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&M QSFTJEFOU QPQVMBS 9BWJFS (BSDÓB "MCJPM WPM TBCFS iTJ MB TVCTUJUVDJØ EFM DBOBM QFS VO QBSD VSCË ÏT WJBCMF P OP FDPOÛNJDBNFOU J RVJOB SF QFSDVTTJØ UJOESJB BRVFTUB PQDJØ QFS B MFT CVUYBRVFT EFMT CBEBMPOJOTw J JOTUB 4F SSB B QSFTFOUBS FMT FTUVEJT FODBSSFHBUT BSB GB VO BOZ 1FS MB TFWB CBOEB M BMDBMEF

DFWXDOLWDW

OD VHWPDQD HQ LPDWJHV

&M EJNPOJ EF MB DSJTJ QMBOUBU B MB QMBUKB FTQFSB TFS DSFNBU /J MB DSJTJ BDUVBM OJ DPN EJVFO BMHVOT MB HSJQ QPSDJOB TBMWBSË RVF FM EJNPOJ TJHVJ DSFNBU B MB QMBUKB EF #BEBMPOB MB OJU E BRVFTU EJVNFOHF &M TFV DPOTUSVDUPS 3BNØO EF MPT )FSPT J FM TFV FRVJQ WBO FTUBS HBJSFCÏ UPU VO EJB QFS NVOUBS MP 1FS DFSU RVF MB QSJNFSB OJU RVF FTUBWB QMBOUBU WB DBVSF VO CPO YËGFD E BJHVB B MB DJVUBU VO GFU RVF KB ÏT UPUB VOB USBEJDJØ EF MFT 'FTUFT EF .BJH

-B 'FTUB EFM #BEJV PNQMF EF HSFTDB FM

1BSD EF $BO 4PMFJ &M QSJNFS BDUF EF MFT 'FTUFT EF .BJH UPU J RVF FOHVBOZ T IB SFBMJU[BU BCBOT EFM QSFHØ IB FTUBU UPU VO ÒYJU EF QÞCMJD &M CPO UFNQT J MFT BMUFT UFNQFSBUVSFT WBO BDPNQBO ZBS BRVFTU EJVNFOHF QFS HBVEJS EF MB 'FTUB EFM #BEJV +PDT UBMMFST QBSBEFUFT E VOB USFOUFOB E FOUJUBUT EJOBS QPQVMBS J MB USBEJDJPOBM UØNCPMB WBO GFS HBVEJS B HSBOT J QFUJUT

6T BOJNFN B QFOKBS FMT NPDBEPST B DBTB WPTUSB 5PU J RVF NBJ T IB JNQVMTBU QÞCMJDBNFOU NPMUT DJVUBEBOT EF #BEBMPOB QFOHFO EFT EF GB BMHVOT BOZT FMT TFVT NPDBEPST B CBMDPOT UFSSBT TFT J mOFTUSFT EVSBOU FMT EJFT EF GFTUFT 4 IB EF EFTUBDBS RVF NPMUT CBEBMPOJOT DPMtMFDDJPOFO DBEB BOZ FM NPDBEPS RVF SFDPSEFN UÏ VO DPMPS EJGFSFOU %FT E BRVÓ VOT BOJNFN B MMVJS FM NPDBEPS OP OP NÏT BM WPTUSF DPMM TJOØ UBNCÏ B DBTB WPTUSB 6OB CPOB NBOFSB EF DSFBS NÏT BNCJFOU EF GFTUB

-B4FUNBOB&O*NBUHFT JOEE

727 %DGDORQD

1MBOUJMMB#BTF JOEE

727 %DGDORQD

1MBOUJMMB#BTF JOEE

HGUVGU FG OCKI

-FT 'FTUFT J MB DPNVOJDBDJØ GBO $JVUBU 7VMM GFS WPT BSSJCBS VOB TB MVUBDJØ DPSEJBM DPN B MFDUPST J MFDUPSFT EFM 5PU #BEBMPOB 6OB E BRVFMMFT QVCMJDBDJPOT RVF GB DJVUBU TFUNBOB B TFU NBOB 4FOTF MB RVBM FM QPMT RVPUJEJË EF MB WJEB CBEBMPOJ OB TFSJB NFOZT TFOUJU 6OB QVCMJDBDJØ RVF FT SFB MJU[B HSËDJFT B MB GFJOB EFMT QSPGFTTJPOBMT J EF UPUFT MFT QFSTPOFT RVF FM GFV QPTTJ CMF

UFT EF MFT 'FTUFT %FT EF MB EJBEB EF 4BOU "OBTUBTJ m OT B MB SJDB QSPQPTUB EF NÞTJDB EF UFBUSF J EF DVMUVSB QPQVMBS J USBEJDJPOBM +VOUT UBNCÏ DPNQBSUJSFN FOUSF E BMUSFT FMT DPODFSUT B MB 1MBOB J B MB QMBÎB EFM $FOUFOBSJ MFT NJHBT J M FOUSBOZBCMF OJU PO FM GPD FMT DPMPST J MB NÞTJDB EF MB $SFNBEB EFM %JNPOJ FOT GBSË SFDPSEBS RVF TPN J FOT TFOUJN VOB TPMB DJVUBU

EJFT B SFMFHBS MFT EJm DVMUBUT J QPTBS B M BMÎB FMT WBMPST EF MB DPOWJWÒODJB J EF MB DVMUVSB

%F CFO TFHVS RVF B MFT QË HJOFT E BRVFTU OÞNFSP FYUSB QPESFN JOGPSNBS OPT J TFHVJS FM QSPHSBNB J MB WJEB EFMT BD

5PU J RVF WJWJN NPNFOUT DPN QMFYPT QFS M BDUVBM TJUVBDJØ FDPOÛNJDB MB GFTUB UBNCÏ FOT IB E BKVEBS EVSBOU VOT

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.ÏT RVF NBJ FOT DBM HBVEJS EFM OPTUSF TFOUJNFOU EF DJVUBU J EF MB DPOm BOÎB FO OPTBMUSFT NBUFJYPT FMT NJUKBOT EF DP NVOJDBDJØ IJ DPOUSJCVÕV J IP GFV QPTTJCMF .PMUT E BRVFTUT WBMPST FT DPOTPMJEFO QFS NJ UKË E BRVFTUFT GFTUFT RVF GBO DJVUBU J FOT VOFJYFO

+PSEJ 4FSSB "MDBMEF EF #BEBMPOB

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.BJH JOEE

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(3"5*4 &TNPS[BS (3"5*4 *OUFSOFU (3"5*4 $VJOB UPUBMNFOU FRVJQBEB (3"5*4 5BRVJMMFT EJOT EF MhIBCJUBDJØ (3"5*4 .BQFT J JOGPSNBDJØ EF MB DJVUBU ;POFT DPNVOT J TBMB EF 57 J %7% "JSF $POEJDJPOBU J $BMFGBDDJØ B UPUFT MFT IBCJUBDJPOT

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727 %DGDORQD

025(5$

3(3 9(1785$

320$5

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3LVR GH KDE GREOHV EDxR \ FRFLQD FRQVHUYDGRV EDOFyQ $/72 < &21 $6&(1625 ,'($/ 3$5(-$6 ¼ 376

&(175( $SDUWDPHQWR HVWXGLR P & 35,0 KDE FRFLQD HTXLSDGD ¿QFD SRFRV YHFLQRV FRQ DVFHQVRU 683(5 =21$ ¼ 376

%8)$/¬ 3LVR GH P KDELWDFLRQHV EDxR \ FRFLQD UHIRUPDGRV VDOyQ GH P HQ DPELHQWHV DLUH IULR FDORU 72'2 (;7(5,25 %8(1$ =21$ ¼ 376

6$17 $'5,¬

3LVR 72'2 (;7(5,25 GH KDE FRFLQD DPSOLDGD F ODYDGHUR VDOyQ P VXHOR QXHYR GH JUHV DLUH IULR FDORU /,672 3$5$ (175$5 $ 9,9,5 ¼ 376

//(),¬

3LVR HQ '5 52%(57 KDE H[W FRFLQD \ EDxR VDOyQ F EDOFyQ EXHQD GLVWULE %,(1 &21 6(59$'2 -WR ,QGHSHQGHQFLD ¼ 376

&21*5e6 È7,&2 P 7(55$=$ P KDE EDxR \ FRFLQD DFDEDGRV GH UHIRU PDU ODYDGHUR ),1&$ &21 $6&(1625 &(5&$ $<817$0,(172 ¼ 376

&(175( 3LVR P -8172 35(6,'(17 &203$1<6 KDE VDOyQ P $ 5()250$5 $ 68 *8672 ¼ 376

'$/7 /$ 9,/$

3LVR 72'2 (;7(5,25 FRQ KDE VDOyQ LQGHSHQGLHQWH $6&(1 625 DPXHEODGR \ FRQ HOHFWURGRPpVWL FRV -8172 0! \ 75$0%$,; ¼ 376

$SDUWDPHQWRV 18(926 $ (675( 1$5 GH KDE EDxR F SODWR GXFKD FRFLQD HTXLS F HOHFWURGRP JUDQ VDOyQ P DLUH IUtR FDORU ,03(&$%/(6 ¼ 376

/$ &215(5,$

-72 0(5&$'2 6 $'5,¬

3LVR GH P KDE EDxR \ FRFLQD UHIRUP VDOyQ F VDOLGD D EDOFyQ DLUH F ERPED GH FDORU DVFHQVRU 3,62 ,03(&$%/(

¼ 376

&(175(

&DVD D YLHQWRV FRQ SDUFHOD P YLYLHQGD FRQ KDE GREOHV 5()250$'$ SRVLEOH KDFHU SLVFLQD \ DPSOLDU HGL¿FDFLyQ 2&$6,Ï1 ¼ 376

&$6$*(0(6

%8)$/¬

&DVD P EXKDUGLOOD KDE FRFLQD RI¿FH FRQ SDWLR FDOHIDF 683(5 =21$ GLYLGLGD HQ SO EDMD SLVR \ EXKDUGLOOD ¼ 376

& 6$17,$*2 586,1<2/ &DVD GH P HQ SODQWDV KDE GREOHV EDxR \ DVHR FRFLQD GHVSHQVD VDOyQ P SHTXHxR SDWLR FDOHIDFFLyQ ¼ 376

727 %DGDORQD

'03."5 /06 JOEE

3LVR GH P -72 $0%8 /$725,2 KDE EDxRV VDOyQ P F VDOLGD D EDOFyQ FDOHIDF DVFHQVRU %8(1$ ',675,%8&,Ï1 ¼ 376

È7,&2 'Ò3/(; 6(0, 18(92 P WHUUD]D P KDE GREOHV \ EXKDUGLOOD P FDOHI WHUUD]D DFFHVR VDOyQ \ FRFLQD DVFHQVRU ¼ 376

0217*$7 3LVR GH P KDELWD FLRQHV (;7(5,25 EDxR \ DVHR VDOyQ F VDOLGD D EDOFyQ FDOHIDFFLyQ DVFHQVRU %,(1 &216(59$'2 ¼

%8)$/$

'$/7 /$ 9,/$

%DMRV P -$5'Ë1 P KDE VXLWWH FDOHIDF EDUEDFRD ¿QFD 32&26 $f26 WRGR H[WHULRU ¼ 376

3LVR FRQ =21$ &2081, 7$5,$ &21 3,6&,1$ KDE EDxR \ DVHR VDOyQ LQGHS P FRQ EDOFyQ FDOHIDF DOWR \ FRQ DVF ¼ 376

6$172 &5,672

&$6$*(0(6

&DVD 6(0, 18(9$ 7(55$=$6 KDE GREOHV EDxR FRPSOHWR FRFLQD FRPHGRU VDOyQ HVWDU SDUNHW FDOHIDF \ D D /,67$ 3$5$ 9,9,5 ¼ 376

7,$1$

&DVD P FRQ SDWLR P HQ &(1752 -XQWR $\WR K \ EXKDUGLOOD EDxRV \ DVHR FDOHIDF VDOyQ FRQ FKLP JDUDMH WRGD H[W PX\ VROHDGD ¼ 376

3LVR GH P KDE VXLWWH EDxR \ DVHR VDOyQ GH P F VDOLGD D EDOFyQ SDUNHW PiUPRO FDOHIDF DPXHEODGR DVF =21$ &20 & 3,6& 3. ,1&/

¼ 376

&DVD ,'($/ 3$5(-$6 KDEL WDFLyQ GH P EDxR GH SLH]DV FRQ SODWR GH GXFKD FRFLQD DELHUWD DO VDOyQ SHTXHxR SDWLR -8172 +263,7$/ ¼ 376

025(5$

%8)$/¬

3LVR -8172 /$ 5$0%/$ \ 3/$<$ KDE 5()250$'2 FDOHIDF \ DLUH DFRQG 683(5 =21$ /LVWR SDUD YLYLU ¼ 376

2&$6,Ï1 3LVR P \ KDE EDxR F SODWR GH GXFKD SHTXHxR WUDVWHUR DVFHQVRU SUHFLVD UHIRUPDV HQ JHQHUDO 3,62 &21 08&+$6 326,%,/,'$'(6 ¼ 376

%8)$/¬

&(175(

3LVR GH P \ KDE GREOHV EDxR \ FRFLQD UHIRUPDGRV VDOyQ P VXHOR QXHYR GH JUHV FDOHIDF DLUH IULR FDORU DVFHQVRU -72 %,%/,27(&$ ¼ 376

&$1<$'Ï

&DVD FRQ 08&+$6 326,%,/,'$ '(6 GH P -$5',1 GH P KDE WUDVWHUR SDUNLQJ ¼ 376

&(1752

&DVD GH P 3$7,2 P 7(55$=$ P KDE VXLWWHV EDxRV DVHR DLUH F ERPED GH FDORU JDUDMH SDUD FRFKH 18(9$ $ (675(1$5

¼ 376

727 %DGDORQD

1MBOUJMMB#BTF JOEE

727 %DGDORQD

1MBOUJMMB#BTF JOEE

727 %DGDORQD

1MBOUJMMB#BTF JOEE

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727 %DGDORQD

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E h^ /E h^dZ/ >^

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DĂŝŐ ĚĞ ϮϬϬϵ

'ĞŶĞƌĂƌ ŽĚŝ ƉĞƌ ŐƵĂŶǇĂƌ ǀŽƚƐ͍ Ŷ Ğů ĚĂƌƌĞƌ WůĞ ĚĞ ů͛ ũƵŶƚĂŵĞŶƚ ĐĞůĞďƌĂƚ Ğů ƉĂƐƐĂƚ ĚŝĂ Ϯϴ Ě͛Ăďƌŝů͕ ǀĂ ƋƵĞĚĂƌ ĐůĂƌĂ ƋƵŝŶĂ ĠƐ ůĂ ƉŽƐŝĐŝſ ĚĞůƐ ƐŽĐŝĂůŝƐƚĞƐ ĚĞ ĂĚĂůŽŶĂ͕ ĚĞ ů͛ĂůĐĂůĚĞ :ŽƌĚŝ ^ĞƌƌĂ͕ ŝ ĚĞů 'ŽǀĞƌŶ ƋƵĞ ĞŶĐĂƉĕĂůĂ͕ ŝ ƋƵŝŶĂ ĠƐ ůĂ ƉŽƐŝĐŝſ ĚĞů WW͕ ƋƵĞ ƐĞŐƵĞŝǆ ƵƟůŝƚǌĂŶƚ Ğů ĨŽŵĞŶƚ ĚĞ ůĂ ƉŽƌ ŝ ůĂ ĚĞŵĂŐžŐŝĂ͕ ĂƌĂ Ă ƌƟŐƵĞƐ͕ ƉĞƌ ƉĞƌũƵĚŝĐĂƌ ůĂ ĐŝƵƚĂƚ͘ ^ĂďĞŵ ƋƵĞ ů͛ĂƌƌŝďĂĚĂ ĚĞ ĐŝƵƚĂĚĂŶƐ ŝ ĐŝƵƚĂĚĂŶĞƐ Ě͛ĂůƚƌĞƐ ƉĂŢƐŽƐ ĠƐ ƵŶĂ ƐŝƚƵĂĐŝſ ŶŽǀĂ ƉĞƌ Ă ůĂ ŶŽƐƚƌĂ ƐŽĐŝĞƚĂƚ͕ ƵŶĂ ƌĞĂůŝƚĂƚ ƋƵĞ ĞƐƚĞŵ ĂďŽƌĚĂŶƚ ĨŽŵĞŶƚĂŶƚ ŶŽƵƐ ŚăďŝƚƐ͕ ĨĞŶƚ ƉĞĚĂŐŽŐŝĂ͕ ƚƌĞďĂůůĂŶƚ ƉĞƌ Ă ůĂ ĐŽŶǀŝǀğŶĐŝĂ ŝ͕ ƐŽďƌĞƚŽƚ͕ ƌĞĨŽƌĕĂŶƚ ĞůƐ ƌĞĐƵƌƐŽƐ Ăŵď ĞƋƵŝƉƐ ŵƵůƟĚŝƐͲ ĐŝƉůŝŶĂƌƐ ƋƵĞ ƚƌĞďĂůůĞŶ Ăů ƚĞƌƌŝƚŽƌŝ͘ ,Ž ĞƐƚĞŵ ĨĞŶƚ ĞŶƚƌĞ ƚŽƚƐ ŝ ƚŽƚĞƐ͘ dĂŶŵĂƚĞŝǆ͕ Ğů WW ĚĞ ĂĚĂůŽŶĂ ŶŽŵĠƐ ƉƌĞƚĠŶ ĐŽŶĨŽŶĚƌĞ͕ ĐƌĞĂƌ ƵŶĂ ŝŵĂƚŐĞ ŶĞŐĂƟǀĂ ĚĞ ůĂ ĐŝƵƚĂƚ Ă ĚŝŶƐ ŝ Ă ĨŽƌĂ͕ ĚŝǀŝĚŝƌ ƉĞƌ ŵŝŶĂƌ ůĂ ĐŽŶǀŝǀğŶĐŝĂ͘ >Ă ƐĞǀĂ ĞƐƚƌĂƚğŐŝĂ ŶŽ ĠƐ ĐŽŶƐƚƌƵŝƌ͕ ƐŝŶſ ĞŶŐƌĂŶĚŝƌ ůĞƐ ĚŝĮĐƵůƚĂƚƐ ŝ ŐĞŶĞƌĂƌ ƉĞƐƐŝŵŝƐͲ ŵĞ͘ ů ͚ƋƵĂŶ ƉŝƚũŽƌ ŵŝůůŽƌ͕͛ ŶŽ ĠƐ ƵŶĂ ĞƐƚƌĂƚğŐŝĂ ĚĞ ďĂĚĂůŽŶŝƚĂƚ͕ Ŷŝ ĚĞ ŶŝŶŐƷ ƋƵĞ ǀƵůŐƵŝ ŽďƚĞŶŝƌ ůĂ ĐŽŶĮĂŶĕĂ ƐŝŶĐĞƌĂ ĚĞůƐ ĐŝƵƚĂĚĂŶƐ ŝ ĐŝƵƚĂĚĂŶĞƐ͘

>Ă ĚĞŵĂŐžŐŝĂ ĚĞů WW ŶŽŵĠƐ ƉƌĞƚĠŶ ŽďƚĞŶŝƌ ǀŽƚƐ ƌĞǀŝĨĂŶƚ ů͛ĞŶĨƌŽŶƚĂŵĞŶƚ͕ ŽďǀŝĂŶƚ ŝŶͲ ƚĞƌĞƐƐĂĚĂŵĞŶƚ Ğů ƚƌĞďĂůů ƋƵĞ Ɛ͛ĞƐƚă ĨĞŶƚ ĚĞƐ ĚĞů ƌĞƐƉĞĐƚĞ Ă ůĂ ůĞŐĂůŝƚĂƚ ŝ ů͛ĞǆŝŐğŶĐŝĂ ĚĞ ĐŽŵƉůŝͲ ŵĞŶƚ ĚĞ ĚĞƵƌĞƐ ŝ ĚĞ ĚƌĞƚƐ ƉĞƌ Ă ƚŽƚŚŽŵ͘ ů ^ƌ͘ 'ĂƌĐŝĂ ĚĞů WW ǀĂ Ěŝƌ ƋƵĞ ĨĞƌ ƵŶ KƌĂƚŽƌŝ Ă ƌƟŐƵĞƐ ĚĞŐƌĂĚĂ Ğů ďĂƌƌŝ͘ Ɛ ƚƌĂĐƚĂ Ě͛ƵŶĂ ĂĮƌŵĂĐŝſ͕ ĐŽŵ Ě͛ĂůƚƌĞƐ ƌĞĂůŝƚǌĂĚĞƐ ƉĞů WW͕ ƋƵĞ ^K^ ZĂĐŝƐŵĞ ŚĂ ĚĞŶƵŶĐŝĂƚ ƌĞŝƚĞƌĂĚĂŵĞŶƚ͘ >͛ĂůĐĂůĚĞ :ŽƌĚŝ ^ĞͲ ƌƌĂ ǀĂ ĚĞŝǆĂƌ ĐůĂƌ ƋƵĞ ů͛ĂƐƐŽĐŝĂĐŝſ ƋƵĞ ĚĞŵĂŶĂ ĂƋƵĞƐƚ ůŽĐĂů ƉĞƌ Ă ϴϬ

ů ĚŝƉƵƚĂƚ ŽŵşŶ ǀŝƐŝƚĂ Ğů W^ ĚĞ ĂĚĂůŽŶĂ ŝũŽƵƐ ƉĂƐƐĂƚ ů͛ ŐƌƵƉĂĐŝſ ĚĞ ĂͲ ĚĂůŽŶĂ ǀĂ ƌĞďƌĞ Ğů ĚŝƉƵƚĂƚ Ăů WĂƌůĂͲ ŵĞŶƚ ĚĞ ĂƚĂůƵŶǇĂ͕ ŶƚŽŶŝ ŽŵşŶ͕ ƉĞƌ ƉĂƌůĂƌ ĚĞ ůĂ ĐƌŝƐŝ ĂĐƚƵĂů ŝ ůĞƐ ƌĞƐƉŽƐƚĞƐ ĚĞ ůĞƐ ĚŝĨĞƌĞŶƚƐ ŝŶƐƟƚƵͲ ĐŝŽŶƐ ŝ ĂĚŵŝŶŝƐƚƌĂĐŝŽŶƐ͘ DŝůŝƚĂŶƚƐ ŝ ƐŝŵƉĂƟƚǌĂŶƚƐ ǀĂŶ ƉŽĚĞƌ ƉĂƌƟĐŝƉĂƌ ŝ ŽƉŝŶĂƌ ĚĞ ůĞƐ ƉŽƐƐŝďůĞƐ ƐŽůƵĐŝŽŶƐ ŝ ĂƌƌĞůƐ ĚĞ ůĂ ĐƌŝƐŝ͕ Ăŝǆş ĐŽŵ ĂƉƌŽͲ ĨƵŶĚŝƌ ĞŶ ĂůƚƌĞƐ ƚĞŵĞƐ Ě͛ĂĐƚƵĂůŝƚĂƚ ƉŽůşƟĐĂ͘ >Ă ǆĞƌƌĂĚĂ ǀĂ ĚŽŶĂƌ Ğů ƚƌĞƚ ĚĞ ƐŽƌƟĚĂ Ăů ĐŝĐůĞ ĚĞ ĚĞďĂƚƐ ƋƵĞ ŚĂ ĞŶŐĞŐĂƚ ůĂ ƐĞĐƌĞƚĂƌŝĂ ĚĞ &ŽƌŵĂͲ Đŝſ ĚĞů W^ ĚĞ ĂĚĂůŽŶĂ͘

Ž ϭϬϬ ƉĞƌƐŽŶĞƐ͕ ŚĂ ƐĞŐƵŝƚ ƚŽƚƐ ĞůƐ ƚƌăŵŝƚƐ ůĞŐĂůƐ ŝ ƵƌďĂŶşƐƟĐƐ͕ ŝ ƋƵĞ ůĂ ůůĞŝ͕ ƋƵĞ ĠƐ ŝŐƵĂů ƉĞƌ Ă ƚŽƚƐ͕ Ɛ͛ŚĂ ĚĞ ƌĞƐƉĞĐƚĂƌ ŝ ĨĞƌ ĐŽŵƉůŝƌ͘ WĞƌž Ăů WW͕ ĞŶ ĂƋƵĞƐƚ ĐĂƐ͕ Ğů ĐŽŵƉůŝŵĞŶƚ ĚĞ ůĂ ůůĞŝ ŝ ĚĞ ůĂ ŽŶƐƟƚƵĐŝſ ŶŽ ĞůƐ ŝŵͲ ƉŽƌƚĂ ŐĞŶƐ͕ ů͛ƷŶŝĐ ƋƵĞ ĞůƐ ŝŵƉŽƌƚĂ ĠƐ ƐĞŐƵŝƌ ĮĚĞůƐ Ă ů͛ĞƐƚƌĂƚğŐŝĂ ĚĞů ͚ƚŽƚ ǀĂů͛ ƉĞƌ ŐƵĂŶǇĂƌ ǀŽƚƐ ĞŶĐĂƌĂ ƋƵĞ ƐŝŐƵŝ ĨŽŵĞŶƚĂŶƚ ů͛ŽĚŝ͘ ůƐ ƐŽĐŝĂůŝƐƚĞƐ ĚĞ ĂĚĂůŽŶĂ ĂƉĞůͻůĞŵ Ă ůĂ ĐŽŶƐƚƌƵĐĐŝſ Ě͛ƵŶĂ ĂĚĂůŽŶĂ ĞŶ ƉŽƐŝƚŝƵ͕ Ăŵď ƵŶ ĨƵƚƵƌ ĐŽŵƉĂƌƟƚ ƉĞƌ Ă ƚŽƚƐ ĞůƐ ŚŽͲ ŵĞƐ ŝ ĚŽŶĞƐ ĚĞ ďĠ ĚĞ ĂĚĂůŽŶĂ͘ dŽƚ ŶŽ ǀĂů͕ ƐĞŶǇŽƌ 'ĂƌĐŝĂ͘

ŐĞŶĚĂ ƐŽĐŝĂůŝƐƚĂ ͞WůĂŶŝĮĐĂĐŝſ ĚĞ ůĞƐ /ŶƐƚĂůͻůĂĐŝŽŶƐ ƐƉŽƌƚŝǀĞƐ͘͟ >Ă ƐĞĐƌĞƚĂƌŝĂ ĚĞ ^ĞĐƚŽƌŝĂůƐ ĚĞů W^ ĚĞ ĂĚĂůŽŶĂ ŽƌŐĂŶŝƚǌĂ ƵŶĂ ĐŽŶĨĞƌğŶĐŝĂͬǆĞͲ ƌƌĂĚĂ Ğů ƉƌŽƉĞƌ ĚŝĂ ϳ ĚĞ ŵĂŝŐ Ă ůĞƐ ϭϵ͘ϬϬŚ Ăů ĞŶƚƌĞ şǀŝĐ ĂŶ ĂďĂŶǇĞƐ͘ ͞ ƌĂƐŚ͙ ĂƚƵƌĞŵ Ğů ĐŽƉ͘͟ >Ă ƐĞͲ ĐƌĞƚĂƌŝĂ ĚĞ ^ĞŐƵƌĞƚĂƚ ĚĞů W^ ĚĞ ĂĚĂůŽŶĂ ŽƌŐĂŶŝƚǌĂ Ğů ƉƌŽƉĞƌ ĚŝĂ ϭϰ ĚĞ ŵĂŝŐ Ă ůĞƐ ϭϵ͘ϯϬŚ͕ Ăů ĞŶƚƌĞ şǀŝĐ ĚĞ >Ă ^ĂůƵƚ ƵŶĂ ǆĞƌƌĂĚĂ ŝŶĨŽƌŵĂƟǀĂ ŝ ƐŝŵƵůĂĐƌĞ ĚĞ ƐĞŐƵƌĞƚĂƚ ǀŝĂů͘

ƵƚůůĞơ ŝŶĨŽƌŵĂƟƵ ĚĞů W^ ĚĞ ĂĚĂůŽŶĂ ͻ ďĂĚĂůŽŶĂ͘ƐŽĐŝĂůŝƐƚĞƐ͘ĐĂƚ

14$*OGPSNB JOEE

&ĞƚƐ ŝ ĨĞŝŶĂ WƌŝŵĞƌ ĂŶǇ Ě͛ĂůĐĂůĚĞ ĚĞ :ŽƌĚŝ ^ĞƌƌĂ͗ ĨĞƚƐ ŝ ĨĞŝŶĂ ƉĞƌ ĂĚĂůŽŶĂ ů ĚŝĂ ϴ Ě͛Ăďƌŝů ĚĞ ϮϬϬϴ :ŽƌĚŝ ^ĞƌƌĂ ĞƌĂ ŝŶǀĞƐƟƚ ĂůĐĂůĚĞ ĚĞ ĂĚĂůŽŶĂ͘ ů ƉƌŽũĞĐƚĞ ƐŽĐŝĂůŝƐƚĂ ƉĞƌ Ă ƵŶĂ ĐŝƵƚĂƚ ŵĠƐ ǀĞƌƚĞďƌĂĚĂ ŝ Ăŵď ŵĠƐ ƋƵĂůŝƚĂƚ ĚĞ ǀŝĚĂ͕ ŽďƚĞŶŝĂ ƐĂďĂ ŶŽǀĂ ŝ ƵŶ ŶŽƵ ůŝĚĞƌĂƚŐĞ Ăů ƐĞƌǀĞŝ ĚĞ ůĂ ĐŝƵƚĂƚ͘ Ŷ ĂƋƵĞƐƚ ƉƌŝŵĞƌ ĂŶǇ͕ ůĂ ƉŽůşƟĐĂ ĚĞ ů͛ĂůĐĂůĚĞ Ɛ͛ŚĂ ĐĞŶƚƌĂƚ ĞŶ ĂĐŽŶͲ ƐĞŐƵŝƌ ƵŶĂ ĐŝƵƚĂƚ ƋƵĞ ŶŽ Ɛ͛ĂƚƵƌŝ͕ Ăŵď ŵŽůƚƐ ƉƌŽũĞĐƚĞƐ ƵƌďĂŶşƐƟĐƐ ŝ ĚĞ ƉŽůşƟĐĂ ƐŽĐŝĂů ĞŶ ŵĂƌǆĂ͘ Ŷ ĚŝǀĞƌƐĞƐ ĞŶƚƌĞǀŝƐƚĞƐ͕ :ŽƌĚŝ ^ĞƌƌĂ ŚĂ ĚĞƐƚĂĐĂƚ ŝŶŝĐŝĂƚŝǀĞƐ ƋƵĞ ĂƌĂ ƌĞďĞŶ ƵŶ ŝŵƉƵůƐ ĚĞĐŝĚŝƚ ĐŽŵ Ğů ƚƷŶĞů ĚĞ ůĂ ͲϱϬϬ͕ ůĞƐ ăƌĞĞƐ ƌĞͲ ƐŝĚĞŶĐŝĂůƐ ĚĞ ů͛ ƐƚƌĞůůĂ ŝ Ğů ^ĂŶƚ ƌŝƐƚ͕ Ğů ĞŶƚƌĞ şǀŝĐ ŝ ƵůƚƵƌĂů ĚĞů ĂƌŵĞ͕ Ğů ŶŽƵ WĂůĂƵ ĚĞ :ƵƐơĐŝĂ Ž Ğů ĨƵƚƵƌ W ĚĞů 'ƌĂŶ ^Žů Ă >ůĞĮă͕ ĞŶƚƌĞ Ě͛ĂůƚƌĞƐ͘ dĂŵďĠ ƌĞĂůŝƚĂƚƐ ĐŽŵ ůĂ ĐŽŶƐƚƌƵĐĐŝſ ĚĞ ŵŝů ƉůĂĐĞƐ Ě͛ĂƉĂƌĐĂŵĞŶƚ Ž ůĂ ŐƌĂŶ ƉůĂĕĂ ĐĞŶƚƌĂů ƋƵĞ ĞƐƚĞŵ ĨĞŶƚ ĞŶ ƵŶ ŶŽƵ ĐĞŶƚƌĞ ĐŝƵƚĂƚ ŵĠƐ ĞŝǆĂŵƉůĂƚ͘ dŽƚ ƉůĞŐĂƚ ƐĞŶƐĞ ŽďůŝĚĂƌ Ğů ŐƌĂŶ ƐĂůƚ ĞŶĚĂǀĂŶƚ ƋƵĞ ƌĞĂůŝƚǌĂƌĞŵ ĐŽŵ Ă ĐŝƵƚĂƚ Ăŵď ů͛ŽďĞƌƚƵƌĂ ĚĞ ϰ ŶŽǀĞƐ ƉĂƌĂĚĞƐ ĚĞ ŵĞƚƌŽ ƋƵĞ ĐŽŶŶĞĐͲ ƚĂƌĂŶ >ůĞĮă͕ ůĂ ^ĂůƵƚ ŝ Ğů ĞŶƚƌĞ͕ ƐƵƉĞƌĂŶƚ ůĂ ďĂƌƌĞƌĂ ĚĞ ů͛ĂƵƚŽƉŝƐƚĂ ƉĞƌ ƐŽƚĂ͘ ŵĠƐ Ă ŵĠƐ͕ :ŽƌĚŝ ^ĞƌƌĂ ŚĂ ƚƌĞͲ ďĂůůĂƚ ŵĠƐ ĚĞĐŝĚŝĚĂŵĞŶƚ ƋƵĞ ŵĂŝ ĞŶ ů͛ăŵďŝƚ ĚĞ ů͛ĂƚĞŶĐŝſ Ă ƚŽƚĞƐ ůĞƐ ƉĞƌƐŽŶĞƐ͘ ,Ž ŚĂ ĨĞƚ ŝ ŚŽ ĐŽŶƟŶƵĂͲ ƌă ĨĞŶƚ Ăŵď ŵĠƐ ĂƚĞŶĐŝſ ƉĞƌƐŽͲ ŶĂůŝƚǌĂĚĂ͕ ŵĠƐ ƚĞůĞĂƐƐŝƐƚğŶĐŝĂ͕ ŵĠƐ ďĞƋƵĞƐ ĚĞ ŵĞŶũĂĚŽƌ ŝ ŵĠƐ ŝŶǀĞƌƐŝſ ƐŽĐŝĂů ƉĞƌ ĂũƵĚĂƌ Ă ƋƵŝ ŵĠƐ ŚŽ ŶĞĐĞƐƐŝƚĂ ĞŶ ƵŶƐ ŵŽŵĞŶƚƐ ĚĞ ĐƌŝƐŝ ĞĐŽŶžŵŝĐĂ ŵƵŶĚŝĂů͘ ƌĂ ŵĠƐ ƋƵĞ ŵĂŝ͕ Ğů ƋƵĞ ĐĂů ĠƐ ƵŶĂ ĂĚŵŝŶŝƐƚƌĂĐŝſ ƉƷďůŝĐĂ ƋƵĞ ƚŝďŝ ĚĞů ĐĂƌƌŽ͘ >Ă ƌĞƐƉŽƐƚĂ ŵƵŶŝĐŝƉĂů Ă ůĂ ĐƌŝƐŝ ĠƐ͕ ƉĞƌ ƚĂŶƚ͕ ƋƵĞ ĂĚĂůŽŶĂ ƐĞŐƵĞŝǆŝ ĂĐƟǀĂ͕ Ăŵď ƵŶĂ ŝŶǀĞƌƐŝſ ƉƷďůŝĐĂ ƉƌžƉŝĂ ʹŵĠƐ ůĂ ƋƵĞ ĞƐƚĞŵ ĞǆĞĐƵƚĂŶƚ ŐƌăĐŝĞƐ Ăů WůĂ ĂƉĂƚĞͲ ƌŽʹ ƋƵĞ ƐƵƉĞƌĂƌă ĞůƐ ϭϱϬ ŵŝůŝŽŶƐ Ě͛ĞƵƌŽƐ ĞŶ ĂƋƵĞƐƚ ŵĂŶĚĂƚ͘

hŶĂ ĂĐĐŝſ ŵƵŶŝĐŝƉĂů ƋƵĞ ĞƐ ďĂƐĂ͕ ƚĂŵďĠ͕ ĞŶ ŵĂŶƚĞŶŝƌ ŝ ƉŽƚĞŶĐŝĂƌ ĞŶĐĂƌĂ ŵĠƐ Ğů ƉĞƐ ĞƐƉĞĐşĮĐ ĚĞ ĂĚĂůŽŶĂ͗ Ăŵď ƉƌŽũĞĐƚĞƐ ƋƵĞ ƐĞƌĂŶ ƌĞĂůŝƚĂƚ ĐŽŵ ůĂ ŝŶƐƚĂůͻůĂĐŝſ Ă ĂŶ ZƵƟ ĚĞ ůĂ &ƵŶĚĂĐŝſ :ŽƐĞƉ ĂƌƌĞƌĂƐ Ž ůĂ ŽďĞƌƚƵƌĂ ĚĞů ĐĞŶͲ ƚƌĞ ĐŽŵĞƌĐŝĂů Ă ĂŶ >ůĂŵĂƐ͘ hŶĂ ĂĚĂůŽŶĂ͕ ĞŶ ĚĞĮŶŝƟǀĂ͕ Ăŵď ƵŶ ĂůĐĂůĚĞ ƋƵĞ ůŝĚĞƌĂ ŝ ƋƵĞ ƚĠ ĐůĂƌƐ ĞůƐ ǀĂůŽƌƐ ƋƵĞ ĐĂů ƉŽƚĞŶͲ ĐŝĂƌ͗ ůĂ ŝŐƵĂůƚĂƚ͕ ůĂ ĐŽŚĞƐŝſ͕ Ğů ĐŽŶĞŝǆĞŵĞŶƚ͕ ůĂ ĐƌĞĂƟǀŝƚĂƚ͕ ƋƵĞ ƚĠ ĞŶ ů͛ĞĚƵĐĂĐŝſ ƵŶĂ ƉƌŝŽƌŝƚĂƚ ƋƵĞ ŚĂ ĨĞƚ ƉŽƐƐŝďůĞ͕ ƉĞƌ ĞǆĞŵͲ

ƉůĞ͕ ƋƵĞ Ğů ĚĞ ĂĚĂůŽŶĂ ƐŝŐƵŝ ů͛ ũƵŶƚĂŵĞŶƚ ƋƵĞ ŚĂ ĚĞĚŝĐĂƚ ŵĠƐ ĚŝŶĞƌƐ ĚĞů WůĂ ĂƉĂƚĞƌŽ Ă ů͛ĞƐĐŽůĂ ƉƷďůŝĐĂ͘ ů ƉƌŝŵĞƌ ĂŶǇ ĚĞ ů ͛ĂůĐ ĂůĚĞ ^ Ğƌƌ Ă ĐŽŶƐŽůŝĚĂ ƵŶĂ ĨĞŝŶĂ ĚĞ ďŽŶĂ ŐĞƐƚŝſ͕ Ě͛ŝŶƚĞŶƐ ƚƌĞͲ ďĂůů͕ Ě ͛ĞƐƚĂůǀŝ ŝ ĂƵƐƚĞƌŝƚĂƚ͕ Ě͛ŚŽŶĞƐƚĞĚĂƚ͕ ĚĞ ĐŽŶǀŝĐĐŝŽŶƐ ŝ ĐŽŶĨŝĂŶĕĂ ĞŶ ĂĚĂůŽŶĂ͘ Ğ ǀŽůƵŶƚĂƚ Ě͛ĞƐƚĂƌ Ă ƉƌŽƉ ĚĞ ůĂ ŐĞŶƚ͕ ŝ ĚĞ ŐŽǀĞƌŶĂƌ͕ Ăŵď ĚĞƚĞƌͲ ŵŝŶĂĐŝſ͕ ƉĞƌƋƵğ ĂĚĂůŽŶĂ ǀĂŐŝ ĞŶĚĂǀĂŶƚ͘

WůĂ W͗ ŽďũĞĐƟƵ ŐĞŶĞƌĂƌ ůůŽĐƐ ĚĞ ƚƌĞďĂůů Ŷ ƵŶƐ ŵŽŵĞŶƚƐ ĐŽŵ ĞůƐ ĂĐͲ ƚƵĂůƐ ĞŶ ĞůƐ ƋƵĂůƐ ůĂ ƐŝƚƵĂĐŝſ ƐŽͲ ĐŝŽĞĐŽŶžŵŝĐĂ ĠƐ ĐŽŵƉůŝĐĂĚĂ ĂƌƌĞƵ͕ ĂĚĂůŽŶĂ ƚĠ͕ ŐƌăĐŝĞƐ Ăů WůĂ ĂƉĂƚĞƌŽ ƵŶĂ ŽƉŽƌƚƵŶŝƚĂƚ ĚĞ ŵŝůůŽƌĂƌ ĞƋƵŝƉĂŵĞŶƚƐ ĞƐƉŽƌƟƵƐ ŝ ĐƵůƚƵƌĂůƐ͕ ƚŽƚĞƐ ůĞƐ ĞƐĐŽůĞƐ ĚĞ ůĂ ĐŝƵƚĂƚ͕ ĐĂƌƌĞƌƐ ŝ ƉůĂĐĞƐ ŝ͕ Ăů ŵĂͲ ƚĞŝǆ͕ ƚĞŵƉƐ͕ ŐĞŶĞƌĂƌ ŽĐƵƉĂĐŝſ͘ ů ƉĂƐƐĂƚ ĚŝůůƵŶƐ ϮϬ Ě͛Ăďƌŝů ǀĂŶ ĐŽŵĞŶĕĂƌ ůĞƐ ƉƌŝŵĞƌĞƐ ŽďƌĞƐ ĚĞ ƌĞƵƌďĂŶŝƚǌĂĐŝſ ĚĞů ĐĂƌƌĞƌ ĂůĚŽŵĞƌ ^Žůă͘ ů ĐŽŶũƵŶƚ ƚŽƚĂů ĮŶĂŶĕĂƚ ƉĞů WůĂ ĂƉĂƚĞƌŽ ĐŽŵƉƚĂ Ăŵď ϱϯ ƉƌŽũĞĐƚĞƐ ƉĞƌ ǀĂůŽƌ ĚĞ ϯϴ ŵŝůŝŽŶƐ Ě͛ĞƵƌŽƐ͘ hŶ ƉƌŽũĞĐƚĞ ƐŽͲ

ĐŝĂůŝƐƚĂ͕ ƋƵĞ ĚŽŶĂƌă ĨĞŝŶĂ Ă ƉƌŽƉ Ě͛ƵŶ ŵŝůĞƌ ĚĞ ƉĞƌƐŽŶĞƐ͕ ŵĠƐ ĚĞ ůĂ ŵĞŝƚĂƚ ĚĞůƐ ƋƵĂůƐ ƐſŶ ŐĞŶƚ ĚĞ ŶŽǀĂ ĐŽŶƚƌĂĐƚĂĐŝſ ƉƌŽĐĞĚĞŶƚƐ ĚĞ ů͛ĂƚƵƌ͘ ĂĚĂůŽŶĂ ǀŝƵ ŵĞƐŽƐ ĚĞ ŵŽůƚĂ ĂĐƟǀŝƚĂƚ͘ 'ƌăĐŝĞƐ Ăů & />͕ ĞŶ Ğů ƋƵĂĚƌŝĞŶŶŝ ϮϬϬϴͲϮϬϭϭ͕ ůĂ ŝŶǀĞƌƐŝſ ŵƵŶŝĐŝƉĂů ĞƐ ĚƵƉůŝĐĂƌă͘ dŽƚĂ ůĂ ĐŝƵƚĂƚ ǀŝƵƌă ƵŶ ŵŽŵĞŶƚ ŚŝƐƚžƌŝĐ ĚĞ ƚƌĂŶƐͲ ĨŽƌŵĂĐŝſ ƵƌďĂŶĂ ĐŽŵ Ğů ƋƵĞ ŵĂŝ ŶŽ Ɛ͛ŚĂǀŝĂ ǀŝƐƚ Ă ĂĚĂůŽŶĂ͘ /ŶǀĞƌƐŝſ ƉƷďůŝĐĂ͕ ĞŶ ŵĂũƷƐĐƵͲ ůĞƐ͕ ƉĞƌ ůůƵŝƚĂƌ ĐŽŶƚƌĂ ů͛ĂƚƵƌ͕ ƉĞƌ ƐĞŐƵŝƌ ĚŝŶĂŵŝƚǌĂŶƚ ůĂ ĐŝƵƚĂƚ ĞŶ ƚŽƚƐ ĞůƐ ăŵďŝƚƐ͘

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