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&RQVHMRV SDUD XQ ULHJR HIHFWLYR GXUDQWH HO YHUDQR ĂŐƵĂ ĐŽŶ ůĞŶƚŝƚƵĚ͕ ƉĂƌĂ ƐƵŵŝŶŝƐƚƌĂƌ ƵŶĂ ďƵĞŶĂ ĐĂŶƚŝĚĂĚ ƐŝŶ ƋƵĞ Ğů ƐƵƐƚƌĂƚŽ ƐĞ ĞŶĐŚĂƌƋƵĞ͘ ,ĂLJ ƋƵĞ ƌĞƐƉĞƚĂƌ ůŽƐ ŚŽƌĂƌŝŽƐ ƉĂƌĂ Ğů ƌŝĞŐŽ͗ ƉŽƌ ůĂ ŵĂŹĂŶĂ ƚĞŵƉƌĂŶŽ͕ ƉŽƌ ůĂ ƚĂƌĚĞ ĐƵĂŶĚŽ LJĂ ƐĞ ŚĂ ƉƵĞƐƚŽ Ğů ƐŽů Ž ĚƵƌĂŶƚĞ ůĂ ŶŽĐŚĞ͘ ƐƚŽ ƐĞ ƌĞĐŽŵŝĞŶĚĂ Ă ůŽ ůĂƌŐŽ ĚĞ ƚŽĚŽ Ğů ĂŹŽ͕ ƉĞƌŽ ĞŶ Ğů ǀĞƌĂŶŽ ĞƐ ĐĂƐŝ ŝŵƉƌĞƐĐŝŶĚŝďůĞ͘ ZĞŐĂƌ ĞŶ ůĂƐ ŚŽƌĂƐ ĚĞ ĐĂůŽƌ ƌĞƉƌĞƐĞŶƚĂ ƵŶ ĚĞƌƌŽĐŚĞ ĚĞ ĂŐƵĂ͕ ĚĞďŝĚŽ Ă ůĂ ĞǀĂƉŽƌĂĐŝſŶ ;ůŽ ĐƵĂů ŐĞŶĞƌĂ ĐŽƐƚĞƐ ŝŶƷƚŝůĞƐ ƉĂƌĂ Ğů ŵĞĚŝŽ ĂŵďŝĞŶƚĞ LJ ůĂ ĨĂĐƚƵƌĂ ĚĞů ĂŐƵĂͿ͖ ƉĞƌŽ ĂĚĞŵĄƐ͕ ƉƵĞĚĞ ĚĂŹĂƌ Ă ůĂƐ ƉůĂŶƚĂƐ͕ ƉŽƌ Ğů ΗĞĨĞĐƚŽ ůƵƉĂΗ ƋƵĞ ůĂƐ ŐŽƚĂƐ ĞũĞƌĐĞŶ ƐŽďƌĞ ůŽƐ ƌĂLJŽƐ ĚĞů ƐŽů͘ ĞƌĐĂ ĚĞ ůĂƐ ƉůĂŶƚĂƐ ǀŝĞŶĞ ďŝĞŶ ĐŽůŽĐĂƌ ƵŶŽ Ž ǀĂƌŝŽƐ ƌĞĐŝƉŝĞŶƚĞƐ ĐŽŶ ƌŝĞŐŽ͕ ƉĂƌĂ ƋƵĞ Ăů ĞǀĂƉŽƌĂƌƐĞ ƚƌĂŶƐŵŝƚĂŶ ŚƵŵĞĚĂĚ Ă ůŽƐ ĞũĞŵƉůĂƌĞƐ͘ dĂŵďŝĠŶ͕ ĂƵŶƋƵĞ ƐĞ ĚĞďĞ ƚĞŶĞƌ ĐƵŝĚĂĚŽ ƉŽƌƋƵĞ ŶŽ ƚŽĚĂƐ ůĂƐ ĞƐƉĞĐŝĞƐ ůŽ ƚŽůĞƌĂŶ͕ ƐĞ ƉƵĞĚĞ ƉƵůǀĞƌŝnjĂƌ ĂŐƵĂ ƐŽďƌĞ ůĂƐ ƉůĂŶƚĂƐ͕ ƉĂƌĂ ƌĞĨƌĞƐĐĂƌ ƐƵƐ ŚŽũĂƐ͘ >ĂƐ ƉůĂŶƚĂƐ ĞŶ ŵĂĐĞƚĂƐ ŶĞĐĞƐŝƚĂŶ ŵĄƐ ƌŝĞŐŽ ƋƵĞ ůĂƐ ƐŝƚƵĂĚĂƐ ĞŶ Ğů ƐƵĞůŽ͘ >ĂƐ ƌĂşĐĞƐ ĚĞ ĞƐƚĂƐ ƷůƚŝŵĂƐ ƉƵĞĚĞŶ ďƵƐĐĂƌ ŚƵŵĞĚĂĚ LJ ŶƵƚƌŝĞŶƚĞƐ ĞŶ Ğů ƐƵƐƚƌĂƚŽ ĚĞů ũĂƌĚşŶ͕ ƉĞƌŽ ůĂƐ ƋƵĞ ƐĞ ŚĂůůĂŶ ĞŶ ƚŝĞƐƚŽƐ ĚĞƉĞŶĚĞŶ ĚĞ ůĂ ůŝŵŝƚĂĚĂ ƉŽƌĐŝſŶ ĚĞ ƚŝĞƌƌĂ ĞŶ ůĂ ƋƵĞ ƐĞ ĞŶĐƵĞŶƚƌĂŶ LJ ĚĞů ĂŐƵĂ ƋƵĞ ƐĞ ůĞƐ ĞĐŚĞ͘ ĚĞŵĄƐ͕ ůĂƐ ƉůĂŶƚĂƐ ĞŶ ŵĂĐĞƚĂƐ ĚĞ ĐĞƌĄŵŝĐĂ Ž ĚĞ ŽƚƌŽƐ ŵĂƚĞƌŝĂůĞƐ ƉŽƌŽƐŽƐ͕ ĂƐş ĐŽŵŽ ĚĞ ďŽĐĂ ŐƌĂŶĚĞ͕ ƉƌĞĐŝƐĂŶ ŵĄƐ ĂŐƵĂ ƋƵĞ ůĂƐ ƵďŝĐĂĚĂƐ ĞŶ ƚŝĞƐƚŽƐ ĚĞ ƉůĄƐƚŝĐŽ Ž ĚĞ ďŽĐĂ ŵĄƐ ƉĞƋƵĞŹĂ͘ >Ž ŵĄƐ ƌĞĐŽŵĞŶĚĂďůĞ ĞƐ ůĂ ĐƌĞĂĐŝſŶ ĚĞ ŵŝĐƌŽĐůŝŵĂƐ͗ ĞŶ Ğů ũĂƌĚşŶ͕ Ă ƉĂƌƚŝƌ ĚĞ ƚĞŶĞƌ ĞŶ ĐƵĞŶƚĂ ůĂƐ ĐŽŶĚŝĐŝŽŶĞƐ ĚĞů ůƵŐĂƌ͕ ůĂ ƉƌĞƐĞŶĐŝĂ ĚĞ ĄƌďŽůĞƐ Ž ŐƌĂŶĚĞƐ ĂƌďƵƐƚŽƐ͕ ů ǀĞƌĂŶŽ ĞƐ ƵŶĂ ĠƉŽĐĂ ĚƵƌĂ ƉĂƌĂ ůĂƐ ƉůĂŶƚĂƐ ĞŶ ƌĞŐŝŽŶĞƐ ĞƐƚĂŶƋƵĞƐ͕ ĞƚĐ͘ ͖ LJ ĞŶ ƵŶĂ ƚĞƌƌĂnjĂ Ž ďĂůĐſŶ͕ Ă ƚƌĂǀĠƐ ĚĞ ůĂ ĐĂůƵƌŽƐĂƐ͘ ^ŝ ďŝĞŶ ĞƐ ĞŶ ĞƐƚĂ ĞƐƚĂĐŝſŶ ĐƵĂŶĚŽ ůĂ ŵĂLJŽƌşĂ ĐŽůŽĐĂĐŝſŶ ĚĞ ǀĂƌŝĂƐ ƉůĂŶƚĂƐ ĞŶ ƵŶĂ ŵŝƐŵĂ ŵĂĐĞƚĂ Ž ĚĞ ůĂƐ ĞƐƉĞĐŝĞƐ ĞdžƉĞƌŝŵĞŶƚĂŶ ƐƵ ĐŝĐůŽ ĚĞ ĨůŽƌĂĐŝſŶ͕ ůĂƐ ŵƵĐŚŽƐ ƚŝĞƐƚŽƐ ĞŶ ůĂ ŵŝƐŵĂ njŽŶĂ͘ ĂůƚĂƐ ƚĞŵƉĞƌĂƚƵƌĂƐ͕ ůĂ ĂĐĐŝſŶ ĚĞ ůŽƐ ƌĂLJŽƐ ĚĞů ƐŽů LJ ůŽƐ ďĂũŽƐ ŶŝǀĞůĞƐ ĚĞ ŚƵŵĞĚĂĚ ƉƵĞĚĞŶ ŚĂĐĞƌ ƋƵĞ ůŽ ƉĂƐĞŶ KƚƌĂƐ ƌĞĐŽŵĞŶĚĂĐŝŽŶĞƐ ƉĂƌĂ ƉƌŽƚĞŐĞƌ Ă ůĂƐ ƉůĂŶƚĂƐ ĚĞů ŵĂů͕ ƐĞ ƐĞƋƵĞŶ Ğ ŝŶĐůƵƐŽ ƋƵĞ ŵƵĞƌĂŶ͘ ^ĞŐƵŝƌ ƵŶĂ ƐĞƌŝĞ ĚĞ ĐĂůŽƌ ĐŽŶƐĞũŽƐ LJ ƌĞĐŽŵĞŶĚĂĐŝŽŶĞƐ ƉĞƌŵŝƚĞ ĐƵŝĚĂƌůĂƐ ŵĞũŽƌ͘ ĚĞŵĄƐ ĚĞů ƌŝĞŐŽ͕ ƵŶ ĨĂĐƚŽƌ ĨƵŶĚĂŵĞŶƚĂů ƉĂƌĂ ƉƌŽƚĞŐĞƌ Ă ůĂƐ ƉůĂŶƚĂƐ ĚĞ ůŽƐ ƌŝŐŽƌĞƐ ĚĞů ǀĞƌĂŶŽ ĞƐ ĞǀŝƚĂƌ ůĂ ŽŶƐĞũŽƐ ƉĂƌĂ ƵŶ ƌŝĞŐŽ ĞĨĞĐƚŝǀŽ ĚƵƌĂŶƚĞ Ğů ǀĞƌĂŶŽ hŶŽ ĚĞ ůŽƐ ĨĂĐƚŽƌĞƐ ĨƵŶĚĂŵĞŶƚĂůĞƐ ƉĂƌĂ ƋƵĞ ůĂƐ ƉůĂŶƚĂƐ ĞdžƉŽƐŝĐŝſŶ ĚŝƌĞĐƚĂ Ă ůŽƐ ƌĂLJŽƐ ƐŽůĂƌĞƐ͘ ƐƚŽƐ ƉƵĞĚĞŶ ƚĞŶŐĂŶ ƵŶ ďƵĞŶ ǀĞƌĂŶŽ ĞƐ Ğů ƌŝĞŐŽ͘ ĞďĞ ƐĞƌ ĂďƵŶĚĂŶƚĞ͕ ƋƵĞŵĂƌ LJ ĚĞƚĞƌŝŽƌĂƌ ĚĞ ĨŽƌŵĂ ŐƌĂǀĞ ůĂƐ ŚŽũĂƐ͕ ĨůŽƌĞƐ LJ ĞŶ ƉĂƌƚŝĐƵůĂƌ ĞŶ ůĂƐ ƌĞŐŝŽŶĞƐ ŵĄƐ ƐĞĐĂƐ͕ ƉĞƌŽ ŚĂLJ ƋƵĞ ŽƚƌĂƐ ƉĂƌƚĞƐ ĚĞ ůĂƐ ƉůĂŶƚĂƐ͕ ŝŶĐůƵƐŽ ĚĞ ŵƵĐŚĂƐ ƋƵĞ ůŽƐ ƚŽůĞƌĂŶ ĞŶ ŽƚƌĂƐ ĠƉŽĐĂƐ ĚĞů ĂŹŽ͘ WŽƌ ĞƐŽ͕ ĐŽŶǀŝĞŶĞ ƚĞŶĞƌ ĞŶ ĐƵĞŶƚĂ ĂůŐƵŶĂƐ ĐƵĞƐƚŝŽŶĞƐ͗ ŽŵŽ Ğů ĐĂůŽƌ ƉƌŽǀŽĐĂ ƋƵĞ Ğů ĂŐƵĂ ƐĞ ĞǀĂƉŽƌĞ ŵƵLJ ƌĄƉŝĚŽ͕ ĐŽůŽĐĂƌůĂƐ ĞŶ ƐŝƚŝŽƐ ůƵŵŝŶŽƐŽƐ ƉĞƌŽ ƋƵĞ ŶŽ ƌĞĐŝďĂŶ Ğů ƐŽů ĞƐ ŝŵƉŽƌƚĂŶƚĞ ƉƌŽƉŽƌĐŝŽŶĂƌ ƌŝĞŐŽƐ ƉƌŽĨƵŶĚŽƐ͕ ƉĂƌĂ ƋƵĞ Ğů ĚŝƌĞĐƚĂŵĞŶƚĞ Ž͕ ĞŶ ƚŽĚŽ ĐĂƐŽ͕ ĐƵďƌŝƌ ůŽƐ ĞũĞŵƉůĂƌĞƐ ĐŽŶ ĂŐƵĂ ĂůĐĂŶĐĞ ůĂƐ ƌĂşĐĞƐ ĚĞ ůŽƐ ĞũĞŵƉůĂƌĞƐ͘ WŽƌ ĞůůŽ͕ ŵĄƐ ƵŶĂ ƚĞůĂ ĚĞ ƐŽŵďƌĂ͕ ƋƵĞ ƐŝƌǀĂ ĐŽŵŽ ĨŝůƚƌŽ͘ ĂůůĄ ĚĞ ůĂ ƚĠĐŶŝĐĂ ƋƵĞ ƐĞ ĞŵƉůĞĞ͕ ůŽ ŝĚſŶĞŽ ĞƐ ĞĐŚĂƌ Ğů

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& 6DUGHQ\D 7HO %DUFHORQD

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ƉĂǀŝŵĞŶƚĂĐŝſ͕ Ɛ͛ƵƚŝůŝƚnjĂƌĂŶ ŵĂƚĞƌŝĂůƐ ƋƵĞ ĂĨĂǀŽƌĞŝdžŝŶ ůĂ ƌĞĚƵĐĐŝſ ĚĞ ůĂ ĐŽŶƚĂŵŝŶĂĐŝſ ĂĐƷƐƚŝĐĂ͘ dĂŵďĠ Ɛ͛ŝŶĐŽƌƉŽƌĂƌă ŶŽǀĂ ǀĞŐĞƚĂĐŝſ ŝ ŵŽďŝůŝĂƌŝ Ƶƌďă Ă ƚŽƚĞƐ ĚƵĞƐ ǀŽƌĞƌĞƐ͕ ŝ Ɛ͛ŝŶƐƚĂůͼůĂƌĂŶ ĚŽƐ ƉƵŶƚƐ ĚĞ ƌĞĐăƌƌĞŐĂ ůĞŶƚĂ ƉĞƌ Ă ŵŽƚŽĐŝĐůĞƚĞƐ >͛ŽďũĞĐƚŝƵ ƉƌŝŶĐŝƉĂů ĠƐ ĂƵŐŵĞŶƚĂƌ ů͛ĞƐƉĂŝ ƉĞƌ Ăů ĞůğĐƚƌŝƋƵĞƐ͘ ǀŝĂŶĂŶƚ͕ ƌĞǀŝƚĂůŝƚnjĂƌ ů͛ĂǀŝŶŐƵĚĂ ŝ ŵŝůůŽƌĂƌ ůĂ ĐŽŶŶĞdžŝſ ĞŶƚƌĞ ďĂƌƌŝƐ͘ WĞƌ ĂĐŽŶƐĞŐƵŝƌͲŚŽ͕ Ɛ͛ĞŝdžĂŵƉůĂƌĂŶ ůĞƐ ǀŽƌĞƌĞƐ ŝ ĞƐ ƌĞĚƵŝƌĂŶ ĞůƐ ĐĂƌƌŝůƐ ĚĞ ĐŝƌĐƵůĂĐŝſ͕ ƋƵĞ ƉĂƐƐĂƌĂŶ ĚĞůƐ ƋƵĂƚƌĞ ĂĐƚƵĂůƐ Ă ƚƌĞƐ͘ ů ƉƌĞƐƐƵƉŽƐƚ ĠƐ ĚĞ ϰ͘ϵϰϰ͘ϳϮϯ͕Ϯϭ ĞƵƌŽƐ͕ ŝ ĞƐƚă ƉƌĞǀŝƐƚ ƋƵĞ ůĂ ŶŽǀĂ ĂǀŝŶŐƵĚĂ Ɛ͛ĞƐƚƌĞŶŝ Ăů ŵĂƌĕ ĚĞ ů͛ĂŶLJ ǀŝŶĞŶƚ͘ >Ă ƉƌŽƉŽƐƚĂ ĚĞ ƌĞŶŽǀĂĐŝſ ƌĞĐƵůů ůĞƐ ƉĞƚŝĐŝŽŶƐ ŝ ŝŶƋƵŝĞƚƵĚƐ ŵĂŶŝĨĞƐƚĂĚĞƐ ƉĞůƐ ǀĞŢŶƐ ŝ ǀĞŢŶĞƐ ĚƵƌĂŶƚ ůĂ ƌĞĚĂĐĐŝſ ĚĞ ů͛ĂǀĂŶƚƉƌŽũĞĐƚĞ͕ ƋƵĞ ƌĞĨůĞĐƚŝĞŶ ůĂ ǀŽůƵŶƚĂƚ ĚĞ ĚŝƐƉŽƐĂƌ Ě͛ƵŶĂ ƵŶĂ ǀŝĂ ƉĂĐŝĨŝĐĂĚĂ ƋƵĞ ĐŽŶŶĞĐƚŝ ĞůƐ ďĂƌƌŝƐ ĂĚũĂĐĞŶƚƐ͘ WĞƌ Ăŝdžž͕ Ɛ͛ŚĂ ŝŶĐŽƌƉŽƌĂƚ Ăů ƉƌŽũĞĐƚĞ ĞůĞŵĞŶƚƐ ĐŽŵ ŵĠƐ njŽŶĞƐ Ě͛ĞƐƚĂĚĂ ƉĞƌ Ăů ĚĞƐĐĂŶƐ ĚĞůƐ ǀŝĂŶĂŶƚƐ͕ ŵĠƐ ƉĂƐƐŽƐ ĚĞ ǀŝĂŶĂŶƚƐ ŝ ŵĠƐ ĂƌďƌĂƚ͘ ŵď ůĂ ƌĞŵŽĚĞůĂĐŝſ͕ ů͛ĂǀŝŶŐƵĚĂ ƉĂƐƐĂƌă Ă ƚĞŶŝƌ ƚƌĞƐ ĐĂƌƌŝůƐ ĚĞ ĐŝƌĐƵůĂĐŝſ͕ ĚŽƐ ĞŶ ƐĞŶƚŝƚ ĚĞƐĐĞŶĚĞŶƚ ʹƵŶ ƉĞƌ Ă ĂƵƚŽďƷƐ ŝ ƵŶ ƉĞƌ Ă ĐŽƚdžĞƐʹ ŝ ƵŶ ƷŶŝĐ ĐĂƌƌŝů ĞŶ ƐĞŶƚŝƚ ĂƐĐĞŶĚĞŶƚ ĐŽŵƉĂƌƚŝƚ ƉĞƌ Ă ĐŽƚdžĞ ŝ ĂƵƚŽďƷƐ͘ ĐƚƵĂůŵĞŶƚ ůĂ ĐĂůĕĂĚĂ ƚĠ ƋƵĂƚƌĞ ĐĂƌƌŝůƐ ĞŶ ƚŽƚĂů͘ >Ă ĚŝƐŵŝŶƵĐŝſ Ě͛ĞƐƉĂŝ ƌĞƐĞƌǀĂƚ ƉĞƌ Ă ǀĞŚŝĐůĞƐ ƉĞƌŵĞƚ ŐƵĂŶLJĂƌͲŶĞ ƉĞƌ ĂůƐ ǀŝĂŶĂŶƚƐ͘ ŝdžş͕ Ăů ůůĂƌŐ ĚĞ ƚŽƚĂ ůĂ ƚƌĂĕĂ ĚĞ ů͛ĂǀŝŶŐƵĚĂ ůĞƐ ǀŽƌĞƌĞƐ ŶŽǀĞƐ ƐĞƌĂŶ Ě͛ƵŶƐ ϰ͕ϱ ŵĞƚƌĞƐ͕ ŵĠƐ ĂŵƉůĞƐ ƋƵĞ ĂƌĂ͕ ƋƵĞ ƐſŶ Ě͛ĞŶƚƌĞ Ϯ͕ϮϬ ŝ ϯ͕ϭϬ ŵĞƚƌĞƐ͘ >Ă ĐĂůĕĂĚĂ ƐĞƌă Ě͛ϭϭ ŵĞƚƌĞƐ Ě͛ĂŵƉůĂĚĂ ƋƵĞ ĚŽŶĂƌĂŶ ĐĂďƵĚĂ ĂůƐ ƚƌĞƐ ĐĂƌƌŝůƐ ĚĞ ĐŝƌĐƵůĂĐŝſ͕ ŝ ƵŶ ĐĂƌƌŝů ĂĚĚŝĐŝŽŶĂů ĚĞ ϭ͕ϴϬ ŵĞƚƌĞƐ ƋƵĞ ǀĂ ǀĂƌŝĂŶƚ ůĂ ƐĞǀĂ ĨƵŶĐŝſ Ăů ůůĂƌŐ ĚĞů ƚƌĂĕĂƚ͕ ƋƵĞĚĂŶƚ ƉĞƌ Ă ĐăƌƌĞŐĂ ŝ ĚĞƐĐăƌƌĞŐĂ͕ ĐŽŶƚĞŶŝĚŽƌƐ Ž ĂƉĂƌĐĂŵĞŶƚ ĚĞ ŵŽƚŽĐŝĐůĞƚĞƐ͘ ŵĠƐ͕ ƉĞů ƋƵĞ ĨĂ Ă ŝůͼůƵŵŝŶĂĐŝſ͕ Ɛ͛ĞůŝŵŝŶĂƌĂŶ ĞůƐ ĨĂŶĂůƐ ĞdžŝƐƚĞŶƚƐ ŝ ƐĞ Ŷ͛ƵďŝĐĂƌĂŶ ĚĞ ŶŽƵƐ ƋƵĞ ƐĞƌĂŶ ŵĠƐ ĞĨŝĐŝĞŶƚƐ ĞŶĞƌŐğƚŝĐĂŵĞŶƚ͘ YƵĂŶƚ Ă ůĂ

ƵƌĂŶƚ Ğů ƉĞƌşŽĚĞ Ě͛ŽďƌĞƐ ĞƐ ŵĂŶƚĞŶĞŶ ĞůƐ ĚŽƐ ĐĂƌƌŝůƐ ĚĞ ĐŝƌĐƵůĂĐŝſ ĚĞ ǀĞŚŝĐůĞƐ ĞŶ ƐĞŶƚŝƚ ĚĞƐĐĞŶĚĞŶƚ͕ ĠƐ Ă Ěŝƌ ƐĞŶƚŝƚ ƉůĂĕĂ 'ĂůͼůĂ WůĂĐŝĚŝĂ͕ ŝ ůĂ ĐŝƌĐƵůĂĐŝſ ĚĞ ǀĞŚŝĐůĞƐ ĞŶ ƐĞŶƚŝƚ ƉůĂĕĂ >ĞƐƐĞƉƐ ƋƵĞĚĂ ƚĂůůĂĚĂ͕ ĚĞƐ ĚĞ ůĂ ƌĂŵďůĂ ĚĞů WƌĂƚ͘ Ŷ ĂƋƵĞƐƚ ƐĞŶƚŝƚ͕ ĞůƐ ĂĐĐĞƐƐŽƐ ĂůƐ ŐƵĂůƐ ĚĞ ů͛ĂǀŝŶŐƵĚĂ ĞƐ ĨĂƌĂŶ ĞŶ ƐĞŶƚŝƚ ƉůĂĕĂ 'ĂůͼůĂ WůĂĐşĚŝĂ͘ YƵĂŶƚ Ăů ďƵƐ͕ ůĞƐ ƉĂƌĂĚĞƐ ĚĞ ůĞƐ ůşŶŝĞƐ ϰϬ ŝ Ϯϳ ĚĞ ů͛ĂǀŝŶŐƵĚĂ WƌşŶĐĞƉ Ě͛ ƐƚƷƌŝĞƐ͕ ĞŶ ƐĞŶƚŝƚ >ĞƐƐĞƉƐ͕ ƋƵĞĚĞŶ ĂŶƵůͼůĂĚĞƐ ŝ ĞƐ ĚĞƐǀŝĞŶ ƉĞƌ ůĂ ƌĂŵďůĂ ĚĞů WƌĂƚ ŝ 'ƌĂŶ ĚĞ 'ƌăĐŝĂ ƉĞƌ ĞŶůůĂĕĂƌ ƉŽƐƚĞƌŝŽƌŵĞŶƚ Ăŵď Ğů ƐĞƵ ƌĞĐŽƌƌĞŐƵƚ ŚĂďŝƚƵĂů͘ WĞƌ ĂůƚƌĂ ďĂŶĚĂ͕ ůĂ ƌĂŵďůĂ ĚĞů WƌĂƚ ƉĂƐƐĂ Ă ƐĞƌ ƵŶ ĐĂƌƌĞƌ Ăŵď ĐŝƌĐƵůĂĐŝſ ƌĞƐƚƌŝŶŐŝĚĂ ŝ ŶŽŵĠƐ Śŝ ĐŝƌĐƵůĂƌĂŶ ůĞƐ ůşŶŝĞƐ ĚĞ ďƵƐ͕ ĚĞƐǀŝĂĚĞƐ ƉƌŽǀŝƐŝŽŶĂůŵĞŶƚ ŝ ĞůƐ ǀĞŚŝĐůĞƐ ƋƵĞ ǀĂŐŝŶ ĂůƐ ŐƵĂůƐ ŝ ĂůƐ ƐĞƌǀĞŝƐ ʹnjŽŶĞƐ ĚĞ ĐăƌƌĞŐĂ ŝ ĚĞƐĐăƌƌĞŐĂ͕ ĂƉĂƌĐĂŵĞŶƚƐ ĚĞ ŵŽƚŽƐ͕ ĞƚĐ͘ʹ͘

DQXQFLD W DPE QRVDOWUHV

5(9,67$

%DUUL

GyQD W D FRQqL[HU

$57Ì&8/2"

$JHQWH DXWRUL]DGR

&2035$ < 9(17$ '( 3,626 /2&$/(6 62/$5(6 (7& $/48,/(5(6

7UXFD QV DO JXLDEDUUL#JPDLO FRP (QV WUREDUjV D 6DJUDGD )DPLOLD ([DPSOH

& 6LFLOLD 7HO 0 %DUFHORQD VDQWLDJRILQFDV#KRWPDLO FRP

6( 9(1'( 3,62 6$%$'(// 3/ *5(0,$/ &(5&$ '( /$ (67$&,Ð1 '( 75(1 &RQWDFWR

JXLDEDUUL#JPDLO FRP 7HO

3URJUDPDFLy -81< &HQWUH &LYLF 6DJUDGD )DPLOLD yĂǀŝĞƌ ŽůĂŶ͕ ĂŶĂĚă͕ ϮϬϭϮ͘ ƵƌĂĚĂ͗ ϭϲϴ ŵŝŶ ĂƐƚĞůůă͘ W Z /E& Ed^ Ϭ ϯ Ez^ / & D1>/ ^ >ΖĞƐƚĂŶLJ ŚĂďŝƚĂƚ͘ ŝŵĂƌƚƐ ϱ ĚĞ ũƵŶLJ͘ ůĞƐ ϭϳ͘ϯϬ Ś WƌĞƵ͗ ϯ͕ϬϬ Φ͘ ĐăƌƌĞĐ ĚĞů ĐŽůͼůĞĐƚŝƵ ^Žŵ ƌƚ WĞƌ Ă ŝŶĨĂŶƚƐ ĚĞ Ϭ Ă ϯ ĂŶLJƐ ĂĐŽŵƉĂŶLJĂƚƐ ĚΖƵŶ ĂĚƵůƚ dŝƚĞůůĞƐ ŝ ĐĂŶĕŽŶƐ͘Dj^/ ͘ Z dK ͘​͘​͘ ůĞĐƚƌŽŶŝŬ /ŶŶĞƌ Ƶƚ͘ ŝũŽƵƐ ϳ ĚĞ ũƵŶLJ͘ ůĞƐ ϮϬ͘ϬϬ Ś ĐƚŝǀŝƚĂƚ ŐƌĂƚƵŢƚĂ͘ Ěƌŝă ŽŵğŶĞĐŚ͗ ůŝǀĞ ĚΖĞůĞĐƚƌžŶŝĐĂ͘ /ŶŶĞƌ Ƶƚ ĠƐ Ğů ŶŽŵ ĚĞ ŐƵĞƌƌĂ ĚΖ Ěƌŝă ŽŵğŶĞĐŚ͕ ƵŶ ƉƌŽĚƵĐƚŽƌ ĐĂƚĂůă ƋƵĞ ǀĂ ĐƌŝĚĂƌ ůΖĂƚĞŶĐŝſ ĚĞ ůΖĞƐĐĞŶĂ ĞůĞĐƚƌžŶŝĐĂ Ğů ϮϬϭϰ Ăŵď ŶŽŝĂ͕ ƵŶ ĚĞůƐ ƐĞƵƐ ƉƌŝŵĞƌƐ ƐĞŶnjŝůůƐ͕ Ăŵď Ğů ƋƵĂů ŚĂ ĂĐŽŶƐĞŐƵŝƚ ŵĠƐ ĚĞ ϱϬϬ͘ϬϬϬ ĂƵĚŝĐŝŽŶƐ Ă ůĞƐ džĂƌdžĞƐ͘ >Ă ĐůĂƵ ĚĞů ƐĞƵ ğdžŝƚ ĐĂů ďƵƐĐĂƌͲůĂ ĞŶ ƵŶĂ ŵĂŶĞƌĂ ĚΖĞŶƚĞŶĚƌĞ Ğů ĚƵďƐƚĞƉ ƋƵĞ ŵŝƌĂ ŽďĞƌƚĂŵĞŶƚ Ğů ƉŽƉ ƉĞƌ ŽĨĞƌŝƌ ďĞĂƚƐ ůůƵŵŝŶŽƐŽƐ͕ ŵĞůŽĚŝĞƐ ăĐŝĚĞƐ ŝ ƌŝƚŵĞƐ ĞƵĨžƌŝĐƐ͘ Ŷ ĂƋƵĞƐƚ ĚŝƌĞĐƚĞ Śŝ ƉŽĚƌĞƵ ƐĞŶƚŝƌ ĞůƐ ƐĞƵƐ ƷůƚŝŵƐ ƚƌĂĐŬƐ͘ tKZ<^,KW͘ &ŽƚŽŐƌĂĨŝĂ Ăŵď ůůĂƵŶĞƐ ŝƐƐĂďƚĞ ϵ ĚĞ ũƵŶLJ͘ Ğ ϭϬ͘ϯϬ Ś Ă ϭϯ͘ϯϬ Ś ĐƚŝǀŝƚĂƚ ŐƌĂƚƵŢƚĂ͘ ĐăƌƌĞĐ ĚĞ &ŽƚŽůĂƚĞƌĂƐ ;ĨŽƚŽůĂƚĞƌĂƐ͘ĐŽŵͿdĂůůĞƌ ĚΖŝŶŝĐŝĂĐŝſ Ă ůĂ ĨŽƚŽŐƌĂĨŝĂ ĞƐƚĞŶŽƉĞŝĐĂ͘ KE& Z E / ^͘ Z &> y/KE^ Ζϭ , >ĂƐ ƋƵĞ ĨĂůƚĂďĂŶ͘ ŝůůƵŶƐ ϭϭ ĚĞ ũƵŶLJ͘ ůĞƐ ϭϵ͘ϯϬ Ś Đƚŝǀŝƚ͘ ŐƌĂƚƵŢƚĂ͘ WƌŽũĞĐĐŝſ ĚĞů ĚŽĐƵŵĞŶƚĂů ŝ ĚĞďĂƚ͘ W Z> D > W d/d /E& E / DĂƚĞƌŶŝƚĂƚ ĐŽŶƐĐŝĞŶƚ͗ ĂƉŽĚĞƌĂŵĞŶƚ ŝ ůĂĐƚăŶĐŝĂ ŝŵĞĐƌĞƐ ϭϯ ĚĞ ũƵŶLJ͘ ůĞƐ ϭϳ͘ϯϬ Ś ĐƚŝǀŝƚĂƚ ŐƌĂƚƵŢƚĂ ͘ ĐăƌƌĞĐ ĚĞ sĂŶĞƐƐĂ dĞŝdžŝĚŽƌ hŶĂ ĚŽŶĂ ĂƉŽĚĞƌĂĚĂ ĠƐ ƵŶĂ ĚŽŶĂ Ăŵď ĐŽŶĨŝĂŶĕĂ ĞŶ Ɛŝ ŵĂƚĞŝdžĂ͘ WĂƌůĂƌĞŵ ĚĞů ƉĂƉĞƌ ƋƵĞ ƚĠ ůĂ ůĂĐƚăŶĐŝĂ ĞŶ ůΖĂƉŽĚĞƌĂŵĞŶƚ ĚĞ ůĂ ĚŽŶĂ ŝ ĚĞ ůĞƐ ĚŝĨĞƌĞŶƚƐ ĞƚĂƉĞƐ͕ ĚƵďƚĞƐ Ž ĐŽŵƉůŝĐĂĐŝŽŶƐ ƉĂƌƚŝŶƚ ĚĞ ůĂ ƉƌžƉŝĂ ĞdžƉĞƌŝğŶĐŝĂ͕ Ăŵď ƵŶĂ ďŽŶĂ ĚŽƐŝ ĚΖŚƵŵŽƌ͘ ,ŝ ŚĂ ůĂ ƉŽƐƐŝďŝůŝƚĂƚ ĚĞ ƚĞŶŝƌ ƵŶ ĞƐƉĂŝ ĂĚĂƉƚĂƚ ƉĞƌ ĂůƐ ŝŶĨĂŶƚƐ͘ ůƐ ŝŶĨĂŶƚƐ ŚĂŶ ĚΖĞƐƚĂƌ ƐŽƚĂ ůĂ ƐƵƉĞƌǀŝƐŝſ ĚĞůƐ ƐĞƵƐ ĨĂŵŝůŝĂƌƐ Ž ĂĐŽŵƉĂŶLJĂŶƚƐ͘ ƉĂƌƚŝƌ ĚĞ ůΖϭϭ ĚĞ ũƵŶLJ͕ ĐĂů ĂǀŝƐĂƌ Ăů WƵŶƚ ĚΖ/ŶĨŽƌŵĂĐŝſ ĚĞů ĞŶƚƌĞ Ž ďĠ ƚƌƵĐĂƌ Ăů ϵϯ ϰϱϬ ϴϵ ϭϳ͘​͘

/ > /E D DŝƌĂĚĞƐ dƌĂŶƐ͘ >ĂƵƌĞŶĐĞ ŶLJǁĂLJƐ ŝůůƵŶƐ ϰ ĚĞ ũƵŶLJ͘ ůĞƐ ϮϬ͘ϬϬ Ś͘ ĐƚŝǀŝƚĂƚ ŐƌĂƚƵŢƚĂ

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&DSULFRUQLR DO dŽĚŽƐ ůŽƐ ƉĂƌĄŵĞƚƌŽƐ ƐŽŶ ƌĞƵŶŝĚŽƐ ƉĂƌĂ ƋƵĞ ůŽƐ ƐĞŵĄĨŽƌŽƐ ƐĞ ƉŽŶŐĂŶ ĞŶ ǀĞƌĚĞ͘ ^ĂďĞƐ ĚĞĨĞŶĚĞƌ ƚŽĚŽ ĂĐĞƉƚĂŶĚŽ Ğů ƉƵŶƚŽ ĚĞ ǀŝƐƚĂ ĚĞ ƚƵƐ ŝŶƚĞƌůŽĐƵƚŽƌĞƐ͘ ^ŝ Ğů ŝŶŝĐŝŽ ĚĞů ŵĞƐ ƚĞ ĞŶĐƵĞŶƚƌĂ ůĞũĂŶŽ LJ ƐŽůŝƚĂƌŝŽ͕ ƉĂƐĂƐ ƌĄƉŝĚĂŵĞŶƚĞ Ă ŽƚƌĂ ĐŽƐĂ ĚĞƐĚĞ Ğů ϭϱ͕ Ăů ŵĞŶŽƐ ĞŶ ƚƵƐ ƌĞůĂĐŝŽŶĞƐ͘ ďƌĞƚĞ Ă ůĂ ĐŽŵƵŶŝĐĂĐŝſŶ ƐŝŶĐĞƌĂ͘

7DXUR DO ǀĂŶnjĂƐ ƉƌŽŐƌĞƐŝǀĂŵĞŶƚĞ͕ ůŽ ĐƵĂů ƉƌƵĞďĂ ƋƵĞ ŶŽ ĞƐƚĄƐ ĞƐƚĂŶĐĂĚŽ͘ hŶ ƉĂƐŽ ĚĞƐƉƵĠƐ ĚĞů ŽƚƌŽ͕ ůŽŐƌĂƌĄƐ ƚŽŵĂƌ ƚƵ ůƵŐĂƌ LJ ĚĞƐƉƵĠƐ ĚĞ ƚŽĚŽ͕ ŶŽ ƚĂŶ ŵĂůŽ͘ ŶƚƌĞ Ğů ϭ LJ Ğů ϭϱ͕ ƚŝĞŶĞƐ ůĂ ƐĞŶƐĂĐŝſŶ ĚĞ ǀŝǀŝƌ ďĂũŽ ƵŶ ĐůŝŵĂ ǀĞŶĞŶŽƐŽ͘ Ŷ ƌĞĂůŝĚĂĚ͕ ĐŝĞƌƚĂƐ ĨƌŝĐĐŝŽŶĞƐ ƋƵĞ ƚĞŶĚƌĄƐ ƋƵĞ ĂƌďŝƚƌĂƌ͘

/HR DO ů ŚŽƌŝnjŽŶƚĞ ĚĞ ƚƵƐ ŝŶĐĞƌƚŝĚƵŵďƌĞƐ ƐĞ ĚĞƐĂƚĂ͗ ĐůĂƌŝĨŝĐĂƐ ƵŶĂ ƐŝƚƵĂĐŝſŶ LJ ĞŶĐƵĞŶƚƌĂƐ ƐŽůƵĐŝŽŶĞƐ Ă ƚƵƐ ĐƵĞƐƚŝŽŶĂŵŝĞŶƚŽƐ͘ Ɛ ƚĂŵďŝĠŶ ƉŽƐŝďůĞ ƋƵĞ ůŽŐƌĞƐ ĂĐĞƉƚĂƌ ůĂƐ ĐŽƐĂƐ ƚĂů ĐŽŵŽ ƐŽŶ͕ ĨůĞdžŝďŝůŝnjĂŶĚŽ ƚƵƐ ĐŽŶǀŝĐĐŝŽŶĞƐ͘ ĞƐĐƵďƌĞƐ ƵŶĂ ƌĞĂůŝĚĂĚ ŵĄƐ ĞŶ ĂĚĞĐƵĂĐŝſŶ ĐŽŶ ƚƵƐ ŶĞĐĞƐŝĚĂĚĞƐ ĂĐƚƵĂůĞƐ͘

(VFRUSLR DO /ŶĚĞƉĞŶĚŝĞŶƚĞ LJ ĐƵƌŝŽƐŽ ĚĞ ŵĞŶƚĞ͕ ƚŝĞŶĞƐ ůĂ ŽƉŽƌƚƵŶŝĚĂĚ ƉĂƌĂ ĚĂƌ ƉƌƵĞďĂƐ ƉƌŽĨĞƐŝŽŶĂůĞƐ LJ ƚƵƐ ĐŽŵƉĞƚĞŶĐŝĂƐ ƐŽŶ ĚĞƐƚĂĐĂĚĂƐ͕ ƚĂů ǀĞnj ƚŝĞŶĞƐ ĚĞƐĞŽ ĂŚŽƌĂ ĚĞ ŚĂĐĞƌ ĨƌĞŶƚĞ Ă ŶƵĞǀŽƐ ĚĞƐĂĨşŽƐ ƉĂƌĂ ǀĞƌ ƋƵĠ ƚĞ ĞƐƉĞƌĂ Ă ůĂ ǀƵĞůƚĂ ĚĞ ůĂ ĞƐƋƵŝŶĂ͘ ^Ğ ƚƌĂƚĂ ĚĞ ĂƐĞŐƵƌĂƌ ƚƵ ĐĂŵďŝŽ LJ ŶŽ ůĂŶnjĂƌƚĞ ƐŝŶ ƉƌŽƚĞĐĐŝſŶ͘

$FXDULR DO YƵŝĞƌĞƐ ƉĂƐĂƌ Ă ůĂ ĂĐĐŝſŶ ƌĄƉŝĚĂŵĞŶƚĞ LJ ĐŽŶ ĞĨŝĐĂĐŝĂ͘ YƵĞ ĞƐƚŽ ŶŽ ƐĞĂ ŵŽƚŝǀŽ ĚĞ ƉĞůĞĂ ĐŽŶ ƚŽĚŽ Ğů ŵƵŶĚŽ͘ dĞ ƌĞŚƷƐĂƐ͕ Ă ǀĞĐĞƐ͕ Ă ŵŽƐƚƌĂƌƚĞ ĞŶ ƚƵ ŵĞũŽƌ ̺à ƉŽƌ Ğů ƐŝŵƉůĞ ƉůĂĐĞƌ ĚĞ ŽƉŽŶĞƌƚĞ͘ &ĞůŝnjŵĞŶƚĞ ĞƐƚŽ ŶŽ ĚƵƌĂ LJ ĂůƌĞĚĞĚŽƌ ĚĞů ϭϰ DĞƌĐƵƌŝŽ ĞŶ ĄŶĐĞƌ ƚĞ ƉŝĚĞ ƌĞƚƌĂƐĂƌůŽ LJ ĂĚĂƉƚĂƌƚĞ͘

*pPLQLV DO ^ŝ ĂƉƌŽǀĞĐŚĂƐ ůĂƐ ŽƉŽƌƚƵŶŝĚĂĚĞƐ ƋƵĞ ƐĞ ƚĞ ƉƌĞƐĞŶƚĂŶ Ă ƉƌŝŶĐŝƉŝŽ ĚĞ ŵĞƐ͕ ŶŽ ƚĞŶĚƌĄƐ ƐŝŶŽ ƌĞƚŽƌŶŽƐ ĞŶ ƚƵƐ ŝŶǀĞƌƐŝŽŶĞƐ͘ dƵƐ ďƵĞŶĂƐ ĂĐĐŝŽŶĞƐ ƐŽŶ ĐŽŶŽĐŝĚĂƐ LJ ƌĞĐŽŶŽĐŝĚĂƐ LJ ƚŽĚŽ Ğů ŵƵŶĚŽ ƋƵŝĞƌĞ ĂLJƵĚĂƌƚĞ͘ ƐƚĄƐ ĞŶ ƉƌŽĐĞƐŽ ĚĞ ĂĚƋƵŝƌŝƌ ĐŽŵƉĞƚĞŶĐŝĂƐ ƋƵĞ ƚĞ ƐĞƌǀŝƌĄŶ ŵĄƐ ƚĂƌĚĞ ƉĂƌĂ ĐŽŶƐƚƌƵŝƌ ƚƵ ǀŝĚĂ͘

9LUJR DO EŽ ĚĞũĂƐ ƚƵ ĐĂŵŝŶŽ LJ ĐŽŶƚŝŶƵĂƐ ƉĂƐŽ Ă ƉĂƐŽ ƐŝŶ ƉŽŶĞƌ ŵƵĐŚĂ ĂƚĞŶĐŝſŶ Ă ĂƋƵĞůůŽ ƋƵĞ ƉĂƐĂ Ăů ďŽƌĚĞ ĚĞů ĐĂŵŝŶŽ͘ ,ĂƐ ĚĞĐŝĚŝĚŽ͕ ƉŽƌ ƵŶĂ ďƵĞŶĂ ǀĞnj͕ ƋƵĞ ŶŽ ďƵƐĐĂƌĄƐ ĞŶƚĞŶĚĞƌůŽ ƚŽĚŽ͗ ĐŝĞƌƚĂƐ ƐŝƚƵĂĐŝŽŶĞƐ ĞƐĐĂƉĂŶ Ă ůĂ ůſŐŝĐĂ LJ ƉĞƌŵĂŶĞĐĞƐ ŚƵŵŝůĚĞ ƌĞŚƵƐĂŶĚŽ ŚĂĐĞƌƚĞ ǀĂůĞƌ Ă ĐƵĂůƋƵŝĞƌ ƉƌĞĐŝŽ͘

6DJLWDULR DO dĞ ďĞŶĞĨŝĐŝĂƐ ĚĞů ƚŝĞŵƉŽ LJ ĚĞ ƵŶĂ ĐŽŶĨŝĂŶnjĂ ĞƐĞŶĐŝĂů ƋƵĞ ƚĞ ƉĞƌŵŝƚĞ ĂǀĂŶnjĂƌ ƐŝŶ ĚĞŵĂƐŝĂĚĂ ĚŝĨŝĐƵůƚĂĚ͘ ^ŝŶ ƌĞŶƵŶĐŝĂƌ Ă ŶĂĚĂ͕ ĚĞƐƉůŝĞŐĂƐ ůŽƐ ƚĞƐŽƌŽƐ ĚĞ ƚƵƐ ĐŽŶŽĐŝŵŝĞŶƚŽƐ ƚĠĐŶŝĐŽƐ ƉĂƌĂ ůůĞǀĂƌ ƚƵƐ ƉƌŽLJĞĐƚŽƐ Ă ƚĠƌŵŝŶŽ͘ WĞƌŵĂŶĞĐĞƐ ĚŝƐĐƌĞƚŽ LJ ƉŽĐŽ ŝŶĐůŝŶĂĚŽ Ă ĚŝƐĐƵƚŝƌ ƚƵƐ ƉĞƋƵĞŹĂƐ ƉƌĞŽĐƵƉĂĐŝŽŶĞƐ͘

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