D IRQWH GD PHOKRU JHQ«WLFD 352'8&7 2) 86$
6(/(&7 6,5(6 '2 %5$6,/
d >K'K dKhZK^ ͮ Z ^ KZd ϮϬϭϳ ͮ ϮϬϭϴ
D IRQWH GD PHOKRU JHQ«WLFD
d Z/ ^ > d ^/Z ^ KZd
Yh >/ ^^K / Yh Ed/ WƌĞnjĂĚŽƐ ƌŝĂĚŽƌĞƐ ĞƐĚĞ ϮϬϭϰ͕ Ă ǀŝĚĂ ƉŽůşƟĐĂ Ğ ĞĐŽŶƀŵŝĐĂ ĚŽ ƌĂƐŝů ĞƐƚĄ ƵŵĂ ĐŽŶĨƵƐĆŽ͘ ŝĂƌŝĂŵĞŶƚĞ͕ ƐƵƌŐĞŵ ĞƐĐąŶĚĂůŽƐ ƋƵĞ ŶŽƐ ůĞǀĂŵ Ă ƋƵĞƐƟŽŶĂƌ ŽŶĚĞ ĞƐƚĄ Ă ŵŽƌĂůŝĚĂĚĞ Ğ ŽƐ ǀĂůŽƌĞƐ ĚŽ ƉŽǀŽ ďƌĂƐŝůĞŝƌŽ͘ ĞŶƚƌĞ ƚĂŶƚĂƐ ŶŽơĐŝĂƐ ƌƵŝŶƐ͕ Ž ĂŐƌŽŶĞŐſĐŝŽ ƐĞŐƵŝƵ ĐŽŵŽ Ƶŵ ƉŽŶƚŽ ĨŽƌĂ ĚĂ ĐƵƌǀĂ Ğ ƚƌŽƵdžĞ Ă ƷŶŝĐĂ ƉƌŽƐƉĞƌŝĚĂĚĞ ǀŝƐƚĂ ŶŽ ƌĂƐŝů ŶĞƐƚĞƐ ĂŶŽƐ ƚƵƌďƵůĞŶƚŽƐ͘ ϮϬϭϳ ƚƌŽƵdžĞ ƉĂƌĂ Ž ƉƌŽĚƵƚŽƌ ƌƵƌĂů Ƶŵ ĚĞƐĂĮŽ ŶŽǀŽ͘ hŵ ŐƌĂŶĚĞ ĞƐĐąŶĚĂůŽ ĞŶǀŽůǀĞŶĚŽ ƵŵĂ ŐŝŐĂŶƚĞ ĚŽ ŵƵŶĚŽ Ğŵ ŝŶĚƵƐƚƌŝĂůŝnjĂĕĆŽ ĚĞ ĐĂƌŶĞƐ ƚƌŽƵdžĞ Ă ĞdžƉĞĐƚĂƟǀĂ ĚĞ ƵŵĂ ĐƌŝƐĞ ĂŽ ĞƐƚĞ ƐĞƚŽƌ ĚĞ ƉƌŽĚƵĕĆŽ͘ EĞƐƐĞƐ ŵŽŵĞŶƚŽƐ͕ Ž ƉƌŽĚƵƚŽƌ ƉƌĞĐŝƐĂ ƐĞƌ ĞĮĐŝĞŶƚĞ Ğ ƚƌĂďĂůŚĂƌ ĐŽŵ Ă ƚĞĐŶŽůŽŐŝĂ ĚŝƐƉŽŶşǀĞů ƉĂƌĂ ŵĂdžŝŵŝnjĂƌ ŽƐ ŐĂŶŚŽƐ Ğ ĚŝŵŝŶƵŝƌ ŽƐ ĐƵƐƚŽƐ͘ ^ > d ^/Z ^ K Z ^/> ĐŽŵƉƌĞĞŶĚĞ ĞƐƚĞ ŵŽŵĞŶƚŽ ĚĞůŝĐĂĚŽ Ğ ĚŝƐƉŽŶŝďŝůŝnjĂ Ž ƋƵĞ ĞdžŝƐƚĞ ĚĞ ŵĞůŚŽƌ ŶĂ ŐĞŶĠƟĐĂ ďŽǀŝŶĂ ĚĞ ƌĂĕĂƐ ĚĞ ĐŽƌƚĞ͕ ƉĂƌĂ ƋƵĞ Ž ƉƌŽĚƵƚŽƌ ƚĞŶŚĂ Ă ŽƉŽƌƚƵŶŝĚĂĚĞ ĚĞ ƵƟůŝnjĂƌ Ğŵ ƐƵĂƐ ƉƌŽƉƌŝĞĚĂĚĞƐ Ž ƋƵĞ ĂƚĞŶĚĞ Ă ĐĂĚĂ ŶĞĐĞƐƐŝĚĂĚĞ͘ EŽƐƐŽ ĐĂƚĄůŽŐŽ ĞƐƚĄ ƌĞĐŚĞĂĚŽ ĐŽŵ ŽƉŽƌƚƵŶŝĚĂĚĞƐ͘ dŽƵƌŽƐ dKW ƉĂƌĂ ŐĂŶŚŽ ĚĞ ƉĞƐŽ͕ ĞdžƚƌĞŵŽƐ ƉĂƌĂ ĨĂĐŝůŝĚĂĚĞ ĚĞ ƉĂƌƚŽ͕ ĞdžĐĞůĞŶƚĞƐ Ğŵ ĐĂƌĂĐƚĞƌşƐƟĐĂƐ ĚĞ ĐĂƌĐĂĕĂ͘ /ŶĚĞƉĞŶĚĞŶƚĞ ĚŽ ƋƵĞ ǀŽĐġ ďƵƐĐĂ͕ ŶĂ ^ > d ^/Z ^ ǀŽĐġ ǀĂŝ ĞŶĐŽŶƚƌĂƌ͘ ^ĞŐƵŝŵŽƐ ũƵŶƚŽƐ Ğ ƐĞŐƵŝŵŽƐ ĨŽƌƚĞƐ͘ ŽŶƟŶƵĂƌĞŵŽƐ ƐĞŶĚŽ Ž ƉƌŽƉƵůƐŽƌ ĚŽ ƌĂƐŝů ƐƵƉĞƌĂŶĚŽ ŵĂŝƐ ĞƐƚĞ ŽďƐƚĄĐƵůŽ͘ ƚĞŶĐŝŽƐĂŵĞŶƚĞ͕ ƋƵŝƉĞ ^ĞůĞĐƚ ^ŝƌĞƐ ĚŽ ƌĂƐŝů
1E /
Z E E'h^
ϲ Dϲ ϳ EϮϴϮ >> /E ϳ Eϯϳϵ E^t Z ϳ EϮϵϵ /h h Eϲϰϱϳ E<ZK>> ϳ EϰϯϮ > ^^/ ϳ EϯϯϮ KE ϳ Eϯϰϱ ZKE ϳ Eϰϰϯ W/d >/^d ϳ Eϯϱϭ Ed E Z/K EϬϴϵϬ ,/ &d /E ϳ EϰϭϬ > Z< EϳϰϳϮ KDZ ϳ Eϯϲϴ KE&/ZD EϭϰϬϵ KEs Z^ d/KE ϳ EϰϮϲ KhEdZz ϳ Eϯϰϳ KhZ ' ϳ Eϯϴϰ D E ϳ EϰϬϱ ZKs Z ϳ Eϰϰϱ DW/Z ϳ Eϰϯϰ &/Z^dͲEͲ'K > ϳ Eϯϳϰ &KZdZ ^^ ϳ Eϯϵϱ &KZtKZ ϳ Eϯϲϲ 'Z d /s/ ϳ EϯϬϵ , D/^W, Z ϳ Eϯϯϱ &KdK W ͗ ŶĚĞƌƐŽŶ ^ĐŚŝŵŝĚƚ
ϭϮ ϳ ϴ ϯϱ Ϯϲ ϯϯ Ϯϯ ϯϮ ϱ ϯϰ Ϯϰ ϯϲ ϭϱ ϯϲ Ϯϵ ϰ ϯ ϭϰ ϯϮ Ϯϲ ϮϬ ϭϲ ϮϮ Ϯϭ ϭϴ
,/', t /',d / W : EE/E'^ D >d Dh^d E' E t z E/ ' Z K ^ Zs Z WZ ^d/E WZ D/hE & WZ/D WZ D/ Z WZKW, d WZK^W Z/dz Z E , Z Z '/^ Z s/s > ^WKd>/d ^hZ &/Z d,hE Z K>d dKW , E dKd > Z >> hE/KE hWdKtE s > ^ s EdhZ tKZ<,KZ^
ϳ EϰϮϱ ϳ Eϰϰϵ ϳ Eϰϯϴ EϬϭϮϬ ϳ EϯϮϵ ϳ EϯϬϯ ϳ Eϯϴϴ ϳ Eϰϭϯ ϳ EϮϮϮ ϳ EϮϰϱ ϳ Eϯϴϳ ϳ EϯϮϬ ϳ EϯϮϴ ϳ Eϰϱϱ ϳ EϯϯϬ ϳ Eϯϴϲ ϳ Eϰϭϳ ϳ Eϯϴϵ ϳ EϰϬϳ ϳ Eϯϱϳ ϳ Eϰϭϰ ϳ Eϯϴϱ ϳ Eϯϲϵ EϬϭϱϰ ϳ EϰϯϬ ϳ EϯϮϳ
ϯϬ ϮϮ ϯϰ ϭϭ ϭϴ ϭϬ ϲ ϭϳ ϭϮ ϭϬ Ϯϴ ϰ ϭϵ ϯϭ ϵ Ϯϳ Ϯϰ ϭϲ ϭϰ Ϯϴ ϯϬ ϲ ϮϬ ϭϯ Ϯϱ ϴ
Z E'h^ KZKE K Ks E Ed &&/ / Ed y >h^/s , ZZ| , Z/d ' W ^ dd Z WZ ^d/'/Kh^ WhZ^h/d Z E t > ^ DhZ / ^hE </E' d < Khd d/EdK Z E'h^ Zh/^ /W,KE W ^^WKZd ^ Z E z zKhdh
ϳ ZϬϲϴ ϳ ZϬϱϳ ϳ ZϬϳϳ ϳ ZϬϲϲ ZϬϳϯϭ ϳ ZϬϱϴ ϳ ZϬϳϱ ϳ ZϬϳϰ ϳ ZϬϳϬ ϳ ZϬϳϮ ϳ ZϬϲϬ ϳ ZϬϲϭ ϳ ZϬϲϵ ZϬϭϯϱ
ϰϰ ϰϬ ϰϲ ϰϯ ϰϳ ϰϭ ϰϮ ϰϮ ϰϬ ϰϲ ϯϴ ϯϴ ϯϵ ϰϱ
ϳ EϬϬϳ EϬϬϱϵ ϳ EϬϬϰ EϬϲϬϯ EϬϬϲϱ
ϰϵ ϱϭ ϱϬ ϱϬ ϱϭ
Z Z E'h^ KZ/E' Z ϬϲϳϮ K>d Z ϳZ ϬϬϱ
ϱϮ ϱϮ
, Z &KZ hK EKZd, hZ E'K W/ K y D Z ' dK Z D Z ^KhZ dKW ^, >& h>dZ KZZK Z &KZ KD E , KZKE/>, D Z K y Yh ͲD d , ZK> ^ E ,D Z< ^ &Z >hE , dZ s > ' Ed sKE ϳϵϬϬ
ϳ,Wϭϭϱ ϳ,WϭϬϱ ,WϭϬϱϳ ϳ,Wϭϭϲ ,WϮϲϴϴ ϳ,WϭϬϵ ϳ,WϭϭϮ ϳ,WϭϬϴ ϳ,WϭϬϰ ,WϴϮϴϭ
ϱϱ ϱϳ ϱϴ ϱϰ ϱϲ ϱϴ ϱϵ ϱϰ ϱϵ ϱϲ
KϲϭϬϴ KϬϱϬϮ KϬ:ϭϳ ϬϮϬϴϲ
ϲϯ ϲϭ ϲϬ ϲϮ
,Ϭϴϵ ϳ ,ϵϱ ϳ ,ϵϭ ϳ ,ϵϰ
ϲϰ ϲϰ ϲϱ ϲϱ
ϳϵϬϬ
ϲϲ
W/d 'KZ ^ ϬϳϬϬ ^KD Z ϭϰϰϬ ^,KZd,KZE W/ , ϳ^WϬϯϮ ' h' ϳ^WϬϯϯ
ϲϲ ϲϲ
ϲϳ ϲϳ
^ E WK> '/KE
^ ϬϳϬϭ
ϲϳ
^/D Ed > KEsKz /E&/E/d/ D : ^d/
ϳ^Dϲϳ ϳ^Dϱϴ ϳ^Dϰϲ
ϲϴ ϲϴ ϲϴ
ϲϵ
Zd/'K^
d ydK^ KE^h>d 1E / ^ /K KEND/ K^ /Ed ZWZ d K WZKs ^
ϵϰ ϵϱ
&RXUDJH
Z E E'h^ ϳ Eϯϴϰ
KEE >z KhZ ' Ϯϱ>
70
ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ
ZĞŐ͗ ϭϳϯϬϮϯϬϰ ; D&ͲE,&Ϳ Ͳ ZĞŐ͘ EĂĐ͗ , / ϭϮϵϱ ƌŝĂĚŽƌ͗ ŽŶŶĞĂůLJ ŶŐƵƐ ZĂŶĐŚ͕ E ͖ ZĂLJŵŽŶĚ ,ĂƵŐĞŶ͕ E ĂŶĚ tĂLJ sŝĞǁ ĂƚƚůĞ Ž͕ K, ĂƚĂ EĂƐĐ͗͘ ϬϲͬϬϮͬϮϬϭϮ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗
ϯϴ ŬŐ͘ ͬ d ϯϲϬ ŬŐ͘ ͬ d ϲϯϬ ŬŐ͘ ͬ d ϯϳĐŵ ϱ͘ϳ
ŽŶŶĞĂůLJ dŽďŝŶ ŽŶŶĞĂůLJ ŽŶĨŝĚĞŶĐĞ ϬϭϬϬ ĞĐŬĂ 'ĂůĂ ŽĨ ŽŶĂŶŐĂ ϴϮϴϭ sĞƌŵŝůůŝŽŶ ĂƚĞůŝŶĞ ϳϬϳϴ WĞĂƌů WĂŵŵLJ ŽĨ ŽŶĂŶŐĂ ϭϵϰ WĞĂƌů :Ăŵ ŽĨ ŽŶĂŶŐĂ ϲϭϭϰ
&/>, ͕ ^W/ <> Z Z E ,͕ E
/ŶĚŝĐĂĚŽ ƉĂƌĂ ŶŽǀŝůŚĂƐ͘ /ŶĚŝĐĂĚŽ ƉĂƌĂ ƉůĂŶƚĞŝƐ Ğ ĐƌƵnjĂŵĞŶƚŽƐ͘ /ŵƉƌŝŵĞ ƉĂĚƌĆŽ ƌĂĐŝĂů͘ hŵ ĚŽƐ ŵĞůŚŽƌĞƐ ĨŝůŚŽƐ ĚĞ KE&/ E ƋƵĞ Ġ ƚŽƵƌŽ ƌĞĐŽƌĚĞ Ğŵ ƌĞŐŝƐƚƌŽ ŶĂ ƐƐŽĐŝĂĕĆŽ ĚĞ ŶŐƵƐ ĚŽƐ h ƉŽƌ Ϯ ĂŶŽƐ ĐŽŶƐĞĐƵƚŝǀŽƐ͘ KhZ ' Ġ ǀŝƐƚŽ ĐŽŵŽ Ž ĞdžĞŵƉůŽ ĚŽ ƋƵĞ Ă ŽŶͲ ŶĞĂůLJ ďƵƐĐĂ Ğŵ ƐƵĂ ƉƌŽĚƵĕĆŽ͘ /ŵƉĞĐĄǀĞů Ğŵ ƐĞƵ ĨĞŶſƚŝƉŽ Ğ ƐĞůŽ ƌĂĐŝĂů͘ hƐĂĚŽ ŶĂƐ ŶŽǀŝůŚĂƐ ĚŽƐ ƉůĂŶƚĠŝƐ ŵĂŝƐ ŝŵƉŽƌƚĂŶƚĞƐ ĚĂ ƌŐĞŶƚŝŶĂ͕ hƌƵŐƵĂŝ Ğ ƌĂƐŝů͘ :Ą ĐŽŶƐĂŐƌŽƵ 'ƌĂŶĚĞƐ ĂŵͲ ƉĞƁĞƐ ŶĂƐ ƉƌŝŶĐŝƉĂŝƐ ĞdžƉŽƐŝĕƁĞƐ ĚĞƐƚĞƐ ƉĂşƐĞƐ͘ W ͛^ ϬϭͬϬϳͬϮϬϭϳ
K^ WDz^ ĐĐ͘ й dKW
&W WE нϭϲ Ͳ͘ϯ ͘ϴϰ ͘ϵϯ Ϯ
W нϱϰ ͘ϵϬ
WZK h K W d W K нϵϮ Ͳ͘ϰ н͘ϭϬ нϭϵ ͘ϴϵ ͘ϴϲ ͘ϴϵ ͘ϴϵ
D d ZE > > Ws &WD нϯϬ ϭϬ нϭϲ ͘ϰϱ ϰϬ ͘ϯϵ ϭϱ ϭ
W Ψ E Ͳϭϯ͘ϱϱ нϭϲ ͘ϰϮ
Z D K> н͘ϰϰ нϭ͘ϭϴ ͘ϱϬ ͘ϰϵ Ϯ
ďĞƌĚĞĞŶ ŶŐƵƐ Ͳ DĠĚŝĂƐ ĚĂ ZĂĕĂ :ƵůŚŽ ϮϬϭϳ &W͗ нϲ ͮ WE͗ нϭ͘ϭ ͮ W ͗ нϰϳ ͮ W ͗ нϴϰ ͮ d ͗ н͘ϱ ͮ W ͗ н͘ϳϲ ͮ K ͗ нϭϯ ͮ&WD͗ нϴ ͮ > ͗ нϮϰ ͮ Ws ͗ нϮϰ ͮ Ψ E͗ ͲϮ͘ϭϭ ͮ W ͗ нϯϭ ͮ D ͗ н͘ϱϬ ͮ K> ͗ н͘ϰϱ ͮ '͗ н͘Ϭϭϴ Ψ нϰϰ͘Ϭϴ ͮ Ψ ͗ нϯϵ͘Ϭϴ ͮ Ψ'͗ нϮϵ͘ϲϵ ͮ Ψ/ &͗ нϭϬϭ͘Ϯϱ
ϯ
&/>,K͕ ^W/ <> Z Z E ,͕ E
' н͘Ϭϲϳ ͘ϰϰ
1E / ^ KEND/ K^ Ψ Ψd Ψ Ψ' нϲϬ͘ϲϵ нϱϬ͘Ϯϭ нϯϱ͘ϱϮ нϴϭ͘ϭϲ ϭϱ
Z E E'h^ ϳ EϯϮϬ
3URSKHW
' Z WZKW, d &ŝůŚĂƐ ĚĞ ĂůƚĂ ƉƌŽĚƵĕĆŽ͘ ƌĞƐĐŝŵĞŶƚŽ ĂĐĞůĞƌĂĚŽ ĐŽŵ ƋƵĂůŝĚĂĚĞ ĚĞ ĐĂƌŶĞ͘ Žŵ ƵŵĂ ĐŽŵďŝŶĂĕĆŽ ƉĞƌĨĞŝƚĂ ĚĞ WƐ ĚĞ ĐƌĞƐĐŝŵĞŶƚŽ ĞdžͲ ƚƌĂ Ğ ŵĂƌŵŽƌĞŝŽ͕ WZKW, d Ġ ƐĞŵ ĚƷǀŝĚĂ ƵŵĂ ĨĞƌƌĂŵĞŶƚĂ ŐĞŶĠƚŝĐĂ ƉĂƌĂ ŽƐ ĐƌŝĂĚŽƌĞƐ ƋƵĞ ďƵƐĐĂŵ ŐĂŶŚŽ ĂĐĞůĞƌĂĚŽ ĚĞ ƉĞƐŽ ĐŽŵ ƋƵĂůŝĚĂĚĞ ĚĞ ĐĂƌŶĞ͘ ^ĞƵƐ ŶƷŵĞƌŽƐ Ğ ƉĞĚŝŐƌĞĞ ŵŽƐƚƌĂŵ Ă ŝŵƉŽƌƚąŶĐŝĂ ĚĞůĞ Ğŵ ƋƵĂůƋƵĞƌ ƌĞďĂŶŚŽ͘ ZĞŐ͗ нϭϲϮϵϱϲϴϴ ; D&ͲE,&Ϳ ƌŝĂĚŽƌ͗ 'ĂƌĚŝŶĞƌ ŶŐƵƐ ZĂŶĐŚ͕ <^ Ͳ D ZĂŶĐŚĞƐ KŐĞĞĐŚĞĞ ŶŐƵƐ͕ ' ĂƚĂ EĂƐĐ͗͘ ϭϱͬϬϴͬϮϬϬϴ
ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗ W ͛^ ϬϭͬϬϳͬϮϬϭϳ
K^ WDz^ ĐĐ͘ й dKW
&W WE нϭϭ Ͳ͘ϴ ͘ϵϮ ͘ϵϳ ϮϬ
Z džƚ dƌĂǀĞůĞƌ ϮϬϱ Z ĞdžƚŽƌ ϴϳϮ ϱϮϬϱ ϲϬϴ ƌĂ >ĂĚLJ :ĂLJĞ ϲϬϴ ϰϵϴ ^ ĂƐLJ ^ ^ KďũĞĐƚŝǀĞ dϱϭϬ ϬdϮϲ ' Z KďũĞĐƚŝǀĞ ϭϴϴϱ ' Z ϭϰϬϳ EĞǁ ĞƐŝŐŶ ϮϮϯϮ
ϯϱ ŬŐ͘ ͬ d ϰϬϯ ŬŐ͘ ͬ d ϲϵϱ ŬŐ͘ ͬ d ϯϴ Đŵ͘ ϲ͘Ϯ WZK h K W W d W K нϳϯ нϭϮϰ н͘ϲ н͘ϭϭ нϮϲ ͘ϵϱ ͘ϵϱ ͘ϵϯ ͘ϵϲ ͘ϵϯ Ϯ Ϯ ϭϬ
Z E E'h^ ϳ Eϯϰϳ
D d ZE > > Ws &WD нϯϳ нϮϴϭ нϭϮ ͘ϴϰ ϭϬϮϵ ͘ϳϵ ϭ ϭϱ
W Ψ E Ͳϭϱ͘ϰϴ нϯϯ ͘ϳϳ
&/>, ͕ D Z E , ^͕ '
Z D K> нϭ͘ϱϵ н͘ϱϲ ͘ϳϵ ͘ϳϵ ϭ
&RXQWU\
' н͘Ϭϱϰ ͘ϳϴ
1E / ^ KEND/ K^ Ψd Ψ Ψ Ψ' нϭϬϭ͘ϱϲ нϴϳ͘ϰϲ нϱϱ͘ϲϴ нϭϯϰ͘ϯϲ ϭ
ϯ
ϭ
ϭϱ
ϰϰ KhEdZz yϴϬϮ džĐĞůĞŶƚĞ ĂƌƋƵĞĂŵĞŶƚŽ ĚĞ ĐŽƐƚĞůĂƐ͕ ĨŽƌƚĞ ĞƐƚƌƵƚƵƌĂ ſƐƐĞĂ͘ /ŶĚŝĐĂĚŽ ƉĂƌĂ ŶŽǀŝůŚĂƐ͘ WĞĚŝŐƌĞĞ ŵƵŝƚŽ ĨŽƌƚĞ Ğ ĐŽŶƐŝƐƚĞŶƚĞ͘
dŽƵƌŽ ƉƌŽĨƵŶĚŽ Ğ ĐŽŵ ŵƵŝƚŽ ǀŽůƵŵĞ ĚĞ ĐĂƌŶĞ͕ ƐƵƐƚĞŶƚĂͲ ĚŽ ƉŽƌ ſƚŝŵĂ ĞƐƚƌƵƚƵƌĂ ſƐƐĞĂ͕ ĂƉƌƵŵŽƐ Ğ ůŝŶŚĂ ĚĞ ůŽŵďŽ ŝŵƉĞĐĄǀĞŝƐ͘ ZĞŐ͗ ϭϲϲϰϱϭϴϲ ; &Ϳ Ͳ ZĞŐ͘ EĂĐ͗ , / ϭϱϳϳ ƌŝĂĚŽƌ͗ ϰϰ &ĂƌŵƐ͕ dy ĂƚĂ EĂƐĐ͗͘ ϬϯͬϬϭͬϮϬϭϬ
ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗ W ͛^ ϬϭͬϬϳͬϮϬϭϳ
K^ WDz^ ĐĐ͘ й dKW
&W WE нϵ н͘ϯ ͘ϲϬ ͘ϴϬ
ŽLJĚ EĞǁ ĂLJ ϴϬϬϱ ͬZ EĞǁ ĂLJ ϰϱϰ ͬZ ZƵďLJ ϭϮϮϰ Z džƚ dƌĂǀĞůĞƌ ϮϬϱ Z h^ >ĂĚLJ :ĂLJĞ ϰϵϰ ƌĂ >ĂĚLJ :ĂLJĞ ϲϬϴ ϰϵϴ ^ ĂƐLJ
ϰϭ ŬŐ͘ ͬ d Ϯϱϳ ŬŐ͘ ͬ d ϲϲϬ ŬŐ͘ ͬ d ϯϲ Đŵ͘ ϲ͘Ϭ WZK h K W W d нϯϳ нϲϱ Ͳ͘ϯ ͘ϳϭ ͘ϱϱ ͘ϲϱ
W K Ͳ͘ϲϮ нϲ ͘ϲϬ ͘ϰϳ
D d ZE > > Ws &WD нϮϭ нϭϭ нϳ ͘ϰϰ ͘Ϯϴ ͘ϯϱ
Ψ E нϭ͘ϯϳ
W нϲ ͘ϯϴ
D KhEdZz
Z D K> н͘ϰϲ н͘ϲϬ ͘ϰϲ ͘ϰϭ
ďĞƌĚĞĞŶ ŶŐƵƐ Ͳ DĠĚŝĂƐ ĚĂ ZĂĕĂ :ƵůŚŽ ϮϬϭϳ &W͗ нϲ ͮ WE͗ нϭ͘ϭ ͮ W ͗ нϰϳ ͮ W ͗ нϴϰ ͮ d ͗ н͘ϱ ͮ W ͗ н͘ϳϲ ͮ K ͗ нϭϯ ͮ&WD͗ нϴ ͮ > ͗ нϮϰ ͮ Ws ͗ нϮϰ ͮ Ψ E͗ ͲϮ͘ϭϭ ͮ W ͗ нϯϭ ͮ D ͗ н͘ϱϬ ͮ K> ͗ н͘ϰϱ ͮ '͗ н͘Ϭϭϴ Ψ нϰϰ͘Ϭϴ ͮ Ψ ͗ нϯϵ͘Ϭϴ ͮ Ψ'͗ нϮϵ͘ϲϵ ͮ Ψ/ &͗ нϭϬϭ͘Ϯϱ
ϯ ϰ
' н͘ϬϮϲ ͘ϰϮ
1E / ^ KEND/ K^ Ψ Ψd Ψ Ψ' нϯ͘Ϭϯ нϮϳ͘ϱϵ нϯϱ͘ϴϯ нϰϯ͘Ϭϯ
Z E E'h^ ϳ Eϯϱϭ
&DSLWDOLVW
KEE >z W/d >/^d ϬϮϴ
ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ
ZĞŐ͗ ϭϲϳϱϮϮϲϮ ; &ͲK^&Ϳ Ͳ ZĞŐ͘ EĂĐ͗ , / ϭϮϲϱ ƌŝĂĚŽƌ͗ ŽŶŶĞĂůLJ ŶŐƵƐ ZĂŶĐŚ͕ E ͕ ϰϰ &ĂƌŵƐ͕ dy ĂƚĂ EĂƐĐ͗͘ ϭϭͬϬϭͬϮϬϭϬ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗
ϯϮ ŬŐ͘ ͬ ƌĂƚŝŽ ϵϲ ϯϵϭ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϭϳ ϲϱϲ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϭϳ ϯϳĐŵ ϱ͘ϴ
^ŝƚnj dƌĂǀĞůĞƌ ϴϭϴϬ ^ s &ŝŶĂů ŶƐǁĞƌ ϬϬϯϱ ^ s ŵƵůŽƵƐ ϴϭϰϱ Z ĞdžƚŽƌ ϴϳϮ ϱϮϬϱ ϲϬϴ WƌŝĚĞƐ WŝƚĂ ŽĨ ŽŶĂŶŐĂ ϴϴϮϭ WƌĞƚƚLJ WĞƚ ŽĨ ŽŶĂŶŐĂ
W/d >/^d K^ Ϯϰ D ^ ^
&ĞŶſƚŝƉŽ Ğ ĚĞƐĞŵƉĞŶŚŽ ŶĂ ŵĞƐŵĂ ŐĞŶĠƚŝĐĂ͘ džĐĞůĞŶƚĞ ĂĐĂƐĂůĂŵĞŶƚŽ ƉĂƌĂ ŶŽǀŝůŚĂƐ͘ KƉĕĆŽ Ğŵ ƚŽƌŶĂƌ ŵŽĚĞƌĂĚŽ͕ ƉƌŽĚƵƚŝǀŽ Ğ ĚĞ ĂůƚŽ ŶşǀĞů ŽƐ ƉůĂŶƚĞŝƐ ŶŐƵƐ͘ ^ƵƌƉƌĞĞŶĚĞͲŶŽƐ ƉŽƐŝƚŝǀĂŵĞŶƚĞ Ă ĐĂĚĂ ĨŝůŚŽ ƋƵĞ ŶĂƐĐĞ͕ Ġ ŝŶĐŽŵƉĂƌĄǀĞů Ă ŽƵƚƌŽ ƚŽƵƌŽ Ă ĐĂƉĂͲ ĐŝĚĂĚĞ ƋƵĞ W/d >/^d ƚĞŵ ĚĞ ƚƌĂŶƐŵŝƚŝƌ ŵĂƐƐĂ ŵƵƐĐƵůĂƌ͕ ŚĂƌŵŽŶŝĂ͕ ƐƵĂǀŝĚĂĚĞ ŶĂƐ ĨġŵĞĂƐ͕ ĞdžĐĞůĞŶƚĞ ĐĂƉĂĐŝĚĂĚĞ ĚĞ ĐĂŵŝŶŚĂƌ ĂŽƐ ŵĂĐŚŽƐ͘ WŽƐƐƵŝ ĨŝůŚŽƐ ŶĂƐ ďĂƚĞƌŝĂƐ ŵĂŝƐ ŝŵƉŽƌƚĂŶƚĞƐ ĚĞ ƚŽƵƌŽƐ ĚĂƐ ŵĂŝƐ ĨŽƌƚĞƐ ĐĞŶƚƌĂŝƐ ĚĞ ŝŶƐĞŵŝŶĂĕĆŽ ĚŽ ŵƵŶĚŽ͘ hŵĂ ĚĂƐ ŵĞůŚŽƌĞƐ ƐĂĨƌĂƐ ĚĞ ĚŽĂĚŽƌĂƐ ĚĞ ĞŵďƌŝƁĞƐ Ğŵ ŵƵŝƚŽƐ ƉůĂŶƚĠŝƐ ŶŽ Z ^/>͘ ŝŵƉƌĞƐĐŝŶĚşǀĞů ƚĞƌ ĞƐƐĂ ŐĞŶĠƚŝĐĂ Ğŵ ƐĞƵ ƌĞďĂŶŚŽ͘ W ͛^ ϬϭͬϬϳͬϮϬϭϳ
K^ WDz^ ĐĐ͘ й dKW
&W WE нϭϭ нϬ ͘ϵϭ ͘ϵϲ ϮϬ
W нϱϴ ͘ϵϱ ϮϬ
WZK h K W d W K нϵϴ Ͳ͘Ϯ нϭ͘Ϭϱ нϭϰ ͘ϵϰ ͘ϵϯ ͘ϵϮ ͘ϴϵ
D d ZE > > Ws &WD нϮϯ нϭϵϵ нϭϮ ͘ϳϵ ͘ϱϮϯ ͘ϳϮ ϭϱ
Ψ E нϱ͘ϴϲ
W нϮϴ ͘ϲϬ
Z D K> н͘ϲϮ н͘ϵϳ ͘ϲϰ ͘ϲϰ ϭϬ
ďĞƌĚĞĞŶ ŶŐƵƐ Ͳ DĠĚŝĂƐ ĚĂ ZĂĕĂ :ƵůŚŽ ϮϬϭϳ &W͗ нϲ ͮ WE͗ нϭ͘ϭ ͮ W ͗ нϰϳ ͮ W ͗ нϴϰ ͮ d ͗ н͘ϱ ͮ W ͗ н͘ϳϲ ͮ K ͗ нϭϯ ͮ&WD͗ нϴ ͮ > ͗ нϮϰ ͮ Ws ͗ нϮϰ ͮ Ψ E͗ ͲϮ͘ϭϭ ͮ W ͗ нϯϭ ͮ D ͗ н͘ϱϬ ͮ K> ͗ н͘ϰϱ ͮ '͗ н͘Ϭϭϴ Ψ нϰϰ͘Ϭϴ ͮ Ψ ͗ нϯϵ͘Ϭϴ ͮ Ψ'͗ нϮϵ͘ϲϵ ͮ Ψ/ &͗ нϭϬϭ͘Ϯϱ
ϱ
W/d >/^d K^ Ϯϰ D ^ ^
' н͘ϭϱϯ ͘ϲϭ
1E / ^ KEND/ K^ Ψ Ψd Ψ Ψ' нϲϵ͘ϴϳ нϱϯ͘ϬϬ нϮϰ͘ϱϲ нϵϭ͘ϭϴ ϭϬ
Z E E'h^ ϳ Eϯϴϱ
8QLRQ
KEE >z hE/KE Ϯϭϱy WĞĚŝŐƌĞĞ ŵƵŝƚŽ ĨŽƌƚĞ͘ WŽĚĞ ƐĞƌ ƵƐĂĚŽ Ğŵ ŶŽǀŝůŚĂƐ͘ ƋƵŝůŝďƌĂĚŽ͕ ŚĂƌŵƀŶŝĐŽ͕ ĨŽƌƚĞ Ğŵ ƐƵĂ ĞƐƚƌƵƚƵƌĂ ſƐƐĞĂ͕ ƉĞůĂͲ ŵĞ ďĂŝdžŽ͕ ŵƵŝƚŽ ĂĚĂƉƚĂĚŽ ĂŽ ƋƵĞ ďƵƐĐĂŵŽƐ Ğŵ ŶŽƐƐŽƐ ƌĞͲ ďĂŶŚŽƐ͘ hE/KE Ġ Ƶŵ ƚŽƵƌŽ ĐŽŵƉƌŝĚŽ Ğ ƉƌŽĨƵŶĚŽ͕ ƋƵĞ ŝŵͲ ƉƌŝŵĞ ƉĞƐŽ Ğ ƌĞŶĚŝŵĞŶƚŽ Ğŵ ĐĂƌĐĂĕĂƐ͘
ZĞŐ͗ ϭϳϯϬϮϮϯϮ ; &Ϳ Ͳ ZĞŐ͘ EĂĐ͗ , / ϭϱϰϱ ƌŝĂĚŽƌ͗ ŽŶŶĞĂůLJ ŶŐƵƐ ZĂŶĐŚ͕ E ĂƚĂ EĂƐĐ͗͘ ϮϵͬϬϭͬϮϬϭϮ
ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗
ϯϱ͕ϰϱ ŬŐ͘ ͬ ƌĂƚŝŽ ϵϴ ϯϲϰ͕Ϭϵ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϬϲ ϲϯϭ͕ϴϮ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϬϵ ϯϴ Đŵ͘ ϲ͘Ϯ
W ͛^ ϬϭͬϬϳͬϮϬϭϳ
K^ WDz^ ĐĐ͘ й dKW
&W WE нϯ н͘ϲ ͘ϳϮ ͘ϴϴ
W нϰϴ ͘ϴϮ
WZK h K W d W K нϴϬ н͘Ϯ нϭ͘ϯϭ нϭϴ ͘ϳϲ ͘ϳϳ ͘ϳϬ ͘ϲϭ ϮϬ
Z E E'h^ ϳ Eϯϴϴ
<D< ůůŝĂŶĐĞ ϲϱϵϱ /ϴϳ ŽŶŶĞĂůLJ ŽŶƐĞŶƐƵƐ ůŝŶĚĂ ŽĨ ŽŶĂŶŐĂ ϬϬϰ DLJƚƚLJ /Ŷ &ŽĐƵƐ Z / ŽĨ ŽŶĂŶŐĂ ϱϮϰ Z ŽĨ ŽŶĂŶŐĂ ϱϮϰ D d ZE > > Ws &WD нϮϮ нϯ нϭϬ ͘ϯϬ ͘ϴ ͘Ϯϰ
Ψ E нϲ͘ϰϵ
W нϮϭ ͘ϲϭ
Z D K> н͘ϲϳ н͘ϭϮ ͘ϲϱ ͘ϲϰ
1LDJDUD
' н͘ϬϬϱ ͘ϲϮ
1E / ^ KEND/ K^ Ψ Ψd Ψ Ψ' нϱϭ͘ϴϮ нϯϲ͘ϴϰ нϯϲ͘ϴϮ нϵϱ͘Ϭϱ
^^ E/ ' Z Ϯϵ /ŶĚŝĐĂĚŽ ƉĂƌĂ ŶŽǀŝůŚĂ͘ /ŶĚŝĐĂĚŽ ƉĂƌĂ / d&͘ WƌŽĚƵnj ĐĂƌŶĞ ĚĞ ƋƵĂůŝĚĂĚĞ͘
70
WĂƌĂ ƋƵĞŵ ďƵƐĐĂ ĨĂĐŝůŝĚĂĚĞ ĚĞ ƉĂƌƚŽ ĐŽŵ ŐĂŶŚŽ ĚĞ ƉĞƐŽ ƐƵƉĞƌŝŽƌ ă ŵĠĚŝĂ ĚĂ ƌĂĕĂ͕ E/ ' Z Ġ Ă ĞƐĐŽůŚĂ ĐĞƌƚĂ͘ WĞͲ ĚŝŐƌĞĞ ĨŽƌƚĞ͕ ƉŽƌĠŵ ĚĞ ĨĄĐŝů ĂĐĂƐĂůĂŵĞŶƚŽ͕ ĨĞŶſƚŝƉŽ ŵƵŝƚŽ ĐŽƌƌĞƚŽ Ğ ŚĂƌŵƀŶŝĐŽ͕ WƐ ĚĞ ĐĂƌĐĂĕĂ ƋƵĞ ŶŽƐ ĚĞŝdžĂŵ ƐĞͲ ŐƵƌŽƐ Ă ŝŶĚŝĐĄͲůŽ ĐŽŵŽ ƵŵĂ ſƚŝŵĂ ĨĞƌƌĂŵĞŶƚĂ ƉĂƌĂ ŽƐ ƌĞͲ ďĂŶŚŽƐ ĂŶŐƵƐ ŵĂŝƐ ĞdžŝŐĞŶƚĞƐ ĚŽ ŵƵŶĚŽ͘ ZĞŐ͗ ϭϳϮϴϳϯϴϳ ; D&ͲE&,Ϳ ƌŝĂĚŽƌ͗ ^ƚĞǁĂƌƚ ^ĞůĞĐƚ ŶŐƵƐ͕ /E ĂƚĂ EĂƐĐ͗͘ ϬϱͬϬϭͬϮϬϭϮ
ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗ W ͛^ ϬϭͬϬϳͬϮϬϭϳ
K^ WDz^ ĐĐ͘ й dKW
&W WE нϴ Ͳ͘ϰ ͘ϲϯ ͘ϴϰ ϮϬ
ϯϰ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϬϭ ϯϭϰ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϬϴ ϲϰϬ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϭϰ ϯϲ Đŵ͘ ϲ͘Ϭ WZK h K W W d W K нϲϳ нϭϮϰ н͘ϰ н͘ϲϴ нϭϳ ͘ϲϱ ͘ϳϲ ͘ϲϵ ͘ϳϮ ͘ϲϰ ϰ Ϯ
^LJĚ'ĞŶ Θ ϳ ,ŽŽǀĞƌ Ăŵ ƌŝĐĂ ŽĨ ůůƐƚŽŶ ϭϮϰ ͬZ EĞǁ ĂLJ ϰϱϰ :Ğƚ ^^ yϭϰϰ :Ğƚ ^^ dϭϱϭ D d ZE > > Ws &WD нϮϴ нϭ нϵ ͘Ϯϴ ͘ϰ ͘ϮϮ
W Ψ E ͲϮϮ͘ϴϰ нϱϯ ͘ϰϴ ϭϬ
D E/ ' Z
Z D K> н͘ϴϰ нϭ͘ϭϲ ͘ϱϯ ͘ϱϭ ϭϱ Ϯ
ďĞƌĚĞĞŶ ŶŐƵƐ Ͳ DĠĚŝĂƐ ĚĂ ZĂĕĂ :ƵůŚŽ ϮϬϭϳ &W͗ нϲ ͮ WE͗ нϭ͘ϭ ͮ W ͗ нϰϳ ͮ W ͗ нϴϰ ͮ d ͗ н͘ϱ ͮ W ͗ н͘ϳϲ ͮ K ͗ нϭϯ ͮ&WD͗ нϴ ͮ > ͗ нϮϰ ͮ Ws ͗ нϮϰ ͮ Ψ E͗ ͲϮ͘ϭϭ ͮ W ͗ нϯϭ ͮ D ͗ н͘ϱϬ ͮ K> ͗ н͘ϰϱ ͮ '͗ н͘Ϭϭϴ Ψ нϰϰ͘Ϭϴ ͮ Ψ ͗ нϯϵ͘Ϭϴ ͮ Ψ'͗ нϮϵ͘ϲϵ ͮ Ψ/ &͗ нϭϬϭ͘Ϯϱ
ϯ ϲ
' н͘ϬϮϬ ͘ϰϵ
1E / ^ KEND/ K^ Ψ Ψd Ψ Ψ' нϲϲ͘ϵϲ нϴϳ͘ϭϯ нϰϲ͘ϲϯ нϭϱϯ͘ϱϬ ϭϬ
ϯ
ϭϬ
ϰ
Z E E'h^ ϳ Eϯϳϵ
$OO ,Q
Z s >> z >> /E
70
ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ
ZĞŐ͗ ϭϳϯϬϳϬϳϰ ; &Ϳ Ͳ ZĞŐ͘ EĂĐ͗ , / ϭϱϯϳ ƌŝĂĚŽƌ͗ ĞĞƌ sĂůůĞLJ &Ăƌŵ͕ dE ĂŶĚ <ĞŶ DĐDŝĐŚĂĞů Θ ƌŝĚŐĞƐ ŶŐƵƐ &Ăƌŵ >> ͕ ' ĂƚĂ EĂƐĐ͗͘ ϮϯͬϬϭͬϮϬϭϮ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗
ϯϭ͕ϯϲ ŬŐ͘ ͬ ƌĞů͘ ϭϬϭ ϯϮϴ͕ϭϴ ŬŐ͘ ͬ ƌĞů͘ ϭϬϮ ϱϮϬ ŬŐ͘ ͬ ƌĞů͘ ϭϬϬ ϰϯ Đŵ͘ ϲ͘Ϭ
DLJƚƚLJ /Ŷ &ŽĐƵƐ Z dĞŶ y ϳϬϬϴ ^ Z >ĂĚLJ <ĞůƚŽŶ ϱϱϱϭ ^ŝƚnj hƉǁĂƌĚ ϯϬϳZ ĞĞƌ sĂůůĞLJ ZŝƚĂ ϬϮϳϰ ' Z KďũĞĐƚŝǀĞ Ϯϯϰϱ
&/>, ͕ Z s >> z & ZD͘
WĞĚŝŐƌĞĞ ŵƵŝƚŽ ĨŽƌƚĞ͘ ĞƐĞŵƉĞŶŚŽ Ğ ĨĞŶſƚŝƉŽ ŶĂ ŵĞƐŵĂ ŐĞŶĠƚŝĐĂ͘
hŵ ĚŽƐ ƉƌŝŶĐŝƉĂŝƐ ƚŽƵƌŽƐ ĚĂ Z s >> z͕ ƐĞŵ ĚƷǀŝĚĂ ĂůŐƵŵĂ ǀĞŵ ƚƌĂĕĂŶĚŽ Ƶŵ ĐĂŵŝŶŚŽ ŵƵŝƚŽ ŝŵƉŽƌƚĂŶƚĞ ŶĂ ŐĞŶĠƚŝĐĂ ĂŶŐƵƐ͘ ^ƵĂƐ ĨŝůŚĂƐ ƐĆŽ ĨĞŵŝŶŝŶĂƐ͕ ƐƵĂǀĞƐ Ğ ĐŽŵ ŵƵŝƚĂ ƉƵƌĞnjĂ ƌĂĐŝĂů͘ &/>, ͕ Z s >> z & ZD͘
W ͛^ ϬϭͬϬϳͬϮϬϭϳ
K^ WDz^ ĐĐ͘ й dKW
&W WE нϭϮ н͘ϭ ͘ϵϬ ͘ϵϲ ϭϱ
W нϳϮ ͘ϵϰ Ϯ
WZK h K W d W K нϭϮϱ н͘ϴ н͘ϵϵ нϭϲ ͘ϵϯ ͘ϵϭ ͘ϵϰ ͘ϴϵ Ϯ ϭϱ
D d ZE > > Ws &WD нϯϬ нϳϬ нϭϱ ͘ϱϴ ͘ϭϮϱ ͘ϱϭ ϭϱ Ϯ
W Ψ E ͲϮϮ͘ϱϬ нϰϰ ͘ϲϴ ϮϬ
Z D K> н͘ϲϰ н͘ϲϯ ͘ϳϭ ͘ϳϯ
ďĞƌĚĞĞŶ ŶŐƵƐ Ͳ DĠĚŝĂƐ ĚĂ ZĂĕĂ :ƵůŚŽ ϮϬϭϳ &W͗ нϲ ͮ WE͗ нϭ͘ϭ ͮ W ͗ нϰϳ ͮ W ͗ нϴϰ ͮ d ͗ н͘ϱ ͮ W ͗ н͘ϳϲ ͮ K ͗ нϭϯ ͮ&WD͗ нϴ ͮ > ͗ нϮϰ ͮ Ws ͗ нϮϰ ͮ Ψ E͗ ͲϮ͘ϭϭ ͮ W ͗ нϯϭ ͮ D ͗ н͘ϱϬ ͮ K> ͗ н͘ϰϱ ͮ '͗ н͘Ϭϭϴ Ψ нϰϰ͘Ϭϴ ͮ Ψ ͗ нϯϵ͘Ϭϴ ͮ Ψ'͗ нϮϵ͘ϲϵ ͮ Ψ/ &͗ нϭϬϭ͘Ϯϱ
ϳ
' Ͳ͘ϬϮϭ ͘ϳϭ ϮϬ
1E / ^ KEND/ K^ Ψ Ψd Ψ Ψ' нϳϴ͘ϲϴ нϵϱ͘ϱϲ нϰϬ͘ϱϳ нϭϰϯ͘ϵϱ Ϯ
Ϯ
ϮϬ
ϭϬ
$QVZHU
Z E E'h^ ϳ EϮϵϵ
KEE >z E^t Z ϳϭ dŽƵƌŽ ĚĞƐƚĂƋƵĞ ŶŽ WZKD K͘ WƌŽĚƵnj ǀĞŶƚƌĞƐ ƋƵĞ ĨĂnjĞŵ Ă ĚŝĨĞƌĞŶĕĂ ŶŽƐ ƌĞďĂŶŚŽƐ͘ ^ƵĂƐ ĨŝůŚĂƐ ƐĆŽ ĨĞŵŝŶŝŶĂƐ Ğ ĨĠƌƚĞŝƐ͘ E^t Z Ġ ŵŽĚĞƌĂĚŽ͕ ŵƵŝƚŽ ĂĚĂƉƚĂĚŽ ƉŽƌ ƐĞƵ ƉĞůĂŵĞ ďĂŝdžŽ͕ ŝŵƉƌŝŵĞ ŵƵŝƚĂ ƉƌŽͲ ĨƵŶĚŝĚĂĚĞ͕ ĐŽŵƉƌŝŵĞŶƚŽ Ğ ŚŽŵŽŐĞŶĞŝĚĂĚĞ ŶĂ ƐƵĂ ƉƌŽĚƵͲ ĕĆŽ͘
ZĞŐ͗ ϭϱϴϯϮϱϳϵ ; D&Ͳ &Ͳ &ͲDϭ&ͲE,&ͲK,&ͲK^&Ϳ ZĞŐ͘ EĂĐ͗ , / ϭϬϮϰ Ͳ ƌŝĂĚŽƌ͗ ŽŶŶĞĂůLJ ŶŐƵƐ ZĂŶĐŚ͕ E ĂƚĂ EĂƐĐ͗͘ ϬϭͬϬϭͬϮϬϬϳ
ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗
ϮϬ͕ϰϱ ŬŐ͘ ͬ ƌĂƚŝŽ ϲϰ ϯϯϯ͕ϭϴ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϬϬ ϲϮϯ͕ϭϴ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϬϴ ϯϲ Đŵ͘ ϰ͘ϵ
W ͛^ ϬϭͬϬϳͬϮϬϭϳ
K^ WDz^ ĐĐ͘ й dKW
&W WE нϭϮ нϬ ͘ϴϮ ͘ϵϮ ϭϱ
WZK h K W W d W K нϱϮ нϴϴ нϬ н͘ϭϵ нϭϳ ͘ϴϰ ͘ϴϴ ͘ϴϰ ͘ϴϯ ͘ϳϯ
Z E E'h^ ϳ EϯϮϳ
^ŝƚnj dƌĂǀĞůĞƌ ϴϭϴϬ ^ s &ŝŶĂů ŶƐǁĞƌ ϬϬϯϱ ^ s ŵƵůŽƵƐ ϴϭϰϱ ZŝƚŽ ϭ/Ϯ ŽĨ Ϯϱϯϲ ZŝƚŽ ϲ/ϲ ƵƌŽ ZĞĞŬĂ ŽĨ ŽŶĂŶŐĂ ϯϱϯϵ ƵƌŽ ŽƉĂ ŽĨ ŽŶĂŶŐĂ ϴϲϵ D d ZE > > Ws &WD нϮϯ нϴϰ нϭϬ ͘ϳϳ ͘Ϯϲϵ ͘ϲϱ
W Ψ E нϭϳ͘ϰϴ нϮϬ ͘ϲϴ ϭϬ
&/>, ͕ hE/s Z^/ < Eh <z
Z D K> н͘ϱϱ н͘ϱϭ ͘ϳϭ ͘ϳϬ
' н͘Ϭϲϳ ͘ϲϴ
1E / ^ KEND/ K^ Ψ Ψd Ψ Ψ' нϳϮ͘Ϯϳ нϯϲ͘ϰϯ нϯϬ͘ϲϴ нϳϲ͘Ϯϳ ϰ
:RUNKRUVH
> Z/ ' tKZ<,KZ^ tϳϰ /ŶĚŝĐĂĚŽ ƉĂƌĂ ŶŽǀŝůŚĂ͘ ƌŽĚƵnj ĂŶŝŵĂŝƐ ĚĞ ŐƌĂŶĚĞ ƌĞŶĚŝŵĞŶƚŽ ĚĞ ĐĂƌĐĂĕĂ͘ W
hƚŝůŝnjĂĚŽ Ğŵ ŐƌĂŶĚĞ ĞƐĐĂůĂ ƉĂƌĂ Ă ƉƌŽĚƵĕĆŽ ĚĞ ďĞnjĞƌƌŽƐ͕ ƐƵĂ ƉƌŽŐġŶŝĞ Ġ ŵƵŝƚŽ ƉĂĚƌŽŶŝnjĂĚĂ Ğ ĚĞ ĞdžĐĞůĞŶƚĞƐ ŶƷŵĞͲ ƌŽƐ ĚĞ ĚĞƐĞŵƉĞŶŚŽ͘
ZĞŐ͗ ϭϲϰϳϲϵϱϮ ; &Ϳ Ͳ ZĞŐ͘ EĂĐ͗ , / ϭϯϳϯ ƌŝĂĚŽƌ͗ :ƵĚƐŽŶ ĂůĚƌŝĚŐĞ͕ E ͘ ĂƚĂ EĂƐĐ͗͘ ϮϵͬϬϭͬϮϬϬϵ
ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗
ϯϰ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϬϭ ϯϰϱ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϭϵ ϱϯϱ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϭϭ ϯϱ Đŵ͘ ϱ͘ϱ
ZŝƚŽ ϭ/Ϯ ŽĨ Ϯϱϯϲ ZŝƚŽ ϲ/ϲ ' ZͲ '> WƌŽƚĞŐĞ > ϲϴϬϳ /ƐĂďĞů ϯϯϵ ĂůĚƌŝĚŐĞ ZĂƉŝĚ Zϯϭ ĂůĚƌŝĚŐĞ DĂǀĞƌŝĐŬ dϰϯ ĂůĚƌŝĚŐĞ DĂǀĞƌŝĐŬ Zϯϵ
WZK h K W W d нϱϰ нϵϮ н͘ϯ ͘ϳϲ ͘ϲϳ ͘ϲϵ
D d ZE > > Ws нϲ нϭϱ ͘ϰϳ ͘ϯϳ
W ͛^ ϬϭͬϬϳͬϮϬϭϳ
K^ WDz^ ĐĐ͘ й dKW
&W нϭϭ ͘ϲϴ ϮϬ
WE Ͳ͘ϵ ͘ϴϰ ϭϱ
W K Ͳ͘Ϯϯ нϮϬ ͘ϲϱ ͘ϱϳ
&WD нϭϱ ͘ϯϲ Ϯ
W Ψ E нϮϬ͘ϭϱ нϱϲ ͘ϱϮ ϭϬ ϭϬ
D Ͳ > Z/ ' D s Z/ < dϰϯ
Z D K> н͘ϱϲ н͘ϴϴ ͘ϱϳ ͘ϱϰ ϭϬ
ďĞƌĚĞĞŶ ŶŐƵƐ Ͳ DĠĚŝĂƐ ĚĂ ZĂĕĂ :ƵůŚŽ ϮϬϭϳ &W͗ нϲ ͮ WE͗ нϭ͘ϭ ͮ W ͗ нϰϳ ͮ W ͗ нϴϰ ͮ d ͗ н͘ϱ ͮ W ͗ н͘ϳϲ ͮ K ͗ нϭϯ ͮ&WD͗ нϴ ͮ > ͗ нϮϰ ͮ Ws ͗ нϮϰ ͮ Ψ E͗ ͲϮ͘ϭϭ ͮ W ͗ нϯϭ ͮ D ͗ н͘ϱϬ ͮ K> ͗ н͘ϰϱ ͮ '͗ н͘Ϭϭϴ Ψ нϰϰ͘Ϭϴ ͮ Ψ ͗ нϯϵ͘Ϭϴ ͮ Ψ'͗ нϮϵ͘ϲϵ ͮ Ψ/ &͗ нϭϬϭ͘Ϯϱ
ϯ ϴ
' Ͳ͘Ϭϭϯ ͘ϱϮ
1E / ^ KEND/ K^ Ψ Ψd Ψ Ψ' нϯϴ͘ϲϵ нϱϰ͘ϭϵ нϯϴ͘Ϭϲ нϭϲϬ͘Ϯϵ ϯ
Z E E'h^ ϳ EϯϯϬ
5HJLV
K> D E Z '/^ ϵϬϰ
ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ
ZĞŐ͗ ϭϲϯϲϰϳϵϰ ; &ͲZ &Ϳ Ͳ ZĞŐ͘ EĂĐ͗ , / ϭϮϭϱ ƌŝĂĚŽƌ͗ ŽůĞŵĂŶ ŶŐƵƐ͕ Dd ĂƚĂ EĂƐĐ͗͘ ϭϭͬϬϭͬϮϬϬϵ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗
Ϯϴ ŬŐ͘ ͬ ƌĂƚŝŽ ϵϳ ϯϳϬ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϬϳ ϲϬϲ ŬŐ͘ ϯϳ Đŵ͘ ϱ͘Ϭ
^ŝƚnj dƌĂǀĞůĞƌ ϴϭϴϬ ^ s &ŝŶĂů ŶƐǁĞƌ ϬϬϯϱ ^ s ŵƵůŽƵƐ ϴϭϰϱ ŽŶŶĞĂůLJ KŶǁĂƌĚ ŽůĞŵĂŶ ŽŶŶĂ ϳϭϰ ŽůĞŵĂŶ ŽŶŶĂ ϯϴϲ
D Z '/^͕ K> D E E'h^͕ Dd
^ƵĂ ŵĆĞ Ġ ƵŵĂ ĚĂƐ ǀĂĐĂƐ ŵĂŝƐ ŝŵƉŽƌƚĂŶƚĞƐ ĚĂ ŚŝƐƚſƌŝĂ ŶŐƵƐ ŶŽƐ h ͘ /ŵƉƌŝŵĞ ƉƌŽĨƵŶĚŝĚĂĚĞ͕ ƉƵƌĞnjĂ ƌĂĐŝĂů͕ ĞdžĐĞůĞŶƚĞ ĨĞŶſƚŝƉŽ Ğ ŶƷŵĞƌŽƐ ƋƵĞ ŶŽƐ ƐƵƌƉƌĞĞŶĚĞŵ ƐĞŵƉƌĞ͘ WĞƌŵĂŶĞĐĞ ƐĞŶĚŽ ƐĞŵ ĚƷǀŝĚĂ Ƶŵ ĚŽƐ ƚŽƵƌŽƐ ŵĂŝƐ ŝŵƉŽƌƚĂŶƚĞƐ ƉĂƌĂ ĂĐĂƐĂůĂŵĞŶƚŽ ĐŽŵ ŶŽͲ ǀŝůŚĂƐ ĚĂ ŶŽƐƐĂ ďĂƚĞƌŝĂ͘ ĐĂĚĂ ŐĞƌĂĕĆŽ ƋƵĞ ŶĂƐĐĞ ĚĞ ĨŝůŚŽƐ ĚĞ Z '/^͕ ƐƵƌƉƌĞĞŶĚĞŵŽͲŶŽƐ ĐŽŵ ŽƐ ƌĞƐƵůƚĂĚŽƐ ĚĞ ĂǀĂůŝĕĆŽ ŐĞŶĠƚŝĐĂ Ğ ĨĞŶſƚŝƉŽ͘ :Ą ƉŽƐƐƵŝ ĨŝůŚŽƐ Ğŵ ŶŽƐƐĂ ďĂƚĞƌŝĂ ĚĞ ƚŽƵƌŽƐ ŶĂ ^ĞůĞĐƚ ^ŝƌĞƐ Ğ Ġ ƉĂŝ ĚĞ ƵŵĂ ĚĂƐ ŵĞůŚŽƌĞƐ ƐĂĨƌĂƐ ĚĞ ĚŽĂĚŽƌĂƐ ĚĞ ĞŵďƌŝƁĞƐ Ğŵ ĐƌŝĂͲ ƚſƌŝŽƐ ŶŽ ƌĂƐŝů͕ ƌŐĞŶƚŝŶĂ͕ hƌƵŐƵĂŝ Ğ h ͘ W ͛^ ϬϭͬϬϳͬϮϬϭϳ
K^ WDz^ ĐĐ͘ й dKW
&W нϭϲ ͘ϵϬ Ϯ
WE W Ͳϭ͘ϰ нϱϬ ͘ϵϲ ͘ϵϯ ϭϬ
WZK h K W d W K нϴϮ Ͳ͘Ϯ н͘ϳϯ нϮϰ ͘ϵϭ ͘ϵϭ ͘ϵϬ ͘ϴϴ ϭϱ
D d ZE > > Ws &WD нϮϮ нϰϬϴ нϭϰ ͘ϴϳ ͘ϭϮϭϯ ͘ϴϭ ϰ
W Ψ E нϭϲ͘Ϭϭ нϯϬ ͘ϱϳ ϭϬ
Z D K> н͘ϰϯ н͘ϳϯ ͘ϲϮ ͘ϲϮ ϮϬ
ďĞƌĚĞĞŶ ŶŐƵƐ Ͳ DĠĚŝĂƐ ĚĂ ZĂĕĂ :ƵůŚŽ ϮϬϭϳ &W͗ нϲ ͮ WE͗ нϭ͘ϭ ͮ W ͗ нϰϳ ͮ W ͗ нϴϰ ͮ d ͗ н͘ϱ ͮ W ͗ н͘ϳϲ ͮ K ͗ нϭϯ ͮ&WD͗ нϴ ͮ > ͗ нϮϰ ͮ Ws ͗ нϮϰ ͮ Ψ E͗ ͲϮ͘ϭϭ ͮ W ͗ нϯϭ ͮ D ͗ н͘ϱϬ ͮ K> ͗ н͘ϰϱ ͮ '͗ н͘Ϭϭϴ Ψ нϰϰ͘Ϭϴ ͮ Ψ ͗ нϯϵ͘Ϭϴ ͮ Ψ'͗ нϮϵ͘ϲϵ ͮ Ψ/ &͗ нϭϬϭ͘Ϯϱ
ϵ
' н͘ϭϮϲ ͘ϱϵ
&/>, ͕ > K͕ E
1E / ^ KEND/ K^ Ψ Ψd Ψ Ψ' нϲϳ͘ϯϳ нϮϰ͘ϳϱ нϭϴ͘Ϯϰ нϴϭ͘Ϭϯ ϭϬ
Z E E'h^ ϳ EϮϰϱ
3UHPLXP %HHI
' Z h^ WZ D/hD &
džĐĞůĞŶƚĞ ƐĞůŽ ƌĂĐŝĂů͘ /ŶĚŝĐĂĚŽ ƉĂƌĂ ƉůĂŶƚĞŝƐ͕ ſƚŝŵĂ ŽƉĕĆŽ Ğŵ ĐƌƵnjĂŵĞŶƚŽƐ͘
ĞƐƚĂĐĂĚŽ ƉŽƌ ƉƌŽĚƵnjŝƌ ƉĂŝ ĚĞ ƚŽƵƌŽƐ Ğŵ ƉůĂŶƚĞŝƐ ŝŵƉŽƌƚĂŶͲ ƚĞƐ ŶĂ ƌŐĞŶƚŝŶĂ͕ ƌĂƐŝů Ğ hƌƵŐƵĂŝ͘ WZ D/hD & Ġ Ƶŵ ŐƌĂŶĚĞ ƉƌŽĚƵƚŽƌ ĚĞ ǀĞŶƚƌĞƐ ĐŽŵ ŵƵŝƚĂ ŚĂďŝůŝĚĂĚĞ ŵĂƚĞƌŶĂ͕ ĐŽŶƐŝƐƚġŶĐŝĂ Ğ ƉƵƌĞnjĂ ƌĂĐŝĂů͘
ZĞŐ͗ нϭϰϯϬϭϬϭϰ D&Ͳ &Ͳ &ͲDϭ&ͲE,&ͲK,&ͲK^& ZĞŐ͘ EĂĐ͗ D / ͲϳϱϬ Ͳ ƌŝĂĚŽƌ͗ ůĂŝƌ ƌŽƐ͘ ŶŐƵƐ͕ ^ ĂŶĚ 'ĂƌĚŝŶĞƌ ŶŐƵƐ Z͕ <^ Ͳ ĂƚĂ EĂƐĐ͗͘ ϬϭͬϬϯͬϮϬϬϮ
ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗ W ͛^ ϬϭͬϬϳͬϮϬϭϳ
K^ WDz^ ĐĐ͘ й dKW
&W WE нϱ н͘ϴ ͘ϴϴ ͘ϵϱ
ϯϲ͕ϯϲ ŬŐ͘ ͬ d Ϯϴϴ͕ϭϴ ŬŐ͘ ͬ d ϱϱϴ͕ϲϰ ŬŐ͘ ͬ d ϰϬ͘ϯ Đŵ ϱ͘ϳ WZK h K W W d W K нϯϮ нϲϳ Ͳ͘ϭ н͘ϭϵ нϰ ͘ϵϭ ͘ϵϯ ͘ϵϬ ͘ϵϮ ͘ϴϰ
dĞŚĂŵĂ ĂŶĚŽ ϭϱϱ ' Z WƌĞĐŝƐŝŽŶ ϭϲϴϬ ϵ:ϵ ' Z ϴϱϲ E Ăƌ ŵƵůĂƚŝŽŶ yd ' Z yd ϮϵϮϴ ' Z ϲϴϬϳ dƌĂǀĞůĞƌ ϭϱϰ D d ZE > > Ws &WD нϭϴ нϯϴϱ нϵ ͘ϴϴ ͘ϴϴϰ ͘ϳϵ
Ψ E нϴ͘ϲϭ
&/>,K͕ E > >>Ks/ E Ͳ Z' Ed/E
W нϰϭ ͘ϲϰ
Z D K> н͘ϯϴ н͘ϰϱ ͘ϲϴ ͘ϲϳ
' н͘Ϭϰϴ ͘ϲϲ
1E / ^ KEND/ K^ Ψ Ψd Ψ Ψ' нϭϵ͘ϭϬ нϯϵ͘ϬϬ нϮϭ͘ϰϲ нϭϯϭ͘ϱϰ ϮϬ
ϮϬ
Z E E'h^ ϳ EϯϬϯ
1HZ 'D\
ͬZ E t z ϰϱϰ ĞƐƚĂĐĂͲƐĞ ƉŽƌ ƉƌŽĚƵnjŝƌ ǀĞŶƚƌĞƐ ĞĨŝĐŝĞŶƚĞƐ͘ d ŽƵƌŽ ƉƌŽĨƵŶĚŽ Ğ ĐŽŵƉƌŝĚŽ ĐŽŵ ĞdžĐĞůĞŶƚĞƐ ŶƷŵĞƌŽƐ ĚĞ ĐĂƌĐĂĕĂ͘ WƌŽĚƵnj ǀĂĐĂƐ ƋƵĞ ĚĞƐŵĂŵĂŵ ďĞnjĞƌƌŽƐ ƉĞƐĂĚŽƐ ĐŽŵ ŐƌĂŶͲ ĚĞ ĚĞƐĞŵƉĞŶŚŽ ĚĞ ƉƌŽĚƵĕĆŽ͘ E t z ƉƌŽĚƵnjŝƵ ĚŽĂĚŽͲ ƌĂƐ ĚĞ ĞŵďƌŝƁĞƐ ƉĂƌĂ ƉůĂŶƚĞŝƐ ŝŵƉŽƌƚĂŶƚĞƐ ĐŽŵŽ Ă ĞĞƌ sĂůůĞLJ &Ăƌŵ Ğ Ă džƉƌĞƐƐ ŶŐƵƐ ZĂŶĐŚ͘ ZĞŐ͗ ϭϰϲϳϱϰϰϱ ; Ͳ D&Ͳ &ͲDϭ&ͲE,&ͲK,&Ϳ ZĞŐ͘ EĂĐ͗ , / ϭϬϮϴ Ͳ ƌŝĂĚŽƌ͗ ϰϰ &ĂƌŵƐ͕ dy Θ tŝĞĚĞƌƐƚĞŝŶ WƵƌĞ ŶŐƵƐ͕ / ͘ ĂƚĂ EĂƐĐ͗͘ ϮϯͬϬϭͬϮϬϬϰ
ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗ W ͛^ ϬϭͬϬϳͬϮϬϭϳ
K^ WDz^ ĐĐ͘ й dKW
ϯϳ͕Ϯϳ ŬŐ͘ ͬ ƌĂƚŝŽ ϵϲ ϯϭϬ͕ϰϱ ŬŐ͘ ͬ ƌĂƚŝŽ ϵϵ ϲϮϵ͕ϱϱ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϭϬ ϯϲ Đŵ͘ ϱϳ ƉŽů͘
WZK h K &W WE W W d W K нϰ нϭ͘ϯ нϰϵ нϵϭ н͘Ϯ н͘ϭϯ нϮϴ ͘ϵϭ ͘ϵϳ ͘ϵϱ ͘ϵϰ ͘ϵϰ ͘ϵϱ ͘ϵϮ ϱ
Z EĞǁ dƌĞŶĚ ŽLJĚ EĞǁ ĂLJ ϴϬϬϱ ^ s & &ŽƌĞǀĞƌ >ĂĚLJ ϱϳ ͬZ EĞǁ ĞƐŝŐŶ ϯϮϯ ͬZ ZƵďLJ ϭϮϮϰ , & ZƵďLJ ϬϯϲͲϵϱϭ D d ZE > > Ws &WD нϮϲ нϲϭϯ нϰ ͘ϵϭ ͘Ϯϭϱϵ ͘ϴϲ
Ψ E н͘ϯϲ
&/>, ͕ Z s >> z & ZD͕ dE
W нϮϴ ͘ϴϭ
Z D K> н͘ϱϴ нϭ͘ϭϭ ͘ϴϯ ͘ϴϯ ϯ
ďĞƌĚĞĞŶ ŶŐƵƐ Ͳ DĠĚŝĂƐ ĚĂ ZĂĕĂ :ƵůŚŽ ϮϬϭϳ &W͗ нϲ ͮ WE͗ нϭ͘ϭ ͮ W ͗ нϰϳ ͮ W ͗ нϴϰ ͮ d ͗ н͘ϱ ͮ W ͗ н͘ϳϲ ͮ K ͗ нϭϯ ͮ&WD͗ нϴ ͮ > ͗ нϮϰ ͮ Ws ͗ нϮϰ ͮ Ψ E͗ ͲϮ͘ϭϭ ͮ W ͗ нϯϭ ͮ D ͗ н͘ϱϬ ͮ K> ͗ н͘ϰϱ ͮ '͗ н͘Ϭϭϴ Ψ нϰϰ͘Ϭϴ ͮ Ψ ͗ нϯϵ͘Ϭϴ ͮ Ψ'͗ нϮϵ͘ϲϵ ͮ Ψ/ &͗ нϭϬϭ͘Ϯϱ
ϭϬ ϯ
' н͘Ϭϭϭ ͘ϴϮ
1E / ^ KEND/ K^ Ψ Ψd Ψ Ψ' нϱϱ͘ϯϭ нϮϵ͘Ϯϱ нϰϯ͘ϯϱ нϵϭ͘ϴϰ ϭϱ
Z E E'h^ EϭϮϬ
0DOWD
D >d
ZĞŐ͗͘ , WK ϭϴϯϳϰϮ ƌŝĂĚŽƌ͗ ŐƌŽEĞŵŝƚnj͕ DĂŶŽĞů sŝĂŶĂ Ͳ Z^ ĂƚĂ EĂƐĐ͗͘ ϬϵͬϬϴͬϮϬϭϰ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗
ŽŶ :ŽƐĠ ϭϳϲ >1 Z ϲϮϬϰ dƌĞƐ DĂƌŝĂƐ ϴϭϱϱ ĂŶĚĞůĞƌŽ dƌĞƐ DĂƌŝĂƐ ϳϯϱϴ >Ă >ĂŶĚƌŝĂ
ϰϬ ŬŐ͘ Ϯϱϵ ŬŐ͘ ϰϴϵ ŬŐ͘ ϰϯ Đŵ͘ Eͬ
^ s EĞƚǁŽƌƚŚ ϰϮϬ W/ d Ϯϴ EĞƚǁŽƌƚŚ ZŝŶĐŽŶ ĂůŽŶ
/ŶĚŝĐĂĚŽ ƉĂƌĂ / d&͘ /ŶĚŝĐĂĚŽ ƉĂƌĂ ĐƌƵnjĂŵĞŶƚŽ͘
DĂůƚĂ ŶŽƐ ƚƌĂnj Ă ĐŽŵďŝŶĂĕĆŽ ƉĞƌĨĞŝƚĂ ĞŶƚƌĞ 'ĞŶĠƚŝĐĂ ĂƌŐĞŶƚŝŶĂ Ğ ĂŵĞƌŝĐĂŶĂ͕ ĞŶƚƌĞŐĂŶĚŽͲ ŶŽƐ Ƶŵ ĞůĞǀĂĚŽ ƉŽƚĞŶĐŝĂů ĚĞ ĐƌĞƐĐŝŵĞŶƚŽ͕ ŽƌŝƵŶĚŽ ĚĞ ƐƵĂ ĞdžĐĞůĞŶƚĞ ĂǀĂůŝĂĕĆŽ ŶŽ WƌŽŵĞͲ ďŽ͘ /ŶĚŝĐĂĚŽ ƉĂƌĂ Ă ƉƌŽĚƵĕĆŽ ĚĞ ďĞnjĞƌƌŽƐ ƉĞƐĂĚŽƐ͘
K^ , Z Ͳ KK< K>> Z ^ Ͳ :h>,KͬϮϬϭϲ
K^ K^
'E нϰ͘ϵϰ ϭ
'E^ нϲ͘ϱϴ ϭ
^ н͘ϮϮ ϭ
W^ н͘ϭϱ ϭ
D^ н͘ϭϱ ϭ
/E & нϭϱ͘ϰϱ ϭ
ďĞƌĚĞĞŶ ŶŐƵƐ Ͳ DĠĚŝĂƐ ĚĂ ZĂĕĂ :ƵůŚŽ ϮϬϭϳ &W͗ нϲ ͮ WE͗ нϭ͘ϭ ͮ W ͗ нϰϳ ͮ W ͗ нϴϰ ͮ d ͗ н͘ϱ ͮ W ͗ н͘ϳϲ ͮ K ͗ нϭϯ ͮ&WD͗ нϴ ͮ > ͗ нϮϰ ͮ Ws ͗ нϮϰ ͮ Ψ E͗ ͲϮ͘ϭϭ ͮ W ͗ нϯϭ ͮ D ͗ н͘ϱϬ ͮ K> ͗ н͘ϰϱ ͮ '͗ н͘Ϭϭϴ Ψ нϰϰ͘Ϭϴ ͮ Ψ ͗ нϯϵ͘Ϭϴ ͮ Ψ'͗ нϮϵ͘ϲϵ ͮ Ψ/ &͗ нϭϬϭ͘Ϯϱ
ϭϭ
Z E E'h^ ϳ EϮϮϮ
3UHGHVWLQHG
' Z WZ ^d/E
dŽƵƌŽ ƉĂƌĂ ƉĂĚƌŽŶŝnjĂƌ Ğ Ăďƌŝƌ ďĂƐĞ Ğŵ ƉůĂŶƚĞŝƐ͘ hƐĂĚŽ Ğŵ ƌĞďĂŶŚŽƐ ƉƵƌŽƐ Ğ ĐŽŵŽ ĞdžĐĞůĞŶƚĞ ŽƉĕĆŽ ƉĂƌĂ ĐƌƵnjĂŵĞŶƚŽ͘
dŽƵƌŽ ĐŽŵ ƉĂƌƚŝĐŝƉĂĕĆŽ ŚŝƐƚſƌŝĐĂ ŶĂ ƌĂĕĂ ĂŶŐƵƐ͕ WZ ^d/Ͳ E ƉŽƐƐƵŝ ĨŝůŚŽƐ Ğŵ ŵƵŝƚŽƐ ĐĞŶƚƌŽƐ ĚĞ ĐŽůĞƚĂƐ ĚĞ ƐġŵĞŶ͕ Ğ ƐƵĂƐ ĨŝůŚĂƐ ƉƌŽĚƵnjĞŵ ĂŶŝŵĂŝƐ ĚĞ ĂůƚĂ ƉĞƌĨŽƌŵĂŶĐĞ Ğŵ ƉƌŽͲ ŐƌĂŵĂƐ ĚĞ ĂǀĂůŝĂĕĆŽ͘ EŽ ŐĞƌĂů ƐƵĂ ƉƌŽŐġŶŝĞ ŵŽƐƚƌĂ ƚŽƚĂů ĂĚĂƉƚĂĕĆŽ ĂŽ ŶŽƐƐŽ ĐůŝŵĂ͘ 1ĐŽŶĞ ĚĂ ƌĂĕĂ͘ ZĞŐ͗ ϭϯϯϵϱϯϰϰ ; Ͳ D&Ͳ &ͲDϭ&ͲE,&ͲK,&ͲK^&Ϳ ZĞŐ͘ EĂĐ͗ , / ϳϱϬ Ͳ ƌŝĂĚŽƌ͗ 'ĂƌĚŝŶĞƌ ŶŐƵƐ ZĂŶĐŚ͕ <^ ĂƚĂ EĂƐĐ͗͘ ϭϲͬϬϴͬϭϵϵϵ
ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗ W ͛^ ϬϭͬϬϳͬϮϬϭϳ
K^ WDz^ ĐĐ͘ й dKW
ϯϰ͕Ϭϵ ŬŐ͘ ͬ ƌĞů͘ ϵϲ ϯϭϲ͕ϯϲ ŬŐ͘ ͬ ƌĞů͘ ϭϬϴ ϱϲϯ͕ϲϰ ŬŐ͘ ͬ ƌĞů͘ ϭϭϮ ϯϳ͕ϲ Đŵ͘ ϱ͘ϱ
WZK h K &W WE W W d W K нϬ нϯ͘ϲ нϰϱ нϴϭ н͘ϭ н͘ϰϱ нϭϮ ͘ϵϯ ͘ϵϴ ͘ϵϳ ͘ϵϳ ͘ϵϳ ͘ϵϴ ͘ϵϲ
Z E E'h^ ϳ EϮϴϮ
s Z EĞǁ dƌĞŶĚ ϯϭϱ ͬZ EĞǁ ĞƐŝŐŶ Ϭϯϲ ͬZ ůĂĐŬĐĂƉ ŵƉƌĞƐƐ ϳϲ E Ăƌ ŵƵůĂƚŝŽŶ yd ' Z yd ϰϮϬϲ ' Z ϲϴϬϳ dƌĂǀĞůĞƌ ϭϰϯϮ D d ZE > W > Ws Ψ E &WD нϮϳ нϮϭϲϴ нϭϬ͘ϭϳ нϯϬ нϵ ͘ϵϭ ͘ϵϲ ͘ϭϬϳϳϰ ͘ϵϯ ϮϬ
&/>,K͗ E, ^Ϯ Ͳ d Yh Z Ͳ Z^
Z D K> нϭ͘ϯϬ н͘ϰϭ ͘ϵϮ ͘ϵϮ ϭ
HP
' н͘ϬϯϮ ͘ϵϭ
1E / ^ KEND/ K^ Ψd Ψ Ψ Ψ' нϱϯ͘ϳϬ нϮϮ͘Ϯϭ нϱϬ͘ϬϬ нϭϬϴ͘ϱϴ ϰ
Z/dK ϲ Dϲ K& ϰ>ϯ D > KE d ŽƵƌŽ ĐŽŵƉƌŝĚŽ͕ ƋƵĞ ƌĞƐƵůƚĂ ĐĂƌĐĂĕĂƐ ƉĞƐĂĚĂƐ͘ dŽƵƌŽ ĚĞ ƉĞůŽ ďĂŝdžŽ͕ ŵŽƐƚƌĂŶĚŽ ĨĄĐŝů ĂĚĂƉƚĂĕĆŽ ĂŽ ŶŽƐƐŽ ĐůŝŵĂ͘ WƌŽĚƵnj ŵĆĞƐ ŵƵŝƚŽ ĞĨŝĐŝĞŶƚĞƐ Ğ ĚĞ ŐƌĂŶĚĞ ŝŵƉŽƌƚąŶĐŝĂ Ğŵ ƋƵĂůƋƵĞƌ ƌĞďĂŶŚŽ͘ Žŵ Ƶŵ ƉĞĚŝŐƌĞĞ ĚĞ ƉĞƐŽ͕ ƵŵĂ ŵŽĚĞͲ ƌĂĕĆŽ ŝŵƉŽƌƚĂŶƚĞ ƉĂƌĂ Ž ƋƵĞ Ă ƌĂĕĂ ďƵƐĐĂ͕ ϲ Dϲ ƚĞŵ ƵŵĂ ƉƌŽĚƵĕĆŽ ŚŽŵŽŐĞŶŝĂ͕ ĐŽŶƐŝƐƚĞŶƚĞ͕ Ğ ĚĞ ĨĄĐŝů ƚĞƌŵŝŶĂĕĆŽ͘ ZĞŐ͗ нϭϱϮϲϲϯϱϯ ; D&Ͳ &Ͳ &ͲDϭ&ͲE,&ͲK,&ͲK^&Ϳ ZĞŐ͘ EĂĐ͗ , / ϵϳϰ Ͳ ƌŝĂĚŽƌ͗ ^ǁŽƉĞ DŽƵŶƚĂŝŶ &Ăƌŵ͕ W ͕ ĞŶŶŝƐ <ŝƌďLJ Ͳ ĂƚĂ EĂƐĐ͗͘ ϮϲͬϬϭͬϮϬϬϲ
ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗ W ͛^ ϬϭͬϬϳͬϮϬϭϳ
K^ WDz^ ĐĐ͘ й dKW
, dƌĂǀĞůĞƌ ϲϴϬϳ K ŵďůĂnjŽŶ ϴϱϰ ŝdžŝĞ ƌŝĐĂ ŽĨ , ϭϬϭϵ ŽŶ sŝĞǁ EĞǁ ĞƐŝŐŶ ϮϬϴ ZŝƚĂ ϰ>ϯ ŽĨ Ϯϱϯϲ ϮϬϴ ' Z WƌĞĐŝƐŝŽŶ Ϯϱϯϲ
ϯϲ͕ϴϮ ŬŐ͘ ͬ d ϯϬϴ͕ϭϴ ŬŐ͘ ͬ d ϱϳϵ͕ϱϱ ŬŐ͘ ͬ d ϯϱ͘ϱ Đŵ͘ ϱ͘ϯ
WZK h K &W WE W W d нϭϮ Ͳϭ͘ϭ нϰϭ нϳϯ Ͳ͘ϭ ͘ϳϴ ͘ϵϬ ͘ϴϱ ͘ϳϴ ͘ϳϰ ϭϱ ϭϱ
W K Ͳ͘ϲϱ нϭϳ ͘ϳϴ ͘ϲϰ
D d ZE > > Ws &WD нϯϬ нϴϵ нϳ ͘ϳϰ ͘ϭϵϰ ͘ϱϵ ϭϱ
Ψ E Ͳϵ͘ϳϴ
W Ͳϱ ͘ϰϱ
&/>, :Ks D͕ ZK< E Kt Z E ,͕ /
Z D K> н͘ϲϱ н͘ϬϮ ͘ϱϯ ͘ϱϬ
' Ͳ͘Ϭϭϱ ͘ϱϬ
1E / ^ KEND/ K^ Ψ Ψd Ψ Ψ' нϰϱ͘ϯϵ нϮϴ͘ϰϬ нϰϭ͘ϱϰ нϯϵ͘ϰϬ ϮϬ
ďĞƌĚĞĞŶ ŶŐƵƐ Ͳ DĠĚŝĂƐ ĚĂ ZĂĕĂ :ƵůŚŽ ϮϬϭϳ &W͗ нϲ ͮ WE͗ нϭ͘ϭ ͮ W ͗ нϰϳ ͮ W ͗ нϴϰ ͮ d ͗ н͘ϱ ͮ W ͗ н͘ϳϲ ͮ K ͗ нϭϯ ͮ&WD͗ нϴ ͮ > ͗ нϮϰ ͮ Ws ͗ нϮϰ ͮ Ψ E͗ ͲϮ͘ϭϭ ͮ W ͗ нϯϭ ͮ D ͗ н͘ϱϬ ͮ K> ͗ н͘ϰϱ ͮ '͗ н͘Ϭϭϴ Ψ нϰϰ͘Ϭϴ ͮ Ψ ͗ нϯϵ͘Ϭϴ ͮ Ψ'͗ нϮϵ͘ϲϵ ͮ Ψ/ &͗ нϭϬϭ͘Ϯϱ
ϭϮ ϯ
9HOHV
Z E E'h^ Eϱϰ
s > ^
ZĞŐ͗ , WK ϭϲϰϵϬϭ ƌŝĂĚŽƌ͗ ŐƌŽEĞŵŝƚnj͕ DĂŶŽĞů sŝĂŶĂ͕ Z^ ĂƚĂ EĂƐĐ͗͘ ϭϮͬϬϲͬϮϬϭϯ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗
K ,ĞĂĚůŝŶĞƌ ϲϲϭ, ŽŶ :ŽƐĞ ϭϳϲ >ŝĚĞƌ ϲϮϬϰ d dƌĞƐ DĂƌŝĂƐ ϲϮϬϰ ,ŽƌŶĞƌŽ ϯϭϰ d dƌĞƐ DĂƌŝĂƐ ϲϯϬϭ ŽƌnjĂů d dƌĞƐ DĂƌŝĂƐ ϳϲϯϬ ŽƌnjĂů ϱϳϰ dƌĞƐ DĂƌŝĂƐ ϱϳϰϬ DĂƚƌĞƌĂd
ϰϬ ŬŐ͘ Ϯϰϱ ŬŐ͘ ϯϯϳ ŬŐ͘ ϰϮ Đŵ͘ ŶͬĚ
&/>,K s > ^ D D W/d >/^d
/ŶĚŝĐĂĚŽ ƉĂƌĂ / d&͘ /ŶĚŝĐĂĚŽ ƉĂƌĂ ĐƌƵnjĂŵĞŶƚŽ ŝŶĚƵƐƚƌŝĂů͘
ZĞƉƌŽĚƵƚŽƌ ĞƋƵŝůŝďƌĂĚŽ͕ ĚĞ ĨƌĂŵĞ ŵŽĚĞƌĂĚŽ͕ ůĂƌŐŽ͕ ƉƌŽĨƵŶĚŽ͕ ŵƵƐĐƵůŽƐŽ͕ ƉƌĞĐŽĐĞ Ğ ĐŽŵ ƵŵĂ ĐĂƌĂĐƚĞƌŝnjĂĕĆŽ ĞdžĐĞůĞŶƚĞ͘ /ŶĚŝĐĂĚŽ ƚĂŶƚŽ ƉĂƌĂ ĐƌƵnjĂŵĞŶƚŽƐ ĐŽŵŽ ƉĂƌĂ ŽƐ ŵĂŝƐ ĞdžŝͲ ŐĞŶƚĞƐ ƐĞůĞĐŝŽŶĂĚŽƌĞƐ ĚĞ ŐĞŶĠƚŝĐĂ ŶŐƵƐ͘
K^ WZKD K Ͳ ϭϰͬϬϱͬϮϬϭϱ
K^ WE K^ н͘ϱϰ Ϭ
'E нϯ͘ϭ Ϯ
'E^ нϯ͘ϴ Ϯ
^ н͘ϮϮ ϭ
W^ н͘Ϭϳ ϯ
D^ н͘ϮϬ ϭ
/E & нϭϬ͘Ϭ ϭ
ďĞƌĚĞĞŶ ŶŐƵƐ Ͳ DĠĚŝĂƐ ĚĂ ZĂĕĂ :ƵůŚŽ ϮϬϭϳ &W͗ нϲ ͮ WE͗ нϭ͘ϭ ͮ W ͗ нϰϳ ͮ W ͗ нϴϰ ͮ d ͗ н͘ϱ ͮ W ͗ н͘ϳϲ ͮ K ͗ нϭϯ ͮ&WD͗ нϴ ͮ > ͗ нϮϰ ͮ Ws ͗ нϮϰ ͮ Ψ E͗ ͲϮ͘ϭϭ ͮ W ͗ нϯϭ ͮ D ͗ н͘ϱϬ ͮ K> ͗ н͘ϰϱ ͮ '͗ н͘Ϭϭϴ Ψ нϰϰ͘Ϭϴ ͮ Ψ ͗ нϯϵ͘Ϭϴ ͮ Ψ'͗ нϮϵ͘ϲϵ ͮ Ψ/ &͗ нϭϬϭ͘Ϯϱ
ϭϯ
s > ^
Z E E'h^ ϳ EϰϬϱ
'HPDQG
d y D E Ϯϳϵϭ ĞƐƚĂĐĂͲƐĞ Ğŵ ƐƵĂƐ WƐ ĚĞ şŶĚŝĐĞƐ ĞĐŽŶƀŵŝĐŽƐ͘ /ŶĐƌĞŵĞŶƚŽ ĚĞ ŵƵƐĐƵůĂƚƵƌĂ Ğ ŐĂŶŚŽ ĚĞ ƉĞƐŽ͘
WŽƐƐƵŝ ĞdžĐĞůĞŶƚĞ ŽƐƐĂƚƵƌĂ͕ ſƚŝŵŽ ĐĂƌĄƚĞƌ ƌĂĐŝĂů͕ ƉƌŽĨƵŶĚŝĚĂĚĞ Ğ ĐŽŵƉƌŝŵĞŶƚŽ͘ WĞĚŝŐƌĞĞ ĐŽŶƐŝƐƚĞŶƚĞ Ğ ŵƵŝƚŽ ĨŽƌƚĞ͘
ZĞŐ͗ ϭϳϰϰϵϴϬϮ ; Ϳ ƌŝĂĚŽƌ͗ dĞŝdžĞƌŝĂ ĂƚƚůĞ Ž͕͘ ͖ ŝůů ZŝƐŚĞů ĂŶĚ ,ŽĨĨŵĂŶ ZĂŶĐŚ͕ E Ͳ ĂƚĂ EĂƐĐ͗͘ ϬϱͬϭϬͬϮϬϭϮ
ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗ W ͛^ ϬϭͬϬϳͬϮϬϭϳ
K^ WDz^ ĐĐ͘ й dKW
&W WE нϵ н͘ϭ ͘ϲϴ ͘ϴϰ
ϯϰ ŬŐ͘ ͬ ƌĂƚŝŽ ϵϳ d ϯϭϱϬ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϬϱ d ϱϮϳ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϬϵ d ϯϴ Đŵ͘ ϲ WZK h K W W d W K нϲϮ нϭϭϬ н͘Ϯ нϭ͘ϱϳ нϭϵ ͘ϳϲ ͘ϳϲ ͘ϳϯ ͘ϲϵ ͘ϱϲ ϭϬ ϭϬ ϭϬ
Z E E'h^ ϳ EϰϬϳ
' Z WƌĞĚĞƐƚŝŶĞĚ ZŝƚŽ ϵDϮϱ ŽĨ ZŝƚĂ ϱ&ϱϲ WƌĞĚ ZŝƚĂ ϱ&ϱϲ ŽĨ ϭ/ϵϴ & DLJƚƚLJ /Ŷ &ŽĐƵƐ ŵƉƌĞƐƐ ŽĨ ,ŽůŝĚĂLJ ϳϬϬϰ ŵƉƌĞƐƐ ŽĨ ,ŽůŝĚĂLJ ϱϭϮϮ D d ZE > > Ws &WD нϮϲ Ͳ нϭϭ ͘Ϯϳ Ͳ ͘ϮϮ ϮϬ
W Ψ E ͲϭϬ͘ϱϰ нϯϱ ͘ϯϰ
&/>, ͕ : ^KE ,K&&D E͕ E
Z D K> нϭ͘ϯϳ н͘ϰϯ ͘ϰϬ ͘ϰϱ ϭ
7KXQGHUEROW
' н͘ϬϮϱ ͘ϰϬ
1E / ^ KEND/ K^ Ψd Ψ Ψ Ψ' нϲϲ͘ϯϴ нϳϳ͘ϵϴ нϱϭ͘ϲϬ нϭϰϬ͘Ϭϰ ϭϬ
ϭϬ
ϯ
ϭϱ
ZhE^ d,hE Z K>d ϵϲϯ
WƌŽĚƵnj ŶŽǀŝůŚŽƐ ƉĞƐĂĚŽƐ͘ WƐ ĚĞ ŐĂŶŚŽ ĚĞ ƉĞƐŽ ƐƵƉĞƌŝŽƌ ă ŵĠĚŝĂ ĚĂ ƌĂĕĂ͕ Ž ƋƵĞ ŝŶĚŝĐĂ ƵŵĂ ƉƌŽĚƵĕĆŽ ĚĞ ĂůƚĂ ƌĞŶƚĂďŝůŝĚĂĚĞ͘
^ĞůŽ ƌĂĐŝĂů ŵƵŝƚŽ ŝŵƉŽŶĞŶƚĞ͕ ĨŽƌƚĞ Ğŵ ƐƵĂ ĞƐƚƌƵƚƵƌĂ ſƐƐĞĂ͕ ŵƵŝƚĂ ƉƌŽĨƵŶĚŝĚĂĚĞ ĚĞ ĐŽƐƚĞůĂ Ğ ǀŽůƵŵĞ ĚĞ ŵƷƐĐƵůŽ Ğŵ ƐĞƵ ƐƵƉĞƌŝŽƌ͘ ZĞŐ͗ ϭϳϲϴϬϱϱϬ ;K,&Ϳ Ͳ ZĞŐ͘ EĂĐ͗ , / ϭϱϱϬ ƌŝĂĚŽƌ͗ ĂŶ ƌƵŶƐ͕ ^ ĂƚĂ EĂƐĐ͗͘ ϯϭͬϬϭͬϮϬϭϯ
ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗ W ͛^ ϬϭͬϬϳͬϮϬϭϳ
K^ WDz^ ĐĐ͘ й dKW
ϯϳ͕Ϯϳ ŬŐ͘ ͬ ƌĞů͘ ϭϬϭ ϯϵϯ͕ϲϰ ŬŐ͘ ͬ ƌĞů͘ ϭϭϰ ϲϲϱ ŬŐ͘ ͬ ƌĞů͘ ϭϬϵ ϯϲ Đŵ͘ ϲ͘ϰ
WZK h K &W WE W W d W K Ͳϭ нϮ͘ϯ нϱϳ нϭϬϮ н͘ϲ н͘ϵϵ нϮϵ ͘ϱϲ ͘ϳϴ ͘ϲϴ ͘ϲϯ ͘ϱϮ ͘ϱϵ ͘ϰϭ ϮϬ ϮϬ ϰ
DK' < ^ƵƌĞ ^ŚŽƚ DŽŐĐŬ ƵůůƐĞLJĞ DŽŐĐŬ DĂƌLJ ϭϮϱϱ ŽŶŶĞĂůLJ dŚƵŶĚĞƌ ,ŝŐŚůĂŶĚ ĂƌďĂƌĂ ϴϬϵ ĂĨ ,ŝŐŚůĂŶĚ ĂƌďĂƌĂ ϯϮϲϯ & D d ZE > > Ws &WD нϯϱ Ͳ нϵ ͘Ϯϰ Ͳ ͘ϭϴ Ϯ
W Ψ E Ͳϭϵ͘ϴϯ нϯϵ ͘Ϯϵ
D d,hE Z K>d
Z D K> н͘ϴϭ н͘ϳϬ ͘ϯϲ ͘ϯϳ ϭϱ
ďĞƌĚĞĞŶ ŶŐƵƐ Ͳ DĠĚŝĂƐ ĚĂ ZĂĕĂ :ƵůŚŽ ϮϬϭϳ &W͗ нϲ ͮ WE͗ нϭ͘ϭ ͮ W ͗ нϰϳ ͮ W ͗ нϴϰ ͮ d ͗ н͘ϱ ͮ W ͗ н͘ϳϲ ͮ K ͗ нϭϯ ͮ&WD͗ нϴ ͮ > ͗ нϮϰ ͮ Ws ͗ нϮϰ ͮ Ψ E͗ ͲϮ͘ϭϭ ͮ W ͗ нϯϭ ͮ D ͗ н͘ϱϬ ͮ K> ͗ н͘ϰϱ ͮ '͗ н͘Ϭϭϴ Ψ нϰϰ͘Ϭϴ ͮ Ψ ͗ нϯϵ͘Ϭϴ ͮ Ψ'͗ нϮϵ͘ϲϵ ͮ Ψ/ &͗ нϭϬϭ͘Ϯϱ
ϭϰ ϯ
' н͘ϬϬϴ ͘ϯϰ
1E / ^ KEND/ K^ Ψ Ψd Ψ Ψ' нϲϰ͘ϳϬ нϳϬ͘ϱϬ нϰϰ͘ϮϬ нϭϰϭ͘ϵϲ ϭϬ
ϭϱ
ϭϱ
ϭϬ
Z E E'h^ ϳ Eϯϲϴ
&RPUDGH
KEE >z KDZ ϭϯϴϱ
70
ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ
ZĞŐ͗ ϭϳϬϯϭϰϲϱ ; &ͲK^&Ϳ Ͳ ZĞŐ͘ EĂĐ͗ , / ϭϰϯϮ ƌŝĂĚŽƌ͗ ŽŶŶĞĂůLJ ŶŐƵƐ ZĂŶĐŚ͕ E ĂƚĂ EĂƐĐ͗͘ ϬϮͬϬϮͬϮϬϭϭ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗
ϯϯ͕ϲϰ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϬϮ ϯϳϬ͕ϵϭ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϭϭ ϲϰϱ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϭϯ ϯϱ Đŵ͘ ϱ͘ϵ
ŽŶŶĞĂůLJ ŽŶƐĞŶƐƵƐ ŽŶŶĞĂůLJ ŽŶƐĞŶƐƵƐ ϳϮϮϵ ůƵĞ >ŝůůLJ ŽĨ ŽŶĂŶŐĂ ϭϲ ' Z EĞǁ ĞƐŝŐŶ ϱϬϱϬ ,ĂƉƉLJ 'ĞĞ ŽĨ ŽŶĂŶŐĂ ϵϭϵ ,ĂƉ 'ŝŶĂ ŽĨ ŽŶĂŶŐĂ ϮϲϬ ϰϵϲϱ
&/>, ͕ t ^E Z >/s ^dK < Ed͕͘ /E
/ŶĚŝĐĂĚŽ ƉĂƌĂ / d&͘ /ŶĚŝĐĂĚŽ ƉĂƌĂ ŶŽǀŝůŚĂ͘ WƌŽĚƵnj ĂŶŝŵĂŝƐ ĚĞ ƉŝƐƚĂ Ğ ĂůƚŽ ĚĞƐĞŵƉĞŶŚŽ ƉƌŽĚƵƚŝǀŽ͘ WĞůŽ ƐĞŐƵŶĚŽ ĂŶŽ ĐŽŶƐĞĐƵƚŝǀŽ Ž ƚŽƵƌŽ ŵĂŝƐ ƵƐĂĚŽ ĚĂ ^ĞůĞĐƚ ^ŝƌĞƐ͕ ƉŽŝƐ ǀĂŝ ĚĂ ƉƌŽĚƵĕĆŽ ƉĂƌĂ ŐĂĚŽ ĚĞ ƉŝƐƚĂ͕ ŽŶĚĞ ǀĞŵ ƐĞ ĚĞƐƚĂĐĂŶĚŽ͕ Ğ ƚĂŵďĠŵ ƉĂƌĂ ƉƌŽĚƵĕĆŽ ĐŽŵĞƌĐŝĂů͘ WĂƌĂ ƋƵĞŵ ďƵƐĐĂ ƌĞƐƵůƚĂĚŽ Ğ ĚĞƐĞŵƉĞŶŚŽ Ă ƉƌŽŐġŶŝĞ ĚĞ KDZ Ġ Ă ŶƷŵĞƌŽ Ƶŵ Ğŵ ƚĞƐƚĞƐ ĚĞ ĞĨŝͲ ĐŝġŶĐŝĂ ĂůŝŵĞŶƚĂƌ Ğ ŐĂŶŚŽ ĚĞ ƉĞƐŽ Ğŵ ĚŝǀĞƌƐĂƐ ƵŶŝǀĞƌƐŝĚĂĚĞƐ ƋƵĞ ĚĞƐĞŶǀŽůǀĞŵ ĞƐƐĂ ƉĞƐƋƵŝƐĂ ŶŽƐ h ͘ EŽ ƌĂƐŝů͕ ƐƵĂ ƉƌŽĚƵĕĆŽ Ğ ĨĞƌƚŝůŝĚĂĚĞ Ž ƚŽƌŶĂƌĂŵ Ž ƚŽƵƌŽ ƉƌĞĨĞƌŝĚŽ ƉĂƌĂ ƚƌĂďĂůŚŽƐ ĐŽŵ / d&͘ dĞŵŽƐ ƚŽƚĂů ƐĞŐƵƌĂŶĕĂ Ğŵ ĂĨŝƌŵĂƌ ƋƵĞ ĞƐƚĞ ƚŽƵƌŽ Ġ ĐŽŵƉůĞƚŽ ƉĂƌĂ ƋƵĂůƋƵĞƌ ƌĞďĂŶŚŽ͘ W ͛^ ϬϭͬϬϳͬϮϬϭϳ
K^ WDz^ ĐĐ͘ й dKW
&W WE W нϭϳ Ͳϯ͘ϳ нϰϳ ͘ϴϵ ͘ϵϱ ͘ϵϯ Ϯ ϭ
WZK h K W d W K нϴϵ Ͳ͘Ϯ н͘Ϯϴ нϯϯ ͘ϵϭ ͘ϵϬ ͘ϵϭ ͘ϴϳ ϭ
D d ZE > > Ws &WD нϯϲ нϮϲ нϭϱ ͘ϱϭ ͘ϲϳ ͘ϰϰ Ϯ Ϯ
Ψ E Ͳ͘Ϯϰ
W нϮϮ ͘ϱϳ
Z D K> н͘ϴϳ нϭ͘Ϭϰ ͘ϲϮ ͘ϲϮ ϭϬ ϰ
ďĞƌĚĞĞŶ ŶŐƵƐ Ͳ DĠĚŝĂƐ ĚĂ ZĂĕĂ :ƵůŚŽ ϮϬϭϳ &W͗ нϲ ͮ WE͗ нϭ͘ϭ ͮ W ͗ нϰϳ ͮ W ͗ нϴϰ ͮ d ͗ н͘ϱ ͮ W ͗ н͘ϳϲ ͮ K ͗ нϭϯ ͮ&WD͗ нϴ ͮ > ͗ нϮϰ ͮ Ws ͗ нϮϰ ͮ Ψ E͗ ͲϮ͘ϭϭ ͮ W ͗ нϯϭ ͮ D ͗ н͘ϱϬ ͮ K> ͗ н͘ϰϱ ͮ '͗ н͘Ϭϭϴ Ψ нϰϰ͘Ϭϴ ͮ Ψ ͗ нϯϵ͘Ϭϴ ͮ Ψ'͗ нϮϵ͘ϲϵ ͮ Ψ/ &͗ нϭϬϭ͘Ϯϱ
ϭϱ
&/>,K͕ D KEE >> E'h^͕ E
' н͘Ϭϳϱ ͘ϱϴ
1E / ^ KEND/ K^ Ψ Ψd Ψ Ψ' нϳϵ͘ϵϰ нϰϴ͘Ϯϵ нϰϱ͘ϰϬ нϭϬϮ͘ϱϬ Ϯ
ϭϬ
Z E E'h^ ϳ Eϯϴϵ
6XUH )LUH
' Z ^hZ &/Z /ŶĚŝĐĂĚŽ ƉĂƌĂ ŶŽǀŝůŚĂƐ͘ dŽƉ ĚĂ ƌĂĕĂ ƉĂƌĂ ƋƵĂƐĞ ƚŽĚĂƐ ĂƐ ĐĂƌĂĐƚĞƌşƐƚŝĐĂƐ͘ WƌŽĚƵnj ĐĂƌŶĞ ĚĞ ƋƵĂůŝĚĂĚĞ͘
ĞĚŝŐƌĞĞ ŽƌŝƵŶĚŽ ĚŽ ƉƌŽŐƌĂŵĂ 'ĂƌĚŝŶĞƌ͕ ^hZ &/Z Ġ W ƵŵĂ ŵĄƋƵŝŶĂ ŐĞŶĠƚŝĐĂ ĚĞ ĚĞƐĞŵƉĞŶŚŽ͕ ƉĂƌĂ ƋƵĞŵ ďƵƐͲ ĐĂ ĞdžĐĞůĞŶƚĞ ŶƷŵĞƌŽƐ ĂůŝĂĚŽƐ Ă Ƶŵ ŝŵƉĞĐĄǀĞů ĨĞŶſƚŝƉŽ͘
ZĞŐ͗ ϭϳϯϮϴϰϲϭ ; &Ϳ ͲZĞŐ͘ EĂĐ͗ , / ϭϱϰϯ ƌŝĂĚŽƌ͗ 'ĂƌĚŝŶĞƌ ŶŐƵƐ ZĂŶĐŚ͕ <^ ĂƚĂ EĂƐĐ͗͘ ϬϱͬϬϮͬϮϬϭϮ
ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗ W ͛^ ϬϭͬϬϳͬϮϬϭϳ
K^ WDz^ ĐĐ͘ й dKW
&W нϭϲ ͘ϴϰ Ϯ
WE Ͳ͘ϵ ͘ϴϱ ϭϱ
ϯϴ͕ϭϴ ŬŐ͘ ͬ ƌĞů͘ ϭϬϬ ϯϮϱ͕ϰϱ ŬŐ͘ ͬ ƌĞů͘ ϭϬϬ ϱϱϬ ŬŐ͘ ͬ ƌĞů͘ ϭϬϬ ϰϬ Đŵ͘ ϲ͘ϲ WZK h K W W d W K нϱϱ нϭϬϮ н͘ϯ нϮ͘ϰϮ нϯϲ ͘ϴϳ ͘ϴϱ ͘ϴϯ ͘ϴϴ ͘ϳϰ ϭ ϮϬ ϭ
Z E E'h^ ϳ Eϯϵϱ
DLJƚƚLJ /Ŷ &ŽĐƵƐ ŽŶŶĞĂůLJ /Ŷ ^ƵƌĞ ϴϱϮϰ ŶƚƌĞĞŶĂ ŽĨ ŽŶĂŶŐĂ ϲϱϳ ' Z EĞǁ ĞƐŝŐŶ ϱϬϱϬ ŚĂŝƌ ZŽĐŬ ϱϬϱϬ ' Z ϴϬϴϲ ŚĂŝƌ ZŽĐŬ 'ƌŝĚ DĂŬĞƌ ϮϭϬϳ D d ZE > > Ws &WD нϯϵ нϭϮ нϭϱ ͘ϰϯ ͘ϰϭ ͘ϯϲ ϭ Ϯ
W Ψ E ͲϮϰ͘ϵϭ нϰϱ ͘ϳϰ ϮϬ
D ^hZ &/Z
Z D K> нϭ͘ϯϮ нϭ͘Ϭϱ ͘ϳϳ ͘ϳϲ ϭ ϰ
)RUWUHVV
' н͘ϬϮϰ ͘ϳϱ
1E / ^ KEND/ K^ Ψd Ψ Ψ Ψ' нϳϭ͘ϲϳ нϲϵ͘ϭϱ нϱϲ͘ϰϵ нϭϲϭ͘ϴϳ ϰ
ϭϱ
ϭ
Ϯ
< & EE dd &KZdZ ^^ /ŶĚŝĐĂĚŽ ƉĂƌĂ ŶŽǀŝůŚĂƐ͘ 'ĂŶŚŽ ĚĞ ƉĞƐŽ ĂĐĞůĞƌĂĚŽ ĚŽ ĚĞƐŵĂŵĞ ĂŽ ƐŽďƌĞĂŶŽ͘ WƌŽĚƵnj ŵĆĞƐ ƐƵƉĞƌŝŽƌĞƐ͘ hƐĂĚŽ ŵĂƐƐŝǀĂŵĞŶƚĞ Ğŵ ƉƌŽŐƌĂŵĂƐ ĚĞ / d& ƚĂŶƚŽ ŶŽ ĐƌƵͲ njĂŵĞŶƚŽ ĐŽŵŽ ŶŽ ŐĂĚŽ ƉƵƌŽ͘ &KZdZ ^^ ƉƌŽĚƵnj ĐĂƌŶĞ ĚĞ ƋƵĂůŝĚĂĚĞ Ğ ŵƵŝƚŽ ƌĞŶĚŝŵĞŶƚŽ ĚĞ ĐĂƌĐĂĕĂ͖ ĂůĠŵ ĚŝƐƐŽ͕ ĐĂƌͲ ƌĞŐĂ Ƶŵ ƉĞĚŝŐƌĞĞ ŵƵŝƚŽ ĨŽƌƚĞ Ğ ŝŵƉƌĞƐƐŝŽŶĂŶƚĞƐ WƐ ĚĞ ƉĞƌĨŽƌŵĂŶĐĞ͘ ZĞŐ͗ ϭϳϮϱϵϬϭϮ Ͳ ZĞŐ͘ EĂĐ͗ , / ϭϱϯϮ ƌŝĂĚŽƌ͗ <ŶŽůů ƌĞƐƚ &Ăƌŵ /ŶĐ͕͘ s ĂƚĂ EĂƐĐ͗͘ ϮϱͬϬϵͬϮϬϭϭ
ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗ W ͛^ ϬϭͬϬϳͬϮϬϭϳ
K^ WDz^ ĐĐ͘ й dKW
&W нϭϯ ͘ϳϮ ϭϬ
WE Ͳ͘ϳ ͘ϴϳ ϮϬ
ϯϰ͕ϱϱ ŬŐ͘ ͬ d Ϯϴϰ͕Ϭϵ ŬŐ͘ ͬ d ϰϳϵ͕Ϭϵ ŬŐ͘ ͬ d ϯϱ Đŵ ϱ͘ϳ WZK h K W W d W K нϳϲ нϭϯϮ н͘ϰ н͘ϵϲ нϮϮ ͘ϳϮ ͘ϴϭ ͘ϲϳ ͘ϳϰ ͘ϲϬ ϭ ϭ ϭϱ
<D< ůůŝĂŶĐĞ ϲϱϵϱ /ϴϳ ŽŶŶĞĂůLJ ŽŶƐĞŶƐƵƐ ůŝŶĚĂ ŽĨ ŽŶĂŶŐĂ ϬϬϰ ^ ^ KďũĞĐƚŝǀĞ dϱϭϬ ϬdϮϲ dŚŽŵĂƐ WĂƚƌŝĐŝĂ ϵϳϬϱ dŚŽŵĂƐ WĂƚƌŝĐŝĂ ϳϭϭϯϴ D d ZE > > Ws &WD нϯϮ нϮ нϭϮ ͘Ϯϴ ͘ϰ ͘ϮϮ ϭϬ ϭϱ
W Ψ E ͲϮϴ͘ϰϰ нϱϱ ͘ϰϯ ϭϬ
/ZD /Ed /Z &KZdZ ^^
Z D K> н͘ϳϬ н͘ϴϳ ͘ϰϳ ͘ϱϬ ϭϬ
ďĞƌĚĞĞŶ ŶŐƵƐ Ͳ DĠĚŝĂƐ ĚĂ ZĂĕĂ :ƵůŚŽ ϮϬϭϳ &W͗ нϲ ͮ WE͗ нϭ͘ϭ ͮ W ͗ нϰϳ ͮ W ͗ нϴϰ ͮ d ͗ н͘ϱ ͮ W ͗ н͘ϳϲ ͮ K ͗ нϭϯ ͮ&WD͗ нϴ ͮ > ͗ нϮϰ ͮ Ws ͗ нϮϰ ͮ Ψ E͗ ͲϮ͘ϭϭ ͮ W ͗ нϯϭ ͮ D ͗ н͘ϱϬ ͮ K> ͗ н͘ϰϱ ͮ '͗ н͘Ϭϭϴ Ψ нϰϰ͘Ϭϴ ͮ Ψ ͗ нϯϵ͘Ϭϴ ͮ Ψ'͗ нϮϵ͘ϲϵ ͮ Ψ/ &͗ нϭϬϭ͘Ϯϱ
ϭϲ ϯ
' н͘Ϭϭϰ ͘ϰϱ
1E / ^ KEND/ K^ Ψ Ψd Ψ Ψ' нϴϰ͘ϰϯ нϭϬϲ͘ϴϱ нϯϵ͘ϴϬ нϭϲϮ͘Ϯϵ ϭ
ϭ
ϮϬ
Ϯ
2EVHUYHU
Z E E'h^ ϳ Eϰϭϯ
KEE >z K ^ Zs Z ϯϳϮ
ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ
ZĞŐ͗ ϭϳϱϴϳϴϵϱ ; &ͲK,&ͲK^&Ϳ Ͳ ZĞŐ͘ EĂĐ͗ , / ϭϱϱϮ ƌŝĂĚŽƌ͗ ŽŶŶĞĂůLJ ŶŐƵƐ ZĂŶĐŚ͕ E ĂƚĂ EĂƐĐ͗͘ ϭϴͬϬϭͬϮϬϭϯ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗
Ϯϵ͕Ϭϵ ŬŐ͘ ͬ ƌĂƚŝŽ ϵϲ ϯϱϳ͕ϳϯ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϬϲ ϲϮϵ͕ϱϱ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϬϴ ϯϲ Đŵ͘ ϲ͘ϭ
^ s &ŝŶĂů ŶƐǁĞƌ ϬϬϯϱ ŽŶŶĞĂůLJ ZŝŐŚƚ ŶƐǁĞƌ ϳϰϲ ,ĂƉƉLJ Ğůů ŽĨ ŽŶĂŶŐĂ ϮϲϮ ^ŝƚnj ĂƐŚ ϭϬϮϳϳ WŽůŝƚĞ WƌĞƐƐ ŽĨ ŽŶĂŶŐĂ ϭϰϬϵ WŽůŝƚĞ WĞƚƌĂ ŽĨ ŽŶĂŶŐĂ ϵϰϯϬ
/ŶĚŝĐĂĚŽ ƉĂƌĂ / d&͘ 'ĂŶŚŽ ĚĞ ƉĞƐŽ ĂĐĞůĞƌĂĚŽ͘ džĐĞůĞŶƚĞ ĨĞŶſƚŝƉŽ͕ ƉĞĚŝŐƌĞĞ Ğ WƐ ĚĞ ĚĞƐĞŵƉĞŶŚŽ͘ hƐĂĚŽ Ğŵ ŐƌĂŶĚĞ ĞƐĐĂůĂ ƚĂŶƚŽ Ğŵ ƉůĂŶƚĞŝƐ ƉƵƌŽƐ ĐŽŵŽ ŶŽ ĐƌƵnjĂŵĞŶƚŽ ŝŶĚƵƐƚƌŝĂů͘ K ^ ZͲ s Z ŵŽƐƚƌŽƵ ĞdžĐĞůġŶĐŝĂ Ğŵ ĨĞƌƚŝůŝĚĂĚĞ ŶŽƐ ƉƌŽŐƌĂŵĂƐ ĚĞ / d&͘ ^ƵĂ ƉƌŽĚƵĕĆŽ ƐĞ ĚĞƐƚĂĐĂ Ğŵ ƉƌŽŐƌĂŵĂƐ ĚĞ ĂǀĂůŝĂĕĆŽ ŶŽƐ ĐĞŶƚƌŽƐ ĚĞ ƉĞƐƋƵŝƐĂƐ ŵĂŝƐ ƐĠƌŝŽƐ ĚŽƐ h ĐŽŵŽ ŶĂ hŶŝǀĞƌͲ ƐŝĚĂĚĞ ĚŽ dĞŶŶĞƐƐĞĞ͘ ƐƐĞƐ ĚĂĚŽƐ Ğ ƐĞƵ ĨĞŶſƚŝƉŽ Ž ƚŽƌŶĂŵ ĂƚƌĂĞŶƚĞ Ğ ŵƵŝƚŽ ĨƵŶĐŝŽŶĂů ƉĂƌĂ ƋƵĂůƋƵĞƌ ƌĞďĂŶŚŽ͘ W ͛^ ϬϭͬϬϳͬϮϬϭϳ
K^ WDz^ ĐĐ͘ й dKW
&W нϭϯ ͘ϱϳ ϭϬ
WE Ͳ͘ϰ ͘ϳϴ ϮϬ
W нϱϯ ͘ϲϴ
WZK h K W d W K нϵϵ н͘ϭ н͘ϱϯ нϭϰ ͘ϲϰ ͘ϱϴ ͘ϲϴ ͘ϰϱ
D d ZE > > Ws &WD нϮϴ Ͳ нϭϮ ͘Ϯϱ Ͳ ͘ϭϵ ϭϱ
Ψ E Ͳϵ͘ϱϬ
W нϮϬ ͘ϯϯ
Z D K> н͘ϰϮ н͘ϭϴ ͘ϯϴ ͘ϰϯ
ďĞƌĚĞĞŶ ŶŐƵƐ Ͳ DĠĚŝĂƐ ĚĂ ZĂĕĂ :ƵůŚŽ ϮϬϭϳ &W͗ нϲ ͮ WE͗ нϭ͘ϭ ͮ W ͗ нϰϳ ͮ W ͗ нϴϰ ͮ d ͗ н͘ϱ ͮ W ͗ н͘ϳϲ ͮ K ͗ нϭϯ ͮ&WD͗ нϴ ͮ > ͗ нϮϰ ͮ Ws ͗ нϮϰ ͮ Ψ E͗ ͲϮ͘ϭϭ ͮ W ͗ нϯϭ ͮ D ͗ н͘ϱϬ ͮ K> ͗ н͘ϰϱ ͮ '͗ н͘Ϭϭϴ Ψ нϰϰ͘Ϭϴ ͮ Ψ ͗ нϯϵ͘Ϭϴ ͮ Ψ'͗ нϮϵ͘ϲϵ ͮ Ψ/ &͗ нϭϬϭ͘Ϯϱ
ϭϳ
' н͘Ϭϲϱ ͘ϯϵ
1E / ^ KEND/ K^ Ψ Ψd Ψ Ψ' нϱϴ͘ϴϲ нϲϬ͘ϳϴ нϮϭ͘Ϯϳ нϳϰ͘ϳϭ ϮϬ
ϮϬ
Z E E'h^ ϳ EϯϮϵ
0XVWDQJ
^ s Dh^d E' ϵϭϯϰ ĞĚŝŐƌĞĞ ĚĞ ƉĞƐŽ͘ W dŽƵƌŽ ĞƋƵŝůŝďƌĂĚŽ͕ ĨƌĂŵĞ ŵŽĚĞƌĂĚŽ͖ ĞdžĐĞůĞŶƚĞ ĨĞƌƌĂŵĞŶƚĂ ƉĂƌĂ Ž ŶŐƵƐ ĚĞ ŚŽũĞ͘ WĞĚŝŐƌĞĞ ĚĞ ƉĞƐŽ Ğ ĐŽŶƐŝƐƚġŶĐŝĂ ĚĂ ŐĞŶĠƚŝĐĂ ^ s͘ dŽƵƌŽ ĐŽŵ ĞdžĐĞůĞŶƚĞƐ ŶƷŵĞƌŽƐ ĚĞ ĚĞƐĞŵƉĞŶŚŽ͕ Dh^d E' Ġ ŵƵŝƚŽ ƉƌŽĨƵŶĚŽ Ğ ƉŽƐƐƵŝ ďĂƐƚĂŶƚĞ ǀŽůƵŵĞ ĚĞ ŵƷƐĐƵůŽƐ Ğŵ ƐĞƵ ƉŽƐƚĞƌŝŽƌ͕ ĂƐƐŽĐŝĂĚŽ Ă Ƶŵ ƐĞůŽ ƌĂĐŝĂů ŝŵƉĞĐĄǀĞů͘ ZĞŐ͗ ϭϲϯϵϳϮϰϲ ; &Ͳ &ͲDϭ&ͲK,&Ϳ Ͳ ZĞŐ͘ EĂĐ͗ , / ϭϮϭϮ ƌŝĂĚŽƌ͗ ^ĐŚĂĨĨƐ ŶŐƵƐ sĂůůĞLJ͕ E ĂƚĂ EĂƐĐ͗͘ ϬϮͬϬϯͬϮϬϬϵ
ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗ W ͛^ ϬϭͬϬϳͬϮϬϭϳ
K^ WDz^ ĐĐ͘ й dKW
&W WE нϭϮ нϬ ͘ϴϰ ͘ϵϯ ϭϱ
^ŝƚnj dƌĂǀĞůĞƌ ϴϭϴϬ ^ s &ŝŶĂů ŶƐǁĞƌ ϬϬϯϱ ^ s ŵƵůŽƵƐ ϴϭϰϱ ^ s EĞƚ tŽƌƚŚ ϰϮϬϬ ^ s ŵďůLJŶĞƚƚĞ ϳϰϭϱ ^ s ŵďůLJŶĞƚƚĞ ϳϮϲϬ
ϯϰ ŬŐ͘ ͬ ƌĂƚŝŽ ϵϳ ϰϰϯ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϬϳ ϲϴϴ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϬϰ ϯϳ Đŵ͘ ϱ͘ϯ WZK h K W W d W K нϯϵ нϲϵ Ͳ͘Ϯ нϭ͘ϱϲ нϭϰ ͘ϴϲ ͘ϵϬ ͘ϴϲ ͘ϴϱ ͘ϴϭ ϭϬ
Z E E'h^ ϳ Eϯϯϱ
D d ZE > > Ws &WD нϯϰ нϭϲϬ нϭϬ ͘ϴϭ ͘ϰϴϳ ͘ϳϬ ϯ
Ψ E нϰ͘ϯϱ
D ͕ ^ s D >zE dd ϳϰϭϱ
W нϭϱ ͘ϱϯ
Z D K> н͘ϳϯ н͘ϱϴ ͘ϱϴ ͘ϱϴ ϮϬ
+HPLVSKHUH
' н͘ϭϰϴ ͘ϱϰ
1E / ^ KEND/ K^ Ψ Ψd Ψ Ψ' нϲϯ͘ϳϭ нϮϴ͘ϰϮ нϮϱ͘ϭϵ нϳϯ͘Ϯϭ ϭϱ
KEE >z , D/^W, Z ϵϱϳ>
WƌŽĚƵnj ĂŶŝŵĂŝƐ ĚĞ ŐĂŶŚŽ ƌĄƉŝĚŽ ĚŽ ĚĞƐŵĂŵĞ ĂŽ ĂŶŽ͘ ŐƌĞŐĂ ŵƵƐĐƵůĂƚƵƌĂ Ğ ƉĞƐŽ ĚĞ ĐĂƌĐĂĕĂ͘
WĂƌƚŝĐŝƉĂĕĆŽ ŝŵƉŽƌƚĂŶƚĞ ĚĞŶƚƌŽ ĚĂ ŐĞŶĠƚŝĐĂ ŽŶŶĞĂůLJ ĚĞƐĚĞ ƐƵĂ ĐŽŵĞƌĐŝĂůŝnjĂĕĆŽ Ğŵ ϮϬϭϬ͘ ƐƐŝŵ ĐŽŵŽ ĞůĞ͕ ƐĞƵƐ ĨŝůŚŽƐ ƐĆŽ ŽƐ ŵĂŝƐ ĐŽŶĐŽƌƌŝĚŽƐ ŶŽƐ ůĞŝůƁĞƐ ĂŶƵĂŝƐ ĚĂ ŽŶͲ ŶĞĂůLJ͘ , D/^W, Z ĐĂƌƌĞŐĂ ĞdžĐĞůĞŶƚĞƐ WƐ ĚĞ ƉƌŽĚƵĕĆŽ͕ ŵĂƚĞƌŶĂů Ğ ĐĂƌĐĂĕĂ͘ ZĞŐ͗ нϭϲϰϲϴϱϵϱ ; Ͳ &ͲDϭ&ͲE,&ͲK,&Ϳ ƌŝĂĚŽƌ͗ ŽŶŶĞĂůLJ ŶŐƵƐ ZĂŶĐŚ͕ E ĂƚĂ EĂƐĐ͗͘ ϭϰͬϬϮͬϮϬϬϵ
ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗ W ͛^ ϬϭͬϬϳͬϮϬϭϳ
K^ WDz^ ĐĐ͘ й dKW
ͬZ EĞǁ ĞƐŝŐŶ Ϭϯϲ ' Z EĞǁ ĞƐŝŐŶ ϱϬϱϬ ' Z WƌĞĐŝƐŝŽŶ ϳϬϲ &ƵƚƵƌĞ ŝƌĞĐƚŝŽŶ ϱϯϮϭ ƌĞĞůĂ ŽĨ ŽŶĂŶŐĂ ϯϵϵϭ ƌĞĞƐŚĂ ŽĨ ŽŶĂŶŐĂ ϭϮϱϭ
ϯϳ͕Ϯϳ ŬŐ͘ ͬ d ϯϰϱ ŬŐ͘ ͬ d ϲϳϵ͕ϱϱ ŬŐ͘ ͬ d ϯϲ Đŵ͘ ϲ͘ϴ
WZK h K &W WE W W d Ͳϰ нϮ͘Ϯ нϱϲ нϭϬϴ н͘ϴ ͘ϲϵ ͘ϴϴ ͘ϴϯ ͘ϳϳ ͘ϳϳ ϭϬ ϭϱ
W K Ͳ͘Ϭϭ нϮϰ ͘ϴϬ ͘ϳϭ ϭϱ
D d ZE > > Ws &WD нϯϰ нϯϳ нϲ ͘ϲϲ ͘ϭϮϰ ͘ϱϮ ϯ
W Ψ E ͲϯϬ͘ϴϭ нϰϲ ͘ϰϲ ϮϬ
&/>, ͕ ,KKs Z E'h^͕ / ͘
Z D K> н͘ϱϯ нϭ͘ϬϬ ͘ϱϮ ͘ϱϬ ϱ
ďĞƌĚĞĞŶ ŶŐƵƐ Ͳ DĠĚŝĂƐ ĚĂ ZĂĕĂ :ƵůŚŽ ϮϬϭϳ &W͗ нϲ ͮ WE͗ нϭ͘ϭ ͮ W ͗ нϰϳ ͮ W ͗ нϴϰ ͮ d ͗ н͘ϱ ͮ W ͗ н͘ϳϲ ͮ K ͗ нϭϯ ͮ&WD͗ нϴ ͮ > ͗ нϮϰ ͮ Ws ͗ нϮϰ ͮ Ψ E͗ ͲϮ͘ϭϭ ͮ W ͗ нϯϭ ͮ D ͗ н͘ϱϬ ͮ K> ͗ н͘ϰϱ ͮ '͗ н͘Ϭϭϴ Ψ нϰϰ͘Ϭϴ ͮ Ψ ͗ нϯϵ͘Ϭϴ ͮ Ψ'͗ нϮϵ͘ϲϵ ͮ Ψ/ &͗ нϭϬϭ͘Ϯϱ
ϭϴ ϯ
' н͘ϬϬϵ ͘ϰϴ
1E / ^ KEND/ K^ Ψ Ψd Ψ Ψ' нϱϬ͘Ϯϲ нϳϳ͘ϰϯ нϯϴ͘Ϭϰ нϭϰϰ͘ϬϬ ϭϬ
ϭϬ
3URVSHULW\
Z E E'h^ ϳ EϯϮϴ
^ s WZK^W Z/dz ϵϭϯϭ
ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ
ZĞŐ͗ ϭϲϯϵϲϱϮϯ ; &Ͳ &ͲDϭ&ͲK,&Ϳ Ͳ ZĞŐ͘ EĂĐ͗ , / ϭϭϯϯ ƌŝĂĚŽƌ͗ ^ĐŚĂĨĨƐ ŶŐƵƐ sĂůůĞLJ͕ E ĂƚĂ EĂƐĐ͗͘ ϬϮͬϬϯͬϮϬϬϵ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗
ϯϳ ŬŐ͘ ͬ ƌĂƚŝŽ ϵϴ ϰϰϳ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϬϴ ϳϭϰ ŬŐ͘ ͬ ƌĂƚŝŽ͘ ϭϯϰ ϰϬ Đŵ͘ ϱ͘ϴ
^ s ϬϬϰ WƌĞĚŽŵŝŶĂŶƚ ϰϰϯϴ ^ s WƌŽǀŝĚĞŶĐĞ ϲϵϮϮ ^ s DĂLJ ϳϮϯϴ ƵƐŚǁĂĐŬĞƌ ϰϭͲϵϯ ^ s ŵďůLJŶĞƚƚĞ ϯϭϮϯ ^ s ŵďůLJŶĞƚƚĞ ϭϭϳϳ
&/>, WZK^W Z/dz͕ > >>Ks/ E Ͳ Z' Ed/E
/ŶĚŝĐĂĚŽ ƉĂƌĂ ĂĐĂƐĂůĂŵĞŶƚŽƐ ĚĞ ƉůĂŶƚĞů͘ dŽƉ ĚĂ ƌĂĕĂ Ğŵ ƉĞƌşŵĞƚƌŽ ĞƐĐƌŽƚĂů͘
dŽƵƌŽ ƵƐĂĚŽ ŶŽƐ ƉƌŝŶĐŝƉĂŝƐ ĐƌŝĂƚſƌŝŽƐ ĚĂ ƌĂĕĂ ŶŐƵƐ ŶŽƐ h ͕ ƉĂƌĂ ĂŐƌĞŐĂƌ ŶƷŵĞƌŽƐ ĚĞ ƉƌŽͲ ĚƵĕĆŽ͕ ĨĞƌƚŝůŝĚĂĚĞ Ğ ĚĞƐĞŵƉĞŶŚŽ Ğŵ ǀĂƌŝĂĚĂƐ ĐĂƌĂĐƚĞƌşƐƚŝĐĂƐ͘ WZK^W Z/dz Ġ ǀŝƐƚŽ ĐŽŵŽ ƚŽƵƌŽ ŵĞůŚŽƌĂĚŽƌ ƉĂƌĂ ƌĞďĂŶŚŽƐ ũĄ ĂůƚĂŵĞŶƚĞ ƋƵĂůŝĨŝĐĂĚŽƐ͘ &/>, WZK^W Z/dz͕ ^ E< z͕ <^
W ͛^ ϬϭͬϬϳͬϮϬϭϳ
K^ WDz^ ĐĐ͘ й dKW
&W WE W нϬ нϰ͘ϰ нϳϬ ͘ϳϯ ͘ϵϯ ͘ϵϬ ϯ
WZK h K W d W K нϭϬϳ н͘ϲ нϭ͘ϵϬ нϮϳ ͘ϴϲ ͘ϴϲ ͘ϴϯ ͘ϳϯ ϯ ϭϱ ϭϬ
D d ZE > > Ws &WD нϯϮ нϭϲϳ нϲ ͘ϴϭ ͘ϱϮϴ ͘ϳϭ ϭϬ
W Ψ E ͲϮϮ͘ϱϳ нϰϴ ͘ϯϳ ϭϱ
Z D K> н͘ϱϰ нϭ͘ϭϯ ͘ϰϲ ͘ϰϰ Ϯ
ďĞƌĚĞĞŶ ŶŐƵƐ Ͳ DĠĚŝĂƐ ĚĂ ZĂĕĂ :ƵůŚŽ ϮϬϭϳ &W͗ нϲ ͮ WE͗ нϭ͘ϭ ͮ W ͗ нϰϳ ͮ W ͗ нϴϰ ͮ d ͗ н͘ϱ ͮ W ͗ н͘ϳϲ ͮ K ͗ нϭϯ ͮ&WD͗ нϴ ͮ > ͗ нϮϰ ͮ Ws ͗ нϮϰ ͮ Ψ E͗ ͲϮ͘ϭϭ ͮ W ͗ нϯϭ ͮ D ͗ н͘ϱϬ ͮ K> ͗ н͘ϰϱ ͮ '͗ н͘Ϭϭϴ Ψ нϰϰ͘Ϭϴ ͮ Ψ ͗ нϯϵ͘Ϭϴ ͮ Ψ'͗ нϮϵ͘ϲϵ ͮ Ψ/ &͗ нϭϬϭ͘Ϯϱ
ϭϵ
' н͘ϬϮϰ ͘ϯϵ
1E / ^ KEND/ K^ Ψ Ψd Ψ Ψ' нϲϳ͘ϴϭ нϲϳ͘ϭϲ нϯϳ͘ϵϭ нϭϰϳ͘ϭϬ ϭϬ
ϭϱ
ϭϬ
Z E E'h^ ϳ Eϯϲϵ
8SWRZQ
KEE >z hWdKtE Ϭϵϴ /ŶĚŝĐĂĚŽ ƉĂƌĂ ŶŽǀŝůŚĂƐ͘ WƌŽĚƵnj ĐĂƌŶĞ ĚĞ ƋƵĂůŝĚĂĚĞ͘
70
hŵĂ ĨĞƌƌĂŵĞŶƚĂ ŐĞŶĠƚŝĐĂ ƉĂƌĂ ƋƵĞŵ ďƵƐĐĂ ƵŵĂ ƉƌŽĚƵͲ ĕĆŽ ĐŽŵ ŐĂŶŚŽ ĚĞ ƉĞƐŽ ĂĐŝŵĂ ĚĂ ŵĠĚŝĂ ĚĂ ƌĂĕĂ͘
ZĞŐ͗ ϭϲϴϵϲϮϵϲ ; &Ϳ Ͳ ZĞŐ͘ EĂĐ͗ , / ϭϰϰϳ ƌŝĂĚŽƌ͗ ŽŶŶĞĂůLJ ŶŐƵƐ ZĂŶĐŚ͕ E ĂƚĂ EĂƐĐ͗͘ ϬϰͬϬϴͬϮϬϭϬ
ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗
ϯϬ͕ϵϭ ŬŐ͘ ͬ ƌĂƚŝŽ ϵϴ ϯϭϵ͕ϱϱ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϬϴ ϱϰϯ͕ϲϰ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϭϭ ϯϵ Đŵ͘ ϱ͘ϵ
W ͛^ ϬϭͬϬϳͬϮϬϭϳ
K^ WDz^ ĐĐ͘ й dKW
&W WE нϭϮ Ͳ͘ϭ ͘ϳϮ ͘ϴϴ ϭϱ
W нϲϴ ͘ϴϭ ϰ
WZK h K W d W K нϭϭϯ н͘ϱ н͘ϰϰ нϮϲ ͘ϳϴ ͘ϳϲ ͘ϴϭ ͘ϲϵ ϭϬ ϭϬ
Z E E'h^ ϳ Eϯϳϰ
ŽŶŶĞĂůLJ KŶǁĂƌĚ ^ŝƚnj hƉǁĂƌĚ ϯϬϳZ ^ŝƚnj ,ĞŶƌŝĞƚƚĂ WƌŝĚĞ ϴϭD ŽŶŶĞĂůLJ dŚƵŶĚĞƌ :ĂĐĞ ŽĨ ŽŶĂŶŐĂ ϰϲϲϬ ϴϭϴE :ĂnjĞ ŽĨ ŽŶĂŶŐĂ Ϯϯϰ D d ZE > > Ws &WD нϯϬ нϭϭ нϭϭ ͘ϰϳ ͘ϰϰ ͘ϯϵ ϭϱ ϮϬ
W Ψ E ͲϮϬ͘ϱϱ нϳϬ ͘ϱϬ ϭ
Z D K> н͘ϳϱ н͘ϵϯ ͘ϱϱ ͘ϱϱ ϮϬ ϭϬ
)LUVW 1 *RDO
' н͘Ϭϲϱ ͘ϱϮ
1E / ^ KEND/ K^ Ψ Ψd Ψ Ψ' нϳϰ͘ϴϯ нϱϴ͘ϳϬ нϯϮ͘ϰϴ нϭϱϬ͘ϵϱ ϱ
ϯ
^ &/Z^dͲEͲ'K > ' & ϭϭϰ dŽƵƌŽ ƉĂŝ ĚĞ ĞƐƚƌĞůĂƐ ĚĞ ĞůŝƚĞ͘ ĂƌƌĞŐĂ ƐĞůŽ ĚĞ ĨĞƌƚŝůŝĚĂĚĞ ƐƵƉĞƌŝŽƌ͘
70
WĂŝ ĚĞ ŐƌĂŶĚĞƐ ĞƐƚƌĞůĂƐ ŶĂƐ ƉƌŝŶĐŝƉĂŝƐ ĞdžƉŽƐŝĕƁĞƐ ĚŽƐ h ͕ ĐŽŵŽ Ğŵ Es Z͕ ĐŽŶƐŝĚĞƌĂĚĂ Ă ŵĂŝŽƌ ĚĂ ƌĂĕĂ ŶŐƵƐ͘ hŵĂ ŐĞŶĠƚŝĐĂ ƋƵĞ ĞdžƉůŽĚĞ Ğŵ ƉŝƐƚĂ ŶŽ ŵƵŶĚŽ ƚŽĚŽ ĚŝƐƉŽͲ ŶşǀĞů ƉĂƌĂ ƐĞƵ ƉůĂŶƚĞů ďƌŝůŚĂƌ ĂƋƵŝ͘ ZĞŐ͗ нϭϳϬϯϬϭϭϱ ; &ͲK^&Ϳ Ͳ ZĞŐ͘ EĂĐ͗ , / ϭϱϰϰ ƌŝĂĚŽƌ͗ ^ƚĞƌƚnjďĂĐŚ ĂƚƚůĞ Ž͕ K,͖ ĂŵĞƌŽŶ ŶŐƵƐ &Ăƌŵ͕ />͖ ^ƚĞĞůĞ ŶŐƵƐ͕ / ͖ 'ƌĂŶĚǀŝĞǁ ŶŐƵƐ͕ ĂƚĂ EĂƐĐ͗͘ ϬϱͬϬϭͬϮϬϭϭ
ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗ W ͛^ ϬϭͬϬϳͬϮϬϭϳ
K^ WDz^ ĐĐ͘ й dKW
y' Z^ &ŝƌƐƚ ZĂƚĞ ^ϵϬϯ Zϯ ĂŵĞƌŽŶ &ŝƌƐƚ ůĂƐƐ ĂŵĞƌŽŶ EŽƌƚŚĞƌŶ DŝƐƐ ϯϭϭϰ ŚĂŵƉŝŽŶ ,ŝůů ĚŝƚŝŽŶ ϮϬϮϵ ^ ZŽLJĂů ůĂĐŬďŝƌĚ ϱϬϮ ŚĂŵƉŝŽŶ ,ŝůů ůĂĐŬďŝƌĚ ϭϵϰϯ
ϯϳ ŬŐ͘ ͬ d ϰϬϭ ŬŐ͘ ͬ d ϲϯϱ ŬŐ͘ ͬ d ϰϬ Đŵ͘ ϲ͘ϭ
WZK h K &W WE W W d Ͳϭϰ нϲ͘ϲ нϲϯ нϵϮ н͘ϰ ͘ϲϯ ͘ϴϲ ͘ϳϵ ͘ϲϬ ͘ϱϮ ϭϬ
W K Ͳ͘ϰϮ нϭ ͘ϱϳ ͘ϰϬ
D d ZE > > Ws &WD нϯϯ нϰϯ нϬ ͘ϱϬ ͘ϳϳ ͘ϯϳ ϱ
W Ψ E Ͳϭϴ͘ϭϭ нϰϭ ͘ϯϳ
/ZD /Ed /Z Ͳ d, E t,/d ^/ ͕ D
Z D K> н͘ϰϱ н͘ϲϳ ͘ϰϰ ͘ϰϭ
' н͘Ϭϯϲ ͘ϯϵ
1E / ^ KEND/ K^ Ψ Ψd Ψ Ψ' нϱϱ͘ϱϱ нϱϭ͘ϭϱ нϮϴ͘ϵϴ нϭϯϬ͘ϱϰ ϮϬ
ďĞƌĚĞĞŶ ŶŐƵƐ Ͳ DĠĚŝĂƐ ĚĂ ZĂĕĂ :ƵůŚŽ ϮϬϭϳ &W͗ нϲ ͮ WE͗ нϭ͘ϭ ͮ W ͗ нϰϳ ͮ W ͗ нϴϰ ͮ d ͗ н͘ϱ ͮ W ͗ н͘ϳϲ ͮ K ͗ нϭϯ ͮ&WD͗ нϴ ͮ > ͗ нϮϰ ͮ Ws ͗ нϮϰ ͮ Ψ E͗ ͲϮ͘ϭϭ ͮ W ͗ нϯϭ ͮ D ͗ н͘ϱϬ ͮ K> ͗ н͘ϰϱ ͮ '͗ н͘Ϭϭϴ Ψ нϰϰ͘Ϭϴ ͮ Ψ ͗ нϯϵ͘Ϭϴ ͮ Ψ'͗ нϮϵ͘ϲϵ ͮ Ψ/ &͗ нϭϬϭ͘Ϯϱ
ϮϬ ϯ
Z E E'h^ ϳ EϯϬϵ
*UHDW 'LYLGH
>/D ^dKE 'Z d /s/ hϮϱϰ
ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ
ZĞŐ͗ ϭϲϭϲϱϰϭϭ ; D&Ͳ &Ͳ &ͲDϭ&ͲE,&ͲK,&Ϳ Ͳ ZĞŐ͘ EĂĐ͗ , / ϭϭϭϴ ƌŝĂĚŽƌ͗ >ŝŵĞƐƚŽŶĞ͕ >> ͕ K< ĂŶĚ ZĞŝƐŝŐ ĂƚƚůĞ͕ Dd ĂƚĂ EĂƐĐ͗͘ ϭϴͬϬϮͬϮϬϬϴ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗
ϯϱ ŬŐ͘ ͬ ƌĂƚŝŽ ϵϱ ϰϮϬ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϭϱ ϱϵϬ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϮϭ ϰϯ Đŵ͘ ϱ͘ϰ
K <ŝƌďLJ ϲϯϯ< DĂƌĂƚŚŽŶ ϳϬϮϮ 'ŝďďĞƚ ,ŝůů DŝŐŶŽŶŶĞ ϯϳ dƌĂǀĞůĞƌ ϲϴϬϳ ϰϬϰϭ ^ƚĞǀĞŶƐŽŶ tĂƚĞƌďĂĐŬ ϰϲϮ: :Z^ tĂƚĞƌďĂĐŬ ϵϱϳ
&/>,K Ͳ E, K WK^dK Ͳ hZh'h / E Ͳ Z^
^ƵĂ ƉƌŽŐġŶŝĞ ƐĞ ĚĞƐƚĂĐĂ Ğŵ ĨĞŶſƚŝƉŽ Ğ ĚĞƐĞŵƉĞŶŚŽ͘ /ŵƉƌŝŵĞ ŵƵƐĐƵůĂƚƵƌĂ Ğ ƐĞůŽ ƌĂĐŝĂů͘
WĂŝ ĚĞ ĚŽĂĚŽƌĂƐ ĚĞ ĞŵďƌŝƁĞƐ Ğ ƚŽƵƌŽƐ ŝŵƉŽƌƚĂŶƚĞƐ Ğŵ ƉůĂŶƚĞŝƐ ĚĞ ŐƌĂŶĚĞ ĚĞƐƚĂƋƵĞ ĚĂ ƌĂĕĂ ŶŐƵƐ͘ DƵŝƚĂ ŚĂƌŵŽŶŝĂ Ğŵ Ƶŵ ƐĞůŽ ƌĂĐŝĂů ŝŵƉĞĐĄǀĞů͘ 'Z d /s/ Ġ ƉƌŽĨƵŶĚŽ͕ ĐŽŵ ŵƵŝƚŽ ǀŽůƵŵĞ ĚĞ ĐĂƌŶĞ Ğŵ ƐĞƵ ƉŽƐƚĞƌŝŽƌ͕ ƵŵĂ ůŝŶŚĂ ĚĞ ůŽŵďŽ ƉĞƌĨĞŝƚĂ ƐƵƐƚĞŶƚĂĚŽ ƉŽƌ ƵŵĂ ĨŽƌƚĞ ĞƐƚƌƵƚƵƌĂ ſƐƐĞĂ͘ ^Ğŵ ĚƷǀŝĚĂ ĂůŐƵŵĂ͕ ƉŽƌ ƐĞƵ ƉĞĚŝŐƌĞĞ Ğ ƐƵĂ ƉƌŽĚƵĕĆŽ͕ ĚĞǀĞ ƐĞƌ ƵƐĂĚŽ ŶŽƐ ƉůĂŶƚĞŝƐ ŵĂŝƐ ĞdžŝŐĞŶƚĞƐ ĚĂ ƌĂĕĂ ŶŐƵƐ͘ W ͛^ ϬϭͬϬϳͬϮϬϭϳ
K^ WDz^ ĐĐ͘ й dKW
&W WE W Ͳϱ нϯ͘Ϯ нϱϭ ͘ϲϴ ͘ϴϵ ͘ϴϰ
WZK h K W d W K нϴϱ н͘ϯ н͘ϱϯ ͲϮ ͘ϳϰ ͘ϳϭ ͘ϲϴ ͘ϱϲ
D d ZE > > Ws &WD нϭϯ нϴϯ Ͳϰ ͘ϳϭ ͘ϭϴϭ ͘ϱϯ
W Ψ E нϭϮ͘Ϯϭ нϱϯ ͘ϯϴ ϭϬ ϭϱ
Z D K> Ͳ͘Ϭϯ нϭ͘ϮϬ ͘ϰϳ ͘ϰϯ Ϯ
ďĞƌĚĞĞŶ ŶŐƵƐ Ͳ DĠĚŝĂƐ ĚĂ ZĂĕĂ :ƵůŚŽ ϮϬϭϳ &W͗ нϲ ͮ WE͗ нϭ͘ϭ ͮ W ͗ нϰϳ ͮ W ͗ нϴϰ ͮ d ͗ н͘ϱ ͮ W ͗ н͘ϳϲ ͮ K ͗ нϭϯ ͮ&WD͗ нϴ ͮ > ͗ нϮϰ ͮ Ws ͗ нϮϰ ͮ Ψ E͗ ͲϮ͘ϭϭ ͮ W ͗ нϯϭ ͮ D ͗ н͘ϱϬ ͮ K> ͗ н͘ϰϱ ͮ '͗ н͘Ϭϭϴ Ψ нϰϰ͘Ϭϴ ͮ Ψ ͗ нϯϵ͘Ϭϴ ͮ Ψ'͗ нϮϵ͘ϲϵ ͮ Ψ/ &͗ нϭϬϭ͘Ϯϱ
Ϯϭ
&/>,K 'Z d /s/ Ͳ hZh'h /
' Ͳ͘ϬϰϬ ͘ϰϮ ϭϬ
1E / ^ KEND/ K^ Ψ Ψd Ψ Ψ' нϯϯ͘ϳϮ нϱϬ͘ϮϬ нϭϲ͘ϵϴ нϭϰϬ͘ϲϱ ϭϱ
Z E E'h^ ϳ Eϰϰϵ
,FH &DS
d,/E'dKE / W ϯϬϱ d ŽƉ Ğŵ ĨĂĐŝůŝĚĂĚĞ ĚĞ ƉĂƌƚŽ ĐŽŵ ĐƌĞƐĐŝŵĞŶƚŽ ƌĄƉŝĚŽ͘ /ŶĚŝĐĂĚŽ ƉĂƌĂ ŶŽǀŝůŚĂ͘ WŽƐƐƵŝ ĨĞƌƚŝůŝĚĂĚĞ ƐƵƉĞƌŝŽƌ͘
70
ŝŵƉŽƌƚĂŶƚĞ ƌĞƐƐĂůƚĂƌ ƋƵĞ / W Ġ Ƶŵ ŶĞƚŽ ĚĞ W/Ͳ d >/^d͖ ĞůĞ Ġ Ă ƉƌŽǀĂ ĚĞ ĐŽŶƐŝƐƚġŶĐŝĂ͕ Ğ ŚĞƌĂŶĕĂ ĚĞ ĨĞŶſͲ ƚŝƉŽ Ğ ŶƷŵĞƌŽƐ ŝŵƉĞĐĄǀĞŝƐ͘ Žŵ ĨĂĐŝůŝĚĂĚĞ ĚĞ ƉĂƌƚŽ Ğ ŐĂŶŚŽ ĂĐĞůĞƌĂĚŽ ĚĞ ƉĞƐŽ ĚŽ ŶĂƐĐĞƌ ĂŽ ĂŶŽ͕ ƚĂŵďĠŵ ƐĞ ĚĞƐƚĂĐĂŶĚŽ Ğŵ WƐ ŵĂƚĞƌŶĂŝƐ͕ / W Ġ ŝŵƉŽƌƚĂŶƚĞ ĨĞƌƌĂŵĞŶƚĂ ŐĞŶĠƚŝĐĂ ƉĂƌĂ ƐĞƵ ƌĞďĂŶŚŽ͘ ZĞŐ͗ ϭϴϮϲϯϳϱϵ D&Ͳ &Ͳy& ƌŝĂĚŽƌ͗ ĂƚŚŝŶŐƚŽŶ ŶŐƵƐ͕ /> ĂƚĂ EĂƐĐ͗͘ ϭϱͬϬϵͬϮϬϭϱ
ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗
Ϯϴ͕ϲϰ ŬŐ͘ ͬ ƌĂƚŝŽ ϳϲ ϯϰϲ͕ϴϮ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϯϬ ϲϬϴ͕ϭϴ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϬϴ ϯϳ Đŵ͘ ϱ͘ϵ
W ͛^ ϬϭͬϬϳͬϮϬϭϳ
K^ WDz^ ĐĐ͘ й dKW
&W WE W нϭϳ ͲϮ͘ϴ нϲϭ ͘ϰϬ ͘ϰϰ ͘ϯϯ ϭ Ϯ ϭϬ
WZK h K W d W K нϵϵ н͘Ϯ н͘ϯϬ нϭϱ ͘ϰϳ ͘ϯϱ ͘ϰϲ ͘ϯϲ ϮϬ
Z E E'h^ ϳ Eϯϲϲ
ŽŶŶĞĂůLJ ĂƉŝƚĂůŝƐƚ ϬϮϴ ĂƚŚŝŶŐƚŽŶ ^ƵďͲ ĞƌŽ <W DŝƐƐ WƌŽǀĞŶ YƵĞĞŶ Ϯϭ ĂŵĞƌŽŶ &ŝƌƐƚ /ŵƉƌĞƐƐŝŽŶ ĂƚŚŝŶŐƚŽŶ >ƵĐLJ ϯϬϬϲ ůƵĞ ^ƚŽŶ >ƵĐLJ ϭϬϮϵ D d ZE > > Ws &WD нϯϰ Ͳ нϭϲ ͘ϭϲ Ͳ ͘ϭϬ Ϯ ϭ
W Ψ E Ͳϭϳ͘ϭϬ нϯϱ ͘Ϯϯ
Z D K> н͘Ϭϵ н͘ϱϳ ͘ϯϯ ͘Ϯϵ
' н͘Ϭϱϱ ͘ϯϭ
1E / ^ KEND/ K^ Ψ Ψd Ψ Ψ' нϵϮ͘ϰϲ нϴϬ͘Ϯϳ нϱϱ͘Ϯϳ нϵ͘ϴϭ ϭ
)RUZRUG
Kz &KZtKZ ϲϬϮϱ /ŶĚŝĐĂĚŽ ƉĂƌĂ ŶŽǀŝůŚĂ͘ WƐ ĚĞ ƉƌŽĚƵĕĆŽ ĞdžĐĞůĞŶƚĞƐ͘ ƵŵĂ ŵĂƐƐĂ ĚĞ ŵƷƐĐƵůŽƐ͕ ĐŽŵ ĞdžĐĞůĞŶƚĞ ƉŽƚĞŶĐŝĂů ƉĂƌĂ ƚƌĂŶƐŵŝƚŝƌ ŐĂŶŚŽ ĚĞ ƉĞƐŽ͕ ƋƵĂůŝĚĂĚĞ ĚĞ ĐĂƌĐĂĕĂ Ğ ĞůĞǀĂĚŽ ƌĞŶĚŝŵĞŶƚŽ ĂŽ ĂďĂƚĞ͘
ZĞŐ͗ ϭϱϯϰϳϵϭϲ ƌŝĂĚŽƌ͗ Kz ĞĞĨ ĂƚƚůĞ͕ <z ĂƚĂ EĂƐĐ͗͘ ϮϵͬϬϭͬϮϬϬϲ
ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗
ϯϲ͕ϯϲ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϬϯ ϯϰϭ͕ϯϲ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϬϳ ϲϰϲ͕ϴϮ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϭϳ ϰϭ Đŵ͘ ϲ͘Ϭ
W ͛^ ϬϭͬϬϳͬϮϬϭϳ
K^ WDz^ ĐĐ͘ й dKW
&W WE нϭϰ Ͳ͘ϭ ͘ϳϴ ͘ϵϬ ϱ
W нϱϮ ͘ϴϱ
WZK h K W d W K нϵϵ н͘ϱ нϭ͘Ϯϯ нϮϴ ͘ϴϬ ͘ϴϬ ͘ϴϮ ͘ϲϴ ϮϬ ϱ
ŽŶŶĞĂůLJ >ĞĂĚ KŶ ŽŶŶĞĂůLJ KŶǁĂƌĚ ůƚƵŶĞ ŽĨ ŽŶĂŶŐĂ ϲϭϬϰ ^ŝƚnj EĞƌǁ ĞƐŝŐŶ ϯϰϵD ^ŝƚnj Z>^ ŝƐĂ ǀĞƌŐƌĞĞŶ ϯϬW ^ŝƚnj Z>^ ŝƐĂ ǀĞƌŐƌĞĞŶ ϯϵD D d ZE > > Ws &WD нϮϯ нϰϲ нϭϬ ͘ϳϬ ͘ϭϲϱ ͘ϱϴ
Ψ E Ͳϭ͘ϴϵ
W нϱϭ ͘ϰϵ ϭϬ
Z D K> н͘ϰϲ н͘ϲϳ ͘ϱϱ ͘ϱϰ
ďĞƌĚĞĞŶ ŶŐƵƐ Ͳ DĠĚŝĂƐ ĚĂ ZĂĕĂ :ƵůŚŽ ϮϬϭϳ &W͗ нϲ ͮ WE͗ нϭ͘ϭ ͮ W ͗ нϰϳ ͮ W ͗ нϴϰ ͮ d ͗ н͘ϱ ͮ W ͗ н͘ϳϲ ͮ K ͗ нϭϯ ͮ&WD͗ нϴ ͮ > ͗ нϮϰ ͮ Ws ͗ нϮϰ ͮ Ψ E͗ ͲϮ͘ϭϭ ͮ W ͗ нϯϭ ͮ D ͗ н͘ϱϬ ͮ K> ͗ н͘ϰϱ ͮ '͗ н͘Ϭϭϴ Ψ нϰϰ͘Ϭϴ ͮ Ψ ͗ нϯϵ͘Ϭϴ ͮ Ψ'͗ нϮϵ͘ϲϵ ͮ Ψ/ &͗ нϭϬϭ͘Ϯϱ
ϮϮ ϯ
' н͘ϭϬϭ ͘ϱϭ
1E / ^ KEND/ K^ Ψ Ψd Ψ Ψ' нϱϯ͘Ϭϱ нϰϲ͘ϭϯ нϭϳ͘ϰϬ нϭϭϮ͘Ϯϭ
Z E E'h^ ϳ Eϯϰϱ
%HDFRQ
^ s KE ϬϬϬϴ
ZĞŐ͗ ϭϲϲϴϳϱϵϭ ; &ͲK^&Ϳ Ͳ ZĞŐ͘ EĂĐ͗ , / ϭϮϵϱ ƌŝĂĚŽƌ͗ ^ĐŚĂĨĨƐ ŶŐƵƐ sĂůůĞLJ͕ E ĂƚĂ EĂƐĐ͗͘ ϮϬͬϬϮͬϮϬϭϬ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗
Ϯϴ ŬŐ͘ ͬ ƌĂƚŝŽ ϴϮ ϯϴϰ ŬŐ͘ ͬ ƌĂƚŝŽ ϵϱ ϲϴϯ ŬŐ͘ ͬ ƌĂƚŝŽ ϵϵ ϰϮ Đŵ͘ ϱ͘Ϯ
' Z 'ƌŝĚ DĂŬĞƌ ^ s ŝƐŵĂƌĐŬ ϱϲϴϮ ^ s ďŝŐĂůĞ Ϭϰϱϭ ^ s EĞƚ tŽƌƚŚ ϰϮϬϬ ^ s DĂĚĂŵĞ WƌŝĚĞ ϴϭϴϬ ^ s DĂĚĂŵĞ WƌŝĚĞ ϬϭϬϮ
D /ZD K KE͘
WĞĚŝŐƌĞĞ ŝŵƉŽƌƚĂŶƚĞ Ğ ĐŽŶƐŝƐƚĞŶƚĞ͘ /ŶĚŝĐĂĚŽ ƉĂƌĂ / d&͘ WƌŽĚƵnj ĂŶŝŵĂŝƐ ƉĞƐĂĚŽƐ Ğ ĚĞ ĂůƚŽ ƌĞŶĚŝŵĞŶƚŽ ĚĞ ĐĂƌĐĂĕĂ͘ hƐĂĚŽ ŵĂƐƐŝǀĂŵĞŶƚĞ ƉĂƌĂ Ă ƉƌŽĚƵĕĆŽ ĚĞ ďĞnjĞƌƌŽƐ ĐŽŵ ĐŽŶƐŝƐƚġŶĐŝĂ Ğ ŐĂŶŚŽ ĂĐĞůĞƌĂĚŽ ĚĞ ƉĞƐŽ ĚĂ ĚĞƐŵĂŵĂ ĂŽ ĂŶŽ͘ KE ƉŽƐƐƵŝ ŝŶĐƌşǀĞů ĐĂƉĂĐŝĚĂĚĞ ĚĞ ŵĂŶƵƚĞŶĕĆŽ ĚĞ ĐŽŶĚŝĕĆŽ ĐŽƌƉŽƌĂů͕ Ž ƋƵĞ ŝŵƉƌĞƐƐŝŽŶĂ ƋƵĂŶĚŽ Ž ĂǀĂůŝĂŵŽƐ ŶĂ ĞŶƚƌĂů͘ dĞŵ ĞƐƚƌƵƚƵƌĂ ſƐƐĞĂ ĨŽƌƚĞ͕ Ġ ƉƌŽĨƵŶĚŽ Ğ ĚĞ ĨĄĐŝů ĂĚĂƉƚĂĕĆŽ ĂŽ ŶŽƐƐŽ ĐůŝŵĂ͘ /ŵƉƌŝŵĞ ŵƵŝƚŽ ĐŽŵƉƌŝŵĞŶƚŽ Ğŵ ƐƵĂ ƉƌŽͲ ŐġŶŝĞ͕ Ž ƋƵĞ ƌĞƐƵůƚĂ Ğŵ ĞdžĐĞůĞŶƚĞƐ ŐĂŶŚŽƐ Ğŵ ƌĞŶĚŝŵĞŶƚŽƐ ĚĞ ĐĂƌĐĂĕĂ͘ W ͛^ ϬϭͬϬϳͬϮϬϭϳ
K^ WDz^ ĐĐ͘ й dKW
&W WE W нϲ нϭ͘ϱ нϲϭ ͘ϲϯ ͘ϴϴ ͘ϴϱ ϮϬ
WZK h K W d W K нϭͲϳ н͘ϲ нϭ͘ϰϮ нϭϳ ͘ϲϵ ͘ϳϳ ͘ϳϳ ͘ϲϮ ϮϬ
D d ZE > > Ws &WD нϮϬ нϭϲ нϳ ͘ϱϳ ͘ϰϴ ͘ϱϲ ϭϬ
Ψ E Ͳϭ͘Ϯϴ
W нϱϭ ͘ϲϯ ϭϬ
Z D K> н͘ϯϰ н͘ϳϲ ͘ϱϵ ͘ϱϲ ϭϬ
ďĞƌĚĞĞŶ ŶŐƵƐ Ͳ DĠĚŝĂƐ ĚĂ ZĂĕĂ :ƵůŚŽ ϮϬϭϳ &W͗ нϲ ͮ WE͗ нϭ͘ϭ ͮ W ͗ нϰϳ ͮ W ͗ нϴϰ ͮ d ͗ н͘ϱ ͮ W ͗ н͘ϳϲ ͮ K ͗ нϭϯ ͮ&WD͗ нϴ ͮ > ͗ нϮϰ ͮ Ws ͗ нϮϰ ͮ Ψ E͗ ͲϮ͘ϭϭ ͮ W ͗ нϯϭ ͮ D ͗ н͘ϱϬ ͮ K> ͗ н͘ϰϱ ͮ '͗ н͘Ϭϭϴ Ψ нϰϰ͘Ϭϴ ͮ Ψ ͗ нϯϵ͘Ϭϴ ͮ Ψ'͗ нϮϵ͘ϲϵ ͮ Ψ/ &͗ нϭϬϭ͘Ϯϱ
Ϯϯ
&/>, ͕ s/^ E'h^͕ K<
' н͘Ϭϰϲ ͘ϱϴ
1E / ^ KEND/ K^ Ψ Ψd Ψ Ψ' нϱϴ͘Ϯϵ нϲϳ͘ϬϮ нϮϯ͘ϰϲ нϭϯϲ͘ϱϳ ϮϬ
Z E E'h^ ϳ EϰϭϬ
&KLHIWDLQ
s Z ,/ &d /E ϯtϮϭ 'ĂŶŚŽ ĂĐĞůĞƌĂĚŽ ĚĞ ƉĞƐŽ͘ WƌŽĚƵƚŽƌ ĚĞ ŶŽǀŝůŚŽƐ ŵĂŝƐ ƉĞƐĂĚŽƐ͘ ŽŵďŝŶĂĕĆŽ ƉĞƌĨĞŝƚĂ ĞŶƚƌĞ ĚĂĚŽƐ ĚĞ ĚĞƐƉĞŶŚŽ ĚŽ ĚĞƐͲ ŵĂŵĞ ĂŽ ĂŶŽ ĂůŝĂĚĂ ă Ƶŵ ƚŽƵƌŽ ĞƋƵŝůŝďƌĂĚŽ͕ ŵŽĚĞƌĂĚŽ͕ ƉƌŽĨƵŶĚŽ Ğŵ ƐĞƵ ĂƌĐŽ ĚĞ ĐŽƐƚĞůĂ Ͳ ŝƐƐŽ ƚƵĚŽ ƐƵƐƚĞŶƚĂĚŽ ƉŽƌ ĞdžƚƌĂŽƌĚŝŶĄƌŝĂ ŽƐƐĂƚƵƌĂ͘ ZĞŐ͗ ϭϳϳϯϯϱϳϱ ; D&ͲE,&Ϳ Ͳ ZĞŐ͘ EĂĐ͗ , / ϭϱϱϭ ƌŝĂĚŽƌ͗ sĂŶ ĞĞŬ ZĂŶĐŚ͕ ^ ĂƚĂ EĂƐĐ͗͘ ϬϲͬϬϮͬϮϬϭϯ
ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗
ϯϰ͕ϱϱ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϬϭ ϯϳϯ͕ϲϰ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϯϱ ϲϭϲ͕ϯϲ ŬŐ͘ ͬ ƌĂƚŝŽ͘ ϭϮϮ ϯϰ Đŵ͘ ϱ͘ϰ
W ͛^ ϬϭͬϬϳͬϮϬϭϳ
K^ WDz^ ĐĐ͘ й dKW
&W WE W нϬ нϭ͘ϵ нϲϵ ͘ϰϯ ͘ϱϮ ͘ϯϵ ϯ
WZK h K W d W K нϭϭϳ н͘ϳ н͘Ϯϯ нϮϳ ͘ϰϵ ͘ϲϴ ͘ϰϳ ͘ϯϯ ϰ ϮϬ ϭϬ
Z E E'h^ ϳ Eϰϭϳ
ŽŶŶĞĂůLJ KŶǁĂƌĚ tĞƌŶĞƌ tĂƌ WĂƌƚLJ Ϯϰϭϳ Z h^ >ĂĚLJ :ĂLJĞ ϰϴϵ ͬZ EĞǁ ĂLJ ϰϱϰ s Z ϭE ϵ ŽĨ ϲϭϭ EĞǁ ĂLJ s Z ϲϭϭ dŽƚĂů ŽĨ ϰϮϴ D d ZE > > Ws &WD нϰϬ Ͳ нϲ ͘Ϯϰ Ͳ ͘ϭϴ ϭ
W Ψ E Ͳϯϲ͘ϳϬ нϰϴ ͘Ϯϳ ϭϱ
Z D K> н͘ϱϳ н͘ϵϭ ͘ϯϲ ͘ϯϯ ϭϬ
6SRWOLWH
' н͘ϬϬϮ ͘ϯϰ
1E / ^ KEND/ K^ Ψ Ψd Ψ Ψ' нϳϴ͘ϯϰ нϳϭ͘Ϯϰ нϯϴ͘ϱϵ нϭϯϰ͘ϵϯ Ϯ
ϭϬ
ϭϱ
Θ ^WKd>/d ϯϬϲϱ WĞĚŝŐƌĞĞ ďĞƌƚŽ͘ /ŶĚŝĐĂĚŽ ƉĂƌĂ ŶŽǀŝůŚĂƐ͘ &ĞŶſƚŝƉŽ Ğ ĚĞƐĞŵƉĞŶŚŽ Ğŵ ĐŽŶũƵŶƚŽ͘ WĞĚŝŐƌĞĞ ĂďĞƌƚŽ ƉŽĚĞŶĚŽ ƐĞƌ ƵŵĂ ĞdžĐĞůĞŶƚĞ ŽƉĕĆŽ ƉĂƌĂ ĂĐĂƐĂůĂƌ ĐŽŵ ŶŽǀŝůŚĂƐ͕ ƉŽŝƐ ĐĂƌƌĞŐĂ ſƚŝŵĂ ĨĂĐŝůŝĚĂĚĞ ĚĞ ƉĂƌƚŽ ĐŽŵ ĨŽƌƚĞ ĚĞƐĞŵƉĞŶŚŽ ĚĞ ŐĂŶŚŽ ĚĞ ƉĞƐŽ͘ &ĞŶſƚŝƉŽ ŝŵƉŽŶĞŶƚĞ͕ ŚĂƌŵŽŶŝĂ Ğ ĨŽƌĕĂ ũƵŶƚŽƐ Ğŵ Ƶŵ ƚŽƵƌŽ ŵƵŝƚŽ ĨƵŶĐŝŽŶĂů ƉĂƌĂ ŶŽƐƐŽƐ ƉůĂŶƚĞŝƐ͘ ZĞŐ͗ ϭϳϲϴϵϲϲϱ ;K,&Ϳ ƌŝĂĚŽƌ͗ Θ ĂƚƚůĞ͕ E ĂƚĂ EĂƐĐ͗͘ ϬϵͬϬϮͬϮϬϭϯ
ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗
ϯϰ͕Ϭϵ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϬϬ ϮϵϬ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϬϳ ϱϳϲ͕ϯϲ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϬϵ ϯϴ Đŵ͘ ϱ͘ϳ
W ͛^ ϬϭͬϬϳͬϮϬϭϳ
K^ WDz^ ĐĐ͘ й dKW
&W WE W нϭϳ ͲϮ͘ϴ нϲϮ ͘ϳϯ ͘ϴϱ ͘ϳϳ Ϯ ϯ ϭϬ
WZK h K W d W K нϭϭϲ н͘ϴ нϭ͘Ϯϯ нϭ ͘ϳϰ ͘ϳϭ ͘ϲϴ ͘ϲϬ ϮϬ ϰ
ZW ƵƐŚǁĂĐŬĞƌ ϯ ϵϰϰ dĞŚĂŵĂ ϵϰϰ ZϱϮϱ dĞŚĂŵĂ ƌŝĐĂ EϭϮϳ y Z Ϯϲϯ Θ YƵĞĞŶ ϭϬϮϭ Θ YƵĞĞŶ ϵϮϵϲ D d ZE > > Ws &WD нϯϯ Ͳ нϭϯ ͘Ϯϭ Ͳ ͘ϭϱ ϱ ϭϬ
W Ψ E ͲϮϳ͘ϭϳ нϰϲ ͘ϰϲ ϮϬ
Z D K> нϭ͘Ϭϵ н͘ϭϴ ͘ϱϮ ͘ϱϮ ϯ
ďĞƌĚĞĞŶ ŶŐƵƐ Ͳ DĠĚŝĂƐ ĚĂ ZĂĕĂ :ƵůŚŽ ϮϬϭϳ &W͗ нϲ ͮ WE͗ нϭ͘ϭ ͮ W ͗ нϰϳ ͮ W ͗ нϴϰ ͮ d ͗ н͘ϱ ͮ W ͗ н͘ϳϲ ͮ K ͗ нϭϯ ͮ&WD͗ нϴ ͮ > ͗ нϮϰ ͮ Ws ͗ нϮϰ ͮ Ψ E͗ ͲϮ͘ϭϭ ͮ W ͗ нϯϭ ͮ D ͗ н͘ϱϬ ͮ K> ͗ н͘ϰϱ ͮ '͗ н͘Ϭϭϴ Ψ нϰϰ͘Ϭϴ ͮ Ψ ͗ нϯϵ͘Ϭϴ ͮ Ψ'͗ нϮϵ͘ϲϵ ͮ Ψ/ &͗ нϭϬϭ͘Ϯϱ
Ϯϰ ϯ
' н͘ϬϮϴ ͘ϰϵ
1E / ^ KEND/ K^ Ψ Ψd Ψ Ψ' нϲϵ͘ϱϭ нϵϯ͘ϬϮ нϯϵ͘ϰϵ нϭϱϭ͘ϴϲ ϭϬ
Ϯ
ϱ
Z E E'h^ ϳ EϰϯϬ
9HQWXUH
K> D E s EdhZ ϰϬϯ
ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ
ZĞŐ͗ ϭϳϵϭϱϵϮϮ ƌŝĂĚŽƌ͗ ŽůĞŵĂŶ ŶŐƵƐ͕ Dd͖ >ĂǁƐŽŶ &ĂƌŵƐ͕ s ĂŶĚ ŽƵďůĞ &ĂƌŵƐ͕ dE ĂƚĂ EĂƐĐ͗͘ ϭϬͬϬϭͬϮϬϭϰ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗
ϯϴ͕ϲϰ ŬŐ͘ ͬ d ϯϬϱ ŬŐ͘ ͬ d ϱϳϲ͕ϯϲ ŬŐ͘ ͬ d ϯϱ Đŵ͘ Eͬ
^ s &ŝŶĂů ŶƐǁĞƌ ϬϬϯϱ ŽŶŶĞĂůLJ ĂƉŝƚĂůŝƐƚ ϬϮϴ WƌŝĚĞƐ WŝƚĂ ŽĨ ŽŶĂŶĂŐĂ ϴϴϮϭ ŽŶŶĞĂůLJ KŶǁĂƌĚ ŽůĞŵĂŶ ŽŶŶĂ ϳϭϰ ŽůĞŵĂŶ ŽŶŶĂϯϴϲ
/ŶĚŝĐĂĚŽ ƉĂƌĂ ŶŽǀŝůŚĂƐ͘ 'ĂŶŚŽ ĂĐĞůĞƌĂĚŽ ĚĞ ƉĞƐŽ͘ džĐĞůĞŶƚĞ ĨŝůŚŽ ĚĞ ĂƉŝƚĂůŝƐƚ͘
EĆŽ ŚĄ ĚƷǀŝĚĂƐ Ğŵ ĂĨŝƌŵĂƌ ƋƵĞ Ġ Ƶŵ ĚŽƐ ŵĞůŚŽƌĞƐ ĨŝůŚŽƐ ĚĞ W/d >/^d͘ s EdhZ ŝŵƉƌĞƐͲ ƐŝŽŶĂ ĐŽŵ ƐƵĂ ŵƵƐĐƵůĂƚƵƌĂ Ğ ƉƵƌĞnjĂ ƌĂĐŝĂů͘ ^ĞƵƐ ŶƷŵĞƌŽƐ ĨŽƌƚĂůĞĐĞŵ Ă ĞƐĐŽůŚĂ ĚĞƐƐĞ ƚŽƵƌŽ ƉĂƌĂ ŽƐ ŵĂŝƐ ĞdžŝŐĞŶƚĞƐ ƉůĂŶƚĞŝƐ ŶŐƵƐ͘ W ͛^ ϬϭͬϬϳͬϮϬϭϳ
K^ WDz^ ĐĐ͘ й dKW
&W нϭϴ ͘ϰϭ ϭ
WE W Ͳϭ͘ϰ нϲϲ ͘ϰϯ ͘ϯϱ ϭϬ ϱ
WZK h K W d W K нϭϬϵ Ͳ͘ϭ н͘ϱϱ нϯϭ ͘ϱϬ ͘ϯϳ ͘ϰϬ ͘ϰϮ ϭϬ Ϯ
D d ZE > > Ws &WD нϮϳ Ͳ нϭϰ ͘Ϯϵ Ͳ ͘Ϯϰ ϰ
Ψ E Ͳϴ͘ϭϰ
W нϮϵ ͘Ϯϳ
Z D K> н͘ϰϴ н͘ϴϱ ͘ϯϲ ͘ϯϯ ϭϱ
ďĞƌĚĞĞŶ ŶŐƵƐ Ͳ DĠĚŝĂƐ ĚĂ ZĂĕĂ :ƵůŚŽ ϮϬϭϳ &W͗ нϲ ͮ WE͗ нϭ͘ϭ ͮ W ͗ нϰϳ ͮ W ͗ нϴϰ ͮ d ͗ н͘ϱ ͮ W ͗ н͘ϳϲ ͮ K ͗ нϭϯ ͮ&WD͗ нϴ ͮ > ͗ нϮϰ ͮ Ws ͗ нϮϰ ͮ Ψ E͗ ͲϮ͘ϭϭ ͮ W ͗ нϯϭ ͮ D ͗ н͘ϱϬ ͮ K> ͗ н͘ϰϱ ͮ '͗ н͘Ϭϭϴ Ψ нϰϰ͘Ϭϴ ͮ Ψ ͗ нϯϵ͘Ϭϴ ͮ Ψ'͗ нϮϵ͘ϲϵ ͮ Ψ/ &͗ нϭϬϭ͘Ϯϱ
Ϯϱ
' н͘Ϭϵϱ ͘ϯϱ
1E / ^ KEND/ K^ Ψ Ψd Ψ Ψ' нϳϵ͘ϯϰ нϲϰ͘ϰϵ нϮϳ͘Ϯϰ нϵϱ͘Ϭϵ Ϯ
ϮϬ
Z E E'h^ ϳ EϰϯϮ
%DQNUROO
Z^dKt E<ZK>> ϳϯ /ŶĚŝĐĂĚŽ ƉĂƌĂ ŶŽǀŝůŚĂƐ͘ WĞĚŝŐƌĞĞ ĂďĞƌƚŽ͘ & ĞŶſƚŝƉŽ ŝŵƉĞĐĄǀĞů͘
70
hŵĂ ŵŝƐƚƵƌĂ ĞƐƉĞĐŝĂů ĚĞ ĨĞŶſƚŝƉŽ Ğ ĚĞƐĞŵƉĞŶŚŽ͕ ĨĂĐŝůŝĚĂͲ ĚĞ ĚĞ ƉĂƌƚŽ Ğ ŐĂŶŚŽ ĂĐĞůĞƌĂĚŽ ĚĞ ƉĞƐŽ ƚŽƌŶĂ E<ZK>> Ƶŵ ƚŽƵƌŽ ŝŶĚŝƐƉĞŶƐĄǀĞů ƉĂƌĂ ŽƐ ƌĞďĂŶŚŽƐ ŶŐƵƐ ĚŽ ƌĂƐŝů͘ WĞĚŝŐƌĞĞ ĂďĞƌƚŽ ĚĞ ĨĄĐŝů ĂĐĂƐĂůĂŵĞŶƚŽ͘ ZĞŐ͗ ϭϴϬϯϲϯϮϳ ; D&ͲE,&Ϳ ƌŝĂĚŽƌ͗ ĂƌƐƚŽǁ ŶŐƵƐ͕ E ͖ ŽĐŬƚĞƌΖƐ tͲ,ĞĂƌƚ ZĂŶĐŚ͕ E ĂŶĚ ,Ăƌƚ &ĂƌŵƐ͕ ^ Ͳ ĂƚĂ EĂƐĐ͗͘ ϭϰͬϬϮͬϮϬϭϰ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗
ϯϮ͕ϳϯ ŬŐ͘ ͬ ƌĂƚŝŽ ϵϲ ϯϮϱ͕ϰϱ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϬϯ ϲϱϭ͕ϴϮ ŬŐ͘ ͬ ƌĂƚŝŽ͘ ϭϭϭ ϯϵ Đŵ͘ ϲ͘Ϯ
W ͛^ ϬϭͬϬϳͬϮϬϭϳ
K^ WDz^ ĐĐ͘ й dKW
&W WE W нϭϱ ͲϮ͘Ϭ нϲϬ ͘ϱϲ ͘ϳϯ ͘ϲϭ ϰ ϱ ϭϱ
WZK h K W d W K нϭϭϴ н͘ϲ н͘ϵϲ нϮϳ ͘ϰϱ ͘ϰϮ ͘ϰϭ ͘ϯϮ ϯ ϭϬ
Z E E'h^ ϳ Eϰϯϰ
^ŝƚnj ĂƐŚ ϭϬϮϳϳ ĂƌƐƚŽǁ ĂƐŚ ĂƌƐƚŽǁ YƵĞĞŶ tϭϲ Z ĨĨŝĐŝĞŶƚ ϱϯϰ ĂƌƐƚŽǁ DŝƐƐ ŝĂŶŶĂ Ϯϱ ĂƌƐƚŽǁ DŝƐƐ ŝĂŶŶĂ yϭϮϴ D d ZE > > Ws &WD нϮϯ Ͳ нϭϰ ͘Ϯϯ Ͳ ͘ϭϳ ϰ
Ψ E Ͳϴ͘ϵϭ
W нϱϲ ͘Ϯϱ ϭϬ
Z D K> н͘ϰϰ н͘ϳϲ ͘ϯϮ ͘ϯϰ ϮϬ
(PSLUH
' н͘ϬϯϮ ͘ϯϮ
1E / ^ KEND/ K^ Ψ Ψd Ψ Ψ' нϲϭ͘Ϭϳ нϴϲ͘Ϯϴ нϮϳ͘ϯϯ нϭϰϮ͘ϵϬ ϭϱ
ϰ
ϭϬ
, W ^ K DW/Z /ŶĚŝĐĂĚŽ ƉĂƌĂ ŶŽǀŝůŚĂƐ͘ WƌŽĚƵnj ŵĆĞƐ ĞĨŝĐŝĞŶƚĞƐ͘ ĞƐŵĂŵĂ ďĞnjĞƌƌŽƐ ŵĂŝƐ ƉĞƐĂĚŽƐ͘ ZĞƐƵůƚĂĚŽ ĚĞ Ƶŵ ƉĞĚŝŐƌĞĞ ŵƵŝƚŽ ĨŽƌƚĞ͕ DW/Z ƉŽƐƐƵŝ ŐĞͲ ŶĠƚŝĐĂ ĂĚŝƚŝǀĂ Ğŵ ƉƌŽĚƵnjŝƌ ďŽĂƐ ŵĆĞƐ Ğ ĂŶŝŵĂŝƐ ĐŽŵ ŐƌĂŶͲ ĚĞ ƌĞŶĚŝŵĞŶƚŽ ĚĞ ĐĂƌĐĂĕĂ͘
ZĞŐ͗ ϭϳϳϭϴϳϴϲ ; &Ϳ ƌŝĂĚŽƌ͗ 'ĂƌĚŝŶĞƌ ŶŐƵƐ ZĂŶĐŚ /ŶĐ͕ ƐŚůĂŶĚ <^ ĂƚĂ EĂƐĐ͗͘ ϬϲͬϭϭͬϮϬϭϯ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗
ϯϬ͕ϵϭ ŬŐ͘ ͬ ƌĂƚŝŽ ϵϲ ϯϳϲ͕ϯϲ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϬϵ ϲϮϯ͕ϲϰ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϭϯ ϯϳ Đŵ͘ ϲ͘ϵ
W ͛^ ϬϭͬϬϳͬϮϬϭϳ
K^ WDz^ ĐĐ͘ й dKW
&W WE нϭϮ н͘ϰ ͘ϰϱ ͘ϱϯ ϭϱ
W нϳϮ ͘ϰϬ Ϯ
WZK h K W d нϭϮϲ нϭ͘ϭ ͘ϯϳ ͘ϰϴ Ϯ ϯ
W K Ͳ͘Ϭϱ нϮϱ ͘ϰϵ ͘ϯϯ ϭϬ
Z ĞdžƚŽƌ ϴϳϮ ϱϮϬϱ ϲϬϴ ' Z WƌŽƉŚĞƚ ' Z KďũĞĐƚŝǀĞ ϭϴϴϱ ' Z EĞǁ ĞƐŝŐŶ ϱϬϱϬ ' Z ϱϬϱϬ EĞǁ ĞƐŝŐŶ ϵϯϱ ' Z KďũĞĐƚŝǀĞ dϲϲ D d ZE > > Ws &WD нϯϵ нϱϲ нϭϮ ͘Ϯϰ ͘ϰϭ ͘ϭϵ ϭ ϭϱ ϭϱ
W Ψ E Ͳϯϲ͘ϱϭ нϰϮ ͘ϯϬ
Z D K> нϭ͘ϭϳ нϭ͘Ϭϲ ͘ϯϴ ͘ϯϱ Ϯ ϰ
ďĞƌĚĞĞŶ ŶŐƵƐ Ͳ DĠĚŝĂƐ ĚĂ ZĂĕĂ :ƵůŚŽ ϮϬϭϳ &W͗ нϲ ͮ WE͗ нϭ͘ϭ ͮ W ͗ нϰϳ ͮ W ͗ нϴϰ ͮ d ͗ н͘ϱ ͮ W ͗ н͘ϳϲ ͮ K ͗ нϭϯ ͮ&WD͗ нϴ ͮ > ͗ нϮϰ ͮ Ws ͗ нϮϰ ͮ Ψ E͗ ͲϮ͘ϭϭ ͮ W ͗ нϯϭ ͮ D ͗ н͘ϱϬ ͮ K> ͗ н͘ϰϱ ͮ '͗ н͘Ϭϭϴ Ψ нϰϰ͘Ϭϴ ͮ Ψ ͗ нϯϵ͘Ϭϴ ͮ Ψ'͗ нϮϵ͘ϲϵ ͮ Ψ/ &͗ нϭϬϭ͘Ϯϱ
Ϯϲ ϯ
' н͘Ϭϰϭ ͘ϯϳ
1E / ^ KEND/ K^ Ψ Ψd Ψ Ψ' нϴϰ͘Ϭϯ нϵϴ͘ϰϳ нϱϮ͘ϯϱ нϭϱϯ͘ϴϱ ϭ
Ϯ
ϯ
ϰ
5HYLYDO
Z E E'h^ ϳ Eϯϴϲ
^ d Z s/s > ϮϭϬ
ZĞŐ͗ ϭϳϯϮϵϵϯϬ ; D&ͲE,&Ϳ ƌŝĂĚŽƌ͗ dĂůŬŝŶŐƚŽŶ ŶŐƵƐ ZĂŶĐŚ ĂŶĚ dƌĂǀŝƐ &ƌŽĞŚůŝĐŚ͕ E ĂƚĂ EĂƐĐ͗͘ ϬϱͬϬϯͬϮϬϭϮ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗
Ϯϳ ŬŐ͘ ͬ ƌĂƚŝŽ ϴϮ ϯϯϬ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϭϲ ϱϰϮ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϬϴ ϯϱ Đŵ͘ ϱ͘Ϭ
^ s &ŝŶĂů ŶƐǁĞƌ ϬϬϯϱ ŽůĞŵĂŶ ZĞŐŝƐ ϵϬϰ ŽůĞŵĂŶ ŽŶŶĂ ϳϭϰ ŽŶŶĞĂůLJ ĂŶŶLJ ϱϯϵϴ ^ d ŝdžŝ ϬϭϬ ^ d ŝdžŝĞ ϲϬϲ
/ŶĚŝĐĂĚŽ ƉĂƌĂ ŶŽǀŝůŚĂƐ͘ WĞĚŝŐƌĞĞ ŵƵŝƚŽ ĨŽƌƚĞ Ğ ŝŵƉŽƌƚĂŶƚĞ ƉĂƌĂ Ă ^ĞůĞĐƚ ^ŝƌĞƐ͘ WĂƌĂ ƋƵĞŵ ďƵƐĐĂ ĚĞƐŵĂŵĂƌ ďĞnjĞƌƌŽƐ ŵĂŝƐ ƉĞƐĂĚŽƐ͘
džĐĞůĞŶƚĞ ĨŝůŚŽ ĚĞ ZĞŐŝƐ͕ ĐŽŵ Ƶŵ ƉŽĚĞƌŽƐŽ ĨĞŶſƚŝƉŽ͘ Z s/s > Ġ ŵƵŝƚŽ ĨŽƌƚĞ Ğŵ ƐƵĂ ĞƐƚƌƵͲ ƚƵƌĂ ſƐƐĞĂ͕ ƉƌŽĨƵŶĚŽ͕ ĐŽŵƉƌŝĚŽ Ğ ĐŽƌƌĞƚşƐƐŝŵŽ Ğŵ ƐƵĂ ůŝŶŚĂ ůŽŵďĂƌ͕ ĐŽŵ ƉĞůŽ ďĂŝdžŽ Ğ Ƶŵ ǀŽůƵŵĞ ĚĞ ŵƷƐĐƵůŽƐ Ğŵ ƐĞƵ ƉŽƐƚĞƌŝŽƌ ƋƵĞ ŝŵƉƌĞƐƐŝŽŶĂ͘ W ͛^ ϬϭͬϬϳͬϮϬϭϳ
K^ WDz^ ĐĐ͘ й dKW
&W нϭϳ ͘ϲϲ Ϯ
WE Ͳ͘ϱ ͘ϳϴ ϮϬ
W нϲϬ ͘ϲϴ ϭϱ
WZK h K W d W K нϵϱ Ͳ͘ϯ н͘ϵϱ нϮϰ ͘ϱϵ ͘ϱϵ ͘ϲϱ ͘ϱϱ ϭϱ
D d ZE > > Ws &WD нϭϱ нϮ нϭϱ ͘ϯϬ ͘ϴ ͘Ϯϰ Ϯ
W Ψ E нϭϬ͘ϱϬ нϰϭ ͘ϰϲ ϭϱ
Z D K> н͘ϭϴ н͘ϵϯ ͘ϱϮ ͘ϰϴ ϭϬ
ďĞƌĚĞĞŶ ŶŐƵƐ Ͳ DĠĚŝĂƐ ĚĂ ZĂĕĂ :ƵůŚŽ ϮϬϭϳ &W͗ нϲ ͮ WE͗ нϭ͘ϭ ͮ W ͗ нϰϳ ͮ W ͗ нϴϰ ͮ d ͗ н͘ϱ ͮ W ͗ н͘ϳϲ ͮ K ͗ нϭϯ ͮ&WD͗ нϴ ͮ > ͗ нϮϰ ͮ Ws ͗ нϮϰ ͮ Ψ E͗ ͲϮ͘ϭϭ ͮ W ͗ нϯϭ ͮ D ͗ н͘ϱϬ ͮ K> ͗ н͘ϰϱ ͮ '͗ н͘Ϭϭϴ Ψ нϰϰ͘Ϭϴ ͮ Ψ ͗ нϯϵ͘Ϭϴ ͮ Ψ'͗ нϮϵ͘ϲϵ ͮ Ψ/ &͗ нϭϬϭ͘Ϯϱ
Ϯϳ
' н͘Ϭϱϯ ͘ϰϳ
1E / ^ KEND/ K^ Ψ Ψd Ψ Ψ' нϱϵ͘ϱϰ нϱϭ͘ϵϭ нϭϴ͘Ϯϴ нϭϭϯ͘ϴϯ ϮϬ
Z E E'h^ ϳ Eϯϱϳ
7RS +DQG
d,KD ^ dKW , E Ϭϱϯϲ /ŶĚŝĐĂĚŽ ƉĂƌĂ ŶŽǀŝůŚĂ͘ WƌŽĚƵnj ĐĂƌŶĞ ĚĞ ƋƵĂůŝĚĂĚĞ͘ WĞĚŝŐƌĞĞ ĚĞ ƉĞƐŽ͘ Žŵ ĞdžĐĞƉĐŝŽŶĂŝƐ ŶƷŵĞƌŽƐ Ğŵ ƐƵĂƐ WƐ͕ dKW , E Ġ Ă ŽƉĕĆŽ ĚĞ ŐĞŶĠƚŝĐĂ ƉĂƌĂ ƉƌŽĚƵƚŽƌĞƐ ƋƵĞ ďƵƐĐĂŵ ĂŶƚĞƐ ĚĞ ƚƵĚŽ ƌĞƐƵůƚĂĚŽ ƉŽƐŝƚŝǀŽ Ğŵ ƐĞƵƐ ƉƌŽũĞƚŽƐ ĨŝŶĂŶĐĞŝƌŽƐ͘ WƌŽͲ ŐġŶŝĞ ĐŽŵ ĨĂĐŝůŝĚĂĚĞ ĂŽ ŶĂƐĐĞƌ ĐŽŵ ŐĂŶŚŽ ĚĞ ƉĞƐŽ ĂĐĞůĞͲ ƌĂĚŽ͘ ĞƐƚĂƋƵĞ Ğŵ ƉƌŽĚƵĕĆŽ ĚĞ ĐĂƌĐĂĕĂƐ ĚĞ ĂůƚŽ ƌĞŶĚŝͲ ŵĞŶƚŽ Ğ ŵĂƌŵŽƌĞŝŽ͘ ZĞŐ͗ ϭϲϴϲϬϮϳϯ ; &Ϳ Ͳ ZĞŐ͘ EĂĐ͗ , / ϭϰϰϴ ƌŝĂĚŽƌ͗ dŚŽŵĂƐ ŶŐƵƐ ZĂŶĐŚ͕ KZ ĂƚĂ EĂƐĐ͗͘ ϭϳͬϬϳͬϮϬϭϬ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗ W ͛^ ϬϭͬϬϳͬϮϬϭϳ
K^ WDz^ ĐĐ͘ й dKW
Ϯϯ͕ϲϰ ŬŐ͘ ͬ ƌĂƚŝŽ ϲϵ ϯϮϭ͕ϯϲ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϮϱ ϱϴϰ͕ϱϱ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϭϴ ϰϭ Đŵ͘ ϲ͘Ϭ
WZK h K &W WE W W d W K нϭϯ Ͳϭ͘ϱ нϲϳ нϭϭϳ н͘ϯ нϭ͘ϲϬ нϭϵ ͘ϳϳ ͘ϴϴ ͘ϴϮ ͘ϳϳ ͘ϳϲ ͘ϳϵ ͘ϲϴ ϭϬ ϭϬ ϭϬ Ϯ ϰ
Z E E'h^ ϳ Eϯϴϳ
' Z 'ƌŝĚ DĂŬĞƌ ^ s ŝƐŵĂƌĐŬ ϱϲϴϮ ^ s ďŝŐĂůĞ Ϭϰϱϭ DLJƚƚLJ /Ŷ &ŽĐƵƐ dŚŽŵĂƐ ZƵďLJ ƌŝĐĂ ϴϮϵϯ dŚŽŵĂƐ ZƵďLJ ƌŝĐĂ ϱϭϬϬϬ D d ZE > > Ws &WD нϮϯ Ͳ нϭϯ ͘ϰϯ Ͳ ͘ϯϰ ϭϬ
W Ψ E Ͳϭϳ͘ϳϱ нϰϳ ͘ϲϬ ϭϱ
D dKW , E
Z D K> н͘ϳϰ н͘ϴϰ ͘ϲϯ ͘ϲϯ ϮϬ ϭϱ
3ULPH 3UHPLHU
' Ͳ͘ϬϮϲ ͘ϲϬ ϭϱ
1E / ^ KEND/ K^ Ψd Ψ Ψ Ψ' нϲϮ͘ϭϲ нϭϬϭ͘ϵϲ нϰϱ͘ϳϳ нϭϳϬ͘ϯϯ ϭϱ
ϭ
ϭϬ
ϭ
t >zdK< WZ/D WZ D/ Z Ϯ ϮϬ
ĞƐƚĂĐĂĚŽ Ğŵ W ĚĞ ƋƵĂƐĞ ƚŽĚĂƐ ĂƐ ĐĂƌĂĐƚĞƌşƐƚŝĐĂƐ͘ /ŶĚŝĐĂĚŽ ƉĂƌĂ ƉůĂŶƚĞŝƐ Ğ ĐƌƵnjĂŵĞŶƚŽƐ ƋƵĞ ďƵƐƋƵĞŵ ƌĞƐƵůƚĂĚŽƐ ĨŝŶĂŶĐĞŝƌŽƐ͘
^ĞƵƐ ĚĂĚŽƐ ĚĞ ƉĞƌĨŽƌŵĂŶĐĞ ĐŽŶĨŝƌŵĂŵͲƐĞ ŶŽƐ ƉƌŝŵĞŝƌŽƐ ĨŝůŚŽƐ ŶĂƐĐŝĚŽƐ ŶŽ ƌĂƐŝů͘ dŽƵƌŽ ŵƵŝƚŽ ƵƐĂĚŽ Ğŵ / d&͕ ŵŽƐƚƌĂŶĚŽ ĞdžĐĞůĞŶƚĞ ĨĞƌƚŝůŝĚĂĚĞ ƉĂƌĂ Ă ƚĠĐŶŝĐĂ͘
ZĞŐ͗ ϭϳϮϭϳϬϱϮ Ͳ ZĞŐ͘ EĂĐ͗ , / ϭϱϯϭ ƌŝĂĚŽƌ͗ YƵĂŬĞƌ ,ŝůů &Ăƌŵ͕ >ŽƵŝƐĂ s ĂƚĂ EĂƐĐ͗͘ ϬϯͬϬϯͬϮϬϭϮ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗
Ϯϴ͕ϭϴ ŬŐ͘ ϰϬϬ͕ϰϱ ŬŐ͘ ϲϳϴ͕ϭϴ ŬŐ͘ ϯϵ͘ϱϳĐŵ͘ ϲ͘ϲ
W ͛^ ϬϭͬϬϳͬϮϬϭϳ
K^ WDz^ ĐĐ͘ й dKW
&W нϭϭ ͘ϰϮ ϮϬ
WE W Ͳϭ͘Ϭ нϲϴ ͘ϰϴ ͘ϯϲ ϭϱ ϰ
WZK h K W d W K нϭϮϮ н͘ϵ н͘Ϯϱ нϯϮ ͘ϰϴ ͘ϯϳ ͘ϰϱ ͘ϯϭ Ϯ ϭϬ Ϯ
ͬZ EĞǁ ĞƐŝŐŶ Ϭϯϲ ' Z EĞǁ ĞƐŝŐŶ ϱϬϱϬ ' Z WƌĞĐŝƐŝŽŶ ϳϬϲ d dŽƚĂů ϰϭϬ YƵĂŬĞƌ ,ŝůů ƌŝĂŶŶĂ ϴdϮ YƵĂŬĞƌ ,ŝůů ƌŝĂŶŶĂ Ϯ:ϯ D d ZE > > Ws &WD нϯϱ Ͳ нϭϯ ͘Ϯϱ Ͳ ͘ϭϵ Ϯ ϭϬ
W Ψ E Ͳϯϭ͘Ϯϵ нϰϯ ͘ϯϰ
Z D K> н͘ϴϵ нϭ͘ϮϮ ͘ϰϰ ͘ϯϲ ϭϬ ϭ
ďĞƌĚĞĞŶ ŶŐƵƐ Ͳ DĠĚŝĂƐ ĚĂ ZĂĕĂ :ƵůŚŽ ϮϬϭϳ &W͗ нϲ ͮ WE͗ нϭ͘ϭ ͮ W ͗ нϰϳ ͮ W ͗ нϴϰ ͮ d ͗ н͘ϱ ͮ W ͗ н͘ϳϲ ͮ K ͗ нϭϯ ͮ&WD͗ нϴ ͮ > ͗ нϮϰ ͮ Ws ͗ нϮϰ ͮ Ψ E͗ ͲϮ͘ϭϭ ͮ W ͗ нϯϭ ͮ D ͗ н͘ϱϬ ͮ K> ͗ н͘ϰϱ ͮ '͗ н͘Ϭϭϴ Ψ нϰϰ͘Ϭϴ ͮ Ψ ͗ нϯϵ͘Ϭϴ ͮ Ψ'͗ нϮϵ͘ϲϵ ͮ Ψ/ &͗ нϭϬϭ͘Ϯϱ
Ϯϴ ϯ
' Ͳ͘Ϭϭϭ ͘ϰϬ
1E / ^ KEND/ K^ Ψ Ψd Ψ Ψ' нϳϲ͘ϱϯ нϵϰ͘ϯϱ нϱϮ͘ϵϱ нϭϱϱ͘ϵϱ Ϯ
Ϯ
Ϯ
ϰ
Z E E'h^ ϳ EϰϮϲ
&RQYHUVDWLRQ
^ KEs Z^ d/KE
ZĞŐ͗ ϭϳϴϬϴϱϯϮ Ͳ ZĞŐ͘ EĂĐ͗ , / ϭϲϲϬ ƌŝĂĚŽƌ͗ :ĂĐŽď ^ĐŚĞƌŵĞƌ͕ / ͖ ^ŝůǀĞŝƌĂ ƌŽƐ͕ ĂŶĚ dŚĞ ŽŶǀĞƌƐĂƚŝŽŶ 'ƌŽƵƉ͘ ĂƚĂ EĂƐĐ͗͘ ϭϮͬϭϭͬϮϬϭϯ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗
ϯϰ͕ϱϱ ŬŐ͘ ͬ ƌĂƚŝŽ ϵϱ ϰϬϯ͕ϲϰ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϮϰ ϲϴϮ͕ϳϯ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϭϳ ϰϭ Đŵ͘ ϲ͘ϭ
d ƌŽƐƐŽǀĞƌ ϳϱϴE ^ŝůǀĞŝƌĂƐ ŽŶǀĞƌƐŝŽŶ ϴϬϲϰ y' ^ĂƌĂƐ ƌĞĂŵ ^ϲϬϵ Zϯ ^ s ϬϬϰ WƌĞĚŽŵŝŶĂŶƚ ϰϰϯϴ >ĂĨůŝŶƐ &ĂƌƌĂŚ ϬϮϱϮ >ĂĨůŝŶƐ &ĂƌƌĂŚ ϳϮϭϱ
KEs Z^ d/KE
&ĞŶſƚŝƉŽ ŝŵƉĞĐĄǀĞů͘ WĞĚŝŐƌĞĞ ĂďĞƌƚŽ͘
hŵ ĚŽƐ ƋƵĞƌŝĚŝŶŚŽƐ ĚĂ ĂƚĞƌŝĂ ^ĞůĞĐƚ ^ŝƌĞƐ͘ KEs Z^ d/KE ŝŵƉƌĞƐƐŝŽŶĂ ĐŽŵ ƐƵĂ ƉƌŽĨƵŶͲ ĚŝĚĂĚĞ͕ ĐŽŵƉƌŝŵĞŶƚŽ͕ ĞƐƚƌƵƚƵƌĂ Ğ ǀŽůƵŵĞ ŵƵƐĐƵůĂƌ͘ KƌŝƵŶĚŽ ĚŽ ƉƌŽŐƌĂŵĂ ĚĂ ^ŝůǀĞŝƌĂ ƌŽƚŚĞƌƐ͕ ƐĞƵƐ ĨŝůŚŽƐ ŶĂƐĐĞŵ ĐŽŵ ĨĂĐŝůŝĚĂĚĞ Ğ ŵƵŝƚŽ ǀŝŐŽƌ͘ WĞĚŝŐƌĞĞ ĚĞ ĨĄĐŝů ĂĐĂƐĂůĂŵĞŶƚŽ Ğ ŶƷŵĞƌŽƐ ĚĞ WƐ ƐƵƉĞƌŝŽƌĞƐ͕ ƋƵĞ Ž ƚŽƌŶĂŵ ŝŶĚŝƐƉĞŶƐĄǀĞů ƉĂƌĂ ƋƵĂůƋƵĞƌ ƉůĂŶƚĞů ŶŐƵƐ͘ W ͛^ ϬϭͬϬϳͬϮϬϭϳ
K^ WDz^ ĐĐ͘ й dKW
&W WE нϭϭ нϬ ͘ϲϮ ͘ϴϯ ϮϬ
W нϰϱ ͘ϳϱ
WZK h K W d W K нϴϰ н͘Ϯ нϭ͘ϰϳ нϵ ͘ϲϲ ͘ϲϰ ͘ϰϵ ͘ϰϵ ϭϱ
D d ZE > > Ws &WD нϯϯ Ͳ нϭϮ ͘Ϯϯ Ͳ ͘ϭϲ ϱ ϭϱ
Ψ E Ͳϴ͘ϭϱ
W нϰϭ ͘ϯϬ
Z D K> н͘ϲϵ нϭ͘ϯϲ ͘ϯϲ ͘ϰϬ ϭ
ďĞƌĚĞĞŶ ŶŐƵƐ Ͳ DĠĚŝĂƐ ĚĂ ZĂĕĂ :ƵůŚŽ ϮϬϭϳ &W͗ нϲ ͮ WE͗ нϭ͘ϭ ͮ W ͗ нϰϳ ͮ W ͗ нϴϰ ͮ d ͗ н͘ϱ ͮ W ͗ н͘ϳϲ ͮ K ͗ нϭϯ ͮ&WD͗ нϴ ͮ > ͗ нϮϰ ͮ Ws ͗ нϮϰ ͮ Ψ E͗ ͲϮ͘ϭϭ ͮ W ͗ нϯϭ ͮ D ͗ н͘ϱϬ ͮ K> ͗ н͘ϰϱ ͮ '͗ н͘Ϭϭϴ Ψ нϰϰ͘Ϭϴ ͮ Ψ ͗ нϯϵ͘Ϭϴ ͮ Ψ'͗ нϮϵ͘ϲϵ ͮ Ψ/ &͗ нϭϬϭ͘Ϯϱ
Ϯϵ
' н͘Ϭϰϰ ͘ϯϱ
1E / ^ KEND/ K^ Ψ Ψd Ψ Ψ' нϱϴ͘ϰϮ нϰϲ͘Ϯϳ нϰϰ͘ϰϱ нϭϰϮ͘ϳϭ ϮϬ
ϭϱ
ϭϬ
Z E E'h^ ϳ Eϰϭϰ
7RWDO 5HFDOO
Z s >> z dKd > Z >> Ϯϱϱϳ
ŐƌĞŐĂ ƚĂŵĂŶŚŽ Ğ ƋƵĂůŝĚĂĚĞ ĂŽ ĂĐĂƐĂůĂŵĞŶƚŽ͘ ƐƚƌƵƚƵƌĂ ſƐƐĞĂ ĨŽƌƚĞ Ğ ŵƵŝƚŽ ĐŽƌƌĞƚĂ͘
hŵĂ ĨĞƌƌĂŵĞŶƚĂ ŐĞŶĠƚŝĐĂ ƉĂƌĂ ƋƵĞŵ ďƵƐĐĂ Ƶŵ ĨƌĂŵĞ ĞůĞͲ ǀĂĚŽ ƉĂƌĂ ƌĞďĂŶŚŽ ƋƵĞ ƉƌĞĐŝƐĞ ŐĂŶŚĂƌ ƚĂŵĂŶŚŽ ĐŽŵ ƋƵĂůŝĚĂĚĞ Ğ ƌĞŶƚĂďŝůŝĚĂĚĞ͘ dKd > Z >> ĚĞƐƚĂĐĂͲƐĞ Ğŵ ƐĞƵƐ şŶĚŝĐĞƐ ĞĐŽŶƀŵŝĐŽƐ͘ ZĞŐ͗ ϭϳϰϵϬϵϲϲ Ͳ ZĞŐ͘ EĂĐ͗ , / ϭϱϱϯ ƌŝĂĚŽƌ͗ ŽďŽ ŶŐƵƐ &Ăƌŵ͕ > ĂŶĚ ĞĞƌ sĂůůĞLJ &Ăƌŵ͕ dE ĂƚĂ EĂƐĐ͗͘ ϮϬͬϬϴͬϮϬϭϮ
ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗ W ͛^ ϬϭͬϬϳͬϮϬϭϳ
K^ WDz^ ĐĐ͘ й dKW
ϯϲ͕ϴϮ ŬŐ͘ ͬ d ϯϳϯ͕ϲϰ ŬŐ͘ ͬ d ϱϵϳ͕ϳϯ ŬŐ͘ ͬ d ϯϲ Đŵ͘ ϲ͘ϴ
WZK h K &W WE W W d W K Ͳϰ нϯ͘Ϭ нϳϮ нϭϮϭ н͘ϱ н͘ϱϵ нϮϬ ͘ϰϰ ͘ϱϲ ͘ϰϰ ͘ϱϭ ͘ϯϵ ͘ϰϮ ͘ϯϲ Ϯ ϯ
Z E E'h^ ϳ EϰϮϱ
d dŽƚĂů ϰϭϬ WŽƐƐ dŽƚĂů /ŵƉĂĐƚ ϳϰϱ WŽƐƐ ůĂĐŬĐĂƉ ϱϭϭϲ ' Z WƌĞĚĞƐƚŝŶĞĚ ƌŝĚŐĞƐ WƌĞĚĞƐƚŝŶĞĚ ϳϬϮϯ ƌŝĚŐĞƐ ǀĞƌŐƌĞĞŶ ƌŝĐĂ ϰϭϯϵ D d ZE > > Ws &WD нϭϴ нϮϭ нϴ ͘Ϯϲ ͘ϰϱ ͘ϮϬ
Ψ E Ͳϲ͘ϭϬ
W нϲϰ ͘ϯϬ Ϯ
sM D d ZE dKd > Z >>
Z D K> нϭ͘ϴϭ н͘ϲϱ ͘ϯϳ ͘ϯϳ Ϯ
+LJK :HLJK
' н͘Ϭϭϴ ͘ϯϳ
1E / ^ KEND/ K^ Ψ Ψd Ψ Ψ' нϲϬ͘ϭϱ нϴϰ͘ϵϯ нϰϱ͘ϳϱ нϭϳϮ͘ϴϭ ϭϱ
ϰ
ϭϬ
ϭ
t ,/', t /', ϯϭϮϯ WƌŽĚƵnj ďŽŶƐ ǀĞŶƚƌĞƐ͘ WƌŽĚƵnj ďĞnjĞƌƌŽƐ ƉĞƐĂĚŽƐ ĚĞ ĂůƚŽ ƌĞŶĚŝŵĞŶƚŽ͘
^ƵĂ ƉƌŽŐġŶŝĞ Ġ ĚĞ ĂůƚŽ ŶşǀĞů Ğŵ ƉƌŽĚƵĕĆŽ Ğ ƌĞŶĚŝŵĞŶƚŽ ĚĞ ĐĂƌĐĂĕĂ͘ EŽǀŝůŚŽƐ ƉĞƐĂĚŽƐ Ğ ĨŝůŚĂƐ ĨĞŵŝŶŝŶĂƐ Ğ ĚĞ ďŽŶƐ ƷďĞƌĞƐ͘
ZĞŐ͗ ϭϳϴϭϲϯϯϯ ; D&ͲE,&Ϳ ƌŝĂĚŽƌ͗ ĚŐĞǁŽŽĚ ŶŐƵƐ >> ͕ s ĂƚĂ EĂƐĐ͗͘ ϬϭͬϭϬͬϮϬϭϯ
ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗
ϯϴ͕ϲϰ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϭϱ ϯϯϲ͕ϴϮ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϭϲ ϲϯϱ͕ϵϭ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϭϲ ϯϳ Đŵ͘ ϲ͘ϴ
W ͛^ ϬϭͬϬϳͬϮϬϭϳ
K^ WDz^ ĐĐ͘ й dKW
&W WE W нϯ нϭ͘ϳ нϲϵ ͘ϰϳ ͘ϲϯ ͘ϱϬ ϯ
WZK h K W d W K нϭϮϱ н͘ϵ н͘ϭϲ нϯϭ ͘ϱϯ ͘ϰϮ ͘ϱϱ ͘ϯϲ Ϯ ϭϬ Ϯ
^ŝƚnj hƉǁĂƌĚ ϯϬϳZ WůĂƚƚĞŵĞƌĞ tĞŝŐŚ hƉ <ϯϲϬ ĂƌďĂƌĂ ŽĨ WůĂƚƚĞŵĞƌĞ ϯϯϳ ' Z EĞǁ ĞƐŝŐŶ ϱϬϱϬ ĚŐĞǁŽŽĚ :ĂƵŶƚLJ ϭϮϴ ĚŐĞǁŽŽĚ :ĂƵŶƚLJ ϵϯϱ D d ZE > > Ws &WD нϮϴ Ͳ нϴ ͘ϮϮ Ͳ ͘ϭϲ
W Ψ E ͲϮϱ͘ϰϲ нϱϭ ͘Ϯϳ ϭϬ
Z D K> н͘ϵϬ н͘ϳϰ ͘ϯϱ ͘ϯϰ ϭϬ ϮϬ
ďĞƌĚĞĞŶ ŶŐƵƐ Ͳ DĠĚŝĂƐ ĚĂ ZĂĕĂ :ƵůŚŽ ϮϬϭϳ &W͗ нϲ ͮ WE͗ нϭ͘ϭ ͮ W ͗ нϰϳ ͮ W ͗ нϴϰ ͮ d ͗ н͘ϱ ͮ W ͗ н͘ϳϲ ͮ K ͗ нϭϯ ͮ&WD͗ нϴ ͮ > ͗ нϮϰ ͮ Ws ͗ нϮϰ ͮ Ψ E͗ ͲϮ͘ϭϭ ͮ W ͗ нϯϭ ͮ D ͗ н͘ϱϬ ͮ K> ͗ н͘ϰϱ ͮ '͗ н͘Ϭϭϴ Ψ нϰϰ͘Ϭϴ ͮ Ψ ͗ нϯϵ͘Ϭϴ ͮ Ψ'͗ нϮϵ͘ϲϵ ͮ Ψ/ &͗ нϭϬϭ͘Ϯϱ
ϯϬ ϯ
' н͘Ϭϭϲ ͘ϯϰ
1E / ^ KEND/ K^ Ψ Ψd Ψ Ψ' нϲϯ͘ϳϬ нϭϬϬ͘ϵϬ нϰϰ͘Ϭϯ нϭϲϭ͘ϰϰ ϭϱ
ϭ
ϭϱ
Ϯ
5DQFKHU
Z E E'h^ ϳ Eϰϱϱ
ZK < Z < Z E , Z ϭϰϵϱ
ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ
ZĞŐ͗ ϭϴϯϬϲϯϰϳ ; D&Ͳ &Ͳy& ƌŝĂĚŽƌ͗ ^ƚƌĂƚĨŽƌĚ >ŝǀĞƐƚŽĐŬ͕ <^ ĂŶĚ WŝŶĞ sŝĞǁ ŶŐƵƐ͕ / ĂƚĂ EĂƐĐ͗͘ ϬϭͬϬϵͬϮϬϭϰ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗
ϯϰ͕ϱϱ ŬŐ͘ ͬ d ϮϴϮ͕Ϯϳ ŬŐ͘ ͬ d Ͳ Ͳ Ͳ
W WŽǁĞƌ dŽŽů ϵϭϬϴ W &Ƶůů WŽǁĞƌ ϭϮϬϴ WŝŶĞ sŝĞĞǁ ^YZ ZŝƚĂ tϬϵϭ ŽŶŶĞĂůLJ ZŝŐŚƚ ŶƐǁĞƌ ϳϰϲ & &ŽƌĞǀĞƌ >ĂĚLJ ϭϬϴϬ ^& &ŽƌĞǀĞƌ >ĂĚLJ ϵϰϬϱ
D Z E , Z
/ŶĚŝĐĂĚŽ ƉĂƌĂ ŶŽǀŝůŚĂƐ͘ WƌŽĚƵnj ďĞnjĞƌƌŽƐ ƉĞƐĂĚŽƐ͘
/ŵƉƌĞƐƐŝŽŶĂ Ă ƋƵĂůŝĚĂĚĞ ŐĞŶĠƚŝĐĂ ƋƵĞ Z E , Z ĐĂƌƌĞŐĂ Ğŵ ƋƵĂƐĞ ƚŽĚĂƐ ĂƐ ƐƵĂƐ WƐ͘ ^ĞƵƐ ĨŝůŚŽƐ ŶĂƐĐĞŵ ĐŽŵ ŵƵŝƚĂ ĨĂĐŝůŝĚĂĚĞ Ğ ƐĆŽ dKW Ğŵ ŐĂŶŚŽ ĚĞ ƉĞƐŽ ĂƚĠ Ž ĂŶŽ͕ Ž ƋƵĞ ŶŽƐ ŐĂƌĂŶƚĞ ŶŽǀŝůŚŽƐ ŵĂŝƐ ƉĞƐĂĚŽƐ͘
W ͛^ ϬϭͬϬϳͬϮϬϭϳ
K^ WDz^ ĐĐ͘ й dKW
&W WE W нϭϲ ͲϮ͘ϳ нϲϵ ͘ϯϱ ͘ϯϳ ͘ϯϬ Ϯ Ϯ ϭ
WZK h K W d W K нϭϭϴ н͘ϰ нϭ͘ϳϬ нϮϲ ͘ϰϬ ͘ϯϰ ͘ϯϳ ͘ϯϬ ϱ Ϯ ϭϬ
D d ZE > > Ws &WD нϯϳ Ͳ нϭϰ ͘Ϯϭ Ͳ ͘ϭϱ ϭ ϯ
W Ψ E ͲϮϲ͘Ϯϵ нϰϱ ͘Ϯϰ ϮϬ
Z D K> нϭ͘ϭϲ н͘ϵϯ ͘ϯϰ ͘ϯϭ ϯ ϭϬ
ďĞƌĚĞĞŶ ŶŐƵƐ Ͳ DĠĚŝĂƐ ĚĂ ZĂĕĂ :ƵůŚŽ ϮϬϭϳ &W͗ нϲ ͮ WE͗ нϭ͘ϭ ͮ W ͗ нϰϳ ͮ W ͗ нϴϰ ͮ d ͗ н͘ϱ ͮ W ͗ н͘ϳϲ ͮ K ͗ нϭϯ ͮ&WD͗ нϴ ͮ > ͗ нϮϰ ͮ Ws ͗ нϮϰ ͮ Ψ E͗ ͲϮ͘ϭϭ ͮ W ͗ нϯϭ ͮ D ͗ н͘ϱϬ ͮ K> ͗ н͘ϰϱ ͮ '͗ н͘Ϭϭϴ Ψ нϰϰ͘Ϭϴ ͮ Ψ ͗ нϯϵ͘Ϭϴ ͮ Ψ'͗ нϮϵ͘ϲϵ ͮ Ψ/ &͗ нϭϬϭ͘Ϯϱ
ϯϭ
' н͘Ϭϰϰ ͘ϯϯ
1E / ^ KEND/ K^ Ψ Ψd Ψ Ψ' нϴϵ͘ϴϭ нϴϬ͘ϭϵ нϰϵ͘ϳϭ нϭϰϴ͘ϵϴ ϭ
ϯ
ϭϬ
ϭϬ
Z E E'h^ ϳ Eϰϰϯ
%URQF
> Z/ ' ZKE W ĞĚŝŐƌĞĞ ĂďĞƌƚŽ ĚĞ ĨĄĐŝů ĂĐĂƐĂůĂŵĞŶƚŽ͘ 'ĞŶĠƚŝĐĂ Ğ ĨĞŶſƚŝƉŽ ƐƵƉĞƌŝŽƌĞƐ͘
K ƚŽƵƌŽ ŵĂŝƐ ŝŵƉŽƌƚĂŶƚĞ ĚĂ > Z/ ' ĐŽŵĞƌĐŝĂůŝnjĂĚŽ Ğŵ ϮϬϭϲ͘ YƵĂŶĚŽ ďƵƐĐĂŵŽƐ ĚĞƐĞŵƉĞŶŚŽ ƐƵƉĞƌŝŽƌ Ğŵ ĨĂĐŝůŝĚĂͲ ĚĞ ĚĞ ƉĂƌƚŽ͕ ƉĞƐŽ ĂŽ ŶĂƐĐĞƌ͕ ƉĞƐŽ Ă ĚĞƐŵĂŵĂ͕ ƉĞƐŽ ĂŽ ĂŶŽ͕ ŵĂŝƐ WƐ ŵĂƚĞƌŶĂŝƐ Ğ ĚĞ ĐĂƌĐĂĕĂ͕ ZKE Ġ ŽƉĕĆŽ ĐĞƌƚĂ ĚŽƐ ƚŽƵƌŽƐ ŶŽǀŽƐ ĚĂ ŶŽƐƐĂ ďĂƚĞƌŝĂ͘ ZĞŐ͗ ϭϴϮϮϵϰϮϱ D&Ͳ &Ͳy& ƌŝĂĚŽƌ͗ ĂůĚƌŝĚŐĞ ƌŽƐ͕͘ E ͖ DŝůĞ ,ŝŐŚ ŶŐƵƐ͕ K͕ ĂŶĚ dƵĐŚƐŚĞƌĞƌ ŶŐƵƐ͕ <^ Ͳ ĂƚĂ EĂƐĐ͗͘ ϬϲͬϬϭͬϮϬϭϱ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗
ϯϯ͕ϲϰ ŬŐ͘ ͬ d ϯϰϳ͕ϳϯ ŬŐ͘ ͬ d ϲϭϱ͕ϵϭ ŬŐ͘ ͬ d ϯϳ͘ϱ Đŵ͘ ϱ͘ϲ
W ͛^ ϬϭͬϬϳͬϮϬϭϳ
K^ WDz^ ĐĐ͘ й dKW
&W WE W нϭϲ ͲϮ͘ϲ нϳϬ ͘ϯϵ ͘ϰϳ ͘ϯϳ Ϯ Ϯ ϭ
WZK h K W d W K нϭϭϴ н͘Ϯ нϭ͘ϭϳ нϮϳ ͘ϱϯ ͘ϰϭ ͘ϱϮ ͘ϰϰ Ϯ ϱ
Z E E'h^ ϳ Eϰϰϱ
& ŽŵƉůĞŵĞŶƚ ϴϬϴϴ & ŽŵŵĂŶĚŽ ϭϯϲϲ ZŝǀĞƌďĞŶĚ zŽƵŶŐ >ƵĐLJ tϭϰϳϬ ^ƚLJůĞƐ hƉŐƌĂĚĞ :ϱϵ ĂůĚƌŝĚŐĞ /ƐĂďĞů zϲϵ ĂůĚƌŝĚŐĞ /ƐĂďĞů dϵϯϱ D d ZE > > Ws &WD нϯϰ Ͳ нϭϲ ͘ϭϳ Ͳ ͘ϭϬ Ϯ ϭ
W Ψ E ͲϮϱ͘ϲϲ нϲϬ ͘Ϯϲ Ϯ
Z D K> н͘ϳϳ нϭ͘ϰϭ ͘ϯϮ ͘ϯϱ ϭ
'URYHU
' н͘Ϭϱϭ ͘ϯϭ
1E / ^ KEND/ K^ Ψd Ψ Ψ Ψ' нϴϱ͘Ϯϭ нϴϰ͘ϯϱ нϰϯ͘ϯϰ нϭϲϴ͘ϵϭ ϭ
Ϯ
ϮϬ
ϭ
^ s ZKs Z ϱϲϭϭ WĞĚŝŐƌĞĞ ĚĞ ƉĞƐŽ͘ 'ĂŶŚŽ ĂĐĞůĞƌĂĚŽ ĚĞ ƉĞƐŽ͘ Ğ ƵŵĂ ůŝŶŚĂŐĞŵ ĨŽƌƚĞ͕ ƉĞĚŝŐƌĞĞ ĐŽŶƐĂŐƌĂĚŽ Ğ ĚĞ ĨĄĐŝů ĂĐĂͲ ƐĂůĂŵĞŶƚŽ͕ ZKs Z Ġ ƉƌŽĨƵŶĚŽ Ğŵ ƐĞƵ ĂƌĐŽ ĚĞ ĐŽƐƚĞůĂƐ͕ ĨŽƌƚĞ Ğŵ ƐƵĂ ĞƐƚƌƵƚƵƌĂ ſƐƐĞĂ͕ ĐŽŵƉƌŝĚŽ Ğ ĐŽŵ ŵƵŝƚŽ ǀŽůƵͲ ŵĞ ĚĞ ŵƷƐĐƵůŽ Ğŵ ƐĞƵ ƚƌĞŵ ƉŽƐƚĞƌŝŽƌ͘ ĚĞ Ƶŵ ĨĞŶſƚŝƉŽ ŝŵͲ ƉĞĐĄǀĞů Ğ ĐŽŵ ŶƷŵĞƌŽƐ Ğŵ ƐƵĂƐ WƐ ƋƵĞ Ž ƚŽƌŶĂŵ ŝŶĚŝƐͲ ƉĞŶƐĄǀĞů ƉĂƌĂ ŽƐ ƉůĂŶƚĞŝƐ ŶŐƵƐ ŵĂŝƐ ĞdžŝŐĞŶƚĞƐ ĚŽ ŵƵŶĚŽ͘ ZĞŐ͗ ϭϴϮϱϴϬϬϬ D&Ͳ &Ͳy& ƌŝĂĚŽƌ͗ ^ĐŚĂĨĨΖƐ ŶŐƵƐ sĂůůĞLJ͕ E ĂƚĂ EĂƐĐ͗͘ ϭϬͬϬϭͬϮϬϭϱ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗
ϯϰ͕ϱϱ ŬŐ͘ ͬ d ϰϯϬ ŬŐ͘ ͬ d ϳϬϭ͕ϯϲ ŬŐ͘ ͬ d ϰϬ Đŵ͘ Ͳ
W ͛^ ϬϭͬϬϳͬϮϬϭϳ
K^ WDz^ ĐĐ͘ й dKW
&W WE W нϰ нϭ͘ϲ нϲϵ ͘Ϭϱ ͘ϰϭ ͘ϯϰ ϭ
WZK h K W d W K нϭϭϭ н͘ϭ нϭ͘Ϯϱ нϮϮ ͘ϰϮ ͘ϯϰ ͘Ϭϱ ͘ϯϴ ϮϬ ϰ ϮϬ
ZŝƚŽ ϳϬϳ ŽĨ /ĚĞĂů ϯϰϬϳ ϳϬϳϱ ^ s ZĞƐŽƵƌĐĞ ϭϰϰϭ ^ s ůĂĐŬĐĂƉ DĂLJ ϰϭϯϲ ^ & ϱϵϴ ĂŶĚŽ ϱϭϳϱ ^ s ŵďůLJŶĞƚƚĞ ϯϯϬϭ ^ s ŵďůLJŶĞƚƚĞ ϳϯϭϵ D d ZE > > Ws &WD нϮϲ Ͳ нϯ ͘Ϯϱ Ͳ ͘Ϭϱ
W Ψ E Ͳϭϳ͘ϭϱ нϲϯ ͘ϭϴ ϭ
Z D K> н͘ϰϮ н͘ϳϴ ͘Ϯϯ ͘Ϯϱ ϮϬ
ďĞƌĚĞĞŶ ŶŐƵƐ Ͳ DĠĚŝĂƐ ĚĂ ZĂĕĂ :ƵůŚŽ ϮϬϭϳ &W͗ нϲ ͮ WE͗ нϭ͘ϭ ͮ W ͗ нϰϳ ͮ W ͗ нϴϰ ͮ d ͗ н͘ϱ ͮ W ͗ н͘ϳϲ ͮ K ͗ нϭϯ ͮ&WD͗ нϴ ͮ > ͗ нϮϰ ͮ Ws ͗ нϮϰ ͮ Ψ E͗ ͲϮ͘ϭϭ ͮ W ͗ нϯϭ ͮ D ͗ н͘ϱϬ ͮ K> ͗ н͘ϰϱ ͮ '͗ н͘Ϭϭϴ Ψ нϰϰ͘Ϭϴ ͮ Ψ ͗ нϯϵ͘Ϭϴ ͮ Ψ'͗ нϮϵ͘ϲϵ ͮ Ψ/ &͗ нϭϬϭ͘Ϯϱ
ϯϮ ϯ
' н͘ϬϭϬ ͘Ϯϭ
1E / ^ KEND/ K^ Ψ Ψd Ψ Ψ' нϲϳ͘ϴϬ нϲϳ͘ϳϭ нϮϴ͘Ϭϰ нϭϱϭ͘ϯϬ ϰ
ϭϬ
ϱ
Z E E'h^ ϳ EϯϯϮ
&ODVVLF
> ^^/ ϯϴϱͲϳ
ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ
ZĞŐ͗ ϭϱϳϰϴϵϱϲ ; &Ͳ &ͲDϭ&ͲK,&Ϳ Ͳ ZĞŐ͘ EĂĐ͗ , / ϭϮϭϯ ƌŝĂĚŽƌ͗ ^ĂƵĐĞƌ ϱ ZĂŶĐŚĞƐ͕ hd͖ ŽŶůĞLJ ŶŐƵƐ͕ >> ͕ DK͖ WĞŵďƌŽŽŬ ĂƚƚůĞ Ž͕͘ K< ĂŶĚ ŽŶůĞLJ ĂƚƚůĞ͕ K< ĂƚĂ EĂƐĐ͗͘ ϭϴͬϬϰͬϮϬϬϳ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗
ϯϰ ŬŐ͘ ͬ ƌĂƚŝŽ ϵϳ ϯϭϱ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϬϱ ϱϲϴ ŬŐ͘ ϰϬ Đŵ͘ ϱϲ ƉŽů͘
, dƌĂǀĞůĞƌ ϲϴϬϳ ůĂƐƐŝĐ ϰϰϯ ϲϴϬϳ ZdϮϰϮϰ ŽƵďůĞ t DŝƐƐ WƌŝŵƌŽƐĞ ϲϰ K >ĞŐĞŶĚ ϲϭϲ> DŝŐŽŶŶĞΖƐ >ŝďďLJ ϯϴϱ 'ŝďďĞƚ ,ŝůů DŝŐŽŶŶĞ dZ Ϯϵ
&/>,K͕ 'Z E DW K K WZ K͕ hz ϮϬϭϰ
WĂŝ ĚĞ ƚŽƵƌŽƐ Ğŵ ĐŽůĞƚĂ Ğŵ ĐĞŶƚƌĂŝƐ ĚĞ ŝŶƐĞŵŝŶĂĕĆŽ͘ WĂŝ ĚĞ ĚŽĂĚŽƌĂƐ ĚĞ ĞŵďƌŝƁĞƐ͘ WĂŝ ĚĞ 'ƌĂŶĚĞƐ ĂŵƉĞƁĞƐ Ğŵ ƉŝƐƚĂƐ ĚĞ ƉĞƐŽ ĐŽŵŽ ŶŽ WƌĂĚŽ Ͳ hƌƵŐƵĂŝ͘
hŵ ĚŽƐ ŵĂŝƐ ŝŵƉŽƌƚĂŶƚĞƐ ƚŽƵƌŽƐ ŽƌŝƵŶĚŽƐ ĚĂ 'ĞŶĞƚŝĐƐ͕ Ğ Ğŵ ŶŽƐƐĂ ďĂƚĞƌŝĂ ƐĞ ĐŽŶƐĂŐƌĂ ƉŽƌ ƉƌŽĚƵnjŝƌ ĂŶŝŵĂŝƐ ĐŽŶƐŝƐƚĞŶƚĞƐ Ğ ĚĞ ĞdžĐĞůĞŶƚĞ ĨĞŶſƚŝƉŽ͘ ^ƵĂ ƉƌŽŐġŶŝĞ ƐĞ ĚĞƐƚĂĐĂ ƐĞŵͲ ƉƌĞ Ğŵ ƉŝƐƚĂƐ ŶŽ ƌĂƐŝů͕ hƌƵŐƵĂŝ Ğ ƌŐĞŶƚŝŶĂ͘ ĂƌƌĞŐĂ ƵŵĂ ĨƵƐĆŽ ŝŵƉĞĐĄǀĞů ĚĞ ĨĞŶſƚŝƉŽ Ğ ĚĞƐĞŵƉĞŶŚŽ͘ W ͛^ ϬϭͬϬϳͬϮϬϭϳ
K^ WDz^ ĐĐ͘ й dKW
&W WE W нϱ нϭ͘ϳ нϱϰ ͘ϳϳ ͘ϴϵ ͘ϴϰ
WZK h K W d W K нϴϯ Ͳ͘Ϯ н͘ϯϵ нϬ ͘ϳϯ ͘ϳϱ ͘ϳϰ ͘ϰϴ
D d ZE > > Ws &WD нϭϯ нϵϬ нϮ ͘ϲϳ ͘ϭϳϰ ͘ϱϯ
W Ψ E нϭϯ͘ϲϯ нϰϭ ͘ϰϭ ϭϱ
Z D K> н͘ϰϰ н͘ϲϮ ͘ϰϴ ͘ϰϲ
ďĞƌĚĞĞŶ ŶŐƵƐ Ͳ DĠĚŝĂƐ ĚĂ ZĂĕĂ :ƵůŚŽ ϮϬϭϳ &W͗ нϲ ͮ WE͗ нϭ͘ϭ ͮ W ͗ нϰϳ ͮ W ͗ нϴϰ ͮ d ͗ н͘ϱ ͮ W ͗ н͘ϳϲ ͮ K ͗ нϭϯ ͮ&WD͗ нϴ ͮ > ͗ нϮϰ ͮ Ws ͗ нϮϰ ͮ Ψ E͗ ͲϮ͘ϭϭ ͮ W ͗ нϯϭ ͮ D ͗ н͘ϱϬ ͮ K> ͗ н͘ϰϱ ͮ '͗ н͘Ϭϭϴ Ψ нϰϰ͘Ϭϴ ͮ Ψ ͗ нϯϵ͘Ϭϴ ͮ Ψ'͗ нϮϵ͘ϲϵ ͮ Ψ/ &͗ нϭϬϭ͘Ϯϱ
ϯϯ
&/>,K͕ K :KE͕ />
' н͘ϬϬϳ ͘ϰϯ
1E / ^ KEND/ K^ Ψ Ψd Ψ Ψ' нϰϰ͘ϴϮ нϰϬ͘ϲϭ нϯϭ͘ϮϬ нϭϯϭ͘Ϭϲ ϮϬ
-HQQLQJV
Z E E'h^ ϳ Eϰϯϴ
> Z/ ' : EE/E'^ Ϭϲϰ 'ĂŶŚŽ ĂĐĞůĞƌĂĚŽ ĚĞ ƉĞƐŽ͘ WĞĚŝŐƌĞĞ ĂďĞƌƚŽ͘
70
WŽƐƐƵŝ Ƶŵ ƐĞůŽ ƌĂĐŝĂů ĚĞ ŵƵŝƚĂ ĞdžƉƌĞƐƐŝǀŝĚĂĚĞ͘ : EE/E'^ Ġ ŝŵƉŽŶĞŶƚĞ͕ ƉƌŽĨƵŶĚŽ Ğ ĚĞ ŵƵŝƚŽ ǀŽůƵŵĞ ŵƵƐĐƵůĂƌ͘ ^Ğŵ ĚƷͲ ǀŝĚĂ ĂůŐƵŵĂ ƵŵĂ ĨĞƌƌĂŵĞŶƚĂ ŐĞŶĠƚŝĐĂ ŝŵƉŽƌƚĂŶƚĞ ƉĂƌĂ ŽƐ ƉůĂŶƚĞŝƐ ĚĞ ĂŶŐƵƐ ĚĞ ŚŽũĞ͘ WŽƐƐƵŝ ƉĞĚŝŐƌĞĞ ďĞŵ ĂďĞƌƚŽ ĚĞ ĨĄĐŝů ĂĐĂƐĂůĂŵĞŶƚŽ͘ ZĞŐ͗ ϭϳϯϭϰϵϱϰ ; &Ϳ ƌŝĂĚŽƌ͗ ĂůĚƌŝĚŐĞ ƌŽƐ͕ E ĂŶĚ <ŽďĞƌƐƚĞŝŶ & ŶŐƵƐ >> ͕ K ĂƚĂ EĂƐĐ͗͘ ϮϰͬϬϮͬϮϬϭϮ
ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗ W ͛^ ϬϭͬϬϳͬϮϬϭϳ
K^ WDz^ ĐĐ͘ й dKW
' ZͲ '> WƌŽƚĞŐĞ ĂůĚƌŝĚŐĞ tĂLJůŽŶ tϯϰ ĂůĚƌŝĚŐĞ ůĂĐŬĐĂƉ dϭϲϯ ĂůĚƌŝĚŐĞ ZĂƉŝĚ Zϯϭ ĂůĚƌŝĚŐĞ DĂǀĞƌŝĐŬ dϰϯ ĂůĚƌŝĚŐĞ DĂǀĞƌŝĐŬ Zϯϵ
ϯϲ͕ϯϲ ŬŐ͘ ͬ d ϯϬϱ͕ϵϭ ŬŐ͘ ͬ d ϱϰϳ͕Ϯϳ ŬŐ͘ ͬ d ϯϳ Đŵ͘ ϱ͘ϱ
WZK h K &W WE W W d W K нϭ нϭ͘ϰ нϲϮ нϭϬϳ н͘ϯ н͘Ϭϲ нϮϵ ͘ϳϯ ͘ϴϴ ͘ϴϮ ͘ϴϬ ͘ϳϳ ͘ϳϵ ͘ϲϵ ϭϬ ϭϱ ϰ
D d ZE > > Ws &WD нϮϳ нϱ нϭϬ ͘ϯϳ ͘Ϯϭ ͘ϯϬ
W Ψ E Ͳϭϰ͘ϴϱ нϱϵ ͘ϯϰ ϰ
&/>,K͕ > Z/ ' ZK^͕ E
Z D K> нϭ͘ϭϴ н͘ϱϵ ͘ϰϬ ͘ϰϲ Ϯ
&HQWHQ¡ULR
Z E E'h^ EϴϵϬ
' н͘Ϭϭϭ ͘ϰϬ
1E / ^ KEND/ K^ Ψd Ψ Ψ Ψ' нϲϮ͘Ϯϲ нϳϯ͘ϵϮ нϰϲ͘ϴϭ нϭϳϯ͘ϳϱ ϭϱ
ϭϬ
ϭϬ
ϭ
&^> Ed E Z/K ϴϵϬ &ĞƌƚŝůŝĚĂĚĞ ƐƵƉĞƌŝŽƌ Ğŵ / d&͘ WĞĚŝŐƌĞĞ ĨŽƌƚĞ Ğ ĐŽŶƐŝƐƚĞŶƚĞ͘
DĂŝƐ ĚĞ ϯϱ ŵŝů ŝŶƐĞŵŝŶĂĕƁĞƐ ĐŽŵƉƌŽǀĂŵ Ă ĂůƚĂ ƚĂdžĂ ĚĞ ĨĞƌƚŝůŝĚĂĚĞ ĚĞ Ed E Z/K Ğŵ ƉƌŽŐƌĂŵĂƐ ĚĞ / d&͘ ^ƵĂ ƉƌŽŐġŶŝĞ ƚĞŵ ĂůƚŽ ĚĞƐĞŵƉĞŶŚŽ Ğ ĞdžĐĞůĞŶƚĞ ƉĞƌĨŽƌŵĂŶĐĞ Ğŵ ĐŽŶĨŝŶĂŵĞŶƚŽ͘
ZĞŐ͗ ϭϯϲϭϰϲ ĂƚĂ EĂƐĐ͗͘ ϬϵͬϬϭͬϮϬϭϬ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗
ϯϮ ŬŐ͘ Ϯϴϳ ŬŐ͘ ϱϬϭ ŬŐ͘ ϯϴ Đŵ͘ ϲ͘Ϯ
D d ZE > Z WZK h K W K> ' K^ &W WE W &WD > нϱ͘ϴ ͲϮ͘Ϭ нϰϬ нϱ͘ϭ нϭϰ нϮϴ н͘ϭϰ н͘ϬϬ WDz^ й dKW ϭϱ ϭϱ
^/d dƌĂǀĞůĞƌ ϴϭϴϬ ^ s &ŝŶĂů ŶƐǁĞƌ ϬϬϯϱ ^ s ŵŽůŽƵƐ ϴϭϰϱ dƌġƐ DĂƌŝĂƐ ϲϯϬϭ ŽƌnjĂů d &^> ' >Ƶnjůŝ d / ϭϯϲ dƌġƐ DĂƌŝĂƐ ϲϲϭϴ DĂƌĂďƵŶƚĂ ϰϴϱϬ d 1E / ^ ΨDsW нϭϯϴ
ďĞƌĚĞĞŶ ŶŐƵƐ Ͳ DĠĚŝĂƐ ĚĂ ZĂĕĂ :ƵůŚŽ ϮϬϭϳ &W͗ нϲ ͮ WE͗ нϭ͘ϭ ͮ W ͗ нϰϳ ͮ W ͗ нϴϰ ͮ d ͗ н͘ϱ ͮ W ͗ н͘ϳϲ ͮ K ͗ нϭϯ ͮ&WD͗ нϴ ͮ > ͗ нϮϰ ͮ Ws ͗ нϮϰ ͮ Ψ E͗ ͲϮ͘ϭϭ ͮ W ͗ нϯϭ ͮ D ͗ н͘ϱϬ ͮ K> ͗ н͘ϰϱ ͮ '͗ н͘Ϭϭϴ Ψ нϰϰ͘Ϭϴ ͮ Ψ ͗ нϯϵ͘Ϭϴ ͮ Ψ'͗ нϮϵ͘ϲϵ ͮ Ψ/ &͗ нϭϬϭ͘Ϯϱ
ϯϰ ϯ
Z E E'h^ Eϲϰϱϳ
%D\XFX¡
zh h
ZĞŐ͗ Ϭϭϴϳϭϭϭ ƌŝĂĚŽƌ͗ ,ĞůĞŶĂ ZŽĚƌŝŐƵĞƐ ZŽƚƚĂ ĂƚĂ EĂƐĐ͗͘ ϮϳͬϬϲͬϮϬϭϰ
ϮϬϱ / ^͗ Ϯϲϭ͘ϯϰ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϭϱ ϱϱϬ / ^͗ ϰϳϭ͘ϭϴ ŬŐ͘ ͬ ƌĂƚŝŽ Ϯϰϭ
^ s ŝƐŵĂƌĐŬ ϱϲϴϮ ŝŐƵĄ ϱϳϭϲ DĂŶĂ d /
DĞůŚŽƌ ƚŽƵƌŽ ƌƷƐƚŝĐŽ ĚĂ džƉŽŝŶƚĞƌ ϮϬϭϲ͘ dŽƵƌŽ ŶĂĐŝŽŶĂů ƚŽƚĂůŵĞŶƚĞ ĂĚĂƉƚĂĚŽ͘
DĂŝƐ ƵŵĂ ŵĄƋƵŝŶĂ ŐĞŶĠƚŝĐĂ ĚĞ ĨĞŶſƚŝƉŽ Ğ ĚĞƐĞŵƉĞŶŚŽ ŶĂ ďĂƚĞƌŝĂ ĚĞ ƚŽƵƌŽƐ ŶĂĐŝŽŶĂŝƐ ^ĞůĞĐƚ ^ŝƌĞƐ ĚŽ ƌĂƐŝů͘ ^ĞŐƵŝŶĚŽ ŶŽƐƐŽ ƉƌŝŶĐşƉŝŽ ĚĞ ƐŽŵĞŶƚĞ ĂĐƌĞƐĐĞŶƚĂƌŵŽƐ ƚŽƵƌŽƐ ĐŽŵ ĞdžĐĞůĞŶƚĞƐ ƉƌŽǀĂƐ͕ zh h ĂƚĞŶĚĞƵ ĂƐ ŶŽƐƐĂƐ ĞdžŝŐġŶĐŝĂƐ͕ ƉĂƌĂ ĐŽŶƚŝŶƵĂƌŵŽƐ Ă ƉĂƐƐĂƌ ƉƌŽĚƵƚŝǀŝĚĂĚĞ ĂĐŝŵĂ ĚĞ ƚƵĚŽ ƉĂƌĂ ŶŽƐƐŽƐ ĐůŝĞŶƚĞƐ͘ dŽƵƌŽ ƉƌŽĨƵŶĚŽ͕ ĐŽŵ ŵƵŝƚŽ ƉŽƚĞŶĐŝĂů ĐĂƌŶŝĐĞŝƌŽ Ğ ĨŽƌƚĞ ĞƐƚƌƵƚƵƌĂ ſƐƐĞĂ͘
K^ WZKD K Ͳ ϬϯͬϬϯͬϮϬϭϳ
K^ K^
'E нϯ͘ϳϬ ϭ
'E^ нϮ͘Ϯϴ ϭ
^ н͘Ϭϲ ϯ
W^ Ͳ͘ϬϮ ϲ
D^ н͘ϮϬ ϭ
/E & нϵ͘ϰϮ Ϯ
ďĞƌĚĞĞŶ ŶŐƵƐ Ͳ DĠĚŝĂƐ ĚĂ ZĂĕĂ :ƵůŚŽ ϮϬϭϳ &W͗ нϲ ͮ WE͗ нϭ͘ϭ ͮ W ͗ нϰϳ ͮ W ͗ нϴϰ ͮ d ͗ н͘ϱ ͮ W ͗ н͘ϳϲ ͮ K ͗ нϭϯ ͮ&WD͗ нϴ ͮ > ͗ нϮϰ ͮ Ws ͗ нϮϰ ͮ Ψ E͗ ͲϮ͘ϭϭ ͮ W ͗ нϯϭ ͮ D ͗ н͘ϱϬ ͮ K> ͗ н͘ϰϱ ͮ '͗ н͘Ϭϭϴ Ψ нϰϰ͘Ϭϴ ͮ Ψ ͗ нϯϵ͘Ϭϴ ͮ Ψ'͗ нϮϵ͘ϲϵ ͮ Ψ/ &͗ нϭϬϭ͘Ϯϱ
ϯϱ
Z E E'h^ EϳϰϳϮ
&ODUN
/Ͳ^ s > Z< ϴϯϳϰ W ĞĚŝŐƌĞĞ ĨŽƌƚĞ Ğ ŝŵƉŽƌƚĂŶƚĞ͘ /ŶĚŝĐĂĚŽ ƉĂƌĂ ƉůĂŶƚĞŝƐ Ğ ĐƌƵnjĂŵĞŶƚŽ ŝŶĚƵƐƚƌŝĂů͘
&ŝůŚŽ ĚĞ ƵŵĂ ĚĂƐ ƉƌŝŶĐŝƉĂŝƐ ĚŽĂĚŽƌĂƐ ĚĞ ĞŵďƌŝƁĞƐ ĚĂ ^ĐŚĂĨĨ ŶŐƵƐ sĂůůĞLJ͘ WƌŽĨƵŶĚŝĚĂĚĞ͕ ŚĂƌŵŽŶŝĂ Ğ ƐĞůŽ ƌĂĐŝĂů ĚĞƐƚĂĐĂͲ ĚŽ ƐĆŽ ƐƵĂƐ ƉƌŝŶĐŝƉĂŝƐ ĐĂƌĂĐƚĞƌşƐƚŝĐĂƐ͘
ZĞŐ͗ нϭϲϭϭϯϰϲϳ ; &Ϳ ƌŝĂĚŽƌ͗ ^ĐŚĂĨĨƐ ŶŐƵƐ sĂůůĞLJ͕ ^ĂŝŶƚ ŶƚŚŽŶLJ E ĂƚĂ EĂƐĐ͗͘ ϭϬͬϬϭͬϮϬϬϴ
^ŝƚnj dƌĂǀĞůĞƌ ϴϭϴϬ ^ s ϴϭϴϬ dƌĂǀĞůĞƌ ϬϬϰ ŽLJĚ &ŽƌĞǀĞƌ >ĂĚLJ ϴϬϬϯ ^ & ϱϵϴ ĂŶĚŽ ϱϭϳϱ ^ s ĞƐƐŝĞ ,ĞŝƌĞƐƐ ϭϭϴϰ ^ s ĞƐƐŝĞ ,ĞŝƌĞƐƐ ϴϬϲϳ W ͛^ ϬϭͬϬϳͬϮϬϭϳ
K^ WDz^ ĐĐ͘ й dKW
&W WE W Ͳϭ нϮ͘Ϯ нϱϳ ͘ϱϭ ͘ϳϵ ͘ϲϵ ϮϬ
WZK h K W d W K нϭϬϮ н͘ϲ н͘Ϯϲ Ͳϱ ͘ϰϳ ͘ϰϰ ͘ϯϬ ͘ϯϬ ϮϬ
Z E E'h^ EϭϰϬϵ
D d ZE > > Ws &WD нϮϴ нϭϭ нϵ ͘ϱϯ ͘ϰϱ ͘ϰϭ
W Ψ E Ͳϭϰ͘ϭϲ нϱϬ ͘Ϯϳ ϭϱ
Z D K> н͘ϳϰ н͘ϰϱ ͘ϯϭ ͘ϯϯ ϮϬ
&RQILUPHG
' н͘ϬϵϬ ͘ϯϬ
1E / ^ KEND/ K^ Ψ Ψd Ψ Ψ' нϱϱ͘Ϭϰ нϲϬ͘ϵϮ нϮϰ͘ϵϱ нϭϯϬ͘ϵϱ ϮϬ
ϮϬ
/ͲK^h KE&/ZD ϬϭϬϯ WĞĚŝŐƌĞĞ ĂůƚĞƌŶĂƚŝǀŽ͘ /ŶĚŝĐĂĚŽ ƉĂƌĂ ĐƌƵnjĂŵĞŶƚŽ ŝŶĚƵƐƚƌŝĂů͘
dŽƵƌŽ ĚĞ ƚĂŵĂŶŚŽ ŵŽĚĞƌĂĚŽ͕ ĐŽŵ ŵƵŝƚĂ ƉƵƌĞnjĂ ƌĂĐŝĂů ƐƵƐƚĞŶƚĂĚĂ Ğŵ ſƚŝŵĂ ĞƐƚƌƵƚƵƌĂ ſƐƐĞĂ͘ /ŶĚŝĐĂĚŽ ƉĂƌĂ ĐƌƵnjĂͲ ŵĞŶƚŽƐ Ğ ƌĞďĂŶŚŽƐ ƉƵƌŽƐ͘ ZĞŐ͗ нϭϲϲϰϮϴϲϰ ƌŝĂĚŽƌ͗ KŬůĂŚŽŵĂ ^ƚĂƚĞ hŶŝǀĞƌƐŝƚLJ ĂƚĂ EĂƐĐ͗͘ ϬϭͬϬϭͬϮϬϭϬ
ŽLJĚ KŶ dĂƌŐĞƚ ϭϬϴϯ ^ƚĞǀĞŶƐŽŶ DŽŶĞLJŵĂŬĞƌ Zϭϴϱ ^ƚĞǀĞŶƐŽŶ ůŽǀĂ WƌŝĚĞ >ϴϴϴ EŽƚŚĞƌŶ /ŵƉƌŽǀĞŵĞŶƚ ϰϰϴϬ '& K^h ŵƉƌĞƐƐ ϰϭϮϯ K^h ϮϵϮϴ ŵƉƌĞƐƐ ϰϭϳϳ W ͛^ ϬϭͬϬϳͬϮϬϭϳ
K^ WDz^ ĐĐ͘ й dKW
&W WE нϵ Ͳ͘ϵ ͘ϱϬ ͘ϲϯ ϭϱ
W нϱϮ ͘ϱϯ
WZK h K W d W K нϴϵ нϬ н͘ϲϱ нϲ ͘ϱϯ ͘ϰϱ ͘ϰϬ ͘ϯϲ
D d ZE > > Ws &WD нϭϱ нϰ нϭϭ ͘ϯϵ ͘ϭϰ ͘ϯϬ ϮϬ
W Ψ E нϭϯ͘ϰϮ нϮϵ ͘Ϯϵ ϭϱ
Z D K> н͘ϰϵ н͘Ϭ ͘ϯϳ ͘ϯϲ
ďĞƌĚĞĞŶ ŶŐƵƐ Ͳ DĠĚŝĂƐ ĚĂ ZĂĕĂ :ƵůŚŽ ϮϬϭϳ &W͗ нϲ ͮ WE͗ нϭ͘ϭ ͮ W ͗ нϰϳ ͮ W ͗ нϴϰ ͮ d ͗ н͘ϱ ͮ W ͗ н͘ϳϲ ͮ K ͗ нϭϯ ͮ&WD͗ нϴ ͮ > ͗ нϮϰ ͮ Ws ͗ нϮϰ ͮ Ψ E͗ ͲϮ͘ϭϭ ͮ W ͗ нϯϭ ͮ D ͗ н͘ϱϬ ͮ K> ͗ н͘ϰϱ ͮ '͗ н͘Ϭϭϴ Ψ нϰϰ͘Ϭϴ ͮ Ψ ͗ нϯϵ͘Ϭϴ ͮ Ψ'͗ нϮϵ͘ϲϵ ͮ Ψ/ &͗ нϭϬϭ͘Ϯϱ
ϯϲ ϯ
' н͘Ϭϱϱ ͘ϯϲ
1E / ^ KEND/ K^ Ψ Ψd Ψ Ψ' нϱϬ͘ϳϯ нϰϵ͘ϵϮ нϮϬ͘ϱϰ нϵϲ͘ϲϯ
6DPXUDL
Z E'h^ ϳ ZϲϬ
/ Z ZKh^ ^ DhZ / yϮϮ hŵ ĚŽƐ ƉƌŝŶĐŝƉĂŝƐ ƉĂŝƐ ƵƐĂĚŽƐ ŶĂ / Z͘ /ŶĚŝĐĂĚŽ ƉĂƌĂ / d&͘ /ŶĚŝĐĂĚŽ ƉĂƌĂ ŶŽǀŝůŚĂƐ͘
70
WŽƐƐƵŝ ŵƵƐĐƵůĂƚƵƌĂ ƋƵĞ ƐĞ ĚĞƐƚĂĐĂ Ğŵ ƐĞƵ ƉŽƐƚĞƌŝŽƌ͕ ĐŽŵƉƌŝŵĞŶƚŽ ƋƵĞ ŝŵƉƌŝŵĞ ƌĞŶĚŝŵĞŶƚŽ ĚĞ ĐĂƌĐĂĕĂ Ğŵ ƐƵĂ ƉƌŽĚƵĕĆŽ Ğ ĂůƚĂ ĨĞƌƚŝůŝĚĂĚĞ Ğŵ ƐĞƵ ƐġŵĞŶ͘ ^ƵĂ ĐŽůŽƌĂĕĆŽ ǀĞƌŵĞůŚĂ Ġ ŵƵŝƚŽ ĐŽŶƐŝƐƚĞŶƚĞ Ğ ƐƵĂ ĞƐƚƌƵƚƵƌĂ ſƐƐĞĂ Ġ ŵƵŝƚŽ ĨŽƌƚĞ Ͳ ƚƵĚŽ ŝƐƐŽ Ğŵ Ƶŵ ĨƌĂŵĞ ŵŽĚĞƌĂĚŽ͘ ZĞŐ͗ ϭϯϲϯϰϮϳ Ͳ ZĞŐ͘ EĂĐ͗ , / ϭϰϯϭ ƌŝĂĚŽƌ͗ ŝĞďĞƌ ZĞĚ ŶŐƵƐ͕ ^ ĂƚĂ EĂƐĐ͗͘ ϭϲͬϬϮͬϮϬϭϬ
ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗ Z W ͛^ ϬϳͬϮϬϭϳ
K^ WDz^ ĐĐ͘ й dKW
&W нϰ ͘ϴϬ
& < ŚĞƌŽŬĞĞ ŶLJŶ ϰϵϭϮ > ŚĞLJĞŶŶĞ ϮϮ/> ,y ϳϬϭ' ŝĞďĞƌ ŽŽŶĞ ϴϬϬϬ ',Z DĂƌŝƚĂ Zϯϭ ',Z DϬϯ DĂƌŝƚĂ
ϯϰ ŬŐ͘ ͬ ƌĞů͘ ϵϯ ϯϬϳ ŬŐ͘ ͬ ƌĞů͘ ϭϭϯ ϱϭϲ ŬŐ͘ ͬ ƌĞů͘ ϭϬϲ ϯϲ Đŵ͘ ϱ͘Ϭ WZK h K W W WE нϭϭϱ нϳϱ Ͳϰ͘ϭ ͘ϴϱ ͘ϴϱ ͘ϴϳ ϮϬ ϮϬ ϮϬ
> нϭϲ ͘ϳϵ
Z E'h^ ϳ Zϲϭ
D нϭϮ ͘ϲϳ
D d ZE > /&E &WDd нϭϯ нϳ ͘ϰϳ ͘ϳϵ
WZ нϭϬ ͘ϰϴ
D нϬ͘ϵϭ ͘ϰϯ ϭϬ
^ DhZ / K^ ϯ EK^͘
Z Z W K> н͘Ϯϴ нϯϮ Ͳ͘ϭϳ ͘ϯϴ ͘ϱϵ ͘ϯϳ
6XQ .LQJ
' н͘ϬϬϲ ͘ϰϳ
> Z^KE ^hE </E' Ϭϭϲ /ŶĚŝĐĂĚŽ ƉĂƌĂ ŶŽǀŝůŚĂƐ͘ WƌŽĚƵnj ďĞnjĞƌƌŽƐ ŵĂŝƐ ƉĞƐĂĚŽƐ Ğ ƉĂĚƌŽŶŝnjĂ ůŽƚĞƐ͘
ŽŶƚŝŶƵĂ ƐĞ ĚĞƐƚĂĐĂŶĚŽ ŶĂƐ ĚŝǀĞƌƐĂƐ ĐĂƌĂĐƚĞƌşƐƚŝĐĂƐ ĚĞ ĐĂƌĐĂĕĂ͘ ^ƵĂ ƉƌŽĚƵĕĆŽ Ġ ĚĞ ĂůƚŽ ƌĞŶĚŝŵĞŶƚŽ Ğ ĨĄĐŝů ƚĞƌŵŝͲ ŶĂĕĆŽ͘ ĞŝdžĂ ĨŝůŚĂƐ ƋƵĞ ƐĞƌĆŽ ŵĆĞƐ ŵƵŝƚŽ ĞĨŝĐŝĞŶƚĞƐ͘ ^hE </E' Ġ ƉƌŽĨƵŶĚŽ͕ ĐŽŵ ŵƵŝƚŽ ǀŽůƵŵĞ ŵƵƐĐƵůĂƌ Ğ ĨŽƌƚĞ ŽƐͲ ƐĂƚƵƌĂ͘ ZĞŐ͗ ϭϯϴϰϲϭϴ Ͳ ZĞŐ͘ EĂĐ͗ , / ϭϯϰϱ ƌŝĂĚŽƌ͗ >ĂƌƐŽŶ ZĞĚ ŶŐƵƐ͕ Dd ĂƚĂ EĂƐĐ͗͘ ϬϰͬϬϮͬϮϬϭϬ
ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗ Z W ͛^ ϬϳͬϮϬϭϳ
K^ WDz^ ĐĐ͘ й dKW
&W нϴ ͘ϳϱ
ĞĐŬƚŽŶ EĞďƵůĂ DϬϰϱ ĞĐŬƚŽŶ EĞďƵůĂ W WϳϬϳ ĞĐŬƚŽŶ >ĂŶĂ DϴϬϵ W >ĐĐ DĂũŽƌ >ĞĂŐƵĞ ϱϬϮD >ĂƌƐŽŶ dĂŵĂƌĂ ϱϰϱͲϱϱϲ >ĂƌƐŽŶ dĂŵ ϱϱϲͲϭϳϬ
ϯϴ ŬŐ͘ ͬ ƌĂƚŝŽ ϵϴ ϯϯϵ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϭϬ ϱϴϴ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϬϳ ϯϵ Đŵ͘ ϲ͘ϭ WZK h K W W WE нϭϬϬ нϱϵ Ͳϯ͘ϳ ͘ϴϰ ͘ϴϯ ͘ϴϲ
> нϯϵ ͘ϳϲ ϭ
D d ZE > D /&E &WDd нϮ нϭϳ нϱ ͘ϭϵ ͘ϱϱ ͘ϳϱ ϭϬ
WZ нϭϰ ͘ϰϰ ϭϬ
D нϭ͘Ϯϯ ͘ϰϴ Ϯ
Z Z W K> н͘Ϭϲ нϮϰ Ͳ͘ϭϮ ͘ϰϭ ͘ϱϴ ͘ϰϮ
ZĞĚ ŶŐƵƐ Ͳ DĠĚŝĂƐ ĚĂ ZĂĕĂ Ͳ :ƵůŚŽ ϮϬϭϳ &W͗ нϱ ͮ WE͗ Ͳϭ͘ϲ ͮ W ͗ нϱϵ ͮ W ͗ нϵϭ ͮ >͗ нϮϭ ͮ D͗ нϭ ͮ /&E͗ нϭϭ ͮ &WDd͗ нϰ ͮ WZ͗ нϭϬ ͮ D ͗ н͘ϰϲ ͮ Z ͗ нϬ͘ϬϮ ͮ W ͗ нϮϮ ͮ K> ͗ н͘ϭϯ ͮ '͗ н͘ϬϬ
ϯϴ ϯ
D ͕ / Z &>Kt Z ϯϲϭz
' Ͳ͘ϬϬϭ ͘ϰϵ
7DNHRXW
Z E'h^ ϳ Zϲϵ
/ Z ZZ ^ d < Khd ϯϬϱ
70
ZĞŐ͗ ϭϱϵϵϱϱϰ Ͳ ZĞŐ͘ EĂĐ͗ , / ϭϱϱϰ ƌŝĂĚŽƌ͗ ŝĞďĞƌ ZĞĚ ŶŐƵƐ Z͘ ĂŶĚ ZŚŽĚĞƐ ZĞĚ ŶŐƵƐ͕ ^ ĂƚĂ EĂƐĐ͗͘ ϬϱͬϬϯͬϮϬϭϯ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗
,y ŽŶƋƵĞƐƚ ϰϰϬϱW >^& dĂŬĞŽǀĞƌ ϵϵϰϯt >^& tŝĚĞůŽĂĚ ZϱϬϭϰ hϴϲϬϭ ĂƐŝŶ džƚ ϴϲϮϴ ŝĞďĞƌ &ůŽǁĞƌ ϯϲϭz ŝĞďĞƌ &ůŽǁĞƌ ϯϯϬh
ϯϴ͕ϭϴ ŬŐ͘ ͬ ƌĂƚŝŽ ϴϰ ϯϯϵ͕ϱϱ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϬϳ ϲϱϴ͕ϲϰ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϬϳ ϯϮ Đŵ͘ ϱ͘ϱ
d < Khd
/ŶĚŝĐĂĚŽ ƉĂƌĂ ŶŽǀŝůŚĂƐ͘ WŽƐƐƵŝ ƐĞůŽ ĚĞ ĨĞƌƚŝůŝĚĂĚĞ͘
hƐĂĚŽ ƚĂŶƚŽ ƉĂƌĂ Ă ƉƌŽĚƵĕĆŽ ĐŽŵĞƌĐŝĂů ƋƵĂŶƚŽ ƉĂƌĂ ĂĐĂƐĂůĂŵĞŶƚŽƐ Ğŵ ƉůĂŶƚĞŝƐ ŶŐƵƐ͕ d < Khd ƐƵƌƉƌĞĞŶĚĞƵ Ğŵ ƐĞƵƐ şŶĚŝĐĞƐ ĚĞ ƉƌĞŶŚĞƐ ŶŽƐ ƉƌŽŐƌĂŵĂƐ ĚĞ / d&͘ ĐĂĚĂ ŶĂƐĐŝŵĞŶƚŽ ĚĞ ƐĞƵƐ ĨŝůŚŽƐ͕ ƉƌŽǀĂͲƐĞ ƋƵĞ Ġ Ƶŵ ĞdžĐĞůĞŶƚĞ ƉƌŽĚƵƚŽƌ ĚĞ ƚŽƵƌŽƐ Ğ ĨƵƚƵͲ ƌĂƐ ŵĆĞƐ͘ ^ƵĂ ƉƌŽĚƵĕĆŽ Ġ ŵƵŝƚŽ ĐŽŶƐŝƐƚĞŶƚĞ͕ Ğ ƐĞƵ ŐĂŶŚŽ ĚĞ ƉĞƐŽ ĂĐĞůĞƌĂĚŽ Ġ ĂĐŝŵĂ ĚĂ ŵĠĚŝĂ ĚĂ ƌĂĕĂ͘ ƵŵĂ ĨĂŶƚĄƐƚŝĐĂ ŽƉĕĆŽ ŐĞŶĠƚŝĐĂ ƉĂƌĂ ŶŽǀŝůŚĂƐ ĚĞ ϭϱ ŵĞƐĞƐ͘ Z W ͛^ ϬϳͬϮϬϭϳ
K^ WDz^ ĐĐ͘ й dKW
&W нϭϬ ͘ϯϮ ϭϱ
WZK h K W W WE нϭϬϵ нϲϳ ͲϮ͘ϴ ͘Ϯϴ ͘Ϯϳ ͘ϯϯ ϮϬ
> нϮϲ ͘Ϯϯ ϭϱ
D нϳ ͘ϮϮ
D d ZE > /&E &WDd нϳ нϳ ͘ϭϬ ͘ϯϮ ϮϬ
D н͘ϲϯ ͘Ϯϵ ϮϬ
WZ нϭϭ ͘ϴ
Z н͘ϭϮ ͘Ϯϯ
ZĞĚ ŶŐƵƐ Ͳ DĠĚŝĂƐ ĚĂ ZĂĕĂ Ͳ :ƵůŚŽ ϮϬϭϳ &W͗ нϱ ͮ WE͗ Ͳϭ͘ϲ ͮ W ͗ нϱϵ ͮ W ͗ нϵϭ ͮ >͗ нϮϭ ͮ D͗ нϭ ͮ /&E͗ нϭϭ ͮ &WDd͗ нϰ ͮ WZ͗ нϭϬ ͮ D ͗ н͘ϰϲ ͮ Z ͗ нϬ͘ϬϮ ͮ W ͗ нϮϮ ͮ K> ͗ н͘ϭϯ ͮ '͗ н͘ϬϬ
ϯϵ
Z W K> нϯϭ н͘Ϯϯ ͘Ϯϯ ͘Ϯϳ
' н͘Ϭϰ ͘Ϯϴ
&RYHQDQW
Z E'h^ ϳ Zϱϳ
ZKtE Ks E Ed hϳϱϰϴ /ŶĚŝĐĂĚŽ ƉĂƌĂ / d&͘ &ĂĐŝůŝĚĂĚĞ ĚĞ ƉĂƌƚŽ ĐŽŵ ŐĂŶŚŽ ĚĞ ƉĞƐŽ ĂĐĞůĞƌĂĚŽ͘
70
WƌŽĚƵnj ŵĆĞƐ ĚĞ ŵƵŝƚĂ ĐůĂƐƐĞ ĨĞŵŝŶŝŶĂ͕ ŵƵŝƚŽ ůĞŝƚĞ ƉƌĞĐŽͲ ĐĞƐ Ğ ĨĠƌƚĞŝƐ͕ ĂůĠŵ ĚĞ ƚŽƵƌŽƐ ŝŵƉĞĐĄǀĞŝƐ ĐŽŵ ŵƵŝƚĂ ĐŽŶͲ ƐŝƐƚġŶĐŝĂ ƌĂĐŝĂ͕ů ĨŽƌĕĂ Ğ ſƚŝŵĂ ĞƐƚƌƵƚƵƌĂ ſƐƐĞĂ͕ ƋƵĞ ƐĞƌǀĞŵ ƉĂƌĂ ƚƌĂďĂůŚĂƌ Ğŵ ƋƵĂůƋƵĞƌ ƌŽĚĞŝŽ͘ ZĞŐ͗ ϭϮϴϮϵϰϴ Ͳ ZĞŐ͘ EĂĐ͗ , / ϭϭϯϭ ƌŝĂĚŽƌ͗ ƌŽǁŶ &ĂŵŝůLJ 'ĞŶĞƚŝĐƐ͕ dŚƌŽĐŬŵŽƌƚŽŶ͕ dy ĂƚĂ EĂƐĐ͗͘ ϮϱͬϬϭͬϮϬϬϴ
ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗ Z W ͛^ ϬϳͬϮϬϭϳ
K^ WDz^ ĐĐ͘ й dKW
&W нϯ ͘ϳϮ
>: >ĂŶĐĞƌ ϴϬϲ ƌŽǁŶ ŽŵŵŝƚŵĞŶƚ ^ϳϮϬϲ ƌŽǁŶ DƐ ^ŚĂnjnjĂŵ WϳϵϰϬ :Z DŽŶƵ ϰyͲϯϬϯ ƌŽǁŶ D^ DŽŶƵ WϳϵϯϬ Z ^ DƐ sŝĐŝůĂ ,ϳϱϱϮ
ϯϴ͕ϲϰ ŬŐ͘ ͬ d ϮϳϮ͕ϳϯ ŬŐ͘ ͬ d ϰϭϵ͕Ϭϵ ŬŐ͘ ͬ d ϰϬ Đŵ͘ ϱ͘ϱ WZK h K W W WE нϭϬϮ нϲϱ Ͳϯ͘ϳ ͘ϳϵ ͘ϴϬ ͘ϴϮ
> нϮϭ ͘ϳϱ
D нϰ ͘ϰϮ
D d ZE > /&E &WDd нϳ нϳ ͘ϰϮ ͘ϰϮ
WZ нϬ ͘ϳϭ
D н͘ϵϱ ͘ϰϲ ϭϬ
3XUVXLW
Z E'h^ ϳ ZϳϬ
&/>, ͕ ^ ,h>d Z E ,͕ ^
Z Z W K> н͘Ϭϴ нϱϴ н͘Ϯϵ ͘ϰϬ ͘ϱϳ ͘ϰϮ
' н͘ϬϬϱ ͘ϰϳ
ZKtE WhZ^h/d ϳϲϳϬ /ŶĚŝĐĂĚŽ ƉĂƌĂ ŶŽǀŝůŚĂƐ͘ dŽƉ Ğŵ DĂƌŵŽƌĞŝŽ͘
Ƶŵ ƚŽƵƌŽ ƋƵĞ ŝŵƉƌĞƐƐŝŽŶĂ ƉŽƌ ĂƉƌĞƐĞŶƚĂƌ ſƚŝŵŽƐ ĚĂͲ ĚŽƐ Ğ ƵŵĂ ĞdžĐĞůĞŶƚĞ ĐŽŶĨŽƌŵĂĕĆŽ ĨĞŶŽƚşƉŝĐĂ͘ WĂƌĂ ƉƌŽͲ ĚƵĕĆŽ ĚĞ ƋƵĂůŝĚĂĚĞ ĐŽŵ ŐĂŶŚŽ ĂĐĞůĞƌĂĚŽ ĚĞ ƉĞƐŽ͘
ZĞŐ͗ ϭϲϬϳϮϱϳ ƌŝĂĚŽƌ͗ ƌŽǁŶ &ĂŵŝůLJ 'ĞŶĞƚŝĐƐ͕ dŚƌŽĐŬŵŽƌƚŽŶ͕ dy ĂƚĂ EĂƐĐ͗͘ ϭϱͬϬϮͬϮϬϭϯ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗ Z W ͛^ ϬϳͬϮϬϭϳ
K^ WDz^ ĐĐ͘ й dKW
&W нϭϭ ͘ϯϳ ϭϱ
ĞĐŬƚŽŶ EĞďƵůĂ W WϳϬϳ ƌŽǁŶ :z: ZĞĚĞŵƉƚŝŽŶ zϭϯϯϰ :z: DƐ :ŽůĞŶĞ tϭϲ ,ƵƐƚ ŚŝĞĨ ^ĞƋƵŽLJĂ Zϯϯϲ ƌŽǁŶ DƐ ^ĞƋƵŽLJĂ yϳϱϵϯ ƌŽǁŶ Ͳ :ŽůĞŶĞ ^ϲϬϱ
ϯϳ͕ϳϯ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϬϲ Ϯϯϵ͕Ϭϵ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϭϰ ϰϯϳ͕ϳϯ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϭϬ ŶͬĚ ŶͬĚ WZK h K W W WE нϭϮϰ нϳϴ Ͳϰ͘Ϯ ͘ϯϲ ͘ϯϳ ͘ϰϮ ϰ ϰ ϭϬ
> нϭϳ ͘Ϯϴ
D нϯ ͘Ϭ
D d ZE > /&E &WDd нϭϭ нϯ ͘Ϯϲ ͘ϯϵ
WZ нϭϲ ͘ϯϵ ϯ
D н͘ϵϲ ͘ϯϱ ϯ
Z н͘ϭϰ ͘Ϯϳ
ZĞĚ ŶŐƵƐ Ͳ DĠĚŝĂƐ ĚĂ ZĂĕĂ Ͳ :ƵůŚŽ ϮϬϭϳ &W͗ нϱ ͮ WE͗ Ͳϭ͘ϲ ͮ W ͗ нϱϵ ͮ W ͗ нϵϭ ͮ >͗ нϮϭ ͮ D͗ нϭ ͮ /&E͗ нϭϭ ͮ &WDd͗ нϰ ͮ WZ͗ нϭϬ ͮ D ͗ н͘ϰϲ ͮ Z ͗ нϬ͘ϬϮ ͮ W ͗ нϮϮ ͮ K> ͗ н͘ϭϯ ͮ '͗ н͘ϬϬ
ϰϬ ϯ
Z W K> нϯϳ н͘ϭϱ ͘ϯϭ ͘Ϯϵ ϭϱ
' н͘Ϭϯ ͘ϯϱ
Z E'h^ ϳ Zϱϴ
+HULWDJH
ZKtE , Z/d ' hϲϱϬϵ
ZĞŐ͗ ϭϮϱϱϯϴϬ Ͳ ZĞŐ͘ EĂĐ͗ , / ϭϭϯϮ ƌŝĂĚŽƌ͗ ƌŽǁŶ &ĂŵŝůLJ 'ĞŶĞƚŝĐƐ͕ dŚƌŽĐŬŵŽƌƚŽŶ͕ dy ĂƚĂ EĂƐĐ͗͘ ϬϴͬϬϭͬϮϬϬϴ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗
Ϯϲ͕ϴϮ ŬŐ͘ ͬ ƌĂƚŝŽ ϵϰ Ϯϳϰ͕Ϭϵ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϭϱ ϰϭϴ͕ϲϰ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϬϳ ϯϴ Đŵ͘ ϱ͘Ϭ
ĞĐŬƚŽŶ ,ƵƐƚůĞƌ Ϯ >Ϭϳϵ ĞĐŬƚŽŶ ,ĞƌŝƚĂŐĞ EϬϭϯ ĞĐŬƚŽŶ >ĂŶĂ >ϬϬϳ :> >: >ĂŶĐĞƌ ϴϬϲ ƌŽǁŶ D^ >ϴϬϲ ^ϲϵϰϰ ƌŽǁŶ DƐ ŚĞƌŽŬĞĞ
D , Z/d '
/ŶĚŝĐĂĚŽ ƉĂƌĂ ŶŽǀŝůŚĂƐ͘ WƌŽĚƵnj ĐĂƌŶĞ ĚĞ ƋƵĂůŝĚĂĚĞ͘
WƌŽĚƵĕĆŽ ĐŽŶƐŝƐƚĞŶƚĞ Ğ ƚŽƚĂůŵĞŶƚĞ ĂĚĂƉƚĂĚĂ ĂŽ ŶŽƐƐŽ ĐůŝŵĂ Ğ ƐŝƐƚĞŵĂƐ ĚĞ ĐƌŝĂĕĆŽ͕ ŐĞƌĂŶͲ ĚŽ ƚŽƵƌŽƐ ĚĞƐƚĂĐĂĚŽƐ Ğŵ ŶƷŵĞƌŽƐ ĚĞ ĚĞƐĞŵƉĞŶŚŽ Ğ ĨĞŶſƚŝƉŽ͘ , Z/d ' Ġ ƉƌŽĨƵŶĚŽ͕ ĐŽŵƉƌŝĚŽ Ğ ĐŽŵ ĞdžĐĞůĞŶƚĞ ƐĞůŽ ƌĂĐŝĂů͘ Z W ͛^ ϬϳͬϮϬϭϳ
K^ WDz^ ĐĐ͘ й dKW
&W нϳ ͘ϲϲ
WZK h K W WE нϲϯ Ͳϰ͘Ϭ ͘ϳϴ ͘ϴϭ ϮϬ
W нϵϳ ͘ϳϳ
> нϮϱ ͘ϲϵ
D Ͳϭ ͘ϰϵ
D d ZE > /&E &WDd нϭϬ нϮ ͘ϰϳ ͘ϲϱ
D нϭ͘ϲϰ ͘ϰϮ ϭ
WZ нϭϮ ͘ϰϱ
Z Ͳ͘Ϭϱ ͘ϯϳ
ZĞĚ ŶŐƵƐ Ͳ DĠĚŝĂƐ ĚĂ ZĂĕĂ Ͳ :ƵůŚŽ ϮϬϭϳ &W͗ нϱ ͮ WE͗ Ͳϭ͘ϲ ͮ W ͗ нϱϵ ͮ W ͗ нϵϭ ͮ >͗ нϮϭ ͮ D͗ нϭ ͮ /&E͗ нϭϭ ͮ &WDd͗ нϰ ͮ WZ͗ нϭϬ ͮ D ͗ н͘ϰϲ ͮ Z ͗ нϬ͘ϬϮ ͮ W ͗ нϮϮ ͮ K> ͗ н͘ϭϯ ͮ '͗ н͘ϬϬ
ϰϭ
Z W K> нϮϮ н͘ϯϲ ͘ϱϲ ͘ϯϳ
&/>,K , Z/d ' ͕ ^>Ks < Z E ,͕ ^
' н͘ϬϬϭ ͘ϰϱ
3UHVWLJLRXV
Z E'h^ ϳ Zϳϰ
ZKtE WZ ^d/'/Kh^ ϱϭϱϯ
/ŶĚŝĐĂĚŽ ƉĂƌĂ ŶŽǀŝůŚĂƐ͘ WƌŽĚƵnj ĐĂƌŶĞ ĚĞ ƋƵĂůŝĚĂĚĞ͘
ƌŝĂĚŽ ƉĂƌĂ ĂĚŝĐŝŽŶĂƌ ŐĂŶŚŽ ĚĞ ƉĞƐŽ ĐŽŵ ĨĂĐŝůŝĚĂĚĞ ĂŽ ŶĂƐͲ ĐĞƌ Ğ ĞdžĐĞůĞŶƚĞƐ ĚĂĚŽƐ ĚĞ ĐĂƌĐĂĕĂƐ͘ WŽƐƐƵŝ ĐŽůŽƌĂĕĆŽ ŝŵͲ ƉƌĞƐƐŝŽŶĂŶƚĞ͕ ƋƵĞ ŵŽƐƚƌĂ ĐŽŶƐŝƐƚġŶĐŝĂ Ğŵ ƐĞƵ ǀĞƌŵĞůŚŽ͘
ZĞŐ͗ ϭϲϵϰϱϳϳ ƌŝĂĚŽƌ͗ Z͘ ͘ ƌŽǁŶ ZĂŶĐŚ͕ ŽƵďůĞ ĂƚƚůĞ Ž͘ ĂƚĂ EĂƐĐ͗͘ ϬϵͬϬϭͬϮϬϭϰ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗ Z W ͛^ ϬϳͬϮϬϭϳ
K^ WDz^ ĐĐ͘ й dKW
&W нϭϰ ͘ϯϴ Ϯ
,y ŽŶƋƵĞƐƚ ϰϰϬϱW >^& dĂŬĞŽǀĞƌ ϵϵϰϯt >^& tŝĚĞůŽĂĚ ZϱϬϭϰ hϴϬϲϭ ϱ> ĞƐƚŝŶĂƚŝŽŶ ϴϵϯͲϲϮϭϱ ƌŽǁŶ DƐ ĞƐƚŝŶĂƚŝŽŶ dϳϲϯϰ ƌŽǁŶ DƐ ŚĞƌŽŬĞĞ Wϳϵϭϲ
ϯϱ͕ϵϭ ŬŐ͘ ͬ d Ϯϴϳ͕Ϯϳ ŬŐ͘ ͬ d ϰϮϵ͕ϱϱ ŬŐ͘ ͬ d Eͬ Eͬ WZK h K W WE нϲϭ Ͳϱ͘Ϯ ͘ϯϱ ͘ϯϵ ϱ
W нϴϵ ͘ϯϲ
> нϮϯ ͘ϯϬ
D нϱ ͘ϭϳ
D d ZE > /&E &WDd нϭϱ нϲ ͘Ϯϵ ͘ϰϭ ϭϬ
WZ нϭϲ ͘ϰϭ Ϯ
D нϭ͘ϬϬ ͘ϯϱ Ϯ
Z Ͳ͘ϮϬ ͘Ϯϴ ϯ
Z W K> нϭϱ н͘ϲϴ ͘ϯϬ ͘ϯϬ ϯ
3DFHVHWWHU
Z E'h^ ϳ Zϳϱ
' Ͳ͘ϬϮϬ ͘ϯϲ
ZKtE W ^ dd Z zϳϭϳϬ /ŶĚŝĐĂĚŽ ƉĂƌĂ ŶŽǀŝůŚĂ͘ / ŶĚŝĐĂĚŽ ƉĂƌĂ / d&͘
70
/ŵƉƌĞƐƐŝŽŶĂ ƉŽƌ ƐĞƵ ǀŽůƵŵĞ ŵƵƐĐƵůĂƌ Ğ ĞdžĐĞůġŶĐŝĂ Ğŵ WƐ͘ W ^ dd Z Ġ Ƶŵ ƚŽƵƌŽ ĐŽŵƉƌŝĚŽ Ğ ƉƌŽĨƵŶĚŽ ƋƵĞ ŐĂƌĂŶƚĞ ƌĞŶĚŝŵĞŶƚŽ ĚĞ ĐĂƌĐĂĕĂ ŶĂ ƐƵĂ ƉƌŽĚƵĕĆŽ͘ Žŵ ĨĞƌͲ ƚŝůŝĚĂĚĞ ƐƵƉĞƌŝŽƌ Ğŵ ƐġŵĞŶ͕ Ġ ƵŵĂ ĨĞƌƌĂŵĞŶƚĂ ŐĞŶĠƚŝĐĂ ĚĞ ŵƵŝƚĂ ĐĂƌŶĞ Ğ ſƚŝŵŽƐ ŶƷŵĞƌŽƐ ĚĞ ĚĞƐĞŵƉĞŶŚŽ͘ ZĞŐ͗ ϭϰϰϮϯϬϰ ƌŝĂĚŽƌ͗ ƌŽǁŶ &ĂŵŝůLJ 'ĞŶĞƚŝĐƐ͕ dŚƌŽĐŬŵŽƌƚŽŶ͕ dy ĂƚĂ EĂƐĐ͗͘ ϭϱͬϬϮͬϮϬϭϯ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗ Z W ͛^ ϬϳͬϮϬϭϳ
K^ WDz^ ĐĐ͘ й dKW
&W нϭϮ ͘ϱϮ ϭϱ
ĞĐŬƚŽŶ EĞďƵůĂ DϬϰϱ ĞĐŬƚŽŶ EĞďƵůĂ W WϳϬϳ ĞĐŬƚŽŶ >ĂŶĂ DϴϬϵ W ƌŽǁŶ ZĞǀĞůĂƚŝŽŶ WϳϬϮϭ ƌŽǁŶ DƐ ZĞǀĞůĂƚŝŽŶ hϳϳϰϴ ƌŽǁŶ DƐ ďďLJ Wϳϵϰϰ
ϯϯ͕ϭϴ ŬŐ͘ ͬ d Ϯϴϯ͕ϭϴ ŬŐ͘ ͬ d ϰϭϭ͕ϴϮ ŬŐ͘ ͬ d ϯϰ Ͳ WZK h K W W WE нϭϬϲ нϲϭ Ͳϱ͘ϴ ͘ϳϬ ͘ϳϬ ͘ϳϲ ϭϬ
> нϮϰ ͘ϰϴ
D нϰ ͘ϭϳ
D d ZE > /&E &WDd нϭϯ нϰ ͘ϯϯ ͘ϱϮ
WZ нϭϴ ͘ϰϯ ϭ
D нϭ͘ϭϲ ͘ϰϬ ϯ
Z Ͳ͘Ϭϱ ͘ϯϲ
ZĞĚ ŶŐƵƐ Ͳ DĠĚŝĂƐ ĚĂ ZĂĕĂ Ͳ :ƵůŚŽ ϮϬϭϳ &W͗ нϱ ͮ WE͗ Ͳϭ͘ϲ ͮ W ͗ нϱϵ ͮ W ͗ нϵϭ ͮ >͗ нϮϭ ͮ D͗ нϭ ͮ /&E͗ нϭϭ ͮ &WDd͗ нϰ ͮ WZ͗ нϭϬ ͮ D ͗ н͘ϰϲ ͮ Z ͗ нϬ͘ϬϮ ͮ W ͗ нϮϮ ͮ K> ͗ н͘ϭϯ ͮ '͗ н͘ϬϬ
ϰϮ ϯ
Z W K> нϮϱ н͘ϰϱ ͘ϱϯ ͘ϯϰ
' н͘ϬϬϭ ͘ϰϰ
Z E'h^ ϳ Zϲϲ
([FOXVLYH
>^& Z y >h^/s Ϯϳϵϯ
70
ZĞŐ͗ ϭϱϱϭϯϮϱ Ͳ ZĞŐ͘ EĂĐ͗ , / ϭϱϰϴ ƌŝĂĚŽƌ͗ ƌŽǁŶ &ĂŵŝůLJ 'ĞŶĞƚŝĐƐ͕ dŚƌŽĐŬŵŽƌƚŽŶ͕ dy ĂƚĂ EĂƐĐ͗͘ ϮϲͬϬϮͬϮϬϭϮ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗
ĞĐŬƚŽŶ EĞďƵůĂ W WϳϬϳ ƌŽǁŶ WĂƌĂŵŽƵŶƚ yϳϴϳϵ ƌŽǁŶ ĞƐƚŝŶĂƚŝŽŶ dϳϲϲϰ
ϯϲ ŬŐ͘ ͬ d ϯϭϬ ŬŐ͘ ͬ d ϱϰϬ ŬŐ͘ ͬ d ϯϳ Đŵ͘ ϱ͘Ϯ
>: DŝƐƐŝŽŶ ^ƚĂƚĞŵĞŶƚ WϮϳ ƌŽǁŶ DƐ DŝƐƐŝŽŶ ^ƚŵƚ tϳϱϮϱ ƌŽǁŶ DƐ ŚĞLJĞŶŶĞ ^ϳϲϭϭ
/ŶĚŝĐĂĚŽ ƉĂƌĂ ŶŽǀŝůŚĂƐ͘ MƚŝŵŽ ƐĞůŽ ƌĂĐŝĂů͘
KĨĞƌĞĐĞ Ƶŵ ƉĂĐŽƚĞ ĚĞ WƐ ĞƐƉĞƚĂĐƵůĂƌĞƐ ĚĞ ĨĂĐŝůŝĚĂĚĞ ĚĞ ƉĂƌƚŽ͕ ƉĞƐŽ ĂŽ ŶĂƐĐĞƌ͕ ŐĂŶŚŽ ĂĐĞůĞƌĂͲ ĚŽ ĚĞ ƉĞƐŽ Ğ ŵĂƌŵŽƌĞŝŽ͕ ĂůŝĂĚŽƐ Ă Ƶŵ ĨĞŶſƚŝƉŽ ŝŵƉĞĐĄǀĞů͘ y >h^/s Ġ ŚĂƌŵƀŶŝĐŽ͕ ƉƌŽĨƵŶĚŽ͕ ŵƵŝƚŽ ĨŽƌƚĞ Ğ ĐŽŵ Ž ƉĂĚƌĆŽ ƌĂĐŝĂů ƋƵĞ Ž ZĞĚ ŶŐƵƐ ďƵƐĐĂ͘ Z W ͛^ ϬϳͬϮϬϭϳ
K^ WDz^ ĐĐ͘ й dKW
&W нϯ ͘ϱϴ
WZK h K W WE нϱϮ Ͳϯ͘ϴ ͘ϳϮ ͘ϳϴ
W нϳϵ ͘ϳϮ
> нϭϱ ͘ϱϯ
D нϭ ͘ϭ
D d ZE > /&E &WDd нϭϰ нϰ ͘ϴ ͘ϱϰ
D нϭ͘ϰϭ ͘ϯϳ ϭ
WZ нϭϯ ͘ϰ ϭϱ
Z н͘Ϭϴ ͘ϯϱ
Z W K> нϭϮ Ͳ͘ϭϯ ͘ϱϰ ͘ϯϮ
ZĞĚ ŶŐƵƐ Ͳ DĠĚŝĂƐ ĚĂ ZĂĕĂ Ͳ :ƵůŚŽ ϮϬϭϳ &W͗ нϱ ͮ WE͗ Ͳϭ͘ϲ ͮ W ͗ нϱϵ ͮ W ͗ нϵϭ ͮ >͗ нϮϭ ͮ D͗ нϭ ͮ /&E͗ нϭϭ ͮ &WDd͗ нϰ ͮ WZ͗ нϭϬ ͮ D ͗ н͘ϰϲ ͮ Z ͗ нϬ͘ϬϮ ͮ W ͗ нϮϮ ͮ K> ͗ н͘ϭϯ ͮ '͗ н͘ϬϬ
ϰϯ
' н͘ϬϬϭ ͘ϰϯ
Z E'h^ ϳ Zϲϴ
&RURQDGR
ZKtE KZKE K ϳϮϲϲ
70
ZĞŐ͗ ϭϱϱϬϱϰϯ Ͳ ZĞŐ͘ EĂĐ͗ , / ϭϱϰϳ ƌŝĂĚŽƌ͗ ƌŽǁŶ &ĂŵŝůLJ 'ĞŶĞƚŝĐƐ͕ dy ĂƚĂ EĂƐĐ͗͘ ϬϴͬϬϮͬϮϬϭϮ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗
>: >ĂŶĐĞƌ ϴϬϲ >: DŝƐƐŝŽŶ ^ƚĂƚĞŵĞŶƚ WϮϳ >: ,ĂŶŶĂŚ ϭϬϲ
ϯϳ ŬŐ͘ ͬ d Ϯϱϱ ŬŐ͘ ͬ d ϰϬϱ ŬŐ͘ ͬ d ϯϳ Đŵ͘ ϱ͘Ϭ
ϱ> ĞƐƚŝŶĂƚŝŽŶ ϴϵϯͲϲϮϭϱ ƌŽǁŶ DƐ ĞƐƚŝŶĂƚŝŽŶ dϳϲϯϰ ƌŽǁŶ DƐ ŚĞƌŽŬĞĞ Wϳϵϭϲ
WƌŽĚƵnj ĐĂƌŶĞ ĚĞ ƋƵĂůŝĚĂĚĞ͘ WŽƐƐƵŝ ƐĞůŽ ĚĞ ĨĞƌƚŝůŝĚĂĚĞ͘
^ƵĂ ƉƌŽĚƵĕĆŽ Ġ ĚĞ ĨĄĐŝů ƚĞƌŵŝŶĂĕĆŽ͕ ŐƌĂŶĚĞ ƋƵĂůŝĚĂĚĞ Ğ ƌĞŶĚŝŵĞŶƚŽ ĚĞ ĐĂƌĐĂĕĂ͘ KZKE K ƚĞŵ ĨŽƌƚĞ ĞƐƚƌƵƚƵƌĂ ſƐƐĞĂ͕ ƉĞůĂŵĞ ƚŽƚĂůŵĞŶƚĞ ĂĚĂƉƚĂĚŽ ĂŽ ŶŽƐƐŽ ĐůŝŵĂ͕ Ğ ŵƵŝƚŽ ǀŽůƵŵĞ ĚĞ ŵƷƐĐƵůŽ Ğŵ ƐĞƵ ƚƌĞŵ ƉŽƐƚĞƌŝŽƌ͘
Z W ͛^ ϬϳͬϮϬϭϳ
K^ WDz^ ĐĐ͘ й dKW
&W нϱ ͘ϰϬ
WZK h K W WE нϱϱ ͲϮ͘ϯ ͘ϱϮ ͘ϲϬ
W нϴϵ ͘ϱϬ
> нϮϴ ͘Ϯϲ ϮϬ
D нϮϯ ͘ϯϮ
D d ZE > /&E &WDd нϭϳ нϭ ͘ϯϯ ͘ϰϭ ϭϬ
WZ нϭϱ ͘ϰϱ ϭϬ
D н͘ϲϰ ͘ϰϯ
Z Ͳ͘Ϯϱ ͘ϯϱ ϭϬ
ZĞĚ ŶŐƵƐ Ͳ DĠĚŝĂƐ ĚĂ ZĂĕĂ Ͳ :ƵůŚŽ ϮϬϭϳ &W͗ нϱ ͮ WE͗ Ͳϭ͘ϲ ͮ W ͗ нϱϵ ͮ W ͗ нϵϭ ͮ >͗ нϮϭ ͮ D͗ нϭ ͮ /&E͗ нϭϭ ͮ &WDd͗ нϰ ͮ WZ͗ нϭϬ ͮ D ͗ н͘ϰϲ ͮ Z ͗ нϬ͘ϬϮ ͮ W ͗ нϮϮ ͮ K> ͗ н͘ϭϯ ͮ '͗ н͘ϬϬ
ϰϰ
Z W K> нϮϬ н͘ϳϴ ͘ϰϭ ͘ϯϴ ϭϬ
' Ͳ͘ϬϬϭ ͘ϰϯ
7LQWR
Z E'h^ Zϭϯϱ
d/EdK
ZĞŐ͗ , WK ϭϴϯϳϰϴ ƌŝĂĚŽƌ͗ ŐƌŽEĞŵŝƚnj͕ DĂŶŽĞů sŝĂŶĂ͕ Z^ ĂƚĂ EĂƐĐ͗͘ ϭϮͬϬϴͬϮϬϭϰ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗
dƌĞƐ DĂƌŝĂƐ ϱϴϯϵ Yh Z ,K dƌĞƐ DĂƌŝĂƐ ϲϵϮϳ WƵĐĂƌĄ dƌĞƐ DĂƌŝĂƐ ϱϰϵϰ ^ Z d Z/
ϰϬ ŬŐ͘ Ϯϭϱ ŬŐ͘ ϰϱϱ ŬŐ͘ ϯϳ Đŵ͘ Eͬ
WĂƐƚŽƌŝnjĂ ϱϲϱ Z/ >ŝŶĚşƐƐŝŵĂ K ϯϵ ĂƌƚŽůŽŵĠ ƌŝŐĂĚŝĞƌ /ŶŚĂŶĚƵ ϭϱϬ Ăƌƚ
d/EdK
ĞĐĂ ϭ ƉĂƌĂ şŶĚŝĐĞ ĨŝŶĂů ŶŽ WZKD K͘ /ŶĚŝĐĂĚŽ ƉĂƌĂ / d&͘
džĐĞůĞŶƚĞ ŽƉĕĆŽ Ğŵ ǀĞƌŵĞůŚŽ ƉŽƌ ƐĞ ƚƌĂƚĂƌ ĚĞ Ƶŵ ƌĞƉƌŽĚƵƚŽƌ ĚĞ ſƚŝŵĂ ĐĂƌĂĐƚĞƌŝnjĂĕĆŽ ƌĂĐŝͲ Ăů͕ ŐƌĂŶĚĞ ǀŽůƵŵĞ ĐŽƌƉŽƌĂů͕ ĨŽƌƚĞ ĞƐƚƌƵƚƵƌĂ ſƐƐĞĂ Ğ ŵĂŐŶşĨŝĐĂƐ WƐ͘ d/EdK ƉŽƐƐƵŝ ƵŵĂ ĨĞƌͲ ƚŝůŝĚĂĚĞ ƐƵƉĞƌŝŽƌ Ğŵ ƉƌŽŐƌĂŵĂƐ ĚĞ /d &͘
K^ WZKD K Ͳ ϭϰͬϬϱͬϮϬϭϱ
K^ K^
'E ͲϬ͘Ϯϴ ϲ
'E^ ^ нϬ͘ϴϴ н͘ϭϮ ϱ Ϯ
W^ н͘Ϯϵ ϭ
D^ /E & н͘ϯϲ нϭϭ͘ϬϬ ϭ ϭ
ZĞĚ ŶŐƵƐ Ͳ DĠĚŝĂƐ ĚĂ ZĂĕĂ Ͳ :ƵůŚŽ ϮϬϭϳ &W͗ нϱ ͮ WE͗ Ͳϭ͘ϲ ͮ W ͗ нϱϵ ͮ W ͗ нϵϭ ͮ >͗ нϮϭ ͮ D͗ нϭ ͮ /&E͗ нϭϭ ͮ &WDd͗ нϰ ͮ WZ͗ нϭϬ ͮ D ͗ н͘ϰϲ ͮ Z ͗ нϬ͘ϬϮ ͮ W ͗ нϮϮ ͮ K> ͗ н͘ϭϯ ͮ '͗ н͘ϬϬ
ϰϱ
d/EdK
5HQHZDO
Z E'h^ ϳ ZϳϮ
ZKtE y Z E t > ϭϵϱϭ WĞƌĨĞŝƚŽ ƉĂƌĂ ĂĐĂƐĂůĂƌ ĐŽŵ ĨŝůŚĂƐ ĚĞ ŽǀĞŶĂŶƚ Ğ ^ƵŶ <ŝŶŐ͘ /ŶĚŝĐĂĚŽ ƉĂƌĂ ŶŽǀŝůŚĂƐ͘
70
Žŵ ŵƵŝƚĂ ƉƌŽĨƵŶĚŝĚĂĚĞ Ğ ƉƵƌĞnjĂ ƌĂĐŝĂů͕ Z E t > Ġ ƵŵĂ ſƚŝŵĂ ŽƉĕĆŽ ƉĂƌĂ ŶŽǀŝůŚĂƐ ƉŽŝƐ Ġ ƵŵĂ ĨĞƌƌĂŵĞŶƚĂ ŐĞŶĠƚŝĐĂ ƉĂƌĂ ĨĂĐŝůŝĚĂĚĞ ĚĞ ƉĂƌƚŽ Ğ ŐĂŶŚŽ ĂĐĞůĞƌĂĚŽ ĚĞ ƉĞƐŽ͘
ZĞŐ͗ ϭϲϭϮϳϯϮ ƌŝĂĚŽƌ͗ Z͘ ͘ ƌŽǁŶ ZĂŶĐŚ͕ dy ĂƚĂ EĂƐĐ͗͘ ϭϱͬϬϮͬϮϬϭϯ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗ Z W ͛^ ϬϳͬϮϬϭϳ
K^ WDz^ ĐĐ͘ й dKW
&W нϭϮ ͘ϯϮ ϭϬ
& ^ĞƋƵŽLJĂ Ϭϯϲϭ ,ƵƐƚ ŚŝĞĨ ^ĞƋƵŽLJĂ Zϯϯϲ > ZĞďĞůůĂ EĂϭϮϯ ĞĐŬƚŽŶ EĞďƵůĂ W WϳϬϳ ƌŽǁŶ D^ WϳϬϳ zϳϳϯϳ ƌŽǁŶ DƐ DŝƐƐŝŽŶ ^ƚĂƚĞŵĞŶƚ h
Ϯϴ͕ϭϴ ŬŐ͘ ͬ ƌĂƚŝŽ ϴϲ ϮϳϮ͕Ϯϳ ŬŐ͘ ͬ ƌĂƚŝŽ ϵϱ ϰϴϰ͕Ϭϵ ŬŐ͘ ͬ ƌĂƚŝŽ ϵϲ Eͬ Eͬ WZK h K W WE нϲϲ Ͳϱ͘ϵ ͘ϯϯ ͘ϰϱ Ϯ
W нϵϴ ͘ϯϱ
> нϮϮ ͘Ϯϳ
D нϲ ͘ϰ
D d ZE > /&E &WDd нϭϯ нϯ ͘Ϯϲ ͘ϯϲ ϮϬ
WZ нϭϲ ͘ϰϮ Ϯ
D н͘ϳϰ ͘Ϯϴ ϭϬ
Z Ͳ͘Ϭϱ ͘Ϯϭ
(IILFLHQW
Z E'h^ ϳ Zϳϳ
Z W K> нϭϵ н͘Ϯϳ ͘ϯϬ ͘ϮϮ
' н͘ϬϬ ͘Ϯϯ
ZKtE &W &&/ / Ed ϱϰϱϰ /ŶĚŝĐĂĚŽ ƉĂƌĂ ŶŽǀŝůŚĂ͘ ƋƵŝůşďƌŝŽ Ğ ĐŽŶƐŝƐƚġŶĐŝĂ͘
dŽƵƌŽ ƋƵĞ ƐĞ ĚĞƐƚĂĐĂ Ğŵ ƚŽĚĂƐ ĂƐ ĐĂƌĂĐƚĞƌşƐƚŝĐĂƐ ĚĞ ƉƌŽͲ ĚƵĕĆŽ ĚĞ ĐĂƌŶĞ ĚĞ ƋƵĂůŝĚĂĚĞ͕ Ğŵ Ƶŵ ĨĞŶſƚŝƉŽ ŵƵŝƚŽ ĂƚƌĂͲ ƚŝǀŽ ƉĂƌĂ Ž ZĞĚͲ ŶŐƵƐ͘ &&/ / Ed Ġ ŚĂƌŵƀŶŝĐŽ͕ ĐŽŵƉƌŝĚŽ͕ ĐŽŵ ŽƐƐŽƐ ĨŽƌƚĞƐ Ğ Ƶŵ ǀĞƌŵĞůŚŽ ŵƵŝƚŽ ĐŽŶƐŝƐƚĞŶƚĞ͘ ZĞŐ͗ ϯϰϵϳϬϯϵ ƌŝĂĚŽƌ͗ Θ &ĂŵŝůLJ WĂƌƚŶĞƌƐ͕ >ƚĚ͘ ĂŶĚ Z͘ ͘ ƌŽǁŶ ZĂŶĐŚ͕ dy ĂŶĚ ƌŽŝƐƐĂŶƚ ZĞĚ ŶŐƵƐ͕ K Ͳ ĂƚĂ EĂƐĐ͗͘ ϬϭͬϬϯͬϮϬϭϱ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗ Z W ͛^ ϬϳͬϮϬϭϳ
K^ WDz^ ĐĐ͘ й dKW
&W нϭϮ ͘ϯϭ ϭϬ
ĞĐŬƚŽŶ EĞďƵůĂ W WϳϬϳ ƌŽǁŶ :z: ZĞĚĞŵƉƚŝŽŶ zϭϯϯϰ :z: DƐ :ŽůĞŶĞ tϭϲ > ŚĞLJĞŶŶĞ ϮϮϭ> ƌŽǁŶ DƐ ŚĞLJĞŶŶĞ dϲϵϳϲ ƌŽǁŶ DƐ sĂĐĂƚŝŽŶ Wϲϴϰϭ
ϯϳ͕Ϯϳ ŬŐ͘ ͬ d ϯϮϮ͕ϳϯ ŬŐ͘ ͬ d ϱϬϯ͕ϲϰ ŬŐ͘ ͬ d ϯϱ Đŵ ϰ͘ϵ WZK h K W W WE нϭϯϭ нϳϱ Ͳϯ͘ϭ ͘Ϯϵ ͘ϯϭ ͘ϯϱ ϭϬ ϭ
> нϮϭ ͘Ϯϱ
D нϴ ͘ϭϬ
D d ZE > /&E &WDd нϭϮ нϲ ͘Ϯϵ ͘ϯϲ
WZ нϭϵ ͘ϰϭ ϭ
D н͘ϳϮ ͘ϯϯ ϭϱ
Z н͘ϭϭ ͘Ϯϱ
ZĞĚ ŶŐƵƐ Ͳ DĠĚŝĂƐ ĚĂ ZĂĕĂ Ͳ :ƵůŚŽ ϮϬϭϳ &W͗ нϱ ͮ WE͗ Ͳϭ͘ϲ ͮ W ͗ нϱϵ ͮ W ͗ нϵϭ ͮ >͗ нϮϭ ͮ D͗ нϭ ͮ /&E͗ нϭϭ ͮ &WDd͗ нϰ ͮ WZ͗ нϭϬ ͮ D ͗ н͘ϰϲ ͮ Z ͗ нϬ͘ϬϮ ͮ W ͗ нϮϮ ͮ K> ͗ н͘ϭϯ ͮ '͗ н͘ϬϬ
ϰϲ ϯ
Z W K> нϰϰ н͘Ϯϯ ͘Ϯϲ ͘Ϯϵ ϯ
' н͘ϬϮ ͘ϯϬ
+DUUÂ
Z E'h^ Zϳϯϭ
W/ Z/d ϳϯϭ H dK , ZZ|
ZĞŐ͗ , ϳϴϳϴϰϱ Ͳ ZĞŐ͘ EĂĐ͗ , / ϭϯϵϴ ƌŝĂĚŽƌ͗ ĂďĂŶŚĂ >Ă WŝĞĚƌŝƚĂ ĂƚĂ EĂƐĐ͗͘ ϭϰͬϬϴͬϮϬϭϬ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗
& < ŚĞƌŽŬĞĞ EzE ϰϵϭϮ > &ŝĞůĚ ĂLJ ϲϭϰE > WƌŝŶĐĞƐƐ ů Ϭϵϵ ůŐƵŝů ϴϴϵ ,ĞƌĐƵůĞƐ Ͳ d HĂƚĂ Ϯϳϯ ,ĞƌĐƵůĞƐ ŽƉ ZŽď ϭϱϵ HĂƚĂ ϭϱϵ ŽƉƉĞƌ ZŽď ϭϵ Ͳ d
ϯϱ ŬŐ͘ ͬ d Ϯϵϵ ŬŐ͘ ͬ d ϳϲϬ ͬ d ϯϵ͘ϴ Đŵ ϱ͘ϱ
/ŶĚŝĐĂĚŽ ƉĂƌĂ ŶŽǀŝůŚĂƐ͘ ƌŽĚƵnj ĂŶŝŵĂŝƐ ĚĞ ĞůŝƚĞ͘ W
^ƵĂ ƉƌŽĚƵĕĆŽ ƐĞ ĐŽŶƐĂŐƌŽƵ ŶŽƐ ƌĞŵĂƚĞƐ ĚŽƐ ƉƌŝŶĐŝƉĂŝƐ ĐƌŝĂĚŽƌĞƐ ĚĞ ŶŐƵƐ sĞƌŵĞůŚŽƐ ŶĂ ƌŐĞŶƚŝŶĂ Ğ ŶŽ ƌĂƐŝů͕ ĐŽŵŽ ƚĂŵďĠŵ ŶĂƐ ĨĞŝƌĂƐ Ğ ĞdžƉŽƐŝĕƁĞƐ ĚĞƐƚĞƐ ƉĂşƐĞƐ͘ ^ƵĂƐ ĨŝůŚĂƐ ƐĆŽ ĨĞŵŝŶŝŶĂƐ ĐŽŵ ŵƵŝƚĂ ƉƌĞĐŽĐŝĚĂĚĞ͕ ŚĂƌŵŽŶŝĂ Ğ ďĞůŽ ƐĞůŽ ƌĂĐŝĂů͘ ^ĞƵƐ ĨŝůŚŽƐ ũĄ ĐŽŵŽ ƚŽƵƌŽƐ ƉŽƐƐƵĞŵ ĨŽƌƚĞ ĞƐƚƌƵƚƵƌĂ ſƐƐĞĂ͕ ƐĆŽ ŵƵƐĐƵůŽƐŽƐ Ğ ƉƌŽĨƵŶĚŽƐ͘ Z Ͳ ƌŐĞŶƚŝŶĂ W ͛^ Ͳ :ƵůŚŽ ϮϬϭϱ
K^ WDz^ ĐĐ͘ й dKW
WE ͲϬ͘ϰ ͘ϵϮ
W нϵ͘Ϭ ͘ϴϯ
W& нϭϯ͘ϳ ͘ϲϭ
> нϮ͕ϲ ͘ϯϰ
W нϬ͘ϵ ͘ϴϭ
>d нϭ͘ϱ ͘ϵϮ
ZĞĚ ŶŐƵƐ Ͳ DĠĚŝĂƐ ĚĂ ZĂĕĂ Ͳ :ƵůŚŽ ϮϬϭϳ &W͗ нϱ ͮ WE͗ Ͳϭ͘ϲ ͮ W ͗ нϱϵ ͮ W ͗ нϵϭ ͮ >͗ нϮϭ ͮ D͗ нϭ ͮ /&E͗ нϭϭ ͮ &WDd͗ нϰ ͮ WZ͗ нϭϬ ͮ D ͗ н͘ϰϲ ͮ Z ͗ нϬ͘ϬϮ ͮ W ͗ нϮϮ ͮ K> ͗ н͘ϭϯ ͮ '͗ н͘ϬϬ
ϰϳ
, ZZ|
&UXLVH
Z E'h^ ϳ EϬϬϳ
t Zh/^ ϭϬϳ ϯ
ZĞŐ͗ ZϭϬϮϵϯϰϱϳ ƌŝĂĚŽƌ͗ ůĂĐŬǁĂƚĞƌ ĂƚƚůĞ ŽŵƉĂŶLJ ĂƚĂ EĂƐĐ͗͘ ϭϵͬϭϬͬϮϬϭϰ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗
D ůĞŐŝĚŽ ϵϮϰtϲ t ƌƵŝƐĞ ϴϴϵ Ϯϴ t DƐ >ĞĂĚ 'ƵŶ ϴϴϵtϮϲ
ϯϳ͕ϳϯ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϬϳ Ϯϳϴ͕ϲϰ ŬŐ͘ ͬ ƌĂƚŝŽ ϵϬ ϱϬϮ͕Ϯϳ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϬϭ ϯϱ͕ϲ Đŵ͘ ϲ͕Ϯ
D ZŽĐŬ ^ƚĂƌ ϵϮϰhϲ t DƐ ZŽĐŬ ^ƚĂƌ ϭϬϳ ϳ t DƐ ZĞĂů ĞĂů ϭϬϳhϯ
WĞĚŝŐƌĞĞ ĚĞ ƉĞƐŽ͘ WƵƌĞnjĂ ƌĂĐŝĂů Ğ ŵƵŝƚĂ ƉƌĞĐŽĐŝĚĂĚĞ͘ hŵ ƉĞĚŝŐƌĞĞ ĚĞ ŵƵŝƚĂ ĐŽŶƐŝƐƚġŶĐŝĂ Ğ ŝŵƉŽƌƚąŶĐŝĂ ĚĞŶƚƌŽ ĚŽ ƌĂŶŐƵƐ͘ Zh/^ ƉŽƐƐƵŝ ĞdžĐĞͲ ůĞŶƚĞƐ ŶƷŵĞƌŽƐ Ğŵ ƐƵĂƐ WƐ Ğ Ƶŵ ĨĞŶſƚŝƉŽ ƋƵĞ ŝŵƉƌĞƐƐŝŽŶĂ͘ DƵŝƚŽ ĐŽƌƌĞƚŽ ĚĞ ƉƌĞƉƷĐŝŽ͕ ƉƌĞĐŽĐĞ͕ ĐŽŵ ĞdžĐĞůĞŶƚĞ ůŽŵďŽ͕ ŝŶƐĞƌĕĆŽ ĚĞ ĐŽůĂ͕ Ğ ĚĞ ŵƵŝƚĂ ƉƵƌĞnjĂ ƌĂĐŝĂů Ͳ ƚƵĚŽ ŝƐƐŽ ƐƵƐƚĞŶƚĂĚŽ ƉŽƌ ĞƐƚƌƵƚƵƌĂ ſƐƐĞĂ ŝŶĐƌşǀĞů͘
/ W ͛^ Ͳ :hE,K ϮϬϭϳ
K^ &W WDz^ нϭ͘ϲ ĐĐ͘ ͘ϯϴ й dKW
WE нϭ͘Ϯ ͘ϱϬ
W нϯϱ ͘ϰϮ ϮϬ
W нϲϯ ͘ϯϯ ϮϬ
> нϱ ͘Ϯϱ
Dd &WD нϮϮ нϱ͘ϵ ͘Ϯϱ
W Ͳ͘ϭϮ ͘ϰϯ
K> н͘ϱϱ ͘ϰϰ ϮϬ
'/D Ͳ͘Ϭϭ ͘ϯϱ
' Ͳ͘Ϭϭϲ ͘ϰϮ
ƌĂŶŐƵƐ Ͳ DĠĚŝĂƐ ĚĂ ZĂĕĂ :ƵŶŚŽ ϮϬϭϳ &W͗ нϰ͘Ϭ ͮ WE͗ нϬ͘ϵ ͮ W ͗ нϮϯ͘ϵ ͮ W ͗ нϰϰ͘ϵ ͮ >͗ нϵ͘Ϯ ͮ Dd͗ нϰ͘ϭ ͮ &WD͗ нϮϭ͘Ϯͮ W ͗ нϬ͘ϰϯ ͮ K>͗ нϬ͘ϯϯ ͮ '/D͗ нϬ͘Ϭϰ ͮ '͗ Ͳ͘ϬϰϬ
ϰϵ
3DVVSRUW
Z E'h^ ϳ Eϰ
^ ZK Zd^ W ^^WKZd ϰϬϵhϯ &ŝůŚŽ ĚĞ ƵŵĂ ĚĂƐ ŵĞůŚŽƌĞƐ ǀĂĐĂƐ ĚŽ ƌĞďĂŶŚŽ ƌŝŶŬƐ͘ džĐĞůĞŶƚĞ ƚĞŵƉĞƌĂŵĞŶƚŽ͘
dŽƵƌŽ ĚĞ ŵƵŝƚŽ ďŽĂ ĐĂďĞĕĂ͕ ĨŽƌƚĞ ĚĞ ŽƐƐĂƚƵƌĂ͕ ůĂƌŐŽ ĚĞ ŐĂͲ ƌƵƉĂ͕ ƋƵĞ ĐĂŵŝŶŚĂ Ğŵ ſƚŝŵŽƐ ĂƉƌƵŵŽƐ Ğ Ġ ĐŽƌƌĞƚşƐƐŝŵŽ ĚĞ ƉƌĞƉƷĐŝŽ͘ ^ƵĂ ƉƌŽĚƵĕĆŽ Ġ ĐŽŶƐŝƐƚĞŶƚĞ Ğ ĚĞ ĂůƚŽ ĚĞƐĞŵƉĞŶŚŽ͘
ZĞŐ͗ , ϭϬϭϮϯϭϱϯ ƌŝĂĚŽƌ͗ ZŽďĞƌƚƐ ZĂŶĐŚ͕ dy ĂŶĚ ^ŽƵƚŚĞƌŶ ĂƚƚůĞ Ž͕͘ &> ĂƚĂ EĂƐĐ͗͘ ϭϰͬϬϰͬϮϬϬϴ
ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗
>ĞĂĚ 'ƵŶ ŽĨ ƌŝŶŬƐ ϮϮϮ<ϭϰ ,ĞŶĚĞƌƐŽŶ ŽĨ ƌŝŶŬƐ ϯϬ^ϳ D^ ƌŝŶŬƐ ^ŽŶĂƌ ^ϬWϭϯ ^ƵŶĚĂŶĐĞ ŽĨ ƌŝŶŬƐ ϯϵϮ'ϵ ^ƵŶŶLJ ^ŚĂƋ ϰϬϵͬϯ DŝƐƐ ƌŝŶŬƐ ^ŚĂƋ ϰϬϵ&ϲ
ϰϬ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϬϱ Ϯϲϭ͕ϴϮ ŬŐ͘ ͬ ƌĂƚŝŽ ϵϵ ϰϰϮ͕Ϯϳ ŬŐ͘ ͬ ƌĂƚŝŽ ϵϵ Ͳ Ͳ
, E Z^KE K& Z/E<^ ϯϬ^ϳ Ͳ W / W ^^WKZd
/ W ͛^ Ͳ :hE,K ϮϬϭϳ
K^ &W WDz^ нϭ͘ϰ ĐĐ͘ ͘ϯϵ й dKW
WE нϬ͘ϱ ͘ϱϮ
W нϴ ͘ϰϯ
W > нϰϰ нϭϭ ͘ϬϯϮ ͘ϯϬ
Dd &WD нϮϯ нϯ͘ϱ ͘ϯϭ
W н͘ϱϱ ͘ϯϰ
K> н͘ϯϬ ͘ϰϯ
'/D н͘ϬϮ ͘ϯϰ
' Ͳ͘Ϭϱϭ ͘ϰϬ ϭϱ
6DUDQG\
Z E'h^ EϬϲϬϯ
^ Z E z džĐĞůĞŶƚĞƐ ĂƚƌŝďƵƚŽƐ ĐĂƌŶŝĐĞŝƌŽƐ͘ MƚŝŵŽ ƚĞŵƉĞƌĂŵĞŶƚŽ͘
hƚŝůŝnjĂĚŽ Ğŵ ŐƌĂŶĚĞ ĞƐĐĂůĂ ƉĂƌĂ Ă ƉƌŽĚƵĕĆŽ ĚĞ ďĞnjĞƌƌŽƐ͕ ƐƵĂ ƉƌŽŐġŶŝĞ Ġ ŵƵŝƚŽ ƉĂĚƌŽŶŝnjĂĚĂ Ğ ĚĞ ĞdžĐĞůĞŶƚĞƐ ŶƷŵĞͲ ƌŽƐ ĚĞ ĚĞƐĞŵƉĞŶŚŽ͘
ZĞŐ͗ 'Ϭϭϱϵ ƌŝĂĚŽƌ͗ ĚƵĂƌĚŽ DĂĐĞĚŽ >ŝŶŚĂƌĞƐ ĂƚĂ EĂƐĐ͗͘ ϬϭͬϬϵͬϮϬϭϬ
ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ
&KdK͗ ůĞdžĂŶĚƌĞ dĞŝdžĞŝƌĂ ^ƚĞĨĂŶŝ
^s D^ DĂŝŶůŝŶĞ Ͳ ϯϭ ϰ Ͳ / Ͳ ϰϴϳ͘ϱϴϭ >ĂƐ >ŝůĂƐ ϵϯϬϱ KƌŽƐĐŽ >ĂƐƉŝƵƌ ϵϯϵϱ Ͳ Ͳ ϭϭϮ͘ϴϮϮ >ĂƐ >ŝůĂƐ ϬϮϴϭϴ >ĂƐƉŝƵƌ ϭϭϵϵϴϱ Ͳ ZDϯϴϬϲͲϯϬ Ͳ ϯϴ ' W ϭϬϮϰ Ͳ ϭϬϮϰ Ͳ ϯϴ Ͳ ϴϲϱ Z W͘ DƷůƚŝƉůŽƐ Ͳ ϯϴ K^ WZKD K Ͳ ϭϰͬϬϱͬϮϬϭϱ
K^ WE 'E 'E^ K^ нϮ͘ϭϰ нϰ͘ϴϴ нϳ͘ϬϮ ϯ ϭ ϭ
^ н͘ϮϬ ϭ
W^ н͘ϭϰ Ϯ
D^ н͘ϭϵ Ϯ
/E & нϭϮ͘ϴϱ ϭ
ƌĂŶŐƵƐ Ͳ DĠĚŝĂƐ ĚĂ ZĂĕĂ :ƵŶŚŽ ϮϬϭϳ &W͗ нϰ͘Ϭ ͮ WE͗ нϬ͘ϵ ͮ W ͗ нϮϯ͘ϵ ͮ W ͗ нϰϰ͘ϵ ͮ >͗ нϵ͘Ϯ ͮ Dd͗ нϰ͘ϭ ͮ &WD͗ нϮϭ͘Ϯͮ W ͗ нϬ͘ϰϯ ͮ K>͗ нϬ͘ϯϯ ͮ '/D͗ нϬ͘Ϭϰ ͮ '͗ Ͳ͘ϬϰϬ
ϱϬ ϯ
^ Z E z
,SKRQH
Z E'h^ EϬϱϵ
/W,KE ĞĐĂ ϭ ƉĂƌĂ şŶĚŝĐĞ ĨŝŶĂů͘ ^ġŵĞŶ ĚĞ ĂůƚşƐƐŝŵĂ ĨĞƌƚŝůŝĚĂĚĞ͘ džƚƌĞŵŽ ǀŽůƵŵĞ ŵƵƐĐƵůĂƌ͕ ŵƵŝƚŽ ƉƌŽĨƵŶĚŽ͕ ĐŽŵƉƌŝĚŽ ĚĞ ĂƉƌƵŵŽƐ Ğ ƉƌĞƉƷĐŝŽƐ ĐŽƌƌĞƚşƐƐŝŵŽƐ͘ /W,KE ƉŽƐƐƵŝ WƐ ĞdžĐĞůĞŶƚĞƐ Ğ Ƶŵ ĨĞŶſƚŝƉŽ ŵƵŝƚŽ ĂƚƌĂƚŝǀŽ ƉĂƌĂ ƌĞďĂŶŚŽƐ ŵĂŝƐ ĂnjĞďƵĂĚŽƐ͘ ĐƌĞƐĐĞŶƚĂ ǀŽůƵŵĞ Ğ ƚĂŵĂŶŚŽ ŵŽĚĞƌĂĚŽ ă ƉƌŽĚƵĕĆŽ͘ ZĞŐ͗ W^ ϴϵ͘ϵϬϵ ƌŝĂĚŽƌ͗ ' W 'ĞŶĠƚŝĐĂ ŐƌŽƉĞĐĄƌŝĂ ĂƚĂ EĂƐĐ͗͘ ϭϬͬϬϰͬϮϬϭϱ
' W ^ϱϬϱͬϬϭ ;ϯͬϴͿ ' W EŝŶũĂ ;ϯͬϴͿ ϮϮϳϴϬϱ' W ;ϯͬϴͿ ^͘ ŝďŝĂŶŽ ϯϲϬϵͬϬϳ ;ϯͬϴͿ 'ϬϳϮϲϭϬ ' W ;ϯͬϴͿ hϭϰϴϬϬϮ' W ;ϯͬϴͿ
/W,KE
' E^z^ Ͳ :h>,K ϮϬϭϱ
K^ WDz^
'WE нϲ͘ϯϱ ϭ
'W ^ нϴ͘ϲϲ ϭ
'WE^ ϭϱ͘ϬϬ ϭ
W / ϭ͘Ϭϳ ϭ
W /W Ϭ͘ϯϴ ϯ
/E ϭϭ͘ϯϬ ϭ
/E & ϭϳ͘ϲϱ ϭ
<RXWXEH
Z E'h^ EϬϲϱ
zKhdh ĞĐĂ ϭ ƉĂƌĂ şŶĚŝĐĞ ĨŝŶĂů͘ &ĞƌƚŝůŝĚĂĚĞ ĞdžĐĞƉĐŝŽŶĂů͘
ĞƐƚĂĐĂͲƐĞ ƉŽƌ ƐƵĂ ƋƵĂůŝĚĂĚĞ ƌĂĐŝĂů͘ ŵƵŝƚŽ ĐŽƌƌĞƚŽ Ğŵ ƐƵĂ ůŝŶŚĂ ƐƵƉĞƌŝŽƌ͕ ŚĂƌŵƀŶŝĐŽ͕ ƉƌŽĨƵŶĚŽ Ğ ĐŽŵƉƌŝĚŽ͘ WŽƐͲ ƐƵŝ ůŝŵƉĞnjĂ ĚĞ ƉƌĞƉƷĐŝŽ͕ ƉŽƌĠŵ ŶĆŽ ƉĞƌĚĞ Ă ĐĂƌĂĐƚĞƌşƐƚŝĐĂ ĚĞ ͞ĐŽƵƌŽ ƐŽůƚŽ͘͟ zKhdh ƵŵĂ ĨĞƌƌĂŵĞŶƚĂ ŐĞŶĠƚŝĐĂ ƉĂƌĂ ƌĞďĂŶŚŽƐ ŵĂŝƐ ďƌŝƚąŶŝĐŽƐ͘ ZĞŐ͗ W^ ϭϬϮ͘ϭϳϱ ƌŝĂĚŽƌ͗ ' W 'ĞŶĠƚŝĐĂ ŐƌŽƉĞĐĄƌŝĂ ĂƚĂ EĂƐĐ͗͘ ϬϱͬϬϴͬϮϬϭϯ
' W ^ϱϬϱͬϬϭ ;ϯͬϴͿ ' W EŝŶũĂ ;ϯͬϴͿ ϮϮϳϴϬϱ' W ;ϯͬϴͿ ' W ϳϮϯͬϬϲ ;ϯͬϴͿ 'ϬϯϴϲϭϬ ' W ;ϯͬϴͿ ϬϴϴϴϬϳ' W ;ϯͬϴͿ ' E^z^ Ͳ :h>,K ϮϬϭϱ
K^ WDz^
'WE нϲ͘ϯϴ ϭ
'W ^ нϱ͘ϲϬ ϭ
'WE^ ϭϭ͘ϵϵ ϭ
W / ϭ͘ϲϱ ϭ
W /W Ϭ͘ϴϰ ϭ
/E ϭϴ͘ϯϱ ϭ
/E & ϮϬ͘ϱ ϭ
ƌĂŶŐƵƐ Ͳ DĠĚŝĂƐ ĚĂ ZĂĕĂ :ƵŶŚŽ ϮϬϭϳ &W͗ нϰ͘Ϭ ͮ WE͗ нϬ͘ϵ ͮ W ͗ нϮϯ͘ϵ ͮ W ͗ нϰϰ͘ϵ ͮ >͗ нϵ͘Ϯ ͮ Dd͗ нϰ͘ϭ ͮ &WD͗ нϮϭ͘Ϯͮ W ͗ нϬ͘ϰϯ ͮ K>͗ нϬ͘ϯϯ ͮ '/D͗ нϬ͘Ϭϰ ͮ '͗ Ͳ͘ϬϰϬ
ϱϭ ϯ
zKhdh
=ROWDU
Z Z E'h^ ϳZ Ϭϱ
dZ/KΖ^ > K K>d Z ϭϳϱ Ϯ WĞĚŝŐƌĞĞ ĂďĞƌƚŽ͕ ſƚŝŵĂ ŽƉĕĆŽ ĚĞ ǀĞƌŵĞůŚŽ͘ džĐĞůĞŶƚĞƐ WƐ Ğ ƵŵĂ ĨŽƌƚĞ ĞƐƚƌƵƚƵƌĂ͘
MƚŝŵĂ ŽƉĕĆŽ ĚĞ ŐĞŶĠƚŝĐĂ ŶŽ ƌĂŶŐƵƐ sĞƌŵĞůŚŽ͘ Ž ƋƵĞ Ă ƌĂĕĂ ƉƌĞĐŝƐĂ ƉĂƌĂ Ăďƌŝƌ ůŝŶŚĂŐĞŶƐ ǀĞƌŵĞůŚĂƐ ĐŽŵ ƋƵĂůŝĚĂĚĞ ĐĂƌŶŝĐĞŝƌĂ Ğ ŵƵŝƚĂ ĞůĞŐąŶĐŝĂ͘ Žŵ ƐĞůŽ ƌĂĐŝĂů͕ ĐŽƌƌĞĕĆŽ ĚĞ ƉƌĞƉƷĐŝŽ Ğ ĞdžĐĞůĞŶƚĞ ĞƐƚƌƵƚƵƌĂ ſƐƐĞĂ͘ ZĞŐ͗ ZZϭϬϮϮϮϵϮϮ ƌŝĂĚŽƌ͗ dƌŝŽ ĂƚƚůĞ Θ 'ĞŶĞƚŝĐƐ >> ĂŶĚ &ĂďŝĂŶ ĂůĂŶĚƌĂŶŽ͕ dy ĂƚĂ EĂƐĐ͗͘ ϭϰͬϬϯͬϮϬϭϮ
ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗
y džĐĂůŝďĞƌ ϭϵͬD >ĂnjLJ ϯ ^ƚĂƚĞŵĂŶ ϭϬϬ^ DŝƐƐ < ŚĂƉƐ ϭϬϬW /// ZĞĚ dŽƉ ϰϴϮͬϭ /// DŝƐ &ĂŶĐLJ ϭϳϱͬϰ DŝƐƐ /ǀĞLJ Ϭϭϳϱ
ϯϯ͕ϲϰ ŬŐ͘ ͬ d ϯϬϱ ŬŐ͘ ͬ d ϱϯϰ͕ϱϱ ŬŐ͘ ͬd ϯϳ Đŵ͘ Eͬ
K>d Z
/ W ͛^ Ͳ :hE,K ϮϬϭϳ
K^ &W WDz^ нϮ͘ϵ ĐĐ͘ ͘Ϯϰ й dKW
WE нϭ͘ϵ ͘ϯϮ
W нϮϴ ͘Ϯϯ
W нϰϯ ͘Ϭϵ
> нϭϭ ͘ϭϬ
Dd &WD нϮϱ нϰ͘Ϭ ͘ϭϲ
Z Z E'h^ Z ϲϳϮ
W Ͳ͘ϭϮ ͘Ϭϰ
K> н͘Ϯϰ ͘Ϭϲ
'/D Ͳ͘ϬϮ ͘Ϭϯ
' Ͳ͘Ϭϯϱ ͘Ϭϰ
&RULQJD
DZ ϬͬϲϳϮ KZ/E' 'ƌĂŶĚĞ ĐĂŵƉĞĆŽ ƉƌŽĚƵnjŝŶĚŽ ŐƌĂŶĚĞƐ ĐĂŵƉĞƁĞƐ͘ /ŶĚŝĐĂĚŽ ƉĂƌĂ ŶŽǀŝůŚĂƐ͘ ^ƵĂ ƉƌŽĚƵĕĆŽ Ɛſ ĐŽŶĨŝƌŵŽƵ Ž ƋƵĞ ƐĞŵƉƌĞ ǀŝŵŽƐ Ğ ĞƐƉĞͲ ƌĄǀĂŵŽƐ ĚĞ KZ/E' ͕ ƉĂŝ ĚĞ ŐƌĂŶĚĞ ĐŽŶƐŝƐƚġŶĐŝĂ Ğ ŝŵͲ ƉŽƌƚąŶĐŝĂ ŐĞŶĠƚŝĐĂ͘ KZ/E' ũĄ ƉƌŽĚƵnj ĂŶŝŵĂŝƐ ƋƵĞ ƐĞ ĚĞƐƚĂĐĂŵ Ğŵ ƉŝƐƚĂ Ğ Ğŵ ĚĞƐĞŵƉĞŶŚŽ͘ ^ƵĂ ƉƌŽĚƵĕĆŽ Ġ ŵƵŝƚŽ ƉƌĞĐŽĐĞ ĐŽŵ ĂůƚŽ ƉŽƚĞŶĐŝĂů ĐĂƌŶŝĐĞŝƌŽ Ğ ŝŵƉĞĐĄǀĞů ƐĞůŽ ƌĂĐŝĂů͘ ZĞŐ͗ ϳϭϵϴϯ ƌŝĂĚŽƌ͗ EĞůƐŽŶ ĚĞ ůǀĂƌĞŶŐĂ DĂƌŝĂŶŽ ĚĂ ZŽĐŚĂ ĂƚĂ EĂƐĐ͗͘ ϮϯͬϬϴͬϮϬϭϬ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗
ϯϲ ŬŐ͘ Ϯϲϲ͕ϵϳ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϬϴ͕ϱϮ ϱϴϴ͕ϲϰ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϭϮ͕ϴϮ ϰϱ Đŵ͘ ϱ͘Ϭ
ƌƵĐĞƐ ŽŶ ĚĚŽŶ ; ĂĚĞŶĂůͿ dƌĞƐ ƌƵĐĞƐ ĂƌĚĞŶĂů ϰϯϭϮ d dƌĞƐ ƌƵĐĞƐ ŽŶ ƌŶĞƐƚŽ ϯϬϯϬ ZĞƉ DƷůƚŝƉůŽƐ Ͳ ϯϯ DZ ϱͬϵϲϮ ZĞďĂŶŚŽ ϲϭϭ
W Z&/> /' E/dz :h>,K ϮϬϭϱ
D K> ' Z Yh >͘ dy & Zd͘ &WD ͘ ͘Z ^͘ 'WD K^ нϱ нϲ нϱ нϲ нϱ нϰ нϲ нϲ нϱ D / нϱ͘ϵϴ нϰ͘ϳϱ нϰ͘ϵϲ нϱ͘ϯϴ нϱ͘ϵϬ нϱ͘ϳϱ нϰ͘ϲϯ нϱ͘ϯϳ нϱ͘ϭϬ ƌĂŶŐƵƐ Ͳ DĠĚŝĂƐ ĚĂ ZĂĕĂ :ƵŶŚŽ ϮϬϭϳ &W͗ нϰ͘Ϭ ͮ WE͗ нϬ͘ϵ ͮ W ͗ нϮϯ͘ϵ ͮ W ͗ нϰϰ͘ϵ ͮ >͗ нϵ͘Ϯ ͮ Dd͗ нϰ͘ϭ ͮ &WD͗ нϮϭ͘Ϯͮ W ͗ нϬ͘ϰϯ ͮ K>͗ нϬ͘ϯϯ ͮ '/D͗ нϬ͘Ϭϰ ͮ '͗ Ͳ͘ϬϰϬ
ϱϮ ϯ
&/>,K^ KZ/E'
7RS 6KHOI
, Z &KZ ϳ,WϭϬϴ
d, ϳϭ/ dKW ^, >& ϱϬϰy d /ŶĚŝĐĂĚŽ ƉĂƌĂ / d&͘ /ŶĚŝĐĂĚŽ ƉĂƌĂ ŶŽǀŝůŚĂƐ͘
70
ĞƐĞŵƉĞŶŚŽ ƉƌŽǀĂĚŽ ƉŽƌ ŐĂŶŚŽ ĂĐĞůĞƌĂĚŽ ĚĞ ƉĞƐŽ͘ ^ƵĂ ƉƌŽĚƵĕĆŽ ƐĞ ĚĞƐƚĂĐŽƵ ƉŽƌ ĚĞƐŵĂŵĂƌ ďĞnjĞƌƌŽƐ ƉĞƐĂĚŽƐ Ğ ĚĞ ŵƵŝƚŽ ƉĂĚƌĆŽ ƌĂĐŝĂů͘ dKW ^, >& ƉŽƐƐƵŝ ƐĞůŽ ĚĞ ĨĞƌƚŝůŝĚĂĚĞ Ğŵ ƐĞƵ ƐġŵĞŶ͘
ZĞŐ͗ WϰϯϭϮϮϴϱϭ Ͳ ZĞŐ͘ EĂĐ͗ , / ϲϬϰ ƌŝĂĚŽƌ͗ dŽƉƉ ,ĞƌĞĨŽƌĚƐ͕ E ĂƚĂ EĂƐĐ͗͘ ϬϰͬϬϰͬϮϬϭϬ
ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗
,ZW d,D sŝĐƚŽƌ ϭϬϵt ϵϯϮϵ Z& :tZ WƌŝŶĐĞ sŝĐƚŽƌ ϳϭ Z,& ϵϲϰ sŝĐƚƌĂ ϰϬϱϳ E:t ϭz tƌĂŶŐůĞƌ ϭϵ E Z ϭϵ ŽŵŝŶĞƚƚĞ ϭϮϮ < Z ŽŵŝŶĞƚƚĞ ϵϭϭϮ
ϯϲ ŬŐ͘ ͬ d Ϯϱϱ ŬŐ͘ ͬ d ϰϮϬ ŬŐ͘ ͬ d ϰϯ Đŵ͘ ϲ͘ϯ
D Ͳ E Z ϭϵ KD/E dd ϭϮϮ
W , W ͛^ Ͳ :h>,KͬϮϬϭϳ
K^ &W нϰ͘ϴ WDz^ ĐĐ͘ ͘ϰϭ й dKW
WE Ͳ͘Ϯ ͘ϳϴ
W нϰϯ ͘ϳϭ
W нϲϳ ͘ϲϵ
> нϮϱ ͘ϯϰ
Dd &W& нϰϳ н͘ϳ ͘ϱϬ
W н͘ϵ ͘ϱϯ
' Ͳ͘Ϭϭϲ ͘ϰϲ
K> н͘ϭϳ ͘ϰϳ
D Ͳ͘ϬϮ ͘ϯϴ
([FHGH
, Z &KZ ϳ,Wϭϭϲ
DK,/ E d,D y ϰϮϲ ĞnjĞƌƌŽƐ ĚĞ ĨĄĐŝů ŶĂƐĐŝŵĞŶƚŽ ĐŽŵ ŵƵŝƚŽ ǀŝŐŽƌ͘ džĐĞůġŶĐŝĂ Ğŵ ĨĞŶſƚŝƉŽ ĐŽŵ WƐ ĞƐƉĞƚĂĐƵůĂƌĞƐ͘
dŽƉ ĚĂ ƌĂĕĂ Ğŵ ƋƵĂƐĞ ƚŽĚĂƐ ĂƐ ĐĂƌĂĐƚĞƌşƐƚŝĐĂƐ͕ Ž ƋƵĞ ƚŽƌͲ ŶĂ y Ƶŵ ƚŽƵƌŽ ƐĞŵ ĚƷǀŝĚĂ ĂůŐƵŵĂ ƐƵƉĞƌŝŽƌ Ğ ŝŵƉŽƌͲ ƚĂŶƚĞ Ğŵ ƋƵĂůƋƵĞƌ ƉůĂŶƚĞů ,ĞƌĞĨŽƌĚ͘ WƌŽĚƵnjŝƵ ĨŝůŚĂƐ ŝŶĐƌşͲ ǀĞŝƐ ŶĂ DĞĂĚ ĂƚƚůĞ ' ͕ ƐĞŶĚŽ ĞůĂƐ ĂƐ ƉƌŝŶĐŝƉĂŝƐ ĚŽĂĚŽƌĂƐ͕ ĐŽŵ ĞdžĐĞůĞŶƚĞƐ ƷďĞƌĞƐ Ğ ƉŝŐŵĞŶƚĂĕĆŽ ĚĞƐĞũĂĚĂ ŶĂ ƌĂĕĂ͘ ZĞŐ͗ ϰϯϮϵϮϵϰϵ ƌŝĂĚŽƌ͗ DĞĂĚ ĂƚƚůĞ͕ ' ĂƚĂ EĂƐĐ͗͘ ϮϰͬϬϰͬϮϬϭϮ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗
d, ϭϮϮ ϳϭ/ sŝĐƚŽƌ ϳϭϵd d, ϭϯϯh ϳϭϵd hƉĚŐƌĂĚĞ ϲϵy d, ϭϰ^ ϭϬϯZ DĞŐĂŶ ϭϯϯh < & ĞŶŶĞƚƚ ϯϬϬϴ DϯϮϲ E:t DϯϮϲ hŶĨŽƌŐĞƚƚĂďůĞ ϳϲt d E:t WϲϬϲ ϳϮE ĂLJĚƌĞĂŵ ϳϯ^
ϯϯ͕ϭϴ ŬŐ͘ ͬ d ϯϬϯ͕ϭϴ ŬŐ͘ ͬ d Ͳ Ͳ Ͳ
W , W ͛^ Ͳ :h>,KͬϮϬϭϳ
K^ &W нϳ͘ϰ WDz^ ĐĐ͘ ͘ϯϵ й dKW Ϯ
WE Ͳϭ͘Ϭ ͘ϳϭ Ϯ
W нϲϱ ͘ϱϱ ϯ
W нϭϬϳ ͘ϱϰ ϯ
> нϮϴ ͘Ϯϰ ϮϬ
Dd &W& нϲϭ нϭ͘ϴ ͘ϯϮ ͘ ϱ
W нϮ͘Ϭ ͘ϮϮ ϭ
' н͘ϬϬϰ ͘ϰϰ
K> н͘ϭϱ ͘ϰϱ
D н͘ϬϮ ͘ϯϲ
,ĞƌĞĨŽƌĚ Ͳ :ƵůŚŽ ϮϬϭϳ &W͗ нϭ͘Ϯ ͮ WE͗ нϯ͘Ϯ ͮ W ͗ нϰϵ ͮ W ͗ нϳϵ ͮ >͗ нϮϭ ͮ Dd͗ нϰϲͮ &W&͗ нϭ͘ϰ ͮ W ͗ нϬ͘ϵ ͮ '͗ н͘ϬϬϰ ͮ K>͗ н͘ϯϯ ͮ D ͗ н͘Ϭϴ
ϱϰ ϯ
'XH 1RUWK
, Z &KZ ϳ,Wϭϭϱ
d, ϰϬϵ ϰϳϱ h EKZd, ϯϲϭ d
ZĞŐ͗ ϰϯϱϵϲϵϲϯ ƌŝĂĚŽƌ͗ dŽƉƉ ,ĞƌĞĨŽƌĚƐ͕ E ĂƚĂ EĂƐĐ͗͘ ϭϰͬϬϭͬϮϬϭϱ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗
d, ϮϮϯ ϳϭů sŝĐƚŽƌ ϳϱϱd d, ϴϵd ϳϱϱd ^ƚŽĐŬŵĂŶ ϰϳϱ d, ϭϲ' ϮϬE 'ĞŵŝŶŝ ϴϵd
ϯϯ͕ϯϲ ŬŐ͘ ͬ ƌĞů͘ ϵϳ ϯϰϯ͕ϲϰ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϭϭ ϱϲϭ͕ϴϮ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϬϱ ϯϳ Đŵ͘ ϱϱ͘ϱ ƉŽů͘
d, ϳϭh ϳϭϵd DZ ,ĞƌĞĨŽƌĚ ϭϭy d, ϰϵh ϭϭy ƵĐŚĞƐƐ ϰϬϵ d, Ϯϯ^ ϭϬϯZ ƵĐŚĞƐƐ ϰϵh
'ĂŶŚŽ ĚĞ ƉĞƐŽ ĂĐĞůĞƌĂĚŽ͘ DŽĚĞƌĂĕĆŽ Ğ ſƚŝŵĂƐ WƐ͘
dŽƵƌŽ͕ ƉƌŽĨƵŶĚŽ͕ ŚĂƌŵƀŶŝĐŽ͕ ŵŽĚĞƌĂĚŽ͕ ĨŽƌƚĞ Ğŵ ĞƐƚƌƵƚƵƌĂ ſƐƐĞĂ͕ ŵƵŝƚŽ ǀŽůƵŵĞ ŵƵƐĐƵůĂƌ Ğ ĚĞ Ƶŵ ĨĞŶſƚŝƉŽ ŝŶĐƌşǀĞů͘ ^ƵĂƐ WƐ ĚĞ ĚĞƐĞŵƉĞŶŚŽ ŶŽƐ ŐĂƌĂŶƚĞ ƵŵĂ ĨĞƌƌĂŵĞŶƚĂ ŐĞŶĠƚŝĐĂ ĐŽŵƉůĞƚĂ ƉĂƌĂ ŽƐ ŵĂŝƐ ĞdžŝŐĞŶƚĞƐ ƌĞďĂŶŚŽƐ ĚĂ ƌĂĕĂ͘
W , W ͛^ Ͳ :h>,KͬϮϬϭϳ
K^ &W нϮ͘ϳ WDz^ ĐĐ͘ W й dKW
WE нϮ͘ϯ ͘ϯϯ
W нϲϭ ͘Ϯϴ ϭϬ
W нϵϴ ͘ϯϬ ϭϬ
> нϮϱ ͘ϭϰ
Dd &W& нϱϲ Ͳ͘ϯ W ϭϱ
W н͘ϱ ͘ϮϬ ϭϱ
' н͘ϬϰϬ ͘Ϯϴ
K> н͘ϱϳ ͘Ϯϳ ϭϱ
D н͘ϭϳ ͘Ϯϰ
,ĞƌĞĨŽƌĚ Ͳ :ƵůŚŽ ϮϬϭϳ &W͗ нϭ͘Ϯ ͮ WE͗ нϯ͘Ϯ ͮ W ͗ нϰϵ ͮ W ͗ нϳϵ ͮ >͗ нϮϭ ͮ Dd͗ нϰϲͮ &W&͗ нϭ͘ϰ ͮ W ͗ нϬ͘ϵ ͮ '͗ н͘ϬϬϰ ͮ K>͗ н͘ϯϯ ͮ D ͗ н͘Ϭϴ
ϱϱ
0DUDJDWR
, Z &KZ ,WϮϲϴϴ
dKW ^^ D Z ' dK ϭ WƌŽĚƵĕĆŽ ĚĞ ĂůƚĂ ƉĞƌĨŽƌŵĂŶĐĞ͘ WƌŽĚƵnj ĐĂŵƉĞƁĞƐ Ğŵ ƉŝƐƚĂ ĚĞ ŐƌĂŶĚĞ ĚĞƐĞŵƉĞŶŚŽ͘ 'ĂŶŚĂĚŽƌ ĚĂ WƌŽǀĂ ĚĞ WƌŽŐġŶŝĞ ĚĂ džƉŽƐŝĕĆŽ EĂĐŝŽŶĂů ĚĞ ,ĞƌĞĨŽƌĚ Ğŵ ϮϬϭϳ͕ Ž ƋƵĞ ĐŽŵƉƌŽǀĂ Ž ǀĂůŽƌ ŐĞŶĠƚŝĐŽ ƋƵĞ D Z ' dK ĐĂƌƌĞŐĂ͘ Žŵ ƉŝŐŵĞŶƚĂĕĆŽ ŽĐƵůĂƌ Ğ ƚĞƐƚŝĐƵůĂƌ͕ ŽƐƐŽƐ ĨŽƌƚĞƐ͕ ďŽŵ ĐŽŵƉƌŝŵĞŶƚŽ͕ Ğ ĐŽŵ ƵŵĂ ŐƌĂŶĚĞ ĞdžƉƌĞƐͲ ƐĆŽ ĚĞ ŵĂĐŚŽ͘ ^ƵĂ ĐŽŶĨŽƌŵĂĕĆŽ ĞƋƵŝůŝďƌĂĚĂ Ğ Ă ĐŽůŽƌĂĕĆŽ ƉĞƌĨĞŝƚĂ ƐĆŽ Ž ƋƵĞ Ă ƌĂĕĂ ƉƌĞĐŝƐĂ͘ ZĞŐ͗ , ϬϮϯϳϰϲϵ WƌŽƉƌŝĞƚĄƌŝŽ͗ ĂďĂŶŚĂ dŽƵƌŽ WĂƐƐŽ Ğ &ĂnjĞŶĚĂ Ϯ ͘ ĂƚĂ EĂƐĐ͗͘ ϬϳͬϬϮͬϮϬϭϭ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗
t < ŶĨŽƌĐĞƌ ϯE dŽƉĂƐƐ ĞƚĞŶƚŽ ϯϱ ;DĂŵĆŽͿ dŽƉĂƐƐ EĞǁ ŐĞ dŽƉĂƐƐ &ƌĞĞ tĂLJ Ϯ dŽƉĂƐƐ DƵĐĂŵĂ ϭ dŽƉĂƐƐ :ĂƌĚŝŶĞŝƌĂ ϭϰ
ϯϬ ŬŐ͘ ϰϬϰ ŬŐ͘ ϱϬϱ ŬŐ͘ ϯϳ Đŵ͘ ϲ͘Ϭ
W͛^
WE Ϭ͕Ϯϳ
W Ϭ͕Ϭϴ
W^ ϯ͕ϮϮ
&/>,K D Z ' dK
ůƚƵƌĂ͗ ϭ͕ϰϲ dſƌĂdž͗ Ϯ͕ϱϬŵ ŽŵƉƌŝŵĞŶƚŽ͗ ϭ͕ϵϬŵ WĞƐŽ͗ ϭϬϴϬ ŬŐ ,ĞƌĞĨŽƌĚ͗ W ϰϯ
K^ yWK/Ed Z ϮϬϭϰ
'W ϯ͕ϭϴ
=RUUR
, Z &KZ ,WϴϮϴϭ
KZZK WƌŽĚƵnj ĂŶŝŵĂŝƐ ĚĞƐƚĂĐĂĚŽƐ ƉĂƌĂ ƉŝƐƚĂ͘ WŽƚĞŶĐŝĂů ŐĞŶĠƚŝĐŽ ĐŽŵƉƌŽǀĂĚŽ ƉŽƌ ŐƌĂŶĚĞ ƉƌŽĚƵĕĆŽ͘ ^ƵĂ ƉƌŽĚƵĕĆŽ Ġ Ă ĚĞƐƚĂƋƵĞ ŶĂ ĂďĂŶŚĂ ^ĆŽ &ĞƌŶĂŶĚŽ͕ ŽŶͲ ĚĞ Ă ƉŽŶƚĂ ĚĂ ƐĞůĞĕĆŽ ĚĞ ƉŝƐƚĂ Ġ ƵŵĂ ƚĞƌŶĞŝƌĂ ĨŝůŚĂ ĚĞ KZZK ƋƵĞ ũĄ ǀĞŵ ďƌŝůŚĂŶĚŽ ŶĂƐ ƉƌŝŶĐŝƉĂŝƐ ĞdžƉŽƐŝĕƁĞƐ ĚĂ ƌĂĕĂ͘ ^ƵĂ ƉƌŽŐġŶŝĞ ƉŽƐƐƵŝ ŐƌĂŶĚĞ ĞƐƚƌƵƚƵƌĂ ſƐƐĞĂ Ğ ŵƵƐͲ ĐƵůĂƌ͕ ĨŽƌƚĞ ƉŝŐŵĞŶƚĂĕĆŽ͕ ĞdžĐĞůĞŶƚĞ ƉĂĚƌĆŽ ƌĂĐŝĂů Ğ ŐƌĂŶĚĞ ĚĞƐĞŵƉĞŶŚŽ͘ ZĞŐ͗ , ϬϮϰϬϯϴϱ ƌŝĂĚŽƌ͗ :ŽĆŽ ^ŽƵnjĂ ĂǀĂůĐĂŶƚŝ Ͳ ĂďĂŶŚĂ ^ĆŽ &ĞƌŶĂŶĚŽ͕ Z^ ĂƚĂ EĂƐĐ͗͘ ϮϬͬϭϬͬϮϬϭϮ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗
^ƚŽĐŬĞƌ ϰϵϯĐ ϭϯϳ ^ƚŽĐŬĞƌ ϲϲϲϮ DŝƐƐ džƚĞŶĚĞĚ ϰ, ϭϭϲϮ WĂĐĞŵĂŬĞƌ ŽŶĚ >ƵŝnjĂ DŝƐƐ EŽďůĞŵĂŶ Ϭϵϱϴ >ƵŝnjĂ DŝƐƐ EŽďůĞŵĂŶ ϬϱϬϬ
ϯϰ ŬŐ͘ ͬ d ϯϬϬ ŬŐ͘ ͬ d ϱϮϬ ŬŐ͘ ͬ d ϰϭ Đŵ͘ ŶͬĚ
W ͛^ Ͳ :hE,KͬϮϬϭϱ
K^ WDz^ ĐĐ͘ й dKW
/Y' нϮ͘ϰϴ
WE Ͳ͘ϭϮ
W нϳ͘ϭϴ
W^ нϭϰ͘ϵϯ
'W нϱ͘ϱϱ
W н͘ϰϭ
ϭ
ϭϬ
ϭ
ϭ
ϰ
ϱ
,ĞƌĞĨŽƌĚ Ͳ :ƵůŚŽ ϮϬϭϳ &W͗ нϭ͘Ϯ ͮ WE͗ нϯ͘Ϯ ͮ W ͗ нϰϵ ͮ W ͗ нϳϵ ͮ >͗ нϮϭ ͮ Dd͗ нϰϲͮ &W&͗ нϭ͘ϰ ͮ W ͗ нϬ͘ϵ ͮ '͗ н͘ϬϬϰ ͮ K>͗ н͘ϯϯ ͮ D ͗ н͘Ϭϴ
ϱϲ ϯ
KZZK
'XUDQJR
, Z &KZ ϳ,WϭϬϱ
E:t ϵϴ^ hZ E'K ϰϰh
ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ
ZĞŐ͗ WϰϮϴϵϮϮϲϰ Ͳ ZĞŐ͘ EĂĐ͗ , ϱϯϮ ƌŝĂĚŽƌ͗ EĞĚ ĂŶĚ :ĂŶ tĂƌĚ͕ tz ĂƚĂ EĂƐĐ͗͘ ϭϰͬϬϮͬϮϬϬϴ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗
^ ŽŽŵĞƌ Ϯϵ& d,D ƵƌĂŶŐŽ ϰϬϯϳ d,D ϳϬϴϱ sŝĐƚƌĂ ϵϬϯϲ
ϯϯ͕ϯϲ ŬŐ͘ ͬ ƌĞů͘ ϵϳ ϯϰϯ͕ϲϰ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϭϭ ϱϲϭ͕ϴϮ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϬϱ ϯϳ Đŵ͘ ϱϱ͘ϱ ƉŽů͘
>ϭ ŽŵŝŶŽ ϵϭϮϲ: ϭ d E:t ϵϭϮϲ: t ŽŵŝŶŽ ϵϴ^ E:t ϱϳ' ϳϰ' t ϱD
D hZ E'K
/ŶĚŝĐĂĚŽ ƉĂƌĂ ŶŽǀŝůŚĂƐ͘ /ŶĚŝĐĂĚŽ ƉĂƌĂ ĂƐ ŵĞůŚŽƌĞƐ ĚŽĂĚŽƌĂƐ ĚĞ ĞŵďƌŝƁĞƐ͘
DƵŝƚŽ ŵƷƐĐƵůŽ͕ ĐŽŵƉƌŝŵĞŶƚŽ͕ ƉƌŽĨƵŶĚŝĚĂĚĞ͕ ůĂƌŐƵƌĂ Ğ ŶƷŵĞƌŽƐ ĚĞ WƐ ĞdžĐĞƉĐŝŽŶĂŝƐ͘ EŽͲ ďƌĞnjĂ Ğŵ ƐĞƵ ƚŝƉŽ ƌĂĐŝĂů Ğ ŶĂ ĨŽƌŵĂ ƋƵĞ ĐĂŵŝŶŚĂ͘ hZ E'K ĐŽŶƚŝŶƵĂ ƐĞŶĚŽ ƐĞŵ ĚƷǀŝĚĂ ĂůŐƵŵĂ Ž ƚŽƵƌŽ ŵĂŝƐ ĐŽŵƉůĞƚŽ ƉĂƌĂ ĂĐĂƐĂůĂŵĞŶƚŽƐ ƐƵƉĞƌŝŽƌĞƐ ƚŽĚĂƐ ĂƐ ĐĂƚĞŐŽƌŝĂƐ͘
W , W ͛^ Ͳ :h>,KͬϮϬϭϳ
K^ &W нϴ͘ϭ WDz^ ĐĐ͘ ͘ϲϮ й dKW ϭ
WE н͘ϱ ͘ϵϭ ϭϬ
W нϱϲ ͘ϴϳ
W нϵϭ ͘ϴϳ
> нϯϳ ͘ϳϱ Ϯ
Dd &W& нϲϱ нϲ͘ϳ ͘ϱϮ ϯ ϭ
W нϭ͘ϭ ͘ϳϳ
' Ͳ͘ϬϮϳ ͘ϲϰ ϭϬ
K> н͘ϯϲ ͘ϲϲ
D Ͳ͘ϭϬ ͘ϲϭ
,ĞƌĞĨŽƌĚ Ͳ :ƵůŚŽ ϮϬϭϳ &W͗ нϭ͘Ϯ ͮ WE͗ нϯ͘Ϯ ͮ W ͗ нϰϵ ͮ W ͗ нϳϵ ͮ >͗ нϮϭ ͮ Dd͗ нϰϲͮ &W&͗ нϭ͘ϰ ͮ W ͗ нϬ͘ϵ ͮ '͗ н͘ϬϬϰ ͮ K>͗ н͘ϯϯ ͮ D ͗ н͘Ϭϴ
ϱϳ
&/>,K͕ Kz & dd> ͕ <z
5HGHHP
, Z &KZ ϳ,WϭϬϵ
<: ,s, ϯϯE Z D ϰϴϱd d dŽƵƌŽ ĐŽŵ ŵĂŝŽƌ ŝŶĨůƵġŶĐŝĂ ĚĂ ƌĂĕĂ Ğŵ ĞŶǀĞƌ͘ WƌŽĚƵnj ĐĂŵƉĞƁĞƐ͘ ^ƵĂ ƉƌŽĚƵĕĆŽ ƐĞ ĚĞƐƚĂĐĂ ŶĂƐ ƉŝƐƚĂƐ Ğ ŶŽ ĐĂŵƉŽ͘ ^ƵĂ ƉƌŽŐġͲ ŶŝĞ Ġ ŵŽĚĞƌĂĚĂ Ğ ĚĞ ŵƵŝƚĂ ĐůĂƐƐĞ ĐŽŵ ĂŶŝŵĂŝƐ ŵƵŝƚŽ ŵƵƐͲ ĐƵůŽƐŽƐ Ğ ĚĞ ĨŽƌƚĞ ĞƐƚƌƵƚƵƌĂ͘ hŵĂ ŝŶĚŝƐƉĞŶƐĄǀĞů ĨĞƌƌĂŵĞŶƚĂ ŐĞŶĠƚŝĐĂ ƉĂƌĂ ĂƐ ŵĞůŚŽƌĞƐ ĚŽĂĚŽƌĂƐ ĚŽƐ ƉůĂŶƚĞŝƐ ŵĂŝƐ ŝŵͲ ƉŽƌƚĂŶƚĞƐ ĚĂ ƌĂĕĂ͘ ZĞŐ͗ WϰϮϴϯϰϮϬϭ ƌŝĂĚŽƌ͗ :ĞŶƐĞŶ ƌŽƐ͕͘ <^͖ ŚƵƌĐŚŝůů ĂƚƚůĞ Ž͕͘ Dd ĂƚĂ EĂƐĐ͗͘ ϭϱͬϬϯͬϮϬϬϳ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗
< & ĞŶŶĞƚƚ ϯϬϬϴ DϯϮϲ ^,& ZĂĚĂƌ DϯϮϲ ZϭϮϱ ^,& WŽƐŝƚŝǀĞ DŝƐƐ ϳϯ Dϭϱ ,s, <ƌĞŵůŝŶ ϱϳ& ϭϬϴ< ,s, KŬƐĂŶĂ ϰ> ϯϯE ,s, 'ĞŶĞƚŝĐ YƵĞĞŶ ϱϯ, ϰ>
ϰϬ ŬŐ͘ ͬ d ϯϱϮ ŬŐ͘ ͬ d ϱϳϲ ŬŐ͘ ͬ d ϯϲ Đŵ͘ ϲ͘ϭ
&/>, Z D
W , W ͛^ Ͳ :h>,KͬϮϬϭϳ
K^ WDz^ ĐĐ͘ й dKW
&W Ͳϭ͘Ϭ ͘ϲϭ
WE нϯ͘ϴ ͘ϵϭ
W нϲϱ ͘ϴϴ Ϯ
W нϭϬϬ ͘ϴϴ ϭϬ
> нϮϮ ͘ϳϵ
Dd &W& нϱϰ нϯ͘ϰ ͘ϱϳ ϭϱ
W нϭ͘Ϯ ͘ϳϳ ϭϱ
' н͘Ϭϲϰ ͘ϳϮ
K> н͘ϲϬ ͘ϳϯ ϭϱ
D н͘ϭϬ ͘ϳϮ
SLFR
, Z &KZ ,WϭϬϱϳ
W/ K ^ĞŐƵŶĚŽ ĐŽůŽĐĂĚŽ ŶĂ W ϮϬϭϰͬϮϬϭϱ͘ dŽƵƌŽ ŶĂĐŝŽŶĂů ƚŽƚĂůŵĞŶƚĞ ĂĚĂƉƚĂĚŽ͘ dŽƵƌŽ ĚĞ ĞdžĐĞůĞŶƚĞ ĨĞŶſƚŝƉŽ͕ ĐŽŵƉƌŝĚŽ Ğ ƋƵĞ ǀĂŝ ƉƌŽĚƵnjŝƌ ĂŶŝŵĂŝƐ ĚĞ ĂůƚŽ ƌĞŶĚŝŵĞŶƚŽ ĚĞ ĐĂƌĐĂĕĂ͘ &ŽƌƚĞ ĚĞ ŽƐƐĂƚƵͲ ƌĂ ĐŽŵ ŝŵƉĞĐĄǀĞů ĐĂƉĂĐŝĚĂĚĞ ĚĞ ƐĞ ůŽĐŽŵŽǀĞƌ͕ Ġ ƉƌŽĨƵŶͲ ĚŽ Ğ ĚĞ ŵƵŝƚŽ ǀŽůƵŵĞ ŵƵƐĐƵůĂƌ͘ WƌŽǀĂĚŽ ĐŽŵŽ ĐĂƚĞŐŽƌŝĂ >/d ŶĂ W ŶŽ ƉĞƌşŽĚŽ ĚĞ ĂŐŽƐƚŽ ĚĞ ϮϬϭϰ Ă ĨĞǀĞƌĞŝƌŽ ĚĞ ϮϬϭϱ͘ ZĞŐ͗ DϭϬϱϳϭϯ'Z^ ƌŝĂĚŽƌ͗ ĂďĂŶŚĂ ^ĂŶƚĂ dĞƌĞnjĂ͕ ƌĂŵďĂƌĞ Ͳ Z^ ĂƚĂ EĂƐĐ͗͘ ϬϯͬϬϵͬϮϬϭϯ
'ƵĂƚĂŵďƵ ϭϲϬϬ dĂŶŶĂƚ 'ƵĂƚĂŵďƵ /ϭϬϱϮ
W/ K
' E^z^ ϮϬϭϯ
K^ WDz^
WE нϬ͘ϯϰ ϴ
' нϱ͘ϵϳ ϭ
нϬ͘ϮϬ ϭ
W нϬ͘Ϯϳ ϭ
D нϬ͘ϭϴ ϭ
d нϬ͘ϮϮ ϭ
h нϬ͘ϬϬ ϲ
W> ͲϬ͘ϬϮ ϰ
/E нϮϮ͘ϳϬ ϭ
,ĞƌĞĨŽƌĚ Ͳ :ƵůŚŽ ϮϬϭϳ &W͗ нϭ͘Ϯ ͮ WE͗ нϯ͘Ϯ ͮ W ͗ нϰϵ ͮ W ͗ нϳϵ ͮ >͗ нϮϭ ͮ Dd͗ нϰϲͮ &W&͗ нϭ͘ϰ ͮ W ͗ нϬ͘ϵ ͮ '͗ н͘ϬϬϰ ͮ K>͗ н͘ϯϯ ͮ D ͗ н͘Ϭϴ
ϱϴ ϯ
8OWUD
, Z &KZ ϳ,WϭϬϰ
' Z Z h>dZ ϴϬϵh /ŶĚŝĐĂĚŽ ƉĂƌĂ ŶŽǀŝůŚĂƐ͘ WƌŽĚƵnj ĂŶŝŵĂŝƐ ŵŽĚĞƌĂĚŽƐ Ğ ŵƵŝƚŽ ŵƵƐĐƵůŽƐŽƐ͘
dŽƵƌŽ ŵŽĚĞƌĂĚŽ Ğ ĞƋƵŝůŝďƌĂĚŽ͕ ĚĞ ƉĞůŽ ďĂŝdžŽ͕ ŵŽƐƚƌĂŶĚŽ ƚŽƚĂů ĂĚĂƉƚĂĕĆŽ ĂŽ ŶŽƐƐŽ ĐůŝŵĂ͘ h>dZ ƉƌŽĚƵnj ďĞnjĞƌƌŽƐ ĐŽŵ ŐĂŶŚŽ ĚĞ ƉĞƐŽ ǀĞůŽnj͘ ^ƵĂ ƉƌŽĚƵĕĆŽ Ġ ĐŽŶƐŝƐƚĞŶƚĞ Ğ ŵƵŝƚŽ ƉĂĚƌŽŶŝnjĂĚĂ͘ ZĞŐ͗ WϰϮϵϱϵϯϴϮ Ͳ ZĞŐ͘ EĂĐ͗ , / ϲϬϯ ƌŝĂĚŽƌ͗ 'ĞƌďĞƌ WŽůůĞĚ ,ĞƌĞĨŽƌĚƐ͕ /E ĂƚĂ EĂƐĐ͗͘ ϭϬͬϬϯͬϮϬϬϴ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗
ϯϯ ŬŐ͘ ͬ ƌĂƚŝŽ ϴϳ ϮϴϬ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϬϵ ϰϳϴ ŬŐ͘ ͬ ƌĂƚŝŽ ϵϱ ϯϲ Đŵ͘ ϱ͘ϰ
ZZ, DZ &Ğůƚ ϯϬϬϴ ^ĐŚƵͲ>Ăƌ ϱE ŽĨ ϵ> ϯϬϬϴ ^ĐŚƵͲ>Ăƌ ϵ> ŽĨϭ& ϴϮϭ &ĞůƚŽŶƐ ŽŵŝŶŽ ϳϳϰ 'ĞƌďĞƌ ϳϳϰ ůůĂ ϲϱϳ^ 'ĞƌďĞƌ ϭϮϭ ůůĂ ϯϭϵE
D Ͳ ' Z Z > E Θ dd> ͕ /E͘
W , W ͛^ Ͳ :h>,KͬϮϬϭϳ
K^ &W нϳ͘Ϯ WDz^ ĐĐ͘ ͘ϯϳ й dKW Ϯ
WE нϭ͘Ϭ ͘ϳϯ ϭϱ
W нϱϭ ͘ϲϲ
W нϴϬ ͘ϲϳ
> нϭϭ ͘ϯϱ
Dd &W& нϯϳ нϯ͘Ϯ ͘ϯϬ ϮϬ
W нϭ͘ϯ ͘ϯϴ ϭϬ
' н͘ϬϭϬ ͘ϱϬ
K> н͘ϭϮ ͘ϱϯ
D н͘ϰϰ ͘ϱϱ Ϯ
5HVRXUFH
, Z &KZ ϳ,WϭϭϮ
,z >/d Z ^KhZ ϯϯϭ /ŶĚŝĐĂĚŽ ƉĂƌĂ ŶŽǀŝůŚĂƐ͘ WĂĚƌŽŶŝnjĂ ƐĞƵ ƌĞďĂŶŚŽ͘
Ğ ĨĞŶſƚŝƉŽ ŝŵƉĞĐĄǀĞů Ğ ĐŽŵ ŶƷŵĞƌŽƐ ĚĞ WƐ ŝŵƉƌĞƐͲ ƐŝŽŶĂŶƚĞƐ͕ ƐƵĂ ƉƌŽĚƵĕĆŽ ƉŽƐƐƵŝ ĂůƚŽ ĚĞƐĞŵƉĞŶŚŽ͘ ^ƵĂƐ ĨŝͲ ůŚĂƐ ƐĆŽ ĞĨŝĐŝĞŶƚĞƐ͕ ĨĞŵŝŶŝŶĂƐ ĐŽŵ ŵƵŝƚŽ ďŽŶƐ ƷďĞƌĞƐ͖ ƐĞƵƐ ĨŝůŚŽƐ ƐĆŽ ƚŽƵƌŽƐ ĨŽƌƚĞƐ Ğ ĚĞ ŐƌĂŶĚĞ ĞƐƚƌƵƚƵƌĂ͘ ZĞŐ͗ Wϰϯϯϴϴϰϭϱ ƌŝĂĚŽƌ͗ >ŝŶƚŽŶ WŽůůĞĚ ,ĞƌĞĨŽƌĐĚƐ͕ E ĂƚĂ EĂƐĐ͗͘ ϮϰͬϬϮͬϮϬϭϯ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗
ϯϵ͕Ϭϵ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϬϬ ϯϮϬ͕ϰϱ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϭϮ ϱϯϱ͕ϰϱ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϬϴ ϯϰ Đŵ͘ ϲ͘Ϭ
D^h d & ZĞǀŽůƵƚŝŽŶ ϰZ < & ĞŶŶĞƚƚ ZĞǀŽůƵƚŝŽŶ yϱϭ < & DŝƐƐ WƌŽĨŝĐŝĞŶƚ hϮϬϭ ^ĐŚƵͲ>Ăƌ KŶ dĂƌŐĞƚ ϮϮ^ ,LJĂůŝƚĞ ϮϮ^ >ĂƐƐ Ϭϭϴ ,LJĂůŝƚĞ d^ >ĂƐƐ ϴϭϬ
W , W ͛^ Ͳ :h>,KͬϮϬϭϳ
K^ &W нϲ͘Ϯ WDz^ ĐĐ͘ ͘ϯϱ й dKW ϯ
WE нϮ͘ϵ ͘ϳϴ
W нϱϴ ͘ϳϬ ϮϬ
W нϵϳ ͘ϲϲ ϭϱ
> нϮϯ ͘ϮϮ
Dd &W& нϱϮ нϮ͘ϴ ͘Ϯϴ
W н͘ϳ ͘ϰϵ
' н͘Ϭϭϲ ͘ϰϴ
K> н͘ϳϭ ͘ϰϴ ϰ
D н͘ϱϳ ͘ϰϰ ϭ
,ĞƌĞĨŽƌĚ Ͳ :ƵůŚŽ ϮϬϭϳ &W͗ нϭ͘Ϯ ͮ WE͗ нϯ͘Ϯ ͮ W ͗ нϰϵ ͮ W ͗ нϳϵ ͮ >͗ нϮϭ ͮ Dd͗ нϰϲͮ &W&͗ нϭ͘ϰ ͮ W ͗ нϬ͘ϵ ͮ '͗ н͘ϬϬϰ ͮ K>͗ н͘ϯϯ ͮ D ͗ н͘Ϭϴ
ϱϵ ϯ
Z ^KhZ
0DUFR
Z &KZ K:ϭϳ
D Z K W/d E'h /Z Ϭϯϴ
ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ
ZĞŐ͗ W ϭϱϵϳϭϲ ƌŝĂĚŽƌ͗ ĂďĂŶŚĂ ^ĂŶƚĂ dĞƌĞnjĂ Ͳ ƌĂŵďĂƌĠ Ͳ Z^ ĂƚĂ EĂƐĐ͗͘ ϮϭͬϬϭͬϮϬϭϬ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗
ϯϲ ŬŐ͘ ϭϳϮ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϭϯ ϯϵϬ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϮϰ ϰϬ Đŵ͘ ϲ͕Ϭ
W/d E'h /Z ϯϴ ϮϱϮ ; ŝŐ ƌŽƚŚĞƌͿ ^ĆŽ DŝŐƵĞů ϯϴͲϵϯϬϵ ;dĂƵƌĂͿ ^ĆŽ DŝŐƵĞů ϯϴͲϮϳϮϲ WŝƚĂŶŐƵĞŝƌĂ ϯϴͲϬϮϲ WŝƚĂŶŐƵĞŝƌĂ ϯϴͲ ϮϬϵϭ WŝƚĂŶŐƵĞŝƌĂ ϭϰͲ/ϭϬϰϯ
D Z K
/ŵƉƌŝŵĞ ĐĂŵŝƐĞƚĂ ;ĨŝdžĂ Ž ƉĂĚƌĆŽ ĚĂ ƌĂĕĂͿ͘ džĐĞůĞŶƚĞ ĐŽƌƌĞĕĆŽ ĚĞ ƉƌĞƉƷĐŝŽ͘ &ŽƌĕĂ͕ ƐƵĂǀŝĚĂĚĞ Ğ ƵŵĂ ŝŶĐƌşǀĞů ĨĂĐŝůŝĚĂĚĞ ĚĞ ůŽĐŽŵŽĕĆŽ ĐŽŶĨŝƌŵĂŵ Ă ĞdžĐĞůġŶĐŝĂ Ğŵ ƉƌŽͲ ĚƵĕĆŽ ĚĞ ĂŶŝŵĂŝƐ ƐƵƉĞƌŝŽƌĞƐ͘ D Z K Ġ ƉƌŽĨƵŶĚŽ Ğŵ ƐĞƵ ĂƌĐŽ ĚĞ ĐŽƐƚĞůĂƐ͕ ƚĞŵ Ƶŵ ǀŽůƵŵĞ ŵƵƐĐƵůĂƌ ĞdžƚƌĞŵŽ͕ ŝŵƉĞĐĄǀĞů ƉŝŐŵĞŶƚĂĕĆŽ Ğ ĐŽƌƌĞƚĂ ĞƐƚƌƵƚƵƌĂ ſƐƐĞĂ͘ ƉƌĞĨĞƌŝĚŽ ƉĂƌĂ ƉƌŽͲ ŐƌĂŵĂƐ ĚĞ / d& Ğŵ ƌĞďĂŶŚŽƐ ĐŽŵĞƌĐŝĂŝƐ͕ Ğ Ă ĨĞƌƌĂŵĞŶƚĂ ŐĞŶĠƚŝĐĂ ƉĞƌĨĞŝƚĂ ƉĂƌĂ ĂĐĂƐĂůĂŵĞŶͲ ƚŽƐ ƐƵƉĞƌŝŽƌĞƐ ŶŽƐ ƉůĂŶƚĞŝƐ ƌĂĨŽƌĚ͘ W K^ s >KZ Z d/K ;йͿ
WϮϬϱ нϭϳϮ ϭϭϯ
Wϯϲϱ нϯϵϬ ϭϮϰ
WϱϱϬ нϲϱϯ ϭϭϯ
ZĞĚ ŶŐƵƐ Ͳ DĠĚŝĂƐ ĚĂ ZĂĕĂ Ͳ :ƵůŚŽ ϮϬϭϳ &W͗ нϱ ͮ WE͗ Ͳϭ͘ϲ ͮ W ͗ нϱϵ ͮ W ͗ нϵϭ ͮ >͗ нϮϭ ͮ D͗ нϭ ͮ /&E͗ нϭϭ ͮ &WDd͗ нϰ ͮ WZ͗ нϭϬ ͮ D ͗ н͘ϰϲ ͮ Z ͗ нϬ͘ϬϮ ͮ W ͗ нϮϮ ͮ K> ͗ н͘ϭϯ ͮ '͗ н͘ϬϬ
ϲϬ
&/>, ^ D Z K
Z &KZ KϬϱϬϮ
&RURQLOKD
KZKE/>, dz ϯϴ/ͲϮϳ
ZĞŐ͗ ϭϱϱϱϬϴ ƌŝĂĚŽƌ͗ ŐƌŽƉĞĐƵĄƌŝĂ ĂƚLJ ĂƚĂ EĂƐĐ͗͘ ϬϳͬϬϵͬϮϬϬϵ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗
'ƌĂŶĚĞƵƌ ďƐŽůƵƚĞ džƉƌĞƐƐŽ ZĞĚ Ƶůů ϭϱϱϬϱ Ͳ d ϴϬϬϮ Ͳ d
Eͬ Eͬ ϴϰϬ ŬŐ͘ ϰϬ Đŵ͘ Eͬ
/ŶĚŝĐĂĚŽ ƉĂƌĂ ƉůĂŶƚĞŝƐ Ğ ƌĞďĂŶŚŽƐ ĐŽŵĞƌĐŝĂŝƐ͘ &ŝůŚŽ ĚĞ Ƶŵ ĚŽƐ ŵĞůŚŽƌĞƐ ƌĂĨŽƌĚ ĂƵƐƚƌĂůŝĂŶŽƐ͘ hŵ ĚŽƐ ƚŽƵƌŽƐ ŵĂŝƐ ƵƚŝůŝnjĂĚŽƐ ƚĂŶƚŽ Ğŵ ƌĞďĂŶŚŽƐ ƉƌŽĚƵƚŽƌĞƐ ĚĞ ŐĞŶĠƚŝĐĂ ƋƵĂŶƚŽ ĐŽŵĞƌĐŝĂŝƐ͘ /ŶĚŝĐĂĚŽ ƉĂƌĂ ĨŝdžĂƌ ĐĂƌĂĐƚĞƌşƐƚŝĐĂƐ Ğŵ ƋƵĂůƋƵĞƌ ƌĞďĂŶŚŽ͕ ƚĞŵ ƉƌĞƉƷĐŝŽ ĐƵƌƚŽ͕ Ġ ŵŽĐŚŽ ŶĂƚƵͲ ƌĂů͕ ĚĞ ƉĞůĂŐĞŵ ĞƐĐƵƌĂ͕ ĂƉƌƵŵŽƐ ĐŽƌƌĞƚŽƐ Ğ ĞdžĐĞůĞŶƚĞ ƉĞƌşŵĞƚƌŽ ĞƐĐƌŽƚĂů͘ hŵĂ ĚĂƐ ůŝŶŚĂŐĞŶƐ ŵĂŝƐ ĂŶƚŝŐĂƐ ĚŽ ƌĂĨŽƌĚ ďƌĂƐŝůĞŝƌŽ͗ ZĞĚ Ƶůů ƉĞůĂ ƉĂƌƚĞ ŵĂƚĞƌŶĂ Ğ͕ ŶĂ ůŝŶŚĂ ƉĂƚĞƌŶĂ ƚƌĂnj Ž ƚŽƵͲ ƌŽ ĂƵƐƚƌĂůŝĂŶŽ ďƐŽůƵƚĞ͕ ƐƵĐĞƐƐŽ ŶĂ ƵƐƚƌĄůŝĂ Ğ ƐƚĂĚŽƐ hŶŝĚŽƐ͘ s >/ K ^D D Ͳ KE y K >d ' Ͳ ϮϬϭϯ
K^ K^
1E / нϭϮ͘ϰϮ ϭ
Z нϭ
E& нϭϳ
WE нϭ͘Ϭϵ ϵ
'E ^D W ^D D ^D d ^D h ^D нϬ͘ϯϮ нϬ͘Ϯϳ нϬ͘ϭϵ ͲϬ͘ϬϮ нϮ͘Ϯϴ нϬ͘ϭϵ ϭ ϭ ϭ Ϯ ϱ ϯ
ZĞĚ ŶŐƵƐ Ͳ DĠĚŝĂƐ ĚĂ ZĂĕĂ Ͳ :ƵůŚŽ ϮϬϭϳ &W͗ нϱ ͮ WE͗ Ͳϭ͘ϲ ͮ W ͗ нϱϵ ͮ W ͗ нϵϭ ͮ >͗ нϮϭ ͮ D͗ нϭ ͮ /&E͗ нϭϭ ͮ &WDd͗ нϰ ͮ WZ͗ нϭϬ ͮ D ͗ н͘ϰϲ ͮ Z ͗ нϬ͘ϬϮ ͮ W ͗ нϮϮ ͮ K> ͗ н͘ϭϯ ͮ '͗ н͘ϬϬ
ϲϭ
KZKE/>, K^ ϭϮ D ^ ^
Z &KZ ϮϬϴϲ
;HTXH 0DWH
y Yh ͲD d
ZĞŐ͗ ,ϮϬϴϲ ƌŝĂĚŽƌ͗ ĂďĂŶŚĂ ^ĂŶƚĂ dĞƌĞnjĂ Ͳ ƌĂŵďĂƌĠ Ͳ Z^ ĂƚĂ EĂƐĐ͗͘ ϮϭͬϬϭͬϮϬϭϬ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗
ŽƌŽŶĞů ^d ^ĂŶƚĂ dĞƌĞnjĂ /W>KD d ^d y Ϭϱϯϱ ' W ^ϯϮϱ ϭϮϯϵ ^d ZϮϵϱ
ϯϬ ŬŐ͘ ϮϰϬ ŬŐ͘ ϰϮϬ ŬŐ͘ ϯϵ Đŵ͘ ŶͬĚ
/W>KD d ͕ W / y Yh D d
ĞĐĂ ϭ ŶŽ WƌŽŵĞďŽ Ğ dŽƉ ϯй ŶŽ WĂŵƉĂWůƵƐ͘ WƐ͕ ĨĞŶſƚŝƉŽ Ğ ƉƌŽŐġŶŝĞ ĐŽŵƉƌŽǀĂŵ ƐƵĂ ĞdžĐĞůġŶĐŝĂ͘ /ŵƉƌĞƐƐŝŽŶĂ ƉŽƐŝƚŝǀĂŵĞŶƚĞ Ă ƉƌŽĚƵĕĆŽ y Yh ͲD d ͘ &ŝůŚĂƐ ĨĞŵŝŶŝŶĂƐ ƋƵĞ ŵŽƐƚƌĂŵ ƉƌĞͲ ĐŽĐŝĚĂĚĞ Ğ ŚĂďŝůŝĚĂĚĞ ŵĂƚĞƌŶĂ͘ ĞnjĞƌƌŽƐ ĐŽŵ ŐĂŶŚŽ ĂĐĞůĞƌĂĚŽ ĚĞ ƉĞƐŽ͕ ŚĂƌŵƀŶŝĐŽƐ Ğ ĐŽŵ ƚŽĚĂ Ă ĐĞƌƚĞnjĂ ĨƵƚƵƌŽƐ ƚŽƵƌŽƐ ƉĂƌĂ ŽƐ ŵĞůŚŽƌĞƐ ƌĞďĂŶŚŽƐ͘ W ͛^ Ͳ W DW W>h^ :hE,KͬϮϬϭϱ
K^ WDz^ ĐĐ͘ й dKW
W /Y' WE нϭ͘ϴϯ н͘Ϯϰ нϴ͘ϭϯ ͘ϭϮ ͘ϭϭ ϭ ϯ
W ͛^ Ͳ WZKD K :hE,KͬϮϬϭϱ
W^ нϵ͘ϴϭ ͘ϭϭ ϭ
'W W нϭ͘Ϯ н͘Ϭϲ ͘ϭϭ ͘ϵ
K^ K^
WE н͘Ϭϲ ϴ
'E нϭ͘ϳ ϯ
/E нϭϭ͘ϳ ϭ
' ^ нϮ͘ϱ ϭ
ZĞĚ ŶŐƵƐ Ͳ DĠĚŝĂƐ ĚĂ ZĂĕĂ Ͳ :ƵůŚŽ ϮϬϭϳ &W͗ нϱ ͮ WE͗ Ͳϭ͘ϲ ͮ W ͗ нϱϵ ͮ W ͗ нϵϭ ͮ >͗ нϮϭ ͮ D͗ нϭ ͮ /&E͗ нϭϭ ͮ &WDd͗ нϰ ͮ WZ͗ нϭϬ ͮ D ͗ н͘ϰϲ ͮ Z ͗ нϬ͘ϬϮ ͮ W ͗ нϮϮ ͮ K> ͗ н͘ϭϯ ͮ '͗ н͘ϬϬ
ϲϮ
'E^ /E & нϰ͘Ϯ нϭϰ Ϯ ϭ
y Yh D d
Z &KZ ϲϭϬϴ
&RPDQFKH
KD E ,
ZĞŐ͗ ,ϲϭϬϴ ƌŝĂĚŽƌ͗ ĚƌŽĂůĚŽ ĞƌŶĂƌĚŽ WŽƚƚĞƌ Ͳ >ŝǀƌĂŵĞŶƚŽ Ͳ Z^ ĂƚĂ EĂƐĐ͗͘ ϭϯͬϭϮͬϮϬϭϮ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗
WŝƚĂŶŐƵĞŝƌĂ ϭϰͲ:ϭϰϰϱ ŚĂƉĂĚĂ ϯϴͲϴϱϮϲϳϬ ƌĂĨŽƌĚ ĚĂ ŚĂƉĂĚĂ ϭϮͲ ϭϮϭϵ ŚĂĚǁŝĐŬ ŽǁŶƐ tŽƌĚĞƌůĂŶĚ WϵϰϬϯϰ ĂƚLJ ϯϴͲ ϭϮϰ dz ϭϰͲzϮϰϴ
ϯϲ ŬŐ͘ ϭϵϬ ŬŐ͘ ϯϱϱ ŬŐ͘ ϯϰ Đŵ͘ ŶͬĚ
KD E ,
/ŶĚŝĐĂĚŽ ƉĂƌĂ ƉƌŽĚƵĕĆŽ ĚĞ ĐĂƌŶĞ ĐŽŵ ƌĞŶĚŝŵĞŶƚŽ ĚĞ ĐĂƌĐĂĕĂ͘ &ŝůŚŽ &ſƌŵƵůĂ ϭ͘ dŽƵƌŽ ĐĂƌŶŝĐĞŝƌŽ ĚĞ ƚĂŵĂŶŚŽ ŵŽĚĞƌĂĚŽ Ğ ĞdžĐĞůĞŶƚĞ ƉŝŐŵĞŶƚĂĕĆŽ͘ /ŶĚŝĐĂĚŽ ƉĂƌĂ ƉƌŽĚƵnjŝƌ ŶŽǀŝůŚŽƐ ĚĞ ƌĄƉŝĚŽ ĞŶŐŽƌĚĞ Ğ ďŽĂ ĐĂƌĐĂĕĂ͘ džĐĞůĞŶƚĞ ĐŽŵďŝŶĂĕĆŽ ĚĞ ůŝŶŚĂŐĞŶƐ͕ ĐŽŵ ƉĂŝƐ Ğ ĂǀƀƐ ůşĚĞƌĞƐ ĚĞ ƐƵŵĄƌŝŽƐ ĚĂ ƌĂĕĂ͘ W ͛^ Ͳ WZKD K :hE,KͬϮϬϭϱ
K^ K^
WE н͘ϱϴ Ϭ
'E н͘ϵϬ ϰ
/E нϴ͘ϵϭ ϯ
'E^ Ͳϭ͘ϭϲ Ϭ
W н͘ϬϮ ϱ
/E & нϮ͘ϳϳ ϰ
ZĞĚ ŶŐƵƐ Ͳ DĠĚŝĂƐ ĚĂ ZĂĕĂ Ͳ :ƵůŚŽ ϮϬϭϳ &W͗ нϱ ͮ WE͗ Ͳϭ͘ϲ ͮ W ͗ нϱϵ ͮ W ͗ нϵϭ ͮ >͗ нϮϭ ͮ D͗ нϭ ͮ /&E͗ нϭϭ ͮ &WDd͗ нϰ ͮ WZ͗ нϭϬ ͮ D ͗ н͘ϰϲ ͮ Z ͗ нϬ͘ϬϮ ͮ W ͗ нϮϮ ͮ K> ͗ н͘ϭϯ ͮ '͗ н͘ϬϬ
ϲϯ
KD E ,
, ZK> ^ ϳ ,ϴϵ
%HQFKPDUN
d,Z dZ ^ E ,D Z< ZϬϬϬϰ WƌŽĚƵnj ĐĂƌĐĂĕĂƐ ĚĞ ĂůƚŽ ƌĞŶĚŝŵĞŶƚŽ͘ /ŶĚŝĐĂĚŽ ƉĂƌĂ ŶŽǀŝůŚĂƐ͘
70
^ƵĂ ƉƌŽĚƵĕĆŽ ƚĞŵ ŐĂŶŚŽ ĚĞ ƉĞƐŽ ĂĐĞůĞƌĂĚŽ͕ ŶĂƐĐĞ ĐŽŵ ŵƵŝƚĂ ĨĂĐŝůŝĚĂĚĞ Ğ ĐŽŵ ŐƌĂŶĚĞ ƉƵƌĞnjĂ ƌĂĐŝĂů͘ E ,D Z< ĚĞƐƚĂĐĂͲƐĞ ŶŽƐ şŶĚŝĐĞƐ ĚĞ ĐĂƌĐĂĕĂ͕ Ž ƋƵĞ ǀĂŝ ƌĞƐƵůƚĂƌ Ğŵ ŵĂŝŽƌ ŐĂŶŚŽ ƉƌŽĚƵƚŝǀŽ Ğ ĨŝŶĂŶĐĞŝƌŽ ƉĂƌĂ ƐĞƵ ƌĞďĂŶŚŽ͘ ZĞŐ͗ DϳϬϯϬϴϴ Ͳ ZĞŐ͘ EĂĐ͗ , ϯϵϱ ƌŝĂĚŽƌ͗ dŚƌĞĞ dƌĞĞƐ ZĂŶĐŚ͕ ' ĂƚĂ EĂƐĐ͗͘ ϬϭͬϬϭͬϮϬϬϱ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗
t Z ^ŝƌ dƌĂĚŝƚŝŽŶ Ϭϲϲ Dϲ 'ƌŝĚ DĂŬĞƌ ϭϬϰ W d s Z DŝƐƐ DĂĐ /s ϯϭϳ t Z ^ŝƌ &Ă DĂĐ ϮϮϰϰ :t< sĂŶĞƐƐĂ ϬϮϵ d , Z >ĂĚLJ WĞƌĨŽƌŵĞƌ ϵϯϰW
ϰϰ ŬŐ͘ ͬ d ϯϬϯ ŬŐ͘ ͬ d ϱϱϰ ŬŐ͘ ͬ d ϯϳ͘ϰ Đŵ͘ ϲ͘Ϭ
D Ͳ t d: , ZK> /^ Z E , Ͳ s >> z /dz͕ E
/ W ͛^ Ͳ :h>,K ϮϬϭϳ
K^ &W нϴ͘ϴ WDz^ ĐĐ͘ ͘ϱϱ й dKW ϭϱ
WE н͘ϯ ͘ϳϲ
W нϮϮ ͘ϲϭ
W нϱϮ ͘ϱϮ
> нϮϯ ͘ϰϮ ϯ
&WD Dd нϵ͘Ϯ нϯϰ ͘ϯϱ ͘ϬϬ ϰ ϭϬ
W нϭ͘Ϯ ͘ϯϰ ϮϬ
W нϭϴ ͘Ϯϵ
K> н͘ϳϴ ͘ϯϰ ϯ
' н͘ϬϬϴ ͘Ϯϳ
D н͘ϮϬ ͘Ϯϳ ϭϬ
&DVFDGH
, ZK> ^ ϳ ,Ϭϵϱ
&d: ^ ϭϱϬϴ WƌŽĚƵnj ŵĆĞƐ ĞĨŝĐŝĞŶƚĞƐ͘ /ŶĚŝĐĂĚŽ ƉĂƌĂ ŶŽǀŝůŚĂƐ͘
70
^Ğ ĚĞƐƚĂĐĂ Ğŵ ĚŝǀĞƌƐŽƐ ĚĂĚŽƐ ĚĞ ĚĞƐĞŵƉĞŶŚŽ͕ ƚĞŵ ĐŽŵŽ ĐĂƌĂĐƚĞƌşƐƚŝĐĂ ĂƌĐĂŶƚĞ Ă ĨĂĐŝůŝĚĂĚĞ ĚĞ ůŽĐŽŵŽĕĆŽ͘ &ŽƌƚĞ ĞƐͲ ƚƌƵƚƵƌĂ ſƐƐĞĂ͕ Ğ ŚĂƌŵŽŶŝĂ Ğŵ ƐĞƵ ƐĞůŽ ƌĂĐŝĂů͘
ZĞŐ͗ Dϴϲϴϭϯϰ ƌŝĂĚŽƌ͗ &ƌĞĚ ĂŶĚ dŽŶŝ :ŽƌŐĞŶƐĞŶ ĂƚĂ EĂƐĐ͗͘ ϬϳͬϬϭͬϮϬϭϱ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗
ϯϲ͕ϴϮ ŬŐ͘ ͬ ƌĂƚŝŽ ϵϱ ϯϮϵ͕ϱϱ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϬϱ ϱϳϭ͕ϴϮ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϬϳ ϯϵ͘ϳ Đŵ͘ ϲ͘ϲ
>d ůƵĞŐƌĂƐƐ ϰϬϭϳ W >d ůƵĞ sĂůƵĞ ϳϵϬϯ d >d hŶůŝŵŝƚĞĚ DĂŝĚ ϳϭϴϰ W >d ^ŝůǀĞƌ ŝƐƚĂŶĐĞ ϱϯϰϮW &d: ^ŝůǀĞƌ ŝƐƚĂŶĐĞ ůŝ dtϭϯϬϭ &d: ĂƐLJ ůĞŶĚ ůŝ ϳϬϰͲϭϭϮϴ
/ W ͛^ Ͳ :h>,K ϮϬϭϳ
K^ &W нϱ͘ϴ WDz^ ĐĐ͘ ͘ϯϱ й dKW
WE Ͳ͘ϴ ͘ϯϵ
W нϯϵ ͘ϯϭ ϭϬ
W нϳϭ ͘ϯϬ ϭϬ
> нϭϯ ͘Ϯϯ
&WD Dd нϲ͘ϭ нϯϯ ͘ϭϴ ͘ϬϬ ϮϬ ϭϬ
W нϬ͘ϵ ͘Ϯϴ
W нϮϭ ͘ϭϵ
K> н͘ϭϲ ͘Ϯϰ
' н͘ϬϮϴ ͘ϭϵ
D н͘Ϯϭ ͘ϭϴ ϭϱ
ŚĂƌŽůġƐ Ͳ :ƵůŚŽ ϮϬϭϳ &W͗ нϯ͘ϭ ͮ WE͗ н͘ϰ ͮ W ͗ нϮϳ͘ϭ ͮ W ͗ нϰϵ͘ϳ ͮ >͗ нϴ͘ϲ ͮ &W&͗ нϯ͘Ϯ ͮ Dd͗ нϮϮ͘ϰ ͮ W ͗ нϬ͘ϳϵ ͮ W ͗ нϭϯ͘ϭ ͮ K>͗ н͘Ϯϱ ͮ '͗ н͘ϬϬϮ ͮ D ͗ н͘ϬϮ
ϲϰ ϯ
)UHH /XQFK
, ZK> ^ ϳ ,ϵϭ
sW/ &Z >hE , ϳϬϴd WƌŽĚƵnj ĐĂƌĐĂĕĂƐ ĚĞ ĂůƚŽ ƌĞŶĚŝŵĞŶƚŽ͘ /ŶĚŝĐĂĚŽ ƉĂƌĂ ŶŽǀŝůŚĂƐ͘
Ž ƚŽƵƌŽ ƋƵĞ ĐĂƌƌĞŐĂ Ă ŐĞŶĠƚŝĐĂ ƉĂƌĂ ƋƵĞŵ ƉƌŽĐƵƌĂ ĞdžƉůŽƌĂƌ͕ ŶŽ ĐŚĂƌŽůġƐ͕ Ž ŵĂŝŽƌ ĚĞƐĞŵƉĞŶŚŽ Ğ ŐĂŶŚŽ ĚĞ ƉĞƐŽ Ğŵ ƐƵĂ ƉƌŽĚƵĕĆŽ͕ ƚƵĚŽ ŝƐƐŽ ĐŽŵ ĨĂĐŝůŝĚĂĚĞ ĚĞ ƉĂƌƚŽ͘ ZĞŐ͗ Dϳϯϲϳϳϯ ƌŝĂĚŽƌ͗ sŝƌŐŝŶŝĂ WŽůLJƚĞĐŚŶŝĐ /ŶƐƚŝƚƵƚĞ͕ s ĂƚĂ EĂƐĐ͗͘ ϮϯͬϬϭͬϮϬϬϳ
ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗
ϰϬ ŬŐ͘ ϯϬϯ ŬŐ͘ ͬ ƌĂƚŝŽ ϵϳ ϲϭϭ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϭϭ ϰϯ Đŵ͘ ϲ͘Ϭ
t Z WƌŝŵĞ Ƶƚ ϳϲϰ W> >d ZŝŽ ůĂŶĐŽ ϭϮϯϰ W >d WƌĂŝƌŝĞ DĂŝĚ ϰϬϱϰ t Z WƌŝŵĞ Ƶƚ ϳϲϰ W> sW/ DŝƐƐ ƵĐŚĞƐ ϰϬϰ W s Z DŝƐƐ ƵĐŚĞƐ ϳϬϯ W>
D &Z >hE ,
/ W ͛^ Ͳ :h>,K ϮϬϭϳ
K^ &W WE нϴ͘ϲ Ͳϭ͘ϵ WDz^ ĐĐ͘ ͘ϲϳ ͘ϴϴ й dKW ϭϱ ϭϱ
W нϰϬ ͘ϴϯ ϭϱ
W нϳϱ ͘ϳϵ ϭϬ
> Ͳϱ ͘ϱϯ
&WD Dd нϴ͘ϴ нϭϱ ͘ϰϱ ͘ϬϬ ϭϬ
, ZK> ^ ϳ ,Ϭϵϰ
W нϮ͘ϯ ͘ϲϱ ϭ
W нϰϬ ͘ϰϲ ϭ
K> н͘ϯϭ ͘ϱϮ
' н͘ϬϲϮ ͘ϰϱ
D н͘ϰϱ ͘ϰϴ ϭ
7UDYHO $JHQW
tZ dZ s > ' Ed ϲϬϮ
dŽƵƌŽ ĞƋƵŝůŝďƌĂĚŽ Ğ ĚĞ ĂůƚŽ ĚĞƐĞŵƉĞŶŚŽ͘ /ŶĚŝĐĂĚŽ ƉĂƌĂ / d&͘
dŽƵƌŽ ĐŽŵ ŐƌĂŶĚĞ ĞdžƉƌĞƐƐĆŽ ŵĂƐĐƵůŝŶĂ͕ ĨŽƌƚĞ Ğ ƌŽďƵƐƚŽ Ğŵ ƐƵĂ ĞƐƚƌƵƚƵƌĂ͘ Žŵ Ƶŵ ĞdžĐĞůĞŶƚĞ ƐĞůŽ ƌĂĐŝĂů Ğ ſƚŝŵŽƐ ŶƷŵĞƌŽƐ ĚĞ ĚĞƐĞŵƉĞŶŚŽ͕ dZ s > ' Ed Ġ ƵŵĂ ĨĞƌƌĂŵĞŶͲ ƚĂ ŐĞŶĠƚŝĐĂ ŵƵŝƚŽ Ʒƚŝů ĂŽƐ ƉůĂŶƚĞŝƐ ŵĂŝƐ ĞdžŝŐĞŶƚĞƐ ĚĂ ĐŚĂͲ ƌŽůġƐ͘ WŽƐƐƵŝ ĂůƚĂ ĨĞƌƚŝůŝĚĂĚĞ Ğŵ ƐĞƵ ƐġŵĞŶ͘ ZĞŐ͗ DϴϯϲϲϬϰ ƌŝĂĚŽƌ͗ tĂŐŽŶŚĂŵŵĞƌ ZĂŶĐŚĞƐ͕ E ĂƚĂ EĂƐĐ͗͘ ϭϰͬϬϮͬϮϬϭϯ
WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗
ϯϱ͕ϰϱ ŬŐ͘ ϯϮϵ͕ϱϱ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϭϱ ϲϯϳ͕ϳϯ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϭϭ ϯϲ Đŵ͘ ϲ͘Ϭ
>d ^ŝůǀĞƌ ŝƐƚĂŶĐĞ ϱϯϰϮW >d >ŽŶŐ ŝƐƚĂŶĐĞ ϵϬϬϭ W> >d ĞůůĞ ϳϬϮϲ W EtD^h ŽĐ ^ŝůǀĞƌ ϯϲϮ W> tZ DŝƐƐ ^ŝůǀĞƌ zϲϬϭ tZ DŝƐƐ ĂƐLJ WƌŽ tϲϬϬ
/ W ͛^ Ͳ :h>,K ϮϬϭϳ
K^ &W WE нϳ͘ϭ ͲϬ͘ϵ WDz^ ĐĐ͘ ͘ϰϴ ͘ϲϯ й dKW ϮϬ
W нϯϭ ͘ϰϵ
W нϱϵ ͘ϯϱ
> нϮϭ ͘Ϯϰ ϱ
&WD Dd н͘ϴ нϯϳ ͘ϮϬ ͘ϬϬ ϱ
W н͘Ϯ ͘Ϯϯ
W нϴ ͘ϭϴ
K> Ͳ͘Ϭϵ ͘ϭϴ
' н͘Ϭϭϲ ͘ϭϰ
D н͘ϯϭ ͘ϭϰ ϯ
ŚĂƌŽůġƐ Ͳ :ƵůŚŽ ϮϬϭϳ &W͗ нϯ͘ϭ ͮ WE͗ н͘ϰ ͮ W ͗ нϮϳ͘ϭ ͮ W ͗ нϰϵ͘ϳ ͮ >͗ нϴ͘ϲ ͮ &W&͗ нϯ͘Ϯ ͮ Dd͗ нϮϮ͘ϰ ͮ W ͗ нϬ͘ϳϵ ͮ W ͗ нϭϯ͘ϭ ͮ K>͗ н͘Ϯϱ ͮ '͗ н͘ϬϬϮ ͮ D ͗ н͘ϬϮ
ϲϱ ϯ
W / dZ s > ' Ed
sKE ϬϳϬϬ
3LW¡JRUDV
Z/' /ZK W/d 'KZ ^ ϳϬϬ WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗
ϰϯ ŬŐ͘ ϯϭϯ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϬϬ ϲϬϱ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϬϬ ϯϱ Đŵ͘ Eͬ
WĂŝ͗ ZŽĚĞŝŽ ŽůŽƌĂĚŽ 'ϱ DĆĞ͗ ƌŝŐĂĚĞŝƌĂ >ĞǀĂĚĂ
ZĞŐ͗ ϬϲϬϵϳϭ Ͳ ƌŝĂĚŽƌ͗ >Ƶŝnj &ĞƌŶĂŶĚŽ ŝƌŶĞ >ŝŵĂ Θ &ŝůŚŽƐ Ͳ ĂƚĂ EĂƐĐ͗͘ ϮϬͬϭϬͬϮϬϭϮ
sKE ϳϵϬϬ
W/d 'KZ ^
'h ZhW ϳϵϬϬ ϮϬϱ / ^͗ Ϯϴϲ ŬŐ͘ ϯϲϱ / ^͗ ϰϴϱ ϱϱϬ / ^͗ ϲϯϬ WĂŝ͗ 'ƵĂƌƵƉĄ ϳϬϵϬͲ'ϱϲϴϲ ZŽĚŽŬĂǁĂ DĆĞ͗ njƵů ϱϰϲϭͲ'ϯϵϭϲ 'Ƶƌŝ͘
ZĞŐ͗ ϬϬϱϳϯϵϲ Ͳ ƌŝĂĚŽƌ͗ :ŽĆŽ sŝĞŝƌĂ ĚĞ DĂĐĞĚŽ EĞƚŽ Ͳ ĂƚĂ EĂƐĐ͗͘ ϭϰͬϬϵͬϮϬϭϬ
sKE ϭϰϰϬ
6RPEUD
' ZhW ϳϵϬϬ Ͳ yWK/Ed Z ϮϬϭϰ
^ K s > Ed/D ϭϰϰϬ Ͳ ^KD Z ϮϬϱ / ^͗ ϯϴϱ ŬŐ͘ ϯϲϱ / ^͗ ϱϰϯ ϱϱϬ / ^͗ ϳϰϱ WĂŝ͗ ƌŝŐĂĚĞŝƌŽ ĞůŵĂƌ͘ DĆĞ͗ ^s WƌŽŐƌĞƐƐŝŽŶ ϭϬϵϰͲϭϮϰϬ͘
ϲϰ
ZĞŐ͗ ϬϬϱϭϬϱϭ Ͳ ƌŝĂĚŽƌ͗ ZĞŝŶŽůĚĞƐ ŶƚƀŶŝŽ ŚĞƌƵďŝŶŝ͘ Ͳ ĂƚĂ EĂƐĐ͗͘ ϬϱͬϬϴͬϮϬϬϲ
ϲϲ
&/>, ^KD Z E, ^ Ed >j / ʹZ^͘
^,KZd,KZE ϳ^WϯϮ
&DSLFKH
:&^ W/ , WE͗ W ͗ W ͗ W ͬĂŶŽ͗
ϯϯ͕ϭϴ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϭϱ͘ϲ Ϯϰϱ͕ϰϱ ŬŐ͘ ͬ ƌĂƚŝŽ ϵϯ ϰϭϲ͕ϯϲ ŬŐ͘ ͬ ƌĂƚŝŽ ϵϱ ϯϳ Đŵ͘
^ DŝƐƐŝŽŶ DϰϬ :^& DĂƌǀĞů ϲ^ :^& DĂƌǀĞů ϬϰϮϬ :ĂŬĞƐ WƌŽƵĚ >ĞĂĚĞƌ Ϯϰϯ, :ĂŬĞƐ WƌŽƵĚ :Ănjnj Ϯϲϲ> :ĂŬĞƐ :ĂnjnjLJ ϮϱϬ:
ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ ^ W ͛^ Ͳ :h>,K ϮϬϭϳ
K^ WDz^ ĐĐ͘ й dKW
&W нϭϬ ͘ϴϲ ϱ
WE Ͳϭ͘ϰ ͘ϴϴ ϭϬ
W нϯϮ ͘ϴϱ
W нϮϯ ͘ϴϱ
> нϭϮ ͘ϴϯ
Dd нϮϴ
&WD нϯ ͘ϴϯ
W нϲ ͘ϯϰ
W Ͳϭϵ ͘ϱϵ
K> Ͳ͘Ϯϯ ͘ϯϭ
' Ͳ͘Ϭϳ ͘ϯϵ ϭϬ
D Ͳ͘ϭϭ ͘ϯϰ
ZĞŐ͗ ΎdžϰϭϰϮϵϮϬ Ͳ ƌŝĂĚŽƌ͗ :ƵŶŐĞůƐ ^ŚŽƌƚŚŽƌŶ &ĂƌŵƐ͕ E Ͳ ĂƚĂ EĂƐĐ͗͘ ϭϭͬϬϯͬϮϬϬϴ
^,KZd,KZE ϳ^Wϯϯ
*DXJH
:&^ ' h' ϭϯϳt WE͗ W ͗ W ͗ W ͬĂŶŽ͗
ϰϬ͕ϰϱ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϬϮ͘Ϯ Ϯϭϰ͕ϱϱ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϬϰ ϰϵϵ͕Ϭϵ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϬϰ͘ϲ ϯϵ Đŵ͘
LJůĂŶĚ džŝƐ ϭ ϴϱ ^ Z dƐƵŶĂŵŝ ϮϬd ^ Z ĞĞ ϮϯϮ <> ƵƉůŝĐĂƚŽƌ <> DŝŶĂ ^ƚĂƌ ϭϬϱϭ <> DŝŶĂ ^ƚĂƌ ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐďĞĞĨ͘ĐŽŵ ^ W ͛^ Ͳ :h>,K ϮϬϭϳ
K^ WDz^ ĐĐ͘ й dKW
&W нϭϱ ͘ϴϰ ϯ
WE Ͳϭ͘Ϯ ͘ϴϳ ϭϱ
W нϱϰ ͘ϴϰ
W нϰϳ ͘ϴϰ
> нϯϯ ͘ϳϵ ϭ
Dd нϲϬ ϭ
&WD W W нϭϮ нϭϬ Ͳϲ ͘ϴϬ ͘ϯϱ ͘ϱϵ ϭϱ ϭ
ZĞŐ͗ džϰϭϲϰϴϬϳ Ͳ ƌŝĂĚŽƌ͗ :ƵŶŐĞůƐ ^ŚŽƌƚŚŽƌŶ &ĂƌŵƐ Ͳ ĂƚĂ EĂƐĐ͗͘ ϭϭͬϬϵͬϬϵ
^ E WK> '>ϬϱϴϬ
*LRQ
'/KE WE͗ ϯϰ ŬŐ͘ W ͗ ϮϯϬ ŬŐ͘ W ͗ ϰϭϳ ŬŐ͘ E ϱϳϱϰ Z ^ ϵϳϬϰ' E ϱϴϳϯ EŽĐŽŶĂ : :ϬϬϭϴϬϯͲZŝďůĂ ĚĂ : : ͘d͘ :,ϰϲϴ
D Z/ E ^ E WK> ^^K / d/KE Ͳ ϮϬϭϮ
K^ WDz^ ĐĐ͘ й dKW
ZĞŐ͗ Ϭϰϭϱϱ Ͳ ƌŝĂĚŽƌ͗ ^ĞŶĞƉŽů ŐƵĂ >ŝŵƉĂ Ͳ ĂƚĂ EĂƐĐ͗͘ ϮϬͬϭϭͬϮϬϬϵ
ϲϳ ϯ
WE нϮ͘ϱ ͘Ϭϴ
W нϭϬ ͘Ϭϴ
W нϴ ͘͘Ϭ
>D нϱ ͘Ϭϱ
Dd нϭϬ
K> Ͳ͘Ϯϭ ͘ϱϭ
' н͘ϰϬ ͘ϱϱ ϰ
D н͘Ϭϭ ͘ϱϮ
^/DD Ed > ϳ^Dϰϲ
0DMHVWLF
:,KK<͛^ D : ^d/ ϯϭD WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗
ϰϭ͕ϴϮ ŬŐ͘ ͬ d ϯϰϭ͕ϴϮ ŬŐ͘ ͬ d ϲϲϱ͕ϵϭ ŬŐ͘ ͬ d ϯϴ͘ϱ Đŵ ϲ͘ϱ
>ĐŚŵŶ >ƵĐŬLJ ƵĐŬ ϳϬϰϵ 't >ƵĐŬLJ ŝĐĞ ϭϴϳ, ϰϬϳ EŝĐŚŽůƐ >ĞŐĂĐLJ 'ϭϱϭ ,ŽŽŬΖƐ <ŽŬŽ ϭϭ< ,ŽŽŬΖƐ ,ŽůůLJ ϭϬ, ^ W ͛^ Ͳ :hE,K ϮϬϭϳ
WZ K W йZ W &W& > Dd K^ &W WE W WDz^ нϭϭ͘ϲ н͘ϳ нϲϱ͘ϭ нϭϬϵ͘ϴ нϭϭ͘Ϭ нϭϴ͘ϯ нϱϬ͘ϴ нϭϯ͘ϱ нϭϬ͘Ϯ нϯϲ͘ϵ Ͳ͘Ϯϵ ĐĐ͘ ͘ϲϭ ͘ϱϳ ͘ϲϴ ͘ϵϬ ͘ϵϭ ͘ϵϮ ͘ϵϮ ͘ϵϰ ͘ϵϯ ͘ϵϯ ͘ϳϮ й dKW ϮϬ ϭϱ
D н͘Ϭϳ ͘ϳϵ
' Ͳ͘Ϭϯϴ ͘ϳϱ
K> н͘ϵϯ ͘ϳϳ
ZĞŐ͗ ϮϭϲϱϵϭϮ Ͳ ƌŝĂĚŽƌ͗ ,ŽŽŬ &ĂƌŵƐ͕ DE Ͳ ĂƚĂ EĂƐĐ͗͘ ϮϳͬϬϮͬϮϬϬϮ
^/DD Ed > ϳ^Dϱϴ
,QILQLWL
,KK<͛^ /E&/E/d/ ϭϬh WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗
ϰϭ͕ϴϮ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϭϱ ϯϲϵ͕Ϭϵ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϬϰ ϲϳϰ͕ϱϱ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϬϴ ϯϴ Đŵ͘ ϲ͘ϯ
^Z^ :ϵϭϰ WƌĞĨĞƌƌĞĚ ĞĞĨ dƌŝƉůĞ /ŶǀĂƐŝŽŶ Zϰϳ< ,ŽŽŬƐ <ĂƌƌŝĞ ϰϳ< ,ŽŽŬƐ ^ŚĞĂƌ &ŽƌĐĞ ϯϴ< ,ŽŽŬƐ ^ĂƌŝƚĂ ϰ^ ,ŽŽŬƐ WĞĂƌů ϮϮͲW ^ W ͛^ Ͳ :hE,K ϮϬϭϳ
&W& W K^ &W WE W нϯ͘ϴ нϲ͘Ϯ нϳϲ͘Ϭ нϭϭϵ͘ϰ нϳ͘ϭ WDz^ ĐĐ͘ ͘ϳϴ ͘ϴϱ ͘ϴϮ ͘ϴϳ ͘ϴϱ й dKW ϭϬ ϰ
WZ K W йZ > Dd нϳ͘Ϭ нϰϱ͘Ϭ нϭϴ͘ϯ нϭϱ͘ϰ нϱϬ͘ϯ Ͳ͘Ϯϭ ͘ϱϵ ͘ϱϭ ͘ϰϰ ͘ϳϴ ͘ϴϬ ͘ϲϯ Ϯ Ϯ ϭ
D н͘ϲϳ ͘ϲϲ ϭ
' Ͳ͘Ϭϯϭ ͘ϲϭ
K> н͘ϵϭ ͘ϲϯ
ZĞŐ͗ Ϯϰϲϱϵϯϴ Ͳ ƌŝĂĚŽƌ͗ ,ŽŽŬ &ĂƌŵƐ͕ DE Ͳ ĂƚĂ EĂƐĐ͗͘ ϭϰͬϬϮͬϮϬϬϴ
^/DD Ed > ϳ^Dϲϳ
&RQYR\
Z KEsKz ϳϬϬϱy WE͗ W ͗ W ͗ W ͬĂŶŽ͗ &ƌĂŵĞͬĂŶŽ͗
ϯϱ͕ϵϭ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϬϰ ϯϯϲ͕ϯϲ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϬϬ ϲϭϴ͕ϭϴ ŬŐ͘ ͬ ƌĂƚŝŽ ϭϭϬ ϯϵ Đŵ ϲ͘ϳ
ͬZ EĞǁ ĞƐŝŐŶ Ϭϯϲ ' Z WƌĞĚĞƐƚŝŶĞĚ ' Z džƚ ϰϮϬϲ ŝƌĐůĞƚ ŶƚŽŝŶĞƚƚĞƐ ^ƚĂƌ Z ϱϬϮϱZ ^ƚĂƌ ϳϬϬϱd Z D^ WƌĞĨĞƌƌĞĚ ϱϬϮϰZ ^ W ͛^ Ͳ :hE,K ϮϬϭϳ
K^ WDz^ ĐĐ͘ й dKW ZĞŐ͗ ϮϱϯϵϬϯϲ Ͳ ƌŝĂĚŽƌ͗ Žǁ ĂŵƉ ZĂŶĐŚ͕ <^ Ͳ ĂƚĂ EĂƐĐ͗͘ ϭϲͬϬϭͬϮϬϭϬ ^ŝŵŵĞŶƚĂů Ͳ :ƵůŚŽ ϮϬϭϱ &W͗ нϭϬ͘ϰ ͮ WE͗ нϲ ͮ W ͗ нϲϬ͘ϳ ͮ W ͗ нϵϮ͘ϵ ͮ &W&͗ нϴ͘Ϭ ͮ >͗ нϮϮ͘ϴ ͮ Dd͗ нϰϭ͘ϲ ͮ K ͗ нϭϬ͘ϯ W ͗ нϮϱ͘ϴ ͮ йZ ͗ Ͳ͘ϮϬ ͮ D ͗ н͘ϯϱ ͮ '͗ Ͳ͘Ϭϯ ͮ K>͗ н͘ϲϬ
WZ K W йZ &W& > Dd &W WE W W Ͳϯ͘ϲ нϱ͘ϭ нϳϱ͘ϰ нϭϮϯ͘ϯ нϰ͘ϭ нϰϰ͘ϳ нϴϮ͘ϰ нϭϬ͘ϰ нϵ͘ϱ нϱϭ͘ϭ н͘Ϭϲ ͘ϱϳ ͘ϰϵ ͘ϯϵ ͘ϳϯ ͘ϳϯ ͘ϳϱ ͘ϳϴ ͘ϴϭ ͘ϳϴ ͘ϳϴ ͘ϱϵ Ϯ ϱ ϴϱ ϭ ϭ ϭϬ
ϲϴ ϯ
D н͘ϲϳ ͘ϲϱ ϭϬ
' н͘ϬϮϯ ͘ϱϴ
K> н͘ϱϬ ͘ϲϭ
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&Z D ͗ DĞĚŝĚĂ ƌĞůĂƚŝǀĂ ƉĂĚƌĆŽ͕ ƵƚŝůŝnjĂĚĂ ƉĂƌĂ ƚĂŵĂŶŚŽ ĚŽ ĂŶŝŵĂů͕ ĐŽŵ ďĂƐĞ ŶŽƐ ϭϮ ŵĞƐĞƐ ĚĞ ŝĚĂĚĞ͕ ƚŽŵĂŶĚŽͲƐĞ ĂƐ ŵĞĚŝĚĂƐ ĚĞ ĂůƚƵƌĂ ĚŽ ƉŽƐƚĞͲ ƌŝŽƌ Ğ ƉĞƐŽ ĂũƵƐƚĂĚŽ͘ ĞƐƚĂƐ ŵĞĚŝĚĂƐ͕ ĐŽŵďŝŶĂĚĂƐ Ă ƵŵĂ ƚĂďĞůĂ ƉĂͲ ĚƌĆŽ ĚĂ ƌĂĕĂ͕ ƐĆŽ ĐŽŶƐŝĚĞƌĂĚĂƐ şŶĚŝĐĞƐ ĚĞ ϭ Ă ϵ͘ DĂŝŽƌĞƐ şŶĚŝĐĞƐ ĚĞ ĨƌĂŵĞ ŝŶĚŝĐĂŵ ŵĂŝŽƌ ƉŽƌƚĞ͘
s >/ K Z ͗ ƉĂƌƚŝƌ ĚĂ ƉƌŽǀĂ ĚĞ ũƵůŚŽ ĚĞ ϮϬϬϴ͕ ĂƐ ĐĂƌĂĐƚĞƌşƐƚŝĐĂƐ ĚĞ ĐĂƌĐĂĕĂ ĚĂ ƌĂĕĂ ŶŐƵƐ͕ ƋƵĞ ĂŶƚĞƌŝŽƌŵĞŶƚĞ ĞƐƚĂǀĂŵ ĚŝǀŝĚŝĚĂƐ Ğŵ WƐ ĚĞ ĐĂƌĐĂĕĂ Ğ WƐ ĚĞ ƵůƚƌĂƐƐŽŵ ĨŽƌĂŵ ƵŶŝĨŝĐĂĚĂƐ Ğŵ ĂƉĞŶĂƐ Ƶŵ ƚŝƉŽ ĚĞ W͘ &Žŝ ŝŶƚƌŽĚƵnjŝĚŽ Ƶŵ ŶŽǀŽ ŵŽĚĞůŽ ĚĞ ĂŶĄůŝƐĞ Ğ ŽƐ ϳϳϵ͘ϵϮϮ ĚĂĚŽƐ ĚĞ ƵůƚƌĂƐƐŽŶŽŐƌĂĨŝĂ ĨŽƌĂŵ ĂŐƌĞŐĂĚŽƐ ĂŽƐ ϴϲ͘ϲϳϴ ĚĂĚŽƐ ĚĞ ĐĂƌĐĂĕĂ͕ ĨŽƌŵĂŶĚŽ ƵŵĂ ĐĂƌĂĐƚĞƌşƐƚŝĐĂ͘ ĞͲ ǀŝĚŽ Ă ŝƐƚŽ͕ Ž ĐƌŝĂĚŽƌ ĚĞǀĞ ƚĞƌ ŵĂŝƐ d E K͕ ƉŽŝƐ ŽƐ ĚĂĚŽƐ ĚĞƐƚĂ ƉƌŽǀĂ ŶĆŽ ƉŽĚĞŵ ƐĞƌ ĐŽŵƉĂƌĂĚŽƐ ĂŽƐ ĚĂĚŽƐ ĚĂƐ ƉƌŽǀĂƐ ĂŶƚĞƌŝŽƌĞƐ͘
W ; W Ϳ͗ ŝĨĞƌĞŶĕĂ ƐƉĞƌĂĚĂ ĚĞ WƌŽŐġŶŝĞ ƉŽĚĞ ƐĞƌ ƉĂƌĂ ŵĂŝƐ ŽƵ ƉĂƌĂ ŵĞŶŽƐ͕ Ğ Ġ ĞdžƉƌĞƐƐĂ ŶĂ ƵŶŝĚĂĚĞ ĚĞ ŵĞĚŝĚĂ ĚĞ ĐĂĚĂ ĐĂƌĂĐƚĞƌşƐƚŝĐĂ ĂǀĂůŝĂĚĂ͘ WŽƌ ĞdžĞŵƉůŽ͗ WĞƐŽ ĂŽ ĞƐŵĂŵĞ ;W Ϳ Ġ ĞdžƉƌĞƐƐŽ Ğŵ ΗůŝďƌĂƐΗ ŽƵ ΗƋƵŝͲ ůŽƐΗ ;ϭ ůŝďƌĂ с Ϭ͕ϰϱϯ ŬŐͿ͘ ŽŶƐŝĚĞƌĞŵŽƐ Ƶŵ ƚŽƵƌŽ ZĞĚ ŶŐƵƐ y ĐŽŵ W ƉĂƌĂ WĞƐŽ ĂŽ ŶŽ ;W Ϳ ĚĞ н ϳϳ ůďƐ͕͘ Ğ Ƶŵ ƚŽƵƌŽ ZĞĚ ŶŐƵƐ z ĐŽŵ W ƉĂƌĂ W ĚĞ н Ϯϱ ůďƐ͘ /ƐƚŽ ƐŝŐŶŝĨŝĐĂ ƋƵĞ ƐĞ ĂĐĂƐĂůĂƌŵŽƐ ŽƐ Ϯ ƚŽƵƌŽƐ ĐŽŵ ŐƌƵƉŽƐ ƐĞŵĞůŚĂŶƚĞƐ ĚĞ ǀĂĐĂƐ Ğ ŽƐ ƉƌŽĚƵƚŽƐ ĨŽƌĞŵ ƐƵďͲ ŵĞƚŝĚŽƐ ăƐ ŵĞƐŵĂƐ ĐŽŶĚŝĕƁĞƐ ĂŵďŝĞŶƚĂŝƐ͕ ƉŽĚĞŵŽƐ ĞƐƉĞƌĂƌ ƋƵĞ ŽƐ ƉƌŽĚƵƚŽƐ ĚŽ ƚŽƵƌŽ ZĞĚ ŶŐƵƐ y ƐĞũĂŵ ϱϮ ůďƐ ŵĂŝƐ ƉĞƐĂĚŽƐ ĂŽ ƐŽďƌĞͲ ĂŶŽ ĚŽ ƋƵĞ ŽƐ ƉƌŽĚƵƚŽƐ ĚŽ ƚŽƵƌŽ ZĞĚ ŶŐƵƐ z͘ WĂƌĂ ƵŵĂ ĐŽƌƌĞƚĂ ŝŶͲ ƚĞƌƉƌĞƚĂĕĆŽ ĚĞǀĞͲƐĞ ƚĞƌ ƐĞŵƉƌĞ Ğŵ ŵĞŶƚĞ ƋƵĞ ĂƉĞŶĂƐ ĂƐ ĚŝĨĞƌĞŶĕĂƐ ĞŶƚƌĞ WΖƐ ƐĆŽ ƌĞůĞǀĂŶƚĞƐ͕ ŶĆŽ ŽƐ ǀĂůŽƌĞƐ ĂďƐŽůƵƚŽƐ͘
W ; tͿ͗ WĞƐŽ ĚĂ ĂƌĐĂĕĂ͘ džƉƌĞƐƐĂ Ă ĚŝĨĞƌĞŶĕĂ͕ Ğŵ ůŝďƌĂƐ͕ ŶŽ ƉĞƐŽ ĚĂ ĐĂƌĐĂĕĂ ĚĂ ƉƌŽŐġŶŝĞ ĚĞ Ƶŵ ƚŽƵƌŽ ĐŽŵƉĂƌĂĚŽ ĐŽŵ Ă ƉƌŽŐġŶŝĞ ĚŽƐ ĚĞŵĂŝƐ ƚŽƵƌŽƐ ĂǀĂůŝĂĚŽƐ͘ ;WĞƐŽ ĂũƵƐƚĂĚŽ ƉĂƌĂ ĐĂƌĐĂĕĂ ŶŐƵƐ ĂďĂƚŝĚŽ ĂŽƐ ϰϴϬ ĚŝĂƐ͘ WĞƐŽ ĂũƵƐͲ ƚĂĚŽ ƉĂƌĂ ĐĂƌĐĂĕĂ ^ŝŵĞŶƚĂů ĂďĂƚŝĚŽ ĂŽƐ ϰϳϱ ĚŝĂƐͿ͘
D ZD ;DĂƌďͿ͗ DĂƌŵŽƌĞŝŽ ĚĂ ĂƌĐĂĕĂ͘
hZ / ; ĐĐ͘Ϳ͗
džƉƌĞƐƐŽ Ğŵ şŶĚŝĐĞ ĚĞ ŵĂƌŵŽƌŝnjĂĕĆŽ ĚĂ ĐĂƌĐĂĕĂ ĚĂ ƉƌŽŐġŶŝĞ͘ ǀĂͲ ůŝĂĚŽ ĂŽ ŶşǀĞů ĚĂ ϭϮǐ ĐŽƐƚĞůĂ͘
/ŶĚŝĐĂ Ž ŐƌĂƵ ĚĞ ĐŽŶĨŝĂŶĕĂ ĚĞƉŽƐŝƚĂĚŽ ŶĂ ĞƐƚŝŵĂƚŝǀĂ ĚĂ W͘ KƐ ǀĂůŽͲ ƌĞƐ ǀĂƌŝĂŵ ĚĞ Ϭ͕Ϭ Ă Ϭ͕ϵϵ͘ ^ĞŶĚŽ ƋƵĞ ŽƐ ǀĂůŽƌĞƐ ŵĂŝƐ ĞůĞǀĂĚŽƐ ŝŶĚŝͲ ĐĂŵ ŵĂŝŽƌ ƐĞŐƵƌĂŶĕĂ ŶĂ ĞƐƚŝŵĂƚŝǀĂ ĚĂ W͘ ĨƵŶĚĂŵĞŶƚĂů ƚĞƌ Ğŵ ŵĞŶƚĞ ƋƵĞ Ă ƐĞůĞĕĆŽ ĚĞǀĞ ƐĞƌ ƌĞĂůŝnjĂĚĂ ĐŽŵ ďĂƐĞ ŶĂƐ WΖƐ Ğ ŶŽƐ şŶĚŝĐĞƐ Ğ ŶĆŽ ŶĂƐ ĂĐƵƌĄĐŝĂƐ͘ YƵĂŶĚŽ ŶĂ ĐŽůƵŶĂ ĚĂ ĂĐƵƌĄĐŝĂ ĂƉĂƌĞĐĞ Ă ůĞƚƌĂ ΗWΗ͕ ƐŝŐŶŝĨŝĐĂ ƋƵĞ ƚƌĂƚĂ ĚĞ ƚŽƵƌŽ ũŽǀĞŵ͕ ƐĞƵƐ ĨŝůŚŽƐ ĐŽŶƚƌŽůĂĚŽƐ͕ ĐŽŵ ƐĞƵƐ WƐ ĞƐƚŝŵĂĚŽƐ ĐŽŵ ďĂƐĞ ŶĂƐ WƐ ĚŽ ƐĞƵ ƉĂŝ Ğ ĚĂ ŵĆĞ͕ ŽƵ ƐĞũĂ͕ ĨŽŝ ĐĂůĐƵůĂĚŽ ƐŽŵĂŶĚŽͲƐĞ Ă ŵĞƚĂĚĞ ĚĂ W ĚŽ ƉĂŝ ĐŽŵ Ă ŵĞƚĂĚĞ ĚĂ W ĚĂ ŵĆĞ͘
K> ;Z Ϳ͗ ƌĞĂ ĚĞ ŽůŚŽ ĚĞ ůŽŵďŽ͘ ƵŵĂ ĞƐƚŝŵĂƚŝǀĂ ĚĂ ŵƵƐĐƵůĂƚƵƌĂ ĚĂ ĐĂƌĐĂĕĂ͕ ĞdžƉƌĞƐƐĂ Ğŵ ƉŽůĞŐĂĚĂ ƋƵĂĚƌĂĚĂ͘ DĞĚŝĚĂ ƌĞůĂƚŝǀĂ ƚŽŵĂĚĂ ĂŽ ŶşǀĞů ĚĂ ϭϮǐ ĐŽƐƚĞůĂ͘
' ;& dͿ͗ ŽďĞƌƚƵƌĂ ĚĞ 'ŽƌĚƵƌĂ ĚĂ ĐĂƌĐĂĕĂ͘ DĞĚŝĚĂ Ğŵ ƉŽůĞŐĂĚĂƐ ĞŶƚƌĞ Ă ϭϮǐ Ğ ϭϯǐ ĐŽƐƚĞůĂ͘
Z d Z ^ / /KE /^͗
WE ; tͿ͗ WĞƐŽ ĂŽ EĂƐĐĞƌ ;ůŝďƌĂƐͿ͘
' ;' ^dͿ ƵƌĂĕĆŽ ĚĂ 'ĞƐƚĂĕĆŽ
WĞƐŽ ƌĞĂů ĂŽ ŶĂƐĐŝŵĞŶƚŽ͘ Ž ŵĞůŚŽƌ ŝŶĚŝĐĂƚŝǀŽ ĚĂ ĨĂĐŝůŝĚĂĚĞ ĚĞ ƉĂƌƚŽ͘ dŽƵƌŽƐ ĐŽŵ WƐ ďĂŝdžĂƐ ŽƵ ŵĞƐŵŽ ŶĞŐĂƚŝǀĂƐ ƐĆŽ ĚĞƐĞũĄǀĞŝƐ ƉĂƌĂ ĞƐƚĂ ĐĂƌĂĐƚĞƌşƐƚŝĐĂ͕ ĐŽŵƉĂƌĂĚŽ Ă ŵĠĚŝĂ ĚĂ ƌĂĕĂ͘
ĞdžƉƌĞƐƐĂ Ğŵ ĚŝĂƐ
W ;^ Ϳ WĞƌşŵĞƚƌŽ ƐĐƌŽƚĂů
W ;ttͿ͗ WĞƐŽ ĂŽ ĞƐŵĂŵĞ ;ůŝďƌĂƐͿ͘
ĞdžƉƌĞƐƐŽ Ğŵ ĐĞŶƚşŵĞƚƌŽƐ WĞƐŽ ŵĞĚŝĚŽ ĂŽƐ ϮϬϱ ĚŝĂƐ͘ dŽƵƌŽƐ ĐŽŵ W ƉŽƐŝƚŝǀĂ Ğ ĞůĞǀĂĚĂ ƐĆŽ d ;z,Ϳ dĂŵĂŶŚŽ ĂŽ ŶŽ ŽƐ ŵĂŝƐ ŝŶĚŝĐĂĚŽƐ͘ ĞdžƉƌĞƐƐŽ Ğŵ ƉŽůĞŐĂĚĂƐ
W ;ztͿ͗ WĞƐŽ ĂŽ ŶŽ ;ůŝďƌĂƐͿ͘
WZ ;^d zͿ WĞƌŵĂŶġŶĐŝĂ ŶŽ ZĞďĂŶŚŽ
ŝĨĞƌĞŶĕĂ ĞƐƉĞƌĂĚĂ ŶĂ ƉƌŽŐġŶŝĞ ƉĂƌĂ ƉĞƐŽ ĂŽƐ ϯϲϱ ĚŝĂƐ͕ ĐŽŵƉĂƌĂĚŽ ă ŵĠĚŝĂ ĚĂ ƌĂĕĂ͘
/ŶĚŝĐĂ Ă ŚĂďŝůŝĚĂĚĞ ĚĂƐ ĨŝůŚĂƐ Ğŵ ŵĂŶƚĞƌĞŵͲƐĞ ƉƌŽĚƵnjŝŶĚŽ ŶŽ ŵşŶŝͲ ŵŽ ĂƚĠ ŽƐ ϲ ĂŶŽƐ ĚĞ ŝĚĂĚĞ͘ džƉƌĞƐƐĂ Ğŵ şŶĚŝĐĞ ĚĞ ƉĞƌŵĂŶġŶĐŝĂ͘ ŝŵƉŽƌƚĂŶƚĞ ƌĞůĞŵďƌĂƌ ƋƵĞ ƚŽĚŽƐ ŽƐ ĐĂƌĂĐƚĞƌĞƐ ƐĆŽ ĞdžƉƌĞƐƐŽƐ Ğŵ W ; W Ϳ͕ ŽƵ ƐĞũĂ͕ ĚĞŵŽŶƐƚƌĂŵ Ă ĚŝĨĞƌĞŶĕĂ ĞŶƚƌĞ ƚŽƵƌŽƐ ĞdžƉƌĞƐƐĂ ŶĂ ƵŶŝĚĂĚĞ ĚĞ ĐĂĚĂ ĐĂƌĂĐƚĞƌşƐƚŝĐĂ ĂǀĂůŝĂĚĂ͘
&W ; Ϳ͗ &ĂĐŝůŝĚĂĚĞ ĚĞ WĂƌƚŽ͘ džƉƌĞƐƐĂ Ă ĚŝĨĞƌĞŶĕĂ Ğŵ й ĚĞ ƉĂƌƚŽƐ ĨĄĐĞŝƐ Ğŵ ƌĞůĂĕĆŽ ă ŵĠĚŝĂ ĚĂ ƌĂĕĂ ƉĂƌĂ ƚĞƌŶĞŝƌŽƐ ŶĂƐĐŝĚŽƐ ĚĞ ǀĂĐĂƐ ĚĞ ϭǐ ĐƌŝĂ͘
ϵϰ
1',&(6 %,2(&21 0,&26
RRNBH@¢ N LDQHB@M@ CD MFTR
K ƵƐŽ ĚĞ şŶĚŝĐĞƐ ĚĞ ƐĞůĞĕĆŽ ĚĞ ĐĂƌĂĐƚĞƌşƐƚŝĐĂƐ ŵƷůƚŝƉůĂƐ͕ ƉŽƌ ĐƌŝĂĚŽͲ ƌĞƐ ĚĞ ŐĂĚŽ ĐŽŵĞƌĐŝĂů ŽƵ Ğŵ ƉůĂŶƚĠŝƐ͕ ĐŽŵŽ ĨĞƌƌĂŵĞŶƚĂ ĚĞ ƐĞůĞĕĆŽ͕ ĞƐƚĄ ĞǀŽůƵŝŶĚŽ ŶĂ ŝŶĚƷƐƚƌŝĂ ĚĂ ĐĂƌŶĞ͘ KƐ ϭϳ WƐ ĚŝƐƉŽŶşǀĞŝƐ ĂƚƵĂůŵĞŶƚĞ ŶĂ ƐƐŽĐŝĂĕĆŽ ŵĞƌŝĐĂŶĂ ĚĞ ŶͲ ŐƵƐ͕ ĂƐƐŝŵ ĐŽŵŽ ĂƐ ŵĞĚŝĚĂƐ ŝŶĚŝǀŝĚƵĂŝƐ ĚĞ ĚĞƐĞŵƉĞŶŚŽ͕ ĐŚĞŐĂŵ Ă ĐƌŝĂƌ ĐŽŶĨƵƐĆŽ͘ K 1ŶĚŝĐĞ ĐŽŶƀŵŝĐŽ &ŝŶĂů ;Ψ/ &Ϳ Ġ Ž ƉƌŝŵĞŝƌŽ ĚĞ Ƶŵ ŐƌƵƉŽ ĚĞ ǀĂůŽƌĞƐ ďŝŽͲĞĐŽŶƀŵŝĐŽƐ͕ ĞdžƉƌĞƐƐĂĚŽƐ Ğŵ ĚſůĂƌĞƐ ƉŽƌ ĐĂďĞĕĂ͕ ĐƌŝĂĚŽ ƉĂƌĂ ĂũƵĚĂƌ ĂŽƐ ƉƌŽĚƵƚŽƌĞƐ ĐŽŵĞƌĐŝĂŝƐ͕ ƐŝŵƉůŝĨŝĐĂŶĚŽ ĂƐ ĚĞĐŝƐƁĞƐ ĚĞ ƐĞůĞͲ ĕĆŽ ŐĞŶĠƚŝĐĂ͘ K 1ŶĚŝĐĞ ĐŽŶƀŵŝĐŽ &ŝŶĂů ;Ψ/ &Ϳ ŝŶĐůƵŝ ƚƌġƐ ǀĂůŽƌĞƐ ĚĞƐĐƌŝƚŽƐ Ğŵ ΨͬĐĂͲ ďĞĕĂ͘ džĞŵƉůŽ͗ Ψ Ψ' Ψd Ϯ͕ϴϱ Ψϭϵ͕ϯϯ Ψϯϳ͕ϭϮ DĞƐŵŽ ƋƵĞ Ž sĂůŽƌ ĚĞ ŽŶĨŝŶĂŵĞŶƚŽ ;Ψ Ϳ Ğ Ž sĂůŽƌ ĚĞ ĂƌĐĂĕĂ ;Ψ'Ϳ ƐĞũĂŵ ĐŽŵƉŽŶĞŶƚĞƐ ŝŵƉŽƌƚĂŶƚĞƐ ŶĂ ĐĂĚĞŝĂ ĚĞ ƉƌŽĚƵĕĆŽ ĚĞ ĐĂƌŶĞ͕ ĚĞǀĞŵŽƐ ĂůĞƌƚĂƌ ĂŽƐ ƉƌŽĚƵƚŽƌĞƐ ĚĞ ƋƵĞ Ž 1ŶĚŝĐĞ ĐŽŶƀŵŝĐŽ &ŝͲ ŶĂů ;Ψ/ &ͿŶĆŽ ĚĞǀĞ ƐĞƌ ƵƐĂĚŽ ĐŽŵŽ ƷŶŝĐŽ ĐƌŝƚĠƌŝŽ ĚĞ ƐĞůĞĕĆŽ͕ ƉŽƌƋƵĞ ĞůĞ ƐŽŵĞŶƚĞ ĂǀĂůŝĂ Ž ĚĞƐĞŵƉĞŶŚŽ ƉſƐ ĚĞƐŵĂŵĂ Ğ ĚĞ ĐĂƌĐĂĕĂ͘ hŵ ƐŝƐƚĞŵĂ ĐŽŵƉůĞƚŽ ĚĞ ǀĂůŽƌĞƐ ďŝŽͲĞĐŽŶƀŵŝĐŽƐ ŝŶĐůƵŝƌĄ͕ ŶŽ ĨƵƚƵƌŽ͕ ǀĂͲ ůŽƌĞƐ ĞĐŽŶƀŵŝĐŽƐ ĚĞ ƌĞƉƌŽĚƵĕĆŽ ƉŽƌ ƚĞƌŶĞŝƌŽ ĚĞƐŵĂŵĂĚŽ͘ KƐ ǀĂůŽƌĞƐ ;ΨͿ ƵƚŝůŝnjĂŵ ŽƐ WƐ ĚŝƐƉŽŶşǀĞŝƐ͕ ĐŽŶǀĞƌƚŝĚŽƐ Ğŵ ǀĂůŽƌĞƐ ĞĐŽŶƀŵŝĐŽƐ͕ŝŶĐŽƌƉŽƌĂŶĚŽ ĐŽŵƉŽŶĞŶƚĞƐ ĚĂ /ŶĚƷƐƚƌŝĂ ƋƵĞ ƐĆŽ ŝŵƉŽƌͲ ƚĂŶƚĞƐ ŶŽ ĚĞƐĞŵƉĞŶŚŽ ĚŽ ĐŽŶĨŝŶĂŵĞŶƚŽ͕ ĐŽŵŽ͗ ĚŝĂƐ ĂůŝŵĞŶƚĂĚŽƐ͕ ĐƵƐƚŽ ĚĂ ƌĂĕĆŽ͕ ĐƵƐƚŽ ĚŽ ƉĞƐƐŽĂů͘ ƉĂƌĂ Ž sĂůŽƌ ĚĞ ĂƌĐĂĕĂ͗ ĐŽŵͲ ďŝŶĂ ŽƐ ĂƚƌŝďƵƚŽƐ ƉĂƌĂ ŐƌĂƵ ĚĞ ƋƵĂůŝĚĂĚĞ Ğ ŐƌĂƵ ĚĞ ƌĞŶĚŝŵĞŶƚŽ͕ Ğ ƐĆŽ ĐĂůĐƵůĂĚŽƐ ƉĞůŽƐ WƐ ĚĞ ĐĂƌĐĂĕĂ Ğ ŽƵ ƵůƚƌĂƐƐŽŵ͘ KƐ sĂůŽƌĞƐ ;ΨͿ ƐĆŽ ƌĞƐƵůƚĂŶƚĞƐ ĚŽ ƋƵĞ Ă /ŶĚƷƐƚƌŝĂ ƵƚŝůŝnjĂ ĐŽŵŽ ĐŽŵͲ ƉŽŶĞŶƚĞƐ ƌĞůĞǀĂŶƚĞƐ ƵƐĂĚŽƐ ŶŽ ĐĄůĐƵůŽ ĚŽƐ sĂůŽƌĞƐ Ψ ͕ Ψ' Ğ Ψ/ &͘ ŽŵƉĂƌĂĚŽ ĐŽŵ ŽƐ WƐ͕ Ă ǀĂƌŝĂĕĆŽ ĞŶƚƌĞ ŽƐ ǀĂůŽƌĞƐ ƉĂƌĂ ĚŝĨĞƌĞŶͲ ƚĞƐ ĂŶŝŵĂŝƐ͕ ŝŶĚŝĐĂ ĂƐ ĚŝĨĞƌĞŶĕĂƐ ĞƐƉĞƌĂĚĂƐ ŶŽ ǀĂůŽƌ ƌĞůĂƚŝǀŽ ĚĂ ƉƌŽͲ ŐġŶŝĞ͕ ƵƚŝůŝnjĂŶĚŽ Ƶŵ ŶŝǀĞůĂŵĞŶƚŽ ĂůĞĂƚſƌŝŽ͘ ƐƐŝŵ͕ Ƶŵ sĂůŽƌ ;ΨͿ ƐŽͲ ŵĞŶƚĞ ƚĞƌĄ ƐĞŶƚŝĚŽ͕ ƋƵĂŶĚŽ Ġ ƵƐĂĚŽ Ğŵ ĐŽŵƉĂƌĂĕĆŽ ĐŽŵ Ž sĂůŽƌ ;ΨͿ ĚĞ ŽƵƚƌŽ ĂŶŝŵĂů͘ ŽŵŽ ĐŽŵ ŽƐ WƐ͕ ĂƐ ŵĠĚŝĂƐ Ğ Ă ĚŝƐƚƌŝďƵŝĕĆŽ ƉĞƌĐĞŶƚƵĂů ƐĞƌĆŽ ĚĞƐĐƌŝƚĂƐ ŶŽ sĂůŽƌ dŽƚĂů ĚĞ ĂƌŶĞ͘ hŵ sĂůŽƌ ;ΨͿ njĞƌŽ;ϬͿ ŶĆŽ ĞƐƚĄ ĐŽƌͲ ƌĞůĂĐŝŽŶĂĚŽ ĐŽŵ Ž ƌĂŶŬŝŶŐ ŝŶĨĞƌŝŽƌ ŽƵ ĐŽŵ Ƶŵ ĂŶŝŵĂů ŶĂ ŵĠĚŝĂ͘ s >KZ KE&/E D EdK Ψ ;Ψ&Ϳ K sĂůŽƌ ĚĞ ŽŶĨŝŶĂŵĞŶƚŽ Ͳ Ψ ĐĂůĐƵůĂ Ă ĚŝĨĞƌĞŶĕĂ ΨͬĐĂďĞĕĂ ŶŽ ĚĞͲ ƐĞŵƉĞŶŚŽ ĞƐƉĞƌĂĚŽ ĚĂ ƉƌŽŐġŶŝĞ ƉĂƌĂ ŵĠƌŝƚŽ ƉſƐ ĚĞƐŵĂŵĞ͘ K Ψ ƵƚŝůŝnjĂ ŽƐ WƐ ĚĞ WĞƐŽ ĂŽ ĞƐŵĂŵĞ ;W Ϳ Ğ WĞƐŽ ĂŽ ŶŽ ;W Ϳ ũƵŶƚĂŵĞŶƚĞ ĐŽŵ Ă ŝŶƚĞƌƌĞůĂĕĆŽ ĞŶƚƌĞ ĂƐ ĐĂƌĂĐƚĞƌşƐƚŝĐĂƐ͘ sĂůŽƌĞƐ ƚşƉŝĐŽƐ ĚĞ ŐĂŶŚŽƐ ŶŽ ĐŽŶĨŝŶĂŵĞŶƚŽ͕ ĐŽŶƐƵŵŽ ĚĞ ĂůŝŵĞŶƚŽ Ğ ĚŝĨĞƌĞŶĕĂƐ ŶŽƐ ĐƵƐƚŽƐ ƐĆŽ ůĞǀĂĚŽƐ Ğŵ ĐŽŶƚĂ ŶŽƐ ĐĄůĐƵůŽƐ ĨŝŶĂŝƐ͘ sĂůŽƌĞƐ ƚşƉŝĐŽƐ ĚĂ /ŶĚƷƐƚƌŝĂ ƐĆŽ ƵƐĂĚŽƐ ƉĂƌĂ ĚŝĂƐ ĂůŝŵĞŶƚĂĚŽƐ͕ ĐƵƐƚŽ ĚĂƐ ƌĂĕƁĞƐ͕ Ğ ƉƌĞĕŽ ĞĨĞƚŝǀŽ ĚŽƐ ĂŶŝŵĂŝƐ͘ s >KZ Z Ψ' ;Ψ'Ϳ K sĂůŽƌ ĚĞ ĂƌĐĂĕĂ Ͳ Ψ' ĐŽŵďŝŶĂ Ă ĐůĂƐƐŝĨŝĐĂĕĆŽ ƉŽƌ ƋƵĂůŝĚĂĚĞ Ğ ƉĞƌĐĞŶƚƵĂů ĚĞ ƌĞŶĚŝŵĞŶƚŽ͕ Ğ Ġ ĐĂůĐƵůĂĚŽ ƉĂƌĂ ĂŶŝŵĂŝƐ ĐŽŵ WƐ ĚĞ ĐĂƌĐĂĕĂ Ğ ŽƵ ĚĞ ƵůƚƌĂͲƐŽŵ͘ hŵĂ ŵĠĚŝĂ ĚĞ ƚƌġƐ ĂŶŽƐ Ġ ƵƐĂĚĂ ƉĂƌĂ ĞƐƚĂďĞůĞĐĞƌ ǀĂůŽƌĞƐ ĞĐŽŶƀŵŝͲ ĐŽƐ ƚşƉŝĐŽƐ ĚĂ /ŶĚƷƐƚƌŝĂ ƉĂƌĂ ĐůĂƐƐŝĨŝĐĂĕĆŽ ĚĞ ƋƵĂůŝĚĂĚĞ ĚĞ ĐĂƌĐĂĕĂ͕ Ğ ƉĞƌĐĞŶƚƵĂů ĚĞ ƌĞŶĚŝŵĞŶƚŽ͘
WƌġŵŝŽƐ ƉĂƌĂ ĐůĂƐƐŝĨŝĐĂĕĆŽ ĚĞ ƋƵĂůŝĚĂĚĞ ĞƐƚĆŽ ĞƐƉĞĐŝĨŝĐĂĚŽƐ ƉĂƌĂ ĐĂƌĐĂĕĂƐ ĚĞ ƉƌŝŵĞŝƌĂ ;ƉƌŝŵĞ Ğ ĐŚŽŝĐĞͿ Ğ ĚĞƐĐŽŶƚŽƐ ƉĂƌĂ ĐĂƌĐĂĕĂƐ ĚĞ ƐĞŐƵŶĚĂ ;ƐĞůĞĐƚ Ğ ƐƚĂŶĚĂƌĚͿ͘ WƌġŵŝŽƐ ƉĂƌĂ ƉĞƌĐĞŶƚƵĂů ĚĞ ƌĞŶĚŝŵĞŶƚŽ ĨŽƌĂŵ ŝŶĐŽƌƉŽƌĂĚŽƐ ƉĂƌĂ z'ϭ Ğ z'Ϯ ;ĐĂƌĐĂĕĂƐ ĚĞ ĞůĞǀĂĚŽ ƌĞŶĚŝŵĞŶƚŽͿ͕ ĐŽŵ ĚĞƐĐŽŶƚŽƐ ƉĂƌĂ z'ϰ Ğ z'ϱ ;ďĂŝdžŽƐ ƌĞŶĚŝŵĞŶƚŽƐ ĚĞ ĐĂƌŶĞƐ ǀĞƌŵĞůŚĂƐͿ͘ K ŝŵƉĂĐƚŽ ĚŽ sĂůŽƌ ĚĞ ĂƌĐĂĕĂ ŶŽ ΨͬƉĞƐŽ Ğ ŶŽ ΨͬĐĂďĞĕĂ Ġ ĐĂůĐƵůĂĚŽ Ă ƉĂƌƚŝƌ ĚŽƐ ĐŽŵƉŽŶĞŶƚĞƐ ĚŽ ƉĞƌĐĞŶƚƵĂů ĚĞ ƌĞŶĚŝŵĞŶƚŽ Ğ ĚĞ ƋƵĂůŝĚĂĚĞ͕ Ğ ĂƐƐŝŵ ƐĆŽ ĐŽŵďŝŶĂĚŽƐ ƉĂƌĂ ĐŚĞŐĂƌ ĂŽ 1ŶĚŝĐĞ ĐŽŶƀŵŝĐŽ &ŝŶĂů ;Ψ/ &Ϳ͘ 1E / KEND/ K &/E > Ψ/ & ;Ψ Ϳ 1ŶĚŝĐĞ ĐŽŶƀŵŝĐŽ &ŝŶĂů Ψ/ & ƌĞƉƌĞƐĞŶƚĂ Ž ǀĂůŽƌ Ğŵ ĚſůĂƌĞƐ ĚĂƐ ĚŝĨĞƌĞŶĕĂƐ ĞƐƉĞƌĂĚĂƐ ŶĂ ƉƌŽŐġŶŝĞ ; WͿ͕ ŶŽ ĚĞƐĞŵƉĞŶŚŽ ƉſƐ ĚĞƐŵĂŵĂ Ğ ŶŽ ǀĂůŽƌ ĚĂ ĐĂƌĐĂĕĂ͘ ƐƚĞ ǀĂůŽƌ Ψ/ & Ġ ĐŽŵƉŽƐƚŽ ĚĞ ĚƵĂƐ ƉĂƌƚĞƐ͗ sĂůŽƌ ĚĞ ŽŶĨŝŶĂŵĞŶƚŽ ;Ψ Ϳ Ğ sĂůŽƌ ĚĞ ĂƌĐĂĕĂ ;Ψ'Ϳ͘ WĂƌĂ ĚĞĨŝŶŝƌ Ž Ψ/ & ĐŽŵ ĂƐ ƌĞĂůŝĚĂĚĞƐ ĚĞ ŵĞƌĐĂĚŽ Ğ ƉĂƌĂ ǀĂůŽƌŝnjĂƌ ĂƉƌŽͲ ƉƌŝĂĚĂŵĞŶƚĞ Ž ƉĞƐŽ ĚĂ ĐĂƌĐĂĕĂ ĚŽ ŶŐƵƐ͕ ŽƐ ƐĞŐƵŝŶƚĞƐ ĨĂƚŽƌĞƐ ƐĆŽ ŝŶͲ ĐŽƌƉŽƌĂĚŽƐ ĂŽƐ ĐĄůĐƵůŽƐ ĨŝŶĂŝƐ ĚĞ Ψ/ &͗ Ύ K Ψ/ & ŶĆŽ Ġ Ă ƐŽŵĂ ĚĞ Ψ Ğ Ψ'͘ Ύ ^Ğ ĐĂůĐƵůĂ Ž ƉĞƐŽ ƉƌŽũĞƚĂĚŽ ĚĂ ĐĂƌĐĂĕĂ Ğ ƐĞƵ ǀĂůŽƌ͕ ũƵŶƚŽ ĐŽŵ ĂƐ ĚŝĨĞͲ ƌĞŶĕĂƐ ĚŽ ĐƵƐƚŽ ĚĞ ƉƌŽĚƵĕĆŽ͘ Ύ K Ψ/ & ůĞǀĂ Ğŵ ĐŽŶƐŝĚĞƌĂĕĆŽ ƋƵĂůƋƵĞƌ ĚĞƐĐŽŶƚŽ ƉŽƌ ĐĂƌĐĂĕĂƐ ŵƵŝƚŽ ƉĞƐĂĚĂƐ͘ Ύ &ŝŶĂůŵĞŶƚĞ͕ ƐĆŽ ĨĞŝƚŽƐ ĂũƵƐƚĞƐ ƉĂƌĂ ƉƌĞǀĞŶŝƌ Ă ǀĂůŽƌŝnjĂĕĆŽ Ğŵ ĚŽďƌŽ ƉĂƌĂ ŽƐ ƐĞŐŵĞŶƚŽƐ ĚŽ ĐŽŶĨŝŶĂŵĞŶƚŽ Ğ ĚĂ ĐĂƌĐĂĕĂ͘ K ǀĂůŽƌ Ψ/ & ƌĞƐƵůƚĂŶƚĞ ŶĆŽ ĨŽŝ ĞůĂďŽƌĂĚŽ ƉĂƌĂ ƐĞƌ ĚŽŵŝŶĂĚŽ ƉŽƌ Ƶŵ Ɛſ ĨĂƚŽƌ ĐŽŵŽ Ă ƋƵĂůŝĚĂĚĞ͕ Ž ƌĞŶĚŝŵĞŶƚŽ ĚĞ ĐĂƌŶĞ ǀĞƌŵĞůŚĂ͕ ŽƵ Ž ƉĞƐŽ͘ EĂ ƌĞĂůŝĚĂĚĞ͕ ĞůĞ Ġ Ž ƌĞƐƵůƚĂĚŽ ĚŝŶąŵŝĐŽ ĚĂ ĂƉůŝĐĂĕĆŽ ĚĞ ǀĂůŽƌĞƐ ĐŽŵĞƌͲ ĐŝĂŝƐ ĚĞ ŵĞƌĐĂĚŽ ŶĂ ŐĞŶĠƚŝĐĂ ŶŐƵƐ͕ ƚĂŶƚŽ ƉĂƌĂ Ž ŵĠƌŝƚŽ ĚĞ ĐŽŶĨŝŶĂŵĞŶͲ ƚŽ ĐŽŵŽ ƉĂƌĂ Ž ĚĞ ĐĂƌĐĂĕĂ͘ K 1ŶĚŝĐĞ ĐŽŶƀŵŝĐŽ &ŝŶĂů ĨĂĐŝůŝƚĂ Ž ƋƵĞ ƚŽĚŽ ƉƌŽĚƵƚŽƌ ĚĞ ĐĂƌŶĞ ĞƐƚĄ ďƵƐĐĂŶĚŽ͗ DĞůŚŽƌĂŵĞŶƚŽ ŐĞŶĠƚŝĐŽ ƐŝŵƵůƚąŶĞŽ ĚĞ ŵƷůƚŝƉůĂƐ ĐĂƌĂĐƚĞƌşƐͲ ƚŝĐĂƐ ƉĂƌĂ ŵĠƌŝƚŽ ĚĞ ĐŽŶĨŝŶĂŵĞŶƚŽ Ğ ƉĂƌĂ ŵĠƌŝƚŽ ĚĞ ĐĂƌĐĂĕĂ͕ ďĂƐĞĂĚŽ Ğŵ ƌĞƐƵůƚĂĚŽ ĞĐŽŶƀŵŝĐŽ͘ s >KZ E Z' d/ K s ;Ψ EͿ Ƶŵ ǀĂůŽƌ ĞdžƉƌĞƐƐŽ Ğŵ ĚſůĂƌĞƐ ƌĞĨĞƌĞŶƚĞ ĂŽ ĐƵƐƚŽ ĞŶĞƌŐĠƚŝĐŽ ĚĂ ǀĂĐĂ ƉŽƌ ĂŶŽ͘ ƐƚĞ ǀĂůŽƌ ĚĞŵŽŶƐƚƌĂ ĂƐ ĚŝĨĞƌĞŶĕĂƐ ŶŽƐ ƌĞƋƵĞƌŝŵĞŶƚŽƐ ĞŶĞƌͲ ŐĠƚŝĐŽƐ ĚĂ ǀĂĐĂ ĐŽŵŽ ƐĞŶĚŽ Ă ĚŝĨĞƌĞŶĕĂ ĚŽ ĐƵƐƚŽ ĂŶƵĂů ĚĞ ŵĂŶƵƚĞŶͲ ĕĆŽ ĚĂƐ ĨŝůŚĂƐ ĚĞ Ƶŵ ĚĞƚĞƌŵŝŶĂĚŽ ƚŽƵƌŽ͘ YƵĂŶƚŽ ŵĂŝŽƌ Ž ǀĂůŽƌ͕ ŵĂŝƐ ĨĂǀŽƌĄǀĞů ƐĞƌĄ ĂŽ ƐĞ ĐŽŵƉĂƌĂƌ ĂƐ ĨŝůŚĂƐ ĚĞ ĚŽŝƐ ƚŽƵƌŽƐ ;ŵĂŝƐ ĚſůĂƌĞƐ ƉŽƵƉĂĚŽƐ ŶĂƐ ĚĞƐƉĞƐĂƐ ĚĞ ĂůŝŵĞŶƚĂĕĆŽ ĞŶĞƌŐĠƚŝĐĂͿ͘ ŽƐ ĐŽŵƉŽŶĞŶͲ ƚĞƐ ƉĂƌĂ ĐĄůĐƵůŽ ĚĞƐƚĞ ǀĂůŽƌ ;hΨ^Ϳ ĞĐŽŶŽŵŝnjĂĚŽ ƉŽƌ ǀĂĐĂ͕ ĂĚŝĐŝŽŶĂŵͲ ƐĞ ĂƐ ĞdžŝŐġŶĐŝĂƐ ĞŶĞƌŐĠƚŝĐĂƐ ƉĂƌĂ ůĂĐƚĂĕĆŽ Ğ ŽƐ ĐƵƐƚŽƐ ĞŶĞƌŐĠƚŝĐŽƐ ĂƐͲ ƐŽĐŝĂĚŽƐ ĐŽŵ Ž ƚĂŵĂŶŚŽ ĚĂ ǀĂĐĂ ĂĚƵůƚĂ͘ s >KZ ^D D Ψ ;ΨtͿ Ƶŵ ǀĂůŽƌ ĞdžƉƌĞƐƐŽ Ğŵ ĚſůĂƌĞƐ ƉŽƌ ĐĂďĞĕĂ͕ Ğ Ġ Ă ĚŝĨĞƌĞŶĕĂ ŵĠĚŝĂ ĞƐͲ ƉĞƌĂĚĂ ŶŽ ĚĞƐĞŵƉĞŶŚŽ ĚĂ ƉƌŽŐġŶŝĞ ƉĂƌĂ ŵĠƌŝƚŽ ƉƌĠͲĚĞƐŵĂŵĂ͘ sĂůŽƌ ĚĞ ĚĞƐŵĂŵĂ ;Ψ Ϳ ŝŶĐůƵŝ ƚĂŶƚŽ Ž ŐĂŶŚŽ ĐŽŵŽ ŽƐ ĐƵƐƚŽƐ ĂũƵƐƚĂĚŽƐ Ğ ĂƐƐŽĐŝĂĚŽƐ ĐŽŵ ĂƐ ĚŝĨĞƌĞŶĕĂƐ Ğŵ ƉĞƐŽ ĂŽ ŶĂƐĐĞƌ͕ ĐƌĞƐĐŝŵĞŶƚŽ ĚŝƌĞƚŽ Ă ĚĞƐŵĂŵĂ͕ ůĞŝƚĞ ŵĂƚĞƌŶŽ Ğ ƚĂŵĂŶŚŽ ĚĂ ǀĂĐĂ ĂĚƵůƚĂ͘
$%5(9,$785$6 86$'$6 K> D > ' K ^ & &W &W& &WD &WDd ' '/D
ƌĞĂ ĚĞ KůŚŽ ĚĞ >ŽŵďŽ ƌƚŚƌŽŐƌLJƉŽƐŝƐ DƵůƚŝƉůĞdž ŽŶƚƌĂĐƚƵƌĂů ƌĂĐŚŶŽĚĂĐƚLJůLJ ůĂƐƐĞ ƵƌĂĕĆŽ ĚĞ 'ĞƐƚĂĕĆŽ ŽĐŝůŝĚĂĚĞ ƐƚĂƚƵƌĂ ĂŽ ^ŽďƌĞĂŶŽ &ŝůŚĂƐ &ĂĐŝůŝĚĂĚĞ ĚĞ WĂƌƚŽ &ĂĐŝůŝĚĂĚĞ ĚĞ WĂƌƚŽ ĚĂƐ &ŝůŚĂƐ &ĂĐŝůŝĚĂĚĞ ĚĞ WĂƌƚŽ DĂƚĞƌŶĂů &ĂĐŝůŝĚĂĚĞ ĚĞ WĂƌƚŽ DĂƚĞƌŶĂů dŽƚĂů 'ŽƌĚƵƌĂ 'ŽƌĚƵƌĂ /ŶƚƌĂŵƵƐĐƵůĂƌ
'E 'E^ 'W /&E /E & > D Dd E , W W W W WD
'ĂŶŚŽ ŶĂ ĞƐŵĂŵĂ 'ĂŶŚŽ ĚĞ ƉĞƐŽ ĚĂ ĚĞƐŵĂŵĂ ĂŽ ƐŽďƌĞĂŶŽ 'ĂŶŚŽ ĚĞ WĞƐŽ ŝĄƌŝŽ 1ŶĚŝĐĞ ĚĞ &ĞƌƚŝůŝĚĂĚĞ ĚĂƐ EŽǀŝůŚĂƐ 1ŶĚŝĐĞ ĨŝŶĂů >ĞŝƚĞ DĂƌŵŽƌĞŝŽ DĂƚĞƌŶĂů dŽƚĂů EĞƵƌŽƉĂƚŚŝĐ ,ŝĚƌŽĐĞƉŚĂůƵƐ WĞƐŽ ĂŽ ŶŽ WĞƐŽ ĚĂ ĂƌĐĂĕĂ WĞƐŽ Ă ĞƐŵĂŵĂ WĞƌşŵĞƚƌŽ ƐĐƌŽƚĂů WĞƐŽ ĂŽ ŶĂƐĐĞƌ ĞĨĞŝƚŽ ŵĂƚĞƌŶŽ
ϵϱ
WE WZ Zͬ& йZ d Ψ Ψ Ψ E Ψ' ΨY' Ψd Ψz' Ψ/ &
WĞƐŽ ĂŽ ŶĂƐĐĞƌ WĞƌŵĂŶġŶĐŝĂ ŶŽ ZĞďĂŶŚŽ ZĞďĂŶŚŽƐͬ&ŝůŚĂƐ WĞƌĐĞŶƚƵĂů ĚĞ ƌĞŶĚŝŵĞŶƚŽ ĚĞ ĐŽƌƚĞ dĂŵĂŶŚŽ ĂŽ ĂŶŽ sĂůŽƌ ĚĞ ŽŶĨŝŶĂŵĞŶƚŽ sĂůŽƌ ĚĞ ĞƐŵĂŵĂ sĂůŽƌ ĞŶĞƌŐĠƚŝĐŽ ĚĂ ǀĂĐĂ sĂůŽƌ ĚĞ ĂƌĐĂĕĂ sĂůŽƌ ĚĞ YƵĂůŝĚĂĚĞ ĚĂ ĂƌŶĞ sĂůŽƌ dŽƚĂů ĚĞ ĂƌŶĞ sĂůŽƌ ĚĞ ZĞŶĚŝŵĞŶƚŽ ĚĞ ĂƌŶĞ >ŝŵƉĂ 1ŶĚŝĐĞ ĐŽŶƀŵŝĐŽ &ŝŶĂů
6(/(&7 6,5(6 '2 %5$6,/ ΛƐĞůĞĐƚƐŝƌĞƐďƌ
ƐĞůĞĐƚ͘ƐŝƌĞƐĚŽďƌĂƐŝů͘ϳ
ZƵĂ ^ĆŽ EŝĐŽůĂƵ͕ ϮϯϬ Ͳ ƉĂǀŝůŚĆŽ ϲ ͮ ĂŝƌƌŽ͗ ^ĂŶƚĂ DĂƌŝĂ 'ŽƌĞƚƚŝ W͗ ϵϭϬϯϬͲϮϯϬ ͮ WŽƌƚŽ ůĞŐƌĞ ͮ Z^ &ŽŶĞ ϱϱ ϱϭ ϯϮϮϮ͘ϵϲϴϴ Ͳ ƐĞůĞĐƚƐŝƌĞƐΛƐĞůĞĐƚƐŝƌĞƐ͘ĐŽŵ͘ďƌ ǁǁǁ͘ƐĞůĞĐƚƐŝƌĞƐ͘ĐŽŵ͘ďƌ