PROJECTE O TESINA D¶ESPECIALITAT AN LISIS

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ANÁLISIS MACROSCÓPICO DE LA HUELLA HÍDRICA A NIVEL MUNDIAL.
RELACIONES SOCIO-ECONÓMICO-HIDROLÓGICAS
Autora: Evelyn Icaza Domínguez
Tutor: Jorge José Molinero Huguet
Co-tutor: Agustí Pérez Foguet
Palabras claves: huella hídrica, agua virtual, recursos hídricos, consumo, agua dulce.
Resumen:
La huella hídrica de una persona, empresa o país es el volumen total de agua dulce
que se utiliza para producir los bienes y servicios consumidos por el individuo,
empresa o nación. Es un indicador que permite relacionar el consumo humano de
agua dulce con los recursos hídricos existentes. A su vez el concepto de huella hídrica
está estrechamente relacionado con el concepto de agua virtual que se define como el
volumen de agua necesario para producir un bien.
La huella hídrica está formada por dos grandes componentes: huella hídrica interna y
huella hídrica externa. La huella hídrica interna de un país es el volumen de agua
usada, de los recursos hídricos nacionales, para producir los bienes y servicios
consumidos por los habitantes del país. La huella hídrica externa de un país es el
volumen de agua que se utiliza en otros países para producir bienes y servicios
importados y consumidos por los habitantes del país.
El objetivo fundamental de la tesina es realizar un análisis macroscópico cualitativo de
la huella hídrica y sus componentes a nivel mundial frente a variables climatológicas,
territoriales, hidrológicas, económicas, sociológicas, etc. determinadas en nuestro
estudio con el fin de obtener relaciones socio-económicas-hidrológicas existentes. Así
mismo mediante estas relaciones determinaremos algunas de las pautas o factores
que caracterizan el consumo de agua de los habitantes de los países, ya sea del
recurso hídrico en sí o mediante agua virtual contenida en los bienes agrícolas,
industriales y domésticos.
Para conseguir nuestro objetivo, se proseguirá de la siguiente manera:
En primer lugar se realiza un estudio exhaustivo de los diferentes factores
económicos, sociales, políticos y de las características demográficas, climáticas,
territoriales, hidrológicas, etc. que aporten información necesaria y que mejor
describan a los países. Definiendo así las variables e índices a considerar.
En segundo lugar se determinan los países sobre los cuales realizaremos el estudio y
seguidamente se describe brevemente las consideraciones, las premisas y la
metodología utilizada para la realización del respectivo análisis.
Finalmente hemos divido los países en dos grupos: áridos y no áridos. Realizamos el
análisis pertinente entre los diversos factores de cada grupo. Y los resultados se
esquematizan de manera que podamos ver claramente las relaciones existentes entre
la huella hídrica y sus componentes con los demás factores. Esto nos va a permitir
concluir y definir las pautas que caracterizan el consumo de agua de los países.
MACROSCOPIC ANALYSIS OF THE WATER FOOTPRINT GLOBALLY.
SOCIO-ECONOMIC RELATIONS-HYDROLOGICAL
Author: Evelyn Icaza Domínguez
Tutor: Jorge José Molinero Huguet
Co-tutor: Agustí Pérez Foguet
Keywords: water footprint, virtual water, water resources, consumption, Freshwater.
Summary:
The water footprint of a person, company or country is the total volume of fresh water
that is used to produce goods and services consumed by the individual, company or
nation. It is an indicator that relates human consumption of fresh water with existing
water resources. In turn, the water footprint concept is closely related to the concept of
virtual water which is defined as the volume of water required to produce a commodity.
The water footprint consists of two major components: internal water footprint and
external water footprint. The internal water footprint of a country is the volume of water
used from domestic water resources to produce the goods and services consumed by
its inhabitants of the country. The external water footprint of a nation is the volume of
water used abroad to produce the goods and services which are imported and
consumed by the inhabitants of the country.
The main objective of the thesis is to analyze the qualitative macroscopic water
footprint and its global components against various variables (climatic, territorial,
hydrological, economic, sociological, etc.) determined in our study in order to obtain the
existing socio-economic-hydrological relations. Also through these relationships we will
determine some of the guidelines or factors that characterize the water consumption of
the inhabitants of each country, whether by the water resource itself or by the virtual
water contained in the agricultural, industrial and domestic.
To achieve our objective will be proceed as it follows:
First we perform a comprehensive study of the different economic, social, political and
economic factors, and also of the demographic, climatic, territorial, and hydrological
features which provide the necessary information or the best data to describe the
countries, thus defining the variables and indexes to consider.
Secondly, we determine the countries to study and then briefly describe the
considerations, assumptions and methodology used to carry out the analysis.
Finally we divided these countries in two groups: dry and not dry. Then the appropriate
analysis is made for the various factors relevant to each group. The results are outlined
so that we can clearly see the relationship of water footprint and its components with
the other factors. This will allow us to conclude and define the patterns that
characterize the water consumption of the studied countries.
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Y
ŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĂŶŝǀĞůŵƵŶĚŝĂů͘
ZĞůĂĐŝŽŶĞƐƐŽĐŝŽͲĞĐŽŶſŵŝĐŽͲŚŝĚƌŽůſŐŝĐĂƐ͘
1E/&/'hZ^
&ŝŐƵƌĂϮ͘ϭ͘EŝǀĞůĞƐĚĞŐĞƐƚŝſŶĚĞĂŐƵĂ;,ŽĞŬƐƚƌĂLJ,ƵŶŐ͕ϮϬϬϮͿ
ϳ
&ŝŐƵƌĂϮ͘Ϯ͘WĂƐŽƐĞŶĞůĐĄůĐƵůŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĚĞƵŶĂŶĂĐŝſŶ;ŚĂƉĂŐĂŝŶLJ,ŽĞŬƐƚƌĂ͕
ϮϬϬϰͿ
&ŝŐƵƌĂϮ͘ϯ͘,ƵĞůůĂŚşĚƌŝĐĂƉŽƌĐĂƚĞŐŽƌşĂĚĞĐŽŶƐƵŵŽ;ŚĂƉĂŐĂŝŶLJ,ŽĞŬƐƚƌĂ͕ϮϬϬϰͿ
ϵ
ϭϬ
&ŝŐƵƌĂϰ͘ϭ͘ŽŵƉĂƌĂĐŝſŶĞŶƚƌĞůĂǀĂƌŝĂďůĞŽƌŝŐŝŶĂůLJůĂǀĂƌŝĂďůĞĂƉůŝĐĂĚĂůĂƚƌĂŶƐĨŽƌŵĂĐŝſŶ
>ŽŐĂƌşƚŵŝĐĂ
ϮϮ
&ŝŐƵƌĂϰ͘Ϯ͘,ŝƐƚŽŐƌĂŵĂĚĞůĂǀĂƌŝĂďůĞdŝĞƌƌĂ^ĞĐĂ
Ϯϯ
&ŝŐƵƌĂϰ͘ϯ͘DĂƚƌŝnjĚĞĐŽƌƌĞůĂĐŝſŶƋƵĞĞdžƉƌĞƐĂůĂǀĂƌŝĂďŝůŝĚĂĚĐŽŶũƵŶƚĂĚĞƚŽĚĂƐůĂƐ
ǀĂƌŝĂďůĞƐ
Ϯϲ
&ŝŐƵƌĂϰ͘ϰ͘ƐƋƵĞŵĂƋƵĞŵƵĞƐƚƌĂůĂƐĐŽŵƵŶĂůŝĚĂĚĞƐĞdžƉůŝĐĂĚĂƐĚĞĐĂĚĂǀĂƌŝĂďůĞ
Ϯϲ
&ŝŐƵƌĂϰ͘ϱ͘ƐƋƵĞŵĂƋƵĞŵƵĞƐƚƌĂůĂǀĂƌŝĂŶnjĂƚŽƚĂůĞdžƉůŝĐĂĚĂĚĞůĂƐǀĂƌŝĂďůĞƐĂŶĂůŝnjĂĚĂƐ
Ϯϲ
&ŝŐƵƌĂϰ͘ϲ͘DĂƚƌŝnjƌŽƚĂĚĂ͘džƉůŝĐĂůĂƐǀĂƌŝĂďůĞƐĚĞůĂƐĐƵĂůĞƐĞƐƚĄŶĨŽƌŵĂĚĂƐůĂƐ
ŽŵƉŽŶĞŶƚĞƐ
Ϯϳ
&ŝŐƵƌĂϰ͘ϳ͘ƐƋƵĞŵĂĚĞůĂŵĂƚƌŝnjƚƌĂŶƐĨŽƌŵĂĐŝſŶĚĞůŽƐŶƵĞǀŽƐĨĂĐƚŽƌĞƐ
Ϯϴ
&ŝŐƵƌĂϰ͘ϴ͘ƐƋƵĞŵĂĚĞůŽƐƉĂƌĄŵĞƚƌŽƐĚĞůŐƌƵƉŽŚƵĞůůĂŚşĚƌŝĐĂ;t&WͿ
Ϯϴ
&ŝŐƵƌĂϰ͘ϵ͘ƐƋƵĞŵĂĚĞůŽƐƉĂƌĄŵĞƚƌŽƐĚĞůŐƌƵƉŽǀĂƌŝĂďůĞƐŚşĚƌŝĐĂƐ
ϯϬ
&ŝŐƵƌĂϰ͘ϭϬ͘ƐƋƵĞŵĂĚĞůŽƐƉĂƌĄŵĞƚƌŽƐĚĞůŐƌƵƉŽŝŶĚŝĐĂĚŽƌĞƐŚşĚƌŝĐŽƐ
ϯϯ
&ŝŐƵƌĂϰ͘ϭϭ͘ƐƋƵĞŵĂĚĞůŽƐƉĂƌĄŵĞƚƌŽƐĚĞůŐƌƵƉŽĐĂƌĂĐƚĞƌşƐƚŝĐĂƐĚĞůƚĞƌƌŝƚŽƌŝŽ
ϯϰ
&ŝŐƵƌĂϰ͘ϭϮ͘ƐƋƵĞŵĂĚĞůŽƐƉĂƌĄŵĞƚƌŽƐĚĞůŐƌƵƉŽƉŽďůĂĐŝſŶ
ϯϱ
&ŝŐƵƌĂϰ͘ϭϯ͘ƐƋƵĞŵĂĚĞůŽƐƉĂƌĄŵĞƚƌŽƐĚĞůŐƌƵƉŽĐĂƌĂĐƚĞƌşƐƚŝĐĂƐĐůŝŵĄƚŝĐĂƐ
ϯϲ
&ŝŐƵƌĂϰ͘ϭϰ͘ƐƋƵĞŵĂĚĞůŽƐƉĂƌĄŵĞƚƌŽƐĚĞůŐƌƵƉŽĚĂƚŽƐĂůŝŵĞŶƚĂƌŝŽƐ
ϯϳ
&ŝŐƵƌĂϰ͘ϭϱ͘ƐƋƵĞŵĂĚĞůŽƐƉĂƌĄŵĞƚƌŽƐĞĐŽŶſŵŝĐŽƐ
ϯϵ
&ŝŐƵƌĂϱ͘ϭ͘ZĞůĂĐŝſŶĞŶƚƌĞĞů>K';,ƵĞůůĂŚşĚƌŝĐĂƚŽƚĂůͿLJĞůĨĂĐƚŽƌZ,Ϯ
ϰϯ
&ŝŐƵƌĂϱ͘Ϯ͘ZĞůĂĐŝſŶĞŶƚƌĞĞů>K';,ƵĞůůĂŚşĚƌŝĐĂƚŽƚĂůͿLJĞůĨĂĐƚŽƌdŝĞƌƌĂϭ
ϰϰ
&ŝŐƵƌĂϱ͘ϯ͘ZĞůĂĐŝſŶĞŶƚƌĞĞů>K';,ƵĞůůĂŚşĚƌŝĐĂƚŽƚĂůͿLJĞůĨĂĐƚŽƌWKϭ
ϰϱ
&ŝŐƵƌĂϱ͘ϰ͘ZĞůĂĐŝſŶĞŶƚƌĞĞů>K';,ƵĞůůĂŚşĚƌŝĐĂƚŽƚĂůͿLJĞůĨĂĐƚŽƌůŝŵϯ
ϰϲ
&ŝŐƵƌĂϱ͘ϱ͘ZĞůĂĐŝſŶĞŶƚƌĞĞů>K';,ƵĞůůĂŚşĚƌŝĐĂƚŽƚĂůͿLJĞů>K';W/ƚŽƚĂůĞŶWWͿ
ϰϳ
&ŝŐƵƌĂϱ͘ϲ͘ZĞůĂĐŝſŶĞŶƚƌĞůŽƐĨĂĐƚŽƌĞƐt&WĐĂƉϮLJZ,ĐĂƉϯ
ϰϴ
&ŝŐƵƌĂϱ͘ϳ͘ZĞůĂĐŝſŶĞŶƚƌĞůŽƐĨĂĐƚŽƌĞƐt&WĐĂƉϮLJW^Ϯ
ϰϵ
&ŝŐƵƌĂϱ͘ϴ͘ZĞůĂĐŝſŶĞŶƚƌĞĞůĨĂĐƚŽƌt&WĐĂƉϮLJĞů1ŶĚŝĐĞĚĞĞƐĂƌƌŽůůŽ,ƵŵĂŶŽ;/,Ϳ
ϱϬ
&ŝŐƵƌĂϱ͘ϵ͘ZĞůĂĐŝſŶĞŶƚƌĞůŽƐĨĂĐƚŽƌĞƐt&WϭLJZ,Ϯ
ϱϭ
&ŝŐƵƌĂϱ͘ϭϬ͘ZĞůĂĐŝſŶĞŶƚƌĞůŽƐĨĂĐƚŽƌĞƐt&WϭLJdŝĞƌƌĂϭ
ϱϮ
YL
ŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĂŶŝǀĞůŵƵŶĚŝĂů͘
ZĞůĂĐŝŽŶĞƐƐŽĐŝŽͲĞĐŽŶſŵŝĐŽͲŚŝĚƌŽůſŐŝĐĂƐ͘
&ŝŐƵƌĂϱ͘ϭϭ͘ZĞůĂĐŝſŶĞŶƚƌĞůŽƐĨĂĐƚŽƌĞƐt&WϭLJWKϭ
ϱϯ
&ŝŐƵƌĂϱ͘ϭϮ͘ZĞůĂĐŝſŶĞŶƚƌĞůŽƐĨĂĐƚŽƌĞƐt&WϭLJůŝŵϭ
ϱϰ
&ŝŐƵƌĂϱ͘ϭϯ͘ZĞůĂĐŝſŶĞŶƚƌĞĞůĨĂĐƚŽƌt&WϭLJĞů>K';W/ƚŽƚĂůĞŶWWͿ
ϱϱ
&ŝŐƵƌĂϱ͘ϭϰ͘ZĞůĂĐŝſŶĞŶƚƌĞůŽƐĨĂĐƚŽƌĞƐt&WϮLJůŝŵϮ
ϱϲ
&ŝŐƵƌĂϱ͘ϭϱ͘ZĞůĂĐŝſŶĞŶƚƌĞůŽƐĨĂĐƚŽƌĞƐt&WϯLJZ,ĐĂƉϭ͘dĞŶŝĞŶĚŽĞŶĐƵĞŶƚĂƌĂďŝĂ^ĂƵĚş ϱϳ
&ŝŐƵƌĂϱ͘ϭϲ͘ZĞůĂĐŝſŶĞŶƚƌĞůŽƐĨĂĐƚŽƌĞƐt&WϯLJZ,ĐĂƉϭ
ϱϴ
&ŝŐƵƌĂϱ͘ϭϳ͘ZĞůĂĐŝſŶĞŶƚƌĞůŽƐĨĂĐƚŽƌĞƐt&WϯLJW^ϯ
ϱϵ
&ŝŐƵƌĂϲ͘ϭ͘ZĞůĂĐŝſŶĞŶƚƌĞĞů>K';,ƵĞůůĂŚşĚƌŝĐĂƚŽƚĂůͿLJĞůĨĂĐƚŽƌZ,Ϯ
ϲϯ
&ŝŐƵƌĂϲ͘Ϯ͘ZĞůĂĐŝſŶĞŶƚƌĞĞů>K';,ƵĞůůĂŚşĚƌŝĐĂƚŽƚĂůͿLJĞůĨĂĐƚŽƌdŝĞƌƌĂϭ
ϲϰ
&ŝŐƵƌĂϲ͘ϯ͘ZĞůĂĐŝſŶĞŶƚƌĞĞů>K';,ƵĞůůĂŚşĚƌŝĐĂƚŽƚĂůͿLJĞůĨĂĐƚŽƌWKϭ
ϲϱ
&ŝŐƵƌĂϲ͘ϰ͘ZĞůĂĐŝſŶĞŶƚƌĞĞů>K';,ƵĞůůĂŚşĚƌŝĐĂƚŽƚĂůͿLJĞůĨĂĐƚŽƌůŝŵϭ
ϲϲ
&ŝŐƵƌĂϲ͘ϱ͘ZĞůĂĐŝſŶĞŶƚƌĞĞů>K';,ƵĞůůĂŚşĚƌŝĐĂƚŽƚĂůͿLJĞů>K';W/ƚŽƚĂůĞŶWWͿ
ϲϳ
&ŝŐƵƌĂϲ͘ϲ͘ZĞůĂĐŝſŶĞŶƚƌĞůŽƐĨĂĐƚŽƌĞƐt&WĐĂƉϮLJZ,ĐĂƉϯ
ϲϴ
&ŝŐƵƌĂϲ͘ϳ͘ZĞůĂĐŝſŶĞŶƚƌĞůŽƐĨĂĐƚŽƌĞƐt&WĐĂƉϮLJW^ϭ
ϲϵ
&ŝŐƵƌĂϲ͘ϴ͘ZĞůĂĐŝſŶĞŶƚƌĞĞůĨĂĐƚŽƌt&WĐĂƉϮLJĞů1ŶĚŝĐĞĚĞĞƐĂƌƌŽůůŽ,ƵŵĂŶŽ;/,Ϳ
ϳϬ
&ŝŐƵƌĂϲ͘ϵ͘ZĞůĂĐŝſŶĞŶƚƌĞůŽƐĨĂĐƚŽƌĞƐt&WϭLJZ,ĐĂƉϯ
ϳϭ
&ŝŐƵƌĂϲ͘ϭϬ͘ZĞůĂĐŝſŶĞŶƚƌĞůŽƐĨĂĐƚŽƌĞƐt&WϭLJZ,Ϯ
ϳϮ
&ŝŐƵƌĂϲ͘ϭϭ͘ZĞůĂĐŝſŶĞŶƚƌĞůŽƐĨĂĐƚŽƌĞƐt&WϭLJW^ϭ
ϳϯ
&ŝŐƵƌĂϲ͘ϭϮ͘ZĞůĂĐŝſŶĞŶƚƌĞĞůĨĂĐƚŽƌt&WϭLJĞů>K';W/ƚŽƚĂůĞŶWWͿ
ϳϰ
&ŝŐƵƌĂϲ͘ϭϯ͘ZĞůĂĐŝſŶĞŶƚƌĞĞůĨĂĐƚŽƌt&WϭLJĞů1ŶĚŝĐĞĚĞĞƐĂƌƌŽůůŽ,ƵŵĂŶŽ;/,Ϳ
ϳϱ
&ŝŐƵƌĂϲ͘ϭϰ͘ZĞůĂĐŝſŶĞŶƚƌĞůŽƐĨĂĐƚŽƌĞƐt&WϮLJdŝĞƌƌĂϭ
ϳϲ
&ŝŐƵƌĂϲ͘ϭϱ͘ZĞůĂĐŝſŶĞŶƚƌĞůŽƐĨĂĐƚŽƌĞƐt&WϮLJWKϭ
ϳϳ
&ŝŐƵƌĂϲ͘ϭϲ͘ZĞůĂĐŝſŶĞŶƚƌĞůŽƐĨĂĐƚŽƌĞƐt&WϮLJůŝŵϭ
ϳϴ
&ŝŐƵƌĂϲ͘ϭϳ͘ZĞůĂĐŝſŶĞŶƚƌĞůŽƐĨĂĐƚŽƌĞƐt&WϯLJZ,ĐĂƉϭ
ϳϵ
&ŝŐƵƌĂϲ͘ϭϴ͘ZĞůĂĐŝſŶĞŶƚƌĞůŽƐĨĂĐƚŽƌĞƐt&WϯLJW^ϯ
ϴϬ
YLL
ŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĂŶŝǀĞůŵƵŶĚŝĂů͘
ZĞůĂĐŝŽŶĞƐƐŽĐŝŽͲĞĐŽŶſŵŝĐŽͲŚŝĚƌŽůſŐŝĐĂƐ͘
YLLL
ŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĂŶŝǀĞůŵƵŶĚŝĂů͘
ZĞůĂĐŝŽŶĞƐƐŽĐŝŽͲĞĐŽŶſŵŝĐŽͲŚŝĚƌŽůſŐŝĐĂƐ͘
ϭ͘/EdZKh/MEzK:d/sK^
ϭ͘ϭ /ŶƚƌŽĚƵĐĐŝſŶ
ů ĐƌĞĐŝŵŝĞŶƚŽ ĚĞ ůĂ ƉŽďůĂĐŝſŶ͕ ůĂ ƚƌĂŶƐĨŽƌŵĂĐŝſŶ ĚĞ ůŽƐ ĞƐƚŝůŽƐ ĚĞ ǀŝĚĂ͕ Ğů ĚĞƐĂƌƌŽůůŽ
ĞĐŽŶſŵŝĐŽ ĚĞ ůŽƐ ƉĂşƐĞƐ ĞŶ ĚĞƐĂƌƌŽůůŽ LJ ůŽƐ ƉƌŽďůĞŵĂƐ ŵĞĚŝŽĂŵďŝĞŶƚĂůĞƐ͕ ƐŽďƌĞƚŽĚŽ Ğů
ĐĂŵďŝŽ ĐůŝŵĄƚŝĐŽ͕ ŚĂŶ ĂĐĞŶƚƵĂĚŽ ůĂ ƉƌĞƐŝſŶ ƐŽďƌĞ ůŽƐ ƌĞĐƵƌƐŽƐ ŚşĚƌŝĐŽƐ͘ YƵĞ ũƵŶƚŽ Ă ůĂ
ĂƉĂƌŝĐŝſŶĚĞƵŶĚĠĨŝĐŝƚĚĞĂŐƵĂƋƵĞĂƵŵĞŶƚĂĐŽŶƌĂƉŝĚĞnjĞŶƚĂŶƚŽƐƉĂşƐĞƐ͕ŶĂĐĞůĂŶĞĐĞƐŝĚĂĚ
ĚĞ ŽďƚĞŶĞƌ ƵŶ ĞŶĨŽƋƵĞ ƚŽƚĂůŵĞŶƚĞ ŶƵĞǀŽ ĚĞ ůĂ ƉŽůşƚŝĐĂ ŚŝĚƌŽůſŐŝĐĂ͕ ƵŶ ĞŶĨŽƋƵĞ ƋƵĞ ŶŽ ƐĞ
ĐĞŶƚƌĞ ĞŶ Ğů ŝŶĐƌĞŵĞŶƚŽ ĚĞů ƐƵŵŝŶŝƐƚƌŽ ƐŝŶŽ ĞŶ ŵĞũŽƌĂƌ ůĂ ŐĞƐƚŝſŶ ƚĂŶƚŽ ĚĞ ůŽƐ ƌĞĐƵƌƐŽƐ
ŚşĚƌŝĐŽƐĐŽŵŽĚĞůĂĚĞŵĂŶĚĂĚĞůŽƐŵŝƐŵŽƐ͘
Ğ ĞƐƚĞ ŝŶƚĞƌĠƐ ŶĂĐĞ Ğů ĐŽŶĐĞƉƚŽ ĚĞ ůĂ ŚƵĞůůĂ ŚşĚƌŝĐĂ͘ &ƵĞ ĐƌĞĂĚŽ ƉĂƌĂ ŽďƚĞŶĞƌ ƵŶ ŝŶĚŝĐĂĚŽƌ
ƋƵĞ ƌĞůĂĐŝŽŶĂ Ğů ĂŐƵĂ ĐŽŶ Ğů ĐŽŶƐƵŵŽ͕ Ă ƚŽĚŽƐ ůŽƐ ŶŝǀĞůĞƐ͕ ĚĞ ůĂ ƉŽďůĂĐŝſŶ͘ ^ĞŐƷŶ ƐĞŹĂůĂ Ğů
ĂƚĞĚƌĄƚŝĐŽ ƌũĞŶ z͘ ,ŽĞŬƐƚƌĂ͕ ĐƌĞĂĚŽƌ ĚĞů ĐŽŶĐĞƉƚŽ ĚĞ ůĂ ŚƵĞůůĂ ŚşĚƌŝĐĂ͗ ͚ů ŝŶƚĞƌĠƐ ƉŽƌ ůĂ
ŚƵĞůůĂ ŚşĚƌŝĐĂ ƐĞ ŽƌŝŐŝŶĂ ĞŶ Ğů ƌĞĐŽŶŽĐŝŵŝĞŶƚŽ ĚĞ ƋƵĞ ůŽƐ ŝŵƉĂĐƚŽƐ ŚƵŵĂŶŽƐ ĞŶ ůŽƐ ƐŝƐƚĞŵĂƐ
ŚşĚƌŝĐŽƐ ƉƵĞĚĞŶ ĞƐƚĂƌ ƌĞůĂĐŝŽŶĂĚŽƐ͕ ĞŶ ƷůƚŝŵĂ ŝŶƐƚĂŶĐŝĂ͕ Ăů ĐŽŶƐƵŵŽ ŚƵŵĂŶŽ LJ ƋƵĞ ƚĞŵĂƐ
ĐŽŵŽ ůĂ ĞƐĐĂƐĞnj Ž ĐŽŶƚĂŵŝŶĂĐŝſŶ ĚĞů ĂŐƵĂ ƉƵĞĚĞŶ ƐĞƌ ŵĞũŽƌ ĞŶƚĞŶĚŝĚŽƐ LJ ŐĞƐƚŝŽŶĂĚŽƐ
ĐŽŶƐŝĚĞƌĂŶĚŽůĂƉƌŽĚƵĐĐŝſŶLJĐĂĚĞŶĂƐĚĞĚŝƐƚƌŝďƵĐŝſŶĞŶƐƵƚŽƚĂůŝĚĂĚ͛͘
ĚĞŵĄƐ͕ĂĐƚƵĂůŵĞŶƚĞůĂŵĂLJŽƌƉĂƌƚĞĚĞůŽƐĞdžƉĞƌƚŽƐĞŶĞƐƚŽƐƚĞŵĂƐƐƵĞůĞĂĚŵŝƚŝƌƋƵĞŚŽLJĞŶ
ĚşĂůŽƐĐŽŶĨůŝĐƚŽƐŚşĚƌŝĐŽƐŶŽƐĞĚĞďĞŶƐŽůŽĂůĂĞƐĐĂƐĞnjĨşƐŝĐĂĚĞůĂŐƵĂƐŝŶŽƚĂŵďŝĠŶĂůĂŵĂůĂ͕Ă
ǀĞĐĞƐ ƉĠƐŝŵĂ͕ ŐĞƐƚŝſŶ ƋƵĞ ƌĞĂůŝnjĂŶ ůŽƐ ƉŽĚĞƌĞƐ ƉƷďůŝĐŽƐ ĚĞ ĞƐƚĞ ƌĞĐƵƌƐŽ͘ WŽƌ ůŽ ƚĂŶƚŽ ůĂ
ĂĚĞĐƵĂĚĂ ŐĞƐƚŝſŶ ĚĞ ůŽƐ ƌĞĐƵƌƐŽƐ ŚşĚƌŝĐŽƐ ĞƐ ƵŶ ƚĞŵĂ ƚĂŶ ŝŵƉŽƌƚĂŶƚĞ ĐŽŵŽ ĐŽŶĨůŝĐƚŝǀŽ͘ ƐƚĂ
ƐŝƚƵĂĐŝſŶ ĐŽŶĨůŝĐƚŝǀĂ ŽďĞĚĞĐĞ Ă ĚŝƐƚŝŶƚĂƐ ĐĂƵƐĂƐ LJ ƚŝĞŶĞ ǀĂƌŝĂƐ ƐŽůƵĐŝŽŶĞƐ ĚĞ ĂĐƵĞƌĚŽ ŶŽ ƐſůŽ
ĐŽŶůĂƐĐĂƌĂĐƚĞƌşƐƚŝĐĂƐĐůŝŵĄƚŝĐĂƐ͕ƐŝŶŽƚĂŵďŝĠŶůŽƐĚŝĨĞƌĞŶƚĞƐĨĂĐƚŽƌĞƐĞĐŽŶſŵŝĐŽƐ͕ƉŽůşƚŝĐŽƐLJ
ƐŽĐŝĂůĞƐ͘
ů ĚĞƐĂƌƌŽůůŽ ĚĞ ĞƐƚĞ ĞƐƚƵĚŝŽ ĞƐƚĄ ďĂƐĂĚŽ ĞŶ ĚĞƚĞƌŵŝŶĂƌ Ɛŝ ĞdžŝƐƚĞŶ ƌĞůĂĐŝŽŶĞƐ ĞŶƚƌĞ ůĂ ŚƵĞůůĂ
ŚşĚƌŝĐĂ LJ ůĂ ĞƐĐĂƐĞnj ĚĞů ĂŐƵĂ ĚĞ ůŽƐ ĚŝǀĞƌƐŽƐ ƉĂşƐĞƐ ĐŽŶ ůŽƐ ĚŝĨĞƌĞŶƚĞƐ ĨĂĐƚŽƌĞƐ ĞĐŽŶſŵŝĐŽƐ͕
ƉŽůşƚŝĐŽƐ͕ ƐŽĐŝĂůĞƐ LJ ĐĂƌĂĐƚĞƌşƐƚŝĐĂƐ ǀĂƌŝĂƐ͘ WĂƌĂ ĂƐş ĚĞƚĞƌŵŝŶĂƌ ůĂƐ ĚŝǀĞƌƐĂƐ ƉĂƵƚĂƐ Ž
ĐŽŵƉŽƌƚĂŵŝĞŶƚŽƐ ŐůŽďĂůĞƐ ƋƵĞ ƐĞ ĐƵŵƉůĞŶ͕ LJ ƋƵĞ Ă ƐƵ ǀĞnj ĂLJƵĚĞ Ă ůŽƐ ƉĂşƐĞƐ ŽďƚĞŶĞƌ ƵŶĂ
ŵĞũŽƌǀŝƐŝſŶƐŽďƌĞĞůƵƐŽĚĞƐƵƐƌĞĐƵƌƐŽƐŚşĚƌŝĐŽƐ͘ŽŶĞƐƚŽŵĞũŽƌĂƌĞůĞŶĨŽƋƵĞĚĞůŽƐĂƐƉĞĐƚŽƐ
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ŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĂŶŝǀĞůŵƵŶĚŝĂů͘
ZĞůĂĐŝŽŶĞƐƐŽĐŝŽͲĞĐŽŶſŵŝĐŽͲŚŝĚƌŽůſŐŝĐĂƐ͘
ƋƵĞ ŝŶƚĞƌǀŝĞŶĞŶ Ž ŝŶĨůƵLJĞŶ ĞŶ Ğů ƵƐŽ ĚĞů ĂŐƵĂ͕ ĚĞ ĐĂƌĂ Ă ƉůĂŶƚĞĂƌ ŵĞũŽƌĞƐ ƐŽůƵĐŝŽŶĞƐ ĞŶ ůŽƐ
ƉƌŽŐƌĂŵĂƐĚĞŐĞƐƚŝſŶĚĞůŽƐƌĞĐƵƌƐŽƐŚşĚƌŝĐŽƐLJĚĞůĂĚĞŵĂŶĚĂĚĞĂŐƵĂĚĞƐƵƉŽďůĂĐŝſŶ͘
ϭ͘Ϯ KďũĞƚŝǀŽƐ
ůŽďũĞƚŝǀŽĨƵŶĚĂŵĞŶƚĂůĚĞůĂƚĞƐŝŶĂĞƐƌĞĂůŝnjĂƌƵŶĂŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĐƵĂůŝƚĂƚŝǀŽĚĞůĂŚƵĞůůĂ
ŚşĚƌŝĐĂ LJ ƐƵƐ ĐŽŵƉŽŶĞŶƚĞƐ Ă ŶŝǀĞů ŵƵŶĚŝĂů ĨƌĞŶƚĞ Ă ǀĂƌŝĂďůĞƐ ĐůŝŵĂƚŽůſŐŝĐĂƐ͕ ƚĞƌƌŝƚŽƌŝĂůĞƐ͕
ŚŝĚƌŽůſŐŝĐĂƐ͕ ĞĐŽŶſŵŝĐĂƐ͕ ƐŽĐŝŽůſŐŝĐĂƐ͕ ĞƚĐ͘ ĚĞƚĞƌŵŝŶĂĚĂƐ ĞŶ ŶƵĞƐƚƌŽ ĞƐƚƵĚŝŽ ĐŽŶ Ğů ĨŝŶ ĚĞ
ŽďƚĞŶĞƌ ƌĞůĂĐŝŽŶĞƐ ƐŽĐŝŽͲĞĐŽŶſŵŝĐĂƐͲŚŝĚƌŽůſŐŝĐĂƐ ĞdžŝƐƚĞŶƚĞƐ͘ Ɛş ŵŝƐŵŽ ŵĞĚŝĂŶƚĞ ĞƐƚĂƐ
ƌĞůĂĐŝŽŶĞƐ ĚĞƚĞƌŵŝŶĂƌĞŵŽƐ ĂůŐƵŶĂƐ ĚĞ ůĂƐ ƉĂƵƚĂƐ Ž ĨĂĐƚŽƌĞƐ ƋƵĞ ĐĂƌĂĐƚĞƌŝnjĂŶ Ğů ĐŽŶƐƵŵŽ ĚĞ
ĂŐƵĂĚĞůŽƐŚĂďŝƚĂŶƚĞƐĚĞůŽƐƉĂşƐĞƐ͕LJĂƐĞĂĚĞůƌĞĐƵƌƐŽŚşĚƌŝĐŽĞŶƐşŽŵĞĚŝĂŶƚĞĂŐƵĂǀŝƌƚƵĂů
ĐŽŶƚĞŶŝĚĂĞŶůŽƐďŝĞŶĞƐĂŐƌşĐŽůĂƐ͕ŝŶĚƵƐƚƌŝĂůĞƐLJĚŽŵĠƐƚŝĐŽƐ͘
WĂƌĂůŽŐƌĂƌĞƐƚĞŽďũĞƚŝǀŽƐĞŚĂŶƉůĂŶƚĞĂĚŽůĂƐƐŝŐƵŝĞŶƚĞƐĨĂƐĞƐ͗
/ŶǀĞƐƚŝŐĂƌ͕ ĂŶĂůŝnjĂƌ͕ ĚĞƚĞƌŵŝŶĂƌ LJ ĚĞĨŝŶŝƌ ůĂƐ ĐĂƌĂĐƚĞƌşƐƚŝĐĂƐ ĐůŝŵĂƚŽůſŐŝĐĂƐ͕
ƚĞƌƌŝƚŽƌŝĂůĞƐ͕ŚŝĚƌŽůſŐŝĐĂƐ͕ĞĐŽŶſŵŝĐĂƐ͕ƐŽĐŝŽůſŐŝĐĂƐ͕ĞƚĐ͘ĞşŶĚŝĐĞƐƋƵĞƐĞĂŶůŽ
ŵĄƐƌĞƉƌĞƐĞŶƚĂƚŝǀŽĚĞůŽƐƉĂşƐĞƐLJƋƵĞŵĞũŽƌůŽƐĚĞĨŝŶĂŶ͘
ƐƚĂďůĞĐĞƌůŽƐƉĂşƐĞƐĂƚĞŶĞƌĞŶĐƵĞŶƚĂ͕ůĂƐĐŽŶƐŝĚĞƌĂĐŝŽŶĞƐ͕ůĂƐƉƌĞŵŝƐĂƐLJůĂ
ŵĞƚŽĚŽůŽŐşĂ ĚĞ ĐĄůĐƵůŽ ƋƵĞ ƵƚŝůŝnjĂƌĞŵŽƐ ƉĂƌĂ Ğů ƌĞƐƉĞĐƚŝǀŽ ĂŶĄůŝƐŝƐ ĚĞů ĐƵĂů
ĐŽŶĐŝĞƌŶĞŶƵĞƐƚƌŽĞƐƚƵĚŝŽ͘
KďƚĞŶĞƌ ůĂƐ ƌĞůĂĐŝŽŶĞƐ ĞdžŝƐƚĞŶƚĞƐ ĞŶƚƌĞ ůĂ ŚƵĞůůĂ ŚşĚƌŝĐĂ LJ ƐƵƐ ĐŽŵƉŽŶĞŶƚĞƐ
ĐŽŶůŽƐĚŝǀĞƌƐŽƐĨĂĐƚŽƌĞƐĐŽŶƐƚŝƚƵŝĚŽƐƉŽƌůĂƐǀĂƌŝĂďůĞƐĚĞĨŝŶŝĚĂƐ͘>ĂƐƌĞůĂĐŝŽŶĞƐ
ŽďƚĞŶŝĚĂƐ ƉƵĞĚĞŶ ƐĞƌ ĂĐĞƉƚĂĚĂƐ Ž ƌĞĐŚĂnjĂĚĂƐ ĞŶ ĨƵŶĐŝſŶ ĚĞů ĐŽĞĨŝĐŝĞŶƚĞ ĚĞ
ĐŽƌƌĞůĂĐŝſŶZϮƋƵĞƉƌĞƐĞŶƚĞŶ͘
ƐƋƵĞŵĂƚŝnjĂƌ ůĂƐ ƌĞůĂĐŝŽŶĞƐ ĂĐĞƉƚĂĚĂƐ͘ WĂƌĂ ĂƐş ĐŽŶĐůƵŝƌ LJ ĚĞĨŝŶŝƌ ůĂƐ ƉĂƵƚĂƐ
ƋƵĞĐĂƌĂĐƚĞƌŝnjĂŶĞůĐŽŶƐƵŵŽĚĞĂŐƵĂ͘
ϭ͘ϯ ůĐĂŶĐĞ
hŶĂǀĞnjĞĨĞĐƚƵĂĚĂůĂŝŶƚƌŽĚƵĐĐŝſŶ͕ĞdžƉŽŶĚƌĞŵŽƐĚĞĨŽƌŵĂĐůĂƌĂLJĐŽŶĐŝƐĂůŽƐŽďũĞƚŝǀŽƐƋƵĞƐĞ
ƉůĂŶƚĞĂŶ ĞŶ Ğů ƉƌĞƐĞŶƚĞ ƚƌĂďĂũŽ͘ ^ĞŐƵŝĚĂŵĞŶƚĞ ĂŶĂůŝnjĂŵŽƐ ƚŽĚĂ ůĂ ŝŶĨŽƌŵĂĐŝſŶ ƌĞĐŽƉŝůĂĚĂ
ƐŽďƌĞĞƐƚƵĚŝŽƐ ĂŶƚĞƌŝŽƌĞƐLJ ĐŽŶĐĞƉƚŽƐ ƋƵĞĞƐƚĄŶ ƌĞůĂĐŝŽŶĂĚŽƐ ĐŽŶ Ğů ƚĞŵĂ LJ ůŽƐŽďũĞƚŝǀŽƐ ĚĞ
ŶƵĞƐƚƌŽĞƐƚƵĚŝŽ͘
WŽƐƚĞƌŝŽƌŵĞŶƚĞ ƐĞ ƌĞĂůŝnjĂ ƵŶ ĞƐƚƵĚŝŽ ĞdžŚĂƵƐƚŝǀŽ ĚĞ ůŽƐ ĚŝĨĞƌĞŶƚĞƐ ĨĂĐƚŽƌĞƐ ĞĐŽŶſŵŝĐŽƐ͕
ƐŽĐŝĂůĞƐ͕ ƉŽůşƚŝĐŽƐ LJ ĚĞ ůĂƐ ĐĂƌĂĐƚĞƌşƐƚŝĐĂƐ ĚĞŵŽŐƌĄĨŝĐĂƐ͕ ĐůŝŵĄƚŝĐĂƐ͕ ƚĞƌƌŝƚŽƌŝĂůĞƐ͕ ŚŝĚƌŽůſŐŝĐĂƐ͕
ĞƚĐ͘ ƋƵĞ ĂƉŽƌƚĞŶ ŐƌĂŶ ŝŶĨŽƌŵĂĐŝſŶ LJ ĚĞƐĐƌŝďĂŶ ŵĞũŽƌ Ă ůŽƐ ƉĂşƐĞƐ͘ ƉĂƌƚŝƌ ĚĞ ĞƐƚŽ ƐĞ
ĚĞƚĞƌŵŝŶĂŶLJƐĞĚĞĨŝŶĞŶůĂƐǀĂƌŝĂďůĞƐLJůŽƐşŶĚŝĐĞƐƋƵĞĐŽŶƐŝĚĞƌĂƌĞŵŽƐĞŶĞůĂŶĄůŝƐŝƐĨƌĞŶƚĞĂůĂ
ŚƵĞůůĂŚşĚƌŝĐĂLJƐƵƐĐŽŵƉŽŶĞŶƚĞƐ͘
ŽŶŽĐŝĚŽ Ğů ĐŽŶũƵŶƚŽ ĚĞ ƉĂƌĄŵĞƚƌŽƐ ƋƵĞ ƵƚŝůŝnjĂƌĞŵŽƐ Ă ůŽ ůĂƌŐŽ ĚĞ ŶƵĞƐƚƌŽ ĞƐƚƵĚŝŽ͘ ĐŽŶƚŝŶƵĂĐŝſŶƐĞĚĞƚĞƌŵŝŶĂŶůŽƐƉĂşƐĞƐƐŽďƌĞůŽƐĐƵĂůĞƐƌĞĂůŝnjĂŵŽƐĞůĞƐƚƵĚŝŽ͘hŶĂǀĞnjĚĞĨŝŶŝĚŽ
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ŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĂŶŝǀĞůŵƵŶĚŝĂů͘
ZĞůĂĐŝŽŶĞƐƐŽĐŝŽͲĞĐŽŶſŵŝĐŽͲŚŝĚƌŽůſŐŝĐĂƐ͘
Ğů ŐƌƵƉŽ ĚĞ ƉĂşƐĞƐ LJ ĚĞ ƉĂƌĄŵĞƚƌŽƐ͕ ĚĞƐĐƌŝďŝƌĞŵŽƐ ďƌĞǀĞŵĞŶƚĞ ůĂƐ ĐŽŶƐŝĚĞƌĂĐŝŽŶĞƐ͕ ůĂƐ
ƉƌĞŵŝƐĂƐLJůĂŵĞƚŽĚŽůŽŐşĂƵƚŝůŝnjĂĚĂƉĂƌĂůĂƌĞĂůŝnjĂĐŝſŶĚĞůƌĞƐƉĞĐƚŝǀŽĂŶĄůŝƐŝƐĚĞůĐƵĂůĐŽŶĐŝĞƌŶĞ
ŶƵĞƐƚƌŽƚƌĂďĂũŽ͘
^ŽŶ ĞŶ ƚŽƚĂů ϵϳ ƉĂşƐĞƐ ůŽƐ ƋƵĞ ƐĞ ŚĂŶ ĐŽŶƐŝĚĞƌĂĚŽ LJ ƋƵĞ ĨŝŶĂůŵĞŶƚĞ ƐĞ ŚĂŶ ĚŝǀŝĚŝĚŽ ĞŶ ĚŽƐ
ŐƌƵƉŽƐ͗ĞůŐƌƵƉŽĚĞƉĂşƐĞƐĄƌŝĚŽƐLJĞůŐƌƵƉŽĚĞƉĂşƐĞƐŶŽĄƌŝĚŽƐ͘ůƌĞƐƉĞĐƚŝǀŽĂŶĄůŝƐŝƐƐĞƌĞĂůŝnjĂ
ĞŶĐĂĚĂŐƌƵƉŽƉŽƌƐĞƉĂƌĂĚŽ͘
>ŽƐ ƌĞƐƵůƚĂĚŽƐ ƐĞ ŚĂŶ ĞƐƋƵĞŵĂƚŝnjĂĚŽ ĚĞ ůĂ ƐŝŐƵŝĞŶƚĞ ŵĂŶĞƌĂ͗ ƉƌŝŵĞƌŽ ƐĞ ƉƌĞƐĞŶƚĂŶ ůĂƐ
ƌĞůĂĐŝŽŶĞƐŽďƚĞŶŝĚĂƐĚĞůĂŶĄůŝƐŝƐĂƉůŝĐĂĚŽĂůŐƌƵƉŽĚĞƉĂşƐĞƐĄƌŝĚŽƐĐŽŶƐƵƐƌĞƐƉĞĐƚŝǀŽƐŐƌĄĨŝĐŽƐ
LJĐƵĂĚƌŽƐƌĞƐƵŵĞŶ͘ĐŽŶƚŝŶƵĂĐŝſŶƐĞƉƌĞƐĞŶƚĂŶůĂƐŽďƚĞŶŝĚĂƐĚĞůŐƌƵƉŽĚĞƉĂşƐĞƐŶŽĄƌŝĚŽƐ͕
ƚĂŵďŝĠŶĐŽŶƐƵƐƌĞƐƉĞĐƚŝǀŽƐŐƌĄĨŝĐŽƐLJĐƵĂĚƌŽƐƌĞƐƵŵĞŶ͘
&ŝŶĂůŵĞŶƚĞ͕ ƐĞ ĞĨĞĐƚƷĂ ƵŶĂ ƌĞĐĂƉŝƚƵůĂĐŝſŶ ĚĞ ƚŽĚĂƐ ůĂƐ ƌĞůĂĐŝŽŶĞƐ ĞdžŝƐƚĞŶƚĞƐ ĞŶƚƌĞ ůĂ ŚƵĞůůĂ
ŚşĚƌŝĐĂ LJ ƐƵƐ ĐŽŵƉŽŶĞŶƚĞƐ ĐŽŶ ůĂƐ ǀĂƌŝĂďůĞƐ ĐŽŶƐŝĚĞƌĂĚĂƐ͘ z ƐĞ ƌĞƉƌĞƐĞŶƚĂŶ ŵĞĚŝĂŶƚĞ ƵŶ
ĞƐƋƵĞŵĂ ĞŶ ĚŽŶĚĞ ƐĞ ĞƐƉĞĐŝĨŝĐĂŶ ůĂƐ ƌĞůĂĐŝŽŶĞƐ ƋƵĞ ŚĂLJ ĐŽŵƵŶĞƐ ĞŶƚƌĞ ůŽƐ ĚŽƐ ŐƌƵƉŽƐ ĚĞ
ƉĂşƐĞƐLJůĂƐƋƵĞƐĞĐƵŵƉůĞŶĞŶĐĂĚĂŐƌƵƉŽƉŽƌƐĞƉĂƌĂĚŽ͘
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ŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĂŶŝǀĞůŵƵŶĚŝĂů͘
ZĞůĂĐŝŽŶĞƐƐŽĐŝŽͲĞĐŽŶſŵŝĐŽͲŚŝĚƌŽůſŐŝĐĂƐ͘
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ŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĂŶŝǀĞůŵƵŶĚŝĂů͘
ZĞůĂĐŝŽŶĞƐƐŽĐŝŽͲĞĐŽŶſŵŝĐŽͲŚŝĚƌŽůſŐŝĐĂƐ͘
Ϯ͘^dK>Zd
Ϯ͘ϭŽŶĐĞƉƚŽƐƉƌĞǀŝŽƐ
ŽŶƐŝĚĞƌŽ ĚĞ ŐƌĂŶ ŝŶƚĞƌĠƐ͕ ĂŶƚĞƐ ĚĞ ƌĞĂůŝnjĂƌ Ğů ĚĞďŝĚŽ ĂŶĄůŝƐŝƐ ĚĞ ůŽƐ ĞƐƚƵĚŝŽƐ ƉƌĞǀŝŽƐ
ƌĞůĂĐŝŽŶĂĚŽƐ ĐŽŶ ůŽƐ ŽďũĞƚŝǀŽƐ ĚĞů ƉƌĞƐĞŶƚĞ ƚƌĂďĂũŽ͕ ĚĞĨŝŶŝƌ ƵŶĂ ƐĞƌŝĞ ĚĞ ĐŽŶĐĞƉƚŽƐ ƋƵĞ ƐĞ
ƵƚŝůŝnjĂƌĄŶĂůŽůĂƌŐŽĚĞůƉƌĞƐĞŶƚĞĞƐƚƵĚŝŽ͘
ŽŵĞŶnjĂƌĞŵŽƐ ĚĞĨŝŶŝĞŶĚŽ ŶƵĞƐƚƌĂ ƉƌŝŶĐŝƉĂů ǀĂƌŝĂďůĞ ĚĞ ĞƐƚƵĚŝŽ ƋƵĞ ĞƐ ,h>> ,1Z/
;,ŽĞŬƐƚƌĂ͕ ϮϬϬϮͿ͘ >Ă ŚƵĞůůĂ ŚşĚƌŝĐĂ ĚĞ ƵŶĂ ƉĞƌƐŽŶĂ͕ ĞŵƉƌĞƐĂ Ž ƉĂşƐ ;ŚĂƉĂŐĂŝŶ LJ ,ŽĞŬƐƚƌĂ͕
ϮϬϬϰͿƐĞĚĞĨŝŶĞĐŽŵŽĞůǀŽůƵŵĞŶƚŽƚĂůĚĞĂŐƵĂĚƵůĐĞƋƵĞƐĞƵƚŝůŝnjĂƉĂƌĂƉƌŽĚƵĐŝƌůŽƐďŝĞŶĞƐLJ
ƐĞƌǀŝĐŝŽƐĐŽŶƐƵŵŝĚŽƐƉŽƌĞůŝŶĚŝǀŝĚƵŽ͕ĞŵƉƌĞƐĂŽŶĂĐŝſŶ͘ƐƵŶŝŶĚŝĐĂĚŽƌĞŵƉşƌŝĐŽ͕ŐĞŽŐƌĄĨŝĐŽ͕
ĞdžƉůşĐŝƚŽLJŵƵůƚŝĚŝŵĞŶƐŝŽŶĂů͘WƵĞĚĞĂƉůŝĐĂƌƐĞĂŝŶĚŝǀŝĚƵŽƐ͕ĐŽŵƵŶŝĚĂĚĞƐŽƉƌŽĚƵĐƚŽƐ͘
ůĐŽŶĐĞƉƚŽĚĞŚƵĞůůĂŚşĚƌŝĐĂĞƐƚĄĞƐƚƌĞĐŚĂŵĞŶƚĞƌĞůĂĐŝŽŶĂĚŽĐŽŶĞůĐŽŶĐĞƉƚŽĚĞĂŐƵĂǀŝƌƚƵĂů͘
ů ĂŐƵĂ ǀŝƌƚƵĂů ;ůůĂŶ͕ ϭϵϵϬͿ ƐĞ ĚĞĨŝŶĞ ĐŽŵŽ Ğů ǀŽůƵŵĞŶ ĚĞ ĂŐƵĂ ŶĞĐĞƐĂƌŝŽ ƉĂƌĂ ƉƌŽĚƵĐŝƌ ƵŶ
ďŝĞŶ͘ ^ŝ ƵŶ ƉĂşƐ ŝŵƉŽƌƚĂ Ž ĞdžƉŽƌƚĂ ĚŝĐŚŽƐ ďŝĞŶĞƐ͕ ĞƐƚĄ ƌĞĂůŝnjĂŶĚŽ ŝŵƉŽƌƚĂĐŝŽŶĞƐ LJ
ĞdžƉŽƌƚĂĐŝŽŶĞƐĚĞĂŐƵĂĚĞĨŽƌŵĂǀŝƌƚƵĂů͘WŽƌůŽƚĂŶƚŽ͕ĂůĞǀĂůƵĂƌůĂŚƵĞůůĂŚşĚƌŝĐĂĚĞƵŶĂŶĂĐŝſŶ͕
ĞƐĨƵŶĚĂŵĞŶƚĂůĐƵĂŶƚŝĨŝĐĂƌůŽƐĨůƵũŽƐĚĞĂŐƵĂǀŝƌƚƵĂůƋƵĞĞŶƚƌĂŶLJƐĂůĞŶĚĞůƉĂşƐ͘ƐŝŵƉŽƌƚĂŶƚĞ
ŶŽ ĐŽŶĨƵŶĚŝƌ Ğů ĐŽŶĐĞƉƚŽ ĚĞ ĂŐƵĂ ǀŝƌƚƵĂů LJ ŚƵĞůůĂ ŚşĚƌŝĐĂ ƉƵĞƐƚŽ ƋƵĞ Ğů ĐŽŶƚĞŶŝĚŽ ĚĞ ĂŐƵĂ
ǀŝƌƚƵĂů ĚĞ ƵŶ ƉƌŽĚƵĐƚŽ ƐĞ ƌĞĨŝĞƌĞ͕ ƷŶŝĐĂŵĞŶƚĞ͕ Ăů ǀŽůƵŵĞŶ ŝŶĐŽƌƉŽƌĂĚŽ ĞŶ Ğů ƉƌŽĚƵĐƚŽ LJ ƉŽƌ
ƚĂŶƚŽ͕ĞƐƵŶŝŶĚŝĐĂĚŽƌƵŶŝĚŝŵĞŶƐŝŽŶĂů͘
ƐƵǀĞnjůĂŚƵĞůůĂŚşĚƌŝĐĂĞƐƚĄĨŽƌŵĂĚĂƉŽƌĚŽƐŐƌĂŶĚĞƐĐŽŵƉŽŶĞŶƚĞƐƋƵĞƐŽŶ͗ŚƵĞůůĂŚşĚƌŝĐĂ
ŝŶƚĞƌŶĂLJŚƵĞůůĂŚşĚƌŝĐĂĞdžƚĞƌŶĂ;ŚĂƉĂŐĂŝŶLJ,ŽĞŬƐƚƌĂ͕ϮϬϬϰͿ͘>ĂŚƵĞůůĂŚşĚƌŝĐĂŝŶƚĞƌŶĂĚĞƵŶ
ƉĂşƐĞƐĞůǀŽůƵŵĞŶĚĞĂŐƵĂƵƐĂĚĂ͕ĚĞůŽƐƌĞĐƵƌƐŽƐŚşĚƌŝĐŽƐŶĂĐŝŽŶĂůĞƐ͕ƉĂƌĂƉƌŽĚƵĐŝƌůŽƐďŝĞŶĞƐ
LJ ƐĞƌǀŝĐŝŽƐ ĐŽŶƐƵŵŝĚŽƐ ƉŽƌ ůŽƐ ŚĂďŝƚĂŶƚĞƐ ĚĞů ƉĂşƐ͘ >Ă ŚƵĞůůĂ ŚşĚƌŝĐĂ ĞdžƚĞƌŶĂ ĚĞů ƉĂşƐ ĞƐ Ğů
ǀŽůƵŵĞŶĚĞĂŐƵĂƋƵĞƐĞƵƚŝůŝnjĂĞŶŽƚƌŽƐƉĂşƐĞƐƉĂƌĂƉƌŽĚƵĐŝƌďŝĞŶĞƐLJƐĞƌǀŝĐŝŽƐŝŵƉŽƌƚĂĚŽƐLJ
ĐŽŶƐƵŵŝĚŽƐƉŽƌůŽƐŚĂďŝƚĂŶƚĞƐĚĞůƉĂşƐ͘
ŽŶĚĞ ůĂ ŚƵĞůůĂ ŚşĚƌŝĐĂ ŝŶƚĞƌŶĂ ĚĞ ƵŶ ƉĂşƐ ;ŚĂƉĂŐĂŝŶ LJ ,ŽĞŬƐƚƌĂ͕ ϮϬϬϰͿ ƐĞ ĐĂůĐƵůĂ ĐŽŵŽ ůĂ
ƐƵŵĂĚĞůǀŽůƵŵĞŶƚŽƚĂůĚĞĂŐƵĂƵƚŝůŝnjĂĚĂĞŶůĂĞĐŽŶŽŵşĂŶĂĐŝŽŶĂůƉĂƌĂƵƐŽĂŐƌşĐŽůĂ͕ŝŶĚƵƐƚƌŝĂů
LJ ĚŽŵĠƐƚŝĐŽ͕ ŵĞŶŽƐ Ğů ǀŽůƵŵĞŶ ĚĞ ĞdžƉŽƌƚĂĐŝſŶ ĚĞ ĂŐƵĂ ǀŝƌƚƵĂů Ă ŽƚƌŽƐ ƉĂşƐĞƐ ĞŶ ůĂ ŵĞĚŝĚĂ
ƌĞůĂĐŝŽŶĂĚĂ ĐŽŶ ůĞ ĞdžƉŽƌƚĂĐŝſŶ ĚĞ ůŽƐ ƉƌŽĚƵĐƚŽƐ ƉƌŽĚƵĐŝĚŽƐ ĞŶ Ğů ƉĂşƐ͘ z ůĂ ŚƵĞůůĂ ŚşĚƌŝĐĂ
ĞdžƚĞƌŶĂ ĚĞ ƵŶ ƉĂşƐ ;ŚĂƉĂŐĂŝŶ LJ ,ŽĞŬƐƚƌĂ͕ ϮϬϬϰͿ ĞƐ Ğů ǀŽůƵŵĞŶ ĂŶƵĂů ĚĞ ƌĞĐƵƌƐŽƐ ŚşĚƌŝĐŽƐ
ƵƚŝůŝnjĂĚŽƐ ĞŶŽƚƌŽƐ ƉĂşƐĞƐƉĂƌĂ ƉƌŽĚƵĐŝƌ ďŝĞŶĞƐLJ ƐĞƌǀŝĐŝŽƐ ĐŽŶƐƵŵŝĚŽƐ ƉŽƌ ůŽƐŚĂďŝƚĂŶƚĞƐ ĚĞů
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ŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĂŶŝǀĞůŵƵŶĚŝĂů͘
ZĞůĂĐŝŽŶĞƐƐŽĐŝŽͲĞĐŽŶſŵŝĐŽͲŚŝĚƌŽůſŐŝĐĂƐ͘
ƉĂşƐĞŶĐƵĞƐƚŝſŶ͕ĞƐĚĞĐŝƌƋƵĞƐĞƌĄŝŐƵĂůĂůĂŝŵƉŽƌƚĂĐŝſŶĚĞĂŐƵĂǀŝƌƚƵĂůĞŶĞůƉĂşƐŵĞŶŽƐĞů
ǀŽůƵŵĞŶĚĞĂŐƵĂǀŝƌƚƵĂůĞdžƉŽƌƚĂĚĂĂŽƚƌŽƐƉĂşƐĞƐĐŽŵŽƌĞƐƵůƚĂĚŽĚĞůĂƌĞͲĞdžƉŽƌƚĂĐŝſŶĚĞůŽƐ
ƉƌŽĚƵĐƚŽƐŝŵƉŽƌƚĂĚŽƐ͘
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ŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĂŶŝǀĞůŵƵŶĚŝĂů͘
ZĞůĂĐŝŽŶĞƐƐŽĐŝŽͲĞĐŽŶſŵŝĐŽͲŚŝĚƌŽůſŐŝĐĂƐ͘
Ϯ͘ϮƐƚƵĚŝŽƐƉƌĞǀŝŽƐ
Ϯ͘Ϯ͘ϭ'ĞƐƚŝſŶĚĞůŽƐƌĞĐƵƌƐŽƐŚşĚƌŝĐŽƐ
Ŷ Ğů ĂŹŽ ϭϵϵϮ ƐĞ ƌĞĂůŝnjſ ƵŶĂ ĐŽŶĨĞƌĞŶĐŝĂ ĞŶ ƵďůşŶ͕ ĐƵLJĂƐ ĐŽŶĐůƵƐŝŽŶĞƐ ĨŝũĂƌŽŶ ƋƵĞ Ğů ĂŐƵĂ
ĚƵůĐĞƉŽƚĂďůĞĞƐƵŶďŝĞŶĞƐĐĂƐŽLJƉŽƌůŽƚĂŶƚŽĚĞďĞƐĞƌĐŽŶƐŝĚĞƌĂĚĂĐŽŵŽƵŶďŝĞŶĞĐŽŶſŵŝĐŽ͘
^ĞƐƵŐŝƌŝſƋƵĞůŽƐƉƌŽďůĞŵĂƐĚĞĞƐĐĂƐĞnjĚĞĂŐƵĂ͕ĞůĞdžĐĞƐŽĚĞĂŐƵĂLJĞůĚĞƚĞƌŝŽƌŽĚĞůĂĐĂůŝĚĂĚ
ĚĞůĂŐƵĂƐĞƐŽůƵĐŝŽŶĂƌşĂƐŝĞůĂŐƵĂĨƵĞƌĂƚƌĂƚĂĚĂĐŽƌƌĞĐƚĂŵĞŶƚĞĐŽŵŽƵŶďŝĞŶĞĐŽŶſŵŝĐŽ͘ƐƚŽ
ŐĞŶĞƌĂ ƵŶĂ ŶĞĐĞƐŝĚĂĚ ƵƌŐĞŶƚĞ ĚĞ ĚĞƐĂƌƌŽůůĂƌ ĐŽŶĐĞƉƚŽƐ LJ ŚĞƌƌĂŵŝĞŶƚĂƐ ĂĚĞĐƵĂĚĂƐ ƉĂƌĂ
ŚĂĐĞƌůŽ͘
ŽŵŽ ƉƌŝŵĞƌĂƐ ƉĂƵƚĂƐ ƐĞ ŽďƚƵǀŽ ƋƵĞ Ăů ƚƌĂƚĂƌ ĐŽŶ ůŽƐ ƌĞĐƵƌƐŽƐ ŚşĚƌŝĐŽƐ ĚŝƐƉŽŶŝďůĞƐ ĞŶ ƵŶĂ
ĨŽƌŵĂ ĞĐŽŶſŵŝĐĂŵĞŶƚĞ ĞĨŝĐŝĞŶƚĞ͕ ŚĂLJ ƚƌĞƐ ŶŝǀĞůĞƐ ĚŝĨĞƌĞŶƚĞƐ ĞŶ ůŽƐ ƋƵĞ ƐĞ ƉƵĞĚĞŶ ƚŽŵĂƌ
ĚĞĐŝƐŝŽŶĞƐLJůŽŐƌĂƌŵĞũŽƌĂƐ͗
WƌŝŵĞƌŶŝǀĞů͗ŶŝǀĞůĚĞůƵƐƵĂƌŝŽ͕ĚŽŶĚĞĞůƉƌĞĐŝŽLJůĂƚĞĐŶŽůŽŐşĂĚĞƐĞŵƉĞŹĂŶƵŶƉĂƉĞů
ĐůĂǀĞ͘ƐƚĞĞƐĞůŶŝǀĞůĚŽŶĚĞƐĞĐŽŶƐŝĚĞƌĂƋƵĞůĂ͞ĞĨŝĐŝĞŶĐŝĂĞŶĞůƵƐŽůŽĐĂůĚĞůĂŐƵĂ͟ƐĞ
ƉƵĞĚĞŵĞũŽƌĂƌŵĞĚŝĂŶƚĞůĂĐƌĞĂĐŝſŶĚĞůĂĐŽŶĐŝĞŶĐŝĂ͕ůĂĂƉůŝĐĂĐŝſŶĚĞƉƌĞĐŝŽƐďĂƐĂĚŽƐ
ĞŶĞůĐŽƐƚĞŵĂƌŐŝŶĂůLJĨŽŵĞŶƚĂŶĚŽůĂƚĞĐŶŽůŽŐşĂĚĞĂŚŽƌƌŽĚĞĂŐƵĂ͘
^ĞŐƵŶĚŽŶŝǀĞů͗ŶŝǀĞůĚĞĐƵĞŶĐĂŽŶŝǀĞůŶĂĐŝŽŶĂů͕ĞŶĞůƋƵĞƐĞĐŽŶƐŝĚĞƌĂůĂ͞ĂƐŝŐŶĂĐŝſŶ
ĞĨŝĐŝĞŶƚĞ ĚĞů ĂŐƵĂ͟ LJ ůĂ ĞůĞĐĐŝſŶ ƐĞ ƌĞĂůŝnjĂ ƐŽďƌĞ ůĂ ĨŽƌŵĂ ĚĞ ĂƐŝŐŶĂƌ ůŽƐ ƌĞĐƵƌƐŽƐ
ŚşĚƌŝĐŽƐ ĚŝƐƉŽŶŝďůĞƐ ƉĂƌĂ ůŽƐ ĚŝĨĞƌĞŶƚĞƐ ƐĞĐƚŽƌĞƐ ĚĞ ůĂ ĞĐŽŶŽŵşĂ ;ŝŶĐůƵLJĞŶĚŽ ůĂ ƐĂůƵĚ
ƉƷďůŝĐĂ LJ Ğů ŵĞĚŝŽ ĂŵďŝĞŶƚĞͿ͘ >ĂƐ ŽƉĐŝŽŶĞƐ ƐŽďƌĞ ůĂ ĂƐŝŐŶĂĐŝſŶ ĚĞ ĂŐƵĂ ƉƵĞĚĞŶ ƐĞƌ
ŵĄƐŽŵĞŶŽƐ͞ĞĨŝĐŝĞŶƚĞƐ͕͟ƐĞŐƷŶĞůǀĂůŽƌĚĞĂŐƵĂĞŶůŽƐƵƐŽƐĚĞƐƵĂůƚĞƌŶĂƚŝǀĂ͘zĐŽŵŽ
ƐĞƐĂďĞ͕ĞůĂŐƵĂĞƐƵŶďŝĞŶƉƷďůŝĐŽ͕ƉŽƌůŽƋƵĞůĂĂƐŝŐŶĂĐŝſŶĚĞůĂŐƵĂĂŶŝǀĞůĚĞƉĂşƐŽ
ĚĞŝŶĨůƵĞŶĐŝĂĞƐƉƌŝŶĐŝƉĂůŵĞŶƚĞƵŶĂĐƵĞƐƚŝſŶĚĞŐŽďŝĞƌŶŽ͘
dĞƌĐĞƌ ŶŝǀĞů͗ ŶŝǀĞů ŐůŽďĂů͕ ĞŶ Ğů ƋƵĞ ƐĞ ĐŽŶƐŝĚĞƌĂ ůĂ ͞ĞĨŝĐŝĞŶĐŝĂ ĞŶ Ğů ƵƐŽ ŐůŽďĂů ĚĞů
ĂŐƵĂ͕͟ ĞƐƚĂ ƐĞ ƉƵĞĚĞ ĚĞĨŝŶŝƌ ĐŽŵŽ ůĂ ƐƵŵĂ ĚĞ ůĂƐ ĞĨŝĐŝĞŶĐŝĂƐ ůŽĐĂůĞƐ ĚĞ ůŽƐ ƵƐŽƐ ĚĞů
ĂŐƵĂ͘ƐŵƵLJĚŝĨşĐŝůŐĞƐƚŝŽŶĂƌĞƐƚĞŶŝǀĞůĚĞƚŽŵĂĚĞĚĞĐŝƐŝŽŶĞƐ͕ƉŽƌƐƵŐƌĂŶƚĂŵĂŹŽLJůĂ
ĨĂůƚĂĚĞƵŶŽƌŐĂŶŝƐŵŽŵƵŶĚŝĂůƌĞŐƵůĂĚŽƌ͘ĚĞŵĄƐ͕ůĂĚŝƐƚƌŝďƵĐŝſŶLJĚĞŵĂŶĚĂŵƵŶĚŝĂů
ĚĞů ĂŐƵĂ ŶŽ ĞƐ ƵŶŝĨŽƌŵĞ LJ ŶŽ ŚĂLJ ƌĞůĂĐŝſŶ ƉŽƐŝƚŝǀĂ ĞŶƚƌĞ ĚĞŵĂŶĚĂ ĚĞ ĂŐƵĂ LJ
ĚŝƐƉŽŶŝďŝůŝĚĂĚ͘
ĨŝĐŝĞŶĐŝĂĞŶĞůƵƐŽůŽĐĂůĚĞůĂŐƵĂ
ŽŵĞƌĐŝŽĚĞĂŐƵĂǀŝƌƚƵĂůĞŶƚƌĞůĂƐƌĞŐŝŽŶĞƐĐŽŶ
ĞƐĐĂƐĞnjĚĞĂŐƵĂLJĂďƵŶĚĂŶƚĞĂŐƵĂ
sĂůŽƌĚĞůĂŐƵĂĞŶƵƐŽƐĂůƚĞƌŶĂƚŝǀŽƐ
>ĂĂƐŝŐŶĂĐŝſŶĞĨŝĐŝĞŶƚĞĚĞůĂŐƵĂ
ĨŝĐŝĞŶĐŝĂĞŶĞůƵƐŽŐůŽďĂůĚĞůĂŐƵĂ
dĞĐŶŽůŽŐşĂ͕ƉƌĞĐŝŽĚĞůĂŐƵĂLJůĂĐŽŶĐŝĞŶĐŝĂ
ĂŵďŝĞŶƚĂůĚĞůŽƐƵƐƵĂƌŝŽƐĚĞůĂŐƵĂ
&/'hZϮ͘ϭ͘EŝǀĞůĞƐĚĞŐĞƐƚŝſŶĚĞĂŐƵĂ;,ŽĞŬƐƚƌĂLJ,ƵŶŐ͕ϮϬϬϮͿ
_
ŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĂŶŝǀĞůŵƵŶĚŝĂů͘
ZĞůĂĐŝŽŶĞƐƐŽĐŝŽͲĞĐŽŶſŵŝĐŽͲŚŝĚƌŽůſŐŝĐĂƐ͘
ŶƌĞƐƵŵĞŶ͕ůĂĞĨŝĐŝĞŶĐŝĂŐůŽďĂůĞŶůĂĂƉƌŽƉŝĂĐŝſŶĚĞůŽƐƌĞĐƵƌƐŽƐŚşĚƌŝĐŽƐŵƵŶĚŝĂůĞƐƐĞƉƵĞĚĞ
ĚĞĨŝŶŝƌ ĐŽŵŽ ůĂ ͚ƐƵŵĂ͛ ĚĞ ůĂ ĞĨŝĐŝĞŶĐŝĂ ůŽĐĂů ĚĞů ƵƐŽ ĚĞů ĂŐƵĂ͕ ůĂ ĞĨŝĐŝĞŶĐŝĂ ĚĞ ĂŐƵĂ Ă ĞƐĐĂůĂ
ŵĞƐŽĂƐŝŐŶĂĐŝſŶLJůĂĞĨŝĐŝĞŶĐŝĂŐůŽďĂůĚĞůƵƐŽĚĞůĂŐƵĂ͘
Ϯ͘Ϯ͘ϮŽŵĞƌĐŝŽŐůŽďĂůĚĞĂŐƵĂǀŝƌƚƵĂů
ĂĚĂ ǀĞnj ĞƐ ŵĄƐ ŝŵƉŽƌƚĂŶƚĞ ƉŽŶĞƌ ůĂƐ ĐƵĞƐƚŝŽŶĞƐ ĚĞ ĂŐƵĂ ĚƵůĐĞ ĞŶ ƵŶ ĐŽŶƚĞdžƚŽ ŐůŽďĂů͘ ů
ĂŐŽƚĂŵŝĞŶƚŽĚĞůĂŐƵĂůŽĐĂůLJůĂĐŽŶƚĂŵŝŶĂĐŝſŶĞƐƚĄŶĂŵĞŶƵĚŽĞƐƚƌĞĐŚĂŵĞŶƚĞǀŝŶĐƵůĂĚŽƐĂůĂ
ĞƐƚƌƵĐƚƵƌĂĚĞůĂĞĐŽŶŽŵşĂŵƵŶĚŝĂů͘ŽŶĞůĂƵŵĞŶƚŽĚĞůĐŽŵĞƌĐŝŽŝŶƚĞƌŶĂĐŝŽŶĂůĚĞƉƌŽĚƵĐƚŽƐ͕
ƋƵĞ ůůĞǀĂ ĐŽŶƐŝŐŽ ůĂƚƌĂŶƐĨĞƌĞŶĐŝĂ Ă ůĂƌŐĂ ĚŝƐƚĂŶĐŝĂ ĚĞ ĂŐƵĂ ĞŶ ĨŽƌŵĂǀŝƌƚƵĂů͕ ŶĂĐĞ ůĂ ŝĚĞĂ ĚĞ
ĂŶĂůŝnjĂƌLJĐĂůĐƵůĂƌůĂƐŝŵƉŽƌƚĂĐŝŽŶĞƐLJĞdžƉŽƌƚĂĐŝŽŶĞƐĚĞĂŐƵĂǀŝƌƚƵĂůĞdžŝƐƚĞŶƚĞƐĞŶƚƌĞůŽƐƉĂşƐĞƐ
LJĂƐşƚĞŶĞƌƵŶĂŚĞƌƌĂŵŝĞŶƚĂĂƚƌĂǀĠƐĚĞůĂĐƵĂůƐĞƉƵĞĚĂŵĞũŽƌĂƌůĂĞĨŝĐŝĞŶĐŝĂŐůŽďĂůĚĞůƵƐŽĚĞů
ĂŐƵĂ͘
ů ĐŽŶŽĐŝŵŝĞŶƚŽ ƐŽďƌĞ ůŽƐ ĨůƵũŽƐ ĚĞ ĂŐƵĂ ǀŝƌƚƵĂů͕ ƋƵĞ ĞŶƚƌĂŶ LJ ƐĂůĞŶ ĚĞ ƵŶ ƉĂşƐ ƉƵĞĚĞ Ğŵŝƚŝƌ
ƵŶĂ ůƵnj ĐŽŵƉůĞƚĂŵĞŶƚĞ ŶƵĞǀĂ ƐŽďƌĞ ůĂ ĞƐĐĂƐĞnj ĚĞ ĂŐƵĂ ƌĞĂů ĚĞ ƵŶ ƉĂşƐ͘ ů ƉƌŝŵĞƌ ĞƐƚƵĚŝŽ
;,ŽĞŬƐƚƌĂ LJ ,ƵŶŐ͕ ϮϬϬϮͿ ƋƵĞ ƐĞ ƉƵďůŝĐſ Ăů ƌĞƐƉĞĐƚŽ͕ ƐĞ ůŝŵŝƚſ Ă ĐƵĂŶƚŝĨŝĐĂƌ ůŽƐ ĨůƵũŽƐ ĚĞ
ĐŽŵĞƌĐŝŽ ĚĞ ĂŐƵĂ ǀŝƌƚƵĂů ƌĞůĂĐŝŽŶĂĚĂ ĐŽŶ Ğů ĐŽŵĞƌĐŝŽ ŝŶƚĞƌŶĂĐŝŽŶĂů ĚĞ ĐƵůƚŝǀŽƐ͘ dƵǀŽ ĐŽŵŽ
ŽďũĞƚŝǀŽƐ͗ĞƐƚŝŵĂƌůĂĐĂŶƚŝĚĂĚĚĞĂŐƵĂŶĞĐĞƐĂƌŝĂƉĂƌĂƉƌŽĚƵĐŝƌĐƵůƚŝǀŽƐĞŶĚŝĨĞƌĞŶƚĞƐƉĂşƐĞƐĚĞů
ŵƵŶĚŽ͕ ĐƵĂŶƚŝĨŝĐĂƌ ůŽƐ ǀŽůƷŵĞŶĞƐ ĚĞ ƚŽĚŽƐ ůŽƐ ĨůƵũŽƐ ĚĞ ĐŽŵĞƌĐŝŽ ĚĞ ĂŐƵĂ ǀŝƌƚƵĂů ĞŶƚƌĞ ůŽƐ
ƉĂşƐĞƐĞŶĞůƉĞƌşŽĚŽϭϵϵϱͲϭϵϵϵLJƉŽŶĞƌůŽƐƐĂůĚŽƐĚĞůĐŽŵĞƌĐŝŽĚĞĂŐƵĂǀŝƌƚƵĂůĚĞůŽƐƉĂşƐĞƐĞŶ
ĞůĐŽŶƚĞdžƚŽĚĞůĂƐŶĞĐĞƐŝĚĂĚĞƐŶĂĐŝŽŶĂůĞƐĚĞĂŐƵĂLJůĂĚŝƐƉŽŶŝďŝůŝĚĂĚĚĞĂŐƵĂ͘
hŶĂĚĞůĂƐƉƌŝŶĐŝƉĂůĞƐĞƐƚŝŵĂĐŝŽŶĞƐŽďƚĞŶŝĚĂƐƉŽƌ,ŽĞŬƐƚƌĂLJ,ƵŶŐ͕ĨƵĞƋƵĞĞůϭϯйĚĞůĂŐƵĂ
ƵƚŝůŝnjĂĚĂ ƉĂƌĂ ůĂ ƉƌŽĚƵĐĐŝſŶ ĂŐƌşĐŽůĂ ĞŶ Ğů ŵƵŶĚŽ ŶŽ ƐĞ ƵƚŝůŝnjĂ ƉĂƌĂ Ğů ĐŽŶƐƵŵŽ ŝŶƚĞƌŶŽ ƐŝŶŽ
ƉĂƌĂ ůĂ ĞdžƉŽƌƚĂĐŝſŶ ;ĞŶ ĨŽƌŵĂ ǀŝƌƚƵĂůͿ͘ ĂďĞ ĚĞƐƚĂĐĂƌ ƋƵĞ ĞƐƚĞ ĞƐ Ğů ƉŽƌĐĞŶƚĂũĞ ŐůŽďĂů͕ ůĂ
ƐŝƚƵĂĐŝſŶ ǀĂƌşĂ ĐŽŶƐŝĚĞƌĂďůĞŵĞŶƚĞ ĞŶƚƌĞ ƉĂşƐĞƐ͘ Ɛş ŵŝƐŵŽ͕ ĐŽŶŽĐĞƌ Ğů ďĂůĂŶĐĞ ŶĂĐŝŽŶĂů ĚĞ
ĐŽŵĞƌĐŝŽ ĚĞ ĂŐƵĂ ǀŝƌƚƵĂů ĞƐ ĞƐĞŶĐŝĂů ƉĂƌĂ Ğů ĚĞƐĂƌƌŽůůŽ ĚĞ ƵŶĂ ƉŽůşƚŝĐĂ ƌĂĐŝŽŶĂů ŶĂĐŝŽŶĂů ĐŽŶ
ƌĞƐƉĞĐƚŽĂůŵŝƐŵŽ͘
WŽƐƚĞƌŝŽƌŵĞŶƚĞ ƐĞƌĞĂůŝnjſƵŶ ĞƐƚƵĚŝŽ ƐŝŵŝůĂƌ;ŚĂƉĂŐĂŝŶ LJ ,ŽĞŬƐƚƌĂ͕ϮϬϬϯͿ͕ ĚſŶĚĞ Ğů ƉĞƌşŽĚŽ
ĞŶ ĐƵĞƐƚŝſŶ ĨƵĞ ϭϵϵϳͲϭϵϵϵ LJ ƐĞ ĐƵĂŶƚŝĨŝĐſ ůŽƐ ĨůƵũŽƐ ĚĞ ĐŽŵĞƌĐŝŽ ĚĞ ĂŐƵĂ ǀŝƌƚƵĂů ƌĞůĂĐŝŽŶĂĚĂ
ĐŽŶĞůĐŽŵĞƌĐŝŽŝŶƚĞƌŶĂĐŝŽŶĂůĚĞůŽƐĂŶŝŵĂůĞƐLJƉƌŽĚƵĐƚŽƐĂŶŝŵĂůĞƐ͘
Ϯ͘Ϯ͘ϯ,ƵĞůůĂŚşĚƌŝĐĂ
ůĐŽŶĐĞƉƚŽŚƵĞůůĂŚşĚƌŝĐĂĨƵĞŝŶƚƌŽĚƵĐŝĚŽƉŽƌƉƌŝŵĞƌĂǀĞnjƉŽƌ,ŽĞŬƐƚƌĂĞŶĞůĂŹŽϮϬϬϮĐŽŶĞů
ĨŝŶ ĚĞ ƚĞŶĞƌ ƵŶ ŝŶĚŝĐĂĚŽƌ ďĂƐĂĚŽ ĞŶ Ğů ĐŽŶƐƵŵŽ ĚĞů ƵƐŽ ĚĞů ĂŐƵĂ ƋƵĞ ƉŽĚƌşĂ ƉƌŽƉŽƌĐŝŽŶĂƌ
ŝŶĨŽƌŵĂĐŝſŶƷƚŝů͕ĂĚĞŵĄƐĚĞůŽƐŝŶĚŝĐĂĚŽƌĞƐƚƌĂĚŝĐŝŽŶĂůĞƐĚĞƉƌŽĚƵĐĐŝſŶďĂƐĂĚŽƐĞŶĞůƐĞĐƚŽƌ
ĚĞůƵƐŽĚĞůĂŐƵĂ͘ƉĂƌƚŝƌĚĞĞƐĞĞŶƚŽŶĐĞƐƐĞƌĞĂůŝnjĂŶĞƐƚƵĚŝŽƐLJĂŶĄůŝƐŝƐƐŽďƌĞůŽƐƵƐŽƐĚĞĂŐƵĂ͕
Ă ƚƌĂǀĠƐ ĚĞ ĚĂƚŽƐ ĞdžŝƐƚĞŶƚĞƐ͕ ůŽŐƌĂŶĚŽ ĐƌĞĂƌ ƵŶ ĐŽŶĐĞƉƚŽ ŵĄƐ ĐůĂƌŽ LJ ƌĞĨŽƌnjĂĚŽ ĚĞ ŚƵĞůůĂ
ŚşĚƌŝĐĂLJŽďƚĞŶŝĞŶĚŽƵŶĂŵĞƚŽĚŽůŽŐşĂĚĞĐĄůĐƵůŽƋƵĞƚŽŵĂŶŐƌĂŶŝŵƉŽƌƚĂŶĐŝĂĞŝŶƚĞƌĠƐĂƉĂƌƚŝƌ
ĚĞůĂŹŽϮϬϬϰ͘
hŶŽ ĚĞ ůŽƐ ĞƐƚƵĚŝŽƐ ƐŽďƌĞ ůĂ ŚƵĞůůĂ ŚşĚƌŝĐĂ ;ŚĂƉĂŐĂŝŶ LJ ,ŽĞŬƐƚƌĂ͕ ϮϬϬϰͿ ƋƵĞ ƚƵǀŽ ŐƌĂŶ
ŝŵƉŽƌƚĂŶĐŝĂ LJ ƌĞůĞǀĂŶĐŝĂ͕ ƚŽŵĂ Ğů ƉĞƌşŽĚŽ ĚĞ ϭϵϵϳͲϮϬϬϭ ƚĞŶŝĞŶĚŽ ĞŶ ĐƵĞŶƚĂ ůŽƐ ĚĂƚŽƐ
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ŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĂŶŝǀĞůŵƵŶĚŝĂů͘
ZĞůĂĐŝŽŶĞƐƐŽĐŝŽͲĞĐŽŶſŵŝĐŽͲŚŝĚƌŽůſŐŝĐĂƐ͘
ĚŝƐƉŽŶŝďůĞƐLJƐĞďĂƐĂĞŶĚŽƐĞƐƚƵĚŝŽƐĂŶƚĞƌŝŽƌĞƐ͘ůƉƌŝŵĞƌŽƌĞĂůŝnjĂĚŽƉŽƌ,ŽĞŬƐƚƌĂLJ,ƵŶŐĞŶ
ĞůĂŹŽϮϬϬϮ͕ĚſŶĚĞŚĂďşĂŶĐƵĂŶƚŝĨŝĐĂĚŽůŽƐĨůƵũŽƐĚĞĂŐƵĂǀŝƌƚƵĂůƌĞůĂĐŝŽŶĂĚĂĐŽŶĞůĐŽŵĞƌĐŝŽ
ŝŶƚĞƌŶĂĐŝŽŶĂůĚĞƉƌŽĚƵĐƚŽƐĂŐƌşĐŽůĂƐ͘ůƐĞŐƵŶĚŽƌĞĂůŝnjĂĚŽƉŽƌŚĂƉĂŐĂŝŶLJ,ŽĞŬƐƚƌĂĞŶĞůĂŹŽ
ϮϬϬϯ͕ ƋƵĞ ĐƵĂŶƚŝĨŝĐĂ ůŽƐ ĨůƵũŽƐ ĚĞ ĂŐƵĂ ǀŝƌƚƵĂů ƌĞůĂĐŝŽŶĂĚĂ ĐŽŶ Ğů ĐŽŵĞƌĐŝŽ ŝŶƚĞƌŶĂĐŝŽŶĂů ĚĞ
ĂŶŝŵĂůĞƐLJƉƌŽĚƵĐƚŽƐĂŶŝŵĂůĞƐ͘
Ŷ Ğů ĞƐƚƵĚŝŽ͕ ĚĞ ůĂ ŚƵĞůůĂ ŚşĚƌŝĐĂ ĚĞ ůŽƐ ƉĂşƐĞƐ͕ ƐĞ ŵƵĞƐƚƌĂ Ğů ƐŝŐƵŝĞŶƚĞ ĞƐƋƵĞŵĂ ĚŽŶĚĞ ƐĞ
ƌĞƐƵŵĞŶůŽƐƉĂƐŽƐƵƚŝůŝnjĂĚŽƐƉĂƌĂĞůĐŽƌƌĞƐƉŽŶĚŝĞŶƚĞĐĄůĐƵůŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĚĞƵŶƉĂşƐ͗
WĂƌĄŵĞƚƌŽƐ
ĐůŝŵĄƚŝĐŽƐ
WĂƌĄŵĞƚƌŽƐ
ĚĞĐƵůƚŝǀŽ
ZĞŶĚŝŵŝĞŶƚŽĚĞůĐƵůƚŝǀŽ
ƉŽƌĐƵůƚŝǀŽĐ;dŽŶͬ,ĂͿ
WƌŽĚƵĐĐŝſŶĂŐƌşĐŽůĂƉŽƌ
ĐƵůƚŝǀŽĐ;dŽŶͬĂŹŽͿ
ZĞƋƵĞƌŝŵŝĞŶƚŽƐĚĞĂŐƵĂ
ĚĞůĐƵůƚŝǀŽ;ŵϯͬƚŽŶͿ
ŽŶƚĞŶŝĚŽĚĞĂŐƵĂ
ǀŝƌƚƵĂůĚĞůĂĐŽƐĞĐŚĂ
;ŵϯͬƚŽŶͿ
džƚƌĂĐĐŝŽŶĞƐĚĞĂŐƵĂŝŶĚƵƐƚƌŝĂůLJĚŽŵĠƐƚŝĐĂĚĞƵŶƉĂşƐ
;ŵϯͬĂŹŽͿ
hƐŽƚŽƚĂůĚĞĂŐƵĂƉŽƌ
ĐƵůƚŝǀŽĐ;ŵϯͬĂŹŽͿ
hƐŽĂŐƌşĐŽůĂĚĞůĂŐƵĂĞŶ
ƵŶƉĂşƐ;ŵϯͬĂŹŽͿ
,ƵĞůůĂŚşĚƌŝĐĂŝŶƚĞƌŶĂ
ĚĞƵŶƉĂşƐ;ŵϯͬĂŹŽͿ
džƉŽƌƚĂĐŝſŶĚĞĂŐƵĂǀŝƌƚƵĂůƌĞůĂĐŝŽŶĂĚĂĐŽŶůĂ
ĞdžƉŽƌƚĂĐŝſŶĚĞƉƌŽĚƵĐƚŽƐƉƌŽĚƵĐŝĚŽƐĞŶĞůƉĂşƐ;ŵϯͬĂŹŽͿ
/ŵƉŽƌƚĂĐŝſŶĚĞĂŐƵĂǀŝƌƚƵĂůĞŶƵŶƉĂşƐ;ŵϯͬĂŹŽͿ
džƉŽƌƚĂĐŝſŶĚĞĂŐƵĂǀŝƌƚƵĂůƌĞůĂĐŝŽŶĂĚŽĐŽŶůĂ
ZĞͲĞdžƉŽƌƚĂĐŝſŶĚĞƉƌŽĚƵĐƚŽƐŝŵƉŽƌƚĂĚŽƐ;ŵϯͬĂŹŽͿ
,ƵĞůůĂŚşĚƌŝĐĂ
ĞdžƚĞƌŶĂĚĞƵŶ
ƉĂşƐ;ŵϯͬĂŹŽͿ
,h>>,1Z/ĚĞƵŶ
ƉĂşƐ;ŵϯͬĂŹŽͿ
WŽďůĂĐŝſŶƚŽƚĂů;ĐĂƉͿ
,h>>,1Z/ƉĞƌ
ĐĄƉŝƚĂ;ŵϯͬĐĂƉͬĂŹŽͿ
&/'hZ Ϯ͘Ϯ͘ WĂƐŽƐ ĞŶ Ğů ĐĄůĐƵůŽ ĚĞ ůĂ ŚƵĞůůĂ ŚşĚƌŝĐĂ ĚĞ ƵŶĂ ŶĂĐŝſŶ ;ŚĂƉĂŐĂŝŶ LJ ,ŽĞŬƐƚƌĂ͕
ϮϬϬϰͿ
Ŷ ůĂ ĨŝŐƵƌĂ Ϯ͘Ϯ ƐĞ ŵƵĞƐƚƌĂ ůŽƐ ƉĂƐŽƐ ĞŶ Ğů ĐĄůĐƵůŽ ĚĞ ůĂ ŚƵĞůůĂ ŚşĚƌŝĐĂ ĚĞ ƵŶĂ ŶĂĐŝſŶ͘ ſŵŽ
ƉŽĚĞŵŽƐŽďƐĞƌǀĂƌ͕ůĂŵĞƚŽĚŽůŽŐşĂƋƵĞĞƐƚĂďůĞĐĞŶƉƌĞƐĞŶƚĂĂůŐƵŶĂƐĚŝĨŝĐƵůƚĂĚĞƐĞŶĐƵĂŶƚŽĂůĂ
ƌĞĐŽƉŝůĂĐŝſŶĚĞĚĂƚŽƐ͕ƉĞƌŽĞƐďĂƐƚĂŶƚĞĐůĂƌĂ͘>ŽƐĂƵƚŽƌĞƐĚĞƐƚĂĐĂŶĚŝĨĞƌĞŶƚĞƐĨĂĐƚŽƌĞƐĂƚĞŶĞƌ
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ŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĂŶŝǀĞůŵƵŶĚŝĂů͘
ZĞůĂĐŝŽŶĞƐƐŽĐŝŽͲĞĐŽŶſŵŝĐŽͲŚŝĚƌŽůſŐŝĐĂƐ͘
ĞŶĐƵĞŶƚĂĞŶĞůĐĄůĐƵůŽLJĞŶƚƌĞĞƐƚŽƐƌĞƐĂůƚĂŶƋƵĞĂůĞǀĂůƵĂƌůĂŚƵĞůůĂŚşĚƌŝĐĂĚĞƵŶĂŶĂĐŝſŶ͕ĞƐ
ĨƵŶĚĂŵĞŶƚĂů ĐƵĂŶƚŝĨŝĐĂƌ ůŽƐ ĨůƵũŽƐ ĚĞ ĂŐƵĂ ǀŝƌƚƵĂů ƋƵĞ ĞŶƚƌĂŶ LJ ƐĂůĞŶ ĚĞů ƉĂşƐ͘ ĞďŝĚŽ ƐŽďƌĞ
ƚŽĚŽĂƋƵĞĞŶůŽƐƷůƚŝŵŽƐĂŹŽƐǀĂƌŝŽƐĞƐƚƵĚŝŽƐŵƵĞƐƚƌĂŶƋƵĞůŽƐĨůƵũŽƐĚĞĂŐƵĂǀŝƌƚƵĂůĞŶƚƌĞ
ƉĂşƐĞƐƐŽŶĐŽŶƐŝĚĞƌĂďůĞƐ͘ƐĚĞĐŝƌ͕ƐŝƐĞƚŽŵĂĞůƵƐŽĚĞůŽƐƌĞĐƵƌƐŽƐŚşĚƌŝĐŽƐŶĂĐŝŽŶĂůĞƐĐŽŵŽ
ƉƵŶƚŽĚĞƉĂƌƚŝĚĂƉĂƌĂůĂĞǀĂůƵĂĐŝſŶĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĚĞƵŶƉĂşƐ͕ƐĞĚĞďĞƌĞƐƚĂƌĞůĨůƵũŽĚĞ
ĂŐƵĂǀŝƌƚƵĂůƋƵĞƐĞǀĂĚĞůƉĂşƐLJĂŹĂĚŝƌĞůƋƵĞĞŶƚƌĂĞŶĞůƉĂşƐ͘
ĐŽŶƚŝŶƵĂĐŝſŶ͕ƐĞŵƵĞƐƚƌĂůĂŚƵĞůůĂŚşĚƌŝĐĂŐůŽďĂůƉŽƌĐĂƚĞŐŽƌşĂĚĞĐŽŶƐƵŵŽ͗
,ƵĞůůĂŚşĚƌŝĐĂƌĞůĂĐŝŽŶĂĚĂ
ĐŽŶĞůĐŽŶƐƵŵŽĚĞďŝĞŶĞƐ
ŝŶĚƵƐƚƌŝĂůĞƐ
ϵ͘ϲй
,ƵĞůůĂŚşĚƌŝĐĂƌĞůĂĐŝŽŶĂĚĂĐŽŶ
ϰ͘ϲй ĞůĐŽŶƐƵŵŽĚĞĂŐƵĂĚŽŵĠƐƚŝĐŽ
ϴϱ͘ϴй
,ƵĞůůĂŚşĚƌŝĐĂƌĞůĂĐŝŽŶĂĚĂĐŽŶ
ĞůĐŽŶƐƵŵŽĚĞďŝĞŶĞƐĂŐƌşĐŽůĂƐ
&/'hZϮ͘ϯ͘,ƵĞůůĂŚşĚƌŝĐĂƉŽƌĐĂƚĞŐŽƌşĂĚĞĐŽŶƐƵŵŽ;ŚĂƉĂŐĂŝŶLJ,ŽĞŬƐƚƌĂ͕ϮϬϬϰͿ
>Ă ĨŝŐƵƌĂ Ϯ͘ϯ͕ ŵƵĞƐƚƌĂ ĐŽŵŽ Ğů ƚĂŵĂŹŽ ĚĞ ůĂ ŚƵĞůůĂ ŐůŽďĂů ĚĞů ĂŐƵĂ ĞƐ ĚĞƚĞƌŵŝŶĂĚĂ ĞŶ ŐƌĂŶ
ŵĞĚŝĚĂ ƉŽƌ Ğů ĐŽŶƐƵŵŽ ĚĞ ĂůŝŵĞŶƚŽƐ LJ ŽƚƌŽƐ ƉƌŽĚƵĐƚŽƐ ĂŐƌşĐŽůĂƐ͘ ƐƚĂ ĞƐƚŝŵĂĐŝſŶ ĚĞ ůĂ
ĐŽŶƚƌŝďƵĐŝſŶĚĞůĂĂŐƌŝĐƵůƚƵƌĂĐŽŶĞůƵƐŽƚŽƚĂůĚĞĂŐƵĂ͕ŽďƚĞŶŝĚĂƉŽƌĞƐƚĞĞƐƚƵĚŝŽ͕ĞƐĂƷŶŵĄƐ
ŐƌĂŶĚĞƋƵĞůĂŵĂLJŽƌşĂĚĞŽƚƌĂƐĞƐƚĂĚşƐƚŝĐĂƐ͘ƐƚŽĞƐĚĞďŝĚŽĂƋƵĞƐĞŚĂŝŶĐůƵŝĚŽĞůĂŐƵĂƋƵĞĞƐ
ƉĂƌƚĞ ĚĞ ůĂ ƉƌĞĐŝƉŝƚĂĐŝſŶ ƋƵĞ ŶŽ ĐŝƌĐƵůĂ Ž ƌĞĐĂƌŐĂ ůĂƐ ĂŐƵĂƐ ƐƵďƚĞƌƌĄŶĞĂƐ ƐŝŶŽ ƋƵĞ ƋƵĞĚĂ
ĂůŵĂĐĞŶĂĚĂĞŶĞůƐƵĞůŽŽĞŶůĂǀĞŐĞƚĂĐŝſŶƚĞŵƉŽƌĂůŵĞŶƚĞLJ͕ĨŝŶĂůŵĞŶƚĞ͕ĞƐƚĂƉƌĞĐŝƉŝƚĂĐŝſŶƐĞ
ĞǀĂƉŽƚƌĂŶƐƉŝƌĂĂƚƌĂǀĠƐĚĞůĂƐƉůĂŶƚĂƐ͘
sĂƌŝĂƐ ĚĞ ůĂƐ ĐŽŶĐůƵƐŝŽŶĞƐ ƋƵĞ ƐĞ ŽďƚƵǀŝĞƌŽŶ ĞŶ Ğů ĐĄůĐƵůŽ ĚĞ ůĂ ŚƵĞůůĂ ŚşĚƌŝĐĂ ĨƵĞ ƋƵĞ͕ ĞŶ
ƚĠƌŵŝŶŽƐ ĂďƐŽůƵƚŽƐ͕ ůĂ /ŶĚŝĂ ĐŽŶƚƌŝďƵLJĞ ĐŽŶ ƵŶ ϭϳй Ă ůĂ ŚƵĞůůĂ ŚşĚƌŝĐĂ ŵƵŶĚŝĂů ĂƵŶƋƵĞ ƐƵ
ŐĞŶƚĞƐŽůŽĐŽŶƚƌŝďƵLJĞĐŽŶĞůϭϯй͘ŶƚĠƌŵŝŶŽƐƌĞůĂƚŝǀŽƐ͕ĞƐĞůƉƵĞďůŽĚĞůŽƐ͘hh͘ƋƵĞƚŝĞŶĞůĂ
ŚƵĞůůĂŵĄƐŐƌĂŶĚĞĚĞĂŐƵĂƉŽƌŚĂďŝƚĂŶƚĞ͕ƐĞŐƵŝĚŽƉŽƌĂůŐƵŶŽƐĚĞůŽƐƉĂşƐĞƐĚĞůƐƵƌĚĞƵƌŽƉĂ
ĐŽŵŽ'ƌĞĐŝĂ͕/ƚĂůŝĂLJƐƉĂŹĂ͘,ƵĞůůĂƐĚĞĂŐƵĂĂůƚĂƚĂŵďŝĠŶƐĞƉƵĞĚĞŶĞŶĐŽŶƚƌĂƌĞŶDĂůĂƐŝĂLJ
dĂŝůĂŶĚŝĂ͘ z ĞŶ Ğů ůĂĚŽ ŽƉƵĞƐƚŽ ĚĞ ůĂ ĞƐĐĂůĂ͕ Ğů ƉƵĞďůŽ ĐŚŝŶŽ ƚŝĞŶĞ ƵŶĂ ŚƵĞůůĂ ĚĞ ĂŐƵĂ
ƌĞůĂƚŝǀĂŵĞŶƚĞďĂũĂƉŽƌŚĂďŝƚĂŶƚĞ͘
WŽƐƚĞƌŝŽƌŵĞŶƚĞ͕ ƐĞ ĐŽŶƚŝŶƵĂƌŽŶ ƉƵďůŝĐĂŶĚŽ ĞƐƚƵĚŝŽƐ ƐŽďƌĞ ůĂ ŚƵĞůůĂ ŚşĚƌŝĐĂ LJ ƵŶŽ ĚĞ ůŽƐ
ƌĞĐŝĞŶƚĞƐƉƵďůŝĐĂĚŽƐ;,ŽĞŬƐƚƌĂ͕ŚĂƉĂŐĂŝŶ͕ůĚĂLJĂLJDĞŬŽŶŶĞŶ͕ϮϬϬϵͿĞƐƵŶĂƌĞĐŽƉŝůĂĐŝſŶŵĄƐ
ƌĞĐŝĞŶƚĞ ĚĞ ĂǀĂŶĐĞƐ ŽďƚĞŶŝĚŽƐ ĚƵƌĂŶƚĞ ůĂƐ ĚŝĨĞƌĞŶƚĞƐ ŝŶǀĞƐƚŝŐĂĐŝŽŶĞƐ ĚſŶĚĞ ƐĞ ŝŶƚƌŽĚƵĐĞŶ
ŶƵĞǀŽƐ ĐŽŶĐĞƉƚŽƐ LJ ĐĄůĐƵůŽƐ͕ ĂĚĞŵĄƐ ĚĞ ƵŶ ĂŶĄůŝƐŝƐ Ă ƉĂƌƚŝƌ ĚĞ ůĂ ŚƵĞůůĂ ŚşĚƌŝĐĂ ƐŽďƌĞ ůĂ
ƐŽƐƚĞŶŝďŝůŝĚĂĚ͘
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ŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĂŶŝǀĞůŵƵŶĚŝĂů͘
ZĞůĂĐŝŽŶĞƐƐŽĐŝŽͲĞĐŽŶſŵŝĐŽͲŚŝĚƌŽůſŐŝĐĂƐ͘
Ϯ͘Ϯ͘ϰ>ĂŚƵĞůůĂŚşĚƌŝĐĂLJĞůĐŽŵĞƌĐŝŽĚĞĂŐƵĂǀŝƌƚƵĂůĞŶƐƉĂŹĂ
Ŷ ƐƉĂŹĂ͕ ĐŽŶƐŝĚĞƌĂĚŽ ĐŽŵŽ Ğů ƉĂşƐ ŵĄƐ ĄƌŝĚŽ ĚĞ ůĂ hŶŝſŶ ƵƌŽƉĞĂ͕ ůĂ ŐĞƐƚŝſŶ ĚĞ ƌĞĐƵƌƐŽƐ
ŚşĚƌŝĐŽƐ ĞƐ ƵŶ ƚĞŵĂŵƵLJ ŝŵƉŽƌƚĂŶƚĞ͘>Ă ĞƐƚŝŵĂĐŝſŶLJ ĂŶĄůŝƐŝƐ ĚĞ ůĂ ŚƵĞůůĂ ŚşĚƌŝĐĂ ĞŶ ƐƉĂŹĂ͕
ĚĞƐĚĞ ƵŶ ƉƵŶƚŽ ĚĞ ǀŝƐƚĂ ŚŝĚƌŽůſŐŝĐŽ͕ ĞĐŽŶſŵŝĐŽ LJ ĞĐŽůſŐŝĐŽ͕ ĞƐ ŵƵLJ Ʒƚŝů ƉĂƌĂ ĨĂĐŝůŝƚĂƌ ƵŶĂ
ĂƐŝŐŶĂĐŝſŶĞĨŝĐŝĞŶƚĞĚĞůĂŐƵĂ͘hŶŽĚĞůŽƐĞƐƚƵĚŝŽƐĚĞŝŶƚĞƌĠƐƉƵďůŝĐĂĚŽƐƌĞĐŝĞŶƚĞŵĞŶƚĞĂĐĞƌĐĂ
ĚĞůĂƐŝƚƵĂĐŝſŶĞŶƐƉĂŹĂĞƐ͚͗,ƵĞůůĂŚşĚƌŝĐĂLJĞůĐŽŵĞƌĐŝŽĚĞĂŐƵĂǀŝƌƚƵĂůĞŶƐƉĂŹĂ͛͘ůĚĂLJĂ
D͘D͕͘ĞƚĂů͘ϮϬϭϬ͘
Ŷ ĞƐƚĞ ĞƐƚƵĚŝŽ ;ůĚĂLJĂ Ğƚ Ăů͕͘ ϮϬϭϬͿ͕ Ğů ĂŶĄůŝƐŝƐ ƚŝĞŶĞ ĐŽŵŽ ŽďũĞƚŝǀŽ ĐŽŶƚƌŝďƵŝƌ Ă ůŽŐƌĂƌ ƵŶĂ
ĂƐŝŐŶĂĐŝſŶ ŵĄƐ ĞĨŝĐŝĞŶƚĞ ĚĞ ůŽƐ ƌĞĐƵƌƐŽƐ ŚşĚƌŝĐŽƐ͘ Ŷ ƉƌŝŵĞƌ ůƵŐĂƌ͕ ƉƌŽƉŽƌĐŝŽŶĂ ƵŶĂ ǀŝƐŝſŶ
ŐĞŶĞƌĂů ĚĞ ůĂ ŚƵĞůůĂ ŚşĚƌŝĐĂ LJ Ğů ǀĂůŽƌ ĞĐŽŶſŵŝĐŽ ĚĞ ůŽƐ ĚŝƐƚŝŶƚŽƐ ƐĞĐƚŽƌĞƐ ĞŶ ƐƉĂŹĂ͕
ĐĞŶƚƌĄŶĚŽƐĞ ĚĞƐƉƵĠƐ ĞŶ Ğů ƐĞĐƚŽƌ ĂŐƌşĐŽůĂ͕ ƋƵĞ ĞƐ Ğů ƵƐƵĂƌŝŽ ƉƌŝŶĐŝƉĂů ĚĞ ĂŐƵĂ͘ Ŷ ƐĞŐƵŶĚŽ
ůƵŐĂƌ͕ƐĞĂŶĂůŝnjĂĞůĐŽŵĞƌĐŝŽĚĞĂŐƵĂǀŝƌƚƵĂůLJůĂƐŝŵƉůŝĐĂĐŝŽŶĞƐƉŽůşƚŝĐĂƐ͘WŽƌƷůƚŝŵŽĐŽŶĐůƵLJĞ
ƋƵĞůĂŝĚĞĂĂĐƚƵĂůĚĞĞƐĐĂƐĞnjĚĞĂŐƵĂĞŶƐƉĂŹĂƐĞĚĞďĞƉƌŝŶĐŝƉĂůŵĞŶƚĞĂůĂŵĂůĂŐĞƐƚŝſŶĞŶĞů
ƐĞĐƚŽƌĂŐƌşĐŽůĂLJƐĞĞƐƚĂďůĞĐĞůĞĐĐŝŽŶĞƐŝŶƚĞƌĞƐĂŶƚĞƐƉĂƌĂůŽƐƉĂşƐĞƐĄƌŝĚŽƐLJƐĞŵŝĄƌŝĚŽƐ͘ƐƚĂ
ŵĂůĂŐĞƐƚŝſŶĞŶĞůƐĞĐƚŽƌĂŐƌşĐŽůĂĞƐƉĂŹŽůƐĞĚĞďĞĂǀĂƌŝĂƐƌĂnjŽŶĞƐ͕ƚĂůĞƐĐŽŵŽůĂƉĞƌƐŝƐƚĞŶĐŝĂ
ĚĞ ůĂ ŝĚĞĂ ĂŶƚŝŐƵĂ ĚĞ ůĂ ĂƵƚŽƐƵĨŝĐŝĞŶĐŝĂ ĂůŝŵĞŶƚĂƌŝĂ͕ ůĂ ĂƷŶ ŝŵƉĞƌĨĞĐƚĂ KƌŐĂŶŝnjĂĐŝſŶ DƵŶĚŝĂů
ĚĞů ŽŵĞƌĐŝŽ ;KDͿ͕ ůĂ ĂƵƐĞŶĐŝĂ ĚĞ ŝŶƐƚƌƵŵĞŶƚŽƐ ĞĐŽŶſŵŝĐŽƐ ĂĚĞĐƵĂĚŽƐ ƉĂƌĂůĂ ŐĞƐƚŝſŶ ĚĞů
ĂŐƵĂ͕ ůĂƐ ƉŽůşƚŝĐĂƐ ŶĂĐŝŽŶĂůĞƐ ƋƵĞ ƉƌŽŵƵĞǀĞŶ ůĂ ĂŐƌŝĐƵůƚƵƌĂ ĚĞ ƌĞŐĂĚşŽ ƉĂƌĂ ĐŽŶƚƌŝďƵŝƌ Ă ůĂ
ĞƐƚĂďŝůŝĚĂĚƌĞŐŝŽŶĂůLJůŽƐƉƌĞĐŝŽƐĚĞůŽƐƉƌŽĚƵĐƚŽƐĂŐƌşĐŽůĂƐ͘
ƐƚƵĚŝŽƐ ŵĄƐ ĚĞƚĂůůĂĚŽƐ ƉƌŽƉŽƌĐŝŽŶĂŶ ůŽƐ ƐŝŐƵŝĞŶƚĞƐ ĚĂƚŽƐ ĂĐĞƌĐĂ ĚĞ ƐƉĂŹĂ ;ŚĂƉĂŐĂŝŶ LJ
,ŽĞŬƐƚƌĂ͕ ϮϬϬϰͿ͗ Ğů ϱй ĚĞů ĂŐƵĂ ƚŽƚĂů ĞƐ ƵƚŝůŝnjĂĚĂ ĞŶ Ğů ƐĞĐƚŽƌ ĚŽŵĠƐƚŝĐŽ͕ Ğů ƐĞĐƚŽƌ ŝŶĚƵƐƚƌŝĂů
ƌĞƉƌĞƐĞŶƚĂ Ğů ϭϱй ĚĞů ĐŽŶƐƵŵŽ ƚŽƚĂů ĂŐƵĂ ;ĚĞ ůŽƐ ĐƵĂůĞƐ ŵĄƐ ĚĞ ůĂ ŵŝƚĂĚ ĐŽƌƌĞƐƉŽŶĚĞ Ă
͚ŝŵƉŽƌƚĂĐŝŽŶĞƐ͛ĚĞĂŐƵĂǀŝƌƚƵĂůͿLJĞůƐĞĐƚŽƌĂŐƌşĐŽůĂƌĞƉƌĞƐĞŶƚĂĂůƌĞĚĞĚŽƌĚĞůϴϬйĚĞůĐŽŶƐƵŵŽ
ƚŽƚĂůĚĞůĂŐƵĂ;ϮͬϯĐŽŶĂŐƵĂŶĂĐŝŽŶĂůLJϭͬϯĐŽŶ͚ŝŵƉŽƌƚĂĚŽƐ͛ĚĞĂŐƵĂǀŝƌƚƵĂůͿ͘
ZĞƐƉĞĐƚŽ Ă ůĂ ƐŝƚƵĂĐŝſŶ ĚĞ ƐƉĂŹĂ ĨƌĞŶƚĞ Ăů ĐŽŵĞƌĐŝŽ ĚĞ ĂŐƵĂ ǀŝƌƚƵĂů͕ Ğů ĞƐƚƵĚŝŽ ƌĞǀĞůĂ ƋƵĞ
ƐƉĂŹĂ ŝŵƉŽƌƚĂ ŵƵĐŚĂ ĂŐƵĂ ǀŝƌƚƵĂů ďĂũŽ ůŽƐ ĐƵůƚŝǀŽƐ ŝŶƚĞŶƐŝǀŽƐ ĚĞ ĂŐƵĂ͕ ƉƌŝŶĐŝƉĂůŵĞŶƚĞ ĚĞ
ƚƌŝŐŽ͕ ŵĂşnj LJ ƐŽũĂ͕ ŵŝĞŶƚƌĂƐ ƋƵĞ ůĂƐ ĞdžƉŽƌƚĂĐŝŽŶĞƐ ƋƵĞ ƌĞĂůŝnjĂ ƐŽŶ ĚĞ ƉƌŽĚƵĐƚŽƐ ĞdžƚĞŶƐŽƐ ĚĞ
ĂŐƵĂĚĞĂůƚŽǀĂůŽƌĞĐŽŶſŵŝĐŽĂĚĂƉƚĂĚŽĂůĐůŝŵĂŵĞĚŝƚĞƌƌĄŶĞŽ͕ĨƵŶĚĂŵĞŶƚĂůŵĞŶƚĞĞůĂĐĞŝƚĞĚĞ
ŽůŝǀĂ͕ ĨƌƵƚĂƐ LJ ǀĞƌĚƵƌĂƐ͘ Ŷ ĞƐƚĞ ƐĞŶƚŝĚŽ͕ ůŽƐ ĞƐƚƵĚŝŽƐ ǀŝƌƚƵĂůĞƐ ĚĞů ĂŐƵĂ ƚĞŶŝĞŶĚŽ ĞŶ ĐƵĞŶƚĂ
ƚĂŶƚŽ ůŽƐ ƌĞĐƵƌƐŽƐ ŚşĚƌŝĐŽƐ ĐŽŵŽ ůĂƐ ƉŽůşƚŝĐĂƐ ĐŽŵĞƌĐŝĂůĞƐ͕ ƉƵĞĚĞ ĐŽŶƚƌŝďƵŝƌ Ă ƵŶĂ ŵĞũŽƌ
ŐĞƐƚŝſŶŝŶƚĞŐƌĂĚĂĚĞůŽƐƌĞĐƵƌƐŽƐŚşĚƌŝĐŽƐ͘
_
ŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĂŶŝǀĞůŵƵŶĚŝĂů͘
ZĞůĂĐŝŽŶĞƐƐŽĐŝŽͲĞĐŽŶſŵŝĐŽͲŚŝĚƌŽůſŐŝĐĂƐ͘
_
ŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĂŶŝǀĞůŵƵŶĚŝĂů͘
ZĞůĂĐŝŽŶĞƐƐŽĐŝŽͲĞĐŽŶſŵŝĐŽͲŚŝĚƌŽůſŐŝĐĂƐ͘
ϯ͘sZ/>^͘&/E//ME
ϯ͘ϭ/ŶƚƌŽĚƵĐĐŝſŶ
WĂƌĂ ƉŽĚĞƌ ĞĨĞĐƚƵĂƌ Ğů ĐŽƌƌĞƐƉŽŶĚŝĞŶƚĞ ĂŶĄůŝƐŝƐ ŵĂĐƌŽƐĐſƉŝĐŽ ĚĞ ůĂ ŚƵĞůůĂ ŚşĚƌŝĐĂ Ă ŶŝǀĞů
ŵƵŶĚŝĂů ƌĞƐƉĞĐƚŽ Ă ƌĞůĂĐŝŽŶĞƐ ƐŽĐŝŽͲĞĐŽŶſŵŝĐĂƐͲŚŝĚƌŽůſŐŝĐĂƐ͕ ƐĞ ŶĞĐĞƐŝƚĂ ƉƌŝŵĞƌĂŵĞŶƚĞ
ĚĞĨŝŶŝƌĐƵĄůĞƐƐŽŶůĂƐǀĂƌŝĂďůĞƐĂĐŽŶƐŝĚĞƌĂƌLJĐŽŵŽƐĞƚƌĂƚĂƌĄĂĐĂĚĂƵŶĂĚĞĞůůĂƐ͘ĂďĞƌĞƐĂůƚĂƌ
ƋƵĞĞŶůĂŵĞĚŝĚĂĚĞůŽƉŽƐŝďůĞ͕ůŽƐĚĂƚŽƐĚĞĐĂĚĂǀĂƌŝĂďůĞƐĞŚĂŶŝŶƚĞŶƚĂĚŽƚŽŵĂƌĚĞůŝŶƚĞƌǀĂůŽ
ĚĞ ĂŹŽƐ ϭϵϵϳͲϮϬϬϭ͘ YƵĞ ƐŽŶ ůŽƐ ŵŝƐŵŽƐ ĂŹŽƐ ĞŶ ůŽƐ ƋƵĞ ƐĞ ďĂƐĂ Ğů ĞƐƚƵĚŝŽ ĚĞ ŚĂƉĂŐĂŝŶ LJ
,ŽĞŬƐƚƌĂ͕ϮϬϬϰ͘ƐƚƵĚŝŽĚĞůĐƵĂůĞdžƚƌĂĞŵŽƐůŽƐĚĂƚŽƐĚĞůĂƐŚƵĞůůĂƐŚşĚƌŝĐĂƐLJƐƵƐƌĞƐƉĞĐƚŝǀĂƐ
ĐŽŵƉŽŶĞŶƚĞƐ͘
ϯ͘ϮĞĨŝŶŝĐŝſŶĚĞǀĂƌŝĂďůĞƐ
>ĂƐǀĂƌŝĂďůĞƐĐŽŶƐŝĚĞƌĂĚĂƐĞŶĞůƉƌĞƐĞŶƚĞĞƐƚƵĚŝŽƐŽŶǀĂƌŝĂƐ͕ƉĂƌĂƐƵŵĞũŽƌŝŶƚĞƌƉƌĞƚĂĐŝſŶƐĞ
ŚĂ ĚĞĐŝĚŝĚŽ ĐƌĞĂƌ ŐƌƵƉŽƐ ĚĞ ǀĂƌŝĂďůĞƐ ĚĞ ƐŝŵŝůĂƌĞƐ ĐŽŵƉŽƌƚĂŵŝĞŶƚŽƐ ƉĂƌĂ ƵŶĂ ŵĞũŽƌ LJ ĨĄĐŝů
ŝŶƚĞƌƉƌĞƚĂĐŝſŶ͘
ϯ͘Ϯ͘ϭ,ƵĞůůĂŚşĚƌŝĐĂ
ĞĨŝŶŝĚŽ ĞŶ Ğů ĐĂƉşƚƵůŽ ĂŶƚĞƌŝŽƌ͘ >ŽƐ ĚĂƚŽƐ ĨƵĞƌŽŶ ŽďƚĞŶŝĚŽƐ ĚĞ ůĂ ďĂƐĞ ĚĞ ĚĂƚŽƐ ĚĞů ĞƐƚƵĚŝŽ
ƌĞĂůŝnjĂĚŽ ƉŽƌ ŚĂƉĂŐĂŝŶ LJ ,ŽĞŬƐƚƌĂ͕ ϮϬϬϰ͘ ŽŶĚĞ͕ ůĂ ŚƵĞůůĂ ŚşĚƌŝĐĂ ƉĞƌ ĐĄƉŝƚĂ LJ ƐƵƐ
ĐŽŵƉŽŶĞŶƚĞƐƐĞĚĞĨŝŶĞŶĞŶŵϯͬĐĂƉͬ͘ĂŹŽLJůĂŚƵĞůůĂŚşĚƌŝĐĂƚŽƚĂůLJƐƵƐĐŽŵƉŽŶĞŶƚĞƐƐĞĚĞĨŝŶĞŶ
ĞŶ'ŵϯͬĂŹŽ͘
ŶĞƐƚĞĂƉĂƌƚĂĚŽƚĂŵďŝĠŶƐĞŚĂƚĞŶŝĚŽĞŶĐƵĞŶƚĂůĂƐƐŝŐƵŝĞŶƚĞƐǀĂƌŝĂďůĞƐ͗ůĂĞƐĐĂƐĞnjĚĞĂŐƵĂ͕ůĂ
ĂƵƚŽͲƐƵĨŝĐŝĞŶĐŝĂ ĚĞ ĂŐƵĂ LJ ůĂ ĚĞƉĞŶĚĞŶĐŝĂ ĚĞ ůĂ ŝŵƉŽƌƚĂĐŝſŶ ĚĞ ĂŐƵĂ ĚĞ ƵŶ ƉĂşƐ͘ YƵĞ ƐĞ
ĚĞĨŝŶĞŶĂĐŽŶƚŝŶƵĂĐŝſŶ;ŚĂƉĂŐĂŝŶLJ,ŽĞŬƐƚƌĂ͕ϮϬϬϰͿ͗
_
ŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĂŶŝǀĞůŵƵŶĚŝĂů͘
ZĞůĂĐŝŽŶĞƐƐŽĐŝŽͲĞĐŽŶſŵŝĐŽͲŚŝĚƌŽůſŐŝĐĂƐ͘
ƐĐĂƐĞnjĚĞĂŐƵĂ;t^͕йͿ
^ĞĚĞĨŝŶĞůĂĞƐĐĂƐĞnjĚĞĂŐƵĂĚĞƵŶƉĂşƐĐŽŵŽůĂƌĞůĂĐŝſŶĞŶƚƌĞůĂŚƵĞůůĂŚşĚƌŝĐĂĞůƉĂşƐ;t&WͿLJ
ůĂĚŝƐƉŽŶŝďŝůŝĚĂĚĚĞĂŐƵĂĚĞůŵŝƐŵŽ;tͿ͘
:6 =
:)3
⋅ :$
΀Ƌ͘ϯ͘ϭ΁
>ĂĞĐƵĂĐŝſŶϯ͘ϭŵƵĞƐƚƌĂĐŽŵŽƐĞĐĂůĐƵůĂůĂĞƐĐĂƐĞnjĚĞĂŐƵĂŶĂĐŝŽŶĂů͕ĞƐƚĂƉƵĞĚĞƐĞƌŵĄƐĚĞů
ϭϬϬй Ɛŝ ƐĞ ŶĞĐĞƐŝƚĂ ŵĄƐ ĂŐƵĂ ƉĂƌĂ ƉƌŽĚƵĐŝƌ ůŽƐ ĂůŝŵĞŶƚŽƐ LJ ƐĞƌǀŝĐŝŽƐ ĐŽŶƐƵŵŝĚŽƐ ƉŽƌ ůŽƐ
ŚĂďŝƚĂŶƚĞƐĚĞůƉĂşƐĚĞůŽƋƵĞĞƐƚĄĚŝƐƉŽŶŝďůĞĞŶĞůŵŝƐŵŽ͘ĞůŽĐŽŶƚƌĂƌŝŽƐĞƌĄŵĞŶŽƌŽŝŐƵĂůĂ
ϭϬϬй͘ ŽŵŽ ŵĞĚŝĚĂ ĚĞ ůĂ ĚŝƐƉŽŶŝďŝůŝĚĂĚ ĚĞ ĂŐƵĂ ƐĞ ƚŽŵĂ ͞Ğů ƚŽƚĂů ĚĞ ůŽƐ ƌĞĐƵƌƐŽƐ ŚşĚƌŝĐŽƐ
ƌĞŶŽǀĂďůĞƐ͟ĚĞĨŝŶŝĚŽƉŽƌůĂ&K͘
ĞƉĞŶĚĞŶĐŝĂĞŶůĂŝŵƉŽƌƚĂĐŝſŶ;t͕йͿ
^ĞĚĞĨŝŶĞůĂĚĞƉĞŶĚĞŶĐŝĂĚĞůĂŝŵƉŽƌƚĂĐŝſŶĚĞƵŶƉĂşƐĐŽŵŽůĂƌĞůĂĐŝſŶĞŶƚƌĞůĂŚƵĞůůĂŚşĚƌŝĐĂ
ĞdžƚĞƌŶĂ;t&W͕ŵϯͬĂŹŽͿLJůĂŚƵĞůůĂŚşĚƌŝĐĂƚŽƚĂůĚĞƵŶƉĂşƐ;t&W͕ŵϯͬĂŹŽͿ͘
(:)3
:' =
⋅ ΀Ƌ͘ϯ͘Ϯ΁
:)3
>ĂĞĐƵĂĐŝſŶϯ͘ϮŵƵĞƐƚƌĂĐŽŵŽƐĞĐĂůĐƵůĂůĂĚĞƉĞŶĚĞŶĐŝĂĞŶůĂŝŵƉŽƌƚĂĐŝſŶĚĞĂŐƵĂ͘
ƵƚŽͲƐƵĨŝĐŝĞŶĐŝĂĚĞĂŐƵĂ;t^^͕йͿ
^ĞĚĞĨŝŶĞůĂĂƵƚŽͲƐƵĨŝĐŝĞŶĐŝĂĚĞĂŐƵĂĚĞƵŶƉĂşƐĐŽŵŽůĂƌĞůĂĐŝſŶĞŶƚƌĞůĂŚƵĞůůĂŚşĚƌŝĐĂŝŶƚĞƌŶĂ
;/t&W͕ŵϯͬĂŹŽͿLJůĂŚƵĞůůĂŚşĚƌŝĐĂƚŽƚĂůĚĞƵŶƉĂşƐ͘
:66 =
,:)3
⋅ :)3
΀Ƌ͘ϯ͘ϯ΁
>ĂĞĐƵĂĐŝſŶϯ͘ϯŵƵĞƐƚƌĂĐŽŵŽƐĞĐĂůĐƵůĂůĂĂƵƚŽͲƐƵĨŝĐŝĞŶĐŝĂĚĞĂŐƵĂ͕ĞƐƚĂĞƐĚĞůϭϬϬйĐƵĂŶĚŽ
ƚŽĚĂ Ğů ĂŐƵĂ ŶĞĐĞƐĂƌŝĂ ĞƐƚĄ ĚŝƐƉŽŶŝďůĞ LJ͕ ĚĞ ŚĞĐŚŽ ĂĚŽƉƚĂĚĂ ĚĞŶƚƌŽ ĚĞů ƉƌŽƉŝŽ ƚĞƌƌŝƚŽƌŝŽ͘ ^Ğ
ĂĐĞƌĐĂĂĐĞƌŽƐŝůĂĚĞŵĂŶĚĂĚĞďŝĞŶĞƐLJƐĞƌǀŝĐŝŽƐĞŶƵŶƉĂşƐƐŽŶŵƵLJďƌƵƚŽƐ͕ĞƐĚĞĐŝƌƋƵĞƐƵƐ
ŝŵƉŽƌƚĂĐŝŽŶĞƐĚĞĂŐƵĂǀŝƌƚƵĂůƐŽŶĐŽŶƐŝĚĞƌĂďůĞƐ͕ƉŽƌůŽƚĂŶƚŽƚĞŶĚƌĄůĂŚƵĞůůĂĞdžƚĞƌŶĂĚĞĂŐƵĂ
ƌĞůĂƚŝǀĂŵĞŶƚĞŐƌĂŶĚĞĞŶĐŽŵƉĂƌĂĐŝſŶĐŽŶƐƵŚƵĞůůĂŚşĚƌŝĐĂŝŶƚĞƌŶĂ͘
ϯ͘Ϯ͘ϮsĂƌŝĂďůĞƐŚşĚƌŝĐĂƐ
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džƚƌĂĐĐŝŽŶĞƐĚĞĂŐƵĂ
ƐůĂĐĂŶƚŝĚĂĚĚĞĂŐƵĂĞdžƚƌĂşĚĂĐĂĚĂĂŹŽƉĂƌĂƵƐŽƐĂŐƌŽƉĞĐƵĂƌŝŽƐ͕ŝŶĚƵƐƚƌŝĂůĞƐLJŵƵŶŝĐŝƉĂůĞƐ͘
/ŶĐůƵLJĞ ůŽƐ ƌĞĐƵƌƐŽƐ ƌĞŶŽǀĂďůĞƐ ĚĞ ĂŐƵĂ ĚƵůĐĞ ĂƐş ĐŽŵŽ ůĂ ƉŽƐŝďůĞ ƐŽďƌĞ ĞdžƚƌĂĐĐŝſŶ ĚĞ ĂŐƵĂƐ
ƐƵďƚĞƌƌĄŶĞĂƐ ƌĞŶŽǀĂďůĞƐ͕ ĂŐƵĂƐ ƐƵďƚĞƌƌĄŶĞĂƐ ĨſƐŝůĞƐ͕ ĂŐƵĂƐ ĚĞƐĂůŝŶŝnjĂĚĂƐ LJ ĂŐƵĂƐ ƌĞƐŝĚƵĂůĞƐ
ƚƌĂƚĂĚĂƐ͘
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ŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĂŶŝǀĞůŵƵŶĚŝĂů͘
ZĞůĂĐŝŽŶĞƐƐŽĐŝŽͲĞĐŽŶſŵŝĐŽͲŚŝĚƌŽůſŐŝĐĂƐ͘
ŶĞůƉƌĞƐĞŶƚĞĞƐƚƵĚŝŽƐĞŚĂƚĞŶŝĚŽĞŶĐƵĞŶƚĂůĂĞdžƚƌĂĐĐŝſŶĚĞĂŐƵĂƉĞƌĐĄƉŝƚĂĞŶŵϯͬƉĞƌͬĂŹŽLJ
ůĂĞdžƚƌĂĐĐŝſŶƚŽƚĂůĚĞĂŐƵĂĞŶŵϯͬĂŹŽĚĞůĂŹŽϮϬϬϬ͘>ŽƐĚĂƚŽƐĨƵĞƌŽŶŽďƚĞŶŝĚŽƐĚĞůƐŝƐƚĞŵĂĚĞ
ŝŶĨŽƌŵĂĐŝſŶŵƵŶĚŝĂůƐŽďƌĞĞůƵƐŽĚĞůĂŐƵĂĞŶůĂĂŐƌŝĐƵůƚƵƌĂLJĞůŵĞĚŝŽƌƵƌĂů͕ĞůĂďŽƌĂĚŽƉŽƌůĂ
ŝƌĞĐĐŝſŶ ĚĞ &ŽŵĞŶƚŽ ĚĞ dŝĞƌƌĂ LJ ŐƵĂ ĚĞ ůĂ &K͕ ůůĂŵĂĚŽ Yh^dd ĚĞ ĂĐĐĞƐŽ ůŝďƌĞ ĞŶ ƐƵ
tĞď͘
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ŐƵĂƐƵƉĞƌĨŝĐŝĂůƌĞŶŽǀĂďůĞ
ů ĂŐƵĂ ƐƵƉĞƌĨŝĐŝĂůƚŽƚĂů ƌĞŶŽǀĂďůĞ ĞƐ ůĂ ƐƵŵĂ ĚĞ ůŽƐƌĞĐƵƌƐŽƐ ŝŶƚĞƌŶŽƐ ƌĞŶŽǀĂďůĞƐ LJ ĞdžƚĞƌŶŽƐ
ƌĞŶŽǀĂďůĞƐ ĚĞ ĂŐƵĂ ƐƵƉĞƌĨŝĐŝĂů͘ ů ĂŐƵĂ ƐƵƉĞƌĨŝĐŝĂů ŝŶƚĞƌŶĂ ƚŽƚĂů ƌĞŶŽǀĂďůĞ Ă ůĂƌŐŽ ƉůĂnjŽ ĞƐ Ğů
ǀŽůƵŵĞŶ ŵĞĚŝŽ ĂŶƵĂů ĚĞ ĂŐƵĂ ƐƵƉĞƌĨŝĐŝĂů ŐĞŶĞƌĂĚĂ ƉŽƌ ůĂ ĞƐĐŽƌƌĞŶƚşĂ ĚŝƌĞĐƚĂ ĚĞ ůĂ
ƉƌĞĐŝƉŝƚĂĐŝſŶ LJ ůĂƐ ĐŽŶƚƌŝďƵĐŝŽŶĞƐ ĚĞ ůĂƐ ĂŐƵĂƐ ƐƵďƚĞƌƌĄŶĞĂƐ͘ ů ĂŐƵĂ ƐƵƉĞƌĨŝĐŝĂů ĞdžƚĞƌŶĂ
ƌĞŶŽǀĂďůĞĞƐůĂƐƵŵĂĚĞůĂĂƉŽƌƚĂĐŝſŶƌĞĂůƋƵĞŶŽƐĞƉƌĞƐĞŶƚĂĞŶůŽƐƚƌĂƚĂĚŽƐ͕ĞůŝŶŐƌĞƐŽƌĞĂů
ĂƐĞŐƵƌĂĚŽ Ă ƚƌĂǀĠƐ ĚĞ ůŽƐ ƚƌĂƚĂĚŽƐ͕ Ğů ĨůƵũŽ ĚĞ ůŽƐ ƌşŽƐ ĨƌŽŶƚĞƌŝnjŽƐ LJ ůŽƐ ůĂŐŽƐ ĐŽŵƉĂƌƚŝĚŽƐ͕
ŵĞŶŽƐĞůĨůƵũŽĚĞƐĂůŝĚĂƌĞƐĞƌǀĂĚŽĂůŽƐƉĂşƐĞƐĂŐƵĂƐĂďĂũŽĂƚƌĂǀĠƐĚĞůŽƐƚƌĂƚĂĚŽƐ͘
^Ğ ĚĞĨŝŶĞ Ğů ĂŐƵĂ ƐƵƉĞƌĨŝĐŝĂů ƌĞŶŽǀĂďůĞ ƉĞƌ ĐĄƉŝƚĂ ĞŶ ŵϯͬƉĞƌͬĂŹŽ LJ Ğů ĂŐƵĂ ƐƵƉĞƌĨŝĐŝĂů ƚŽƚĂů
ƌĞŶŽǀĂďůĞ ĞŶ ŵϯͬĂŹŽ͘ Ğů ĂŹŽ ϮϬϬϬ͕ ĚĂƚŽƐ ŽďƚĞŶŝĚŽƐ ĚĞ ůĂ ďĂƐĞ ĚĞ ĚĂƚŽƐ ĚĞ ůĂƐ &K͕
Yh^dd͘
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ZĞĐƵƌƐŽƐŚşĚƌŝĐŽƐƌĞŶŽǀĂďůĞƐ
>ŽƐ ƌĞĐƵƌƐŽƐ ŚşĚƌŝĐŽƐ ƚŽƚĂůĞƐ ƌĞŶŽǀĂďůĞƐ ƐŽŶ ůĂ ƐƵŵĂ ĚĞ ůŽƐ ƌĞĐƵƌƐŽƐ ŚşĚƌŝĐŽƐ ŝŶƚĞƌŶŽƐ LJ
ĞdžƚĞƌŶŽƐ ƌĞŶŽǀĂďůĞƐ ŵĞŶŽƐ Ğů ƐŽůĂƉĂŵŝĞŶƚŽ ĞŶƚƌĞ ĂŐƵĂƐ ƐƵƉĞƌĨŝĐŝĂůĞƐ LJ ĂŐƵĂƐ ƐƵďƚĞƌƌĄŶĞĂƐ͘
ŽƌƌĞƐƉŽŶĚĞĂůĂĐĂŶƚŝĚĂĚŵĄdžŝŵĂƚĞſƌŝĐĂĂŶƵĂůĚĞĂŐƵĂƌĞĂůŵĞŶƚĞĚŝƐƉŽŶŝďůĞƉĂƌĂƵŶƉĂşƐĞŶ
ƵŶ ŵŽŵĞŶƚŽ ĚĂĚŽ͘ ,ĂLJ ƋƵĞ ƌĞƐĂůƚĂƌ ƋƵĞ ůŽƐ ƌĞĐƵƌƐŽƐ ŚşĚƌŝĐŽƐ ĞdžƚĞƌŶŽƐ ƌĞŶŽǀĂďůĞƐ ĞŶ ĐĂƐŽƐ
ĞdžƚƌĞŵŽƐ͕ƉƵĞĚĞƐĞƌŶĞŐĂƚŝǀŽĐƵĂŶĚŽĞůĨůƵũŽƌĞƐĞƌǀĂĚŽĂůŽƐƉĂşƐĞƐĂŐƵĂƐĂďĂũŽĞƐŵĄƐƋƵĞĞů
ĨůƵũŽĚĞĞŶƚƌĂĚĂ͘
^Ğ ĚĞĨŝŶĞŶ ůŽƐ ƌĞĐƵƌƐŽƐ ŚşĚƌŝĐŽƐ ƌĞŶŽǀĂďůĞƐ ƉĞƌ ĐĄƉŝƚĂ ĞŶ ŵϯͬƉĞƌͬĂŹŽ LJ ůŽƐ ƌĞĐƵƌƐŽƐ ƚŽƚĂůĞƐ
ƌĞŶŽǀĂďůĞƐ ĞŶ ŵϯͬĂŹŽ͘ Ğů ĂŹŽ ϮϬϬϬ͕ ĚĂƚŽƐ ŽďƚĞŶŝĚŽƐ ĚĞ ůĂ ďĂƐĞ ĚĞ ĚĂƚŽƐ ĚĞ ůĂƐ &K͕
Yh^dd͘
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/ŶƐƵŵŽĂŐƌşĐŽůĂ͘/ŶƚĞŶƐŝĚĂĚĚĞůƵƐŽĚĞůĂŐƵĂ͘
ƐůĂĐĂŶƚŝĚĂĚĚĞĂŐƵĂƵƚŝůŝnjĂĚĂĞŶĞůƐĞĐƚŽƌĂŐƌşĐŽůĂƉŽƌŚĞĐƚĄƌĞĂĚĞƚŝĞƌƌĂĚĞĐƵůƚŝǀŽƚĞŵƉŽƌĂů
LJƉĞƌŵĂŶĞŶƚĞĞŶĞůĂŹŽĞƐƉĞĐŝĨŝĐĂĚŽ͕ϮϬϬϬ͘ƐƚĞŝŶĚŝĐĂĚŽƌŵƵĞƐƚƌĂůĂĚĞƉĞŶĚĞŶĐŝĂĚĞƵŶƉĂşƐ
ĞŶĞůƌŝĞŐŽƉĂƌĂůĂƉƌŽĚƵĐĐŝſŶĂŐƌşĐŽůĂ͘
ƐƚĄĚĞĨŝŶŝĚŽƉĞƌĐĄƉŝƚĂĞŶŵϯͬƉĞƌͬĂŹŽLJƚŽƚĂůĞƐĞŶŵϯͬŚĂͬĂŹŽ͘ĂƚŽƐŽďƚĞŶŝĚŽƐĚĞůĂďĂƐĞĚĞ
ĚĂƚŽƐĚĞůĂƐ&KůůĂŵĂĚĂ&K^ddͲWƌŽĚƵĐĐŝſŶLJĚĞĂĐĐĞƐŽůŝďƌĞĞŶƐƵtĞď͘
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ŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĂŶŝǀĞůŵƵŶĚŝĂů͘
ZĞůĂĐŝŽŶĞƐƐŽĐŝŽͲĞĐŽŶſŵŝĐŽͲŚŝĚƌŽůſŐŝĐĂƐ͘
ϯ͘Ϯ͘ϯ/ŶĚŝĐĂĚŽƌĞƐŚşĚƌŝĐŽƐ
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1ŶĚŝĐĞĚĞƉŽďƌĞnjĂŚşĚƌŝĐĂ
ůşŶĚŝĐĞĚĞƉŽďƌĞnjĂŚşĚƌŝĐĂ͕ĞůĂďŽƌĂĚŽƉŽƌĞůĞŶƚƌŽĚĞĐŽůŽŐşĂLJZĞĐƵƌƐŽƐ,şĚƌŝĐŽƐĚĞůZĞŝŶŽ
hŶŝĚŽ͕ƐĞĐŽŶƐƚŝƚƵLJĞĐŽŵŽƵŶĂŶƵĞǀĂŚĞƌƌĂŵŝĞŶƚĂƉĂƌĂĞůŽƌĚĞŶĂŵŝĞŶƚŽƚĞƌƌŝƚŽƌŝĂůĞŶnjŽŶĂƐ
ĄƌŝĚĂƐ͘ƐƚĞŵŝĚĞůĂĞƐĐĂƐĞnjŚşĚƌŝĐĂĂƚƌĂǀĠƐĚĞůĂĞǀĂůƵĂĐŝſŶĚĞĐŝŶĐŽĐŽŵƉŽŶĞŶƚĞƐ;^ƵůůŝǀĂŶ
͕͘ϮϬϬϮͿ͕ĞŶĨŽƌŵĂŝŶƚĞƌĚŝƐĐŝƉůŝŶĂƌŝĂ͕ĞdžƉĞĚŝƚŝǀĂLJƉŽŶĚĞƌĂĚĂ͘ƐƚŽƐĐŽŵƉŽŶĞŶƚĞƐƐŽŶ͗
ZĞĐƵƌƐŽ͗ǀŽůƵŵĞŶĚĞĂŐƵĂĚŝƐƉŽŶŝďůĞƉĞƌĐĄƉŝƚĂ͕ĞŶƐƵƉĞƌĨŝĐŝĞƐLJƐƵďƚĞƌƌĄŶĞĂ͘
ĐĐĞƐŽ͗ ƌĞůĂĐŝŽŶĂĚŽ ĐŽŶ ůĂ ĚŝƐƚĂŶĐŝĂ ƋƵĞ ŶŽƐ ƐĞƉĂƌĂ ĚĞ ůĂ ĨƵĞŶƚĞ ĚĞ ĂŐƵĂ LJ ĐŽŶ Ğů
ƚŝĞŵƉŽ ƋƵĞ ŶĞĐĞƐŝƚĂŵŽƐ ƉĂƌĂ ĂďĂƐƚĞĐĞƌŶŽƐ ĚĞ ĂŐƵĂ ĞŶ ĐĂƐĂ͘ dĂŵďŝĠŶ ƐĞ ƌĞĨŝĞƌĞ Ăů
ĂŐƵĂƉĂƌĂƌĞŐĂĚşŽ͘
ĂƉĂĐŝĚĂĚ͗ĚĞĨŝŶĞůĂŚĂďŝůŝĚĂĚĚĞƵŶƉĂşƐƉĂƌĂĐŽŵƉƌĂƌLJĂĚŵŝŶŝƐƚƌĂƌĂŐƵĂLJŵĞũŽƌĂƌůĂ͘
dĂŵďŝĠŶƚŝĞŶĞĞŶĐƵĞŶƚĂůĂƐŵĞĚŝĚĂƐĞŶŵĂƚĞƌŝĂĚĞĞĚƵĐĂĐŝſŶLJƐĂůƵĚƋƵĞƐĞƚŽŵĂŶ
ĞŶƌĞůĂĐŝſŶĐŽŶĞůĂŐƵĂ͘
hƐŽ͗ ůĂ ŵĂŶĞƌĂ ĞŶ ůĂ ƋƵĞ ƵƚŝůŝnjĂŵŽƐ Ğů ĂŐƵĂ͖ ƐĞ ƚŝĞŶĞ ĞŶ ĐƵĞŶƚĂ Ɛŝ ŚĂĐĞŵŽƐ ƵŶ ƵƐŽ
ĞĨŝĐŝĞŶƚĞLJĚĞĂŚŽƌƌŽ͘
/ŵƉĂĐƚŽĂŵďŝĞŶƚĂů͗ƐĞĞǀĂůƷĂƐŝůŽƐĞĐŽƐŝƐƚĞŵĂƐLJůĂƐĞƐƉĞĐŝĞƐƐĞǀĞŶĂĨĞĐƚĂĚĂƐƉŽƌĞů
ƵƐŽLJĞůĐŽŶƐƵŵŽĚĞĂŐƵĂƋƵĞŚĂĐĞůĂƉŽďůĂĐŝſŶŚƵŵĂŶĂ͘
>ŽƐĐŝŶĐŽĐŽŵƉŽŶĞŶƚĞƐĞƐƚĄŶĚĞĨŝŶŝĚŽƐĞŶƵŶĂĞƐĐĂůĂĚĞϬĂϮϬ͘ů1ŶĚŝĐĞĚĞƉŽďƌĞnjĂŚşĚƌŝĐĂĞƐ
ůĂƐƵŵĂĚĞƐƵƐĐŽŵƉŽŶĞŶƚĞƐ͕ƉŽƌůŽĐƵĂůĞƐƚĄĚĞĨŝŶŝĚŽĞŶƵŶĂĞƐĐĂůĂĚĞϬĂϭϬϬ͘hŶŽĚĞůŽƐ
ƷůƚŝŵŽƐ ĞƐƚƵĚŝŽƐ ;'ŝŶĞ͕ WĞƌĞnjͲ&ŽŐƵĞƚ͘ ϮϬϭϬͿ ƉƵďůŝĐĂĚŽ ĞŶ ^Ͳ: Ŷǀ͘ ŶŐ͘ ĞĨĞĐƚƷĂ ƵŶ
ƐĞŐƵŝŵŝĞŶƚŽĚĞůĂƉŽďƌĞnjĂĚĞůĂŐƵĂ͘
>ŽƐ ĚĂƚŽƐ ĞƐƚĄŶ ĚŝƐƉŽŶŝďůĞƐ ĞŶ ůĂ ďĂƐĞ ĚĞ ĚĂƚŽƐ ĚĞů tŽƌůĚ ZĞƐŽƵƌĐĞƐ /ŶƐƚŝƚƵƚĞ ůůĂŵĂĚĂ
Zd,dZE^ĚĞĂĐĐĞƐŽůŝďƌĞĞŶůĂtĞď͘
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ďĂƐƚĞĐŝŵŝĞŶƚŽLJ^ĂŶĞĂŵŝĞŶƚŽ
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ŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĂŶŝǀĞůŵƵŶĚŝĂů͘
ZĞůĂĐŝŽŶĞƐƐŽĐŝŽͲĞĐŽŶſŵŝĐŽͲŚŝĚƌŽůſŐŝĐĂƐ͘
t&WĐĂƉϭʹZ,ϭ
t&WĐĂƉϭʹW^ϯ
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ŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĂŶŝǀĞůŵƵŶĚŝĂů͘
ZĞůĂĐŝŽŶĞƐƐŽĐŝŽͲĞĐŽŶſŵŝĐŽͲŚŝĚƌŽůſŐŝĐĂƐ͘
t&WĐĂƉϭʹdŝĞƌƌĂϭ
t&WĐĂƉϭʹWKϯ
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ŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĂŶŝǀĞůŵƵŶĚŝĂů͘
ZĞůĂĐŝŽŶĞƐƐŽĐŝŽͲĞĐŽŶſŵŝĐŽͲŚŝĚƌŽůſŐŝĐĂƐ͘
t&WĐĂƉϭʹůŝŵĂϯ
t&WĐĂƉϭʹůŝŵϯ
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ŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĂŶŝǀĞůŵƵŶĚŝĂů͘
ZĞůĂĐŝŽŶĞƐƐŽĐŝŽͲĞĐŽŶſŵŝĐŽͲŚŝĚƌŽůſŐŝĐĂƐ͘
• t&WĐĂƉϯ
t&WĐĂƉϯʹZ,ĐĂƉϯ
t&WĐĂƉϯʹZ,ϭ
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ŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĂŶŝǀĞůŵƵŶĚŝĂů͘
ZĞůĂĐŝŽŶĞƐƐŽĐŝŽͲĞĐŽŶſŵŝĐŽͲŚŝĚƌŽůſŐŝĐĂƐ͘
t&WĐĂƉϯʹW^ϭ
t&WĐĂƉϯʹdŝĞƌƌĂϭ
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ŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĂŶŝǀĞůŵƵŶĚŝĂů͘
ZĞůĂĐŝŽŶĞƐƐŽĐŝŽͲĞĐŽŶſŵŝĐŽͲŚŝĚƌŽůſŐŝĐĂƐ͘
t&WĐĂƉϯʹůŝŵĂϯ
t&WĐĂƉϯʹůŝŵϮ
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ŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĂŶŝǀĞůŵƵŶĚŝĂů͘
ZĞůĂĐŝŽŶĞƐƐŽĐŝŽͲĞĐŽŶſŵŝĐŽͲŚŝĚƌŽůſŐŝĐĂƐ͘
Ϯ͘W1^^^/EZ/
• >K';t&WĐĂƉͿ
>K';t&WWͿʹZ,ĐĂƉϯ
>K';t&WĐĂƉͿʹZ,Ϯ
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ŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĂŶŝǀĞůŵƵŶĚŝĂů͘
ZĞůĂĐŝŽŶĞƐƐŽĐŝŽͲĞĐŽŶſŵŝĐŽͲŚŝĚƌŽůſŐŝĐĂƐ͘
>K';t&WĐĂƉͿʹW^ϯ
>K';t&WĐĂƉͿʹdŝĞƌƌĂϯ
_
ŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĂŶŝǀĞůŵƵŶĚŝĂů͘
ZĞůĂĐŝŽŶĞƐƐŽĐŝŽͲĞĐŽŶſŵŝĐŽͲŚŝĚƌŽůſŐŝĐĂƐ͘
>K';t&WĐĂƉͿʹůŝŵϯ
• t&WĐĂƉϭ
t&WĐĂƉϭʹZ,ĐĂƉϭ
_
ŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĂŶŝǀĞůŵƵŶĚŝĂů͘
ZĞůĂĐŝŽŶĞƐƐŽĐŝŽͲĞĐŽŶſŵŝĐŽͲŚŝĚƌŽůſŐŝĐĂƐ͘
t&WĐĂƉϭʹZ,ϭ
t&WĐĂƉϭʹW^Ϯ
_
ŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĂŶŝǀĞůŵƵŶĚŝĂů͘
ZĞůĂĐŝŽŶĞƐƐŽĐŝŽͲĞĐŽŶſŵŝĐŽͲŚŝĚƌŽůſŐŝĐĂƐ͘
t&WĐĂƉϭʹdŝĞƌƌĂϮ
t&WĐĂƉϭʹWKϮ
_
ŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĂŶŝǀĞůŵƵŶĚŝĂů͘
ZĞůĂĐŝŽŶĞƐƐŽĐŝŽͲĞĐŽŶſŵŝĐŽͲŚŝĚƌŽůſŐŝĐĂƐ͘
t&WĐĂƉϭʹůŝŵĂϭ
t&WĐĂƉϭʹůŝŵϮ
_
ŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĂŶŝǀĞůŵƵŶĚŝĂů͘
ZĞůĂĐŝŽŶĞƐƐŽĐŝŽͲĞĐŽŶſŵŝĐŽͲŚŝĚƌŽůſŐŝĐĂƐ͘
t&WĐĂƉϭʹ>K';W/ƚŽƚĂůĞŶWWͿ
• t&WĐĂƉϯ
t&WĐĂƉϯʹZ,ĐĂƉϯ
_
ŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĂŶŝǀĞůŵƵŶĚŝĂů͘
ZĞůĂĐŝŽŶĞƐƐŽĐŝŽͲĞĐŽŶſŵŝĐŽͲŚŝĚƌŽůſŐŝĐĂƐ͘
t&WĐĂƉϯʹZ,ϯ
t&WĐĂƉϯʹW^Ϯ
_
ŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĂŶŝǀĞůŵƵŶĚŝĂů͘
ZĞůĂĐŝŽŶĞƐƐŽĐŝŽͲĞĐŽŶſŵŝĐŽͲŚŝĚƌŽůſŐŝĐĂƐ͘
t&WĐĂƉϯʹdŝĞƌƌĂϮ
t&WĐĂƉϯʹůŝŵĂϭ
_
ŶĄůŝƐŝƐŵĂĐƌŽƐĐſƉŝĐŽĚĞůĂŚƵĞůůĂŚşĚƌŝĐĂĂŶŝǀĞůŵƵŶĚŝĂů͘
ZĞůĂĐŝŽŶĞƐƐŽĐŝŽͲĞĐŽŶſŵŝĐŽͲŚŝĚƌŽůſŐŝĐĂƐ͘
t&WĐĂƉϯʹůŝŵϯ
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