƚƌŽĚƵnjŝĚŽ͘
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ŵĄƋƵŝŶĂƐ ƉĞƐĂĚĂƐ ĚĞ ŵŽǀŝŵĞŶƚĂĕĆŽ ĚĞ ƚĞƌƌĂƐ ŽƵ ŐƌƵĂƐ ŽƵ ǀĞşĐƵůŽƐ ĚĞƐƚŝŶĂĚŽƐ
ă ůŝŵƉĞnjĂ ƵƌďĂŶĂ ŽƵ ƌĞĐŽůŚĂ ĚĞ ůŝdžŽ͕ ŵĂŶŽďƌĂŶĚŽ ƚĂŵďĠŵ ƐŝƐƚĞŵĂƐ ŚŝĚƌĄƵůŝĐŽƐ
ŽƵ ŵĞĐąŶŝĐŽƐ ĐŽŵƉůĞŵĞŶƚĂƌĞƐ ĚĂƐ ǀŝĂƚƵƌĂƐ͖ njĞůĂ ƉĞůĂ ĐŽŶƐĞƌǀĂĕĆŽ Ğ ůŝŵƉĞnjĂ
ĚĂƐ ǀŝĂƚƵƌĂƐ͖ ǀĞƌŝĨŝĐĂ ĚŝĂƌŝĂŵĞŶƚĞ ŽƐ ŶşǀĞŝƐ ĚĞ ſůĞŽ Ğ ĄŐƵĂ Ğ ĐŽŵƵŶŝĐĂ ĂƐ
ŽĐŽƌƌġŶĐŝĂƐ ŶŽƌŵĂŝƐ ĚĞƚĞƚĂĚĂƐ ŶĂƐ ǀŝĂƚƵƌĂƐ͖ ƉŽĚĞ ĐŽŶĚƵnjŝƌ ŽƵƚƌĂƐ ǀŝĂƚƵƌĂƐ
ůŝŐĞŝƌĂƐŽƵƉĞƐĂĚĂƐ͘
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ďĞŶƐ Ğ ƉĞƐƐŽĂƐ͕ ƚĞŶĚŽ Ğŵ ĂƚĞŶĕĆŽ Ă ƐĞŐƵƌĂŶĕĂ ĚŽƐ ƵƚŝůŝnjĂĚŽƌĞƐ Ğ ĚŽƐ ďĞŶƐ͖
ĐƵŝĚĂ ĚĂ ŵĂŶƵƚĞŶĕĆŽ ĚĂƐ ǀŝĂƚƵƌĂƐ ƋƵĞ ůŚĞ ĨŽƌĞŵ ĚŝƐƚƌŝďƵşĚĂƐ͖ ƌĞĐĞďĞ Ğ ĞŶƚƌĞŐĂ
ĞdžƉĞĚŝĞŶƚĞŽƵĞŶĐŽŵĞŶĚĂƐ͖ƉĂƌƚŝĐŝƉĂƐƵƉĞƌŝŽƌŵĞŶƚĞĂƐĂŶŽŵĂůŝĂƐǀĞƌŝĨŝĐĂĚĂƐ͘
ƐĐŽůĂƌŝĚĂĚĞŽďƌŝŐĂƚſƌŝĂ
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ƌĞĂ ĚĞ ŽŶĚƵĕĆŽ ĚĞ dƌĂƚŽƌĞƐ Ͳ ŽŶĚƵnj Ğ ŵĂŶŽďƌĂ ƚƌĂƚŽƌĞƐ ĐŽŵ ŽƵ ƐĞŵ
ĂƚƌĞůĂĚŽ Ğ ŽƵ ŵĄƋƵŝŶĂƐ ĂŐƌşĐŽůĂƐ ŵŽƚŽƌŝnjĂĚĂƐ͕ ŽƉĞƌĂŶĚŽ ŶŽƌŵĂůŵĞŶƚĞ ŶƵŵĂ
ĄƌĞĂ ƌĞƐƚƌŝƚĂ͖ ƌĞĐĞďĞ ĚŝĂƌŝĂŵĞŶƚĞ ŽƌĚĞŶƐ ƐŽďƌĞ Ž ƐĞƌǀŝĕŽ ĞƐƉĞĐşĨŝĐŽ Ă
ĚĞƐĞŵƉĞŶŚĂƌ͕ ƋƵĞ ƉƌĞĚŽŵŝŶĂŶƚĞŵĞŶƚĞ ĐŽŵƉƌĞĞŶĚĞ Ž ƚƌĂŶƐƉŽƌƚĞ ĚĞ ŵĂƚĞƌŝĂŝƐ
ĚĞ ŽďƌĂƐ Ğŵ ĐƵƌƐŽ͕ ƉŽĚĞŶĚŽ͕ Ğŵ ĂůŐƵŶƐ ĐĂƐŽƐ͕ ĞdžĞĐƵƚĂƌ ŽƵƚƌŽ ƚŝƉŽ ĚĞ ƚĂƌĞĨĂƐ
ŵĂŝƐ ĞƐƉĞĐşĨŝĐĂƐ͕ ŶŽŵĞĂĚĂŵĞŶƚĞ ƋƵĂŶĚŽ ƐĞ ƚƌĂƚĂ ĚĞ ŵĄƋƵŝŶĂƐ ĂŐƌşĐŽůĂƐ͕ ƚĂŝƐ
ĐŽŵŽ ůĂǀƌĂƌ͕ ŐƌĂĚĂƌ͕ ƐĞŵĞĂƌ͕ ĐĞŝĨĂƌ͕ ĚĞďƵůŚĂƌ Ğ ĂƉůŝĐĂƌ ƚƌĂƚĂŵĞŶƚŽƐ
ĨŝƚŽƐƐĂŶŝƚĄƌŝŽƐ͖ ǀĞƌŝĨŝĐĂ͕ ůŝŵƉĂ͕ ĂĨŝŶĂ Ğ ůƵďƌŝĨŝĐĂ Ž ĞƋƵŝƉĂŵĞŶƚŽ͕ ƚĞŶĚŽ Ğŵ ǀŝƐƚĂ Ă
ƐƵĂ ĐŽŶƐĞƌǀĂĕĆŽ Ğ ŵĂŶƵƚĞŶĕĆŽ͖ ĂďĂƐƚĞĐĞ ĚĞ ĐŽŵďƵƐƚşǀĞů ĂƐ ǀŝĂƚƵƌĂƐ͕ ƉŽƐƐƵŝŶĚŽ
ƉĂƌĂ ƚĂů Ƶŵ ůŝǀƌŽ ĚĞ ƌĞƋƵŝƐŝĕƁĞƐ͕ ĐƵũŽ ŽƌŝŐŝŶĂů ƉƌĞĞŶĐŚĞ Ğ ĞŶƚƌĞŐĂ ŶŽƐ ƉŽƐƚŽƐ ĚĞ
ĂďĂƐƚĞĐŝŵĞŶƚŽ͖ ƉƌŽĐĞĚĞ Ă ƉĞƋƵĞŶĂƐ ƌĞƉĂƌĂĕƁĞƐ͕ ƉƌŽǀŝĚĞŶĐŝĂŶĚŽ͕ Ğŵ ĐĂƐŽ ĚĞ
ĂǀĂƌŝĂƐ ŵĂŝŽƌĞƐ͕ Ž ĂƌƌĂŶũŽ ĚĂ ǀŝĂƚƵƌĂ ƋƵĞ ĐŽŶĚƵnj͕ ŶĞƐƚĞ ĐĂƐŽ͕ ďĞŵ ĐŽŵŽ Ğŵ
ƐŝƚƵĂĕƁĞƐ ĚĞ ĞǀĞŶƚƵĂŝƐ ĂĐŝĚĞŶƚĞƐ͕ ƉĂƌƚŝĐŝƉĂ ƐƵƉĞƌŝŽƌŵĞŶƚĞ ĂƐ ĂŶŽŵĂůŝĂƐ
ǀĞƌŝĨŝĐĂĚĂƐ͖ ƉƌŽĐĞĚĞ ă ĂƌƌƵŵĂĕĆŽ ĚĂ ǀŝĂƚƵƌĂ ŶŽ ĨŝŶĂů ĚŽ ƐĞƌǀŝĕŽ͖ ƉƌĞĞŶĐŚĞ Ğ
ĞŶƚƌĞŐĂ ĚŝĂƌŝĂŵĞŶƚĞ Ž ďŽůĞƚŝŵ ĚŝĄƌŝŽ ĚĞ ǀŝĂƚƵƌĂ͕ ŵĞŶĐŝŽŶĂŶĚŽ Ž ƚŝƉŽ ĚĞ
ƐĞƌǀŝĕŽ͕ƋƵŝůſŵĞƚƌŽƐĞĨĞƚƵĂĚŽƐĞĐŽŵďƵƐƚşǀĞůŝŶƚƌŽĚƵnjŝĚŽ͘
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ƌĞĂ ĚĞ ^ĞƌǀŝĕŽƐ ƵdžŝůŝĂƌĞƐ 'ĞƌĂŝƐ Ͳ ƐƐĞŐƵƌĂ Ă ůŝŵƉĞnjĂ Ğ ĐŽŶƐĞƌǀĂĕĆŽ ĚĂƐ
ŝŶƐƚĂůĂĕƁĞƐ͖ ĐŽůĂďŽƌĂ ĞǀĞŶƚƵĂůŵĞŶƚĞ ŶŽƐ ƚƌĂďĂůŚŽƐ ĂƵdžŝůŝĂƌĞƐ ĚĞ ŵŽŶƚĂŐĞŵ͕
ĚĞƐŵŽŶƚĂŐĞŵ Ğ ĐŽŶƐĞƌǀĂĕĆŽ ĚĞ ĞƋƵŝƉĂŵĞŶƚŽƐ͖ ĂƵdžŝůŝĂ Ă ĞdžĞĐƵĕĆŽ ĚĞ ĐĂƌŐĂƐ Ğ
ĚĞƐĐĂƌŐĂƐ͖ ƌĞĂůŝnjĂ ƚĂƌĞĨĂƐ ĚĞ ĂƌƌƵŵĂĕĆŽ Ğ ĚŝƐƚƌŝďƵŝĕĆŽ͖ ĞdžĞĐƵƚĂ ŽƵƚƌĂƐ ƚĂƌĞĨĂƐ
ƐŝŵƉůĞƐ͕ ŶĆŽ ĞƐƉĞĐŝĨŝĐĂĚĂƐ ĚĞ ĐĂƌĄƚĞƌ ŵĂŶƵĂů Ğ ĞdžŝŐŝŶĚŽ ƉƌŝŶĐŝƉĂůŵĞŶƚĞ ĞƐĨŽƌĕŽ
ĨşƐŝĐŽĞĐŽŶŚĞĐŝŵĞŶƚŽƐƉƌĄƚŝĐŽƐ͘
ƐĐŽůĂƌŝĚĂĚĞŽďƌŝŐĂƚſƌŝĂ
ϴϭ
Ϭ
ϭϬ
ϵϭ
^^/^dEdKWZ/KE>
ƌĞĂ ĚĞ ^ĞƌǀŝĕŽƐ ĚĞ >ŝŵƉĞnjĂ ĚĞ ƐƉĂĕŽƐ WƷďůŝĐŽƐ Ͳ WƌŽĐĞĚĞ ă ƌĞŵŽĕĆŽ ĚĞ ůŝdžŽƐ
Ğ ĞƋƵŝƉĂƌĂĚŽƐ͕ ǀĂƌƌĞĚƵƌĂ Ğ ůŝŵƉĞnjĂ ĚĞ ƌƵĂƐ͕ ůŝŵƉĞnjĂ ĚĞ ƐĂƌũĞƚĂƐ͕ ůĂǀĂŐĞŵ͕ ĚĂƐ
ǀŝĂƐƉƷďůŝĐĂƐ͕ůŝŵƉĞnjĂĚĞĐŚĂĨĂƌŝnj͕ƌĞŵŽĕĆŽĚĞůŝdžĞŝƌĂƐĞĞdžƚŝƌƉĂĕĆŽĚĞĞƌǀĂƐ͘
ƐĐŽůĂƌŝĚĂĚĞŽďƌŝŐĂƚſƌŝĂ
ϴϬ
ϭ
ϭϱ
ϵϲ
^^/^dEdKWZ/KE>
ƌĞĂ ĚĞ ^ĞƌǀŝĕŽƐ ĚĞ >ŝŵƉĞnjĂ ĚĞ ŽůĞƚŽƌĞƐ Ͳ džĞĐƵƚĂ ƚƌĂďĂůŚŽƐ ĚĞ ĚĞƐŽďƐƚƌƵĕĆŽ
ĞůŝŵƉĞnjĂĚĞĐŽůĞƚŽƌĞƐ͕ĚĞƐĂƌũĞƚĂƐĞƐĞƵƐƌĂŵĂŝƐĞĚĞůŝŵƉĞnjĂĚĞĨŽƐƐĂƐ͘
ƐĐŽůĂƌŝĚĂĚĞŽďƌŝŐĂƚſƌŝĂ
Ϭ
Ϭ
ϭ
ϭ
^^/^dEdKWZ/KE>
ƌĞĂ ĚĞ ^ĞƌǀŝĕŽƐ ĚĞ EĂƚƵƌĞnjĂ džĞĐƵƚŝǀĂ ĚĞ ůĞǀĂĚĂ ŽŵƉůĞdžŝĚĂĚĞ Ͳ džĞƌĐĞ
ĨƵŶĕƁĞƐ ĚĞ ŶĂƚƵƌĞnjĂ ĞdžĞĐƵƚŝǀĂ͕ ĚĞ ĐĂƌĄƚĞƌ ŵĂŶƵĂů ŽƵ ŵĞĐąŶŝĐŽ͕ ĐŽŵ ĞůĞǀĂĚŽ
ŐƌĂƵ ĚĞ ĐŽŵƉůĞdžŝĚĂĚĞ͕ ĞŶƋƵĂĚƌĂĚĂƐ Ğŵ ŝŶƐƚƌƵĕƁĞƐ ďĞŵ ĚĞĨŝŶŝĚĂƐ͕ ĞdžŝŐŝŶĚŽ
ĨŽƌŵĂĕĆŽ ŵƵŝƚŽ ĞƐƉĞĐŝĂůŝnjĂĚĂ ŶƵŵ ĚĞƚĞƌŵŝŶĂĚŽ ŽĨŝĐŝŽ Ğ ŝŵƉůŝĐĂŶĚŽ
ƉƌĞĚŽŵŝŶĂŶƚĞŵĞŶƚĞƉƌĞĐŝƐĆŽĞƌŝŐŽƌ͘
ƐĐŽůĂƌŝĚĂĚĞŽďƌŝŐĂƚſƌŝĂ
Ϯϲ
Ϭ
ϱ
ϯϭ
^^/^dEdKWZ/KE>
ƌĞĂ ĚĞ ^ĞƌǀŝĕŽƐ ĚĞ EĂƚƵƌĞnjĂ džĞĐƵƚŝǀĂ ĚĞ ŽŵƉůĞdžŝĚĂĚĞ sĂƌŝĄǀĞů Ͳ džĞƌĐĞ
ĨƵŶĕƁĞƐ ĚĞ ŶĂƚƵƌĞnjĂ ĞdžĞĐƵƚŝǀĂ͕ ĚĞ ĐĂƌĄƚĞƌ ŵĂŶƵĂů ŽƵ ŵĞĐąŶŝĐŽ͕ ĐŽŵ ŐƌĂƵƐ ĚĞ
ĐŽŵƉůĞdžŝĚĂĚĞ ǀĂƌŝĄǀĞŝƐ͕ ĞŶƋƵĂĚƌĂĚĂƐ Ğŵ ŝŶƐƚƌƵĕƁĞƐ ŐĞƌĂŝƐ ďĞŵ ĚĞĨŝŶŝĚĂƐ͕
ĞdžŝŐŝŶĚŽ ĨŽƌŵĂĕĆŽ ĞƐƉĞĐşĨŝĐĂ ŶƵŵ ŽĨşĐŝŽ Ğ ŝŵƉůŝĐĂŶĚŽ ŶŽƌŵĂůŵĞŶƚĞ ĞƐĨŽƌĕŽ
ĨşƐŝĐŽ͘
ƐĐŽůĂƌŝĚĂĚĞŽďƌŝŐĂƚſƌŝĂ
ϭϬϯ
Ϭ
ϭϬ
ϭϭϯ
^^/^dEdKWZ/KE>
ƌĞĂ ĚĞ ^ĞƌǀŝĕŽƐ ĚĞ EĂƚƵƌĞnjĂ džĞĐƵƚŝǀĂ ^ŝŵƉůĞƐ Ͳ džĞƌĐĞ ĨƵŶĕƁĞƐ ĚĞ ŶĂƚƵƌĞnjĂ
ĞdžĞĐƵƚŝǀĂ ƐŝŵƉůĞƐ͕ ĚŝǀĞƌƐŝĨŝĐĂĚĂƐ͕ ƚŽƚĂůŵĞŶƚĞ ĚĞƚĞƌŵŝŶĂĚĂƐ͕ ŝŵƉůŝĐĂŶĚŽ
ƉƌĞĚŽŵŝŶĂŶƚĞŵĞŶƚĞ ĞƐĨŽƌĕŽ ĨşƐŝĐŽ Ğ ĞdžŝŐŝŶĚŽ ĐŽŶŚĞĐŝŵĞŶƚŽƐ ĚĞ ŽƌĚĞŵ ƉƌĄƚŝĐĂ
ƐƵƐĐĞƚşǀĞŝƐ ĚĞ ƐĞƌĞŵ ĂƉƌĞŶĚŝĚŽƐ ŶŽ ƉƌſƉƌŝŽ ůŽĐĂů ĚĞ ƚƌĂďĂůŚŽ ŶƵŵ ĐƵƌƚŽ ĞƐƉĂĕŽ
ĚĞƚĞŵƉŽ͘
ƐĐŽůĂƌŝĚĂĚĞŽďƌŝŐĂƚſƌŝĂ
ϯϭ
Ϭ
ϱ
ϯϲ
ϱϰϲ
ϭ
ϭϭϭ
ϲϱϴ
^hdKd>
KhWK^
ŽŶƚƌĂƚŽĚĞdƌĂďĂůŚŽĞŵ&ƵŶĕƁĞƐ
EK
EŽŵĞĂĕĆŽ
ŽŵŝƐƐĆŽ KhWK^
WƷďůŝĐĂƐ
ĚĞ^ĞƌǀŝĕŽ
dĞŵƉŽ
dĞƌŵŽZĞƐŽůƵƚŝǀŽ
ĞĨŝŶŝƚŝǀĂ
/ŶĚĞƚĞƌŵŝŶĂĚŽ
ĞƌƚŽ
Ϭ
Ϭ
dKd>
WĄŐŝŶĂϯϭĚĞϯϰ
DWW^^K>KDhE/1W/Ks/>EKs&D>/K
EKϮϬϭϰ
WK^dK^dZ>,K
Z'K^ͬ
ZZ/Z^ͬ
d'KZ/^
dZ/h/O^ͬKDWdE/^ͬd/s/^
Z&KZDK
D/ͬKh
WZK&/^^/KE>
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ŽŶƚƌĂƚŽĚĞdƌĂďĂůŚŽĞŵ&ƵŶĕƁĞƐ
EK
EŽŵĞĂĕĆŽ
ŽŵŝƐƐĆŽ KhWK^
WƷďůŝĐĂƐ
ĚĞ^ĞƌǀŝĕŽ
dĞŵƉŽ
dĞƌŵŽZĞƐŽůƵƚŝǀŽ
ĞĨŝŶŝƚŝǀĂ
/ŶĚĞƚĞƌŵŝŶĂĚŽ
ĞƌƚŽ
dKd>
&ŝƐĐĂůŝnjĂ Ğ ĨĂnj ĐƵŵƉƌŝƌ ŽƐ ƌĞŐƵůĂŵĞŶƚŽƐ͕ ƉŽƐƚƵƌĂƐ ŵƵŶŝĐŝƉĂŝƐ Ğ ĚĞŵĂŝƐ
ĚŝƐƉŽƐŝƚŝǀŽƐ ůĞŐĂŝƐ ƌĞůĂƚŝǀŽƐ Ă ĄƌĞĂƐ ĚĞ ŽĐƵƉĂĕĆŽ ĚĂ ǀŝĂ ƉƷďůŝĐĂ͕ ƉƵďůŝĐŝĚĂĚĞ͕
ϭϮ͘ǑĂŶŽĚĞĞƐĐŽůĂƌŝĚĂĚĞĞĐƵƌƐŽ
ƚƌąŶƐŝƚŽ͕ ŽďƌĂƐ ƉĂƌƚŝĐƵůĂƌĞƐ͕ ĂďĞƌƚƵƌĂ Ğ ĨƵŶĐŝŽŶĂŵĞŶƚŽ ĚĞ ĞƐƚĂďĞůĞĐŝŵĞŶƚŽƐ
ĞƐƉĞĐşĨŝĐŽŵŝŶŝƐƚƌĂĚŽƉĞůŽ&
ĐŽŵĞƌĐŝĂŝƐ ŽƵ ŝŶĚƵƐƚƌŝĂŝƐ͕ ƉƌĞƐĞƌǀĂĕĆŽ ĚŽ ĂŵďŝĞŶƚĞ ŶĂƚƵƌĂů͕ ĚĞƉŽƐŝĕĆŽ͕
;ĞŶƚƌŽĚĞ
ƌĞŵŽĕĆŽ͕ ƚƌĂŶƐƉŽƌƚĞ͕ ƚƌĂƚĂŵĞŶƚŽ Ğ ĚĞƐƚŝŶŽ ĨŝŶĂů ĚŽƐ ƌĞƐşĚƵŽƐ ƐſůŝĚŽƐ͕ ƉƷďůŝĐŽƐ͕
ƐƚƵĚŽƐĞ&ŽƌŵĂĕĆŽƵƚĄƌƋƵŝĐĂͿ
ĚŽŵĠƐƚŝĐŽƐ Ğ ĐŽŵĞƌĐŝĂŝƐ͕ ƉƌĞƐĞƌǀĂĕĆŽ ĚŽ ƉĂƚƌŝŵſŶŝŽ͕ ƐĞŐƵƌĂŶĕĂ ŶŽ ƚƌĂďĂůŚŽ Ğ
ĨŝƐĐĂůŝnjĂĕĆŽƉƌĞǀĞŶƚŝǀĂĚŽƚĞƌƌŝƚſƌŝŽ͘
ϰ
Ϭ
ϱ
ϵ
&/^>>/dhZ^
KZE^
&Ănj ĐƵŵƉƌŝƌ ŽƐ ƌĞŐƵůĂŵĞŶƚŽƐ͕ ƉŽƐƚƵƌĂƐ͕ ĞĚŝƚĂŝƐ Ğ ĚĞŵĂŝƐ ŶŽƌŵĂƐ Ğŵ ǀŝŐŽƌ ŶŽ
ąŵďŝƚŽ ĚĂ ƐƵĂ ĐŽŵƉĞƚġŶĐŝĂ ĚĞ ĨŝƐĐĂůŝnjĂĕĆŽ ĚĂ ůĞŝƚƵƌĂ ĚĞ ĐŽŶƚĂĚŽƌĞƐ ĚĞ
ĐŽŶƐƵŵŽƐ͖ ŝŶĨŽƌŵĂ Ğ ǀĞƌŝĨŝĐĂ Ž ĨƵŶĚĂŵĞŶƚŽ ĚĞ ƌĞĐůĂŵĂĕƁĞƐ ĚŽƐ ĐŽŶƐƵŵŝĚŽƌĞƐ͖
ŝŶĨŽƌŵĂŽƐƐĞƌǀŝĕŽƐĚĞĨĂĐƚŽƐĂŶſŵĂůŽƐ͖ĨĂnjƌĞůĂƚſƌŝŽƐĚĂĂƚŝǀŝĚĂĚĞĚĂƐƵĂĄƌĞĂ͘
ƐĐŽůĂƌŝĚĂĚĞŽďƌŝŐĂƚſƌŝĂ
ϭ
Ϭ
ϭ
Ϯ
&/^>KZ^
&ŝƐĐĂůŝnjĂ ŽƐ ƚƌĂďĂůŚŽƐ ƌĞĂůŝnjĂĚŽƐ ŶĂ ǀŝĂ ƉƷďůŝĐĂ͕ ƉŽƌ ĞŵƉƌĞƐĂƐ ĐŽŶĐĞƐƐŝŽŶĄƌŝĂƐ Ğ
ŽƵƚƌĂƐ͕ ĚĞ ĂĐŽƌĚŽ ĐŽŵ Ž ƌĞŐƵůĂŵĞŶƚŽ ĚĞ ŽďƌĂƐ ŶĂ ǀŝĂ ƉƷďůŝĐĂ͕ ĞĨĞƚƵĂŶĚŽ ĂƐ
ŵĞĚŝĕƁĞƐ ŶĞĐĞƐƐĄƌŝĂƐ͕ ŝŶĨŽƌŵĂ ŽƐ ƉƌŽĐĞƐƐŽƐ ƋƵĞ ůŚĞ ƐĆŽ ĚŝƐƚƌŝďƵşĚŽƐ͕ ŽďƚĠŵ
ƚŽĚĂƐ ĂƐ ŝŶĨŽƌŵĂĕƁĞƐ ĚĞ ŝŶƚĞƌĞƐƐĞ ƉĂƌĂ ŽƐ ƐĞƌǀŝĕŽƐ ŽŶĚĞ ĞƐƚĄ ĐŽůŽĐĂĚŽ͕ ĂƚƌĂǀĠƐ
ĚĞ ŽďƐĞƌǀĂĕĆŽ ĚŝƌĞƚĂ ŶŽ ůŽĐĂů͕ ǀĞƌŝĨŝĐĂ Ğ ĐŽŶƚƌŽůĂ ĂƐ ĂƵƚŽƌŝnjĂĕƁĞƐ Ğ ůŝĐĞŶĕĂƐ ƉĂƌĂ
ĂĞdžĞĐƵĕĆŽĚĞƚƌĂďĂůŚŽƐ͘
ƐĐŽůĂƌŝĚĂĚĞŽďƌŝŐĂƚſƌŝĂ
Ϭ
Ϭ
ϯ
ϯ
KďƚĠŵ ƚŽĚĂƐ ĂƐ ŝŶĨŽƌŵĂĕƁĞƐ ƉĂƌĂ Ž ƐĞƌǀŝĕŽ ĂƚƌĂǀĠƐ ĚĂ ŽďƐĞƌǀĂĕĆŽ ŶŽ ůŽĐĂů͖
ĨŝƐĐĂůŝnjĂ Ğ ŝŶƐƉĞĐŝŽŶĂ Ž ĞƐƚĂĚŽ ĚĂƐ ƌĞĚĞƐ ĚĞ ĄŐƵĂ Ğ ƐĂŶĞĂŵĞŶƚŽ͖ ƌĞŐŝƐƚĂ ƚŽĚŽƐ
&/^>^Zs/K^'h
ŽƐ ĚĂĚŽƐ ŽĐŽƌƌŝĚŽƐ Ğ ǀĞƌŝĨŝĐĂ ĚĂ ƐƵďƐƚŝƚƵŝĕĆŽ ĚŽ ŵĂƚĞƌŝĂů ĚĂŶŝĨŝĐĂĚŽ͖ ƉƌŽĐĞĚĞ ă
^EDEdK
ŵĂƌĐĂĕĆŽ Ğ ĨŝƐĐĂůŝnjĂĕĆŽ ĚŽƐ ƚƌĂďĂůŚŽƐ ĚĞ ĞdžĞĐƵĕĆŽ ƉĞůĂƐ ďƌŝŐĂĚĂƐ ŵƵŶŝĐŝƉĂŝƐ Ğ
ĞŵƉƌĞŝƚĂĚĂƐŶŽƐƌĞƐƉĞƚŝǀŽƐƌĂŵĂŝƐ͘
ƐĐŽůĂƌŝĚĂĚĞŽďƌŝŐĂƚſƌŝĂ
ϭ
Ϭ
ϭ
Ϯ
&ŝƐĐĂůŝnjĂ Ğ ĨĂnj ĐƵŵƉƌŝƌ ƌĞŐƵůĂŵĞŶƚŽƐ͕ ƉŽƐƚƵƌĂƐ Ğ ĚĞŵĂŝƐ ŶŽƌŵĂƐ͕ ĂƉůŝĐĄǀĞŝƐ Ğŵ
ŵĂƚĠƌŝĂ ĚĞ ŚŝŐŝĞŶĞ Ğ ůŝŵƉĞnjĂ ƉƷďůŝĐĂ͖ ƉƌĞƐƚĂ ŝŶĨŽƌŵĂĕƁĞƐ ƐŽďƌĞ ƐŝƚƵĂĕƁĞƐ ĚĞ
ĨĂĐƚŽ ĐŽŵ ǀŝƐƚĂ ă ŝŶƐƚƌƵĕĆŽ ĚĞ ƉƌŽĐĞƐƐŽƐ ŵƵŶŝĐŝƉĂŝƐ ŶĂƐ ĄƌĞĂƐ ĚĂ ƐƵĂ ĂƚƵĂĕĆŽ
ĞƐƉĞĐşĨŝĐĂ͖ ĨŝƐĐĂůŝnjĂ Ğ ƉƌŽŵŽǀĞ Ă ŵĂŶƵƚĞŶĕĆŽ ĚŽƐ ƌĞĐŝƉŝĞŶƚĞƐ ĚĞƐƚŝŶĂĚŽƐ ĂŽ
&/^>^Zs/K^,/'/E
ĚĞƉſƐŝƚŽ ĚĞ ůŝdžŽ͕ ǀĞƌŝĨŝĐĂŶĚŽ ƐĞ ĐŽƌƌĞƐƉŽŶĚĞŵ ĂŽƐ ƉĂĚƌƁĞƐ ŽĨŝĐŝĂŝƐ͖ ƉƌŽŵŽǀĞ Ă
>/DW
ĐŽůĂďŽƌĂĕĆŽ ĚŽƐ ƵƚĞŶƚĞƐ ŶĂ ĐŽůŽĐĂĕĆŽ ĂĚĞƋƵĂĚĂ ĚŽƐ ƌĞĐŝƉŝĞŶƚĞƐ ƉĂƌĂ ůŝdžŽ͕ ďĞŵ
ĐŽŵŽ ŶĂ ĐŽŶƐĞƌǀĂĕĆŽ ĚŽƐ ĐŽŶƚĞŶƚŽƌĞƐ͕ ǀĂůĂƐ Ğ ĞƐĐŽĂĚŽƵƌŽƐ ĚĞ ĄŐƵĂƐ ĨůƵǀŝĂŝƐ͖
ĐŽůĂďŽƌĂ Ğŵ ŽƵƚƌŽƐ ƐĞƌǀŝĕŽƐ Ğ ŽƌŐĂŶŝƐŵŽƐ ƋƵĞ ĂƚƵĞŵ ŶŽ ąŵďŝƚŽ ĚĂ ŚŝŐŝĞŶĞ
ƉƷďůŝĐĂ͘
ƐĐŽůĂƌŝĚĂĚĞŽďƌŝŐĂƚſƌŝĂ
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