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ϭϭϰ ZĂLJůůĂ ,ĂƌŝĞů ĚĞ ^ŽƵnjĂ
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Ĩ͘Ϯϰ
> ' E ^͗ Ĩ͘Ϯϰ DĂƉĂ ĚĞ ůŽĐĂůŝnjĂĕĆŽ ĚĂƐ ĞƐĐŽůĂƐ ĞƐƚĂĚƵĂŝƐ Ğ ŵƵŶŝĐŝƉĂŝƐ ĚŽ ĞŶƚŽƌŶŽ͘ &ŽŶƚĞ͗ ƵƚŽƌŝĂ ƉƌſƉƌŝĂ͘ Ĩ͘Ϯϱ DĂƉĂ ĚŽƐ ďĂŝƌƌŽƐ ƋƵĞ ĨĂnjĞŵ ƉĂƌƚĞ ĚĂ ĄƌĞĂ ĚĞ ĂďƌĂŶŐġŶĐŝĂ ŝŵĞĚŝĂƚĂ ĚĂ ĞƐĐŽůĂ͘ &ŽŶƚĞ͗ DĂƉĂ ĚĞ ŶĄƉŽůŝƐ͕ ϮϬϭϭ͘ /ůƵƐƚƌĂĕĆŽ͗ ĂƵƚŽƌŝĂ ƉƌſƉƌŝĂ͘ Ĩ͘Ϯϲ /ŶĨŽŐƌĄĮĐŽ ƐŽďƌĞ ƋƵĂŶƟĚĂĚĞ ĚĞ ƉĞƐƐŽĂƐ ƋƵĞ ĐŽŵƉƁĞŵ Ž ŐƌƵƉŽ ĨĂŵŝůŝĂƌ ĚŽƐ ƌĞƐŝĚĞŶĐŝĂŝƐ ŽƉĂĐĂďĂŶĂ Ğ ZĞŶLJ ƵƌLJ͘ &ŽŶƚĞ͗ ƵƚŽƌŝĂ ƉƌſƉƌŝĂ͘ Ĩ͘Ϯϳ /ŶĨŽŐƌĄĮĐŽ ƐŽďƌĞ ƉĞƌĐĞŶƚƵĂů ĚĞ ĐƌŝĂŶĕĂƐ͕ ũŽǀĞŶƐ Ğ ĂĚƵůƚŽƐ ƋƵĞ ĨƌĞƋƵĞŶƚĂŵ ŝŶƐƟƚƵŝĕƁĞƐ ĚĞ ĞŶƐŝŶŽ͘ &ŽŶƚĞ͗ ƵƚŽƌŝĂ ƉƌſƉƌŝĂ͘
=OQ_XNY 1Y_`ÉK OW _W
-OX^\Y NO /X]SXY 0_XNKWOX^KV Y
\KSY NO SXPV_ÉXMSK WÀbSWY È NO
W O ZK\K -OX^\Y] NO /X]SXY
7ÈNSY È NO W .O]]O
WYNY KZO]K\ NO [_O ^OMXSMK WOX^O Y] \KSY] NO MYLO\^_\K NK]
/]MYVK] 7_XSMSZKS] 6_Sd -K\VY]
,SdSXY^Y VYMKVSdKNK XK @SVK ?XSÂY O
K /]MYVK 7_XSMSZKV -Y\K -Y\KVSXK
VYMKVSdKNK XY VY^OKWOX^Y @S`SKX
:K\[_O /^KZK MYL\OW K À\OK
SXNSMKNK PSQ_\K MYX^_NY
K^\K`È] NO NSÀVYQY] MYW Y]
W Y \K N Y \O ] N Y <O ] SN O X MS K V
-YZKMKLKXK O <OXc -_\c
NSKQXY]^SMY_ ]O [_O K] `KQK]
NO]]K] O]MYVK] XÂY ]ÂY ]_PSMSOX^O]
O ]O [_OSbKW NK NS]^ÁXMSK
\OVK^KXNY ]YL\O Y ZY^OXMSKV [_O K
À\OK NO]^O Z\YTO^Y ^O\SK ZK\K K
SWZVKX^KÆÂY NO _WK O]MYVK
ϭϮϬ ZĂLJůůĂ ,ĂƌŝĞů ĚĞ ^ŽƵnjĂ
3&4*%&/$*"- 3&/: $63:
3&4*%&/$*"- $01"$"#"/"
7*-" 6/*°0 -05&".&/50 +*#3"/ &- )"%+ -05&".&/50 7*7*"/ 1"326& &5"1"
3&4*%&/$*"- .036.#*
4¶5*0 %& 3&$3&*0 7"-& %"4 -"3"/+&*3"4
$0/+6/50 )"#*5"$*0/"&41&3"/±"
Ĩ͘Ϯϱ
ZĞƐŝĚĞŶĐŝĂů ŽƉĂĐĂďĂŶĂ
1FSmM EP VTVÈSJP
ϭϬй ϭϲ͕ϳϬй ϯϲ͕ϳϬй
DĂŝƐ ĚĞ ŝŶĐŽ
ϮϬй ϭϬй ϲ͕ϳϬй
YƵĂƚƌŽ
ŝŶĐŽ
ZĞƐŝĚĞŶĐŝĂů ZĞŶLJ ƵƌLJ
Ϯ͕ϲϯй ϭϯ͕ϭϲй ϮϮй Ϯϲ͕ϯϮй ϯϰ͕Ϯϭй Ϯ͕ϲϯй
^dh D
dƌġƐ
ƵĂƐ
dĠĐŶŝĐŽ /ŶƚĞŐƌĂĚŽ ĂŽ ŶƐŝŶŽ DĠĚŝŽ
Ϭ͕ϵϳй
ŽƉĂĐĂďĂŶĂ
ϯ͕ϬϬй
ZĞŶLJ ƵƌLJ
ϮϮ͕ϬϬй
ŽƉĂĐĂďĂŶĂ
ŶƐŝŶŽ ^ƵƉĞƌŝŽƌ
ϯϭ͕ϱϳй
ZĞŶLJ ƵƌLJ
E K ^dh D
ZĞƐŝĚĞŶĐŝĂů ŽƉĂĐĂďĂŶĂ ZĞƐŝĚĞŶĐŝĂů ZĞŶLJ ƵƌLJ
ϱϳй ϲϮй
ϰϭ͕ϲϯй
ϭǑ ĂŽ ϯǑ ĂŶŽ ĚŽ ŶƐŝŶŽ DĠĚŝŽ
ϰϯй ϯϴ͕ϬϬй
ŽƉĂĐĂďĂŶĂ
Ϯϲ͕ϯϭй
ZĞŶLJ ƵƌLJ
Ϯϯ͕ϳϬй
ϱǑ ĂŽ ϵǑ ĂŶŽ ĚŽ ŶƐŝŶŽ &ƵŶĚĂŵĞŶƚĂů
ŽƉĂĐĂďĂŶĂ
Ϯϭй
ZĞŶLJ ƵƌLJ
hŵĂ
Ĩ͘Ϯϲ
Ĩ͘Ϯϳ
Ĩ͘Ϯϴ
ϭϮ͕ϱϬй
ϭǑ ĂŽ ϰǑ ĂŶŽ ĚŽ ŶƐŝŶŽ &ƵŶĚĂŵĞŶƚĂů &ƵŶĚĂŵĞŶƚĂů
ŽƉĂĐĂďĂŶĂ
ϭϬ͕ϱϬй
ZĞŶLJ ƵƌLJ
/Ed Z ^^ ^
Ϯϱй
ϰϬй
ϯ͕ϯϯй
ϱϱй
ϭϯ͕ϯϯй
WĂůĞƐƚƌĂƐ :ŽŐŽƐͬ ƐƉŽƌƚĞƐ ĂŶĕĂͬ DƷƐŝĐĂͬdĞĂƚƌŽ ƵƌƐŽƐͬKĮĐŝŶĂƐ
ϯϬй
ϭϲ͕ϲϳй
Ĩ͘Ϯϵ
:ŽƌŶĂŝƐ Ğ ZĞǀŝƐƚĂƐ
Ϭй
ϭϱй
Ϯϲ͕ϲϳй >ŝǀƌŽƐ
ϲ͕ϲϳй
ϰϬй
ϲϱй
ϱϯ͕ϯϯй
^ŝƚĞƐ Ğ ŵĂƚĠƌŝĂƐ ŶĂ ŝŶƚĞƌŶĞƚ
ϯϲ͕ϲϳй Ϯϯ͕ϯϯй
Ĩ͘ϯϬ
&ĞƐƚĂƐͬ'ŝŶĐĂŶĂƐ &ĞŝƌĂ ĚĞ ĐŝġŶĐŝĂƐͬ ƵůƚƵƌĂů
EƵŶĐĂ
Ɛ ǀĞnjĞƐ
&ƌĞƋƵĞŶƚĞŵĞŶƚĞ
YƵĂůƋƵĞƌ ĂƟǀŝĚĂĚĞ ƋƵĞ ĞŶǀŽůǀĂŵ Ă ƉĂƌƟĐŝƉĂĕĆŽ ĚĂ ĐŽŵƵŶŝĚĂĚĞ
:K\K Y Z\YTO^Y NY ONSPÌMSY ON_MKMS K^S`SNKNO] O VYMKS] PY]]OW WKS] 1\KXNO ZK\^O NY] OX^\O`S]^KNY]
YXKV MYWZ\OOXNO\ K[_OVO] [_O Z\ÒbSWY] ]OW K XOMO]]SNKNO NO [_O ZK\K\KW NO O]^_NK\ O]MVK\O _]_P\_S\ÂY NY O]ZKÆY È QK\KX^S\ VYMYWYÆÂY OW Q\KXNO O]MKVK XY MOW [_O Y WY^S`Y Z\SXMSZKV È
_WK Z\YZY]^K OPSMSOX^O O MYW [_KV K WKSY\ ZK\^O NK MYW_XSNKNO ZY\[_O ^\KLKVRKW N_\KX^O Y NSK O
Q\KXNO ZY^OXMSKV NO ]O ^Y\XK\ _W MO\MK NO PKd _]Y NY ^\KX]ZY\ XÂY ZY]]_S XOXR_W MYVÈQSY Z\ÒbSWY
^O MYVO^S`Y MYW /4+ N_\KX^O Y ZO\ÌYNY
PK^Y\ NO \OXY`KÆÂY ]YMSKV XY^_\XY .O]]K WKXOS\K PYS \OKVSdKNK _WK 9_^\K [_OSbK OW MYW_W È NO [_O
ZO][_S]K [_KX^S^K^S`K YXNO PY\KW QY]^K\SKW NO ^O\ _W O]ZKÆY ZK\K Y .O]]K PY\WK K^\K`È] NK ZO][_S]K
KZVSMKNY] ! [_O]^SYXÀ\SY] OW OWZ\È]^SWY NO VS`\Y] VOS^_\K [_KX^S^K^S`K O Y MYX]O[_OX^O
PKWÌVSK] NY] <O]SNOXMSKS] <OXc -_\c KMO]]Y ¿ SX^O\XO^ WKS] Z\ÒbSWY NO MYX^K^Y NS\O^Y MYW K MYW_XSNKNO
O -YZKMKLKXK YL^OXNY Y] NKNY] MK]K O [_O PY]]O KLO\^Y ¿ MYW_XS ZÓNO ]O MYXROMO\ Z\YP_XNKWOX^O
\OZ\O]OX^KNY] XY] SXPYQ\ÀPSMY] NKNO ZYS] K \OQSÂY È W_S^Y K] XOMO]]SNKNO] NY] WY\KNY\O] NY
NS]^KX^O NK LSLVSY^OMK W_XSMSZKV O K OX^Y\XY YXNO K MYX]^\_ÆÂY NO
SX]O\SNY] KMSWK ,SLVSY^OMK -VK\SMO 6S]ZOM^Y\ NY 301 _WK O]MYVK NO OX]SXY P_XNKWOX^KV
8K] OX^\O`S]^K] Y] WOWL\Y] NK XÂY È MYX]SNO\KNK W_S^Y Ù^SV ZK\K K WÈNSY O /4+ O [_O YPO\OMO]]O
MY W _ XSN K N O [ _ O ] ^ S Y X K \ K W MYW_XSNKNO ZYS] Y KMO\`Y K^OXNO K^S`SNKNO] O KMO]]Y ¿ MYW_XSNKNO
LK]^KX^O ]YL\O K PKV^K NO K^S`SNK WKS] Y] M_\]Y] YPO\OMSNY] ZOVK O KSXNK NO]OWZOXRK]]O _W ZKZOV
NO] ON_MK^S`K] M_V^_\KS] O O]ZY\^S SX]^S^_SÆÂY KVÈW NO [_O XÂY ZYNO NO QOX^SVOdK _\LKXK NS]ZYXSLSVS `K] XK VYMKVSNKNO :Y\ S]]Y KX]OSKW RK`O\ OWZ\È]^SWY ZK\K K MYW_XS dKXNY O]ZKÆY] NO VKdO\ O M_V^_\K
ZY\ O]ZKÆY] NO VKdO\ O OX^\O^OXS NKNO ]O\SK K ]YV_ÆÂY NK] NOPSMSÉXMSK]
W O X ^Y N O ] O T K X N Y [ _ O ^K S ]
KZ\O]OX^KNK] ZOVY] WY\KNY\O]
> ' E ^͗ Ĩ͘Ϯϴ /ŶĨŽŐƌĄĮĐŽ ƐŽďƌĞ Ă ĞƚĂƉĂ ĞƐĐŽůĂƌ ƋƵĞ ƐĞ ĞŶĐŽŶƚƌĂŵ ĂƐ ĐƌŝĂŶĕĂƐ͕ ũŽǀĞŶƐ Ğ ĂĚƵůƚŽƐ ƋƵĞ ĨƌĞƋƵĞŶƚĂŵ ŝŶƐƟƚƵŝĕƁĞƐ ĚĞ ĞŶƐŝŶŽ͘ &ŽŶƚĞ͗ ƵƚŽƌŝĂ ƉƌſƉƌŝĂ͘ Ĩ͘Ϯϵ /ŶĨŽŐƌĄĮĐŽ ĚĂƐ ĂƟǀŝĚĂĚĞƐ ĞĚƵĐĂƟǀĂƐ ĚĞ ĐŽŵƵŵ ŝŶƚĞƌĞƐƐĞ ĚĞŶƚƌŽ ĚĂ ĐŽŵƵŶŝĚĂĚĞ͘ &ŽŶƚĞ͗ ƵƚŽƌŝĂ ƉƌſƉƌŝĂ͘ Ĩ͘ϯϬ /ŶĨŽŐƌĄĮĐŽ ƐŽďƌĞ Ž ŝŶƚĞƌĞƐƐĞ ă ůĞŝƚƵƌĂ Ğ ŝŶĨŽƌŵĂĕĆŽ͘ &ŽŶƚĞ͗ ƵƚŽƌŝĂ ƉƌſƉƌŝĂ͘
ŽůĠŐŝŽ >ĞŽŶ sLJŐŽƚƐŬLJ ϭϮϭ
"WBMJBÎÍP EP BNCJFOUF FTDPMBS
Ĩ͘ϯϭ
> ' E ^͗ Ĩ͘ϯϭ ĞƐĞŶŚŽ ĚŽ ůƵŐĂƌ ƉƌĞĨĞƌŝĚŽ ;ƐĂůĂ ĚĞ ŝŶĨŽƌŵĄƟĐĂͿ͘ &ŽŶƚĞ͗ ĂůƵŶŽ;ĂͿ ĚŽ ϯǑ ĂŶŽ ĚĂ ͘D͘ ZŽĚŽůĨ DŝŬĞů 'ŚĂŶŶĂŶ͘
Ĩ͘ϯϮ
Ĩ͘ϯϮ ĞƐĞŶŚŽ ĚŽ ĚĞƐĞũŽ ƉĞƐƐŽĂů ;ƐĂůĂ ĚĞ ŵƷƐŝĐĂͿ͘ &ŽŶƚĞ͗ ĂůƵŶŽ;ĂͿ ĚŽ ϰǑ ĂŶŽ ĚĂ ͘D͘ ZŽĚŽůĨ DŝŬĞů 'ŚĂŶŶĂŶ͘
Ĩ͘ϯϰ ĞƐĞŶŚŽ ĚŽ ůƵŐĂƌ ƉƌĞĨĞƌŝĚŽ ;ƋƵĂĚƌĂͿ͘ &ŽŶƚĞ͗ ĂůƵŶŽ;ĂͿ ĚŽ ϮǑ ĂŶŽ ĚĂ ͘D͘ ŽƌĂ ŽƌĂůŝŶĂ͘
Ĩ͘ϯϯ
Ĩ͘ϯϲ 'ƌĄĮĐŽ ĚŽ ůƵŐĂƌ ƉƌĞĨĞƌŝĚŽ͘ &ŽŶƚĞ͗ ĂůƵŶŽƐ;ĂƐͿ ĚĂ ͘D͘ ͘D͘ >Ƶŝnj ĂƌůŽƐ ŝnjŝŶŽƚŽ͘ /ůƵƐƚƌĂĕĆŽ͗ ĂƵƚŽƌŝĂ ƉƌſƉƌŝĂ͘ Ĩ͘ϯϳ 'ƌĄĮĐŽ ĚŽ ůƵŐĂƌ ƉƌĞĨĞƌŝĚŽ͘ &ŽŶƚĞ͗ ĂůƵŶŽƐ;ĂƐͿ ĚĂ ͘D͘ ͘D͘ ŽƌĂ ŽƌĂůŝŶĂ͘ /ůƵƐƚƌĂĕĆŽ͗ ĂƵƚŽƌŝĂ ƉƌſƉƌŝĂ͘
5YaKV^Ya]US MS^K [_O W_S^K]
ZO][_S]K] NO K`KVSKÆÂY NY
KWLSOX^O O]MYVK\ _^SVSdKW Y
NO]OXRY ZK\K MYXROMO\ Y]
NO]OTY] NK M\SKXÆK +]]SW O]^K
]OQ_XNK ZO][_S]K NO MKWZY PYS
KZVSMKNK OW M\SKXÆK] NY] KXY]
SXSMSKS] NY OX]SXY P_XNKWOX^KV
XÌ`OV 3 KY KXY YXNO PYS
KNY^KNY Y WÈ^YNY NO NO]OXRY]
[_O ]_L]^S^_Ì\KW ZO\Q_X^K]
^Y\XKXNY K ZO][_S]K NSXÁWSMK
͘D ZŽĚŽůĨ DŝŬĞů 'ŚĂŶŶĂŶ >h' Z WZ & Z/ K
ϱй
Ĩ͘ϯϰ
ϭϮϮ ZĂLJůůĂ ,ĂƌŝĞů ĚĞ ^ŽƵnjĂ
.O]]K\^O O]^K ZO][_S]K NO
MKWZY MYXPS\WK MO\^K] KPS\WKÆÔO]
NO 5YaKV^Ya]US YXNO KPS\WK [_O
XK `S]ÂY NY KV_XY Y] ZYX^Y]
ZY]S^S`Y] NK O]MYVK MYXMOX^\KW ]O Z\SXMSZKVWOX^O OW VYMKS] NO
]YMSKLSVSNKNO MYWY ]KVK NO K_VK
\OPOS^Ò\SY VYMKS] Ob^O\XY] NO
K^S`SNKNO] NO VKdO\ MYWY K
[_KN\K O Y ZÀ^SY O^M +]]SW
ZO\MOLO ]O Y [_ÂY È SWZY\^KX^O
K ObS]^ÉXMSK NO O]ZKÆY] KNO[_K NY] ZK\K K Z\À^SMK NY VKdO\ O
OX^\O^OXSWOX^Y XK O]MYVK
ϭϲй
ϯϱй
ϰϰй 2VBESB 4BMB %F "VMB 4BMB %F *OGPSNÈUJDB
Ĩ͘ϯϱ
3FGFJUØSJP
͘D >Ƶŝnj ĂƌůŽƐ ŝnjŝŶŽƚŽ >h' Z WZ & Z/ K
`S]^K NS]]Y PYS \O[_S]S^KNY ZK\K
[_O M\SKXÆK [_O NO]OXRK]]O NYS]
NO]OXRY]$ Y Z\SWOS\Y SXNSMKXNY
]O_ V_QK\ Z\OPO\SNY NK O]MYVK O Y
]OQ_XNY SXNSMKXNY KVQY [_O
QY]^K\SK [_O ^S`O]]O OW ]_K
O]MYVK 6YQY K ZO][_S]K PYS
K Z VS MK N K X K ] ^ \É ] O ] MY V K ]
W_XSMSZKS] WKS] Z\ÒbSWK] ]OXNY K
/ 7 <YNYVP 7SUOV 1RKXXKX% K
/ 7 6_Sd -K\VY] ,SdSXY^Y O K / 7
-Y\K -Y\KVSXK OW _W ^Y^KV NO
! KV_XY]
Ĩϯϯ ĞƐĞŶŚŽ ĚŽ ůƵŐĂƌ ƉƌĞĨĞƌŝĚŽ ;ƋƵĂĚƌĂͿ͘ &ŽŶƚĞ͗ ĂůƵŶŽ;ĂͿ ĚŽ ϮǑ ĂŶŽ ĚĂ ͘D͘ >Ƶŝnj ĂƌůŽƐ ŝnjŝŶŽƚŽ͘
Ĩ͘ϯϱ 'ƌĄĮĐŽ ĚŽ ůƵŐĂƌ ƉƌĞĨĞƌŝĚŽ͘ &ŽŶƚĞ͗ ĂůƵŶŽƐ;ĂƐͿ ĚĂ ͘D͘ ZŽĚŽůĨ DŝŬĞů 'ŚĂŶŶĂŶ͘ /ůƵƐƚƌĂĕĆŽ͗ ĂƵƚŽƌŝĂ ƉƌſƉƌŝĂ͘
9 Z\SXMSZKV _]_À\SY NY KWLSOX^O
O]MYVK\ È Y KV_XY [_O ZY]]_S
XOMO]]SNKNO] ON_MKMSYXKS] O
ZO]]YKS] O]ZOMÌPSMK] NO MKNK
SX N S ` ÌN _ Y . O ] ] K W K X O S\K
K^OXNO\ ¿ O]]K] XOMO]]SNKNO] È
P_XÆÂY NK O]MYVK K^\K`È] NK
K\[_S^O^_\K O NY OX]SXY .O]]K\^O
È XOMO]]À\SY \OKVSdK\ O]^_NY]
ZK\K SNOX^SPSMK\ OVOWOX^Y] [_O
O]^\_^_\KW K ]K^S]PKÆÂY NY
SXNS`ÌN_Y MYW Y ONSPÌMSY O]MYVK\
1ÈUJP 2VBESB 4BMB EF BVMB
Ĩ͘ϯϲ
͘D ŽƌĂ ŽƌĂůŝŶĂ >h' Z WZ & Z/ K
ϲй
ϭϵй
ϭϵй
ϱϲй
1ÈUJP 2VBESB 4BMB EF BVMB Ĩ͘ϯϳ 4BMB EF JOGPSNÈUJDB
0Y\KW KZVSMKNY] [_O]^SYXÀ\SY]
KY] Z\YPO]]Y\O] NK] WO]WK]
O]MYVK] OW _W ^Y^KV NO " YXNO
Z\YM_\Y_ SNOX^SPSMK\ K] NOPSMSÉXMS K] O]ZKMSKS] NK] O]MYVK] LOW
MYWY ^KWLÈW K] MK_]K] NY
`KXNKVS]WY% K [_O]^ÂY NK
ZK\^SMSZKÆÂY NK MYW_XSNKNO XK
O]MYVK O [_KS] ]O\SKW Y] KWLSOX ^O] [_O LOXOPSMSK\SKW Y OX]SXY O
VKdO\
͘D ZŽĚŽůĨ DŝŬĞů 'ŚĂŶŶĂŶ ^ :K^ W ^^K /^ ϭϱй ϯϬй ϭϱй
ϰϬй
Ĩ͘ϯϴ
1JTDJOB
1MBZHSPVOE 4BMB EF .ÞTJDB 4BMB EF %BOÎB
͘D >Ƶŝnj ĂƌůŽƐ ŝnjŝŶŽƚŽ ^ :K^ W ^^K /^ ϭϵй ϲй
ϮϮй
ϲй
ϯϰй
Ĩ͘ϯϵ
#JCMJPUFDB 2VBESB DPCFSUB 1JTDJOB
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