Ediçãojulho 2011.indd

Transcrição

&UHGHQFLDGDVGR(VStULWR6DQWR
ZƵĂ:ŽƐĠdĞŝǆĞŝƌĂ͕ϳϮϳ͕^ĂŶƚĂ>ƷĐŝĂ͕sŝƚſƌŝĂͲW͗ϮϵϬϱϱͲϯϭϬͲdĞůĞĨĂǆ͗;ϮϳͿϯϯϮϱͲϮϱϮϳͬϯϯϱϳͲϰϮϬϬͲZ/ϮϳϬϬ:
ǁǁǁ͘ĂƚƌŝƵŵŝŵŽǀĞŝƐ͘ĐŽŵ͘ďƌ
ǀ͘^ĂƚƵƌŶŝŶŽZĂŶŐĞůDĂƵƌŽ͕Ϯϳϳ͕WŽŶƚĂůĚĞĂŵďƵƌŝ͕sŝƚſƌŝĂͲW͗ϮϵϬϲϬͲϳϳϬͲdĞůĞĨĂǆ͗;ϮϳͿϯϯϯϱͲϱϰϰϰ
ǀ͘,ƵŐŽDƵƐƐŽ͕ϭϬϭϱ͕WƌĂŝĂĚĂŽƐƚĂ͕sŝůĂsĞůŚĂͲW͗Ϯϵ͘ϭϬϭͲϮϴϳͲdĞů͗͘;ϮϳͿϯϯϮϬͲϱϭϱϭ
ǀ͘WĂƵůŽWĞƌĞŝƌĂ'ŽŵĞƐ͕ϴϬϯ͕WŽƌƚĂůĚĞDĂŶŐƵŝŶŚŽƐ͕^ĞƌƌĂͲW͗Ϯϵ͘ϭϲϲͲϴϮϴͲdĞů͗͘;ϮϳͿϯϯϳϱͲϲϬϬϬͲZ/ϰϮϵϰ:
ǁǁǁ͘ďĞƚŚĂĞƐƉĂĐŽ͘ĐŽŵ͘ďƌ
ǀ͘ZĂŶƵůƉŚŽ͘ĚŽƐ^ĂŶƚŽƐ͕ϯϬ͕Ě͘>ŽŶĚŽŶĞŶƚĞƌ͕:ĂƌĚŝŵĂŵďƵƌŝͲW͗ϮϵϬϵϬͲϭϮϬͲdĞů͗͘;ϮϳͿϯϯϵϱͲϮϯϬϬͲZ/ϯϮϵϱ&
ǁǁǁ͘ĐĂƐƚĞůůŽŝŵŽǀĞŝƐ͘ĐŽŵ͘ďƌ
ZƵĂDĂƌŝĂůĞŽŶŽƌĂWĞƌĞŝƌĂ͕ϱϱϬ͕:ĂƌĚŝŵĚĂWĞŶŚĂ͕sŝƚſƌŝĂͲW͗ϮϵϬϲϬͲϭϴϬͲdĞůĞĨĂǆ͗;ϮϳͿϯϯϱϳͲϯϮϬϬͲZ/ϯϬϱϬ:
ǁǁǁ͘ĐŽƵƌƟĞƌ͘ĐŽŵ͘ďƌ
ǀ͘ŶƚŽŶŝŽŽƌŐĞƐ͕ϭϱϴ͕ůũϭ͕ƐĂůĂƐϭϬϭͬϭϬϰ͕DĂƚĂĚĂWƌĂŝĂ͕sŝƚſƌŝĂͲW͗ϮϵϬϲϱͲϮϱϬͲdĞů͘ϯϮϮϳͲϲϬϳϴͲZ/ϰϱϱϴ:
ǁǁǁ͘ŇĂǀŝŽĚĂŶƚĂƐŝŵŽǀĞŝƐ͘ĐŽŵ͘ďƌ
ǀ͘ZŽƐĞŶĚŽ^ĞƌĂƉŝĆŽĚĞ^ŽƵǌĂ&ŝůŚŽ͕ϲϵϲ͕͘ZĞƉƷďůŝĐĂ͕sŝƚſƌŝĂͲW͗ϮϵϬϳϬͲϭϳϬͲdĞů͗;ϮϳͿϯϬϭϱͲϭϬϬϬͲZ/ϱϬϱϬ:
ǁǁǁ͘ĨŽĐĐƵƐŶĞŐŽĐŝŽƐŝŵŽďŝůŝĂƌŝŽƐ͘ĐŽŵ͘ďƌ
ǀ͘,ƵŐŽsŝŽůĂ͕ϮϴϬ͕>͘Ϯ͕Ě͘ŝĂŶĐĂZŽƐĂ͕:ĂƌĚŝŵĚĂWĞŶŚĂ͕sŝƚſƌŝĂͲW͗ϮϵϬϲϬͲϰϮϬͲdĞů͗͘;ϮϳͿϯϯϭϱͲϬϯϯϳͲZ/ϰϬϱϭ:
ǁǁǁ͘ŝůŚĂŝŵŽǀĞŝƐ͘ĐŽŵ
Z͘ƵŐĞŶşůŝŽZĂŵŽƐ͕ϲϲϱ͕ĐŽŶũ͘ϰ͕DĂƌůŝŶǌƵů͕:ĂƌĚŝŵĚĂWĞŶŚĂ͕sŝƚſƌŝĂͲW͗ϮϵϬϲϬͲϭϯϬͲdĞů͗͘;ϮϳͿϯϯϭϰͲϬϴϭϰͲZ/Ϯϴϰϲ&
ǁǁǁ͘ůŽĐĂŵĂǆǆ͘ĐŽŵ͘ďƌ
Z͘ƌǇƌŽ>ŽƉĞƐWĞƌĞŝƌĂ͕ϲϱϭ͕:ĂƌĚŝŵĚĂWĞŶŚĂ͕sŝƚſƌŝĂͲW͗ϮϵϬϲϬͲϬϮϬͲdĞů͗͘;ϮϳͿϯϬϰϭͲϭϱϭϱͬϯϯϭϰͲϭϳϭϳͲZ/ϰϯϴϱ:
ǁǁǁ͘ŶĞƚŽŝŵŽǀĞŝƐ͘ĐŽŵ͘ďƌ
Ì1',&(
(;3(',(17(
3ODQWmR1HWLPyYHLV
ǀ͘ ZĂŶƵůƉŚŽ ĂƌďŽƐĂ ĚŽƐ ^ĂŶƚŽƐ͕
ϯϬ͕ ƐĂůĂ ϭϬϯ͕ :ĂƌĚŝŵ ĂŵďƵƌŝ͕ W͗
ϮϵϬϵϬͲϭϮϬͲsŝƚſƌŝĂͲ^
0DWHULDGHFDSD
ŝƌĞƚŽƌŝĂ
WƌĞƐŝĚĞŶƚĞ
ZŝĐĂƌĚŽĂƐƚĞůůŽ
sŝĐĞƉƌĞƐŝĚĞŶƚĞ
ZĞŶĂƚŽǀĞůĂƌ
ŝƌĞƚŽƌĚĞDĂƌŬĞƟŶŐ
ůşƉŝŽĂŶƵƚŽEĞƚŽ
DĞŵďƌŽƐĚŽŽŶƐĞůŚŽ
&ĄďŝŽ>ƵǌĂĚŽ
ůĞǆĂŶĚƌĞĂƐƚƌŽ
ƵŐƵƐƚŽĠƐĂƌŶĚƌĞĆŽ
DĂƌĐĞůŽ'ƵŝŵĂƌĆĞƐ
ĚƌŝĂŶŽŚĂŵŽƵŶ
ǁǁǁ͘ƌĞĚĞŶĞƟŵŽǀĞŝƐ͘ĐŽŵ͘ďƌ
ŶŽ///͕EǑϭϭͲ:ƵůŚŽͬ^ĞƚĞŵďƌŽĚĞϮϬϭϭ
Ͳ hŵĂ ƉƵďůŝĐĂĕĆŽ ƚƌŝŵĞƐƚƌĂů ĚĂ ' ĚĞ >
ŽƚƐ WƵďůŝĐĂĕƁĞƐ D Ͳ ZƵĂ ƌ͘ DŽĂĐǇƌ
'ŽŶĕĂůǀĞƐ͕ϰϮϬ͕ƐͬϬϵ͕:ĂƌĚŝŵ ĚĂ WĞŶŚĂ͕
W͗ ϮϵϬϲϬͲϰϰϱ͕ sŝƚſƌŝĂ͕ ^͕ dĞůĞĨĂǆ͗
;ϮϳͿϯϯϰϱͲϯϲϰϬ͘ͲŵĂŝů͗ŐƵŝĂƐŽůΛŐƵŝĂƐŽů͘
ĐŽŵ͘ďƌ͘ ŝƌĞƚŽƌ ZĞƐƉŽŶƐĄǀĞů͗ DĂƌĐĞůŽ
ŽƚƐ ;^:W^ͬϭϲϱͿ͘ ŝƌĞƚŽƌ ŽŵĞƌĐŝĂů͗
'ƵƐƚĂǀŽ ŽƚƐ͘ WƌŽĚƵĕĆŽ dĞǆƚŽ͗ DŝůĞϰ
ƐƐĞƐƐŽƌŝĂĚĞŽŵƵŶŝĐĂĕĆŽͬϯϮϬϱͲϭϬϬϰ͘
ĂƉĂ͗ ZĂĚĂƌ WƌŽƉĂŐĂŶĚĂ͗ ϯϯϭϱͲϴϭϮϲ͘
/ŵƉƌĞƐƐĆŽ͗ '^ͬϯϮϯϮͲϭϮϲϲ͘ dŝƌĂŐĞŵ͗
ϭϬŵŝů ĞǆĞŵƉůĂƌĞƐ͘ ŝƐƚƌŝďƵŝĕĆŽ͗ ďĂŶĐĂƐ
ĚĞƌĞǀŝƐƚĂƐ͕ ƉƌŝŶĐŝƉĂŝƐ ĐĂĨĞƚĞƌŝĂƐ͕ ĐŽŶĨĞŝƚ
ĂƌŝĂƐ͕ƌĞƐƚĂƵƌĂŶƚĞƐĞĚŝƌŝŐŝĚĂƐǀŝĂĐŽƌƌĞŝŽ͘
'LFDVGH9LDJHP
'HFRUDomR'LFD-XUtGLFD
&/$66,),&$'26
2QGHHQFRQWUDUD5HYLVWD,PyYHLV1HJyFLRV
$SDUWDPHQWR9HQGD
&DVD9HQGD
&RPHUFLDO9HQGD
2XWURV9HQGD
$SDUWDPHQWR/RFDomR
&DVD&RPHUFLDO/RFDomR
2XWURV/RFDomR
sĂůŽƌĞƐĞĚŝƐƉŽŶŝďŝůŝĚĂĚĞƐĚŽƐŝŵſǀĞŝƐĚŝǀƵůŐĂĚŽƐ
ŶĞƐƚĂ ƉƵďůŝĐĂĕĆŽ ĞƐƚĆŽ ƐƵũĞŝƚŽƐ Ă ĂůƚĞƌĂĕƁĞƐ ƐĞŵ
ƉƌĠǀŝŽĂǀŝƐŽ͘
$2/(,725
ZĞǀŝƐƚĂ/ŵſǀĞŝƐΘEĞŐſĐŝŽƐĞƐƚĄƌĞĐŚĞĂĚĂ
ĚĞďŽĂƐŶŽơĐŝĂƐĞĞǆĐĞůĞŶƚĞƐŽƉŽƌƚƵŶŝĚĂĚĞƐĚĞ
/ŵſǀĞŝƐ͘
EĂƉĂƌƚĞĞĚŝƚŽƌŝĂ͕ƐĞĚĞƐƚĂĐĂŵƌĞƉŽƌƚĂŐĞŶƐ
ƐŽďƌĞŽďŽŵŵŽŵĞŶƚŽƋƵĞŽƐĞŐŵĞŶƚŽŝŵŽďŝůŝĄƌŝŽ
ĂƚƌĂǀĞƐƐĂ͕ĂƐƉƌĞŵŝĂĕƁĞƐƋƵĞĂƐĐƌĞĚĞŶĐŝĂĚĂƐĚĂ
EĞƟŵſǀĞŝƐĐŽŶƋƵŝƐƚĂƌĂŵŶĂϰǐĚŝĕĆŽĚŽWƌġŵŝŽ
ĚĞŵŝĞĂĚŝĐĂũƵƌşĚŝĐĂƐŽďƌĞĂŝŶĂĚŝŵƉůġŶĐŝĂ͕
ĞƐĐƌŝƚĂƉĞůŽĂĚǀŽŐĂĚŽƌƵŶŽZŽĚƌŝŐƵĞƐ͘sĂůĞ
ĐŽŶĨĞƌŝƌƚĂŵďĠŵĂƐƷůƟŵĂƐŶŽơĐŝĂƐĚĂĞĚŝĕĆŽϮϬϭϭ
ĚĂĂƐĂŽƌƐƉşƌŝƚŽ^ĂŶƚŽĞĂŝŶĚŝĐĂĕĆŽĚĞǀŝĂŐĞŵ͕
ĚĂĚĂĚŽĞŵƉƌĞƐĄƌŝŽ&ĞƌŶĂŶĚŽ&ƵƌƚĂĚŽDŝŐƵĞůƉĞůĂ
ŝŶĞƐƋƵĞĐşǀĞůĞƌŽŵąŶƟĐĂWĂƌŝƐ͘
ƉƌŽǀĞŝƚĞ͕ƚĂŵďĠŵ͕ƉĂƌĂĐŽŶĨĞƌŝƌĂƐŽĨĞƌƚĂƐĚĞ
ĐĂƐĂƐ͕ĂƉĂƌƚĂŵĞŶƚŽƐĞĞŵƉƌĞĞŶĚŝŵĞŶƚŽƐĐŽŵĞƌĐŝĂƐ
ŶĂƉĂƌƚĞĚĞĐůĂƐƐŝĮĐĂĚŽƐĚĂZĞǀŝƐƚĂ͘
ŽĂůĞŝƚƵƌĂĞďŽŶƐŶĞŐſĐŝŽƐ͘
2QGH HQFRQWUDUD5HYLVWD
^ĂŶƚĂ>ƷĐŝĂ
WŽƐƚŽDĂƌůŝŶ
ǀ͘>ĞŝƚĆŽĚĂ^ŝůǀĂ
dĞů͗͘ϯϯϯϭϰͲϲϴϲϲ
DŽŶƚĞ>şďĂŶŽ
ǀ͘ZŝŽƌĂŶĐŽ͕ϲϬϰ
dĞů͗͘ϯϭϯϰͲϳϳϳϳ
ǀ͘ĂŶƚĞDŝĐŚĞůŝŶŝ͕ϰϯϱ
dĞů͗͘ϯϯϯϱͲϲϱϬϬ
^ĂďŽƌĞƌƚĞ
ZƵĂƌ͘ŶƚŽŶŝŽĂƐŝůŝŽ͕ϯϯϬ
dĞů͗͘ϯϯϮϰͲϱϳϴϰ
DĂƚĂĚĂWƌĂŝĂ
WƌĂŝĂĚŽĂŶƚŽ
ĂŶĐĂWŽŶƚŽĐŽŵ
ZƵĂ:ŽĆŽĚĂƌƵǌ͕ϮϬϬ
DŽŝŶŚŽŽŶĨĞŝƚĂƌŝĂ
ZƵĂƌŝƐƚſďƵůŽĂƌďŽƐĂ>ĞĆŽ͕ϰϬϬ
^ĂƚŚůĞƌZĞǀŝƐƚĂƐ
ΘŝĂ
ZƵĂ:ŽĂƋƵŝŵ>şƌŝŽϮϱϬ͕>ũϲ
dĞů͗͘ϯϮϯϱͲϬϲϳϵ
ŚĞŝƌŽĚĞWĆŽ
WĂĚĂƌŝĂĞŽŶĨĞŝƚĂƌŝĂ
ZƵĂ/ǌĂůƟŶŽĂƌĆŽDĂƌƋƵĞƐ͕ϭϱϬ
dĞů͗͘ϯϮϮϱͲϲϱϭϱ
WĂŶŝĞƌWĂĚĂƌŝĂĞ
ŽŶĨĞŝƚĂƌŝĂ
ZƵĂ:ŽĂƋƵŝŵ>şƌŝŽ͕ϯϲϯ
dĞů͗͘ϯϯϭϱͲϳϲϳϳ
WĂĚĂƌŝĂ
EŽǀĂZĞƉƷďůŝĐĂ
ĂŶĐĂĚŽ:ĂƉŽŶġƐ
ZƵĂůĞŝǆŽEĞƚŽ͕ϭϬϱϰ͕>ũϳ͕
dĞů͗͘ϯϯϮϱͲϭϵϯϲ
ǀ͘ ZŽƐĞŶĚŽ ^ĞƌĂƉŝĆŽ ĚĞ ^͘ &ŝůŚŽ͕
ϯϲϬ͕ĂŝƌƌŽZĞƉƵďůŝĐĂ
dĞů͗͘ϯϮϮϱͲϭϵϰϲ
WĂĚĂƌŝĂ
>ĞƚƌŝŐĂůůĞ
ǀ͘ŽŶƐƚƌƵƚŽƌĂǀŝĚdĞŝǆĞŝƌĂ
ĂĨĠĂŵďŽŽ
ZƵĂīŽŶƐŽůĄƵĚŝŽ͕Ϯϱϰ͕>ũϮ
dĞů͗͘ϯϯϭϱͲϵϮϬϰ
DĂƚĂĚĂWƌĂŝĂ
WĂĚĂƌŝĂĞĞůŝĐĂƚĞƐƐĞŶ
ǀ͘EŝĐŽůĂƵsŽŶ^ĐŚŝůŐĞŶ
Ğt:ŽƌŶĂŝƐĞ
ZĞǀŝƐƚĂƐ
^ŚŽƉƉŝŶŐdŝīĂŶǇĞŶƚĞƌ͕>ũϯϰ
dĞů͗͘ϯϯϭϱͲϱϬϵϳ
ƌŝƐƚŽů>ĂZĠƐŝĚĞŶĐĞ
ǀ͘ĂŶƚĞDŝĐŚĞůŝŶŝ͕ϭϳϳϳ
dĞů͗͘ϯϯϵϳͲϭϯϬϬ
ǀ͘ZŝŽƌĂŶĐŽ͕ϭϱϮϲ
dĞů͗͘ϯϭϰϱͲϭϵϬϬ
ZĞƐƚĂƵƌĂŶƚĞ
ĂƐƚĞůŝŶŚŽ
ǀ͘WƌĞƐŝĚ͘ŽƐƚĂĞ^ŝůǀĂ͕ϯϰϬ͘͘ZĞͲ
ƉƷďůŝĐĂ͕dĞů͗͘ϮϭϬϰͲϭϳϳϳ
dƵƫWĂŶĞ
ǀ͘ZŝŽƌĂŶĐŽ͕ϭϮϰϲ
dĞů͗͘ϯϯϮϱͲϬϰϯϯ
WĂĚĂƌŝĂǆƉƌĞƐƐĂ
ZƵĂůĞŝǆŽEĞƚŽ͕ϱϲϱ
:ĂƌĚŝŵĂŵďƵƌŝ
ƌŝƐƚŽůŽƐƚĂsŝĐƚſƌŝĂ ZƵĂŚĂƉŽƚWƌĞƐǀŽƚ͕ϱϭ
dĞů͗͘ϯϯϱϳͲϯϯϬϬ
ƌŝƐƚŽůWƌĂŝĂĚŽĂŶƚŽ
ǀ͘^ĂƚƵƌŶŝŶŽĚĞƌŝƚŽ͕ϭϬϳϱ
dĞů͗͘ϯϯϯϰͲϵϰϵϰ
ƌŝƐƚŽůYƵĂƌƟĞƌ>ĂƟŶ
ǀ͘ZŝŽƌĂŶĐŽ͕ϭϱϰϬ
dĞů͗͘ϯϯϱϳͲϵϬϵϬ
WĂĚĂƌŝĂĞůŝĐŝĂƐ
ĚŽdƌŝŐŽ
ZƵĂƵŐġŶŝŽEĞƚŽ͕Ϯϭϴ
dĞů͗͘ϯϯϭϱͲϭϵϴϱ
:ĂƌĚŝŵĚĂWĞŶŚĂ
ƌŝƐƚŽůĞŶƚƵƌǇWůĂǌĂ
ĂŶĐĂĚŽWĞĚƌŽ
WƌĂĕĂĚŽW^ƵƉĞƌŵĞƌĐĂĚŽ
dĞů͗͘ϯϮϯϱͲϭϰϯϰ
ĂŶĐĂ:ĂƌĚŝŵĚĂ
WĞŶŚĂ
dĞů͗͘ϯϮϮϳͲϰϴϳϬ
ĂŶĐĂĚŽƐƚƵĚĂŶƚĞ
dĞů͗͘ϯϯϮϰͲϰϳϯϳ
ĂŶĐĂĚĂWƌĂĕĂ
WĕĂ͘ WŚŝůŽŐŽŵŝƌŽ >ĂŶŶĞƐ ;&ůĂƐŚ sşͲ
ĚĞŽͿ
dĞů͗͘ϯϮϯϱͲϭϵϭϰ
ĂŶĐĂĚŽWĆŽĚĞ
YƵĞŝũŽ
ZƵĂƵŐĞŶşůŝŽZĂŵŽƐ͕ϰϰ
DĂŶŝĂĚŽWĆŽ
Z͘&ƌĂŶĐŝƐĐŽƵŐĞŶŝŽDƵƐƐŝĞůůŽ͕ϯϭϮ
Z͘ŽŵŝƐ͘KĐƚĄǀŝŽĚĞYƵĞŝƌŽǌ͕ϭϬϭϬ
dĞů͗͘ϯϯϮϱͲϳϰϰϰ
dƵƫWĂŶĞ
ǀ͘ŶşƐŝŽ&ĞƌŶĂŶĚĞƐŽĞůŚŽ͕ϱϰϱ͕
dĞů͗͘ϯϮϮϳͲϮϳϱϬ͘
,PyYHLVH1HJyFLRV
ZĞƐƚĂƵƌĂŶƚĞ
ƐƋƵŝŶĆŽ
Z͘Ͳϭ͕ƐͬŶǑ͘
dĞů͗͘ϯϯϯϳͲϰϯϴϰ
ĂŶĐĂhŶŝĆŽ
Z͘ZƵǇWŝŶƚŽĂŶĚĞŝƌĂ;ŶĞǆŽWͿ
dĞů͗͘ϯϯϯϳͲϭϵϵϬ
ĂŶĐĂĚĂĠůŝĂ
Z͘ĂƌůŽƐDĂƌƟŶƐͬůĐŝŶŽWĞƌĞŝƌĂ
dĞů͗͘ϯϯϯϳͲϵϵϬϯ
ĂŶĐĂĚĂ>ƵĐŝŶŚĂ
ZƵĂĂƌůŽƐDĂƌƟŶƐ;ŶĞǆŽƉĂĚĂƌŝĂ
ĞůşĐŝĂĚŽdƌŝŐŽͿ
ƌŝƐƚŽůŝĂŵŽŶĚ
^ƵŝƚĞƐ
ǀ͘ĂŶƚĞDŝĐŚĞůŝŶŝ͕ϰϯϱϱ
dĞů͗͘ϯϯϵϱͲϯϰϬϬ
ĚŽdƌŝŐŽ
ZƵĂĂƌůŽƐDĂƌƟŶƐ͕Ϯϱϯ
dĞů͗͘ϯϮϯϳͲϭϵϮϴ
ĚŽdƌŝŐŽ
ǀ͘ƌŵĂŶĚŽƵĂƌƚĞZĂďĞůŽ͕ϮϴϬ
dĞů͗͘ϯϯϯϳͲϮϮϬϯ
ZƵĂŝſŐĞŶĞƐDĂůĂĐĂƌŶĞ͕ƐͬŶ
dĞů͗͘ϯϯϮϵͲϲϯϯϭ
ĂŶĐĂ
WƌĂŝĂĚĂŽƐƚĂ
ǀ͘ŶƚŽŶŝŽ'ŝůsĞůŽƐŽ
ĂŶĐĂDŝůĆŽ
ZƵĂŝſŐĞŶĞƐDĂůĂĐĂƌŶĞ
WĆŽĞŝĂ
ZƵĂ,ƵŐŽDƵƐƐŽ͕ϭϮϰϯ͕
WƌĂŝĂĚĂŽƐƚĂ͕dĞů͗͘ϯϯϮϵͲϮϭϴϲ
WŽƐƚŽsĞůĞŝƌŽ
ǀ͘^ĆŽWĂƵůŽ͕ϮϬϱϬ͕W͘ĚĂŽƐƚĂ͘
dĞů͗͘ϯϯϮϵͲϯϵϳϳ
ƌŝƐƚŽů'ƵĂƌĂƉĂƌŝ
Z͘:ŽĂƋƵŝŵĚĂ^ŝůǀĂ>ŝŵĂ͕ϱϵϱ
dĞů͗͘ϯϯϲϭͲϴϬϬϬ
sŝůĂsĞůŚĂ
'ƵĂƌĂƉĂƌŝ
&(1752
&(1752
&(1752
&(1752
5
5
5
Ϯ ƋƵĂƌƚŽƐ ĐŽŵ ϵϲ ŵϮ͕ ƚŽĚŽ ƌĞͲ
ĨŽƌŵĂĚŽĞĚĞĐŽƌĂĚŽ͘&ƌĞŶƚĞ͕ƐŽů
ĚĂŵĂŶŚĆ͕ƐĂůĂĂŵƉůĂϮĂŵďŝĞŶͲ
ƚĞƐ͕ ƋƵĂƌƚŽƐ ĂŵƉůŽƐ ĐŽŵ ϭϲŵϮ
ĐĂĚĂ͘ůĞǀĂĚŽƌ͘WŽƌƚĂƌŝĂϮϰŚ͘ZƵĂ
ƚƌĂŶƋƺŝůĂ͘ſĚ͘ϯϬϴϬϳϴ
ϮYƚŽƐƐĞŶĚŽϭƐƚĞĐͬĂƌŵƐ͕͘t
^ŽĐŝĂů͕ ^ĂůĂ͕ Žǌ Đͬ ĂƌŵƐ͕ ƌĞĂ
^Ğƌǀ͘ſĚ͘ϭϳϰϭϭϳ
ƉĂƌƚĂŵĞŶƚŽϯYƵĂƌƚŽƐ͕&ƌĞŶƚĞ͕
^ŽůĚĂDĂŶŚĆ͕ƌŵĄƌŝŽƐŶŽǀşƐƐŝͲ
ŵŽƐ͕ƚŽĚŽŵŽŶƚĂĚŽ͕ƉƌĠĚŝŽĐŽŵ
ĞůĞǀĂĚŽƌĞƐ͕ ǆĐĞůĞŶƚĞ ůŽĐĂůŝǌĂͲ
ĕĆŽ͕ƉĞƌƚŽĚĞƚƵĚŽ͘ſĚ͘ϯϰϬϱϲϮ
/2&$0$;²
%(7+$(63$d2²
1(72²
&(1752
0$58Ì3(
)5$',1+26
5
5
5
5
ϯ ƋƵĂƌƚŽƐ͕ ƐƵşƚĞ͕ ĨƌĞŶƚĞ͕ Ɛ͘ ŵĂͲ
ŶŚĆ͕ ůŝŶĚĂ ǀŝƐƚĂ͕ ďĞŵ ǀĞŶƟůĂĚŽ͕
ŝůƵŵŝŶĂĚŽ͕ ĂƌŵĄƌŝŽƐ͕ ďůŝŶĚĞǆ͕
͕ Ɛ͘ ĨĞƐƚĂƐ͕ ƉŽƌƚ͘ ϮϰŚƐ͕ ǀĂŐĂ͕
ƉƌſǆŝŵŽ Ă ƐƵƉĞƌŵĞƌĐĂĚŽ Ğ ƉĂͲ
ĚĂƌŝĂƐ͘ EK Ġ ƚĞƌƌĞŶŽ ĚĞ ŵĂƌŝͲ
ŶŚĂ͘sŝƐŝƚĞŵ͊ſĚ͘Ϯϳϳϵϰϲ
,/+$²
Ě͘DĂƌŝĂ ĂŚĞƌ͘ ǆĐĞŶƚĞ ĐŽďĞƌͲ
ƚƵƌĂ ĚƵƉůĞǆ͕ϰƋƵĂƌƚŽƐ͕ƐƵŝƚĞ ĐŽŵ
ŚŝĚƌŽ͕Ϯ ǀĂŐĂƐ ĚĞ ŐĂƌĂŐĞŵ͕ĐŽŵ
ĂƌĞĂ ĚĞ ůĂǌĞƌ͕ƉŝƐĐŝŶĂ Ğ ďĂƌ
ƉƌŝǀĂƟǀŽ͕ƉŝƐŽ Ğŵ ŐƌĂŶŝƚŽ͘ KͲ
ϯϰϭϳϵϯ
ϯ ƋƵĂƌƚŽƐ͕ ƐƵşƚĞ͕ ϭϭϬŵϸ͕ ƚŽĚŽ
ŵŽŶƚĂĚŽ͕ ƋƵĂĚƌĂ͕ ĐŚƵƌƌĂƐƋƵĞŝͲ
ƌĂ͕ ŚŽŵĞ KĸĐĞ͕ ƉŽƌƚĂƌŝĂ ϮϰŚŽͲ
ƌĂƐ͘ ^ſ ĞŶƚƌĂƌ Ğ ŵŽƌĂƌ͘ ǆĐĞůĞŶͲ
ƚĞ͊ſĚ͘ϯϭϭϰϯϰ
ϯ ƋƵĂƌƚŽƐ ĂŵƉůŽ͕ ƐĂůĂ ƉĂƌĂ Ϯ
ĂŵďŝĞŶƚĞƐ͕ ĂƌŵĄƌŝŽƐ ĚĞ ſƟŵĂ
ƋƵĂůŝĚĂĚĞ͕ĄƌĞĂĚĞƐĞƌǀŝĕŽƐĞƉĂͲ
ƌĂĚĂĚĂĐŽǌŝŶŚĂ͕͕ϮǀĂŐĂƐĚĞ
ŐĂƌĂŐĞŵ͕ ƉŽƌƚĂƌŝĂ ϮϰŚƐ͕ ſƟŵĂ
ŽƉŽƌƚƵŶŝĚĂĚĞ͘ſĚ͘ϭϴϱϱϴϰ
&$67(//2²
,/+$²
,/+$²
%(172)(55(,5$
%(172)(55(,5$
%(172)(55(,5$
%(172)(55(,5$
5
5
5
5
Ϯ YƵĂƌƚŽƐ͕ &ƌĞŶƚĞ͕ sĂƌĂŶĚĂ͕ ^Žů
ĚĂ DĂŶŚĆ͕ ůĞǀĂĚŽƌ͕ DŽŶƚĂĚŽ
Ğ ĚĞĐŽƌĂĚŽ͕ ůŝŶĚĂ sŝƐƚĂ͕ ſĚ͗͘
ϯϭϬϱϵϲ
ϰ ƋƚƐ͕͘ ĂŵƉůŽ͕ Ϯ ƐĂůĂƐ͕ ůĂǀĂďŽ͕
ƐƵşƚĞ͕ϮϬϰŵϮ͕ĂƌŵĄƌŝŽƐ͕ĚĞƉ͘ĚĞ
ĞŵƉƌĞŐĂĚĂ͕ϮǀĂŐĂƐ͘ZĞĨϭϱϲϭϮϮ
1(72²
ĨƌĞŶƚĞ͕ƐŽůŵĂŶŚĆϯƋƚƐ͕ǀĞŶƟůĂͲ
ĚŽƐ͕ϮĐͬĂƌŵ͕͘ĞϭĐͬƐƚĞ͘ŵƉůĂ
ƐĂůĂ Đͬ Ăƌ ĐŽŶĚ͕ ĂŶŚĞŝƌŽ ƐŽĐŝĂů
Đͬ Ăƌŵ͘ ŽǌŝŶŚĂ ƌĞĨŽƌŵĂĚĂ Đͬ
Ăƌŵ͕͘ĄƌĞĂĚĞƐĞƌǀŝĕŽ͕ĞϭǀŐ͘>ĂͲ
ǌĞƌ Đͬ ƐĂůĆŽ ĚĞ ĨĞƐƚĂƐ Ğ ĐŽǌŝŶŚĂ
ŵŽŶƚĂĚĂ͘K͗ϭϴϬϲϯϲ
$75,80²
)2&&86²
ϰ YhZdK^ DZs/>,K^K͊
ŵƉůŽ Ğ ǀĞŶƟůĂĚŽ͕ Ɛ͘ ŵĂŶŚĆ͕
ƐƵŝƚĞ͕ ƐĂůĂ Ϯ ĂŵďŝĞŶƚĞƐ͕ ǀĂƌĂŶͲ
ĚĂŐƌĂŶĚĞ͕ƚŽĚŽŵŽŶƚĂĚŽ͕͕
ǀŝƐƚĂ ůŝŶĚĂ Ğ ƉĞƌŵĂŶĞŶƚĞ͕Ϯ ǀŐƐ͕
ƉŽƌƚ͘ Ϯϰ ŚƐ͘>ŽĐĂůŝǌĂĕĆŽ ĞǆĐĞůĞŶͲ
ƚĞ͊ſĚ͘ϯϭϭϳϮϱ
,/+$²
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%(172)(55(,5$
%(172)(55(,5$
%(172)(55(,5$
5
5
5
5
ϰ ƋƚƐ͕͘ ĂŵƉůŽ͕ ĮŶĂŵĞŶƚĞ ĚĞͲ
ĐŽƌĂĚŽ͕ Ϯ ƐƵşƚĞƐ͕ ϮϳϬ ŵϮ͕ Ϯ ǀĂͲ
ƌĂŶĚĂƐ͕ ƉŝƐŽ Ğŵ ŐƌĂŶŝƚŽ͕ ĚĞƉ͘
ĚĞĞŵƉƌĞŐĂĚĂ͕ϮǀĂŐĂƐ͕ƉŝƐĐŝŶĂ͕
ĐŚƵƌƌĂƐƋƵĞŝƌĂ͕ ƐĂůĆŽ ĚĞ ĨĞƐƚĂƐ͘
ZĞĨϭϱϯϴϬϲ
ŽďĞƌƚƵƌĂ ĚƵƉůĞǆ͕ ĚĞ ĨƌĞŶƚĞ͕
ƐŽů ĚĂ ŵĂŶŚĆ͕ ƚŽĚĂ Ğŵ ŐƌĂŶŝƚŽ
ďƌĂŶĐŽ͕ ĂƌŵĄƌŝŽƐ Ğŵ ƚŽĚŽƐ ŽƐ
ĂŵďŝĞŶƚĞƐ͕ ϰ ƋƵĂƌƚŽƐ͕ Ϯ ƐƵşƚĞƐ͕
͕ϯϬϬŵϮ͕ϰǀĂŐĂƐ͕ůĂǌĞƌĐŽŵͲ
ƉůĞƚŽ͘ſĚϯϬϰϱϴϴ
>ŝŶĚĂŽďĞƌƚƵƌĂƵƉůĞǆ͊ϰYƚŽƐ
Ɛͬ ϭ ƐƵşƚĞ͕ ϭϵϬŵϸ͕ ^ĂůĂ ĂŵƉůĂ͕
ŽǌĐͬĂƌŵĄƌŝŽƐ͕t^ŽĐŝĂů͕t
ĞŵƉ͕͘ϮǀŐƐ͕ƐƉ͘'ŽƵƌŵĞƚ͘ſĚ͘
ϱϳϰϮϲ
)2&&86²
/2&$0$;²
%(7+$(63$d2²
ŽďĞƌƚƵƌĂŐŝŐĂŶƚĞ͕ĚĞĨƌĞŶƚĞ͕ƐŽů
ĚĂ ŵĂŶŚĆ͕ ƚŽĚĂ ŵŽŶƚĂĚĂ ĐŽŵ
ĂƌŵĄƌŝŽƐ͕ ϯ ƐĂůĂƐ͕ ϲ ƋƵĂƌƚŽƐ͕ Ϯ
ƐƵşƚĞƐ͕ϮǀĂƌĂŶĚĂƐ͕͕ϲϮϰŵϮ͕
ůĂǌĞƌĐŽŵƉůĞƚŽ͕ϯǀĂŐĂƐ͘ŵƌƵĂ
ƐĞŵƐĂşĚĂ͘ĐĞŝƚĂŝŵſǀĞůĚĞŵĞͲ
ŶŽƌǀĂůŽƌ͘ſĚϭϭϵϰϯϱ
/2&$0$;²
,PyYHLVH1HJyFLRV
(16($'$'268É
(16($'$'268É
(16($'$'268É
(16($'$'268É
5
5
5
5
ϭY ϲϱŵϸ ͕ ĞůĞǀĂĚŽƌ͕ ůŝŶĚĂ ǀŝƐƚĂ͕
ǀĞŶĚĞ ĂůƵŐĂĚŽ ƉĂƌĂ ŝŶǀĞƐƟĚŽƌ͘
ZĞĨ͘ϯϬϱϲϬϱ͘
ϮYϭϬϬŵϸ͕ĞůĞǀĂĚŽƌ͕ůŝŶĚĂǀŝƐƚĂ͕
ǀĞŶĚĞ ĂůƵŐĂĚŽ ƉĂƌĂ ŝŶǀĞƐƟĚŽƌ͘
ZĞĨ͘ϯϬϱϱϵϭ
ϮƋƵĂƌƚŽƐƐĞŶĚŽϭƐƵşƚĞ͕ĨƌĞŶƚĞ͕
ƐŽů ĚĂ ŵĂŶŚĆ͕ ƚŽĚŽ ŵŽŶƚĂĚŽ
ĐŽŵ ĂƌŵĄƌŝŽƐ ͕ ǀŝƐƚĂ ƉŽƌ ŵĂƌ͕
ŐĂƌĂŐĞŵ͕ ůĂǌĞƌ ĐŽŵƉůĞƚŽ͘ ſĚ͘
ϮϳϬϮϯϭ
Ϯ ƋƚŽƐ ĐŽŵ ϭ ƐƚĞ͕ ǀŝƐƚĂ ŵĂƌĂǀŝͲ
ůŚŽƐĂ ƉĂƌĂ Ž ^ŚŽƉƉŝŶŐ sŝƚſƌŝĂ
Ğ /ůŚĂ ĚŽ Žŝ͕ ƐŽů ĚĂ ŵĂŶŚĆ͕ Ϭϭ
ǀĂŐĂ͕ ĂůƚŽ͕ ĂĐĞƐƐŽ ĨĄĐŝů ƉĂƌĂ ƚŽͲ
ĚĂƐ ĂƐ ƌĞŐŝƁĞƐ ĚĞ sŝƚſƌŝĂ͘ ZĞĨ͗͘
ϯϯϵϯϯϬ
)2&&86²
)2&&86²
)/É9,2'$17$6²
)2&&86²
(16($'$'268É
(16($'$'268É
(16($'$'268É
(16($'$'268É
5
5
5
5
ϯƋƵĂƌƚŽƐĐŽŵƐƵşƚĞ͕^ĂůĂ͕sĂƌĂŶͲ
ĚĂ͕ &ƌĞŶƚĞ͕ ^Žů ĚĂ ŵĂŶŚĆ͕ ŽǌŝͲ
ŶŚĂ͕ Ϯ sĂŐĂƐ ĚĞ 'ĂƌĂŐĞŵ͘ ſĚ͘
ϯϮϲϵϳϱ
ǆĐĞůĞŶƚĞŽƉĕĆŽƉĂƌĂƋƵĞŵďƵƐͲ
ĐĂ Ƶŵ ĂƉĂƌƚĂŵĞŶƚŽ ĚĞ ϯYd^͕
ϭƐƚĞ͕ ϭϱϴŵϸ͕ ĂŵƉůŽ͕ ŵŽŶƚĂĚŽ͕
ŝŵƉŽŶĞŶƚĞ͕ ƉĞƌƚŽ ĚĞ ƚƵĚŽ͘ ZĞĨ͘
ϯϯϴϯϭϲ
ǆĐĞůĞŶƚĞĂƉƚǑϯƋƵĂƌƚŽƐ͕ĂŶĚĂƌ
ĂůƚŽ͕ƐƵşƚĞ͕ůĂǌĞƌƐƵƉĞƌĐŽŵƉůĞƚŽ
ĐŽŵ ƉŝƐĐŝŶĂƐ ƐůĂŽ ŐŽƌŵĞƚ͕ ƐůĂ
ĐŝŶĞŵĂͲ ƋƵĂĚƌĂ ͕ ǀŝƐƚĂ ƉĂŶŽƌąͲ
ŵŝĐĂ ƉĂƌĂ ĂŚŝĂ ĚĞ ǀŝƚŽƌŝĂͲ Ɖǆ
ƐŚŽƉŝŶŐͲK͘ϭϴϯϲϵϳ
WƌĠĚŝŽ ŶŽǀŽ͕ ϯ ƋƵĂƌƚŽƐ ĐŽŵ ϭ
ƐƵŝƚĞƐ͕ϮǀĂŐĂƐ͕ĂŶĚĂƌĂůƚŽ͕ůĂǌĞƌ
ĐŽŵƉůĞƚŽ͘ſĚ͘ϮϳϮϯϯϴ
%(7+$(63$d2²
)2&&86²
&$67(//2²
)/É9,2'$17$6²
(16($'$'268É
(16($'$'268É
(16($'$'268É
(16($'$'268É
5
5
5
5
'ZEKWKZdhE/͊ϰƋƚŽƐ
ƚƌĂŶƐĨŽƌŵĂĚŽĞŵϯ͕ĐŽŵϭϴϬŵϸ͕
ϯǀŐƐ͕ůĂǌĞƌĞƐƉĞƚĂĐƵůĂƌƉĂƌĂƚŽͲ
ĚĂƐĂƐŝĚĂĚĞƐ͕ǀŝƐƚĂŵĂƌĂǀŝůŚŽƐĂ
ƐŽůĚĂŵĂŶŚĆ͕ZĞĨϯϰϮϲϴϮ
y>Ed WZK͊ ŵƉůŽ
ϯƋƚƐƐĞŶĚŽϭƐƵşƚĞĐͬŚŝĚƌŽŵĂƐͲ
ƐĂŐĞŵ͕ ƚŽĚŽƐ ƋƚƐ Đͬ ĂƌŵĄƌŝŽƐ͕
ƉŝƐŽĞŵŐƌĂŶŝƚŽ͕ϭϭϲŵϸ͕ϮǀĂŐĂƐ
ůŝǀƌĞƐ͕ĐŽǌŝŶŚĂĐͬĂƌŵĄƌŝŽƐ͕ůĂǌĞƌ
ĐŽŵƉůĞƚŽ͘K͗ϮϳϬϵϬϮ
ĂƉĂƌƚĂŵĞŶƚŽ ϯ ƋƵĂƌƚŽƐ͕ƉŽƌƚĂƌŝĂ
Ϯϰ ŚŽƌĂƐ͕ƉůĂǇ ŐƌŽƵŶĚ͕ƐĂůĂŽ ĚĞ
ĨĞƐƚĂ͘ ďŽĂ ůŽĐĂůŝǌĂĕĂŽ͕ƉƌŽǆŝŵŽ
ĂŽƐŚŽƉƉŝŶŐǀŝƚŽƌŝĂ͘ZĞĨ͘ϯϮϴϬϭϯ
ϰ ƋƚƐ͕ ϰ ƐƵşƚĞƐ͕ ƐĞŶĚŽ Ϯ ĐĂŶĂͲ
ĚĞŶƐĞƐ͕ ǀŝƐƚĂ ĚĞ ĨƌĞŶƚĞ ƉĂƌĂ Ž
ŵĂƌ͕ůĂǌĞƌĐŽŵƉůĞƚŽ͕^ĆŽϮϭϬŵϸ
ĚĞƌĞƋƵŝŶƚĞĞĞǆĐůƵƐŝǀŝĚĂĚĞĐŽŵ
ƵŵĂĚĂƐďĞůĂƐǀŝƐƚĂƐĚĞsŝƚſƌŝĂ͘
ZĞĨϭϳϮϬϮϰ
)2&&86²
$75,80²
)2&&86²
)2&&86²
(16($'$'268É
(16($'$'268É
(16($'$'268É
,/+$'2%2,
5
5
5
5
ϰƋƵĂƌƚŽƐ͕ϮƐƵşƚĞƐ͕ĨƌĞŶƚĞ͕ƐŽůĚĂ
ŵĂŶŚĆ͕ ŐŝŐĂŶƚĞ ĐͬϮϮϰ ŵϮ͕ ƉƌĠͲ
ĚŝŽ ďĞůşƐƐŝŵŽ͕ ƚŽĚŽ ĐŽŵ ĂƌŵĄͲ
ƌŝŽƐ͕͕ϯǀĂŐĂƐĐŽďĞƌƚĂƐ͕ůŝŶĚĂ
ǀŝƐƚĂ ƉĂƌĂ /ůŚĂƐ &ƌĂĚĞ Ğ ĚŽ Žŝ͘
>ŽĐĂůŝǌĂĚŽ ƉƌſǆŝŵŽ ĞƌŝŵŽŶŝĂů
/ƚĂŵĂƌĂƟ͘ſĚϯϯϬϱϴϳ
/2&$0$;²
ŽďĞƌƚƵƌĂ ŵƵŝƚŽ ĂŵƉůĂ͕ ǀĞŶƟͲ
ůĂĚĂ Ğ ĐůĂƌĂ͕ Ğŵ ŽƟŵŽ ĞƐƚĂĚŽ
ĚĞ ĐŽŶƐĞƌǀĂĕĂŽ͗ Ϯ ƋƵĂƌƚŽƐ ƉŽƌ
ĂŶĚĂƌ͕ďĞŵĂĚŵŝŶŝƐƚƌĂĚŽ͕KƟŵĂ
ƌƵĂĞĐĂůŵĂ͕ZĞĨϭϳϵϬϱϱ
ŽďĞƌƚƵƌĂůŝŶĞĂƌĚĞϭϳϴŵϸ͕ĐŽŵ
ϬϯƋƚŽƐ͕ϮƐƚĞƐ͕ƵŵĂĐůŽƐĞƚ͕ϯǀĂͲ
ŐĂƐ͕ƵŵĂǀĂƌĂŶĚĂ͕ůĂǌĞƌĐŽŵƉůĞͲ
ƚŽ͕ſƟŵĂǀŝƐƚĂƉĂƌĂŵĂƌĞŽƵƚƌŽƐ
ƉŽŶƚŽƐ ŵĂƌĂǀŝůŚŽƐŽƐ͕ ƉƌŽŶƚŽ
ƉĂƌĂŵŽƌĂƌ͘ZĞĨ͗ϭϰϵϳϯϮ
ϯYƚŽƐĐͬϭƐƵşƚĞ͕^ĂůĂĂŵƉůĂ͕sĂͲ
ƌĂŶĚĂ͕t^ŽĐŝĂů͕ŽǌŝŶŚĂ͕ƌĞĂ
ĚĞ^ĞƌǀŝĕŽ͕͘ſĚ͘ϯϮϴϱϳϬ
)2&&86²
)2&&86²
%(7+$(63$d2²
,PyYHLVH1HJyFLRV
,PyYHLVH1HJyFLRV
6$17$/Ó&,$
6$17$/Ó&,$
6$17$/Ó&,$
6$17$/Ó&,$
5
5
5
5
EKsK DW>K͊ Ϯ ƋƵĂƌƚŽƐ
ƐĞŶĚŽ ϭ ƐƚĞ͕ ϮǀŐƐ ůŝǀƌĞƐ͕ ƐŽů ĚĂ
ŵĂŶŚĆ͕ ǀŝƐƚĂ ůŝǀƌĞ ƉͬWƌĂŝĂ ĚŽ
ĂŶƚŽ ůĂǌĞƌ ĐŽŵƉůĞƚŽ͕ ĞŶƚƌĞŐĂ
ƐĞƚͬϮϬϭϭ͕ƉƌĞƉĂƌĂĕĆŽƉͬ^ƉůŝƚĞŵ
ƚŽĚŽŽƉƚŽ͕K͗ϯϮϲϱϳϵ
^ƚƵĚŝŽ ůŽŌ ĚƵƉůĞǆ ĐͬϮ ƐƵşƚĞƐ͕
ϵϳŵϮ͕ ĂƌŵĄƌŝŽƐ ŶĂ ĐŽǌŝŶŚĂ Ğ
ďĂŶŚĞŝƌŽ͕ƐŽůĚĂŵĂŶŚĂ͕ϮǀĂŐĂƐ͕
ƉŽƌƚ͘ϮϰŚƐ͘ŽŶĐĞŝƚŽƷŶŝĐŽĞĞǆͲ
ĐůƵƐŝǀŽŶĂĐŝĚĂĚĞ͘ſĚ͘ϵϰϴϱϯ
EKs1^^/DK͊ ϯƋƵĂƌƚŽƐ ƐĞŶĚŽ ϭ
ƐƚĞ͕ǀĂƌĂŶĚĂ͕ϮǀŐƐ͕ůĂǌĞƌĐŽŵƉůĞͲ
ƚŽ͕ůŽĐĂůŝǌĂĕĆŽƉƌŝǀŝůĞŐŝĂĚĂ͕ĨƌĞŶͲ
ƚĞ͕ƐŽůĚĂŵĂŶŚĆ͕ƉƌſǆŝŵŽĂŽĂͲ
ƌŽŶĞ͕ĂŶĚĂƌĂůƚŽ͕K͗ϭϯϯϳϮϱ
ϰYƚƐ͘ŵƉůŽ͕ƵŵĂƐƵşƚĞ͕ϭϳϬŵϸ͕
ŵŽŶƚĂĚŽ͕ƐĞǀĐƉƌŽĐƵƌĂƵŵŝŵſͲ
ǀĞůĐŽŵĞƐƉĂĕŽ͕ĞƚĞŵƵŵŝŵſͲ
ǀĞůĚĞŵĞŶŽƌǀĂůŽƌǀĞŶŚĂŵŽƌĂƌ
Ğŵ^ĂŶƚĂ>ƷĐŝĂ͕ĐŽŵĨĄĐŝůĂĐĞƐƐŽ͘
ZĞĨ͘ϭϴϮϴϲϰ
$75,80²
/2&$0$;²
$75,80²
)2&&86²
35$,$'2&$172
35$,$'2&$172
35$,$'2&$172
35$,$'2&$172
5
5
5
5
ƉĂƌĂƚŵĞŶƚŽϭYƵĂƌƚŽ͕sĂƌĂŶĚĂ͕
^ŽůĚĂDĂŶŚĆ͕ŽǌŝŶŚĂŵŽŶƚĂĚĂ
ĐŽŵĂƌŵĄƌŝŽƐ͕WŝƐŽ&ƌŝŽ͕sŝƐƚĂ>ŝͲ
ǀƌĞ͕ ǆĐĞůĞŶƚĞ >ŽĐĂůŝǌĂĕĆŽ ſĚ͗͘
ϯϯϴϯϲϴ
>ŽĐĂůŝǌĂĕĆŽ ĞǆĐĞůĞŶƚĞ͘ EŽǀŽ͘ Ϯ
ƋƵĂƌƚŽƐ ĐͬƐƵşƚĞ͘ ůƚŽ ƉĂĚƌĆŽ͘
dŽĚŽ ŵŽŶƚĂĚŽ͘ Ğ ĨƌĞŶƚĞ͘ sĂͲ
ƌĂŶĚĂ͕ůĂǌĞƌ͘ſĚ͘ϯϯϵϲϳϴ
Ϯ YƵĂƌƚŽƐ͕ ^ƵşƚĞ͕ sĂƌĂŶĚĂ͕ ůĞͲ
ǀĂĚŽƌ͕ WŝƐŽ &ƌŝŽ͕ DŽŶƚĂĚŽ ĐŽŵ
ĂƌŵĄƌŝŽƐ͕ǆĐĞůĞŶƚĞ>ŽĐĂůŝǌĂĕĆŽ͕
ſĚ͗͘ϯϬϳϱϬϴ
1(72²
/2&$0$;²
1(72²
ϮƋƵĂƌƚŽƐ͕ ƐƵşƚĞ͕ ǀĂƌĂŶĚĂ͕ ĨƌĞŶͲ
ƚĞ͕ƐŽůĚĂŵĂŶŚĆ͕ƉŝƐŽĐĞƌąŵŝĐĂ
ďƌĂŶĐĂ͕ Ϯ ǀĂŐĂƐ ƐŽůƚĂƐ Ğ ĐŽďĞƌͲ
ƚĂƐ͕ ƉŝƐĐŝŶĂ͕ ĐŚƵƌƌĂƐƋƵĞŝƌĂ͕ ƐĂƵͲ
ŶĂ͕ Ɛ͘ ĨĞƐƚĂƐ͕ ƉƌſǆŝŵŽ Ă ŵĞůŚŽƌ
ŝŶĨƌĂͲĞƐƚƌƵƚƵƌĂƌ ĚŽ ďĂŝƌƌŽ͘ ſĚ͘
ϭϴϯϳϮϯ
,/+$²
35$,$'2&$172
35$,$'2&$172
35$,$'2&$172
35$,$'2&$172
5
5
5
5
Ϯ ƋƵĂƌƚŽƐ͕ ƐƵşƚĞ͕ ǀĂƌĂŶĚĂ͕ ǁĐ
ƐŽĐŝĂů͕ ĐŽǌŝŶŚĂ͕ ƐĂůĂ ĚĞ ũĂŶƚĂƌͬ
ĞƐƚĂƌ͕ ŚŝĚƌƀŵĞƚƌŽ ĚĞ ĄŐƵĂͬŐĄƐ
ŝŶĚŝǀŝĚƵĂůŝǌĂĚŽ͘ſĚ͘ϯϰϮϬϰϳ
Ϯ YƵĂƌƚŽƐ͕ ^ƵşƚĞ͕ sĂƌĂŶĚĂ͕ ^Žů
ĚĂDĂŶŚĆ͕WŝƐŽĞŵWŽƌĐĞůĂŶĂƚŽ͕
>ĂǌĞƌ ĐŽŵ WŝƐĐŝŶĂ͕ ŚƵƌƌĂƐƋƵĞŝͲ
ƌĂ͕ ^ĂůĆŽ ĚĞ &ĞƐƚĂƐ͕ KƉĕĆŽ ĚĞ
Ϯǐ sĂŐĂ͕ ǆĐĞůĞŶƚĞ >ŽĐĂůŝǌĂĕĆŽ͕
EŽǀŽ͕ſĚ͗͘ϯϬϱϬϵϲ͘
Ϯ ƋƵĂƌƚŽƐ͕ ƐƵşƚĞ͕ ĨƌĞŶƚĞ͕ ƐŽů ĚĂ
ŵĂŶŚĆ͕ ǀĂƌĂŶĚĂ͕ ſƟŵŽƐ ĂƌŵĄͲ
ƌŝŽƐ͕ĞǆĐĞůĞŶƚĞůŽĐĂůŝǌĂĕĆŽ͕ŐĂƌĂͲ
ŐĞŵƉƌŝǀĂƟǀĂ͘ſĚ͘ϯϯϴϭϰϮ
ϯƋƵĂƌƚŽƐ͕ ƐƵşƚĞ͕ ǀĂƌĂŶĚĂ͕ ƐŽů ĚĂ
ŵĂŶŚĆ͕ ŵŽŶƚĂĚŽ͕ ĞůĞǀĂĚŽƌ͕ ϭ
ǀĂŐĂĚĞŐĂƌĂŐĞŵ͕ƐĂůĆŽĚĞĨĞƐƚĂƐ
Ğ ĐŚƵƌƌĂƐƋƵĞŝƌĂ͘ MƟŵĂ ůŽĐĂůŝǌĂͲ
ĚĂ ĚĞŶƚƌŽ ĚŽ ďĂŝƌƌŽ͕ ĚĞƐŽĐƵƉĂͲ
ĚŽ͊ſĚ͘ϭϰϭϵϱϲ
)/É9,2'$17$6²
1(72²
)/É9,2'$17$6²
,/+$²
35$,$'2&$172
35$,$'2&$172
35$,$'2&$172
35$,$'2&$172
5
5
5
5
ϰƋƵĂƌƚŽƐ͕ƚƌĂŶƐĨŽƌŵĂĚŽƐĞŵϯ
ƐƵşƚĞƐ͕ǀ͘^ĂƚƵƌŶŝŶŽĚĞƌŝƚŽ͕ƚŽͲ
ĚŽƐŽƐĂŵďŝĞŶƚĞƐĮŶĂŵĞŶƚĞĚĞͲ
ĐŽƌĂĚŽƐ Ğ ĐůŝŵĂƟǌĂĚŽƐ͕ ĐůŽƐĞƚ͕
ůĂǀĂďŽ͕ϯǀĂŐĂƐ͕ůĂǌĞƌĐŽŵƉůĞƚŽ͕
DŽŶƚĂŐĞŵ ĚĞ ĂůơƐƐŝŵŽ ůƵǆŽ͘
ſĚ͘ϭϴϳϳϰϱ
)/É9,2'$17$6²
Dh :͊ ϬϯƋƚƐ͕ Đͬ ƐƚĞ͕ ϭϬϱŵϸ͕
ǀĂƌĂŶĚĂ͕ ǁĐ ƐŽĐŝĂů ĐŽŵ ďůŝŶĚĞǆ
ĞĂƌŵĄƌŝŽƐ͕ĐŽǌŝŶŚĂĐŽŵďĂŶĐĂͲ
ĚĂ Ğŵ ďůŝŶĚĞǆ Ğ ĂƌŵĄƌŝŽƐ͕ ƉŝƐŽ
ƉŽƌĐĞůĂŶĂƚŽ͕͕ϮǀŐƐ͕ƉŝƐĐŝŶĂ͕
ƐĂƵŶĂ͘ͲK͗ϭϳϭϮϴϱ
WŽŶƚŽ ŶŽďƌĞ͘ ϯ ƋƚƐ͘ ƐƚĞ ĐͬŚŝĚƌŽ͘
ŵƉůŽ͘ ϭϯϳ ŵϮ͘ ZĞĨŽƌŵĂĚŽ Ğ
ŵŽŶƚĂĚŽ ĐͬĂƌŵĄƌŝŽƐ Ğ WŽƌĐĞůĂͲ
ŶĂƩŽ͘ sĂƌĂŶĚĂ͘ ŽǌŝŶŚĂ Ğ ĂŵƉůŽƐ͘ƌĞĂƐĞƌǀ͘ƐĞƉĂƌĂĚĂ͘ƌͲ
ŵĄƌŝŽƐƋƚŽ͕ĐŽǌ͕ďĂŶŚĞŝƌŽ͘>ĂǌĞƌ
ĐͬƉůĂǇĞƋƵĂĚƌĂ͘ſĚ͘ϯϭϬϮϱϰ
/2&$0$;²
EĂ WƌĂĕĂ ĚŽ ĂƵġ͘ ϯ ƋƵĂƌƚŽƐ
ĐͬƐƵşƚĞ͘ϭϭϰŵϮ͘ĞĨƌĞŶƚĞĞƐŽů
ŵĂŶŚĆ͘ Ϯ ǀĂƌĂŶĚĂƐ͕ ͕ ĂƌŵĄͲ
ƌŝŽƐƋƵĂƌƚŽ͕ĐŽǌŝŶŚĂĞďĂŶŚĞŝƌŽ͘
ſĚ͘ϯϰϭϮϲϮ
,PyYHLVH1HJyFLRV
$75,80²
/2&$0$;²
35$,$'2&$172
35$,$'2&$172
35$,$'2&$172
35$,$'2&$172
5
5
5
5
ϯYƵĂƌƚŽƐĐͬϭƐƵşƚĞ͕^ĂůĂĂŵƉůĂ
Ɖͬ Ϯ Ăŵď͕͘ ^Žů ĚĂ DĂŶŚĆ͕ ƌĞĂ
ĚĞ ^ĞƌǀŝĕŽ ĂŵƉůĂ͕ ͘ ſĚ͘
ϯϰϬϴϬϲ
y>Ed WZK͊ ϯƋƵĂƌƚŽƐ
ƐĞŶĚŽϭƐƵşƚĞ͕ǀĂƌĂŶĚĂ͕ĐŽǌŝŶŚĂ
ĐŽŵ ĂƌŵĄƌŝŽƐ͕ ďĞŵ ůŽĐĂůŝǌĂĚŽ͕
ůĂǌĞƌĐŽŵƉůĞƚŽ͕ĂŶĚĂƌĂůƚŽ͕WZMͲ
y/DK dhK͕ ϮǀĂŐĂƐ͘ K͗
ϭϳϯϲϱϲ
>ĂŶĕĂŵĞŶƚŽ͕ ϯ ƋƵĂƌƚŽƐ ĐŽŵ ϭ
ƐƵŝƚĞ͕ ϭϬϲŵϮ͕ Ϯ ǀĂŐĂƐ͕ ĨĂĐŚĂĚĂ
Ğŵ ŐƌĂŶŝƚŽ͕ ůĂǌĞƌ ŶĂ ĐŽďĞƌƚƵƌĂ͘
ſĚ͘ϯϮϴϲϯϬ
KWKZdhE/͊͊ ϰƋ ƚƌĂŶƐĨŽƌͲ
ŵĂĚŽĞŵϯƐƚƐ͕ĮŶŽĂĐĂďĂŵĞŶƚŽ͕
ƐĂůĂĂŵƉůŝĂĚĂƉĂƌĂϮĂŵďŝĞŶƚĞƐ͕
dƵĚŽEŽǀşƐƐŝŵŽ͊EĂŵĞůŚŽƌůŽĐĂͲ
ůŝǌĂĕĆŽĚŽďĂŝƌƌŽ͘>ĂǌĞƌĐŽŵƉůĞͲ
ƚŽ͊ZĞĨ͘ϯϰϮϲϴϰ
%(7+$(63$d2²
$75,80²
)/É9,2'$17$6²
)2&&86²
35$,$'2&$172
35$,$'2&$172
35$,$'2&$172
35$,$'2&$172
5
5
5
5
ϯYƚƐ͕ϭϭϬDϸ͕ϭƐƵşƚĞ͕ϮǀŐƐ͕ůĂǌĞƌ
ĐŽŵƉůĞƚŽ͕ ƌĞĂůŝǌĞ Ž ƐŽŶŚŽ ĚĞ
ŵŽƌĂƌŶĂWƌĂŝĂĚŽĂŶƚŽ͕ŝŵſǀĞů
ĚĞƐŽĐƵƉĂĚŽ͕ ƉƌŽŶƚŽ ƉĂƌĂ ŵŽͲ
ƌĂƌ͕ǀĂƌĂŶĚĆŽĞƉƌŝǀĂĐŝĚĂĚĞ͘ZĞĨ͘
ϭϮϱϯϬϮ
ϯYƵĂƌƚŽƐ͕^ƵşƚĞ͕ϭϳϬŵϸ͕sĂƌĂŶͲ
ĚĂ͕ ^Žů ĚĂ DĂŶŚĆ͕ ƚŽĚŽ DŽŶƚĂͲ
ĚŽ н ^ƉůŝƚƐ ŶŽƐ ƋƵĂƌƚŽƐ Ğ ƐĂůĂ͕
ƋƵĞĐŝŵĞŶƚŽ Ă 'ĄƐ͕ ůĂƌŵĞ͕
^ĂůĂŵƵŝƚŽĂŵƉůĂ͕ƉŝƐŽĞŵŵĄƌͲ
ŵŽƌĞ͕ϭsĂŐĂĚĞ'ĂƌĂŐĞŵͬſĚ
ϯϰϰϭϲϳ
1(72²
>/EDEd KZK͊ ϯ
ƋƵĂƌƚŽƐ ƐĞŶĚŽ ϭ ƐƚĞ ŵŽďŝůŝĂĚŽ͕
ƐĂůĂ Ɖͬ Ϯ ĂŵďŝĞŶƚĞƐ͕ ǀĂƌĂŶĚĂƐ
ĨĞĐŚĂŵĞŶƚŽ Ğŵ ďůŝŶĚĞǆ͕ ͕
ůĂǌĞƌ ĐŽŵƉůĞƚŽ͕ ǀŐ͕ ůŽĐĂůŝǌĂĕĆŽ
ĞǆĐĞůĞŶƚĞ͘K͗ϯϰϭϳϲϮ
)2&&86²
ϯYƵĂƌƚŽƐ͕ϯƐƵşƚĞƐ͕sĂƌĂŶĚĂ͕^Žů
ĚĂDĂŶŚĆ͕WƌĠĚŝŽEŽǀŽĞ/ŵƉŽͲ
ŶĞŶƚĞ͕ƉĂƌƚĂŵĞŶƚŽ^ƵƉĞƌŵŽŶͲ
ƚĂĚŽ Ğ ĚĞĐŽƌĂĚŽ͕ ĂĐĂďĂŵĞŶƚŽ
ĚĞ ƉƌŝŵĞŝƌĂ ůŝŶŚĂ͕ ϰ sĂŐĂƐ ĚĞ
'ĂƌĂŐĞŵ͕>ĂǌĞƌǆĐĞůĞŶƚĞ͕ſĚ͗͘
ϯϰϮϵϱϳ
1(72²
35$,$'2&$172
35$,$'2&$172
35$,$'2&$172
35$,$'2&$172
$75,80²
5
5
5
5
EŽ ŵŝŽůŽ ďĂŝƌƌŽ͘ ƐƉĞƚĂĐƵůĂƌ ϯ
ƋƵĂƌƚŽƐ͘ϭϭϬŵϮ͘ĞĨƌĞŶƚĞĞƐŽů
ŵĂŶŚĆ͘ dŽĚŽ ŵŽŶƚĂĚŽ ĐͬĂƌŵĄͲ
ƌŝŽƐ ŶŽǀŽƐ͘ WŽƌĐĞůĂŶĂƩŽ͘ ſĚ͘
ϯϰϯϲϮϱ
ϯYƵĂƌƚŽƐ͕ƐƵşƚĞ͕sĂƌĂŶĚĂ͕&ƌĞŶͲ
ƚĞ͕ ŵƉůŽ ƉĂƌƚĂŵĞŶƚŽ͕ ůŽƐĞƚ͕
ƌŵĄƌŝŽƐ͕ ϭ sĂŐĂ͕ ĞƐŽĐƵƉĂĚŽ͕
MƟŵŽ ƉƌĞĕŽ͕ ŽƉŽƌƚƵŶŝĚĂĚĞ͕
ſĚ͗͘ϯϬϰϯϱϴ
ϯ ƋƚƐ͕͘ ĐŽŶƐƚƌƵĕĆŽ͕ ϭϭϯ͕ϳϲ ŵϮ͕
ƐĂůĂ ĚĞ ĞƐƚĂƌ Ğ ĚĞ ƚǀ͕ ǀĂƌĂŶĚĂ͕
ǁ͘Đ͘ ĚĞ ƐĞƌǀŝĕŽ͕ Ϯ ǀĂŐĂƐ͕ ůĂǌĞƌ
ĐŽŵƉůĞƚŽ͘ZĞĨ͘ϭϱϵϮϲϰ
ϯƋƚƐ͕ϭƐƚĞ͕ƐŽůĚĂŵĂŶŚĆ͕ϵϴŵϸ͕
ĐŽŵĨĄĐŝůĂĐĞƐƐŽ͕ǀĞŶŚĂĐŽŶĨĞƌŝƌ͘
ZĞĨ͘ϴϰϯϮϰ
/2&$0$;²
1(72²
)2&&86²
)2&&86²
35$,$'2&$172
35$,$'2&$172
35$,$'2&$172
35$,$'2&$172
5
5
5
5
ϯ ƋƚƐ ĐŽŵ ϭ ƐƚĞ͕ Ϭϯ ǀĂŐĂƐ͕ ƐƉůŝƚ
Ğŵ ƚŽĚŽ Ž ĂƉĂƌƚĂŵĞŶƚŽ͕ ŵĂƌĂͲ
ǀŝůŚŽƐĂŵĞŶƚĞ ŵŽŶƚĂĚŽ Ğ ĚĞĐŽͲ
ƌĂĚŽ͕ĂƋƵĞĐŝŵĞŶƚŽĞŵƚŽĚĂƐĂƐ
ƚŽƌŶĞŝƌĂƐ͕ ƉƌĠĚŝŽ ŶŽǀŽ͕ ĨƌĞŶƚĞ͕
ƐŽůĚĂŵĂŶŚĆ͘ZĞĨ͗͘ϯϰϬϯϰϯ
ϯYƐĂůĂƉƌŝŶĐŝƉĂůƉĂƌĂϮĂŵďŝĞŶͲ
ƚĞƐ ĐŽŵ ǀĂƌĂŶĚĆŽ͕ ƐĂůĂ ĚĞ ds
ŝŶĚĞƉĞŶĚĞŶƚĞ͕ ƚŽĚŽ ŵŽŶƚĂĚŽ͕
ĨƌĞŶƚĞ͕ƐŽůŵĂŶŚĆ͕ϮƐƵŝƚĞƐ͕ůĂǌĞƌ͕
ϮǀĂŐĂƐ͕ϭϳϱŵϸ͘ƌĞĨ͘ϮϳϬϯϭϲ
ƉƚŽ ƵƉůĞǆ͕ ϯ YƵĂƌƚŽƐ͕ ^ĂůĂ
ĂŵƉůĂ͕ ^Žů ĚĂ DĂŶŚĆ͕ ƌĞĂ ĚĞ
^ĞƌǀŝĕŽĂŵƉůĂ͘ſĚ͘ϮϳϬϮϬϲ
)2&&86²
)2&&86²
%(7+$(63$d2²
ϯYƵĂƌƚŽƐ͕^ƵşƚĞ͕ƐŽůĚĂDĂŶŚĆ͕
&ƵŶĚŽƐ͕ >ĂǌĞƌ ĐŽŵ ƉŝƐĐŝŶĂ͕ ĂĐĂͲ
ĚĞŵŝĂ͕ĐŚƵƌƌĂƐƋƵĞŝƌĂ͕sĂƌĂŶĚĆŽ
ĐŽŵĂĐĞƐƐŽăƐĂůĂ͕ƋƵĂƌƚŽƐĐŽŵ
ƉŝƐŽ ůĂŵŝŶĂĚŽ Ğŵ ŵĂĚĞŝƌĂ͕ ůĂͲ
ǌĞƌŶĂĐŽďĞƌƚƵƌĂ͕ĂƋƵĞĐŝŵĞŶƚŽĂ
ŐĄƐ͘ſĚ͗͘ϭϲϱϵϵϳ
1(72²
,PyYHLVH1HJyFLRV
35$,$'2&$172
35$,$'2&$172
35$,$'2&$172
35$,$'2&$172
5
5
5
5
ϯƋƵĂƌƚŽƐƐƵşƚĞǀĂƌĂŶĚĆŽϮǀĂŐĂƐ
ůĂǌĞƌ ŶĂ ĐŽďĞƌƚƵƌĂ͕ ůŽĐĂůŝǌĂĕĆŽ
ĞƐƉĞƚĂĐƵůĂƌĂϱŵŝŶƵƚŽƐĂƉĠĚĂ
ƉƌĂĕĂĚŽƐŶĂŵŽƌĂĚŽƐ͕ƉĂŐĂŵĞŶͲ
ƚŽ ƉĂƌĐĞůĂĚŽ͕ ĞƐƚƵĚĂ ŝŵſǀĞů ĚĞ
ŵĞŶŽƌǀĂůŽƌ͘ſĚϭϱϴϮϬϴ
s> WE KE&Z/Z͊ϭϭϬŵϸ
ϯƋƵĂƌƚŽƐƐĞŶĚŽϭƐƵşƚĞĐͬǀĂƌĂŶͲ
ĚĂƉƌŝǀĂƟǀĂ͕ŽƵƚƌŽƐƋƵĂƌƚŽƐĐŽŵ
ĂƌŵĄƌŝŽƐ͕ ƐĂůĂ ĂŵƉůĂ Ğŵ ͞>͕͟
͕ ϮǀŐƐ ůŝǀƌĞƐ͕ ůĂǌĞƌ ĐŽŵƉůĞͲ
ƚŽ͕ ƉŝƐŽ Ğŵ ƉŽƌĐĞůĂŶĂƚŽ͘ K͗
ϯϬϴϱϮϰ
$75,80²
ϯ YƵĂƌƚŽƐ͕ ^ƵşƚĞ͕ sĂƌĂŶĚĂ͕ ůĞͲ
ǀĂĚŽƌ͕ WŝƐŽ &ƌŝŽ͕ DŽŶƚĂĚŽ ĐŽŵ
ĂƌŵĄƌŝŽƐ͕ĞƉĞŶĚġŶĐŝĂŽŵƉůĞͲ
ƚĂ͕ ϭϭϱŵϸ͕ Ϯ sĂŐĂƐ ĚĞ 'ĂƌĂŐĞŵ
ůŝǀƌĞƐ͕ ŶĂ :ŽĂƋƵŝŵ >şƌŝŽ ʹ ſĚ͗͘
ϯϯϭϵϰϱ
/2&$0$;²
^ĂůĂ Ğŵ ĐĞƌąŵŝĐĂ ďƌĂŶĐĂ͕ ůƵƐͲ
ƚƌĞƐ͕ ƌĞďĂŝǆĂŵĞŶƚŽ Ğŵ ŐĞƐƐŽ͕
ůĂǀĂďŽ ĐŽŵ ĐƵďĂ ƐŽďƌĞƉŽƐƚĂ͕
ŵĄƌŵŽƌĞ ďƌĂŶĐŽ Ğ ƉŝŶƚƵƌĂ ƚĞǆͲ
ƚƵƌŝǌĂĚĂ͕^ƵşƚĞĐŽŵĂƌŵĄƌŝŽƐĞŵ
ŵĂƌĐĞŶĂƌŝĂ͕ďĂŶŚĞŝƌŽƚŽĚŽŵŽŶͲ
ƚĂĚŽ͘M͘ϯϯϴϴϲϵ
)/É9,2'$17$6²
35$,$'2&$172
35$,$'2&$172
35$,$'2&$172
35$,$'2&$172
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5
5
5
5
ϯ ƋƵĂƌƚŽƐ ĂŵƉůŽ͕ ĐͬƐƵşƚĞ͘ ϭϯϴ
ŵϮ͘EŽŵŝŽůŽĚŽďĂŝƌƌŽ͘ŽŵĂƌͲ
ŵĄƌŝŽƐ͕ǀĂƌĂŶĚĂĐŽŵůŝŶĚĂǀŝƐƚĂ
ƉĂƌĂŽŵĂƌĞŽŵŽƌƌŽĚŽĐƌƵǌĞŝͲ
ƌŽ͕ ͘ Ğ ĨƌĞŶƚĞ͘ >ĂǌĞƌ ĐŽŵͲ
ƉůĞƚŽ ŝŶĐůƵŝŶĚŽ ƋƵĂĚƌĂ͘ ϭ ǀĂŐĂ͘
ſĚϯϰϬϳϱϯ
/2&$0$;²
ϯƋƵĂƌƚŽƐ͕ϭƐƵşƚĞ͕ϮǀĂŐĂƐĐŽďĞƌͲ
ƚĂƐ͕ĂƌŵĄƌŝŽƐ͘>ŽĐĂůŝǌĂĕĆŽşŵƉĂƌ͘
dƌĂŶƋƵŝůŝĚĂĚĞ͕ƐŝůġŶĐŝŽĞƉƌŝǀĂĐŝͲ
ĚĂĚĞ͘ WŝƐĐŝŶĂ ƐĂƵŶĂ Ğ ĐŚƵƌƌĂƐͲ
ƋƵĞŝƌĂ͘WŽƌƚ͘ϮϰŚ͘^ŽůĚĂŵĂŶŚĆ͘
ƐƚƵĚĂ Ϯ ƋƚŽƐ Ğŵ ƉĂƌƚĞ ƉĂŐƚŽ͘
ſĚ͘ϭϴϯϱϬϯ
/2&$0$;²
ϯƋͬϭƐƵŝƚĞͬǀĂƌĂŶĚĂĚĐĞĐŽŵƉůĞƚŽ
ĄƌĞĂ ĚĞ ůĂǌĞƌ ĐŽŵ ƉŝƐĐŝŶĂͬĐŚƵƌͲ
ƌĂƐƋƵĞŝƌĂͬĂĐĂĚĞŵŝĂ͘>ŽĐĂůŝǌĂĕĆŽ
ƉƌŝǀŝůĞŐŝĂĚĂ͘KƉŽƌƚƵŶŝĚĂĚĞ͘ ZĞĨ͘
ϯϯϴϬϰϵ
ϯƋƚƐĐŽŵϮƐƚƐ͕ǀĂƌĂŶĚĂŶĂƐĂůĂ
Ğ ŶŽƐ ƋƵĂƌƚŽƐ͕ ĐŽǌŝŶŚĂ ƚŽĚĂ
ŵŽŶƚĂĚĂ͕ ĨƌĞŶƚĞ͕ ƐŽů ĚĂ ŵĂŶŚĆ͕
ƉƌĠĚŝŽ ƉĂƐƟůŚĂĚŽ͕ ĞǆĐĞůĞŶƚĞ
ĂĐĂďĂŵĞŶƚŽ͕ ŶŽ ŵŝŽůŽ ĚĂ WƌĂŝĂ
ĚŽĂŶƚŽ͘ZĞĨ͗͘ϯϰϮϰϮϲ
)2&&86²
)2&&86²
35$,$'2&$172
35$,$'2&$172
35$,$'2&$172
35$,$'2&$172
5
5
5
5
ϰƋƚŽƐƚƌĂŶƐĨŽƌŵĂĚŽĞŵϯ͕ϮƐƚĞƐ
ĐͬĐůŽƐĞƚ͕ǀĂƌĂŶĚĆŽŐŽƵƌŵĞƚ͕ƐĂůĂ
Ɖͬ Ϯ Ăŵď͕͘ ƐĂůĂ ŝŶƟŵĂ͕ ůĂǀĂďŽ͕
ĐŽǌ͘ ŵŽŶƚĂĚĂ͕ ĨŽŐĆŽ ĐŽŝĨĂ ŐĞůĂͲ
ĚĞŝƌĂ ĨƌĞĞǌĞƌ͕ ĨƌĞŶƚĞ ƐŽů ŵĂŶŚĆ͕
ĂŶĚĂƌ ĂůƚŽ͕ ϯ ǀŐƐ ƐŽůƚĂƐ͕ ůĂǌĞƌ
ĐŽŵƉů͘ĐͬƋƵĂĚƌĂ͘ſĚ͘ϵϱϯϲϮ
)/É9,2'$17$6²
ϰYƵĂƌƚŽƐ͕ϯ^ƵşƚĞƐ͕Ϯϯϵŵϸ͕ƉƌĠͲ
ĚŝŽ ŶŽǀŽ͕ sĂƌĂŶĚĆŽ͕ ^Žů ĚĂ DĂͲ
ŶŚĆ͕>ĂǌĞƌĐŽŵYƵĂĚƌĂ͕ƉŝƐĐŝŶĂ͕
WůĂǇŐƌŽƵŶĚ͕ sŝƐƚĂ ƉĂƌĂ Ž DĂƌ͕
ǆĐĞůĞŶƚĞ KƉŽƌƚƵŶŝĚĂĚĞ͕ ſĚ͗͘
ϯϬϱϴϮϭ
1(72²
ϰƋƚŽƐĐͬƐƚĞ͘ϭϱϲŵϮ͘&ƌĞŶƚĞ͕ƐŽů
ŵĂŶŚĆ͘ ZĞĨŽƌŵĂĚŽ͕ ĚĞĐŽƌĂĚŽ Ğ
ŵŽŶƚĂĚŽ͘ ƌŵ͘ ĞǆĐĞůĞŶƚĞƐ͘ ^ĂůĂ
ϮĂŵď͘sĂƌĂŶĚĆŽ͕ƉŝƐŽ^ĆŽdŚŽͲ
ŵĠ͕ĐĂƌƉĞƚĞŵĂĚĞŝƌĂĞĐĞƌąŵŝĐĂ͕
ƐĂŶĐĂĞƌĞďĂŝǆ͘͘ŽƉĂ͕ĐŽǌ͕t͕Ɛ
ĞĐͬĂƌŵ͘ϮǀŐƐ͘ſĚϯϰϯϮϲϮ
/2&$0$;²
ϰ ƋƚƐ ĐŽŵ ϰ ƐƚƐ͕ Ϭϰ ǀĂŐĂƐ͕ ƐĂůĂ
şŶƟŵĂĞĚĞds͕ĐŽǌŝŶŚĂĞŶŽƌŵĞ
ĐŽŵ ǀĞŶƟůĂĕĆŽ ŶĂƚƵƌĂů͕ ĂƉƚŽ
ĐŽŶƚĂ ĂŝŶĚĂ ĐŽŵ ϬϮ ƐĂĐĂĚĂƐ
ĂůĠŵ ĚĞ Ϭϭ ǀĂƌĂŶĚĂ ŵƵŝƚŽ ďŽĂ͕
ſƟŵŽ ůĂǌĞƌ͕ ƉƌĠĚŝŽ ŶŽǀŽ͘ ZĞĨ͗͘
ϯϮϲϭϳϰ
)2&&86²
35$,$'2&$172
35$,$'2&$172
35$,$'2&$172
35$,$'2&$172
5
5
5
5
ϰƋƚƐĂŵƉůŽ͕ĐͬϮƐƚĞƐ͘WŽŶƚŽŶŽͲ
ďƌĞ͘ ϭϵϬ ŵϮ͘ WƌĠĚŝŽ ŶŽǀŽ Ğ ĚĞ
ĂůƚŽƉĂĚƌĆŽ͘&ƌĞŶƚĞĞƐŽůŵĂŶŚĆ͘
ĞĐŽƌĂĚŽ Ğ ŵŽŶƚĂĚŽ͘ ƌŵĄƌŝŽƐ
ĞǆĐĞůĞŶƚĞƐ͘ϮǀĂƌĂŶĚĂƐ͕͕>ĂͲ
ǌĞƌĐŽŵƉůĞơƐƐŝŵŽ͘ϯǀĂŐĂƐ͘zŽƵͲ
ƚƵďĞEĞƟŵſǀĞŝƐſĚϭϲϵϲϰϮ
/2&$0$;²
ƉĂƌƚĂŵĞŶƚŽ ĐŽŵ ϰ ƋƚŽƐ ͬ ϭ
ƐƚĞ͕ ĚĞƉĞŶĚġŶĐŝĂ ĐŽŵƉůĞƚĂ ĚĞ
ĞŵƉƌĞŐĂĚĂ͕ϮǀĂŐĂƐĚĞŐĂƌĂŐĞŵ
ƐŽůƚĂƐ͕ĂŶĚĂƌĂůƚŽĞŵŽŶƚĂĚŽ͘>ĂͲ
ƐĞƌĐŽŵƉŝƐĐŝŶĂ͕ƐĂůĆŽĚĞĨĞƐƚĂƐ͕
ĐŚƵƌƌĂƐƋƵĞŝƌĂ͘ZĞĨ͘ϭϴϱϴϱϬ
ϰ ƋƚƐ ĐŽŵ ϯ ƐƚĞƐ͕ ƐĂůĂ ƉĂƌĂ ƚƌġƐ
ĂŵďŝĞŶƚĞƐ͕ Ϭϯ ǀĂŐĂƐ͕ ϬϮ ǀĂƌĂŶͲ
ĚĂƐ͕ ͕ ĞǆĐĞůĞŶƚĞ ƉĂĚƌĆŽ ĚĞ
ĂĐĂďĂŵĞŶƚŽ͕ƐŽůĚĂŵĂŶŚĆ͕ůĂǌĞƌ
ĐŽŵƉůĞƚŽĐŽŵƋƵĂĚƌĂĚĞĞƐƉŽƌͲ
ƚĞƐ͕ƉƌĠĚŝŽŶŽǀŽ͘ZĞĨ͗͘ϮϳϬϯϭϰ
ϰƋƚƐĐŽŵϮƐƚƐ͕ϬϯǀĂŐĂƐ͕ǀĂƌĂŶͲ
ĚĂ͕ ĄƌĞĂ ĚĞ ƐĞƌǀŝĕŽ͕ ƐĂůĂ ĂŵƉůĂ͕
ĨƌĞŶƚĞ͕ ƐŽů ĚĂ ŵĂŶŚĆ͕ƉƌĠĚŝŽ
ŶŽǀŽ͕ ďĞŵ ůŽĐĂůŝǌĂĚŽ͕ ŵŝŽůŽ ĚĂ
WƌĂŝĂĚŽĂŶƚŽ͘ZĞĨ͗͘ϯϯϵϰϯϰ
)2&&86²
)2&&86²
)2&&86²
,PyYHLVH1HJyFLRV
35$,$'2&$172
35$,$'2&$172
35$,$'2&$172
35$,$'2&$172
5
5
5
5
ƉƚŽϰƋƚŽƐ͕ϮƐƚĞƐ͕ϮǀĂƌĂŶĚĂƐ͕
ƐĂůĂ ĂŵƉůĂ͘ ŵĞůŚŽƌ ůŽĐ͘ ĚĂ
ĐŝĚĂĚĞ͕ĨƌĞŶƚĞƉͬŵĂƌ͕ŶĂ^ĂƚƵƌͲ
ŶŝŶŽĚĞƌŝƚŽ͕ƐŽůŵĂŶŚĆ͕͕Ϯ
ǀŐƐůŝǀƌĞƐĞĐŽďĞƌƚĂƐ͘dŽĚŽŵŽŶͲ
ƚĂĚŽĞƌĞĨŽƌŵĂĚŽ͘>ĂǌĞƌĐŽŵƉůĞͲ
ƚŽ͘WŽƌƚĂƌŝĂϮϰŚ͘ſĚϯϭϭϱϬϯ
/2&$0$;²
ϰYƚŽƐ Đͬ ϰ ^ƚĞƐ͕ ϰ sĂƌĂŶĚĂƐ͕ ϯ
sŐƐ͕͘ ϭ ƉƚŽ Ɖͬ ĂŶĚĂƌ͕ ^Žů ĚĂ
DĂŶŚĆ͕ϭϵϯŵϸ͕>ĂǌĞƌŽŵƉůĞƚŽ͘
ſĚ͘ϭϲϯϯϰϲ
ϰ ƋƵĂƌƚŽƐ͕ ƐƵşƚĞ͕ ĐͬϭϯϲŵϮ͕ ǀĂͲ
ƌĂŶĚĂ͕ƐĂůĂƉͬϮĂŵďŝĞŶƚĞƐƉŝƐŽ
ƉŽƌĐĞůĂŶĂƚŽ͕ ĐŽǌŝŶŚĂ ƉŝƐŽ ĐĞƌąͲ
ŵŝĐĂ͕ĄƌĞĂĚĞƐĞƌǀŝĕŽ͕͕ůĂǌĞƌ
ĐŽŵƉůĞƚŽ͕ϮǀĂŐĂƐƐŽůƚĂƐŶĂZƵĂ͗
DŽĂĐŝƌǀŝĚŽƐ͘ſĚ͘ϯϭϬϵϬϴ
%(7+$(63$d2²
ŵƉůŽϰƋƚŽƐ͕ĂŶĚĂƌĂůƚŽ͕ƵŵƉͬ
ĂŶĚĂƌ͕ϮǀĂƌĂŶĚĂƐ͕ƉŝƐŽĞŵƉŽƌͲ
ĐĞůĂŶĂƚŽ͕ ǀĂƌĂŶĚĂ ĂŵƉůĂ͕ ƐĂůĂ
Ğŵ͞>͕͟ƉƌĞƉ͘ƉͬƐƉůŝƚ͕ĞŵƚŽĚŽƐ
ŽƐĂŵďŝĞŶƚĞƐ͕ϰǀĂŐĂƐŐĂƌĂŐĞŵ͕
ůĂǌĞƌĐŽŵƉůĞƚŽ͕ĞǆĐĞůĞŶƚĞůŽĐĂůŝͲ
ǌĂĕĆŽ͘ſĚ͘ϯϯϭϲϮϬ
)/É9,2'$17$6²
35$,$'2&$172
35$,$'2&$172
35$,$'2&$172
35$,$'2&$172
)/É9,2'$17$6²
5
5
5
5
ϰƋƚƐ͕͘ĮŶĂŵĞŶƚĞĚĞĐŽƌĂĚŽ͕ϮϭϬ
ŵϮ͕ ƐƵşƚĞ ŵĄƐƚĞƌ͕ ĐůŽƐĞƚ͕ ƉŝƐŽ
ĞŵŐƌĂŶŝƚŽ͕ĚĞƉ͘ĚĞĞŵƉƌĞŐĂĚĂ͕
ĂůƚŽƉĂĚƌĆŽ͕ůĂǌĞƌĐŽŵƉůĞƚŽ͘ZĞĨ͘
ϭϱϯϱϴϳ
KWKZdhE/KDYh>/Ͳ
͊ϰƋƚƐƐĞŶĚŽϯƐƚĞƐ͕͕ůĂǌĞƌ
ĐŽŵƉůĞƚŽ Ğ ƋƵĂĚƌĂ͕ ƐŽů ĚĂ ŵĂͲ
ŶŚĆ͕ĨƌĞŶƚĞ͕ŵƵŝƚŽďĞŵŵŽŶƚĂͲ
ĚŽ͕ĂŶĚĂƌĂůƚŽ͕ſƟŵĂůŽĐĂůŝǌĂĕĆŽ͕
ƉŝƐŽĞŵŐƌĂŶŝƚŽ͘K͗ϯϮϴϯϲϮ
ϰ ƋƵĂƌƚŽƐ ϰ ƐƵŝƚĞƐ ŝŶĚĞƉĞŶĚĞŶͲ
ƚĞƐ͕ ϮϯϮŵϮ͕ ƐĂůĂ ŝŶƟŵĂ͕ ƐĂůĂ ϯ
ĂŵďŝĞŶƚĞƐ͕ ͕ ĞǆĐĞůĞŶƚĞ ĂĐĂͲ
ďĂŵĞŶƚŽ͕ϱǀĂŐĂƐ͕ƐŽůĚĂŵĂŶŚĂ͕
ůĂǌĞƌĐŽŵƉůĞƚŽ͘ſĚ͘ϯϮϵϴϬϮ
)2&&86²
$75,80²
EŽǀŽ ŶŽ ĐŽƌĂĕĆŽ ĚĂ WƌĂŝĂ ĚŽ
ĂŶƚŽ͕ ƉƌĠĚŝŽ ŵŽĚĞƌŶŽ ĐůĂƌŽ
ĂůƚŽƉĂĚƌĆŽ͕ϰYƚŽƐϮƐƵşƚĞƐƐĂůĂ
ƉĂƌĂ Ϯ ĂŵďŝĞŶƚĞƐ ĐŽŵ ůĂǀĂďŽ Ğ
ǀĂƌĂŶĚĆŽ ŐŽƵƌŵĞƚ ƐĂůĂ ds ƐŽů
ĚĂ ŵĂŶŚĆ͕ ĞǆĐĞůĞŶƚĞ ůĂǌĞƌ ƉĂƌĂ
ĐƌŝĂŶĕĂĞĂĚƵůƚŽ͘ſĚ͘ϯϯϬϬϲϱ
&2857,(5²
35$,$'2&$172
35$,$'2&$172
35$,$'2&$172
35$,$'2&$172
)/É9,2'$17$6²
5
5
5
5
ǆĐůƵƐŝǀŽ ϰ YƚŽƐ͕ ƚƌĂŶƐĨŽƌŵĂĚŽ
ĞŵϯĐͬϮϬϬŵϸ͕ϮƐƚĞƐƐĞŶĚŽϭĐͬ
ĐůŽƐĞƚ͕ƐŽůŵĂŶŚĆ͕ĮŶĂŵĞŶƚĞĚĞͲ
ĐŽƌĂĚŽ͕ ĂƌŵƐ͕ ϯǀŐƐ͕ ƐŽů ŵĂŶŚĆ͘
ſĚ͘ϮϳϲϰϱϮ
ϰYƵĂƌƚŽƐ͕Ϯ^ƵşƚĞƐ͕ϮϰϬŵϸ͕>ŝŶͲ
ĚĂ sŝƐƚĂ ƉĂƌĂ /ĂƚĞ ůƵďĞ Ğ DĂƌ͕
ǆĐĞůĞŶƚĞ>ĂǌĞƌĐŽŵƉůĞƚŽ͕ƉŝƐĐŝͲ
ŶĂ͕ ƐĂƵŶĂ͕ ĐĂĚĞŵŝĂ͕ ^ĂůƁĞƐ ĚĞ
&ĞƐƚĂ͕^ƚƵƌŶŝŶŽĚĞƌŝƚŽ͕ĞƐŽͲ
ĐƵƉĂĚŽ͕ſĚ͗͘ϯϰϭϬϯϵ
ϰƐƵŝƚĞƐ͕ϮϰϬŵϸ͕ĂůƚŽƌĞƋƵŝŶƚĞ͕Ϯ
ǀĂŐĂƐ͕ŶŽǀŽ͕ůĂǌĞƌĐŽŵƉůĞƚŽ͘ZĞĨ
ϭϴϱϲϳϰ͘
%(7+$(63$d2²
1(72²
)2&&86²
ϰƋƚƐĐŽŵϮƐƚĞƐ͕ϬϮǀĂŐĂƐ͕ĂŵƉůĂ
ƐĂůĂƉĂƌĂƚƌġƐĂŵďŝĞŶƚĞƐ͕ǀĂƌĂŶͲ
ĚĂ ĐŽŵ ĨĞĐŚĂŵĞŶƚŽ Ğŵ ǀŝĚƌŽ͕
ĐŽǌŝŶŚĂ ĐŽŵ ĂƌŵĄƌŝŽƐ Ğ ĐŽƉĂ
ĂŶĞǆĂ͕ ͕ ĨƌĞŶƚĞ͕ ƐŽů ĚĂ ŵĂͲ
ŶŚĆ͕ǀŝƐƚĂŵĂƌĂǀŝůŚŽƐĂƉĂƌĂWƌĂŝĂ
ĚĞĂŵďƵƌŝ͘ZĞĨ͗͘ϯϯϴϰϭϮ
)2&&86²
35$,$'2&$172
35$,$'2&$172
35$,$'2&$172
35$,$'2&$172
5
5
5
5
>/EK ϰƋƚŽƐ Ϯ ƐƵşƚĞƐ ĂůơƐƐŝŵŽ
ůƵǆŽ ƐĂůĂ Đͬ ǀĂƌĂŶĚĆŽ ƉŝƐŽ ƉŽƌͲ
ĐĞůĂŶĂƚŽ ďĞůşƐƐŝŵĂ ǀŝƐƚĂ Ɖ ŵĂƌ
Ğ/ůŚĂƐĂƌŵĄƌŝŽƐĮŶŽƐϯǀŐƐŽǆ
ůĂǌĞƌĐŽŵƐĂůĆŽĚĞĨĞƐƚĂƐƉŝƐĐŝŶĂ
ĐŚƵƌƌĂƐƋƵĞŝƌĂ ƐĂƵŶĂ ƉƌĠĚŝŽ ĚĞ
ĂůƚŽƉĂĚƌĆŽ͘ſĚ͘ϭϴϲϭϴϰ
&2857,(5²
ϰ ƋƚƐ͕͘ ƐĂůĂ ƉĂƌĂ ϯ ĂŵďŝĞŶƚĞƐ͕
ϭϴϱ ŵϮ͕ Ϯ ƐƵşƚĞƐ͕ ůĂǀĂďŽ͕ ĐŽƉĂͲ
ĐŽǌŝŶŚĂ͕ĚĞƉ͘ĚĞĞŵƉƌĞŐĂĚĂ͕ůĂͲ
ǌĞƌĐŽŵƉůĞƚŽ͘ZĞĨ͘ϭϱϲϭϵϬ
ϰYƵĂƌƚŽƐ͕^ƵşƚĞ͕^ŽůĚĂDĂŶŚĆ͕
ǆĐĞůĞŶƚĞ ůŽĐĂůŝǌĂĕĆŽ ŶĂ ůĞŝǆŽ
EĞƚŽ͕ Ϯ sĂŐĂƐ͕ >ĂǌĞƌ ĐŽŵƉůĞƚŽ
ĐŽŵ ƉŝƐĐŝŶĂ ĐŚƵƌƌĂƐƋƵĞŝƌĂ ƐĂͲ
ůƁĞƐĚĞĨĞƐƚĂ͕^ĂƵŶĂ͘ŶĚĂƌůƚŽ͕
&ĂĐŝůŝĚĂĚĞ ŶŽ WĂŐĂŵĞŶƚŽ͘ ſĚ
ϯϮϳϬϴϮ
1(72²
ϰƋƚŽƐĂŵƉůŽ͕ϮƐƚĞƐ͕ƐĂůĂds͕ůĂͲ
ǀĂďŽ͕ϯǀĂƌĂŶĚĂƐ͕ϮǀŐƐ͕͕ϮϮϬ
ŵϸ͕ĄƌĞĂĚĞůĂǌĞƌĐͬĐŚƵƌƌĂƐƋƵĞŝͲ
ƌĂ͕ ƉŝƐĐŝŶĂ͕ ƐĂƵŶĂ͕ ƐĂůĆŽ ĚĞ ĨĞƐͲ
ƚĂƐ͕ ƐŽů ŵĂŶŚĆ͕ ǀŝƐƚĂ ƉƌŝǀŝůĞŐŝĂͲ
ĚĂ͕ ſƟŵĂ ůŽĐĂůŝǌĂĕĆŽ͘ ǆĐĞůĞŶƚĞ
ŽƉŽƌƚƵŶŝĚĂĚĞſĚ͘ϭϰϲϬϭϴ
,/+$²
)2&&86²
,PyYHLVH1HJyFLRV
35$,$'2&$172
35$,$'2&$172
35$,$'2&$172
35$,$'2&$172
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5
5
5
ϰ ƋƚƐ͕ ƐĞŶĚŽ Ϯ ƐƚĞƐ͕ ϭϴϬŵϸ͕ƐĂůĂ
ƉĂƌĂ ƚƌġƐ ĂŵďŝĞŶƚĞƐ͕ Ϭϯ ǀĂƌĂŶͲ
ĚĂƐ ĐŽŵ ĐŽƌƟŶĂƐ ĚĞ ǀŝĚƌŽ͕ ƉŝƐŽ
Ğŵ ƉŽƌĐĞůĂŶĂƚŽ͕ ͕ ϬϮ ǀĂŐĂƐ͕
ŵŽďŝůŝĂĚŽ͕ ǀŝƐƚĂ ƉĂƌĂ Ž ŵĂƌ͕
ĨƌĞŶƚĞ͕ ƐŽů ĚĂ ŵĂŶŚĆ Ğ ůŽĐĂůŝǌĂͲ
ĕĆŽƉƌŝǀŝůĞŐŝĂĚĂ͘ZĞĨ͗͘ϱϱϯϳϲ
)2&&86²
>ŝŶĚĂŽďĞƌƚƵƌĂĐͬϯϮϬŵϸă͘WƌŝͲ
ǀĂƟǀĂ͕^ĂůĂĂŵƉůĂ͕ϰƐƚĞƐ͕ϯǀĂƌ͕͘
ϰ ǀŐƐ͕ WŝƐĐŝŶĂ͕ ^ĂƵŶĂ͕ ŚƵƌƌĂƐͲ
ƋƵĞŝƌĂ͕ĚĞŐĂ͘ſĚ͘ϭϰϯϬϲϰ
ŽďĞƌƚƵƌĂ ƷƉůĞǆ͕ ϰ YƵĂƌƚŽƐ͕
ϰ ^ƵşƚĞƐ͕ ůŽƐĞƚ͕ &ƌĞŶƚĞ͕ ^Žů ĚĂ
DĂŶŚĆ͕sŝƐƚĂƉĂƌĂŽDĂƌ͕ϲϬϬŵϸ͕
DŽŶƚĂĚĂĞĞĐŽƌĂĚĂ͕͕ϮsĂͲ
ŐĂƐ͕ >ĂǌĞƌ ƉƌŝǀĂƟǀŽ ĐŽŵ ƉŝƐĐŝŶĂ
ĞŚƵƌƌĂƐƋƵĞŝƌĂʹſĚ͗͘ϯϭϭϮϰϭ
%(7+$(63$d2²
1(72²
ŽďĞƌƚƵƌĂůŝŶĞĂƌ͕ϮƋƚŽƐ͕ϮƐƵşƚĞƐ͕
ƐĂůĂĂŵƉůĂ͕ĚŝƐƉĞŶƐĂ͕ƚŽƚĂůŵĞŶƚĞ
ŵŽŶƚĂĚŽ ĐŽŵ ſƟŵŽƐ ĂƌŵĄƌŝŽƐ͕
ƉŝƐĐŝŶĂ ĐŽŵ ĚĞĐŬ͕ ĐŚƵƌƌĂƐƋƵĞŝͲ
ƌĂ͕ ƐĂƵŶĂ͕ ǀĂƌĂŶĚĆŽ͕ ǀŝƐƚĂ ůŝǀƌĞ
Ğ ƉƌŝǀŝůĞŐŝĂĚĂ͕ Ɛ͘ ŵĂŶŚĆ͘ MƟŵĂ
ůŽĐĂůŝǌĂĕĆŽ͘ſĚ͘ϯϮϳϭϯϵ
,/+$²
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35$,$'(6$17$+(/(1$
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%$5529(50(/+2
5
5
5
5
ϯƋƚŽƐĐŽŵƵŵĂƐƚĞ͕ĐŽŵϭϯϬŵϸ͕
ƐĂůĂƉĂƌĂĚŽŝƐĂŵďŝĞŶƚĞƐ͕ƚŽĚŽƐ
ŽƐƋƵĂƌƚŽƐĐŽŵĂƌŵĄƌŝŽƐĞƉŝƐŽ
ĐĞƌąŵŝĐŽ͕ ͕ Ϭϭ ǀĂŐĂ͕ ĨƌĞŶƚĞ͕
ſƟŵĂůŽĐĂůŝǌĂĕĆŽ͘ZĞĨ͗͘ϯϯϴϳϱϳ
ϰYƚƐ͘dƌĂŶƐĨŽƌŵĂĚŽĞŵϯƋƚƐ͕ϭ
ƐƚĞ͕ Ϯ ǀŐƐ͕ ϭϵϴDϸ͕ ƚŽĚŽ ŵŽŶƚĂͲ
ĚŽ͕͕ůĂǌĞƌ͕ĨƌĞŶƚĞ͕ƐƵşƚĞĐŽŵ
ĐůŽƐĞƚ͕ ĨĞĐŚĂŵĞŶƚŽ ĚĞ ǀĂƌĂŶĚĂ͕
ĂĐĞƐƐŽ ĨĄĐŝů ƉĂƌĂ ƋƵĂůƋƵĞƌ ƌĞͲ
ŐŝĆŽ͕ZĞĨ͘ϯϯϯϱϲϵ
Ϯ ƋƚŽƐ ĐŽŵ Ϯ ƐƚĞƐ ĐŽŵ ĂĐĞƐƐŽ
ăƐǀĂƌĂŶĚĂƐ͕ϮƐĂůĂƐĂŵƉůĂƐĐŽŵ
ǀĂƌĂŶĚĂƐ͕ϮǀĂŐĂƐ͕ĨƌĞŶƚĞ͕ƐŽůĚĂ
ŵĂŶŚĆ͕ĂŵďŝĞŶƚĞƐĂŵƉůŽƐ͕ƉŝƐŽ
ƉŽƌĐĞůĂŶĂƚŽ͕ſƟŵŽĂĐĂďĂŵĞŶƚŽ͕
ƉƌĠĚŝŽŶŽǀŽ͘ZĞĨ͗͘ϯϰϮϰϵϲ
)2&&86²
)2&&86²
ǆĐĞůĞŶƚĞůĂŶĕĂŵĞŶƚŽ͊ϮƋƚŽƐĐͬ
ƐƚĞ͕ Ɖƌſǆ͘ Ă WĞƚƌŽďƌĂƐ Đͬ ĂĐĂďĂͲ
ŵĞŶƚŽĚŝĨĞƌĞŶĐŝĂĚŽƉŝƐŽĞŵƉŽƌͲ
ĐĞůĂŶĂƚŽ͕ůĂǌĞƌŶĂĐŽďĞƌƚƵƌĂ͕ƐŽů
ŵĂŶŚĆ͕ŝŶƐƚĂůĂĕĆŽĚĞƐƉůŝƚ͕ϭŽƵ
ϮǀĂŐĂƐ͕ĞƐƚƵĚĂĞŶƚƌĂĚĂĚĞŝŵſͲ
ǀĞůĚĞŵĞŶŽƌǀĂůŽƌ͘ſĚ͘Ϯϳϰϯϰϰ
)/É9,2'$17$6²
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%$5529(50(/+2
%$5529(50(/+2
%$5529(50(/+2
)2&&86²
5
5
5
5
ϮYƚŽƐĐͬϮ^ƵşƚĞƐ͕ϵϱŵϸ͕&ƌĞŶƚĞ͕
^ŽůĚĂDĂŶŚĆ͕ϮǀŐƐ͕>ĂǌĞƌŽŵͲ
ƉůĞƚŽ͘ſĚ͘ϭϳϭϴϬϬ
ϯ ƋƚŽƐ ƐĞŶĚŽ ƵŵĂ ƐƵşƚĞ͕ ĨƌĞŶƚĞ͕
ƐŽůĚĂŵĂŶŚĆ͕ƐĂůĂƉĂƌĂĚŽŝƐĂŵͲ
ďŝĞŶƚĞƐ͕ ǀĂƌĂŶĚĂ ŐŽƵƌŵĞƚ͕ ůĂǌĞƌ
ĐŽŵƉůĞƚŽ ŶĂ ĐŽďĞƌƚƵƌĂ͕ Ϯ ǀĂŐĂƐ
ƐŽůƚĂƐ͕ǀŝƐƚĂƉĂŶŽƌąŵŝĐĂĞĞƚĞƌŶĂ
ĚĂ WƌĂŝĂ ĚĞ ĂŵďƵƌŝ͕ ĞǆĐĞůĞŶƚĞ
>ŽĐĂůŝǌĂĕĆŽ͘ſĚ͘ϭϴϳϱϵϰ
)/É9,2'$17$6²
Ϭϯ YƚƐ ĐŽŵ ƐƚĞ Ğ ĂŵƉůĂ ĐŽǌŝͲ
ŶŚĂ͕ϬϮǀŐƐƐŽůƚĂƐĞĐŽďĞƌƚĂƐŶŽ
ƚĠƌƌĞŽ͕ ĞƐƚƵĚĂ ƉĞƌŵƵƚĂ͕ WƌĠĚŝŽ
EŽǀŽ͕ĐŽŵůĂǌĞƌĐŽŵƉůĞƚŽ͕ĂƉƚŽ
ĐŽŵĞǆĐĞůĞŶƚĞƉůĂŶƚĂĞůŝŶĚĂǀŝƐͲ
ƚĂĚĞĐĂŵďƵƌŝ͘ZĞĨ͘ϯϭϬϯϯϬ
%(7+$(63$d2²
ϮƋƚƐ͕ ϭ ƐƵşƚĞ͕ ϵϮŵϸ͕ ůĂǌĞƌ ĐŽŵͲ
ƉůĞƚŽ͕ ƉƌĞƉĂƌĂĕĆŽͬƐƉůŝƚ͘ ƉƚŽ
ĐƵŝĚĂĚŽƐĂŵĞŶƚĞƉůĂŶĞũĂĚŽĐŽŵ
ĂŵďŝĞŶƚĞƐĂŵƉůŽƐĞĚŝƐƚƌŝďƵşĚŽƐ
ĚĞ ĨŽƌŵĂ Ă ƉƌĞǀŝůĞŐŝĂƌ Ă ŝůƵŵŝͲ
ŶĂĕĆŽĞǀĞŶƟůĂĕĆŽŶĂƚƵƌĂŝƐ͖ZĞĨ
Ϯϳϳϳϴϵ
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5
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ϯƋƵĂƌƚŽƐ͕ϭƐƚĞ͕^ĂůĂƉĂƌĂϮĂŵͲ
ďŝĞŶƚĞƐ͕ ůĂǌĞƌ ĐŽŵƉůĞƚĂ͕ ƉƌĠĚŝŽ
ŶŽǀŽ͕ ůŝŶĚĂ ǀŝƐƚĂ͘ &ĂĐŚĂĚĂƐ ƌĞͲ
ǀĞƐƟĚĂƐ Ğŵ ĐĞƌąŵŝĐĂ ĞƐŵĂůƚĂͲ
ĚĂ͖ZĞĨ͘ϯϭϬϱϳϵ
ϰƋƚƐ͕ĂƉƚĂŵƉůŽ͕ĐůĂƌŽ͕ǀĞŶƟůĂĚŽ
ĐŽŵϮƐƚƐ͕ůŽĐĂůŝǌĂĕĆƉƉƌŝǀŝůĞŐŝĂͲ
ĚĂƉƌſǆĂĐŽŵĞƌĐŝŽ͕ůŽũĂƐ͕ƉƌĂŝĂ͕
ůĂǌĞƌ ĐŽŵƉůĞơƐƐŝŵŽ ĐŽŵ ƋƵĂͲ
ĚƌĂ͕ ĮƚŶĞƐ͕ ƉĂƌƋƵŝŶŚŽ ĞƚĐ͘ ZĞĨ͘
ϭϴϱϬϮϱ
ϰƋƚƐ͕ϰƐƚĞƐ͕ƐŽů ŵĂŶŚĆ͕ ϯϰϴŵϮ͕
ůĂǌĞƌ ƐĞŶƐĂĐŝŽŶĂů͕ ĂƉƚ ĂŵƉůŽ
ĐŽŵ ĮŶŽ ƉĂĚƌĆŽ ĚĞ ĂĐĂďĂŵĞŶͲ
ƚŽ͘ZĞĨ͘ϭϲϬϯϭϯ
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ŽŶĚ͘sŝůĂůƉŝŶĂ͕ϰƐƵşƚĞƐ͕ϭŵĂƐͲ
ƚĞƌĐͬŵĂŝƐĚĞϰϬŵϮ͕ϰǀĂŐĂƐƐŽůͲ
ƚĂƐ͕ ƐĂůĆŽ Ɖͬ ϰ Ăŵď͘ Đͬ ϵϳ͕Ϭϴŵ͕
ǀĂƌĂŶĚĆŽ ŐŽƵƌŵĞƚ Đͬ ϱϰ͕ϳϴŵ͕
ĂŵƉůĂĐŽƉĂͬĐŽǌŝŶŚĂ͕ĄƌĞĂƚĠĐŶŝͲ
ĐĂƉͬƐƉůŝƚ͛Ɛ͕ĂĐĂďĂŵĞŶƚŽĚĞĂůƚŽ
ƉĂĚƌĆŽ͘ſĚ͘ϯϯϭϰϰϯ
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ϰYƚŽƐĐͬϮ^ƵşƚĞƐ͕ϭϰϵŵϸ͕&ƌĞŶͲ
ƚĞ͕^ŽůĚĂDĂŶŚĆ͕ϮǀŐƐ͕>ĂͲ
ǌĞƌŽŵƉůĞƚŽ͘ſĚ͘ϵϯϳϭϴ
YƵĂƌƚŽ Ğ ƐĂůĂ͕ ƚŽĚŽ ŵŽŶƚĂĚŽ Ğ
ĚĞĐŽƌĂĚŽ ͕ ƉŝƐŽ ƉŽƌĐĞůĂŶĂƚŽ͕ƐŽů
ĚĂ ŵĂŶŚĆ͕ ǀĂŐĂ ĐŽďĞƌƚĂ͘ ſĚ͘
ϳϬϲϯϲ
yWdh>Z ϭƋƚŽ ĞůĞǀĂĚŽƌ
ĂŶĚĂƌ ĂůƚŽ ĐůĂƌŽ Ğ ǀĞŶƟůĂĚŽ ƐŽů
ŵĂŶŚĆ ĂĐĂďĂŵĞŶƚŽ dDWKͬ
KhZd/Z ůŽĐĂůŝǌĂĚŽ ƉƌſǆŝŵŽ
Ăh&^ĞŶƚƌĞŐĂĂŐŽƐƚŽĚĞϮϬϭϭ͘
ŽĚ͘ϭϱϴϱϯϰ
yWdh>Z ϮƋƚŽƐ ĞůĞǀĂĚŽƌ
ůŝŶĚĂ ǀŝƐƚĂ ƉĂŶŽƌąŵŝĐĂ ĂŶĚĂƌ
ĂůƚŽĐůĂƌŽĞǀĞŶƟůĂĚŽĂĐĂďĂŵĞŶͲ
ƚŽdDWKͬKhZd/ZůŽĐĂůŝǌĂĚŽ
ƉƌſǆŝŵŽ Ă h&^ ĞŶƚƌĞŐĂ ĂŐŽƐƚŽ
ĚĞϮϬϭϭ͘ŽĚ͘ϭϰϲϳϲϵ
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Ϯ YƵĂƌƚŽƐ͕ sĂƌĂŶĚĂ͕ ĞůĞǀĂĚŽƌ͕
^Žů ĚĂ DĂŶŚĆ͕ DŽŶƚĂĚŽ ĐŽŵ
ĂƌŵĄƌŝŽƐ͕'ĂŶŚŽĚĞĄƌĞĂ͕EŽǀŽ͕
ƉƌſǆŝŵŽăWĂĚĂƌŝĂDŽŶƚĞ>şďĂŶŽ
ʹſĚ͗͘ϮϳϳϬϳϰ
Ϯ ƋƵĂƌƚŽƐ ĐͬƐƵşƚĞ͘ ǆĐĞůĞŶƚĞ ůŽͲ
ĐĂů͘ϴϬŵϮ͘&ƌĞŶƚĞ͘͘ϭǀĂŐĂ͘
ſĚϯϯϮϰϳϭ
ƉĂƌƚĂŵĞŶƚŽĚĞϮƋƵĂƌƚŽƐĐͬϳϬ
ŵϮ͘ Ž ůĂĚŽ ĚĂ h&^͘ Ğ ĨƌĞŶͲ
ƚĞ͘ sĞŶƟůĂĚŽ͕ ĐůĂƌŽ͘ sĂƌĂŶĚĂ͘
ƌŵĄƌŝŽƐ ĐŽǌŝŶŚĂ͕ Ƶŵ ƋƵĂƌƚŽ Ğ
ďĂŶŚĞŝƌŽ͘ſĚϯϯϵϳϴϬ͘
ϮYƚŽƐ͕ ƐĞŶĚŽ ϭ ƐƵşƚĞ͕ ǀĂƌĂŶĚĂ͕
ĐŽǌ͘ĐͬĂƌŵƐ͕tĚĞƐĞƌǀŝĕŽ͘ſĚ͘
ϭϳϭϱϱϴ
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ϮƋƵĂƌƚŽƐ͕ƐŽůĚĂŵĂŶŚĆ͕ƉƌĠĚŝŽ
ƉĂƐƟůŚĂĚŽ͕ ĞůĞǀĂĚŽƌ͕ ƉŝƐŽ ĐĞƌąͲ
ŵŝĐĂ ĐůĂƌĂ͕ ƐĂůĂ ƉĂƌĂ Ϯ ĂŵďŝĞŶͲ
ƚĞƐ͕ƌƵĂƚƌĂŶƋƺŝůĂ͕ǀĂŐĂ͕ŽƉŽƌƚƵͲ
ŶŝĚĂĚĞĚĞŵŽƌĂƌďĞŵ͘ƉƌŽǀĞŝƚĞ
ſĚ͘ϳϮϲϮϵ
ϮƋƚƐĐŽŵϭƐƚĞ͕ĂŵƉůĂƐĂůĂĐŽŵ
ĨĞĐŚĂŵĞŶƚŽĚĞǀĂƌĂŶĚĂ͕ĐŽǌŝŶŚĂ
ĞĄƌĞĂĚĞƐĞƌǀŝĕŽĐŽŵĂƌŵĄƌŝŽƐ͕
ϬϮ ǀĂŐĂƐ͕ ĨƌĞŶƚĞ͕ ƐŽů ĚĂ ŵĂŶŚĆ͕
ůĂǌĞƌĐŽŵƉůĞƚŽ͘ZĞĨ͗͘ϯϰϭϲϯϬ
Ϯ YƵĂƌƚŽƐ͕ &ƌĞŶƚĞ͕ ^Žů ĚĂ DĂͲ
ŶŚĆ͕ WŝƐŽ &ƌŝŽ͕ ZĞĨŽƌŵĂĚŽ͕ ƌͲ
ŵĄƌŝŽƐ͕ ƉƌſǆŝŵŽ ĂŽ ĂŶĞƐƚĞƐ ͬ
ſĚϯϯϬϳϭϭ
Ϯ ƋƵĂƌƚŽƐ͕ ŵŽŶƚĂĚŽ ĐŽŵ ĂƌŵĄͲ
ƌŝŽƐ ŶŽǀŽƐ͕ ĐůĂƌŽ Ğ ǀĞŶƟůĂĚŽ͕
ƉƌĠĚŝŽ ŶŽǀŽ͕ ůŝŶĚŽ͕ ƉŽƌƚ͘ϮϰŚƐ͕
ǀŐĂ ƐŽůƚĂ Ğ ĐŽďĞƌƚĂ͕ ƉƌſǆŝŵŽ Ă
ĐŽŵĠƌĐŝŽƐ͕ĞƐĐŽůĂƐ͕ĨĂĐƵůĚĂĚĞƐ͘
KWKZdhE/ſĚ͘ϯϬϴϳϭϱ
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Ϯ ƋƚƐ ĐŽŵ ϭ ƐƵşƚĞ͕ ƚŽĚŽ ůŝŶĚĂͲ
ŵĞŶƚĞ ĚĞĐŽƌĂĚŽ Ğ ŵŽŶƚĂĚŽ͕
ƐĂůĂ ƉĂƌĂ Ϯ ĂŵďŝĞŶƚĞƐ͕ ĐŽǌŝŶŚĂ
ĂŵĞƌŝĐĂŶĂ ĐŽŵ ďĂŶĐĂĚĂ Ğŵ
ŐƌĂŶŝƚŽ͕͕ƉƌĠĚŝŽĚĞĂƉĞŶĂƐϯ
ĂŶĚĂƌĞƐ͕ĐŽŵſƟŵĂůŽĐĂůŝǌĂĕĆŽ͘
ZĞĨ͗͘ϯϰϭϮϴϯ
)2&&86²
Ϯ YƵĂƌƚŽƐ͕ ^ƵşƚĞ н ϭ ZĞǀĞƌƐşǀĞů͕
&ƌĞŶƚĞ͕ sĂƌĂŶĚĂ͕ Ϯǐ YƵĂĚƌĂ ĚŽ
DĂƌ͕ ůĞǀĂĚŽƌ͕ WƌĠĚŝŽ EŽǀŽ͕
ĐĞŝƚŽ &'d^ Ğ &ŝŶĂŶĐŝĂŵĞŶƚŽ
&͕ŚĂǀĞƐʹſĚ͗͘ϯϮϳϵϮϲ
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5
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ƐŽů ŵĂŶŚĆ ĂůƚŽ ƉĂĚƌĆŽ ĚĞ ĂĐĂͲ
ďĂŵĞŶƚŽ ϭ ǀĂŐĂ ſƟŵŽ ůŽĐĂů
ƉƌſǆŝŵŽ Ă ƉƌĂĕĂ ĚŽ ŇĂƐŚ ǀşĚĞŽ
ĞŶƚƌĞŐĂƉƌĞǀŝƐƚĂƉĂƌĂ'KͬϮϬϭϮ
ǀĂůŽƌ ƌĞĨĞƌĞŶƚĞ ĂŽ ĂƉƚŽ ϮϬϯ͘
ſĚ͘ϯϯϴϭϱϮ
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ŵƉůŽ Ϯ YƵĂƌƚŽƐ͕ ^ƵşƚĞ͕ sĂƌĂŶͲ
ĚĂ͕ &ƌĞŶƚĞ͕ WŝƐŽ &ƌŝŽ͕ ůĞǀĂĚŽƌ͕
ŵĞůŚŽƌ ůŽĐĂůŝǌĂĕĆŽ ĚŽ ĂŝƌƌŽ͕
ƉƌſǆŝŵŽ ă ƉƌĂĕĂ ĚŽ W͕ ĞƐŽͲ
ĐƵƉĂĚŽ͕ ƉƌĠĚŝŽ ĐŽŵ ĞůĞǀĂĚŽƌ͕
ϭ sĂŐĂ ĚĞ 'ĂƌĂŐĞŵ ůŝǀƌĞ͕ ſĚ͗͘
ϯϰϭϮϭϱ
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y>Ed WZK͊ ϮƋƵĂƌƚŽƐ
ĂŵƉůŽ͕ ĨƌĞŶƚĞ͕ ƐŽů ĚĂ ŵĂŶŚĂ͕
͕ ſƟŵĂ ůŽĐĂůŝǌĂĕĆŽ͕ ǀŐ͕ ƉƌſͲ
ǆŝŵŽ ĂŽ ^ŚŽƉƉŝŶŐ :ĂƌĚŝŶƐ͕ ^ƵͲ
ƉĞƌŵĞƌĐĂĚŽĞŽƵƚƌŽƐĐŽŵĠƌĐŝŽƐ͕
K͗ϯϬϲϴϬϲ
Ϯ YƵĂƌƚŽƐ͕ ƐƵşƚĞ͕ &ƌĞŶƚĞ͕ ^Žů ĚĂ
DĂŶŚĆ͕dĠƌƌĞŽ͕WŝƐŽ&ƌŝŽ͕ƌŵĄͲ
ƌŝŽƐ͕ƉƌſǆŝŵŽĂŽ^ŚŽƉƉŝŶŐsŝƚſͲ
ƌŝĂDĂůůͬſĚ͗͘ϴϵϴϵϴ
ϮYƚŽƐ͕^ĂůĂ͕sĂƌĂŶĚĂ͕t^ŽĐŝĂů͕
ŽǌŝŶŚĂ͕ ƌĞĂ ĚĞ ^ĞƌǀŝĕŽ͕ t
ŵƉ͘ſĚ͘ϯϮϲϯϴϵ
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ϮƋƵĂƌƚŽƐ͕ ĨƌĞŶƚĞ͕ ƚŽĚŽ Ğŵ ƉŽƌͲ
ĐĞůĂŶĂƚŽ͕ƌĞďĂŝǆĂŵĞŶƚŽĞŵŐĞƐͲ
ƐŽ͕ĐŽǌŝŶŚĂŵŽŶƚĂĚĂĞĚĞĐŽƌĂĚĂ͕
ďůŝŶĚĞǆ͘&ĞĐŚĂŵĞŶƚŽĚĞǀŝĚƌŽŶĂ
ǀĂƌĂŶĚĂ͕ϯΣƋƵĂĚƌĂĚŽŵĂƌ͘DĂͲ
ƌĂǀŝůŚŽƐŽ͕ ǀĞŶŚĂ ĐŽŶĨĞƌŝƌ ſĚ͘
ϯϬϴϬϰϵ
,/+$²
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Ϯ YƵĂƌƚŽƐ͕ ^ƵşƚĞ͕ &ƌĞŶƚĞ͕ ƐŽů ĚĂ
DĂŶŚĆ͕ sĂƌĂŶĚĂ͕ ĞůĞǀĂĚŽƌ͕ WƌĠͲ
ĚŝŽEŽǀŽ͕ϮsĂŐĂƐ͕Wƌſǆăh&^͕
ĐĞŝƚŽ &'d^ Ğ &ŝŶĂŶĐŝĂŵĞŶƚŽ
&͘ŚĂǀĞƐ͘ſĚ͗͘ϯϰϯϰϴϮ
y>h^/sK Ϯ ƋƚŽƐ ƐƵşƚĞ ĂŵƉůŽ
ĂƉƚŽϮǀĂŐĂƐůĂǌĞƌĐŽŵƐĂůĆŽĨĞƐͲ
ƚĂƐ ĐŚƵƌƌĂƐƋƵĞŝƌĂ ƉŝƐĐŝŶĂ ƐĂƵŶĂ
ſƟŵĂ ůŽĐĂůŝǌĂĕĆŽ ƌƵĂ ƚƌĂŶƋƺŝůĂ
ƉƌſǆŝŵŽĂƉƌĂĕĂĂƌŽŶĞh&^ĞĂ
ƚŽĚŽŽĐŽŵĠƌĐŝŽĚŽďĂŝƌƌŽ͘ſĚ͘
ϭϴϳϮϰϭ
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ϮYƚŽƐ͕^ĂůĂ͕sĂƌĂŶĚĂ͕t^ŽĐŝĂů͕
ŽǌŝŶŚĂ͕ ƌĞĂ ĚĞ ^ĞƌǀŝĕŽ͕ t
ŵƉ͘ſĚ͘ϯϯϮϮϮϴ
DW>K ĂƉƚŽ ϮƋƚŽƐ ƐƵşƚĞ ĐůŽƐĞƚ
ƐŽů ĚĂ ŵĂŶŚĆ ĐůĂƌŽ Ğ ǀĞŶƟůĂĚŽ
ĐŽŵ ϭǀĂŐĂ ƉƌŝǀĂƟǀĂ ƐƵƉĞƌ ďĞŵ
ůŽĐĂůŝǌĂĚŽ ƉƌſǆŝŵŽ ĂŽ ŚŝĂďĂŝ
Ğ Ă ƚŽĚŽ Ž ĐŽŵĠƌĐŝŽ ĚŽ ďĂŝƌƌŽ͘
ſĚ͘ϯϯϵϰϳϯ
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ϮYƵĂƌƚŽƐ͕^ƵşƚĞ͕нϭZĞǀĞƌƐşǀĞů͕
&ƌĞŶƚĞ͕ƐŽůĚĂDĂŶŚĆ͕ƌŵĄƌŝŽƐ͕
ĞƉĞŶĚġŶĐŝĂ ŽŵƉůĞƚĂ͕ ĐĞŝƚŽ
&'d^ Ğ &ŝŶĂŶĐŝĂŵĞŶƚŽ &͕ ſĚ
ϯϰϯϲϵϴ
KWKZdhE/ Ϯ ƋƵĂƌƚŽƐ ĞůĞͲ
ǀĂĚŽƌƉĂƌĐŝĂůŵĞŶƚĞŵŽŶƚĂĚŽƐŽů
ĚĂŵĂŶŚĆĂƉƚŽĐůĂƌŽĞǀĞŶƟůĂĚŽ
ϭǀĂŐĂůŽĐĂůŝǌĂĕĆŽĞǆĐĞůĞŶƚĞƉƌſͲ
ǆŝŵŽĂWĂĚĂƌŝĂDŽŶƚĞ>şďĂŶŽzĂͲ
ǌŝŐŝĞĂƉƌĂŝĂ͘ŽĚ͘ϭϱϴϬϯϱ
Ϯ YƵĂƌƚŽƐ͕ ^ƵşƚĞ͕ &ƌĞŶƚĞ͕ ^Žů ĚĂ
DĂŶŚĆ͕ůĞǀĂĚŽƌ͕WŝƐŽ&ƌŝŽ͕YƵĂͲ
ĚƌĂ ĚŽ DĂƌ͕ ƉƌſǆŝŵŽ ĂŽ ,ŽƚĞů
ƌƵĂŶͬſĚϯϰϰϰϭϴ
Ϯ YƵĂƌƚŽƐ͕ sĂƌĂŶĚĂ͕ ^Žů ĚĂ DĂͲ
ŶŚĆ͕ WŝƐŽ &ƌŝŽ͕ ŽǌŝŶŚĂ ĐŽŵ ƌͲ
ŵĄƌŝŽƐ͕ƉƌſǆŝŵŽă&ůĂƐŚsşĚĞŽͬ
ĐſĚϮϳϳϲϳϮ
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1(72²
1(72²
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-$5',0'$3(1+$
-$5',0'$3(1+$
-$5',0'$3(1+$
5
5
5
5
ϯ ƋƚŽƐ ĐŽŵ ϭ ƐƚĞ͕ ϭϬϮŵϸ͕ ƐĂůĂ
ĂŵƉůĂ͕ ĐŽǌŝŶŚĂ ďĞŵ ŵŽŶƚĂĚĂ͕
ĂƌŵĄƌŝŽƐ ŶŽǀŽƐ Ğŵ ƚŽĚŽƐ ŽƐ
ƋƵĂƌƚŽƐ͕ ǀĂƌĂŶĚĂ ĐŽŵ ĐŽƌƟŶĂ
ĚĞǀŝĚƌŽ͕ϬϮǀĂŐĂƐ͕ϬϭŽǆ͕ůĂǌĞƌ
ĐŽŵƉůĞƚŽ͘ZĞĨ͗͘ϭϲϳϱϯϰ
ϯYƵĂƌƚŽƐ͕ĨƌĞŶƚĞ͕ƐŽůĚĂDĂŶŚĆ͕
ZĞĨŽƌŵĂĚŽ͕ ĂƌŵĄƌŝŽƐ͕ ĞƉĞŶͲ
ĚġŶĐŝĂŽŵƉůĞƚĂ͕ƉƌſǆŝŵŽă</Ͳ
/ͬſĚ͗͘ϯϰϰϱϬϵ
y>Ed 'ZE͊ ϯƋƵĂƌͲ
ƚŽƐ ŵŽďŝůŝĂĚŽ ƐĞŶĚŽ ϭƐƵşƚĞ͕
ƐĂůĂĂŵƉůĂ͕͕ĐŽǌŝŶŚĂĂŵƉůĂ͕
ĞůĞǀĂĚŽƌ͕ƉƌĞĕŽĞǆĐĞůĞŶƚĞ͕ůŽĐĂůŝͲ
ǌĂĕĆŽĞƐƉĞƚĂĐƵůĂƌ͕ŶĂƋƵĂĚƌĂĚĂ
ƉƌĂŝĂ͘K͗ϭϱϴϱϲϰ
ϯ ƋƵĂƌƚŽƐ͕ ſƟŵĂ ŽƉŽƌƚƵŶŝĚĂĚĞ͕
ĚĞƉĞŶĚġŶĐŝĂ ĐŽŵƉůĞƚĂ ĚĞ ĞŵͲ
ƉƌĞŐĂĚĂ͕ƐŽůĚĂŵĂŶŚĆ͕ƉŽƌƚĂƌŝĂ
Ϯϰ ŚŽƌĂƐ͕ ǀĂŐĂ ĚĞ ŐĂƌĂŐĞŵ ĐŽͲ
ďĞƌƚĂ͕ ĐŚƵƌƌĂƐƋƵĞŝƌĂ͘ WƌſǆŝŵŽ Ă
h&^ſĚ͘ϯϭϬϵϴϭ
)2&&86²
1(72²
$75,80²
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-$5',0'$3(1+$
-$5',0'$3(1+$
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5
5
5
ϯ ƋƚƐ Đͬ ƐƚĞ͘ ^ĂůĂ Ɖͬ ϯ Ăŵď͘ Đͬ
ĂĐĞƐƐŽ Ą ǀĂƌĂŶĚĂ ĞƐƉĂĕŽƐĂ͘ ĂͲ
ŶŚĞŝƌŽƐŽĐŝĂůĐͬĂƌŵ͘ŽǌŝŶŚĂĐͬ
Ăƌŵ͘ĚĞƉĞŶĚġŶĐŝĂĚĞŵƉƌ͘ĄƌĞĂ
ĚĞ ƐĞƌǀ ƐĞƉĂƌĂĚĂ͘ Ϯ ǀŐƐ Ğ ůĂǌĞƌ
ĐͬƐĂůĆŽĚĞĨĞƐƚĂƐ͕ƉŝƐĐŝŶĂĞƵŵĂ
ĄƌĞĂĚĞƐĐŽďĞƌƚĂ͘K͗ϭϳϳϯϭϱ
$75,80²
ϯ ƋƵĂƌƚŽƐ ďĞůşƐƐŝŵŽ͊ WƌĠĚŝŽ
ŶŽǀŽ͕ ĂŵƉůŽ͕ ƐĂůĂ ĚŽŝƐ ĂŵďŝĞŶͲ
ƚĞƐ͕ ŐƌĂŶŝƚŽ͕ ſƟŵŽ ŐĂŶŚŽ ĚĞ
ĄƌĞĂ͘ ^ƵşƚĞ͕ ĐŽǌŝŶŚĂ ƚŽĚĂ ŵŽŶͲ
ƚĂĚĂ͕͕ϮǀŐƐ͕ĞǆĐĞůĞŶƚĞƋƵĂͲ
ůŝĚĂĚĞ͘ ƐƚĞ Ġ ͞K WZdDEͲ
dK͊͟ſĚ͘ϯϭϭϭϮϴ
,/+$²
ϯƋƵĂƌƚŽƐ͕ ƐƵşƚĞ͕ ĞůĞǀĂĚŽƌ͕ ǀĂͲ
ƌĂŶĚĆŽ͕ ĂƌŵĄƌŝŽƐ͕ ͕ ƐĂůĆŽ
ĚĞ ĨĞƐƚĂƐ͕ ϬϮ ǀĂŐĂƐ ƉƌŝǀĂƟǀĂƐ Ğ
ĐŽďĞƌƚĂƐ͘ǆĐĞůĞŶƚĞůŽĐĂůŝǌĂĕĆŽĞ
ĐŽŶĚŽŵşŶŝŽďĂƌĂƚŽ͊ſĚ͘ϯϯϬϯϮϯ
ϯYƚŽƐĐͬϭƐƵşƚĞĐͬŚŝĚƌŽ͕^ĂůĂƉͬ
Ϯ Ăŵď͕ sĂƌ͕ tĐ ƐŽĐŝĂů͕ ŽǌŝŶŚĂ
Đͬ ĂƌŵƐ͕͘ ^ĞƌǀŝĕŽ͕ ͘ ſĚ͘
ϭϳϬϮϴϱ
,/+$²
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-$5',0'$3(1+$
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5
5
5
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ŐƌĂŶŝƚŽ Ğ ůĂŵŝŶĂĚŽ ĚĞ ŵĂĚĞŝƌĂ
ŶŽƐ ƋƵĂƌƚŽƐ ĚĞĐŽƌĂĚŽ ŵŽŶƚĂĚŽ
ĐŽŵĂƌŵĄƌŝŽƐĮŶŽƐϮǀĂŐĂƐůŝǀƌĞƐ
ůĂǌĞƌ ĐŽŵ ƐĂůĆŽ ĨĞƐƚĂƐ Ğ ƐĂƵŶĂ
ďĞŵůŽĐĂůŝǌĂĚŽƉƌſǆ͘ĂƚŽĚŽĐŽͲ
ŵĠƌĐŝŽĚŽďĂŝƌƌŽ͘ŽĚ͘ϮϳϮϱϳϵ
&2857,(5²
ϯƋƵĂƌƚŽƐ͕ƐƵşƚĞ͕ ƐĂůĂ ƉĂƌĂ Ϯ ĂŵͲ
ďŝĞŶƚĞƐ͕ ĂŵƉůŽ͕ ŵŽŶƚĂĚŽ͕ ǀĂͲ
ƌĂŶĚĂ͕ ƐŽů ĚĂ ŵĂŶŚĆ͕ ͕ ƌƵĂ
ƚƌĂŶƋƺŝůĂĞĂƌďŽƌŝǌĂĚĂ͕ƉĞƌƚŽĚĞ
ƚƵĚŽ͕ƉƌŝǀĂĐŝĚĂĚĞ͘ſĚ͘ϯϯϯϬϬϵ
ϯ YƚŽƐ͕ ϭƐƚĞ͕ ^Žů ĚĂ DĂŶŚĆ͕
ϭϬϬŵϸ͕Žǌ͘ĂŵƉůĂĐͬĄ͘ĚĞ^Ğƌǀ͕͘
MƟŵĂ >ŽĐ͘ Wƌſǆ͘ ĂŽ ^ŚŽƉƉŝŶŐ
:ĂƌĚŝŶƐ͘ſĚ͘ϮϳϳϬϲϮ
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ϯƋƵĂƌƚŽƐ͕ƉƌĠĚŝŽŶŽǀŽ͕ſƟŵĂůŽͲ
ĐĂůŝǌĂĕĆŽ͕ĂůƚŽƉĂĚƌĆŽĚĞĂĐĂďĂͲ
ŵĞŶƚŽ͕ ƐƵşƚĞ͕ ĨƌĞŶƚĞ͕ ǀĂƌĂŶĚĆŽ͕
ƐĂůĂϮĂŵďŝĞŶƚĞƐ͕ĂŵƉůŽ͕ĚĞƉĞŶͲ
ĚġŶĐŝĂĐŽŵƉůĞƚĂĚĞĞŵƉƌĞŐĂĚĂ͕
Ϯ ǀĂŐĂƐ͕ Ɛ͘ ĨĞƐƚĂƐ͘ ĞƐŽĐƵƉĂĚŽ
ſĚ͘ϳϲϮϳϴ
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DW>K ϯƋƚŽƐ ƐƵşƚĞ ǀĂƌĂŶĚĂ
ϭϭϱŵϮ Đͬ ĂƌŵĄƌŝŽƐ ĐůĂƌŽ
ǀĞŶƟůĂĚŽ ďĞŵ ĐŽŶƐĞƌǀĂĚŽ ϭ
ǀĂŐĂƉͬϮĐĂƌƌŽƐďĞŵůŽĐĂůŝǌĂĚŽ
ƉƌſǆŝŵŽĂƉƌĂŝĂĞƐƚƵĚĂƚƌŽĐĂƉŽƌ
ŝŵſǀĞůĂƚĠϰϬϬŵŝůĞŵ:ĚĚĂWĞͲ
ŶŚĂŽƉŽƌƚƵŶŝĚĂĚĞ͘ſĚ͘ϭϴϲϴϵϯ
&2857,(5²
ϯYƚŽƐĐͬϮƐƵŝƚĞƐ͕Ϯ^ĂůĂƐ͕ϭϭϬŵϸ͕
sĂƌĂŶĚĂ͕tĐƐŽĐŝĂů͕ŽǌŝŶŚĂĐŽŵ
ĂƌŵĄƌŝŽƐ͕ ƌĞĂ ĚĞ ^Ğƌǀ͕ ϭ sĂŐĂ͘
ſĚ͘ϯϰϯϴϱϰ
ϯ YƵĂƌƚŽƐ͕ ^ƵşƚĞ͕ sĂƌĂŶĚĆŽ͕ ^Žů
ĚĂ DĂŶŚĆ͕ ĞůĞǀĂĚŽƌ͕ WŝƐŽ WŽƌͲ
ĐĞůĂŶĂƚŽ͕ >ĂǌĞƌ ĐŽŵ ƉŝƐĐŝŶĂ͕ Ϯ
sĂŐĂƐ ĐŽďĞƌƚĂƐ͕ ĐĞŝƚŽ &'d^ Ğ
&ŝŶĂŶĐŝĂŵĞŶƚŽ&͕ſĚϯϰϬϭϳϴ
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͕ ƚŽĚŽ ŵŽŶƚĂĚŽ ĐŽŵ ĂƌŵĄͲ
ƌŝŽƐ ĚĞ ſƟŵĂ ƋƵĂůŝĚĂĚĞ͕ ƚŽƚĂůͲ
ŵĞŶƚĞ ƐŽů ŵĂŶŚĆ͕ ĨĂĐŚĂĚĂ Ğŵ
ŐƌĂŶŝƚŽ͘ DƵŝƚŽ ďĞŵ ůŽĐĂůŝǌĂĚŽ͕
ƉƌſǆŝŵŽ Ă h&^ Ğ ĐŽŵĠƌĐŝŽ Ğŵ
ŐĞƌĂů͘ſĚ͘ϭϲϱϳϲϵ
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5
5
5
5
ϯƋƵĂƌƚŽƐ͕ ƐƵşƚĞ͕ ͕ ǀĂƌĂŶĚĂ͕
ĨƌĞŶƚĞ͕ ƐŽů ĚĂ ŵĂŶŚĆ͕ ƉƌĠĚŝŽ
ŶŽǀŽ͕ſƟŵĂůŽĐĂůŝǌĂĕĆŽ͕ϮǀĂŐĂƐ
ĚĞ ŐĂƌĂŐĞŵ ƐŽůƚĂƐ͘ ƉƌŽǀĞŝƚĞ
ĞƐƚĂŽƉŽƌƚƵŶŝĚĂĚĞ͘ſĚ͘ϮϳϲϰϬϭ
KWKZdhE/ZZ͊ϯƋƵĂƚŽƐ
ƐĞŶĚŽ ϭ ƐƵşƚĞ ĐŽŵ ĂƌŵĄƌŝŽƐ ĚĞ
ďŽĂ ƋƵĂůŝĚĂĚĞ͕ ĐŽǌŝŶŚĂ ĐŽŵ ĂƌͲ
ŵĄƌŝŽƐ ͕ ĨƌĞŶƚĞ͕ ƐŽů ĚĂ ŵĂŶŚĆ͕
͕ϮǀĂŐĂƐůŝǀƌĞƐ͕ƐĂůĆŽĚĞĨĞƐͲ
ƚĂƐ͘K͗ϯϰϱϱϲϱ
ϯ ƋƚƐ ĐŽŵ ϭ ƐƚĞ͕ϭϰϬŵϸ͕ ƐĂůĂ
ƉĂƌĂ ĚŽŝƐ ĂŵďŝĞŶƚĞƐ͕ ĐŽŵ
ǀĂƌĂŶĚĂ͕ĐŽǌŝŶŚĂ ĂŵƉůĂ͕ ƚŽĚŽ
ĐŽŵ ĂƌŵĄƌŝŽƐ͕ ͕ ƐŽů ĚĂ ŵĂͲ
ŶŚĆ͕ ĚĞ ĨƌĞŶƚĞ ƉĂƌĂ Ă WƌĂŝĂ ĚĞ
ĂŵďƵƌŝ͘ZĞĨ͗͘ϯϯϵϲϲϭ
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)2&&86²
ϯƋƵĂƌƚŽƐ͕ ƐƵşƚĞ͕ ĚĞƉĞŶĚġŶĐŝĂ
ĐŽŵƉůĞƚĂ ĚĞ ĞŵƉƌĞŐĂĚĂ͕ ƉŝƐŽ
ƉŽƌĐĞůĂŶĂƚŽ͕ ǀĂƌĂŶĚĆŽ͕ ƌĞďĂŝͲ
ǆĂŵĞŶƚŽ Ğŵ ŐĞƐƐŽ͕ ŵŽďŝůŝĂĚŽ͕
ƉƌĠĚŝŽ ƉĂƐƟůŚĂĚŽ͕ ĐŽŶĚŽŵşŶŝŽ
ďĂƌĂƚŽ͕ Ϯ ǀĂŐĂƐ ĚĞ ŐĂƌĂŐĞŵ͘
ſĚ͘ϭϯϳϳϰϭ
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5
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ϯ YƵĂƌƚŽƐ͕ ^ƵşƚĞ͕ sĂƌĂŶĚĂ͕ ^Žů
ĚĂ DĂŶŚĆ͕ ϭϬϮŵϸ͕ ƌŵĄƌŝŽƐ͕
ĞƉĞŶĚġŶĐŝĂŽŵƉůĞƚĂ͕ϭsĂŐĂ͕
ƉƌſǆŝŵŽ ĂŽ ƐƵƉĞƌŵĞƌĐĂĚŽ W͕
ſĚϯϬϳϴϯϬ
ϯ ƋƵĂƌƚŽƐ͕ ƐƵşƚĞ͕ ϭϮϬŵϸ͕ ĂƉĂƌͲ
ƚĂŵĞŶƚŽ ĂŵƉůŽ͕ ĐŽƉĂͬĐŽǌŝŶŚĂ͕
͕ŵŽŶƚĂĚŽ͕ϮǀĂŐĂƐ͕ĞǆĐĞůĞŶͲ
ƚĞ ůŽĐĂůŝǌĂĕĆŽ͕ ƉƌſǆŝŵŽ ƐƵƉĞƌͲ
ŵĞƌĐĂĚŽĞĐŽŵĠƌĐŝŽƐ͕ŽƉŽƌƚƵŶŝͲ
ĚĂĚĞ͘ſĚ͘ϭϴϱϴϮϲ
ϯ YƵĂƌƚŽƐ͕ ƐƵşƚĞ͕ &ƌĞŶƚĞ͕ ^Žů ĚĂ
DĂŶŚĆ͕ sĂƌĂŶĚĂ͕ ůĞǀĂĚŽƌ͕ WŝƐŽ
'ƌĂŶŝƚŽ͕DŽŶƚĂĚŽĞĞĐŽƌĂĚŽ͕Ϯ
sĂŐĂƐ͕ >ĂǌĞƌ ĐŽŵ WŝƐĐŝŶĂ͕ ƉƌſǆŝͲ
ŵŽĂŽƉĂƌƋƵĞWĞĚƌĂĚĂĞďŽůĂ͕
ſĚ͗͘ϭϴϲϭϳϵ
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,/+$²
ϯƋƵĂƌƚŽƐĞǆĐĞůĞŶƚĞ͕ƐƵşƚĞ͕ĂƉĂƌͲ
ƚĂŵĞŶƚŽ ĂŵƉůŽ Ğ ǀĞŶƟůĂĚŽ͕ ĂƌͲ
ŵĄƌŝŽƐĞŵſƟŵĂƋƵĂůŝĚĂĚĞ͕ƐŽů
ĚĂ ŵĂŶŚĆ͕ ƉƌŝǀĂĐŝĚĂĚĞ Ğ ǀŝƐƚĂ
ƉĂƌĂ Ž ŵĂƌ͘ MƟŵĂ ůŽĐĂůŝǌĂĕĆŽ͕
ƉƌſǆŝŵŽ ĂŽ ĐůƵďĞ ĚŽƐ ŽĮĐŝĂŝƐ
ſĚ͘ϭϴϯϲϴϮ
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ϯƋƵĂƌƚŽƐ͕ ƐƵşƚĞ͕ ǀĂƌĂŶĚĂ͕ ĞůĞǀĂͲ
ĚŽƌ͕ ƐŽů ĚĂ ŵĂŶŚĆ͕ ǀĂŐĂ ĚĞ ŐĂͲ
ƌĂŐĞŵ͕ƐĂůĆŽĚĞĨĞƐƚĂƐ͕ƉƌſǆŝŵŽ
Ă h&^͕ ĞǆĐĞůĞŶƚĞ ƉƌĞĕŽ͘ ſĚ͘
ϯϯϯϰϲϵ
ϯƋƚŽƐĐŽŵϭƐƚĞ͕ĐŽŵĂƌŵĄƌŝŽƐĞ
ǀĂƌĂŶĚĂ͕ĐŽǌŝŶŚĂŵŽŶƚĂĚĂ͕͕
ϬϮǀĂŐĂƐĐŽďĞƌƚĂƐĞƐŽůƚĂƐ͕ĨƌĞŶͲ
ƚĞ͕ƐŽůĚĂŵĂŶŚĆ͕ſƟŵĂůŽĐĂůŝǌĂͲ
ĕĆŽ͘ZĞĨ͗͘ϴϬϬϯϳ
ϯ YƵĂƌƚŽƐ͕ ^ƵşƚĞ͕ &ƌĞŶƚĞ͕ ^Žů ĚĂ
DĂŶŚĆ͕ĞƉĞŶĚġŶĐŝĂ͕ϭsĂŐĂĚĞ
'ĂƌĂŐĞŵ͕ ƌŵĄƌŝŽƐ͕ >ŽĐĂůŝǌĂĕĆŽ
ǆĐĞůĞŶƚĞ͕ Ğŵ ŽŶƐĞƌǀĂĚŽ͕
ϭϭϬŵϸ͘ſĚ͗͘ϯϯϮϬϲϭ
ϯƋƚŽƐ͕ ƐƵşƚĞ͕ ͕ ϵϱŵϸ͕ ĂƌŵĄͲ
ƌŝŽƐ͕ǀĂƌĂŶĚĂ͕ůĂǌĞƌĐŽŵƉŝƐĐŝŶĂ͕
ĐŚƵƌƌĂƐƋƵĞŝƌĂ͕ƉůĂǇŐƌŽƵŶĚ͕ƋƵĂͲ
ĚƌĂĞďŝĐŝĐůĞƚĄƌŝŽ͕ſƟŵĂůŽĐĂůŝǌĂͲ
ĕĆŽ͕ ƌƵĂ ƚƌĂŶƋƺŝůĂ͕ ƉƌŝǀĂĐŝĚĂĚĞ͘
WŽƌƚĂƌŝĂϮϰŚƐ͘ſĚ͘ϭϳϵϲϰϰ
,/+$²
)2&&86²
1(72²
,/+$²
-$5',0'$3(1+$
-$5',0'$3(1+$
-$5',0'$3(1+$
-$5',0'$3(1+$
5
5
5
5
ϯ ƋƚƐ ĐŽŵ ϭ ƐƚĞ͕ ĂƌŵĄƌŝŽƐ͕ƐĂůĂ
ƉĂƌĂ Ϯ ĂŵďŝĞŶƚĞƐ͕ ǀĂƌĂŶĚĂ ĂŵͲ
ƉůĂ ĐŽŵ ĨĞĐŚĂŵĞŶƚŽ Ğŵ ǀŝĚƌŽ͕
͕ϬϭǀĂŐĂ͕ĨƌĞŶƚĞ͕ƐŽůĚĂŵĂͲ
ŶŚĆ͕ ƉƌŽŶƚŽ ƉĂƌĂ ŵŽƌĂƌ͘ ZĞĨ͗͘
ϯϰϬϰϭϰ
ϯ YƵĂƌƚŽƐ͕ ^ƵşƚĞ͕ &ƌĞŶƚĞ͕ ^Žů
ĚĂ DĂŶŚĆ͕ ƌŵĄƌŝŽƐ͕ ĞůĞǀĂĚŽƌ͕
Ϯϯϱŵϸ͕ ĞƉĞŶĚġŶĐŝĂ ŽŵƉůĞͲ
ƚĂ͕>ĂǌĞƌĐŽŵƉŝƐĐŝŶĂĞƐĂůĆŽĚĞ
ĨĞƐƚĂƐ͕ ƉƌſǆŝŵŽ ĂŽ ^^/͕ ĐſĚ͗͘
ϲϵϯϴϴ
ŽďĞƌƚƵƌĂʹϰYƵĂƌƚŽƐ͕Ϯ^ƵşƚĞƐ͕
&ĞĐŚĂŵĞŶƚŽ ĚĞ sĂƌĂŶĚĂ͕ ŵŽŶͲ
ƚĂĚŽ ĐŽŵ ĂƌŵĄƌŝŽƐ͕ ĞƉĞŶĚġŶͲ
ĐŝĂ ĐŽŵƉůĞƚĂ Ğ ŵŽŶƚĂĚĂ͘ >ĂǌĞƌ
WƌŝǀĂƟǀŽ͕ Ϯ sĂŐĂƐ ĚĞ 'ĂƌĂŐĞŵ͕
ƉƌſǆŝŵŽĂŽ^^/͕ſĚ͘ϯϮϵϬϭϲ
ϰYƵĂƌƚŽƐ͕^ƵşƚĞ͕sĂƌĂŶĚĂ͕&ƌĞŶͲ
ƚĞ͕ƚŽĚŽŵŽŶƚĂĚŽ͕^ŽůĚĂDĂŶŚĆ͕
ϭ sĂŐĂ ĚĞ 'ĂƌĂŐĞŵ͕ ůĞǀĂĚŽƌ͕
ƉƌſǆŝŵŽ ĂŽ ^ŚŽƉƉŝŶŐ :ĂƌĚŝŶƐ͕
KƉŽƌƚƵŶŝĚĂĚĞ͕ſĚ͗͘ϯϰϰϰϬϱ
)2&&86²
1(72²
1(72²
1(72²
-$5',0'$3(1+$
-$5',0'$3(1+$
-$5',0'$3(1+$
-$5',0'$3(1+$
5
5
5
5
ϰƋƵĂƌƚŽƐ͕ ƐƵşƚĞ ĐŽŵ ĐůŽƐĞƚ ďĂͲ
ŶŚĞŝƌĂĞǀĂƌĂŶĚĂ͕ƐŽůĚĂŵĂŶŚĆ͕
^ĂůĂ ƋƵĂƚƌŽ ĂŵďŝĞŶƚĞƐ͕ ͕ Ϯ
ǀĂŐĂƐĚĞŐĂƌĂŐĞŵĐŽďĞƌƚĂƐ͘ŽĂ
ůŽĐĂůŝǌĂĕĆŽ͕ ƉƌŝǀĂĐŝĚĂĚĞ͘ ſĚ͘
ϯϯϯϳϯϭ
^Wdh>ZϰƋƚŽƐĂŵƉůŽĐŽŵ
ϮƐƵşƚĞƐĐůŽƐĞƚƐĂůĂdsĞƐĐƌŝƚŽƌŝŽ
ǀĂƌĂŶĚĆŽ ĐŽŵ ĐŽƌƟŶĂ ĚĞ ǀŝĚƌŽ
ĂƌŵĄƌŝŽƐ ůĂǌĞƌ ĐŽŵ ƐĂůĆŽ ĨĞƐƚĂƐ
ďĞŵůŽĐĂůŝǌĂĚŽƉƌſǆŝŵŽĂƉƌĂŝĂĞ
ĂƚŽĚŽĐŽŵĠƌĐŝŽĚŽďĂŝƌƌŽ͘ſĚ͘
ϯϰϰϬϱϵ
&2857,(5²
ϰ ƋƵĂƌƚŽƐ ϭ ƐƵşƚĞƐ͕ ǀĂƌĂŶĚĂ ĨĞͲ
ĐŚĂĚĂ͕ ĨƌĞŶƚĞ͕ ƐŽů ĚĂ ŵĂŶŚĆ͕
ŶŽǀŽ͕ ŵŽŶƚĂĚŽ Ğ ĚĞĐŽƌĂĚŽ͕ Ϯ
ǀĂŐĂƐ ĐŽďĞƌƚĂ ĐŽŵ ďŽǆ͘ ſĚ͘
ϯϰϯϲϴϬ
ϰƋƵĂƌƚŽƐ͕ ϮƐƵşƚĞƐ͕ ĂƌŵĄƌŝŽƐ͕
ǀĂƌĂŶĚĂ͕ ͕ ĂŵƉůŽ͕ ƐĂůĂ ϯ
ĂŵďŝĞŶƚĞƐ͕ƐĂůĆŽĚĞĨĞƐƚĂ͕ĐŚƵƌͲ
ƌĂƐƋƵĞŝƌĂĞϮǀĂŐĂƐĚĞŐĂƌĂŐĞŵ͘
ſĚ͘ϯϮϵϱϵϮ
)/É9,2'$17$6²
,/+$²
,/+$²
,PyYHLVH1HJyFLRV
-$5',0'$3(1+$
-$5',0'$3(1+$
-$5',0'$3(1+$
-$5',0'$3(1+$
5
5
5
ϰƋƚŽƐϮƐƵşƚĞƐϮǐƋƵĂĚƌĂĚĂƉƌĂŝĂ
^Žů DĂŶŚĆ ƉŝƐŽ ƉŽƌĐĞůĂŶĂƚŽ ϯ
ǀŐƐнŽǆ͕>ĂǌĞƌƉĂŶŽƌąŵŝĐŽůŽͲ
ĐĂůŝǌĂĚŽ Ğŵ ƌƵĂ ƚƌĂŶƋƺŝůĂ Ɖƌſǆ
ĂŽ^ŚŽƉƉŝŶŐ:ĂƌĚŝŶƐĞĂƉƌĂŝĂĞŶͲ
ƚƌĞŐĂŵĂƌĕŽͬϮϬϭϭŵĞůŚŽƌŽƉĕĆŽ
ĞŵĂĐĂďĂŵĞŶƚŽ͘ſĚ͘ϳϳϱϬϭ
&2857,(5²
y>h^/sK ϰ ƋƚŽƐ Ϯ ƐƵşƚĞƐ ƉŝƐŽ
ĞŵŵĂĚĞŝƌĂŶŽƐƋƵĂƌƚŽƐŐƌĂŶŝƚŽ
ŶĂƐĂůĂǀĂƌĂŶĚĂĐŽŵĐŽƌƟŶĂĚĞ
ǀŝĚƌŽ ĂƌĞĂ ƐĞƌǀŝĕŽ ĞŶŽƌŵĞ ůĂǌĞƌ ĐŽŵ ƐĂůĆŽ ĨĞƐƚĂƐ Ğ ĐŚƵƌͲ
ƌĂƐƋƵĞŝƌĂ ůŽĐĂůŝǌĂĚŽ ƉƌſǆŝŵŽ Ă
ƉƌĂŝĂ͘ſĚ͘ϯϮϵϭϮϱ
&2857,(5²
ϰƋƵĂƌƚŽƐϮƐƵşƚĞƐ͕ϭϮϴŵϮ͕ƚŽĚŽ
ĞŵƉŽƌĐĞůĂŶĂƚŽ͕ƐĂůĂϯĂŵďŝĞŶͲ
ƚĞƐ͕ ǀĂƌĂŶĚĆŽ ŐŽƵƌŵĞƚ͕ ůĂǀĂďŽ͕
ƐŽůĚĂŵĂŶŚĂ͕ϯǀĂŐĂƐƐŽůƚĂƐ͕ůĂͲ
ǌĞƌĐŽďĞƌƚƵƌĂ͘ſĚ͘ϯϬϵϯϬϳ
)/É9,2'$17$6²
ϰ ƋƚƐ͕ Ϯ ƐƚƐ͕ ǀĂƌĂŶĚĂ ŐŽƵƌŵĞƚ͕
ϯ ǀŐƐ͕ ůĂǌĞƌ ĐŽŵƉů͘ ŶĂ ĐŽď͕͘ ƐŽů
ŵĂŶŚĆ͘/ŵƉŽŶĞŶƚĞ͕ƉƌŽŶƚŽƉĂƌĂ
ŵŽƌĂƌ͕ĂůơƐƐŝŵŽůƵǆŽ;ƐĞŵŝŐƵĂů
ŶŽŵĞƌĐĂĚŽͿ͘dŽĚŽWŽƌĐĞůĂŶĂƚŽ͕
ŵĞůŚŽƌƌƵĂĚŽďĂŝƌƌŽ͕ƉĞƌƚŽƉƌĂŝĂ
Ğ^ŚŽƉ͘:ĂƌĚŝŶƐ͘ſĚ͘ϭϲϲϴϯϯ
/2&$0$;²
-$5',0'$3(1+$
-$5',0'$3(1+$
-$5',0'$3(1+$
-$5',0'$3(1+$
5
5
5
5
5
ϰƋƵĂƌƚŽƐ͕ Ϯ ƐƵşƚĞƐ͕ Ϯ ǀĂƌĂŶĚĂƐ͕
ŵŽŶƚĂĚŽ͕ ĂŵƉůŽ͕ ďĂŶŚĞŝƌŽƐ
ŐƌĂŶĚĞƐ Ğ ĐůĂƌŽƐ͕ Ϯ ǀĂŐĂƐ ĚĞ
ŐĂƌĂŐĞŵ͕ ƌƵĂ ƚƌĂŶƋƺŝůĂ͕ ſƟŵĂ
ůŽĐĂůŝǌĂĕĆŽ͕ WƌŝǀĂĐŝĚĂĚĞ͘ ſĚ͘
ϯϯϬϵϰϱ
ŽďĞƌƚƵƌĂ ĚƵƉůĞǆ ϯ ƋƵĂƌƚŽƐ ƐƵͲ
şƚĞ Ϯ ǀĂƌĂŶĚĂƐ Ϯ ǀĂŐĂƐ ůŝǀƌĞƐ Ğ
ĐŽďĞƌƚĂƐ ĐŽŵ ƐĂůĆŽ ĨĞƐƚĂƐ ůŽĐĂͲ
ůŝǌĂĕĆŽ ƉƌŝǀŝůĞŐŝĂĚĂ ƉƌſǆŝŵŽ Ă
ƉƌĂŝĂĞĐĂůĕĂĚĆŽĞƐƚƵĚĂƉƌŽƉŽƐͲ
ƚĂ͘ſĚ͘ϯϬϰϵϴϯ
KZdhZ DW>͘ ƵƉůĞǆ͕ ϰ
ƋƵĂƌƚŽƐ͕ϮƐƵşƚĞƐ͕ŚŽŵĞ͕ƉŝƐĐŝŶĂ
ĐŽŵĚĞĐŬ͕ĐŚƵƌƌĂƐƋƵĞŝƌĂ͕ƐĂƵŶĂ͘
sŽĐġƵŶŝƌĄĞƐƉĂĕŽ͕ƉƌŝǀĂĐŝĚĂĚĞĞ
ƚƌĂŶƋƺŝůŝĚĂĚĞ͕ĞŵƵŵďĂŝƌƌŽƋƵĞ
ƚĞŵƚƵĚŽſĚ͘ϯϬϲϴϰϵ
,/+$²
&2857,(5²
ŽďĞƌƚƵƌĂ ĞǆĐĞůĞŶƚĞ͕ ϰƋƚŽƐ͕
ϯƐƚĞƐ͕ ϯ ǀĂŐĂƐ͕ ĨƌĞŶƚĞ͕ ƐŽů ĚĂ
ŵĂŶŚĆ͕ ƚŽƚĂůŵĞŶƚĞ ǀĞŶƟůĂĚĂ Ğ
ĂƌĞũĂĚĂ͕ ƉƌĠĚŝŽ ŶŽǀŽ͘ WƌſǆŝŵŽ
ĂŽ^ŚŽƉƉŝŶŐ:ĂƌĚŝŶƐ͘ƐƚƵĚĂƉĞƌͲ
ŵƵƚĂ͕ ſƟŵĂ ŽƉŽƌƚƵŶŝĚĂĚĞ ĚĞ
ŶĞŐſĐŝŽſĚ͘ϭϳϰϮϵϲ
,/+$²
-$5',0'$3(1+$
-$5',0'$3(1+$
-$5',0'$3(1+$
-$5',0'$3(1+$
5
>ŝŶĚĂ ŽďĞƌƚƵƌĂ͊ ^ĂůĂ ĂŵƉůĂ͕
Žǌ͘ĐͬĂƌŵĄƌŝŽƐ͕ϮYƚŽƐƐͬϭƐƵşͲ
ƚĞ͕͘ſĚ͘ϭϲϭϯϰϮ
%(7+$(63$d2²
5
KZdhZ>/EZϮϯϬŵϸϯƋƚŽƐ
нϭĞƐĐƌŝƚſƌŝŽĂƌŵĄƌŝŽƐƉŝƐŽŐƌĂͲ
ŶŝƚŽƐƵƉĞƌĂŵƉůĂϮƚĞƌƌĂĕŽƐĚĞĐŬ
ĐͬƉŝƐĐŝŶĂĐŚƵƌƌĂƐƋƵĞŝƌĂϮǀĂŐĂƐ
ƉƌŝǀĂĐŝĚĂĚĞ ƐƵƉĞƌ ďĞŵ ůŽĐĂůŝǌĂͲ
ĚĂ ƉƌſǆŝŵŽ Ă ƚŽĚŽ Ž ĐŽŵĠƌĐŝŽ
ĚŽďĂŝƌƌŽ͘ŽĚ͘ϭϯϯϲϲϱ
&2857,(5²
$TXLYRFrFRPSUD
YHQGHRXDOXJDVHXLPyYHO
ZZZUHGHQHWLPRYHLVFRPEU
,PyYHLVH1HJyFLRV
,/+$²
5
5
DW> K >/EZ ϯϵϬŵϮ ϰ
ƋƚŽƐ ƐƵşƚĞͬĐůŽƐĞƚ н ŚŝĚƌŽ ƐĂůĂ
dsĂƌŵĄƌŝŽƐƚĞƌƌĂĕŽĂŵƉůŽĐŽŵ
ĐŚƵƌƌĂƐƋƵĞŝƌĂ͕ƉŝƐĐŝŶĂĐŽŵĚĞĐŬ͕
ƐĂƵŶĂϮǐƋƵĂĚƌĂůŝŶĚĂǀŝƐƚĂƉĂƌĂ
ŽŵĂƌϰǀĂŐĂƐůŝǀƌĞƐĞƐƚƵĚĂŝŵſͲ
ǀĞůŵĞŶŽƌǀĂůŽƌ͘ſĚ͘Ϯϳϰϲϰϭ
&2857,(5²
ŽďĞƌƚƵƌĂ͕ ϯ YƵĂƌƚŽƐ͕ ^ƵşƚĞ͕
&ƌĞŶƚĞ͕^ŽůĚĂDĂŶŚĆ͕ƌŵĄƌŝŽƐ͕
>ĂǌĞƌWƌŝǀĂƟǀŽĐŽŵWŝƐĐŝŶĂ͕ůĞͲ
ǀĂĚŽƌ͕ ϭ sĂŐĂ ĚĞ 'ĂƌĂŐĞŵ͕ ĞͲ
ƐŽĐƵƉĂĚĂ ĐŽŵ ŚĂǀĞƐ͕ ƉƌſǆŝŵŽ
ĂŽ^^/͕ſƟŵĂůŽĐĂůŝǌĂĕĆŽ͘ſĚ͗͘
ϯϯϬϱϲϳ
1(72²
0$7$'$35$,$
0$7$'$35$,$
5
5
Ϯ ƋƚŽƐ͕ ƉƌĠĚŝŽ ŶŽǀŽ ƚŽƚĂůŵĞŶƚĞ
ƌĞǀĞƐƟĚŽ Ğŵ ĐĞƌąŵŝĐĂ ĂŵƉůĂ
ĄƌĞĂ ĚĞ ůĂǌĞƌ͕ ƐĂůĂ ƉĂƌĂ Ϯ ĂŵͲ
ďŝĞŶƚĞƐ ĐŽŵ ǀĂƌĂŶĚĂ ǀŽůƚĂĚĂ
ƉĂƌĂĄƌĞĂĚĞůĂǌĞƌ͕ĐŽǌŝŶŚĂĐŽŵ
ĂƌŵĄƌŝŽƐŶŽǀŽƐ͘ſĚ͘ϯϯϬϰϵϰ
ǆĐĞůĞŶƚĞϮƋƚƐĐͬϭƐƚĞ͕ƐĂůĂƉͬ
ĚŽŝƐĂŵď͘ĞĂĐĞƐƐŽĂǀĂƌĂŶĚĂŽͲ
ǌŝŶŚĂĐͬĂƌŵŶŽǀŽƐ͘>ĂǌĞƌĐͬƐ͘ĚĞ
ĨĞƐƚĂƐ͕ƉŝƐĐŝŶĂĞƉůĂǇŐƌŽƵŶĚ͘&ĂͲ
ĐŚĂĚĂĞŵĞǆĐĞůĞŶƚĞĞƐƚĂĚŽĞƵŵ
ŚĂůůƐŽĐŝĂůŝŵƉŽŶĞŶƚĞĞŵŽďşůŝĂƐ
ĚĞĮŶŽŐŽƐƚŽ͘K͗ϯϯϭϯϴϰ
$75,80²
)/É9,2'$17$6²
0$7$'$35$,$
0$7$'$35$,$
0$7$'$35$,$
0$7$'$35$,$
5
5
5
5
ϮƋƵĂƌƚŽƐ;ϭƐƵşƚĞͿ͕ϮǀĂŐĂƐ͕ůĂǌĞƌ͕
WƌĠĚŝŽŶŽǀŽ͕ŶĂƋƵĂĚƌĂĚŽŵĂƌ͕
ĨĂĐŚĂĚĂƌĞǀĞƐƟĚĂ͕ZĞĨ͘ϯϭϭϯϱϳ
ƉĂƌƚĂŵĞŶƚŽϮƋƵĂƌƚŽƐ͘ĞĨƌĞŶͲ
ƚĞ͘ĞĐŽƌĂĚŽ͕ƐĂŶĐĂ͕ŐĞƐƐŽ͕ĐĞƌąͲ
ŵŝĐĂĞĐĂƌƉĞƚĞĚĞŵĂĚĞŝƌĂ͕ƚŽĚŽ
ŵŽŶƚĂĚŽ ĐŽŵ ĂƌŵĄƌŝŽƐ͘ ĐĞƐƐŽ
ĞǆĐůƵƐŝǀŽ ă WĞĚƌĂ ĚĂ ĞďŽůĂ͘
ſĚ͘ϯϯϴϵϲϮ
Ϯ ƋƚŽƐ ĐŽŵ ϭƐƚĞ͕ Ϯ ǀĂŐĂƐ ƉƌŝǀĂͲ
ƟǀĂƐ͕ ƐĂůĂ ƉĂƌĂ Ϯ ĂŵďŝĞŶƚĞƐ͕
ůĂǌĞƌ͕ ŶĂ ƋƵĂĚƌĂ ĚŽ ŵĂƌ͕ ĨĂĐŚĂͲ
ĚĂ ƌĞǀĞƐƟĚĂ͕ ƉƌĠĚŝŽ ŶŽǀŽ͘ ZĞĨ͗͘
ϯϭϭϯϱϰ
)2&&86²
ϰYƚƐ ƚƌĂŶƐĨŽƌŵĂĚŽ Ğŵ Ϯ YƚƐ
ĐŽŵ ϭϭϬDϸ͕ &ĂĐŝůŵĞŶƚĞ ƌĞǀĞƌƟͲ
ĚŽƉͬϯŽƵϰƋƚŽƐ͕ĐŽŵϭƐƵşƚĞ͕ϯ
ǀŐƐ ͕ ƚŽĚŽ ŵŽŶƚĂĚŽ͕ ůĂǌĞƌ ĐŽŵͲ
ƉůĞƚŽ͕ ǀĂƌĂŶĚĂ ŽĨĞƌĞĐĞ ƉƌŝǀĂĐŝͲ
ĚĂĚĞ Ğ ůŝŶĚĂ ǀŝƐƚĂ ƉĂƌĂ Ž ŵĂƌ͘
ZĞĨ͘ϯϰϮϬϬϯ
)2&&86²
/2&$0$;²
)2&&86²
0$7$'$35$,$
0$7$'$35$,$
0$7$'$35$,$
0$7$'$35$,$
5
5
5
5
ǆĐĞůĞŶƚĞ ŽƉĕĆŽ ĚĞ ŝŵſǀĞů͕ Ϯ
ƋƵĂƌƚŽƐ ŶĂ ŵĂƚĂ ĚĂ ƉƌĂŝĂ͕ ƐŽů
ĚĂ ŵĂŶŚĆ͕ ĞǆĐĞůĞŶƚĞ ĄƌĞĂ ĚĞ
ůĂǌĞƌ͕sĂŐĂĚĞŐĂƌĂŐĞŵĐŽŵƉŽƌͲ
ƚĆŽ ĞǆĐůƵƐŝǀŽ͊͊KƉŽƌƚƵŶŝĚĂĚĞ͊Ő
ĞŶĚĞũĄƐƵĂsŝƐŝƚĂ͊͊ZĞĨ͘ϯϰϯϯϰϳ
ƉĂƌƚĂŵĞŶƚŽ ŽƌŝŐŝŶĂů͘ EĂ ƋƵĂͲ
ĚƌĂ ĚŽ ŵĂƌ͘ WŝƐŽ Ğŵ ĂƌƌĂƌĂ͘ Ϯ
ƋƵĂƌƚŽƐ͘ƌŵĄƌŝŽƐĐŽǌŝŶŚĂĞďĂͲ
ŶŚĞŝƌŽ͘:ĂĐƵǌǌŝ͕ĞĄƌĞĂƐĞƌǀŝͲ
ĕŽĂŵƉůĂ͘ſĚ͘ϯϬϲϰϵϯ
ϯƋƵĂƌƚŽƐ;ϭƐƵŝƚĞͿ͕ďĂŶŚĞŝƌŽƐŽͲ
ĐŝĂů͕ϮǀĂŐĂƐ͕ϭĐŽďĞƌƚĂĞϭĚĞƐͲ
ĐŽďĞƌƚĂ͘ WƌĠĚŝŽ ŶŽǀŽ͕ ƉĂĚƌĆŽ
ĚĂĐĂǌĂ͕ƋƵĂĚƌĂ ĚŽ ŵĂƌ͖&ĂĐŚĂĚĂ
ƚŽĚĂƉĂƐƟůŚĂĚĂ͖ZĞĨ͘ϯϭϬϰϮϳ
ϯƋƵĂƌƚŽƐϭƐƵşƚĞƐ͕ϭϭϰŵϮ͕ϯǀĂͲ
ŐĂƐƐŽůƚĂƐ͕͕ǀŝƐƚĂƉĂƌĂĂĞƌŽͲ
ƉŽƌƚŽ͘ſĚ͘ϯϯϬϬϳϳ
)2&&86²
/2&$0$;²
)2&&86²
)/É9,2'$17$6²
0$7$'$35$,$
0$7$'$35$,$
0$7$'$35$,$
0$7$'$35$,$
5
5
5
5
ϯ ƋƚƐ͕ϭƐƚĞ͕ƉĂƌƚĂŵĞŶƚŽ ƚŽĚŽ
ŵŽŶƚĂĚŽ ƌŵĄƌŝŽƐ ŶĂ ĐŽǌŝŶŚĂ͕
ďĂŶŚĞŝƌŽƐ Ğ ƋƵĂƌƚŽƐ͕ ĞǆĐĞůĞŶƚĞ
ŝŵſǀĞů͘ZĞĨ͘ϯϰϬϵϰϵ
ϯƋƵĂƌƚŽƐ͕ƐƵşƚĞ͕͕ŵŽŶƚĂĚŽĞ
ĚĞĐŽƌĂĚŽ͕ƐŽůĚĂŵĂŶŚĆ;ŵĞůŚŽƌ
ĐŽůƵŶĂ ĚŽ ƉƌĠĚŝŽͿ Ğ Ƶŵ ĐůƵďĞ
ŝŶƚĞŝƌŽăĚŝƐƉŽƐŝĕĆŽĐŽŵƉŝƐĐŝŶĂ͕
ƐĂƵŶĂ͕ĐŚƵƌƌĂƐƋƵĞŝƌĂ͕ĂĐĂĚĞŵŝĂ͕
ĞƚĐ͘ſĚ͘ϯϯϴϵϮϱ
ϯ ƋƚƐ ĐŽŵ ϭ ƐƚĞ͕ ŶĂ ƋƵĂĚƌĂ ĚŽ
ŵĂƌ͕ ƐĂůĂ ƉĂƌĂ ĚŽŝƐ ĂŵďŝĞŶƚĞƐ͕
ĨƌĞŶƚĞ͕ ƐĞŵŝͲŶŽǀŽ͕ ĐůĂƌŽ͕ ďĞŵ
ǀĞŶƟůĂĚŽ͕ ĞǆĐĞůĞŶƚĞ ůŽĐĂůŝǌĂͲ
ĕĆŽ͕ ſƟŵŽ ĂĐĂďĂŵĞŶƚŽ͘ ZĞĨ͗͘
ϯϰϭϴϱϵ
)2&&86²
,/+$²
)2&&86²
ϯ YƚƐ ĐŽŵ ϭϮϱDϸ͕ ǀĞŶŚĂ Ɖͬ Ă
DĂƚĂ ĚĂ WƌĂŝĂ͕ ĂƉƚŽ͘ ĂŵƉůŽ͕
ϮǀŐƐ͕ĐůƵďĞ ŶŽǀŽ͕ŵŽƌĞŶĂƋƵĂͲ
ĚƌĂĚŽŵĂƌĐͬƌĞƋƵŝŶƚĞ͕ĐŽŶĨŽƌƚŽ
Ğ ĚĞƐĨƌƵƚĞ ĚŽ ďĂŝƌƌŽ ƋƵĞ Ġ Ƶŵ
ĐŚĂƌŵĞ͕ĂĐĞŝƚĂƉĞƌŵƵƚĂĚĞϱϬй
ĚŽǀĂůŽƌĚŽŝŵſǀĞů͘ZĞĨ͘ϭϳϳϮϴϵ
)2&&86²
,PyYHLVH1HJyFLRV
0$7$'$35$,$
0$7$'$35$,$
0$7$'$35$,$
0$7$'$35$,$
5
5
5
5
ϯ ƋƚƐ ĐŽŵ ϭ ƐƵşƚĞ͕ ƐĂůĂ ĂŵƉůĂ
ĐŽŵ ǀĂƌĂŶĚĂ͕ Ϯ ǀĂŐĂƐ͕ ůĂǌĞƌ͕
ĂĐĞƐƐŽ ƉĂƌĂ ĐĂĚĞŝƌĂŶƚĞƐ͕ ĂƋƵĞͲ
ĐŝŵĞŶƚŽƐŽůĂƌƉĂƌĂĄŐƵĂ͕ƉƌĠĚŝŽ
ŶŽǀŽ͕ ůŝŶĚĂ ǀŝƐƚĂ ƉĂƌĂ DĂƚĂ ĚĂ
WƌĂŝĂ͘ZĞĨ͗͘ϯϭϬϰϮϬ
ϰ ƋƵĂƌƚŽƐ ĐŽŵ Ϯ ƐƵşƚĞƐ͕ ĐůŽƐĞƚ͕
ĨĞĐŚĂŵĞŶƚŽ ĚĞ ǀĂƌĂŶĚĂ͕ ƐƉůŝƚƐ͕
ĐŽǌŝŶŚĂ н ĐŽƉĂ ĚĞĐŽƌĂĚĂ͕ ĐŽŵĂƌŵĄƌŝŽƐ͕ϭϲϴŵϸ͕ĮŶĂŵĞŶƚĞ
ŵŽŶƚĂĚŽĞĚĞĐŽƌĂĚŽ͕ƉŝƐŽŐƌĂŶŝͲ
ƚŽ͕ϮǀŐƐ͕ůĂǌĞƌнĮƚŶŶĞƐ͕Wd/Ͳ
&ZE/K͊ſĚ͘ϭϱϯϯϬϴ
)/É9,2'$17$6²
ϰYƚƐ ƚƌĂŶƐĨŽƌŵĂĚŽ Ğŵ ϯ YƚƐ
ĐŽŵϮϬϬDϸ͕ĐŽŵůĂǌĞƌƉƌŝǀĂƟǀŽ͕
ƋƵĂůŝĚĂĚĞĚĞǀŝĚĂ͕ƐŽůĚĂŵĂŶŚĆ͕
ƌĞĂůŝǌĞŽƐĞƵƐŽŶŚŽĚĞŵŽƌĂƌŶĂ
DĂƚĂĚĂWƌĂŝĂ͘ZĞĨ͘ϯϯϬϰϭϰ
)2&&86²
>ŽĐĂůŝǌĂĕĆŽƉƌŝǀŝůĞŐŝĂĚĂ͘ϯƋƵĂƌͲ
ƚŽƐ н ϭ ƌĞǀĞƌƐşǀĞů͘ ĞĐŽƌĂĚŽ͘
ĐĂďĂŵĞŶƚŽĚĞƉƌŝŵĞŝƌĂ͕ĐͬŐƌĂͲ
ŶŝƚŽĞůĂŵŝŶĂĚŽĚĞŵĂĚĞŝƌĂ͕ŐĞƐͲ
ƐŽ͕ ĂƌŵĄƌŝŽƐ͕ ĞƐƉĞůŚŽƐ͕ ďůŝŶĚĞǆ͘
sĂƌĂŶĚĂ͕ Ğ ĄƌĞĂ ĚĞ ƐĞƌǀŝĕŽ
ƐĞƉĂƌĂĚĂ͘ſĚ͘ϯϰϮϭϯϴ
/2&$0$;²
0$7$'$35$,$
0$7$'$35$,$
0$7$'$35$,$
0$7$'$35$,$
)2&&86²
5
5
5
5
>ŽĐĂůŝǌĂĕĆŽƉƌŝǀŝůĞŐŝĂĚĂ͘ƉĂƌƚĂͲ
ŵĞŶƚŽϰƋƵĂƌƚŽƐĐͬϮƐƵşƚĞƐ͘ϭϰϬ
ŵϮ͘WƌĠĚŝŽŝŵƉŽŶĞŶƚĞ͕ŶĂďĞŝƌĂ
ƉƌĂŝĂĚĞĂŵďƵƌŝ͘dŽĚŽŵŽŶƚĂĚŽ
ĐŽŵĂƌŵĄƌŝŽƐ͘^ĂůĂϮĂŵďŝĞŶƚĞƐ͕
ŐƌĂŶŝƚŽ͘ >ĂǌĞƌ ĐŽŵƉůĞƚŽ͘ ſĚ͘
ϴϳϴϭϯ
/2&$0$;²
ϰYƚŽƐĐͬϭƐƚĞ͕Ϯt^ŽĐŝĂů͕^ĂůĂ͕
sĂƌĂŶĚĂ͕ϭϱϬŵϸ͕ŽǌŝŶŚĂĂŵƉůĂ͕
ϮsŐƐ͘ſĚ͘ϭϰϳϯϮϴ
ϰƋƚƐ͕͘ŶŽǀŽ͕ĞǆĐůƵƐŝǀŽ͕Ě͘DĂƚĂ
ĚĂWƌĂŝĂWĂƌŬ͕ϭϱϬŵϮ͕ϮƐƵşƚĞƐ͕
ůĂǀĂďŽ͕ ĚĞƉ͘ ĚĞ ĞŵƉƌĞŐĂĚĂ͕
ĂĐĞƐƐŽ ĂŽ ĐůƵďĞ ŶĂ DĂƚĂ ĚĂ
WƌĂŝĂ͘ZĞĨ͘ϭϱϲϴϮϬ
ϰƋƚƐ͕ϮƐƚƐĞŵĂŝƐϮƐƚĞƐĐĂŶĂĚĞŶͲ
ƐĞƐ͕ϮϬϰŵϸ͕ĂůƚŽƉĂĚƌĆŽ͕ƋƵĂĚƌĂ
ĚŽ ŵĂƌ͕ WƌĠĚŝŽ ŶŽǀŽ͕ ͕ĨĂĐŚĂĚĂ
ƌĞǀĞƐƟĚĂ͕ ƉƌŽǆŝŵŽ Ă ĐŽŵƉůĞƚĂ
ŝŶĨƌĂĞƐƚƌƵƚƵƌĂĐŽŵĞƌĐŝĂů͕ƐĞƌǀŝĕŽ
ĞůĂǌĞƌ͘ZĞĨ͘ϯϭϬϴϮϬ
%(7+$(63$d2²
)2&&86²
)2&&86²
0$7$'$35$,$
0$7$'$35$,$
0$7$'$35$,$
0$7$'$35$,$
5
5
5
5
ϰ YƵĂƌƚŽƐ͕ ϭϰϳŵϸ͕ ƐƵşƚĞ͕ ͕
ďĞůŽ ƉƌĠĚŝŽ͕ ĂƉĂƌƚĂŵĞŶƚŽ ĂŵͲ
ƉůŽ͕ ĞǆĐĞůĞŶƚĞ ůŽĐĂůŝǌĂĕĆŽ͕ Ɛ͘
ĨĞƐƚĂƐ͕ ĐŚƵƌƌĂƐƋ͕ ǀĂƌĂŶĚĆŽ͕ ǀĂůĞ
Ă ƉĞŶĂ ĐŽŶĨĞƌŝƌ͕ Ϯ ǀĂŐĂƐ͕ ƉŽƌƚ͘
ϮϰŚƐ͕ ĚŽ ũĞŝƚŽ ƋƵĞ ǀŽĐġ ƋƵĞƌ͊
ſĚ͘ϭϳϮϵϴϴ
,/+$²
&ƌĞŶƚĞƉƌĂŽDĂƌ͕ϰYƵĂƌƚŽƐƐĞŶͲ
ĚŽϰ^ƵşƚĞƐĐŽŵĐůŽƐĞƚƐ͕ƉŝƐŽŐƌĂͲ
ŶŝƚŽ͕ ƌ ŽŶĚŝĐŝŽŶĂĚŽ ĞŶƚƌĂů͕
ůĞǀĂĚŽƌ WĂŶŽƌąŵŝĐŽ͕ Ϯϲϱŵϸ͕
ĞƉĞŶĚġŶĐŝĂ ŽŵƉůĞƚĂ͕ >ĂǌĞƌ
ŽŵƉůĞƚŽ͕ϰsĂŐĂƐ>ŝǀƌĞƐ͕EŽǀŽ͕
ĚĞƐŽĐƵƉĂĚŽ͕ſĚϱϵϮϳϱ
1(72²
^Wdh>ZϰƋƵĂƌƚŽƐϮƐƵşƚĞƐ
ĐůŽƐĞƚϮǀĂƌĂŶĚĂƐƚŽĚŽŵŽŶƚĂĚŽ
ƐŽůĚĂŵĂŶŚĆϯǀĂŐĂƐůŝǀƌĞƐůĂǌĞƌ
ĐŽŵ ƐĂůĆŽ ĨĞƐƚĂƐ ƉŝƐĐŝŶĂ ƐĂƵŶĂ
ƉůĂǇŐƌŽƵŶĚ ƉƌĠĚŝŽ ĨƌĞŶƚĞ ƉĂƌĂ
Ž ŵĂƌ ǀŝƐƚĂ ŵĂƌĂǀŝůŚŽƐĂ͘ ſĚ͘
ϯϰϰϯϳϳ
&2857,(5²
ϰƋƚŽƐ͕ϰƐƵşƚĞƐ͕ϭƐƚĞĐŽŵŚŝĚƌŽͲ
ŵĂƐƐĂŐĞŵ͕ Ϯ Đͬ ĐůŽƐĞƚ͕ ĨƌĞŶƚĞ͕
ƐŽůŵĂŶŚĆ͕ǀŝƐƚĂĞƚĞƌŶĂƉͬŽŵĂƌ͕
ƐƉůŝƚŶĂƐĂůĂ͕ŵŽŶƚĂŐĞŵĚĂĐŽǌŝͲ
ŶŚĂ Ğ ďĂŶŚĞŝƌŽƐ͕ ĐŽƉĂ͕ ĚĞƐƉĞŶͲ
ƐĂ͕͕ϮǀĂŐĂƐƐŽůƚĂƐŵĂŝƐďŽǆ͕
ůĂǌĞƌĐŽŵƉůĞƚŽ͘ſĚ͘ϮϳϬϵϬϬ
)/É9,2'$17$6²
0$7$'$35$,$
0$7$'$35$,$
0$7$'$35$,$
0$7$'$35$,$
5
5
5
5
ϰƋƵĂƌƚŽƐ͕ϮƐƵşƚĞƐ͕ϮǀĂŐĂƐƐŽůͲ
ƚĂƐ͕ ϭϯϬŵϸ͕ ǀĂƌĂŶĚĂ Ğŵ ƉŽƌĐĞͲ
ůĂŶĂƚŽ Ğ ĨĞĐŚĂŵĞŶƚŽ Ğŵ ǀŝĚƌŽ͕
ǀŝƐƚĂ ƉĂƌĂ Ž ŵĂƌ ƉĞƌŵĂŶĞŶƚĞ͕
ƚŽĚŽƐ ŽƐ ƋƵĂƌƚŽƐ ĐŽŵ ƉŝƐŽ Ğŵ
ƉŽƌĐĞůĂŶĂƚŽ͕ ĂƌŵĄƌŝŽƐ Ğ ƐƉůŝƚƐ͕
͘ſĚ͘ϯϰϳϬϯϱ
)/É9,2'$17$6²
ϰ ƋƵĂƌƚŽƐ͕ ƌƵĂ ƚƌĂŶƋƺŝůĂ͕ ƐƵşƚĞ͕
ƐĂůĂşŶƟŵĂ͕ĂƌŵĄƌŝŽƐŶĂĐŽǌŝŶŚĂ͕
ďĂŶŚĞŝƌŽƐĞŶŽƐƋƵĂƌƚŽƐ͕ǀĂƌĂŶͲ
ĚĂ ĞƐƉĂĕŽƐĂ͕ ĂŵƉůŽ͕ ƉŝƐĐŝŶĂ͕
ĐŚƵƌƌĂƐƋƵĞŝƌĂ͘ ǆĐĞůĞŶƚĞ ůŽĐĂůŝͲ
ǌĂĕĆŽſĚ͘ϯϭϭϰϰϳ
ϰ YƚƐ͘ dƌĂŶƐĨŽƌŵĂĚŽ Ğŵ ϯƋƚƐ͕
ϭ ƐƵşƚĞ͕ ϯ ǀŐƐ ƐŽůƚĂƐ͕ ůĂǌĞƌ͕ ǀŝƐƚĂ
ƉĂƌĂŽŵĂƌĞDĂƚĂĚĂWƌĂŝĂ͕ƋƵĂͲ
ĚƌĂ ĚŽ ŵĂƌ͕ ĨƌĞŶƚĞ͕ ƉŝƐŽ ƉŽƌĐĞͲ
ůĂŶĂƚŽ͕ŵĂƌƋƵĞƐƵĂǀŝƐŝƚĂĞĨĂĕĂ
ƐƵĂƉƌŽƉŽƐƚĂ͘ZĞĨ͘ϭϴϱϯϲϭ
,/+$²
)2&&86²
ƉĂƌƚĂŵĞŶƚŽ ůŝŶĚŽ ƐƵƉĞƌ ŐƌĂŶͲ
ĚĞϮϰϬŵϮϰƋƚŽƐ^ĂůĆŽƉĂƌĂƚƌġƐ
ĂŵďŝĞŶƚĞƐĐŽŵǀĂƌĂŶĚĆŽĞůĂǀĂͲ
ďŽĐŽƉĂͬĐŽǌŝŶŚĂĄƌĞĂĚĞƐĞƌǀŝĕŽ
ƚŽĚŽŵŽŶƚĂĚŽĞƌĞĨŽƌŵĂĚŽ
ĐŽŵĂĐĂďĂŵĞŶƚŽŵŽĚĞƌŶŽƉƌſͲ
ǆŝŵŽĂƉƌĂŝĂ͘ſĚ͘ϯϮϵϲϯϰ
&2857,(5²
,PyYHLVH1HJyFLRV
0$7$'$35$,$
0$7$'$35$,$
0$7$'$35$,$
0$7$'$35$,$
5
5
5
5
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ƌĂŶĚĂƐ͕ĞǆĐĞůĞŶƚĞĐŽǌŝŶŚĂĂŵƉůĂ
ƚŽĚĂ ŵŽŶƚĂĚĂ͕ Ϯ ǀĂŐĂƐ͕ ƐŽů ĚĂ
ŵĂŶŚĆ͕ ůĂǌĞƌ ĐŽŵƉůĞƚŽ͘ ſĚ͘
ϯϰϲϵϮϬ
ϰƋƚƐ͕͘ĂŵƉůŽ͕ŵŽŶƚĂĚŽ͕ϭϴϬŵϮ͕
ϮƐƵşƚĞƐ͕ǀĂƌĂŶĚĂ͕ϮǀĂŐĂƐ͕ůĂǌĞƌ
ĐŽŵƉůĞƚŽ͕ ĂĐĞƐƐŽ ĂŽ ĐůƵďĞ ŶĂ
DĂƚĂĚĂWƌĂŝĂ͘ZĞĨ͘ϭϱϭϮϲϳ
Žď͘ƵƉůĞǆ͕ϯƋƵĂƌƚŽƐ͕ƐƵşƚĞĞ
ƐƵşƚĞŵĄƐƚĞƌͬĐůŽƐĞƚ͕ƐĂůĂ͕ϮǀĂͲ
ƌĂŶĚĂƐ͕ ĂŵƉůŽ͕ Ϯ ǀĂŐĂƐ ͕ ĂĐĞƐƐŽ
ĂŽWĂƌƋƵĞWĞĚƌĂĚĂĞďŽůĂ͘Žŵ
ůĂǌĞƌ ƉĂƌƟĐƵůĂƌ͕ ƉŝƐĐŝŶĂ Ğ ĐŚƵƌͲ
ƌĂƐƋƵĞŝƌĂ͘ſĚ͘ϯϰϭϰϯϴ
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ƐƚĞƐ ϭ ŵĂƐƚĞƌ ϰ ƐĂůĂƐ ƐĞŶĚŽ Ϯ
ĞƐƚĂƌ :ĂŶƚĂƌ ds ƚĞƌƌĂĕŽ ĂŵƉůŽ
ĐͬĐŚƵƌƌĂƐƋƉŝƐĐŝŶĂĐͬĚĞĐŬϮǀŐƐ
ďŽǆ WƌĠĚŝŽ Đͬ ůĂǌĞƌ ƐĂůĆŽ ĨĞƐƚĂƐ
ĐŚƵƌƌĂƐƋƉŝƐĐŝŶĂůŽĐƉƌſǆWĂƌƋƵĞ
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ϯƐƚĞƐ͕ĐůŽƐĞƚ͕ůĂǀĂďŽ͕ϰϯϬŵϮĚĞ
ĄƌĞĂ ƉƌŝǀĂƟǀĂ͕ϯ ǀĂŐĂƐ ƐŽůƚĂƐ Ğ
ĐŽďĞƌƚĂƐ͕ ƚŽƚĂůŵĞŶƚĞ ŵŽŶƚĂĚĂ
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sĂŐĂƐ͕ >ĂǌĞƌ ƉƌŝǀĂƟǀŽ ĐŽŵ ƉŝƐͲ
ĐŝŶĂ Ğ ĐŚƵƌƌĂƐƋƵĞŝƌĂ͕ ĚŝƌĞŝƚŽ ĂŽ
ĐůƵďĞ͕ſĚϳϲϲϱϭ
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ĐŽĞĐŽŶĚŝĕĆŽĚĞƉĂŐĂŵĞŶƚŽ
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ƌŝĐĂŶĂ͘ſĚϮϳϱϴϲϳ
EŽǀşƐƐŝŵŽ ϮƋƵĂƌƚŽƐ͕ ƐƵşƚĞ͕ ǀĂͲ
ƌĂŶĚĆŽ͕ ĨƌĞŶƚĞ͕ ƐŽů ĚĂ ŵĂŶŚĆ͕
ůŝŶĚĂ ĨĂĐŚĂĚĂ͕ ƉůĂŶƚĂ ĞǆĐĞůĞŶƚĞ͕
ſƟŵĂ ǀĞŶƟůĂĕĆŽ͕ ůĂǌĞƌ͕ ĐŽŶĚŽͲ
ŵşŶŝŽďĂƌĂƚŽ͘ſĚ͘ϮϳϮϵϴϴ
Ϯ YƵĂƌƚŽƐ͕ sĂƌĂŶĚĂ͕ ^Žů ĚĂ DĂͲ
ŶŚĆ͕ ƉƌſǆŝŵŽ ĂŽ DĂƌ͕ ƉƌĠĚŝŽ
ŶŽǀŽ͕ ĂƌŵĄƌŝŽƐ͕ Ϯ sĂŐĂƐ͕ ĞƐŽͲ
ĐƵƉĂĚŽ͘ſĚ͘ϯϰϰϰϬϳ
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ϭǀŐ ůĂǌĞƌ Đͬ ƐĂůĆŽ ĚĞ ĨĞƐƚĂƐ ƉŝƐͲ
ĐŝŶĂ ĞƐƉĂĕŽ ŐŽƵƌŵĞƚ ĐŚƵƌƌĂƐͲ
ƋƵĞŝƌĂďƌŝŶƋƵĞĚŽƚĞĐĂůŽĐĂůŝǌĂĚŽ
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ĨĂĐƵůĚĂĚĞƐƚĄĐŝŽĚĞ^ĄĞŶƚƌĞŐĂ
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ƚĞ͕ůĂǌĞƌ ĐŽŵƉůĞƚŽ ŶĂ ĐŽďĞƌƚƵƌĂ
ĐŽŵ ƉŝƐĐŝŶĂ ĐŚƵƌ͘ ^ůĆŽ ĚĞ ĨĞƐƚĂ͕
ĂƌŵĄƌŝŽ ŶĂ ĐŽǌŝŶŚĂ ʹ ſƟŵĂ ůŽͲ
ĐĂůŝǌĂĕĆŽͲŽƉŽƌƚƵŶŝĚĂĚĞ͊͊KͲ
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ϮƋƵĂƌƚŽƐ͕ ĞůĞǀĂĚŽƌ͕ ĨƌĞŶƚĞ͕ ϭǐ
ƋƵĂĚƌĂ ĚŽ ŵĂƌ͕ ſƟŵŽƐ ĂƌŵĄͲ
ƌŝŽƐ͕ǀĂŐĂĚĞŐĂƌĂŐĞŵ͕ƉŝƐŽĨƌŝŽ͕
ƉĞƌƐŝĂŶĂƐ͕ ĞǆĐĞůĞŶƚĞ ůŽĐĂůŝǌĂĕĆŽ
ĚĞŶƚƌŽ ĚŽ ďĂŝƌƌŽ͕ ĚĞƐŽĐƵƉĂĚŽ͘
ſĚ͘ϯϬϲϳϯϬ
ŵƉůŽ ĚŽŝƐ ƋƵĂƌƚŽƐ͕ ĨƌĞŶƚĞ͕ ƐŽů
ĚĂŵĂŶŚĆ͕ƐƵŝƚĞ͕ŵŽŶƚĂĚŽ͕ĄƌĞĂ
ĚĞ ƐĞƌǀŝĕŽ Ğ ďĂŶŚĞŝƌŽ ĚĞ ƐĞƌǀŝͲ
ĕŽ͘ ǆĐĞůĞŶƚĞ ůŽĐĂůŝǌĂĕĆŽ͘ ſĚ͘
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ƚŽ ĚĞ ϮϬϭϭ ůŽĐĂůŝǌĂĚŽ ŶƵŵĂ ƌĞͲ
ŐŝĆŽƉƌŝǀŝůĞŐŝĂĚĂƉƌſǆŝŵŽăƉƌĂŝĂ
ƐƵƉĞƌŵĞƌĐĂĚŽĞƐĐŽůĂĞĂƚŽĚŽŽ
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Ϯ YƵĂƌƚŽƐ͕ ^ƵşƚĞ͕ sĂƌĂŶĚĂ͕ ǀŝƐƚĂ
WĂŶŽƌąŵŝĐĂ͕ >ĂǌĞƌ ĐŽŵƉůĞƚŽ͕ Ğ
ĨĂĐŝůŝĚĂĚĞƉĂƌĂƉĂŐĂŵĞŶƚŽʹŶͲ
ƚƌĞŐĂ Ğŵ DĂƌĕŽ ĚĞ ϮϬϭϮ͘ ſĚ͗͘
ϯϰϰϭϱϴ
ǆĐůƵƐŝǀŽƉƚŽϮƋƚŽƐ͕ďĞŵǀĞŶͲ
ƟůĂĚŽ͕ ^ĂůĂ͕ t ƐŽĐŝĂů͕ ǀĂƌĂŶͲ
ĚĂ͕ ĐŽǌ͘ ŵĞƌŝĐĂŶĂ͕ ϭǀŐ͘ ſĚ͘
ϯϭϭϭϲϲ
Ϯ YƚŽƐ͕ ^ĂůĂ ͕ sĂƌĂŶĚĂ͕ t ^ŽͲ
ĐŝĂů͕ ŽǌŝŶŚĂ͕ ƌĞĂ ĚĞ ^ĞƌǀŝĕŽ͕
ĂƉĂƌƚĂŵĞŶƚŽƚŽĚŽŵŽŶƚĂĚŽĐŽŵ
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ĨƌĞŶƚĞ͕ ǀŝƐƚĂ ůŝǀƌĞ͕ ĂŶĚĂƌ ĂůƚŽ͕ Ϯ
ĞůĞǀĂĚŽƌĞƐ͕ ǀĂŐĂ ĚĞ ŐĂƌĂŐĞŵ
ĐŽďĞƌƚĂ͕ ǀĞŶƟůĂĚŽ͕ ĂƌŵĄƌŝŽƐ͕
ƌĞďĂŝǆĂŵĞŶƚŽ ĚĞ ŐĞƐƐŽ͕ ǁĐ ĚĞ
ĞŵƉƌĞŐĂĚĂ͕ ƉƌſǆŝŵŽ Ă ƚŽĚŽ Ž
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ĨƌĞŶƚĞ ƐŽů ĚĂ ŵĂŶŚĆ͕ ĂƌŵĄƌŝŽƐ
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ĐŽŵ ĂƌŵĄƌŝŽƐ ʹ ĚĞĐŽƌĂĚŽ Ğŵ
ŐĞƐƐŽ ʹ ĐŽǌŝŶŚĂ ĐŽŵ ĂƌŵĄƌŝŽƐ
ŶŽǀŽƐͲǀĂŐĂůŝǀƌĞĞĐŽďĞƌƚĂ͕ĨƌĞŶͲ
ƚĞ͕ƐŽůĚĂŵĂŶŚĆ͕ƉŽƌƚĂƌŝĂϮϰŚƐ͕
Ϯ ĂŶĚĂƌ͕ ĂĐĞŝƚĂ ĮŶĂŶ Ğ &'d^ ͘
KϯϰϬϵϰϯ
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WƌĠĚŝŽĐŽŵĨĂĐŚĂĚĂĞŵŐƌĂŶŝƚŽ͕
ĞůĞǀĂĚŽƌĞƐ͕ůĂǌĞƌĐŽŵƉůĞƚŽĞƉĂͲ
ŶŽƌąŵŝĐŽ ŶĂ ĐŽďĞƌƚƵƌĂ͘ ϭ sĂŐĂ
ĚĞ'ĂƌĂŐĞŵ͘ſĚ͗͘ϭϳϰϯϮϳ͘
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ĐŽǌŝŶŚĂĞƐƟůŽĂŵĞƌŝĐĂŶĂʹƚŽĚŽ
ŵŽŶƚĂĚŽ Ğ ĚĞĐŽƌĂĚŽ ʹ Ɖǆ ĚŽƐ
ƉƌŝŶĐŝƉĂŝƐĐŽŵĞƌĐŝŽĞƐŚŽƉƉŝŶŐ
EŽƌƚĞ ^Ƶů͕ ĄƌĞĂ ĚĞ ůĂǌĞƌ ƚŽƚĂůͲ
ŵĞŶƚĞ ĞƋƵŝƉĂĚĂ͘ĂĐĞŝƚĂ ĮŶĂŶ Ğ
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ĂŵďŝĞŶƚĞƐ͕ ſƟŵŽƐ ĂƌŵĄƌŝŽƐ͕
ǀĂŐĂ͕ ſƟŵĂ ůŽĐĂůŝǌĂĕĆŽ͕ ƐĂůĆŽ
ĚĞĨĞƐƚĂƐ͕ĐŚƵƌƌĂƐƋƵĞŝƌĂ͕ƉŝƐĐŝŶĂ͕
ĞƐƉĂĕŽ ŐŽƵƌŵĞƚ͕ ƐĂƵŶĂ͕ ĞƐƉĂĕŽ
ŐŽƵƌŵĞƚĞĮƚŶĞƐƐ͘ſĚ͘ϯϰϰϯϲϲ
ϮƋƵĂƌƚŽƐ͕ ƐƵşƚĞ͕ ĞůĞǀĂĚŽƌ͕ ǀĂͲ
ƌĂŶĚĂ͕ƉŝƐŽĞŵĐĞƌąŵŝĐĂ͕tĚĞ
ƐĞƌǀŝĕŽ͕ĂƌŵĄƌŝŽƐ͕ǀĂŐĂĚĞŐĂƌĂͲ
ŐĞŵ ƉƌŝǀĂƟǀĂ Ğ ĐŽďĞƌƚĂ͕ ƉƌſǆŝͲ
ŵŽĂŵĞůŚŽƌƌĞĚĞĚĞƐĞƌǀŝĕŽƐĚŽ
ďĂŝƌƌŽ͘ſĚ͘ϯϯϵϰϲϮ
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ǀĂƌĂŶĚĆŽ ĐŽŵ ĐŽƌƟŶĂ ĚĞ ǀŝĚƌŽ͕
ĨƌĞŶƚĞ͕ƐŽůĚĂŵĂŶŚĆ͕ƉŽƌĐĞůĂŶĂͲ
ƚŽ͕ƉƌſǆŝŵŽĂƉƌĂŝĂ͕ƉƌĠĚŝŽƐĞŵŝͲ
ŶŽǀŽ͕ ƉŽƌƚĂƌŝĂ͕ ĞůĞǀĂĚŽƌ͘ MƟŵĂ
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ĚŽďĞŵĐŽŶƐĞƌǀĂĚŽϭǀĂŐĂĐŽŶĚ͘
ďĞŵŽƌŐĂŶŝǌĂĚŽĐŽŵƐĂůĆŽĨĞƐƚĂƐ
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ĞĂŽĐŽŵĠƌĐŝŽĚĞƐŽĐƵƉĂĚŽĐŚĂͲ
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5
ƉƚŽ Ϯ ƋƵĂƌƚŽƐ ĐͬƐƵşƚĞ͘ ^ĂůĂ Ϯ
ĂŵďŝĞŶƚĞƐ͘sĂƌĂŶĚĂ͘WŽƌĐĞůĂŶĂƚͲ
ƚŽ͘EŽǀŽ͘>ĂǌĞƌĞǆĐĞůĞŶƚĞ͘ϭŽƵϮ
ǀĂŐĂƐ͘ſĚϯϰϯϭϴϭ
Ϯ YƵĂƌƚŽƐ͕ ƐƵşƚĞ͕ sĂƌĂŶĚĂ͕ ůĞͲ
ǀĂĚŽƌ͕ ŶŽǀŽ͕ ĂƌŵĄƌŝŽƐ͕ ƉŽƌƚĂͲ
ƌŝĂ ϮϰŚ͕ ǆĐĞůĞŶƚĞ >ŽĐĂůŝǌĂĕĆŽ
ʹſĚ͗͘ϮϳϬϭϴϵ
y>EdϮƋƚŽƐƐƵşƚĞǀĂƌĂŶĚĆŽ
ϭ ǀĂŐĂ ƚŽĚŽ ƉŽƌĐĞůĂŶĂƚŽ ǀŝƐƚĂ
ƉĂƌĂ Ž ŵĂƌ ƉƌĠĚŝŽ ŶŽǀŽ ůĂǌĞƌ
ĂŵƉůŽ ŶĂ ĐŽďĞƌƚƵƌĂ ƉƌŝŵĞŝƌĂ
ƋƵĂĚƌĂĚŽŵĂƌ͘ŽĚ͘ϯϮϵϯϳϵ
Ϯ ƋƵĂƌƚŽƐ͘ WƌĠĚŝŽ ŶŽǀŽ͘ ^ĂůĂ Ϯ
ĂŵďŝĞŶƚĞƐĐͬǀĂƌĂŶĚĂ͘^ŽůĚĂŵĂͲ
ŶŚĆ͘ƌŵĄƌŝŽƐ͘ſĚϯϮϲϮϴϬ
/2&$0$;²
1(72²
&2857,(5²
/2&$0$;²
-$5',0&$0%85,
-$5',0&$0%85,
-$5',0&$0%85,
-$5',0&$0%85,
5
5
5
5
ϮƋƵĂƌƚŽƐ͕ ǀĂƌĂŶĚĂ͕ ĨƌĞŶƚĞ͕
ĂŶĚĂƌ ĂůƚŽ͕ ůĂǌĞƌ ĐŽŵƉůĞƚŽ͕ Ϯ
ĞůĞǀĂĚŽƌĞƐ͕ǀĂŐĂ ĚĞ ŐĂƌĂŐĞŵ
ĐŽďĞƌƚĂ͕ ƉƌſǆŝŵŽ ĂŽ ĐŽŵĠƌĐŝŽ͘
ſĚ͘ϵϮϮϭϴ
ϮƋƵĂƌƚŽƐ͘EĂƋƵĂĚƌĂĚŽŵĂƌ͘Ğ
ĨƌĞŶƚĞ͘ WƌĠĚŝŽ Ğ ĂƉĂƌƚĂŵĞŶƚŽ
ƌĞĨŽƌŵĂĚŽƐ͘dŽĚŽ ĐͬWŽƌĐĞůĂŶĂƚͲ
ƚŽ͘ ƌŵĄƌŝŽƐ͕ ďĂŶĐĂĚĂƐ Ğŵ ŐƌĂͲ
ŶŝƚŽ͘ &ŽŐĆŽ ĐŽŽŬ ƚŽƉ ŶŽǀŽ͘ ſĚ
ϯϰϭϳϳϬ
ƉƚŽϮƋƚŽƐ͕ďĞŵǀĞŶƟůĂĚŽ͕^ĂůĂ͕
t ƐŽĐŝĂů͕ ǀĂƌĂŶĚĂ͕ ĐŽǌ͕͘ ϭǀŐ͘
ſĚ͘ϯϮϵϰϭϬ
,/+$²
ŵƉůŽƐĂƉƚŽƐĚĞϮƋƵĂƌƚŽƐĐŽŵ
ƐƵşƚĞƐ ͕ ƚŽĚŽƐ ĂƉĂƌƚĂŵĞŶƚŽƐ ĚĞ
ĨƌĞŶƚĞ ƉĂƌĂ ƌƵĂ͕ ĄƌĞĂ ĚĞ ůĂǌĞƌ
ĐŽŵƉůĞƚĂ͕ ŝŶƚĞŐƌĂĕĆŽ ƉĞƌĨĞŝƚĂ
Ğ ŚĂƌŵŽŶŝŽƐĂ ĞŶƚƌĞ Ă ĐŽǌŝŶŚĂ
ĂŵĞƌŝĐĂŶĂ͕ƐĂůĂĚĞĞƐƚĂƌͬũĂŶƚĂƌĞ
ǀĂƌĂŶĚĂŐŽƵŵĞƌƚ͘ſĚ͘ϮϳϭϰϬϮ
)/É9,2'$17$6²
/2&$0$;²
%(7+$(63$d2²
-$5',0&$0%85,
-$5',0&$0%85,
-$5',0&$0%85,
-$5',0&$0%85,
5
5
5
5
Ϯ ƋƵĂƌƚŽƐ ĐͬƐƵşƚĞ͕ ŵĂŝƐ Ƶŵ ƌĞͲ
ǀĞƌƐşǀĞů͘ ϳϱ ŵϮ͘ ^Žů ĚĂ ŵĂŶŚĆ͘
ƌŵĄƌŝŽƐ͘ϭǀĂŐĂ͘ſĚϯϰϲϴϲϳ
ϯƋƵĂƌƚŽƐ͕ ƐƵşƚĞ͕ ǀĂƌĂŶĚĂ͕ ĨƌĞŶͲ
ƚĞ͕ ƉŝƐŽ Ğŵ ĐĞƌąŵŝĐĂ͕ t ĚĞ
ĞŵƉƌĞŐĂĚĂ͕ ĞůĞǀĂĚŽƌ͕ ƉƌſǆŝŵŽ
ĂŽ ĐŽŵĠƌĐŝŽ Ğ ĚĞƐŽĐƵƉĂĚŽ͘
ſĚ͘ϯϰϮϱϵϭ
ϯƋƵĂƌƚŽƐ͕ƐƵşƚĞ͕ǀĂƌĂŶĚĂ͕ĞůĞǀĂͲ
ĚŽƌ͕ƌĞďĂŝǆĂŵĞŶƚŽĞŵŐĞƐƐŽ͕ĂƌͲ
ŵĄƌŝŽƐŶŽǀŽƐ͕ǀĂŐĂĚĞŐĂƌĂŐĞŵ͕
ƉƌĠĚŝŽƉĂƐƟůŚĂĚŽĞĐŽŶĚŽŵşŶŝŽ
ďĂƌĂƚŽ͘ſĚ͘ϭϰϳϲϵϮ
/2&$0$;²
,/+$²
,/+$²
>EDEdK Ϭϯ ƋƵĂƌƚŽƐ ƐƵşƚĞ
ǀĂƌĂŶĚĂ Ϯ ǀĂŐĂƐ ůĂǌĞƌ ƉĂŶŽƌąͲ
ŵŝĐŽĐŽŵƐĂůĆŽĚĞĨĞƐƚĂƐŚŽŵĞ
ƚŚĞĂƚŚĞƌĞƐƉĂĕŽŐŽƵƌŵĞƚƌĞƉŽƵͲ
ƐŽͬĮƚŶĞƐƐĞ^WƉůĂǇŐƌŽƵŶĚĚĞĐŬ
Ğ ƉŝƐĐŝŶĂ ĞŶƚƌĞŐĂ ƉƌĞǀŝƐƚĂ ƉĂƌĂ
^dDZKͬϮϬϭϯ͘ŽĚ͘ϭϳϳϲϯϳ
&2857,(5²
-$5',0&$0%85,
-$5',0&$0%85,
-$5',0&$0%85,
-$5',0&$0%85,
5
5
5
5
ϯ ƋƵĂƌƚŽƐ ϭ ƐƵşƚĞƐ͕ ƐĂůĂ ƉĂƌĂ Ϯ
ĂŵďŝĞŶƚĞƐ͕ƉŝƐŽƉŽƌĐĞůĂŶĂƚŽ͕ǀĂͲ
ƌĂŶĚĆŽ ĐŽŵ ǀŝƐƚĂ ƉĂƌĂ Ž ŵĂƌ͕ Ϯ
ǀĂŐĂƐ͕͘ſĚ͘ϯϭϭϴϬϱ
EŽǀŽĞŝŵƉŽŶĞŶƚĞ͊ϯƋƚŽƐ͕ƐƵŝƚĞ͕
ďĞůşƐƐŝŵĂƐĂůĂĐͬſƟŵĂǀĂƌĂŶĚĂ͕
ƚŽĚŽĐͬĂƌŵĄƌŝŽƐͲĂƌĞũĂĚŽĞĐůĂƌŽ
ͲϬϮǀĂŐĂƐ͕ůĂǌĞƌĐŽŵƉůĞƚŽƉŝƐĐŝŶĂ͕
ƐĂůĆŽ ĚĞ ĨĞƐƚĂƐ͕ ƐĂƵŶĂ͕ ĐŚƵƌƌĂƐͲ
ƋƵĞŝƌĂ͕ƐĞŐƵƌĂŶĕĂϮϰŚ͘ǆĐĞůĞŶƚĞ
ůŽĐĂůŝǌĂĕĆŽ͘KͲϯϰϬϴϳϬ
&$67(//2²
ϯƋƚŽƐƐƵşƚ͕ƐĂůĂĐͬǀĂƌĂŶĚĂƚŽĚĂ
ĨĞĐŚĂĚĂ Ğ ǀŝĚƌŽͲ ĚĞĐŽƌĂĚŽ͕ĐŽŵ
Ăƌ ƐƉƌŝŶƚͲ ĂƌŵĄƌŝŽƐͲ ƋƵĂƌƚŽƐ Ğ
ƐĂůĂ Ğŵ ĂŵĚĞŝƌĂͲ ϵϰŵϸ͕ ϬϮ ǀĂͲ
ŐĂƐ ĚĞ ŐĂƌĂŐĞŵͲ ĨƌĞŶƚĞ ƐŽů ĚĂ
ŵĂŶŚĆ͕ ĐŽŵ ǀŝƐƚĂ ƉĂƌĂ Ž ŵĂƌ͘
/ŵƉĞƌĚşǀĞů͘KͲϯϰϱϰϯϴ
&$67(//2²
ϯƋƵĂƌƚŽƐ͕ƵŵƉŽƌĂŶĚĂƌ͕ϮƐƵşƚĞƐ͕
͕ ƉŽƌĐĞůĂŶĂƚŽ͕ ϰ ǀĂƌĂŶĚĂƐ͕
ϭϯϴŵϸ͕ ĨƌĞŶƚĞ͕ ƐŽů ĚĂ ŵĂŶŚĆ͕
ƌĞďĂŝǆĂŵĞŶƚŽĞŵŐĞƐƐŽ͕ϮǀĂŐĂƐ
ƐŽůƚĂƐн ďŽǆ͘ >ĂǌĞƌ ŶĂ ĐŽďĞƌƚƵƌĂ
ſĚ͘ϮϳϮϭϲϭ
)/É9,2'$17$6²
,PyYHLVH1HJyFLRV
,/+$²
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-$5',0&$0%85,
-$5',0&$0%85,
-$5',0&$0%85,
5
5
5
5
ĞůşƐƐŝŵŽϯƋƚŽƐĐŽŵƐƵşƚĞ͕ƐĂůĂ
ƉĂƌĂ Ϯ ĂŵďŝĞŶƚĞƐ͕ ϭϬϬ ŵϸ͕ ƉŝƐŽ
ƉŽƌĐĞůĂŶĂƚŽ Ğ ƉŝƐŽ ůĂŵŝŶĂĚŽ͕
ǀĂƌĂŶĚĂ͕ ĞůĞǀĂĚŽƌ͕ ĨƌĞŶƚĞ ƐŽů
ĚĂ ŵĂŶŚĆ͕ Ϯ ǀŐƐ͘ ĂĐĞŝƚĂ ĮŶĂŶͲ
ĐŝĂŵĞŶƚŽ͘ ĂŐĞŶĚĞ ũĄ ƐƵĂ ǀŝƐŝƚĂ͊
KͲϯϰϭϱϴϳ
&$67(//2²
ϯ YƵĂƌƚŽƐ͕ ^ƵşƚĞ͕ ^Žů ĚĂ DĂͲ
ŶŚĆ͕ EŽǀŽ͕ Ϯ sĂŐĂƐ͕ ǆĐĞůĞŶƚĞ
>ŽĐĂůŝǌĂĕĆŽ͕ ĞƐŽĐƵƉĂĚŽ͕ >ĂǌĞƌ
ĐŽŵƉůĞƚŽ͘ KƉŽƌƚƵŶŝĚĂĚĞ͘ ſĚ͗͘
ϯϬϳϯϰϮ
ϯƋƚŽƐĐŽŵϭƐƚĞ͕ǀĂƌĂŶĚĂĂŵƉůĂ͕
ϯǑƋƵĂƌƚŽŵŽŶƚĂĚŽƉĂƌĂĞƐĐƌŝƚſͲ
ƌŝŽ ĞͬŽƵ ƐĂůĂ ĚĞ ds͕ ĐŽǌŝŶŚĂ ĞƐͲ
ƉĂĕŽƐĂ͕ ĂƉƚŽ ĂŵƉůŽ͕ ĚĞĐŽƌĂĚŽ͕
ƐŽůĚĂŵĂŶŚĆ͕ƉƌĠĚŝŽĞŵŐƌĂŶŝƚŽ
ĞĐĞƌąŵŝĐĂ͘ZĞĨ͗͘ϯϰϭϲϭϱ
ϭϬϲ ŵϸ͕ ϯ ƋƚƐ͕ ϭ ƐƚĞ Đͬ ĂĐĞƐƐŽ
ǀĂƌĂŶĚĂ Ğ͕ ŚŝĚƌŽ͘ ^ĂůĂ ĂŵƉůĂ͕
ĐŽǌŝŶŚĂĐͬĂƌŵ͕͘ĄƌĞĂĚĞƐĞƌǀ͘Ğ
tĚĞĞŵƉƌĞŐ͘͘>ĂǌĞƌĐͬƉŝƐĐŝŶĂ͕
ĐŚƵƌƌĂƐ Ğ Ɛ͘ ĚĞ ĨĞƐƚĂ͕ Đͬ Ϯ ǀŐƐ Ğ
ďŽǆƉƌŝǀĂƟǀŽ͘K͗ϱϱϳϰϬ
1(72²
)2&&86²
$75,80²
-$5',0&$0%85,
-$5',0&$0%85,
-$5',0&$0%85,
-$5',0&$0%85,
5
5
5
5
ǆĐůƵƐŝǀŽ ZĞƐ͘ WŽƌƚŽ Ěŝ ZĂǀĞŶĂ
ʹŵĂƌĂǀŝůŚŽƐŽϯƋƚŽƐ͕ƐƵŝƚĞ͕ďĞͲ
ůşƐƐŝŵĂ ƐĂůĂ Đͬ ĂŵƉůĂ ǀĂƌĂŶĚĂ͕
ĞƐƉĂĕŽƐĂĐŽǌŝŶŚĂĐͬĄƌĞĂĚĞƐĞƌͲ
ǀŝĕŽĞtʹƚŽĚŽĐŽŵĂƌŵĄƌŝŽƐͲ
ůĂǌĞƌ ĐŽŵ ƉŝƐĐŝŶĂ ƐůĆŽ ĚĞ ĨĞƐƚĂͲ
ĂĐĞŝƚĂĮŶĂŶĞ&'d^ͲĐŽĚͲϯϯϭϯϬϰ͘
&$67(//2²
y>Ed ϯ ƋƵĂƌƚŽƐ ĐŽŵ ſƟͲ
ŵŽƐĂƌŵĄƌŝŽƐǀĂƌĂŶĚĂĐŽŵĐŽƌͲ
ƟŶĂĚĞǀŝĚƌŽƐŽůŵĂŶŚĆϮǀĂŐĂƐ
ůĂǌĞƌĐŽŵƐĂůĆŽĨĞƐƚĂƐſƟŵĂůŽͲ
ĐĂůŝǌĂĕĆŽ ƉƌſǆŝŵŽ Ă ƉƌĂŝĂ ĂƉƚŽ
ĚĞƐŽĐƵƉĂĚŽ ĐŚĂǀĞƐ KhZd/Z͘
ſĚ͘ϮϳϴϬϮϵ
&2857,(5²
y>h^/sK ϯƋƚŽƐ ƐƵşƚĞ ſƟŵŽƐ
ĂƌŵĄƌŝŽƐǀĂƌĂŶĚĆŽĐͬĐŽƌƟŶĂĚĞ
ǀŝĚƌŽƉƌĠĚŝŽĐŽŵĨĂĐŚĂĚĂŝŵƉŽͲ
ŶĞŶƚĞϭǐƋƵĂĚƌĂǀŝƐƚĂƉĂƌĂŽŵĂƌ
Ϯ ǀĂŐĂƐ ůĂǌĞƌ ĐŽŵ ƐĂůĆŽ ĨĞƐƚĂƐ
ĐŚƵƌƌĂƐƋƵĞŝƌĂ ďĞŵ ůŽĐĂůŝǌĂĚŽ
ƉƌſǆŝŵŽĂƉƌĂŝĂ͘ſĚ͘ϭϳϵϴϲϲ
&2857,(5²
ƉƚŽ ϯ YƚŽƐ͕ ^ƚĞ Đͬ ĂƌŵƐ͕ ŽͲ
ǌŝŶŚĂ Đͬ ďĂŶĐĂĚĂ Ğŵ ŐƌĂŶŝƚŽ Ğ
ĂƌŵƐ͕ sĂƌĂŶĚĂ͕ 'ĂƌĂŐĞŵ͘ ſĚ͘
ϭϰϵϯϰϬ
%(7+$(63$d2²
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-$5',0&$0%85,
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-$5',0&$0%85,
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5
5
5
ϯ ƋƚƐ ĐŽŵ ƐƵşƚĞ͕ ƐŽů ĚĂ ŵĂŶŚĆ͕
ĐŽŵ ůŝŶĚĂ ǀŝƐƚĂ ƉĂƌĂ Ž ŵĂƌ͕ ǀĂͲ
ƌĂŶĚĂ͕ƚŽĚŽŵŽŶƚĂĚŽĐŽŵĂƌŵĄͲ
ƌŝŽƐ ƌƵŵĂƫ͘ Ϯ ǀĂŐĂƐ͘ WŽƌƚĂƌŝĂ
ϮϰŚ͘ >ĂǌĞƌ ĐŽŵƉůĞƚŽ͘ WĂĚƌĆŽ
>ŽƌĞŶŐĞ͘ſĚϯϮϴϲϴϰ
>ŽŌ͕ϯYƵĂƌƚŽƐ͕ϯ^ƵşƚĞƐ͕^ŽůĚĂ
DĂŶŚĆ͕ EŽǀŽ͕ Ϯ sĂŐĂƐ͕ ǀĞŶŝĚĂ
ĂƌůŽƐDĂƌƟŶƐ͕>ŽĐĂůŝǌĂĕĆŽƉƌŝǀŝͲ
ůĞŐŝĂĚĂ͕ſĚ͗͘ϯϭϭϮϰϳ
ĞƐƉĂĕŽƐŽϬϯƋƵĂƌƚŽƐ͕ƐƵŝƚĞ͕ͲďĞͲ
ůşƐƐŝŵĂ ƐĂůĂ ĐŽŵ ǀĂƌĂŶĚĂ͘Ͳ ƚŽĚŽ
ĚĞĐŽƌĂĚŽ ʹ ĐŽǌŝŶŚĂ ĂŵƉůĂ ĐŽŵ
ĂƌŵĄƌŝŽƐ ͲϮ ǀĂŐĂƐ ůŝǀƌĞƐ͕ ƐĞŐƵͲ
ƌĂŶĕĂϮϰŚƐͲ͘K͘ϯϬϴϲϵϴ
/2&$0$;²
1(72²
&$67(//2²
Ϭϯ ƋƚŽƐ ƐƵşƚĞ ϮǀŐƐ ĞŶƚƌĞŐƵĞƐ Đͬ
ĂƌŵĄƌŝŽƐŵŽĚƵůĂĚŽƐŶĂĐŽǌŝŶŚĂ
Ğ ďĂŶŚĞŝƌŽƐ ůĂǌĞƌ ŶĂ ĐŽďĞƌƚƵƌĂ
Đͬ ƐĂůĆŽ ĨĞƐƚĂƐ ĞƐƉĂĕŽ ŐŽƵƌŵĞƚ
ĐŚƵƌƌĂƐƋƵĞŝƌĂ Ă ŐĄƐ ƐĂƵŶĂ ^W
ƉŝƐĐŝŶĂ ĚĞĐŬ ĞŶƚƌĞŐĂ ƉƌĞǀŝƐƚĂ
ƉĂƌĂ:hE,KͬϮϬϭϮ͘ŽĚ͘ϭϴϰϮϳϳ
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ƉĂƌƚĂŵĞŶƚŽϯYƵĂƌƚŽƐ͕&ƌĞŶƚĞ͕
^ŽůĚĂDĂŶŚĆ͕>ŝŶĚĂsŝƐƚĂƉĂƌĂŽ
DĂƌ͕ƉƌĠĚŝŽĐŽŵůĞǀĂĚŽƌĞƐ͕ůĂͲ
ǌĞƌĐŽŵƉŝƐĐŝŶĂĞĐŚƵƌƌĂƐƋƵĞŝƌĂ͕
ƐƵƉĞƌĐůĂƌŽĞǀĞŶƟůĂĚŽ͕ŽƉŽƌƚƵͲ
ŶŝĚĂĚĞ͘ʹĐſĚ͗͘ϯϯϵϯϮϰ
ϯ ƋƚŽƐ ĐŽŵ ϭ ƐƚĞ͕ ƚŽĚŽƐ ĐŽŵ
ĂƌŵĄƌŝŽƐŵŽŶƚĂĚŽƐ͕ƐĂůĂƉĂƌĂϮ
ĂŵďŝĞŶƚĞƐ͕ ĐŽǌŝŶŚĂ ĐŽŵ ĂƌŵĄͲ
ƌŝŽƐ͕ǀĂƌĂŶĚĂŐŽƵƌŵĞƚ͕ďĂŶŚĞŝƌŽ
ĚĞĞŵƉƌĞŐĂĚĂ͕ƉŝƐŽĞŵƉŽƌĐĞůĂͲ
ŶĂƚŽ͘WƌĠĚŝŽŶŽǀŽ͘ZĞĨ͗͘ϯϰϮϱϭϲ
ϯYƚŽƐĐͬϭƐƵşƚĞ͕^ĂůĂƉͬϮĂŵď͘
ĐͬǀĂƌĂŶĚĂ͕Žǌ͕tĐƐŽĐŝĂů͕ƌĞĂ
ĚĞƐĞƌǀŝĕŽ͘ſĚ͘ϯϮϳϲϬϯ
ϯƋƚƐ͕͘ϭƐƵşƚĞƐ͕ϭϭϱŵϮ͕ǀĂƌĂŶĚĆŽ͕
ƉŽƌĐĞůĂŶĂƚŽ͕ ďĂŶŚĞŝƌŽ ĞŵƉƌĞͲ
ŐĂĚĂ͕ ůĂǌĞƌ͕ ϱϬ ŵĞƚƌŽƐ ĚĂ ƉƌĂŝĂ͘
ZĞĨͲϯϯϭϯϱϮ
1(72²
)2&&86²
%(7+$(63$d2²
)2&&86²
-$5',0&$0%85,
-$5',0&$0%85,
-$5',0&$0%85,
-$5',0&$0%85,
5
5
5
5
ϯƋƵĂƌƚŽƐƐĞŶĚŽϮƐƵşƚĞƐ͕ĨƌĞŶƚĞ͕
ǀĂƌĂŶĚĂ͕ϮǀĂŐĂƐ͕ŶŽǀŽ͕ůŽĐĂůŝǌĂͲ
ĕĆŽŶŽďƌĞ͕ĞǆĐĞůĞŶƚĞĂĐĂďĂŵĞŶͲ
ƚŽ͕ůĂǌĞƌĐŽŵƉůĞƚŽ͘ſĚ͘ϳϴϴϰϮ
ϯYƵĂƌƚŽƐ͕^ƵşƚĞ͕sĂƌĂŶĚĂ͕^ŽůĚĂ
DĂŶŚĆ͕ůĞǀĂĚŽƌ͕DŽŶƚĂĚŽĐŽŵ
ĂƌŵĄƌŝŽƐ ŶŽǀŽƐ͕ ĞƉĞŶĚġŶĐŝĂ
ĐŽŵƉůĞƚĂ ͕ Ϯ sĂŐĂƐ͕ ǆĐĞůĞŶƚĞ
ůŽĐĂůŝǌĂĕĆŽʹſĚ͗͘ϯϯϬϳϰϯ
ϯYƚŽƐƐͬϭƐƵŝƚĞ͕ďŽĂƐĂůĂ͕ǀĂƌĂŶͲ
ĚĂ͕ ǁĐ ƐŽĐŝĂů͕ ĐŽǌŝŶŚĂ͕ ƌĞĂ ĚĞ
ƐĞƌǀŝĕŽ͕Ϭϭs'ĐŽď͘ſĚ͘ϯϯϴϵϵϱ
ϯ ƋƵĂƌƚŽ ƐĞŶĚŽ ϭ ƐƵşƚĞ͕ ĨƌĞŶƚĞ
ƉĂƌĂ Ž ŵĂƌ͕ ƚŽƚĂůŵĞŶƚĞ ŵŽŶƚĂͲ
ĚŽ͕ ϯǀĂŐĂƐ͕ ǀĂƌĂŶĚĂ͕ ĞǆĐĞůĞŶƚĞ
ĄƌĞĂĚĞůĂǌĞƌ͕ſƟŵĂůŽĐĂůŝǌĂĕĆŽ͘
ſĚ͘ϭϴϳϴϯϯ
)/É9,2'$17$6²
1(72²
%(7+$(63$d2²
)/É9,2'$17$6²
-$5',0&$0%85,
-$5',0&$0%85,
-$5',0&$0%85,
-$5',0&$0%85,
5
5
5
5
ϯƋƵĂƌƚŽƐĐŽŵƐƵşƚĞ͕ƐĂůĂƉĂƌĂϮ
ĂŵďŝĞŶƚĞƐ͕ĨƌĞŶƚĞ͕ƐŽůĚĂŵĂŶŚĆ͕
ĂŶĚĂƌĂůƚŽ͕ƉŝƐŽĐĞƌąŵŝĐĂ͕ǀĂƌĂŶͲ
ĚĂ ĂŵƉůĂ͕ ĐŽǌŝŶŚĂ ŵŽŶƚĂĚĂ Ğ
ďĂŶĐĂĚĂĚĞŐƌĂŶŝƚŽ͕ƉƌſǆŝŵŽĂŽ
ŵĂƌ͘ſĚ͘ϮϳϭϰϮϰ
y>h^/sK͕ ϯƋ͕ ƐƵşƚĞ͕ ĨƌĞŶƚĞ͕
ĂŶĚĂƌ ĂůƚŽ͕ ϭϬϬй ƐŽů ĚĂ ŵĂͲ
ŶŚĆ͕ Ϯ ǀĂŐĂƐ ĐŽďĞƌƚĂƐ͕ ƉŽƌƚĂƌŝĂ
ϮϰŚƐ͕ ſƟŵĂ ůŽĐĂůŝǌĂĕĆŽ͕ ƉƌſǆŝͲ
ŵŽ ĚĂ ƉƌĂŝĂ͕ ůĂǌĞƌ ĐŽŵ ƉŝƐĐŝŶĂ͕
ƐĂƵŶĂ͕ĐŚƵƌƌĂƐƋƵĞŝƌĂĞƐĂůĆŽĚĞ
ĨĞƐƚĂƐ͕KϯϰϮϰϰϵ
&$67(//2²
Ě͘sŝƐƚĂĞůDĂƌ͕ϯƋƵĂƌƚŽƐĐŽŵ
ϭƐƵşƚĞ͕ĨƌĞŶƚĞ͕ƐĂůĂϮĂŵďŝĞŶƚĞƐ
ƉŝƐŽ ĐĞƌąŵŝĐĂ͕ ǀĂƌĂŶĚĆŽ͕ ĂƌͲ
ŵĄƌŝŽƐ͕ ϮǑ ƋƵĂĚƌĂ ĚŽ ŵĂƌ͘ ſĚ͘
ϯϮϲϯϰϭ
ϯƋƵĂƌƚŽƐϭƐƵşƚĞ͕ƐĂůĂƉŝƐŽƉŽƌͲ
ĐĞůĂŶĂƚŽ ĨŽƐĐŽ͕ ƐŽů ĚĂ ŵĂŶŚĂ͕
ĐŽǌŝŶŚĂ ƉŝƐŽ ĐĞƌąŵŝĐĂ͕ Ϯ ǀĂŐĂƐ͕
͘ſĚ͘ϯϬϴϲϵϰ
)/É9,2'$17$6²
)/É9,2'$17$6²
)/É9,2'$17$6²
,PyYHLVH1HJyFLRV
-$5',0&$0%85,
-$5',0&$0%85,
-$5',0&$0%85,
-$5',0&$0%85,
5
5
5
5
YƵĂĚƌĂ ĚŽ ŵĂƌ Ͳ Ϭϯ ƋƵĂƌƚŽƐ͕
ƐƵŝƚĞ͕ǀĂƌĂŶĚĂĨĞĐŚĂĚĂĞŵǀŝĚƌŽͲ
ĂŵƉůĂ ĐŽǌŝŶŚĂ ĐŽŵ ďĞůşƐƐŝŵŽƐ
ĂƌŵĄƌŝŽƐͲϬϮǀĂŐĂƐ͕ƐĂůĆŽĚĞĨĞƐͲ
ƚĂƐ͕ƐĂƵŶĂ͕ĐŚƵƌƌĂƐƋƵĞŝƌĂ͕ƉŽƌƚĂͲ
ƌŝĂϮϰŚƐ͘KͲϯϰϭϱϳϬ
ϯ YƵĂƌƚŽƐ͕ ^ƵşƚĞ͕ &ƌĞŶƚĞ͕ sĂƌĂŶͲ
ĚĆŽ͕ ůĞǀĂĚŽƌ͕ EŽǀŽ͕ ĂŵƉůŽ͕ Ϯ
sĂŐĂƐ͕>ĂǌĞƌĐŽŵƐĂůĆŽĚĞĨĞƐƚĂƐ
ĞŚƵƌƌĂƐƋƵĞŝƌĂ͕ƉƌſǆŝŵŽăƉƌĂŝĂ
ʹſĚ͗͘ϯϰϭϳϵϵ
WƌĠĚŝŽŶŽǀŽ͕ϰƋƵĂƌƚŽƐĐŽŵϮƐƵŝͲ
ƚĞƐ͕ϭϱϬŵϮ͕ϯǀĂŐĂƐ͕ĨĂĐŚĂĚĂĞŵ
ŐƌĂŶŝƚŽ͕ ǀŝƐƚĂ ƉͬŵĂƌ͕ ůĂǌĞƌ ĐŽŵͲ
ƉůĞơƐƐŝŵŽ͘ſĚ͘ϯϰϭϲϵϮ
ϰ YƵĂƌƚŽƐ͕ ƐƵşƚĞ͕ &ƌĞŶƚĞ͕ ^Žů ĚĂ
DĂŶŚĆ͕ ůĞǀĂĚŽƌ͕ DŽŶƚĂĚŽ Ğ
ĚĞĐŽƌĂĚŽ͕ ůĂǌĞƌ ĐŽŵ ƉŝƐĐŝŶĂ͕
ĐŚƵƌƌĂƐƋƵĞŝƌĂĞƐĂůĆŽĚĞĨĞƐƚĂƐ͕
Ϯ ǀĂŐĂƐ ůŝǀƌĞƐ͕ KƉŽƌƚƵŶŝĚĂĚĞ͘
ſĚ͗͘ϯϰϬϮϱϮ
&$67(//2²
1(72²
)/É9,2'$17$6²
1(72²
-$5',0&$0%85,
-$5',0&$0%85,
-$5',0&$0%85,
-$5',0&$0%85,
5
5
ŽďĞƌƚƵƌĂ>ŝŶĞĂƌ͕ϯYƵĂƌƚŽƐ͕^ƵͲ
şƚĞ͕^ŽůĚĂDĂŶŚĆ͕EŽǀĂ͕KĨƵƌƀ͕
ŚƵƌƌĂƐƋƵĞŝƌĂ͕ƵĐŚĂ͕ƉŝǀĂƟǀŽƐ͕
WƌŝǀĂĐŝĚĂĚĞdŽƚĂůĞůĂǌĞƌĐŽŵƉůĞͲ
ƚŽŶŽƉƌĠĚŝŽ͕ĐſĚ͗͘ϯϰϬϮϳϬ
KZdhZhW>yϯƋƚŽƐƐĂůĂ
ds Ϯ ǀĂŐĂƐ ǀŝƐƚĂ ƉĂŶŽƌąŵŝĐĂ
ĐŽŵ ƚĞƌƌĂĕŽ ƉĂƌĂ ĂŵƉůŝĂĕĆŽ Ğ
ůĂǌĞƌŶŽƉƌĠĚŝŽĐŽŵĚĞƐĂůĆŽĨĞƐͲ
ƚĂƐ ĐŚƵƌƌĂƐƋƵĞŝƌĂ ƉŝƐĐŝŶĂ ƐĂƵŶĂ
ſƟŵĂ ůŽĂůŝǌĂĕĆŽ ŽƉŽƌƚƵŶŝĚĂĚĞ͘
ſĚ͗͘ϯϰϬϬϯϮ
&2857,(5²
1(72²
5
KZdhZ hW>y ϯƋƚŽƐ ƐƚĞ
ϯǀŐƐƚĞƌƌĂĕŽĐͬƐĂůĂşŶƟŵĂůĂǌĞƌ
ƉĂŶŽƌąŵŝĐŽ Đͬ ƐĂůĆŽ ĚĞ ĨĞƐƚĂƐ
ŚŽŵĞƚŚĞĂƚŚĞƌĞƐƉĂĕŽŐŽƵƌŵĞƚ
ƌĞƉŽƵƐŽͬĮƚŶĞƐƐ Ğ ^W ƉůĂǇͲ
ŐƌŽƵŶĚ ĚĞĐŬ Ğ ƉŝƐĐŝŶĂ ĞŶƚƌĞŐĂ
ƉƌĞǀŝƐƚĂ^dͬϮϬϭϯ͘ŽĚ͘ϭϳϬϮϭϲ
&2857,(5²
5
ŽďĞƌƚƵƌĂ͕ϮƋƵĂƌƚŽƐ͕ĄƌĞĂĚĞůĂͲ
ǌĞƌĞǆĐůƵƐŝǀĂĐŽŵƉŝƐĐŝŶĂ͕ĐŚƵƌͲ
ƌĂƐƋƵĞŝƌĂ͘^ĆŽϭϮϱŵϸŽƟŵĂŵĞŶͲ
ƚĞĚŝƐƚƌŝďƵşĚŽƐĞŵϮƉĂǀŝŵĞŶƚŽƐ͘
ƉƌŽǀĞŝƚĞ ĞƐƚĂ ŽƉŽƌƚƵŶŝĚĂĚĞ Ğ
ǀĞŶŚĂĐŽŶĨĞƌŝƌ͘ſĚ͘ϭϴϰϴϯϬ
,/+$²
,PyYHLVH1HJyFLRV
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-$5',0/,02(,52
/$5$1-(,5$6
35$,$'$&267$
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5
5
5
ŽďĞƌƚƵƌĂ ƵƉůĞǆ͕ >ŝŶĚĂ͕ ϯƋƚŽƐ͕
ƐƚĞ͕ ƐĂůĂ ŝŶƟŵĂ͕ ƚŽĚĂ ŵŽŶƚĂĚĂ
Ğ ĚĞĐŽƌĂĚĂ͕ ƉŝƐŽ ƉŽƌĐĞůĂŶĂƚŽ͕
ĂƌŵĄƌŝŽƐ ĚĞ ĮŶŽ ĂĐĂďĂŵĞŶƚŽ͕
ŚŝĚƌŽ͕ ƉŝƐĐŝŶĂ͕ ĐŚƵƌƌĂƐƋƵĞŝƌĂ͕
ϮǀĂŐĂƐ͕ ϮΣ ƋƵĂĚƌĂ ŵĂƌ͕ ſƟŵŽ
ƉƌĞĕŽſĚ͘ϵϮϴϰϭ
,/+$²
ƉƚŽ Ϯ YƚƐ͕ ŵŽŶƚĂĚŽ͕ ĐŽǌŝŶŚĂ
ĐŽŵƉůĞƚĂ͕ƋƚĚĂĐĂƐĂůŵŽŶƚĂĚŽ͕Ăƌ
ĐŽŶĚŝĐŝŽŶĂĚŽƐƉůŝƚ͕ǀĂƌĂŶĚĂ͕ůĞǀ͕͘
ǀŝƐƚĂ ůŝǀƌĞ͕ ƐŽů ĚĂ ŵĂŶŚĆ͊ ſĚ͗
ϮϳϭϰϮϭ
ƉƚŽ ϯ YƵĂƌƚŽƐͬ^ƵşƚĞ͕ǀĂƌĂŶĚĂ͕
ůĞǀ͘ ƐĂůĂ Ϯ Ăŵď͕ĐŽǌŝŶŚĂ ŵŽŶͲ
ƚĂĚĂ͕ ĄƌĞĂ ĚĞ ƐĞƌǀŝĕŽ͕ ſƟŵĂ >ŽͲ
ĐĂůŝǌĂĕĆŽ͕ Ğŵ &ƌĞŶƚĞ ĂŽ WƋ͘ ĚĂ
ŝĚĂĚĞ͊ſĚ͗ſĚ͗ϯϯϭϭϱϲ
Ϯ ƋƚƐ ƐƵşƚĞ Ă ϭͬϮ ƋĚƌĂ ŵĂƌ
ϴϰ͕ϱϰ ŵϮ ƐĂůĂ ĂŵƉůĂ ǀĂƌĂŶĚĂ
Đͬ ĐŚƵƌƌĂƐƋ dĞƌƌĂĕŽ Đͬ WŝƐĐŝŶĂ
ŽďƌĂ ĂĚŝĂŶƚĂĚĂ ĞŶƚƌĞŐĂ ϮϬϭϮ
ƌ͘ϮϳϮϳϲϯ
%(7+$(63$d2²
%(7+$(63$d2²
%(7+$(63$d2²
35$,$'$&267$
35$,$'$&267$
35$,$'$&267$
35$,$'$&267$
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5
5
5
ϮƋƚƐƐƵŝƚĞƐĂůĂĂŵƉůĂϮĂŵďǀĂͲ
ƌĂŶĚĂ ĨƌĞŶƚĞ ƐŽů ŵĂŶŚĆ ϵϬ ŵϮ
ĂƌŵĄƌŝŽƐŐĂƌĞůĞǀůĂǌĞƌĐͬƉŝƐĐŝŶĂ
ſƟŵĂůŽĐĂůŝǌĂĕĆŽƌ͘ϮϳϯϯϮϵ
Ϯ ƋƵĂƌƚŽƐ ƐĞŶĚŽ ϭ ƐƵşƚĞ͕ ĨƌĞŶƚĞ
ƐŽů ĚĂ ŵĂŶŚĆ͕ ůŝŶĚĂ ǀŝƐƚĂ ƉƌŽ
ŵĂƌ͕ƉƌĠĚŝŽŶŽǀŽ͕ďĞŵůŽĐĂůŝǌĂͲ
ĚŽ͕ůĂǌĞƌĐŽŵƉůĞƚŽŶĂĐŽďĞƌƚƵƌĂ͕
ǀĂŐĂ͘ſĚ͘Ϯϳϰϱϲϭ
ϮƋƵĂƌƚŽƐ͕ǀ͘'ŝůsĞůŽƐŽ͕ĨƌĞŶƚĞ
ƉĂƌĂ Ž ŵĂƌ͕ ǀĂƌĂŶĚĂ͕ ƉŝƐŽ ĐĞƌąͲ
ŵŝĐĂ͕ ĞǆĐĞůĞŶƚĞ ůŽĐĂů͕ ŐĂƌĂŐĞŵ͘
ſĚ͘ϯϯϬϴϲϵ
Ϯ ƋƚƐ ĂŵƉůŽƐ ǀĂƌĂŶĚĂ Ă Ϯ ƋƵĂͲ
ĚƌĂƐĚŽŵĂƌϭϭϮŵϮŵŽŶƚĂĚŽĂƌͲ
ŵĄƌŝŽƐĨƌĞŶƚĞƐŽůŵĂŶŚĆĐŽǌŝŶŚĂ
ĚĞƐƉĞŶƐĂŐĂƌĞůĞǀƌ͘ϯϰϮϲϵϮ
%(7+$(63$d2²
)/É9,2'$17$6²
)/É9,2'$17$6²
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35$,$'$&267$
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Ϯ ƋƚƐ ƐƵşƚĞ ǀĂƌĂŶĚĂ ŶŽ ĐŽƌĂĕĆŽ
ĚĂ WƌĂŝĂ ĚĂ ŽƐƚĂ ϳϰ ŵϮ ĨƌĞŶƚĞ
ƚŽĚŽŶŽƉŽƌĐĞůĂŶĂƚŽſƟŵŽůĂǌĞƌ
ĂƚĠϮǀĂŐĂƐĚĞŐĂƌĂŐĞŵĞŶƚƌĞŐĂ
ĚĞǌĞŵďƌŽϮϬϭϮƐŝŶĂůZΨϭϳ͘ϬϬϬ͕
ƌĞƐƚ͘ĂĐŽŵďŝŶĂƌƌ͘ϯϰϯϭϰϲ
Ϯ ƋƚƐ ƐƵşƚĞ ƐĂůĂ ĂŵƉůĂ ǀĂƌĂŶĚĂ
>ĂŶĕĂŵĞŶƚŽ Ă Ϯ ƋĚƌĂƐ ĚĂ ƉƌĂŝĂ
>ĂǌĞƌ ƐŝŶĂů ĚĞ ZΨ ϭϳ ŵŝů͕ ŵĞŶͲ
ƐĂŝƐ ZΨ ϰϭϵ͕ϭϯ͕ Ϭϰ ƐĞŵĞƐƚƌĂŝƐ Ğ
ĮŶĂŶĐ͘ ǀŝƐŝƚĞ ĂƉƚ ĚĞĐŽƌĂĚŽ ;ƌĞĨ͘
ƵŶŝĚĂĚĞϭϬϱͿƌ͘ϯϰϬϲϭϰ
Ϯ ƋƚƐ ǀĂƌĂŶĚĂ ƐŽů ŵĂŶŚĆ ĂƌŵĄͲ
ƌŝŽƐůŝŶĚŽĂƉĂƌƚĂŵĞŶƚŽƉŝƐŽƉŽƌͲ
ĐĞůĂŶĂƚŽŐĂƌĞůĞǀƌ͘ϯϰϮϯϮϬ
ϮƋƚƐƐƵşƚĞнϭƋƚƌĞǀĞƌƐşǀĞůƐĂůĂ
ĂŵƉůĂǀĂƌĂŶĚĂĐŽǌŝŶŚĂĨƌĞŶƚĞƐŽů
ŵĂŶŚĆ ǀŝƐƚĂ ƉĞƌŵ Ɖͬ ŵĂƌ ŵŽŶͲ
ƚĂĚŽĂƌŵĄƌŝŽƐŐĂƌĞůĞǀůĂǌĞƌŶŽͲ
ǀŝŶŚŽƌ͘ϯϯϮϱϵϯ
%(7+$(63$d2²
%(7+$(63$d2²
%(7+$(63$d2²
%(7+$(63$d2²
,7$32®
,7$32®
35$,$'$&267$
35$,$'$&267$
5
5
5
5
ƉƚŽ Ϯ ƋƚŽƐ͘ ǆĐĞůĞŶƚĞ ůŽĐĂůŝǌĂͲ
ĕĆŽ͕ƉƌſǆŝŵŽĂŽŵĂƌ͘ŵƉůŽ͕ϵϰ
ŵϮ͕ĐŽŵ͘ŽŶĚŽŵşŶŝŽĐŽŵ
ƋƵĂĚƌĂ Ğ ĐŚƵƌƌĂƐƋƵĞŝƌĂ͘ ſĚ͗
ϯϰϮϵϯϰ
Ϯ ƋƚƐ ƐĂůĂ ĂŵƉůĂ ǀĂƌĂŶĚĂ ĐŽǌŝͲ
ŶŚĂ ĄƌĞĂ ƐĞƌǀŝĕŽ ĨƌĞŶƚĞ ƐŽů ŵĂͲ
ŶŚĆƉŝƐŽĨƌŝŽŐĂƌĞůĞǀƉƌſǆŝŵŽĂ
ƚƵĚŽĞŵ/ƚĂƉŽĆĞƐƚƵĚŽƉƌŽƉŽƐƚĂ
ƌ͘ϯϬϱϭϵϲ
EKsK y>Ed >K>/Ͳ
K͊ƐĂůĂƉͬϬϮĂŵďŝĞŶƚĞƐ͕ǀĂͲ
ƌĂŶĚĂĂŵƉůĂ͕ϯƋƵĂƌƚŽƐƐĞŶĚŽ
ϭ ƐƚĞ͕ Ϭϯ ďĂŶŚŽƐ ;ƐŽĐŝĂů͕ ƐƚĞ Ğ
ƐĞƌǀŝĕŽͿ͕ĐŽǌŝŶŚĂĂŵƉůĂ͕͕ůĂͲ
ǌĞƌĐŽŵƉůĞƚŽ͕K͗ϲϬϲϱϯ
ŽďĞƌƚƵƌĂ͕ ϯ ƋƚƐ Ɛͬ Ϯ ƐƵşƚĞƐ ǀĂͲ
ƌĂŶĚĂ ǀŝƐƚĂ ƉĞƌŵĂŶĞŶƚĞ Ɖͬ ŵĂƌ
Ϯǐ YƵĂĚƌĂ ĚŽ DĂƌ ŵŽŶƚĂĚŽ ĂƌͲ
ŵĄƌŝŽƐϮϰϲŵϮƐŽůŵĂŶŚĆϮǀĂͲ
ŐĂƐůŝǀƌĞƐƌ͘Ϯϳϱϵϭϳ
/2&$0$;²
%(7+$(63$d2²
$75,80²
%(7+$(63$d2²
,PyYHLVH1HJyFLRV
35$,$'$&267$
35$,$'$&267$
35$,$'$&267$
35$,$'$&267$
5
5
5
5
ϯƋƚƐƐƵşƚĞǀĂƌĂŶĚĂϭǐYĚƌĂDĂƌ
ƐŽů ŵĂŶŚĆ ǀŝƐƚĂ ƉĞƌŵĂŶĞŶƚĞ Ɖͬ
ŵĂƌ ŵŽŶƚĂĚŽ ĂƌŵĄƌŝŽƐ ŐĂƌ ĞůĞǀ
ůĂǌĞƌƌ͘ϯϬϴϮϭϱ
ϯƋƚƐƐƵşƚĞǀĂƌĂŶĚĆŽϭǐYĚƌĂDĂƌ
WƌĠĚŝŽEŽǀŽƉŝƐŽƉŽƌĐĞůĂŶĂƚŽƐŽů
ŵĂŶŚĆůĂǌĞƌϮǀŐƐƌ͘ϭϳϰϬϳϲ
ϯƋƚƐƐƚĞƐĂůĂĂŵƉůĂǀĂƌĂŶĚĂƉƌŽǆ
ƉƌĂŝĂ ƐŽů ŵĂŶŚĆ ĂƌŵĄƌŝŽƐ ŐĂƌ
ĞůĞǀƉƌŽǆĂƚƵĚŽĞƐƚƵĚŽƉƌŽƉŽƐƚĂ
ƌ͘ϯϰϮϳϭϬ
ŽďĞƌƚƵƌĂ͕ ϯ ƋƚƐ Ɛͬ ϯ ƐƵşƚĞƐ ϭͬϮ
ƋĚƌĂ ŵĂƌ ǀĂƌĂŶĚĂ ĨƌĞŶƚĞ ƐŽů
ŵĂŶŚĆ Ϯ ǀŐƐ ĞŶƚƌĞŐĂ ƐĞƚĞŵďƌŽ
ϮϬϭϮdĞƌƌĂĕŽĐͬWŝƐĐŝŶĂͬĐŚƵƌƌĂƐƋ
ƐŝŶĂůϮϱŵŝů͕ŵĞŶƐĂŝƐĞĮŶĂŶĐ͘ƌ͘
ϮϳϮϳϲϯ
%(7+$(63$d2²
%(7+$(63$d2²
%(7+$(63$d2²
%(7+$(63$d2²
35$,$'$&267$
35$,$'$&267$
,7$3$5,&$
,7$3$5,&$
5
5
5
5
ϯƋƚƐ ƐƵşƚĞ YĚƌĂ ĚŽ DĂƌ WƌĠĚŝŽ
EŽǀŽ ǀĂƌĂŶĚĆŽ ĨƌĞŶƚĞ ǀŝƐƚĂ ƉĞƌͲ
ŵĂŶĞŶƚĞƉͬŵĂƌϭϭϯŵϮĐŽǌŝŶŚĂ
ĂŵƉůĂ ĚĞƉ ĐŽŵƉ ĞŵƉƌĞŐ͘ ůĂǌĞƌ
Ϯ ǀĂŐĂƐ Ɖͬ ϯ ĐĂƌƌŽƐ ĐŚĂǀĞƐ ĂƋƵŝ
ƌ͘ϯϯϯϯϳϲ
ϯƋƚƐƐƵşƚĞǀĂƌĂŶĚĆŽĂϮƋƵĂĚƌĂƐ
ŵĂƌ ϭϬϳ ŵϮ ĨƌĞŶƚĞ ƐŽů ŵĂŶŚĆ
ůĂǌĞƌ Ϯ ǀĂŐĂƐ ĞŶƚƌĞŐĂ ^ĞƚĞŵďƌŽ
ϮϬϭϭſƟŵĂůŽĐĂůŝǌĂĕĆŽƌ͘ϯϯϴϯϮϯ
ϯ ƋƚƐ ƐƵşƚĞ &ƌĞŶƚĞ Ɖͬ DĂƌ
Ě͘WŚŝůĂĚĞůƉŚŝĂ ǀĂƌĂŶĚĆŽ ϭϰϬ
ŵϮĂƉƚǑĚĞĐŽƌĂĚŽſƟŵŽƐĂƌŵĄͲ
ƌŝŽƐ ƉŝƐŽ ƉŽƌĐĞůĂŶĂƚŽ Ϯ ǀĂŐĂƐ ůŝͲ
ǀƌĞƐ>ĂǌĞƌĐŽŵƉůĞƚŽƌ͘ϯϯϯϮϭϭ
ƉƚŽϯƋƚŽƐ͕ĚĞĨƌĞŶƚĞ͕ĞŵĐŽŶͲ
ĚŽŵşŶŝŽ͕ ƉŽŶƚŽ ĞǆĐĞůĞŶƚĞ͕ ƉƌſͲ
ǆŝŵŽ ĚĞ ƉĂĚĂƌŝĂ͕ ĨĂƌŵĄĐŝĂ͕ ƉƚŽ
ƀŶŝďƵƐ͕ĂƌŵĄƌŝŽƐĐŽǌŝŶŚĂĞƋƵĂƌͲ
ƚŽ͘ ZĞĨŽƌŵĂĚŽ͕ ƉŝƐŽ ĨƌŝŽ͘ ſĚ͗
ϯϯϬϮϳϲ
%(7+$(63$d2²
%(7+$(63$d2²
%(7+$(63$d2²
/2&$0$;²
,7$3$5,&$
,7$32®
,7$32®
35$,$'$&267$
5
5
5
5
ϯ ƋƚƐ ƐƵşƚĞ &ƌĞŶƚĞ Ɖͬ DĂƌ ƐĂůĂ
ĂŵƉůĂǀĂƌĂŶĚĆŽϭϰϮŵϮŵŽŶƚĂͲ
ĚŽĂƌŵĄƌŝŽƐƉŝƐŽŐƌĂŶŝƚŽϮǀĂŐĂƐ
ſƟŵŽ>ĂǌĞƌƌ͘ϯϯϭϮϮϮ
ϯƋƚŽƐ͕ϭƐƵŝƚĞ͕ǀĂƌĂŶĚ͕ϴϰŵϮ͕
ĮŶŽĂĐĂďƚŽ͕ďĂŶĐĂĚĂƐĞŵŐƌĂͲ
ŶŝƚŽ͕ǀŝƐƚĂƉͬŵĂƌ͕ĂŶĚĂƌĂůƚŽ͕
ϭǀĂŐĂ͕ϮĞůĞǀ͕ůĂǌĞƌ͕ƉƌŝŵĞŝƌĂ
ƋĚƌĂ͘KͲϯϰϭϵϭϱ
ϯ ƋƚƐ ^ƵşƚĞ ƐĂůĂ ĂŵƉůĂ Ϯ Ăŵď
ǀĂƌĂŶĚĂ ĨƌĞŶƚĞ ƐŽů ŵĂŶŚĆ ϭϬϬ
ŵϮ ŵŽŶƚĂĚŽ ĂƌŵĄƌŝŽƐ ŐĂƌ ĞůĞǀ
ƌ͘ϭϲϵϳϮϰ
ϰƋƚƐƐͬϯƐƵşƚĞƐƋƵĂĚƌĂŵĂƌǀĂͲ
ƌĂŶĚĆŽĨƌĞŶƚĞƐŽůŵĂŶŚĆϮϭϭŵϮ
ĂƌŵĄƌŝŽƐϯǀĂŐĂƐůĂǌĞƌĞƐƚƵĚŽĂƉ
ʹǀĂůŽƌ͘ƌ͘ϭϮϲϮϰϳ
%(7+$(63$d2²
&$67(//2²
%(7+$(63$d2²
%(7+$(63$d2²
35$,$'$&267$
35$,$'$&267$
35$,$'$&267$
35$,$'$&267$
5
5
5
5
ϰƋƚƐƐͬϯƐƵŝƚĞƐǀĂƌĂŶĚĆŽϮǐYĚƌĂ
DĂƌϮϱϴŵϮſƟŵŽƐĂƌŵĄƌŝŽƐƐŽů
ŵĂŶŚĆ ůĂǌĞƌ Ϯ ǀĂŐĂƐ ůŝǀƌĞƐ ϱϰϱ
ŵŝůĞƐƚƵĚŽƉƌŽƉŽƐƚĂƌ͘ϯϯϬϳϬϲ
DZs/>,K^K ƉƚŽ ϮϴϬŵϮ
ϰƋƚŽƐ ϰ ƐƵşƚĞƐ ƐĞŶĚŽ ϭ ƐƵşƚĞ
ŵĄƐƚĞƌ ƐĂůĂ ds ǀĂƌĂŶĚĆŽ ĨƌĞŶƚĞ
ƉĂƌĂ Ž ŵĂƌ ϯ ǀĂŐĂƐ н Žǆ ĞǆĐĞͲ
ůĞŶƚĞůĂǌĞƌĐŽŵƉŝƐĐŝŶĂƐĂůĆŽĚĞ
ĨĞƐƚĂƐƐĂƵŶĂĐŚƵƌƌĂƐƋƵĞŝƌĂ͘ſĚ͘
ϯϰϬϬϮϲ
&2857,(5²
ϰ ƋƚƐ ƐƵşƚĞ Ě ƌŝƐĂ ĚŽ DĂƌ Ă Ϯ
ƋĚƌĂƐ ĚŽ ŵĂƌ ϭϲϬ ŵϮ ſƟŵŽƐ
ĂƌŵĄƌŝŽƐϮǀĂŐĂƐůĂǌĞƌĐŽŵƉůĞƚŽ
ĐŚĂǀĞƐĂƋƵŝƌ͘ϮϳϮϮϭϵ
ϰƋƚƐƐͬϮƐƚĞƐǀĂƌĂŶĚĆŽYƵĂĚƌĂ
DĂƌ ǀŝƐƚĂ ƉĞƌŵĂŶĞŶƚĞ ŵĂƌ ϭϱϱ
ŵϮĂƌŵĂƌŝŽƐϮǀĂŐĂƐůŝǀƌĞƐůĂǌĞƌ
ĞƐƚ͘ƉƚͲǀĂůŽƌƌ͘ϯϰϮϴϵϰ
%(7+$(63$d2²
%(7+$(63$d2²
%(7+$(63$d2²
,PyYHLVH1HJyFLRV
35$,$'$&267$
35$,$'$&267$
,7$3$5,&$
,7$3$5,&$
5
5
5
5
ϰ ƋƵĂƌƚŽƐ ĐŽŵ ϭ ƐƵşƚĞ͕ ϮϰϬŵϮ͕
ůŝŶĚĂǀŝƐƚĂƉĂƌĂŽŵĂƌ͕ϬϮǀĂŐĂƐ
ƐŽůƚĂƐ͕ ƐĂůĂ͕ ĂƌŵĄƌŝŽƐ͕ ƐƵşƚĞ ƌĞͲ
ĨŽƌŵĂĚĂ ƉŝƐŽ ĐĞƌąŵŝĐĂ͕ ĐůŽƐĞƚ͕
ƐĂůĂ ĚĞ ds ͕ ĐŽǌŝŶŚĂ ĐŽŵ ĂƌŵĄͲ
ƌŝŽƐƌĞĨŽƌŵĂĚĂ͘ſĚ͘ϵϮϮϯϵ
ƉƚŽ ϰ ƋƚŽƐ͕ Ϯ ƐƵşƚĞƐ͘ Ğ ĨƌĞŶƚĞ
ƉĂƌĂ Ž ŵĂƌ͘ EŽǀŽ͕ ĂŵƉůŽ͕ ϭϲϵ
ŵϮ͘ Ϯ ǀĂƌĂŶĚĂƐ͕ ͕ ƐŽů ĚĂ
ŵĂŶŚĆ͘ >ĂǌĞƌ ĐŽŵ ϯ ƉŝƐĐŝŶĂƐ͕ Ϯ
ƋƵĂĚƌĂƐ͕ƐĂƵŶĂ͕Ϯ^ůĨĞƐƚĂƐ͘ſĚ͗
ϯϮϴϵϯϬ͘
ϰ ƋƚƐ Ɛͬ ϰ ƐƵŝƚĞƐ &ƌĞŶƚĞ Ɖͬ DĂƌ
;'ĂůǁĂŶͿ ƐĂůĆŽ ϯ Ăŵď ǀĂƌĂŶĚĆŽ
ĂŶĚĂƌĂůƚŽƉŝƐŽƉŽƌĐĞůĂŶĂƚŽϲϬy
ϲϬĐŽƉĂĐŽǌŝŶŚĂĞŶŽƌŵĞϯϬϬŵϮ
ŶƚƌĞŐĂϭϬŵĞƐĞƐůĂǌĞƌĐŽŵƉůĞƚŽ
ϯǀĂŐĂƐĞƐƚ͘ĂƉƚʹǀĂůŽƌƌ͘ϯϰϮϰϮϮ
ϰ ƋƚƐ Ɛͬ Ϯ ƐƵşƚĞƐ &ƌĞŶƚĞ Ɖͬ DĂƌ
ǀĂƌĂŶĚĆŽ ĂƉƚ ĚĞĐŽƌĂĚŽ ϭϳϭ ŵϮ
ůĂǌĞƌĐŽŵƉůĞƚŽϯǀĂŐĂƐůŝǀƌĞƐĞƐͲ
ƚƵĚŽĂƉƚʹǀĂůŽƌƌ͘ϭϬϲϲϵϱ
)/É9,2'$17$6²
/2&$0$;²
%(7+$(63$d2²
%(7+$(63$d2²
,7$32®
,7$32®
&(17529,/$9(/+$
*8$5$3$5,
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5
5
5
ϰ ƐƵŝƚĞƐ͕ ϰ ǀĂƌĂŶĚ͕ ƚĞƚŽ ƌĞďĂŝǆ͕
ŚŝĚƌŽŵĂƐƐ͕ĚĐĞ͕ďŽǆĞŵďůŝŶĚĞǆ͕
ǀŝƐƚĂ Ɖͬ ŵĂƌ͕ ĨƌĞŶƚĞ͕ Ɛ͘ŵĂŶŚĆ͕
ϯϰϬ ŵϮ͕ Ϯ ƉŽƌ ĂŶĚ͕ ϰ ǀĂŐĂƐ͕
ůĂǌĞƌ ĐŽŵƉůĞƚŽ͘ ůŝŶĚŽ͘ KͲ
ϯϰϮϳϴϬ
>dKWZKϯϯϱŵϮĂƉƚŽϰƋƚŽƐ
ϰƐƵşƚĞƐƐĞŶĚŽϭŵĂƐƚĞƌĐŽŵŚŝͲ
ĚƌŽŵĂƐƐĂŐĞŵϰǀĂƌĂŶĚĂƐĨƌĞŶƚĞ
ƉĂƌĂŽŵĂƌϰǀĂŐĂƐůĂǌĞƌĐŽŵƉůĞͲ
ơƐƐŝŵŽĐŽŵƐĂůĆŽĚĞĨĞƐƚĂƐƋƵĂͲ
ĚƌĂĂĐĂĚĞŵŝĂ͘ſĚ͘ϯϯϯϳϵϵ
ϰ ƋƚƐ ƐƵşƚĞ ƐĂůĂ Ϯ Ăŵď ǀĂƌĂŶĚĂ
ϭϰϱŵϮŵŽŶƚĂĚŽĂƌŵĄƌŝŽƐĨƌĞŶͲ
ƚĞ ƐŽů ŵĂŶŚĆ ϮϱϬ ŵŝů ŐĂƌ ĞůĞǀ
ƌ͘ϯϰϮϯϵϳ
&$67(//2²
&2857,(5²
%(7+$(63$d2²
ǆĐĞůĞŶƚĞ ůŽĐĂůŝǌĂĕĆŽ͕ ǀŝƐƚĂ ƉƌŝͲ
ǀŝůĞŐŝĂĚĂ Ɖͬ ŵĂƌ͕ Ɖƌſǆ ƉƌĂŝĂ Ğ
ĐĞŶƚƌŽ͕ƐĂůĂƉͬϯĂŵď͘ĐͬƉŝƐŽĞŵ
ŐƌĂŶŝƚŽ͕ƋƵĂƌƚŽƐĐͬĂƌŵĂƌŝŽƐĞĐĂͲ
ŵĂƐ͕ Ăƌ ĐŽŶĚŝĐŝŽŶĂĚŽ Ğ ǀĞŶƟůĂͲ
ĚŽƌĞƐĚĞƚĞƚŽ͕ƐƵşƚĞĐŽŵǀĂƌĂŶĚĂ
ĞǀŝƐƚĂƉĂƌĂŽŵĂƌ͘ſĚ͘ϯϰϮϵϳϴ
)/É9,2'$17$6²
)5$',1+26
)5$',1+26
)5$',1+26
%(172)(55(,5$
5
5
5
DĂŶƐĆŽ Đͬ ϰϱϬ ŵϮ Ğŵ ůŽƚĞ ĚƵͲ
ƉůŽ͕ŵĞůŚŽƌůŽĐĂůĚŽďĂŝƌƌŽ͘dĞƌͲ
ƌĞŶŽ ϴϰϬ ŵϮ͘ :ĂƌĚŝŵ Ğ ĄƌǀŽƌĞƐ
ĨƌƵơĨĞƌĂƐ͘ ŽŶĨŽƌƚŽ Ğ Ɖƌŝǀ͘ ϯ ƐĂͲ
ůĂƐ͕ϰƐƚƐ͕ϲǀĂƌ͕͘ϲǀŐƐ͕͕ůĂǀ͕͘
ĂĚĞŐĂ͕ ƐĂůĂ ds͕ ĐĂŶŝů͕ Ăƌŵ͘ dŽĚĂ
ĞŵŵĂĚĞŝƌĂĚĞ>Ğŝ͘ſĚ͘ϯϰϯϵϮϯ
/2&$0$;²
ƚƌşƉůĞǆĐͬϮϱϬŵϸ͕ϰƋƚƐƉƌŝǀ͕Đͬϭ
ƐƚĞ͕ĐͬĂĐĞƐƐŽĂǀĂƌĂŶĚĂƐ͘dĠƌƌĞŽ
Ϯ ƐĂůĂƐ͕ ƐĂůĂ ũĂŶƚĂƌͬĞƐƚĂƌ͕ Đͬ ďĂƌ
Ğ ĂĐĞƐƐŽ Ă ǀĂƌĂŶĚĂ͘ ĄƌĞĂ ƐĞƌǀ͕͘
ĚĞƐƉĞŶƐĂ͕ ͕ ĄƌĞĂ ĐŽď͘ Ɖͬ
ĐŚƵƌƌĂƐ͘ ϮǀŐƐ Ɖͬ Ğ ũĂƌĚŝŵ Đͬ ĄƌͲ
ǀŽƌĞƐĨƌƵơĨĞƌĂƐ͘K͗ϯϯϯϴϬϳ
$75,80²
ϱϳϱŵϸ ĐĂƐĂ ƉƌŝŶĐŝƉĂů ĐŽŵ ƉĂͲ
ƌĞĚĞƐ Ğŵ ǀŝĚƌŽ͕ ĐŽŶƐƚƌƵŝĚĂ ŶŽ
ƉŽŶƚŽ ŵĂŝƐ ĂůƚŽ ĚŽ ďĂŝƌƌŽ͕ Ϯ
ĞƐĐƌŝƚſƌŝŽƐ ŝŶĚĞƉĞŶĚĞŶƚĞƐ ĐŽŵ
ƌĞĐĞƉĕĆŽ͕ ĐŽƉĂ Ğ ĐŽǌŝŶŚĂ͕ ĐĂƐĂ
ĚĞ ĐĂƐĞŝƌŽ͕ ĂŵƉůĂ ĄƌĞĂ ǀĞƌĚĞ͘
ƌĞĨ͘ϯϯϮϱϱϱ
)2&&86²
(16($'$'268É
,/+$'2%2,
,/+$'2%2,
5
5
5
5
ĂƐĂƵƉůĞǆ͕ŽŵĞƌĐŝĂů͕ϰYƵĂƌͲ
ƚŽƐ͕ ^ƵşƚĞ͕ ϭϳϬŵϸ ĚĞ ĄƌĞĂ ĐŽŶƐͲ
ƚƌƵşĚĂ͕ ĄƌĞĂ ĚŽ ƚĞƌƌĞŶŽ ϯϬϬŵϸ͕
ŽŶĮƌĂ͘ſĚ͘ϯϰϬϵϮϲ
ĂƐĂ ƵƉůĠǆ͕ ϰ YƚŽƐ Đͬ Ϯ ƐƵşƚĞ͕
^ĂůĂ ĂŵƉůĂ Ɖͬ ϯ Ăŵď͕͘ Ϯ͕
sĂƌĂŶĚĂ͕ YƵŝŶƚĂů͕ :ĂƌĚŝŵ͘ ſĚ͘
ϭϳϭϵϴϴ
ĂƐĂ ĚƵƉůĞǆ ĐŽŵ ϯ ƋƚŽƐ͕ƵŵĂ
ƐƵşƚĞ͕ƐĂůĂĂŵƉůĂ͕ĞƐĐƌŝƚſƌŝŽ͕ĐŽͲ
ǌŝŶŚĂ͕ĚĞƐƉĞŶƐĂ͕ϬϯǀĂŐĂƐ͕͕
ũĂƌĚŝŵ ŝŶƚĞƌŶŽ͕ ƐŽů ĚĂ ŵĂŶŚĆ͕
ǀŝƐƚĂƉĂƌĂŽŵĂƌ͕ďĞŵǀĞŶƟůĂĚĂ͕
ƋƵŝŶƚĂů͕ǀĂƌĂŶĚĂƐ͘ZĞĨ͗ϯϰϬϰϵϰ
ĂƐĂ/ůŚĂĚŽŽŝ͕^ŽůĚĂŵĂŶŚĆ͕ϯ
YƵĂƌƚŽƐ͕ƐƵşƚĞ͕ϯsĂƌĂŶĚĂƐ͕ϯĂͲ
ŶŚĞŝƌŽƐ͕ ŽǌŝŶŚĂ ŵŽŶƚĂĚĂ ƉŝƐŽ
ƉŽƌƚŽďĞůůŽ͕ϰϬϬŵϸ͕ǀĂŐĂƉĂƌĂϲ
ĐĂƌƌŽƐ͕ ůŝŶĚĂ ĐĂƐĂ͕ sĂůĞ Ă ƉĞŶĂ
ǀŝƐŝƚĂƌ͘ſĚ͗͘ϯϯϭϬϬϬ
1(72²
%(7+$(63$d2²
)2&&86²
1(72²
,PyYHLVH1HJyFLRV
,PyYHLVH1HJyFLRV
,/+$'2%2,
,/+$'2%2,
,/+$'2%2,
35$,$'2&$172
5
5
5
5
ϰƋƚŽƐĐŽŵϮƐƚĞƐ͕ƚŽĚŽƐŵŽŶƚĂͲ
ĚŽƐ Ğ ĐŽŵ ǀŝƐƚĂ ƉĂƌĂ Ž ŵĂƌ͕ Ϭϱ
ǀŐ͕ ƐŽů ĚĂ ŵĂŶŚĆ͕ ǀĂƌĂŶĚĂ ĐŽŵ
ǀŝƐƚĂƉĂƌĂŽŵĂƌ͕͕ũĂƌĚŝŵŝŶͲ
ƚĞƌŶŽ͕ĞǆĐĞůĞŶƚĞĞƐƚĂĚŽĚĞĐŽŶͲ
ƐĞƌǀĂĕĆŽ͕ ſƟŵŽ ĂĐĂďĂŵĞŶƚŽ͘
ZĞĨ͗ϯϰϮϰϲϬ
)2&&86²
ĂƐĂĂŵƉůĂ;ϰϬϬŵϸͿϰƋƚƐ͕ƐĞŶĚŽ
ϯƐƵşƚĞƐ͕ƚŽĚŽƐĐͬĂƌŵĄƌŝŽƐ͕ƐƵşƚĞ
ŵĄƐƚĞƌĐͬĐůŽƐĞƚ͕ĂŵƉůĂǀĂƌĂŶĚĂ͕
ϯ ƐĂůĂƐ͕ ŐĂƌĂŐĞŵ ƉĂƌĂ ϰ ĐĂƌƌŽƐ͕
ǀŝƐƚĂ Ğ ĂĐĞƐƐŽ ƉĂƌĂ Ž ŵĂƌ͕ ĄƌĞĂ
ĞǆƚĞƌŶĂĐͬĄƌǀŽƌĞ͘K͗ϳϬϭϳϯ
DĂƌĂǀŝůŚŽƐĂ ŵĂŶƐĆŽ͕ ϰƋƚƐ ϮƐƚƐ
ĐͬĐůŽƐĞƚĞŚŝĚƌŽͲϰϲϬŵϸ͕ůĂǌĞƌĐͬ
ƉŝƐĐŝŶĂĐŚƵƌƌ͘ĞƐĂƵŶĂͲϳǀŐƐ͕ĚĞͲ
ƉŽƐŝƚŽ͕ ƋƵŝŶƚĂů ŶŽƐ ĨƵŶĚŽƐ ĐŽŵ
ĐĂŶŝů͕ ǀŝƐƚĂ ŵĂƌĂǀŝůŚŽƐĂ͕ ſƟŵĂ
ůŽĐĂůŝǌĂĕĆŽ͘K͘ϳϳϮϯϮ͘
$75,80²
&$67(//2²
ϰ ƋƚƐ͕ ϭ ƐƚĞ ŵŽŶƚĂĚĂ͕ ƐĂůĂ Đͬ ϯ
ĂŵďŝĞŶƚĞƐ͕ Ɖͬ ƌĞƵŶŝƁĞƐ ƐŽĐŝĂŝƐ
ĞͬŽƵĨĂŵŝůŝĂƌĞƐĐͬƉĂƐƐĂŐĞŵƉͬ
ǀĂƌĂŶĚĂ Ğ Đͬ ƵŵĂ ĄƌĞĂ ĚĞ ůĂǌĞƌ
ơƉŝĐĂ͕ĐͬƉŝƐĐ͕Ɛ͘ĚĞĨĞƐƚĂƐ͕ƐĂƵŶĂ
Ğ ĐŚƵƌƌ Ɖͬ ĨĞƐƚĂƐ ƐŽĐŝĂŝƐ Ğ ůĂǌĞƌ
ĚĂĨĂŵşůŝĂ͘ϮǀŐƐ͘K͗ϯϰϰϭϰϰ
$75,80²
0$7$'$35$,$
0$7$'$35$,$
0$7$'$35$,$
0$7$'$35$,$
5
5
5
5
ĂƐĂ ĚƵƉůĞǆ͕ ϰ ƋƵĂƌƚŽƐ͕ Ϯ ƐƵşͲ
ƚĞƐ͕ϮƐĂůĂƐ͕ϯĐůŽƐĞƚƐ͕ĚŝƐƉĞŶƐĂ͕
ůĂǀĂŶĚĞƌŝĂ͕ĂƌŵĄƌŝŽƐ͕ƉŝƐŽŐƌĂŶŝͲ
ƚŽ͕ϮǀĂŐĂƐ͕ƚĞƌƌĞŶŽĐŽŵĞƐƉĂĕŽ
ĂŵƉůŽ͕ ϮΣ ƋƵĂĚƌĂ ĚŽ ŵĂƌ͕ ĞƐƚƵͲ
ĚĂ ŝŵſǀĞů ĚĞ ŵĞŶŽƌ ǀĂůŽƌ͘ ſĚ͘
ϭϳϳϯϲϳ
,/+$²
ĂƐĂƵƉůĞǆϰƋƚŽƐ͕ϰƐƚĞƐ͕ϯĐͬ
ĐůŽƐĞƚ͕ƵŵĂŵĄƐƚĞƌĐŽŵďĂŶŚĞŝͲ
ƌŽ ĚĞůĞ Ğ ĚĞůĂ͕ ϯϴϬŵϸ ĚĞ ĄƌĞĂ
ĐŽŶƐƚƌƵşĚĂ͕ĨƌĞŶƚĞ͕ƐŽůŵĂŶŚĆ͕ϯ
ǀĂŐĂƐ͕ ƚŽĚĂ Ğŵ ŵĂƌŵŽŐůĂƐƐ͕ ůĂͲ
ǌĞƌ͗ƉŝƐĐŝŶĂ͕ĄƌĞĂŐƌĂŵĂĚĂ͘dŽĚĂ
ĐůŝŵĂƟǌĂĚĂ͘ſĚ͘ϯϬϰϮϰϯ
)/É9,2'$17$6²
ĂƐĂ ƵƉůĞǆ͕ ϰ ƋƚŽƐ͕ ϰ ƐƵŝƚĞ Đͬ
ĐůŽƐĞƚ͕ Ăƌ ĐĞŶƚƌĂů ŶĂ ƐĂůĂ͕ ĮŶŽ
ĂĐĂďĂŵĞŶƚŽ͕ƉŝƐŽŐƌĂŶŝƚŽ͕ĂŵƉůĂ
ƉŝƐĐŝŶĂ͕ ƐĂƵŶĂ͕ ĐŚƵƌƌĂƐƋ͘ ZƵĂ Ɛͬ
ƐĂşĚĂ͕ ƐƵƉĞƌ ƚƌĂŶƋƺŝůĂ͘ ƐƚƵĚĂ
ŝŵſǀĞůĚĞŵĞŶŽƌǀĂůŽƌ͘ĞƐŽĐƵͲ
ƉĂĚŽ͘ſĚ͘ϭϴϳϱϮϯ
)/É9,2'$17$6²
ĂƐĂ WĞĚƌĂ ĚĂ ĞďŽůĂ͘ ĐĂƐĂ ϰ
ƋƵĂƌƚŽƐ ϮƐƵŝƚĞƐ ϯϱϬŵϸ ƉŝƐĐŝͲ
ŶĂ͕ ƐĂƵŶĂ͕ ĐŚƵƌƌĂƐƋƵĞŝƌĂ͕ ĄƌĞĂ
ĂŵƉůĂ ƉĂƌĂ ĂƚĞůŝĞƌ͕ ƐĂůĂ ĐŽŵ ƉĠ
ĚŝƌĞŝƚŽĚƵƉůŽĞŵŵĞƐĂŶŝŶŽ͕ƌƵĂ
ƚƌĂŶƋƵŝůĂ͘ZĞĨ͘ϯϰϭϰϱϴ
0$7$'$35$,$
0$7$'$35$,$
0$7$'$35$,$
0$7$'$35$,$
)2&&86²
5
5
5
5
ĂƐĂĚĞůƵǆŽĚƷƉůĞǆ͕ϰƐƚĞƐ͕ƚŽĚĂƐ
ĐͬĐůŽƐĞƚ͕Ɛ͘ŵĂŶŚĆ͕ƚŽĚĂĞŵƉŽƌͲ
ĐĞůĂŶĂƚŽ͕ Ăƌ ^Ɖůŝƚ͕ ĂƋƵĞĐŝŵĞŶƚŽ
ƐŽůĂƌ͘^ĂůĂϱϱŵϸĐͬϯĂŵďŝĞŶƚĞƐ͕
ƉŝƐĐŝŶĂ͕ ƐĂƵŶĂ Ğ ĐŚƵƌƌĂƐƋƵĞŝƌĂ͘
DĞǌĂŶŝŶŽĐŽŵǀĂƌĂŶĚĂ͘ŽǌŝŶŚĂ͕
ĐŽƉĂĞĚĞƐƉĞŶƐĂſĚ͘ϲϴϱϳϵ
,/+$²
ĂƐĂ ƵƉůĞǆ͕ ϰƋƵĂƌƚŽƐ ƐĞŶĚŽ Ϯ
ƐƵşƚĞƐ͕ ĐůŽƐĞƚ͕ ůĂǀĂďŽ͕ĚĞƐƉĞŶƐĂ͕
ĐĂƐĂ ƚŽƚĂůŵĞŶƚĞ ƌĞĨŽƌŵĂĚĂ͕
ŵĄƌŵŽƌĞďƌĂŶĐŽĞƉŽƌĐĞůĂŶĂƚŽ͕
ůĂǌĞƌ ĐŽŵƉůĞƚŽ͕ >ŝŶĚĂ ĐŽŶƐƚƌƵͲ
ĕĆŽ͕ĞǆĐĞůĞŶƚĞƋƵĂůŝĚĂĚĞĚĞŵŽͲ
ƌĂĚŝĂ͘ſĚ͘ϭϴϳϲϱϲ
)/É9,2'$17$6²
ĂƐĂƵƉůĞǆϰƋƚŽƐ͕ϮƐƵŝƚĞƐ͕ĐůŽͲ
ƐĞƚ͕ƐƵşƚĞŵĄƐƚĞƌĐŽŵŚŝĚƌŽ͕ĞƐͲ
Đƌŝƚ͕͘ ƉŝƐŽ ƉŽƌĐĞůĂŶĂƚŽ͕ ĐŚƵƌƌĂƐƋ
ĐͬĞƐƉĂĕŽŐŽƵƌŵĞƚ͕ĂƋƵĞĐŝŵĞŶͲ
ƚŽ ƐŽůĂƌ͕ ƐŝƐƚĞŵĂ ĚĞ ĂƌŵĂǌĞŶĂͲ
ŵĞŶƚŽĚĞĄŐƵĂĚĂƐĐŚƵǀĂƐ͕ĞƌͲ
ĐĂĞůĠƚƌŝĐĂ͘EKs͘ſĚ͘ϮϳϬϵϵϵ
)/É9,2'$17$6²
DĂƌĂǀŝůŚŽƐĂĂƐĂƵƉůĞǆ͕ϰƋƵĂƌͲ
ƚŽƐƐĞŶĚŽϮƐƵşƚĞƐ͕ĐůŽƐĞƚ͕ůĂǀĂďŽ͕
ĮŶĂŵĞŶƚĞŵŽŶƚĂĚĂĞĚĞĐŽƌĂĚĂ͕
ĚĞƐƉĞŶƐĂ͕ϯǀĂŐĂƐ͕ĞǆĐĞůĞŶƚĞůĂͲ
ǌĞƌ͕ KE&/Z KWKZdhE/͊
ſĚ͘ϯϯϴϰϲϭ
0$7$'$35$,$
0$7$'$35$,$
0$7$'$35$,$
0$7$'$35$,$
)/É9,2'$17$6²
5
5
5
5
^ >dK WZK ĮŶĂŵĞŶƚĞ
ĚĞĐŽƌĂĚĂ ĐůŝŵĂƟǌĂĚĂ ϰ ƋƵĂƌƚŽƐ
ϮƐƵşƚĞƐĂƌŵĄƌŝŽƐĞŵŵĂƌĐĞŶĂͲ
ƌŝĂĞŵƚŽĚĂĐĂƐĂůĂǌĞƌĐŽŵƉůĞƚŽ
ĞƐƉĂĕŽŐŽƵƌŵĞƚƉƌſǆŝŵŽĂŽWͲ
Z/DŶĆŽƉƌĞĐŝƐĂĨĂǌĞƌŶĂĚĂŽƉŽƌͲ
ƚƵŶŝĚĂĚĞƷŶŝĐĂ͘ſĚ͘ϯϯϬϴϵϬ
&2857,(5²
ĐĂƐĂ ĂŵƉůĂ ĐŽŵ ϱ ƋƚƐ ƐĞŶĚŽ ϯ
ƐƚĞƐ ;ĚƵĂƐ ĐŽŵ ĐůŽƐĞƚͿ Ğ Ă ƐƚĞ
ŵĂƐƚĞƌ ĐŽŵ ƐĂůĂ şŶƟŵĂ Ğ ďĂͲ
ŶŚĞŝƌĂĚĞĐĂƐĂů͘^ĂůĂĂŵƉůĂĐŽŶͲ
ũƵŐĂĚĂ ĂŽ ůĂǌĞƌ ŵĂŝƐ ƐĂůĂ ĚĞ ƚǀ͘
WŝƐĐŝŶĂ͕ƐĂƵŶĂĞĐŚƵƌƌĂƐƋƵĞŝƌĂ͘ϰ
ǀŐƐ͘ƌĞĨ͘ϯϰϬϵϰϲ
)2&&86²
ϱ ƋƚƐ͕͘ ĐĂƐĂ ĚƵƉůĞǆ͕ ϯϳϬ ŵϮ͕ ĨĂͲ
ĐŚĂĚĂŵŽĚĞƌŶĂ͕ϯƐƵşƚĞƐ͕ĐůŽƐĞƚ͕
ƐĂůĂdsĐŝŶĞŵĂ͕ŵƵŝƚŽďĞŵŵŽŶͲ
ƚĂĚĂĞĚĞĐŽƌĂĚĂ͕ƉŝƐĐŝŶĂ͕ũĂƌĚŝŵ͘
ZĞĨ͘ϭϰϵϳϬϵ
ϱY͕ Ϯ ƐƵŝƚĞƐ͕ ϯ ƐĂůĂƐ͕ ĂŵƉůŽ ůĂͲ
ǌĞƌ͕ ϰ ǀĂŐĂƐ͕ ƚĞƌƌĞŶŽ ϲϮϬŵϸ Ğŵ
ĨƌĞŶƚĞ Ă ƉƌĂĕĂ ĐĞŶƚƌĂů ĚĂ DĂƚĂ
ĚĂWƌĂŝĂ͘ZĞĨ͘ϭϳϴϭϲϮ
)2&&86²
)2&&86²
,PyYHLVH1HJyFLRV
,PyYHLVH1HJyFLRV
0$7$'$35$,$
025$'$'(&$0%85,
025$'$'(&$0%85,
5(3Ó%/,&$
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5
5
5
^ DKZE Ϯ ƚĞƌƌĞŶŽƐ ϱ
ƋƵĂƌƚŽƐϱƐƵşƚĞƐſƟŵŽƐĂƌŵĄƌŝŽƐ
ĚŽŝƐƉĂǀŝŵĞŶƚŽƐƉŝƐŽƉŽƌĐĞůĂŶĂͲ
ƚŽ ϱ ǀĂŐĂƐ ůŽĐĂůŝǌĂĚĂ ŶŽ ŵŝŽůŽ
ĚĂDĂƚĂĚĂWƌĂŝĂůĂǌĞƌĐŽŵƉůĞƚŽ
ĐŽŵƉŝƐĐŝŶĂĞƋƵŝŶƚĂůĐŽŵũĂƌĚŝŵ
ĞŚŽƌƚĂ͘ſĚ͘ϯϮϴϴϲϴ
&2857,(5²
ϰ ƋƵĂƌƚŽƐ ϭ ƐƵŝƚĞ͕ Ϯ ǀĂƌĂŶĚĂƐ͕
Ϯ ƐĂůĂƐ ƉŝƐŽ Ğŵ ĐĞƌąŵŝĐĂ ĐůĂƌĂ͕
ƋƵĂƌƚŽƐ ŵŽŶƚĂĚŽƐ ƉŝŽƐ Ğŵ ŵĂͲ
ĚĞŝƌĂ͕ ƐƵşƚĞ ŵĄƐƚĞƌ ĐŽŵ ŚŝĚƌŽͲ
ŵĂƐƐĂŐĞŵ͕ ĐŽǌŝŶŚĂ ŵŽŶƚĂĚĂ͕
ĞǆĐĞůĞŶƚĞ ĄƌĞĂ ĚĞ ůĂǌĞƌ͘ ſĚ͘
ϯϮϴϴϰϮ
)/É9,2'$17$6²
ĂƐĂ ĚƵƉůĞǆ͕ ϱϯϱŵϸ͕ ϰ ƋƵĂƌƚŽƐ͕
ϮƐƵşƚĞƐ͕ůĂǀĂďŽ͕ϯĐůŽƐĞƚƐ͕ϮƐĂͲ
ůĂƐ͕ ĂƌŵĄƌŝŽƐ ŶĂ ĐŽǌŝŶŚĂ͕ ĞƐĐƌŝͲ
ƚſƌŝŽ͕ ƉŝƐŽ ŐƌĂŶŝƚŽ͕ ƐĂƵŶĂ͕ ƉŝƐĐŝͲ
ŶĂ͕ ĐŚƵƌƌĂƐƋƵĞŝƌĂ͕ ǀĂŐĂ ĐĂďĞŵ
ϲ ĐĂƌƌŽƐ͕ ƉƌſǆŝŵŽ Ă ĐŽŵĠƌĐŝŽƐ
ſĚ͘ϭϳϮϮϰϬ
,/+$²
ĂƐĂ ĚƵƉůĞǆ͕ ĞǆĐĞůĞŶƚĞ͕ ƐŽů ŵĂͲ
ŶŚĆ͕ Ϯ ƐƵşƚĞƐ͕ ϱ ďĂŶŚĞŝƌŽƐ͕ ϲ
ƋƵĂƌƚŽƐ͕ ϯ ǀĂŐĂƐ ĚĞ ŐĂƌĂŐĞŵ͕
ĐŽŶƐƚƌƵĕĆŽ ŶŽǀĂ͕ ůŽĐĂůŝǌĂĕĆŽ
ƉƌŝǀŝůĞŐŝĂĚĂ͕ƌƵĂƚƌĂŶƋƺŝůĂ͘>ŝŶĚĂ
&ĂĐŚĂĚĂ͘ſĚ͘ϯϬϱϯϵϬ
5(3Ó%/,&$
-$5',0&$0%85,
-$5',0&$0%85,
-$5',0&$0%85,
,/+$²
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5
5
5
ĂƐĂ ĚƵƉůĞǆ͘ EŽǀĂ͘ ĞĐŽƌĂĚĂ Ğ
ŵŽŶƚĂĚĂ ĐͬĂƌŵ͘͘ 'ƌĂŶŝƚŽ͕ ŵĂͲ
ĚĞŝƌĂ ĚĞ >Ğŝ͘ ^ĂůĂ ϰ ĂŵďŝĞŶƚĞƐ͕
ĐŽǌ͘ ĂŵĞƌ͘ Ğ ďĂƌ ŶŽ ůĂǌĞƌ ĐŽŵ
ƉŝƐĐ͕͘ ĞƐƉ͘ ŐŽƵƌŵĞƚ͕ ũĂƌĚŝŵ͘ ^ƚĞ
ĐͬĐůŽƐĞƚ͕sĂƌĂŶĚĆŽƌĞǀĞƌƐşǀĞůƉͬ
ŵĂŝƐƵŵĐƀŵŽĚŽ͘ſĚ͘ϯϰϬϱϱϲ
/2&$0$;²
dƌŝƉůĞǆϯƋƚƐ͕ϮƐƚĞ͕ƉƌſǆĂĐŽŵ͕
ůĂǌĞƌ ĐŽůĞƟǀŽ Đͬ ƉŝƐĐ͕ ĄƌĞĂ Ɖͬ
ĐŚƵƌƌĂƐ͕ ƐĂƵŶĂ Ğ Ɛ͘ ĚĞ ũŽŐŽƐ͘ ϭΣ
WĂǀ͗^ĂůĂ͕t^ŽĐŝĂů͕Žǌ͘ĐͬĂƌŵ͘
Ğ͘ĚĞ^Ğƌǀ͘ϮΣWĂǀ͗ϭƋƚ͘ĞƐƚĞ
ƌĞǀ͘ĐͬŐƵĂƌĚĂƌŽƵƉĂƐĞǀĂƌĂŶĚĂ͘
ϯΣWĂǀ͗ϭƐƚĞ͘K͗ϯϯϵϳϮϵ
$75,80²
DW> ^ ϱƋƚŽƐ ϱ ƐƵşƚĞƐ ĂƌͲ
ŵĄƌŝŽƐ Ϯ ǀĂƌĂŶĚĂƐ Ϯ ĂŶĚĂƌĞƐ
ĞƐĐƌŝƚſƌŝŽ ƐĂůĂ ds ƐĂůĂ ũĂŶƚĂƌ
ůĂǀĂŶĚĞƌŝĂ ƉŝƐĐŝŶĂ ƋƵŝŶƚĂů ĐŽŵ
ũĂƌĚŝŵĞŐƌĂŵĂĚŽŐĂƌĂŐĞŵƉĂƌĂ
ϰĐĂƌƌŽƐůŽĐĂůŝǌĂĚĂĞŵƌƵĂƐƵƉĞƌ
ƚƌĂŶƋƺŝůĂ͘ŽĚ͘ϭϳϲϬϭϱ
&2857,(5²
ϱƋƚƐĐͬϯƐƚĞ͘dĠƌƌĞŽ͗ƵŵĞƐĐƌ͘Đͬ
ĂĐĞƐƐŽƉŝƐŽƐƵƉĞƌŝŽƌĞƵŵĂƐƚĞ͘Ϯ
ƐĂůĂƐĞƐƚĂƌͬũĂŶƚĂƌ͘Žǌ͘ĐͬĂƌŵ͕͘
ĞůĞǀĂĚŽƌ͘ϮǑƉŝƐŽ͗ϯƋƚƐ͕ϮĐͬƐƚĞ
ĞϭƐƚĞŵĄƐƚĞƌĐͬĐůŽƐĞƚĞŚŝĚƌŽ͘
ĂŶŚŽ ƐŽĐŝĂů͕ ůĂǀ͘ Ğ ϰ ǀŐƐ͕ ĐŚƵƌƌ
ĐŽďĞƌƚĂĂŶĞǆĂĐŽǌ͘K͗ϭϴϭϭϬϳ
$75,80²
/$5$1-(,5$6
/$5$1-(,5$6
&2/,1$'(/$5$1-(,5$6
&2/,1$'(/$5$1-(,5$6
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ůĚĞŝĂ ĚŽƐ DĂƌĂďĄƐ͕ ŽŶĚ͘ &ĞͲ
ĐŚĂĚŽ͕ ^ĞŐƵƌĂŶĕĂ͘ ϭǑ WŝƐŽ͗ ^ĂůĂ
ĚĞƐƚĂƌĞ:ĂŶƚĂƌ͕>ĂǀĂďŽ͕ŽƉĂ͕
ŽǌŝŶŚĂ͕ ͕ ƌ ŽŶĚŝĐŝŽŶĂĚŽ
^Ɖůŝƚ ũĄ ŝŶƐƚĂůĂĚŽ͕ ϭ YƵĂƌƚŽ͘ ϮǑ
WŝƐŽ͗ϯ^ƵşƚĞƐ͕dŽĚĂƐĐŽŵƌŵĄͲ
ƌŝŽƐ͘ſĚ͗͘ϯϯϮϴϳϯ
ĂƐĂƵƉůĞǆ͕ϰYƵĂƌƚŽƐ͕Ϯ^ƵşƚĞƐ͕
DŽŶƚĂĚĂ͕ >ĂǌĞƌ ĐŽŵƉůĞƚŽ ĐŽŵ
ƉŝƐĐŝŶĂ Ğ ĐŚƵƌƌĂƐƋƵĞŝƌĂ ŶŽ ĐŽŶͲ
ĚŽŵşŶŝŽ͕ dƌĂŶƋƵŝůŝĚĂĚĞ Ğ ^ĞŐƵͲ
ƌĂŶĕĂ Ğŵ ĐŽŶĚŽŵşŶŝŽ ĨĞĐŚĂĚŽ͘
ſĚ͘ϯϬϱϰϭϭ
>ŝŶĚĂ ĂƐĂ ůŝŶĞĂƌ ϯ ƋƚƐ ͬ ƐƵşƚĞ͕
ũĂƌĚŝŵ͕ĐŚƵƌƌĂƐƋƵĞŝƌĂ͕ĐĞƌĐĂĞůĠͲ
ƚƌŝĐĂ͕ ſƟŵŽ ĂĐĂďĂŵĞŶƚŽ͕ ůĂũĞ Ğ
ŽůŽŶŝĂů͕ƐŽůĚĂŵĂŶŚĆ͕ϭǑĞƚĂƉĂ͘
ſĚ͗ϮϳϰϴϮϱ
ĂƐĂϰYƚƐͬ^ƚĞнϭ^ƚĞĐĂŶĂĚĞŶƐĞ͕
ǀĂƌĂŶĚĂͬ ĄƌĞĂ ŐŽƵƌŵĞƚ ƉƌſƉƌŝĂ
Đͬ ĐŚƵƌƌĂƐƋ͕͘ƚƵďƵůĂĕĆŽ Ɖͬ ƐƉůŝƚ͕
ůĂǌĞƌ ŝŵƉĞĐĄǀĞů͕hD >hyK͊ſĚ͗
ϯϰϮϵϱϭ
1(72²
1(72²
%(7+$(63$d2²
%(7+$(63$d2²
025$'$'(/$5$1-(,5$6
6®2',(*2
0$1*8,1+26
0$1*8,1+26
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>ŝŶĚĂĂƐĂƵƉůĞǆ͕ϲϬŵϸ͕ϮYƚƐ͕
tĐ͕>ĂǀĂďŽ͕ƋƵŝŶƚĂů͘/ŵſǀĞůWƌŽŶͲ
ƚŽƉͬŵŽƌĂƌ͊͘ſĚ͗͘ϯϬϵϯϳϱ
ĂƐĂ ƌĞƐŝĚĞŶĐŝĂů͕ Ϯϱϭŵϸ͕ ϯƋƚŽƐ͕
ƐƵşƚĞ͕ ƉŽƌƚĆŽ ĞůĞƚƌƀŶŝĐŽ͕ ĐůŽƐĞƚ͕
ĐŚƵƌƌĂƐƋƵĞŝƌĂ͕ ĨŽŐĆŽ Ă ůĞŶŚĂ͕
ĂŵƉůĂĄƌĞĂĞǆƚĞƌŶĂ͕ǀĂŐĂϰĐĂƌͲ
ƌŽƐ͕ ĐŽƉĂ͕ ĐŽǌŝŶŚĂ͘ KƉŽƌƚƵŶŝĚĂͲ
ĚĞ͊ſĚ͘ϯϮϴϳϬϯ
ĂƐĂϱYƚƐƐĞŶĚŽϮĐŽŵƐƵŝƚĞĞϭ
ĐŽŵƐƵŝƚĞŵĂƐƚĞƌĐͬŚŝĚƌŽĞĐůŽͲ
ƐĞĚ͕͕ůĂǌĞƌͬƉŝƐĐŝŶĂĞĐŚƵƌƌĂƐƋ͘
>ŽĐĂů EKZ͊ hD >hyK͊ ŽŶĮͲ
ƌĂů͊ſĚ͗ϯϮϲϯϭϯ
%(7+$(63$d2²
,/+$²
%(7+$(63$d2²
ĂƐĂĚƵƉůĞǆ͕ĚĞĞƐƋƵŝŶĂ͕ŶĂƋƵĂͲ
ĚƌĂĚŽŵĂƌ͘ϲƋƚƐ͕ϮƐƵşƚĞƐ͘^ĂůĂ
ĂŵƉůĂ͘ ϯ ǀĂƌĂŶĚĂƐ͘ dŽĚĂ ĐŽŵ
ĂƌŵĄƌŝŽƐ͘^ŽůĚĂŵĂŶŚĆ͘ϰϵϬŵϮ
ĐŽŶƐƚƌƵşĚŽƐĞŵϭϬϱϬŵϮĚĞƚĞƌͲ
ƌĞŶŽ͘ ϰ ǀĂŐĂƐ͘ WŝƐĐŝŶĂ͕ ũĂƌĚŝŵ Ğ
ĐŚƵƌƌĂƐƋƵĞŝƌĂ͘ſĚ͗ϯϯϴϰϲϴ
/2&$0$;²
,PyYHLVH1HJyFLRV
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$/7(526$6
12920e;,&2
2/$5,$
5
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ĂƐĂ ƵƉůĞǆ ĂƉƌŽǆ͘ϭϵϬ ŵϸ
ĐŽŶƐƚ͕ ϱ YƚƐ н Ϯ ^ƵşƚĞƐ͕ĐůŽƐĞƚ͕
ƐƵşƚĞ ĚĞ ŚſƐƉĞĚĞ͕ ƉŝƐĐŝͲ
ŶĂ Ğ ĐŚƵƌƌĂƐƋƵĞŝƌĂ͕ĄƌĞĂ ĚĞ
ƐĞƌǀŝĕŽ͕ĚĞƐƉĞŶƐĂ͘ſĚ͗ϭϳϱϮϱϮ
ĂƐĂ Ϯ YƵĂƌƚŽƐ EŽǀŝŶŚĂ͊ Žŵ
ƋƵŝŶƚĂů ĂŵƉůŽ͕ ƐĂůĂ͕ ĐŽǌŝŶŚĂ͕
ĄƌĞĂ ĚĞ ƐĞƌǀŝĕŽ͘ MƟŵŽ ƉƌĞĕŽ͊
ſĚ͗ϯϮϵϴϱϲ
%(7+$(63$d2²
%(7+$(63$d2²
ĂƐĂ ϯ ƌĞƐŝĚġŶĐŝĂƐ ŝŶĚĞƉĞŶĚ͘
dŽƚĂů ϰϱϬ ŵϮ͘ ĂƐĂ ƉƌŝŶĐŝƉĂů͕
ĚĞĨƌĞŶƚĞ͕ĐͬϰƋƚŽƐ͕ϭƐƚĞ͕ϮǀĂƌ͕
͕ ƚŽĚĂ ŵŽŶƚĂĚĂ Đͬ Ăƌŵ͕͘ ůĂͲ
ǌĞƌĐͬƉŝƐĐ͕ƚĞƌƌĂĕŽ͘DĂŝƐϮĂƉƚŽƐ
ŶŽǀŽƐ ĚĞ Ϯ ƋƵĂƌƚŽƐ ĐĂĚĂ Ƶŵ͘ ϱ
ǀĂŐĂƐĚĞŐĂƌĂŐĞŵ͘ſĚ͗ϯϯϵϭϯϯ͘
/2&$0$;²
DĂŶƐĆŽĚĞĨƌ͘ƉͬŽĐĂŶĂůĚĞ'ƵĂͲ
ƌĂƉĂƌŝ͘ϰƐƚĞƐ͕ϭŵĄƐƚĞƌĐͬϰϰŵϮ͕
ƐĂůĆŽƉͬϰĂŵď͕͘ƐĂůĆŽŐŽƵƌŵĞƚ͕
ĚĞĐŬƉͬƌĞĐĞƉ͘ĚĞĞŵďĂƌĐ͕ƐƵƉĞƌ
ĄƌĞĂĚĞůĂǌĞƌ͕ƌĂŵƉĂĐͬŐƵŝŶĐŚŽ͘
ĞĐŽƌĂĚĂ Ğ ŵŽďŝůŝĂĚĂ͘ ĐĞŝƚĂ
ŝŵſǀĞůĞŵsŝƚſƌŝĂ͘ſĚ͘ϯϬϲϰϳϱ
)/É9,2'$17$6²
&(1752
&(1752
&(1752
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5
ǆĐĞůĞŶƚĞ>ŽũĂŽŵĞƌĐŝĂůĐͬMƟͲ
ŵĂ >ŽĐĂůŝǌĂĕĆŽ͕ ^Žů ĚĂ DĂŶŚĆ͕
ϰϲŵϸ͕ &ƌĞŶƚĞ͕ ĨĄĐŝů ĂĐĞƐƐŽ͘ ſĚ͘
ϯϮϴϱϰϲ
ϬϮ ƐĂůĂƐ ĐŽŶũƵŐĂĚĂƐ͘ ǆĐĞůĞŶƚĞ
ůŽĐĂůŝǌĂĕĆŽ͘ ĂŵƉůĂ͕ ĞůĞǀĂĚŽƌ͕
ƉŽƌƚĂƌŝĂ ͘ ĞƐĐƌŝƚƵƌĂĚĂ͕ ŵĞůŚŽƌ
ůŽĐĂůŝǌĂĕĆŽĚŽĐĞŶƚƌŽĚĞǀŝƚŽƌŝĂ͘
KͲϯϰϮϱϬϯ͘
WƌĠĚŝŽŽŵĞƌĐŝĂů͕ϮϬϯŵϸ͕ϯWĂǀ͕͘
ϯt^ŽĐŝĂů͕MƟŵĂ>ŽĐĂůŝǌĂĕĆŽ͘
ſĚ͘ϯϮϴϵϲϭ
%(7+$(63$d2²
&$67(//2²
%(7+$(63$d2²
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(16($'$'268É
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ǆĐĞůĞŶƚĞ >ŽũĂ͕ ϳϰŵϸ͕ MƟŵĂ
>ŽĐĂůŝǌ͕͘ ϯǀŐƐ Ɖͬ ĐůŝĞŶƚĞƐ͘ ſĚ͘
ϭϳϵϯϰϮ
^ĂůĂ ĐͬĞǆĐĞůĞŶƚĞ ůŽĐĂůŝǌĂĕĆŽ Ϯϴ
ŵϸ͕tĐĞŽƉĂϭǀŐ͘ſĚ͘ϭϴϬϭϳϴ
ϬϮƐĂůĂƐĐŽŶũƵŐĂĚĂƐĐŽŵϳϬŵϸ͕
ϬϮǀĂŐĂƐĚĞŐĂƌĂŐĞŶƐƉƌŝǀĂƟǀĂƐ͕
ĨƌĞŶƚĞ ƐŽů ĚĂ ŵĂŶŚĆ͕ ĚŽŝƐ ďĂͲ
ŶŚĞŝƌŽƐ͕ƉŝƐŽĐĞƌąŵŝĐĂ͕ĂƌŵĄƌŝŽƐ͕
ſƟŵĂůŽĐĂůŝǌĂĕĆŽ͘ſĚ͘ϮϳϬϭϳϯ
^ĂůĂ Đͬ ϯϲ ŵϸ͕ ĂŶĚĂƌ ĂůƚŽ >ŝŶĚŽ
sŝƐƵĂů͕ ŶƐĞĂĚĂ ĨƌĞŶƚĞ͕ ƐŽů ŵĂͲ
ŶŚĆ͕ϭǀŐ͘ſĚ͘ϯϬϰϲϳϭ
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%(7+$(63$d2²
)/É9,2'$17$6²
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6$17$/8Ì=$
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Ϯ ^ĂůĂƐ ũƵŶƚĂƐ͕ Ϯ ǀĂŐĂƐ ĚĞ ŐĂƌĂͲ
ŐĞŵ͕ƐŽůĚĂŵĂŶŚĆ͕ĐŽƉĂĞt͕
ſƟŵĂǀŝƐƚĂ͕ůŽĐĂůŝǌĂĕĆŽĞǆĐĞůĞŶͲ
ƚĞ͕ƉƌĠĚŝŽŶŽǀŽ͊ſĚ͘ϯϯϵϭϰϭ
>ŽũĆŽ ĐŽŵ ϯϲϬ ŵϮ͕ ĚĞ ĨƌĞŶƚĞ
ƉĂƌĂĂǀĞŶŝĚĂƉƌŝŶĐŝƉĂůĚĂĐŝĚĂͲ
ĚĞ͘ſĚ͘ϯϰϭϴϳϴ
>ĂĚŽĞŵĞƐĐĂŵ͕ϮĨƌĞŶƚĞƐƚĞƌƌĞŶŽ
Đͬ ϯϬϳŵϸ͕ ŐĂƌĂŐĞŵ ĐŽď͕͘ ƌĞĐĞƉͲ
ĕĆŽ͕ ϯ ƐĂůĂƐ ĐŽŵ͕͘ ƐĂůĂ ƌĞƵŶŝĆŽ͕
ŚĂůů ƐŽĐŝĂů͕ ũĂƌĚŝŵ ŝŶǀĞƌŶŽ͕ ǁĐ
ŵĂƐĐ Ğ ĨĞŵ͕ ĐŽǌ͘ Ğ Ą͘ƐĞƌǀ͘ ƉĂǀ͘
ƐƵƉĞƌŝŽƌ͗ƐĂůĆŽĐͬĂƉƌŽǆ͘ϮϬϬŵϸ͕
ǁĐŵĂƐĐ͘ĞĨĞŵ͘Zϯϰϰϯϳϰ
^ĂůĂŵĠƌŝĐĂ͘ƐĂůĂŶŽǀĂϴϲ͕ϳϴŵϸ͕
ƐŽů ŵĂŶŚĆ͕ Ϯ ǀĂŐĂƐ͕ ϯ ĞůĞǀĂĚŽͲ
ƌĞƐ͕ ƉƌĠĚŝŽ ŶŽǀŽ͕ ŵŽĚĞƌŶŽ͕ Ğŵ
ĂůƚŽƉĂĚƌĆŽ͘ZĞĨ͘ϭϴϳϵϬϳ͘
,/+$²
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%(7+$(63$d2²
)2&&86²
0$7$'$35$,$
5(3Ó%/,&$
-$5',0&$0%85,
-$5',0&$0%85,
5
5
5
5
ƐĐƌŝƚſƌŝŽ ĐŽŵƉŽƐƚŽ ƉŽƌ Ϭϰ ^ĂͲ
ůĂƐ ŽŵĞƌĐŝĂŝƐ͕ ĐĂĚĂ ƐĂůĂ ŵĞĚĞ
ϯϱŵϸ͕ ƉŽƐƐƵĞŵ /WdhǲƐ Ğ ĞƐĐƌŝͲ
ƚƵƌĂƐĞƉĂƌĂĚŽƐ͘Md/DKWZ/EͲ
s^d/KZ^͊͊͊͊ſĚ͘ϯϰϭϬϮϮ
>ŽũĂĐŽŵĂƉƌŽǆŝŵĂĚĂŵĞŶƚĞϮϮϴ
ŵϸ ŵĂŝƐ ĚŽŝƐ ĞƐƉĂĕŽƐ ŶĂ ƉĂƌƚĞ
ƐƵƉĞƌŝŽƌ ƵƐĂĚŽƐ ĐŽŵŽ ĞƐĐƌŝƚſͲ
ƌŝŽƐ ĐŽŵ ŵĞƚƌĂŐĞŵ ĚĞ ϭϴϬŵϸ
ƉĞƌĨĂǌĞŶĚŽ Ƶŵ ƚŽƚĂů ĚĞ ϰϬϴŵϸ͘
ĐĞŝƚĂƉƚŽ͘ſĚ͘ϮϳϭϭϳϮ
ƐĂůĂƐ ĐŽŵĞƌĐŝĂŝƐ ĚĞ Ϯϴ Ă ϯϵŵϸ͘
MƟŵĂ ůŽĐĂůŝǌĂĕĆŽ ĞŶƚƌĞ :ĂƌĚŝŵ
ĂŵďƵƌŝ Ğ ĂŝƌƌŽ ĚĞ &ĄƟŵĂ͘ &ŝͲ
ŶĂŶĐŝĂŵĞŶƚŽ ĚŝƌĞƚŽ͕ ĂŵƉůŽ ĞƐͲ
ƚĂĐŝŽŶĂŵĞŶƚŽ͕ ĞŶƚƌĞŐĂ ŽƵƚͬϭϰ͘
ĐŽĚ͘ϯϰϭϴϳϵ
ƐƚĂĐŝŽŶĂŵĞŶƚŽ ƌŽƚĂƟǀŽ͕ ƉƌſǆŝͲ
ŵŽĂŐƌĂŶĚĞƐŝŶĚƷƐƚƌŝĂƐĚĞǀŝƚŽͲ
ƌŝĂĞƐĞƌƌĂ͕ĨĂĐŚĂĚĂĞŵĂůƵŵşŶŝŽ
ĐŽŵƉĞůşĐƵůĂĚĞǀŝĚƌŽ͕ƌĞŇĞƟǀŽƐ͕
ƉƌŽƉŽƌĐŝŽŶĂŶĚŽſƟŵĂůƵŵŝŶŽƐŝͲ
ĚĂĚĞ͘ſĚ͘ϯϰϮϬϱϲ
%(7+$(63$d2²
)/É9,2'$17$6²
%(7+$(63$d2²
)/É9,2'$17$6²
0$12(/3/$=$
6®2',2*2
+2572
5
5
5
ĂƐĂ ĚƵƉůĞǆ ĚĞ ĞƐƋƵŝŶĂ͕ ĨƌĞŶƚĞ
ƚĞƌŵŝŶĂůĚĞĂƌĂƉŝŶĂ͕ĞǆĐĞůĞŶƚĞ
Ɖͬ ĐŽŵĞƌĐŝŽ͕ϱǀĂŐĂƐ͕ϮƐĂůĂƐ Đͬ
ƉŝƐŽĐĞƌąŵŝĐĂ͕ǀĂƌĂŶĚĂŽ͘ϭƐƚĞ͕Ϯ
ƋƚƐƉŝƐŽĐĞƌąŵŝĐĂ͕ĐŽƉĂ͕ĐŽǌ͕ƐĂůĂ
ũĂŶƚĂƌ͕ďĂŶŚĞŝƌŽƐŽĐŝĂůĞĚĞƐĞƌǀŝͲ
ĕŽ͕ůŽũĂĐͬϯϱŵϸ͘ſĚ͘ϯϰϮϰϮϵ
)/É9,2'$17$6²
ϱϰϬŵϸĚĞĄƌĞĂĐŽŶƐƚƌƵşĚĂ͕ϯƉĂǀ͕
ϱǀĂŐĂƐ͕ϲƋƚŽƐ͕ϮƐĂůĂƐ͘ƉŝƐŽĞŵ
ĐĞƌąŵŝĐĂ͕ sĂƌĂŶĚĆŽ͕ ŝŵſǀĞů ĚĞ
ĞƐƋƵŝŶĂĞŵƚĞƌƌĞŶŽƌĞƐŝĚĞŶĐŝĂůͬ
ĐŽŵĞƌĐŝĂů͕ĄƌĞĂĚĞƐĞƌǀ͘ĞƚĞƌƌĂͲ
ĕŽĂŵƉůŽĐͬĐŚƵƌƌĂƐƋ͕ŝĚĞĂůƉĂƌĂ
ĞŵƉƌĞƐĂ͘ſĚ͘ϯϰϯϰϳϵ
)/É9,2'$17$6²
>ŽƚĞ ŶĂ ǀĞŶŝĚĂ sŝƚſƌŝĂ͕ ĐŽŵ
ϭ͘ϰϱϱŵϮ͘ĞĨƌĞŶƚĞĞƐŽůĚĂŵĂͲ
ŶŚĆ͘ǆĐĞůĞŶƚĞƉŽŶƚŽĐŽŵĞƌĐŝĂů͘
/ĚĞĂů ƉĂƌĂ ŐƌĂŶĚĞ ĞǆƉŽƐŝĕĆŽ ĚĞ
ƐĞƵEĞŐſĐŝŽ͘ſĚ͘ϯϰϭϲϴϰ
,PyYHLVH1HJyFLRV
/2&$0$;²
35$,$'268É
,/+$'2%2,
-$5',0&$0%85,
&2/,1$'(/$5$1-(,5$6
5
5
5
5
dĞƌƌĞŶŽĚĞĞƐƋƵŝŶĂĐŽŵĄƌĞĂĚĞ
ϱϳϬ͕ϬϬŵϸ͕ŵƵŝƚŽďĞŵůŽĐĂůŝǌĂĚŽ͕
ĞǆĐĞůĞŶƚĞƉĂƌĂƉŽŶƚŽĐŽŵĞƌĐŝĂů͘
ZĞĨ͗ϯϰϬϯϯϭ
dĞƌƌĞŶŽ ŶĂ /ůŚĂ ĚŽ Žŝ͕ DĞůŚŽƌ
ƚĞƌƌĞŶŽ ĚĂ /ůŚĂ ĚĞƐŽĐƵƉĂĚŽ͕
ƐĂşĚĂ ƉĂƌĂ Ă WƌĂŝĂ͕ >ŝŶĚĂ sŝƐƚĂ
WĞƌŵĂŶĞŶƚĞ͕ŶĆŽĠDĂƌŝŶŚĂ͕ŝŶͲ
ĐƌşǀĞůKƉŽƌƚƵŶŝĚĂĚĞĚĞŽŵƉƌĂ͘
ſĚϭϲϳϴϳϯ
ϲϲϳ ŵĞƚƌŽƐ͘ ǆĐĞůĞŶƚĞ ůŽĐĂůŝͲ
ǌĂĕĆŽ͘ ϭϬϬй ƉůĂŶŽ͘ /ŶĐŽƌƉŽƌĂ͕
ƉĞƌŵƵƚĂ͘ Žŵ ƉĂƌĂ ĞŵƉƌĞĞŶĚŝͲ
ŵĞŶƚŽ͘KͲϭϴϲϯϬϴ
dĞƌƌĞŶŽ ĚĞ ϮϬϬ ŵϸ͕ ƐŽů ĚĂ ŵĂͲ
ŶŚĆ͕ ſƟŵĂ ůŽĐĂůŝǌĂĕĆŽ͕ ϭǑ ĞƚĂͲ
ƉĂ͘ KƉŽƌƚƵŶŝĚĂĚĞ ĚĞ ĐŽŵƉƌĂƌ
ĚĞ ĚŽŝƐ ƚĞƌƌĞŶŽƐ ũƵŶƚŽƐ͘ ſĚ͗
ϮϳϱϴϮϲ
)2&&86²
1(72²
&$67(//2²
%(7+$(63$d2²
&$5$3(%86
0$5(&+$/)/25,$12
9$5*(0$/7$
5
5
5
dĞƌƌĞŶŽ Ă ϯϬϬ ŵ ĚĂ ƉƌĂŝĂ͕ ĐŽŵ
ϯ͘ϮϰϬ ŵϮ͘ dŽĚŽ ŵƵƌĂĚŽ͘ /ĚĞĂů
ƉĂƌĂĐŽŶĚŽŵşŶŝŽĚĞĐĂƐĂƐ͘ĐĞŝͲ
ƚĂŝŵſǀĞůĚĞŵĞŶŽƌĐŽŵŽƉĂƌƚĞ
ĚŽƉĂŐĂŵĞŶƚŽ͘ſĚ͘ϮϳϮϲϲϮ
/2&$0$;²
>ŽƚĞ ϭ͘ϲϱϳŵϮ ŽŶĚ͘ &ĂǌĞŶĚĂ
ĚŽƐ >ĂŐŽƐ ĐŽŵ ǀŝƐƚĂ ĞƐƉĞƚĂĐƵͲ
ůĂƌ ůĂǌĞƌ ĐŽŵƉůĞƚŽ ďŽĐŚĂ ƐĂƵŶĂ
ĐĂŵƉŽ ĚĞ ĨƵƚĞďŽů͘ ůĠŵ ĚĞ ůĂͲ
ŐŽƐĐĂĐŚŽĞŝƌĂƐƚƌŝůŚĂƐŶĂƐŵĂƚĂƐ
ƉŝƐĐŝŶĂŶĂƚƵƌĂůĞĂĐĞƐƐŽƉĞůĂZ
ʹϮϲϮĨĂĐŝůŝƚŽƉŐƚŽ͊ſĚ͘Ϯϳϳϴϱϳ
&2857,(5²
ƌĞĂĐͬϮϭϭ͘ϳϱϬ͕ϬϬŵϸ;ϰĂůƋƵĞŝͲ
ƌĞƐͿ͕ ƚĞƌƌĞŶŽ Đͬ ϯϬ ŵŝů ƉĠƐ ĚĞ
ĐĂĨĠ͕ϯŵŝůƉĠƐĚĞĞƵĐĂůŝƉƚŽĞďĂͲ
ŶĂŶĂ͕ϰŶĂƐĐĞŶƚĞƐĞϰůĂŐŽƐ͘ĂƐĂ
ĚĞĂůǀĞŶĂƌŝĂĐͬϯƋƚŽƐ͕ƐĂůĂ͕ĐŽǌŝͲ
ŶŚĂ͕ǀĂƌĂŶĚĂƐ͕ϮĐĂƐĂƐĐŽůŽŶŝĂŝƐ͘
ϮŬŵĚŽĂƐĨĂůƚŽ͘ſĚ͘Ϯϳϯϭϭϳ
)/É9,2'$17$6²
(16($'$'268É
(16($'$'268É
(16($'$'268É
6$17$/Ó&,$
5
5
5
5
/DWZ1s>͊ YƵĂƌƚŽͬ ^ĂůĂ ŵŽͲ
ďŝůŝĂĚŽ͕ Ăƌŵ͕͘ Ăƌ ĐŽŶĚ͕͘ ǀĂƌĂŶĚĂ
ƉĂŶŽƌąŵŝĐĂ͕ ĨƌĞŶƚĞ͕ ƐŽů ŵĂŶŚĆ͕
ĂŶĚĂƌ ĂůƚŽ͕ ŝŶƚĞƌŶĞƚ͕ ƉŝƐĐŝŶĂ͕
ƐĂƷŶĂ͕ĂĐĂĚĞŵŝĂ͕ĐŚƵƌƌĂƐƋƵĞŝƌĂ͕
ŐĂƌĂŐĞŵ͕ ĞůĞǀĂĚŽƌ͕ ƐĞƌǀŝĕŽ ĚĞ
ƋƵĂƌƚŽ͕ƐĞŐ͘ϮϰŚƐ͘ŽĚ͗ϯϰϮϭϴϯ
$75,80²
sE, s/^/dZ͊ ǆĐĞůĞŶƚĞ Ϯ
YƵĂƌƚŽƐ͕ ĂŶĚĂƌ ĂůƚŽ͕ ƐƵşƚĞ͕ ĂƌͲ
ŵĄƌŝŽƐ Ğŵ ƚŽĚŽ ĂƉƚŽ͕ ƐĂůĆŽ ĚĞ
ĨĞƐƚĂƐ͕ ĐŚƵƌƌĂƐƋƵĞŝƌĂ͕ ŐĂƌĂŐĞŵ͕
ĞůĞǀĂĚŽƌ͘ŽĚ͗ϯϮϵϵϭϱ
ϬϰYd^KDϭϯϲDϸ͕ϭ^d͕ϯsͲ
'^͕ ^K> DE,͕ >Z
KDW>dK͘Z&͘ϯϰϬϰϱϴ
sE, KE&Z/Z͊ y>Ed
>K>/K͊ Ϯ YƵĂƌƚŽƐ ŵŽͲ
ďŝůŝĂĚŽƐ͕ ĨƌĞŶƚĞ͕ ƐĂůĆŽ ĚĞ ĨĞƐͲ
ƚĂƐ͕ ĐŚƵƌƌĂƐƋƵĞŝƌĂ͕ ŐĂƌĂŐĞŵ͕
ĞůĞǀĂĚŽƌ͕ ƐĞŐƵƌĂŶĕĂ Ϯϰ ŚƐ͘
ŽĚ͗ϭϯϰϯϮϰ
$75,80²
)2&&86²
$75,80²
35$,$'2&$172
35$,$'2&$172
35$,$'2&$172
35$,$'2&$172
5
5
5
5
>K>/K WZ/s/>'/͊
ϯ ƋƚŽƐ͕ ƐƵşƚĞ͕ ĐůŽƐĞƚ͕ ĨƌĞŶƚĞ͕ ƐŽů
ŵĂŶŚĆ͕ǀĂƌĂŶĚĂ͕ĂŶĚĂƌĂůƚŽ͕ĚĞͲ
ƉĞŶĚġŶĐŝĂĚĞĞŵƉƌĞŐĂĚĂ͕ƐƉůŝƚƐ͕
Ăƌŵ͕͘ϯǀĂŐĂƐŐĂƌĂŐĞŵĐŽďĞƌƚĂƐ
ƐŽůƚĂƐ͕Ɛ͘ĚĞĨĞƐƚĂƐ͕ƉŝƐĐŝŶĂ͕ƐĂƵͲ
ŶĂ͘ŽĚ͗ϭϮϬϴϲϳ
$75,80²
ϬϯYƚƐĂŵƉůŽĐŽŵϭϲϬDϸ͕ĐŽŵ
ϬϭƐƚ͕ĂƌŵĄƌŝŽƐ͕ĚĐĞ͕ĄƌĞĂĚĞƐĞƌͲ
ǀŝĕŽ͕ϬϭǀĂŐĂ͘Z&͘ϯϯϭϬϵϬ
DKZ EK KZK WZ/
K EdK͊ ǆĐĞůĞŶƚĞ Ϭϯ ƋƵĂƌͲ
ƚŽƐ͕ƐƵşƚĞ͕ĨƌĞŶƚĞ͕ƐŽůĚĂŵĂŶŚĆ͕
ĂŶĚĂƌ ĂůƚŽ͕ ǀĂƌĂŶĚĂ͕ ĂƌŵĄƌŝŽƐ͕
ƉŝƐĐŝŶĂ͕ƐĂůĆŽĚĞĨĞƐƚĂƐ͕ĐŚƵƌƌĂƐͲ
ƋƵĞŝƌĂ͕ϮǀĂŐĂƐĐŽďĞƌƚĂƐĞƐŽůƚĂƐ͕
ŽĚ͗ϯϰϮϴϴϭ
$75,80²
Ϭϰ ƋƚƐ ĐŽŵ ϮϬϬŵϸ͕ ϬϮ ƐƚƐ͕ ϬϮ
ǀĂŐĂƐ͕ ůĂǌĞƌ͕ ƐŽů ŵĂŶŚĆ͕ ĨƌĞŶƚĞ
ŵĂƌ͕ůŝŶĚĂǀŝƐƚĂ͕y͘>K>/Ͳ
K͘Z&͘ϭϴϳϬϱϭ
)2&&86²
)2&&86²
,PyYHLVH1HJyFLRV
%$5529(50(/+2
%$5529(50(/+2
%$5529(50(/+2
-$5',0'$3(1+$
5
5
5
5
ϭǐ>KK͊>K>/KWZ/Ͳ
s/>'/ Ϯ YƵĂƌƚŽƐ͕ Ϯ ƐƵşƚĞƐ͕
ĂƌŵĄƌŝŽƐ͕ĨƌĞŶƚĞ͕ǀĂƌĂŶĚĂ͕ĂŶĚĂƌ
ĂůƚŽ͕ǀŝƐƚĂĞƐƉĞƚĂĐƵůĂƌ͕ƉŝƐŽƉŽƌͲ
ĐĞůĂŶĂƚŽ͕ ϬϮ ǀĂŐĂƐ ĚĞ ŐĂƌĂŐĞŵ͕
ůĂǌĞƌĐŽŵƉůĞƚŽ͕ŽĚ͗ϯϰϰϱϰϳ
EKs1^^/DK͊ Ϭϯ ƋƵĂƌƚŽƐ͕ ƐƵşƚĞ͕
ƉŝƐŽŐƌĂŶŝƚŽ͕ƐŽůŵĂŶŚĆ͕ǀĂƌĂŶĚĂ
ŐŽƵƌŵĞƚ͕ǀŝƐƚĂƉĂŶŽƌąŵŝĐĂƉĂƌĂ
ĂşĂ ĚĞ sŝƚſƌŝĂ͕ ůĂǌĞƌ ŶĂ ĐŽďĞƌͲ
ƚƵƌĂ͕ Ϯ ǀĂŐĂƐ ĐŽďĞƌƚĂƐ Ğ ƐŽůƚĂƐ͕
ƐĞŐƵƌĂŶĕĂϮϰŚƐ͘ŽĚ͗ϯϬϰϰϯϯ
ϭǐ >KK͊ >/EK͊ Ϭϯ ƋƵĂƌͲ
ƚŽƐ͕ƐƵşƚĞ͕ĨƌĞŶƚĞ͕ƐŽůĚĂŵĂŶŚĆ͕
ǀĂƌĂŶĚĂŐŽƵƌŵĞƚ͕ǀŝƐƚĂƉĂƌĂŵĂƌ͕
Ϯ ǀĂŐĂƐ ĐŽďĞƌƚĂƐ Ğ ƐŽůƚĂƐ͕ ƐĂůĆŽ
ĚĞĨĞƐƚĂƐ͘ƉŝƐĐŝŶĂ͕ĐŚƵƌƌĂƐƋƵĞŝƌĂ͕
>dKWZKŽĚ͗ϯϬϰϰϭϲ
$75,80²
$75,80²
$75,80²
Kd/DK͊ YƵĂƌƚŽ Ğ ƐĂůĂ͕ ƚŽƚĂůͲ
ŵĞŶƚĞ ŵŽďŝůŝĂĚŽ͕ ĞůĞǀĂĚŽƌ͕ ǀĂͲ
ƌĂŶĚĂ͕ŐĂƌĂŐĞŵ͕ƉŽƌƚĂƌŝĂϮϰŚƐ͕
ƌƵĂ ƚƌĂŶƋƺŝůĂ͕ ƉƌſǆŝŵŽ Ă ƐƵƉĞƌͲ
ŵĞƌĐĂĚŽ͕ ďĂŶĐŽƐ͕ ĐŽŵŽĚŝĚĂĚĞ
Ğ ůŽĐĂůŝǌĂĕĆŽ ĞǆĐĞůĞŶƚĞ͘ K͘
ϯϰϱϴϮϮ
&$67(//2²
-$5',0'$3(1+$
-$5',0'$3(1+$
0$7$'$35$,$
-$5',0&$0%85,
5
5
5
5
y>Ed >K>/K͊ Ϯ
YƵĂƌƚŽƐ͕ƐƵşƚĞ͕ĂƌŵĄƌŝŽƐĞŵƚŽĚŽ
ĂƉƚŽ͕ƐŽůĚĂŵĂŶŚĆ͕ǀĂƌĂŶĚĂ͕ƐĂͲ
ůĆŽĚĞĨĞƐƚĂƐ͕ŐĂƌĂŐĞŵ͕ĞůĞǀĂĚŽƌ͕
ƉŽƌƚĂƌŝĂϮϰŚƐ͘ŽĚ͗ϯϰϰϬϴϬ
y>EdKZdhZ>/EZ͕
Ϭϰ ƋƵĂƌƚŽƐ͕ Ϭϭ ƐƵşƚĞ͕ ǀĂƌĂŶĚĂ͕
ĂƌŵĄƌŝŽƐ͕ĞůĞǀĂĚŽƌ͕ƉŝƐĐŝŶĂ͕ǀŝƐƚĂ
ƉƌŝǀŝůĞŐŝĂĚĂ ƉĂƌĂ ŵĂƌ͕ ϬϮ ǀĂŐĂƐ
ĚĞŐĂƌĂŐĞŵ͕ƚŽƚĂůŵĞŶƚĞǀĞŶƟůĂͲ
ĚĂĞĂƌĞũĂĚĂ͕K͘ϯϰϱϯϭϴ
$75,80²
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ďĂŶĐŽƐ ĂǀĞŶŝĚĂ ƉƌŝŶĐŝƉĂů͘ yͲ
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ĚŝƌĞŝƚŽ ĚƵƉůŽ͕ ŐƌĂŶĚĞ ŇƵǆŽ ĚĞ
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ϯtƐŽĐŝĂů͕ϯǀĂŐĂƐĚĞŐĂƌĂŐĞŵ͘
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ĚĂ ĂŝǆĂ͕ Ƶŵ ĚŽƐ ŵĂŝƐ ŝŵƉŽƌƚĂŶƚĞƐ ĚĂ ĄƌĞĂ
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ŵĞůŚŽĚĂŽŶƐƚƌƵƚŽƌĂǆĂƚĂ͘
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ŽƐ ĐŽŶƐƵůƚŽƌĞƐ ŝŵŽďŝůŝĄƌŝŽƐ ĚĂ ĞƚŚĂ ƐƉĂĕŽ
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ĞŶŽŵŝŶĂĚŽ ϴǑ ŶĐŽŶƚƌŽ EĞƚ/ŵſǀĞŝƐ
ƌĂƐŝů͕ Ž ĞǀĞŶƚŽ ŽďũĞƟǀĂ ĂůŝŶŚĂƌ͕ ĚŝƐĐƵƟƌ Ă
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ĨĞŝƚĂƉĞůŽƉƌĞƐŝĚĞŶƚĞEĞƟŵſǀĞŝƐƌĂƐŝů͕:ŽƐĠ
Ğ &ŝůŝƉƉŽ Ğ ƉŽƌ 'ŝŽƌĚĂŶŽ >ĞĆŽ͕ ƉƌĞƐŝĚĞŶƚĞ
ĚĂƵŶŝĚĂĚĞĚĞƌĂƐşůŝĂ͘
ĞŶƚƌĞ ŽƐ ĂƐƐƵŶƚŽƐ ƉĂƵƚĂĚŽƐ ŶĂ ƉƌŽͲ
ŐƌĂŵĂĕĆŽĚĞƐƚĂƋƵĞƉĂƌĂŽůŝŶŚĂŵĞŶƚŽEĂͲ
ĐŝŽŶĂůͲƵŶŝĐŝĚĂĚĞĚĂƐŵĂƌĐĂƐĞƚƌĞŝŶĂŵĞŶƚŽ
ŝŶƚĞŐƌĂĚŽ ʹ ĐĠůƵůĂƐ ʹ ĂƉůŝĐĂĕĆŽ ĚĂƐ ŵĞƚĂƐ͖
WƌŽũĞƚŽŽŵĂĂŶ͖EŽǀŽ^E͖EŽǀŽWŽƌƚĂů͖WŽƌͲ
ƚĂůĚĞůĂŶĕĂŵĞŶƚŽƐĞŶƚƌĞŽƵƚƌĂƐƋƵĞƐƚƁĞƐ͘
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ŝŵŽďŝůŝĄƌŝĂ&ŽĐĐƵƐEĞƟŵſǀĞŝƐ͕ĐŽŵƋƵĂƚƌŽĂŶŽƐĚĞĂƚƵĂĕĆŽŶŽŵĞƌĐĂĚŽ͕ǀĞŵŵŽƐƚƌĂŶͲ
ĚŽĨŽƌĕĂĞĐƌĞƐĐŝŵĞŶƚŽĂŽůŽŶŐŽĚĞƐƵĂŚŝƐƚſƌŝĂ͘ĞŵƉƌĞƐĂ͕ƋƵĞĐŽŶƚĂĐŽŵƵŵĂƵŶŝĚĂĚĞŶŽ
ĂŝƌƌŽZĞƉƷďůŝĐĂ͕ŝŶĂƵŐƵƌŽƵƵŵĂůŽũĂŶĂZĞƚĂĚĂWĞŶŚĂ͕ĞŵŵĂŝŽ͘
KƐƚƌġƐƐſĐŝŽƐͲ'ƵƐƚĂǀŽĂƌŶĞŝƌŽ͕&ůĂǀŝŽŽƌŐĞƐĞŶĚƌĠZŝŶĂůĚŽͲĂĐƌĞĚŝƚĂŵƋƵĞŽƐĞǆĐĞͲ
ůĞŶƚĞƐƌĞƐƵůƚĂĚŽƐĚĂƵŶŝĆŽĞŶƚƌĞĞůĞƐƐĆŽƌĞŇĞƟĚŽƐŶĂƉůĞŶĂƐĂƟƐĨĂĕĆŽĚŽƐĐůŝĞŶƚĞƐĞŶŽĐƌĞƐͲ
ĐŝŵĞŶƚŽĚĂĞŵƉƌĞƐĂ͘͞ƵƐĐĂŵŽƐƌĞĂůŝǌĂƌƵŵƚƌĂďĂůŚŽƐĠƌŝŽ͕ƚƌĂŶƐƉĂƌĞŶƚĞĞĚĞĚŝĐĂĚŽ͕ƉĂƵƚĂĚŽ
ŶƵŵĂĞƋƵŝƉĞƉƌŽĮƐƐŝŽŶĂůŝǌĂĚĂĞĐŽŵƉƌŽŵĞƟĚĂĐŽŵĂƐĂƟƐĨĂĕĆŽĚŽĐůŝĞŶƚĞ͕͟ƌĞǀĞůĂŵ͘
0HUFDGRLPRELOLiULRGD
*UDQGH9LWyULDHVWiDTXHFLGR
ĐŽŶŽŵŝĂĞƐƚĄǀĞů͕ŵĞůŚŽƌĂĚŽƉŽĚĞƌĂƋƵŝƐŝƟǀŽĞĐƌĠĚŝƚŽĨĂĐŝůŝƚĂĚŽƐĆŽĨĂƚŽƌĞƐƋƵĞƉƌŽŵŽǀĞŵŽďŽŵŵŽŵĞŶƚŽ͘
K ƐĞŐŵĞŶƚŽ ŝŵŽďŝůŝĄƌŝŽ ĐĂƉŝǆĂͲ
ďĂ ƐĞ ŵĂŶƚĠŵ Ğŵ ĂůƚĂ͘ ĂĚŽƐ ĚĂ ϭϵǐ
ĞĚŝĕĆŽĚŽĞŶƐŽ/ŵŽďŝůŝĄƌŝŽĚŝǀƵůŐĂĚŽƐ
Ğŵ ũƵůŚŽ͕ ƉĞůŽ ^ŝŶĚŝĐĂƚŽ ĚĂ /ŶĚƷƐƚƌŝĂ
ĚĂŽŶƐƚƌƵĕĆŽŝǀŝůŶŽƐƚĂĚŽĚŽƐƉşͲ
ƌŝƚŽ^ĂŶƚŽͲ^ŝŶĚƵƐĐŽŶͲ^ʹƌĞŐŝƐƚƌĂƌĂŵ
ĐƌĞƐĐŝŵĞŶƚŽĚĞϮϱйŶŽƉĞƌşŽĚŽĚĞŶŽͲ
ǀĞŵďƌŽĚĞϮϬϭϬĂũƵŶŚŽĚĞϮϬϭϭ͘hŵ
ƚŽƚĂů ĚĞ ϯϯ͘ϯϳϰ ƵŶŝĚĂĚĞƐ Ğŵ ĐŽŶƐƚƌƵͲ
ĕĆŽ͕ Ğŵ ϯϬ ďĂŝƌƌŽƐ ĚĂ 'ƌĂŶĚĞ sŝƚſƌŝĂ
ĨŽƌĂŵƉĞƐƋƵŝƐĂĚŽƐ͘
Ž ƚŽƚĂů ĚĞ ƵŶŝĚĂĚĞƐ͕ ϰϬй ĞƐƚĆŽ
ŶĂ ^ĞƌƌĂ͕ ϯϳй Ğŵ sŝůĂ sĞůŚĂ͕ ϮϬй Ğŵ
sŝƚſƌŝĂĞϮйĞŵĂƌŝĂĐŝĐĂ͘ƌĞŐŝĆŽĚĂ
'ƌĂŶĚĞ>ĂƌĂŶũĞŝƌĂƐƚĞŵŽŵĂŝŽƌŶƷŵĞͲ
ƌŽ ĚĞ ĐŽŶƐƚƌƵĕƁĞƐ͘ ^ĆŽ ϳ͘ϯϯϵ͘ ŵ ƐĞͲ
ŐƵŝĚĂĞƐƚĆŽŽƐďĂŝƌƌŽƐĚĞ/ƚĂƉŽĆĞWƌĂŝĂ
ĚĂŽƐƚĂĐŽŵϳ͘ϭϵϱ͘
Ğ ĂĐŽƌĚŽ ĐŽŵ Ž ƌĞƉƌĞƐĞŶƚĂŶƚĞ
ĚŽ ĐŽŶƐĞůŚŽ ĚĂ ZĞĚĞ EĞƟŵſǀĞŝƐ ^͕
ƵŐƵƐƚŽ ĠƐĂƌ ŶĚƌĞĆŽ͕ ͞Ž ďŽŽŵ ĚŽ
ŵĞƌĐĂĚŽ ŝŵŽďŝůŝĄƌŝŽ ǀĞŵ ƐĞ ŵĂŶƚĞŶͲ
ĚŽĞŵĂůƚĂĚĞƐĚĞϮϬϬϱ͘EĞƐƐĞƉĞƌşŽĚŽ
ŚŽƵǀĞ Ƶŵ ƷŶŝĐŽ ŵŽŵĞŶƚŽ ĚĞ ďĂŝǆĂ͕
ĚĞĐŽƌƌĞŶƚ Ğ ĚĂ ĐƌŝƐĞ ŵƵŶĚŝĂů͕ ŽĐŽƌƌŝͲ
ĚĂ ŶŽ ĮŶĂů ĚĞ ϮϬϬϴ͘ WĂƐƐĂĚŽƐ ĂůŐƵŶƐ
ŵĞƐĞƐ͕ ĞŶƚƌĞƚĂŶƚŽ͕ Ž ĐƌĞƐĐŝŵĞŶƚŽ ƌĞͲ
ƚŽŵŽƵ Ğ ĚĞƐĚĞ ĞŶƚĆŽ Ž ƐĞƚŽƌ ƌĞŐŝƐƚƌĂ
ĐƌĞƐĐŝŵĞŶƚŽŐƌĂĚƵĂůĞĐŽŶƐƚĂŶƚĞ͘͟
ŶĚƌĞĆŽĂĚŝĂŶƚĂƋƵĞ͕ĞŵsŝƚſƌŝĂ͕
ĚĞǀŝĚŽ Ă ĐŽŶĐĞŶƚƌĂĕĆŽ Ğŵ ĚĞƚĞƌŵŝͲ
ŶĂĚĂƐ ĄƌĞĂƐ Ğ ăƐ ŵƵĚĂŶĕĂƐ ĚŽ WůĂŶŽ
ŝƌĞƚŽƌ hƌďĂŶŽ ;WhͿ͕ Ğŵ ϮϬϬϲ͕ ĐŽŵ
ƌĞĚƵĕĆŽ Ğ ƌĞƐƚƌŝĕĆŽ ĚĂ ĐĂƉĂĐŝĚĂĚĞ
ĐŽŶƐƚƌƵƟǀĂĚĞǀĄƌŝŽƐďĂŝƌƌŽƐŵĂŝƐĂĚĞŶͲ
ƐĂĚŽƐ͕ĐŽŵŽWƌĂŝĂĚŽĂŶƚŽ͕:ĂƌĚŝŵĚĂ
WĞŶŚĂ Ğ :ĂƌĚŝŵ ĂŵďƵƌŝ͕ ŽƵƚƌĂƐ ƌĞŐŝͲ
ƁĞƐƉĂƐƐĂƌĂŵĂƐĞĚĞƐƚĂĐĂƌŶŽŵĞƌĐĂͲ
ĚŽŝŵŽďŝůŝĄƌŝŽ͘,ŽũĞ͕ďĂŝƌƌŽƐĐŽŵŽ^ĂŶͲ
ƚĂdĞƌĞǌŝŶŚĂ;ĂŶĞǆŽĂ:ĂƌĚŝŵĂŵďƵƌŝͿ͕
^ĂŶƚĂ>ƷĐŝĂ͕ĞŶƚŽ&ĞƌƌĞŝƌĂĞĂƌƌŽsĞƌͲ
ŵĞůŚŽƐĞĚĞƐƚĂĐĂŵŶĂƉƌĞĨĞƌġŶĐŝĂĚŽƐ
ĐůŝĞŶƚĞƐ Ğ ƐĞ ƚŽƌŶĂƌĂŵ ſƟŵĂƐ ŽƉĕƁĞƐ
ƉĂƌĂůĂŶĕĂŵĞŶƚŽƐŝŵŽďŝůŝĄƌŝŽƐ͘
WƌĞǀŝƐĆŽĚĞĐƌĞƐĐŝŵĞŶƚŽ
ĞŵĞŶƚŽ&ĞƌƌĞŝƌĂ
KĚŝƌĞƚŽƌĚĂƐƐŽĐŝĂĕĆŽĚĂƐŵͲ
ƉƌĞƐĂƐ ĚŽ DĞƌĐĂĚŽ /ŵŽďŝůŝĄƌŝŽ ĚŽ
ƐƚĂĚŽĚŽƐƉşƌŝƚŽ^ĂŶƚŽ;ĚĞŵŝͲ^Ϳ͕
'ŝůŵĂƌWĞƌĞŝƌĂƵƐƚſĚŝŽ͕ĂĚŝĂŶƚĂƋƵĞ
ĞŶƚŽ&ĞƌƌĞŝƌĂĠƵŵĚŽƐŵĂŝƐƉƌŽĐƵͲ
ƌĂĚŽƐŚŽũĞƉŽƌĐĂƵƐĂĚĂƐƵĂĞǆĐĞůĞŶƚĞ
ůŽĐĂůŝǌĂĕĆŽ͘ƐƚĄƉĞƌƚŽĚĞƚƵĚŽ͕ĂůĠŵ
ĚĞĐŽŶƚĂƌĐŽŵƌƵĂƐĂŵƉůĂƐĞĂƌďŽƌŝͲ
ǌĂĚĂƐ͕ŽƋƵĞƉĞƌŵŝƚĞĂŽƐƐĞƵƐŵŽƌĂͲ
ĚŽƌĞƐŵĂŝŽƌƋƵĂůŝĚĂĚĞĚĞǀŝĚĂ͘
EĞŵ ŵĞƐŵŽ Ă ƋƵĞƐƚĆŽ ĚŽƐ ŝŵſǀĞŝƐ
ĐŽŵƚĂǆĂĚĞŵĂƌŝŶŚĂ;ĐƵũŽŶŽŵĞĐŽƌͲ
ƌĞƚŽ Ġ ƚĂǆĂ ĚĞ ĨŽƌŽ ŽƵ ƚĂǆĂ ĚĞ ŽĐƵͲ
ƉĂĕĆŽͿ͕ ƐĞŵƉƌĞ Ğŵ ƉĂƵƚĂ ĞŶƚƌĞ ŽƐ
ŵŽƌĂĚŽƌĞƐ ĚĂ ƌĞŐŝĆŽ͕ ŝŶĨůƵĞŶĐŝĂ ŶĂ
ĚĞĐŝƐĆŽĚĞŵŽƌĂĚŝĂŶŽďĂŝƌƌŽ͘͞ĞŶƚŽ
&ĞƌƌĞŝƌĂƐĞĐŽŶƐŽůŝĚĂĞŶƚƌĞŽƐĐĂƉŝǆĂͲ
ďĂƐĐŽŵŽƵŵĂĞǆĐĞůĞŶƚĞƌĞŐŝĆŽƉĂƌĂ
ŵŽƌĂĚŝĂ͘
WĂƌĂĂƚĞŶĚĞƌĂŽŵĞƌĐĂĚŽŝŵŽďŝͲ
ůŝĄƌŝŽĐĂƉŝǆĂďĂĞƚŽĚĂĂƐƵĂĞǆƉĂŶƐĆŽ͕
ĂEĞƚŝŵſǀĞŝƐ^ŝŶǀĞƐƚĞĞŵƐĞƌǀŝĕŽƐĞ
ƚĞĐŶŽůŽŐŝĂ͘ Ğ ĂĐŽƌĚŽ ĐŽŵ Ž ĚŝƌĞƚŽƌ
ĚĞŵĂƌŬĞƚŝŶŐĚĂĞŵƉƌĞƐĂ͕ůşƉŝŽĂͲ
ŶƵƚŽ EĞƚŽ͕ Ă ZĞĚĞ ĞƐƚĄ ƌĞƉĂŐŝŶĂŶĚŽ
ƐĞƵ ƐŝƚĞ Ğ ƉƌĞƉĂƌĂŶĚŽ ĞƋƵŝƉĞƐ ĞƐƉĞͲ
ĐşĨŝĐĂƐ ƉĂƌĂ ĂƚĞŶĚĞƌ͕ ĐŽŵ ĞĨŝĐŝġŶĐŝĂ͕
ĂŽ ŶŽǀŽ Ğ ĂƋƵĞĐŝĚŽ ŵĞƌĐĂĚŽ͘ ͞ƐƚĂͲ
ŵŽƐĨŽƌŵĂŶĚŽĞƋƵŝƉĞƐĚŝĨĞƌĞŶĐŝĂĚĂƐ͕
ƉĂƌĂ ůĂŶĕĂŵĞŶƚŽƐ Ğ ŝŵſǀĞŝƐ ƉƌŽŶƚŽƐ
ƉĂƌĂŵŽƌĂƌ͕ĂĐƌĞƐĐĞŶƚĂEĞƚŽ͘
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hŵƌĞƋƵŝŶƚĂĚŽƉĂƐƐĞŝŽƉĞůĂĐŝĚĂĚĞƋƵĞĚĞƐƉĞƌƚĂƚŽĚŽƐŽƐƐĞŶƟĚŽƐĐŽŵƐĞƵĚĞƐůƵŵďƌĞĞŽďƌĂƐŵŽŶƵŵĞŶƚĂŝƐ͘
'ĂƐƚƌŽŶŽŵŝĂ͕ ĐƵůƚƵƌĂ͕ ŵŽĚĂ͕ ůĂǌĞƌ
ĞĚŝǀĞƌƐĆŽƐĆŽĂůŐƵŶƐĚŽƐĂƚƌĂƟǀŽƐƋƵĞĂ
ĐĂƉŝƚĂůĨƌĂŶĐĞƐĂĞ͕ĐŝĚĂĚĞŵĂŝƐƌŽŵąŶƟĐĂ
ĚŽ ŵƵŶĚŽ͕ ŽĨĞƌĞĐĞ ĂŽƐ ƐĞƵƐ ǀŝƐŝƚĂŶƚĞƐ͘
WĂƌŝƐ͕ ĐŽŶŚĞĐŝĚĂ ƚĂŵďĠŵ ĐŽŵŽ ŝĚĂĚĞ
>ƵǌͲƉŽƌƚĞƌƐŝĚŽƵŵĂĚĂƐƉƌŝŵĞŝƌĂƐĂƚĞƌ
ŝůƵŵŝŶĂĕĆŽƉƷďůŝĐĂʹƉƌŽƉŽƌĐŝŽŶĂŽƉĕƁĞƐ
ƚƵƌşƐƟĐĂƐϮϰŚŽƌĂƐƉŽƌĚŝĂ͕ƐĞƚĞĚŝĂƐƉŽƌ
ƐĞŵĂŶĂ͘
ĚŝĐĂĚĞƚŽƵƌĠĚŽĞŵƉƌĞƐĄƌŝŽĞĐŚĞĨĚĞ
ĐŽǌŝŶŚĂ &ĞƌŶĂŶĚŽ &ƵƌƚĂĚŽ DŝŐƵĞů ƋƵĞ͕
ƌĞĐĞŶƚĞŵĞŶƚĞ͕ ĞƐƚĞǀĞ ŶĂ ƵƌŽƉĂ Ğ ǀŝƐŝͲ
ƚŽƵ&ƌĂŶĕĂ͕ƐƉĂŶŚĂĞWŽƌƚƵŐĂů͘WŽƌĮŵ͕
ĞƐĐŽůŚĞƵ Ă ĐĂƉŝƚĂů ĨƌĂŶĐĞƐĂ ƉĂƌĂ ƐƵŐĞƌŝƌ
Ƶŵ ƌŽƚĞŝƌŽ ĚĞ ǀŝĂŐĞŵ ĚĞƐƚĂ ĞĚŝĕĆŽ ĚĂ
/ŵſǀĞŝƐΘEĞŐſĐŝŽƐ͘
^ĞŐƵŶĚŽĞůĞ͕ƌĂǌƁĞƐƉĂƌĂĞƐƐĂĞƐĐŽͲ
ůŚĂ ŶĆŽ ĨĂůƚĂŵ͘ ĐŝĚĂĚĞ ŽĨĞƌĞĐĞ Ž ƋƵĞ
ĞǆŝƐƚĞĚĞŵĞůŚŽƌĞŵƚĞƌŵŽƐĚĞĐƵůƚƵƌĂ͕
ůĂǌĞƌĞĚŝǀĞƌƐĆŽ͘ůĠŵĚŝƐƐŽ͕ƉŽƐƐƵŝŵŽͲ
ŶƵŵĞŶƚŽƐŝŵƉƌĞƐƐŝŽŶĂŶƚĞƐĐŽŵŽŝŐƌĞũĂƐ
ĂŶƟŐĂƐ͕ ĞŶƚƌĞ ĞůĂƐ Ă ĂƚĞĚƌĂů ĚĞ EŽƚƌĞ
ĂŵĞ͕ŵƵƐĞƵƐĞĐƵůŝŶĄƌŝĂŵĞĚŝƚĞƌƌąŶĞĂ
ĚĞĚĂƌĄŐƵĂŶĂďŽĐĂ͘
dĂŵďĠŵĐŚĂŵŽƵĂĂƚĞŶĕĆŽĚĞ&ĞƌͲ
ŶĂŶĚŽ Ž ďŽŵ ŚĄďŝƚŽ ĚŽƐ ĨƌĂŶĐĞƐĞƐ ĚĞ
ƵƐĂƌĞŵĂůŝŵĞŶƚŽƐĨƌĞƐĐŽƐŶĂƐƵĂĐŽǌŝŶŚĂ͘
͞sŽĐġŽůŚĂŽĐĂƌĚĄƉŝŽĞŶĆŽĞŶĐŽŶƚƌĂŽ
ŶŽŵĞ ĚŽ ƉĞŝǆĞ ŽƵ ůĞŐƵŵĞ ƉŽƌƋƵĞ ƐĞƌĄ
ƐĞƌǀŝĚŽŽƉĞŝǆĞĚŽĚŝĂ͕ŽůĞŐƵŵĞĚŽĚŝĂ͘
KĐŚĞĨǀĂŝƉĂƌĂĂƐĐŽŵƉƌĂƐĞƚƌĂǌŽƋƵĞ
ŚŽƵǀĞƌ ĚĞ ŵĂŝƐ ĨƌĞƐĐŽ͘ ƐƚŽƵ ƋƵĞƌĞŶĚŽ
,PyYHLVH1HJyFLRV
ƚƌĂǌĞƌĞƐƐĂƉƌŽƉŽƐƚĂƉĂƌĂŽŵĞƵƌĞƐƚĂƵͲ
ƌĂŶƚĞ͕͟ĐŽŶƚĂ&ĞƌŶĂŶĚŽ͘
ůĞƌĞǀĞůĂ͕ĂŝŶĚĂ͕ƋƵĞƵŵĚŽƐƉĂƐͲ
ƐĞŝŽƐ ŵĂŝƐ ŝŶƚĞƌĞƐƐĂŶƚĞƐ ƋƵĞ ĨĞǌ ĨŽŝ Ƶŵ
ũĂŶƚĂƌŶŽďĂƌĐŽĂƚĞĂƵWĂƌŝƐŝĞŶƐĞ͕ƋƵĞĠ
ƚŽĚŽ ĚĞ ǀŝĚƌŽ Ğ ƉĞƌĐŽƌƌĞ Ž ZŝŽ ^ĞŶĂ ĨĂͲ
ǌĞŶĚŽĂƚƌĂǀĞƐƐŝĂƉŽƌŝŵƉŽƌƚĂŶƚĞƐƉŽŶƚŽƐ
ƚƵƌşƐƟĐŽƐĐŽŵŽĂdŽƌƌĞŝīĞů͕ĂĂƚĞĚƌĂů
ĚĞEŽƚƌĞĂŵĞĞŽDƵƐĞƵĚŽ>ŽƵǀƌĞ͘
͞EŽ ďĂƌĐŽ͕ ĂůĠŵ ĚĞ ĚĞƐĨƌƵƚĂƌ ĚĂƐ
ďĞůĂƐƉĂŝƐĂŐĞŶƐ͕ĠƉŽƐƐşǀĞůĚĞŐƵƐƚĂƌƵŵ
ĐĂƌĚĄƉŝŽăŵŽĚĂĨƌĂŶĐĞƐĂ͕ĐŽŵƉƌŝŵĞŝƌŽ
Ğ ƐĞŐƵŶĚŽ ƉƌĂƚŽƐ ĐŽŵ ǀŝŶŚŽƐ ŚĂƌŵŽŶŝͲ
ǌĂŶĚŽ͘ďĞŵŝŶƚĞƌĞƐƐĂŶƚĞ͕͟ĚŝƐƐĞ
'LFDSDUDTXHPTXHUFRQKHFHURORFDO
WŽƌ&ĞƌŶĂŶĚŽ&ƵƌƚĂĚŽDŝŐƵĞů
ŽŶŚĞĐĞƌWĂƌŝƐĞǆŝŐĞĂŶĚĂƌ͕ĞŶƚĆŽĂĚŝĐĂĠƉĞŐĂƌƵŵƀŶŝďƵƐĚĞƚƵƌŝƐŵŽĞƌŽĚĂƌƉŽƌ
ƚŽĚŽƐŽƐůƵŐĂƌĞƐ͕ĨĂǌĞŶĚŽƉĂƌĂĚĂƐŶŽƐƉŽŶƚŽƐƚƵƌşƐƟĐŽƐĚĞĐĂĚĂƌĞŐŝĆŽ͘
ůŵŽĕĂƌĐĂĚĂĚŝĂĞŵƵŵůŽĐĂůĚŝĨĞƌĞŶƚĞ͕ĚĞƉƌĞĨĞƌġŶĐŝĂŽƋƵĞĐŚĂŵĂƌŵĂŝƐĂĂƚĞŶͲ
ĕĆŽ͕ƐĞũĂƉĞůŽǀŝƐƵĂůŽƵƉĞůŽĂƚĞŶĚŝŵĞŶƚŽ͘
ŽŵĞƌĞďĞďĞƌĞŵWĂƌŝƐăŵĂŶĞŝƌĂĚŽƐĨƌĂŶĐĞƐĞƐ͕ŚĂƌŵŽŶŝǌĂŶĚŽƵŵďŽŵǀŝŶŚŽ
ĚƵƌĂŶƚĞĂƐƌĞĨĞŝĕƁĞƐĞƐŽďƌĞŵĞƐĂ͘
KůŽĐĂůĠŵĂŝƐŝŶĚŝĐĂĚŽĂŽƐŶĂŵŽƌĂĚŽƐŽƵĐĂƐĂĚŽƐĞŵůƵĂĚĞŵĞů͘WŽƌĠŵ͕ĂĚŽŝƐ
ŽƵĞŵŐƌƵƉŽ͕ŶĆŽƐĞƉŽĚĞĚĞŝǆĂƌĚĞƉĂƐƐĂƌƉĞůĂdŽƌƌĞŝīĞů͕ƉĞůĂĂƚĞĚƌĂůĚĞEŽƚƌĞ
ĂŵĞ͕ƉĞůŽDƵƐĞƵĚŽ>ŽƵǀƌĞĞƉĞůŽZŝŽ^ĞŶĂ͘
KƋƵĞŶĆŽƉŽĚĞĨĂůƚĂƌŶĂŵĂůĂ͗ƵŵǀŝŶŚŽĚĞƐŽďƌĞŵĞƐĂĚĂƌĞŐŝĆŽĚĞ^ĂƵƚĞƌŶĞƐ͕
ůŽĐĂůĐŽŶŚĞĐŝĚŽŝŶƚĞƌŶĂĐŝŽŶĂůŵĞŶƚĞƉĞůĂƉƌŽĚƵĕĆŽĚĞǀŝŶŚŽƐďƌĂŶĐŽƐůŝĐŽƌŽƐŽƐ͕ĚĞĮͲ
ŶŝĚŽƐƉŽƌŵƵŝƚŽƐĐŽŵŽŽŵĞůŚŽƌĚŽŐġŶĞƌŽŶŽŵƵŶĚŽ͘
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GHFRUDomRFRPHoD
HPDJRVWR
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ĚŝĐĂĚĞĚĞĐŽƌĂĕĆŽĚĂĞĚŝĕĆŽĚĞƐƚĞ
ŵġƐŶĆŽƐĞƌĄĚĞƵŵƉƌŽĮƐƐŝŽŶĂů͕ŵĂƐĚĞϱϬ
ƋƵĞǀĆŽĞǆƉŽƌƐĞƵƐĞƐƉĂĕŽƐŶĂϭϲǐĞĚŝĕĆŽ
ĚĂĂƐĂŽƌƐƉşƌŝƚŽ^ĂŶƚŽ͕ŵĂŝŽƌŵŽƐƚƌĂĚĞ
ĂƌƋƵŝƚĞƚƵƌĂĞĚĞĐŽƌĂĕĆŽĚŽƐƚĂĚŽ͕ĂƐĞƌƌĞͲ
ĂůŝǌĂĚĂĚĞϭϲĚĞĂŐŽƐƚŽĂϮϳĚĞƐĞƚĞŵďƌŽ͕
ŶŽŶƷŵĞƌŽϭϯϭϯĚĂZƵĂŽŶƐƚĂŶƚĞ^ŽĚƌĠ͕
ŶŽĐŽƌĂĕĆŽĚĂWƌĂŝĂĚŽĂŶƚŽ͘
Ž ƚŽĚŽ͕ ƐĞƌĆŽ ϱ͘ϬϬϬŵϮ ĚĞ ĄƌĞĂ͕
ĞŵƵŵĐŽŵƉůĞǆŽĨŽƌŵĂĚŽƉŽƌƚƌġƐĐĂƐĂƐ͕
ĂďƌŝŐĂŶĚŽϯϳĂŵďŝĞŶƚĞƐĚŝĨĞƌĞŶƚĞƐ͘ĂƐĂ
ŽƌĞĚŝĕĆŽϮϬϭϭƚƌĂǌĐŽŵŽƚĞŵĂŽ͞ŝĂĂ
ŝĂĐŽŵdĞĐŶŽůŽŐŝĂ͟ĞŶŽƐĚŝǀĞƌƐŽƐĞƐƉĂĕŽƐ
ƋƵĞĂĐŽŵƉŽƌĆŽ͕ŽƐǀŝƐŝƚĂŶƚĞƐĞŶĐŽŶƚƌĂƌĆŽ
ĂŵďŝĞŶƚĞƐƋƵĞƌĞǀĞůĂŵŽƉƌĂǌĞƌĚĞŵŽƌĂƌ
ďĞŵ͕ĐŽŵƚĞĐŶŽůŽŐŝĂĞĐŽŶĨŽƌƚŽ͘dĂŵďĠŵ
ĞƐƚĂƌĆŽĞŵĚĞƐƚĂƋƵĞƉƌŽũĞƚŽƐƋƵĞƉƌŽŵŽͲ
ǀĂŵĂƐƵƐƚĞŶƚĂďŝůŝĚĂĚĞĞĂĂĐĞƐƐŝďŝůŝĚĂĚĞ͘
ŶƚƌĞ ĂƐ ŶŽǀŝĚĂĚĞƐ ƉƌŽŐƌĂŵĂĚĂƐ
ƉĂƌĂĂĂƐĂŽƌƐƉşƌŝƚŽ^ĂŶƚŽϮϬϭϭ͕ĞƐƚĄŽ
ĐŽŶĐŝğƌŐĞ͘ĞĚŝĐĂĚŽĂĂƌƋƵŝƚĞƚŽƐĞĚĞĐŽƌĂͲ
ĚŽƌĞƐ͕ŽĂŵďŝĞŶƚĞƐĞƉƌŽƉƁĞĂƐĞƌƵŵůŽĐĂů
ŽŶĚĞĞůĞƐƉŽĚĞƌĆŽƐĞƌĞƵŶŝƌƉĂƌĂƵŵĂƉĂƵͲ
ƐĂ͕ĞŵŵĞŝŽăĂƚƌŝďƵůĂĚĂĂŐĞŶĚĂĚĞƚƌĂďĂͲ
ůŚŽ͘
ŐƌĂŶĚĞ ŚŽŵĞŶĂŐĞĂĚĂ ĚĞƐƚĞ ĂŶŽ
ƐĞƌĄĂ^KZZ^/>͕ƋƵĞĐŽŵƉůĞƚĂϮϱ
ĂŶŽƐ͘ Žŵ ǀĄƌŝĂƐ ŵŽƐƚƌĂƐ ĚŝƐƚƌŝďƵşĚĂƐ ƉŽƌ
ƚŽĚŽŽƌĂƐŝů͕ũĄĠŽƐĞŐƵŶĚŽŵĂŝŽƌĞǀĞŶƚŽ
ĚĞĚĞĐŽƌĂĕĆŽĚŽŵƵŶĚŽ͕ĂƚƌĄƐƐŽŵĞŶƚĞĚĂ
&ĞŝƌĂĚĞDŝůĆŽ͘
ŝĂŶƚĞĚŽĂƵŵĞŶƚŽĚĂŝŶĂĚŝŵͲ
ƉůġŶĐŝĂ ĚĂƐ ĐŽƚĂƐ ĐŽŶĚŽŵŝŶŝĂŝƐ͕
ďƵƐĐĂŵͲƐĞ ĂůƚĞƌŶĂƟǀĂƐ ƉĂƌĂ ĚĞƐĞƐͲ
ƟŵƵůĂƌĞƐƐĂƉƌĄƟĐĂ͕ƵŵĂǀĞǌƋƵĞŽƐ
ĐŽŶĚƀŵŝŶŽƐ ĂĚŝŵƉůĞŶƚĞƐ ƚġŵ ƋƵĞ
ƌĂƚĞĂƌĂƐĚĞƐƉĞƐĂƐĚŽĐŽŶĚŽŵşŶŝŽ͘
ǆĞŵƉůŽ ĚŝƐƐŽ ĠĂ ĐŽďƌĂŶĕĂ ĚĞ ĐŽƚĂ
ĐŽŶĚŽŵŝŶŝĂů Ğŵ ǀĂůŽƌ ƐƵƉĞƌŝŽƌ ĂŽ ĐĂďşǀĞů
ƉĞůŽƌĂƚĞŝŽĚĂƐĚĞƐƉĞƐĂƐĐŽŵĂƉŽƐƐŝďŝůŝĚĂĚĞ
ĚĞĚĞƐĐŽŶƚŽĞŵĐĂƐŽĚĞƉĂŐĂŵĞŶƚŽŶĂĚĂƚĂ
ĚĞǀĞŶĐŝŵĞŶƚŽ͘EŽĞŶƚĂŶƚŽ͕ĂũƵƌŝƐƉƌƵĚġŶĐŝĂ
ƉĄƚƌŝĂĞŶƚĞŶĚĞƋƵĞƐĞƚƌĂƚĂĚĞĐŽďƌĂŶĕĂĚŝƐͲ
ĨĂƌĕĂĚĂĚĞŵƵůƚĂ͕ƉŽƌŝƐƐŽƚĞŵĚĞĐůĂƌĂĚŽŶƵůĂ
ĞƐƐĂĚŝƐƉŽƐŝĕĆŽ͘
KƐ ũƵůŐĂĚŽƌĞƐ ƐĞ ĚŝǀŝĚĞŵ ĂĐĞƌĐĂ
ĚĂ ƉŽƐƐŝďŝůŝĚĂĚĞ ĚĂ ĚŝǀƵůŐĂĕĆŽ ĚĞ ůŝƐƚĂ ĚĞ
ŝŶĂĚŝŵƉůĞŶƚĞƐŶĂƐĄƌĞĂƐĐŽŵƵŶƐ͕ďĞŵĐŽŵŽ
ĚĂ ůŝŵŝƚĂĕĆŽ ĚŽ ƵƐŽ ĚĞůĂƐ ƉĞůŽ ĐŽŶĚƀŵŝŶŽ
ŝŶĂĚŝŵƉůĞŶƚĞ͘ WŽƌ ŚĂǀĞƌĞŵ ĚĞĐŝƐƁĞƐ ĐŽŶĚĞͲ
ŶĂŶĚŽŽĐŽŶĚŽŵşŶŝŽĂŽƉĂŐĂŵĞŶƚŽĚĞŝŶĚĞͲ
ŶŝǌĂĕĆŽ ƉŽƌ ĚĂŶŽ ŵŽƌĂů͕ ƌĞĐŽŵĞŶĚĂͲƐĞ ƋƵĞ
ĞƐƐĂƐŵĞĚŝĚĂƐ͕ŵĞƐŵŽƋƵĞƉƌĞǀŝƐƚĂƐŶĂĐŽŶͲ
ǀĞŶĕĆŽ͕ŶĆŽƐĞũĂŵƵƟůŝǌĂĚĂƐ͘
ǆŝƐƚĞ ĐŽŶƚƌŽǀĠƌƐŝĂ ƚĂŵďĠŵ ĂĐĞƌĐĂ ĚĂ
ƉŽƐƐŝďŝůŝĚĂĚĞĚĞĂƉůŝĐĂĕĆŽĚĞŵƵůƚĂŶŽǀĂůŽƌ
ĚĞ ĂƚĠ ĐŝŶĐŽ ǀĞǌĞƐ Ă ĐŽƚĂ ĐŽŶĚŽŵŝŶŝĂů ƉĞůŽ
ŝŶĂĚŝŵƉůĞŵĞŶƚŽĚĞƵŵĚŽƐ ĐŽŶĚƀŵŝŶŽƐ͕ ŶĂ
ĨŽƌŵĂĚŽĂƌƟŐŽϭ͘ϯϯϳĚŽſĚŝŐŽŝǀŝů͘
/ƐƐŽƉŽƌƋƵĞĞƐƐĂĐŽŶĚƵƚĂĚŽĐŽŶĚƀŵŝͲ
ŶŽũĄƐĞƌŝĂƉƵŶŝĚĂƉĞůĂŵƵůƚĂĚŽΑϭǑĚŽĂƌƚ͘
ϭ͘ϯϯϲĚŽͬϬϮ͘ĚĞŵĂŝƐ͕ĂƉƌſƉƌŝĂĚŝĨĞƌĞŶͲ
ĐŝĂĕĆŽ ĚĞ ƚƌĂƚĂŵĞŶƚŽ ĚĂĚĂ ƉĞůŽƐ ƉĂƌĄŐƌĂĨŽƐ
ĚŽĂƌƚ͘ϭ͘ϯϯϲĚŽͬϬϮŝŶĚŝĐĂƌŝĂƋƵĞŽůĞŐŝƐͲ
ůĂĚŽƌ ŶĆŽ ƐĞ ƌĞĨĞƌŝĂ ĂŽ ŝŶĂĚŝŵƉůĞŵĞŶƚŽ ĚĂƐ
ĐŽƚĂƐ ĐŽŶĚŽŵŝŶŝĂŝƐ ĐŽŵŽ ĚĞƐĐƵŵƉƌŝŵĞŶƚŽ
ĚĞ ĚĞǀĞƌĞƐ ƉĞƌĂŶƚĞ Ž ĐŽŶĚŽŵşŶŝŽ͕ ŵĂƐ ăƐ
ĐŽŶĚƵƚĂƐ ƉƌĞǀŝƐƚĂƐ ŶŽƐ ŝŶĐŝƐŽƐ // Ă /s ĚŽ Ăƌƚ͘
ϭ͘ϯϯϲĚŽͬϬϮ͘
EĆŽ ŽďƐƚĂŶƚĞ͕ ĞǆŝƐƚĞ Ž ƉŽƐŝĐŝŽŶĂŵĞŶͲ
ƚŽ ĐŽŶƚƌĄƌŝŽ ĞŶƚĞŶĚĞŶĚŽ ƉĞůĂ ƉŽƐƐŝďŝůŝĚĂĚĞ
ĚĞ ĂƉůŝĐĂĕĆŽ ĚĂ ŵƵůƚĂ Ğŵ ĐĂƐŽ ĚĞ ŝŶĂĚŝŵͲ
ƉůĞŵĞŶƚŽ͕ ƉŽŝƐ Ă ŽďƌŝŐĂĕĆŽ ĚĞ ƉĂŐĂƌ ƉŽŶƚƵͲ
ĂůŵĞŶƚĞĂƐĐŽƚĂƐĐŽŶĚŽŵŝŶŝĂŝƐƐĞƌŝĂƵŵĚŽƐ
ĚĞǀĞƌĞƐƉĂƌĂĐŽŵŽĐŽŶĚŽŵşŶŝŽ͘
WŽƌŽƵƚƌŽůĂĚŽ͕ĂŽĐŽŶƚƌĄƌŝŽĚŽƋƵĞƐĞ
ŝŵĂŐŝŶĂĞĚŽƋƵĞŽĐŽƌƌĞŶĂƉƌĄƟĐĂ͕ĂĐŽŶǀĞŶͲ
ĕĆŽ ĚĞ ĐŽŶĚŽŵşŶŝŽ ƉŽĚĞ ƉƌĞǀĞƌ ũƵƌŽƐ ŵŽͲ
ƌĂƚſƌŝŽƐ ƐƵƉĞƌŝŽƌĞƐ Ă ϭй ĂŽ ŵġƐ͕ ĐŽŶƐŽĂŶƚĞ
ĞŶƚĞŶĚŝŵĞŶƚŽĚŽ^d:͕ƉŽŝƐŽĞƐƚĂďĞůĞĐŝŵĞŶƚŽ
ĚĞƐƐĞƉĞƌĐĞŶƚƵĂůƉĞůŽſĚŝŐŽŝǀŝůŝŵƉƁĞͲƐĞ
ĐŽŵŽůŝŵŝƚĞĂƉĞŶĂƐƋƵĂŶĚŽĂĐŽŶǀĞŶĕĆŽĨŽƌ
ŽŵŝƐƐĂ ƋƵĂŶƚŽ Ă ŝƐƐŽ ;Ž ƋƵĞ ŶĆŽ ƐĞ ĂƉůŝĐĂ ă
ŵƵůƚĂ͕ƐĞŶĚŽ͕ĂƌĞŐƌĂ͕ĐĂƚĞŐſƌŝĐĂŶĂůŝŵŝƚĂĕĆŽ
ĞŵϮйƐŽďƌĞŽĚĠďŝƚŽͿ͘
ĞŵĂŝƐ ĚŝƐƐŽ͕ ƌĞƐƚĂ ĂƉĞŶĂƐ Ă ĚĞƐŐĂƐͲ
ƚĂŶƚĞĞĐƵƐƚŽƐĂǀŝĂũƵĚŝĐŝĂůƉĂƌĂƋƵĞĂĚşǀŝĚĂ
ƉŽƐƐĂƐĞƌĐŽďƌĂĚĂ͕ŶĂŵĞĚŝĚĂĞŵƋƵĞŽĐŽŶͲ
^KZΠƐƉşƌŝƚŽ^ĂŶƚŽϮϬϭϭ
ϭϲǐĞĚŝĕĆŽ
>ŽĐĂů͗ZƵĂŽŶƐƚĂŶƚĞ^ŽĚƌĠ͕ŶǑϭϯϭϯ͕WƌĂŝĂĚŽĂŶƚŽ͘
ĂƚĂ͗ĚĞϭϲĚĞĂŐŽƐƚŽĂϮϳĚĞƐĞƚĞŵďƌŽ
ŽŶƚĂƚŽƐ͗;ϮϳͿϯϮϮϱͲϰϬϭϮ͕ĐĂƐĂĐŽƌΛĐĂƐĂĐŽƌͲĞƐ͘ĐŽŵ͘ďƌ
WŽƌƌƵŶŽZŽĚƌŝŐƵĞƐ
ĚŽŵşŶŝŽ ƚĂŵďĠŵ ŶĆŽ ƉŽĚĞ ƉƌŽƚĞƐͲ
ƚĂƌĂƐĐŽƚĂƐĞŵĂƚƌĂƐŽ͘
'ĞƌĂůŵĞŶƚĞ͕ĂƐĂĕƁĞƐƐĆŽƉƌŽͲ
ƉŽƐƚĂƐ ƉĞůŽ ĐŽŶĚŽŵşŶŝŽ ŶŽ :ƵŝǌĂĚŽ
ƐƉĞĐŝĂů şǀĞů͕ ĚĂĚŽ Ž ƐĞƵ ƉĞƋƵĞŶŽ
ǀĂůŽƌĞŽŶĆŽƉĂŐĂŵĞŶƚŽĚĞĐƵƐƚĂƐĞ
ŚŽŶŽƌĄƌŝŽƐĂĚǀŽĐĂơĐŝŽƐĞŵĐĂƐŽĚĞ
ƐƵĐƵŵďġŶĐŝĂ͘ KďƐĞƌǀĂͲƐĞ ƋƵĞ͕ ƋƵĂŶƚŽ ŵĂŝƐ
ƌĄƉŝĚŽĂĂĕĆŽĠƉƌŽƉŽƐƚĂ;ƋƵĂŶĚŽŽĚĠďŝƚŽƐĞ
ƌĞĨĞƌĞĂƵŵĂŽƵĚƵĂƐƉĂƌĐĞůĂƐͿ͕ŵĂŝŽƌĠĂƉŽƐͲ
ƐŝďŝůŝĚĂĚĞĚĞƵŵĂĐŽƌĚŽŽƵĚŽĐƵŵƉƌŝŵĞŶƚŽ
ǀŽůƵŶƚĄƌŝŽƉĞůŽĚĞǀĞĚŽƌ͘
EĞƐƐĞĐĂƐŽ͕ŽǀĂůŽƌƌĞĐĞďŝĚŽ͕ƐĞũĂĂơƚƵͲ
ůŽĚĞĂĐŽƌĚŽ͕ŽƵĚĞġǆŝƚŽŶŽĐƵŵƉƌŝŵĞŶƚŽĚĂ
ƐĞŶƚĞŶĕĂ ũƵĚŝĐŝĂů͕ ƉĞƌƚĞŶĐĞ ĂŽƐ ĐŽŶĚƀŵŝŶŽƐ
ĂĚŝŵƉůĞŶƚĞƐ ă ĠƉŽĐĂ ĚĂ ƉƌŽƉŽƐŝƚƵƌĂ ĚĂ ĂĕĆŽ͘
EŽƌŵĂůŵĞŶƚĞ͕ĂƋƵĂŶƟĂĠĚĞƐƟŶĂĚĂƉĂƌĂƉĂŐĂͲ
ŵĞŶƚŽĚĞĚĞƐƉĞƐĂƐĨƵƚƵƌĂƐ͕ƌĞĚƵǌŝŶĚŽŽǀĂůŽƌ
ĚĂƐĐŽƚĂƐĂƐĞƌĞŵƉĂŐĂƐƉŽƌĞƐƐĞƐĐŽŶĚƀŵŝŶŽƐ͘
Ž ŝŶĂĚŝŵƉůĞŶƚĞ͕ ŵĞůŚŽƌ Ġ ƉƌŽĐƵƌĂƌ
ƐĂůĚĂƌ Ž ĚĠďŝƚŽ ĂŶƚĞƐ ƋƵĞ ůŚĞ ƐĞũĂ ƉƌŽƉŽƐƚĂ
ƵŵĂĚĞŵĂŶĚĂũƵĚŝĐŝĂů͕ƐĞŶĚŽƉŽƐƐşǀĞůŽƉĂƌͲ
ĐĞůĂŵĞŶƚŽ ĚŽ ǀĂůŽƌ ũƵŶƚŽ ĂŽ ĐŽŶĚŽŵşŶŝŽ͘
ĞǀĞͲƐĞůĞŵďƌĂƌƋƵĞƐƵĂƵŶŝĚĂĚĞƉŽĚĞƌĄƐĞƌ
ƉĞŶŚŽƌĂĚĂĞůĞŝůŽĂĚĂƉĂƌĂƉĂŐĂŵĞŶƚŽĚĂĚşͲ
ǀŝĚĂ͕ŵĞƐŵŽƋƵĞƐĞũĂƐĞƵƷŶŝĐŽŝŵſǀĞůĚĞƐƟͲ
ŶĂĚŽăŵŽƌĂĚŝĂĚĞƐƵĂĨĂŵşůŝĂ;Ăƌƚ͘ϯǑ͕/sĚĂ
>Ğŝϴ͘ϬϬϵͬϵϬͿ͘
ƉƌŽƉſƐŝƚŽ͕ ĂŶƚĞƐ ĚĞ ƐĞ ĐŽŵƉƌĂƌ Ƶŵ
ŝŵſǀĞů ĚĞǀĞͲƐĞ ǀĞƌŝĮĐĂƌ ƐĞ ĂƐ ĐŽƚĂƐ ĐŽŶĚŽͲ
ŵŝŶŝĂŝƐ ĐŽƌƌĞƐƉŽŶĚĞŶƚĞƐ ĞƐƚĆŽ ĚĞǀŝĚĂŵĞŶƚĞ
ƉĂŐĂƐ͕ ƉŽŝƐ Ă ĚşǀŝĚĂ͕ ƉĞƌĂŶƚĞ Ž ĐŽŶĚŽŵşŶŝŽ͕
ĞŵƉƌŝŶĐşƉŝŽ͕ĠĚĞǀŝĚĂƉĞůŽƉƌŽƉƌŝĞƚĄƌŝŽ͕ĂŝŶͲ
ĚĂƋƵĞĞƐƐĞŶĆŽƚĞŶŚĂĚĂĚŽĐĂƵƐĂĂŽŝŶĂĚŝŵͲ
ƉůĞŵĞŶƚŽ ;ƚƌĂƚĂͲƐĞ ĚĂ ĐŚĂŵĂĚĂ ŽďƌŝŐĂĕĆŽ
ƉƌŽƉĞƚĞƌƌĞŵͿ͘
ZĞĐĞŶƚĞŵĞŶƚĞ͕ Ž ^ƵƉĞƌŝŽƌ dƌŝďƵŶĂů
ĚĞ :ƵƐƟĕĂ ĮƌŵŽƵ Ž ĞŶƚĞŶĚŝŵĞŶƚŽ ĚĞ ƋƵĞ Ž
ƉƌŽŵŝƚĞŶƚĞ ĐŽŵƉƌĂĚŽƌ ŝŵŝƟĚŽ ŶĂ ƉŽƐƐĞ ĚŽ
ŝŵſǀĞů ;ŽƵ ƐĞũĂ͕ ƋƵĂŶĚŽ ĞĨĞƟǀĂŵĞŶƚĞ ƉĂƐƐĂ
ĂĞǆĞƌĐĞƌĂƉŽƐƐĞĚŽŝŵſǀĞůͿ͕ĐŽŵŽĐŽŶŚĞĐŝͲ
ŵĞŶƚŽĚĂƐŝƚƵĂĕĆŽƉŽƌƉĂƌƚĞĚŽĐŽŶĚŽŵşŶŝŽ͕
ƌĞƐƉŽŶĚĞ ƉĞůŽ ƉĂŐĂŵĞŶƚŽ ĚĂƐ ĐŽƚĂƐ ĐŽŶĚŽͲ
ŵŝŶŝĂŝƐĞŵĂďĞƌƚŽ͕ĂŝŶĚĂƋƵĞĂƉƌŽŵĞƐƐĂŶĆŽ
ĞƐƚĞũĂƌĞŐŝƐƚƌĂĚĂ͘
ŵ ƌĂǌĆŽ ĚŽƐ ŝŶƷŵĞƌŽƐ ƚƌĂŶƐƚŽƌŶŽƐ
ĐĂƵƐĂĚŽƐ ƉĞůŽ ŝŶĂĚŝŵƉůĞŵĞŶƚŽ͕ ƋƵĞ ŶĆŽ ƌĂͲ
ƌĂŵĞŶƚĞŐĞƌĂƐĠƌŝŽƐĐŽŶŇŝƚŽƐĞŶƚƌĞŽƐĐŽŶĚƀͲ
ŵŝŶŽƐ͕ƌĞĐŽŵĞŶĚĂŵͲƐĞĚŝƐƉŽƐŝĕƁĞƐƌŝŐŽƌŽƐĂƐ
ŶĂƐĐŽŶǀĞŶĕƁĞƐƉĂƌĂĚĞƐĞƐƟŵƵůĂƌƚĂůƉƌĄƟĐĂ͕
ĂůĠŵ ĚĞ ŵĞĚŝĚĂƐ ũƵĚŝĐŝĂŝƐ ĐĠůĞƌĞƐ͕ Ă Įŵ ĚĞ
ƉŽƐƐŝďŝůŝƚĂƌ Ž ƌĞĐĞďŝŵĞŶƚŽ ĚŽƐ ǀĂůŽƌĞƐ ĚĞͲ
ǀŝĚŽƐ͕ ĂŝŶĚĂ ƋƵĞ ƉŽƌ ĂĐŽƌĚŽ ĞŶƚƌĞ ĂƐ ƉĂƌƚĞƐ
ƉŽƐƚĞƌŝŽƌĂŽĂũƵŝǌĂŵĞŶƚŽĚĂĂĕĆŽ͘
ƌƵŶŽZŽĚƌŝŐƵĞƐĠĂĚǀŽŐĂĚŽͲƐſĐŝŽĚĂWŝŶŚĞŝƌŽ
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ǁǁǁ͘ƉƐƌĚ͘ĂĚǀ͘ďƌ
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Ediçãojulho 2011.indd

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