</DͲdĚŽŽsŝůŝŶĞǀŽĚĞďď^ůŽďŽĚŶĂnjŽŶĂĞŽŐƌĂĚĞŽŐƌĂĚƚĞůϬϭϭϮϬϳͲϬϲϴϰͲŵĂŝůƐĞƌǀŝƐΛŬŝŵƚĞĐƌƐ
K^EKsE/WK/KWZK/sKh;WŽƉƵŶũĂǀĂƚƌŐŽǀĂĐͿ
DK>hZ:
^Z/:^</ZK:
dhDWZK:
ZK:ZhE&/^<>EK'/^<
WKdW/^/WddZ'Ks
ϮϰнϯϲD^/
&Z//Z/sZd/<>E//,KZ/KEd>E/DZ/s/
ϮϰнϭϮD^/
aWKZd/saDa/EŝDa/E^haE:saDa/E
WZE:^h<h,/E:^</^W/ZdKZ/h'ZEZZE/
W>KK:>Z/
WKadKsE/
ĂŚǀĂůũƵũĞŵŽsĂŵŶĂŬƵƉŽǀŝŶŝsŝǀĂdžƉƌŽŝnjǀŽĚĂŝŶĂĚĂŵŽƐĞĚĂđĞƚĞďŝƚŝnjĂĚŽǀŽůũŶŝŝnjďŽƌŽŵ
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
hƐŬůĂĚƵƐĂēůĂŶŽŵϱϬĂŬŽŶĂŽnjĂƓƚŝƚŝƉŽƚƌŽƓĂēĂƌŽďĂũĞƐĂŽďƌĂnjŶĂĂŬŽ
Ͳ ŽĚŐŽǀĂƌĂŽƉŝƐƵŬŽũŝũĞĚĂŽƉƌŽĚĂǀĂĐŝĂŬŽŝŵĂƐǀŽũƐƚǀĂƌŽďĞŬŽũƵũĞƉƌŽĚĂǀĂĐƉŽŬĂnjĂŽƉŽƚƌŽƓĂēƵŬĂŽƵnjŽƌĂŬŝůŝŵŽĚĞů
Ͳ ŝŵĂƐǀŽũƐƚǀĂƉŽƚƌĞďŶĂnjĂ ŶĂƌŽēŝƚƵƵƉŽƚƌĞďƵnjĂŬŽũƵũĞƉŽƚƌŽƓĂēŶĂďĂǀůũĂĂŬŽũĂũĞďŝůĂƉŽnjŶĂƚĂƉƌŽĚĂǀĐƵŝůŝŵƵũĞ
ŵŽƌĂůĂďŝƚŝƉŽnjŶĂƚĂƵǀƌĞŵĞnjĂŬůũƵēĞŶũĂƵŐŽǀŽƌĂ
Ͳ ĂŬŽŝŵĂƐǀŽũƐƚǀĂƉŽƚƌĞďŶĂnjĂƌĞĚŽǀŶƵƵƉŽƚƌĞďƵƌŽďĞŝƐƚĞǀƌƐƚĞ
Ͳ ƉŽŬǀĂůŝƚĞƚƵŝĨƵŶŬĐŝŽŶŝƐĂŶũƵŽĚŐŽǀĂƌĂŽŶŽŵĞƓƚŽũĞƵŽďŝēĂũĞŶŽŬŽĚƌŽďĞŝƐƚĞǀƌƐƚĞŝƓƚŽƉŽƚƌŽƓĂēŵŽǎĞŽƐŶŽǀĂŶŽĚĂ
ŽēĞŬƵũĞƐŽďnjŝŽƌŵŶĂƉƌŝƌŽĚƵƌŽďĞŝũĂǀŶĂŽďĞđĂŶũĂŽƉŽƐĞďŶŝŵƐǀŽũƐƚǀŝŵĂƌŽďĞĚĂƚĂŽĚƐƚƌĂŶĞƉƌŽĚĂǀĐĂƉƌŽŝnjǀŽĜĂēĂ
ŝůŝŶũŝŚŽǀŝŵƉƌĞĚƐƚĂǀŶŝŬĂŶĂƌŽēŝƚŽĂŬŽũĞŽďĞđĂŶũĞƵēŝŶũĞŶŽƉƵƚĞŵŽŐůĂƐĂŝůŝŶĂĂŵďĂůĂǎŝƌŽďĞ
ŬŽ ŝƐƉŽƌƵēĞŶĂ ƌŽďĂŶŝũĞ ƐĂŽďƌĂnjŶĂ ƵŐŽǀŽƌƵ ;ēůĂŶ ϱϮ ĂŬŽŶĂ Ž njĂƓƚŝƚŝ ƉŽƚƌŽƓĂēĂͿ ƉŽƚƌŽƓĂē ŝŵĂ ƉƌĂǀŽ ĚĂ njĂŚƚĞǀĂ ŽĚ
ƉƌŽĚĂǀĐĂĚĂŽƚŬůŽŶŝŶĞƐĂŽďƌĂnjŶŽƐƚďĞnjŶĂŬŶĂĚĞŽƉƌĂǀŬŽŵŝůŝnjĂŵĞŶŽŵŽĚŶŽƐŶŽĚĂnjĂŚƚĞǀĂŽĚŐŽǀĂƌĂũƵđĞƵŵĂŶũĞŶũĞ
ĐĞŶĞŝůŝĚĂƌĂƐŬŝŶĞƵŐŽǀŽƌƵƉŽŐůĞĚƵƚĞƌŽďĞ
WŽƚƌŽƓĂēŶĂƉƌǀŽŵŵĞƐƚƵŵŽǎĞĚĂďŝƌĂŝnjŵĞĜƵnjĂŚƚĞǀĂĚĂƐĞŶĞƐĂŽďƌĂnjŶŽƐƚŽƚŬůŽŶŝŽƉƌĂǀŬŽŵŝůŝnjĂŵĞŶŽŵ
ŬŽŽƚŬůĂŶũĂŶũĞŶĞƐĂŽďƌĂnjŶŽƐƚŝƵƐŬůĂĚƵƐĂƐƚĂǀŽŵϮŽǀŽŐēůĂŶĂŶŝũĞŵŽŐƵđĞŝůŝĂŬŽƉƌĞĚƐƚĂǀůũĂŶĞƐƌĂnjŵĞƌŶŽŽƉƚĞƌĞđĞŶũĞ
njĂƚƌŐŽǀĐĂƉŽƚƌŽƓĂēŵŽǎĞĚĂnjĂŚƚĞǀĂƵŵĂŶũĞŶũĞĐĞŶĞŝůŝĚĂŝnjũĂǀŝĚĂƌĂƐŬŝĚĂƵŐŽǀŽƌ
EĞƐƌĂnjŵĞƌŶŽŽƉƚĞƌĞđĞŶũĞnjĂƚƌŐŽǀĐĂƵƐŵŝƐůƵƐƚĂǀĂϯŽǀŽŐēůĂŶĂũĂǀůũĂƐĞĂŬŽƵƉŽƌĞĜĞŶũƵƐĂƵŵĂŶũĞŶũĞŵĐĞŶĞŝƌĂƐŬŝĚŽŵ
ƵŐŽǀŽƌĂƐƚǀĂƌĂƉƌĞƚĞƌĂŶĞƚƌŽƓŬŽǀĞƵnjŝŵĂũƵđŝƵŽďnjŝƌ
ϭͿsƌĞĚŶŽƐƚƌŽďĞŬŽũƵďŝŝŵĂůĂĚĂũĞƐĂŽďƌĂnjŶĂƵŐŽǀŽƌƵ
ϮͿŶĂēĂũƐĂŽďƌĂnjŶŽƐƚŝƵŬŽŶŬƌĞƚŶŽŵƐůƵēĂũƵ
ϯͿĂůŝƐĞƐĂŽďƌĂnjŶŽƐƚŵŽǎĞŽƚŬůŽŶŝƚŝďĞnjnjŶĂēĂũŶŝũŝŚŶĞƵŐŽĚŶŽƐƚŝnjĂƉŽƚƌŽƓĂēĂ
^ǀĂŬĂŽƉƌĂǀŬĂŝůŝnjĂŵĞŶĂƐĞŵŽƌĂŝnjǀƌƓŝƚŝƵƉƌŝŵĞƌĞŶŽŵƌŽŬƵŝďĞnjnjŶĂēĂũŶŝũŝŚŶĞƵŐŽĚŶŽƐƚŝnjĂƉŽƚƌŽƓĂēĂƵnjŝŵĂũƵđŝƵŽďnjŝƌ
ƉƌŝƌŽĚƵƌŽďĞŝƐǀƌŚƵnjďŽŐŬŽũĞũƵũĞƉŽƚƌŽƓĂēŶĂďĂǀŝŽ
^ǀĞ ƚƌŽƓŬŽǀĞ ŬŽũŝ ƐƵ ŶĞŽƉŚŽĚŶŝ ĚĂ ďŝ ƐĞ ƌŽďĂ ƐĂŽďƌĂnjŝůĂƵ ŐŽǀŽƌƵ Ă ŶĂƌŽēŝƚŽ ƚƌŽƓŬŽǀŝ ƌĂĚĂ ŵĂƚĞƌŝũĂůĂ ƉƌĞƵnjŝŵĂŶũĂ ŝ
ŝƐƉŽƌƵŬĞƐŶŽƐŝƚƌŐŽǀĂĐ
WŽƚƌŽƓĂēŝŵĂƉƌĂǀŽĚĂƌĂƐŬŝŶĞƵŐŽǀŽƌĂŬŽŶĞŵŽǎĞĚĂŽƐƚǀĂƌŝƉƌĂǀŽŶĂŽƉƌĂǀŬƵŝůŝnjĂŵĞŶƵŽĚŶŽƐŶŽĂŬŽƚƌŐŽǀĂĐŶŝũĞŝnjǀƌƓŝŽ
ŽƉƌĂǀŬƵ ŝůŝ njĂŵĞŶƵ ƵƉƌŝŵĞƌĞŶŽŵ ƌŽŬƵŝůŝ ĂŬŽ ƚƌŐŽǀĂĐ ŶŝũĞ ŝnjǀƌƓŝŽŽƉƌĂǀŬƵ ŝůŝ njĂŵĞŶƵ ďĞnjnjŶĂēĂũŶŝũŝŚ ŶĞƉŽŐŽĚŶŽƐƚŝ njĂ
ƉŽƚƌŽƓĂēĂ
WŽƚƌŽƓĂēŶĞŵŽǎĞĚĂƌĂƐŬŝŶĞƵŐŽǀŽƌĂŬŽũĞŶĞƐĂŽďƌĂnjŶŽƐƚƌŽďĞŶĞnjŶĂƚŶĂWƌĂǀĂŶĂǀĞĚĞŶĂƵƐƚĂǀƵϭŽǀŽŐēůĂŶĂŶĞƵƚŝēƵ
ŶĂƉƌĂǀŽƉŽƚƌŽƓĂēĂĚĂnjĂŚƚĞǀĂŽĚƚƌŐŽǀĐĂŶĂŬŶĂĚƵƓƚĞƚĞŬŽũĂƉŽƚŝēĞŽĚŶĞƐĂŽďƌĂnjŶŽƐƚŝƵƐŬůĂĚƵƐĂŽƉƓƚŝŵƉƌĂǀŝůŝŵĂŽ
ŽĚŐŽǀŽƌŶŽƐƚŝnjĂƓƚĞƚƵ
KǀĂ ŐĂƌĂŶĐŝũĂ ŶĞ ŝƐŬůũƵēƵũĞŶŝƚŝ ƵƚŝēĞ ŶĂƉƌĂǀĂ ŬŽũĂsŝ ŬĂŽƉŽƚƌŽƓĂē ŝŵĂƚĞ ŶĂŽƐŶŽǀƵ ĂŬŽŶĂ ŽnjĂƓƚŝƚŝ ƉŽƚƌŽƓĂēĂŝ ŬŽũĂ
ŽƐƚǀĂƌƵũĞƚĞƵǀĞnjŝƐĂƐĂŽďƌĂnjŶŽƓđƵƌŽďĞƵƌŽŬƵŽĚϮϰŵĞƐĞĐĂŽĚŬƵƉŽǀŝŶĞŽǀŽŐƵƌĞĜĂũĂ
KǀĂŝnjũĂǀĂŐĂƌĂŶƚƵũĞĚĂđĞƉƌŽŝnjǀŽĚŝƉŽŝƐƚĞŬƵƌŽŬĂƐĂŽďƌĂnjŶŽƐƚŝŽĚϮŐŽĚŝŶĞƐŚŽĚŶŽĂŬŽŶƵŽnjĂƓƚŝƚŝƉŽƚƌŽƓĂēĂƵ
ĚŽĚĂƚŶŽŵƉĞƌŝŽĚƵŽĚϭϮŝůŝϯϲŵĞƐĞĐŝƵnjĂǀŝƐŶŽƐƚŝŽĚǀƌƐƚĞƵƌĞĜĂũĂŝƐƉƌĂǀŶŽĨƵŶŬĐŝŽŶŝƐĂƚŝƉŽĚƵƐůŽǀŝŵĂƉƌĞĚǀŝĜĞŶŝŵ
ŽǀŝŵŐĂƌĂŶƚŶŝŵůŝƐƚŽŵ
'ĂƌĂŶĐŝũĂǀĂǎŝŶĂƚĞƌŝƚŽƌŝũŝZĞƉƵːůŝŬĞ^ƌďůũĞ
hǀŽnjŶŝŬŝĚŝƐƚƌŝďƵƚĞƌ </DͲdĚŽŽĞŽŐƌĂĚDϭϳϱϴϲϰϵϭ
sŝůŝŶĞsŽĚĞďď^ůŽďŽĚŶĂnjŽŶĂĞŽŐƌĂĚ>ϭϮϯĞŽŐƌĂĚ
'ZEdE/>/^d
^Z
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