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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GOD

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
ƉŽŬĂnjƵũČĐũĞĚŶŽĐnjĞƑŶŝĞ͕ĐŽŵŶŝĞƐƉƌĂǁŝǁŝĞůŬČƉƌnjLJũĞŵŶŽƑđ͘ĚnjŝĞĐŬŽ͕ƉŽŶŝĞǁĂǏ
ũĞƐƚŵŽŝŵĚnjŝĞĐŬŝĞŵ͕ƚĞǏƐŝħƵĐŝĞƐnjLJ͕ŐĚLJũĂƐŝħƵĐŝĞƐnjħ͘ǁųĂƐnjĐnjĂ͕ŐĚLJƉƌnjLJŽŬĂnjũŝ͕
ŵŝŵŽĐŚŽĚĞŵŶŝĞũĂŬŽ͕njĂųĂƚǁŝnjĞŵŶČĐŽƑ͕ŶĂĐnjLJŵŵƵĂŬƵƌĂƚďĂƌĚnjŽnjĂůĞǏLJ͘
ũĂƐǁŽũĞĚnjŝĞĐŬŽnjŶĂŵĚŽƐŬŽŶĂůĞŝŵŽŐħƉƌnjĞǁŝĚnjŝĞđ͕ĐŽƚŽƚĂŬŝĞŐŽ͊

Z

Ž

njĚnjŝĂų

Ϯ

dŽĐŽ͕ƐnjŬŽųĂǁĚŽŵƵ͍

ǁǁǁ͘ĂŶŐŝĞůƐŬŝĚůĂƌŽĚnjŝĐŽǁ͘Ɖů

tŝĞůƵnjŶĂƐnjƉĞǁŶŽƑĐŝČƉĂŵŝħƚĂnjŬƵƌƐſǁũħnjLJŬĂĂŶŐŝĞůƐŬŝĞŐŽƚĞĐŚŶŝŬħƚnjǁ͘ƌŽůĞ
ƉůĂLJ;ͣŽĚŐƌLJǁĂŶŝĞƌſů͟Ϳ͗ƵĐnjĞƐƚŶŝĐLJđǁŝĐnjĞŶŝĂŽƚƌnjLJŵƵũČĨŝƐnjŬŝnjŽƉŝƐĞŵƌŽůŝ͕ŬƚſƌČ
njĂĐŚǁŝůħďħĚČŽĚŐƌLJǁĂđǁũħnjLJŬƵŽďĐLJŵǁƌĂnjnjƉĂƌƚŶĞƌĞŵůƵďŐƌƵƉČ͘dĂƚĞĐŚŶŝŬĂ
ƐƚĂŶŽǁŝũĞĚĞŶnjƐƚĂųLJĐŚƉƵŶŬƚſǁƉƌŽŐƌĂŵƵǁƚnjǁͣ͘ƉŽĚĞũƑĐŝƵŬŽŵƵŶŝŬĂĐLJũŶLJŵ͟
;ĂŶŐ͘ŽŵŵƵŶŝĐĂƚŝǀĞƉƉƌŽĂĐŚͿ͕ĚŽŵŝŶƵũČĐLJŵŽĚƉŽŶĂĚϮϱůĂƚǁŶĂƵĐnjĂŶŝƵũħnjLJŬĂ
ĂŶŐŝĞůƐŬŝĞŐŽǁƵƌŽƉŝĞŝŶĂƑǁŝĞĐŝĞ͘

dĞĐŚŶŝŬĂƌŽůĞƉůĂLJŶĂŽŐſųƐƉƌĂǁĚnjĂƐŝħĚŽďƌnjĞŽƚLJůĞ͕ǏĞĚĂũĞŽŬĂnjũħ
ĚŽnjĂƐƚŽƐŽǁĂŶŝĂŶĂďLJƚĞũũƵǏǁŝĞĚnjLJũħnjLJŬŽǁĞũǁƐƉŽƐſď͕ŬƚſƌLJƚƌŽĐŚħƉƌnjLJƉŽŵŝŶĂ
ƵǏLJĐŝĞũħnjLJŬĂǁǁĂƌƵŶŬĂĐŚƉŽnjĂƐnjŬŽůŶLJĐŚ͘:ĞƐƚũĞĚŶĂŬƉĞǁŝĞŶƐnjŬŽƉƵų͗ǁďƌĞǁ
ƚǁŝĞƌĚnjĞŶŝŽŵŶŝĞŬƚſƌLJĐŚƉƌŽƉĂŐĂƚŽƌſǁƉŽĚĞũƑĐŝĂŬŽŵƵŶŝŬĂĐLJũŶĞŐŽ͕ŶŝĞŵĂŵLJƚƵ
ĚŽĐnjLJŶŝĞŶŝĂnjĂƵƚĞŶƚLJĐnjŶLJŵŬŽŶƚĞŬƐƚĞŵƵǏLJĐŝĂ͕ůĞĐnjũĞĚLJŶŝĞnjũĞŐŽŵŽĚĞůĞŵ͘:ĞƐƚ
ǁƚLJŵ͕njŶĂƚƵƌLJƌnjĞĐnjLJ͕ƉĞǁŶĂƚĞĂƚƌĂůŶŽƑđ͕ŬŽŶŝĞĐŬŽŷĐſǁƵĐnjĞƐƚŶŝĐLJŵƵƐnjČƵĚĂǁĂđ͕
ǏĞnjŶĂũĚƵũČƐŝħŶƉ͘ŶĂƐƚĂĐũŝŬŽůĞũŽǁĞũĐnjLJǁƐŬůĞƉŝĞ͕ĂŶĂǁĞƚǁĐŚŽĚnjŝđǁƌŽůĞ͕
ŬƚſƌLJĐŚƉƌĂǁŝĞŶĂƉĞǁŶŽŶŝŐĚLJŶŝĞďħĚČŽĚŐƌLJǁĂđǁƌnjĞĐnjLJǁŝƐƚŽƑĐŝƉŽnjĂƐnjŬŽůŶĞũ͕
ŶƉ͘ƉŽůŝĐũĂŶƚſǁ͕ƉƌĂĐŽǁŶŝŬſǁƐŬůĞƉſǁŝƚĚ͘

KƉƌſĐnjĞĨĞŬƚƵƐnjƚƵĐnjŶŽƑĐŝũĞƐƚƚĞǏĚƌƵŐŝƉƌŽďůĞŵ͗ĞǁĞŶƚƵĂůŶĞƌĞĂŬĐũĞũħnjLJŬŽǁĞ͕
ũĂŬŝĞƚǁŽƌnjČƵĐnjĞƐƚŶŝĐLJƌŽůĞƉůĂLJŶŝĞƐČƉŽǁŝČnjĂŶĞnjƌnjĞĐnjLJǁŝƐƚLJŵŝĂŬƚĂŵŝ
ŬŽŵƵŶŝŬĂĐLJũŶLJŵŝ͘

WLJƚĂŶŝĞďƌnjŵŝ͕ĐnjLJǁǁĂƌƵŶŬĂĐŚƉŽůƐŬŝĞŐŽĚŽŵƵŵŽǏĞŵLJƉƌnjĞnjǁLJĐŝħǏLJđ
ƚĞŶŝĞĚŽƐƚĂƚŬŝ͘KĚƉŽǁŝĞĚǍŶĂŬŽůĞũŶLJĐŚƐƚƌŽŶĂĐŚWƌnjĞǁŽĚŶŝŬĂ͘

Q

KĐnjLJŵŝĚůĂĐnjĞŐŽƚĂŬŶĂƉƌĂǁĚħƌŽnjŵĂǁŝĂŵLJǁĚŽŵƵ

ZŽnjĚnjŝĂų

ϳ

ZŽnjĚnjŝĂųϭ

ϭϰ

ĚĞKDK

ZŽnjĚnjŝĂųϮ

ϭϲ

ǁǁǁ͘ĂŶŐŝĞůƐŬŝĚůĂƌŽĚnjŝĐŽǁ͘Ɖů

ĚĞKDK

ϭϳ

LJđŵŽǏĞǁƚLJŵŵŝĞũƐĐƵnjĂĐnjLJŶĂĐŝĞƐŝħ͕DĂŵŽŝdĂƚŽ͕ƉŽǁŽůŝŝƌLJƚŽǁĂđ
ŝŶŝĞĐŝĞƌƉůŝǁŝđ͗ƐŬŽƌŽŶŝĞŵŽŐħďLJđŶĂƵĐnjLJĐŝĞůĞŵĚůĂƐǁŽũĞŐŽĚnjŝĞĐŬĂ͕ŶŝĞŵŽŐħ
njĂĨƵŶĚŽǁĂđŵƵĚŽŵŽǁĞŐŽŬƵƌƐƵƉƌnjĞƚƌǁĂŶŝĂǁũħnjLJŬƵ^njĞŬƐƉŝƌĂ͕ĂƐnjŬŽųĂƚĞǏ
ŵŝŶŝĞƉŽŵŽǏĞ͕ƚŽĐŽŵŝƉŽnjŽƐƚĂũĞ͍KƚſǏƉŽnjŽƐƚĂũĞ͙ǁLJŬŽƌnjLJƐƚĂŶŝĞdǁŽũĞŐŽ
ǁųĂƐŶĞŐŽĚŽŵƵ͕ũĂŬŽŶĂƚƵƌĂůŶĞŐŽŬŽŶƚĞŬƐƚƵĚŽŬŽŵƵŶŝŬĂĐũŝĚŽŵŽǁĞũ͘/ŽƚŽĐĂųLJ
ƐĞŬƌĞƚŵĞƚŽĚLJĚĞKDK͘ůĞnjĂŶŝŵũČƉƌnjĞĚƐƚĂǁŝŵLJŬƌŽŬƉŽŬƌŽŬƵ͕ƉƌnjLJũƌnjLJũŵLJƐŝħ
ƵǁĂǏŶŝĞŶĂƐnjĞŵƵĚŽŵŽǁŝ͘KƚLJŵƌŽnjĚnjŝĂųŶĂƐƚħƉŶLJ͘

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:ĂŬƐƉƌĂǁŝđ͕ďLJĚnjŝĞĐŬŽ

ƐĂŵŽ

ĐŚĐŝĂųŽŵſǁŝđĚŽŶĂƐƉŽĂŶŐŝĞůƐŬƵ

ZŽnjĚnjŝĂų

ϱ

Q

ĐŽnjƌŽďŝđ͕ĂďLJŶŝĞǁLJŵĂŐĂųŽƚŽ
njŶĂƐnjĞũƐƚƌŽŶLJĚƵǏĞŐŽǁLJƐŝųŬƵ͕ƵƉŽƌƵŝĐnjĂƐƵ

ZŽnjĚnjŝĂų

ϳ

ĚůĂĐnjĞŐŽŶŝĞŵſǁŝđĐĂųLJĐnjĂƐƉŽĂŶŐŝĞůƐŬƵ͍

ŽWŽůĂĐLJŶŝĞŐħƐŝ͙

dŽnjŶĂŶĞƉŽǁŝĞĚnjŽŶŬŽǁƉƌnjĞƐnjųŽƑĐŝĐnjħƐƚŽƵƐƉƌĂǁŝĞĚůŝǁŝĂųŽŬŝĞƉƐŬŝĞǁLJŶŝŬŝŶĂƐnjLJĐŚ
ƌŽĚĂŬſǁŶĂƉŽůƵũħnjLJŬſǁŽďĐLJĐŚ͘:ĞƐƚǁŶŝŵũĞĚŶĂŬnjŝĂƌŶŽƉƌĂǁĚLJ͕ŝƐƚŽƚŶĞĚůĂ
ŶĂƐnjLJĐŚĐĞůſǁ͘EŝĞŵĂďŽǁŝĞŵŶŝĐŶĂƚƵƌĂůŶĞŐŽǁƵĚĂǁĂŶŝƵ͕ǏĞƉŽůƐŬĂŵĂŵĂĐnjLJ
ƚĂƚĂŶĂŐůĞƉƌnjĞƐƚĂũĞƌŽnjƵŵŝĞđƉƌŽƑďLJůƵďƉLJƚĂŶŝĂƐǁŽũĞŐŽƉŽůƐŬŝĞŐŽĚnjŝĞĐŬĂ͘

tƐnjĞůŬŝĞƉƌſďLJĐnjĞŐŽƑ͕ĐŽǁŵĞƚŽĚLJĐĞŶĂƵĐnjĂŶŝĂũħnjLJŬſǁŽďĐLJĐŚŽŬƌĞƑůĂƐŝħ
ŵŝĂŶĞŵdŽƚĂů/ŵŵĞƌƐŝŽŶ;ĚŽƐųͣ͘ƉĞųŶĞnjĂŶƵƌnjĞŶŝĞ͟ʹƚƵ͗njĂŶƵƌnjĞŶŝĞǁũħnjLJŬƵ
ŽďĐLJŵͿƚŽŬŽůĞũŶĂƐnjƚƵĐnjŶŽƑđŝƵĚnjŝǁŶŝĞŶŝĞǁƉƌnjLJƉĂĚŬƵ͕ŐĚLJŵĂŵĂ͕ƚĂƚĂŝĚnjŝĞĐŬŽ
ŵŽŐČƐŝħŽŶŝĞďŽůĞƉŝĞũŝƐnjLJďĐŝĞũƉŽƌŽnjƵŵŝĞđǁƐǁŽŝŵŽũĐnjLJƐƚLJŵũħnjLJŬƵ͘

DĞƚŽĚĂdŽƚĂů/ŵŵĞƌƐŝŽŶƚŽ͕ũĂŬƐƵŐĞƌƵũĞŶĂnjǁĂ͕ƚĞĐŚŶŝŬĂŶĂƵŬŝƉųLJǁĂŶŝĂ͘:Ğũ
ƚǁſƌĐČũĞƐƚdĞƌƌLJ>ĂƵŐŚůŝŶ͕ĂŵĞƌLJŬĂŷƐŬŝŝŶƐƚƌƵŬƚŽƌƉųLJǁĂĐŬŝ͘tƉƌnjĞĐŝǁŝĞŷƐƚǁŝĞ
ĚŽŬŽŶŬƵƌĞŶĐLJũŶLJĐŚŵĞƚŽĚ͕ĂŬĐĞŶƚƵũĞŶŝĞƐnjLJďŬŽƑđ͕ůĞĐnjŶĂƚƵƌĂůŶŽƑđ͕ƌLJƚŵ
ŝŬŽŵĨŽƌƚ͘tŚŝƐƚŽƌŝŝŵĞƚŽĚŶĂƵĐnjĂŶŝĂũħnjLJŬſǁŽďĐLJĐŚdŽƚĂů/ŵŵĞƌƐŝŽŶǁŝČǏĞƐŝħ
ŶĂũĐnjħƑĐŝĞũnjƉƌĂĐĂŵŝ^ƚĞǀĞŶĂ<ƌĂƐŚĞŶĂ͕ŬƚſƌLJƉŽĚŬƌĞƑůĂųĨƵŶĚĂŵĞŶƚĂůŶČǁĂŐħ
ͣnjĂŶƵƌnjĞŶŝĂ͟ƵĐnjŶŝĂǁũħnjLJŬƵŽďĐLJŵ͘

dĞŐŽƵĚnjŝǁŶŝĞŶŝĂĚnjŝĞĐŬƵŶŝĞƐƉŽƐſďnjĂĂŬĐĞƉƚŽǁĂđ͕ĂŶĂŵŝƚĂŬŶŝĞƵĚĂƐŝħŐŽ
ŬŽŶƐĞŬǁĞŶƚŶŝĞƉƌnjĞƉƌŽǁĂĚnjŝđ͘ŽĐŽďħĚnjŝĞ͕ũĂŬŽĚǁŝĞĚnjČŶĂƐĚnjŝĂĚŬŽǁŝĞ͍EĂĚĂů
ďħĚnjŝĞŵLJƵĚĂǁĂđ͕ǏĞŶŝĞƌŽnjƵŵŝĞŵLJƉŽƉŽůƐŬƵ͍ĐŽďħĚnjŝĞǁƐŬůĞƉŝĞ͍EĂƉůĂĐƵ
njĂďĂǁ͍tƌĞƐƚĂƵƌĂĐũŝ͍WŽŵŝũĂũČĐƚħƚƌƵĚŶŽƑđͣůŽŐŝƐƚLJĐnjŶČ͕͟ĐnjLJŶĂƉƌĂǁĚħĂǏƚĂŬ
ŶĂƚƵƌĂůŶŝĞĐnjƵũĞŵLJƐŝħƐĂŵŝǁũħnjLJŬƵŽďĐLJŵ͕ǏĞũĞƐƚĞƑŵLJǁƐƚĂŶŝĞƐǁŽďŽĚŶŝĞ
ǁLJƌĂnjŝđǁƐnjLJƐƚŬŝĞŶĂƐnjĞƉŽƚƌnjĞďLJŝƵĐnjƵĐŝĂ͍ŶĂƐnjĞĚnjŝĞĐŬŽ͍WƌnjĞĐŝĞǏʹƉƌnjĞnj
ƉŝĞƌǁƐnjĞƚLJŐŽĚŶŝĞƉƌnjLJŶĂũŵŶŝĞũʹũĞƑůŝŵŝĂųŽďLJŵſǁŝđƚLJůŬŽƉŽĂŶŐŝĞůƐŬƵ͕ƐƚĂųŽďLJ
ƐŝħƉƌĂŬƚLJĐnjŶŝĞŶŝĞŵĞ͙

ĚĞKDK

hƑǁŝĂĚŽŵŝĞŶŝĞƐŽďŝĞƚLJĐŚǁųĂƑŶŝĞĐĞĐŚĚŽŵƵƚŽŬƌŽŬŬŽŶŝĞĐnjŶLJĚŽnjƌŽnjƵŵŝĞŶŝĂ͕ũĂŬ
ƌſǏŶĞƐČƌĞůĂĐũĞŵŝħĚnjLJŶĂƵĐnjLJĐŝĞůĞŵĂƵĐnjŶŝĞŵǁǁĂƌƵŶŬĂĐŚƐnjŬŽůŶLJĐŚŽĚƌĞůĂĐũŝ
ŵŝħĚnjLJƌŽĚnjŝĐĞŵĂũĞŐŽĚnjŝĞĐŬŝĞŵǁǁĂƌƵŶŬĂĐŚĚŽŵŽǁLJĐŚ͘ZſǏŶLJũĞƐƚnjĂƌſǁŶŽ
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

:ĂŬǁŝĂĚŽŵŽ͕ŶŝĐŶŽǁĞŐŽƉŽĚƐųŽŷĐĞŵ͕ǁŝħĐŝĚĞKDKƚŽũħnjLJŬŽǁĂŽĚŵŝĂŶĂnjŶĂŶĞũ
ƐŬČĚŝŶČĚŵĞƚŽĚLJŬŝũĂŝŵĂƌĐŚĞǁŬŝ͘ƚLJŵǏĞǁĚĞKDKŵĂƌĐŚĞǁŬĂũĞƐƚŽŐƌŽŵŶĂ͕
ĂŬŝũĞŬ͙ƚĂŬŶĂƉƌĂǁĚħͣŬŝũĞŬ͟ŶŝĞnjŶŝŬŶČųĐĂųŬŽǁŝĐŝĞ͘WŽƉŝĞƌǁƐnjĞ͕ƉŽnjŽƐƚĂųĂnjĂƐĂĚĂ
ĐŽƑnjĂĐŽƑʹďĞnjǁLJƐŝųŬƵnjĞƐƚƌŽŶLJĚnjŝĞĐŬĂŶŝĞďħĚnjŝĞƵƉƌĂŐŶŝŽŶĞŐŽǁĚĂŶĞũĐŚǁŝůŝ
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ĚŽĐnjĞŐŽ͕ũĂŬƉĂŵŝħƚĂŵLJnjƌŽnjĚnjŝĂųƵϰͲŐŽ͕ƐųƵǏLJŵŝũħnjLJŬƉŽůƐŬŝ͘

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ĨŽƌŵĂƉƌnjLJƐǁĂũĂŶŝĂǁŝĞĚnjLJ͘ĚĂŶŝĞŵ'ĞŶĞǀŝĞǀĞZŽƚŚ͕ĂƵƚŽƌŬŝŬƐŝČǏŬŝdĞĂĐŚŝŶŐ
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Z

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njĚnjŝĂų

ϱ

tƐnjLJƐƚŬŽŐƌĂ͊

ǁǁǁ͘ĂŶŐŝĞůƐŬŝĚůĂƌŽĚnjŝĐŽǁ͘Ɖů

WƌnjLJĐnjLJŵũĂŬŽdĂƚĂƉƌĂŬƚLJŬƵũČĐLJŵĂŵŶĂŵLJƑůŝnjǁŝħŬƐnjĞŶŝĞƐnjĂŶƐLJ͕ĂŶŝĞ
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dƵǁĂǏŶĂƵǁĂŐĂ͗ũĞƑůŝnjĂŵŝĞƌnjĂŵƐŝħnjŐŽĚnjŝđ͕ŵŽŐħƚŽŽnjŶĂũŵŝđƉŽĂŶŐŝĞůƐŬƵ͗

^ƵƌĞ͕ŚŽŶĞLJ͘

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ϲ

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ĚĞKDK

Ϯϱ

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LJđŵŽǏĞǁƚLJŵŵŝĞũƐĐƵŶŝĞŵŽǏĞƐnjƐŝħũƵǏ͕DĂŵŽŝdĂƚŽ͕ĚŽĐnjĞŬĂđƉŝĞƌǁƐnjĞŐŽ
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ǁƉƌŽǁĂĚnjĞŶŝĂĚĞKDKƉŽƌĂnjƉŝĞƌǁƐnjLJ͘

tƉƌnjLJƉĂĚŬƵŵĂųĞŐŽĚnjŝĞĐŬĂƉƌĂǁŝĞŶĂ

ƉĞǁŶŽƚĂŬĂƉŝĞƌǁƐnjĂǁLJƉŽǁŝĞĚǍƉŽǁŝŶŶĂďLJđďĂƌĚnjŽ
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njĚĂŶŝĂŵŝ͕ŽŝůĞŶĂƉƌĂǁĚħnjĂůĞǏLJŵƵŶĂŶĂŐƌŽĚnjŝĞ

njĂŝĐŚƉŽƉƌĂǁŶĞƉŽǁŝĞĚnjĞŶŝĞ͘dĞƐƚŽǁĂųĞŵƚŽ

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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/ƉůĂLJŽŶƚŚĞĐŽŵƉƵƚĞƌ͍΀ϲǁLJƌĂnjſǁ΁͕
njĂƑĐſƌŬĂ͕ǁŝĞůŬĂŵŝųŽƑŶŝĐnjŬĂƚĂŷĐĂ͕ŽĚ͙ĂŶ/ǁĂƚĐŚĂŶĐŝŶŐǁŝƚŚƚŚĞ^ƚĂƌƐƚŝůů
ƚŚĞĞŶĚ͍΀ϭϬǁLJƌĂnjſǁ͊΁͘dĂŬ͕ƚĂŬ͕ǁũĞũƉƌnjLJƉĂĚŬƵĂďƐŽůƵƚŶLJŵƉƌŝŽƌLJƚĞƚĞŵďLJųŽ
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
ƵǏLJĐŝĂ͘DŽǏŶĂƚƵƚĞǏŵſǁŝđŽƌĂĚLJŬĂůŶLJŵͣƉŽĚĞũƑĐŝƵŬŽŵƵŶŝŬĂĐLJũŶLJŵ͟΀ĂŶŐ͘
ŽŵŵƵŶŝĐĂƚŝǀĞƉƉƌŽĂĐŚ΁͘: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

Czytaj dalej...

ZŽnjĚnjŝĂųϭ

ϭϮϰ

ǁǁǁ͘ĂŶŐŝĞůƐŬŝĚůĂƌŽĚnjŝĐŽǁ͘Ɖů

ĚĞKDK

ϭϮϱ

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ƐĞƌŝĞƐŽĨŬƐĨŽƌƉĂƌĞŶƚƐǁŚŽĂƌĞĂŵďŝƟŽƵƐƚŽƐĞĞƚŚĞŝƌĐŚŝůĚƌĞŶ
ĚĞǀĞůŽƉƚŚĞŝƌŶŐůŝƐŚƐƉĞĂŬŝŶŐƐŬŝůůƐ͘sĞƌLJŽŌĞŶWŽůŝƐŚƉĂƌĞŶƚƐǁŝƚŚŇƵĞŶƚ
ŶŐůŝƐŚʹŽƌĞǀĞŶĐŽŶǀĞƌƐĂƟŽŶĂůŶŐůŝƐŚͲĂƌĞŶŽƚƉƌĞƉĂƌĞĚƚŽƐƉĞĂŬŝŶ
ŶŐůŝƐŚƚŽƚŚĞŝƌĐŚŝůĚƌĞŶďĞĐĂƵƐĞƚŚĞLJĨĞĞůƚŚĂƚŝƚŝƐƐŽŵĞŚŽǁĂƌƟĮĐŝĂůŽƌ
ĂǁŬǁĂƌĚ͘dŚĞƐĞŬƐƚƌŝƵŵƉŚĂŶƚůLJŝůůƵƐƚƌĂƚĞƚŚĂƚŝƚŝƐŝŶĨĂĐƚƉŽƐƐŝďůĞ
ƚŽĐƌĞĂƚĞĂŶĂƚƵƌĂůŶŐůŝƐŚͲƐƉĞĂŬŝŶŐĞŶǀŝƌŽŶŵĞŶƚŝŶƚŚĞŚŽŵĞďLJŵĂŬŝŶŐ
ƌĞĐŽƵƌƐĞƚŽĐŽŶƚƌŽůůĞĚƌŽůĞͲƉůĂLJŝŶŐ͘

dŚĞŵĞƌŝƚƐŽĨƚŚĞƐĞŬƐĂƌĞƉƌŝŶĐŝƉĂůůLJƚŚĞƐŵĂƌƚĚŝĂůŽŐƵĞƐ͕
ĂĐĐŽŵƉĂŶŝĞĚďLJŶŐůŝƐŚͲWŽůŝƐŚŐůŽƐƐĂƌŝĞƐ͕ǁŚŝĐŚƉůĂLJŽƵƚůŽŐŝĐĂůůLJŝŶ
ĂůůƐŽƌƚƐŽĨĚŽŵĞƐƟĐƐŝƚƵĂƟŽŶƐǁŚĞƌĞƉĂƌĞŶƚƐĂŶĚĐŚŝůĚƌĞŶŝŶƚĞƌĂĐƚ͘
ůƐŽ͕ƚŚĞǀŽĐĂďƵůĂƌLJĂŶĚƉŚƌĂƐĞŽůŽŐLJŚĂǀĞďĞĞŶďƌŽƵŐŚƚƵƉƚŽĚĂƚĞ
ĂŶĚŵĂĚĞĐƵƌƌĞŶƚƚŽƚŚĞŝŶƚĞƌĞƐƚƐŽĨLJŽƵŶŐƉĞŽƉůĞ͕ǁŚŝĐŚŚĂƐŝŶĨƵƐĞĚ
ƚŚĞĞŶƟƌĞǁŽƌŬǁŝƚŚĂŐƌĞĂƚĚĞĂůŽĨĨƌĞƐŚŶĞƐƐĂŶĚƐĞŶƐĞŽĨŝŶŶŽǀĂƟŽŶ͘
ƐƚŚĞĨĂƚŚĞƌŽĨĐŚŝůĚƌĞŶŚŝŵƐĞůĨ͕ƌĞŶŽǁŶĞĚĂƵƚŚŽƌ'ƌnjĞŐŽƌnj^ƉŝĞǁĂŬ
ƵŶĚĞƌƐƚĂŶĚƐƉĞƌĨĞĐƚůLJǁĞůůƚŚĂƚŽƵƌŬŝĚƐĂƌĞĞdžƚƌĞŵĞůLJďƌŝŐŚƚĂŶĚ
ǁŝůůŽŶůLJƌĞƐƉŽŶĚƚŽǁŚĂƚƚŚĞLJƉĞƌĐĞŝǀĞĂƐĂŶŝŶƚĞƌĞƐƟŶŐĐŚĂůůĞŶŐĞ͘
WĞƌŚĂƉƐŵŽƐƚƐŝŐŶŝĮĐĂŶƚůLJŽĨĂůů͕ƉĂƌĞŶƚƐǁŚŽƚĂŬĞƵƉƚŚĞĐŚĂůůĞŶŐĞƚŽ
ƐƉĞĂŬƚŽƚŚĞŝƌĐŚŝůĚƌĞŶŝŶŶŐůŝƐŚǁŝůůĂůƐŽĚŝƐĐŽǀĞƌĂŶĞǁůŝŶĞŽĨƉůĂLJĨƵů
ĐŽŵŵƵŶŝĐĂƟŽŶƚŚĂƚŽŌĞŶŐĞƚƐůŽƐƚŝŶƚŚĞƐŝůĞŶƚƵŶĚĞƌƐƚĂŶĚŝŶŐƐĂŶĚŶŽŶͲ
ǀĞƌďĂůĐŽŵŵƵŶŝĐĂƟŽŶƐŽĨŚŽŵĞůŝĨĞ͘

DLJǁŝĨĞĂŶĚ/ĂƌĞƉĂƌĞŶƚƐŽĨďŝͲůŝŶŐƵĂůĐŚŝůĚƌĞŶ͗:ƵůŝĂ͕ĂƉƌĞĐŽĐŝŽƵƐ
ϲͲLJĞĂƌͲŽůĚ͕ĂŶĚ<ĂƌŽůŝŶĂ͕ĂďƌŝŐŚƚĂŶĚďƵďďůLJϮͲĂŶĚͲĂͲŚĂůĨͲLJĞĂƌͲŽůĚ͕
ĂŶĚǁĞĂƌĞĂůƐŽĐŽŶƟŶƵĂůůLJĂŵĂnjĞĚĂƚƚŚĞŝƌĂůŵŽƐƚĞīŽƌƚůĞƐƐƉƌŽŐƌĞƐƐ͘
,ŽǁĞǀĞƌ͕ŽŶƌĞĂĚŝŶŐƚŚŝƐŬǁĞŝŵŵĞĚŝĂƚĞůLJƐĂǁŚŽǁŝƚƐĚŝĂůŽŐƵĞƐ
ĂŶĚĐŽŶƚƌŽůůĞĚƌĞƉĞƟƟŽŶƌĞŇĞĐƚĞĚŚŽǁǁĞŽƵƌƐĞůǀĞƐŚĂǀĞĂƉƉƌŽĂĐŚĞĚ
ƚŚĞĐŚĂůůĞŶŐĞ͘/ŶƚƵƌŶ͕ǁĞǁĞƌĞƉĂƌƟĐƵůĂƌůLJƉůĞĂƐĞĚƚŽƐĞĞŚŽǁƚŚĞ
ůĂŶŐƵĂŐĞŐƌŽǁƐǁŝƚŚƚŚĞĐŚŝůĚƌĞŶŽǀĞƌƚŚĞĐŽƵƌƐĞŽĨƚŚĞƚŚƌĞĞŬƐ͕
ƌĞŇĞĐƟŶŐƚŚĞŝƌĐŚĂŶŐŝŶŐĐŽŵŵƵŶŝĐĂƟǀĞŶĞĞĚƐ͘

&ŽƌĂůůƚŚĞƐĞƌĞĂƐŽŶƐ͕/ĂŵĐĞƌƚĂŝŶƚŚĂƚƚŚĞƐĞƉƵďůŝĐĂƟŽŶƐǁŝůůƌĞƉƌĞƐĞŶƚ
ĂŐƵŝĚŝŶŐůŝŐŚƚĨŽƌŽƚŚĞƌƉĂƌĞŶƚƐǁŚŽĂƌĞůŽŽŬŝŶŐƚŽƚĂƉŝŶƚŽƚŚĞůŝŶŐƵŝƐƟĐ
ƉŽƚĞŶƟĂůŽĨƚŚĞŝƌĨĂŵŝůLJ͘/ŶĚĞĞĚ͕ďĞĐĂƵƐĞŽĨƚŚĞǁĂLJŝŶǁŚŝĐŚƚŚĞŬƐĂƌĞ
ƉƌĞƐĞŶƚĞĚ͕/ĂŵƉŽƐŝƟǀĞƚŚĂƚŝŶĂƐŚŽƌƚƟŵĞďŽƚŚƉĂƌĞŶƚƐĂŶĚĐŚŝůĚƌĞŶǁŝůůďĞ
ƐůŝƉƉŝŶŐďĞƚǁĞĞŶWŽůŝƐŚĂŶĚŶŐůŝƐŚ͘dŚŝƐĞdžƚƌĞŵĞůLJƵƐĞĨƵůƐĞƌŝĞƐŚĂƐĐĞƌƚĂŝŶůLJ
ƉĂǀĞĚƚŚĞǁĂLJĨŽƌůĂŶŐƵĂŐĞĚŝƐĐŽǀĞƌLJǁŝƚŚŝŶƚŚĞŚŽŵĞ͘

ǁŝĞůŬČƉƌnjLJũĞŵŶŽƑĐŝČƉŽůĞĐĂŵƐĞƌŝħŶŐŝĞůƐŬŝĚůĂƌŽĚnjŝĐſǁǁƐnjLJƐƚŬŝŵƚLJŵƌŽĚnjŝĐŽŵ͕
ŬƚſƌLJĐŚĂŵďŝĐũČũĞƐƚǁƐƉŝĞƌĂŶŝĞƵŝĐŚĚnjŝĞĐŝƵŵŝĞũħƚŶŽƑĐŝƐǁŽďŽĚŶĞŐŽŵſǁŝĞŶŝĂǁũħnjLJŬƵ
ĂŶŐŝĞůƐŬŝŵǁƐnjĞƌĞŐƵƐLJƚƵĂĐũŝĐŽĚnjŝĞŶŶLJĐŚ͘tŝĞůƵnjƚLJĐŚƌŽĚnjŝĐſǁŵŝĞǁĂŽƉŽƌLJƉƌnjĞĚ
đǁŝĐnjĞŶŝĞŵĂŶŐŝĞůƐŬŝĞŐŽnjĚnjŝĞđŵŝǁǁĂƌƵŶŬĂĐŚĚŽŵŽǁLJĐŚ͕ŶŝĞnjĂůĞǏŶŝĞŽĚĨĂŬƚƵ͕ǏĞƐĂŵŝ
ŬŽŵƵŶŝŬƵũČƐŝħǁƚLJŵũħnjLJŬƵƐŬƵƚĞĐnjŶŝĞƉŽnjĂĚŽŵĞŵ͘dĂǁĂǏŶĂƐĞƌŝĂƉƵďůŝŬĂĐũŝƉŽŬĂnjƵũĞ
ǁƐƉĂŶŝĂůĞ͕ǏĞƉŽůƐŬŝĚŽŵŵŽǏĞƐƚĂđƐŝħŶĂƚƵƌĂůŶLJŵŵŝĞũƐĐĞŵ͕ŐĚnjŝĞŵſǁŝƐŝħǁLJŵŝĞŶŶŝĞ
ƉŽƉŽůƐŬƵŝƉŽĂŶŐŝĞůƐŬƵ͕ĚnjŝħŬŝƐnjĐnjĞŐſůŶĞŵƵƌŽĚnjĂũŽǁŝĞĚƵŬĂĐLJũŶĞũŐƌLJũħnjLJŬŽǁĞũnjũĂƐŶŽ
ƐƉƌĞĐLJnjŽǁĂŶLJŵŝĐĞůĂŵŝŝƌŽůĂŵŝƵĐnjĞƐƚŶŝŬſǁ͘

EĂũǁŝħŬƐnjČnjĂůĞƚČƚĞũƐĞƌŝŝŬƐŝČǏĞŬƐČƑǁŝĞƚŶĞŵŝŶŝͲĚŝĂůŽŐŝ͕ŬƚſƌLJŵƚŽǁĂƌnjLJƐnjČnjĞƐƚĂǁŝĞŶŝĂ
ƉƌnjLJŬųĂĚŽǁLJĐŚǁLJƉŽǁŝĞĚnjŝ͕ĐŚĂƌĂŬƚĞƌLJƐƚLJĐnjŶĞĚůĂƐnjĞƌĞŐƵĐŽĚnjŝĞŶŶLJĐŚƐLJƚƵĂĐũŝ͕ǁŬƚſƌLJĐŚŵĂ
ŵŝĞũƐĐĞũħnjLJŬŽǁĂŝŶƚĞƌĂŬĐũĂŵŝħĚnjLJƌŽĚnjŝĐĂŵŝŝĚnjŝĞđŵŝ͘tĂƌƚŽƉŽĚŬƌĞƑůŝđ͕ǏĞƉƌŽƉŽŶŽǁĂŶĞ
ƉƌnjĞnjĂƵƚŽƌſǁǁLJƌĂǏĞŶŝĂŝƐųŽǁŶŝĐƚǁŽƚŽďĂƌĚnjŽƑǁŝĞǏLJ͕ǁƐƉſųĐnjĞƐŶLJũħnjLJŬĂŶŐŝĞůƐŬŝ͕
ĚŽƐŬŽŶĂůĞŽĚƉŽǁŝĂĚĂũČĐLJƉŽƚƌnjĞďŽŵŬŽŵƵŶŝŬĂĐLJũŶLJŵŝƌnjĞĐnjLJǁŝƐƚLJŵnjĂŝŶƚĞƌĞƐŽǁĂŶŝŽŵ
ŶŽǁŽĐnjĞƐŶĞũƌŽĚnjŝŶLJǁĚƌƵŐŝĞũĚĞŬĂĚnjŝĞyy/ǁŝĞŬƵ͘dǁſƌĐĂŝƉŽŵLJƐųŽĚĂǁĐĂƐĞƌŝŝ͕'ƌnjĞŐŽƌnj
_ƉŝĞǁĂŬ͕ƌĞŶŽŵŽǁĂŶLJĂƵƚŽƌƉƵďůŝŬĂĐũŝŵĞƚŽĚLJĐnjŶLJĐŚ͕ĂũĞĚŶŽĐnjĞƑŶŝĞƚĂƚĂĚǁſũŬŝĚnjŝĞĐŝ͕ƌŽnjƵŵŝĞ
ĚŽƐŬŽŶĂůĞ͕ǏĞŶĂƐnjĞĚnjŝĞĐŝĂŬŝƚŽŶŝĞďLJǁĂůĞnjŵLJƑůŶĞŝƐƚŽƚLJŝǏĞnjĂŝŶƚĞƌĞƐŽǁĂđũĞŵŽǏĞũĞĚLJŶŝĞ
ĐŽƑ͕ĐŽƐĂŵŝƵnjŶĂũČnjĂĐŝĞŬĂǁĞŝƉŽǏLJƚĞĐnjŶĞ͘ŽďLJđŵŽǏĞŶĂũĐĞŶŶŝĞũƐnjĞ͕ǁŝĞůĞĨĂŶƚĂƐƚLJĐnjŶLJĐŚ
ŶŝĞƐƉŽĚnjŝĂŶĞŬĐnjĞŬĂƚĂŬǏĞƐĂŵLJĐŚƌŽĚnjŝĐſǁ͕ŬƚſƌnjLJnjĂƉƌŽƐnjČŵĞƚŽĚħͲŐƌħĚĞKDKĚŽƐǁŽŝĐŚ
ĚŽŵſǁ͘WƌnjĞŬŽŶĂũČƐŝħďŽǁŝĞŵ͕ŝůĞƌĂĚŽƑĐŝŵŽŐČĚŽƐƚĂƌĐnjLJđƉƌſďLJŬŽŵƵŶŝŬŽǁĂŶŝĂƉŽĂŶŐŝĞůƐŬƵ
ƚĞŐŽ͕ĐŽĐnjħƐƚŽƉŽnjŽƐƚĂǁĂųŽĚŽƚČĚǁƐĨĞƌnjĞŶŝĞǁĞƌďĂůŶĞũǁĐŽĚnjŝĞŶŶLJŵĚŽŵŽǁLJŵƉŽƑƉŝĞĐŚƵ͘

DĂŵƚŽƐnjĐnjħƑĐŝĞ͕ǏĞnjŵŽũČǏŽŶČWŽůŬČǁLJĐŚŽǁƵũĞŵLJĚǁſũŬħĚǁƵũħnjLJĐnjŶLJĐŚĚnjŝĞĐŝ͗ϲͲůĞƚŶŝČ
:ƵůŝħŝϮͲŝͲƉſųͲůĞƚŶŝČ<ĂƌŽůŝŶŬħ͘tĐŝČǏnjĂƐŬĂŬƵũĞŶĂƐ͕njũĂŬČųĂƚǁŽƑĐŝČƚĞŵĂůƵĐŚLJƌŽnjǁŝũĂũČ
ƐŝħǁŽďLJĚǁƵũħnjLJŬĂĐŚ͕ŶŝĞŵĂůďĞnjǁŝĚŽĐnjŶĞŐŽǁLJƐŝųŬƵ͘ŽƉŝĞƌŽůĞŬƚƵƌĂŵŽĚĞůŽǁLJĐŚ
ƐĐĞŶĞŬŝůŝƐƚƚLJƉŽǁLJĐŚǁLJƌĂǏĞŷǁŶŐŝĞůƐŬŝŵĚůĂƌŽĚnjŝĐſǁƵƑǁŝĂĚŽŵŝųĂŶĂŵũĞĚŶĂŬ͕ĐŽƚĂŬ
ŶĂƉƌĂǁĚħŝŶƐƚLJŶŬƚŽǁŶŝĞƌŽďŝůŝƑŵLJĚŽƚČĚŵLJƐĂŵŝ͕ǁŶĂƐnjLJŵƉŽůƐŬŽͲŝƌůĂŶĚnjŬŝŵĚŽŵƵ͘:ĂŬŽ
ƌŽĚnjŝĐĞǁųĂƑŶŝĞǁŝĚnjŝŵLJƚĞǏŶĂũůĞƉŝĞũ͕ǏĞũħnjLJŬƌŽƑŶŝĞǁƌĂnjnjĚnjŝĞĐŬŝĞŵ͕ŽĚnjǁŝĞƌĐŝĞĚůĂũČĐ
njŵŝĞŶŝĂũČĐĞƐŝħƉŽƚƌnjĞďLJŬŽŵƵŶŝŬĂĐLJũŶĞ͘_ǁŝĞƚŶŝĞƉŽŬĂnjƵũČƚŽƚƌnjLJĐnjħƑĐŝŶŐŝĞůƐŬŝĞŐŽĚůĂ
ƌŽĚnjŝĐſǁ͕ƉŽƑǁŝħĐŽŶĞŬŽůĞũŶŽƉƌnjĞĚƐnjŬŽůĂŬŽǁŝ͕ƵĐnjŶŝŽǁŝŝŶĂƐƚŽůĂƚŬŽǁŝ͘

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