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KƐƚƌnjĞǏĞŶŝĂŽŐſůŶĞ
K^dZKE/͗tE/E^dZh<:W/F^dt
WZ^dZ'E/dz,/E^dZh<:/:^dtE>WtE/E/
W/F^dtK^M
,KtE/E/:^/E^dZh<:%
dĂŝŶƐƚƌƵŬĐũĂŵŽŶƚĂǏŽǁĂũĞƐƚƉƌnjĞnjŶĂĐnjŽŶĂǁLJųČĐnjŶĞĚůĂƐƉĞĐũĂůŝƐƚſǁ͘
EŝĞƉƌnjĞƐƚƌnjĞŐĂŶŝĞ ǁƐŬĂnjĂŷ njĂǁĂƌƚLJĐŚ ǁ ŶŝŶŝĞũƐnjĞũ ŝŶƐƚƌƵŬĐũŝ ŵŽǏĞ
ƐƉŽǁŽĚŽǁĂđŽďƌĂǏĞŶŝĂĐŝĂųĂůƵďƵƐnjŬŽĚnjĞŶŝĞƵƌnjČĚnjĞŶŝĂ͘
ZK'Z d,EK>K'z ƵĐŚLJůĂ Ɛŝħ ŽĚ ǁƐnjĞůŬŝĞũ ŽĚƉŽǁŝĞĚnjŝĂůŶŽƑĐŝ njĂ
ŶŝĞƉƌĂǁŝĚųŽǁČĞŬƐƉůŽĂƚĂĐũħůƵďǁLJŬŽƌnjLJƐƚĂŶŝĞŝŶŶĞ͕ŶŝǏnjĂŵŝĞƌnjŽŶĞŝƉŽĚĂŶĞ
ǁƚĞũŝŶƐƚƌƵŬĐũŝ͘
/ŶƐƚĂůĂĐũĂ͕ ƉŽųČĐnjĞŶŝĂ ĞůĞŬƚƌLJĐnjŶĞ ŽƌĂnj ƌĞŐƵůĂĐũĞ ŵŽŐČ ďLJđ ǁLJŬŽŶLJǁĂŶĞ
ǁLJųČĐnjŶŝĞ ƉƌnjĞnj ƐƉĞĐũĂůŝƐƚſǁ ĚnjŝĂųĂũČĐLJĐŚ njŐŽĚŶŝĞ nj njĂƐĂĚĂŵŝ ƚĞĐŚŶŝŬŝ ŽƌĂnj
njŐŽĚŶŝĞnjŽďŽǁŝČnjƵũČĐLJŵŝƉƌnjĞƉŝƐĂŵŝ͘
hǁĂǏŶŝĞƉƌnjĞĐnjLJƚĂđŝŶƐƚƌƵŬĐũħƉƌnjĞĚƌŽnjƉŽĐnjħĐŝĞŵŝŶƐƚĂůĂĐũŝƵƌnjČĚnjĞŶŝĂ͘
EŝĞƉƌĂǁŝĚųŽǁĂŝŶƐƚĂůĂĐũĂŵŽǏĞƐƚĂŶŽǁŝđǍƌſĚųŽnjĂŐƌŽǏĞŶŝĂ͘
WƌnjĞĚ ƌŽnjƉŽĐnjħĐŝĞŵ ŝŶƐƚĂůĂĐũŝ ƐƉƌĂǁĚnjŝđ ƐƚĂŶ ƉƌŽĚƵŬƚƵ͗ ǁ ƉƌnjLJƉĂĚŬƵ
ǁČƚƉůŝǁŽƑĐŝ ŶŝĞ ƵǏLJǁĂđ ƉƌŽĚƵŬƚƵ ŝ njǁƌĂĐĂđ Ɛŝħ ǁLJųČĐnjŶŝĞ ĚŽ ƉƌŽĨĞƐũŽŶĂůŶŝĞ
ǁLJŬǁĂůŝĮŬŽǁĂŶĞŐŽƉĞƌƐŽŶĞůƵ͘
EŝĞ ŝŶƐƚĂůŽǁĂđ ƉƌŽĚƵŬƚƵ ǁ ƑƌŽĚŽǁŝƐŬƵ ůƵď ĂƚŵŽƐĨĞƌnjĞ ƉŽĚĂƚŶLJĐŚ ŶĂ
ǁLJƐƚČƉŝĞŶŝĞǁLJďƵĐŚƵ͗ǁLJƐƚħƉŽǁĂŶŝĞųĂƚǁŽƉĂůŶLJĐŚŐĂnjſǁůƵďŽƉĂƌſǁƐƚĂŶŽǁŝ
ƉŽǁĂǏŶĞnjĂŐƌŽǏĞŶŝĞĚůĂďĞnjƉŝĞĐnjĞŷƐƚǁĂ͘
WƌnjĞĚ njĂŝŶƐƚĂůŽǁĂŶŝĞŵ ƐŝůŶŝŬĂ ŶĂůĞǏLJ ƉƌnjĞƉƌŽǁĂĚnjŝđ ǁƐnjLJƐƚŬŝĞ njŵŝĂŶLJ
ƐƚƌƵŬƚƵƌĂůŶĞ njǁŝČnjĂŶĞ nj ŬŽŶƐƚƌƵŬĐũČ ĞůĞŵĞŶƚſǁ njĂďĞnjƉŝĞĐnjĂũČĐLJĐŚ͕ ŽĐŚƌŽŶČ
ůƵďŽĚĚnjŝĞůĞŶŝĞŵǁƐnjLJƐƚŬŝĐŚŽďƐnjĂƌſǁnjŐŶŝĂƚĂŶŝĂ͕ƉƌnjĞĐŝŶĂŶŝĂ͕ƉƌnjĞŶŽƐnjĞŶŝĂŝ
ŶŝĞďĞnjƉŝĞĐnjĞŷƐƚǁĂŽŐſůŶĞŐŽ͘
K^dZKE/͗ ƐƉƌĂǁĚnjŝđ͕ ĐnjLJ ŝƐƚŶŝĞũČĐĂ ŬŽŶƐƚƌƵŬĐũĂ ƉŽƐŝĂĚĂ ŶŝĞnjďħĚŶĞ
ǁLJŵĂŐĂŶŝĂĚŽƚLJĐnjČĐĞǁLJƚƌnjLJŵĂųŽƑĐŝŝƐƚĂďŝůŶŽƑĐŝ͘
&ŝƌŵĂZK'Zd,EK>K'zŶŝĞƉŽŶŽƐŝŽĚƉŽǁŝĞĚnjŝĂůŶŽƑĐŝnjĂŶŝĞƉƌnjĞƐƚƌnjĞŐĂŶŝĞ
njĂƐĂĚ ĚŽďƌĞũ ƚĞĐŚŶŝŬŝ ǁ njĂŬƌĞƐŝĞ ŬŽŶƐƚƌƵŬĐũŝ ĨƵƚƌLJŶ͕ ŬƚſƌĞ ŵĂũČ njŽƐƚĂđ
ǁLJƉŽƐĂǏŽŶĞǁŶĂƉħĚ͕ĂŶŝƚĞǏnjĂǁƐnjĞůŬŝĞŽĚŬƐnjƚĂųĐĞŶŝĂ͕ŬƚſƌĞŵŽŐČǁLJƐƚČƉŝđ
ƉŽĚĐnjĂƐƵǏLJƚŬŽǁĂŶŝĂ͘
hƌnjČĚnjĞŶŝĂnjĂďĞnjƉŝĞĐnjĂũČĐĞ;ĨŽƚŽŬŽŵſƌŬŝ͕ĐnjƵųĞďƌnjĞŐŝ͕ǁLJųČĐnjŶŝŬŝĂǁĂƌLJũŶĞ͕
ŝƚƉ͘Ϳ ŵƵƐnjČ ďLJđ ŝŶƐƚĂůŽǁĂŶĞ nj ƵǁnjŐůħĚŶŝĞŶŝĞŵ͗ ŽďŽǁŝČnjƵũČĐLJĐŚ ƉƌnjĞƉŝƐſǁ ŝ
ĚLJƌĞŬƚLJǁ͕ ŬƌLJƚĞƌŝſǁ ĚŽďƌĞũ ƚĞĐŚŶŝŬŝ͕ ƑƌŽĚŽǁŝƐŬĂ ŝŶƐƚĂůĂĐũŝ͕ ůŽŐŝŬŝ ĚnjŝĂųĂŶŝĂ
ƐLJƐƚĞŵƵŝƐŝųǁLJǁŽųLJǁĂŶLJĐŚƉƌnjĞnjŶĂƉħĚnjĂŶĞĚƌnjǁŝůƵďďƌĂŵLJ͘
hƌnjČĚnjĞŶŝĂ njĂďĞnjƉŝĞĐnjĂũČĐĞ ŵƵƐnjČ ĐŚƌŽŶŝđ ĞǁĞŶƚƵĂůŶĞ ŽďƐnjĂƌLJ njŐŶŝĞĐĞŶŝĂ͕
ƉƌnjĞĐŝħĐŝĂ͕ ƉƌnjĞŶŽƐnjĞŶŝĂ ŝ ŶŝĞďĞnjƉŝĞĐnjĞŷƐƚǁĂ ŽŐſůŶĞŐŽ ǁLJǁŽųLJǁĂŶĞ ƉƌnjĞnj
ĚƌnjǁŝůƵďďƌĂŵLJnjŶĂƉħĚĞŵ͖ŝŶƐƚĂůĂƚŽƌŽǁŝnjĂůĞĐĂƐŝħƐƉƌĂǁĚnjĞŶŝĞ͕ĐnjLJƌƵĐŚŽŵĞ
ƐŬƌnjLJĚųĂ ŶŝĞ ŵĂũČ ŽƐƚƌLJĐŚ ŬƌĂǁħĚnjŝ ůƵď ƚĂŬŝĐŚ͕ ŬƚſƌĞ ŵŽŐųLJďLJ ƐƉŽǁŽĚŽǁĂđ
ƌLJnjLJŬŽƉƌnjĞĐŝħĐŝĂŝͬůƵďƉƌnjĞŶŝĞƐŝĞŶŝĂ͘
:ĞƑůŝ ũĞƐƚ ƚŽ ǁLJŵĂŐĂŶĞ njŐŽĚŶŝĞ nj ĂŶĂůŝnjČ ƌLJnjLJŬĂ͕ ŶĂůĞǏLJ njĂŝŶƐƚĂůŽǁĂđ ĐnjƵųĞ
ŽĚŬƐnjƚĂųĐĂůŶĞŬƌĂǁħĚnjŝĞŶĂƌƵĐŚŽŵĞũĐnjħƑĐŝ͘
EĂůĞǏLJnjĂƵǁĂǏLJđ͕ǏĞnjŐŽĚŶŝĞnjŶŽƌŵČhE/EϭϮϲϯϱ͕ǁƐnjLJƐƚŬŝĞǁLJŵŽŐŝŶŽƌŵ