ϭϮZd/Ih>K5aE
ϭϮEŽůĂŝĚŝĞƚũƵŵƟźƵƵŶƌŽŬƚƵƌŝnjĞŵĈŬĂũĈƉŽnjţĐŝũĈhnjƉƌŝĞŬƓƵǀĤƌƐƚĂƌĂƟźĂƵnjƐƚĈĚţƓĂŶĂŝƉĂĐĞůŝĞƚŬĈũƵďĂůƐƚƵ
ƵŶƐĤĚĞŬůŝƉƌĞƚƌŽŬƚƵƌŝƵŶĂƚnjǀĞůƚŶŝ^ĂůŝĞĐŝĞƚũƵŵƟźƵ^ĂůŝĞĐŝĞƚƌŽŬƚƵƌŝŬĂƐĂƚƌŽĚĂƐƵnjƌĈŵũĂnjĞŵƐĤĚĞŬŲĂ
;ϭϮĨŽƚŽͿƵŶĂƌţŬƓŭŝŶŽƐƉŝĞĚŝĞƚďůŽŭĤƓĂŶĂƐƉŽŐƵdĂŐĂĚǀŝĞŐůŝƉĂĐĞůŝĞƚƌĂƟźƵƐůĂŝƚŽƐƐĂůŽĐţƚƵ
ϭϮEŽůĂŝĚŝĞƚũƵŵƟźƵƵŶƌŽŬƚƵƌŝnjĞŵĈŬĂũĈƉŽnjţĐŝũĈhnjĂŝnjŵƵŐƵƌŝǀĤƌƐƚĂƌĂƟźĂƵnjƐƚĈĚţƓĂŶĂŝƐĂůŝĞĐŝĞƚũƵŵƟźƵ
ƉĂĐĞůŝĞƚĂƚnjǀĞůƚŶĞƐƌĞŐƵůĤƓĂŶĂƐƉŽŐƵƵŶƉĂŐƌŝĞnjŝĞƚƚŽƉƌĞƚƌŽŬƚƵƌŝEŽƐƉŝĞĚŝĞƚƉŽŐƵƵŶƉĂŐƌŝĞnjŝĞƚǀŝƐƵ
ŬŽƉĈĂƌƌŽŬƚƵƌŝ
Z5/E:hD^sŝĞŶŵĤƌŶŽůŝĞĐŝĞƚƐĤĚĞŬůŝƉƌĞƚƌŽŬƚƵƌŝ
Z5/E:hD^^ĂůŽŬŽƚƌĂƟźƵƐƌŽŬƚƵƌŝŵƵŶũƵŵƟźĂŵǀŝĞŶŵĤƌũĈďƻƚƐĂůŽĐţƚĂŵnjĞŵĈŬĂũĈƉŽnjţĐŝũĈ
ϭϯWZE"^:DZd/IDKEd
ϭϯ:ĂƉĈƌŶĤƐĈũĂŵĈŐƵůƟźĂŶĂǀŝnjůŝŬƚĂŶŽźĞŵŝĞƚŐƵůƚĂƐǀĞŲƵƵŶŵĂƚƌĂĐŝŝnjǀĞůĐŝĞƚŵĞƚĈůĂĐŝůƉĂƐƉĈƌŶĤƐĈũĂŵĈƐ
ŐƵůƟźĂƐĂƉĂŬƓĚĂŲĈƐĂƐŬĂźĈĂƌďƵůƟźƵǀŝƌnjŝĞŶŝĞŵŬĈƉĂƌĈĚţƚƐϭϯĂƩĤůĈůţĚnjƟĞĮŬƐĤũĂƐƐĂǀĈǀŝĞƚĈWĤĐƚĂŵ
ƌĂƟźŽƐŶŽƐƟƉƌŝŶŝĞƚŐƵůƚĂƐǀĞŲƵƵŶŵĂƚƌĂĐŝ
ϭϯ<ĂĚƉŽůƐƚĞƌĤũƵŵƐŝƌƉĂƌĞŝnjŝƉŝĞƐƟƉƌŝŶĈƚƐŝnjŵĂŶƚŽũŝĞƚƌĈǀĤũƐůĤĚnjĤũĂŐĂůĂŵĂƐŬĤũŽƓŽĚĂŲƵ;ϭϯĂƩĤůƐͿ
ϭϯ/ĞǀŝĞƚŽũŝĞƚŵĂƐŬĤƓĂŶĂƐĞůĞŵĞŶƚƵƚĂŵƉĂƌĞĚnjĤƚĂũĈŬĂďĂƚĈ;ϭϯĨŽƚŽĂƩĤůƐͿ
ϭϯWĈƌŶĤƐĈũĂŵŽƉĂůŝŬƚŶŝǀĂƌƵnjƐƚĈĚţƚƟĞƓŝƵnjƌĂƟźƵƌĈŵũĂ
ϭϯ:ĂũƻƐǀĤůĂƟĞƐƵnjƐƚĈĚţƚƉĈƌŶĤƐĈũĂŵŽƉĂůŝŬƚŶŝĂƵŐƐƚĈŬƵnjƌĂƟźƵƌĈŵũĂƵnjŵŽŶƚĤũŝĞƚĂĚĂƉƚĞƌƵƐ
ŬĈƉĂƌĈĚţƚƐϭϯĂƩĤůĈ
ϭϯ&WĤĐƚĂŵƵnjƐƚĈĚŝĞƚƉĈƌŶĤƐĈũĂŵŽŐƵůƟźƵ<ĂĚŶŽĂďĈŵƉƵƐĤŵĚnjŝƌĚĤƐŝĞƚŬůŝŬƓŭŝũƻƐnjŝŶĈƐŝĞƚ
ŬĂƉĈƌŶĤƐĈũĂŵĈďĤƌŶƵŐƵůƟźĂŝƌƵnjƐƚĈĚţƚĂŝƌůĂďŝƵŶĚƌŽƓŝƉŝĞƐƟƉƌŝŶĈƚƐ
ϭϯ'EŽũƵŵĞŝƌƌĞŐƵůĤũĂŵĂϮƉĂŬĈƉĤƐƚŬĂƌţďĈŶŽũƻƐƵǀĂũĂĚnjţďĈŵǀŝĞŶůĂŝĐţŐŝŶŽƐƉŝĞĚŝĞƚƉŽŐĂƐ
ŬĂƐĂƚƌŽĚĂƐĂďĈƐƌĂƟźƵƉƵƐĤƐƵŶŶŽƌĞŐƵůĤũŝĞƚůţĚnjǀĤůĂŵĂũĂŵĂƵŐƐƚƵŵĂŵ
Z5/E:hD^WŝƌŵƐƉĈƌŶĤƐĈũĂŵĈƉĂůŝŬƚźĂƵnjƐƚĈĚţƓĂŶĂƐƵnjƌĂƟźŝĞŵŶŽďůŽŭĤũŝĞƚĚƌŽƓţďĂƐďƌĞŵnjŝ
WĈƌŶĤƐĈũĂŵŽŐƵůƟźƵǀĂƌƵnjƐƚĈĚţƚƟŬĂŝǀŝĞŶĈƉŽnjţĐŝũĈͲĂƌĂŝnjŵƵŐƵƌŝ
Z5/E:hD^WĈƌŶĤƐĈũĂŵĈŐƵůƟźĂŝƌƉĂƌĞĚnjĤƚĂďĤƌŶŝĞŵůţĚnjϲŵĤŶĞƓƵǀĞĐƵŵĂŵŬĂƐƐǀĞƌůţĚnjϵŬŐŬƵƌŝ
ŶĞǀĂƌƐĤĚĤƚƌĈƉŽƚƌĈƉŽƚŶĞŐƌŽnjţƟĞƐǀŝĞŶŝƉĂƓŝWĈƌƚƌĂƵĐŝĞƚƚŽůŝĞƚŽƚŬĂĚďĤƌŶƐƐĈŬƌĈƉŽƚEĞůŝĞƚŽũŝĞƚŵĂƚƌĂēƵƐ
ŬĂƐďŝĞnjĈŬŝƉĂƌϭϱŵŵ
ϭϰZd/IhEKIDaE
ϭϰĚĂƉƚĞƌŝŝƌĂƉƌţŬŽƟĂƌĂƚŵŝźĂƐƉŽŐĈŵEŽƐƉŝĞĚŝĞƚƉŽŐĂƐĂďĈƐƉƵƐĤƐƵŶǀĞůĐŝĞƚƉĈƌŶĤƐĈũĂŵŽƉĂůŝŬƚŶŝ
ƵnjĂƵŐƓƵŬĈƉĂƌĈĚţƚƐϭϰĂƩĤůĈWĤĐƚĂŵŶŽźĞŵŝĞƚĂĚĂƉƚĞƌƵƐŶŽƌĂƟźƵƌĈŵũĂ
Z5/E:hD^WŝƌŵƐƌĂƟźŬƌĤƐůĂƉĈƌŶĤƐĈũĂŵĈƉĂůŝŬƚźĂĚĞŵŽŶƚĈǎĂƐƌĂƟźŽƐŶŽďůŽŭĤũŝĞƚĚƌŽƓţďĂƐďƌĞŵnjŝ
ϭϱWZE"^:DZd/IsEd/>/:
ϭϱWĈƌŶĤƐĈũĂŵĈŐƵůƟźĂƉƌŝĞŬƓƉƵƐĤƵŶĂŝnjŵƵŐƵƌĤŝƌϯ/Z&>KtǀĞŶƟůĈĐŝũĂsĞŶƟůĈĐŝũĂƐĂƚǀĞƌĞƐŝƌƉĈƌŬůĈƚĂƐ
ĂƌƤŬůŝźƵƵŶǀĞŶƟůĈĐŝũĂƐƉĂŶĞŲŝŝƌƉŝĞƐƟƉƌŝŶĈƟĂƌƌĈǀĤũƐůĤĚnjĤũŝĞŵƵŶŵĂŐŶĤƟĞŵ
ϭϲWZE"^:D^'h>d/I^DK^<5dhd5<>^
ϭϲŵŽƐŬţƚƵƤŬůƐŝƌŝĞǀŝĞƚŽƚƐƉĈƌŶĤƐĈũĂŵĈƐďĤƌŶƵŐƵůƟźĂƐũƵŵƟźĈ
ϭϳ^h>^/^Z'h^d5aE
ϭϳEŽźĞŵŝĞƚũƵŵƟźƵŶŽƉĈƌŶĤƐĈũĂŵĈƐďĤƌŶƵŐƵůƟźĂƐũƵŵƟźĂ
ϭϳWŝĞƐƟƉƌŝŶŝĞƚƐĂƵůĞƐĂŝnjƐĂƌŐƵŝĞƉƌŝĞŬƓĂƚĚĂůţƚĈũƵŵƚĂǀŝĞƚĈ^ĂƵůĞƐĂŝnjƐĂƌŐĂƉŝĞƐƟƉƌŝŶĈƓĂŶĂŝƌƐĂĚĞƌţŐĂ
ĂƌƌĈǀĤũƐůĤĚnjĤũƵĂƌŬƵƌƵũƵŵƚƐƟĞŬƉŝĞƐƟƉƌŝŶĈƚƐƉŝĞƉĈƌŶĤƐĈũĂŵĈƐďĤƌŶƵƌĂƟźƵŬƵƉŽůĂ
ϭϴ^KD^W/^d/WZ/EaE
ϭϴ^ŽŵĂŝŝƌƉĂƌĞĚnjĤƚĂƐţƉĂƓĂƐƐŝŬƐŶĂƐŬĂƐŲĂƵũƌĞŐƵůĤƚƐŽŵĂƐƐƟƉƌŝŶĈũƵŵĂĂƵŐƐƚƵŵƵƵnjƌĈŵũĂ
>ĂŝƉŝĞƐƟƉƌŝŶĈƚƵƐŽŵƵƉŝĞƌĈŵũĂƉŝĞƐƟƉƌŝŶŝĞƚƌĞŐƵůĤũĂŵĈƐƐŝŬƐŶĂƐƉŝĞĈŭŝĞŵŬĂƐĂƚƌŽĚĂƐƵnjƌĂƟźƵ
ƌŽŬƚƵƌĂŬĈƉĂƌĈĚţƚƐϭϴĂƩĤůĈ
ϭϴ^ŽŵƵǀĂƌƉŝĞƐƟƉƌŝŶĈƚĂƌţƟĞƓŝƉŝĞƌĈŵũĂŶĞŝnjŵĂŶƚŽũŽƚƌĞŐƵůĤũĂŵĈƐƐŝŬƐŶĂƐ
ϭϵhdKDa5E^<KDW><dh^d5aE
ϭϵhnjƐƚĈĚŝĞƚĂƵƚŽŵĂƓţŶĂƐƐĤĚĞŬŲĂĂĚĂƉƚĞƌŝĚĂƉƚĞƌŝĚĂƌďŽũĂƐĂƌůŝĞůĈŬŽĚĂŲƵĂƵƚŽŵĂƓţŶƵƐĤĚĞŬůţƓƵ
hnjƐƚĈĚŝĞƚƚŽƐƵnjƌĈŵũĂ<ĂĚĚnjŝƌĚĤƐŝĞƚΗŬůŝŬƓŭŝΗũƻƐnjŝŶĈƐŝĞƚŬĂĂĚĂƉƚĞƌŝŝƌƉĂƌĞŝnjŝƵnjƐƚĈĚţƟ
ϭϵ^ĂƐŬĂźŽũŝĞƚĂƵƚŽŬƌĤƐůŝźĂĂƚǀĞƌŝĂƌĂƵƚŽŬƌĤƐůŝźĂĂĚĂƉƚĞƌŝƉĤĐƚĂŵŶĞĚĂƵĚnjŶŽƐƉŝĞĚŝĞƚĂƵƚŽŬƌĤƐůŝźƵƵnjůĞũƵ
ůţĚnjĂƚƐŬĂŶΗŬůŝŬƓŭŝƐΗdĂƐŶŽnjţŵĤŬĂĂƵƚŽŬƌĤƐůŝźƓŝƌƉĂƌĞŝnjŝƵnjƐƚĈĚţƚƐƐŝĞƚƵnjŵĂŶţŐŝͲƉĈƌůŝĞĐŝŶŝĞƟĞƐŬĂ
ĂĚĂƉƚĞƌŝƵŶĂƵƚŽŬƌĤƐůŝźƓŝƌƐĂƐůĤŐƟŝƌƉĂƌĞŝnjŝƵnjƐƚĈĚţƟ
ϭϵƵƚŽŬƌĤƐůŝźƵǀĂƌƵnjƐƚĈĚţƚƟŬĂŝǀŝĞŶĈƉŽnjţĐŝũĈͲƉƌĞƚĤũŝďƌĂƵŬƓĂŶĂƐǀŝƌnjŝĞŶĂŵ
ϭϵZĈŵŝƐƵŶĂĚĂƉƚĞƌŝŝƌƐĂĚĞƌţŐŝĂƌ</zDy/K^/ƵŶzyŵŽĚĞŲŝĞŵ
ϮϬhdK<Z"^>/IEKIDaE
ϮϬEŽźĞŵŝĞƚĂĚĂƉƚĞƌƵƐŶŽƌĈŵũĂŶŽƐƉŝĞĚŝĞƚƉŽŐĂƐƵnjĂĚĂƉƚĞƌŝĞŵŬĈƉĂƌĈĚţƚƐϮϬĂƩĤůĈƵŶƉĂĐĞůŝĞƚƐĤĚĞŬůŝ
ƵnjĂƵŐƓƵ>ĂŝŶŽźĞŵƚƵƐĤĚĞŬůŝŶŽĂĚĂƉƚĞƌŝĞŵŝĞǀĤƌŽũŝĞƚĂƌĂƵƚŽŬƌĤƐůŝźƵƉŝĞŐĈĚĈƚŽƐŶŽƌĈĚţũƵŵƵƐ
Z5/E:hD^WŝƌŵƐƐĈŬĂƚŵŽŶƚĤƚǀĂŝĚĞŵŽŶƚĤƚĐŝƚĂƐƌĂƟźƵĚĂŲĂƐƉĈƌďĂƵĚŝĞƚǀĂŝŝƌĂŬƟǀŝnjĤƚĂĚƌŽƓţďĂƐ
ďƌĞŵnjĞ
LV
/DEdKaE^ZK<^'ZDd/ϭϯϬ