ϭ^dZK>>ZhE&K>/E'
ϭWĤĐŝnjŬƌĂƵƓĂŶĂƐƌĂƟźƵƌĈŵŝƐŝƌũĈƐĂůŝĞŬŬĈƉĂƌĈĚţƚƐϭĂƩĤůĈ:ĂũƻƐƉĂǀĞůŬĂƚƌŽŬƚƵƌŝƵnjĂƵŐƓƵƵŶĚnjŝƌĚĂƚŬůŝŬƓŭĂ
ƐŬĂźƵƚĂƐŶŽnjţŵĤŬĂƌĂƟźŝŝƌŝnjůŽĐţƟƵŶƚĂŐĂĚũƻƐǀĂƌĂƚƚƵƌƉŝŶĈƚƌŝƚĞźƵƵnjƐƚĈĚţƓĂŶƵ
Z5/E:hD^WŝƌŵƐůŝĞƚŽƓĂŶĂƐƉĈƌůŝĞĐŝŶŝĞƟĞƐŬĂǀŝƐĂƐŬƵƐƤŐĈƐĚĂŲĂƐŝƌƉĂƌĞŝnjŝŶŽĮŬƐĤƚĂƐ
>ĂŝŝnjǀĂŝƌţƚŽƐŶŽƚƌĂƵŵĈŵƉĈƌůŝĞĐŝŶŝĞƟĞƐŬĂũƻƐƵďĤƌŶƐŶĞĂƚƌŽĚĂƐŵŽŶƚĈǎĂƐnjŽŶĂƐƚƵǀƵŵĈ
ϮZ/dIhDKEdDKEd
:ƵŵƐŶĂǀŶĞƉŝĞĐŝĞƓĂŵŝŶĞŬĈĚŝƐŬƌƻǀŐƌŝĞǎŝĂƚƐůĤŐĂƐǀĂŝĐŝƟŝŶƐƚƌƵŵĞŶƟ
Ϯ>ĂŝƵnjƐƚĈĚţƚƵƌŝƚĞŶŝũƵŵƐŝƌũĈƉĂźĞŵƌĂƟźŝƵŶũĈƵnjƐƚĈĚĂĂƐƐĂƫĞĐţŐĂũĈĂƚǀĞƌĤůţĚnjĂƚƐŬĂŶŬůŝŬƓŭĂƐŬĂźĂ
ƚŬĈƌƚŽũŝĞƚĚĂƌďţďƵĂƌϯĐŝƟĞŵƌŝƚĞźŝĞŵ
Ϯ>ĂŝŶŽźĞŵƚƵƉƌŝĞŬƓĤũŽƌŝƚĞŶŝĂƚƌŽĚŝĞƚŵĞƚĈůĂƐŬĂǀƵŬĈƉĂƌĈĚţƚƐϮĂƩĤůĈ
EŽƐƉŝĞĚŝĞƚƚŽƵŶǀĞůĐŝĞƚƌŝƚĞŶŝƵnjƐĞǀŝsĞŝĐŝĞƚƚŽƉĂƓƵƉƌŽĐĞĚƻƌƵĂƌŽƚƌƵƌŝƚĞŶŝ
Ϯ>ĂŝŶŽźĞŵƚƵĂŝnjŵƵŐƵƌĤũŽƌŝƚĞŶŝĂƚƌŽĚŝĞƚŵĞƚĈůĂƐŬĂǀƵŬĈƉĂƌĈĚţƚƐϮĂƩĤůĈ
EŽƐƉŝĞĚŝĞƚƚŽƵŶǀĞůĐŝĞƚƌŝƚĞŶŝƵnjƐĞǀŝ/ĚĞŶƟƐŬŝƌţŬŽũŝĞƟĞƐĂƌţĂƌŽƚƌƵƌŝƚĞŶŝ
ϯϯϲϬWZ/<a":KZ/dIhZKd/:
ϯEŽƐƉŝĞĚŝĞƚƉƌŝĞŬƓĤũŽƌŝƚĞźƵƉůĂƐƚŵĂƐĂƐƉŽŐƵůĂŝŝĞƐƚĂƤƚƵƌŝƚĞźƵƐďƌĂƵŬƓĂŶĂŝƟŬĂŝƵnjƉƌŝĞŬƓƵ
WĂĐĞůŝĞƚƉůĂƐƚŵĂƐĂƐƉŽŐƵůĂŝĂƚďƌţǀŽƚƵĮŬƐĂƚŽƌƵͲƚĂŐĂĚƌŝƚĞźŝŐƌŝĞǎĂƐƉĂƌϯϲϬŐƌĈĚŝĞŵŬĈƉĂƌĈĚţƚƐĂƩĤůĈ
ϰZd/IhW^daE^
ϰEŽƐƉŝĞĚŝĞƚďƌĞŵǎƵƉĞĚĈůŝůĂŝƌĂƟźƵƐďůŽŭĤƚƵ
ϰWĂĐĞůŝĞƚďƌĞŵǎƵƉĞĚĈůŝůĂŝĂƚůĂŝƐƚƵďƌĞŵnjĞƐ
Z5/E:hD^sŝĞŶŵĤƌďůŽŭĤũŝĞƚďƌĞŵnjĞƐŬĂĚďĤƌŶƐŝƌŝĞǀŝĞƚŽƚƐƌĂƟźŽƐ
ϱ^"<Ah^d5aE
ϱhnjƐƚĈĚŝĞƚƐĤĚĞŬůţƟŬĈƉĂƌĈĚţƚƐϱĂƩĤůĈ;ǀŝĞŶƐƉƌĞƚŽƚƌƵͿ
<ĂĚŶŽĂďĈŵƉƵƐĤŵĚnjŝƌĚĤƐŝĞƚŬůŝŬƓŭĂƐŬĂźƵũƻƐnjŝŶĈƐŝĞƚŬĂƐĤĚĞŬůţƟƐŝƌůĂďŝƵŶĚƌŽƓŝƵnjƐƚĈĚţƚƐ
ϱEŽƐƉŝĞĚŝĞƚƉŽŐĂƐĂďĈƐƉƵƐĤƐƵŶƉĂĐĞůŝĞƚƐĤĚĞŬůŝůĂŝƚŽƵnjƐƚĈĚţƚƵĂƚƉĂŬĂŲ
EŽǀŝĞƚŽũŝĞƚƐĤĚĞŬůŝƉŽnjţĐŝũĈůĂŝƉĂďĞŝŐƚƵƵnjƐƚĈĚţƓĂŶƵ
Z5/E:hD^^ĤĚĞŬůŝǀĂƌƵnjƐƚĈĚţƚƟŬĂŝƟĞƓŝƵnjƌĈŵũĂ
hnjƐƚĈĚţƓĂŶĂƵnjĂĚĂƉƚĞƌŝĞŵǀĂƌŝnjƌĂŝƐţƚƐĤĚĞŬŲĂŶĞƐƚĂďŝůŝƚĈƟǀĂŝƚĈĂƚĚĂůţƓĂŶŽƐŶŽƌĈŵũĂ
Z5/E:hD^^ĤĚĞŬůţƟƐŶĂǀƉŝĞŵĤƌŽƚƐďĤƌŶŝĞŵŬĂƐũĂƵŶĈŬŝƉĂƌϲŵĤŶĞƓŝĞŵ
ϲDWZZ'h>"aE
ϲhnjƐƚĈĚŝĞƚďƵĨĞƌŝĂďĈƐƐĤĚĞŬŲĂƉƵƐĤƐŬĈƉĂƌĈĚţƚƐϲĂƩĤůĈWĈƌůŝĞĐŝŶŝĞƟĞƐŬĂƌŽŬƚƵƌŝƐŝƌĮŬƐĤƚƐͲďƻƐ
ĚnjŝƌĚĂŵƐŬůŝŬƓŭŝƐ
ϲƚďůŽŭĤũŝĞƚƵŶŝnjǀĞůĐŝĞƚǀŝĞŶƵďƵĨĞƌĂƉƵƐŝůĂŝƉĂŐƌŝĞnjƚƵďƵĨĞƌŝƉĂƌϯϲϬŐƌĈĚŝĞŵ
ϳ:hDd/IDKEdhEZ'h>"aE
ϳ/ĞǀŝĞƚŽũŝĞƚũƵŵƟźƵƐĤĚĞŬůţ<ĂĚĚnjŝƌĚĂƚΗŬůŝŬƓŭŝΗŬĂďţŶĞŝƌŝĞǀŝĞƚŽƚĂ
ϳĂůĚĂŚţŶƵǀĂƌŝnjůŽĐţƚƉĂǀĞůŬŽƚƚŽƵnjƐĞǀŝŬĈƉĂƌĈĚţƚƐϳĂƩĤůĈ
ϳĂůĚĂŚţŶƵǀĂƌƉĂůŝĞůŝŶĈƚĂƚǀĞůŬŽƚĂƚƉĂŬĂŲǀŝĞŶĂƐŶŽƐĞŬĐŝũĈŵƐůţĚŶŝŬĈƉĂƌĈĚţƚƐϳĨŽƚŽĂƩĤůĈ
ϳŝƚĂƐĞŬĐŝũĂƉĂƐůĤƉũnjĞŵƚĈƐǀĞŶƟůĈĐŝũƵŬĂƐƉĈƌŬůĈƚĂĂƌƤŬůƵŬĈƉĂƌĈĚţƚƐϳĨŽƚŽĂƩĤůĈ
ϳ:ƻƐǀĂƌĂƚĂƌţƌĞŐƵůĤƚũƵŵƟźĂĂƵŐƐƚƵŵƵͲũƵŵƟźƓĂƵŐŬŽƉĈĂƌũƻƐƵďĤƌŶƵ
ϳ&>ĂŝƌĞŐƵůĤƚƵŶŽũƵŵĞƐĂƵŐƐƚƵŵƵŶŽƐƉŝĞĚŝĞƚƉŽŐƵĂƚnjǀĞůƚŶĞƐĂŝnjŵƵŐƵƌĤ;ϳ&ĂƩĤůƐͿƵŶŝĞƐƚĂƟĞƚǀĤůĂŵŽ
ĂƵŐƐƚƵŵƵ
ϴZK<dhZZ'h>"aE
ϴEŽƐƉŝĞĚŝĞƚƉŽŐƵƵnjƌŽŬƚƵƌĂͲƐŬĂƤƚϴĂƩĤůƵWĂĐĞůŝĞƚƌŽŬƚƵƌŝůţĚnjĤƌƚĈŬĂũĂŵĂƵŐƐƚƵŵĂŵ
>ĂŝĮŬƐĤƚƵƌŽŬƚƵƌŝǀĤůĂŵĂũĈĂƵŐƐƚƵŵĈĂƚůĂŝĚŝĞƚƉŽŐƵ
ϵ<:h>^dZ'h>"aE
ϵEŽƐƉŝĞĚŝĞƚďƵůƟźĈŶŽƌĈĚţƚĈƐƉŽŐĂƐ;ĂďĈƐƉƵƐĤƐǀŝĞŶůĂŝĐţŐŝͿůĂŝƌĞŐƵůĤƚƵŬĈũƵďĂůƐƚĂƉŽnjţĐŝũƵ
ϭϬds>dE^Z'h>"aE
ϭϬͲϭϬWĂĐĞůŝĞƚƵnjĂƵŐƓƵƉŽŐƵ;ďƵůƟźĂϭϬĂƩĤůĈͿůĂŝƌĞŐƵůĤƚƵĂƚnjǀĞůƚŶŝϯƉŽnjţĐŝũĈƐ;ŐƵůĤƓĂŶĂŝǀĂŝƐĤĚĤƓĂŶĂŝͿ
ŬĈϭϬĂƩĤůĈ
ϭϭ^"Eh:K^d^
ϭϭƌŽƓţďĂƐũŽƐƚĂƐŝƌďĞnjŐĂůţŐŝƌĞŐƵůĤũĂŵĂƐƚŽĂƵŐƐƚƵŵƵǀĂƌƌĞŐƵůĤƚƉĂǀĞůŬŽƚƵnjĂƵŐƓƵǀĂŝƵnjůĞũƵϭϭĂƩĤůĈ
ƌĞĚnjĂŵŽƐĮŬƐĂƚŽƌƵƐ
ϭϭ^ƉƌĈĚnjĞŝƌŵĂŐŶĤƟƐŬĂ>ĂŝĂƚǀŝĞŶŽƚƵĚƌŽƓţďĂƐƐƉƌĈĚnjŝŶŽƐƉŝĞĚŝĞƚƉŽŐĂƐĂďĈƐƉƵƐĤƐƵŶƉĂǀĞůĐŝĞƚ
ƚŽƵnjƐĞǀŝͲϭϭĂƩĤůƐ
ϭϭWĤĐƚĂŵŶŽźĞŵŝĞƚƐƉƌĈĚnjĞƐůĂďŽƉƵƐŝŬĂƐƉĈƌŬůĈũĂƐĂƌƐƉƌĈĚnjĞƐŬƌĞŝƐŽƉƵƐŝ
ϭϭ>ĂŝƐƉƌĈĚnjŝƉŝĞƐƟƉƌŝŶĈƚƵƉŝĞƚƵǀŝŶŝĞƚƐƉƌĈĚnjĞƐŬƌĞŝƐŽƵŶůĂďŽĚĂŲƵǀŝĞŶƵƉŝĞŽƚƌĂƐƉĂƚĞŝĐŽƟĞƐŵĂŐŶĤƟĞŵ
ƚĈƐƐĂǀŝĞŶŽƐŝĞƐWĤĐƚĂŵƉŝĞƚƵǀŝŶŝĞƚƐƉƌĈĚnjĞƐƉƌŝĞŬƓĤũŽƉƵƐŝůĂŝƚŽĂŝnjǀĤƌƚƵ
ϭϮϵ//DEdKaE^ZK<^'ZDd
LV