%XOOHWLQ 1R
1RYHPEHU WK
&DOHQGDULR GH (QWUHQDPLHQWR 7UDLQHU 6FKHGXOH
1RY
1RY
+25$
* 6LJOR ;;,
+25$
* 6LJOR ;;,
(6$
+21
*8$
%,=
1&$
&5&
%,=
(6$
+21
1&$
&5&
*8$
;,,, 8 &HQWUDO $PHULFDQ &KDPSLRQVKLS 2 92//(<%$// 8QLIRUP FRORUV
1R
'DWH
+RXU &LW\
+DOO
1RY
&LXGDG 4XHVDGD 6DQ &DUORV
6LJOR ;;,
1RY
&LXGDG 4XHVDGD 6DQ &DUORV
6LJOR ;;,
1RY
&LXGDG 4XHVDGD 6DQ &DUORV
6LJOR ;;,
1RY
&LXGDG 4XHVDGD 6DQ &DUORV
6LJOR ;;,
1RY
&LXGDG 4XHVDGD 6DQ &DUORV
6LJOR ;;,
1RY
&LXGDG 4XHVDGD 6DQ &DUORV
6LJOR ;;,
9,6 YHUVLRQ Â&#x2039; ),9%
1RY
7HDPV
7HDP XQLIRUP
/LEHUR
(6$
$]XO
%ODQFR
+21
%ODQFR
$]XO
*8$
$]XO
%ODQFR
%,=
:KLWH
%OXH
1&$
$]XO
%ODQFR
&5&
5RMR
%ODQFR
%,=
%OXH
:KLWH
(6$
%ODQFR
$]XO
+21
$]XO
%ODQFR
1&$
%ODQFR
$]XO
&5&
5RMR
%ODQFR
*8$
%ODQFR
$]XO
3DJH RI
&DOHQGDULR \ )RUPDWR GH &RPSHWHQFLD &RPSHWLWLRQ )RUPDW DQG 0DWFK 6FKHGXOH
5281' 52%,1 1R
'DWH
7LPH
7HDPV
5HVXOW SHU VHW SRLQWV
6HW
32,176
'85$7,21
+21'85$6
YV
%(/,=(
(/ 6$/9$'25
YV
+21'85$6
*8$7(0$/$
YV
%(/,=(
QRY
1,&$5$*8$
YV
&267$ 5,&$
QRY
%(/,=(
YV
(/ 6$/9$'25
QRY
+21'85$6
YV
1,&$5$*8$
QRY
&267$ 5,&$
YV
*8$7(0$/$
QRY
+21'85$6
YV
%(/,=(
QRY
*8$7(0$/$
YV
1,&$5$*8$
QRY
&267$ 5,&$
YV
(/ 6$/9$'25
QRY
%(/,=(
YV
1,&$5$*8$
QRY
(/ 6$/9$'25
YV
*8$7(0$/$
QRY
+21'85$6
YV
&267$ 5,&$
QRY
1,&$5$*8$
YV
(/ 6$/9$'25
QRY
*8$7(0$/$
YV
QRY
&267$ 5,&$
QRY
QRY
;,,, 8 &HQWUDO $PHULFDQ &KDPSLRQVKLS 3 &ROODWHG UHVXOWV UDQNLQJ 5HVXOWV DV RI 1RYHPEHU
0$7&+(6 5(68/76 5RXQG 5RELQ 1R
'DWH
1RY 1RY 1RY 1RY 1RY 1RY 1RY 1RY 1RY 1RY 1RY 1RY 1RY 1RY 1RY
7HDPV +21 *8$ &5& %,= (6$ +21 1&$ *8$ &5& (6$ *8$ 1&$ %,= +21 &5&
6HW %,= 1&$ (6$ 1&$ *8$ &5& (6$ +21 %,= +21 %,= &5& (6$ 1&$ *8$
5HVXOW SHU VHW SRLQWV
7RWDO 3RLQWV
'XUDWLRQ
6SHFWDWRUV
7($0 5$1.,1* 5RXQG 5RELQ 5N &RGH 7HDP
&5& %,= 1&$ +21 *8$ (6$
&RVWD 5LFD %HOL]H 1LFDUDJXD +RQGXUDV *XDWHPDOD (O 6DOYDGRU
9,6 YHUVLRQ Â&#x2039; ),9%
0DWFKHV 5HVXOWV GHWDLOV 3WV : / 7 :
6HWV / 5DWLR
1RY
:
3RLQWV / 5DWLR
3DJH RI
;,,, 8 &HQWUDO $PHULFDQ &KDPSLRQVKLS 3 0DWFK UHVXOW 5RXQG 5RELQ 0DWFK 'DWH 6SHFWDWRUV &LW\ &LXGDG 4XHVDGD 6DQ &DUORV +DOO 6LJOR ;;, 0DWFK GXUDWLRQ 6WDUW (QG 7RWDO
7HDPV
6HWV
1&$ (6$
7RWDO
'XUDWLRQ
5HIHUHHV /XLV &KDYHV &5& -DYLHU $OEHUWR /DJRV 2UGRxH] +21
1&$ 1LFDUDJXD
(6$ (O 6DOYDGRU
/LQH XS 1R 1DPH
3RV
&HQWHQR /
/
/
3RLQWV E\ VHW
/
/
526$ /
)(51$1'(=
:6
$5$8=
0%
1 %5(1(6 &
:6
0DUWLQH]
23
7258f2
6
) 0('5$12
/LQH XS
7
6
0%
5,9(5$
0%
1LFRODV
:6
72%,(
:6
$5*8(//2
23
/
/
/
/
9(/$648(= &
:6
0$55248,1 /
/
3RLQWV E\ VHW
7
/
:6
32=+,'$(9$
0%
)8(17(6
23
,17(5,$12
:6
/23(=
:6
3257,//2
0%
)8(17(6
6
&+$9(=
:6
5,9$6
:6
3RV
6,/,(=$5
$552/,*$
1R 1DPH
&RDFK &ODXGLD 1RJXHUD $VVLVWDQW 5DPRV 1HVWRU
&RDFK 6DG\ /RSH] $VVLVWDQW +HUQDQGH] (ULF
7($06 $1' 3/$<(56 3(5)250$1&(6 6FRULQJ 6NLOOV
:RQ 3RLQWV
7RWDO $WWV
7RWDO 7HDP 72%,( 1 %5(1(6 ) 0('5$12 7RWDO 7HDP $552/,*$ 5,9(5$ $5*8(//2 7RWDO 7HDP 72%,( ) 0('5$12 7258f2 7RWDO 7HDP 7RWDO 7HDP
72%,( 1 %5(1(6 ) 0('5$12
1R 1DPH
Â&#x201E; 6WDUWLQJ OLQH XS ZLWK SRVLWLRQ Â&#x2020; 6XEVWLWXWH ZLWK VKLUW QXPEHU
$WWV $WWHPSWV 2SS 2SSRQHQW
9,6 YHUVLRQ Â&#x2039; ),9%
:RQ 3RLQWV
6SLNH
%ORFN
6HUYH 2SS HUURU 7RWDO %HVW VFRUHUV & &DSWDLQ / / /LEHUR
7RWDO $WWV
7RWDO 7HDP 9(/$648(= )8(17(6 32=+,'$(9$ 7RWDO 7HDP 9(/$648(= 526$ 0$55248,1 7RWDO 7HDP 9(/$648(= 6,/,(=$5 3257,//2 7RWDO 7HDP 7RWDO 7HDP
9(/$648(= )8(17(6 3257,//2
0% 0LGGOH EORFNHU 23 2SSRVLWH VSLNHU
1RY
1R 1DPH
6 6HWWHU :6 :LQJ VSLNHU
3DJH RI
;,,, 8 &HQWUDO $PHULFDQ &KDPSLRQVKLS 3 0DWFK UHVXOW 5RXQG 5RELQ 0DWFK 'DWH 6SHFWDWRUV &LW\ &LXGDG 4XHVDGD 6DQ &DUORV +DOO 6LJOR ;;, 0DWFK GXUDWLRQ 6WDUW (QG 7RWDO
7HDPV
6HWV
*8$ +21
7RWDO
'XUDWLRQ
5HIHUHHV &LQWK\D +HUQDQGH] 5RMDV &5& (GXDUGR $QWRQLR 3DL] /RSH] (6$
*8$ *XDWHPDOD
+21 +RQGXUDV
/LQH XS 1R 1DPH
3RV
3DGLOOD
0%
%DULOODV
:6
3RLQWV E\ VHW
*LURQ /
/
/HPXV /
/
/
/
0RQQH\
:6
1HOVRQ
6
5RGDV
6
0%
3LQWR &
23
0HQGL]DEDO
0%
,WHQ
:6
*XHUUD
23
6DQWD &UX]
/LQH XS
7
1R 1DPH
3RV
+HUQDQGH]
:6
1XxH]
:6
0HMLD 9
:6
/
&DVWUR
:6
*LUEDO
:6
'XUDQ
:6
6
3RLQWV E\ VHW
7
/
*yPH] &
2\XHOD
:6
'HJUDQGH]
0%
&ODUNH
0%
:RR
0%
/
/
/
/
&DUDFFLROL /
&RDFK 'DYLG $OGDQD 3HUH] $VVLVWDQW &DOOHMDV $JXLODU .H\JKO\ $OH[DQGUD
&RDFK &DWDULQH /HLYD $UULROD $VVLVWDQW &DVDVROD 5REOHV 0D\QRU
7($06 $1' 3/$<(56 3(5)250$1&(6 :RQ 3RLQWV
7RWDO $WWV
6FRULQJ 6NLOOV
1R 1DPH
7RWDO 7HDP 3LQWR %DULOODV 0RQQH\ 7RWDO 7HDP 0HQGL]DEDO 3DGLOOD 1HOVRQ 7RWDO 7HDP %DULOODV 6DQWD &UX] 3DGLOOD 7RWDO 7HDP 7RWDO 7HDP
%DULOODV 3LQWR 0HQGL]DEDO
Â&#x201E; 6WDUWLQJ OLQH XS ZLWK SRVLWLRQ Â&#x2020; 6XEVWLWXWH ZLWK VKLUW QXPEHU
$WWV $WWHPSWV 2SS 2SSRQHQW
9,6 YHUVLRQ Â&#x2039; ),9%
6SLNH
%ORFN
6HUYH 2SS HUURU 7RWDO %HVW VFRUHUV & &DSWDLQ / / /LEHUR
:RQ 3RLQWV
7RWDO $WWV
0% 0LGGOH EORFNHU 23 2SSRVLWH VSLNHU
1RY
1R 1DPH 7RWDO 7HDP 2\XHOD 'HJUDQGH] &ODUNH 7RWDO 7HDP &ODUNH *yPH] 'HJUDQGH] 7RWDO 7HDP 'XUDQ 2\XHOD 'HJUDQGH] 7RWDO 7HDP 7RWDO 7HDP 2\XHOD &ODUNH 'XUDQ
6 6HWWHU :6 :LQJ VSLNHU
3DJH RI
;,,, 8 &HQWUDO $PHULFDQ &KDPSLRQVKLS 3 0DWFK UHVXOW 5RXQG 5RELQ 0DWFK 'DWH 6SHFWDWRUV &LW\ &LXGDG 4XHVDGD 6DQ &DUORV +DOO 6LJOR ;;, 0DWFK GXUDWLRQ 6WDUW (QG 7RWDO
7HDPV
6HWV
&5& %,=
7RWDO
'XUDWLRQ
5HIHUHHV 5DXO 5 0HMLD &DOGHURQ *8$ 1RUPDQ /DUJDHVSDGD 1&$
&5& &RVWD 5LFD
%,= %HOL]H
/LQH XS 1R 1DPH
3RV
6 *UDQDGRV /
/
/
/
/
/
7 5RGULJXH]
23
0 9LQGDV
0%
+ 0HQGH]
6
3RLQWV E\ VHW
/LQH XS
7
1R 1DPH
3RV
%DUURZ
2 0F.HQ]LH
0%
- 6PLWK
:6
6
/
/
/
/
, 6DID
$ 5RGULJXH]
23
%RX 1DKUD
6
6RODQR /
/
& %RQLQVHJQD
0%
$YLOD
6
6 =DYDOHWD
:6
)ORUHV /
/
' %DUUDQWHV
0%
:HEVWHU
0%
6 &KDYHV &
:6
*RUGRQ
23
/DPE
0%
&RDFK +HQU\ 'DQLHO 5RGULJXH] &DMLQD $VVLVWDQW %RQLOOD &HUYDQWHV (GLYDOGR
:6
:6
:6
3KLOOLSV
:6
%UXFH &
0DWD
3RLQWV E\ VHW
7
$ %RODxRV
2UR]FR
0%
23
&RDFK -RVH )RQWHV 4XLQWHUR $VVLVWDQW 4XDQ /XSLWD
7($06 $1' 3/$<(56 3(5)250$1&(6 6FRULQJ 6NLOOV
:RQ 3RLQWV
7RWDO $WWV
7RWDO 7HDP $ 5RGULJXH] 0DWD & %RQLQVHJQD 7RWDO 7HDP & %RQLQVHJQD 0 9LQGDV $ 5RGULJXH] 7RWDO 7HDP 0 9LQGDV $ 5RGULJXH] 6 =DYDOHWD 7RWDO 7HDP 7RWDO 7HDP
$ 5RGULJXH] 0DWD & %RQLQVHJQD
1R 1DPH
Â&#x201E; 6WDUWLQJ OLQH XS ZLWK SRVLWLRQ Â&#x2020; 6XEVWLWXWH ZLWK VKLUW QXPEHU
$WWV $WWHPSWV 2SS 2SSRQHQW
9,6 YHUVLRQ Â&#x2039; ),9%
6SLNH
%ORFN
6HUYH 2SS HUURU 7RWDO %HVW VFRUHUV & &DSWDLQ / / /LEHUR
:RQ 3RLQWV
7RWDO $WWV
0% 0LGGOH EORFNHU 23 2SSRVLWH VSLNHU
1RY
1R 1DPH 7RWDO 7HDP %UXFH *RUGRQ - 6PLWK 7RWDO 7HDP *RUGRQ %UXFH 2 0F.HQ]LH 7RWDO 7HDP %UXFH , 6DID 3KLOOLSV 7RWDO 7HDP 7RWDO 7HDP %UXFH *RUGRQ - 6PLWK
6 6HWWHU :6 :LQJ VSLNHU
3DJH RI
;,,, 8 &HQWUDO $PHULFDQ &KDPSLRQVKLS 3 3OD\HUV UDQNLQJ E\ VNLOOV $OO PDWFKHV
%HVW 6FRUHUV 5N 1R 1DPH
3RV 7HDP
%UXFH *DUHWK 5RGULJXH] (VTXLYHO $QJHOLFD 7RELH *RQ]DOH] 5RVHO\Q (OLDQL *RUGRQ .KD\D %DULOODV 'DYLG 'LDQD 0LFKHOOH 'XUDQ 0HPEUHxR 'D]O\ 6LOLH]DU &DVWUR 6KDQWWH %UHQHV =DYDOD 1RUPD =DYDOHWD 0HQGH] 6LOYDQD 2\XHOD )XQHV *HQHVLV $OPDUD] 3LQWR ,QJULG 1DWKDOL 9HOiVTXH] *LUyQ *HDQQLQH $VWULG 0DWD 0DWD 1LFROH 0HGUDQR 5LYHUD )UDQFHVFD 6DQWD &UX] &RVVLFK 0DULD $QGUHD 0F.HQ]LH 2OLYLD 6PLWK -D\GD 9LQGDV &RUUDOHV 0HULO\Q 1HOVRQ &DUUHWR 'D\DQD 0DLWH 5H\HV 'HJUDQGH] 1DWDOLD 0RQQH\ +RUL 1DRPL $UUROLJD 3HUH] -DQD 6KDUD]DG 6DID ,PDQ /DPE /HWLVKD )XHQWHV 9HJD $QGUHD &DUROLQD &KDYHV *RPH] 6RSKLD 0HQGL]DEDO 3RPPLHU $QGUHD 0LFKHOOH :RR 6DOD]DU $QGUHD 5LYHUD 0RQWR\D 0DULD -RVH %RQLQVHJQD 6WHZDUW &KLDUD 5RGULJXH] 0XULOOR $VO\ 0HQGH] %UHQHV +DQQDK 5RGUtJXH] 3R]KLGDHYD 0DUtD $QDVWDVLD 7RUXxR 9DUJDV *UHVND 0HUFHGHV 3RUWLOOR 0HGUDQR ,VDEHOOD 5LYDV )XHQWHV *DEULHOD 0DUtD 1LFRODV -HULVV 0LFKHOOH 6LOLH]DU 5LYDV 5HEHFFD %HDWUL] )XHQWHV 9HJD 6WHSKDQ\ &HOLQD *RPH] 3LQHGD *DEULHOD %RODxRV 0RUD $OOLVRQ 3DGLOOD $UULROD 0DULDQJHO *XHUUD 0RUDWD\D 6RILD 'DQLHOD GH /HyQ 5RGDV $QHOLVD ,WHQ GH /HRQ 5HEHFD &DVWUR 0DUWLQH] $QGUHD 5RPHUR $UJXHOOR )HUQDQGD 3KLOOLSV .\UD $YLOD $YLDQND $UUR\R 2UR]FR /LVHWK
:6 23 :6 23 :6 :6 0% :6 :6 :6 23 :6 :6 6 0% 0% :6 0% 6 0% :6 0% 6 0% 23 :6 0% 0% 0% 0% 23 6 0% 6 0% :6 :6 :6 6 6 :6 0% 23 6 :6 :6 23 :6 6 6
7RWDO WRXUQDPHQW
9,6 YHUVLRQ Â&#x2039; ),9%
1RY
%,= &5& 1&$ %,= *8$ +21 +21 1&$ &5& +21 *8$ (6$ &5& 1&$ *8$ %,= %,= &5& *8$ +21 *8$ 1&$ %,= %,= (6$ &5& *8$ +21 1&$ &5& &5& &5& (6$ 1&$ (6$ (6$ 1&$ (6$ (6$ +21 &5& *8$ *8$ *8$ *8$ +21 1&$ %,= %,= &5&
6SLNH
%ORFN
6HUYH
7RWDO
3DJH RI
;,,, 8 &HQWUDO $PHULFDQ &KDPSLRQVKLS 3 3OD\HUV UDQNLQJ E\ VNLOOV $OO PDWFKHV
%HVW 6SLNHUV /LPLW 5N 1R 1DPH
5RGULJXH] (VTXLYHO $QJHOLFD %UXFH *DUHWK 0DWD 0DWD 1LFROH =DYDOHWD 0HQGH] 6LOYDQD 2\XHOD )XQHV *HQHVLV *RUGRQ .KD\D 7RELH *RQ]DOH] 5RVHO\Q (OLDQL 6LOLH]DU &DVWUR 6KDQWWH %DULOODV 'DYLG 'LDQD 0LFKHOOH 6PLWK -D\GD
3RV 7HDP 23 :6 :6 :6 :6 23 :6 0% :6 :6
6SLNHV
)DXOWV
6KRWV
&5& %,= &5& &5& +21 %,= 1&$ +21 *8$ %,=
7RWDO WRXUQDPHQW
7RWDO $WWHPSWV
6XFF
%HVW %ORFNHUV 5N 1R 1DPH
9LQGDV &RUUDOHV 0HULO\Q 0F.HQ]LH 2OLYLD 0HQGL]DEDO 3RPPLHU $QGUHD 0LFKHOOH %RQLQVHJQD 6WHZDUW &KLDUD 1HOVRQ &DUUHWR 'D\DQD 0DLWH 5H\HV 'HJUDQGH] 1DWDOLD $UUROLJD 3HUH] -DQD 6KDUD]DG 5LYHUD 0RQWR\D 0DULD -RVH *RUGRQ .KD\D 6DQWD &UX] &RVVLFK 0DULD $QGUHD
3RV 7HDP 0% 0% 0% 0% 6 0% 0% 0% 23 0%
.LOO %ORFNV
)DXOWV
&5& %,= *8$ &5& *8$ +21 1&$ 1&$ %,= *8$
7RWDO WRXUQDPHQW
5HERXQGV
7RWDO $WWHPSWV
$YJ E\ VHW
%HVW 6HUYHUV 5N 1R 1DPH
'XUDQ 0HPEUHxR 'D]O\ 7RELH *RQ]DOH] 5RVHO\Q (OLDQL %UXFH *DUHWK 6DID ,PDQ 9HOiVTXH] *LUyQ *HDQQLQH $VWULG %DULOODV 'DYLG 'LDQD 0LFKHOOH 0HQGH] %UHQHV +DQQDK 5RGULJXH] (VTXLYHO $QJHOLFD 1HOVRQ &DUUHWR 'D\DQD 0DLWH 6DQWD &UX] &RVVLFK 0DULD $QGUHD
3RV 7HDP :6 :6 :6 6 :6 :6 6 23 6 0%
$FHV
)DXOWV
+21 1&$ %,= %,= (6$ *8$ &5& &5& *8$ *8$
7RWDO WRXUQDPHQW
9,6 YHUVLRQ Â&#x2039; ),9%
1RY
6HUYH +LWV
7RWDO $WWHPSWV
$YJ E\ VHW
3DJH RI
;,,, 8 &HQWUDO $PHULFDQ &KDPSLRQVKLS 3 3OD\HUV UDQNLQJ E\ VNLOOV $OO PDWFKHV
%HVW 'LJJHUV 5N 1R 1DPH
6RODQR 6RILD /HPXV 3D] $GULDQD 9LFWRULD %UXFH *DUHWK 7RELH *RQ]DOH] 5RVHO\Q (OLDQL 6PLWK -D\GD %UHQHV =DYDOD 1RUPD *UDQDGRV 6DOD]DU 6DOHWH %DULOODV 'DYLG 'LDQD 0LFKHOOH 'XUDQ 0HPEUHxR 'D]O\ &HQWHQR *XWLHUUH] /LQD
3RV 7HDP / / :6 :6 :6 :6 / :6 :6 /
'LJV
%,= *8$ %,= 1&$ %,= 1&$ &5& *8$ +21 1&$
7RWDO WRXUQDPHQW
)DXOWV
5HFHSWLRQV
7RWDO $WWHPSWV
$YJ E\ VHW
%HVW 6HWWHUV 5N 1R 1DPH
6DID ,PDQ *RPH] 3LQHGD *DEULHOD 0HGUDQR 5LYHUD )UDQFHVFD 1HOVRQ &DUUHWR 'D\DQD 0DLWH 0HQGH] %UHQHV +DQQDK )XHQWHV 9HJD 6WHSKDQ\ &HOLQD $UUR\R 2UR]FR /LVHWK $YLOD $YLDQND 7RUXxR 9DUJDV *UHVND 0HUFHGHV GH /HyQ 5RGDV $QHOLVD
3RV 7HDP 6 6 6 6 6 6 6 6 6 6
5XQQLQJ 6HWV
%,= +21 1&$ *8$ &5& (6$ &5& %,= 1&$ *8$
7RWDO WRXUQDPHQW
)DXOWV
6WLOO 6HWV
7RWDO $WWHPSWV
$YJ E\ VHW
%HVW 5HFHLYHUV /LPLW 5N 1R 1DPH
6PLWK -D\GD 6RODQR 6RILD %UHQHV =DYDOD 1RUPD %UXFH *DUHWK 7RELH *RQ]DOH] 5RVHO\Q (OLDQL 6LOLH]DU &DVWUR 6KDQWWH *UDQDGRV 6DOD]DU 6DOHWH &DUDFFLROL /H]DPD 0DULD 'XUDQ 0HPEUHxR 'D]O\ %DULOODV 'DYLG 'LDQD 0LFKHOOH
3RV 7HDP :6 / :6 :6 :6 0% / / :6 :6
([FHOOHQWV
%,= %,= 1&$ %,= 1&$ +21 &5& +21 +21 *8$
7RWDO WRXUQDPHQW
9,6 YHUVLRQ Â&#x2039; ),9%
1RY
)DXOWV
6HUYH 5HFHSWLRQV
7RWDO $WWHPSWV
(II
3DJH RI
;,,, 8 &HQWUDO $PHULFDQ &KDPSLRQVKLS 3 3OD\HUV UDQNLQJ E\ VNLOOV $OO PDWFKHV
%HVW /LEHURV 5N 1R 1DPH
6RODQR 6RILD /HPXV 3D] $GULDQD 9LFWRULD &DUDFFLROL /H]DPD 0DULD *UDQDGRV 6DOD]DU 6DOHWH &HQWHQR *XWLHUUH] /LQD 5RVD %XVWLOOR $GULDQD 3DROD *LURQ 5LYHUD 'DQLHOD 0DULD 0DUURTXtQ &DUUDQ]D (OL]DEHWK (OHQD
3RV 7HDP / / / / / / / /
([FHOOHQWV
%,= *8$ +21 &5& 1&$ (6$ *8$ (6$
7RWDO WRXUQDPHQW
9,6 YHUVLRQ Â&#x2039; ),9%
1RY
)DXOWV
,Q 3OD\
7RWDO $WWHPSWV
$YJ E\ VHW
3DJH RI
;,,, 8 &HQWUDO $PHULFDQ &KDPSLRQVKLS 3 7HDPV UDQNLQJ E\ VNLOOV $OO PDWFKHV
%HVW 6FRUHUV 5N 7HDP
&5& %,= 1&$ *8$ +21 (6$
&RVWD 5LFD %HOL]H 1LFDUDJXD *XDWHPDOD +RQGXUDV (O 6DOYDGRU
7RWDO WRXUQDPHQW
6SLNH
%ORFN
6HUYH
7RWDO
%HVW 6SLNHUV /LPLW 5N 7HDP %,= &5& +21 1&$ *8$ (6$
6SLNHV
)DXOWV
6KRWV
%HOL]H &RVWD 5LFD +RQGXUDV 1LFDUDJXD *XDWHPDOD (O 6DOYDGRU
7RWDO WRXUQDPHQW
7RWDO $WWHPSWV
6XFF
%HVW %ORFNHUV 5N 7HDP &5& *8$ %,= 1&$ +21 (6$
.LOO %ORFNV
)DXOWV
&RVWD 5LFD *XDWHPDOD %HOL]H 1LFDUDJXD +RQGXUDV (O 6DOYDGRU
7RWDO WRXUQDPHQW
9,6 YHUVLRQ Â&#x2039; ),9%
1RY
5HERXQGV
7RWDO $WWHPSWV
$YJ E\ VHW
3DJH RI
;,,, 8 &HQWUDO $PHULFDQ &KDPSLRQVKLS 3 7HDPV UDQNLQJ E\ VNLOOV $OO PDWFKHV
%HVW 6HUYHUV 5N 7HDP *8$ +21 &5& 1&$ %,= (6$
$FHV
)DXOWV
*XDWHPDOD +RQGXUDV &RVWD 5LFD 1LFDUDJXD %HOL]H (O 6DOYDGRU
7RWDO WRXUQDPHQW
6HUYH +LWV
7RWDO $WWHPSWV
$YJ E\ VHW
%HVW 'LJJHUV 5N 7HDP %,= *8$ &5& 1&$ +21 (6$
'LJV %HOL]H *XDWHPDOD &RVWD 5LFD 1LFDUDJXD +RQGXUDV (O 6DOYDGRU
7RWDO WRXUQDPHQW
)DXOWV
5HFHSWLRQV
7RWDO $WWHPSWV
$YJ E\ VHW
%HVW 6HWWHUV 5XQQLQJ 6HWV
5N 7HDP %,= &5& 1&$ *8$ +21 (6$
%HOL]H &RVWD 5LFD 1LFDUDJXD *XDWHPDOD +RQGXUDV (O 6DOYDGRU
7RWDO WRXUQDPHQW
9,6 YHUVLRQ Â&#x2039; ),9%
1RY
)DXOWV
6WLOO 6HWV
7RWDO $WWHPSWV
$YJ E\ VHW
3DJH RI
;,,, 8 &HQWUDO $PHULFDQ &KDPSLRQVKLS 3 7HDPV UDQNLQJ E\ VNLOOV $OO PDWFKHV
%HVW 5HFHLYHUV /LPLW 5N 7HDP
%,= +21 1&$ &5& *8$ (6$
([FHOOHQWV %HOL]H +RQGXUDV 1LFDUDJXD &RVWD 5LFD *XDWHPDOD (O 6DOYDGRU
7RWDO WRXUQDPHQW
)DXOWV
6HUYH 5HFHSWLRQV
7RWDO $WWHPSWV
(II
%HVW /LEHURV 5N 7HDP %,= *8$ +21 &5& 1&$ (6$
([FHOOHQWV %HOL]H *XDWHPDOD +RQGXUDV &RVWD 5LFD 1LFDUDJXD (O 6DOYDGRU
7RWDO WRXUQDPHQW
9,6 YHUVLRQ Â&#x2039; ),9%
1RY
)DXOWV
,Q 3OD\
7RWDO $WWHPSWV
$YJ E\ VHW
3DJH RI
1LFDUDJXD EDUUH D (O 6DOYDGRU ŝƵĚĂĚ YƵĞƐĂĚĂ͕ ϮϬ ĚĞ ŶŽǀŝĞŵďƌĞ ϮϬϭϵ͘Ͳ EŝĐĂƌĂŐƵĂ ǀĞŶĐŝſ ϯͲϬ ;ϮϱͲϭϵ͕ ϮϱͲϭϯ͕ ϮϱͲϭϬͿ Ă ů ^ĂůǀĂĚŽƌ͕ ĞŶ Ğů ŝŶŝĐŝŽ ĚĞ ůĂ ƚĞƌĐĞƌĂ ũŽƌŶĂĚĂ ĚĞů y/// ĂŵƉĞŽŶĂƚŽ ĞŶƚƌŽĂŵĞƌŝĐĂŶŽ ^Ƶď ϭϴ ĚĞ ǀŽůĞŝďŽů ĨĞŵĞŶŝŶŽ͘ >ĂƐ ŶŝĐĂƌĂŐƺĞŶƐĞ ĐŽŶƚĂƌŽŶ ĐŽŶ ƵŶĂ ŝŶƐƉŝƌĂĚĂ ZŽƐĞůLJŶ dŽďŝĞ ƋƵŝĞŶ ĂƉŽƌƚſ ϭϵ ƉƵŶƚŽƐ͕ ϭϯ ĞŶ ĂƚĂƋƵĞ LJ ƐĞŝƐ ĞŶ ƐĞƌǀŝĐŝŽ͕ ƉŽƌ ϵ ĚĞ ƐƵ ĐŽŵƉĂŹĞƌĂ EŽƌŵĂ ƌĞŶĞƐ LJ ϴ ĚĞ &ƌĂŶĐĞƐĐĂ DĞĚƌĂŶŽ͘ Ŷ ƚĂŶƚŽ͕ ƉŽƌ ů ^ĂůǀĂĚŽƌ ƐƵ ĐĂƉŝƚĂŶĂ 'ĞĂŶŶŝŶĞ sĞůĄƐƋƵĞnj ĂƉŽƌƚſ ϵ ƉƵŶƚŽƐ͘ ů ĂƚĂƋƵĞ ĚĞ EŝĐĂƌĂŐƵĂ ĨƵĞ ŵĞũŽƌ ϯϵͲϭϳ͕ ĐŽŶ ϰͲϭ ĞŶ ďůŽƋƵĞŽ LJ ϭϬͲϯ ĞŶ ƐĞƌǀŝĐŝŽ͕ ĐŽŶ ϮϮ ĞƌƌŽƌĞƐ ĚĞ ůĂƐ ƐĂůǀĂĚŽƌĞŹĂƐ LJ Ϯϭ ĚĞ ůĂƐ ŶŝĐĂƌĂŐƺĞŶƐĞƐ͘ ůĂƵĚŝĂ EŽŐƵĞƌĂ͕ ĞŶƚƌĞŶĂĚŽƌĂ ĚĞ EŝĐĂƌĂŐƵĂ͗ ͞ Ɛ ŝŵƉŽƌƚĂŶƚĞ ƉĂƌĂ EŝĐĂƌĂŐƵĂ ĞƐƚĞ ƚƌŝƵŶĨŽ͕ Ɛŝ ĐŽŶƐĞŐƵŝŵŽƐ ůĂƐ ǀŝĐƚŽƌŝĂƐ ĞŶ ůŽƐ ƐŝŐƵŝĞŶƚĞƐ ũƵĞŐŽƐ ƉŽĚĞŵŽƐ ƚĞŶĞƌ ŽƉŽƌƚƵŶŝĚĂĚ ƉĂƌĂ ĞƐƚĂƌ ĞŶ Ğů ƉŽĚŝƵŵ͕ ƚŽĚŽ ĞƐ ƋƵĞ ůĂƐ ŶŝŹĂƐ ƐĞ ĐŽŶĐĞŶƚƌĞŶ LJ ĚĞŶ Ğů ŵĄdžŝŵŽ ĞŶ ĐĂĚĂ ũƵĞŐŽ͘ sĂŵŽƐ Ă ƚƌĂƚĂƌ ĚĞ ƚƌĂďĂũĂƌ ĐŽŶ ĞůůĂƐ͕ ŚŽLJ ƐĂůŝĞƌŽŶ ŵĄƐ ƌĞůĂũĂĚĂƐ͕ ĞƐ ŝŵƉŽƌƚĂŶƚĞ ƚĞŶĞƌ ƵŶ ďƵĞŶ ĄŶŝŵŽ LJ ŚŽLJ ƐĂůŝĞƌŽŶ ŵƵLJ ĂŶŝŵĂĚĂƐ͘͟ ^ĂĚLJ >ſƉĞnj͕ ĞŶƚƌĞŶĂĚŽƌ ĚĞ ů ^ĂůǀĂĚŽƌ͗ ͞,ŽLJ ƐĞ ĐŽŵĞƚŝĞƌŽŶ ŵĞŶŽƐ ĞƌƌŽƌĞƐ͕ ƉĞƌŽ ůĂƐ ŶŝŹĂƐ ŶŽ ůŽŐƌĂŶ ŵĂŶƚĞŶĞƌ ůĂ ĐŽŶĐĞŶƚƌĂĐŝſŶ͘ Ɛş ŽĐƵƌƌŝſ ĂLJĞƌ LJ ŚŽLJ ƌĞƉĞƚŝŵŽƐ͕ ƋƵĞ ĐŽŵĞŶnjĂŵŽƐ ďŝĞŶ LJ ŶŽ ůŽŐƌĂŶ ŵĂŶƚĞŶĞƌ ůĂ ĐŽŶĐĞŶƚƌĂĐŝſŶ LJ ĚĞƐƉƵĠƐ ŶŽ ƉŽĚĞŵŽƐ ƌĞĐƵƉĞƌĂƌŶŽƐ͘ ƵĂŶĚŽ ůŽƐ ĐŽŶƚƌĂƌŝŽƐ ĞŵƉŝĞnjĂŶ Ă ƐƵŵĂƌ ƉƵŶƚŽƐ ƐĞ ƉĂŐĂŶ͕ ĞƐ ĚŝĨşĐŝů͕ ŶŽ ƐĞ ƉƵĞĚĞ ŵĂŶƚĞŶĞƌ ƵŶ ƌŝƚŵŽ ĚĞ ũƵĞŐŽ͘͟
1LFDUDJXD VZHHSV WR (O 6DOYDGRU ŝƵĚĂĚ YƵĞƐĂĚĂ͕ EŽǀĞŵďĞƌ ϮϬ͕ ϮϬϭϵ͘Ͳ EŝĐĂƌĂŐƵĂ ĚĞĨĞĂƚĞĚ ů ^ĂůǀĂĚŽƌ ϯͲϬ ;ϮϱͲϭϵ͕ ϮϱͲϭϯ͕ ϮϱͲϭϬͿ͕ Ăƚ ƚŚĞ ƐƚĂƌƚ ŽĨ ƚŚĞ ƚŚŝƌĚ ĚĂLJ ŽĨ ƚŚĞ ϭϯƚŚ hϭϴ ĞŶƚƌĂů ŵĞƌŝĐĂŶ tŽŵĞŶΖƐ sŽůůĞLJďĂůů ŚĂŵƉŝŽŶƐŚŝƉ͘ dŚĞ EŝĐĂƌĂŐƵĂŶƐ ŚĂĚ ĂŶ ŝŶƐƉŝƌĞĚ ZŽƐĞůLJŶ dŽďŝĞ ǁŚŽ ĐŽŶƚƌŝďƵƚĞĚ ϭϵ ƉŽŝŶƚƐ͕ ϭϯ ŝŶ ĂƚƚĂĐŬ ĂŶĚ Ɛŝdž ŝŶ ƐĞƌǀŝĐĞ͕ ĨŽƌ ϵ ŽĨ ŚĞƌ ƉĂƌƚŶĞƌ EŽƌŵĂ ƌĞŶĞƐ ĂŶĚ ϴ ŽĨ &ƌĂŶĐĞƐĐĂ DĞĚƌĂŶŽ͘ DĞĂŶǁŚŝůĞ͕ ĨŽƌ ů ^ĂůǀĂĚŽƌ ŚŝƐ ĐĂƉƚĂŝŶ 'ĞĂŶŶŝŶĞ sĞůĄƐƋƵĞnj ĐŽŶƚƌŝďƵƚĞĚ ϵ ƉŽŝŶƚƐ͘ EŝĐĂƌĂŐƵĂΖƐ ĂƚƚĂĐŬ ǁĂƐ ďĞƚƚĞƌ ϯϵͲϭϳ͕ ǁŝƚŚ ϰͲϭ ŝŶ ďůŽĐŬ ĂŶĚ ϭϬͲϯ ŝŶ ƐĞƌǀŝĐĞ͕ ǁŝƚŚ ϮϮ ĞƌƌŽƌƐ ďLJ ^ĂůǀĂĚŽƌĂŶƐ ĂŶĚ Ϯϭ ďLJ EŝĐĂƌĂŐƵĂŶƐ͘ ůĂƵĚŝĂ EŽŐƵĞƌĂ͕ ĐŽĂĐŚ ŽĨ EŝĐĂƌĂŐƵĂ͗ ͞dŚŝƐ ǀŝĐƚŽƌLJ ŝƐ ŝŵƉŽƌƚĂŶƚ ĨŽƌ EŝĐĂƌĂŐƵĂ͕ ŝĨ ǁĞ ŐĞƚ ƚŚĞ ǀŝĐƚŽƌŝĞƐ ŝŶ ƚŚĞ ĨŽůůŽǁŝŶŐ ŐĂŵĞƐ ǁĞ ĐĂŶ ŚĂǀĞ ƚŚĞ ŽƉƉŽƌƚƵŶŝƚLJ ƚŽ ďĞ ŽŶ ƚŚĞ ƉŽĚŝƵŵ͕ ĞǀĞƌLJƚŚŝŶŐ ŝƐ ĨŽƌ ƚŚĞ ŐŝƌůƐ
ƚŽ ĐŽŶĐĞŶƚƌĂƚĞ ĂŶĚ ŐŝǀĞ ƚŚĞ ŵĂdžŝŵƵŵ ŝŶ ĞĂĐŚ ŐĂŵĞ͘ tĞ ǁŝůů ƚƌLJ ƚŽ ǁŽƌŬ ǁŝƚŚ ƚŚĞŵ͕ ƚŽĚĂLJ ƚŚĞLJ ĐĂŵĞ ŽƵƚ ŵŽƌĞ ƌĞůĂdžĞĚ͕ ŝƚ ŝƐ ŝŵƉŽƌƚĂŶƚ ƚŽ ŚĂǀĞ Ă ŐŽŽĚ ŵŽŽĚ ĂŶĚ ƚŽĚĂLJ ƚŚĞLJ ĐĂŵĞ ŽƵƚ ǀĞƌLJ ůŝǀĞůLJ͘ ͟ ^ĂĚLJ >ſƉĞnj͕ ĐŽĂĐŚ ŽĨ ů ^ĂůǀĂĚŽƌ͗ ͞dŽĚĂLJ ǁĞ ŵĂĚĞ ĨĞǁĞƌ ŵŝƐƚĂŬĞƐ͕ ďƵƚ ƚŚĞ ŐŝƌůƐ ĐĂŶΖƚ ŬĞĞƉ ƚŚĞŝƌ ĐŽŶĐĞŶƚƌĂƚŝŽŶ͘ ^Ž ŝƚ ŚĂƉƉĞŶĞĚ LJĞƐƚĞƌĚĂLJ ĂŶĚ ƚŽĚĂLJ ǁĞ ƌĞƉĞĂƚ͕ ƚŚĂƚ ǁĞ ƐƚĂƌƚĞĚ ǁĞůů ĂŶĚ ĨĂŝů ƚŽ ƐƚĂLJ ĨŽĐƵƐĞĚ ĂŶĚ ƚŚĞŶ ǁĞ ĐĂŶŶŽƚ ƌĞĐŽǀĞƌ͘ tŚĞŶ ƚŚĞ ŽƉƉŽŶĞŶƚƐ ƐƚĂƌƚ ƚŽ ƐĐŽƌĞ ƉŽŝŶƚƐ ƚŚĞLJ ŐĞƚ ƉĂŝĚ͕ ŝƚΖƐ ĚŝĨĨŝĐƵůƚ͕ LJŽƵ ĐĂŶΖƚ ŬĞĞƉ ƵƉ ǁŝƚŚ ƚŚĞ ŐĂŵĞ͘ ͟
+RQGXUDV FRQWXQGHQWH DQWH *XDWHPDOD ŝƵĚĂĚ YƵĞƐĂĚĂ͕ Ϯϭ ĚĞ ŶŽǀŝĞŵďƌĞ ϮϬϭϵ͘Ͳ ,ŽŶĚƵƌĂƐ ĚŽďůĞŐſ ĚĞ ĨŽƌŵĂ ĐŽŶƚƵŶĚĞŶƚĞ Ă 'ƵĂƚĞŵĂůĂ ĞŶ ƚƌĞƐ ƐĞƚ ϯͲϬ ;ϮϱͲϭϰ͕ ϮϱͲϮϯ͕ ϮϱͲϭϯͿ ƉĂƌĂ ƐƵŵĂƌ ƐƵ ƐĞŐƵŶĚŽ ƚƌŝƵŶĨŽ ĚĞů y/// ĂŵƉĞŽŶĂƚŽ ĞŶƚƌŽĂŵĞƌŝĐĂŶŽ ^Ƶď ϭϴ ĚĞ ǀŽůĞŝďŽů ĨĞŵĞŶŝŶŽ͘ 'ĞŶĞƐŝƐ KLJƵĞůĂ ĐŽŵĂŶĚſ Ă ,ŽŶĚƵƌĂƐ ĐŽŶ ϭϰ ƉƵŶƚŽƐ͕ ĚĞ ĞůůŽƐ ϭϮ ĞŶ ĂƚĂƋƵĞ͕ ŵŝĞŶƚƌĂƐ ^ŚĂŶƚƚĞ ^ŝůŝĞnjĂƌ ĂƉŽƌƚſ ϭϬ LJ ĂnjůLJ ƵƌĄŶ ϴ͕ ƐĞŝƐ ĚĞ ĞůůŽƐ ƉŽƌ ƐĞƌǀŝĐŝŽƐ ƋƵĞ ŵĂƌĐĂƌŽŶ Ğů ƌƵŵďŽ ĚĞů ƚĞƌĐĞƌ ƐĞƚ͘ ĞƐƉƵĠƐ ƋƵĞ ,ŽŶĚƵƌĂƐ ĚŽŵŝŶſ Ğů ƉƌŝŵĞƌ ƐĞƚ͕ ĞŶ Ğů ƐĞŐƵŶĚŽ ůĂƐ ĂĐĐŝŽŶĞƐ ƐĞ ŵĂŶƚƵǀŝĞƌŽŶ ŝŐƵĂůĂĚĂƐ ŝŶĐůƵƐŽ ŚĂƐƚĂ Ğů ƉƵŶƚŽ Ϯϯ͕ ƉĞƌŽ ůĂƐ ŚŽŶĚƵƌĞŹĂƐ ůŽŐƌĂƌŽŶ ĐĞƌƌĂƌ ĨƵĞƌƚĞ ƉĂƌĂ ůůĞǀĂƌƐĞ Ğů ƐĞƚ͘ Ŷ Ğů ƚĞƌĐĞƌŽ͕ ĐŽŶ ƵƌĄŶ ĞŶ Ğů ƐĞƌǀŝĐŝŽ LJ ůŽŐƌĂŶĚŽ ƐĞŝƐ ͞ĂĐĞƐ͕͟ ,ŽŶĚƵƌĂƐ ƚŽŵſ ƵŶĂ ǀĞŶƚĂũĂ ĚĞ ϭϬͲϬ ƋƵĞ ƌĞƐƵůƚſ ŝŶƐƵƉĞƌĂďůĞ ƉĂƌĂ 'ƵĂƚĞŵĂůĂ͘ ŝĂŶĂ ĂƌŝůůĂƐ Ğ /ŶŐƌŝĚ ůŵĂƌĂnj ĐŽŶ ϵ ƉƵŶƚŽƐ ĨƵĞƌŽŶ ůĂƐ ŵĞũŽƌĞƐ ĚĞ 'ƵĂƚĞŵĂůĂ͕ ƋƵĞ ƐĞ ǀŝŽ ƐƵƉĞƌĂĚĂ ĞŶ ĂƚĂƋƵĞ ϭϴͲϯϬ͕ ĞŶ ďůŽƋƵĞŽ ϱͲϲ LJ ĞŶ ƐĞƌǀŝĐŝŽ ϵͲϭϬ͘ ĂƚĞƌŝŶĞ >ĞŝǀĂ͕ ĞŶƚƌĞŶĂĚŽƌĂ ĚĞ ,ŽŶĚƵƌĂƐ͗ ͞dƌĂďĂũĂŵŽƐ ůĂ ƉĂƌƚĞ ŵĞŶƚĂů LJ ĞŵŽĐŝŽŶĂů ĐŽŶ ĞůůĂƐ ĂLJĞƌ͕ ĚĞƐƉƵĠƐ ĚĞ ĚŽƐ ĚĞƌƌŽƚĂ ůŽƐ ĄŶŝŵŽƐ ĞƐƚĂďĂŶ ďĂũŽƐ LJ ƚĞŶşĂŵŽƐ ƋƵĞ ƌĞĐƵƉĞƌĂƌ ůĂ ĐŽŶĨŝĂŶnjĂ͘ dĞŶşĂŵŽƐ ƋƵĞ ƐĂůŝƌ ĨƵĞƌƚĞ͕ ƐĂůŝƌ Ă ŐĂŶĂƌ͕ ƉŽƌƋƵĞ ŶĞĐĞƐŝƚĄďĂŵŽƐ ĞƐĞ ƚƌŝƵŶĨŽ ƉĂƌĂ ƚĞŶĞƌ ĂƐƉŝƌĂĐŝŽŶĞƐ͕ ŶŽƐ ĐŽŶĐĞŶƚƌĂŵŽƐ ĞŶ Ğů ƐĂƋƵĞ͕ ĨƵĞ ůŽ ŵĞũŽƌ ƋƵĞ ƉƵĚŝŵŽƐ ŚĂĐĞƌ͕ LJ ůĂ ĚŝƐĐŝƉůŝŶĂ LJ ŽďĞĚŝĞŶĐŝĂ ƚĄĐƚŝĐĂ͘͟ ĂǀŝĚ ůĚĂŶĂ͕ ĞŶƚƌĞŶĂĚŽƌ ĚĞ 'ƵĂƚĞŵĂůĂ͗ ͞ ůůĂƐ ;,ŽŶĚƵƌĂƐͿ ƚŝĞŶĞŶ Ă ƵŶĂ ũƵŐĂĚŽƌĂ ŵƵLJ ďƵĞŶĂ ƋƵĞ ŚŝnjŽ ůĂ ĚŝĨĞƌĞŶĐŝĂ ; ƵƌĄŶͿ͕ ĐŽŶ ĞƐĂ ĚĞƐǀĞŶƚĂũĂ ĞŶ Ğů ƚĞƌĐĞƌ ƐĞƚ ŶŽ ƉƵĚŝŵŽƐ ƌĞĂĐĐŝŽŶĂƌ͘ EŽƐ ƋƵĞĚĂŶ ĚŽƐ ƉĂƌƚŝĚŽƐ ďŝĞŶ ĐŽŵƉůŝĐĂĚŽƐ͕ ĂŶƚĞ ĞůŝĐĞ LJ ŽƐƚĂ ZŝĐĂ͕ ƚŝĞŶĞŶ ũƵŐĂĚŽƌĂƐ ŵƵLJ ĂůƚĂƐ LJ ĨƵĞƌƚĞƐ ĞŶ Ğů ƐĞƌǀŝĐŝŽ͕ ƚƌĂƚĂƌĞŵŽƐ ĚĞ ĐĞƌƌĂƌ ůŽ ŵĞũŽƌ ƋƵĞ ƉŽĚĂŵŽƐ͘͟
%OXQW +RQGXUDV EHDWV *XDWHPDOD ŝƵĚĂĚ YƵĞƐĂĚĂ͕ EŽǀĞŵďĞƌ Ϯϭ͕ ϮϬϭϵ͘Ͳ ,ŽŶĚƵƌĂƐ ƐƚƌŽŶŐůLJ ďĞĂƚ 'ƵĂƚĞŵĂůĂ ŝŶ ƚŚƌĞĞ ƐĞƚƐ ϯͲϬ ;ϮϱͲϭϰ͕ ϮϱͲϮϯ͕ ϮϱͲϭϯͿ ƚŽ ĂĚĚ ŝƚƐ ƐĞĐŽŶĚ ƚƌŝƵŵƉŚ ŽĨ ƚŚĞ y/// ĞŶƚƌĂů ŵĞƌŝĐĂŶ hϭϴ tŽŵĞŶΖƐ sŽůůĞLJďĂůů ŚĂŵƉŝŽŶƐŚŝƉ͘ 'ĞŶĞƐŝƐ KLJƵĞůĂ ĐŽŵŵĂŶĚĞĚ ,ŽŶĚƵƌĂƐ ǁŝƚŚ ϭϰ ƉŽŝŶƚƐ͕ ŽĨ ƚŚĞŵ ϭϮ ŝŶ ĂƚƚĂĐŬ͕ ǁŚŝůĞ ^ŚĂŶƚƚĞ ^ŝůŝĞnjĂƌ ĐŽŶƚƌŝďƵƚĞĚ ϭϬ ĂŶĚ ĂnjůLJ ƵƌĄŶ ǁŝƚŚ ϴ͕ Ɛŝdž ŽĨ ƚŚĞŵ ƉĞƌ ƐĞƌǀĞ ƚŚĂƚ ŵĂƌŬĞĚ ƚŚĞ ĐŽƵƌƐĞ ŽĨ ƚŚĞ ƚŚŝƌĚ ƐĞƚ͘
ĨƚĞƌ ,ŽŶĚƵƌĂƐ ĚŽŵŝŶĂƚĞĚ ƚŚĞ ĨŝƌƐƚ ƐĞƚ͕ ŝŶ ƚŚĞ ƐĞĐŽŶĚ ƚŚĞ ĂĐƚŝŽŶƐ ƌĞŵĂŝŶĞĚ ĞǀĞŶ ĞǀĞŶ ƚŽ ƉŽŝŶƚ Ϯϯ͕ ďƵƚ ƚŚĞ ,ŽŶĚƵƌĂŶƐ ŵĂŶĂŐĞĚ ƚŽ ĐůŽƐĞ ƐƚƌŽŶŐ ƚŽ ƚĂŬĞ ƚŚĞ ƐĞƚ͘ /Ŷ ƚŚĞ ƚŚŝƌĚ͕ ǁŝƚŚ ƵƌĄŶ ŝŶ ƚŚĞ ƐĞƌǀŝĐĞ͕ ,ŽŶĚƵƌĂƐ ƚŽŽŬ Ă ϭϬͲϬ ĂĚǀĂŶƚĂŐĞ ƚŚĂƚ ǁĂƐ ƵŶƐƵƌƉĂƐƐĞĚ͕ ĂĐŚŝĞǀŝŶŐ Ɛŝdž ͞ĂĐĞƐ͟ ĂŶĚ ŝŶ ƚŚĞ ƌĞŵĂŝŶŝŶŐ ƐĞƌǀĞƐ͕ ŐĞƚƚŝŶŐ ƚŚĞ 'ƵĂƚĞŵĂůĂŶ ƌĞĐĞƉƚŝŽŶ ŝŶƚŽ ƚƌŽƵďůĞ͘ ŝĂŶĂ ĂƌŝůůĂƐ ĂŶĚ /ŶŐƌŝĚ ůŵĂƌĂnj ǁŝƚŚ ϵ ƉŽŝŶƚƐ ǁĞƌĞ ƚŚĞ ďĞƐƚ ŝŶ 'ƵĂƚĞŵĂůĂ͕ ǁŚŝĐŚ ǁĂƐ ŽǀĞƌĐŽŵĞ ŝŶ ĂƚƚĂĐŬ ϭϴͲϯϬ͕ ďůŽĐŬ ϱͲϲ ĂŶĚ ƐĞƌǀŝĐĞ ϵͲϭϬ͘ ĂƚĞƌŝŶĞ >ĞŝǀĂ͕ ĐŽĂĐŚ ŽĨ ,ŽŶĚƵƌĂƐ͗ ͞tĞ ǁŽƌŬĞĚ ŵĞŶƚĂůůLJ ĂŶĚ ĞŵŽƚŝŽŶĂůůLJ ǁŝƚŚ ƚŚĞŵ LJĞƐƚĞƌĚĂLJ͕ ĂĨƚĞƌ ƚǁŽ ĚĞĨĞĂƚ ƚŚĞ ƐƉŝƌŝƚƐ ǁĞƌĞ ůŽǁ ĂŶĚ ǁĞ ŚĂĚ ƚŽ ƌĞŐĂŝŶ ĐŽŶĨŝĚĞŶĐĞ͘ tĞ ŚĂĚ ƚŽ ŐŽ ŽƵƚ ƐƚƌŽŶŐ͕ ŐŽ ŽƵƚ ƚŽ ǁŝŶ͕ ďĞĐĂƵƐĞ ǁĞ ŶĞĞĚĞĚ ƚŚĂƚ ƚƌŝƵŵƉŚ ƚŽ ŚĂǀĞ ĂƐƉŝƌĂƚŝŽŶƐ͕ ǁĞ ĨŽĐƵƐĞĚ ŽŶ ƚŚĞ ƐĞƌǀĞ͕ ŝƚ ǁĂƐ ƚŚĞ ďĞƐƚ ǁĞ ĐŽƵůĚ ĚŽ͕ ĂŶĚ ƚĂĐƚŝĐĂů ĚŝƐĐŝƉůŝŶĞ ĂŶĚ ŽďĞĚŝĞŶĐĞ͘ ͟ ĂǀŝĚ ůĚĂŶĂ͕ ĐŽĂĐŚ ŽĨ 'ƵĂƚĞŵĂůĂ͗ ͞dŚĞLJ ;,ŽŶĚƵƌĂƐͿ ŚĂǀĞ Ă ǀĞƌLJ ŐŽŽĚ ƉůĂLJĞƌ ǁŚŽ ŵĂĚĞ ƚŚĞ ĚŝĨĨĞƌĞŶĐĞ ; ƵƌĄŶͿ͕ ǁŝƚŚ ƚŚĂƚ ĚŝƐĂĚǀĂŶƚĂŐĞ ŝŶ ƚŚĞ ƚŚŝƌĚ ƐĞƚ ǁĞ ĐŽƵůĚ ŶŽƚ ƌĞĂĐƚ͘ tĞ ŚĂǀĞ ƚǁŽ ǀĞƌLJ ĐŽŵƉůŝĐĂƚĞĚ ŐĂŵĞƐ͕ ďĞĨŽƌĞ ĞůŝnjĞ ĂŶĚ ŽƐƚĂ ZŝĐĂ͕ ƚŚĞLJ ŚĂǀĞ ǀĞƌLJ ƚĂůů ĂŶĚ ƐƚƌŽŶŐ ƉůĂLJĞƌƐ ŝŶ ƚŚĞ ƐĞƌǀŝĐĞ͕ ǁĞ ǁŝůů ƚƌLJ ƚŽ ĐůŽƐĞ ƚŚĞ ďĞƐƚ ǁĞ ĐĂŶ͘
&RVWD 5LFD VH PDQWLHQH LQYLFWR DO VXSHUDU D %HOLFH ŝƵĚĂĚ YƵĞƐĂĚĂ͕ Ϯϭ ĚĞ ŶŽǀŝĞŵďƌĞ ϮϬϭϵ͘Ͳ ŽƐƚĂ ZŝĐĂ ŵĂŶƚƵǀŽ ƐƵ ŝŶǀŝĐƚŽ ĞŶ ƚƌĞƐ ƉĂƌƚŝĚŽƐ Ăů ǀĞŶĐĞƌ ϯͲϭ ;ϮϲͲϮϰ͕ ϭϳͲϮϱ͕ ϮϱͲϭϵ͕ ϮϱͲϭϱͿ Ă ĞůŝĐĞ ;ϮͲϭͿ͕ ĞŶ Ğů ĐŝĞƌƌĞ ĚĞ ůĂ ƚĞƌĐĞƌĂ ũŽƌŶĂĚĂ ĚĞů y/// ĂŵƉĞŽŶĂƚŽ ĞŶƚƌŽĂŵĞƌŝĐĂŶŽ ^Ƶď ϭϴ ĚĞ ǀŽůĞŝďŽů ĨĞŵĞŶŝŶŽ͘ ĞůŝĐĞ ŝŐƵĂůſ ĚŽƐ ǀĞĐĞƐ ĞŶ Ğů ƉƌŝŵĞƌ ƐĞƚ͕ ƉĞƌĚŝĞŶĚŽ ϴͲϭϲ͕ ůƵĞŐŽ ϮϬͲϮϰ͕ ƉĞƌŽ ŶŽ ƉƵĚŽ ƌĞŵĂƚĂƌ ĞŶ Ğů ĐŝĞƌƌĞ Ă ƉĞƐĂƌ ĚĞ ĞŵƉĂƚĂƌ Ă Ϯϰ͘ Ŷ Ğů ƐĞŐƵŶĚŽ ƐĞƚ͕ ƚŽŵſ ǀĞŶƚĂũĂ ĚĞ ĐƵĂƚƌŽ ƉƵŶƚŽƐ ƋƵĞ ĨƵĞ ĂƵŵĞŶƚĂŶĚŽ Ă ŵĞĚŝĚĂ ƋƵĞ 'ĂƌĞƚŚ ƌƵĐĞ ƐĞ ŵĞƚşĂ ĞŶ Ğů ũƵĞŐŽ͕ LJĂ ƋƵĞ ĞŶ Ğů ƉƌŝŵĞƌ ƐĞƚ ĞƐƚƵǀŽ ĚĞƐĐŽŶƚƌŽůĂĚĂ ƚĂŶƚŽ ĞŶ Ğů ĂƚĂƋƵĞ ĐŽŵŽ ĞŶ ƐĞƌǀŝĐŝŽ͘ WĂƌĂ Ğů ƚĞƌĐĞƌŽ LJ ĐƵĂƌƚŽ ƐĞƚ͕ ŽƐƚĂ ZŝĐĂ ƚŽŵſ ůĂ ĚĞůĂŶƚĞƌĂ LJ ŶŽ ĐĞĚŝſ ĂŶƚĞ ůĂƐ ƉƌĞƐŝŽŶĞƐ ĚĞ ĞůŝĐĞ͕ ƋƵĞ ǀŝĞƌŽŶ ůŝŵŝƚĂĚĂƐ ƐƵƐ ŽƉĐŝŽŶĞƐ Ă ƌƵĐĞ LJ Ă <ŚĂLJĂ 'ŽƌĚŽŶ͘ ĞůŝĐĞ ƚƵǀŽ ƵŶ ĚŽŵŝŶŝŽ ŝŵƉƌĞƐŝŽŶĂŶƚĞ ĞŶ ĂƚĂƋƵĞ ϰϭͲϮϳ͕ ƉĞƌŽ ĨƵĞ ƐƵƉĞƌĂĚŽ ϭϬͲϱ ĞŶ ďůŽƋƵĞŽ LJ ϴͲϳ ĞŶ ƐĞƌǀŝĐŝŽ͘ ƌƵĐĞ ůŽŐƌſ Ϯϭ ƉƵŶƚŽƐ LJ 'ŽƌĚŽŶ ϭϯ͕ ŵŝĞŶƚƌĂƐ ƉŽƌ ŽƐƚĂ ZŝĐĂ͕ ŶŐĞůŝĐĂ ZŽĚƌşŐƵĞnj ƚĞƌŵŝŶſ ĐŽŶ ϭϱ LJ EŝĐŽůĞ DĂƚĂ ĐŽŶ ϵ͘ ĞůŝĐĞ ĐŽŵĞŶƚſ ϰϴ ĞƌƌŽƌĞƐ͕ ƉŽƌ ϯϬ ĚĞ ŽƐƚĂ ZŝĐĂ͘ ,ĞŶƌLJ ZŽĚƌşŐƵĞnj͕ ĞŶƚƌĞŶĂĚŽƌ ĚĞ ŽƐƚĂ ZŝĐĂ͗ ͞dĞŶşĂŵŽƐ ƵŶĂ ďƵĞŶĂ ǀĞŶƚĂũĂ͕ ƉĞƌŽ ůĂƐ ŵƵĐŚĂĐŚĂƐ ƐĞ ĐŽŶĨŝĂƌŽŶ͕ ĐƌĞLJĞƌŽŶ ƋƵĞ LJĂ ĞƐƚĂďĂ LJ ŶŽ ĞƌĂ ĂƐş͕ Ăů ĨŝŶĂů ůŽŐƌĂŵŽƐ ĐĞƌƌĂƌ LJ ĞƐŽ ĨƵĞ ĂŶşŵŝĐĂŵĞŶƚĞ ŵƵLJ ďƵĞŶŽ͘ ^ĞŐƵŝŵŽƐ Ă ƉƵƌŽ ĞŵƉƵũĞ͕ ŐƌĂĐŝĂƐ Ă ŝŽƐ ƚĞŶĞŵŽƐ ũƵŐĂĚŽƌĂƐ ƐƵƉůĞŶƚĞƐ ƋƵĞ ĞŶƚƌĂƌŽŶ Ă ŚĂĐĞƌ ůĂ ĚŝĨĞƌĞŶĐŝĂ͕ ƉŽƌ ĐƵĂůƋƵŝĞƌ ƉŽƐŝĐŝſŶ ũƵĞŐĂŶ LJ ĞŶƚƌĂƌŽŶ Ă ŚĂĐĞƌ ůŽ ƋƵĞ ŚĞŵŽƐ ĞŶƚƌĞŶĂĚŽ͕ ƉŽƌƋƵĞ ƚŽĚĂƐ ĞƐƚĂƐ ƐŝƚƵĂĐŝŽŶĞƐ LJĂ ƐĞ ŚĂŶ ĞŶƚƌĞŶĂĚŽ͘͟ :ŽƐĠ &ŽŶƚĠƐ͕ ĞŶƚƌĞŶĂĚŽƌ ĚĞ ĞůŝĐĞ͗ ͞^ĂďşĂŵŽƐ ƋƵĞ Ğů ƉĂƌƚŝĚŽ ĞƌĂ ŝŶƚĞŶƐŽ ĂŶƚĞ ŽƐƚĂ ZŝĐĂ ƉŽƌƋƵĞ ĞƐƚĄďĂŵŽƐ ŝŶǀŝĐƚŽƐ LJ ƉŽĚşĂŵŽƐ ĚĞĨŝŶŝƌ Ğů ƚŽƌŶĞŽ͘ >Ă ƉƌĞƐŝſŶ ƉƵĚŽ ŵĄƐ ƋƵĞ ĂůŐƵŶĂƐ ũƵŐĂĚŽƌĂƐ ƉƌŝŶĐŝƉĂůĞƐ͕ ĞůůĂƐ ĚĞďĞŶ ĐŽŵƉƌĞŶĚĞƌ ƋƵĞ ĞƐ ŶĞĐĞƐĂƌŝŽ ƋƵĞ ũƵŐĂƌ ĞƐƚŽƐ ƉĂƌƚŝĚŽƐ ĐŽŶ Ğů ĐŽƌĂnjſŶ͘ >Ă ĞƐƚƌĂƚĞŐŝĂ ĚĞů ƉƌŝŵĞƌ ƐĞƚ ŶŽ ƐĞ ĐƵŵƉůŝſ ƋƵĞ ĞƌĂ ĂƚĂĐĂƌ ĐŽŶ Ğů ƐĞƌǀŝĐŝŽ͕ ƋƵŝƐŝŵŽƐ ƌĞĂĐĐŝŽŶĂƌ͕ ƉĞƌŽ ŶŽ ĨƵĞ ƐƵĨŝĐŝĞŶƚĞ͘ EŽ ƚĞŶŐŽ ŽƚƌĂ ĞdžĐƵƐĂ͕ Ɛŝ ƵŶ ƉĂşƐ ƋƵŝĞƌĞ ƌĞƐƵůƚĂĚŽƐ͕ ůĂƐ ũƵŐĂĚŽƌĂƐ ĚĞ ŵĄƐ ĞdžƉĞƌŝĞŶĐŝĂ ƚŝĞŶĞŶ ƋƵĞ ĂƐƵŵŝƌ ƐƵ ƌĞƐƉŽŶƐĂďŝůŝĚĂĚ͘͟
&RVWD 5LFD UHPDLQV XQGHIHDWHG E\ EHDWLQJ %HOL]H ŝƵĚĂĚ YƵĞƐĂĚĂ͕ EŽǀĞŵďĞƌ Ϯϭ͕ ϮϬϭϵ͘Ͳ ŽƐƚĂ ZŝĐĂ ƌĞŵĂŝŶĞĚ ƵŶĚĞĨĞĂƚĞĚ ŝŶ ƚŚƌĞĞ ŐĂŵĞƐ ďLJ ďĞĂƚŝŶŐ ϯͲϭ ;ϮϲͲϮϰ͕ ϭϳͲϮϱ͕ ϮϱͲϭϵ͕ ϮϱͲϭϱͿ ƚŽ ĞůŝnjĞ ;ϮͲϭͿ͕ Ăƚ ƚŚĞ ĐůŽƐĞ ŽĨ ƚŚĞ ƚŚŝƌĚ ĚĂLJ ŽĨ ƚŚĞ y/// hϭϴ ĞŶƚƌĂů ŵĞƌŝĐĂŶ tŽŵĞŶΖƐ sŽůůĞLJďĂůů ŚĂŵƉŝŽŶƐŚŝƉ͘ ĞůŝnjĞ ƚƌĂĐĞĚ ƚǁŝĐĞ ŝŶ ƚŚĞ ĨŝƌƐƚ ƐĞƚ͕ ĨŝƌƐƚ ůŽƐŝŶŐ ϴͲϭϲ͕ ƚŚĞŶ ϮϬͲϮϰ͕ ďƵƚ ĐŽƵůĚ ŶŽƚ ĨŝŶŝƐŚ ŝŶ ƚŚĞ ĐůŽƐĞ ĚĞƐƉŝƚĞ ƚLJŝŶŐ ƚŽ Ϯϰ͘ /Ŷ ƚŚĞ ƐĞĐŽŶĚ ƐĞƚ͕ ŚĞ ƚŽŽŬ ĂĚǀĂŶƚĂŐĞ ŽĨ ĨŽƵƌ ƉŽŝŶƚƐ ƚŚĂƚ ǁĂƐ ŝŶĐƌĞĂƐŝŶŐ ĂƐ 'ĂƌĞƚŚ ƌƵĐĞ ŐŽƚ ŝŶƚŽ ƚŚĞ ŐĂŵĞ͕ ƐŝŶĐĞ ŝŶ ƚŚĞ ĨŝƌƐƚ ƐĞƚ ŚĞ ǁĂƐ ŽƵƚ ŽĨ ĐŽŶƚƌŽů ďŽƚŚ ŝŶ ƚŚĞ ĂƚƚĂĐŬ ĂŶĚ ŝŶ ƐĞƌǀŝĐĞ͘ &Žƌ ƚŚĞ ƚŚŝƌĚ ĂŶĚ ĨŽƵƌƚŚ ƐĞƚ͕ ŽƐƚĂ ZŝĐĂ ƚŽŽŬ ƚŚĞ ůĞĂĚ ĂŶĚ ĚŝĚ ŶŽƚ ŐŝǀĞ ŝŶ ƚŽ ĞůŝnjĞ ƉƌĞƐƐƵƌĞƐ͕ ǁŚŝĐŚ ǁĞƌĞ ůŝŵŝƚĞĚ ƚŽ ƌƵĐĞ ĂŶĚ <ŚĂLJĂ 'ŽƌĚŽŶ͘ ĞůŝnjĞ ŚĂĚ ĂŶ ŝŵƉƌĞƐƐŝǀĞ ĚŽŵŝŶĂŶĐĞ ŝŶ ĂƚƚĂĐŬ ϰϭͲϮϳ͕ ďƵƚ ǁĂƐ ŽǀĞƌĐŽŵĞ ϭϬͲϱ ŝŶ ďůŽĐŬ ĂŶĚ ϴͲϳ ŝŶ ƐĞƌǀŝĐĞ͘ ƌƵĐĞ ƐĐŽƌĞĚ Ϯϭ ƉŽŝŶƚƐ ĂŶĚ 'ŽƌĚŽŶ ϭϯ͕ ǁŚŝůĞ ĨŽƌ ŽƐƚĂ ZŝĐĂ ŶŐĞůŝĐĂ ZŽĚƌşŐƵĞnj ĨŝŶŝƐŚĞĚ ǁŝƚŚ ϭϱ ĂŶĚ EŝĐŽůĞ DĂƚĂ ǁŝƚŚ ϵ͘ ĞůŝnjĞ ĐŽŵŵĞŶƚĞĚ ϰϴ ĞƌƌŽƌƐ͕ ĨŽƌ ϯϬ ŽĨ ŽƐƚĂ ZŝĐĂ͘ ,ĞŶƌLJ ZŽĚƌşŐƵĞnj͕ ĐŽĂĐŚ ŽĨ ŽƐƚĂ ZŝĐĂ͗ ͞tĞ ŚĂĚ Ă ŐŽŽĚ ĂĚǀĂŶƚĂŐĞ͕ ďƵƚ ƚŚĞ ŐŝƌůƐ ƚƌƵƐƚĞĚ ĞĂĐŚ ŽƚŚĞƌ͕ ƚŚĞLJ ƚŚŽƵŐŚƚ ŝƚ ǁĂƐ ĂůƌĞĂĚLJ ƚŚĞƌĞ ĂŶĚ ŝƚ ǁĂƐŶΖƚ ůŝŬĞ ƚŚĂƚ͕ ŝŶ ƚŚĞ ĞŶĚ ǁĞ ŵĂŶĂŐĞĚ ƚŽ ĐůŽƐĞ ĂŶĚ ƚŚĂƚ ǁĂƐ ǀĞƌLJ ŐŽŽĚ͘ tĞ ĐŽŶƚŝŶƵĞ ƚŽ ƉƵƐŚ͕ ƚŚĂŶŬ 'ŽĚ ǁĞ ŚĂǀĞ ƐƵďƐƚŝƚƵƚĞ ƉůĂLJĞƌƐ ǁŚŽ ĐĂŵĞ ƚŽ ŵĂŬĞ Ă ĚŝĨĨĞƌĞŶĐĞ͕ ĨŽƌ ǁŚĂƚĞǀĞƌ ƉŽƐŝƚŝŽŶ ƚŚĞLJ ƉůĂLJ ĂŶĚ ƚŚĞLJ ǁĞŶƚ ŽŶ ƚŽ ĚŽ ǁŚĂƚ ǁĞ ŚĂǀĞ ƚƌĂŝŶĞĚ͕ ďĞĐĂƵƐĞ Ăůů ƚŚĞƐĞ ƐŝƚƵĂƚŝŽŶƐ ŚĂǀĞ ĂůƌĞĂĚLJ ďĞĞŶ ƚƌĂŝŶĞĚ͘ ͟ :ŽƐĠ &ŽŶƚĠƐ͕ ĐŽĂĐŚ ŽĨ ĞůŝnjĞ͗ ͞tĞ ŬŶĞǁ ƚŚĂƚ ƚŚĞ ŐĂŵĞ ǁĂƐ ŝŶƚĞŶƐĞ ĂŐĂŝŶƐƚ ŽƐƚĂ ZŝĐĂ ďĞĐĂƵƐĞ ǁĞ ǁĞƌĞ ƵŶĚĞĨĞĂƚĞĚ ĂŶĚ ĐŽƵůĚ ĚĞĨŝŶĞ ƚŚĞ ƚŽƵƌŶĂŵĞŶƚ͘ dŚĞ ƉƌĞƐƐƵƌĞ ĐŽƵůĚ ŵŽƌĞ ƚŚĂŶ ƐŽŵĞ ůĞĂĚŝŶŐ ƉůĂLJĞƌƐ͕ ƚŚĞLJ ŵƵƐƚ ƵŶĚĞƌƐƚĂŶĚ ƚŚĂƚ ŝƚ ŝƐ ŶĞĐĞƐƐĂƌLJ ƚŽ ƉůĂLJ ƚŚĞƐĞ ŐĂŵĞƐ ǁŝƚŚ ƚŚĞ ŚĞĂƌƚ͘ dŚĞ ƐƚƌĂƚĞŐLJ ŽĨ ƚŚĞ ĨŝƌƐƚ ƐĞƚ ǁĂƐ ŶŽƚ ĨƵůĨŝůůĞĚ ƚŚĂƚ ǁĂƐ ƚŽ ĂƚƚĂĐŬ ǁŝƚŚ ƚŚĞ ƐĞƌǀŝĐĞ͕ ǁĞ ǁĂŶƚĞĚ ƚŽ ƌĞĂĐƚ͕ ďƵƚ ŝƚ ǁĂƐ ŶŽƚ ĞŶŽƵŐŚ͘ / ŚĂǀĞ ŶŽ ŽƚŚĞƌ ĞdžĐƵƐĞ͕ ŝĨ Ă ĐŽƵŶƚƌLJ ǁĂŶƚƐ ƌĞƐƵůƚƐ͕ ƚŚĞ ŵŽƐƚ ĞdžƉĞƌŝĞŶĐĞĚ ƉůĂLJĞƌƐ ŚĂǀĞ ƚŽ ĂƐƐƵŵĞ ƚŚĞŝƌ ƌĞƐƉŽŶƐŝďŝůŝƚLJ͘ ͟