</DͲdĚ͘Ž͘Ž͕͘sŝůŝŶĞǀŽĚĞďď͕^ůŽďŽĚŶĂnjŽŶĂĞŽŐƌĂĚ͕ĞŽŐƌĂĚƚĞů͗ϬϭϭͬϮϬϳͲϬϲϴϰͲŵĂŝů͗ƐĞƌǀŝƐΛŬŝŵƚĞĐ͘ƌƐ
K^EKsE/WK/KWZK/sKh;WŽƉƵŶũĂǀĂƚƌŐŽǀĂĐͿ
DK>hZ:
^Z/:^</ZK:
dhDWZK:
ZK:ZhEͬ
&/^<>EK'/^<
WKdW/^/WddZ'Ks
WKadKsE/͊
ĂŚǀĂůũƵũĞŵŽsĂŵŶĂŬƵƉŽǀŝŶŝD^EZ'zƉƌŽŝnjǀŽĚĂŝŶĂĚĂŵŽƐĞĚĂđĞƚĞďŝƚŝnjĂĚŽǀŽůũŶŝŝnjďŽƌŽŵ͘
DK>/DK s^ WZ hWKdZ WZK/sK W>:/sK WZK/dd d,E/<h K<hDEd/:h / ^ WZ/>/<KD
hWKdZWZ/ZsdWZ/>KE/,hWhd^ds
WZsWKdZKaEK^EKsh<KEKad/d/WKdZKa
hƐŬůĂĚƵƐĂēůĂŶŽŵϱϬĂŬŽŶĂŽnjĂƓƚŝƚŝƉŽƚƌŽƓĂēĂƌŽďĂũĞƐĂŽďƌĂnjŶĂĂŬŽ͗
Ͳ
ŽĚŐŽǀĂƌĂŽƉŝƐƵŬŽũŝũĞĚĂŽƉƌŽĚĂǀĂĐŝĂŬŽŝŵĂƐǀŽũƐƚǀĂƌŽďĞŬŽũƵũĞƉƌŽĚĂǀĂĐƉŽŬĂnjĂŽƉŽƚƌŽƓĂēƵŬĂŽƵnjŽƌĂŬŝůŝŵŽĚĞů͕
Ͳ
ŝŵĂƐǀŽũƐƚǀĂƉŽƚƌĞďŶĂnjĂŶĂƌŽēŝƚƵƵƉŽƚƌĞďƵnjĂŬŽũƵũĞƉŽƚƌŽƓĂēŶĂďĂǀůũĂ͕ĂŬŽũĂũĞďŝůĂƉŽnjŶĂƚĂƉƌŽĚĂǀĐƵŝůŝŵƵũĞ
ŵŽƌĂůĂďŝƚŝƉŽnjŶĂƚĂƵǀƌĞŵĞnjĂŬůũƵēĞŶũĂƵŐŽǀŽƌĂ͕
Ͳ
ĂŬŽŝŵĂƐǀŽũƐƚǀĂƉŽƚƌĞďŶĂnjĂƌĞĚŽǀŶƵƵƉŽƚƌĞďƵƌŽďĞŝƐƚĞǀƌƐƚĞ͕
Ͳ
ƉŽŬǀĂůŝƚĞƚƵŝĨƵŶŬĐŝŽŶŝƐĂŶũƵŽĚŐŽǀĂƌĂŽŶŽŵĞƓƚŽũĞƵŽďŝēĂũĞŶŽŬŽĚƌŽďĞŝƐƚĞǀƌƐƚĞŝƓƚŽƉŽƚƌŽƓĂēŵŽǎĞŽƐŶŽǀĂŶŽ
ĚĂ ŽēĞŬƵũĞ Ɛ ŽďnjŝŽƌŵ ŶĂ ƉƌŝƌŽĚƵ ƌŽďĞ ŝ ũĂǀŶĂ ŽďĞđĂŶũĂ Ž ƉŽƐĞďŶŝŵ ƐǀŽũƐƚǀŝŵĂ ƌŽďĞ ĚĂƚĂ ŽĚ ƐƚƌĂŶĞ ƉƌŽĚĂǀĐĂ͕
ƉƌŽŝnjǀŽĜĂēĂŝůŝŶũŝŚŽǀŝŵƉƌĞĚƐƚĂǀŶŝŬĂ͕ŶĂƌŽēŝƚŽĂŬŽũĞŽďĞđĂŶũĞƵēŝŶũĞŶŽƉƵƚĞŵŽŐůĂƐĂŝůŝŶĂĂŵďĂůĂǎŝƌŽďĞ͘
ŬŽ ŝƐƉŽƌƵēĞŶĂ ƌŽďĂ ŶŝũĞ ƐĂŽďƌĂnjŶĂ ƵŐŽǀŽƌƵ ;ēůĂŶ ϱϮ ĂŬŽŶĂ Ž njĂƓƚŝƚŝ ƉŽƚƌŽƓĂēĂͿ͕ ƉŽƚƌŽƓĂē ŝŵĂ ƉƌĂǀŽ ĚĂ njĂŚƚĞǀĂ ŽĚ
ƉƌŽĚĂǀĐĂĚĂŽƚŬůŽŶŝŶĞƐĂŽďƌĂnjŶŽƐƚ͕ďĞnjŶĂŬŶĂĚĞ͕ŽƉƌĂǀŬŽŵŝůŝnjĂŵĞŶŽŵ͕ŽĚŶŽƐŶŽĚĂnjĂŚƚĞǀĂŽĚŐŽǀĂƌĂũƵđĞƵŵĂŶũĞŶũĞ
ĐĞŶĞŝůŝĚĂƌĂƐŬŝŶĞƵŐŽǀŽƌƵƉŽŐůĞĚƵƚĞƌŽďĞ͘
WŽƚƌŽƓĂē͕ŶĂƉƌǀŽŵŵĞƐƚƵ͕ŵŽǎĞĚĂďŝƌĂŝnjŵĞĜƵnjĂŚƚĞǀĂĚĂƐĞŶĞƐĂŽďƌĂnjŶŽƐƚŽƚŬůŽŶŝŽƉƌĂǀŬŽŵŝůŝnjĂŵĞŶŽŵ͘
ŬŽŽƚŬůĂŶũĂŶũĞŶĞƐĂŽďƌĂnjŶŽƐƚŝƵƐŬůĂĚƵƐĂƐƚĂǀŽŵϮ͘ŽǀŽŐēůĂŶĂ͕ŶŝũĞŵŽŐƵđĞŝůŝĂŬŽƉƌĞĚƐƚĂǀůũĂŶĞƐƌĂnjŵĞƌŶŽŽƉƚĞƌĞđĞŶũĞ
njĂƚƌŐŽǀĐĂ͕ƉŽƚƌŽƓĂēŵŽǎĞĚĂnjĂŚƚĞǀĂƵŵĂŶũĞŶũĞĐĞŶĞŝůŝĚĂŝnjũĂǀŝĚĂƌĂƐŬŝĚĂƵŐŽǀŽƌ͘
EĞƐƌĂnjŵĞƌŶŽŽƉƚĞƌĞđĞŶũĞnjĂƚƌŐŽǀĐĂƵƐŵŝƐůƵƐƚĂǀĂϯ͘ŽǀŽŐēůĂŶĂ͕ũĂǀůũĂƐĞĂŬŽƵƉŽƌĞĜĞŶũƵƐĂƵŵĂŶũĞŶũĞŵĐĞŶĞŝƌĂƐŬŝĚŽŵ
ƵŐŽǀŽƌĂ͕ƐƚǀĂƌĂƉƌĞƚĞƌĂŶĞƚƌŽƓŬŽǀĞ͕ƵnjŝŵĂũƵđŝƵŽďnjŝƌ͗
ϭͿsƌĞĚŶŽƐƚƌŽďĞŬŽũƵďŝŝŵĂůĂĚĂũĞƐĂŽďƌĂnjŶĂƵŐŽǀŽƌƵ͖
ϮͿŶĂēĂũƐĂŽďƌĂnjŶŽƐƚŝƵŬŽŶŬƌĞƚŶŽŵƐůƵēĂũƵ͖
ϯͿĂůŝƐĞƐĂŽďƌĂnjŶŽƐƚŵŽǎĞŽƚŬůŽŶŝƚŝďĞnjnjŶĂēĂũŶŝũŝŚŶĞƵŐŽĚŶŽƐƚŝnjĂƉŽƚƌŽƓĂēĂ͘
^ǀĂŬĂŽƉƌĂǀŬĂŝůŝnjĂŵĞŶĂƐĞŵŽƌĂŝnjǀƌƓŝƚŝƵƉƌŝŵĞƌĞŶŽŵƌŽŬƵŝďĞnjnjŶĂēĂũŶŝũŝŚŶĞƵŐŽĚŶŽƐƚŝnjĂƉŽƚƌŽƓĂēĂ͕ƵnjŝŵĂũƵđŝƵŽďnjŝƌ
ƉƌŝƌŽĚƵƌŽďĞŝƐǀƌŚƵnjďŽŐŬŽũĞũƵũĞƉŽƚƌŽƓĂēŶĂďĂǀŝŽ͘
^ǀĞ ƚƌŽƓŬŽǀĞ ŬŽũŝ ƐƵ ŶĞŽƉŚŽĚŶŝ ĚĂ ďŝ ƐĞ ƌŽďĂ ƐĂŽďƌĂnjŝůĂƵ ŐŽǀŽƌƵ͕ Ă ŶĂƌŽēŝƚŽ ƚƌŽƓŬŽǀŝ ƌĂĚĂ͕ ŵĂƚĞƌŝũĂůĂ͕ ƉƌĞƵnjŝŵĂŶũĂ ŝ
ŝƐƉŽƌƵŬĞ͕ƐŶŽƐŝƚƌŐŽǀĂĐ͘
WŽƚƌŽƓĂēŝŵĂƉƌĂǀŽĚĂƌĂƐŬŝŶĞƵŐŽǀŽƌ͕ĂŬŽŶĞŵŽǎĞĚĂŽƐƚǀĂƌŝƉƌĂǀŽŶĂŽƉƌĂǀŬƵŝůŝnjĂŵĞŶƵ͕ŽĚŶŽƐŶŽĂŬŽƚƌŐŽǀĂĐŶŝũĞŝnjǀƌƓŝŽ
ŽƉƌĂǀŬƵŝůŝnjĂŵĞŶƵ ƵƉƌŝŵĞƌĞŶŽŵƌŽŬƵ ŝůŝĂŬŽƚƌŐŽǀĂĐŶŝũĞŝnjǀƌƓŝŽŽƉƌĂǀŬƵŝůŝnjĂŵĞŶƵďĞnjnjŶĂēĂũŶŝũŝŚ ŶĞƉŽŐŽĚŶŽƐƚŝnjĂ
ƉŽƚƌŽƓĂēĂ͘
WŽƚƌŽƓĂēŶĞŵŽǎĞĚĂƌĂƐŬŝŶĞƵŐŽǀŽƌĂŬŽũĞŶĞƐĂŽďƌĂnjŶŽƐƚƌŽďĞŶĞnjŶĂƚŶĂ͘WƌĂǀĂŶĂǀĞĚĞŶĂƵƐƚĂǀƵϭ͘ŽǀŽŐēůĂŶĂ͕ŶĞƵƚŝēƵ
ŶĂƉƌĂǀŽƉŽƚƌŽƓĂēĂĚĂnjĂŚƚĞǀĂŽĚƚƌŐŽǀĐĂŶĂŬŶĂĚƵƓƚĞƚĞŬŽũĂƉŽƚŝēĞŽĚŶĞƐĂŽďƌĂnjŶŽƐƚŝ͕ƵƐŬůĂĚƵƐĂŽƉƓƚŝŵƉƌĂǀŝůŝŵĂŽ
ŽĚŐŽǀŽƌŶŽƐƚŝnjĂƓƚĞƚƵ͘
KǀĂ/njũĂǀĂŶĞƵƚŝēĞŶĂƉƌĂǀĂŬŽũĂsŝŬĂŽƉŽƚƌŽƓĂēŝŵĂƚĞŶĂŽƐŶŽǀƵĂŬŽŶĂŽnjĂƓƚŝƚŝƉŽƚƌŽƓĂēĂŝŬŽũĂŽƐƚǀĂƌƵũĞƚĞƵǀĞnjŝƐĂ
ƐĂŽďƌĂnjŶŽƓđƵƌŽďĞƵƌŽŬƵŽĚϮϰŵĞƐĞĐĂŽĚŬƵƉŽǀŝŶĞŽǀŽŐƵƌĞĜĂũĂ͘
KǀĂ/njũĂǀĂǀĂǎŝŶĂƚĞƌŝƚŽƌŝũŝZĞƉƵːůŝŬĞ^ƌďůũĞ
ĂǀĂůĂĐ^ĂŽďƌĂnjŶŽƐƚŝ͗</DͲdĚ͘Ž͘Ž͘ĞŽŐƌĂĚ͕Dϭϳϱϴϲϰϵϭ
sŝůŝŶĞsŽĚĞďď͕^ůŽďŽĚŶĂnjŽŶĂĞŽŐƌĂĚ>ϭϮͬϯ
ĞŽŐƌĂĚ
^ĂŽďƌĂnjŶŽƐƚŶĞǀĂǎŝƵƐůĞĚĞđŝŵƵƐůŽǀŝŵĂ͗
ͻ ŬŽƐĞŬƵƉĂĐŶŝũĞƉƌŝĚƌǎĂǀĂŽƉƌŽŝnjǀŽĜĂēŬŽŐƵƉƵƚƐƚǀĂŝƵƉƵƚƐƚǀĄ̆ƵƉŽƚƌĞďŝƉƌŽŝnjǀŽĚĂ͘
ͻ ŬŽũĞŬƵƉĂĐŶĞƐƚƌƵēŶŽŝŶĞďƌŝǎůũŝǀŽƉŽƐƚƵƉĂŽƐƉƌŽŝnjǀŽĚŽŵ͘
ͻ ŬŽũĞƉƌŽŝnjǀŽĚƐĞƌǀŝƐŝƌĂůĂŝůŝŽƚǀĂƌĂůĂŶĞŽǀůĂƐđĞŶĂŽƐŽďĂ͘
ͻ
ZĞĚŽǀŶƵƉƌŽǀĞƌƵ͕ŽĚƌǎĂǀĂŶũĞƵnjnjĂŵĞŶƵĚĞůŽǀĂŬŽũŝƐĞƚƌŽƓĞŶŽƌŵĂůŶŽŵƵƉŽƚƌĞďŽŵ
͕
ͻ
WŽƚƌŽƓŶĞĚĞůŽǀĞŬĂŽƓƚŽƐƵ
͗ĂƌƵůũĞ͕ƵǎŝƌŬŽēŶŝĐĞ͕^ĂũůĞŝWĂŬŶĞŬŽēŶŝĐĂ͕^ĂũůĞŵĞŶũĂēĂ͕ĂŵĞŶĂƵŶƵƚĂƌĂƓŶũĞŝůŝƐƉŽůũŶĞ
ŐƵŵĞƵƐůĞĚĚŽƚƌĂũĂůŽƐƚŝŝůŝŝƐƉƵƓƚĂŶũĂ͕njĂŵĞŶƵŝůŝƉŽƉƌĂǀŬƵŶŽŐĂƌĂƚĞƉŽƉƌĂǀĂŬŝůŝnjĂŵĞŶƵďŝůŽŬŽũĞŐĚĞůĂƵŬŽůŝŬŽƐĞ
/:sK^KZEK^d/
^Z
