deDOMO
– nowatorska metoda
nauki języka angielskiego w domu
EDUKACJA jako gra domowa
MOTYWACJA poprzez sukces
INTERAKCJA dwujęzyczna rodzic – dziecko
ANGIELSKI
RODZICÓW
dla
PRZEWODNIK METODYCZNY
deDOMO
– nowatorska metoda
nauki języka angielskiego w domu
EDUKACJA jako gra domowa
MOTYWACJA poprzez sukces
INTERAKCJA dwujęzyczna rodzic – dziecko
ANGIELSKI
RODZICÓW
dla
PRZEWODNIK METODYCZNY
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ϯ
DſũdĂƚĂƵǁŝĞůďŝĂďĂǁŝđƐŝħnjĞƐǁŽŝŵŝǁŶƵŬĂŵŝ͘
ĂƉLJƚĂųĞŵŐŽŬŝĞĚLJƑ͕ũĂŬƚŽƐŝħĚnjŝĞũĞ͕
ǏĞŶŝŐĚLJŵƵƐŝħƚŽŶŝĞŶƵǏLJ͘
KĚƉŽǁŝĞĚnjŝĂų͗
ŽǁŝĞƐnj͕ƐLJŶŬƵ͕ŬŝĞĚLJƉĂƚƌnjħŶĂĚnjŝĞĐŬŽ͕
ƚŽƚĂŬũĂŬďLJŵƉĂƚƌnjLJųŶĂĨĂůĞǁŵŽƌnjƵ͘
<ĂǏĚĂĨĂůĂũĞƐƚƚĂŬĂƐĂŵĂ͕
ŝŬĂǏĚĂũĞƐƚŝŶŶĂ͘
EŝŬƚƚĞŐŽĂŶŝƚƌĂĨŶŝĞũ͕ĂŶŝƉŝħŬŶŝĞũŶŝĞƵũČų͘
<ƐŝČǏŬħƚħĚĞĚLJŬƵũħŵŽŝŵZŽĚnjŝĐŽŵ͕
njŵŝųŽƑĐŝČŝǁĚnjŝħĐnjŶŽƑĐŝČ͘
ʹŶĂũƐƚĂƌƐnjLJƐLJŶ
<ŽŶƐƵůƚĂĐũĂũħnjLJŬŽǁĂ͗ĚƌĂƌƌLJ<ĞĂŶĞ
ZĞĚĂŬƚŽƌƐĞƌŝŝ͗DĂƌĞŬ:ĂŶŶĂƐnj
<ŽƌĞŬƚĂ͗WĂǁĞųWŽŬŽƌĂ
WƌŽũĞŬƚŽŬųĂĚŬŝƐĞƌŝŝ͗DĂƌĐŝŶZŽũĞŬ͕ϮĂƌƚƐ
/ůƵƐƚƌĂĐũĂŶĂŽŬųĂĚĐĞ͗DĂŐĚĂůĞŶĂtſũĐŝŬ
WƌŽũĞŬƚŵĂŬŝĞƚLJŝŽƉƌĂĐŽǁĂŶŝĞŐƌĂĮĐnjŶĞ͗<ĂƌŽůWĞƌĞƉųLJƑ͕^ƚƵĚŝŽϮϳ
/ůƵƐƚƌĂĐũĞ͗DĂŐĚĂůĞŶĂtſũĐŝŬ
/ŶŝĐũĂƚLJǁĂĞĚƵŬĂĐLJũŶĂ
ĚĞKDK
<ŽŶĐĞƉĐũĂŵĞƚŽĚLJĐnjŶĂŝŶĂĚnjſƌŵĞƌLJƚŽƌLJĐnjŶLJ͗Ěƌ'ƌnjĞŐŽƌnj_ƉŝĞǁĂŬ
<ŽŶĐĞƉĐũĂǁLJĚĂǁŶŝĐnjĂŝŬŽŽƌĚLJŶĂĐũĂƉƌŽũĞŬƚƵ͗DĂƌĞŬ:ĂŶŶĂƐnj
ΞŽƉLJƌŝŐŚƚďLJĚĞKDKĚƵĐĂƟŽŶƐƉ͘ũ͕͘tĂƌƐnjĂǁĂϮϬϭϬ
ǁǁǁ͘ĚĞĚŽŵŽ͘Ɖů
/^EϵϳϴͲϴϯͲϲϮϲϳϭͲϬϳͲϲ
^ŬųĂĚŝųĂŵĂŶŝĞ͗^ƚƵĚŝŽϮϳ
ƌƵŬŝŽƉƌĂǁĂ͗WŽnjŬĂů
ϲ
ǁǁǁ͘ĂŶŐŝĞůƐŬŝĚůĂƌŽĚnjŝĐŽǁ͘Ɖů
ĚĞKDK
ĚĞKDK
ϳ
^ƉŝƐƚƌĞƑĐŝ
WŽĚnjŝħŬŽǁĂŶŝĂ
͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘
ϰ
tƐƚħƉ
:ĂŬƚŽͣŶŐŝĞůƐŬŝĚůĂƌŽĚnjŝĐſǁ͙͍͟
͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘
ϵ
njħƑđϭ
DKdzt:ĚĞKDK
͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘
ϭϭ
ZŽnjĚnjŝĂųϭ ŶŐŝĞůƐŬŝƉŽnjĂĚŽŵĞŵʹĐnjLJůŝ͗ǁĐnjLJŵ;ďLJųͿƉƌŽďůĞŵ ͘ ͘ ͘ ͘ ͘ ͘ ͘
ϭϮ
ZŽnjĚnjŝĂųϮ dŽĐŽ͕ƐnjŬŽųĂǁĚŽŵƵ͍ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘
ϭϱ
ZŽnjĚnjŝĂųϯ ŽŵΎƌƵůĞnjΎ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘
ϭϴ
ZŽnjĚnjŝĂųϰ DſǁŝƐnjŝŵĂƐnj͊͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘
ϮϬ
ZŽnjĚnjŝĂųϱ tƐnjLJƐƚŬŽŐƌĂ͊ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘
Ϯϯ
ZŽnjĚnjŝĂųϲ ŶŐŝĞůƐŬŝƉƌnjLJŽŬĂnjũŝ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘
Ϯϳ
ZŽnjĚnjŝĂųϳ KŬĂnjũĂĐnjLJŶŝŵŝƐƚƌnjĂ͊͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘
Ϯϵ
ZŽnjĚnjŝĂųϴ :ħnjLJŬũĂŬƌŽǁĞƌĐnjLJũĂŬĨŽƌƚĞƉŝĂŶ͙͍ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘
ϯϭ
ZŽnjĚnjŝĂųϵ WŝĞƌǁƐnjĞŬƌŽŬŝnjĚĞKDK ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘
ϯϰ
ZŽnjĚnjŝĂųϭϬ DĂƌĐŚĞǁŬĂyy> ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘
ϯϳ
njħƑđϮ
:%z<ĚĞKDK
͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘
ϰϭ
ZŽnjĚnjŝĂųϭϭ zĞƐ͕ǁĞĐĂŶ͊͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘
ϰϮ
ZŽnjĚnjŝĂųϭϮ ŽŵŽǁĂƚƌĂŶƐͲĂŬĐũĂ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘
ϰϲ
ZŽnjĚnjŝĂųϭϯ ŽŵŽǁĂƵŬųĂĚĂŶŬĂnjŬůŽĐŬſǁ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘
ϰϵ
ZŽnjĚnjŝĂųϭϰ <ůŽĐŬŝŐƌĂŵĂƚLJĐnjŶĞĚůĂĚnjŝĞĐŬĂ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘
ϱϮ
ZŽnjĚnjŝĂųϭϱ <ůŽĐŬŝŐƌĂŵĂƚLJĐnjŶĞĚůĂDĂŵLJŝdĂƚLJ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘
ϱϲ
ZŽnjĚnjŝĂųϭϲ <ůŽĐŬŝůĞŬƐLJŬĂůŶĞ͗ŬƌſƚŬŝƉƌnjĞŐůČĚ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘
ϱϵ
ZŽnjĚnjŝĂųϭϳ <ůŽĐŬŝůĞŬƐLJŬĂůŶĞǁĂŬĐũŝ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘
ϲϰ
ZŽnjĚnjŝĂųϭϴ ŽŵŽǁĂǁLJŵŽǁĂ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘
ϲϴ
ZŽnjĚnjŝĂųϭϵ tLJŵŽǁĂƉƌŝŽƌLJƚĞƚŽǁĂ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘
ϳϭ
ZŽnjĚnjŝĂųϮϬ ,ƵƌƌĂʹďųČĚ͊ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘
ϳϱ
njħƑđϯ
^h<^ĚĞKDK
͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘
ϳϵ
ZŽnjĚnjŝĂųϮϭ ^ųſǁĐŝħĐŝĞͲŐŝħĐŝĞ͙͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘
ϴϬ
ZŽnjĚnjŝĂųϮϮ <ƌĞǁŶŝŝnjŶĂũŽŵŝŬƌſůŝŬĂ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘
ϴϯ
ZŽnjĚnjŝĂųϮϯ ƵƉůŽ͕ůĞŐŽĐnjLJďŝŽŶŝĐůĞ͍ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘
ϴϲ
ZŽnjĚnjŝĂųϮϰ :ħnjLJŬƐĞnjŽŶŽǁLJ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘
ϴϵ
ZŽnjĚnjŝĂųϮϱ ŽŵŽǁLJƚĞŵƉŽŵĂƚ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘
ϵϮ
ZŽnjĚnjŝĂųϮϲ ŽŵŽǁĂĞĚƵŬĂĐũĂĮŶĂŶƐŽǁĂ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘
ϵϱ
ZŽnjĚnjŝĂųϮϳ tĚŽŵƵnjďƌĂƚĞŵŝƐŝŽƐƚƌČ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘
ϵϵ
ZŽnjĚnjŝĂųϮϴ :ĂŬnjŵŝĞƌnjLJđũħnjLJŬ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘
ϭϬϰ
ZŽnjĚnjŝĂųϮϵ ZĂĚŽƑđŬůƵĐnjĞŵʹĐnjLJůŝŽƐƚĂƚŶŝĞƐųŽǁŽŽĚĂƵƚŽƌĂ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘
ϭϭϬ
ĚĞKDKǁLJŶŝĞnjďħĚŶŝŬĨƌĂnjŽǁLJĚůĂĚnjŝĞĐŬĂ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘
ϭϭϮ
ĚĞKDKǁLJŶŝĞnjďħĚŶŝŬĨƌĂnjŽǁLJĚůĂDĂŵLJŝdĂƚLJ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘
ϭϭϰ
ĚĞKDKǁĞ&YƐʹĐnjLJůŝŽĐŽĐnjħƐƚŽƉLJƚĂũČDĂŵĂŝdĂƚĂ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘
ϭϭϲ
^njĐnjħƑůŝǁĂƐŝſĚĞŵŬĂ͕ĐnjLJůŝĚĞKDKǁĞnjĂƐĂĚLJŶĂĐnjĞůŶĞ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘
ϭϭϴ
Ěƌ:ĂĐĞŬWLJǏĂůƐŬŝ
ĚĞKDKŽŬŝĞŵƉĞĚĂŐŽŐĂ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘
ϭϮϬ
ĚƌDĂŐĚĂůĞŶĂ^njƉŽƚŽǁŝĐnj
KƉƌnjLJƐǁĂũĂŶŝƵũħnjLJŬĂĂŶŐŝĞůƐŬŝĞŐŽǁĚĞKDK͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘
ϭϮϮ
ĚƌĂƌƌLJ<ĞĂŶĞ
ĚĞKDKŽŬŝĞŵŶĂƟǀĞƐƉĞĂŬĞƌĂ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘
ϭϮϰ
KĂƵƚŽƌnjĞ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘
ϭϮϲ
WĂƚƌŽŶĂƚƵƌŽƉĞũƐŬŝĞŐŽZŽŬƵ<ƌĞĂƚLJǁŶŽƑĐŝŝ/ŶŶŽǁĂĐũŝĚůĂƉƌŽũĞŬƚƵ
ͣŶŐŝĞůƐŬŝĚůĂƌŽĚnjŝĐſǁ͟ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘
ϭϮϳ
ǁǁǁ͘ĂŶŐŝĞůƐŬŝĚůĂƌŽĚnjŝĐŽǁ͘Ɖů
ĚĞKDK
ϭϯ
EĂŬŽůĞũŶLJĐŚƐƚƌŽŶĂĐŚŶĂƐnjĞŐŽƉƌnjĞǁŽĚŶŝŬĂŽĚƉŽǁŝĞŵLJŶĂǁƐnjLJƐƚŬŝĞƉŽǁLJǏƐnjĞ
ƉLJƚĂŶŝĂ͘WſŬŝĐŽƐƉſũƌnjŵLJƉŽŶŽǁŶŝĞŶĂƚLJƚƵųƚĞŐŽƌŽnjĚnjŝĂųƵ͘tLJďſƌƐųſǁũĞƐƚǁŶŝŵ
ŶŝĞƉƌnjLJƉĂĚŬŽǁLJ͗ƉƌŽďůĞŵLJnjŶĂƵŬČĂŶŐŝĞůƐŬŝĞŐŽ͕ŬƚſƌĞƚĂŬŶĂƐ͕ƌŽĚnjŝĐſǁ͕ĨƌƵƐƚƌƵũČ͕
ŵĂũČũĞĚŶŽǁƐƉſůŶĞǍƌſĚųŽ͘KƚſǏƚƌĂĚLJĐLJũŶĂŶĂƵŬĂũħnjLJŬĂŽďĐĞŐŽŽĚďLJǁĂƐŝħƉŽnjĂ
ĚŽŵĞŵ͕ǁǁĂƌƵŶŬĂĐŚƐnjŬŽůŶLJĐŚ͘
/ŶŝĞĐŚŽĚnjŝƚƵǁĐĂůĞŽƐŝĞĚnjĞŶŝĞǁƚǁĂƌĚLJĐŚųĂǁŬĂĐŚ͕ůĞĐnjŽĨƵŶĚĂŵĞŶƚĂůŶLJĨĂŬƚ͗
^njŬŽųĂƚŽŶŝĞĚƌƵŐŝĚŽŵ͊
tďƌĞǁŚĂƐųƵ͕ŬƚſƌĞǁŝħŬƐnjŽƑđnjŶĂƐ
ƉĂŵŝħƚĂnjǁųĂƐŶĞũƐnjŬŽůŶĞũ
ƉƌnjĞƐnjųŽƑĐŝ͕ƐnjŬŽųĂƚŽŶĂƉƌĂǁĚħŶŝĞ
ĚƌƵŐŝĚŽŵ͊tƚLJŵƉƌnjLJŶĂũŵŶŝĞũ
ƐĞŶƐŝĞ͕ǏĞųĂǁŬŝ͕ƚĂďůŝĐĂ͕ŬŽƌLJƚĂƌnj
ŝƐƚŽųſǁŬĂŶŝĞƚǁŽƌnjČŬŽŶƚĞŬƐƚƵ͕
ǁŬƚſƌLJŵƐƉŽŶƚĂŶŝĐnjŶŝĞŝŶĂƚƵƌĂůŶŝĞ
ŵŽǏĞnjĂĐŚŽĚnjŝđŬŽŵƵŶŝŬĂĐũĂĚŽŵŽǁĂ
ʹƚƵƐŝħŶŝĞƐŝĞĚnjŝƉƌnjLJƌŽĚnjŝŶŶLJŵƐƚŽůĞ͕
ũĞĚnjČĐƑŶŝĂĚĂŶŝĞ͕ƚƵƐŝħŶŝĞƐƉƌnjČƚĂƐǁŽũĞŐŽ
ƉŽŬŽũƵ͕ŶŝĞǁLJŶŽƐŝƑŵŝĞĐŝ͕ŶŝĞǁLJďŝĞƌĂďůƵnjŬŝŶĂ
ŝŵƉƌĞnjŬħŝŶŝĞƐnjƵŬĂƐŬĂƌƉĞƚĞŬƉƌnjĞĚǁLJũƑĐŝĞŵ
njĚŽŵƵ͕ŶŝĞŵſǁŝƐŝħƚĞǏĚŽďƌĂŶŽĐ͕ƉƌnjLJƚƵůĂũČĐŐųŽǁħĚŽ
ƉŽĚƵƐnjŬŝ͘dĞŽƌĞƚLJĐnjŶŝĞŵŽǏŶĂƚĂŬŝĞƐLJƚƵĂĐũĞǁƐnjŬŽůĞ
ŝŵŝƚŽǁĂđŝđǁŝĐnjLJđƉŽƚƌnjĞďŶĞǁŶŝĐŚƐƚƌƵŬƚƵƌLJũħnjLJŬŽǁĞ͕
ĂůĞnjĂǁƐnjĞďħĚnjŝĞǁƚLJŵĞůĞŵĞŶƚƐnjƚƵĐnjŶŽƑĐŝ
ŝƵŵŽǁŶŽƑĐŝ͘WŽnjĂƚLJŵͲĐŽƌſǁŶŝĞǁĂǏŶĞʹŵŽǏŶĂ
ũĞđǁŝĐnjLJđĐŽŶĂũǁLJǏĞũŬŝůŬĂƌĂnjLJǁƚLJŐŽĚŶŝƵ͕
ǁĚŽĚĂƚŬƵǁŐƌƵƉŝĞĐŽŶĂũŵŶŝĞũŬŝůŬƵŶĂƐƚƵ
ƌſǁŝĞƑŶŝŬſǁ͘DſǁŝČĐǁƉƌŽƐƚ͗
ŶĂƵĐnjLJĐŝĞůŶŝĞũĞƐƚŶŝĐnjĞŵƵǁŝŶŝĞŶ͕
ŐĚLJǏũħnjLJŬŬŽŵƵŶŝŬĂĐũŝĚŽŵŽǁĞũŵĂ
ƐĞŶƐŝŽĚƉŽǁŝĞĚŶŝČĐnjħƐƚŽƚůŝǁŽƑđƚLJůŬŽ
ǁĚŽŵƵ͊
WƌnjĞǁŽĚŶŝŬ͕ŬƚſƌĞŐŽůĞŬƚƵƌħǁųĂƑŶŝĞƌŽŐĂDĂŵŽŝƌŽŐŝdĂƚŽƌŽnjƉŽĐnjLJŶĂĐŝĞ͕
ŶĂƉŝƐĂųZŽĚnjŝĐƚĂŬŝũĂŬtLJ͘EŝĞǁŝĞƌnjLJĐŝĞ͍^ƉƌĂǁĚǍĐŝĞƐĂŵŝ͊ŝĞŬĂǁĞ͕ĐnjLJŽƐƚĂƚŶŝŽ
ŶƵƌƚŽǁĂųLJtĂƐƉLJƚĂŶŝĂǁƌŽĚnjĂũƵ͗
O
njLJƚŽǁŝŶĂŶĂƵĐnjLJĐŝĞůŝ͕ǏĞŵŽũĞĚnjŝĞĐŬŽ͕ŵŝŵŽǏĞŵĂĂŶŐŝĞůƐŬŝǁƐnjŬŽůĞ
ŝĐŚŽĚnjŝŶĂĚŽĚĂƚŬŽǁĞŬŽŶǁĞƌƐĂĐũĞƉƌLJǁĂƚŶŝĞ͕ŶŝĞƉŽƚƌĂĨŝƉƌnjLJƐƚŽůĞƉŽƉƌŽƐŝđ
ŽƐŽŬĐnjLJǁŝĚĞůĞĐ͕ŶŝĞƵŵŝĞƉŽĚnjŝħŬŽǁĂđĂůďŽnjĂƉLJƚĂđŽĐŽƑƉŽĂŶŐŝĞůƐŬƵ͍
O
ůĂĐnjĞŐŽŵŽũĞĚnjŝĞĐŬŽŶŝĞƉŽƚƌĂĨŝƉƌnjLJŬŽůĂĐũŝƉŽƌŽnjŵĂǁŝĂđnjĞnjŶĂũŽŵLJŵŝ
ŶĂƚŝǀĞ͛Ăŵŝ͍ƚĂŬďLJďLJųŽŵŝųŽƉŽŬĂnjĂđŝŵ͕ǏĞŝŶǁĞƐƚƵũĞŵLJǁŶĂƐnjLJŵĚŽŵƵ
ǁŶĂƵŬħũħnjLJŬſǁ͙
O
ůĂĐnjĞŐŽŽŶŽƚĂŬŵĂųŽƉĂŵŝħƚĂnjůĞŬĐũŝũħnjLJŬĂĂŶŐŝĞůƐŬŝĞŐŽʹŝǁƐnjŬŽůĞ͕
ŝŶĂůĞŬĐũĂĐŚƉƌLJǁĂƚŶLJĐŚ͍DŽǏĞŶĂƵĐnjLJĐŝĞůĞƌŽďŝČĐŽƑũĞĚŶĂŬďĂƌĚnjŽŶŝĞƚĂŬ͕
ĂũĂƚLJůŬŽŵĂƌŶƵũħĐnjĂƐŝƉŝĞŶŝČĚnjĞ͍
O
njLJũĂ͕ŵŝŵŽǏĞŝƚĂŬƉųĂĐħnjĂůĞŬĐũĞũħnjLJŬĂ͕ƉŽǁŝŶŶĂŵͬƉŽǁŝŶŝĞŶĞŵnjŶĂůĞǍđ
ĐnjĂƐŝđǁŝĐnjLJđnjĚnjŝĞĐŬŝĞŵƐLJƐƚĞŵĂƚLJĐnjŶŝĞ͕ƉŽǁƚĂƌnjĂđƐųſǁŬĂŝƌĞŐƵųLJ
ŐƌĂŵĂƚLJĐnjŶĞŬŝůŬĂƌĂnjLJǁƚLJŐŽĚŶŝƵ͍
O
ŵŽǏĞƉſũƑđŶĂĐĂųŽƑđŝƉŽƉƌŽƐƚƵnjĂĐnjČđŵſǁŝđǁĚŽŵƵƚLJůŬŽƉŽĂŶŐŝĞůƐŬƵ͍
ǁŝĚnjŝĐŝĞ͍
ZŽĚnjŝĐĞƐČƉŽĚŽďŶŝƉƌnjLJŶĂũŵŶŝĞũƉŽĚũĞĚŶLJŵǁnjŐůħĚĞŵ͘ƌŽďŝůŝďLJǁƐnjLJƐƚŬŽĚůĂ
ƐǁŽŝĐŚĚnjŝĞĐŝ͕ĂũĞƑůŝǁŝĚnjČ͕ǏĞĐŽƑ͕ŶĂƉƌnjLJŬųĂĚŶĂƵŬĂũħnjLJŬĂŽďĐĞŐŽ͕ŝĚnjŝĞŶŝĞƚĂŬ͕
ũĂŬďLJƐŽďŝĞǁLJŵĂƌnjLJůŝ͕ŶĂũĐŚħƚŶŝĞũƐĂŵŝǁnjŝħůŝďLJƐƉƌĂǁLJǁƐǁŽũĞƌħĐĞ͘dƵũĞĚŶĂŬ
ƉŽũĂǁŝĂũČƐŝħŬŽůĞũŶĞŶĂƚƌħƚŶĞƉLJƚĂŶŝĂ͗
O
:ĂŬũĂƐĂŵͬƐĂŵĂǁŽŐſůĞŵŽŐħĚnjŝĞĐŬƵ
ƉŽŵſĐǁŶĂƵĐĞũħnjLJŬĂ
͍ŵŽǏĞƚLJůŬŽ
ƉƌnjĞƐnjŬĂĚnjĂŵ
ŶĂƵĐnjLJĐŝĞůŽǁŝ͍
O
/ĐŽũĞƑůŝƐĂŵŵſǁŝħnjďųħĚĂŵŝŐƌĂŵĂƚLJĐnjŶLJŵŝ͕ĂŵſũĂŬĐĞŶƚĚĂůĞŬŝũĞƐƚ
ŽĚǁLJŵŽǁLJ<ƌſůŽǁĞũůǏďŝĞƚLJ//͍njLJĚnjŝĞĐŬŽŶŝĞŶĂƵĐnjLJƐŝħƚLJĐŚďųħĚſǁŽĚĞ
ŵŶŝĞ͍ƐŬŽƌŽƚĂŬ͕ƚŽŵŽǏĞůĞƉŝĞũũƵǏďħĚnjŝĞƉŽůĞŐĂđŶĂƐnjŬŽůĞ͙
Z
Ž
njĚnjŝĂų
ϭ
ŶŐŝĞůƐŬŝƉŽnjĂĚŽŵĞŵ
ʹĐnjLJůŝ͗ǁĐnjLJŵ;ďLJųͿƉƌŽďůĞŵ͍
ĚĞKDK
DĂŵŝĞŝdĂĐŝĞ͕ŬƚſƌnjLJŝŶǁĞƐƚƵũČǁŶĂƵŬħũħnjLJŬĂŽďĐĞŐŽŝĐŚĚnjŝĞĐŬĂ͕ĐŚŽĚnjŝ
ŽƐƚŽƉŶŝŽǁČ͕ůĞĐnjƉĞųŶČĂƵƚŽŵĂƚLJnjĂĐũħŽĚƌƵĐŚſǁũħnjLJŬŽǁLJĐŚǁųĂnjŝĞŶĐĞ͕ƉƌnjLJ
ƐƚŽůĞ͕ŶĂĚLJǁĂŶŝĞŝǁŝŶŶLJĐŚƐLJƚƵĂĐũĂĐŚĚŽŵŽǁLJĐŚ͘njLJůŝƚĂŬŝĐŚ͕ŬƚſƌLJĐŚƑǁŝĂĚŬŝĞŵ
ŝƵĐnjĞƐƚŶŝŬŝĞŵƐČƐĂŵŝƌŽĚnjŝĐĞ͘^ŬŽƌŽnjĂƚĞŵŶĂŽƐŝČŐŶŝĞĐŝĞƚĞŐŽĐĞůƵǁƐnjŬŽůĞĐnjLJ
ŶĂǁĞƚŶĂƉƌLJǁĂƚŶLJŵŬƵƌƐŝĞũħnjLJŬĂĂŶŐŝĞůƐŬŝĞŐŽŶŝĞŵĂĐŽůŝĐnjLJđ͕ƵĂŵďŝƚŶĞũDĂŵLJ
ĐnjLJĞŶĞƌŐŝĐnjŶĞŐŽdĂƚLJƌŽĚnjŝƐŝħĐnjħƐƚŽƉŽŬƵƐĂ͕ďLJ͗
O
njŵŽďŝůŝnjŽǁĂđƐŝĞďŝĞŝĚnjŝĞĐŬŽŝƐƉƌſďŽǁĂđnjƌŽďŝđƐnjŬŽųħǁĚŽŵƵ͕njǁųĂƐnjĐnjĂ
ŐĚLJƐĂŵŝĐnjƵũĞŵLJƐŝħǁŵŝĂƌħƉĞǁŶŝĞǁũħnjLJŬƵŽďĐLJŵ
O
ĂůďŽnjĂĚnjŝĂųĂđũĞƐnjĐnjĞďĂƌĚnjŝĞũƌĂĚLJŬĂůŶŝĞŝŵſǁŝđǁĚŽŵƵƚLJůŬŽƉŽĂŶŐŝĞůƐŬƵ͊
hǁĂǏĂŵ͕ǏĞŽďLJĚǁĂƉŽŵLJƐųLJƐČĐŚLJďŝŽŶĞ͘ĚůĂĐnjĞŐŽ͍
ŽŶŝĞũĞƐƚĞŵŶĂƵĐnjLJĐŝĞůĞŵŵŽũĞŐŽĚnjŝĞĐŬĂ͊
WƌnjLJĐnjLJŵŶŝĞĐŚŽĚnjŝƚƵŽĞǁĞŶƚƵĂůŶLJďƌĂŬŬǁĂůŝĨŝŬĂĐũŝƉĞĚĂŐŽŐŝĐnjŶLJĐŚ͕ůĞĐnjŽĨĂŬƚ͕
ǏĞĚnjŝĞĐŬŽũĞƐƚŵŽũĞ͕ĂŶŝĞĐƵĚnjĞ͕ũĂŬǁƉƌnjLJƉĂĚŬƵƌĞůĂĐũŝŶĂƵĐnjLJĐŝĞůʹƵĐnjĞŷ͘EŝĞ
ŵŽŐħǁŝħĐŐŽŶĂƵĐnjĂđ͕ďŽŵŽũĞĚnjŝĞĐŬŽŽĚƌĂnjƵǁLJĐnjƵũĞƐnjƚƵĐnjŶŽƑđƚĞũƐLJƚƵĂĐũŝ͘
ƉŽnjĂƚLJŵƉƌnjĞĐŝĞǏŶŝĞǁƉƌŽǁĂĚnjħǁĚŽŵƵŽĐĞŶŝƵǁĂŐĚŽĚnjŝĞŶŶŝĐnjŬĂ͊tƐnjLJƐĐLJ
ƉĂŵŝħƚĂŵLJŬŽŵŝĐnjŶČƐĐĞŶħnjͣŶŝĂƑǁŝƌĂ͕͟ǁŬƚſƌĞũŽũĐŝĞĐ;DĂƌĞŬ<ŽŶĚƌĂƚͿŽĚƉLJƚƵũĞ
ƐLJŶĂ;DŝƑŬĂ<ŽƚĞƌƐŬŝĞŐŽͿnjŽĚŵŝĂŶLJĐnjĂƐŽǁŶŝŬĂƚŽďĞŝǁŝĞŵLJ͕ũĂŬƚŽƐŝħƐŬŽŷĐnjLJųŽ͙
ůĂŵŽũĞŐŽĚnjŝĞĐŬĂũĞƐƚĞŵŝnjĂǁƐnjĞďħĚħƌŽĚnjŝĐĞŵ͘/ƚŽƚħǁųĂƑŶŝĞĂƵƚĞŶƚLJĐnjŶČ
ƌĞůĂĐũħŵŽŐħǁLJŬŽƌnjLJƐƚĂđ͕ďLJŽƐŝČŐŶČđĐŽƑ͕ĐnjĞŐŽŶĂƵĐnjLJĐŝĞůŝƚĂŬƌĂĐnjĞũŶŝĞ
ŽƐŝČŐŶŝĞ͕ĂƉƌnjLJŶĂũŵŶŝĞũŶŝĞďĞnjǁLJƐŝųŬƵ͘DŽŐħƌŽďŝđƚŽ͕ǁĐnjLJŵŝŶƚƵŝĐLJũŶŝĞũĞƐƚĞŵ
ĚŽďƌLJ͗ŶĂŐƌĂĚnjĂđŵŽũĞĚnjŝĞĐŬŽŝƌŽďŝđŵƵĚƌŽďŶĞůƵďŶŝĞĐŽǁŝħŬƐnjĞƉƌnjLJũĞŵŶŽƑĐŝ͕
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ŵŝŵŽĐŚŽĚĞŵŶŝĞũĂŬŽ͕njĂųĂƚǁŝnjĞŵŶČĐŽƑ͕ŶĂĐnjLJŵŵƵĂŬƵƌĂƚďĂƌĚnjŽnjĂůĞǏLJ͘
ũĂƐǁŽũĞĚnjŝĞĐŬŽnjŶĂŵĚŽƐŬŽŶĂůĞŝŵŽŐħƉƌnjĞǁŝĚnjŝĞđ͕ĐŽƚŽƚĂŬŝĞŐŽ͊
Z
Ž
njĚnjŝĂų
Ϯ
dŽĐŽ͕ƐnjŬŽųĂǁĚŽŵƵ͍
ǁǁǁ͘ĂŶŐŝĞůƐŬŝĚůĂƌŽĚnjŝĐŽǁ͘Ɖů
tŝĞůƵnjŶĂƐnjƉĞǁŶŽƑĐŝČƉĂŵŝħƚĂnjŬƵƌƐſǁũħnjLJŬĂĂŶŐŝĞůƐŬŝĞŐŽƚĞĐŚŶŝŬħƚnjǁ͘ƌŽůĞ
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ĂŶŐŝĞůƐŬŝĞŐŽǁƵƌŽƉŝĞŝŶĂƑǁŝĞĐŝĞ͘
dĞĐŚŶŝŬĂƌŽůĞƉůĂLJŶĂŽŐſųƐƉƌĂǁĚnjĂƐŝħĚŽďƌnjĞŽƚLJůĞ͕ǏĞĚĂũĞŽŬĂnjũħ
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ƚǁŝĞƌĚnjĞŶŝŽŵŶŝĞŬƚſƌLJĐŚƉƌŽƉĂŐĂƚŽƌſǁƉŽĚĞũƑĐŝĂŬŽŵƵŶŝŬĂĐLJũŶĞŐŽ͕ŶŝĞŵĂŵLJƚƵ
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ǏĞnjŶĂũĚƵũČƐŝħŶƉ͘ŶĂƐƚĂĐũŝŬŽůĞũŽǁĞũĐnjLJǁƐŬůĞƉŝĞ͕ĂŶĂǁĞƚǁĐŚŽĚnjŝđǁƌŽůĞ͕
ŬƚſƌLJĐŚƉƌĂǁŝĞŶĂƉĞǁŶŽŶŝŐĚLJŶŝĞďħĚČŽĚŐƌLJǁĂđǁƌnjĞĐnjLJǁŝƐƚŽƑĐŝƉŽnjĂƐnjŬŽůŶĞũ͕
ŶƉ͘ƉŽůŝĐũĂŶƚſǁ͕ƉƌĂĐŽǁŶŝŬſǁƐŬůĞƉſǁŝƚĚ͘
KƉƌſĐnjĞĨĞŬƚƵƐnjƚƵĐnjŶŽƑĐŝũĞƐƚƚĞǏĚƌƵŐŝƉƌŽďůĞŵ͗ĞǁĞŶƚƵĂůŶĞƌĞĂŬĐũĞũħnjLJŬŽǁĞ͕
ũĂŬŝĞƚǁŽƌnjČƵĐnjĞƐƚŶŝĐLJƌŽůĞƉůĂLJŶŝĞƐČƉŽǁŝČnjĂŶĞnjƌnjĞĐnjLJǁŝƐƚLJŵŝĂŬƚĂŵŝ
ŬŽŵƵŶŝŬĂĐLJũŶLJŵŝ͘
WLJƚĂŶŝĞďƌnjŵŝ͕ĐnjLJǁǁĂƌƵŶŬĂĐŚƉŽůƐŬŝĞŐŽĚŽŵƵŵŽǏĞŵLJƉƌnjĞnjǁLJĐŝħǏLJđ
ƚĞŶŝĞĚŽƐƚĂƚŬŝ͘KĚƉŽǁŝĞĚǍŶĂŬŽůĞũŶLJĐŚƐƚƌŽŶĂĐŚWƌnjĞǁŽĚŶŝŬĂ͘
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KĐnjLJŵŝĚůĂĐnjĞŐŽƚĂŬŶĂƉƌĂǁĚħƌŽnjŵĂǁŝĂŵLJǁĚŽŵƵ
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ƵǁĂǏŶŝĞŶĂƐnjĞŵƵĚŽŵŽǁŝ͘KƚLJŵƌŽnjĚnjŝĂųŶĂƐƚħƉŶLJ͘
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ƐĂŵŽ
ĐŚĐŝĂųŽŵſǁŝđĚŽŶĂƐƉŽĂŶŐŝĞůƐŬƵ
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ŽWŽůĂĐLJŶŝĞŐħƐŝ͙
dŽnjŶĂŶĞƉŽǁŝĞĚnjŽŶŬŽǁƉƌnjĞƐnjųŽƑĐŝĐnjħƐƚŽƵƐƉƌĂǁŝĞĚůŝǁŝĂųŽŬŝĞƉƐŬŝĞǁLJŶŝŬŝŶĂƐnjLJĐŚ
ƌŽĚĂŬſǁŶĂƉŽůƵũħnjLJŬſǁŽďĐLJĐŚ͘:ĞƐƚǁŶŝŵũĞĚŶĂŬnjŝĂƌŶŽƉƌĂǁĚLJ͕ŝƐƚŽƚŶĞĚůĂ
ŶĂƐnjLJĐŚĐĞůſǁ͘EŝĞŵĂďŽǁŝĞŵŶŝĐŶĂƚƵƌĂůŶĞŐŽǁƵĚĂǁĂŶŝƵ͕ǏĞƉŽůƐŬĂŵĂŵĂĐnjLJ
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ďħĚnjŝĞŵLJƵĚĂǁĂđ͕ǏĞŶŝĞƌŽnjƵŵŝĞŵLJƉŽƉŽůƐŬƵ͍ĐŽďħĚnjŝĞǁƐŬůĞƉŝĞ͍EĂƉůĂĐƵ
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ƐƚŽƉŝĞŷĞŵƉĂƚŝŝ͕ũĂŬŝƌŽĚnjĂũƐLJƚƵĂĐũŝ͕ǁŬƚſƌĞũƵǏLJǁĂƐŝħũħnjLJŬĂũĂŬŽŝŶƐƚƌƵŵĞŶƚƵ
ƐųƵǏČĐĞŐŽĚŽnjĂƐƉŽŬŽũĞŶŝĂĂƵƚĞŶƚLJĐnjŶLJĐŚƉŽƚƌnjĞďŬŽŵƵŶŝŬĂĐLJũŶLJĐŚ͘
WƵŶŬƚĞŵǁLJũƑĐŝĂǁŵĞƚŽĚnjŝĞĚĞKDKũĞƐƚ͕ũĂŬǁŝĚĂđ͕ƌĞĨůĞŬƐũĂƌŽĚnjŝĐĂͲƉƌĂŬƚLJŬĂ͘
ƚĞũƌĞĨůĞŬƐũŝ͕ƐŬŽũĂƌnjŽŶĞũnjǁŝĞĚnjČŵĞƚŽĚLJĐnjŶČŝũħnjLJŬŽnjŶĂǁĐnjČnjƌŽĚnjŝųƐŝħǁųĂƑŶŝĞ
ƉŽŵLJƐų͕ďLJŶŝĞƉƌſďŽǁĂđƵĚĂǁĂđŶĂƵĐnjLJĐŝĞůĂĂŶŐŝĞůƐŬŝĞŐŽ;ĐŽŝƚĂŬƐŝħŶŝŐĚLJŶŝĞ
ƵĚĂũĞǁƐƚŽƐƵŶŬƵĚŽĚnjŝĞĐŬĂ͕ƉŽĚŽďŶŝĞũĂŬǁƉƌnjLJƉĂĚŬƵƉƌſďƵĐnjĞŶŝĂǏŽŶLJĐnjLJ
ĚnjŝĞǁĐnjLJŶLJ͙Ϳ͕ƚLJůŬŽƉĞĚĂŐŽŐŝĐnjŶŝĞǁLJŬŽƌnjLJƐƚĂđƌĞůĂĐũħŵĂŵĂͲƚĂƚĂͲĚnjŝĞĐŬŽ͕ŬƚſƌĞũ
ŝƐƚŽƚČnjŵŽũĞŐŽƉƵŶŬƚƵǁŝĚnjĞŶŝĂũĞƐƚƚŽ͕ǏĞƉŽƉƌŽƐƚƵ͙
<ŽĐŚĂŵƐǁŽũĞĚnjŝĞĐŝ͊
ƉŽŶŝĞǁĂǏũĞŬŽĐŚĂŵ͕ũĞƐƚĞŵĚŽďƌLJǁŝĐŚŶĂŐƌĂĚnjĂŶŝƵ͕ĚŽďƌnjĞƐŝħĐnjƵũħ͕ŐĚLJĚĂũħ
ŶĂŐƌŽĚLJŝŐĚLJĐŚǁĂůħ͕ĂŐŽƌnjĞũ͕ŐĚLJŵƵƐnjħƐŬĂƌĐŝđĐnjLJĐŽŐŽƌƐnjĂƵŬĂƌĂđ͘ǏĞĚnjŝĞĐŬŽ
ƚĞǏƵǁŝĞůďŝĂďLJđŶĂŐƌĂĚnjĂŶĞŝĐŚǁĂůŽŶĞ͕ũƵǏƚLJůŬŽŬƌŽŬĚŽŬůƵĐnjŽǁĞũnjĂƐĂĚLJŵĞƚŽĚLJ
ĚĞKDK͘^ƚƌĞƐnjĐnjĂũČŶĂũŬƌſĐĞũŚĂƐųŽ͙
Q
ũĂŬŝĞƚŽŚĂƐųŽ͕ƉƌnjĞŬŽŶĂƐnjƐŝħũƵǏŶĂŶĂƐƚħƉŶĞũƐƚƌŽŶŝĞ
ZŽnjĚnjŝĂų
ϰ
ǁǁǁ͘ĂŶŐŝĞůƐŬŝĚůĂƌŽĚnjŝĐŽǁ͘Ɖů
ĚĞKDK
ϭϵ
dĞŶŬŽůĞũŶLJǏĂƌĐŝŬǁƚLJƚƵůĞƌŽnjĚnjŝĂųƵŵĂŶĂŵƵƑǁŝĂĚŽŵŝđĚǁŝĞƐƵƉĞƌǁĂǏŶĞƐƉƌĂǁLJ͘
WŽƉŝĞƌǁƐnjĞ͗ĚŽŵƌnjČĚnjŝ͊njLJůŝʹŶŝĐŐŽŶŝĞnjĂƐƚČƉŝ͕ƚĂŬǏĞǁŶĂƵĐĞŬŽŵƵŶŝŬĂĐũŝ
ĚŽŵŽǁĞũǁũħnjLJŬƵŽďĐLJŵ͕ũĂŬƐŝħnjĂĐŚǁŝůħƉƌnjĞŬŽŶĂŵLJ͘ĚůĂĐnjĞŐŽ͍dŽǁųĂƑŶŝĞ
ƚĂĚƌƵŐĂǁĂǏŶĂŬǁĞƐƚŝĂ͗ŽƚſǏĚŽŵƌnjČĚnjŝƐŝħƐǁŽŝŵŝnjĂƐĂĚĂŵŝ;ĂŶŐ͘ƌƵůĞƐͿ͘ŚŽĚnjŝ
ƚƵŽƌŽůĞ͕ŬƚſƌĞŽĚŐƌLJǁĂŵLJ͕ĐnjLJŶŶŽƑĐŝ͕ŬƚſƌĞǁLJŬŽŶƵũĞŵLJ͕ŝŽĐnjLJǁŝƑĐŝĞũħnjLJŬ͕
ŬƚſƌĞŐŽƵǏLJǁĂŵLJƉƌnjLJŽŬĂnjũŝ͘KĚƌĂnjƵǁŝĚĂđ͕ƉŽƌĂnjŬŽůĞũŶLJ͕ǏĞĚŽŵƚŽŶŝĞĚƌƵŐĂ
ƐnjŬŽųĂ͘ŽƚŽƚĞƵŶŝŬĂůŶĞĐĞĐŚLJĚŽŵƵ͗
ϭ͘ DĂŵĂŝdĂƚĂƚŽĚůĂŝĐŚĚnjŝĞĐŬĂŶŝĞŶĂƵĐnjLJĐŝĞůĞ͕ƚLJůŬŽDĂŵĂŝdĂƚĂ͘
Ϯ͘ ǁŝħĐDĂŵĂŝdĂƚĂŶŝĞƉƌſďƵũČƌŽďŝđůĞŬĐũŝĂŶŐŝĞůƐŬŝĞŐŽ;ĂŶŝŶŝĐnjĞŐŽŝŶŶĞŐŽ͊Ϳ͕
ƚLJůŬŽƌŽďŝČƚŽ͕ĐŽnjǁLJŬůĞ͘
ϯ͘ njLJůŝ͗ƐƉĞųŶŝĂũČƉƌŽƑďLJ͕ŽďƐųƵŐƵũČ͕ƉŽĚĂũČ͕ƉŽnjǁĂůĂũČ͕ŬƵƉƵũČ͕ŝƚĚ͘
ǁŽĚƉŽǁŝĞĚnjŝŶĂŶŝĞnjůŝĐnjŽŶĞƉƌŽƑďLJƐǁŽŝĐŚŵŝůƵƐŝŷƐŬŝĐŚ͘
ϰ͘ /ŽƉƌſĐnjƚĞŐŽƚƌŽĐŚħƐŝħnjŶŝŵŝďĂǁŝČ͘
ϱ͘ ŶĂũǁĂǏŶŝĞũƐnjĞ͗ƉŽƉƌŽƐƚƵƐČnjŶŝŵŝƉƌnjĞnjŶŝĞƉŽƌſǁŶĂŶŝĞĚųƵǏƐnjLJĐnjĂƐŶŝǏ
ŵſŐųďLJŵĂƌnjLJđũĂŬŝŬŽůǁŝĞŬŶĂƵĐnjLJĐŝĞů͘
ϲ͘ njŝĞĐŬŽĐĂųLJĐnjĂƐŽĚŶĂƐĐnjĞŐŽƑĐŚĐĞ͘ůЎƑƉLJƚĂ͘
ϳ͘ /ƉŽǁƚĂƌnjĂƐǁŽũĞƉƌŽƑďLJůƵďƉLJƚĂŶŝĂǁŝĞůŽŬƌŽƚŶŝĞ͘
ϴ͘ njŝĞĐŬŽnjĂǁƐnjĞnjƌŽnjƵŵŝĞ͕ŬŝĞĚLJŵƵŶĂĐŽƑƉŽnjǁĂůĂŵLJůƵďŶĂĐŽƑƐŝħ
njŐĂĚnjĂŵLJ͘njħƐƚŽnjĂƚŽŶĂũǁLJƌĂǍŶŝĞũŶŝĞƌŽnjƵŵŝĞ͕ŐĚLJŵƵĐnjĞŐŽƑ
njĂďƌĂŶŝĂŵLJ͙
ϵ͘ njŝĞĐŬŽƵǁŝĞůďŝĂďLJđŶĂŐƌĂĚnjĂŶĞ͘ƌŽďŶĞŶĂŐƌŽĚLJĐnjħƐƚŽĚĂũČƌſǁŶŝĞ
ĚƵǏŽƌĂĚŽƑĐŝ͕ĐŽĚƵǏĞ͕ŽŝůĞŶĂŐƌŽĚĂŶŝĞũĞƐƚnjďLJƚŶŝŽŽĚůĞŐųĂǁĐnjĂƐŝĞ͘
ϭϬ͘
ZŽĚnjŝĐĞĐĂųLJĐnjĂƐŬƵƉƵũČĚnjŝĞĐŬƵƌſǏŶĞĚƌŽďŝĂnjŐŝ͗ƐųŽĚLJĐnjĞ͕ŐĂnjĞƚŬŝ͕
njĂďĂǁŬŝŵŶŝĞũƐnjĞŝǁŝħŬƐnjĞ͘
Z
Ž
njĚnjŝĂų
ϯ
ŽŵΎƌƵůĞnjΎ
ĚĞKDK
ƐŬŽƌŽŶĂƉƌĂǁĚħƚĂŬŵƵnjĂůĞǏLJ͕ƚŽũĂŬŽƌŽĚnjŝĐĞŵŽǏĞŵLJŵƵnjĂƉƌŽƉŽŶŽǁĂđ
ƐnjĐnjĞŐſůŶČƑĐŝĞǏŬħŶĂƐŬƌſƚLJ͘:ĞƐƚŶŝČƚLJƚƵųŽǁĂnjĂƐĂĚĂ͙
DſǁŝƐnjŝŵĂƐnj͊
ƑĐŝƑůĞƌnjĞĐnjďŝŽƌČĐ͗ŵſǁŝƐnjƉŽĂŶŐŝĞůƐŬƵŝŵĂƐnjǁŶĂŐƌŽĚħƚŽ͕ŶĂĐnjLJŵĐŝĂŬƵƌĂƚ
njĂůĞǏLJ͘
tƉƌŽǁĂĚnjĂũČĐnjĂƐĂĚħŵſǁŝƐnjŝŵĂƐnjĚĂũĞŵLJĚnjŝĞĐŬƵƉƌnjĞŬŽŶƵũČĐLJƉŽǁſĚ͕ďLJ
ƉŽĚĞũŵŽǁĂųŽƉƌſďLJŵſǁŝĞŶŝĂǁũħnjLJŬƵŽďĐLJŵ͘ƐŬŽƌŽĚnjŝħŬŝŵſǁŝĞŶŝƵƉŽ
ĂŶŐŝĞůƐŬƵƚĂĐnjLJŝŶŶĂǁĂǏŶĂƉŽƚƌnjĞďĂŵŽǏĞďLJđųĂƚǁŝĞũnjĂƐƉŽŬŽũŽŶĂ͕ŬŽŵƵŶŝŬŽǁĂŶŝĞ
ǁũħnjLJŬƵĂŶŐŝĞůƐŬŝŵnjLJƐŬƵũĞƉŽnjLJƚLJǁŶĞǁnjŵŽĐŶŝĞŶŝĞũĂŬŽŝŶƐƚƌƵŵĞŶƚĚŽŽƐŝČŐŶŝħĐŝĂ
ŵĂųĞũůĞĐnjũĂŬǏĞǁĂǏŶĞũŬŽƌnjLJƑĐŝŝƚŽǁĂƌnjLJƐnjČĐĞũũĞũƉƌnjLJũĞŵŶŽƑĐŝ͘
ǁǁǁ͘ĂŶŐŝĞůƐŬŝĚůĂƌŽĚnjŝĐŽǁ͘Ɖů
ĚĞKDK
Ϯϭ
:ĂŬŵĂǁŝĂųƐƚĂƌLJŝŶĚŝĂŷƐŬŝǁſĚnjǁƐĞƌŝĂůƵͣWƌnjLJƐƚĂŶĞŬůĂƐŬĂ͕͟ũĞƑůŝĐŚĐĞƐnjnjųŽǁŝđ
ƌLJďħ͕ŵLJƑůƚĂŬũĂŬƌLJďĂ͊WŽŵLJƑůŵLJǁŝħĐũĂŬĚnjŝĞĐŬŽŝnjĂƉLJƚĂũŵLJ͕ĚůĂĐnjĞŐŽǁųĂƑĐŝǁŝĞ
ƐŝħĚŽŶĂƐŽŶŽŽĚnjLJǁĂǁƐǁŽŝŵŽũĐnjLJƐƚLJŵũħnjLJŬƵ͘KƚſǏĐnjħƑĐŝĞũŶŝǏƌnjĂĚnjŝĞũƉŽƚŽ͕
ďLJnjĂƉLJƚĂđŽƉŽnjǁŽůĞŶŝĞůƵďŽĐŽƑƉŽƉƌŽƐŝđ͕ƉƌnjLJĐnjLJŵĐnjħƑĐŝĞũŶŝǏƌnjĂĚnjŝĞũũĞƐƚƚŽ
ĐŽƑ͕ĐnjĞŐŽĚĂđůƵďŶĂĐŽƉŽnjǁŽůŝđŶŝĞŬŽŶŝĞĐnjŶŝĞŵĂŵŽĐŚŽƚħ͗ŽŐůČĚĂŶŝĞŬŽůĞũŶĞũƚĞŐŽ
ĚŶŝĂŬƌĞƐŬſǁŬŝ͕ŬŽůĞũŶĞƉſųŐŽĚnjŝŶLJŐƌLJŶĂŬŽŶƐŽůŝ͕ƌƵŶĚŬĂďƵƐnjŽǁĂŶŝĂŶĂEĂƐnjĞũ
<ůĂƐŝĞ͕ŬƵƉŶŽĚǁƵĚnjŝĞƐƚĞũŐĂnjĞƚŬŝĐnjLJƉĂĐnjŬŝĐŚŝƉƐſǁ͕ŝƚĚ͘ŝƚƉ͘͘͘͘:ĂŬƚŽǁƐnjLJƐƚŬŽǁƉŝČđ
ǁŵĞƚŽĚħĚĞKDKŝǁLJŬŽƌnjLJƐƚĂđĚŽĐĞůſǁĞĚƵŬĂĐLJũŶLJĐŚ͍
KĚƉŽǁŝĞĚǍũĞƐƚnjĂƐŬĂŬƵũČĐŽƉƌŽƐƚĂ͗ŶŝĞŵĂƉŽƚƌnjĞďLJƐŝůŝđƐŝħŶĂǏĂĚŶĞ
ƐŬŽŵƉůŝŬŽǁĂŶĞƐLJƐƚĞŵLJŵŽƚLJǁĂĐLJũŶĞ͕ǁLJƐƚĂƌĐnjLJďŽǁŝĞŵŶĂũƉƌŽƐƚƐnjLJ͗ũĞƑůŝĚnjŝĞĐŬŽ
ĐŚĐĞnjǁŝħŬƐnjLJđƐŽďŝĞƐnjĂŶƐħ͕ǏĞŵŶŝĞŶĂŬųŽŶŝĚŽƚĞŐŽ͕ŶĂĐnjLJŵũĞŵƵůƵďũĞũĂŬƵƌĂƚ
ŶĂũďĂƌĚnjŝĞũnjĂůĞǏLJ͕ŶŝĞĐŚŽƚŽƉŽƉƌŽƐŝƉŽĂŶŐŝĞůƐŬƵ͊WƌnjLJŬųĂĚLJ͍ĂƌĚnjŽƉƌŽƐnjħ͕
njŵŽũĞŐŽĚŽŵŽǁĞŐŽĚŽƑǁŝĂĚĐnjĞŶŝĂ͗
ĂŶ/ƉůĂLJŽŶƚŚĞĐŽŵƉƵƚĞƌ͍
njLJŵŽŐħƉŽŐƌĂđŶĂŬŽŵƉƵƚĞƌnjĞ͍
ĂŶ/ƉůĂLJŽŶLJŽƵƌŵŽďŝůĞƉŚŽŶĞ͍
njLJŵŽŐħƉŽŐƌĂđŶĂƚǁŽũĞũŬŽŵſƌĐĞ͍
ĂŶ/ŐŽƚŽƚŚĞƚŽŝůĞƚ͍
njLJŵŽŐħƉſũƑđĚŽƚŽĂůĞƚLJ͍
ĂŶ/ŚĂǀĞƐŽŵĞũƵŝĐĞƉůĞĂƐĞ͍
njLJŵŽŐħƉƌŽƐŝđƚƌŽĐŚħƐŽĐnjŬƵ͍
^ŚĂůůǁĞďƵLJEĞƐƚĞĂ͍
<ƵƉŝŵLJEĞƐƚĞĂ͍͟
tŚĞŶĂƌĞǁĞŐŽŝŶŐƚŽŐŽƚŽƚŚĞĐŝŶĞŵĂ͍
<ŝĞĚLJƉſũĚnjŝĞŵLJĚŽŬŝŶĂ͍
ŐĂĚƵũħ͕ǏĞƉŽƚƌnjĞďLJtĂƐnjĞŐŽĚnjŝĞĐŬĂŶŝĞƐČĚƌĂŵĂƚLJĐnjŶŝĞŝŶŶĞŶŝǏŵŽŝĐŚ͘
DLJůħƐŝħ͍WƌnjLJĐnjLJŵŽĐnjLJǁŝƑĐŝĞŶŝĞŽƵƐƚĂůĞŶŝĞǁƐƉſůŶLJĐŚĚnjŝĞĐŝŽŵƉŽƚƌnjĞďƚƵĐŚŽĚnjŝ͕
ůĞĐnjŽƵƑǁŝĂĚŽŵŝĞŶŝĞƐŽďŝĞ͕ǏĞũĞƐƚŝĐŚŵŶſƐƚǁŽ͘/ǏĞĚnjŝĞĐŬƵŶĂŽŐſųďĂƌĚnjŽnjĂůĞǏLJ
ŶĂŝĐŚƉŝůŶLJŵnjĂƐƉŽŬŽũĞŶŝƵ͘
Z
Ž
njĚnjŝĂų
ϰ
DſǁŝƐnjŝŵĂƐnj͊
ĚĞKDK
ŽƐųŽǁŶŝĞŝǁƉƌnjĞŶŽƑŶŝ͊DĞƚŽĚĂĚĞKDKƚŽƌŽĚnjĂũĞĚƵŬĂĐLJũŶĞũŐƌLJĚŽŵŽǁĞũnjũĂƐŶLJŵŝ͕
ƉƌŽƐƚLJŵŝƌĞŐƵųĂŵŝ;ǁŝħĐĞũŽŶŝĐŚnjĂĐŚǁŝůħͿ͘tĚĞKDKŶŝĞŵƵƐnjħŶŝĐnjĞŐŽƵĚĂǁĂđ
;ŶƉ͘ǏĞŽĚϭϳ͗ϬϬĚŽϭϳ͗ϯϬǁĐnjǁĂƌƚŬŝƉƌnjĞƐƚĂũħďLJđdĂƚČŝnjĂŵŝĞŶŝĂŵƐŝħŶĂƉſųŐŽĚnjŝŶLJ
ǁŶĂƵĐnjLJĐŝĞůĂĂŶŐŝĞůƐŬŝĞŐŽͿ͕ĂŶŝǏĞ͕ũĂŬŶŝĞŬƚſƌnjLJƉƌſďƵũČ͕ŶŝĞƌŽnjƵŵŝĞŵŶĂŐůĞƉƌnjLJƐƚŽůĞ
ƉŽƉŽůƐŬƵ͕ƚLJůŬŽƉŽĂŶŐŝĞůƐŬƵ͕ďŽƚŽĐŽŶĂũǁLJǏĞũƐƉŽǁŽĚƵũĞĐŝƐnjħnjĞƐƚƌŽŶLJĚnjŝĞĐŬĂŝƚLJůĞ͘
tĚĞKDKŵĂŵLJƌĞŐƵųħŝŵĂŵLJ͕ĐŽŶĂũǁĂǏŶŝĞũƐnjĞ͕ƉƐLJĐŚŽůŽŐŝĐnjŶŝĞƌĞĂůŶLJƉŽǁſĚ͕ďLJĚnjŝĞĐͲ
ŬŽĐŚĐŝĂųŽǁŶŝČƐŝħǁųČĐnjLJđŝƉƌſďŽǁĂđŵſǁŝđƉŽĂŶŐŝĞůƐŬƵ͘ũĞƐƚŶŝŵnjĂƐĂĚĂŵſǁŝƐnjŝŵĂƐnj͘
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ƐŬČĚŝŶČĚŵĞƚŽĚLJŬŝũĂŝŵĂƌĐŚĞǁŬŝ͘ƚLJŵǏĞǁĚĞKDKŵĂƌĐŚĞǁŬĂũĞƐƚŽŐƌŽŵŶĂ͕
ĂŬŝũĞŬ͙ƚĂŬŶĂƉƌĂǁĚħͣŬŝũĞŬ͟ŶŝĞnjŶŝŬŶČųĐĂųŬŽǁŝĐŝĞ͘WŽƉŝĞƌǁƐnjĞ͕ƉŽnjŽƐƚĂųĂnjĂƐĂĚĂ
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njƉŽǁŽĚnjĞŶŝĞŵŶĂƐǁŽŝŵϲͲůĞƚŶŝŵƐLJŶŬƵŝũĞŐŽ
ϭϬͲůĞƚŶŝĞũƐŝŽƐƚƌnjĞ͘
ŽďƌĂnjĂďĂǁĂʹƚĂŬǏĞĞĚƵŬĂĐLJũŶĂʹǁĐŝČŐĂƚĂŬ͕ǏĞnjƉƌnjLJũĞŵŶŽƑĐŝČƐŝħĚŽŶŝĞũ
ǁƌĂĐĂ͘ƚŽŽnjŶĂĐnjĂǁƉƌnjLJƉĂĚŬƵĚŽŵŽǁĞũŐƌLJũħnjLJŬŽǁĞũ͕ǏĞƐƚĂũĞƐŝħŽŶĂŝĚĞĂůŶLJŵ
ƐƉŽƐŽďĞŵͣƉƌnjĞŵLJĐĂŶŝĂ͟ƉŽǁƚſƌĞŬƐųſǁĞŬŝnjǁƌŽƚſǁƵǏLJǁĂŶLJĐŚƉƌnjĞnjĚnjŝĞĐŬŽ
ŝŶƐƚƌƵŵĞŶƚĂůŶŝĞ͕ũĂŬŽƑƌŽĚĞŬĚŽĐĞůƵ͕ĂŶŝĞũĂŬŽĐĞůƐĂŵǁƐŽďŝĞůƵďũĞĚLJŶŝĞƉŽƚŽ͕
ďLJnjĂĚŽǁŽůŝđŶĂƵĐnjLJĐŝĞůĂ͘ůŝƐŬŽƑđ͕ƐƉŽŬſũ͕ĐŝĞƉųŽŝďĞnjƉŝĞĐnjĞŷƐƚǁŽ͕ŬƚſƌĞƚŽǁĂƌnjLJƐnjČ
ƌŽĚnjŝŶŶĞũƌŽnjƌLJǁĐĞ͕ǁƉųLJǁĂũČŬŽƌnjLJƐƚŶŝĞŶĂƉƐLJĐŚŝŬħĚnjŝĞĐŬĂ͕ƐƉƌnjLJũĂũČĐƐnjLJďƐnjĞŵƵ
ǁĐŚųĂŶŝĂŶŝƵŶŽǁĞũǁŝĞĚnjLJŶŝǏ͕ŶŝĞƌnjĂĚŬŽŶĂƉŝħƚĂ͕ƌĞůĂĐũĂƵĐnjĞŷͲŶĂƵĐnjLJĐŝĞů͘
^LJŵďŝŽnjĂũħnjLJŬŽǁĂ
tŵĞƚŽĚnjŝĞĚĞKDKŶŝĞŶĂŬųĂŶŝĂŵLJĚnjŝĞĐŬĂĚŽƉƌſďnjĂƐƚħƉŽǁĂŶŝĂũħnjLJŬĂ
ƉŽůƐŬŝĞŐŽũħnjLJŬŝĞŵŽďĐLJŵŶĂƐƚĂųĞ͘:ĞƐƚƚŽƉŝĞƌǁƐnjĂŐƌĂũħnjLJŬŽǁČ͕ŬƚſƌĂƑǁŝĂĚŽŵŝĞ
ǁLJŬŽƌnjLJƐƚƵũĞŶĂƚƵƌĂůŶĞǁƐƉſųŝƐƚŶŝĞŶŝĞǁƉŽůƐŬŝŵĚŽŵƵĚǁſĐŚŬŽĚſǁũħnjLJŬŽǁLJĐŚ
ʹƉŽůƐŬŝĞŐŽŝĂŶŐŝĞůƐŬŝĞŐŽ͘^ĂŵŝƌŽĚnjŝĐĞ͕ũĂŬŽƵĐnjĞƐƚŶŝĐLJŐƌLJ͕ƌĞĂŐƵũČŶĂƉƌnjĞŵŝĂŶ
ǁŽďƵũħnjLJŬĂĐŚ͕ƐǁŽďŽĚŶŝĞũĞƉƌnjĞƉůĂƚĂũČĐ͘DŽǏĞŵLJŶĂƉƌnjLJŬųĂĚƉŽǁƚſƌnjLJđ
ĂŶŐŝĞůƐŬČǁLJƉŽǁŝĞĚǍǁũħnjLJŬƵƉŽůƐŬŝŵ;ĂůĚǁƌŽƚŶŝĞͿ͕ĚůĂǁLJũĂƑŶŝĞŶŝĂũĞũ
njŶĂĐnjĞŶŝĂĐnjLJƉŽƉƌŽƐƚƵĚůĂƵƚƌǁĂůĞŶŝĂ͘
:ĞƐƚƚŽŶŝĞƚLJůŬŽƐĞŶƐŽǁŶĞnjƉƵŶŬƚƵǁŝĚnjĞŶŝĂĚŽŵŽǁĞũŬŽŵƵŶŝŬĂĐũŝ͕ĂůĞŝŐųħďŽŬŽ
ƉĞĚĂŐŽŐŝĐnjŶŝĞƵnjĂƐĂĚŶŝŽŶĞ͗ǁŬŽŷĐƵ͕ďħĚČĐWŽůĂŬĂŵŝŵſǁŝČĐLJŵŝƉŽĂŶŐŝĞůƐŬƵĐnjLJ
ǁŝŶŶLJŵũħnjLJŬƵŽďĐLJŵ͕ƚĂŬĐnjLJŝŶĂĐnjĞũƉƌnjĞĐŚŽĚnjŝŵLJnjũĞĚŶĞŐŽŬŽĚƵũħnjLJŬŽǁĞŐŽ
ŶĂĚƌƵŐŝƚĂŬǏĞƉŽnjĂĚŽŵĞŵ͕ŶĂƉƌnjLJŬųĂĚŶĂƵůŝĐLJĐnjLJǁƉƌĂĐLJ͘
ůĞƐŬŽƌŽƚŽŵĂďLJđƉŽƌnjČĚŶĂŐƌĂ͕ƚŽƉƌnjĞĐŚŽĚnjĞŶŝĞnjũħnjLJŬĂŶĂũħnjLJŬŵŽǏĞ͕ĂǁƌħĐnj
ƉŽǁŝŶŶŽ͕ŽĚďLJǁĂđƐŝħnjŐŽĚŶŝĞnjƉĞǁŶLJŵŝƌĞŐƵųĂŵŝ͘:ĂŬƉĂŵŝħƚĂŵLJnjƌŽnjĚnjŝĂųƵϰͲŐŽ͕
ũĞĚŶČnjĐĞŶƚƌĂůŶLJĐŚnjĂƐĂĚŵĞƚŽĚLJĚĞKDKũĞƐƚƚŽ͕ǏĞĂŶŐŝĞůƐŬŝnjĂƌĞnjĞƌǁŽǁĂŶLJũĞƐƚ
ĚůĂƉŽnjLJƚLJǁŶLJĐŚǁnjŵŽĐŶŝĞŷ;zĞƐ͕LJŽƵĐĂŶƉůĂLJŽŶLJŽƵƌĐŽŵƉƵƚĞƌĨŽƌϯϬŵŝŶƵƚĞƐͿ͕
ǁƐnjĞůŬŝĞŶĞŐĂƚLJǁŶĞĚůĂĚnjŝĞĐŬĂŝŶĨŽƌŵĂĐũĞ;ŶƉ͘ŬŽŶŝĞĐŐƌĂŶŝĂ͕ƉŽǁƌſƚĚŽĚŽŵƵ
njƉůĂĐƵnjĂďĂǁ͕ŝƚƉ͘ͿƉƌnjĞŬĂnjƵũĞŵLJƉŽƉŽůƐŬƵ͘
ĚĞKDK
ƉƵŶŬƚƵǁŝĚnjĞŶŝĂDĂŵLJŝdĂƚLJ͕ũĂŬŽĂŶŝŵĂƚŽƌſǁĚĞKDK͕ĐĂųLJƵƌŽŬƚĞũĞĚƵŬĂĐLJũŶĞũ
ŐƌLJƉŽůĞŐĂŶĂƚLJŵ͕ǏĞŶŝĞƚƌnjĞďĂƐŝħĚŽŶŝĞũƐƉĞĐũĂůŶŝĞŵŽďŝůŝnjŽǁĂđĂŶŝŶĂƌnjƵĐĂđƐŽďŝĞ
ĚLJƐĐLJƉůŝŶLJƚLJƉƵĚǁĂͬƉŝħđͬƐŝĞĚĞŵƌĂnjLJǁƚLJŐŽĚŶŝƵƉƌnjĞnjϭϬͬϮϬͬϯϬŵŝŶƵƚ͘<ĂǏĚLJ͕
ŬƚŽƉƌſďŽǁĂųƚĞŐŽǁǁĂƌƵŶŬĂĐŚĚŽŵŽǁLJĐŚ͕ǁŝĞĚŽƐŬŽŶĂůĞ͕ǏĞŶĂĚųƵǏƐnjČŵĞƚħ
ƉŽƉƌŽƐƚƵƚĂŬƐŝħǁĚŽŵƵŶŝĞĚĂ͘ƚŽĚnjŝĞĐŬŽũĞƐƚĐŚŽƌĞ͕ĂƚŽnjŵħĐnjŽŶĞ͕ĂƚŽĂŬƵƌĂƚ
ŶŝƐŬŝĞĐŝƑŶŝĞŶŝĞ͕ŝŶŶĞŐŽĚŶŝĂƵƉĂųŝŶŝĐƐŝħŶŝĞĐŚĐĞ͘ůďŽĂŬƵƌĂƚŵĂŵĚĞůĞŐĂĐũħ͕ƉŝůŶČ
ƉƌĞnjĞŶƚĂĐũħŶĂũƵƚƌŽƌĂŶŽŝĐĂųĞƉŽƉŽųƵĚŶŝĞƐŝĞĚnjħǁƉƌĂĐLJ͘ƌnjŵŝĂǏŶĂĚƚŽnjŶĂũŽŵŽ͍
EŽƚĂŬ͘/ƉŽŬŝůŬƵƉŽŵŝŶŝħƚLJĐŚƚĞƌŵŝŶĂĐŚnjĂĐnjLJŶĂŵƐŝħĨƌƵƐƚƌŽǁĂđ͕ǏĞnjnjĂŬųĂĚĂŶĞŐŽ
ƚĞŵƉĂŶĂƵŬŝŶŝĐŝ͕ǁŝħĐŵŽǏĞůĞƉŝĞũĚĂđƐŽďŝĞƐƉŽŬſũ͙
ŽďƌĂǁŝĂĚŽŵŽƑđ͗ǁĂŶŐŝĞůƐŬŝĚĞKDKďĂǁŝŵLJƐŝħ͕ŬŝĞĚLJƚLJůŬŽŶĂĚĂƌnjLJƐŝħŽŬĂnjũĂ͘
:ĂŬƐŝħnjĂĐŚǁŝůħƉƌnjĞŬŽŶĂŵLJ͕ƚĂŬĂŽŬĂnjũĂƚŽŶŝĞƉƌnjLJƉĂĚŬŽǁĞnjĚĂƌnjĞŶŝĞ͕ůĞĐnj
ŶĂƚƵƌĂůŶLJ͕ĚŽŵŽǁLJŬŽŶƚĞŬƐƚŬŽŵƵŶŝŬĂĐLJũŶLJ͘:ĞĚŶĂnjǁŝĞůƵƚLJƉŽǁLJĐŚƐLJƚƵĂĐũŝ͕
ǁŬƚſƌLJĐŚƚLJƉŽǁĞŵƵnjĂĐŚŽǁĂŶŝƵƚŽǁĂƌnjLJƐnjLJĚŽƑđƚLJƉŽǁLJ͕ƉƌnjĞǁŝĚLJǁĂůŶLJǁĚƵǏĞũ
ŵŝĞƌnjĞũħnjLJŬ͘
dĂŬŝĐŚŽŬĂnjũŝŵĂŵLJǁĚŽŵƵĐŽŶŝĞŵŝĂƌĂ͕ŶŝĞƚƌnjĞďĂŝĐŚǁŽŐſůĞƐƉĞĐũĂůŶŝĞƚǁŽƌnjLJđ͕
ƚĂŬũĂŬŬƌĞƵũĞƐŝħĨŽƌŵĂůŶĞůĞŬĐũĞ͘EŝĞƉŽƚƌnjĞďƵũĞŵLJŽŬƌĞƑůŽŶĞŐŽŵŝĞũƐĐĂ͕njŐſƌLJ
ƵƐƚĂůŽŶĞŐŽĐnjĂƐƵƚƌǁĂŶŝĂ͕njŐſƌLJŽŬƌĞƑůŽŶĞũƉŽƌLJĚŶŝĂĂŶŝƵƐƚĂůŽŶĞũĐnjħƐƚŽƚůŝǁŽƑĐŝ͘
tĞǁųĂƐŶLJŵĚŽŵƵďĂǁŝŵLJƐŝħƌŽďŝČĐƚŽ͕ĐŽŝƚĂŬďLJƑŵLJƌŽďŝůŝ͕ĐnjLJůŝǁLJĚĂũĞŵLJ
ƉŽƐŝųŬŝ͕ƐƉƌĂǁĚnjĂŵLJnjĂǁĂƌƚŽƑđƚŽƌŶŝƐƚƌĂ͕ŽƌŐĂŶŝnjƵũĞŵLJĚŽŵŽǁĞnjĂďĂǁLJ͕ŝƚĚ͘
DŝŵŽͲĐŚŽĚĞŵ
KŬĂnjũĂĚĞKDKƚŽŶŝĞϭϬĐnjLJϯϬŵŝŶƵƚƐŝĞĚnjĞŶŝĂǁďĞnjƌƵĐŚƵŶĂĚnjĞƐnjLJƚĞŵ͕
ůĞĐnjũħnjLJŬ͕ŬƚſƌLJƚŽǁĂƌnjLJƐnjLJŶĂŵǁĚŽŵŽǁLJŵƌƵĐŚƵ͕ƉŽũĂǁŝĂƐŝħŶŝĞŶĂǏČĚĂŶŝĞ
ŶĂƵĐnjLJĐŝĞůĂ͕ůĞĐnjŵŝŵŽͲĐŚŽĚĞŵ;ͣŵŝŵŽ͟ǁƐĞŶƐŝĞĂƵƚŽŵĂƚLJĐnjŶĞŐŽŶŝĞŵĂůŽĚƌƵĐŚƵ͕
ŐĚLJƉƌnjLJũĞŐŽƉŽŵŽĐLJnjĂƐƉŽŬĂũĂŵLJũĂŬČƑƉŽƚƌnjĞďħŬŽŵƵŶŝŬĂĐLJũŶČ͖ͣĐŚŽĚĞŵ͟ʹ
ďŽƚĞƉŽƚƌnjĞďLJƌĞĂůŝnjƵũĞŵLJĐnjħƐƚŽŝĚČĐŶĂƉƌnjLJŬųĂĚnjŬƵĐŚŶŝĚŽųĂnjŝĞŶŬŝ͕ƐŝĂĚĂũČĐ
njĚnjŝĞĐŬŝĞŵŶĂĚLJǁĂŶŝĞ͕ŝƚĚ͘Ϳ͘
ǁǁǁ͘ĂŶŐŝĞůƐŬŝĚůĂƌŽĚnjŝĐŽǁ͘Ɖů
Z
Ž
njĚnjŝĂų
ϲ
ŶŐŝĞůƐŬŝƉƌnjLJŽŬĂnjũŝ
DſũƐLJŶƌŽnjƉŽĐnjČųƉƌnjLJŐŽĚħnjĚĞKDKŽĚĂŶ/ƉůĂLJŽŶƚŚĞĐŽŵƉƵƚĞƌ͍ϲǁLJƌĂnjſǁ͕
njĂƑĐſƌŬĂ͕ǁŝĞůŬĂŵŝųŽƑŶŝĐnjŬĂƚĂŷĐĂ͕ŽĚ͙ĂŶ/ǁĂƚĐŚĂŶĐŝŶŐǁŝƚŚƚŚĞ^ƚĂƌƐƚŝůů
ƚŚĞĞŶĚ͍ϭϬǁLJƌĂnjſǁ͊͘dĂŬ͕ƚĂŬ͕ǁũĞũƉƌnjLJƉĂĚŬƵĂďƐŽůƵƚŶLJŵƉƌŝŽƌLJƚĞƚĞŵďLJųŽ
ŶŝĞĚnjŝĞůŶĞŽŐůČĚĂŶŝĞŬŽůĞũŶĞŐŽŽĚĐŝŶŬĂƵŬŽĐŚĂŶĞŐŽǁƚĞĚLJ͞dĂŷĐĂnjŐǁŝĂnjĚĂŵŝ͟
ŽĚϮϬ͗ϬϬĚŽϮϭ͗ϯϬ͕ĐnjLJůŝĚųƵŐŽƉŽŶŽƌŵĂůŶLJŵĐnjĂƐŝĞƉſũƑĐŝĂĚŽųſǏŬĂ͕ŝƚŽƉƌnjĞĚ
ƉŽŶŝĞĚnjŝĂųŬŽǁČƉŽďƵĚŬČĚŽƐnjŬŽųLJ͘KĐnjLJǁŝƑĐŝĞũĂŬŽŽĚƉŽǁŝĞĚnjŝĂůŶŝƌŽĚnjŝĐĞ
ǁĂŚĂůŝƑŵLJƐŝħ͕ĐnjLJũĞũŶĂƚŽƉŽnjǁŽůŝđ͕ĂůĞnjŐĂĚŶŝũĐŝĞ͕ĐŽŶĂƐƉƌnjĞŬŽŶĂųŽ͙͍
dĂŝǁŝĞůĞƉŽĚŽďŶLJĐŚŚŝƐƚŽƌLJũĞŬ͕ŬƚſƌĞŽƉŽǁŝĂĚĂũČnjĂƉƌnjLJũĂǍŶŝĞŶŝƌŽĚnjŝĐĞďĂǁŝČĐLJ
ƐŝħǁĂŶŐŝĞůƐŬŝĚĞKDK͕ƉŽŬĂnjƵũČĚŽďŝƚŶŝĞ͕ǏĞƐƚƌnjĂųnjŽƐƚĂųŽĚĚĂŶLJĐĞůŶŝĞ͗
njĂƐĂĚĂŵſǁŝƐnjŝŵĂƐnjƚƌĂĨŝĂųĂƚǁŽĚŽƉƌnjĞŬŽŶĂŶŝĂ͕ďŽĚnjŝĞĐŬŽŶĂƚLJĐŚŵŝĂƐƚǁŝĚnjŝ
ƉŽǏČĚĂŶLJƐŬƵƚĞŬǁLJƐŝųŬƵ͕ŬƚſƌLJƉŽĚĞũŵƵũĞ͘ŽŶĂũǁĂǏŶŝĞũƐnjĞ͕ŬĂǏĚĂǁLJƉŽǁŝĞĚǍʹ
ƉLJƚĂŶŝĞ͕ƉƌŽƑďĂʹƉŽũĂǁŝĂƐŝħĚŽƐųŽǁŶŝĞΎƉƌnjLJŽŬĂnjũŝΎ͕ĐnjLJůŝũĂŬŽĂƵƚĞŶƚLJĐnjŶLJĂŬƚ
ŬŽŵƵŶŝŬĂĐLJũŶLJ͕ƉŽǁŝČnjĂŶLJnjƐLJƚƵĂĐũČĚŽŵŽǁČ͕ǁŬƚſƌĞũũĞƐƚƉŽƚƌnjĞďŶLJ͘EŝĞũĞƐƚƚŽ
njĂƚĞŵďĞnjŵLJƑůŶĞƌĞĐLJƚŽǁĂŶŝĞƐųſǁĞŬĐnjLJŽĚŵŝĂŶĂĐnjĂƐŽǁŶŝŬĂƚŽďĞƉƌnjĞnjŽƐŽďLJ͕
ďĞnjǏĂĚŶĞŐŽŬŽŵƵŶŝŬĂĐLJũŶĞŐŽƉŽǁŽĚƵ͊
dĂŬČŽŬĂnjũħŵŽǏĞŝŶŝĐũŽǁĂđĂůďŽĚnjŝĞĐŬŽ;ďLJŽĐŽƑƉŽƉƌŽƐŝđůƵďnjĂƉLJƚĂđͿ͕ĂůďŽ
DĂŵĂͬdĂƚĂ;ŐĚLJĐŚĐČ͕ďLJǁƉųLJŶČđŶĂnjĂĐŚŽǁĂŶŝĞĚnjŝĞĐŬĂͿ͘
Q
ŝůĞũĞƐƚƚĞŐŽƌŽĚnjĂũƵŽŬĂnjũŝĚŽŵſǁŝĞŶŝĂǁĚŽŵƵƉŽĂŶŐŝĞůƐŬƵ͍
KƚLJŵũƵǏnjĂĐŚǁŝůħ
ZŽnjĚnjŝĂų
ϲ
Q
KŽŬĂnjũĂĐŚŝŶŝĐũŽǁĂŶLJĐŚƉƌnjĞnjĚnjŝĞĐŬŽ
ZŽnjĚnjŝĂų
ϭϰ
Q
ŽŝŶŝĐũŽǁĂŶLJĐŚƉƌnjĞnjƌŽĚnjŝĐſǁ
ZŽnjĚnjŝĂų
ϭϱ
ZŽnjĚnjŝĂųϱ
Ϯϲ
ĚĞKDK
ĚůĂĐnjĞŐŽ͍ŽũĞƐƚ͕ũħnjLJŬŽǁŽŝŬŽŵƵŶŝŬĂĐLJũŶŝĞ͕ƉƌnjĞǁŝĚLJǁĂůŶĂŝǁĐŝČǏƐŝħƉŽǁƚĂƌnjĂ͊
tƚĞŶƐƉŽƐſďĚŽĐŚŽĚnjŝŵLJĚŽŬŽůĞũŶĞũƉƌnjĞƐųĂŶŬŝƐƵŬĐĞƐƵĚĞKDK͗ĚŽŵŽǁĞŽŬĂnjũĞ
ŵĂũČnjŶĂƚƵƌLJƌnjĞĐnjLJĐŚĂƌĂŬƚĞƌƌƵƚLJŶŽǁLJ͕ĂnjĂƚĞŵŝƌƵƚLJŶŽǁLJǁĚƵǏLJŵƐƚŽƉŶŝƵũĞƐƚ
ũħnjLJŬŝŵƚŽǁĂƌnjLJƐnjČĐLJ͘:ĞƑůŝnjĂƚĞŵƵĚĂŶĂŵƐŝħƐƚŽƉŶŝŽǁŽͣƉŽĚŵŝĞŶŝđ͟ƌƵƚLJŶŽǁĞ
njĂĐŚŽǁĂŶŝĂũħnjLJŬŽǁĞǁũħnjLJŬƵƉŽůƐŬŝŵŶĂŝĐŚĂŶŐŝĞůƐŬŝĞŽĚƉŽǁŝĞĚŶŝŬŝ͕ƚŽƐĂŵŽ
ĚŽŵŽǁĞǏLJĐŝĞĚĂũĞŶĂŵŶŝĞďLJǁĂųČŽŬĂnjũħ;ĂƌĂĐnjĞũĐĂųLJƐnjĞƌĞŐŽŬĂnjũŝʹƉĂƚƌnjůŝƐƚĂ
ŶĂŶĂƐƚħƉŶĞũƐƚƌŽŶŝĞͿ͕ďLJƚĞƉŽǏČĚĂŶĞƚĂŬďĂƌĚnjŽƌĞĂŬĐũĞđǁŝĐnjLJđŶŝĞŵĂůĐŽĚnjŝĞŶŶŝĞ͊
WŽǁŝČnjĂŶŝĞŬĂǏĚĞũƌĞĂŬĐũŝũħnjLJŬŽǁĞũnjĂƵƚĞŶƚLJĐnjŶLJŵŬŽŶƚĞŬƐƚĞŵŬŽŵƵŶŝŬĂĐLJũŶLJŵ
ǁŝČǏĞĚĞKDKŶĂƉŽnjŝŽŵŝĞŽŐſůŶŽͲŵĞƚŽĚLJĐnjŶLJŵnjŬŽŶĐĞƉĐũČŽŵŵŽŶƵƌŽƉĞĂŶ
&ƌĂŵĞǁŽƌŬŽĨZĞĨĞƌĞŶĐĞ͕ǁŝĞůŬŝŵƉƌŽũĞŬƚĞŵĞĚƵŬĂĐLJũŶLJŵZĂĚLJƵƌŽƉLJ͘WŽĚŬƌĞƑůĂ
ƐŝħǁŶŝŵĚŽďŝƚŶŝĞ͕ǏĞŬĂǏĚLJĂŬƚƵǏLJĐŝĂũħnjLJŬĂũĞƐƚĂƵƚŽŵĂƚLJĐnjŶŝĞĂŬƚĞŵƵĐnjĞŶŝĂ
ƐŝħŐŽ͘/ŶĂŽĚǁƌſƚ͕ƉŽƐƚƵůƵũĞƐŝħ͕ďLJĂŬƚLJƵĐnjĞŶŝĂƐŝħďLJųLJƉŽǁŝČnjĂŶĞnjĂŬƚĂŵŝ
ƵǏLJĐŝĂ͘DŽǏŶĂƚƵƚĞǏŵſǁŝđŽƌĂĚLJŬĂůŶLJŵͣƉŽĚĞũƑĐŝƵŬŽŵƵŶŝŬĂĐLJũŶLJŵ͟ĂŶŐ͘
ŽŵŵƵŶŝĐĂƚŝǀĞƉƉƌŽĂĐŚ͘:ĂŬƉŽŬĂnjƵũĞĚŽďŝƚŶŝĞŚŝƐƚŽƌŝĂĚLJĚĂŬƚLJŬŝũħnjLJŬĂ
ĂŶŐŝĞůƐŬŝĞŐŽǁŽƐƚĂƚŶŝĐŚůĂƚĂĐŚ͕ƚƌƵĚŶŽnjĂƐƚŽƐŽǁĂđƚŽƌĂĚLJŬĂůŶĞƉŽĚĞũƑĐŝĞ
ĚŽŶĂƵĐnjĂŶŝĂĐĂųĞŐŽũħnjLJŬĂŽďĐĞŐŽ͕ůĞĐnjďĂƌĚnjŽųĂƚǁŽĚŽũħnjLJŬĂŬŽŵƵŶŝŬĂĐũŝĚŽŵŽǁĞũ͘
ƚĞƌĂnjƉŽƌĂŶĂƉƌnjĞŐůČĚƚLJƉŽǁLJĐŚŽŬĂnjũŝĚĞKDK͘DŽǏŶĂƉŽŬƵƐŝđƐŝħŽǁLJĚnjŝĞůĞŶŝĞ
ĐŽŶĂũŵŶŝĞũŬŝůŬƵŶĂƐƚƵʹƉƌnjLJŬųĂĚŽǁĂůŝƐƚĂũƵǏnjĂĐŚǁŝůħ͘
KĐnjLJǁŝƑĐŝĞĐŚĂƌĂŬƚĞƌŝĚŽďſƌŽŬĂnjũŝnjŵŝĞŶŝĂƐŝħƉŽĐnjħƑĐŝǁƌĂnjnjǁŝĞŬŝĞŵĚnjŝĞĐŬĂ͗
njƉƌnjĞĚƐnjŬŽůĂŬŝĞŵŶŝĞƌŽnjŵĂǁŝĂŵLJŽƚLJŵ͕ŽŬƚſƌĞũŵĂǁƌſĐŝđĚŽĚŽŵƵƉŽŬůĂƐŽǁĞũ
ŝŵƉƌĞnjŝĞ͕ĂŶĂƐƚŽůĂƚĞŬŶŝĞƉƌŽƐŝŶĂƐŽƉŽŵŽĐǁŶĂƌLJƐŽǁĂŶŝƵƐnjůĂĐnjŬĂǁnjĞƐnjLJĐŝĞ͘
ĚƌƵŐŝĞũƐƚƌŽŶLJƵďŝĞƌĂŵLJƐŝħ͕ũĞŵLJƉŽƐŝųŬŝ͕ĐnjLJǁLJĐŚŽĚnjŝŵLJnjĚŽŵƵnjĚnjŝĞđŵŝ
ǁŬĂǏĚLJŵǁŝĞŬƵ͘/ƚŽŬŽůĞũŶĂnjĂůĞƚĂŽŬĂnjũŝĚĞKDKʹďĂƌĚnjŽǁŝĞůĞnjŶŝĐŚŵĂŵLJ
ƐnjĂŶƐħđǁŝĐnjLJđǁƌħĐnjůĂƚĂŵŝ͘
ǁǁǁ͘ĂŶŐŝĞůƐŬŝĚůĂƌŽĚnjŝĐŽǁ͘Ɖů
Z
Ž
njĚnjŝĂų
ϳ
KŬĂnjũĂĐnjLJŶŝŵŝƐƚƌnjĂ͊
ŽǁĂǏŶĞ͕ĂŶŐŝĞůƐŬŝŵĂƐnjĂŶƐħƐƚŽƉŶŝŽǁŽǁŐƌLJǍđƐŝħǁĐĂųĞĚŽŵŽǁĞǏLJĐŝĞĚnjŝĞĐŬĂ͕
DĂŵLJŝdĂƚLJ͗
O
ŽĚnjĂƐƉĂŶĞŐŽ
ƌĞLJŽƵƐůĞĞƉLJ͍
;ͣ_ƉŝČĐĂũĞƐƚĞƑ͍͟ͿǁĐnjĞƐŶLJŵƌĂŶŬŝĞŵ
O
ƉƌnjĞnj
ĂŶ/ŚĂǀĞƐŽŵĞŵŽƌĞŵŝůŬ͍
;ͣDŽŐħũĞƐnjĐnjĞŵůĞŬĂ͍͟ͿƉƌnjLJƑŶŝĂĚĂŶŝƵ
O
ƉŽŝƌLJƚŽǁĂŶĞ
tŚĞƌĞŝƐŵLJƐĐĂƌĨ͍͊
;ͣ'ĚnjŝĞŵſũƐnjĂůŝŬ͍͊͟ͿƉƌnjĞĚǁLJũƑĐŝĞŵ
njĚŽŵƵ
O
ŶŝĞĐŽŶĂƚĂƌĐnjLJǁĞ
ĂŶ/ŚĂǀĞŵLJƉŽĐŬĞƚŵŽŶĞLJ͍
;ͣDŽŐħĚŽƐƚĂđ
ŬŝĞƐnjŽŶŬŽǁĞ͍͟ͿǁĚƌŽĚnjĞĚŽƐnjŬŽųLJǁŬĂǏĚLJƉŽŶŝĞĚnjŝĂųĞŬ
O
ŵĂƌƵĚŶĞ
/͛ŵŶŽƚŚƵŶŐƌLJ
;ͣEŝĞĐŚĐĞŵŝƐŝħũĞƑđ͟ͿƉƌnjĞĚŶŝĞŵĂůŬĂǏĚLJŵ
ŽďŝĂĚĞŵ
O
ĂŶ/ŐŽŽƵƚǁŝƚŚ:ĂƐŝĞŬ͍
;ͣDŽŐħǁLJũƑđŶĂĚǁſƌnj:ĂƑŬŝĞŵ͍͟ͿĂůďŽ
ĂŶ
/ǁĂƚĐŚŝƐŶĞLJŚĂŶŶĞůƉůĞĂƐĞ͍
;ͣDŽŐħƉŽŽŐůČĚĂđŝƐŶĞLJŚĂŶŶĞů͍͟Ϳ
ŬĂǏĚĞŐŽŶŝĞŵĂůƉŽƉŽųƵĚŶŝĂ
O
ĂǏƉŽ
ŝĚLJŽƵŚĂǀĞĂŐŽŽĚĚĂLJ͍
;ͣnjLJŵŝĂųĞƑĨĂũŶLJĚnjŝĞŷ͍͟Ϳŝ
'ŽŽĚŶŝŐŚƚ͕
ƐůĞĞƉƚŝŐŚƚ͙
;ͣŽďƌĂŶŽĐ͕ƉĐŚųLJŶĂŶŽĐ͘͟ͿĚŽƉŽĚƵƐnjŬŝƉƌnjĞĚƐŶĞŵ
:ĂŬǁŝĚĂđnjƚLJĐŚŬŝůŬƵnjĂůĞĚǁŝĞƉƌnjLJŬųĂĚſǁ͕ŽŬĂnjũĂĚĞKDKƚƌǁĂŬƌſƚŬŽ͕ĂůĞnjĂ
ƚŽƉŽǁƌĂĐĂnjǁŝĞůŬČƌĞŐƵůĂƌŶŽƑĐŝČƉƌnjLJŶĂũŵŶŝĞũƌĂnjĚnjŝĞŶŶŝĞ͕ĂĐnjħƐƚŽƉŽŬŝůŬĂ
ƌĂnjLJ͘ƚŽnjŬŽůĞŝŽnjŶĂĐnjĂ͕ǏĞƉĞĚĂŐŽŐŝĐnjŶĂƐLJƚƵĂĐũĂDĂŵLJŝdĂƚLJũĞƐƚƉŽĚǁŝĞůŽŵĂ
ǁnjŐůħĚĂŵŝŶŝĞƉŽƌſǁŶĂŶŝĞůĞƉƐnjĂŽĚǁĂƌƵŶŬſǁƉƌĂĐLJŶĂƵĐnjLJĐŝĞůĂ͊
O
WŽƉŝĞƌǁƐnjĞŝŶĂũǁĂǏŶŝĞũƐnjĞ͕DĂŵĂŝdĂƚĂŶŝĞŵƵƐnjČƐŝħƐƉŝĞƐnjLJđ͕ŵĂũČďŽǁŝĞŵ
ĚŽĚLJƐƉŽnjLJĐũŝĚƵǏŽ͕ĚƵǏŽǁŝħĐĞũĐnjĂƐƵ͊
O
WŽĚƌƵŐŝĞ͕DĂŵĂŝdĂƚĂŶŝĞŵƵƐnjČƌĞĂůŝnjŽǁĂđƉƌŽŐƌĂŵƵŶĂƵĐnjĂŶŝĂ͕ƉŽĚnjŝĞůŽŶĞŐŽ
ŶĂŽƐŽďŶĞďůŽŬŝ͕njƚĞƌŵŝŶĞŵǁLJŬŽŶĂŶŝĂƉƌnjLJƉŝƐĂŶLJŵĚŽŬĂǏĚĞŐŽnjŶŝĐŚ͘KŬĂnjũĞ
ĚĞKDKǁƌĂĐĂũČǁĐŝČǏ͕njŐŽĚŶŝĞnjƌLJƚŵĞŵĚŶŝĂŝƚLJŐŽĚŶŝĂ͘
O
WŽƚƌnjĞĐŝĞ͕DĂŵĂŝdĂƚĂŶŝĞŵƵƐnjČƵƚƌnjLJŵĂđƵǁĂŐŝĚnjŝĞĐŬĂƉƌnjĞnjŬŝůŬĂĚnjŝĞƐŝČƚ
ŵŝŶƵƚůĞŬĐũŝ͕ŐĚLJǏŽŬĂnjũĞĚĞKDKƚƌǁĂũČŶĂũǁLJǏĞũŵŝŶƵƚħ͊
ZŽnjĚnjŝĂųϲ
Ϯϴ
ĚĞKDK
EĂƵŬĂũħnjLJŬĂŽďĐĞŐŽũĞƐƚŽǁŝĞůĞďĂƌĚnjŝĞũƉŽĚŽďŶĂĚŽŶĂƵŬŝŐƌLJŶĂƉŝĂŶŝŶŝĞĐnjLJ
ŝŶŶLJŵŝŶƐƚƌƵŵĞŶĐŝĞ͕ŶŝǏĚŽŶĂƵŬŝũĂnjĚLJŶĂƌŽǁĞƌnjĞ͘:ĞƑůŝƌĂnjƵĚĂųŽŝƐŝħŽƉĂŶŽǁĂđ
ĚǁĂŬſųŬĂ͕ƚĂƵŵŝĞũħƚŶŽƑđƉŽnjŽƐƚĂŶŝĞŝĂǏĚŽƑŵŝĞƌĐŝ͕ŶĂǁĞƚũĞƑůŝŶŝĞũĞǍĚnjŝųďLJƑ
ĐĂųLJŵŝůĂƚĂŵŝ͘ƐƉƌſďƵũƚLJůŬŽƉƌnjĞƐƚĂđđǁŝĐnjLJđǁƉƌĂǁŬŝŶĂƉŝĂŶŝŶŝĞƉƌnjĞnjƉĂƌħ
ƚLJŐŽĚŶŝŝƵŵŝĞũħƚŶŽƑđŶĂƚLJĐŚŵŝĂƐƚnjĂŶŝŬĂ͙
WĂŵŝħđůƵĚnjŬĂũƵǏƚĂŬĂũĞƐƚ͕ǏĞnjĂƉĂŵŝħƚƵũĞŵLJĐŽƑ͕njĂƌĂnjnjĂƉŽŵŝŶĂŵLJ͕ƵĐnjLJŵLJ
ƐŝħƉŽŶŽǁŶŝĞ͕njŶŽǁƵnjĂƉŽŵŝŶĂŵLJ͕ŝƚĚ͘njLJůŝʹǁnjǁLJŬųLJĐŚ͕ƐnjŬŽůŶLJĐŚŶĂƉƌnjLJŬųĂĚ
ǁĂƌƵŶŬĂĐŚ͕ǁŝĞůĞnjƚĞŐŽ͕ĐnjĞŐŽƐŝħŶĂƵĐnjLJůŝƑŵLJ͕ƵůĂƚƵũĞ͕ƉƌnjĞĚĞǁƐnjLJƐƚŬŝŵnjďƌĂŬƵ
ĚŽƐƚĂƚĞĐnjŶĞũůŝĐnjďLJƉŽǁƚſƌnjĞŷ͘
/ǁųĂƑŶŝĞƚĞŶŝĞnjďħĚŶĞ͕ďĂƌĚnjŽůŝĐnjŶĞ͕ĐLJŬůŝĐnjŶĞƉŽǁƚſƌnjĞŶŝĂnjĂƉĞǁŶŝĂŶĂŵůŽŐŝŬĂ
ŵĞƚŽĚLJĚĞKDK͗ƐĂŵĞĚŽŵŽǁĞŽŬĂnjũĞƉŽǁƚĂƌnjĂũČƐŝħĐŝČŐůĞ͕ĂƚŽŽnjŶĂĐnjĂ͕
ǏĞŵĂŵLJŽŬĂnjũħĐŝČŐůĞƉŽǁƌĂĐĂđĚŽŬůƵĐnjŽǁLJĐŚǁLJƉŽǁŝĞĚnjĞŷ͕ĂǏƐƚĂŶČƐŝħ
ďųLJƐŬĂǁŝĐnjŶĞŝŽĚƌƵĐŚŽǁĞ͘/ƚŽŶŝĞƚLJůŬŽƵĚnjŝĞĐŬĂ͕ĂůĞƚĂŬǏĞƵDĂŵLJŝdĂƚLJ͕ŽĐnjLJŵ
ƉƌnjĞŬŽŶĂũČƐŝħWĂŷƐƚǁŽƐĂŵŝ͊WŽďĂǁŵLJƐŝħũĞƐnjĐnjĞƉƌnjĞnjĐŚǁŝůħƐŬŽũĂƌnjĞŶŝĂŵŝ
njŝŶŶLJŵŝŐƌĂŵŝ͘ĚĞKDKƚŽǁƉĞǁŶLJŵƐĞŶƐŝĞĞĚƵŬĂĐLJũŶLJ͙
:ħnjLJŬŽǁLJƉŝŶŐͲƉŽŶŐ
WŝŶŐͲƉŽŶŐ͕ĐnjLJůŝďųLJƐŬĂǁŝĐnjŶĞƉƌnjĞƌnjƵĐĂŶŝĞŬŽŵƵŶŝŬĂĐLJũŶĞũƉŝųĞĐnjŬŝnjũĞĚŶĞũƐƚƌŽŶLJ
ƐƚŽųƵŶĂĚƌƵŐČ͘^ŬŽũĂƌnjĞŶŝĞnjƉŝŶŐͲƉŽŶŐŝĞŵŽďƌĂnjƵũĞũĞƐnjĐnjĞũĞĚŶČĐĞĐŚħĚĞKDK͗
ĚŽŬŽŵƵŶŝŬĂĐũŝƉŽƚƌnjĞďĂŵŝŶ͘ĚǁſĐŚŽƐſď͕ũĞĚŶĂŝŶŝĐũƵũĞ͕ĚƌƵŐĂƌĞĂŐƵũĞ͘ŬĐũĂ
ƉŽǁŽĚƵũĞƌĞĂŬĐũħ͘WƌnjLJĐnjLJŵŝŶŝĐũĂƚŽƌĞŵŵŽǏĞďLJđnjĂƌſǁŶŽDĂŵĂͬdĂƚĂũĂŬ
ŝĚnjŝĞĐŬŽ͘tĂǏŶĞ͕ǏĞŽĚƌƵĐŚŬŽŵƵŶŝŬĂĐLJũŶLJǁũħnjLJŬƵĂŶŐŝĞůƐŬŝŵƐƚŽƉŶŝŽǁŽƐƚĂũĞ
ƐŝħĐŽƌĂnjďĂƌĚnjŝĞũŶĂƚƵƌĂůŶLJ͗ŝĚůĂDĂŵLJͬdĂƚLJŝĚůĂĚnjŝĞĐŬĂ͘WƌnjLJƐǁĂũĂŵLJnjĂƌſǁŶŽ
njĂƐĂĚLJŐƌLJ͕ũĂŬŝũĞũƚĞĐŚŶŝŬħ͕ǁƚLJŵŽĐnjLJǁŝƑĐŝĞŬůƵĐnjŽǁĞǁLJƌĂǏĞŶŝĂ͘
DĞƚĂĨŽƌĂƉŝŶŐͲƉŽŶŐĂƉŽĐnjħƑĐŝƚųƵŵĂĐnjLJƉƌnjLJĐnjLJŶħŶŝĞĚŽƐƚĂƚĞĐnjŶĞũƐŬƵƚĞĐnjŶŽƑĐŝ
ŶĂƵŬŝũħnjLJŬĂǁƐnjŬŽůĞ͘dĂŵ͕ƉŽŶŝĞŬČĚnjŬŽŶŝĞĐnjŶŽƑĐŝ͕ũĞĚĞŶnjͣŐƌĂĐnjLJ͟;ŶĂƵĐnjLJĐŝĞůͿ
ƌŽďŝĐnjħƐƚŽũĞĚŶŽ͕ĚųƵŐŝĞͣƉŝŝŝŝŝŶŐ͕͟ďĞnjƐŬƵƚĞĐnjŶŝĞůŝĐnjČĐŶĂŶŝĞŵƌĂǁĞͣƉŽŶŐ͟
njĞƐƚƌŽŶLJũĞĚŶĞŐŽnjƵĐnjŶŝſǁ͕ƉƌnjLJĐnjLJŵƌĞƐnjƚĂnjŬŽŶŝĞĐnjŶŽƑĐŝŽĚĚĂũĞŐƌħ
ǁĂůŬŽǁĞƌĞŵ͕ďŽnjĂŵŝĂƐƚŵLJƑůĞđ͕ũĂŬďLJƚƵŽĚďŝđƉŝųĞĐnjŬħ͕njĂũŵƵũĞƐŝħǁųĂƑŶŝĞ
ƐƚƌƵŐĂŶŝĞŵƌĂŬŝĞƚŬŝnjŬĂǁĂųŬĂƐŬůĞũŬŝ͙
Z
Ž
njĚnjŝĂų
ϴ
:ħnjLJŬŽďĐLJũĂŬƌŽǁĞƌ
ĐnjLJũĂŬĨŽƌƚĞƉŝĂŶ͙͍
ǁǁǁ͘ĂŶŐŝĞůƐŬŝĚůĂƌŽĚnjŝĐŽǁ͘Ɖů
O
ƉŽďƵĚŬĂ
O
ƵďŝĞƌĂŵLJƐŝħ
O
ŵLJũĞŵLJƐŝħ
O
ƉƌnjLJƑŶŝĂĚĂŶŝƵ
O
ƉƌnjĞĚǁLJũƑĐŝĞŵnjĚŽŵƵ
O
ǁƐĂŵŽĐŚŽĚnjŝĞ
;ĚŽͬnjĞƐnjŬŽųLJͿ
O
ƉƌnjLJŽďŝĞĚnjŝĞ
O
ƐƉƌnjČƚĂŵLJ
O
ŐŽƚƵũĞŵLJƌĂnjĞŵ
O
ƵĐnjLJŵLJƐŝħƑǁŝĂƚĂͬ
ŽĚƌĂďŝĂŵLJůĞŬĐũĞ
O
ƌLJƐƵũĞŵLJ
O
ǁƑƌſĚnjĂďĂǁĞŬ
O
ƌŽĚnjŝŶĂŝnjŶĂũŽŵŝͬ
ŬƵŵƉůĞnjĞƐnjŬŽųLJ
O
ŶĂƐƉĂĐĞƌnjĞ
O
ŝĚnjŝĞŵLJŶĂnjĂŬƵƉLJ
O
ŝĚnjŝĞŵLJĚŽŬŝŶĂ
O
njǁŝĞĚnjĂŵLJƌĂnjĞŵ
O
ƉƌnjLJŬŽůĂĐũŝ
O
ǁųĂnjŝĞŶĐĞǁŝĞĐnjŽƌĞŵ
O
ƉƌnjĞĚĞŬƌĂŶĞŵ
O
ƉƌnjĞĚŝŵƉƌĞnjČ
O
ũĂŬŵŝŶČųĚnjŝĞŷ
O
ŝĚnjŝĞŵLJƐƉĂđ
ZŽnjĚnjŝĂųϳ
ϯϬ
ĚĞKDK
ǁǁǁ͘ĂŶŐŝĞůƐŬŝĚůĂƌŽĚnjŝĐŽǁ͘Ɖů
ĚĞKDK
ϭϭϳ
O
njLJŵƵƐnjħnjŶĂđĂŶŐŝĞůƐŬŝĚŽƐŬŽŶĂůĞ͕ǏĞďLJŐƌĂđǁĚĞKDK͍
EŝĞ͊KĐnjLJǁŝƑĐŝĞƚƌƵĚŶŽƐŽďŝĞǁLJŽďƌĂnjŝđ͕ǏĞŶŝĞnjŶĂƐnjŐŽǁĐĂůĞ͘ůĞŶŝĞŵƵƐŝƐnj
ďLJđĨŝůŽůŽŐŝĞŵͲĂŶŐůŝƐƚČ͘
+
ǁŝħĐĞũŽƚLJŵǁƌŽnjĚnjŝĂůĞ
ϭ
O
njLJŵƵƐnjħŵŝĞđƉƌnjLJŐŽƚŽǁĂŶŝĞƉĞĚĂŐŽŐŝĐnjŶĞ͍
EŝĞʹĚĞKDKŶŝĞũĞƐƚĚůĂŶĂƵĐnjLJĐŝĞůĂ͕ƚLJůŬŽĚůĂDĂŵLJŝdĂƚLJ͘ŽƚLJůŬŽŽŶŝ
ŵĂũČŽĚƉŽǁŝĞĚŶŝĞĂƚƵƚLJ͗ƐLJƚƵĂĐũĞĚŽŵŽǁĞŝŵŶſƐƚǁŽĐnjĂƐƵnjĚnjŝĞĐŬŝĞŵ͘
+
ǁŝħĐĞũŽƚLJŵǁƌŽnjĚnjŝĂůĞ
Ϯ
O
ŽnjƌŽďŝđ͕ũĞƑůŝŶĂƉŽĐnjČƚŬƵŶĂƚƌĂĨŝŵLJŶĂŽƉſƌĚnjŝĞĐŬĂƉƌnjĞĚŵſǁŝĞŶŝĞŵ
ƉŽĂŶŐŝĞůƐŬƵ͍
KĚƉŽǁŝĞĚnjŝČŶĂƚŽũĞƐƚŐųſǁŶĂnjĂƐĂĚĂŵŽƚLJǁĂĐLJũŶĂĚĞKDK͕ĐnjLJůŝŵſǁŝƐnjŝŵĂƐnj͊
+
ǁŝħĐĞũŽƚLJŵǁƌŽnjĚnjŝĂůĞ
ϰ
O
^ŬČĚĚnjŝĞĐŬŽŵĂǁŝĞĚnjŝĞđ͕ũĂŬĐŽƑƉŽǁŝĞĚnjŝĞđƉŽĂŶŐŝĞůƐŬƵ͍
DĂŵĂŝdĂƚĂŵƵƉŽŬĂǏČ͕ũĂŬŶĂĚĂƌnjLJƐŝħŽŬĂnjũĂ͘
+
ǁŝħĐĞũŽƚLJŵǁƌŽnjĚnjŝĂůĞ
ϲ
O
/ůĞƌĂnjLJǁƚLJŐŽĚŶŝƵƚƌnjĞďĂŐƌĂđ͕ďLJďLJųĞĨĞŬƚ͍
DĞƚŽĚĂĚĞKDKƚŽŶŝĞůĞŬĐũĞďŝƐ͘EŝĞƵŵĂǁŝĂŵLJƐŝħǁŽŐſůĞŶĂǏĂĚŶČ
ŬŽŶŬƌĞƚŶČƉŽƌħ͘'ƌĂŵLJƐƚƌŝĐƚĞƉƌnjLJŽŬĂnjũŝ͘
+
ǁŝħĐĞũŽƚLJŵǁƌŽnjĚnjŝĂůĞ
ϳ
O
<ƚſƌĞƐųſǁŬĂŝnjǁƌŽƚLJŵĂŵǁƉƌŽǁĂĚnjĂđ͍
WŽƉƌŽƐƚƵƚĞ͕ŬƚſƌLJĐŚƉŽƚƌnjĞďĂŶĂŵŝĚnjŝĞĐŬƵǁĚŽŵŽǁLJĐŚŽŬĂnjũĂĐŚ͘:ĞƑůŝ
ĚnjŝĞĐŬŽĐnjĞŐŽƑŶŝĞŵſǁŝǁĚŽŵƵƉŽƉŽůƐŬƵ͕ƚŽƉŽĐŽŵŝĂųŽďLJŵſǁŝđ
ƚŽƉŽĂŶŐŝĞůƐŬƵ͍
ǁŝħĐĞũŽƚLJŵǁƌŽnjĚnjŝĂůĞ
ϴ
ĚĞKDKǁĞ&YƐ͕ĐnjLJůŝ͗
ŽĐŽĐnjħƐƚŽƉLJƚĂũČDĂŵĂŝdĂƚĂ
O
ĐŽũĞƑůŝũĂƐĂŵ;ĂͿŶŝĞǁŝĞŵ͕ũĂŬũĞƐƚŶƉͣ͘ƐŝƵƐŝƵ͍͟
EŝĐĚnjŝǁŶĞŐŽ͕ďŽƐnjŬŽųĂƚŽŶŝĞĚƌƵŐŝĚŽŵŝŶŝĞƵĐnjLJǁŝĞůƵĚŽŵŽǁLJĐŚƐųſǁĞŬ
ŝnjǁƌŽƚſǁ͘
+
njŶĂũĚnjŝĞƐnjũĞǁƉƌnjĞǁŽĚŶŝŬĂĐŚũħnjLJŬŽǁLJĐŚĚůĂƉƌnjĞĚƐnjŬŽůĂŬĂ͕ƵĐnjŶŝĂŝŶĂƐƚŽůĂƚŬĂ͘
O
ũĞƑůŝĚnjŝĞĐŬŽƉŽǁŝĞŵŝ͕ǏĞWĂŶŝǁƐnjŬŽůĞǁLJŵĂǁŝĂŝŶĂĐnjĞũ͍
WŽĂŶŐŝĞůƐŬƵŵſǁŝŶĂƑǁŝĞĐŝĞ͕ǁĞĚųƵŐƌſǏŶLJĐŚƐnjĂĐƵŶŬſǁ͕ŽŬ͘ϭϰϬϬʹϭϲϬϬ
ŵŝůŝŽŶſǁůƵĚnjŝŶĂǁƐnjLJƐƚŬŝĐŚŬŽŶƚLJŶĞŶƚĂĐŚ͘njLJŶĂƉƌĂǁĚħƉŽǁŝŶŶŽŶĂƐĚnjŝǁŝđ͕
ǏĞŶŝĞŵſǁŝČŝĚĞŶƚLJĐnjŶŝĞ͍ŝĞŬĂǁĞũĞƐƚƌĂĐnjĞũ͕ũĂŬƐŝħƉŽƌŽnjƵŵŝĞǁĂũČƉŽŵŝŵŽ
ŽĐnjLJǁŝƐƚLJĐŚƌſǏŶŝĐ͊dǁſũĂŬĐĞŶƚƚŽdLJŝƉŽĚŽďŶŝĞũĞƐƚǁƉƌnjLJƉĂĚŬƵWĂŶŝǁƐnjŬŽůĞ͘
WƌĂǁĚŽƉŽĚŽďŶŝĞĂŶŝdLJ͕ĂŶŝŽŶĂŶŝĞŵſǁŝĐŝĞŝƚĂŬǁLJŵŽǁČƐƚĂŶĚĂƌĚŽǁČ͙
+
ǁŝħĐĞũŽƚLJŵǁƌŽnjĚnjŝĂůĞ
ϭϳ
O
njLJŵſũƉŽůƐŬŝĂŬĐĞŶƚŶŝĞŽĚųŽǏLJƐŝħĚnjŝĞĐŬƵǁŐųŽǁŝĞ͍
KĐnjLJǁŝƑĐŝĞ͕ǏĞƚĂŬ͘:ĂŬŽũĞĚĞŶnjĂŬĐĞŶƚſǁ͕njŬƚſƌLJŵƐŝħƐƚLJŬĂŶĂƐǁĞũĚƌŽĚnjĞ͘
/ŶŶLJŵũĞƐƚĂŬĐĞŶƚWĂŶŝǁƐnjŬŽůĞ͕ũĞƐnjĐnjĞŝŶŶLJŵĂŬĐĞŶƚLJƵůƵďŝŽŶLJĐŚŵƵnjLJŬſǁ
ƚƌŝƉͲŚŽƉŽǁLJĐŚĐnjLJŝŶŶLJĐŚ͕ŬƚſƌLJĐŚĂŬƵƌĂƚƐųƵĐŚĂŶĂzŽƵdƵďŝĞ͘:ĞƐnjĐnjĞŝŶŶĞ
ƵƐųLJƐnjLJŶĂůĞƚŶŝŵŽďŽnjŝĞũħnjLJŬŽǁLJŵ͘/ƚĚ͘ŝƚƉ͘dŽŶŝĞƚĞŽƌŝĂ͕ƚŽƉƌĂǁĚnjŝǁĞǏLJĐŝĞ͘
+
ǁŝħĐĞũŽƚLJŵǁƌŽnjĚnjŝĂůĞ
ϭϴ
O
ĐŽũĞƑůŝĚnjŝĞĐŬŽƉŽƌĂnjƚƌnjĞĐŝĐnjLJƉŝČƚLJnjĂƉŽŵŝŶĂƚŽƐĂŵŽƐųſǁŬŽĐnjLJ
ǁLJƌĂǏĞŶŝĞ͍
dŽƐŝħŶŝĞŶŝĞĐŝĞƌƉůŝǁ͕ĂŶŝŶŝĞŝƌLJƚƵũ͕ƚLJůŬŽƐƉŽŬŽũŶŝĞƉŽǁƚſƌnjũĞƉƌnjLJŬŽůĞũŶĞũ
ŽŬĂnjũŝ͘'ǁĂƌĂŶƚƵũħ͕ǏĞǁƌĞƐnjĐŝĞnjĂƐŬŽĐnjLJ͘
+
ǁŝħĐĞũŽƚLJŵǁƌŽnjĚnjŝĂůĞ
Ϯϱ
O
njLJǁLJŶĂŐƌĂĚnjĂŶŝĞĚnjŝĞĐŬĂnjĂŶĂƵŬħŶŝĞũĞƐƚŶŝĞŵŽƌĂůŶĞ͍
EŝĞ͊WŽnjĂƚLJŵŶŝĞǁLJŶĂŐƌĂĚnjĂŵLJnjĂƚŽ͕ǏĞƐŝħƵĐnjLJ͕ƚLJůŬŽnjĂƚŽ͕ǏĞďŝĞƌnjĞƵĚnjŝĂų
ǁĚŽŵŽǁĞũŐƌnjĞĞĚƵŬĂĐLJũŶĞũ͘'ƌĂŵĂƐǁŽũĞnjĂƐĂĚLJ͕ŬƚſƌĞŬĂǏĚĂƌŽĚnjŝŶĂŵŽǏĞ
ĚŽƐƚŽƐŽǁLJǁĂđnjŐŽĚŶŝĞnjnjĂƐĂĚĂŵŝƉĂŶƵũČĐLJŵŝǁŝĐŚĚŽŵƵ͘D͘ŝŶ͘ƚŽ͕ǁũĂŬŝ
ƐƉŽƐſďŶĂŐƌĂĚnjĂŵLJĚnjŝĞĐŬŽ͘
ǁŝħĐĞũŽƚLJŵǁƌŽnjĚnjŝĂůĞ
Ϯϲ
ĚĞKDK
ǁǁǁ͘ĂŶŐŝĞůƐŬŝĚůĂƌŽĚnjŝĐŽǁ͘Ɖů
ĚĞKDK
ϭϭϵ
^njĐnjħƑůŝǁĂƐŝſĚĞŵŬĂ͕ĐnjLJůŝ͗
ĚĞKDKǁĞnjĂƐĂĚLJŶĂĐnjĞůŶĞ
ϭ͘
ŽŵƚŽŶŝĞĚƌƵŐĂƐnjŬŽųĂ
Ϯ͘
DſǁŝƐnjŝŵĂƐnj͊
ϯ͘
ŶŐŝĞůƐŬŝƉƌnjLJŽŬĂnjũŝ
ϰ͘
<ƌŽŬƉŽŬƌŽŬƵ
ϱ͘
WƵŶŬƚƉŽƉƵŶŬĐŝĞ
ϲ͘
tŝŶͲǁŝŶ
ϳ͘
ϭϬϬйŵĂƌĐŚĞǁŬŝ
ϭ͘
ŽŵƚŽŶŝĞĚƌƵŐĂƐnjŬŽųĂ
DĂŵĂŝdĂƚĂƚŽŶŝĞŶĂƵĐnjLJĐŝĞůĞ͕ǁŝħĐŶŝĞ
ƐƚĂǁŝĂũČĚǁſũĂŶŝĚŽŬČƚĂ͖ŶĂƵĐnjLJĐŝĞůƚŽŶŝĞ
ƌŽĚnjŝĐ͕ǁŝħĐŶŝĞƉŽĚĂũĞƑŶŝĂĚĂŶŝĂ͕ŶŝĞŽĚǁŽnjŝ
ĚŽƐnjŬŽųLJ͕ĂŶŝŶŝĞƌŽďŝnjĚnjŝĞĐŬŝĞŵnjĂŬƵƉſǁ͘
ŽŵŵĂǁŝħĐƐǁŽũĞǁųĂƐŶĞnjĂƐĂĚLJŝƐǁſũ
ǁųĂƐŶLJũħnjLJŬ͘
Ϯ͘
DſǁŝƐnjŝŵĂƐnj͊
:ĞƑůŝĚnjŝĞĐŬŽĐŚĐĞnjǁŝħŬƐnjLJđƐnjĂŶƐħ͕ǏĞŽĚDĂŵLJ
ĐnjLJdĂƚLJŽƚƌnjLJŵĂĐŽƑ͕ŶĂĐnjLJŵŵƵĂŬƵƌĂƚďĂƌĚnjŽ
njĂůĞǏLJ;ĂĐnjĞŐŽďLJđŵŽǏĞDĂŵĂŝdĂƚĂĚĂđŶŝĞ
ĐŚĐČͿ͕ŶŝĞĐŚŽƚŽƉŽƉƌŽƐŝƉŽĂŶŐŝĞůƐŬƵ͊
ϯ͘
ŶŐŝĞůƐŬŝƉƌnjLJŽŬĂnjũŝ
ǁLJĐnjĂũŶĞǏLJĐŝĞĚŽŵŽǁĞƐƚǁĂƌnjĂŵŶſƐƚǁŽ
ƚLJƉŽǁLJĐŚŽŬĂnjũŝʹŬƌſƚŬŝĐŚ͕njĂƚŽ
ƉŽǁƚĂƌnjĂũČĐLJĐŚƐŝħŶŝĞŵĂůĐŽĚnjŝĞŶŶŝĞ͘KŬĂnjũČ
ũĞƐƚŶƉ͘ƉŽƌĂŶŶĞŵLJĐŝĞnjħďſǁ͕ƑŶŝĂĚĂŶŝĞ͕
ǁLJũƑĐŝĞĚŽƐnjŬŽųLJ͕ƐƉƌnjČƚĂŶŝĞ͕ĐnjLJƉŽĐĂųƵŶĞŬŶĂ
ĚŽďƌĂŶŽĐ͘dLJƉŽǁĞƐČŝŽŬĂnjũĞ͕ŝũħnjLJŬ͕ŬƚſƌĞŐŽ
ǁƚĞĚLJƵǏLJǁĂŵLJ͘njĞŵƵǁŝħĐŶŝĞnjĂŵŝĞŶŝđ
ƚLJƉŽǁĞŐŽƉŽůƐŬŝĞŐŽŶĂƚLJƉŽǁLJĂŶŐŝĞůƐŬŝ͙͍
ϰ͘
<ƌŽŬƉŽŬƌŽŬƵ
dĂƚĂŝDĂŵĂŵĂũČŽŶŝĞďŽǁŝħĐĞũĐnjĂƐƵŶŝǏ
ŶĂƵĐnjLJĐŝĞůĂŶŐŝĞůƐŬŝĞŐŽ͘tŝħĐŶŝĞŵƵƐnjČ
ƐŝħƐƉŝĞƐnjLJđ͘<ĂǏĚĂŬŽůĞũŶĂŽŬĂnjũĂƚŽũĞĚŶŽ
ǁLJƌĂǏĞŶŝĞƉŽĂŶŐŝĞůƐŬƵ͘EŽǁĞůƵďƉŽǁƚſƌnjŽŶĞ͘
/ƚĂŬŬƌŽŬƉŽŬƌŽŬƵ͘
ϱ͘
WƵŶŬƚƉŽƉƵŶŬĐŝĞ
DĂŵĂŝdĂƚĂŵŽŐČĚŽĚĂƚŬŽǁŽǁnjŵŽĐŶŝđ
ŵŽƚLJǁĂĐũħĚŽŵſǁŝĞŶŝĂƉŽĂŶŐŝĞůƐŬƵ͕
ǁƉƌŽǁĂĚnjĂũČĐƉƵŶŬƚLJďŽŶƵƐŽǁĞ͕ŬƚſƌĞĚnjŝĞĐŬŽ
ĚŽƐƚĂũĞnjĂŬĂǏĚČƵĚĂŶČǁLJƉŽǁŝĞĚǍ͘'ƌŽŵĂĚnjŝ
ũĞ͕ĂŶĂƐƚħƉŶŝĞǁLJŵŝĞŶŝĂŶĂĚŽŵŽǁĞŶĂŐƌŽĚLJ
ůƵďĚŽŵŽǁĞƉƌnjLJũĞŵŶŽƑĐŝ͘:ĞĚŶĂǁLJƉŽǁŝĞĚǍ͕
ũĞĚĞŶƉƵŶŬƚ͘
ϲ͘
tŝŶͲǁŝŶ
<ĂǏĚLJǁLJŐƌLJǁĂ͊njŝĞĐŬŽ͕ďŽĚŽƐƚĂũĞųĂƚǁŝĞũ
ƚŽ͕ŶĂĐnjLJŵŵƵnjĂůĞǏLJ͘/ŵŽǏĞũĞƐnjĐnjĞĚŽĚĂƚŬŽͲ
ǁŽnjĚŽďLJǁĂđŶĂŐƌŽĚLJ͘DĂŵĂŝdĂƚĂƚĞǏ͕
ďŽĚnjŝĞĐŬŽʹĐŚĐČĐƐnjLJďĐŝĞũnjĚŽďLJđŶĂŐƌŽĚħʹ
ŵſǁŝĐŽƌĂnjǁŝħĐĞũŝƐƉƌĂǁŶŝĞũ͘
ϳ͘
ϭϬϬйŵĂƌĐŚĞǁŬŝ
hĚĂŶĞǁLJƉŽǁŝĞĚnjŝŝǁƐnjĞůŬŝĞĞŬƐƉĞƌLJŵĞŶƚLJ
ŶĂŐƌĂĚnjĂŵLJ͘/ũĞƐƚĞƑŵLJƐnjĐnjŽĚƌnjLJ͊ũĞƑůŝĐŽƑ
ƐŝħŶŝĞƵĚĂ͕ŶŝŐĚLJŶŝĞŬĂƌĐŝŵLJĂŶŝŶŝĞŽĚďŝĞƌĂŵLJ
ƌĂnjnjĚŽďLJƚLJĐŚƉƵŶŬƚſǁ͘KƌŝĞŶƚƵũĞŵLJƐŝĞďŝĞ
ŝĚnjŝĞĐŬŽŶĂũħnjLJŬŽǁLJƐƵŬĐĞƐ͊
ĚĞKDK
ZŽnjĚnjŝĂųϭ
ϭϮϬ
ǁǁǁ͘ĂŶŐŝĞůƐŬŝĚůĂƌŽĚnjŝĐŽǁ͘Ɖů
ĚĞKDK
ϭϮϭ
ŝŽƌČĐƉŽĚƵǁĂŐħĂƐƉĞŬƚLJƌŽnjǁŽũŽǁĞŽĚŶŽƐnjħǁƌĂǏĞŶŝĞ͕ǏĞƉƌŽƉŽŶŽǁĂŶĂ
ŬŽŶĐĞƉĐũĂĚLJĚĂŬƚLJĐnjŶĂŶĂũůĞƉƐnjĞĞĨĞŬƚLJŽĚŶŝĞƐŝĞǁƉƌnjLJƉĂĚŬƵĚnjŝĞĐŝ͕ŬƚſƌĞ
ƵĐnjħƐnjĐnjĂũČĚŽƉƌnjĞĚƐnjŬŽůĂŝƐnjŬŽųLJƉŽĚƐƚĂǁŽǁĞũ͘BĂƚǁŽƐŽďŝĞǁLJŽďƌĂnjŝđũĞũ
ƵǏLJƚĞĐnjŶŽƑđǁƉƌnjLJƉĂĚŬƵƉƌĂĐLJnjĞƐƚĂƌƐnjLJŵŝĚnjŝĞđŵŝʹƉƌnjLJĐnjLJŵǁƚLJŵŽďƐnjĂƌnjĞ
ŵĞƚŽĚĂĚĞKDKǁLJŵĂŐĂĚĂůƐnjĞŐŽƌŽnjďƵĚŽǁĂŶŝĂ͕ŶĂĚĐnjLJŵnjĂƉĞǁŶĞƵƚŽƌũƵǏ
ƉƌĂĐƵũĞ͘
<ƐŝČǏŬĂũĞƐƚŶĂƉŝƐĂŶĂƉƌnjĞnjƐƉĞĐũĂůŝƐƚħʹĂůĞ͕ĐŽũĞƐƚǁLJƌĂǍŶŝĞŽĚĐnjƵǁĂůŶĞ͕
ƐƉĞĐũĂůŝƐƚħͲƌŽĚnjŝĐĂ͕ŬƚſƌLJƉƌŽƉŽŶŽǁĂŶĞƌŽnjǁŝČnjĂŶŝĂƐĂŵͣƉƌnjĞƚƌĞŶŽǁĂų͟
ǁƉƌĂŬƚLJĐĞ͘tųĂƑŶŝĞƚŽ͕ũĂŬŝŽďĨŝƚŽƑđƉƌnjLJŬųĂĚſǁŬŽŶŬƌĞƚŶLJĐŚƌŽnjǁŝČnjĂŷƐƉƌĂǁŝĂ͕
ǏĞƉƵďůŝŬĂĐũĂũĞƐƚŵŽƚLJǁƵũČĐĂŝƉƌnjLJũĂnjŶĂĚůĂŬĂǏĚĞŐŽƌŽĚnjŝĐĂ͕ŬƚſƌLJĐŚĐĞ͕ďLJũĞŐŽ
ĚnjŝĞĐŬŽĚŽďƌnjĞƉŽƐųƵŐŝǁĂųŽƐŝħũħnjLJŬŝĞŵĂŶŐŝĞůƐŬŝŵ͘
Ěƌ:ĂĐĞŬWLJǏĂůƐŬŝ͕
ǁLJŬųĂĚŽǁĐĂŝƉƌŽƌĞŬƚŽƌtLJǏƐnjĞũ^njŬŽųLJWĞĚĂŐŽŐŝĐnjŶĞũǁBŽĚnjŝ͘
KũĐŝĞĐŶƚŽŶŝĞŐŽ;ůĂƚϰЪͿ͕ƵnjĂŶŶLJ;ϮůĂƚĂͿŝDŝĐŚĂųĂ;ϵŵͲĐLJͿ
WŽĚƌħĐnjŶŝŬſǁŵĞƚŽĚLJĐnjŶLJĐŚĚůĂŽƐſďƵĐnjČĐLJĐŚũħnjLJŬſǁŽďĐLJĐŚũĞƐƚǁŝĞůĞ͘
:ĞĚŶĂŬƉƵďůŝŬĂĐũĂƉƌnjLJŐŽƚŽǁĂŶĂƉƌnjĞnjĚƌĂ'ƌnjĞŐŽƌnjĂ_ƉŝĞǁĂŬĂ͕ĚŽƚLJĐnjČĐĂ
ŶĂƵĐnjĂŶŝĂũħnjLJŬĂĂŶŐŝĞůƐŬŝĞŐŽƐƚĂŶŽǁŝǁƑƌſĚƚĞŐŽƚLJƉƵƉƵďůŝŬĂĐũŝƉŽnjLJĐũħ
ƵŶŝŬĂůŶČ͘WŽǁŽĚſǁƚĞũǁLJũČƚŬŽǁŽƑĐŝũĞƐƚŬŝůŬĂ͘ĚƌĞƐĂƚĞŵƚĞũƉŽnjLJĐũŝŶŝĞƐČ
ŶĂƵĐnjLJĐŝĞůĞůĞĐnjƌŽĚnjŝĐĞ͘dŽŐƌƵƉĂ͕ŬƚſƌĞũnjǁLJŬůĞnjĂůĞǏLJ͕ďLJŝĐŚĚnjŝĞĐŝĚŽďƌnjĞ
ŽƉĂŶŽǁĂųLJũħnjLJŬĂŶŐŝĞůƐŬŝ͘EĂũĐnjħƑĐŝĞũǁŝħĐĚďĂũČŽƚŽ͕ďLJĚnjŝĞĐŬŽŬŽƌnjLJƐƚĂųŽ
njĞǁƐƉĂƌĐŝĂũĂŬŶĂũůĞƉƐnjLJĐŚŶĂƵĐnjLJĐŝĞůŝnjĂƌſǁŶŽǁƐnjŬŽůĞ͕ũĂŬŝƉŽnjĂŶŝČ͘
ƌ'ƌnjĞŐŽƌnj_ƉŝĞǁĂŬ͕ĚŽƑǁŝĂĚĐnjŽŶLJƚĞŽƌĞƚLJŬŝŵĞƚŽĚLJŬŶĂƵĐnjĂŶŝĂũħnjLJŬĂ
ĂŶŐŝĞůƐŬŝĞŐŽ͕ƉƌŽƉŽŶƵũĞŝŶŶĞƌŽnjǁŝČnjĂŶŝĞ͘Dſǁŝ͗ĐŚĐĞƐnj͕ǏĞďLJdǁŽũĞĚnjŝĞĐŬŽ
ŵſǁŝųŽƉŽĂŶŐŝĞůƐŬƵʹnjĂĐnjŶŝũƵĐnjLJđŐŽƐĂŵĞŵƵ͘KĐnjLJǁŝƑĐŝĞƚĂŬĂƉƌŽƉŽnjLJĐũĂ
ƐĂŵĂǁƐŽďŝĞƚŽnjĂŵĂųŽ͕ǏĞďLJŵſǁŝđŽŽƌLJŐŝŶĂůŶLJŵƉŽĚƌħĐnjŶŝŬƵ͘
tƌnjĞĐnjLJǁŝƐƚŽƑĐŝ͕ŽũĞŐŽǁLJũČƚŬŽǁŽƑĐŝĚĞĐLJĚƵũĞƐƉſũŶĂŬŽŶĐĞƉĐũĂ
ĚLJĚĂŬƚLJĐnjŶĂĚĞKDKŽŵĂǁŝĂŶĂǁŬƐŝČǏĐĞ͘DĂŽŶĂŬŝůŬĂŐųſǁŶLJĐŚnjĂůĞƚ͘
WŽƉŝĞƌǁƐnjĞ͕ǁLJƌĂǍŶŝĞŽĚƌſǏŶŝĂƐƉĞĐLJĨŝŬħƑƌŽĚŽǁŝƐŬĂƌŽĚnjŝŶŶĞŐŽŝƐnjŬŽůŶĞŐŽ͘
ZŽĚnjŝĐǁƚĞũŬŽŶĐĞƉĐũŝŶŝĞƐƚĂũĞƐŝħŶĂƵĐnjLJĐŝĞůĞŵŶĂƉſųĞƚĂƚƵ͘EĂƵŬĂĂŶŐŝĞůƐŬŝĞŐŽ
ǁƚĞũŬŽŶĐĞƉĐũŝnjŽƐƚĂųĂǁďƵĚŽǁĂŶĂǁŶĂƚƵƌĂůŶLJŬůŝŵĂƚƌĞůĂĐũŝƌŽĚnjŝĐͲĚnjŝĞĐŬŽŝĐŝČŐ
ŝĐŚĐŽĚnjŝĞŶŶLJĐŚŝŶƚĞƌĂŬĐũŝ͘dŽƵĐnjĞŶŝĞƐŝħǁĚnjŝĂųĂŶŝƵŝǁŬŽŶƚĞŬƑĐŝĞnjĂƐƉŽŬĂũĂŶŝĂ
ĐŽĚnjŝĞŶŶLJĐŚƉŽƚƌnjĞďĚnjŝĞĐŬĂƉƌnjLJƉŽŵŝŶĂŵŝƉŽĚŶŝĞŬƚſƌLJŵŝǁnjŐůħĚĂŵŝnjŶĂŶČ
ǁƉĞĚĂŐŽŐŝĐĞŵĞƚŽĚħŽƑƌŽĚŬſǁƉƌĂĐLJ͕ƐƉŽƉƵůĂƌLJnjŽǁĂŶČǁŶĂƐnjLJŵŬƌĂũƵƉƌnjĞnj
ŶĞƐƚŽƌŬħƉĞĚĂŐŽŐŝŬŝDĂƌŝħ'ƌnjĞŐŽƌnjĞǁƐŬČ͘
WŽĚƌƵŐŝĞŬŽŶĐĞƉĐũĂĚƌĂ_ƉŝĞǁĂŬĂŽƉŝĞƌĂƐŝħŐųſǁŶŝĞŶĂǁnjŵŽĐŶŝĞŶŝĂĐŚ
ƉŽnjLJƚLJǁŶLJĐŚ͕ĚĂũČĐƐƉŽƌĞƐnjĂŶƐĞŶĂďƵĚŽǁĂŶŝĞƉŽnjLJƚLJǁŶĞũŵŽƚLJǁĂĐũŝƵĚnjŝĞĐŝ
ƵĐnjČĐLJĐŚƐŝħũħnjLJŬĂĂŶŐŝĞůƐŬŝĞŐŽ͘WƵďůŝŬĂĐũĂũĞƐƚƐŬŽŶĐĞŶƚƌŽǁĂŶĂŶĂƚLJŵ͕ǏĞ
ƵĐnjLJƐŝħĚnjŝĞĐŬŽʹũĂũĞĚŶĂŬĂŶĂůŝnjƵũČĐƉƌŽƉŽŶŽǁĂŶČǁŬƐŝČǏĐĞŬŽŶĐĞƉĐũħ
njĂƵǁĂǏĂŵ͕ŝǏƉƌŽĐĞĚƵƌLJĚŽŬƚſƌLJĐŚƵƚŽƌnjĂĐŚħĐĂƐƉŽǁŽĚƵũČ͕ǏĞƚĂŬǏĞƌŽĚnjŝĐ
ďħĚnjŝĞƐŝħƵĐnjLJų͘ħĚnjŝĞƚĂŬĐŚŽđďLJĚůĂƚĞŐŽ͕ŝǏƐƚŽƐŽǁĂŶŝĞũħnjLJŬĂǁĐŽĚnjŝĞŶŶLJĐŚ
ƐLJƚƵĂĐũĂĐŚƐƉŽǁŽĚƵũĞ͕ŝǏƉŽĚŽďŶŝĞũĂŬƵĚnjŝĞĐŬĂ͕ƉŽũĂǁŝƐŝħƉŽũĞŐŽƐƚƌŽŶŝĞǁŝĞůĞ
ƐƉƌnjLJũĂũČĐLJĐŚŶĂƵĐĞũħnjLJŬĂŵĞĐŚĂŶŝnjŵſǁ͕ŬƚſƌĞnjŽƐƚĂųLJƐĐŚĂƌĂŬƚĞƌLJnjŽǁĂŶĞ
ǁƉƵďůŝŬĂĐũŝ͘^ƉŽƐſďƉƌnjĞĚƐƚĂǁŝĞŶŝĂƉƌŽďůĞŵſǁŐƌĂŵĂƚLJĐnjŶLJĐŚŝǁƐƉſųĐnjĞƐŶLJĐŚ
ŬŽŶĐĞƉĐũŝŶĂƵĐnjĂŶŝĂũħnjLJŬĂĂŶŐŝĞůƐŬŝĞŐŽƚŽnjƌĞƐnjƚČŬŽůĞũŶĂnjĂůĞƚĂƉƵďůŝŬĂĐũŝ͘
ƌ_ƉŝĞǁĂŬƉƌĞnjĞŶƚƵũĞǁŝĞůĞƐƉĞĐũĂůŝƐƚLJĐnjŶLJĐŚnjĂŐĂĚŶŝĞŷǁƐƉŽƐſď͕ŬƚſƌLJĚĂũĞ
ƐƉŽƌĞƐnjĂŶƐĞŽĚďŝŽƌĐŽŵ͕ŬƚſƌnjLJŶŝĞƐČĨĂĐŚŽǁĐĂŵŝnjnjĂŬƌĞƐƵůŝŶŐǁŝƐƚLJŬŝŶĂƚŽ͕
ǏĞďLJƵŵŝĞůŝƉŽũČđ͕ũĂŬŝĞƐČnjĂůĞƚLJŵĞƚŽĚLJĚĞKDK͘
ĚĞKDKŽŬŝĞŵƉĞĚĂŐŽŐĂ
ĚĞKDK
ZŽnjĚnjŝĂųϭ
ϭϮϮ
ǁǁǁ͘ĂŶŐŝĞůƐŬŝĚůĂƌŽĚnjŝĐŽǁ͘Ɖů
ĚĞKDK
ϭϮϯ
Q
ĂŶĂůŝnjƵũĞŬŽŵƵŶŝŬĂĐũħĚŽŵŽǁČƌŽĚnjŝĐͲĚnjŝĞĐŬŽŝƵŵŝĞũħƚŶŝĞǁƉůĂƚĂũħnjLJŬĂŶŐŝĞůƐŬŝ
ǁƐLJƚƵĂĐũĞͣƚƌĂŶƐĂŬĐLJũŶĞ͟ƚĂŬ͕ĂďLJƉŽŬĂnjĂđ͕ũĂŬĚĂđĚnjŝĞĐŝŽŵƉŽǁſĚĚŽƵǏLJĐŝĂ
ũħnjLJŬĂŽďĐĞŐŽƉŽƚŽ͕ďLJŽƐŝČŐĂđƐǁŽũĞĐĞůĞ;ŶƉ͘ŽďĞũƌnjĞđĮůŵ͕ŬƵƉŝđnjĂďĂǁŬħ͕
ĚŽƐƚĂđƐǁſũƐŵĂŬŽųLJŬͿ͖
Q
njĂůĞĐĂƐŬƵƉŝĞŶŝĞƐŝħŶĂƐƚŽƐƵŶŬŽǁŽŶŝĞǁŝĞůŬŝĞũŝůŽƑđƐƚƌƵŬƚƵƌŝůĞŬƐLJŬŝŽƌĂnj
ƉŽŬĂnjƵũĞŬŽŶƚĞŬƐƚLJ͕ŬƚſƌĞĚĂũČƐnjĂŶƐħŶĂǁŝĞůŽŬƌŽƚŶĞƉŽǁƚſƌnjĞŶŝĂ͕ĐŽƉŽnjǁĂůĂŶĂ
ŐƌƵŶƚŽǁŶĞƵƚƌǁĂůĞŶŝĞ͕ůƵďǁƌħĐnjǁLJŬƐnjƚĂųĐĞŶŝĞŽĚƌƵĐŚƵũħnjLJŬŽǁĞŐŽ͖
Q
ƉŽŬĂnjƵũĞũĂŬǁƉƌŽǁĂĚnjŝđǁǏLJĐŝĞŶĂŐƌƵŶĐŝĞĚŽŵŽǁLJŵŬŽŶĐĞƉĐũħďƵĚŽǁĂŶŝĂ
ŝŶƚĞƌĂŬĐũŝũħnjLJŬŽǁĞũnjŬůŽĐŬſǁŐƌĂŵĂƚLJĐnjŶLJĐŚŝůĞŬƐLJŬĂůŶLJĐŚ͕ǁLJŬŽƌnjLJƐƚƵũČĐƚLJŵ
ƐĂŵLJŵĐĂųĞďŽŐĂĐƚǁŽũħnjLJŬĂ͕ũĂŬŝĞĚĂũĞƑƌŽĚŽǁŝƐŬŽĚŽŵŽǁĞ͖
Q
ƉƌŽƉŽŶƵũĞŬŽŶŬƌĞƚŶĞƌŽnjǁŝČnjĂŶŝĂŵĞƚŽĚLJĐnjŶĞnjĂƉĞǁŶŝĂũČĐĞƵƚƌnjLJŵĂŶŝĞŵŽƚLJǁĂĐũŝĚŽ
ŶĂƵŬŝ;ŶƉ͘ƐLJƐƚĞŵnjďŝĞƌĂŶŝĂďŽŶƵƐſǁǁĨŽƌŵŝĞŬĂŵLJĐnjŬſǁŝƉƌnjĞůŝĐnjĂŶŝĂŝĐŚŶĂŶĂŐƌŽĚLJͿ͖
Q
ǁLJũĂƑŶŝĂƌŽĚnjŝĐŽŵ͕ŶĂĐnjLJŵƉŽůĞŐĂŽĚŵŝĞŶŶŽƑđŶĂƵŬŝnjĚnjŝĞĐŬŝĞŵǁĚŽŵƵŽĚ
ŶĂƵŬŝƐnjŬŽůŶĞũŝŽƑŵŝĞůĂŝĐŚĚŽƉŽĚĞũŵŽǁĂŶŝĂǁƐƉſůŶĞũnjĂďĂǁLJũħnjLJŬŽǁĞũ͕ŵ͘ŝŶ͘
ĚnjŝħŬŝnjŵŝĞƌnjĞŶŝƵƐŝħnjŬŽŵƉůĞŬƐĂŵŝnjǁŝČnjĂŶLJŵŝnjƉŽƉƌĂǁŶČǁLJŵŽǁČǁũħnjLJŬƵ
ĂŶŐŝĞůƐŬŝŵ͘
DLJƑůħ͕ǏĞŶĂũǁŝħŬƐnjLJŵĂƚƵƚĞŵƚĞũƉƵďůŝŬĂĐũŝŝďĞnjƉŽƑƌĞĚŶŝŵƉŽǁŽĚĞŵ͕ĚůĂŬƚſƌĞŐŽ
ƐŝħŐŶČƉŽŶŝČƌnjĞƐnjĞƌŽĚnjŝĐſǁ͕ƐČďĂƌĚnjŽůŝĐnjŶĞ͕ŬŽŶŬƌĞƚŶĞƉƌnjLJŬųĂĚLJŶĂƚƵƌĂůŶĞŐŽũħnjLJŬĂ͕
ŬƚſƌĞƉŽnjǁĂůĂũČƌŽĚnjŝĐŽŵƉŽĐnjƵđƐŝħƉĞǁŶŝĞǁŶŽǁĞũƌŽůŝ͘dĞŶĨƌĂnjŽǁLJͣŶŝĞnjďħĚŶŝŬ͟
ŝƉƌnjLJŬųĂĚŽǁĞĚŝĂůŽŐŝnjĂǁĂƌƚĞǁŬŽůĞũŶLJĐŚͣŽŬĂnjũĂĐŚ͟ƐČǍƌſĚųĞŵũħnjLJŬŽǁLJŵ͕njŬƚſƌĞŐŽ
ƵĐnjLJđƐŝħŵŽŐČnjƌſǁŶLJŵƉŽǁŽĚnjĞŶŝĞŵnjĂƌſǁŶŽĚnjŝĞĐŝũĂŬŝĚŽƌŽƑůŝ͘
ĚĞKDKƚŽƉŝĞƌǁƐnjĂƉƌĂŬƚLJĐnjŶĂƉƵďůŝŬĂĐũĂŶĂƉŝƐĂŶĂƉƌnjĞnjƌŽĚnjŝĐĂĚůĂƌŽĚnjŝĐſǁ͘
dĞŶƌŽĚnjŝĐƚŽĚƌ'ƌnjĞŐŽƌnj_ƉŝĞǁĂŬͲŶŝĞƚLJůŬŽĂŶŐůŝƐƚĂŝŵĞƚŽĚLJŬŶĂƵĐnjĂŶŝĂũħnjLJŬĂ
ĂŶŐŝĞůƐŬŝĞŐŽ͕ĂůĞŝƉƌĂŬƚLJŬ͕ŬƚſƌLJnjŶĂůĂnjųƐƉŽƐſďŶĂǁLJŬŽƌnjLJƐƚĂŶŝĞƌſǏŶLJĐŚĚŽŵŽǁLJĐŚ
ŽŬĂnjũŝĚŽƚĞŐŽ͕ďLJǁLJŬƐnjƚĂųĐŝđůŝĐnjŶĞnjĂĐŚŽǁĂŶŝĂũħnjLJŬŽǁĞƵƐǁŽŝĐŚǁųĂƐŶLJĐŚĚnjŝĞĐŝ͘
tĂƌƚŽƐŬŽƌnjLJƐƚĂđnjĚŽƑǁŝĂĚĐnjĞŷĂƵƚŽƌĂŝǁLJďƌĂđƐŝħǁƉŽĚŽďŶČƉƌnjLJŐŽĚħũħnjLJŬŽǁČ
njǁųĂƐŶLJŵŝƉŽĐŝĞĐŚĂŵŝ͘
ĚƌDĂŐĚĂůĞŶĂ^njƉŽƚŽǁŝĐnj͕
ĂĚŝƵŶŬƚǁ<ĂƚĞĚƌnjĞĚƵŬĂĐũŝWŽĐnjČƚŬŽǁĞũ͕tLJĚnjŝĂųWĞĚĂŐŽŐŝŬŝ
hŶŝǁĞƌƐLJƚĞƚƵtĂƌƐnjĂǁƐŬŝĞŐŽ͘DĂŵĂDĂƚĞƵƐnjĂŝKůŝ͘
:ĂŬŽŵĞƚŽĚLJŬŶĂƵĐnjĂŶŝĂũħnjLJŬĂĂŶŐŝĞůƐŬŝĞŐŽƐƉĞĐũĂůŝnjƵũČĐLJƐŝħǁŶĂƵĐnjĂŶŝƵĚnjŝĞĐŝ͕
ďĂƌĚnjŽĐnjħƐƚŽƐƉŽƚLJŬĂŵƐŝħnjƉLJƚĂŶŝĂŵŝƌŽĚnjŝĐſǁ͕ƐnjĐnjĞŐſůŶŝĞƚLJĐŚ͕ŬƚſƌnjLJnjŶĂũČũħnjLJŬ
ĂŶŐŝĞůƐŬŝĚŽďƌnjĞůƵďďĂƌĚnjŽĚŽďƌnjĞ͕ĐnjLJŝũĂŬŵŽŐůŝďLJƉƌnjLJƐƉŝĞƐnjLJđŶĂƵŬħƐǁŽŝĐŚ
ƉŽĐŝĞĐŚ͘^ČƚŽŶŝĞũĞĚŶŽŬƌŽƚŶŝĞŽƐŽďLJnjƉĞǁŶLJŵŝŶĞŐĂƚLJǁŶLJŵŝĚŽƑǁŝĂĚĐnjĞŶŝĂŵŝ
ǁƉƌŽǁĂĚnjĂŶŝĂũħnjLJŬĂĂŶŐŝĞůƐŬŝĞŐŽĚŽŬŽŵƵŶŝŬĂĐũŝǁĚŽŵƵ͕ǁŬƚſƌLJŵũħnjLJŬŝĞŵ
ŽũĐnjLJƐƚLJŵĚůĂŽďƵƌŽĚnjŝĐſǁũĞƐƚũħnjLJŬƉŽůƐŬŝ͘^ƉŽƌĂĚLJĐnjŶĞŝŶŝĞƐLJƐƚĞŵĂƚLJĐnjŶĞ
ͣƉƌnjĞƐƚĂǁŝĂŶŝĞ͟ũħnjLJŬĂŬŽŵƵŶŝŬĂĐũŝŶĂũħnjLJŬĂŶŐŝĞůƐŬŝ͕ŐĚLJĚnjŝĞĐŝŶŝĞƐČĚŽƚĞŐŽ
ƉƌnjLJŐŽƚŽǁĂŶĞ͕ŵƵƐŝƐŬŽŷĐnjLJđƐŝħĨƌƵƐƚƌĂĐũČŝnjŶŝĞĐŚħĐĞŶŝĞŵ͕ĂǁŝħĐũĞƐƚnjnjĂųŽǏĞŶŝĂ
ĚnjŝĂųĂŶŝĞŵŽĚǁƌŽƚŶLJŵŽĚƉŽǏČĚĂŶĞŐŽ͘ĚƌƵŐŝĞũƐƚƌŽŶLJƐLJƐƚĞŵĂƚLJĐnjŶĂŝŵĞƚŽĚLJĐnjŶĂ
ŶĂƵŬĂǁnjŽƌŐĂŶŝnjŽǁĂŶĞũĨŽƌŵŝĞnjǁųĂƐŶLJŵĚnjŝĞĐŬŝĞŵǁLJŵĂŐĂƐƉĞĐũĂůŝƐƚLJĐnjŶLJĐŚ
ƵŵŝĞũħƚŶŽƑĐŝŶĂƵĐnjLJĐŝĞůƐŬŝĐŚŝƌĂĐnjĞũŶŝĞƵĚĂũĞƐŝħũĞũƉƌnjĞƉƌŽǁĂĚnjŝđǁǁĂƌƵŶŬĂĐŚ
ůĞŬĐũŝŝŶĚLJǁŝĚƵĂůŶLJĐŚ͘EĂǁĞƚĚŽƐŬŽŶĂůŝƐƉĞĐũĂůŝƑĐŝǁƚĞũĚnjŝĞĚnjŝŶŝĞƉŽƚƌĂĮČ
njŽƌŐĂŶŝnjŽǁĂđͣƐnjŬŽųħǁĚŽŵƵ͟ƚLJůŬŽǁƚĞĚLJ͕ŐĚLJŽƉƌſĐnjƐǁŽũĞŐŽŵĂůƵĐŚĂƵĐnjČũĞƐnjĐnjĞ
ŬŝůŬŽƌŽŝŶŶLJĐŚĚnjŝĞĐŝǁƉŽĚŽďŶLJŵǁŝĞŬƵ͘dĂŬŝĞǁĂƌƵŶŬŝũĞƐƚǁƐƚĂŶŝĞƐƉĞųŶŝđƚLJůŬŽ
ďĂƌĚnjŽŶŝĞůŝĐnjŶĂŐƌƵƉĂƌŽĚnjŝĐſǁͲĂŶŐůŝƐƚſǁ͘
tƑǁŝĞƚůĞƚLJĐŚƌĞĂůŝſǁŵĞƚŽĚĂĚĞKDKǁLJĚĂũĞƐŝħďLJđƵŶŝǁĞƌƐĂůŶLJŵ
ƌŽnjǁŝČnjĂŶŝĞŵ͘EĂĚĂůďħĚnjŝĞŵLJƉŽƚƌnjĞďŽǁĂůŝnjŶĂũŽŵŽƑĐŝũħnjLJŬĂĂŶŐŝĞůƐŬŝĞŐŽŝƉĞǁŶĞũ
ƐLJƐƚĞŵĂƚLJĐnjŶŽƑĐŝ͕ĂůĞďħĚnjŝĞŽŶĂǁLJŶŝŬĂųĂnjĐŽĚnjŝĞŶŶLJĐŚ͕ƌƵƚLJŶŽǁLJĐŚĐnjLJŶŶŽƑĐŝ͕
ĂǁŝħĐŶŝĞďħĚnjŝĞŽĚŶĂƐǁLJŵĂŐĂųĂĚŽĚĂƚŬŽǁĞŐŽŶĂŬųĂĚƵĐnjĂƐƵƚLJůŬŽĚŽƐƚƌnjĞǏĞŶŝĂ
ŝǁLJŬŽƌnjLJƐƚĂŶŝĂƉĞǁŶLJĐŚŶĂĚĂƌnjĂũČĐLJĐŚƐŝħŽŬĂnjũŝ͘
njLJƚĂũČĐWƌnjĞǁŽĚŶŝŬƉŽŵĞƚŽĚnjŝĞĚĞKDKŽĚŶŽƐnjħǁƌĂǏĞŶŝĞ͕ǏĞũĞƐƚƚŽƉŝĞƌǁƐnjĂ
ƚĂŬŐƌƵŶƚŽǁŶŝĞƉƌnjĞŵLJƑůĂŶĂƉƵďůŝŬĂĐũĂĚůĂŽƐſď͕ŬƚſƌĞĐŚĐČŶĂƉŽǁĂǏŶŝĞnjĂũČđƐŝħ
ĞĚƵŬĂĐũČũħnjLJŬŽǁČǁųĂƐŶLJĐŚĚnjŝĞĐŝŝƐnjƵŬĂũČƐƉŽƐŽďƵŶĂĞĨĞŬƚLJǁŶĞŝƉŽǏLJƚĞĐnjŶĞ
ǁLJŬŽƌnjLJƐƚĂŶŝĞǁƐƉſůŶĞŐŽĐnjĂƐƵ͘:ĂŬǁŝĚĂđnjƉƌnjĞĚƐƚĂǁŝŽŶLJĐŚƚƵƉƌnjLJŬųĂĚſǁǁŝĞůƵ
ƌŽĚnjŝŶ͕ƉƌnjLJŽĚƉŽǁŝĞĚŶŝŵnjĂĂŶŐĂǏŽǁĂŶŝƵ͕ĚŽďƌĞũǁŽůŝŝŝŶǁĞŶĐũŝ͕ŵŽǏůŝǁĞũĞƐƚ
ǁLJŬƐnjƚĂųĐĞŶŝĞƵĚnjŝĞĐŝnjĂĐŚŽǁĂŷũħnjLJŬŽǁLJĐŚǁũħnjLJŬƵĂŶŐŝĞůƐŬŝŵǁďĂƌĚnjŽǁŝĞůƵ
ƐLJƚƵĂĐũĂĐŚĚŶŝĂĐŽĚnjŝĞŶŶĞŐŽ͘/ĐŽŶĂũǁĂǏŶŝĞũƐnjĞ͕ƐČƚŽƐLJƚƵĂĐũĞƵŶŝŬĂůŶĞĚůĂǏLJĐŝĂ
ĚŽŵŽǁĞŐŽ͕ŬƚſƌĞĚĂũČĚnjŝĞĐŝŽŵƐnjĂŶƐħŽƉĂŶŽǁĂŶŝĂƚĂŬŝĞŐŽũħnjLJŬĂ͕ũĂŬŝĞŐŽǁƐnjŬŽůĞ
njǁLJŬůĞƐŝħŶŝĞƵĐnjČ͕ďŽŬŽŶƚĞŬƐƚŬůĂƐLJƐnjŬŽůŶĞũŝĚŽŵƵƐƉƌnjLJũĂũČŝŶŶLJŵƐLJƚƵĂĐũŽŵ
ũħnjLJŬŽǁLJŵŝƵǏLJĐŝƵŝŶŶLJĐŚnjǁƌŽƚſǁ͘
ƉƵŶŬƚƵǁŝĚnjĞŶŝĂƉƌnjLJƐǁĂũĂŶŝĂũħnjLJŬĂŽďĐĞŐŽŵĞƚŽĚĂĚĞKDKŵĂŬŝůŬĂ
ŶŝĞnjĂƉƌnjĞĐnjĂůŶLJĐŚnjĂůĞƚ͕ŬƚſƌĞƉƌnjĞŬųĂĚĂũČƐŝħŶĂĞĨĞŬƚLJǁŶŽƑđŶĂƵŬŝǁĚŽŵƵ͗
Q
ǁLJŬŽƌnjLJƐƚƵũĞƌƵƚLJŶŽǁĞŽŬĂnjũĞǏLJĐŝĂĚŽŵŽǁĞŐŽĚŽnjĂƐƚħƉŽǁĂŶŝĂŶŝĞŬƚſƌLJĐŚ
njǁƌŽƚſǁĐŽĚnjŝĞŶŶĞŐŽƵǏLJĐŝĂǁũħnjLJŬƵŽũĐnjLJƐƚLJŵnjǁƌŽƚĂŵŝǁũħnjLJŬƵĂŶŐŝĞůƐŬŝŵ͖
KƉƌnjLJƐǁĂũĂŶŝƵũħnjLJŬĂ
ĂŶŐŝĞůƐŬŝĞŐŽǁĚĞKDK
ĚĞKDK
ZŽnjĚnjŝĂųϭ
ϭϮϰ
ǁǁǁ͘ĂŶŐŝĞůƐŬŝĚůĂƌŽĚnjŝĐŽǁ͘Ɖů
ĚĞKDK
ϭϮϱ
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ƐĞƌŝĞƐŽĨŬƐĨŽƌƉĂƌĞŶƚƐǁŚŽĂƌĞĂŵďŝƟŽƵƐƚŽƐĞĞƚŚĞŝƌĐŚŝůĚƌĞŶ
ĚĞǀĞůŽƉƚŚĞŝƌŶŐůŝƐŚƐƉĞĂŬŝŶŐƐŬŝůůƐ͘sĞƌLJŽŌĞŶWŽůŝƐŚƉĂƌĞŶƚƐǁŝƚŚŇƵĞŶƚ
ŶŐůŝƐŚʹŽƌĞǀĞŶĐŽŶǀĞƌƐĂƟŽŶĂůŶŐůŝƐŚͲĂƌĞŶŽƚƉƌĞƉĂƌĞĚƚŽƐƉĞĂŬŝŶ
ŶŐůŝƐŚƚŽƚŚĞŝƌĐŚŝůĚƌĞŶďĞĐĂƵƐĞƚŚĞLJĨĞĞůƚŚĂƚŝƚŝƐƐŽŵĞŚŽǁĂƌƟĮĐŝĂůŽƌ
ĂǁŬǁĂƌĚ͘dŚĞƐĞŬƐƚƌŝƵŵƉŚĂŶƚůLJŝůůƵƐƚƌĂƚĞƚŚĂƚŝƚŝƐŝŶĨĂĐƚƉŽƐƐŝďůĞ
ƚŽĐƌĞĂƚĞĂŶĂƚƵƌĂůŶŐůŝƐŚͲƐƉĞĂŬŝŶŐĞŶǀŝƌŽŶŵĞŶƚŝŶƚŚĞŚŽŵĞďLJŵĂŬŝŶŐ
ƌĞĐŽƵƌƐĞƚŽĐŽŶƚƌŽůůĞĚƌŽůĞͲƉůĂLJŝŶŐ͘
dŚĞŵĞƌŝƚƐŽĨƚŚĞƐĞŬƐĂƌĞƉƌŝŶĐŝƉĂůůLJƚŚĞƐŵĂƌƚĚŝĂůŽŐƵĞƐ͕
ĂĐĐŽŵƉĂŶŝĞĚďLJŶŐůŝƐŚͲWŽůŝƐŚŐůŽƐƐĂƌŝĞƐ͕ǁŚŝĐŚƉůĂLJŽƵƚůŽŐŝĐĂůůLJŝŶ
ĂůůƐŽƌƚƐŽĨĚŽŵĞƐƟĐƐŝƚƵĂƟŽŶƐǁŚĞƌĞƉĂƌĞŶƚƐĂŶĚĐŚŝůĚƌĞŶŝŶƚĞƌĂĐƚ͘
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ĂŶĚŵĂĚĞĐƵƌƌĞŶƚƚŽƚŚĞŝŶƚĞƌĞƐƚƐŽĨLJŽƵŶŐƉĞŽƉůĞ͕ǁŚŝĐŚŚĂƐŝŶĨƵƐĞĚ
ƚŚĞĞŶƟƌĞǁŽƌŬǁŝƚŚĂŐƌĞĂƚĚĞĂůŽĨĨƌĞƐŚŶĞƐƐĂŶĚƐĞŶƐĞŽĨŝŶŶŽǀĂƟŽŶ͘
ƐƚŚĞĨĂƚŚĞƌŽĨĐŚŝůĚƌĞŶŚŝŵƐĞůĨ͕ƌĞŶŽǁŶĞĚĂƵƚŚŽƌ'ƌnjĞŐŽƌnj^ƉŝĞǁĂŬ
ƵŶĚĞƌƐƚĂŶĚƐƉĞƌĨĞĐƚůLJǁĞůůƚŚĂƚŽƵƌŬŝĚƐĂƌĞĞdžƚƌĞŵĞůLJďƌŝŐŚƚĂŶĚ
ǁŝůůŽŶůLJƌĞƐƉŽŶĚƚŽǁŚĂƚƚŚĞLJƉĞƌĐĞŝǀĞĂƐĂŶŝŶƚĞƌĞƐƟŶŐĐŚĂůůĞŶŐĞ͘
WĞƌŚĂƉƐŵŽƐƚƐŝŐŶŝĮĐĂŶƚůLJŽĨĂůů͕ƉĂƌĞŶƚƐǁŚŽƚĂŬĞƵƉƚŚĞĐŚĂůůĞŶŐĞƚŽ
ƐƉĞĂŬƚŽƚŚĞŝƌĐŚŝůĚƌĞŶŝŶŶŐůŝƐŚǁŝůůĂůƐŽĚŝƐĐŽǀĞƌĂŶĞǁůŝŶĞŽĨƉůĂLJĨƵů
ĐŽŵŵƵŶŝĐĂƟŽŶƚŚĂƚŽŌĞŶŐĞƚƐůŽƐƚŝŶƚŚĞƐŝůĞŶƚƵŶĚĞƌƐƚĂŶĚŝŶŐƐĂŶĚŶŽŶͲ
ǀĞƌďĂůĐŽŵŵƵŶŝĐĂƟŽŶƐŽĨŚŽŵĞůŝĨĞ͘
DLJǁŝĨĞĂŶĚ/ĂƌĞƉĂƌĞŶƚƐŽĨďŝͲůŝŶŐƵĂůĐŚŝůĚƌĞŶ͗:ƵůŝĂ͕ĂƉƌĞĐŽĐŝŽƵƐ
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,ŽǁĞǀĞƌ͕ŽŶƌĞĂĚŝŶŐƚŚŝƐŬǁĞŝŵŵĞĚŝĂƚĞůLJƐĂǁŚŽǁŝƚƐĚŝĂůŽŐƵĞƐ
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ƚŚĞĐŚĂůůĞŶŐĞ͘/ŶƚƵƌŶ͕ǁĞǁĞƌĞƉĂƌƟĐƵůĂƌůLJƉůĞĂƐĞĚƚŽƐĞĞŚŽǁƚŚĞ
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ƌĞŇĞĐƟŶŐƚŚĞŝƌĐŚĂŶŐŝŶŐĐŽŵŵƵŶŝĐĂƟǀĞŶĞĞĚƐ͘
&ŽƌĂůůƚŚĞƐĞƌĞĂƐŽŶƐ͕/ĂŵĐĞƌƚĂŝŶƚŚĂƚƚŚĞƐĞƉƵďůŝĐĂƟŽŶƐǁŝůůƌĞƉƌĞƐĞŶƚ
ĂŐƵŝĚŝŶŐůŝŐŚƚĨŽƌŽƚŚĞƌƉĂƌĞŶƚƐǁŚŽĂƌĞůŽŽŬŝŶŐƚŽƚĂƉŝŶƚŽƚŚĞůŝŶŐƵŝƐƟĐ
ƉŽƚĞŶƟĂůŽĨƚŚĞŝƌĨĂŵŝůLJ͘/ŶĚĞĞĚ͕ďĞĐĂƵƐĞŽĨƚŚĞǁĂLJŝŶǁŚŝĐŚƚŚĞŬƐĂƌĞ
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ƐůŝƉƉŝŶŐďĞƚǁĞĞŶWŽůŝƐŚĂŶĚŶŐůŝƐŚ͘dŚŝƐĞdžƚƌĞŵĞůLJƵƐĞĨƵůƐĞƌŝĞƐŚĂƐĐĞƌƚĂŝŶůLJ
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ŬƚſƌLJĐŚĂŵďŝĐũČũĞƐƚǁƐƉŝĞƌĂŶŝĞƵŝĐŚĚnjŝĞĐŝƵŵŝĞũħƚŶŽƑĐŝƐǁŽďŽĚŶĞŐŽŵſǁŝĞŶŝĂǁũħnjLJŬƵ
ĂŶŐŝĞůƐŬŝŵǁƐnjĞƌĞŐƵƐLJƚƵĂĐũŝĐŽĚnjŝĞŶŶLJĐŚ͘tŝĞůƵnjƚLJĐŚƌŽĚnjŝĐſǁŵŝĞǁĂŽƉŽƌLJƉƌnjĞĚ
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ƉŽƉŽůƐŬƵŝƉŽĂŶŐŝĞůƐŬƵ͕ĚnjŝħŬŝƐnjĐnjĞŐſůŶĞŵƵƌŽĚnjĂũŽǁŝĞĚƵŬĂĐLJũŶĞũŐƌLJũħnjLJŬŽǁĞũnjũĂƐŶŽ
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ƉƌnjĞnjĂƵƚŽƌſǁǁLJƌĂǏĞŶŝĂŝƐųŽǁŶŝĐƚǁŽƚŽďĂƌĚnjŽƑǁŝĞǏLJ͕ǁƐƉſųĐnjĞƐŶLJũħnjLJŬĂŶŐŝĞůƐŬŝ͕
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ĚŽƐŬŽŶĂůĞ͕ǏĞŶĂƐnjĞĚnjŝĞĐŝĂŬŝƚŽŶŝĞďLJǁĂůĞnjŵLJƑůŶĞŝƐƚŽƚLJŝǏĞnjĂŝŶƚĞƌĞƐŽǁĂđũĞŵŽǏĞũĞĚLJŶŝĞ
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DĂŵƚŽƐnjĐnjħƑĐŝĞ͕ǏĞnjŵŽũČǏŽŶČWŽůŬČǁLJĐŚŽǁƵũĞŵLJĚǁſũŬħĚǁƵũħnjLJĐnjŶLJĐŚĚnjŝĞĐŝ͗ϲͲůĞƚŶŝČ
:ƵůŝħŝϮͲŝͲƉſųͲůĞƚŶŝČ<ĂƌŽůŝŶŬħ͘tĐŝČǏnjĂƐŬĂŬƵũĞŶĂƐ͕njũĂŬČųĂƚǁŽƑĐŝČƚĞŵĂůƵĐŚLJƌŽnjǁŝũĂũČ
ƐŝħǁŽďLJĚǁƵũħnjLJŬĂĐŚ͕ŶŝĞŵĂůďĞnjǁŝĚŽĐnjŶĞŐŽǁLJƐŝųŬƵ͘ŽƉŝĞƌŽůĞŬƚƵƌĂŵŽĚĞůŽǁLJĐŚ
ƐĐĞŶĞŬŝůŝƐƚƚLJƉŽǁLJĐŚǁLJƌĂǏĞŷǁŶŐŝĞůƐŬŝŵĚůĂƌŽĚnjŝĐſǁƵƑǁŝĂĚŽŵŝųĂŶĂŵũĞĚŶĂŬ͕ĐŽƚĂŬ
ŶĂƉƌĂǁĚħŝŶƐƚLJŶŬƚŽǁŶŝĞƌŽďŝůŝƑŵLJĚŽƚČĚŵLJƐĂŵŝ͕ǁŶĂƐnjLJŵƉŽůƐŬŽͲŝƌůĂŶĚnjŬŝŵĚŽŵƵ͘:ĂŬŽ
ƌŽĚnjŝĐĞǁųĂƑŶŝĞǁŝĚnjŝŵLJƚĞǏŶĂũůĞƉŝĞũ͕ǏĞũħnjLJŬƌŽƑŶŝĞǁƌĂnjnjĚnjŝĞĐŬŝĞŵ͕ŽĚnjǁŝĞƌĐŝĞĚůĂũČĐ
njŵŝĞŶŝĂũČĐĞƐŝħƉŽƚƌnjĞďLJŬŽŵƵŶŝŬĂĐLJũŶĞ͘_ǁŝĞƚŶŝĞƉŽŬĂnjƵũČƚŽƚƌnjLJĐnjħƑĐŝŶŐŝĞůƐŬŝĞŐŽĚůĂ
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