Programme - EXRS 2010 - Universidade de Coimbra

Programme - EXRS 2010 - Universidade de Coimbra

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Social Program
Sunday, June 20
18:30-19:10
Choir Concert
19:15-20:00
Welcome Reception
Monday, June 21
12:50-14:30 Conference Lunch: “Sardine Gastronomic Festival of Figueira”
Tuesday, June 22
18:00
Wine Degustation
Wednesday, June 23
14:00-19:00
Excursion
Thursday, June 24
20:15
Banquet
Friday, June 25
16:00
Closing Ceremony & Coffee
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Sunday
17:00-18:30
Registration
18:30-19:15
Choir Concert
19:15-20:00
Welcome Reception
Monday
8:00-9:00
Registration
9:00-9:30
Welcome and Opening
Session 1:
Mobile and portable XRF
Session 2:
High resolution X-Ray
absorption and X-Ray
spectroscopy
9:30-10:00
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10:00-10:20
HOCQUET, François-Philippe
STJEPKO, Fazinic
10:20-10:40
KAWAI, Jun
MARQUES, J. P.
10:40-11:00
NAKAYE, Yasukazu
POLLAKOWSKI, Beatrix
11:00-11:30
Coffee Break
11:30-11:50
MIGLIORI, Alessandro
FRAENKEL, Benjamin
11:50-12:10
IWATA, Akihiko
SILVERSMIT, Geert
12:10-12:30
KUNIMURA, Shinsuke
ANKLAMM, Lars
12:30-12:50
BUZANICH, Günter
LE GUEN, Karine
12:50-14:30 Conference Lunch: “Sardine Gastronomic Festival of Figueira”
Session 3:
Interactions of X-Rays with
matter and fundamental
parameters
Session 4:
X-Ray imaging and
tomography
14:30-15:00
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15:00-15:20
AMARO, Pedro
HASCHKE, Michael
15:20-15:40
FERNANDEZ, Jorge
TSUJI, Kouichi
15:40-16:00
SANTOS, José Paulo
BENDAHAN, Joseph
16:00-16:30
16:30-16:50
SCOT, Viviana
BRUYNDONCKX, Peter
16:50-17:10
ERDOöAN, Hasan
JANSSENS, Koen
17:10-18:30
Coffee Break
Poster Session
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Tuesday
Session 5:
Interactions of X-Rays with
matter and fundamental
parameters
Session 6:
X-Ray imaging and
tomography
8:30-8:50
JONNARD, Philippe
DE SAMBER, Björn
8:50-9:10
SOKARAS, Dimosthenis
SZALóKI, Imre
9:10-9:30
BECKHOFF, Burkhard
LIMA, Inayá
9:30-9:50
MÉNESGUEN, Yves
RIBEIRO PEREIRA, Gabriela
9:50-10:10
MACIEJEWSKA, Karina
FRIZZI, Tommaso
10:10-10:40
Coffee Break
10:40-11:00
SCHOONJANS, Tom
SOLTAU, Heike
11:00-11:20
HODOROABA, Dan
WHITE, Victor
11:20-11:40
PAPP, Tibor
FIGUEROA, Rodolfo
11:40-12:00
REUTER, Dirk
SCHARF, Oliver
12:00-13:30
Lunch
Session 7:
Recent scientific
developments by XRS
instrumentation
manufacturers
Session 8:
Synchrotron XRS; PIXE and
electron induced XRS; WDXRS
Ivaylo Peev (TOIVEL)
13:30-14:00
Tibor Papp (CAMBRIDGE SCI.)
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Robert H Redus (AMPTEK)
14:00-14:20
14:20-14:40
14:40-15:00
15:00-15:20
15:20-15:40
Kohei Kansai (RIGAKU)
Peter Grudberg (XIA LLC)
Sebastien Rivard (CLAISSE)
Joan Pujol (FISHER INSTRUMENTS)
Reinhard Singer (ROENALYTIC)
Ralf Terborg (BRUKER-NANO)
Gordon Myers (SII NANOTEC USA)
A. Niculae (PNDSENSOR)
A. Niculae (PNDETECTOR)
P. Lamberge (THERMO FISHER)
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VINCZE, Laszlo
LANKOSZ, Marek
KAVCIC, Matjaz
STRÜDER, Lothar
KOUMEIR, Charbel
15:40-16:10
16:10-16:30
Coffee Break
Sanjay Kamtekar (XOS)
LLOVET, Xavier
Kris Kozacek (MOXTEK)
Bruno Vrebos (PANALYTICAL)
16:30-16:50
Jürgen Knobloch (KETEK)
WILCOX, Jaroslava
Andreas Wittkopp (AMETEK)
16:50-18:30
Poster Session
18:00
Wine Degustation
18:15-19:15
EXSA General Assembly
Wednesday
Session 9:
Life Sciences and forensics
Session 10:
TXRF, GIXRF and related
techniques
8:30-9:00
8:40 - CHETTLE, David
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9:00-9:20
GRAGG III, Richard D.
WOBRAUSCHEK, Peter
9:20-9:40
FLEMING, David
PEPPONI, Giancarlo
9:40-10:00
EICHERT, Diane
KALLITHRAKAS-KONTOS, N.
10:00-10:20
NAKAI, Izumi
KAYSER, Yves
10:20-10:50
Coffee Break
10:50-11:10
MATJACIC, Lidija
OSAN, Janos
11:10-11:30
ANTUNES, Andrea
NUTSCH, Andreas
11:30-11:50
REGO, Florbela
REINHARDT, Falk
11:50-12:10
ZVEREVA, Valentina
PAGELS, Marcel
12:10-12:30
MILIC, Ana
HAMPAI, Dariush
12:30-14:00
Lunch
14:00-19:00
Excursion
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Thursday
Session 11:
Earth and environment
sciences
Session 12:
Quantification methodology
8:30-9:00
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9:00-9:20
BOMAN, Johan
WOLFF, Timo
9:20-9:40
VAN MEEL,Katleen
CZYZYCKI, Mateusz
9:40-10:00
FURGER, Markus
GARDNER, Robin
10:00-10:20
HOKURA, Akiko
GAZULLA, Mª Fernanda
10:20-10:50
Coffee Break
10:50-11:10
HOMMA, Hisashi
BLOKHINA, Elena
11:10-11:30
OBHODAS, Jasmina
MANTLER, Michael
11:30-11:50
MASSABO, Dario
LÜHL, Lars
11:50-12:10
RICHARD, Agnes
NENSEL, Bernhard
12:10-12:30
RO, Chul-Un
WELLENREUTHER, Gerd
12:30-14:00
Lunch
14:00-14:20
LUO, Liqiang
14:20-14:40
MARGUI, Eva
14:10 - KESSLER, Jens
Session 13:
Advanced materials and
nanoscience
Session 14:
Industrial quality and
process control
14:40-15:00
H - ARCON, Iztok
14:30 - =+826KDQJMXQ
15:00-15:20
STREECK, Cornelia
DILL, Simone
15:20-15:40
KRAEMER, Markus
GAO, Ning
15:40-16:00
SILVA, Pedro
COELHO, Luis
16:00-16:30
Coffee Break
16:30-16:50 Fundamental Parameter Initiative
ANYSZKIEWICZ, Jacek
16:50-17:10 (M.C. Lépy, B. Beckhoff, M. Mantler)
RIVARD, Sébastien
– Survey and discussion
17:10-18:30
Poster Session
20:15
Banquet
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Friday
Session 15:
X-Ray sources, optics and
detectors
Session 16:
Art and cultural heritage
8:30-9:00
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8:40 - ALFELD, Matthias
9:00-9:20
COVITA, Daniel
LEMBERGE, Pascal
9:20-9:40
EGGERT, Tobias
KRIZNAR, Anabelle
9:40-10:00
SILVA, Ana Luísa
GÓMEZ-TENA, M.P.
10:00-10:20
GRIGORIEVA, Inna
FIGUEIREDO, Maria Ondina
10:20-10:50
Coffee Break
10:50-11:10
TERBORG, Ralf
FRAGOSO, Emanuela
11:10-11:30
TOMAS, Alfredo
TRUNOVA, Valentina
11:30-11:50
FERNANDES, Luis
BUCCOLIERI, Giovanni
11:50-12:10
MANTOUVALOU, Ioanna
APPOLONI, C. Roberto.
12:10-12:30
RACKWITZ, Vanessa
RODRIGUES, Marta
12:30-14:00
Lunch
14:00-14:20
RODRIGUES, Matias
FURTADO, Maria
14:20-14:40
SCOULLAR, Paul
GIL, Francisco
14:40-15:00
CARRAMATE, Lara
CONSTANTINESCU, Bogdan
15:00-15:20
SIMSEK, Atakan
Le GAC, Agnès
15:20-15:40
TAIBI, Angelo
CAVALLO, Giovanni
15:40-16:00
UKIBE, Masahiro
CALZA, Cristiane
16:00
Conference Closing
Coffee Break
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^hEzͲ:hEϮϬ͕ϮϬϭϬ
ϭϳ͗ϬϬʹϭϴ͗ϯϬ ϭϴ͗ϯϬʹϭϵ͗ϭϱ ϭϵ͗ϭϱʹϮϬ͗ϬϬ ZĞŐŝƐƚƌĂƚŝŽŶ
ŚŽŝƌŽŶĐĞƌƚ
ZĞĐĞƉƚŝŽŶ
DKEzͲ:hEϮϭ͕ϮϬϭϬ
Ϭϴ͗ϬϬͲϬϵ͗ϬϬ
Ϭϵ͗ϬϬͲϬϵ͗ϯϬ
ZĞŐŝƐƚƌĂƚŝŽŶ
tĞůĐŽŵĞĂŶĚKƉĞŶŝŶŐ
ΎZŽŽŵ'с'ƌĂŶĚƵĚŝƚŽƌŝƵŵ
ΎZŽŽŵ^с^ŵĂůůƵĚŝƚŽƌŝƵŵ
^ĞƐƐŝŽŶϭ͗DŽďŝůĞĂŶĚ
ƉŽƌƚĂďůĞyZ&
^ĞƐƐŝŽŶϮ͗,ŝŐŚƌĞƐŽůƵƚŝŽŶyͲ
ƌĂLJĂďƐŽƌƉƚŝŽŶĂŶĚyͲƌĂLJ
ƐƉĞĐƚƌŽƐĐŽƉLJ
ZŽŽŵ'ͲŚĂŝƌ͗ZĞŶĠsĂŶ'ƌŝĞŬĞŶ
ZŽŽŵ^ͲŚĂŝƌ͗WĞƚĞƌtŽďƌĂƵƐĐŚĞŬ
Ϭϵ͗ϯϬʹϭϬ͗ϬϬ
Ϭϵ͗ϯϬʹϭϬ͗ϬϬ
/Es/d>dhZ͗
WĂƐƚ͕ƉƌĞƐĞŶƚĂŶĚĨƵƚƵƌĞŽĨĨŝĞůĚͲ
ƉŽƌƚĂďůĞĂŶĚŚĂŶĚŚĞůĚyZ&ĂŶĂůLJnjĞƌƐ
ĂŶĚƚŚĞŝƌƌŽůĞŝŶǀĂƌŝŽƵƐĨŝĞůĚƐŽĨ
ŝŶĚƵƐƚƌLJĂŶĚƐĐŝĞŶĐĞ
/Es/d>dhZ͗
ZĞƐŽŶĂŶƚ/ŶĞůĂƐƚŝĐ^ŽĨƚyͲƌĂLJ^ĐĂƚƚĞƌŝŶŐ
ǁŝƚŚsŝďƌĂƚŝŽŶĂůZĞƐŽůƵƚŝŽŶ
^ƚĂŶŝƐůĂǁWŝŽƌĞŬ
;dŚĞƌŵŽ&ŝƐŚĞƌ^ĐŝĞŶƚŝĨŝĐͿ
:͘Ͳ͘ZƵďĞŶƐƐŽŶ͕z͘^ƵŶ͕D͘KĚĞůŝƵƐ͕D͘
ĞƌŐůƵŶĚ͕͘WŝĞƚnjƐĐŚ͕:͘^ĐŚůĂƉƉĂ͕͘<ĞŶŶĞĚLJ͕
d͘^ĐŚŵŝƚƚ͕s͘^ƚƌŽĐŽǀ͕:͘ŶĚĞƌƐƐŽŶ͕,͘K͘
<ĂƌůƐƐŽŶ͕&͘'ĞůΖŵƵŬŚĂŶŽǀ͕͘&ƂŚůŝƐĐŚ͕ĂŶĚ&͘
,ĞŶŶŝĞƐ
;hƉƉƐĂůĂhŶŝǀĞƌƐŝƚLJͿ
ϭϬ͗ϬϬʹϭϬ͗ϮϬ
ϭϬ͗ϬϬʹϭϬ͗ϮϬ
ϮůĞŵĞŶƚĂůŝŵĂŐŝŶŐƚŽŽůǁŝƚŚĂŵŽďŝůĞ
yZ&ƐLJƐƚĞŵ
ŚĞŵŝĐĂůĞĨĨĞĐƚƐŽŶƚŚĞ<ɴ͛͛ĂŶĚ<ɴϮ͕ϱ
džͲƌĂLJůŝŶĞƐŽĨϯĚƚƌĂŶƐŝƚŝŽŶĞůĞŵĞŶƚƐ
ĂŶĚƚŚĞŝƌŽdžŝĚĞĐŽŵƉŽƵŶĚƐďLJW/y
&͘ͲWŚ͘,ŽĐƋƵĞƚ͕͘DĂƌĐŚĂů͕D͘ůĂƌ͕^͘ZĂŬŬĂĂ͕
͘KŐĞƌ&͘DĂƚŚŝƐ͕͘^ƚƌŝǀĂLJ
^͘&ĂnjŝŶŝĐ͕>͘DĂŶĚŝĐ͕/͘ŽnjŝĐĞǀŝĐ
ϭϬ͗ϮϬʹϭϬ͗ϰϬ
ϭϬ͗ϮϬʹϭϬ͗ϰϬ
WĂůŵƚŽƉĞůĞĐƚƌŽŶƉƌŽďĞyͲƌĂLJ
ƐƉĞĐƚƌŽŵĞƚĞƌ
ŶĂůLJƐŝƐŽĨyͲƌĂLJƐƉĞĐƚƌĂĞŵŝƚƚĞĚĨƌŽŵ
ůĂƐĞƌͲƉƌŽĚƵĐĞĚƉůĂƐŵĂƐŽĨůĞĂĚ
:ƵŶ<ĂǁĂŝ͕ŝƐƵŬĞ,ŝƌŽ
͘DĂƌƚŝŶƐ͕&͘WĂƌĞŶƚĞ͕W͘/ŶĚĞůŝĐĂƚŽ͕:͘W͘
DĂƌƋƵĞƐ
KWWSH[UVILVXFSW
ϭϬ͗ϰϬʹϭϭ͗ϬϬ
ϭϬ͗ϰϬʹϭϭ͗ϬϬ
ZĞĐŽƌĚŝŶŐyͲƌĂLJƐƉĞĐƚƌĂƵƐŝŶŐĂŵƵƐŝĐ
ĚŝŐŝƚŝnjĞƌ͗ϭϴϬĞs&t,DĂƚϱ͘ϵŬĞs
^ƉĞĐŝĂƚŝŽŶĚĞƉƚŚƉƌŽĨŝůŝŶŐŽĨďƵƌŝĞĚ
ŶĂŶŽůĂLJĞƌƐ
z͘EĂŬĂLJĞ͕:͘<ĂǁĂŝ
͘WŽůůĂŬŽǁƐŬŝ͕͘ĞĐŬŚŽĨĨ
ϭϭ͗ϬϬʹϭϭ͗ϯϬŽĨĨĞĞƌĞĂŬ
ϭϭ͗ϬϬʹϭϭ͗ϯϬŽĨĨĞĞƌĞĂŬ
ZŽŽŵ'ͲŚĂŝƌ͗:ƵŶ<ĂǁĂŝ
ZŽŽŵ^ͲŚĂŝƌ͗DĂƌŝĞͲŚƌŝƐƚŝŶĞ>ĠƉLJ
ϭϭ͗ϯϬʹϭϭ͗ϱϬ
ϭϭ͗ϯϬʹϭϭ͗ϱϬ
WĞƌĨŽƌŵĂŶĐĞĐŚĂƌĂĐƚĞƌŝƐĂƚŝŽŶŽĨĂ
ĐƵƐƚŽŵͲƌĞĂůŝƐĞĚƉŽƌƚĂďůĞyZ&
ƐƉĞĐƚƌŽŵĞƚĞƌ
ďƐŽůƵƚĞƐƚĂŶĚĂƌĚƐĨŽƌyͲƌĂLJ
tĂǀĞůĞŶŐƚŚƐ
ĞŶũĂŵŝŶ^͘&ƌĂĞŶŬĞů͕ǁŝ,͘<ĂůŵĂŶ
͘ DŝŐůŝŽƌŝ͕ W͘ ŽŶĂŶŶŝ͕ >͘ ĂƌƌĂƌĞƐŝ͕ E͘ 'ƌĂƐƐŝ
ĂŶĚW͘͘DĂŶĚž
ϭϭ͗ϱϬʹϭϮ͗ϭϬ
ϭϭ͗ϱϬʹϭϮ͗ϭϬ
yͲƌĂLJĨůƵŽƌĞƐĐĞŶĐĞĂŶĂůLJƐŝƐŽĨƌŽĐŬƐ
ƵƐŝŶŐĂďĞŶĐŚƚŽƉtͲyZ&
ϯĐŽŶĨŽĐĂů&ĞͲ<yE^ŽŶŝŶĐůƵƐŝŽŶƐŝŶ
͞ƵůƚƌĂͲĚĞĞƉ͟ĚŝĂŵŽŶĚƐ
͘/ǁĂƚĂ͕<͘<ĂŶƐĂŝ͕z͘<ĂƚĂŽŬĂ͕:͘<ĂǁĂŝ
'͘^ŝůǀĞƌƐŵŝƚ͕͘sĞŬĞŵĂŶƐ͕d͘^ĐŚŽŽŶũĂŶƐ͕^͘
^ĐŚŵŝƚnj͕&͘͘ƌĞŶŬĞƌ͕>͘sŝŶĐnjĞ
ϭϮ͗ϭϬʹϭϮ͗ϯϬ
ϭϮ͗ϭϬʹϭϮ͗ϯϬ
hůƚƌĂdƌĂĐĞůĞŵĞŶƚĂůĞƚĞƌŵŝŶĂƚŝŽŶ
hƐŝŶŐdyZ&^ƉĞĐƚƌŽŵĞƚƌLJǁŝƚŚ>Žǁ
WŽǁĞƌyͲZĂLJdƵďĞ
,ŝŐŚƌĞƐŽůƵƚŝŽŶyͲƌĂLJĞŵŝƐƐŝŽŶ
ƐƉĞĐƚƌŽƐĐŽƉLJĨŽƌĐŚĞŵŝĐĂůƐƉĞĐŝĂƚŝŽŶ
ǁŝƚŚĂŶĞǁĚĞǀĞůŽƉĞĚ,W'ǀŽŶͲ
,ĂŵŽƐƐƉĞĐƚƌŽŵĞƚĞƌ
^ŚŝŶƐƵŬĞ<ƵŶŝŵƵƌĂĂŶĚ:ƵŶ<ĂǁĂŝ
>͘ŶŬůĂŵŵ͕D͘WĂŐĞůƐ͕,͘>ĞŐĂůů͕,͘^ƚŝĞů͕͘
<ĂŶŶŐŝĞƘĞƌ͕t͘DĂůnjĞƌ͕D͘DƺůůĞƌ͕͘ĞĐŬŚŽĨĨ͕
/͘'ƌĞŐŽƌŝĞǀĂ͕͘ŶƚŽŶŽǀ
ϭϮ͗ϯϬʹϭϮ͗ϱϬ
ϭϮ͗ϯϬʹϭϮ͗ϱϬ
WZd;WŽƌƚĂďůĞZdŶĂůLJƐĞƌͿͲŶyZĂLJ
^ƉĞĐƚƌŽŵĞƚĞƌĨŽƌƐƉĞĐŝĂů
ĂƉƉůŝĐĂƚŝŽŶƐŝŶƵůƚƵƌĂů,ĞƌŝƚĂŐĞ
ŚĂƌĂĐƚĞƌŝnjĂƚŝŽŶŽĨhsƉĞƌŝŽĚŝĐ
ŵƵůƚŝůĂLJĞƌƐ
'͘ƵnjĂŶŝĐŚ͕W͘tŽďƌĂƵƐĐŚĞŬ͕͘^ƚƌĞůŝ͕͘
DĂƌŬŽǁŝĐnj͕͘tĞŐƌnjLJŶĞŬ͕͘ŚŝŶĞĂͲĂŶŽ͕D͘
'ƌŝĞƐƐĞƌ͕<͘hŚůŝƌ͕͘'ƵŝůŚĞƌŵĞ
<͘>Ğ'ƵĞŶ͕D͘Ͳ,,Ƶ͕:͘ͲD͘ŶĚƌĠ͕W͘:ŽŶŶĂƌĚ͕͘
tĂŶŐ͕:ŚƵ͕͘'ĂůƚĂLJƌŝĞƐ͕͘DĞŶLJ͕͘
DĞůƚĐŚĂŬŽǀ͕͘,ĞĐƋƵĞƚ͕&͘ĞůŵŽƚƚĞ
ϭϮ͗ϱϬʹϭϰ͗ϯϬ>ƵŶĐŚ
ϭϮ͗ϱϬʹϭϰ͗ϯϬ>ƵŶĐŚ
KWWSH[UVILVXFSW
^ĞƐƐŝŽŶϯ͗/ŶƚĞƌĂĐƚŝŽŶƐŽĨyͲ
ƌĂLJƐǁŝƚŚŵĂƚƚĞƌĂŶĚ
ĨƵŶĚĂŵĞŶƚĂůƉĂƌĂŵĞƚĞƌƐ
^ĞƐƐŝŽŶϰ͗yͲƌĂLJŝŵĂŐŝŶŐĂŶĚ
ƚŽŵŽŐƌĂƉŚLJ
ZŽŽŵ'ͲŚĂŝƌ͗DŝĐŚĂĞůDĂŶƚůĞƌ
ZŽŽŵ^ͲŚĂŝƌ͗^ƚũĞƉŬŽ&ĂnjŝŶŝđ
ϭϰ͗ϯϬʹϭϱ͗ϬϬ
ϭϰ͗ϯϬʹϭϱ͗ϬϬ
/Es/d>dhZ͗
ƌŽƐƐƐĞĐƚŝŽŶƐĨŽƌŝŶŶĞƌͲƐŚĞůůŝŽŶŝnjĂƚŝŽŶ
ĂŶĚdžͲƌĂLJƉƌŽĚƵĐƚŝŽŶďLJŝŵƉĂĐƚŽĨ
ĞůĞĐƚƌŽŶƐĂŶĚƉŽƐŝƚƌŽŶƐ
/Es/d>dhZ͗
ϯͲƌĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨĂŶŽďũĞĐƚďLJ
ŵĞĂŶƐŽĨĂĐŽŶĨŽĐĂůŵŝĐƌŽͲW/y
&͘^ĂůǀĂƚ͕͘ŽƚĞ͕y͘>ůŽǀĞƚ͕͘:ĂďůŽŶƐŬŝ͕͘:͘
WŽǁĞůů
D͘ŝƚŶŝŬ͕E͘'ƌůũ͕W͘WĞůŝĐŽŶ͕W͘sĂǀƉĞƚŝē͕͘
^ŽŬĂƌĂƐ͕͘'͘<ĂƌLJĚĂƐĂŶĚ͘<ĂŶŶŐŝĞɴĞƌ
;:ŽǎĞĨ^ƚĞĨĂŶ/ŶƐƚŝƚƵƚĞͿ
;ĂƌĐĞůŽŶĂhŶŝǀĞƌƐŝƚLJͿ
ϭϱ͗ϬϬʹϭϱ͗ϮϬ
ϭϱ͗ϬϬʹϭϱ͗ϮϬ
ĐĐƵƌĂƚĞDĞĂƐƵƌĞŵĞŶƚƐŽĨ,ŝŐŚůLJ
ŚĂƌŐĞĚƌŐŽŶ/ŽŶƐyͲZĂLJ>ŝŶĞŶĞƌŐŝĞƐ
ǁŝƚŚĂŽƵďůĞͲƌLJƐƚĂů^ƉĞĐƚƌŽŵĞƚĞƌ
&ĂƐƚŵĞĂƐƵƌĞŵĞŶƚŽĨĞůĞŵĞŶƚĂů
ĚŝƐƚƌŝďƵƚŝŽŶƐǁŝƚŚђͲyZ&
D͘,ĂƐĐŚŬĞ͕h͘tĂůĚƐĐŚůćŐĞƌ
W͘ŵĂƌŽ͕^͘^ĐŚůĞƐƐĞƌ͕͘'ƵŵďĞƌŝĚnjĞ͕͘^njĂďŽ͕
͘K͘>ĞŝŐŽƚ͕͘DĂŶŝů͕D͘dƌĂƐƐŝŶĞůůŝ͕:͘W͘
^ĂŶƚŽƐ͕W͘/ŶĚĞůŝĐĂƚŽ
ϭϱ͗ϮϬʹϭϱ͗ϰϬ
ϭϱ͗ϮϬʹϭϱ͗ϰϬ
ĞƚĂŝůĞĚƚƌĂŶƐƉŽƌƚĐĂůĐƵůĂƚŝŽŶƐŽĨůŝŶĞ
ǁŝĚƚŚĞĨĨĞĐƚƐŽŶƚŚĞyZ&ŝŶƚĞŶƐŝƚLJ
EŽŶĚĞƐƚƌƵĐƚŝǀĞĚĞƉƚŚƉƌŽĨŝůŝŶŐŽĨ
ůĂLJĞƌĞĚŵĂƚĞƌŝĂůƐĂŶĚϯͲyZ&ĂŶĂůLJƐŝƐ
ŽĨďŝŽůŽŐŝĐĂůƐĂŵƉůĞ
:͘͘&ĞƌŶĂŶĚĞnj͕s͘^ĐŽƚ
<͘EĂŬĂŶŽ͕<͘dƐƵũŝ
ϭϱ͗ϰϬʹϭϲ͗ϬϬ
ϭϱ͗ϰϬʹϭϲ͗ϬϬ
yͲƌĂLJƐƉĞĐƚƌŽƐĐŽƉLJĂŶĂůLJƐŝƐŽĨĞůĞĐƚƌŽŶͲ
ĐLJĐůŽƚƌŽŶͲƌĞƐŽŶĂŶĐĞŝŽŶͲƐŽƵƌĐĞƉůĂƐŵĂƐ
dƌĂŶƐŵŝƐƐŝŽŶ^ƉĞĐƚƌŽƐĐŽƉLJ
:͘W͘^ĂŶƚŽƐ͕D͘͘DĂƌƚŝŶƐ͕͘D͘ŽƐƚĂ͕:͘W͘
DĂƌƋƵĞƐ͕W͘/ŶĚĞůŝĐĂƚŽ͕&͘WĂƌĞŶƚĞ
d͘'ŽnjĂŶŝ͕:͘^ƚĞǀĞŶƐŽŶ͕͘ƌŽǁŶ͕t͘
>ĂŶŐĞǀĞůĚ͕:͘ĞŶĚĂŚĂŶ
ϭϲ͗ϬϬʹϭϲ͗ϯϬŽĨĨĞĞƌĞĂŬ
ϭϲ͗ϬϬʹϭϲ͗ϯϬŽĨĨĞĞƌĞĂŬ
ZŽŽŵ'ͲŚĂŝƌ͗DŝĐŚĂĞůDĂŶƚůĞƌ
ZŽŽŵ^ͲŚĂŝƌ͗^ƚũĞƉŬŽ&ĂnjŝŶŝđ
ϭϲ͗ϯϬʹϭϲ͗ϱϬ
ϭϲ͗ϯϬʹϭϲ͗ϱϬ
ŶŐƵůĂƌĚŝƐƚƌŝďƵƚŝŽŶŽĨƐĐĂƚƚĞƌŝŶŐ
ŝŶƚĞŶƐŝƚŝĞƐǁŝƚŚƚŚĞ^WĐŽĚĞ
WƌŽŐƌĞƐƐŝŶĐŽŵďŝŶĞĚŵŝĐƌŽyZ&Ͳ
ŵŝĐƌŽdŝŵĂŐŝŶŐ
:͘͘&ĞƌŶĂŶĚĞnj͕s͘^ĐŽƚ͕͘ŝ'ŝƵůŝŽ͕>͘sĞƌĂƌĚŝ
WĞƚĞƌƌƵLJŶĚŽŶĐŬdž͕ůĞdžĂŶĚĞƌ^ĂƐŽǀ͕yƵĂŶ>ŝƵ
KWWSH[UVILVXFSW
ϭϲ͗ϱϬʹϭϳ͗ϭϬ
ϭϲ͗ϱϬʹϭϳ͗ϭϬ
DĞĂƐƵƌĞŵĞŶƚŽĨ<ƐŚĞůůĨůƵŽƌĞƐĐĞŶĐĞ
LJŝĞůĚƐŽĨƌ͕DŶ͕&Ğ͕Ž͕Eŝ͕Ƶ͕Ŷ͕DŽ͕
Ő͕Ě͕Ă͕>Ă͕ĞĂŶĚƚŚĞŝƌĐŽŵƉŽƵŶĚƐ
WŚŽƚŽͲŝŶĚƵĐĞĚƌĞĚŽdžƌĞĂĐƚŝŽŶƐŽĨƌ͕Ě
ĂŶĚ,Ő͗ĂƐŝŐŶŝĨŝĐĂŶƚƚŚƌĞĂƚƚŽŵŽĚĞƌŶ
ĂŶĚĂŶĐŝĞŶƚǁŽƌŬƐŽĨĂƌƚ͍
,ĂƐĂŶƌĚŽŒĂŶ
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ϮϵͲĞƚĞƌŵŝŶĂƚŝŽŶŽĨŽŶĐƌĞƚĞ&ĞĂƚƵƌĞƐďLJ/ŵĂŐĞƐKďƚĂŝŶĞĚ&ƌŽŵyͲZĂLJ
DŝĐƌŽƚŽŵŽŐƌĂƉŚLJ
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ϯϬͲŽŶĐƌĞƚĞWŽƌŽƐŝƚLJĞƚĞƌŵŝŶĂƚŝŽŶhƚŝůŝnjŝŶŐƚŚĞŽŵƉĂĐƚ^ŬLJ^ĐĂŶϭϭϳϰŵŝĐƌŽͲd
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ϯϵͲEŽŶͲĚĞƐƚƌƵĐƚŝǀĞĐŚĞŵŝĐĂůƐƉĞĐŝĂƚŝŽŶŽĨďƵƌŝĞĚŝŶƚĞƌĨĂĐĞƐ
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D͘^ŝďĂŝ͕͘WĞũŽǀŝĐͲDŝůŝĐ͕͘ŚĞƚƚůĞ͕͘ĞƐŽƵnjĂ
ϱϱͲǀĂůƵĂƚŝŽŶŽĨĞůĞŵĞŶƚĂůďŝŽĂǀĂŝůĂďŝůŝƚLJŝŶĐŽŽŬĞĚƐĞĂĨŽŽĚƵƐŝŶŐyZ&ĂŶĚ^
W͘ŶĂĐůĞƚŽ͕͘>͘DĂƵůǀĂƵůƚ͕͘ŵĂƌĂů͕͘DĂƌƋƵĞƐ͕,͘D͘>ŽƵƌĞŶĕŽ͕D͘>͘EƵŶĞƐ͕D͘>͘ĂƌǀĂůŚŽ
ϱϲͲ>ŽĐĂůŝnjĂƚŝŽŶŽĨĂůƵŵŝŶŝƵŵŝŶƚĞĂ;ĂŵĞůůŝĂƐŝŶĞŶƐŝƐͿůĞĂǀĞƐƵƐŝŶŐůŽǁĞŶĞƌŐLJyͲƌĂLJ
ĨůƵŽƌĞƐĐĞŶĐĞƐƉĞĐƚƌŽͲŵŝĐƌŽƐĐŽƉLJ
Z͘dŽůƌă͕<͘sŽŐĞůͲDŝŬƵƓ͕Z͘,ĂũŝďŽůĂŶĚ͕W͘<ƵŵƉ͕W͘WŽŶŐƌĂĐ͕͘<ĂƵůŝĐŚ͕͘'ŝĂŶŽŶĐĞůůŝ͕s͘ĂďŝŶ͕:͘
ĂƌĐĞůſ͕D͘ZĞŐǀĂƌ͕͘WŽƐĐŚĞŶƌŝĞĚĞƌ
ϱϳΎͲsŝďƌŝŽŚĂƌǀĞLJŝďĂĐƚĞƌŝĂƵŶĚĞƌyͲƌĂLJŝƌƌĂĚŝĂƚŝŽŶ
s͘EĂƐƐŝƐŝ͕W͘ůŝĨĂŶŽ͕'͘ƵĐĐŽůŝĞƌŝ͕͘dĂůă͕D͘dƌĞĚŝĐŝ͕D͘s͘^ŝĐŝůŝĂŶŽ͕>͘sĞůĂƌĚŝ
ΎWŽƐƚĞƌŶŽƚƉƌĞƐĞŶƚĞĚĂƚyZ^ϮϬϭϬ
KWWSH[UVILVXFSW
dh^zͲ:hEϮϮ͕ϮϬϭϬ
^ĞƐƐŝŽŶϱ͗/ŶƚĞƌĂĐƚŝŽŶƐŽĨyͲ
ƌĂLJƐǁŝƚŚŵĂƚƚĞƌĂŶĚ
ĨƵŶĚĂŵĞŶƚĂůƉĂƌĂŵĞƚĞƌƐ
^ĞƐƐŝŽŶϲ͗yͲƌĂLJŝŵĂŐŝŶŐĂŶĚ
ƚŽŵŽŐƌĂƉŚLJ;ĐŽŶƚ͛ĚͿ
;ĐŽŶƚ͛ĚͿ
ZŽŽŵ'ͲŚĂŝƌ͗:ŽƌŐĞ&ĞƌŶĂŶĚĞnj
ZŽŽŵ^ͲŚĂŝƌ͗ ŝƌŐŝƚ<ĂŶŶŐŝĞƘĞƌ
Ϭϴ͗ϯϬʹϬϴ͗ϱϬ
Ϭϴ͗ϯϬʹϬϴ͗ϱϬ
ĂƵĐŚŽŝƐΘ^ĠŶĠŵĂƵĚdĂďůĞƐŽĨdžͲƌĂLJ
ǁĂǀĞůĞŶŐƚŚƐĂŶĚĂďƐŽƌƉƚŝŽŶĞĚŐĞƐ
yͲƌĂLJDŝĐƌŽƐƉĞĐƚƌŽƐĐŽƉŝĐ/ŵĂŐŝŶŐĂŶĚ
>ĂƐĞƌďůĂƚŝŽŶ/ŶĚƵĐƚŝǀĞůLJŽƵƉůĞĚ
WůĂƐŵĂDĂƐƐ^ƉĞĐƚƌŽŵĞƚƌLJĨŽƌ
DĞƚĂůŶĂůLJƐŝƐŝŶŝŽůŽŐŝĐĂůDŽĚĞů
KƌŐĂŶŝƐŵƐ
W͘:ŽŶŶĂƌĚ͕͘ŽŶŶĞůůĞ
͘Ğ^ĂŵďĞƌ͕d͘^ĐŚŽŽŶũĂŶƐ͕͘sĞŬĞŵĂŶƐ͕'͘
^ŝůǀĞƌƐŵŝƚ͕͘'ŚŽůĂƉ͕͘/njŵĞƌ͕Z͘ǀĞŶƐ͕<͘Ğ
^ĐŚĂŵƉŚĞůĂĞƌĞ͕>͘sĂŶ,ŽŽƌĞďĞŬĞ͕͘:ĂŶƐƐĞŶ͕
&͘sĂŶŚĂĞĐŬĞ͕>͘sŝŶĐnjĞ
Ϭϴ͗ϱϬʹϬϵ͗ϭϬ
Ϭϴ͗ϱϬʹϬϵ͗ϭϬ
ĂƐĐĂĚĞĞŶŚĂŶĐĞŵĞŶƚŽŶƚŚĞ&Ğ>ͲƐŚĞůů
džͲƌĂLJĞŵŝƐƐŝŽŶĂƐŝŶĐŝĚĞŶƚdžͲƌĂLJƉŚŽƚŽŶƐ
ĂƌĞƚƵŶĞĚĂĐƌŽƐƐϭƐŝŽŶŝnjĂƚŝŽŶƚŚƌĞƐŚŽůĚ
yZ&ŵŝĐƌŽƚŽŵŽŐƌĂƉŚLJĂŶĚĐŽŶĨŽĐĂů
ŝŵĂŐŝŶŐĨŽƌƚŚĞϮͬϯĚĞƚĞƌŵŝŶĂƚŝŽŶ
ŽĨƚŽdžŝĐĞůĞŵĞŶƚƐŝŶďŝŽůŽŐŝĐĂůƐĂŵƉůĞƐ
͘^ŽŬĂƌĂƐ͕͘'͘<ŽĐŚƵƌ͕D͘DƺůůĞƌ͕D͘<ŽůďĞ͕͘
ĞĐŬŚŽĨĨ͕D͘DĂŶƚůĞƌ͕Ś͘ĂƌŬĂĚĂƐ͕D͘
ŶĚƌŝĂŶŝƐ͕͘>ĂŐŽLJĂŶŶŝƐ͕͘'͘<ĂƌLJĚĂƐ
/͘^njĂůſŬŝ͕͘Ğ^ĂŵďĞƌ͕d͘^ĐŚŽŽŶũĂŶƐ͕͘
sĞŬĞŵĂŶƐ͕s͘njŚĞĐŚ͕'LJ͘ĄƌĂLJ͕>͘sŝŶĐnjĞ
Ϭϵ͗ϭϬʹϬϵ͗ϯϬ
Ϭϵ͗ϭϬʹϬϵ͗ϯϬ
ĞƚĞƌŵŝŶĂƚŝŽŶŽĨ>ͲƐƵďƐŚĞůůŽƐƚĞƌͲ
<ƌŽŶŝŐƉƌŽďĂďŝůŝƚŝĞƐĂŶĚ>ͲƐƵďƐŚĞůů
&ůƵŽƌĞƐĐĞŶĐĞzŝĞůĚƐŽĨŚŝŐŚĞůĞŵĞŶƚƐ
ǁŝƚŚĂƌĞůŝĂďůĞƵŶĐĞƌƚĂŝŶƚLJďƵĚŐĞƚ
ŽŶĞŵŝĐƌŽĂƌĐŚŝƚĞĐƚƵƌĞŝŶǀĞƐƚŝŐĂƚŝŽŶŝŶ
ƐƚƌŽŶƚŝƵŵƌĂŶĞůĂƚĞƉƌŽƚŽĐŽů
/͘>ŝŵĂ͕W͘dĂĂŵ͕s͘ĚĂŽƐƚĂ͕D͘>͘&͘&ůĞŝƵƐƐ͕͘
ZŽƐĞŶƚŚĂů͕:͘d͘ĚĞƐƐŝƐ͕&͘sŝĚĂů͕Z͘d͘>ŽƉĞƐ
D͘<ŽůďĞ͕D͘DƺůůĞƌ͕͘ĞĐŬŚŽĨĨ
Ϭϵ͗ϯϬʹϬϵ͗ϱϬ
Ϭϵ͗ϯϬʹϬϵ͗ϱϬ
džƉĞƌŝŵĞŶƚĂůŵĞĂƐƵƌĞŵĞŶƚƐŽĨŵĂƐƐ
ĂƚƚĞŶƵĂƚŝŽŶĐŽĞĨĨŝĐŝĞŶƚƐ͕ĨůƵŽƌĞƐĐĞŶĐĞ
LJŝĞůĚƐƵƐŝŶŐƚƵŶĂďůĞŵŽŶŽĐŚƌŽŵĂƚŝĐ
ƐŽƵƌĐĞƐ
ϯůĞŵĞŶƚĂůŝƐƚƌŝďƵƚŝŽŶ/ŵĂŐĞƐďLJ
yZ&ʅd
'͘Z͘WĞƌĞŝƌĂ͕,͘^͘ZŽĐŚĂ͕͘ĂůnjĂ͕/͘>ŝŵĂ͕D͘:͘
ŶũŽƐ͕͘WĠƌĞnj͕Z͘d͘>ŽƉĞƐ
z͘DĠŶĞƐŐƵĞŶ͕D͘Ͳ͘>ĠƉLJ
KWWSH[UVILVXFSW
Ϭϵ͗ϱϬʹϭϬ͗ϭϬ
Ϭϵ͗ϱϬʹϭϬ͗ϭϬ
ŚĂŶŐĞƐŝŶŶĞǁďŽƌŶƌĂƚƐ͛ďŽŶĞ
ĐŽŵƉŽŶĞŶƚƐĂĨƚĞƌŵĂƚĞƌŶĂůƚƌĞĂƚŵĞŶƚ
ǁŝƚŚnjŝĚŽǀƵĚŝŶĞʹyͲƌĂLJĨůƵŽƌĞƐĐĞŶĐĞ
ĂŶĂůLJƐŝƐ
^LJŶĐŚƌŽƚƌŽŶyͲƌĂLJĨůƵŽƌĞƐĐĞŶĐĞŵŝĐƌŽͲ
ƐƉĞĐƚƌŽƐĐŽƉLJĂůůŽǁƐƚƌĂĐŝŶŐĂƐďĞƐƚŽƐ
ďŽĚŝĞƐŝŶŚŝƐƚŽůŽŐŝĐĂůůƵŶŐƐĂŵƉůĞƐĂŶĚ
ŝŶǀĞƐƚŝŐĂƚŝŶŐĨŽƌŵĂƚŝŽŶŵĞĐŚĂŶŝƐŵƐ
͘ƌnjĂnjŐĂ͕<͘DĂĐŝĞũĞǁƐŬĂ͕<͘DŝĐŚĂůŝŬ͕,͘
dƌnjĞĐŝĂŬ
>͘WĂƐĐŽůŽ͕͘'ŝĂŶŽŶĐĞůůŝ͕͘<ĂƵůŝĐŚ͕͘
ZŝnjnjĂƌĚŝ͕D͘^ĐŚŶĞŝĚĞƌ͕͘ŽƚƚŝŶ͕D͘
WŽůĞŶƚĂƌƵƚƚŝ͕D͘<ŝƐŬŝŶŽǀĂ͕͘>ŽŶŐŽŶŝ͕Z͘
ůďĞƌƚŝ͕d͘&ƌŝnjnjŝ͕D͘DĞůĂƚŽ
ϭϬ͗ϭϬͲϭϬ͗ϰϬŽĨĨĞĞƌĞĂŬ
ϭϬ͗ϭϬͲϭϬ͗ϰϬŽĨĨĞĞƌĞĂŬ
ZŽŽŵ'ͲŚĂŝƌ͗ŚƌŝƐƚŝŶĂ^ƚƌĞůŝ
ZŽŽŵ^ͲŚĂŝƌ͗WĞƚĞƌ<ƵŵƉ
ϭϬ͗ϰϬʹϭϭ͗ϬϬ
ϭϬ͗ϰϬʹϭϭ͗ϬϬ
dŚĞdžƌĂLJůŝďůŝďƌĂƌLJĨŽƌyͲƌĂLJŵĂƚƚĞƌ
ŝŶƚĞƌĂĐƚŝŽŶĐƌŽƐƐƐĞĐƚŝŽŶƐ͗EĞǁ
ĚĞǀĞůŽƉŵĞŶƚƐ
,ŝŐŚ^ƉĞĞĚĂŶĚsĞƌLJ>ĂƌŐĞƉŶƐĨŽƌ
yͲƌĂLJ/ŵĂŐŝŶŐ
d͘^ĐŚŽŽŶũĂŶƐ͕D͘^ĂŶĐŚĞnjĚĞůZŝŽ͕͘ƌƵŶĞƚƚŝ͕
͘'ŽůŽƐŝŽ͕͘^ŝŵŝŽŶŽǀŝĐŝ͕͘&ĞƌƌĞƌŽ͕>͘sŝŶĐnjĞ
,͘^ŽůƚĂƵ͕Z͘ĐŬŚĂƌĚƚ͕Z͘,ĂƌƚŵĂŶŶ͕W͘,Žůů͕
^͘/ŚůĞ͕D͘>ĂŶŐ͕͘dŚĂŵŵ͕͘>ŝĞďĞů͕͘EŝĐƵůĂĞ͕
'͘^ĐŚĂůůĞƌ͕&͘^ĐŚŽƉƉĞƌ͕E͘>ĂŶŐŚŽĨĨ͕>͘^ƚƌƺĚĞƌ
ϭϭ͗ϬϬʹϭϭ͗ϮϬ
ϭϭ͗ϬϬʹϭϭ͗ϮϬ
ŚĂůůĞŶŐĞƐĨŽƌĂŶĐĐƵƌĂƚĞZĞĨĞƌĞŶĐĞͲ
&ƌĞĞYƵĂŶƚŝƚĂƚŝǀĞŶĂůLJƐŝƐǁŝƚŚђͲyZ&Ăƚ
Ă^Dͬ^
&ŽƵƌŝĞƌdƌĂŶƐĨŽƌŵ^ƉĞĐƚƌĂů/ŵĂŐĞƌŝŶ
^ŽĨƚyͲƌĂLJZĞŐŝŽŶ
s͘Ͳ͘,ŽĚŽƌŽĂďĂ͕s͘ZĂĐŬǁŝƚnj͕͘ZĞƵƚĞƌ
:͘͘tŝůĐŽdž͕s͘tŚŝƚĞ͕<͘^ŚĐŚĞŐůŽǀ͕Z͘
<ŽǁĂůĐnjLJŬ
ϭϭ͗ϮϬʹϭϭ͗ϰϬ
ϭϭ͗ϮϬʹϭϭ͗ϰϬ
ĐƌŝƚŝĐĂůĂŶĂůLJƐŝƐŽĨƚŚĞĞdžƉĞƌŝŵĞŶƚĂů
ŽƐƚĞƌͲ<ƌŽŶŝŐĂŶĚĨůƵŽƌĞƐĐĞŶĐĞLJŝĞůĚƐ
ĚĂƚĂ
KďƚĂŝŶŝŶŐŐƌĞĂƚĂƌĞĂyZ&ŝŵĂŐĞƐŽĨ
ĚŝǀĞƌƐĞƐŚĂƉĞƐĂŵƉůĞƐ
d͘WĂƉƉ
Z͘'͘&ŝŐƵĞƌŽĂ͕͘>ŽnjĂŶŽ͕͘ůĐĂŵĄŶ͕&͘
ĞůŵĂƌ͕͘ǀŽŶŽŚůĞŶ
ϭϭ͗ϰϬʹϭϮ͗ϬϬ
ϭϭ͗ϰϬʹϭϮ͗ϬϬ
DŽĚĞůůŝŶŐŽĨyͲZĂLJ^ĐĂƚƚĞƌŝŶŐĨŽƌ
ŝŵƉƌŽǀĞĚyͲZĂLJ&ůƵŽƌĞƐĐĞŶĐĞŶĂůLJƐŝƐʹ
yͲZĂLJdƵďĞdžĐŝƚĂƚŝŽŶ
&ŝƌƐƚŝŵĂŐĞƐŽĨĂĐŽůŽƵƌyͲƌĂLJĐĂŵĞƌĂ͕Ă
ĚĞƚĞĐƚŽƌǁŝƚŚŚŝŐŚƌĞƐŽůƵƚŝŽŶŝŶĞŶĞƌŐLJ
ĂŶĚƐƉĂĐĞ
͘ZĞƵƚĞƌ͕D͘ZĂĚƚŬĞ͕>͘sŝŶĐnjĞ͕s͘Ͳ͘,ŽĚŽƌŽĂďĂ
K͘^ĐŚĂƌĨ͕^͘ũĞŽƵŵŝŬŽǀĂ͕,͘^ŽůƚĂƵ
ϭϮ͗ϬϬʹϭϯ͗ϯϬ>ƵŶĐŚ
ϭϮ͗ϬϬʹϭϯ͗ϯϬ>ƵŶĐŚ
KWWSH[UVILVXFSW
^ĞƐƐŝŽŶϳ͗ZĞĐĞŶƚ^ĐŝĞŶƚŝĨŝĐ
ĞǀĞůŽƉŵĞŶƚƐďLJyZ^
/ŶƐƚƌƵŵĞŶƚĂƚŝŽŶ
DĂŶƵĨĂĐƚƵƌĞƌƐ
^ĞƐƐŝŽŶϴ͗^LJŶĐŚƌŽƚƌŽŶyZ^͖
W/yĂŶĚĞůĞĐƚƌŽŶŝŶĚƵĐĞĚ
yZ^͖tyZ^
ZŽŽŵ'ͲŚĂŝƌ͗ƌƵŶŽsƌĞďŽƐ
ZŽŽŵ^ͲŚĂŝƌ͗ƵƌŬŚĂƌĚĞĐŬŚŽĨĨ
ϭϯ͗ϯϬʹϭϯ͗ϰϬ
ϭϯ͗ϯϬʹϭϰ͗ϬϬ
ĞŶĞĨŝƚƐŽĨhƐŝŶŐŝŐŝƚĂůĚĂƉƚŝǀĞ
&ŝůƚĞƌŝŶŐŝŶ&ĂƐƚWƵůƐĞWƌŽĐĞƐƐŝŶŐ
'ĞŽƌŐŝ'ĞŽƌŐŝĞǀ;/EZEͿ͕/ǀĂLJůŽWĞĞǀ;/EZEͿ͕
<ƌ͘'ŝŐŽǀ;/EZEͿ
/Es/d>dhZ͗
^LJŶĐŚƌŽƚƌŽŶƌĂĚŝĂƚŝŽŶďĂƐĞĚŚŝŐŚͲ
ƌĞƐŽůƵƚŝŽŶdžͲƌĂLJĞŵŝƐƐŝŽŶƐƉĞĐƚƌŽƐĐŽƉLJ͗
ŵĞƚŚŽĚŽůŽŐLJĂŶĚĂƉƉůŝĐĂƚŝŽŶƚŽ&WyZ^
;dŽŝǀĞů>ƚĚ͘Ϳ
DĂƚƚŚŝĂƐDƺůůĞƌ
;WŚLJƐŝŬĂůŝƐĐŚͲdĞĐŚŶŝƐĐŚĞƵŶĚĞƐĂŶƐƚĂůƚͿ
ϭϯ͗ϰϬʹϭϯ͗ϱϬ
dŚĞŽƌŝŐŝŶŽĨdžͲƌĂLJƐƉĞĐƚƌĂŵĞĂƐƵƌĞĚ
ǁŝƚŚĞŶĞƌŐLJĚŝƐƉĞƌƐŝǀĞĚĞƚĞĐƚŽƌƐ
d͘WĂƉƉĂŶĚ:͘͘DĂdžǁĞůů
;ĂŵďƌŝĚŐĞ^ĐŝĞŶƚŝĨŝĐŽƌƉ͘Ϳ
ϭϯ͗ϱϬʹϭϰ͗ϬϬ
/ŵƉƌŽǀĞĚ^ŝůŝĐŽŶƌŝĨƚĞƚĞĐƚŽƌƐĨŽƌ
yZ&
Z͘,͘ZĞĚƵƐ͕͘,ƵďĞƌ͕:͘WĂŶƚĂnjŝƐ͕d͘WĂŶƚĂnjŝƐ
;ŵƉƚĞŬ͕/ŶĐ͘Ϳ
ϭϰ͗ϬϬʹϭϰ͗ϭϬ
ϭϰ͗ϬϬʹϭϰ͗ϮϬ
ZŝŐĂŬƵƉƌŽǀŝĚĞƐĂŶĞdžƚĞŶƐŝǀĞƌĂŶŐĞŽĨ
ƉƌŽĚƵĐƚůŝŶĞŝŶtͲyZ&ĨŽƌLJŽƵƌ
ƐŽůƵƚŝŽŶƐ
^ƵďŵŝĐƌŽŶyͲƌĂLJĨůƵŽƌĞƐĐĞŶĐĞŝŵĂŐŝŶŐ
ŽŶƵŶŝƋƵĞĐŽŵĞƚĂƌLJŵĂƚƚĞƌƌĞƚƵƌŶĞĚďLJ
E^͛Ɛ^ƚĂƌĚƵƐƚŵŝƐƐŝŽŶ
<͘<ĂŶƐĂŝ͕͘/ǁĂƚĂ͕ĂŶĚz͘<ĂƚĂŽŬĂ
>͘sŝŶĐnjĞ͕͘sĞŬĞŵĂŶƐ͕'͘^ŝůǀĞƌƐŵŝƚ͕d͘
^ĐŚŽŽŶũĂŶƐ͕^͘^ĐŚŵŝƚnj͕D͘ƵƌŐŚĂŵŵĞƌ͕͘
ZŝĞŬĞů͕^͘^ĐŚƂĚĞƌ͕&͘ƌĞŶŬĞƌ
;ZŝŐĂŬƵŽƌƉŽƌĂƚŝŽŶͿ
ϭϰ͗ϭϬʹϭϰ͗ϮϬ
y/ΖƐEĞǁyWDĞƌĐƵƌLJĞŶĐŚͲƚŽƉ
ŝŐŝƚĂůyͲƌĂLJ^ƉĞĐƚƌŽŵĞƚĞƌƐ
WĞƚĞƌ'ƌƵĚďĞƌŐ͕:ĂĐŬ,ĂƌƌŝƐ͕ŚƌŝƐƚŽƉŚĞƌŽdž͕
:ĂŵĞƐ,ĞŝŶŵŝůůĞƌ
;y/>>Ϳ
KWWSH[UVILVXFSW
ϭϰ͗ϮϬʹϭϰ͗ϯϬ
ϭϰ͗ϮϬʹϭϰ͗ϰϬ
ŽƌƉŽƌĂƚŝŽŶ^ĐŝĞŶƚŝĨŝƋƵĞůĂŝƐƐĞ
/ŶŶŽǀĂƚŝŽŶ>ĞĂĚƐƚŽEĞǁ^ƚĂŶĚĂƌĚƐŝŶ
^ĂŵƉůĞWƌĞƉĂƌĂƚŝŽŶďLJŽƌĂƚĞ&ƵƐŝŽŶ͗
dŚĞKdž͕WŽǁĞƌĨƵůDƵůƚŝͲƉŽƐŝƚŝŽŶůĞĐƚƌŝĐ
&ůƵdžĞƌ
WŝůŽƚƐƚƵĚŝĞƐŽĨůĞǀĞůƐ͕ƐƉĞĐŝĂƚŝŽŶĂŶĚ
ĐŚĞŵŝĐĂůĞŶǀŝƌŽŶŵĞŶƚƐŽĨŝƌŽŶĂŶĚnjŝŶĐ
ŝŶďƌĂŝŶĐĂŶĐĞƌƐ
^͘ZŝǀĂƌĚ
D͘^njĐnjĞƌďŽǁƐŬĂͲŽƌƵĐŚŽǁƐŬĂ͕͘tĂŶĚnjŝůĂŬ͕
D͘njLJnjLJĐŬŝ͕W͘tƌŽďĞů͕͘ĚĂŵĞŬ͕͘
ZĂĚǁĂŶƐŬĂ͕<͘ZŝĐŬĞƌƐ͕͘ĂũĂĐ͕D͘>ĂŶŬŽƐnj
;ŽƌƉŽƌĂƚŝŽŶ^ĐŝĞŶƚŝĨŝƋƵĞůĂŝƐƐĞͿ
ϭϰ͗ϯϬʹϭϰ͗ϰϬ
ϱϬLJĞĂƌƐŽĨĞdžĐĞůůĞŶĐĞĂŶĚŬŶŽǁůĞĚŐĞ
ĨŽƌŽƵƌĐƵƐƚŽŵĞƌƐ
:͘WƵũŽů
;&/^,ZŝŶƐƚƌƵŵĞŶƚƐ^͘͘Ϳ
ϭϰ͗ϰϬʹϭϰ͗ϱϬ
ϭϰ͗ϰϬʹϭϱ͗ϬϬ
EĂŶŽDĂƐƚĞƌͲƚŚĞƚŽŽůĨŽƌĂĚǀĂŶĐĞĚyZ&
ĂŶĂůLJƐŝƐ
ƉƉůŝĐĂƚŝŽŶŽĨǁĂǀĞůĞŶŐƚŚĚŝƐƉĞƌƐŝǀĞdžͲ
ƌĂLJƐƉĞĐƚƌŽƐĐŽƉLJƚŽŝŵƉƌŽǀĞĚĞƚĞĐƚŝŽŶ
ůŝŵŝƚƐŝŶdžͲƌĂLJĂŶĂůLJƐŝƐ
Z͘^ŝŶŐĞƌ͕:͘ƐĐŚĞŶĂƵĞƌ͕ĂŶĚD͘ĐŬŚĂƌĚƚ
;ZKE>zd/'ŵď,Ϳ
D͘<Ăǀēŝē͕:͘^njůĂĐŚĞƚŬŽ
ϭϰ͗ϱϬʹϭϱ͗ϬϬ
ZĞĐĞŶƚŝŵƉƌŽǀĞŵĞŶƚƐŝŶ^ŝůŝĐŽŶƌŝĨƚ
ĞƚĞĐƚŽƌ;^ͿƚĞĐŚŶŽůŽŐLJ
Z͘dĞƌďŽƌŐ
;ƌƵŬĞƌEĂŶŽ'ŵď,Ϳ
ϭϱ͗ϬϬʹϭϱ͗ϭϬ
ϭϱ͗ϬϬʹϭϱ͗ϮϬ
^ŝůŝĐŽŶƌŝĨƚĞƚĞĐƚŽƌ^ƉĞĐƚƌŽŵĞƚĞƌƐĨŽƌ
,ŝŐŚŽƵŶƚZĂƚĞyZ&ƉƉůŝĐĂƚŝŽŶƐ
EĂŶŽŵĞƚĞƌZĞƐŽůƵƚŝŽŶŽŶĂ
&ĞŵƚŽƐĞĐŽŶĚdŝŵĞƐĐĂůĞʹ&ŝƌƐƚ
džƉĞƌŝŵĞŶƚƐǁŝƚŚƉŶƐĨŽƌ,ŝŐŚ
^ƉĞĞĚyͲƌĂLJ/ŵĂŐŝŶŐĂŶĚ^ƉĞĐƚƌŽƐĐŽƉLJ
Ăƚ>>^
'͘DLJĞƌƐ
;^//EĂŶŽdĞĐŚŶŽůŽŐLJh^/ŶĐ͘Ϳ
>͘^ƚƌƺĚĞƌ͕,͘^ŽůƚĂƵ͕Z͘,ĂƌƚŵĂŶŶ͕W͘,Žůů͕͘
ZĞŝĐŚ͕E͘<ŝŵŵĞů͕'͘,ĂƵƐĞƌ
ϭϱ͗ϭϬʹϭϱ͗ϮϬ
ŽŵƉĂŶLJĂŶĚWƌŽĚƵĐƚWƌŽĨŝůĞʹ
WE^ĞŶƐŽƌ'ŵď,
,͘^ŽůƚĂƵ͕͘EŝĐƵůĂĞ͕'͘>Ƶƚnj͕W͘>ĞĐŚŶĞƌ͕͘ĞĐŚƚĞůĞƌ͕
Z͘ĐŬŚĂƌĚƚ͕<͘,ĞƌŵĞŶĂƵ͕^͘:ĞƐĐŚŬĞ͕D͘^ĐŚƵůnjĞ
KWWSH[UVILVXFSW
ϭϱ͗ϮϬʹϭϱ͗ϯϬ
ϭϱ͗ϮϬʹϭϱ͗ϰϬ
ŽŵƉĂŶLJĂŶĚWƌŽĚƵĐƚWƌŽĨŝůĞʹ
WEĞƚĞĐƚŽƌ'ŵď,
ŶĞǁĨĂĐŝůŝƚLJĨŽƌŚŝŐŚĞŶĞƌŐLJW/yĂŶĚ
ƐŽŵĞĂƉƉůŝĐĂƚŝŽŶƐ
͘EŝĐƵůĂĞ͕,͘^ŽůƚĂƵ͕͘^ŝŵƐĞŬ͕͘>ŝĞďĞů͕K͘
:ĂƌŝƚƐĐŚŝŶ͕D͘^ĐŚƵůnjĞ
͘<ŽƵŵĞŝƌ͕&͘,ĂĚĚĂĚ͕s͘DĞƚŝǀŝĞƌ
͘dŝƚnjĞ͕D͘<ƵĨŶĞƌ͕h͘tĞďĞƌ
;WEĞƚĞĐƚŽƌ'ŵď,Ϳ
ϭϱ͗ϯϬʹϭϱ͗ϰϬ
ͲyZ&ĂŶĂůLJƐŝƐƚŽĚĞƚĞƌŵŝŶĞƚŚĞŽƌŝŐŝŶ
ĂŶĚĂƵƚŚĞŶƚŝĐŝƚLJŽĨŐĞŵƐƚŽŶĞƐ
W͘>ĞŵďĞƌŐĞ͕͘ŽŶǀŝŶ͕&͘,ĞƌnjŽŐĂŶĚD͘^͘
<ƌnjĞŵŶŝĐŬŝ
;dŚĞƌŵŽ&ŝƐŚĞƌ^ĐŝĞŶƚŝĨŝĐ͕/ŶĐ͘Ϳ
ϭϱ͗ϰϬʹϭϲ͗ϭϬŽĨĨĞĞƌĞĂŬ
ϭϱ͗ϰϬʹϭϲ͗ϭϬŽĨĨĞĞƌĞĂŬ
ZŽŽŵ'ͲŚĂŝƌ͗ƌƵŶŽsƌĞďŽƐ
ZŽŽŵ'ͲŚĂŝƌ͗ƵƌŬŚĂƌĚĞĐŬŚŽĨĨ
ϭϲ͗ϭϬʹϭϲ͗ϮϬ
ϭϲ͗ϭϬʹϭϲ͗ϯϬ
ĚǀĂŶĐĞĚyͲZĂLJKƉƚŝĐƐŝŶyͲZĂLJ
&ůƵŽƌĞƐĐĞŶĐĞŶĂůLJƐŝƐʹdŚĞEĞǁdŽŽůƐ
ŝŶKůĚDĞƚŚŽĚƐ
EĞǁŵĞĂƐƵƌĞŵĞŶƚƐŽĨƚŚĞƐƵƌĨĂĐĞ
ŝŽŶŝnjĂƚŝŽŶĨŽƌĞůĞĐƚƌŽŶ
ƉƌŽďĞŵŝĐƌŽĂŶĂůLJƐŝƐ
E͘'ĂŽ͕^͘<ĂŵƚĞŬĂƌ͕D͘ƵƐĂĐŬ͕ĂŶĚ͘'ŝďƐŽŶ
y͘>ůŽǀĞƚĂŶĚ͘DĞƌůĞƚ
;yͲƌĂLJKƉƚŝĐĂů^LJƐƚĞŵƐ͕/ŶĐ͘Ϳ
ϭϲ͗ϮϬʹϭϲ͗ϯϬ
DŽdžƚĞŬͲ/ŶŶŽǀĂƚŝŶŐ^ŽůƵƚŝŽŶƐĨŽƌyͲƌĂLJƐ
<͘<ŽnjĂĐnjĞŬ
;DKyd<͕/ŶĐ͘Ϳ
ϭϲ͗ϯϬʹϭϲ͗ϰϬ
ϭϲ͗ϯϬʹϭϲ͗ϱϬ
,ŝŐŚůŝŐŚƚƐŽĨWEĂůLJƚŝĐĂůΖƐyZ&
ŝŶƐƚƌƵŵĞŶƚĂƚŝŽŶ
ƚŵŽƐƉŚĞƌŝĐůĞĐƚƌŽŶyͲZĂLJ
^ƉĞĐƚƌŽŵĞƚĞƌ;y^ͿĨŽƌŝŶƐŝƚƵ
ůĞŵĞŶƚĂůŶĂůLJƐŝƐ
͘sƌĞďŽƐ
;WEĂůLJƚŝĐĂů͘s͘Ϳ
:͘͘tŝůĐŽdž͕͘hƌŐŝůĞƐ͕Z͘dŽĚĂ͕:͘ƌŝƐƉ
ϭϲ͗ϰϬʹϭϲ͗ϱϬ
<d<ͲƌŽĂĚĞŶĞĚWŽƌƚĨŽůŝŽŽĨ,ŝŐŚ
ŶĞƌŐLJZĞƐŽůƵƚŝŽŶ^ŝůŝĐŽŶƌŝĨƚĞƚĞĐƚŽƌƐ
ĂŶĚyZ&ͲĐƋƵŝƐŝƚŝŽŶ^LJƐƚĞŵƐ
:͘<ŶŽďůŽĐŚ
;<d<'ŵď,Ϳ
KWWSH[UVILVXFSW
ϭϲ͗ϱϬʹϭϳ͗ϬϬ
:ŽŝŶĞĚĨĨŽƌƚͲ,ŽǁƉŽƌƚĂďůĞͬďĞŶĐŚƚŽƉ
yZ&ĂŶĚďĞŶĐŚƚŽƉђͲyZ&ĐĂŶďĞ
ĂƉƉůŝĞĚĨŽƌtĞĂƌŽŶƚĞŶƚĞƚĞƌŵŝŶĂƚŝŽŶ
ĂŶĚWĂƌƚŝĐůĞŶĂůLJƐŝƐŝŶƵƐĞĚůƵďƌŝĐĂƚŝŽŶ
Kŝů
ŝƌŬtŝƐƐŵĂŶŶĂŶĚŶĚƌĞĂƐtŝƚƚŬŽƉƉ
;ŵĞƚĞŬ'ŵď,Ϳ
ϭϲ͗ϱϬʹϭϴ͗ϯϬWŽƐƚĞƌƐĞƐƐŝŽŶ
ϭϲ͗ϱϬʹϭϴ͗ϯϬWŽƐƚĞƌƐĞƐƐŝŽŶ
ϭϴ͗ϭϱʹϭϵ͗ϭϱ
y^'ĞŶĞƌĂůƐƐĞŵďůLJ
ϭϴ͗ϭϱʹϭϵ͗ϭϱ
y^'ĞŶĞƌĂůƐƐĞŵďůLJ
WK^dZ^^^/KEϮ
DŽďŝůĞĂŶĚƉŽƌƚĂďůĞyZ&
ϭͲĚǀĂŶĐĞĚyͲƌĂLJƐƉĞĐƚƌŽŵĞƚĞƌƐďĂƐĞĚŽŶŚŝŐŚƉĞƌĨŽƌŵĂŶĐĞƌĞĂĚͲŽƵƚĞůĞĐƚƌŽŶŝĐƐ
ĐŽƵƉůĞĚǁŝƚŚ^ŝůŝĐŽŶƌŝĨƚĞƚĞĐƚŽƌƐ
Z͘ůďĞƌƚŝ͕>͘ŽŵďĞůůŝ͕͘&ŝŽƌŝŶŝ͕d͘&ƌŝnjnjŝ͕͘>ŽŶŐŽŶŝ͕Z͘EĂǀĂ
tyZ^
ϮͲĞƚĞƌŵŝŶĂƚŝŽŶŽĨŝŵƉƵƌŝƚŝĞƐŝŶĚƌƵŐƉƌŽĚƵĐƚƐďLJǁĂǀĞůĞŶŐƚŚĚŝƐƉĞƌƐŝǀĞyͲƌĂLJ
ĨůƵŽƌĞƐĐĞŶĐĞƐƉĞĐƚƌŽŵĞƚƌLJ
>͘'ŽŶĕĂůǀĞƐ͕/͘ŽƐƚĂ͕:͘ƌŝƚŽ
^LJŶĐŚƌŽƚƌŽŶyZ^
ϯͲŚĂƌĂĐƚĞƌŝnjĂƚŝŽŶŽĨƚŚĞ^K>/>ŵĞƚƌŽůŽŐLJďĞĂŵůŝŶĞ
D͘͘>ĠƉLJ͕z͘DĠŶĞƐŐƵĞŶ͕D͘/Ěŝƌ͕W͘DĞƌĐĞƌĞ͕W͘ĚĂ^ŝůǀĂ͕W͘^ƚĞŵŵůĞƌ͕/͘DŽƌĞĂƵ
ϰͲŝƌƋƵĂůŝƚLJĞǀĂůƵĂƚŝŽŶŝŶĂŵƉŝŶĂƐDĞƚƌŽƉŽůŝƚĂŶZĞŐŝŽŶ͗ĚĞƚĞƌŵŝŶĂƚŝŽŶŽĨŚĞĂǀLJ
ŵĞƚĂůƐŝŶƉĂƌƚŝĐƵůĂƚĞŵĂƚƚĞƌ;WDϭϬͿĂŶĚĐŽŶƚƌŝďƵƚŝŽŶŽĨĞŵŝƐƐŝŽŶƐŽƵƌĐĞƐ
^͘DŽƌĞŝƌĂ͕͘^͘DĞůŽ:ƷŶŝŽƌ
ϱͲDŽŶŝƚŽƌŝŶŐĂŶĚǀĂůƵĂƚŝŽŶŽĨDĞƚĂůƐŝŶƵĐƚƐĂŶĚ^ƚĂƚŝŽŶĂƌLJ^ŽƵƌĐĞƐŽĨĞƌĂŵŝĐ
/ŶĚƵƐƚƌŝĞƐďLJ^ZͲdyZ&
^͘DŽƌĞŝƌĂ͕Z͘:͘&ŽŶƐĞĐĂ
ϲͲdŚĞ,ĂƌĚyͲZĂLJDŝĐƌŽͬEĂŶŽͲWƌŽďĞďĞĂŵůŝŶĞWϬϲĂƚWdZ///
'͘&ĂůŬĞŶďĞƌŐ͕'͘tĞůůĞŶƌĞƵƚŚĞƌ͕E͘ZĞŝŵĞƌƐ
KWWSH[UVILVXFSW
ϳͲtĂǀĞůĞŶŐƚŚͲĚŝƐƉĞƌƐŝǀĞƐƉĞĐƚƌŽŵĞƚĞƌĨŽƌdžͲƌĂLJŵŝĐƌŽͲĨůƵŽƌĞƐĐĞŶĐĞĂŶĂůLJƐŝƐĂƚƚŚĞyͲ
ƌĂLJDŝĐƌŽƐĐŽƉLJďĞĂŵůŝŶĞ/Ϯϭ;^Z&Ϳ
:͘^njůĂĐŚĞƚŬŽ͕D͘ŽƚƚĞ͕:͘DŽƌƐĞ͕D͘^ĂůŽŵĠ͕W͘:ĂŐŽĚnjŝŶƐŬŝ͕:͘Ͳů͘ŽƵƐƐĞ͕:͘,ŽƐnjŽǁƐŬĂ͕z͘<ĂLJƐĞƌ͕:͘
^ƵƐŝŶŝ
W/yĂŶĚĞůĞĐƚƌŽŶŝŶĚƵĐĞĚyZ^
ϴͲ/ŶƚĞŐƌĂƚŝŽŶŽĨW/yĂŶĚyZ&ƐƉĞĐƚƌŽŵĞƚƌŝĞƐĨŽƌƐŝŵƵůƚĂŶĞŽƵƐĂƉƉůŝĐĂƚŝŽŶƐ
s͘ĞƐŶŝĐĂ͕^͘&ĂnjŝŶŝđĂŶĚD͘ŽŐŽǀĂĐ
ZĞĐĞŶƚ^ĐŝĞŶƚŝĨŝĐĞǀĞůŽƉŵĞŶƚƐďLJyZ^/ŶƐƚƌƵŵĞŶƚĂƚŝŽŶDĂŶƵĨĂĐƚƵƌĞƌƐ
ϵͲŶŚĂŶĐŝŶŐƚŚĞůŝŐŚƚĞůĞŵĞŶƚƉĞƌĨŽƌŵĂŶĐĞŽĨyZ&ďLJƵƐŝŶŐĂŶĞǁ^ŝůŝĐŽŶƌŝĨƚ
ĞƚĞĐƚŽƌǁŝƚŚŚŝŐŚƚƌĂŶƐŵŝƐƐŝŽŶǁŝŶĚŽǁ
WŽůĚĞWĂƉĞ͕<ĂŝĞŚƌĞŶƐ͕ŬŬĞŚĂƌĚ'ĞƌŶĚƚ͕hǁĞDĞƚŬĂ
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ϯϵͲ^ĐŝĞŶƚŝĨŝĐ/ŶǀĞƐƚŝŐĂƚŝŽŶƐŽŶZŽŵĂŶ^ŝůǀĞƌŽŝŶƐŽĨƚŚĞŵƉĞƌŽƌdƌĂũĂŶ;ϵϴʹϭϭϳͿ
D͘ZŽĚƌŝŐƵĞƐ͕&͘ĂƉƉĂ͕D͘^ĐŚƌĞŝŶĞƌ͕W͘&ĞƌůŽŶŝ͕D͘ZĂĚƚŬĞ͕h͘ZĞŝŶŚŽůnj͕͘tŽLJƚĞŬ͕D͘ůƌĂŵ
ϰϬͲ/ŶƐŝŐŚƚŽŶƚŚĞďůƵĞĂŶĚŐƌĞĞŶƉĂůĞƚƚĞŽĨϭϱƚŚƚŽϭϴƚŚĨƌĞƐĐŽĞƐŝŶ^ŽƵƚŚĞƌŶWŽƌƚƵŐĂů͗
ƉŝŐŵĞŶƚƐ͕ƚĞĐŚŶŝƋƵĞƐĂŶĚƐƚĂƚĞŽĨĐŽŶƐĞƌǀĂƚŝŽŶďLJyZ^ƚĞĐŚŶŝƋƵĞƐ
D͘'ŝů͕D͘>͘ĂƌǀĂůŚŽ͕/͘ZŝďĞŝƌŽ͕D͘:͘KůŝǀĞŝƌĂ͕^͘sĂůĂĚĂƐ͕:͘DŝƌĆŽ͕͘͘ĂŶĚĞŝĂƐ
ϰϭͲyͲƌĂLJƐƉĞĐƚƌŽƐĐŽƉLJƐƚƵĚLJŽŶĂƌĐŚĂĞŽůŽŐŝĐĂůŐůĂƐƐďĞĂĚƐĨƌŽŵ,ŽƌͲŬ͕ĐĞŶƚƌĂů
dŚĂŝůĂŶĚ
<͘tŽŶͲŝŶĂŶĚW͘ĂƌĂƌƵƚĂŶĂ
ϰϮΎͲDŝĐƌŽĂŶĂůLJƐŝƐŽĨĂŶĐŝĞŶƚŐůĂƐƐďĞĂĚƐĨŽƵŶĚĨƌŽŵ<ŚĂŽ^Ăŵ<ĂĞŽ͕ƐŽƵƚŚĞƌŶ
dŚĂŝůĂŶĚƵƐŝŶŐW/yĂŶĚWD
^͘WŽŶŐŬƌĂƉĂŶ͕z͘dŚŽŶŐŬĂŵ͕<͘tŽŶͲŝŶ͕W͘ĂƌĂƌƵƚĂŶĂĂŶĚW͘tĂƚŚĂŶĂŬƵů
ϰϯͲWŽƚĞŶƚŝĂůŝƚLJŽĨŶŽŶĚĞƐƚƌƵĐƚŝǀĞyZ&ĨŽƌĚĞƚĞƌŵŝŶŝŶŐƚŚĞƉƌŽǀĞŶĂŶĐĞŽĨ
ĂƌĐŚĂĞŽůŽŐŝĐĂůƉŽƚƚĞƌŝĞƐ͗ƚŚĞĐĂƐĞŽĨ͞ŽƌŝŶƚŚŝĂŶ͟ĂŵƉŚŽƌĂĞ
'͘ĂƌŽŶĞ͕s͘ƌƵƉŝ͕&͘>ŽŶŐŽ͕͘DĂũŽůŝŶŽ͕W͘DĂnjnjŽůĞŶŝ͕'͘^ƉĂŐŶŽůŽ͕s͘sĞŶƵƚŝ͕͘ƋƵŝůŝĂ
ϰϰͲ^ƚƵĚLJŽĨƚǁŽĂƌŽƋƵĞƉŽůLJĐŚƌŽŵĞǁŽŽĚĞŶƐĐƵůƉƚƵƌĞƐ
^͘WĞƐƐĂŶŚĂ͕͘>Ğ'ĂĐ͕D͘DĂŶƐŽ͕D͘>͘ĂƌǀĂůŚŽ
KWWSH[UVILVXFSW
ϰϱͲĞƚĞƌŵŝŶĂƚŝŽŶŽĨƚŚĞĞůĞŵĞŶƚĂůĐŽŵƉŽƐŝƚŝŽŶŽĨĂϭϵƚŚĐĞŶƚƵƌLJŬďLJyZ&͗
ƵŶĚĞƌƐƚĂŶĚŝŶŐƉĂƉĞƌĚŝƐĐŽůŽƌĂƚŝŽŶ
^͘WĞƐƐĂŶŚĂ͕&͘&ŝŐƵĞŝƌĂ͕D͘DĂŶƐŽ͕͘'ƵŝůŚĞƌŵĞ͕D͘>͘ĂƌǀĂůŚŽ
ϰϲͲ/ŶǀĞƐƚŝŐĂƚŝŽŶŽĨƚŚĞŝŶŶĂďĂƌƵƐĂŐĞŝŶEĞŽůŝƚŚŝĐƉĞƌŝŽĚŽŶƚŚĞdĞƌƌŝƚŽƌLJŽĨ^ĞƌďŝĂ
s͘ŶĚƌŝđ͕D͘^ƚŽũĂŶŽǀŝđ͕D͘'Ăũŝđ<ǀĂƓēĞǀ͕͘aŵŝƚ͕s͘<ĂŶƚĂƌĞůŽƵ
ϰϳͲŚĂƌĂĐƚĞƌŝnjĂƚŝŽŶŽĨƉŝŐŵĞŶƚƐŽĨĨĂŝĞŶĐĞƐŽĨƌĂnjŝůŝĂŶĐŽůŽŶŝĂůƉĞƌŝŽĚ
s͘<͘ƐĨŽƌĂ͕D͘͘ƵƌĂĚŽ͕,͘>ĂǀĂůůĞ͕D͘͘'͘ĚĞůďƵƋƵĞƌƋƵĞ͕,͘:͘<ŚŽƵƌLJ͕^͘͘ĂƌƌĞƚŽ
yͲƌĂLJƐŽƵƌĐĞƐ͕ŽƉƚŝĐƐĂŶĚĚĞƚĞĐƚŽƌƐ
ϰϴͲDŽĚŝĨŝĞĚ/ŶƚĞƌŶĂů'ĂƚĞ;D/'&dͿyͲZĂLJĞƚĞĐƚŽƌ
͘EŝĞŵĞůĂ͕:͘^ĞƉƉćůć͕͘ƵƌŽůĂ͕,͘^ŝƉŝůĂĂŶĚd͘dƵƵǀĂ
ϰϵΎͲϯϬŬĞsƉŚŽƚŽŶƐƉĞĐƚƌĂƌĞĐŽŶƐƚƌƵĐƚŝŽŶĨƌŽŵĨůĂƚƉĂŶĞůŝŵĂŐĞƐĂŶĚDŽŶƚĞĂƌůŽ
ƐŝŵƵůĂƚŝŽŶ
͘:ƵƐƚĞ͕Z͘Dŝƌſ͕͘,ƵƐŚLJĂƌ͕'͘sĞƌĚƷ
ϱϬͲŚĂƌĂĐƚĞƌŝnjĂƚŝŽŶŽĨĂ'W^ͬD^'ŚLJďƌŝĚĚĞƚĞĐƚŽƌĨŽƌŚĂƌĚyͲƌĂLJƐƉĞĐƚƌŽƐĐŽƉLJ
ŽƉĞƌĂƚŝŶŐŝŶĂŚŝŐŚƉƌĞƐƐƵƌĞyĞŶŽŶĂƚŵŽƐƉŚĞƌĞ
>͘͘͘ŽĞůŚŽ͕:͘&͘͘͘sĞůŽƐŽ͕͘^͘ŽǀŝƚĂ͕>͘&͘ZĞƋƵŝĐŚĂ&ĞƌƌĞŝƌĂ͕:͘D͘&͘ĚŽƐ^ĂŶƚŽƐ
ϱϭͲĂŶƚŚĞ,s>ŚĞůƉŽŶƚŚĞyͲƌĂLJƚƵďĞĐŚĂƌĂĐƚĞƌŝnjĂƚŝŽŶ͍
&ůŽƌďĞůĂZġŐŽ͕>ƵŝƐWĞƌĂůƚĂ͕DĂĨĂůĚĂ'ŽŵĞƐ
ϱϮͲŶĞƌŐLJͲŝƐƉĞƌƐŝǀĞђyͲZĂLJŝĨĨƌĂĐƚŝŽŶǁŝƚŚWŽůLJĐĂƉŝůůĂƌLJKƉƚŝĐƐŝŶĂdŚƌĞĞͲ
ŝŵĞŶƐŝŽŶĂůŽŶĨŽĐĂů^ĞƚƵƉ
Z͘͘WĞƌĞnj͕,͘:͘^ĄŶĐŚĞnj͕͘D͘^ŽƐĂ͕͘WĞƌĞnj͕D͘>͘ĂƌǀĂůŚŽ
ϱϯͲDŽŶƚĞĂƌůŽƉŚŽƚŽĞůĞĐƚƌŽŶĞdžƚƌĂĐƚŝŽŶŝŶŵŝdžƚƵƌĞƐŽĨŵŽůĞĐƵůĂƌŐĂƐĞƐ͗,ϰ͕&ϰĂŶĚ
KϮ
:͘ƐĐĂĚĂ͕W͘:͘͘D͘ZĂĐŚŝŶŚĂƐ͕d͘,͘s͘d͘ŝĂƐ͕&͘W͘^ĂŶƚŽƐ͕:͘͘D͘>ŽƉĞƐ͕͘͘E͘ŽŶĚĞĂŶĚ͘͘^ƚĂƵĨĨĞƌ
ϱϰͲyͲƌĂLJĚĞƚĞĐƚŝŽŶƉĞƌĨŽƌŵĂŶĐĞŽĨĂŚŝŐŚͲƉƌĞƐƐƵƌĞdžĞŶŽŶŐĂƐƉƌŽƉŽƌƚŝŽŶĂů
ƐĐŝŶƚŝůůĂƚŝŽŶĐŽƵŶƚĞƌ
>͘͘͘ŽĞůŚŽ͕:͘͘D͘>ŽƉĞƐ͕ĂŶĚ:͘D͘&͘ĚŽƐ^ĂŶƚŽƐ
ϱϱͲ^ŝŵŝůĂƌŝƚLJďĞƚǁĞĞŶďůĂĐŬďŽĚLJĂŶĚƐLJŶĐŚƌŽƚƌŽŶƌĂĚŝĂƚŝŽŶĂŶĂůLJnjĞĚďLJdƐĂůůŝƐ
ĞŶƚƌŽƉLJ
:ƵŶ<ĂǁĂŝ͕,ŝƌŽLJƵŬŝ/ǁĂƐĂŬŝ͕<ŽƌĞƚĂŬĂzƵŐĞ͕ŐŶĞƐEĂŐLJ
ϱϲͲZĞƐƉŽŶƐĞ&ƵŶĐƚŝŽŶŽĨƚŚĞĚŶdĞ^WZĞƚĞĐƚŽƌ
>͘DĂƌǁĂŚĂ
ϱϳͲWĞĐƵůŝĂƌŝƚŝĞƐŽĨyͲƌĂLJƉůĂŶĂƌĞdžƚĞŶĚĞĚŐƵŝĚĞƐďƵŝůƚŽŶďĂƐĞŽĨƉŽůLJĐƌLJƐƚĂůůŝŶĞĨĞƌƌŝƚĞƐ
ƌĞĨůĞĐƚŽƌƐ
s͘<͘ŐŽƌŽǀ͕͘s͘ŐŽƌŽǀ͕D͘^͘ĨĂŶĂƐ͛Ğǀ
ΎWŽƐƚĞƌŶŽƚƉƌĞƐĞŶƚĞĚĂƚyZ^ϮϬϭϬ
KWWSH[UVILVXFSW
tE^zͲ:hEϮϯ͕ϮϬϭϬ
^ĞƐƐŝŽŶϵ͗>ŝĨĞ^ĐŝĞŶĐĞƐĂŶĚ
&ŽƌĞŶƐŝĐƐ
^ĞƐƐŝŽŶϭϬ͗dyZ&͕'/yZ&ĂŶĚ
ƌĞůĂƚĞĚƚĞĐŚŶŝƋƵĞƐ
ZŽŽŵ'ͲŚĂŝƌ͗zŽŚŝĐŚŝ'ŽŚƐŚŝ
ZŽŽŵ^ͲŚĂŝƌ͗<͘dĂŶŝŐƵĐŚŝ
Ϭϴ͗ϰϬʹϬϵ͗ϬϬ
Ϭϴ͗ϯϬʹϬϵ͗ϬϬ
<ƐŚĞůůdžͲƌĂLJĨůƵŽƌĞƐĐĞŶĐĞŽĨƚƌĂĐĞ
ĞůĞŵĞŶƚƐŝŶůŝǀŝŶŐŚƵŵĂŶƐƵďũĞĐƚƐ
/Es/d>dhZ͗
dƌĞĂƚŵĞŶƚŽĨƌĞĨƌĂĐƚŝŽŶĞĨĨĞĐƚƐŝŶ
ƋƵĂůŝƚĂƚŝǀĞĂŶĂůLJƐŝƐŽĨtͲyZ&ƐƉĞĐƚƌĂ
͘Z͘ŚĞƚƚůĞ
W͘E͘ƌŽƵǁĞƌ
;WEĂůLJƚŝĐĂůsͿ
Ϭϵ͗ϬϬʹϬϵ͗ϮϬ
Ϭϵ͗ϬϬʹϬϵ͗ϮϬ
<yZ&ŽŶĞ>ĞĂĚĞƚĞĐƚŽƌWĞƌĨŽƌŵĂŶĐĞ
ĂŶĚŶĞƌŐLJZĞƐŽůƵƚŝŽŶ
ZĞĐĞŶƚĂĚǀĂŶĐĞƐĂŶĚĂƉƉůŝĐĂƚŝŽŶƐŝŶ
dyZ&ŽĨƚŚĞƚŽŵŝŶƐƚŝƚƵƚyͲƌĂLJŐƌŽƵƉ
͘dƌĞĂĚǁĞůů͕Z͘'ƌĂŐŐ///͕ŝŽŶWĂƵů͕D͘ĂƌŽŶƐ͕
͘dƐŚĂďĞ
W͘tŽďƌĂƵƐĐŚĞŬ͕͘^ƚƌĞůŝ͕͘,ŽƌŶƚƌŝĐŚ͕
͘/ŶŐĞƌůĞ͕&͘DĞŝƌĞƌ
Ϭϵ͗ϮϬʹϬϵ͗ϰϬ
Ϭϵ͗ϮϬʹϬϵ͗ϰϬ
ŵŝŶŝĂƚƵƌĞdžͲƌĂLJƚƵďĞĂƉƉƌŽĂĐŚ
ƚŽŵĞĂƐƵƌŝŶŐůĞĂĚŝŶďŽŶĞƵƐŝŶŐ>ͲyZ&
'/Ͳy&^ŽĨƌƐĞŶŝĐƵůƚƌĂƐŚĂůůŽǁ
ũƵŶĐƚŝŽŶƐŝŶ^ŝůŝĐŽŶĨŽƌŵĞĚďLJďĞĂŵůŝŶĞ
ĂŶĚƉůĂƐŵĂŝŵŵĞƌƐŝŽŶŝŽŶ
ŝŵƉůĂŶƚĂƚŝŽŶĂŶĚůĂƐĞƌĂŶŶĞĂůŝŶŐ
ĂǀŝĚ͘͘&ůĞŵŝŶŐ͕DŝŚĂŝZ͘'ŚĞƌĂƐĞĂŶĚ<ĞǀŝŶ
D͘ůĞdžĂŶĚĞƌ
'͘WĞƉƉŽŶŝ͕&͘DĞŝƌĞƌ͕D͘͘^ĂŚŝŶĞƌ͕͘
'ŝƵďĞƌƚŽŶŝ͕^͘'ĞŶŶĂƌŽ͕͘ĞŵĞŶĞǀ͕:͘͘
tŽŝĐŝŬ͕D͘ĞƌƐĂŶŝ͕D͘͘&ŽĂĚ͕͘^ƚƌĞůŝĂŶĚW͘
WŝĂŶĞƚƚĂ
Ϭϵ͗ϰϬʹϭϬ͗ϬϬ
Ϭϵ͗ϰϬʹϭϬ͗ϬϬ
yͲƌĂLJĂŶĚ/ZŵŝĐƌŽͲĂŶĂůLJƐŝƐƐƚƵĚŝĞƐŽĨ
ďŽŶĞŵŝŶĞƌĂůĂŶĚƌĞůĂƚĞĚďŝŽůŽŐŝĐĂů
ƐĂŵƉůĞƐ
ĞƚĞƌŵŝŶĂƚŝŽŶŽĨdƌĂĐĞWĞƌĐŚůŽƌĂƚĞ
ŽŶĐĞŶƚƌĂƚŝŽŶƐďLJŶŝŽŶ^ĞůĞĐƚŝǀĞ
DĞŵďƌĂŶĞƐĂŶĚdyZ&ŶĂůLJƐŝƐ
͘ŝĐŚĞƌƚ͕͘ŽŵďĞƐ͕W͘ůĞƵĞƚ͕D͘^ĂůŽŵĠĂŶĚ
͘ZĞLJ
s͘,ĂƚnjŝƐƚĂǀƌŽƐ͕E͘<ĂůůŝƚŚƌĂŬĂƐͲ<ŽŶƚŽƐ
ϭϬ͗ϬϬʹϭϬ͗ϮϬ
ϭϬ͗ϬϬʹϭϬ͗ϮϬ
ŚĂƌĂĐƚĞƌŝnjĂƚŝŽŶŽĨŐĞŽŐƌĂƉŚŝĐŽƌŝŐŝŶƐ
ŽĨĨŽŽĚƐƚƵĨĨƐďLJƚƌĂĐĞĞůĞŵĞŶƚ
ƐŝŐŶĂƚƵƌĞƐŵĞĂƐƵƌĞĚďLJyZ&ĂŶĂůLJƐŝƐ
^ZͲďĂƐĞĚŚŝŐŚͲƌĞƐŽůƵƚŝŽŶ'yZ&͕ĂŶĞǁ
ƚĞĐŚŶŝƋƵĞƚŽĚĞƚĞƌŵŝŶĞƚŚĞĚĞƉƚŚ
ĚŝƐƚƌŝďƵƚŝŽŶŽĨĚŽƉĂŶƚƐŝŵƉůĂŶƚĞĚŝŶ
ƐĞŵŝĐŽŶĚƵĐƚŽƌƐ
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z͘<ĂLJƐĞƌ͕͘ĂŶĂƑ͕t͘ĂŽ͕:͘Ͳů͘ŽƵƐƐĞ͕:͘
,ŽƐnjŽǁƐŬĂ͕W͘:ĂŐŽĚnjŝŷƐŬŝ͕D͘<Ăǀēŝē͕͘
<ƵďĂůĂͲ<ƵŬƵƑ͕^͘EŽǁĂŬ͕D͘WĂũĞŬ͕:͘^njůĂĐŚĞƚŬŽ
KWWSH[UVILVXFSW
ϭϬ͗ϮϬͲϭϬ͗ϱϬŽĨĨĞĞƌĞĂŬ
ϭϬ͗ϮϬͲϭϬ͗ϱϬŽĨĨĞĞƌĞĂŬ
ZŽŽŵ'ͲŚĂŝƌ͗:ŽŚĂŶŽŵĂŶ
ZŽŽŵ^ͲŚĂŝƌ͗>ĂƐnjůŽsŝŶĐnjĞ
ϭϬ͗ϱϬʹϭϭ͗ϭϬ
ϭϬ͗ϱϬʹϭϭ͗ϭϬ
ǀĂůƵĂƚŝŽŶŽĨĞŶǀŝƌŽŶŵĞŶƚĂů
ĚĞŐƌĂĚĂƚŝŽŶŝŶƵďƌŽǀĂĐŬŽͲEĞƌĞƚǀĂŶƐŬĂ
ŽƵŶƚLJŝŶƌŽĂƚŝĂƵƐŝŶŐŵƵůƚŝǀĂƌŝĂƚĞ
ƐƚĂƚŝƐƚŝĐĂů'/^ͲďĂƐĞĚĂƉƉƌŽĂĐŚ
/ŶǀĞƐƚŝŐĂƚŝŽŶŽĨy^tƌĞůĂƚĞĚĞĨĨĞĐƚƐŽŶ
ƌĞĨĞƌĞŶĐĞͲĨƌĞĞƋƵĂŶƚŝƚĂƚŝŽŶŽĨ
ŶĂŶŽƉĂƌƚŝĐůĞƐŝŶdyZ&
͘<ƵƚůĞ͕>͘DĂƚũĂĐŝĐ͕:͘KĚĂƐ͕<͘EĂĚ͕s͘
sĂůŬŽǀŝĐ
:͘KƐĄŶ͕&͘ZĞŝŶŚĂƌĚƚ͕͘ĞĐŬŚŽĨĨ͕͘͘WĂƉ͕^͘
dƂƌƂŬ
ϭϭ͗ϭϬʹϭϭ͗ϯϬ
ϭϭ͗ϭϬʹϭϭ͗ϯϬ
dƌĂĐĞůĞŵĞŶƚƐ>ĞǀĞůƐƚŽŝĨĨĞƌĞŶƚdLJƉĞƐ
ŽĨƌĞĂƐƚdƵŵŽƵƌƐŝŶŽŐƐ
YƵĂŶƚŝĨŝĐĂƚŝŽŶ/ƐƐƵĞƐŽĨdŽƚĂůZĞĨůĞĐƚŝŽŶ
yͲZĂLJ&ůƵŽƌĞƐĐĞŶĐĞĨŽƌhůƚƌĂdƌĂĐĞ
^ƵƌĨĂĐĞŶĂůLJƐŝƐ
^͘^͘^ĂŬĂŵŽƚŽ͕͘>͘ŶĚƌĂĚĞ͕D͘͘Z͘>ƵǀŝnjŽƚƚŽ͕^͘
tŝůů͕D͘^ĐĂƉŝŶ͕D͘>͘ĂƌǀĂůŚŽ͕͘ŶƚƵŶĞƐ
͘EƵƚƐĐŚ͕͘ĞĐŬŚŽĨĨ͕Z͘ůƚŵĂŶŶ͕W͘,ŽĞŶŝĐŬĞ
ϭϭ͗ϯϬʹϭϭ͗ϱϬ
ϭϭ͗ϯϬʹϭϭ͗ϱϬ
^ĐŝŶƚŝůůĂƚŝŶŐKƉƚŝĐĂů&ŝďĞƌŽƐŝŵĞƚĞƌ
'ƌĂnjŝŶŐ/ŶĐŝĚĞŶĐĞyͲƌĂLJ^ƉĞĐƚƌŽŵĞƚƌLJ
ĨŽƌƚŚĞŚĂƌĂĐƚĞƌŝnjĂƚŝŽŶŽĨĞƉŽƐŝƚĞĚ
EĂŶŽƉĂƌƚŝĐůĞƐ
&ůŽƌďĞůĂZġŐŽ͕>ƵŝƐWĞƌĂůƚĂ͕DĂĨĂůĚĂ'ŽŵĞƐ͕D͘
ŽŶĐĞŝĕĆŽďƌĞƵ
&͘ZĞŝŶŚĂƌĚƚ͕͘ĞĐŬŚŽĨĨ͕͘WŽůůĂŬŽǁƐŬŝ͕,͘
ƌĞƐĐŚ͕^ƚ͘^ĞĞŐĞƌ͕h͘tĂůĚƐĐŚůćŐĞƌ
ϭϭ͗ϱϬʹϭϮ͗ϭϬ
ϭϭ͗ϱϬʹϭϮ͗ϭϬ
/ŶƚĞƌĞůĞŵĞŶƚĂůĐŽƌƌĞůĂƚŝŽŶƐŝŶůŝǀĞƌĂŶĚ
ůƵŶŐƚŝƐƐƵĞŽĨƌĂƚƐǁŝƚŚĂůŝŵĞŶƚĂƌLJ
ĂĚŝƉŽƐŝƚLJ;^ZyZ&Ϳ
WƌŽďŝŶŐďƵƌŝĞĚŝŶƚĞƌĨĂĐĞƐďLJ'/yZ&Ͳ
Ey&^͗dŚĞŝŶĨůƵĞŶĐĞŽĨƉŽƐƚͲ
ĚĞƉŽƐŝƚŝŽŶƚƌĞĂƚŵĞŶƚƐŽĨƚŚŝŶĨŝůŵ
ƐŝůŝĐŽŶƐŽůĂƌĐĞůůƐ
s͘dƌƵŶŽǀĂ͕s͘ǀĞƌĞǀĂ͕͘ŚƵƌŝŶ
D͘WĂŐĞůƐ͕D͘tŝŵŵĞƌ͕&͘ZĞŝŶŚĂƌĚƚ͕͘
WŽůůĂŬŽǁƐŬŝ͕W͘,ƂŶŝĐŬĞ͕D͘DƺůůĞƌ͕͘ĞĐŬŚŽĨĨ͕
<͘>ŝƉƐ͕͘ZĞĐŚ͕͘<ĂƌLJĚĂ͕D͘Ͳ͘>ĞƉLJ͕͘
<ĂŶŶŐŝĞƘĞƌ
ϭϮ͗ϭϬʹϭϮ͗ϯϬ
ϭϮ͗ϭϬʹϭϮ͗ϯϬ
dŚĞhƐĞŽĨĂŶyͲZĂLJ&ůƵŽƌĞƐĐĞŶĐĞ
^ƉĞĐƚƌŽƐĐŽƉLJ^LJƐƚĞŵƚŽDĞĂƐƵƌĞ
^ƚƌŽŶƚŝƵŵ/ŶĐŽƌƉŽƌĂƚŝŽŶĂŶĚZĞƚĞŶƚŝŽŶ
ŝŶ,ƵŵĂŶŽŶĞ
^ƉĞĐƚƌŽƐĐŽƉLJ^ƚƵĚŝĞƐĂƚyͲ>Ăď>E&
͘,ĂŵƉĂŝ͕^͘͘ĂďĂŐŽǀ͕'͘ĂƉƉƵĐĐŝŽ͕s͘
'ƵŐůŝĞůŵŽƚƚŝ
,ĞůĞŶDŽŝƐĞ͕ŶĂWĞũŽǀŝđͲDŝůŝđ͕ĂǀŝĚZ͘ŚĞƚƚůĞ
ϭϮ͗ϯϬʹϭϰ͗ϬϬ>ƵŶĐŚ
ϭϮ͗ϯϬʹϭϰ͗ϬϬ>ƵŶĐŚ
ϭϰ͗ϬϬʹϭϴ͗ϯϬdžĐƵƌƐŝŽŶ
ϭϰ͗ϬϬʹϭϴ͗ϯϬdžĐƵƌƐŝŽŶ
KWWSH[UVILVXFSW
d,hZ^zͲ:hEϮϰ͕ϮϬϭϬ
^ĞƐƐŝŽŶϭϭ͗ĂƌƚŚĂŶĚ
ĞŶǀŝƌŽŶŵĞŶƚƐĐŝĞŶĐĞƐ
^ĞƐƐŝŽŶϭϮ͗YƵĂŶƚŝĨŝĐĂƚŝŽŶ
ŵĞƚŚŽĚŽůŽŐLJ
ZŽŽŵ'ͲŚĂŝƌ͗>ŝƋŝĂŶŐ>ƵŽ
ZŽŽŵ^ͲŚĂŝƌ͗:͘^ĂŶĐŚĞnj
Ϭϴ͗ϯϬʹϬϵ͗ϬϬ
Ϭϴ͗ϯϬʹϬϵ͗ϬϬ
/Es/d>dhZ͗
yͲƌĂLJƐƉĞĐƚƌŽŵĞƚƌLJŝŶĂƌƚŚ^ĐŝĞŶĐĞƐ͗
ZĞĐĞŶƚĚĞǀĞůŽƉŵĞŶƚĂŶĚƉƉůŝĐĂƚŝŽŶƐ
/Es/d>dhZ͗
ƉƉƌŽĂĐŚĞƐƚŽǀĂůŝĚĂƚŝŽŶŽĨƌĞƐƵůƚƐ
ƚŚƌŽƵŐŚŽƵƚƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨ
ƋƵĂŶƚŝĨŝĐĂƚŝŽŶŵĞƚŚŽĚƐŝŶyZ^
/ŐŶĂĐŝŽYƵĞƌĂůƚ
;/ŶƐƚŝƚƵƚĞŽĨĂƌƚŚ^ĐŝĞŶĐĞƐ͞:ĂƵŵĞ
ůŵĞƌĂ͟Ϳ
Z͘WĂĚŝůůĂͲůǀĂƌĞnj͕͘DĂƌŬŽǁŝĐnj͕͘ŚŝŶĞĂͲ
ĂŶŽ͕͘'͘<ĂƌLJĚĂƐ
;/ŶƚĞƌŶĂƚŝŽŶĂůƚŽŵŝĐŶĞƌŐLJŐĞŶĐLJͿ
Ϭϵ͗ϬϬʹϬϵ͗ϮϬ
Ϭϵ͗ϬϬʹϬϵ͗ϮϬ
^ŽƵƌĐĞĂƉƉŽƌƚŝŽŶŵĞŶƚŽĨWDϮ͘ϱŝŶ
EĂŝƌŽďŝ͕<ĞŶLJĂ
ŶĞǁĨƵŶĚĂŵĞŶƚĂůƉĂƌĂŵĞƚĞƌďĂƐĞĚ
ƋƵĂŶƚŝĨŝĐĂƚŝŽŶƉƌŽĐĞĚƵƌĞĨŽƌŵŝĐƌŽͲyZ&
ĚĂƚĂ
:͘ŽŵĂŶ͕:͘͘͘WĞƚƚĞƌƐƐŽŶ͕D͘:'ĂƚĂƌŝ͕y͘
ŚĂŶŐ
d͘tŽůĨĨ͕t͘DĂůnjĞƌ͕/͘DĂŶƚŽƵǀĂůŽƵ͕K͘,ĂŚŶ͕
͘<ĂŶŶŐŝĞƘĞƌ
Ϭϵ͗ϮϬʹϬϵ͗ϰϬ
Ϭϵ͗ϮϬʹϬϵ͗ϰϬ
ŚĞŵŝĐĂůĐŚĂƌĂĐƚĞƌŝnjĂƚŝŽŶĚƵƌŝŶŐ
ƐĞĚŝŵĞŶƚƐĞƚƚůŝŶŐĞdžƉĞƌŝŵĞŶƚƐĨŽƌ
ĚŝĨĨĞƌĞŶƚƌŝǀĞƌƐŝŶ&ůĂŶĚĞƌƐ
DŽŶƚĞĂƌůŽƐŝŵƵůĂƚŝŽŶĐŽĚĞĨŽƌ
ĐŽŶĨŽĐĂůϯŵŝĐƌŽͲyZ&ĂŶĂůLJƐŝƐŽĨ
ƐƚƌĂƚŝĨŝĞĚŵĂƚĞƌŝĂůƐ
<͘ǀĂŶDĞĞů͕W͘ĂŶƚ͕͘sĂŶůŝĞƌĚĞ͕W͘:ĂĐŽďƐ͕&͘
DŽƐƚĂĞƌƚ͕Z͘ǀĂŶ'ƌŝĞŬĞŶ
D͘njLJnjLJĐŬŝ͕͘tĞŐƌnjLJŶĞŬ͕W͘tƌŽďĞů͕D͘
>ĂŶŬŽƐnj͕D͘ŽŐŽǀĂĐ͕͘'͘<ĂƌLJĚĂƐĂŶĚ͘
DĂƌŬŽǁŝĐnj
Ϭϵ͗ϰϬʹϭϬ͗ϬϬ
Ϭϵ͗ϰϬʹϭϬ͗ϬϬ
DĞƚĂůĐŽŶĐĞŶƚƌĂƚŝŽŶƐŝŶĂŵďŝĞŶƚ
ĂŝƌďŽƌŶĞƉĂƌƚŝĐƵůĂƚĞŵĂƚƚĞƌŝŶ&ŝŶŽŬĂůŝĂ͕
'ƌĞĞĐĞ;&DϬϴͿ
hƐĞŽĨƚŚĞZyZ&'h/ͲĂƐĞĚDŽŶƚĞ
ĂƌůŽͲ>ŝďƌĂƌLJ>ĞĂƐƚͲ^ƋƵĂƌĞƐ;D>>^Ϳ
ŽĚĞĨŽƌƚŚĞyK^yZ&ŶĂůLJnjĞƌ
D͘&ƵƌŐĞƌ͕͘ZŝĐŚĂƌĚ͕͘DŽŚƌ͕͘dŚĞŽĚŽƐŝ͕E͘
ƵŬŽǁŝĞĐŬŝ͕W͘>ŝĞŶĞŵĂŶŶ͕h͘&ůĞĐŚƐŝŐ͕<͘ƉƉĞů͕
E͘DŝŚĂůŽƉŽƵůŽƐ͕͘^͘,͘WƌĞǀŽƚĂŶĚh͘
ĂůƚĞŶƐƉĞƌŐĞƌ
ZŽďŝŶW͘'ĂƌĚŶĞƌ͕&ƵƐŚĞŶŐ>ŝ
KWWSH[UVILVXFSW
ϭϬ͗ϬϬʹϭϬ͗ϮϬ
ϭϬ͗ϬϬʹϭϬ͗ϮϬ
^ƚƵĚLJŽŶĚƐƚŽƌĂŐĞĂŶĚĚĞƚŽdžŝĨŝĐĂƚŝŽŶ
ŵĞĐŚĂŶŝƐŵŽĨƚŽďĂĐĐŽďLJŵŝĐƌŽͲyZ&
ŝŵĂŐŝŶŐĂŶĚy&^ĂŶĂůLJƐĞƐƵƐŝŶŐŚŝŐŚͲ
ĞŶĞƌŐLJƐLJŶĐŚƌŽƚƌŽŶƌĂĚŝĂƚŝŽŶ
ŝƌĞĐƚĐŚĞŵŝĐĂůĐŚĂƌĂĐƚĞƌŝƐĂƚŝŽŶŽĨĐůĂLJ
ƐƵƐƉĞŶƐŝŽŶƐďLJtͲyZ&
D͘&͘'ĂnjƵůůĂ͕^͘ŽůƐ͕D͘KƌĚƵŹĂ
͘,ŽŬƵƌĂ͕^͘dĂŬĂĚĂ͕E͘<ŝƚĂũŝŵĂ͕z͘dĞƌĂĚĂ͕d͘
ďĞ͕ĂŶĚ/͘EĂŬĂŝ
ϭϬ͗ϮϬͲϭϬ͗ϱϬŽĨĨĞĞƌĞĂŬ
ϭϬ͗ϮϬͲϭϬ͗ϱϬŽĨĨĞĞƌĞĂŬ
ZŽŽŵ'ͲŚĂŝƌ͗ĂǀŝĚŚĞƚƚůĞ
ZŽŽŵ^ͲŚĂŝƌ͗:ŽĂĐŚŝŵ,ĞĐŬĞů
ϭϬ͗ϱϬʹϭϭ͗ϭϬ
ϭϬ͗ϱϬʹϭϭ͗ϭϬ
ŶĂůLJƐŝƐŽĨ/ƌŽŶKƌĞƐhƐŝŶŐƚŚĞŽŵƉƚŽŶ
ZĂƚŝŽDĞƚŚŽĚǁŝƚŚdŚĞŽƌĞƚŝĐĂůůƉŚĂ
ŽƌƌĞĐƚŝŽŶƐŝŶyZ&
ŶĂůLJƐŝƐŽĨƚŚŝŶĨŝůŵƐŽůĂƌĐĞůůƐǁŝƚŚyZ&
ĂŶĚ^DͲ^
d͘^ĂůŐĞ͕͘ůŽŬŚŝŶĂ͕D͘,ĂƐĐŚŬĞ
,͘,ŽŵŵĂ͕<͘<ĂŶƐĂŝ͕z͘zĂŵĂĚĂ͕z͘<ĂƚĂŽŬĂ͕,͘
<ŽŚŶŽ
ϭϭ͗ϭϬʹϭϭ͗ϯϬ
ϭϭ͗ϭϬʹϭϭ͗ϯϬ
,ƵŵĂŶŚĞĂůƚŚŝŵƉĂĐƚĞǀĂůƵĂƚŝŽŶŽĨƵ͕
Ŷ͕ƐĂŶĚWďĐŽŶĐĞŶƚƌĂƚŝŽŶƐǀĂůƵĞƐŝŶ
ƐŽŝůƐĂŶĚƐĞĚŝŵĞŶƚƐ͗ƉƌŽƉŽƐĂůĨŽƌĂ
ƋƵĂůŝƚLJĐƌŝƚĞƌŝĂŝŶƌŽĂƚŝĂ
^ƚĂƚŝƐƚŝĐĂůŵŽĚĞůƐĨŽƌƚŚĞĂŶĂůLJƐŝƐŽĨ
ƐĂŵƉůĞƐǁŝƚŚŝŶŚŽŵŽŐĞŶĞŽƵƐ
ƐƚƌƵĐƚƵƌĞƐĂŶĚͬŽƌƌŽƵŐŚƐƵƌĨĂĐĞƐ
:͘KĚĂƐ͕͘<ƵƚůĞ͕s͘sĂůŬŽǀŝĐ
D͘DĂŶƚůĞƌ͕͘ĞĐŬŚŽĨĨ͕D͘DƺůůĞƌ͕:͘tĞƐĞƌ͕
D͘<ŽůďĞ͕͘ZĂŵŵůŵĂŝƌ͕͘tŝƚƚĞŶďĞƌŐ
ϭϭ͗ϯϬʹϭϭ͗ϱϬ
ϭϭ͗ϯϬʹϭϭ͗ϱϬ
ŶĂůLJƐŝƐŽĨĂĞƌŽƐŽůƐĂŵƉůĞƐĐŽůůĞĐƚĞĚďLJ
ŵƵůƚŝͲƐƚĂŐĞĐĂƐĐĂĚĞŝŵƉĂĐƚŽƌƐďLJͲ
yZ&
ϯDŝĐƌŽͲyͲZĂLJďƐŽƌƉƚŝŽŶEĞĂƌĚŐĞ
^ƉĞĐƚƌŽƐĐŽƉLJ;yE^Ϳ
͘ƵĐĐŝĂ͕s͘ĞƌŶĂƌĚŽŶŝ͕'͘ĂůnjŽůĂŝ͕D͘ŚŝĂƌŝ͕>͘
>Ă'ĂĐĐŝĂ͕&͘>ƵĐĂƌĞůůŝ͕͘DĂƐƐĂďž͕^͘EĂǀĂ͕W͘
WƌĂƚŝ͕'͘sĂůůŝ͕Z͘sĞĐĐŚŝ
>͘>ƺŚů͕͘,ĞƐƐĞ͕/͘DĂŶƚŽƵǀĂůŽƵ͕͘ůŽƵƉŝ͕͘
<ĂƌLJĚĂƐ͕/͘ŝnjĂŬ͕K͘,ĂŚŶ͕͘<ĂŶŶŐŝĞƘĞƌ
ϭϭ͗ϱϬʹϭϮ͗ϭϬ
ϭϭ͗ϱϬʹϭϮ͗ϭϬ
dŝŵĞĂŶĚƐŝnjĞƌĞƐŽůǀĞĚƚƌĂĐĞĞůĞŵĞŶƚƐŝŶ
ĂŵďŝĞŶƚĂŝƌĂŶĂůLJnjĞĚǁŝƚŚƐLJŶĐŚƌŽƚƌŽŶ
yZ&
DĞĂƐƵƌĞŵĞŶƚŽĨƚŚŝŶůĂLJĞƌƐǁŝƚŚyZ&
ďLJĂĨƵůů&ƵŶĚĂŵĞŶƚĂůWĂƌĂŵĞƚĞƌ
ĂƉƉƌŽĂĐŚ
͘ZŝĐŚĂƌĚ͕D͘&ƵƌŐĞƌ͕E͘ƵŬŽǁŝĞĐŬŝ͕W͘
>ŝĞŶĞŵĂŶŶ͕h͘&ůĞĐŚƐŝŐ͕<͘ƉƉĞů͕͘^͘,͘WƌĞǀŽƚ͕
h͘ĂůƚĞŶƐƉĞƌŐĞƌ
͘EĞŶƐĞů͕s͘ZƂƘŝŐĞƌ
KWWSH[UVILVXFSW
ϭϮ͗ϭϬʹϭϮ͗ϯϬ
ϭϮ͗ϭϬʹϭϮ͗ϯϬ
^ƉĞĐŝĂƚŝŽŶŽĨ/ŶĚŝǀŝĚƵĂůDŝŶĞƌĂůWĂƌƚŝĐůĞƐ
ŽĨDŝĐƌŽŵĞƚĞƌ^ŝnjĞďLJƚŚĞŽŵďŝŶĞĚhƐĞ
ŽĨdZͲ&dͲ/Z/ŵĂŐŝŶŐĂŶĚYƵĂŶƚŝƚĂƚŝǀĞ
ͲWDdĞĐŚŶŝƋƵĞƐ
ƐƚĂƚŝƐƚŝĐĂůƚŽŽůƚŽĚĞĐŽŶƐƚƌƵĐƚLJŽƵƌ
ƐĂŵƉůĞŝŶƚŽŝƚƐƉĂƌƚƐ͗EŽŶͲEĞŐĂƚŝǀĞ
DĂƚƌŝdžƉƉƌŽdžŝŵĂƚŝŽŶ
'͘tĞůůĞŶƌĞƵƚŚĞƌ
͘Ͳh͘ZŽ͕,͘Ͳ:͘:ƵŶŐ͕͘DĂůĞŬ͕,͘<ŝŵ
ϭϮ͗ϯϬʹϭϰ͗ϬϬ>ƵŶĐŚ
ϭϮ͗ϯϬʹϭϰ͗ϬϬ>ƵŶĐŚ
ZŽŽŵ'ͲŚĂŝƌ͗:ĂŶŽƐKƐĄŶ
ZŽŽŵ^ͲŚĂŝƌ͗<ŽĞŶ:ĂŶƐƐĞŶƐ
ϭϰ͗ϬϬʹϭϰ͗ϮϬ
ϭϰ͗ϭϬʹϭϰ͗ϯϬ
ŶĂůLJƐŝƐŽĨĚƵƐƚƉĂƌƚŝĐůĞƐĂŶĚĂĞƌŽƐŽůƐŝŶ
ĂůĞĂĚͲƉŽůůƵƚĞĚĂƌĞĂďLJŵŝĐƌŽďĞĂŵdžͲ
ƌĂLJƐƉĞĐƚƌŽŵĞƚƌLJ
hƐŝŶŐDƵůƚŝƉůĞdžĐŝƚĂƚŝŽŶƐƚŽŵĞĂƐƵƌĞĂ
ƐŝŶŐůĞƐĂŵƉůĞǁŝƚŚͲyZ&
:͘<ĞƐƐůĞƌ͕s͘ZƂƘŝŐĞƌ
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ϭϰ͗ϮϬʹϭϰ͗ϰϬ
ŶĂůLJƚŝĐĂůƉŽƐƐŝďŝůŝƚŝĞƐŽĨdyZ&ĨŽƌƚƌĂĐĞ
ƐĞůĞŶŝƵŵĚĞƚĞƌŵŝŶĂƚŝŽŶŝŶƐŽŝůƐ
͘DĂƌŐƵş͕'͘&ůŽŽƌ͕'͘ZŽŵĂŶͲZŽƐƐ͕D͘,ŝĚĂůŐŽ͕
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^ĞƐƐŝŽŶϭϯ͗ĚǀĂŶĐĞĚ
ŵĂƚĞƌŝĂůƐĂŶĚŶĂŶŽƐĐŝĞŶĐĞ
^ĞƐƐŝŽŶϭϰ͗/ŶĚƵƐƚƌŝĂůƋƵĂůŝƚLJ
ĂŶĚƉƌŽĐĞƐƐĐŽŶƚƌŽů
ZŽŽŵ'ͲŚĂŝƌ͗:ĂŶŽƐKƐĄŶ
ZŽŽŵ^ͲŚĂŝƌ͗<ŽĞŶ:ĂŶƐƐĞŶƐ
ϭϰ͗ϰϬʹϭϱ͗ϬϬ
ϭϰ͗ϯϬʹϭϱ͗ϬϬ
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ŵĂƚĞƌŝĂůƐĨŽƌ>ŝͲŝŽŶďĂƚƚĞƌŝĞƐ
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dŚĞƉƉůŝĐĂƚŝŽŶŽĨyͲZĂLJ^ƉĞĐƚƌŽŵĞƚƌLJ
ŽŶYƵĂůŝƚLJĂŶĚWƌŽĐĞƐƐŽŶƚƌŽůŽĨ^ŝŶŐůĞ
ƌLJƐƚĂůWƌŽĚƵĐƚŝŽŶƐ
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'ĂďĞƌƓēĞŬ
^͘ŚƵŽ͕Z͘^ŚĞŶĂŶĚ͘^ŚĞŶŐ
;ŚŝŶĞƐĞĐĂĚĞŵLJŽĨ^ĐŝĞŶĐĞƐͿ
KWWSH[UVILVXFSW
ϭϱ͗ϬϬʹϭϱ͗ϮϬ
ϭϱ͗ϬϬʹϭϱ͗ϮϬ
ůĞŵĞŶƚĂůĚĞƉƚŚƉƌŽĨŝůŝŶŐŽĨ
Ƶ;/Ŷ͕'ĂͿ^ĞϮĨŝůŵƐďLJŵĞĂŶƐŽĨ
ƌĞĨĞƌĞŶĐĞͲĨƌĞĞŐƌĂnjŝŶŐŝŶĐŝĚĞŶĐĞyͲƌĂLJ
ĨůƵŽƌĞƐĐĞŶĐĞĂŶĂůLJƐŝƐ
^ƚĂŶĚĂƌĚůĞƐƐ/ĚĞŶƚŝĨŝĐĂƚŝŽŶŽĨ:ĞǁĞůůĞƌLJ
ůůŽLJƐǁŝƚŚͲyZ&
͘^ƚƌĞĞĐŬ͕D͘DƺůůĞƌ͕͘ĞĐŬŚŽĨϯ͕&͘ZĞŝŶŚĂƌĚƚ͕
͘<ĂŶŶŐŝĞƘĞƌ͕͘͘<ĂƵĨŵĂŶŶ͕͘<ĂƌLJĚĂƐ͕D͘Ͳ͘
>ĞƉLJ͕,͘t͘^ĐŚŽĐŬ
^͘ŝůů͕W͘ĂǀĞ͕͘>ĞǁŝƐ
ϭϱ͗ϮϬʹϭϱ͗ϰϬ
ϭϱ͗ϮϬʹϭϱ͗ϰϬ
EĂŶŽŵĞƚĞƌŵƵůƚŝůĂLJĞƌƐĂŶĚŚŝŐŚ
ƉƌĞĐŝƐŝŽŶĚĞƉŽƐŝƚŝŽŶͲĚǀĂŶĐĞĚ
ƚĞĐŚŶŽůŽŐŝĞƐĨŽƌƚĂŝůŽƌĞĚyͲƌĂLJŽƉƚŝĐƐ
,ŝŐŚͲ^ƉĞĞĚyZ&DĂƉƉŝŶŐ^LJƐƚĞŵĨŽƌ
DŽŶŝƚŽƌŝŶŐDĂĐƌŽͲ^ĞŐƌĞŐĂƚŝŽŶŽĨĂƐƚ
>ŽǁůůŽLJ^ƚĞĞůƐ
D͘<ƌćŵĞƌ͕Z͘ŝĞƚƐĐŚ͕d͘,Žůnj͕͘tĞŝƘďĂĐŚ
E͘'ĂŽ͕͘'ŝďƐŽŶ͕'͘<ůĂĚŶŝŬ͕d͘d͘EĂƚĂƌĂũĂŶ͕
ĂŶĚ^͘Z͘^ƚŽƌLJ
ϭϱ͗ϰϬʹϭϲ͗ϬϬ
ϭϱ͗ϰϬʹϭϲ͗ϬϬ
yͲZĂLJĂŶĚEŽŶůŝŶĞĂƌKƉƚŝĐƐ^ƚƵĚŝĞƐŽĨ
dƌŝƉŚĞŶLJůŐƵĂŶŝĚŝŶĞƐĂůƚƐ
ǀĂůƵĂƚŝŽŶŽĨ^ƚƌĞƐƐͲ^ƚƌĂŝŶĞŚĂǀŝŽƌŽĨ
^ƵƌĨĂĐĞdƌĞĂƚĞĚ^ƚĞĞůƐďLJyͲƌĂLJ
ŝĨĨƌĂĐƚŝŽŶ
W͘^͘WĞƌĞŝƌĂ^ŝůǀĂ͕D͘ZĂŵŽƐ^ŝůǀĂ͕:͘͘WĂŝdžĆŽ͕͘
DĂƚŽƐĞũĂ
>͘ŽĞůŚŽ͕͘͘ĂƚŝƐƚĂ͕:͘W͘EŽďƌĞ͕D͘:͘
DĂƌƋƵĞƐ
ϭϲ͗ϬϬʹϭϲ͗ϯϬŽĨĨĞĞƌĞĂŬ
ϭϲ͗ϬϬʹϭϲ͗ϯϬŽĨĨĞĞƌĞĂŬ
ϭϲ͗ϯϬʹϭϳ͗ϭϬ
&ƵŶĚĂŵĞŶƚĂůWĂƌĂŵĞƚĞƌ/ŶŝƚŝĂƚŝǀĞ
ʹƐƵƌǀĞLJĂŶĚĚŝƐĐƵƐƐŝŽŶ
ϭϲ͗ϯϬʹϭϲ͗ϱϬ
;D͘Ͳ͘>ĠƉLJ͕͘ĞĐŬŚŽĨĨ͕D͘DĂŶƚůĞƌͿ
/ŵƉƌŽǀĞŵĞŶƚŽĨƉƌĞĐŝƐŝŽŶůĞǀĞůŝŶyͲƌĂLJ
ĂŶĂůLJƐŝƐŽĨůŝƋƵŝĚƐĂŵƉůĞƐďLJ
ĂƉƉůŝĐĂƚŝŽŶŽĨŝŶƚĞƌŶĂůƐƚĂŶĚĂƌĚ
ŵĞƚŚŽĚ
͘DnjLJŬ͕:͘ŶLJƐnjŬŝĞǁŝĐnj͕,͘DĂƚƵƐŝĂŬ
ϭϲ͗ϱϬʹϭϳ͗ϭϬ
ŶĂůLJƚŝĐĂůDĞƚŚŽĚĨŽƌůůDĂƚĞƌŝĂůƐ
ZĞůĂƚĞĚƚŽĞŵĞŶƚ/ŶĚƵƐƚƌLJhƐŝŶŐ
&ƵƐŝŽŶWƌĞƉĂƌĂƚŝŽŶĂŶĚtyZ&
ŶĂůLJƐŝƐ
D͘ŽƵĐŚĂƌĚ͕^͘ZŝǀĂƌĚ͕:͘͘ŶnjĞůŵŽ͕
͘^ĞLJĨĂƌƚŚ͕>͘ƌŝĂƐ͕<͘ĞŚƌĞŶƐ͕^͘ƵƌĂůŝͲDƺůůĞƌ
ϭϳ͗ϭϬʹϭϴ͗ϯϬWŽƐƚĞƌƐĞƐƐŝŽŶ
ϭϳ͗ϭϬʹϭϴ͗ϯϬWŽƐƚĞƌƐĞƐƐŝŽŶ
ϮϬ͗ϬϬĂŶƋƵĞƚ
ϮϬ͗ϬϬĂŶƋƵĞƚ
KWWSH[UVILVXFSW
WK^dZ^^^/KEϯ
yͲƌĂLJƐŽƵƌĐĞƐ͕ŽƉƚŝĐƐĂŶĚĚĞƚĞĐƚŽƌƐ;ĐŽŶƚ͛ĚͿ
ϭΎͲ^ƉŚĞƌŝĐĂůĐŽŵƉŽƵŶĚyͲƌĂLJůĞŶƐĨŽƌĨŽƌŵŝŶŐŵŝĐƌŽĂŶĚŶĂŶŽƐŝnjĞĚďĞĂŵƐ
zƵ͘/͘ƵĚĐŚŝŬ͕&͘&͘<ŽŵĂƌŽǀ
ϮͲyͲƌĂLJĐĂŵĞƌĂǁŝƚŚŚŝŐŚĞŶĞƌŐLJĂŶĚƐƉĂƚŝĂůƌĞƐŽůƵƚŝŽŶ͗^ƚĞƌŽŐƌĂƉŚLJǁŝƚŚĂĐŽůŽƵƌyͲ
ƌĂLJĐĂŵĞƌĂ
D͘ZĂĚƚŬĞ͕K͘^ĐŚĂƌĨ͕h͘ZĞŝŶŚŽůnj͕'͘ƵnjĂŶŝĐŚ͕^͘ũĞŽƵŵŝŬŽǀĂ͕Z͘tĞĚĞůů͕^͘/ŚůĞ͕Z͘'ƵďnjŚŽŬŽǀ͕,͘
^ŽůƚĂƵ͕,͘ZŝĞƐĞŵĞŝĞƌ͕E͘>ĂŶŐŚŽĨĨ
ϯͲEĞdžƚŐĞŶĞƌĂƚŝŽŶŽĨyͲƌĂLJĐĂƉŝůůĂƌLJŽƉƚŝĐƐ
^ĞŵĨŝƌĂũĞŽƵŵŝŬŚŽǀĂ͕ŶŝƵĂƌũĞŽƵŵŝŬŚŽǀ
ϰͲĞƐŝŐŶŽĨyͲƌĂLJƋƵĂƐŝͲŵŽŶŽĐŚƌŽŵĂƚŝĐƐŽƵƌĐĞďĂƐĞĚŽŶŝŽŶͲďĞĂŵĂĐĐĞůĞƌĂƚŽƌ
ĞƋƵŝƉƉĞĚǁŝƚŚĂyͲƌĂLJĨŽĐƵƐŝŶŐŽƉƚŝĐĂůƐLJƐƚĞŵ
s͘^ƚŽƌŝnjŚŬŽ͕s͘ĞŶLJƐĞŶŬŽ͕͘ƌŽnjĚĞŶŬŽ͕D͘/ůũĂƐŚĞŶŬŽ͕>͘^ŚĂďĞů͛ŶŝŬŽǀ͕^͘sĞƌƐŚLJŶƐŬLJŝ
ϱͲůůŝƉƐŽŝĚĂůDƵůƚŝůĂLJĞƌKƉƚŝĐƐĨŽƌDŝĐƌŽyZ&
^͘ZŽĚƌŝŐƵĞƐ͕W͘WĂŶŝŶĞ͕W͘,ƆŐŚƆũ͕͘>ĂŶƚnj
ϲͲŐƌĂƚŝŶŐƐƉĞĐƚƌŽŵĞƚĞƌĨŽƌƚŚĞƐŽĨƚyͲƌĂLJƌĞŐŝŽŶ
d͘ŝĚƵ͕/͘DĂŶƚŽƵǀĂůŽƵ͕,͘>ĞŐĂůů͕,͘^ƚŝĞů͕t͘DĂůnjĞƌ͕͘<ĂŶŶŐŝĞƘĞƌ
ϳͲdžƚĞŶƐŝŽŶŽĨͲƌĂŶŐĞĨŽƌϯŵŝĐƌŽͲyZ&ďLJƵƐĂŐĞŽĨŶĞǁŐĞŶĞƌĂƚŝŽŶƉŽůLJĐĂƉŝůůĂƌLJ
ŽƉƚŝĐƐ
d͘tŽůĨĨ͕͘^Ğŝŵ͕͘,ĞƐƐĞ͕͘'ƌƂƚnjƐĐŚ͕/͘DĂŶƚŽƵǀĂůŽƵ͕^͘ũĞŽƵŵŝŬŚŽǀĂ͕͘ũĞŽƵŵŝŬŚŽǀ͕͘
<ĂŶŶŐŝĞƘĞƌ
ϴͲŚĂƌĂĐƚĞƌŝƐĂƚŝŽŶŽĨƚŚĞ,ĂŵĂŵĂƚƐƵ^ϴϲϲϰĂǀĂůĂŶĐŚĞƉŚŽƚŽĚŝŽĚĞĨŽƌdžͲƌĂLJĚĞƚĞĐƚŝŽŶ
&͘͘ŵĂƌŽ͕K͘ĂůůĞƐƚĞƌ͕͘͘͘&ƌĞŝƚĂƐ͕'͘:ŽǀĞƌ͕:͘͘D͘>ŽƉĞƐ͕d͘>Ƶdž͕͘D͘͘DŽŶƚĞŝƌŽ͕&͘^ĂŶĐŚĞnj͕:͘D͘&͘
ĚŽƐ^ĂŶƚŽƐ
ϵͲWĂƚƚĞƌŶZĞĐŽŐŶŝƚŝŽŶǁŝƚŚ^ŝWDǭƐŝŶEyd
D͘Ăůů͕ŽŶďĞŚĂůĨŽĨƚŚĞEydĐŽůůĂďŽƌĂƚŝŽŶ
ϭϬͲyͲƌĂLJĐĂŵĞƌĂǁŝƚŚŚŝŐŚĞŶĞƌŐLJĂŶĚƐƉĂƚŝĂůƌĞƐŽůƵƚŝŽŶ͗ĂĐŽůŽƵƌyͲƌĂLJĐĂŵĞƌĂ
K͘^ĐŚĂƌĨ͕^͘ũĞŽƵŵŝŬŽǀĂ͕Z͘tĞĚĞůů͕^͘/ŚůĞ͕,͘^ŽůƚĂƵ͕Z͘'ƵďnjŚŽŬŽǀ͕D͘ZĂĚƚŬĞ͕h͘ZĞŝŶŚŽůnj͕,͘
ZŝĞƐĞŵĞŝĞƌ͕E͘>ĂŶŐŚŽĨĨ
ϭϭͲ,ŝŐŚWĞƌĨŽƌŵĂŶĐĞ^ŝŶŐůĞͲĂŶĚ&ŽƵƌͲůĞŵĞŶƚ>ĂƌŐĞƌĞĂ^ŝůŝĐŽŶƌŝĨƚĞƚĞĐƚŽƌyͲZĂLJ
^ƉĞĐƚƌŽŵĞƚĞƌƐĨŽƌyZ&ƉƉůŝĐĂƚŝŽŶƐ
s͘͘^ĂǀĞůŝĞǀ͕>͘&ĞŶŐ͕͘Z͘dƵůů͕^͘ĂƌŬĂŶ͕D͘dĂŬĂŚĂƐŚŝ͕͘ĂŵƌŽŶ
ϭϮͲĞƚĞƌŵŝŶĂƚŝŽŶŽĨĞŵŝƚƚĞĚyͲƌĂLJƚƵďĞƐƉĞĐƚƌĂďLJŵĞĂƐƵƌĞŵĞŶƚƐǁŝƚŚĂĐĂůŝďƌĂƚĞĚ
ƐĞƚƵƉ
s͘ZĂĐŬǁŝƚnj͕͘tĂƌƌŝŬŚŽĨĨ͕h͘WĂŶŶĞ͕s͘Ͳ͘,ŽĚŽƌŽĂďĂ
KWWSH[UVILVXFSW
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sŝĐƚŽƌs͘^ĂŵĞĚŽǀ
ϭϰͲ^ŝW/E'ĞŝŐĞƌŽƵŶƚĞƌ
z͘EĂŬĂLJĞĂŶĚ:͘<ĂǁĂŝ
ϭϱͲĞƚĞƌŵŝŶĂƚŝŽŶŽĨŵŝĐƌŽyͲƌĂLJďĞĂŵƉĂƌĂŵĞƚĞƌƐǁŝƚŚƌĂĚŝŽĐŚƌŽŵŝĐĨŝůŵƐĂŶĚyͲƌĂLJ
ƐƉĞĐƚƌŽŵĞƚƌLJ
>͘dƌŶŬŽǀĄ͕d͘dƌŽũĞŬ
yZ^ƉƉůŝĐĂƚŝŽŶƐ͗ĚǀĂŶĐĞĚŵĂƚĞƌŝĂůƐĂŶĚŶĂŶŽƐĐŝĞŶĐĞ
ϭϲͲ^LJŶƚŚĞƐŝƐĂŶĚƐƉĞĐŝĂƚŝŽŶŽĨdžELJĂŶĚ^ŝdžELJĨŝůŵƐďLJyW^ĂŶĚdyZ&ͲEy&^
K͘ĂĂŬĞ͕W͘^͘,ŽĨĨŵĂŶŶ͕͘<ůĞŝŶ͕t͘ŶƐŝŶŐĞƌ͕͘WŽůůĂŬŽǁƐŬŝ͕͘ĞĐŬŚŽĨĨ͕D͘>͘<ŽƐŝŶŽǀĂ͕E͘/͘&ĂŝŶĞƌ͕
s͘^͘^ƵůLJĂĞǀĂ͕s͘͘dƌƵŶŽǀĂ
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DĂŶƵĞůĂZĂŵŽƐ^ŝůǀĂ͕ZŝĐĂƌĚŽ͘͘ĂƐƚƌŽ͕:ŽĆŽ͘͘ZŝďĞŝƌŽ͕:ŽĂŶĂĂƌŶĞŝƌŽ͕dĞƌĞƐĂD͘Z͘DĂƌŝĂ͕ŶĂ
DĂƚŽƐĞũĂ͕:ŽĆŽĂŶŽƚŝůŚŽ͕D͘ƌŵĞůŝŶĚĂ^͘ƵƐĠďŝŽ
ϮϭͲ^ƚƌƵĐƚƵƌĂůŝŶǀĞƐƚŝŐĂƚŝŽŶŽĨ^ŝ'ĞŶĂŶŽĐƌLJƐƚĂůƐĞŵďĞĚĚĞĚŝŶĚŝĞůĞĐƚƌŝĐŵĂƚƌŝdžŐƌŽǁŶ
ďLJŵĂŐŶĞƚƌŽŶƐƉƵƚƚĞƌŝŶŐĚĞƉŽƐŝƚŝŽŶ
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͘ĂǁŝƐnjĂ͕Z͘^ŝƚŬŽ͕͘DĂůŝĐŬĂ
ϮϯͲŶĞƌŐLJͲĚŝƐƉĞƌƐŝǀĞyͲƌĂLJĨůƵŽƌĞƐĐĞŶĐĞĂŶĂůLJƐŝƐŽĨƚŚĞƉŽůLJĐƌLJƐƚĂůůŝŶĞĐŚƌŽŵŝƵŵ
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ϮϰͲDŝĐƌŽƐƚƌƵĐƚƵƌĞĂŶĚƉŚŽƚŽůƵŵŝŶĞƐĐĞŶĐĞŽĨĚ^ĂŶĚƵdž^ŶĂŶŽĐůƵƐƚĞƌƐĨŽƌŵĞĚŝŶƚŚĞ
ŵĂƚƌŝdžŽĨĂ>ĂŶŐŵƵŝƌͲůŽĚŐĞƚƚĨŝůŵ
^͘dƌƵďŝŶĂ͕^͘ƌĞŶďƵƌŐ͕<͘ŚƵƌĂǀůĞǀ͕>͘^ǀĞƐŚŶŝŬŽǀĂ͕^͘EŝŬŝƚĞŶŬŽ
ϮϱͲy&^ƐƚƵĚLJŽĨƵͲƵďŽŶĚůĞŶŐƚŚŝŶŐŽůĚŶĂŶŽƉĂƌƚŝĐůĞƐƚĂŶĚĂƌĚƐ
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ϮϴͲŶĂůLJƐŝƐŽĨŚLJĚƌŽƚŚĞƌŵĂůůLJĨŽƌŵĞĚĐŽƌƌŽƐŝŽŶůĂLJĞƌƐŝŶEŝͲďĂƐĞĂůůŽLJϲϮϱďLJ
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ŵĂƚĞƌŝĂůƐŽĨĂďĂŶĚŽŶĞĚŵŝŶĞƐ
K͘'ŽŶnjĂůĞnjͲ&ĞƌŶĂŶĚĞnj͕D͘:͘ĂƚŝƐƚĂ͕D͘>͘ĂƌǀĂůŚŽ͕D͘D͘ďƌĞƵ͕/͘YƵĞƌĂůƚ
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ϯϴͲDĞƚĂůƉƌĞĐŽŶĐĞŶƚƌĂƚŝŽŶƵƐŝŶŐĞdžƚƌĂĐƚŝŽŶĚŝƐŬƐ͗ƉƉůŝĐĂƚŝŽŶƚŽůĂďŽƌĂƚŽƌLJĂŶĚ
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ŵĂũŽƌĂŶĚƚƌĂĐĞĞůĞŵĞŶƚƐŝŶĞŶǀŝƌŽŶŵĞŶƚĂůƐĂŵƉůĞƐ
E͘͘sĂůŵĂŶƚŽŶŝƐ͕W͘<͘ZŽƵŶŝ͕D͘:͘ŶĂŐŶŽƐƚĂŬŝƐ
ϰϲͲDƵůƚŝͲůĞŵĞŶƚŶĂůLJƐŝƐŽĨ/ŶĚŽŽƌƵƐƚďLJtyZ&ƵƐŝŶŐƚŚĞ&WDĞƚŚŽĚ
sĂůĚŝƌĞŶĞK͘^ĐĂƉŝŶ͕DĂƌĐŽƐ͘^ĐĂƉŝŶ͕/ǀŽŶĞD͘^ĂƚŽ
yZ^ƉƉůŝĐĂƚŝŽŶƐ͗/ŶĚƵƐƚƌŝĂůƋƵĂůŝƚLJĂŶĚƉƌŽĐĞƐƐĐŽŶƚƌŽů
ϰϳͲĐĐƵƌĂĐLJŝŵƉƌŽǀĞŵĞŶƚŵĞƚŚŽĚĨŽƌŽŶͲůŝŶĞyͲƌĂLJĨůƵŽƌĞƐĐĞŶĐĞĂŶĂůLJƐŝƐŝŶǁŽƌŬĨůŽǁ
E͘ůŽǀ͕͘sŽůŬŽǀ
ϰϴͲWƌŝŶĐŝƉĂůŽŵƉŽŶĞŶƚŶĂůLJƐŝƐŽĨyZ&^ƉĞĐƚƌĂĨŽƌEŽŶŝŶǀĂƐŝǀĞŚĂƌĂĐƚĞƌŝnjĂƚŝŽŶŽĨ
ŽŵƉůĞdžDĂƚƌŝdžDĂƚĞƌŝĂůƐ
^͘'Ăƌŝ͕<͘,͘ŶŐĞLJŽ͕:͘D͘DĂŶŐĂůĂ͕͘K͘DƵƐƚĂƉŚĂ
ϰϵͲŚĂƌĂĐƚĞƌŝnjĂƚŝŽŶŽĨƌĞĨĞƌĞŶĐĞŵĂƚĞƌŝĂůƐĨŽƌƚŚŝŶŐŽůĚĂŶĚƉĂůůĂĚŝƵŵůĂLJĞƌƐďĂƐĞĚŽŶ
ŐƌĂǀŝŵĞƚƌŝĐĂŶĂůLJƐŝƐ͕ͲyZ&ĂŶĚZƵƚŚĞƌĨŽƌĚĂĐŬƐĐĂƚƚĞƌŝŶŐ
^͘ŝůů͕s͘ZƂƘŝŐĞƌ
YƵĂŶƚŝĨŝĐĂƚŝŽŶŵĞƚŚŽĚŽůŽŐLJ
ϱϬͲKŶƚŚĞƉƌŽƉĞƌƚŝĞƐĂŶĚĚĞƚĞĐƚŝŽŶůŝŵŝƚƐŽĨƚŚĞŵƉƚĞŬDŝŶŝͲyнyͲϭϮϯƉŽƌƚĂďůĞyZ&
ƐƉĞĐƚƌŽŵĞƚĞƌ
͘<ŽĐƐŽŶLJĂ͕/͘<ŽǀĄĐƐ͕͘^njƅŬĞĨĂůǀŝͲEĂŐLJ
KWWSH[UVILVXFSW
ϱϭͲYƵĂŶƚŝƚĂƚŝǀĞ,ͲyZ&ĂŶĂůLJƐŝƐŽĨĂƌƐĞŶŝĐŝŶƉŽůLJĞƐƚĞƌƌĞƐŝŶ
͘ĞƐŽƵnjĂ͕&͘DĐEĞŝůů͕͘ŚĞƚƚůĞ
ϱϮͲdŽǁĂƌĚƐĂƋƵĂŶƚŝƚĂƚŝǀĞĂŶĂůLJƐŝƐƵƐŝŶŐĂƉŽƌƚĂďůĞŵŝĐƌŽͲyZ&ƐƉĞĐƚƌŽŵĞƚĞƌ
:͘D͘^ĂŵƉĂŝŽ͕^͘WĞƐƐĂŶŚĂ͕D͘>͘ĂƌǀĂůŚŽ
ϱϯͲ,ĞĂǀLJDĞƚĂůƐĞƚĞƌŵŝŶĂƚŝŽŶŝŶ,ŽƵƐĞŚŽůĚƵƐƚďLJŶĞƌŐLJŝƐƉĞƌƐŝǀĞyͲZĂLJ
&ůƵŽƌĞƐĐĞŶĐĞ^ƉĞĐƚƌŽŵĞƚƌLJ;yZ&Ϳ͗ĞǀĞůŽƉŵĞŶƚĂŶĚsĂůŝĚĂƚŝŽŶŽĨƚŚĞŶĂůLJƚŝĐĂů
DĞƚŚŽĚ
>͘ŽƌŶĞũŽ͕:͘ĐĂƌĂƉŝ͕Z͘ƐƉŝŶŽnjĂ͕/͘sĂůĞŶnjƵĞůĂ
ϱϰΎͲDĞĂƐƵƌĞŵĞŶƚhŶĐĞƌƚĂŝŶƚLJǀĂůƵĂƚŝŽŶŽĨƚŚĞtyZ&ĂŶĚyZ&dĞĐŚŶŝƋƵĞƐŝŶƚŚĞ
ŚĞŵŝĐĂůŚĂƌĂĐƚĞƌŝnjĂƚŝŽŶŽĨůƵŵŝŶƵŵƵƐĞĚŝŶEƵĐůĞĂƌ&ƵĞůŽĨdLJƉĞDdZ
DĂƌĐŽƐ͘^ĐĂƉŝŶ͕DĂƌşůŝĂ͘EĂŶĞƐ͕sĂůĚŝƌĞŶĞK͘^ĐĂƉŝŶ
ϱϱͲ/ŵƉůĞŵĞŶƚĂƚŝŽŶŽĨĂŶĞǁ^ŝ;>ŝͿĚĞƚĞĐƚŽƌƌĞƐƉŽŶƐĞĨƵŶĐƚŝŽŶ;Z&ͿĨŽƌyK^,yZ&
ĂŶĂůLJnjĞƌƌĞƐƵůƚƐ
&ƵƐŚĞŶŐ>ŝ͕ZŽďŝŶW͘'ĂƌĚŶĞƌ
ϱϲͲ^ZyZ&ͲŵĞĂƐƵƌĞŵĞŶƚƐĂƚŶŽŶƉůĂŶĂƌŽďũĞĐƚƐ͗ƵƚŽŵĂƚŝĐĚĞƚĞƌŵŝŶĂƚŝŽŶŽĨƚŚĞĂŶŐůĞ
ŽĨŝŶĐŝĚĞŶĐĞŽĨƚŚĞĞdžĐŝƚŝŶŐyͲƌĂLJ
͘'ƌƵŶĞǁĂůĚ͕D͘ZĂĚƚŬĞ͕h͘ZĞŝŶŚŽůnj͕,͘ZŝĞƐĞŵĞŝĞƌ
ϱϳΎͲ>ßϮƐĂƚĞůůŝƚĞƐƐƉĞĐƚƌĂĞŵŝƚƚĞĚĚƵĞƚŽĂEͲƐŚĞůůƐƉĞĐƚĂƚŽƌǀĂĐĂŶĐLJ
^ƵƌĞŶĚƌĂWŽŽŶŝĂ
ΎWŽƐƚĞƌŶŽƚƉƌĞƐĞŶƚĞĚĂƚyZ^ϮϬϭϬ
KWWSH[UVILVXFSW
&Z/zͲ:hEϮϱ͕ϮϬϭϬ
^ĞƐƐŝŽŶϭϱ͗yͲƌĂLJƐŽƵƌĐĞƐ͕
ŽƉƚŝĐƐĂŶĚĚĞƚĞĐƚŽƌƐ
^ĞƐƐŝŽŶϭϲ͗ƌƚĂŶĚƵůƚƵƌĂů
,ĞƌŝƚĂŐĞ
ZŽŽŵ'ͲŚĂŝƌ͗<ŽƵŝĐŚŝdƐƵũŝ
ZŽŽŵ^ͲŚĂŝƌ͗&ĄƚŝŵĂƌĂƷũŽ
Ϭϴ͗ϯϬʹϬϵ͗ϬϬ
Ϭϴ͗ϰϬʹϬϵ͗ϬϬ
/Es/d>dhZ͗
ŚĂŶŶĞůŝŶŐŽĨZĂĚŝĂƚŝŽŶƐ͗ĨƌŽŵ>ĞƉƚŽŶƐ
ƚŽyWŚŽƚŽŶƐ
ZĞĐĞŶƚĚĞǀĞůŽƉŵĞŶƚŝŶƐĐĂŶŶŝŶŐ
ŵĂĐƌŽͲyZ&ĨŽƌƚŚĞŝŶǀĞƐƚŝŐĂƚŝŽŶŽĨ
ŚŝƐƚŽƌŝĐĂůƉĂŝŶƚŝŶŐƐ
^͘͘ĂďĂŐŽǀ
DĂƚƚŚŝĂƐůĨĞůĚ͕<ŽĞŶ:ĂŶƐƐĞŶƐ͕:ŽƌŝƐŝŬ
;>ĂďŽƌĂƚŽƌŝEĂnjŝŽŶĂůŝĚŝ&ƌĂƐĐĂƚŝͿ
Ϭϵ͗ϬϬʹϬϵ͗ϮϬ
Ϭϵ͗ϬϬʹϬϵ͗ϮϬ
ŚĂƌĂĐƚĞƌŝnjĂƚŝŽŶŽĨĂƌĂŐŐ
ƐƉĞĐƚƌŽŵĞƚĞƌĞƋƵŝƉƉĞĚǁŝƚŚůĂƌŐĞĂƌĞĂ
ƐƉŚĞƌŝĐĂůůLJďĞŶƚĐƌLJƐƚĂůƐ
ͲyZ&ĂŶĂůLJƐŝƐƚŽĚĞƚĞƌŵŝŶĞƚŚĞŽƌŝŐŝŶ
ĂŶĚĂƵƚŚĞŶƚŝĐŝƚLJŽĨŐĞŵƐƚŽŶĞƐ
͘^͘ŽǀŝƚĂ͕^͘ŽƵĐĂƌĚ͕,͘&ƵŚƌŵĂŶŶ͕͘,ŝƌƚů͕͘
'ŽƚƚĂ͕͘'ƌƵďĞƌ͕W͘/ŶĚĞůŝĐĂƚŽ͕͘ͲK͘>ĞŝŐŽƚ͕
:͘D͘&͘ĚŽƐ^ĂŶƚŽƐ͕^͘^ĐŚůĞƐƐĞƌ͕W͘^ĐŚŵŝĚ͕>͘D͘
^ŝŵŽŶƐ͕>͘^ƚŝŶŐĞůŝŶ͕D͘dƌĂƐƐŝŶĞůůŝ͕:͘&͘͘͘
sĞůŽƐŽ͕͘tĂƐƐĞƌ͕:͘ŵĞƐŬĂů
W͘>ĞŵďĞƌŐĞ͕͘ŽŶǀŝŶ͕&͘,ĞƌnjŽŐ͕D͘^͘
<ƌnjĞŵŶŝĐŬŝ
Ϭϵ͗ϮϬʹϬϵ͗ϰϬ
Ϭϵ͗ϮϬʹϬϵ͗ϰϬ
ŽŵƉĂĐƚ>ĂƌŐĞƌĞĂ^ŝůŝĐŽŶƌŝĨƚ
ĞƚĞĐƚŽƌƐǁŝƚŚDƵůƚŝͲůĂLJĞƌŽůůŝŵĂƚŽƌƐ
WŽƌƚĂďůĞyZ&ƐƚƵĚLJŽĨƚŚĞƉŝŐŵĞŶƚƐ
ĂƉƉůŝĞĚŝŶ:ƵĂŶ,ŝƐƉĂůĞŶƐĞΖƐϭϱƚŚ
ĐĞŶƚƵƌLJƉĂŶĞůƉĂŝŶƚŝŶŐ
d͘ŐŐĞƌƚ͕Z͘&Žũƚ͕:͘<ŶŽďůŽĐŚ͕͘WĂŚůŬĞ͕^͘
WĂŚůŬĞ͕K͘^ĐŚĞŝĚ͕Z͘^ƚƂƚƚĞƌ͕&͘tŝĞƐƚ
͘<ƌŝǎŶĂƌ͕s͘DƵŹŽnj͕&͘ĚĞůĂWĂnj͕D͘͘
ZĞƐƉĂůĚŝnjĂ͕D͘sĞũĂ
Ϭϵ͗ϰϬʹϭϬ͗ϬϬ
Ϭϵ͗ϰϬʹϭϬ͗ϬϬ
ŚĂƌĂĐƚĞƌŝnjĂƚŝŽŶŽĨĂŶyZ&ŝŵĂŐŝŶŐ
ƐLJƐƚĞŵďĂƐĞĚŽŶĂDW'
ŚĂƌĂĐƚĞƌŝƐĂƚŝŽŶŽĨĂŶĐŝĞŶƚ
ĞĂƌƚŚĞŶǁĂƌĞƚŝůĞƐĨƌŽŵƚŚĞsĂůĞŶĐŝĂ
ZĞŐŝŽŶ͕^ƉĂŝŶ͕ŝŶƚŚĞƌĞĐŽǀĞƌLJŽĨ
ĐĞƌĂŵŝĐŚĞƌŝƚĂŐĞ
͘>͘D͘^ŝůǀĂ͕͘͘Z͘njĞǀĞĚŽ͕͘͘͘KůŝǀĞŝƌĂ͕:͘D͘&͘
ĚŽƐ^ĂŶƚŽƐ͕:͘&͘͘͘sĞůŽƐŽ
D͘W͘'ſŵĞnjͲdĞŶĂ͕͘ƵŵĂƋƵĞƌŽ͕Z͘ĂďĂůůĞƌŽ͕
D͘&͘'ĂnjƵůůĂ͕͘'ŽnjĂůďŽ
ϭϬ͗ϬϬʹϭϬ͗ϮϬ
ϭϬ͗ϬϬʹϭϬ͗ϮϬ
,W'ʹĂŶĞǁƚLJƉĞŽĨ,KW'ĐƌLJƐƚĂůĨŽƌ
,ŝŐŚZĞƐŽůƵƚŝŽŶ^ƉĞĐƚƌŽƐĐŽƉLJ
ŶyͲƌĂLJƐƉĞĐƚƌŽŵĞƚƌLJĂŶĚĂďƐŽƌƉƚŝŽŶ
ƐƉĞĐƚƌŽƐĐŽƉLJƐƚƵĚLJŽĨďůƵĞͲĂŶĚͲǁŚŝƚĞ
ŐůĂnjĞƐĨƌŽŵĂŶĐŝĞŶƚŚŝŶĞƐĞƉŽƌĐĞůĂŝŶƐ
/͘'ƌŝŐŽƌŝĞǀĂ͕͘ŶƚŽŶŽǀ͕,͘>ĞŐĂůů͕,͘^ƚŝĞů͕͘
<ĂŶŶŐŝĞƐƐĞƌ͕͘ĞĐŬŚŽĨĨ
D͘K͘&ŝŐƵĞŝƌĞĚŽ͕d͘W͘^ŝůǀĂ͕:͘W͘sĞŝŐĂ
KWWSH[UVILVXFSW
ϭϬ͗ϮϬͲϭϬ͗ϱϬŽĨĨĞĞƌĞĂŬ
ϭϬ͗ϮϬͲϭϬ͗ϱϬŽĨĨĞĞƌĞĂŬ
ZŽŽŵ'ͲŚĂŝƌ͗ŚĂƌĂůĂŵďŽƐĂƌŬĂĚĂƐ
ZŽŽŵ^ͲŚĂŝƌ͗͘ĂƐƚĞůůĂŶŽ
ϭϬ͗ϱϬʹϭϭ͗ϭϬ
ϭϬ͗ϱϬʹϭϭ͗ϭϬ
ƉƉůŝĐĂƚŝŽŶƐƵƐŝŶŐĂĨŽƵƌͲĐŚĂŶŶĞů^ŝůŝĐŽŶ
ƌŝĨƚĞƚĞĐƚŽƌǁŝƚŚĂŶŶƵůĂƌŐĞŽŵĞƚƌLJ
ƵƚŚĞŶƚŝĐŝƚLJƐƚƵĚŝĞƐ͗'ƌĞĐŽͲƌŽŵĂŶ
ďƌĂƐƐƐĐƵůƉƚƵƌĞƐŽƌy/yĐĞŶƚƵƌLJĨĂŬĞƐ͍
Z͘dĞƌďŽƌŐ͕͘<ćƉƉĞů͕d͘^ĂůŐĞ
͘&ƌĂŐŽƐŽ͕D͘ĂƌǀĂůŚĆŽ͕Z͘:͘͘^ŝůǀĂ͕>͘͘ůǀĞƐ͕
W͘͘ZŽĚƌŝŐƵĞƐ͕͘^ĞƌƵLJĂ͕D͘ĂƐƚƌŽEƵŶĞƐ
ϭϭ͗ϭϬʹϭϭ͗ϯϬ
ϭϭ͗ϭϬʹϭϭ͗ϯϬ
dŚĞEĞǁDŝĐƌŽŵĞŐĂƐyͲƌĂLJĚĞƚĞĐƚŽƌƐŝŶ
^d
/ŶǀĞƐƚŝŐĂƚŝŽŶŽĨďƵƌŝĂůƐŽĨWĂnjLJƌLJŬůƚĂŝ
;^ZyZ&Ϳ
^͘ƵŶĞ͕d͘ĂĨŶŝ͕'͘&ĂŶŽƵƌĂŬŝƐ͕͘&ĞƌƌĞƌͲZŝďĂƐ͕
:͘'ĂůĄŶ͕͘'ĂƌĚŝŬŝŽƚŝƐ͕d͘'ĞƌĂůŝƐ͕/͘'ŝŽŵĂƚĂƌŝƐ͕
,͘'ſŵĞnj͕&͘:͘/ŐƵĂnj͕/͘'͘/ƌĂƐƚŽƌnjĂ͕'͘>ƵnjſŶ͕:͘
DŽƌĂůĞƐ͕d͘WĂƉĂĞǀĂŶŐĞůŽƵ͕͘ZŽĚƌşŐƵĞnj͕:͘ZƵnj͕
͘dŽŵĄƐ͕d͘sĂĨĞŝĂĚŝƐ͕^͘͘zŝůĚŝnj
E͘WŽůŽƐŵĂŬ͕s͘dƌƵŶŽǀĂ͕s͘ǀĞƌĞǀĂ
ϭϭ͗ϯϬʹϭϭ͗ϱϬ
ϭϭ͗ϯϬʹϭϭ͗ϱϬ
ZDĂǀĂůĂŶĐŚĞƉŚŽƚŽĚŝŽĚĞƐĨŽƌyͲƌĂLJ
ĚĞƚĞĐƚŝŽŶŝŶƚŚĞŵƵŽŶŝĐŚLJĚƌŽŐĞŶ>Ăŵď
ƐŚŝĨƚĞdžƉĞƌŝŵĞŶƚ
dŽƚĂůͲƌĞĨůĞĐƚŝŽŶyͲZĂLJĨůƵŽƌĞƐĐĞŶĐĞ
ƐƉĞĐƚƌŽŵĞƚƌLJĨŽƌƚŚĞĂŶĂůLJƐŝƐŽĨ
ƉĂƌƚŝĐƵůĂƚĞŵĂƚƚĞƌŝŶƚŚĞ͞'ĂůůĞƌŝĂ
ĚĞůů͛ĐĐĂĚĞŵŝĂ͕͟&ůŽƌĞŶĐĞ͕/ƚĂůLJ
>͘D͘W͘&ĞƌŶĂŶĚĞƐ͕ŽŶďĞŚĂůĨŽĨƚŚĞZD
ŽůůĂďŽƌĂƚŝŽŶ
'͘ƵĐĐŽůŝĞƌŝ͕&͘ĚĚƵĐŝ͕^͘ƌĂĐĐŝ͕&͘&ĂůůĞƚƚŝ͕͘
ƵĐĐŽůŝĞƌŝ͕&͘ĂƌŶĞǀĂůĞ͕'͘WĂƚĞƌŶŽƐƚĞƌ͕'͘
WĂůĂŵă͕͘ĂƐƚĞůůĂŶŽ
ϭϭ͗ϱϬʹϭϮ͗ϭϬ
ϭϭ͗ϱϬʹϭϮ͗ϭϬ
ŶŽǀĞů>ĂƐĞƌͲWůĂƐŵĂͲ^ŽƵƌĐĞĨŽƌƚŚĞϭ
ŬĞsƌĞŐŝŽŶ
dƌĂǀĞƐƚŝƚĞ,LJŵĞŶĂĞƵƐƐĞĞŝŶŐĂĚĂŶĐĞ
ŝŶŚŽŶŽƌƚŽWƌŝĂƉƵƐ͗EŝĐŽůĂWŽƵƐƐŝŶDzƐ
ƉĂŝŶƚŝŶŐĞdžĂŵŝŶĂƚŝŽŶďLJWyZ&
/͘DĂŶƚŽƵǀĂůŽƵ͕d͘ŝĚƵ͕Z͘:ƵŶŐ͕,͘>ĞŐĂůů͕,͘
^ƚŝĞů͕t͘DĂůnjĞƌ͕͘<ĂŶŶŐŝĞƘĞƌ
͘Z͘ƉƉŽůŽŶŝ͕W͘^͘WĂƌƌĞŝƌĂ͕&͘>ŽƉĞƐ
ϭϮ͗ϭϬʹϭϮ͗ϯϬ
ϭϮ͗ϭϬʹϭϮ͗ϯϬ
ŚĂƌĂĐƚĞƌŝƐĂƚŝŽŶŽĨWŽůLJĐĂƉŝůůĂƌLJyͲZĂLJ
^ĞŵŝͲůĞŶƐĞƐǁŝƚŚ^Dͬy
ŶĂůLJƐŝƐŽĨƚŚĞ,ŽĂƌĚŽĨĞĕŝŶƵƐŝŶŐyͲ
ƌĂLJďĂƐĞĚƚĞĐŚŶŝƋƵĞƐ
s͘ZĂĐŬǁŝƚnj͕D͘WƌŽĐŽƉ͕s͘Ͳ͘,ŽĚŽƌŽĂďĂ
D͘ZŽĚƌŝŐƵĞƐ͕D͘^ĐŚƌĞŝŶĞƌ͕D͘DĞůĐŚĞƌ͕D͘
'ƵĞƌƌĂ͕:͘^ĂůŽŵŽŶ͕D͘ZĂĚƚŬĞ͕D͘ůƌĂŵ͕E͘
^ĐŚŝŶĚĞů
KWWSH[UVILVXFSW
ϭϮ͗ϯϬʹϭϰ͗ϬϬ>ƵŶĐŚ
ϭϮ͗ϯϬʹϭϰ͗ϬϬ>ƵŶĐŚ
ZŽŽŵ'ͲŚĂŝƌ͗:ŽĆŽsĞůŽƐŽ
ZŽŽŵ^ͲŚĂŝƌ͗:ŽƐĠWĂƵůŽ^ĂŶƚŽƐ
ϭϰ͗ϬϬʹϭϰ͗ϮϬ
ϭϰ͗ϬϬʹϭϰ͗ϮϬ
DĞƚĂůůŝĐDĂŐŶĞƚŝĐĂůŽƌŝŵĞƚĞƌƐĨŽƌƚŚĞ
ŵĞĂƐƵƌĞŵĞŶƚŽĨŚĂƌĚyͲƌĂLJĞŵŝƐƐŝŽŶ
ŝŶƚĞŶƐŝƚŝĞƐ
WďŝŶĂŶĐŝĞŶƚŚŝŶĞƐĞƵͲďĂƐĞĚĐŽŝŶƐ͗Ă
ŵƵůƚŝͲĂŶĂůLJƚŝĐĂůƐƵƌǀĞLJ
D͘:͘&ƵƌƚĂĚŽ͕D͘&͘ƌĂƷũŽ͕Z͘:͘͘^ŝůǀĂ
D͘ZŽĚƌŝŐƵĞƐ͕D͘>ŽŝĚů͕͘>ĞͲƌĞƚ
ϭϰ͗ϮϬʹϭϰ͗ϰϬ
ϭϰ͗ϮϬʹϭϰ͗ϰϬ
DŽĚĞůͲďĂƐĞĚŶŽŶůŝŶĞĂƌĚŝŐŝƚĂůƉƵůƐĞ
ƉƌŽĐĞƐƐŝŶŐĞůĞĐƚƌŽŶŝĐƐ
y/sƚŚĐĞŶƚƵƌLJƚŽŵďƐƐƚƵĚŝĞĚďLJyͲƌĂLJ
ƚĞĐŚŶŝƋƵĞƐ
W͘^ĐŽƵůůĂƌ͕͘DĐ>ĞĂŶĂŶĚZ͘ǀĂŶƐ
>ƵşƐ͘'͘E͘&ƌĞŝƌĞ͕ŶĚƌĠ&͘s͘ŽƌƚĞnj͕sşƚŽƌD͘&͘
'ĂƐƉĂƌ͕D͘ZĂŵŽƐ^ŝůǀĂ͕͘DĂƚŽƐĞũĂ͕&ƌĂŶĐŝƐĐŽ
:͘W͘W͘DĂĐĞĚŽ͕&ƌĂŶĐŝƐĐŽW͘^͘͘'ŝů
ϭϰ͗ϰϬʹϭϱ͗ϬϬ
ϭϰ͗ϰϬʹϭϱ͗ϬϬ
ŽŵƉƵƚĞĚdŽŵŽŐƌĂƉŚLJ^LJƐƚĞŵĂƐĞĚŽŶ
ĂDW'
yZ&ĂŶĚŵŝĐƌŽͲ^ZͲyZ&ƐƚƵĚŝĞƐĨŽƌ
ĂĐŝĂŶŐŽůĚũĞǁĞůƌLJĂƵƚŚĞŶƚŝĐĂƚŝŽŶ
>͘&͘E͘͘ĂƌƌĂŵĂƚĞ͕͘͘͘KůŝǀĞŝƌĂ͕͘>͘D͘^ŝůǀĂ͕,͘
EĂƚĂůĚĂ>Ƶnj͕͘͘Z͘njĞǀĞĚŽ͕D͘WĞƌĞƐ͕͘D͘ĚĂ
^ŝůǀĂ͕:͘D͘&͘ĚŽƐ^ĂŶƚŽƐ͕:͘&͘͘͘sĞůŽƐŽ
͘ŽŶƐƚĂŶƚŝŶĞƐĐƵ͕͘sĂƐŝůĞƐĐƵ͕D͘ZĂĚƚŬĞ͕h͘
ZĞŝŶŚŽůnj
ϭϱ͗ϬϬʹϭϱ͗ϮϬ
ϭϱ͗ϬϬʹϭϱ͗ϮϬ
EĞǁĞƚĞĐƚŽƌƌĐŚŝƚĞĐƚƵƌĞǁŝƚŚ^ŝůŝĐŽŶ
ƌŝĨƚĞƚĞĐƚŽƌƐĨŽƌŝǀĞƌƐĞyZ&
ƉƉůŝĐĂƚŝŽŶƐ
/ĚĞŶƚŝĨŝĐĂƚŝŽŶŽĨĨŽƵƌĚŝĨĨĞƌĞŶƚĐŽĂƚŝŶŐƐ
ŽŶƚŚĞŵĂŝŶĂůƚĂƌƉŝĞĐĞŽĨƚŚĞŽŝŵďƌĂ
KůĚĂƚŚĞĚƌĂů͗yͲƌĂLJƐƉĞĐƚƌŽŵĞƚƌLJ
ĂƉƉůŝĐĂƚŝŽŶƐ
͘^ŝŵƐĞŬ͕͘EŝĐƵůĂĞ͕,͘^ŽůƚĂƵ͕'͘>Ƶƚnj͕W͘>ĞĐŚŶĞƌ͕͘
ĞĐŚƚĞůĞƌ͕Z͘ĐŬŚĂƌĚƚ͕<͘,ĞƌŵĞŶĂƵ͕͘>ŝĞďĞů͕K͘
:ĂƌŝƚƐĐŚŝŶ͕'͘^ĐŚĂůůĞƌ͕&͘^ĐŚŽƉƉĞƌ͕>͘^ƚƌƺĚĞƌ
͘>Ğ'ĂĐ͕͘/͘^ĞƌƵLJĂ͕^͘WĞƐƐĂŶŚĂ͕D͘DĂŶƐŽ͕
D͘:͘KůŝǀĞŝƌĂĂŶĚD͘>͘ĂƌǀĂůŚŽ
ϭϱ͗ϮϬʹϭϱ͗ϰϬ
ϭϱ͗ϮϬʹϭϱ͗ϰϬ
ƉƉůŝĐĂƚŝŽŶŽĨWĂƌĂŵĞƚƌŝĐyͲƌĂLJ
ZĂĚŝĂƚŝŽŶƚŽŝĂŐŶŽƐƚŝĐZĂĚŝŽůŽŐLJ͗Ă
dŚĞŽƌĞƚŝĐĂů^ƚƵĚLJ
yͲZĂLJŝĨĨƌĂĐƚŝŽŶĂŶĂůLJƐŝƐŽĨŝƌŽŶŽdžŝĚĞƐ
ĂŶĚĐůĂLJƉĂŝŶƚŝŶŐƌĂǁŵĂƚĞƌŝĂůƐĨƌŽŵ
ZĂũĂƐƚŚĂŶ^ƚĂƚĞ;Et/ŶĚŝĂͿ
'͘ŝŽŵĞŶŝĐŽ͕W͘ĂƌĚĂƌĞůůŝ͕D͘'ĂŵďĂĐĐŝŶŝ͕
D͘DĂƌnjŝĂŶŝ͕͘dĂŝďŝ
'͘ĂǀĂůůŽ͕D͘<͘WĂŶĚŝƚ
ϭϱ͗ϰϬʹϭϲ͗ϬϬ
ϭϱ͗ϰϬʹϭϲ͗ϬϬ
&ĂďƌŝĐĂƚŝŽŶŽĨƐƵƉĞƌĐŽŶĚƵĐƚŝŶŐƚƵŶŶĞů
ũƵŶĐƚŝŽŶƐĨŽƌƐŽĨƚyͲƌĂLJƐƉĞĐƚƌŽŵĞƚĞƌƐ
yZ&ĂŶĂůLJƐŝƐŽĨĂƌƚŝĨĂĐƚƐĨƌŽŵ
ŶĐŝĞŶƚŐLJƉƚƵƐŝŶŐĂƉŽƌƚĂďůĞƐLJƐƚĞŵ
D͘hŬŝďĞ͕^͘^ŚŝŬŝ͕z͘<ŝƚĂũŝŵĂ͕D͘KŚŬƵďŽ
͘ĂůnjĂ͕Z͘W͘&ƌĞŝƚĂƐ͕͘ƌĂŶĐĂŐůŝŽŶ:ƌ͕͘Z͘d͘
>ŽƉĞƐ
ϭϲ͗ϬϬŽŶĨĞƌĞŶĐĞĐůŽƐŝŶŐ
ϭϲ͗ϬϬŽŶĨĞƌĞŶĐĞĐůŽƐŝŶŐ
ŽĨĨĞĞ
ŽĨĨĞĞ
KWWSH[UVILVXFSW
>/^dK&WZd//WEd^
>&>͕DĂƚƚŚŝĂƐ
ŵĂƚƚŚŝĂƐ͘ĂůĨĞůĚΛƵĂ͘ĂĐ͘ďĞ
hŶŝǀĞƌƐŝƚLJŽĨŶƚǁĞƌƉ͕
ĞůŐŝƵŵ
>Ks͕EŝŬŽůĂŝ
ŶͺĂůŽǀΛŵĂŝů͘ƌƵ
DŽƐĐŽǁ^ƚĂƚĞhŶŝǀĞƌƐŝƚLJ
DZK͕WĞĚƌŽ
ĂŵĂƌŽǀΛŐŵĂŝů͘ĐŽŵ
&ĞŶƚƌŽ&şƐŝĐĂƚſŵŝĐĂ
EZ/͕sĞůŝďŽƌ
ǀĞůĂŶΛǀŝŶĐĂ͘ƌƐ
s/E/ŶƐƚŝƚƵƚĞŽĨEƵĐůĞĂƌ
^ĐŝĞŶĐĞƐ
E<>DD͕>ĂƌƐ
ĂŶŬůĂŵŵΛƉŚLJƐŝŬ͘ƚƵͲďĞƌůŝŶ͘ĚĞ
dhĞƌůŝŶ
EdKEKs͕ůĞdžĂŶĚĞƌ
ĂŶƚŽŶŽǀĂΛŽƉƚŝŐƌĂƉŚ͘ĞƵ
KƉƚŝŐƌĂƉŚ'ŵď,
EdhE^͕ŶĚƌĞĂ
ĂŶƚƵŶĞƐΛŝŶĨŝƐ͘ƵĨƵ͘ďƌ
Ez^</t/͕:ĂĐĞŬ
ũĂĐĞŬĂŶΛŝŵŶ͘ŐůŝǁŝĐĞ͘Ɖů
WWK>KE/͕ĂƌůŽƐ
ZŽďĞƌƚŽ
ĂƉƉŽůŽŶŝΛƵĞů͘ďƌ
ZƷ:K͕D͘&ĄƚŝŵĂ
ĨĂƌĂƵũŽΛŝƚŶ͘Ɖƚ
ZKE͕/njƚŽŬ
ŝnjƚŽŬ͘ĂƌĐŽŶΛƵŶŐ͘Ɛŝ
hŶŝǀĞƌƐŝƚLJŽĨEŽǀĂ'ŽƌŝĐĂ
^&KZ͕sŝǀŝĂŶĞ
ǀŝŬŚŽƵƌLJΛŐŵĂŝů͘ĐŽŵ
&ĞĚĞƌĂůhŶŝǀĞƌƐŝƚLJŽĨ
WĞƌŶĂŵďƵĐŽ
,>Z͕ZŽďĞƌƚ
ƌŽďĞƌƚ͘ďĂĞĐŚůĞƌΛƌĚůƐ͘ŶĞƐƚůĞ͘ĐŽŵ
EĞƐƚůĠ͕^ǁŝƚnjĞƌůĂŶĚ
>>͕DĂƌŬƵƐ
ďĂůůΛŝĨŝĐ͘Ƶǀ͘ĞƐ
/&/͕sĂůĞŶĐŝĂ͕^ƉĂŝŶ
ZKE͕'ĞƌŵĂŶĂ
ŐďĂƌŽŶĞΛƵŶŝĐƚ͘ŝƚ
ZZdK͕:ŽĆŽ&ƌĂŶĐŝƐĐŽ ũŽĂŽĂƌƌŽďĂΛŐŵĂŝů͘ĐŽŵ
/ŶƐƚŝƚƵƚĞŽĨWŚLJƐŝĐƐ͕hŶŝǀĞƌƐŝƚLJ
ŽĨhďĞƌůĂŶĚŝĂ
/ŶƐƚŝƚƵƚĞŽĨEŽŶͲ&ĞƌƌŽƵƐ
DĞƚĂůƐ
hŶŝǀĞƌƐŝĚĂĚĞƐƚĂĚƵĂůĚĞ
>ŽŶĚƌŝŶĂ
/ŶƐƚŝƚƵƚŽdĞĐŶŽůſŐŝĐŽĞ
EƵĐůĞĂƌ
ĞƉĂƌƚŵĞŶƚŽĨ'ĞŽůŽŐŝĐĂů
^ĐŝĞŶĐĞƐ͕hŶŝǀĞƌƐŝƚLJŽĨ
ĂƚĂŶŝĂ
&ĂĐƵůĚĂĚĞĚĞŝġŶĐŝĂƐĞ
dĞĐŶŽůŽŐŝĂ͕hŶŝǀĞƌƐŝĚĂĚĞ
EŽǀĂĚĞ>ŝƐďŽĂ
WŚLJƐŝŬĂůŝƐĐŚͲdĞĐŚŶŝƐĐŚĞ
ƵŶĚĞƐĂŶƐƚĂůƚ
<,K&&͕ƵƌŬŚĂƌĚ
ƵƌŬŚĂƌĚ͘ĞĐŬŚŽĨĨΛWd͘ĚĞ
E,E͕:ŽƐĞƉŚ
ũďĞŶĚĂŚĂŶΛƌĂƉŝƐĐĂŶƐLJƐƚĞŵƐ͘ĐŽŵ ZĂƉŝƐĐĂŶ^LJƐƚĞŵƐ
EdK͕ŶƚſŶŝŽ
ďĞŶƚŽΛŐŝĂŶ͘ĨŝƐ͘ƵĐ͘Ɖƚ
hŶŝǀĞƌƐŝƚLJŽĨŽŝŵďƌĂ
d,<͕:ŽŚĂŶŶĞƐ
ďĞƚŚŬĞΛdžƐϰĂůů͘Ŷů
ŶƚĞĐŚ^ĐŝĞŶƚŝĨŝĐsͲ>ƵŵŝŶŝƐ
'ƌŽƵƉ
/h͕dŚĞŽ
ƚŚĞŽΛĂƚŽŵ͘ƉŚLJƐŝŬ͘ƚƵͲďĞƌůŝŶ͘ĚĞ
dƵĞƌůŝŶ
:KhD/<,Ks͕
^ĞŵĨŝƌĂ
ŐĞƐĐŚĞǀĂΛŝĨŐͲĂĚůĞƌƐŚŽĨ͘ĚĞ
/Ĩ'͕/ŶƐƚŝƚƵƚĞĨŽƌ^ĐŝĞŶƚŝĨŝĐ
/ŶƐƚƌƵŵĞŶƚƐ
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ŐůĞŶ͘ďůĂŝƌΛŽdžŝŶƐƚ͘ĐŽŵ
KdžĨŽƌĚ/ŶƐƚƌƵŵĞŶƚƐ
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ĞůĞŶĂ͘ďůŽŬŚŝŶĂΛďƌƵŬĞƌͲŶĂŶŽ͘ĚĞ
ƌƵŬĞƌEĂŶŽ'ŵď,
KDE͕:ŽŚĂŶ
ũŽŚĂŶ͘ďŽŵĂŶΛĐŚĞŵ͘ŐƵ͘ƐĞ
KE/KE/͕>ĞƚŝnjŝĂ
ůĞƚŝnjŝĂ͘ďŽŶŝnjnjŽŶŝΛŵŝ͘ŝŶĨŶ͘ŝƚ
K^>z͕dŽŶLJ
ƚŽŶLJ͘ďŽƐůĞLJΛĞϮǀ͘ĐŽŵ
KWWSH[UVILVXFSW
hŶŝǀĞƌƐŝƚLJŽĨ'ŽƚŚĞŶďƵƌŐ͕
^ǁĞĚĞŶ
ŝƉĂƌƚŝŵĞŶƚŽĚŝ&ŝƐŝĐĂ͕
hŶŝǀĞƌƐŝƚăĚŝDŝůĂŶŽ
ĞϮǀƐĐŝĞŶƚŝĨŝĐŝŶƐƚƌƵŵĞŶƚƐůƚĚ͕
h<
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Z/dK͕:ŽƐĠ
ũďƌŝƚŽΛĂůĨϭ͘Đŝŝ͘ĨĐ͘Ƶů͘Ɖƚ
/ŶƐƚŝƚƵƚŽ^ƵƉĞƌŝŽƌĚĞŝġŶĐŝĂƐ
ĚĂ^ĂƷĚĞŐĂƐDŽŶŝnj
ZKhtZ͕WĞƚĞƌ
ƉĞƚĞƌ͘ďƌŽƵǁĞƌΛƉĂŶĂůLJƚŝĐĂů͘ĐŽŵ
WEĂůLJƚŝĐĂů͘s͘
ZhzEKE<y͕WĞƚĞƌ
ƉĞƚĞƌ͘ďƌƵLJŶĚŽŶĐŬdžΛƐŬLJƐĐĂŶ͘ďĞ
^ŬLJ^ĐĂŶ
hK>/Z/͕'ŝŽǀĂŶŶŝ
ŐŝŽǀĂŶŶŝ͘ďƵĐĐŽůŝĞƌŝΛƵŶŝůĞ͘ŝƚ
hŶŝǀĞƌƐŝƚăĚĞů^ĂůĞŶƚŽ
hE/,͕'ƵĞŶƚĞƌ
'ƵĞŶƚĞƌ͘ƵnjĂŶŝĐŚΛďĂŵ͘ĚĞ
͕>ŝǀŝĂsŝĚĂů
>͕ƌŝƐƚŝĂŶĞ
ĐƌŝƐĐĂůnjĂΛŚŽƚŵĂŝů͘ĐŽŵ͖
ĐĂƚĂƌŝŶĞΛůŝŶ͘ƵĨƌũ͘ďƌ
ZZDd͕>ĂƌĂ
ũŽĂŽ͘ǀĞůŽƐŽΛƵĂ͘Ɖƚ
Zs>,K͕>ƵŝƐĂ
ůƵŝƐĂΛĐŝŝ͘ĨĐ͘Ƶů͘Ɖƚ
^d>>EK͕ůĨƌĞĚŽ
ĂůĨƌĞĚŽ͘ĐĂƐƚĞůůĂŶŽΛƵŶŝůĞ͘ŝƚ
s>>K͕'ŝŽǀĂŶŶŝ
ŐŝŽǀĂŶŶŝ͘ĐĂǀĂůůŽΛƐƵƉƐŝ͘ĐŚ
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dŽŬLJŽĞŶŬŝhŶŝǀĞƌƐŝƚLJ
,KDD͕,ŝƐĂƐŚŝ
ŚŽŵŵĂΛƌŝŐĂŬƵ͘ĐŽ͘ũƉ
ZŝŐĂŬƵŽƌƉŽƌĂƚŝŽŶ
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ĂŚƵďĞƌΛĂŵƉƚĞŬ͘ĐŽŵ
ŵƉƚĞŬ/ŶĐ͘
KWWSH[UVILVXFSW
ĞŶƚƌĞƵƌŽƉĠĞŶ
ĚƌĐŚŽŵĞƚƌŝĞ;hŶŝǀĞƌƐŝƚLJŽĨ
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DͲ&ĞĚĞƌĂů/ŶƐƚŝƚƵƚĞĨŽƌ
DĂƚĞƌŝĂůƐƌĞƐĞĂƌĐŚΘdĞƐƚŝŶŐ
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ŝǁĂƚĂΛƌŝŐĂŬƵ͘ĐŽ͘ũƉ
ZŝŐĂŬƵƵƌŽƉĞĂŶ
,ĞĂĚƋƵĂƌƚĞƌƐ
:E^^E^͕<ŽĞŶ
ŬŽĞŶ͘ũĂŶƐƐĞŶƐΛƵĂ͘ĂĐ͘ďĞ
hŶŝǀĞƌƐŝƚLJŽĨŶƚǁĞƌƉ
:E^E͕ŚĂƌůĞƐ
ĐũĞŶƐĞŶΛŵŽdžƚĞŬ͘ĐŽŵ
DŽdžƚĞŬ͕/ŶĐ͘
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ƉŚŝůŝƉƉĞ͘ũŽŶŶĂƌĚΛƵƉŵĐ͘Ĩƌ
hWDͬEZ^ͬ>WDZ
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ŬĂůůŝΛŵƌĞĚ͘ƚƵĐ͘Őƌ
EŝŬŽůĂŽƐ
dĞĐŚŶŝĐĂůhŶŝǀĞƌƐŝƚLJŽĨƌĞƚĞ
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ŝŶĨŽΛdžŽƐ͘ĐŽŵ
yͲZĂLJKƉƚŝĐĂů^LJƐƚĞŵƐ͕h^
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ďŬΛĂƚŽŵ͘ƉŚLJƐŝŬ͘ƚƵͲďĞƌůŝŶ͘ĚĞ
dĞĐŚŶŝƐĐŚĞhŶŝǀĞƌƐŝƚćƚĞƌůŝŶ
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ŝnjƵŵŝͲŽŐΛƌŝŐĂŬƵ͘ĐŽ͘ũƉ
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ŬĂŶƚĂƌĞůŽƵΛŝŶƉ͘ĚĞŵŽŬƌŝƚŽƐ͘Őƌ
<s/͕DĂƚũĂnj
ŵĂƚũĂnj͘ŬĂǀĐŝĐΛŝũƐ͘Ɛŝ
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ũƵŶ͘ŬĂǁĂŝΛŵĂƚĞƌŝĂůƐ͘ŵďŽdž͘ŵĞĚŝĂ
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͘ŬLJŽƚŽͲƵ͘ĂĐ͘ũƉ
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LJǀĞƐ͘ŬĂLJƐĞƌΛƵŶŝĨƌ͘ĐŚ
hŶŝǀĞƌƐŝƚĠĚĞ&ƌŝďŽƵƌŐ
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ũĞŶƐ͘ŬĞƐƐůĞƌΛŚĞůŵƵƚͲĨŝƐĐŚĞƌ͘ĚĞ
,ĞůŵƵƚ&ŝƐĐŚĞƌ'ŵď,
<,KhZz͕,ĞůĞŶ
ŚũŬŚŽƵƌLJΛŐŵĂŝů͘ĐŽŵ
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ŚŬŬŝŵϱϵΛŝŶŚĂ͘ĂĐ͘Ŭƌ
<EK>K,͕:ƺƌŐĞŶ
ũƵĞƌŐĞŶ͘ŬŶŽďůŽĐŚΛŬĞƚĞŬ͘ŶĞƚ
<d<'ŵď,
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ŬŽĐƐŽŶLJĂΛƌŵŬŝ͘ŬĨŬŝ͘ŚƵ
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WĂƌƚŝĐůĞĂŶĚEƵĐůĞĂƌWŚLJƐŝĐƐ
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ĐŚĂƌďĞů͘ŬŽƵŵĞŝƌΛƐƵďĂƚĞĐŚ͘ŝŶϮƉϯ͘Ĩƌ
^ƵďĂƚĞĐŚ͕EĂŶƚĞƐ
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ŬŬŽnjĂĐΛŵŽdžƚĞŬ͘ĐŽŵ
DŽdžƚĞŬ͕/ŶĐ͘
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ŵĂƌŬƵƐ͘ŬƌĂĞŵĞƌΛĂdžŽͲĚƌĞƐĚĞŶ͘ĚĞ yKZ^E'ŵď,
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ƉŬƌĞŐƐĂŵΛĂƚŝ͘ĂĐ͘Ăƚ
dhtŝĞŶ͕ƚŽŵŝŶƐƚŝƚƵƚ
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ĂŬƌŝnjŶĂƌΛƵƐ͘ĞƐ
EĂƚŝŽŶĂůĞŶƚƌĞŽĨ
ĐĐĞůĞƌĂƚŽƌƐ͕hŶŝǀĞƌƐŝƚLJŽĨ
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ƵůƌŝĐŚͺŬƌΛƚĞĐŚŬŽŶ͘ĐŽŵ
d,<KE'ŵď,
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ƉĞƚĞƌ͘ŬƵŵƉΛŝũƐ͘Ɛŝ
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ŬƵŶŝŵƵƌĂΛƌŝŬĞŶ͘ũƉ
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ŐŝƵƐĞƉƉĞ͘ůĂĐĞƌĞŶnjĂΛĐŝĞŵĂƚ͘ĞƐ
/Dd
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ůĂŶŬŽƐnjΛŶŽǀĞůů͘Ĩƚũ͘ĂŐŚ͘ĞĚƵ͘Ɖů
',ͲhŶŝǀĞƌƐŝƚLJŽĨ^ĐŝĞŶĐĞ
ĂŶĚdĞĐŚŶŽůŽŐLJ
KWWSH[UVILVXFSW
ZŝŐĂŬƵƵƌŽƉĞĂŶ
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EĂƚŝŽŶĞŶƚĞƌĨŽƌ^ĐŝĞŶƚŝĨŝĐ
ZĞƐĞĂƌĐŚΗĞŵŽŬƌŝƚŽƐΗ
:͘^ƚĞĨĂŶ/ŶƐƚŝƚƵƚĞ
&ĞĚĞƌĂůhŶŝǀĞƌƐŝƚLJŽĨ
WĞƌŶĂŵďƵĐŽ
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ŚĞŵŝƐƚƌLJ
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:ĂŵŽǀĂϯϵ͕
ϭϬϬϬ>ũƵďůũĂŶĂ
Z/<E;dŚĞ/ŶƐƚŝƚƵƚĞŽĨ
WŚLJƐŝĐĂůĂŶĚŚĞŵŝĐĂů
ZĞƐĞĂƌĐŚͿ
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ĚƐΛĚŝĂƐͲĚĞͲƐŽƵƐĂ͘Ɖƚ
>s>>^h>>^/͕,ĞŶƌLJ ŚĞŶƌLJ͘ůĂǀĂůůĞΛŐŵĂŝů͘ĐŽŵ
ŝĂƐĚĞ^ŽƵƐĂ͕^͕WŽƌƚƵŐĂů
&ĞĚĞƌĂůhŶŝǀĞƌƐŝƚLJŽĨ
WĞƌŶĂŵďƵĐŽ
&ĂĐƵůĚĂĚĞĚĞŝġŶĐŝĂƐĞ
dĞĐŶŽůŽŐŝĂ͕hŶŝǀĞƌƐŝĚĂĚĞ
EŽǀĂĚĞ>ŝƐďŽĂ
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ĂůŐΛĨĐƚ͘ƵŶů͘Ɖƚ
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ŬĂƌŝŶĞ͘ůĞͺŐƵĞŶΛƵƉŵĐ͘Ĩƌ
hWDEZ^hDZϳϲϭϰ
>DZ'͕WĂƐĐĂů
ƉĂƐĐĂů͘ůĞŵďĞƌŐĞΛƚŚĞƌŵŽĨŝƐŚĞƌ͘ĐŽŵ
dŚĞƌŵŽ&ŝƐŚĞƌ^ĐŝĞŶƚŝĨŝĐ
>ĠWz͕DĂƌŝĞͲŚƌŝƐƚŝŶĞ
ŵĂƌŝĞͲĐŚƌŝƐƚŝŶĞ͘ůĞƉLJΛĐĞĂ͘Ĩƌ
Ͳ>Eͬ>E,
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ũƉĞƐƐŽĂΛŝƉƌũ͘ƵĞƌũ͘ďƌ
ĞƉ͘DĞĐŚĂŶŝĐĂůŶŐ͘ĂŶĚ
ŶĞƌŐLJ͕hZ:Ͳ/WZ:͕ƌĂnjŝů
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džĂǀŝĞƌΛƐĐƚ͘Ƶď͘ĞƐ
hŶŝǀĞƌƐƚLJŽĨĂƌĐĞůŽŶĂ
>KE'K͕&ƌĂŶĐĞƐĐĂ
ůŽŶŐŽĨΛƵŶŝŵĞ͘ŝƚ
>KW^͕&ĂďŝŽ
ďŽŶŶΛƵĞů͘ďƌ
>KhZ/ZK͕:ŽĆŽ
ůŽƵƌĞŝƌŽũĐΛŐŵĂŝů͘ĐŽŵ
>ƺ,>͕>ĂƌƐ
ůĂƌƐ͘ůƵĞŚůΛďĂŵ͘ĚĞ
DͬdhͲĞƌůŝŶ
>hK͕>ŝƋŝĂŶŐ
ůƵŽůŝƋŝĂŶŐΛĐĐƐĚ͘ĐŶ͖
ůƵŽůŝƋŝĂŶŐΛĐĂŐƐ͘ĂĐ͘ĐŶ
EĂƚŝŽŶĂůZĞƐĞĂƌĐŚĞŶƚĞƌŽĨ
'ĞŽĂŶĂůLJƐŝƐ
>hy͕dŚŽƌƐƚĞŶ
dŚŽƌƐƚĞŶ͘>ƵdžΛŝĨĂĞ͘ĞƐ
/&͕ĂƌĐĞůŽŶĂ͕^ƉĂŝŶ
D/:t^<͕<ĂƌŝŶĂ
ĐĂƌŝŶĂŵΛƉŽĐnjƚĂ͘ŽŶĞƚ͘Ɖů
͘ŚĞůŬŽǁƐŬŝ/ŶƐƚŝƚƵƚĞŽĨ
WŚLJƐŝĐƐ͕hŶŝǀĞƌƐŝƚLJŽĨ^ŝůĞƐŝĂ
D,/Ks͕sŝƚĂůLJ
ũĨĞŚůďΛŵŽdžƚĞŬ͘ĐŽŵ
DŽdžƚĞŬ͕/ŶĐ͘
D>Z͕tŽůĨŐĂŶŐ
ǁŽůĨŐĂŶŐ͘ŵĂůnjĞƌΛƚƵͲďĞƌůŝŶ͘ĚĞ
dhĞƌůŝŶ
DE^K͕DĂƌƚĂ
ŵĂƌƚĂϵϳϰΛŐŵĂŝů͘ĐŽŵ
ĞŶƚƌŽĚĞ&şƐŝĐĂƚſŵŝĐĂ
DEd>Z͕DŝĐŚĂĞů
ŵŝĐŚĂĞů͘ŵĂŶƚůĞƌΛĂŽŶ͘Ăƚ
Ͳ
WŚLJƐŝĐƐĞƉĂƌƚŵĞŶƚ͕DĞƐƐŝŶĂ
hŶŝǀĞƌƐŝƚLJ
hŶŝǀĞƌƐŝĚĂĚĞƐƚĂĚƵĂůĚĞ
>ŽŶĚƌŝŶĂ
WŚLJƐŝĐƐĞƉĂƌƚŵĞŶƚ͕
hŶŝǀĞƌƐŝƚLJŽĨŽŝŵďƌĂ
dĞĐŚŶŝĐĂůhŶŝǀĞƌƐŝƚLJŽĨĞƌůŝŶ͘
DEdKhs>Kh͕/ŽĂŶŶĂ /ŽĂŶŶĂ͘DĂŶƚŽƵǀĂůŽƵΛƚƵͲďĞƌůŝŶ͘ĚĞ /ŶƐƚŝƚƵƚĞĨŽƌŽƉƚŝĐĂŶĚĂƚŽŵŝĐ
ƉŚLJƐŝĐƐ
DZ'h/͕ǀĂ
ĞŵĂƌŐƵŝΛŝũĂ͘ĐƐŝĐ͘ĞƐ
/ŶƐƚŝƚƵƚĞŽĨĂƌƚŚ^ĐŝĞŶĐĞ
Η:ĂƵŵĞůŵĞƌĂΗ͕^/
DZYh^͕:ŽƐĠ
ũŵŵĂƌƋƵĞƐΛĨĐ͘Ƶů͘Ɖƚ
ĞƉĂƌƚĂŵĞŶƚŽĚĞ&şƐŝĐĂĚĂ
&ĂĐƵůĚĂĚĞĚĞŝġŶĐŝĂƐĚĂ
hŶŝǀĞƌƐŝĚĂĚĞĚĞ>ŝƐďŽĂ
DZd/E͕:ĞƐƵƐ
ŵĂĚĞůĞŝŶĞ͘ƉĞLJƚĂǀŝŶΛƚŚĞƌŵŽĨŝƐŚĞƌ͘ĐŽŵ
dŚĞƌŵŽ&ŝƐŚĞƌ^ĐŝĞŶƚŝĨŝĐ
DZdzE/h<͕sŝŬƚŽƌ
ŵƌƚΛĞůǀĂƚĞĐŚ͘ĐŽŵ
ůǀĂƚĞĐŚ>ƚĚ͘
DZt,͕>ĂƌĂ
ŵĂƌǁĂŚĂΛŝƐŝď͘ďĞ
/Z/^/
D^^ž͕ĂƌŝŽ
ŵĂƐƐĂďŽΛŐĞ͘ŝŶĨŶ͘ŝƚ
hŶŝǀĞƌƐŝƚăĚŝ'ĞŶŽǀĂ
KWWSH[UVILVXFSW
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Dd/^͕:ŽƐĠ
ĨĐũĂŵΛŐŝĂŶ͘ĨŝƐ͘ƵĐ͘Ɖƚ
hŶŝǀĞƌƐŝƚLJŽĨŽŝŵďƌĂ
Dd:/͕>ŝĚŝũĂ
ůŝĚŝũĂ͘ŵĂƚΛŐŵĂŝů͘ĐŽŵ
ƌŽĂƚŝĂ
DZd͕ĂŶŝĞů
ĚŵĞĞƌƚΛĐĂŶďĞƌƌĂ͘ĐŽŵ
EZZEs
DE^͕ZƵƚĞ
ŶƉŝŶŚĂŽΛŝƚŶ͘Ɖƚ
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dĞĐŚŶŽůŽŐŝĐĂů/ŶƐƚŝƚƵƚĞ
DĠE^'hE͕zǀĞƐ
LJǀĞƐ͘ŵĞŶĞƐŐƵĞŶΛĐĞĂ͘Ĩƌ
DZ>d͕ůĂƵĚĞ
ĐůĂƵĚĞ͘ŵĞƌůĞƚΛŐŵ͘ƵŶŝǀͲŵŽŶƚƉϮ͘Ĩƌ EZ^
D/Z:t^</͕ĂŶŝĞů
Ě͘ŵŝĞƌnjĞũĞǁƐŬŝΛƉǁƉǁ͘Ɖů
WŽůŝƐŚ^ĞĐƵƌŝƚLJWƌŝŶƚŝŶŐtŽƌŬƐ
D/'>/KZ/͕ůĞƐƐĂŶĚƌŽ
ŵŝŐůŝŽƌŝΛĨŝ͘ŝŶĨŶ͘ŝƚ
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hE/sZ^/dzK&&>KZE
DKEd/ZK͕ƌŝƐƚŝŶĂ
ĐƌŝƐƚŝŶĂΛŐŝĂŶ͘ĨŝƐ͘ƵĐ͘Ɖƚ
hŶŝǀĞƌƐŝƚLJŽĨŽŝŵďƌĂ
DKZ/Z͕^ŝůǀĂŶĂ
ƐŝůǀĂŶĂΛĨĞĐ͘ƵŶŝĐĂŵƉ͘ďƌ
hE/sZ^/dzK&DW/E^
DKZ>>͕DĂƚŚŝĞƵ
ŵŵŽƌĞůůĞΛĐĂŶďĞƌƌĂ͘ĐŽŵ
EZZEs
DKd͕ĂƌůĂ
ĐĞŶŐŶƵĐůĞĂƌΛŐŵĂŝů͘ĐŽŵ
Dƺ>>Z͕DĂƚƚŚŝĂƐ
ŵĂƚƚŚŝĂƐ͘ŵƵĞůůĞƌΛƉƚď͘ĚĞ
DzZ^͕'ŽƌĚŽŶ
ŐŵLJĞƌƐΛƐŝŝŶƚƵƐĂ͘ĐŽŵ
^//EĂŶŽdĞĐŚŶŽůŽŐLJh^/ŶĐ͘
Dz<͕ŽĨŝĂ
njŽĨŝĂ͘ŵnjLJŬΛŝŵŶ͘ŐůŝǁŝĐĞ͘Ɖů
/ŶƐƚŝƚƵƚĞŽĨEŽŶͲ&ĞƌƌŽƵƐ
DĞƚĂůƐ
E</͕/njƵŵŝ
ŝŶĂŬĂŝΛƌƐ͘ŬĂŐƵ͘ƚƵƐ͘ĂĐ͘ũƉ
dŽŬLJŽhŶŝǀĞƌƐŝƚLJŽĨ^ĐŝĞŶĐĞ
E<z͕zĂƐƵŬĂnjƵ
zĂƐƵŬĂnjƵΛdƌƵĞŵŽŽŶ͘ŵďŽdž͘ŵĞĚŝĂ ĞƉ͘ŽĨDĂƚĞƌŝĂůƐ^ĐŝĞŶĐĞ
͘ŬLJŽƚŽͲƵ͘ĂĐ͘ũƉ
ĂŶĚŶŐ͕͘<LJŽƚŽhŶŝǀĞƌƐŝƚLJ
Ed>>h͕,ƵŐŽ
ŚƵŐŽΛŐŝĂŶ͘ĨŝƐ͘ƵĐ͘Ɖƚ
hŶŝǀĞƌƐŝƚLJŽĨŽŝŵďƌĂ
EDZ͕DĂƌŝũĂŶ
ŵĂƌŝũĂŶ͘ŶĞĐĞŵĞƌΛŝũƐ͘Ɛŝ
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EE^>͕ĞƌŶŚĂƌĚ
ŶĞŶƐĞůΛŚĞůŵƵƚͲĨŝƐĐŚĞƌ͘ĚĞ
,ĞůŵƵƚ&ŝƐĐŚĞƌ'ŵď,
E/h>͕ĚƌŝĂŶ
ĂĚƌŝĂŶ͘ŶŝĐƵůĂĞΛƉŶĚĞƚĞĐƚŽƌ͘ĚĞ
WE^ĞŶƐŽƌ'ŵď,
E/D>͕ƌƚŽ
ĂƌƚŽ͘ŶŝĞŵĞůĂΛƉŝdžƉŽůĂƌ͘ĐŽŵ
WŝdžƉŽůĂƌ
EhsK͕DĂƌŝĂ:͘
ŵĂƌŝĂΛƵŶĞdž͘ĞƐ
hŶŝǀĞƌƐŝƚLJŽĨdžƚƌĞŵĂĚƵƌĂ
Ehd^,͕ŶĚƌĞĂƐ
ĂŶĚƌĞĂƐ͘ŶƵƚƐĐŚΛŝŝƐď͘ĨƌĂƵŶŚŽĨĞƌ͘ĚĞ
&ƌĂƵŶŚŽĨĞƌ//^
K,K^͕:ĂƐŵŝŶĂ
ũŽďŚŽĚĂƐΛŝƌď͘Śƌ
ZƵĚĞƌŽƐŬŽǀŝĐ/ŶƐƚŝƚƵƚĞ
KZZ/'K͕^ŽŶũĂ
ƐŽŶũĂŽƌƌŝŐŽΛŐŝĂŶ͘ĨŝƐ͘ƵĐ͘Ɖƚ
hŶŝǀĞƌƐŝƚLJŽĨŽŝŵďƌĂ
K^E͕:ĂŶŽƐ
ŽƐĂŶΛĂĞŬŝ͘ŬĨŬŝ͘ŚƵ
,ƵŶŐĂƌŝĂŶĐĂĚĞŵLJŽĨ
^ĐŝĞŶĐĞƐ<&</ƚŽŵŝĐŶĞƌŐLJ
ZĞƐĞĂƌĐŚ/ŶƐƚŝƚƵƚĞ
Kh>>d͕^ŝŵŽŶ
ƐŽƵĞůůĞƚΛĐůĂŝƐƐĞ͘ĐŽŵ
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ŐĞŶĐLJ͕sŝĞŶŶĂ͕ƵƐƚƌŝĂ
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ŵĂƌĐĞů͘ƉĂŐĞůƐΛƉŚLJƐŝŬ͘ƚƵͲďĞƌůŝŶ͘ĚĞ dĞĐŚŶŝƐĐŚĞhŶŝǀĞƌƐŝƚćƚĞƌůŝŶ
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KWWͰh&Z:ͲZŝŽĚĞ:ĂŶĞŝƌŽͲ
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WŚLJƐŝŬĂůŝƐĐŚͲdĞĐŚŶŝƐĐŚĞ
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ĞƉƚ͘^ĐŝĞŶnjĂĚĞŝDĂƚĞƌŝĂůŝ
WWW͕dŝďŽƌ
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Ws͕/ǀĂLJůŽ
ŝƉĞĞǀΛƚŽŝǀĞů͘ĐŽŵ
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ĂŶĂŵŝůŝĐΛƌLJĞƌƐŽŶ͘ĐĂ
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WWWKE/͕'ŝĂŶĐĂƌůŽ
Ő͘ƉĞƉƉŽŶŝΛŚŽƚŵĂŝů͘ĐŽŵ
D/E>Ăď͕DDʹ/ƌƐƚ͕
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W^^E,͕^ŽĨŝĂ
ĂůĚĂƐƉƐŽƵƐĂΛŐŵĂŝů͘ĐŽŵ
ĐĞŶƚƌŽĚĞĨŝƐŝĐĂĂƚſŵŝĐĂĚĂ
ƵŶŝǀĞƌƐŝĚĂĚĞĚĞůŝƐďŽĂ
W/KZ<͕^ƚĂŶŝƐůĂǁ
ƐƚĂŶ͘ƉŝŽƌĞŬΛƚŚĞƌŵŽ͘ĐŽŵ
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W/dZ,͕ĨƌŝĐĂ
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WŚLJƐŝŬĂůŝƐĐŚͲdĞĐŚŶŝƐĐŚĞ
ďĞĂƚƌŝdž͘ƉŽůůĂŬŽǁƐŬŝΛƉƚď͘ĚĞ
ƵŶĚĞƐĂŶƐƚĂůƚ
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ŝƋƵĞƌĂůƚΛŝũĂ͘ĐƐŝĐ͘ĞƐ
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DĂƚĞƌŝĂůƐZĞƐĞĂƌĐŚĂŶĚ
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ŵ͘ƌĞĂůŝŶŝΛŝĐǀďĐ͘ĐŶƌ͘ŝƚ
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ƌŚƌĞĚƵƐΛĂŵƉƚĞŬ͘ĐŽŵ
ŵƉƚĞŬ/ŶĐ͘
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ĨůŽƌďĞůĂΛůŝƉ͘Ɖƚ
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Z/E,Zd͕&ĂůŬ
ĨĂůŬ͘ƌĞŝŶŚĂƌĚƚΛƉƚď͘ĚĞ
WŚLJƐŝŬĂůŝƐĐŚͲdĞĐŚŶŝƐĐŚĞ
ƵŶĚĞƐĂŶƐƚĂůƚ
ZYh/,&ZZ/Z͕
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ƌĞƋƵŝĐŚĂΛĐŝ͘ƵĐ͘Ɖƚ
hŶŝǀĞƌƐŝƚLJŽĨŽŝŵďƌĂ
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hŶŝǀĞƌƐŝƚLJŽĨ^ĞǀŝůůĞ
ZhdZ͕ŝƌŬ
ĚŝƌŬ͘ƌĞƵƚĞƌΛďĂŵ͘ĚĞ
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Z//ZKWZ/Z͕
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EƵĐůĞĂƌ/ŶƐƚƌƵŵĞŶƚĂƚŝŽŶ
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ĂŐŶĞƐ͘ƌŝĐŚĂƌĚΛƉƐŝ͘ĐŚ
WĂƵů^ĐŚĞƌƌĞƌ/ŶƐƚŝƚƵƚ
Z/sZ͕^ĠďĂƐƚŝĞŶ
ƐƌŝǀĂƌĚΛĐůĂŝƐƐĞ͘ĐŽŵ
ůĂŝƐƐĞ^ĐŝĞŶƚŝĨŝĐŽƌƉŽƌĂƚŝŽŶ
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ĐƵƌŽΛŝŶŚĂ͘ĂĐ͘Ŭƌ
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ZKZ/'h^͕DĂƌƚĂ
ŵ͘ƌŽĚƌŝŐƵĞƐΛĂŬďŝůĚ͘ĂĐ͘Ăƚ
ĐĂĚĞŵLJŽĨ&ŝŶĞƌƚƐsŝĞŶŶĂ͕
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dĞĐŚŶŽůŽŐLJŝŶƌƚ
ZKZ/'h^͕DĂƚŝĂƐ
ŵĂƚŝĂƐ͘ƌŽĚƌŝŐƵĞƐΛĐĞĂ͘Ĩƌ
>E,
ZKZ/'h^͕^ĞƌŐŝŽ
ƐĞƌŐŝŽ͘ƌŽĚƌŝŐƵĞƐΛdžĞŶŽĐƐ͘ĐŽŵ
yEK^^
KWWSH[UVILVXFSW
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DĂƚĞƌŝĂůĞƐͲhŶŝǀĞƌƐŝĚĂĚĚĞ
sĂůĞŶĐŝĂ
EƵĐůĞĂƌŶŐ͘Ɖƚ͕͘DĞĐŚĂŶŝĐĂů
ŶŐ͘^ĐŚŽŽů͕EĂƚŝŽŶĂů
dĞĐŚŶŝĐĂůhŶŝǀ͘ŽĨƚŚĞŶƐ
ZK>E͕ůŽĚŽĂůĚŽ
ĐůŽĚŽĂůĚŽ͘ƌŽůĚĂŶΛƵǀ͘ĞƐ
ZKhE/͕WĂŶĂŐŝŽƚĂ
ƉƌŽƵŶŝΛŶƵĐůĞĂƌ͘ŶƚƵĂ͘Őƌ
ZhE^^KE͕:ĂŶͲƌŝŬ
ũĂŶͲĞƌŝŬ͘ƌƵďĞŶƐƐŽŶΛĨLJƐŝŬ͘ƵƵ͘ƐĞ
hƉƉƐĂůĂhŶŝǀĞƌƐŝƚLJ
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ƐŝůŵĂƌĂƐĂŶĂĞΛĨŵǀĂ͘ƵŶĞƐƉ͘ďƌ
hE^W͕ƌĂnjŝů
^>sd͕&ƌĂŶĐĞƐĐ
ĨƌĂŶĐĞƐĐ͘ƐĂůǀĂƚΛŐŵĂŝů͘ĐŽŵ
hŶŝǀĞƌƐŝƚĂƚĚĞĂƌĐĞůŽŶĂ
EĂƚŝŽŶĂůZĞƐĞĂƌĐŚEƵĐůĞĂƌ
hŶŝǀĞƌƐŝƚLJ;DŽƐĐŽǁ
ŶŐŝŶĞĞƌŝŶŐWŚLJƐŝĐƐ/ŶƐƚŝƚƵƚĞͿ
ƚŽŵŝĐWŚLJƐŝĐƐĞŶƚĞƌ͕
hŶŝǀĞƌƐŝƚLJŽĨ>ŝƐďŽŶ
^DKs͕sŝĐƚŽƌ
ǀͲƐĂŵĞĚŽǀΛLJĂŶĚĞdž͘ƌƵ
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ũŵƐĂŵƉĂŝŽΛĨĐ͘Ƶů͘Ɖƚ
^ĄE,͕,ĠĐƚŽƌ
ũƐĂŶΛĨĂŵĂĨ͘ƵŶĐ͘ĞĚƵ͘Ăƌ
&ĂD&͕hŶŝǀĞƌƐŝƚLJŽĨſƌĚŽďĂ
^EdK^͕:ŽĂƋƵŝŵ
ũŵĨΛŐŝĂŶ͘ĨŝƐ͘ƵĐ͘Ɖƚ
hŶŝǀĞƌƐŝƚLJŽĨŽŝŵďƌĂ
^EdK^͕:ŽƐĞWĂƵůŽ
ũƉƐΛĨĐƚ͘ƵŶů͘Ɖƚ
hŶŝǀ͘EŽǀĂ>ŝƐďŽĂ
^dK͕/ǀŽŶĞDƵůĂŬŽ
ŝŵƐĂƚŽΛŝƉĞŶ͘ďƌ
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ŶĞƌŐĠƚŝĐĂƐĞEƵĐůĞĂƌĞƐ
^s>/s͕sĂůĞƌŝ
ǀƐĂǀĞůŝĞǀΛƐŝŝŶƚƵƐĂ͘ĐŽŵ
^//EĂŶŽdĞĐŚŶŽůŽŐLJh^͕/ŶĐ͘
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ŽůŝǀĞƌ͘ƐĐŚĂƌĨΛďĂŵ͘ĚĞ
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dŽŵ͘^ĐŚŽŽŶũĂŶƐΛŵĞ͘ĐŽŵ
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ŵĞůĂŶŝĞ͘ƐĐŚƵůnjĞΛƉŶĚĞƚĞĐƚŽƌ͘ĚĞ
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ǀŝǀŝĂŶĂ͘ƐĐŽƚΛƵŶŝďŽ͘ŝƚ
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hŶŝǀĞƌƐŝƚLJŽĨŽůŽŐŶĂ
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ĚĂǀŝĚ͘ƐĐŽƵůůĂƌΛƐŽƵƚŚĞƌŶŝŶŶŽǀĂƚŝŽŶ͘ĐŽŵ
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ƉĂƵů͘ƐĐŽƵůůĂƌΛƐŽƵƚŚĞƌŶŝŶŶŽǀĂƚŝŽŶ͘ĐŽŵ
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dhĞƌůŝŶ
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ŵƐŝďĂŝΛƌLJĞƌƐŽŶ͘ĐĂ
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ĂŶĂůƵŝƐĂ͘ƐŝůǀĂΛƵĂ͘Ɖƚ
^/>s͕DĂŶƵĞůĂ
ŵĂŶƵĞůĂΛƉŽůůƵdž͘ĨŝƐ͘ƵĐ͘Ɖƚ
hŶŝǀĞƌƐŝƚLJŽĨŽŝŵďƌĂ
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ƉƐŝĚŽŶŝŽΛƉŽůůƵdž͘ĨŝƐ͘ƵĐ͘Ɖƚ
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ŚĞŵŝƐƚƌLJ
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KWWSH[UVILVXFSW
DͲƵŶĚĞƐĂŶƐƚĂůƚĨƺƌ
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hŶŝǀĞƌƐŝƚLJŽĨǀĞŝƌŽ
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hŶŝǀĞƌƐŝƚLJŽĨ^ŝůĞƐŝĂ
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E^ZΗĞŵŽŬƌŝƚŽƐΗ
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ŚĞŝŬĞ͘ƐŽůƚĂƵΛƉŶƐĞŶƐŽƌ͘ĚĞ
WE^ĞŶƐŽƌ'ŵď,
^dK^E,͕,ĂŐĞŶ
ŚĂŐĞŶ͘ƐƚŽƐŶĂĐŚΛďƌƵŬĞƌͲŶĂŶŽ͘ĚĞ ƌƵŬĞƌEĂŶŽ'ŵď,
^dZ<͕ŽƌŶĞůŝĂ
ĞŵƐΛŚĞůŵŚŽůƚnjͲďĞƌůŝŶ͘ĚĞ͖
,ĞůŵŚŽůƚnjͲĞŶƚƌƵŵĞƌůŝŶ
ĐŽƌŶĞůŝĂ͘ƐƚƌĞĞĐŬΛŚĞůŵŚŽůƚnjͲďĞƌůŝŶ͘ĚĞ
^dZ>/͕ŚƌŝƐƚŝŶĂ
ƐƚƌĞůŝΛĂƚŝ͘ĂĐ͘Ăƚ
hŶŝǀ͘WƌŽĨ͘
^dZƺZ͕>ŽƚŚĂƌ
ůƚƐΛŚůů͘ŵƉŐ͘ĚĞ
^ĞŵŝĐŽŶĚƵĐƚŽƌ>ĂďŽƌĂƚŽƌLJŽĨ
ƚŚĞDĂdžͲWůĂŶĐŬͲ/ŶƐƚŝƚƵƚĞƐ
^>ſ</͕/ŵƌĞ
ƐnjĂůŽŬŝΛƌĞĂŬ͘ďŵĞ͘ŚƵ
ƵĚĂƉĞƐƚhŶŝǀŽĨdĞĐŚŶŽůŽŐLJ
ĂŶĚĐŽŶŽŵŝĐƐ͕/ŶƐƚŝƚƵƚĞŽĨ
EƵĐůĞĂƌdĞĐŚŶŝƋƵĞƐ
d//͕ŶŐĞůŽ
ƚĂŝďŝΛĨĞ͘ŝŶĨŶ͘ŝƚ
hŶŝǀĞƌƐŝƚLJŽĨ&ĞƌƌĂƌĂ
d<,^,/͕DĂƐĂŶŽƌŝ
ŵƚĂŬĂŚĂƐŚŝΛƐŝŝŶƚƵƐĂ͘ĐŽŵ
^//EĂŶŽdĞĐŚŶŽůŽŐLJh^/ŶĐ͘
dE/'h,/͕<ĂnjƵŽ
ƚĂŶŝŐƵĐŚŝΛƚĞĐŚŶŽͲdž͘ĐŽ͘ũƉ
dĞĐŚŶŽyŽ͕͘>ƚĚ͘
dZKZ'͕ZĂůĨ
ƌĂůĨ͘ƚĞƌďŽƌŐΛďƌƵŬĞƌͲŶĂŶŽ͘ĚĞ
ƌƵŬĞƌEĂŶŽ'ŵď,
d/d͕ĂƌďĂƌĂ
ďĂƌďĂƌĂ͘ƚŝƚnjĞΛƉŶƐĞŶƐŽƌ͘ĚĞ
WEĞƚĞĐƚŽƌ'ŵď,
dKD^͕ůĨƌĞĚŽ
ĂƚŽŵĂƐΛƵŶŝnjĂƌ͘ĞƐ
hŶŝǀĞƌƐŝƚLJŽĨĂƌĂŐŽnjĂ
dZh͕DĂƌĐ
ŵĂƌĐ͘ƚƌĂƵĞΛŬĞƚĞŬ͘ŶĞƚ
<d<'ŵď,
dZE<KsĄ͕>ĞŶŬĂ
ůĞŶŬĂ͘ƚƌŶŬŽǀĂΛĨũĨŝ͘ĐǀƵƚ͘Đnj
dZK:<͕dŽŵĂƐ
ƚŽŵĂƐ͘ƚƌŽũĞŬΛĨũĨŝ͘ĐǀƵƚ͘Đnj
dZhEKs͕sĂůĞŶƚŝŶĂ
dƌƵŶŽǀĂΛŝŶƉ͘ŶƐŬ͘ƐƵ͖ǀĂůŶĂͲ
ƚΛŵĂŝů͘ƌƵ
d^h:/͕<ŽƵŝĐŚŝ
ƚƐƵũŝΛĂͲĐŚĞŵ͘ĞŶŐ͘ŽƐĂŬĂͲĐƵ͘ĂĐ͘ũƉ KƐĂŬĂŝƚLJhŶŝǀĞƌƐŝƚLJ
njĞĐŚdĞĐŚŶŝĐĂůhŶŝǀĞƌƐŝƚLJŝŶ
WƌĂŐƵĞ
njĞĐŚdĞĐŚŶŝĐĂůhŶŝǀĞƌƐŝƚLJŝŶ
WƌĂŐƵĞ
͘s͘EŝŬŽůĂĞǀ/ŶƐƚŝƚƵƚĞŽĨ
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EĂƚŝŽŶĂů/ŶƐƚŝƚƵƚĞŽĨ
ĚǀĂŶĐĞĚ/ŶĚƵƐƚƌŝĂů^ĐŝĞŶĐĞ
ĂŶĚdĞĐŚŶŽůŽŐLJ
WŚLJƐŝŬĂůŝƐĐŚͲdĞĐŚŶŝƐĐŚĞ
ƵŶĚĞƐĂŶƐƚĂůƚ
h</͕DĂƐĂŚŝƌŽ
ƵŬŝďĞͲŵΛĂŝƐƚ͘ŐŽ͘ũƉ
hEdZhD^Z'Z͕
ZĂŝŶĞƌ
ƌĂŝŶĞƌ͘ƵŶƚĞƌƵŵƐďĞƌŐĞƌΛƉƚď͘ĚĞ
s>Ed͕>ƵşƐ
ůƵŝƐǀĂůĞŶƚĞΛŝƚŝƐĞ͘Ɖƚ
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WƌĞĐŝƐĆŽĞŝĞŶƚşĨŝĐŽƐ͕>ĚĂ͘
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ŵĂĚĞůĞŝŶĞ͘ƉĞLJƚĂǀŝŶΛƚŚĞƌŵŽĨŝƐŚĞƌ͘ĐŽŵ
dŚĞƌŵŽ&ŝƐŚĞƌ^ĐŝĞŶƚŝĨŝĐ
sE'Z/<E͕ZĞŶĞ
ƌĞŶĞ͘ǀĂŶŐƌŝĞŬĞŶΛƵĂ͘ĂĐ͘ďĞ
hŶŝǀĞƌƐŝƚLJŽĨŶƚǁĞƌƉ
sED>͕<ĂƚůĞĞŶ
ŬĂƚůĞĞŶ͘ǀĂŶŵĞĞůΛƵĂ͘ĂĐ͘ďĞ
s>K^K͕:ŽĆŽ
ũŽĂŽ͘ǀĞůŽƐŽΛƵĂ͘Ɖƚ
sZZ/͕>ƵĐĂ
ůƵĐĂǀĞƌĂϴϲΛƚŝŶ͘ŝƚ
KWWSH[UVILVXFSW
hŶŝǀĞƌƐŝƚLJŽĨŶƚǁĞƌƉ͕
ĞƉĂƌƚŵĞŶƚŽĨŚĞŵŝƐƚƌLJ
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hŶŝǀĞƌƐŝƚLJŽĨǀĞŝƌŽ
hŶŝǀĞƌƐŝƚăĚŝŽůŽŐŶĂ
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EĂƚŝŽŶĂůĐĂĚĞŵLJŽĨ^ĐŝĞŶĐĞƐ
ŽĨhŬƌĂŝŶĞ;/WE^hͿ
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ŶĂůLJƚŝĐĂůŚĞŵŝƐƚƌLJ
sZ^,zE^<z/͕^Z'//
ƚŽƉŝĐĞƌΛƌĂŵďůĞƌ͘ƌƵ
s/E͕>ĂƐnjůŽ
ůĂƐnjůŽ͘ǀŝŶĐnjĞΛƵŐĞŶƚ͘ďĞ
sZK^͕ƌƵŶŽ
ďƌƵŶŽ͘ǀƌĞďŽƐΛƉĂŶĂůLJƚŝĐĂů͘ĐŽŵ
WEĂůLJƚŝĐĂů
t,/d͕sŝĐƚŽƌ
ǀŝĐƚŽƌ͘ǁŚŝƚĞΛũƉů͘ŶĂƐĂ͘ŐŽǀ
:W>ͲĂůƚĞĐŚ
t/>Ky͕:ĂƌŽƐůĂǀĂ
ũnjǁΛũƉů͘ŶĂƐĂ͘ŐŽǀ
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t/dd<KWW͕ŶĚƌĞĂƐ
ĂŶĚƌĞĂƐ͘ǁŝƚƚŬŽƉƉΛĂŵĞƚĞŬ͘ĚĞ
ŵĞƚĞŬͬy
tKZh^,<͕WĞƚĞƌ
ǁŽďŝΛĂƚŝ͘ĂĐ͘Ăƚ
hŶŝǀ͘WƌŽĨ͘
tK>&&͕dŝŵŽ
ƚŝŵŽ͘ǁŽůĨĨΛƚƵͲďĞƌůŝŶ͘ĚĞ
/KWdĞĐŚŶŝĐĂůhŶŝǀĞƌƐŝƚLJŽĨ
ĞƌůŝŶ
Z<^͕ŚĂƌĂůĂŵƉŽƐ ĐŚĂƌĂůĂŵďŽƐ͘njĂƌŬĂĚĂƐΛƉĂŶĂůLJƚŝĐĂů͘ĐŽŵ WEĂůLJƚŝĐĂů͘s͘
t/^͕ĞĂƚĂ
ďĞĂƚĂ͘njĂǁŝƐnjĂΛƵƐ͘ĞĚƵ͘Ɖů
hŶŝǀĞƌƐŝƚLJŽĨ^ŝůĞƐŝĂ
,hK͕^ŚĂŶŐũƵŶ
ƐũnjŚƵŽΛŵĂŝů͘ƐŝĐ͘ĂĐ͘ĐŶ
^ŚĂŶŐŚĂŝ/ŶƐƚŝƚ͘ŽĨĞƌĂŵŝĐƐ͕
ŚŝŶĞƐĞĐĂĚĞŵLJŽĨ^ĐŝĞŶĐĞƐ
/dE/<͕DĂƚũĂǎ
ŵĂƚũĂnj͘njŝƚŶŝŬΛŝũƐ͘Ɛŝ
:ŽǎĞĨ^ƚĞĨĂŶ/ŶƐƚŝƚƵƚĞ
sZs͕sĂůĞŶƚŝŶĂ
ǀĂůŝnjĂŶƚΛŵĂŝů͘ƌƵ
͘s͘EŝŬŽůĂĞǀ/ŶƐƚŝƚƵƚĞŽĨ
/ŶŽƌŐĂŶŝĐŚĞŵŝƐƚƌLJ^Z^
KWWSH[UVILVXFSW