Roger EDGE1 - Page 266

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EĂůĞǏLJnjĂƵǁĂǏLJđǏĞnjŐŽĚŶŝĞnjŶŽƌŵČhE/EϭϮϲϯϱǁƐnjLJƐƚŬŝĞǁLJŵŽŐŝŶŽƌŵ
E ϭϮϲϬϰ ŝ E ϭϮϰϱϯ ŵƵƐnjČ njŽƐƚĂđ ƐƉĞųŶŝŽŶĞ Ă ũĞƑůŝ ƚŽ ŬŽŶŝĞĐnjŶĞ ƚĂŬǏĞ
njǁĞƌLJĮŬŽǁĂŶĞ
EŽƌŵLJ ĞƵƌŽƉĞũƐŬŝĞ E ϭϮϰϱϯ ŝ E ϭϮϰϰϱ ŽŬƌĞƑůĂũČ ŵŝŶŝŵĂůŶĞ ǁLJŵĂŐĂŶŝĂ
ĚŽƚLJĐnjČĐĞďĞnjƉŝĞĐnjĞŷƐƚǁĂǁnjĂŬƌĞƐŝĞƵǏLJƚŬŽǁĂŶŝĂĚƌnjǁŝŝďƌĂŵnjŶĂƉħĚĞŵ
t ƐnjĐnjĞŐſůŶŽƑĐŝ ƉƌnjĞǁŝĚƵũČ ŽŶĞ ƐƚŽƐŽǁĂŶŝĞ ŽŐƌĂŶŝĐnjĞŶŝĂ ƐŝųLJ ŝ ƵƌnjČĚnjĞŷ
ďĞnjƉŝĞĐnjĞŷƐƚǁĂ;ƉŽĚĞƐƚLJĐnjƵųĞŶĂŶĂĐŝƐŬďĂƌŝĞƌLJŶŝĞŵĂƚĞƌŝĂůŶĞĚnjŝĂųĂŶŝĞƉƌnjLJ
ŽďĞĐŶŽƑĐŝĐnjųŽǁŝĞŬĂŝƚƉͿǁLJŬƌLJǁĂũČĐLJĐŚŽďĞĐŶŽƑđŽƐſďůƵďƉƌnjĞĚŵŝŽƚſǁŝ
ƵŶŝĞŵŽǏůŝǁŝĂũČĐLJĐŚƵĚĞƌnjĞŶŝĞǁĚŽǁŽůŶLJĐŚŽŬŽůŝĐnjŶŽƑĐŝĂĐŚ
/ŶƐƚĂůĂƚŽƌũĞƐƚnjŽďŽǁŝČnjĂŶLJĚŽǁLJŬŽŶĂŶŝĂƉŽŵŝĂƌƵƐŝųLJƵĚĞƌnjĞŶŝĂŝǁLJďƌĂŶŝĂ
ŶĂĐĞŶƚƌĂůŝƐƚĞƌƵũČĐĞũǁĂƌƚŽƑĐŝƉƌħĚŬŽƑĐŝŝŵŽŵĞŶƚƵŬƚſƌĞnjĂƉĞǁŶŝČnjŐŽĚŶŽƑđ
ĚƌnjǁŝůƵďďƌĂŵLJnjŶĂƉħĚĞŵnjůŝŵŝƚĂŵŝŽŬƌĞƑůŽŶLJŵŝǁŶŽƌŵĂĐŚEϭϮϰϱϯŝE
ϭϮϰϰϱ
&ŝƌŵĂ ZK'Z d,EK>K'z ǁĐĞůƵ njĂƉĞǁŶŝĞŶŝĂ ďĞnjƉŝĞĐnjĞŷƐƚǁĂŝĚŽďƌĞŐŽ
ĨƵŶŬĐũŽŶŽǁĂŶŝĂ njƌnjĞŬĂ Ɛŝħ ǁƐnjĞůŬŝĞũ ŽĚƉŽǁŝĞĚnjŝĂůŶŽƑĐŝ ǁ ƉƌnjLJƉĂĚŬƵ
njĂŝŶƐƚĂůŽǁĂŶŝĂŶŝĞŬŽŵƉĂƚLJďŝůŶLJĐŚƉŽĚnjĞƐƉŽųſǁ
tƉƌnjLJƉĂĚŬƵĂŬƚLJǁŶĞũĨƵŶŬĐũŝŽďĞĐŶŽƑĐŝĐnjųŽǁŝĞŬĂŽďŽǁŝČnjŬŝĞŵŝŶƐƚĂůĂƚŽƌĂ
ũĞƐƚ ƐƉƌĂǁĚnjĞŶŝĞ ŵĂŬƐLJŵĂůŶĞũ ŽĚůĞŐųŽƑĐŝ njĂƚƌnjLJŵĂŶŝĂ ůƵď ĂůƚĞƌŶĂƚLJǁŶĞŐŽ
ƵǏLJĐŝĂ ŽĚŬƐnjƚĂųĐĂůŶĞũ ŐƵŵŽǁĞũ ŬƌĂǁħĚnjŝ ƉƌħĚŬŽƑĐŝ njĂŵLJŬĂŶŝĂ ƉƌnjĞũƑĐŝĂ ŝ
ŽŐſůŶŝĞǁƐnjĞůŬŝĐŚƑƌŽĚŬſǁŽŬƌĞƑůŽŶLJĐŚƉƌnjĞnjŽďŽǁŝČnjƵũČĐĞŶŽƌŵLJWŽŶĂĚƚŽ
ŝŶĨŽƌŵƵũĞŵLJǏĞũĞƑůŝƑƌŽĚĞŬƐƚĞƌŽǁĂŶŝĂũĞƐƚƐƚĂųLJŵƵƐŝďLJđƵƐƚĂǁŝŽŶLJǁƉŽnjLJĐũŝ
ŬƚſƌĂ njĂƉĞǁŶŝĂ ŬŽŶƚƌŽůħ ŝ ĚnjŝĂųĂŶŝĞ ĂƵƚŽŵĂƚLJŬŝ Ă ƚLJƉ ƐƚĞƌŽǁĂŶŝĂ ŝ ƌŽĚnjĂũ
njĂƐƚŽƐŽǁĂŶŝĂƐƉĞųŶŝĂǁLJŵŽŐŝŶŽƌŵLJhE/EϭϮϰϱϯƚĂďĞůĂϭ;njŶĂƐƚħƉƵũČĐLJŵŝ
ŽŐƌĂŶŝĐnjĞŶŝĂŵŝƐƚĞƌŽǁĂŶŝĞƚLJƉƵůƵďŝƌŽĚnjĂũnjĂƐƚŽƐŽǁĂŶŝĂϭůƵďϮͿ
t ƉƌnjLJƉĂĚŬƵ ŬŽƌnjLJƐƚĂŶŝĂ nj ĨƵŶŬĐũŝ ŽďĞĐŶŽƑĐŝ ĐnjųŽǁŝĞŬĂ ŶĂůĞǏLJ ƉŽƉƌŽƐŝđ
Ž ŽĚĚĂůĞŶŝĞ Ɛŝħ ŽĚ ĂƵƚŽŵĂƚLJŬŝ ŽƐŽďLJ njŶĂũĚƵũČĐĞ Ɛŝħ ǁ njĂƐŝħŐƵ ĚnjŝĂųĂŶŝĂ
ƌƵĐŚŽŵLJĐŚĐnjħƑĐŝďĞnjƉŽƑƌĞĚŶŝĞĞůĞŵĞŶƚLJƐƚĞƌƵũČĐĞŵƵƐnjČďLJđnjĂŝŶƐƚĂůŽǁĂŶĞ
ŶĂǁLJƐŽŬŽƑĐŝĐŽŶĂũŵŶŝĞũϭϱŵŝŶŝĞƉŽǁŝŶŶLJďLJđĚŽƐƚħƉŶĞĚůĂǁƐnjLJƐƚŬŝĐŚ
ƉŽŶĂĚƚŽ Ž ŝůĞƵƌnjČĚnjĞŶŝĞ ŶŝĞ ũĞƐƚ ŽďƐųƵŐŝǁĂŶĞnjĂƉŽŵŽĐČŬůƵĐnjĂƉŽǁŝŶŶLJ
ďLJđŽŶĞƵŵŝĞƐnjĐnjŽŶĞǁďĞnjƉŽƑƌĞĚŶŝŵǁŝĚŽŬƵŶĂĐnjħƑđŶĂƉħĚŽǁČŝnjĚĂůĂŽĚ
ĐnjħƑĐŝƌƵĐŚŽŵLJĐŚ
ĂƐƚŽƐŽǁĂđ ŽnjŶĂĐnjĞŶŝĂ ƉƌnjĞǁŝĚnjŝĂŶĞ ƉƌnjĞnj ŽďŽǁŝČnjƵũČĐĞ ƉƌnjĞƉŝƐLJ ǁ ĐĞůƵ
ǁƐŬĂnjĂŶŝĂŶŝĞďĞnjƉŝĞĐnjŶLJĐŚŽďƐnjĂƌſǁ
<ĂǏĚĂ ŝŶƐƚĂůĂĐũĂ ŵƵƐŝ ŵŝĞđ ǁŝĚŽĐnjŶĞ ŽnjŶĂĐnjĞŶŝĞ ĚĂŶLJĐŚ ŝĚĞŶƚLJĮŬĂĐLJũŶLJĐŚ
ŶĂƉħĚnjĂŶLJĐŚ Ěƌnjǁŝ ůƵď ďƌĂŵLJ njŐŽĚŶŝĞ nj ŶŽƌŵČ E ϭϯϮϰϭͲϭϮϬϬϭ ůƵďnj
ŬŽůĞũŶLJŵŝnjŵŝĂŶĂŵŝ
ĂŝŶƐƚĂůŽǁĂđ ǁLJųČĐnjŶŝŬ ůƵď ǁŝĞůŽďŝĞŐƵŶŽǁLJ ƌŽnjųČĐnjŶŝŬ ƐĞŬĐLJũŶLJ Ž
ƌŽnjǁĂƌĐŝƵ ƐƚLJŬſǁ ǁLJŶŽƐnjČĐLJŵ ƉŽŶĂĚ ϯ ŵŵ ƵŵŝĞƑĐŝđ ƌŽnjųČĐnjŶŝŬ ǁ
ƉŽnjLJĐũŝK&&ŝŽĚųČĐnjLJđĞǁĞŶƚƵĂůŶĞďĂƚĞƌŝĞƉĂƐƚLJůŬŽǁĞƉƌnjĞĚƉƌnjLJƐƚČƉŝĞŶŝĞŵ
ĚŽĐnjLJƐnjĐnjĞŶŝĂůƵďŬŽŶƐĞƌǁĂĐũŝ
^ƉƌĂǁĚnjŝđĐnjLJƉƌnjĞĚŝŶƐƚĂůĂĐũČĞůĞŬƚƌLJĐnjŶČnjĂŝŶƐƚĂůŽǁĂŶŽǁLJųČĐnjŶŝŬƌſǏŶŝĐŽǁLJ
nj ƉƌŽŐŝĞŵ ǁLJŶŽƐnjČĐLJŵ ϬϬϯ  ŽƌĂnj njĂďĞnjƉŝĞĐnjĞŶŝĞ ƉƌnjĞĚ ƉƌnjĞƚħǏĞŶŝĞŵ
ƐƉĞųŶŝĂũČĐĞnjĂƐĂĚLJĚŽďƌĞũƚĞĐŚŶŝŬŝŽƌĂnjǁLJŵŽŐŝŽďŽǁŝČnjƵũČĐLJĐŚƉƌnjĞƉŝƐſǁ
:ĞǏĞůŝũĞƐƚƚĂŬĂƉŽƚƌnjĞďĂƉŽĚųČĐnjLJđƐŝųŽǁŶŝŬĚŽƐƉƌĂǁŶĞũŝŶƐƚĂůĂĐũŝƵnjŝĞŵŝĂũČĐĞũ
ǁLJŬŽŶĂŶĞũǁƐƉŽƐſďnjŐŽĚŶLJnjŽďŽǁŝČnjƵũČĐLJŵŝƉƌnjĞƉŝƐĂŵŝďĞnjƉŝĞĐnjĞŷƐƚǁĂ
KďƐųƵŐĂĐnjħƑĐŝĞůĞŬƚƌŽŶŝĐnjŶLJĐŚŵƵƐŝŽĚďLJǁĂđƐŝħnjĂƉŽŵŽĐČĂŶƚLJƐƚĂƚLJĐnjŶLJĐŚ
ƉƌnjĞǁŽĚnjČĐLJĐŚďƌĂŶƐŽůĞƚĞŬƉŽųČĐnjŽŶLJĐŚnjŵĂƐČ