Grandes opções do plano e orçamento e mapa do pessoal do município de Tomar para o ano de 2017 by José Gaio

GRANDES OPÇÕES DO PLANO E ORÇAMENTO 2017

“A força ganha, não por estar a ser exercida, mas sim por existir” Joseph Schumpeter

ÍNDICE GERAL

pag. PROPOSTA DE ORÇAMENTO 9 Introdução 9 Enquadramento 12 Entidades participadas 13 O contexto orçamental 13 A receita 17 A despesa 19 Resumo da receita e despesa 20 6LWXDomR HFRQyPLFD H ÀQDQFHLUD 21 Objetivos 22 )LFKDV GH SURJUDPDV H SURMHWRV FRP ÀQDQFLDPHQWR 27 RELATÓRIO DAS REUNIÕES PREPARATÓRIAS – ESTATUTO DA OPOSIÇÃO 37 GRANDES OPÇÕES DO PLANO – PLANO PLURIANUAL DE INVESTIMENTOS 49 ORÇAMENTO DA RECEITA 63 ORÇAMENTO DA DESPESA 71 MAPA DE PESSOAL ÍNDICE DE FIGURAS E GRÁFICOS 11 Figura 1 – Densidade populacional 14 *UiÀFR $ *UiÀFR $ (YROXomR GR 2UoDPHQWR ,QLFLDO GD 5HFHLWD 14 *UiÀFR % ² &RPSDUDomR GD HVWUXWXUD GH UHFHLWD HQWUH 7RPDU H R 3DtV 16 *UiÀFR & ² 5HFHLWD SURYHQLHQWH GR ,0, 16 *UiÀFR ' ² 5HFHLWD SURYHQLHQWH GR ,07 17 *UiÀFR ( ² &RPSDUDomR GD HVWUXWXUD GD GHVSHVD HQWUH R 7RPDU H R 3DtV 19 *UiÀFR ) ² 3DVVLYRV )LQDQFHLURV GH D 19 *UiÀFR * ² 5HVXPR GD 5HFHLWD H 'HVSHVD GH ÍNDICE DE QUADROS 10 4XDGUR , ² 3UHYLV}HV 0DFURHFRQyPLFDV SDUD R DQR GH 11 4XDGUR ,, (YROXomR GH DOJXQV LQGLFDGRUHV HFRQyPLFRV H GHPRJUiÀFRV 12 4XDGUR ,,, ² 3HUtPHWUR DXWiUTXLFR 15 Quadro IV – Orçamento inicial da Receita 18 Quadro V – Orçamento inicial da Despesa 19 Quadro VI – Resumo da Receita e Despesa 20 Quadro VII – Empréstimos bancários em curso 21 Quadro VIII – Objetivos

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PARTE I

GRANDES OPÇÕES DO PLANO

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1) O OGE para 2017 prevĂŞ um crescimento do PIB em 1,5% 2) RelatĂłrio de Augusto Mateus & Associados, marĂ§o de 2014, p.158 MĂŠdio Tejo 2020: Plano EstratĂŠgico de Desenvolvimento 2014-2020

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Fig.1- Densidade populacional TOMAR

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O CONTEXTO ORÇAMENTAL As mudanças de paradigma social, económica e tecnológica, são transversais às grandes cidades e ao interior, onde R SRGHU ORFDO WHP TXH FRQWLQXDU D JDUDQWLU D VDWLVIDomR GRV OHJtWLPRV DQVHLRV GD SRSXODomR FXPSULQGR DVVLP D IXQomR GH FRPELQDU FXOWXUD DUWH HGXFDomR H GHVHQYROYLPHQWR HPSUHVDULDO HP DPELHQWHV DWUDHQWHV H JHUDGRUHV GH ULTXH]D $ WHFQRORJLD D YHORFLGDGH H R DOFDQFH GD LQIRUPDomR DV UHGHV VRFLDLV R WHOHWUDEDOKR HWF ID]HP HPHUJLU QRYDV IRUPDV GH YLYHU H GH FRQYLYHU VXUJLQGR DV GHQRPLQDGDV 6PDUW &LWLHV PRGHORV FRP QRYDV VROXo}HV XUEDQDV LQRYD GRUHV H PDLV VXVWHQWiYHLV 7RGDYLD DSDUHFHP WDPEpP QRYRV SUREOHPDV UHODFLRQDGRV FRP WHUURULVPR PLJUDo}HV SDQGHPLDV LQVHJXUDQoD GHVHPSUHJR GHVLJXDOGDGH HWF GHVDÀRV HVWHV TXH FDUHFHP GH XP FRQVWDQWH UHSHQVDU H IRUPXODomR GH QRYDV H HÀFD]HV UHVSRVWDV $ FRHVmR H LQWHUDomR VRFLDO DVVLP FRPR D SDUWLFLSDomR SROtWLFD GH FLGDGmRV LQIRUPDGRV H QR VHX SOHQR H[HUFtFLR GH FLGDGDQLD D SDU GD FUHVFHQWH UHVSRQVDELOL]DomR GR SRGHU ORFDO VHUmR FHUWDPHQWH OLQKDV GH IRUoD TXH SHUPLWHP VXSODQWDU HVWHV GHVDÀRV GR SUHVHQWH H GR IXWXUR e QHVWH DPELHQWH VRFLRSROtWLFR H HP FRQWH[WR GH PXGDQoD TXH VHPSUH VH H[LJH PDLRU FDSDFLGDGH GH UHVLOLrQFLD 3DUD além disso, a elevada imprevisibilidade e constante necessidade de adaptação dos escassos recursos, torna cada YH] PDLV FRPSOH[D D SUHSDUDomR GH SODQRV H SHoDV SUHYLVLRQDLV GHYHQGR SRU LVVR VHUHP DGRWDGRV FULWpULRV UREXVWRV de racionalidade e realismo. A decisão de aplicar recursos na medida e no momento adequado, nos projetos que permitem atingir objetivos estra WpJLFRV LPSOLFD XPD ERD SHUFHomR GD RUJDQL]DomR GRV DQVHLRV GD SRSXODomR D TXHP VHUYH H GD SUySULD HQYROYHQWH $FLPD GH WXGR LQWHUHVVD TXH VH DWLQMDP UHVXOWDGRV FRP H[SOtFLWR YDORU SDUD RV FLGDGmRV ´ Apesar dos elevados passivos herdados de mandatos anteriores e da necessidade de arrecadação de receita, foi decisão imediata dos órgãos municipais em desagravar impostos, devolvendo assim á população consideráveis YDORUHV 0DQWHYH VH D WD[D GH ,0, QR SDWDPDU LQIHULRU H SDUD DOpP GLVVR GHVDJUDYRX VH DR Pi[LPR HVWD WD[D GH LPSRVWR SDUD IDPtOLDV FRP GHSHQGHQWH RX PDLV 3DUD UHLWHURX VH HVVD GHFLVmR DJRUD HP YDORU DEVROXWR H GH forma mais progressiva. 0DQWHYH VH D LVHQomR GH GHUUDPD SDUD DV HPSUHVDV FRP YROXPH GH QHJyFLRV LQIHULRU D ½ WHQGR HP YLVWD maiores incentivos ao investimento privado e em especial a pequenas e médias empresas. &RQWLQXDP D LVHQWDU VH GH WD[DV DOJXQV HYHQWRV GH HVSHFLDO LQWHUHVVH SDUD R &RQFHOKR SUiWLFD TXH WHP YLQGR D VHU VHJXLGD HPERUD VHPSUH VXMHLWD D GHFLV}HV SRQWXDLV SRU SDUWH GD &kPDUD ,PSOHPHQWDUDP VH PHGLGDV GH FRQWHQomR QD GHVSHVD FRP H[FHomR QDV WUDQVIHUrQFLDV SDUD D -XQWDV GH )UHJXHVLD H SDUD DSRLRV VRFLDLV TXH DXPHQWDUDP VLJQLÀFDWLYDPHQWH &RP HVWDV SUHPLVVDV R 20 H *23 IRUDP SUHSDUDGRV FRP D SRVVtYHO ÁH[LELOLGDGH H DEUDQJrQFLD GH PRGR D DFRPR GDU HYHQWXDLV SURJUDPDV TXH VH HVSHUDP YHQKDP D VHU ÀQDQFLDGRV SHOR ´3RUWXJDO µ

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[ 15 ]

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[ 16 ]

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[ 17 ]

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[ 18 ]

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[ 19 ]

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[ 20 ]

FICHAS DE PROGRAMAS E PROJETOS COM FINANCIAMENTO

[ 21 ]

[ 22 ]

[ 23 ]

PARTE II

RELATÓRIO DAS REUNIÕES PREPARATÓRIAS PARA O ORÇAMENTO DE 2016 AO ABRIGO DO ESTATUTO DA OPOSIÇÃO

[ 25 ]

[ 26 ]

RELATÃ&#x201C;RIO DAS REUNIÃ&#x2022;ES PREPARATÃ&#x201C;RIAS PARA O ORÃ&#x2021;AMENTO DE 2017 AO ABRIGO DO ESTATUTO DE OPOSIÃ&#x2021;Ã&#x192;O

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[ 27 ]

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4.2. â&#x20AC;&#x201C; Partido Social Democrata (PSD) 5HXQLmR FRP R 3DUWLGR 6RFLDO 'HPRFUDWD QR *DELQHWH GD SUHVLGHQWH jV + GR GLD )RL GLVWULEXtGD XPD YHUVmR GH WUDEDOKR GR SODQR SOXULDQXDO GH LQYHVWLPHQWRV 1R PRPHQWR DWXDO DLQGD QmR p SRVVtYHO DIHULU VH D SURSRVWD GH RUoDPHQWR SDUD p LQIHULRU RX VXSHULRU j GH YLVWR KDYHU D QHFHVVLGDGH GH FRQWHPSODU RV SURMHWRV Ã&#x20AC;QDQFLDGRV SRU IXQGRV FRPXQLWiULRV Foi referido que se mantinha como linha prioritÃ¡ria a aposta na habitaÃ§Ã£o social a par de projetos que visem a inclusÃ£o VRFLDO GH IDPtOLDV FDUHQFLDGDV )RL UHIHULGR DLQGD TXH H[LVWLUD D DEHUWXUD GH QRYDV UXEULFDV HP 33, SDUD DFRPRGDU RV LQYHVWLPHQWRV SUHYLVWRV H Mi FRP Ã&#x20AC;QDQFLDPHQWR QR kPELWR GR 3RUWXJDO QRV VHXV GLYHUVRV SURJUDPDV RSHUDFLRQDLV EHP FRPR QDFLRQDLV FRPR R FDVR GR 326(85 )RL GDGD LQIRUPDomR TXH LULD VHU LQFOXtGD XPD REUD D REUD GH 3DOKDYm TXH QmR p REMHWR GH Ã&#x20AC;QDQFLDPHQWR )RUDP FRORFDGDV DV VHJXLQWHV TXHVW}HV HP VtQWHVH a. IrÃ¡ haver aumento de transferÃªncias de capital para as juntas de freguesia? Sim, nos contratos de execuÃ§Ã£o um DXPHQWR GH H LUHPRV FHOHEUDU FRQWUDWRV DGPLQLVWUDWLYRV FRP WRGDV DV IUHJXHVLDV FRP H[FHomR GH 6mR 3H GUR H 2ODOKDV YLVWR HP 6mR 3HGUR VHU XPD REUD GD FRPSHWrQFLD GRV 60$6 H HP 2ODOKDV D &kPDUD DVVXPLUi D empreitada; b. ,Ui VHU UHDOL]DGR RUoDPHQWR SDUWLFLSDWLYR MRYHP" 0DQWHP VH QR RUoDPHQWR SDUD VHUmR IHLWDV VHVV}HV SXEOL cas e votaÃ§Ã£o c. &RPR LUi VHU HIHWXDGR R UHDORMDPHQWR GD FRPXQLGDGH FLJDQD" 2 UHDORMDPHQWR GD FRPXQLGDGH FLJDQD LUi VHU HIH WXDGR HP FDVDV SHUWHQoD GR PXQLFtSLR HP HVFRODV UHDELOLWDGDV SDUD R HIHLWR 4XDQWR DRV FHQWURV FRPXQLWiULRV o primeiro que estÃ¡ pensado Ã© junto Ã GNR, os outros estÃ£o ainda em anÃ¡lise, sendo que a prioridade Ã© ser em terrenos camarÃ¡rios, jÃ¡ infraestruturados ou prÃ³ximos de infraestruturas d. ,Ui VHU LQVWDODGR XP 6NDWH SDUTXH" (VWDPRV D HVWXGDU D VXD ORFDOL]DomR VHQGR TXH QmR HVWi GHVFDUWDGD D KLSy WHVH QXPD GDV EROVDV ODWHUDLV GD 9iU]HD *UDQGH

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e. Haverá politicas de natalidade? Não estão previstos incentivos à natalidade 2 36' DSUHVHQWRX XP GRFXPHQWR VtQWHVH GDV VXDV DERUGDJHQV H VXJHVW}HV TXH VH UHSURGX] QD tQWHJUD $V *UDQGHV 2So}HV GR 3ODQR *23 H 2UoDPHQWR SDUD VHUmR XP LQVWUXPHQWR IXQGDPHQWDO SDUD D FRQFUHWL]D omR GH SROtWLFDV GH GHVHQYROYLPHQWR VRFLDO H HFRQyPLFR TXH R 0XQLFtSLR GH 7RPDU WDQWR FDUHFH $V iUHDV DSUHVHQWDGDV GH VHJXLGD FRQFUHWL]DP VH PHGLDQWH Do}HV TXH DUWLFXODGDPHQWH SURPRYHP LQLFLDWLYDV FRQ MXQWDV GH DJHQWHV H LQVWLWXLo}HV LQWHUQDV H H[WHUQDV DR &RQFHOKR 3UHWHQGH VH SURPRYHU XP GHVHQYROYLPHQWR FRPXP TXH Vy VH DOFDQoDUi FRP D PRELOL]DomR H HQYROYLPHQWR GH WRGD D SRSXODomR GR &RQFHOKR GH 7RPDU H GH LQYHVWLGRUHV H SDUFHLURV H[WHUQRV 1HVWH VHQWLGR SDVVDPRV D HOHQFDU R FRQMXQWR GDV QRVVDV SULQFLSDLV SUHRFXSDo}HV VREUH DV PHVPDV H TXH GHYH ULDP SRUWDQWR VHU WLGDV HP FRQWD QD HODERUDomR GDV UHIHULGDV *23 É nessa linha que consideramos nove áreas prioritárias: 1. (035(*2 ,19(67,0(172 ( (;321(1&,$d®2 (035(6$5,$/ ɑ 2. $d®2 62&,$/ ɑ 3. 3/$1($0(172 ɑ 4. $662&,$7,9,602 &8/785$ ( '(632572 ɑ 5. $0%,(17( ( 3$75,0Ð1,2 ɑ 6. ('8&$d®2 ɑ 7. 75$163257(6 ɑ 8. 6$Ô'( ɑ 9. -89(178'( 10. ,17(59(1d¯(6 48( &216,'(5$026 85*(17(6 ( ,03257$17(6 ɑ (035(*2 ,19(67,0(172 ( (;321(1&,$d®2 (035(6$5,$/ 2 &RQFHOKR GH 7RPDU WHP VLGR XP GRV DWLQJLGRV SHOD DWXDO FULVH HFRQyPLFD H ÀQDQFHLUD H FRPR WDO HQWHQGH VH TXH a primeira prioridade do Executivo municipal deverá ser a manutenção e defesa dos postos de trabalho existentes QDV HPSUHVDV GR FRQFHOKR EHP FRPR R FRQMXQWR GH PHGLGDV H LQLFLDWLYDV TXH SRVVDP YLU D GLQDPL]DU H D IDFLOLWDU D instalação de novas unidades industriais, comerciais e de turismo. Assim sendo, entendemos que nas Grandes Op o}HV GH 3ODQR GHYH SUHYHU R VHJXLQWH a. &ULDomR GH XP VLVWHPD GH LQFHQWLYRV UHGXomR GH FXVWRV WD[DV SDUD D À[DomR DSRLR ORJtVWLFR GRWDomR GH LQIUDHV WUXWXUDV SDUD DWUDLU PXOWLSOLFDU LQYHVWLPHQWR SULYDGR DR QtYHO GRV GLIHUHQWHV VHFWRUHV GH DWLYLGDGH FULDQGR ULTXH]D e combatendo o desemprego: comércio, indústria, serviços, agricultura, turismo; b. &ULDomR GH XP 3ROR 7HFQROyJLFR QD iUHD HQYROYHQWH DR ,QVWLWXWR 3ROLWpFQLFR H DSRLDU R PHVPR QD PRGHUQL]DomR H DPSOLDomR GR &DPSXV c. 3URPRomR H FRQFUHWL]DomR GH SDUFHULDV H SURWRFRORV HQWUH (PSUHVDV $VVRFLDo}HV H DV YiULDV LQVWLWXLo}HV GH HQVLQR H[LVWHQWHV QR &RQFHOKR GH 7RPDU d. 7UDQVIRUPDU 7RPDU QXP FRQFHOKR LQWHOLJHQWH QR GRPtQLR GDV QRYDV WHFQRORJLDV PHGLDQWH D FULDomR GH XPD &HQWUDO &RRUGHQDGRUD GH EDVH GDGRV GH WRGD D LQIRUPDomR GRV GLYHUVRV VHWRUHV GH DWLYLGDGH SODQHDPHQWR HGXFDomR KDELWDomR LQIUDHVWUXWXUDV HQHUJLD iJXD VDQHDPHQWR MXVWLoD ÀQDQoDV VD~GH IRUoDV GH VHJXUDQoD 3URWHomR &LYLO WXULVPR DFHVVLELOLGDGH H WUDQVSRUWHV H VHUYLoRV DXWiUTXLFRV e. Implementar nas Juntas de Freguesia terminais de acesso à população, no sentido de promover a competitivi GDGH H DÀUPDomR GR &RQFHOKR QR FRQWH[WR QDFLRQDO H LQWHUQDFLRQDO PHGLDQWH D DJLOL]DomR GD LQIRUPDomR GLVSR QtYHO WHQGR HP YLVWD R GHVHQYROYLPHQWR LQWHJUDGR H VXVWHQWDGR VDEHQGR XVDU R SRGHU GDV QRYDV WHFQRORJLDV antecipando o futuro que queremos; f. $SRLR DRV DJHQWHV HFRQyPLFRV ORFDLV FRPpUFLR LQG~VWULD VHUYLoRV DJULFXOWXUD WXULVPR PHGLDQWH SDUFHULDV ,37 $JUXSDPHQWRV (VFRODV &HQWURV GH )RUPDomR 1(56$17 TXH OKHV SUHVWHP IRUPDomR SDUD IDFLOLWDU R GH VHQYROYLPHQWR GDV FRPSHWrQFLDV OtQJXDV FRPXQLFDomR OLGHUDQoD FDSD]HV GH GDU UHVSRVWD jV H[LJrQFLDV GRV FLGDGmRV GR VpFXOR ;;, ɑ g. 3RWHQFLDU DV PDUFDV ´7HPSOiULRVµ ´&RPXQLGDGH -XGDLFDµ H ´&DPLQKRV GH 6DQWLDJRµ ɑ h. 5HIRUoDU R HQYROYLPHQWR QD 5HGH GRV 0RVWHLURV 3DWULPyQLR GD +XPDQLGDGH QD 5HGH GDV -XGLDULDV GH 3RUWXJDO

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H QD 5HGH GDV &LGDGHV H 9LODV 0HGLHYDLV É&#x2018; i. $GRomR GH SROtWLFDV GH LQFHQWLYR j Ã&#x20AC;[DomR GH SHTXHQRV H PpGLRV HPSUHViULRV QR 0XQLFtSLR $JrQFLD GH SURPR omR H LQYHVWLPHQWR 7RPDU 'LQkPLFR É&#x2018; j. 5HDOL]DomR GH XP HVWXGR GH PHUFDGR TXH DSRQWH DWLYLGDGHV QHJyFLRV HFRQRPLFDPHQWH YLiYHLV SDUD R FRQFH OKR H UHVSHWLYD GLYXOJDomR FRPR LQFHQWLYR DR HPSUHHQGHGRULVPR É&#x2018; k. ,VHQomR GR ,0, SDUD RV HPSUHViULRV TXH VH LQVWDOHP QR FRQFHOKR GH 7RPDU QR SULPHLUR DQR GH DWLYLGDGH l. &ULDomR GH XP GLUHWyULR GH WRGD D DWLYLGDGH FRPHUFLDO H HPSUHVDULDO GR 0XQLFtSLR GH IRUPD D GLYXOJDU RIHUWDV GH HPSUHJR É&#x2018; m. 3ODQHDPHQWR GLQDPL]DomR H UHTXDOLÃ&#x20AC;FDomR GDV ]RQDV LQGXVWULDLV GH 6DQWD &LWD 9HQGD GD *DLWD H 3LQWDGR FULDQGR XP WULkQJXOR LQGXVWULDO HQWUH DV PHVPDV DSURYHLWDQGR D OLJDomR HQWUH R ,& H $ É&#x2018; n. &ULDomR GH XP VLVWHPD GH LQFHQWLYRV SDUD UHDELOLWDomR XUEDQtVWLFD H UHTXDOLÃ&#x20AC;FDomR GRV HGLItFLRV GR &HQWUR KLVWy ULFR TXH SRWHQFLHP D DWUDWLYLGDGH GH QRYRV UHVLGHQWHV H TXH SRWHQFLH D GLQDPL]DomR GH HYHQWRV GLYHUVLÃ&#x20AC;FDGRV GH FDUiWHU FRPHUFLDO WXUtVWLFR FXOWXUDO HGXFDWLYR H GHVSRUWLYR É&#x2018; $dÂ®2 62&,$/ 7HQGR HP FRQVLGHUDomR D JUDYH VLWXDomR HFRQyPLFD H Ã&#x20AC;QDQFHLUD TXH DIHWD SDUWH GD SRSXODomR WRPDUHQVH GHYHUi WDPEpP D &kPDUD GHVHQYROYHU LQLFLDWLYDV TXH SRVVDP HQIUHQWDU H PLQRUDU WDLV FRPR a. Desenvolver iniciativas (apoio socio econÃ³mico, dotaÃ§Ã£o de infraestruturas habitacionais, programas de forma omR HGXFDomR VHQVLELOL]DomR HVWLPXOR DR HPSUHHQGHGRULVPR DWUDYpV GRV PHLRV H LQVWLWXLo}HV GLVSRQtYHLV TXH SHUPLWDP XOWUDSDVVDU SUREOHPDV UHODFLRQDGRV FRP IDPtOLDV GHVHVWUXWXUDGDV PLQRULDV pWQLFDV GHVHPSUHJR FRPSRUWDPHQWRV GH ULVFR É&#x2018; b. /LGHUDQoD JHVWmR H RUJDQL]DomR GRV VHUYLoRV DXWiUTXLFRV GH PRGR D JDUDQWLU R HQYROYLPHQWR GRV UHFXUVRV KXPDQRV D RWLPL]DomR GRV UHFXUVRV PDWHULDLV H Ã&#x20AC;QDQFHLURV DVVHQWH QD WUDQVSDUrQFLD HÃ&#x20AC;FLrQFLD H VXVWHQWDELOL GDGH TXH SURSLFLHP R EHP HVWDU H TXDOLGDGH GH YLGD GD SRSXODomR É&#x2018; c. $SRLR DR IXQFLRQDPHQWR GDV ,366Â·V ODUHV FHQWURV GH GLD FUHFKHV HWF É&#x2018; d. ,PSOHPHQWDU SURJUDPDV GHVWLQDGRV j LQVHUomR VRFLDO GDV IDPtOLDV PDLV FDUHQFLDGDV É&#x2018; e. ReabilitaÃ§Ã£o dos equipamentos destinados Ã habitaÃ§Ã£o social e manutenÃ§Ã£o ou atÃ© reduÃ§Ã£o das rendas em vigor, de acordo com os atuais rendimentos dos agregados familiares, garantindo o direito fundamental a uma KDELWDomR GLJQD jV IDPtOLDV VHP UHFXUVRV HFRQyPLFRV É&#x2018; f. ArticulaÃ§Ã£o com as juntas de freguesia para a implementaÃ§Ã£o de uma rede de transporte com sede nas respeti YDV -XQWDV TXH SRVVD SHUPLWLU R DFHVVR GRV PDLV FDUHQFLDGRV H GRV LQFDSDFLWDGRV DRV VHUYLoRV GH VD~GH É&#x2018; g. (ODERUDomR GH XPD EDVH GH GDGRV UHODWLYD jV VLWXDo}HV GH FDUrQFLD GR PXQLFtSLR h. &ULDomR GH XPD 3ODWDIRUPD GH DUWLFXODomR HQWUH WRGDV DV $VVRFLDo}HV GH 6ROLGDULHGDGH H[LVWHQWHV QR FRQFHOKR WHQGR WRGDV DFHVVR j EDVH GH GDGRV UHIHULGD QR SRQWR DQWHULRU GH PRGR D RWLPL]DU D SUHVWDomR GH DSRLR DUWLFX ODGR H RX FRPSOHPHQWDU HQWUH WRGDV DV DVVRFLDo}HV i. ,PSOHPHQWDomR GH XP 3URMHWR Â´&RPEDWH j SREUH]DÂµ QRPHDGDPHQWH QD LPSOHPHQWDomR GH XP VLVWHPD GH FRP EDWH DR GHVSHUGtFLR DOLPHQWDU 3/$1($0(172 &RQVLGHUDPRV TXH p QHFHVViULR FRQWLQXDU R WUDEDOKR GH UHYLVmR GR 3'0 DGHTXDQGR R jV QRYDV UHDOLGDGHV H OHJLV laÃ§Ã£o em vigor. Neste sentido, entendemos que Ã© necessÃ¡rio implementar as seguintes medidas: a. (ODERUDomR GH XP 3ODQR (VWUDWpJLFR SDUD R FRQFHOKR TXH VHUYLUi GH DSRLR j WRPDGD GH GLYHUVDV GHFLV}HV QR PHDGDPHQWH QD UHYLVmR GR 3'0 É&#x2018; b. 5HYLVmR HIHWLYD GR 3ODQR 'LUHWRU 0XQLFLSDO LQWHUFDODQGR FRP D UHDOL]DomR GH VHVV}HV S~EOLFDV SHODV MXQWDV GH IUHJXHVLD QR VHQWLGR GH HVFODUHFHU D SRSXODomR VREUH DV DOWHUDo}HV HP FXUVR É&#x2018; c. /HYDQWDPHQWR H FODVVLÃ&#x20AC;FDomR GH WRGR R SDWULPyQLR TXH SRVVD VHU FRQVLGHUDGR GH LQWHUHVVH DUTXLWHWyQLFR H GLOL JHQFLDU QR VHQWLGR GH FODVVLÃ&#x20AC;FDU R PHVPR GH LQWHUHVVH S~EOLFR É&#x2018; d. &RQWLQXDU R WUDEDOKR GH FRQVWUXomR H PHOKRUDPHQWRV GD UHGH YLiULD GR FRQFHOKR GH 7RPDU QR VHQWLGR GH DSUR ximar centros urbanos; e. $WXDOL]DU RV 5HJXODPHQWRV GH &RQVWUXomR GH IRUPD D XQLIRUPL]DU DV FRQVWUXo}HV GH DFRUGR FRP DV FDUDFWHUtV WLFDV GD UHJLmR RQGH VH LQVHUHP É&#x2018;

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[ 31 ]

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[ 32 ]

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[ 33 ]

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[ 34 ]

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PARTE III

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[ 47 ]

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[ 49 ]

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[ 50 ]

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[ 51 ]

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[ 52 ]

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[ 53 ]

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[ 54 ]

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[ 55 ]

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2,22

32:2<9:9<<,22

2324

2;2324

" ->

2,22

922:222,22

7879

7@78797;

$ 1/ ? ? % % 1/

7077

>77?777077

2324

2;2326

" 5 "

2,22

6:2<3:222,22

7879

7@787;78

* 1F ? ? %1

7077

D78?777077

7879

7@787;79

* 1F ? % ? ? %

7077

D89?777077

7879

7@787;7;

? ?% * 1F ? ? % *% 1/ ? % H %

7077

=7?777077

7879

7@787;7=

7077

=8@?777077

7879

7@787;7@

7077

@78?777077

2324

2;2327

-> : "

2,22

7:<74:3<<,22

7879

7@787<78

+% 0? , ? ? ? , * ,

7077

9?==@?=77077

7879

7@787<7=

! ? ?' %

7077

=8?777077

7879

7@787<7>

* 1F ? % ? ? %

7077

897?777077

7879

7@787<7A

+% 1/ ? *

7077

=D8?777077

7879

7@787<7D

&% *% 1/ ? ? . %

7077

8A7?777077

7879

7@787<87

3? ? % % %1/ ? "% ? *4 %

7077

>7?777077

7879

7@787<89

,% 4 %

7077

<7?777077

7879

7@787<8;

7077

8?9<9?>AA077

2324

2;2329

" ': :

2,22

4:822,22

7879

7@787>79

7077

9?=77077

7879

7@787@

% , ? ?% ,H %

7077

97?777077

7879

7@787A

& ?% ,H %

7077

;77?777077

7879

7@787D

% , ? ,% % %

7077

=?777077

2324

2;2332

" ( : ? "

2,22

3:3<3:222,22

7879

7@788779

7077

8?8A8?777077

7879

7@788=

?% %,

7077

==?777077

,% % ? ,E?8A5875978>?8>E99E;9

* ? ? ? ?& [ 67 ]

!H"3?<5=

" 5 " : :% (

$G ( ? ?! $ ? ? ?978@ ". %

B,%

%" 1/

+ * ? 2!*

+ * ? ,?!*

( *

2324

2;24

-+ : " "

2,22

7<:822,22

7879

7@797=

% *? ?

7077

8?777077

7879

7@797>

% *? ?% ,H %

7077

8?777077

7879

7@797@

% % ? ? % ,

7077

87?=77077

7879

7@797D

?% %,

7077

;>?777077

2324

% 1 " : : " '

8:222,22

3:62<:222,22

3:636:222,22

2324

2<23

# " : : : " : + : " "

2,22

42:222,22

7879

7A7879

! %

7077

97?777077

2324

2<28

(" " -+ :' '

2,22

3:4<<:222,22

2324

2<2823

2,22

3:4<<:222,22

7879

7A7=7879

" %

7077

8?8@A?777077

7879

7A7=787<

% 1F ? ?, : % %

7077

887?777077

2324

2<2;

" "-> : (: " :' "

8:222,22

2,22

8:222,22

7879

7A7@78

% %1F ? ,? % ?* %

=?777077

7077

=?777077

2324

" : " "

822,22

379:349,22

379:949,22

2324

2=29

( 0 "( : :(0 " : :' :

322,22

2,22

322,22

7879

7D7>7A

,% 3 - *% 2 ,% 3* *2 %

877077

7077

877077

2324

2=2;

-> : : : " " ->

422,22

2,22

422,22

7879

7D7@78

& % 3 ? ? % 3 / ? % % 2! %

877077

7077

877077

7879

7D7@79

& % 3 ? ? % 3 / ? % % 2!- *%

877077

7077

877077

2324

2=2<

& " : : " " -+

2,22

379:349,22

7879

7D7A7>

,% 3 - *% 2 ,% 3 *2& 3? ? B ,

7077

8<>?89>077

2324

2=2=

: " : " "

422,22

2,22

422,22

7879

7D7D78

& % 3 ? ? % 3 / ? % % 2! %

877077

7077

877077

7879

7D7D79

& % 3 ? ? % 3 / ? % % 2!- *%

877077

7077

877077

2324

" : " "

3:<=3:222,22

2,22

3:<=3:222,22

2324

3229

( 0 "( : :(0 " : :' :

3:<=3:222,22

2,22

3:<=3:222,22

7879

877>7;

& % 3 % 32 ? ? ?% % 3? % %

8?<D8?777077

7077

8?<D8?777077

7879

877>7=

,% 3 - *% 2 ,% 3 *2

<77?777077

7077

<77?777077

2324

: : : " '

422,22

2,22

422,22

2324

3324

422,22

2,22

422,22

7879

887978

$ % %1F

877077

7077

877077

7879

8879DD

877077

7077

877077

99?;A9?<;9077

8;?DD=?@=9077

;>?;@A?8A<077

( *?" *E

$ C ? )( +

$ C ? $ ( +

, 3333333333 33333333333333333333333333333333333 333333333333333

333333333333333333333333333333333333333333333333333333333333333333333333333333333

,% % ? ,E?8A5875978>?8>E99E;9

* ? ? ? ?& [ 68 ]

!H"3?=5=

! / / 5 / / / /*()0

&&&&&&&&&&&&&&&&&&&& "

+(/03*/.()

&&&&&&&&&&&&&&&&&&&&

-/-1-/-1+

&&&&&&&&&&&&&&&&&&&&

**/13*/)0(

)+/,1./(),

&&&&&&&&&&&&&&&&&&&&

+./+01/)1,

% / " "/ "4

+./+01/)1,

( % / "

(

+./+01/)1,

"/ "4

+./+01/)1,

2 / ! #

2 / #

$ &&&&&&&&&& &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&& &&&&&&&&&&&&&&&

&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&

$ / $4/)1')('*()./).4**4(1

" / / / /

[ 69 ]

6 &/)')

PARTE VI

MAPA DE PESSOAL

[ 71 ]

D W W ^^K > Ͳ ϮϬϭϳ

D Z DhE/ /W > dKD Z

;ŶŽƐ ƚĞƌŵŽƐ ĚĂ >Ğŝ 'ĞƌĂů ĚŽ dƌĂďĂůŚŽ Ğŵ &ƵŶĕƁĞƐ WƷďůŝĐĂƐ͕ ĂƉƌŽǀĂĚĂ Ğŵ ĂŶĞǆŽ ă >Ğŝ Ŷ͘Ǒ ϯϱͬϮϬϭϰ ĚĞ ϮϬ ĚĞ ũƵŶŚŽͿ

ĂƌŐŽͬ ĂƌƌĞŝƌĂͬ ĂƚĞŐŽƌŝĂ

ƚŝǀŝĚĂĚĞ

dŽƚĂů ĚĞ ƉŽƐƚŽƐ dŽƚĂů ĚĞ ƉŽƐƚŽƐ ĚĞ ƚƌĂďĂůŚŽ ĚĞ ƚƌĂďĂůŚŽ KĐƵƉĂĚŽƐ Ğ ƉŽƌ KĐƵƉĂĚŽƐ ŽĐƵƉĂƌ

KĐƵƉĂĚŽƐ ŽŵŝƐƐĆŽ ĚĞ ^ĞƌǀŝĕŽ

ŝƌĞƚŽƌ ĚĞ ĞƉĂƌƚĂŵĞŶƚŽ

ŝƌĞĕĆŽ

ŚĞĨĞ ĚĞ ŝǀŝƐĆŽ

ŝƌĞĕĆŽ

ŝƌŝŐĞŶƚĞ /ŶƚĞƌŵĠĚŝŽ ϯǑ 'ƌĂƵ

ŝƌĞĕĆŽ

dĠĐŶŝĐŽ ^ƵƉĞƌŝŽƌ

ŽŶƚƌĂƚŽ ƉŽƌ DŽďŝůŝĚĂĚĞ DŽďŝůŝĚĂĚĞ dĞŵƉŽ /ŶƚĞƌŶĂ ĚĞ KƵƚƌŽƐ /ŶƚĞƌĐĂƌƌĞŝƌĂƐͬ /ŶĚĞƚĞƌŵŝŶĂĚŽ KƌŐĂŶŝƐŵŽƐ ĂƚĞŐŽƌŝĂƐ

ϴϬ

ϳϱ

ϲϲ

ĚŵŝŶŝƐƚƌĂĕĆŽ WƷďůŝĐĂ

ŶŝŵĂĕĆŽ ^ſĐŝŽ ƵůƚƵƌĂů

ƉŽŝŽ ĂŽ ŽŶƐƵŵŝĚŽƌ

EǑ ĚĞ ƉŽƐƚŽƐ ĚĞ ƚƌĂďĂůŚŽ ƉŽƌ ŽĐƵƉĂƌ

[ 72 ]

ƌĞĂ ĚŵŝŶŝƐƚƌĂƚŝǀĂ

ƌƋƵŝƚĞƚƵƌĂ

ƌƋƵŝǀŽ

ƌƋƵĞŽůŽŐŝĂ

ƐƐŝƐƚġŶĐŝĂ Ğ ^ĞƌǀŝĕŽ ^ŽĐŝĂů

ŝďůŝŽƚĞĐĂ Ğ ŽĐƵŵĞŶƚĂĕĆŽ

ŽŵƵŶŝĐĂĕĆŽ Ğ ZĞůĂĕƁĞƐ WƷďůŝĐĂƐ

ŽŶƐĞƌǀĂĕĆŽ Ğ ZĞƐƚĂƵƌŽ

ŽŶƚĂďŝůŝĚĂĚĞ Ğ ĚŵŝŶŝƐƚƌĂĕĆŽ

ĞƐŝŐŶ

ĞƐƉŽƌƚŽ

ĐŽŶŽŵŝĂ Ğ 'ĞƐƚĆŽ

ĚƵĐĂĕĆŽ

ŶŐĞŶŚĞƌŝĂ ŵďŝĞŶƚĂů

ŶŐĞŶŚĂƌŝĂ ŝǀŝů

ϭϭ

ϭϬ

ŶŐĞŶŚĂƌŝĂ ůĞĐƚƌŽƚĠĐŶŝĐĂ

ŶŐĞŚĂƌŝĂ &ůŽƌĞƐƚĂů

ŶŐĞŶŚĂƌŝĂ 'ĞŽŐƌĄĨŝĐĂ

WƌĂĕĂ ĚĂ ZĞƉƷďůŝĐĂ ͼ dĞů͘ Ϯϰϵ ϯϮϵ ϴϴϱ ͼ &Ăǆ Ϯϰϵ ϯϮϵ ϴϬϵ ͼ ͲŵĂŝů͗ ƉƌĞƐŝĚĞŶĐŝĂΛĐŵͲƚŽŵĂƌ͘Ɖƚ ͼ ϮϯϬϬͲϱϱϬ dŽŵĂƌ WĞƐƐŽĂ ŽůĞƚŝǀĂ Ŷ͘Ǒ ϱϬϲ ϳϯϴ ϵϭϰ

ϭ ϭ

D W W ^^K > Ͳ ϮϬϭϳ

D Z DhE/ /W > dKD Z

;ŶŽƐ ƚĞƌŵŽƐ ĚĂ >Ğŝ 'ĞƌĂů ĚŽ dƌĂďĂůŚŽ Ğŵ &ƵŶĕƁĞƐ WƷďůŝĐĂƐ͕ ĂƉƌŽǀĂĚĂ Ğŵ ĂŶĞǆŽ ă >Ğŝ Ŷ͘Ǒ ϯϱͬϮϬϭϰ ĚĞ ϮϬ ĚĞ ũƵŶŚŽͿ

ĂƌŐŽͬ ĂƌƌĞŝƌĂͬ ĂƚĞŐŽƌŝĂ

ƚŝǀŝĚĂĚĞ

dŽƚĂů ĚĞ ƉŽƐƚŽƐ dŽƚĂů ĚĞ ƉŽƐƚŽƐ ĚĞ ƚƌĂďĂůŚŽ ĚĞ ƚƌĂďĂůŚŽ KĐƵƉĂĚŽƐ Ğ ƉŽƌ KĐƵƉĂĚŽƐ ŽĐƵƉĂƌ

KĐƵƉĂĚŽƐ ŽŵŝƐƐĆŽ ĚĞ ^ĞƌǀŝĕŽ

ŽŶƚƌĂƚŽ ƉŽƌ DŽďŝůŝĚĂĚĞ DŽďŝůŝĚĂĚĞ dĞŵƉŽ /ŶƚĞƌŶĂ ĚĞ KƵƚƌŽƐ /ŶƚĞƌĐĂƌƌĞŝƌĂƐͬ /ŶĚĞƚĞƌŵŝŶĂĚŽ KƌŐĂŶŝƐŵŽƐ ĂƚĞŐŽƌŝĂƐ

EǑ ĚĞ ƉŽƐƚŽƐ ĚĞ ƚƌĂďĂůŚŽ ƉŽƌ ŽĐƵƉĂƌ

dĠĐŶŝĐŽ ^ƵƉĞƌŝŽƌ ŶŐĞŶŚĂƌŝĂ DĞĐąŶŝĐĂ

ŶŐĞŶŚĂƌŝĂ DĞĐĂƚƌſŶŝĐĂ

'ĞƐƚĆŽ ĚĞ ZĞĐƵƌƐŽƐ ,ƵŵĂŶŽƐ

:ƵƌŝƐƚĂ

>şŶŐƵĂƐ Ğ >ŝƚĞƌĂƚƵƌĂƐ

DĞĚŝĐŝŶĂ sĞƚĞƌŝŶĄƌŝĂ

WƐŝĐŽůŽŐŝĂ

ϭ ϭ

[ 73 ]

^ĞĐƌĞƚĂƌŝĂĚŽ

^ĞŐƵƌĂŶĕĂ Ğ ,ŝŐŝĞŶĞ ŶŽ dƌĂďĂůŚŽ

^ŽĐŝŽůŽŐŝĂ

dƵƌŝƐŵŽ

ƌĞĂ ĚŵŝŶŝƐƚƌĂƚŝǀĂ

dĞƐŽƵƌĂƌŝĂ

ϴϮ

ϳϭ

ϲϭ

ĨĞƌŝĕĆŽ ĚĞ WĞƐŽƐ Ğ DĞĚŝĚĂƐ

ƌĞĂ ĚŵŝŶŝƐƚƌĂƚŝǀĂ

ϱϳ

ϱϬ

ϰϭ

ŝďůŝŽƚĞĐĂ Ğ ŽĐƵŵĞŶƚĂĕĆŽ

ŽŶƐƚƌƵĕĆŽ ŝǀŝů

ĞƐĞŶŚŽ

ĞƐƉŽƌƚŽ

EĂĚĂĚŽƌ ^ĂůǀĂĚŽƌ

dŽƉŽŐƌĂĨŝĂ

dƵƌŝƐŵŽ

ŽƌĚĞŶĂĚŽƌ dĠĐŶŝĐŽ

ƐƐŝƐƚĞŶƚĞ dĠĐŶŝĐŽ

ϭϭ

ϭ ϯ

D W W ^^K > Ͳ ϮϬϭϳ

D Z DhE/ /W > dKD Z

;ŶŽƐ ƚĞƌŵŽƐ ĚĂ >Ğŝ 'ĞƌĂů ĚŽ dƌĂďĂůŚŽ Ğŵ &ƵŶĕƁĞƐ WƷďůŝĐĂƐ͕ ĂƉƌŽǀĂĚĂ Ğŵ ĂŶĞǆŽ ă >Ğŝ Ŷ͘Ǒ ϯϱͬϮϬϭϰ ĚĞ ϮϬ ĚĞ ũƵŶŚŽͿ

ĂƌŐŽͬ ĂƌƌĞŝƌĂͬ ĂƚĞŐŽƌŝĂ

ƚŝǀŝĚĂĚĞ

dŽƚĂů ĚĞ ƉŽƐƚŽƐ dŽƚĂů ĚĞ ƉŽƐƚŽƐ ĚĞ ƚƌĂďĂůŚŽ ĚĞ ƚƌĂďĂůŚŽ KĐƵƉĂĚŽƐ Ğ ƉŽƌ KĐƵƉĂĚŽƐ ŽĐƵƉĂƌ

KĐƵƉĂĚŽƐ ŽŵŝƐƐĆŽ ĚĞ ^ĞƌǀŝĕŽ

ŽŶƚƌĂƚŽ ƉŽƌ DŽďŝůŝĚĂĚĞ DŽďŝůŝĚĂĚĞ dĞŵƉŽ /ŶƚĞƌŶĂ ĚĞ KƵƚƌŽƐ /ŶƚĞƌĐĂƌƌĞŝƌĂƐͬ /ŶĚĞƚĞƌŵŝŶĂĚŽ KƌŐĂŶŝƐŵŽƐ ĂƚĞŐŽƌŝĂƐ

EǑ ĚĞ ƉŽƐƚŽƐ ĚĞ ƚƌĂďĂůŚŽ ƉŽƌ ŽĐƵƉĂƌ

ĚĞ ĞŵŝƚĠƌŝŽƐ

ĚĞ :ĂƌĚŝŶĞŝƌŽ

ĚĞ KĨŝĐŝŶĂƐ DĞĐąŶŝĐĂƐ

ĚĞ KďƌĂƐ ĚĞ ŽŶƐƚƌƵĕĆŽ ŝǀŝů

ĚĞ KďƌĂƐ ĚĞ ƐƚƌĂĚĂƐ Ğ ƌƌƵĂŵĞŶƚŽƐ

ĚĞ WĂƌƋƵĞƐ ĚĞ DĄƋƵŝŶĂƐ

ϭϵϬ

ϭϲϰ

ϭϱϵ

Ϯϲ

ƌĞĂ ƵǆŝůŝĂƌ

ϰϳ

ϰϭ

ϰϬ

ƌĞĂ ĚĞ ŽŵďĞŝƌŽ

Ϯϯ

ƌĞĂ ĚĞ ^ĞƌǀŝĕŽƐ ƵĚŝŽǀŝƐƵĂŝƐ

ĂůĐĞƚĞŝƌŽ

ŶĐĂƌƌĞŐĂĚŽ KƉĞƌĂĐŝŽŶĂů

ƐƐŝƐƚĞŶƚĞ KƉĞƌĂĐŝŽŶĂů

[ 74 ]

ĂŶĂůŝǌĂĚŽƌ

ĂŶƚŽŶĞŝƌŽ ĚĞ sŝĂƐ

ϮϬ

ϭϰ

ĂƌƉŝŶƚĞŝƌŽ

ϭϬ

ŽǀĞŝƌŽ

ůĞƚƌŝĐŝƐƚĂ

ůĞƚƌŝĐŝƐƚĂ ƵƚŽ

ŶĐĂĚĞƌŶĂĚŽƌ

&ŝĞů ĚĞ DĞƌĐĂĚŽƐ Ğ &ĞŝƌĂƐ

:ĂƌĚŝŶĞŝƌŽ Ğ KƉĞƌĂĚŽƌ ^şůǀŝĐŽůĂ

ϭϳ

ϭϯ

>ƵďƌŝĨŝĐĂĚŽƌ

DĂƋƵŝŶŝƐƚĂ dĞĂƚƌĂů

DĞĐąŶŝĐŽ

DŽƚŽƌŝƐƚĂ ĚĞ >ŝŐĞŝƌŽƐ

ŽŶĚƵƚŽƌ ĚĞ DĄƋƵŝŶĂƐ WĞƐĂĚĂƐ Ğ sĞşĐƵůŽƐ ƐƉĞĐŝĂŝƐ

ϭ ϲ ϭ

D W W ^^K > Ͳ ϮϬϭϳ

D Z DhE/ /W > dKD Z

;ŶŽƐ ƚĞƌŵŽƐ ĚĂ >Ğŝ 'ĞƌĂů ĚŽ dƌĂďĂůŚŽ Ğŵ &ƵŶĕƁĞƐ WƷďůŝĐĂƐ͕ ĂƉƌŽǀĂĚĂ Ğŵ ĂŶĞǆŽ ă >Ğŝ Ŷ͘Ǒ ϯϱͬϮϬϭϰ ĚĞ ϮϬ ĚĞ ũƵŶŚŽͿ

ĂƌŐŽͬ ĂƌƌĞŝƌĂͬ ĂƚĞŐŽƌŝĂ

ƚŝǀŝĚĂĚĞ

dŽƚĂů ĚĞ ƉŽƐƚŽƐ dŽƚĂů ĚĞ ƉŽƐƚŽƐ ĚĞ ƚƌĂďĂůŚŽ ĚĞ ƚƌĂďĂůŚŽ KĐƵƉĂĚŽƐ Ğ ƉŽƌ KĐƵƉĂĚŽƐ ŽĐƵƉĂƌ

KĐƵƉĂĚŽƐ ŽŵŝƐƐĆŽ ĚĞ ^ĞƌǀŝĕŽ

DŽďŝůŝĚĂĚĞ DŽďŝůŝĚĂĚĞ ŽŶƚƌĂƚŽ ƉŽƌ /ŶƚĞƌŶĂ ĚĞ KƵƚƌŽƐ /ŶƚĞƌĐĂƌƌĞŝƌĂƐͬ dĞŵƉŽ /ŶĚĞƚĞƌŵŝŶĂĚŽ KƌŐĂŶŝƐŵŽƐ ĂƚĞŐŽƌŝĂƐ

EǑ ĚĞ ƉŽƐƚŽƐ ĚĞ ƚƌĂďĂůŚŽ ƉŽƌ ŽĐƵƉĂƌ

ƐƐŝƐƚĞŶƚĞ KƉĞƌĂĐŝŽŶĂů

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DŽƚŽƌŝƐƚĂ ĚĞ WĞƐĂĚŽƐ

DŽƚŽƌŝƐƚĂ ĚĞ dƌĂŶƐƉŽƌƚĞƐ ŽůĞƚŝǀŽƐ

DƵƐĞŽŐƌĂĨŝĂ KƉĞƌĂĚŽƌ ĚĞ ƐƚĂĕƁĞƐ ůĞǀĂƚſƌŝĂƐ ĚĞ dƌĂƚĂŵĞŶƚŽ ŽƵ ĞƉƵƌĂĚŽƌĂƐ

WĂƌƋƵĞƐ Ğ /ŶƐƚĂůĂĕƁĞƐ

WĞĚƌĞŝƌŽ

ϭϭ

WŝŶƚŽƌ

^ĞƌƌĂůŚĞŝƌŽ DĞĐąŶŝĐŽ

^ŽŶŽƉůĂƐƚĂ

dĞůĞĨŽŶŝƐƚĂ

ϯϯ

ϭϵ

ŽŵďĞŝƌŽƐ DƵŶŝĐŝƉĂŝƐ ŚĞĨĞ

ŽŵďĞŝƌŽ DƵŶŝĐŝƉĂů

^ƵďĐŚĞĨĞ

ŽŵďĞŝƌŽ DƵŶŝĐŝƉĂů

ŽŵďĞŝƌŽ ĚĞ ϭǐ ůĂƐƐĞ

ŽŵďĞŝƌŽ DƵŶŝĐŝƉĂů

ŽŵďĞŝƌŽ ĚĞ Ϯǐ ůĂƐƐĞ

ŽŵďĞŝƌŽ DƵŶŝĐŝƉĂů

ŽŵďĞŝƌŽ ĚĞ ϯǐ ůĂƐƐĞ

ŽŵďĞŝƌŽ DƵŶŝĐŝƉĂů

ϮϬ

&ŝƐĐĂů DƵŶŝĐŝƉĂů

ϭϬ

ϭϰ

ϭ ϭ Ϯ ϯ

ƐƉĞĐŝĂůŝƐƚĂ WƌŝŶĐŝƉĂů

&ŝƐĐĂů DƵŶŝĐŝƉĂů

ƐƉĞĐŝĂůŝƐƚĂ

&ŝƐĐĂů DƵŶŝĐŝƉĂů

ϭǐ ůĂƐƐĞ

&ŝƐĐĂů DƵŶŝĐŝƉĂů

Ϯǐ ůĂƐƐĞ

&ŝƐĐĂů DƵŶŝĐŝƉĂů

ϭϰ

D W W ^^K > Ͳ ϮϬϭϳ

D Z DhE/ /W > dKD Z

;ŶŽƐ ƚĞƌŵŽƐ ĚĂ >Ğŝ 'ĞƌĂů ĚŽ dƌĂďĂůŚŽ Ğŵ &ƵŶĕƁĞƐ WƷďůŝĐĂƐ͕ ĂƉƌŽǀĂĚĂ Ğŵ ĂŶĞǆŽ ă >Ğŝ Ŷ͘Ǒ ϯϱͬϮϬϭϰ ĚĞ ϮϬ ĚĞ ũƵŶŚŽͿ

ĂƌŐŽͬ ĂƌƌĞŝƌĂͬ ĂƚĞŐŽƌŝĂ

dŽƚĂů ĚĞ ƉŽƐƚŽƐ dŽƚĂů ĚĞ ƉŽƐƚŽƐ ĚĞ ƚƌĂďĂůŚŽ ĚĞ ƚƌĂďĂůŚŽ KĐƵƉĂĚŽƐ Ğ ƉŽƌ KĐƵƉĂĚŽƐ ŽĐƵƉĂƌ

ƚŝǀŝĚĂĚĞ

/ŶĨŽƌŵĄƚŝĐĂ ŽŽƌĚĞŶĂĚŽƌ

KĐƵƉĂĚŽƐ ŽŵŝƐƐĆŽ ĚĞ ^ĞƌǀŝĕŽ

DŽďŝůŝĚĂĚĞ DŽďŝůŝĚĂĚĞ ŽŶƚƌĂƚŽ ƉŽƌ /ŶƚĞƌŶĂ ĚĞ KƵƚƌŽƐ /ŶƚĞƌĐĂƌƌĞŝƌĂƐͬ dĞŵƉŽ /ŶĚĞƚĞƌŵŝŶĂĚŽ KƌŐĂŶŝƐŵŽƐ ĂƚĞŐŽƌŝĂƐ

EǑ ĚĞ ƉŽƐƚŽƐ ĚĞ ƚƌĂďĂůŚŽ ƉŽƌ ŽĐƵƉĂƌ

ƐƉĞĐŝĂůŝƐƚĂ ĚĞ /ŶĨŽƌŵĄƚŝĐĂ 'ƌĂƵ ϭ EşǀĞů Ϯ

ƐƉĞĐŝĂůŝƐƚĂ ĚĞ /ŶĨŽƌŵĄƚŝĐĂ

dĠĐŶŝĐŽ ĚĞ /ŶĨŽƌŵĄƚŝĐĂ 'ƌĂƵ Ϯ EşǀĞů Ϯ

dĠĐŶŝĐŽ ĚĞ /ŶĨŽƌŵĄƚŝĐĂ

dĠĐŶŝĐŽ ĚĞ /ŶĨŽƌŵĄƚŝĐĂ 'ƌĂƵ ϭ EşǀĞů ϯ

dĠĐŶŝĐŽ ĚĞ /ŶĨŽƌŵĄƚŝĐĂ

dĠĐŶŝĐŽ ĚĞ /ŶĨŽƌŵĄƚŝĐĂ 'ƌĂƵ ϭ EşǀĞů ϭ

dĠĐŶŝĐŽ ĚĞ /ŶĨŽƌŵĄƚŝĐĂ

ƐƚĂďĞůĞĐŝŵĞŶƚŽƐ ĚĞ ŶƐŝŶŽ

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dĠĐŶŝĐŽ ^ƵƉĞƌŝŽƌ WƐŝĐŽůŽŐŝĂ ŚĞĨĞ ĚĞ ^ĞƌǀŝĕŽƐ ĚĞ ĚŵŝŶŝƐƚƌĂĕĆŽ ƐĐŽůĂƌ ŚĞĨĞ ĚĞ ^ĞƌǀŝĕŽƐ ĚĞ ĚŵŝŶŝƐƚƌĂĕĆŽ ƐĐŽůĂƌ

Ϯϱ

ƌĞĂ ĚŵŝŶŝƐƚƌĂƚŝǀĂ

Ϯϰ

ŝďůŝŽƚĞĐĂ Ğ ŽĐƵŵĞŶƚĂĕĆŽ

ƐƐŝƐƚĞŶƚĞ dĠĐŶŝĐŽ

ϭϭϳ

ϭϭϬ

ƌĞĂ ĚĞ ĚƵĐĂĕĆŽ

ϭϭϱ

ϭϬϴ

'ƵĂƌĚĂ EŽƚƵƌŶŽ

ϭ ϱϲϳ

ϭ ϱϬϭ

ƐƐŝƐƚĞŶƚĞ KƉĞƌĂĐŝŽŶĂů

DĂŶƵƚĞŶĕĆŽ

dŽƚĂů

ϭ ϰϱϯ

ϯϮ

ϲϲ

ŶĞǆŽ ĂŽ DĂƉĂ ĚĞ WĞƐƐŽĂů Ͳ ϮϬϭϳ D Z DhE/ /W > dKD Z ĂƌŐŽ ͬ ĂƌƌĞŝƌĂ ͬ ĂƚĞŐŽƌŝĂ

ƚƌŝďƵŝĕĆŽ ͬ ŽŵƉĞƚġŶĐŝĂƐ

&ŽƌŵĂĕĆŽ ĐĂĚĠŵŝĐĂ

[ 77 ]

ŝƌĞƚŽƌ ĚĞ ĞƉĂƌƚĂŵĞŶƚŽ ĚĞ ŝƌĞĕĆŽ Ͳ ŝƌŝŐĞ͕ ĐŽŽƌĚĞŶĂ Ğ ĐŽŶƚƌŽůĂ ŽƐ ƐĞƌǀŝĕŽƐ ŶĂ ĚĞƉĞŶĚġŶĐŝĂ ĚŽ ĚĞƉĂƌƚĂŵĞŶƚŽ͕ ďĞŵ ĐŽŵŽ ĂƐ ĂƚŝǀŝĚĂĚĞƐ ŶĞůĞ ĚĞƐĞŶǀŽůǀŝĚĂƐ͕ ƚĞŶĚŽ Ğŵ ĐŽŶƚĂ ĂƐ ; ŝƌĞĕĆŽ ŝŶƚĞƌŵĠĚŝĂ ĚĞ ϭǐ ŐƌĂƵͿ ĂƚƌŝďƵŝĕƁĞƐ ĐŽŵĞƚŝĚĂƐ ă ƌĞƐƉĞƚŝǀĂ ƵŶŝĚĂĚĞ ŽƌŐąŶŝĐĂ͕ ĚĞ ĨŽƌŵĂ Ă ŐĂƌĂŶƚŝƌ Ă ƋƵĂůŝĚĂĚĞ ĚŽƐ ƐĞƌǀŝĕŽƐ ƉƌĞƐƚĂĚŽƐ Ğ Ă ŽƚŝŵŝǌĂĕĆŽ ĚŽƐ ƌĞĐƵƌƐŽƐ͘

ŶŐĞŶŚĂƌŝĂ ŝǀŝů

ĚĞ ŝƌĞĕĆŽ Ͳ ŝƌŝŐĞ͕ ĐŽŽƌĚĞŶĂ Ğ ĐŽŶƚƌŽůĂ ŽƐ ƐĞƌǀŝĕŽƐ ŶĂ ĚĞƉĞŶĚġŶĐŝĂ ĚĂ ĚŝǀŝƐĆŽ͕ ďĞŵ ĐŽŵŽ ĂƐ ĂƚŝǀŝĚĂĚĞƐ ŶĞůĂ ĚĞƐĞŶǀŽůǀŝĚĂƐ͕ ƚĞŶĚŽ Ğŵ ĐŽŶƚĂ ĂƐ ĂƚƌŝďƵŝĕƁĞƐ ŚĞĨĞ ĚĞ ŝǀŝƐĆŽ ; ŝƌĞĕĆŽ ŝŶƚĞƌŵĠĚŝĂ ĚĞ Ϯǐ ŐƌĂƵͿ ĐŽŵĞƚŝĚĂƐ ă ƌĞƐƉĞƚŝǀĂ ƵŶŝĚĂĚĞ ŽƌŐąŶŝĐĂ͕ ĚĞ ĨŽƌŵĂ Ă ŐĂƌĂŶƚŝƌ Ă ƋƵĂůŝĚĂĚĞ ĚŽƐ ƐĞƌǀŝĕŽƐ ƉƌĞƐƚĂĚŽƐ Ğ Ă ŽƚŝŵŝǌĂĕĆŽ ĚŽƐ ƌĞĐƵƌƐŽƐ͘

ĚŵŝŶŝƐƚƌĂĕĆŽ WƷďůŝĐĂ ͬ ƌƋƵŝƚĞƚƵƌĂ ͬ ŝġŶĐŝĂƐ ^ŽĐŝĂŝƐ ͬ ŶŐĞŶŚĂƌŝĂ DĞĐąŶŝĐĂ ͬ 'ĞƐƚĆŽ ĚĞ ŵƉƌĞƐĂƐ ͬ dŽĚĂƐ ĂƐ ĄƌĞĂƐ ĚĞ ĨŽƌŵĂĕĆŽ ĐŽŵ ĞƐƉĞĐŝĂůŝǌĂĕĆŽ Ğŵ ŽŵďĞŝƌŽƐ Ğ WƌŽƚĞĕĆŽ ŝǀŝů

ĚĞ ŝƌĞĕĆŽ͘ Ͳ ŽŽƌĚĞŶĂ Ğ ĐŽŶƚƌŽůĂ ŽƐ ƐĞƌǀŝĕŽƐ ŶĂ ĚĞƉĞŶĚġŶĐŝĂ ĚĂ ƵŶŝĚĂĚĞ ŽƌŐąŶŝĐĂ͕ ďĞŵ ĐŽŵŽ ĂƐ ĂƚŝǀŝĚĂĚĞƐ ŶĞůĂ ĚĞƐĞŶǀŽůǀŝĚĂƐ͕ ƚĞŶĚŽ Ğŵ ĐŽŶƚĂ ĂƐ ŚĞĨĞ ĚĞ hŶŝĚĂĚĞ ; ŝƌĞĕĆŽ ŝŶƚĞƌŵĠĚŝĂ ĚĞ ϯǐ ŐƌĂƵͿ ĂƚƌŝďƵŝĕƁĞƐ ĐŽŵĞƚŝĚĂƐ ă ƌĞƐƉĞƚŝǀĂ ƵŶŝĚĂĚĞ ŽƌŐąŶŝĐĂ͕ ĚĞ ĨŽƌŵĂ Ă ŐĂƌĂŶƚŝƌ Ă ƋƵĂůŝĚĂĚĞ ĚŽƐ ƐĞƌǀŝĕŽƐ ƉƌĞƐƚĂĚŽƐ Ğ Ă ŽƚŝŵŝǌĂĕĆŽ ĚŽƐ ƌĞĐƵƌƐŽƐ

ĞƐƉŽƌƚŽͬ ĚƵĐĂĕĆŽ͕ ĕĆŽ ^ŽĐŝĂů Ğ ^ĞƌǀŝĕŽ ^ŽĐŝĂů

dĠĐŶŝĐŽ ^ƵƉĞƌŝŽƌ

ĚŵŝŶŝƐƚƌĂĕĆŽ WƷďůŝĐĂ Ͳ ǆĞƌĐĞ͕ ĐŽŵ ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞ Ğ ĂƵƚŽŶŽŵŝĂ ƚĠĐŶŝĐĂ͕ ĂŝŶĚĂ ƋƵĞ ĐŽŵ ĞŶƋƵĂĚƌĂŵĞŶƚŽ ƐƵƉĞƌŝŽƌ ƋƵĂůŝĨŝĐĂĚŽ͕ ĨƵŶĕƁĞƐ ĐŽŶƐƵůƚŝǀĂƐ͕ ĚĞ ĞƐƚƵĚŽ͕ ƉůĂŶĞĂŵĞŶƚŽ͕ ƉƌŽŐƌĂŵĂĕĆŽ͕ ĂǀĂůŝĂĕĆŽ Ğ ĚĞ ĂƉůŝĐĂĕĆŽ ĚĞ ŵĠƚŽĚŽƐ Ğ ƉƌŽĐĞƐƐŽƐ ĚĞ ŶĂƚƵƌĞǌĂ ƚĠĐŶŝĐĂ Ğ ŽƵ ĐŝĞŶƚşĨŝĐĂ ŝŶĞƌĞŶƚĞƐ ă ƌĞƐƉĞƚŝǀĂ ĄƌĞĂ ĚĞ ĚŵŝŶŝƐƚƌĂĕĆŽ WƷďůŝĐĂ ŽƵ ĞƐƉĞĐŝĂůŝǌĂĕĆŽ Ğ ĨŽƌŵĂĕĆŽ ĂĐĂĚĠŵŝĐĂ͕ ƋƵĞ ǀŝƐĂŵ ĨƵŶĚĂŵĞŶƚĂƌ Ğ ƉƌĞƉĂƌĂƌ Ă ĚĞĐŝƐĆŽ͖ ĞůĂďŽƌĂ͕ ĂƵƚŽŶŽŵĂŵĞŶƚĞ ŽƵ Ğŵ ŐƌƵƉŽ͕ ƉĂƌĞĐĞƌĞƐ Ğ ƉƌŽũĞƚŽƐ ĐŽŵ ƵƚĄƌƋƵŝĐĂ ĚŝǀĞƌƐŽƐ ŐƌĂƵƐ ĚĞ ĐŽŵƉůĞǆŝĚĂĚĞ Ğ ĞǆĞĐƵƚĂ ŽƵƚƌĂƐ ĂƚŝǀŝĚĂĚĞƐ ĚĞ ĂƉŽŝŽ ŐĞƌĂů ŽƵ ĞƐƉĞĐŝĂůŝǌĂĚŽ ŶĂƐ ĄƌĞĂƐ ĚĞ ĂƚƵĂĕĆŽ ĐŽŵƵŶƐ͕ ŝŶƐƚƌƵŵĞŶƚĂŝƐ Ğ ŽƉĞƌĂƚŝǀĂƐ ĚŽƐ ſƌŐĆŽƐ Ğ ƐĞƌǀŝĕŽƐ͘

dĠĐŶŝĐŽ ^ƵƉĞƌŝŽƌ

ŶŝŵĂĕĆŽ ^ſĐŝŽ ƵůƚƵƌĂů Ͳ ǆĞƌĐĞ͕ ĐŽŵ ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞ Ğ ĂƵƚŽŶŽŵŝĂ ƚĠĐŶŝĐĂ͕ ĂŝŶĚĂ ƋƵĞ ĐŽŵ ĞŶƋƵĂĚƌĂŵĞŶƚŽ ƐƵƉĞƌŝŽƌ ƋƵĂůŝĨŝĐĂĚŽ͕ ĨƵŶĕƁĞƐ ĐŽŶƐƵůƚŝǀĂƐ͕ ĚĞ ĞƐƚƵĚŽ͕ ƉůĂŶĞĂŵĞŶƚŽ͕ ƉƌŽŐƌĂŵĂĕĆŽ͕ ĂǀĂůŝĂĕĆŽ Ğ ĚĞ ĂƉůŝĐĂĕĆŽ ĚĞ ŵĠƚŽĚŽƐ Ğ ƉƌŽĐĞƐƐŽƐ ĚĞ ŶĂƚƵƌĞǌĂ ƚĠĐŶŝĐĂ Ğ ŽƵ ĐŝĞŶƚşĨŝĐĂ ŝŶĞƌĞŶƚĞƐ ă ƌĞƐƉĞƚŝǀĂ ĄƌĞĂ ĚĞ 'ĞƐƚĆŽ dƵƌşƐƚŝĐĂ ŽƵ ĞƐƉĞĐŝĂůŝǌĂĕĆŽ Ğ ĨŽƌŵĂĕĆŽ ĂĐĂĚĠŵŝĐĂ͕ ƋƵĞ ǀŝƐĂŵ ĨƵŶĚĂŵĞŶƚĂƌ Ğ ƉƌĞƉĂƌĂƌ Ă ĚĞĐŝƐĆŽ͖ ĞůĂďŽƌĂ͕ ĂƵƚŽŶŽŵĂŵĞŶƚĞ ŽƵ Ğŵ ŐƌƵƉŽ͕ ƉĂƌĞĐĞƌĞƐ Ğ ƉƌŽũĞƚŽƐ ĐŽŵ ƵůƚƵƌĂů ͬ ŝġŶĐŝĂƐ ^ŽĐŝĂŝƐ ĚŝǀĞƌƐŽƐ ŐƌĂƵƐ ĚĞ ĐŽŵƉůĞǆŝĚĂĚĞ͖ ĞǆĞĐƵƚĂ ŽƵƚƌĂƐ ĂƚŝǀŝĚĂĚĞƐ ĚĞ ĂƉŽŝŽ ŐĞƌĂů ŽƵ ĞƐƉĞĐŝĂůŝǌĂĚŽ ŶĂƐ ĄƌĞĂƐ ĚĞ ĂƚƵĂĕĆŽ ĐŽŵƵŶƐ͕ ŝŶƐƚƌƵŵĞŶƚĂŝƐ Ğ ŽƉĞƌĂƚŝǀĂƐ ĚŽƐ ſƌŐĆŽƐ Ğ ƐĞƌǀŝĕŽƐ͘

dĠĐŶŝĐŽ ^ƵƉĞƌŝŽƌ

ƉŽŝŽ ĂŽ ŽŶƐƵŵŝĚŽƌ Ͳ ǆĞƌĐĞ͕ ĐŽŵ ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞ Ğ ĂƵƚŽŶŽŵŝĂ ƚĠĐŶŝĐĂ͕ ĂŝŶĚĂ ƋƵĞ ĐŽŵ ĞŶƋƵĂĚƌĂŵĞŶƚŽ ƐƵƉĞƌŝŽƌ ƋƵĂůŝĨŝĐĂĚŽ͕ ĨƵŶĕƁĞƐ ĐŽŶƐƵůƚŝǀĂƐ͕ ĚĞ ĞƐƚƵĚŽ͕ ƉůĂŶĞĂŵĞŶƚŽ͕ ƉƌŽŐƌĂŵĂĕĆŽ͕ ĂǀĂůŝĂĕĆŽ Ğ ĚĞ ĂƉůŝĐĂĕĆŽ ĚĞ ŵĠƚŽĚŽƐ Ğ ƉƌŽĐĞƐƐŽƐ ĚĞ ŶĂƚƵƌĞǌĂ ƚĠĐŶŝĐĂ Ğ ŽƵ ĐŝĞŶƚşĨŝĐĂ ŝŶĞƌĞŶƚĞƐ ă ƌĞƐƉĞƚŝǀĂ ĄƌĞĂ ĚĞ ĞƐƉĞĐŝĂůŝǌĂĕĆŽ Ğ ĨŽƌŵĂĕĆŽ ĂĐĂĚĠŵŝĐĂ͕ ƋƵĞ ǀŝƐĂŵ ĨƵŶĚĂŵĞŶƚĂƌ Ğ ƉƌĞƉĂƌĂƌ Ă ĚĞĐŝƐĆŽ͖ ĞůĂďŽƌĂ͕ ĂƵƚŽŶŽŵĂŵĞŶƚĞ ŽƵ Ğŵ ŐƌƵƉŽ͕ ƉĂƌĞĐĞƌĞƐ Ğ ƉƌŽũĞƚŽƐ ĐŽŵ ĚŝǀĞƌƐŽƐ ŐƌĂƵƐ ĚĞ ĐŽŵƉůĞǆŝĚĂĚĞ͖ ĞǆĞĐƵƚĂ ŽƵƚƌĂƐ ĂƚŝǀŝĚĂĚĞƐ ĚĞ ĂƉŽŝŽ ŐĞƌĂů ŽƵ ĞƐƉĞĐŝĂůŝǌĂĚŽ ŶĂƐ ĄƌĞĂƐ ĚĞ ĂƚƵĂĕĆŽ ĐŽŵƵŶƐ͕ ŝŶƐƚƌƵŵĞŶƚĂŝƐ Ğ ŽƉĞƌĂƚŝǀĂƐ ĚŽƐ ſƌŐĆŽƐ Ğ ƐĞƌǀŝĕŽƐ͘

WƌĂĕĂ ĚĂ ZĞƉƷďůŝĐĂ ͼ dĞů͘ Ϯϰϵ ϯϮϵ ϴϴϱ ͼ &Ăǆ Ϯϰϵ ϯϮϵ ϴϬϵ ͼ ͲŵĂŝů͗ ƉƌĞƐŝĚĞŶĐŝĂΛĐŵͲƚŽŵĂƌ͘Ɖƚ ͼ ϮϯϬϬͲϱϱϬ dŽŵĂƌ

ĚŵŝŶŝƐƚƌĂĕĆŽ WƷďůŝĐĂ ͬ ƵƚĄƌƋƵŝĐĂ ŽƵ ŝƌĞŝƚŽ

ŶĞǆŽ ĂŽ DĂƉĂ ĚĞ WĞƐƐŽĂů Ͳ ϮϬϭϳ D Z DhE/ /W > dKD Z

ĂƌŐŽ ͬ ĂƌƌĞŝƌĂ ͬ ĂƚĞŐŽƌŝĂ

ƚƌŝďƵŝĕĆŽ ͬ ŽŵƉĞƚġŶĐŝĂƐ

&ŽƌŵĂĕĆŽ ĐĂĚĠŵŝĐĂ

dĠĐŶŝĐŽ ^ƵƉĞƌŝŽƌ

ƌƋƵŝƚĞƚƵƌĂ Ͳ ǆĞƌĐĞ͕ ĐŽŵ ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞ Ğ ĂƵƚŽŶŽŵŝĂ ƚĠĐŶŝĐĂ͕ ĂŝŶĚĂ ƋƵĞ ĐŽŵ ĞŶƋƵĂĚƌĂŵĞŶƚŽ ƐƵƉĞƌŝŽƌ ƋƵĂůŝĨŝĐĂĚŽ͕ ĨƵŶĕƁĞƐ ĐŽŶƐƵůƚŝǀĂƐ͕ ĚĞ ĞƐƚƵĚŽ͕ ƉůĂŶĞĂŵĞŶƚŽ͕ ƉƌŽŐƌĂŵĂĕĆŽ͕ ĂǀĂůŝĂĕĆŽ Ğ ĚĞ ĂƉůŝĐĂĕĆŽ ĚĞ ŵĠƚŽĚŽƐ Ğ ƉƌŽĐĞƐƐŽƐ ĚĞ ŶĂƚƵƌĞǌĂ ƚĠĐŶŝĐĂ Ğ ŽƵ ĐŝĞŶƚşĨŝĐĂ ŝŶĞƌĞŶƚĞƐ ă ƌĞƐƉĞƚŝǀĂ ĄƌĞĂ ĚĞ ĞƐƉĞĐŝĂůŝǌĂĕĆŽ Ğ ĨŽƌŵĂĕĆŽ ĂĐĂĚĠŵŝĐĂ͕ ƋƵĞ ǀŝƐĂŵ ĨƵŶĚĂŵĞŶƚĂƌ Ğ ƉƌĞƉĂƌĂƌ Ă ĚĞĐŝƐĆŽ͖ Ğŵ ǀŝƌƚƵĚĞ ĚĞ ƐĞƌ ĚĞƚĞŶƚŽƌ ĚĂ ƋƵĂůŝĚĂĚĞ ĚĞ ŵĞŵďƌŽ ĞĨĞƚŝǀŽ ĚĂ ƌĞƐƉĞƚŝǀĂ ŽƌĚĞŵ ƉƌŽĨŝƐƐŝŽŶĂů ůĞŐĂůŵĞŶƚĞ ĂƉƌŽǀĂĚĂ͕ ƉŽĚĞ ĞǆĞĐƵƚĂƌ ĂƐ ƚĂƌĞĨĂƐ Ğ ĞǆĞƌĐĞƌ ĂƐ ĨƵŶĕƁĞƐ ƋƵĞ ƐĞũĂŵ ƉĞƌŵŝƚŝĚĂƐ ƉĞůŽ ŶŽƌŵĂƚŝǀŽ ĞƐƚĂƚƵƚĄƌŝŽ ĞͬŽƵ ĠƚŝĐŽ Ğŵ ǀŝŐŽƌ ŶĂ ŵĞƐŵĂ͘

ƌƋƵŝƚĞƚƵƌĂ

dĠĐŶŝĐŽ ^ƵƉĞƌŝŽƌ

ƌƋƵŝǀŽ Ͳ ǆĞƌĐĞ͕ ĐŽŵ ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞ Ğ ĂƵƚŽŶŽŵŝĂ ƚĠĐŶŝĐĂ͕ ĂŝŶĚĂ ƋƵĞ ĐŽŵ ĞŶƋƵĂĚƌĂŵĞŶƚŽ ƐƵƉĞƌŝŽƌ ƋƵĂůŝĨŝĐĂĚŽ͕ ĨƵŶĕƁĞƐ ĐŽŶƐƵůƚŝǀĂƐ͕ ĚĞ ĞƐƚƵĚŽ͕ ƉůĂŶĞĂŵĞŶƚŽ͕ ƉƌŽŐƌĂŵĂĕĆŽ͕ ĂǀĂůŝĂĕĆŽ Ğ ĚĞ ĂƉůŝĐĂĕĆŽ ĚĞ ŵĠƚŽĚŽƐ Ğ ƉƌŽĐĞƐƐŽƐ ĚĞ ŶĂƚƵƌĞǌĂ ƚĠĐŶŝĐĂ Ğ ŽƵ ĐŝĞŶƚşĨŝĐĂ ŝŶĞƌĞŶƚĞƐ ă ƌĞƐƉĞƚŝǀĂ ĄƌĞĂ ĚĞ ĞƐƉĞĐŝĂůŝǌĂĕĆŽ Ğ ĨŽƌŵĂĕĆŽ ĂĐĂĚĠŵŝĐĂ͕ ƋƵĞ ǀŝƐĂŵ ĨƵŶĚĂŵĞŶƚĂƌ Ğ ƉƌĞƉĂƌĂƌ Ă ĚĞĐŝƐĆŽ͕ ŝŶĐƵŵďŝŶĚŽ͕ ŐĞŶĞƌŝĐĂŵĞŶƚĞ͗ ĞƐƚĂďĞůĞĐĞƌ Ğ ĂƉůŝĐĂƌ ĐƌŝƚĠƌŝŽƐ ĚĞ ŐĞƐƚĆŽ ĚĞ ĚŽĐƵŵĞŶƚŽƐ͖ ĂǀĂůŝĂƌ Ğ ŽƌŐĂŶŝǌĂƌ Ă ĚŽĐƵŵĞŶƚĂĕĆŽ ĚĞ ĨƵŶĚŽƐ ƉƷďůŝĐŽƐ Ğ ƉƌŝǀĂĚŽƐ ĐŽŵ ŝŶƚĞƌĞƐƐĞ ĂĚŵŝŶŝƐƚƌĂƚŝǀŽ͕ ƉƌŽďĂƚſƌŝŽ Ğ ĐƵůƚƵƌĂů͖ ŽƌŝĞŶƚĂƌ Ă ĞůĂďŽƌĂĕĆŽ ĚĞ ŝŶƐƚƌƵŵĞŶƚŽƐ ĚĞ ĚĞƐĐƌŝĕĆŽ ĚĂ ĚŽĐƵŵĞŶƚĂĕĆŽ͖ ĂƉŽŝĂƌ Ž ƵƚŝůŝǌĂĚŽƌ͕ ŽƌŝĞŶƚĂŶĚŽ ŶĂ ƉĞƐƋƵŝƐĂ ĚĞ ƌĞŐŝƐƚŽƐ Ğ ĚŽĐƵŵĞŶƚŽƐ ĂƉƌŽƉƌŝĂĚŽƐ͖ ƉƌŽŵŽǀĞƌ ĂĕƁĞƐ ĚĞ ĚŝĨƵƐĆŽ͕ Ă Ĩŝŵ ĚĞ ƚŽƌŶĂƌ ĂĐĞƐƐşǀĞŝƐ ĂƐ ĨŽŶƚĞƐ͖ ƐƵƉĞƌǀŝƐŝŽŶĂƌ Ž ƉĞƐƐŽĂů ĂĨĞƚŽ ă ĨƵŶĕĆŽ ĚĞ ĂƉŽŝŽ ƚĠĐŶŝĐŽ ĚĞ ĂƌƋƵŝǀŝƐƚĂ͖ ĞǆĞĐƵƚĂƌ ŽƵƚƌĂƐ ĂƚŝǀŝĚĂĚĞƐ ĚĞ ĂƉŽŝŽ ŐĞƌĂů ŽƵ ĞƐƉĞĐŝĂůŝǌĂĚŽ ŶĂƐ ĄƌĞĂƐ ĚĞ ĂƚƵĂĕĆŽ ĐŽŵƵŶƐ͕ ŝŶƐƚƌƵŵĞŶƚĂŝƐ Ğ ŽƉĞƌĂƚŝǀĂƐ ĚŽƐ ſƌŐĆŽƐ Ğ ƐĞƌǀŝĕŽƐ͘

ƵƌƐŽ ĚĞ ĞƐƉĞĐŝĂůŝǌĂĕĆŽ ŶĂ ĄƌĞĂ ĚŽ ƌƋƵŝǀŽ

dĠĐŶŝĐŽ ^ƵƉĞƌŝŽƌ

ƌƋƵĞŽůŽŐŝĂ Ͳ ǆĞƌĐĞ͕ ĐŽŵ ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞ Ğ ĂƵƚŽŶŽŵŝĂ ƚĠĐŶŝĐĂ͕ ĂŝŶĚĂ ƋƵĞ ĐŽŵ ĞŶƋƵĂĚƌĂŵĞŶƚŽ ƐƵƉĞƌŝŽƌ ƋƵĂůŝĨŝĐĂĚŽ͕ ĨƵŶĕƁĞƐ ĐŽŶƐƵůƚŝǀĂƐ͕ ĚĞ ĞƐƚƵĚŽ͕ ƉůĂŶĞĂŵĞŶƚŽ͕ ƉƌŽŐƌĂŵĂĕĆŽ͕ ĂǀĂůŝĂĕĆŽ Ğ ĚĞ ĂƉůŝĐĂĕĆŽ ĚĞ ŵĠƚŽĚŽƐ Ğ ƉƌŽĐĞƐƐŽƐ ĚĞ ŶĂƚƵƌĞǌĂ ƚĠĐŶŝĐĂ Ğ ŽƵ ĐŝĞŶƚşĨŝĐĂ ŝŶĞƌĞŶƚĞƐ ă ƌĞƐƉĞƚŝǀĂ ĄƌĞĂ ĚĞ ĞƐƉĞĐŝĂůŝǌĂĕĆŽ Ğ ĨŽƌŵĂĕĆŽ ĂĐĂĚĠŵŝĐĂ͕ ƋƵĞ ǀŝƐĂŵ ĨƵŶĚĂŵĞŶƚĂƌ Ğ ƉƌĞƉĂƌĂƌ Ă ĚĞĐŝƐĆŽ͖ ĞůĂďŽƌĂ͕ ĂƵƚŽŶŽŵĂŵĞŶƚĞ ŽƵ Ğŵ ŐƌƵƉŽ͕ ƉĂƌĞĐĞƌĞƐ Ğ ƉƌŽũĞƚŽƐ ĐŽŵ ĚŝǀĞƌƐŽƐ ŐƌĂƵƐ ĚĞ ĐŽŵƉůĞǆŝĚĂĚĞ Ğ ĞǆĞĐƵƚĂ ŽƵƚƌĂƐ ĂƚŝǀŝĚĂĚĞƐ ĚĞ ĂƉŽŝŽ ŐĞƌĂů ŽƵ ĞƐƉĞĐŝĂůŝǌĂĚŽ ŶĂƐ ĄƌĞĂƐ ĚĞ ĂƚƵĂĕĆŽ ĐŽŵƵŶƐ͕ ŝŶƐƚƌƵŵĞŶƚĂŝƐ Ğ ŽƉĞƌĂƚŝǀĂƐ ĚŽƐ ſƌŐĆŽƐ Ğ ƐĞƌǀŝĕŽƐ͕ ĂĐŽŵƉĂŶŚĂŶĚŽ ƚƌĂďĂůŚŽƐ ĚĞ ůĞǀĂŶƚĂŵĞŶƚŽ ĂƌƋƵĞŽůſŐŝĐŽ ŝŶĞƌĞŶƚĞƐ ăƐ ŽďƌĂƐ ƉƷďůŝĐĂƐ Ğ ƉƌŝǀĂĚĂƐ͕ ĐŽŵ ŝŵƉĂĐƚŽ ƉƷďůŝĐŽ͕ ƋƵĂŶĚŽ ƐƵƉĞƌŝŽƌŵĞŶƚĞ ĚĞƚĞƌŵŝŶĂĚŽ͘

ƌƋƵĞŽůŽŐŝĂ

dĠĐŶŝĐŽ ^ƵƉĞƌŝŽƌ

ƐƐŝƐƚġŶĐŝĂ Ğ ^ĞƌǀŝĕŽ ^ŽĐŝĂů Ͳ ǆĞƌĐĞ͕ ĐŽŵ ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞ Ğ ĂƵƚŽŶŽŵŝĂ ƚĠĐŶŝĐĂ͕ ĂŝŶĚĂ ƋƵĞ ĐŽŵ ĞŶƋƵĂĚƌĂŵĞŶƚŽ ƐƵƉĞƌŝŽƌ ƋƵĂůŝĨŝĐĂĚŽ͕ ĨƵŶĕƁĞƐ ĐŽŶƐƵůƚŝǀĂƐ͕ ĚĞ ĞƐƚƵĚŽ͕ ƉůĂŶĞĂŵĞŶƚŽ͕ ƉƌŽŐƌĂŵĂĕĆŽ͕ ĂǀĂůŝĂĕĆŽ Ğ ĚĞ ĂƉůŝĐĂĕĆŽ ĚĞ ŵĠƚŽĚŽƐ Ğ ƉƌŽĐĞƐƐŽƐ ĚĞ ŶĂƚƵƌĞǌĂ ƚĠĐŶŝĐĂ Ğ ŽƵ ĐŝĞŶƚşĨŝĐĂ ŝŶĞƌĞŶƚĞƐ ă ƌĞƐƉĞƚŝǀĂ ĄƌĞĂ ĚĞ ĞƐƉĞĐŝĂůŝǌĂĕĆŽ Ğ ĨŽƌŵĂĕĆŽ ĂĐĂĚĠŵŝĐĂ͕ ƋƵĞ ǀŝƐĂŵ ĨƵŶĚĂŵĞŶƚĂƌ Ğ ƉƌĞƉĂƌĂƌ Ă ĚĞĐŝƐĆŽ͖ ĞůĂďŽƌĂ͕ ĂƵƚŽŶŽŵĂŵĞŶƚĞ ŽƵ Ğŵ ŐƌƵƉŽ͕ ƉĂƌĞĐĞƌĞƐ Ğ ƉƌŽũĞƚŽƐ ĐŽŵ ĚŝǀĞƌƐŽƐ ŐƌĂƵƐ ĚĞ ĐŽŵƉůĞǆŝĚĂĚĞ͖ ĞǆĞĐƵƚĂ ŽƵƚƌĂƐ ĂƚŝǀŝĚĂĚĞƐ ĚĞ ĂƉŽŝŽ ŐĞƌĂů ŽƵ ĞƐƉĞĐŝĂůŝǌĂĚŽ ŶĂƐ ĄƌĞĂƐ ĚĞ ĂƚƵĂĕĆŽ ĐŽŵƵŶƐ͕ ŝŶƐƚƌƵŵĞŶƚĂŝƐ Ğ ŽƉĞƌĂƚŝǀĂƐ ĚŽƐ ſƌŐĆŽƐ Ğ ƐĞƌǀŝĕŽƐ͘

ŝġŶĐŝĂƐ ^ŽĐŝĂŝƐ

dĠĐŶŝĐŽ ^ƵƉĞƌŝŽƌ

ŝďůŝŽƚĞĐĂ Ğ ŽĐƵŵĞŶƚĂĕĆŽ Ͳ ǆĞƌĐĞ͕ ĐŽŵ ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞ Ğ ĂƵƚŽŶŽŵŝĂ ƚĠĐŶŝĐĂ͕ ĂŝŶĚĂ ƋƵĞ ĐŽŵ ĞŶƋƵĂĚƌĂŵĞŶƚŽ ƐƵƉĞƌŝŽƌ ƋƵĂůŝĨŝĐĂĚŽ͕ ĨƵŶĕƁĞƐ ĐŽŶƐƵůƚŝǀĂƐ͕ ĚĞ ĞƐƚƵĚŽ͕ ƉůĂŶĞĂŵĞŶƚŽ͕ ƉƌŽŐƌĂŵĂĕĆŽ͕ ĂǀĂůŝĂĕĆŽ Ğ ĚĞ ĂƉůŝĐĂĕĆŽ ĚĞ ŵĠƚŽĚŽƐ Ğ ƉƌŽĐĞƐƐŽƐ ĚĞ ŶĂƚƵƌĞǌĂ ƚĠĐŶŝĐĂ Ğ ŽƵ ĐŝĞŶƚşĨŝĐĂ ŝŶĞƌĞŶƚĞƐ ă ƌĞƐƉĞƚŝǀĂ ĄƌĞĂ ĚĞ ĞƐƉĞĐŝĂůŝǌĂĕĆŽ Ğ ĨŽƌŵĂĕĆŽ ĂĐĂĚĠŵŝĐĂ͕ ƋƵĞ ǀŝƐĂŵ ĨƵŶĚĂŵĞŶƚĂƌ Ğ ƉƌĞƉĂƌĂƌ Ă ĚĞĐŝƐĆŽ͕ ŝŶĐƵŵďŝŶĚŽ͕ ŐĞŶĞƌŝĐĂŵĞŶƚĞ͗ ĞƐƚĂďĞůĞĐĞƌ Ğ ĂƉůŝĐĂƌ ĐƌŝƚĠƌŝŽƐ ĚĞ ŽƌŐĂŶŝǌĂĕĆŽ Ğ ĨƵŶĐŝŽŶĂŵĞŶƚŽ ĚŽƐ ƐĞƌǀŝĕŽƐ͖ ƐĞůĞĐŝŽŶĂƌ͕ ĐůĂƐƐŝĨŝĐĂƌ Ğ ŝŶĚĞǆĂƌ ĚŽĐƵŵĞŶƚŽƐ ƐŽď Ă ĨŽƌŵĂ ƚĞǆƚƵĂů͕ ƐŽŶŽƌĂ͕ ǀŝƐƵĂů ŽƵ ŽƵƚƌĂ͕ ĚĞƐĞŶǀŽůǀĞŶĚŽ Ğ ĂĚŽƚĂŶĚŽ ƐŝƐƚĞŵĂƐ ĚĞ ƚƌĂƚĂŵĞŶƚŽ ĂƵƚŽŵĄƚŝĐŽ ŽƵ ŵĂŶƵĂů͖ ĚĞĨŝŶŝƌ ƉƌŽĐĞĚŝŵĞŶƚŽƐ ĚĞ ƌĞĐƵƉĞƌĂĕĆŽ Ğ ĞǆƉůŽƌĂĕĆŽ ĚĞ ŝŶĨŽƌŵĂĕĆŽ͖ ĂƉŽŝĂƌ Ğ ŽƌŝĞŶƚĂƌ Ž ƵƚŝůŝǌĂĚŽƌ ĚŽƐ ƐĞƌǀŝĕŽƐ͖ ƉƌŽŵŽǀĞƌ ĂĕƁĞƐ ĚĞ ĚŝĨƵƐĆŽ͕ Ă Ĩŝŵ ĚĞ ƚŽƌŶĂƌ ĂĐĞƐƐşǀĞŝƐ ĂƐ ĨŽŶƚĞƐ ĚĞ ŝŶĨŽƌŵĂĕĆŽ ƉƌŝŵĄƌŝĂ͕ ƐĞĐƵŶĚĄƌŝĂ Ğ ƚĞƌĐŝĄƌŝĂ͖ ĐŽŽƌĚĞŶĂƌ Ğ ƐƵƉĞƌǀŝƐŝŽŶĂƌ ŽƐ ƌĞĐƵƌƐŽƐ ŚƵŵĂŶŽƐ Ğ ŵĂƚĞƌŝĂŝƐ ŶĞĐĞƐƐĄƌŝŽƐ ăƐ ĂƚŝǀŝĚĂĚĞƐ Ă ĚĞƐĞŶǀŽůǀĞƌ Ğ ƉƌŽĐĞĚĞƌ ă ĂǀĂůŝĂĕĆŽ ĚŽƐ ƌĞƐƵůƚĂĚŽƐ͘

ƵƌƐŽ ĚĞ ĞƐƉĞĐŝĂůŝǌĂĕĆŽ ŶĂ ĄƌĞĂ ĚĞ ŝďůŝŽƚĞĐĂ Ğ ŽĐƵŵĞŶƚĂĕĆŽ

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dĠĐŶŝĐŽ ^ƵƉĞƌŝŽƌ

ƌĞĂ ĚŵŝŶŝƐƚƌĂƚŝǀĂ Ͳ ǆĞƌĐĞ͕ ĐŽŵ ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞ Ğ ĂƵƚŽŶŽŵŝĂ ƚĠĐŶŝĐĂ͕ ĂŝŶĚĂ ƋƵĞ ĐŽŵ ĞŶƋƵĂĚƌĂŵĞŶƚŽ ƐƵƉĞƌŝŽƌ ƋƵĂůŝĨŝĐĂĚŽ͕ ĨƵŶĕƁĞƐ ĐŽŶƐƵůƚŝǀĂƐ͕ ĚĞ ĞƐƚƵĚŽ͕ ƉůĂŶĞĂŵĞŶƚŽ͕ ƉƌŽŐƌĂŵĂĕĆŽ͕ ĂǀĂůŝĂĕĆŽ Ğ ĚĞ ĂƉůŝĐĂĕĆŽ ĚĞ ŵĠƚŽĚŽƐ Ğ ƉƌŽĐĞƐƐŽƐ ĚĞ ŶĂƚƵƌĞǌĂ ƚĠĐŶŝĐĂ Ğ ŽƵ ĐŝĞŶƚşĨŝĐĂ ŝŶĞƌĞŶƚĞƐ ă ƌĞƐƉĞƚŝǀĂ ĄƌĞĂ ĚĞ ĞƐƉĞĐŝĂůŝǌĂĕĆŽ Ğ ĨŽƌŵĂĕĆŽ ĂĐĂĚĠŵŝĐĂ͕ ƋƵĞ ǀŝƐĂŵ ĨƵŶĚĂŵĞŶƚĂƌ Ğ ƉƌĞƉĂƌĂƌ Ă ĚĞĐŝƐĆŽ͖ ĞůĂďŽƌĂ͕ ĂƵƚŽŶŽŵĂŵĞŶƚĞ ŽƵ Ğŵ ŐƌƵƉŽ͕ ƉĂƌĞĐĞƌĞƐ Ğ ƉƌŽũĞƚŽƐ ĐŽŵ ĚŝǀĞƌƐŽƐ ŐƌĂƵƐ ĚĞ ĐŽŵƉůĞǆŝĚĂĚĞ Ğ ĞǆĞĐƵƚĂ ŽƵƚƌĂƐ ĂƚŝǀŝĚĂĚĞƐ ĚĞ ĂƉŽŝŽ ŐĞƌĂů ŽƵ ĞƐƉĞĐŝĂůŝǌĂĚŽ ŶĂƐ ĄƌĞĂƐ ĚĞ ĂƚƵĂĕĆŽ ĐŽŵƵŶƐ͕ ŝŶƐƚƌƵŵĞŶƚĂŝƐ Ğ ŽƉĞƌĂƚŝǀĂƐ ĚŽƐ ſƌŐĆŽƐ Ğ ƐĞƌǀŝĕŽƐ͘

ŶĞǆŽ ĂŽ DĂƉĂ ĚĞ WĞƐƐŽĂů Ͳ ϮϬϭϳ D Z DhE/ /W > dKD Z ĂƌŐŽ ͬ ĂƌƌĞŝƌĂ ͬ ĂƚĞŐŽƌŝĂ

ƚƌŝďƵŝĕĆŽ ͬ ŽŵƉĞƚġŶĐŝĂƐ

&ŽƌŵĂĕĆŽ ĐĂĚĠŵŝĐĂ

dĠĐŶŝĐŽ ^ƵƉĞƌŝŽƌ

ŽŶƐĞƌǀĂĕĆŽ Ğ ZĞƐƚĂƵƌŽ Ͳ ǆĞƌĐĞ͕ ĐŽŵ ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞ Ğ ĂƵƚŽŶŽŵŝĂ ƚĠĐŶŝĐĂ͕ ĂŝŶĚĂ ƋƵĞ ĐŽŵ ĞŶƋƵĂĚƌĂŵĞŶƚŽ ƐƵƉĞƌŝŽƌ ƋƵĂůŝĨŝĐĂĚŽ͕ ĨƵŶĕƁĞƐ ĐŽŶƐƵůƚŝǀĂƐ͕ ĚĞ ĞƐƚƵĚŽ͕ ƉůĂŶĞĂŵĞŶƚŽ͕ ƉƌŽŐƌĂŵĂĕĆŽ͕ ĂǀĂůŝĂĕĆŽ Ğ ĚĞ ĂƉůŝĐĂĕĆŽ ĚĞ ŵĠƚŽĚŽƐ Ğ ƉƌŽĐĞƐƐŽƐ ĚĞ ŶĂƚƵƌĞǌĂ ƚĠĐŶŝĐĂ Ğ ŽƵ ĐŝĞŶƚşĨŝĐĂ ŝŶĞƌĞŶƚĞƐ ă ƌĞƐƉĞƚŝǀĂ ĄƌĞĂ ĚĞ ĞƐƉĞĐŝĂůŝǌĂĕĆŽ Ğ ĨŽƌŵĂĕĆŽ ĂĐĂĚĠŵŝĐĂ͕ ƋƵĞ ǀŝƐĂŵ ĨƵŶĚĂŵĞŶƚĂƌ Ğ ƉƌĞƉĂƌĂƌ Ă ĚĞĐŝƐĆŽ͕ ŝŶĐƵŵďŝŶĚŽ͕ ŐĞŶĞƌŝĐĂŵĞŶƚĞ͗ ĐŽůĂďŽƌĂƌ ŶŽ ƉůĂŶĞĂŵĞŶƚŽ͕ ĐŽŶĐĞĕĆŽ Ğ ŵĞůŚŽƌŝĂ ĚŽ ƐĞƌǀŝĕŽ ĚĞ ĐŽŶƐĞƌǀĂĕĆŽ Ğ ƌĞƐƚĂƵƌŽ͖ ĞƐƚƵĚĂƌ Ğ ĂƉůŝĐĂƌ ŶŽǀŽƐ ŵĠƚŽĚŽƐ Ğ ƚĞĐŶŽůŽŐŝĂƐ ŶĂ ĄƌĞĂ ĚĞ ĐŽŶƐĞƌǀĂĕĆŽ Ğ ƌĞƐƚĂƵƌŽ͖ ƉƌŽĐĞĚĞƌ ĂŽ ĞƐƚƵĚŽ ĚĂ ŽŶƐĞƌǀĂĕĆŽ Ğ ZĞƐƚĂƵƌŽ ͬ ƌƚĞƐ ĞĐŽƌĂƚŝǀĂƐ ĂƉůŝĐĂĕĆŽ ĚĂƐ ƚĠĐŶŝĐĂƐ ĚĞ ƌĞƉƌŽĚƵĕĆŽ ĚĞ ƉĞĕĂƐ ĚŽ ƉĂƚƌŝŵſŶŝŽ ŵſǀĞů ŽƵ ŝŵſǀĞů͖ ĂŶĂůŝƐĂƌ Ž ĞƐƚĂĚŽ ĚĞ ĚĞŐƌĂĚĂĕĆŽ ĚĂƐ ƉĞĕĂƐ͕ ĚŝĂŐŶŽƐƚŝĐĂŶĚŽ ĂƐ ƐƵĂƐ ĐĂƵƐĂƐ Ğ ĚĞĐŝĚŝŶĚŽ Ž ƚŝƉŽ ĚĞ ŝŶƚĞƌǀĞŶĕĆŽ ĂĚĞƋƵĂĚĂ͖ ƌĞĂůŝǌĂƌ ƚƌĂďĂůŚŽƐ ĚĞ ƐƵƉĞƌŝŽƌ ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞ ŶĂ ĄƌĞĂ ĚĞ ĐŽŶƐĞƌǀĂĕĆŽ Ğ ƌĞƐƚĂƵƌŽ͖ ƉƌŽĐĞĚĞƌ ă ŽƌŝĞŶƚĂĕĆŽ ƚĠĐŶŝĐĂ ĚĞ ŽƵƚƌŽ ƉĞƐƐŽĂů ĚĞ ĐŽŶƐĞƌǀĂĕĆŽ Ğ ƌĞƐƚĂƵƌŽ͖ ĐŽŽƉĞƌĂƌ ŶĂ ƐĞŶƐŝďŝůŝǌĂĕĆŽ Ğ ĚŝĨƵƐĆŽ ĚĂ ĐŽŽƉĞƌĂƌ ŶĂ ƐĞŶƐŝďŝůŝǌĂĕĆŽ Ğ ĚŝĨƵƐĆŽ ĚĂƐ ƚĠĐŶŝĐĂƐ ĚĞ ĐŽŶƐĞƌǀĂĕĆŽ ĚĞ ƉĞĕĂƐ͘

dĠĐŶŝĐŽ ^ƵƉĞƌŝŽƌ

ŽŶƚĂďŝůŝĚĂĚĞ Ğ ĚŵŝŶŝƐƚƌĂĕĆŽ Ͳ ǆĞƌĐĞ͕ ĐŽŵ ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞ Ğ ĂƵƚŽŶŽŵŝĂ ƚĠĐŶŝĐĂ͕ ĂŝŶĚĂ ƋƵĞ ĐŽŵ ĞŶƋƵĂĚƌĂŵĞŶƚŽ ƐƵƉĞƌŝŽƌ ƋƵĂůŝĨŝĐĂĚŽ͕ ĨƵŶĕƁĞƐ ĐŽŶƐƵůƚŝǀĂƐ͕ ĚĞ ĞƐƚƵĚŽ͕ ƉůĂŶĞĂŵĞŶƚŽ͕ ƉƌŽŐƌĂŵĂĕĆŽ͕ ĂǀĂůŝĂĕĆŽ Ğ ĚĞ ĂƉůŝĐĂĕĆŽ ĚĞ ŵĠƚŽĚŽƐ Ğ ƉƌŽĐĞƐƐŽƐ ĚĞ ŶĂƚƵƌĞǌĂ ƚĠĐŶŝĐĂ Ğ ŽƵ ĐŝĞŶƚşĨŝĐĂ ŝŶĞƌĞŶƚĞƐ ă ƌĞƐƉĞƚŝǀĂ ĄƌĞĂ ĚĞ ĞƐƉĞĐŝĂůŝǌĂĕĆŽ Ğ ĨŽƌŵĂĕĆŽ ĂĐĂĚĠŵŝĐĂ͕ ƋƵĞ ǀŝƐĂŵ ĨƵŶĚĂŵĞŶƚĂƌ Ğ ƉƌĞƉĂƌĂƌ Ă ĚĞĐŝƐĆŽ͖ ĞůĂďŽƌĂ͕ ĂƵƚŽŶŽŵĂŵĞŶƚĞ ŽƵ Ğŵ ŐƌƵƉŽ͕ ƉĂƌĞĐĞƌĞƐ Ğ ƉƌŽũĞƚŽƐ ĐŽŵ ĚŝǀĞƌƐŽƐ ŐƌĂƵƐ ĚĞ ĐŽŵƉůĞǆŝĚĂĚĞ Ğ ĞǆĞĐƵƚĂ ŽƵƚƌĂƐ ĂƚŝǀŝĚĂĚĞƐ ĚĞ ĂƉŽŝŽ ŐĞƌĂů ŽƵ ĞƐƉĞĐŝĂůŝǌĂĚŽ ŶĂƐ ĄƌĞĂƐ ĚĞ ĂƚƵĂĕĆŽ ĐŽŵƵŶƐ͕ ŝŶƐƚƌƵŵĞŶƚĂŝƐ Ğ ŽƉĞƌĂƚŝǀĂƐ ĚŽƐ ſƌŐĆŽƐ Ğ ƐĞƌǀŝĕŽƐ͘

dĠĐŶŝĐŽ ^ƵƉĞƌŝŽƌ

ĞƐŝŐŶ Ͳ ǆĞƌĐĞ͕ ĐŽŵ ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞ Ğ ĂƵƚŽŶŽŵŝĂ ƚĠĐŶŝĐĂ͕ ĂŝŶĚĂ ƋƵĞ ĐŽŵ ĞŶƋƵĂĚƌĂŵĞŶƚŽ ƐƵƉĞƌŝŽƌ ƋƵĂůŝĨŝĐĂĚŽ͕ ĨƵŶĕƁĞƐ ĐŽŶƐƵůƚŝǀĂƐ͕ ĚĞ ĞƐƚƵĚŽ͕ ƉůĂŶĞĂŵĞŶƚŽ͕ ƉƌŽŐƌĂŵĂĕĆŽ͕ ĂǀĂůŝĂĕĆŽ Ğ ĚĞ ĂƉůŝĐĂĕĆŽ ĚĞ ŵĠƚŽĚŽƐ Ğ ƉƌŽĐĞƐƐŽƐ ĚĞ ŶĂƚƵƌĞǌĂ ƚĠĐŶŝĐĂ Ğ ŽƵ ĐŝĞŶƚşĨŝĐĂ ŝŶĞƌĞŶƚĞƐ ă ƌĞƐƉĞƚŝǀĂ ĄƌĞĂ ĚĞ ĞƐƉĞĐŝĂůŝǌĂĕĆŽ Ğ ĨŽƌŵĂĕĆŽ ĂĐĂĚĠŵŝĐĂ͕ ƋƵĞ ǀŝƐĂŵ ĨƵŶĚĂŵĞŶƚĂƌ Ğ ƉƌĞƉĂƌĂƌ Ă ĚĞĐŝƐĆŽ͖ ĞůĂďŽƌĂ͕ ĂƵƚŽŶŽŵĂŵĞŶƚĞ ŽƵ Ğŵ ŐƌƵƉŽ͕ ƉĂƌĞĐĞƌĞƐ Ğ ƉƌŽũĞƚŽƐ ĐŽŵ ĚŝǀĞƌƐŽƐ ŐƌĂƵƐ ĚĞ ĐŽŵƉůĞǆŝĚĂĚĞ ĐŽŶĚƵĐĞŶƚĞƐ ă ĚĞĨŝŶŝĕĆŽ Ğ ĐŽŶĐƌĞƚŝǌĂĕĆŽ ĚĂƐ ƉŽůşƚŝĐĂƐ ĚŽ ŵƵŶŝĐşƉŝŽ ŶĂ ĄƌĞĂ ĚŽ ƚƵƌŝƐŵŽ͖ ĞǆĞĐƵƚĂ ŽƵƚƌĂƐ ĂƚŝǀŝĚĂĚĞƐ ĚĞ ĂƉŽŝŽ ŐĞƌĂů ŽƵ ĞƐƉĞĐŝĂůŝǌĂĚŽ ŶĂƐ ĄƌĞĂƐ ĚĞ ĂƚƵĂĕĆŽ ĐŽŵƵŶƐ͕ ŝŶƐƚƌƵŵĞŶƚĂŝƐ Ğ ŽƉĞƌĂƚŝǀĂƐ ĚŽƐ ſƌŐĆŽƐ Ğ ƐĞƌǀŝĕŽƐ͘

ĞƐŝŐŶ ŽƵ ƌƚĞƐ 'ƌĄĨŝĐĂƐ ŽƵ ƌƚĞƐ WůĄƐƚŝĐĂƐ

dĠĐŶŝĐŽ ^ƵƉĞƌŝŽƌ

ĞƐƉŽƌƚŽ Ͳ ǆĞƌĐĞ͕ ĐŽŵ ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞ Ğ ĂƵƚŽŶŽŵŝĂ ƚĠĐŶŝĐĂ͕ ĂŝŶĚĂ ƋƵĞ ĐŽŵ ĞŶƋƵĂĚƌĂŵĞŶƚŽ ƐƵƉĞƌŝŽƌ ƋƵĂůŝĨŝĐĂĚŽ͕ ĨƵŶĕƁĞƐ ĐŽŶƐƵůƚŝǀĂƐ͕ ĚĞ ĞƐƚƵĚŽ͕ ƉůĂŶĞĂŵĞŶƚŽ͕ ƉƌŽŐƌĂŵĂĕĆŽ͕ ĂǀĂůŝĂĕĆŽ Ğ ĚĞ ĂƉůŝĐĂĕĆŽ ĚĞ ŵĠƚŽĚŽƐ Ğ ƉƌŽĐĞƐƐŽƐ ĚĞ ŶĂƚƵƌĞǌĂ ƚĠĐŶŝĐĂ Ğ ŽƵ ĐŝĞŶƚşĨŝĐĂ ŝŶĞƌĞŶƚĞƐ ă ƌĞƐƉĞƚŝǀĂ ĄƌĞĂ ĚĞ ĞƐƉĞĐŝĂůŝǌĂĕĆŽ Ğ ĨŽƌŵĂĕĆŽ ĂĐĂĚĠŵŝĐĂ͕ ƋƵĞ ǀŝƐĂŵ ĨƵŶĚĂŵĞŶƚĂƌ Ğ ƉƌĞƉĂƌĂƌ Ă ĚĞĐŝƐĆŽ͖ ĞůĂďŽƌĂ͕ ĂƵƚŽŶŽŵĂŵĞŶƚĞ ŽƵ Ğŵ ŐƌƵƉŽ͕ ƉĂƌĞĐĞƌĞƐ Ğ ƉƌŽũĞƚŽƐ ĐŽŵ ĚŝǀĞƌƐŽƐ ŐƌĂƵƐ ĚĞ ĐŽŵƉůĞǆŝĚĂĚĞ Ğ ĞǆĞĐƵƚĂ ŽƵƚƌĂƐ ĂƚŝǀŝĚĂĚĞƐ ĚĞ ĂƉŽŝŽ ŐĞƌĂů ŽƵ ĞƐƉĞĐŝĂůŝǌĂĚŽ ŶĂƐ ĄƌĞĂƐ ĚĞ ĂƚƵĂĕĆŽ ĐŽŵƵŶƐ͕ ŝŶƐƚƌƵŵĞŶƚĂŝƐ Ğ ŽƉĞƌĂƚŝǀĂƐ ĚŽƐ ſƌŐĆŽƐ Ğ ƐĞƌǀŝĕŽƐ͘

ĚƵĐĂĕĆŽ &şƐŝĐĂ ŽƵ ĞƐƉŽƌƚŽ

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dĠĐŶŝĐŽ ^ƵƉĞƌŝŽƌ

ŽŵƵŶŝĐĂĕĆŽ Ğ ZĞůĂĕƁĞƐ WƷďůŝĐĂƐ Ͳ ǆĞƌĐĞ͕ ĐŽŵ ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞ Ğ ĂƵƚŽŶŽŵŝĂ ƚĠĐŶŝĐĂ͕ ĂŝŶĚĂ ƋƵĞ ĐŽŵ ĞŶƋƵĂĚƌĂŵĞŶƚŽ ƐƵƉĞƌŝŽƌ ƋƵĂůŝĨŝĐĂĚŽ͕ ĨƵŶĕƁĞƐ ŽŵƵŶŝĐĂĕĆŽ ŽƵ ZĞůĂĕƁĞƐ ĐŽŶƐƵůƚŝǀĂƐ͕ ĚĞ ĞƐƚƵĚŽ͕ ƉůĂŶĞĂŵĞŶƚŽ͕ ƉƌŽŐƌĂŵĂĕĆŽ͕ ĂǀĂůŝĂĕĆŽ Ğ ĚĞ ĂƉůŝĐĂĕĆŽ ĚĞ ŵĠƚŽĚŽƐ Ğ ƉƌŽĐĞƐƐŽƐ ĚĞ ŶĂƚƵƌĞǌĂ ƚĠĐŶŝĐĂ Ğ ŽƵ ĐŝĞŶƚşĨŝĐĂ ŝŶĞƌĞŶƚĞƐ ă ƌĞƐƉĞƚŝǀĂ WƷďůŝĐĂƐ ŽƵ ZĞůĂĕƁĞƐ ĄƌĞĂ ĚĞ ĞƐƉĞĐŝĂůŝǌĂĕĆŽ Ğ ĨŽƌŵĂĕĆŽ ĂĐĂĚĠŵŝĐĂ͕ ƋƵĞ ǀŝƐĂŵ ĨƵŶĚĂŵĞŶƚĂƌ Ğ ƉƌĞƉĂƌĂƌ Ă ĚĞĐŝƐĆŽ͖ ĞůĂďŽƌĂ͕ ĂƵƚŽŶŽŵĂŵĞŶƚĞ ŽƵ Ğŵ ŐƌƵƉŽ͕ ƉĂƌĞĐĞƌĞƐ Ğ ƉƌŽũĞƚŽƐ /ŶƚĞƌŶĂĐŝŽŶĂŝƐ ŽƵ ĐŽŵ ĚŝǀĞƌƐŽƐ ŐƌĂƵƐ ĚĞ ĐŽŵƉůĞǆŝĚĂĚĞ͖ ĞǆĞĐƵƚĂ ŽƵƚƌĂƐ ĂƚŝǀŝĚĂĚĞƐ ĚĞ ĂƉŽŝŽ ŐĞƌĂů ŽƵ ĞƐƉĞĐŝĂůŝǌĂĚŽ ŶĂƐ ĄƌĞĂƐ ĚĞ ĂƚƵĂĕĆŽ ĐŽŵƵŶƐ͕ ŝŶƐƚƌƵŵĞŶƚĂŝƐ Ğ ŽƉĞƌĂƚŝǀĂƐ WƵďůŝĐŝĚĂĚĞ ĚŽƐ ſƌŐĆŽƐ Ğ ƐĞƌǀŝĕŽƐ͘

WƌĂĕĂ ĚĂ ZĞƉƷďůŝĐĂ ͼ dĞů͘ Ϯϰϵ ϯϮϵ ϴϴϱ ͼ &Ăǆ Ϯϰϵ ϯϮϵ ϴϬϵ ͼ ͲŵĂŝů͗ ƉƌĞƐŝĚĞŶĐŝĂΛĐŵͲƚŽŵĂƌ͘Ɖƚ ͼ ϮϯϬϬͲϱϱϬ dŽŵĂƌ

ŶĞǆŽ ĂŽ DĂƉĂ ĚĞ WĞƐƐŽĂů Ͳ ϮϬϭϳ D Z DhE/ /W > dKD Z ĂƌŐŽ ͬ ĂƌƌĞŝƌĂ ͬ ĂƚĞŐŽƌŝĂ

ƚƌŝďƵŝĕĆŽ ͬ ŽŵƉĞƚġŶĐŝĂƐ

&ŽƌŵĂĕĆŽ ĐĂĚĠŵŝĐĂ

[ 80 ]

dĠĐŶŝĐŽ ^ƵƉĞƌŝŽƌ

ĐŽŶŽŵŝĂ Ğ 'ĞƐƚĆŽ Ͳ ǆĞƌĐĞ͕ ĐŽŵ ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞ Ğ ĂƵƚŽŶŽŵŝĂ ƚĠĐŶŝĐĂ͕ ĂŝŶĚĂ ƋƵĞ ĐŽŵ ĞŶƋƵĂĚƌĂŵĞŶƚŽ ƐƵƉĞƌŝŽƌ ƋƵĂůŝĨŝĐĂĚŽ͕ ĨƵŶĕƁĞƐ ĐŽŶƐƵůƚŝǀĂƐ͕ ĚĞ ĞƐƚƵĚŽ͕ ƉůĂŶĞĂŵĞŶƚŽ͕ ƉƌŽŐƌĂŵĂĕĆŽ͕ ĂǀĂůŝĂĕĆŽ Ğ ĚĞ ĂƉůŝĐĂĕĆŽ ĚĞ ŵĠƚŽĚŽƐ Ğ ƉƌŽĐĞƐƐŽƐ ĚĞ ŶĂƚƵƌĞǌĂ ƚĠĐŶŝĐĂ Ğ ŽƵ ĐŝĞŶƚşĨŝĐĂ ŝŶĞƌĞŶƚĞƐ ă ƌĞƐƉĞƚŝǀĂ ĄƌĞĂ ĚĞ ĞƐƉĞĐŝĂůŝǌĂĕĆŽ Ğ ĨŽƌŵĂĕĆŽ ĂĐĂĚĠŵŝĐĂ͕ ƋƵĞ ǀŝƐĂŵ ĨƵŶĚĂŵĞŶƚĂƌ Ğ ƉƌĞƉĂƌĂƌ Ă ĚĞĐŝƐĆŽ͖ ĞůĂďŽƌĂ͕ ĂƵƚŽŶŽŵĂŵĞŶƚĞ ŽƵ Ğŵ ŐƌƵƉŽ͕ ƉĂƌĞĐĞƌĞƐ Ğ ƉƌŽũĞƚŽƐ ĐŽŵ ĚŝǀĞƌƐŽƐ ŐƌĂƵƐ ĚĞ ĐŽŵƉůĞǆŝĚĂĚĞ Ğ ĞǆĞĐƵƚĂ ŽƵƚƌĂƐ ĂƚŝǀŝĚĂĚĞƐ ĚĞ ĂƉŽŝŽ ŐĞƌĂů ŽƵ ĞƐƉĞĐŝĂůŝǌĂĚŽ ŶĂƐ ĄƌĞĂƐ ĚĞ ĂƚƵĂĕĆŽ ĐŽŵƵŶƐ͕ ŝŶƐƚƌƵŵĞŶƚĂŝƐ Ğ ŽƉĞƌĂƚŝǀĂƐ ĚŽƐ ſƌŐĆŽƐ Ğ ƐĞƌǀŝĕŽƐ͘

ĐŽŶŽŵŝĂ ŽƵ 'ĞƐƚĆŽ ĚĞ ŵƉƌĞƐĂƐ

dĠĐŶŝĐŽ ^ƵƉĞƌŝŽƌ

ĚƵĐĂĕĆŽ Ͳ ǆĞƌĐĞ͕ ĐŽŵ ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞ Ğ ĂƵƚŽŶŽŵŝĂ ƚĠĐŶŝĐĂ͕ ĂŝŶĚĂ ƋƵĞ ĐŽŵ ĞŶƋƵĂĚƌĂŵĞŶƚŽ ƐƵƉĞƌŝŽƌ ƋƵĂůŝĨŝĐĂĚŽ͕ ĨƵŶĕƁĞƐ ĐŽŶƐƵůƚŝǀĂƐ͕ ĚĞ ĞƐƚƵĚŽ͕ ƉůĂŶĞĂŵĞŶƚŽ͕ ƉƌŽŐƌĂŵĂĕĆŽ͕ ĂǀĂůŝĂĕĆŽ Ğ ĚĞ ĂƉůŝĐĂĕĆŽ ĚĞ ŵĠƚŽĚŽƐ Ğ ƉƌŽĐĞƐƐŽƐ ĚĞ ŶĂƚƵƌĞǌĂ ƚĠĐŶŝĐĂ Ğ ŽƵ ĐŝĞŶƚşĨŝĐĂ ŝŶĞƌĞŶƚĞƐ ă ƌĞƐƉĞƚŝǀĂ ĄƌĞĂ ĚĞ ĞƐƉĞĐŝĂůŝǌĂĕĆŽ Ğ ĨŽƌŵĂĕĆŽ ĂĐĂĚĠŵŝĐĂ͕ ƋƵĞ ǀŝƐĂŵ ĨƵŶĚĂŵĞŶƚĂƌ Ğ ƉƌĞƉĂƌĂƌ Ă ĚĞĐŝƐĆŽ͖ ĞůĂďŽƌĂ͕ ĂƵƚŽŶŽŵĂŵĞŶƚĞ ŽƵ Ğŵ ŐƌƵƉŽ͕ ƉĂƌĞĐĞƌĞƐ Ğ ƉƌŽũĞƚŽƐ ĐŽŵ ĚŝǀĞƌƐŽƐ ŐƌĂƵƐ ĚĞ ĐŽŵƉůĞǆŝĚĂĚĞ Ğ ĞǆĞĐƵƚĂ ŽƵƚƌĂƐ ĂƚŝǀŝĚĂĚĞƐ ĚĞ ĂƉŽŝŽ ŐĞƌĂů ŽƵ ĞƐƉĞĐŝĂůŝǌĂĚŽ ŶĂƐ ĄƌĞĂƐ ĚĞ ĂƚƵĂĕĆŽ ĐŽŵƵŶƐ͕ ŝŶƐƚƌƵŵĞŶƚĂŝƐ Ğ ŽƉĞƌĂƚŝǀĂƐ ĚŽƐ ſƌŐĆŽƐ Ğ ƐĞƌǀŝĕŽƐ͘

ŝġŶĐŝĂƐ ĚĂ ĚƵĐĂĕĆŽ ŽƵ ĚƵĐĂĕĆŽ

dĠĐŶŝĐŽ ^ƵƉĞƌŝŽƌ

ŶŐĞŶŚĂƌŝĂ ŵďŝĞŶƚĂů Ͳ ǆĞƌĐĞ͕ ĐŽŵ ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞ Ğ ĂƵƚŽŶŽŵŝĂ ƚĠĐŶŝĐĂ͕ ĂŝŶĚĂ ƋƵĞ ĐŽŵ ĞŶƋƵĂĚƌĂŵĞŶƚŽ ƐƵƉĞƌŝŽƌ ƋƵĂůŝĨŝĐĂĚŽ͕ ĨƵŶĕƁĞƐ ĐŽŶƐƵůƚŝǀĂƐ͕ ĚĞ ĞƐƚƵĚŽ͕ ƉůĂŶĞĂŵĞŶƚŽ͕ ƉƌŽŐƌĂŵĂĕĆŽ͕ ĂǀĂůŝĂĕĆŽ Ğ ĚĞ ĂƉůŝĐĂĕĆŽ ĚĞ ŵĠƚŽĚŽƐ Ğ ƉƌŽĐĞƐƐŽƐ ĚĞ ŶĂƚƵƌĞǌĂ ƚĠĐŶŝĐĂ Ğ ŽƵ ĐŝĞŶƚşĨŝĐĂ ŝŶĞƌĞŶƚĞƐ ă ƌĞƐƉĞƚŝǀĂ ĄƌĞĂ ĚĞ ŶŐĞŶŚĂƌŝĂ ĚŽ ŵďŝĞŶƚĞ ĞƐƉĞĐŝĂůŝǌĂĕĆŽ Ğ ĨŽƌŵĂĕĆŽ ĂĐĂĚĠŵŝĐĂ͕ ƋƵĞ ǀŝƐĂŵ ĨƵŶĚĂŵĞŶƚĂƌ Ğ ƉƌĞƉĂƌĂƌ Ă ĚĞĐŝƐĆŽ͖ ĞůĂďŽƌĂ͕ ĂƵƚŽŶŽŵĂŵĞŶƚĞ ŽƵ Ğŵ ŐƌƵƉŽ͕ ƉĂƌĞĐĞƌĞƐ Ğ ƉƌŽũĞƚŽƐ ĐŽŵ ŽƵ KƌĚĞŶĂŵĞŶƚŽ ĚŽƐ ĚŝǀĞƌƐŽƐ ŐƌĂƵƐ ĚĞ ĐŽŵƉůĞǆŝĚĂĚĞ͖ ĞǆĞĐƵƚĂ ŽƵƚƌĂƐ ĂƚŝǀŝĚĂĚĞƐ ĚĞ ĂƉŽŝŽ ŐĞƌĂů ŽƵ ĞƐƉĞĐŝĂůŝǌĂĚŽ ŶĂƐ ĄƌĞĂƐ ĚĞ ĂƚƵĂĕĆŽ ĐŽŵƵŶƐ͕ ŝŶƐƚƌƵŵĞŶƚĂŝƐ Ğ ŽƉĞƌĂƚŝǀĂƐ ĚŽƐ ZĞĐƵƌƐŽƐ EĂƚƵƌĂŝƐ ſƌŐĆŽƐ Ğ ƐĞƌǀŝĕŽƐ͘

dĠĐŶŝĐŽ ^ƵƉĞƌŝŽƌ

ŶŐĞŶŚĂƌŝĂ ŝǀŝů Ͳ ǆĞƌĐĞ͕ ĐŽŵ ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞ Ğ ĂƵƚŽŶŽŵŝĂ ƚĠĐŶŝĐĂ͕ ĂŝŶĚĂ ƋƵĞ ĐŽŵ ĞŶƋƵĂĚƌĂŵĞŶƚŽ ƐƵƉĞƌŝŽƌ ƋƵĂůŝĨŝĐĂĚŽ͕ ĨƵŶĕƁĞƐ ĐŽŶƐƵůƚŝǀĂƐ͕ ĚĞ ĞƐƚƵĚŽ͕ ƉůĂŶĞĂŵĞŶƚŽ͕ ƉƌŽŐƌĂŵĂĕĆŽ͕ ĂǀĂůŝĂĕĆŽ Ğ ĚĞ ĂƉůŝĐĂĕĆŽ ĚĞ ŵĠƚŽĚŽƐ Ğ ƉƌŽĐĞƐƐŽƐ ĚĞ ŶĂƚƵƌĞǌĂ ƚĠĐŶŝĐĂ Ğ ŽƵ ĐŝĞŶƚşĨŝĐĂ ŝŶĞƌĞŶƚĞƐ ă ƌĞƐƉĞƚŝǀĂ ĄƌĞĂ ĚĞ ĞƐƉĞĐŝĂůŝǌĂĕĆŽ Ğ ĨŽƌŵĂĕĆŽ ĂĐĂĚĠŵŝĐĂ͕ ƋƵĞ ǀŝƐĂŵ ĨƵŶĚĂŵĞŶƚĂƌ Ğ ƉƌĞƉĂƌĂƌ Ă ĚĞĐŝƐĆŽ͖ Ğŵ ǀŝƌƚƵĚĞ ĚĞ ƐĞƌ ĚĞƚĞŶƚŽƌ ĚĂ ƋƵĂůŝĚĂĚĞ ĚĞ ŵĞŵďƌŽ ĞĨĞƚŝǀŽ ĚĂ ƌĞƐƉĞƚŝǀĂ ŽƌĚĞŵ ƉƌŽĨŝƐƐŝŽŶĂů ůĞŐĂůŵĞŶƚĞ ĂƉƌŽǀĂĚĂ͕ ƉŽĚĞ ĞǆĞĐƵƚĂƌ ĂƐ ƚĂƌĞĨĂƐ Ğ ĞǆĞƌĐĞƌ ĂƐ ĨƵŶĕƁĞƐ ƋƵĞ ƐĞũĂŵ ƉĞƌŵŝƚŝĚĂƐ ƉĞůŽ ŶŽƌŵĂƚŝǀŽ ĞƐƚĂƚƵƚĄƌŝŽ ĞͬŽƵ ĠƚŝĐŽ Ğŵ ǀŝŐŽƌ ŶĂ ŵĞƐŵĂ͘

dĠĐŶŝĐŽ ^ƵƉĞƌŝŽƌ

ŶŐĞŶŚĂƌŝĂ ůĞƚƌŽƚĠĐŶŝĐĂ Ͳ ǆĞƌĐĞ͕ ĐŽŵ ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞ Ğ ĂƵƚŽŶŽŵŝĂ ƚĠĐŶŝĐĂ͕ ĂŝŶĚĂ ƋƵĞ ĐŽŵ ĞŶƋƵĂĚƌĂŵĞŶƚŽ ƐƵƉĞƌŝŽƌ ƋƵĂůŝĨŝĐĂĚŽ͕ ĨƵŶĕƁĞƐ ĐŽŶƐƵůƚŝǀĂƐ͕ ĚĞ ĞƐƚƵĚŽ͕ ƉůĂŶĞĂŵĞŶƚŽ͕ ƉƌŽŐƌĂŵĂĕĆŽ͕ ĂǀĂůŝĂĕĆŽ Ğ ĚĞ ĂƉůŝĐĂĕĆŽ ĚĞ ŵĠƚŽĚŽƐ Ğ ƉƌŽĐĞƐƐŽƐ ĚĞ ŶĂƚƵƌĞǌĂ ƚĠĐŶŝĐĂ Ğ ŽƵ ĐŝĞŶƚşĨŝĐĂ ŝŶĞƌĞŶƚĞƐ ă ƌĞƐƉĞƚŝǀĂ ĄƌĞĂ ĚĞ ĞƐƉĞĐŝĂůŝǌĂĕĆŽ Ğ ĨŽƌŵĂĕĆŽ ĂĐĂĚĠŵŝĐĂ͕ ƋƵĞ ǀŝƐĂŵ ĨƵŶĚĂŵĞŶƚĂƌ Ğ ƉƌĞƉĂƌĂƌ Ă ĚĞĐŝƐĆŽ͖ Ğŵ ǀŝƌƚƵĚĞ ĚĞ ƐĞƌ ĚĞƚĞŶƚŽƌ ĚĂ ƋƵĂůŝĚĂĚĞ ĚĞ ŵĞŵďƌŽ ĞĨĞƚŝǀŽ ĚĂ ƌĞƐƉĞƚŝǀĂ ŶŐĞŶŚĂƌŝĂ ůĞƚƌŽƚĠĐŶŝĐĂ ŽƌĚĞŵ ƉƌŽĨŝƐƐŝŽŶĂů ůĞŐĂůŵĞŶƚĞ ĂƉƌŽǀĂĚĂ͕ ƉŽĚĞ ĞǆĞĐƵƚĂƌ ĂƐ ƚĂƌĞĨĂƐ Ğ ĞǆĞƌĐĞƌ ĂƐ ĨƵŶĕƁĞƐ ƋƵĞ ƐĞũĂŵ ƉĞƌŵŝƚŝĚĂƐ ƉĞůŽ ŶŽƌŵĂƚŝǀŽ ĞƐƚĂƚƵƚĄƌŝŽ ĞͬŽƵ ĠƚŝĐŽ Ğŵ ǀŝŐŽƌ ŶĂ ŵĞƐŵĂ͘

dĠĐŶŝĐŽ ^ƵƉĞƌŝŽƌ

ŶŐĞŶŚĂƌŝĂ &ůŽƌĞƐƚĂů Ͳ ǆĞƌĐĞ͕ ĐŽŵ ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞ Ğ ĂƵƚŽŶŽŵŝĂ ƚĠĐŶŝĐĂ͕ ĂŝŶĚĂ ƋƵĞ ĐŽŵ ĞŶƋƵĂĚƌĂŵĞŶƚŽ ƐƵƉĞƌŝŽƌ ƋƵĂůŝĨŝĐĂĚŽ͕ ĨƵŶĕƁĞƐ ĐŽŶƐƵůƚŝǀĂƐ͕ ĚĞ ĞƐƚƵĚŽ͕ ƉůĂŶĞĂŵĞŶƚŽ͕ ƉƌŽŐƌĂŵĂĕĆŽ͕ ĂǀĂůŝĂĕĆŽ Ğ ĚĞ ĂƉůŝĐĂĕĆŽ ĚĞ ŵĠƚŽĚŽƐ Ğ ƉƌŽĐĞƐƐŽƐ ĚĞ ŶĂƚƵƌĞǌĂ ƚĠĐŶŝĐĂ Ğ ŽƵ ĐŝĞŶƚşĨŝĐĂ ŝŶĞƌĞŶƚĞƐ ă ƌĞƐƉĞƚŝǀĂ ĄƌĞĂ ĚĞ ĞƐƉĞĐŝĂůŝǌĂĕĆŽ Ğ ĨŽƌŵĂĕĆŽ ĂĐĂĚĠŵŝĐĂ͕ ƋƵĞ ǀŝƐĂŵ ĨƵŶĚĂŵĞŶƚĂƌ Ğ ƉƌĞƉĂƌĂƌ Ă ĚĞĐŝƐĆŽ͖ ĞůĂďŽƌĂ͕ ĂƵƚŽŶŽŵĂŵĞŶƚĞ ŽƵ Ğŵ ŐƌƵƉŽ͕ ƉĂƌĞĐĞƌĞƐ Ğ ƉƌŽũĞƚŽƐ ĐŽŵ ĚŝǀĞƌƐŽƐ ŐƌĂƵƐ ĚĞ ĐŽŵƉůĞǆŝĚĂĚĞ͖ ĞǆĞĐƵƚĂ ŽƵƚƌĂƐ ĂƚŝǀŝĚĂĚĞƐ ĚĞ ĂƉŽŝŽ ŐĞƌĂů ŽƵ ĞƐƉĞĐŝĂůŝǌĂĚŽ ŶĂƐ ĄƌĞĂƐ ĚĞ ĂƚƵĂĕĆŽ ĐŽŵƵŶƐ͕ ŝŶƐƚƌƵŵĞŶƚĂŝƐ Ğ ŽƉĞƌĂƚŝǀĂƐ ĚŽƐ ſƌŐĆŽƐ Ğ ƐĞƌǀŝĕŽƐ͘

WƌĂĕĂ ĚĂ ZĞƉƷďůŝĐĂ ͼ dĞů͘ Ϯϰϵ ϯϮϵ ϴϴϱ ͼ &Ăǆ Ϯϰϵ ϯϮϵ ϴϬϵ ͼ ͲŵĂŝů͗ ƉƌĞƐŝĚĞŶĐŝĂΛĐŵͲƚŽŵĂƌ͘Ɖƚ ͼ ϮϯϬϬͲϱϱϬ dŽŵĂƌ

ŶŐĞŶŚĂƌŝĂ ŝǀŝů

ŶŐĞŶŚĂƌŝĂ &ůŽƌĞƐƚĂů

ŶĞǆŽ ĂŽ DĂƉĂ ĚĞ WĞƐƐŽĂů Ͳ ϮϬϭϳ D Z DhE/ /W > dKD Z ĂƌŐŽ ͬ ĂƌƌĞŝƌĂ ͬ ĂƚĞŐŽƌŝĂ

ƚƌŝďƵŝĕĆŽ ͬ ŽŵƉĞƚġŶĐŝĂƐ

&ŽƌŵĂĕĆŽ ĐĂĚĠŵŝĐĂ

ŶŐĞŶŚĂƌŝĂ 'ĞŽŐƌĄĨŝĐĂ

dĠĐŶŝĐŽ ^ƵƉĞƌŝŽƌ

ŶŐĞŶŚĂƌŝĂ DĞĐąŶŝĐĂ Ͳ ǆĞƌĐĞ͕ ĐŽŵ ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞ Ğ ĂƵƚŽŶŽŵŝĂ ƚĠĐŶŝĐĂ͕ ĂŝŶĚĂ ƋƵĞ ĐŽŵ ĞŶƋƵĂĚƌĂŵĞŶƚŽ ƐƵƉĞƌŝŽƌ ƋƵĂůŝĨŝĐĂĚŽ͕ ĨƵŶĕƁĞƐ ĐŽŶƐƵůƚŝǀĂƐ͕ ĚĞ ĞƐƚƵĚŽ͕ ƉůĂŶĞĂŵĞŶƚŽ͕ ƉƌŽŐƌĂŵĂĕĆŽ͕ ĂǀĂůŝĂĕĆŽ Ğ ĚĞ ĂƉůŝĐĂĕĆŽ ĚĞ ŵĠƚŽĚŽƐ Ğ ƉƌŽĐĞƐƐŽƐ ĚĞ ŶĂƚƵƌĞǌĂ ƚĠĐŶŝĐĂ Ğ ŽƵ ĐŝĞŶƚşĨŝĐĂ ŝŶĞƌĞŶƚĞƐ ă ƌĞƐƉĞƚŝǀĂ ĄƌĞĂ ĚĞ ĞƐƉĞĐŝĂůŝǌĂĕĆŽ Ğ ĨŽƌŵĂĕĆŽ ĂĐĂĚĠŵŝĐĂ͕ ƋƵĞ ǀŝƐĂŵ ĨƵŶĚĂŵĞŶƚĂƌ Ğ ƉƌĞƉĂƌĂƌ Ă ĚĞĐŝƐĆŽ͖ Ğŵ ǀŝƌƚƵĚĞ ĚĞ ƐĞƌ ĚĞƚĞŶƚŽƌ ĚĂ ƋƵĂůŝĚĂĚĞ ĚĞ ŵĞŵďƌŽ ĞĨĞƚŝǀŽ ĚĂ ƌĞƐƉĞƚŝǀĂ ŽƌĚĞŵ ƉƌŽĨŝƐƐŝŽŶĂů ůĞŐĂůŵĞŶƚĞ ĂƉƌŽǀĂĚĂ͕ ƉŽĚĞ ĞǆĞĐƵƚĂƌ ĂƐ ƚĂƌĞĨĂƐ ŽƵ ĞǆĞƌĐĞƌ ĂƐ ĨƵŶĕƁĞƐ ƋƵĞ ƐĞ ĞŶĐŽŶƚƌĞŵ ƌĞƐĞƌǀĂĚĂƐ ƉĂƌĂ ĂƋƵĞůĞƐ ĚĞǀŝĚĂŵĞŶƚĞ ŝŶƐĐƌŝƚŽƐ ŶĂ ŵĞƐŵĂ͕ Ğŵ ŽďƐĞƌǀąŶĐŝĂ ĚŽ ŶŽƌŵĂƚŝǀŽ ĞƐƚĂƚƵĄƌŝŽ Ğ ͬŽƵ ĠƚŝĐŽ Ğŵ ǀŝŐŽƌ͘

ŶŐĞŶŚĂƌŝĂ DĞĐąŶŝĐĂ

dĠĐŶŝĐŽ ^ƵƉĞƌŝŽƌ

ŶŐĞŶŚĂƌŝĂ DĞĐĂƚƌſŶŝĐĂ Ͳ ǆĞƌĐĞ͕ ĐŽŵ ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞ Ğ ĂƵƚŽŶŽŵŝĂ ƚĠĐŶŝĐĂ͕ ĂŝŶĚĂ ƋƵĞ ĐŽŵ ĞŶƋƵĂĚƌĂŵĞŶƚŽ ƐƵƉĞƌŝŽƌ ƋƵĂůŝĨŝĐĂĚŽ͕ ĨƵŶĕƁĞƐ ĐŽŶƐƵůƚŝǀĂƐ͕ ĚĞ ĞƐƚƵĚŽ͕ ƉůĂŶĞĂŵĞŶƚŽ͕ ƉƌŽŐƌĂŵĂĕĆŽ͕ ĂǀĂůŝĂĕĆŽ Ğ ĚĞ ĂƉůŝĐĂĕĆŽ ĚĞ ŵĠƚŽĚŽƐ Ğ ƉƌŽĐĞƐƐŽƐ ĚĞ ŶĂƚƵƌĞǌĂ ƚĠĐŶŝĐĂ Ğ ŽƵ ĐŝĞŶƚşĨŝĐĂ ŝŶĞƌĞŶƚĞƐ ă ƌĞƐƉĞƚŝǀĂ ĄƌĞĂ ĚĞ ĞƐƉĞĐŝĂůŝǌĂĕĆŽ Ğ ĨŽƌŵĂĕĆŽ ĂĐĂĚĠŵŝĐĂ͕ ƋƵĞ ǀŝƐĂŵ ĨƵŶĚĂŵĞŶƚĂƌ Ğ ƉƌĞƉĂƌĂƌ Ă ĚĞĐŝƐĆŽ͖ Ğŵ ǀŝƌƚƵĚĞ ĚĞ ŶĆŽ ƐĞƌ ĚĞƚĞŶƚŽƌ ĚĂ ƋƵĂůŝĚĂĚĞ ĚĞ ŵĞŵďƌŽ͕ ĞĨĞƚŝǀŽ ŽƵ ĂƚƵĂů͕ ĚĂ ƌĞƐƉĞƚŝǀĂ ŽƌĚĞŵ ƉƌŽĨŝƐƐŝŽŶĂů͕ ŶĆŽ ƉŽĚĞ ĞǆĞĐƵƚĂƌ ĂƐ ƚĂƌĞĨĂƐ ŽƵ ĞǆĞƌĐĞƌ ĂƐ ĨƵŶĕƁĞƐ ƋƵĞ ƐĞ ĞŶĐŽŶƚƌĞŵ ƌĞƐĞƌǀĂĚĂƐ ƉĂƌĂ ĂƋƵĞůĞƐ ĚĞǀŝĚĂŵĞŶƚĞ ŝŶƐĐƌŝƚŽƐ ŶĂ ŵĞƐŵĂ͕ Ğŵ ŽďƐĞƌǀąŶĐŝĂ ĚŽ ŶŽƌŵĂƚŝǀŽ ĞƐƚĂƚƵƚĄƌŝŽ ĞͬŽƵ ĠƚŝĐŽ Ğŵ ǀŝŐŽƌ͘

ŶŐĞŶŚĂƌŝĂ DĞĐĂƚƌſŶŝĐĂ

dĠĐŶŝĐŽ ^ƵƉĞƌŝŽƌ

'ĞƐƚĆŽ ĚĞ ZĞĐƵƌƐŽƐ ,ƵŵĂŶŽƐ Ͳ ǆĞƌĐĞ͕ ĐŽŵ ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞ Ğ ĂƵƚŽŶŽŵŝĂ ƚĠĐŶŝĐĂ͕ ĂŝŶĚĂ ƋƵĞ ĐŽŵ ĞŶƋƵĂĚƌĂŵĞŶƚŽ ƐƵƉĞƌŝŽƌ ƋƵĂůŝĨŝĐĂĚŽ͕ ĨƵŶĕƁĞƐ ĐŽŶƐƵůƚŝǀĂƐ͕ ĚĞ ĞƐƚƵĚŽ͕ ƉůĂŶĞĂŵĞŶƚŽ͕ ƉƌŽŐƌĂŵĂĕĆŽ͕ ĂǀĂůŝĂĕĆŽ Ğ ĚĞ ĂƉůŝĐĂĕĆŽ ĚĞ ŵĠƚŽĚŽƐ Ğ ƉƌŽĐĞƐƐŽƐ ĚĞ ŶĂƚƵƌĞǌĂ ƚĠĐŶŝĐĂ Ğ ŽƵ ĐŝĞŶƚşĨŝĐĂ ŝŶĞƌĞŶƚĞƐ ă ƌĞƐƉĞƚŝǀĂ ĄƌĞĂ ĚĞ ĞƐƉĞĐŝĂůŝǌĂĕĆŽ Ğ ĨŽƌŵĂĕĆŽ ĂĐĂĚĠŵŝĐĂ͕ ƋƵĞ ǀŝƐĂŵ ĨƵŶĚĂŵĞŶƚĂƌ Ğ ƉƌĞƉĂƌĂƌ Ă ĚĞĐŝƐĆŽ͕ ŝŶĐƵŵďŝŶĚŽ͕ ŐĞŶĞƌŝĐĂŵĞŶƚĞ͗ ƉƌŽŵŽǀĞƌ ĂƐ ĂĕƁĞƐ ƌĞƐƉĞŝƚĂŶƚĞƐ ă ŵŽǀŝŵĞŶƚĂĕĆŽ Ğ ŐĞƐƚĆŽ ĚĞ ƉĞƐƐŽĂů͕ ƚĞŶĚŽ Ğŵ ĐŽŶƚĂ ĂƐ ŶĞĐĞƐƐŝĚĂĚĞƐ ĚĞ ĐĂĚĂ ƐĞƌǀŝĕŽ͖ ĂĨĞƌŝƌ Ă ŶĞĐĞƐƐŝĚĂĚĞ ĚĞ ĨŽƌŵĂĕĆŽ ƉƌŽĨŝƐƐŝŽŶĂů͕ ƉƌŽŵŽǀĞŶĚŽ ĂƐ ŶĞĐĞƐƐĄƌŝĂƐ ĂĕƁĞƐ ĚĞ ĨŽƌŵĂĕĆŽ͖ ĚĞĨŝŶŝƌ ƉĞƌĨŝƐ͕ ŵĠƚŽĚŽƐ Ğ ĐƌŝƚĠƌŝŽƐ ĚĞ ƐĞůĞĕĆŽ ŶŽ ąŵďŝƚŽ ĚĞ ƉƌŽĐĞƐƐŽƐ ĚĞ ƌĞĐƌƵƚĂŵĞŶƚŽ ĚĞ ƉĞƐƐŽĂů͖ ĂƐƐĞŐƵƌĂƌ Ž ŶŽƌŵĂů ĚĞĐƵƌƐŽ ĚŽ ƉƌŽĐĞĚŝŵĞŶƚŽ ŶĞĐĞƐƐĄƌŝŽ ă ĂǀĂůŝĂĕĆŽ ĚĞ ĚĞƐĞŵƉĞŶŚŽ͖ ĂƐƐĞŐƵƌĂƌ Ă ĂĚĞƋƵĂĕĆŽ ĐŽŵ ĂƐ ŶŽƌŵĂƐ ůĞŐĂŝƐ ǀŝŐĞŶƚĞƐ͕ ĚŽƐ ƉƌŽĐĞƐƐŽƐ ĚĞ ĐŽŶƚƌĂƚĂĕĆŽ Ğ ƌĞĐƌƵƚĂŵĞŶƚŽ ĚĞ ƉĞƐƐŽĂů͖ ĞǆĞĐƵƚĂƌ ŽƵƚƌĂƐ ĂƚŝǀŝĚĂĚĞƐ ĚĞ ĂƉŽŝŽ ŐĞƌĂů ŽƵ ĞƐƉĞĐŝĂůŝǌĂĚŽ ŶĂƐ ĄƌĞĂƐ ĚĞ ĂƚƵĂĕĆŽ ĐŽŵƵŶƐ͕ ŝŶƐƚƌƵŵĞŶƚĂŝƐ Ğ ŽƉĞƌĂƚŝǀĂƐ ĚŽƐ ſƌŐĆŽƐ Ğ ƐĞƌǀŝĕŽƐ͘

'ĞƐƚĆŽ ĚĞ ZĞĐƵƌƐŽƐ ,ƵŵĂŶŽƐ

dĠĐŶŝĐŽ ^ƵƉĞƌŝŽƌ

:ƵƌŝƐƚĂ Ͳ ǆĞƌĐĞ͕ ĐŽŵ ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞ Ğ ĂƵƚŽŶŽŵŝĂ ƚĠĐŶŝĐĂ͕ ĂŝŶĚĂ ƋƵĞ ĐŽŵ ĞŶƋƵĂĚƌĂŵĞŶƚŽ ƐƵƉĞƌŝŽƌ ƋƵĂůŝĨŝĐĂĚŽ͕ ĨƵŶĕƁĞƐ ĐŽŶƐƵůƚŝǀĂƐ͕ ĚĞ ĞƐƚƵĚŽ͕ ƉůĂŶĞĂŵĞŶƚŽ͕ ƉƌŽŐƌĂŵĂĕĆŽ͕ ĂǀĂůŝĂĕĆŽ Ğ ĚĞ ĂƉůŝĐĂĕĆŽ ĚĞ ŵĠƚŽĚŽƐ Ğ ƉƌŽĐĞƐƐŽƐ ĚĞ ŶĂƚƵƌĞǌĂ ƚĠĐŶŝĐĂ Ğ ŽƵ ĐŝĞŶƚşĨŝĐĂ ŝŶĞƌĞŶƚĞƐ ă ƌĞƐƉĞƚŝǀĂ ĄƌĞĂ ĚĞ ĞƐƉĞĐŝĂůŝǌĂĕĆŽ Ğ ĨŽƌŵĂĕĆŽ ĂĐĂĚĠŵŝĐĂ͕ ƋƵĞ ǀŝƐĂŵ ĨƵŶĚĂŵĞŶƚĂƌ Ğ ƉƌĞƉĂƌĂƌ Ă ĚĞĐŝƐĆŽ͕ ŝŶĐƵŵďŝŶĚŽ͕ ŐĞŶĞƌŝĐĂŵĞŶƚĞ͗ ƌĞƉƌĞƐĞŶƚĂƌ Ğ ĚĞĨĞŶĚĞƌ Ž ŵƵŶŝĐşƉŝŽ Ğŵ ƚŽĚŽƐ ŽƐ ƉůĞŝƚŽƐ ũƵĚŝĐŝĂŝƐ Ğŵ ƋƵĞ ƐĞũĂ ƉĂƌƚĞ ŽƵ ŝŶƚĞƌĞƐƐĂĚŽ͖ Ğŵŝƚŝƌ ƉĂƌĞĐĞƌĞƐ ƐŽďƌĞ ĂƐƐƵŶƚŽƐ ĚĞ ŝŶƚĞƌĞƐƐĞ ƉĂƌĂ Ž ŵƵŶŝĐşƉŝŽ ŽƵ ƐŽďƌĞ ĚŽĐƵŵĞŶƚŽƐ Ă ĞƐƚĞ ĚŝƌŝŐŝĚŽ͖ ĐŽůĂďŽƌĂƌ ŶĂ ĐŽĚŝĨŝĐĂĕĆŽ ĚŽƐ ƌĞŐƵůĂŵĞŶƚŽƐ Ğ ƉŽƐƚƵƌĂƐ ŵƵŶŝĐŝƉĂŝƐ Ğ ŶĂ ĞůĂďŽƌĂĕĆŽ ĚĞ ƉĞƚŝĕƁĞƐ ĚŝƌŝŐŝĚĂƐ ƉĞůŽ ŵƵŶŝĐşƉŝŽ ĂŽƐ ƉŽĚĞƌĞƐ ƉƷďůŝĐŽƐ͖ ƉƌŽĐĞĚĞƌ ĂŽ ĞƐƚƵĚŽ ĚĞ ĚŝƉůŽŵĂƐ ůĞŐĂŝƐ Ğ ƐƵĂ ƌĞƉĞƌĐƵƐƐĆŽ ŶĂ ǀŝĚĂ ĚŽ ŵƵŶŝĐşƉŝŽ͖ ĞǆĞĐƵƚĂƌ ŽƵƚƌĂƐ ĂƚŝǀŝĚĂĚĞƐ ĚĞ ĂƉŽŝŽ ŐĞƌĂů ŽƵ ĞƐƉĞĐŝĂůŝǌĂĚŽ ŶĂƐ ĄƌĞĂƐ ĚĞ ĂƚƵĂĕĆŽ ĐŽŵƵŶƐ͕ ŝŶƐƚƌƵŵĞŶƚĂŝƐ Ğ ŽƉĞƌĂƚŝǀĂƐ ĚŽƐ ſƌŐĆŽƐ Ğ ƐĞƌǀŝĕŽƐ͘

ŝƌĞŝƚŽ

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dĠĐŶŝĐŽ ^ƵƉĞƌŝŽƌ

ŶŐĞŶŚĂƌŝĂ 'ĞŽŐƌĄĨŝĐĂ Ͳ ǆĞƌĐĞ͕ ĐŽŵ ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞ Ğ ĂƵƚŽŶŽŵŝĂ ƚĠĐŶŝĐĂ͕ ĂŝŶĚĂ ƋƵĞ ĐŽŵ ĞŶƋƵĂĚƌĂŵĞŶƚŽ ƐƵƉĞƌŝŽƌ ƋƵĂůŝĨŝĐĂĚŽ͕ ĨƵŶĕƁĞƐ ĐŽŶƐƵůƚŝǀĂƐ͕ ĚĞ ĞƐƚƵĚŽ͕ ƉůĂŶĞĂŵĞŶƚŽ͕ ƉƌŽŐƌĂŵĂĕĆŽ͕ ĂǀĂůŝĂĕĆŽ Ğ ĚĞ ĂƉůŝĐĂĕĆŽ ĚĞ ŵĠƚŽĚŽƐ Ğ ƉƌŽĐĞƐƐŽƐ ĚĞ ŶĂƚƵƌĞǌĂ ƚĠĐŶŝĐĂ Ğ ŽƵ ĐŝĞŶƚşĨŝĐĂ ŝŶĞƌĞŶƚĞƐ ă ƌĞƐƉĞƚŝǀĂ ĄƌĞĂ ĚĞ ĞƐƉĞĐŝĂůŝǌĂĕĆŽ Ğ ĨŽƌŵĂĕĆŽ ĂĐĂĚĠŵŝĐĂ͕ ƋƵĞ ǀŝƐĂŵ ĨƵŶĚĂŵĞŶƚĂƌ Ğ ƉƌĞƉĂƌĂƌ Ă ĚĞĐŝƐĆŽ͖ Ğŵ ǀŝƌƚƵĚĞ ĚĞ ƐĞƌ ĚĞƚĞŶƚŽƌ ĚĂ ƋƵĂůŝĚĂĚĞ ĚĞ ŵĞŵďƌŽ ĞĨĞƚŝǀŽ ĚĂ ƌĞƐƉĞƚŝǀĂ ŽƌĚĞŵ ƉƌŽĨŝƐƐŝŽŶĂů ůĞŐĂůŵĞŶƚĞ ĂƉƌŽǀĂĚĂ͕ ƉŽĚĞ ĞǆĞĐƵƚĂƌ ĂƐ ƚĂƌĞĨĂƐ Ğ ĞǆĞƌĐĞƌ ĂƐ ĨƵŶĕƁĞƐ ƋƵĞ ƐĞũĂŵ ƉĞƌŵŝƚŝĚĂƐ ƉĞůŽ ŶŽƌŵĂƚŝǀŽ ĞƐƚĂƚƵƚĄƌŝŽ ĞͬŽƵ ĠƚŝĐŽ Ğŵ ǀŝŐŽƌ ŶĂ ŵĞƐŵĂ͘

WƌĂĕĂ ĚĂ ZĞƉƷďůŝĐĂ ͼ dĞů͘ Ϯϰϵ ϯϮϵ ϴϴϱ ͼ &Ăǆ Ϯϰϵ ϯϮϵ ϴϬϵ ͼ ͲŵĂŝů͗ ƉƌĞƐŝĚĞŶĐŝĂΛĐŵͲƚŽŵĂƌ͘Ɖƚ ͼ ϮϯϬϬͲϱϱϬ dŽŵĂƌ

ŶĞǆŽ ĂŽ DĂƉĂ ĚĞ WĞƐƐŽĂů Ͳ ϮϬϭϳ D Z DhE/ /W > dKD Z ĂƌŐŽ ͬ ĂƌƌĞŝƌĂ ͬ ĂƚĞŐŽƌŝĂ

ƚƌŝďƵŝĕĆŽ ͬ ŽŵƉĞƚġŶĐŝĂƐ

&ŽƌŵĂĕĆŽ ĐĂĚĠŵŝĐĂ

>şŶŐƵĂƐ Ğ >ŝƚĞƌĂƚƵƌĂƐ DŽĚĞƌŶĂƐ

dĠĐŶŝĐŽ ^ƵƉĞƌŝŽƌ

DĞĚŝĐŝŶĂ sĞƚĞƌŝŶĄƌŝĂ Ͳ ǆĞƌĐĞ͕ ĐŽŵ ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞ Ğ ĂƵƚŽŶŽŵŝĂ ƚĠĐŶŝĐĂ͕ ĂŝŶĚĂ ƋƵĞ ĐŽŵ ĞŶƋƵĂĚƌĂŵĞŶƚŽ ƐƵƉĞƌŝŽƌ ƋƵĂůŝĨŝĐĂĚŽ͕ ĨƵŶĕƁĞƐ ĐŽŶƐƵůƚŝǀĂƐ͕ ĚĞ ĞƐƚƵĚŽ͕ ƉůĂŶĞĂŵĞŶƚŽ͕ ƉƌŽŐƌĂŵĂĕĆŽ͕ ĂǀĂůŝĂĕĆŽ Ğ ĚĞ ĂƉůŝĐĂĕĆŽ ĚĞ ŵĠƚŽĚŽƐ Ğ ƉƌŽĐĞƐƐŽƐ ĚĞ ŶĂƚƵƌĞǌĂ ƚĠĐŶŝĐĂ Ğ ŽƵ ĐŝĞŶƚşĨŝĐĂ ŝŶĞƌĞŶƚĞƐ ă ƌĞƐƉĞƚŝǀĂ ĄƌĞĂ ĚĞ ĞƐƉĞĐŝĂůŝǌĂĕĆŽ Ğ ĨŽƌŵĂĕĆŽ ĂĐĂĚĠŵŝĐĂ͕ ŝŶĐƵŵďŝŶĚŽ͕ ŐĞŶĞƌŝĐĂŵĞŶƚĞ͗ ĐŽůĂďŽƌĂƌ ŶĂ ĞǆĞĐƵĕĆŽ ĚĂƐ ƚĂƌĞĨĂƐ ĚĞ ŝŶƐƉĞĕĆŽ ŚşŐŝŽͲƐĂŶŝƚĄƌŝĂ Ğ ĐŽŶƚƌŽůŽ ŚşŐŝŽͲƐĂŶŝƚĄƌŝŽ ĚĂƐ ŝŶƐƚĂůĂĕƁĞƐ ƉĂƌĂ ĂůŽũĂŵĞŶƚŽ ĚĞ ĂŶŝŵĂŝƐ͕ ĚŽƐ ƉƌŽĚƵƚŽƐ ĚĞ ŽƌŝŐĞŵ ĂŶŝŵĂů Ğ ĚŽƐ ĞƐƚĂďĞůĞĐŝŵĞŶƚŽƐ ĐŽŵĞƌĐŝĂŝƐ ŽƵ ŝŶĚƵƐƚƌŝĂŝƐ ŽŶĚĞ ƐĞ ĂďĂƚĂŵ͕ ƉƌĞƉĂƌĞŵ͕ ƉƌŽĚƵǌĂŵ͕ ƚƌĂŶƐĨŽƌŵĞŵ͕ ĨĂďƌŝƋƵĞŵ͕ ĐŽŶƐĞƌǀĞŵ͕ ĂƌŵĂǌĞŶĞŵ ŽƵ ĐŽŵĞƌĐŝĂůŝǌĞŵ ĂŶŝŵĂŝƐ ŽƵ ƉƌŽĚƵƚŽƐ ĚĞ ŽƌŝŐĞŵ ĂŶŝŵĂů Ğ ƐĞƵƐ ĚĞƌŝǀĂĚŽƐ͖ Ğŵŝƚŝƌ ƉĂƌĞĐĞƌ ŶŽƐ ƚĞƌŵŽƐ ĚĂ ůĞŐŝƐůĂĕĆŽ ǀŝŐĞŶƚĞ ƐŽďƌĞ ĂƐ ŝŶƐƚĂůĂĕƁĞƐ Ğ ĞƐƚĂďĞůĞĐŝŵĞŶƚŽƐ ƌĞĨĞƌŝĚŽƐ͖ ŶŽƚŝĨŝĐĂƌ ĚĞ ŝŵĞĚŝĂƚŽ ĂƐ ĚŽĞŶĕĂƐ ĚĞ ĚĞĐůĂƌĂĕĆŽ ŽďƌŝŐĂƚſƌŝĂ Ğ ĂĚŽƚĂƌ ŵĞĚŝĚĂƐ ĚĞ ƉƌŽĨŝůĂǆŝĂ ĚĞƚĞƌŵŝŶĂĚĂƐ ƉĞůĂ ĂƵƚŽƌŝĚĂĚĞ ƐĂŶŝƚĄƌŝĂ ǀĞƚĞƌŝŶĄƌŝĂ ŶĂĐŝŽŶĂů ƐĞŵƉƌĞ ƋƵĞ ƐĞũĂŵ ĚĞƚĞƚĂĚŽƐ ĐĂƐŽƐ ĚĞ ĚŽĞŶĕĂƐ ĚĞ ĐĂƌĄƚĞƌ ĞƉŝǌŽſƚŝĐŽ͘

DĞĚŝĐŝŶĂ sĞƚĞƌŝŶĄƌŝĂ

dĠĐŶŝĐŽ ^ƵƉĞƌŝŽƌ

WƐŝĐŽůŽŐŝĂ Ͳ ǆĞƌĐĞ͕ ĐŽŵ ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞ Ğ ĂƵƚŽŶŽŵŝĂ ƚĠĐŶŝĐĂ͕ ĂŝŶĚĂ ƋƵĞ ĐŽŵ ĞŶƋƵĂĚƌĂŵĞŶƚŽ ƐƵƉĞƌŝŽƌ ƋƵĂůŝĨŝĐĂĚŽ͕ ĨƵŶĕƁĞƐ ĐŽŶƐƵůƚŝǀĂƐ͕ ĚĞ ĞƐƚƵĚŽ͕ ƉůĂŶĞĂŵĞŶƚŽ͕ ƉƌŽŐƌĂŵĂĕĆŽ͕ ĂǀĂůŝĂĕĆŽ Ğ ĚĞ ĂƉůŝĐĂĕĆŽ ĚĞ ŵĠƚŽĚŽƐ Ğ ƉƌŽĐĞƐƐŽƐ ĚĞ ŶĂƚƵƌĞǌĂ ƚĠĐŶŝĐĂ Ğ ŽƵ ĐŝĞŶƚşĨŝĐĂ ŝŶĞƌĞŶƚĞƐ ă ƌĞƐƉĞƚŝǀĂ ĄƌĞĂ ĚĞ ĞƐƉĞĐŝĂůŝǌĂĕĆŽ Ğ ĨŽƌŵĂĕĆŽ ĂĐĂĚĠŵŝĐĂ͕ ƋƵĞ ǀŝƐĂŵ ĨƵŶĚĂŵĞŶƚĂƌ Ğ ƉƌĞƉĂƌĂƌ Ă ĚĞĐŝƐĆŽ͕ ŝŶĐƵŵďŝŶĚŽ͕ ŐĞŶĞƌŝĐĂŵĞŶƚĞ͗ ĞĨĞƚƵĂƌ ĞƐƚƵĚŽƐ Ğ ĚĞƐĞŶǀŽůǀĞƌ ƉƌŽũĞƚŽƐ Ğŵ ĄƌĞĂƐ ĐŽŵŽ ƌĞĐƵƌƐŽƐ ŚƵŵĂŶŽƐ͕ ĂƉŽŝŽ ƐŽĐŝĂů͕ ĞĚƵĐĂƚŝǀŽ Ğ ĐƵůƚƵƌĂů͖ ƉƌŽŵŽǀĞƌ Ă ƌĞƐŽůƵĕĆŽ ĚĞ ƉƌŽďůĞŵĂƐ ĚĞ ĂĚĂƉƚĂĕĆŽ Ğ ƌĞĂĚĂƉƚĂĕĆŽ ƐŽĐŝĂů ĚŽƐ ŝŶĚŝǀşĚƵŽƐ͕ ŐƌƵƉŽƐ ŽƵ ĐŽŵƵŶŝĚĂĚĞƐ͘

WƐŝĐŽůŽŐŝĂ

dĠĐŶŝĐŽ ^ƵƉĞƌŝŽƌ

^ĞĐƌĞƚĂƌŝĂĚŽ Ͳ ǆĞƌĐĞ͕ ĐŽŵ ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞ Ğ ĂƵƚŽŶŽŵŝĂ ƚĠĐŶŝĐĂ͕ ĂŝŶĚĂ ƋƵĞ ĐŽŵ ĞŶƋƵĂĚƌĂŵĞŶƚŽ ƐƵƉĞƌŝŽƌ ƋƵĂůŝĨŝĐĂĚŽ͕ ĨƵŶĕƁĞƐ ĐŽŶƐƵůƚŝǀĂƐ͕ ĚĞ ĞƐƚƵĚŽ͕ ƉůĂŶĞĂŵĞŶƚŽ͕ ƉƌŽŐƌĂŵĂĕĆŽ͕ ĂǀĂůŝĂĕĆŽ Ğ ĂƉůŝĐĂĕĆŽ ĚĞ ŵĠƚŽĚŽƐ Ğ ƉƌŽĐĞƐƐŽƐ ĚĞ ŶĂƚƵƌĞǌĂ ƚĠĐŶŝĐĂ Ğ ŽƵ ĐŝĞŶƚşĨŝĐĂ ŝŶĞƌĞŶƚĞƐ ă ƌĞƐƉĞƚŝǀĂ ĄƌĞĂ ĚĞ ĞƐƉĞĐŝĂůŝǌĂĕĆŽ Ğ ĨŽƌŵĂĕĆŽ ĂĐĂĚĠŵŝĐĂ͕ ƋƵĞ ǀŝƐĂŵ ĨƵŶĚĂŵĞŶƚĂƌ Ğ ƉƌĞƉĂƌĂƌ Ă ĚĞĐŝƐĆŽ͕ ŝŶĐƵŵďŝŶĚŽ͕ ŐĞŶĞƌŝĐĂŵĞŶƚĞ͗ ĞǆĞĐƵƚĂƌ ĂƚŝǀŝĚĂĚĞƐ ĚĞ ĐŽŵƵŶŝĐĂĕĆŽ͕ ĚŽĐƵŵĞŶƚĂĕĆŽ Ğ ĐŽŽƌĚĞŶĂĕĆŽ ĚŽ ƐĞƌǀŝĕŽ͖ ƌĞĚŝŐŝƌ ƌĞůĂƚſƌŝŽƐ Ğ ŽƵƚƌŽƐ ƚĞǆƚŽƐ Ğŵ ůşŶŐƵĂ ƉŽƌƚƵŐƵĞƐĂ ŽƵ ĞƐƚƌĂŶŐĞŝƌĂ͖ ƉƌŽĐĞĚĞƌ ă ŐĞƐƚĆŽ Ğ ŵĂŶƵƚĞŶĕĆŽ ĚĂ ĂŐĞŶĚĂ ĚĞ ƚƌĂďĂůŚŽ ĂƚƵĂůŝǌĂĚĂ ĚŽ ƌĞƐƉĞƚŝǀŽ ƐƵƉĞƌŝŽƌ ŚŝĞƌĄƌƋƵŝĐŽ͖ ƚƌĂƚĂƌ ĚĂƐ ƉƌŽǀŝĚġŶĐŝĂƐ ŶĞĐĞƐƐĄƌŝĂƐ ƉĂƌĂ Ă ŵĂƌĐĂĕĆŽ ƌĞĂůŝǌĂĕĆŽ ĚĞ ƌĞƵŶŝƁĞƐ ĚĞ ƚƌĂďĂůŚŽ͖ ĐůĂƐƐŝĨŝĐĂƌ Ă ĚŽĐƵŵĞŶƚĂĕĆŽ͕ ŽƌŐĂŶŝǌĂƌ Ğ ĂƚƵĂůŝǌĂƌ Ž ĂƌƋƵŝǀŽ͖ ƌĞĐĞĐŝŽŶĂ Ğ ŽƌŐĂŶŝǌĂ Ă ĐŽƌƌĞƐƉŽŶĚġŶĐŝĂ ĚĂ ƵŶŝĚĂĚĞ ŽƌŐąŶŝĐĂ͖ ĞǆĞĐƵƚĂƌ ŽƵƚƌĂƐ ĂƚŝǀŝĚĂĚĞƐ ĚĞ ĂƉŽŝŽ ŐĞƌĂů ŽƵ ĞƐƉĞĐŝĂůŝǌĂĚŽ ŶĂƐ ĄƌĞĂƐ ĚĞ ĂƚƵĂĕĆŽ ĐŽŵƵŶƐ͕ ŝŶƐƚƌƵŵĞŶƚĂŝƐ Ğ ŽƉĞƌĂƚŝǀĂƐ ĚŽƐ ſƌŐĆŽƐ Ğ ƐĞƌǀŝĕŽƐ͘

dĠĐŶŝĐŽ ^ƵƉĞƌŝŽƌ

^ĞŐƵƌĂŶĕĂ Ğ ,ŝŐŝĞŶĞ ŶŽ dƌĂďĂůŚŽ Ͳ ǆĞƌĐĞ͕ ĐŽŵ ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞ Ğ ĂƵƚŽŶŽŵŝĂ ƚĠĐŶŝĐĂ͕ ĂŝŶĚĂ ƋƵĞ ĐŽŵ ĞŶƋƵĂĚƌĂŵĞŶƚŽ ƐƵƉĞƌŝŽƌ ƋƵĂůŝĨŝĐĂĚŽ͕ ĨƵŶĕƁĞƐ ĐŽŶƐƵůƚŝǀĂƐ͕ ĚĞ ĞƐƚƵĚŽ͕ ƉůĂŶĞĂŵĞŶƚŽ͕ ƉƌŽŐƌĂŵĂĕĆŽ͕ ĂǀĂůŝĂĕĆŽ Ğ ĚĞ ĂƉůŝĐĂĕĆŽ ĚĞ ŵĠƚŽĚŽƐ Ğ ƉƌŽĐĞƐƐŽƐ ĚĞ ŶĂƚƵƌĞǌĂ ƚĠĐŶŝĐĂ Ğ ŽƵ ĐŝĞŶƚşĨŝĐĂ ŝŶĞƌĞŶƚĞƐ ă ƌĞƐƉĞƚŝǀĂ ĄƌĞĂ ĚĞ ĞƐƉĞĐŝĂůŝǌĂĕĆŽ Ğ ĨŽƌŵĂĕĆŽ ĂĐĂĚĠŵŝĐĂ͕ ƋƵĞ ǀŝƐĂŵ ĨƵŶĚĂŵĞŶƚĂƌ Ğ ƉƌĞƉĂƌĂƌ Ă ĚĞĐŝƐĆŽ͖ ĞůĂďŽƌĂ͕ ĂƵƚŽŶŽŵĂŵĞŶƚĞ ŽƵ Ğŵ ŐƌƵƉŽ͕ ƉĂƌĞĐĞƌĞƐ Ğ ƉƌŽũĞƚŽƐ ĐŽŵ ĚŝǀĞƌƐŽƐ ŐƌĂƵƐ ĚĞ ĐŽŵƉůĞǆŝĚĂĚĞ ŶĂ ĄƌĞĂ ĚĂ ƉƌĞǀĞŶĕĆŽ Ğ ƉƌŽƚĞĕĆŽ ĐŽŶƚƌĂ ƌŝƐĐŽƐ ƉƌŽĨŝƐƐŝŽŶĂŝƐ͖ ĞǆĞĐƵƚĂ ŽƵƚƌĂƐ ĂƚŝǀŝĚĂĚĞƐ ĚĞ ĂƉŽŝŽ ŐĞƌĂů ŽƵ ĞƐƉĞĐŝĂůŝǌĂĚŽ ŶĂƐ ĄƌĞĂƐ ĚĞ ĂƚƵĂĕĆŽ ĐŽŵƵŶƐ͕ ŝŶƐƚƌƵŵĞŶƚĂŝƐ Ğ ŽƉĞƌĂƚŝǀĂƐ ĚŽƐ ſƌŐĆŽƐ Ğ ƐĞƌǀŝĕŽƐ͘

,ŝŐŝĞŶĞ Ğ ^ĞŐƵƌĂŶĕĂ ŶŽ dƌĂďĂůŚŽ ŽƵ ^ĂƷĚĞ ŵďŝĞŶƚĂů͕ ĐŽŵ ĐĞƌƚŝĨŝĐĂĚŽ ĚĞ ĂƉƚŝĚĆŽ ƉƌŽĨŝƐƐŝŽŶĂů ĚĞ ƚĠĐŶŝĐŽ ƐƵƉĞƌŝŽƌ ĚĞ ŚŝŐŝĞŶĞ Ğ ƐĞŐƵƌĂŶĕĂ ŶŽ ƚƌĂďĂůŚŽ͘

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>şŶŐƵĂƐ Ğ >ŝƚĞƌĂƚƵƌĂƐ Ͳ ǆĞƌĐĞ͕ ĐŽŵ ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞ Ğ ĂƵƚŽŶŽŵŝĂ ƚĠĐŶŝĐĂ͕ ĂŝŶĚĂ ƋƵĞ ĐŽŵ ĞŶƋƵĂĚƌĂŵĞŶƚŽ ƐƵƉĞƌŝŽƌ ƋƵĂůŝĨŝĐĂĚŽ͕ ĨƵŶĕƁĞƐ ĐŽŶƐƵůƚŝǀĂƐ͕ ĚĞ ĞƐƚƵĚŽ͕ ƉůĂŶĞĂŵĞŶƚŽ͕ ƉƌŽŐƌĂŵĂĕĆŽ͕ ĂǀĂůŝĂĕĆŽ Ğ ĚĞ ĂƉůŝĐĂĕĆŽ ĚĞ ŵĠƚŽĚŽƐ Ğ ƉƌŽĐĞƐƐŽƐ ĚĞ ŶĂƚƵƌĞǌĂ ƚĠĐŶŝĐĂ Ğ ŽƵ ĐŝĞŶƚşĨŝĐĂ ŝŶĞƌĞŶƚĞƐ ă ƌĞƐƉĞƚŝǀĂ ĄƌĞĂ ĚĞ ĞƐƉĞĐŝĂůŝǌĂĕĆŽ Ğ ĨŽƌŵĂĕĆŽ ĂĐĂĚĠŵŝĐĂ͕ ƋƵĞ ǀŝƐĂŵ ĨƵŶĚĂŵĞŶƚĂƌ Ğ ƉƌĞƉĂƌĂƌ Ă ĚĞĐŝƐĆŽ͖ ĞůĂďŽƌĂ͕ ĂƵƚŽŶŽŵĂŵĞŶƚĞ ŽƵ Ğŵ ŐƌƵƉŽ͕ ƉĂƌĞĐĞƌĞƐ Ğ ƉƌŽũĞƚŽƐ ĐŽŵ ĚŝǀĞƌƐŽƐ ŐƌĂƵƐ ĚĞ ĐŽŵƉůĞǆŝĚĂĚĞ͖ ĞǆĞĐƵƚĂ ŽƵƚƌĂƐ ĂƚŝǀŝĚĂĚĞƐ ĚĞ ĂƉŽŝŽ ŐĞƌĂů ŽƵ ĞƐƉĞĐŝĂůŝǌĂĚŽ ŶĂƐ ĄƌĞĂƐ ĚĞ ĂƚƵĂĕĆŽ ĐŽŵƵŶƐ͕ ŝŶƐƚƌƵŵĞŶƚĂŝƐ Ğ ŽƉĞƌĂƚŝǀĂƐ ĚŽƐ ſƌŐĆŽƐ Ğ ƐĞƌǀŝĕŽƐ͘

WƌĂĕĂ ĚĂ ZĞƉƷďůŝĐĂ ͼ dĞů͘ Ϯϰϵ ϯϮϵ ϴϴϱ ͼ &Ăǆ Ϯϰϵ ϯϮϵ ϴϬϵ ͼ ͲŵĂŝů͗ ƉƌĞƐŝĚĞŶĐŝĂΛĐŵͲƚŽŵĂƌ͘Ɖƚ ͼ ϮϯϬϬͲϱϱϬ dŽŵĂƌ

ŶĞǆŽ ĂŽ DĂƉĂ ĚĞ WĞƐƐŽĂů Ͳ ϮϬϭϳ D Z DhE/ /W > dKD Z ĂƌŐŽ ͬ ĂƌƌĞŝƌĂ ͬ ĂƚĞŐŽƌŝĂ

ƚƌŝďƵŝĕĆŽ ͬ ŽŵƉĞƚġŶĐŝĂƐ

&ŽƌŵĂĕĆŽ ĐĂĚĠŵŝĐĂ

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dĠĐŶŝĐŽ ^ƵƉĞƌŝŽƌ

^ŽĐŝŽůŽŐŝĂ Ͳ ǆĞƌĐĞ͕ ĐŽŵ ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞ Ğ ĂƵƚŽŶŽŵŝĂ ƚĠĐŶŝĐĂ͕ ĂŝŶĚĂ ƋƵĞ ĐŽŵ ĞŶƋƵĂĚƌĂŵĞŶƚŽ ƐƵƉĞƌŝŽƌ ƋƵĂůŝĨŝĐĂĚŽ͕ ĨƵŶĕƁĞƐ ĐŽŶƐƵůƚŝǀĂƐ͕ ĚĞ ĞƐƚƵĚŽ͕ ƉůĂŶĞĂŵĞŶƚŽ͕ ƉƌŽŐƌĂŵĂĕĆŽ͕ ĂǀĂůŝĂĕĆŽ Ğ ĚĞ ĂƉůŝĐĂĕĆŽ ĚĞ ŵĠƚŽĚŽƐ Ğ ƉƌŽĐĞƐƐŽƐ ĚĞ ŶĂƚƵƌĞǌĂ ƚĠĐŶŝĐĂ Ğ ŽƵ ĐŝĞŶƚşĨŝĐĂ ŝŶĞƌĞŶƚĞƐ ă ƌĞƐƉĞƚŝǀĂ ĄƌĞĂ ĚĞ ĞƐƉĞĐŝĂůŝǌĂĕĆŽ Ğ ĨŽƌŵĂĕĆŽ ĂĐĂĚĠŵŝĐĂ͕ ƋƵĞ ǀŝƐĂŵ ĨƵŶĚĂŵĞŶƚĂƌ Ğ ƉƌĞƉĂƌĂƌ Ă ĚĞĐŝƐĆŽ͕ ŝŶĐƵŵďŝŶĚŽ͕ ŐĞŶĞƌŝĐĂŵĞŶƚĞ͗ ƉĂƌƚŝĐŝƉĂƌ ŶĂ ƉƌŽŐƌĂŵĂĕĆŽ Ğ ĞǆĞĐƵĕĆŽ ĚĂƐ ĂƚŝǀŝĚĂĚĞƐ ůŝŐĂĚĂƐ ĂŽ ĚĞƐĞŶǀŽůǀŝŵĞŶƚŽ ƐŽĐŝĂů ĚĂ ƌĞƐƉĞƚŝǀĂ ĂƵƚĂƌƋƵŝĂ ůŽĐĂů͖ ĚĞƐĞŶǀŽůǀĞƌ ƉƌŽũĞƚŽƐ Ğ ĂĕƁĞƐ ĂŽ ŶşǀĞů ĚĂ ŝŶƚĞƌǀĞŶĕĆŽ ŶĂ ĐŽůĞƚŝǀŝĚĂĚĞ͖ ƉƌŽƉŽƌ Ğ ĞƐƚĂďĞůĞĐĞƌ ĐƌŝƚĠƌŝŽƐ ƉĂƌĂ ĂǀĂůŝĂĕĆŽ ĚĂ ĞĨŝĐĄĐŝĂ ĚŽƐ ƉƌŽŐƌĂŵĂƐ ĚĞ ŝŶƚĞƌǀĞŶĕĆŽ ƐŽĐŝĂů͖ ƉƌŽƉŽƌ ŵĞĚŝĚĂƐ ƉĂƌĂ ĐŽƌƌŝŐŝƌ Ğ ŽƵ ĐŽŵďĂƚĞƌ ĂƐ ĚĞƐŝŐƵĂůĚĂĚĞƐ Ğ ĐŽŶƚƌĂĚŝĕƁĞƐ ĐƌŝĂĚĂƐ ƉĞůŽƐ ŐƌƵƉŽƐ ŽƵ ƐŝƐƚĞŵĂƐ ƋƵĞ ŝŶĨůƵĞŶĐŝĂŵ ŽƵ ŵŽĚĞůĂŵ Ă ƐŽĐŝĞĚĂĚĞ͖ ƉƌŽŵŽǀĞƌ Ğ ĚŝŶĂŵŝǌĂƌ ĂĕƁĞƐ ƚĞŶĚĞŶƚĞƐ ă ŝŶƚĞŐƌĂĕĆŽ Ğ ǀĂůŽƌŝǌĂĕĆŽ ĚŽƐ ĐŝĚĂĚĆŽƐ͖ ƌĞĂůŝǌĂƌ ĞƐƚƵĚŽƐ ƋƵĞ ƉĞƌŵŝƚĞŵ ĐŽŶŚĞĐĞƌ Ă ƌĞĂůŝĚĂĚĞ ƐŽĐŝĂů ŶĂƐ ĄƌĞĂƐ ĚĂ ƐĂƷĚĞ͕ ĚŽ ĞŵƉƌĞŐŽ Ğ ĚĂ ĞĚƵĐĂĕĆŽ͖ ŝŶǀĞƐƚŝŐĂƌ ŽƐ ĨĂĐƚŽƐ Ğ ĨĞŶſŵĞŶŽƐ ƋƵĞ͕ ƉĞůĂ ƐƵĂ ŶĂƚƵƌĞǌĂ͕ ƉŽĚĞ ŝŶĨůƵĞŶĐŝĂƌ Ă ǀŝǀġŶĐŝĂ ĚŽƐ ĐŝĚĂĚĆŽƐ͘

^ŽĐŝŽůŽŐŝĂ

dĠĐŶŝĐŽ ^ƵƉĞƌŝŽƌ

dƵƌŝƐŵŽ Ͳ ǆĞƌĐĞ͕ ĐŽŵ ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞ Ğ ĂƵƚŽŶŽŵŝĂ ƚĠĐŶŝĐĂ͕ ĂŝŶĚĂ ƋƵĞ ĐŽŵ ĞŶƋƵĂĚƌĂŵĞŶƚŽ ƐƵƉĞƌŝŽƌ ƋƵĂůŝĨŝĐĂĚŽ͕ ĨƵŶĕƁĞƐ ĐŽŶƐƵůƚŝǀĂƐ͕ ĚĞ ĞƐƚƵĚŽ͕ ƉůĂŶĞĂŵĞŶƚŽ͕ ƉƌŽŐƌĂŵĂĕĆŽ͕ ĂǀĂůŝĂĕĆŽ Ğ ĚĞ ĂƉůŝĐĂĕĆŽ ĚĞ ŵĠƚŽĚŽƐ Ğ ƉƌŽĐĞƐƐŽƐ ĚĞ ŶĂƚƵƌĞǌĂ ƚĠĐŶŝĐĂ Ğ ŽƵ ĐŝĞŶƚşĨŝĐĂ ŝŶĞƌĞŶƚĞƐ ă ƌĞƐƉĞƚŝǀĂ ĄƌĞĂ ĚĞ ĞƐƉĞĐŝĂůŝǌĂĕĆŽ Ğ ĨŽƌŵĂĕĆŽ ĂĐĂĚĠŵŝĐĂ͕ ƋƵĞ ǀŝƐĂŵ ĨƵŶĚĂŵĞŶƚĂƌ Ğ ƉƌĞƉĂƌĂƌ Ă ĚĞĐŝƐĆŽ͖ ĞůĂďŽƌĂ͕ ĂƵƚŽŶŽŵĂŵĞŶƚĞ ŽƵ Ğŵ ŐƌƵƉŽ͕ ƉĂƌĞĐĞƌĞƐ Ğ ƉƌŽũĞƚŽƐ ĐŽŵ ĚŝǀĞƌƐŽƐ ŐƌĂƵƐ ĚĞ ĐŽŵƉůĞǆŝĚĂĚĞ ĐŽŶĚƵĐĞŶƚĞƐ ă ĚĞĨŝŶŝĕĆŽ Ğ ĐŽŶĐƌĞƚŝǌĂĕĆŽ ĚĂƐ ƉŽůşƚŝĐĂƐ ĚŽ ŵƵŶŝĐşƉŝŽ ŶĂ ĄƌĞĂ ĚŽ ƚƵƌŝƐŵŽ͖ ĞǆĞĐƵƚĂ ŽƵƚƌĂƐ ĂƚŝǀŝĚĂĚĞƐ ĚĞ ĂƉŽŝŽ ŐĞƌĂů ŽƵ ĞƐƉĞĐŝĂůŝǌĂĚŽ ŶĂƐ ĄƌĞĂƐ ĚĞ ĂƚƵĂĕĆŽ ĐŽŵƵŶƐ͕ ŝŶƐƚƌƵŵĞŶƚĂŝƐ Ğ ŽƉĞƌĂƚŝǀĂƐ ĚŽƐ ſƌŐĆŽƐ Ğ ƐĞƌǀŝĕŽƐ͘

dƵƌŝƐŵŽ ͬ 'ĞƐƚĆŽ dƵƌşƐƚŝĐĂ Ğ ƵůƚƵƌĂů ŽƵ ƐƉĞĐŝĂůŝǌĂĕĆŽ Ğŵ dƵƌŝƐŵŽ

ƐƐŝƐƚĞŶƚĞ dĠĐŶŝĐŽ Ͳ ŽŽƌĚĞŶĂĚŽƌ dĠĐŶŝĐŽ Ͳ

ƌĞĂ ĚŵŝŶŝƐƚƌĂƚŝǀĂ Ͳ ǆĞƌĐĞ͕ ĐŽŵ ƌĞůĂƚŝǀŽ ŐƌĂƵ ĚĞ ĂƵƚŽŶŽŵŝĂ Ğ ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞ͕ ĨƵŶĕƁĞƐ ĚĞ ĐŚĞĨŝĂ ƚĠĐŶŝĐĂ Ğ ĂĚŵŝŶŝƐƚƌĂƚŝǀĂ ĚĞ ĂƐƐŝƐƚĞŶƚĞƐ ƚĠĐŶŝĐŽƐ ĂĨĞƚŽƐ Ă ĄƌĞĂƐ ĂĚŵŝŶŝƐƚƌĂƚŝǀĂƐ Ğ ƉŽƌ ĐƵũŽƐ ƌĞƐƵůƚĂĚŽƐ Ġ ƌĞƐƉŽŶƐĄǀĞů͖ ƌĞĂůŝǌĂ ĂƚŝǀŝĚĂĚĞƐ ĚĞ ƉƌŽŐƌĂŵĂĕĆŽ Ğ ŽƌŐĂŶŝǌĂĕĆŽ ĚŽ ƚƌĂďĂůŚŽ ĚŽ ƉĞƐƐŽĂů ƋƵĞ ĐŽŽƌĚĞŶĂ͕ ƐĞŐƵŝŶĚŽ ŽƌŝĞŶƚĂĕƁĞƐ Ğ ĚŝƌĞƚŝǀĂƐ ƐƵƉĞƌŝŽƌĞƐ͕ ŶŽŵĞĂĚĂŵĞŶƚĞ ĂƐ ƌĞůĂƚŝǀĂƐ ĂŽ ƉĞƐƐŽĂů͕ ĐŽŶƚĂďŝůŝĚĂĚĞ͕ ĞǆƉĞĚŝĞŶƚĞ͕ ƉĂƚƌŝŵſŶŝŽ Ğ ĂƉƌŽǀŝƐŝŽŶĂŵĞŶƚŽ Ğ ŽƵƚƌĂƐ ĚĞ ĂƉŽŝŽ ŝŶƐƚƌƵŵĞŶƚĂů͖ ĞǆĞĐƵƚĂ ƚƌĂďĂůŚŽƐ ĚĞ ŶĂƚƵƌĞǌĂ ƚĠĐŶŝĐĂ Ğ ĂĚŵŝŶŝƐƚƌĂƚŝǀĂ ĚĞ ŵĂŝŽƌ ĐŽŵƉůĞǆŝĚĂĚĞ͘

ϭϮǑ ĂŶŽ ĚĞ ĞƐĐŽůĂƌŝĚĂĚĞ ŽƵ ĐƵƌƐŽ ƋƵĞ ůŚĞ ƐĞũĂ ĞƋƵŝƉĂƌĂĚŽ

ƐƐŝƐƚĞŶƚĞ dĠĐŶŝĐŽ Ͳ ŽŽƌĚĞŶĂĚŽƌ dĠĐŶŝĐŽ Ͳ

dĞƐŽƵƌĂƌŝĂ Ͳ ǆĞƌĐĞ͕ ĐŽŵ ƌĞůĂƚŝǀŽ ŐƌĂƵ ĚĞ ĂƵƚŽŶŽŵŝĂ Ğ ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞ͕ ĨƵŶĕƁĞƐ ĚĞ ĐŚĞĨŝĂ ƚĠĐŶŝĐĂ Ğ ĂĚŵŝŶŝƐƚƌĂƚŝǀĂ ĚŽƐ ĂƐƐŝƐƚĞŶƚĞƐ ƚĠĐŶŝĐŽƐ ƋƵĞ ƉƌĞƐƚĂŵ ƐĞƌǀŝĕŽ Ğŵ ƚĞƐŽƵƌĂƌŝĂƐ͕ ƉŽƌ ĐƵũŽƐ ƌĞƐƵůƚĂĚŽƐ Ġ ƌĞƐƉŽŶƐĄǀĞů͖ ƌĞĂůŝǌĂ ĂƚŝǀŝĚĂĚĞƐ ĚĞ ƉƌŽŐƌĂŵĂĕĆŽ Ğ ŽƌŐĂŶŝǌĂĕĆŽ ĚŽ ƚƌĂďĂůŚŽ ĚŽ ƉĞƐƐŽĂů ƋƵĞ ĐŽŽƌĚĞŶĂ͕ ƐĞŐƵŝŶĚŽ ŽƌŝĞŶƚĂĕƁĞƐ Ğ ĚŝƌĞƚŝǀĂƐ ƐƵƉĞƌŝŽƌĞƐ͖ ĞǆĞĐƵƚĂ ƚƌĂďĂůŚŽƐ ĚĞ ŶĂƚƵƌĞǌĂ ƚĠĐŶŝĐĂ Ğ ĂĚŵŝŶŝƐƚƌĂƚŝǀĂ ĚĞ ŵĂŝŽƌ ĐŽŵƉůĞǆŝĚĂĚĞ͘

ϭϮǑ ĂŶŽ ĚĞ ĞƐĐŽůĂƌŝĚĂĚĞ ŽƵ ĐƵƌƐŽ ƋƵĞ ůŚĞ ƐĞũĂ ĞƋƵŝƉĂƌĂĚŽ

WƌĂĕĂ ĚĂ ZĞƉƷďůŝĐĂ ͼ dĞů͘ Ϯϰϵ ϯϮϵ ϴϴϱ ͼ &Ăǆ Ϯϰϵ ϯϮϵ ϴϬϵ ͼ ͲŵĂŝů͗ ƉƌĞƐŝĚĞŶĐŝĂΛĐŵͲƚŽŵĂƌ͘Ɖƚ ͼ ϮϯϬϬͲϱϱϬ dŽŵĂƌ

ŶĞǆŽ ĂŽ DĂƉĂ ĚĞ WĞƐƐŽĂů Ͳ ϮϬϭϳ D Z DhE/ /W > dKD Z ĂƌŐŽ ͬ ĂƌƌĞŝƌĂ ͬ ĂƚĞŐŽƌŝĂ

ƚƌŝďƵŝĕĆŽ ͬ ŽŵƉĞƚġŶĐŝĂƐ

&ŽƌŵĂĕĆŽ ĐĂĚĠŵŝĐĂ

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ƐƐŝƐƚĞŶƚĞ dĠĐŶŝĐŽ

ĨĞƌŝĕĆŽ ĚĞ WĞƐŽƐ Ğ DĞĚŝĚĂƐ Ͳ ǆĞƌĐĞ͕ ĐŽŵ ďĂƐĞ Ğŵ ĚŝƌĞƚŝǀĂƐ ďĞŵ ĚĞĨŝŶŝĚĂƐ Ğ ŝŶƐƚƌƵĕƁĞƐ ŐĞƌĂŝƐ͕ ĨƵŶĕƁĞƐ ĚĞ ŶĂƚƵƌĞǌĂ ĞǆĞĐƵƚŝǀĂ Ğ ĚĞ ĂƉůŝĐĂĕĆŽ ĚĞ ŵĠƚŽĚŽƐ Ğ ƉƌŽĐĞƐƐŽƐ͕ ŶĂƐ ĄƌĞĂƐ ĚĞ ĂƚƵĂĕĆŽ ĐŽŵƵŶƐ Ğ ŝŶƐƚƌƵŵĞŶƚĂŝƐ Ğ ŶŽƐ ǀĄƌŝŽƐ ĚŽŵşŶŝŽƐ ĚĞ ĂƚƵĂĕĆŽ ĚŽƐ ſƌŐĆŽƐ Ğ ƐĞƌǀŝĕŽƐ͕ ƌĞƋƵĞƌĞŶĚŽ ĐŽŶŚĞĐŝŵĞŶƚŽƐ ƚĠĐŶŝĐŽƐ͕ ƚĞſƌŝĐŽƐ Ğ ƉƌĄƚŝĐŽƐ ŽďƚŝĚŽƐ ĂƚƌĂǀĠƐ ĚĞ ĂĚĞƋƵĂĚŽ ĐƵƌƐŽ ĚŽ ĞŶƐŝŶŽ ƐĞĐƵŶĚĄƌŝŽ ŽƵ ĞƋƵŝǀĂůĞŶƚĞ͕ ŝŶĐƵŵďŝŶĚŽͲůŚĞ͕ ŶŽŵĞĂĚĂŵĞŶƚĞ͗ ĞůĂďŽƌĂƌ ĨŝĐŚĂƐ Ğ ƉƌĞƉĂƌĂƌ ĞůĞŵĞŶƚŽƐ ƌĞůĂƚŝǀŽƐ Ă ĐŽďƌĂŶĕĂƐ͖ ƌĞŐƵůĂƌ Ğ ĂĨŝŶĂƌ ŝŶƐƚƌƵŵĞŶƚŽƐ ſƚŝĐŽƐ ĚĞ ƉƌĞĐŝƐĆŽ ŵĞĐąŶŝĐŽƐ͕ ĞůĠƚƌŝĐŽƐ ŽƵ ſƚŝĐŽƐ͖ ĞŶǀŝĂƌ ƉĂƌĂ ƌĞƉĂƌĂĕĆŽ ŽƐ ŝŶƐƚƌƵŵĞŶƚŽƐ ŶĆŽ ƐƵƐĐĞƚşǀĞŝƐ ĚĞ ĂĨŝŶĂĕĆŽ͕ ŝŶĚŝĐĂŶĚŽ ĂƐ ĚĞĨŝĐŝġŶĐŝĂƐ ĞŶĐŽŶƚƌĂĚĂƐ͖ ƉƌŽĐĞĚĞƌ ĂŽ ƌĞŐŝƐƚŽ ĚŽƐ ĞůĞŵĞŶƚŽƐ ĚĞ ŝĚĞŶƚŝĨŝĐĂĕĆŽ ĚŽƐ ĂƉĂƌĞůŚŽƐ Ğ ĚŽƐ ƌĞƐƵůƚĂĚŽƐ ŽďƚŝĚŽƐ ŶŽƐ ĞŶƐĂŝŽƐ ĞĨĞƚƵĂĚŽƐ͖ ĞǆĞĐƵƚĂƌ ƚĂƌĞĨĂƐ ĚĞ ĐĂƌĄĐƚĞƌ ŽƌŐĂŶŝǌĂƚŝǀŽ Ğ ƉƌŽĐĞƐƐƵĂů ŶŽ ąŵďŝƚŽ ĚĂ ƐƵĂ ĂƚŝǀŝĚĂĚĞ͘

ϭϮǑ ĂŶŽ ĚĞ ĞƐĐŽůĂƌŝĚĂĚĞ ŽƵ ĐƵƌƐŽ ƋƵĞ ůŚĞ ƐĞũĂ ĞƋƵŝƉĂƌĂĚŽ

ƐƐŝƐƚĞŶƚĞ dĠĐŶŝĐŽ

ƌĞĂ ĚŵŝŶŝƐƚƌĂƚŝǀĂ Ͳ ǆĞƌĐĞ͕ ĐŽŵ ďĂƐĞ Ğŵ ĚŝƌĞƚŝǀĂƐ ďĞŵ ĚĞĨŝŶŝĚĂƐ Ğ ŝŶƐƚƌƵĕƁĞƐ ŐĞƌĂŝƐ͕ ĨƵŶĕƁĞƐ ĚĞ ŶĂƚƵƌĞǌĂ ĞǆĞĐƵƚŝǀĂ Ğ ĚĞ ĂƉůŝĐĂĕĆŽ ĚĞ ŵĠƚŽĚŽƐ Ğ ƉƌŽĐĞƐƐŽƐ͕ ŶĂƐ ĄƌĞĂƐ ĚĞ ĂƚƵĂĕĆŽ ĐŽŵƵŶƐ Ğ ŝŶƐƚƌƵŵĞŶƚĂŝƐ Ğ ŶŽƐ ǀĄƌŝŽƐ ĚŽŵşŶŝŽƐ ĚĞ ĂƚƵĂĕĆŽ ĚŽƐ ſƌŐĆŽƐ Ğ ƐĞƌǀŝĕŽƐ͕ ƌĞƋƵĞƌĞŶĚŽ ĐŽŶŚĞĐŝŵĞŶƚŽƐ ƚĠĐŶŝĐŽƐ͕ ƚĞſƌŝĐŽƐ Ğ ƉƌĄƚŝĐŽƐ ŽďƚŝĚŽƐ ĂƚƌĂǀĠƐ ĚĞ ĂĚĞƋƵĂĚŽ ĐƵƌƐŽ ĚŽ ĞŶƐŝŶŽ ƐĞĐƵŶĚĄƌŝŽ ŽƵ ĞƋƵŝǀĂůĞŶƚĞ͕ ŝŶĐƵŵďŝŶĚŽͲůŚĞ͕ ŶŽŵĞĂĚĂŵĞŶƚĞ͗ ĞǆĞĐƵƚĂƌ ƚĂƌĞĨĂƐ ĚĞ ĞǆƉĞĚŝĞŶƚĞ͕ ĂƌƋƵŝǀŽ͕ ƐĞĐƌĞƚĂƌŝĂ͕ ĐŽŶƚĂďŝůŝĚĂĚĞ Ğ ƉƌŽĐĞƐƐĂŵĞŶƚŽ ;ƉĞƐƐŽĂů͕ ĂƉƌŽǀŝƐŝŽŶĂŵĞŶƚŽ Ğ ĞĐŽŶŽŵĂƚŽͿ͘

ϭϮǑ ĂŶŽ ĚĞ ĞƐĐŽůĂƌŝĚĂĚĞ ŽƵ ĐƵƌƐŽ ƋƵĞ ůŚĞ ƐĞũĂ ĞƋƵŝƉĂƌĂĚŽ

ƐƐŝƐƚĞŶƚĞ dĠĐŶŝĐŽ

ŝďůŝŽƚĞĐĂ Ğ ŽĐƵŵĞŶƚĂĕĆŽ Ͳ ǆĞƌĐĞ͕ ĐŽŵ ďĂƐĞ Ğŵ ĚŝƌĞƚŝǀĂƐ ďĞŵ ĚĞĨŝŶŝĚĂƐ Ğ ŝŶƐƚƌƵĕƁĞƐ ŐĞƌĂŝƐ͕ ĨƵŶĕƁĞƐ ĚĞ ŶĂƚƵƌĞǌĂ ĞǆĞĐƵƚŝǀĂ Ğ ĚĞ ĂƉůŝĐĂĕĆŽ ĚĞ ŵĠƚŽĚŽƐ Ğ ƉƌŽĐĞƐƐŽƐ͕ ŶĂƐ ĄƌĞĂƐ ĚĞ ĂƚƵĂĕĆŽ ĐŽŵƵŶƐ Ğ ŝŶƐƚƌƵŵĞŶƚĂŝƐ Ğ ŶŽƐ ǀĄƌŝŽƐ ĚŽŵşŶŝŽƐ ĚĞ ĂƚƵĂĕĆŽ ĚŽƐ ſƌŐĆŽƐ Ğ ƐĞƌǀŝĕŽƐ͕ ƌĞƋƵĞƌĞŶĚŽ ĐŽŶŚĞĐŝŵĞŶƚŽƐ ƚĠĐŶŝĐŽƐ͕ ϭϮǑ ĂŶŽ ĚĞ ĞƐĐŽůĂƌŝĚĂĚĞ͕ ƚĞſƌŝĐŽƐ Ğ ƉƌĄƚŝĐŽƐ ŽďƚŝĚŽƐ ĂƚƌĂǀĠƐ ĚĞ ĐƵƌƐŽ ĚŽ ĞŶƐŝŶŽ ƐĞĐƵŶĚĄƌŝŽ ŽƵ ĞƋƵŝǀĂůĞŶƚĞ͕ ŶĂ ĄƌĞĂ ĚĂƐ ďŝďůŝŽƚĞĐĂƐ Ğ ĚŽ ƐĞƌǀŝĕŽ ĚĞ ĚŽĐƵŵĞŶƚĂĕĆŽ͕ ŝŶĐƵŵďŝŶĚŽͲůŚĞ͕ ŽƵ ĐƵƌƐŽ ƋƵĞ ůŚĞ ƐĞũĂ ŶŽŵĞĂĚĂŵĞŶƚĞ͗ ƌĞĂůŝǌĂƌ ƚĂƌĞĨĂƐ͕ ƌĞĐŽƌƌĞŶĚŽ Ă ƐŝƐƚĞŵĂƐ ŵĂŶƵĂŝƐ ŽƵ ĂƵƚŽŵĂƚŝǌĂĚŽƐ͕ ƌĞůĂĐŝŽŶĂĚĂƐ ĐŽŵ Ă ĂƋƵŝƐŝĕĆŽ͕ Ž ƌĞŐŝƐƚŽ͕ Ă ĐĂƚĂůŽŐĂĕĆŽ͕ Ă ĐŽƚĂĕĆŽ͕ Ž ĞƋƵŝƉĂƌĂĚŽ͕ ŶĂ ĄƌĞĂ ĚĂ ĂƌŵĂǌĞŶĂŵĞŶƚŽ ĚĞ ĞƐƉĠĐŝĞƐ ĚŽĐƵŵĞŶƚĂŝƐ͕ Ă ŐĞƐƚĆŽ ĚĞ ĐĂƚĄůŽŐŽƐ͕ ŽƐ ƐĞƌǀŝĕŽƐ ĚĞ ĂƚĞŶĚŝŵĞŶƚŽ͕ ĚĞ ĞŵƉƌĠƐƚŝŵŽ Ğ ĚĞ ƉĞƐƋƵŝƐĂ ďŝďůŝŽŐƌĄĨŝĐĂ͕ ĂƐƐŝŵ ĐŽŵŽ Ă ďŝďůŝŽƚĞĐĂ Ğ ƉƌĞƉĂƌĂĕĆŽ ĚĞ ŝŶƐƚƌƵŵĞŶƚŽƐ ĚĞ ĚŝĨƵƐĆŽ͕ ĂƉůŝĐĂŶĚŽ ŶŽƌŵĂƐ ĚĞ ĨƵŶĐŝŽŶĂŵĞŶƚŽ ĚĞ ďŝďůŝŽƚĞĐĂƐ Ğ ƐĞƌǀŝĕŽƐ ĚĞ ĚŽĐƵŵĞŶƚĂĕĆŽ ĚĞ ĂĐŽƌĚŽ ĐŽŵ ŵĠƚŽĚŽƐ Ğ ĚŽĐƵŵĞŶƚĂĕĆŽ ƉƌŽĐĞĚŝŵĞŶƚŽƐ ƉƌĞǀŝĂŵĞŶƚĞ ĞƐƚĂďĞůĞĐŝĚŽƐ͘

ƐƐŝƐƚĞŶƚĞ dĠĐŶŝĐŽ

ŽŶƐƚƌƵĕĆŽ ŝǀŝů Ͳ ǆĞƌĐĞ͕ ĐŽŵ ďĂƐĞ Ğŵ ĚŝƌĞƚŝǀĂƐ ďĞŵ ĚĞĨŝŶŝĚĂƐ Ğ ŝŶƐƚƌƵĕƁĞƐ ŐĞƌĂŝƐ͕ ĨƵŶĕƁĞƐ ĚĞ ŶĂƚƵƌĞǌĂ ĞǆĞĐƵƚŝǀĂ Ğ ĚĞ ĂƉůŝĐĂĕĆŽ ĚĞ ŵĠƚŽĚŽƐ Ğ ƉƌŽĐĞƐƐŽƐ͕ ŶĂƐ ĄƌĞĂƐ ĚĞ ĂƚƵĂĕĆŽ ĐŽŵƵŶƐ Ğ ŝŶƐƚƌƵŵĞŶƚĂŝƐ Ğ ŶŽƐ ǀĄƌŝŽƐ ĚŽŵşŶŝŽƐ ĚĞ ĂƚƵĂĕĆŽ ĚŽƐ ſƌŐĆŽƐ Ğ ƐĞƌǀŝĕŽƐ͕ ƌĞƋƵĞƌĞŶĚŽ ĐŽŶŚĞĐŝŵĞŶƚŽƐ ƚĠĐŶŝĐŽƐ͕ ƚĞſƌŝĐŽƐ Ğ ϭϮǑ ĂŶŽ ĚĞ ĞƐĐŽůĂƌŝĚĂĚĞ͕ ŽƵ ĐƵƌƐŽ ƋƵĞ ůŚĞ ƐĞũĂ ƉƌĄƚŝĐŽƐ ŽďƚŝĚŽƐ ĂƚƌĂǀĠƐ ĚĞ ĐƵƌƐŽ ĚŽ ĞŶƐŝŶŽ ƐĞĐƵŶĚĄƌŝŽ ŽƵ ĞƋƵŝǀĂůĞŶƚĞ͕ ŶĂ ĄƌĞĂ ĚĂ ĐŽŶƐƚƌƵĕĆŽ Đŝǀŝů ŽƵ ŵĞĚŝĕĆŽ Ğ ŽƌĕĂŵĞŶƚĂĕĆŽ͕ ŝŶĐƵŵďŝŶĚŽͲůŚĞ͕ ŶŽŵĞĂĚĂŵĞŶƚĞ͗ ĚĞƚĞƌŵŝŶĂƌ ĂƐ ƋƵĂůŝĚĂĚĞƐ Ğ ĐƵƐƚŽƐ ĚŽƐ ŵĂƚĞƌŝĂŝƐ Ğ ĚĞ ŵĆŽͲĚĞͲŽďƌĂ ŶĞĐĞƐƐĄƌŝŽƐ ƉĂƌĂ Ă ĞǆĞĐƵĕĆŽ ĚĞ ƵŵĂ ŽďƌĂ͖ ĂŶĂůŝƐĂƌ ĂƐ ĚŝǀĞƌƐĂƐ ĞƋƵŝƉĂƌĂĚŽ͕ ŶĂ ĄƌĞĂ ĚĞ ĐŽŵƉŽŶĞŶƚĞƐ ĚŽ ƉƌŽũĞƚŽ͕ ĂƐ ŵĞŵſƌŝĂƐ ĚĞƐĐƌŝƚŝǀĂƐ Ğ ŽƐ ĐĂĚĞƌŶŽƐ ĚĞ ĞŶĐĂƌŐŽƐ͖ ĞĨĞƚƵĂƌ ŵĞĚŝĕƁĞƐ Ğ ĚĞƚĞƌŵŝŶĂƌ ĂƐ ƋƵĂŶƚŝĚĂĚĞƐ ĚĞ ŵĂƚĞƌŝĂŝƐ͕ ĚĞ ŵĆŽͲĚĞͲŽďƌĂ ŵĞĚŝĚŽƌ ŽƌĕĂŵĞŶƚŝƐƚĂ ŽƵ ĐŽŶƐƚƌƵĕĆŽ Đŝǀŝů Ğ ĚĞ ƐĞƌǀŝĕŽƐ ŶĞĐĞƐƐĄƌŝŽƐ͕ ƵƚŝůŝǌĂŶĚŽ ŽƐ ƐĞƵƐ ĐŽŶŚĞĐŝŵĞŶƚŽƐ ĚĞ ĚĞƐĞŶŚŽ͕ ĚŽƐ ŵĂƚĞƌŝĂŝƐ Ğ ĚŽƐ ƉƌŽĐĞƐƐŽƐ Ğ ŵĠƚŽĚŽƐ ĚĞ ĞǆĞĐƵĕĆŽ ĚĞ ŽďƌĂƐ͖ ĐĂůĐƵůĂƌ ŽƐ ǀĂůŽƌĞƐ ŐůŽďĂŝƐ͕ ƵƚŝůŝǌĂŶĚŽ ƚĂďĞůĂƐ ĚĞ ƉƌĞĕŽƐ͖ ŽƌŐĂŶŝǌĂƌ ŽƐ ŽƌĕĂŵĞŶƚŽƐ Ğ ŝŶĚŝĐĂƌ ŽƐ ŵĂƚĞƌŝĂŝƐ Ă ĞŵƉƌĞŐĂƌ ŶĂƐ ŽƉĞƌĂĕƁĞƐ Ă ĞĨĞƚƵĂƌ͘

ƐƐŝƐƚĞŶƚĞ dĠĐŶŝĐŽ

ĞƐĞŶŚŽ Ͳ ǆĞƌĐĞ͕ ĐŽŵ ďĂƐĞ Ğŵ ĚŝƌĞƚŝǀĂƐ ďĞŵ ĚĞĨŝŶŝĚĂƐ Ğ ŝŶƐƚƌƵĕƁĞƐ ŐĞƌĂŝƐ͕ ĨƵŶĕƁĞƐ ĚĞ ŶĂƚƵƌĞǌĂ ĞǆĞĐƵƚŝǀĂ Ğ ĚĞ ĂƉůŝĐĂĕĆŽ ĚĞ ŵĠƚŽĚŽƐ Ğ ƉƌŽĐĞƐƐŽƐ͕ ŶĂƐ ĄƌĞĂƐ ĚĞ ĂƚƵĂĕĆŽ ĐŽŵƵŶƐ Ğ ŝŶƐƚƌƵŵĞŶƚĂŝƐ Ğ ŶŽƐ ǀĄƌŝŽƐ ĚŽŵşŶŝŽƐ ĚĞ ĂƚƵĂĕĆŽ ĚŽƐ ſƌŐĆŽƐ Ğ ƐĞƌǀŝĕŽƐ͕ ƌĞƋƵĞƌĞŶĚŽ ĐŽŶŚĞĐŝŵĞŶƚŽƐ ƚĠĐŶŝĐŽƐ͕ ƚĞſƌŝĐŽƐ Ğ ƉƌĄƚŝĐŽƐ ŽďƚŝĚŽƐ ĂƚƌĂǀĠƐ ĚĞ ĐƵƌƐŽ ĚŽ ĞŶƐŝŶŽ ƐĞĐƵŶĚĄƌŝŽ ŽƵ ĞƋƵŝǀĂůĞŶƚĞ͕ ŶĂ ĄƌĞĂ ĚŽ ĚĞƐĞŶŚŽ͕ ŝŶĐƵŵďŝŶĚŽͲůŚĞ͕ ŶŽŵĞĂĚĂŵĞŶƚĞ͗ ĞǆĞĐƵƚĂƌ ĞͬŽƵ ĐŽŵƉŽƌ ŵĂƋƵĞƚĂƐ͕ ĚĞƐĞŶŚŽƐ͕ ϭϮǑ ĂŶŽ ĚĞ ĞƐĐŽůĂƌŝĚĂĚĞ͕ ŵĂƉĂƐ͕ ĐĂƌƚĂƐ ŽƵ ŐƌĄĨŝĐŽƐ ƌĞůĂƚŝǀŽƐ ă ĄƌĞĂ ĚĞ ĂƚŝǀŝĚĂĚĞ ĚŽƐ ƐĞƌǀŝĕŽƐ Ă ƉĂƌƚŝƌ ĚĞ ĞůĞŵĞŶƚŽƐ ƋƵĞ ůŚĞ ƐĆŽ ĨŽƌŶĞĐŝĚŽƐ Ğ ƐĞŐƵŶĚŽ ŶŽƌŵĂƐ ƚĠĐŶŝĐĂƐ ĞƐƉĞĐşĨŝĐĂƐ Ğ͕ ŽƵ ĐƵƌƐŽ ƋƵĞ ůŚĞ ƐĞũĂ ďĞŵ ĂƐƐŝŵ͕ ĞǆĞĐƵƚĂ ĂƐ ĐŽƌƌĞƐƉŽŶĚĞŶƚĞƐ ĂƌƚĞƐ ĨŝŶĂŝƐ͖ ĞǆĞĐƵƚĂƌ ƚƌĂďĂůŚŽƐ ĚĞ ƉŽƌŵĞŶŽƌŝǌĂĕĆŽ Ğŵ ƉƌŽũĞƚŽƐ ĚĞ ĐŽŶƐƚƌƵĕĆŽ Đŝǀŝů Ğ ĂƌƋƵŝƚĞƚƵƌĂ͖ ĞǆĞĐƵƚĂƌ ĚĞƐĞŶŚŽƐ ĞƋƵŝƉĂƌĂĚŽ͕ ŶĂ ĄƌĞĂ ĚŽ ĐĂƌƚŽŐƌĄĨŝĐŽƐ ĚĞ ĞƐƉĂĕŽƐ ĞǆƚĞƌŝŽƌĞƐ͕ ĚĞĚŝĐĂĚŽƐ ŽƵ ŶĆŽ Ă ĐŽŶƐƚƌƵĕĆŽ Đŝǀŝů Ğ ǌŽŶĂƐ ǀĞƌĚĞƐ Ğ͕ ďĞŵ ĂƐƐŝŵ͕ ĚĞ ƉůĂŶŽƐ ĚĞ ĞŶƋƵĂĚƌĂŵĞŶƚŽ ƵƌďĂŶŽͲƉĂŝƐĂŐşƐƚŝĐŽ͖ ĚĞƐĞŶŚŽ ĞǆĞĐƵƚĂƌ ĚĞƐĞŶŚŽƐ ĚĞ ƉůĂŶƚĂƐ ĚĞ ŝŵƉůĂŶƚĂĕĆŽ ƚŽƉŽŐƌĄĨŝĐĂ ĚĞ ĞƐƉĂĕŽƐ ĞǆƚĞƌŝŽƌĞƐ͖ ĞǆĞĐƵƚĂƌ Ă ĂŵƉůŝĂĕĆŽ Ğ ƌĞĚƵĕĆŽ ĚĞ ĚĞƐĞŶŚŽƐ͖ ĞĨĞƚƵĂƌ Ž ĐĄůĐƵůŽ ĚĞ ĚŝŵĞŶƐƁĞƐ͕ ƐƵƉĞƌĨşĐŝĞƐ͕ ǀŽůƵŵĞƐ Ğ ŽƵƚƌŽƐ ĨĂƚŽƌĞƐ ŶĆŽ ĞƐƉĞĐŝĨŝĐĂĚŽƐ͘

WƌĂĕĂ ĚĂ ZĞƉƷďůŝĐĂ ͼ dĞů͘ Ϯϰϵ ϯϮϵ ϴϴϱ ͼ &Ăǆ Ϯϰϵ ϯϮϵ ϴϬϵ ͼ ͲŵĂŝů͗ ƉƌĞƐŝĚĞŶĐŝĂΛĐŵͲƚŽŵĂƌ͘Ɖƚ ͼ ϮϯϬϬͲϱϱϬ dŽŵĂƌ

ŶĞǆŽ ĂŽ DĂƉĂ ĚĞ WĞƐƐŽĂů Ͳ ϮϬϭϳ D Z DhE/ /W > dKD Z ĂƌŐŽ ͬ ĂƌƌĞŝƌĂ ͬ ĂƚĞŐŽƌŝĂ

ƚƌŝďƵŝĕĆŽ ͬ ŽŵƉĞƚġŶĐŝĂƐ

&ŽƌŵĂĕĆŽ ĐĂĚĠŵŝĐĂ

ϭϮǑ ĂŶŽ ĚĞ ĞƐĐŽůĂƌŝĚĂĚĞ͕ ŽƵ ĐƵƌƐŽ ƋƵĞ ůŚĞ ƐĞũĂ ĞƋƵŝƉĂƌĂĚŽ͕ ŶĂ ĄƌĞĂ ĚŽ ĚĞƐƉŽƌƚŽ

ƐƐŝƐƚĞŶƚĞ dĠĐŶŝĐŽ

EĂĚĂĚŽƌ ^ĂůǀĂĚŽƌ Ͳ ǆĞƌĐĞ͕ ĐŽŵ ďĂƐĞ Ğŵ ĚŝƌĞƚŝǀĂƐ ďĞŵ ĚĞĨŝŶŝĚĂƐ Ğ ŝŶƐƚƌƵĕƁĞƐ ŐĞƌĂŝƐ͕ ĨƵŶĕƁĞƐ ĚĞ ŶĂƚƵƌĞǌĂ ĞǆĞĐƵƚŝǀĂ Ğ ĚĞ ĂƉůŝĐĂĕĆŽ ĚĞ ŵĠƚŽĚŽƐ Ğ ƉƌŽĐĞƐƐŽƐ͕ ŶĂƐ ĄƌĞĂƐ ĚĞ ĂƚƵĂĕĆŽ ĐŽŵƵŶƐ Ğ ŝŶƐƚƌƵŵĞŶƚĂŝƐ Ğ ŶŽƐ ǀĄƌŝŽƐ ĚŽŵşŶŝŽƐ ĚĞ ĂƚƵĂĕĆŽ ĚŽƐ ſƌŐĆŽƐ Ğ ƐĞƌǀŝĕŽƐ͕ ƌĞƋƵĞƌĞŶĚŽ ĐŽŶŚĞĐŝŵĞŶƚŽƐ ƚĠĐŶŝĐŽƐ͕ ƚĞſƌŝĐŽƐ Ğ ƉƌĄƚŝĐŽƐ ŽďƚŝĚŽƐ ĂƚƌĂǀĠƐ ĚĞ ĐƵƌƐŽ ĚŽ ĞŶƐŝŶŽ ƐĞĐƵŶĚĄƌŝŽ ŽƵ ĞƋƵŝǀĂůĞŶƚĞ ĐŽŶũƵŶƚĂŵĞŶƚĞ ĐŽŵ ĐƵƌƐŽ ĚĞ ŶĂĚĂĚŽƌ ƐĂůǀĂĚŽƌ ĐĞƌƚŝĨŝĐĂĚŽ͘

ϭϮǑ ĂŶŽ ĚĞ ĞƐĐŽůĂƌŝĚĂĚĞ ŽƵ ĐƵƌƐŽ ƋƵĞ ůŚĞ ƐĞũĂ ĞƋƵŝƉĂƌĂĚŽ Ğ ĐƵƌƐŽ ĚĞ EĂĚĂĚŽƌ ^ĂůǀĂĚŽƌ ĐĞƌƚŝĨŝĐĂĚŽ ƉĞůŽ /^E

ƐƐŝƐƚĞŶƚĞ dĠĐŶŝĐŽ

dŽƉŽŐƌĂĨŝĂ Ͳ ǆĞƌĐĞ͕ ĐŽŵ ďĂƐĞ Ğŵ ĚŝƌĞƚŝǀĂƐ ďĞŵ ĚĞĨŝŶŝĚĂƐ Ğ ŝŶƐƚƌƵĕƁĞƐ ŐĞƌĂŝƐ͕ ĨƵŶĕƁĞƐ ĚĞ ŶĂƚƵƌĞǌĂ ĞǆĞĐƵƚŝǀĂ Ğ ĚĞ ĂƉůŝĐĂĕĆŽ ĚĞ ŵĠƚŽĚŽƐ Ğ ƉƌŽĐĞƐƐŽƐ͕ ŶĂƐ ĄƌĞĂƐ ĚĞ ĂƚƵĂĕĆŽ ĐŽŵƵŶƐ Ğ ŝŶƐƚƌƵŵĞŶƚĂŝƐ Ğ ŶŽƐ ǀĄƌŝŽƐ ĚŽŵşŶŝŽƐ ĚĞ ĂƚƵĂĕĆŽ ĚŽƐ ſƌŐĆŽƐ Ğ ƐĞƌǀŝĕŽƐ͕ ƌĞƋƵĞƌĞŶĚŽ ĐŽŶŚĞĐŝŵĞŶƚŽƐ ƚĠĐŶŝĐŽƐ͕ ƚĞſƌŝĐŽƐ Ğ ƉƌĄƚŝĐŽƐ ŽďƚŝĚŽƐ ĂƚƌĂǀĠƐ ĚĞ ĐƵƌƐŽ ĚŽ ĞŶƐŝŶŽ ƐĞĐƵŶĚĄƌŝŽ ŽƵ ĞƋƵŝǀĂůĞŶƚĞ͕ ŶĂ ĄƌĞĂ ĚĂ ƚŽƉŽŐƌĂĨŝĂ͕ ŝŶĐƵŵďŝŶĚŽͲůŚĞ͕ ŶŽŵĞĂĚĂŵĞŶƚĞ͗ ĞĨĞƚƵĂƌ ůĞǀĂŶƚĂŵĞŶƚŽƐ ƚŽƉŽŐƌĄĨŝĐŽƐ͕ ϭϮǑ ĂŶŽ ĚĞ ĞƐĐŽůĂƌŝĚĂĚĞ͕ ƚĞŶĚŽ Ğŵ ǀŝƐƚĂ Ă ĞůĂďŽƌĂĕĆŽ ĚĞ ƉůĂŶƚĂƐ͕ ƉůĂŶŽƐ ĐĂƌƚĂƐ Ğ ŵĂƉĂƐ ƋƵĞ ƐĞ ĚĞƐƚŝŶĂŵ ă ƉƌĞƉĂƌĂĕĆŽ Ğ ŽƌŝĞŶƚĂĕĆŽ ĚĞ ƚƌĂďĂůŚŽƐ ĚĞ ĞŶŐĞŶŚĂƌŝĂ ŽƵ ƉĂƌĂ ŽƵƚƌŽƐ ĨŝŶƐ͖ ŽƵ ĐƵƌƐŽ ƋƵĞ ůŚĞ ƐĞũĂ ĞĨĞƚƵĂƌ ůĞǀĂŶƚĂŵĞŶƚŽƐ ƚŽƉŽŐƌĄĨŝĐŽƐ͖ ĚĞƚĞƌŵŝŶĂƌ ƌŝŐŽƌŽƐĂŵĞŶƚĞ Ă ƉŽƐŝĕĆŽ ƌĞůĂƚŝǀĂ ĚĞ ƉŽŶƚŽƐ ŶŽƚĄǀĞŝƐ ĚĞ ĚĞƚĞƌŵŝŶĂĚĂ ǌŽŶĂ ĚĞ ƐƵƉĞƌĨşĐŝĞ ƚĞƌƌĞƐƚƌĞ͖ ƌĞŐƵůĂƌ ĞƋƵŝƉĂƌĂĚŽ͕ ŶĂ ĄƌĞĂ ĚĂ Ğ ƵƚŝůŝǌĂƌ ŽƐ ŝŶƐƚƌƵŵĞŶƚŽƐ ĚĞ ŽďƐĞƌǀĂĕĆŽ͕ ƚĂŝƐ ĐŽŵŽ ƚĂƋƵĞſŵĞƚƌŽƐ͕ ƚĞŽĚſůŝƚŽƐ͕ ŶşǀĞŝƐ͕ ĞƐƚĄĚŝĂƐ͕ ƚĞůƵƌſŵĞƚƌŽƐ͕ ĞƚĐ͖͘ ƉƌŽĐĞĚĞƌ Ă ĐĄůĐƵůŽƐ ƐŽďƌĞ ŽƐ ĞůĞŵĞŶƚŽƐ ƚŽƉŽŐƌĂĨŝĂ ĐŽůŚŝĚŽƐ ŶŽ ĐĂŵƉŽ͖ ƉƌŽĐĞĚĞƌ ă ŝŵƉůĞŵĞŶƚĂĕĆŽ ŶŽ ƚĞƌƌĞŶŽ ĚĞ ƉŽŶƚŽƐ ĚĞ ƌĞĨĞƌġŶĐŝĂ ƉĂƌĂ ĚĞƚĞƌŵŝŶĂĚĂƐ ĐŽŶƐƚƌƵĕƁĞƐ͖ ƚƌĂĕĂƌ ĞƐďŽĕŽƐ Ğ ĚĞƐĞŶŚŽƐ Ğ ĞůĂďŽƌĂƌ ƌĞůĂƚſƌŝŽƐ ĚĂƐ ŽƉĞƌĂĕƁĞƐ ĞĨĞƚƵĂĚĂƐ͘

ƐƐŝƐƚĞŶƚĞ dĠĐŶŝĐŽ

dƵƌŝƐŵŽ Ͳ ǆĞƌĐĞ͕ ĐŽŵ ďĂƐĞ Ğŵ ĚŝƌĞƚŝǀĂƐ ďĞŵ ĚĞĨŝŶŝĚĂƐ Ğ ŝŶƐƚƌƵĕƁĞƐ ŐĞƌĂŝƐ͕ ĨƵŶĕƁĞƐ ĚĞ ŶĂƚƵƌĞǌĂ ĞǆĞĐƵƚŝǀĂ Ğ ĚĞ ĂƉůŝĐĂĕĆŽ ĚĞ ŵĠƚŽĚŽƐ Ğ ƉƌŽĐĞƐƐŽƐ͕ ŶĂƐ ĄƌĞĂƐ ĚĞ ĂƚƵĂĕĆŽ ĐŽŵƵŶƐ Ğ ŝŶƐƚƌƵŵĞŶƚĂŝƐ Ğ ŶŽƐ ǀĄƌŝŽƐ ĚŽŵşŶŝŽƐ ĚĞ ĂƚƵĂĕĆŽ ĚŽƐ ſƌŐĆŽƐ Ğ ƐĞƌǀŝĕŽƐ͕ ƌĞƋƵĞƌĞŶĚŽ ĐŽŶŚĞĐŝŵĞŶƚŽƐ ƚĠĐŶŝĐŽƐ͕ ƚĞſƌŝĐŽƐ Ğ ƉƌĄƚŝĐŽƐ ŽďƚŝĚŽƐ ϭϮǑ ĂŶŽ ĚĞ ĞƐĐŽůĂƌŝĚĂĚĞ͕ ĂƚƌĂǀĠƐ ĚĞ ĐƵƌƐŽ ĚŽ ĞŶƐŝŶŽ ƐĞĐƵŶĚĄƌŝŽ ŽƵ ĞƋƵŝǀĂůĞŶƚĞ͕ ŶĂ ĄƌĞĂ ĚŽ ƚƵƌŝƐŵŽ͕ ŝŶĐƵŵďŝŶĚŽͲůŚĞ͕ ŶŽŵĞĂĚĂŵĞŶƚĞ͗ ĞǆĞĐƵƚĂƌ͕ Ă ƉĂƌƚŝƌ ĚĞ ŝŶƐƚƌƵĕƁĞƐ Ğ ŽƌŝĞŶƚĂĕƁĞƐ ŽƵ ĐƵƌƐŽ ƋƵĞ ůŚĞ ƐĞũĂ ƉƌĞĐŝƐĂƐ͕ ƚƌĂďĂůŚŽƐ ĚĞ ĂƉŽŝŽ ƚĠĐŶŝĐŽ Ğŵ ĂĕƁĞƐ ĚĞ ƉƌŽŵŽĕĆŽ͕ ĂŶŝŵĂĕĆŽ Ğ ŝŶĨŽƌŵĂĕĆŽ ƚƵƌşƐƚŝĐĂ͖ ĞǆĞĐƵƚĂƌ Ž ƐĞƌǀŝĕŽ ĚĞ ĞǆƉĞĚŝĞŶƚĞ ŐĞƌĂů͕ ƚĂŝƐ ĐŽŵŽ͕ Ă ƌĞĐĞĕĆŽ͕ ĞƋƵŝƉĂƌĂĚŽ͕ ŶĂ ĄƌĞĂ ĚŽ ĞǆƉĞĚŝĕĆŽ Ğ ĂƌƋƵŝǀŽ ĚĞ ĚŽĐƵŵĞŶƚŽƐ͖ ŝŶĨŽƌŵĂƌ Ğ ĚĂƌ ƉĂƌĞĐĞƌĞƐ ĚĞ ĐĂƌĄĐƚĞƌ ƚĠĐŶŝĐŽ ƐŽďƌĞ ŵĂƚĠƌŝĂƐ ƌĞůĂĐŝŽŶĂĚĂƐ ĐŽŵŽ Ž ƚƵƌŝƐŵŽ͖ ƌĞƋƵŝƐŝƚĂƌ Ž ŵĂƚĞƌŝĂů ƚƵƌşƐƚŝĐŽ ƚƵƌŝƐŵŽ Ğ ĐƵůƚƵƌĂů ŶĞĐĞƐƐĄƌŝŽ ĂŽ ďŽŵ ĨƵŶĐŝŽŶĂŵĞŶƚŽ ĚŽƐ ƐĞƌǀŝĕŽƐ͖ ĚĞƐĞŵƉĞŶŚĂƌ ĨƵŶĕƁĞƐ ĚĞ ƐĞĐƌĞƚĂƌŝĂĚŽ Ğ ĂƉůŝĐĂƌ ĐŽŶŚĞĐŝŵĞŶƚŽƐ ĚĞ ůşŶŐƵĂƐ ĞƐƚƌĂŶŐĞŝƌĂƐ ĞƐĐƌŝƚĂƐ Ğ ĨĂůĂĚĂƐ͘

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ƐƐŝƐƚĞŶƚĞ dĠĐŶŝĐŽ

ĞƐƉŽƌƚŽ Ͳ ǆĞƌĐĞ͕ ĐŽŵ ďĂƐĞ Ğŵ ĚŝƌĞƚŝǀĂƐ ďĞŵ ĚĞĨŝŶŝĚĂƐ Ğ ŝŶƐƚƌƵĕƁĞƐ ŐĞƌĂŝƐ͕ ĨƵŶĕƁĞƐ ĚĞ ŶĂƚƵƌĞǌĂ ĞǆĞĐƵƚŝǀĂ Ğ ĚĞ ĂƉůŝĐĂĕĆŽ ĚĞ ŵĠƚŽĚŽƐ Ğ ƉƌŽĐĞƐƐŽƐ͕ ŶĂƐ ĄƌĞĂƐ ĚĞ ĂƚƵĂĕĆŽ ĐŽŵƵŶƐ Ğ ŝŶƐƚƌƵŵĞŶƚĂŝƐ Ğ ŶŽƐ ǀĄƌŝŽƐ ĚŽŵşŶŝŽƐ ĚĞ ĂƚƵĂĕĆŽ ĚŽƐ ſƌŐĆŽƐ Ğ ƐĞƌǀŝĕŽƐ͕ ƌĞƋƵĞƌĞŶĚŽ ĐŽŶŚĞĐŝŵĞŶƚŽƐ ƚĠĐŶŝĐŽƐ͕ ƚĞſƌŝĐŽƐ Ğ ƉƌĄƚŝĐŽƐ ŽďƚŝĚŽƐ ĂƚƌĂǀĠƐ ĚĞ ĐƵƌƐŽ ĚŽ ĞŶƐŝŶŽ ƐĞĐƵŶĚĄƌŝŽ ŽƵ ĞƋƵŝǀĂůĞŶƚĞ͕ ŶĂ ĄƌĞĂ ĚŽ ĚĞƐƉŽƌƚŽ͘

WƌĂĕĂ ĚĂ ZĞƉƷďůŝĐĂ ͼ dĞů͘ Ϯϰϵ ϯϮϵ ϴϴϱ ͼ &Ăǆ Ϯϰϵ ϯϮϵ ϴϬϵ ͼ ͲŵĂŝů͗ ƉƌĞƐŝĚĞŶĐŝĂΛĐŵͲƚŽŵĂƌ͘Ɖƚ ͼ ϮϯϬϬͲϱϱϬ dŽŵĂƌ

ŶĞǆŽ ĂŽ DĂƉĂ ĚĞ WĞƐƐŽĂů Ͳ ϮϬϭϳ D Z DhE/ /W > dKD Z ĂƌŐŽ ͬ ĂƌƌĞŝƌĂ ͬ ĂƚĞŐŽƌŝĂ

ƚƌŝďƵŝĕĆŽ ͬ ŽŵƉĞƚġŶĐŝĂƐ

&ŽƌŵĂĕĆŽ ĐĂĚĠŵŝĐĂ

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ƐƐŝƐƚĞŶƚĞ KƉĞƌĂĐŝŽŶĂů Ͳ ŶĐĂƌƌĞŐĂĚŽ KƉĞƌĂĐŝŽŶĂů Ͳ

ĚĞ ĞŵŝƚĠƌŝŽƐ Ͳ ǆĞƌĐĞ ĨƵŶĕƁĞƐ ĚĞ ĐŽŽƌĚĞŶĂĕĆŽ ĚŽƐ ĂƐƐŝƐƚĞŶƚĞƐ ŽƉĞƌĂĐŝŽŶĂŝƐ ĂĨĞƚŽƐ ĂŽ ƐĞƵ ƐĞĐƚŽƌ ĚĞ ĂƚŝǀŝĚĂĚĞ͕ ƉŽƌ ĐƵũŽƐ ƌĞƐƵůƚĂĚŽƐ Ġ ƌĞƐƉŽŶƐĄǀĞů͖ ƌĞĂůŝǌĂ ƚĂƌĞĨĂƐ ĚĞ ƉƌŽŐƌĂŵĂĕĆŽ͕ ŽƌŐĂŶŝǌĂĕĆŽ Ğ ĐŽŶƚƌŽůŽ ĚŽƐ ƚƌĂďĂůŚŽƐ Ă ĞǆĞĐƵƚĂƌ ƉĞůŽ ƉĞƐƐŽĂů ƐŽď ƐƵĂ ĐŽŽƌĚĞŶĂĕĆŽ͕ ĚĞƐŝŐŶĂĚĂŵĞŶƚĞ͗ ĐŽŽƌĚĞŶĂ Ă ŐĞƐƚĆŽ ĚŽƐ ĞĚŝĨşĐŝŽƐ Ğ ĞƋƵŝƉĂŵĞŶƚŽƐ ĚŽ ĐĞŵŝƚĠƌŝŽ͖ ĐŽŽƌĚĞŶĂ Ă ĂƚŝǀŝĚĂĚĞ ĚĞ ŽƵƚƌŽƐ ƚƌĂďĂůŚĂĚŽƌĞƐ ĚĞ ĐĂŵƉŽ͖ ĨĂǌ Ă ůŝŐĂĕĆŽ ĞŶƚƌĞ Ă ĂĚŵŝŶŝƐƚƌĂĕĆŽ ĚŽ ĐĞŵŝƚĠƌŝŽ Ğ Ž ƉĞƐƐŽĂů ĚĞ ĐĂŵƉŽ͖ ĨŝƐĐĂůŝǌĂ ŽƐ ƚƌĂďĂůŚŽƐ ƌĞĂůŝǌĂĚŽƐ ŶŽ ĐĞŵŝƚĠƌŝŽ͖ ŝŶĨŽƌŵĂ ŽƐ ƐƵƉĞƌŝŽƌĞƐ ŚŝĞƌĄƌƋƵŝĐŽƐ ĚĂƐ ĂŶŽŵĂůŝĂƐ ĞǆŝƐƚĞŶƚĞƐ ŶĂ ƐƵĂ ĄƌĞĂ ĚĞ ĂƚƵĂĕĆŽ͘

ƐĐŽůĂƌŝĚĂĚĞ ŽďƌŝŐĂƚſƌŝĂ

ƐƐŝƐƚĞŶƚĞ KƉĞƌĂĐŝŽŶĂů Ͳ ŶĐĂƌƌĞŐĂĚŽ KƉĞƌĂĐŝŽŶĂů Ͳ

ĚĞ :ĂƌĚŝŶĞŝƌŽ Ͳ ǆĞƌĐĞ ĨƵŶĕƁĞƐ ĚĞ ĐŽŽƌĚĞŶĂĕĆŽ ĚŽƐ ĂƐƐŝƐƚĞŶƚĞƐ ŽƉĞƌĂĐŝŽŶĂŝƐ ĂĨĞƚŽƐ ĂŽ ƐĞƵ ƐĞĐƚŽƌ ĚĞ ĂƚŝǀŝĚĂĚĞ͕ ƉŽƌ ĐƵũŽƐ ƌĞƐƵůƚĂĚŽƐ Ġ ƌĞƐƉŽŶƐĄǀĞů͖ ƌĞĂůŝǌĂ ƚĂƌĞĨĂƐ ĚĞ ƉƌŽŐƌĂŵĂĕĆŽ͕ ŽƌŐĂŶŝǌĂĕĆŽ Ğ ĐŽŶƚƌŽůŽ ĚŽƐ ƚƌĂďĂůŚŽƐ Ă ĞǆĞĐƵƚĂƌ ƉĞůŽ ƉĞƐƐŽĂů ƐŽď ƐƵĂ ĐŽŽƌĚĞŶĂĕĆŽ͕ ŶŽŵĞĂĚĂŵĞŶƚĞ͗ ƌĞƐƉŽŶƐĂďŝůŝǌĂͲƐĞ ƉĞůĂ ĂĨĞƚĂĕĆŽ ĚŽƐ ƚƌĂďĂůŚĂĚŽƌĞƐ ƋƵĞ ƐƵƉĞƌǀŝƐŝŽŶĂ ĂŽƐ ĚŝĨĞƌĞŶƚĞƐ ƚƌĂďĂůŚŽƐ Ğŵ ĞǆĞĐƵĕĆŽ͕ ĐŽŽƌĚĞŶĂŶĚŽͲŽƐ ŶŽ ĞǆĞƌĐşĐŝŽ ĚĂƐ ƐƵĂƐ ĂƚŝǀŝĚĂĚĞƐ͖ ƌĞƷŶĞͲƐĞ ƉĞƌŝŽĚŝĐĂŵĞŶƚĞ ĐŽŵ Ž ƐĞƵ ƐƵƉĞƌŝŽƌ ŚŝĞƌĄƌƋƵŝĐŽ͕ ĂŽ ƋƵĂů ĚĄ ĐŽŶŚĞĐŝŵĞŶƚŽ ĚŽ ĂŶĚĂŵĞŶƚŽ ĚŽƐ ƚƌĂďĂůŚŽƐ Ğ ĚĞ ĞǀĞŶƚƵĂŝƐ ŝƌƌĞŐƵůĂƌŝĚĂĚĞƐ͕ ƉůĂŶĞĂŶĚŽ ĐŽŵ ĞƐƚĞ Ž ƚƌĂďĂůŚŽ Ă ĞĨĞƚƵĂƌ Ğ ƌĞĐĞďĞŶĚŽ ĚĞƐƚĞ ĚŝƌĞƚƌŝǌĞƐ ƋƵĞ ĚĞǀĞŵ ŽƌŝĞŶƚĂƌ Ž ƚƌĂďĂůŚŽ͖ ƉƌŽĐĞĚĞ ă ŝŶǀĞŶƚĂƌŝĂĕĆŽ ĚĂƐ ĨĂůƚĂƐ Ğ ĞŶƚƌĂĚĂƐ ĚĞ ƐĞƌǀŝĕŽ ĚŽ ƉĞƐƐŽĂů͕ ƌĞŐŝƐƚĂ Ğ ĐĂůĞŶĚĂƌŝǌĂ ŽƐ ƉĞĚŝĚŽƐ ĚĞ ĨĠƌŝĂƐ͕ ĐŽŵ ǀŝƐƚĂ Ă ĂƐƐĞŐƵƌĂƌ Ž ďŽŵ ĨƵŶĐŝŽŶĂŵĞŶƚŽ ĚĂƐ ŽďƌĂƐ Ğŵ ĞǆĞĐƵĕĆŽ͕ ƉĂƌƚŝĐŝƉĂŶĚŽ Ğ ĚĞƐĐƌĞǀĞŶĚŽ ĂĐŝĚĞŶƚĞƐ ĚĞ ƚƌĂďĂůŚŽ͘

ƐĐŽůĂƌŝĚĂĚĞ ŽďƌŝŐĂƚſƌŝĂ

ƐƐŝƐƚĞŶƚĞ KƉĞƌĂĐŝŽŶĂů Ͳ ŶĐĂƌƌĞŐĂĚŽ KƉĞƌĂĐŝŽŶĂů Ͳ

ĚĞ KĨŝĐŝŶĂƐ DĞĐąŶŝĐĂƐ Ͳ ǆĞƌĐĞ ĨƵŶĕƁĞƐ ĚĞ ĐŽŽƌĚĞŶĂĕĆŽ ĚŽƐ ĂƐƐŝƐƚĞŶƚĞƐ ŽƉĞƌĂĐŝŽŶĂŝƐ ĂĨĞƚŽƐ ĂŽ ƐĞƵ ƐĞĐƚŽƌ ĚĞ ĂƚŝǀŝĚĂĚĞ͕ ƉŽƌ ĐƵũŽƐ ƌĞƐƵůƚĂĚŽƐ Ġ ƌĞƐƉŽŶƐĄǀĞů͖ ƌĞĂůŝǌĂ ƚĂƌĞĨĂƐ ĚĞ ƉƌŽŐƌĂŵĂĕĆŽ͕ ŽƌŐĂŶŝǌĂĕĆŽ Ğ ĐŽŶƚƌŽůŽ ĚŽƐ ƚƌĂďĂůŚŽƐ Ă ĞǆĞĐƵƚĂƌ ƉĞůŽ ƉĞƐƐŽĂů ƐŽď ƐƵĂ ĐŽŽƌĚĞŶĂĕĆŽ͕ ŶŽŵĞĂĚĂŵĞŶƚĞ͗ ƌĞƐƉŽŶƐĂďŝůŝǌĂͲƐĞ ƉĞůĂ ĂĨĞƚĂĕĆŽ ĚŽƐ ƚƌĂďĂůŚĂĚŽƌĞƐ ƋƵĞ ƐƵƉĞƌǀŝƐŝŽŶĂ ĂŽƐ ĚŝĨĞƌĞŶƚĞƐ ƚƌĂďĂůŚŽƐ Ğŵ ĞǆĞĐƵĕĆŽ͕ ĐŽŽƌĚĞŶĂŶĚŽͲŽƐ ŶŽ ĞǆĞƌĐşĐŝŽ ĚĂƐ ƐƵĂƐ ĂƚŝǀŝĚĂĚĞƐ͖ ƌĞƷŶĞͲƐĞ ƉĞƌŝŽĚŝĐĂŵĞŶƚĞ ĐŽŵ Ž ƐĞƵ ƐƵƉĞƌŝŽƌ ŚŝĞƌĄƌƋƵŝĐŽ͕ ĂŽ ƋƵĂů ĚĄ ĐŽŶŚĞĐŝŵĞŶƚŽ ĚŽ ĂŶĚĂŵĞŶƚŽ ĚŽƐ ƚƌĂďĂůŚŽƐ Ğ ĚĞ ĞǀĞŶƚƵĂŝƐ ŝƌƌĞŐƵůĂƌŝĚĂĚĞƐ͕ ƉůĂŶĞĂŶĚŽ ĐŽŵ ĞƐƚĞ Ž ƚƌĂďĂůŚŽ Ă ĞĨĞƚƵĂƌ Ğ ƌĞĐĞďĞŶĚŽ ĚĞƐƚĞ ĚŝƌĞƚƌŝǌĞƐ ƋƵĞ ĚĞǀĞŵ ŽƌŝĞŶƚĂƌ Ž ƚƌĂďĂůŚŽ͖ ƉƌŽĐĞĚĞ ă ŝŶǀĞŶƚĂƌŝĂĕĆŽ ĚĂƐ ĨĂůƚĂƐ Ğ ĞŶƚƌĂĚĂƐ ĚĞ ƐĞƌǀŝĕŽ ĚŽ ƉĞƐƐŽĂů͕ ƌĞŐŝƐƚĂ Ğ ĐĂůĞŶĚĂƌŝǌĂ ŽƐ ƉĞĚŝĚŽƐ ĚĞ ĨĠƌŝĂƐ͕ ĐŽŵ ǀŝƐƚĂ Ă ĂƐƐĞŐƵƌĂƌ Ž ďŽŵ ĨƵŶĐŝŽŶĂŵĞŶƚŽ ĚĂƐ ŽďƌĂƐ Ğŵ ĞǆĞĐƵĕĆŽ͕ ƉĂƌƚŝĐŝƉĂŶĚŽ Ğ ĚĞƐĐƌĞǀĞŶĚŽ ĂĐŝĚĞŶƚĞƐ ĚĞ ƚƌĂďĂůŚŽ͘

ƐĐŽůĂƌŝĚĂĚĞ ŽďƌŝŐĂƚſƌŝĂ

ƐƐŝƐƚĞŶƚĞ KƉĞƌĂĐŝŽŶĂů Ͳ ŶĐĂƌƌĞŐĂĚŽ KƉĞƌĂĐŝŽŶĂů Ͳ

ĚĞ KďƌĂƐ ĚĞ ŽŶƐƚƌƵĕĆŽ ŝǀŝů Ͳ ǆĞƌĐĞ ĨƵŶĕƁĞƐ ĚĞ ĐŽŽƌĚĞŶĂĕĆŽ ĚŽƐ ĂƐƐŝƐƚĞŶƚĞƐ ŽƉĞƌĂĐŝŽŶĂŝƐ ĂĨĞƚŽƐ ĂŽ ƐĞƵ ƐĞĐƚŽƌ ĚĞ ĂƚŝǀŝĚĂĚĞ͕ ƉŽƌ ĐƵũŽƐ ƌĞƐƵůƚĂĚŽƐ Ġ ƌĞƐƉŽŶƐĄǀĞů͖ ƌĞĂůŝǌĂ ƚĂƌĞĨĂƐ ĚĞ ƉƌŽŐƌĂŵĂĕĆŽ͕ ŽƌŐĂŶŝǌĂĕĆŽ Ğ ĐŽŶƚƌŽůŽ ĚŽƐ ƚƌĂďĂůŚŽƐ Ă ĞǆĞĐƵƚĂƌ ƉĞůŽ ƉĞƐƐŽĂů ƐŽď ƐƵĂ ĐŽŽƌĚĞŶĂĕĆŽ͕ ŶŽŵĞĂĚĂŵĞŶƚĞ͗ ƌĞƐƉŽŶƐĂďŝůŝǌĂͲƐĞ ƉĞůĂ ĂĨĞƚĂĕĆŽ ĚŽƐ ƚƌĂďĂůŚĂĚŽƌĞƐ ƋƵĞ ƐƵƉĞƌǀŝƐŝŽŶĂ ăƐ ĚŝĨĞƌĞŶƚĞƐ ŽďƌĂƐ ĚĞ ĐŽŶƐƚƌƵĕĆŽ Đŝǀŝů Ğŵ ĞǆĞĐƵĕĆŽ͕ ĐŽŽƌĚĞŶĂŶĚŽͲŽƐ ŶŽ ĞǆĞƌĐşĐŝŽ ĚĂƐ ƐƵĂƐ ĂƚŝǀŝĚĂĚĞƐ͖ ƌĞƷŶĞͲƐĞ ƉĞƌŝŽĚŝĐĂŵĞŶƚĞ ĐŽŵ Ž ƐĞƵ ƐƵƉĞƌŝŽƌ ŚŝĞƌĄƌƋƵŝĐŽ͕ ĂŽ ƋƵĂů ĚĄ ĐŽŶŚĞĐŝŵĞŶƚŽ ĚŽ ĂŶĚĂŵĞŶƚŽ ĚĂƐ ŽďƌĂƐ Ğ ĚĞ ĞǀĞŶƚƵĂŝƐ ŝƌƌĞŐƵůĂƌŝĚĂĚĞƐ͕ ƉůĂŶĞĂŶĚŽ ĐŽŵ ĞƐƚĞ Ž ƚƌĂďĂůŚŽ Ă ĞĨĞƚƵĂƌ Ğ ƌĞĐĞďĞŶĚŽ ĚĞƐƚĞ ĚŝƌĞƚƌŝǌĞƐ ƋƵĞ ĚĞǀĞŵ ŽƌŝĞŶƚĂƌ Ž ƚƌĂďĂůŚŽ͖ ĚĞƐůŽĐĂͲƐĞ ăƐ ŽďƌĂƐ ƋƵĞ ůŚĞ ĞƐƚĆŽ ĂĚƐƚƌŝƚĂƐ͕ ŽďƐĞƌǀĂŶĚŽ Ž ƐĞƵ ĂŶĚĂŵĞŶƚŽ Ğ ƉƌŽǀŝĚĞŶĐŝĂŶĚŽ Ă ƌĞƐŽůƵĕĆŽ ĚĞ ƋƵĂůƋƵĞƌ ƉƌŽďůĞŵĂ͖ ƉƌŽĐĞĚĞ ă ŝŶǀĞŶƚĂƌŝĂĕĆŽ ĚĂƐ ĨĂůƚĂƐ Ğ ĞŶƚƌĂĚĂƐ ĚĞ ƐĞƌǀŝĕŽ ĚŽ ƉĞƐƐŽĂů͕ ƌĞŐŝƐƚĂ Ğ ĐĂůĞŶĚĂƌŝǌĂ ŽƐ ƉĞĚŝĚŽƐ ĚĞ ĨĠƌŝĂƐ͕ ĐŽŵ ǀŝƐƚĂ Ă ĂƐƐĞŐƵƌĂƌ Ž ďŽŵ ĨƵŶĐŝŽŶĂŵĞŶƚŽ ĚĂƐ ŽďƌĂƐ Ğŵ ĞǆĞĐƵĕĆŽ͖ ƉĂƌƚŝĐŝƉĂ Ğ ĚĞƐĐƌĞǀĞ ĂĐŝĚĞŶƚĞƐ ĚĞ ƚƌĂďĂůŚŽ͘

ƐĐŽůĂƌŝĚĂĚĞ ŽďƌŝŐĂƚſƌŝĂ

ƐƐŝƐƚĞŶƚĞ KƉĞƌĂĐŝŽŶĂů Ͳ ŶĐĂƌƌĞŐĂĚŽ KƉĞƌĂĐŝŽŶĂů Ͳ

ĚĞ KďƌĂƐ ĚĞ ƐƚƌĂĚĂƐ Ğ ƌƌƵĂŵĞŶƚŽƐ Ͳ ǆĞƌĐĞ ĨƵŶĕƁĞƐ ĚĞ ĐŽŽƌĚĞŶĂĕĆŽ ĚŽƐ ĂƐƐŝƐƚĞŶƚĞƐ ŽƉĞƌĂĐŝŽŶĂŝƐ ĂĨĞƚŽƐ ĂŽ ƐĞƵ ƐĞĐƚŽƌ ĚĞ ĂƚŝǀŝĚĂĚĞ͕ ƉŽƌ ĐƵũŽƐ ƌĞƐƵůƚĂĚŽƐ Ġ ƌĞƐƉŽŶƐĄǀĞů͖ ƌĞĂůŝǌĂ ƚĂƌĞĨĂƐ ĚĞ ƉƌŽŐƌĂŵĂĕĆŽ͕ ŽƌŐĂŶŝǌĂĕĆŽ Ğ ĐŽŶƚƌŽůŽ ĚŽƐ ƚƌĂďĂůŚŽƐ Ă ĞǆĞĐƵƚĂƌ ƉĞůŽ ƉĞƐƐŽĂů ƐŽď ƐƵĂ ĐŽŽƌĚĞŶĂĕĆŽ͕ ŶŽŵĞĂĚĂŵĞŶƚĞ͗ ƌĞƐƉŽŶƐĂďŝůŝǌĂͲƐĞ ƉĞůĂ ĂĨĞƚĂĕĆŽ ĚŽƐ ƚƌĂďĂůŚĂĚŽƌĞƐ ƋƵĞ ƐƵƉĞƌǀŝƐŝŽŶĂ ăƐ ĚŝĨĞƌĞŶƚĞƐ ŽďƌĂƐ ĚĞ ĞƐƚƌĂĚĂƐ Ğ ĂƌƌƵĂŵĞŶƚŽƐ Ğŵ ĞǆĞĐƵĕĆŽ͕ ĐŽŽƌĚĞŶĂŶĚŽͲŽƐ ŶŽ ĞǆĞƌĐşĐŝŽ ĚĂƐ ƐƵĂƐ ĂƚŝǀŝĚĂĚĞƐ͖ ƌĞƷŶĞͲƐĞ ƉĞƌŝŽĚŝĐĂŵĞŶƚĞ ĐŽŵ Ž ƐĞƵ ƐƵƉĞƌŝŽƌ ŚŝĞƌĄƌƋƵŝĐŽ͕ ĂŽ ƋƵĂů ĚĄ ĐŽŶŚĞĐŝŵĞŶƚŽ ĚŽ ĂŶĚĂŵĞŶƚŽ ĚĂƐ ŽďƌĂƐ Ğ ĚĞ ĞǀĞŶƚƵĂŝƐ ŝƌƌĞŐƵůĂƌŝĚĂĚĞƐ͕ ƉůĂŶĞĂŶĚŽ ĐŽŵ ĞƐƚĞ Ž ƚƌĂďĂůŚŽ Ă ĞĨĞƚƵĂƌ Ğ ƌĞĐĞďĞŶĚŽ ĚĞƐƚĞ ĚŝƌĞƚƌŝǌĞƐ ƋƵĞ ĚĞǀĞŵ ŽƌŝĞŶƚĂƌ Ž ƚƌĂďĂůŚŽ͖ ĚĞƐůŽĐĂͲƐĞ ăƐ ŽďƌĂƐ ƋƵĞ ůŚĞ ĞƐƚĆŽ ĂĚƐƚƌŝƚĂƐ͕ ŽďƐĞƌǀĂŶĚŽ Ž ƐĞƵ ĂŶĚĂŵĞŶƚŽ Ğ ƉƌŽǀŝĚĞŶĐŝĂŶĚŽ Ă ƌĞƐŽůƵĕĆŽ ĚĞ ƋƵĂůƋƵĞƌ ƉƌŽďůĞŵĂ͖ ƉƌŽĐĞĚĞ ă ŝŶǀĞŶƚĂƌŝĂĕĆŽ ĚĂƐ ĨĂůƚĂƐ Ğ ĞŶƚƌĂĚĂƐ ĚĞ ƐĞƌǀŝĕŽ ĚŽ ƉĞƐƐŽĂů͕ ƌĞŐŝƐƚĂ Ğ ĐĂůĞŶĚĂƌŝǌĂ ŽƐ ƉĞĚŝĚŽƐ ĚĞ ĨĠƌŝĂƐ͕ ĐŽŵ ǀŝƐƚĂ Ă ĂƐƐĞŐƵƌĂƌ Ž ďŽŵ ĨƵŶĐŝŽŶĂŵĞŶƚŽ ĚĂƐ ŽďƌĂƐ Ğŵ ĞǆĞĐƵĕĆŽ͖ ƉĂƌƚŝĐŝƉĂ Ğ ĚĞƐĐƌĞǀĞ ĂĐŝĚĞŶƚĞƐ ĚĞ ƚƌĂďĂůŚŽ͘

ƐĐŽůĂƌŝĚĂĚĞ ŽďƌŝŐĂƚſƌŝĂ

ƐƐŝƐƚĞŶƚĞ KƉĞƌĂĐŝŽŶĂů Ͳ ŶĐĂƌƌĞŐĂĚŽ KƉĞƌĂĐŝŽŶĂů Ͳ

ĚĞ WĂƌƋƵĞƐ ĚĞ DĄƋƵŝŶĂƐ Ͳ ǆĞƌĐĞ ĨƵŶĕƁĞƐ ĚĞ ĐŽŽƌĚĞŶĂĕĆŽ ĚŽƐ ĂƐƐŝƐƚĞŶƚĞƐ ŽƉĞƌĂĐŝŽŶĂŝƐ ĂĨĞƚŽƐ ĂŽ ƐĞƵ ƐĞĐƚŽƌ ĚĞ ĂƚŝǀŝĚĂĚĞ͕ ƉŽƌ ĐƵũŽƐ ƌĞƐƵůƚĂĚŽƐ Ġ ƌĞƐƉŽŶƐĄǀĞů͖ ƌĞĂůŝǌĂ ƚĂƌĞĨĂƐ ĚĞ ƉƌŽŐƌĂŵĂĕĆŽ͕ ŽƌŐĂŶŝǌĂĕĆŽ Ğ ĐŽŶƚƌŽůŽ ĚŽƐ ƚƌĂďĂůŚŽƐ Ă ĞǆĞĐƵƚĂƌ ƉĞůŽ ƉĞƐƐŽĂů ƐŽď ƐƵĂ ĐŽŽƌĚĞŶĂĕĆŽ͕ ĚĞƐŝŐŶĂĚĂŵĞŶƚĞ͗ ĐŽŽƌĚĞŶĂ Ă ŐĞƐƚĆŽ ĚŽ ƉĂƌƋƵĞ ĚĞ ŵĄƋƵŝŶĂƐ Ğ ǀŝĂƚƵƌĂƐ ĂƵƚŽŵſǀĞŝƐ͕ ƉƌŽĐĞĚĞŶĚŽ ă ƐƵĂ ĚŝƐƚƌŝďƵŝĕĆŽ͕ ĂĨĞƚĂĕĆŽ Ğ ĐŽŶƚƌŽůŽ͕ ĚĞ ĂĐŽƌĚŽ ĐŽŵ ĂƐ ŶĞĐĞƐƐŝĚĂĚĞƐ ĚŽƐ ĚŝǀĞƌƐŽƐ ƐĞƌǀŝĕŽƐ ŵƵŶŝĐŝƉĂŝƐ͖ ƐƵƉĞƌǀŝƐŝŽŶĂ Ğ ŽƌŝĞŶƚĂ Ă ĂƚŝǀŝĚĂĚĞ ĚŽƐ ĨƵŶĐŝŽŶĄƌŝŽƐ ĂĨĞƚŽƐ ă ĄƌĞĂ ĚŽƐ ƚƌĂŶƐƉŽƌƚĞƐ͖ ĂƐƐĞŐƵƌĂ Ă ĐŽŶƐĞƌǀĂĕĆŽ Ğ ŵĂŶƵƚĞŶĕĆŽ ĚŽƐ ĚŝǀĞƌƐŽƐ ǀĞşĐƵůŽƐ Ğ ŵĄƋƵŝŶĂƐ ƋƵĞ ŝŶƚĞŐƌĂŵ Ž ƉĂƌƋƵĞ͖ Ġ ƌĞƐƉŽŶƐĄǀĞů ƉĞůŽ ĐƵŵƉƌŝŵĞŶƚŽ ĚŽ ƌĞŐƵůĂŵĞŶƚŽ ŝŶƚĞƌŶŽ Ğ ƉĞůŽƐ ďĞŶƐ Ğ ĞƋƵŝƉĂŵĞŶƚŽƐ ĂĚƐƚƌŝƚŽƐ ă ƐƵĂ ĄƌĞĂ͖ ƉŽĚĞ ĂƐƐĞŐƵƌĂƌ Ă ŐĞƐƚĆŽ ĐŽƌƌĞŶƚĞ ĚŽ ƉĞƐƐŽĂů͕ ǀĞƌŝĨŝĐĂŶĚŽ ĂƐ ĐĂƌġŶĐŝĂƐ Ğŵ ƌĞĐƵƌƐŽƐ ŚƵŵĂŶŽƐ͕ ĂŶŽƚĂŶĚŽ ĂƐ ƐƵĂƐ ĨĂůƚĂƐ͘

ƐĐŽůĂƌŝĚĂĚĞ ŽďƌŝŐĂƚſƌŝĂ

ŶĞǆŽ ĂŽ DĂƉĂ ĚĞ WĞƐƐŽĂů Ͳ ϮϬϭϳ D Z DhE/ /W > dKD Z ĂƌŐŽ ͬ ĂƌƌĞŝƌĂ ͬ ĂƚĞŐŽƌŝĂ

ƐƐŝƐƚĞŶƚĞ KƉĞƌĂĐŝŽŶĂů

ƚƌŝďƵŝĕĆŽ ͬ ŽŵƉĞƚġŶĐŝĂƐ

&ŽƌŵĂĕĆŽ ĐĂĚĠŵŝĐĂ

ƌĞĂ ƵǆŝůŝĂƌ Ͳ ǆĞƌĐĞƌ ĨƵŶĕƁĞƐ ĚĞ ŶĂƚƵƌĞǌĂ ĞǆĞĐƵƚŝǀĂ ĚĞ ĐĂƌĄƚĞƌ ŵĂŶƵĂů ŽƵ ŵĞĐąŶŝĐŽ͕ ĞŶƋƵĂĚƌĂĚĂƐ Ğŵ ĚŝƌĞƚŝǀĂƐ ĚĞĨŝŶŝĚĂƐ͕ ŶĂ ĄƌĞĂ ĚĞ ĂƚƵĂĕĆŽ ĚĂ ƌĞƐƉĞƚŝǀĂ ƵŶŝĚĂĚĞ ŽƌŐąŶŝĐĂ͕ ĞǆĞĐƵƚĂŶĚŽ ƚĂƌĞĨĂƐ ĚĞ ĂƉŽŝŽ ŝŶĚŝƐƉĞŶƐĄǀĞŝƐ ĂŽ ĨƵŶĐŝŽŶĂŵĞŶƚŽ ĚŽƐ ƐĞƌǀŝĕŽƐ͕ ĞĨĞƚƵĂ Ă ƌĞĐĞĕĆŽ Ğ ĞŶƚƌĞŐĂ ĚĞ ĞǆƉĞĚŝĞŶƚĞ͖ ƉŽĚĞŶĚŽ ĐŽŵƉŽƌƚĂƌ ĞƐĨŽƌĕŽ ĨşƐŝĐŽ͕ ŶŽŵĞĂĚĂŵĞŶƚĞ ĂƐƐĞŐƵƌĂƌ Ă ůŝŵƉĞǌĂ Ğ ŵĂŶƵƚĞŶĕĆŽ ĚĂƐ ŝŶƐƚĂůĂĕƁĞƐ͖ ĐŽůĂďŽƌĂƌ ĞǀĞŶƚƵĂůŵĞŶƚĞ ŶŽƐ ƚƌĂďĂůŚŽƐ ĂƵǆŝůŝĂƌĞƐ ĚĞ ŵŽŶƚĂŐĞŵ͕ ĚĞƐŵŽŶƚĂŐĞŵ Ğ ĐŽŶƐĞƌǀĂĕĆŽ ĚŽƐ ĞƋƵŝƉĂŵĞŶƚŽƐ͖ ĂƵǆŝůŝĂƌ Ğ ĞǆĞĐƵƚĂƌ ĐĂƌŐĂƐ Ğ ĚĞƐĐĂƌŐĂƐ͖ ƌĞĂůŝǌĂƌ ƚĂƌĞĨĂƐ ĚĞ ĂƌƌƵŵĂĕĆŽ Ğ ĚŝƐƚƌŝďƵŝĕĆŽ͕ ďĞŵ ĐŽŵŽ ŽƵƚƌĂƐ ĨƵŶĕƁĞƐ ŶĆŽ ĞƐƉĞĐŝĨŝĐĂĚĂƐ͘

ƐĐŽůĂƌŝĚĂĚĞ ŽďƌŝŐĂƚſƌŝĂ

ƐƐŝƐƚĞŶƚĞ KƉĞƌĂĐŝŽŶĂů

[ 87 ] ƐƐŝƐƚĞŶƚĞ KƉĞƌĂĐŝŽŶĂů

ƌĞĂ ĚĞ ŽŵďĞŝƌŽ Ͳ ZĞĂůŝǌĂ ƚĂƌĞĨĂƐ ĂƵǆŝůŝĂƌĞƐ ă ĞǆĞĐƵĕĆŽ ĚŽƐ ƚƌĂďĂůŚŽƐ ĞƐƉĞĐşĨŝĐŽƐ ŶŽ ąŵďŝƚŽ ĚĂ WƌŽƚĞĕĆŽ ŝǀŝů Ğ ŽŵďĞŝƌŽƐ͕ ŶŽŵĞĂĚĂŵĞŶƚĞ ŶŽ ĐŽŵďĂƚĞ Ă ŝŶĐġŶĚŝŽƐ͕ ƐŽĐŽƌƌŽ Ğ ƚƌĂŶƐƉŽƌƚĞ ĚĞ ƐŝŶŝƐƚƌĂĚŽƐ Ğ ĚŽĞŶƚĞƐ͖ ƉƌŽǀŝĚĞŶĐŝĂ ƉĞůĂƐ ĐŽŶĚŝĕƁĞƐ ĚĞ ĂƐƐĞŝŽ͕ ůŝŵƉĞǌĂ Ğ ĐŽŶƐĞƌǀĂĕĆŽ ĚĂƐ ŝŶƐƚĂůĂĕƁĞƐ Ğ ĚŝǀĞƌƐĂ ŵĂƋƵŝŶĂƌŝĂ͕ ŝŶĐůƵŝŶĚŽ ǀŝĂƚƵƌĂƐ͖ ĐŽůĂďŽƌĂ ĞǀĞŶƚƵĂůŵĞŶƚĞ ŶŽƐ ƚƌĂďĂůŚŽƐ ĂƵǆŝůŝĂƌĞƐ ĚĞ ŵŽŶƚĂŐĞŵ͕ ĚĞƐŵŽŶƚĂŐĞŵ Ğ ĐŽŶƐĞƌǀĂĕĆŽ ĚĞ ĞƋƵŝƉĂŵĞŶƚŽƐ͖ ĞƐƚĂďĞůĞĐĞ Ğ ƌĞĐĞďĞ ůŝŐĂĕƁĞƐ ƚĞůĞĨſŶŝĐĂƐ Ğ ĂŶŽƚĂ Ž ŵŽǀŝŵĞŶƚŽ ĚĞ ĐŚĂŵĂĚĂƐ ƋƵĞ ƌĞƐƉĞŝƚĂŵ ĂƐƐƵŶƚŽƐ ĚĞ ƐĞƌǀŝĕŽ Ğ ƚƌĂŶƐŵŝƚĞͲĂƐ ƉŽƌ ĞƐĐƌŝƚŽ ŽƵ ŽƌĂůŵĞŶƚĞ ͖ ĞǆĞĐƵƚĂ ŽƵƚƌĂƐ ƚĂƌĞĨĂƐ ƐŝŵƉůĞƐ͕ ŶĆŽ ĞƐƉĞĐŝĨŝĐĂĚĂƐ͕ ĚĞ ĐĂƌĄĐƚĞƌ ŵĂŶƵĂů Ğ ĞǆŝŐŝŶĚŽ ƉƌŝŶĐŝƉĂůŵĞŶƚĞ ĞƐĨŽƌĕŽ ĨşƐŝĐŽ Ğ ĐŽŶŚĞĐŝŵĞŶƚŽƐ ƉƌĄƚŝĐŽƐ͘ ƌĞĂ ĚĞ ^ĞƌǀŝĕŽƐ ƵĚŝŽǀŝƐƵĂŝƐ Ͳ ǆĞƌĐĞ ĨƵŶĕƁĞƐ ĂƵǆŝůŝĂƌĞƐ ĚĞ ĂĐŽŵƉĂŶŚĂŵĞŶƚŽ Ğ ĂƉŽŝŽ ŶŽ ĚŽŵşŶŝŽ ĚŽƐ ŵĞŝŽƐ ĂƵĚŝŽǀŝƐƵĂŝƐ͖ ŽƉĞƌĂ ĐŽŵ ŽƐ ĞƋƵŝƉĂŵĞŶƚŽƐ ĚĞ ƐŽŵ Ğ ŝŵĂŐĞŶƐ ĞǆŝƐƚĞŶƚĞƐ ŶŽƐ ƐĞƌǀŝĕŽƐ͖ ǌĞůĂ ƉĞůĂ ŐƵĂƌĚĂ Ğ ĐŽŶƐĞƌǀĂĕĆŽ ĚŽƐ ĞƋƵŝƉĂŵĞŶƚŽƐ ĂĨĞƚŽƐ ĂŽƐ ƐĞƌǀŝĕŽƐ͖ ĂƐƐĞŐƵƌĂ Ž ƌĞŐŝƐƚŽ Ğ ƌĞƉƌŽĚƵĕĆŽ ĚĞ ƚƌĂďĂůŚŽƐ ĚĞ ƐŽŵ Ğ ŝŵĂŐĞŵ ƌĞĂůŝǌĂĚŽƐ ŶŽ ąŵďŝƚŽ ĚŽƐ ƐĞƌǀŝĕŽƐ͖ ĂƵǆŝůŝĂ Ă ĞǆĞĐƵĕĆŽ ĚĞ ĐĂƌŐĂƐ Ğ ĚĞƐĐĂƌŐĂƐ͖ ƌĞĂůŝǌĂ ƚĂƌĞĨĂƐ ĚĞ ĂƌƌƵŵĂĕĆŽ Ğ ĚŝƐƚƌŝďƵŝĕĆŽ͖ ĞǆĞĐƵƚĂ ŽƵƚƌĂƐ ƚĂƌĞĨĂƐ ƐŝŵƉůĞƐ͕ ŶĆŽ ĞƐƉĞĐŝĨŝĐĂĚĂƐ͕ ĚĞ ĐĂƌĄĐƚĞƌ ŵĂŶƵĂů Ğ ĞǆŝŐŝŶĚŽ ƉƌŝŶĐŝƉĂůŵĞŶƚĞ ĞƐĨŽƌĕŽ ĨşƐŝĐŽ Ğ ĐŽŶŚĞĐŝŵĞŶƚŽƐ ƉƌĄƚŝĐŽƐ͘

ƐĐŽůĂƌŝĚĂĚĞ ŽďƌŝŐĂƚſƌŝĂ

ƐƐŝƐƚĞŶƚĞ KƉĞƌĂĐŝŽŶĂů

ĂůĐĞƚĞŝƌŽ Ͳ ZĞǀĞƐƚĞ Ğ ƌĞƉĂƌĂ ƉĂǀŝŵĞŶƚŽƐ͕ ũƵƐƚĂƉŽŶĚŽ Ğ ĂƐƐĞŶƚĂŶĚŽ ƉĂƌĂůĞůĞƉşƉĞĚŽƐ͕ ĐƵďŽƐ ŽƵ ŽƵƚƌŽƐ ƐſůŝĚŽƐ ĚĞ ƉĞĚƌĂ͕ ƚĂŝƐ ĐŽŵŽ ĐĂůĕĂĚĂ ă ƉŽƌƚƵŐƵĞƐĂ͕ ŐƌĂŶŝƚŽ͕ ďĂƐĂůƚŽ͕ ĐŝŵĞŶƚŽ Ğ ŽƵ ƉĞĚƌĂ ĐĂůĐĄƌŝĂ͖ Ġ ƌĞƐƉŽŶƐĄǀĞů ƉĞůŽƐ ĞƋƵŝƉĂŵĞŶƚŽƐ ƐŽď Ă ƐƵĂ ŐƵĂƌĚĂ Ğ ƉĞůĂ ĐŽƌƌĞƚĂ ƵƚŝůŝǌĂĕĆŽ͕ ƉƌŽĐĞĚĞŶĚŽ͕ ƋƵĂŶĚŽ ŶĞĐĞƐƐĄƌŝŽ͕ ă ŵĂŶƵƚĞŶĕĆŽ Ğ ƌĞƉĂƌĂĕĆŽ ĚŽƐ ŵĞƐŵŽƐ͘

ƐĐŽůĂƌŝĚĂĚĞ ŽďƌŝŐĂƚſƌŝĂ

ƐƐŝƐƚĞŶƚĞ KƉĞƌĂĐŝŽŶĂů

ĂŶĂůŝǌĂĚŽƌ Ͳ ǆĞĐƵƚĂ ĐĂŶĂůŝǌĂĕƁĞƐ Ğŵ ĞĚŝĨşĐŝŽƐ͕ ŝŶƐƚĂůĂĕƁĞƐ ŝŶĚƵƐƚƌŝĂŝƐ Ğ ŽƵƚƌŽƐ ůŽĐĂŝƐ͕ ĚĞƐƚŝŶĂĚŽƐ ĂŽ ƚƌĂŶƐƉŽƌƚĞ ĚĞ ĄŐƵĂ ŽƵ ĞƐŐŽƚŽƐ͖ ĐŽƌƚĂ Ğ ƌŽƐĐĂ ƚƵďŽƐ Ğ ƐŽůĚĂ ƚƵďŽƐ ĚĞ ĐŚƵŵďŽ͕ ƉůĄƐƚŝĐŽ͕ ĨĞƌƌŽ͕ ĨŝďƌŽĐŝŵĞŶƚŽ Ğ ŵĂƚĞƌŝĂŝƐ ĂĨŝŶƐ͖ ĞǆĞĐƵƚĂ ƌĞĚĞƐ ĚĞ ĚŝƐƚƌŝďƵŝĕĆŽ ĚĞ ĄŐƵĂ Ğ ƌĞƐƉĞƚŝǀŽƐ ƌĂŵĂŝƐ ĚĞ ůŝŐĂĕĆŽ͕ ĂƐƐĞŶƚĂŶĚŽ ƚƵďĂŐĞŶƐ Ğ ĂĐĞƐƐſƌŝŽƐ ŶĞĐĞƐƐĄƌŝŽƐ͖ ĞǆĞĐƵƚĂ ŽƵƚƌŽƐ ƚƌĂďĂůŚŽƐ ƐŝŵŝůĂƌĞƐ ŽƵ ĐŽŵƉůĞŵĞŶƚĂƌĞƐ ĚŽƐ ĚĞƐĐƌŝƚŽƐ͖ Ġ ƌĞƐƉŽŶƐĄǀĞů ƉĞůŽƐ ĞƋƵŝƉĂŵĞŶƚŽƐ ƐŽď Ă ƐƵĂ ŐƵĂƌĚĂ Ğ ƉĞůĂ ĐŽƌƌĞƚĂ ƵƚŝůŝǌĂĕĆŽ͕ ƉƌŽĐĞĚĞŶĚŽ͕ ƋƵĂŶĚŽ ŶĞĐĞƐƐĄƌŝŽ͕ ă ŵĂŶƵƚĞŶĕĆŽ Ğ ƌĞƉĂƌĂĕĆŽ ĚŽƐ ŵĞƐŵŽƐ͘

ƐĐŽůĂƌŝĚĂĚĞ ŽďƌŝŐĂƚſƌŝĂ

ƐƐŝƐƚĞŶƚĞ KƉĞƌĂĐŝŽŶĂů

ĂŶƚŽŶĞŝƌŽ ĚĞ sŝĂƐ Ͳ sŝŐŝĂ ĐŽŶƐĞƌǀĂ Ğ ůŝŵƉĂ Ƶŵ ĚĞƚĞƌŵŝŶĂĚŽ ƚƌŽĕŽ ĚĂ ĞƐƚƌĂĚĂ͕ ĐŽŵƵŶŝĐĂŶĚŽ ĂůƵŝŵĞŶƚŽƐ ĚĞ ǀŝĂ͕ ĞǆĞĐƵƚĂŶĚŽ ƉĞƋƵĞŶĂƐ ƌĞƉĂƌĂĕƁĞƐ Ğ ĚĞƐŝŵƉĞĚŝŶĚŽ ĂĐĞƐƐŽƐ͖ ůŝŵƉĂ ǀĂůĞƚĂƐ͕ ĐŽŵƉƁĞ ďĞƌŵĂƐ Ğ ĚĞƐŽďƐƚƌƵŝ ĂƋƵĞĚƵƚŽƐ͕ ĚĞ ŵŽĚŽ Ă ŵĂŶƚĞƌ Ğŵ ďŽĂƐ ĐŽŶĚŝĕƁĞƐ Ž ĞƐĐŽĂŵĞŶƚŽ ĚĂƐ ĄŐƵĂƐ ƉůƵǀŝĂŝƐ͖ ĐŽŵƉƁĞ ƉĂǀŝŵĞŶƚŽƐ͕ ĞĨĞƚƵĂŶĚŽ ƌĞƉĂƌĂĕƁĞƐ ĚĞ ĐĂůĐĞƚĂŵĞŶƚŽ͕ ĂƉŝůŽĂŵĞŶƚŽ ĚĞ ƉĞĚƌĂ ŵŽůĞ ŽƵ ĚĞƌƌĂŵĞ ĚĞ ŵĂƐƐĂƐ ďĞƚƵŵŝŶŽƐĂƐ͖ ĞǆĞĐƵƚĂ ĐŽƌƚĞƐ Ğŵ ĄƌǀŽƌĞƐ ĞǆŝƐƚĞŶƚĞƐ ŶĂƐ ďĞƌŵĂƐ ĚĂ ĞƐƚƌĂĚĂ͖ Ġ ƌĞƐƉŽŶƐĄǀĞů ƉĞůŽƐ ĞƋƵŝƉĂŵĞŶƚŽƐ ƐŽď Ă ƐƵĂ ŐƵĂƌĚĂ Ğ ƉĞůĂ ĐŽƌƌĞƚĂ ƵƚŝůŝǌĂĕĆŽ͕ ƉƌŽĐĞĚĞŶĚŽ͕ ƋƵĂŶĚŽ ŶĞĐĞƐƐĄƌŝŽ͕ ă ŵĂŶƵƚĞŶĕĆŽ Ğ ƌĞƉĂƌĂĕĆŽ ĚŽƐ ŵĞƐŵŽƐ͘

ƐĐŽůĂƌŝĚĂĚĞ ŽďƌŝŐĂƚſƌŝĂ

WƌĂĕĂ ĚĂ ZĞƉƷďůŝĐĂ ͼ dĞů͘ Ϯϰϵ ϯϮϵ ϴϴϱ ͼ &Ăǆ Ϯϰϵ ϯϮϵ ϴϬϵ ͼ ͲŵĂŝů͗ ƉƌĞƐŝĚĞŶĐŝĂΛĐŵͲƚŽŵĂƌ͘Ɖƚ ͼ ϮϯϬϬͲϱϱϬ dŽŵĂƌ

ŶĞǆŽ ĂŽ DĂƉĂ ĚĞ WĞƐƐŽĂů Ͳ ϮϬϭϳ D Z DhE/ /W > dKD Z

ĂƌŐŽ ͬ ĂƌƌĞŝƌĂ ͬ ĂƚĞŐŽƌŝĂ

ƚƌŝďƵŝĕĆŽ ͬ ŽŵƉĞƚġŶĐŝĂƐ

&ŽƌŵĂĕĆŽ ĐĂĚĠŵŝĐĂ

[ 88 ]

ƐƐŝƐƚĞŶƚĞ KƉĞƌĂĐŝŽŶĂů

ĂƌƉŝŶƚĞŝƌŽ Ͳ ǆĞĐƵƚĂ ƚƌĂďĂůŚŽƐ Ğŵ ĞƵĐĂůŝƉƚŽ͕ ƉŝŶŚĞŝƌŽ͕ ĐĂƐƚĂŶŚŽ͕ ƚŽůĂ Ğ ĐąŵďĂůĂ͕ ĂƚƌĂǀĠƐ ĚŽƐ ŵŽůĚĞƐ ƋƵĞ ůŚĞ ƐĆŽ ĂƉƌĞƐĞŶƚĂĚŽƐ͖ ĂŶĂůŝƐĂ Ž ĚĞƐĞŶŚŽ ƋƵĞ ůŚĞ Ġ ĨŽƌŶĞĐŝĚŽ ŽƵ ƉƌŽĐĞĚĞ ĞůĞ ƉƌſƉƌŝŽ ĂŽ ĞƐďŽĕŽ ĚŽ ŵĞƐŵŽ͕ ƌŝƐĐĂ Ă ŵĂĚĞŝƌĂ ĚĞ ĂĐŽƌĚŽ ĐŽŵ ĂƐ ŵĞĚŝĚĂƐ͖ ƐĞƌƌĂ Ğ ƚŽƉŝĂ ĂƐ ƉĞĕĂƐ ĚĞƐĞŶŐƌŽƐƐĂŶĚŽͲĂƐ͕ ůŝǆĂ Ğ ĐŽůĂ ŵĂƚĞƌŝĂů͕ ĂũƵƐƚĂŶĚŽ ĂƐ ƉĞĕĂƐ ŶƵŵĂ ƉƌĞŶƐĂ͖ ĂƐƐĞŶƚĂ͕ ŵŽŶƚĂ Ğ ĂĐĂďĂ ŽƐ ůŝŵƉŽƐ ŶĂƐ ŽďƌĂƐ͕ ƚĂŝƐ ĐŽŵŽ ƉŽƌƚĂƐ͕ ƌŽĚĂƉĠƐ͕ ũĂŶĞůĂƐ͕ ĐĂŝǆŝůŚŽƐ͕ ĞƐĐĂĚĂƐ͕ ĚŝǀŝƐſƌŝĂƐ Ğŵ ŵĂĚĞŝƌĂ͕ ĂƌŵĂĕƁĞƐ ĚĞ ƚĂůŚĂĚŽƐ Ğ ůĂŵďƌŝƐ͖ ƉƌŽĐĞĚĞ Ă ƚƌĂŶƐĨŽƌŵĂĕƁĞƐ ĚĂƐ ƉĞĕĂƐ Ă ƉĂƌƚŝƌ ĚĞ ƵŵĂ ĞƐƚƌƵƚƵƌĂ ǀĞůŚĂ ƉĂƌĂ ƵŵĂ ŶŽǀĂ Ğ ƌĞƉĂƌĂͲĂƐ͖ Ġ ƌĞƐƉŽŶƐĄǀĞů ƉĞůŽƐ ĞƋƵŝƉĂŵĞŶƚŽƐ ƐŽď Ă ƐƵĂ ŐƵĂƌĚĂ Ğ ƉĞůĂ ĐŽƌƌĞƚĂ ƵƚŝůŝǌĂĕĆŽ͕ ƉƌŽĐĞĚĞŶĚŽ͕ ƋƵĂŶĚŽ ŶĞĐĞƐƐĄƌŝŽ͕ ă ŵĂŶƵƚĞŶĕĆŽ Ğ ƌĞƉĂƌĂĕĆŽ ĚŽƐ ŵĞƐŵŽƐ͘

ƐĐŽůĂƌŝĚĂĚĞ ŽďƌŝŐĂƚſƌŝĂ

ƐƐŝƐƚĞŶƚĞ KƉĞƌĂĐŝŽŶĂů

ŽŶĚƵƚŽƌ ĚĞ DĄƋƵŝŶĂƐ WĞƐĂĚĂƐ Ğ sĞşĐƵůŽƐ ƐƉĞĐŝĂŝƐ Ͳ ŽŶĚƵǌ ŵĄƋƵŝŶĂƐ ƉĞƐĂĚĂƐ ĚĞ ŵŽǀŝŵĞŶƚĂĕĆŽ ĚĞ ƚĞƌƌĂƐ͕ ŐƌƵĂƐ ŽƵ ǀĞşĐƵůŽƐ ĚĞƐƚŝŶĂĚŽƐ ă ůŝŵƉĞǌĂ ƵƌďĂŶĂ ŽƵ ƌĞĐŽůŚĂ ĚĞ ůŝǆŽ͕ ŵĂŶŽďƌĂŶĚŽ ƚĂŵďĠŵ ƐŝƐƚĞŵĂƐ ŚŝĚƌĄƵůŝĐŽƐ ŽƵ ŵĞĐĂŶŝƐŵŽƐ ĐŽŵƉůĞŵĞŶƚĂƌĞƐ ĚĂƐ ǀŝĂƚƵƌĂƐ͖ ǌĞůĂ ƉĞůĂ ĐŽŶƐĞƌǀĂĕĆŽ Ğ ůŝŵƉĞǌĂ ĚĂƐ ǀŝĂƚƵƌĂƐ͕ ǀĞƌŝĨŝĐĂ ĚŝĂƌŝĂŵĞŶƚĞ ŽƐ ŶşǀĞŝƐ ĚĞ ſůĞŽ Ğ ĄŐƵĂ Ğ ĐŽŵƵŶŝĐĂ ĂƐ ŽĐŽƌƌġŶĐŝĂƐ ŶŽƌŵĂŝƐ ĚĞƚĞƚĂĚĂƐ ŶĂƐ ǀŝĂƚƵƌĂƐ͖ ƉŽĚĞ ĐŽŶĚƵǌŝƌ ŽƵƚƌĂƐ ǀŝĂƚƵƌĂƐ ůŝŐĞŝƌĂƐ ŽƵ ƉĞƐĂĚĂƐ͖ Ġ ƌĞƐƉŽŶƐĄǀĞů ƉĞůŽƐ ĞƋƵŝƉĂŵĞŶƚŽƐ ƐŽď Ă ƐƵĂ ŐƵĂƌĚĂ Ğ ƉĞůĂ ĐŽƌƌĞƚĂ ƵƚŝůŝǌĂĕĆŽ͕ ƉƌŽĐĞĚĞŶĚŽ͕ ƋƵĂŶĚŽ ŶĞĐĞƐƐĄƌŝŽ͕ ă ŵĂŶƵƚĞŶĕĆŽ Ğ ƌĞƉĂƌĂĕĆŽ ĚŽƐ ŵĞƐŵŽƐ͘

ƐĐŽůĂƌŝĚĂĚĞ ŽďƌŝŐĂƚſƌŝĂ

ƐƐŝƐƚĞŶƚĞ KƉĞƌĂĐŝŽŶĂů

ŽǀĞŝƌŽ Ͳ WƌŽĐĞĚĞ ă ĂďĞƌƚƵƌĂ Ğ ĂƚĞƌƌŽ ĚĞ ƐĞƉƵůƚƵƌĂƐ͕ ĂŽ ĚĞƉſƐŝƚŽ Ğ ĂŽ ůĞǀĂŶƚĂŵĞŶƚŽ ĚŽƐ ƌĞƐƚŽƐ ŵŽƌƚĂŝƐ͖ ĐƵŝĚĂ ĚŽ ƐĞĐƚŽƌ ĚŽ ĐĞŵŝƚĠƌŝŽ ƋƵĞ ůŚĞ ĞƐƚĄ ĚŝƐƚƌŝďƵşĚŽ͘

ƐĐŽůĂƌŝĚĂĚĞ ŽďƌŝŐĂƚſƌŝĂ

ƐƐŝƐƚĞŶƚĞ KƉĞƌĂĐŝŽŶĂů

ůĞƚƌŝĐŝƐƚĂ Ͳ /ŶƐƚĂůĂ͕ ĐŽŶƐĞƌǀĂ Ğ ƌĞƉĂƌĂ ĐŝƌĐƵŝƚŽƐ Ğ ĂƉĂƌĞůŚĂŐĞŵ ĞůĠƚƌŝĐĂ͖ ŐƵŝĂ ĨƌĞƋƵĞŶƚĞŵĞŶƚĞ Ă ƐƵĂ ĂƚŝǀŝĚĂĚĞ ƉŽƌ ĚĞƐĞŶŚŽƐ͕ ĞƐƋƵĞŵĂƐ ŽƵ ŽƵƚƌĂƐ ĞƐƉĞĐŝĨŝĐĂĕƁĞƐ ƚĠĐŶŝĐĂƐ͕ ƋƵĞ ŝŶƚĞƌƉƌĞƚĂ͖ ĐƵŵƉƌĞ ĐŽŵ ĂƐ ĚŝƐƉŽƐŝĕƁĞƐ ůĞŐĂŝƐ ƌĞůĂƚŝǀĂƐ ăƐ ŝŶƐƚĂůĂĕƁĞƐ ĚĞ ƋƵĞ ƚƌĂƚĂ͖ ůŽĐĂůŝǌĂ Ğ ĚĞƚĞƌŵŝŶĂ ĂƐ ĚĞĨŝĐŝġŶĐŝĂƐ ĚĞ ŝŶƐƚĂůĂĕĆŽ ŽƵ ĚĞ ĨƵŶĐŝŽŶĂŵĞŶƚŽ͕ ƵƚŝůŝǌĂŶĚŽ͕ ƐĞ ĨŽƌ Ž ĐĂƐŽ ĚŝƐƐŽ͕ ĂƉĂƌĞůŚŽƐ ĚĞ ĚĞƚĞĕĆŽ Ğ ĚĞ ŵĞĚŝĚĂ͖ Ġ ƌĞƐƉŽŶƐĄǀĞů ƉĞůŽƐ ĞƋƵŝƉĂŵĞŶƚŽƐ ƐŽď Ă ƐƵĂ ŐƵĂƌĚĂ Ğ ƉĞůĂ ĐŽƌƌĞƚĂ ƵƚŝůŝǌĂĕĆŽ͕ ƉƌŽĐĞĚĞŶĚŽ͕ ƋƵĂŶĚŽ ŶĞĐĞƐƐĄƌŝŽ͕ ă ŵĂŶƵƚĞŶĕĆŽ Ğ ƌĞƉĂƌĂĕĆŽ ĚŽƐ ŵĞƐŵŽƐ͘

ƐĐŽůĂƌŝĚĂĚĞ ŽďƌŝŐĂƚſƌŝĂ

ƐƐŝƐƚĞŶƚĞ KƉĞƌĂĐŝŽŶĂů

ůĞƚƌŝĐŝƐƚĂ ƵƚŽ Ͳ /ŶƐƚĂůĂ͕ ĐŽŶƐĞƌǀĂ͕ ƌĞƉĂƌĂ Ğ ĂĨŝŶĂ Ă ĂƉĂƌĞůŚĂŐĞŵ Ğ ĐŝƌĐƵŝƚŽƐ ĞůĠƚƌŝĐŽƐ ĚĞ ǀĞşĐƵůŽƐ ĂƵƚŽŵſǀĞŝƐ Ğ ƐŝŵŝůĂƌĞƐ͖ ĞǆĞĐƵƚĂ ĂƐ ƚĂƌĞĨĂƐ ĨƵŶĚĂŵĞŶƚĂŝƐ ĚŽ ĞůĞƚƌŝĐŝƐƚĂ Ğŵ ŐĞƌĂů ŵĂƐ ƌĞƋƵĞƌĞŶĚŽ ĐŽŶŚĞĐŝŵĞŶƚŽƐ ĞƐƉĞĐşĨŝĐŽƐ ƉĂƌĂ ƚƌĂďĂůŚĂƌ ĐŽŵ ĂƐ ŝŶƐƚĂůĂĕƁĞƐ ĞůĠƚƌŝĐĂƐ ĚĞ ǀĞşĐƵůŽƐ ĂƵƚŽŵſǀĞŝƐ͖ ůŽĐĂůŝǌĂ Ğ ĚĞƚĞƌŵŝŶĂ ĂƐ ĚĞĨŝĐŝġŶĐŝĂƐ ĚĞ ŝŶƐƚĂůĂĕĆŽ Ğ ĚĞ ĨƵŶĐŝŽŶĂŵĞŶƚŽ͕ ƉƌŽĐĞĚĞŶĚŽ ăƐ ƌĞƐƉĞƚŝǀĂƐ ƐƵďƐƚŝƚƵŝĕƁĞƐ ŽƵ ƌĞƉĂƌĂĕƁĞƐ͖ ĞŶƐĂŝĂ ŽƐ ĚŝǀĞƌƐŽƐ ĐŝƌĐƵŝƚŽƐ Ğ ĂƉĂƌĞůŚĂŐĞŶƐ Ğ ƌĞĂůŝǌĂ ĂƐ ĂĨŝŶĂĕƁĞƐ ŶĞĐĞƐƐĄƌŝĂƐ ĂŽ ƐĞƵ ĐŽƌƌĞƚŽ ĨƵŶĐŝŽŶĂŵĞŶƚŽ͖ Ġ ƌĞƐƉŽŶƐĄǀĞů ƉĞůŽƐ ĞƋƵŝƉĂŵĞŶƚŽƐ ƐŽď Ă ƐƵĂ ŐƵĂƌĚĂ Ğ ƉĞůĂ ĐŽƌƌĞƚĂ ƵƚŝůŝǌĂĕĆŽ͕ ƉƌŽĐĞĚĞŶĚŽ͕ ƋƵĂŶĚŽ ŶĞĐĞƐƐĄƌŝŽ͕ ă ŵĂŶƵƚĞŶĕĆŽ Ğ ƌĞƉĂƌĂĕĆŽ ĚŽƐ ŵĞƐŵŽƐ͘

ƐĐŽůĂƌŝĚĂĚĞ ŽďƌŝŐĂƚſƌŝĂ

ƐƐŝƐƚĞŶƚĞ KƉĞƌĂĐŝŽŶĂů

ŶĐĂĚĞƌŶĂĚŽƌ Ͳ ǆĞĐƵƚĂ Ă ĂƚŝǀŝĚĂĚĞ ŶĞĐĞƐƐĄƌŝĂ ă ĞŶĐĂĚĞƌŶĂĕĆŽ ĚĞ ůŝǀƌŽƐ͕ ƉƌŽŵŽǀĞŶĚŽ ƚŽĚĂƐ ĂƐ ƚĂƌĞĨĂƐ ƋƵĞ ůŚĞ ĞƐƚĆŽ ĂƐƐŽĐŝĂĚĂƐ͘

ƐĐŽůĂƌŝĚĂĚĞ ŽďƌŝŐĂƚſƌŝĂ

ƐƐŝƐƚĞŶƚĞ KƉĞƌĂĐŝŽŶĂů

&ŝĞů ĚĞ DĞƌĐĂĚŽƐ Ğ &ĞŝƌĂƐ Ͳ ZĞĐĞďĞ͕ ĂƌƌƵŵĂ Ğ ĐŽŶƚƌŽůĂ ƚŽĚŽƐ ŽƐ ďĞŶƐ ĚĞ ĞƋƵŝƉĂŵĞŶƚŽ ĂĨĞƚŽƐ ĂŽƐ ŵĞƌĐĂĚŽƐ Ğ ĨĞŝƌĂƐ͕ ŽďƐĞƌǀĂŶĚŽ Ž ĐƵŵƉƌŝŵĞŶƚŽ ĚĂƐ ĨƵŶĕƁĞƐ ĂƚƌŝďƵşĚĂƐ ƉĞůŽƐ ƌĞŐƵůĂŵĞŶƚŽƐ ĚŽƐ ŵĞƌĐĂĚŽƐ Ğ ĨĞŝƌĂƐ͘

ƐĐŽůĂƌŝĚĂĚĞ ŽďƌŝŐĂƚſƌŝĂ

WƌĂĕĂ ĚĂ ZĞƉƷďůŝĐĂ ͼ dĞů͘ Ϯϰϵ ϯϮϵ ϴϴϱ ͼ &Ăǆ Ϯϰϵ ϯϮϵ ϴϬϵ ͼ ͲŵĂŝů͗ ƉƌĞƐŝĚĞŶĐŝĂΛĐŵͲƚŽŵĂƌ͘Ɖƚ ͼ ϮϯϬϬͲϱϱϬ dŽŵĂƌ

ŶĞǆŽ ĂŽ DĂƉĂ ĚĞ WĞƐƐŽĂů Ͳ ϮϬϭϳ D Z DhE/ /W > dKD Z ĂƌŐŽ ͬ ĂƌƌĞŝƌĂ ͬ ĂƚĞŐŽƌŝĂ

ƚƌŝďƵŝĕĆŽ ͬ ŽŵƉĞƚġŶĐŝĂƐ

&ŽƌŵĂĕĆŽ ĐĂĚĠŵŝĐĂ

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ƐƐŝƐƚĞŶƚĞ KƉĞƌĂĐŝŽŶĂů

:ĂƌĚŝŶĞŝƌŽ Ğ KƉĞƌĂĚŽƌ ^ŝůǀşĐŽůĂ Ͳ ǆĞĐƵƚĂ ƐŽď ŽƌŝĞŶƚĂĕĆŽ͕ ĂƚŝǀŝĚĂĚĞƐ ŽƉĞƌĂƚŝǀĂƐ ĚĞ ũĂƌĚŝŶĂŐĞŵ͕ ƐŝůǀŝĐƵůƚƵƌĂ ĞŶƚƌĞ ĂƐ ƋƵĂŝƐ͗ ƵůƚŝǀĂ ĄƌǀŽƌĞƐ ŽƵ ŽƵƚƌĂƐ ƉůĂŶƚĂƐ Ğ ƐĞŵĞŝĂ ƌĞůǀĂĚŽƐ Ğŵ ƉĂƌƋƵĞƐ͕ ĞƐƉĂĕŽƐ ŽƵ ũĂƌĚŝŶƐ ƉƷďůŝĐŽƐ͕ ƐĞŶĚŽ ƌĞƐƉŽŶƐĄǀĞů ƉŽƌ ƚŽĚĂƐ ĂƐ ŽƉĞƌĂĕƁĞƐ ŝŶĞƌĞŶƚĞƐ ĂŽ ŶŽƌŵĂů ĚĞƐĞŶǀŽůǀŝŵĞŶƚŽ ĚĂƐ ĐƵůƚƵƌĂƐ Ğ ă ƐƵĂ ŵĂŶƵƚĞŶĕĆŽ Ğ ĐŽŶƐĞƌǀĂĕĆŽ͕ ƉƌŽĐĞĚĞ ă ůŝŵƉĞǌĂ Ğ ĐŽŶƐĞƌǀĂĕĆŽ ĚŽƐ ĂƌƌƵĂŵĞŶƚŽƐ Ğ ĐĂŶƚĞŝƌŽƐ͖ ƋƵĂŶĚŽ ĞǆŝƐƚĂŵ ǀŝǀĞŝƌŽƐ ĚĞ ƉůĂŶƚĂƐ͕ ƉƌŽĐĞĚĞ ă ĐƵůƚƵƌĂ ĚĞ ƐĞŵĞŶƚĞƐ͕ ďŽůďŽƐ͕ ƉŽƌƚĂͲĞŶǆĞƌƚŽƐ͕ ĂƌďƵƐƚŽƐ͕ ĄƌǀŽƌĞƐ Ğ ĨůŽƌĞƐ͕ ĂŽ Ăƌ ůŝǀƌĞ ŽƵ Ğŵ ĞƐƚƵĨĂ͕ ƉĂƌĂ ƉƌŽƉĂŐĂĕĆŽ͕ ƉƌĞƉĂƌĂŶĚŽ ŽƐ ǀŝǀĞŝƌŽƐ͕ ĐƌĂǀĂŶĚŽͲŽƐ Ğ ĐŽŵƉŽŶĚŽͲ ŽƐ ĂĚĞƋƵĂĚĂŵĞŶƚĞ ͖ ƉƌŽĐĞĚĞ ŝŐƵĂůŵĞŶƚĞ ă ƐĞŵĞŶƚĞŝƌĂ͕ ƉůĂŶƚĂĕĆŽ͕ ƚƌĂŶƐƉůĂŶƚĂĕĆŽ͕ ĞŶǆĞƌƚŝĂ͕ ƌĞŐĂ͕ ƉƌŽƚĞĕĆŽ ĐŽŶƚƌĂ ŝŶƚĞŵƉĠƌŝĞƐ Ğ ƚƌĂƚĂŵĞŶƚŽƐ ĨŝƚŽƐƐĂŶŝƚĄƌŝŽƐ͕ ƉŽĚĞŶĚŽ ĞǀĞŶƚƵĂůŵĞŶƚĞ ƌĞĂůŝǌĂƌ ĞŶƐĂŝŽƐ ƉĂƌĂ ĐƌŝĂƌ ŶŽǀĂƐ ǀĂƌŝĞĚĂĚĞƐ ĚĞ ƉůĂŶƚĂƐ͖ ŽƉĞƌĂ ĐŽŵ ĚŝǀĞƌƐŽƐ ŝŶƐƚƌƵŵĞŶƚŽƐ ŶĞĐĞƐƐĄƌŝŽƐ ă ƌĞĂůŝǌĂĕĆŽ ĚĂƐ ƚĂƌĞĨĂƐ ŝŶĞƌĞŶƚĞƐ ă ĨƵŶĕĆŽ ĚĞ ũĂƌĚŝŶĂŐĞŵ͕ ƋƵĞ ƉŽĚĞŵ ƐĞƌ ŵĂŶƵĂŝƐ ŽƵ ŵĞĐąŶŝĐŽƐ͖ Ġ ƌĞƐƉŽŶƐĄǀĞů ƉĞůĂ ůŝŵƉĞǌĂ͕ ĂĨŝŶĂĕĆŽ Ğ ůƵďƌŝĨŝĐĂĕĆŽ ĚŽ ĞƋƵŝƉĂŵĞŶƚŽ ŵĞĐąŶŝĐŽ͖ ƉƌŽĐĞĚĞ Ă ƉĞƋƵĞŶĂƐ ƌĞƉĂƌĂĕƁĞƐ͕ ƉƌŽǀŝĚĞŶĐŝĂŶĚŽ Ğŵ ĐĂƐŽ ĚĞ ĂǀĂƌŝĂƐ ŵĂŝŽƌĞƐ Ž ĂƌƌĂŶũŽ ĚŽ ŵĂƚĞƌŝĂů͖ Ġ ƌĞƐƉŽŶƐĄǀĞů ƉĞůŽƐ ĞƋƵŝƉĂŵĞŶƚŽƐ ƐŽď Ă ƐƵĂ ŐƵĂƌĚĂ Ğ ƉĞůĂ ĐŽƌƌĞƚĂ ƵƚŝůŝǌĂĕĆŽ͕ ƉƌŽĐĞĚĞŶĚŽ͕ ƋƵĂŶĚŽ ŶĞĐĞƐƐĄƌŝŽ͕ ă ŵĂŶƵƚĞŶĕĆŽ Ğ ƌĞƉĂƌĂĕĆŽ ĚŽƐ ŵĞƐŵŽƐ͕ Ġ ƌĞƐƉŽŶƐĄǀĞů ƉĞůĂ ƚŽƚĂů ƌĞŵŽĕĆŽ ĚŽƐ ƐŽďƌĂŶƚĞƐ ĚŽƐ ƉĂƌƋƵĞƐ͕ ĞƐƉĂĕŽƐ͕ ũĂƌĚŝŶƐ ŽƵ ǀŝĂƐ ƉƷďůŝĐĂƐ͕ Ğŵ ƌĞƐƵůƚĂĚŽ ĚĂ ƐƵĂ ĂƚŝǀŝĚĂĚĞ͕ Ġ ĂŝŶĚĂ ƌĞƐƉŽŶƐĄǀĞů ƉŽƌ ƚŽĚĂ Ă ƐŝůǀŝĐƵůƚƵƌĂ ƉƌĞǀĞŶƚŝǀĂ Ğ ƚƌĂďĂůŚŽ ƐĂƉĂĚŽƌ ĨůŽƌĞƐƚĂů ƋƵĞ ůŚĞ ĨŽƌ ŝŶĐƵŵďŝĚĂ ƐƵƉĞƌŝŽƌŵĞŶƚĞ͘

ƐĐŽůĂƌŝĚĂĚĞ ŽďƌŝŐĂƚſƌŝĂ

ƐƐŝƐƚĞŶƚĞ KƉĞƌĂĐŝŽŶĂů

>ƵďƌŝĨŝĐĂĚŽƌ Ͳ WƌŽĐĞĚĞ ă ůƵďƌŝĨŝĐĂĕĆŽ ƉŽƌ ƉƌĞƐƐĆŽ Ğ ŽƵ ŐƌĂǀŝĚĂĚĞ ĚŽƐ ƉŽŶƚŽƐ ĚĞ ŵĄƋƵŝŶĂƐ ŽƵ ĞƋƵŝƉĂŵĞŶƚŽƐ ŽŶĚĞ ŚĂũĂ ĂƚƌŝƚŽ͕ ƵƚŝůŝǌĂŶĚŽ ĨĞƌƌĂŵĞŶƚĂƐ ĂƉƌŽƉƌŝĂĚĂƐ͕ ſůĞŽƐ Ğ ŵĂƐƐĂ ůƵďƌŝĨŝĐĂŶƚĞƐ ĐŽŵ ǀŝƐƚĂ ă ĐŽŶƐĞƌǀĂĕĆŽ Ğ ŶŽƌŵĂů ĨƵŶĐŝŽŶĂŵĞŶƚŽ͖ ĞƐƚƵĚĂ͕ ĚĞ ĂĐŽƌĚŽ ĐŽŵ ĞƐƋƵĞŵĂƐ ŽƵ ŝŶƐƚƌƵĕƁĞƐ ƌĞĐĞďŝĚĂƐ͕ Ž ƉƌŽĐĞƐƐĂŵĞŶƚŽ ĚŽ ƚƌĂďĂůŚŽ Ă ĞǆĞĐƵƚĂƌ͖ ƉƌĞƉĂƌĂ Ž ŵĂƚĞƌŝĂů Ğ ĨĞƌƌĂŵĞŶƚĂƐ Ă ƵƚŝůŝǌĂƌ͖ ƉŽƌ ǀĞǌĞƐ͕ Ġ ŝŶĐƵŵďŝĚŽ ĚĞ ĨĂǌĞƌ ƉĞƋƵĞŶĂƐ ĂĨŝŶĂĕƁĞƐ͕ ĂƉĞƌƚĂƌ ƉĞĕĂƐ ĐŽŵ ĨŽůŐĂ ŽƵ ĐŚĂŵĂƌ Ă ĂƚĞŶĕĆŽ ĚŽ ĞŶĐĂƌƌĞŐĂĚŽ ƉĂƌĂ ĚĞĨĞŝƚŽƐ ĚĞƚĞƚĂĚŽƐ Ă Ĩŝŵ ĚĞ ƐĞƌĞŵ ƌĞƉĂƌĂĚŽƐ͖ ůŝŵƉĂ Ğ ůĂǀĂ ǀŝĂƚƵƌĂƐ͖ Ġ ƌĞƐƉŽŶƐĄǀĞů ƉĞůŽƐ ĞƋƵŝƉĂŵĞŶƚŽƐ ƐŽď Ă ƐƵĂ ŐƵĂƌĚĂ Ğ ƉĞůĂ ĐŽƌƌĞƚĂ ƵƚŝůŝǌĂĕĆŽ͕ ƉƌŽĐĞĚĞŶĚŽ͕ ƋƵĂŶĚŽ ŶĞĐĞƐƐĄƌŝŽ͕ ă ŵĂŶƵƚĞŶĕĆŽ ĚŽƐ ŵĞƐŵŽƐ͘

ƐĐŽůĂƌŝĚĂĚĞ ŽďƌŝŐĂƚſƌŝĂ

ƐƐŝƐƚĞŶƚĞ KƉĞƌĂĐŝŽŶĂů

DĂƋƵŝŶŝƐƚĂ dĞĂƚƌĂů Ͳ KƌŝĞŶƚĂ Ă ƉƌĞƉĂƌĂĕĆŽ Ğ ŵƵĚĂŶĕĂƐ ĚĂƐ ĐĞŶĂƐ Ğŵ ƌĞƉƌĞƐĞŶƚĂĕƁĞƐ ƚĞĂƚƌĂŝƐ͕ ŵŽŶƚĂͲĂƐ ŽƵ ĚŝƌŝŐĞ Ă ƐƵĂ ŵŽŶƚĂŐĞŵ͖ ĞƐƚƵĚĂ Ž ƌŽƚĞŝƌŽ ĚŽ ĞƐƉĞƚĄĐƵůŽ͕ ĐŽŶĐĞďĞ ĐĞŶĄƌŝŽƐ Ğ ĐŽƌƚŝŶĂƐ ĚĞ ĐĞŶĂ͖ ĞƐƚƵĚĂ Ž ƌŽƚĞŝƌŽ ĚŽ ĞƐƉĞƚĄĐƵůŽ͕ ĐŽŶĐĞďĞ ĐĞŶĄƌŝŽƐ Ğ ĐŽƌƚŝŶĂƐ ĚĞ ĐĞŶĂ͖ ĚĄ ŝŶƐƚƌƵĕƁĞƐ ĂŽ ĐĂƌƉŝŶƚĞŝƌŽ ĚĞ ĐĞŶĂ ƐŽďƌĞ Ă ĐŽŶƐƚƌƵĕĆŽ ĚĞ ĐĞŶĄƌŝŽƐ͕ ƉĂůĐŽƐ͕ ƚĞŝĂƐ Ğ ŽƵƚƌŽƐ ĞůĞŵĞŶƚŽƐ͖ ŵŽŶƚĂ ŽƵ ŽƌŝĞŶƚĂ Ă ŵŽŶƚĂŐĞŵ ĚĂƐ ĐĞŶĂƐ Ğ ĚĄ ŝŶĚŝĐĂĕƁĞƐ ƉĂƌĂ ĂƐ ŵƵĚĂŶĕĂƐ Ă ĞĨĞƚƵĂƌ Ğŵ ĐĂĚĂ ĂƚŽ͘

ƐĐŽůĂƌŝĚĂĚĞ ŽďƌŝŐĂƚſƌŝĂ

ƐƐŝƐƚĞŶƚĞ KƉĞƌĂĐŝŽŶĂů

DĞĐąŶŝĐŽ Ͳ ĞƚĞƚĂ ĂƐ ĂǀĂƌŝĂƐ ŵĞĐąŶŝĐĂƐ͖ ƌĞƉĂƌĂ͕ ĂĨŝŶĂ͕ ŵŽŶƚĂ Ğ ĚĞƐŵŽŶƚĂ ŽƐ ſƌŐĆŽƐ ĚĞ ǀŝĂƚƵƌĂƐ ůŝŐĞŝƌĂƐ Ğ ƉĞƐĂĚĂƐ Ă ŐĂƐŽůŝŶĂ ŽƵ Ă ĚŝĞƐĞů͕ ďĞŵ ĐŽŵŽ ŽƵƚƌŽƐ ĞƋƵŝƉĂŵĞŶƚŽƐ ŵŽƚŽƌŝǌĂĚŽƐ ŽƵ ŶĆŽ͖ ĞǆĞĐƵƚĂ ŽƵƚƌŽƐ ƚƌĂďĂůŚŽƐ ĚĞ ŵĞĐąŶŝĐĂ ŐĞƌĂů͖ ĂĨŝŶĂ͕ ĞŶƐĂŝĂ Ğ ĐŽŶĚƵǌ Ğŵ ĞǆƉĞƌŝġŶĐŝĂ ĂƐ ǀŝĂƚƵƌĂƐ ƌĞƉĂƌĂĚĂƐ͖ ĨĂǌ Ă ŵĂŶƵƚĞŶĕĆŽ Ğ Ž ĐŽŶƚƌŽůŽ ĚĞ ŵĄƋƵŝŶĂƐ Ğ ŵŽƚŽƌĞƐ͖ Ġ ƌĞƐƉŽŶƐĄǀĞů ƉĞůŽƐ ĞƋƵŝƉĂŵĞŶƚŽƐ ƐŽď Ă ƐƵĂ ŐƵĂƌĚĂ Ğ ƉĞůĂ ĐŽƌƌĞƚĂ ƵƚŝůŝǌĂĕĆŽ͕ ƉƌŽĐĞĚĞŶĚŽ͕ ƋƵĂŶĚŽ ŶĞĐĞƐƐĄƌŝŽ͕ ă ŵĂŶƵƚĞŶĕĆŽ Ğ ƌĞƉĂƌĂĕĆŽ ĚŽƐ ŵĞƐŵŽƐ͘

ƐĐŽůĂƌŝĚĂĚĞ ŽďƌŝŐĂƚſƌŝĂ

ƐƐŝƐƚĞŶƚĞ KƉĞƌĂĐŝŽŶĂů

DŽƚŽƌŝƐƚĂ ĚĞ >ŝŐĞŝƌŽƐ Ͳ ŽŶĚƵǌ ǀŝĂƚƵƌĂƐ ůŝŐĞŝƌĂƐ ƉĂƌĂ ƚƌĂŶƐƉŽƌƚĞ ĚĞ ďĞŶƐ Ğ ƉĞƐƐŽĂƐ͕ ƚĞŶĚŽ Ğŵ ĂƚĞŶĕĆŽ Ă ƐĞŐƵƌĂŶĕĂ ĚŽƐ ƵƚŝůŝǌĂĚŽƌĞƐ Ğ ĚŽƐ ďĞŶƐ͖ ĐƵŝĚĂ ĚĂ ŵĂŶƵƚĞŶĕĆŽ ĚĂƐ ǀŝĂƚƵƌĂƐ ƋƵĞ ůŚĞ ĨŽƌĞŵ ĚŝƐƚƌŝďƵşĚĂƐ͖ ƌĞĐĞďĞ Ğ ĞŶƚƌĞŐĂ ĞǆƉĞĚŝĞŶƚĞ ŽƵ ĞŶĐŽŵĞŶĚĂƐ͖ ƉĂƌƚŝĐŝƉĂ ƐƵƉĞƌŝŽƌŵĞŶƚĞ ĂƐ ĂŶŽŵĂůŝĂƐ ǀĞƌŝĨŝĐĂĚĂƐ͖ Ġ ƌĞƐƉŽŶƐĄǀĞů ƉĞůŽƐ ĞƋƵŝƉĂŵĞŶƚŽƐ ƐŽď Ă ƐƵĂ ŐƵĂƌĚĂ Ğ ƉĞůĂ ĐŽƌƌĞƚĂ ƵƚŝůŝǌĂĕĆŽ͘

ƐĐŽůĂƌŝĚĂĚĞ ŽďƌŝŐĂƚſƌŝĂ Ğ ĐĂƌƚĂ ĚĞ ĐŽŶĚƵĕĆŽ ĂĚĞƋƵĂĚĂ͕ ĐŽŶĨŽƌŵĞ ůĞŐŝƐůĂĕĆŽ Ğŵ ǀŝŐŽƌ

ŶĞǆŽ ĂŽ DĂƉĂ ĚĞ WĞƐƐŽĂů Ͳ ϮϬϭϳ D Z DhE/ /W > dKD Z

ĂƌŐŽ ͬ ĂƌƌĞŝƌĂ ͬ ĂƚĞŐŽƌŝĂ

ƚƌŝďƵŝĕĆŽ ͬ ŽŵƉĞƚġŶĐŝĂƐ

&ŽƌŵĂĕĆŽ ĐĂĚĠŵŝĐĂ

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ƐƐŝƐƚĞŶƚĞ KƉĞƌĂĐŝŽŶĂů

DŽƚŽƌŝƐƚĂ ĚĞ WĞƐĂĚŽƐ Ͳ ŽŶĚƵǌ ǀĞşĐƵůŽƐ ĚĞ ĞůĞǀĂĚĂ ƚŽŶĞůĂŐĞŵ͕ ƉƌŽĐĞĚĞ ĂŽ ƚƌĂŶƐƉŽƌƚĞ ĚĞ ĚŝǀĞƌƐŽƐ ŵĂƚĞƌŝĂŝƐ ĚĞƐƚŝŶĂĚŽƐ ĂŽ ĂďĂƐƚĞĐŝŵĞŶƚŽ ĚĂƐ ŽďƌĂƐ ĚĞ ĞǆĞĐƵĕĆŽ͕ ďĞŵ ĐŽŵŽ ĚĞ ƉƌŽĚƵƚŽƐ ƐŽďƌĂŶƚĞƐ ĚĂƐ ŵĞƐŵĂƐ͖ ĂƐƐĞŐƵƌĂ Ă ŵĂŶƵƚĞŶĕĆŽ ĚŽ ǀĞşĐƵůŽ͕ ĐƵŝĚĂŶĚŽ ĚĂ ƐƵĂ ůŝŵƉĞǌĂ͖ ĂďĂƐƚĞĐĞ Ă ǀŝĂƚƵƌĂ ĚĞ ĐŽŵďƵƐƚşǀĞů ƐĐŽůĂƌŝĚĂĚĞ ŽďƌŝŐĂƚſƌŝĂ Ğ ĐĂƌƚĂ ĚĞ ĐŽŶĚƵĕĆŽ ƉŽƐƐƵŝŶĚŽ ƉĂƌĂ Ž ĞĨĞŝƚŽ ůŝǀƌŽ ĚĞ ƌĞƋƵŝƐŝĕƁĞƐ͕ ĐƵũŽ ŽƌŝŐŝŶĂů ƉƌĞĞŶĐŚĞ Ğ ĞŶƚƌĞŐĂ ŶŽ ƉŽƐƚŽ ĚĞ ĂďĂƐƚĞĐŝŵĞŶƚŽ͖ ĞǆĞĐƵƚĂ ƉĞƋƵĞŶĂƐ ƌĞƉĂƌĂĕƁĞƐ͕ ƚŽŵĂŶĚŽ͕ Ğŵ ĐĂƐŽ ĂĚĞƋƵĂĚĂ͕ ĐŽŶĨŽƌŵĞ ĚĞ ĂǀĂƌŝĂƐ ŵĂŝŽƌĞƐ ŽƵ ĂĐŝĚĞŶƚĞƐ͕ ĂƐ ƉƌŽǀŝĚġŶĐŝĂƐ ŶĞĐĞƐƐĄƌŝĂƐ ĐŽŵ ǀŝƐƚĂ ă ƌĞŐƵůĂƌŝǌĂĕĆŽ ĚĞƐƐĂƐ ƐŝƚƵĂĕƁĞƐ͖ ƉƌĞĞŶĐŚĞ Ğ ĞŶƚƌĞŐĂ ĚŝĂƌŝĂŵĞŶƚĞ ŶŽ ƐĞĐƚŽƌ ĚĞ ůĞŐŝƐůĂĕĆŽ Ğŵ ǀŝŐŽƌ ƚƌĂŶƐƉŽƌƚĞƐ Ž ďŽůĞƚŝŵ ĚŝĄƌŝŽ ĚĂ ǀŝĂƚƵƌĂ͕ ŵĞŶĐŝŽŶĂŶĚŽ Ž ƚŝƉŽ ĚĞ ƐĞƌǀŝĕŽ͕ <ŵ ĞĨĞƚƵĂĚŽƐ Ğ ĐŽŵďƵƐƚşǀĞů ŝŶƚƌŽĚƵǌŝĚŽ͖ ĐŽůĂďŽƌĂ ƋƵĂŶĚŽ ŶĞĐĞƐƐĄƌŝŽ ŶĂƐ ŽƉĞƌĂĕƁĞƐ ĚĞ ĐĂƌŐĂ Ğ ĚĞƐĐĂƌŐĂ͖ ĐŽŶĚƵǌ͕ ĞǀĞŶƚƵĂůŵĞŶƚĞ͕ ǀŝĂƚƵƌĂƐ ůŝŐĞŝƌĂƐ͘

ƐƐŝƐƚĞŶƚĞ KƉĞƌĂĐŝŽŶĂů

DŽƚŽƌŝƐƚĂ ĚĞ dƌĂŶƐƉŽƌƚĞƐ ŽůĞƚŝǀŽƐ Ͳ ŽŶĚƵǌ ĂƵƚŽĐĂƌƌŽƐ ƉĂƌĂ ƚƌĂŶƐƉŽƌƚĞ ĚĞ ƉĂƐƐĂŐĞŝƌŽƐ͕ ƚĞŶĚŽ Ğŵ ĂƚĞŶĕĆŽ Ă ĐŽŵŽĚŝĚĂĚĞ Ğ ƐĞŐƵƌĂŶĕĂ ĚĂƐ ƉĞƐƐŽĂƐ͖ ĂƐƐĞŐƵƌĂͲƐĞ ƋƵĞ ƚŽĚŽƐ ŽƐ ƉĂƐƐĂŐĞŝƌŽƐ ƋƵĞ ƚƌĂŶƐƉŽƌƚĂ ĞƐƚĆŽ ĐƌĞĚĞŶĐŝĂĚŽƐ ƉĂƌĂ Ž ĞĨĞŝƚŽ͖ ƉŽƌ ǀĞǌĞƐ ĐŽůĂďŽƌĂ ŶĂ ĐĂƌŐĂ Ğ ĚĞƐĐĂƌŐĂ ĚĞ ďĂŐĂŐĞŶƐ͖ ŶŽ ĨŝŶĂů ĚĞ ĐĂĚĂ ĚŝĂ ƉƌŽĐĞĚĞ ă ĂƌƌƵŵĂĕĆŽ ĚĂ ǀŝĂƚƵƌĂ Ğŵ ůŽĐĂů ĚĞƐƚŝŶĂĚŽ ƉĂƌĂ ĞƐƐĞ ĞĨĞŝƚŽ͖ ƌĞĐĞďĞ ĚŝĂƌŝĂŵĞŶƚĞ͕ ŶŽ ƐĞĐƚŽƌ ĚĞ ƚƌĂŶƐƉŽƌƚĞƐ͕ Ž ƐĞƌǀŝĕŽ ƉĂƌĂ Ž ĚŝĂ ƐĞŐƵŝŶƚĞ͕ ƋƵĞ͕ ƐĐŽůĂƌŝĚĂĚĞ ŽďƌŝŐĂƚſƌŝĂ Ğ ƉĂƌĂ ĂůĠŵ ĚĂ ƌŽƚŝŶĂ ŚĂďŝƚƵĂů͕ ƉŽĚĞ͕ Ğŵ ĨƵŶĕĆŽ ĚĂƐ ŶĞĐĞƐƐŝĚĂĚĞƐ ƉŽŶƚƵĂŝƐ ƐƵƌŐŝĚĂƐ͕ ĐŽŵƉƌĞĞŶĚĞƌ ĚĞƐůŽĐĂĕƁĞƐ ŽƵ ƋƵĂůƋƵĞƌ ŽƵƚƌŽ ƚŝƉŽ ĚĞ ƚĂƌĞĨĂƐ ŶĆŽ ƉƌĞǀŝƐƚĂƐ ĐĂƌƚĂ ĚĞ ĐŽŶĚƵĕĆŽ ŶŽ ƉƌŽŐƌĂŵĂ ĚŝĄƌŝŽ ƌĞŐƵůĂƌ͖ ĂƐƐĞŐƵƌĂ Ž ďŽŵ ĞƐƚĂĚŽ ĚĞ ĨƵŶĐŝŽŶĂŵĞŶƚŽ ĚŽ ǀĞşĐƵůŽ͕ ƉƌŽĐĞĚĞŶĚŽ ă ƐƵĂ ůŝŵƉĞǌĂ Ğ ǌĞůĂŶĚŽ ƉĞůĂ ƐƵĂ ŵĂŶƵƚĞŶĕĆŽ Ğ ůƵďƌŝĨŝĐĂĕĆŽ͖ ĂĚĞƋƵĂĚĂ͕ ĐŽŶĨŽƌŵĞ ĂďĂƐƚĞĐĞ Ă ǀŝĂƚƵƌĂ ĚĞ ĐŽŵďƵƐƚşǀĞů ƉŽƐƐƵŝŶĚŽ ƉĂƌĂ Ž ĞĨĞŝƚŽ ůŝǀƌŽ ĚĞ ƌĞƋƵŝƐŝĕƁĞƐ͖ ĞǆĞĐƵƚĂ ƉĞƋƵĞŶĂƐ ƌĞƉĂƌĂĕƁĞƐ͕ ƚŽŵĂŶĚŽ͕ Ğŵ ĐĂƐŽ ĚĞ ĂǀĂƌŝĂƐ ŵĂŝŽƌĞƐ ŽƵ ůĞŐŝƐůĂĕĆŽ Ğŵ ǀŝŐŽƌ ĂĐŝĚĞŶƚĞƐ͕ ĂƐ ƉƌŽǀŝĚġŶĐŝĂƐ ŶĞĐĞƐƐĄƌŝĂƐ ĐŽŵ ǀŝƐƚĂ ă ƌĞŐƵůĂƌŝǌĂĕĆŽ ĚĞƐƐĂƐ ƐŝƚƵĂĕƁĞƐ͖ ĂĐŽŵƉĂŶŚĂ ũƵŶƚŽ ĚĂƐ ŽĨŝĐŝŶĂƐ ŽƐ ƚƌĂďĂůŚŽƐ ĚĞ ƌĞƉĂƌĂĕĆŽ Ă ĞĨĞƚƵĂƌ͖ ƉƌĞĞŶĐŚĞ Ğ ĞŶƚƌĞŐĂ ĚŝĂƌŝĂŵĞŶƚĞ ŶŽ ƐĞĐƚŽƌ ĚĞ ƚƌĂŶƐƉŽƌƚĞƐ Ž ďŽůĞƚŝŵ ĚŝĄƌŝŽ ĚĂ ǀŝĂƚƵƌĂ͘

ƐƐŝƐƚĞŶƚĞ KƉĞƌĂĐŝŽŶĂů

DƵƐĞŽŐƌĂĨŝĂ Ͳ ĨĞƚƵĂ ƚƌĂďĂůŚŽƐ ĂƵǆŝůŝĂƌĞƐ ŶŽ ƚƌĂƚĂŵĞŶƚŽ Ğ ĐŽŶƐĞƌǀĂĕĆŽ ĚĞ ŽďƌĂƐ ĚĞ ĂƌƚĞ Ğ ŶĂ ŵŽŶƚĂŐĞŵ ĚĞ ƐĂůĂƐ ĚĞ ĞǆƉŽƐŝĕƁĞƐ͖ ǀŝŐŝĂ ƉĞĕĂƐ Ğŵ ĞǆƉŽƐŝĕĆŽ͕ ĨĂǌ Ž ƉƌŝŵĞŝƌŽ ĂƚĞŶĚŝŵĞŶƚŽ ĚŽ ƉƷďůŝĐŽ Ğ ĐŽŶƚƌŽůĂ Ă ƐƵĂ ǀŝƐŝƚĂ͖ Ġ ƌĞƐƉŽŶƐĄǀĞů ƉĞůĂ ůŝŵƉĞǌĂ Ğ ďŽĂ ĐŽŶƐĞƌǀĂĕĆŽ ĚŽ ŵƵƐĞƵ͘

ƐĐŽůĂƌŝĚĂĚĞ ŽďƌŝŐĂƚſƌŝĂ

ƐƐŝƐƚĞŶƚĞ KƉĞƌĂĐŝŽŶĂů

KƉĞƌĂĚŽƌ ĚĞ ƐƚĂĕƁĞƐ ůĞǀĂƚſƌŝĂƐ ĚĞ dƌĂƚĂŵĞŶƚŽ ŽƵ ĞƉƵƌĂĚŽƌĂƐ Ͳ ZĞŐƵůĂ Ğ ĂƐƐĞŐƵƌĂ Ž ĨƵŶĐŝŽŶĂŵĞŶƚŽ ĚĞ ƵŵĂ ŽƵ ŵĂŝƐ ŝŶƐƚĂůĂĕƁĞƐ ĚĞ ĐĂƉƚĂĕĆŽ͕ ƚƌĂƚĂŵĞŶƚŽ Ğ ĞůĞǀĂĕĆŽ ĚĞ ĄŐƵĂƐ ůŝŵƉĂƐ ŽƵ ƌĞƐŝĚƵĂŝƐ͕ Ă ƉĂƌƚŝƌ ĚĞ ƵŵĂ ƐĂůĂ ĚĞ ĐŽŶƚƌŽůŽ͖ ƉƁĞ Ğŵ ĨƵŶĐŝŽŶĂŵĞŶƚŽ ĂƐ ŵĄƋƵŝŶĂƐ͕ ƚĞŶĚŽ Ğŵ ĂƚĞŶĕĆŽ Ž ŽďũĞƚŝǀŽ ĚĂ ŝŶƐƚĂůĂĕĆŽ͕ ĂƐƐŝƐƚĞ Ğ ŵĂŶŽďƌĂ ŽƐ ĚŝǀĞƌƐŽƐ ĂƉĂƌĞůŚŽƐ ĚĞƐƚŝŶĂĚŽƐ Ă ƚƌĂƚĂŵĞŶƚŽ ĚĞ ĄŐƵĂƐ ůŝŵƉĂƐ Ğ ƌĞƐŝĚƵĂŝƐ͕ ĐŽŵŽ ƐĞũĂŵ ĚŽƐĞĂĚŽƌĞƐ ĚĞ ĐůŽƌŽ͕ ƉŽůŝĞůĞĐƚƌŽůŝƚŽ͕ ĐĂů Ğ ŽƵƚƌŽƐ͕ ďĂƐĞĂŶĚŽͲƐĞ Ğŵ ĚĞƚĞƌŵŝŶĂĚĂƐ ĞƐƉĞĐŝĨŝĐĂĕƁĞƐ͕ ǀŝŐŝĂ Ă ƐƵĂ ĂƚŝǀŝĚĂĚĞ ŵĞĚŝĂŶƚĞ ŝŶĚŝĐĂĚŽƌĞƐ ĂƉƌŽƉƌŝĂĚŽƐ͕ ƌĞĐĞďĞ ŝŶƐƚƌƵĕƁĞƐ ƐƵƉĞƌŝŽƌĞƐ ƐŽďƌĞ Ž ĨƵŶĐŝŽŶĂŵĞŶƚŽ ŽƵ ĂůƚĞƌĂĕƁĞƐ Ă ŝŶƚƌŽĚƵǌŝƌ ŶĂ ŝŶƐƚĂůĂĕĆŽ͕ ĐŽŽƌĚĞŶĂ Ž ĨƵŶĐŝŽŶĂŵĞŶƚŽ ĚĞ ƚŽĚŽƐ ŽƐ ŵĞĐĂŶŝƐŵŽƐ͕ ƚƌĂŶƐŵŝƚĞ Ă ŽƵƚƌĂƐ ĄƌĞĂƐ ŝŶƐƚƌƵĕƁĞƐ ƐƵƉĞƌŝŽƌĞƐ Ğ ƋƵĂů Ž ƚŝƉŽ ĚĞ ŵĂŶŽďƌĂƐ Ă ĞǆĞĐƵƚĂƌ͕ ĞĨĞƚƵĂ ƉĞƌŝŽĚŝĐĂŵĞŶƚĞ ůĞŝƚƵƌĂƐ ĚĞ ĂƉĂƌĞůŚŽƐ ĚĞ ĐŽŶƚƌŽůŽ Ğ ŵĞĚŝĚĂ͕ ŶŽŵĞĂĚĂŵĞŶƚĞ ǀĂĐƵſŵĞƚƌŽƐ͕ ŵĂŶſŵĞƚƌŽƐ͕ ĂŵƉĞƌşŵĞƚƌŽƐ͕ ŵĞĚŝĚŽƌĞƐ ĚĞ ĐĂƵĚĂů͕ ŶŝǀĞůĂ Ğ ƌĞŐŝƐƚĂ ŽƐ ĚĂĚŽƐ ŽďƚŝĚŽƐ͖ ǀŝŐŝĂ͕ ĂƚƌĂǀĠƐ ĚŽ ƐŝƐƚĞŵĂ ĚĞ ƚĞůĞŐĞƐƚĆŽ͕ Ž ĐŽŶũƵŶƚŽ ĚĞ ŝŶĨŽƌŵĂĕƁĞƐ ĚĞ ĨƵŶĐŝŽŶĂŵĞŶƚŽ ĚĂ ƌĞĚĞ Ğŵ ƚĞŵƉŽ ƌĞĂů͕ ĂƵƚŽŵĂƚŝǌĂ Ž ĨƵŶĐŝŽŶĂŵĞŶƚŽ ĚĂƐ ďŽŵďĂŐĞŶƐ ŽƚŝŵŝǌĂŶĚŽ Ž ĐŽŶƐƵŵŽ ĚĞ ĞŶĞƌŐŝĂ͕ ƌĞĂůŝǌĂ Ž ĐŽŶƚƌŽůŽ ĂƵƚŽŵĄƚŝĐŽ ĚŽƐ ĐŽŶƐƵŵŽƐ ƉŽƌ ǌŽŶĂƐ Ğ ĞĚŝƚĂ ŽƐ ďĂůĂŶĕŽƐ ĚĞ ĞǆƉůŽƌĂĕĆŽ͖ ĞŶƐĂŝĂ Ğ ĞǆĞĐƵƚĂ ƚĞƐƚĞƐ ƉĂƌĂ ƐĞ ĐĞƌƚŝĨŝĐĂƌ ĚŽ ƉĞƌĨĞŝƚŽ ĞƐƚĂĚŽ ĚĞ ĨƵŶĐŝŽŶĂŵĞŶƚŽ ĚŽ ĞƋƵŝƉĂŵĞŶƚŽ Ğ ĐŽŶƚƌŽůĂ ĂƐ ŵĂƌŐĞŶƐ ĚĞ ƐĞŐƵƌĂŶĕĂ͕ ĚĞƚĞƚĂŶĚŽ Ğ ĐŽƌƌŝŐŝŶĚŽ ĞǀĞŶƚƵĂŝƐ ĚĞĨŝĐŝġŶĐŝĂƐ͖ ĐƵŝĚĂ ĚĂ ůŝŵƉĞǌĂ Ğ ůƵďƌŝĨŝĐĂĕĆŽ ĚŽƐ ŐƌƵƉŽƐ ĚĞ ŵĄƋƵŝŶĂƐ͕ ƵƚŝůŝǌĂŶĚŽ ŵĂƐƐĂƐ ĐŽŶƐŝƐƚĞŶƚĞƐ ŽƵ ŽƵƚƌŽƐ ŵĂƚĞƌŝĂŝƐ ĂĚĞƋƵĂĚŽƐ͕ Ğ ƚŽŵĂ Ğŵ ĂƚĞŶĕĆŽ ŶŽƌŵĂƐ ĚĞ ƉƌĞǀĞŶĕĆŽ ĚĞ ĂĐŝĚĞŶƚĞƐ͖ ĐŽůĂďŽƌĂ Ğŵ ƉĞƋƵĞŶĂƐ ƌĞƉĂƌĂĕƁĞƐ Ğ ŶĂ ŵĂŶƵƚĞŶĕĆŽ ĚĂ ŝŶƐƚĂůĂĕĆŽ͕ ĐŽƌƌŝŐŝŶĚŽ ĂŶŽŵĂůŝĂƐ ŵĞĐąŶŝĐĂƐ Ğ ĞůĠƚƌŝĐĂƐ͖ ĐŽŵƵŶŝĐĂ ƐƵƉĞƌŝŽƌŵĞŶƚĞ ĂƐ ĂŶŽŵĂůŝĂƐ ŽĐŽƌƌŝĚĂƐ͘

ƐĐŽůĂƌŝĚĂĚĞ ŽďƌŝŐĂƚſƌŝĂ

ŶĞǆŽ ĂŽ DĂƉĂ ĚĞ WĞƐƐŽĂů Ͳ ϮϬϭϳ D Z DhE/ /W > dKD Z ƐƐŝƐƚĞŶƚĞ KƉĞƌĂĐŝŽŶĂů

WĂƌƋƵĞƐ Ğ /ŶƐƚĂůĂĕƁĞƐ Ͳ /ŶĐƵŵďĞ ŐĞŶĞƌŝĐĂŵĞŶƚĞ ǀŝŐŝĂƌ Ğ ǌĞůĂƌ ƉĞůĂ ƐĞŐƵƌĂŶĕĂ Ğ ĐŽŶƐĞƌǀĂĕĆŽ ĚĂƐ ŝŶƐƚĂůĂĕƁĞƐ ĚĞ ƉĂƌƋƵĞƐ Ğ ŽƵƚƌĂƐ ŝŶƐƚĂůĂĕƁĞƐ͕ ĐŽŶƚƌŽůĂƌ Ă ĞŶƚƌĂĚĂ Ğ ƐĂşĚĂ ĚĞ ƉĞƐƐŽĂƐ͕ ǀĞşĐƵůŽƐ Ğ ĂŶŝŵĂŝƐ͕ ƉƌŽĐĞĚĞƌ ă ǀĞŶĚĂ ĚĞ ƐĞŶŚĂƐ ƉĂƌĂ Ă ƵƚŝůŝǌĂĕĆŽ ĚĂƐ ŝŶƐƚĂůĂĕƁĞƐ ĞĨĞƚƵĂƌ Ž ƌĞŐŝƐƚŽ ĚĞ ƵƚŝůŝǌĂĚŽƌĞƐ͖ ĞǆĞĐƵƚĂ ŽƵƚƌĂƐ ƚĂƌĞĨĂƐ ƐŝŵƉůĞƐ͕ ŶĆŽ ĞƐƉĞĐŝĨŝĐĂĚĂƐ͕ ĚĞ ĐĂƌĄĐƚĞƌ ŵĂŶƵĂů Ğ ĞǆŝŐŝŶĚŽ ƉƌŝŶĐŝƉĂůŵĞŶƚĞ ĞƐĨŽƌĕŽ ĨşƐŝĐŽ Ğ ĐŽŶŚĞĐŝŵĞŶƚŽƐ ƉƌĄƚŝĐŽƐ͕ ĞǆĞĐƵƚĂŶĚŽ ƉĞƋƵĞŶĂƐ ŵĂŶƵƚĞŶĕƁĞƐ Ğ ůŝŵƉĞǌĂƐ͘

ƐĐŽůĂƌŝĚĂĚĞ ŽďƌŝŐĂƚſƌŝĂ

ĂƌŐŽ ͬ ĂƌƌĞŝƌĂ ͬ ĂƚĞŐŽƌŝĂ

ƚƌŝďƵŝĕĆŽ ͬ ŽŵƉĞƚġŶĐŝĂƐ

&ŽƌŵĂĕĆŽ ĐĂĚĠŵŝĐĂ

WĞĚƌĞŝƌŽ Ͳ ƉĂƌĞůŚĂ ƉĞĚƌĂ Ğŵ ŐƌŽƐƐŽ͖ ĞǆĞĐƵƚĂ ĂůǀĞŶĂƌŝĂ ĚĞ ƉĞĚƌĂ͕ ƚŝũŽůŽ ŽƵ ďůŽĐŽƐ ĚĞ ĐŝŵĞŶƚŽ͕ ƉŽĚĞŶĚŽ ƚĂŵďĠŵ ĨĂǌĞƌ Ž ƌĞƐƉĞƚŝǀŽ ƌĞďŽĐŽ͖ ƉƌŽĐĞĚĞ ĂŽ ĂƐƐĞŶƚĂŵĞŶƚŽ ĚĞ ŵĂŶŝůŚĂƐ͕ ƚƵďŽƐ Ğ ĐĂŶƚĂƌŝĂƐ͖ ĞǆĞĐƵƚĂ ŵƵƌŽƐ Ğ ĞƐƚƌƵƚƵƌĂƐ ƐŝŵƉůĞƐ͕ ĐŽŵ ŽƵ ƐĞŵ ĂƌŵĂĚƵƌĂƐ͕ ƉŽĚĞŶĚŽ ƚĂŵďĠŵ ĞŶĐĂƌƌĞŐĂƌͲƐĞ ĚĞ ŵŽŶƚĂŐĞŵ ĚĞ ĂƌŵĂĚƵƌĂƐ ŵƵŝƚŽ ƐŝŵƉůĞƐ͖ ĞǆĞĐƵƚĂ ŽƵƚƌŽƐ ƚƌĂďĂůŚŽƐ ƐŝŵŝůĂƌĞƐ ŽƵ ĐŽŵƉůĞŵĞŶƚĂƌĞƐ ĚŽƐ ĚĞƐĐƌŝƚŽƐ͖ Ġ ƌĞƐƉŽŶƐĄǀĞů ƉĞůŽƐ ĞƋƵŝƉĂŵĞŶƚŽƐ ƐŽď Ă ƐƵĂ ŐƵĂƌĚĂ Ğ ƉĞůĂ ĐŽƌƌĞƚĂ ƵƚŝůŝǌĂĕĆŽ͕ ƉƌŽĐĞĚĞŶĚŽ͕ ƋƵĂŶĚŽ ŶĞĐĞƐƐĄƌŝŽ͕ ă ŵĂŶƵƚĞŶĕĆŽ Ğ ƌĞƉĂƌĂĕĆŽ ĚŽƐ ŵĞƐŵŽƐ͘

ƐĐŽůĂƌŝĚĂĚĞ ŽďƌŝŐĂƚſƌŝĂ

ƐƐŝƐƚĞŶƚĞ KƉĞƌĂĐŝŽŶĂů

WŝŶƚŽƌ Ͳ ƉůŝĐĂ ĐĂŵĂĚĂƐ ĚĞ ƚŝŶƚĂ͕ ǀĞƌŶŝǌ ŽƵ ŽƵƚƌŽƐ ƉƌŽĚƵƚŽƐ ĂĨŝŶƐ͕ ƉƌŝŶĐŝƉĂůŵĞŶƚĞ ƐŽďƌĞ ƐƵƉĞƌĨşĐŝĞƐ ĚĞ ĞƐƚƵƋƵĞ͕ ƌĞďŽĐŽ͕ ŵĂĚĞŝƌĂ Ğ ŵĞƚĂů͕ ƉĂƌĂ ĂƐ ƉƌŽƚĞŐĞƌ͖ ǀĞƌŝĨŝĐĂ Ă ƋƵĂůŝĚĂĚĞ ĚŽ ƚƌĂďĂůŚŽ ƉƌŽĚƵǌŝĚŽ͖ ĐƌŝĂ ĚĞƚĞƌŵŝŶĂĚŽƐ ĞĨĞŝƚŽƐ ŽƌŶĂŵĞŶƚĂŝƐ͕ ƋƵĂŶĚŽ ŶĞĐĞƐƐĄƌŝŽ͖ ƉŽƌ ǀĞǌĞƐ͕ ŽƌĕĂŵĞŶƚĂ ƚƌĂďĂůŚŽƐ͕ ĂƐƐĞŶƚĂ Ğ ƐƵďƐƚŝƚƵŝ ǀŝĚƌŽƐ Ğ ĨŽƌƌĂ ƉĂƌĞĚĞƐ͕ ůĂŵďƌŝƐ Ğ ƚĞƚŽƐ ĐŽŵ ƉĂƉĞů ƉŝŶƚĂĚŽ͖ Ġ ƌĞƐƉŽŶƐĄǀĞů ƉĞůŽƐ ĞƋƵŝƉĂŵĞŶƚŽƐ ƐŽď Ă ƐƵĂ ŐƵĂƌĚĂ Ğ ƉĞůĂ ĐŽƌƌĞƚĂ ƵƚŝůŝǌĂĕĆŽ͕ ƉƌŽĐĞĚĞŶĚŽ͕ ƋƵĂŶĚŽ ŶĞĐĞƐƐĄƌŝŽ͕ ă ŵĂŶƵƚĞŶĕĆŽ Ğ ƌĞƉĂƌĂĕĆŽ ĚŽƐ ŵĞƐŵŽƐ͘

ƐĐŽůĂƌŝĚĂĚĞ ŽďƌŝŐĂƚſƌŝĂ

ƐƐŝƐƚĞŶƚĞ KƉĞƌĂĐŝŽŶĂů

^ĞƌƌĂůŚĞŝƌŽ DĞĐąŶŝĐŽ Ͳ ZĞƉĂƌĂ Ğ ĐŽŶƐĞƌǀĂ ǀĄƌŝŽƐ ƚŝƉŽƐ ĚĞ ŵĄƋƵŝŶĂƐ͕ ŵŽƚŽƌĞƐ Ğ ŽƵƚƌŽƐ ĐŽŶũƵŶƚŽƐ ŵĞĐąŶŝĐŽƐ͕ ŐĞƌĂůŵĞŶƚĞ ĚĞ ŵĞƚĂů͕ ĐŽŵ ĞǆĐĞĕĆŽ ĚŽƐ ŝŶƐƚƌƵŵĞŶƚŽƐ ĚĞ ƉƌĞĐŝƐĆŽ Ğ ĚĂƐ ŝŶƐƚĂůĂĕƁĞƐ ĞůĠƚƌŝĐĂƐ͖ ǀĞƌŝĨŝĐĂ͕ ĂũƵƐƚĂ Ğ ůƵďƌŝĨŝĐĂ ƉĞƌŝŽĚŝĐĂŵĞŶƚĞ ŽƐ ĂƉĂƌĞůŚŽƐ ŽƵ ĨŝƐĐĂůŝǌĂ ĞƐƚĞƐ ƚƌĂďĂůŚŽƐ Ğ ĞǆĞĐƵƚĂ ŽƵƚƌĂƐ ƚĂƌĞĨĂƐ ƉĂƌĂ ŵĂŶƚĞƌ Ğŵ ďŽŵ ĞƐƚĂĚŽ ĚĞ ĨƵŶĐŝŽŶĂŵĞŶƚŽ ŽƐ ŵĞƐŵŽƐ͕ ĨĂǌĞŶĚŽ Ž ƌĞŐŝƐƚŽ ĚŽ ƌĞŶĚŝŵĞŶƚŽ Ğ ĚĂƐ ƉĞĕĂƐ ĞǆĂŵŝŶĂĚĂƐ͖ ƉŽƌ ǀĞǌĞƐ ƐŽůĚĂ ĚĞƚĞƌŵŝŶĂĚĂƐ ƉĞĕĂƐ Ğ ŵŽŶƚĂ ĂƉĂƌĞůŚŽƐ͖ Ġ ƌĞƐƉŽŶƐĄǀĞů ƉĞůŽƐ ĞƋƵŝƉĂŵĞŶƚŽƐ ƐŽď Ă ƐƵĂ ŐƵĂƌĚĂ Ğ ƉĞůĂ ĐŽƌƌĞƚĂ ƵƚŝůŝǌĂĕĆŽ͕ ƉƌŽĐĞĚĞŶĚŽ͕ ƋƵĂŶĚŽ ŶĞĐĞƐƐĄƌŝŽ͕ ă ŵĂŶƵƚĞŶĕĆŽ Ğ ƌĞƉĂƌĂĕĆŽ ĚŽƐ ŵĞƐŵŽƐ͘

ƐĐŽůĂƌŝĚĂĚĞ ŽďƌŝŐĂƚſƌŝĂ

ƐƐŝƐƚĞŶƚĞ KƉĞƌĂĐŝŽŶĂů

^ŽŶŽƉůĂƐƚĂ Ͳ /ŶĚŝǀŝĚƵĂůŵĞŶƚĞ ŽƵ Ğŵ ĐŽůĂďŽƌĂĕĆŽ ĐŽŵ ŽƵƚƌŽƐ ƉƌŽĨŝƐƐŝŽŶĂŝƐ ƉƌŽĐĞĚĞ ă ŵŽŶƚĂŐĞŵ͕ ŝŶƐƚĂůĂĕĆŽ Ğ ŽƉĞƌĂĕĆŽ ĚĞ ĞƋƵŝƉĂŵĞŶƚŽƐ ĚĞƐƚŝŶĂĚŽƐ ĂŽ ƚƌĂƚĂŵĞŶƚŽ͕ ĂŵƉůŝĨŝĐĂĕĆŽ ŽƵ ŐƌĂǀĂĕĆŽ ĚĞ ƐŽŶƐ͖ ƐĞůĞĐŝŽŶĂ ŵƷƐŝĐĂƐ Ğ ŽƵƚƌŽƐ ĞĨĞŝƚŽƐ ƐŽŶŽƌŽƐ ĐŽŵ Ž ŝŶƚƵŝƚŽ ĚĞ ŽƐ ŝŶƚƌŽĚƵǌŝƌ Ğŵ ĞƐƉĞƚĄĐƵůŽƐ ĚĞ ǀĄƌŝĂ ŽƌĚĞŵ ;ĚĞƐŝŐŶĂĚĂŵĞŶƚĞ ƚĞĂƚƌŽ͕ ƚĞůĞǀŝƐĆŽ͕ ĐŽŶŐƌĞƐƐŽƐ͕ ĐŽŶĨĞƌġŶĐŝĂƐͿ Ă ƉĂƌƚŝƌ ĚĂ ůĞŝƚƵƌĂ ĚĞ ƚĞǆƚŽƐͬƉůĂŶŽƐ ĚŽ ĞǀĞŶƚŽ ŽƵ ĚĂ ƉĂƌƚŝĐŝƉĂĕĆŽ ŶŽ ĞŶƐĂŝŽ ĚŽ ŵĞƐŵŽ͖ ƉƌŽĐĞĚĞ ă ůŽĐĂůŝǌĂĕĆŽ ĚĂƐ ƐĂşĚĂƐ ĚĞ ƐŽŵ Ğ ƌĞƐƉĞƚŝǀŽƐ ǀŽůƵŵĞƐ Ğ ĐŽŶĐĞďĞ Ž ĞƐƋƵĞŵĂ Ă ƵƚŝůŝǌĂƌ ŶĂ ŐƌĂǀĂĕĆŽ ĚŽ ĞǀĞŶƚŽ͘

ƐĐŽůĂƌŝĚĂĚĞ ŽďƌŝŐĂƚſƌŝĂ

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ƐƐŝƐƚĞŶƚĞ KƉĞƌĂĐŝŽŶĂů

ŶĞǆŽ ĂŽ DĂƉĂ ĚĞ WĞƐƐŽĂů Ͳ ϮϬϭϳ D Z DhE/ /W > dKD Z

ƐƐŝƐƚĞŶƚĞ KƉĞƌĂĐŝŽŶĂů

dĞůĞĨŽŶŝƐƚĂ Ͳ ƐƚĂďĞůĞĐĞ ůŝŐĂĕƁĞƐ ƚĞůĞĨſŶŝĐĂƐ ƉĂƌĂ Ž ĞǆƚĞƌŝŽƌ Ğ ƚƌĂŶƐŵŝƚĞ ĂŽƐ ƚĞůĞĨŽŶĞƐ ŝŶƚĞƌŶŽƐ ĐŚĂŵĂĚĂƐ ƌĞĐĞďŝĚĂƐ͖ ƉƌĞƐƚĂ ŝŶĨŽƌŵĂĕƁĞƐ͕ ĚĞŶƚƌŽ ĚŽ ƐĞƵ ąŵďŝƚŽ͖ ƌĞŐŝƐƚĂ Ž ŵŽǀŝŵĞŶƚŽ ĚĞ ĐŚĂŵĂĚĂƐ Ğ ĂŶŽƚĂ͕ ƐĞŵƉƌĞ ƋƵĞ ŶĞĐĞƐƐĄƌŝŽ͕ ĂƐ ŵĞŶƐĂŐĞŶƐ ƋƵĞ ƌĞƐƉĞŝƚĂŵ Ă ĂƐƐƵŶƚŽƐ ĚĞ ƐĞƌǀŝĕŽ Ğ ƚƌĂŶƐŵŝƚĞͲĂƐ ƉŽƌ ĞƐĐƌŝƚŽ ŽƵ ŽƌĂůŵĞŶƚĞ͖ ǌĞůĂ ƉĞůĂ ĐŽŶƐĞƌǀĂĕĆŽ ĚŽ ŵĂƚĞƌŝĂů ă ƐƵĂ ŐƵĂƌĚĂ͘

ƐĐŽůĂƌŝĚĂĚĞ ŽďƌŝŐĂƚſƌŝĂ

ĂƌŐŽ ͬ ĂƌƌĞŝƌĂ ͬ ĂƚĞŐŽƌŝĂ

ƚƌŝďƵŝĕĆŽ ͬ ŽŵƉĞƚġŶĐŝĂƐ

&ŽƌŵĂĕĆŽ ĐĂĚĠŵŝĐĂ

ŚĞĨĞ

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^ƵďĐŚĞĨĞ ϭǐ ůĂƐƐĞ Ϯǐ ůĂƐƐĞ

ŽŵďĞŝƌŽ DƵŶŝĐŝƉĂů Ͳ ŽŵďĂƚĞƌ ŽƐ ŝŶĐġŶĚŝŽƐ͕ ƉƌĞƐƚĂƌ ƐŽĐŽƌƌŽ ăƐ ƉŽƉƵůĂĕƁĞƐ Ğŵ ĐĂƐŽ ĚĞ ŝŶĐġŶĚŝŽ͕ ŝŶƵŶĚĂĕƁĞƐ͕ ĚĞƐĂďĂŵĞŶƚŽƐ͕ ĂďĂůƌŽĂŵĞŶƚŽƐ Ğ Ğŵ ƚŽĚŽƐ ŽƐ ĂĐŝĚĞŶƚĞƐ͕ ĐĂƚĄƐƚƌŽĨĞƐ ŽƵ ĐĂůĂŵŝĚĂĚĞƐ͕ ƉƌĞƐƚĂƌ ƐŽĐŽƌƌŽ Ă ŶĄƵĨƌĂŐŽƐ Ğ ĨĂǌĞƌ ďƵƐĐĂƐ ƐƵďĂƋƵĄƚŝĐĂƐ͖ ĞǆĞƌĐĞƌ ĂƚŝǀŝĚĂĚĞƐ ĚĞ ƐŽĐŽƌƌŽ Ğ ƚƌĂŶƐƉŽƌƚĞ ĚĞ ƐŝŶŝƐƚƌĂĚŽƐ Ğ ĚŽĞŶƚĞƐ͕ ŝŶĐůƵŝŶĚŽ Ă ƵƌŐġŶĐŝĂ ƉƌĠͲŚŽƐƉŝƚĂůĂƌ͖ ĨĂǌĞƌ Ă ƉƌŽƚĞĕĆŽ ĐŽŶƚƌĂŝŶĐġŶĚŝŽƐ Ğŵ ĞĚŝĨşĐŝŽƐ ƉƷďůŝĐŽƐ͕ ĐĂƐĂƐ ĚĞ ĞƐƉĞƚĄĐƵůŽƐ Ğ ĚŝǀĞƌƚŝŵĞŶƚŽ ƉƷďůŝĐŽ Ğ ŽƵƚƌŽƐ EŽƐ ƚĞƌŵŽƐ ĚŽ ƌĞĐŝŶƚŽƐ͕ ŵĞĚŝĂŶƚĞ ƐŽůŝĐŝƚĂĕĆŽ Ğ ĚĞ ĂĐŽƌĚŽ ĐŽŵ ĂƐ ŶŽƌŵĂƐ Ğŵ ǀŝŐŽƌ͕ ŶŽŵĞĂĚĂŵĞŶƚĞ ƉƌĞƐƚĂŶĚŽ ƐĞƌǀŝĕŽ ĚĞ ǀŝŐŝůąŶĐŝĂ ĚƵƌĂŶƚĞ Ă ƌĞĂůŝǌĂĕĆŽ ĚĞ ĞǀĞŶƚŽƐ ƉƷďůŝĐŽƐ͖ ƌĞŐƵůĂŵĞŶƚŽ ĚĞ ŝŶŐƌĞƐƐŽ ĐŽůĂďŽƌĂƌ Ğŵ ŽƵƚƌĂƐ ĂƚŝǀŝĚĂĚĞƐ ĚĞ ƉƌŽƚĞĕĆŽ Đŝǀŝů͕ ŶŽ ąŵďŝƚŽ ĚŽ ĞǆĞƌĐşĐŝŽ ĚĂƐ ĨƵŶĕƁĞƐ ĞƐƉĞĐŝĨŝĐĂƐ ƋƵĞ ůŚĞƐ ĨŽƌĞŵ ĐŽŵĞƚŝĚĂƐ Ğŵŝƚŝƌ͕ ŶŽƐ ƚĞƌŵŽƐ ĚĂ ůĞŝ͕ Ğ ƉƌŽŵŽĕĆŽ ĚĂ ĐĂƌƌĞŝƌĂ ƉĂƌĞĐĞƌĞƐ ƚĠĐŶŝĐŽƐ Ğŵ ŵĂƚĠƌŝĂ ĚĞ ƉƌŽƚĞĕĆŽ ĐŽŶƚƌĂ ŝŶĐġŶĚŝŽƐ Ğ ŽƵƚƌŽƐ ƐŝŶŝƐƚƌŽƐ͖ ĞǆĞƌĐĞƌ ĂƚŝǀŝĚĂĚĞƐ ĚĞ ĨŽƌŵĂĕĆŽ ĐşǀŝĐĂ͕ ĐŽŵ ĞƐƉĞĐŝĂů ŝŶĐŝĚġŶĐŝĂ ŶŽƐ ĚŽŵşŶŝŽƐ ĚĞ ďŽŵďĞŝƌŽ ŵƵŶŝĐŝƉĂů ĚĂ ƉƌĞǀĞŶĕĆŽ ĐŽŶƚƌĂ Ž ƌŝƐĐŽ ĚĞ ŝŶĐġŶĚŝŽ Ğ ŽƵƚƌŽƐ ĂĐŝĚĞŶƚĞƐ ĚŽŵĠƐƚŝĐŽƐ͖ ƉĂƌƚŝĐŝƉĂƌ ŶŽƵƚƌĂƐ ĂĕƁĞƐ͕ ƉĂƌĂ ĂƐ ƋƵĂŝƐ ĞƐƚĞũĂŵ ƚĞĐŶŝĐĂŵĞŶƚĞ ƉƌĞƉĂƌĂĚŽƐ Ğ ƐĞ ĞŶƋƵĂĚƌĞŵ ŶŽƐ ƐĞƵƐ ĨŝŶƐ ĞƐƉĞĐşĨŝĐŽƐ͘

ϯǐ ůĂƐƐĞ

ƐƉĞĐŝĂůŝƐƚĂ WƌŝŶĐŝƉĂů ƐƉĞĐŝĂůŝƐƚĂ WƌŝŶĐŝƉĂů ϭǐ ůĂƐƐĞ

&ŝƐĐĂů DƵŶŝĐŝƉĂů Ͳ &ŝƐĐĂůŝǌĂ Ğ ĨĂǌ ĐƵŵƉƌŝƌ ŽƐ ƌĞŐƵůĂŵĞŶƚŽƐ͕ ƉŽƐƚƵƌĂƐ ŵƵŶŝĐŝƉĂŝƐ Ğ ĚĞŵĂŝƐ ĚŝƐƉŽƐŝƚŝǀŽƐ ůĞŐĂŝƐ ƌĞůĂƚŝǀŽƐ Ă ĄƌĞĂƐ ĚĞ ŽĐƵƉĂĕĆŽ ĚĂ ǀŝĂ ƉƷďůŝĐĂ͕ ϭϮǑ ĂŶŽ ĚĞ ĞƐĐŽůĂƌŝĚĂĚĞ Ğ ƉƵďůŝĐŝĚĂĚĞ͕ ƚƌąŶƐŝƚŽ͕ ŽďƌĂƐ ƉĂƌƚŝĐƵůĂƌĞƐ͕ ĂďĞƌƚƵƌĂ Ğ ĨƵŶĐŝŽŶĂŵĞŶƚŽ ĚĞ ĞƐƚĂďĞůĞĐŝŵĞŶƚŽƐ ĐŽŵĞƌĐŝĂŝƐ ŽƵ ŝŶĚƵƐƚƌŝĂŝƐ͕ ƉƌĞƐĞƌǀĂĕĆŽ ĚŽ ĂŵďŝĞŶƚĞ ŶĂƚƵƌĂů͕ Ƶŵ ĐƵƌƐŽ ĞƐƉĞĐŝĨŝĐŽ Ă ĚĞƉŽƐŝĕĆŽ͕ ƌĞŵŽĕĆŽ͕ ƚƌĂŶƐƉŽƌƚĞ͕ ƚƌĂƚĂŵĞŶƚŽ Ğ ĚĞƐƚŝŶŽ ĨŝŶĂů ĚŽƐ ƌĞƐşĚƵŽƐ ƐſůŝĚŽƐ͕ ƉƷďůŝĐŽƐ͕ ĚŽŵĠƐƚŝĐŽƐ Ğ ĐŽŵĞƌĐŝĂŝƐ͕ ƉƌĞƐĞƌǀĂĕĆŽ ĚŽ ƉĂƚƌŝŵſŶŝŽ͕ ƐĞŐƵƌĂŶĕĂ ŵŝŶŝƐƚƌĂƌ ƉĞůŽ & ŶŽ ƚƌĂďĂůŚŽ Ğ ĨŝƐĐĂůŝǌĂĕĆŽ ƉƌĞǀĞŶƚŝǀĂ ĚŽ ƚĞƌƌŝƚſƌŝŽ͖ ƉƌĞƐƚĂ ŝŶĨŽƌŵĂĕƁĞƐ ƐŽďƌĞ ƐŝƚƵĂĕƁĞƐ ĚĞ ĨĂĐƚŽ ĐŽŵ ǀŝƐƚĂ ă ŝŶƐƚƌƵĕĆŽ ĚĞ ƉƌŽĐĞƐƐŽƐ ŵƵŶŝĐŝƉĂŝƐ ŶĂƐ ĄƌĞĂƐ ĚĂ ; ĞŶƚƌŽ ĚĞ ƐƚƵĚŽƐ Ğ ƐƵĂ ĂƚƵĂĕĆŽ ĞƐƉĞĐşĨŝĐĂ͘ &ŽƌŵĂĕĆŽ ƵƚĄƌƋƵŝĐĂͿ

Ϯǐ ůĂƐƐĞ

WƌĂĕĂ ĚĂ ZĞƉƷďůŝĐĂ ͼ dĞů͘ Ϯϰϵ ϯϮϵ ϴϴϱ ͼ &Ăǆ Ϯϰϵ ϯϮϵ ϴϬϵ ͼ ͲŵĂŝů͗ ƉƌĞƐŝĚĞŶĐŝĂΛĐŵͲƚŽŵĂƌ͘Ɖƚ ͼ ϮϯϬϬͲϱϱϬ dŽŵĂƌ

ŶĞǆŽ ĂŽ DĂƉĂ ĚĞ WĞƐƐŽĂů Ͳ ϮϬϭϳ D Z DhE/ /W > dKD Z

ƐƉĞĐŝĂůŝƐƚĂ ĚĞ /ŶĨŽƌŵĄƚŝĐĂ 'ƌĂƵ ϭ EşǀĞů Ϯ ƐƉĞĐŝĂůŝƐƚĂ ĚĞ /ŶĨŽƌŵĄƚŝĐĂ 'ƌĂƵ Ϯ EşǀĞů Ϯ dĠĐŶŝĐŽ ĚĞ /ŶĨŽƌŵĄƚŝĐĂ 'ƌĂƵ ϭ EşǀĞů ϯ dĠĐŶŝĐŽ ĚĞ /ŶĨŽƌŵĄƚŝĐĂ 'ƌĂƵ ϭ EşǀĞů ϭ

ƐƉĞĐŝĂůŝƐƚĂ ĚĞ /ŶĨŽƌŵĄƚŝĐĂ Ͳ ĞƐĞŵƉĞŶŚĂ ĨƵŶĕƁĞƐ ĚĞ ĐŽŶĐĞĕĆŽ Ğ ĂƉůŝĐĂĕĆŽ ŶĂƐ ƐĞŐƵŝŶƚĞƐ ĄƌĞĂƐ͗ ŐĞƐƚĆŽ Ğ ĂƌƋƵŝƚĞƚƵƌĂ ĚĞ ƐŝƐƚĞŵĂƐ ĚĞ ŝŶĨŽƌŵĂĕĆŽ͕ ŝŶĨƌĂĞƐƚƌƵƚƵƌĂƐ ƚĞĐŶŽůſŐŝĐĂƐ Ğ ĞŶŐĞŶŚĂƌŝĂ ĚĞ ƐŽĨƚǁĂƌĞ͘

dĠĐŶŝĐŽ ĚĞ /ŶĨŽƌŵĄƚŝĐĂ Ͳ ĞƐĞŵƉĞŶŚĂ ĨƵŶĕƁĞƐ ŶƵŵĂ ĚĂƐ ƐĞŐƵŝŶƚĞƐ ĄƌĞĂƐ ĨƵŶĐŝŽŶĂŝƐ͗ ŝŶĨƌĂĞƐƚƌƵƚƵƌĂƐ ƚĞĐŶŽůſŐŝĐĂƐ ŽƵ ĞŶŐĞŶŚĂƌŝĂ ĚĞ ƐŽĨƚǁĂƌĞ͖ ƐƵƉĞƌǀŝƐŝŽŶĂ ƵƌƐŽ dĞĐŶŽůſŐŝĐŽ͕ ĐƵƌƐŽ ĂŝŶĚĂ ŽƐ ƚƌĂďĂůŚŽƐ ĚŽƐ ƚĠĐŶŝĐŽƐ ĚĞ ŝŶĨŽƌŵĄƚŝĐĂ ĂĚũƵŶƚŽƐ͕ Ğŵ ƉĂƌƚŝĐƵůĂƌ ŶŽ ƋƵĞ ƌĞƐƉĞŝƚĂ ĂŽ ĂƉŽŝŽ ĚĞ ƵƚŝůŝǌĂĚŽƌĞƐ͕ ă ŽƉĞƌĂĕĆŽ ĚĞ ĐŽŵƉƵƚĂĚŽƌĞƐ Ğ ĂŽ ƐƵƉŽƌƚĞ ĚĂƐ ĞƐĐŽůĂƐ ƉƌŽĨŝƐƐŝŽŶĂŝƐ ĚĞ ƉƌŽŐƌĂŵĂĕĆŽ ĚĞ ƐŝƐƚĞŵĂƐ ĚĞ ŵŝĐƌŽŝŶĨŽƌŵĄƚŝĐĂ͘ ŽƵ ĐƵƌƐŽ ƋƵĞ ĐŽŶĨŝƌĂ ĐĞƌƚŝĨŝĐĂĚŽ ĚĞ ƋƵĂůŝĨŝĐĂĕĆŽ ĚĞ ŶşǀĞů /// Ğŵ ĄƌĞĂƐ ĚĞ ŝŶĨŽƌŵĄƚŝĐĂ

ĂƌŐŽ ͬ ĂƌƌĞŝƌĂ ͬ ĂƚĞŐŽƌŝĂ

[ 93 ]

dĠĐŶŝĐŽ ^ƵƉĞƌŝŽƌ

ŚĞĨĞ ĚĞ ^ĞƌǀŝĕŽƐ ĚĞ ĚŵŝŶŝƐƚƌĂĕĆŽ ƐĐŽůĂƌ

ƐƐŝƐƚĞŶƚĞ dĠĐŶŝĐŽ

/ŶĨŽƌŵĄƚŝĐĂ

ƚƌŝďƵŝĕĆŽ ͬ ŽŵƉĞƚġŶĐŝĂƐ WƐŝĐŽůŽŐŝĂ ; ƐƚĂďĞůĞĐŝŵĞŶƚŽƐ ĚĞ ŶƐŝŶŽͿ Ͳ ǆĞƌĐĞ͕ ĐŽŵ ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞ Ğ ĂƵƚŽŶŽŵŝĂ ƚĠĐŶŝĐĂ͕ ĂŝŶĚĂ ƋƵĞ ĐŽŵ ĞŶƋƵĂĚƌĂŵĞŶƚŽ ƐƵƉĞƌŝŽƌ ƋƵĂůŝĨŝĐĂĚŽ͕ ĨƵŶĕƁĞƐ ĐŽŶƐƵůƚŝǀĂƐ͕ ĚĞ ĞƐƚƵĚŽ͕ ƉůĂŶĞĂŵĞŶƚŽ͕ ƉƌŽŐƌĂŵĂĕĆŽ͕ ĂǀĂůŝĂĕĆŽ Ğ ĚĞ ĂƉůŝĐĂĕĆŽ ĚĞ ŵĠƚŽĚŽƐ Ğ ƉƌŽĐĞƐƐŽƐ ĚĞ ŶĂƚƵƌĞǌĂ ƚĠĐŶŝĐĂ Ğ ŽƵ ĐŝĞŶƚşĨŝĐĂ ŝŶĞƌĞŶƚĞƐ ă ƌĞƐƉĞƚŝǀĂ ĄƌĞĂ ĚĞ ĞƐƉĞĐŝĂůŝǌĂĕĆŽ Ğ ĨŽƌŵĂĕĆŽ ĂĐĂĚĠŵŝĐĂ͕ ƋƵĞ ǀŝƐĂŵ ĨƵŶĚĂŵĞŶƚĂƌ Ğ ƉƌĞƉĂƌĂƌ Ă ĚĞĐŝƐĆŽ͕ ŝŶĐƵŵďŝŶĚŽ͕ ŐĞŶĞƌŝĐĂŵĞŶƚĞ͗ ĞĨĞƚƵĂƌ ĞƐƚƵĚŽƐ Ğ ĚĞƐĞŶǀŽůǀĞƌ ƉƌŽũĞƚŽƐ Ğŵ ĄƌĞĂƐ ĐŽŵŽ ƌĞĐƵƌƐŽƐ ŚƵŵĂŶŽƐ͕ ĂƉŽŝŽ ƐŽĐŝĂů͕ ĞĚƵĐĂƚŝǀŽ Ğ ĐƵůƚƵƌĂů͖ ƉƌŽŵŽǀĞƌ Ă ƌĞƐŽůƵĕĆŽ ĚĞ ƉƌŽďůĞŵĂƐ ĚĞ ĂĚĂƉƚĂĕĆŽ Ğ ƌĞĂĚĂƉƚĂĕĆŽ ƐŽĐŝĂů ĚŽƐ ŝŶĚŝǀşĚƵŽƐ͕ ŐƌƵƉŽƐ ŽƵ ĐŽŵƵŶŝĚĂĚĞƐ͖ ĚĞƚĞƚĂƌ ĂƐ ŶĞĐĞƐƐŝĚĂĚĞƐ ĚĂ ĐŽŵƵŶŝĚĂĚĞ ĞĚƵĐĂƚŝǀĂ͕ ĐŽŵ Ž Ĩŝŵ ĚĞ ƉƌŽƉŽƌ Ă ƌĞĂůŝǌĂĕĆŽ ĚĞ ĂĕƁĞƐ ĚĞ ƉƌĞǀĞŶĕĆŽ Ğ ŵĞĚŝĚĂƐ ĂĚĞƋƵĂĚĂƐ͕ ĚĞƐŝŐŶĂĚĂŵĞŶƚĞ͕ Ğŵ ĐĂƐŽƐ ĚĞ ŝŶƐƵĐĞƐƐŽ ĞƐĐŽůĂƌ͖ ŝĚĞŶƚŝĨŝĐĂƌ ĂƐ ŶĞĐĞƐƐŝĚĂĚĞƐ ĚĞ ŽĐƵƉĂĕĆŽ ĚĞ ƚĞŵƉŽƐ ůŝǀƌĞƐ ƉƌŽŵŽǀĞŶĚŽ Ğ ĂƉŽŝĂŶĚŽ ĂƚŝǀŝĚĂĚĞƐ ĚĞ şŶĚŽůĞ ĐƵůƚƵƌĂů͕ ĞĚƵĐĂƚŝǀĂ Ğ ƌĞĐƌĞĂƚŝǀĂ͖ ĞǆĞĐƵƚĂƌ ŽƵƚƌĂƐ ĂƚŝǀŝĚĂĚĞƐ ĚĞ ĂƉŽŝŽ ŐĞƌĂů ŽƵ ĞƐƉĞĐŝĂůŝǌĂĚŽ ŶĂƐ ĄƌĞĂƐ ĚĞ ĂƚƵĂĕĆŽ ĐŽŵƵŶƐ͕ ŝŶƐƚƌƵŵĞŶƚĂŝƐ Ğ ŽƉĞƌĂƚŝǀĂƐ ĚŽƐ ſƌŐĆŽƐ Ğ ƐĞƌǀŝĕŽƐ͘ ŚĞĨĞ ĚĞ ^ĞƌǀŝĕŽƐ ĚĞ ĚŵŝŶŝƐƚƌĂĕĆŽ ƐĐŽůĂƌ Ͳ ŝƌŝŐŝƌ Ğ ŽƌŝĞŶƚĂƌ Ž ƉĞƐƐŽĂů ĂĨĞƚŽ ĂŽ ƐĞƌǀŝĕŽ ĂĚŵŝŶŝƐƚƌĂƚŝǀŽ ŶŽ ĞǆĞƌĐşĐŝŽ ĚŝĄƌŝŽ ĚĂƐ ƐƵĂƐ ƚĂƌĞĨĂƐ͖ ĞǆĞƌĐĞƌ ƚŽĚĂƐ ĂƐ ĐŽŵƉĞƚġŶĐŝĂƐ ĚĞůĞŐĂĚĂƐ ƉĞůĂ ĚŝƌĞĕĆŽ ĞǆĞĐƵƚŝǀĂ͖ ƉƌŽƉŽƌ ĂƐ ŵĞĚŝĚĂƐ ƚĞŶĚĞŶƚĞƐ ă ŵŽĚĞƌŶŝǌĂĕĆŽ Ğ ĞĨŝĐŝġŶĐŝĂ Ğ ĞĨŝĐĄĐŝĂ ĚŽƐ ƐĞƌǀŝĕŽƐ ĚĞ ĂƉŽŝŽ ĂĚŵŝŶŝƐƚƌĂƚŝǀŽ͖ ƉƌĞƉĂƌĂƌ Ğ ƐƵďŵĞƚĞƌ Ă ĚĞƐƉĂĐŚŽ ĚŽ ſƌŐĆŽ ĞǆĞĐƵƚŝǀŽ ĚĂ ĞƐĐŽůĂ ŽƵ ĚŽ ĂŐƌƵƉĂŵĞŶƚŽ ĚĞ ĞƐĐŽůĂƐ ƚŽĚŽƐ ŽƐ ĂƐƐƵŶƚŽƐ ƌĞƐƉĞŝƚĂŶƚĞƐ ĂŽ ĨƵŶĐŝŽŶĂŵĞŶƚŽ ĚĂ ĞƐĐŽůĂ͖ ĂƐƐĞŐƵƌĂƌ Ă ĞůĂďŽƌĂĕĆŽ ĚŽ ƉƌŽũĞƚŽ ĚĞ ŽƌĕĂŵĞŶƚŽ͕ ĚĞ ĂĐŽƌĚŽ ĐŽŵ ĂƐ ůŝŶŚĂƐ ƚƌĂĕĂĚĂƐ ƉĞůĂ ĚŝƌĞĕĆŽ ĞǆĞĐƵƚŝǀĂ͖ ĐŽŽƌĚĞŶĂƌ͕ ĚĞ ĂĐŽƌĚŽ ĐŽŵ ĂƐ ŽƌŝĞŶƚĂĕƁĞƐ ĚŽ ĐŽŶƐĞůŚŽ ĂĚŵŝŶŝƐƚƌĂƚŝǀŽ͕ Ă ĞůĂďŽƌĂĕĆŽ ĚŽ ƌĞůĂƚſƌŝŽ ĚĞ ĐŽŶƚĂ ĚĞ ŐĞƌġŶĐŝĂ͘ ƌĞĂ ĚŵŝŶŝƐƚƌĂƚŝǀĂ ; ƐƚĂďĞůĞĐŝŵĞŶƚŽƐ ĚĞ ŶƐŝŶŽͿ Ͳ ǆĞƌĐĞ͕ ĐŽŵ ďĂƐĞ Ğŵ ĚŝƌĞƚŝǀĂƐ ďĞŵ ĚĞĨŝŶŝĚĂƐ Ğ ŝŶƐƚƌƵĕƁĞƐ ŐĞƌĂŝƐ͕ ĨƵŶĕƁĞƐ ĚĞ ŶĂƚƵƌĞǌĂ ĞǆĞĐƵƚŝǀĂ Ğ ĚĞ ĂƉůŝĐĂĕĆŽ ĚĞ ŵĠƚŽĚŽƐ Ğ ƉƌŽĐĞƐƐŽƐ͕ ŶĂƐ ĄƌĞĂƐ ĚĞ ĂƚƵĂĕĆŽ ĐŽŵƵŶƐ Ğ ŝŶƐƚƌƵŵĞŶƚĂŝƐ Ğ ŶŽƐ ǀĄƌŝŽƐ ĚŽŵşŶŝŽƐ ĚĞ ĂƚƵĂĕĆŽ ĚŽƐ ſƌŐĆŽƐ Ğ ƐĞƌǀŝĕŽƐ͕ ƌĞƋƵĞƌĞŶĚŽ ĐŽŶŚĞĐŝŵĞŶƚŽƐ ƚĠĐŶŝĐŽƐ͕ ƚĞſƌŝĐŽƐ Ğ ƉƌĄƚŝĐŽƐ ŽďƚŝĚŽƐ ĂƚƌĂǀĠƐ ĚĞ ĂĚĞƋƵĂĚŽ ĐƵƌƐŽ ĚŽ ĞŶƐŝŶŽ ƐĞĐƵŶĚĄƌŝŽ ŽƵ ĞƋƵŝǀĂůĞŶƚĞ͕ ŝŶĐƵŵďŝŶĚŽͲůŚĞ͕ ŶŽŵĞĂĚĂŵĞŶƚĞ͗ ĞǆĞĐƵƚĂƌ ƚĂƌĞĨĂƐ ĚĞ ĞǆƉĞĚŝĞŶƚĞ͕ ĂƌƋƵŝǀŽ͕ ƐĞĐƌĞƚĂƌŝĂ͕ ĐŽŶƚĂďŝůŝĚĂĚĞ Ğ ƉƌŽĐĞƐƐĂŵĞŶƚŽ ;ƉĞƐƐŽĂů͕ ĂƉƌŽǀŝƐŝŽŶĂŵĞŶƚŽ Ğ ĞĐŽŶŽŵĂƚŽͿ͘

&ŽƌŵĂĕĆŽ ĐĂĚĠŵŝĐĂ

WƐŝĐŽůŽŐŝĂ

ϭϮǑ ĂŶŽ ĚĞ ĞƐĐŽůĂƌŝĚĂĚĞ ŽƵ ĐƵƌƐŽ ƋƵĞ ůŚĞ ƐĞũĂ ĞƋƵŝƉĂƌĂĚŽ

ŶĞǆŽ ĂŽ DĂƉĂ ĚĞ WĞƐƐŽĂů Ͳ ϮϬϭϳ D Z DhE/ /W > dKD Z

ƐƐŝƐƚĞŶƚĞ dĠĐŶŝĐŽ

ƐĐŽůĂƌŝĚĂĚĞ ŽďƌŝŐĂƚſƌŝĂ

ĂƌŐŽ ͬ ĂƌƌĞŝƌĂ ͬ ĂƚĞŐŽƌŝĂ

ƚƌŝďƵŝĕĆŽ ͬ ŽŵƉĞƚġŶĐŝĂƐ

&ŽƌŵĂĕĆŽ ĐĂĚĠŵŝĐĂ

[ 94 ]

ƐƐŝƐƚĞŶƚĞ KƉĞƌĂĐŝŽŶĂů

ƌĞĂ ĚĞ ĚƵĐĂĕĆŽ ; ƐƚĂďĞůĞĐŝŵĞŶƚŽƐ ĚĞ ŶƐŝŶŽͿ Ͳ ǆĞƌĐĞ ƚĂƌĞĨĂƐ ĚĞ ĂƉŽŝŽ ă ĂƚŝǀŝĚĂĚĞ ĚŽĐĞŶƚĞ ĚĞ ąŵďŝƚŽ ĐƵƌƌŝĐƵůĂƌ Ğ ĚĞ ĞŶƌŝƋƵĞĐŝŵĞŶƚŽ ĚŽ ĐƵƌƌşĐƵůŽ͖ ĞǆĞƌĐĞ ƚĂƌĞĨĂƐ ĚĞ ĞŶƋƵĂĚƌĂŵĞŶƚŽ Ğ ĂĐŽŵƉĂŶŚĂŵĞŶƚŽ ĚĞ ĐƌŝĂŶĕĂƐ Ğ ũŽǀĞŶƐ͕ ŶŽŵĞĂĚĂŵĞŶƚĞ͕ ŶŽ ąŵďŝƚŽ ĚĂ ĂŶŝŵĂĕĆŽ ƐŽĐŝŽĞĚƵĐĂƚŝǀĂ Ğ ĚĞ ĂƉŽŝŽ ă ĨĂŵşůŝĂ͖ ƉƌĞƐƚĂ ĂƉŽŝŽ ĞƐƉĞĐşĨŝĐŽ Ă ĐƌŝĂŶĕĂƐ Ğ ũŽǀĞŶƐ ƉŽƌƚĂĚŽƌĞƐ ĚĞ ĚĞĨŝĐŝġŶĐŝĂ͖ ĂĐŽŵƉĂŶŚĂ ĂƐ ĐƌŝĂŶĕĂƐ ŶĂƐ ĂƚŝǀŝĚĂĚĞƐ ĞĚƵĐĂƚŝǀĂƐ ĞͬŽƵ ůƷĚŝĐĂƐ͕ ƉƌŽƉŽƌĐŝŽŶĂŶĚŽͲůŚĞƐ ĂŵďŝĞŶƚĞ ĂĚĞƋƵĂĚŽ Ğ ĐŽŶƚƌŽůĂ ĞƐƐĂƐ ĂƚŝǀŝĚĂĚĞƐ͖ ǀŝŐŝĂ ĂƐ ĐƌŝĂŶĕĂƐ ĚƵƌĂŶƚĞ Ž ƌĞƉŽƵƐŽ Ğ ŶĂ ƐĂůĂ ĚĞ ĂƵůĂ͖ ĂƐƐŝƐƚĞ Ă ĐƌŝĂŶĕĂƐ ŶŽƐ ƚƌĂŶƐƉŽƌƚĞƐ͕ ŶŽƐ ƌĞĐƌĞŝŽƐ͕ ŶŽƐ ƉĂƐƐĞŝŽƐ Ğ ǀŝƐŝƚĂƐ ĚĞ ĞƐƚƵĚŽ͖ ǌĞůĂ ƉĞůĂ ĐŽŶƐĞƌǀĂĕĆŽ Ğ ďŽĂ ƵƚŝůŝǌĂĕĆŽ ĚĂƐ ŝŶƐƚĂůĂĕƁĞƐ͕ ďĞŵ ĐŽŵŽ ĚŽ ŵĂƚĞƌŝĂů Ğ ĞƋƵŝƉĂŵĞŶƚŽ ĚŝĚĄƚŝĐŽ ŶĞĐĞƐƐĄƌŝŽ ĂŽ ĚĞƐĞŶǀŽůǀŝŵĞŶƚŽ ĞĚƵĐĂƚŝǀŽ͘

ŝďůŝŽƚĞĐĂ Ğ ŽĐƵŵĞŶƚĂĕĆŽ; ƐƚĂďĞůĞĐŝŵĞŶƚŽƐ ĚĞ ŶƐŝŶŽͿ Ͳ ǆĞƌĐĞ͕ ĐŽŵ ďĂƐĞ Ğŵ ĚŝƌĞƚŝǀĂƐ ďĞŵ ĚĞĨŝŶŝĚĂƐ Ğ ŝŶƐƚƌƵĕƁĞƐ ŐĞƌĂŝƐ͕ ĨƵŶĕƁĞƐ ĚĞ ŶĂƚƵƌĞǌĂ ĞǆĞĐƵƚŝǀĂ Ğ ĚĞ ĂƉůŝĐĂĕĆŽ ĚĞ ŵĠƚŽĚŽƐ Ğ ƉƌŽĐĞƐƐŽƐ͕ ŶĂƐ ĄƌĞĂƐ ĚĞ ĂƚƵĂĕĆŽ ĐŽŵƵŶƐ Ğ ŝŶƐƚƌƵŵĞŶƚĂŝƐ Ğ ŶŽƐ ǀĄƌŝŽƐ ĚŽŵşŶŝŽƐ ĚĞ ĂƚƵĂĕĆŽ ĚŽƐ ſƌŐĆŽƐ Ğ ƐĞƌǀŝĕŽƐ͕ ƌĞƋƵĞƌĞŶĚŽ ϭϮǑ ĂŶŽ ĚĞ ĞƐĐŽůĂƌŝĚĂĚĞ͕ ŽƵ ĐƵƌƐŽ ƋƵĞ ůŚĞ ƐĞũĂ ĐŽŶŚĞĐŝŵĞŶƚŽƐ ƚĠĐŶŝĐŽƐ͕ ƚĞſƌŝĐŽƐ Ğ ƉƌĄƚŝĐŽƐ ŽďƚŝĚŽƐ ĂƚƌĂǀĠƐ ĚĞ ĐƵƌƐŽ ĚŽ ĞŶƐŝŶŽ ƐĞĐƵŶĚĄƌŝŽ ŽƵ ĞƋƵŝǀĂůĞŶƚĞ͕ ŶĂ ĄƌĞĂ ĚĂƐ ďŝďůŝŽƚĞĐĂƐ Ğ ĚŽ ƐĞƌǀŝĕŽ ĚĞ ĚŽĐƵŵĞŶƚĂĕĆŽ͕ ŝŶĐƵŵďŝŶĚŽͲůŚĞ͕ ŶŽŵĞĂĚĂŵĞŶƚĞ͗ ƌĞĂůŝǌĂƌ ƚĂƌĞĨĂƐ͕ ƌĞĐŽƌƌĞŶĚŽ Ă ƐŝƐƚĞŵĂƐ ŵĂŶƵĂŝƐ ŽƵ ĂƵƚŽŵĂƚŝǌĂĚŽƐ͕ ƌĞůĂĐŝŽŶĂĚĂƐ ĐŽŵ Ă ĂƋƵŝƐŝĕĆŽ͕ Ž ƌĞŐŝƐƚŽ͕ ĞƋƵŝƉĂƌĂĚŽ͕ ŶĂ ĄƌĞĂ ĚĂ ďŝďůŝŽƚĞĐĂ Ğ Ă ĐĂƚĂůŽŐĂĕĆŽ͕ Ă ĐŽƚĂĕĆŽ͕ Ž ĂƌŵĂǌĞŶĂŵĞŶƚŽ ĚĞ ĞƐƉĠĐŝĞƐ ĚŽĐƵŵĞŶƚĂŝƐ͕ Ă ŐĞƐƚĆŽ ĚĞ ĐĂƚĄůŽŐŽƐ͕ ŽƐ ƐĞƌǀŝĕŽƐ ĚĞ ĂƚĞŶĚŝŵĞŶƚŽ͕ ĚĞ ĞŵƉƌĠƐƚŝŵŽ Ğ ĚĞ ƉĞƐƋƵŝƐĂ ĚŽĐƵŵĞŶƚĂĕĆŽ ďŝďůŝŽŐƌĄĨŝĐĂ͕ ĂƐƐŝŵ ĐŽŵŽ Ă ƉƌĞƉĂƌĂĕĆŽ ĚĞ ŝŶƐƚƌƵŵĞŶƚŽƐ ĚĞ ĚŝĨƵƐĆŽ͕ ĂƉůŝĐĂŶĚŽ ŶŽƌŵĂƐ ĚĞ ĨƵŶĐŝŽŶĂŵĞŶƚŽ ĚĞ ďŝďůŝŽƚĞĐĂƐ Ğ ƐĞƌǀŝĕŽƐ ĚĞ ĚŽĐƵŵĞŶƚĂĕĆŽ ĚĞ ĂĐŽƌĚŽ ĐŽŵ ŵĠƚŽĚŽƐ Ğ ƉƌŽĐĞĚŝŵĞŶƚŽƐ ƉƌĞǀŝĂŵĞŶƚĞ ĞƐƚĂďĞůĞĐŝĚŽƐ͘

ƐƐŝƐƚĞŶƚĞ KƉĞƌĂĐŝŽŶĂů

'ƵĂƌĚĂ EŽƚƵƌŶŽ ; ƐƚĂďĞůĞĐŝŵĞŶƚŽƐ ĚĞ ŶƐŝŶŽͿ Ͳ WƌŽƚĞŐĞ ŽƐ ďĞŶƐ͕ ƐĞƌǀŝĕŽƐ Ğ ŝŶƐƚĂůĂĕƁĞƐ͕ ǀŝƐĂŶĚŽ ƉƌĞǀĞŶŝƌ Ă ŽĐŽƌƌġŶĐŝĂ ĚĞ ĂƚŽƐ ŝůşĐŝƚŽƐ͕ ĚĂŶŽƐ͕ ǀĂŶĚĂůŝƐŵŽ Ğ ƐŝŶŝƐƚƌŽƐ͕ ŵĞĚŝĂŶƚĞ ǀŝŐŝůąŶĐŝĂ͘

ƐĐŽůĂƌŝĚĂĚĞ ŽďƌŝŐĂƚſƌŝĂ

ƐƐŝƐƚĞŶƚĞ KƉĞƌĂĐŝŽŶĂů

DĂŶƵƚĞŶĕĆŽ ; ƐƚĂďĞůĞĐŝŵĞŶƚŽƐ ĚĞ ŶƐŝŶŽͿ Ͳ ZĞƉĂƌĂƌ Ğ ƌĞƐƚĂƵƌĂƌ ŵŽďŝůŝĄƌŝŽ͕ ĨĞĐŚĂĚƵƌĂƐ͕ ƉŽƌƚĂƐ͕ ũĂŶĞůĂƐ͕ ĞƐƚŽƌĞƐ͕ ĞƚĐ͖͘ ĞĨĞƚƵĂƌ ƉĞƋƵĞŶĂƐ ƌĞƉĂƌĂĕƁĞƐ͕ ƐƵďƐƚŝƚƵŝƌ ĂĐĞƐƐſƌŝŽƐ ĚĂƐ ƌĞĚĞƐ ĚĞ ĄŐƵĂ Ğ ĞƐŐŽƚŽ͕ ǌĞůĂŶĚŽ ƉĞůŽ ƐĞƵ ĨƵŶĐŝŽŶĂŵĞŶƚŽ͖ ĞǆĞĐƵƚĂƌ ƉĞƋƵĞŶĂƐ ƌĞƉĂƌĂĕƁĞƐ ŶĂ ŝŶƐƚĂůĂĕĆŽ ĞůĠƚƌŝĐĂ Ğ ƐƵďƐƚŝƚƵŝƌ ĂĐĞƐƐſƌŝŽƐ͖ ĐŽůŽĐĂƌ ǀŝĚƌŽƐ Ğ ĞĨĞƚƵĂƌ ƉĞƋƵĞŶĂƐ ƌĞƉĂƌĂĕƁĞƐ ŶŽ ĞĚŝĨşĐŝŽ͖ ǌĞůĂƌ ƉĞůĂ ĐŽŶƐĞƌǀĂĕĆŽ ĚĂƐ ŵĄƋƵŝŶĂƐ Ğ ĨĞƌƌĂŵĞŶƚĂƐ ƋƵĞ ƵƚŝůŝǌĂ͖ ĐŽŵƵŶŝĐĂƌ ĞƐƚƌĂŐŽƐ ŽƵ ĞǆƚƌĂǀŝŽƐ ĚĞ ŵĂƚĞƌŝĂů Ğ ĞƋƵŝƉĂŵĞŶƚŽ Ğ ĂŝŶĚĂ ŶĞĐĞƐƐŝĚĂĚĞƐ ĚĞ ƌĞƉŽƐŝĕĆŽ ĚĞ ĞǆŝƐƚġŶĐŝĂƐ͘

ƐĐŽůĂƌŝĚĂĚĞ ŽďƌŝŐĂƚſƌŝĂ