9,, &21*5(662 &,(17t),&2 ( e7,&2 '2 &5(0(& ;; 9,, , 2 87 8% 52 0 e' ,& 2
;;9,,, 2878%52 0e',&2
&,&/2 '( '(%$7(6 '2 6,1',&$72 '26 0e',&26
WZ Ͳ KE'Z ^^K WZK'Z D K / ϭϰ Khdh ZK ϮϬϭϱ hŶŝĐŚƌŝƐƚƵƐ WĂƌƋƵĞ ĐŽůſŐŝĐŽ Ͳ ϲǑ ĂŶĚĂƌ > KZ dMZ/K , />/ ^ /ZjZ'/ ^ DŽĚĞůŽ dĞſƌŝĐŽͲWƌĄƟĐŽ ĚĞ ŶƐŝŶŽ Ğŵ sşĚĞŽ ŝƌƵƌŐŝĂ / hZ^K s E K /ZhZ'/ D/E/D D Ed /Es ^/s ʹ , E ^ KE
d W ϭ ϬϴŚϯϬ Ͳ ϭϮŚϯϬ
Zd K Wj >/ K Ͳ h /dMZ/K ; ƐƚƵĚĂŶƚĞƐ͕ ZĞƐŝĚĞŶƚĞƐ͕ WƌĞĐĞƉƚŽƌĞƐ͕ ŝƌƵƌŐŝƁĞƐ Ğ WƌŽĨĞƐƐŽƌĞƐͿ
ϬϴŚϯϬ Ͳ ϬϵŚϬϬ
ZdhZ DŝŶŝƐƚƌĂŶƚĞ͗ WƌŽĨ͘ ƌ͘ >Ƶŝnj 'ŽŶnjĂŐĂ ĚĞ DŽƵƌĂ :ƷŶŝŽƌ
ϬϵŚϯϬ Ͳ ϭϬŚϯϬ
ŽŶĐĞŝƚŽƐ ĚĞ ǀşĚĞŽ ĐŝƌƵƌŐŝĂ ;ĞƌŐŽŶŽŵŝĂ͕ ĞƐƚĞƌĞŽƚĂdžŝĂ͕ ĂŵďŝĚĞƐƚƌŝĂ͕ ŚĂƉƟĐŝĚĂĚĞ͕ ĞĨĞŝƚŽ ĨƵůĐƌƵŵ͘͘͘Ϳ &ŽƌŵĂƚĂĕĆŽ Ğ ĐŽŶĮŐƵƌĂĕĆŽ ĞƐƉĂĐŝĂů ĚŽ Eſ ũƵƐƚĂĚŽ Ͳ >ĞƚƌĂ Ͳ >ĞƚƌĂ ƉƌĞƐĞŶƚĂĕĆŽ ĚŽ ƐŝŵƵůĂĚŽƌ ĚĞ ĐĂǀŝĚĂĚĞ ĂďĚŽŵŝŶĂů ŶĚŽͲ^ƵƚƵƌĞ dƌĂŝŶĞƌ Ždž ƐĐĂůĂ ĚĞ WƌŽŐƌĞƐƐĆŽ ĚĞ ,ĂďŝůŝĚĂĚĞƐ Ğ WƌŽĮĐŝġŶĐŝĂ ĚĞ ŶĚŽƐƵƚƵƌĂƐ Ğŵ sşĚĞŽ ŝƌƵƌŐŝĂ
/Ed Zs >K
ϭϬŚϯϬ Ͳ ϭϭŚϬϬ
ϭϭŚϬϬ Ͳ ϭϮŚϯϬ
^ ^^ K s1 K ĚŝƚĂĚŽƐ Ğ ĐŽŵĞŶƚĂĚŽƐ͕ ƉĂƌĂ ŵŽƐƚƌĂƌ ĂŽƐ ĂůƵŶŽƐ ƋƵĞ ŽƐ ĐŽŶĐĞŝƚŽƐ ŵŝŶŝƐƚƌĂĚŽƐ ƐĆŽ ƵƟůŝnjĂĚŽƐ ŶĂƐ ĐŝƌƵƌŐŝĂƐ͗ ĂĨĂƐƚĂĚŽƌ ŇĞdžşǀĞů ĚĞ İŐĂĚŽ͕ ŐĂƐƚƌĞĐƚŽŵŝĂ ǀĞƌƟĐĂů͕ ďLJƉĂƐƐ ŐĄƐƚƌŝĐŽ͕ ĂŶĂƚŽŵŽƐĞ ŵĂŶƵĂů Ğ ŵĞĐąŶŝĐĂ͕ ǀŝĂƐ ůĂƉĂƌŽƐĐſƉŝĐĂƐ Ğ ƌŽďſƟĐĂ͘
/Ed Zs >K
ϭϮŚϬϬ Ͳ ϭϯŚϯϬ
^ ^^ K WZ d/
ϭϯŚϯϬ Ͳ ϭϳŚϯϬ
WƌĞĐĞƉƚŽƌĞƐ͗ WƌŽĨ͘ >Ƶŝnj 'ŽŶnjĂŐĂ ĚĞ DŽƵƌĂ :ƷŶŝŽƌ WƌŽĨ͘ 'ůĞLJĚƐŽŶ ŽƌŐĞƐ ^d K / Ͳ WĂƐƐĂĚĂ ĚĞ ĂůĕĂ ^d K // Ͳ dƌĞŝŶĂŵĞŶƚŽ ĚĞ ĞŶĚŽƐƵƚƵƌĂƐ ^d K /// Ͳ ǀĂůŝĂĕĆŽ ĂƚƌĂǀĠƐ ĚĂ ĂƉůŝĐĂĕĆŽ ĚĂ ƐĐĂůĂ ĚĞ WƌŽŐƌĞƐƐĆŽ ĚĞ ,ĂďŝůŝĚĂĚĞƐ Ğ WƌŽĮĐŝġŶĐŝĂ ĚĞ ŶĚŽƐƵƚƵƌĂƐ Ğŵ sşĚĞŽ
5HDOL]DomR
$SRLR
)RUWDOH]D
&25( ,1685$1&( &RUUHWRUD GH 6HJXURV
2UJDQL]DomR
;; 9,, , 2
87
8%
52
0 e' ,&
2
9,, &21*5(662 &,(17t),&2 ( e7,&2 '2 &5(0(&
;;9,,, 2878%52 0e',&2
&,&/2 '( '(%$7(6 '2 6,1',&$72 '26 0e',&26
WZK'Z D K / ϭϱ Khdh ZK ^ > ϭ Ͳ W dZ ^ D / /E K ^WKZd
,KZ Z/K
WƌĞƐŝĚĞŶƚĞ͗ ƌ͘ ,ĞŶƌŝƋƵĞ :ŽƐĠ ĂƐƚŽƐ WŝŶŚĞŝƌŽ DĞƐĂ ZĞĚŽŶĚĂ ŽŶǀĞŶĐŝŽŶĂů
ϬϴŚϬϬ Ͳ ϭϬŚϬϬ
ϬϴŚϬϬ Ͳ ϬϴŚϯϬ Ͳ ǀĂůŝĂĕĆŽ ĄƌĚŝŽ WƵůŵŽŶĂƌ WĂůĞƐƚƌĂŶƚĞ͗ ƌ͘ ZŝĐĂƌĚŽ WŝŶŚĞŝƌŽ ŝſŐĞŶĞƐ ϬϴŚϯϬ Ͳ ϬϵŚϬϬ Ͳ ǀĂůŝĂĕĆŽ KƌƚŽƉĠĚŝĐĂ ĚŽ ƚůĞƚĂ WĂůĞƐƚƌĂŶƚĞ͗ ƌ͘ ,ŝůĚĞŵĂƌ ŽŵŝŶŐŽƐ ĚĞ YƵĞŝƌŽnj ϬϵŚϬϬ Ͳ ϬϵŚϯϬ Ͳ ŽƉŝŶŐ WĂůĞƐƚƌĂŶƚĞ͗ ƌ͘ :ŽƐĠ ZŽďĞƌƚŽ ĂŵƉŽƐ ĚĞ ĂƌƌŽƐ ϬϵŚϯϬ Ͳ ϭϬŚϬϬ Ͳ DŽƌƚĞ ƐƷďŝƚĂ Ğ ƉƌĄƟĐĂ ĚĞ ĞƐƉŽƌƚĞ WĂůĞƐƚƌĂŶƚĞ͗ ƌ͘ DĂƌĐƵƐ sŝŶŝĐŝƵƐ ^ƚƌŽnjďĞƌŐ
ϭϬŚϬϬ Ͳ ϭϬŚϮϬ
/Ed Zs >K
,KZ Z/K
E K Z/EK>K'/ ŽŽƌĚĞŶĂĚŽƌĞƐ͗ ƌ͘ ZĞŶĂŶ DŽŶƚĞŶĞŐƌŽ Ğ ƌĂ͘ <ĂƌŝŶĂ ^ŽĚƌĠ DĞƐĂ ZĞĚŽŶĚĂ ďŽƌĚĂŐĞŵ dĞƌĂƉġƵƟĐĂ ŶŽ ŝĂďĞƚĞƐ
ϭϬŚϮϬ Ͳ ϭϭŚϯϬ
ϭϬŚϮϬ ʹ ϭϬŚϰϬ ʹ EƵƚƌŝĕĆŽ Ğ ĚŝĂďĞƚĞƐ͗ ƋƵĂŝƐ ĂƐ ƌĞĐŽŵĞŶĚĂĕƁĞƐ ĂƚƵĂŝƐ WĂůĞƐƚƌĂŶƚĞ͗ EƵƚ͘ ^LJŶĂƌĂ ĂǀĂůĐĂŶƚĞ >ŽƉĞƐ ϭϬŚϰϬ ʹ ϭϭŚϬϬ ʹ ƟǀŝĚĂĚĞ &şƐŝĐĂ͗ ƋƵĂů Ž ŝŵƉĂĐƚŽ ŶŽ ĐŽŶƚƌŽůĞ ŐůŝĐġŵŝĐŽ Ğ ĐŽŵŽ ƉƌĞƐĐƌĞǀĞƌ WĂůĞƐƚƌĂŶƚĞ͗ Ě͘ &şƐŝĐŽ ^ĂŵƵĞů ƌŝƚŽ ĚĞ ůŵĞŝĚĂ ϭϭŚϬϬ ʹ ϭϭŚϮϬ ʹ DŽŶŽƚĞƌĂƉŝĂ Ğ ƚĞƌĂƉŝĂ ĐŽŵďŝŶĂĚĂ ŶŽ ƚƌĂƚĂŵĞŶƚŽ ĚŽ ĚŝĂďĞƚĞƐ ʹ K ƋƵĞ ĚŝnjĞŵ ŽƐ ĐŽŶƐĞŶƐŽƐ WĂůĞƐƚƌĂŶƚĞ͗ ƌĂ ͘ ŶĂ WĂƵůĂ ďƌĞƵ DĂƌƟŶƐ ^ĂůĞƐ ϭϭŚϮϬ ʹ ϭϭŚϯϬ ʹ ŝƐĐƵƐƐĆŽ ŽŽƌĚĞŶĂĚŽƌĞƐ͗ ƌĂ͘ ůĄƵĚŝĂ DĞůŽ WĞƚĞƌ Ğ ƌĂ͘ ZĞďĞĐĂ ^ŝůǀĞƐƚƌĞ ZŽĐŚĂ ĞďĂƚĞ ^ƵƉůĞŵĞŶƚŽƐ Ğ ŶĂďŽůŝnjĂŶƚĞƐ
ϭϭŚϰϬ Ͳ ϭϮŚϯϬ
ϭϭŚϰϬ ʹ ϭϮŚϬϬ Ͳ sĞƌĚĂĚĞƐ WĂůĞƐƚƌĂŶƚĞ͗ ƌ͘ ZĞŶĂŶ DŽŶƚĞŶĞŐƌŽ :ƷŶŝŽƌ ϭϮŚϬϬ ʹ ϭϮŚϮϬ Ͳ DŝƚŽƐ WĂůĞƐƚƌĂŶƚĞ͗ ƌĂ͘ sŝƌŐşŶŝĂ KůŝǀĞŝƌĂ &ĞƌŶĂŶĚĞƐ ŽƌƚĞnj ϭϮŚϮϬ ʹ ϭϮŚϯϬ Ͳ ŝƐĐƵƐƐĆŽ
/Ed Zs >K
ϭϮŚϬϬ Ͳ ϭϰŚϬϬ
/Ed Zs >K
D Z' E / ͬ d/ D /
,KZ Z/K
WƌĞƐŝĚĞŶƚĞ͗ ƌ͘ /ǀĂŶ ĚĞ ƌĂƷũŽ DŽƵƌĂ &Ġ ^ĞĐƌĞƚĄƌŝŽ͗ ƌ͘ ZŽŐĞƌ DƵƌŝůŽ ZŝďĞŝƌŽ ^ŽĂƌĞƐ WĂůĞƐƚƌĂ WƌŽĐĞƐƐŽ ƟĐŽͲWƌŽĮƐƐŝŽŶĂů Ͳ :ƵůŐĂŵĞŶƚŽ ^ŝŵƵůĂĚŽ ZĞůĂƚŽƌ͗ ƌ͘ ,ĞůǀĠĐŝŽ EĞǀĞƐ &ĞŝƚŽƐĂ ZĞǀŝƐŽƌ͗ ƌ͘ ZŽďĞƌƚŽ tĂŐŶĞƌ ĞnjĞƌƌĂ ĚĞ ƌĂƷũŽ
ϭϰŚϬϬ Ͳ ϭϲŚϬϬ
:ƵůŐĂĚŽƌĞƐ͗ ƌ͘ ůďĞƌƚŽ &ĂƌŝĂƐ &ŝůŚŽ ƌĂ͘ ŶĂ >ƷĐŝĂ ƌĂƷũŽ EŽĐƌĂƚŽ ƌ͘ ĂůŐŝŵĂƌ ĞƐĞƌƌĂ ĚĞ DĞŶĞnjĞƐ ƌĂ͘ /ŶġƐ dĂǀĂƌĞƐ sĂůĞ Ğ DĞůŽ ƌ͘ :ŽƐĠ ůďĞƌƟŶŽ ^ŽƵnjĂ ƌ͘ :ŽƐĠ ZŽŽƐĞǀĞůƚ EŽƌƁĞƐ >ƵŶĂ ƌ͘ >ŝŶŽ ŶƚŽŶŝŽ ĂǀĂůĐĂŶƟ ,ŽůĂŶĚĂ ƌ͘ :ŽƐĠ DĄůďŝŽ KůŝǀĞŝƌĂ ZŽůŝŵ ƌĂ͘ DĂƌŝĂ EĞŽĚĂŶ dĂǀĂƌĞƐ ZŽĚƌŝŐƵĞƐ ƌĂ͘ ZĞŐŝŶĂ >ƷĐŝĂ WŽƌƚĞůĂ ŝŶŝnj ƌĂ͘ sĂůĠƌŝĂ 'ſĞƐ &ĞƌƌĞŝƌĂ WŝŶŚĞŝƌŽ ĚǀŽŐĂĚŽ ĚĞ ĐƵƐĂĕĆŽ͗ ƌ͘ ZĞŶĂƚŽ ǀĂŶĚŽ DŽƌĞŝƌĂ &ŝůŚŽ ĚǀŽŐĂĚŽ ĚĞ ĞĨĞƐĂ͗ ƌ͘ hƌŝĐŽ 'ĂĚĞůŚĂ ĚĞ KůŝǀĞŝƌĂ EĞƚŽ
/Ed Zs >K K&& Ͳ Z <
ϭϲŚϬϬ Ͳ ϭϲŚϮϬ
ϭϲŚϮϬ Ͳ ϭϴŚϬϬ
DŽĚĞƌĂĚŽƌ͗ ƌ͘ /ǀĂŶ ĚĞ ƌĂƷũŽ DŽƵƌĂ &Ġ DĞƐĂ ZĞĚŽŶĚĂ ĞĨĞƐĂ ƟĐŽͲ>ĞŐĂů ĚŽ ƉƌŽĮƐƐŝŽŶĂů ŵĠĚŝĐŽ͗ ĚĞƐĂĮŽƐ ŶĂ ĞŵĞƌŐġŶĐŝĂ ϭϲŚϮϬ Ͳ ϭϲŚϰϬ Ͳ ĞƐĂĮŽƐ ĚĂ ŽŵŝƐƐĆŽ ĚĞ ƟĐĂ ĚŽ Z D ŶĂ ƉƌĞǀĞŶĕĆŽ ĚĞ ƉƌŽĐĞƐƐŽƐ ĐŽŶƚƌĂ Ž ŵĠĚŝĐŽ WĂůĞƐƚƌĂŶƚĞ͗ ƌ͘ ZŽŐĞƌ DƵƌŝůŽ ZŝďĞŝƌŽ ^ŽĂƌĞƐ ϭϲŚϰϬ Ͳ ϭϳŚϬϬ Ͳ ĞƐĂĮŽƐ ĚŽ ^/D ŶĂ ƉƌĞǀĞŶĕĆŽ ĚĞ ƌĞůĂĕƁĞƐ ƚƌĂďĂůŚŝƐƚĂƐ ŝŶƐĞŐƵƌĂƐ ƉĂƌĂ Ž ŵĠĚŝĐŽ WĂůĞƐƚƌĂŶƚĞ͗ ƌĂ͘ DĂLJƌĂ /ƐĂďĞů ŽƌƌĞŝĂ WŝŶŚĞŝƌŽ ϭϳŚϬϬ Ͳ ϭϳŚϰϬ Ͳ ĞƐĂĮŽƐ ĚĂ ŝƌĞƚŽƌŝĂ dĠĐŶŝĐĂ ,ŽƐƉŝƚĂůĂƌ ƉĂƌĂ ƉƌŽǀĞƌ ĂƐ ĐŽŶĚŝĕƁĞƐ ĚĞ ƚƌĂďĂůŚŽ ŵĠĚŝĐŽ WĂůĞƐƚƌĂŶƚĞ͗ ƌ͘ :ŽƐĠ DĄůďŝŽ KůŝǀĞŝƌĂ ZŽůŝŵ ϭϳŚϰϬ Ͳ ϭϴŚϬϬ Ͳ ĞďĂƚĞ
5HDOL]DomR
$SRLR
)RUWDOH]D
&25( ,1685$1&( &RUUHWRUD GH 6HJXURV
2UJDQL]DomR
9,, &21*5(662 &,(17t),&2 ( e7,&2 '2 &5(0(& 2
;; 9,, , 2
87
8%
52
0 e' ,&
;;9,,, 2878%52 0e',&2
&,&/2 '( '(%$7(6 '2 6,1',&$72 '26 0e',&26
WZK'Z D K / ϭϱ Khdh ZK ^ > Ϯ Ͳ Z'K^ D / /E & D1>/ KDhE/
,KZ Z/K
ϬϴŚϬϬ Ͳ ϭϬŚϬϬ
ŽŽƌĚĞŶĂĚŽƌ͗ ƌ͘ ZƀŵƵůŽ &ĞƌŶĂŶĚĞƐ ƵŐƵƐƚŽ &ŝůŚŽ DĞƐĂ ZĞĚŽŶĚĂ DĞƌĐĂĚŽ ĚĞ ƚƌĂďĂůŚŽ͗ Ž ŵĠĚŝĐŽ ĚĞ ĨĂŵşůŝĂ ŶĂ ƐĂƷĚĞ ƐƵƉůĞŵĞŶƚĂƌ ϬϴŚϬϬͲϬϴŚϯϬ Ͳ ZĞĐĞƉĕĆŽ ĚŽƐ ƉĂƌƟĐŝƉĂŶƚĞƐ ϬϴŚϯϬͲϬϵŚϬϬ Ͳ K ƚƌĂďĂůŚŽ ĚŽ ŵĠĚŝĐŽ ĚĞ ĨĂŵşůŝĂ ŶĂ ƐĂƷĚĞ ƐƵƉůĞŵĞŶƚĂƌ ʹ WĂƌƚĞ ϭ ͮ WĂůĞƐƚƌĂŶƚĞ͗ ƌ͘ ZƀŵƵůŽ &ĞƌŶĂŶĚĞƐ ƵŐƵƐƚŽ &ŝůŚŽ ϬϵŚϬϬͲϬϵŚϯϬ Ͳ K ƚƌĂďĂůŚŽ ĚŽ ŵĠĚŝĐŽ ĚĞ ĨĂŵşůŝĂ ŶĂ ƐĂƷĚĞ ƐƵƉůĞŵĞŶƚĂƌ ʹ WĂƌƚĞ Ϯ ͮ WĂůĞƐƚƌĂŶƚĞ͗ ƌ͘ ůĞdžĂŶĚƌĞ >ŽƵƌĞŝƌŽ ϬϵŚϯϬͲϭϬŚϬϬ Ͳ ĞďĂƚĞ ĐŽŵ Ž ƉƷďůŝĐŽ
/Ed Zs >K
ϭϬŚϬϬ Ͳ ϭϬŚϮϬ
ϭϬŚϮϬ Ͳ ϭϮŚϬϬ
ŽŽƌĚĞŶĂĚŽƌĂ͗ ƌĂ͘ >ĂƌĂ ZŝďĞŝƌŽ ^ĂŶƟĂŐŽ &ƌĞŝƚĂƐ ŽŶĨĞƌġŶĐŝĂ DĞƌĐĂĚŽ ĚĞ ƚƌĂďĂůŚŽ͗ Ž ŵĠĚŝĐŽ ĚĞ ĨĂŵşůŝĂ Ğ ƐƵĂƐ ĄƌĞĂƐ ĚĞ ĂƚƵĂĕĆŽ͘ ϭϬŚϮϬͲϭϭŚϮϬ Ͳ K ŵĠĚŝĐŽ ĚĞ ĨĂŵşůŝĂ ƋƵĞ ƉƌĂƟĐĂ ĐƵŝĚĂĚŽƐ ƉĂůŝĂƟǀŽƐ ͮ WĂůĞƐƚƌĂŶƚĞ͗ ƌĂ͘ >ĂƌĂ ZŝďĞŝƌŽ ^ĂŶƟĂŐŽ &ƌĞŝƚĂƐ ϭϭŚϮϬͲϭϮŚϬϬ Ͳ ĞďĂƚĞ ĐŽŵ Ž ƉƷďůŝĐŽ
/Ed Zs >K
ϭϮŚϬϬ Ͳ ϭϰŚϬϬ
ϭϰŚϬϬ Ͳ ϭϲŚϬϬ
ŽŽƌĚĞŶĂĚŽƌ͗ ƌ͘ ĂŶŝĞů sŝĐƚŽƌ ŽƌŝŽůĂŶŽ ^ĞƌĂĮŵ DĞƐĂ ƌĞĚŽŶĚĂ WƌŽŵŽǀĞŶĚŽ ƐĂƷĚĞ ĚĞ ǀĞƌĚĂĚĞ͗ ĂůŝŵĞŶƚĂĕĆŽ Ğ ĞdžĞƌĐşĐŝŽ İƐŝĐŽ ŶĂ ƚĞŶĕĆŽ WƌŝŵĄƌŝĂ ϭϰŚϬϬͲϭϰŚϰϱ Ͳ ŝĂďĞƚĞƐ ƟƉŽ Ϯ Ğ ĞdžĞƌĐşĐŝŽƐ İƐŝĐŽƐ͗ ŵĂŶĞũŽ ƐĞŐƵƌŽ ŶĂ ƚĞŶĕĆŽ WƌŝŵĄƌŝĂ ͮ WĂůĞƐƚƌĂŶƚĞ͗ ƌ͘ ĂŶŝĞů sŝĐƚŽƌ ŽƌŝŽůĂŶŽ ^ĞƌĂĮŵ ϭϰŚϰϱͲϭϱŚϯϬ Ͳ ĮŶĂů͕ ŐŽƌĚƵƌĂ ĨĂnj ŵĂů͍ K ŶŽǀŽ ƉĂƌĂĚŝŐŵĂ ĂůŝŵĞŶƚĂƌ ͮ WĂůĞƐƚƌĂŶƚĞ͗ ƌ͘ ŵşůŝŽ ZŽƐƐĞƫ WĂĐŚĞĐŽ ϭϱŚϯϬͲϭϲŚϬϬ Ͳ ĞďĂƚĞ ĐŽŵ Ž ƉƷďůŝĐŽ
K&& Ͳ Z <
ϭϲŚϬϬ Ͳ ϭϲŚϮϬ
ϭϲŚϮϬ Ͳ ϭϴŚϬϬ
ŽŽƌĚĞŶĂĚŽƌ͗ ƌ͘ &ƌĞĚĞƌŝĐŽ &ĞƌŶĂŶĚŽ ƐƚĞĐŚĞ &ŽƌŵĂĕĆŽ ŵĠĚŝĐĂ͗ /ŶŇƵġŶĐŝĂ ĚĂƐ ƉŽůşƟĐĂƐ ƉƷďůŝĐĂƐ ŶĂ ĨŽƌŵĂĕĆŽ ŵĠĚŝĐĂ Ͳ ǀĂŶĕŽƐ Ğ ĚĞƐĂĮŽƐ ŶĂ ŐƌĂĚƵĂĕĆŽ Ğ ZĞƐŝĚġŶĐŝĂ ŵĠĚŝĐĂ ϭϲŚϮϬͲϭϳŚϬϬ Ͳ /ŶŇƵġŶĐŝĂ ĚĂƐ ƉŽůşƟĐĂƐ ƉƷďůŝĐĂƐ ŶĂ ŐƌĂĚƵĂĕĆŽ Ğŵ DĞĚŝĐŝŶĂ ͮ WĂůĞƐƚƌĂŶƚĞ͗ ƌ͘ DĂƌĐŽ dƷůŝŽ ŐƵŝĂƌ DŽƵƌĆŽ ZŝďĞŝƌŽ ϭϳŚϬϬͲϭϳŚϰϬ Ͳ /ŶŇƵġŶĐŝĂ ĚĂƐ ƉŽůşƟĐĂƐ ƉƷďůŝĐĂƐ ŶĂ ZĞƐŝĚġŶĐŝĂ DĠĚŝĐĂ ͮ WĂůĞƐƚƌĂŶƚĞ͗ ƌ͘ &ƌĞĚĞƌŝĐŽ &ĞƌŶĂŶĚŽ ƐƚĞĐŚĞ ϭϳŚϰϬͲϭϴŚϬϬ Ͳ ĞďĂƚĞ ĐŽŵ Ž ƉƷďůŝĐŽ
^ > ϯ Ͳ d E ^ '/E K>K'/ K ^d dZ1 /
,KZ Z/K
ϬϴŚϬϬ Ͳ ϭϬŚϬϬ
DŽĚĞƌĂĚŽƌ͗ ƌ͘ :ĂŝŵĞ ůĞŶĐĂƌ ĞŶĞǀŝĚĞƐ &ŝůŚŽ ŽĂĕĆŽ ĚĞ ſǀƵůŽ ĚĞ ƉĂƌĞŶƚĞ ;ŝƌŵĆͿ ƉƌĞƐĞŶƚĂĚŽƌ ĚŽ ĐĂƐŽ͕ ĚĞĨĞŶƐŽƌ ĚĂ ƉĂĐŝĞŶƚĞ͕ ĚĞĨĞŶƐŽƌ ĚŽ ŵĠĚŝĐŽ͕ ĐŽŵĞŶƚĂĚŽƌ ĚĂ ĠƟĐĂ͕ ĐŽŵĞŶƚĂĚŽƌ ĚĞ ĂƐƉĞĐƚŽƐ ůĞŐĂŝƐ͘ ĞďĂƚĞĚŽƌĞƐ͗ ƌ͘ DĂƌĐƵƐ ƵƌĠůŝŽ ĞƐƐĂ ƌ͘ ZĞŶĂƚŽ ǀĂŶĚŽ DŽƌĞŝƌĂ &ŝůŚŽ
K&& Ͳ Z < /Ed Zs >K
ϭϲŚϬϬ Ͳ ϭϲŚϮϬ ϭϬŚϬϬ Ͳ ϭϬŚϮϬ ϭϬŚϮϬ Ͳ ϭϮŚϬϬ
DŽĚĞƌĂĚŽƌ͗ ƌ͘ :ƷůŝŽ ƵŐƵƐƚŽ 'ƵƌŐĞů ůǀĞƐ WƌĠͲŵĂƚƵƌŝĚĂĚĞ ͮ WĂůĞƐƚƌĂŶƚĞ͗ ƌ͘ &ƌĂŶĐŝƐĐŽ :ŽƐĠ ŽƐƚĂ ůĞƵƚĠƌŝŽ
K&& Ͳ Z < /Ed Zs >K
ϭϲŚϬϬ Ͳ ϭϲŚϮϬ ϭϮŚϬϬ Ͳ ϭϰŚϬϬ
ϭϰŚϬϬ Ͳ ϭϲŚϬϬ
DŽĚĞƌĂĚŽƌ͗ ƌ͘ ĠƐĂƌ WŝŶŚĞŝƌŽ KŶĐŽĨĞƌƟůŝĚĂĚĞ KŶĐŽůŽŐŝƐƚĂ͕ ƐƚĞƌŝůĞƵƚĂ ĞďĂƚĞĚŽƌĞƐ͗ ƌ͘ dƵůŝƵƐ ƵŐƵƐƚƵƐ &ƌĞŝƚĂƐ ƌ͘ KƌŵĂŶĚŽ ZŽĚƌŝŐƵĞƐ ĂŵƉŽƐ :ƷŶŝŽƌ
K&& Ͳ Z <
ϭϲŚϬϬ Ͳ ϭϲŚϮϬ ϭϲŚϮϬ Ͳ ϭϴŚϬϬ
ŽŶĨĞƌġŶĐŝĂ ǀĂůŝĂĕĆŽ ĚŽ ĐĂƐĂů ŝŶĨĠƌƟů ͮ WĂůĞƐƚƌĂŶƚĞ͗ ƌ͘ DĂƌĐƵƐ ƵƌĠůŝŽ ĞƐƐĂ ĞďĂƚĞ ĐŽŵ Ă ƉůĂƚĞŝĂ
^ > ϰ Ͳ & Z^ > W / dZ/
,KZ Z/K
ϬϴŚϬϬ Ͳ ϬϵŚϮϬ
ŽŽƌĚĞŶĂĚŽƌĂ͗ ƌĂ͘ DĂƌĂ ZƵďŝĂ &ĞƌŶĂŶĚĞƐ ĚĞ &ŝŐƵĞŝƌġĚŽ DĞƐĂ ZĞĚŽŶĚĂ ƐŵĂ Ğŵ ^ĂƷĚĞ WƷďůŝĐĂ ϬϴŚϬϬ Ͳ ϬϴŚϮϬ Ͳ ĐĞƐƐŽ ĚŽƐ ĂƐŵĄƟĐŽƐ ăƐ ŵĞĚŝĚĂƐ ĚĞ ĐŽŶƚƌŽůĞ ĚĞ ƐƵĂƐ ĐƌŝƐĞƐ ͮ WĂůĞƐƚƌĂŶƚĞ͗ ƌĂ͘ DĄƌĐŝĂ ůĐąŶƚĂƌĂ ,ŽůĂŶĚĂ ϬϴŚϮϬ Ͳ ϬϴŚϰϬ Ͳ ŽƌƟĐŽƚĞƌĂƉŝĂ ŝŶĂůĂƚſƌŝĂ͗ ƋƵĂŶĚŽ ŝŶŝĐŝĂƌ Ğ ƋƵĂŶĚŽ ƉĂƌĂƌ ͮ WĂůĞƐƚƌĂŶƚĞ͗ ƌ͘ ŶƚƀŶŝŽ 'ĞŽƌŐĞ ĚĞ DĂƚŽƐ ĂǀĂůĐĂŶƚĞ ϬϴŚϰϬ Ͳ ϬϵŚϬϬ Ͳ ŽŵŽ ŵŽŶŝƚŽƌĂƌ Ă ĂƐŵĂ ŶĂ ĐƌŝĂŶĕĂ ʹ džĂŵĞƐ͍ ͮ WĂůĞƐƚƌĂŶƚĞ͗ ƌĂ͘ ůĞdžƐƐĂŶĚƌĂ DĂŝĂ ϬϵŚϬϬ Ͳ ϬϵŚϮϬ Ͳ ĞďĂƚĞ
5HDOL]DomR
$SRLR
)RUWDOH]D
&25( ,1685$1&( &RUUHWRUD GH 6HJXURV
2UJDQL]DomR
;; 9,, , 2
87
8%
52
0 e' ,&
2
9,, &21*5(662 &,(17t),&2 ( e7,&2 '2 &5(0(&
;;9,,, 2878%52 0e',&2
&,&/2 '( '(%$7(6 '2 6,1',&$72 '26 0e',&26
ϬϵŚϮϬ Ͳ ϭϬŚϬϬ
WZK'Z D K / ϭϱ Khdh ZK ŽŽƌĚĞŶĂĚŽƌĂ͗ ƌĂ͘ ŶŐĞůŝƚĂ ŶŝďĂů ĚĞ ĂƐƚƌŽ ĂƐŽƐ ůşŶŝĐŽƐ ĚĞ EĞƵƌŽůŽŐŝĂ ͮ WĂůĞƐƚƌĂŶƚĞ͗ ƌ͘ :ŽƐĠ >ƵĐŝǀĂŶ DŝƌĂŶĚĂ ϬϵŚϱϬ Ͳ ϭϬŚϬϬ Ͳ ĞďĂƚĞ
/Ed Zs >K
ϭϬŚϬϬ Ͳ ϭϬŚϮϬ ϭϬŚϮϬ Ͳ ϭϭŚϮϬ
ŽŽƌĚĞŶĂĚŽƌĂ͗ ƌĂ͘ DĂƌŝĂ 'ƵƌŐĞů DĂŐĂůŚĆĞƐ WĂůĞƐƚƌĂ /ŵƵŶŝnjĂĕĆŽ ŶĂ ĐƌŝĂŶĕĂ Ğ ŶŽ ĂĚŽůĞƐĐĞŶƚĞ͘ ZĞĚĞ ƉƷďůŝĐĂ ŽƵ ƉƌŝǀĂĚĂ͍ Ɛ ǀĂĐŝŶĂƐ ƐĆŽ ĚŝĨĞƌĞŶƚĞƐ͍ ͮ WĂůĞƐƚƌĂŶƚĞ͗ ƌĂ͘ :ŽĐŝůĞŝĚĞ ^ĂůĞƐ ĂŵƉŽƐ ϭϭŚϬϬ Ͳ ϭϭŚϮϬ Ͳ ĞďĂƚĞ
ϭϭŚϮϬ Ͳ ϭϮŚϬϬ
ŽŽƌĚĞŶĂĚŽƌĂ͗ ƌĂ͘ :ŽĐŝůĞŝĚĞ ^ĂůĞƐ ĂŵƉŽƐ DŝŶŝĐŽŶĨĞƌġŶĐŝĂ ƐƉĞĐƚŽƐ ĠƟĐŽƐ Ğŵ ƉĞĚŝĂƚƌŝĂ͗ Ž ƐŝŐŝůŽ͕ Ă ĐŽŶĮĚĞŶĐŝĂůŝĚĂĚĞ Ğ Ă ƉƌŝǀĂĐŝĚĂĚĞ ŽŶĨĞƌĞŶĐŝƐƚĂ͗ ƌ͘ ,ĞůǀĠĐŝŽ EĞǀĞƐ &ĞŝƚŽƐĂ
/Ed Zs >K
ϭϮŚϬϬ Ͳ ϭϰŚϬϬ
ϭϰŚϬϬ Ͳ ϭϱŚϮϬ
ŽŽƌĚĞŶĂĚŽƌĂ͗ ƌĂ͘ ǀĞůŝŶĞ ĂŵƉŽƐ DŽŶƚĞŝƌŽ ĚĞ ĂƐƚƌŽ WĂŝŶĞů dĞƐƚĞƐ ĚĞ ZĂƐƚƌĞĂŵĞŶƚŽ EĞŽŶĂƚĂů͗ ƉƌĠ Ğ ƉſƐ ĂůƚĂ ŚŽƐƉŝƚĂůĂƌ͘ YƵĂů Ă &ŝŶĂůŝĚĂĚĞ͍ ͮ WĂůĞƐƚƌĂŶƚĞ͗ ƌ͘ :ŽĆŽ KƐŵŝƌŽ ĂƌƌĞƚŽ ůĞŝƚĂŵĞŶƚŽ DĂƚĞƌŶŽ Ğ ůŝŵĞŶƚĂĕĆŽ ŽŵƉůĞŵĞŶƚĂƌ ͮ WĂůĞƐƚƌĂŶƚĞ͗ ƌĂ͘ ŝǀĂ ĚĞ >ŽƵƌĚĞƐ njĞǀĞĚŽ &ĞƌŶĂŶĚĞƐ ϭϱŚϬϬ Ͳ ϭϱŚϮϬ Ͳ /ŶƚĞƌĂĕĆŽ ĐŽŵ Ă ƉůĂƚĞŝĂ
ϭϱŚϮϬ Ͳ ϭϲŚϬϬ
ŽŽƌĚĞŶĂĚŽƌ͗ ƌ͘ :ŽĆŽ KƐŵŝƌŽ ĂƌƌĞƚŽ ŽŶĨĞƌġŶĐŝĂ /ĚĞŶƟĮĐĂŶĚŽ Ž ĚĞƐĞŶǀŽůǀŝŵĞŶƚŽ ŶŽƌŵĂů͗ƉŽƌƋƵĞ ƵƐĂƌ Ž /D ͍ ŽŵŽ ƵƐĂƌ Ă ĐĂĚĞƌŶĞƚĂ ĚĂ ĐƌŝĂŶĕĂ͘ ŽŶĨĞƌĞŶĐŝƐƚĂ͗ ƌĂ͘ ŶĂ WĂƵůĂ DŽŶƚĞŶĞŐƌŽ
K&& Ͳ Z <
ϭϲŚϬϬ Ͳ ϭϰŚϮϬ ϭϲŚϮϬ Ͳ ϭϳŚϬϬ
ŽŽƌĚĞŶĂĚŽƌĂ͗ ƌĂ͘ DĂƌŝĂ EŝĐſ ĂŵƉĞůŽ ƵĂƌƚĞ ŽŶĨĞƌġŶĐŝĂ dƌĂŶƐƚŽƌŶŽ ĚŽ ĞƐƉĞĐƚƌŽ ĂƵƟƐƚĂ͗ Ž ƋƵĞ ŚĄ ŶŽǀŽ͍ ŽŶĨĞƌĞŶĐŝƐƚĂ͗ ƌ͘ ^ĄǀŝŽ ĂůĚĂƐ ůĞŶĐĂƌ
ϭϳŚϬϬ Ͳ ϭϴŚϬϬ
ŽŽƌĚĞŶĂĚŽƌĂ͗ ƌĂ͘ ŝǀĂ ĚĞ >ŽƵƌĚĞƐ njĞǀĞĚŽ &ĞƌŶĂŶĚĞƐ WĂŝŶĞů ĞƌŵĂƚŽůŽŐŝĂ ϭϳŚϬϬ Ͳ ϭϳŚϮϬ Ͳ >ĞƐƁĞƐ ĐƵƚąŶĞĂƐ ƋƵĞ Ž ƉĞĚŝĂƚƌĂ ĚĞǀĞ ƌĞĐŽŶŚĞĐĞƌ Ğ ĞŶĐĂŵŝŶŚĂƌ ͮ WĂůĞƐƚƌĂŶƚĞ͗ ƌĂ͘ DĂƌŝĂ ƌĂĐŝ ĚĞ ŶĚƌĂĚĞ WŽŶƚĞƐ ϭϳŚϮϬ Ͳ ϭϳŚϰϬ Ͳ ^ĞƐƐĆŽ ĚĞ ŝŵĂŐĞŶƐ ͮ WĂůĞƐƚƌĂŶƚĞ͗ ƌ͘ ŶƚƀŶŝŽ ZĞŶġ ŝſŐĞŶĞƐ ĚĞ ^ŽƵƐĂ ϭϳŚϰϬ Ͳ ϭϴŚϬϬ Ͳ /ŶƚĞƌĂĕĆŽ ĐŽŵ Ă ƉůĂƚĞŝĂ
^ > ϱ Ͳ ^ EdKZ/E/ ϭϬ >1E/ D /
,KZ Z/K
ϬϴŚϬϬ Ͳ ϬϵŚϬϬ
ŽŽƌĚĞŶĂĚŽƌ͗ ƌ͘ ƌƵŶŽ ĞnjĞƌƌĂ ĚĞ DĞŶĞnjĞƐ ĂǀĂůĐĂŶƚĞ WĂůĞƐƚƌĂ ŽŶĚƵƚĂ ĚŽ ĐůşŶŝĐŽ ƉĞƌĂŶƚĞ ĂƐ ĚŽĞŶĕĂƐ ĂƵƚŽŝŵƵŶĞƐ WĂůĞƐƚƌĂŶƚĞƐ͗ ƌ͘ &ƌĂŶĐŝƐĐŽ dŚĞŽŐĞŶĞƐ DĂĐĞĚŽ ^ŝůǀĂ ƌĂ͘ DĂƌŝĂ ZŽƐĞůŝ DŽŶƚĞŝƌŽ ĂůůĂĚŽ
ϬϵŚϬϬ Ͳ ϭϬŚϬϬ
ŽŽƌĚĞŶĂĚŽƌ͗ ƌ͘ >ĞŽ WŝƌĞƐ ŽƌƚĞnj WĂůĞƐƚƌĂ ďŽƌĚĂŐĞŵ ĚŽ ƉĂĐŝĞŶƚĞ ĐŽŵ ƉŽůŝŶĞƵƌŽƉĂƟĂ WĂůĞƐƚƌĂŶƚĞƐ͗ ƌ͘ ůĞŽŶŝƐŝŽ >ĞŝƚĞ ZŽĚƌŝŐƵĞƐ
/Ed Zs >K
ϭϬŚϬϬ Ͳ ϭϬŚϮϬ
ϭϬŚϮϬ Ͳ ϭϮŚϬϬ
ŽŽƌĚĞŶĂĚŽƌ͗ ƌ͘ ZŽďĞƌƚŽ DĞůŽ ĂƌĚŽƐŽ DĞƐĂ ZĞĚŽŶĚĂ ƵŝĚĂĚŽƐ ƉĂůŝĂƟǀŽƐ͗ ŶĞĐĞƐƐŝĚĂĚĞƐ Ğ ĞdžƉĞĐƚĂƟǀĂƐ WĂůĞƐƚƌĂŶƚĞƐ͗ ƌĂ͘ /ŶġƐ dĂǀĂƌĞƐ sĂůĞ Ğ DĞůŽ ƌ͘ :ŽƐĠ DĂƵƌŽ DĞŶĚĞƐ 'ŝĨŽŶŝ ƌĂ͘ WĞŶĠůŽƉĞ DĂƚŽƐ tŝƌƚnjďŝŬŝ
/Ed Zs >K
ϭϮŚϬϬ Ͳ ϭϰŚϬϬ ϭϰŚϬϬ Ͳ ϭϱŚϬϬ
ŽŽƌĚĞŶĂĚŽƌ͗ ƌ͘ ZĂŝŵƵŶĚŽ :ŽƐĞůĂŶŝŽ ĂƌŶĞŝƌŽ WĂůĞƐƚƌĂ džĂŵĞƐ ĐŽŵƉůĞŵĞŶƚĂƌĞƐ͗ ĐŽŶƐĞƋƵġŶĐŝĂ ĚĞ ĂŶĂŵŶĞƐĞ Ğ ĞdžĂŵĞ İƐŝĐŽ ďĞŵ ĨĞŝƚŽ ͮ WĂůĞƐƚƌĂŶƚĞ͗ ƌ͘ :ŽƐĠ tĂůƚĞƌ ŽƌƌĞŝĂ
ϭϱŚϬϬ Ͳ ϭϲŚϬϬ
ŽŽƌĚĞŶĂĚŽƌ͗ ƌ͘ KƚşůŝŽ :ŽƐĠ EŝĐŽůĂƵ ĚĞ KůŝǀĞŝƌĂ WĂůĞƐƚƌĂ dƌĂŶƐƚŽƌŶŽƐ ƉƐşƋƵŝĐŽƐ͗ ƌĞĐŽŶŚĞĐŝŵĞŶƚŽ Ğ ĐŽŶĚƵƚĂ ͮ WĂůĞƐƚƌĂŶƚĞ͗ ƌ͘ &ƌĂŶĐŝƐĐŽ 'ĞŽƌŐĞ DĂŐĂůŚĆĞƐ ĚĞ KůŝǀĞŝƌĂ
5HDOL]DomR
$SRLR
)RUWDOH]D
&25( ,1685$1&( &RUUHWRUD GH 6HJXURV
2UJDQL]DomR
9,, &21*5(662 &,(17t),&2 ( e7,&2 '2 &5(0(& 2
;; 9,, , 2
87
8%
52
0 e' ,&
;;9,,, 2878%52 0e',&2
&,&/2 '( '(%$7(6 '2 6,1',&$72 '26 0e',&26
WZK'Z D K / ϭϱ Khdh ZK /Ed Zs >K K&& Ͳ Z <
ϭϲŚϬϬ Ͳ ϭϲŚϮϬ
ϭϲŚϮϬ Ͳ ϭϴŚϬϬ
ŽŽƌĚĞŶĂĚŽƌ͗ ƌ͘ ŐůĂĞƌƚŽŶ ^ŝůǀĂ WŝŶŚĞŝƌŽ DĞƐĂ ZĞĚŽŶĚĂ DŽƌƚĞ ĞŶĐĞĨĄůŝĐĂ͗ ĚŝůĞŵĂƐ Ğ ĞƐĐůĂƌĞĐŝŵĞŶƚŽƐ WĂůĞƐƚƌĂŶƚĞƐ͗ ƌĂ͘ ^ĂŶĚƌĂ >ƷĐŝĂ DŝĐŚŝůĞƐ ^ĂŶƚŽƐ ƌĂ͘ ůŝĂŶĂ ZĠŐŝĂ ĂƌďŽƐĂ ĚĞ ůŵĞŝĚĂ
^ > ϲ Ͳ ^^ Ϯ >1E/ /ZjZ'/
,KZ Z/K
ŽŽƌĚĞŶĂĚŽƌĂ͗ WƌŽĨǐ ŶŶLJĂ DĂĐĞĚŽ 'ŽĞƐ
ϬϴŚϬϬ Ͳ ϭϬŚϬϬ
DĞƐĂ ZĞĚŽŶĚĂ &ŽƌŵĂĕĆŽ ĚŽ ŝƌƵƌŐŝĆŽ ϬϴŚϬϬͲϬϴŚϯϬ ʹ ƌĞƐŝĚġŶĐŝĂ Ğŵ ĐŝƌƵƌŐŝĂ ŐĞƌĂů ĨŽƌŵĂ Ƶŵ ĞƐƉĞĐŝĂůŝƐƚĂ͍ WĂůĞƐƚƌĂŶƚĞ͗ WƌŽĨ͘ ,ĞůĄĚŝŽ &ĞŝƚŽƐĂ &ŝůŚŽ ϬϴŚϯϬͲϬϵŚϬϬ ʹ ZĞƐŝĚġŶĐŝĂ Ğŵ ĐŝƌƵƌŐŝĂ ŐĞƌĂů͘ WƌĞĐŝƐĂŵŽƐ Ƶŵ ŶŽǀŽ ŵŽĚĞůŽ͍ WĂůĞƐƚƌĂŶƚĞ͗ WƌŽĨ͘ ZŽďĞƌƚŽ ^ĂĂĚ :ƷŶŝŽƌ ϬϵŚϬϬͲϬϵŚϯϬ ʹ ^ŝŵƵůĂĕĆŽ ŶĂ ĨŽƌŵĂĕĆŽ ĚŽ ĐŝƌƵƌŐŝĆŽ ʹ ŶŽǀŽ ƉĂƌĂĚŝŐŵĂ͍ WĂůĞƐƚƌĂŶƚĞ͗ WƌŽĨ͘ >Ƶŝnj 'ŽŶnjĂŐĂ ĚĞ DŽƵƌĂ :ƷŶŝŽƌ ;ǀŝĚĞŽͿ ϬϵŚϯϬͲ ϭϬŚϬϬ ʹ ŝƐĐƵƐƐĆŽ
/Ed Zs >K
ϭϬŚϮϬ Ͳ ϭϬŚϮϬ
ŽŽƌĚĞŶĂĚŽƌ͗ WƌŽĨ͘ ,ĞůĄĚŝŽ &ĞŝƚŽƐĂ &ŝůŚŽ
ϭϬŚϮϬ Ͳ ϭϮŚϬϬ
ŽŶĨĞƌġŶĐŝĂ ^ĞŐƵƌĂŶĕĂ Ğŵ ŝƌƵƌŐŝĂ ϭϬŚϮϬͲϭϭŚϬϬ ʹ ŶƚĞŶĚĞŶĚŽ Ă ůſŐŝĐĂ ĚŽƐ ƉƌŽĐĞƐƐŽƐ ŵĠĚŝĐŽƐ WĂůĞƐƚƌĂŶƚĞ͗ WƌŽĨ͘ ZŽďĞƌƚŽ ^ĂĂĚ :ƷŶŝŽƌ ϭϭŚϬϬͲϭϭŚϰϬ ʹ WƌŽũĞƚŽ ĂĐĞƌƚŽ͘ hŵ ĚŝĨĞƌĞŶĐŝĂů͍ WĂůĞƐƚƌĂŶƚĞ͗ WƌŽĨ͘ ,ĞůĄĚŝŽ &ĞŝƚŽƐĂ &ŝůŚŽ ϭϭŚϰϬͲϭϮŚϬϬ ʹ ŝƐĐƵƐƐĆŽ
/Ed Zs >K
ϭϮŚϬϬ Ͳ ϭϰŚϬϬ
ŽŽƌĚĞŶĂĚŽƌ͗ ƌ͘ ůĞƐƐĂŶĚƌŝŶŽ dĞƌĐĞŝƌŽ ĚĞ KůŝǀĞŝƌĂ DĞƐĂ ZĞĚŽŶĚĂ >ŝơĂƐĞ ďŝůŝĂƌ ƐŽď Ă ƉĞƌƐƉĞĐƟǀĂ ĚŽ͗ ϭϰŚϬϬ Ͳ ϭϲŚϬϬ
ϭϰŚϬϬͲϭϰŚϯϬ ʹ 'ĂƐƚƌŽĞŶƚĞƌŽůŽŐŝƐƚĂ WĂůĞƐƚƌĂŶƚĞ͗ ƌ͘ >ƷĐŝŽ ƀƌƚĞƐ ĚŽƐ ŶũŽƐ ϭϰŚϯϬͲϭϱŚϬϬ ʹ ŝƌƵƌŐŝĆŽ WĂůĞƐƚƌĂŶƚĞ͗ ƌ͘ :ŽĆŽ KĚŝůŽ 'ŽůĕĂůǀĞƐ WŝŶƚŽ ϭϱŚϬϬͲϭϱŚϯϬ ʹ WĂŶĐƌĞĂƟƚĞ ŝůŝĂƌ WĂůĞƐƚƌĂŶƚĞ͗ ƌ͘ DĂƌĐĞůůƵƐ >ŽLJŽůĂ WŽŶƚĞƐ ϭϱŚϯϬͲϭϲŚϬϬ ʹ ŝƐĐƵƐƐĆŽ
K&& Ͳ Z <
ϭϲŚϬϬ Ͳ ϭϲŚϮϬ ŽŽƌĚĞŶĂĚŽƌ͗ WƌŽĨ͘ &ƌĂŶĐŝƐĐŽ ,ĞŝŶĞ DĂĐŚĂĚŽ
ϭϲŚϮϬ Ͳ ϭϳŚϬϬ
DĞƐĂ ZĞĚŽŶĚĂ ^ĂůĂ ĚĞ ŵĞƌŐġŶĐŝĂ ϭϲŚϮϬͲϭϲŚϰϱ ʹ YƵĂŶĚŽ ŝŶĚŝĐĂƌ Ă ĚƌĞŶĂŐĞŵ ĚŽ ƚſƌĂdž ŶĂ ĞŵĞƌŐġŶĐŝĂ͍ WĂůĞƐƚƌĂŶƚĞ͗ WƌŽĨ͘ ZŽďĞƌƚŽ ^ĂĂĚ :ƷŶŝŽƌ ϭϲŚϰϱͲϭϳŚϭϬ ʹ YƵĂŶĚŽ Ğ ĐŽŵŽ ƚƌĂŶƐĨƵŶĚŝƌ ŶĂ ĞŵĞƌŐġŶĐŝĂ͍ WĂůĞƐƚƌĂŶƚĞ͗ ƌ͘ >ŝŶĚĞŵďĞƌŐ ŽƐƚĂ >ŝŵĂ ϭϳŚϭϬͲϭϳŚϯϱ ʹ dƌĂƚĂŵĞŶƚŽ ĐŽŶƐĞƌǀĂĚŽƌ ĚĂ ĂƉĞŶĚŝĐŝƚĞ ĂŐƵĚĂ͘ ƉŽƐƐşǀĞů͍ WĂůĞƐƚƌĂŶƚĞ͗ ƌ͘ &ƌĂŶĐŝƐĐŽ EĞLJ >ĞŵŽƐ ϭϳŚϯϱͲϭϴŚϬϬ ʹ ŝƐĐƵƐƐĆŽ
^ > ϳ Ͳ ^^ ,KZ Z/K ϭϵŚϯϬ Ͳ ϮϬŚϯϬ
^ ^^ K ^K> E ZdhZ
5HDOL]DomR
$SRLR
)RUWDOH]D
&25( ,1685$1&( &RUUHWRUD GH 6HJXURV
2UJDQL]DomR
;; 9,, , 2
87
8%
52
0 e' ,&
2
9,, &21*5(662 &,(17t),&2 ( e7,&2 '2 &5(0(&
;;9,,, 2878%52 0e',&2
&,&/2 '( '(%$7(6 '2 6,1',&$72 '26 0e',&26
WZK'Z D K / ϭϲ Khdh ZK ^ > ϭ Ͳ W dZ ^ D / /E D Z' E /
,KZ Z/K ϬϴŚϬϬ Ͳ ϭϬŚϬϬ
ŽŽƌĚĞŶĂĚŽƌ͗ ƌ͘ 'ĞŽƌŐĞ DĂŐĂůŚĆĞƐ ŝĐůŽ ĚĞ WĂůĞƐƚƌĂƐ hƌŐġŶĐŝĂƐ ĐŝƌƷƌŐŝĐĂƐ ŶŽ ƐĞƌǀŝĕŽ ĚĞ ĞŵĞƌŐġŶĐŝĂ dĞƌĐŝĄƌŝĂ
ϬϴŚϬϬ Ͳ ϬϴŚϰϬ
DĂŶĞũŽ ĐŽŶƐĞƌǀĂĚŽƌ ĚŽ ƚƌĂƵŵĂ ĂďĚŽŵŝŶĂů ͮ WĂůĞƐƚƌĂŶƚĞ͗ ƌ͘ 'ůĞLJĚƐŽŶ ĞƐĂƌ ŽƌŐĞƐ
ϬϴŚϰϬ Ͳ ϬϵŚϮϬ
dƌĂƵŵĂ ƚŽƌĄĐŝĐŽ ŐƌĂǀĞ ʹ DĂŶĞũŽ ĐŝƌƷƌŐŝĐŽ Ğŵ ŵĞƌŐġŶĐŝĂ dĞƌĐŝĄƌŝĂ ͮ W ĂůĞƐƚƌĂŶƚĞ͗ ƌ͘ EĞǁƚŽŶ ůďƵƋƵĞƌƋƵĞ
ϬϵŚϮϬ Ͳ ϭϬŚϬϬ
DĂŶĞũŽ ĂƚƵĂů ĚŽ ƚƌĂŵĂ ŐĞŶŝƚŽƵƌŝŶĂƌŝŽ ͮ WĂůĞƐƚƌĂŶƚĞ͗ ƌ͘ 'ĞŽƌŐĞ DĂŐĂůŚĆĞƐ
/Ed Zs >K
ϭϬŚϬϬ Ͳ ϭϬŚϮϬ ϭϬŚϮϬ Ͳ ϭϭŚϬϬ
ŵĞƌŐġŶĐŝĂƐ ďĚŽŵŝŶĂŝƐ sĂƐĐƵůĂƌĞƐ Ğ ŵĂŶĞũŽ ĐŝƌƷƌŐŝĐŽ Ğŵ ŵĞƌŐġŶĐŝĂ dĞƌĐŝĄƌŝĂ ͮ WĂůĞƐƚƌĂŶƚĞ͗ ƌ͘ &ƌĞĚ >ŝŶŚĂƌĞƐ
ϭϭŚϬϬ Ͳ ϭϭŚϰϬ
ZĂĚŝŽůŽŐŝĂ ŶĂ ^ĂůĂ ĚĞ hƌŐġŶĐŝĂ ͮ WĂůĞƐƚƌĂŶƚĞ͗ ƌ͘ :ŽƐĠ ĂƌůŽƐ 'ŽĚĞŝƌŽ
ϭϭŚϰϬ Ͳ ϭϮŚϬϬ
ŽŶĚƵƚĂ ĨƌĞŶƚĞ ĂŽ ƚƌĂƵŵĂ ĐƌĂŶŝŽĞŶĐĞĨĄůŝĐŽ ĨŽƌĂ ĚĂ ƵŶŝĚĂĚĞ ƚĞƌĐŝĄƌŝĂ ͮ WĂůĞƐƚƌĂŶƚĞ͗ ƌ͘ DŽLJƐĞƐ >ŽLJŽůĂ WŽŶƚĞ
/Ed Zs >K
ϭϮŚϬϬ Ͳ ϭϯŚϯϬ
/Ed Zs >K
WZ ^ Ed K dZ >,K^ / Ed1&/ K^
,KZ Z/K ϭϯŚϯϬ Ͳ ϭϯŚϰϬ
/^^ K &Z/K K KZ^K D & dK KDK /E^dZhD EdK WZ E / K E^/EK E dKD/
ϭϯŚϰϬ Ͳ ϭϯŚϱϬ
E >/^ W/ D/K>M'/ W / Ed ^ /Ed ZE K^ KD ^/ D ,K^W/d > Z & Z E / /E& dK>K'/ EK EK ϮϬϭϰ
ϭϯŚϱϬ Ͳ ϭϰŚϬϬ
s >/ K ^ EKd/&/ O ^ K^ ^K^ EKsK^ d y /E / E / > /^,D E/K^ s/^ Z > EK ^d K K Z Z ^/>͕ EdZ K^ EK^ ϮϬϬϬ ϮϬϭϮ͘
ϭϰŚϬϬ Ͳ ϭϲŚϬϬ
y/ / K WN^d Z ^ /'/d /^
K&& Ͳ Z <
ϭϲŚϬϬ Ͳ ϭϲŚϮϬ
,KD KW d/
,KZ Z/K ϭϲŚϮϬ Ͳ ϭϳŚϭϬ
ŽŽƌĚĞŶĂĚŽƌĂ͗ ƌĂ͘ >ĞŝůĂ sĞƌƀŶŝĐĂ ĚĂ ŽƐƚĂ ůďƵƋƵĞƌƋƵĞ WĂůĞƐƚƌĂ ,ŽŵĞŽƉĂƟĂ͗ hŵĂ ŵĞĚŝĐŝŶĂ ĐĞŶƚƌĂĚĂ ŶĂ WĞƐƐŽĂ ͮ WĂůĞƐƚƌĂŶƚĞ͗ ƌ͘ ůůĂŶ ĞŶŝnjĂƌĚ DŽƚĂ DĂƌŝŶŚŽ
ϭϳŚϭϬ Ͳ ϭϴŚϬϬ
ŽŽƌĚĞŶĂĚŽƌĂ͗ ƌĂ͘ >ĞŝůĂ sĞƌƀŶŝĐĂ ĚĂ ŽƐƚĂ ůďƵƋƵĞƌƋƵĞ WĂůĞƐƚƌĂ /ŵƉŽƌƚąŶĐŝĂ ĚĂ ďŽƌĚĂŐĞŵ ,ŽŵĞŽƉĄƟĐĂ ƉĂƌĂ Ă ŵƵĚĂŶĕĂ ĚĞ ƉĂƌĂĚŝŐŵĂ ŶŽ ŶƐŝŶŽ͘ WĂůĞƐƚƌĂŶƚĞ͗ ƌĂ͘ >ĞŝůĂ sĞƌƀŶŝĐĂ ĚĂ ŽƐƚĂ ůďƵƋƵĞƌƋƵĞ
^ > Ϯ Ͳ Z'K^ D / /E & D1>/ KDhE/
,KZ Z/K
ϬϴŚϬϬ Ͳ ϭϬŚϬϬ
ŽŽƌĚĞŶĂĚŽƌ͗ >ĞĂŶĚƌŽ ƌĂƷũŽ ĚĂ ŽƐƚĂ DĞƐĂ ƌĞĚŽŶĚĂ ^ĂƷĚĞ ĚĂ &ĂŵşůŝĂ Ġ ƉŽƐƐşǀĞů Ğŵ ƚĞƌƌŝƚſƌŝŽƐ ǀƵůŶĞƌĄǀĞŝƐ ŵĂƌĐĂĚŽƐ ƉŽƌ ƉƌĄƟĐĂƐ ĚĞ ǀŝŽůġŶĐŝĂ ϬϴŚϬϬͲϬϴŚϯϬ Ͳ ZĞĐĞƉĕĆŽ ĚŽƐ ƉĂƌƟĐŝƉĂŶƚĞƐ ϬϴŚϯϬͲϬϵŚϬϬ Ͳ ŝŶƐĞƌĕĆŽ ĚŽ ŵĠĚŝĐŽ ĚĞ ĨĂŵşůŝĂ ŶŽ ƚĞƌƌŝƚſƌŝŽ ǀƵůŶĞƌĄǀĞů ŵĂƌĐĂĚŽ ƉŽƌ ƉƌĄƟĐĂƐ ĚĞ ǀŝŽůġŶĐŝĂ WĂůĞƐƚƌĂŶƚĞ͗ ƌĂ͘ dĂƟĂŶĂ DŽŶƚĞŝƌŽ &ŝƷnjĂ ϬϵŚϬϬͲϬϵŚϭϱ Ͳ ƵŝĚĂŶĚŽ ĚĂ ƐĂƷĚĞ Ğŵ ƚĞƌƌŝƚſƌŝŽ ŵĂƌĐĂĚŽ ƉŽƌ ƉƌĄƟĐĂƐ ĚĞ ǀŝŽůġŶĐŝĂ ʹ ƉĂƌƚĞ ϭ WĂůĞƐƚƌĂŶƚĞ͗ DĂƌŝĂ ^ŝůǀĞƌůĂŶĞ ŝĂƐ ʹ ŐĞŶƚĞ ĐŽŵƵŶŝƚĄƌŝĂ ĚĞ ƐĂƷĚĞ ϬϵŚϭϱͲϬϵŚϯϬ Ͳ ƵŝĚĂŶĚŽ ĚĂ ƐĂƷĚĞ Ğŵ ƚĞƌƌŝƚſƌŝŽ ŵĂƌĐĂĚŽ ƉŽƌ ƉƌĄƟĐĂƐ ĚĞ ǀŝŽůġŶĐŝĂ ʹ ƉĂƌƚĞ Ϯ WĂůĞƐƚƌĂŶƚĞ͗ DĂƌŝĂ ƚĂƟĂŶ ƌĂƷũŽ ʹ ƉĂƌƚĞ Ϯ ʹ ŐĞŶƚĞ ĐŽŵƵŶŝƚĄƌŝĂ ĚĞ ƐĂƷĚĞ ϬϵŚϯϬͲϬϵŚϰϱ Ͳ dŽƌŶĂŶĚŽ ĂĚŽůĞƐĐĞŶƚĞ Ğŵ ƚĞƌƌŝƚſƌŝŽ ŵĂƌĐĂĚŽ ƉŽƌ ƉƌĄƟĐĂƐ ĚĞ ǀŝŽůġŶĐŝĂ WĂůĞƐƚƌĂŶƚĞ͗ ƌƵŶĂ ZŽĚƌŝŐƵĞƐʹ ŵŽƌĂĚŽƌĂ ĚĂ ĐŽŵƵŶŝĚĂĚĞ ĂĚƐĐƌŝƚĂ ĂŽ ĞŶƚƌŽ ĚĞ ^ĂƷĚĞ >ŝŶĞƵ :ƵĐĄ ϬϵŚϰϱͲϭϬŚϬϬ Ͳ ĞďĂƚĞ ĐŽŵ Ž ƉƷďůŝĐŽ
/Ed Zs >K
ϭϬŚϬϬ Ͳ ϭϬŚϮϬ
ϭϬŚϮϬ Ͳ ϭϮŚϬϬ
;ĐŽŶƟŶƵĂĕĆŽͿ DĞƐĂ ZĞĚŽŶĚĂ ^ĂƷĚĞ ĚĂ &ĂŵşůŝĂ Ġ ƉŽƐƐşǀĞů Ğŵ ƚĞƌƌŝƚſƌŝŽƐ ǀƵůŶĞƌĄǀĞŝƐ ŵĂƌĐĂĚŽƐ ƉŽƌ ƉƌĄƟĐĂƐ ĚĞ ǀŝŽůġŶĐŝĂ ϭϬŚϮϬͲϭϬŚϰϬ ʹ ĨŽƌŵĂĕĆŽ ĚŽ ƌĞƐŝĚĞŶƚĞ ĚĞ D& Ğŵ ƚĞƌƌŝƚſƌŝŽ ŵĂƌĐĂĚŽ ƉŽƌ ƉƌĄƟĐĂƐ ĚĞ ǀŝŽůġŶĐŝĂ͗ ĐŽŵƉĂƌƟůŚĂŶĚŽ ǀŝǀĞŶĐŝĂƐ Ͳ ƉĂƌƚĞ Ϯ WĂůĞƐƚƌĂŶƚĞ͗ :ŽĆŽ ŶƚƀŶŝŽ ĚĞ ůŵĞŝĚĂ ʹ ZϮ ĚĞ DĞĚŝĐŝŶĂ ĚĞ &ĂŵşůŝĂ Ğ ŽŵƵŶŝĚĂĚĞ ϭϬŚϰϬͲϭϭŚϬϬ Ͳ ĨŽƌŵĂĕĆŽ ĚŽ ƌĞƐŝĚĞŶƚĞ ĚĞ D& Ğŵ ƚĞƌƌŝƚſƌŝŽ ŵĂƌĐĂĚŽ ƉŽƌ ƉƌĄƟĐĂƐ ĚĞ ǀŝŽůġŶĐŝĂ͗ ĐŽŵƉĂƌƟůŚĂŶĚŽ ǀŝǀĞŶĐŝĂƐ Ͳ ƉĂƌƚĞ ϭ WĂůĞƐƚƌĂŶƚĞ͗ ZĂĨĂĞůĂ zĂƐŵŝŶĞ ĚĞ ^ŽƵƐĂ &ĞƌƌĞŝƌĂ ʹ Zϭ ĚĞ DĞĚŝĐŝŶĂ ĚĞ &ĂŵşůŝĂ Ğ ŽŵƵŶŝĚĂĚĞ ϭϭŚϬϬͲϭϭŚϮϬ Ͳ h ŶĂ ĐŽŵƵŶŝĚĂĚĞ͗ ĚŝĄůŽŐŽƐ ƐŽĐŝŽĞĚƵĐĂƟǀŽƐ Ğŵ ƚĞƌƌŝƚſƌŝŽ ŵĂƌĐĂĚŽ ƉŽƌ ƉƌĄƟĐĂƐ ĚĞ ǀŝŽůġŶĐŝĂ ʹ ƉĂƌƚĞ ϭ WĂůĞƐƚƌĂŶƚĞ͗ ůĠĐŝŽ &ĞƌŶĂŶĚĞƐ ʹ ĚƵĐĂĚŽƌ ^ŽĐŝĂů ϭϭŚϮϬͲϭϭŚϰϬ Ͳ h ŶĂ ĐŽŵƵŶŝĚĂĚĞ͗ ĚŝĄůŽŐŽƐ ƐŽĐŝŽĞĚƵĐĂƟǀŽƐ Ğŵ ƚĞƌƌŝƚſƌŝŽ ŵĂƌĐĂĚŽ ƉŽƌ ƉƌĄƟĐĂƐ ĚĞ ǀŝŽůġŶĐŝĂ ʹ ƉĂƌƚĞ Ϯ WĂůĞƐƚƌĂŶƚĞ͗ ZŽďĞƌƚŽ &ĞƌƌĞŝƌĂ ʹ ĚƵĐĂĚŽƌ ^ŽĐŝĂů ϭϭŚϰϬͲϭϮŚϬϬ Ͳ ĞďĂƚĞ ĐŽŵ Ž ƉƷďůŝĐŽ
5HDOL]DomR
$SRLR
)RUWDOH]D
&25( ,1685$1&( &RUUHWRUD GH 6HJXURV
2UJDQL]DomR
;; 9,, , 2
87
8%
52
0 e' ,&
2
9,, &21*5(662 &,(17t),&2 ( e7,&2 '2 &5(0(&
;;9,,, 2878%52 0e',&2
&,&/2 '( '(%$7(6 '2 6,1',&$72 '26 0e',&26
WZK'Z D K / ϭϲ Khdh ZK /Ed Zs >K WZ ^ Ed K dZ >,K^ / Ed1&/ K^
ϭϮŚϬϬ Ͳ ϭϯŚϯϬ ,KZ Z/K ϭϯŚϯϬ Ͳ ϭϯŚϰϬ
W Z&/> W/ D/K>M'/ K s1d/D ^ h^K ^ yh > D &KZd > Z '/ K D dZKWK>/d E
ϭϯŚϰϬ Ͳ ϭϰŚϬϬ
E >/^ ^ EKd/&/ O ^ K^ ^K^ EKsK^ d y /E / E / E'h EK ^d K K Z ͕ EdZ K^ EK^ ϮϬϬϬ ϮϬϭϮ
ϭϰŚϬϬ Ͳ ϭϲŚϬϬ
ŽŽƌĚĞŶĂĚŽƌ͗ >ĞĂŶĚƌŽ ƌĂƷũŽ ĚĂ ŽƐƚĂ DĞƐĂ ZĞĚŽŶĚĂ ƌĂƐŝů͕ Ž ĐĂŵƉĞĆŽ ŵƵŶĚŝĂů Ğŵ ĐŽŶƐƵŵŽ ĚĞ ĂŐƌŽƚſdžŝĐŽƐ͗ Ƶŵ ĂůĞƌƚĂ ƐŽďƌĞ ŽƐ ŝŵƉĂĐƚŽƐ ƉĂƌĂ Ă ƐĂƷĚĞ ϭϰŚϬϬͲϭϰŚϯϬ Ͳ hŵ ĂůĞƌƚĂ ƐŽďƌĞ ŽƐ ŝŵƉĂĐƚŽ ĚŽƐ ĂŐƌŽƚſdžŝĐŽƐ ŶĂ ƐĂƷĚĞ͗ ĚŽƐƐŝġ ĚĂ ďƌĂƐĐŽ͘ ͮ WĂůĞƐƚƌĂŶƚĞ͗ ůŝŶĞ 'ƵƌŐĞů ʹ WĞƐƋƵŝƐĂĚŽƌĂ ĚĂ &ŝŽĐƌƵnj ϭϰŚϯϬͲϭϱŚϬϬ Ͳ ŶŽǀĂ ůĞŝ ĞƐƚĂĚƵĂů ĚŽƐ ĂŐƌŽƚſdžŝĐŽƐ Ğ ŽƐ ŝŵƉĂĐƚŽƐ ŶĂ ƐĂƷĚĞ WĂůĞƐƚƌĂŶƚĞ͗ dĂůŝƚĂ &ƵƌƚĂĚŽ ʹ ĚǀŽŐĂĚĂ ĚĂ Z E W ;ZĞĚĞ EĂĐŝŽŶĂů ĚĞ ĚǀŽŐĂĚŽƐ WŽƉƵůĂƌĞƐͿ ϭϱŚϬϬͲϭϱŚϯϬ Ͳ ^ŽďĞƌĂŶŝĂ ĂůŝŵĞŶƚĂƌ Ğ ĂůŝŵĞŶƚĂĕĆŽ ĂŐƌŽĞĐŽůſŐŝĐĂ ͮ WĂůĞƐƚƌĂŶƚĞ͗ EĞŝůĂ ^ĂŶƚŽƐ ʹ &ŽƌŵĂĕĆŽ Ğŵ ĐŽŶŽŵŝĂ ĚŽŵĠƐƟĐĂ ϭϱŚϯϬͲϭϲŚϬϬ Ͳ ŐƌŽƚſdžŝĐŽƐ͗ ƌĞůĂĕĆŽ ĞŶƚƌĞ ƚƌĂďĂůŚŽ͕ ƐĂƷĚĞ Ğ ŵĞŝŽ ĂŵďŝĞŶƚĞ͘ ͮ WĂůĞƐƚƌĂŶƚĞ͗ ĚĂ ƌŝƐƟŶĂ
K&& Ͳ Z <
ϭϲŚϬϬ Ͳ ϭϲŚϮϬ
ϭϲŚϮϬ Ͳ ϭϳŚϯϬ
;ĐŽŶƟŶƵĂĕĆŽͿ DĞƐĂ ZĞĚŽŶĚĂ ƌĂƐŝů͕ Ž ĐĂŵƉĞĆŽ ŵƵŶĚŝĂů Ğŵ ĐŽŶƐƵŵŽ ĚĞ ĂŐƌŽƚſdžŝĐŽƐ͗ Ƶŵ ĂůĞƌƚĂ ƐŽďƌĞ ŽƐ ŝŵƉĂĐƚŽƐ ƉĂƌĂ Ă ƐĂƷĚĞ ϭϲŚϮϬ Ͳ ϭϳŚϬϬ Ͳ DŽǀŝŵĞŶƚŽƐ ƐŽĐŝĂŝƐ Ğ ŵĠĚŝĐŽƐ ƉŽƉƵůĂƌĞƐ͗ ŶĂ ĐĂŵƉĂŶŚĂ ĐŽŶƚƌĂ ŽƐ ĂŐƌŽƚſdžŝĐŽƐ Ğ Ğŵ ĚĞĨĞƐĂ ĚĂ ǀŝĚĂ͘ WĂůĞƐƚƌĂŶƚĞ͗ DĂƌŝĂ ĚĂ WĂnj &ĞŝƚŽƐĂ ʹ DĠĚŝĐĂ ĚĂ ƌĞĚĞ ŶĂĐŝŽŶĂů ĚĞ ŵĠĚŝĐŽƐ Ğ ŵĠĚŝĐĂƐ ƉŽƉƵůĂƌĞƐ Ğ ŝŶƚĞŐƌĂŶƚĞ ĚŽ D^d͘ ϭϳŚϬϬͲϭϳŚϯϬ Ͳ ĞďĂƚĞ ĐŽŵ Ž ƉƷďůŝĐŽ
^ > ϯ Ͳ d E ^ '/E K>K'/ K ^d dZ1 /
,KZ Z/K
DŽĚĞƌĂĚŽƌ͗ ƌ͘ DĂŶŽĞů DĂƌƟŶƐ ĞďĂƚĞ
ϬϴŚϬϬ Ͳ ϭϬŚϬϬ
ŝƐƉŽŶŝďŝůŝĚĂĚĞ KďƐƚĠƚƌŝĐĂ ĞďĂƚĞĚŽƌĞƐ͗ ƌ͘ :ĂĚĞƌ ĂƌǀĂůŚŽ ƌĂ͘ >ŝĚƵŝŶĂ ZŽĐŚĂ ůďƵƋƵĞƌƋƵĞ
K&& Ͳ Z <
ϭϬŚϬϬ Ͳ ϭϬŚϮϬ
DŽĚĞƌĂĚŽƌĂ͗ ƌĂ͘ >ŝĚƵŝŶĂ ZŽĐŚĂ ůďƵƋƵĞƌƋƵĞ ϭϬŚϮϬ Ͳ ϭϮŚϬϬ
sŝŽůġŶĐŝĂ KďƐƚĠƚƌŝĐĂ ͬ ƐƐŝƐƚġŶĐŝĂ ĂŽ ƉĂƌƚŽ ĚŽŵŝĐŝůŝĂƌ ĞďĂƚĞ ĐŽŵ ĞƋƵŝƉĞ ŵƵůƟĚŝƐĐŝƉůŝŶĂƌ
ϭϮŚϬϬ Ͳ ϭϯŚϯϬ
/Ed Zs >K
,KZ Z/K
WZ ^ Ed K dZ >,K^ / Ed1&/ K^
ϭϯŚϯϬ Ͳ ϭϯŚϰϬ
E KD dZ/K^ W Z/dKE > D Z d ^͗ s >/ K K W ^K ^ K jD/ K ^h Z ^WK^d K D >Ky/ D K ^dZK' E/K͘
ϭϯŚϰϬ Ͳ ϭϯŚϱϬ
/E^ d/^& dMZ/K 1E / K ZdhZ D DK'Z &/ ͕ D dK K / 'EM^d/ K WZ K W Z E Z D D ͕ D Dh>, Z ^ EdZ ϱϬ ϲϵ EK^͕ WKZ E1s > E^/EK͕ ^ 'hE K hE/ & Z K͘
ϭϯŚϱϬ Ͳ ϭϰŚϬϬ
WZ s > E / M /dK^ & d /^ EK ,/^dMZ/ K Z WZK hd/sK D ^ W / Ed ^ KD &/^^hZ ^ KZK& / /^
ϭϰŚϬϬ Ͳ ϭϲŚϬϬ
DŽĚĞƌĂĚŽƌ͗ ƌ͘ :ĂĚĞƌ ĂƌǀĂůŚŽ ŵĞƌŐġŶĐŝĂ͗ ƐĂŶŐƌĂŵĞŶƚŽ ƵƚĞƌŝŶŽ ĂŶŽƌŵĂů ϭ͘ ŝĂŐŶſƐƟĐŽ Ϯ͘ dƌĂƚĂŵĞŶƚŽ ĐůşŶŝĐŽ Ğ ĐŝƌƷƌŐŝĐŽ ĞďĂƚĞĚŽƌĞƐ͗ ƌ͘ &ƌĂŶĐŝƐĐŽ ĚĂƐ ŚĂŐĂƐ DĞĚĞŝƌŽƐ ƌ͘ &ƌĂŶĐŝƐĐŽ EŽŐƵĞŝƌĂ ŚĂǀĞƐ ŽŵĞŶƚĂĚŽƌĞƐ ĚĞ ĐĂƐŽƐ͗ ƚƌĂƚĂŵĞŶƚŽ ĐůŝŶŝĐŽ͕ ƚƌĂƚĂŵĞŶƚŽ ĐŝƌƷƌŐŝĐŽ ĐŽŶƐĞƌǀĂĚŽƌ͕ ƚƌĂƚĂŵĞŶƚŽ ĐŝƌƷƌŐŝĐŽ ĚĞĮŶŝƟǀŽ͘
K&& Ͳ Z <
ϭϲŚϬϬ Ͳ ϭϲŚϮϬ ϭϲŚϮϬ Ͳ ϭϴŚϬϬ
ƚĞŶĕĆŽ ĄƐŝĐĂ WƌĞǀĞŶĕĆŽ ĚĞ ĐąŶĐĞƌ ĚĞ ĐŽůŽ ƵƚĞƌŝŶŽ͗ Ž ƋƵĞ ƚĞŵŽƐ Ğ Ž ƋƵĞ ƋƵĞƌĞŵŽƐ͍ ͮ WĂůĞƐƚƌĂŶƚĞ͗ ƌ͘ :ŽƐĠ ůĞƵƚĠƌŝŽ :ƷŶŝŽƌ ĞďĂƚĞ ĐŽŵ Ă ƉůĂƚĞŝĂ
^ > ϰ Ͳ & Z^ > W / dZ/
,KZ Z/K
ϬϴŚϬϬ Ͳ ϬϵŚϮϬ
ŽŽƌĚĞŶĂĚŽƌĂ͗ ƌĂ͘ DĂƌŝĂ 'ƵƌŐĞů DĂŐĂůŚĆĞƐ DĞƐĂ ZĞĚŽŶĚĂ ŽŶĚƵƚĂ ƉĞĚŝĄƚƌŝĐĂ Ğŵ͗ ϬϴŚϬϬ Ͳ ϬϴŚϮϬ Ͳ /dh ͮ WĂůĞƐƚƌĂŶƚĞ͗ ƌĂ͘ ůƚĂŶŝ ^ĂŶƚŽƐ WĂŝǀĂ ϬϴŚϮϬ Ͳ ϬϴŚϰϬ Ͳ Žƌ ďĚŽŵŝŶĂů ŶĂ ƌŝĂŶĕĂ ͮ WĂůĞƐƚƌĂŶƚĞ͗ ƌ͘ ŶƚŽŶŝŽ ůĚŽ DĞůŽ &ŝůŚŽ ϬϴŚϰϬ Ͳ ϬϵŚϬϬ Ͳ ŝĂƌƌĞŝĂ ĂŐƵĚĂ ͮ WĂůĞƐƚƌĂŶƚĞ͗ ƌĂ͘ ,ŝůĚĞŶŝĂ ĂůƚĂnjĂƌ ϬϵŚϬϬ Ͳ ϬϵŚϮϬ Ͳ ĞďĂƚĞ
5HDOL]DomR
$SRLR
)RUWDOH]D
&25( ,1685$1&( &RUUHWRUD GH 6HJXURV
2UJDQL]DomR
;; 9,, , 2
87
8%
52
0 e' ,&
2
9,, &21*5(662 &,(17t),&2 ( e7,&2 '2 &5(0(&
;;9,,, 2878%52 0e',&2
&,&/2 '( '(%$7(6 '2 6,1',&$72 '26 0e',&26
ϬϵŚϮϬ Ͳ ϭϬŚϬϬ
WZK'Z D K / ϭϲ Khdh ZK ŽŽƌĚĞŶĂĚŽƌĂ͗ ƌĂ͘ DĂƌŝĂ 'ƵƌŐĞů DĂŐĂůŚĆĞƐ ĂƐŽƐ ůşŶŝĐŽƐ ĚĞ KŌĂůŵŽůŽŐŝĂ ͮ WĂůĞƐƚƌĂŶƚĞ͗ ƌĂ͘ /ƐůĂŶĞ DĂƌŝĂ ĂƐƚƌŽ sĞƌĕŽƐĂ ϬϵŚϱϬ Ͳ ϭϬŚϬϬ Ͳ ĞďĂƚĞ
/Ed Zs >K
ϭϬŚϬϬ Ͳ ϭϬŚϮϬ
ϭϬŚϮϬ Ͳ ϭϭŚϮϬ
ŽŽƌĚĞŶĂĚŽƌĂ͗ ƌĂ͘ ǀĞůŝŶĞ ĂŵƉŽƐ DŽŶƚĞŝƌŽ ĚĞ ĂƐƚƌŽ WĂŝŶĞů sŝƚĂŵŝŶĂƐ ϭϬŚϮϬ Ͳ ϭϬŚϰϬ Ͳ ĕĆŽ ŝŵƵŶŽŵŽĚƵůĂĚŽƌĂ ĚĂƐ ǀŝƚĂŵŝŶĂƐ͘ ͮ WĂůĞƐƚƌĂŶƚĞ͗ ƌ͘ ŶĂŝƌƚŽŶ sŝŶŝĐŝƵƐ ĚĂ ^ŝůǀĂ ZŽĐŚĂ ϭϬŚϰϬ Ͳ ϭϭŚϬϬ Ͳ sŝƚĂŵŝŶĂ ͗ ĚĞĮĐŝġŶĐŝĂ ŽƵ ŝŶƐƵĮĐŝġŶĐŝĂ Ͳ YƵĂŶĚŽ ƚƌĂƚĂƌ͍ ͮ WĂůĞƐƚƌĂŶƚĞ͗ ƌĂ͘ DĂƌŝĂ ĚŽ ZŽƐĄƌŝŽ ZĂďĞůŽ ĚŽ ŵĂƌĂů ϭϭŚϬϬ Ͳ ϭϭŚϮϬ Ͳ ĞďĂƚĞ
ϭϭŚϮϬ Ͳ ϭϮŚϬϬ
ŽŽƌĚĞŶĂĚŽƌĂ͗ ƌĂ͘ 'ĞŝůĂ ĚĞ ŵŽƌŝŵ ZŽĐŚĂ DŝŶŝĐŽŶĨĞƌġŶĐŝĂ K DƵŶĚŽ ŽŶƚĞŵƉŽƌąŶĞŽ͕ Ă &ĂŵşůŝĂ Ğ Ă ƌŝĂŶĕĂ ͮ ŽŶĨĞƌĞŶĐŝƐƚĂ͗ ƌ͘ ůŵŝƌ ĂƐƚƌŽ EĞǀĞƐ
ϭϮŚϬϬ Ͳ ϭϯŚϯϬ
/Ed Zs >K
,KZ Z/K
WZ ^ Ed K dZ >,K^ / Ed1&/ K^
ϭϯŚϯϬ Ͳ ϭϯŚϰϬ ϭϯŚϰϬ Ͳ ϭϯŚϱϬ ϭϯŚϱϬ Ͳ ϭϰŚϬϬ
ϭϰŚϬϬ Ͳ ϭϱŚϮϬ
ϭϱŚϮϬ Ͳ ϭϲŚϬϬ
^1E ZKD D > ^ ʹ Z > dK ^K͗ D/dK KE Z/KW d/ KDK / 'EM^d/ K /& Z E / > s W / dZ/ K Z > dK ^K /^dZK&/ ^/DW d/ KͲZ &> y D K> ^ Ed K ^ yK & D/E/EK Ͳ hD / 'EM^d/ K /& Z E / > KZ M^^ E W / dZ/ d ^d Z W/ K D dhZ/ Wh>DKE Z EK ^W/Z K ' ^dZ/ K W Z WZ / K ^1E ZKD K ^ KE&KZdK Z ^W/Z dMZ/K EK Z DͲE ^ / K WZ D dhZK ŽŽƌĚĞŶĂĚŽƌĂ͗ ƌĂ͘ DŽŶŝnjŝ ĂŵƉĞůŽ 'ŽŵĞƐ WĂŝŶĞů ŽŵŽ ĐŽŶĚƵnjŝƌ Ă ĐƌŝĂŶĕĂ ĐŽŵ͗ ϭϰŚϬϬ Ͳ ϭϰŚϯϬ Ͳ hƌƟĐĄƌŝĂ ͮ WĂůĞƐƚƌĂŶƚĞ͗ ƌĂ͘ &ĂďŝĂŶĞ WŽŵŝĞĐŝŶƐŬŝ &ƌŽƚĂ ϭϰŚϯϬ Ͳ ϭϱŚϬϬ Ͳ W>s ͮ WĂůĞƐƚƌĂŶƚĞ͗ ƌĂ͘ ĚŶĂ DĂƌƋƵĞƐ ϭϱŚϬϬ Ͳ ϭϱŚϮϬ Ͳ /ŶƚĞƌĂĕĆŽ ĐŽŵ Ă ƉůĂƚĞŝĂ ŽŽƌĚĞŶĂĚŽƌĂ͗ ƌĂ͘ DĂƌŝĂ 'ƵƌŐĞů ĚĞ DĂŐĂůŚĆĞƐ ŽŶĨĞƌġŶĐŝĂ hƐŽ ĚĞ d ŶŽ ĐŽŶƐƵůƚſƌŝŽ͗ KD Ͳ^ŝŶƵƐŝƚĞͲWED͘ WŽƌ ƋƵĂŶƚŽ ƚĞŵƉŽ͍ ŽŶĨĞƌĞŶĐŝƐƚĂ͗ ƌĂ͘ ^ŝůǀĂŶĂ ŽĞůŚŽ WŝŵĞŶƚĞů
K&& Ͳ Z <
ϭϲŚϬϬ Ͳ ϭϲŚϮϬ ϭϲŚϮϬ Ͳ ϭϳŚϬϬ
ŽŽƌĚĞŶĂĚŽƌĂ͗ ƌĂ͘ DĂƌŝĂ ƉĂƌĞĐŝĚĂ DĞŶĚĞƐ ŽƐƚĂ ŽŶĨĞƌġŶĐŝĂ /ŵƵŶŽĚĞĮĐŝġŶĐŝĂƐ WƌŝŵĄƌŝĂƐ Ͳ ƐŝŶĂŝƐ ĚĞ ĂůĞƌƚĂ ŽŶĨĞƌĞŶĐŝƐƚĂ͗ ƌĂ͘ WĂƚƌşĐŝĂ ĂƌƌŽƐ EƵŶĞƐ
ϭϳŚϬϬ Ͳ ϭϴŚϬϬ
ŽŽƌĚĞŶĂĚŽƌĂ͗ ƌĂ͘ dąŶŝĂ DĂƌŝĂ ^ŽƵƐĂ ĚŽƐ ^ĂŶƚŽƐ WĂŝŶĞů DĂŶĞũŽ ĚŽ ZĞĐĠŵͲŶĂƐĐŝĚŽ ŶĂ ^ĂůĂ ĚĞ WĂƌƚŽ͗ ZE хͬс ϯϰ ƐĞŵĂŶĂƐ ͮ WĂůĞƐƚƌĂŶƚĞ͗ ƌĂ͘ &ĂďŝŽůĂ ƌƌĂŝƐ ĚĞ KůŝǀĞŝƌĂ DĂƌƋƵĞƐ ZE ф ϯϰ ƐĞŵĂŶĂƐ ͮ WĂůĞƐƚƌĂŶƚĞ͗ ƌĂ͘ >ŝůŝĂŶĂ ^ŽĂƌĞƐ EŽŐƵĞŝƌĂ WĂĞƐ ϭϳŚϱϬ Ͳ ϭϴŚϬϬ Ͳ /ŶƚĞƌĂĕĆŽ ĐŽŵ Ă ƉůĂƚĞŝĂ
^ > ϱ Ͳ ^ EdKZ/E/ ϭϬ >1E/ D /
,KZ Z/K ϬϴŚϬϬ Ͳ ϬϵŚϬϬ
ŽŽƌĚĞŶĂĚŽƌ͗ ƌ͘ KƌŝǀĂůĚŽ ĂƌďŽƐĂ WĂůĞƐƚƌĂ ŽĞŶĕĂ ƌĞůĂĐŝŽŶĂĚĂ Ă /Ő'ϰ ͮ WĂůĞƐƚƌĂŶƚĞ͗ ƌ͘ :ŽƐĠ KƚŚŽ >ĞĂů EŽŐƵĞŝƌĂ
ϬϵŚϬϬ Ͳ ϭϬŚϬϬ
ŽŽƌĚĞŶĂĚŽƌĂ͗ ƌĂ͘ ĂŵŝůĂ ĂƐƚŽƐ WĂůĞƐƚƌĂ ŶƟŵŝĐƌŽďŝĂŶŽƐ͗ ĞƐƚĂŵŽƐ ĂǀĂŶĕĂŶĚŽ͍ ͮ WĂůĞƐƚƌĂŶƚĞ͗ ƌ͘ ĚƵŝůƚŽŶ 'ŝƌĆŽ
/Ed Zs >K
ϭϬŚϬϬ Ͳ ϭϬŚϮϬ
ϭϬŚϮϬ Ͳ ϭϮŚϬϬ
ŽŽƌĚĞŶĂĚŽƌĂ͗ ƌĂ͘ /ǀŶĂ ĂǀĂůĐĂŶƚĞ ĂƌƌŽƐ ^ĂůĞƐ DĞƐĂ ZĞĚŽŶĚĂ WĂƉĞů ĚŽ ĐůşŶŝĐŽ ŶŽ ƐĠĐƵůŽ yy/ ǀĞƌƐƵƐ ĚŽŵşŶŝŽ ĚĂƐ ĞƐƉĞĐŝĂůŝĚĂĚĞƐ WĂůĞƐƚƌĂŶƚĞƐ͗ ƌ͘ WĂƵůŽ ZŽďĞƌƚŽ ĚĞ ƌƌƵĚĂ dĂǀĂƌĞƐ ƌĂ͘ DĂşnjĂ ŽůĂƌĞƐ ĚĞ ĂƌǀĂůŚŽ ƌ͘ ũĂŶĚŝƌ ŽƐƚĂ &ŝůŚŽ
ϭϮŚϬϬ Ͳ ϭϯŚϯϬ
/Ed Zs >K
,KZ Z/K
WZ ^ Ed K dZ >,K^ / Ed1&/ K^
ϭϯŚϯϬ Ͳ ϭϯŚϰϬ
Wh^dh>K^ ^h MZE Z &Z d Z/ K h^K W^KE ͗ Z > dK ^K ^h KZE > Wh^dh>K^/^ Z &Z dZz dK &/Z^d >/E dZ dD Ed͗ ^ Z WKZd
ϭϯŚϰϬ Ͳ ϭϯŚϱϬ
E KW> ^/ D >/'E K W E Z ^ E W Z 1 ͗ hD ^dh K W/ D/K>M'/ K
ϭϯŚϱϬ Ͳ ϭϰŚϬϬ
W/ D/K>K'/ K /E& ZdK 'h K K D/K Z /K EK Z EdZ ϮϬϬϴ ϮϬϭϰ
ϭϰŚϬϬ Ͳ ϭϱŚϬϬ
ŽŽƌĚĞŶĂĚŽƌĂ͗ ƌĂ͘ DĂƌŝĂŶĂ ZŝďĞŝƌŽ WĂůĞƐƚƌĂ ŽĞŶĕĂ ŝŶƚĞƌƐƟĐŝĂů ƉƵůŵŽŶĂƌ͗ ƋƵĞ ĐĂŵŝŶŚŽ ƐĞŐƵŝƌ͍ ͮ WĂůĞƐƚƌĂŶƚĞ͗ ƌ͘ :ƵǀġŶĐŝŽ WĂŝǀĂ ąŵĂƌĂ :ƷŶŝŽƌ
5HDOL]DomR
$SRLR
)RUWDOH]D
&25( ,1685$1&( &RUUHWRUD GH 6HJXURV
2UJDQL]DomR
9,, &21*5(662 &,(17t),&2 ( e7,&2 '2 &5(0(& 2
;; 9,, , 2
87
8%
52
0 e' ,&
;;9,,, 2878%52 0e',&2
&,&/2 '( '(%$7(6 '2 6,1',&$72 '26 0e',&26
ϭϱŚϬϬ Ͳ ϭϲŚϬϬ
ϭϲŚϬϬ Ͳ ϭϲŚϮϬ ϭϲŚϮϬ Ͳ ϭϳŚϬϬ ϭϲŚϬϬ Ͳ ϭϲŚϮϬ ϭϳŚϬϬ Ͳ ϭϴŚϬϬ
WZK'Z D K / ϭϲ Khdh ZK ŽŽƌĚĞŶĂĚŽƌ͗ ƌ͘ ZĂĨĂĞů DŽŶƚĞŶĞŐƌŽ WĂůĞƐƚƌĂ ^şŶĚƌŽŵĞ ŵŝĞůŽĚŝƐƉůĄƐŝĐĂ͗ ĚŝĂŐŶſƐƟĐŽ Ğ ĐŽŶĚƵƚĂ ͮ WĂůĞƐƚƌĂŶƚĞ͗ ƌĂ͘ ŝĂŶĂ :ŽƌŐĞ WŝƌĞƐ
K&& Ͳ Z < /Ed Zs >K
KE& Z E / ,ŝƐƚſƌŝĂ ĚŽƐ :ŽŐŽƐ KůşŵƉŝĐŽƐ ͮ WĂůĞƐƚƌĂŶƚĞ͗ ƌ͘ :ŽƐĠ ZŽďĞƌƚŽ ĂŵƉŽƐ ĚĞ ĂƌƌŽƐ
^ > ϲ Ͳ ^^ Ϯ >1E/ /ZjZ'/
,KZ Z/K
ϬϴŚϬϬ Ͳ ϭϬŚϬϬ
ŽŽƌĚĞŶĂĚŽƌ͗ ƌ͘ &ƌĂŶĐŝƐĐŽ EĞLJ >ĞŵŽƐ DĞƐĂ ZĞĚŽŶĚĂ ĂŐŽƌĂ ŽƵƚŽƌ͍ ϬϴŚϬϬͲϬϴŚϯϬ ʹ ƐƚŽƵ ŽďĞƐŽ ʹ ƉŽƐƐŽ ĨĂnjĞƌ ƵŵĂ ďĂƌŝĄƚƌŝĐĂ͍ ͮ WĂůĞƐƚƌĂŶƚĞ͗ WƌŽĨ͘ &ƌĂŶĐŝƐĐŽ ,ĞŝŶĞ DĂĐŚĂĚŽ ϬϴŚϯϬͲϬϵŚϬϬ ʹ K ƐĞŶŚŽƌ ŽƉĞƌĂ ĚŝĂďĞƚĞƐ͍ YƵĞƌŽ ĨĂnjĞƌ ͮ WĂůĞƐƚƌĂŶƚĞ͗ ƌ͘ ŶƚŽŶŝŽ 'ůĄƵĐŝŽ EſďƌĞŐĂ ϬϵŚϬϬͲϬϵŚϯϬ ʹ DŝŶŚĂ ĐŝƌƵƌŐŝĂ Ġ Ă ůĂƐĞƌ ŽƵ ƌŽďƀ͍ ͮ WĂůĞƐƚƌĂŶƚĞ͗ WƌŽĨ͘ ,ĞůĄĚŝŽ &ĞŝƚŽƐĂ &ŝůŚŽ ϬϵŚϯϬͲϭϬŚϬϬ ʹ ŝƐĐƵƐƐĆŽ
/Ed Zs >K
ϭϬŚϬϬ Ͳ ϭϬŚϮϬ
ϭϬŚϮϬ Ͳ ϭϮŚϬϬ
ŽŽƌĚĞŶĂĚŽƌ͗ WƌŽĨ͘ ,ĞůĄĚŝŽ &ĞŝƚŽƐĂ &ŝůŚŽ ŽŶĨĞƌġŶĐŝĂ K dƌĂďĂůŚŽ ĚŽ ŝƌƵƌŐŝĆŽ ϭϬŚϮϬͲϭϭŚϬϬ ʹ DĞƌĐĂĚŽ ĚĞ dƌĂďĂůŚŽ ĚŽ ŝƌƵƌŐŝĆŽ ʹ K ƋƵĞ ƌĞƐĞƌǀĂ Ž ĨƵƚƵƌŽ͍ ͮ WĂůĞƐƚƌĂŶƚĞ͗ WƌŽĨ͘ ,ĞůĄĚŝŽ &ĞŝƚŽƐĂ &ŝůŚŽ ϭϭŚϬϬͲϭϭŚϰϬ ʹ ŽŽƉĞƌĂƟǀĂ ĚĞ ĞƐƉĞĐŝĂůŝĚĂĚĞ ʹ ƉĞĚƌĂ ĚĞ ƐĂůǀĂĕĆŽ͍ ͮ WĂůĞƐƚƌĂŶƚĞ͗ WƌŽĨ͘ 'ůĞLJĚƐŽŶ ŽƌŐĞƐ ϭϭŚϰϬͲϭϮŚϬϬ ʹ ŝƐĐƵƐƐĆŽ
ϭϮŚϬϬ Ͳ ϭϯŚϯϬ
/Ed Zs >K
,KZ Z/K
WZ ^ Ed K dZ >,K^ / Ed1&/ K^
ϭϯŚϯϬ Ͳ ϭϯŚϰϬ ϭϯŚϰϬ Ͳ ϭϯŚϱϬ ϭϯŚϱϬ Ͳ ϭϰŚϬϬ
>/E&KEK K ^ Ed/E > D Z /EKD h d > /Es ^/sK D D D hD /E^d/dh/ K Z & Z E / EK EKZ ^d Z ^/> /ZK͗ hD ^dh K ^ Z/d/sK ^1E ZKD K ^&/> /ZK dKZ / K KDK W dK>K'/ K hW /KE > E >/^ KDW Z d/s ^ Z d Z1^d/ ^ E dKDKͲ >1E/ ^ ^d '/K K / 'EM^d/ K K Z /EKD Z E > EdZ WKWh> O ^ ^/dh O ^ ^K /K KEND/ ^ /& Z Ed ^
KE& Z E / ϭϰŚϬϬ Ͳ ϭϱŚϬϬ
ŶƚĞŶĚĂ ŽƐ ŝŵƉĂĐƚŽƐ ĚĂ ůŽŶŐĞǀŝĚĂĚĞ ŶĂ ƉƌĞǀŝĚġŶĐŝĂ Ğ ŽƐ ďĞŶĞİĐŝŽƐ ƋƵĞ Ž ƉůĂŶŽ ƉƌŝǀĂĚŽ ƉŽĚĞ ƚĞƌ ŶĂ ƐƵĂ ǀŝĚĂ ͮ WĂůĞƐƚƌĂŶƚĞ͗ ƌ͘ ^ĠƌŐŝŽ WƌĂƚĞƐ
ϭϱŚϬϬ Ͳ ϭϲŚϬϬ
^Ğƌ DĠĚŝĐŽ ͮ WĂůĞƐƚƌĂŶƚĞ͗ ƌ͘ 'ĞŽƌŐĞ DĂŐĂůŚĆĞƐ
ϭϲŚϬϬ Ͳ ϭϲŚϮϬ
K&& Ͳ Z < /s KD E :KZE > K D / K &KZd > Θ KE EKZd
KE& Z E /
ϭϲŚϮϬ Ͳ ϭϴŚϬϬ
^ > ϳ Ͳ ^^ ϯ Z /K>K'/
,KZ Z/K
ϬϴŚϯϬ Ͳ ϬϵŚϬϬ
^ƵƌĨĂĐĞ ĂŶĂƚŽŵLJ ŵĂĚĞ ĞĂƐLJ ^ƉĞĂŬĞƌ͗ ƌ͘ dĂƌĞŬ zŽƵƐƌLJ ;>KE Z ^ h<Ϳ dƵŵŽƌĞƐ ĚĂ ƉŝŶĞĂů ^ƉĞĂŬĞƌ͗ ƌ͘ WĂďůŽ WŝĐĂƐƐŽ ŽŝŵďƌĂ ; Ϳ
ϬϵŚϬϬ Ͳ ϬϵŚϯϬ
&ƵŶĐƟŽŶĂů ĂŶĂƚŽŵLJ ŽĨ ƚŚĞ /ŶƐƵůĂ ;Žƌ ůŝŵďŝĐ ůŽďĞͿ ^ƉĞĂŬĞƌ͗ ƌ͘ dĂƌĞŬ zŽƵƐƌLJ ;>KE Z ^ h<Ϳ
ϬϵŚϯϬ Ͳ ϭϬŚϬϬ
ZŽůĞ ŽĨ DZ ŝŶ ŵŽǀĞŵĞŶƚ ĚŝƐŽƌĚĞƌƐ ^ƉĞĂŬĞƌ͗ ƌ͘ dĂƌĞŬ zŽƵƐƌLJ ;>KE Z ^ h<Ϳ
ϬϴŚϬϬ Ͳ ϬϴŚϯϬ
/Ed Zs >K
ϭϬŚϬϬ Ͳ ϭϬŚϮϬ ϭϬŚϯϬ Ͳ ϭϭŚϬϬ ϭϭŚϬϬ Ͳ ϭϭŚϯϬ ϭϭŚϯϬ Ͳ ϭϮŚϬϬ
DZ/ ŽĨ ^ŵĂůů sĞƐƐĞů ŝƐĞĂƐĞ ^ƉĞĂŬĞƌ͗ ƌ͘ dĂƌĞŬ zŽƵƐƌLJ ;>KE Z ^ h<Ϳ DZ/ ŝŶ /ŵŵƵŶĞ DĞĚŝĂƚĞĚ ŝƐĞĂƐĞƐ ^ƉĞĂŬĞƌ͗ ƌ͘ dĂƌĞŬ zŽƵƐƌLJ ;>KE Z ^ h<Ϳ DƵůƟƉůĞ ^ĐůĞƌŽƐŝƐ͗ ŝĂŐŶŽƐŝƐ Θ ŝīĞƌĞŶƟĂů ŝĂŐŶŽƐŝƐ ^ƉĞĂŬĞƌ͗ ƌ͘ dĂƌĞŬ zŽƵƐƌLJ ;>KE Z ^ h< Ϳ
/Ed Zs >K
ϭϮŚϬϬ Ͳ ϭϰŚϬϬ ϭϰŚϬϬ Ͳ ϭϰŚϯϬ
ŽŶĐĞƉƚƐ ŽĨ /ŵĂŐŝŶŐ ^ƚƌŽŬĞ ^ƉĞĂŬĞƌ͗ ƌ͘ ^ĐŽƩ ƚůĂƐ ;h^ Ϳ
ϭϰŚϯϬ Ͳ ϭϱŚϬϬ
dƌĂƚĂŵĞŶƚŽ ĚŽ ^ƚƌŽŬĞ ^ƉĞĂŬĞƌ͗ ƌ͘ DŽLJƐĞƐ WŽŶƚĞ ; Ϳ
ϭϱŚϬϬ Ͳ ϭϱŚϯϬ
ŽŶĐĞƉƚƐ ŽĨ /ŵĂŐŝŶŐ ,ĞŵŽƌƌŚĂŐĞ ^ƉĞĂŬĞƌ͗ ƌ͘ ^ĐŽƩ ƚůĂƐ ;h^ Ϳ
ϭϱŚϯϬ Ͳ ϭϲŚϬϬ
ƌĂŝŶ dƵŵŽƌ /ŵĂŐŝŶŐ͗ &ƵŶĚĂŵĞŶƚĂůƐ ĂŶĚ ĚǀĂŶĐĞƐ ^ƉĞĂŬĞƌ͗ ƌ͘ ^ĐŽƩ ƚůĂƐ ;h^ Ϳ
ϭϲŚϬϬ Ͳ ϭϲŚϮϬ ϭϲŚϯϬ Ͳ ϭϳŚϬϬ
WŝƚƵŝƚĂƌLJ͕ ^ĞůůĂ͕ ĂŶĚ WĂƌĂƐĞůůĂƌ ZĞŐŝŽŶ͗ /ŵĂŐŝŶŐ ^ƉĞĂŬĞƌ͗ ƌ͘ ^ĐŽƩ ƚůĂƐ ;h^ Ϳ
ϭϳŚϬϬ Ͳ ϭϳŚϯϬ
E^ sĂƐĐƵůĂƌ DĂůĨŽƌŵĂƟŽŶƐ ĂŶĚ ŶĞƵƌLJƐŵƐ͗ WƌŝŶĐŝƉůĞƐ ^ƉĞĂŬĞƌ͗ ƌ͘ ^ĐŽƩ ƚůĂƐ ;h^ Ϳ dƌĂƚĂŵĞŶƚŽ ĚŽƐ ĂŶĞƵƌŝƐŵĂƐ ĐĞƌĞďƌĂŝƐ ^ƉĞĂŬĞƌ͗ ƌ͘ DŽLJƐĞƐ WŽŶƚĞ ; Ϳ
ϭϳŚϯϬ Ͳ ϭϴŚϬϬ
K&& Ͳ Z <
5HDOL]DomR
$SRLR
)RUWDOH]D
&25( ,1685$1&( &RUUHWRUD GH 6HJXURV
2UJDQL]DomR
9,, &21*5(662 &,(17t),&2 ( e7,&2 '2 &5(0(& 2
;; 9,, , 2
87
8%
52
0 e' ,&
;;9,,, 2878%52 0e',&2
&,&/2 '( '(%$7(6 '2 6,1',&$72 '26 0e',&26
WZK'Z D K / ϭϳ Khdh ZK h /dMZ/K ^^ / >K W > ^dZ ^ K ^/D
,KZ Z/K
ŽŽƌĚĞŶĂĚŽƌĂ͗ ƌĂ͘ DĂLJƌĂ /ƐĂďĞů ŽƌƌĞŝĂ WŝŶŚĞŝƌŽ ϬϴŚϯϬ Ͳ ϬϵŚϯϬ
WĂůĞƐƚƌĂ ƟĐĂ͕ WŽůşƟĐĂ Ğ ^ŽĐŝĞĚĂĚĞ WĂůĞƐƚƌĂŶƚĞ͗ ƌ͘ ũĂůŵĂ WŝŶƚŽ
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