załącznik Nr 7

załącznik nr 7
&ŽƌŵƵůĂƌnjŝŶĨŽƌŵĂĐũŝƉƌnjĞĚƐƚĂǁŝĂŶLJĐŚƉƌnjLJƵďŝĞŐĂŶŝƵƐŝħŽƉŽŵŽĐĚĞŵŝŶŝŵŝƐ
^ƚŽƐƵũĞƐŝħĚŽƉŽŵŽĐLJĚĞŵŝŶŝŵŝƐƵĚnjŝĞůĂŶĞũŶĂǁĂƌƵŶŬĂĐŚŽŬƌĞƑůŽŶLJĐŚǁƌŽnjƉŽƌnjČĚnjĞŶŝƵ<ŽŵŝƐũŝ;hͿŶƌ
ϭϰϬϳͬϮϬϭϯnjĚŶŝĂϭϴŐƌƵĚŶŝĂϮϬϭϯƌ͘ǁƐƉƌĂǁŝĞƐƚŽƐŽǁĂŶŝĂĂƌƚ͘ϭϬϳŝϭϬϴdƌĂŬƚĂƚƵŽĨƵŶŬĐũŽŶŽǁĂŶŝƵhŶŝŝ
ƵƌŽƉĞũƐŬŝĞũĚŽƉŽŵŽĐLJĚĞŵŝŶŝŵŝƐ;nj͘hƌnj͘h>ϯϱϮnjϮϰ͘ϭϮ͘ϮϬϭϯ͕Ɛƚƌ͘ϭͿ
͘/ŶĨŽƌŵĂĐũĞĚŽƚLJĐnjČĐĞƉŽĚŵŝŽƚƵ
ŬƚſƌĞŵƵŵĂďLJđƵĚnjŝĞůŽŶĂƉŽŵŽĐĚĞ
ŵŝŶŝŵŝƐϭͿ
ϭ͘/ŶĨŽƌŵĂĐũĞĚŽƚLJĐnjČĐĞǁƐƉſůŶŝŬĂƐƉſųŬŝĐLJǁŝůŶĞũ
ůƵďŽƐŽďŽǁĞũǁŶŝŽƐŬƵũČĐĞŐŽŽƉŽŵŽĐĚĞŵŝŶŝŵŝƐ
ǁnjǁŝČnjŬƵnjĚnjŝĂųĂůŶŽƑĐŝČƉƌŽǁĂĚnjŽŶČǁƚĞũ
ƐƉſųĐĞϮͿ
ϭͿ/ĚĞŶƚLJĨŝŬĂƚŽƌƉŽĚĂƚŬŽǁLJE/WƉŽĚŵŝŽƚƵ
ϭĂͿ/ĚĞŶƚLJĨŝŬĂƚŽƌƉŽĚĂƚŬŽǁLJE/WǁƐƉſůŶŝŬĂ
ϮͿ/ŵŝħŝŶĂnjǁŝƐŬŽĂůďŽŶĂnjǁĂƉŽĚŵŝŽƚƵ
ϮĂͿ/ŵŝħŝŶĂnjǁŝƐŬŽĂůďŽŶĂnjǁĂǁƐƉſůŶŝŬĂ
ϯͿĚƌĞƐŵŝĞũƐĐĂnjĂŵŝĞƐnjŬĂŶŝĂĂůďŽĂĚƌĞƐƐŝĞĚnjŝďLJ
ƉŽĚŵŝŽƚƵ
ϯĂͿĚƌĞƐŵŝĞũƐĐĂnjĂŵŝĞƐnjŬĂŶŝĂĂůďŽĂĚƌĞƐƐŝĞĚnjŝďLJǁƐƉſůŶŝŬĂ
ϯͿ
ϰͿ/ĚĞŶƚLJĨŝŬĂƚŽƌŐŵŝŶLJ͕ǁŬƚſƌĞũƉŽĚŵŝŽƚŵĂŵŝĞũƐĐĞ
njĂŵŝĞƐnjŬĂŶŝĂĂůďŽƐŝĞĚnjŝďħ
ϰͿ
ϱͿ&ŽƌŵĂƉƌĂǁŶĂƉŽĚŵŝŽƚƵ ϱͿ
ƉƌnjĞĚƐŝħďŝŽƌƐƚǁŽƉĂŷƐƚǁŽǁĞ
ũĞĚŶŽŽƐŽďŽǁĂƐƉſųŬĂ^ŬĂƌďƵWĂŷƐƚǁĂ
ũĞĚŶŽŽƐŽďŽǁĂƐƉſųŬĂũĞĚŶŽƐƚŬŝƐĂŵŽƌnjČĚƵƚĞƌLJƚŽƌŝĂůŶĞŐŽ͕ǁƌŽnjƵŵŝĞŶŝƵƵƐƚĂǁLJnjĚŶŝĂϮϬŐƌƵĚŶŝĂϭϵϵϲƌ͘Ž
ŐŽƐƉŽĚĂƌĐĞŬŽŵƵŶĂůŶĞũ;nj͘h͘njϮϬϭϭƌ͘Eƌϰϱ͕ƉŽnj͘ϮϯϲͿ
ƐƉſųŬĂĂŬĐLJũŶĂĂůďŽƐƉſųŬĂnjŽŐƌĂŶŝĐnjŽŶČŽĚƉŽǁŝĞĚnjŝĂůŶŽƑĐŝČ͕ǁƐƚŽƐƵŶŬƵĚŽŬƚſƌLJĐŚ^ŬĂƌďWĂŷƐƚǁĂ͕ũĞĚŶŽƐƚŬĂ
ƐĂŵŽƌnjČĚƵƚĞƌLJƚŽƌŝĂůŶĞŐŽ͕ƉƌnjĞĚƐŝħďŝŽƌƐƚǁŽƉĂŷƐƚǁŽǁĞůƵďũĞĚŶŽŽƐŽďŽǁĂƐƉſųŬĂ^ŬĂƌďƵWĂŷƐƚǁĂƐČ
ƉŽĚŵŝŽƚĂŵŝ͕ŬƚſƌĞƉŽƐŝĂĚĂũČƵƉƌĂǁŶŝĞŶŝĂƚĂŬŝĞ͕ũĂŬƉƌnjĞĚƐŝħďŝŽƌĐLJĚŽŵŝŶƵũČĐLJǁƌŽnjƵŵŝĞŶŝƵƉƌnjĞƉŝƐſǁƵƐƚĂǁLJnj
ĚŶŝĂϭϲůƵƚĞŐŽϮϬϬϳƌ͘ŽŽĐŚƌŽŶŝĞŬŽŶŬƵƌĞŶĐũŝŝŬŽŶƐƵŵĞŶƚſǁ;nj͘h͘EƌϱϬ͕ƉŽnj͘ϯϯϭ͕njƉſǍŶ͘njŵ͘Ϳ
ũĞĚŶŽƐƚŬĂƐĞŬƚŽƌĂĨŝŶĂŶƐſǁƉƵďůŝĐnjŶLJĐŚǁƌŽnjƵŵŝĞŶŝƵƉƌnjĞƉŝƐſǁƵƐƚĂǁLJnjĚŶŝĂϮϳƐŝĞƌƉŶŝĂϮϬϬϵƌ͘ŽĨŝŶĂŶƐĂĐŚ
ƉƵďůŝĐnjŶLJĐŚ;nj͘h͘njϮϬϭϯƌ͘ƉŽnj͘ϴϴϱ͕njƉſǍŶ͘njŵ͘Ϳ
ŝŶŶĂ;ƉŽĚĂđũĂŬĂͿ
ϲͿtŝĞůŬŽƑđƉŽĚŵŝŽƚƵ͕njŐŽĚŶŝĞnjnjĂųČĐnjŶŝŬŝĞŵ/ĚŽƌŽnjƉŽƌnjČĚnjĞŶŝĂ<ŽŵŝƐũŝ;hͿŶƌϲϱϭͬϮϬϭϰnjĚŶŝĂϭϳĐnjĞƌǁĐĂϮϬϭϰƌ͘
ƵnjŶĂũČĐĞŐŽŶŝĞŬƚſƌĞƌŽĚnjĂũĞƉŽŵŽĐLJnjĂnjŐŽĚŶĞnjƌLJŶŬŝĞŵǁĞǁŶħƚƌnjŶLJŵǁnjĂƐƚŽƐŽǁĂŶŝƵĂƌƚ͘ϭϬϳŝϭϬϴdƌĂŬƚĂƚƵ;nj͘hƌnj͘
h>ϭϴϳnjϮϲ͘Ϭϲ͘ϮϬϭϰ͕Ɛƚƌ͘ϭͿ ϱͿ
ŵŝŬƌŽƉƌnjĞĚƐŝħďŝŽƌĐĂ
ŵĂųLJƉƌnjĞĚƐŝħďŝŽƌĐĂ
ƑƌĞĚŶŝƉƌnjĞĚƐŝħďŝŽƌĐĂ
ŝŶŶLJƉƌnjĞĚƐŝħďŝŽƌĐĂ
ϳͿ<ůĂƐĂĚnjŝĂųĂůŶŽƑĐŝ͕njŐŽĚŶŝĞnjƌŽnjƉŽƌnjČĚnjĞŶŝĞŵZĂĚLJDŝŶŝƐƚƌſǁnjĚŶŝĂϮϰŐƌƵĚŶŝĂϮϬϬϳƌ͘ǁƐƉƌĂǁŝĞWŽůƐŬŝĞũ<ůĂƐLJĨŝŬĂĐũŝ
njŝĂųĂůŶŽƑĐŝ;W<Ϳ;nj͘h͘EƌϮϱϭ͕ƉŽnj͘ϭϴϴϱ͕njƉſǍŶ͘njŵ͘Ϳ ϲͿ
ϴͿĂƚĂƵƚǁŽƌnjĞŶŝĂƉŽĚŵŝŽƚƵ
Ͳ
Ͳ
^ƚƌŽŶĂϭnjϳ
ϵͿWŽǁŝČnjĂŶŝĂnjŝŶŶLJŵŝƉƌnjĞĚƐŝħďŝŽƌĐĂŵŝ ϳͿ
njLJƉŽŵŝħĚnjLJƉŽĚŵŝŽƚĞŵĂŝŶŶLJŵŝƉƌnjĞĚƐŝħďŝŽƌĐĂŵŝŝƐƚŶŝĞũČƉŽǁŝČnjĂŶŝĂƉŽůĞŐĂũČĐĞŶĂƚLJŵ͕ǏĞ͗
ĂͿũĞĚĞŶƉƌnjĞĚƐŝħďŝŽƌĐĂƉŽƐŝĂĚĂǁĚƌƵŐŝŵǁŝħŬƐnjŽƑđƉƌĂǁŐųŽƐƵ͍
ƚĂŬ
ŶŝĞ
ďͿũĞĚĞŶƉƌnjĞĚƐŝħďŝŽƌĐĂŵĂƉƌĂǁŽƉŽǁŽųĂđůƵďŽĚǁŽųĂđǁŝħŬƐnjŽƑđĐnjųŽŶŬſǁŽƌŐĂŶƵ
njĂƌnjČĚnjĂũČĐĞŐŽůƵďŶĂĚnjŽƌƵũČĐĞŐŽŝŶŶĞŐŽƉƌnjĞĚƐŝħďŝŽƌĐLJ͍
ƚĂŬ
ŶŝĞ
ĐͿũĞĚĞŶƉƌnjĞĚƐŝħďŝŽƌĐĂŵĂƉƌĂǁŽǁLJǁŝĞƌĂđĚŽŵŝŶƵũČĐLJǁƉųLJǁŶĂŝŶŶĞŐŽƉƌnjĞĚƐŝħďŝŽƌĐħnjŐŽĚŶŝĞ
njƵŵŽǁČnjĂǁĂƌƚČnjƚLJŵƉƌnjĞĚƐŝħďŝŽƌĐČůƵďũĞŐŽĚŽŬƵŵĞŶƚĂŵŝnjĂųŽǏLJĐŝĞůƐŬŝŵŝ͍
ƚĂŬ
ŶŝĞ
ĚͿũĞĚĞŶƉƌnjĞĚƐŝħďŝŽƌĐĂ͕ŬƚſƌLJũĞƐƚĂŬĐũŽŶĂƌŝƵƐnjĞŵůƵďǁƐƉſůŶŝŬŝĞŵŝŶŶĞŐŽƉƌnjĞĚƐŝħďŝŽƌĐLJůƵď
ũĞŐŽĐnjųŽŶŬŝĞŵ͕njŐŽĚŶŝĞnjƉŽƌŽnjƵŵŝĞŶŝĞŵnjŝŶŶLJŵŝĂŬĐũŽŶĂƌŝƵƐnjĂŵŝ͕ǁƐƉſůŶŝŬĂŵŝůƵďĐnjųŽŶŬĂŵŝ
ƚĞŐŽƉƌnjĞĚƐŝħďŝŽƌĐLJ͕ƐĂŵŽĚnjŝĞůŶŝĞŬŽŶƚƌŽůƵũĞǁŝħŬƐnjŽƑđƉƌĂǁŐųŽƐƵƵƚĞŐŽƉƌnjĞĚƐŝħďŝŽƌĐLJ͍
ĞͿƉƌnjĞĚƐŝħďŝŽƌĐĂƉŽnjŽƐƚĂũĞǁũĂŬŝŵŬŽůǁŝĞŬnjĞƐƚŽƐƵŶŬſǁŽƉŝƐĂŶLJĐŚƉŽǁLJǏĞũƉŽƉƌnjĞnjũĞĚŶĞŐŽ
ŝŶŶĞŐŽƉƌnjĞĚƐŝħďŝŽƌĐħůƵďŬŝůŬƵŝŶŶLJĐŚƉƌnjĞĚƐŝħďŝŽƌĐſǁ͍
ƚĂŬ
ŶŝĞ
ƚĂŬ
ŶŝĞ
tƉƌnjLJƉĂĚŬƵnjĂnjŶĂĐnjĞŶŝĂƉƌnjLJŶĂũŵŶŝĞũũĞĚŶĞũŽĚƉŽǁŝĞĚnjŝƚǁŝĞƌĚnjČĐĞũ͕ŶĂůĞǏLJƉŽĚĂđ͗
ĂͿŝĚĞŶƚLJĨŝŬĂƚŽƌƉŽĚĂƚŬŽǁLJE/WǁƐnjLJƐƚŬŝĐŚƉŽǁŝČnjĂŶLJĐŚnj
ƉŽĚŵŝŽƚĞŵƉƌnjĞĚƐŝħďŝŽƌĐſǁ
ďͿųČĐnjŶČǁĂƌƚŽƑđƉŽŵŽĐLJĚĞŵŝŶŝŵŝƐƵĚnjŝĞůŽŶĞũǁďŝĞǏČĐLJŵ
ƌŽŬƵƉŽĚĂƚŬŽǁLJŵŽƌĂnjǁĚǁſĐŚƉŽƉƌnjĞĚnjĂũČĐLJĐŚůĂƚĂĐŚ
ƉŽĚĂƚŬŽǁLJĐŚǁƐnjLJƐƚŬŝŵƉŽǁŝČnjĂŶLJŵnjƉŽĚŵŝŽƚĞŵ
ϴͿ
ƉƌnjĞĚƐŝħďŝŽƌĐŽŵ
ϭϬͿ/ŶĨŽƌŵĂĐũĂŽƵƚǁŽƌnjĞŶŝƵǁŶŝŽƐŬŽĚĂǁĐLJǁǁLJŶŝŬƵƉŽĚnjŝĂųƵŝŶŶĞŐŽƉƌnjĞĚƐŝħďŝŽƌĐLJůƵďƉŽųČĐnjĞŶŝĂnjŝŶŶLJŵ
ƉƌnjĞĚƐŝħďŝŽƌĐČ͕ǁƚLJŵƉƌnjĞnjƉƌnjĞũħĐŝĞŝŶŶĞŐŽƉƌnjĞĚƐŝħďŝŽƌĐLJ
njLJƉŽĚŵŝŽƚǁĐŝČŐƵďŝĞǏČĐĞŐŽƌŽŬƵƉŽĚĂƚŬŽǁĞŐŽŽƌĂnjǁŽŬƌĞƐŝĞĚǁſĐŚƉŽƉƌnjĞĚnjĂũČĐLJĐŚůĂƚƉŽĚĂƚŬŽǁLJĐŚ͗
ĂͿƉŽǁƐƚĂųǁƐŬƵƚĞŬƉŽųČĐnjĞŶŝĂƐŝħŝŶŶLJĐŚƉƌnjĞĚƐŝħďŝŽƌĐſǁ͍
ƚĂŬ
ŶŝĞ
ďͿƉƌnjĞũČųŝŶŶĞŐŽƉƌnjĞĚƐŝħďŝŽƌĐħ͍
ƚĂŬ
ŶŝĞ
ĐͿƉŽǁƐƚĂųǁǁLJŶŝŬƵƉŽĚnjŝĂųƵŝŶŶĞŐŽƉƌnjĞĚƐŝħďŝŽƌĐLJ͍
ƚĂŬ
ŶŝĞ
tƉƌnjLJƉĂĚŬƵnjĂnjŶĂĐnjĞŶŝĂŽĚƉŽǁŝĞĚnjŝƚǁŝĞƌĚnjČĐĞũǁůŝƚ͘ĂͿůƵďďͿŶĂůĞǏLJƉŽĚĂđ͗
ĂͿŝĚĞŶƚLJĨŝŬĂƚŽƌƉŽĚĂƚŬŽǁLJE/WǁƐnjLJƐƚŬŝĐŚƉŽųČĐnjŽŶLJĐŚůƵď
ƉƌnjĞũħƚLJĐŚƉƌnjĞĚƐŝħďŝŽƌĐſǁ
ďͿųČĐnjŶČǁĂƌƚŽƑđƉŽŵŽĐLJĚĞŵŝŶŝŵŝƐƵĚnjŝĞůŽŶĞũǁďŝĞǏČĐLJŵ
ƌŽŬƵƉŽĚĂƚŬŽǁLJŵŽƌĂnjǁĚǁſĐŚƉŽƉƌnjĞĚnjĂũČĐLJĐŚůĂƚĂĐŚ
ƉŽĚĂƚŬŽǁLJĐŚǁƐnjLJƐƚŬŝŵƉŽųČĐnjŽŶLJŵůƵďƉƌnjĞũħƚLJŵ
ƉƌnjĞĚƐŝħďŝŽƌĐŽŵ ϴͿ
tƉƌnjLJƉĂĚŬƵnjĂnjŶĂĐnjĞŶŝĂŽĚƉŽǁŝĞĚnjŝƚǁŝĞƌĚnjČĐĞũǁůŝƚ͘ĐͿŶĂůĞǏLJƉŽĚĂđ͗
ĂͿŝĚĞŶƚLJĨŝŬĂƚŽƌƉŽĚĂƚŬŽǁLJE/WƉƌnjĞĚƐŝħďŝŽƌĐLJ
ƉƌnjĞĚƉŽĚnjŝĂųĞŵ
ďͿųČĐnjŶČǁĂƌƚŽƑđƉŽŵŽĐLJĚĞŵŝŶŝŵŝƐƵĚnjŝĞůŽŶĞũǁďŝĞǏČĐLJŵ
ƌŽŬƵƉŽĚĂƚŬŽǁLJŵŽƌĂnjǁĚǁſĐŚƉŽƉƌnjĞĚnjĂũČĐLJĐŚůĂƚĂĐŚ
ƉŽĚĂƚŬŽǁLJĐŚƉƌnjĞĚƐŝħďŝŽƌĐLJŝƐƚŶŝĞũČĐĞŵƵƉƌnjĞĚƉŽĚnjŝĂųĞŵ
ǁŽĚŶŝĞƐŝĞŶŝƵĚŽĚnjŝĂųĂůŶŽƑĐŝƉƌnjĞũŵŽǁĂŶĞũƉƌnjĞnjƉŽĚŵŝŽƚ ϴͿ
:ĞƑůŝŶŝĞũĞƐƚŵŽǏůŝǁĞƵƐƚĂůĞŶŝĞ͕ũĂŬĂĐnjħƑđƉŽŵŽĐLJĚĞŵŝŶŝŵŝƐƵnjLJƐŬĂŶĞũƉƌnjĞnjƉƌnjĞĚƐŝħďŝŽƌĐħƉƌnjĞĚƉŽĚnjŝĂųĞŵ
ƉƌnjĞnjŶĂĐnjŽŶĂďLJųĂŶĂĚnjŝĂųĂůŶŽƑđƉƌnjĞũħƚČƉƌnjĞnjƉŽĚŵŝŽƚ͕ŶĂůĞǏLJƉŽĚĂđ͗
– ųČĐnjŶČǁĂƌƚŽƑđƉŽŵŽĐLJĚĞŵŝŶŝŵŝƐƵĚnjŝĞůŽŶĞũǁďŝĞǏČĐLJŵ
ƌŽŬƵƉŽĚĂƚŬŽǁLJŵŽƌĂnjǁĚǁſĐŚƉŽƉƌnjĞĚnjĂũČĐLJĐŚůĂƚĂĐŚ
ƉŽĚĂƚŬŽǁLJĐŚƉƌnjĞĚƐŝħďŝŽƌĐLJƉƌnjĞĚƉŽĚnjŝĂųĞŵ ϴͿ
–ǁĂƌƚŽƑđŬĂƉŝƚĂųƵƉƌnjĞĚƐŝħďŝŽƌĐLJƉƌnjĞĚƉŽĚnjŝĂųĞŵ;ǁW>EͿ
–ǁĂƌƚŽƑđŬĂƉŝƚĂųƵƉŽĚŵŝŽƚƵŶĂŵŽŵĞŶƚƉŽĚnjŝĂųƵ;ǁW>EͿ
^ƚƌŽŶĂϮnjϳ
͘/ŶĨŽƌŵĂĐũĞĚŽƚLJĐnjČĐĞƐLJƚƵĂĐũŝĞŬŽŶŽŵŝĐnjŶĞũƉŽĚŵŝŽƚƵŬƚſƌĞŵƵŵĂďLJđƵĚnjŝĞůŽŶĂ
ƉŽŵŽĐĚĞŵŝŶŝŵŝƐϵͿ
ϭͿnjLJƉŽĚŵŝŽƚƐƉĞųŶŝĂŬƌLJƚĞƌŝĂŬǁĂůŝĨŝŬƵũČĐĞŐŽĚŽŽďũħĐŝĂƉŽƐƚħƉŽǁĂŶŝĞŵƵƉĂĚųŽƑĐŝŽǁLJŵ͍
ƚĂŬ
ŶŝĞ
ϮͿnjLJƉŽĚŵŝŽƚďħĚČĐLJƉƌnjĞĚƐŝħďŝŽƌĐČŝŶŶLJŵŶŝǏŵŝŬƌŽ͕ŵĂųLJůƵďƑƌĞĚŶŝnjŶĂũĚƵũĞƐŝħǁƐLJƚƵĂĐũŝ
ƚĂŬ
ŶŝĞ
ŐŽƌƐnjĞũŶŝǏƐLJƚƵĂĐũĂŬǁĂůŝĨŝŬƵũČĐĂƐŝħĚŽŽĐĞŶLJŬƌĞĚLJƚŽǁĞũͲ ϭϬͿ͍
ŶŝĞĚŽƚLJĐnjLJ
ϯͿnjLJǁŽĚŶŝĞƐŝĞŶŝƵĚŽŽŬƌĞƐƵŽƐƚĂƚŶŝĐŚϯůĂƚƉŽƉƌnjĞĚnjĂũČĐLJĐŚĚnjŝĞŷǁLJƐƚČƉŝĞŶŝĂnjǁŶŝŽƐŬŝĞŵŽ
ƵĚnjŝĞůĞŶŝĞƉŽŵŽĐLJĚĞŵŝŶŝŵŝƐ͗
ĂͿƉŽĚŵŝŽƚŽĚŶŽƚŽǁƵũĞƌŽƐŶČĐĞƐƚƌĂƚLJ͍
ƚĂŬ
ŶŝĞ
ďͿŽďƌŽƚLJƉŽĚŵŝŽƚƵŵĂůĞũČ͍
ƚĂŬ
ŶŝĞ
ĐͿnjǁŝħŬƐnjĞŶŝƵƵůĞŐĂũČnjĂƉĂƐLJƉŽĚŵŝŽƚƵůƵď
ŶŝĞǁLJŬŽƌnjLJƐƚĂŶLJƉŽƚĞŶĐũĂųĚŽƑǁŝĂĚĐnjĞŶŝĂƵƐųƵŐ͍
ƚĂŬ
ŶŝĞ
ĚͿƉŽĚŵŝŽƚŵĂŶĂĚǁLJǏŬŝƉƌŽĚƵŬĐũŝ ͍
ƚĂŬ
ŶŝĞ
ĞͿnjŵŶŝĞũƐnjĂƐŝħƉƌnjĞƉųLJǁƑƌŽĚŬſǁĨŝŶĂŶƐŽǁLJĐŚ͍
ƚĂŬ
ŶŝĞ
ĨͿnjǁŝħŬƐnjĂƐŝħƐƵŵĂnjĂĚųƵǏĞŶŝĂƉŽĚŵŝŽƚƵ͍
ƚĂŬ
ŶŝĞ
ŐͿƌŽƐŶČŬǁŽƚLJŽĚƐĞƚĞŬŽĚnjŽďŽǁŝČnjĂŷƉŽĚŵŝŽƚƵ͍
ƚĂŬ
ŶŝĞ
ŚͿǁĂƌƚŽƑđĂŬƚLJǁſǁŶĞƚƚŽƉŽĚŵŝŽƚƵnjŵŶŝĞũƐnjĂƐŝħůƵďũĞƐƚ
njĞƌŽǁĂ͍
ŝͿnjĂŝƐƚŶŝĂųLJŝŶŶĞŽŬŽůŝĐnjŶŽƑĐŝǁƐŬĂnjƵũČĐĞŶĂƚƌƵĚŶŽƑĐŝǁ
njĂŬƌĞƐŝĞƉųLJŶŶŽƑĐŝĨŝŶĂŶƐŽǁĞũ͍
:ĞƑůŝƚĂŬ͕ŶĂůĞǏLJǁƐŬĂnjĂđũĂŬŝĞ͗
ƚĂŬ
ŶŝĞ
ƚĂŬ
ŶŝĞ
ϭϭͿ
^ƚƌŽŶĂϯnjϳ
͘/ŶĨŽƌŵĂĐũĞĚŽƚLJĐnjČĐĞĚnjŝĂųĂůŶŽƑĐŝŐŽƐƉŽĚĂƌĐnjĞũƉƌŽǁĂĚnjŽŶĞũƉƌnjĞnjƉŽĚŵŝŽƚŬƚſƌĞŵƵ
ŵĂďLJđƵĚnjŝĞůŽŶĂƉŽŵŽĐĚĞŵŝŶŝŵŝƐ
njLJƉŽĚŵŝŽƚ͕ŬƚſƌĞŵƵŵĂďLJđƵĚnjŝĞůŽŶĂƉŽŵŽĐĚĞŵŝŶŝŵŝƐ͕ƉƌŽǁĂĚnjŝĚnjŝĂůĂůŶŽƑđ͗
ϭϮͿ
ϭͿǁƐĞŬƚŽƌnjĞƌLJďŽųſǁƐƚǁĂŝĂŬǁĂŬƵůƚƵƌLJ ͍
ƚĂŬ
ŶŝĞ
ϮͿǁĚnjŝĞĚnjŝŶŝĞƉƌŽĚƵŬĐũŝƉŽĚƐƚĂǁŽǁĞũƉƌŽĚƵŬƚſǁƌŽůŶLJĐŚǁLJŵŝĞŶŝŽŶLJĐŚǁnjĂųČĐnjŶŝŬƵ/ĚŽ
dƌĂŬƚĂƚƵŽĨƵŶŬĐũŽŶŽǁĂŶŝƵhŶŝŝƵƌŽƉĞũƐŬŝĞũ ͍
ƚĂŬ
ŶŝĞ
ϯͿǁĚnjŝĞĚnjŝŶŝĞƉƌnjĞƚǁĂƌnjĂŶŝĂŝǁƉƌŽǁĂĚnjĂŶŝĂĚŽŽďƌŽƚƵƉƌŽĚƵŬƚſǁƌŽůŶLJĐŚǁLJŵŝĞŶŝŽŶLJĐŚǁ
njĂųČĐnjŶŝŬƵ/ĚŽdƌĂŬƚĂƚƵŽĨƵŶŬĐũŽŶŽǁĂŶŝƵhŶŝŝƵƌŽƉĞũƐŬŝĞũ ͍
ϰͿǁƐĞŬƚŽƌnjĞĚƌŽŐŽǁĞŐŽƚƌĂŶƐƉŽƌƚƵƚŽǁĂƌſǁ͍
ƚĂŬ
ŶŝĞ
ƚĂŬ
ŶŝĞ
:ĞƑůŝƚĂŬ͕ƚŽĐnjLJǁŶŝŽƐŬŽǁĂŶĂƉŽŵŽĐďħĚnjŝĞƉƌnjĞnjŶĂĐnjŽŶĂŶĂŶĂďLJĐŝĞƉŽũĂnjĚſǁ
ǁLJŬŽƌnjLJƐƚLJǁĂŶLJĐŚĚŽƑǁŝĂĚĐnjĞŶŝĂƵƐųƵŐǁnjĂŬƌĞƐŝĞĚƌŽŐŽǁĞŐŽƚƌĂŶƐƉŽƌƚƵƚŽǁĂƌſǁ͍
ƚĂŬ
ŶŝĞ
ϱͿnjLJǁŶŝŽƐŬŽǁĂŶĂƉŽŵŽĐĚĞŵŝŶŝŵŝƐƉƌnjĞnjŶĂĐnjŽŶĂďħĚnjŝĞŶĂĚnjŝĂųĂůŶŽƑđǁƐŬĂnjĂŶČǁƉŬƚϭͲϰ͍
ƚĂŬ
ŶŝĞ
ϲͿtƉƌnjLJƉĂĚŬƵnjĂnjŶĂĐnjĞŶŝĂŽĚƉŽǁŝĞĚnjŝƚǁŝĞƌĚnjČĐĞũǁƉŬƚϭ͕ϮůƵďϰĐnjLJnjĂƉĞǁŶŝŽŶĂũĞƐƚ
ƌŽnjĚnjŝĞůŶŽƑđƌĂĐŚƵŶŬŽǁĂ ϭϯͿƵŶŝĞŵŽǏůŝǁŝĂũČĐĂƉƌnjĞŶŝĞƐŝĞŶŝĞŶĂǁƐŬĂnjĂŶČǁƚLJĐŚƉƵŶŬƚĂĐŚ
ĚnjŝĂųĂůŶŽƑđŬŽƌnjLJƑĐŝǁLJŶŝŬĂũČĐLJĐŚnjƵnjLJƐŬĂŶĞũƉŽŵŽĐLJĚĞŵŝŶŝŵŝƐ;ǁũĂŬŝƐƉŽƐſďͿ͍
ƚĂŬ
ŶŝĞ
^ƚƌŽŶĂϰnjϳ
ŶŝĞĚŽƚLJĐnjLJ
͘/ŶĨŽƌŵĂĐũĞĚŽƚLJĐnjČĐĞƉŽŵŽĐLJŽƚƌnjLJŵĂŶĞũǁŽĚŶŝĞƐŝĞŶŝƵĚŽƚLJĐŚƐĂŵLJĐŚŬŽƐnjƚſǁ͕ŶĂ
ƉŽŬƌLJĐŝĞŬƚſƌLJĐŚŵĂďLJđƉƌnjĞnjŶĂĐnjŽŶĂǁŶŝŽƐŬŽǁĂŶĂƉŽŵŽĐĚĞŵŝŶŝŵŝƐ
njLJǁŶŝŽƐŬŽǁĂŶĂƉŽŵŽĐĚĞŵŝŶŝŵŝƐnjŽƐƚĂŶŝĞƉƌnjĞnjŶĂĐnjŽŶĂŶĂƉŽŬƌLJĐŝĞĚĂũČĐLJĐŚƐŝħ
njŝĚĞŶƚLJĨŝŬŽǁĂđŬŽƐnjƚſǁ͍
ƚĂŬ
ŶŝĞ
:ĞƑůŝƚĂŬ͕ĐnjLJŶĂƉŽŬƌLJĐŝĞƚLJĐŚƐĂŵLJĐŚŬŽƐnjƚſǁ͕ŽŬƚſƌLJĐŚŵŽǁĂƉŽǁLJǏĞũ͕ƉŽĚŵŝŽƚŽƚƌnjLJŵĂų
ƉŽŵŽĐŝŶŶČŶŝǏƉŽŵŽĐĚĞŵŝŶŝŵŝƐ͍
ƚĂŬ
ŶŝĞ
ϱď
ϱĂ
ϰ
ϯď
ϯĂ
^ƚƌŽŶĂϱnjϳ
ϭϬ͘
ϵ͘
ϴ͘
ϳ͘
ϲ͘
ϱ͘
ϰ͘
ϯ͘
Ϯ͘
ϭ͘
ϭ
Ϯ
ŝŶĨŽƌŵĂĐũĞ
ƐnjĐnjĞŐſųŽǁĞ
ŝŶĨŽƌŵĂĐũĞƉŽĚƐƚĂǁŽǁĞ
njŝĞŷ
>Ɖ͘ ƵĚnjŝĞůĞŶŝĂ
ƉŽŵŽĐLJ
WŽĚŵŝŽƚ
ƵĚnjŝĞůĂũČĐLJ
ƉŽŵŽĐLJ
WŽĚƐƚĂǁĂƉƌĂǁŶĂƵĚnjŝĞůĞŶŝĂƉŽŵŽĐLJ
&ŽƌŵĂ
ƉŽŵŽĐLJ
ŶŽŵŝŶĂůŶĂ
ďƌƵƚƚŽ
tĂƌƚŽƑđŽƚƌnjLJŵĂŶĞũ
ƉŽŵŽĐLJ
ϲ
WƌnjĞnjŶĂĐnjĞŶŝĞ
ƉŽŵŽĐLJ
:ĞƑůŝƚĂŬ͕ŶĂůĞǏLJǁLJƉĞųŶŝđƉŽŶŝǏƐnjČƚĂďĞůħ ϭϰͿǁŽĚŶŝĞƐŝĞŶŝƵĚŽǁǁ͘ƉŽŵŽĐLJŝŶŶĞũŶŝǏĚĞŵŝŶŝŵŝƐŽƌĂnjƉŽŵŽĐLJĚĞŵŝŶŝŵŝƐ
ŶĂƚĞƐĂŵĞŬŽƐnjƚLJ͘
:ĞǏĞůŝǁƚĂďĞůŝǁLJŬĂnjĂŶŽŽƚƌnjLJŵĂŶČƉŽŵŽĐŝŶŶČŶŝǏƉŽŵŽĐĚĞŵŝŶŝŵŝƐ͕ŶĂůĞǏLJĚŽĚĂƚŬŽǁŽǁLJƉĞųŶŝđ
ƉŬƚϭͲϴƉŽŶŝǏĞũ͗
ϭͿŽƉŝƐƉƌnjĞĚƐŝħǁnjŝħĐŝĂ͗
ϮͿŬŽƐnjƚLJŬǁĂůŝĨŝŬƵũČĐĞƐŝħĚŽŽďũħĐŝĂƉŽŵŽĐČǁǁĂƌƚŽƑĐŝŶŽŵŝŶĂůŶĞũŝnjĚLJƐŬŽŶƚŽǁĂŶĞũŽƌĂnjŝĐŚƌŽĚnjĂũĞ͗
ϯͿŵĂŬƐLJŵĂůŶĂĚŽƉƵƐnjĐnjĂůŶĂŝŶƚĞŶƐLJǁŶŽƑđƉŽŵŽĐLJ͗
ϰͿŝŶƚĞŶƐLJǁŶŽƑđƉŽŵŽĐLJũƵǏƵĚnjŝĞůŽŶĞũǁnjǁŝČnjŬƵnjŬŽƐnjƚĂŵŝ͕ŽŬƚſƌLJĐŚŵŽǁĂǁƉŬƚϮ͗
ϱͿůŽŬĂůŝnjĂĐũĂƉƌnjĞĚƐŝħǁnjŝħĐŝĂ͗
ϲͿĐĞůĞ͕ŬƚſƌĞŵĂũČďLJđŽƐŝČŐŶŝħƚĞǁnjǁŝČnjŬƵnjƌĞĂůŝnjĂĐũČƉƌnjĞĚƐŝħǁnjŝħĐŝĂ͗
ϳͿĞƚĂƉLJƌĞĂůŝnjĂĐũŝƉƌnjĞĚƐŝħǁnjŝħĐŝĂ͗
ϴͿĚĂƚĂƌŽnjƉŽĐnjħĐŝĂŝnjĂŬŽŷĐnjĞŶŝĂƌĞĂůŝnjĂĐũŝƉƌnjĞĚƐŝħǁnjŝħĐŝĂ͗
͘/ŶĨŽƌŵĂĐũĞĚŽƚLJĐnjČĐĞŽƐŽďLJƵƉŽǁĂǏŶŝŽŶĞũĚŽƉƌnjĞĚƐƚĂǁŝĞŶŝĂŝŶĨŽƌŵĂĐũŝ
/ŵŝħŝŶĂnjǁŝƐŬŽ
EƵŵĞƌƚĞůĞĨŽŶƵ
^ƚĂŶŽǁŝƐŬŽƐųƵǏďŽǁĞ
ĂƚĂŝƉŽĚƉŝƐ
^ƚƌŽŶĂϲnjϳ
ϭͿtƉƌnjLJƉĂĚŬƵŐĚLJŽƉŽŵŽĐĚĞŵŝŶŝŵŝƐǁŶŝŽƐŬƵũĞǁƐƉſůŶŝŬƐƉſųŬŝĐLJǁŝůŶĞũ͕ũĂǁŶĞũĂůďŽƉĂƌƚŶĞƌƐŬŝĞũĂůďŽŬŽŵƉůĞŵĞŶƚĂƌŝƵƐnjƐƉſųŬŝŬŽŵĂŶĚLJƚŽǁĞũĂůďŽŬŽŵĂŶĚLJƚŽǁŽͲ
ĂŬĐLJũŶĞũŶŝĞďħĚČĐLJĂŬĐũŽŶĂƌŝƵƐnjĞŵ͕ǁnjǁŝČnjŬƵnjĚnjŝĂųĂůŶŽƑĐŝČƉƌŽǁĂĚnjŽŶČǁƚĞũƐƉſųĐĞ͕ǁĨŽƌŵƵůĂƌnjƵƉŽĚĂũĞƐŝħŝŶĨŽƌŵĂĐũĞĚŽƚLJĐnjČĐĞƚĞũƐƉſųŬŝ͘tƉƌnjLJƉĂĚŬƵƐƉſųŬŝ
ĐLJǁŝůŶĞũŶĂůĞǏLJƉŽĚĂđE/WƚĞũƐƉſųŬŝ͕ŶĂnjǁħƉŽĚũĂŬČƐƉſųŬĂĨƵŶŬĐũŽŶƵũĞŶĂƌLJŶŬƵŽƌĂnjŵŝĞũƐĐĞƉƌŽǁĂĚnjĞŶŝĂĚnjŝĂųĂůŶŽƑĐŝ͕ĂǁƉƌnjLJƉĂĚŬƵďƌĂŬƵŶĂnjǁLJŝŵŝĞũƐĐĂ
ƉƌŽǁĂĚnjĞŶŝĂĚnjŝĂųĂůŶŽƑĐŝŝŵŝŽŶĂŝŶĂnjǁŝƐŬĂŽƌĂnjĂĚƌĞƐLJǁƐnjLJƐƚŬŝĐŚǁƐƉſůŶŝŬſǁƚĞũƐƉſųŬŝ͘
ϮͿtLJƉĞųŶŝĂƐŝħǁLJųČĐnjŶŝĞǁƉƌnjLJƉĂĚŬƵ͕ŐĚLJŽƉŽŵŽĐĚĞŵŝŶŝŵŝƐǁŶŝŽƐŬƵũĞǁƐƉſůŶŝŬƐƉſųŬŝĐLJǁŝůŶĞũ͕ũĂǁŶĞũĂůďŽƉĂƌƚŶĞƌƐŬŝĞũĂůďŽŬŽŵƉůĞŵĞŶƚĂƌŝƵƐnjƐƉſųŬŝ
ŬŽŵĂŶĚLJƚŽǁĞũĂůďŽŬŽŵĂŶĚLJƚŽǁŽͲĂŬĐLJũŶĞũŶŝĞďħĚČĐLJĂŬĐũŽŶĂƌŝƵƐnjĞŵ͕ǁnjǁŝČnjŬƵnjĚnjŝĂųĂůŶŽƑĐŝČƉƌŽǁĂĚnjŽŶČǁƚĞũƐƉſųĐĞ;ƉŽĚĂũĞƐŝħŝŶĨŽƌŵĂĐũĞĚŽƚLJĐnjČĐĞƚĞŐŽ
ǁƐƉſůŶŝŬĂĂůďŽŬŽŵƉůĞŵĞŶƚĂƌŝƵƐnjĂͿ͘
ϯͿKŝůĞƉŽƐŝĂĚĂŝĚĞŶƚLJĨŝŬĂƚŽƌƉŽĚĂƚŬŽǁLJE/W͘
ϰͿtƉŝƐƵũĞƐŝħƐŝĞĚŵŝŽĐLJĨƌŽǁĞŽnjŶĂĐnjĞŶŝĞŶĂĚĂŶĞǁƐƉŽƐſďŽŬƌĞƑůŽŶLJǁƌŽnjƉŽƌnjČĚnjĞŶŝƵZĂĚLJDŝŶŝƐƚƌſǁnjĚŶŝĂϭϱŐƌƵĚŶŝĂϭϵϵϴƌ͘ǁƐƉƌĂǁŝĞƐnjĐnjĞŐſųŽǁLJĐŚnjĂƐĂĚ
ƉƌŽǁĂĚnjĞŶŝĂ͕ƐƚŽƐŽǁĂŶŝĂŝƵĚŽƐƚħƉŶŝĂŶŝĂŬƌĂũŽǁĞŐŽƌĞũĞƐƚƌƵƵƌnjħĚŽǁĞŐŽƉŽĚnjŝĂųƵƚĞƌLJƚŽƌŝĂůŶĞŐŽŬƌĂũƵŽƌĂnjnjǁŝČnjĂŶLJĐŚnjƚLJŵŽďŽǁŝČnjŬſǁŽƌŐĂŶſǁĂĚŵŝŶŝƐƚƌĂĐũŝ
ƌnjČĚŽǁĞũŝũĞĚŶŽƐƚĞŬƐĂŵŽƌnjČĚƵƚĞƌLJƚŽƌŝĂůŶĞŐŽ;nj͘h͘Eƌϭϱϳ͕ƉŽnj͘ϭϬϯϭ͕njƉſǍŶ͘njŵ͘Ϳ͘>ŝƐƚĂŝĚĞŶƚLJĨŝŬĂƚŽƌſǁŐŵŝŶnjŶĂũĚƵũĞƐŝħŶĂƐƚƌŽŶŝĞŝŶƚĞƌŶĞƚŽǁĞũ
ŚƚƚƉ͗ͬͬǁǁǁ͘ƵŽŬŝŬ͘ŐŽǀ͘ƉůͬƐƉŽƌnjĂĚnjĂŶŝĞͺƐƉƌĂǁŽnjĚĂŶͺnjͺǁLJŬŽƌnjLJƐƚĂŶŝĞŵͺĂƉůŝŬĂĐũŝͺƐŚƌŝŵƉ͘ƉŚƉ͘
ϱͿĂnjŶĂĐnjĂƐŝħǁųĂƑĐŝǁČƉŽnjLJĐũħnjŶĂŬŝĞŵy͘
ϲͿWŽĚĂũĞƐŝħŬůĂƐħĚnjŝĂųĂůŶŽƑĐŝ͕ǁnjǁŝČnjŬƵnjŬƚſƌČƉŽĚŵŝŽƚƵďŝĞŐĂƐŝħŽƉŽŵŽĐĚĞŵŝŶŝŵŝƐ͘:ĞǏĞůŝďƌĂŬũĞƐƚŵŽǏůŝǁŽƑĐŝƵƐƚĂůĞŶŝĂũĞĚŶĞũƚĂŬŝĞũĚnjŝĂųĂůŶŽƑĐŝ͕ƉŽĚĂũĞƐŝħŬůĂƐħ
W<ƚĞũĚnjŝĂųĂůŶŽƑĐŝ͕ŬƚſƌĂŐĞŶĞƌƵũĞŶĂũǁŝħŬƐnjLJƉƌnjLJĐŚſĚ͘
ϳͿĂƉŽǁŝČnjĂŶĞŶŝĞƵǁĂǏĂƐŝħƉŽĚŵŝŽƚſǁ͕ǁƉƌnjLJƉĂĚŬƵŬƚſƌLJĐŚƉŽǁŝČnjĂŶŝĞǁLJƐƚħƉƵũĞǁLJųČĐnjŶŝĞnjĂƉŽƑƌĞĚŶŝĐƚǁĞŵŽƌŐĂŶƵƉƵďůŝĐnjŶĞŐŽ͕ŶƉ͘^ŬĂƌďƵWĂŷƐƚǁĂ͕ũĞĚŶŽƐƚŬŝ
ƐĂŵŽƌnjČĚƵƚĞƌLJƚŽƌŝĂůŶĞŐŽ͘
ϴͿWŽĚĂũĞƐŝħǁĂƌƚŽƑđƉŽŵŽĐLJǁĞƵƌŽŽďůŝĐnjŽŶČnjŐŽĚŶŝĞnjĂƌƚ͘ϭϭƵƐƚ͘ϯƵƐƚĂǁLJnjĚŶŝĂϯϬŬǁŝĞƚŶŝĂϮϬϬϰƌ͘ŽƉŽƐƚħƉŽǁĂŶŝƵǁƐƉƌĂǁĂĐŚĚŽƚLJĐnjČĐLJĐŚƉŽŵŽĐLJƉƵďůŝĐnjŶĞũ͕
ƌŽnjƉŽƌnjČĚnjĞŶŝĞŵZĂĚLJDŝŶŝƐƚƌſǁǁLJĚĂŶLJŵŶĂƉŽĚƐƚĂǁŝĞĂƌƚ͘ϭϭƵƐƚ͘ϮƚĞũƵƐƚĂǁLJŽƌĂnjǁųĂƑĐŝǁLJŵŝƉƌnjĞƉŝƐĂŵŝƵŶŝũŶLJŵŝ͘
ϵͿtLJƉĞųŶŝĂƐŝħũĞĚLJŶŝĞǁƉƌnjLJƉĂĚŬƵƉŽĚŵŝŽƚſǁ͕ŬƚſƌLJŵŵĂďLJđƵĚnjŝĞůŽŶĂƉŽŵŽĐĚĞŵŝŶŝŵŝƐ͕ĚŽŽďůŝĐnjĞŶŝĂǁĂƌƚŽƑĐŝŬƚſƌĞũŬŽŶŝĞĐnjŶĞũĞƐƚƵƐƚĂůĞŶŝĞŝĐŚƐƚŽƉLJ
ƌĞĨĞƌĞŶĐLJũŶĞũ;ƚũ͘ǁĨŽƌŵŝĞƚĂŬŝĞũũĂŬ͗ƉŽǏLJĐnjŬŝ͕ŐǁĂƌĂŶĐũĞ͕ŽĚƌŽĐnjĞŶŝĂ͕ƌŽnjųŽǏĞŶŝĂŶĂƌĂƚLJͿ͕njǁLJũČƚŬŝĞŵƉŽĚŵŝŽƚſǁ͕ŬƚſƌLJŵƉŽŵŽĐĚĞŵŝŶŝŵŝƐŵĂďLJđƵĚnjŝĞůŽŶĂŶĂ
ƉŽĚƐƚĂǁŝĞĂƌƚ͘ϯϰĂƵƐƚĂǁLJnjĚŶŝĂϴŵĂũĂϭϵϵϳƌ͘ŽƉŽƌħĐnjĞŶŝĂĐŚŝŐǁĂƌĂŶĐũĂĐŚƵĚnjŝĞůĂŶLJĐŚƉƌnjĞnj^ŬĂƌďWĂŷƐƚǁĂŽƌĂnjŶŝĞŬƚſƌĞŽƐŽďLJƉƌĂǁŶĞ;nj͘h͘njϮϬϭϮƌ͘ƉŽnj͘ϲϱϳ͕nj
ƉſǍŶ͘njŵ͘ͿŽƌĂnjďħĚČĐLJĐŚŽƐŽďĂŵŝĨŝnjLJĐnjŶLJŵŝ͕ŬƚſƌnjLJŶĂĚnjŝĞŷnjųŽǏĞŶŝĂŝŶĨŽƌŵĂĐũŝŽŬƌĞƑůŽŶLJĐŚǁŶŝŶŝĞũƐnjLJŵƌŽnjƉŽƌnjČĚnjĞŶŝƵŶŝĞƌŽnjƉŽĐnjħůŝƉƌŽǁĂĚnjĞŶŝĂĚnjŝĂųĂůŶŽƑĐŝ
ŐŽƐƉŽĚĂƌĐnjĞũ͘
ϭϬͿKĐĞŶĂŬƌĞĚLJƚŽǁĂͲŽnjŶĂĐnjĂǁLJƐŽŬŝĞƌLJnjLJŬŽŬƌĞĚLJƚŽǁĞ͘ĚŽůŶŽƑđĚŽŽďƐųƵŐŝnjŽďŽǁŝČnjĂŷŝƐƚŶŝĞũĞũĞĚLJŶŝĞƉƌnjLJƐƉƌnjLJũĂũČĐLJĐŚǁĂƌƵŶŬĂĐŚnjĞǁŶħƚƌnjŶLJĐŚ͘WŽnjŝŽŵ
ŽĚnjLJƐŬĂŶŝĂǁŝĞƌnjLJƚĞůŶŽƑĐŝǁƉƌnjLJƉĂĚŬƵǁLJƐƚČƉŝĞŶŝĂŶŝĞǁLJƉųĂĐĂůŶŽƑĐŝũĞƐƚƑƌĞĚŶŝůƵďŶŝƐŬŝ͘
ϭϭͿŽƚLJĐnjLJǁLJųČĐnjŶŝĞƉƌŽĚƵĐĞŶƚſǁ͘
ϭϮͿKďũħƚLJĐŚƌŽnjƉŽƌnjČĚnjĞŶŝĞŵWĂƌůĂŵĞŶƚƵƵƌŽƉĞũƐŬŝĞŐŽŝZĂĚLJ;hͿŶƌϭϯϳϵͬϮϬϭϯnjĚŶŝĂϭϭŐƌƵĚŶŝĂϮϬϭϯƌ͘ǁƐƉƌĂǁŝĞǁƐƉſůŶĞũŽƌŐĂŶŝnjĂĐũŝƌLJŶŬſǁƉƌŽĚƵŬƚſǁ
ƌLJďŽųſǁƐƚǁĂŝĂŬǁĂŬƵůƚƵƌLJ͕njŵŝĞŶŝĂũČĐLJŵƌŽnjƉŽƌnjČĚnjĞŶŝĂZĂĚLJ;tͿŶƌϭϭϴϰͬϮϬϬϲŝ;tͿŶƌϭϮϮϰͬϮϬϬϵŽƌĂnjƵĐŚLJůĂũČĐLJŵƌŽnjƉŽƌnjČĚnjĞŶŝĞZĂĚLJ;tͿŶƌϭϬϰͬϮϬϬϬ;nj͘
hƌnj͘h>ϯϱϰnjϮϴ͘ϭϮ͘ϮϬϭϯ͕Ɛƚƌ͘ϭͿ͘
ϭϯͿZŽnjĚnjŝĞůŶŽƑđƌĂĐŚƵŶŬŽǁĂŽŬƌĞƑůŽŶĞũĚnjŝĂųĂůŶŽƑĐŝŐŽƐƉŽĚĂƌĐnjĞũƉŽůĞŐĂŶĂƉƌŽǁĂĚnjĞŶŝƵŽĚƌħďŶĞũĞǁŝĚĞŶĐũŝĚůĂƚĞũĚnjŝĂųĂůŶŽƑĐŝŐŽƐƉŽĚĂƌĐnjĞũŽƌĂnjƉƌĂǁŝĚųŽǁLJŵ
ƉƌnjLJƉŝƐLJǁĂŶŝƵƉƌnjLJĐŚŽĚſǁŝŬŽƐnjƚſǁŶĂƉŽĚƐƚĂǁŝĞŬŽŶƐĞŬǁĞŶƚŶŝĞƐƚŽƐŽǁĂŶLJĐŚŝŵĂũČĐLJĐŚŽďŝĞŬƚLJǁŶĞƵnjĂƐĂĚŶŝĞŶŝĞŵĞƚŽĚ͕ĂƚĂŬǏĞŽŬƌĞƑůĞŶŝƵǁĚŽŬƵŵĞŶƚĂĐũŝ͕ŽŬƚſƌĞũ
ŵŽǁĂǁĂƌƚ͘ϭϬƵƐƚĂǁLJnjĚŶŝĂϮϵǁƌnjĞƑŶŝĂϭϵϵϰƌ͘ŽƌĂĐŚƵŶŬŽǁŽƑĐŝ;nj͘h͘njϮϬϭϯƌ͘ƉŽnj͘ϯϲϬ͕njƉſǍŶnjŵ͘Ϳ͕njĂƐĂĚƉƌŽǁĂĚnjĞŶŝĂŽĚƌħďŶĞũĞǁŝĚĞŶĐũŝŽƌĂnjŵĞƚŽĚ
ƉƌnjLJƉŝƐLJǁĂŶŝĂŬŽƐnjƚſǁŝƉƌnjLJĐŚŽĚſǁ͘
ϭϰͿtLJƉĞųŶŝĂƐŝħnjŐŽĚŶŝĞnj/ŶƐƚƌƵŬĐũČǁLJƉĞųŶŝĞŶŝĂƚĂďĞůŝǁĐnjħƑĐŝĨŽƌŵƵůĂƌnjĂ͘
^ƚƌŽŶĂϳnjϳ
/ŶƐƚƌƵŬĐũĂǁLJƉĞųŶŝĞŶŝĂƚĂďĞůŝǁĐnjħƑĐŝĨŽƌŵƵůĂƌnjĂ
EĂůĞǏLJƉŽĚĂđŝŶĨŽƌŵĂĐũĞŽĚŽƚLJĐŚĐnjĂƐŽƚƌnjLJŵĂŶĞũƉŽŵŽĐLJ͕ǁŽĚŶŝĞƐŝĞŶŝƵĚŽƚLJĐŚƐĂŵLJĐŚŬŽƐnjƚſǁ
ŬǁĂůŝĨŝŬƵũČĐLJĐŚƐŝħĚŽŽďũħĐŝĂƉŽŵŽĐČ͕ŶĂƉŽŬƌLJĐŝĞŬƚſƌLJĐŚƵĚnjŝĞůĂŶĂďħĚnjŝĞƉŽŵŽĐĚĞŵŝŶŝŵŝƐ͘EĂƉƌnjLJŬųĂĚ͕
ũĞǏĞůŝƉŽĚŵŝŽƚƵďŝĞŐĂũČĐLJƐŝħŽƉŽŵŽĐĚĞŵŝŶŝŵŝƐŽƚƌnjLJŵĂųǁƉƌnjĞƐnjųŽƑĐŝƉŽŵŽĐǁnjǁŝČnjŬƵnjƌĞĂůŝnjĂĐũČ
ŝŶǁĞƐƚLJĐũŝ͕ŶĂůĞǏLJǁLJŬĂnjĂđũĞĚLJŶŝĞƉŽŵŽĐƉƌnjĞnjŶĂĐnjŽŶČŶĂƚĞƐĂŵĞŬŽƐnjƚLJŬǁĂůŝĨŝŬƵũČĐĞƐŝħĚŽŽďũħĐŝĂƉŽŵŽĐČ͕
ŶĂƉŽŬƌLJĐŝĞŬƚſƌLJĐŚŵĂďLJđƵĚnjŝĞůŽŶĂƉŽŵŽĐĚĞŵŝŶŝŵŝƐ͘
ϭ͘njŝĞŷƵĚnjŝĞůĞŶŝĂƉŽŵŽĐLJ;ŬŽů͘ϭͿͲŶĂůĞǏLJƉŽĚĂđĚnjŝĞŷƵĚnjŝĞůĞŶŝĂƉŽŵŽĐLJǁƌŽnjƵŵŝĞŶŝƵĂƌƚ͘ϮƉŬƚϭϭƵƐƚĂǁLJnj
ĚŶŝĂϯϬŬǁŝĞƚŶŝĂϮϬϬϰƌ͘ŽƉŽƐƚħƉŽǁĂŶŝƵǁƐƉƌĂǁĂĐŚĚŽƚLJĐnjČĐLJĐŚƉŽŵŽĐLJƉƵďůŝĐnjŶĞũ͘
Ϯ͘WŽĚŵŝŽƚƵĚnjŝĞůĂũČĐLJƉŽŵŽĐLJ;ŬŽů͘ϮͿͲŶĂůĞǏLJƉŽĚĂđƉĞųŶČŶĂnjǁħŝĂĚƌĞƐƉŽĚŵŝŽƚƵ͕ŬƚſƌLJƵĚnjŝĞůŝųƉŽŵŽĐLJ͘t
ƉƌnjLJƉĂĚŬƵŐĚLJƉŽĚŵŝŽƚƵnjLJƐŬĂųƉŽŵŽĐŶĂƉŽĚƐƚĂǁŝĞĂŬƚƵŶŽƌŵĂƚLJǁŶĞŐŽ͕ŬƚſƌLJƵnjĂůĞǏŶŝĂŶĂďLJĐŝĞƉƌĂǁĂĚŽ
ŽƚƌnjLJŵĂŶŝĂƉŽŵŽĐLJǁLJųČĐnjŶŝĞŽĚƐƉĞųŶŝĞŶŝĂƉƌnjĞƐųĂŶĞŬǁŶŝŵŽŬƌĞƑůŽŶLJĐŚ͕ďĞnjŬŽŶŝĞĐnjŶŽƑĐŝǁLJĚĂŶŝĂĚĞĐLJnjũŝ
ĂůďŽnjĂǁĂƌĐŝĂƵŵŽǁLJ͕ŶĂůĞǏLJƉŽnjŽƐƚĂǁŝđƚŽŵŝĞũƐĐĞŶŝĞǁLJƉĞųŶŝŽŶĞ͘
ϯ͘WŽĚƐƚĂǁĂƉƌĂǁŶĂŽƚƌnjLJŵĂŶĞũƉŽŵŽĐLJ;ŬŽů͘ϯĂŝϯďͿ
hǁĂŐĂ͗ŝƐƚŶŝĞũČŶĂƐƚħƉƵũČĐĞŵŽǏůŝǁŽƑĐŝųČĐnjĞŶŝĂĞůĞŵĞŶƚſǁƚǁŽƌnjČĐLJĐŚƉŽĚƐƚĂǁħƉƌĂǁŶČŽƚƌnjLJŵĂŶĞũƉŽŵŽĐLJ͕
ŬƚſƌĞŶĂůĞǏLJǁƉŝƐĂđǁƉŽƐnjĐnjĞŐſůŶLJĐŚŬŽůƵŵŶĂĐŚƚĂďĞůŝǁƐƉŽƐſďƉƌnjĞĚƐƚĂǁŝŽŶLJƉŽŶŝǏĞũ͘
WŽĚƐƚĂǁĂƉƌĂǁŶĂͲŝŶĨŽƌŵĂĐũĞƉŽĚƐƚĂǁŽǁĞ
WŽĚƐƚĂǁĂƉƌĂǁŶĂͲŝŶĨŽƌŵĂĐũĞƐnjĐnjĞŐſųŽǁĞ
ϯĂ
ƉƌnjĞƉŝƐƵƐƚĂǁLJ
ϯď
ďƌĂŬΎ
ƉƌnjĞƉŝƐƵƐƚĂǁLJ
ƉƌnjĞƉŝƐĂŬƚƵǁLJŬŽŶĂǁĐnjĞŐŽ
ƉƌnjĞƉŝƐĂŬƚƵǁLJŬŽŶĂǁĐnjĞŐŽ
ƉƌnjĞƉŝƐƵƐƚĂǁLJ
ĚĞĐLJnjũĂͬƵĐŚǁĂųĂͬ
ƵŵŽǁĂʹƐLJŵďŽů
ƉƌnjĞƉŝƐƵƐƚĂǁLJ
ĚĞĐLJnjũĂͬƵĐŚǁĂųĂͬƵŵŽǁĂʹƐLJŵďŽů
ΎtƉƌnjLJƉĂĚŬƵďƌĂŬƵĂŬƚƵǁLJŬŽŶĂǁĐnjĞŐŽ͕ĚĞĐLJnjũŝ͕ƵĐŚǁĂųLJŝƵŵŽǁLJŶĂůĞǏLJǁƉŝƐĂđŽŬƌĞƑůĞŶŝĞͣďƌĂŬ͘͟
<Žů͘ϯĂWŽĚƐƚĂǁĂƉƌĂǁŶĂͲŝŶĨŽƌŵĂĐũĞƉŽĚƐƚĂǁŽǁĞͲŶĂůĞǏLJƉŽĚĂđǁŶĂƐƚħƉƵũČĐĞũŬŽůĞũŶŽƑĐŝ͗ĚĂƚħŝƚLJƚƵųŽƌĂnj
ŽnjŶĂĐnjĞŶŝĞƌŽŬƵ;ŶƵŵĞƌƵͿŝƉŽnjLJĐũŝnjŝĞŶŶŝŬĂhƐƚĂǁ͕ǁŬƚſƌLJŵƵƐƚĂǁĂnjŽƐƚĂųĂŽƉƵďůŝŬŽǁĂŶĂŽƌĂnjŽnjŶĂĐnjĞŶŝĞ
ƉƌnjĞƉŝƐƵƵƐƚĂǁLJďħĚČĐĞŐŽƉŽĚƐƚĂǁČƵĚnjŝĞůĞŶŝĂƉŽŵŽĐLJ;ǁŬŽůĞũŶŽƑĐŝ͗ĂƌƚLJŬƵų͕ƵƐƚħƉ͕ƉƵŶŬƚ͕ůŝƚĞƌĂ͕ƚŝƌĞƚͿ͘
<Žů͘ϯďWŽĚƐƚĂǁĂƉƌĂǁŶĂͲŝŶĨŽƌŵĂĐũĞƐnjĐnjĞŐſųŽǁĞͲũĞǏĞůŝƉŽĚƐƚĂǁČƵĚnjŝĞůĞŶŝĂƉŽŵŽĐLJďLJųĂŬƚǁLJŬŽŶĂǁĐnjLJĚŽ
ƵƐƚĂǁLJ͕ŶĂůĞǏLJƉŽĚĂđǁŶĂƐƚħƉƵũČĐĞũŬŽůĞũŶŽƑĐŝ͗ŶĂnjǁħŽƌŐĂŶƵǁLJĚĂũČĐĞŐŽĂŬƚ͕ĚĂƚħĂŬƚƵŝƚLJƚƵųĂŬƚƵŽƌĂnj
ŽnjŶĂĐnjĞŶŝĞƌŽŬƵ;ŶƵŵĞƌƵͿŝƉŽnjLJĐũŝnjŝĞŶŶŝŬĂhƐƚĂǁ͕ǁŬƚſƌLJŵĂŬƚnjŽƐƚĂųŽƉƵďůŝŬŽǁĂŶLJŽƌĂnjƉƌnjĞƉŝƐĂŬƚƵ
ǁLJŬŽŶĂǁĐnjĞŐŽďħĚČĐĞŐŽƉŽĚƐƚĂǁČƵĚnjŝĞůĞŶŝĂƉŽŵŽĐLJ;ǁŬŽůĞũŶŽƑĐŝ͗ƉĂƌĂŐƌĂĨ͕ƵƐƚħƉ͕ƉƵŶŬƚ͕ůŝƚĞƌĂ͕ƚŝƌĞƚͿ͘Ŭƚ
ƉŽǁŝŶŝĞŶďLJđĂŬƚĞŵǁLJŬŽŶĂǁĐnjLJŵĚŽƵƐƚĂǁLJǁƐŬĂnjĂŶĞũǁŬŽů͘ϯĂ͘tƉƌnjLJƉĂĚŬƵďƌĂŬƵĂŬƚƵǁLJŬŽŶĂǁĐnjĞŐŽ
ďħĚČĐĞŐŽƉŽĚƐƚĂǁČƉƌĂǁŶČƵĚnjŝĞůĞŶŝĂƉŽŵŽĐLJ͕ŶĂůĞǏLJǁƐƚĂǁŝđŽŬƌĞƑůĞŶŝĞͣďƌĂŬ͘͟:ĞǏĞůŝƉŽĚƐƚĂǁČƵĚnjŝĞůĞŶŝĂ
ƉŽŵŽĐLJďLJųĂĚĞĐLJnjũĂ͕ƵĐŚǁĂųĂůƵďƵŵŽǁĂ͕ŶĂůĞǏLJƉŽĚĂđƐLJŵďŽůŽŬƌĞƑůĂũČĐLJƚĞŶĂŬƚ͖ǁƉƌnjLJƉĂĚŬƵĚĞĐLJnjũŝͲ
ŶƵŵĞƌĚĞĐLJnjũŝ͕ǁƉƌnjLJƉĂĚŬƵƵĐŚǁĂųLJͲŶƵŵĞƌƵĐŚǁĂųLJ͕ǁƉƌnjLJƉĂĚŬƵƵŵŽǁLJʹŶƵŵĞƌ͕ƉƌnjĞĚŵŝŽƚŽƌĂnjƐƚƌŽŶLJ
ƵŵŽǁLJ͘tƉƌnjLJƉĂĚŬƵďƌĂŬƵĚĞĐLJnjũŝ͕ƵĐŚǁĂųLJůƵďƵŵŽǁLJďħĚČĐĞũƉŽĚƐƚĂǁČƉƌĂǁŶČƵĚnjŝĞůĞŶŝĂƉŽŵŽĐLJ͕ŶĂůĞǏLJ
ǁƐƚĂǁŝđŽŬƌĞƑůĞŶŝĞͣďƌĂŬ͘͟
^ƚƌŽŶĂϭnjϱ
ϰ͘&ŽƌŵĂƉŽŵŽĐLJ;ŬŽů͘ϰͿͲŶĂůĞǏLJƉŽĚĂđǁLJųČĐnjŶŝĞŬŽĚŽnjŶĂĐnjĂũČĐLJǁųĂƑĐŝǁČĨŽƌŵħƉŽŵŽĐLJ͘
&ŽƌŵĂƉŽŵŽĐLJ
ϭ
ĚŽƚĂĐũĂ
ĚŽƉųĂƚLJĚŽŽƉƌŽĐĞŶƚŽǁĂŶŝĂŬƌĞĚLJƚſǁďĂŶŬŽǁLJĐŚ;ďĞnjƉŽƑƌĞĚŶŝŽĚůĂƉƌnjĞĚƐŝħďŝŽƌĐſǁͿ
ŝŶŶĞǁLJĚĂƚŬŝnjǁŝČnjĂŶĞnjĨƵŶŬĐũŽŶŽǁĂŶŝĞŵũĞĚŶŽƐƚĞŬďƵĚǏĞƚŽǁLJĐŚůƵďƌĞĂůŝnjĂĐũČŝĐŚnjĂĚĂŷ
ƐƚĂƚƵƚŽǁLJĐŚ
ƌĞĨƵŶĚĂĐũĂ
ƌĞŬŽŵƉĞŶƐĂƚĂ
njǁŽůŶŝĞŶŝĞnjƉŽĚĂƚŬƵ
ŽĚůŝĐnjĞŶŝĞŽĚƉŽĚĂƚŬƵ
ŽďŶŝǏŬĂůƵďnjŵŶŝĞũƐnjĞŶŝĞ͕ƉŽǁŽĚƵũČĐĞŽďŶŝǏĞŶŝĞƉŽĚƐƚĂǁLJŽƉŽĚĂƚŬŽǁĂŶŝĂůƵďǁLJƐŽŬŽƑĐŝ
ƉŽĚĂƚŬƵ
ŽďŶŝǏĞŶŝĞǁLJƐŽŬŽƑĐŝŽƉųĂƚLJ
njǁŽůŶŝĞŶŝĞnjŽƉųĂƚLJ
njĂŶŝĞĐŚĂŶŝĞƉŽďŽƌƵƉŽĚĂƚŬƵ
njĂŶŝĞĐŚĂŶŝĞƉŽďŽƌƵŽƉųĂƚLJ
ƵŵŽƌnjĞŶŝĞnjĂůĞŐųŽƑĐŝƉŽĚĂƚŬŽǁĞũǁƌĂnjnjŽĚƐĞƚŬĂŵŝ
ƵŵŽƌnjĞŶŝĞŽĚƐĞƚĞŬŽĚnjĂůĞŐųŽƑĐŝƉŽĚĂƚŬŽǁĞũ
ƵŵŽƌnjĞŶŝĞŽƉųĂƚLJ;ƐŬųĂĚŬŝ͕ǁƉųĂƚLJͿ
ƵŵŽƌnjĞŶŝĞŽĚƐĞƚĞŬnjĂnjǁųŽŬħnjƚLJƚƵųƵŽƉųĂƚLJ;ƐŬųĂĚŬŝ͕ǁƉųĂƚLJͿ
ƵŵŽƌnjĞŶŝĞŬĂƌ
ŽĚĚĂŶŝĞĚŽŬŽƌnjLJƐƚĂŶŝĂŵŝĞŶŝĂďħĚČĐĞŐŽǁųĂƐŶŽƑĐŝČ^ŬĂƌďƵWĂŷƐƚǁĂĂůďŽũĞĚŶŽƐƚĞŬƐĂŵŽƌnjČĚƵ
ƚĞƌLJƚŽƌŝĂůŶĞŐŽůƵďŝĐŚnjǁŝČnjŬſǁŶĂǁĂƌƵŶŬĂĐŚŬŽƌnjLJƐƚŶŝĞũƐnjLJĐŚĚůĂƉƌnjĞĚƐŝħďŝŽƌĐLJŽĚ
ŽĨĞƌŽǁĂŶLJĐŚŶĂƌLJŶŬƵ
njďLJĐŝĞŵŝĞŶŝĂďħĚČĐĞŐŽǁųĂƐŶŽƑĐŝČ^ŬĂƌďƵWĂŷƐƚǁĂĂůďŽũĞĚŶŽƐƚĞŬƐĂŵŽƌnjČĚƵƚĞƌLJƚŽƌŝĂůŶĞŐŽůƵď
ŝĐŚnjǁŝČnjŬſǁŶĂǁĂƌƵŶŬĂĐŚŬŽƌnjLJƐƚŶŝĞũƐnjLJĐŚŽĚŽĨĞƌŽǁĂŶLJĐŚŶĂƌLJŶŬƵ
ƵŵŽƌnjĞŶŝĞŬŽƐnjƚſǁĞŐnjĞŬƵĐLJũŶLJĐŚ
ũĞĚŶŽƌĂnjŽǁĂĂŵŽƌƚLJnjĂĐũĂ
ƵŵŽƌnjĞŶŝĞŬŽƐnjƚſǁƉƌŽĐĞƐƵƐČĚŽǁĞŐŽ
ǁŶŝĞƐŝĞŶŝĞŬĂƉŝƚĂųƵ
ŬŽŶǁĞƌƐũĂǁŝĞƌnjLJƚĞůŶŽƑĐŝŶĂĂŬĐũĞůƵďƵĚnjŝĂųLJ
ƉŽǏLJĐnjŬĂƉƌĞĨĞƌĞŶĐLJũŶĂ
ŬƌĞĚLJƚƉƌĞĨĞƌĞŶĐLJũŶLJ
ĚŽƉųĂƚLJĚŽŽƉƌŽĐĞŶƚŽǁĂŶŝĂŬƌĞĚLJƚſǁďĂŶŬŽǁLJĐŚ;ĚůĂďĂŶŬſǁͿ
ƉŽǏLJĐnjŬŝǁĂƌƵŶŬŽǁŽƵŵŽƌnjŽŶĞ
ŽĚƌŽĐnjĞŶŝĞƚĞƌŵŝŶƵƉųĂƚŶŽƑĐŝƉŽĚĂƚŬƵ
ŽĚƌŽĐnjĞŶŝĞƚĞƌŵŝŶƵƉųĂƚŶŽƑĐŝnjĂůĞŐųŽƑĐŝƉŽĚĂƚŬŽǁĞũůƵďnjĂůĞŐųŽƑĐŝƉŽĚĂƚŬŽǁĞũǁƌĂnjnjŽĚƐĞƚŬĂŵŝ
ƌŽnjųŽǏĞŶŝĞŶĂƌĂƚLJƉųĂƚŶŽƑĐŝƉŽĚĂƚŬƵ
ƌŽnjųŽǏĞŶŝĞŶĂƌĂƚLJƉųĂƚŶŽƑĐŝnjĂůĞŐųŽƑĐŝƉŽĚĂƚŬŽǁĞũůƵďnjĂůĞŐųŽƑĐŝƉŽĚĂƚŬŽǁĞũǁƌĂnjnjŽĚƐĞƚŬĂŵŝ
ŽĚƌŽĐnjĞŶŝĞƚĞƌŵŝŶƵƉųĂƚŶŽƑĐŝŽƉųĂƚLJ;ƐŬųĂĚŬŝ͕ǁƉųĂƚLJͿ
ŽĚƌŽĐnjĞŶŝĞƚĞƌŵŝŶƵƉųĂƚŶŽƑĐŝnjĂůĞŐųĞũŽƉųĂƚLJ;ƐŬųĂĚŬŝ͕ǁƉųĂƚLJͿůƵďnjĂůĞŐųĞũŽƉųĂƚLJ;ƐŬųĂĚŬŝ͕ǁƉųĂƚLJͿ
ǁƌĂnjnjŽĚƐĞƚŬĂŵŝ
ƌŽnjųŽǏĞŶŝĞŶĂƌĂƚLJŽƉųĂƚLJ;ƐŬųĂĚŬŝ͕ǁƉųĂƚLJͿ
ƌŽnjųŽǏĞŶŝĞŶĂƌĂƚLJƉųĂƚŶŽƑĐŝnjĂůĞŐųĞũŽƉųĂƚLJ;ƐŬųĂĚŬŝ͕ǁƉųĂƚLJͿůƵďnjĂůĞŐųĞũŽƉųĂƚLJ;ƐŬųĂĚŬŝ͕ǁƉųĂƚLJͿ
ǁƌĂnjnjŽĚƐĞƚŬĂŵŝ
ŽĚƌŽĐnjĞŶŝĞƚĞƌŵŝŶƵƉųĂƚŶŽƑĐŝŬĂƌLJ
ƌŽnjųŽǏĞŶŝĞŶĂƌĂƚLJŬĂƌLJ
ƌŽnjųŽǏĞŶŝĞŶĂƌĂƚLJŬŽƐnjƚſǁĞŐnjĞŬƵĐLJũŶLJĐŚ
ƌŽnjųŽǏĞŶŝĞŶĂƌĂƚLJŽĚƐĞƚĞŬ
^ƚƌŽŶĂϮnjϱ
<ŽĚ
Ϯ
ϭ͘ϭ
ϭ͘Ϯ
ϭ͘ϯ
ϭ͘ϰ
ϭ͘ϱ
Ϯ͘ϭ
Ϯ͘Ϯ
Ϯ͘ϯ
Ϯ͘ϰ
Ϯ͘ϱ
Ϯ͘ϲ
Ϯ͘ϳ
Ϯ͘ϴ
Ϯ͘ϵ
Ϯ͘ϭϬ
Ϯ͘ϭϭ
Ϯ͘ϭϮ
Ϯ͘ϭϯ
Ϯ͘ϭϰ
Ϯ͘ϭϱ
Ϯ͘ϭϲ
Ϯ͘ϭϳ
ϭ͘ϭ
Ϯ͘ϭ
ϭ͘ϭ
ϭ͘Ϯ
ϭ͘ϯ
ϭ͘ϰ
Ϯ͘ϭ
Ϯ͘ϭ͘Ϯ
Ϯ͘Ϯ
Ϯ͘ϯ͘ϭ
Ϯ͘ϰ
Ϯ͘ϰ͘ϭ
Ϯ͘ϱ
Ϯ͘ϱ͘ϭ
Ϯ͘ϲ
Ϯ͘ϳ
Ϯ͘ϴ
Ϯ͘ϵ
Ϯ͘ϭϬ
ŽĚƌŽĐnjĞŶŝĞƚĞƌŵŝŶƵƉųĂƚŶŽƑĐŝŬŽƐnjƚſǁĞŐnjĞŬƵĐLJũŶLJĐŚ
Ϯ͘ϭϭ
ŽĚƌŽĐnjĞŶŝĞƚĞƌŵŝŶƵƉųĂƚŶŽƑĐŝŽĚƐĞƚĞŬ
ŽĚƌŽĐnjĞŶŝĞƚĞƌŵŝŶƵƉųĂƚŶŽƑĐŝŬŽƐnjƚſǁƉƌŽĐĞƐƵƐČĚŽǁĞŐŽ
Ϯ͘ϭϮ
Ϯ͘ϭϯ
ƌŽnjųŽǏĞŶŝĞŶĂƌĂƚLJŬŽƐnjƚſǁƉƌŽĐĞƐƵƐČĚŽǁĞŐŽ
ϭ͘ϭ
ƉŽƌħĐnjĞŶŝĞ
ϭ͘Ϯ
ŐǁĂƌĂŶĐũĂ
ŝŶŶĞ
ϱ͘tĂƌƚŽƑđŽƚƌnjLJŵĂŶĞũƉŽŵŽĐLJƉƵďůŝĐnjŶĞũůƵďƉŽŵŽĐLJĚĞŵŝŶŝŵŝƐ;ŬŽů͘ϱĂŝϱďͿͲŶĂůĞǏLJƉŽĚĂđ͗
ĂͿǁĂƌƚŽƑđŶŽŵŝŶĂůŶČƉŽŵŽĐLJ;ũĂŬŽĐĂųŬŽǁŝƚČǁŝĞůŬŽƑđƑƌŽĚŬſǁĨŝŶĂŶƐŽǁLJĐŚďħĚČĐLJĐŚƉŽĚƐƚĂǁČĚŽ
ŽďůŝĐnjĂŶŝĂǁŝĞůŬŽƑĐŝƵĚnjŝĞůŽŶĞũƉŽŵŽĐLJ͕ŶƉ͘ŬǁŽƚĂƵĚnjŝĞůŽŶĞũƉŽǏLJĐnjŬŝůƵďŬǁŽƚĂŽĚƌŽĐnjŽŶĞŐŽƉŽĚĂƚŬƵͿŽƌĂnj
ďͿǁĂƌƚŽƑđďƌƵƚƚŽ;ũĂŬŽĞŬǁŝǁĂůĞŶƚĚŽƚĂĐũŝďƌƵƚƚŽŽďůŝĐnjŽŶLJnjŐŽĚŶŝĞnjƌŽnjƉŽƌnjČĚnjĞŶŝĞŵZĂĚLJDŝŶŝƐƚƌſǁ
ǁLJĚĂŶLJŵŶĂƉŽĚƐƚĂǁŝĞĂƌƚ͘ϭϭƵƐƚ͘ϮƵƐƚĂǁLJnjĚŶŝĂϯϬŬǁŝĞƚŶŝĂϮϬϬϰƌ͘ŽƉŽƐƚħƉŽǁĂŶŝƵǁƐƉƌĂǁĂĐŚ
ĚŽƚLJĐnjČĐLJĐŚƉŽŵŽĐLJƉƵďůŝĐnjŶĞũŽƌĂnjǁųĂƑĐŝǁLJŵŝƉƌnjĞƉŝƐĂŵŝƵŶŝũŶLJŵŝͿ͘
ϲ͘WƌnjĞnjŶĂĐnjĞŶŝĞƉŽŵŽĐLJƉƵďůŝĐnjŶĞũ;ŬŽů͘ϲͿͲŶĂůĞǏLJƉŽĚĂđŬŽĚǁƐŬĂnjƵũČĐLJƉƌnjĞnjŶĂĐnjĞŶŝĞŽƚƌnjLJŵĂŶĞũƉŽŵŽĐLJ
ǁĞĚųƵŐƉŽŶŝǏƐnjĞũƚĂďĞůŝ͘
<ŽĚ
tLJƐnjĐnjĞŐſůŶŝĞŶŝĞ
Ϯ
ϭ
͘WKDK,KZzKEd>E
WŽŵŽĐŶĂĚnjŝĂųĂůŶŽƑđďĂĚĂǁĐnjČ͕ƌŽnjǁŽũŽǁČŝŝŶŶŽǁĂĐLJũŶČ
ƉŽŵŽĐŶĂƉƌŽũĞŬƚLJďĂĚĂǁĐnjŽͲƌŽnjǁŽũŽǁĞ͗ďĂĚĂŶŝĂƉŽĚƐƚĂǁŽǁĞ
Ăϭ͘ϭ͘ϭ
ƉŽŵŽĐŶĂƉƌŽũĞŬƚLJďĂĚĂǁĐnjŽͲƌŽnjǁŽũŽǁĞ͗ďĂĚĂŶŝĂƉƌnjĞŵLJƐųŽǁĞ
Ăϭ͘ϭ͘Ϯ
ƉŽŵŽĐŶĂƉƌŽũĞŬƚLJďĂĚĂǁĐnjŽͲƌŽnjǁŽũŽǁĞ͗ĞŬƐƉĞƌLJŵĞŶƚĂůŶĞƉƌĂĐĞƌŽnjǁŽũŽǁĞ
Ăϭ͘ϭ͘ϯ
ƉŽŵŽĐĚůĂŵųŽĚLJĐŚŝŶŶŽǁĂĐLJũŶLJĐŚƉƌnjĞĚƐŝħďŝŽƌƐƚǁ
Ăϭ͘Ϯ
ƉŽŵŽĐŶĂƚĞĐŚŶŝĐnjŶĞƐƚƵĚŝĂǁLJŬŽŶĂůŶŽƑĐŝ
Ăϭ͘ϯ
ƉŽŵŽĐŶĂŝŶŶŽǁĂĐũĞǁŽďƌħďŝĞƉƌŽĐĞƐſǁŝŝŶŶŽǁĂĐũĞŽƌŐĂŶŝnjĂĐLJũŶĞǁƐĞŬƚŽƌnjĞƵƐųƵŐ
Ăϭ͘ϰ
Ăϭ͘ϱ
ƉŽŵŽĐŶĂƵƐųƵŐŝĚŽƌĂĚĐnjĞǁnjĂŬƌĞƐŝĞŝŶŶŽǁĂĐũŝŝƵƐųƵŐŝǁƐƉĂƌĐŝĂŝŶŶŽǁĂĐũŝ
ƉŽŵŽĐŶĂƚLJŵĐnjĂƐŽǁĞnjĂƚƌƵĚŶŝĞŶŝĞǁLJƐŽŬŽǁLJŬǁĂůŝĨŝŬŽǁĂŶĞŐŽƉĞƌƐŽŶĞůƵ
Ăϭ͘ϲ
ƉŽŵŽĐŶĂŬůĂƐƚƌLJŝŶŶŽǁĂĐLJũŶĞ
Ăϭ͘ϳ
ƉŽŵŽĐŶĂƉŽŬƌLJĐŝĞŬŽƐnjƚſǁƉƌĂǁǁųĂƐŶŽƑĐŝƉƌnjĞŵLJƐųŽǁĞũĚůĂŵĂųLJĐŚŝƑƌĞĚŶŝĐŚƉƌnjĞĚƐŝħďŝŽƌƐƚǁ
Ăϭ͘ϴ
WŽŵŽĐŶĂŽĐŚƌŽŶħƑƌŽĚŽǁŝƐŬĂ
ĂϮ͘ϭ
ƉŽŵŽĐŝŶǁĞƐƚLJĐLJũŶĂƵŵŽǏůŝǁŝĂũČĐĂƉƌnjĞĚƐŝħďŝŽƌƐƚǁŽŵĚŽƐƚŽƐŽǁĂŶŝĞĚŽŶŽƌŵǁƐƉſůŶŽƚŽǁLJĐŚ
;njŐŽĚŶŝĞnjnjĂųČĐnjŶŝŬŝĞŵy//dƌĂŬƚĂƚƵŽƉƌnjLJƐƚČƉŝĞŶŝƵZnjĞĐnjƉŽƐƉŽůŝƚĞũWŽůƐŬŝĞũĚŽhŶŝŝƵƌŽƉĞũƐŬŝĞũͿ͕
njĂƐƚŽƐŽǁĂŶŝĞŶŽƌŵƐƵƌŽǁƐnjLJĐŚŶŝǏŶŽƌŵLJǁƐƉſůŶŽƚŽǁĞǁnjĂŬƌĞƐŝĞŽĐŚƌŽŶLJƑƌŽĚŽǁŝƐŬĂůƵď
ƉŽĚŶŝĞƐŝĞŶŝĞƉŽnjŝŽŵƵŽĐŚƌŽŶLJƑƌŽĚŽǁŝƐŬĂǁƉƌnjLJƉĂĚŬƵďƌĂŬƵŶŽƌŵǁƐƉſůŶŽƚŽǁLJĐŚ
ƉŽŵŽĐŶĂŶĂďLJĐŝĞŶŽǁLJĐŚƑƌŽĚŬſǁƚƌĂŶƐƉŽƌƚƵƐƉĞųŶŝĂũČĐLJĐŚŶŽƌŵLJƐƵƌŽǁƐnjĞŶŝǏŶŽƌŵLJ
ǁƐƉſůŶŽƚŽǁĞůƵďƉŽĚŶŽƐnjČĐLJĐŚƉŽnjŝŽŵŽĐŚƌŽŶLJƑƌŽĚŽǁŝƐŬĂǁƉƌnjLJƉĂĚŬƵďƌĂŬƵŶŽƌŵ
ǁƐƉſůŶŽƚŽǁLJĐŚ
ƉŽŵŽĐŶĂǁĐnjĞƑŶŝĞũƐnjĞĚŽƐƚŽƐŽǁĂŶŝĞƉƌnjĞĚƐŝħďŝŽƌƐƚǁĚŽƉƌnjLJƐnjųLJĐŚŶŽƌŵǁƐƉſůŶŽƚŽǁLJĐŚ
ƉŽŵŽĐǁŽďƐnjĂƌnjĞŽĐŚƌŽŶLJƑƌŽĚŽǁŝƐŬĂŶĂŝŶǁĞƐƚLJĐũĞnjǁŝħŬƐnjĂũČĐĞŽƐnjĐnjħĚŶŽƑđĞŶĞƌŐŝŝ͕ǁƚLJŵ
ƉŽŵŽĐŽƉĞƌĂĐLJũŶĂ
ƉŽŵŽĐŝŶǁĞƐƚLJĐLJũŶĂǁŽďƐnjĂƌnjĞŽĐŚƌŽŶLJƑƌŽĚŽǁŝƐŬĂŶĂƵŬųĂĚLJŬŽŐĞŶĞƌĂĐũŝŽǁLJƐŽŬŝĞũ
ƐƉƌĂǁŶŽƑĐŝ͕ǁƚLJŵƉŽŵŽĐŽƉĞƌĂĐLJũŶĂ
ƉŽŵŽĐŝŶǁĞƐƚLJĐLJũŶĂǁŽďƐnjĂƌnjĞŽĐŚƌŽŶLJƑƌŽĚŽǁŝƐŬĂŶĂƉƌŽƉĂŐŽǁĂŶŝĞĞŶĞƌŐŝŝnjĞǍƌſĚĞų
ŽĚŶĂǁŝĂůŶLJĐŚ͕ǁƚLJŵƉŽŵŽĐŽƉĞƌĂĐLJũŶĂ
ƉŽŵŽĐŶĂďĂĚĂŶŝĂƑƌŽĚŽǁŝƐŬĂ
ƉŽŵŽĐŶĂŽĐŚƌŽŶħƑƌŽĚŽǁŝƐŬĂǁĨŽƌŵŝĞƵůŐƉŽĚĂƚŬŽǁLJĐŚ
ƉŽŵŽĐŶĂĞĨĞŬƚLJǁŶĞĞŶĞƌŐĞƚLJĐnjŶŝĞĐŝĞƉųŽǁŶŝĐƚǁŽŬŽŵƵŶĂůŶĞ
ƉŽŵŽĐŶĂŐŽƐƉŽĚĂƌŽǁĂŶŝĞŽĚƉĂĚĂŵŝ
ƉŽŵŽĐŶĂƌĞŬƵůƚLJǁĂĐũħnjĂŶŝĞĐnjLJƐnjĐnjŽŶLJĐŚƚĞƌĞŶſǁ
^ƚƌŽŶĂϯnjϱ
ĂϮ͘Ϯ
ĂϮ͘ϯ
ĂϮ͘ϰ
ĂϮ͘ϱ
ĂϮ͘ϲ
ĂϮ͘ϳ
ĂϮ͘ϴ
ĂϮ͘ϵ
ĂϮ͘ϭϬ
ĂϮ͘ϭϭ
ƉŽŵŽĐŶĂƌĞůŽŬĂĐũħƉƌnjĞĚƐŝħďŝŽƌƐƚǁ
ĂϮ͘ϭϮ
ƉŽŵŽĐĚŽƚLJĐnjČĐĂƉƌŽŐƌĂŵſǁŚĂŶĚůƵƵƉƌĂǁŶŝĞŶŝĂŵŝ
ĂϮ͘ϭϯ
WŽŵŽĐŝŶǁĞƐƚLJĐLJũŶĂŝŶĂnjĂƚƌƵĚŶŝĞŶŝĞĚůĂŵĂųLJĐŚŝƑƌĞĚŶŝĐŚƉƌnjĞĚƐŝħďŝŽƌƐƚǁ
Ăϯ
ƉŽŵŽĐŝŶǁĞƐƚLJĐLJũŶĂ
ƉŽŵŽĐŶĂnjĂƚƌƵĚŶŝĞŶŝĞ
Ăϰ
WŽŵŽĐŶĂƵƐųƵŐŝĚŽƌĂĚĐnjĞĚůĂŵĂųLJĐŚŝƑƌĞĚŶŝĐŚƉƌnjĞĚƐŝħďŝŽƌƐƚǁŽƌĂnjƵĚnjŝĂųŵĂųLJĐŚŝƑƌĞĚŶŝĐŚ
ƉƌnjĞĚƐŝħďŝŽƌƐƚǁǁƚĂƌŐĂĐŚ
Ăϱ
ƉŽŵŽĐŶĂƵƐųƵŐŝĚŽƌĂĚĐnjĞ
ƉŽŵŽĐŶĂƵĚnjŝĂųǁƚĂƌŐĂĐŚ
Ăϲ
WŽŵŽĐĚůĂƉƌĂĐŽǁŶŝŬſǁnjŶĂũĚƵũČĐLJĐŚƐŝħǁƐnjĐnjĞŐſůŶŝĞŶŝĞŬŽƌnjLJƐƚŶĞũƐLJƚƵĂĐũŝŽƌĂnjƉƌĂĐŽǁŶŝŬſǁ
ŶŝĞƉĞųŶŽƐƉƌĂǁŶLJĐŚ
Ăϭϭ
ƉŽŵŽĐǁĨŽƌŵŝĞƐƵďƐLJĚŝſǁƉųĂĐŽǁLJĐŚŶĂƌĞŬƌƵƚĂĐũħƉƌĂĐŽǁŶŝŬſǁnjŶĂũĚƵũČĐLJĐŚƐŝħǁƐnjĐnjĞŐſůŶŝĞ
ŶŝĞŬŽƌnjLJƐƚŶĞũƐLJƚƵĂĐũŝ
ĂϭϮ
ƉŽŵŽĐǁĨŽƌŵŝĞƐƵďƐLJĚŝſǁƉųĂĐŽǁLJĐŚŶĂnjĂƚƌƵĚŶŝĂŶŝĞƉƌĂĐŽǁŶŝŬſǁŶŝĞƉĞųŶŽƐƉƌĂǁŶLJĐŚ
Ăϭϯ
ƉŽŵŽĐŶĂƌĞŬŽŵƉĞŶƐĂƚħĚŽĚĂƚŬŽǁLJĐŚŬŽƐnjƚſǁnjǁŝČnjĂŶLJĐŚnjnjĂƚƌƵĚŶŝĂŶŝĞŵƉƌĂĐŽǁŶŝŬſǁ
ŶŝĞƉĞųŶŽƐƉƌĂǁŶLJĐŚ
WŽŵŽĐƐnjŬŽůĞŶŝŽǁĂ
ƐnjŬŽůĞŶŝĂƐƉĞĐũĂůŝƐƚLJĐnjŶĞ
Ăϭϰ͘ϭ
ƐnjŬŽůĞŶŝĂŽŐſůŶĞ
Ăϭϰ͘Ϯ
WŽŵŽĐŶĂƌĂƚŽǁĂŶŝĞ
Ăϭϱ
WŽŵŽĐŶĂƌĞƐƚƌƵŬƚƵƌLJnjĂĐũħ
Ăϭϲ
WŽŵŽĐƵĚnjŝĞůĂŶĂŶĂŶĂƉƌĂǁŝĞŶŝĞƐnjŬſĚǁLJƌnjČĚnjŽŶLJĐŚƉƌnjĞnjŬůħƐŬŝǏLJǁŝŽųŽǁĞůƵďŝŶŶĞ
Ăϭϳ
ŶĂĚnjǁLJĐnjĂũŶĞnjĚĂƌnjĞŶŝĂ
WŽŵŽĐƵĚnjŝĞůĂŶĂŶĂnjĂƉŽďŝĞǏĞŶŝĞůƵďůŝŬǁŝĚĂĐũħƉŽǁĂǏŶLJĐŚnjĂŬųſĐĞŷǁŐŽƐƉŽĚĂƌĐĞŽ
ĐŚĂƌĂŬƚĞƌnjĞƉŽŶĂĚƐĞŬƚŽƌŽǁLJŵ
WŽŵŽĐƵĚnjŝĞůĂŶĂŶĂǁƐƉĂƌĐŝĞŬƌĂũŽǁLJĐŚƉƌnjĞĚƐŝħďŝŽƌĐſǁĚnjŝĂųĂũČĐLJĐŚǁƌĂŵĂĐŚ
ƉƌnjĞĚƐŝħǁnjŝħĐŝĂŐŽƐƉŽĚĂƌĐnjĞŐŽƉŽĚĞũŵŽǁĂŶĞŐŽǁŝŶƚĞƌĞƐŝĞĞƵƌŽƉĞũƐŬŝŵ
WŽŵŽĐŶĂǁƐƉŝĞƌĂŶŝĞŬƵůƚƵƌLJŝnjĂĐŚŽǁĂŶŝĞĚnjŝĞĚnjŝĐƚǁĂŬƵůƚƵƌŽǁĞŐŽ
WŽŵŽĐŽĐŚĂƌĂŬƚĞƌnjĞƐŽĐũĂůŶLJŵĚůĂŝŶĚLJǁŝĚƵĂůŶLJĐŚŬŽŶƐƵŵĞŶƚſǁ
WŽŵŽĐǁĨŽƌŵŝĞŬĂƉŝƚĂųƵƉŽĚǁLJǏƐnjŽŶĞŐŽƌLJnjLJŬĂ
WŽŵŽĐƉƌnjĞnjŶĂĐnjŽŶĂŶĂƵųĂƚǁŝĂŶŝĞƌŽnjǁŽũƵŶŝĞŬƚſƌLJĐŚĚnjŝĂųĂŷŐŽƐƉŽĚĂƌĐnjLJĐŚůƵďŶŝĞŬƚſƌLJĐŚ
ƌĞŐŝŽŶſǁŐŽƐƉŽĚĂƌĐnjLJĐŚ͕ŽŝůĞŶŝĞnjŵŝĞŶŝĂǁĂƌƵŶŬſǁǁLJŵŝĂŶLJŚĂŶĚůŽǁĞũǁnjĂŬƌĞƐŝĞ
ƐƉƌnjĞĐnjŶLJŵnjƌLJŶŬŝĞŵǁĞǁŶħƚƌnjŶLJŵ
WŽŵŽĐŶĂƌnjĞĐnjŵĂųLJĐŚƉƌnjĞĚƐŝħďŝŽƌƐƚǁŶŽǁŽƵƚǁŽƌnjŽŶLJĐŚƉƌnjĞnjŬŽďŝĞƚLJ
͘WKDKZ'/KE>E
ƉŽŵŽĐŝŶǁĞƐƚLJĐLJũŶĂ
ƉŽŵŽĐŶĂnjĂƚƌƵĚŶŝĞŶŝĞ
ƌĞŐŝŽŶĂůŶĂƉŽŵŽĐŝŶǁĞƐƚLJĐLJũŶĂŶĂĚƵǏĞƉƌŽũĞŬƚLJŝŶǁĞƐƚLJĐLJũŶĞ
ƉŽŵŽĐŽƉĞƌĂĐLJũŶĂ
ƉŽŵŽĐĚůĂŶŽǁŽƵƚǁŽƌnjŽŶLJĐŚŵĂųLJĐŚƉƌnjĞĚƐŝħďŝŽƌƐƚǁ
͘/EEWZEE/
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