Verbale Assemblea straordinaria

 1Repertorio n. 15.688 Raccolta n. 8.543 Verbale dell’assemblea straordinaria degli azionisti della società quotata Intesa Sanpaolo S.p.A. tenutasi il 10 settembre 2026.

REPUBBLICA ITALIANA

Il dieci settembre duemilaventisei, in Torino, presso il Nuovo Centro Direzionale, con ingresso in corso Inghilterra n. 3, alle ore 10 circa.

Io, Remo Maria MORONE, notaio iscritto al Collegio Notarile dei Distretti Riuniti di Torino e Pinerolo, con residenza in To-

rino, ho assistito, su richiesta della Società in-

franominata, in questo giorno, ora e luogo, elevan-

done verbale, all’assemblea straordinaria degli azio-

nisti della

“Intesa Sanpaolo S.p.A.”, convocata per discutere e deliberare sul seguente Ordine del giorno 1. Proposta di attribuzione al Consiglio di Ammini-

strazione, ai sensi dell’art. 2443 del codice civile, della facoltà, da esercitarsi entro il 10 settembre 2027, di aumentare il capitale sociale in una o più volte, in via scindibile, con esclusione del diritto di opzione ai sensi dell’art. 2441, quarto comma, primo periodo, del codice civile, e con emissione di un numero massimo di n. 5,7 miliardi azioni ordina-

rie, con godimento regolare, prive del valore nomi-

nale espresso e aventi le stesse caratteristiche di quelle in circolazione, il cui prezzo di emissione sarà determinato dal Consiglio di Amministrazione in conformità alle previsioni di legge, da liberare me-

diante conferimento in natura, in quanto a servizio dell’offerta pubblica di acquisto e scambio volonta-

ria avente ad oggetto la totalità delle azioni ordi-

narie di Banca Monte dei Paschi di Siena S.p.A., an-

nunciata dalla Società con comunicazione ai sensi dell’art. 102, comma 1, D. Lgs. 24 febbraio 1998, n.

58, in data 8 giugno 2026; conseguente modifica dell’art. 5 dello Statuto sociale; deliberazioni ine-

renti e conseguenti.

Quivi avanti me notaio è personalmente comparso Gian Maria GROS-PIETRO, nato a Torino il 4 febbraio 1942, domiciliato per la carica a Torino, piazza San Carlo n. 156, della cui identità personale sono certo, nella sua qualità di Presidente del Consiglio di Am-

ministrazione della

“Intesa Sanpaolo S.p.A.”, con sede in Torino, piazza San Carlo n. 156, col capitale sociale di euro 10.529.394.196,28, iscritta nel registro delle 

 2imprese - ufficio di Torino al n. 00799960158, ade-

rente al Fondo interbancario di Tutela dei Depositi e al Fondo Nazionale di Garanzia, iscritta nell’albo di cui all'articolo 13 del decreto legislativo 385/1993 e capogruppo del Gruppo Bancario Intesa San-

paolo iscritto nell’albo di cui all’articolo 64 del medesimo decreto legislativo.

Esso comparente comunica anzitutto:

- che ai sensi dell’articolo 106, comma 4, del decreto legge n. 18 del 17 marzo 2020, convertito dalla legge n. 27 del 24 aprile 2020, i cui effetti sono stati, da ultimo, prorogati dalla legge n. 26 del 27 febbraio 2026, la Società, come indicato nell’avviso di con-

vocazione dell’assemblea, ha deciso di avvalersi della facoltà di prevedere che l’intervento e l’eser-

cizio del voto degli aventi diritto in assemblea siano consentiti esclusivamente tramite il Rappre-

sentante Designato ai sensi dell’articolo 135-unde-

cies del decreto legislativo n. 58/1998, secondo le indicazioni fornite nello specifico paragrafo dell’avviso di convocazione stesso;

- che tale avviso è stato pubblicato sul sito internet della Società e nel meccanismo di stoccaggio auto-

rizzato eMarket Storage in data 8 giugno 2026 nonché, per estratto, sui quotidiani Il Sole 24 Ore, La Stampa e Corriere della Sera in data 9 giugno 2026 e sui quotidiani Financial Times e The Wall Street Journal in data 10 giugno 2026;

- che sono stati regolarmente espletati i previsti

adempimenti informativi;

- che l'assemblea è regolarmente costituita in unica convocazione e valida a deliberare in quanto sono rappresentati dal Rappresentante Designato Computer-

share S.p.A., in persona di Alberto Elia, presente fisicamente, n. 4.889 titolari del diritto di voto per n. 11.296.286.078 azioni ordinarie, pari al 63,884128% delle n. 17.682.460.955 azioni ordinarie prive del valore nominale rappresentanti la totalità del capitale sociale.

Assume la presidenza, ai sensi di statuto, e regola lo svolgimento dell’assemblea esso comparente il quale, dopo avermi invitato a redigere il verbale, dà atto che, oltre ad esso Presidente, sono presenti fisicamente i Consiglieri di Amministrazione:

Paola TAGLIAVINI – Vice Presidente

Guido CELONA

Luciano NEBBIA

Bruno Maria PARIGI Maria Alessandra STEFANELLI Maria Angela ZAPPIA, 

 3nonché i Consiglieri di Amministrazione e Componenti del Comitato per il Controllo sulla Gestione:

Fabrizio MOSCA

Riccardo Secondo Carlo MOTTA

Mariella TAGLIABUE;

- che partecipano, mediante collegamento con mezzi di telecomunicazione, i Consiglieri di Amministrazione:

Carlo MESSINA – Consigliere Delegato e CEO

Franco CERUTI

Anna GATTI

Paolo Maria Vittorio GRANDI

Liana LOGIURATO

Pietro PREVITALI

Mariarosaria TADDEO,

nonché i Consiglieri di Amministrazione e Componenti del Comitato per il Controllo sulla Gestione:

Roberto FRANCHINI - Presidente Maura CAMPRA.

Quindi precisa che i predetti mezzi di telecomunica-

zione garantiscono l’identificazione dei parteci-

panti e la loro partecipazione.

Dichiara inoltre di aver accertato, a mezzo di per-

sonale all’uopo incaricato, l’identità e la legitti-

mazione dei presenti.

Quindi comunica che partecipano al capitale sociale sottoscritto in misura superiore al 3%, secondo le risultanze del libro dei soci integrate dalle comu-

nicazioni ricevute ai sensi dell’articolo 120 del decreto legislativo n. 58/1998 e da altre informa-

zioni a disposizione:

. FONDAZIONE COMPAGNIA DI SAN PAOLO n. 1.153.947.304

azioni ordinarie (6,526%) . FONDAZIONE CARIPLO n. 961.333.900 azioni ordinarie (5,437%).

Precisa poi che BlackRock Inc. ha segnalato con Mo-

dello 120 A in data 9 dicembre 2020 una partecipazione pari al 5,005% del capitale sociale di Intesa San-

paolo S.p.A. nonché con Modello 120 B in data 4 di-

cembre 2020 una partecipazione aggregata pari al 5,066% e non ha comunicato aggiornamenti di tali quote a seguito delle successive variazioni interve-

nute nel numero di azioni in cui è suddiviso il ca-

pitale sociale di Intesa Sanpaolo S.p.A.

Precisa che al presente verbale sarà allegato l’elenco dei predetti soggetti con il dettaglio della scomposizione delle partecipazioni facenti capo a BlackRock Inc. (allegato “A”).

Dichiara poi che sono stati effettuati i riscontri per l’ammissione al voto sulla base delle comunica-

zioni di partecipazioni rilevanti ai sensi della 

 4normativa vigente e informa che l’elenco nominativo dei partecipanti all’assemblea tramite il Rappresen-

tante Designato, con l’indicazione del numero delle rispettive azioni, sarà allegato al presente verbale (allegato “H”).

Segnala poi che la procedura informatica per la rac-

colta delle deleghe e la gestione della votazione dell’assemblea è oggetto di perizia asseverata da parte di soggetto terzo indipendente, che sarà con-

servata agli atti della Società.

Quindi il Presidente comunica che, entro il termine del 1° settembre 2026, sono pervenute domande ai sensi dell’articolo 127 ter del decreto legislativo n. 58/1998.

Fa presente che le domande, con le risposte a quelle risultate pertinenti con la materia all’ordine del giorno, sono state pubblicate in apposita sezione del sito internet della Società entro le ore 12 del 7 settembre 2026, come indicato nell’avviso di convo-

cazione dell’assemblea, e saranno allegate al pre-

sente verbale (allegato “B”); in ogni caso, le do-

mande, con le relative risposte, sono state inviate ai richiedenti.

Dà poi atto che la documentazione relativa alla ma-

teria all’ordine del giorno è stata messa a disposi-

zione del pubblico nei modi e termini di legge.

Quindi chiede al Rappresentante Designato di far pre-

sente eventuali situazioni, di cui fosse a cono-

scenza, di esclusione dal diritto di voto ai sensi della disciplina vigente, in particolare articoli 20, 24 e 25 del decreto legislativo 385/1993 e articoli 120, 121 e 122 del decreto legislativo n. 58/1998.

Alberto ELIA, in rappresentanza del Rappresentante Designato, dichiara di non essere a conoscenza di situazioni di esclusione dal diritto di voto.

Quindi il Presidente dichiara aperti i lavori e passa allo svolgimento dell’ordine del giorno.

Sullo stesso,

il Presidente fa presente che nella relazione del Consiglio di Amministrazione sull’unico punto all’or-

dine del giorno (allegato “C”) è contenuta la propo-

sta di attribuire al Consiglio di Amministrazione stesso, ai sensi dell’articolo 2443 del codice ci-

vile, la facoltà, esercitabile entro il 10 settembre 2027, di aumentare il capitale sociale, in una o più volte e in via scindibile, con esclusione del diritto di opzione ai sensi dell’articolo 2441, comma 4, primo periodo, del codice civile, per un importo mas-

simo complessivo di euro 3.394.185.179,96 



5(tremiliarditrecentonovantaquattromilionicentoot-

tantacinquemilacentosettantanove/96), oltre sovrap-

prezzo, mediante emissione di massime n.

5.700.000.000,00 (cinquemiliardisettecentomi-

lioni/00) azioni ordinarie di Intesa Sanpaolo S.p.A., prive del valore nominale espresso, con godimento regolare, aventi le medesime caratteristiche di quelle in circolazione e negoziate sul mercato rego-

lamentato Euronext Milan organizzato e gestito da Borsa Italiana S.p.A., il cui prezzo di emissione sarà determinato dal Consiglio di Amministrazione nel rispetto della proposta di delibera di cui alla re-

lazione stessa e in conformità alle previsioni di legge.

Il Presidente precisa poi che la proposta di confe-

rimento di una delega al Consiglio di Amministra-

zione, ai sensi dell’articolo 2443 del codice civile, ad aumentare il capitale sociale di Intesa Sanpaolo S.p.A. è funzionale all’offerta pubblica di acquisto e scambio volontaria (di seguito “OPAS”) ai sensi e per gli effetti degli articoli 102 e 106, comma 4, del TUF, avente ad oggetto la totalità delle azioni ordinarie di Banca Monte dei Paschi di Siena S.p.A.

(di seguito “MPS”), incluse eventuali azioni proprie che MPS venisse a detenere, annunciata da Intesa San-

paolo S.p.A. con comunicazione ai sensi dell’articolo 102, comma 1, del TUF e dell’articolo 37 del Regola-

mento Emittenti in data 8 giugno 2026 e promossa in data 27 giugno 2026 mediante presentazione alla Con-

sob del relativo documento di offerta ai sensi dell’articolo 37-ter Regolamento Emittenti.

Il Presidente evidenzia che nella medesima relazione è precisato che, intendendo il Consiglio di Ammini-

strazione avvalersi della procedura di cui all’arti-

colo 2343-ter, comma 2, lettera b), del codice ci-

vile, è stato conferito incarico alla Deloitte Advi-

sory S.r.l. S.B. (di seguito “Esperto Indipendente”);

la stessa, in data 18 luglio 2026, ha reso la propria relazione di stima (allegato “D”) che è stata messa a disposizione del pubblico con le modalità previste dalla legge per migliore informativa dei soci.

Fa presente che in tale relazione l’Esperto Indipen-

dente ha concluso che il fair value per azione MPS oggetto di conferimento nell’ambito dell’aumento di capitale al servizio dell’OPAS, alla data del 18 lu-

glio 2026, non è inferiore ad euro 11,245 (un-

dici/245).

Il Presidente evidenzia che, come precisato nella predetta relazione del Consiglio, non si esclude che, in prossimità della deliberazione e della esecuzione 

 6dell’aumento di capitale al servizio dell’OPAS, il Consiglio stesso richieda un aggiornamento della pre-

detta relazione che rifletta nella valutazione in-

formazioni aggiornate su MPS e sulla situazione con-

giunturale e di mercato; ciò in considerazione della situazione congiunturale caratterizzata da notevole incertezza e della conseguente elevata volatilità dei valori di mercato dei titoli azionari ed anche al fine di assicurare che la relazione dell’Esperto In-

dipendente si riferisca a una data precedente di non oltre sei mesi il conferimento, in conformità all’ar-

ticolo 2343-ter, comma 2, lettera b), del codice ci-

vile.

Precisa che il Consiglio di Amministrazione ha poi conferito incarico alla EY S.p.A., incaricata della revisione legale dei conti di Intesa Sanpaolo S.p.A., per la predisposizione, su base volontaria, di una relazione avente ad oggetto la ragionevolezza e non arbitrarietà dei metodi utilizzati dal Consiglio di Amministrazione per la determinazione del rapporto di cambio (1,6 azioni Intesa Sanpaolo per ogni azione MPS), in conformità all’ISAE “ 3000 revised ”.

Tale relazione della EY S.p.A. su base volontaria (allegato “E”) è stata messa a disposizione del pub-

blico contestualmente alla pubblicazione della rela-

zione del Consiglio di Amministrazione e con le stesse modalità; in occasione dell’utilizzo della de-

lega la EY S.p.A. dovrà comunque esprimere il proprio parere sulla congruità del prezzo di emissione delle azioni Intesa Sanpaolo ai sensi degli articoli 2441, comma 6, del codice civile e 158 del Decreto Legi-

slativo n. 58/1998.

Quindi precisa che:

- la modifica statutaria proposta non attribuisce il diritto di recesso,

- l’accertamento di cui all’articolo 56 del decreto legislativo 385/1993 necessario per dare corso al procedimento per l’iscrizione nel registro delle im-

prese è stato rilasciato dalla Banca Centrale Europea in data 6 agosto 2026 (allegato “F”),

- la modifica statutaria è conforme al progetto della stessa esaminato dalla Banca Centrale Europea.

Il Presidente propone poi di omettere la lettura della documentazione messa a disposizione, fermo re-

stando che io notaio esporrò comunque la proposta di delibera riportata al termine della stessa.

Avuto al riguardo il consenso dell’assemblea, io no-

taio espongo la predetta proposta di delibera, che qui di seguito si trascrive:

“L’Assemblea degli azionisti di Intesa Sanpaolo S.p.A., in sede straordina ria:



 7- esaminata la relazione illustrativa del Consiglio di Amm inistrazione e le proposte

ivi formulate;

- esaminata la relazione di stima predisposta dall’esperto i ndipendente Deloitte Advi-

sory S.r.l. S.B. ai sensi degli articoli 2440, comma 2, e 2343-ter, comm a 2, lett. b), del

Codice Civile;

- esaminata la relazione di EY S.p.A. avente a oggetto i criteri adottati dal Consiglio di Amministrazione per la determinazione del rapporto di scambi o ai fini dell’OPAS;

- esaminati gli altri documenti predisposti con riferimento a l corrente punto all’ordine

del giorno;

delibera

a) di attribuire al Consiglio di Amministrazione, ai sensi dell ’articolo 2443 del Codice Civile, la facoltà, da esercitarsi entro il 10 settembre 2027, di aumentare il capitale sociale a pagamento, in una o più volte e in via scindibile, con escl usione del diritto di opzione ai sensi dell’articolo 2441, comma 4, primo periodo, Codice C ivile, per un importo massimo complessivo di Euro 3.394.185.179,96, oltre sovrapprezzo, con emissione di un numero massimo di 5.700.000.000 azioni ordinarie di Intes a Sanpaolo S.p.A., prive del valore nominale, con godimento regolare e le medesime caratteristi-

che delle azioni ordinarie di Intesa Sanpaolo S.p.A. in circolazione alla data di emis-

sione, da liberarsi mediante conferimento in natura delle azion i ordinarie di Banca Monte dei Paschi di Siena S.p.A. portate in adesione all’offerta p ubblica di acquisto e scambio volontaria avente a oggetto la totalità delle azioni ord inarie di Banca Monte dei Paschi di Siena S.p.A. resa nota al pubblico da Intesa Sanpao lo S.p.A. in data 8 giugno 2026 con comunicazione ai sensi degli articoli 102, comma 1, e 106, co mma 4, D. Lgs. 24 febbraio 1998, n. 58, con facoltà per il Consiglio di Amminist razione medesimo di adottare le determinazioni più opportune in relazione all’offerta e all’esercizio della delega, nei limiti che precedono e nel r ispetto comunque delle ri-

sultanze della valutazione ai sensi dell’articolo 2343-ter del C odice Civile e suoi ag-

giornamenti eventualmente necessari;

b) di attribuire al Consiglio di Amministrazione la facolt à di stabilire di volta in volta, nell’esercizio della suindicata delega e nel rispetto delle norme di legge e regolamen-

tari applicabili: (i) l’importo dell’aumento di capitale da deliberare, anche in via scin-

dibile, nel suo complesso, e così il numero delle azioni da eme ttere entro i limiti com-

plessivi fissati al precedente punto a.; (ii) il prezzo di emissione delle nuove azioni, compreso il sovrapprezzo, tenuto conto di quanto previsto dall’articol o 2441, comma 6, del Codice Civile; (iii) la ripartizione del prezzo di e missione tra capitale e sovrap-

prezzo; e (iv) ogni altro termine e condizione dell’aumento di capitale delegato nei limiti previsti dalla normativa applicabile e dalla present e deliberazione di delega, con facoltà per il Consiglio di Amministrazione medesimo di fare luogo all’esercizio della delega – nei limiti che precedono – in coerenza con il contenuto, co me eventualmente aggiornato o modificato, dell’offerta pubblica di acquisto e scambi o, e nel rispetto comunque delle risultanze della valutazione ai sensi dell’ar ticolo 2343-ter del Codice Civile e suoi aggiornamenti eventualmente necessari; rest ando altresì il Consiglio di Amministrazione autorizzato agli adeguamenti statutari dipende nti dall’esercizio della delega, quali previsti nella relazione illustrativa del Consiglio di Amministra-

zione;

c) di modificare conseguentemente l’articolo 5 dello statut o sociale mediante inseri-

mento del seguente ottavo comma:

5.8 L’Assemblea straordinaria del 10 settembre 2026 ha attribuit o al Consiglio di Am-

ministrazione, ai sensi dell’art. 2443 del Codice Civile, la facoltà , da esercitarsi entro il 10 settembre 2027, di aumentare il capitale sociale a pagamento, in una o più volte 

 8e in via scindibile, con esclusione del diritto di opzione ai sensi dell’art. 2441, comma 4, primo periodo, del Codice Civile, per un importo massimo comple ssivo di Euro 3.394.185.179,96, oltre sovrapprezzo, con emissione di un numero massimo di 5,7 miliardi azioni ordinarie della Società, prive del valore nominal e, aventi godimento regolare e le medesime caratteristiche delle azioni ordina rie della Società in circola-

zione alla data di emissione, da liberarsi mediante conferimen to in natura, in quanto a servizio dell’offerta pubblica di acquisto e scambio avent e a oggetto la totalità delle azioni ordinarie di Banca Monte dei Paschi di Siena S.p.A., annunci ata dalla Società con comunicazione ai sensi dell’art. 102, comma 1, D. Lgs. 24 febbra io 1998, n. 58 in data 8 giugno 2026. In sede di esercizio della delega, il Consiglio di Amministra-

zione avrà, fra le altre, facoltà di stabilire, nel rispe tto dei limiti sopra indicati, il prezzo di emissione delle azioni ordinarie di nuova emissione ( compreso il sovrap-

prezzo), ogni altro termine e condizione dell’aumento di capita le delegato, nonché ogni altro elemento necessario od opportuno, nei limiti previsti dalla normativa appli-

cabile e dalle deliberazioni assunte dalla medesima Assemble a straordinaria;

d) di stabilire che anche l’efficacia delle deliberazioni di cui ai precedenti punti a. e b., così come della modifica statutaria di cui al precedente punto c., sia subordinata al positivo esito del procedimento di accertamento avviato ai sensi degli articoli 56 e 61 del D. Lgs. 1° settembre 1993, n. 385, ove tale esito positivo non sia inter venuto prima della data della presente deliberazione;

e) di conferire ogni più ampio potere al Presidente del Consiglio di Amminist razione e al Consigliere Delegato e CEO della Società, in via tra l oro disgiunta e con facoltà di sub-delega, per provvedere, anche a mezzo di procuratori speciali , a quanto richie-

sto, necessario o utile per l’esecuzione di quanto deliberato, ivi compreso il potere di procedere ad ogni adempimento necessario per l’ammissione a quot azione delle azioni di nuova emissione, nonché per adempiere alle formalità att inenti e necessarie, ivi compresa l’iscrizione delle deliberazioni nel Registro de lle Imprese e il deposito del testo aggiornato dello statuto, e in genere tutto quanto oc corra per la loro completa esecuzione, con ogni e qualsiasi potere necessario e opportuno, nell’osservanza del le vigenti disposizioni normative.”.

* * * Al termine dell’esposizione di me notaio, il Presi-

dente, non essendoci osservazioni, mette in votazione la predetta proposta di delibera e invita il Rappre-

sentante Designato a comunicare verbalmente le istru-

zioni di voto ricevute.

Alberto ELIA, in rappresentanza del Rappresentante Designato, esprime verbalmente per la predetta pro-

posta di delibera quanto segue:

. favorevoli n. 10.952.907.059 . contrari n. 275.893.277 . astenuti n. 67.485.742.

Quindi il Presidente accerta che la proposta di de-

libera è approvata a grande maggioranza.

I favorevoli, i contrari e gli astenuti, con il numero delle rispettive azioni, sono evidenziati nell’elenco dei partecipanti all’assemblea (allegato “H”).

Null’altro essendovi all’ordine del giorno da deli-

berare, il Presidente dichiara sciolta l’assemblea alle ore 10,25 circa.



 9Si allegano al presente verbale, per farne parte in-

tegrante e sostanziale, previa dispensa di darne let-

tura:

- sotto la lettera “A” l’elenco dei soggetti che partecipano al capitale sociale sottoscritto in mi-

sura superiore al 3%, con il dettaglio della scompo-

sizione della partecipazione di BlackRock Inc.,

- sotto la lettera “B” il fascicolo contenente le domande pervenute alla Società prima dell’assemblea, con le risposte a quelle risultate pertinenti con la materia all’ordine del giorno,

- sotto la lettera “C” la Relazione del Consiglio di

Amministrazione,

- sotto la lettera “D” la relazione ex articolo 2343-

ter, comma 2, lettera b) del codice civile redatta dalla Deloitte Advisory S.r.l. S.B.,

- sotto la lettera “E” la relazione volontaria re-

datta dalla EY S.p.A.,

- sotto la lettera “F” il fascicolo contenente l’ac-

certamento di cui all’articolo 56 del decreto legi-

slativo 385/1993 rilasciato dalla Banca Centrale Eu-

ropea in data 6 agosto 2026 con la relativa traduzione asseverata avanti Remo Maria MORONE notaio in Torino in data 8 settembre 2026, repertorio n. 15.684,

- sotto la lettera “G” lo statuto sociale aggiornato,

- sotto la lettera “H” l’elenco nominativo dei par-

tecipanti all’assemblea tramite il Rappresentante De-

signato, con l’indicazione del numero delle rispet-

tive azioni, nel quale sono evidenziati, per la vo-

tazione, i favorevoli, i contrari e gli astenuti.

Del che tutto richiesto ho io notaio fatto constare a mezzo del presente verbale quale leggo al Presi-

dente dell’assemblea che lo dichiara conforme al vero ed a sua volontà e meco in conferma si sottoscrive.

Scritto da persone di mia fiducia, il presente occupa cinque fogli scritti per diciotto facciate intere e fino a qui della diciannovesima.

In originale firmato:

Gian Maria GROS-PIETRO Remo Maria MORONE 

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͐͗ϙīŪČīĖĺϙ͑͏͕͑ϙиϙ IIJťôŜÍϙ‹ÍIJŕÍĺīĺϙ‹ϟŕϟ
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ĺϙЊĺIJċôŘĖťÍŘĖÍ ЋϽϙēÍϙèĺıŪIJĖèÍťĺϙÍīϙıôŘèÍťĺ ϠϙÍĖϙŜôIJŜĖϙôϙŕôŘϙČīĖϙôċċôťťĖϙîôīīЍÍŘťĖèĺīĺϙ͐͏͑ϠϙèĺııÍϙ͐Ϡϙîôīϙ"ϟ[ČŜϟϙ

͓͑ϙċôææŘÍĖĺϙ͐͗͘͘ϠϙIJϟϙ͔͗ϠϙèĺıôϙŜŪèèôŜŜĖŽÍıôIJťôϙıĺîĖċĖèÍťĺϙôϙĖIJťôČŘÍťĺϙϼ ĖīϙЊ“˜>ЋϽϠϙIJĺIJèēõϙîôīīЍÍŘťĖèĺīĺϙ͖͒ϙîôīϙ

ŘôČĺīÍıôIJťĺϙ Íî坝͝ĺϙ îÍϙ ib‹iϙ èĺIJϙ îôīĖæôŘÍϙ IJϟϙ ͖͐͐͐͘ϙ îôīϙ ͓͐ϙ ıÍČČĖĺϙ ͐͘͘͘ Ϡϙ èĺıôϙ ŜŪèèôŜŜĖŽÍıôIJťôϙ ıĺîĖċĖèÍťĺϙôϙĖIJťôČŘÍťĺϙϼĖīϙЊ ‡ôČĺīÍıôIJťĺϙ(ıĖťťôIJťĖ ЋϽϠϙīÍϙŕŘĺŕŘĖÍϙîôèĖŜĖĺIJôϙîĖϙŕŘĺıŪĺŽôŘôϙŪIJЍĺċċôŘťÍϙŕŪææīĖèÍϙ îĖϙ ÍèŗŪĖŜťĺϙ ôϙ ŜèÍıæĖĺϙ ŽĺīĺIJťÍŘĖÍϠϙ ÍĖϙ ŜôIJŜĖϙ îôČīĖϙ ÍŘťĖèĺīĖϙ ͐͏͑ϙ ôϙ ͐͏͕Ϡϙ èĺııÍϙ ͓Ϡϙ îôīϙ “˜>ϙ ϼ īЍЊiċċôŘťÍ ЋϠϙ īЍЊiŕôŘÍƏĖĺIJô ЋϙĺϙīЍЊi„
‹ ЋϽϠϙÍŽôIJťôϙÍϙĺČČôťťĺϙīÍϙťĺťÍīĖťÝϙîôīīôϙÍƏĖĺIJĖϙĺŘîĖIJÍŘĖôϙîĖϙÍIJèÍϙaĺIJťôϙîôĖϙ„ÍŜèēĖϙîĖϙ ‹ĖôIJÍϙ‹ϟŕϟ
ϟϙϼЊ a„‹ ЋϠϙЊÍIJèÍϙaĺIJťôϙîôĖϙ„ÍŜèēĖϙîĖϙ‹ĖôIJÍ ЋϙĺϙīЍЊ (ıĖťťôIJťô ЋϽϠϙŗŪĺťÍťôϙŜŪϙ(ŪŘĺIJôƄťϙaĖīÍIJϠϙ

ıôŘèÍťĺϙŘôČĺīÍıôIJťÍťĺϙĺŘČÍIJĖƏƏÍťĺϙôϙČôŜťĖťĺϙîÍϙĺŘŜÍϙIťÍīĖÍIJÍϙ‹ϟŕϟ
ϟϙϼЊ ĺŘŜÍϙIťÍīĖÍIJÍ ЋϙĺϙЊĺŘŜÍ ЋϽϠϙĖŽĖϙĖIJèīŪŜôϙ

īôϙ ôŽôIJťŪÍīĖϙ ÍƏĖĺIJĖϙ ŕŘĺŕŘĖôϙ îôťôIJŪťôϙ îÍīīЍ(ıĖťťôIJťô Ϡϙ îôîĺťťôϙ īôϙ Í ƏĖĺIJĖϙ îôīīЍ(ıĖťťôIJťôϙ îôťôIJŪťôϙ îÍϙ I‹„ ϙ ϼĖīϙ ЊĺıŪIJĖèÍťĺ ЋϽϟϙ[ôϙÍƏĖĺIJĖϙĺČČôťťĺϙîôīīЍiċċôŘťÍϙŕĺťŘÍIJIJĺϙôŜŜôŘôϙĖIJèŘôıôIJťÍťôϙîôīīôϙıÍŜŜĖıôϙIJϟϙ͖͑͑ ϟ͏͐͑ϟ͗͏͓ϙ ÍƏĖĺIJĖϙĺŘîĖIJÍŘĖôϙa„‹ϙôŽôIJťŪÍīıôIJťôϙôıôŜŜôϙÍϙŜôŘŽĖƏĖĺϙîôīīÍϙċŪŜĖĺIJôϙŕôŘϙ ĖIJèĺŘŕĺŘÍƏĖĺIJôϙîĖϙaôîĖĺæÍIJèÍϙ ϳϙ ÍIJèÍϙîĖϙŘôîĖťĺϙ>ĖIJÍIJƏĖÍŘĖĺϙ‹ϟŕϟ
ϟϙϼ ЊaôîĖĺæÍIJèÍ ЋϙĺϙЊaЋϽϙĖIJϙa„‹ϠϙĺŽôϙīÍϙŜťôŜŜÍϙîĖŽôIJĖŜŜôϙôċċĖèÍèôϙŕŘĖıÍϙ îôīīÍϙèēĖŪŜŪŘÍϙîôīϙŕôŘĖĺîĺϙîĖϙÍîôŜĖĺIJôϙ ÍīīЍiċċôŘťÍ ϙϼŜÍīŽĺϙŕŘĺŘĺČēôϙôϙ ŘĖÍŕôŘťŪŘÍϙ îôĖϙ ťôŘıĖIJĖϙîĖϙÍîôŜĖĺIJôϽϟϙ

I‹„ϙĺċċŘĖŘÝϙŪIJϙèĺŘŘĖŜŕôťťĖŽĺϙŪIJĖťÍŘĖĺϙèĺŜĞϙèĺıŕĺŜťĺϡϙϼĖϽϙŕôŘϙĺČIJĖϙIJϟϙ͐͏ϙÍƏĖĺIJĖϙî Ėϙa„‹ϙŕĺ؝͝ôϙĖIJϙÍîôŜĖĺIJôϙôϙŗŪÍīôϙ

èĺŘŘĖŜŕôťťĖŽĺϙ îôīīôϙ ıôîôŜĖıôϠϙ IJϟϙ ͕͐ϙ ÍƏĖĺIJĖϙ îĖϙ I‹„ϙ îĖϙ IJŪĺŽÍϙ ôıĖŜŜĖĺIJôϠ ϙ èĺIJϙ ČĺîĖıôIJťĺϙ ŘôČĺīÍŘôϠϙ ÍŽôIJťĖϙ īôϙ

ıôîôŜĖıôϙèÍŘÍťťôŘĖŜťĖèēôϙîôīīôϙÍƏĖĺIJĖϙI‹„ϙČĖÝϙĖIJϙèĖŘèĺīÍƏĖĺIJôϡϙèĖŅϙôŗŪĖŽÍīô ϙÍîϙŪIJϙŘÍŕŕĺŘťĺϙîĖϙèÍıæĖĺϙîĖϙ IJϟϙ

͐Ϡ͕͏͏ϙ ÍƏĖĺIJĖϙ îĖϙ I‹„ϙ îĖϙ IJŪĺŽÍϙ ôıĖŜŜĖĺIJôϙ ŕôŘϙ èĖÍŜèŪIJÍϙ ÍƏĖĺIJôϙ îĖϙ a„‹ϙ ŕĺ؝͝Íϙ ĖIJϙ ÍîôŜĖĺIJôϙ ÍīīЍi„
‹ ϙ ϼĖīϙ ЊĺŘŘĖŜŕôťťĖŽĺϙĖIJϙ
ƏĖĺIJĖ ЋϽϢϙôϙϼĖĖϽϙŕôŘϙĺČIJĖϙIJϟϙ͐ϙÍƏĖĺIJôϙ îĖϙa„‹ϙŕĺ؝͝ÍϙĖIJϙÍîôŜĖĺIJôϙÍīīЍi„
‹ ϠϙŪIJϙèĺŘŘĖŜŕôťťĖŽĺϙ ĖIJϙîôIJÍŘĺϙŕÍŘĖϙÍϙ(ŪŘĺϙ͐Ϡ͏͏͏ϙϼŪIJϙ(ŪŘĺϽϙ ϼĖīϙЊĺŘŘĖŜŕôťťĖŽĺϙĖIJϙ"ôIJÍŘĺ ЋϙôϠϙŪIJĖťÍıôIJťôϙÍīϙĺŘŘĖŜŕôťťĖŽĺϙĖIJϙ
ƏĖĺIJĖϠϙĖīϙ

ЊĺŘŘĖŜŕôťťĖŽĺ ЋϽϟϙI‹„ϙŜĖϙāϙŘĖŜôŘŽÍťÍϙîĖϙÍŕŕĺŘťÍŘôϙıĺîĖċĖèÍƏĖĺIJĖϙĺϙÍČČĖŪŜťÍıôIJťĖϙÍīϙĺŘŘĖŜŕôťťĖŽĺϙÍīϙŘĖè ĺŘŘôŘôϙîĖϙ

ôŽôIJťŪÍīĖϙĺŕôŘÍƏĖĺIJĖϙôϙèĖŘèĺŜťÍIJƏôϠϙĖIJîĖèÍťôϙIJôīϙĺıŪIJĖèÍťĺϟϙ

IIJϙîÍťÍϙ͖͑ϙČĖŪČIJĺϙ͑͏͕͑ϠϙīЍiċċôŘôIJťôϙēÍϙèĺıŪIJĖèÍťĺϙīЍÍŽŽôIJŪťĺϙîôŕĺŜĖťĺϙŕ ŘôŜŜĺϙib‹iϠϙÍĖϙŜôIJŜĖϙôϙŕôŘϙČīĖϙ

ôċċôťťĖϙîôīīЍÍŘťĖèĺīĺϙ͐͏͑ϠϙèĺııÍϙ͒Ϡϙîôīϙ“˜>ϙôϙîôīīЍÍŘťĖèĺīĺϙ͖͒ ϷťôŘϙîôīϙ‡ôČĺīÍıôIJťĺϙ(ıĖťťôIJťĖϠϙîôīϙîĺèŪıôIJťĺϙ

îĖϙĺċċôŘťÍϙŘôīÍťĖŽĺϙÍīīЍiċċôŘťÍϙϼĖīϙЊ "ĺèŪıôIJťĺϙîĖϙiċċôŘťÍ ЋϽϟϙ

IīϙĺŘŘĖŜŕôťťĖŽĺϙĖIJϙ
ƏĖĺIJĖϙŜÍŘÝϙŘôČĺīÍťĺϙ ıôîĖÍIJťôϙīЍôıĖŜŜĖĺIJôϙîĖϙÍƏĖĺIJĖϙĺŘîĖIJÍŘĖô ϙIIJťôŜÍϙ‹ÍIJŕÍĺīĺϙîĖϙIJŪĺŽÍϙ

ôıĖŜŜĖĺIJôϠϙîÍϙīĖæôŘÍŘŜĖϙıôîĖÍIJťôϙèĺIJċôŘĖıôIJťĺϙĖIJϙIJÍťŪŘÍϙîôīīôϙÍƏĖĺIJĖϙîĖϙ a„‹ϙŕĺ؝͝ôϙĖIJϙÍîôŜĖĺIJôϙÍīīЍiċċôŘťÍ ϙ

ϼЊ
ƏĖĺIJĖϙ a„‹ Ћϙ ĺϙ Њ
ƏĖĺIJĖϙ îôīīЍ(ıĖťťôIJťô ЋϽϟϙ IIJϙ ťÍīôϙ èĺIJťôŜťĺϠϙ Ėīϙ ĺIJŜĖČīĖĺϙ îĖϙ
ııĖIJĖŜťŘÍƏĖĺIJôϙ îĖϙ IIJťôŜÍϙ

‹ÍIJŕÍĺīĺϙŜÍŘÝϙèēĖÍıÍťĺϙÍϙîôīĖæôŘÍŘôϙôϯĺϙôŜôČŪĖŘôϠϙIJôĖϙťôŘıĖIJĖϙŕŘôŽĖŜťĖϙîÍīīÍϙIJĺŘıÍťĖ ŽÍϙÍŕŕīĖèÍæĖīôϙôϙîÍīīÍϙ

îĺèŪıôIJťÍƏĖĺIJôϙîôīīЍiċċôŘťÍϠϙŪIJϙÍŪıôIJťĺϙîĖϙèÍŕĖťÍīôϙ ϼīЍЊ
ŪıôIJťĺϙîĖϙÍŕĖťÍīô ЋϽϙÍϙŜôŘŽĖƏĖĺϙîôīīЍiċċôŘťÍϠϙèĺIJϙ

ôŜèīŪŜĖĺIJôϙîôīϙîĖŘĖťťĺϙîĖϙĺŕƏĖĺIJôϟϙϙ

IIJϙ ťÍīϙ ŜôIJŜĺϠϙ āϙ ŜťÍťÍϙ èĺIJŽĺèÍťÍϙ ŕôŘϙ Ėīϙ ͐͏ϙ ŜôťťôıæŘôϙ ͑͏͕͑ϙ ŪIJЍ
ŜŜôıæīôÍϙ ‹ťŘÍĺŘîĖIJÍŘĖÍϙ ċĖIJÍīĖƏƏÍťÍϙ

ÍīīЍÍŕŕŘĺŽÍƏĖĺIJôϙ îôīīÍϙŕŘĺŕĺŜťÍϙîĖϙÍťťŘĖæŪƏĖĺIJôϙÍīϙĺIJŜĖČīĖĺϙîĖϙ
ııĖIJĖŜťŘÍƏĖĺIJôϙîĖϙI‹„Ϡϙ ÍĖϙŜôIJŜĖϙîôīīЍÍŘťϟϙ͓͓͑͒ϙ

îôīϙĺîĖèôϙĖŽĖīôϠϙîôīīÍϙċÍèĺīťÝϠϙîÍϙôŜôŘèĖťÍŘŜĖϙôIJťŘĺϙĖīϙ͐͏ϙŜôťťôıæŘô ϙ͑͏͖͑ϠϙîĖϙÍŪıôIJťÍŘôϙĖīϙèÍŕĖťÍīôϙŜĺèĖÍīôϙĖIJϙ

ŪIJÍϙĺϙŕĖŰϙŽĺīťôϠϙĖIJϙŽĖÍϙŜèĖIJîĖæĖīôϠϙèĺIJϙôŜèīŪŜĖĺIJôϙîôīϙîĖŘĖťťĺϙîĖϙĺŕƏĖĺ IJôϙÍĖϙŜôIJŜĖϙîôīīЍÍŘťϟϙ͓͓͑͐ϠϙŗŪÍŘťĺϙèĺııÍϠϙ

ŕŘĖıĺϙŕôŘĖĺîĺϠϙîôīϙĺîĖèôϙĖŽĖīôϠϙôϙèĺIJϙôıĖŜŜĖĺIJôϙîĖϙŪIJϙIJŪıôŘ ĺϙıÍŜŜĖıĺϙîĖϙIJϟϙ͔Ϡ͖ϙıĖīĖÍŘîĖϙîĖϙÍƏĖĺIJĖϙĺŘîĖIJÍŘĖôϠϙ

èĺIJϙČĺîĖıôIJťĺϙŘôČĺīÍŘôϠϙŕŘĖŽôϙîôīϙŽÍīĺŘôϙIJĺıĖIJÍīôϙôŜŕŘôŜŜĺϙôϙÍŽôIJťĖϙ īôϙŜťôŜŜôϙèÍŘÍťťôŘĖŜťĖèēôϙîĖϙŗŪôīīôϙĖIJϙ

èĖŘèĺīÍƏĖĺIJôϠϙ îÍϙ īĖæôŘÍŘôϙ ıôîĖÍIJťôϙ ϼôϙ Íϙ ċŘĺIJťôϙ îôīϽϙ èĺIJċôŘĖıôIJťĺϙ ĖIJϙ IJ ÍťŪŘÍϙ îôīīôϙ
ƏĖĺIJĖϙ a„‹ϙ ŕĺ؝͝ôϙ ĖIJϙ ÍîôŜĖĺIJôϙÍīīЍiċċôŘťÍϙϼ ĖīϙЊĺIJċôŘĖıôIJťĺ ЋϽϟϙ IīϙŽÍīĺŘôϙôċċôťťĖŽĺϙ îôīīЍ
ŪıôIJťĺϙîĖϙÍŕĖťÍīôϙŜÍŘÝϙîôťôŘıĖIJÍťĺϙŜŪīīÍϙæÍŜôϙîôīϙIJŪıôŘĺϙôċċôťťĖŽĺϙîĖϙ
Ə ĖĺIJĖϙa„‹ϙ

ŕĺ؝͝ôϙĖIJϙÍîôŜĖĺIJôϙÍīīЍiċċôŘťÍϙôϙèĺIJċôŘĖťôϙÍīīЍiċċôŘôIJťôϠϙIJĺIJèēõϙîôīϙ ŕŘôƏƏĺϙîĖϙôıĖŜŜĖĺIJôϙîôīīôϙÍƏĖĺIJĖϙIIJťôŜÍϙ

‹ÍIJŕÍĺīĺϙ îĖϙ IJŪĺŽÍϙôıĖŜŜĖĺIJôϠϙŜôèĺIJîĺϙŗŪÍIJťĺϙ ŜÍŘÝϙ ŕŘôŽĖŜťĺϙ îÍīīÍϙŘôīÍťĖŽÍϙîôīĖæôŘ ÍϙôϙIJôīīЍôŜôŘèĖƏĖĺϙ îôīīÍϙ

îôīôČÍϙèĺIJċôŘĖťÍϙÍīϙĺIJŜĖČīĖĺϙîĖϙ
ııĖIJĖŜťŘÍƏĖĺIJôϙîĖϙI‹„ϟ 

ϙ 

͐͗ϙīŪČīĖĺϙ͑͏͕͑ϙиϙ IIJťôŜÍϙ‹ÍIJŕÍĺīĺϙ‹ϟŕϟ
ϟϙ ϙ 

   ͓            ͐ϟ͑ iČČôťťĺϙôϙċĖIJÍīĖťÝϙ îôīīЍĖIJèÍŘĖèĺ ϙ

ĖϙċĖIJĖϙîôīīÍϙŽÍīŪťÍƏĖĺIJôϙîôīīôϙ
ƏĖĺIJĖϙa„‹ϙĺČČôťťĺϙîôīϙŕĺŜŜĖæĖīôϙĺIJċôŘĖıôIJ ťĺϠϙīЍiċċôŘôIJťôϙĖIJťôIJîôϙÍŽŽÍīôŘŜĖϙ

îôīīÍϙîĖŜèĖŕīĖIJÍϙîĖϙèŪĖϙÍīīЍÍŘťĖèĺīĺϙ͓͑͒͒ ϱťôŘϠϙèĺııÍϙ͑ϠϙīôťťôŘÍϙæϽϠϙîôīϙĺîĖèôϙ ĖŽĖīôϠϙèĺIJċôŘôIJîĺϙÍϙ "ôīĺĖťťôϙ
îŽĖŜĺŘƅϙ ‹ϟŘϟīϟϙ ‹ϟϟϙ ϼЊ "ôīĺĖťťô Ћϙ ĺϙ īЍЊ (ŜŕôŘťĺ ЋϽϙϙīЍĖIJèÍŘĖèĺ ϙ ϼīЍЊIIJèÍŘĖèĺ ЋϽϙ îĖϙ ŘôîĖČôŘôϠϙ ĖIJϙ ŗŪÍīĖťÝϙ îĖϙ ôŜŕôŘťĺϙ ĖIJîĖŕôIJîôIJťôϙ îĺťÍťĺϙ îĖϙ ÍîôČŪÍťÍϙ ôϙ èĺıŕŘĺŽÍťÍϙ ŕŘĺċôŜŜĖĺIJÍīĖťÝϠϙ ŪIJÍϙ ŘôīÍƏĖĺIJôϙ ϼ īÍϙЊ‡ôīÍƏĖĺIJô ЋϽϙ îĖϙ ŜťĖıÍϙ ÍŽôIJťôϙÍîϙĺČČôťťĺϙĖīϙ ċÍĖŘϟŽÍīŪô ϙîôīīôϙŕŘôîôťťôϙ
ƏĖĺIJĖϙa„‹ϙϼīÍϙ Њ«ÍīŪťÍƏĖĺIJô ЋϽϟϙ IIJϙ ŕÍŘťĖèĺīÍŘôϠϙ īÍϙ ‡ôīÍƏĖĺIJôϙ āϙ ŽĺīťÍϙ Íϙ ŽôŘĖċĖèÍŘôϙ èēôϙ Ėīϙ ŽÍīĺŘôϙ ÍťťŘĖæ ŪĖťĺϙ Íīīôϙ
ƏĖĺIJĖϙ a„‹ϙ ĺČČôťťĺϙ îôīϙ

ĺIJċôŘĖıôIJťĺϙIJĺIJϙŜĖÍϙĖIJċôŘĖĺŘôϙÍīϙŽÍīĺŘôϙÍϙôŜŜôϙÍťťŘĖæŪĖťĺϙÍĖϙċĖIJĖϙîôīīÍϙîôťô ŘıĖIJÍƏĖĺIJôϙîôīϙèÍŕĖťÍīôϙŜĺèĖÍīôϙôϙ

îôīīЍôŽôIJťŪÍīôϙŜĺŽŘÍŕŕŘôƏƏĺϙŘôīÍťĖŽĖϙÍīīЍ
ŪıôIJťĺ ϙîĖϙÍŕĖťÍīôϙÍϙŜôŘŽĖƏĖĺϙîôīϙĺŘŘĖŜŕôťťĖŽĺϙĖIJϙ
ƏĖĺIJĖϟϙ

bôīīĺϙŜŕôèĖċĖèĺϡϙ

x[ЍÍŘťϟϙ͓͑͒͒ ϱťôŘϠϙèĺııÍϙ͑ϠϙīôťťϟϙæϽϠϙîôīϙĺîĖèôϙĖŽĖīôϙŜťÍæĖīĖŜèôϙèēôϙϙ АІϩЇϟIJĺIJϟāϟÍīťŘôŜĞϟŘĖèēĖôŜťÍϟīÍϟ ŘôīÍƏĖĺIJôϟ îĖϟ èŪĖϟ ÍīīГÍŘťĖèĺīĺϟ ͙͗͘͘Ϧϟ ŕŘĖıĺϟ èĺııÍ͖Ϧϟ ŗŪÍīĺŘÍϟ Ėīϟ ŽÍīĺŘôϟ ÍťťŘĖæŪĖťĺϦϟ ÍĖϟ ċĖIJĖϟ îôīīÍϟ

îôťôŘıĖIJÍƏĖĺIJôϟîôīϟèÍŕĖťÍīôϟŜĺèĖÍīôϟôϟîôīīГôŽôIJťŪÍīôϟŜĺŽŘÍŕŕŘôƏƏĺϦϟÍĖϟæôIJĖϟĖIJϟIJÍťŪŘÍϟĺϟèŘôîĖťĖϟèĺIJ ċôŘĖťĖϟ

ŜĖÍϟŕÍŘĖϟĺϟĖIJċôŘĖĺŘô ϧϟІϩЇϟæЃϟÍīϟŽÍīĺŘôϟŘĖŜŪīťÍIJťôϟîÍϟŪIJÍϟŽÍīŪťÍƏĖĺIJôϟŘĖċôŘĖťÍϟÍîϟŪIJÍϟîÍťÍϟŕŘôèôîôIJťôϟîĖϟ

IJĺIJϟĺīťŘôϟŜôĖϟıôŜĖϟĖīϟèĺIJċôŘĖıôIJťĺϟôϟèĺIJċĺŘıôϟÍĖϟŕŘĖIJèĖŕĖϟôϟèŘĖťôŘĖϟČôIJôŘÍīıôIJťôϟŘĖèĺIJĺŜèĖŪťĖϟŕôŘϟīÍϟ

ŽÍīŪťÍƏĖĺIJôϟ îôĖϟ æôIJĖϟ ĺČČôťťĺϟ îôīϟ èĺIJċôŘĖıôIJťĺϦϟ Íϟ èĺIJîĖƏĖĺIJôϟ èēôϟ ôŜŜÍϟ ŕŘĺŽôIJČÍϟ îÍϟ ŪIJϟ ôŜŕôŘťĺϟ

ĖIJîĖŕôIJîôIJťôϟîÍϟèēĖϟôċċôťťŪÍϟĖīϟèĺIJċôŘĖıôIJťĺϦϟîÍīīÍϟŜĺèĖôťÝϟôϟîÍĖϟŜĺèĖϟèēôϟôŜôŘèĖťÍIJĺϟĖIJîĖŽĖîŪÍīıôIJťôϟ

ĺϟèĺIJČĖŪIJťÍıôIJťôϟĖīϟèĺIJťŘĺīīĺϟŜŪīϟŜĺČČôťťĺϟèĺIJċôŘôIJťôϟĺϟŜŪīīÍϟŜĺèĖôťÝϟıôîôŜĖıÍϦϟîĺťÍťĺϟîĖϟÍîôČŪÍťÍϟ

ôϟèĺıŕŘĺŽÍťÍϟŕŘĺċôŜŜĖĺIJÍīĖťÝ Ћϟϙ

x[ЍÍŘťϟϙ͓͑͒͒ ϱťôŘϠϙèĺııÍϙ͒ϠϙîôīϙĺîĖèôϙĖŽĖīôϙŜťÍæĖīĖŜèôϙĖIJĺīťŘôϙèēôϙ ЊēĖϟèĺIJċôŘĖŜèôϟæôIJĖϟĺϟèŘôîĖťĖϟÍĖϟ

ŜôIJŜĖϟîôīϟŕŘĖıĺϟôϟŜôèĺIJîĺϟèĺııÍϟŕŘôŜôIJťÍϟīÍϟîĺèŪıôIJťÍƏĖĺIJôϟîÍīīÍϟŗŪÍīôϟŘĖŜŪīťÍϟĖīϟŽÍīĺŘôϟÍťťŘĖæŪĖťĺϟ

ÍĖϟèĺIJċôŘĖıôIJťĖϟôϟīÍϟŜŪŜŜĖŜťôIJƏÍϦϟŕôŘϟĖϟèĺIJċôŘĖıôIJťĖϟîĖϟèŪĖϟÍīϟŜôèĺIJîĺϟèĺııÍϦϟîôīīôϟèĺIJîĖƏĖĺIJĖϟ ĖŽĖϟ

ĖIJîĖèÍťô Ћϟϙ

ĺIJϙŘĖċôŘĖıôIJťĺϙÍĖϙŘôŗŪĖŜĖťĖϙŘĖèēĖôŜťĖϙÍīīЍ ôŜŕôŘťĺϙÍĖϙċĖIJĖϙîôīīÍϙŽÍīŪťÍƏĖĺIJôϙîôĖϙæôIJĖϙĺČČôťťĺϙîôīϙĺIJċôŘĖıôIJťĺϠϙŜĖϙ

èĺIJċôŘıÍϙ èēôϙ "ôīĺĖťťôϠϙ ŜĺèĖôťÝϙ ŜŕôèĖÍīĖƏƏÍťÍ Ϡϙ ťŘÍϙ īЍÍīťŘĺϠ ϙIJôīīôϙ ŽÍīŪťÍƏĖĺIJĖϙ îЍÍƏĖôIJîÍϠ ϙ āϙ ĖIJϙ ŕĺŜŜôŜŜĺϙ îôĖϙ ŘôŗŪĖŜĖťĖϙŕŘĺċôŜŜĖĺIJÍīĖϙôϙîĖϙĖIJîĖŕôIJîôIJƏÍϙŘĖèēĖôŜťĖϙ îÍīīЍÍŘťϟϙ͓͑͒͒ ϱťôŘϠϙèĺııÍϙ͑ϠϙīôťťϟϙæϽϠϙîôīϙĺîĖèôϙĖŽĖīôϟϙ bôīϙèĺIJťôŜťĺϙîôīϙĺIJċôŘĖıôIJťĺϠϙ īÍϙŽÍīŪťÍƏĖĺIJôϙŘĖèēĖôŜťÍϙÍīīЍôŜŕôŘťĺ ϙāϙŽĺīťÍϙÍîϙÍèèôŘťÍŘôϙ īЍĖIJťôČŘĖťÝϙîôīϙèÍŕĖťÍīôϙ

ŜĺèĖÍīôϙŕĺŜťĺϙÍϙťŪťôīÍϙîôĖϙťôŘƏĖϠϙèēôϙIJôīīÍϙŜŪÍϙôċċôťťĖŽÍϙôŜĖŜťôIJƏÍϙŕĺIJČĺIJĺϙÍċċĖîÍıôIJťĺϟϙϙ

[Íϙ ‡ôīÍƏĖĺIJôϙ IJĺIJϙ èĺŜťĖťŪĖŜèôϠϙ IJõϙ ŕŪŅϙ ôŜŜôŘôϙ ĖIJťôŜÍϙ èĺıôϠϙ ŪIJÍϙ ŘÍèè ĺıÍIJîÍƏĖĺIJôϙ ĖIJϙ ıôŘĖťĺϙ ÍīīЍÍîôŜĖĺIJôϙ ÍīīЍiċċôŘťÍϠϙIJõϙôŜŕŘĖıôϙÍīèŪIJϙČĖŪîĖƏĖĺϙŜŪīīÍϙèĺIJŽôIJĖôIJƏÍϙôèĺIJĺıĖèÍϙîôīīЍ iċċôŘťÍϙŕôŘϙČīĖϙÍƏĖĺIJĖŜťĖϙîĖϙ a„‹ϙĺϙ

ŕôŘϙČīĖϙÍƏĖĺIJĖŜťĖϙîĖϙIIJťôŜÍϙ‹ÍIJŕÍĺīĺϠϙIJõϙŜŪīīÍϙèĺIJČŘŪĖťÝϙîôīϙĺŘŘĖŜŕôťťĖŽĺϙ îôīīЍiċċôŘťÍϙÍĖϙŜôIJŜĖϙîôīīÍϙIJĺŘıÍťĖŽÍϙ

ÍŕŕīĖèÍæĖīôϙĖIJϙıÍťôŘĖÍϙîĖϙĺċċôŘťôϙŕŪææīĖèēôϙîĖϙÍèŗŪĖŜťĺϙôϙŜèÍıæĖĺϟϙ

‹ĖϙċÍϙŕŘôŜôIJťôϠϙĖIJĺīťŘôϠϙèēôϙĖīϙŽÍīĺŘôϙîôīīôϙ
ƏĖĺIJĖϙa„‹ϙŜťĖıÍťĺϙ îÍīīЍ( ŜŕôŘťĺϙÍĖϙċĖIJĖϙîôī īЍôŜĖŜťôIJƏÍϙîôīϙèÍŕĖťÍīôϙ îôīīÍϙ ĺIJċôŘĖťÍŘĖÍϙ ŘÍŕŕŘôŜôIJťÍϙ Ėīϙ īĖıĖťôϙ ıÍŜŜĖıĺϙ ŕôŘϙ ŜťÍæĖīĖŘôϙ īЍ
ŪıôIJťĺϙ îĖϙ ÍŕĖťÍīôϙ ôϙ īЍôŽôIJťŪÍīôϙ ŜĺŽŘÍŕŕŘôƏƏĺϢϙ IJŪīīÍϙ ôŜèīŪîôϠϙ ťŪťťÍŽĖÍϠϙ èēôϙ ŕĺŜŜÍIJĺϙ ôŜŜôŘôϙ èĺIJŽôIJŪťĖϙ ŪIJϙ
ŪıôIJťĺϙ îĖϙ ÍŕĖťÍīôϙ ôîϙ ŪIJϙ

ôŽôIJťŪÍīôϙŜĺŽŘÍŕŕŘôƏƏĺϙîĖϙĖıŕĺŘťĺϙĖIJċôŘĖĺŘôϟϙ

ϙ

͐ϟ͒ "ÍťÍϙîĖϙŘĖċôŘĖıôIJťĺϙ

[ÍϙîÍťÍϙîĖϙŘĖċôŘĖıôIJťĺϙîôīīÍϙ«ÍīŪťÍƏĖĺIJôϙāϙĖīϙ͒͐ϙıÍŘƏĺϙ͑͏͕͑ϙ ϼЊ"ÍťÍϙîĖϙ‡ĖċôŘĖıôIJťĺ ЋϙĺϙЊ"ÍťÍϙîĖϙ«ÍīŪťÍƏĖĺIJô ЋϽϠϙ îÍťÍϙ ÍīīÍϙŗŪÍīôϙŜĖϙ ŘĖċôŘĖŜèĺIJĺϙ Ėϙ îÍťĖϙŕĖŰϙŘôèôIJťĖϙîĖŜŕĺIJĖæĖīĖϙ ŘôīÍťĖŽĖϙ ÍīīÍϙŜĖťŪÍƏĖĺ IJôϙôèĺIJĺıĖèĺϱŕÍťŘĖıĺIJĖÍīôϙ  ͐ϙ[ЍÍŘťϟϙ͓͑͒͒ϠϙèĺııÍϙ͐ϠϙîôīϙĺîĖèôϙĖŽĖīôϙŜťÍæĖīĖŜèôϙèēôϙ АēĖϟèĺIJċôŘĖŜèôϟæôIJĖϟĖIJϟIJÍťŪŘÍϟĺϟèŘôîĖťĖϟîôŽôϟŕŘôŜôIJťÍŘôϟīÍϟŘôīÍƏĖĺIJôϟČĖŪŘÍťÍϟîĖ ϟŪIJϟôŜŕôŘťĺϟîôŜĖČIJÍťĺϟ îÍīϟťŘĖæŪIJÍīôϟIJôīϟèŪĖϟèĖŘèĺIJîÍŘĖĺϟēÍϟŜôîôϟīÍϟŜĺèĖôťÝϦϟèĺIJťôIJôIJťôϟīÍϟîôŜèŘĖƏĖĺIJôϟîôĖϟæô IJĖϟĺϟîôĖϟèŘôîĖťĖϟèĺIJċôŘĖťĖϦϟīГÍťťôŜťÍƏĖ ĺIJôϟèēôϟĖīϟīĺŘĺϟŽÍīĺŘôϟāϟÍīıôIJĺϟŕÍŘĖϟ ÍϟŗŪôīīĺϟÍîϟôŜŜĖϟÍťťŘĖæŪĖťĺϟÍĖϟċĖIJĖϟîôīīÍϟîôťôŘıĖIJÍƏĖĺIJôϟîôīϟèÍŕĖťÍīôϟŜĺèĖÍīôϟôϟ îôīīГôŽôIJťŪÍīôϟŜĺŽŘÍŕŕŘôƏƏĺϟôϟĖϟèŘĖťôŘĖϟîĖϟŽÍ īŪťÍƏĖĺIJôϟŜôČŪĖťĖϟІ ϩЇБϟϙ 

͐͗ϙīŪČīĖĺϙ͑͏͕͑ϙиϙ IIJťôŜÍϙ‹ÍIJŕÍĺīĺϙ‹ϟŕϟ
ϟϙ ϙ 

   ͔            îôīīЍ(ıĖťťôIJťô ϙ ÍŕŕŘĺŽÍťÍϙ îÍīϙ ĺIJŜĖČīĖĺϙîĖϙ
ııĖIJĖŜťŘÍƏĖĺIJôϙ îĖϙ a„‹ϙ ôϙ èĺıŪIJĖèÍťÍϙ Íīϙ ıôŘèÍťĺϙ ĖIJϙî ÍťÍϙ ͐͑ϙ

ıÍČČĖĺϙ͑͏͕͑ϟϙϙ

IϙŕÍŘÍıôťŘĖϙîĖϙıôŘèÍťĺϙŪťĖīĖƏƏÍťĖϙIJôīīЍÍıæĖťĺϙîôīīôϙÍIJÍīĖŜĖϙŽÍīŪťÍťĖŽôϙŜĺIJĺϙŜťÍť ĖϙÍČČĖĺŘIJÍťĖϙĖIJϙŕŘĺŜŜĖıĖťÝϙîôīīÍϙ

îÍťÍϙîĖϙôıĖŜŜĖĺIJôϙîôīīÍϙ‡ôīÍƏĖĺIJôϟϙ

‡ĖŜŕôťťĺϙÍϙťÍīôϙîÍťÍϠϙīÍϙIJĺŘıÍťĖŽÍϙÍŕŕīĖèÍæĖīôϙŜťÍæĖīĖŜèôϙĖϙīĖıĖťĖϙťôıŕĺŘÍīĖϙôIJťŘĺϙ ĖϙŗŪÍīĖϙĖϙŘĖŜŪīťÍťĖϙîôīīÍϙŕŘôŜôIJťôϙ

‡ôīÍƏĖĺIJôϙŕĺťŘÍIJIJĺϙôŜŜôŘôϙŪťĖīĖƏƏÍťĖϙÍĖϙċĖIJĖϙîôīīÍϙŕŘĺŜŕôťťÍťÍϙĺŕôŘÍƏĖĺIJôϙîĖϙĺIJċôŘĖı ôIJťĺϟϙ

ϙ

͐ϟ͓ [ĖıĖťÍƏĖĺIJĖϙ

Iīϙ ŕŘôŜôIJťôϙ IIJèÍŘĖèĺϙ āϙ ŜťÍťĺϙ ŜŽĺīťĺϙ ŜŪīīÍϙ æÍŜôϙ îôīīôϙ ĖIJċĺŘıÍƏĖĺIJĖϙ ôϙ îô īīÍϙ îĺèŪıôIJťÍƏĖĺIJôϙ ŕŪææīĖèÍıôIJťôϙ

îĖŜŕĺIJĖæĖīĖϙŘôīÍťĖŽôϙÍϙa„‹ϠϙÍīīЍiċċôŘôIJťôϙôϙÍīīЍi„
‹ ϙċĖIJĺϙÍīīÍϙîÍťÍϙîôīϙ͖͐ϙīŪČīĖĺϙ͑͏͕͑ϠϙĖIJϙıôŘĖťĺϙÍĖϙŗŪÍīĖϙIJĺIJϙ

ŜĺIJĺϙŜťÍťôϙôċċôťťŪÍťôϙÍťťĖŽĖťÝϙîĖϙŘôŽĖŜĖĺIJôϙèĺIJťÍæĖīôϠϙîŪôϙîĖīĖČôIJèôϠϙŽôŘĖċĖèÍϠϙĖŜŕ ôƏĖĺIJôϙĺϙèôŘťĖċĖèÍƏĖĺIJôϙîôīīôϙ

ĖIJċĺŘıÍƏĖĺIJĖϙŪťĖīĖƏƏÍťôϟϙ

[Íϙ ‡ôīÍƏĖĺIJôϙ āϙ ŜťÍťÍϙ ŕŘôîĖŜŕĺŜťÍϙ ŜŪīīÍϙ æÍŜôϙ îôīīÍϙ ŜĖťŪÍƏĖĺIJôϙ ŕÍťŘĖıĺIJĖÍīôϙ Íīϙ ͒͐ϙ ıÍŘƏĺϙ ͑͏͕͑ϙ îĖϙ a„‹ϙ ϼЊ‹ĖťŪÍƏĖĺIJôϙ „ÍťŘĖıĺIJĖÍīôϙ îĖϙ ‡ĖċôŘĖıôIJťĺ ЋϽϠϙ îôīīÍϙ ŜĖťŪÍƏĖĺIJôϙ ôèĺIJĺıĖèÍϙ Íīϙ ͒͐ϙ ıÍŘƏĺϙ ͑͏͕͑ϙ îĖϙ a„‹ϙ

ϼЊ‹ĖťŪÍƏĖĺIJôϙ(èĺIJĺıĖèÍϙa„‹ϙÍīϙ͒͐ϙıÍŘƏĺϙ͑͏͕͑ ЋϽϟϙbôīīЍÍıæĖťĺϙîôīīЍĖIJèÍŘĖèĺϙIJĺIJϙÍææĖÍıĺϙÍŽŪťĺϙÍèèôŜŜĺϙ

ÍīϙıÍIJÍČôıôIJť ϙîĖϙa„‹ϙôϯĺϙÍīīÍϙŜĺèĖôťÝϙîĖϙŘôŽĖŜĖĺIJôϙ îôīīЍ(ıĖťťôIJťôϟϙ bĺIJϙŜĺIJĺϙŜťÍťôϙŜŽĺīťôϙĖIJĺīťŘôϙŕŘĺèôîŪŘôϙ ÍŪťĺIJĺıôϙîĖϙŘôŽĖŜĖĺIJôϙèĺIJťÍæĖīôϙ ŜŪĖϙîÍťĖϙîĖϙæĖīÍIJèĖĺϙîĖϙa„‹ϙôϙŽôŘĖċĖèēôϙĺϙÍè èôŘťÍıôIJťĖϙ èĖŘèÍϙīЍôŽôIJťŪÍīôϙ ŜŪŜŜĖŜťôIJƏÍϙ îĖϙ ŕÍŜŜĖŽĖťÝϙ ŕĺťôIJƏĖÍīĖϙ îĖϙ IJÍťŪŘÍϙ ċĖŜèÍīôϠϙ èĺIJťŘÍťťŪÍīôϙ ôϙ ŕŘôŽĖî ôIJƏĖÍīôϙ ĺϙ īôČÍťôϙ Íϙ ŘĖŜèēĖϙ îĖϙ

ŗŪÍīŪIJŗŪôϙťĖŕĺīĺČĖÍϙIJĺIJϙŘĖŕĺ؝͝ôϙIJôĖϙæĖīÍIJèĖϟϙϙ

ĖϙċĖIJĖϙîôīīÍϙŕŘôŜôIJťôϙ‡ôīÍƏĖĺIJôϠϙŜĖϙŜôČIJÍīÍϙèēôϙĖīϙ@ŘŪŕŕĺϙÍIJèÍŘĖĺϙaĺIJťôϙî ôĖϙ„ÍŜèēĖϙîĖϙ‹ĖôIJÍϙ ϼЊ@ŘŪŕŕĺϙa„‹ Ћϙ ĺϙ Њ@ŘŪŕŕĺϙ ÍIJèÍϙ aĺIJťôϙ îôĖϙ „ÍŜèēĖ ЋϽϠϙ IJôīīЍÍťťŪÍīôϙ èĺIJċĖČŪŘÍƏĖĺIJôϙ èĺıŕŘôIJŜĖŽÍϙ îôīϙ èĺIJŜĺīĖîÍıôIJťĺϙ îĖϙ

aôîĖĺæÍIJèÍϠϙŕŘôŜôIJťÍϙŪIJÍϙīĖıĖťÍťÍϙîĖŜŕĺIJĖæĖīĖťÝϙîĖϙîÍťĖϙŜťĺŘĖèĖϙÍϙŕôŘĖıôťŘĺϙĺıĺČôIJ ôĺϟϙIIJϙŕÍŘťĖèĺīÍŘôϠϙĖϙîÍťĖϙ

ÍIJťôèôîôIJťĖϙÍϙŜôťťôıæŘôϙ͑͏͔͑ϙIJĺIJϙĖIJèīŪîĺIJĺϙĖīϙèĺIJťŘĖæŪťĺϙîôīϙ@ŘŪŕŕĺ ϙaôîĖĺæÍIJèÍϙôϙIJĺIJϙŘĖŜŪīťÍIJĺϙŕôŘťÍIJťĺϙ

ŕĖôIJÍıôIJťôϙèĺıŕÍŘÍæĖīĖϙèĺIJϙĖīϙŕôŘĖıôťŘĺϙèĺIJŜĺīĖîÍťĺϙĺČČôťťĺϙîĖϙŽÍīŪťÍƏĖĺIJôϟϙ

„ôŘϙ īôϙ IJĺŜťŘôϙ ŽÍīŪťÍƏĖĺIJĖϙ ÍææĖÍıĺϙ ŪťĖīĖƏƏÍťĺϙ Ėϙ îÍťĖϙ ċĖIJÍIJƏĖÍŘĖϙ ŕŘôŽĖŜĖĺIJÍīĖϙ îôīīЍ(ıĖťťôIJťôϙ ŘĖŕĺ؝͝Ėϙ IJôīϙ ŕĖÍIJĺϙ ĖIJîŪŜťŘĖÍīôϙŕŪææīĖèÍťĺϙÍīϙıôŘèÍťĺϙîÍϙa„‹ϙ ĖIJϙîÍťÍϙ͖͑ϙċôææŘÍĖĺϙ͑͏͕͑ϠϙîôIJĺıĖIJÍťĺϙЊ >Řĺıϟ"ôôŕϟ‡ĺĺťŜϟ“ĺϟbôſϟ >ŘĺIJťĖôŘŜϧϟ
ϟ[ôÍîĖIJČϟĺıŕôťĖťĖŽôϟ>ĺŘèôϟĖIJϟÍIJħĖIJČ ЋϙϼЊ„ĖÍIJĺϙIIJîŪŜťŘĖÍīôϙ͑͏͕͑ ϳ͑͏͒͏ ЋϙĺϙЊ„ŘĺĖôƏĖĺIJĖϙa„‹ ЋϽϙôϙ ĖIJèīŪŜĖŽĺϙîôīīÍϙŜťĖıÍϙîôīīôϙŜĖIJôŘČĖôϙ ÍťťôŜôϙîÍīīЍ(ıĖťťôIJťôϙ ŕôŘϙôċċôťťĺϙîôīīÍϙèĺıæĖIJÍťĖĺIJϙèĺIJϙaôîĖĺæÍIJèÍϠϙôϯĺϙ îÍīīôϙŜťĖıôϙîôŜŪIJťôϙîÍĖϙ ŘôŕĺŘť ϙîôČīĖϙÍIJÍīĖŜťĖϙîĖϙŘĖèôŘèÍϙ ŘĖċôŘĖťôϙÍīīЍ(ıĖťťôIJťôϟϙ ‡ĖČŪÍŘîĺϙÍϙťÍīĖϙîÍťĖϙŕŘôŽĖŜĖĺIJÍīĖϙĺϙ

ÍČīĖϙ ÍīťŘĖϙ îÍťĖϙ ôϙ ĖIJċĺŘıÍƏĖĺIJĖϙ ŪťĖīĖƏƏÍťĖϙ IJôīīЍÍıæĖťĺϙ îôīīЍIIJèÍŘĖèĺϠϙ IJĺIJϙ ÍŜŜŪıĖÍıĺϙ ÍīèŪIJÍϙ ŘôŜŕĺIJŜÍæĖīĖťÝϙ

ŘôīÍťĖŽÍıôIJťôϙÍīīÍϙīĺŘĺϙŽôŘĖîĖèĖťÝϙôϙèĺıŕīôťôƏƏÍϢϙŜŪČīĖϙŜťôŜŜĖϙÍææĖÍı ĺϙèĺIJîĺťťĺϙôŜèīŪŜĖŽÍıôIJťôϙÍIJÍīĖŜĖϙĖIJϙ

ťôŘıĖIJĖϙîĖϙŘÍČĖĺIJôŽĺīôƏƏÍϙôϙèĺôŘôIJƏÍϙèĺıŕīôŜŜĖŽÍϟϙ

[Íϙ‡ôīÍƏĖĺIJôϙĖIJϙĺČČôťťĺϙāϙŜťÍťÍϙŕŘôîĖŜŕĺŜťÍϙÍŜŜŪıôIJîĺϙŗŪÍīôϙŘĖċôŘĖıôIJťĺϙīÍϙŜĖť ŪÍƏĖĺIJôϠϙīÍϙèĺıŕĺŜĖƏĖĺIJôϙôϙīÍϙ

ŜťŘŪťťŪŘÍϙîôīϙ@ŘŪŕŕĺϙa„‹ϙŘĖŽôIJĖôIJťĖϙîÍīīôϙŪīťĖıôϙĖIJċĺŘıÍƏĖĺIJĖϙŕŪææīĖè ÍıôIJťôϙîĖŜŕĺIJĖæĖīĖϟϙ„ôŘťÍIJťĺϠϙīôϙÍIJÍīĖŜĖϙ

ŜŽĺīťôϙIJĺIJϙŘĖċīôťťĺIJĺϙČīĖϙôŽôIJťŪÍīĖϙôċċôťťĖϙîôŘĖŽÍIJťĖϙîÍϙĺŕôŘÍƏĖĺIJĖϙîĖϙŘĖĺŘČÍIJĖƏƏÍƏĖĺ IJôϙŜĺèĖôťÍŘĖÍϙŕŘĺŜŕôťťÍťôϙıÍϙ

IJĺIJϙ ÍIJèĺŘÍϙ ŕôŘċôƏĖĺIJÍťôϙ ÍīīÍϙ ıôîôŜĖıÍϙ îÍťÍϠϙ ĖŽĖϙ ĖIJèīŪŜÍϙ īÍϙ ŕĺŜŜĖæĖīôϙ ċŪŜĖĺIJôϙ ŕôŘϙ ĖIJèĺŘŕĺŘÍƏĖĺIJôϙ îĖϙ

aôîĖĺæÍIJèÍϙĖIJϙa„‹ϟϙ

[Íϙ ŕŘôŜôIJťôϙ ‡ôīÍƏĖĺIJôϙ IJĺIJϙ èĺŜťĖťŪĖŜèôϙ ŪIJÍϙ ŘôŽĖŜĖĺIJôϙ èĺIJťÍæĖīôϠϙ IJõϙ ŪIJÍϙ Řô īÍƏĖĺIJôϙ îĖϙ ÍŜŜŪŘÍIJèô Ϡϙ IJõϙ ŪIJЍÍťťôŜťÍƏĖĺIJôϙ ŜŪīīÍϙ ŜĖťŪÍƏĖĺIJôϙ ŕÍťŘĖıĺIJĖÍīôϠϙ ôèĺIJĺıĖèÍϠϙ ċĖIJÍIJƏĖÍŘĖÍϙ ĺϙ ŘôČĺīÍıôIJťÍŘôϙ îĖϙ a„‹Ϡϙ

îôīīЍiċċôŘôIJťôϙĺϙîôĖϙŘĖŜŕôťťĖŽĖϙČŘŪŕŕĖϙîĖϙÍŕŕÍŘťôIJôIJƏÍϟϙ ‹ĖϙÍŜŜŪıôϙīÍϙŕĖôIJÍϙèĺIJċĺŘıĖťÝϙîĖϙťÍīĖϙîÍťĖϙôϙĖIJċĺŘıÍƏĖĺIJĖϙ

Íīīôϙ īôČČĖϙ ôîϙ ÍīīÍϙ IJĺŘıÍťĖŽÍϙ ŽĖČôIJťôϟϙ "ôīĺĖťťôϙ IJĺIJϙ ÍŜŜŪıôϙ ÍīèŪIJÍϙ ŘôŜŕĺIJŜ ÍæĖīĖťÝϙ ĖIJϙ ıôŘĖťĺϙ ÍīīÍϙ ŽôŘĖîĖèĖťÝϠϙ

èĺıŕīôťôƏƏÍϙôϙÍèèŪŘÍťôƏƏÍϙîôīīôϙĖIJċĺŘıÍƏĖĺIJĖϠϙîôĖϙîÍťĖϙôϙîôĖϙîĺèŪıôIJťĖϙŪťĖ īĖƏƏÍťĖϙÍĖϙċĖIJĖϙîôīīЍIIJèÍ ŘĖèĺϠϙIJõϙĖIJϙ

ıôŘĖťĺϙ ÍīīЍôŽôIJťŪÍīôϙ ıÍIJèÍťÍϙ ŘÍŕŕŘôŜôIJťÍƏĖĺIJôϙ îĖϙ ôīôıôIJťĖϙ èēôϙ ÍŽŘôææôŘĺϙ ŕ ĺťŪťĺϙ ĖIJèĖîôŘôϙ ŜŪīīôϙ ÍIJÍīĖŜĖϙ

ŜŽĺīťôϙĺŽôϙèĺIJĺŜèĖŪťĖϙÍīīÍϙîÍťÍϙîôīīÍϙŕŘôŜôIJťôϙ‡ôīÍƏĖĺIJôϟϙ



͐͗ϙīŪČīĖĺϙ͑͏͕͑ϙиϙ IIJťôŜÍϙ‹ÍIJŕÍĺīĺϙ‹ϟŕϟ
ϟϙ ϙ 

   ͕            [ôϙ ŽÍīŪťÍƏĖĺIJĖϙ ŜĺIJĺϙ ŜťÍťôϙ ôċċôťťŪÍťôϙ ÍŜŜŪıôIJîĺϙ īÍϙ èĺIJťĖIJŪĖťÝϙ ÍƏĖôIJîÍīôϙ îôīīЍ(ıĖťťôIJťôϠϙ IJĺIJèēõϙ īÍϙ

ŕŘĺŜôèŪƏĖĺIJôϙîôīīЍÍťťĖŽĖťÝϙĖIJϙèĺIJîĖƏĖĺIJĖϙîĖϙIJĺŘıÍīôϙĺŕôŘÍťĖŽĖťÝϠϙŜŪīīÍϙæÍŜôϙîô īīôϙĖIJċĺŘıÍƏĖĺIJĖϙîĖŜŕĺIJĖæĖīĖϙÍīīÍϙ

îÍťÍϙ îôīīÍϙ ŕŘôŜôIJťôϙ ‡ôīÍƏĖĺIJôϟϙ [ôϙ ÍIJÍīĖŜĖϙ IJĺIJϙ ťôIJČĺIJĺϙ èĺIJťĺϙ îĖϙ ôŽôIJťĖϙ ŜťŘ ÍĺŘîĖIJÍŘĖϠϙ IJĺIJϙ ŘĖèĺŘŘôIJťĖϙ ĺϙ IJĺIJϙ ŕŘôŽôîĖæĖīĖϙ ÍīīÍϙ ŕŘôîôťťÍϙ îÍťÍϠϙ IJõϙ îĖϙ ôŽôIJťŪÍīĖϙ ıŪťÍıôIJťĖϙ ŜŪèèôŜŜĖŽĖϙ îôīϙ èĺIJťôŜťĺϙ ıÍèŘĺôèĺIJĺıĖèĺϠϙ ŘôČĺīÍıôIJťÍŘôϠϙ ċĖŜèÍīôϠϙ ċĖIJÍIJƏĖÍŘĖĺϠϙ èĺıŕôťĖťĖŽĺϙ ĺϙ îĖϙ ıôŘèÍťĺϙ èēôϙ ŕĺŜŜÍIJĺϙ ĖIJèĖîôŘôϠ ϙ ÍIJèēôϙ

ŜĖČIJĖċĖèÍťĖŽÍıôIJťôϠϙŜŪīϙŽÍīĺŘôϙîôīīôϙ
ƏĖĺIJĖϙa„‹ϙĺČČôťťĺϙîôīϙŕĺŜŜĖæĖīôϙĺIJċôŘĖıôIJťĺϟϙ

[ôϙÍIJÍīĖŜĖϙŽÍīŪťÍťĖŽôϙŜĺIJĺϙŜťÍťôϙŜŽĺīťôϙĖIJϙĺťťĖèÍϙ ŜťÍIJîϷÍīĺIJô ϙôϙèĺIJϙŘĖċôŘĖıôIJťĺϙÍīīôϙ
ƏĖĺIJĖϙa„‹ϙĺČČôťťĺϙîôīϙ

ŕĺŜŜĖæĖīôϙĺIJċôŘĖıôIJťĺϠϙŜôIJƏÍϙèĺIJŜĖîôŘÍŘôϙôŽôIJťŪÍīĖϙŜĖIJôŘČĖôϙĖIJîŪŜťŘĖÍīĖϠϙè ĺııôŘèĖÍīĖϠϙċĖIJÍIJƏĖÍŘĖôϠϙċĖŜèÍīĖϠϙ

èĺIJťÍæĖīĖϙ ĺϙ ŘôČĺīÍıôIJťÍŘĖϙ îôŘĖŽÍIJťĖϙ îÍīīЍiċċôŘťÍϠϙ îÍīīЍĖIJťôČŘÍƏĖĺIJôϙ îĖϙ ÍIJèÍϙ aĺIJťôϙ îôĖϙ „ÍŜèēĖϙ IJôīϙ @ŘŪŕŕĺϙ

ÍIJèÍŘĖĺϙIIJťôŜÍϙ‹ÍIJŕÍĺīĺϙ ϼЊ@ŘŪŕŕĺϙI‹„ ЋϙĺϙЊ@ŘŪŕŕĺϙIIJťôŜÍϙ‹ÍIJŕÍĺīĺ ЋϽϙĺϙîÍϙôŽôIJťŪÍīĖϙŜŪèèôŜŜĖŽôϙĺŕôŘÍƏĖĺIJĖϙ

ŜĺèĖôťÍŘĖôϠϙŜÍīŽĺϙĺŽôϙîĖŽôŘŜÍıôIJťôϙĖIJîĖèÍťĺϙIJôīīÍϙŕŘôŜôIJťôϙ‡ôīÍƏĖĺIJôϟ ϙ„ÍŘĖıôIJťĖϠϙīÍϙŕŘôŜôIJťôϙ‡ôīÍƏĖĺIJôϙIJĺIJϙ

ôŜŕŘĖıôϙ ÍīèŪIJÍϙ ŽÍīŪťÍƏĖĺIJôϙ ĖIJϙ ıôŘĖťĺϙ ÍīīÍϙ ŘôÍīĖƏƏÍæĖīĖťÝϠϙ ôIJťĖťÝϙ ĺϙ ťôıŕĖŜťĖèÍϙ îôīīô ϙ ŜĖIJôŘČĖôϠϙ îôĖϙ èĺŜťĖϙ îĖϙ ĖIJťôČŘÍƏĖĺIJôϙĺϙîôČīĖϙÍīťŘĖϙôċċôťťĖϙôèĺIJĺıĖèĖϠϙŕÍťŘĖıĺIJĖÍīĖϠϙċĖIJÍIJƏĖÍŘĖϙĺϙŘôČĺīÍıôIJťÍŘĖϙèĺIJIJôŜŜĖϙÍīīЍiċ ċôŘťÍϟ ϙ

ĺıôϙĖIJîĖèÍťĺϙIJôīīÍϙĺıŪIJĖèÍƏĖĺIJôϙîôīīЍiċċôŘťÍϠϙĖIJϙîÍťÍϙ͗ϙČĖŪČIJĺϙ ͑͏͕͑ϙI‹„ϙôϙ˜IJĖŕĺīϙ
ŜŜĖèŪŘÍƏĖĺIJĖϙ‹ϟŕϟ
ϟϙ

ϼЊ˜IJĖŕĺī ЋϽϙēÍIJIJĺϙŜĺťťĺŜèŘĖťťĺϙŪIJϙÍèèĺŘîĺϙϼīДЊ
èèĺŘîĺϙ˜IJĖŕĺī ЋϽϠϙĖIJϙŽĖŘťŰϙîôīϙŗŪÍīôϙ˜IJĖŕĺīϠϙŜŪæĺŘîĖIJÍťÍıôIJťôϙ ťŘÍϙ īЍÍīťŘĺϙ Íīϙ ŕôŘċôƏĖĺIJÍıôIJťĺϙ îôīīЍiċċôŘťÍϙ ôϙ ÍīīЍĺťťôIJĖıôIJťĺϙ îôīīôϙ IJôè ôŜŜÍŘĖôϙ ÍŪťĺŘĖƏƏÍƏĖĺIJĖϠϙ ēÍϙ ÍŜŜŪIJťĺϙ īЍĖıŕôČIJĺϙ Íîϙ ÍèŗŪĖŜĖŘô Ϡϙ ŕôŘϙ ŪIJϙ èĺŘŘĖŜŕôťťĖŽĺϙ ŕôŘϙ èÍŜŜÍϙ èĺıŕŘôŜĺϙ ťŘÍϙ èĖŘèÍϙ (ŪŘĺϙ ͒Ϡ͏ϙ ıĖīĖÍŘî Ėϙ ôîϙ (ŪŘĺϙ ͒Ϡ͔ϙ

ıĖīĖÍŘîĖ͑ϠϙīЍĖIJťôŘĺϙèÍŕĖťÍīôϙîĖϙŪIJÍϙôIJťĖťÝϙČĖŪŘĖîĖèÍϙæÍIJèÍŘĖÍϠϙôŽôIJťŪÍīıôIJťôϙĖîôIJťĖċĖèÍťÍϙIJôīīÍϙ ŜťôŜŜÍϙa„‹ϙôϙ

èĺıŪIJŗŪôϙĺŕôŘÍIJťôϙŜĺťťĺϙĖīϙıÍŘèēĖĺϙôϙĖϙŜôČIJĖϙîĖŜťĖIJťĖŽĖϙîĖϙa„‹ϠϙîĺťÍťÍϙîĖϙŪIJϙè ĺıŕôIJîĖĺϙÍƏĖôIJîÍīôϙèēôϠϙŜÍīŽôϙ

ôŽôIJťŪÍīĖϙŜĺŜťĖťŪƏĖĺIJĖϙôϙÍČČĖŪŜťÍıôIJťĖϠϙāϙŕŘôŽĖŜťĺϙŜĖÍϙèĺŜťĖťŪĖťĺϙîÍϙŪIJϙĖIJŜĖô ıôϙîĖϙ͕͔͒ϙċĖīĖÍīĖ͒ϙîĖϙa„‹ϙϼĺīťŘôϙÍČīĖϙ

ôīôıôIJťĖϙŕÍťŘĖıĺIJĖÍīĖϙôϙŘÍŕŕĺŘťĖϙČĖŪŘĖîĖèĖϙèĺIJIJôŜŜĖϽϙôϙČŘÍIJϙŕÍŘťôϙîôīīôϙŜťŘŪťť ŪŘôϯÍťťĖŽĖťÝϙèôIJťŘÍīĖϙîĖϙa„‹ϙϼèĺIJϙ

ŘôīÍťĖŽôϙÍťťĖŽĖťÝϙôϙŕÍŜŜĖŽĖťÝϽϙIJôèôŜŜÍŘĖôϙŕôŘϙĺŕôŘÍŘôϙèĺıôϙæÍIJèÍϙĖIJϙıĺîĺϙ ĖIJîĖŕôIJîôIJťôϟϙ[Ѝ
èèĺŘîĺϙ˜IJĖŕĺīϙ

ŕŘôŽôîôϙèēôϙI‹„ϙıÍIJťôIJČÍϙīôϙŕŘĖIJèĖŕÍīĖϙŕÍŘťôèĖŕÍƏĖĺIJĖϙîĖϙa„‹ϠϙĖIJèīŪŜÍϙa ôîĖĺæÍIJèÍϙôϙĖīϙŜŪĺϙıÍŘèēĖĺϠϙ͕͔͑ϙ

ċĖīĖÍīĖϙîĖϙa„‹ϙôϙŪIJÍϙèĺıŕĺIJôIJťôϙī ĖıĖťÍťÍϙîĖϙŜťŘŪťťŪŘôϙèôIJťŘÍīĖϟϙ„ôŘϙŪīťôŘĖĺŘĖϙĖIJċĺŘıÍƏĖĺIJĖϙŜŪīīЍ
èèĺŘîĺϙ˜IJĖŕĺīϙ

ŜĖϙŘĖIJŽĖÍϙÍĖϙèĺıŪIJĖèÍťĖϙŜťÍıŕÍϙîĖċċŪŜĖϙĖIJϙîÍťÍϙ͗ϙČĖŪČIJĺϙ͑͏͕͑ϙîÍϙI‹„ϙôϙîÍϙ˜IJĖŕĺīϟϙ

ϙIIJϙ ıôŘĖťĺϙ ÍīīЍ
èèĺŘîĺϙ ˜IJĖŕĺīϠϙ ŜĖϙ ŜŕôèĖċĖèÍϙ èēôϙ ťÍīôϙ ÍèèĺŘîĺϙ IJĺIJϙ ĖIJèĖîôϙ ŜŪīīЍÍıæĖťĺϙ îĖϙ ŽÍīŪťÍƏĖĺIJôϙ îôīīÍϙ

ŕŘôŜôIJťôϙ ‡ôīÍƏĖĺIJô ϟϙ †ŪôŜťЍŪīťĖıÍϙ ēÍϙ ĖIJċÍťťĖϙ Íϙ ĺČČôťťĺϙ īÍϙ ŜťĖıÍϙ îôīϙ ċÍĖŘϟ ŽÍīŪô ϙ îôīīôϙ
ƏĖĺIJĖϙ a„‹ϙ èĺIJċôŘĖťôϙ IJôīīЍÍıæĖťĺϙ îôīīЍiċċôŘťÍϠϙ ĖIJϙ ŗŪÍIJťĺϙ īЍ
ŪıôIJťĺϙ îĖϙ ÍŕĖťÍīôϙ îôīīЍiċċôŘôIJťôϙ āϙ ŕĺŜťĺϙ Íϙ ŜôŘŽĖƏĖĺϙ îôīīЍiċċôŘťÍϙ

ıôîôŜĖıÍϙôîϙāϙîôŜťĖIJÍťĺϙÍϙôŜŜôŘôϙīĖæôŘÍťĺϙıôîĖÍIJťôϙĺIJċôŘĖıôIJťĺϙĖIJϙIJÍťŪŘ Íϙîôīīôϙ
ƏĖĺIJĖϙa„‹ϙŕĺ؝͝ôϙĖIJϙ

ÍîôŜĖĺIJôϠϙôϙIJĺIJϙıôîĖÍIJťôϙèĺIJċôŘĖıôIJťĺϙîĖϙŜĖIJČĺīĖϙÍŜŜôťϙĺϙŘÍıĖϙÍƏĖôIJîÍīĖϙîôīϙ@ŘŪŕŕĺϙ a„‹ϟϙ

[ÍϙŕŘôŜôIJťôϙ‡ôīÍƏĖĺIJôϙāϙŜťÍťÍϙŕŘôîĖŜŕĺŜťÍϙôŜèīŪŜĖŽÍıôIJťôϙÍĖϙċĖIJĖϙîôīīЍÍŘťĖèĺīĺϙ͓͑͒͒ ϷťôŘϠϙèĺııÍϙ͑ϠϙīôťťôŘÍϙæϽϠϙ

îôīϙĺîĖèôϙèĖŽĖīôϠϙèĺIJϙŘĖċôŘĖıôIJťĺϙÍīīÍϙŽÍīŪťÍƏĖĺIJôϙîôīīôϙ
ƏĖĺIJĖϙa„‹ϙĺČČôťťĺϙ îôīϙŕĺŜŜĖæĖīôϙĺIJċôŘĖıôIJťĺϙÍϙ

ċÍŽĺŘôϙ îĖϙ IIJťôŜÍϙ ‹ÍIJŕÍĺīĺϙ IJôīīЍÍıæĖťĺϙ îôīīЍ
ŪıôIJťĺϙ îĖϙ ÍŕĖťÍīôϙ Íϙ ŜôŘŽĖƏĖĺϙ îôīϙ ĺŘŘĖŜŕôťťĖŽĺϙ ĖIJϙ
ƏĖĺIJĖϟϙ [Íϙ ‡ôīÍƏĖĺIJôϙ IJĺIJϙ ĖIJťôIJîôϙ ŜĺŜťĖťŪĖŘŜĖϙ ÍīīЍÍŪťĺIJĺıĺϙ ČĖŪîĖƏĖĺϙ îôČīĖϙ ÍƏĖĺIJĖŜťĖϙ îĖϙ a„‹ϙ ĖIJϙ ıôŘĖťĺϙ Íīīôϙ è ĺIJîĖƏĖĺIJĖϙ

îôīīЍiċċôŘťÍϙŕŘĺıĺŜŜÍϙîÍϙI‹„ϠϙIJõϙŕŪŅϙèĺŜťĖťŪĖŘôϙĖIJϙÍīèŪIJϙıĺîĺϙ ŪIJÍϙŘÍèèĺıÍIJîÍƏĖĺIJôϙîĖϙĖIJŽôŜťĖıôIJťĺϠϙŪIJÍϙ

ŜĺīīôèĖťÍƏĖĺIJôϙÍīīЍÍîôŜĖĺIJôϙÍīīЍiċċôŘťÍϠϙŪIJϙČĖŪîĖƏĖĺϙŜŪīīÍϙèĺIJŽôIJĖôIJƏÍϙôè ĺIJĺıĖèÍϙîôīīЍiċċôŘťÍϙŕôŘϙČīĖϙÍƏĖĺIJĖŜťĖϙ

îĖϙa„‹ϙĺϙîĖϙIIJťôŜÍϙ‹ÍIJŕÍĺīĺϠϙIJõϙŪIJÍϙŽÍīŪťÍƏĖĺIJôϙîôīīÍϙèĺIJČŘŪĖťÝϙîôīϙĺŘŘĖŜŕôťťĖŽĺϙ îôīīЍiċċôŘťÍϙÍĖϙŜôIJŜĖϙîôīīÍϙ

îĖŜèĖŕīĖIJÍϙ ÍŕŕīĖèÍæĖīôϙ Íīīôϙ ĺċċôŘťôϙ ŕŪææīĖèēôϙ îĖϙ ÍèŗŪĖŜťĺϙ ôϙ ŜèÍıæĖĺϟϙ "ôīĺĖťťô ϙ IJĺIJϙ ÍŜŜŪıôϙ ÍīèŪIJÍϙ ŘôŜŕĺIJŜÍæĖīĖťÝϙ ŽôŘŜĺϙ ťôŘƏôϙ ŕÍŘťĖϙ îĖŽôŘŜôϙ îÍĖϙ îôŜťĖIJÍťÍŘĖϙ îôīīÍϙ ŕŘôŜôIJťô ϙ ‡ôīÍƏĖĺIJôϙ èēôϙ îĺŽôŜŜôŘĺϙ ċÍŘôϙ

ÍċċĖîÍıôIJťĺϙŜŪĖϙèĺIJťôIJŪťĖϙîôīīÍϙŜťôŜŜÍϙŕôŘϙôŽôIJťŪÍīĖϙŜèôīťôϙîĖϙĖIJŽôŜťĖıô IJťĺϙĺϙŕôŘϙŗŪÍīŜĖŽĺČīĖÍϙÍīťŘĺϙċĖIJôϟϙ[Íϙ

‡ôīÍƏĖĺIJôϙIJĺIJϙŜŪŕŕīĖŜèôϙĖIJϙÍīèŪIJϙıĺîĺϙÍīīôϙÍťťĖŽĖťÝϙîĖϙŽôŘĖċĖèÍϠϙèĺIJŜŪīô IJƏÍϙĺϙŜôŘŽĖƏĖϙŕŘĺċôŜŜĖĺIJÍīĖϙîĖϙÍīťŘÍϙ

IJÍťŪŘÍϙîĖϙèŪĖϙťôŘƏôϙŕÍŘťĖϙŕĺťŘôææôŘĺϙÍŽŽÍīôŘŜĖϙŕôŘϙīôϙŕŘĺŕŘĖôϙîôèĖŜĖĺIJĖϟϙ

bĺIJϙ ŜĖÍıĺϙ ŽôIJŪťĖϙ Íϙ èĺIJĺŜèôIJƏÍϙ îĖϙ èĖŘèĺŜťÍIJƏôϙ ĺϙ ôŽôIJťĖϙ èēôϙ èĺıŕĺŘťĖIJĺϙ ôċċôťťĖ ϙ îĖϙ ŘĖīĖôŽĺϙ ŜŪϙ ŗŪÍIJťĺϙ

èĺIJŜĖîôŘÍťĺϙÍĖϙċĖIJĖϙîôīīÍϙ«ÍīŪťÍƏĖĺIJôϙIJôīϙŕôŘĖĺîĺϙĖIJťôŘèĺŘŜĺϙċŘÍϙīÍϙ"ÍťÍϙîĖϙ‡ĖċôŘ ĖıôIJťĺϙôϙīÍϙîÍťÍϙîôīīÍϙŕŘôŜôIJťôϙ

‡ôīÍƏĖĺIJôϟϙϙ



͑ϙ‹ťĖıÍϙŕŘôīĖıĖIJÍŘôϙîôīīЍiċċôŘôIJťôϙŜĺČČôťťÍϙÍīīÍϙîôèĖŜĖĺIJôϙîôīīЍ
ŪťĺŘĖťÝϙ
IJťĖťŘŪ Ŝťϟϙ

͒ϙ‹ťĖıÍϙŕŘôīĖıĖIJÍŘôϙîôīīЍiċċôŘôIJťô ϟϙ



͐͗ϙīŪČīĖĺϙ͑͏͕͑ϙиϙ IIJťôŜÍϙ‹ÍIJŕÍĺīĺϙ‹ϟŕϟ
ϟϙ ϙ 

   ͖           

[ôϙťÍæôīīôϙĖIJèīŪŜôϙIJôīīÍϙ‡ôīÍƏĖĺIJôϙŕĺŜŜĺIJĺϙĖIJèīŪîôŘôϙîôČīĖϙÍŘŘĺťĺIJ îÍıôIJťĖϙîĖϙĖıŕĺŘťĖϡϙôŽôIJťŪÍīĖϙĖIJèĺIJČŘŪôIJƏôϙ

ĺϙîĖċċĺŘıĖťÝϙťŘÍϙĖϙîÍťĖϙŘĖŕĺ؝͝ĖϙIJôīīôϙîĖŽôŘŜôϙťÍæôīīôϙŜĺIJĺϙèĺIJŜôČŪôIJƏôϙîĖϙťÍīĖϙÍŘŘĺťĺIJ îÍıôIJťĖϟϙ

ϙ

͐ϟ͔ "ĺèŪıôIJťÍƏĖĺIJôϙŪťĖīĖƏƏÍťÍϙ

bôīīĺϙ ŜŽĺīČĖıôIJťĺϙ îôī īЍIIJèÍŘĖèĺϠϙ "ôīĺĖťťôϙ IJĺIJϙ ēÍϙ ÍŽŪťĺϙ ÍèèôŜŜĺϙ Íîϙ ĖIJċĺŘıÍƏĖĺIJĖϙ ŕŘĖŽÍťôϙ ŜŪīīЍ(ıĖťťôIJťô ϙ ôϠϙ ŕôŘťÍIJťĺϠϙīôϙÍIJÍīĖŜĖϙŜŽĺīťôϙŜĺIJĺϙŜťÍťôϙèĺIJîĺťťôϙ ôŜèīŪŜĖŽÍıôIJťôϙŜŪīīÍϙæÍŜôϙ îĖϙĖIJċĺŘıÍƏĖĺIJĖϙŕŪææīĖèÍıôIJťôϙ

îĖŜŕĺIJĖæĖīĖϟϙ

ĖϙċĖIJĖϙîôīīÍϙŕŘôŜôIJťôϙ‡ôīÍƏĖĺIJôϠϙŜĖϙŘĖŕĺŘťÍϙîĖϙŜôČŪĖťĺϙīÍϙîĺèŪıôIJťÍƏĖĺIJôϙŪťĖ īĖƏƏÍťÍϙŕôŘϙīĺϙŜŽĺīČĖıôIJťĺϙîôīīôϙ

ÍIJÍīĖŜĖϡϙ

xĺıŪIJĖèÍƏĖĺIJôϙ ÍĖϙ ŜôIJŜĖϙ îôīīЍÍŘťϟϙ ͐͏͑Ϡϙ èĺııÍϙ ͐Ϡϙ îôīϙ "ϟ[ČŜϟϙ ͓͑ϙ ċôææŘ ÍĖĺϙ ͐͗͘͘Ϡϙ IJϟϙ ͔͗Ϡϙ èĺıôϙ

ŜŪèèôŜŜĖŽÍıôIJťôϙıĺîĖċĖèÍťĺϙôϙĖIJťôČŘÍťĺϠϙôϙîôīīЍÍŘťϟϙ͖͒ϙîôīϙ‡ôČĺīÍıôIJťĺϙÍîĺť ťÍťĺϙîÍīīÍϙĺIJŜĺæϙèĺIJϙ

îôīĖæôŘÍϙIJϟϙ͖͐͐͐͘ϙîôīϙ͓͐ϙıÍČČĖĺϙ͐͘͘͘ϠϙèĺıôϙŜŪèèôŜŜĖŽÍıôIJťôϙıĺî ĖċĖèÍťĺϙôϙĖIJťôČŘÍťĺϙîĖŽŪīČÍťĺϙÍīϙ

ıôŘèÍťĺϙîÍϙIIJťôŜÍϙ‹ÍIJŕÍĺīĺϙĖIJϙîÍťÍϙ͗ϙČĖŪČIJĺϙ͑͏͕͑ϟϙ

xĺıŪIJĖèÍťĺϙŜťÍıŕÍϙîÍīϙťĖťĺīĺϙЊ IIJťôŜÍϟ‹ÍIJŕÍĺīĺϧϟĺċċôŘťÍϟŕŪææīĖèÍϟîĖϟÍèŗŪĖŜťĺϟôϟŜèÍıæĖĺϟŽĺīĺIJťÍŘĖÍϟ

ŜŪīīÍϟťĺťÍīĖťÝϟîôīīôϟÍƏĖĺIJĖϟîĖϟÍIJèÍϟaĺIJťôϟîôĖϟ„ÍŜèēĖϟîĖϟ‹ĖôIJÍϟŕôŘϟŘÍċċĺŘƏÍŘôϟŪīťôŘĖĺŘıôIJťôϟīÍϟèŘôÍƏĖĺIJôϟ

îĖϟŽÍīĺŘôϟîÍϟīôÍîôŘϟôŪŘĺŕôĺϟôϟĖīϟŕŘĺŕŘĖĺϟŘŪĺīĺϟŕôŘϟīГIťÍīĖÍ ЋϙŕŪææīĖèÍťĺϙîÍϙI‹„ϙĖIJϙîÍťÍϙ͗ϙČĖŪČIJĺϙ͑͏͕͑ϟϙ

x„ŘôŜôIJťÍƏĖĺIJôϙ îÍīϙ ťĖťĺīĺϙ Њ ŘôÍƏĖĺIJôϟ îĖϟ ŪIJÍϟ ®ôÍīťēϟ aÍIJÍČôıôIJťϟ ÍIJħϟ îÍϟ ђ͗ϥ͕͕ ͕ıīîϦϟ ČôIJôŘÍIJîĺϟ ŪīťôŘĖĺŘôϟ èŘôŜèĖťÍϟ ôϟ èŘôÍIJîĺϟ ŽÍīĺŘôϟ ŕôŘϟ ťŪťťĖϟ ČīĖϟ ŜťÍħôēĺīîôŘϦϟ ŜôIJƏÍϟ ÍīèŪIJϟ ŘĖŜèēĖĺϟ îĖϟ ĖIJťôČŘÍƏĖĺIJô Ћϙ

ŕŪææīĖèÍťĺϙîÍϙI‹„ϙĖIJϙîÍťÍϙ͗ϙČĖŪČIJĺϙ͑͏͕͑ϟϙ

x
ŽŽĖŜĺϙîĖϙèĺIJŽĺèÍƏĖĺIJôϙîĖϙ
ŜŜôıæīôÍϙ‹ťŘÍĺŘîĖIJÍŘĖÍϙîĖϙIIJťôŜÍϙ‹ÍIJŕÍĺīĺϠϙŕŘôŽĖŜťÍϙŕôŘϙĖ īϙ͐͏ϙŜôťťôıæŘôϙ

͑͏͕͑ϠϙŕŪææīĖèÍťĺϙĖIJϙîÍťÍϙ͗ϙČĖŪČIJĺϙ͑͏͕͑ϟϙ

xĺıŪIJĖèÍťĺϙ ŜťÍıŕÍϙ ÍĖϙ ŜôIJŜĖϙ îôīīЍÍŘťĖèĺīĺϙ ͖͒ ϷťôŘϠϙ èĺııÍϙ ͒Ϡϙ îôīϙ ‡ôČĺīÍıôIJťĺϙ Íî坝͝ĺϙ îÍīīÍϙ

ib‹iϙèĺIJϙîôīĖæôŘÍϙIJϟϙ͖͐͐͐͘ϙîôīϙ͓͐ϙıÍČČĖĺϙ͐͘͘͘ϠϙèĺıôϙŜŪèèôŜŜĖŽÍıôIJťôϙıĺîĖċĖèÍťĺϙôϙĖIJťô ČŘÍťĺϙ

îĖŽŪīČÍťĺϙÍīϙıôŘèÍťĺϙîÍϙIIJťôŜÍϙ‹ÍIJŕÍĺīĺϙĖIJϙîÍťÍϙ͖͑ϙČĖŪČIJĺϙ͑͏͕͑ϟϙ

xĺıŪIJĖèÍťĖϙŜťÍıŕÍϙîĖϙIIJťôŜÍϙ‹ÍIJŕÍĺīĺϙŕŪææīĖèÍťĖϙĖIJϙŜôČŪĖťĺϙÍīϙīÍIJèĖĺϙîôīīЍi„
‹ ϟϙ

xĖīÍIJèĖĺϙèĺIJŜĺīĖîÍťĺϙôîϙĖIJîĖŽĖîŪÍīôϙîĖϙÍIJèÍϙaĺIJťôϙîôĖϙ„ÍŜèēĖϙÍīϙ͒͐ϙîĖèôıæŘôϙ͑͏͔͑ϟϙ

x‡ôŜĺèĺIJťĺϙĖIJťôŘıôîĖĺϙîĖϙČôŜťĖĺIJôϙîôīϙ@ŘŪŕŕĺϙaĺIJťôϙîôĖϙ„ÍŜèēĖϙîĖϙ‹ĖôIJÍϙÍīϙ͒͏ ϙŜôťťôıæŘôϙ͑͏͔͑ϟϙ

x‡ôŜĺèĺIJťĺϙĖIJťôŘıôîĖĺϙîĖϙČôŜťĖĺIJôϙîôīϙ@ŘŪŕŕĺϙaĺIJťôϙîôĖϙ„ÍŜèēĖϙîĖϙ‹ĖôIJÍϙÍīϙ͒͐ ϙıÍŘƏĺϙ͑͏͕͑ϟϙ

x„ĖÍIJĺϙI IJîŪŜťŘĖÍīôϙŕŪææīĖèÍťĺϙÍīϙıôŘèÍťĺϙîÍīīЍ (ıĖťťôIJťôϙ ĖIJϙîÍťÍϙ͖͑ϙċôææŘÍĖĺϙ͑͏͕͑ϠϙîôIJĺıĖIJÍťĺϙЊ >Řĺıϟ

"ôôŕϟ‡ĺĺťŜϟ“ĺϟbôſϟ>ŘĺIJťĖôŘŜϧϟ
ϟ[ôÍîĖIJČϟĺıŕôťĖťĖŽôϟ>ĺŘèôϟĖIJϟÍIJħĖIJČ Ћϟϙϙ

x‹ťĖıôϙîĖϙèĺIJŜôIJŜŪŜϙôèĺIJĺıĖèĺϱŕÍťŘĖıĺIJĖÍīĖϙ ϼЊ"ÍťĖϙ„ŘĺŜŕôťťĖèĖϙîôČīĖϙ
IJÍīĖŜťĖ ЋϽϙŜŪϙa„‹ϙôϙŘôīÍťĖŽĖϙ ťÍŘČôťϙŕŘĖèôϙ ϼЊ“ÍŘČôťϙ„ŘĖèô ЋϽϙċĺŘIJĖťĖϙîÍČīĖϙÍIJÍīĖŜťĖϙèēôϙŜôČŪĺIJĺϙĖīϙťĖťĺīĺϟϙ

xIIJċĺŘıÍƏĖĺIJĖϙîĖϙıôŘèÍťĺϙôϙÍīťŘôϙĖIJċĺŘıÍƏĖĺIJĖϙŕŪææīĖèÍıôIJťôϙîĖŜŕĺIJĖæĖīĖϟϙ

ϙ

͐ϟ͕ [ÍŽĺŘĺϙŜŽĺīťĺϙ

ĖϙċĖIJĖϙ îôīīЍIIJèÍŘĖèĺ ϙŜĺIJĺϙŜťÍťôϙŜŽĺīťôϙīôϙŜôČŪôIJťĖϙÍťťĖŽĖťÝϡϙ

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IJÍīĖŜĖϙîôīīÍϙîĺèŪıôIJťÍƏĖĺIJôϙôϙîôīīôϙĖIJċĺŘıÍƏĖĺIJĖϙŘÍèèĺīťôϟϙ

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IJÍīĖŜĖϙîôīϙıôŘèÍťĺϙîĖϙŘĖċôŘĖıôIJťĺϠϙ ôŗŪĖťƅϟŘôŜôÍŘèē ϙôϙťÍŘČôťϟŕŘĖèô ϙŘôīÍťĖŽĖϙÍϙa„‹ϟϙ 

͐͗ϙīŪČīĖĺϙ͑͏͕͑ϙиϙ IIJťôŜÍϙ‹ÍIJŕÍĺīĺϙ‹ϟŕϟ
ϟϙ ϙ 

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IJÍīĖŜĖϙîôīīÍϙŜĖťŪÍƏĖĺIJôϙŕÍťŘĖıĺIJĖÍīôϙîĖϙa„‹ϙÍϙŕÍŘťĖŘôϙîÍϙŜôťťôıæŘôϙ͑͏͔͑ϠϙĺŜ ŜĖÍϙĖīϙŕŘĖıĺϙæĖīÍIJèĖĺϙ

ŜŪèèôŜŜĖŽĺϙÍīīЍĺťťôIJĖıôIJťĺϙîôīϙèĺIJťŘĺīīĺϙîĖϙ aôîĖĺæÍIJèÍϙîÍϙŕÍŘťôϙîĖϙa„‹ϟϙ

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IJÍīĖŜĖϙîôīϙ„ĖÍIJĺϙIIJîŪŜťŘĖÍīôϙ͑͏͕͑ϱ͑͏͒͏ϙîĖϙa„‹ϙèĺIJťôIJôIJťôϙ ĖīϟæŪŜĖIJôŜŜϟŕīÍIJ ϙèĺıŪIJĖèÍťĺϙÍīϙıôŘèÍťĺϙ

îÍīϙaÍIJÍČôıôIJť ϙîĖϙa„‹ϙIJôīϙċôææŘÍĖĺϙ͑͏͕͑ϟϙ

xIîôIJťĖċĖèÍƏĖĺIJôϙîôīīôϙıôťĺîĺīĺČĖôϙŽÍīŪťÍťĖŽôϙŘĖťôIJŪťôϙŕĖŰϙĖîĺIJôôϙôîϙÍŕŕīĖè ÍæĖīĖϠϙťôIJŪťĺϙèĺIJťĺϙîôīīôϙ

èÍŘÍťťôŘĖŜťĖèēôϙ îĖϙ ÍIJèÍϙ aĺIJťôϙ îôĖϙ „ÍŜèēĖϠϙ IJĺIJèēõϙ îôīīôϙ ĖIJîĖèÍƏĖĺIJĖϙ îôīīÍϙ îĺťťŘĖIJÍϙôϙ îôīīÍϙ ŕŘÍŜŜĖϙ

ŽÍīŪťÍťĖŽÍϙIJôīϙŜôťťĺŘôϙîĖϙŘĖċôŘĖıôIJťĺϟϙ

x‹ŽĖīŪŕŕĺϙôîϙÍŕŕīĖèÍƏĖĺIJôϙîôīīôϙıôťĺîĺīĺČĖôϙŽÍīŪťÍťĖŽôϠϙÍIJèēôϙÍťťŘÍŽôŘŜĺϙ ÍIJÍīĖŜĖϙ îĖϙŜôIJŜĖæĖīĖťÝϙ îôĖϙ

ŘĖŜŪīťÍťĖϙÍīϙŽÍŘĖÍŘôϙîôĖϙŕŘĖIJèĖŕÍīĖϙŕÍŘÍıôťŘĖϙċĖIJÍIJƏĖÍŘĖϙŪťĖīĖƏƏÍťĖϟϙ

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IJÍīĖŜĖϙôϙŜĖIJťôŜĖϙîôĖϙŘĖŜŪīťÍťĖϙĺťťôIJŪťĖϟϙ

ϙ ͐ϟ͖ ‡ôŜťŘĖƏĖĺIJĖϙÍīīЍŪŜĺϙîôīīÍϙ„ŘôŜôIJťôϙ‡ôīÍƏĖĺIJô ϙ

[ÍϙŕŘôŜôIJťôϙ‡ôīÍƏĖĺIJôϙIJĺIJϙŕĺťŘÝϙôŜŜôŘôϙŪťĖīĖƏƏÍťÍϙŕôŘϙċĖIJÍīĖťÝϙîĖŽôŘŜ ôϙîÍϙŗŪôīīôϙĖIJîĖèÍťôϙIJôīϙŕÍŘÍČŘÍċĺϙ͐ϟ͑ϙ

ЊiČČôťťĺϙôϙċ ĖIJÍīĖťÝϙîôīīЍIIJèÍŘĖèĺЋϙôϙŕŘôŽĖŜťôϙîÍīīЍÍŘťϟϙ͓͑͒͒ ϷťôŘϠϙèĺııÍϙ͑ϠϙīôťťôŘÍϙæϽϠϙîôīϙĺîĖèôϙĖŽĖīôϠϙċôŘıĺϙ ŘôŜťÍIJîĺϙ èēôϙ ŕĺťŘÝϙ ôŜŜôŘôϙ ÍīīôČÍťÍϙ ÍīīÍϙ îĺèŪıôIJťÍƏĖĺIJôϙ ŘôīÍťĖŽÍϙ ÍīīЍiċċôŘťÍϟϙ bĺIJϙ ÍèèôťťĖÍıĺϙ ÍīèŪIJÍϙ ŘôŜŕĺIJŜÍæĖīĖťÝϙŕôŘϙîÍIJIJĖϙîôŘĖŽÍIJťĖϙîÍīīЍŪťĖīĖƏƏĺϙIJĺIJϙÍŪťĺŘĖƏƏÍťĺϙĺϙĖıŕŘĺŕŘĖĺϙîôīīÍϙŕ ŘôŜôIJťôϙ‡ôīÍƏĖĺIJôϟ ϙ ϙ

͐ϟ͗ "ĖċċĖèĺīťÝϙĖIJèĺIJťŘÍťôϙĖIJϙŜôîôϙîĖϙÍIJÍīĖŜĖϙôϙīĖıĖťĖϙîôīīÍϙ«ÍīŪťÍƏĖĺIJôϙ

“ŘÍϙĖϙīĖıĖťĖϙôϙīôϙŕŘĖIJèĖŕÍīĖϙîĖċċĖèĺīťÝϙîôīīÍϙ«ÍīŪťÍƏĖĺIJôϙŜĖϙŜôČIJÍīÍIJĺϙĖϙŜôČŪôIJťĖϙÍŜŕôťťĖϡϙ

xbôīīĺϙ ŜŽĺīČĖıôIJťĺϙ îôīīЍIIJèÍŘĖèĺϙ "ôīĺĖťťôϙ IJĺIJϙ ēÍϙ ÍŽŪťĺϙ ÍèèôŜŜĺϙ Íîϙ ĖIJċĺŘıÍƏĖĺIJĖϙ ŕŘĖŽÍťôϙ ŘôīÍťĖŽôϙ ÍīīЍ(ıĖťťôIJťôϙôϯĺϙÍèèôŜŜĺϙÍīϙ aÍIJÍČôıôIJť ϙîĖϙa„‹ϟϙ[ôϙÍIJÍīĖŜĖϙèĺIJîĺťťôϙŜĖϙŜĺIJĺϙæÍŜÍťôϠϙŕôŘťÍIJťĺϠϙ ôŜèīŪŜĖŽÍıôIJťôϙ ŜŪīīôϙ ĖIJċĺŘıÍƏĖĺIJĖϙ ŕŪææīĖèÍıôIJťôϙ îĖŜŕĺIJĖæĖīĖϟϙ “Íīôϙ èĖŘèĺŜťÍIJƏÍϙ āϙ ŜťÍťÍϙ ŘĖċīôŜŜÍϙ

IJôīīЍÍıæĖťĺϙîôīīЍÍŕŕŘĺèèĖĺϙ ôϙIJôīīÍϙîôċĖIJĖƏĖĺIJôϙîôĖϙŕÍŘÍıôťŘĖϙÍϙŜŪŕŕĺŘťĺϙîôīϙŕŘĺèôŜŜĺϙŽÍīŪťÍťĖŽĺϟϙbĺIJϙ

ŜĖϙ ŕŪŅϙ ôŜèīŪîôŘôϙ èēôϙ īЍôŽôIJťŪÍīôϙ ÍèèôŜŜĺϙ Íϙ ĖIJċĺŘıÍƏĖĺIJĖϙ IJĺIJϙ ŕŪææīĖèÍıôIJťôϙ îĖŜŕĺIJĖæĖīĖϙ

îôīīЍ(ıĖťťôIJťôϠϙÍϙŕÍŘĖťÝϙîĖϙÍīťŘôϙèĺIJîĖƏĖĺIJĖϠϙ ÍŽŘôææôϙŕĺťŪťĺϙÍŽôŘôϙŪIJϙĖıŕÍťťĺϠϙÍIJèēôϙŜĖČIJĖċĖèÍťĖŽĺϠϙ

ŜŪīīôϙÍIJÍīĖŜĖϙôϙŜŪīīôϙèĺIJŜĖîôŘÍƏĖĺIJĖϙŘĖŕĺ؝͝ôϙIJôīīÍϙ„ŘôŜôIJťôϙ‡ôīÍƏĖĺIJôϟϙ

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ĖϙċĖIJĖϙîôīīÍϙŕŘôŜôIJťôϙ‡ôīÍƏĖĺIJôϙ ôϙIJôīīЍÍıæĖťĺϙîôīīÍϙ«ÍīŪťÍƏĖĺIJô ϠϙŜĺIJĺϙŜťÍťĖϙŪťĖīĖƏƏÍťĖϙîÍťĖϙŕŘĺŜŕôťťĖèĖϠϙ ŜťĖıôϙîĖϙıôŘèÍťĺϠϙ èĺIJŜôIJŜŪŜ ϙîôČīĖϙÍIJÍīĖŜťĖϠϙŕŘôŽĖŜĖĺIJĖϙîĖϙŕĖÍIJĺϙĺϙÍīťŘôϙĖIJċĺŘıÍƏĖĺIJĖϙ ċĺŘſÍŘîϷīĺĺħĖIJ Čϙ

ôŜèīŪŜĖŽÍıôIJťôϙIJôīīÍϙıĖŜŪŘÍϙĖIJϙèŪĖϙîĖŜŕĺIJĖæĖīĖϙôϙŘĖťôIJŪťĖϙŘĖīôŽÍIJťĖϙÍĖϙċĖIJ ĖϙîôīīôϙÍIJÍīĖŜĖϟϙ“ÍīĖϙĖIJċĺŘıÍƏĖĺIJĖϙ

ŜĺIJĺϠϙŕôŘϙīĺŘĺϙIJÍťŪŘÍϠϙĖIJèôŘťôϠϙÍīôÍťĺŘĖôϙôϙîĖŕôIJîĺIJĺϙîÍϙôŽôIJťĖϙċŪťŪŘĖϠϙî ÍϙèĺIJîĖƏĖĺIJĖϙîĖϙıôŘèÍťĺϙôϙîÍϙ

îôèĖŜĖĺIJĖϙ ČôŜťĖĺIJÍīĖϙ èēôϙ ŕĺťŘôææôŘĺϙ IJĺIJϙ ŽôŘĖċĖèÍŘŜĖϠϙ 厎ôŘĺϙ ŽôŘĖċĖèÍŘŜĖϙ ĖIJϙ ıĖŜŪŘÍϙ ĺϙ ŜôèĺIJîĺϙ

ťôıŕĖŜťĖèēôϙîĖŽôŘŜôϙŘĖŜŕôťťĺϙÍϙŗŪÍIJťĺϙĖŕĺťĖƏƏÍťĺϟϙ„ôŘťÍIJťĺϠϙĖϙŘĖŜŪīťÍťĖϙôċċôťťĖŽĖϙŕĺťŘ ÍIJIJĺϙîĖŜèĺŜťÍŘŜĖϠϙ

ÍIJèēôϙ ŜĖČIJĖċĖèÍťĖŽÍıôIJťôϠϙ îÍīīôϙ ŕŘôŽĖŜĖĺIJĖϙ ôϙ îÍīīôϙ ÍŜŜŪIJƏĖĺIJĖϙ èĺIJŜĖîôŘÍťôϙ ÍĖϙ ċĖIJ Ėϙ îôīīÍϙ ŕŘôŜôIJťôϙ

‡ôīÍƏĖĺIJôϟϙ

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Ėϙ ċĖIJĖϙ îôīīÍϙ ŕŘôŜôIJťôϙ ‡ôīÍƏĖĺIJôϠϙ Ėīϙ @ŘŪŕŕĺϙ a„‹Ϡϙ èĺIJŜĖîôŘÍťĺϙ IJôīīЍÍťťŪÍīôϙ èĺIJċĖČŪŘÍƏĖĺIJôϙ

èĺıŕŘôIJŜĖŽÍϙîôīϙèĺIJŜĺīĖîÍıôIJťĺϙîĖϙaôîĖĺæÍIJèÍϠϙŕŘôŜôIJťÍϙŪIJÍϙīĖıĖťÍťÍϙîĖŜŕĺIJĖæĖī ĖťÝϙîĖϙîÍťĖϙŜťĺŘĖèĖϙÍϙ

ŕôŘĖıôťŘĺϙĺıĺČôIJôĺϟϙIIJϙŕÍŘťĖèĺīÍŘôϠϙĖϙîÍťĖϙÍIJťôèôîôIJťĖϙÍϙŜôťťôıæŘôϙ͑͏͔͑ϙ IJĺIJϙĖIJèīŪîĺIJĺϙĖīϙèĺIJťŘĖæŪťĺϙ

îôīϙ @ŘŪŕŕĺϙ aôîĖĺæÍIJèÍϙ ôϙ IJĺIJϙ ŘĖŜŪīťÍIJĺϙ ŕôŘťÍIJťĺϙ ŕĖôIJÍıôIJťôϙ èĺıŕÍŘÍæĖīĖϙ èĺIJ ϙ Ėīϙ ŕôŘĖıôťŘĺϙ

èĺIJŜĺīĖîÍťĺϙĺČČôťťĺϙîĖϙŽÍīŪťÍƏĖĺIJôϟϙ

xĖÍŜèŪIJÍϙ ıôťĺîĺīĺČĖÍϙ ŽÍīŪťÍťĖŽÍϙ Íî坝͝Íϙ ÍĖϙ ċĖIJĖϙ îôīīĺϙ ŜŽĺīČĖıôIJťĺϙ îôīīôϙ ÍIJÍīĖŜĖϙ ŘĖŕĺ؝͝ôϙ IJôī īÍϙ

ŕŘôŜôIJťôϙ‡ôīÍƏĖĺIJôϙāϙèĺIJťŘÍîîĖŜťĖIJťÍϙîÍϙīĖıĖťĖϙŕŘĺŕŘĖϙĖIJϙċŪIJƏĖĺIJôϙîôīīô ϙŜŕôèĖċĖèēôϙèÍŘÍťťôŘĖŜťĖèēôϙîĖϙ

èĖÍŜèŪIJÍϟϙ Iϙ ıôťĺîĖϙ îĖϙ ŽÍīŪťÍƏĖĺIJôϙ ŪťĖīĖƏƏÍťĖϙ ēÍIJIJĺϙ ŘĖèēĖôŜťĺϙ īЍÍŕŕīĖèÍƏĖĺIJôϙ îĖϙ ŪIJϙ ŕŘĺèôŜŜĺϙ

ıôťĺîĺīĺČĖèĺϙ ÍŘťĖèĺīÍťĺϙ ôϙ èĺıŕīôŜŜĺϙ èēôϙ ēÍϙ èĺıŕĺ؝͝ĺϠϙ ĖIJϙ ŕÍŘťĖèĺīÍŘôϠϙ īÍϙ Ŝèôī ťÍϙ îĖϙ îĖŽôŘŜĖϙ 

͐͗ϙīŪČīĖĺϙ͑͏͕͑ϙиϙ IIJťôŜÍϙ‹ÍIJŕÍĺīĺϙ‹ϟŕϟ
ϟϙ ϙ 

   ͘           

ŕÍŘÍıôťŘĖϙċĖIJÍIJƏĖÍŘĖϙîĖϙıôŘèÍťĺϙèēôϠϙŕôŘϙīĺŘĺϙIJÍťŪŘÍϠϙŜĺIJĺϙŜĺČČôťťĖϙÍϙċīŪťťŪÍƏĖĺIJĖϠϙÍIJèē ôϙŜĖČIJĖċĖèÍťĖŽôϠϙ

IJôīīЍÍıæĖťĺϙ îĖϙ îĖŽôŘŜĖϙ ŜèôIJÍŘĖϙ ŽÍīŪťÍťĖŽĖϙ ôϙ īЍÍîÍťťÍıôIJťĺϙ îôČīĖϙ ŜťôŜŜĖϙ ÍīīÍϙ ŜĖťŪÍƏĖĺIJôϙ ŜŕôèĖċĖèÍϟϙ Iϙ

ŘĖŜŪīťÍťĖϙ îĖϙ ťÍīôϙÍIJÍīĖŜĖϙ ŜĺIJĺϠϙŕôŘťÍIJťĺϠϙŜôIJŜĖæĖīĖϙ ÍīīôϙĖŕĺťôŜĖϙ îĖϙ īÍŽĺŘĺϙ ċĺŘıŪīÍťôϟ ϙ[ЍÍîĺƏĖĺIJôϙîĖϙ ŪIJϙ

ÍŕŕŘĺèèĖĺϙŽÍīŪťÍťĖŽĺϙĖIJťôČŘÍťĺϠϙèĺŜťŘŪĖťĺϙÍŕŕīĖèÍIJîĺϙîĖŽôŘŜôϙıôťĺîĺīĺČĖôϙŽÍīŪťÍťĖŽôϠϙ ĖIJϙīĖIJôÍϙèĺIJϙīôϙ

ĖIJîĖèÍƏĖĺIJĖϙîôīīÍϙŕŘÍŜŜĖϙôϙîôīīÍϙîĺťťŘĖIJÍϙŽÍīŪťÍťĖŽÍϠϙŪIJĖťÍıôIJťôϙÍīīĺϙŜŽĖīŪŕ ŕĺϙîĖϙÍIJÍīĖŜĖϙîĖϙŜôIJŜĖæĖīĖťÝϠϙ

ēÍϙ èĺIJŜôIJťĖťĺϙ îĖϙ ČôŜťĖŘôϙ ÍîôČŪÍťÍıôIJťôϙ īôϙ ŕôèŪīĖÍŘĖťÝϙ îĖϙ èĖÍŜèŪIJÍϙ ıôťĺîĺīĺČĖÍϙ ŜôīôƏ ĖĺIJÍťÍϠϙ ŽôŘĖċĖèÍŘôϙ īÍϙ ŜĺŜťÍIJƏÍϙ îôĖϙ ŘĖŜŪīťÍťĖϙ ĺťťôIJŪťĖϙ îÍīīЍÍŕŕīĖèÍƏĖĺIJôϙ îôĖϙ ıôťĺîĖϙ ŜĖIJČĺīĖϙ ôîϙ ôīÍæĺŘÍŘôϙ ŪIJϙ

ČĖŪîĖƏĖĺϙŜŪīīÍϙæÍŜôϙîôīϙŗŪÍîŘĺϙèĺıŕīôŜŜĖŽĺϙîôĖϙŘĖŜŪīťÍťĖϙĺťťôIJŪťĖϟϙ

x[ЍÍťťŪÍīôϙèĺIJťôŜťĺϙ îĖϙıôŘèÍťĺϙÍīīÍϙæÍŜôϙîôīīÍϙ‡ôīÍƏĖĺIJôϙŘĖŜŪīťÍϙèÍŘÍťťôŘĖƏƏÍťĺϙîÍϙIJĺťôŽĺīô ϙĖIJèôŘťôƏƏÍϙ

ĖıŕŪťÍæĖīôϙÍīϙŕôŘîŪŘÍŘôϙîôīϙèĺIJċīĖťťĺϙæôīīĖèĺϙťŘÍϙ‡ŪŜŜĖÍϙôϙ˜èŘÍĖIJÍϙôϙ ÍČīĖϙÍŽŽôIJĖıôIJťĖϙĖIJϙèĺŘŜĺϙaôîĖĺϙ

iŘĖôIJťôϟϙ“ÍīôϙèĺIJťôŜťĺϙāϠϙŕôŘťÍIJťĺϠϙÍīī ЍĺŘĖČĖIJôϙîĖϙŪIJЍôīôŽÍťÍ ϙŽĺīÍťĖīĖťÝϙîôĖϙŽÍīĺŘĖϙîĖϙıôŘèÍťĺϙîôĖϙťĖťĺīĖϙ ÍƏĖĺIJÍŘĖϙ ôîϙ ĖIJϙ ČôIJôŘÍīôϙ îĖϙ ŪIJÍϙ ŜĖČIJĖċĖèÍťĖŽÍϙ ĖIJèôŘťôƏƏÍϙ ŘĖŜŕôťťĺϙ Íīīôϙ ŽÍīŪťÍƏĖĺIJĖϙ îôĖϙ æŪŜĖIJôŜŜϟϙ [ЍôŽĺīŪƏĖĺIJôϙ îĖϙťÍīôϙèĺIJťôŜťĺϙIJĺIJϙāϙÍîϙĺČČĖϙŕŘôŽôîĖæĖīôϙIJõϙŜĺIJĺϙŜťĖıÍťĖϙôŽôIJťŪÍīĖϙèĺIJŜô ČŪôIJƏôϙîĖϙ

IJÍťŪŘÍϙôèĺIJĺıĖèÍϠϙċĖIJÍIJƏĖÍŘĖÍϠϙŕĺīĖťĖèÍϙôϙŜĺèĖÍīôϟϙ
ϙċŘĺIJťôϙîĖϙťÍīôϙôŽĖîôIJƏÍϙŜĖϙāϙċÍťťĺϙ ŘĖċôŘĖıôIJťĺϙÍϙ

ŕÍŘÍıôťŘĖϙċĖIJÍIJƏĖÍŘĖϙôϙîĖϙıôŘèÍťĺϙÍČČĖĺŘIJÍťĖϙĖIJϙŕŘĺŜŜĖıĖťÝϙ îôīīЍôıĖŜŜĖĺIJôϙîôīīÍϙŕŘôŜôIJť ôϙ‡ôīÍƏĖĺIJôϙôîϙ

ÍīīÍϙıôîĖÍϙîôĖϙèĺŘŜĖϙÍƏĖĺIJÍŘĖϙŘĖīôŽÍťÍϙŜŪϙĺŘĖƏƏĺIJťĖϙťôıŕĺŘÍīĖϙŘĖťôIJŪťĖϙèĺIJČŘŪĖϙĖIJϙ èĺIJŜĖîôŘÍƏĖĺIJôϙîôīϙ

èĺIJťôŜťĺϙîĖϙŘĖċôŘĖıôIJťĺϙôϙîôīīôϙċĖIJÍīĖťÝϙîôīīôϙÍIJÍīĖŜĖϠϙÍīϙċĖIJôϙîĖϙŘĖċīôťťô ŘôϙIJôīīÍϙŽÍīŪťÍƏĖĺIJôϙīЍÍťťŪÍīôϙ

èĺIJťôŜťĺϙîĖϙıôŘèÍťĺϙôϠϙÍīϙèĺIJťôıŕĺϙîĖϙıĖťĖČÍŘôϙČīĖϙôċċôťťĖϙîĖϙŜĖČIJĖċĖèÍťĖŽôϙĺŜèĖīīÍƏ ĖĺIJĖϙîĖϙæŘôŽôϙŕôŘĖĺîĺϙ

îôīīôϙŗŪĺťÍƏĖĺIJĖϙîĖϙĺŘŜÍϙèĺIJIJôŜŜôϙÍîϙôŽôIJťĖϙîĖϙIJÍťŪŘÍϙŜťŘÍĺŘîĖIJÍŘĖÍϙĺϙŜŕôèŪīÍťĖŽÍϟϙ

ϙ  ϙ 

͐͗ϙīŪČīĖĺϙ͑͏͕͑ϙиϙ IIJťôŜÍϙ‹ÍIJŕÍĺīĺϙ‹ϟŕϟ
ϟϙ ϙ 

   ͐͏           

͑ϟ"(‹‡I¾Iib(ϙ"(Iϙ(bIϙi@@(““iϙ"Iϙib>(‡Ia(b“iϙ

͑ϟ͐ ‹ĺèĖôťÝϙĺIJċôŘĖťÍŘĖÍϙ

[ÍϙĺIJċôŘĖťÍŘĖÍϙāϙIIJťôŜÍϙ‹ÍIJŕÍĺīĺϙ‹ϟŕϟ
ϟϠϙĖŜťĖťŪťĺϙæÍIJèÍŘĖĺϙIJÍťĺϙĖīϙ͐еϙČôIJIJÍĖĺϙ͑͏͏͖ϙîÍīīÍϙċŪŜ ĖĺIJôϙîĖϙîŪôϙČŘÍIJîĖϙ

ŘôÍīťÝϙæÍIJèÍŘĖôϙĖťÍīĖÍIJôϠϙÍIJèÍϙIIJťôŜÍϙôϙ‹ÍIJŕÍĺīĺϙIaIϠϙèĺIJϙŜôîôϙīôČÍīôϙĖIJϙ„ĖÍƏƏÍϙ ‹ÍIJϙÍŘīĺϙ͔͕͐Ϡϙ͐͏͐͑͐ϙ“ĺŘĖIJĺϠϙ

ôϙŜôîôϙŜôèĺIJîÍŘĖÍϙĖIJϙ«ĖÍϙaĺIJťôϙîĖϙ„ĖôťÝϙ͗Ϡϙ͑͏͐͑͐ϙaĖīÍIJĺϢϙĖīϙèÍŕĖťÍīôϙŜĺè ĖÍīôϙîĖϙIIJťôŜÍϙ‹ÍIJŕÍĺīĺϙāϙŕÍŘĖϙÍϙ(ŪŘĺϙ

͐͏ϟ͔͑͘ϟ͓͒͘ϟ͕͐͘Ϡ͑͗Ϡϙ ŜŪîîĖŽĖŜĺϙ ĖIJϙ IJϟϙ ͖͐ϟ͕͗͑ϟ͓͕͏ϟ͔͔͘ϙ ÍƏĖĺIJ Ėϙ ĺŘîĖIJÍŘĖôϙ ŕŘĖŽôϙ îôīϙ ŽÍīĺŘôϙ IJĺıĖIJÍīôϢϙ IIJťôŜÍϙ

‹ÍIJŕÍĺīĺϙēÍϙIJŪıôŘĺϙîĖϙĖŜèŘĖƏĖĺIJôϙÍīϙ‡ôČĖŜťŘĺϙîôīīôϙIıŕŘôŜôϙîĖϙ“ĺŘĖIJĺϙôϙèĺ îĖèôϙċĖŜèÍīôϙ͏͏͖͕͘͘͘͏͔͐͗ϠϙŕÍŘťĖťÍϙ

I«
ϙ͔͐͐͐͘͘͏͏͏͔͐ϠϙIJŪıôŘĺϙîĖϙĖŜèŘĖƏĖĺIJôϙÍīīЍ
īæĺϙîôīīôϙÍIJèēôϙ͔͕͒͐ϙô ϙĺîĖèôϙ
Iϙ͒͏͕͘ϟ͑ϢϙÍîôŘĖŜèôϙÍīϙ>ĺIJîĺϙ

IIJťôŘæÍIJèÍŘĖĺϙîĖϙ“ŪťôīÍϙîôĖϙ"ôŕĺŜĖťĖϙôϙÍīϙ>ĺIJîĺϙbÍƏĖĺIJÍīôϙîĖϙ@ÍŘÍIJƏĖÍϙôîϙāϙÍŕĺČŘŪŕŕĺϙîôīϙ@Ř ŪŕŕĺϙÍIJèÍŘĖĺϙ

IIJťôŜÍϙ‹ÍIJŕÍĺīĺϠϙĖŜèŘĖťťĺϙÍīīЍ
īæĺϙîôĖϙ@ŘŪŕŕĖϙÍIJèÍŘĖϟ ϙ

Iīϙ@ŘŪŕŕĺϙIIJťôŜÍϙ‹ÍIJŕÍĺīĺϙĺŕôŘÍϙÍťťŘÍŽôŘŜĺϙŪIJϙıĺîôīīĺϙîĖϙæŪŜĖIJôŜŜϙÍŘťĖèĺīÍťĺ ϙĖIJϙŜôĖϙŕŘĖIJèĖŕÍīĖϙîĖŽĖŜĖĺIJĖϡϙϼĖϽϙ

ÍIJèÍϙîôĖϙ“ôŘŘĖťĺŘĖϠϙîôîĖèÍťÍϙÍīīЍĺċċôŘťÍϙîĖϙŕŘĺîĺťťĖϙôϙŜôŘŽĖƏĖϙæÍIJèÍŘĖϙôϙċĖIJÍIJƏĖÍŘĖϙÍϙè īĖôIJťôīÍϙŘôťÍĖīϠϙĖıŕŘôŜôϙôϙ

IJĺϱŕŘĺċĖťϢϙϼĖĖϽϙIaIϙĺŘŕĺŘÍťôϙЭϙIIJŽôŜťıôIJťϙÍIJħĖIJČϠϙċĺèÍīĖƏƏÍťÍϙŜŪϙŜôŘŽĖƏĖϙîĖϙè ĺŘŕĺŘÍťôϙôϙĖIJŽôŜťıôIJťϙæÍIJħĖIJČϠϙ

ÍîŽĖŜĺŘƅϠϙťŘÍIJŜÍèťĖĺIJϙæÍIJħĖIJČϠϙċĖIJÍIJƏÍϙŜťŘŪťťŪŘÍťÍϙôϙèÍŕĖťÍīϙıÍŘħôťŜϙŕôŘϙèīĖôIJťôīÍϙèĺŘŕĺŘ ÍťôϠϙĖŜťĖťŪƏĖĺIJÍīôϙôϙ

ċĖIJÍIJƏĖÍŘĖÍϢϙϼĖĖĖϽϙIIJťôŘIJÍťĖĺIJÍīϙÍIJħŜϠϙ îôîĖèÍťÍϙÍīīЍÍťťĖŽĖťÝϙæÍIJèÍ ŘĖÍϙèĺııôŘèĖÍīôϙŜŪĖϙıôŘèÍťĖϙôŜťôŘĖϢϙϼĖŽϽϙ„ŘĖŽÍťôϙ

ÍIJħĖIJČϠϙŘĖŽĺīťÍϙÍīīÍϙèīĖôIJťôīÍϙ ŕŘĖŽÍťô ϙôϙēĖČēϟIJôťϟſĺŘťē ϙÍťťŘÍŽôŘŜĺϙŜôŘŽĖƏĖϙîĖϙèĺIJŜŪīôIJƏÍϠϙČôŜťĖĺIJôϙŕÍťŘĖıĺIJĖÍīôϙ

ôϙŜĺīŪƏĖĺIJĖϙîĖϙĖIJŽôŜťĖıôIJťĺϢϙϼŽϽϙ
ŜŜôťϙaÍIJÍČôıôIJťϠϙċĺèÍīĖƏƏÍťÍϙŜŪīīÍϙČôŜťĖĺIJôϙ îôīϙŘĖŜŕÍŘıĖĺϙôϙŜŪīīЍĺċċôŘťÍϙîĖϙ

ŜĺīŪƏĖĺIJĖϙîĖϙĖIJŽôŜťĖıôIJťĺϢϙôϙϼŽĖϽϙIIJŜŪŘÍIJèôϠϙîôîĖèÍťÍϙÍīīĺϙŜŽĖīŪŕŕĺϙô ϙÍīīÍϙîĖŜťŘĖæŪƏĖĺIJôϙîĖϙŕŘĺîĺťťĖϙÍŜŜĖèŪŘÍťĖŽĖϙ

ŽĖťÍϠϙŕŘĺťôƏĖĺIJôϠϙŜÍīŪťôϙôϙîÍIJIJĖϟϙ



͑ϟ͑ iČČôťťĺϙîôīϙĺIJċôŘĖıôIJťĺϙ

bôīīЍÍıæĖťĺϙîôīīЍiċċôŘťÍϠϙīЍĺČČôťťĺϙîôīϙĺIJċôŘĖıôIJťĺϙāϙŘÍŕŕŘôŜôIJťÍťĺϙîÍī īÍϙťĺťÍīĖťÝϙîôīīôϙÍƏĖĺIJĖϙĺŘîĖIJÍŘĖôϙîĖϙ

a„‹ϙ èēôϠϙ ÍīīÍϙ îÍťÍϙ îôīīÍϙ ŕŘôŜôIJťôϙ ‡ôīÍƏĖĺIJôϙ ϼôϙ îôîĺťťôϙ īôϙ ÍƏĖĺIJĖϙ îôťôIJŪťôϙ îÍīīЍiċċôŘôIJťôϽϠϙ ŜĺIJĺϙ ŕÍŘĖϙ Íϙ ıÍŜŜĖıôϙ IJϟϙ ͒ϟ͏͖͒ϟ͖͒͘ϟ͖͔͒Ϡϙ ôŽôIJťŪÍīıôIJťôϙ ĖIJèŘôıôIJťÍťôϙ îôīīôϙ ıÍŜŜĖıôϙ IJϟϙ ͖͑͑ϟ͏͐͑ϟ͗͏͓ϙ ÍƏĖĺIJĖϙ îĖϙ a„‹Ϡϙ ôıôŜŜôϙÍϙŜôŘŽĖƏĖĺϙîôīīÍϙċŪŜĖĺIJôϙŕôŘϙĖIJèĺŘŕĺŘÍƏĖĺIJôϙîĖϙaôîĖĺæÍIJèÍϟϙ[ ôϙ
ƏĖĺIJĖϙ îôīīЍ(ıĖťťôIJťôϙŜĺIJĺϙ ÍııôŜŜôϙ

ÍīīÍϙIJôČĺƏĖÍƏĖĺIJôϙŜŪϙ(ŪŘĺIJôƄťϙaĖīÍIJϠϙŪIJϙıôŘèÍťĺϙŘôČĺīÍıôIJťÍťĺϙĺŘČÍIJĖƏƏÍťĺϙôϙČôŜťĖťĺϙî ÍϙĺŘŜÍϙIťÍīĖÍIJÍϠϙèĺIJϙ

èĺîĖèôϙI‹IbϙI“͏͏͏͔͔͏͗͑͐͘ϙ ôϙŜĺIJĺϙĖIJϙŘôČĖıôϙîĖϙîôıÍťôŘĖÍīĖƏƏÍƏĖĺIJôϙÍĖϙŜôIJŜĖϙîôīīЍÍŘťϟϙ͗͒ ϱæĖŜϙîôīϙ“˜>ϟϙ

ÍIJèÍϙaĺIJťôϙîôĖϙ„ÍŜèēĖϙîĖϙ‹ĖôIJÍϙ‹ϟŕϟ
ϟϙāϙŪIJϙĖŜťĖťŪťĺϙæÍIJèÍŘĖĺϙīôϙèŪĖϙĺŘĖČĖIJĖϙŘĖŜÍīČĺIJĺϙ ÍīϙaĺIJťôϙîôĖϙ„ÍŜèēĖϙ

ċĺIJîÍťĺϙ IJôīϙ ͓͖͐͑Ϣϙ īЍÍťťŪÍīôϙ ŜĺèĖôťÝϙ ŕôŘϙ ÍƏĖĺIJĖϙ āϙ ŜťÍťÍϙ èĺŜťĖťŪĖťÍϙ IJôīϙ ͐͘͘ ͔ϙ Íϙ ŜôČŪĖťĺϙ îôīϙ èĺIJċôŘĖıôIJťĺϙ

îôīīЍÍƏĖôIJîÍϙæÍIJèÍŘĖÍϙîôīϙaĺIJťôϙîôĖϙ„ÍŜèēĖϙîĖϙ‹ĖôIJÍϠϙIŜťĖťŪťĺϙîĖϙŘôîĖťĺϙîĖϙ"ĖŘĖťťĺϙ„ ŪææīĖèĺϟϙ[ÍϙÍIJèÍϙēÍϙŜôîôϙ

īôČÍīôϙĖIJϙ„ĖÍƏƏÍϙ‹ÍīĖıæôIJĖϙ͒Ϡϙ͔͒͐͏͏ϙ‹ĖôIJÍϢϙĖīϙèÍŕĖťÍīôϙŜĺèĖÍīôϙîĖϙÍIJèÍϙaĺIJťôϙî ôĖϙ„ÍŜèēĖϙîĖϙ‹ĖôIJÍϙāϙŕÍŘĖϙÍϙ(ŪŘĺϙ

͖͐ϟ͖͗͘ϟ͖͐͗ϟ͕͐͗Ϡ͔͗ϠϙĖIJťôŘÍıôIJťôϙŽôŘŜÍťĺϙôϙŘÍŕŕŘôŜôIJťÍťĺϙîÍϙIJϟϙ͒ ϟ͏͒͗ϟ͓͐͗ϟ͐͗͒ϙÍƏĖĺIJĖϙĺŘîĖIJÍŘĖôϙŕŘĖŽôϙîôīϙŽÍīĺŘôϙ

IJĺıĖIJÍīôϢϙÍIJèÍϙaĺIJťôϙîôĖϙ„ÍŜèēĖϙîĖϙ‹ĖôIJÍϙēÍϙIJŪıôŘĺϙîĖϙĖŜèŘĖƏĖĺIJôϙÍīϙ‡ôČĖŜťŘĺϙîôīī ôϙIıŕŘôŜôϙîĖϙ
ŘôƏƏĺϱ‹ĖôIJÍϙ

ôϙèĺîĖèôϙċĖŜèÍīôϙ͏͏͓͗͗͏͕͏͔͕͑ϠϙŕÍŘťĖťÍϙI«
ϙ͏͓͔͐͗͒͏͏͔͓͑ϠϙIJŪıôŘĺϙî ĖϙĖŜèŘĖƏĖĺIJôϙÍīīЍ
īæĺϙîôīīôϙÍIJèēôϙŕŘôŜŜĺϙ

īÍϙÍIJèÍϙîЍIťÍ īĖÍϙ͔͖͓͑ϙôϙĺîĖèôϙ
IϙÍIJèÍϙôϙ@ŘŪŕŕĺϙ͐͏͒͏ϢϙÍîôŘĖŜèôϙÍīϙ>ĺIJîĺϙIIJťôŘæÍIJèÍŘĖ ĺϙîĖϙ“ŪťôīÍϙîôĖϙ

"ôŕĺŜĖťĖϙôϙÍīϙ>ĺIJîĺϙbÍƏĖĺIJÍīôϙîĖϙ@ÍŘÍIJƏĖÍϙôîϙāϙÍŕĺČŘŪŕŕĺϙîôīϙ@ŘŪŕŕĺϙÍIJèÍŘĖĺϙaĺIJťôϙîôĖϙ„ÍŜèēĖϙ îĖϙ‹ĖôIJÍϟ ϙ    

͐͗ϙīŪČīĖĺϙ͑͏͕͑ϙиϙ IIJťôŜÍϙ‹ÍIJŕÍĺīĺϙ‹ϟŕϟ
ϟϙ ϙ 

   ͐͐           

͒ϟ
b
ϙaib“(ϙ"(Iϙ„
‹FIϙ"Iϙ‹I(b
ϙ

͒ϟ͐ „ŘĺċĖīĺϙ

Iīϙ@ŘŪŕŕĺϙaĺIJťôϙîôĖϙ„ÍŜèēĖϙîĖϙ‹ĖôIJÍϙāϙĖīϙŕĺīĺϙæÍIJèÍŘĖĺϙČŪĖîÍťĺϙîÍϙÍIJèÍϙaĺIJťôϙîôĖϙ „ÍŜèēĖϙîĖϙ‹ĖôIJÍϠϙŗŪĺťÍťÍϙ

IJôīϙaôŘèÍťĺϙ“ôīôıÍťĖèĺϙ
ƏĖĺIJÍŘĖĺϙĺŘČÍIJĖƏƏÍťĺϙôϙČôŜťĖťĺϙîÍϙĺŘŜÍϙIťÍīĖÍIJÍϙ‹ϟŕϟ
ϟϠϙèĺIJϙŜôî ôϙĖIJϙ„ĖÍƏƏÍϙ‹ÍīĖıæôIJĖϙ

͒Ϡϙ͔͒͐͏͏ϙ‹ĖôIJÍϟϙ

ĺIJϙĖīϙŕôŘċôƏĖĺIJÍıôIJťĺϙîôīīДiċċôŘťÍϙ„ŪææīĖèÍϙîĖϙ
èŗŪĖŜťĺϙôϙ‹èÍıæĖĺϙŕŘĺıĺŜŜÍϙîÍϙ a„‹ϙŜŪϙaôîĖĺæÍIJèÍϠϙÍϙ

îôèĺŘŘôŘôϙ îÍīϙ ͔͐ϙ ŜôťťôıæŘôϙ ͑͏͔͑Ϡϙ Ėīϙ ŕôŘĖıôťŘĺϙ îôīϙ @ŘŪŕŕĺϙ a„‹ϙ Ŝ Ėϙ āϙ ÍıŕīĖÍťĺϠϙ ÍŪıôIJťÍIJîĺϙ īÍϙ

îĖŽôŘŜĖċĖèÍƏĖĺIJôϙîôīīôϙŕŘĺŕŘĖôϙÍŘôôϙîĖϙæŪŜĖIJôŜŜϙôϙîôĖϙıôŘèÍťĖϙîĖϙŘ ĖċôŘĖıôIJťĺϠϙŕŘôèôîôIJťôıôIJťôϙĖIJèôIJťŘÍťôϙIJôĖϙ

ŜôŘŽĖƏĖϙťŘÍîĖƏĖĺIJÍīĖϙîôīϙŘôťÍĖīϙЭϙèĺııôŘèĖÍīϙæÍIJħĖIJČϙŜŽĺīťĖϙŕŘôŽÍīôIJťôıôIJťôϙĖIJϙIťÍīĖÍϟϙ

Iīϙ@ŘŪŕŕĺϙa„‹ϙāϙŕôŘťÍIJťĺϙÍťťĖŽĺϙIJôĖϙŜôČıôIJťĖϙ ‡ôťÍĖīϟгϟĺııôŘèĖÍīϟÍIJħĖIJČ Ϡϙ®ôÍīťēϟaÍIJÍČôıôIJť ϙϼĖIJèīŪŜĖϙĖīϙ ŜĖŜťôıÍϙ îĖϙ ŜôŘŽĖƏĖϙ îĖČĖťÍīĖϙ ôϙ ŜôīċϷŜôŘŽĖèô Ϡϙ ÍŘŘĖèèēĖťĖϙ îÍīīôϙ èĺıŕôťôIJƏôϙ îôīīôϙ ŘôťĖϙ îĖϙ èĺIJŜŪīôIJťĖϙ ċĖIJÍIJƏĖÍŘĖϽϠϙ

ĺŘŕĺŘÍťôϟгϟIIJŽôŜťıôIJťϟÍIJħĖIJČ Ϡϙ‹ŕôèĖÍīťƅ ϙ>ĖIJÍIJèô ϙôϙĺIJŜŪıôŘϟ>ĖIJÍIJèôϥ ϙ
ϙŗŪôŜťĖϠϙŜĖϙÍČČĖŪIJČôϙĖīϙŜôČıôIJťĺϙ

IIJŜŪŘÍIJèô ϙĖIJϙèŪĖϙŘĖôIJťŘÍIJĺϙīÍϙŕÍŘťIJôŘŜēĖŕϙŜťŘÍťôČĖèÍϙèĺIJϙ
³
ϙôϙīÍϙŕÍŘťôèĖŕÍƏĖĺIJôϙċĖIJ ÍIJƏĖÍŘĖÍϙĖIJϙ
ŜŜĖèŪŘÍƏĖĺIJĖϙ

@ôIJôŘÍīĖϙ‹ϟŕϟ
ϟϙ ϼЊ
ŜŜĖèŪŘÍƏĖĺIJĖϙ@ôIJôŘÍīĖ ЋϙĺϙЊ
@ЋϽϟϙ

[ôϙŕŘĖIJèĖŕÍīĖϙīĖIJôôϙîĖϙæŪŜĖIJôŜŜϙŜĖϙÍŘťĖèĺīÍIJĺϙèĺıôϙŜôČŪôϡϙ

x‡ôťÍĖīϟ гϟ ĺııôŘèĖÍīϟ ÍIJħĖIJČ ϡϙ ŘÍŕŕŘôŜôIJťÍϙ īДÍťťĖŽĖťÝϙ ťŘÍîĖƏĖĺIJÍīôϙ îôīϙ @ŘŪŕŕĺϙ a„‹Ϡϙ ŜŽĺīťÍϙ

ŕŘôŽÍīôIJťôıôIJťôϙĖIJϙIťÍīĖÍϠϙôϙèĺıŕŘôIJîôϙīÍϙŘÍèèĺīťÍϙîôīϙŘĖŜŕÍŘıĖĺϙôϙīД ĺċċôŘťÍϙîĖϙŕŘĺîĺťťĖϙÍŜŜĖèŪŘÍťĖŽĖϠϙ

īДôŘĺČÍƏĖĺIJôϙèŘôîĖťĖƏĖÍϠϙĖϙŜôŘŽĖƏĖϙîĖϙèĺIJŜŪīôIJƏÍϙċĖIJÍIJƏĖÍŘĖÍϙôϙĖϙŜôŘŽĖƏĖϙîĖϙŕÍČÍıôIJťĺ ϙôīôťťŘĺIJĖèĖϙÍϙċÍŽĺŘôϙ

îôīīÍϙèīĖôIJťôīÍϙŘôťÍĖīϠϙŜıÍīīϙæŪŜĖIJôŜŜϠϙ„aIϙôϙèĺŘŕĺŘÍťôϟϙ

x®ôÍīťēϟ aÍIJÍČôıôIJť ϡϙ èĺıŕŘôIJîôϙ īÍϙ ČôŜťĖĺIJôϙ îôīϙ ŘĖŜŕÍŘıĖĺϠϙ īÍϙ èĺIJŜŪīôIJƏÍϙ ċĖIJÍIJƏĖÍŘĖÍϙ ôϙ īÍϙ

ŕĖÍIJĖċĖèÍƏĖĺIJôϙ ŕÍťŘĖıĺIJĖÍīôϙ Íϙ ċÍŽĺŘôϙ îôīīôϙ îĖŽôŘŜôϙ èÍťôČĺŘĖôϙ îĖϙ èīĖôIJťôīÍϟϙ Iī ϙ ŜôČıôIJťĺϙ ĖIJèīŪîôϙ īôϙ

ÍťťĖŽĖťÝϙîĖϙÍIJèÍϙ®ĖîĖæÍϙôϠϙŕôŘϙôċċôťťĺϙîôīīЍÍèŗŪĖŜĖƏĖĺIJôϙîĖϙaôîĖĺæÍIJèÍϠϙīôϙÍťťĖŽĖťÝϙ îĖϙaô îĖĺæÍIJèÍϙ

„ŘôıĖôŘϙ‹ϟŕϟ
ϟϠϙīôϙŘôťĖϙŕŘĖŽÍťôϙîĖϙaôîĖĺæÍIJèÍϙ„ŘĖŽÍťôϙÍIJħĖIJČϙôϙaϙaĺIJ ÍèĺϠϙIJĺIJèēõϙīôϙŜĺèĖôťÝϙîĖϙ

ÍŜŜôťϙıÍIJÍČôıôIJťϙîôīϙ@ŘŪŕŕĺϙaôîĖĺæÍIJèÍϠϙťŘÍϙèŪĖϙ„ĺīŪŜϙÍŕĖťÍīϠϙaôîĖĺæÍIJèÍϙ‹@‡ ϠϙaôîĖĺæÍIJèÍϙ

aÍIJÍČôıôIJťϙĺıŕÍIJƅϙôϙ‡
aϙ
èťĖŽôϙIIJŽôŜťıôIJťŜϟϙ‡ĖôIJťŘÍIJĺϙĖIJĺīťŘôϙIJôīϙŕôŘĖıôťŘĺϙ ĖϙŜôŘŽĖƏĖϙŘĖŽĺīťĖϙÍīīÍϙ

èīĖôIJťôīÍϙ îĖϙ ôīôŽÍťĺϙ ŜťÍIJîĖIJČϙ ĖIJϙ ıÍťôŘĖÍϙ îĖϙ ČôŜťĖĺIJôϙ ŕÍťŘĖıĺIJĖÍīôϠϙ ŕĖÍIJĖċĖèÍƏĖĺIJô ϙ ċĖIJÍIJƏĖÍŘĖÍϙ ôϙ èĺIJŜŪīôIJƏÍϙŜŪϙŕŘĺċĖīĖϙIJĺIJϙŜťŘôťťÍıôIJťôϙċĖIJÍIJƏĖÍŘĖϠϙŗŪÍīĖϙ ťÍƄϟŕīÍIJIJĖIJČ ϠϙŘôÍīϟôŜťÍťô ϠϙÍŘťϟгϟīôČÍīϟÍîŽĖŜĺŘƅ Ϡϙ

IJĺIJèēõϙĖϙŜôŘŽĖƏĖϙċĖîŪèĖÍŘĖϙôϙťŘŪŜťϟϙ

xĺŘŕĺŘÍťôϟ гϟ IIJŽôŜťıôIJťϟ ÍIJħĖIJČ ϡϙ āϙ îôŜťĖIJÍťĺϙ ÍīīÍϙ èīĖôIJťôīÍϙ IıŕŘôŜôϙ ôϙ [ÍŘČôϟ ĺŘŕĺŘÍťô ϙ ôϙ

èĺıŕŘôIJîôϙ īДĖIJťôŘıôîĖÍƏĖĺIJôϙ èŘôîĖťĖƏĖÍϠϙ īÍϙ ċĺŘIJĖťŪŘÍϙ îĖϙ ŕŘĺîĺťťĖϙ ôϙ ŜôŘŽĖƏĖϙ ťÍĖīĺŘϟ ıÍîô ϙ ĖIJϙ ĺťťĖèÍϙ îĖϙ èĺŽôŘÍČôϟťôÍı ϠϙīÍϙċĖIJÍIJƏÍϙîДĖıŕŘôŜÍϙϼèŘôîĖťĺϙÍϙıôîĖĺϙôϙīŪIJČĺϙťôŘıĖIJôϠϙ èĺŘŕĺŘÍťôϟċĖIJÍIJèô ϙôϙċĖIJÍIJƏÍϙ ŜťŘŪťťŪŘÍťÍϽϙôϙīôϙÍťťĖŽĖťÝϙîĖϙ @īĺæÍīϟaÍŘħôť ϟ[ЍÍèŗŪĖŜĖƏĖĺIJôϙîĖϙaôîĖĺæÍIJèÍϙēÍϙŘÍċċĺŘƏÍťĺϙťÍīôϙŜôČıôIJťĺϙ ÍťťŘÍŽôŘŜĺϙ īôϙ èĺıŕôťôIJƏôϙ ôϙ īôϙ ŕĖÍťťÍċĺŘıôϙ ŜŕôèĖÍīĖŜťĖèēôϙ îĖϙ aôîĖĺæÍIJèÍϙ ‹ϟ ŕϟ
ϟϠϙ aôîĖĺæÍIJèÍϙ

IIJťôŘIJÍťĖĺIJÍīϙ‹ϟŕϟ
ϟϠϙaôŜŜĖôŘϙЭϙ
ŜŜĺèĖõŜϙôϙ
ŘıÍϙ„ÍŘťIJôŘŜϟϙ

x‹ŕôèĖÍīťƅϟ>ĖIJÍIJèô ϡϙèĺıŕŘôIJîôϙīôϙÍťťĖŽĖťÝϙîĖϙċĖIJÍIJƏÍϙŜŕôèĖÍīĖƏƏÍťÍϙŗŪÍīĖϙĖīϙ ċÍèťĺŘĖIJČ ϙôϙĖīϙīôÍŜĖIJČ ϙŕôŘϙ èĺIJťĺϙťôŘƏĖϙôϙīÍϙČôŜťĖĺIJôϙîôĖϙèŘôîĖťĖϙϼ èŘôîĖťϟıÍIJÍČôıôIJť ϽϟϙbôīϙŕôŘĖıôťŘĺϙaôîĖĺæÍIJèÍϙťÍīĖϙÍťťĖŽĖťÝϙŜĺIJĺϙ ŜŽĺīťôϠϙťŘÍϙīЍÍīťŘĺϠϙťŘÍıĖťôϙa> ÍèťÍϙ‹ϟŕϟ
ϟϙôϙa„‹ϙ[ôÍŜĖIJČϙ‹ϟŕϟ
ϟϠϙÍťťĖŽôϙŘĖŜŕôťťĖŽÍıôIJťôϙIJôīϙ ċÍèťĺŘĖIJČ ϙ ôϙIJôīϙ īôÍŜĖIJČ ϟϙ xĺIJŜŪıôŘϟ>ĖIJÍIJèô ϡϙĺŕôŘÍϙIJôīϙèŘôîĖťĺϙÍīϙèĺIJŜŪıĺϠϙèĺIJϙīДĺċċôŘťÍϙîôīīДĖIJťôŘÍϙČÍııÍϙîĖϙŕŘĺîĺťťĖ ϙîÍĖϙ ŕŘôŜťĖťĖϙ ŕôŘŜĺIJÍīĖϙ ÍīīÍϙ èôŜŜĖĺIJôϙ îôīϙ ŗŪĖIJťĺϠϙ ĺīťŘôϙ Íīϙ æŪƅϷIJĺſϷŕÍƅϷīÍťôŘ Ϡϙ ÍťťŘÍŽôŘŜĺϙ īÍϙ èĺIJťŘĺīīÍťÍϙ

Fôƅ[ĖČēťϙ‹ϟ
ϟϢϙīÍϙîĖŜťŘĖæŪƏĖĺIJôϙîôĖϙŕŘĺîĺťťĖϙĺıŕÍŜŜϙÍIJèÍϙ‹ϟŕϟ
ϟϙÍŽŽ ĖôIJôϙÍIJèēôϙÍťťŘÍŽôŘŜĺϙīÍϙŘôťôϙ

èĺııôŘèĖÍīôϙîôīīÍϙèÍŕĺČŘŪŕŕĺϟϙ

xIIJŜŪŘÍIJèô ϡϙèĺıŕŘôIJîôϠϙ îÍϙ ŪIJϙ īÍťĺϠϙ īÍϙ ŕÍŘťIJôŘŜēĖŕϙ ŜťŘÍťôČĖèÍϙ èĺIJϙ
³
ϙ ôϠϙ îÍīīЍÍīťŘĺϠ ϙ ŕôŘϙ ôċċôťťĺϙ îôīīЍÍèŗŪĖŜĖƏĖĺIJôϙ îĖϙ aôîĖĺæÍIJèÍϠϙ īÍϙ ČôŜťĖĺIJôϙ îôīϙ ŕĺŘťÍċĺČīĖĺϙ ŕÍŘťôèĖŕÍťĖŽĺϙ ôϙ îĖϙ ťĖ ťĺīĖϙ ÍƏĖĺIJÍŘĖϙ îôīϙ

@ŘŪŕŕĺϙa„‹ϠϙĖIJèīŪŜÍϙīÍϙŕÍŘťôèĖŕÍƏĖĺIJôϙċĖIJÍIJƏĖÍŘĖÍϙîôťôIJŪťÍϙĖIJϙ
ŜŜĖèŪŘÍƏĖĺIJĖϙ@ôIJôŘÍī Ėϟϙ



͐͗ϙīŪČīĖĺϙ͑͏͕͑ϙиϙ IIJťôŜÍϙ‹ÍIJŕÍĺīĺϙ‹ϟŕϟ
ϟϙ ϙ 

   ͐͑            
īīÍϙîÍťÍϙîôīϙ͒͐ϙıÍŘƏĺϙ͑͏͕͑ϙĖīϙèÍŕĖťÍīôϙŜĺèĖÍīôϙ îĖϙa„‹ϙāϙŕÍŘĖϙÍϙ(ŪŘĺϙ͐ ͖ϟ͖͗͘ϟ͖͐͗ϟ͕͐͗Ϡ͔͗ϠϙŜŪîîĖŽĖŜĺϙĖIJϙIJϟϙ ͒ϟ͏͒͗ϟ͓͐͗ϟ͐͗͒ϙ ÍƏĖĺIJĖϙ ĺŘîĖIJÍŘĖôϟϙ bĺIJϙ ŽĖϙ ŜĺIJĺϙ ıĺîĖċĖèēôϙ ĖIJťôŘèĺŘŜôϙ ťŘÍϙ Ėīϙ ͒͐ϙ ıÍŘƏĺϙ ͑͏͕͑ϙ ôϙ īÍϙ îÍťÍϙ îôīīÍϙ

‡ôīÍƏĖĺIJôϟϙ

"ĖϙŜôČŪĖťĺϙŜĖϙŘĖŕĺŘťÍIJĺϙĖϙŜĺČČôťťĖϙèēôϠϙÍīīÍϙîÍťÍϙîôīīÍϙ‡ôīÍƏĖĺIJôϠϙŜŪīīÍϙæÍŜô ϙîôīīôϙèĺıŪIJĖèÍƏĖĺIJĖϙŘĖèôŽŪťôϙÍĖϙ

ŜôIJŜĖϙîôīīÍϙIJĺŘıÍťĖŽÍϙŽĖČôIJťôϙĖIJϙıÍťôŘĖÍϙîĖϙŕÍŘťôèĖŕÍƏĖĺIJĖϙŘĖīôŽÍIJťĖϙϼÍŘťϟϙ͐͑͏ϙ îôīϙ“˜>ϽϠϙŘĖŜŪīťÍIJĺϙŗŪÍīĖϙťĖťĺīÍŘĖϙîĖϙ

ŕÍŘťôèĖŕÍƏĖĺIJĖϙŘĖīôŽÍIJťĖ͓ϙĖIJϙťôŘıĖIJĖϙîĖϙèÍŕĖťÍīôϙŜĺèĖÍīôϙŕŪææīĖèÍťôϙŜŪīϙŜĖťĺϙĖŜťĖťŪƏĖĺIJÍīôϙîôīīÍϙib‹i͔ϡϙ

x"ôīċĖIJϙ‹ϟ
ϟ‡ϟ[ϡϙ͖͐Ϡ͔͒҇ϙ

x@ŘŪŕŕĺϙ>ŘÍIJèôŜèĺϙ@ÍôťÍIJĺϙÍīťÍČĖŘĺIJôϡϙ͐͏Ϡ͕͑҇ϙ

xa(>ϙ ϳϙaĖIJĖŜťôŘĺϙîôīīЍ(èĺIJĺıĖÍϙôϙîôīīôϙ>ĖIJÍIJƏ ôϡϙ͓Ϡ͕͗҇ϙ

xÍIJèĺϙ„aϙ‹ϟŕϟ
ϟϡϙ͒Ϡ͖͓҇ϙ

ϙ

͒ϟ͑ ‹ĖťŪÍƏĖĺIJôϙŕÍťŘĖıĺIJĖÍīôϙîĖϙ‡ĖċôŘĖıôIJťĺϙ

‹ĖϙŘĖŕĺŘťÍϙîĖϙŜôČŪĖťĺϙīÍϙŜĖťŪÍƏĖĺIJôϙŕÍťŘĖıĺIJĖÍīôϙîôīϙ@ŘŪŕŕĺϙaĺIJťôϙîôĖϙ„ÍŜèēĖϙîĖϙ ‹ĖôIJÍϙÍīϙ͒͐ϙîĖèôıæŘôϙ͑͏͔͑ϙôϙ

Íīϙ͒͐ϙıÍŘƏĺϙ͑͏͕͑ϠϙĖIJèīŪŜĖŽĺϙîôīϙ@ŘŪŕŕĺϙaôîĖĺæÍIJèÍϟϙ

ϙŕÍŘťĖŘôϙîÍīϙ͒͐ϙîĖèôıæŘôϙ͑͏͔͑ϠϙīĺϙŜťÍťĺϙŕÍťŘĖıĺIJĖÍīôϙèĺIJŜĺīĖîÍťĺϙîĖϙa„‹ϙŘĖċīô ťťôϙÍīťŘôŜĞϙČīĖϙôċċôťťĖϙèĺIJťÍæĖīĖϙ

ŕŘ厎ĖŜĺŘĖϙîôŘĖŽÍIJťĖϙîÍīīÍϙ „ŪŘèēÍŜôϟ„ŘĖèôϟ
īīĺèÍťĖĺIJ ϙϼЊ„„
ЋϽϙŘôīÍťĖŽÍϙÍīīЍÍèŗŪĖŜĖƏĖĺIJôϙîĖϙaôîĖĺæÍIJèÍϟϙ IIJċÍťťĖϠϙ

a„‹ϙēÍϙŘÍŕŕŘôŜôIJťÍťĺϙèēôϙĖīϙŕŘĺèôŜŜĺϙîĖϙ„„
ϙāϙÍIJèĺŘÍϙĖIJϙèĺŘŜĺϙîĖϙċĖIJÍīĖƏƏÍƏ ĖĺIJôϢϙČīĖϙôċċôťťĖϙŕŘôīĖıĖIJÍŘĖϙîôīīÍϙ

„„
ϙ ŘĖīôŽÍťĖϙ Íīϙ ͒͐ϙ îĖèôıæŘôϙ ͑͏͔͑ϙ ôϙ èĺIJċôŘıÍťĖϙ Íīϙ ͒͐ϙ ıÍŘƏĺϙ ͑͏͕͑ϙ ēÍIJIJĺϙ î ôťôŘıĖIJÍťĺϙ ŪIJϙ ÍŽŽĖÍıôIJťĺϙ

ŕŘ厎ĖŜĺŘĖĺϠϙŜŪŜèôťťĖæĖīôϙîĖϙÍČČĖĺŘIJÍıôIJťĺϙÍϙŜôČŪĖťĺϙîôīϙèĺıŕīôťÍıôIJťĺϙî ôīϙŕŘĺèôŜŜĺϠϙŕŘôŽĖŜťĺϙôIJťŘĺϙĖīϙ͒͏ϙ

ŜôťťôıæŘôϙ͑͏͕͑ϙÍĖϙŜôIJŜĖϙîôīīЍI>‡‹ϙ͒ ϟϙ

Iϙ ŜÍīîĖϙ ŕÍťŘĖıĺIJĖÍīĖϙ Íϙ ťÍīôϙ îÍťÍϙ ĖIJèĺŘŕĺŘÍIJĺϙ ŕôŘťÍIJťĺϙ ČīĖϙ ÍČČĖŪŜťÍıôIJťĖϙ îĖϟ ċÍĖŘϟ ŽÍīŪô ϙ ôϙ īôϙ ÍīťŘôϙ ŘĖīôŽÍƏĖĺIJĖϙ

èĺIJťÍæĖīĖϙôċċôťťŪÍťôϙĖIJϙŜôîôϙîĖϙÍīīĺèÍƏĖĺIJôϙîôīϙŕŘôƏƏĺϙîĖϙÍèŗŪĖŜťĺϟϙ@īĖϙĖıŕĺŘťĖϙŜĺIJĺϙôŜŕ ŘôŜŜĖϙĖIJϙıĖīĖĺIJĖϙîĖϙ(ŪŘĺϟϙ

 ϙ  ͓ϙ‹ĖϙŜôČIJÍīÍϙÍIJèēôϙÍŘèīÍƅŜϙ„īèϙèēôϠϙèĺIJϙŪIJÍϙŗŪĺťÍϙÍƏĖĺIJÍŘĖÍϙîôīϙèÍŕĖťÍīôϙŜ ĺèĖÍīôϙîĖϙa„‹ϙŕÍŘĖϙÍīīĺϙ͏Ϡ͖͕҇ϙôϙîĖŘĖťťĖϙîĖϙŽĺťĺϙťŘÍıĖťôϙŜťŘŪıôIJťĖϙċĖIJÍIJƏĖÍŘĖϙ ŕôŘϙĖīϙ

͓Ϡ͕͑҇ϠϙāϙèÍŘÍťťôŘĖƏƏÍťÍϙîÍϙŪIJÍϙŕÍŘťôèĖŕÍƏĖĺIJôϙÍČČŘôČÍťÍϙîôīϙ͔Ϡ͏͑҇ϟϙϙ ϙ

͔ϙIIJċĺŘıÍƏĖĺIJĖϙŘĖċôŘĖťôϙÍīīÍϙîÍťÍϙîôīϙ͕͐ϙīŪČīĖĺϙ͑͏͕͑ϟϙ



͐͗ϙīŪČīĖĺϙ͑͏͕͑ϙиϙ IIJťôŜÍϙ‹ÍIJŕÍĺīĺϙ‹ϟŕϟ
ϟϙ ϙ 

   ͐͒            ϙ

ϙϙϙ>ĺIJťôϡϙ‡ôŜĺèĺIJťĺϙĖIJťôŘıôîĖĺϙîĖϙČôŜťĖĺIJôϙîôīϙ@ŘŪŕŕĺϙaĺIJťôϙîôĖϙ„ÍŜèēĖϙî Ėϙ‹ĖôIJÍϙÍīϙ͒͐ϙıÍŘƏĺϙ͑͏͕͑ϠϙŕÍČϟϙ͓͖ϙ

ϙ

ϙϙϙ>ĺIJťôϡϙ‡ôŜĺèĺIJťĺϙĖIJťôŘıôîĖĺϙîĖϙČôŜťĖĺIJôϙîôīϙ@ŘŪŕŕĺϙaĺIJťôϙîôĖϙ„ÍŜèēĖϙî Ėϙ‹ĖôIJÍϙÍīϙ͒͐ϙıÍŘƏĺϙ͑͏͕͑ϠϙŕÍČϟϙ͓͖ϙ

x
īϙ ͒͐ϙ ıÍŘƏĺϙ ͑͏͕͑Ϡϙ Ėīϙ ťĺťÍīôϙ îôīīЍÍťťĖŽĺϙ îôīϙ @ŘŪŕŕĺϙ a„‹ϙ ŜĖϙ ÍťťôŜťÍϙ Íϙ (ŪŘĺϙ ͓͑͐Ϡ͓ϙ ıĖīĖÍŘîĖϠϙ ŽÍīĺŘôϙ

ŜĺŜťÍIJƏĖÍīıôIJťôϙŜťÍæĖīôϙŘĖŜŕôťťĺϙÍīϙîÍťĺϙîĖϙċĖIJôϙôŜôŘèĖƏĖĺϙ͑͏͔͑ϙϼ(ŪŘĺϙ͓͑͐Ϡ͕ϙıĖīĖÍŘîĖϽϟϙ

xIϙ ċĖIJÍIJƏĖÍıôIJťĖϙ ÍīīÍϙ èīĖôIJťôīÍϙ îôīϙ @ŘŪŕŕĺϙ a„‹ϙ ÍııĺIJťÍIJĺϙ Íϙ (ŪŘĺϙ ͓͕͐Ϡ͒ϙ ıĖīĖÍŘîĖϠϙ ĖIJϙ ÍŪıôIJťĺϙ

ŘĖŜŕôťťĺϙÍīϙ͒͐ϙîĖèôıæŘôϙ͑͏͔͑ϙϼ(ŪŘĺϙѭ͒Ϡ͔ϙıĖīĖÍŘîĖϽϠϙŕŘĖIJèĖŕÍīıôIJťôϙŕôŘϙ īÍϙèŘôŜèĖťÍϙîôĖϙıŪťŪĖϙϼ(ŪŘĺϙѭ͐Ϡ͗ϙ

ıĖīĖÍŘîĖϽϙôϙîôĖϙ„“ϙϼ(ŪŘĺϙѭ͐Ϡ͗ϙıĖīĖÍŘîĖϽϟϙ[ôϙÍīťŘôϙèĺıŕĺIJôIJťĖϙŜĺIJĺϙŜťÍťôϙĖIJťô ŘôŜŜÍťôϙîÍϙŽÍŘĖÍƏĖĺIJĖϙîĖϙ

ıĖIJĺŘôϙ ôIJťĖťÝϡϙ èĺIJťĖϙ èĺŘŘôIJťĖϙ ϼ(ŪŘĺϙ ѭ͏Ϡ͒ϙ ıĖīĖÍŘîĖϽϠϙ ÍīťŘĖϙ ċĖIJÍIJƏĖÍıôIJťĖϙ ϼ(ŪŘĺϙ ϱ͏Ϡ ͓ϙ ıĖīĖÍŘîĖϽϙ ôϙ èŘôîĖťĖϙ

îôťôŘĖĺŘÍťĖϙϼ(ŪŘĺϙϱ͏Ϡ͐ϙıĖīĖÍŘîĖϽϟϙ

x
īϙ͒͐ϙıÍŘƏĺϙ͑͏͕͑ϙīЍôŜŕĺŜĖƏĖĺIJôϙIJôťťÍϠϙĖIJϙťôŘıĖIJĖϙîĖϙċĖIJÍIJƏĖÍıôIJťĖϙÍīīÍϙèīĖôIJťôīÍϙ îôťôŘĖĺŘÍťĖϠϙîôīϙ@ŘŪŕŕĺϙ

a„‹ϙŘĖŜŪīťÍϙŕÍŘĖϙÍϙ(ŪŘĺϙ͐Ϡ͗ϙıĖīĖÍŘîĖϠϙĖIJϙċīôŜŜĖĺIJôϙŘĖŜŕôťťĺϙÍīϙîÍťĺϙŘĖôŜŕĺŜťĺϙîô īϙ͒͐ϙîĖèôıæŘôϙ͑͏͔͑ϙ

ϼŕÍŘĖϙÍîϙ (ŪŘĺϙ͑Ϡ͏ϙıĖīĖÍŘîĖϽϟϙ[ЍĖIJèĖîôIJƏÍϙIJôťťÍϙîôĖϙċĖIJÍIJƏĖÍıôIJťĖϙÍīīÍϙèīĖôIJťôīÍϙîôťôŘĖĺŘ ÍťĖϙÍīϙ͒͐ϙıÍŘƏĺϙ 

͐͗ϙīŪČīĖĺϙ͑͏͕͑ϙиϙ IIJťôŜÍϙ‹ÍIJŕÍĺīĺϙ‹ϟŕϟ
ϟϙ ϙ 

   ͓͐           

͑͏͕͑ϙŜĖϙÍťťôŜťÍϙÍϙ͐Ϡ͒҇ϙèĺIJϙŪIJϙťÍŜŜĺϙîĖϙèĺŕôŘťŪŘÍϙîôīϙ͔͏Ϡ͕҇ϠϙĖIJϙÍŪıôIJťĺϙŘ ĖŜŕôťťĺϙÍīϙ͓͘Ϡ͔҇ϙŘôīÍťĖŽĺϙÍīϙ

îÍťĺϙŘĖôŜŕĺŜťĺϙîôīϙ͒͐ϙîĖèôıæŘôϙ͑͏͔͑ϟϙ

xbôīīÍϙŽĺèôϙŕÍŘťôèĖŕÍƏĖĺIJĖϙŘĖôIJťŘÍϙÍIJèēôϙīÍϙŕÍŘťôèĖŕÍƏĖĺIJôϙîôťôIJŪťÍϙĖIJϙ
ŜŜ ĖèŪŘÍƏĖĺIJĖϙ@ôIJôŘÍīĖϙťŘÍıĖťôϙ

aôîĖĺæÍIJèÍϙ ϼŕÍŘĖϙ Íîϙ (ŪŘĺϙ ͖Ϡ͏ϙ ıĖīĖÍŘîĖϽϙ èēôϙ ŘÍŕŕŘôŜôIJťÍϙ ŪIJÍϙ îôīīôϙ ŕŘĖIJè ĖŕÍīĖϙ èĺıŕĺIJôIJťĖϙ îôīϙ

ŕĺŘťÍċĺČīĖĺϙŕÍŘťôèĖŕÍťĖŽĺϙÍèŗŪĖŜĖťĺϙŕôŘϙôċċôťťĺϙîôīϙèĺIJŜĺīĖîÍıôIJťĺϙîĖϙaôîĖĺæÍIJèÍϟϙ

xIϙŽĺīŪıĖϙîĖϙŘÍèèĺīťÍϙîĖŘôťťÍϙîôīϙ@ŘŪŕŕĺϙa„‹ϙÍııĺIJťÍIJĺϙÍϙ(ŪŘĺϙ͕͕͐Ϡ͐ϙıĖīĖÍŘîĖϠ ϙèēôϙŜĖϙèĺIJċŘĺIJťÍIJĺϙ

èĺIJϙ (ŪŘĺϙ ͕͕͐Ϡ͒ϙ ıĖīĖÍŘîĖϙ Íīϙ ͒͐ϙ îĖèôıæŘôϙ ͑͏͔͑ϟϙ ‹ŪīīÍϙ æÍŜôϙ îĖϙ ŗŪÍIJťĺϙ ŘĖŕ ĺ؝͝ĺϙ IJôīϙ ‡ôŜĺèĺIJťĺϙ

IIJťôŘıôîĖĺϙîĖϙ@ôŜťĖĺIJôϙ͑͏͕͑ϠϙĖīϙ@ŘŪŕŕĺϙa„‹ϙŘôČĖŜťŘÍϙÍīϙ͒͐ϙıÍŘƏĺϙ͑͏͕͑ϙ ŪIJϙĖIJîĖèôϙĖıŕĖôČēĖϯŘÍèèĺīťÍϠϙ

èÍīèĺīÍťĺϙ èĺıôϙ ŘÍŕŕĺŘťĺϙ ťŘÍϙ ċĖIJÍIJƏĖÍıôIJťĖϙ ÍīīÍϙ èīĖôIJťôīÍϙ ôϙ ŘÍèèĺīťÍϙ îĖŘôťťÍϠϙ ŕÍŘĖϙ Íī īЍ͗͗Ϡ͐҇Ϡϙ ĖIJϙ

ÍŪıôIJťĺϙŘĖŜŕôťťĺϙÍī īЍ͔͗Ϡ҇͘ϙîĖϙċĖIJôϙ͑͏͔͑ϙ

xIīϙŕÍťŘĖıĺIJĖĺϙIJôťťĺϙîĖϙŕôŘťĖIJôIJƏÍϙîĖϙ a„‹ϙÍııĺIJťÍϙÍϙ(ŪŘĺϙ͑͗ϟ͓͑͒Ϡ͗ϙıĖīĖĺIJ ĖϙÍīϙ͒͐ϙıÍŘƏĺϙ͑͏͕͑ϠϙĖIJϙ

ÍŪıôIJťĺϙîôīϙ͐Ϡ͖҇ϙŘĖŜŕôťťĺϙÍīϙîÍťĺϙîĖϙċĖIJôϙ͑͏͔͑ϟϙ

ϙ

͒ϟ͒ ‹ĖťŪÍƏĖĺIJôϙ(èĺIJĺıĖèÍϙa„‹ϙÍīϙ͒͐ϙıÍŘƏĺϙ͑͏͕͑ϙ

"Ėϙ ŜôČŪĖťĺϙ ŽĖôIJôϙ ŘÍŕŕŘôŜôIJťÍťĺϙ Ėīϙ èĺIJťĺϙ ôèĺIJĺıĖèĺϙ èĺIJŜĺīĖîÍťĺϙ Íīϙ ͒͐ϙ ıÍŘƏĺϙ ͑ ͏͔͑ϙ ôϙ Íīϙ ͒͐ϙ ıÍŘƏĺϙ ͑͏͕͑Ϡϙ

ŗŪôŜťЍŪīťĖıĺϙèĺıŕŘôIJŜĖŽĺ ϙÍIJèēôϙîôīϙèĺIJťŘĖæŪťĺϙîôīϙ@ŘŪŕŕĺϙaôîĖĺæÍIJèÍϡϙ

xIīϙıÍŘČĖIJôϙîĖϙĖIJťôŘôŜŜôϙŘĖŜŪīťÍϙŕÍŘĖϙÍϙ(ŪŘĺϙ͐ϟ͏͕͒ϙıĖīĖĺIJĖϟϙ
īϙIJôťťĺϙîôīϙè ĺIJťŘĖæŪťĺϙŘĖċôŘĖťĺϙÍīϙ@ŘŪŕŕĺϙ

aôîĖĺæÍIJèÍϙϼ(ŪŘĺϙ͓͗͘ϙıĖīĖĺIJĖϽϠϙīЍÍČČŘôČÍťĺϙŜĖϙÍťťôŜťÍϙÍϙ(ŪŘĺϙ͔͓͖ϙıĖīĖĺIJĖϠϙĖIJϙÍŪıô IJťĺϙîôīīĺϙ͏Ϡ͗҇ϙŜŪϙ

æÍŜôϙÍIJIJŪÍϟϙ

x[ôϙèĺııĖŜŜĖĺIJĖϙIJôťťôϙŘĖŜŪīťÍIJĺϙŕÍŘĖϙÍϙ(ŪŘĺϙ͕͐͗ϙıĖīĖĺIJĖϟϙ
īϙIJôťťĺϙîôīϙèĺIJ ťŘĖæŪťĺϙŘĖċôŘĖťĺϙÍīϙ@ŘŪŕŕĺϙ

aôîĖĺæÍIJèÍϙϼ(ŪŘĺϙ͑͏͘ϙıĖīĖĺIJĖϽϠϙīôϙèĺııĖŜŜĖĺIJĖϙIJôťťôϙŜĖϙÍťťôŜťÍIJĺϙÍϙ(ŪŘĺϙ͓͐͏ϙ ıĖīĖĺIJĖϠϙĖIJϙèŘôŜèĖťÍϙŜŪϙ

æÍŜôϙÍIJIJŪÍϙîôīϙ͒Ϡ͏҇ϟϙ

x@īĖϙÍīťŘĖϙŘĖèÍŽĖϙîôīīÍϙČôŜťĖĺIJôϙċĖIJÍIJƏĖÍŘĖÍϙŜĺIJĺϙŘĖŜŪīťÍťĖϙŕÍŘĖϙÍϙ(ŪŘĺϙ͑͗͘ϙıĖīĖĺIJĖϟϙ(Ŝè īŪîôIJîĺϙĖīϙèĺIJťŘĖæŪťĺϙ

ŘĖċôŘĖæĖīôϙÍīϙ@ŘŪŕŕĺϙaôîĖĺæÍIJèÍϠϙČīĖϙÍīťŘĖϙŘĖèÍŽĖϙîôīīÍϙČôŜťĖĺIJôϙċĖIJÍIJƏĖÍŘĖÍϙŜĺIJĺϙŘ ĖŜŪīťÍťĖϙŕÍŘĖϙÍϙ(ŪŘĺϙ͖͔ϙ

ıĖīĖĺIJĖϠϙŘôČĖŜťŘÍIJîĺϙŪIJϙÍŪıôIJťĺϙîôīϙ͐͒Ϡ͐҇ϙϼŕÍŘĖϙÍϙ(ŪŘĺϙ͗Ϡ͖ϙıĖīĖĺIJĖϽϙŘĖŜŕô ťťĺϙÍīϙ͒͐ϙıÍŘƏĺϙ͑͏͔͑ϟϙ“Íīôϙ

ŽĺèôϙĖIJèīŪîôϙÍIJèēôϙĖīϙèĺIJťŘĖæŪťĺϙôèĺIJĺıĖèĺϙîôŘĖŽÍIJťôϙîÍīīÍϙŕÍŘťôèĖŕÍƏĖĺIJô ϙĖIJϙ
ŜŜĖèŪŘÍƏĖĺIJĖϙ@ôIJôŘÍīĖϙ

ϼŕÍŘĖϙÍîϙ(ŪŘĺϙ͐͒͐ϙıĖīĖĺIJĖϽϟϙ

x@īĖϙĺIJôŘĖϙĺŕôŘÍťĖŽĖϙŘĖŜŪīťÍIJĺϙŕÍŘĖϙÍϙ(ŪŘĺϙ͔͗͘ϙıĖīĖĺIJĖϢϙÍīϙIJôťťĺϙîôīīÍϙèĺıŕĺIJô IJťôϙŘĖċôŘĖťÍϙÍīϙ@ŘŪŕŕĺϙ

aôîĖĺæÍIJèÍϠϙČīĖϙĺIJôŘĖϙĺŕôŘÍťĖŽĖϙŜĖϙÍťťôŜťÍIJĺϙÍϙ(ŪŘĺϙ͓͖͒ϙıĖīĖĺIJĖϠϙŜĺŜťÍIJƏĖÍīıôIJťôϙŜťÍæĖī ôϙŘĖŜŕôťťĺϙÍīϙ

͒͐ϙıÍŘƏĺϙ͑͏͔͑ϙϼ͏Ϡ͐҇ϠϙŕÍŘĖϙÍϙ(ŪŘĺϙ͏Ϡ͓ϙıĖīĖĺIJĖϽϟϙIīϙèĺŜťϯĖIJèĺıôϙŘÍťĖĺϠϙèÍīèĺ īÍťĺϙèĺıôϙŘÍŕŕĺŘťĺϙťŘÍϙĺIJôŘĖϙ

ĺŕôŘÍťĖŽĖϙôϙťĺťÍīôϙŘĖèÍŽĖϙÍϙŽÍīôŘôϙŜŪĖϙîÍťĖϙîĖϙæĖīÍIJèĖĺϙŘĖèīÍŜŜĖċĖèÍťĖϠϙîĖèē ĖÍŘÍťĺϙîÍīϙ@ŘŪŕŕĺϙ a„‹ϠϙŜĖϙ

ÍťťôŜťÍϙÍϙ͓͒Ϡ͗҇ϟϙ

xIīϙ èĺŜťĺϙ îôīϙ èŘôîĖťĺϙ Íϙ èīĖôIJťôīÍϙ ŜĖϙ ÍťťôŜťÍϙ Íϙ (ŪŘĺϙ ͔͓͐ϙ ıĖīĖĺIJĖϟϙ (ŜèīŪî ôIJîĺϙ īЍÍŕŕĺŘťĺϙ îôīϙ @ŘŪŕŕĺ ϙ

aôîĖĺæÍIJèÍϠϙĖīϙèĺŜťĺϙîôīϙèŘôîĖťĺϙÍϙèīĖôIJťôīÍϙŜĖϙÍťťôŜťÍϙÍϙ(ŪŘĺϙ͖͐ϙıĖīĖĺIJĖϠϙĖIJϙ ŘĖîŪƏĖĺIJôϙŘĖŜŕôťťĺϙÍĖϙ(ŪŘĺϙ

͐͘ϙıĖīĖĺIJĖϙŘĖīôŽÍťĖϙIJôīīĺϙŜťôŜŜĺϙŕôŘĖĺîĺϙîôīīЍÍIJIJĺϙŕŘôèôîôIJťôϟϙIīϙŘÍŕŕ ĺŘťĺϙťŘÍϙĖīϙèĺŜťĺϙîôīϙèŘôîĖťĺϙÍϙ

èīĖôIJťôīÍϙÍIJIJŪÍīĖƏƏÍťĺϙôϙĖϙċĖIJÍIJƏĖÍıôIJťĖϙÍīīÍϙèīĖôIJťôīÍϙϼèϟîϟϙèĺŜťϙĺċϙŘĖŜħϽϙîĖèēĖÍŘÍťĺϙ îÍīϙ@ŘŪŕŕĺϙa„‹ϙ

ŜĖϙÍťťôŜťÍϙÍϙ͓͑ϙŕŪIJťĖϙæÍŜôϟϙ

xϙIīϙŘĖŜŪīťÍťĺϙĺŕôŘÍťĖŽĺϙIJôťťĺϙÍīϙ͒͐ϙıÍŘƏĺϙ͑͏͕͑ϙāϙŕÍŘĖϙÍϙ(ŪŘĺϙ͓͖͘ϙıĖīĖĺIJ Ėϟϙ
īϙIJôťťĺϙîôīϙèĺIJťŘĖæŪťĺϙŘĖċôŘĖæĖīôϙ

Íīϙ@ŘŪŕŕĺϙaôîĖĺæÍIJèÍϠϙĖīϙŘĖŜŪīťÍťĺϙāϙŕÍŘĖϙÍϙ(ŪŘĺϙ͓͘͏ϙıĖīĖĺIJĖϠϙĖIJϙèŘôŜèĖťÍϙîôīϙ͘Ϡ͔҇ϙŘĖŜŕô ťťĺϙÍīīĺϙŜťôŜŜĺϙ

ŕôŘĖĺîĺϙîôīīЍÍIJIJĺϙŕŘôèôîôIJťôϟ ϙ

xĺIJŜĖîôŘÍIJîĺϙīЍĖıŕÍťťĺϙîôīīôϙĖıŕĺŜťôϙŜŪīϙŘôîîĖťĺϙîĖϙŕôŘĖĺîĺϙîĖϙ(ŪŘĺϙϼ͓͑͘ ϽϙıĖīĖĺIJĖϠϙĖīϙ@ŘŪŕŕĺϙ a„‹ϙ

ŘôČĖŜťŘÍϙŪIJϙŪťĖīôϙîĖϙŕôŘĖĺîĺϙÍIJťôϙ„„
ϙîĖϙŕôŘťĖIJôIJƏÍϙîĖϙa„‹ϙϼ͒͐ϙıÍŘƏĺϙ͑͏ ͕͑ϽϙŕÍŘĖϙÍϙ(ŪŘĺϙ͔͔͗ϙıĖīĖĺIJĖϟϙ

īϙIJôťťĺϙîôīϙèĺIJťŘĖæŪťĺϙŘĖċôŘĖæĖīôϙÍīϙ@ŘŪŕŕĺϙaôîĖĺæÍIJèÍϙϼŕÍŘĖϙÍϙ(ŪŘĺϙ͑͗͏ϙıĖī ĖĺIJĖϽϠϙīЍŪťĖīôϙîĖϙŕôŘĖĺîĺϙ



͐͗ϙīŪČīĖĺϙ͑͏͕͑ϙиϙ IIJťôŜÍϙ‹ÍIJŕÍĺīĺϙ‹ϟŕϟ
ϟϙ ϙ 

   ͔͐            ÍIJťôϙ„„
ϙîĖϙŕôŘťĖIJôIJƏÍϙîĖϙ a„‹ϙÍııĺIJťÍϙÍϙ(ŪŘĺϙ͒͏͔ϙıĖīĖĺIJĖϠϙŘĖŜŕôťťĺϙÍīīЍŪťĖīôϙîĖϙ(ŪŘĺϙ͓͐͒ϙıĖīĖĺIJĖ ϙîôīϙ

ŕŘĖıĺϙťŘĖıôŜťŘôϙ͑͏͔͑ϟϙ

xĺIJŜĖîôŘÍIJîĺϙČīĖϙôċċôťťĖϙIJôťťĖϙîôīīÍϙ„„
ϠϙŕÍŘĖϙÍϙ(ŪŘĺϙϼ͕͓ϽϙıĖīĖĺIJĖϠϙīЍŪťĖīôϙîĖϙŕôŘĖĺîĺϙîĖ ϙŕôŘťĖIJôIJƏÍϙîĖϙ a„‹ϙÍııĺIJťÍϙÍϙ(ŪŘĺϙ͔͑͐ϙıĖīĖĺIJĖϟϙ[ЍŪťĖīôϙÍϙŕôŘĖıôťŘĺϙĺıĺČôIJôĺϙāϙŕÍŘĖϙÍϙ(ŪŘĺϙ͒͏͔ ϙıĖīĖĺIJĖϠ ϙÍϙċŘĺIJťôϙ

îôČīĖϙ(ŪŘĺϙ͓͐͒ϙıĖīĖĺIJĖϙîôīϙŕŘôèôîôIJťôϙôŜôŘèĖƏĖĺϟϙ

ϙ

ϙϙϙ>ĺIJťôϡϙ‡ôŜĺèĺIJťĺϙĖIJťôŘıôîĖĺϙîĖϙČôŜťĖĺIJôϙîôīϙ@ŘŪŕŕĺϙaĺIJťôϙîôĖϙ„ÍŜèēĖϙî Ėϙ‹ĖôIJÍϙÍīϙ͒͐ϙıÍŘƏĺϙ͑͏͕͑ϠϙŕÍČϟϙ͕͒ϙ

ϙ

͒ϟ͓ „ĖÍIJĺϙIIJîŪŜťŘĖÍīôϙ͑͏͕͑ϱ͑͏͒͏ϙîĖϙa„‹ϙ

IϙîÍťĖϙŕŘĺŜŕôťťĖèĖϙîôīϙ„ĖÍIJĺϙIIJîŪŜťŘĖÍīôϙ͑͏͕͑ ϳ͑͏͒͏ϙîĖϙÍIJèÍϙaĺIJťôϙîôĖϙ„ÍŜèēĖϙîĖϙ‹ĖôIJÍϠϙĖīīŪŜťŘÍťĖϙIJôīϙŕŘĺŜĖôČŪĺϠϙ

ŜĺIJĺϙ ŜťÍťĖϙ ÍŕŕŘĺŽÍťĖϙ îÍīϙ ĺIJŜĖČīĖĺϙ îĖϙ
ııĖIJĖŜťŘÍƏĖĺIJôϙ îĖϙ a„‹ϙ ĖIJϙ îÍťÍϙ ͕͑ϙ ċôææŘÍĖĺϙ ͑ ͏͕͑ϙ ôϙ îĖŽŪīČÍťĖϙ ÍīīÍϙ

èĺıŪIJĖťÝϙċĖIJÍIJƏĖÍŘĖÍϙĖIJϙîÍťÍϙ͖͑ϙċôææŘÍĖĺϙ͑͏͕͑ϟϙ

Iīϙ„ĖÍIJĺϙIIJîŪŜťŘĖÍīôϙ͑͏͕͑ ϳ͑͏͒͏ϙċÍϙŜôČŪĖťĺϙÍīϙŕôŘċôƏĖĺIJÍıôIJťĺϙîôīīДĺċċôŘťÍϙŕŪææīĖèÍϙîĖϙÍèŗŪĖŜťĺϙôϙŜè ÍıæĖĺϙ

ŕŘĺıĺŜŜÍϙŜŪϙaôîĖĺæÍIJèÍϠϙèēôϙēÍϙŘôČĖŜťŘÍťĺϙŪIJϙťÍŜŜĺϙîĖϙÍîôŜĖĺIJôϙŕÍŘĖϙÍϙèĖŘèÍϙīД ͕͗Ϡ͒҇ϠϙôϙŘĖċīôťťôϙĖīϙŕôŘĖıôťŘĺϙ

èĺıæĖIJÍťĺϙŘĖŜŪīťÍIJťôϙîÍīīÍϙċŪŜĖĺIJôϙŕôŘϙĖIJèĺŘŕĺŘÍƏĖĺIJôϙîĖϙaôîĖĺæÍIJèÍϙĖIJϙa„‹Ϡϙ ĖIJèĺŘŕĺŘÍIJîĺϙīôϙŜĖIJôŘČĖôϙÍϙ“ÍæôīīÍϟ͘ϟϷϟĺIJťĺϟôèĺIJĺıĖèĺϟèĺIJŜĺīĖîÍťĺϟŘĖèīÍŜŜĖċĖèÍťĺϟîôīϟ@ŘŪŕŕĺϟa„ ‹ϟÍīϟ͖͘ϟıÍŘƏĺϟ͕͗͗͛

͒͐ϯ͒ϯ͑͏͔͑

ĺIJťĺϙôèĺIJĺıĖèĺϙa„‹ϙϼ(˜‡ϙıīIJϽîÍťĺϙèĺIJŜĺīĖîÍťĺϙ

ϼÍϽîĖϙèŪĖϡϙ@ŘŪŕŕĺϙ

aôîĖĺæÍIJèÍϙϼæϽîÍťĺϙèĺIJŜĺīĖîÍťĺϙÍīϙ

IJôťťĺϙîôīϙϙ@ŘŪŕŕĺϙ

aôîĖĺæÍIJèÍϙϼèϽϙѱϙ

ϼÍϽϱϼæϽÍIJťôϙÍèŗŪĖŜĖƏĖĺIJôϙ

@ŘŪŕŕĺϙ

aôîĖĺæÍIJèÍ

aÍŘČĖIJôϙîĖϙĖIJťôŘôŜŜô ͐ϟ͏͔͒Ϡ͗ ͓͗͗Ϡ͕ ͔͓͖Ϡ͑ ͔͓͒Ϡ͏ ĺııĖŜŜĖĺIJĖϙIJôťťô ͕͐͗Ϡ͒ ͑͏͗Ϡ͔ ͓͏͘Ϡ͖ ͖͒͘Ϡ͘ aÍŘČĖIJôϙĖIJťôŘıôîĖÍƏĖĺIJôϙŕŘĖıÍŘĖĺ ͐ϟ͕͔͓Ϡ͐ ͕͖͘Ϡ͐ ͔͕͘Ϡ͘ ͓͘͏Ϡ͘

"ĖŽĖîôIJîĖϠϙŕŘĺŽôIJťĖϙŜĖıĖīĖϙôϙ˜ťĖīĖϙϼ„ôŘîĖťôϽϙîôīīôϙ

ŕÍŘťôèĖŕÍƏĖĺIJĖ͓͕͐Ϡ͒ ͐͒͐Ϡ͏ ͔͐Ϡ͒ ͕͐Ϡ͐

‡ĖŜŪīťÍťĺϙIJôťťĺϙîôīīÍϙIJôČĺƏĖÍƏĖĺIJôϠϙîôīīôϙŽÍīŪťÍƏĖĺIJĖϙÍīϙ

ċÍĖŘϙŽÍīŪôϙîĖϙÍťťĖŽĖťÝϯŕÍŜŜĖŽĖťÝϙôϙîôČīĖϙŪťĖīĖϙîÍϙ

èôŜŜĖĺIJĖϯŘĖÍèŗŪĖŜťĖ͓͐͒Ϡ͕ ͗͒Ϡ͖ ͔͘Ϡ͘ ͓͘Ϡ͕ ‡ĖŜŪīťÍťĺϙIJôťťĺϙîôīīДÍťťĖŽĖťÝϙîĖϙèĺŕôŘťŪŘÍ ϙϼ͏Ϡ͘Ͻ ϙϼ͏Ϡ͕Ͻ ϙϼ͏Ϡ͒Ͻ ͏ Ϡ͔
īťŘĖϙŕŘĺŽôIJťĖϯĺIJôŘĖϙîĖϙČôŜťĖĺIJô ͕͐Ϡ͖ ͓͐Ϡ͏ ͑Ϡ͖ ͏Ϡ͐ “ĺťÍīôϙ‡ĖèÍŽĖ ͐ϟ͔͘͘Ϡ͗ ͔͑͘Ϡ͑ ͐ϟ͏͓͒Ϡ͔ ͐ϟ͏͏͖Ϡ͑ ‹ŕôŜôϙÍııĖIJĖŜťŘÍťĖŽôϡ ϙϼ͖͐͘Ϡ͑Ͻ ϙϼ͔͖͒Ϡ͓Ͻ ϙϼ͓͒͒Ϡ͗Ͻ ϙϼ͓͒͒Ϡ͖Ͻ ÍЃϟŜŕôŜôϟŕôŘϟĖīϟŕôŘŜĺIJÍīô ϟЂ͚͙͗Ϧ͙Ѓ ϟЂ͖͗͛Ϧ͕Ѓ ϟЂ͗͛͘Ϧ͙Ѓ ϟЂ͖͗͘Ϧ͘Ѓ æЃϟÍīťŘôϟŜŕôŜôϟÍııĖIJĖŜťŘÍťĖŽô ϟЂ͙͗͝Ϧ͞Ѓ ϟЂ͖͙͖Ϧ͙Ѓ ϟЂ͖͕͜Ϧ͚Ѓ ϟЂ͖͖͗Ϧ͙ Ѓ

‡ôťťĖċĖèēôϙîĖϙŽÍīĺŘôϙIJôťťôϙŜŪϙÍťťĖŽĖťÝϙıÍťôŘĖÍīĖϙôîϙ

ĖııÍťôŘĖÍīĖϙϼ͕͖Ϡ͔Ͻ ϙϼ͑͗Ϡ͗Ͻ ϙϼ͒͗Ϡ͖Ͻ ϙϼ͒͗Ϡ͓Ͻ iIJôŘĖϙiŕôŘÍťĖŽĖ ϙϼ͔͗͗Ϡ͖Ͻ ϙϼ͕͒͗Ϡ͑Ͻ ϙϼ͓͖͑Ϡ͔Ͻ ϙϼ͓͖͑Ϡ͐Ͻ ‡ĖŜŪīťÍťĺϙiŕôŘÍťĖŽĺϙ[ĺŘîĺ ͐ϟ͐͏͐Ϡ͐ ͔͒͘Ϡ͏ ͔͕͑Ϡ͏ ͔͔͒Ϡ͐ ĺŜťĺϙîôīϙèŘôîĖťĺϙèīĖôIJťôīÍ ϙϼ͔͐͒Ϡ͕Ͻ ϙϼ͗͑Ϡ͖Ͻ ϙϼ͖͏Ϡ͘Ͻ ϙϼ͐͘Ϡ͏Ͻ

‡ôťťĖċĖèēôϙîĖϙŽÍīĺŘôϙîôťôŘĖĺŘÍıôIJťĺϙťĖťĺīĖϙôϙ

ċĖIJÍIJƏĖÍıôIJťĖϙæÍIJèēôϙϼ͏Ϡ͕Ͻ ͏Ϡ͑ ϙϼ͏Ϡ͗Ͻ ͒Ϡ͕ ‡ĖŜŪīťÍťĺϙĺŕôŘÍťĖŽĺϙIJôťťĺ ͓͕͘Ϡ͘ ͓͔͕Ϡ͔ ͓͘͏Ϡ͒ ͓͓͖Ϡ͖
īťŘĖϙÍèèÍIJťĺIJÍıôIJťĖϙIJôťťĖϙÍĖϙċĺIJîĖϙŕôŘϙŘĖŜèēĖϙôϙĺIJôŘĖ ϙϼ͘Ϡ͓Ͻ ϙϼ͒Ϡ͗Ͻ ϙϼ͔Ϡ͕ Ͻ ϙϼ͓͑Ϡ͖Ͻ
īťŘĖϙŪťĖīĖϙϼŕôŘîĖťôϽϙîÍϙŕÍŘťôèĖŕÍƏĖĺIJĖ ϙϼ͒Ϡ͑Ͻ ϙϼ͒Ϡ͑Ͻ ϙϱ ϙϱ iIJôŘĖϙîĖϙĖIJťôČŘÍƏĖĺIJôϙôϙĖIJèôIJťĖŽÍƏĖĺIJĖϙÍīīЍôŜĺîĺ ϙϼ͑͑Ϡ͕Ͻ ϙϼ͐͏Ϡ͗Ͻ ϙϼ͐͐Ϡ͗Ͻ ϙϼ͐͒Ϡ͒Ͻ ‡ĖŜèēĖϙôϙĺIJôŘĖϙèĺIJIJôŜŜĖϙÍϙ‹‡>Ϡϙ"@‹ϙôϙŜèēôıĖϙŜĖıĖīÍŘĖ ϙϼ͐Ϡ͔Ͻ ϙϼ͏Ϡ͘Ͻ ϙϼ͏Ϡ͕Ͻ ϙϱ ÍIJĺIJôϙ"“
ϙϼ͏Ϡ͗Ͻ ϱ ϙϼ͏Ϡ͗Ͻ ϙϼ͓͐Ϡ͓Ͻ

‡ĖŜŪīťÍťĺϙîôīīÍϙŽÍīŪťÍƏĖĺIJôϙÍīϙċÍĖŘϙŽÍīŪôϙîĖϙÍťťĖŽĖťÝϙ

ıÍťôŘĖÍīĖϙôϙĖııÍťôŘĖÍīĖ͑Ϡ͑ ϱ ͑Ϡ͑ ͑Ϡ͏ ˜ťĖīĖϙϼ„ôŘîĖťôϽϙîÍϙèôŜŜĖĺIJôϙîĖϙĖIJŽôŜťĖıôIJťĖ ϙϼ͏Ϡ͑Ͻ ϙϼ͏Ϡ͒Ͻ ͏Ϡ͐ ϙϱ ˜ťĖīôϙϼ„ôŘîĖťÍϽϙîĖϙôŜôŘèĖƏĖĺϙÍīϙīĺŘîĺϙîôīīôϙĖıŕĺŜťô ͐͐͘Ϡ͓ ͓͖͒Ϡ͔ ͓͖ ͒Ϡ͗ ͖͒͘Ϡ͒

IıŕĺŜťôϙŜŪīϙŘôîîĖťĺϙîĖϙôŜôŘèĖƏĖĺ ϙϼ͑͒͘Ϡ͗Ͻ ϙϼ͓͐͑Ϡ͘Ͻ ϙϼ͕͐͗Ϡ͘Ͻ ͔͐Ϡ͗

˜ťĖīôϙϼ„ôŘîĖťÍϽϙÍīϙIJôťťĺϙîôīīôϙĖıŕĺŜťô ͕͖͐Ϡ͕ ͒͐͑Ϡ͕ ͒͏͓Ϡ͘ ͓͐͒Ϡ͐ ˜ťĖīôϙϼ„ôŘîĖťÍϽϙîĖϙôŜôŘèĖƏĖĺ ͕͖͐Ϡ͔ ͒͐͑Ϡ͕ ͒͏͓Ϡ͗ ͓͐͒Ϡ͐ ˜ťĖīôϙϼ„ôŘîĖťÍϽϙîĖϙôŜôŘèĖƏĖĺϙîĖϙŕôŘťĖIJôIJƏÍϙîĖϙťôŘƏĖ ͒͑Ϡ͗ ͒͑Ϡ͗ ϙ ϱ ϙϱ

˜ťĖīôϙϼ„ôŘîĖťÍϽϙîĖϙôŜôŘèĖƏĖĺϙÍIJťôϙ„„
ϙîĖϙŕôŘťĖIJôIJƏÍϙ

îôīīÍϙèÍŕĺČŘŪŕŕĺ͔͓͗Ϡ͖ ͖͑͘Ϡ͗ ͒͏͓Ϡ͗ ͓͐͒Ϡ͐

(ċċôťťĖϙôèĺIJĺıĖèĖϙIJôťťĖϙîôīīÍϙГ„ŪŘèēÍŜôϙ„ŘĖèôϙ

īīĺèÍťĖĺIJГϙϼ͕͒Ϡ͗Ͻ ϙϼ͕͒Ϡ͗Ͻ ϙϱ ϙϱ

˜ťĖīôϙϼ„ôŘîĖťÍϽϙîĖϙôŜôŘèĖƏĖĺϙîĖϙŕôŘťĖIJôIJƏÍϙîôīīÍϙ

èÍŕĺČŘŪŕŕĺ͔͑͏Ϡ͘ ͕͑͐Ϡ͏ ͒͏͓Ϡ͗ ͓͐͒Ϡ͐͒͐ϯ͒ϯ͑͏͕͑ 

͐͗ϙīŪČīĖĺϙ͑͏͕͑ϙиϙ IIJťôŜÍϙ‹ÍIJŕÍĺīĺϙ‹ϟŕϟ
ϟϙ ϙ 

   ͕͐           

ŘôČĖıôϙŜťĖıÍťôϙĖIJϙèĖŘèÍϙ(ŪŘĺϙ͏Ϡ͖ϙıĖīĖÍŘîĖϠϙîĖϙèŪĖϙèĖŘèÍϙ(ŪŘĺϙ͏Ϡ͒ϙıĖīĖÍŘî ĖϙîĖϙŜĖIJôŘČĖôϙîĖϙŘĖèÍŽĺϠϙèĖŘèÍϙ(ŪŘĺϙ͏Ϡ͒ϙ

ıĖīĖÍŘîĖϙîĖϙèĺŜťĺϙôϙèĖŘèÍϙ(ŪŘĺϙ͏Ϡ͐ϙıĖīĖÍŘîĖϙīôČÍťôϙÍīϙċŪIJîĖIJČϟϙ

a„‹ϙēÍϙîôīĖIJôÍťĺϙŪIJϙŕĖÍIJĺϙŜťŘÍťôČĖèĺϙŕôŘϙĖīϙŕôŘĖĺîĺϙ͑͏͕͑ ϳ͑͏͒͏ϙèĺIJϙĺæĖôťťĖŽĖϙîôċĖIJĖťĖϙŕôŘϙŜĖIJČĺīÍϙīĖIJôÍϙîĖϙ

æŪŜĖIJôŜŜ ϠϙèĺıôϙIJôīϙŜôČŪĖťĺϙŘÍŕŕŘôŜôIJťÍťĺϡϙ

x‡ôťÍĖīϟгϟĺııôŘèĖÍīϟÍIJħĖIJČ ϠϙèēôϙŘÍŕŕŘôŜôIJťÍϙĖīϙŕŘĖIJèĖŕÍīôϙıĺťĺŘôϙîĖϙŘôīÍƏĖĺIJôϙôϙîĖϙ ĺŘĖČĖIJÍťĖĺIJ ϙîôīϙ

@ŘŪŕŕĺϙa„‹ϙôϙèĺIJťŘĖæŪĖŜèôϙŕôŘϙèĖŘèÍϙĖīϙ͑҇͘ϙîôĖϙŘĖèÍŽĖϙèĺıŕīôŜŜĖŽĖϠϙ ŜŽĖīŪŕŕÍϙīÍϙŕŘĺŕŘĖÍϙŜťŘÍťôČĖÍϙ

īŪIJČĺϙ Ėīϙ èĺIJŜĺīĖîÍıôIJťĺϙ IJôīϙ èŘôîĖťĺϙ ĖŕĺťôèÍŘĖĺϙ ôϙ IJôīīÍϙæÍIJèÍŜŜĖèŪŘÍƏĖĺIJôϠ ϙ Ėīϙ ŘÍċċĺŘƏÍıôIJťĺϙ îôīīÍϙ ŜŕôèĖÍīťƅϟċĖIJÍIJèô ϙôϙîôĖϙŽôŘťĖèÍīĖϙŜťŘÍťôČĖèĖϙôϙĖīϙŕĺťôIJƏĖÍıôIJťĺϙîôīīôϙèÍŕÍèĖťÝϙîĖČĖťÍīĖϠϙċÍèôIJ îĺϙīôŽÍϙŜŪϙ

ŪIJÍϙŕĖÍťťÍċĺŘıÍϙîĺıôŜťĖèÍϙîĖϙŜèÍīÍϟϙ

xĺIJŜŪıôŘϟ>ĖIJÍIJèô ϠϙèēôϙċÍϙīôŽÍϙŜŪϙĺıŕÍŜŜϙôϙèĺIJťŘĖæŪĖŜèôϙŕôŘϙèĖŘèÍϙĖīϙ͐҇͘ϙîôĖϙ ŘĖèÍŽĖϙèĺıŕīôŜŜĖŽĖϠϙ ŕŪIJťÍϙÍīīĺϙŜŽĖīŪŕŕĺϙîôīϙ èŘĺŜŜϷŜôīīĖIJČ ϙèĺIJϙīÍϙŘôťôϙèĺııôŘèĖÍīôϙîôīϙ@ŘŪŕŕĺϠϙÍīϙèĺIJŜĺīĖîÍıôIJťĺϙîĖϙŪIJϙ ŪIJĖèĺϙ èôIJťŘĺϙ îĖϙ èĺıŕôťôIJƏÍϙ ôϙ ÍīīÍϙ ŜèÍīÍæĖīĖťÝϙ ĖIJťôŘIJÍƏĖĺIJÍīôϙ îôīϙ ıĺîôīīĺϙ ĖIJϙ ŜôīôƏĖĺIJÍťĖϙ ıôŘèÍťĖϙ

ôŪŘĺŕôĖϟϙ

x
ŜŜôťϟ @ÍťēôŘĖIJČϟ гϟ ®ôÍīťēϟ aÍIJÍČôıôIJť Ϡϙ èēôϙ ĖIJťôČŘÍϙ īôϙ èĺıŕôťôIJƏôϙ îĖϙ ®ĖîĖæÍϙ ôϙ „ŘôıĖôŘϙ ôϙ èĺIJťŘĖæŪĖŜèôϙ ŕôŘϙ èĖŘèÍϙ Ėīϙ ͑͐҇ϙ îôĖϙ ŘĖèÍŽĖϙ èĺıŕīôŜŜĖŽĖϠϙ ıĖŘÍϙ ÍīīÍϙ èŘôŜèĖť Íϙ îôīīôϙ ıÍŜŜôϙ ôϙ îôĖϙ ŘĖèÍŽĖϙ

ŘĖèĺŘŘôIJťĖϙÍťťŘÍŽôŘŜĺϙīДĖIJťôČŘÍƏĖĺIJôϙîôīīôϙŘôťĖϙîĖϙèĺIJŜŪīôIJťĖϠϙĖīϙŘÍċċĺŘƏ ÍıôIJťĺϙîôĖϙıĺîôīīĖϙîĖϙŜôŘŽĖƏĖĺϙŕôŘϙ

īÍϙèīĖôIJťôīÍϙ ÍċċīŪôIJť ϙôϙŪŕŕôŘϟÍċċīŪôIJť ϙôϙīДÍıŕīĖÍıôIJťĺϙîôīīДĺċċôŘťÍϙîĖϙŕŘĺîĺťťĺϟϙ x„ŘĖŽÍťôϟ ÍIJħĖIJČ Ϡϙ ŕĺŜĖƏĖĺIJÍťĺϙ èĺıôϙ ċŘÍIJèēĖŜô ϙ îĖϙŕŘĖŽÍťôϟ ĖIJŽôŜťıôIJťϟ æÍIJħĖIJČ ϙ ŜŪϙ ŜèÍīÍϙ ôϙ èĺIJϙ ŪIJϙ èĺIJťŘĖæŪťĺϙ ŕÍŘĖϙ Íϙ èĖŘèÍϙ Ėīϙ ҇͘ϙ îôĖϙ ŘĖèÍŽĖϙ èĺıŕīôŜŜĖŽĖϠϙ ŕôŘŜôČŪôϙ īДôŜŕ ÍIJŜĖĺIJôϙ îôīīôϙ ŜĺīŪƏĖĺIJĖϙ îĖϙ ĖIJŽôŜťĖıôIJťĺϙôϙîĖϙèŘôîĖťĺϠϙīÍϙŜèÍīÍæĖīĖťÝϙîôīīДÍèèôŜŜĺϙÍĖϙ ŕŘĖŽÍťôϟıÍŘħôťŜ ϙôϙīĺϙŜŽĖīŪŕŕĺϙĖIJťôŘIJÍƏĖĺIJÍīôϠϙ

èĺIJϙŪIJϙıĖƄϙîĖϙŘĖèÍŽĖϙŕŘĺČŘôŜŜĖŽÍıôIJťôϙĺŘĖôIJťÍťĺϙÍīīÍϙèĺıŕĺIJôIJťôϙèĺııĖŜŜĖĺIJÍīôϟϙ

xĺŘŕĺŘÍťôϟгϟIIJŽôŜťıôIJťϟÍIJħĖIJČ ϠϙČŪĖîÍťĺϙîÍīīД ÍîŽĖŜĺŘƅϟ ôϙèĺIJϙŪIJϙèĺIJťŘĖæŪťĺϙŕÍŘĖϙÍϙèĖŘèÍϙĖīϙ͓͐҇ϙîôĖϙ ŘĖèÍŽĖϙ èĺıŕīôŜŜĖŽĖϠϙ èĺIJϙ īЍĺæĖôťťĖŽĺϙ îĖ ϙ èĺIJŜĺīĖîÍŘôϙ īÍϙ īôÍîôŘŜēĖŕ ϙ IJôīϙ ıôŘèÍťĺϙ ĖťÍīĖÍIJĺϙ îôīīДaЭ
ϙ ôϙ

ÍèèôīôŘÍŘôϙīÍϙèŘôŜèĖťÍϙĖIJťôŘIJÍƏĖĺIJÍīôϠϙŜôèĺIJîĺϙŪIJϙıĺîôīīĺϙÍîϙôīôŽÍťÍϙ ĖIJťôIJŜĖťÝϙèĺııĖŜŜĖĺIJÍīôϙôϙÍϙ

èĺIJťôIJŪťĺϙÍŜŜĺŘæĖıôIJťĺϙîĖϙèÍŕĖťÍīôϟϙ

x„ŘĖIJèĖŕÍīϟ IIJŽôŜťĖIJČ Ϡϙ èēôϙ èĺIJťŘĖæŪĖŜèôϙ ŕôŘϙ èĖŘèÍϙ īД͗҇ϙ îôĖϙ ŘĖèÍŽĖϙ èĺıŕīôŜŜĖŽĖϠϙ ŘÍŕŕŘôŜô IJťÍϙ ŪIJϙ

èĺIJťŘĖæŪťĺŘôϙîĖϙŪťĖīĖϙîĖŽôŘŜĖċĖèÍťĺϙôϙIJĺIJϙèĺŘŘôīÍťĺϠϙŘĖèĺIJîŪèĖæĖīôϙŕŘĖIJè ĖŕÍīıôIJťôϙÍīīÍϙŕÍŘťôèĖŕÍƏĖĺIJôϙ

ŕÍŘĖϙÍϙèĖŘèÍϙĖīϙ͐͒҇ϙĖIJϙ
ŜŜĖèŪŘÍƏĖĺIJĖϙ@ôIJôŘÍīĖϟϙ

"Ėϙ ŜôČŪĖťĺϙ ŽôIJČĺIJĺϙ ŘÍŕŕŘôŜôIJťÍťôϙ īôϙ ŕŘĖIJèĖŕÍīĖϙ ČŘÍIJîôƏƏôϙ ôèĺIJĺıĖèĺϱŕÍťŘĖıĺIJ ĖÍīĖϙ ôϙ Ėϙ ŕŘĖIJèĖŕÍīĖϙ ĺæĖôťťĖŽĖϙ

ċĖIJÍIJƏĖÍŘĖϙôϙŕÍťŘĖıĺIJĖÍīĖϙÍťťôŜĖϙîĖϙa„‹ϠϙèĺŜĞϙèĺıôϙŘÍŕŕŘôŜôIJťÍťĖϙIJôīϙ„ĖÍIJĺϙIIJîŪŜťŘ ĖÍīôϙ͑͏͕͑ϱ͑͏͒͏ϙîĖϙa„‹Ϡϙ

æÍŜÍťĺϙŜŪīīÍϙŜĖťŪÍƏĖĺIJôϠϙīÍϙèĺıŕĺŜĖƏĖĺIJôϙôϙīÍϙŜťŘŪťťŪŘÍϙîôīϙ@ŘŪŕŕĺϙa„‹ϙ ŘĖIJŽôIJĖôIJťĖϙîÍīīôϙŪīťĖıôϙĖIJċĺŘıÍƏĖĺIJĖϙ

ŕŪææīĖèÍıôIJťôϙ îĖŜŕĺIJĖæĖīĖϙ ôϙ IJĺIJϙ ŘĖċīôťťĺIJĺϙ ČīĖϙ ôŽôIJťŪÍīĖϙ ôċċôťťĖϙ îôŘĖŽÍIJťĖϙ îÍϙ ĺŕô ŘÍƏĖĺIJĖϙ îĖϙ ŘĖĺŘČÍIJĖƏƏÍƏĖĺIJôϙ

ŜĺèĖôťÍŘĖÍϙŕŘĺŜŕôťťÍťôϙıÍϙIJĺIJϙÍIJèĺŘÍϙŕôŘċôƏĖĺIJÍťôϙÍīīÍϙıôîôŜĖıÍϙîÍťÍϡϙϙ



͐͗ϙīŪČīĖĺϙ͑͏͕͑ϙиϙ IIJťôŜÍϙ‹ÍIJŕÍĺīĺϙ‹ϟŕϟ
ϟϙ ϙ 

   ͖͐            ϙ ϙϙϙ>ĺIJťôϡϙ „ĖÍIJĺϙ IIJîŪŜťŘĖÍīôϙ ŕŪææīĖèÍťĺϙ Íīϙ ıôŘèÍťĺϙ îÍīīЍ(ıĖťťôIJťôϙ ĖIJϙ îÍťÍϙ ͑ ͖ϙ ċôææŘÍĖĺϙ ͑͏͕͑Ϡϙ îôIJĺıĖIJÍťĺϙ Њ >Řĺıϟ "ôôŕϟ ‡ĺĺťŜϟ “ĺϟ bôſϟ

>ŘĺIJťĖôŘŜϧϟ
ϟ[ôÍîĖIJČϟĺıŕôťĖťĖŽôϟ>ĺŘèôϟĖIJϟÍIJħĖIJČ ЋϠϙŕÍČϟϙ͔͑ϱ͕͘ϙ

Iϙ îÍťĖϙ ŕŘĺŜŕôťťĖèĖϙ îôīϙ „ĖÍIJĺϙ IIJîŪŜťŘĖÍīôϙ ͑͏͕͑ ϳ͑͏͒͏ϙ ŘÍŕŕŘôŜôIJťÍIJĺϠϙ ÍīīÍϙ îÍťÍϙ îôīīÍϙ ŕŘôŜôIJťôϙ ‡ôīÍƏĖĺIJôϠϙ īôϙ

ĖIJċĺŘıÍƏĖĺIJĖϙ ŕŘĺŜŕôťťĖèēôϙ ŕĖŰϙ ŘôèôIJťĖϙ ŕŪææīĖèÍıôIJťôϙ îĖŜŕĺIJĖæĖīĖϠϙ èĺıŪIJĖèÍťôϙ îÍϙ a„‹ϙ Íī īÍϙ èĺıŪIJĖťÝϙ

ċĖIJÍIJƏĖÍŘĖÍϟϙ

 ϙ 

͐͗ϙīŪČīĖĺϙ͑͏͕͑ϙиϙ IIJťôŜÍϙ‹ÍIJŕÍĺīĺϙ‹ϟŕϟ
ϟϙ ϙ 

   ͐͗           

͓ϟ„‡IbI„Iϙ"Iϙ‡I>(‡Ia(b“iϙ„(‡ϙ[
ϙ«
[˜“
¾Iib(ϙ

ĺIJϙŘĖċôŘĖıôIJťĺϙÍīīôϙċĖIJÍīĖťÝϙîôīīÍϙ«ÍīŪťÍƏĖĺIJôϠϙāϙIJôèôŜŜÍŘĖĺϙŕŘôıôťťôŘô ϙèēôϙĖϙıôťĺîĖϙîĖϙŽÍīŪťÍƏĖĺIJôϙŜŽĖīŪŕŕÍťĖϙ

îÍīīÍϙîĺťťŘĖIJÍϙôϙîÍīīÍϙŕŘÍŜŜĖϙŕŘĺċôŜŜĖĺIJÍīôϙîôŽĺIJĺϙôŜŜôŘôϙĖIJťôŜĖϙŗŪÍīĖϙŜ ťŘŪıôIJťĖϙÍIJÍīĖťĖèĖϙŽĺīťĖϙÍîϙĖIJîĖŽĖîŪÍŘôϠϙ

ŕôŘϙĺČIJĖϙŜŕôèĖċĖèÍϙŜĖťŪÍƏĖĺIJôϠϙČīĖϙôīôıôIJťĖϙŘÍƏĖĺIJÍīĖϙîĖϙŽÍīŪťÍƏĖĺIJôϙŪťĖīĖƏƏÍæ ĖīĖϙôϠϙŗŪĖIJîĖϠϙĖīϙŽÍīĺŘôϙÍƏĖôIJîÍīôϙīĺŘĺϙ

èĺIJIJôŜŜĺϟϙ iČIJĖϙ ıôťĺîĺīĺČĖÍϙ ıôČīĖĺϙ ŜĖϙ ÍîÍťťÍϙ ÍīīÍϙ ŽÍīŪťÍƏĖĺIJôϙ îĖϙ ŪIJÍϙ ĺϙ îĖϙ ÍīèŪIJôϙ ŜŕôèĖċĖèēôϙ ċÍťťĖŜŕôèĖôϠϙ

ıôIJťŘôϙŕŪŅϙIJĺIJϙċĺŘIJĖŘôϙŪIJϙŽÍīĖîĺϙÍŕŕŘôƏƏÍıôIJťĺϙîĖϙÍƏĖôIJîôϙèĺIJϙŪIJÍϙŜťŘŪ ťťŪŘÍϙôèĺIJĺıĖèĺϱċĖIJÍIJƏĖÍŘĖÍϙîĖŽôŘŜÍϙ

ĺϙèĺIJϙÍťťĖŽĖťÝϙèÍŘÍťťôŘĖŜťĖèÍϙîĖċċôŘôIJťôϟϙϙ

[ÍϙŜèôīťÍϙîôĖϙèŘĖťôŘĖϙîĖϙŽÍīŪťÍƏĖĺIJôϙŕĖŰϙÍŕŕŘĺŕŘĖÍťĖϙŕôŘϙČĖŪIJČôŘôϙÍīīÍϙŜťĖıÍϙî ôīϙŽÍīĺŘôϙîЍÍƏĖôIJîÍϙĺϙîĖϙŪIJϙŜŪĺϙ

ŘÍıĺϙ āϙ ċĺIJîÍťÍϙ ŜŪīīÍϙ èĺIJŜĖîôŘÍƏĖĺIJôϙ èēôϙ ČīĖϙ ôīôıôIJťĖϙ îĖϙ ŽÍīŪťÍƏĖĺIJôϙ îĖŜŕĺIJĖæĖīĖϠ ϙ ŜĖÍIJĺϙ ôŜŜĖϙ îĖϙ IJÍťŪŘÍϙ

ŗŪÍIJťĖťÍťĖŽÍϙĺϙŗŪÍīĖťÍťĖŽÍϠϙîôææÍIJĺϙôŜŜôŘôϙŜèôīťĖϙĖIJϙċŪIJƏĖĺIJôϙîôīīôϙŜŕ ôèĖċĖèēôϙèÍŘÍťťôŘĖŜťĖèēôϙîôīīДĖıŕŘôŜÍϙôϙ

îôīϙŜŪĺϙīĖŽôīīĺϙîĖϙĺŕôŘÍťĖŽĖťÝϟϙ

IīϙŕŘĺèôŜŜĺϙ îĖϙ ŽÍīŪťÍƏĖĺIJôϙċĺŘIJĖŜèôϙîŪIJŗŪôϙ ŪIJϙŽÍīĺŘôϙîĖϙ ŘĖċôŘĖıôIJťĺϙťôĺŘĖè ĺϙ îЍÍƏĖôIJîÍϙ ĺϙ îĖϙ ŪIJϙ ŘÍıĺϙ îôīīÍϙ

ŜťôŜŜÍϟϙIīϙŽÍīĺŘôϙîĖϙŜèÍıæĖĺϠϙĺϙŕŘôƏƏĺϙîĖϙŪIJϙŕÍèèēôťťĺϙÍƏĖĺIJÍŘĖĺϠϙîĖŕôIJ îôϙ ĖIJŽôèôϙŜĖÍϙîÍϙŜťĖıôϙôèĺIJĺıĖèĺϱ

ċĖIJÍIJƏĖÍŘĖôϙîĖϙŽÍīĺŘĖϙĖIJťŘĖIJŜôèĖϠϙèēôϙèĺŜťĖťŪĖŜèĺIJĺϙĺČČôťťĺϙîôīīÍϙŕŘôŜôIJťôϙÍIJÍīĖŜĖϠϙŜĖÍϙîÍϙ ŽÍīŪťÍƏĖĺIJĖϙŜĺČČôťťĖŽôϙ

îôīīôϙŕÍŘťĖϙĖIJťôŘôŜŜÍťôϠϙîÍīīÍϙīĺŘĺϙċĺŘƏÍϙèĺIJťŘÍťťŪÍīôϙĺϙîÍϙīĺŘĺϙŕÍŘťĖèĺīÍŘĖϙÍťťôŜôϙôîϙĖIJťô ŘôŜŜĖϟϙ

[Íϙ ŕŘôŜôIJťôϙ «ÍīŪťÍƏĖĺIJôϠϙ ĖŜŕĖŘÍťÍϙ Íīϙ ŕŘĖIJèĖŕĖĺϙ îôīīÍϙ ŕŘŪîôIJƏÍϠϙ ŕŪŅϙ ôŜŜ ôŘôϙ ĖIJċīŪôIJƏÍťÍϙ îÍϙ èĺIJŜĖîôŘÍƏĖĺIJĖϙ

ŜĺČČôťťĖŽôϙīĖıĖťÍťÍıôIJťôϙÍīīÍϙŜèôīťÍϙîĖϙÍīèŪIJĖϙŕÍŘÍıôťŘĖϙťôèIJĖèĖϠϙıôIJťŘôϙIJĺIJϙē ÍϙèĺIJŜĖîôŘÍťĺϙċÍťťĺŘĖϙÍŽôIJťĖϙ

èÍŘÍťťôŘôϙIJôČĺƏĖÍīôϠϙŗŪÍīĖϙŕŘôıĖϙîĖϙèĺIJťŘĺīīĺϙôϙŕŘôıĖϙŜťŘÍťôČĖèĖ ŘĖèĺIJĺŜèĖŪťĖϙîÍīīЍiċċôŘôIJťô ϟϙϙ «Íϙ ŘĖīôŽÍťĺϙ èēôϙ ċÍťťĺŘĖϙ îĖϙ èÍŘÍťťôŘôϙ ŜťŘÍťôČĖèĺϙ ĺϙ IJôČĺƏĖÍīôϙ îĖċċĖèĖīıôIJťôϙ ŕĺŜŜĺIJĺϠϙ ŕôŘϙ īĺŘĺϙ IJÍťŪŘÍϠϙ ôŜŜôŘôϙ ŗŪÍIJťĖċĖèÍťĖϙťôèIJĖèÍıôIJťôϙĖIJϙŪIJϙŕŘĺèôîĖıôIJťĺϙîĖϙŽÍīŪťÍƏĖĺIJôϙŕŘĺċôŜŜĖĺIJÍīôϙîЍÍƏĖôIJîÍϙĺϙîĖϙ ŘÍıĺϙ îЍÍƏĖôIJîÍϟ ϙ bôīīÍϙ «ÍīŪťÍƏĖĺIJôϙ ŜĺIJĺϙ ŜťÍťĖϙ ŜôČŪĖťĖϙ Ėϙ ŕŘĖIJèĖŕĖϙ ČôIJôŘÍīĖϙ èēôϙ îôŽĺIJĺϙ ĖŜŕĖŘÍŘôϙ īô ϙ ŽÍīŪťÍƏĖĺIJĖϙ ŜŽĺīťôϙ ÍĖϙ ŜôIJŜĖϙ

îôīīЍÍŘťϟϙ͑ ͓͒͒ϷťôŘϙîôīϙĺîĖèôϙĖŽĖīôϡϙ

xIJôīīЍÍıæĖťĺϙ îôīīÍϙ ŽÍīŪťÍƏĖĺIJôϙ îôīīЍĺČČôťťĺϙ îôīϙ ĺIJċôŘĖıôIJťĺ Ϡϙ īЍôŜŕôŘťĺϙ îôŽôϙ ŪŜÍŘôϙ īÍϙ îĺŽŪťÍϙ ŕŘŪîôIJƏÍϢϙè ĖŅϙÍϙıĺťĖŽĺϙîôīīÍϙċĖIJÍīĖťÝϙèÍŪťôīÍťĖŽÍϙîĖϙťÍīôϙŽÍīŪťÍƏĖĺIJôϠϙĖŜŕĖŘÍťÍϙÍīīÍϙťŪťôīÍϙîôīīЍĖIJ ťôČŘĖťÝϙ

îôīϙèÍŕĖťÍīôϙîôīīÍϙèĺIJċôŘĖťÍŘĖÍϢϙ

xŕôŘϙċĺŘıŪīÍŘôϙĖīϙŕŘĺŕŘĖĺϙČĖŪîĖƏĖĺϙîĖϙŜĖIJťôŜĖϠϙ īЍôŜŕôŘťĺ ϙŕŪŅϙèĺIJċŘĺIJťÍŘôϙīôϙŘĖŜŪīťÍIJƏôϙ îôīīЍÍîĺƏĖĺIJôϙîôīϙ ıôťĺîĺϙ ŕŘôŜèôīťĺϙ ϼŕŘĖIJèĖŕÍīôϽϠϙ èĺIJϙ ŗŪôīīôϙ îôŘĖŽÍIJťĖϙ îÍīīЍĖıŕĖôČĺ ϙ îĖϙ ÍīťŘĖϙ ıôťĺîĖϙ ϼÍèèôŜŜĺŘĖϙ ĺϙ îĖϙ

èĺIJċŘĺIJťĺϽϟϙ„ôŘÍīťŘĺϠϙŜĖϙŘĖťĖôIJôϙèēôϙīÍϙèĺıŕĺŜĖƏĖĺIJôϙĺϙıôîĖÍƏĖĺIJôϙîôĖϙŘĖŜŪīťÍť ĖϙîôŘĖŽÍťĖϙîÍīīЍÍîĺƏĖĺIJôϙ

îĖϙ ŕĖŰϙ ıôťĺîĖϙ ŜĖÍϙ îÍϙ ôŽĖťÍŘôϙ ĺŽôϙ ŗŪôŜťÍϙ îĖÍϙ īŪĺČĺϙ Íîϙ ĖIJèĺôŘôIJƏôϙ ĺϙ îŪŕīĖèÍƏĖĺIJ Ėϙ 厎ôŘĺϙ Ŝôϙ ŘĖŜŪīťĖϙ

ĖIJĺŕŕĺŘťŪIJÍϙIJôīϙèÍŜĺϙĖIJϙôŜÍıôϟϙ

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͐͗ϙīŪČīĖĺϙ͑͏͕͑ϙиϙ IIJťôŜÍϙ‹ÍIJŕÍĺīĺϙ‹ϟŕϟ
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„ôŘϙīÍϙŜôīôƏĖĺIJôϙîôīīôϙıôťĺîĺīĺČĖôϙŜĖϙāϙċÍťťĺϙŘĖèĺŘŜĺϙÍîϙŪIJЍÍIJÍīĖŜĖϙÍīīÍŘČÍťÍϙîôī īôϙıôťĺîĺīĺČĖôϙŕĺťôIJƏĖÍīıôIJťôϙ

ŪťĖīĖƏƏÍæĖīĖϙĖIJϙŗŪôŜťĺϙèĺIJťôŜťĺϟϙ"ÍīīЍôīôIJèĺϙČôIJôŘÍīôϙîĖϙŜôČŪĖťĺϙôŜŕĺŜťĺϙ ŜĖϙāϙŕĺĖϙŕŘĺèôîŪťĺϙÍϙĖIJîĖŽĖîŪÍŘôϙŗŪôīīôϙ

ŘĖťôIJŪťôϙŕĖŰϙÍîôČŪÍťôϙIJôīϙèÍŜĺϙĖIJϙôŜÍıôϟϙ

Iϙ ıôťĺîĖϙ ŕĖŰϙ ċŘôŗŪôIJťôıôIJťôϙ ŜŪČČôŘĖťĖϙ îÍīīÍϙ îĺťťŘĖIJÍϠϙ ŗŪÍīĖϙ ŕŪIJťĺϙ îĖϙ ŘĖċôŘĖıôIJ ťĺϙ ŕôŘϙ īЍÍIJÍīĖŜĖϙ ŽÍīŪťÍťĖŽÍϠϙ

ŕĺŜŜĺIJĺϙôŜŜôŘôϙŜŪîîĖŽĖŜĖϙĖIJϙıôťĺîĖϙÍIJÍīĖťĖèĖϙôϙıôťĺîĖϙϙôıŕĖŘĖèĖϟϙ

IϙıôťĺîĖϙÍIJÍīĖťĖèĖϙċĺŘIJĖŜèĺIJĺϙŪIJÍϙŜťĖıÍϙîôīϙŽÍīĺŘôϙîĖϙŪIJЍÍƏĖôIJîÍϙŜŪīīÍϙæÍŜôϙî ôĖϙŜŪĺĖϙċĺIJîÍıôIJťÍīĖϙÍťťŪÍīĖϙôϙ

ŕŘĺŜŕôťťĖèĖϙôϙŜĺIJĺϙÍîÍťťĖϙÍϙŜťĖıÍŘôϙĖīϙŽÍīĺŘôϙĖIJťŘĖIJŜôèĺϙîĖϙŪIJЍÍƏĖôIJîÍϟϙ ϙ

IϙıôťĺîĖϙ ôıŕĖŘĖèĖϙ ϼĺϙîĖϙ ıôŘèÍťĺϽ ϠϙĖIJŽôèôϠϙÍťťŘÍŽôŘŜĺϙīЍŪťĖīĖƏƏĺϙ îĖϙ ÍŕŕĺŜĖťĖϙıŪīťĖŕīĖϠϙèĺIJċŘĺIJ ťÍIJĺϙ ĖīϙŕŘôƏƏĺϙ îĖϙ

ıôŘèÍťĺϙèĺIJϙÍīèŪIJôϙČŘÍIJîôƏƏôϙċĺIJîÍıôIJťÍīĖϠϙèĺıôϙĖīϙċÍťťŪŘÍťĺϙôϙĖīϙŘĖŜŪīťÍťĺϙĺŕô ŘÍťĖŽĺϠϙîĖϙŪIJϙèÍıŕĖĺIJôϙîĖϙ

ŜĺèĖôťÝϙèĺıŕÍŘÍæĖīĖϙèĺIJϙŗŪôīīÍϙĺČČôťťĺϙîĖϙŽÍīŪťÍƏĖĺIJôϟϙ

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͔ϟ͐ ŘĖťôŘĖϙÍIJÍīĖťĖèĖϙ

IīϙŕŘĺèôŜŜĺϙîĖϙŽÍīŪťÍƏĖĺIJôϙîЍÍƏĖôIJîÍϙĺϙîĖϙŪIJϙŜŪĺϙ ŘÍıĺϙèĺıŕĺŘťÍϙīДÍIJÍīĖŜĖϙôϙīÍϙŽÍīŪťÍƏĖĺIJôϙîôīϙŜŪĺϙŕÍťŘĖıĺIJĖĺϠϙ

ċĺŘıÍťĺϙ îÍϙ æôIJĖϙ ôϙ ŘÍŕŕĺŘťĖϙ ÍťťĖŽĖϙ ôϙ ŕÍŜŜĖŽĖϠϙ IJĺIJèēõϙ îôīīÍϙ ŜŪÍϙ ŕĺŜĖƏĖĺIJôϙ ċĖIJÍIJƏĖÍŘĖ ÍϠϙ îôīīÍϙ ŜŪÍϙ èÍŕÍèĖťÝϙ îĖϙ ŘôîîĖťĺϠϙ îôīīÍϙ ŜŪÍϙ èÍŕÍèĖťÝϙ îĖϙ ČôIJôŘÍŘôϙ ċīŪŜŜĖϙ ċĖIJÍIJƏĖÍŘĖϠϙ îôīīÍϙ ŗŪÍīĖťÝϙ îô īīДĺŘČÍIJĖƏƏÍƏĖĺIJôϙ ôϙ îôīīôϙ ŘĖŜĺŘŜôϙ

ŪıÍIJôϠϙIJĺIJèēõϙîôīīôϙèĺIJîĖƏĖĺIJĖϙîôīϙıôŘèÍťĺϙôϙîôīīÍϙŕĺŜĖƏĖĺIJôϙèĺıŕôťĖťĖŽÍϙîôīīДÍƏ ĖôIJîÍϟϙ

IIJϙŘôīÍƏĖĺIJôϙÍϙŗŪÍIJťĺϙŜĺŕŘÍϠϙĖϙîĖŽôŘŜĖϙıôťĺîĖϙÍIJÍīĖťĖèĖϙîĖϙŽÍīŪťÍƏĖĺIJôϙôīÍæĺŘÍťĖϙĖIJ ϙîĺťťŘĖIJÍϙôϙÍî坝͝ĖϙIJôīīÍϙŕŘÍŜŜĖϙ

ŕŘôıĖÍIJĺϙÍīťôŘIJÍťĖŽÍıôIJťôϙĖīϙèĺIJťôIJŪťĺϙċĖIJÍIJƏĖÍŘĖĺϠϙŘôîîĖťŪÍīôϙĺϙŕÍťŘĖıĺIJĖÍīôϙîôīīД ÍƏĖôIJîÍϟϙ“ÍīĖϙıôťĺîĖϙŜĖϙ

îĖŜťĖIJČŪĺIJĺϙĖIJϡϙċĖIJÍIJƏĖÍŘĖϯŘôîîĖťŪÍīĖϠϙŕÍťŘĖıĺIJĖÍīĖϙôϙıĖŜťĖϟϙ

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aôťĺîĖϙċĖIJÍIJƏĖÍŘĖϯŘôîîĖťŪÍīĖϙ

IϙıôťĺîĖϙċĖIJÍIJƏĖÍŘĖϯŘôîîĖťŪÍīĖϙŜĖϙæÍŜÍIJĺϙŜŪīīДÍŜŜŪIJťĺϙèēôϙŪIJДĖıŕŘôŜÍϙĖIJϙċŪIJƏĖĺIJÍıôIJťĺϙŜĖÍϙŪIJϙĖIJ ŽôŜťĖıôIJťĺϙĖIJϙ

Íťťĺϙ ôϙ èēôϠϙ ŕôŘťÍIJťĺϠϙ īÍϙ îôċĖIJĖƏĖĺIJôϙ îôīϙ ŽÍīĺŘôϙ îĖϙ ŪIJϙ èĺıŕīôŜŜĺϙ ÍƏĖôIJî Íīôϙ ŜĖÍϙ îôċĖIJĖæĖīôϙ èĺıôϙ ŪIJϙ èÍŜĺϙ

ŕÍŘťĖèĺīÍŘôϙîôīīДÍIJÍīĖŜĖϙôèĺIJĺıĖèÍϙîôČīĖϙĖIJŽôŜťĖıôIJťĖϟϙ‹ôèĺIJîĺϙťÍīĖϙıôťĺîĖϠϙ ĖīϙŽÍīĺŘôϙîĖϙŪIJЍÍƏĖôIJîÍϙāϙŕÍŘĖϙÍīϙ

ŽÍīĺŘôϙîôĖϙċīŪŜŜĖϙıĺIJôťÍŘĖϯŘôîîĖťŪÍīĖϙèĺıŕīôŜŜĖŽĖϙîĖŜŕĺIJĖæĖīĖϠϙÍťťŪÍīĖƏƏÍťĖϙ ÍŕŕīĖèÍIJîĺϙŪIJϙťÍŜŜĺϙŕÍŘĖϙÍīϙèĺŜťĺϙ

ıôîĖĺϙŕĺIJîôŘÍťĺϙîôīϙèÍŕĖťÍīôϙĺϙèĺŜťĺϙîôīϙèÍŕĖťÍīôϠϙèēôϙ ŘĖċīôťťôϙĖīϙČŘÍîĺϙîĖϙŘĖŜèēĖĺϙîôīīЍĖIJŽôŜťĖıôIJťĺϟ ϙ ϙ

aôťĺîĖϙŕÍťŘĖıĺIJĖÍīĖϙ

ĺIJϙĖϙıôťĺîĖϙŕÍťŘĖıĺIJĖÍīĖϙĖīϙŽÍīĺŘôϙŜèÍťŪŘĖŜèôϙîÍīīÍϙèĺIJťŘÍŕŕĺŜĖƏĖĺIJôϙîôīīôϙÍťť ĖŽĖťÝϠϙĺŕŕĺŘťŪIJÍıôIJťôϙŽÍīŪťÍťôϠϙ

ôϙîôīīôϙŕÍŜŜĖŽĖťÝϙŜŪīīôϙŗŪÍīĖϙŽĖôIJôϙôŜŕŘôŜŜĺϙŪIJϙČĖŪîĖƏĖĺϙîĖϙèĺIJČŘŪĖťÝϟϙ[Íϙ ŽÍīŪťÍƏĖĺIJôϙîôīīôϙÍťťĖŽĖťÝϙŕŪŅϙÍŽŽôIJĖŘôϙ

èĺIJϙ îĖŽôŘŜĖϙ ŕŘĺèôîĖıôIJťĖϠϙ ŜôèĺIJîĺϙ īÍϙ ťĖŕĺīĺČĖÍϙ îôĖϙ æôIJĖϙ îĖϙ èŪĖϙ ŜĖϙ ťŘÍťťÍϠϙ î ôīϙ ŜôťťĺŘôϙ îĖϙ ÍŕŕÍŘťôIJôIJƏÍϙ

îôīīДÍƏĖôIJîÍϙôϙîôīīôϙèÍŘÍťťôŘĖŜťĖèēôϙťĖŕĖèēôϙîôīīДÍƏĖôIJîÍϙŜťôŜŜÍϟϙ

˜IJЍôŽĺīŪƏĖĺIJôϙîôīϙıôťĺîĺϙŕÍťŘĖıĺIJĖÍīôϙāϙŘÍŕŕŘôŜôIJťÍťÍϙîÍīϙ ıôťĺîĺϙŕÍťŘĖıĺIJĖÍīôϙèĺıŕīôŜŜĺϠϙèēôϙĺīťŘôϙÍĖϙ

æôIJĖϙ ıÍťôŘĖÍīĖϙ îôīīЍÍƏĖôIJîÍϠϙ IJôϙ èĺIJŜĖîôŘÍϙ ÍIJèēôϙ ŗŪôīīĖϙ ĖııÍťôŘĖÍīĖϙ ϼèĺIJťÍæĖīĖƏƏ ÍťĖϙôϙ IJĺIJϽϡϙ Ėϙ èĺŜĖîîôťťĖϙ ĖIJťÍIJČĖæīô ϟϙ†ŪôŜťÍϙèÍťôČĺŘĖÍϙîĖϙæôIJĖϙŜťÍϙÍŜŜŪıôIJîĺϙŪIJϙŘŪĺīĺϙŜôıŕŘôϙŕĖŰϙŕŘôîĺıĖIJÍIJťôϙIJ ôīīÍϙîôťôŘıĖIJÍƏĖĺIJôϙ îôīϙ ŽÍIJťÍČČĖĺϙ èĺıŕôťĖťĖŽĺϙ îĖϙ ŪIJЍ ÍƏĖôIJîÍϙ ôϙ ŗŪĖIJîĖϙ îôīϙ ŜŪĺϙ ŽÍīĺŘôϟϙ bôīϙ ŜôťťĺŘôϙ æÍIJèÍŘĖĺϙ ôϙ ċĖIJÍIJƏĖÍŘĖĺϠϙ ťÍīĖϙ

ĖIJťÍIJČĖæĖīĖϙŽôIJČĺIJĺϙŘĖċôŘĖťĖϠϙÍîϙôŜôıŕĖĺϠϙÍīīÍϙŘÍèèĺīťÍϙîĖŘôťťÍϙôϙĖIJîĖŘôťťÍϠϙÍīīÍϙèÍŕ ÍèĖťÝϙèĺııôŘèĖÍīôϙîôīīÍϙŘôťôϠϙ

IJŪıôŘĺϙîĖϙŜŕĺŘťôīīĖϟϙ

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͐͗ϙīŪČīĖĺϙ͑͏͕͑ϙиϙ IIJťôŜÍϙ‹ÍIJŕÍĺīĺϙ‹ϟŕϟ
ϟϙ ϙ 

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aôťĺîĖϙıĖŜťĖϙ

IϙıôťĺîĖϙıĖŜťĖϙèĺıæĖIJÍIJĺϙīôϙèÍŘÍťťôŘĖŜťĖèēôϙîôĖϙıôťĺîĖϙŕÍťŘĖıĺIJĖÍīĖϙôϙŘôîîĖťŪÍīĖϟϙ

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͔ϟ͑ ŘĖťôŘĖϙîĖϙıôŘèÍťĺϙ

IϙıôťĺîĖϙîĖϙŽÍīŪťÍƏĖĺIJôϙîĖϙıôŘèÍťĺϙŜĺIJĺϙæÍŜÍťĖϙŜŪīīЍÍIJîÍıôIJťĺϙîôĖϙıôŘèÍťĖϙċĖIJÍIJƏĖÍŘĖϠϙ ŜŪĖϙČĖŪîĖƏĖϙîĖϙŽÍīĺŘôϙèēôϙ

ôŜŜĖϙĖıŕīĖèĖťÍıôIJťôϙôŜŕŘĖıĺIJĺϙôϙŜŪĖϙŕŘôƏƏĖϙîĖϙĺŕôŘÍƏĖĺIJĖϙîĖϙÍèŗŪĖŜĖƏĖĺIJôϙÍŽ ŽôIJŪťôϙŕôŘϙÍƏĖôIJîôϙîôīϙıôîôŜĖıĺϙ

ŜôťťĺŘôϟϙ“ÍīĖϙıôťĺîĖϙŜĖϙæÍŜÍIJĺϙŜŪīϙèĺIJċŘĺIJťĺϙťŘÍϙīôϙèÍŘÍťťôŘĖŜťĖèēôϙŜťŘŪťťŪŘÍīĖϠ ϙċĖIJÍIJƏĖÍŘĖôϙôϙŘôîîĖťŪÍīĖϙîôīīÍϙ

ŜĺèĖôťÝϙ ĺČČôťťĺϙ îôīīÍϙ ŽÍīŪťÍƏĖĺIJôϙ ôϙ īôϙ ÍIJÍīĺČēôϙ èÍŘÍťťôŘĖŜťĖèēôϙ îĖϙ ŪIJϙ èÍıŕĖĺIJôϙ îĖϙ Ŝ ĺèĖôťÝϙ èĺIJŜĖîôŘÍťôϙ

èĺıŕÍŘÍæĖīĖϠϙŕôŘϙīôϙŗŪÍīĖϙŜĖϙîĖŜŕĺIJČÍϙîĖϙIJĺťĖƏĖôϙôîϙĖIJċĺŘıÍƏĖĺIJĖϙŜŪċċĖèĖôIJťĖϟϙ

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aôťĺîĺϙîôīīôϙŗŪĺťÍƏĖĺIJĖϙîĖϙæĺŘŜÍϙ

IīϙıôťĺîĺϙîôīīôϙŗŪĺťÍƏĖĺIJĖϙîĖϙæĺŘŜÍϙôŜŕŘĖıôϙĖīϙŽÍīĺŘôϙîЍÍƏĖôIJîÍϙŜŪīī ÍϙæÍŜôϙîôīīÍϙèÍŕĖťÍīĖƏƏÍƏĖĺIJôϙîôĖϙťĖťĺīĖϙ

IJôČĺƏĖÍťĖϙ ŜŪīϙ ıôŘèÍťĺϙ æĺŘŜĖŜťĖèĺϟϙ [ЍÍťťôIJîĖæĖīĖťÝϙ îôĖϙ ŘĖŜŪīťÍťĖϙ ĺťťôIJŪťĖϙ îÍϙ ťÍīôϙ ıôťĺ îĺīĺČĖÍϙ îĖŕôIJîôϙ

ôŜŜôIJƏĖÍīıôIJťôϙîÍīϙŕôŘĖĺîĺϙîĖϙĺŜŜôŘŽÍƏĖĺIJôϙîôĖϙŕŘôƏƏĖϠϙĖIJϙŗŪÍIJťĺϙĺŘĖƏƏĺIJ ťĖϙťôıŕĺŘÍīĖϙŜŪċċĖèĖôIJťôıôIJťôϙôŜťôŜĖϙ

èĺIJŜôIJťĺIJĺϙîĖϙîôŕŪŘÍŘôϙĖϙèĺŘŜĖϙîÍϙôŽôIJťŪÍīĖϙċÍťťĺŘĖϙŜŕôèŪīÍťĖŽĖϙÍťťĖIJôIJ ťĖϙÍīϙťĖťĺīĺϙĺČČôťťĺϙîĖϙŽÍīŪťÍƏĖĺIJôϙĺϙîÍϙ

èĺIJČĖŪIJťŪŘôϙîĖϙıôŘèÍťĺϙèĺIJťŘÍîîĖŜťĖIJťôϙîÍϙôīôŽÍťôϙċīŪťťŪÍƏĖĺIJĖϟϙ

IīϙıôťĺîĺϙîôīīôϙŗŪĺťÍƏĖĺIJĖϙîĖϙæĺŘŜÍϠϙÍIJÍīĺČÍıôIJťôϙÍīϙıôťĺîĺϙîôĖϙıŪīťĖŕīĖϙèÍīèĺīÍťĖϙŜ ŪĖϙŕŘôƏƏĖϙîĖϙæĺŘŜÍϠϙIJĺIJϙ

ĖIJèīŪîôϙŕŘôıĖϙŜťŘÍťôČĖèĖϙîĖϙèĺIJťŘĺīīĺϙôϙIJôČĺƏĖÍīĖϠϙċÍťťĺŘĖϙŕôŘϙîôċĖIJĖƏĖĺIJôϙIJĺIJϙĖIJèĺŘŕĺŘÍťĖϙIJ ôīϙŕŘôƏƏĺϙîĖϙæĺŘŜÍϟϙϙ

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aôťĺîĺϙîôĖϙťÍŘČôťϙŕŘĖèôϙ

Iīϙ ıôťĺîĺϙ îôĖϙ ťÍŘČôťϙ ŕŘĖèôϙ ôŜŕŘĖıôϙ ĖīϙŽÍīĺŘôϙîЍÍƏĖôIJîÍϙ ŜŪīīÍϙ æÍŜôϙ îôĖϙ ŕŘôƏƏĖϙ ťÍŘČôťϙ ċĺŘıŪīÍťĖϙ îÍČīĖϙ ÍIJÍīĖŜťĖϙ ċĖIJÍIJƏĖÍŘĖϙ èēôϙ èĺŕŘĺIJĺϙ Ėīϙ ťĖťĺīĺϠϙ ŘÍŕŕŘôŜôIJťÍťĖŽĖϙ îôīīôϙ ÍŜŕôťťÍťĖŽôϙ îĖϙ ıôŘèÍťĺϙ ĖIJϙ ıôŘĖťĺϙ ÍīīЍôŽĺīŪƏĖĺIJôϙ

ŕŘĺŜŕôťťĖèÍϙôèĺIJĺıĖèĺϱŕÍťŘĖıĺIJĖÍīôϙîôīīÍϙŜĺèĖôťÝϟϙ“ÍīôϙıôťĺîĺīĺČĖÍϙèĺIJŜôIJťôϙîĖϙĖIJè ĺŘŕĺŘÍŘôϙIJôīīôϙÍIJÍīĖŜĖϙ

ŽÍīŪťÍťĖŽôϙ īôϙ ôŽĖîôIJƏôϙ îôŜŪıĖæĖīĖϙ îÍīīôϙ ŜťĖıôϙ îĖϙ èĺIJŜôIJŜŪŜ Ϡϙ ČôIJôŘÍīıôIJťôϙ ôīÍæĺŘÍťôϙ ŜŪīīÍϙ æÍŜôϙ îĖϙ

ĖIJċĺŘıÍƏĖĺIJĖϙŕŪææīĖèÍıôIJťôϙîĖŜŕĺIJĖæĖīĖϠϙŕĖÍIJĖϙĖIJîŪŜťŘĖÍīĖϠϙŘĖŜŪīťÍťĖϙŜťĺŘĖèĖϙôϙŕŘĺŜŕôťťĖèĖϠ ϙIJĺIJèēõϙîôĖϙŕŘĖIJèĖŕÍīĖϙ

ŕÍŘÍıôťŘĖϙîĖϙıôŘèÍťĺϙŘĖīôŽÍIJťĖϟϙ

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aôťĺîĺϙîôĖϙıŪīťĖŕīĖϙîĖϙıôŘèÍťĺϙ

IīϙıôťĺîĺϙŽÍīŪ ťÍϙīЍÍƏĖôIJîÍϙèĺIJϙŘĖċôŘĖıôIJťĺ ϙÍϙŽÍīĺŘĖϙîĖϙıôŘèÍťĺϙŘĖīôŽÍæĖīĖϙÍťťŘÍŽôŘŜĺϙīЍÍIJÍīĖŜĖϙîĖϙĺŕôŘÍƏĖĺIJĖϙîĖϙ

èĺıŕŘÍŽôIJîĖťÍϙÍƏĖĺIJÍŘĖÍϙĺϙŘôīÍťĖŽĖϙÍîϙÍƏĖôIJîôϙèĺıŕÍŘÍæĖīĖϟϙ

iæĖôťťĖŽĺϙ îĖϙ ťÍīôϙ ıôťĺîĺīĺČĖÍϙ āϙ Ėīϙ èĺIJċŘĺIJťĺϙ ċŘÍϙ īЍÍƏĖôIJîÍϙ îÍϙ ŽÍīŪťÍŘôϙ ôϙ ÍƏĖôIJîôϙ èĺıŕÍŘÍæĖīĖϙ îôīīĺϙ ŜťôŜŜĺϙ

ŜôťťĺŘôϠϙèôŘèÍIJîĺϙîĖϙŜťÍæĖīĖŘôϠϙĖIJϙŘÍŕŕĺŘťĺϙÍīϙČŘÍîĺϙîĖϙèĺıŕÍŘÍæĖīĖťÝϙîôīīЍ ÍƏĖôIJîÍϙŽÍīŪťÍťÍϙèĺIJϙĖīϙèÍıŕĖĺIJôϙîĖϙ

ŘĖċôŘĖıôIJťĺϠϙŕÍŘÍıôťŘĖϙŘÍČĖĺIJôŽĺīıôIJťôϙ ŪťĖīĖƏƏÍæĖīĖϙŕôŘϙīЍÍƏĖôIJîÍϙĺČČôťťĺϙîĖϙŽÍīŪťÍƏĖĺIJôϟ ϙ
ϙťÍīϙċĖIJôϠϙĖīϙŕŘôƏƏĺϙ ŕÍČÍťĺϙ ŕôŘϙ Ėīϙ ťŘÍŜċôŘĖıôIJťĺϙ îĖϙ ŕÍŘťôèĖŕÍƏĖĺIJĖϙ ôϙ Ėīϙ ŕŘôƏƏĺϙ îĖϙ æĺŘŜÍϙ îĖϙ ÍƏĖĺ IJĖϙ îôīīôϙ ŜĺèĖôťÝϙ èĺıŕÍŘÍæĖīĖϙ

ϼèÍŕĖťÍīĖƏƏÍƏĖĺIJôϙîĖϙæĺŘŜÍϽϙŽôIJČĺIJĺϙŘÍŕŕĺ؝͝ĖϙÍϙČŘÍIJîôƏƏôϙŜĖČIJĖċĖèÍťĖŽôϙîôīīЍ ÍťťĖŽĖťÝϙîôīīôϙŜťôŜŜôϠϙĺťťôIJôIJîĺϙ

ŪIJϙÍıæĖťĺϙîĖϙĖIJîĖèÍťĺŘĖϙîÍϙÍŕŕīĖèÍŘôϙÍīīôϙıôîôŜĖıôϙČŘÍIJîôƏƏôϙŘĖċôŘĖťôϙÍīīЍÍƏĖô IJîÍϙĺČČôťťĺϙîĖϙŽÍīŪťÍƏĖĺIJôϟϙIIJϙ

ČôIJôŘôϠϙČīĖϙĖIJîĖèÍťĺŘĖϙŕĖŰϙċŘôŗŪôIJťôıôIJťôϙÍŕŕīĖèÍťĖϙŜĺIJĺϙĖϙŘÍŕŕĺŘťĖϙ„ŘôƏƏĺϙϯ ϙ˜ťĖīôϠϙ„ŘôƏƏĺϙϯϙ„ÍťŘĖıĺIJĖĺϙIJôťťĺϠϙ

«ÍīĺŘôϙîЍÍƏĖôIJîÍ ϙϯϙ>ÍťťŪŘÍťĺϠϙ«ÍīĺŘôϙîЍÍƏĖôIJîÍ ϙϯϙ(I“"
Ϡϙ«ÍīĺŘôϙîЍÍƏĖôIJîÍ ϙϯϙ(I“ϟϙ

ϙ ϙ ϙ 

͐͗ϙīŪČīĖĺϙ͑͏͕͑ϙиϙ IIJťôŜÍϙ‹ÍIJŕÍĺīĺϙ‹ϟŕϟ
ϟϙ ϙ 

   ͑͐           

aôťĺîĺϙîôĖϙıŪīťĖŕīĖϙîĖϙťŘÍIJŜÍƏĖĺIJĖϙèĺıŕÍŘÍæĖīĖϙ

IīϙıôťĺîĺϙîôĖϙıŪīťĖŕīĖϙîĖϙťŘÍIJŜÍƏĖĺIJĖϙèĺıŕÍŘÍæĖīĖϙôŜŕŘĖıôϙĖīϙŘÍŕŕĺŘťĺϙťŘÍϙ ŽÍīĺŘĖϙĖıŕīĖèĖťĖϙĖIJϙŪIJЍĺŕôŘÍƏĖĺIJôϙîĖϙ

ÍèŗŪĖŜĖƏĖĺIJôϙôϙČŘÍIJîôƏƏôϙôèĺIJĺıĖèĺϱŕÍťŘĖıĺIJĖÍīĖϙ îĖϙŪIJÍϙŜĺèĖôťÝϟϙ[ЍŪťĖīĖƏƏĺϙîĖϙťÍīôϙıôťĺîĺīĺČĖÍϙŕôŘıôťťôϙîĖϙ

ŜťĖıÍŘôϙ Ėīϙ ŽÍīĺŘôϙ îĖϙ ŪIJÍϙ ŜĺèĖôťÝϙ ŕŘôIJîôIJîĺϙ èĺıôϙ ŘĖċôŘĖıôIJťĺϙ ĺŕôŘÍƏĖĺIJĖϙ î Ėϙ ÍèŗŪĖŜĖƏĖĺIJôϙ îĖϙ ŜĺèĖôťÝϙ èĺIJϙ

èÍŘÍťťôŘĖŜťĖèēôϙ ÍIJÍīĺČēôϙ Íϙ ŗŪôīīÍϙ ĺČČôťťĺϙ îĖϙ ŽÍīŪťÍƏĖĺIJôϟϙ Iϙ ıŪīťĖŕīĖϙ ĺťťôIJŪťĖϙ IJôīϙ è ÍıŕĖĺIJôϙ îĖϙ ťŘÍIJŜÍƏĖĺIJĖϙ

èĺıŕÍŘÍæĖīĖϙ ŽôIJČĺIJĺϙ ÍŕŕīĖèÍťĖϙ ÍīīÍϙ ŜĺèĖôťÝϙ îÍϙ ŽÍīŪťÍŘôϟϙ
IJèēôϙ ĖIJϙ ŗŪôŜťĺϙ èÍŜĺϠϙ ČīĖ ϙ ĖIJîĖèÍťĺŘĖϙ ŕĖŰϙ ċŘôŗŪôIJťôıôIJťôϙ ÍŕŕīĖèÍťĖϙ ŜĺIJĺϙ Ėϙ ŘÍŕŕĺŘťĖϙ „ŘôƏƏĺϙ ϯϙ ˜ťĖīôϠϙ „ŘôƏƏĺϙ ϯϙ „ÍťŘĖıĺIJĖĺϙ IJôťťĺϠϙ «ÍīĺŘôϙ îЍÍƏĖôIJîÍϙ ϯϙ

>ÍťťŪŘÍťĺϠϙ «ÍīĺŘôϙîЍÍƏĖôIJîÍϙϯϙ(I“"
Ϡϙ«ÍīĺŘôϙîЍÍƏĖôIJîÍϙϯϙ(I“ϟ ϙ

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͐͗ϙīŪČīĖĺϙ͑͏͕͑ϙиϙ IIJťôŜÍϙ‹ÍIJŕÍĺīĺϙ‹ϟŕϟ
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͕ϟ‹([“
ϙ"([ϙa(“i"iϙ"Iϙ«
[˜“
¾Iib(ϙ(ϙib‹I"(‡
¾IibIϙ‹˜[[(ϙ
‡
““(‡I‹“IF(ϙ

‹„(I>IF(ϙ"([ϙib>(‡Ia(b“iϙ

IIJϙČôIJôŘÍīôϠϙīÍϙŜèôīťÍϙîôĖϙèŘĖťôŘĖϙîĖϙŽÍīŪťÍƏĖĺIJôϙŕôŘϙČĖŪIJČôŘôϙÍīīÍϙŜťĖıÍϙ îôīϙŽÍīĺŘôϙîЍÍƏĖôIJîÍϙāϙċĺIJîÍťÍϙŜŪīīÍϙ

èĺIJŜĖîôŘÍƏĖĺIJôϙèēôϙČīĖϙôīôıôIJťĖϙîĖϙŽÍīŪťÍƏĖĺIJôϙîĖŜŕĺIJĖæĖīĖϠϙŜĖÍIJĺϙôŜŜĖϙîĖϙIJÍťŪ ŘÍϙŗŪÍIJťĖťÍťĖŽÍϙĺϙŗŪÍīĖťÍťĖŽÍϠϙ

îôææÍIJĺϙôŜŜôŘôϙŜèôīťĖϙĖIJϙċŪIJƏĖĺIJôϙîôīīôϙŜŕôèĖċĖèēôϙèÍŘÍťťôŘĖŜťĖèēôϙ îôīīЍĖıŕŘôŜÍ ϙôϙîôīϙŜŪĺϙīĖŽôīīĺϙîĖϙĺŕôŘÍťĖŽĖťÝϟϙ [ÍϙŜèôīťÍϙîôĖϙèŘĖťôŘĖϙŕĖŰϙÍŕŕŘĺŕŘĖÍťĖϙŕôŘϙīÍϙŽÍīŪťÍƏĖĺIJôϙîôīīôϙÍƏĖĺIJĖϙa„‹ϙ āϙŜťÍťÍϙČŪĖîÍťÍϙŕôŘťÍIJťĺϙîÍīīЍÍIJÍīĖŜĖϡ ϙ

xîôīīÍϙċĖIJÍīĖťÝϙîôīϙĺIJċôŘĖıôIJťĺϢϙ

xîôīīôϙèÍŘÍťťôŘĖŜťĖèēôϙŕÍťŘĖıĺIJĖÍīĖϙôϙĺŕôŘÍťĖŽôϙîôīīЍ(ıĖťťôIJťôϠϙŗŪÍīôϙĖIJťôŘıôîĖÍŘĖĺϙæ ÍIJèÍŘĖĺϙŗŪĺťÍťĺϢ ϙ

xîôīīÍϙèÍŕÍèĖťÝϙîôĖϙîĖŽôŘŜĖϙıôťĺîĖϙîĖϙÍŕŕŘôƏƏÍŘôϙīôϙīôŽôϙîĖϙèŘôÍƏĖĺIJ ôϙîĖϙŽÍīĺŘôϙŕŘĺŕŘĖôϙîĖϙŪIJЍĖıŕŘôŜÍϙ

æÍIJèÍŘĖÍϟϙ

“ôIJŪťĺϙèĺIJťĺϙîĖϙŗŪÍIJťĺϙŕŘôèôîôϠϙîôīīÍϙIJÍťŪŘÍϙîôīīЍ(ıĖťťôIJťôϙŗŪÍīôϙæ ÍIJèÍϙŗŪĺťÍťÍϙôϙîôīīÍϙîĖŜŕĺIJĖæĖīĖťÝϙîĖϙ

ĖIJċĺŘıÍťĖŽÍϙ ŕŪææīĖèÍϠϙ ÍææĖÍıĺϙ ŜŽĖīŪŕŕÍťĺϙ ŪIJϙ ČĖŪîĖƏĖĺϙ îĖϙ ŽÍīŪťÍƏĖĺIJôϙ ťŘÍıĖťôϙ ŪIJÍϙ ŕī ŪŘÍīĖťÝϙ îĖϙ ıôťĺîĖϠϙ

èĺıŪIJôıôIJťôϙÍî坝͝ĖϙIJôīīÍϙŕŘÍŜŜĖϙŕŘĺċôŜŜĖĺIJÍīôϙôϙîÍīīÍϙıĖČīĖĺŘôϙîĺťťŘĖIJÍ ϙŕôŘϙīÍϙŽÍīŪťÍƏĖĺIJôϙîĖϙĖIJťôŘıôîĖÍŘĖϙ

æÍIJèÍŘĖϙŗŪĺťÍťĖϙôϙîĺťÍťĖϙîĖϙèĺIJŜĺīĖîÍťôϙæÍŜĖϙîĺťťŘĖIJÍīĖϟϙIIJϙŕÍŘťĖèĺīÍŘôϠϙŜĺIJĺϙŜťÍťĖϙèĺIJŜĖîôŘÍťĖϡϙ

xĖīϙıôťĺîĺϙîôīīôϙŗŪĺťÍƏĖĺIJĖϙîĖϙĺŘŜÍϢϙ

xĖīϙıôťĺîĺϙîôĖϙ“ÍŘČôťϙ„ŘĖèôϢϙ

xĖīϙ ıôťĺîĺϙ îôīϙ "ĖŽĖîôIJîϙ "ĖŜèĺŪIJťϙ aĺîôīϙ ϼЊ""a ЋϽϠϙ IJôīīÍϙ ŽÍŘĖÍIJťôϙ îôīīЍ ôƄèôŜŜϙ èÍŕĖťÍīϙ ϼЊ(ƄèôŜŜ ϙ

ÍŕĖťÍī ЋϽϢϙ

xĖīϙıôťĺîĺϙîôĖϙıŪīťĖŕīĖϙîĖϙĺŘŜÍϟϙ

IϙıôťĺîĖϙÍî坝͝ĖϙIJĺIJϙîôŽĺIJĺϙôŜŜôŘôϙÍIJÍīĖƏƏÍťĖϙŜĖIJČĺīÍŘıôIJťôϠϙæôIJŜĞϙèĺIJŜĖîôŘ ÍťĖϙèĺıôϙŕÍŘťôϙĖIJŜèĖIJîĖæĖīôϙîĖϙ

ŪIJϙŕŘĺèôŜŜĺϙîĖϙŽÍīŪťÍƏĖĺIJôϙŪIJĖèĺϠϙèĺIJèĺŘŘôIJîĺϙèĖÍŜèŪIJĺϠϙèĺIJϙŕÍŘĖϙîĖČIJĖťÝϠϙÍīīÍϙ ċĺŘıÍƏĖĺIJôϙîôīϙČĖŪîĖƏĖĺϙîĖϙ

ŜĖIJťôŜĖϙŜŪīϙŽÍīĺŘôϙîôīīôϙ
ƏĖĺIJĖϙ îôīīЍ(ıĖťťôIJťôϟ ϙ [Íϙ«ÍīŪťÍƏĖĺIJôϙôċċôťťŪÍťÍϙŜôèĺIJîĺϙĖϙıôťĺîĖϙŜĺŕŘÍϙôīôIJèÍťĖϙāϙŜťÍťÍϙŜŽĺīťÍϙĖIJϙĺť ťĖèÍϙŜťÍIJîϷÍīĺIJô ϠϙŜôIJƏÍϙŗŪĖIJîĖϙ

èĺIJŜĖîôŘÍŘôϙôŽôIJťŪÍīĖϙŜĖIJôŘČĖôϙĖIJîŪŜťŘĖÍīĖϠϙèĺııôŘèĖÍīĖϠϙċĖIJÍIJƏĖÍŘĖôϠϙċĖŜèÍīĖϠϙèĺIJťÍæĖ īĖϙĺϙŘôČĺīÍıôIJťÍŘĖϙÍŜŜŪIJťôϙ

îÍīīЍiċċôŘôIJťô ϟϙIIJĺīťŘôϠϙ īЍĖIJîĖŽĖîŪÍƏĖĺIJôϙîôīϙŽÍīĺŘôϙāϙŜťÍťÍϙôċċôťťŪÍťÍϙĖIJϙĺťťĖèÍϙôƄ ϱîĖŽĖîôIJîϠϙ厎ôŘĺϙôŜèīŪîôIJîĺϙ ĖīϙŽÍīĺŘôϙŘôīÍťĖŽĺϙÍīϙîĖŽĖîôIJîĺϙîĖϙ(ŪŘĺϙ͑Ϡ͕ϙıĖīĖÍŘîĖϙŕÍČÍťĺϙ îÍīīЍ(ıĖťťôIJťôϙĖIJϙîÍťÍϙ ͑͏ϙıÍČČĖĺϙ͑͏͕͑ϟϙ ϙ

͕ϟ͐ IīϙıôťĺîĺϙîôīīôϙŗŪĺťÍƏĖĺIJĖϙîĖϙĺŘŜÍϙ

IīϙıôťĺîĺϙîôīīôϙŗŪĺťÍƏĖĺIJĖϙîĖϙĺŘŜÍϙŪťĖīĖƏƏÍϙĖϙŕŘôƏƏĖϙîĖϙıôŘèÍťĺϙôϙīÍϙèÍŕĖť ÍīĖƏƏÍƏĖĺIJôϙîĖϙĺŘŜÍϙŗŪÍīĖϙĖIJċĺŘıÍƏĖĺIJĖϙ

ŘĖīôŽÍIJťĖϙŕôŘϙīÍϙŜťĖıÍϙîôīϙŽÍīĺŘôϙôŗŪĺϙîĖϙŪIJÍϙŜĺèĖôťÝϙŗŪĺťÍťÍϠϙŘĖċôŘôIJîĺŜĖϙ ÍĖϙèĺŘŜĖϙÍƏĖĺIJÍŘĖϙŘôČĖŜťŘÍťĖϙĖIJϙĖIJťôŘŽÍīīĖϙ

ťôıŕĺŘÍīĖϙČĖŪîĖèÍťĖϙŜĖČIJĖċĖèÍťĖŽĖϠϙIJôīīДÍŜŜŪIJťĺϙèēôϙŜŪŜŜĖŜťÍϙŪIJÍϙŘôīÍƏĖĺ IJôϙèÍŘÍťťôŘĖƏƏÍťÍϙîÍϙŪIJϙôīôŽÍťĺϙČŘÍîĺϙîĖϙ

ŜĖČIJĖċĖèÍťĖŽĖťÝϙťŘÍϙĖϙŕŘôƏƏĖϙôŜŕŘôŜŜĖϙîÍīϙıôŘèÍťĺϙŕôŘϙīôϙÍƏĖĺIJĖϙîôīīÍϙŜĺèĖôťÝϙôϙĖī ϙŽÍīĺŘôϙôèĺIJĺıĖèĺϙîôīīôϙŜťôŜŜôϟϙ

‹ôèĺIJîĺϙťÍīôϙıôťĺîĺϠϙĖϙèĺŘŜĖϙîĖϙĺŘŜÍϙîĖϙťĖťĺīĖϙÍƏĖĺIJÍŘĖϙīĖŗŪĖîĖϙIJôČĺƏĖÍťĖϙĖIJϙıôŘèÍťĖϙ ôċċĖèĖôIJťĖϙèĺŜťĖťŪĖŜèĺIJĺϙŪIJϙ

ĖIJîĖèÍťĺŘôϙÍċċĖîÍæĖīôϙîôīϙŽÍīĺŘôϙîĖϙŪIJÍϙŜĺèĖôťÝϠϙĖIJϙŗŪÍIJťĺϙťôIJîĺIJĺϙÍϙŘĖċīôťťôŘô ϙťŪťťôϙīôϙĖIJċĺŘıÍƏĖĺIJĖϙŕŪææīĖèēôϙ

îĖŜŕĺIJĖæĖīĖϡϙĖīϙīĖŽôīīĺϙîôīīôϙŗŪĺťÍƏĖĺIJĖϙŜĖIJťôťĖƏƏÍϙĖIJċÍťťĖϙīДôŜĖťĺϙîĖϙŪIJϙè ĺIJťĖIJŪĺϙŕŘĺèôŜŜĺϙîĖϙIJôČĺƏĖÍƏĖĺIJôϙťŘÍϙČīĖϙ

ĺŕôŘÍťĺŘĖϙ îĖϙ ıôŘèÍťĺϠϙ èēôϙ ĖIJèĺŘŕĺŘÍϙ īôϙ ŘĖŜŕôťťĖŽôϙ ŽÍīŪťÍƏĖĺIJĖϙ ĖIJϙ ıôŘĖťĺϙ ÍĖϙ ŕŘĺċĖī Ėϙ îĖϙ ŘôîîĖťĖŽĖťÝϠϙ ŜĺīĖîĖťÝϙ

ŕÍťŘĖıĺIJĖÍīôϠϙŘĖŜèēĖĺŜĖťÝϙôϙèŘôŜèĖťÍϙŕŘĺŜŕôťťĖèÍϙîôīīÍϙŜĺèĖôťÝϟϙIϙèĺŘŜĖϙÍƏĖĺIJ ÍŘĖϙŜĖϙŘĖťôIJČĺIJĺϙŜĖČIJĖċĖèÍťĖŽĖϙŗŪÍIJîĺϙ

ĖīϙıôŘèÍťĺϙîĖϙŘĖċôŘĖıôIJťĺϙāϙèÍŘÍťťôŘĖƏƏÍťĺϙîÍϙŪIJϙôīôŽÍťĺϙČŘÍîĺϙîĖϙôċċĖèĖôIJƏÍϠϙīÍϙīĖŗ ŪĖîĖťÝϙîôīϙťĖťĺīĺϙāϙôīôŽÍťÍϙôϙ

īДÍŘèĺϙťôıŕĺŘÍīôϙîĖϙĺŜŜôŘŽÍƏĖĺIJôϙāϙŜŪċċĖèĖôIJťôıôIJťôϙÍıŕĖĺϙîÍϙIJôŪťŘÍīĖƏƏÍŘôϙôŽô IJťĖϙîĖϙèÍŘÍťťôŘôϙôèèôƏĖĺIJÍīôϙ

厎ôŘĺϙċīŪťťŪÍƏĖĺIJĖϙîĖϙæŘôŽôϙŕôŘĖĺîĺϙôϙťôIJŜĖĺIJĖϙŜŕôèŪīÍťĖŽôϟϙ



͐͗ϙīŪČīĖĺϙ͑͏͕͑ϙиϙ IIJťôŜÍϙ‹ÍIJŕÍĺīĺϙ‹ϟŕϟ
ϟϙ ϙ 

   ͑͒           

bôīϙèÍŜĺϙŜŕôèĖċĖèĺϠϙĖīϙıôťĺîĺϙāϙŜťÍťĺϙÍŕŕīĖèÍťĺϙċÍèôIJîĺϙŘĖċôŘĖıôIJťĺϙÍϙϼĖϽϙ ĖīϙŕŘôƏƏĺϙŪċċĖèĖÍīôϙîôīīôϙ
ƏĖĺIJĖϙa„‹ϙ

īЍŪīťĖıĺϙČĖĺŘIJĺϙîĖϙĺŘŜÍϙÍIJťôèôîôIJťôϙÍī īÍϙ"ÍťÍϙîĖϙ
IJIJŪIJèĖĺϙîôīīДiċċôŘťÍϙ îÍϙŕÍŘťôϙîôīīЍiċċôŘôIJťôϙ ôϙϼĖĖϽϙīÍϙıôîĖÍϙ

îôĖϙŕŘôƏƏĖϙŪċċĖèĖÍīĖϙîôīīôϙ
ƏĖĺIJĖϙîôīīД(ıĖťťôIJťôϙŘôČĖŜťŘÍťĖϙIJôīϙıôŜôϙÍIJťôè ôîôIJťôϙīÍϙ"ÍťÍϙîĖϙ
IJIJŪIJèĖĺϙîôīīДiċċôŘťÍϙ

ϼŕŘôƏƏĺϙ Г ŪIJîĖŜťŪŘæôî ГϽϠϙ èĺŜĞϙ îÍϙ IJôŪťŘÍīĖƏƏÍŘôϙ īДÍŕŕŘôƏƏÍıôIJťĺϙ îôīϙ ťĖťĺīĺϙ ŘĖèĺIJîŪèĖæĖīôϙ ÍīīД ÍIJIJŪIJèĖĺϙ ôϙ Íīīôϙ ÍŜŕôťťÍťĖŽôϙ èĺŘŘôīÍťôϙ ÍīīДiŕôŘÍƏĖĺIJôϟϙ ĺIJŜĖîôŘÍťÍϙ īÍϙ IJÍťŪŘÍϙ îĖϙ èĺIJťŘĺīīĺϙ îôīīЍiċċôŘťÍϠϙ Íϙ ťÍīĖϙ ŕŘôƏƏĖϙ āϙ ŜťÍťĺϙ

ÍŕŕīĖèÍťĺϙŪIJϙŕŘôıĖĺϙîĖϙÍèŗŪĖŜĖƏĖĺIJôϠϙîôťôŘıĖIJÍťĺϙŜŪϙæÍŜôϙĺČČôťťĖŽÍϙŜŪīīÍϙæÍŜ ôϙîôĖϙŕŘôıĖϙŘĖèĺIJĺŜèĖŪťĖϙĖIJϙŪIJϙ

èÍıŕĖĺIJôϙîĖϙ ĺŕôŘÍƏĖĺIJĖϙ îĖϙĺċċôŘťÍϙ ŕŪææīĖèÍϙîĖϙÍèŗŪĖŜťĺϯŜèÍıæĖĺϙèĺıŕÍŘÍæĖīĖϟϙIīϙŽÍ īĺŘôϙôŗŪĺϙ ŕôŘϙÍƏĖĺIJôϙāϙ

ŗŪĖIJîĖϙĺťťôIJŪťĺϙĖIJťôČŘÍIJîĺϙĖīϙŕŘôƏƏĺϙîĖϙĺŘŜÍϙ ŪIJîĖŜťŪŘæôî ϙèĺIJϙĖīϙŕŘôıĖĺϙèĺŜĞϙîôťôŘıĖIJÍťĺϟϙ ϙ

͕ϟ͑ IīϙıôťĺîĺϙîôĖϙ“ÍŘČôťϙ„ŘĖèôϙ

Iīϙ ıôťĺîĺϙ îôĖϙ ŕŘôƏƏĖϙ ťÍŘČôťϙîôťôŘıĖIJÍϙ Ėīϙ ŽÍīĺŘôϙ îĖϙ ŪIJÍϙ ŜĺèĖôťÝϙ ŜŪīīÍϙ æÍŜ ôϙ îôīīôϙŽÍīŪťÍƏĖĺIJĖϙ èēôϙ ČīĖϙ ÍIJÍīĖŜťĖϙ

ċĖIJÍIJƏĖÍŘĖϙŕŪææīĖèÍIJĺϙŜŪīīÍϙŜĺèĖôťÝϙŜťôŜŜÍϟϙ“ÍīĖϙŽÍīĺŘĖϙŜĺIJĺϙîôŜŪIJťĖϙîÍϙŘĖèôŘèēô ϙŕŪææīĖèÍťôϙîÍϙŪċċĖèĖϙŜťŪîĖϙîĖϙ

ĺŕôŘÍťĺŘĖϙŜŕôèĖÍīĖƏƏÍťĖϙôϙŘÍŕŕŘôŜôIJť ÍIJĺϙŪIJЍĖŕĺťôŜĖϙ ŜŪīϙŕŘôƏƏĺϙèēôϙŕŪŅϙŘÍČČĖŪIJČôŘôϙŪIJЍÍƏĖĺIJôϙŜŪīϙıôŘè Íťĺϙ

æĺŘŜĖŜťĖèĺϠϙîôŘĖŽÍťÍϙîÍϙıĺīťôŕīĖèĖϙıôťĺîĺīĺČĖôϙŽÍīŪťÍťĖŽôϙŪŜÍťôϙÍϙîĖŜèŘôƏĖĺIJôϙîôīϙŜĖIJČĺīĺϙÍIJÍīĖŜťÍϟϙ

bôīīÍϙċÍťťĖŜŕôèĖôϙŜĺIJĺϙŜťÍťĖϙèĺIJŜĖîôŘÍťĖϙĖϙŕŘôƏƏĖϙ ťÍŘČôť ϙîôīīôϙ
ƏĖĺIJĖϙ îôīīЍ(ıĖťťôIJťôϠϙèĺıôϙĖIJîĖèÍťĖϙîÍČīĖϙÍIJÍīĖŜťĖϙ

îĖϙŘĖèôŘèÍϙèēôϙŜôČŪĺIJĺϙīЍ(ıĖťťôIJťôϠϙŕŪææīĖèÍťĖϙŜŪèèôŜŜĖŽÍıôIJťôϙÍīīÍϙè ĺıŪIJĖèÍƏĖĺIJôϙîôīϙīÍIJèĖĺϙîôīīЍi„
‹ϙîÍϙ

ŕÍŘťôϙîĖϙI‹„ϙϼĖϟôϟϙ͗ϙČĖŪČIJĺϙ͑͏͕͑Ͻϟϙ

ϙ

͕ϟ͒ [ôϙıôťĺîĺīĺČĖôϙĖIJϙĺťťĖèÍϙ‹Ūıϙĺċϙťēôϙ„ÍŘťŜϙ

[ôϙŪīťĖıôϙîŪôϙıôťĺîĺīĺČĖôϙÍî坝͝ôϠϙĖīϙ"ĖŽĖîôIJîϙ"ĖŜèĺŪIJťϙaĺîôīϙIJôīīÍϙŽôŘŜĖĺIJô ϙ(ƄèôŜŜϙÍŕĖťÍīϙôϙĖīϙıôťĺîĺϙ

îôĖϙıŪīťĖŕīĖϙîĖϙĺŘŜÍϠϙèĺIJîĖŽĖîĺIJĺϙŪIJϙÍŕŕŘĺèèĖĺϙ ‹Ūıϟĺċϟťēôϟ„ÍŘťŜ ϠϙèĺôŘôIJťôϙèĺIJϙīÍϙŜťŘŪťťŪŘÍϙîôīīЍ(ıĖťťôIJťôϟϙIIJϙ

æÍŜôϙÍϙťÍīôϙĖıŕĺŜťÍƏĖĺIJôϠϙĖīϙŽÍīĺŘôϙôèĺIJĺıĖèĺϙîôīīЍ(ıĖťťôIJťôϙāϙîôťôŘıĖIJÍťĺϙ èĺıôϙŜĺııÍϙÍīČôæŘĖèÍϙîôīīôϙ

èĺıŕĺIJôIJťĖϙîĖϙŽÍīĺŘôϙîôīϙ@ŘŪŕŕĺϙa„‹ϢϙIJôīīĺϙŜŕôèĖċĖèĺϡϙ

xĖīϙ ŽÍīĺŘôϙ îôīϙ ŕôŘĖıôťŘĺϙ èĺŘôϙîôīīЍ(ıĖťťôIJťôϠϙ èĺıŕŘôIJŜĖŽĺϙ îôīīЍ(ƄèôŜŜϙ ÍŕĖťÍīϠϙ ŜťĖıÍťĺ Ϡϙ ĖIJϙ ĺťťĖèÍϙ ŜťÍIJîϷÍīĺIJô ϙ ôϙ Íīϙ IJôťťĺϙ îôīϙèĺIJťŘĖæŪťĺϙ îôīīÍϙ ŕÍŘťôèĖŕÍƏĖĺIJôϙ ĖIJϙ
ŜŜĖèŪŘÍƏĖĺIJĖϙ @ôIJôŘÍī Ėϙ ôϙ îôīϙ ŽÍīĺŘôϙ

æôIJôċĖèĖϙċĖŜèÍīĖϙîôŘĖŽÍIJťĖϙîÍīϙČŘÍîŪÍīôϙŘĖīÍŜèĖĺϙîôīīôϙĖıŕĺŜťôϙÍIJťĖèĖŕÍťôϠϙîĖŜťĖIJťÍı ôIJťôϙèĺIJϙèĖÍŜèŪIJÍϙ

îôīīôϙıôťĺîĺīĺČĖôϙîĖϙŜôČŪĖťĺϙîôŜèŘĖťťôϢϙ

xĖīϙŽÍīĺŘôϙîĖϙıôŘèÍťĺϙîôīīÍϙŕÍŘťôèĖŕÍƏĖĺIJôϙîôťôIJŪťÍϠϙŕôŘϙĖīϙťŘÍıĖťôϙîĖϙaôî ĖĺæÍIJèÍϠϙĖIJϙ
ŜŜĖèŪŘÍƏĖĺIJĖϙ

@ôIJôŘÍīĖϠϙŜĺèĖôťÝϙŜôŕÍŘÍťÍıôIJťôϙŗŪĺťÍťÍϢϙ

xĖīϙŽÍīĺŘôϙÍťťŪÍīôϙîôĖϙæôIJôċĖèĖϙċĖŜèÍīĖϙîôŘĖŽÍIJťĖϙîÍīϙČŘÍîŪÍīôϙŘĖīÍŜèĖĺϙîôīīôϙĖıŕĺŜťôϙÍIJťĖè ĖŕÍťôϟϙ

ϙ

͕ϟ͒ϟ͐ Iīϙıôťĺîĺϙîôīϙ"ĖŽĖîôIJîϙ"ĖŜèĺŪIJťϙaĺîôīϙϼŽÍŘĖÍIJťôϙ(ƄèôŜŜϙÍŕĖťÍīϽϙ

Iīϙıôťĺîĺϙîôīϙ"ĖŽĖîôIJîϙ"ĖŜèĺŪIJťϙaĺîôīϙîôťôŘıĖIJÍϙĖīϙŽÍīĺŘôϙîĖϙŪIJЍÍƏĖôIJîÍϙĖIJϙċŪ IJƏĖĺIJôϙîôīϙċīŪŜŜĺϙîĖϙîĖŽĖîôIJîĖϙ

èēôϙŜĖϙŜťĖıÍϙôŜŜÍϙŜĖÍϙĖIJϙČŘÍîĺϙîĖϙČôIJôŘÍŘôϙĖIJϙèēĖÍŽôϙŕŘĺŜŕôťťĖèÍϟϙbôīīÍϙċÍťťĖŜŕôèĖô ϙĖīϙıôťĺîĺϙŪťĖīĖƏƏÍťĺϙāϙĖīϙ""aϙ

IJôīīÍϙŽÍŘĖÍIJťôϙ(ƄèôŜŜϙÍŕĖťÍīϠϙĖIJϙæÍŜôϙÍīϙŗŪÍīôϙĖīϙŽÍīĺŘôϙôèĺIJĺıĖèĺϙîĖϙ ŪIJÍϙŜĺèĖôťÝϙāϙŕÍŘĖϙÍīīÍϙŜĺııÍťĺŘĖÍϙîôĖϙ

ŜôČŪôIJťĖϙôīôıôIJťĖϡϙ

xċīŪŜŜĖϙ îĖϙ èÍŜŜÍϙ îôĖϙ ŕĺťôIJƏĖÍīĖϙ îĖŽĖîôIJîĖϙ ċŪťŪŘĖϙ îĖŜťŘĖæŪĖæĖīĖϙ ÍČīĖϙ ÍƏĖĺIJĖŜťĖϙ ČôIJôŘÍťĖϙ IJ ôīīЍĺŘĖƏƏĺIJťôϙ

ťôıŕĺŘÍīôϙŕŘôŜèôīťĺϙŜôIJƏÍϙĖIJťÍèèÍŘôϙĖīϙīĖŽôīīĺϙîĖϙŕÍťŘĖıĺIJĖÍīĖƏƏÍƏĖĺIJôϙIJôè ôŜŜÍŘĖĺϙÍϙıÍIJťôIJôŘôϙŪIJϙ

ŕŘôîôťôŘıĖIJÍťĺϙīĖŽôīīĺϙťÍŘČôťϙîĖϙŕÍťŘĖıĺIJĖĺϙŘôČĺīÍıôIJťÍŘôϙîĖϙīŪIJČĺϙŕôŘĖĺîĺϟϙ“Íī ĖϙċīŪŜŜĖϙŕŘôŜèĖIJîĺIJĺϙ

ŗŪĖIJîĖϙîÍīīÍϙŕĺīĖťĖèÍϙîôĖϙîĖŽĖîôIJîĖϙôċċôťťĖŽÍıôIJťôϙŕŘôŽĖŜťÍϙĺϙÍî坝͝ÍϙîÍīϙıÍIJÍČôıôIJťϢϙ



͐͗ϙīŪČīĖĺϙ͑͏͕͑ϙиϙ IIJťôŜÍϙ‹ÍIJŕÍĺīĺϙ‹ϟŕϟ
ϟϙ ϙ 

   ͓͑           

xťôŘıĖIJÍīϙŽÍīŪôϙèÍīèĺīÍťĺϙŗŪÍīôϙŽÍīĺŘôϙÍťťŪÍīôϙîĖϙŪIJÍϙŘôIJîĖťÍϙŕôŘŕôťŪÍϙ ŜťĖıÍťÍϙŜŪīīÍϙæÍŜôϙîĖϙŪIJϙċīŪŜŜĺϙ

îĖϙèÍŜŜÍϙîĖŜťŘĖæŪĖæĖīôϙIJĺŘıÍīĖƏƏÍťĺϙôèĺIJĺıĖèÍıôIJťôϠϙŜĺŜťôIJĖæĖīôϙôϙèĺôŘôIJťôϙèĺIJϙĖīϙ ťÍŜŜĺϙîĖϙèŘôŜèĖťÍϙ

îĖϙīŪIJČĺϙŕôŘĖĺîĺϟϙ

[ÍϙċĺŘıŪīÍϙŜŪϙèŪĖϙŜĖϙæÍŜÍϙīÍϙıôťĺîĺīĺČĖÍϙ""aϙāϙīÍϙŜôČŪôIJťôϡϙ

ϙ ϙ ϙ

îĺŽôϡϙ

x®ϙѱϙŽÍīĺŘôϙîôīϙèÍŕĖťÍīôϙôèĺIJĺıĖèĺϙîôīīЍÍƏĖôIJîÍϙĺČČôťťĺϙîĖϙŽÍīŪťÍƏĖĺIJôϢ ϙ

x"I«ϙѱϙ ċīŪŜŜĖϙċĖIJÍIJƏĖÍŘĖϙŕĺťôIJƏĖÍīıôIJťôϙîĖŜťŘĖæŪĖæĖīĖϙÍČīĖϙÍƏĖĺIJĖŜťĖϙIJôīīЍĺŘĖƏƏĺIJťôϙîĖϙŕŘĺĖôƏĖĺIJ ôϙôŜŕīĖèĖťÍϙ

ıÍIJťôIJôIJîĺϙŪIJϙīĖŽôīīĺϙîĖϙŕÍťŘĖıĺIJĖÍīĖƏƏÍƏĖĺIJôϙťÍŘČôťϙĖIJϙťôŘıĖIJĖϙîĖϙŘôŗŪĖŜĖťĖϙîĖϙèÍŕ ĖťÍīôϢϙIJôīϙèÍŜĺϙîĖϙ

ŜŕôèĖôϠϙ āϙ ŜťÍťÍϙèĺIJŜĖîôŘÍťÍϙ īÍϙČŪĖîÍIJèôϙĖIJîĖèÍťÍϙ îÍīϙaÍIJÍČôıôIJťϙ îĖϙ a„‹ϙIJôīϙ„ĖÍIJ ĺϙ IIJîŪŜťŘĖÍīôϙ

͑͏͕͑ϱ͑͏͒͏ϙϼ͐͒Ϡ͏҇ϽϢϙ

x‹ŪŘŕīŪŜϙ ÍŜŜôťŜϙ ѱϙ ÍťťĖŽĖϙ IJĺIJϙ ŜťŘŪıôIJťÍīĖϙ ÍīīДôŜôŘèĖƏĖĺϙ îôīīДÍťťĖŽĖťÝϙ æÍIJèÍŘĖÍϙ èÍŘÍť ťôŘĖŜťĖèÍϠϙ Ėϙ èŪĖϙ ŘôIJîĖıôIJťĖϙ IJĺIJϙ ŜĺIJĺϙ ĖIJèīŪŜĖϙ IJôĖϙ ċīŪŜŜĖϙ îĖŜťŘĖæŪĖæĖīĖϠϙ ŽÍīĺŘĖƏƏÍťĖϙ ŜôŕÍŘÍťÍıôIJťô ϙ Íīϙ ŘĖŜŕôťťĖŽĺϙ ŽÍīĺŘôϙ

èĺŘŘôIJťôϙĺϙÍīϙŽÍīĺŘôϙÍťťŪÍīôϙîôĖϙæôIJôċĖèĖϙôèĺIJĺıĖèĖϙÍťťôŜĖϢϙIJôīϙèÍŜĺϙ îĖϙŜŕôèĖôϙŕÍŘĖϙÍīīÍϙŜĺııÍϙîôīϙ

ŽÍīĺŘôϙîĖϙıôŘèÍťĺϙîôīīÍϙŕÍŘťôèĖŕÍƏĖĺIJôϙĖIJϙ
ŜŜĖèŪŘÍƏĖĺIJĖϙ@ôIJôŘÍīĖϙôϙîôīϙŽ ÍīĺŘôϙÍťťŪÍīôϙîôĖϙæôIJôċĖèĖϙ

ċĖŜèÍīĖϙèĺIJIJôŜŜĖϙÍīϙŘĖīÍŜèĖĺϙîôīīôϙ"“
Ϣϙ

x“«ϙѱϙŽÍīĺŘôϙÍťťŪÍīôϙîôīϙŽÍīĺŘôϙťôŘıĖIJÍīôϙèÍīèĺīÍťĺϙŗŪÍīôϙŽÍīĺŘôϙîĖϙŪIJÍϙŘôIJîĖťÍϙŕôŘŕ ôťŪÍϙŜťĖıÍťÍϙŜŪīīÍϙ

æÍŜôϙîĖϙŪIJϙċīŪŜŜĺϙîĖŜťŘĖæŪĖæĖīôϙIJĺŘıÍīĖƏƏÍťĺϙôèĺIJĺıĖèÍıôIJťôϙŜĺŜťôIJĖæĖīôϙôϙèĺôŘô IJťôϙèĺIJϙĖīϙťÍŜŜĺϙîĖϙ

èŘôŜèĖťÍϙîĖϙīŪIJČĺϙťôŘıĖIJôϙϼČϽϙŜŪīīÍϙæÍŜôϙîôīīÍϙŜôČŪôIJťôϙċĺŘıŪīÍϟϙ

ϙ ϙ

îĺŽôϡϙ

RČϙѱϙťÍŜŜĺϙîĖϙèŘôŜèĖťÍϙîĖϙīŪIJČĺϙŕôŘĖĺîĺϙŕÍŘĖϙÍϙ͐Ϡ͘͏҇Ϣϙ

RXôϙѱϙèĺŜťĺϙîôīϙèÍŕĖťÍīôϙŕŘĺŕŘĖĺϠϙ îôťôŘıĖIJÍťĺϙŜŪīīÍϙæÍŜôϙîôīīЍÍŕŕīĖèÍƏĖĺIJôϙîôīϙÍŕĖťÍīϙ
ŜŜôťϙ

„ŘĖèĖIJČϙaĺîôīϙϼЊ 
„a ЋϽϠϙŜťĖıÍťĺϙŕÍŘĖϙÍϙ͐͏Ϡ͕͏҇ϙŜôèĺIJîĺϙīÍϙŜôČŪôIJťôϙċĺŘıŪīÍϡϙ ϙ

Xôϙѱϙ‡ċϙѭϙ̋ϙѯϙϼ‡ıϙѮϙ‡ċϽ ϙ

îĺŽôϡϙ

¾‡ċϙѱϙŘĖŜħϙċŘôôϙŕÍŘĖϙÍīϙťÍŜŜĺϙîĖϙŘôIJîĖıôIJťĺϙîĖϙĖIJŽôŜťĖıôIJťĖϙŕŘĖŽĖϙîĖϙŘĖŜèē ĖĺϠϙĖIJîĖŽĖîŪÍťĺϙ

IJôīϙ ŘôIJîĖıôIJťĺϙ īĺŘîĺϙ ıôîĖĺϙ îôĖϙ ŪĺIJĖϙ îôīϙ “ôŜĺŘĺϙ îôèôIJIJÍīĖϙ ôıôŜŜĖϙ î Íīīĺϙ ‹ťÍťĺϙ

ĖťÍīĖÍIJĺϠϙŘĖīôŽÍťĺϙŜŪϙŪIJϙĺŘĖƏƏĺIJťôϙîĖϙ͐ϙıôŜôϠϙŕÍŘĖϙÍϙ͒Ϡ͖͐҇Ϣϙ

¾̋ϙѱϙċÍťťĺŘôϙîĖϙèĺŘŘôīÍƏĖĺIJôϙťŘÍϙĖīϙŘôIJîĖıôIJťĺϙôċċôťťĖŽĺϙîĖϙŪIJЍÍƏĖĺIJô ϙôϙĖīϙŘôIJîĖıôIJťĺϙ

èĺıŕīôŜŜĖŽĺϙîôīϙıôŘèÍťĺϙîĖϙŘĖċôŘĖıôIJťĺϙϼıĖŜŪŘÍϙîôīīÍϙŽĺīÍťĖīĖťÝϙîĖϙŪIJϙ ťĖťĺīĺϙŘĖŜŕôťťĺϙ

ÍīϙıôŘèÍťĺϽϠϙŕÍŘĖϙÍϙ͐Ϡ͑͑͘Ϣϙ

¾‡ıϙϱϙ‡ċϙѱϙŕŘôıĖĺϙŕôŘϙĖīϙŘĖŜèēĖĺϙŘĖèēĖôŜťĺϙîÍīϙıôŘèÍťĺϠϙŕÍŘĖϙÍϙ͔Ϡ͕͏҇ϟϙ

‹ŪīīÍϙæÍŜôϙîĖϙŗŪÍIJťĺϙîôŜèŘĖťťĺϙŜĺŕŘÍϠϙÍĖϙċĖIJĖϙîôīīÍϙîôťôŘıĖIJÍƏĖĺIJôϙîôĖϙċīŪ ŜŜĖϙôèĺIJĺıĖèĖϙċŪťŪŘĖϙŜĖϙāϙċÍťťĺϙŕôŘťÍIJťĺϙ

ŘĖċôŘĖıôIJťĺϙÍĖϙîÍťĖϙŕŘĺŜŕôťťĖèĖϙîôīīД(ıĖťťôIJťôϙèĺIJťôIJŪťĖϙIJôīϙ„ĖÍIJĺϙIIJîŪŜťŘĖÍī ôϙ͑͏͕͑ϱ͑͏͒͏ϠϙèĺIJŜĖîôŘÍťĖϙÍīϙIJôťťĺϙ݋ݏݏݑ݈݂ ݈ܾ݁݅݅ݑܾ݅ݎݐݏ݅݀ ݋ݐܽݖݖ݈݅ܽ݉ݎ݋݊ ܭ௘ሻϟൌ ൭ ෍ ࢚ܸܫܦ ሻ࢚࢔

ୀ૚ࢂࢀ ࢙࢚ࢋ࢙࢙ࢇ࢙࢛࢒࢖࢛࢙࢘



͐͗ϙīŪČīĖĺϙ͑͏͕͑ϙиϙ IIJťôŜÍϙ‹ÍIJŕÍĺīĺϙ‹ϟŕϟ
ϟϙ ϙ 

   ͔͑            îôČīĖϙ ĖIJťôŘôŜŜĖϙ îĖϙ ťôŘƏĖϙ ϼ ıĖIJĺŘĖťƅϟ ĖIJťôŘôŜť Ͻϙ ÍċċôŘôIJťĖϙ Íϙ aôîĖĺæÍIJèÍϠϙ îôīīÍϙ ŗŪÍīôϙ īД(ıĖťťôIJťôϙ îôťĖôIJôϙ ŪIJÍϙ

ŕÍŘťôèĖŕÍƏĖĺIJôϙŕÍŘĖϙÍϙèĖŘèÍϙīЍ͕͗Ϡ͒҇ϠϙIJĺIJèēõϙîôīϙèĺIJťŘĖæŪťĺ ϙôèĺIJĺıĖèĺϙîôīīÍϙŕÍŘťôèĖŕÍƏĖĺIJôϙĖIJϙ
ŜŜĖèŪŘÍƏĖĺIJĖϙ

@ôIJôŘÍīĖϠϙŜťĖıÍťÍϙèĺIJϙĖϙ"ÍťĖϙ„ŘĺŜŕôťťĖèĖϙîôČīĖϙ
IJÍīĖŜťĖϠϙôϙŽÍīĺŘĖƏƏÍťÍϙîĖŜťĖIJťÍıôIJťôϙŜôèĺIJîĺϙŗŪÍIJťĺϙîĖϙŜôČŪĖťĺϙ

ŕŘôèĖŜÍťĺϟϙ

ĺôŘôIJťôıôIJťôϙèĺIJϙīДĖıŕĺŜťÍƏĖĺIJôϙÍî坝͝ÍϠϙīÍϙŕÍŘťôèĖŕÍƏĖĺIJôϙîôťôIJŪťÍϠϙŕôŘϙĖīϙ ťŘÍıĖťôϙîĖϙaôîĖĺæÍIJèÍϠϙĖIJϙ

ŜŜĖèŪŘÍƏĖĺIJĖϙ @ôIJôŘÍīĖϠϙ ŜĺèĖôťÝϙ ŜôŕÍŘÍťÍıôIJťôϙ ŗŪĺťÍťÍϠϙ āϙ ŜťÍťÍϙ ôŜèīŪŜÍϙ îÍīϙ ŕ ôŘĖıôťŘĺϙ ĺČČôťťĺϙ îĖϙ ŜťĖıÍϙ

ŘôîîĖťŪÍīôϙôϙŽÍīĺŘĖƏƏÍťÍϙîĖŜťĖIJťÍıôIJťôϙŜŪīīÍϙæÍŜôϙîôīϙŕŘôƏƏĺϙîĖϙıôŘèÍťĺϙ ıôîĖĺϙîôīīЍŪīťĖıĺϙıôŜô ϟϙIīϙŽÍīĺŘôϙèĺŜĞϙ

îôťôŘıĖIJÍťĺϙāϙŜťÍťĺϙŜĺııÍťĺϙÍīČôæŘĖèÍıôIJťôϙÍīϙŽÍīĺŘôϙÍťťŪÍīôϙîôĖϙċīŪŜŜĖϙîĖŜťŘĖæŪĖæ ĖīĖϙôϙîôīϙťôŘıĖIJÍīϙŽÍīŪôϙ

ŘĖċôŘĖťĖϙÍīϙŕôŘĖıôťŘĺϙæÍIJèÍŘĖĺϙŘôŜĖîŪĺϠϙĺťťôIJôIJîĺϙèĺŜĞϙĖīϙŽÍīĺŘôϙôèĺIJĺıĖèĺϙèĺı ŕīôŜŜĖŽĺϙîôīīД(ıĖťťôIJťôϙŗŪÍīôϙ

ŜĺııÍϙîĖϙŕôŘĖıôťŘĺϙæÍIJèÍŘĖĺϠϙŕÍŘťôèĖŕÍƏĖĺIJôϙĖIJϙ
ŜŜĖèŪŘÍƏĖĺIJĖϙ@ôIJôŘÍīĖϙôϙŽÍīĺŘôϙÍťťŪÍī ôϙîôīīôϙ"“
ϟϙ

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͕ϟ͒ϟ͑ IīϙıôťĺîĺϙîôĖϙıŪīťĖŕīĖϙîĖϙĺŘŜÍϙϙ

Iīϙ ıôťĺîĺϙ îôĖϙ ıŪīťĖŕīĖϙ îĖϙ ĺŘŜÍϙ ŜĖϙ ċĺIJîÍϙ ŜŪīīДÍIJÍīĖŜĖϙ îôīīôϙ ŗŪĺťÍƏĖĺIJĖϙ æĺŘŜĖŜťĖèēô ϙ ŘĖċôŘĖťôϙ Íϙ ŪIJϙ èÍıŕĖĺIJôϙ ŜôīôƏĖĺIJÍťĺϙ îĖϙ ŜĺèĖôťÝϙ ÍŽôIJťĖϙ èÍŘÍťťôŘĖŜťĖèēôϙ ÍIJÍīĺČēôϙ Íϙ ŗŪôīīÍϙ ĺČČôťťĺϙ îĖϙ ŽÍīŪťÍƏĖĺ IJôϙ ϼŜĺèĖôťÝϙ ŗŪĺťÍťôϙ èĺıŕÍŘÍæĖīĖϽϙ ôϙ ŜŪīīÍϙ ŜŪèèôŜŜĖŽÍϙ ÍŕŕīĖèÍƏĖĺIJôϙ îôĖϙ ıŪīťĖŕīĖϠϙ ôŽĖîôIJƏĖÍťĖϙ îÍϙ ťÍī ôϙ ÍIJÍīĖŜĖϠϙ Íīīôϙ èĺŘŘĖŜŕĺIJîôIJťĖϙ ČŘÍIJîôƏƏôϙ îôīīÍϙ ŜĺèĖôťÝϙ ĺČČôťťĺϙ îĖϙ ŽÍīŪťÍƏĖĺIJôϟϙ ˜IJÍϙ îôīīôϙ ĖŕĺťôŜĖϙ ċĺIJîÍıôIJťÍīĖϙ Íīī Íϙ æÍŜôϙ îôīϙ ıôťĺîĺϙ āϙ

īДÍċċĖIJĖťÝϙťŘÍϙīÍϙŘôÍīťÝϙĺČČôťťĺϙîĖϙŽÍīŪťÍƏĖĺIJôϙôϙīôϙŜĺèĖôťÝϙŜôīôƏĖĺIJÍťôϙŕôŘϙĖīϙèÍıŕĖĺIJôϙîĖϙèĺIJċŘĺIJťĺϟϙ

bôīīДÍıæĖťĺϙîĖϙťÍīôϙıôťĺîĺīĺČĖÍϙŜĺIJĺϙŜťÍťĖϙŜŽĖīŪŕŕÍťĖϙîŪôϙÍŕŕŘĺèèĖϡϙĖīϙıŪīťĖŕīĺϙ „ŘĖèôϵ(ÍŘIJĖIJČŜ ϙŘôťťĖċĖèÍťĺϙŕôŘϙ īД(ƄèôŜŜϙ ÍŕĖťÍīϙ ôϙ īДÍIJÍīĖŜĖϙ îĖϙ ŘôČŘôŜŜĖĺIJôϙ ťŘÍϙ Ėīϙ ıŪīťĖŕīĺϙ „ŘôƏƏĺϯ “ÍIJČĖæīôϟ ĺĺħϟ «ÍīŪô ϙ ôϙ īÍϙ ŘôîîĖťĖŽĖťÝϙ îôīϙ

ŕÍťŘĖıĺIJĖĺϙIJôťťĺϙťÍIJČĖæĖīôϙÍČČĖŪŜťÍťĺϙŕôŘϙīÍϙèĺıŕĺIJôIJťôϙîĖϙ(ƄèôŜŜϙÍŕĖťÍīϙϼ„ϯ“«ϙŽŜϙ‡ĺ
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aŪīťĖŕīĺϙ„ŘôƏƏĺϯ(ÍŘIJĖIJČŜϙŘôťťĖċĖèÍťĺϙŕôŘϙīД(ƄèôŜŜϙÍŕĖťÍīϙϼ„ϯ(ϙÍîĤŪŜťôîϽϙ

ĖϙċĖIJĖϙîôīīĺϙŜŽĖīŪŕŕĺϙîĖϙťÍīôϙıôťĺîĺīĺČĖÍϙŜĖϙāϙċÍťťĺϙŘĖċôŘĖıôIJťĺϙÍīϙıŪīťĖŕīĺϙ „ŘĖèôϵ(ÍŘIJĖIJČŜ ϙŕŘôŽĖŜĖĺIJÍīĖϙϼГ „ϯ(ГϽϠϙ èĺıŪIJôıôIJťôϙ ÍèèôťťÍťĺϙ ôϙ ŪťĖīĖƏƏÍťĺϙ ŜĖÍϙ Íϙ īĖŽôīīĺϙ IJÍƏĖĺIJÍīôϙ ŜĖÍϙ ĖIJťôŘIJÍƏĖĺIJÍīôϙ ôîϙ ĖIJϙ īĖIJôÍϙ èĺIJϙ īÍϙ ŕŘÍŜŜĖϙ ŕŘĺċôŜŜĖĺIJÍīôϙ îĖϙ ŽÍīŪťÍƏĖĺIJôϙ îĖϙ ĺŕôŘÍťĺŘĖϙ ÍťťĖŽĖϙ IJôīϙ ŜôťťĺŘôϙ æÍIJèÍŘĖĺϠϙ ŘôťťĖċĖèÍť ĺϙ ŕôŘϙ īД(ƄèôŜŜϙ ÍŕĖťÍīϟϙ “Íīôϙ

ŘôťťĖċĖèÍϙāϙŜťÍťÍϙÍŕŕīĖèÍťÍϙĖIJϙıĺîĺϙĺıĺČôIJôĺϙťÍIJťĺϙÍīīôϙŜĺèĖôťÝϙîôīϙèÍıŕĖĺIJôϠϙÍĖϙċĖIJ ĖϙîôīīÍϙîôťôŘıĖIJÍƏĖĺIJôϙ

îôīϙıŪīťĖŕīĺϠϙŗŪÍIJťĺϙÍīīД(ıĖťťôIJťôϟϙ

IīϙıŪīťĖŕīĺϙèĺŜĞϙîôťôŘıĖIJÍťĺϙāϙŜťÍťĺϙÍŕŕīĖèÍťĺϙÍīīôϙŜťĖıôϙîĖϙŪťĖīôϙIJôťťĺϙÍťťô ŜĺϙîôīīД(ıĖťťôIJťôϙŕôŘϙČīĖϙôŜôŘèĖƏĖϙ

͑͏͖͑ϙôϙ͑͏͑͗ϠϙîôŜŪIJťôϙîÍĖϙ"ÍťĖϙ„ŘĺŜŕôťťĖèĖϙîôČīĖϙ
IJÍīĖŜťĖϙôϙèĺIJŜĖîôŘÍťôϙÍīϙIJ ôťťĺϙîôīϙèĺIJťŘĖæŪťĺϙôèĺIJĺıĖèĺϙîôīīÍϙ

ŕÍŘťôèĖŕÍƏĖĺIJôϙ ĖIJϙ
ŜŜĖèŪŘÍƏĖĺIJĖϙ @ôIJôŘÍīĖϠϙ îôŜŪIJťĺϙ ÍIJèēЍôŜŜĺϙ îÍ Ėϙ "ÍťĖϙ „ŘĺŜŕôťťĖèĖϙ îôČīĖϙ
IJÍīĖŜťĖϙ ôϙ îôČīĖϙ ĖIJťôŘôŜŜĖϙîĖϙťôŘƏĖϙϼ ıĖIJĺŘĖťƅϟĖIJťôŘôŜť ϽϙÍċċôŘôIJťĖϙÍϙaôîĖĺæÍIJèÍϟϙ
īϙ ŽÍīĺŘôϙ èĺŜĞϙ ĺťťôIJŪťĺϙ ŜĺIJĺϙ ŜťÍťĖϙ ŜĺııÍťĖϠϙ îĖŜťĖIJťÍıôIJťôϠϙ īД(ƄèôŜŜϙ ÍŕĖťÍīϙ îôī īД(ıĖťťôIJťôϠϙ Ėīϙ ŽÍīĺŘôϙ îĖϙ ıôŘèÍťĺϙ îôīīÍϙ ŕÍŘťôèĖŕÍƏĖĺIJôϙ ĖIJϙ
ŜŜĖèŪŘÍƏĖĺIJĖϙ @ôIJôŘÍīĖϠϙ ŽÍīĺŘĖƏƏÍťÍϙ ŜŪīīÍϙ æÍŜ ôϙ îôīīÍϙ ŗŪĺťÍƏĖĺIJôϙ ıôîĖÍϙ

îôīīЍŪīťĖıĺϙıôŜô ϠϙôϙĖīϙŽÍīĺŘôϙÍťťŪÍīôϙîôīīôϙ"“
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èĺıŕÍŘÍæĖīĖϙ ÍīīÍϙ ŜĺèĖôťÝϙ ĺČČôťťĺϙ îĖϙ ŽÍīŪťÍƏĖĺIJôϙ ôϙ èĺıŕĺŘťÍϙ īДĖIJîĖŽĖîŪÍƏĖĺIJôϙ îĖϙ ıĺīťĖŕ īĖèÍťĺŘĖϠϙ îôŜŪIJťĖϙ ŘÍŕŕĺŘťÍIJîĺϙ Íīīôϙ èÍŕĖťÍīĖƏƏÍƏĖĺIJĖϙ îĖϙ ĺŘŜÍϙ ČŘÍIJîôƏƏôϙ îĖϙ IJÍťŪŘÍϙ ôèĺIJĺıĖèÍϙ ôϙ ŕÍťŘĖıĺIJ ĖÍīôϙ îôīīôϙ ŜĺèĖôťÝϙ

ŜťôŜŜôϟϙ

“Íīôϙ ıôťĺîĺīĺČĖÍϙ ôıŕĖŘĖèÍϙ îôťôŘıĖIJÍϙ Ėīϙ ŽÍīĺŘôϙ ôèĺIJĺıĖèĺϙ îôīīÍϙ ŜĺèĖôťÝϙ ŜŪīīÍϙ æÍŜô ϙ îôīīÍϙ èĺŘŘôīÍƏĖĺIJôϙ ŜťÍťĖŜťĖèÍϙ ôŜĖŜťôIJťôϙ ťŘÍϙ īÍϙ ŘôîîĖťĖŽĖťÝϙ îôīϙ ŕÍťŘĖıĺIJĖĺϙ IJôťťĺϙ ťÍIJČĖæĖīôϙ ϼ ‡ôťŪŘIJϟ ĺIJϟ
ŽôŘÍČôϟ “ÍIJČĖæīôϟ (ŗŪĖťƅ Ϡϙ Г‡ĺ
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ĖīϙıôťĺîĺϙîôĖϙıŪīťĖŕīĖϠϙťÍIJťĺϙĖīϙıŪīťĖŕīĺϙ„ϯ“«ϙŗŪÍIJťĺϙīÍϙŘôîîĖťĖŽĖťÝϙ‡ĺ
“(ϙŜĺIJĺϙŜťÍťĖϙîô ťôŘıĖIJÍťĖϙŜŪϙæÍŜôϙ

ŘôťťĖċĖèÍťÍϙŕôŘϙīД(ƄèôŜŜϙÍŕĖťÍīϟϙ

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IJÍīĖŜťĖϙôϙ

èĺIJŜĖîôŘÍťÍϙÍīϙIJôťťĺϙŜĖÍϙîôīϙèĺIJťŘĖæŪťĺϙôèĺIJĺıĖèĺϙîôīīÍϙŕÍŘťôèĖŕÍƏĖĺIJôϙĖIJϙ
ŜŜ ĖèŪŘÍƏĖĺIJĖϙ@ôIJôŘÍīĖϠϙîôŜŪIJťĺϙ

ÍIJèēДôŜŜĺϙ îÍĖϙ "ÍťĖϙ „ŘĺŜŕôťťĖèĖϙ îôČīĖϙ
IJÍīĖŜťĖϠϙ ŜĖÍϙ îôČīĖϙ ĖIJťôŘôŜŜĖϙ îĖϙ ťôŘƏĖϙ ϼ ıĖIJĺŘĖťƅϟ ĖIJťôŘôŜť Ͻϙ ÍċċôŘôIJťĖϙ Íϙ

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ŕŕīĖèÍIJîĺϙÍīīÍϙŘôťťÍϙîĖϙŘôČŘôŜŜĖĺIJôϙīÍϙŘôîîĖťĖŽĖťÝϙÍťťôŜÍϙèĺŜĞϙîôťôŘ ıĖIJÍťÍϙŜĖϙĺťťĖôIJôϙĖīϙıŪīťĖŕīĺϙ

ĖıŕīĖèĖťĺϙîôīīД(ıĖťťôIJťôϠϙîÍϙèŪĖϙîĖŜèôIJîôϙĖīϙŽÍīĺŘôϙîôīϙŕôŘĖıôťŘĺϙĺČČôťťĺϙîĖϙŜťĖıÍϟ ϙ

īϙ ŽÍīĺŘôϙ èĺŜĞϙ ĺťťôIJŪťĺϙ ŜĺIJĺϙ ŜťÍťĖϙ ŜĺııÍťĖϠϙ îĖŜťĖIJťÍıôIJťôϠϙ īД(ƄèôŜŜϙ ÍŕĖťÍīϙ îôī īД(ıĖťťôIJťôϠϙ Ėīϙ ŽÍīĺŘôϙ îĖϙ ıôŘèÍťĺϙ îôīīÍϙ ŕÍŘťôèĖŕÍƏĖĺIJôϙ ĖIJϙ
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îôīīЍŪīťĖıĺϙıôŜô ϙôϙĖīϙŽÍīĺŘôϙÍťťŪÍīôϙîôīīôϙ"“
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Relazione volontaria della società di revisione ind ipendente sui metodi utilizzati dagli Amministratori di Intesa Sanpaolo S.p.A. per la determinazione del rapporto di scambio nell’ambito dell’offerta pubblica di acquisto e scambio promossa da Intesa S anpaolo S.p.A.

sulla totalità delle azioni di Banca Monte dei Pasc hi di Siena S.p.A.

Al Consiglio di Amministrazione di Intesa Sanpaolo S.p.A.

Siamo stati incaricati dal Consiglio di Amministraz ione di Intesa Sanpaolo S.p.A. (la “ Banca” o “ ISP” ) , nell’ambito dell’offerta pubblica di acquisto e sca mbio (l’“ OPAS” o l’“ Offerta” ) volontaria promossa dalla Banca in data 8 giugno 2026 ai sensi degli ar ticoli 102 e 106, comma 4, del D. Lgs. 24 febbraio 1998, n. 58 (“ TUF” ) e delle applicabili disposizion i di attuazione di cui al Regolamento Emittenti adottato da CONSOB con delibera n. 11971 del 14 mag gio 1999, come successivamente modificato e integrato (il “ Regolamento Emittenti” ), sulla total ità delle azioni ordinarie di Banca Monte dei Pasch i di Siena S.p.A. (“ MPS” e, congiuntamente alla Banca , le “ Banche” ), di effettuare un esame limitato (“limited assurance engagement ” ) dei metodi valutativi (i “ Metodi” ) adottati dal Consiglio di Amministrazione di ISP (gli “ Amministratori” ) per l a determinazione del rapporto di scambio e delle modalità applicative degli stessi.

I Metodi di valutazione sono illustrati dagli Ammin istratori nella relazione illustrativa, (la “ Relazi one degli Amministratori” o la “ Relazione” ) redatta ai sensi dell’articolo 2441, comma 6, del Codice Civil e e dell’articolo 70, comma 4, del Regolamento Emitte nti, nonché dell’articolo 125- ter del TUF.

L’Offerta prevede che, per ciascuna azione di MPS p ortata in adesione all’OPAS, la Banca offra un corrispettivo unitario complessivo rappresentato da n. 1,600 azioni ordinarie di ISP di nuova emissione e un importo in denaro pari a Euro 1,000 (complessivamente considerato, nelle sue componenti in azioni e in denaro, il “ Rapporto di S cambio” o il “ Corrispettivo” ).

Il Consiglio di Amministrazione della Banca, al fin e della determinazione del Rapporto di Scambio, si è avvalso del supporto del consulente Provasoli Advis ory Partners S.p.A. (l’’’ Advisor ” ) che ha agito in qualità di financial and valuation expert .

Le azioni della Banca – emesse con esclusione del d iritto di opzione ai sensi dell’articolo 2441, comma 4, primo periodo, del Codice Civile - saranno sottoscritte e liberate mediante conferimento a favore di ISP delle azioni MPS portate in adesione all’OPAS. La valutazione delle azioni MPS oggetto del conferimento è stata effettuata, ai sensi dell’ articolo 2343- ter, comma 2, lettera b) del Codice Civile, da Deloitte Advisory S.r.l. S.B. (“ Deloitte ” ) la quale ha emesso in data 18 luglio 2026 la pro pria relazione di stima.



2Responsabilità degli Amministratori per la Relazion e Gli Amministratori della Banca sono responsabili de lla predisposizione della Relazione, che illustra, nel paragrafo 8, i Metodi di valutazione adottati dagli Amministratori stessi per la determinazione del Rapporto di Scambio e le modalità della loro applic azione. Sono altresì responsabili per quella parte del controllo interno che essi ritengono necessaria al fine di consentire la determinazione del Rapporto d i Scambio che non contenga errori significativi, dovu ti a frodi o a comportamenti o eventi non intenzionali.

Indipendenza e controllo della qualità della societ à di revisione Abbiamo rispettato i principi sull’indipendenza e g li altri principi etici del Code of Ethics for Professional Accountants emesso dall’International Ethics Standards Board f or Accountants, basato su principi fondamentali di integrità, obiettività, competenza e diligenza professionale, riservatezza e comportamento professionale.

La nostra società di revisione applica il Principio Internazionale sulla Gestione della Qualità 1 (ISQ M Italia 1) e, di conseguenza, mantiene un sistema di controllo di qualità che include direttive e procedure documentate sulla conformità ai principi etici, ai principi professionali e alle disposizion i di legge e dei regolamenti applicabili.

Responsabilità della società di revisione È nostra la responsabilità di esprimere in modo ind ipendente una conclusione circa l’adeguatezza, in quanto nel caso di specie ragionevoli e non arbitra ri, dei Metodi di valutazione adottati dagli Amministratori e a cui hanno ritenuto di fare affid amento anche sulla base delle indicazioni dell’Advisor , ai fini della determinazione del Rapporto di Scam bio, illustrati nel paragrafo 8 della Relazione e la loro relativa applicazione, in confo rmità alla prassi valutativa e alla tecnica professionale, nazionale e internazionale, usualmen te utilizzata in operazioni di questa natura.

Il nostro lavoro è stato svolto secondo i criteri i ndicati nel principio internazionale sugli incarich i di assurance (ISAE) n. 3000 Revised Incarichi di assurance diversi dalle revisioni con tabili complete o dalle revisioni contabili limitate dell’informativa finanziaria storica (“ ISAE 3000 Revised”), emanato dall’International Auditing and Assurance Standards Board per gli incarichi che consistono in un limited assurance engagement . Tale principio richiede la pianificazione e lo sv olgimento di procedure al fine di acquisire un livello di sicurezza (“ assurance ” ) limitato, che i Metodi di valutazione siano adeguati in quanto ragionevoli e non arbitrari nel caso di specie, e correttamente applicati ai fini d ella determinazione del Rapporto di Scambio nell’ambito dell’OPAS.

Pertanto, il nostro incarico (“ limited assurance engagement ” ) ha comportato un’estensione di lavoro inferiore a quella necessaria per lo svolgimento di un esame completo svolto secondo il medesimo ISAE 3000 Revised (“ reasonable assurance engagement ” ) e, conseguentemente, in conformità a quanto previsto da tale standard professionale, non ci consente di avere la sicurez za di essere venuti a conoscenza di tutti i fatti e le circostanze sign ificativi che potrebbero essere identificati con lo svolgimento di tale esame.

Nello svolgimento dell’incarico non abbiamo effettu ato una valutazione economica delle Banche coinvolte nell’OPAS. Tale valutazione è stata svolt a esclusivamente dal Consiglio di Amministrazione della Banca con il supporto dell’ Advisor .



3Esula dall’oggetto del nostro incarico qualsiasi co nsiderazione in merito alla convenienza strategica, economica e finanziaria della prospettata OPAS ed a lle sue modalità realizzative. Il contenuto del presente documento non può costituire in alcun modo una raccomandazione a promuovere, ovvero ad aderire o meno all’Offerta stessa.

La presente relazione è emessa su base volontaria e non rappresenta il parere previsto dagli articoli 2441, comma 6, del Codice Civile e 158 del TUF che ha ad oggetto il prezzo di emissione delle nuove azioni ISP nell’ambito dell’aumento di capitale al servizio dell’Offerta.

Metodi di valutazione adottati dagli Amministratori per la determinazione del Rapporto di Scambio Il Rapporto di Scambio è stato determinato dal Cons iglio di Amministrazione della Banca sulla base di proprie analisi e considerazioni, svolte con la con sulenza e il supporto dell’ Advisor incaricato.

In particolare, come precedentemente riportato, il Consiglio di Amministrazione della Banca ha determinato che, per ciascuna azione MPS portata in adesione all’Offerta, offrirà il Corrispettivo complessivamente rappresentato da n. 1,600 azioni o rdinarie di ISP di nuova emissione e un importo in denaro pari a Euro 1,000.

Il Consiglio di Amministrazione ha effettuato le pr oprie valutazioni in ottica comparativa delle Banch e al fine di esprimere una stima relativa dei valori sulla base dei dati e delle informazioni pubbliche disponibili. La Relazione degli Amministratori sott olinea come le considerazioni e le stime effettuate debbano essere intese in termini relativi e con esc lusivo riferimento limitato all’OPAS. In particolar e, le analisi valutative effettuate dal Consiglio di A mministrazione per la determinazione del Rapporto d i Scambio sono state effettuate in ottica comparativa e privilegiando il principio di omogeneità relativ a e confrontabilità delle metodologie di valutazione applicate. Tali analisi sono state svolte, secondo una prospettiva c.d. “ standalone ” e di continuità aziendale, c.d. “ as-is” .

Inoltre, ai fini dell’applicazione dei metodi di va lutazione e ove ritenuto rilevante, il Consiglio di Amministrazione ha considerato separatamente la par tecipazione indiretta detenuta da MPS in Generali. A tal fine, le grandezze economiche e pat rimoniali di MPS rilevanti ai fini dell’applicazion e dei metodi valutativi sono state rettificate per es cludere il contributo attribuibile a tale partecipazione. Il valore così determinato è stato quindi integrato con una autonoma valorizzazione della partecipazione in Generali, effettuata sulla base delle relative quotazioni di Borsa.

Le valutazioni condotte dal Consiglio di Amministra zione della Banca sono riferite alle condizioni economiche e di mercato rilevate alla chiusura del 5 giugno 2026 (la “ Data di Riferimento” ), ultimo giorno di Borsa aperta antecedente l’8 giugno 2026, data in cui la Banca ha annunciato al mercato la decisione di promuovere l’Offerta, e nei dodici mes i precedenti. Le stesse tengono altresì conto delle situazioni patrimoniali, economiche e finanziarie d i ISP e MPS risultanti dai rispettivi bilanci consolidati al 31 dicembre 2025, dalle rispettive r elazioni trimestrali al 31 marzo 2026, nonché dai comunicati stampa e presentazioni dei risultati all a comunità finanziaria.



4Il Consiglio di Amministrazione della Banca ha rich iamato le seguenti limitazioni nell’ambito delle valutazioni svolte ai fini della determinazione del Rapporto di Scambio:

(i)Sono stati adottati esclusivamente dati e informazi oni di natura pubblica.

(ii)La Banca non ha effettuato su MPS alcuna attività d idue diligence finanziaria, legale, commerciale, fiscale, industriale o di qualsivoglia natura.

(iii)Per MPS non è disponibile un dettaglio in merito al l’evoluzione annuale delle proiezioni economiche e patrimoniali lungo l’orizzonte tempora le del piano industriale approvato dal consiglio di amministrazione in data 26 febbraio 20 26. Pertanto, le proiezioni utilizzate per MPS – e, secondo un criterio di omogeneità, anche le proi ezioni adottate per ISP - sono state desunte dalle stime degli analisti di ricerca (“ consensus ” ). Per quanto riguarda consensus , gli Amministratori evidenziano (a) un limitato numero d i stime per MPS con riferimento all’anno 2029 e (b) la disomogeneità nel numero di broker disponibili tra ISP e MPS.

Ai fini della definizione del Rapporto di Scambio, il Consiglio di Amministrazione della Banca ha ritenuto di fare riferimento ai Metodi valutativi d i seguito descritti:

(i) Il metodo dei Multipli di Mercato e della Regressio ne Lineare. Tali metodologie si basano su moltiplicatori impliciti nei prezzi di società quot ate comparabili, opportunamente applicati all’azienda oggetto di stima. Le metodologie si svi luppano nelle seguenti fasi: (i) identificazione delle imprese quotate ritenute comparabili; (ii) ca lcolo dei moltiplicatori per ciascuna delle società considerate, ossia dei rapporti basati sui prezzi borsistici e sulle grandezze reddituali o patrimoniali ritenute significative, ed elaborazion e di uno o più moltiplicatori rappresentativi; (iii ) applicazione del multiplo calcolato alle pertinenti grandezze dell’azienda oggetto di valutazione.

In particolare, tale metodologia è stata declinata nelle seguenti applicazioni:

(a) Metodo dei Multipli di Mercato: gli Amministrato ri hanno fatto riferimento al rapporto tra la capitalizzazione di borsa e gli utili prospettici ( multiplo “ P/ E” ) relativo agli esercizi 2027 e 2028. I multipli P/ E delle società comparabili sele zionate sono stati applicati alle stime degli utili prospettici di ISP e MPS per i medesimi eserc izi, desunte dal consensus , al fine di determinare intervalli omogenei di valore per le az ioni delle due Banche.

(b) Metodo della Regressione Lineare: secondo il met odo della regressione lineare, il valore economico di una società può essere stimato sulla b ase di parametri identificati mediante la correlazione (se statisticamente significativa) tra il rapporto tra la capitalizzazione di borsa sul patrimonio netto tangibile di società comparabi li quotate (multiplo “ Prezzo/ PNT” ) e i rispettivi livelli di redditività prospettica espre ssi dal rendimento sul patrimonio netto tangibile medio di periodo ( Return On Average Tangible Equity – “ RoATE” ). Nello specifico, gli Amministratori hanno proceduto all’analisi di r egressione lineare del Prezzo/ PNT ultimo disponibile rispetto al RoATE atteso al 2027 e al 2 028 basato sul consensus .

Il Consiglio di Amministrazione della Banca, nell’a pplicazione di tali metodologie, ha tenuto in considerazione il diverso livello di patrimonializz azione delle Banche e delle società comparabili considerate rispetto al livello di capitalizzazione obiettivo (in termini di CET 1 Ratio ) preso a riferimento.



5In particolare, nell’ambito dell’applicazione di ta li metodologie è stato fatto riferimento a campioni composti da società quotate nazionali ed e uropee, ritenute affini in termini di modello dibusiness , presenza geografica e/ o dimensioni, alle Banche o ggetto dell’analisi:

- Con riferimento alle società quotate italiane, son o stati considerati i seguenti operatori:

Unicredit, BPER, Banco BPM, Credito Emiliano.

- Con riferimento alle società quotate europee, sono stati considerati i seguenti operatori:

Deutsche Bank, Commerzbank, BNP Paribas, Crédit Agr icole, Société Générale, Banco Santander, BBVA, Caixa Bank, Bankinter, Unicaja Ban co, Banco de Sabadell, Banco Comercial Portugues, Erste Group Bank, KBC Group, I NG, ABN Amro, Eurobank, Piraeus, National Bank of Greece, Alpha Bank.

Nella Relazione, gli Amministratori riportano come la significatività dei risultati dell’analisi dei Multipli di Mercato e della Regressione Lineare dip enda, in ogni caso, dalla confrontabilità del campione e come, considerate le specificità che car atterizzano MPS e ISP, la comparabilità resti

- a loro avviso - comunque sempre parziale.

(ii)Il metodo delle Quotazioni di Borsa. Tale metodolog ia fa riferimento ai prezzi di mercato quali informazioni rilevanti ai fini della stima del valo re economico delle società, considerando i corsi azionari registrati in intervalli temporali ritenut i significativi. Tale metodologia si fonda sul presupposto dell’esistenza di un grado di significa tività tra i prezzi espressi dal mercato per le azioni delle società oggetto di valutazione e il va lore economico delle stesse. Nella Relazione degli Amministratori, si evidenzia come una delle p rincipali caratteristiche del metodo risiede nella possibilità di esprimere, in termini relativi , il rapporto tra i valori delle società considerat e, così come percepiti dal mercato.

Nel caso specifico, il Consiglio di Amministrazione della Banca ha fatto riferimento ai prezzi ufficiali ponderati per i volumi delle azioni di IS P e di MPS registrati al 5 giugno 2026 e nell’arco dei 12 mesi antecedenti.

(iii)Il metodo dei premi pagati in precedenti offerte pu bbliche d’acquisto e/ o scambio. Tale metodologia si basa sull’analisi dei premi, rispett o alle Quotazioni di Borsa, impliciti nei corrispettivi riconosciuti in precedenti offerte pu bbliche d’acquisto e/ o scambio promosse in Italia e ritenute comparabili all’Offerta.

Nel caso specifico, con riferimento al campione di offerte pubbliche osservate, il Consiglio di Amministrazione ha rilevato premi calcolati rispett o al prezzo ufficiale del giorno di Borsa aperta antecedente la data di annuncio dell’offerta, nonch é rispetto alle quotazioni medie ponderate per i volumi a 1 mese, 3 mesi, 6 mesi e 12 mesi ant ecedenti tale data.

(iv)Il metodo dei prezzi target evidenziati dagli analisti di ricerca. Tale metodo logia determina il valore di una società sulla base delle valutazioni obiettivo pubblicate dagli analisti finanziari. I prezzi target sono indicazioni di valore che esprimono un’ipotes i sul prezzo che può raggiungere un’azione sul mercato borsistico e sono derivati da lle autonome valutazioni svolte dai singoli analisti di ricerca.



6Ai fini dell'applicazione della metodologia dei pre zzitarget , il Consiglio di Amministrazione ha considerato i prezzi obiettivo delle Banche indicat i dagli analisti finanziari pubblicati successivamente alla diffusione dei risultati al 31 marzo 2026 e sino alla Data di Riferimento.

(v)Il metodo del Dividend Discount Model nella variante dell’ Excess Capital . Tale metodologia determina il valore economico di una società sulla base del valore attuale di:

- Flussi di dividendi futuri potenzialmente distribu ibili agli azionisti, nell’orizzonte temporale 2026-2029, tenuto conto di un livello di patrimonia lizzazione obiettivo. Tali flussi prescindono pertanto dalla politica dei dividendi e ffettivamente prevista o adottata dalle Banche.

- Valore di lungo periodo – al termine dell’orizzont e temporale considerato – determinato quale valore attuale di una rendita perpetua stimat a sulla base di un flusso di dividendo potenzialmente sostenibile e del tasso di crescita atteso nel lungo periodo.

Sulla base delle analisi effettuate secondo i crite ri di valutazione sopra descritti, il Consiglio di Amministrazione è giunto alle seguenti risultanze i n termini di numero di azioni ISP da riconoscere per ogni azione MPS portata in adesione.

MetodologiaRapporto di cambio

Minimo Massimo

Metodo dei multipli di mercato e della regressione lineare 1,467x 1,898x Metodo delle Quotazioni di Borsa 1,290x 1,655x Metodo dei premi pagati in precedenti offerte pubbl iche d’acquisto e/ o

scambio1,654x 2,051x

Metodo dei prezzi target evidenziati dagli analisti di ricerca 1,243x 2,000x Metodo del Dividend Discount Model nella c.d. variante dell’ Excess Capital 1,505x 1,986x Alla luce dei risultati derivanti dall’applicazione dei Metodi valutativi sopra descritti, il Consigli o di Amministrazione di ISP ha quindi individuato il Rap porto di Scambio (n. 1,600 azioni ordinarie di ISP di nuova emissione e un importo in denaro pari a Eu ro 1,000 per ciascuna azione di MPS portata in adesione all’OPAS).

Come riportato nella Relazione degli Amministratori , il Rapporto di Scambio individuato equivale a un controvalore implicito alla Data di Riferimento par i a 1,776x, calcolato come somma tra (i) il corrispettivo in azioni e (ii) il rapporto tra il c orrispettivo in denaro e il prezzo ufficiale delle azioni di ISP rilevato alla Data di Riferimento.



7In particolare, come riportato nella Relazione degl i Amministratori, il Rapporto di Scambio esprime i premi di seguito indicati (rispetto alle quotazioni osservate alla Data di Riferimento, nonché alle medie aritmetiche dei prezzi ufficiali ponderate pe r i volumi scambiati, nei corrispondenti periodi di

riferimento osservati):

Data di riferimentoPrezzo medio

ponderato

Azione MPS (Euro)Premio

(% )

5 giugno 2026 8,970 12,5% 1 mese precedente al 5 giugno 2026 (incluso) 9,126 11 ,8% 3 mesi precedenti al 5 giugno 2026 (incluso) 8,356 17 ,4% 6 mesi precedenti al 5 giugno 2026 (incluso) 8,466 18 ,7% 12 mesi precedenti al 5 giugno 2026 (incluso) 8,126 2 0,6% Nella Relazione degli Amministratori sono inoltre e splicitate le modalità di rettifica del Corrispetti vo in presenza di eventuali operazioni sul capitale di MPS (diverse dalla fusione con Mediobanca S.p.A. e dalle attese successive scissioni) ovvero di distri buzione di dividendi da parte delle Banche.

Procedure svolte dalla società di revisione Le procedure svolte si sono basate sul nostro giudi zio professionale e hanno compreso colloqui, prevalentemente con il personale della Banca respon sabile della determinazione del Rapporto di Scambio e con l’ Advisor , analisi di documenti, ricalcoli, riscontri e altr e procedure volte all’acquisizione di evidenze ritenute utili ai fini dell’incarico ricevuto.

In particolare, abbiamo svolto le seguenti principa li procedure:

- Esame della Relazione degli Amministratori approva ta dal Consiglio di Amministrazione e riscontro con le bozze precedentemente forniteci pe r consentire lo svolgimento delle nostre attività.

- Esame dei Metodi di valutazione selezionati per la determinazione del Rapporto di Scambio.

- Esame della documentazione, predisposta per il Con siglio di Amministrazione del 7 giugno 2026 – anche da parte dell’Advisor – che ha deliberato la promozione dell’OPAS.

- Discussioni con la Direzione della Banca e con l’ Advisor , aventi ad oggetto il lavoro complessivamente svolto per l’individuazione dei Me todi di valutazione, per la loro applicazione e per la determinazione del Rapporto di Scambio.

- Riscontro della completezza e non contraddittoriet à delle motivazioni addotte dagli Amministratori in merito ai Metodi di valutazione s elezionati ai fini della determinazione del Rapporto di Scambio.



8- Analisi, in termini di ragionevolezza e non arbitr arietà, dei Metodi di valutazione selezionati dagli Amministratori per la stima dei valori economici di ISP e di MPS ai fini della determinazione del Rapporto di Scambio e della loro uniformità di appl icazione.

- Analisi, per le finalità dell’incarico, della valu tazione delle azioni MPS oggetto del conferimento d i cui alla relazione di stima di Deloitte ai sensi de ll’articolo 2343- ter, comma 2, lettera b) del Codice Civile emessa in data 18 luglio 2026.

- Verifica della coerenza delle grandezze di riferim ento e dei dati economico-patrimoniali utilizzati dagli Amministratori nell’applicazione dei Metodi d i valutazione con le fonti di riferimento, incluse, tra le altre, le stime prospettiche conten ute nei report degli analisti finanziari e riferibili a ISP e MPS.

- Ricalcolo dei risultati derivanti dall’applicazion e dei Metodi di valutazione al fine di verificarne l a sostanziale correttezza algebrica.

- Verifica, per il tramite di analisi di benchmarking , del sostanziale allineamento dei premi riconosciuti, così come riportati nella relazione d egli Amministratori, rispetto a quanto da noi riscontrabile in operazioni aventi ad oggetto offer te pubbliche registrate nel mercato italiano lungo diversi orizzonti temporali.

- Sviluppo di analisi di sensitività, nell’ambito dei Metodi di valutazione selezionati nonché di autonomi spunti valutativi, con l’obiettivo di veri ficare quanto i risultati potessero essere influenzati da variazioni nelle ipotesi valutative e nei parametri assunti.

- Ottenimento di specifica lettera di attestazione s ottoscritta dai legali rappresentanti di ISP.

Limiti intrinseci riscontrati dalla società di revi sione nello svolgimento delle procedure Ferme le limitazioni riscontrate dagli Amministrato ri nella determinazione del Rapporto di Scambio, così come indicate al paragrafo 8 della loro Relazi one, si segnala anche quanto segue:

- Come riportato nella Relazione degli Amministrator i, le complessive analisi svolte con il supporto dell’Advisor sono state effettuate sulla base di dati e informa zioni di natura pubblica disponibili alla Data di Riferimento. L’eventuale disponibilità e utilizzo di dati, informazioni, piani o stime sviluppati dai management delle Banche e non pubblicamente disponibili avreb be potuto incidere sugli esiti delle analisi.

- In relazione ai dati prospettici è stato fatto rif erimento, per entrambe le Banche, alle proiezioni desunte dalle stime degli analisti di ricerca. Tali proiezioni – seppur influenzate dai dati e dalle informazioni resi pubblicamente disponibili dalle B anche – risultano tuttavia incorporare anche le aspettative di mercato in merito al futuro andament o lungo l’orizzonte di proiezione coperto dagli analisti. Tali elementi presentano inoltre, p er loro stessa natura, profili di incertezza e aleatorietà e si basano su un insieme di assunzioni relative ad eventi futuri che non necessariamente si verificheranno.





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 ϭϰ͘ϰ͘ DĞĐĐĂŶŝƐŵŽƐƵƉƉůĞƚŝǀŽ͘

 ϭϰ͘ϱ͘ ŽŵƉůĞƚĂŵĞŶƚŽĚĞŐůŝĂƐƐĞƚƚŝ͘  ϭϰ͘ϲ͘ >ŝƐƚĂƵŶŝĐĂ͘  ϭϰ͘ϳ͘ ƐƐĞŶnjĂĚŝůŝƐƚĞ͘

 ϭϰ͘ϴ͘ ůĞnjŝŽŶĞĚĞůWƌĞƐŝĚĞŶƚĞĞĚĞŝsŝĐĞͲWƌĞƐŝĚĞŶƚŝ͘

ƌƚŝĐŽůŽϭϱ͘ ĞƐƐĂnjŝŽŶĞĚĂůůĂĐĂƌŝĐĂ͘

ϭϱ͘ϭ͘^ŝŵƵůƐƚĂďƵŶƚƐŝŵƵůĐĂĚĞŶƚ͘

ϭϱ͘Ϯ͘ZĞǀŽĐĂ͘

ϭϱ͘ϯ^ŽƐƚŝƚƵnjŝŽŶŝ͘

ƌƚŝĐŽůŽϭϲ͘ ZŝŵďŽƌƐŝƐƉĞƐĞ͕ĐŽŵƉĞŶƐŝĞƌĞŵƵŶĞƌĂnjŝŽŶŝƉĞƌůĞĐĂƌŝĐŚĞƐŽĐŝĂůŝ͘

ϭϲ͘ϭ͘ ZŝŵďŽƌƐŝƐƉĞƐĞ͘

ϭϲ͘Ϯ͘ ŽŵƉĞŶƐŽĚĞŝĐŽŵƉŽŶĞŶƚŝŝůŽŶƐŝŐůŝŽĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞ͘

ϭϲ͘ϯ͘ ŽŵƉĞŶƐŽĚĞŝĐŽŵƉŽŶĞŶƚŝŝůŽŵŝƚĂƚŽƉĞƌŝůŽŶƚƌŽůůŽƐƵůůĂ'ĞƐƚŝŽŶĞ͘

 ϭϲ͘ϰ͘ ZĞŵƵŶĞƌĂnjŝŽŶĞƉĞƌƉĂƌƚŝĐŽůĂƌŝĐĂƌŝĐŚĞ͘

ƌƚŝĐŽůŽϭϳ͘ ĚƵŶĂŶnjĞĞĚĞůŝďĞƌĂnjŝŽŶŝĚĞůŽŶƐŝŐůŝŽĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞ͘

 ϭϳ͘ϭ͘ ŽŶǀŽĐĂnjŝŽŶĞ͘  ϭϳ͘Ϯ͘ ĂĚĞŶnjĂ͘

 ϭϳ͘ϯ͘ ZŝĐŚŝĞƐƚĂĚŝĐŽŶǀŽĐĂnjŝŽŶĞ͘

 ϭϳ͘ϰ͘ >ƵŽŐŽ͘  ϭϳ͘ϱ͘ ǀǀŝƐŽĚŝĐŽŶǀŽĐĂnjŝŽŶĞ͘

 ϭϳ͘ϲ͘ ZŝƵŶŝŽŶŝ͘

 ϭϳ͘ϳ͘ ƐƐŝƐƚĞŶnjĂĂůůĞƌŝƵŶŝŽŶŝ͘  ϭϳ͘ϴ͘ sĂůŝĚŝƚăĞŵĂŐŐŝŽƌĂŶnjĂ͘  ϭϳ͘ϵ͘ ĞůŝďĞƌĂnjŝŽŶŝĂŵĂŐŐŝŽƌĂŶnjĂƋƵĂůŝĨŝĐĂƚĂ͘  ϭϳ͘ϭϬ͘ /ŶƚĞƌĞƐƐŝĚĞŝŽŶƐŝŐůŝĞƌŝĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞ͘

 ϭϳ͘ϭϭ͘ ZĞŐŽůĂŵĞŶƚŽĐŽŶƐŝůŝĂƌĞ͘

ƌƚŝĐŽůŽϭϴ͘ ƚƚƌŝďƵnjŝŽŶŝĚĞůŽŶƐŝŐůŝŽĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞ͘

ϭϴ͘ϭ͘ ŽŵƉŝƚŝĚĞůŽŶƐŝŐůŝŽĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞ͘

ϭϴ͘Ϯ͘ ŽŵƉĞƚĞŶnjĞŶŽŶĚĞůĞŐĂďŝůŝ͘

 ϭϴ͘ϯ͘ /ŶĐĂƌŝĐŚŝƐƉĞĐŝĨŝĐŝ͘ 

    ϯ ϭϴ͘ϰ͘ ƌĞĚŝƚŽƐƉĞĐŝĂůĞĞĂŐĞǀŽůĂƚŽ͘

ƌƚŝĐŽůŽϭϵ͘ WƌĞƐŝĚĞŶƚĞĚĞůŽŶƐŝŐůŝŽĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞ͘

 ϭϵ͘ϭ͘ ŽŵƉĞƚĞŶnjĞ͘

 ϭϵ͘Ϯ͘ WŽƚĞƌŝƐƵƉƉůĞƚŽƌŝŝŶĐĂƐŽĚŝƵƌŐĞŶnjĂ͘

 ϭϵ͘ϯ͘ sŝĐĞ ʹWƌĞƐŝĚĞŶƚŝ͘

ƌƚŝĐŽůŽϮϬ͘ ŽŶƐŝŐůŝĞƌĞĞůĞŐĂƚŽ͘

 ϮϬ͘ϭ͘ EŽŵŝŶĂĞƉŽƚĞƌŝ͘

 ϮϬ͘Ϯ͘ &ƵŶnjŝŽŶŝ͘  ϮϬ͘ϯ͘ /ŶĨŽƌŵĂƚŝǀĂ͘ ƌƚŝĐŽůŽϮϭ͘ ŝƌŝŐĞŶƚĞƉƌĞƉŽƐƚŽĂůůĂƌĞĚĂnjŝŽŶĞĚĞŝĚŽĐƵŵĞŶƚŝĐŽŶƚĂďŝůŝƐŽĐŝĞƚĂ ƌŝ͘

ƌƚŝĐŽůŽϮϮ͘ ZĂƉƉƌĞƐĞŶƚĂŶnjĂ͘&ŝƌŵĂƐŽĐŝĂůĞ͘

 ϮϮ͘ϭ͘ WƌĞƐŝĚĞŶƚĞĚĞůŽŶƐŝŐůŝŽĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞ͘

 ϮϮ͘Ϯ͘ ŽŶƐŝŐůŝĞƌĞĞůĞŐĂƚŽ͘  ϮϮ͘ϯ͘ ůƚƌŝƐŽŐŐĞƚƚŝ͘ ƌƚŝĐŽůŽϮϯ͘ ŽŵŝƚĂƚŽƉĞƌŝůŽŶƚƌŽůůŽƐƵůůĂ'ĞƐƚŝŽŶĞ͘   Ϯϯ͘ϭ͘ &ƵŶnjŝŽŶŝ͘

 Ϯϯ͘Ϯ͘ KƌŐĂŶŝnjnjĂnjŝŽŶĞ͘

Ϯϯ͘ϯ͘ ZĂƉƉŽƌƚŝĐŽŶůĞƐŽĐŝĞƚăĚŝƌĞǀŝƐŝŽŶĞůĞŐĂůĞĞĐŽŶŝƉƌĞƉŽƐƚŝĂůĐŽŶƚƌŽůůŽŝŶƚĞƌŶ Ž͘

 Ϯϯ͘ϰ͘ ZĂĐĐŽƌĚŽĚŝŐƌƵƉƉŽ͘

Ϯϯ͘ϱ͘ WŽƚĞƌŝĚĞůŽŵŝƚĂƚŽ͘

ƌƚŝĐŽůŽϮϰ͘ ŽŵŝƚĂƚŝĐŽŶƐŝůŝĂƌŝŽďďůŝŐĂƚŽƌŝ͘

ƌƚŝĐŽůŽϮϱ͘ ŽŵŝƚĂƚŽEŽŵŝŶĞ͘

ƌƚŝĐŽůŽϮϲ͘ ŽŵŝƚĂƚŽZĞŵƵŶĞƌĂnjŝŽŶĞ͘

ƌƚŝĐŽůŽϮϳ͘ ŽŵŝƚĂƚŽZŝƐĐŚŝ͘

ƌƚŝĐŽůŽϮϴ͘ ůƚƌŝŽŵŝƚĂƚŝ͘



d/dK>Ks/

/>E/K ʹhd/>/

ƌƚŝĐŽůŽϮϵ͘ ŝůĂŶĐŝŽĞƵƚŝůŝ͘



d/dK>Ks//

Zs/^/KE>'>/KEd/ ʹZ^^K ʹ^/K'>/DEdK͘Z/Es/K>>>''

ƌƚŝĐŽůŽϯϬ͘ ZĞǀŝƐŝŽŶĞůĞŐĂůĞĚĞŝĐŽŶƚŝ͘

ƌƚŝĐŽůŽϯϭ͘ ZĞĐĞƐƐŽ͘

ƌƚŝĐŽůŽϯϮ͘ ^ĐŝŽŐůŝŵĞŶƚŽ͘

ƌƚŝĐŽůŽϯϯ͘ ZŝŶǀŝŽĂůůĞŶŽƌŵĞĚŝůĞŐŐĞ͘

   

   

ϰd/dK>K/

K^d/dh/KE͕EKD/E/KE͕^

hZd>>^K/dΖ



ƌƚŝĐŽůŽϭ͘ĞŶŽŵŝŶĂnjŝŽŶĞ͘



ϭ͘ϭ͘Ͳ>Ă^ŽĐŝĞƚăƐŝĚĞŶŽŵŝŶĂ͞/ŶƚĞƐĂ^ĂŶƉĂŽůŽ^͘Ɖ͕͘͘͟ƐĞŶnjĂǀŝŶĐŽůŝĚŝƌĂƉƉƌĞƐĞŶ ƚĂnjŝŽŶĞŐƌĂĨŝĐĂ͘EĞůů͛ƵƚŝůŝnjnjŽĚĞŝ

ŵĂƌĐŚŝĞƐĞŐŶŝĚŝƐƚŝŶƚŝǀŝĚĞůůĂ^ŽĐŝĞƚăĞĚĞů'ƌƵƉƉŽůĞƉĂƌŽůĞ ĐŚĞĐŽŵƉŽŶŐŽŶŽůĂĚĞŶŽŵŝŶĂnjŝŽŶĞƉŽƚƌĂŶŶŽĞƐƐĞƌĞ

ĐŽŵďŝŶĂƚĞ ĨƌĂ Ěŝ ůŽƌŽ͕ ĂŶĐŚĞ ŝŶ ŵĂŶŝĞƌĂ ĚŝǀĞƌƐĂ͘ >Ă ^ŽĐŝĞƚă ƉƵžƵƚŝůŝnjnj ĂƌĞ͕ ĐŽŵĞ ŵĂƌĐŚŝ Ğ ƐĞŐŶŝ ĚŝƐƚŝŶƚŝǀŝ͕ ůĞ

ĚĞŶŽŵŝŶĂnjŝŽŶŝĞͬŽŝŵĂƌĐŚŝƵƚŝůŝnjnjĂƚŝĚŝǀŽůƚĂŝŶǀŽůƚĂĚĂůůĂƐƚĞƐƐĂĞͬŽĚĂůů ĞƐŽĐŝĞƚăŶĞůůĂƐƚĞƐƐĂŝŶĐŽƌƉŽƌĂƚĞ͘



ϭ͘Ϯ͘Ͳ>Ă^ŽĐŝĞƚăğĂŶĐĂĂŝƐĞŶƐŝĚĞů͘>ŐƐ͘ϭƐĞƚƚĞŵďƌĞϭϵϵϯ͕Ŷ͘ϯϴϱ͘



ƌƚŝĐŽůŽϮ͘^ĞĚĞ͘



Ϯ͘ϭ͘Ͳ>Ă^ŽĐŝĞƚăŚĂƐĞĚĞůĞŐĂůĞŝŶdŽƌŝŶŽĞƐĞĚĞƐĞĐŽŶĚĂƌŝĂŝŶDŝůĂŶŽ͘>ĞĨ ƵŶnjŝŽŶŝĐĞŶƚƌĂůŝƐŽŶŽƌŝƉĂƌƚŝƚĞƚƌĂDŝůĂŶŽ

ĞdŽƌŝŶŽ͕ĨĞƌŵŽƌĞƐƚĂŶĚŽĐŚĞĐŽŵƵŶƋƵĞůĂ͞&ƵŶnjŝŽŶĞŵŵŝŶŝƐƚƌĂnjŝŽ ŶĞ͕ŝůĂŶĐŝŽ͕&ŝƐĐĂůĞ͕͟ůĂ͞&ƵŶnjŝŽŶĞ/ŶƚĞƌŶĂů

ƵĚŝƚ͟ĞůĂ͞^ĞŐƌĞƚĞƌŝĂ'ĞŶĞƌĂůĞ͟ ƐĂƌĂŶŶŽĂdŽƌŝŶŽ͘



Ϯ͘Ϯ͘ͲƐƐĂƉƵžŝƐƚŝƚƵŝƌĞ͕ĂŝƐĞŶƐŝĚĞůůĂŶŽƌŵĂƚŝǀĂǀŝŐĞŶƚĞ͕ƐĞĚŝ ƐĞĐŽŶĚĂƌŝĞ͕ƐƵĐĐƵƌƐĂůŝĞƌĂƉƉƌĞƐĞŶƚĂŶnjĞŝŶ/ƚĂůŝĂĞ

ĂůůΖĞƐƚĞƌŽ͕ĐŽŵĞƉƵžƐŽƉƉƌŝŵĞƌůĞ͘



ƌƚŝĐŽůŽϯ͘ƵƌĂƚĂ͘



>ĂĚƵƌĂƚĂĚĞůůĂ^ŽĐŝĞƚăğĨŝƐƐĂƚĂƐŝŶŽĂůϯϭĚŝĐĞŵďƌĞϮϭϬϬĞƉŽƚƌăĞƐƐĞƌĞƉƌŽƌŽŐĂƚĂ͘



d/dK>K//

K''ddK^K/>



ƌƚŝĐŽůŽϰ͘KŐŐĞƚƚŽƐŽĐŝĂůĞ͘

 ϰ͘ϭ͘Ͳ>Ă ^ŽĐŝĞƚă ŚĂ ƉĞƌ ŽŐŐĞƚƚŽ ůĂ ƌĂĐĐŽůƚĂ ĚĞů ƌŝƐƉĂƌŵŝŽ Ğ ůΖĞƐĞƌĐŝnjŝŽ ĚĞů ĐƌĞĚŝƚŽ  ŶĞůůĞ ƐƵĞ ǀĂƌŝĞ ĨŽƌŵĞ͕

ĚŝƌĞƚƚĂŵĞŶƚĞĞĂŶĐŚĞƉĞƌŝůƚƌĂŵŝƚĞĚŝƐŽĐŝĞƚăĐŽŶƚƌŽůůĂƚĞ͘ƚĂůĨŝŶĞĞƐƐ ĂƉƵž͕ĐŽŶůΖŽƐƐĞƌǀĂŶnjĂĚĞůůĂŶŽƌŵĂƚŝǀĂ

ǀŝŐĞŶƚĞ Ğ ƉƌĞǀŝŽ ŽƚƚĞŶŝŵĞŶƚŽ ĚĞůůĞ ƉƌĞƐĐƌŝƚƚĞ ĂƵƚŽƌŝnjnjĂnjŝŽŶŝ͕ ĚŝƌĞƚƚĂŵĞ ŶƚĞ Ğ ĂŶĐŚĞ ƉĞƌ ŝů ƚƌĂŵŝƚĞ Ěŝ ƐŽĐŝĞƚă

ĐŽŶƚƌŽůůĂƚĞ͕ĐŽŵƉŝĞƌĞƚƵƚƚĞůĞŽƉĞƌĂnjŝŽŶŝĞŝƐĞƌǀŝnjŝďĂŶĐĂƌŝ͕ĨŝŶĂŶnjŝĂ ƌŝ͕ŝŶĐůƵƐĂůĂĐŽƐƚŝƚƵnjŝŽŶĞĞůĂŐĞƐƚŝŽŶĞĚŝ

ĨŽƌŵĞƉĞŶƐŝŽŶŝƐƚŝĐŚĞĂƉĞƌƚĞŽĐŚŝƵƐĞ͕ŶŽŶĐŚĠŽŐŶŝĂůƚƌĂŽƉĞƌĂnjŝŽŶĞ ƐƚƌƵŵĞŶƚĂůĞŽĐŽŶŶĞƐƐĂĂůƌĂŐŐŝƵŶŐŝŵĞŶƚŽ

ĚĞůůŽƐĐŽƉŽƐŽĐŝĂůĞ͘

 

   

ϱϰ͘Ϯ͘Ͳ>Ă^ŽĐŝĞƚă͕ŶĞůůĂƐƵĂƋƵĂůŝƚăĚŝĂƉŽŐƌƵƉƉŽĚĞůŐƌƵƉƉŽďĂŶĐĂƌŝŽ͞/ŶƚĞƐĂ ^ĂŶƉĂŽůŽ͕͟ĂŝƐĞŶƐŝĚĞůůΖĂƌƚ͘ϲϭĚĞů

͘>ŐƐ͘ϭƐĞƚƚĞŵďƌĞϭϵϵϯ͕Ŷ͘ϯϴϱ͕ĞŵĂŶĂ͕ŶĞůůΖĞƐĞƌĐŝnjŝŽĚĞůůΖĂƚƚŝǀŝƚăĚŝĚŝƌĞnjŝ ŽŶĞĞĐŽŽƌĚŝŶĂŵĞŶƚŽ͕ĚŝƐƉŽƐŝnjŝŽŶŝĂůůĞ

ĐŽŵƉŽŶĞŶƚŝ ĚĞů 'ƌƵƉƉŽ͕ Ğ Đŝž ĂŶĐŚĞ ƉĞƌ ůΖĞƐĞĐƵnjŝŽŶĞ ĚĞůůĞ ŝƐƚƌƵnjŝŽ Ŷŝ ŝŵƉĂƌƚŝƚĞ ĚĂůůĞ ƵƚŽƌŝƚă Ěŝ ǀŝŐŝůĂŶnjĂ Ğ

ŶĞůůΖŝŶƚĞƌĞƐƐĞĚĞůůĂƐƚĂďŝůŝƚăĚĞů'ƌƵƉƉŽƐƚĞƐƐŽ͘



ϰ͘ϯ͘Ͳ>Ă^ŽĐŝĞƚăĞƐĞƌĐŝƚĂůĞĨƵŶnjŝŽŶŝĚŝǀĞƌƚŝĐĞĚĞůĐŽŶŐůŽŵĞƌĂƚŽĨŝŶĂŶnjŝĂƌŝŽĂĚĞƐƐĂĨĂĐĞŶƚĞĐĂƉŽ ͕ĂŝƐĞŶƐŝĚĞůů͛Ăƌƚ͘

ϯĚĞů͘>ŐƐ͘ϯϬŵĂŐŐŝŽϮϬϬϱ͕Ŷ͘ϭϰϮ͘ 



d/dK>K///

W/d>/KE/



ƌƚŝĐŽůŽϱ͘ĂƉŝƚĂůĞƐŽĐŝĂůĞ͘



ϱ͘ϭ͘Ͳ/ůĐĂƉŝƚĂůĞƐŽĐŝĂůĞƐŽƚƚŽƐĐƌŝƚƚŽĞǀĞƌƐĂƚŽğƉĂƌŝĂƵƌŽϭϬ͘ϱϮϵ͘ϯϵϰ͘ϭϵϲ͕Ϯϴ͕Ě ŝǀŝƐŽŝŶŶ͘ϭϳ͘ϲϴϮ͘ϰϲϬ͘ϵϱϱĂnjŝŽŶŝ

ŽƌĚŝŶĂƌŝĞƉƌŝǀĞĚĞůǀĂůŽƌĞŶŽŵŝŶĂůĞ͘

 ϱ͘Ϯ͘Ͳ >͛ƐƐĞŵďůĞĂ ƐƚƌĂŽƌĚŝŶĂƌŝĂ ƉƵž ĚĞůŝďĞƌĂƌĞ ů͛ĂƐƐĞŐŶĂnjŝŽŶĞ Ěŝ Ƶƚŝůŝ Ăŝ ƉƌĞƐ ƚĂƚŽƌŝ Ěŝ ůĂǀŽƌŽ ĚŝƉĞŶĚĞŶƚŝ ĚĞůůĂ

^ŽĐŝĞƚăŽĚŝƐŽĐŝĞƚăĐŽŶƚƌŽůůĂƚĞŵĞĚŝĂŶƚĞĞŵŝƐƐŝŽŶĞĚŝƐƚƌƵŵĞŶƚŝĨŝŶĂŶnjŝĂƌŝŝŶĐŽ ŶĨŽƌŵŝƚăĂůůĂŶŽƌŵĂƚŝǀĂǀŝŐĞŶƚĞ͘

 ϱ͘ϯ͘Ͳ >͛ƐƐĞŵďůĞĂ ƐƚƌĂŽƌĚŝŶĂƌŝĂ ĚĞů Ϯϵ ĂƉƌŝůĞ ϮϬϮϮ ͕ůĞ ĐƵŝ ĚĞůŝďĞƌĂnjŝŽŶŝ ƐŽŶŽ ƐƚĂƚĞ ĂŐŐŝŽƌŶĂƚĞ ĚĂůů͛ƐƐĞŵďůĞĂ ƐƚƌĂŽƌĚŝŶĂƌŝĂĚĞůϯϬĂƉƌŝůĞϮϬϮϲ͕ ŚĂĐŽŶĨĞƌŝƚŽĂůŽŶƐŝŐůŝŽĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞ;ŝͿƵŶĂĚĞůĞŐĂ͕ĂŝƐĞŶƐŝ ĚĞůů͛Ăƌƚ͘Ϯϰϰϯ

Đ͘Đ͕͘ĂĚĂƵŵĞŶƚĂƌĞŐƌĂƚƵŝƚĂŵĞŶƚĞŝůĐĂƉŝƚĂůĞƐŽĐŝĂůĞ͕ĞŶƚƌŽŝůϮϵĂƉƌŝůĞϮϬϮϳ͕ĂŶ ĐŚĞŝŶƉŝƶƚƌĂŶĐŚĞ͕ĚŝŵĂƐƐŝŵŝƵƌŽ

ϮϯϬ͘ϬϬϬ͘ϬϬϬ͕ϬϬ͕ŵĞĚŝĂŶƚĞĞŵŝƐƐŝŽŶĞĚŝƵŶŶƵŵĞƌŽŵĂƐƐŝŵŽĚŝϭϰϱ͘ϬϬϬ͘ϬϬϬĂnjŝŽŶŝ ŽƌĚŝŶĂƌŝĞ/ŶƚĞƐĂ^ĂŶƉĂŽůŽ͕

ĂǀĞŶƚŝůĞƐƚĞƐƐĞĐĂƌĂƚƚĞƌŝƐƚŝĐŚĞĚŝƋƵĞůůĞŝŶĐŝƌĐŽůĂnjŝŽŶĞĂůŵŽŵĞŶƚŽ ĚĞůů͛ĞŵŝƐƐŝŽŶĞ ͕ĐŽŶŐŽĚŝŵĞŶƚŽƌĞŐŽůĂƌĞ͕ĚĂ ĂƐƐĞŐŶĂƌĞ Ăŝ ƐŽŐŐĞƚƚŝ ĚĞƐƚŝŶĂƚĂƌŝ ĚĞů WŝĂŶŽ Ěŝ /ŶĐĞŶƚŝǀĂnjŝŽŶĞ Ă >ƵŶŐŽ d ĞƌŵŝŶĞ ϮϬϮϮͲϮϬϮϱ ĚĞŶŽŵŝŶĂƚŽ

͞WĞƌĨŽƌŵĂŶĐĞ^ŚĂƌĞWůĂŶ͕͟ĂůůĞĐŽŶĚŝnjŝŽŶŝĞŶĞŝƚĞƌŵŝŶŝĞŵŽĚĂůŝƚăƉ ƌĞǀŝƐƚŝĚĂůƉŝĂŶŽƐƚĞƐƐŽ͖ŝůƚƵƚƚŽŵĞĚŝĂŶƚĞ

ĂƐƐĞŐŶĂnjŝŽŶĞ͕ĂŝƐĞŶƐŝĚĞůů͛Ăƌƚ͘ϮϯϰϵĚĞůĐŽĚŝĐĞĐŝǀŝůĞ͕ ĚŝƵŶŝŵƉŽƌƚŽŵĂƐƐŝŵŽĚŝƵƚŝůŝĞͬŽƌŝƐĞƌǀĞĚŝƵƚŝůŝ͕ƋƵĂůŝ

ƌŝƐƵůƚĂŶƚŝĚĂůů͛ƵůƚŝŵŽďŝůĂŶĐŝŽƉƌŽƚĞŵƉŽƌĞĂƉƉƌŽǀĂƚŽ ͕ĐŽƌƌŝƐƉŽŶĚĞŶƚĞĂůǀĂůŽƌĞŶŽŵŝŶĂůĞŝŶĞƐƉƌĞƐƐŽĚĞůůĞĂnjŝŽŶŝ

ĞŵĞƐƐĞ Ăů ŵŽŵĞŶƚŽ ĚĞůů͛ĞƐĞƌĐŝnjŝŽ ĚĞůůĂ ĚĞůĞŐĂ ͖ Ğ ;ŝŝͿ ŽŐŶŝ Ɖŝƶ ĂŵƉŝŽ ƉŽƚĞƌĞ ƉĞƌ ƉƌŽĐĞĚĞƌĞ ĂůůĂ ƉƵŶƚƵĂůĞ ŝŶĚŝǀŝĚƵĂnjŝŽŶĞ ĚĞŐůŝ Ƶƚŝůŝ ĞͬŽ ĚĞůůĞ ƌŝƐĞƌǀĞ Ěŝ Ƶƚŝůŝ ƌŝƐƵůƚĂ Ŷƚŝ ĚĂůů͛ƵůƚŝŵŽ ďŝůĂŶĐŝŽ ƉƌŽ ƚĞŵƉŽƌĞ ĂƉƉƌŽǀĂƚŽ ĚĂ

ĚĞƐƚŝŶĂƌĞĂůůŽƐĐŽƉŽĚŝĐƵŝĂůƉƵŶƚŽ;ŝͿĐŚĞƉƌĞĐĞĚĞ͕ĐŽŶŵĂŶĚĂƚŽĂ ƉƌŽǀǀĞĚĞƌĞĂůůĞŽƉƉŽƌƚƵŶĞĐŽŶƚĂďŝůŝnjnjĂnjŝŽŶŝ

ĐŽŶƐĞŐƵĞŶƚŝĂůůĞŽƉĞƌĂnjŝŽŶŝĚŝĞŵŝƐƐŝŽŶĞ͕ŝŶŽƐƐĞƌǀĂŶnjĂĚĞůůĞĚŝƐƉŽƐŝnjŝ ŽŶŝĚŝůĞŐŐĞĞĚĞŝƉƌŝŶĐŝƉŝĐŽŶƚĂďŝůŝĚŝǀŽůƚĂ

ŝŶǀŽůƚĂĂƉƉůŝĐĂďŝůŝĞĂĚĂŐŐŝŽƌŶĂƌĞĚŝĐŽŶƐĞŐƵĞŶnjĂŝůƉƌĞƐĞŶƚĞƌƚŝĐŽůŽϱ͘

 ϱ͘ϰ͘Ͳ >͛ƐƐĞŵďůĞĂƐƚƌĂŽƌĚŝŶĂƌŝĂĚĞůϯϬĂƉƌŝůĞϮϬϮϲŚĂĂƉƉƌŽǀĂƚŽů͛ĂŶŶƵůůĂŵĞŶƚŽ ĚŝŵĂƐƐŝŵĞŶ͘ϴϬϬ͘ϬϬϬ͘ϬϬϬĂnjŝŽŶŝ ƉƌŽƉƌŝĞ /ŶƚĞƐĂ ^ĂŶƉĂŽůŽ͕ ĐŽŶĨĞƌĞŶĚŽ ĚĞůĞŐĂ Ăů ŽŶƐŝŐůŝŽ Ěŝ ŵŵŝŶŝƐƚƌĂnjŝŽŶĞ ͕ ĐŽŶ ĨĂĐŽůƚă Ěŝ ƐƵďĚĞůĞŐĂ Ăů

WƌĞƐŝĚĞŶƚĞĞĂůŽŶƐŝŐůŝĞƌĞĞůĞŐĂƚŽĞKĂŶĐŚĞŝŶǀŝĂĚŝƐŐŝƵŶƚĂƚƌĂůŽƌŽ͕ĂĚĞƐĞ ŐƵŝƌĞƚĂůĞĂŶŶƵůůĂŵĞŶƚŽ͕ŝŶƵŶĂ



   

ϲŽƉŝƶǀŽůƚĞ͕ĞŶƚƌŽŝůϮϯŽƚƚŽďƌĞϮϬϮϲĞĂĚĂŐŐŝŽƌŶĂƌĞŝůƉƌĞƐĞŶƚĞĂƌƚŝĐŽů ŽϱĂƐĞŐƵŝƚŽĚĞůůĞǀĂƌŝĂnjŝŽŶŝĚĞůŶƵŵĞƌŽ

ĚŝĂnjŝŽŶŝŝŶĚŝĐĂƚĞĂůĐŽŵŵĂϭĞĚĞůůĂƵůƚŝŵĂnjŝŽŶĞĚĞůůĞŽƉĞƌĂnjŝŽŶŝĚŝĂŶŶƵ ůůĂŵĞŶƚŽ͘

 ϱ͘ϱ͘Ͳ >͛ƐƐĞŵďůĞĂƐƚƌĂŽƌĚŝŶĂƌŝĂĚĞůϯϬĂƉƌŝůĞϮϬϮϲŚĂĐŽŶĨĞƌŝƚŽĂůŽŶƐŝŐůŝŽĚŝ ŵŵŝŶŝƐƚƌĂnjŝŽŶĞ;ŝͿƵŶĂĚĞůĞŐĂ͕Ăŝ

ƐĞŶƐŝĚĞůů͛Ăƌƚ͘ϮϰϰϯĐ͘Đ͕͘ĂĚĂƵŵĞŶƚĂƌĞŐƌĂƚƵŝƚĂŵĞŶƚĞŝůĐĂƉŝƚĂůĞƐŽĐŝĂůĞ ĞŶƚƌŽŝůϯϬŽƚƚŽďƌĞϮϬϮϳ͕ĂŶĐŚĞŝŶƉŝƶ

ƚƌĂŶĐŚĞ͕ŵĞĚŝĂŶƚĞĞŵŝƐƐŝŽŶĞĚŝƵŶŶƵŵĞƌŽŵĂƐƐŝŵŽĚŝϳϲ͘ϬϬϬ͘ϬϬϬĂnjŝŽŶ ŝŽƌĚŝŶĂƌŝĞ/ŶƚĞƐĂ^ĂŶƉĂŽůŽ͕ĂǀĞŶƚŝůĞ

ƐƚĞƐƐĞĐĂƌĂƚƚĞƌŝƐƚŝĐŚĞĚŝƋƵĞůůĞŝŶĐŝƌĐŽůĂnjŝŽŶĞĂůŵŽŵĞŶƚŽĚĞůů͛Ğŵ ŝƐƐŝŽŶĞ͕ĐŽŶŐŽĚŝŵĞŶƚŽƌĞŐŽůĂƌĞ͕ĚĂĂƐƐĞŐŶĂƌĞ

Ăŝ ĚŝƉĞŶĚĞŶƚŝ ĚĞƐƚŝŶĂƚĂƌŝĚĞů WŝĂŶŽ Ěŝ /ŶĐĞŶƚŝǀĂnjŝŽŶĞ Ă >ƵŶŐŽ dĞ ƌŵŝŶĞ ĚĞŶŽŵŝŶĂƚŽ ͞>K/W ϮϬϮϲ ͲϮϬϮϵ͕͟ ĂůůĞ

ĐŽŶĚŝnjŝŽŶŝĞŶĞŝƚĞƌŵŝŶŝĞŵŽĚĂůŝƚăƉƌĞǀŝƐƚŝĚĂůƉŝĂŶŽƐƚĞƐƐŽ͖ŝ ůƚƵƚƚŽŵĞĚŝĂŶƚĞĂƐƐĞŐŶĂnjŝŽŶĞ͕ĂŝƐĞŶƐŝĚĞůů͛Ăƌƚ͘Ϯϯϰϵ

ĚĞůĐŽĚŝĐĞĐŝǀŝůĞ͕ ĚŝƵŶŝŵƉŽƌƚŽŵĂƐƐŝŵŽĚŝƵƚŝůŝĞͬŽƌŝƐĞƌǀĞĚŝƵƚŝůŝ͕ƋƵĂůŝƌŝƐƵ ůƚĂŶƚŝĚĂůů͛ƵůƚŝŵŽďŝůĂŶĐŝŽƉƌŽƚĞŵƉŽƌĞ

ĂƉƉƌŽǀĂƚŽ͕ĐŽƌƌŝƐƉŽŶĚĞŶƚĞĂůǀĂůŽƌĞŶŽŵŝŶĂůĞŝŶĞƐƉƌĞƐƐŽĚĞůůĞĂnjŝŽŶ ŝĞŵĞƐƐĞĂůŵŽŵĞŶƚŽĚĞůů͛ĞƐĞƌĐŝnjŝŽĚĞůůĂ

ĚĞůĞŐĂ͖Ğ;ŝŝͿŽŐŶŝƉŝƶĂŵƉŝŽƉŽƚĞƌĞƉĞƌƉƌŽĐĞĚĞƌĞĂůůĂƉƵŶƚƵĂůĞŝŶĚŝǀŝĚƵĂnjŝŽŶ ĞĚĞŐůŝƵƚŝůŝĞͬŽĚĞůůĞƌŝƐĞƌǀĞĚŝƵƚŝůŝ

ƌŝƐƵůƚĂŶƚŝĚĂůů͛ƵůƚŝŵŽďŝůĂŶĐŝŽƉƌŽƚĞŵƉŽƌĞĂƉƉƌŽǀĂƚŽĚĂĚĞƐƚŝŶĂƌĞĂůůŽ ƐĐŽƉŽĚŝĐƵŝĂůƉƵŶƚŽ;ŝͿĐŚĞƉƌĞĐĞĚĞ͕ĐŽŶ

ŵĂŶĚĂƚŽĂƉƌŽǀǀĞĚĞƌĞĂůůĞŽƉƉŽƌƚƵŶĞĐŽŶƚĂďŝůŝnjnjĂnjŝŽŶŝĐŽŶƐĞŐƵĞŶƚŝĂůů ĞŽƉĞƌĂnjŝŽŶŝĚŝĞŵŝƐƐŝŽŶĞ͕ŝŶŽƐƐĞƌǀĂŶnjĂ

ĚĞůůĞĚŝƐƉŽƐŝnjŝŽŶŝĚŝůĞŐŐĞĞĚĞŝƉƌŝŶĐŝƉŝĐŽŶƚĂďŝůŝĚŝǀŽůƚĂ ŝŶǀŽůƚĂĂƉƉůŝĐĂďŝůŝ͕ĞĂĚĂŐŐŝŽƌŶĂƌĞĚŝĐŽŶƐĞŐƵĞŶnjĂŝů

ƉƌĞƐĞŶƚĞƌƚŝĐŽůŽϱ͘

 ϱ͘ϲ͘Ͳ >͛ƐƐĞŵďůĞĂƐƚƌĂŽƌĚŝŶĂƌŝĂĚĞůϯϬĂƉƌŝůĞϮϬϮϲŚĂĐŽŶĨĞƌŝƚŽĂůŽŶƐŝŐůŝŽĚŝŵŵ ŝŶŝƐƚƌĂnjŝŽŶĞ͕ĂŝƐĞŶƐŝĚĞŐůŝ

ĂƌƚŝĐŽůŝϮϰϰϭ͕ŽƚƚĂǀŽĐŽŵŵĂĞϮϰϰϯĚĞůĐŽĚŝĐĞĐŝǀŝůĞ͕ƵŶĂĚĞůĞŐĂĂĚĂƵŵĞŶƚĂƌĞ ŝůĐĂƉŝƚĂůĞƐŽĐŝĂůĞĂƉĂŐĂŵĞŶƚŽ͕

ĞŶƚƌŽ ŝů ϯϬ ŽƚƚŽďƌĞ ϮϬϮϳ͕ ƉĞƌ ƵŶ ŝŵƉŽƌƚŽ ŵĂƐƐŝŵŽ͕ ŝŶĐůƵƐŝǀŽ ĚĞů ƐŽǀ ƌĂƉƉƌĞnjnjŽ͕ Ěŝ ƵƌŽ ϳϮϬ͘ϬϬϬ͘ϬϬϬ͕ ĐŽŶ

ĞƐĐůƵƐŝŽŶĞĚĞůĚŝƌŝƚƚŽĚŝŽƉnjŝŽŶĞ͕ĂĨĂǀŽƌĞĚĞŝĚŝƉĞŶĚĞŶƚŝĚĞƐ ƚŝŶĂƚĂƌŝĚĞůWŝĂŶŽĚŝ/ŶĐĞŶƚŝǀĂnjŝŽŶĞĂ>ƵŶŐŽdĞƌŵŝŶĞ

ĚĞŶŽŵŝŶĂƚŽ ͞>K/W ϮϬϮϲ ͲϮϬϮϵ͕͟ ŝŶ ǀŝĂ ƐĐŝŶĚŝďŝůĞ͕ ŝŶ ƵŶĂ Ž Ɖŝƶ ǀŽůƚĞ͕ Đ ŽŶ ĞŵŝƐƐŝŽŶĞ Ěŝ ŵĂƐƐŝŵĞ ŶƵŵĞƌŽ

ϭϳϬ͘ϬϬϬ͘ϬϬϬĂnjŝŽŶŝŽƌĚŝŶĂƌŝĞ/ŶƚĞƐĂ^ĂŶƉĂŽůŽ͕ĂǀĞŶƚŝůĞƐƚĞƐƐĞĐĂƌĂƚƚĞƌŝƐƚŝĐŚĞĚŝ ƋƵĞůůĞŝŶĐŝƌĐŽůĂnjŝŽŶĞĂůŵŽŵĞŶƚŽ

ĚĞůů͛ĞŵŝƐƐŝŽŶĞ͕ĂĚƵŶƉƌĞnjnjŽĐŚĞŝŶĐŽƌƉŽƌŝƵŶŽƐĐŽŶƚŽƌŝƐƉĞƚƚŽĂů ǀĂůŽƌĞĚŝŵĞƌĐĂƚŽĚĞůůĞĂnjŝŽŶŝŽƌĚŝŶĂƌŝĞĚŝ /ŶƚĞƐĂ

^ĂŶƉĂŽůŽ͕ĚĂƉŽƌƌĞĂůƐĞƌǀŝnjŝŽĚĞůů͛ĂƚƚƵĂnjŝŽŶĞĚĞůWŝĂŶŽĚŝ/ŶĐĞŶƚŝǀĂnj ŝŽŶĞĂ>ƵŶŐŽdĞƌŵŝŶĞĚĞŶŽŵŝŶĂƚŽ͞>K/W

ϮϬϮϲͲ ϮϬϮϵ͘͟>͛ƐƐĞŵďůĞĂƐƚƌĂŽƌĚŝŶĂƌŝĂƉƌĞĚĞƚƚĂŚĂĐŽŶĨĞƌŝƚŽĂůŽŶƐŝŐůŝŽĚŝŵŵŝŶŝ ƐƚƌĂnjŝŽŶĞŽŐŶŝƉŝƶĂŵƉŝŽ ƉŽƚĞƌĞ ƉĞƌ͗ ;ŝͿ ĚĞĨŝŶŝƌĞ ŝů ƉƌĞnjnjŽ Ěŝ ĞŵŝƐƐŝŽŶĞ ĚĞůůĞ ĂnjŝŽŶŝ Ž ƌĚŝŶĂƌŝĞ Ěŝ ŶƵŽǀĂ ĞŵŝƐƐŝŽŶĞ͖ ƚĂůĞ ƉƌĞnjnjŽ ƐĂƌă

ĚĞƚĞƌŵŝŶĂƚŽĂƉƉůŝĐĂŶĚŽƵŶŽƐĐŽŶƚŽƐƵůƉƌĞnjnjŽĚŝŵĞƌĐĂƚŽĚĞůƚŝƚŽůŽ͕ ĐĂůĐŽůĂƚŽĐŽŵĞůĂŵĞĚŝĂĚĞŝƉƌĞnjnjŝŽƐƐĞƌǀĂƚŝ

ŶĞŝ ϯϬ ŐŝŽƌŶŝ ƉƌĞĐĞĚĞŶƚŝ ĂůůĂ ĚĂƚĂ Ěŝ ĞŵŝƐƐŝŽŶĞ͕ ƌĞƐƚĂŶĚŽ ĨĞƌŵŽ͕ ŝŶ ŽŐŶŝ ĐĂƐŽ͕ ĐŚĞ ŶŽŶ ƉŽƚƌă ĞƐƐĞƌĞ ĐŽŵƉůĞƐƐŝǀĂŵĞŶƚĞ ŝŶĨĞƌŝŽƌĞ Ăůů͛ŝŵƉŽƌƚŽ ĚĞůů͛ĂƵŵĞŶƚŽ͖ ;ŝŝͿ ƐƚĂďŝůŝƌĞ ŝ ů ŶƵŵĞƌŽ ŵĂƐƐŝŵŽ Ěŝ ĂnjŝŽŶŝ ŽƌĚŝŶĂƌŝĞ ĚĂ

ĞŵĞƚƚĞƌĞĞĚĂĂƐƐĞŐŶĂƌĞŝŶƐŽƚƚŽƐĐƌŝnjŝŽŶĞĂŝĚŝƉĞŶĚĞŶƚŝĚĞƐƚŝŶĂƚĂƌŝ ĚĞůWŝĂŶŽĚŝ/ŶĐĞŶƚŝǀĂnjŝŽŶĞĂ>ƵŶŐŽdĞƌŵŝŶĞ

ĚĞŶŽŵŝŶĂƚŽ͞>K/WϮϬϮϲ ͲϮϬϮϵ͕͟ĂůůĞĐŽŶĚŝnjŝŽŶŝĞŶĞŝƚĞƌŵŝŶŝĞŵŽĚĂůŝƚăƉƌĞǀŝƐƚŝŝŶĞƐƐŽ͖ ;ŝŝŝͿĚĞƚĞƌŵŝŶĂƌĞůĂ

ƚĞŵƉŝƐƚŝĐĂ ƉĞƌ ů͛ĞƐĞĐƵnjŝŽŶĞ ĚĞůůĂ ĚĞůŝďĞƌĂnjŝŽŶĞ Ěŝ ĂƵŵĞŶƚŽ Ěŝ ĐĂƉŝƚĂůĞ͖ Ğ  ;ŝǀͿ ĂŐŐŝŽƌŶĂƌĞ Ěŝ ĐŽŶƐĞŐƵĞŶnjĂ ŝů

ƉƌĞƐĞŶƚĞƌƚŝĐŽůŽϱ͘

 ϱ͘ϳ͘Ͳ >͛ƐƐĞŵďůĞĂƐƚƌĂŽƌĚŝŶĂƌŝĂĚĞůϯϬĂƉƌŝůĞϮϬϮϲŚĂĐŽŶĨĞƌŝƚŽĂůŽŶƐŝŐůŝŽĚŝ ŵŵŝŶŝƐƚƌĂnjŝŽŶĞ;ŝͿƵŶĂĚĞůĞŐĂ͕Ăŝ

ƐĞŶƐŝĚĞůů͛Ăƌƚ͘ϮϰϰϯĐ͘Đ͕͘ĂĚĂƵŵĞŶƚĂƌĞŐƌĂƚƵŝƚĂŵĞŶƚĞŝůĐĂƉŝƚĂůĞƐŽĐŝĂůĞ͕ ĞŶƚƌŽŝůϯϬĂƉƌŝůĞϮϬϯϭ͕ĂŶĐŚĞŝŶƉŝƶ

ƚƌĂŶĐŚĞ͕ŵĞĚŝĂŶƚĞĞŵŝƐƐŝŽŶĞĚŝƵŶŶƵŵĞƌŽŵĂƐƐŝŵŽĚŝϲϮ͘ϬϬϬ͘ϬϬϬĂnjŝŽŶ ŝŽƌĚŝŶĂƌŝĞ/ŶƚĞƐĂ^ĂŶƉĂŽůŽ͕ĂǀĞŶƚŝůĞ



   

ϳƐƚĞƐƐĞĐĂƌĂƚƚĞƌŝƐƚŝĐŚĞĚŝƋƵĞůůĞŝŶĐŝƌĐŽůĂnjŝŽŶĞĂůŵŽŵĞŶƚŽĚĞůů͛Ğŵ ŝƐƐŝŽŶĞ͕ĐŽŶŐŽĚŝŵĞŶƚŽƌĞŐŽůĂƌĞ͕ĚĂĂƐƐĞŐŶĂƌĞ

ĂŝƐŽŐŐĞƚƚŝĚĞƐƚŝŶĂƚĂƌŝĚĞůWŝĂŶŽĚŝ/ŶĐĞŶƚŝǀĂnjŝŽŶĞĂ>ƵŶŐŽdĞƌŵŝŶĞ ĚĞŶŽŵŝŶĂƚŽ͞WĞƌĨŽƌŵĂŶĐĞ^ŚĂƌĞWůĂŶϮϬϮϲ Ͳ

ϮϬϮϵ͕͟ĂůůĞĐŽŶĚŝnjŝŽŶŝĞŶĞŝƚĞƌŵŝŶ ŝĞŵŽĚĂůŝƚăƉƌĞǀŝƐƚŝĚĂůƉŝĂŶŽƐƚĞƐƐŽ͖ŝůƚƵƚƚŽŵĞĚŝĂŶƚĞĂƐƐĞŐŶĂnj ŝŽŶĞ͕ĂŝƐĞŶƐŝ ĚĞůů͛Ăƌƚ͘ϮϯϰϵĚĞůĐŽĚŝĐĞĐŝǀŝůĞ͕ĚŝƵŶŝŵƉŽƌƚŽŵĂƐƐŝŵŽĚŝƵƚŝůŝ ĞͬŽƌŝƐĞƌǀĞĚŝƵƚŝůŝƋƵĂůŝƌŝƐƵůƚĂŶƚŝĚĂůů͛ƵůƚŝŵŽďŝůĂŶĐŝŽ ƉƌŽ ƚĞŵƉŽƌĞ ĂƉƉƌŽǀĂƚŽ͕ ĐŽƌƌŝƐƉŽŶĚĞŶƚĞ Ăů ǀĂůŽƌĞ ŶŽŵŝŶĂůĞ ŝŶĞƐƉƌĞƐƐŽ Ě ĞůůĞ ĂnjŝŽŶŝ ĞŵĞƐƐĞ Ăů ŵŽŵĞŶƚŽ

ĚĞůů͛ĞƐĞƌĐŝnjŝŽĚĞůůĂĚĞůĞŐĂ͖Ğ;ŝŝͿŽŐŶŝƉŝƶĂŵƉŝŽƉŽƚĞƌĞƉĞƌƉƌŽĐĞĚĞƌĞĂů ůĂƉƵŶƚƵĂůĞŝŶĚŝǀŝĚƵĂnjŝŽŶĞĚĞŐůŝƵƚŝůŝĞͬŽ

ĚĞůůĞƌŝƐĞƌǀĞĚŝƵƚŝůŝƌŝƐƵůƚĂŶƚŝĚĂůů͛ƵůƚŝŵŽďŝůĂŶĐŝŽƉƌŽƚĞŵƉŽƌĞ ĂƉƉƌŽǀĂƚŽĚĂĚĞƐƚŝŶĂƌĞĂ ůůŽƐĐŽƉŽĚŝĐƵŝĂůƉƵŶƚŽ ;ŝͿ ĐŚĞ ƉƌĞĐĞĚĞ͕ ĐŽŶ ŵĂŶĚĂƚŽ Ă ƉƌŽǀǀĞĚĞƌĞ ĂůůĞ ŽƉƉŽƌƚƵŶĞ ĐŽŶƚĂďŝůŝnjnj ĂnjŝŽŶŝ ĐŽŶƐĞŐƵĞŶƚŝ ĂůůĞ ŽƉĞƌĂnjŝŽŶŝ Ěŝ ĞŵŝƐƐŝŽŶĞ͕ ŝŶ ŽƐƐĞƌǀĂŶnjĂ ĚĞůůĞ ĚŝƐƉŽƐŝnjŝŽŶŝ Ěŝ ůĞŐŐĞ Ğ ĚĞŝ  ƉƌŝŶĐŝƉŝ ĐŽŶƚĂďŝůŝ Ěŝ ǀŽůƚĂ ŝŶ ǀŽůƚĂ ĂƉƉůŝĐĂďŝůŝ Ğ ĂĚ

ĂŐŐŝŽƌŶĂƌĞĚŝĐŽŶƐĞŐƵĞŶnjĂŝůƉƌĞƐĞŶƚĞƌƚŝĐŽůŽϱ͘

 ϱ͘ϴ͘>͛ƐƐĞŵďůĞĂ ƐƚƌĂŽƌĚŝŶĂƌŝĂ ĚĞů ϭϬ ƐĞƚƚĞŵďƌĞ ϮϬϮϲ ŚĂ ĂƚƚƌŝďƵŝƚŽ Ăů ŽŶƐŝŐůŝŽ Ě ŝ ŵŵŝŶŝƐƚƌĂnjŝŽŶĞ͕ Ăŝ ƐĞŶƐŝ

ĚĞůů͛Ăƌƚ͘ϮϰϰϯĚĞůŽĚŝĐĞŝǀŝůĞ͕ůĂĨĂĐŽůƚă͕ĚĂĞƐĞƌĐŝƚĂƌƐŝĞŶƚƌŽŝůϭϬƐ ĞƚƚĞŵďƌĞϮϬϮϳ͕ĚŝĂƵŵĞŶƚĂƌĞŝůĐĂƉŝƚĂůĞ

ƐŽĐŝĂůĞĂƉĂŐĂŵĞŶƚŽ͕ŝŶƵŶĂŽƉŝƶǀŽů ƚĞĞŝŶǀŝĂƐĐŝŶĚŝďŝůĞ͕ĐŽŶĞƐĐůƵƐŝŽŶĞĚĞůĚŝƌŝƚƚŽĚŝŽƉnjŝŽŶĞĂŝ ƐĞŶƐŝĚĞůů͛Ăƌƚ͘

Ϯϰϰϭ͕ĐŽŵŵĂϰ͕ƉƌŝŵŽƉĞƌŝŽĚŽ͕ĚĞůŽĚŝĐĞŝǀŝůĞ͕ƉĞƌƵŶŝŵƉŽƌƚŽŵĂƐƐŝ ŵŽĐŽŵƉůĞƐƐŝǀŽĚŝƵƌŽϯ͘ϯϵϰ͘ϭϴϱ͘ϭϳϵ͕ϵϲ͕

ŽůƚƌĞƐŽǀƌĂƉƉƌĞnjnjŽ͕ĐŽŶĞŵŝƐƐŝŽŶĞĚŝƵŶŶƵŵĞƌŽŵĂƐƐŝŵŽĚŝϱ͕ϳŵŝ ůŝĂƌĚŝĂnjŝŽŶŝŽƌĚŝŶĂƌŝĞĚĞůůĂ^ŽĐŝĞƚă͕ƉƌŝǀĞĚĞů

ǀĂůŽƌĞŶŽŵŝŶĂůĞ͕ĂǀĞŶƚŝŐŽĚŝŵĞŶƚŽƌĞŐŽůĂƌĞĞůĞŵĞĚĞƐŝŵĞĐĂƌĂƚƚĞƌŝƐƚŝĐŚ ĞĚĞůůĞĂnjŝŽŶŝŽƌĚŝŶĂƌŝĞĚĞůůĂ^ŽĐŝĞƚăŝŶ

ĐŝƌĐŽůĂnjŝŽŶĞĂůůĂĚĂƚĂĚŝĞŵŝƐƐŝŽŶĞ͕ĚĂůŝďĞƌĂƌƐŝŵĞĚŝĂŶƚĞĐŽŶĨĞƌŝŵĞŶƚŽ ŝŶŶĂƚƵƌĂ͕ŝŶƋƵĂŶƚ ŽĂƐĞƌǀŝnjŝŽĚĞůů͛ŽĨĨĞƌƚĂ

ƉƵďďůŝĐĂĚŝĂĐƋƵŝƐƚŽĞƐĐĂŵďŝŽĂǀĞŶƚĞĂŽŐŐĞƚƚŽůĂƚŽƚĂůŝƚăĚĞůůĞĂnjŝŽŶŝ ŽƌĚŝŶĂƌŝĞĚŝĂŶĐĂDŽŶƚĞĚĞŝWĂƐĐŚŝĚŝ

^ŝĞŶĂ^͘Ɖ͕͘͘ĂŶŶƵŶĐŝĂƚĂĚĂůůĂ^ŽĐŝĞƚăĐŽŶĐŽŵƵŶŝĐĂnjŝŽŶĞĂŝƐĞŶƐŝĚĞůů͛Ăƌƚ͘ϭϬϮ͕ĐŽŵŵĂ ϭ͕͘>ŐƐ͘ϮϰĨĞďďƌĂŝŽϭϵϵϴ͕

Ŷ͘ϱϴŝŶĚĂƚĂϴŐŝƵŐŶŽϮϬϮϲ͘/ŶƐĞĚĞĚŝĞƐĞƌĐŝnjŝŽĚĞůůĂĚĞůĞŐĂ͕ŝůŽŶƐ ŝŐůŝŽĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞĂǀƌă͕ĨƌĂůĞĂůƚƌĞ͕

ĨĂĐŽůƚăĚŝƐƚĂďŝůŝƌĞ͕ŶĞůƌŝƐƉĞƚƚŽĚĞŝůŝŵŝƚŝƐŽƉƌĂŝŶĚŝĐĂƚŝ͕ ŝůƉƌĞnjnjŽĚŝĞŵŝƐƐŝŽŶĞĚĞůůĞĂnjŝŽŶŝŽƌĚŝŶĂƌŝĞĚŝŶƵŽǀĂ

ĞŵŝƐƐŝŽŶĞ;ĐŽŵƉƌĞƐŽŝůƐŽǀƌĂƉƉƌĞnjnjŽͿ͕ŽŐŶŝĂůƚƌŽƚĞƌŵŝŶĞĞĐŽŶĚŝnjŝ ŽŶĞĚĞůů͛ĂƵŵĞŶƚŽĚŝĐĂƉŝ ƚĂůĞĚĞůĞŐĂƚŽ͕ŶŽŶĐŚĠ

ŽŐŶŝĂůƚƌŽĞůĞŵĞŶƚŽŶĞĐĞƐƐĂƌŝŽŽĚŽƉƉŽƌƚƵŶŽ͕ŶĞŝůŝŵŝƚŝƉƌĞǀ ŝƐƚŝĚĂůůĂŶŽƌŵĂƚŝǀĂĂƉƉůŝĐĂďŝůĞĞĚĂůůĞĚĞůŝďĞƌĂnjŝŽŶŝ

ĂƐƐƵŶƚĞĚĂůůĂŵĞĚĞƐŝŵĂƐƐĞŵďůĞĂƐƚƌĂŽƌĚŝŶĂƌŝĂ͘



ƌƚŝĐŽůŽϲ͘ŽŵŝĐŝůŝŽĚĞŐůŝĂnjŝŽŶŝƐƚŝ͘

 /ůĚŽŵŝĐŝůŝŽĚĞŐůŝĂnjŝŽŶŝƐƚŝ͕ƉĞƌƋƵĂŶƚŽĐŽŶĐĞƌŶĞŝůŽƌŽƌĂƉƉŽƌƚŝĐŽŶůĂ ^ŽĐŝĞƚă͕ğƋƵĞůůŽƌŝƐƵůƚĂŶƚĞĚĂů>ŝďƌŽĚĞŝ^ŽĐŝ͘  

d/dK>K/s

^^D>



ƌƚŝĐŽůŽϳ͘ƐƐĞŵďůĞĂ͘



ϳ͘ϭ͘Ͳ>͛ƐƐĞŵďůĞĂ͕ƌĞŐŽůĂƌŵĞŶƚĞĐŽŶǀŽĐĂƚĂĞĐŽƐƚŝƚƵŝƚĂ͕ƌĂƉƉƌĞƐĞŶƚĂů͛ƵŶŝǀĞƌƐĂůŝƚ ăĚĞŝ^ŽĐŝ͘>ĞƐƵĞĚĞůŝďĞƌĂnjŝŽŶŝ͕

ƉƌĞƐĞŝŶĐŽŶĨŽƌŵŝƚăĂůůĂůĞŐŐĞĞĂůůŽ^ƚĂƚƵƚŽ͕ǀŝŶĐŽůĂŶŽƚƵƚƚŝŝ^ŽĐŝ͕ĂŶĐŽƌĐŚĠŶŽ ŶŝŶƚĞƌǀĞŶƵƚŝŽĚŝƐƐĞŶnjŝĞŶƚŝ͘



    ϴ

ϳ͘Ϯ͘Ͳ>ΖƐƐĞŵďůĞĂğŽƌĚŝŶĂƌŝĂĞƐƚƌĂŽƌĚŝŶĂƌŝĂĂŝƐĞŶƐŝĚŝůĞŐŐĞ͘



ϳ͘ϯ͘Ͳ>ΖƐƐĞŵďůĞĂŽƌĚŝŶĂƌŝĂ͗

ϭͿĂƉƉƌŽǀĂŝůďŝůĂŶĐŝŽĚŝĞƐĞƌĐŝnjŝŽĞĚĞůŝďĞƌĂƐƵůůĂĚŝƐƚƌŝďƵnjŝŽŶĞĚĞŐůŝƵ ƚŝůŝ͖

ϮͿŶŽŵŝŶĂ͕ƉƌĞǀŝĂĚĞƚĞƌŵŝŶĂnjŝŽŶĞĚĞůůŽƌŽŶƵŵĞƌŽ͕ĞƌĞǀŽĐĂŝĐŽŵƉŽŶĞ ŶƚŝĚĞůŽŶƐŝŐůŝŽĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞ͕ŶĞ

ĚĞƚĞƌŵŝŶĂ ŝůĐŽŵƉĞŶƐŽƐĞĐŽŶĚŽƋƵĂŶƚŽƉƌĞǀŝƐƚŽĚĂůů͛ƌƚŝĐŽůŽ ϭϲ ĞŶĞĞůĞŐŐĞŝůWƌĞƐŝĚĞŶƚĞĞ ƵŶŽŽƉŝƶ sŝĐĞͲ

WƌĞƐŝĚĞŶƚŝ͕ĐŽŶůĞŵŽĚĂůŝƚăĚŝĐƵŝĂůů͛ƌƚŝĐŽůŽ ϭϰ͘ϴ͖

ϯͿŶŽŵŝŶĂĞƌĞǀŽĐĂŝĐŽŵƉŽŶĞŶƚŝĚĞůŽŶƐŝŐůŝŽĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞ ĐŚĞĨĂŶŶŽƉĂƌƚĞĚĞůŽŵŝƚĂƚŽƉĞƌŝůŽŶƚƌŽůůŽ

ƐƵůůĂ 'ĞƐƚŝŽŶĞ Ğ ŶĞ ŶŽŵŝŶĂ ŝů WƌĞƐŝĚĞŶƚĞ͕ ŝů ƚƵƚƚŽ ĐŽŶ ůĞŵŽĚĂůŝƚă Ěŝ ĐƵŝ Ăůů͛ƌƚŝĐŽůŽ ϭϰ͕ ĚĞƚĞƌŵŝŶĂŶĚŽ ŝů ůŽƌŽ

ĐŽŵƉĞŶƐŽƐĞĐŽŶĚŽƋƵĂŶƚŽƉƌĞǀŝƐƚŽĚĂůů͛ƌƚŝĐŽůŽϭϲ͘ϯ͖ 

ϰͿĚĞůŝďĞƌĂƐƵůůĂƌĞƐƉŽŶƐĂďŝůŝƚăĚĞŝĐŽŵƉŽŶĞŶƚŝŝůŽŶƐŝŐůŝŽĚŝŵŵŝŶŝ ƐƚƌĂnjŝŽŶĞ͖

ϱͿƐƵƉƌŽƉŽƐƚĂŵŽƚŝǀĂƚĂĚĞůŽŵŝƚĂƚŽƉĞƌŝůŽŶƚƌŽůůŽƐƵůůĂ'ĞƐƚŝŽŶĞ ͕ĐŽŶĨĞƌŝƐĐĞů͛ŝŶĐĂƌŝĐŽĚŝƌĞǀŝƐŝŽŶĞůĞŐĂůĞĚĞŝ

ĐŽŶƚŝĞĚĞƚĞƌŵŝŶĂŝůĐŽƌƌŝƐƉĞƚƚŝǀŽĂůůŽƐĐŽƉŽĚŽǀƵƚŽĞ͕ƐĞŶƚŝƚŽůŽƐ ƚĞƐƐŽŽŵŝƚĂƚŽ͕ƌĞǀŽĐĂŽŵŽĚŝĨŝĐĂ͕ŽǀĞŽĐĐŽƌƌĂ͕

ů͛ŝŶĐĂƌŝĐŽĐŽŶĨĞƌŝƚŽ͖ 

ϲͿĂƉƉƌŽǀĂůĞƉŽůŝƚŝĐŚĞĚŝƌĞŵƵŶĞƌĂnjŝŽŶĞĚĞŝĐŽŵƉŽŶĞŶƚŝŝůŽŶƐŝŐůŝŽ ĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞĞĚĞůƉĞƌƐŽŶĂůĞĞŝƉŝĂŶŝ

ďĂƐĂƚŝƐƵƐƚƌƵŵĞŶƚŝĨŝŶĂŶnjŝĂƌŝ͖ŝŶƚĂůĞĂŵďŝƚŽĂƉƉƌŽǀĂŝĐƌŝƚĞƌŝƉĞƌů ĂĚĞƚĞƌŵŝŶĂnjŝŽŶĞĚĞŝĐŽŵƉĞŶƐŝĚĂĂĐĐŽƌĚĂƌĞ

ŝŶĐĂƐŽĚŝĐŽŶĐůƵƐŝŽŶĞĂŶƚŝĐŝƉĂƚĂĚĞůƌĂƉƉŽƌƚŽĚŝůĂǀŽƌŽŽĚŝĐĞƐ ƐĂnjŝŽŶĞĂŶƚŝĐŝƉĂƚĂĚĞůůĂĐĂƌŝĐĂ͕ŝǀŝĐŽŵƉƌĞƐŝŝůŝŵŝƚŝ

ĨŝƐƐĂƚŝĂĚĞƚƚŝĐŽŵƉĞŶƐŝƐĞĐŽŶĚŽƋƵĂŶƚŽƉƌĞǀŝƐƚŽĚĂůůĂŶŽƌŵĂƚŝǀĂǀŝŐĞŶƚĞ ͕ĞĚŚĂĂůƚƌĞƐŞĨĂĐŽůƚăĚŝĚĞůŝďĞƌĂƌĞ͕ĐŽŶ

ůĞŵĂŐŐŝŽƌĂŶnjĞƋƵĂůŝĨŝĐĂƚĞĚĞĨŝŶŝƚĞĚĂůůĂŶŽƌŵĂƚŝǀĂĚŝǀŝŐŝůĂŶnjĂǀŝŐĞŶƚĞ͕ƵŶƌĂƉƉŽƌƚŽ ƚƌĂůĂĐŽŵƉŽŶĞŶƚĞǀĂƌŝĂďŝůĞ

Ğ ƋƵĞůůĂ ĨŝƐƐĂ ĚĞůůĂ ƌĞŵƵŶĞƌĂnjŝŽŶĞ ŝŶĚŝǀŝĚƵĂůĞ ĚĞů ƉĞƌƐŽŶĂůĞ Ɛ ƵƉĞƌŝŽƌĞ Ăů ƌĂƉƉŽƌƚŽ Ěŝ ϭ͗ϭ Ğ ĐŽŵƵŶƋƵĞ ŶŽŶ

ĞĐĐĞĚĞŶƚĞƋƵĞůůŽŵĂƐƐŝŵŽƐƚĂďŝůŝƚŽĚĂůůĂŵĞĚĞƐŝŵĂŶŽƌŵĂƚŝǀĂ͖

ϳͿĂƉƉƌŽǀĂů͛ĞǀĞŶƚƵĂůĞƌĞŐŽůĂŵĞŶƚŽĚĞŝůĂǀŽƌŝĂƐƐĞŵďůĞĂƌŝ ͖

ϴͿĚĞůŝďĞƌĂƐƵůůĞĂůƚƌĞŵĂƚĞƌŝĞĂƚƚƌŝďƵŝƚĞĚĂůůĂŶŽƌŵĂƚŝǀĂǀŝŐĞŶƚĞŽĚĂůůŽ^ƚĂƚƵƚŽĂ ůůĂƐƵĂĐŽŵƉĞƚĞŶnjĂ͖

ϵͿ ĂƵƚŽƌŝnjnjĂ ůĞ ŽƉĞƌĂnjŝŽŶŝ Ěŝ ŵĂŐŐŝŽƌĞ ƌŝůĞǀĂŶnjĂ ĐŽŶ ƉĂƌƚŝ ĐŽƌƌĞůĂƚĞ ŶĞŝ ĐĂƐŝ Ğ ĐŽŶ ůĞ ŵŽĚĂůŝƚă ƉƌĞǀŝƐƚŝ ĚĂůůĞ

ƉƌŽĐĞĚƵƌĞĂĚŽƚƚĂƚĞĂŝƐĞŶƐŝĚĞůů͛Ăƌƚ͘ϭϴ͘Ϯ͕ ƉĂƌĂŐƌĂĨŽϮ͕ůĞƚƚ͘ŚͿ͕ŝŶĐŽŶĨŽƌŵŝƚăĂůůĂĚŝƐĐŝƉůŝŶĂŝŶŵĂƚĞƌŝĂ͘

 ϳ͘ϰ͘Ͳ>ΖƐƐĞŵďůĞĂ ƐƚƌĂŽƌĚŝŶĂƌŝĂ ĚĞůŝďĞƌĂ ƐƵůůĞ ŵŽĚŝĨŝĐŚĞ ĚĞůůŽ ^ƚĂƚƵƚŽ ;ƐĂůǀ ŝ ŝ ƉŽƚĞƌŝ ĚĞů ŽŶƐŝŐůŝŽ Ěŝ ŵŵŝŶŝƐƚƌĂnjŝŽŶĞĂŝƐĞŶƐŝĚĞůů͛Ăƌƚ͘ϭϴ͘Ϯ͕ ƉĂƌĂŐƌĂĨŽϮ͕ůĞƚƚ͘ŵͿƐƵůůĂŶŽŵŝŶĂ͕ƐƵůůĂƌĞǀŽĐĂ͕ƐƵůůĂƐŽƐƚŝƚƵnjŝŽŶ ĞĞƐƵŝ

ƉŽƚĞƌŝĚĞŝůŝƋƵŝĚĂƚŽƌŝĞƐƵŽŐŶŝĂůƚƌĂŵĂƚĞƌŝĂĂƚƚƌŝďƵŝƚĂĚĂůůĂůĞŐŐĞĂůůĂƐƵĂĐŽŵƉĞƚĞ ŶnjĂ͘



ƌƚŝĐŽůŽϴ͘ŽŶǀŽĐĂnjŝŽŶĞ͘



ϴ͘ϭ͘Ͳ>ΖƐƐĞŵďůĞĂğĐŽŶǀŽĐĂƚĂĚĂůŽŶƐŝŐůŝŽĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞŽŐŶŝƋƵĂůǀŽůƚĂ ĞƐƐŽůŽƌŝƚĞŶŐĂŽƉƉŽƌƚƵŶŽ͕ŽǀǀĞƌŽ͕

ĐŽŶĨŽƌŵĞŵĞŶƚĞĂƋƵĂŶƚŽƉƌĞǀŝƐƚŽĚĂůů͛Ăƌƚ͘ϮϯϲϳĐŽĚ͘Đŝǀ͕͘ƐƵƌŝĐŚŝĞƐƚĂĚŝ ƚĂŶƚŝ^ŽĐŝĐŚĞƌĂƉƉƌĞƐĞŶƚŝŶŽĂůŵĞŶŽŝů

ǀĞŶƚĞƐŝŵŽĚĞůĐĂƉŝƚĂůĞƐŽĐŝĂůĞ͘

>͛ƐƐĞŵďůĞĂŽƌĚŝŶĂƌŝĂĚĞǀĞĞƐƐĞƌĞĐŽŶǀŽĐĂƚĂĂůŵĞŶŽƵŶĂǀŽůƚĂĂůůΖĂŶŶŽ ĞŶƚƌŽ ĐĞŶƚŽƚƚĂŶƚĂŐŝŽƌŶŝĚĂůůĂĐŚŝƵƐƵƌĂ

ĚĞůůΖĞƐĞƌĐŝnjŝŽƐŽĐŝĂůĞ͘



    ϵ ϴ͘Ϯ͘Ͳ &Ğƌŵŝ ŝ ƉŽƚĞƌŝ Ěŝ ĐŽŶǀŽĐĂnjŝŽŶĞ ƐƚĂƚƵŝƚŝ ĚĂ ĂůƚƌĞ ĚŝƐƉŽƐŝnjŝŽŶŝ Ěŝ ů ĞŐŐĞ͕ ŝů ŽŵŝƚĂƚŽ ƉĞƌ ŝů ŽŶƚƌŽůůŽ ƐƵůůĂ 'ĞƐƚŝŽŶĞ ͕ŽǀĞŶĞĐĞƐƐĂƌŝŽƉĞƌů͛ĞƐĞƌĐŝnjŝŽĚĞůůĞƉƌŽƉƌŝĞĨƵŶnjŝŽŶŝ͕ƉƵžĐŽŶǀŽĐĂƌĞ ů͛ƐƐĞŵďůĞĂ͕ƉƌĞǀŝĂĐŽŵƵŶŝĐĂnjŝŽŶĞ

ĂůWƌĞƐŝĚĞŶƚĞĚĞůŽŶƐŝŐůŝŽĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞ͘



ϴ͘ϯ͘Ͳ>ΖƐƐĞŵďůĞĂğĐŽŶǀŽĐĂƚĂƉƌĞƐƐŽůĂƐĞĚĞůĞŐĂůĞŽĂůƚƌŽǀĞŶĞůĐŽŵƵŶĞ ŝŶĐƵŝůĂ^ŽĐŝĞƚăŚĂůĂƐĞĚĞůĞŐĂůĞ

ŵĞĚŝĂŶƚĞĂǀǀŝƐŽĐŽŶƚĞŶĞŶƚĞƋƵĂŶƚŽƌŝĐŚŝĞƐƚŽĚĂůůĂůĞŐŐĞ͘

>͛ĂǀǀŝƐŽĚŝĐŽŶǀŽĐĂnjŝŽŶĞğƉƵďďůŝĐĂƚŽŶĞŝƚĞƌŵŝŶŝĚŝůĞŐŐĞƐƵů ƐŝƚŽ/ŶƚĞƌŶĞƚ ĚĞůůĂ^ŽĐŝĞƚăŶŽŶĐŚĠĐŽŶůĞĂůƚƌĞ

ŵŽĚĂůŝƚăƉƌĞǀŝƐƚĞĚĂůůĂŶŽƌŵĂƚŝǀĂǀŝŐĞŶƚĞ͘



ϴ͘ϰ͘Ͳ>͛ƐƐĞŵďůĞĂƐŝƚŝĞŶĞŝŶƵŶŝĐĂĐŽŶǀŽĐĂnjŝŽŶĞ͘ 

/ů ŽŶƐŝŐůŝŽ Ěŝ ŵŵŝŶŝƐƚƌĂnjŝŽŶĞ ƉƵž ƐƚĂďŝůŝƌĞ ƉĞƌ ů͛ƐƐĞŵďůĞĂ ƵŶĂ ƐĞĐŽŶĚĂ ĐŽŶǀŽĐĂnjŝŽŶĞ Ğ͕ ůŝŵŝƚĂƚĂŵĞŶƚĞ

Ăůů͛ƐƐĞŵďůĞĂƐƚƌĂŽƌĚŝŶĂƌŝĂ͕ĂŶĐŚĞƵŶĂƚĞƌnjĂĐŽŶǀŽĐĂnjŝŽŶĞ͘ŝƚĂůĞĚĞƚĞƌŵŝŶ ĂnjŝŽŶĞğĚĂƚĂŶŽƚŝnjŝĂŶĞůů͛ĂǀǀŝƐŽĚŝ

ĐŽŶǀŽĐĂnjŝŽŶĞ͘



ϴ͘ϱ͘Ͳ/^ŽĐŝĐŚĞ͕ĂŶĐŚĞĐŽŶŐŝƵŶƚĂŵĞŶƚĞ͕ƌĂƉƉƌĞƐĞŶƚŝŶŽĂůŵĞŶŽƵŶƋƵĂƌĂŶƚĞƐŝŵŽĚĞ ůĐĂƉŝƚĂůĞƐŽĐŝĂůĞƉŽƐƐŽŶŽ

ĐŚŝĞĚĞƌĞ͕ŶĞŝƚĞƌŵŝŶŝ͕ŶĞŝůŝŵŝƚŝĞŶĞůůĞŵŽĚĂůŝƚăĚŝůĞŐŐĞ͕ ůΖŝŶƚĞŐƌĂnjŝŽŶĞĚĞůůΖĞůĞŶĐŽĚĞůůĞŵĂƚĞƌŝĞĚĂƚƌĂƚƚĂƌĞ͕

ŝŶĚŝĐĂŶĚŽŶĞůůĂĚŽŵĂŶĚĂŐůŝƵůƚĞƌŝŽƌŝĂƌŐ ŽŵĞŶƚŝĚĂĞƐƐŝƉƌŽƉŽƐƚŝ͘ĞůůĞŝŶƚĞŐƌĂnjŝŽŶŝĂůů͛ĞůĞŶĐŽĚĞůůĞŵĂƚĞƌ ŝĞĐŚĞ

ůΖƐƐĞŵďůĞĂĚŽǀƌăƚƌĂƚƚĂƌĞĂƐĞŐƵŝƚŽĚŝƚĂůŝƌŝĐŚŝĞƐƚĞ͕ğĚĂƚĂŶŽƚŝnjŝĂ ŶĞůůĞĨŽƌŵĞƉƌĞǀŝƐƚĞƉĞƌůĂƉƵďďůŝĐĂnjŝŽŶĞ

ĚĞůů͛ĂǀǀŝƐŽĚŝĐŽŶǀŽĐĂnjŝŽŶĞ͘ 



ƌƚŝĐŽůŽϵ͘/ŶƚĞƌǀĞŶƚŽŝŶƐƐĞŵďůĞĂĞǀŽƚŽ͘

 ϵ͘ϭ͘ͲWŽƐƐŽŶŽŝŶƚĞƌǀĞŶŝƌĞĂůů͛ƐƐĞŵďůĞĂŝƐŽŐŐĞƚƚŝĐƵŝƐƉĞƚƚĂŝůĚŝƌŝƚƚŽ ĚŝǀŽƚŽƉĞƌŝƋƵĂůŝƐŝĂƉĞƌǀĞŶƵƚĂĂůůĂ^ŽĐŝĞƚă͕ ĞŶƚƌŽŝƚĞƌŵŝŶŝĚŝůĞŐŐĞ͕ůĂĐŽŵƵŶŝĐĂnjŝŽŶĞĚĞůů͛ŝŶƚĞƌŵĞĚŝĂƌŝŽĂƵƚŽƌŝnjnjĂƚŽĂƚƚĞƐ ƚĂŶƚĞůĂůŽƌŽůĞŐŝƚƚŝŵĂnjŝŽŶĞ͘  

ϵ͘Ϯ͘ͲKŐŶŝĂnjŝŽŶĞŽƌĚŝŶĂƌŝĂĂƚƚƌŝďƵŝƐĐĞŝůĚŝƌŝƚƚŽĂƵŶǀŽƚŽ͘



ϵ͘ϯ͘ͲŽůŽƌŽĂŝƋƵĂůŝƐƉĞƚƚĂŝůĚŝƌŝƚƚŽĚŝǀŽƚŽƉŽƐƐŽŶŽĨĂƌƐŝƌĂƉƉƌĞƐ ĞŶƚĂƌĞŶĞůůΖƐƐĞŵďůĞĂĐŽŶůΖŽƐƐĞƌǀĂŶnjĂĚĞůůĞ

ĚŝƐƉŽƐŝnjŝŽŶŝĚŝůĞŐŐĞ͘>ĂĚĞůĞŐĂƉƵžĞƐƐĞƌĞŶŽƚŝĨŝĐĂƚĂĞůĞƚƚƌŽŶŝĐĂŵĞ ŶƚĞŵĞĚŝĂŶƚĞů͛ƵƚŝůŝnjnjŽĚŝĂƉƉŽƐŝƚĂƐĞnjŝŽŶĞĚĞů

ƐŝƚŽ /ŶƚĞƌŶĞƚ ĚĞůůĂ ^ŽĐŝĞƚă Žǀ ǀĞƌŽ ŵĞĚŝĂŶƚĞ ƉŽƐƚĂ ĞůĞƚƚƌŽŶŝĐĂ͕ ƐĞĐŽŶĚŽ ƋƵĂŶƚŽ ŝŶĚŝĐĂƚŽ ŶĞůů͛ĂǀǀŝƐŽ  Ěŝ

ĐŽŶǀŽĐĂnjŝŽŶĞ͘

 ϵ͘ϰ͘Ͳ >Ă^ŽĐŝĞƚăĚĞƐŝŐŶĂ͕ĚĂŶĚŽŶĞŶŽƚŝnjŝĂŶĞůů͛ĂǀǀŝƐŽĚŝĐŽŶǀŽĐĂnjŝŽŶĞ͕Ɖ ĞƌĐŝĂƐĐƵŶĂƐƐĞŵďůĞĂ͕ƵŶŽŽƉŝƶƐŽŐŐĞƚƚŝ ĂŝƋƵĂůŝŝƚŝƚŽůĂƌŝĚĞůĚŝƌŝƚƚŽĚŝǀŽƚŽƉŽƐƐŽŶŽĐŽŶĨĞƌŝƌĞ͕ĐŽŶůĞ ŵŽĚĂůŝƚăƉƌĞǀŝƐƚĞĚĂůůĂŶŽƌŵĂƚŝǀĂǀŝŐĞŶƚĞ͕ƵŶĂĚĞůĞŐĂ

ĐŽŶŝƐƚƌƵnjŝŽŶŝĚŝǀŽƚŽƐƵƚƵƚƚĞŽĂůĐƵŶĞĚĞůůĞƉƌŽƉŽƐƚĞĂůů͛ŽƌĚŝŶ ĞĚĞůŐŝŽƌŶŽ͘>ĂĚĞůĞŐĂŚĂĞĨĨĞƚƚŽĐŽŶƌŝŐƵĂƌĚŽĂůůĞ

ƐŽůĞƉƌŽƉŽƐƚĞƉĞƌůĞƋƵĂůŝƐŝĂŶŽƐƚĂƚĞĐŽŶĨĞƌŝƚĞŝƐƚƌƵnjŝŽŶŝĚŝǀŽƚŽ͘

 

   

ϭϬϵ͘ϱ͘Ͳ^ĞŝŶĚŝĐĂƚŽŶĞůů͛ĂǀǀŝƐŽĚŝĐŽŶǀŽĐĂnjŝŽŶĞ͕ĐŽůŽƌŽĐŚĞŚĂŶŶŽĚŝƌŝƚƚŽĂů ǀŽƚŽƉŽƐƐŽŶŽŝŶƚĞƌǀĞŶŝƌĞĂůů͛ƐƐĞŵďůĞĂ

ŵĞĚŝĂŶƚĞŵĞnjnjŝĚŝƚĞůĞĐŽŵƵŶŝĐĂnjŝŽŶĞĞĚĞƐĞƌĐŝƚĂƌĞŝůĚŝƌŝƚƚŽĚŝǀŽƚŽ ŝŶǀŝĂĞůĞƚƚƌŽŶŝĐĂƐĞĐŽŶĚŽůĞŵŽĚĂůŝƚăƉƌĞǀŝƐƚĞ

ŶĞůů͛ĂǀǀŝƐŽƐƚĞƐƐŽ͘ 



ƌƚŝĐŽůŽϭϬ͘WƌĞƐŝĚĞŶnjĂĞƐǀŽůŐŝŵĞŶƚŽĚĞůůΖƐƐĞŵďůĞĂ͘^ĞŐƌĞƚĂƌŝŽ͘

 ϭϬ͘ϭ͘ Ͳ>ΖƐƐĞŵďůĞĂ ğ ƉƌĞƐŝĞĚƵƚĂ ĚĂů WƌĞƐŝĚĞŶƚĞ ĚĞů ŽŶƐŝŐůŝŽ Ěŝ ŵŵŝŶŝƐƚƌĂnjŝ ŽŶĞ Ž͕ ŝŶ ĐĂƐŽ Ěŝ ƐƵĂ ĂƐƐĞŶnjĂ Ž

ŝŵƉĞĚŝŵĞŶƚŽ͕ĚĂůsŝĐĞͲWƌĞƐŝĚĞŶƚĞĚĞůŽŶƐŝŐůŝŽĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶ ĞĐŚĞƌŝǀĞƐƚĞĚĞƚƚĂĐĂƌŝĐĂŝŶŝŶƚĞƌƌŽƚƚĂŵĞŶƚĞĚĂ

ŵĂŐŐŝŽƌƚĞŵƉŽĞĐŚĞŶŽŶƐŝĂĂƐƐĞŶƚĞŶĠŝŵƉĞĚŝƚŽŽ͕ĂƉĂƌŝƚăĚŝĂ ŶnjŝĂŶŝƚăĚŝĐĂƌŝĐĂ͕ĚĂƋƵĞůůŽƉŝƶĂŶnjŝĂŶŽĚŝĞƚă͖

ŝŶĚŝĨĞƚƚŽ͕ĚĂĂůƚƌĂƉĞƌƐŽŶĂĚĞƐŝŐŶĂƚĂĚĂůůΖƐƐĞŵďůĞĂŵĞĚĞƐŝŵĂ͘

 ϭϬ͘Ϯ͘ Ͳ^ƉĞƚƚĂ Ăů WƌĞƐŝĚĞŶƚĞ ĚĞůů͛ƐƐĞŵďůĞĂ ͕ ĂŶĐŚĞ ĂƚƚƌĂǀĞƌƐŽ ƐŽŐŐĞƚƚŝ ĚĂů ŵĞĚĞƐŝŵŽ ŝŶĐĂƌŝĐĂƚŝ͕ ǀĞƌŝĨŝĐĂƌŶĞ ůĂ ƌĞŐŽůĂƌĞĐŽƐƚŝƚƵnjŝŽŶĞ͕ĂĐĐĞƌƚĂƌĞŝůĚŝƌŝƚƚŽĚŝŝŶƚĞƌǀĞŶƚŽĞĚŝǀŽƚŽĚĞŝƐŽŐŐĞƚƚŝůĞŐŝ ƚƚŝŵĂƚŝĞĐŽŶƐƚĂƚĂƌĞůĂƌĞŐŽůĂƌŝƚă

ĚĞůůĞĚĞůĞŐŚĞ͕ĚŝƌŝŐĞƌĞĞƌĞŐŽůĂƌĞůĂĚŝƐĐƵƐƐŝŽŶĞĞůŽƐǀŽůŐŝŵ ĞŶƚŽĚĞŝůĂǀŽƌŝĂƐƐĞŵďůĞĂƌŝ͕ƐƚĂďŝůŝƌĞůĞŵŽĚĂůŝƚăĚĞůůĞ

ǀŽƚĂnjŝŽŶŝĞƉƌŽĐůĂŵĂƌĞŝƌĞůĂƚŝǀŝƌŝƐƵůƚĂƚŝ͘



ϭϬ͘ϯ͘ Ͳ/ůWƌĞƐŝĚĞŶƚĞğĂƐƐŝƐƚŝƚŽĚĂƵŶ^ĞŐƌĞƚĂƌŝŽŶĞůůĂƉĞƌƐŽŶĂĚĞů^ĞŐƌĞƚĂƌŝŽĚ ĞůŽŶƐŝŐůŝŽĚŝ ŵŵŝŶŝƐƚƌĂnjŝŽŶĞ

ŽƉƉƵƌĞ͕ŝŶĐĂƐŽĚŝƐƵĂĂƐƐĞŶnjĂŽŝŵƉĞĚŝŵĞŶƚŽ͕ŶĞůůĂƉĞƌƐŽŶĂ ĚĞƐŝŐŶĂƚĂĚĂŐůŝŝŶƚĞƌǀĞŶƵƚŝ͕ƋƵĂŶĚŽŝůǀĞƌďĂůĞŶŽŶ

ƐŝĂƌĞĚĂƚƚŽĚĂƵŶEŽƚĂŝŽŶŽŶĐŚĠ͕ĞǀĞŶƚƵĂůŵĞŶƚĞ͕ĚĂĂƉƉŽƐŝƚŝŝŶĐĂƌŝĐĂƚŝĚĂůƵŝƉƌĞ ƐĐĞůƚŝƚƌĂŝƉƌĞƐĞŶƚŝ͘



ϭϬ͘ϰ͘ ͲEŽŶĞƐĂƵƌĞŶĚŽƐŝŝŶƵŶŐŝŽƌŶŽůĂƚƌĂƚƚĂnjŝŽŶĞĚĞŐůŝĂƌŐŽŵĞŶƚŝĂůůΖŽƌĚŝŶ ĞĚĞůŐŝŽƌŶŽ͕ůΖƐƐĞŵďůĞĂƉƵžĚŝƐƉŽƌƌĞ

ůĂĐŽŶƚŝŶƵĂnjŝŽŶĞĚĞůůĂƌŝƵŶŝŽŶĞĂƐƐĞŵďůĞĂƌĞĂůŐŝŽƌŶŽƐĞŐƵĞŶƚĞŶŽŶĨĞƐƚŝǀŽ͘ 



ƌƚŝĐŽůŽϭϭ͘sĂůŝĚŝƚăĚĞůůĞĚĞůŝďĞƌĂnjŝŽŶŝ͘



WĞƌůĂǀĂůŝĚŝƚăĚĞůůĂĐŽƐƚŝƚƵnjŝŽŶĞĚĞůů͛ƐƐĞŵďůĞĂ͕ĐŽŵĞƉƵƌĞƉĞƌůĂǀ ĂůŝĚŝƚăĚĞůůĞƌĞůĂƚŝǀĞĚĞůŝďĞƌĂnjŝŽŶŝ͕ƐŝĂƉƉůŝĐĂ

ůĂŶŽƌŵĂƚŝǀĂǀŝŐĞŶƚĞ ͕ĨĂƚƚŽƐĂůǀŽƋƵĂŶƚŽƉƌĞǀŝƐƚŽĚĂůů͛ƌƚŝĐŽůŽ ϭϰƉĞƌů͛ĞůĞnjŝŽŶĞĚĞůŽŶƐŝŐůŝŽĚŝ ŵŵŝŶŝƐƚƌĂnjŝŽŶĞ

ĞĚĞůŽŵŝƚĂƚŽƉĞƌŝůŽŶƚƌŽůůŽƐƵůůĂ'ĞƐƚŝŽŶĞ͘ 

 

d/dK>Ks

^/^dD/DD/E/^dZ/KEKEdZK>>K



ƌƚŝĐŽůŽϭϮ͘^ŝƐƚĞŵĂŵŽŶŝƐƚŝĐŽ͘

 >Ă^ŽĐŝĞƚăĂĚŽƚƚĂŝůƐŝƐƚĞŵĂŵŽŶŝƐƚŝĐŽ ĚŝĂŵŵŝŶŝƐƚƌĂnjŝŽŶĞĞĐŽŶƚƌŽůůŽ͕ĂŝƐ ĞŶƐŝĚĞŐůŝĂƌƚƚ͘ϮϰϬϵͲ ƐĞdžŝĞƐĚĞĐŝĞƐ Ğ ƐĞŐƵĞŶƚŝĐŽĚ͘Đŝǀ͘͘ ƐƐĂŽƉĞƌĂƋƵŝŶĚŝƚƌĂŵŝƚĞƵŶŽŶƐŝŐůŝŽĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞ;ƋƵŝĚŝƐĞŐƵŝƚŽ͕ ĂŶĐŚĞ͞ŽŶƐŝŐůŝŽ͟Ϳ͕ 

   

ϭϭĂůĐƵŶŝĐŽŵƉŽŶĞŶƚŝĚĞůƋƵĂůĞĨĂŶŶŽĂůƚƌĞƐŞƉĂƌƚĞĚĞůŽŵŝƚĂƚŽƉĞƌŝůŽŶƚƌŽ ůůŽƐƵůůĂ'ĞƐƚŝŽŶĞ;ƋƵŝĚŝƐĞŐƵŝƚŽĂŶĐŚĞ

͞ŽŵŝƚĂƚŽ͟Ϳ ͘



ƌƚŝĐŽůŽϭϯ͘ŽŶƐŝŐůŝŽĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞĞŽŵŝƚĂƚŽƉĞƌŝůŽŶƚƌŽůůŽƐƵů ůĂ'ĞƐƚŝŽŶĞ͘



ϭϯ͘ϭ͘ͲŽŵƉŽƐŝnjŝŽŶĞ͘

/ů ŽŶƐŝŐůŝŽ Ěŝ ŵŵŝŶŝƐƚƌĂnjŝŽŶĞ ğ ĐŽƐƚŝƚƵŝƚŽ ĚĂ ƵŶ ŵŝŶŝŵŽ Ěŝ ϭϱ ;Ƌ ƵŝŶĚŝĐŝͿ ĂĚƵŶ ŵĂƐƐŝŵŽ Ěŝ ϭϵ ;ĚŝĐŝĂŶŶŽǀĞͿ ĐŽŵƉŽŶĞŶƚŝ͕ĂŶĐŚĞŶŽŶ^ ŽĐŝ͕ŶŽŵŝŶĂƚŝĚĂůů͛ƐƐĞŵďůĞĂ͘ 

ůŐĞŶĞƌĞŵĞŶŽƌĂƉƉƌĞƐĞŶƚĂƚŽĚĞǀŽŶŽĞƐƐĞƌĞƌŝƐĞƌǀĂƚŝĂůŵĞŶŽĚ ƵĞƋƵŝŶƚŝĚĞŝŽŶƐŝŐůŝĞƌŝĂĨĂƌĐŽƌƐŽĚĂůƉƌŝŵŽ

ƌŝŶŶŽǀŽĚĞůŽŶƐŝŐůŝŽĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞƐƵĐĐĞƐƐŝǀŽĂůϭΣŐĞŶŶĂŝŽ ϮϬϮϬ͘YƵĂůŽƌĂƋƵĞƐƚŽƌĂƉƉŽƌƚŽŶŽŶƐŝĂƵŶ

ŶƵŵĞƌŽŝŶƚĞƌŽ͕ ƋƵĞƐƚŽğĂƌƌŽƚŽŶĚĂƚŽƉĞƌĞĐĐĞƐƐŽĂůů͛ƵŶŝƚăƐƵƉĞƌŝŽƌĞ ͘

/ůŽŵŝƚĂƚŽƉĞƌŝůŽŶƚƌŽůůŽƐƵůůĂ'ĞƐƚŝŽŶĞğĐŽŵƉŽƐƚŽĚĂĐŝŶƋƵĞŽŶƐŝŐůŝĞƌŝ͘



ϭϯ͘Ϯ͘ͲƵƌĂƚĂ͘

/ĐŽŵƉŽŶĞŶƚŝĚĞůŽŶƐŝŐůŝŽĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞƌĞƐƚĂŶŽŝŶĐĂƌŝĐĂƉĞƌƚƌĞĞƐ ĞƌĐŝnjŝ͕ƐĐĂĚŽŶŽĂůůĂĚĂƚĂĚĞůůĂƐƵĐĐĞƐƐŝǀĂ

ƐƐĞŵďůĞĂƉƌĞǀŝƐƚĂĚĂůƐĞĐŽŶĚŽĐŽŵŵĂĚĞůů͛Ăƌƚ͘ϮϯϲϰĐŽĚ͘Đŝǀ͘ĞƐŽŶŽƌŝĞůĞŐŐŝď ŝůŝ͘

ϭϯ͘ϯ͘Ͳ/ŶƚĞŐƌĂnjŝŽŶĞ͘

KǀĞ ŝů ŶƵŵĞƌŽ ĚĞŝ ĐŽŵƉŽŶĞŶƚŝ ĚĞů ŽŶƐŝŐůŝŽ Ěŝ ŵŵŝŶŝƐƚƌĂnjŝŽŶĞ ƐŝĂ ƐƚĂƚŽ ĚĞƚĞƌŵŝŶĂƚŽ ŝŶ ŵŝƐƵƌĂ ŝŶĨĞƌŝŽƌĞ Ăů

ŵĂƐƐŝŵŽƉƌĞǀŝƐƚŽ͕ů͛ƐƐĞŵďůĞĂƉƵžĂƵŵĞŶƚĂƌŶĞƐƵĐĐĞƐƐŝǀĂŵĞŶƚĞŝůŶƵŵĞƌŽ ͕ŵĂŶŽŶŽůƚƌĞƚĂůĞŵĂƐƐŝŵŽ͘/ŶƵŽǀŝ

ĐŽŵƉŽŶĞŶƚŝƐŽŶŽŶŽŵŝŶĂƚŝĚĂůů͛ƐƐĞŵďůĞĂƐĞĐŽŶĚŽƋƵĂŶƚŽƉƌĞǀŝƐƚŽ ĚĂůů͛ƌƚŝĐŽůŽ ϭϰ͕ƐĂůǀĂŐƵĂƌĚĂŶĚŽŝůƌŝƉĂƌƚŽ ƚƌĂŐĞŶĞƌŝŵĞĚŝĂŶƚĞů͛ĂƉƉůŝĐĂnjŝŽŶĞ ͕ŽǀĞŽĐĐŽƌƌĂ͕ ĚĞůŵĞĐĐĂŶŝƐŵŽƐƵƉƉůĞƚŝǀŽƉƌĞǀŝƐƚŽĚĂůů͛Ăƌƚ͘ ϭϰ͘ϰ͘>ĂƐĐĂĚĞŶnjĂ

ĚĞŝŶƵŽǀŝĞůĞƚƚŝğƋƵĞůůĂƐƚĞƐƐĂĚĞŝĐŽŵƉŽŶĞŶƚŝŐŝăŝŶĐĂƌŝĐĂ͘



ϭϯ͘ϰ͘ͲZĞƋƵŝƐŝƚŝĚĞŝĐŽŵƉŽŶĞŶƚŝĚĞůŽŶƐŝŐůŝŽĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞ͘

ϭϯ͘ϰ͘ϭ͘ /ĐŽŵƉŽŶĞŶƚŝŝůŽŶƐŝŐůŝŽĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞĚĞǀŽŶŽĞƐƐĞƌĞŝĚŽŶĞŝ ĂůůŽƐǀŽůŐŝŵĞŶƚŽĚĞůů͛ŝŶĐĂƌŝĐŽ͕ƐĞĐŽŶĚŽ

ƋƵĂŶƚŽƉƌĞǀŝƐƚŽĚĂůůĂŶŽƌŵĂƚŝǀĂǀŝŐĞŶƚĞĞĚĂůůŽ^ƚĂƚƵƚŽĞĚ͕ŝŶƉĂƌƚŝĐŽ ůĂƌĞ͕ĞƐƐŝĚĞǀŽŶŽƉŽƐƐĞĚĞƌĞŝƌĞƋƵŝƐŝƚŝĚŝ

ƉƌŽĨĞƐƐŝŽŶĂůŝƚăĞŽŶŽƌĂďŝůŝƚăĞƌŝƐƉĞƚƚĂƌĞŝĐƌŝƚĞƌŝĚŝĐŽŵƉĞƚĞŶnjĂ͕ĐŽƌƌĞƚƚĞ njnjĂĞĚĞĚŝnjŝŽŶĞĚŝƚĞŵƉŽĞŐůŝƐƉĞĐŝĨŝĐŝ

ůŝŵŝƚŝ Ăů ĐƵŵƵůŽ ĚĞŐůŝ ŝŶĐĂƌŝĐŚŝ ƉƌĞƐĐƌŝƚƚŝ ĚĂůůĂ ŶŽƌŵĂƚŝǀĂ ǀŝŐĞŶƚĞ͕ Ğ  ŝŶ ŽŐŶŝ ĐĂƐŽ ƋƵĞůůŝ ƉƌĞǀŝƐƚŝ ĚĂůůĂ ŝƌĞƚƚŝǀĂ ĞƵƌŽƉĞĂϮϲŐŝƵŐŶŽϮϬϭϯŶ͘ϯϲ͕ ƉĞƌů͛ĞƐƉůĞƚĂŵĞŶƚŽĚĞůů͛ŝŶĐĂƌŝĐŽĚŝĂŵŵŝŶŝƐƚƌĂƚŽƌĞĚŝƵŶĂďĂŶĐĂĞŵŝƚƚĞŶƚĞĂnj ŝŽŶŝ

ƋƵŽƚĂƚĞŝŶŵĞƌĐĂƚŝƌĞŐŽůĂŵĞŶƚĂƚŝ͘



ϭϯ͘ϰ͘Ϯ͘/ŶĂŐŐŝƵŶƚĂĂŝƌĞƋƵŝƐŝƚŝƐƚĂďŝůŝƚŝĚĂůůĂŶŽƌŵĂƚŝǀĂǀŝŐĞŶƚĞ͕ŝĐŽŵƉŽ ŶĞŶƚŝĚĞůŽŶƐŝŐůŝŽĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞ

ĚĞǀŽŶŽƉŽƐƐĞĚĞƌĞŝƐĞŐƵĞŶƚŝƵůƚĞƌŝŽƌŝƌĞƋƵŝƐŝƚŝ͗

ĂͿ;WƌŽĨĞƐƐŝŽŶĂůŝƚăͿůŵĞŶŽƋƵĂƚƚƌŽĐŽŵƉŽŶĞŶƚŝĚĞǀŽŶŽŝͿĞƐƐĞƌĞŝƐĐƌŝƚƚŝŶĞů ƌĞŐŝƐƚƌŽĚĞŝƌĞǀŝƐŽƌŝůĞŐĂůŝ

ĞŝŝͿĂǀĞƌĞƐĞƌĐŝƚĂƚŽƉĞƌƵŶƉĞƌŝŽĚŽĚŝĂůŵĞŶŽƚƌĞĂŶŶŝ ů͛ĂƚƚŝǀŝƚăĚŝƌĞǀŝƐŝŽŶĞůĞŐĂůĞ ŽůĞĨƵŶnjŝŽŶŝĚŝ

ĐŽŵƉŽŶĞŶƚĞĚŝƵŶŽƌŐĂŶŽĚŝĐŽŶƚƌŽůůŽĚŝƐŽĐŝĞƚăĚŝĐĂƉŝƚĂůŝ͖

ďͿ;/ŶĚŝƉĞŶĚĞŶnjĂͿ ůŵĞŶŽ ĚƵĞ ƚĞƌnjŝ ĚĞŝ ĐŽŵƉŽŶĞŶƚŝ ĚĞǀŽŶŽ ƉŽƐƐĞĚĞƌĞ ŝ  ƌĞƋƵŝƐŝƚŝ Ěŝ ŝŶĚŝƉĞŶĚĞŶnjĂ ƐƚĂďŝůŝƚŝŶĞůƉƌĞƐĞŶƚĞĂƌƚŝĐŽůŽĂůƐƵĐĐĞƐƐŝǀŽƉĂƌĂŐƌĂĨŽ ϭϯ͘ϰ͘ϯ͖ƚĂůŝŽŶƐŝ ŐůŝĞƌŝƐŽŶŽĚĞŶŽŵŝŶĂƚŝ͕ŶĞů 

   

ϭϮƉƌĞƐĞŶƚĞ^ƚĂƚƵƚŽ͕͞ŽŶƐŝŐůŝĞƌŝ/ŶĚŝƉĞŶĚĞŶƚŝ͖͟ƋƵĂůŽƌĂĚĂůů͛ĂƉƉůŝĐĂnjŝŽŶ ĞĚŝƚĂůĞƋƵŽƚĂŶŽŶƌŝƐƵůƚŝƵŶ

ŶƵŵĞƌŽŝŶƚĞƌŽ͕ŝůƌĞƋƵŝƐŝƚŽĚĞǀĞĞƐƐĞƌĞƌŝĨĞƌŝƚŽĂĚƵŶŶƵŵĞƌŽĚŝ ŽŶƐŝŐůŝĞƌŝĂƌƌ ŽƚŽŶĚĂƚŽĂůů͛ƵŶŝƚă

ƐƵƉĞƌŝŽƌĞ͘



ϭϯ͘ϰ͘ϯ͘hŶŽŶƐŝŐůŝĞƌĞŶŽŶƉƵžĞƐƐĞƌĞĐŽŶƐŝĚĞƌĂƚŽ/ŶĚŝƉĞŶĚĞŶƚĞŶĞůůĞƐĞŐƵ ĞŶƚŝŝƉŽƚĞƐŝ͗

ĂͿ ƐĞ ğ ƵŶ ĂnjŝŽŶŝƐƚĂ ƐŝŐŶŝĨŝĐĂƚŝǀŽ ĚĞůůĂ ^ŽĐŝĞƚă͕ ŝŶƚĞŶĚĞŶĚŽƐŝ ƉĞƌ ƚĂů Ğ ŝů ƐŽŐŐĞƚƚŽ ĐŚĞ͕ ĚŝƌĞƚƚĂŵĞŶƚĞ Ž

ŝŶĚŝƌĞƚƚĂŵĞŶƚĞ͕;ĂƚƚƌĂǀĞƌƐŽƐŽĐŝĞƚăĐŽŶƚƌŽůůĂƚĞ͕ĨŝĚƵĐŝĂƌŝŽŝŶƚĞƌƉŽƐƚĂƉĞƌƐŽ ŶĂͿ͕ĐŽŶƚƌŽůůĂůĂ^ŽĐŝĞƚăŽğŝŶŐƌĂĚŽ

Ěŝ ĞƐĞƌĐŝƚĂƌĞ ƐƵ Ěŝ ĞƐƐĂ ƵŶ͛ŝŶĨůƵĞŶnjĂ ŶŽƚĞǀŽůĞ͕ Ž ĐŚĞ ƉĂƌƚĞĐŝƉĂ͕ ĚŝƌĞƚƚĂŵĞŶƚĞ Ž ŝŶĚŝƌĞƚƚĂŵĞŶƚĞ͕ Ă ƵŶ ƉĂƚƚŽ ƉĂƌĂƐŽĐŝĂůĞĂƚƚƌĂǀĞƌƐŽŝůƋƵĂůĞƵŶŽŽƉŝƶƐŽŐŐĞƚƚŝĞƐĞƌĐŝƚĂŶŽ ŝůĐŽŶƚƌŽůůŽŽƵŶ͛ŝŶĨůƵĞŶnjĂŶŽƚĞǀŽůĞƐƵůůĂ^ŽĐŝĞƚă͖ 

ďͿƐĞğ͕ŽğƐƚĂƚŽŶĞŝƉƌĞĐĞĚĞŶƚŝƚƌĞĞƐĞƌĐŝnjŝ͕ƵŶĂŵŵŝŶŝƐƚƌĂƚŽƌĞĞƐĞĐƵƚŝǀŽŽƵŶĚŝƉĞŶĚ ĞŶƚĞ͗

ͲĚĞůůĂ^ŽĐŝĞƚă͕ĚŝƵŶĂƐŽĐŝĞƚăĚĂĞƐƐĂĐŽŶƚƌŽůůĂƚĂĂǀĞŶƚĞƌŝůĞǀĂŶnjĂƐƚƌĂƚĞŐŝ ĐĂŽĚŝƵŶĂƐŽĐŝĞƚăƐŽƚƚŽƉŽƐƚĂĂĐŽŵƵŶĞ

ĐŽŶƚƌŽůůŽ͖

ͲĚŝƵŶ͛ĂnjŝŽŶŝƐƚĂƐŝŐŶŝĨŝĐĂƚŝǀŽĚĞůůĂ^ŽĐŝĞƚă͖ ͖

ĐͿƐĞ͕ĚŝƌĞƚƚĂŵĞŶƚĞŽŝŶĚŝƌĞƚƚĂŵĞŶƚĞ;ĂĚĞƐĞŵƉŝŽĂƚƚƌĂǀĞƌƐŽƐŽĐŝĞƚăĐŽŶƚƌŽůůĂƚĞŽĚ ĞůůĞƋƵĂůŝƐŝĂĂŵŵŝŶŝƐƚƌĂƚŽƌĞ

ĞƐĞĐƵƚŝǀŽ͕ŽŝŶƋƵĂŶƚŽƉĂƌƚŶĞƌĚŝƵŶŽƐƚƵĚŝŽƉƌŽĨĞƐƐŝŽŶĂůĞŽĚŝ ƵŶĂƐŽĐŝĞƚăĚŝĐŽŶƐƵůĞŶnjĂͿ͕ŚĂ͕ŽŚĂĂǀƵƚŽŶĞŝƚƌĞ

ĞƐĞƌĐŝnjŝƉƌĞĐĞĚĞŶƚŝ͕ƵŶĂƐŝŐŶŝĨŝĐĂƚŝǀĂƌĞůĂnjŝŽŶĞĐŽŵŵĞƌĐŝĂůĞ͕ĨŝŶĂŶnjŝĂƌŝĂŽƉƌŽ ĨĞƐƐŝŽŶĂůĞ͗

ͲĐŽŶůĂ^ŽĐŝĞƚăŽůĞƐŽĐŝĞƚăĚĂĞƐƐĂĐŽŶƚƌŽůůĂƚĞ͕ŽĐŽŶŝƌĞůĂƚŝǀŝĂŵŵŝŶŝƐƚƌĂƚŽƌŝĞƐ ĞĐƵƚŝǀŝŽŝůƚŽƉŵĂŶĂŐĞŵĞŶƚ͖

Ͳ ĐŽŶ ƵŶ ƐŽŐŐĞƚƚŽ ĐŚĞ͕ ĂŶĐŚĞ ŝŶƐŝĞŵĞ ĂĚ Ăůƚƌŝ ĂƚƚƌĂǀĞƌƐŽ ƵŶ ƉĂƚƚŽ Ɖ ĂƌĂƐŽĐŝĂůĞ͕ ĐŽŶƚƌŽůůĂ ůĂ ^ŽĐŝĞƚă͖ Ž͕ ƐĞ ŝů

ĐŽŶƚƌŽůůĂŶƚĞğƵŶĂƐŽĐŝĞƚăŽĞŶƚĞ͕ĐŽŶŝƌĞůĂƚŝǀŝĂŵŵŝŶŝƐƚƌĂƚŽƌŝĞƐĞĐƵƚŝǀŝŽŝůƚŽƉŵĂŶĂŐĞŵĞŶ ƚ͖

ĚͿƐĞƌŝĐĞǀĞ͕ŽŚĂƌŝĐĞǀƵƚŽŶĞŝƉƌĞĐĞĚĞŶƚŝƚƌĞĞƐĞƌĐŝnjŝ͕ĚĂƉĂƌƚĞĚ ĞůůĂ^ŽĐŝĞƚă͕ĚŝƵŶĂƐƵĂĐŽŶƚƌŽůůĂƚĂŽĚĞůůĂƐŽĐŝĞƚă ĐŽŶƚƌŽůůĂŶƚĞ͕ ƵŶĂ ƐŝŐŶŝĨŝĐĂƚŝǀĂ ƌĞŵƵŶĞƌĂnjŝŽŶĞ ĂŐŐŝƵŶƚŝǀĂ ƌŝƐƉĞƚƚŽ Ăů ĐŽŵƉĞŶƐŽ ĨŝƐƐŽ ƉĞƌ ůĂ ĐĂƌŝĐĂ Ğ Ă ƋƵĞůůŽ ƉƌĞǀŝƐƚŽƉĞƌůĂƉĂƌƚĞĐŝƉĂnjŝŽŶĞĂŝĐŽŵŝƚĂƚŝƌĂĐĐŽŵĂŶĚĂƚŝĚĂůŽĚŝĐĞĚŝ ŽƌƉŽƌĂ ƚĞ'ŽǀĞƌŶĂŶĐĞŽƉƌĞǀŝƐƚŝĚĂůůĂ

ŶŽƌŵĂƚŝǀĂǀŝŐĞŶƚĞ͖

ĞͿƐĞğƐƚĂƚŽĂŵŵŝŶŝƐƚƌĂƚŽƌĞĚĞůůĂ^ŽĐŝĞƚăƉĞƌƉŝƶĚŝŶŽǀĞĞƐĞƌĐŝnjŝ ͕ĂŶĐŚĞŶŽŶĐŽŶƐĞĐƵƚŝǀŝ͕ŶĞŐůŝƵůƚŝŵŝĚŽĚŝĐŝ

ĞƐĞƌĐŝnjŝ͖

ĨͿƐĞƌŝǀĞƐƚĞůĂĐĂƌŝĐĂĚŝĂŵŵŝŶŝƐƚƌĂƚŽƌĞĞƐĞĐƵƚŝǀŽŝŶƵŶ͛ĂůƚƌĂƐŽĐŝĞƚăŶ ĞůůĂƋƵĂůĞƵŶĂŵŵŝŶŝƐƚƌĂƚŽƌĞĞƐĞĐƵƚŝǀŽ

ĚĞůůĂ^ŽĐŝĞƚăĂďďŝĂƵŶŝŶĐĂƌŝĐŽĚŝĂŵŵŝŶŝƐƚƌĂƚŽƌĞ͖

ŐͿƐĞğƐŽĐŝŽŽĂŵŵŝŶŝƐƚƌĂƚŽƌĞĚŝƵŶĂƐŽĐŝĞƚăŽĚŝƵŶ͛ĞŶƚŝƚăĂƉƉĂƌƚĞŶĞ ŶƚĞĂůůĂƌĞƚĞĚĞůůĂƐŽĐŝĞƚăŝŶĐĂƌŝĐĂƚĂĚĞůůĂ

ƌĞǀŝƐŝŽŶĞůĞŐĂůĞĚĞůůĂ^ŽĐŝĞƚă͖

ŚͿƐĞğƵŶŽƐƚƌĞƚƚŽĨĂŵŝůŝĂƌĞĚŝƵŶĂƉĞƌƐŽŶĂĐŚĞƐŝƚƌŽǀŝŝŶƵŶĂĚĞů ůĞƐŝƚƵĂnjŝŽŶŝĚŝĐƵŝĂŝƉƌĞĐĞĚĞŶƚŝƉƵŶƚŝ͘ƚĂůĨŝŶĞ

ƐŽŶŽŝŶƚĞƐŝƋƵĂůŝƐƚƌĞƚƚŝĨĂŵŝůŝĂƌŝŝŐĞŶŝƚŽƌŝ͕ŝĨŝŐůŝ͕ŝůĐŽŶŝƵŐĞŶŽŶůĞŐĂůŵĞŶƚĞƐ ĞƉĂƌĂƚŽĞŝĐŽŶǀŝǀĞŶƚŝ͘

ŽŶ ƐƉĞĐŝĨŝĐŽ ƌŝĨĞƌŝŵĞŶƚŽ ĂůůĂ ĨĂƚƚŝƐƉĞĐŝĞ Ěŝ ĐƵŝ ĂůůĂ ůĞƚƚĞƌĂ ĚͿ͕ ŶŽŶ  ĂƐƐƵŵĞ Ěŝ ƉĞƌ ƐĠ ƌŝůŝĞǀŽ ů͛ĂǀĞƌ ƉĞƌĐĞƉŝƚŽ

ĞǀĞŶƚƵĂůŝƌĞŵƵŶĞƌĂnjŝŽŶŝĚŝĨĨĞƌŝƚĞƌŝƐƉĞƚƚŽĂĚĂƚƚŝǀŝƚăĐŽŶĐůƵƐĞĚĂŽůƚƌĞƵŶ ƚƌŝĞŶŶŝŽ͘

/ŶŽůƚƌĞ͕ƵŶŽŶƐŝŐůŝĞƌĞŶŽŶƉƵžĞƐƐĞƌĞĐŽŶƐŝĚĞƌĂƚŽ/ ŶĚŝƉĞŶĚĞŶƚĞŶĞŝĐĂƐŝŝŶĚŝĐĂƚŝĚĂůů͛Ăƌƚ͘ϭϰϴ͕ĐŽŵŵĂƚĞƌnjŽ͕ĚĞů

͘>ŐƐ͘ϮϰĨĞďďƌĂŝŽϭϵϵϴ Ŷ͘ϱϴ͕ŶŽŶĐŚĠŝŶƋƵĞůůŝƐƚĂďŝůŝƚŝŝŶŵŽĚŽǀŝŶĐŽůĂŶƚĞĚĂůůĂŶŽƌŵ ĂƚŝǀĂƚĞŵƉŽƉĞƌƚĞŵƉŽ

ĂƉƉůŝĐĂďŝůĞĂůůĂ^ŽĐŝĞƚă͕ŽǀĞƋƵĞƐƚŝĚĞĨŝŶŝƐĐŽŶŽĐŽŶĚŝnjŝŽŶŝƉŝƶƌĞƐƚƌŝ ƚƚŝǀĞ͘

 

    ϭϯϭϯ͘ϰ͘ϰ͘ĞǀŽŶŽĂůƚƌĞƐŞƉŽƐƐĞĚĞƌĞŝƌĞƋƵŝƐŝƚŝƐƉĞĐŝĨŝĐŝƐƚĂďŝůŝƚŝ ĚĂůůĂŶŽƌŵĂƚŝǀĂǀŝŐĞŶƚĞŝůWƌĞƐŝĚĞŶƚĞ͕ŝůŽŶƐŝŐůŝĞƌĞ

ĞůĞŐĂƚŽŽǀǀĞƌŽĐŚŝƌŝĐŽƉƌĞĂůƚƌĞĐĂƌŝĐŚĞƉĞƌůĞƋƵĂůŝƚĂůŝƌĞƋƵŝƐŝƚŝƐŝĂ ŶŽƌŝĐŚŝĞƐƚŝ͘/ĐŽŵƉŽŶĞŶƚŝĚĞůŽŵŝƚĂƚŽƉĞƌ

ŝůŽŶƚƌŽůůŽƐƵůůĂ'ĞƐƚŝŽŶĞĚĞǀŽŶŽƉŽƐƐĞĚĞƌĞĂŶĐŚĞŝƌĞƋƵŝƐŝƚŝƉĞƌĞ ƐƐŝƐƚĂďŝůŝƚŝĚĂůů͛ĂƌƚŝĐŽůŽ ϭϯ͘ϱĚĞůůŽ^ƚĂƚƵƚŽ͘  ϭϯ͘ϰ͘ϱ͘ ŽůŽƌŽĐŚĞĂďďŝĂŶŽƵŶƌĂƉƉŽƌƚŽĚŝůĂǀŽƌŽƐƵďŽƌĚŝŶĂƚŽĐŽŶůĂ^ŽĐŝĞƚ㎠ĂůƚƌĂƐŽĐŝĞƚăĚĞů'ƌƵƉƉŽŽǀǀĞƌŽ

ĂďďŝĂŶŽĐĂƌŝĐŚĞĞƐĞĐƵƚŝǀĞŝŶƐŽĐŝĞƚăĚĞů'ƌƵƉƉŽ͕ŽǀĞĞůĞƚƚŝĂůůĂ ĐĂƌŝĐĂĚŝŽŶƐŝŐůŝĞƌĞĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞĚĞůůĂ

^ŽĐŝĞƚăĞƐĂůǀŽŝůĐĂƐŽŝŶĐƵŝ͕ƌŝƐƉĞƚƚŝǀĂŵĞŶƚĞ͕ŽƉƚŝŶŽƉĞƌůĂĐĞƐƐĂnjŝŽŶ ĞĚĞůƌĂƉƉŽƌƚŽĚŝůĂǀŽƌŽƐƵďŽƌĚŝŶĂƚŽŽƐŝ

ĚŝŵĞƚƚĂŶŽ ĚĂůůĞ ĐĂƌŝĐŚĞ ĞƐĞĐƵƚŝǀĞ͕ ĚĞĐĂĚŽŶŽ ĚĂ ĞƐƐĂ͕ ĨĂƚƚĂ ĞĐĐĞnjŝŽŶ Ğ ƉĞƌ ŝů ĐĂƐŽ Ěŝ ŶŽŵŝŶĂ ĂůůĂ ĐĂƌŝĐĂ Ěŝ

ŽŶƐŝŐůŝĞƌĞĞůĞŐĂƚŽ͘ 

 ϭϯ͘ϰ͘ϲ͘ &ĞƌŵŽƋƵĂŶƚŽƉƌĞǀŝƐƚŽĂůů͛ƌƚŝĐŽůŽϭϰ͕ĐŝĂƐĐƵŶŽŶƐŝŐůŝĞƌĞ͕ĚƵƌĂŶƚĞŝůĐŽƌƐ ŽĚĞůůĂƉƌŽƉƌŝĂĐĂƌŝĐĂ͕ğƚĞŶƵƚŽ ĂĚ ĂŐŐŝŽƌŶĂƌĞ͕ ĐŽŶ ƚĞŵƉĞƐƚŝǀĂ ĐŽŵƵŶŝĐĂnjŝŽŶĞ Ăů WƌĞƐŝĚĞŶƚĞ ĚĞů ŽŶƐŝŐůŝŽ Ěŝ ŵŵŝŶ ŝƐƚƌĂnjŝŽŶĞ͕ ůĞ ĂƚƚĞƐƚĂnjŝŽŶŝ

ƌĞůĂƚŝǀĞĂůƉŽƐƐĞƐƐŽĚĞŝƌĞƋƵŝƐŝƚŝĞŽŐŶŝŝŶĨŽƌŵĂnjŝŽŶĞƵƚŝůĞ ĂůůĂĐŽŵƉůĞƐƐŝǀĂǀĂůƵƚĂnjŝŽŶĞĚŝŝĚŽŶĞŝƚăƉĞƌůĂĐĂƌŝĐĂ

ƌŝĐŽƉĞƌƚĂ ƐĞĐŽŶĚŽůŽƐĐŚĞŵĂƉƌĞǀŝƐƚŽĚĂůů͛ƌƚŝĐŽůŽϭϰ͘ ϭ͘ 

ϭϯ͘ϱ͘ ͲZĞƋƵŝƐŝƚŝĚĞŝĐŽŵƉŽŶĞŶƚŝĚĞůŽŵŝƚĂƚŽƉĞƌŝůŽŶƚƌŽůůŽƐƵůůĂ'ĞƐƚŝŽŶĞ 

ϭϯ͘ϱ͘ϭ͘/ĐŽŵƉŽŶĞŶƚŝĚĞůŽŵŝƚĂƚŽĚĞǀŽŶŽĞƐƐĞƌĞĂůƚƌĞƐŞŝŶƉŽƐƐĞƐƐŽ ĚĞŝƌĞƋƵŝƐŝƚŝĚŝŽŶŽƌĂďŝůŝƚăĞƉƌŽĨĞƐƐŝŽŶĂůŝƚă

Ğ ĚĞǀŽŶŽ ĂƐƐŝĐƵƌĂƌĞ ŝů ƌŝƐƉĞƚƚŽ ĚĞŝ ůŝŵŝƚŝ Ăů ĐƵŵƵůŽ ĚĞŐůŝ ŝŶĐĂƌŝ ĐŚŝ ƉƌĞǀŝƐƚŝ ĚĂůůĂ ŶŽƌŵĂƚŝǀĂ ǀŝŐĞŶƚĞ ƉĞƌ

ů͛ĞƐƉůĞƚĂŵĞŶƚŽĚĞůů͛ŝŶĐĂƌŝĐŽĚŝĐŽŵƉŽŶĞŶƚĞĚĞŐůŝŽƌŐĂŶŝĚŝĐŽŶƚƌŽůůŽĚŝƵŶĂ ďĂŶĐĂĞŵŝƚƚĞŶƚĞĂnjŝŽŶŝƋƵŽƚĂƚĞŝŶ

ŵĞƌĐĂƚŝƌĞŐŽůĂŵĞŶƚĂƚŝ͘

ϭϯ͘ϱ͘Ϯ͘/ĐŽŵƉŽŶĞŶƚŝĚĞůŽŵŝƚĂƚŽ͕ŽůƚƌĞĂŝƌĞƋƵŝƐŝƚŝƉƌĞƐĐƌŝƚƚŝĚĂůůĂŶŽƌŵĂƚŝ ǀĂĂĚĞƐƐŝĂƉƉůŝĐĂďŝůĞ͕ĚĞǀŽŶŽĂůƚƌĞƐŞ

ƉŽƐƐĞĚĞƌĞŝƌĞƋƵŝƐŝƚŝĚŝŝŶĚŝƉĞŶĚĞŶnjĂĚĞĨŝŶŝƚŝĚĂůůŽ^ƚĂƚƵƚŽ ƉĞƌŝŽŶƐŝŐůŝĞƌŝ/ŶĚŝƉĞŶĚĞŶƚŝĚŝĐƵŝĂůů͛ ƌƚŝĐŽůŽϭϯ͘ϰ

ƉĂƌĂŐƌĂĨŽϯ͘

ϭϯ͘ϱ͘ϯ͘/ĐŽŵƉŽŶĞŶƚŝĚĞůŽŵŝƚĂƚŽĚĞǀŽŶŽŝŶŽůƚƌĞĂǀĞƌĂĐƋƵŝƐŝƚŽƵŶĂĐŽŵƉƌŽ ǀĂƚĂĞƐƉĞƌŝĞŶnjĂĚŝĂůŵĞŶŽĐŝŶƋƵĞ

ĂŶŶŝŶĞůůĞŵĂƚĞƌŝĞĚĞŝĐŽŶƚƌŽůůŝŝŶƚĞƌŶŝ͕ĚŝĂŵŵŝŶŝƐƚƌĂnjŝŽŶĞĞĚŝĨŝŶĂŶnjĂĐŚĞƐŝ ĂŵĂƚƵƌĂƚĂ͗

ĂͿŝŶƋƵĂůŝƚăĚŝĐŽŵƉŽŶĞŶƚĞŐůŝŽƌŐĂŶŝƐŽĐŝĂůŝŽƉĞƌĂǀĞƌƐǀŽůƚŽĐŽŵƉŝƚŝĚ ŝƌĞƚƚŝǀŝŝŶĞŶƚŝĐŚĞĞƐĞƌĐŝƚĂŶŽĂƚƚŝǀŝƚă

ďĂŶĐĂƌŝĞŽĨŝŶĂŶnjŝĂƌŝĞĂǀĞŶƚŝƵŶƚŽƚĂůĞĂƚƚŝǀŽĂůŵĞŶŽƉĂƌŝĂϱŵŝůŝĂƌĚŝĚŝ ĞƵƌŽ ŽǀǀĞƌŽŝŶĞŶƚŝĐŚĞƐǀŽůŐŽŶŽĂƚƚŝǀŝƚă

ĂƐƐŝĐƵƌĂƚŝǀĂĐŽŶƵŶǀĂůŽƌĞůŽƌĚŽĚŝƉƌĞŵŝĂŶŶƵŝŝŶĐĂƐƐĂƚŝĂůŵĞŶŽƉĂƌ ŝĂϭŵŝůŝĂƌĚŽĚŝĞƵƌŽ͕ŽŝŶĞŶƚŝŽŝŵƉƌĞƐĞĐŽŶ

ƌŝĐĂǀŝƚŽƚĂůŝĂůŵĞŶŽƉĂƌŝĂϱϬϬŵŝůŝŽŶŝĚŝĞƵƌŽ;ŝĚĂƚŝĚŝŵĞŶƐŝŽŶĂůŝ ƐŝŝŶƚĞŶĚŽŶŽĐĂůĐŽůĂƚŝƐƵŐůŝƵůƚŝŵŝƌŝƐƵůƚĂƚŝĂŶŶƵĂůŝ ĚĞůďŝůĂŶĐŝŽĚ͛ŝŵƉƌĞƐĂŽǀǀĞƌŽ͕ƐĞƌĞĚĂƚƚŽĚĂůů͛ĞŶƚĞƐƚĞƐƐŽ͕ĚĞůďŝůĂŶĐŝŽ ĐŽŶƐŽůŝĚĂƚŽ Ϳ͕ŽǀǀĞƌŽ

ďͿƉĞƌĂǀĞƌƐǀŽůƚŽĂƚƚŝǀŝƚăĚŝŝŶƐĞŐŶĂŵĞŶƚŽƵŶŝǀĞƌƐŝƚĂƌŝŽĚŝƌƵŽůŽŝ ŶŵĂƚĞƌŝĂĞĐŽŶŽŵŝĐĂŽŐŝƵƌŝĚŝĐĂŽƉĞƌĂǀĞƌ

ƉƌĞƐƚĂƚŽŝŶǀŝĂĐŽŶƚŝŶƵĂƚŝǀĂƐĞƌǀŝnjŝŽĂƚƚŝǀŝƚăƉƌŽĨĞƐƐŝŽŶĂůŝĚŝƐŝŐŶŝ ĨŝĐĂƚŝǀŽƌŝůŝĞǀŽƌŝƐƉĞƚƚŽĂŝĐŽŵƉŝƚŝƚŝƉŝĐŝĚŝƵŶ

ŽƌŐĂŶŽĚŝĐŽŶƚƌŽůůŽĂďĞŶĞĨŝĐŝŽĚĞŐůŝĞŶƚŝĞĚŝŵƉƌĞƐĞŝŶĚŝĐĂƚŝĂůƉƵŶƚŽĂͿŽǀǀ ĞƌŽ

ĐͿƉĞƌĞƐƐĞƌĞƐƚĂƚŝĞƐƉŽŶĞŶƚŝŽĂǀĞƌĞƐĞƌĐŝƚĂƚŽĐŽŵƉŝƚŝĚŝƌĞƚƚŝǀŝŝŶ ŵŵŝŶŝƐƚƌĂnjŝŽŶŝƉƵďďůŝĐŚĞĚŝƌŝůŝĞǀŽĂůŵĞŶŽ

ƌĞŐŝŽŶĂůĞŽƵƚŽƌŝƚă͕ ůĂĐƵŝĐŽŵƉĞƚĞŶnjĂĂďďŝĂĂƚƚŝŶĞŶnjĂĐŽŶů͛ĂƚƚŝǀŝƚăďĂŶĐĂƌŝĂ͕ĨŝŶĂŶnjŝĂƌŝĂŽĂƐƐŝĐƵƌĂƚŝǀ Ă͘ ůŵĞŶŽƚƌĞĚŝĞƐƐŝĚĞǀŽŶŽĂůƚƌĞƐŞŝͿĞƐƐĞƌĞŝƐĐƌŝƚƚŝŶĞůƌĞŐŝƐƚƌŽ ĚĞŝƌĞǀŝƐŽƌŝůĞŐĂůŝĞŝŝͿĂǀĞƌĞƐĞƌĐŝƚĂƚŽƉĞƌƵŶƉĞƌŝŽĚŽ ĚŝĂůŵĞŶŽƚƌĞĂŶŶŝ ů͛ĂƚƚŝǀŝƚăĚŝƌĞǀŝƐŝŽŶĞůĞŐĂůĞŽůĞĨƵŶnjŝŽŶŝĚŝĐŽŵƉŽŶĞŶƚĞĚŝƵŶŽƌŐĂŶŽĚŝĐŽŶƚƌŽů ůŽĚŝƐŽĐŝĞƚăĚŝ

ĐĂƉŝƚĂůŝ͘



    ϭϰϭϯ͘ϱ͘ϰ͘ &ĞƌŵĂů͛ĂƉƉůŝĐĂnjŝŽŶĞĚĞůů ĂŶŽƌŵĂƚŝǀĂǀŝŐĞŶƚĞŝŶŵĂƚĞƌŝĂĚŝĐƵŵƵůŽĚĞŐůŝŝŶĐĂƌŝĐŚŝ;ĞŝŶŽŐŶ ŝĐĂƐŽŝůŝŵŝƚŝ ƉƌĞǀŝƐƚŝĚĂůůĂŝƌĞƚƚŝǀĂĞƵƌŽƉĞĂϮϲŐŝƵŐŶŽϮϬϭϯŶ͘ϯϲͿ͕ŝĐŽŵƉŽŶĞŶƚŝĚ ĞůŽŵŝƚĂƚŽŶŽŶƉŽƐƐŽŶŽĂƐƐƵŵĞƌĞ͗ Ÿ ĐĂƌŝĐŚĞĚŝŶĂƚƵƌĂĞƐĞĐƵƚŝǀĂŝŶĂůƚƌĞŝŵƉƌĞƐĞŽ ŸŸĐĂƌŝĐŚĞŶŽŶĞƐĞĐƵƚŝǀĞŝŶŽƌŐĂŶŝ;ŝǀŝŝŶĐůƵƐŝŐůŝŽƌŐĂŶŝĚŝĐŽŶƚƌŽůůŽͿ  Ěŝ ĂůƚƌĞ ŝŵƉƌĞƐĞ Ěŝ ĚŝŵĞŶƐŝŽŶŝ ƐŝŐŶŝĨŝĐĂƚŝǀĞ Ͳ ƉĞƌ ƚĂůŝ ŝŶƚĞŶĚĞŶĚŽƐŝ ƋƵĞůůĞ ŝŶĚŝĐĂƚĞ Ăůů͛Ăƌƚ͘ϭϯ͘ϱ͘ϯ ůĞƚƚĞƌĂ ĂͿ Ͳ ŝŶ

ŶƵŵĞƌŽƐƵƉĞƌŝŽƌĞĂĚƵĞ͘ƚĂůĨŝŶĞŝĐĂŶĚŝĚĂƚŝĂůůĂĐĂƌŝĐĂĚŝŽŵƉŽŶĞŶƚĞĚĞůŽŵŝ ƚĂƚŽĂƐƐƵŵŽŶŽĞƐƉƌĞƐƐĂŵĞŶƚĞ

ů͛ŽďďůŝŐŽĚŝĨĂƌĐĞƐƐĂƌĞ ŝŵŵĞĚŝĂƚĂŵĞŶƚĞůĞĐĂƌŝĐŚĞŝŶĐŽŵƉĂƚŝďŝůŝŝŶĐĂƐŽĚŝůŽƌŽŶŽŵŝŶĂ͘

ϭϯ͘ϱ͘ϱ͘/ŶŽŐŶŝĐĂƐŽ͕ĨĞƌŵĂŽŐŶŝĂůƚƌĂŝŶĐŽŵƉĂƚŝďŝůŝƚăƉƌĞǀŝƐƚĂĚĂůůĂŶ ŽƌŵĂƚŝǀĂǀŝŐĞŶƚĞ͕ĂŝĐŽŵƉŽŶĞŶƚŝĚĞůŽŵŝƚĂƚŽ

ğĨĂƚƚŽĚŝǀŝĞƚŽĚŝĂƐƐƵŵĞƌĞĐĂƌŝĐŚĞŝŶŽƌŐĂŶŝĚŝǀĞƌƐŝĚĂƋƵĞůůŝ ĐŽŶĨƵŶnjŝŽŶĞĚŝĐŽŶƚƌŽůůŽƉƌĞƐƐŽĂůƚƌĞƐŽĐŝĞƚăĚĞů

'ƌƵƉƉŽŽĚĞůĐŽŶŐůŽŵĞƌĂƚŽĨŝŶĂŶnjŝĂƌŝŽ͕ŶŽŶĐŚĠƉƌĞƐƐŽƐŽĐŝĞƚăŶĞůůĞ ƋƵĂůŝůĂďĂŶĐĂĚĞƚĞŶŐĂƵŶĂƉĂƌƚĞĐŝƉĂnjŝŽŶĞ

ƐƚƌĂƚĞŐŝĐĂ͕ŝŶĐŽŶĨŽƌŵŝƚăĂƋƵĂŶƚŽƐƚĂďŝůŝƚŽĚĂůůĂŶŽƌŵĂƚŝǀĂĚŝǀŝŐŝůĂŶnjĂ ͘>ĞĐĂƌŝĐŚĞĚŝĐŽŶƚƌŽůůŽĞǀĞŶƚƵĂůŵĞŶƚĞ

ƌŝĐŽƉĞƌƚĞĂŝƐĞŶƐŝĚĞůƉƌĞƐĞŶƚĞƉĂƌĂŐƌĂĨŽƐŝĐŽŵƉƵƚĂŶŽĐŽŵƵŶƋƵĞĂŝĨŝŶŝĚ ĞŝůŝŵŝƚŝƐƚĂďŝůŝƚŝĂůƉƌĞĐĞĚĞŶƚĞƉĂƌĂŐƌĂĨŽ

ϭϯ͘ϱ͘ϰ͘

ϭϯ͘ϱ͘ϲ͘ /ĐŽŵƉŽŶĞŶƚŝĚĞůŽŵŝƚĂƚŽƉĞƌŝůŽŶƚƌŽůůŽƐƵůůĂ'ĞƐƚŝŽŶĞŶŽŶƉŽƐƐŽ ŶŽĞƐƐĞƌĞĐŽŵƉŽŶĞŶƚŝĚŝĂůƚƌŝŽŵŝƚĂƚŝ

ĚŝŶŽŵŝŶĂĐŽŶƐŝůŝĂƌĞĚŝǀĞƌƐŝĚĂůŽŵŝƚĂƚŽZŝƐĐŚŝĞĚĂůŽŵŝƚĂƚŽŝƐƚŝƚ ƵŝƚŽĂŝƐĞŶƐŝĚĞůůĂŶŽƌŵĂƚŝǀĂƐƵůůĞŽƉĞƌĂnjŝŽŶŝ

ĐŽŶƉĂƌƚŝĐŽƌƌĞůĂƚĞ͘

ϭϯ͘ϲ͘ ͲWĞƌĚŝƚĂĚĞŝƌĞƋƵŝƐŝƚŝ 

/ů ǀĞŶŝƌ ŵĞŶŽ ĚĞŝ ƌĞƋƵŝƐŝƚŝ Ěŝ ŝŶĚŝƉĞŶĚĞŶnjĂ Ž Ěŝ ƉƌŽĨĞƐ ƐŝŽŶĂůŝƚă Ěŝ ƵŶ ŽŶƐŝŐůŝĞƌĞ ƉƌĞǀŝƐƚŝ ĚĂůů͛ ƌƚŝĐŽůŽ ϭϯ͘ϰ͕ ƉĂƌĂŐƌĂĨŽ Ϯ͕ ŶŽŶ ŶĞ ĚĞƚĞƌŵŝŶĂ ůĂ ĚĞĐĂĚĞŶnjĂ ƐĞ ƌŝŵĂŶĞ ŝŶƚĞŐƌŽ ŝů ŶƵŵĞƌŽ ŵŝ ŶŝŵŽ ĚĞŝ ŽŶƐŝŐůŝĞƌŝ ĚŽƚĂƚŝ ĚĞŝ

ƌĞƋƵŝƐŝƚŝƌŝĐŚŝĞƐƚŝ͘

/ůǀĞŶŝƌŵĞŶŽĚĞŝƌĞƋƵŝƐŝƚŝĚŝŝŶĚŝƉĞŶĚĞŶnjĂŽĚŝƉƌŽĨĞƐƐ ŝŽŶĂůŝƚă ƉƌĞǀŝƐƚŝĚĂůů͛ ƌƚŝĐŽůŽϭϯ͘ϰ͕ƉĂƌĂŐƌĂĨŽϮ͕ĚĞƚĞƌŵŝŶĂ ĐŽŵƵŶƋƵĞůĂĐĞƐƐĂnjŝŽŶĞĚĂĐĂƌŝĐŚĞƉĞƌůĞƋƵĂůŝƚĂůŝƌĞƋƵŝƐŝƚŝƐŝĂ ŶŽƌŝĐŚŝĞƐƚŝĚĂůůĂŶŽƌŵĂƚŝǀĂǀŝŐĞŶƚĞŽĚĂůůŽ^ƚĂƚƵƚŽ͘

WĞƌĐŝĂƐĐƵŶĐŽŵƉŽŶĞŶƚĞĚĞůŽŵŝƚĂƚŽƉĞƌŝůŽŶƚƌŽůůŽƐƵůůĂ'ĞƐƚŝŽŶĞŝůǀĞŶ ŝƌŵĞŶŽĚĞŝƌĞƋƵŝƐŝƚŝĚŝŝŶĚŝƉĞŶĚĞŶnjĂ

ŽĚŝƉƌŽĨĞƐƐŝŽŶĂůŝƚăŝŶĚŝĐĂƚŝĂůƉƌĞĐĞĚĞŶƚĞƌƚŝĐŽůŽϭϯ͘ϱ͕ƉĂƌĂŐƌĂĨŝϮĞ ϯ͕ŽǀǀĞƌŽŝůŵĂŶĐĂƚŽƌŝƐƉĞƚƚŽĚĞŝůŝŵŝƚŝĂů

ĐƵŵƵůŽĚĞŐůŝŝŶĐĂƌŝĐŚŝĚŝĐƵŝĂůů͛ƌƚŝĐŽůŽϭϯ͘ϱ͕ƉĂƌĂŐƌĂĨŽϰ͕ ĚĞƚĞƌŵŝŶĂůĂĚĞĐĂĚĞŶnjĂĚĂůůĂĐĂƌŝĐĂĚŝŽŶƐŝŐůŝĞƌĞĚŝ

ŵŵŝŶŝƐƚƌĂnjŝŽŶĞ͘



ϭϯ͘ϳ͘Ͳ^ĞŐƌĞƚĂƌŝŽĚĞůŽŶƐŝŐůŝŽĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞ͘

/ůŽŶƐŝŐůŝŽƉƵžŶŽŵŝŶĂƌĞƵŶ^ĞŐƌĞƚĂƌŝŽ͕ĂŶĐŚĞĂůĚŝĨƵŽƌŝĚĞŝƉƌŽƉƌŝĐŽŵƉŽŶĞ Ŷƚŝ͘

^ƉĞƚƚĂ Ăů ^ĞŐƌĞƚĂƌŝŽ ƌĞĚŝŐĞƌĞ͕ Ě͛ŝŶƚĞƐĂ ĐŽŶ ĐŚŝ ƉƌĞƐŝĞĚ Ğ ůĞ ƐŝŶŐŽůĞ ƌŝƵŶŝŽŶŝ͕ ŝ ǀĞƌďĂůŝ ĚĞůůĞ ĂĚƵŶĂŶnjĞ Ğ ĚĞůůĞ

ĚĞůŝďĞƌĂnjŝŽŶŝĚĞůŽŶƐŝŐůŝŽĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞ͕ƐĞŵƉƌĞĐŚĞĞƐƐŝŶ ŽŶƐŝĂŶŽƌĞĚĂƚƚŝĚĂEŽƚĂŝŽ͘dĂůŝǀĞƌďĂůŝǀĂŶŶŽ

ƉŽŝ ƚƌĂƐĐƌŝƚƚŝ ŶĞŐůŝ ĂƉƉŽƐŝƚŝ ůŝďƌŝ ƐŽĐŝĂůŝ ŽďďůŝŐĂƚŽƌŝ Ğ ǀĂŶŶŽ ŝǀ ŝ ĚĞďŝƚĂŵĞŶƚĞ ƐŽƚƚŽƐĐƌŝƚƚŝ ĚĂů ƉƌĞƐŝĚĞŶƚĞ ĚĞůůĂ

ƌŝƵŶŝŽŶĞĞĚĂů^ĞŐƌĞƚĂƌŝŽ͘

ŽƉŝĂ ĞĚ ĞƐƚƌĂƚƚŝ ĚĞŝ ǀĞƌďĂůŝ͕ ŽǀĞ ŶŽŶ ƌĞĚĂƚƚŝ ĚĂ EŽƚĂŝŽ͕ ƐŽŶŽ ĂĐĐĞ ƌƚĂƚŝ ĐŽŶ ůĂ ĚŝĐŚŝĂƌĂnjŝŽŶĞ Ěŝ ĐŽŶĨŽƌŵŝƚă

ƐŽƚƚŽƐĐƌŝƚƚĂĚĂůŽŶƐŝŐůŝĞƌĞĐŚĞƉƌĞƐŝĞĚĞůĂƌŝƵŶŝŽŶĞĞĚĂů^ĞŐƌĞƚĂƌŝŽ͘

    

   

ϭϱƌƚŝĐŽůŽϭϰ͘ůĞnjŝŽŶĞĚĞůŽŶƐŝŐůŝŽĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞ͘



ϭϰ͘ϭ͘ Ͳ>ŝƐƚĞĚŝĐĂŶĚŝĚĂƚƵƌĞ͘

ůů͛ĞůĞnjŝŽŶĞĚĞŝĐŽŵƉŽŶĞŶƚŝĚĞůŽŶƐŝŐůŝŽĚŝ ŵŵŝŶŝƐƚƌĂnjŝŽŶĞƐŝƉƌŽĐĞĚĞƐƵůůĂďĂƐĞĚŝůŝƐƚĞƉƌĞƐĞŶƚĂƚĞĚĂŝ^ŽĐŝ

ĐŽŶůĞƐĞŐƵĞŶƚŝŵŽĚĂůŝƚă͗

ĂͿƚĂŶƚŝ^ŽĐŝĐŚĞƌĂƉƉƌĞƐĞŶƚŝŶŽĂůŵĞŶŽůŽϬ͕ϱй͕ŽǀǀĞƌŽůĂĚŝǀĞƌƐĂŵŝŶ ŽƌƉĞƌĐĞŶƚƵĂůĞƐƚĂďŝůŝƚĂĚĂůůĂŶŽƌŵĂƚŝǀĂ

ǀŝŐĞŶƚĞ͕ĚĞůĐĂƉŝƚĂůĞƌĂƉƉƌĞƐĞŶƚĂƚŽĚĂĂnjŝŽŶŝŽƌĚŝŶĂƌŝĞƉŽƐƐŽŶŽƉ ƌĞƐĞŶƚĂƌĞƵŶĂůŝƐƚĂĚŝĐĂŶĚŝĚĂƚŝĐŽŶƚĞŶĞŶƚĞĚĂ

ƵŶŵŝŶŝŵŽĚŝϮ;ĚƵĞͿĂƵŶŵĂƐƐŝŵŽĚŝϭϵ;ĚŝĐŝĂŶŶŽǀĞͿŶŽŵŝŶĂƚ ŝǀŝ͘ŝĂƐĐƵŶĂůŝƐƚĂĚŽǀƌăĞƐƐĞƌĞĚŝǀŝƐĂŝŶĚƵĞƐĞnjŝŽŶŝ

ĚŝŶŽŵŝŶĂƚŝǀŝ͕ĞŶƚƌĂŵďĞŽƌĚŝŶĂƚĞƉƌŽŐƌĞƐƐŝǀĂŵĞŶƚĞƉĞƌŶƵŵĞƌŽ;ĐŝŽğ ĐŽŶĐĂŶĚŝĚĂƚŝĞůĞŶĐĂƚŝĐŽŶŝůŶƵŵĞƌŽĚĂ

ƵŶŽŝŶĂǀĂŶƚŝŝŶĐŝĂƐĐƵŶĂƐĞnjŝŽŶĞͿĞĚŽǀƌăŝŶĚŝĐĂƌĞƐĞƉĂƌĂƚĂŵĞŶƚĞŶĞůů ĂƉƌŝŵĂƐĞnjŝŽŶĞŝĐĂŶĚŝĚĂƚŝĂůůĂĐĂƌŝĐĂĚŝ

ŽŶƐŝŐůŝĞƌĞĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞĚŝǀĞƌƐŝĚĂŝĐĂŶĚŝĚĂƚŝĂŶĐŚĞĂůůĂĐĂƌ ŝĐĂĚŝĐŽŵƉŽŶĞŶƚŝĚĞůŽŵŝƚĂƚŽƉĞƌŝůŽŶƚƌŽůůŽ

ƐƵůůĂ'ĞƐƚŝŽŶĞĞŶĞůůĂƐĞĐŽŶĚĂƐĞnjŝŽŶĞŝƐŽůŝĐĂŶĚŝĚĂƚŝĂůůĂĐĂƌŝĐĂĚŝŽŶƐ ŝŐůŝĞƌĞĞĐŽŵƉŽŶĞŶƚĞĚĞůŽŵŝƚĂƚŽƉĞƌŝů

ŽŶƚƌŽůůŽƐƵůůĂ'ĞƐƚŝŽŶĞ͘>ĞůŝƐƚĞƐŽŶŽĚĞƉŽƐŝƚĂƚĞƉƌĞƐƐŽůĂƐĞĚĞƐŽ ĐŝĂůĞĂůŵĞŶŽǀĞŶƚŝĐŝŶƋƵĞŐŝŽƌŶŝƉƌŝŵĂĚŝƋƵĞůůŽ

ƉƌĞǀŝƐƚŽƉĞƌů͛ĂƐƐĞŵďůĞĂ ĐŚŝĂŵĂƚĂĂĚĞůŝďĞƌĂƌĞƐƵůůĂŶŽŵŝŶĂĚĞŝŽŶƐŝŐůŝĞƌŝ͕ĐŽƌƌĞĚĂƚĞĚĞůůĞŝ ŶĨŽƌŵĂnjŝŽŶŝƌĞůĂƚŝǀĞ

Ăŝ^ŽĐŝĐŚĞŚĂŶŶŽƉƌĞƐĞŶƚĂƚŽůĞůŝƐƚĞ͕ĐŽŶů͛ŝŶĚŝĐĂnjŝŽŶĞ ĚĞůůĂƉĞƌĐĞŶƚƵĂůĞĚŝƉĂƌƚĞĐŝƉĂnjŝŽŶĞĐŽŵƉůĞƐƐŝǀĂŵĞŶƚĞ

ĚĞƚĞŶƵƚĂ͕ ŶŽŶĐŚĠ Ěŝ ƵŶĂ ĚŝĐŚŝĂƌĂnjŝŽŶĞ ĚĞŝ ŵĞĚĞƐŝŵŝ ĐĂŶĚŝĚĂƚŝ ĐŚĞ͕ ƵŶŝƚĂŵĞŶƚĞ ĂůůĂ ůŽƌŽ ĂĐĐĞƚƚĂnjŝŽŶĞ ĚĞůůĂ ĐĂŶĚŝĚĂƚƵƌĂ͕ ĂƚƚĞƐƚŝ ŝů ƉŽƐƐĞƐƐŽ ĚĞŝ ƌĞƋƵŝƐŝƚŝ ƉƌĞǀŝƐƚŝ ƉĞƌ ƚƵ ƚƚŝ Ž ĂůĐƵŶŝ ĚĞŝ ŽŶƐŝŐůŝĞƌŝ ĚĂůůĂ ĚŝƐĐŝƉůŝŶĂ ůĞŐĂůĞ͕ ƌĞŐŽůĂŵĞŶƚĂƌĞĞƐƚĂƚƵƚĂƌŝĂ ĞĨŽƌŶŝƐĐĂƵŶ͛ĞƐĂƵƌŝĞŶƚĞŝŶĨŽƌŵĂƚŝǀĂƐƵůůĞĐĂƌĂƚƚĞƌŝƐƚŝĐŚĞƉĞƌƐŽŶĂůŝĞ ƉƌŽĨĞƐƐŝŽŶĂůŝĚŝ

ĐŝĂƐĐƵŶŽĚĞŝĐĂŶĚŝĚĂƚŝĞƐƵŐůŝŝŶĐĂƌŝĐŚŝĚŝƌĞƚƚŝǀŝ͕ĚŝĂŵŵŝŶŝƐƚƌĂnjŝŽŶ ĞĞĚŝĐŽŶƚƌŽůůŽĚĂĞƐƐŝƌŝĐŽƉĞƌƚŝƉƌĞƐƐŽĂůƚƌĞ

ƐŽĐŝĞƚăŽĞŶƚŝ͕ŶŽŶĐŚĠŽŐŶŝ ĞůĞŵĞŶƚŽŝŶĨŽƌŵĂƚŝǀŽƵƚŝůĞĂůůĂĐŽŵ ƉůĞƐƐŝǀĂǀĂůƵƚĂnjŝŽŶĞĚŝŝĚŽŶĞŝƚăƉĞƌůĂĐĂƌŝĐĂ

ƌŝĐŽƉĞƌƚĂ͕ƐĞĐŽŶĚŽůŽƐĐŚĞŵĂĐŚĞƐĂƌăƉƌĞǀĞŶƚŝǀĂŵĞŶƚĞƌĞƐŽƉƵďďůŝĐŽĚĂů ůĂ^ŽĐŝĞƚă͕ĂŶĐŚĞƚĞŶĞŶĚŽĐŽŶƚŽĚĞŐůŝ

ŽƌŝĞŶƚĂŵĞŶƚŝĚĞůůĞƵƚŽƌŝƚăĚŝǀŝŐŝůĂŶnjĂ͘ůĨŝŶĞĚŝĐŽŵƉƌŽǀĂƌĞůĂƚŝƚ ŽůĂƌŝƚăĚĞůŶƵŵĞƌŽĚĞůůĞĂnjŝŽŶŝŶĞĐĞƐƐĂƌŝĞĂůůĂ

ƉƌĞƐĞŶƚĂnjŝŽŶĞ ĚĞůůĞ ůŝƐƚĞ͕ ůĂ ƌĞůĂƚŝǀĂ ĐŽŵƵŶŝĐĂnjŝŽŶĞ ƉƵž ĞƐƐĞƌĞ ƉƌŽĚ ŽƚƚĂ ĂŶĐŚĞ ƐƵĐĐĞƐƐŝǀĂŵĞŶƚĞ Ăů ĚĞƉŽƐŝƚŽ

ƉƵƌĐŚĠĂůŵĞŶŽǀĞŶƚƵŶŽŐŝŽƌŶŝƉƌŝŵĂĚĞůůĂĚĂƚĂĚĞůů͛ĂƐƐĞŵďůĞĂĐŽŶůĞŵŽĚ ĂůŝƚăƉƌĞǀŝƐƚĞĚĂůůĂŶŽƌŵĂƚŝǀĂǀŝŐĞŶƚĞ͖

ďͿĐŝĂƐĐƵŶ^ŽĐŝŽĞŝ^ŽĐŝĂƉƉĂƌƚĞŶĞŶƚŝĂůŵĞĚĞƐŝŵŽŐƌƵƉƉŽŽĐŚĞĂĚĞƌŝƐĐĂŶŽ ĂĚƵŶƉĂƚƚŽƉĂƌĂƐŽĐŝĂůĞĂǀĞŶƚĞĂĚ

ŽŐŐĞƚƚŽĂnjŝŽŶŝĚĞůůĂ^ŽĐŝĞƚăŶŽŶƉŽƐƐŽŶŽƉƌĞƐĞŶƚĂƌĞ͕ŶĠĐŽůŽƌŽĂŝƋƵ ĂůŝƐƉĞƚƚĂŝůĚŝƌŝƚƚŽĚŝǀŽƚŽƉŽƐƐŽŶŽǀŽƚĂƌĞ͕

ƉŝƶĚŝƵŶĂůŝƐƚĂ͕ĂŶĐŚĞƐĞƉĞƌŝŶƚĞƌƉŽƐƚĂƉĞƌƐŽŶĂŽƉĞƌŝůƚƌĂŵŝƚĞ ĚŝƐŽĐŝĞƚăĨŝĚƵĐŝĂƌŝĞ͘/^ŽĐŝĐŚĞƉƌĞƐĞŶƚĂŶŽƵŶĂ

ůŝƐƚĂĞĐŚĞƐŝĂŶŽĚŝǀĞƌƐŝĚĂŐůŝnjŝŽŶŝƐƚŝĐŚĞĚĞƚĞŶŐŽŶŽƵŶĂƉĂƌƚĞĐŝƉĂnjŝ ŽŶĞĚŝĐŽŶƚƌŽůůŽŽĚŝŵĂŐŐŝŽƌĂŶnjĂƌĞůĂƚŝǀĂ

ĚĞǀŽŶŽĂůƚƌĞƐŞƉƌĞƐĞŶƚĂƌĞ ƵŶĂĚŝĐŚŝĂƌĂnjŝŽŶĞĐŚĞĂƚƚĞƐƚŝů͛ĂƐƐĞŶnjĂ ͕ŶĞŝĐŽŶĨƌŽŶƚŝĚŝƚĂůŝnjŝŽŶŝƐƚŝ͕ĚŝƌĂƉƉŽƌƚŝĚŝ

ĐŽůůĞŐĂŵĞŶƚŽƋƵĂůŝĨŝĐĂƚŝĐŽŵĞƌŝůĞǀĂŶƚŝĚĂůůĂŶŽƌŵĂƚŝǀĂǀŝŐĞŶƚĞ͘ƉĞŶĂĚ ŝŝŶĞůĞŐŐŝďŝůŝƚă͕ƵŶĐĂŶĚŝĚĂƚŽƉƵžĞƐƐĞƌĞ

ƉƌĞƐĞŶƚĞŝŶƵŶĂƐŽůĂůŝƐƚĂ Ğ͕Ăůů͛ŝŶƚĞƌŶŽĚŝƵŶĂůŝƐƚĂ͕ŝŶƵŶĂƐŽůĂƐĞnjŝŽŶĞĚĞůůĂŵĞĚĞƐŝŵĂ ͖

ĐͿĐŝĂƐĐƵŶĂůŝƐƚĂĐŽŶƚĞŶĞŶƚĞƵŶŶƵŵĞƌŽĚŝĐĂŶĚŝĚĂƚŝƉĂƌŝŽƐƵƉĞƌŝŽƌĞĂϯ ;ƚƌĞͿ͗Đ͘ŝͿĚĞǀĞĞƐƐĞƌĞĐŽŵƉŽƐƚĂŝŶŵŽĚŽ

ƚĂůĞĚĂĂƐƐŝĐƵƌĂƌĞů͛ĞƋƵŝůŝďƌŝŽĚŝŐĞŶĞƌŝƉƌĞǀŝƐƚŽĚĂůůĂŶŽƌŵĂƚŝǀĂǀŝ ŐĞŶƚĞ ͖Đ͘ŝŝͿĚĞǀĞĂůƚƌĞƐŞĐŽŶƚĞŶĞƌĞƵŶŶƵŵĞƌŽ ĚŝĐĂŶĚŝĚĂƚŝŝŶƉŽƐƐĞƐƐŽĚĞůƌĞƋƵŝƐŝƚŽĚŝŝŶĚŝƉĞŶĚĞŶnjĂĚ ĞĨŝŶŝƚŽĂůů͛ ƌƚŝĐŽůŽϭϯ͘ϰĚĞůůŽ^ƚĂƚƵƚŽŝŶŵŝƐƵƌĂƉĂƌŝĂĚ

ĂůŵĞŶŽĚƵĞƚĞƌnjŝĚĞŝĐĂŶĚŝĚĂƚŝĐŽŵƉůĞƐƐŝǀĂŵĞŶƚĞƉƌĞƐĞŶƚŝŶĞůůĂůŝƐ ƚĂĞ͕ŝŶŽůƚƌĞ͕Đ͘ŝŝŝͿĚĞǀĞĐŽŶƚĞŶĞƌĞ͕ŶĞůůĂƉƌŝŵĂ

ƐĞnjŝŽŶĞ͕ĂůŵĞŶŽƵŶĐĂŶĚŝĚĂƚŽŝŶƉŽƐƐĞƐƐŽĚĞůƌĞƋƵŝƐŝƚŽĚŝƉ ƌŽĨĞƐƐŝŽŶĂůŝƚă ĚĞĨŝŶŝƚŽĂůů͛ ƌƚŝĐŽůŽϭϯ͘ϰ͕ƉĂƌĂŐƌĂĨŽϮ͕

ůĞƚƚ͘ĂͿĚĞůůŽ^ƚĂƚƵƚŽĞ͕ŶĞůůĂƐĞĐŽŶĚĂƐĞnjŝŽŶĞ͕ĂůŵĞŶŽƵŶĐĂŶĚŝ ĚĂƚŽŽŐŶŝĚƵĞŽĨƌĂnjŝŽŶĞĚŝĚƵĞŝŶƉŽƐƐĞƐƐŽĚĞů

ŵĞĚĞƐŝŵŽƌĞƋƵŝƐŝƚŽĚŝƉƌŽĨĞƐƐŝŽŶĂůŝƚă͘ŝƉƌĞƐĞŶƚŝĨŝŶŝ͕ƉĞƌůĂƋƵ ŽƚĂĚŝĐĂŶĚŝĚĂƚŝŝŶƉŽƐƐĞƐƐŽĚĞŝƌĞƋƵŝƐŝƚŝƌŝĐŚŝĞƐƚŝ



   

ϭϲŝŶĐŝĂƐĐƵŶĂůŝƐƚĂǀĂůŐŽŶŽŝĐƌŝƚĞƌŝĚŝĂƌƌŽƚŽŶĚĂŵĞŶƚŽƉĞƌƚŝŶĞŶƚŝĂĐŝĂƐĐƵŶ ƌĞƋƵŝƐŝƚŽ͕ĐŽŵĞƌĞŐŽůĂƚŝƌŝƐƉĞƚƚŝǀĂŵĞŶƚĞ

ĂŐůŝƌƚŝĐŽůŝϭϯ͘ϭĞϭϯ͘ϰ͕ƉĂƌĂŐƌĂĨŽϮ͕ůĞƚƚ͘ďͿĚĞůůŽ^ƚĂƚƵƚŽ͖

ĚͿŶĞůĐĂƐŽŝŶĐƵŝĂůůĂĚĂƚĂĚŝƐĐĂĚĞŶnjĂĚĞůƚĞƌŵŝŶĞĚŝĐƵŝĂůůĂů ĞƚƚĞƌĂĂͿƐŝĂƐƚĂƚĂĚĞƉŽƐŝƚĂƚĂ͗Ě͘ŝͿƵŶĂƐŽůĂůŝƐƚĂ͖Ě͘ŝŝͿ ƵŶĂƐŽůĂůŝƐƚĂĐŽŶĐĂŶĚŝĚĂƚŝůŝŵŝƚĂƚŝĂůůĂƐĞĐŽŶĚĂƐĞnjŝŽŶĞ͖Ě͘ŝŝŝ ͿƵŶĂŽƉŝƶůŝƐƚĞĐŽŶĐĂŶĚŝĚĂƚŝůŝŵŝƚĂƚŝĂůůĂƐŽůĂƉƌŝŵĂ

ƐĞnjŝŽŶĞ͕ŽƉƉƵƌĞĚ͘ŝǀͿƐŽůŽůŝƐƚĞƉƌĞƐĞŶƚĂƚĞĚĂ^ŽĐŝĐŚĞŝŶďĂƐĞ ĂůůĂŶŽƌŵĂƚŝǀĂǀŝŐĞŶƚĞƌŝƐƵůƚŝŶŽĐŽůůĞŐĂƚŝƚƌĂůŽƌŽ͕

ůĂ^ŽĐŝĞƚăŶĞĚăƉƌŽŶƚĂŵĞŶƚĞŶŽƚŝnjŝĂŵĞĚŝĂŶƚĞƵŶĐŽŵƵŶŝĐĂƚŽŝŶǀŝĂƚŽ ĂĚĂůŵĞŶŽĚƵĞĂŐĞŶnjŝĞĚŝƐƚĂŵƉĂ͖ŝŶƚĂů

ĐĂƐŽ͕ƉŽƐƐŽŶŽĞƐƐĞƌĞƉƌĞƐĞŶƚĂƚĞůŝƐƚĞĨŝŶŽĂůƚĞƌŵŝŶĞƉƌĞǀŝƐƚŽĚ ĂůůĂŶŽƌŵĂƚŝǀĂǀŝŐĞŶƚĞ͕ĨĞƌŵĞƌĞƐƚĂŶĚŽůĞĂůƚƌĞ

ĐŽŶĚŝnjŝŽŶŝĞŵŽĚĂůŝƚăĚŝƉƌĞƐĞŶƚĂnjŝŽŶĞƐƚĂďŝůŝƚĞŶĞůůĞĚŝƐƉŽƐŝnjŝŽŶŝƉƌĞĐĞ ĚĞŶƚŝ͖

ĞͿ ƐŽŶŽ ĐŽŵƵŶƋƵĞ ĨĂƚƚĞ ƐĂůǀĞ ĚŝǀĞƌƐĞ Ğ ƵůƚĞƌŝŽƌŝ ĚŝƐƉŽƐŝnjŝŽŶŝ ƉƌĞǀ ŝƐƚĞ ĚĂůůĂ ŶŽƌŵĂƚŝǀĂ ǀŝŐĞŶƚĞ ŝŶ ŽƌĚŝŶĞ ĂůůĞ

ŵŽĚĂůŝƚăĞĚĂŝƚĞƌŵŝŶŝĚĞůůĂƉƌĞƐĞŶƚĂnjŝŽŶĞĞƉƵďďůŝĐĂnjŝŽŶĞĚĞůůĞůŝƐ ƚĞ͘

>ĂůŝƐƚĂƉĞƌůĂƋƵĂůĞŶŽŶƐŽŶŽŽƐƐĞƌǀĂƚĞůĞƉƌĞƐĐƌŝnjŝŽŶŝĚŝĐƵŝƐ ŽƉƌĂğĐŽŶƐŝĚĞƌĂƚĂĐŽŵĞŶŽŶƉƌĞƐĞŶƚĂƚĂ͘ǀĞŶƚƵĂůŝ

ŝƌƌĞŐŽůĂƌŝƚăĚĞůůĞůŝƐƚĞĐŚĞƌŝŐƵĂƌĚŝŶŽƐŝŶŐŽůŝĐĂŶĚŝĚĂƚŝ͕ƚƵƚƚĂǀŝĂ͕ŶŽ ŶĐŽŵƉŽƌƚĂŶŽĂƵƚŽŵĂƚŝĐĂŵĞŶƚĞů͛ĞƐĐůƵƐŝŽŶĞ

ĚĞůů͛ŝŶƚĞƌĂůŝƐƚĂ͕ďĞŶƐŞĚĞŝ ƐŽůŝĐĂŶĚŝĚĂƚŝĂĐƵŝƐŝƌŝĨĞƌŝƐĐŽŶŽůĞŝƌƌĞŐŽůĂƌŝƚă͘



ϭϰ͘Ϯ͘ ͲsŽƚĂnjŝŽŶĞ͘

ϭϰ͘Ϯ͘ϭ͘ĂůůĂůŝƐƚĂĐŚĞŚĂŽƚƚĞŶƵƚŽŝůŵĂŐŐŝŽƌŶƵŵĞƌŽĚŝǀŽƚŝ ;͞ůŝƐƚĂĚŝŵĂŐŐŝŽƌĂŶnjĂ͟Ϳ͕ŝŶďĂƐĞĂůů͛ŽƌĚŝŶĞƉƌŽŐƌĞƐƐŝǀŽ

ĐŽŶŝůƋƵĂůĞƐŽŶŽŝŶĞƐƐĂĞůĞŶĐĂƚŝĞĨŝŶŽĂĚĞƐĂƵƌŝŵĞŶƚŽĚĞŝĐ ĂŶĚŝĚĂƚŝƉƌĞƐĞŶƚŝŶĞůůĂƉĞƌƚŝŶĞŶƚĞƐĞnjŝŽŶĞĚĞůůĂůŝƐƚĂ͕

ƐŽŶŽƚƌĂƚƚŝƚƵƚƚŝŝĐŽŵƉŽŶĞŶƚŝĚĞůŽŶƐŝŐůŝŽĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞĞĐĐĞƚƚŽ ĐŝŶƋƵĞĐŽŵƉŽŶĞŶƚŝŶĞůĐĂƐŽĚŝŽŶƐŝŐůŝŽ

ĐŽŵƉŽƐƚŽĚĂϭϵŽĚĂϭϴŽŶƐŝŐůŝĞƌŝ͕ŽǀǀĞƌŽ͕ŶĞŐůŝĂůƚƌŝĐĂƐŝ͕ƐŽŶŽƚƌĂƚƚŝĚĂ ƚĂůĞůŝƐƚĂƚƵƚƚŝŝĐŽŵƉŽŶĞŶƚŝĚĞůŽŶƐŝŐůŝŽ

ĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞĞĐĐĞƚƚŽƋƵĂƚƚƌŽĐŽŵƉŽŶĞŶƚŝ͘/ŶƉĂƌƚŝĐŽůĂƌĞ͕ĚĂůůĂƐĞĐŽŶ ĚĂƐĞnjŝŽŶĞĚĞůůĂůŝƐƚĂĐŚĞŚĂŽƚƚĞŶƵƚŽ

ŝůŵĂŐŐŝŽƌŶƵŵĞƌŽĚŝǀŽƚŝƐŽŶŽŝŶŽŐŶŝĐĂƐŽƉƌĞůĞǀĂƚŝŶĞůůŽƌŽ ŽƌĚŝŶĞƉƌŽŐƌĞƐƐŝǀŽƚƌĞŽŶƐŝŐůŝĞƌŝ͕ƉĞƌĂƐƐƵŵĞƌĞ

ĂůƚƌĞƐŞůĂĐĂƌŝĐĂĚŝĐŽŵƉŽŶĞŶƚŝĚĞůŽŵŝƚĂƚŽƉĞƌŝůŽŶƚƌŽůůŽƐƵůůĂ'Ğ ƐƚŝŽŶĞ͖ŐůŝĂůƚƌŝŽŶƐŝŐůŝĞƌŝƌŝƐĞƌǀĂƚŝĂƚĂůĞůŝƐƚĂ ƐŽŶŽƉƌĞůĞǀĂƚŝĚĂůůĂƉƌŝŵĂƐĞnjŝŽŶĞĚŝĞƐƐĂ ƐĞŵƉƌĞŝŶďĂƐĞĂůů͛ŽƌĚŝŶĞƉƌŽŐƌĞƐƐŝǀŽŝŶĐƵŝƐŽŶŽŝŶĞƐƐĂĞůĞŶĐĂƚŝ ͘

ϭϰ͘Ϯ͘Ϯ͘ƵĞŽŶƐŝŐůŝĞƌŝƐŽŶŽƚƌĂƚƚŝ͕ŶĞůůŽƌŽŽƌĚŝŶĞƉƌŽŐƌĞƐƐŝǀŽ͕ĚĂů ůĞƉƌŝŵĞĚƵĞƉŽƐŝnjŝŽŶŝĚĞůůĂƐĞĐŽŶĚĂƐĞnjŝŽŶĞ

ĚĞůůĂůŝƐƚĂĐŚĞĂďďŝĂĐĂŶĚŝĚĂƚŝŝĚŽŶĞŝĂĨĂƌƉĂƌƚĞĚĞůŽŵŝƚĂƚŽƉĞƌ ŝůŽŶƚƌŽůůŽƐƵůůĂ'ĞƐƚŝŽŶĞĞƐŝĂƌŝƐƵůƚĂƚĂƐĞĐŽŶĚĂ ƉĞƌŵĂŐŐŝŽƌŶƵŵĞƌŽĚŝǀŽƚŝ ;͞ƉƌŝŵĂůŝƐƚĂĚŝŵŝŶŽƌĂŶnjĂ͟Ϳ ĞĐŚĞŶŽŶƐŝĂƐƚĂƚĂƉƌĞƐĞŶƚĂƚĂŽǀŽƚĂƚĂĚĂƉĂƌƚĞĚŝ^ŽĐŝ

ĐŽůůĞŐĂƚŝ͕ƐĞĐŽŶĚŽůĂŶŽƌŵĂƚŝǀĂǀŝŐĞŶƚĞ͕ĐŽŶŝ^ŽĐŝĐŚĞŚĂŶŶŽƉƌĞƐĞŶƚĂƚŽŽ ǀŽƚĂƚŽůĂůŝƐƚĂƌŝƐƵůƚĂƚĂƉƌŝŵĂƉĞƌ

ŶƵŵĞƌŽ Ěŝ ǀŽƚŝ͘ /ů ƉƌŝŵŽ Ěŝ ƚĂůŝ ŽŶƐŝŐůŝĞƌŝ ĂƐƐƵŵĞ ůĂ ĐĂƌŝĐĂ Ěŝ WƌĞƐ ŝĚĞŶƚĞ ĚĞů ŽŵŝƚĂƚŽ ƉĞƌ ŝů ŽŶƚƌŽůůŽ ƐƵůůĂ

'ĞƐƚŝŽŶĞ͘

ϭϰ͘Ϯ͘ϯ͘ 'ůŝ Ăůƚƌŝ ĐŽŵƉŽŶĞŶƚŝ ĚĞů ŽŶƐŝŐůŝŽ Ěŝ ŵŵŝŶŝƐƚƌĂnjŝŽŶĞ ƉĞƌ ƋƵĂůƵ ŶƋƵĞ ƌĂŐŝŽŶĞ ŶŽŶ ĞůĞƚƚŝ Ăŝ ƐĞŶƐŝ ĚĞŝ ƉƌĞĐĞĚĞŶƚŝ ƉĂƌĂŐƌĂĨŝ ϭϰ͘Ϯ͘ϭ Ğ ϭϰ͘Ϯ͘Ϯ ĚĞů ƉƌĞƐĞŶƚĞ ƌƚŝĐŽůŽ ʹ ĂŶĐŚĞ ƉĞƌ ĞǀĞŶƚƵĂůĞ ŝŶƐƵĨĨŝĐŝĞŶnjĂ ĚĞŝ ĐĂŶĚŝĚĂƚŝ

ƉƌĞƐĞŶƚŝŶĞůůĞůŝƐƚĞͲƐŽŶŽƚƌĂƚƚŝƉƌŽƉŽƌnjŝŽŶĂůŵĞŶƚĞĚĂůůĞůŝƐƚĞĚŝǀ ĞƌƐĞĚĂƋƵĞůůĂĐŚĞŚĂŽƚƚĞŶƵƚŽŝůŵĂŐŐŝŽƌŶƵŵĞƌŽ

ĚŝǀŽƚŝ ;͞ůŝƐƚĞĚŝŵŝŶŽƌĂŶnjĂ͟ ͕ŝŶƚĞŶĚĞŶĚŽƐŝƚƌĂƋƵĞƐƚĞŝŶĐůƵƐĂĂŶĐŚĞůĂƉƌŝŵĂůŝƐƚĂĚŝŵŝŶŽƌĂŶnjĂͿ͕ ƉƵƌĐŚĠƚĂůŝůŝƐƚĞ͕ ƉƌĞƐĞ ĐŽŵƉůĞƐƐŝǀĂŵĞŶƚĞ͕ ĂďďŝĂŶŽ ŽƚƚĞŶƵƚŽ ǀŽƚŝ ĂůŵĞŶŽ ƉĂƌŝ Ăů ϭϬй ĚĞů  ĐĂƉŝƚĂůĞ ŽƌĚŝŶĂƌŝŽ ƌĂƉƉƌĞƐĞŶƚĂƚŽ ŝŶ

ƐƐĞŵďůĞĂ͘/ǀŽƚŝŽƚƚĞŶƵƚŝĚĂŽŐŶƵŶĂĚĞůůĞůŝƐƚĞƐŽŶŽĚŝǀŝƐŝƐ ƵĐĐĞƐƐŝǀĂŵĞŶƚĞƉĞƌƵŶŽ͕ĚƵĞ͕ƚƌĞ͕ƋƵĂƚƚƌŽĞĐŽƐŞǀŝĂ

ƐĞĐŽŶĚŽŝůŶƵŵĞƌŽĚĞŝĐŽŵƉŽŶĞŶƚŝĚĂĞůĞŐŐĞƌĞ͘/ƋƵŽnjŝĞŶƚŝĐŽƐŞŽƚƚ ĞŶƵƚŝƐŽŶŽ ĂƐƐĞŐŶĂƚŝƉƌŽŐƌĞƐƐŝǀĂŵĞŶƚĞĂŝ ĐĂŶĚŝĚĂƚŝĚŝĐŝĂƐĐƵŶĂƐĞnjŝŽŶĞĚŝĚĞƚƚĞůŝƐƚĞ͕ƐĞĐŽŶĚŽů͛ŽƌĚŝŶĞƌŝƐƉĞ ƚƚŝǀĂŵĞŶƚĞƉƌĞǀŝƐƚŽĚĂůůĞƐƚĞƐƐĞĚƵĞƐĞnjŝŽŶŝ͘ /

ƋƵŽnjŝĞŶƚŝĂƚƚƌŝďƵŝƚŝĂŝĐĂŶĚŝĚĂƚŝĚĞůůĞǀĂƌŝĞůŝƐƚĞǀĞŶŐŽŶŽĚŝƐƉŽƐƚŝ ŝŶĚƵĞŐƌĂĚƵĂƚŽƌŝĞĚĞĐƌĞƐĐĞŶƚŝ͕ƵŶĂƉĞƌĐŝĂƐĐƵŶĂ



    ϭϳƐĞnjŝŽŶĞĚĞůůĞůŝƐƚĞ͕ĨĂƚƚĂĞĐĐĞnjŝŽŶĞƉĞƌŝƉƌŝŵŝĚƵĞƋƵŽnjŝĞŶƚŝĚ ĞůůĂƐĞĐŽŶĚĂƐĞnjŝŽŶĞĚĞůůĂůŝƐƚĂĚĂůůĂƋƵĂůĞƐŽŶŽƐƚĂƚŝ Őŝă ƉƌĞůĞǀĂƚŝ ŝ ĐĂŶĚŝĚĂƚŝ ŶŽŵŝŶĂƚŝ Ăŝ ƐĞŶƐŝ ĚĞů ƉƌĞĐĞĚĞŶƚĞ ƉĂƌĂŐƌĂĨ Ž ϭϰ͘Ϯ͘Ϯ͘  ZŝƐƵůƚĂŶŽ ĞůĞƚƚŝ ŽŶƐŝŐůŝĞƌŝ Ěŝ

ŵŵŝŶŝƐƚƌĂnjŝŽŶĞĐŽůŽƌŽĐŚĞŚĂŶŶŽŽƚƚĞŶƵƚŽŝƋƵŽnjŝĞŶƚŝƉŝƶĞůĞǀĂƚŝŶĞůůĂƌŝƐ ƉĞƚƚŝǀĂŐƌĂĚƵĂƚŽƌŝĂĚĞůůĞůŝƐƚĞĚŝǀĞƌƐĞ

ĚĂƋƵĞůůĂĐŚĞŚĂŽƚƚĞŶƵƚŽŝůŵĂŐŐŝŽƌŶƵŵĞƌŽĚŝǀŽƚŝ͕ĨŝŶŽĂůŶƵŵ ĞƌŽŶĞĐĞƐƐĂƌŝŽĂĐŽŵƉůĞƚĂƌĞůĂĐŽŵƉŽƐŝnjŝŽŶĞĚĞů

ŽŶƐŝŐůŝŽĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞ͘

ϭϰ͘Ϯ͘ϰ͘ YƵĂůŽƌĂ ŶŽŶ ĨŽƐƐĞ ƉŽƐƐŝďŝůĞ ĐŽŵƉůĞƚĂƌĞ ůĂ ĐŽŵƉŽƐŝnjŝŽŶĞ ĚĞů ŽŶ ƐŝŐůŝŽ Ğ ĚĞů ŽŵŝƚĂƚŽ ƐĞĐŽŶĚŽ ůĂ

ƉƌŽĐĞĚƵƌĂĚĞĨŝŶŝƚĂĂŝƉĂƌĂŐƌĂĨŝƉƌĞĐĞĚĞŶƚŝ͕ĂĐŝžƐŝƉƌŽǀǀĞĚĞƉƌĞů ĞǀĂŶĚŽĚĂůůĂůŝƐƚĂĐŚĞŚĂŽƚƚĞŶƵƚŽŝůŵĂŐŐŝŽƌ

ŶƵŵĞƌŽĚŝǀŽƚŝ͕ŶĞůů͛ŽƌĚŝŶĞŝŶĞƐƐĂƉƌĞƐĞŶƚŝ͕Őů ŝĞǀĞŶƚƵĂůŝĐĂŶĚŝĚĂƚŝŶŽŶĂŶĐŽƌĂĞůĞƚƚŝĐŚĞĐŽŶƐĞŶƚĂŶŽĚŝƌŝƐƉĞƚƚĂƌ Ğ

ŝƌĞƋƵŝƐŝƚŝƌŝĐŚŝĞƐƚŝĚĂůůĂŶŽƌŵĂƚŝǀĂǀŝŐĞŶƚĞĞĚĂůůŽ^ƚĂƚƵƚŽ͘



ϭϰ͘ϯ͘ ͲWĂƌŝƚăĚŝƋƵŽnjŝĞŶƚĞĞďĂůůŽƚƚĂŐŐŝŽ͘

EĞůĐĂƐŽŝŶĐƵŝƉŝƶĐĂŶĚŝĚĂƚŝĂďďŝĂŶŽŽƚƚĞŶƵƚŽůŽƐƚĞƐƐŽƋƵŽnjŝĞŶƚĞ ͕ƌŝƐƵůƚĂĞůĞƚƚŽŝůĐĂŶĚŝĚĂƚŽĚĞůůĂůŝƐƚĂĚĂůůĂƋƵĂůĞ

ŶŽŶƐŝĂƐƚĂƚŽĞůĞƚƚŽĂŶĐŽƌĂĂůĐƵŶŽŶƐŝŐůŝĞƌĞŽƐŝĂƐƚĂƚŽĞůĞƚƚŽŝůŵŝŶŽƌŶƵŵĞƌŽ ĚŝŽŶƐŝŐůŝĞƌŝ͘

EĞů ĐĂƐŽ ŝŶ ĐƵŝ ŶĞƐƐƵŶĂ Ěŝ ƚĂůŝ ůŝƐƚĞ ĂďďŝĂ ĂŶĐŽƌĂ ĞůĞƚƚŽ ƵŶ ŽŶƐŝ ŐůŝĞƌĞ ŽǀǀĞƌŽ ƚƵƚƚĞ ĂďďŝĂŶŽ ĞůĞƚƚŽ ůŽ ƐƚĞƐƐŽ ŶƵŵĞƌŽĚŝŽŶƐŝŐůŝĞƌŝ͕ŶĞůů͛ĂŵďŝƚŽĚŝƚĂůŝůŝƐƚĞ ƌŝƐƵůƚĂĞůĞƚƚŽŝůĐĂŶĚŝĚĂƚŽĚŝƋƵĞůůĂĐŚĞĂďďŝĂŽƚƚĞŶƵƚŽŝůŵ ĂŐŐŝŽƌ

ŶƵŵĞƌŽĚŝǀŽƚŝ͘/ŶĐĂƐŽĚŝƉĂƌŝƚăĚŝǀŽƚŝĚŝůŝƐƚĂĞƐĞŵƉƌĞĂƉ ĂƌŝƚăĚŝƋƵŽnjŝĞŶƚĞ͕ƐŝƉƌŽĐĞĚĞĂďĂůůŽƚƚĂŐŐŝŽŵĞĚŝĂŶƚĞ

ŶƵŽǀĂǀŽƚĂnjŝŽŶĞĚĂƉĂƌƚĞĚĞůů͛ŝŶƚĞƌĂ ƐƐĞŵďůĞĂ͕ƌŝƐƵůƚĂŶĚŽĞůĞƚƚŽŝůĐĂŶĚŝĚĂƚŽĐŚĞĂďďŝĂŽƚƚĞŶƵƚŽůĂ ŵĂŐŐŝŽƌĂŶnjĂ

ƐĞŵƉůŝĐĞĚĞŝǀŽƚŝ͘



ϭϰ͘ϰ͘ ͲDĞĐĐĂŶŝƐŵŽƐƵƉƉůĞƚŝǀŽ͘

^ĞĂůƚĞƌŵŝŶĞĚĞůůĞǀŽƚĂnjŝŽŶŝůĂĐŽŵƉŽƐŝnjŝŽŶĞĚĞůŽŶƐŝŐůŝŽĚŝ ŵŵŝŶ ŝƐƚƌĂnjŝŽŶĞ ŶŽŶƌŝƐƉĞƚƚĂƐƐĞů͛ĞƋƵŝůŝďƌŝŽĚŝ ŐĞŶĞƌŝ ƉƌĞǀŝƐƚŽ ĚĂůůĂ ŶŽƌŵĂƚŝǀĂ ǀŝŐĞŶƚĞ͕ Ɛŝ ƉƌŽĐĞĚĞƌă ĂĚ ĞƐĐůƵĚĞƌĞ ŝ ů ĐĂŶĚŝĚĂƚŽ ĂƉƉĂƌƚĞŶĞŶƚĞ Ăů ŐĞŶĞƌĞ

ƐŽǀƌĂƌĂƉƉƌĞƐĞŶƚĂƚŽĐŚĞĂďďŝĂƌŝƉŽƌƚĂƚŽŝůƋƵŽnjŝĞŶƚĞƉŝƶďĂƐƐŽ͘/ůĐĂŶ ĚŝĚĂƚŽĞƐĐůƵƐŽƐĂƌăƐŽƐƚŝƚƵŝƚŽĚĂůĐĂŶĚŝĚĂƚŽ

ƐƵĐĐĞƐƐŝǀŽĂƉƉĂƌƚĞŶĞŶƚĞĂůŐĞŶĞƌĞƐŽƚƚŽƌĂƉƉƌĞƐĞŶƚĂƚŽƚƌĂƚƚŽĚĂůůĂŵĞĚ ĞƐŝŵĂůŝƐƚĂĚĞůĐĂŶĚŝĚĂƚŽĞƐĐůƵƐŽ͘dĂůĞ

ƉƌŽĐĞĚƵƌĂ͕ŽĐĐŽƌƌĞŶĚŽ͕ƐĂƌăƌŝƉĞƚƵƚĂƐŝŶŽĂĐŚĞůĂĐŽŵƉŽƐŝnjŝŽŶĞĚĞůŽŶƐŝŐůŝ ŽƌŝƐƵůƚŝĐŽŶĨŽƌŵĞĂůůĂĚŝƐĐŝƉůŝŶĂ

ǀŝŐĞŶƚĞ͘

YƵĂůŽƌĂ͕ ĂŶĐŚĞ Ă ƐĞŐƵŝƚŽ ĚĞůůĂ ƐƵƉĞƌŝŽƌĞ ƉƌŽĐĞĚƵƌĂ Ěŝ ƐŽƐƚŝƚƵnjŝŽŶĞ͕ Ŷ ŽŶ ĨŽƐƐĞƌŽ ĞůĞƚƚŝ ŝŶ ŶƵŵĞƌŽ ƐƵĨĨŝĐŝĞŶƚĞ ŽŶƐŝŐůŝĞƌŝĂǀĞŶƚŝŝƌĞƋƵŝƐŝƚŝĚŝĐƵŝĂůů͛ƌƚŝĐŽůŽ ϭϯ͘ϰ͘ĚĞůůŽ^ƚĂƚƵƚŽ͕ƐŝƉƌŽĐĞĚĞƌăĂŶƵŽǀĞƐŽƐƚŝƚƵnjŝŽŶŝƐĞĐŽŶĚŽƵŶ Ă

ƉƌŽĐĞĚƵƌĂĂŶĂůŽŐĂĂƋƵĞůůĂƉƌĞǀŝƐƚĂŶĞůƉƌŝŵŽĐŽŵŵĂ͕ĞƐĐůƵĚĞŶĚŽŝĐĂŶ ĚŝĚĂƚŝĐŚĞĂďďŝĂŶŽƌŝƉŽƌƚĂƚŽŝůƋƵŽnjŝĞŶƚĞ

ƉŝƶďĂƐƐŽĞĐŚĞŶŽŶĂďďŝĂŶŽƚĂůƵŶŽĚĞŝƌĞƋƵŝƐŝƚŝƉƌĞǀŝƐƚŝ͕ƐĞ ŵƉƌĞŶĞůƌŝƐƉĞƚƚŽĚĞůůĞǀŝŐĞŶƚŝŶŽƌŵĞŝŶŵĂƚĞƌŝĂĚŝ

ĞƋƵŝůŝďƌŝŽĚĞŝŐĞŶĞƌŝ͘

ŝƐŽůŝĨŝŶŝĚĞůůĂƉƌĞƐĞŶƚĞĚŝƐƉŽƐŝnjŝŽŶĞ͕ĂŝĐĂŶĚŝĚĂƚŝĚŝƚƵƚƚĞ ůĞůŝƐƚĞƐŽŶŽĂƚƚƌŝďƵŝƚŝƉƌŽŐƌĞƐƐŝǀĂŵĞŶƚĞŝƋƵŽnjŝĞŶƚŝ

ĐŽƌƌŝƐƉŽŶĚĞŶƚŝĂŝǀŽƚŝŽƚƚĞŶƵƚŝĚĂĐŝĂƐĐƵŶĂ ůŝƐƚĂ͕ƐĞĐŽŶĚŽůĂƉƌŽĐĞĚƵƌĂĚĞĨŝŶŝƚĂĂůů͛ƌƚŝĐŽůŽϭϰ͘Ϯ͘ϯ͕ƐĞĐŽŶĚŽĞƚĞƌnjŽ

ƉĞƌŝŽĚŽ͘



ϭϰ͘ϱ͘Ͳ ŽŵƉůĞƚĂŵĞŶƚŽĚĞŐůŝĂƐƐĞƚƚŝ͘

YƵĂůŽƌĂ ů͛ĂƉƉůŝĐĂnjŝŽŶĞ ĚĞŝ ĐƌŝƚĞƌŝ Ěŝ ĐƵŝ Ăŝ ƉƵŶƚŝ ƉƌĞĐĞĚĞŶƚŝ ŶŽŶ ĐŽŶƐĞŶƚĂ Ěŝ ĞůĞŐŐĞƌĞ ƚƵƚƚŝ ŝ ĐŽŵƉŽŶĞŶƚŝ ĚĞů

ŽŶƐŝŐůŝŽĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞŽŶŽŶĐŽŶƐĞŶƚĂĚŝĞůĞŐŐĞƌůŝŶĞůƌŝƐƉ ĞƚƚŽĚĞŝƌĞƋƵŝƐŝƚŝĂŶĐŚĞĚŝŝŶĚŝƉĞŶĚĞŶnjĂĞŐĞŶĞƌĞ



   

ϭϴƌŝĐŚŝĞƐƚŝ͕ƉƌŽǀǀĞĚĞů͛ƐƐĞŵďůĞĂƐĞĚƵƚĂƐƚĂŶƚĞ͕ĐŽŶĚĞůŝďĞƌĂĂĚŽƚƚĂƚĂĂŵĂŐŐŝ ŽƌĂŶnjĂƐĞŵƉůŝĐĞƐƵƉƌŽƉŽƐƚĂĚĞŝ

ƐŽŐŐĞƚƚŝ ƉƌĞƐĞŶƚŝ ĐƵŝ ƐƉĞƚƚĂ ŝů ĚŝƌŝƚƚŽ Ěŝ ǀŽƚŽ͕ ŶĞů ƌŝƐƉĞƚƚŽ ĚĞů ůĂ ŶĞĐĞƐƐĂƌŝĂ ƌĂƉƉƌĞƐĞŶƚĂŶnjĂ ĚĞůůĞ ŵŝŶŽƌĂŶnjĞ͕

ƐĞĐŽŶĚŽŝĐƌŝƚĞƌŝŝŶĚŝĐĂƚŝĂůů͛ƌƚŝĐŽůŽ ϭϱ͘ϯ͘ϱ͘



ϭϰ͘ϲ͘ Ͳ>ŝƐƚĂƵŶŝĐĂ͘

/ŶĐĂƐŽĚŝƉƌĞƐĞŶƚĂnjŝŽŶĞĚŝƵŶĂƐŽůĂůŝƐƚĂĚŝĐĂŶĚŝĚĂƚŝŝĐŽŵƉŽŶĞŶ ƚŝĚĞůŽŶƐŝŐůŝŽĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞƐĂƌĂŶŶŽĞůĞƚƚŝ

ŶĞůů͛ĂŵďŝƚŽĚŝƚĂůĞůŝƐƚĂ͕ƐŝŶŽĂĐŽŶĐŽƌƌĞŶnjĂĚĞŝĐĂŶĚŝĚĂƚŝŝŶĞƐƐĂ ŝŶƐĞƌŝƚŝ ͕ƉƌĞůĞǀĂŶĚŽĚĂůůĂƐĞĐŽŶĚĂƐĞnjŝŽŶĞĚĞůůĂ

ůŝƐƚĂƚƵƚƚŝŝĐŽŵƉŽŶĞŶƚŝĚĞůŽŵŝƚĂƚŽƉĞƌŝůŽŶƚƌŽůůŽƐƵůůĂ'ĞƐƚŝŽŶĞ͘



ϭϰ͘ϳ͘ ͲƐƐĞŶnjĂĚŝůŝƐƚĞ͘

KǀĞŶĞŝƚĞƌŵŝŶŝŶŽŶƐŝĂƐƚĂƚĂƉƌĞƐĞŶƚĂƚĂĂůĐƵŶĂůŝƐƚĂ͕ů͛ƐƐĞŵďůĞĂ ĚĞůŝďĞƌĂ ;ƚĂŶƚŽƉĞƌůĂŶŽŵŝŶĂĚĞůŽŶƐŝŐůŝŽĚŝ

ŵŵŝŶŝƐƚƌĂnjŝŽŶĞ͕ƋƵĂŶƚŽƉĞƌůĂŶŽŵŝŶĂĚĞůŽŵŝƚĂƚŽƉĞƌŝůŽŶƚƌŽůůŽƐƵ ůůĂ'ĞƐƚŝŽŶĞͿĂŵĂŐŐŝŽƌĂŶnjĂƌĞůĂƚŝǀĂĚĞů

ĐĂƉŝƚĂůĞƌĂƉƉƌĞƐĞŶƚĂƚŽŝŶƐƐĞŵďůĞĂ͕ĨĞƌŵŽƌĞƐƚĂŶĚŽŝůŶĞĐĞƐƐĂƌŝ ŽƌŝƐƉĞƚƚŽĚĞŝƌĞƋƵŝƐŝƚŝƉƌĞǀŝƐƚŝĚĂůůĂŶŽƌŵĂƚŝǀĂ

ǀŝŐĞŶƚĞĞĚĂůůŽ^ƚĂƚƵƚŽ͘EĞůĐĂƐŽĚŝƉĂƌŝƚăĚŝǀŽƚŝƚƌĂƉŝƶĐĂŶĚŝĚĂƚŝ ͕ƐŝƉƌŽĐĞĚĞĂĚƵŶĂƵůƚĞƌŝŽƌĞǀŽƚĂnjŝŽŶĞƉĞƌ

ďĂůůŽƚƚĂŐŐŝŽ͘



ϭϰ͘ϴ͘ͲůĞnjŝŽŶĞĚĞůWƌĞƐŝĚĞŶƚĞĞĚĞŝsŝĐĞWƌĞƐŝĚĞŶƚŝ

>͛ƐƐĞŵďůĞĂĞůĞŐŐĞĂŵĂŐŐŝŽƌĂŶnjĂƌĞůĂƚŝǀĂŝůWƌĞ ƐŝĚĞŶƚĞĚĞůŽŶƐŝŐůŝŽĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞĞ ƵŶŽŽƉŝƶsŝĐĞ ʹ

WƌĞƐŝĚĞŶƚŝ͘

ƌƚŝĐŽůŽϭϱ͘ĞƐƐĂnjŝŽŶĞĚĂůůĂĐĂƌŝĐĂ͘



ϭϱ͘ϭ͘Ͳ^ŝŵƵůƐƚĂďƵŶƚƐŝŵƵůĐĂĚĞŶƚ͘

^ĞǀŝĞŶĞŵĞŶŽƉĞƌƋƵĂůƵŶƋƵĞĐĂƵƐĂƉŝƶĚĞůůĂŵĞƚăĚĞŝĐŽŵƉŽŶĞŶƚŝ ŝůŽŶƐŝŐůŝŽĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞ͕ƐŝŝŶƚĞŶĚĞ

ĐĞƐƐĂƚŽ ů͛ŝŶƚĞƌŽ ŽŶƐŝŐůŝŽ Ă ƉĂƌƚŝƌĞ ĚĂůůĂ ĚĂƚĂ ĚĞůůΖĂƐƐƵŶnjŝŽŶĞ ĚĞůůĂ ĐĂƌŝĐĂ Ě Ă ƉĂƌƚĞ ĚĞŝ ŶƵŽǀŝ ĐŽŶƐŝŐůŝĞƌŝ Ğ ŝ ĐŽŵƉŽŶĞŶƚŝƌĞƐƚĂŶƚŝĚĞǀŽŶŽĐŽŶǀŽĐĂƌĞ Ě͛ƵƌŐĞŶnjĂů͛ƐƐĞŵďůĞĂƉĞƌ ůĂŶŽŵŝŶĂĚĞůŶƵŽǀŽŽŶƐŝŐůŝŽ͘ 

ϭϱ͘Ϯ͘ͲZĞǀŽĐĂ͘

/ĐŽŵƉŽŶĞŶƚŝŝůŽŶƐŝŐůŝŽĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞ͕ŝǀŝŝŶĐůƵƐŝŝĐŽŵƉŽŶĞ ŶƚŝĚĞůŽŵŝƚĂƚŽƉĞƌŝůŽŶƚƌŽůůŽƐƵůůĂ'ĞƐƚŝŽŶĞ͕

ƐŽŶŽƌĞǀŽĐĂďŝůŝĚĂůů͛ƐƐĞŵďůĞĂŝŶŽŐŶŝƚĞŵƉŽ͕ƐĂůǀŽŝůĚŝƌŝƚƚŽ ĚĞůŽŶƐŝŐůŝĞƌĞƌĞǀŽĐĂƚŽĂůƌŝƐĂƌĐŝŵĞŶƚŽĚĞůĚĂŶŶŽ

ƐĞůĂƌĞǀŽĐĂĂǀǀŝĞŶĞƐĞŶnjĂŐŝƵƐƚĂĐĂƵƐĂ͘

>Ă ƉƌŽƉŽƐƚĂ Ěŝ ƌĞǀŽĐĂ Ěŝ ƵŶŽ Ž Ɖŝƶ ĐŽŵƉŽŶĞŶƚŝ ĚĞů ŽŵŝƚĂƚŽ ƉĞƌ ŝ ů ŽŶƚƌŽůůŽ ƐƵůůĂ 'ĞƐƚŝŽŶĞ ĚĞǀĞ ŝůůƵƐƚƌĂƌŶĞ

ĂĚĞŐƵĂƚĂŵĞŶƚĞůĞƌĂŐŝŽŶŝ͘dĂůĞƉƌŽƉŽƐƚĂ͕ŽǀĞƉƌĞƐĞŶƚĂƚĂĚĂůŽŶƐŝŐůŝŽĚŝŵ ŵŝŶŝƐƚƌĂnjŝŽŶĞ͕ĚĞǀĞĞƐƐĞƌĞĂĚŽƚƚĂƚĂ

ĐŽŶŝůǀŽƚŽĨĂǀŽƌĞǀŽůĞĚĞůůĂŵĂŐŐŝŽƌĂŶnjĂĂƐƐŽůƵƚĂĚĞŝĐŽŵƉŽŶĞŶƚŝŝŶ ĐĂƌŝĐĂĞƉƌĞǀŝŽƉĂƌĞƌĞĚĞůŽŵŝƚĂƚŽEŽŵŝŶĞ

ĞƐƉƌĞƐƐŽĂůů͛ƵŶĂŶŝŵŝƚăĚĞŝƉƌĞƐĞŶƚŝ ͖ŽǀĞůĂƉƌŽƉŽƐƚĂƐŝĂƉƌĞƐĞŶƚĂƚĂĚĂůŽŵŝƚĂƚŽƉĞƌŝůŽŶƚƌŽůůŽƐƵůůĂ' ĞƐƚŝŽŶĞ͕ ĚĞǀĞĞƐƐĞƌĞĂĚŽƚƚĂƚĂ Ăůů͛ƵŶĂŶŝŵŝƚă ĚĞŝĐŽŵƉŽŶĞŶƚŝĚĞůŵĞĚĞƐŝŵŽŽŵŝƚĂƚŽ͘

>ĂƌĞǀŽĐĂĚĞŝĐŽŵƉŽŶĞŶƚŝĚĞůŽŵŝƚĂƚŽƉĞƌŝůŽŶƚƌŽůůŽƐƵůůĂ'ĞƐƚŝŽŶĞĚĞǀĞ ĞƐƐĞƌĞĚĞďŝƚĂŵĞŶƚĞŵŽƚŝǀĂƚĂ͘

>ĂƌĞǀŽĐĂĚŝƵŶŵĞŵďƌŽĚĞůŽŵŝƚĂƚŽƉĞƌŝůŽŶƚƌŽůůŽƐƵůůĂ'ĞƐƚŝŽŶ ĞŝŵƉůŝĐĂůĂƐƵĂƌĞǀŽĐĂĂŶĐŚĞĚĂĐŽŵƉŽŶĞŶƚĞ

ĚĞůŽŶƐŝŐůŝŽĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞ͘ 



   

ϭϵ

ϭϱ͘ϯ͘Ͳ^ŽƐƚŝƚƵnjŝŽŶŝ͘

ϭϱ͘ϯ͘ϭ͘/ŶĐĂƐŽĚŝĐĞƐƐĂnjŝŽŶĞĚĂůůĂĐĂƌŝĐĂĚŝŽŶƐŝŐůŝĞƌŝĚŝĂŵŵŝŶŝƐƚƌĂnjŝ ŽŶĞĚŝǀĞƌƐŝĚĂŝĐŽŵƉŽŶĞŶƚŝĚĞůŽŵŝƚĂƚŽ

ƉĞƌŝůŽŶƚƌŽůůŽƐƵůůĂ'ĞƐƚŝŽŶĞ͕ŝůŽŶƐŝŐůŝŽĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞ ƉƌŽǀǀĞĚĞĂůůĂƐŽƐƚŝƚƵnjŝŽŶĞŵĞĚŝĂŶƚĞĐŽŽƉƚĂnjŝŽŶĞ

Ěŝ ƵŶ ŶƵŽǀŽ ĐŽŵƉŽŶĞŶƚĞ ĚĞů ŽŶƐŝŐůŝŽ͕ ƉƵƌĐŚĠ ůĂ ŵĂŐŐŝŽƌĂŶnjĂ ƐŝĂ ƐĞŵƉ ƌĞ ĐŽƐƚŝƚƵŝƚĂ ĚĂ ŽŶƐŝŐůŝĞƌŝ ŶŽŵŝŶĂƚŝ

ĚĂůů͛ƐƐĞŵďůĞĂ͕ŶĞůƌŝƐƉĞƚƚŽĚĞŝƌĞƋƵŝƐŝƚŝƌŝĐŚŝĞƐƚŝĞĚĞůŶƵ ŵĞƌŽĚŝĐŽŶƐŝŐůŝĞƌŝŝŶĚŝƉĞŶĚĞŶƚŝĞĚĞůŐĞŶĞƌĞŵĞŶŽ

ƌĂƉƉƌĞƐĞŶƚĂƚŽƉƌĞǀŝƐƚŝĚĂůůŽ^ƚĂƚƵƚŽĞͬŽĚĂůůĂŶŽƌŵĂƚŝǀĂǀŝŐĞŶƚĞ͘

ϭϱ͘ϯ͘Ϯ͘KǀĞǀĞŶŐĂĂĐĞƐƐĂƌĞĚĂůůĂĐĂƌŝĐĂƵŶĐŽŵƉŽŶĞŶƚĞĚĞůŽŵŝƚĂƚŽƉĞƌŝůŽŶƚƌŽůů ŽƐƵůůĂ'ĞƐƚŝŽŶĞ͕ĂůƐƵŽƉŽƐƚŽ

ƐƵďĞŶƚƌĂŝůƉƌŝŵŽŶŽŶĞůĞƚƚŽĚĞůůĂƐĞĐŽŶĚĂƐĞnjŝŽŶĞĚĞůůĂůŝƐƚĂ ĂĐƵŝĂƉƉĂƌƚĞŶĞǀĂŝůĐŽŵƉŽŶĞŶƚĞǀĞŶƵƚŽĂŵĂŶĐĂƌĞ͘

YƵĂůŽƌĂŝůƐŽŐŐĞƚƚŽŝŶĚŝǀŝĚƵĂƚŽƐƵůůĂďĂƐĞĚĞůĐƌŝƚĞƌŝŽƉƌĞĐĞĚĞŶƚĞŶŽŶĂǀĞƐƐ ĞŝƌĞƋƵŝƐŝƚŝĚŝůĞŐŐĞ͕ƌĞŐŽůĂŵĞŶƚĂƌŝŽ

ĨŝƐƐĂƚŝĚĂůůŽ^ƚĂƚƵƚŽĚĞůĐŽŵƉŽŶĞŶƚĞǀĞŶƵƚŽĂŵĂŶĐĂƌĞ͕ƋƵĞƐƚŝƐĂƌăƐŽƐƚŝƚ ƵŝƚŽĚĂůĐĂŶĚŝĚĂƚŽƐƵĐĐĞƐƐŝǀŽŶŽŶĞůĞƚƚŽ

ƚƌĂƚƚŽĚĂůůĂƐĞĐŽŶĚĂƐĞnjŝŽŶĞĚĞůůĂƐƚĞƐƐĂůŝƐƚĂĞĚŽƚĂƚŽĚĞŝŵĞĚĞ ƐŝŵŝƌĞƋƵŝƐŝƚŝƉƌĞƐĐƌŝƚƚŝƉĞƌŝůĐŽŵƉŽŶĞŶƚĞĚĂ

ƐŽƐƚŝƚƵŝƌĞ͘KǀĞƐŝĂĐĞƐƐĂƚŽŝůWƌĞƐŝĚĞŶƚĞĚĞůŽŵŝƚĂƚŽ͕ĚŝĞƐƐŽ ĂƐƐƵŵĞůĂWƌĞƐŝĚĞŶnjĂŝůĐŽŵƉŽŶĞŶƚĞƚƌĂƚƚŽĚĂůůĂ

ŵĞĚĞƐŝŵĂůŝƐƚĂĚŝƋƵĞůůŽĐĞƐƐĂƚŽĞĂĚĞƐƐŽƐƵĐĐĞƐƐŝǀŽŝŶŐƌĂĚƵĂƚŽƌŝĂŝŶƐĞĚ ĞĚŝŶŽŵŝŶĂ͘

ϭϱ͘ϯ͘ϯ͘KǀĞƉĞƌƋƵĂůƐŝĂƐŝŵŽƚŝǀŽŶŽŶĨŽƐƐĞƉŽƐƐŝďŝůĞƉƌŽĐĞĚĞƌĞĂůů ĂƐŽƐƚŝƚƵnjŝŽŶĞƐƵůůĂďĂƐĞĚĞŝĐƌŝƚĞƌŝĚŝĐƵŝƐŽƉƌĂ͕

ŝů ĐŽŵƉŽŶĞŶƚĞ ĚĞů ŽŵŝƚĂƚŽ ƉĞƌ ŝů ŽŶƚƌŽůůŽ ƐƵůůĂ ' ĞƐƚŝŽŶĞ ǀĞŶƵƚŽ Ă ŵĂŶĐĂƌĞ ƐĂƌă ƐŽƐƚŝƚƵŝƚŽ ĚĂůů͛ƐƐĞŵďůĞĂ

ĐŽŶǀŽĐĂƚĂƐĞŶnjĂŝŶĚƵŐŝŽƐĞĐŽŶĚŽƋƵĂŶƚŽƉƌĞǀŝƐƚŽĂůƐƵĐĐĞƐƐŝǀŽƉĂƌĂŐƌĂĨŽϭϱ͘ϯ͘ϱ͘

ϭϱ͘ϯ͘ϰ͘/ĐŽŵƉŽŶĞŶƚŝƐƵďĞŶƚƌĂƚŝŶĞůŽŵŝƚĂƚŽƉĞƌŝůŽŶƚƌŽůůŽƐƵůůĂ'Ğ ƐƚŝŽŶĞĞŝĐŽŵƉŽŶĞŶƚŝŶŽŵŝŶĂƚŝĚĂůŽŶƐŝŐůŝŽ

ƉĞƌĐŽŽƉƚĂnjŝŽŶĞƌĞƐƚĂŶŽŝŶĐĂƌŝĐĂĨŝŶŽĂůůĂƐƵĐĐĞƐƐŝǀĂƐƐĞŵďůĞĂ͘

ϭϱ͘ϯ͘ϱ͘ >͛ƐƐĞŵďůĞĂĐŽŶǀŽĐĂƚĂƉĞƌůĂŶŽŵŝŶĂĚŝƵŶŶƵŽǀŽŽŶƐŝŐůŝĞƌĞŝŶƐŽƐ ƚŝƚƵnjŝŽŶĞĚŝƋƵĞůů ŽĐĞƐƐĂƚŽƉƌŽĐĞĚĞ ĂůůĂ ŶŽŵŝŶĂ Ž ĂůůĂ ƐŽƐƚŝƚƵnjŝŽŶĞ ŶĞů ƌŝƐƉĞƚƚŽ ĚĞů ƉƌŝŶĐŝƉŝŽ Ě ŝ ŶĞĐĞƐƐĂƌŝĂ ƌĂƉƉƌĞƐĞŶƚĂŶnjĂ ĚĞůůĞ ŵŝŶŽƌĂŶnjĞ Ğ

ĚĞůů͛ĞƋƵŝůŝďƌŝŽĚŝŐĞŶĞƌŝ ĞĚĞŐůŝĂůƚƌŝƌĞƋƵŝƐŝƚŝƌŝĐŚŝĞƐƚŝĚĂůůĂŶŽƌŵĂƚŝǀĂĞĚĂůƉƌĞƐĞŶƚĞ^ƚĂƚƵƚŽ͘

WĞƌƚĂŶƚŽ͕ů͛ƐƐĞŵďůĞĂ ƉƌŽĐĞĚĞĐŽŵĞƐĞŐƵĞ͗ƋƵĂůŽƌĂƐŝĚĞďďĂƉƌŽǀǀĞĚĞƌĞĂůůĂƐŽƐƚŝƚƵnjŝŽŶ ĞĚŝŽŶƐŝŐůŝĞƌŝĞůĞƚƚŝ

ŶĞůůĂůŝƐƚĂĚŝŵĂŐŐŝŽƌĂŶnjĂŽŶĞůů͛ƵŶŝĐĂůŝƐƚĂŽĚĞŝŽŶƐŝŐůŝĞƌŝŶŽŵ ŝŶĂƚŝĚŝƌĞƚƚĂŵĞŶƚĞĚĂůů͛ƐƐĞŵďůĞĂ͕ůĂŶŽŵŝŶĂ

ĂǀǀŝĞŶĞĐŽŶǀŽƚĂnjŝŽŶĞĂŵĂŐŐŝŽƌĂŶnjĂƌĞůĂƚŝǀĂƐĞŶnjĂǀŝŶĐŽůŽĚŝůŝƐƚĂ͘ YƵĂůŽƌĂ͕ŝŶǀĞĐĞ͕ŽĐĐŽƌƌĂƐŽƐƚŝƚƵŝƌĞŽŶƐŝŐůŝĞƌŝ

ĞůĞƚƚŝ ŝŶ ƵŶĂ ůŝƐƚĂ Ěŝ ŵŝŶŽƌĂŶnjĂ͕ ů͛ ƐƐĞŵďůĞĂ ůŝ ƐŽƐƚŝƚƵŝƐĐĞ ĐŽŶ ǀŽƚŽ Ă ŵĂŐŐŝŽƌĂŶnjĂ ƌĞůĂƚŝǀĂ͕ ƐĐĞŐůŝĞŶĚŽů ŝ ĨƌĂ ŝ ĐĂŶĚŝĚĂƚŝŝŶĚŝĐĂƚŝŶĞůůĂůŝƐƚĂĚŝĐƵŝĨĂĐĞǀĂƉĂƌƚĞŝůŽŶƐŝŐůŝĞƌĞĚĂƐŽƐƚŝƚƵŝ ƌĞŽ͕ŝŶƐƵďŽƌĚŝŶĞ͕ĨƌĂŝĐĂŶĚŝĚĂƚŝĐŽůůŽĐĂƚŝ

ŶĞůůĞĞǀĞŶƚƵĂůŝƵůƚĞƌŝŽƌŝůŝƐƚĞĚŝŵŝŶŽƌĂŶnjĂ͕ŽǀǀĞƌŽƐĞŵƉƌĞĂŵ ĂŐŐŝŽƌĂŶnjĂƌĞůĂƚŝǀĂ͕ŵĂƐĞŶnjĂƚĞŶĞƌĐŽŶƚŽĚĞůǀŽƚŽ

ĚĞŝƐŽĐŝĐŚĞŚĂŶŶŽƉƌĞƐĞŶƚĂƚ ŽůĂůŝƐƚĂĚŝŵĂŐŐŝŽƌĂŶnjĂŝŶŽĐĐĂƐŝŽŶĞĚĞůů͛ƵůƚŝŵĂĞůĞnjŝŽŶĞĚĞůůĞĐĂƌŝ ĐŚĞƐŽĐŝĂůŝŽĐŚĞ͕

ƐĞĐŽŶĚŽůĞĐŽŵƵŶŝĐĂnjŝŽŶŝƌĞƐĞĂŝƐĞŶƐŝĚĞůůĂǀŝŐĞŶƚĞĚŝƐĐŝƉůŝŶĂ͕ĚĞƚĞŶ ŐŽŶŽ͕ĂŶĐŚĞŝŶĚŝƌĞƚƚĂŵĞŶƚĞ͕ůĂŵĂŐŐŝŽƌĂŶnjĂ

ƌĞůĂƚŝǀĂĚĞŝǀŽƚŝĞƐĞƌĐŝƚĂďŝůŝŝŶĂƐƐĞŵďůĞĂĞĚĞŝƐŽĐŝĂĚĞƐƐŝĐŽůůĞŐĂƚŝ ͕ĐŽŵĞĚĞĨŝŶŝƚŝĚĂůůĂŶŽƌŵĂƚŝǀĂǀŝŐĞŶƚĞ͘

ϭϱ͘ϯ͘ϲ͘ /ŽŶƐŝŐůŝĞƌŝŶŽŵŝŶĂƚŝĚĂůů͛ƐƐĞŵďůĞĂƐĐĂĚŽŶŽŝŶƐŝĞŵĞĂƋƵĞůůŝŝŶĐĂƌŝ ĐĂĂůů͛ĂƚƚŽĚĞůůĂŶŽŵŝŶĂ͘  

ƌƚŝĐŽůŽϭϲ͘ZŝŵďŽƌƐŝƐƉĞƐĞ͕ĐŽŵƉĞŶƐŝĞƌĞŵƵŶĞƌĂnjŝŽŶŝƉĞƌůĞĐĂƌŝĐŚĞƐŽ ĐŝĂůŝ͘



ϭϲ͘ϭ͘ͲZŝŵďŽƌƐŝƐƉĞƐĞ͘

ŝĐŽŵƉŽŶĞŶƚŝĚĞůŽŶƐŝŐůŝŽĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞƐƉĞƚƚĂŝůƌŝŵďŽƌƐŽ ĚĞůůĞƐƉĞƐĞƐŽƐƚĞŶƵƚĞƉĞƌƌĂŐŝŽŶĞĚĞůůŽƌŽ

ƵĨĨŝĐŝŽ͘



   

ϮϬ

ϭϲ͘Ϯ͘ͲŽŵƉĞŶƐŽĚĞŝĐŽŵƉŽŶĞŶƚŝŝůŽŶƐŝŐůŝŽĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞ

>͛ƐƐĞŵďůĞĂ͕Ăůů͛ĂƚƚŽĚĞůůĂŶŽŵŝŶĂĚĞůŽŶƐŝŐůŝŽĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞ͕ĚĞƚĞƌŵ ŝŶĂŝŶŵŝƐƵƌĂĨŝƐƐĂ͕ŶĞůƌŝƐƉĞƚƚŽĚĞůůĂ

ŶŽƌŵĂƚŝǀĂǀŝŐĞŶƚĞ͕ƵŶĐŽŵƉĞŶƐŽƉĞƌŝĐŽŵƉŽŶĞŶƚŝĚĞůŽŶƐŝŐůŝŽĚŝŵŵŝŶŝ ƐƚƌĂnjŝŽŶĞ͕ ƐƚĂďŝůŝƚŽƉĞƌů͛ŝŶƚĞƌŽůŽƌŽ

ƉĞƌŝŽĚŽĚŝĐĂƌŝĐĂ͕Ğ͕ŝŶŽůƚƌĞ͕ŝůĐŽŵƉĞŶƐŽĂĚĚŝƚŝǀŽĚĞůůĂĐĂƌŝĐĂĚŝWƌĞƐŝĚĞŶƚĞĞĚŝ sŝĐĞͲWƌĞƐŝĚĞŶƚĞ͘



ϭϲ͘ϯ͘ͲŽŵƉĞŶƐŽĚĞŝĐŽŵƉŽŶĞŶƚŝŝůŽŵŝƚĂƚŽƉĞƌŝůŽŶƚƌŽůůŽƐƵůůĂ'ĞƐ ƚŝŽŶĞ͘

ŽŵƉĞƚĞĂůů͛ƐƐĞŵďůĞĂƐƚĂďŝůŝƌĞ͕Ăůů͛ĂƚƚŽĚĞůůĂŶŽŵŝŶĂĚĞůŽŵŝƚĂƚŽ ƉĞƌŝůŽŶƚƌŽůůŽ ƐƵůůĂ'ĞƐƚŝŽŶĞ ĞƉĞƌů͛ŝŶƚĞƌŽ

ƉĞƌŝŽĚŽĚĞůůĂĐĂƌŝĐĂ͕ƵŶĐŽŵƉĞŶƐŽƐƉĞĐŝĨŝĐŽƉĞƌŝĐŽŵƉŽŶĞŶƚŝĚŝƚĂůĞŽŵ ŝƚĂƚŽ͕ĚĞƚĞƌŵŝŶĂƚŽŝŶŽŐŶŝĐĂƐŽŝŶŵŝƐƵƌĂ

ĨŝƐƐĂĞŝŶƵŐƵĂůĞŵŝƐƵƌĂĐĂƉŝƚĂƌŝĂ͕ ŵĂĐŽŶƵŶ͛ĂƉƉŽƐŝƚĂŵĂŐŐŝŽƌĂ njŝŽŶĞƉĞƌŝůWƌĞƐŝĚĞŶƚĞ͘



ϭϲ͘ϰ͘ͲZĞŵƵŶĞƌĂnjŝŽŶĞƉĞƌƉĂƌƚŝĐŽůĂƌŝĐĂƌŝĐŚĞ͘

&ĞƌŵŽ ƋƵĂŶƚŽ ƉƌĞǀŝƐƚŽ Ăůů͛Ăƌƚ͘ ϭϲ͘Ϯ͕ Ɛ ƉĞƚƚĂ Ăů ŽŶƐŝŐůŝŽ Ěŝ ŵŵŝŶŝƐƚƌĂnjŝŽŶĞ͕ ƐƵ ƉƌŽƉŽƐƚĂ ĚĞů ŽŵŝƚĂƚŽ

ZĞŵƵŶĞƌĂnjŝŽŶŝ͕ ƐƚĂďŝůŝƌĞ͕ ŝŶ ĂŐŐŝƵŶƚĂ Ăů ĐŽŵƉĞŶƐŽ ĚĞƚĞƌŵŝŶĂƚŽ ĚĂůů͛ƐƐĞŵďůĞĂ͕ ůĂ ƌĞŵƵ ŶĞƌĂnjŝŽŶĞ ĚĞŝ

ĐŽŵƉŽŶĞŶƚŝŝůŽŶƐŝŐůŝŽĐƵŝŝůŽŶƐŝŐůŝŽƐƚĞƐƐŽĂƚƚƌŝďƵŝƐĐĂƵůƚĞƌŝŽƌŝƉĂƌƚŝĐŽů ĂƌŝĐĂƌŝĐŚĞŝŶĐŽŶĨŽƌŵŝƚăĚĞůůŽ^ƚĂƚƵƚŽ͘

dĂůĞƌĞŵƵŶĞƌĂnjŝŽŶĞğĚĞƚĞƌŵŝŶĂƚĂŝŶŵŝƐƵƌĂĨŝƐƐĂ͕ĂĚĞĐĐĞnjŝŽŶĞĚ ŝƋƵĞůůĂƐƉĞƚƚĂŶƚĞĂůŽŶƐŝŐůŝĞƌĞĞůĞŐĂƚŽĞ

ŝƌĞƚƚŽƌĞ'ĞŶĞƌĂůĞ͕ƐƚĂďŝůŝƚĂĂŶĐŚĞŝŶŵŝƐƵƌĂǀĂƌŝĂďŝůĞ͕ŝŶĐŽĞ ƌĞŶnjĂĐŽŶůĞƉŽůŝƚŝĐŚĞĚŝƌĞŵƵŶĞƌĂnjŝŽŶĞĂƉƉƌŽǀĂƚĞ

ĚĂůů͛ƐƐĞŵďůĞĂ͘ 



ƌƚŝĐŽůŽϭϳ͘ĚƵŶĂŶnjĞĞĚĞůŝďĞƌĂnjŝŽŶŝĚĞůŽŶƐŝŐůŝŽĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞ͘



ϭϳ͘ϭ͘ ͲŽŶǀŽĐĂnjŝŽŶĞ͘

/ů WƌĞƐŝĚĞŶƚĞ ĚĞů ŽŶƐŝŐůŝŽ Ěŝ ŵŵŝŶŝƐƚƌĂnjŝŽŶĞ ĐŽŶǀŽĐĂ ŝů ŽŶƐŝŐůŝŽ Ěŝ ƉƌŽ ƉƌŝĂ ŝŶŝnjŝĂƚŝǀĂ Ğ ĐŽŵƵŶƋƵĞ ŶĞŝ ĐĂƐŝ

ƉƌĞǀŝƐƚŝĚĂůůĂůĞŐŐĞŽĚĂůůŽ^ƚĂƚƵƚŽ͘ŐůŝƉƌĞƐŝĞĚĞůĞƌŝƵŶŝŽŶŝ ĚĞůŽŶƐŝŐůŝŽƐƚĞƐƐŽ͕ŶĞĨŝƐƐĂůΖŽƌĚŝŶĞĚĞůŐŝŽƌŶŽĞ

ƉƌŽǀǀĞĚĞĂĨĨŝŶĐŚĠĂĚĞŐƵĂƚĞŝŶĨŽƌŵĂnjŝŽŶŝƐƵůůĞŵĂƚĞƌŝĞĐŚĞǀŝƐŽŶ ŽŝƐĐƌŝƚƚĞǀĞŶŐĂŶŽĨŽƌŶŝƚĞƚĞŵƉĞƐƚŝǀĂŵĞŶƚĞĂ

ƚƵƚƚŝŝĐŽŵƉŽŶĞŶƚŝĚĞůŽŶƐŝŐůŝŽ͘



ϭϳ͘Ϯ͘ ͲĂĚĞŶnjĂ͘

/ůŽŶƐŝŐůŝŽĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞĚĞǀĞƌŝƵŶŝƌƐŝ͕ĚŝƌĞŐŽůĂ͕ĐŽŶĐĂĚĞŶnjĂŵĞŶƐŝů Ğ͘



ϭϳ͘ϯ͘ ͲZŝĐŚŝĞƐƚĂĚŝĐŽŶǀŽĐĂnjŝŽŶĞ͘

/ůWƌĞƐŝĚĞŶƚĞĚĞǀĞĐŽŶǀŽĐĂƌĞŝůŽŶƐŝŐůŝŽĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞƋƵĂŶĚŽŶĞ ƐŝĂĨĂƚƚĂƌŝĐŚŝĞƐƚĂƐĐƌŝƚƚĂĚĂůŽŶƐŝŐůŝĞƌĞ

ĞůĞŐĂƚŽŽĚĂĂůŵĞŶŽĚƵĞĚĞŝ ƐƵŽŝĐŽŵƉŽŶĞŶƚŝ͕ŝŶĚŝĐĂŶĚŽŐůŝĂƌŐŽŵĞŶ ƚŝĚĂƚƌĂƚƚĂƌĞ͕ĨĞƌŵŽƋƵĂŶƚŽƉƌĞǀŝƐƚŽ

ĚĂůů͛ƌƚŝĐŽůŽϮϯ͘ϱ ͘



ϭϳ͘ϰ͘ Ͳ>ƵŽŐŽ͘

>ĞƐĞĚƵƚĞĚĞůŽŶƐŝŐůŝŽĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞƐŝƚĞŶŐŽŶŽ͕ĚŝƌĞŐŽůĂ͕ĂůƚĞƌŶ ĂƚŝǀĂŵĞŶƚĞƉƌĞƐƐŽůĂƐĞĚĞůĞŐĂůĞĞƉƌĞƐƐŽ

ůĂƐĞĚĞƐĞĐŽŶĚĂƌŝĂĚĞůůĂ^ŽĐŝĞƚăŽĞĐĐĞnjŝŽŶĂůŵĞŶƚĞĂůƚƌŽǀĞŶĞůƚĞƌƌŝƚŽƌŝŽŝƚĂůŝĂŶ Ž͘



   

Ϯϭ

ϭϳ͘ϱ͘ ͲǀǀŝƐŽĚŝĐŽŶǀŽĐĂnjŝŽŶĞ͘

>͛ĂǀǀŝƐŽ Ěŝ ĐŽŶǀŽĐĂnjŝŽŶĞ͕ ĐŽŶƚĞŶĞŶƚĞ ů͛ŽƌĚŝŶĞ ĚĞů ŐŝŽƌŶŽ ĚĞŐůŝ ĂƌŐŽŵĞŶƚŝ ĚĂ ƚƌĂƚƚĂƌĞ͕ ĚĞǀĞ ĞƐƐĞƌĞ ŝŶǀŝĂƚŽ Ăŝ

ĐŽŵƉŽŶĞŶƚŝŝůŽŶƐŝŐůŝŽĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞĂůŵĞŶŽƋƵĂƚƚƌŽŐŝŽƌŶŝƉƌŝŵĂĚ ŝƋƵĞůůŽĨŝƐƐĂƚŽƉĞƌůĂƌŝƵŶŝŽŶĞĐŽŶ

ƋƵĂůƐŝĂƐŝŵĞnjnjŽŝĚŽŶĞŽĂĨŽƌŶŝƌĞƉƌŽǀĂĚĞůůΖĂǀǀĞŶƵƚŽƌŝĐĞǀŝŵĞŶƚŽ ͘EĞŝĐĂƐŝĚŝƉĂƌƚŝĐŽůĂƌĞƵƌŐĞŶnjĂ͕ůĂĐŽŶǀŽĐĂnjŝŽŶĞ

ƉƵžĂǀǀĞŶŝƌĞĐŽŶƐĞŵƉůŝĐĞƉƌĞĂǀǀŝƐŽĚŝ ĚŽĚŝĐŝŽƌĞŽĐŽŶĂůƚƌĞŵ ŽĚĂůŝƚăƉƌĞǀŝĂŵĞŶƚĞĚĞĨŝŶŝƚĞĚĂůŽŶƐŝŐůŝŽĚŝ

ŵŵŝŶŝƐƚƌĂnjŝŽŶĞ͕ŝŶƌĞůĂnjŝŽŶĞĂĐŝƌĐŽƐƚĂŶnjĞĞĐĐĞnjŝŽŶĂůŝ ͘>͛ĂǀǀŝƐŽƉŽƚƌăĂůƚƌĞƐŞĐŽŶƚĞŶĞƌĞů͛ŝŶĚŝĐĂnjŝŽŶĞĚĞŝůƵŽŐŚŝ

ĚĂŝƋƵĂůŝƉĂƌƚĞĐŝƉĂƌĞŵĞĚŝĂŶƚĞů͛ƵƚŝůŝnjnjŽĚŝƐŝƐƚĞŵŝĚŝĐŽůůĞŐĂŵĞŶƚŽ ĂĚŝƐƚĂŶnjĂ͕ĂŶŽƌŵĂĚĞůƐƵĐĐĞƐƐŝǀŽ ƉĂƌĂŐƌĂĨŽ

ϭϳ͘ϲ͘ŶĐŚĞŝŶĂƐƐĞŶnjĂĚŝĨŽƌŵĂůĞĐŽŶǀŽĐĂnjŝŽŶĞ͕ƐŝŝŶƚĞŶĚĞǀĂůŝĚĂŵĞŶƚĞĐŽƐƚŝ ƚƵŝƚĂůĂƌŝƵŶŝŽŶĞĚĞůŽŶƐŝŐůŝŽĚŝ

ŵŵŝŶŝƐƚƌĂnjŝŽŶĞĂůůĂƋƵĂůĞƉƌĞŶĚĂŶŽƉĂƌƚĞƚƵƚƚŝŝƐƵŽŝĐŽŵƉŽŶĞŶƚŝŝŶĐĂƌŝĐĂ͘ 



ϭϳ͘ϲ͘ ͲZŝƵŶŝŽŶŝ͘

>Ğ ƌŝƵŶŝŽŶŝ ĚĞů ŽŶƐŝŐůŝŽ Ěŝ ŵŵŝŶŝƐƚƌĂnjŝŽŶĞ ƉŽƐƐŽŶŽ ĞƐƐĞƌĞ ǀĂůŝĚ ĂŵĞŶƚĞ ƚĞŶƵƚĞ ĂŶĐŚĞ ŵĞĚŝĂŶƚĞ ŵĞnjnjŝ Ěŝ ĐŽůůĞŐĂŵĞŶƚŽ Ă ĚŝƐƚĂŶnjĂ͕ ƉƵƌĐŚĠ ƌŝƐƵůƚŝŶŽ ŐĂƌĂŶƚŝƚĞ ƐŝĂ ů͛ĞƐĂƚƚĂ ŝĚĞŶ ƚŝĨŝĐĂnjŝŽŶĞ ĚĞůůĞ ƉĞƌƐŽŶĞ ůĞŐŝƚƚŝŵĂƚĞ Ă ƉƌĞƐĞŶnjŝĂƌĞ͕ƐŝĂůĂƉŽƐƐŝďŝůŝƚăƉĞƌƚƵƚƚŝŝƉĂƌƚĞĐŝƉĂŶƚŝĚŝŝŶƚĞƌǀĞ ŶŝƌĞ͕ŝŶƚĞŵƉŽƌĞĂůĞ͕ ƐƵƚƵƚƚŝŐůŝĂƌŐŽŵĞŶƚŝĞĚŝ

ǀŝƐŝŽŶĂƌĞ͕ƌŝĐĞǀĞƌĞĞƚƌĂƐŵĞƚƚĞƌĞĚŽĐƵŵĞŶƚŝ͘



ϭϳ͘ϳ͘ ͲƐƐŝƐƚĞŶnjĂĂůůĞƌŝƵŶŝŽŶŝ͘

&ĂƚƚŽƐĂůǀŽƋƵĂŶƚŽƉƌĞǀŝƐƚŽĂůů͛ƌƚŝĐŽůŽϭϴ͘Ϯ͕ƉĂƌĂŐƌĂĨŽϮ͕ůĞƚƚ͘ĐͿƉĞƌŝĐŽŵƉŽŶĞŶƚŝ ĚĞůŽŵŝƚĂƚŽĚŝŝƌĞnjŝŽŶĞ͕ŝ ů ŽŶƐŝŐůŝŽ ƉƵž ĂŵŵĞƚƚĞƌĞ Ăŝ ƉƌŽƉƌŝ ůĂǀŽƌŝ͕ ƉĞƌ Őůŝ ŝŶĐŽŵďĞŶƚŝ Ěŝ ůŽƌŽ ĐŽŵƉĞƚĞŶnjĂ  ĞĚ ĞƐŝŐĞŶnjĞ Ěŝ ŵŝŐůŝŽƌ

ŝŶĨŽƌŵĂnjŝŽŶĞĚĞůŽŶƐŝŐůŝŽ͕ĚŝƉĞŶĚĞŶƚŝĞͬŽĞƐƉŽŶĞŶƚŝĚĞů'ƌƵƉƉŽĞĐŽ ŶƐƵůĞŶƚŝŽĞƐƉĞƌƚŝĞƐƚĞƌŶŝĂůůĂ^ŽĐŝĞƚă͘



ϭϳ͘ϴ͘ ͲsĂůŝĚŝƚăĞŵĂŐŐŝŽƌĂŶnjĂ͘

^ƉĞƚƚĂĂĐŝĂƐĐƵŶĐŽŵƉŽŶĞŶƚĞŝůŽŶƐŝŐůŝŽĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞůĂĨĂĐŽůƚăĚŝĨŽƌŵƵůĂƌĞĂů ŽŶƐŝŐůŝŽƐƚĞƐƐŽƉƌŽƉŽƐƚĞ

ŽŵŽnjŝŽŶŝƐƵŐůŝĂƌŐŽŵĞŶƚŝĂůů͛ŽƌĚŝŶĞĚĞůŐŝŽƌŶŽ͘ 

WĞƌůĂǀĂůŝĚŝƚăĚĞůůĞĚĞůŝďĞƌĂnjŝŽŶŝĚĞůŽŶƐŝŐůŝŽĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞ ğŶĞĐĞƐƐĂƌŝŽĐŚĞĂůůĂƌŝƵŶŝŽŶĞƐŝĂƉƌĞƐĞŶƚĞůĂ

ŵĂŐŐŝŽƌĂŶnjĂĚĞŝĐŽŵƉŽŶĞŶƚŝŝŶĐĂƌŝĐĂ͘^ĂůǀŽƋƵĂŶƚŽŝŶĚŝĐĂƚŽĂůƐƵĐĐĞƐƐŝǀŽĂƌ ƚ͘ϭϳ͘ϵ͕ůĞĚĞůŝďĞƌĂnjŝŽŶŝƐŽŶŽƉƌĞƐĞ

ĂŵĂŐŐŝŽƌĂŶnjĂĂƐƐŽůƵƚĂĚĞŝƉƌĞƐĞŶƚŝ͖ŝŶĐĂƐŽĚŝƉĂƌŝƚă͕ƉƌĞǀĂůĞŝůǀŽƚŽĚŝĐŚŝ ƉƌĞƐŝĞĚĞ͘



ϭϳ͘ϵ͘ ͲĞůŝďĞƌĂnjŝŽŶŝĂŵĂŐŐŝŽƌĂŶnjĂƋƵĂůŝĨŝĐĂƚĂ͘

͛ƌŝĐŚŝĞƐƚŽŝůǀŽƚŽĨĂǀŽƌĞǀŽůĞĚĞůůĂŵĂŐŐŝŽƌĂŶnjĂĚĞŝĐŽŵƉŽŶĞŶƚŝŝŶ ĐĂƌŝĐĂĚĞůŽŶƐŝŐůŝŽĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞƉĞƌ ůĞ

ĚĞůŝďĞƌĂnjŝŽŶŝĐŽŶĐĞƌŶĞŶƚŝ͗

ůĂŶŽŵŝŶĂĞůĂƌĞǀŽĐĂĚĞůŽŶƐŝŐůŝĞƌĞĞůĞŐĂƚŽ͕ ů͛ĂƚƚƌŝďƵnjŝŽŶĞ͕ůĂŵŽĚŝĨŝĐĂŽůĂƌĞǀŽĐĂĚĞůůĞ ƐƵĞĚĞůĞŐŚĞĞůĂ

ĚĞƚĞƌŵŝŶĂnjŝŽŶĞĚĞůůĂƐƵĂƌĞŵƵŶĞƌĂnjŝŽŶĞ͖

ůĂƐŽƐƚŝƚƵnjŝŽŶĞĚĞŝŽŶƐŝŐůŝĞƌŝĐĞƐƐĂƚŝŵĞĚŝĂŶƚĞĐŽŽƉƚĂnjŝŽŶĞ͕ƐĞĐŽŶĚŽƋƵĂŶƚŽĚŝ ƐƉŽƐƚŽĂůů͛ƌƚŝĐŽůŽϭϱ͘ϯ ͖

ůĂƉƌŽƉŽƐƚĂĚŝƌĞǀŽĐĂĚĞŝĐŽŵƉŽŶĞŶƚŝŝůŽŵŝƚĂƚŽƉĞƌŝůŽŶƚƌŽůůŽ ƐƵůůĂ'ĞƐƚŝŽŶĞ͕ƐĞĐŽŶĚŽƋƵĂŶƚŽƉƌĞǀŝƐƚŽ

Ăůů͛ƌƚŝĐŽůŽϭϱ͘Ϯ͖ 



   

ϮϮůĂŶŽŵŝŶĂĞůĂƌĞǀŽĐĂĚĞůŝƌŝŐĞŶƚĞƉƌĞƉŽƐƚŽ ĂůůĂƌĞĚĂnjŝŽŶĞĚĞŝĚŽĐƵŵĞŶƚŝĐŽŶƚĂďŝůŝƐŽĐŝĞƚĂƌŝ͕ĚŝĐƵŝĂůů͛Ăƌƚ͘

ϭϱϰͲďŝƐĚĞů͘>ŐƐ͘ϮϰĨĞďďƌĂŝŽϭϵϵϴŶ͘ϱϴĞůĂĚĞƚĞƌŵŝŶĂnjŝŽŶĞĚĞŝƌĞůĂƚŝǀŝƉŽƚĞƌŝ͘



ϭϳ͘ϭϬ͘ Ͳ/ŶƚĞƌĞƐƐŝĚĞŝŽŶƐŝŐůŝĞƌŝĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞ͘

/ůŽŶƐŝŐůŝĞƌĞĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞĐŚĞĂďďŝĂŝŶƚĞƌĞƐƐŝ͕ƉĞƌĐŽŶƚŽƉƌŽƉƌŝŽ ŽĚŝƚĞƌnjŝ͕ŝŶƵŶĂĚĞƚĞƌŵŝŶĂƚĂŽƉĞƌĂnjŝŽŶĞ

ĚĞůůĂ ^ŽĐŝĞƚă ƐŽƚƚŽƉŽƐƚĂ Ăůů͛ĂƚƚĞŶnjŝŽŶĞ ĚĞů ŽŶƐŝŐůŝŽ Ěŝ ŵŵŝŶŝƐƚƌĂnjŝŽŶĞ ͕ ĚĞǀĞ ĚĂƌŶĞ ƚĞŵƉĞƐƚŝǀĂ ŶŽƚŝnjŝĂ͕

ƉƌĞĐŝƐĂŶĚŽŶĞůĂŶĂƚƵƌĂ͕ŝƚĞƌŵŝŶŝ͕ů͛ŽƌŝŐŝŶĞĞůĂƉŽƌƚĂƚĂ Ğ͕ƋƵĂůŽƌĂƐƵƐƐŝƐƚĂĐŽŶĨůŝƚƚŽĚŝŝŶƚĞƌĞƐƐŝ͕ĚĞǀĞĂƐƚĞŶĞƌƐŝ

ĚĂůůĂ ĚĞůŝďĞƌĂnjŝŽŶĞ͘ >Ă ĚĞůŝďĞƌĂnjŝŽŶĞ ĚĞů ŽŶƐŝŐůŝŽ Ěŝ ŵŵŝŶŝƐƚƌĂnjŝŽŶĞ ĨĂǀŽƌĞǀŽůĞ Ăůů͛ŽƉĞƌĂnjŝŽŶĞ  ĚĞǀĞ

ĂĚĞŐƵĂƚĂŵĞŶƚĞŵŽƚŝǀĂƌĞůĞƌĂŐŝŽŶŝĞůĂĐŽŶǀĞŶŝĞŶnjĂĚŝĞƐƐĂƉĞƌůĂ^ŽĐŝĞƚă͘



ϭϳ͘ϭϭ͘ͲZĞŐŽůĂŵĞŶƚŽĐŽŶƐŝůŝĂƌĞ͘

/ůŽŶƐŝŐůŝŽĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞƉƵžĂĚŽƚƚĂƌĞƵŶƉƌŽƉƌŝŽƌĞŐŽůĂŵĞŶƚŽĐŚĞ ͕ŶĞůƌŝƐƉĞƚƚŽĚĞůůĞŝŶĚŝĐĂnjŝŽŶŝĚŝůĞŐŐĞ

ĞĚŝƐƚĂƚƵƚŽ͕ŶĞĚĞƚĞƌŵŝŶŝƉŝƶƐƉĞĐŝĨŝĐĂŵĞŶƚĞůĞŵŽĚĂůŝƚăŽƌŐĂŶŝnjnjĂƚŝǀĞ͘



ƌƚŝĐŽůŽϭϴ͘ƚƚƌŝďƵnjŝŽŶŝĚĞůŽŶƐŝŐůŝŽĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞ͘



ϭϴ͘ϭ͘ͲŽŵƉŝƚŝĚĞůŽŶƐŝŐůŝŽĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞ͘

ůŽŶƐŝŐůŝŽĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞƐƉĞƚƚĂůĂŐĞƐƚŝŽŶĞĚĞůů͛ŝŵƉƌĞƐĂ͘ 

 ƚĂů ĨŝŶĞ ŝů ŽŶƐŝŐůŝŽ Ěŝ ŵŵŝŶŝƐƚƌĂnjŝŽŶĞ ƉƵž ĐŽŵƉŝĞƌĞ ƚƵƚƚĞ ůĞ Ž ƉĞƌĂnjŝŽŶŝ ŶĞĐĞƐƐĂƌŝĞ͕ Ƶƚŝůŝ Ž ĐŽŵƵŶƋƵĞ ŽƉƉŽƌƚƵŶĞ ƉĞƌ ŝů ƌĂŐŐŝƵŶŐŝŵĞŶƚŽ ĚĞůů͛ŽŐŐĞƚƚŽ ƐŽĐŝĂůĞ͕ ƐŝĂŶŽ ĞƐƐĞ Ěŝ ŽƌĚŝŶĂƌŝĂ ĐŽŵĞ Ěŝ ƐƚƌĂŽƌĚŝŶĂƌŝĂ

ĂŵŵŝŶŝƐƚƌĂnjŝŽŶĞ͘

&ĞƌŵĞƌĞƐƚĂŶĚŽůĞĐŽŵƉĞƚĞŶnjĞĚĞĨŝŶŝƚĞĂůů͛ ƌƚŝĐŽůŽϭϴ͘Ϯ͕ŝůŽŶƐŝŐůŝŽĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞĚĞůĞŐĂĂůŽŶƐŝŐůŝĞƌĞ

ĞůĞŐĂƚŽ ŝ ƉŽƚĞƌŝ ŶĞĐĞƐƐĂƌŝ ĞĚ ŽƉƉŽƌƚƵŶŝ ĂĚ ĂƐƐŝĐƵƌĂƌĞ ƵŶŝƚĂƌŝĞƚă Ăůů Ă ŐĞƐƚŝŽŶĞ ĐŽƌƌĞŶƚĞ͕ ŝŶ ĂƚƚƵĂnjŝŽŶĞ ĚĞŐůŝ

ŝŶĚŝƌŝnjnjŝĚĞůŝďĞƌĂƚŝĚĂůŽŶƐŝŐůŝŽƐƚĞƐƐŽ͘

/ůŽŶƐŝŐůŝŽĚĞƚĞƌŵŝŶĂŝŶŵŽĚŽĂŶĂůŝƚŝĐŽ͕ĐŽŶĐŚŝĂƌĞnjnjĂĞƉƌĞĐŝƐŝŽŶĞ͕ŝů ĐŽŶƚĞŶƵƚŽ͕ŝůŝŵŝƚŝƋƵĂŶƚŝƚĂƚŝǀŝĞͬŽĚŝǀĂůŽƌĞ

ĞůĞŵŽĚĂůŝƚăĚŝĞƐĞƌĐŝnjŝŽĚĞůůĂĚĞůĞŐĂĂůŽŶƐŝŐůŝĞƌĞĞůĞŐĂƚŽ͕ ĚĞĨŝŶĞŶĚŽĂůƚƌĞƐŞůĞŵŽĚĂůŝƚăĂƚƚƌĂǀĞƌƐŽůĞƋƵĂůŝ

ĚĞǀĞĞƐƐĞƌĞĂƐƐŝĐƵƌĂƚĂĂůŽŶƐŝŐůŝŽƐƚĞƐƐŽů͛ŝŶĨŽƌŵĂƚŝǀĂƐƵůů͛Ăƚƚŝǀŝƚă ĚĞůĞŐĂƚĂ͕ĂǀĞŶĚŽĐƵƌĂĚŝĂƐƐŝĐƵƌĂƌĞů͛ĞƋƵŝůŝďƌŝŽ

ĚĞŝƉŽƚĞƌŝ͘



ϭϴ͘Ϯ͘ͲŽŵƉĞƚĞŶnjĞŶŽŶĚĞůĞŐĂďŝůŝ͘

ϭϴ͘Ϯ͘ϭ͘/ůŽŶƐŝŐůŝŽĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞĞƐĞƌĐŝƚĂƚƵƚƚŝŝĐŽŵƉŝƚŝĚŝƐƵƉĞƌǀŝ ƐŝŽŶĞƐƚƌĂƚĞŐŝĐĂƉƌĞǀŝƐƚŝĚĂůůĂŶŽƌŵĂƚŝǀĂ

ǀŝŐĞŶƚĞ͘/ŶƚĂůĞĂŵďŝƚŽ͕ŝůŽŶƐŝŐůŝŽĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞ͗

xĚĞĨŝŶŝƐĐĞĞĂƉƉƌŽǀĂŝůŵŽĚĞůůŽĚŝďƵƐŝŶĞƐƐ͕ŐůŝŝŶĚŝƌŝnjnjŝƐ ƚƌĂƚĞŐŝĐŝĞůĂƉƌŽƉĞŶƐŝŽŶĞĂůƌŝƐĐŚŝŽĞĐŽƐŞĂƉƉƌŽǀĂ

ŝůƌŝƐŬĂƉƉĞƚŝƚĞĨƌĂŵĞǁŽƌŬ ͕ŝƉŝĂŶŝƐƚƌĂƚĞŐŝĐŝ͕ŝŶĚƵƐƚƌŝĂůŝĞĨŝŶĂŶnjŝĂƌŝĚĞůůĂ^ŽĐŝĞƚăĞĚĞů'ƌƵƉƉŽ͖

xĚĞĨŝŶŝƐĐĞĞĂƉƉƌŽǀĂŐůŝŽďŝĞƚƚŝǀŝĞůĞƉŽůŝƚŝĐŚĞĚŝŐŽǀĞƌŶŽĚĞŝƌŝƐĐŚŝĚĞůůĂ ^ŽĐŝĞƚăĞĚĞů'ƌƵƉƉŽ͕ŶŽŶĐŚĠůĞ

ůŝŶĞĞŐĞŶĞƌĂůŝĚĞůƉƌŽĐĞƐƐŽĚŝǀĂůƵƚĂnjŝŽŶĞĚĞůů͛ĂĚĞŐƵĂƚĞnjnjĂĚĞŝĨŽŶĚŝƉƌŽ Ɖƌŝ;ƉƌŽĐĞƐƐŽ/WͿ͖ 



   

ϮϯxĚĞĨŝŶŝƐĐĞĞĂƉƉƌŽǀĂůĞůŝŶĞĞĚŝŝŶĚŝƌŝnjnjŽĚĞůƐŝƐƚĞŵĂĚĞŝĐŽŶƚƌŽůů ŝŝŶƚĞƌŶŝĚĞůůĂ^ŽĐŝĞƚăĞĚĞů'ƌƵƉƉŽĞ͕ŝŶ

ƚĂůĞĐŽŶƚĞƐƚŽ͕ĂƉƉƌŽǀĂůĞƌĞŐŽůĞĐŽŶĐƵŝƐŽŶŽĚĞĨŝŶŝƚŝŝĐŽŵƉŝƚŝĞůĞ ƌĞƐƉŽŶƐĂďŝůŝƚăĚĞŐůŝKƌŐĂŶŝĞĚĞůůĞ

ĨƵŶnjŝŽŶŝĚŝĐŽŶƚƌŽůůŽĞůĞƌĞůĂƚŝǀĞŵŽĚĂůŝƚăĚŝĐŽŽƌĚŝŶĂŵĞŶƚŽ͖

xĚĞĨŝŶŝƐĐĞů͛ĂƐƐĞƚƚŽĐŽŵƉůĞƐƐŝǀŽĚŝŐŽǀĞƌŶŽ ͕ĂƉƉƌŽǀĂů͛ĂƐƐĞƚƚŽŽƌŐĂŶŝnjnjĂƚŝǀŽĚĞůůĂ^ŽĐŝĞƚă ĞŝĚĞŶƚŝĨŝĐĂŝ ĨůƵƐƐŝŝŶĨŽƌŵĂƚŝǀŝŶĞĐĞƐƐĂƌŝĂĚĂƐƐŝĐƵƌĂƌĞůĂƉŝĞŶĂĐŝƌĐŽůĂnjŝŽŶĞ ĚĞůůĞŝŶĨŽƌŵĂnjŝŽŶŝ Ăůů͛ŝŶƚĞƌŶŽĚĞůŽŶƐŝŐůŝŽ

ĞƋƵĞůůŝĐŚĞĂŐůŝKƌŐĂŶŝĞĂŝŽŵŝƚĂƚŝĚĞǀŽŶŽĞƐƐĞƌĞŝŶĚŝƌŝnjnjĂƚŝĂŶĐŚ ĞĚĂůůĞƐƚƌƵƚƚƵƌĞĂnjŝĞŶĚĂůŝ͖ĚĞůŝďĞƌĂ

ĂůƚƌĞƐŞ ŝŶ ŽƌĚŝŶĞ Ăů ƐŝƐƚĞŵĂ ĚĞůůĞ ĚĞůĞŐŚĞ ŝŶ ŵĂƚĞƌŝĂ Ěŝ ĞƌŽŐĂnjŝŽŶ Ğ ĚĞů ĐƌĞĚŝƚŽ Ğ ǀĂůƵƚĂ ŝů ŐĞŶĞƌĂůĞ

ĂŶĚĂŵĞŶƚŽĚĞůůĂ^ŽĐŝĞƚăĞĚĞů'ƌƵƉƉŽ͖

xĂƉƉƌŽǀĂŝƐŝƐƚĞŵŝĐŽŶƚĂďŝůŝĞĚŝƌĞŶĚŝĐŽŶƚĂnjŝŽŶĞĞƐƵƉĞƌǀŝƐŝŽŶĂŝůƉƌŽĐĞƐƐŽĚŝŝŶ ĨŽƌŵĂnjŝŽŶĞĂůƉƵďďůŝĐŽĞ

ĚŝĐŽŵƵŶŝĐĂnjŝŽŶĞĚĞůůĂ^ŽĐŝĞƚăĞĚĞů'ƌƵƉƉŽ͖

xƉƌŽǀǀĞĚĞĂůƌŝĞƐĂŵĞƉĞƌŝŽĚŝĐŽĚĞůůĞĚĞƚĞƌŵŝŶĂnjŝŽŶŝĐŽƐŞĂƐƐƵŶƚĞ͖

xĂƐƐŝĐƵƌĂƵŶĞĨĨŝĐĂĐĞĐŽŶĨƌŽŶƚŽĚŝĂůĞƚƚŝĐŽĐŽŶŝƌĞƐƉŽŶƐĂďŝůŝĚĞůůĞƉ ƌŝŶĐŝƉĂůŝĨƵŶnjŝŽŶŝĂnjŝĞŶĚĂůŝĞǀĞƌŝĨŝĐĂ

ŶĞůƚĞŵƉŽůĞƐĐĞůƚĞĞůĞĚĞĐŝƐŝŽŶŝĚĂƋƵĞƐƚŝĂƐƐƵŶƚĞ͘



ϭϴ͘Ϯ͘Ϯ͘KůƚƌĞĂůůĞ ŵĂƚĞƌŝĞŶŽŶĚĞůĞŐĂďŝůŝŝŶďĂƐĞĂůůĂůĞŐŐĞĞĚĂůůĂ ƌĞŐŽůĂŵĞŶƚĂnjŝŽŶĞĂƉƉůŝĐĂďŝůĞ͕ƐŽŶŽĂůƚƌĞƐŞ

ƌŝƐĞƌǀĂƚĞĂůů͛ĞƐĐůƵƐŝǀĂĐŽŵƉĞƚĞŶnjĂĚĞůŽŶƐŝŐůŝŽĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞ͗ 

ĂͿ ůĂŶŽŵŝŶĂĞůĂƌĞǀŽĐĂĚĞůŽŶƐŝŐůŝĞƌĞĞůĞŐĂƚŽĞŝƌĞƚƚŽƌĞ'ĞŶĞƌĂ ůĞ͕ŝůĐŽŶĨĞƌŝŵĞŶƚŽ͕ůĂŵŽĚŝĨŝĐĂŽůĂ

ĐĞƐƐĂnjŝŽŶĞĚĞŝƐƵŽŝƉŽƚĞƌŝĞůĂƌĞŵƵŶĞƌĂnjŝŽŶĞŝŶĞƌĞŶƚĞĂůůĂĐĂƌŝĐĂ͖

ďͿ ůĂŶŽŵŝŶĂĞůĂƌĞǀŽĐĂĚĞŝĐŽŵƉŽŶĞŶƚŝĚĞŝŽŵŝƚĂƚŝĚŝŶŽŵŝŶĂ ĐŽŶƐŝůŝĂƌĞƉƌĞǀŝƐƚŝĚĂůůŽ^ƚĂƚƵƚŽ͕ŝǀŝŝŶĐůƵƐŽŝů ůŽƌŽ ƉƌĞƐŝĚĞŶƚĞ͕ Ğ ů͛ĞǀĞŶƚƵĂůĞ ĐŽƐƚŝƚƵnjŝŽŶĞ Ěŝ ƵůƚĞƌŝŽƌŝ ĐŽŵŝƚĂƚŝ ŝŶƚĞƌŶŝ Ăů ŽŶƐŝŐůŝŽ ĐŽŶ Ĩ ƵŶnjŝŽŶŝ ŝƐƚƌƵƚƚŽƌŝĞ Ğ

ĐŽŶƐƵůƚŝǀĞĚŝĐƵŝĂůů͛ ƌƚŝĐŽůŽϮϴ͖

ĐͿ ůĂĐŽƐƚŝƚƵnjŝŽŶĞĚŝƵŶŽŵŝƚĂƚŽĚŝŝƌĞnjŝŽŶĞ͕ƉƌĞƐŝĞĚƵƚŽĚĂůŽŶƐ ŝŐůŝĞƌĞĞůĞŐĂƚŽĞĐŽŵƉŽƐƚŽĚĂĚŝƌŝŐĞŶƚŝ

ƌĞƐƉŽŶƐĂďŝůŝĚĞůůĞƉƌŝŶĐŝƉĂůŝĨƵŶnjŝŽŶŝĂnjŝĞŶĚĂůŝ͖ƐƵƉƌŽƉŽƐƚĂ ĚĞůŽŶƐŝŐůŝĞƌĞĞůĞŐĂƚŽ͕ŝůŽŶƐŝŐůŝŽĚĞƚĞƌŵŝŶĂůĂ

ĐŽŵƉŽƐŝnjŝŽŶĞ͕ ůĞ ĐŽŵƉĞƚĞŶnjĞ ĞĚ ŝ ƉŽƚĞƌŝ Ěŝ ƚĂůĞ ŽŵŝƚĂƚŽ Ğ ŶĞ ĂƉƉ ƌŽǀĂ ŝů ƌĞŐŽůĂŵĞŶƚŽ Ěŝ ĨƵŶnjŝŽŶĂŵĞŶƚŽ͖ ŝů

ŽŶƐŝŐůŝŽĚĞƚĞƌŵŝŶĂůĞŵŽĚĂůŝƚăĂƚƚƌĂǀĞƌƐŽůĞƋƵĂůŝĚĞǀĞĞƐƐĞƌĞĂƐƐ ŝĐƵƌĂƚĂĂůŽŶƐŝŐůŝŽů͛ŝŶĨŽƌŵĂƚŝǀĂƐƵůů͛Ăƚƚŝǀŝƚă

ƐǀŽůƚĂ͘

/ ĐŽŵƉŽŶĞŶƚŝ ĚĞů ŽŵŝƚĂƚŽ ƉŽƐƐŽŶŽ ƉĂƌƚĞĐŝƉĂƌĞ͕ ƐĞŶnjĂ ĚŝƌŝƚƚŽ Ěŝ ǀŽƚŽ͕  ĂůůĞ ƌŝƵŶŝŽŶŝ ĚĞů ŽŶƐŝŐůŝŽ Ěŝ

ŵŵŝŶŝƐƚƌĂnjŝŽŶĞ͕ƐĞĐŽŶĚŽƋƵĂŶƚŽƉƌĞǀŝƐƚŽŶĞůƌĞŐŽůĂŵĞŶƚŽĚĞůŽŶƐŝŐůŝŽĚŝĐƵŝĂůůĂ ƐƵĐĐĞƐƐŝǀĂůĞƚƚĞƌĂŝͿ͖

ĚͿ ůĂĐŽƐƚŝƚƵnjŝŽŶĞ͕Ɛ ƵƉƌŽƉŽƐƚĂĚĞůŽŶƐŝŐůŝĞƌĞĞůĞŐĂƚŽ͕ĚĞŐůŝĂůƚƌŝŽŵŝƚĂƚŝDĂŶĂŐĞƌŝĂůŝ ƉƌĞǀŝƐƚŝĚĂůů͛ĂƐƐĞƚƚŽ

ŽƌŐĂŶŝnjnjĂƚŝǀŽĚŝƉƌŝŵŽůŝǀĞůůŽĞůĂĚĞƚĞƌŵŝŶĂnjŝŽŶĞĚĞůůĂĐŽŵƉŽƐŝnjŝŽŶĞ ͕ĚĞůůĞĐŽŵƉĞƚĞŶnjĞĞĚĞŝƌĞůĂƚŝǀŝƉŽƚĞƌŝ͖ŝů

ŽŶƐŝŐůŝŽŶĞĂƉƉƌŽǀĂŝůƌĞŐŽůĂŵĞŶƚŽĚŝĨƵŶnjŝŽŶĂŵĞŶƚŽĞĚĞƚĞƌŵŝŶĂůĞŵŽ ĚĂůŝƚăĂƚƚƌĂǀĞƌƐŽůĞƋƵĂůŝĚĞǀĞĞƐƐĞƌĞ

ĂƐƐŝĐƵƌĂƚĂĂůŽŶƐŝŐůŝŽů͛ŝŶĨŽƌŵĂƚŝǀĂƐƵůů͛ĂƚƚŝǀŝƚăƐǀŽůƚĂ͖ 

ĞͿ ůĂŶŽŵŝŶĂ͕ůĂƌĞǀŽĐĂĞůĂǀŝŐŝůĂŶnjĂĚĞůŝƌŝŐĞŶƚĞƉƌĞƉŽƐƚŽĂůůĂƌĞĚĂnjŝŽŶĞĚ ĞŝĚŽĐƵŵĞŶƚŝĐŽŶƚĂďŝůŝƐŽĐŝĞƚĂƌŝ͕ ĂŝƐĞŶƐŝĚĞůů͛Ăƌƚ͘ϭϱϰ ͲďŝƐĚĞů͘>ŐƐ͘ϮϰĨĞďďƌĂŝŽϭϵϵϴŶ͘ϱϴ͕ůĂĚĞƚĞƌŵŝŶĂnjŝŽŶĞĚĞŝƌĞůĂƚ ŝǀŝƉŽƚĞƌŝĞŵĞnjnjŝĞůĂ

ƌĞƚƌŝďƵnjŝŽŶĞƐƉĞƚƚĂŶƚĞŐůŝ͖

ĨͿ ůĂŶŽŵŝŶĂĞůĂƌĞǀŽĐĂĚĞŝƌĞƐƉŽŶƐĂďŝůŝĚĞůůĞĨƵŶnjŝŽŶŝĂnjŝĞ ŶĚĂůŝĚŝĐŽŶƚƌŽůůŽĐŽŵĞĚĞĨŝŶŝƚĞĚĂůůĂŶŽƌŵĂƚŝǀĂ

ĚŝǀŝŐŝůĂŶnjĂ͕ŶŽŶĐŚĠůĂŶŽŵŝŶĂĚĞůƌĞƐƉŽŶƐĂďŝůĞĚĞůůĂĨƵŶnjŝŽŶ ĞdƵƚĞůĂnjŝĞŶĚĂůĞ͕ĐŚĞğŝůĂƚŽƌĞĚŝ>ĂǀŽƌŽƉĞƌůĂ



    ϮϰƐŝĐƵƌĞnjnjĂ͕ĂŝƐĞŶƐŝĚĞů͘>ŐƐ͘ϵĂƉƌŝůĞϮϬϬϴ͕Ŷ͘ϴϭ͕ĐŽŶŝƉŝƶĂŵƉŝƉŽƚĞƌŝ ĚĞĐŝƐŝŽŶĂůŝ͕ŽƌŐĂŶŝnjnjĂƚŝǀŝĞĚŝƐƉĞƐĂƉĞƌůĂ

ŵŝŐůŝŽƌĞĂƚƚƵĂnjŝŽŶĞĚĞŐůŝĂĚĞŵƉŝŵĞŶƚŝŝŶŵĂƚĞƌŝĂĚŝƚƵƚĞůĂĚĞůůĂƐŝĐƵƌĞnjnjĂ ĞĚĞůůĂƐĂůƵƚĞƐƵŝůƵŽŐŚŝĚŝůĂǀŽƌŽ͖

ŐͿ ů͛ĞůĂďŽƌĂnjŝŽŶĞ ĚĞůůĂ ƉŽůŝƚŝĐĂ Ěŝ ƌĞŵƵŶĞƌĂnjŝŽŶĞ Ğ ŝŶĐĞŶƚŝǀĂnjŝŽŶĞ ĚĂ ƐŽƚƚŽƉŽƌƌĞ Ăůů͛ƐƐĞŵďůĞĂ Ğ ůĂ

ĚĞĨŝŶŝnjŝŽŶĞĚĞŝƐŝƐƚĞŵŝĚŝƌĞŵƵŶĞƌĂnjŝŽŶĞĞŝŶĐĞŶƚŝǀĂnjŝŽŶĞĚĞ ŝƐŽŐŐĞƚƚŝƉĞƌŝƋƵĂůŝůĂŶŽƌŵĂƚŝǀĂĚŝǀŝŐŝůĂŶnjĂƌŝƐĞƌǀĂ

ƚĂůĞĐŽŵƉŝƚŽĂůů͛ŽƌŐĂŶŽĐŽŶĨƵŶnjŝŽŶĞĚŝƐƵ ƉĞƌǀŝƐŝŽŶĞƐƚƌĂƚĞŐŝĐĂ͖

ŚͿ ůĂĚĞĨŝŶŝnjŝŽŶĞĚĞŝĐƌŝƚĞƌŝĚŝŝĚĞŶƚŝĨŝĐĂnjŝŽŶĞĚĞůůĞŽƉĞƌĂnjŝŽŶ ŝĐŽŶƉĂƌƚŝĐŽƌƌĞůĂƚĞĚĂƌŝƐĞƌǀĂƌĞĂůůĂƉƌŽƉƌŝĂ

ĐŽŵƉĞƚĞŶnjĂĞů͛ĂƉƉƌŽǀĂnjŝŽŶĞĚĞůůĞƉƌŽĐĞĚƵƌĞĂƉƉůŝĐĂďŝůŝĂůůĞŽƉĞƌĂnjŝŽ ŶŝĐŽŶƉĂƌƚŝĐŽƌƌĞůĂƚĞĞƐŽŐŐĞƚƚŝĐŽůůĞŐĂƚŝĚŝ

'ƌƵƉƉŽ͖

ŝͿ ů͛ĂƉƉƌŽǀĂnjŝŽŶĞĞůĂŵŽĚŝĨŝĐĂĚĞůƉƌŽƉƌŝŽĞǀĞŶƚƵĂůĞƌĞŐŽůĂŵĞŶƚŽĚŝŽƌŐĂŶ ŝnjnjĂnjŝŽŶĞĞĨƵŶnjŝŽŶĂŵĞŶƚŽĞĚŝ

ƋƵĞůůŝĚĞŝŽŵŝƚĂƚŝƐƚĂƚƵƚĂƌŝĚŝŶŽŵŝŶĂĐŽŶƐŝůŝĂƌĞ͖

ũͿ ů͛ĂƉƉƌŽǀĂnjŝŽŶĞĞůĂŵŽĚŝĨŝĐĂĚĞŝƉƌŝŶĐŝƉĂůŝƌĞŐŽůĂŵĞŶƚŝŝŶƚĞƌŶŝ͖  ŬͿ ůĞĚĞĐŝƐŝŽŶŝĐŽŶĐĞƌŶĞŶƚŝŝͿ ů͛ĂƐƐƵŶnjŝŽŶĞĞůĂĐĞƐƐŝŽŶĞĚŝƉĂƌƚĞĐŝƉĂnjŝŽŶŝŵŽĚŝĨŝĐĂƚŝǀĞĚĞůůĂ ĐŽŵƉŽƐŝnjŝŽŶĞĚĞů

'ƌƵƉƉŽďĂŶĐĂƌŝŽ͕ŶŽŶĐŚĠĚĞůůĞƉĂƌƚĞĐŝƉĂnjŝŽŶŝĐŽŶƐŝĚĞƌĂƚĞƐƚƌĂƚĞŐŝĐŚĞŝŶďĂƐ ĞĂůůĂŶŽƌŵĂƚŝǀĂĚŝǀŝŐŝůĂŶnjĂŽŝŶďĂƐĞ

ĂŝƉŝĂŶŝĞĂůůĞƉŽůŝƚŝĐŚĞĂĚŽƚƚĂƚŝĚĂůŽŶƐŝŐůŝŽƐƚĞƐƐŽ͕ŶŽŶĐŚĠĐŽŵƵŶƋƵĞ ŸŸů͛ĂĐƋƵŝƐƚŽ͕ ĐĞƐƐŝŽŶĞ͕ĐŽŶĨĞƌŝŵĞŶƚŽĚŝ ĂnjŝĞŶĚĞ͕ ƌĂŵŝĚ͛ĂnjŝĞŶĚĂ͕ďĞŶŝĞƌĂƉƉŽƌƚŝŐŝƵƌŝĚŝĐŝŝŶĚŝǀŝĚƵĂƚŝŝŶďůŽĐĐŽĂŶ ĐŚĞĂŝƐĞŶƐŝ ĚĞůů͛ Ăƌƚ͘ϱϴĚĞů͘>ŐƐ͘ϭΣ ƐĞƚƚĞŵďƌĞ ϭϵϵϯ Ŷ͘ ϯϴϱ ĐŽŶƐŝĚĞƌĂƚŝ ƐƚƌĂƚĞŐŝĐŝ Ăŝ ƐĞŶƐŝ ĚĞů ĐƌŝƚĞƌŝŽ ŝŶĚŝĐĂƚŽ  Ăů ƉƵŶƚŽ ŝͿ Ěŝ ĐƵŝ ƐŽƉƌĂ Ğ ŝŝŝͿ Őůŝ

ŝŶǀĞƐƚŝŵĞŶƚŝĞĚŝƐŝŶǀĞƐƚŝŵĞŶƚŝ͕ĂŶĐŚĞŝŵŵŽďŝůŝĂƌŝ͕ƐƚƌĂƚĞŐŝĐŝĂŝƐĞ ŶƐŝĚĞůĐƌŝƚĞƌŝŽŝŶĚŝĐĂƚŽĂůƉƵŶƚŽŝͿĚŝĐƵŝƐŽƉƌĂ

Ğ͕ŝŶŽŐŶŝĐĂƐŽ͕ŝǀͿůĞŽƉĞƌĂnjŝŽŶŝĚĞůŐĞŶĞƌĞŝŶĚŝĐĂƚŽĂŝƉƌĞĐ ĞĚĞŶƚŝƉƵŶƚŝĂǀĞŶƚŝǀĂůŽƌĞƵŶŝƚĂƌŝŽƐƵƉĞƌŝŽƌĞĂůϯйĚĞů

ƚŽƚĂůĞĚĞŝĨŽŶĚŝƉƌŽƉƌŝĚĞůůĂ^ŽĐŝĞƚăĐĂůĐŽůĂƚŽĂůŝǀĞůůŽĐŽŶƐŽůŝĚĂƚŽĂĨŝŶŝ ĚŝǀŝŐŝůĂŶnjĂ͖

ůͿ ůĂĚĞƐŝŐŶĂnjŝŽŶĞĚĞŝĐŽŵƉŽŶĞŶƚŝĚĞŐůŝŽƌŐĂŶŝĚĞůůĞ^ŽĐŝĞƚăĐŽŶƚƌŽůůĂƚĞ ͕ŝǀŝŝŶĐůƵƐŝŝŽŶƐŝŐůŝĞƌŝĞƐĞĐƵƚŝǀŝ͖ ŵͿ ŝŶĂƉƉůŝĐĂnjŝŽŶĞĚĞůů͛Ăƌƚ͘Ϯϯϲϱ͕ĐŽŵŵĂϮ͕ĐŽĚŝĐĞĐŝǀŝůĞ͕ůĞĚĞůŝďĞƌĞĚŝĨƵƐ ŝŽŶĞŽƐĐŝƐƐŝŽŶĞŶĞŝĐĂƐŝƉƌĞǀŝƐƚŝ ĚĂŐůŝĂƌƚƚ͘ϮϱϬϱĞϮϱϬϱͲďŝƐ ĐŽĚŝĐĞĐŝǀŝůĞ͕ů͛ŝƐƚŝƚƵnjŝŽŶĞŽůĂƐŽƉƉƌĞƐƐŝŽŶĞĚŝƐĞĚŝƐĞĐŽŶĚĂƌŝ Ğ͕ůĂƌŝĚƵnjŝŽŶĞĚĞůĐĂƉŝƚĂůĞ

ŝŶĐĂƐŽĚŝƌĞĐĞƐƐŽĚĞůƐŽĐŝŽĞŐůŝĂĚĞŐƵĂŵĞŶƚŝĚĞůůŽ^ƚĂƚƵƚŽĂĚŝƐƉŽƐŝnjŝŽŶ ŝŶŽƌŵĂƚŝǀĞ͖

ŶͿ ůĞůŝŶĞĞŐƵŝĚĂŝŶŽƌĚŝŶĞĂůůĞŝŶŝnjŝĂƚŝǀĞĐƵůƚƵƌĂůŝĚĞůůĂ^ŽĐ ŝĞƚăĞĚĞů'ƌƵƉƉŽ͕ĐŽŶƐƉĞĐŝĂůĞƌŝĨĞƌŝŵĞŶƚŽĂůůĂ

ǀĂůŽƌŝnjnjĂnjŝŽŶĞĚĞŝƉĂƚƌŝŵŽŶŝƐƚŽƌŝĐŝ͕ĂƌĐŚĞŽůŽŐŝĐŝĞĂƌƚŝƐƚŝĐŝĞĂůůĂŐĞ ƐƚŝŽŶĞĚĞů&ŽŶĚŽĚŝĞŶĞĨŝĐĞŶnjĂĞĚŽƉĞƌĞĚŝ

ĐĂƌĂƚƚĞƌĞƐŽĐŝĂůĞĞĐƵůƚƵƌĂůĞ͕ǀĞƌŝĨŝĐĂŶĚŽůĂĐŽŶǀĞƌŐĞŶnjĂĚĞůůĞŝŶŝnjŝ ĂƚŝǀĞƉƌŽŐƌĂŵŵĂƚĞĐŽŶŐůŝŽďŝĞƚƚŝǀŝĂƐƐƵŶƚŝ͘/ů

ŽŶƐŝŐůŝŽ͕ ŝŶŽůƚƌĞ͕ ĂƐƐŝĐƵƌĂ ŝů ĐŽŽƌĚŝŶĂŵĞŶƚŽ ĚĞůůĞ ĞƌŽŐĂnjŝŽŶŝ ůŝďĞƌĂůŝ ŶĞů Ƌ ƵĂĚƌŽ Ěŝ ƵŶ ƉŝĂŶŽ ĂŶŶƵĂůĞ ĚĞŐůŝ ŝŶƚĞƌǀĞŶƚŝ͕ĚŝƌĞƚƚŝĞŝŶĚŝƌĞƚƚŝ͕ĚŝĐƵŝĂƉƉƌŽǀĂůĂƌĞŐŽůĂŵĞŶƚĂnjŝŽŶĞŐĞ ŶĞƌĂů Ğ͕ĂŶĐŚĞŝŶĐŽĞƌĞŶnjĂĐŽŶů͛ĂƚƚĞŶnjŝŽŶĞĞ

ůĂƌĞƐƉŽŶƐĂďŝůŝƚăĚĞů'ƌƵƉƉŽŶĞŝĐŽŶĨƌŽŶƚŝĚĞůůĞƚĞŵĂƚŝĐŚĞĂŵďŝĞŶƚĂůŝ͕ ƐŽĐŝĂůŝĞĚŝŐŽǀĞƌŶĂŶĐĞ͘

/ůŽŶƐŝŐůŝĞƌĞĞůĞŐĂƚŽĞƐĞƌĐŝƚĂŝůƉŽƚĞƌĞĚŝƉƌŽƉŽƐƚĂĚŝĐƵŝĂůů͛ ƌƚŝĐŽůŽϮϬ͘Ϯ͘ZĞƐƚĂŶŽĨĞƌŵŝŝƉŽƚĞƌŝĐŽŶƐƵůƚŝǀŝ͕Ěŝ

ŝƐƚƌƵƚƚŽƌŝĂĞƉƌŽƉŽƐƚĂƌŝƐĞƌǀĂƚŝĚĂůůĂŶŽƌŵĂƚŝǀĂǀŝŐĞŶƚĞĂŝŽŵŝƚĂƚŝ ƐƚĂƚƵƚĂƌŝĞůĂĨĂĐŽůƚăĚĞŝƐŝŶŐŽůŝŽŶƐŝŐůŝĞƌŝĚŝ

ĨŽƌŵƵůĂƌĞƉƌŽƉŽƐƚĞĚŝĚĞůŝďĞƌĂ͘

 ϭϴ͘Ϯ͘ϯ͘ /ůŽŶƐŝŐůŝŽĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞǀĂůƵƚĂů͛ŝĚŽŶĞŝƚăĚĞŝƉƌŽƉƌŝĐŽŵƉŽŶĞ Ŷƚŝ͕ƚĞŶĞŶĚŽĐŽŶƚŽĚĞůů ĂŶŽƌŵĂƚŝǀĂ

ǀŝŐĞŶƚĞĞĚĞůůĞƐƉĞĐŝĨŝĐŚĞƌĞŐŽůĞĂĚŽƚƚĂƚĞĚĂůŵĞĚĞƐŝŵŽŽŶ ƐŝŐůŝŽƐƵůůĂĐŽŵƉŽƐŝnjŝŽŶĞƋƵĂŶƚŝƚĂƚŝǀĂĞƋƵĂůŝƚĂƚŝǀĂ

ƌŝƚĞŶƵƚĂŽƚƚŝŵĂůĞƉĞƌů͛KƌŐĂŶŽŶĞůƐƵŽĐŽŵƉůĞƐƐŽĞƉĞƌŝƐƵŽŝŽŵŝƚĂƚŝ͕ ĂŶĐŚĞŝŶƌĂŐŝŽŶĞĚĞůůĞĐĂƌĂƚƚĞƌŝƐƚŝĐŚĞĚĞůůĂ

^ŽĐŝĞƚă Ğ ĚĞŐůŝ ŽďŝĞƚƚŝǀŝ Ěŝ ŐŽǀĞƌŶŽ ƐŽĐŝĞƚĂƌŝŽ ƉƌĞƐĐĞůƚŝ͘ /ů ŽŶƐŝŐůŝ Ž ĂĚŽƚƚĂ ůĞ ŵŝƐƵƌĞ Ă ƚĂů ĨŝŶĞ ŶĞĐĞƐƐĂƌŝĞ ĂĚ ĂƐƐŝĐƵƌĂƌĞ ĐŚĞ ĐŝĂƐĐƵŶ ŽŶƐŝŐůŝĞƌĞ Ğ ŝů ŽŶƐŝŐůŝŽ ŶĞů ƐƵŽ ĐŽŵƉůĞƐƐŽ ƌŝ ƐƵůƚŝŶŽ ĐŽƐƚĂŶƚĞŵĞŶƚĞ ĂĚĞŐƵĂƚŝ ƉĞƌ 

    ϮϱĐŽŵƉĞƚĞŶnjĂ͕ ĐŽƌƌĞƚƚĞnjnjĂ͕ ƌĞƉƵƚĂnjŝŽŶĞ͕ ĂƵƚŽŶŽŵŝĂ Ěŝ ŐŝƵĚŝnjŝŽ͕ ĚĞĚŝnjŝŽŶĞ Ěŝ ƚĞŵ ƉŽ Ğ ŐƌĂĚŽ Ěŝ ĚŝǀĞƌƐŝĨŝĐĂnjŝŽŶĞ

ĂŶĐŚĞŝŶƚĞƌŵŝŶŝĚŝĞƐƉĞƌŝĞŶnjĞ͕Ğƚă͕ŐĞŶĞƌĞĞƉƌŽŝĞnjŝŽŶĞŝŶƚĞƌŶĂnjŝ ŽŶĂůĞ͕ŽǀĞŽĐĐŽƌƌĂ͕ƉƌŽƉŽŶĞŶĚŽůĂƌĞǀŽĐĂŽ

ƉƌŽŶƵŶĐŝĂŶĚŽůĂĚĞĐĂĚĞŶnjĂŽůĂƐŽƐƉĞŶƐŝŽŶĞĚĞŝŽŶƐŝŐůŝĞƌŝĐŚĞŶ ŽŶĚŝŵŽƐƚƌŝŶŽĚŝƉŽƐƐĞĚĞƌĞŝƌĞƋƵŝƐŝƚŝƉƌĞƐĐƌŝƚƚŝ͕

ŶĞŝĐĂƐŝƉƌĞǀŝƐƚŝĚĂůůĂŶŽƌŵĂƚŝǀĂǀŝŐĞŶƚĞ͘

WĞƌŝĐŽŵƉŽŶĞŶƚŝĚĞůŽŵŝƚĂƚŽƉĞƌŝůŽŶƚƌŽůůŽƐƵůůĂ'ĞƐƚŝŽŶĞůĂĚŝĐŚŝĂ ƌĂnjŝŽŶĞĚŝĚĞĐĂĚĞŶnjĂğƉƌŽŶƵŶĐŝĂƚĂĚĂů

ŽŵŝƚĂƚŽ͘



ϭϴ͘ϯ͘Ͳ/ŶĐĂƌŝĐŚŝƐƉĞĐŝĨŝĐŝ͘

/ůŽŶƐŝŐůŝŽĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞƉƵžĐŽŶĨĞƌŝƌĞĂƉƌŽƉƌŝĐŽŵƉŽŶĞŶƚŝƐƉĞĐŝ ĨŝĐŝŝŶĐĂƌŝĐŚŝ͖ƐƵƉƌŽƉŽƐƚĂĚĞůŽŶƐŝŐůŝĞƌĞ

ĞůĞŐĂƚŽ͕ƉƵžĂůƚƌĞƐŞĐŽŶĨĞƌŝƌĞĂŝƌŝŐĞŶƚŝ͕ĂŝƉƌĞƉŽƐƚŝĂůůĞƐŝŶŐŽůĞ ƐƵĐĐƵƌƐĂůŝŽĂĚĂůƚƌŽƉĞƌƐŽŶĂůĞƐƉĞĐŝĨŝĐŝƉŽƚĞƌŝ

ƉĞƌ ĚĞƚĞƌŵŝŶĂƚĞ Ăƚƚŝǀŝƚă Ž ĐĂƚĞŐŽƌŝĞ Ěŝ Ăƚƚŝ Ğ Ěŝ ĂĨĨĂƌŝ͕ ĐŽŶ ĚĞƚĞƌŵŝŶĂnjŝ ŽŶĞ ĚĞů ĐŽŶƚĞŶƵƚŽ͕ ĚĞŝ ůŝŵŝƚŝ Ğ ĚĞůůĞ

ŵŽĚĂůŝƚăĚŝĞƐĞƌĐŝnjŝŽĚŝƚĂůŝƉŽƚĞƌŝ͕ƉƌĞǀĞĚĞŶĚŽƋƵĂŶĚŽŝƐŽŐŐĞƚƚ ŝĚĞůĞŐĂƚŝƉŽƐƐĂŶŽĂŐŝƌĞƐŝŶŐŽůĂƌŵĞŶƚĞŽƉƉƵƌĞ

ĐŽŶŐŝƵŶƚĂŵĞŶƚĞŽƌŝƵŶŝƚŝŝŶĐŽŵŝƚĂƚŝ͘



ϭϴ͘ϰ͘ͲƌĞĚŝƚŽƐƉĞĐŝĂůĞĞĂŐĞǀŽůĂƚŽ͘

WĞƌƋƵĂŶƚŽƌŝŐƵĂƌĚĂůĞĂƚƚŝǀŝƚăĚŝĐƌĞĚŝƚŽƐƉĞĐŝĂůĞŽĂŐĞǀŽůĂƚŽĚŝƐĐŝƉůŝ ŶĂƚĞĚĂƐƉĞĐŝĨŝĐŚĞŶŽƌŵĂƚŝǀĞ͕ƉŽƚƌĂŶŶŽ

ĂŶĐŚĞĞƐƐĞƌĞĚĞůĞŐĂƚŝƉŽƚĞƌŝĚŝĚĞůŝďĞƌĂĞĚŝĞƌŽŐĂnjŝŽŶĞĂďĂŶĐŚĞĚĞů 'ƌƵƉƉŽ͕ŶĞŝůŝŵŝƚŝĞĐŽŶŝĐƌŝƚĞƌŝĐŚĞƐĂƌĂŶŶŽ

ŽŐŐĞƚƚŽĚŝĐŽŶǀĞŶnjŝŽŶĞĨƌĂůĞƉĂƌƚŝĐŽŶƚƌĂĞŶƚŝ͘



ƌƚŝĐŽůŽϭϵ͘WƌĞƐŝĚĞŶƚĞĚĞůŽŶƐŝŐůŝŽĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞ͘



ϭϵ͘ϭ͘ͲŽŵƉĞƚĞŶnjĞ͘

/ůWƌĞƐŝĚĞŶƚĞĚĞůŽŶƐŝŐůŝŽĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞƐŽǀƌĂŝŶƚĞŶĚĞĂŝůĂǀŽƌŝĚĞůŽŶ ƐŝŐůŝŽ͕ŶĞŽƌŐĂŶŝnjnjĂĞĚŝƌŝŐĞů͛Ăƚƚŝǀŝƚă

ĞƐǀŽůŐĞƚƵƚƚŝŝĐŽŵƉŝƚŝƉƌĞǀŝƐƚŝĚĂůůĂŶŽƌŵĂƚŝǀĂĚŝǀŝŐŝůĂŶnjĂƉƌŽƚĞŵƉŽƌĞ ǀŝŐĞŶƚĞ͘

/ŶƚĂůĞĂŵďŝƚŽ͗

ĂͿĐŽŶǀŽĐĂ Ğ ƉƌĞƐŝĞĚĞ ůĞ ĂĚƵŶĂŶnjĞ ĚĞů ŽŶƐŝŐůŝŽ Ğ ŶĞ ĨŝƐƐĂ ů͛ŽƌĚŝŶĞ ĚĞ ů ŐŝŽƌŶŽ͕ ƉƌŽǀǀĞĚĞŶĚŽ ĂĨĨŝŶĐŚĠ

ĂĚĞŐƵĂƚĞŝŶĨŽƌŵĂnjŝŽŶŝĞĚŽĐƵŵĞŶƚĂnjŝŽŶĞ ƐƵůůĞŵĂƚĞƌŝĞŝƐĐƌŝƚƚĞĂůů͛ŽƌĚŝŶĞĚĞůŐŝŽƌŶŽǀĞŶŐĂŶŽĨŽƌŶŝƚĞ

ƚĞŵƉĞƐƚŝǀĂŵĞŶƚĞĂƚƵƚƚŝŝĐŽŵƉŽŶĞŶƚŝ͖

ďͿŐĂƌĂŶƚŝƐĐĞů͛ĞĨĨŝĐĂĐŝĂĚĞůĚŝďĂƚƚŝƚŽĐŽŶƐŝůŝĂƌĞĞƐŝĂĚŽƉĞƌĂŝŶŵŽĚŽ ŶĞƵƚƌĂůĞĂĨĨŝŶĐŚĠůĞĚĞůŝďĞƌĂnjŝŽŶŝĂůůĞ

ƋƵĂůŝ ŐŝƵŶŐĞ ŝů ŽŶƐŝŐůŝŽ ƐŝĂŶŽ ŝů ƌŝƐƵůƚĂƚŽ Ěŝ ƵŶ͛ĂĚĞŐƵĂƚĂ ĚŝĂůĞƚƚŝĐĂ͕  ĐŽŶ ƉĂƌƚŝĐŽůĂƌĞ ƌŝŐƵĂƌĚŽ ƚƌĂ ŝů ŽŶƐŝŐůŝĞƌĞ ĞůĞŐĂƚŽ Ğ Őůŝ Ăůƚƌŝ ŽŶƐŝŐůŝĞƌŝ͕ Ğ ĚĞů ĐŽŶƚƌŝďƵƚŽ ĐŽŶƐĂƉĞǀŽů Ğ Ğ ƌĂŐŝŽŶĂƚŽ Ěŝ ƚƵƚƚŝ ŝ ƐƵŽŝ

ĐŽŵƉŽŶĞŶƚŝ͖

ĐͿĂƐƐŝĐƵƌĂĐŚĞŝůƉƌŽĐĞƐƐŽĚŝĂƵƚŽǀĂůƵƚĂnjŝŽŶĞƐŝĂƐǀŽůƚŽĐŽŶĞĨĨŝĐĂĐŝĂ͖

ĚͿƉƌŽǀǀĞĚĞĂůůĂĐŽŶǀŽĐĂnjŝŽŶĞĚĞůů͛ƐƐĞŵďůĞĂ͖ 

ĞͿƉƌĞƐŝĞĚĞů͛ƐƐĞŵďůĞĂĞƐŽǀƌŝŶƚĞŶĚĞĂůƐƵŽƐǀŽůŐŝŵĞŶƚŽĞĚĂŝƐƵŽŝůĂǀŽ ƌŝ͖

ĨͿƉƌŽŵƵŽǀĞĞƐŽǀƌĂŝŶƚĞŶĚĞĂů ů͛ĞĨĨĞƚƚŝǀŽĨƵŶnjŝŽŶĂŵĞŶƚŽĚĞůƐŝƐƚĞŵĂĚŝŐŽǀĞƌŶŽƐŽĐŝĞƚĂƌŝŽ ͕ĂŶĐŚĞƉĞƌŐůŝ ĂƐƉĞƚƚŝ ƌĞůĂƚŝǀŝ ĂůůĂ ĐŽŵƵŶŝĐĂnjŝŽŶĞ ŝŶƚĞƌŶĂ ĞĚ ĞƐƚĞƌŶĂ͕ ƉŽŶĞŶĚŽƐŝ ĐŽŵĞ  ŝŶƚĞƌůŽĐƵƚŽƌĞ ĚĞŝ ŽŵŝƚĂƚŝ 

    ϮϲƐƚĂƚƵƚĂƌŝĐŽŶƐŝůŝĂƌŝĂŝƋƵĂůŝŶŽŶƉĂƌƚĞĐŝƉŝ ͕ĞŐĂƌĂŶƚŝƐĐĞů͛ĞƋƵŝůŝďƌŝŽĚĞŝƉŽƚĞƌŝĐŽŶƉĂƌƚŝĐŽůĂƌĞƌŝĨĞƌŝŵĞŶƚŽ 

ĂůůĞĂƚƚƌŝďƵnjŝŽŶŝĚŝŐĞƐƚŝŽŶĞĐŽƌƌĞŶƚĞĚĞůĞŐĂƚĞ͖

ŐͿŝŶƚƌĂƚƚŝĞŶĞŝŶĞĐĞƐƐĂƌŝĞŽƉƉŽƌƚƵŶŝƌĂƉƉŽƌƚŝĐŽŶŝůŽŶƐŝŐůŝĞƌĞĞůĞŐĂƚŽ͖

ŚͿĐŚŝĞĚĞ Ğ ƌŝĐĞǀĞ ŝŶĨŽƌŵĂnjŝŽŶŝ ĂŶĐŚĞ ƐƵ ƐƉĞĐŝĨŝĐŝ ĂƐƉĞƚƚŝ ĚĞůůĂ ŐĞƐƚŝŽŶĞ ĚĞůůĂ ^ŽĐŝĞƚă Ğ ĚĞů 'ƌƵƉƉŽ Ğ ƐƵůů͛ĂŶĚĂŵĞŶƚŽ ŝŶ ŐĞŶĞƌĂůĞ͕ ĂŶĐŚĞ ƉƌŽƐƉĞƚƚŝĐŽ͕ ĚĞůůĂ ŐĞƐƚŝŽŶĞ ƐƚĞƐƐ Ă͕ ĂǀĞŶĚŽ ĐŽŵƵŶƋƵĞ Ă ƚĂů ĨŝŶĞ

ĂĐĐĞƐƐŽĂƚƵƚƚĞůĞĨƵŶnjŝŽŶŝĂnjŝĞŶĚĂůŝ͖

ŝͿƐŽǀƌĂŝŶƚĞŶĚĞ͕ǀĞƌŝĨŝĐĂŶĚŽŶĞůĂĐŽƌƌĞƚƚĞnjnjĂ͕ĂůůĂŐĞƐƚŝŽŶĞĚĞŝƌĂƉƉŽƌƚŝĐŽŶ ŝ^ŽĐŝ͕Ě͛ŝŶƚĞƐĂĐŽŶŝůŽŶƐŝŐůŝĞƌĞ

ĞůĞŐĂƚŽ͖

ũͿĐƵƌĂŝƌĂƉƉŽƌƚŝĐŽŶůĞƵƚŽƌŝƚăĚŝsŝŐŝůĂŶnjĂŶĞůů͛ĂŵďŝƚŽĞƉĞƌŝĨŝŶŝ ĚĞůůĞƉƌŽƉƌŝĞĂƚƚƌŝďƵnjŝŽŶŝĞĚĞůůĂƐƵĂ

ĂƚƚŝǀŝƚăĚŝƌĞĨĞƌĞŶƚĞĐŽŶƐŝůŝĂƌĞĞĂƐƐĞŵďůĞĂƌĞ͖

ŬͿŚĂ ůĂ ĨĂĐŽůƚă ĚŝƐƚĂƌĞ ŝŶ ŐŝƵĚŝnjŝŽ Ğ ĚŝĚĞůĞŐĂƌĞ ůĂ ƌĂƉƉƌĞƐĞŶƚĂŶnjĂƉƌŽ ĐĞƐƐƵĂůĞ ĚĞůůĂ ^ŽĐŝĞƚă ŝŶŶĂŶnjŝĂ ƋƵĂůƐŝĂƐŝ ĂƵƚŽƌŝƚă ŐŝƵĚŝnjŝĂƌŝĂ Ž ĂŵŵŝŶŝƐƚƌĂƚŝǀĂ͕ ŝǀŝ ŝŶĐůƵƐŽ ŝů ƉŽƚĞƌĞ Ě ŝ ƉƌŽƉŽƌƌĞ ƋƵĞƌĞůĞ ŶŽŶĐŚĠ Ěŝ ĐŽŶĨĞƌŝƌĞ ƉƌŽĐƵƌĂ ĂůůĞ ůŝƚŝ ĐŽŶ ŵĂŶĚĂƚŽ ĂŶĐŚĞ ŐĞŶĞƌĂůĞ͕ ĐŽŶ ŽďďůŝŐŽ Ě ŝ ƌŝĨĞƌŝƌĞ Ăů ŽŶƐŝŐůŝŽ Ěŝ

ŵŵŝŶŝƐƚƌĂnjŝŽŶĞƐƵůůĞĚĞĐŝƐŝŽŶŝĂƐƐƵŶƚĞ͖

ůͿƉƌŽŐĞƚƚĂ͕ ƐĞŶƚŝƚŽ ŝů ŽŶƐŝŐůŝĞƌĞ ĞůĞŐĂƚŽ Ğ ƐĞĐŽŶĚŽ ůĞ ůŝŶĞĞ ŐƵŝĚĂ ĂƉƉ ƌŽǀĂƚĞ ĚĂů ŽŶƐŝŐůŝŽ͕ Ğ ĐƵƌĂ ůĂ ƌĞĂůŝnjnjĂnjŝŽŶĞ ĚĞůůĞ ŝŶŝnjŝĂƚŝǀĞ ĐƵůƚƵƌĂůŝ ĚĞůůĂ ^ŽĐŝĞƚă Ğ ĚĞů 'ƌƵƉƉ Ž͕ ĐŽŶ ƐƉĞĐŝĂůĞ ƌŝĨĞƌŝŵĞŶƚŽ ĂůůĂ

ǀĂůŽƌŝnjnjĂnjŝŽŶĞĚĞŝƉĂƚƌŝŵŽŶŝƐƚŽƌŝĐŝ͕ĂƌĐŚĞŽůŽŐŝĐŝ͕ĂƌƚŝƐƚŝĐŝĞĂůůĂŐĞƐƚŝ ŽŶĞĚĞů͞&ŽŶĚŽĚŝĞŶĞĨŝĐĞŶnjĂĞĚ

ŽƉĞƌĞĚŝĐĂƌĂƚƚĞƌĞƐŽĐŝĂůĞĞĐƵůƚƵƌĂůĞ͖͟ 

ŵͿ ĞƐĞƌĐŝƚĂŐůŝĂůƚƌŝƉŽƚĞƌŝĨƵŶnjŝŽŶĂůŝĂůů͛ĞƐĞƌĐŝnjŝŽĚĞůůĂƐƵĂĐĂƌŝĐĂ͘  

ϭϵ͘Ϯ͘ͲWŽƚĞƌŝƐƵƉƉůĞƚŽƌŝŝŶĐĂƐŽĚŝƵƌŐĞŶnjĂ͘

/ůWƌĞƐŝĚĞŶƚĞĚĞůŽŶƐŝŐůŝŽĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞŚĂƵŶƌƵŽůŽŶŽŶĞƐĞ ĐƵƚŝǀŽĞŶŽŶƐǀŽůŐĞ͕ŶĞƉƉƵƌĞĚŝĨĂƚƚŽ͕ĨƵŶnjŝŽŶŝ

ŐĞƐƚŝŽŶĂůŝ͘

/ŶĐĂƐŽĚŝƵƌŐĞŶnjĂ͕ŝůWƌĞƐŝĚĞŶƚĞĚĞůŽŶƐŝŐůŝŽĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞŽ ͕ŝŶĐĂƐŽĚŝƐƵĂĂƐƐĞŶnjĂŽŝŵƉĞĚŝŵĞŶƚŽŝůsŝĐĞͲ

WƌĞƐŝĚĞŶƚĞ Ž ŝů ŽŶƐŝŐůŝĞƌĞ Ɖŝƶ ĂŶnjŝĂŶŽ͕ ƐĞĐŽŶĚŽ ůĞĚŝƐƉŽƐŝnjŝŽŶŝ ĚĞůů͛ƌƚŝĐŽůŽ ϭϵ͘ϯ͕ ƐƵ ƉƌŽƉŽƐƚĂǀŝŶĐŽůĂŶƚĞ ĚĞů

ŽŶƐŝŐůŝĞƌĞĞůĞŐĂƚŽ͕ƉƵžĂƐƐƵŵĞƌĞĚĞůŝďĞƌĂnjŝŽŶŝŝŶŵĞƌŝƚŽĂƋƵĂůƐŝ ĂƐŝŽƉĞƌĂnjŝŽŶĞĚŝĐŽŵƉĞƚĞŶnjĂĚĞůŽŶƐŝŐůŝŽ

Ěŝ ŵŵŝŶŝƐƚƌĂnjŝŽŶĞ͕ ĨĂƚƚĂ ĞĐĐĞnjŝŽŶĞ ƉĞƌ ůĞ ŵĂƚĞƌŝĞ ƐƚƌĂƚĞŐŝĐŚĞ Ž ŶŽŶ ĚĞůĞŐĂďŝůŝ Ěŝ ĐŽŵƉĞƚĞŶnjĂ ĚĞů ŽŶƐŝŐůŝŽ ƐƚĞƐƐŽ͘ ŽŶůĞƐƚĞƐƐĞŵŽĚĂůŝƚăƉŽƐƐŽŶŽĞƐƐĞƌĞĂƐƐƵŶƚĞŝŶǀŝĂĚ͛ƵƌŐĞŶnjĂĂŶĐŚ ĞĚĞůŝďĞƌĂnjŝŽŶŝĚŝĐƵŝĂůů͛ƌƚŝĐŽůŽ

ϭϴ͘Ϯ͘ϮĚĞůůŽ^ƚĂƚƵƚŽ͕ůŝŵŝƚĂƚĂŵĞŶƚĞĂƋƵĞůůĞƌŝŐƵĂƌĚĂŶƚŝůĂĚĞƐŝŐŶĂnjŝŽŶĞĚĞŝ ĐŽŵƉŽŶĞŶƚŝĚĞŐůŝŽƌŐĂŶŝĚĞůůĞƐŽĐŝĞƚă

ĐŽŶƚƌŽůůĂƚĞ͕ƐĞĐŽŶĚŽƋƵĂŶƚŽĚŝƐƉŽƐƚŽŶĞůůĂůĞƚƚĞƌĂůͿĚĞůůŽƐƚĞƐƐŽƌƚŝĐŽůŽϭϴ͘Ϯ͘Ϯ͘

>ĞĚĞĐŝƐŝŽŶŝŝŶŵĂƚĞƌŝĂĚŝĞƌŽŐĂnjŝŽŶĞĚĞůĐƌĞĚŝƚŽ͕ŝŶĐĂƐŽĚŝƵƌŐĞŶnjĂ ͕ƉŽƐƐŽŶŽĞƐƐĞƌĞĂƐƐƵŶƚĞŝŶǀŝĂĞƐĐůƵƐŝǀĂĚĂů

ŽŶƐŝŐůŝĞƌĞĞůĞŐĂƚŽ͘

>ĞĚĞĐŝƐŝŽŶŝĐŽƐŞĂƐƐƵŶƚĞĚĞǀŽŶŽĞƐƐĞƌĞƉŽƌƚĂƚĞĂĐŽŶŽƐĐĞŶnjĂĚĞůŽŶƐŝŐů ŝŽĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞŝŶŽĐĐĂƐŝŽŶĞĚĞůůĂ

ƉƌŝŵĂƌŝƵŶŝŽŶĞƐƵĐĐĞƐƐŝǀĂ͘



ϭϵ͘ϯ͘ͲsŝĐĞ ʹWƌĞƐŝĚĞŶƚŝ͘

/ŶĐĂƐŽĚŝĂƐƐĞŶnjĂŽĚŝŝŵƉĞĚŝŵĞŶƚŽĚĞůWƌĞƐŝĚĞŶƚĞĚĞůŽŶƐŝŐůŝŽ ĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞ͕ĂĚĞŵƉŝĞůĞƐƵĞĨƵŶnjŝŽŶŝŝů

sŝĐĞͲWƌĞƐŝĚĞŶƚĞĚĞůŽŶƐŝŐůŝŽĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞĐŚĞƌŝǀĞƐƚĞƚĂůĞĐĂƌŝ ĐĂĚĂŵĂŐŐŝŽƌƚĞŵƉŽŝŶŝŶƚĞƌƌŽƚƚĂŵĞŶƚĞŽ͕



    ϮϳĂƉĂƌŝƚăĚŝĂŶnjŝĂŶŝƚăĚŝĐĂƌŝĐĂ͕ƋƵĞůůŽƉŝƶĂŶnjŝĂŶŽĚŝĞƚă͖ŝŶĐĂƐŽ ĚŝƐƵĂĂƐƐĞŶnjĂŽŝŵƉĞĚŝŵĞŶƚŽ͕ŐůŝƐƵďĞŶƚƌĂ ƵŶ sŝĐĞͲWƌĞƐŝĚĞŶƚĞ ƐĐĞůƚŽ ƐĞĐŽŶĚŽ ŝ ĐƌŝƚĞƌŝ ŝŶ ƉƌĞĐĞĚĞŶnjĂ ŝŶĚŝĐĂƚŝ͘ EĞů ĐĂƐ Ž Ěŝ ĂƐƐĞŶnjĂ Ž ŝŵƉĞĚŝŵĞŶƚŽ ĂŶĐŚĞ Ěŝ

ƋƵĞƐƚ͛ƵůƚŝŵŽ͕ ĂĚĞŵƉŝĞ ůĞ ĨƵŶnjŝŽŶŝ ĚĞů WƌĞƐŝĚĞŶƚĞ ŝů ĐŽŵƉŽŶĞŶƚĞ ĚĞů ŽŶƐŝŐůŝŽ Ěŝ ŵŵŝŶŝƐƚƌĂnjŝŽŶĞ͕ ŶŽŶ

ĐŽŵƉŽŶĞŶƚĞŝůŽŵŝƚĂƚŽƉĞƌŝůŽŶƚƌŽůůŽƐƵůůĂ'ĞƐƚŝŽŶĞ͕ƉŝƶĂŶnjŝĂŶŽĚŝĐĂƌŝĐĂĞ ͕ĂƉĂƌŝƚăĚŝĂŶnjŝĂŶŝƚăĚŝĐĂƌŝĐĂ͕Ɖŝƶ

ĂŶnjŝĂŶŽĚŝĞƚă͘/ůŵĞĚĞƐŝŵŽĐƌŝƚĞƌŝŽĚŝƐŽƐƚŝƚƵnjŝŽŶĞƚĞŵƉŽƌĂŶĞĂƐŝ ĂƉƉůŝĐĂĂŶĐŚĞŶĞůĐĂƐŽĚŝĐĞƐƐĂnjŝŽŶĞĂŶƚŝĐŝƉĂƚĂ

ĚĂůůĂĐĂƌŝĐĂĚĞůWƌĞƐŝĚĞŶƚĞƐŝŶŽĂůůĂĚĂƚĂĚĞůůĂƐƵĐĐĞƐƐŝǀĂƐƐĞŵďůĞĂĚŝ ŶŽŵŝŶĂĚĞůŶƵŽǀŽWƌĞƐŝĚĞŶƚĞ͘



ƌƚŝĐŽůŽϮϬ͘ŽŶƐŝŐůŝĞƌĞĞůĞŐĂƚŽ͘



ϮϬ͘ϭ͘ͲEŽŵŝŶĂĞƉŽƚĞƌŝ͘

/ůŽŶƐŝŐůŝŽĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞ͕ƐĞŶƚŝƚŽŝůŽŵŝƚĂƚŽEŽŵŝŶĞĞƉƌŽǀ ǀĞĚĞŶĚŽĐŽŶůĂŵĂŐŐŝŽƌĂŶnjĂƋƵĂůŝĨŝĐĂƚĂĚŝĐƵŝ

Ăůů͛ƌƚŝĐŽůŽϭϳ͘ϵ͕ĞůĞŐŐĞƚƌĂŝƉƌŽƉƌŝĐŽŵƉŽŶĞŶƚŝ͕ĂůĚŝĨƵŽƌŝĚĞůWƌĞƐŝĚĞŶƚĞĚĞů ŽŶƐŝŐůŝŽƐƚĞƐƐŽ͕ĚĞŝĐŽŵƉŽŶĞŶƚŝ

ĚĞůŽŵŝƚĂƚŽƉĞƌŝůŽŶƚƌŽůůŽƐƵůůĂ'ĞƐƚŝŽŶĞĞĚĞůŶƵŵĞƌŽŵŝŶŝŵŽ ĚŝŽŶƐŝŐůŝĞƌŝ/ŶĚŝƉĞŶĚĞŶƚŝĚŝĐƵŝĂůů͛ ƌƚŝĐŽůŽ

ϭϯ͘ϰ͕ƉĂƌĂŐƌĂĨŽϮ͕ůĞƚƚĞƌĂď͕ƵŶŽŶƐŝŐůŝĞƌĞĞůĞŐĂƚŽ͕ĂůƋƵĂůĞĚĞůĞŐĂŝƉŽƚĞƌŝŝŶĞƌĞŶƚŝ ĂůůĂŐĞƐƚŝŽŶĞĐŽƌƌĞŶƚĞĚĞůůĂ

^ŽĐŝĞƚă͕ƐĞĐŽŶĚŽƋƵĂŶƚŽĚŝƐƉŽƐƚŽĚĂůů͛ ƌƚŝĐŽůŽϭϴ͘ϭ͘



ϮϬ͘Ϯ͘Ͳ&ƵŶnjŝŽŶŝ͘

/ůŽŶƐŝŐůŝĞƌĞĞůĞŐĂƚŽ

ĂͿğĂƉŽĚĞůů͛ƐĞĐƵƚŝǀŽĞŝƌĞƚƚŽƌĞ'ĞŶĞƌĂůĞĞƐŽǀƌŝŶƚĞŶĚĞĂůůĂŐĞƐƚŝ ŽŶĞĂnjŝĞŶĚĂůĞŶĞůů͛ĂŵďŝƚŽĚĞŝƉŽƚĞƌŝ

ĂƚƚƌŝďƵŝƚŝŐůŝŝŶĐŽŶĨŽƌŵŝƚăĐŽŶŐůŝŝŶĚŝƌŝnjnjŝŐĞŶĞƌĂůŝƉƌŽŐƌĂŵŵĂƚŝĐŝĞƐ ƚƌĂƚĞŐŝĐŝĚĞƚĞƌŵŝŶĂƚŝĚĂůŽŶƐŝŐůŝŽ

ĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞ͖

ďͿĚĞƚĞƌŵŝŶĂĞŝŵƉĂƌƚŝƐĐĞůĞĚŝƌĞƚƚŝǀĞŽƉĞƌĂƚŝǀĞĞĚğƉƌĞƉŽƐƚŽĂůůĂŐĞƐƚŝŽŶĞĚĞůƉ ĞƌƐŽŶĂůĞ͖

ĐͿŶĞůů͛ĂŵďŝƚŽĚĞůůĞĐŽŵƉĞƚĞŶnjĞĂĚĞƐƐŽĂƚƚƌŝďƵŝƚĞ͕ŚĂĨĂĐŽůƚă ĚŝƉƌŽƉŽƐƚĂƉĞƌůĞĚĞůŝďĞƌĂnjŝŽŶŝĚĞůŽŶƐŝŐůŝŽ

ĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞ͕ĨĞƌŵ ŽƋƵĂŶƚŽƉƌĞǀŝƐƚŽĂůů͛ƌƚŝĐŽůŽϭϴ͘Ϯ ͕ƉĂƌĂŐƌĂĨŽϮ͕ƵůƚŝŵŽĐŽŵŵĂ͖ ĚͿĐƵƌĂ ů͛ĞƐĞĐƵnjŝŽŶĞ ĚĞůůĞ ĚĞůŝďĞƌĂnjŝŽŶŝ ĚĞů ŽŶƐŝŐůŝŽ Ěŝ ŵŵŝŶŝƐƚƌĂnjŝŽŶĞ ͕ ĐŽŶ ƉĂƌƚŝĐŽůĂƌĞ ƌŝĨĞƌŝŵĞŶƚŽ Ăůů͛ĂƚƚƵĂnjŝŽŶĞĚĞŐůŝŝŶĚŝƌŝnjnjŝƐƚƌĂƚĞŐŝĐŝ͕ĚĞů ¨Ÿ©¡ —¦¦›ªŸª› œ¨—£›­¥¨¡ ĞĚĞůůĞƉŽůŝƚŝĐŚĞĚŝŐŽǀĞƌŶŽĚĞŝ

ƌŝƐĐŚŝĚĞĨŝŶŝƚŝĚĂůŽŶƐŝŐůŝŽĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞ͖

ĞͿĐƵƌĂĂůƚƌĞƐŞĐŚĞů͛ĂƐƐĞƚƚŽŽƌŐĂŶŝnjnjĂƚŝǀŽ͕ĂŵŵŝŶŝƐƚƌĂƚŝǀŽĞĐŽŶƚĂďŝůĞĞ ŝůƐŝƐƚĞŵĂĚ ĞŝĐŽŶƚƌŽůůŝŝŶƚĞƌŶŝƐŝĂŶŽ

ĂĚĞŐƵĂƚŝĂůůĂŶĂƚƵƌĂĞĂůůĞĚŝŵĞŶƐŝŽŶŝĚĞůů͛ŝŵƉƌĞƐĂĞŝĚŽŶĞŝĂ ƌĂƉƉƌĞƐĞŶƚĂƌĞĐŽƌƌĞƚƚĂŵĞŶƚĞŝĨĂƚƚŝĚŝ

ŐĞƐƚŝŽŶĞ͘

EĞůůŽƐǀŽůŐŝŵĞŶƚŽĚĞůůĞƉƌŽƉƌŝĞĨƵŶnjŝŽŶŝ͕ŝůŽŶƐŝŐůŝĞƌĞĞůĞ ŐĂƚŽƐŝĂǀǀĂůĞĚĞŝŽŵŝƚĂƚŝ ĚŝĐƵŝĂůů͛ƌƚŝĐŽůŽϭϴ͘Ϯ͕

ƉĂƌĂŐƌĂĨŽϮ͕ůĞƚƚ͘ĐͿĞĚͿ͘

/ŶĐĂƐŽĚŝĂƐƐĞŶnjĂŽŝŵƉĞĚŝŵĞŶƚŽĚĞůŽŶƐŝŐůŝĞƌĞĞůĞŐĂƚŽ͗

ůĞĂƚƚƌŝďƵnjŝŽŶŝĂůůŽƐƚĞƐƐŽƐƉĞƚƚĂŶƚŝƋƵĂůĞŝƌĞƚƚŽƌĞ'ĞŶĞƌĂůĞĂŝƐĞŶ ƐŝĚĞůƉƌĞƐĞŶƚĞƉĂƌĂŐƌĂĨŽϮϬ͘ϮƐŽŶŽ

ĞƐĞƌĐŝƚĂƚĞ Ă ĨŝƌŵĂ ĐŽŶŐŝƵŶƚĂ ĚĂ ĚƵĞ ŝƌŝŐĞŶƚŝ ĂƉŝĐĂůŝ͕ ĨĂĐĞŶƚŝ ƉĂƌƚĞ ĚĞů Žŵ ŝƚĂƚŽ Ěŝ ŝƌĞnjŝŽŶĞ Ěŝ ĐƵŝ Ăůů͛ƌƚŝĐŽůŽ ϭϴ͘Ϯ͘Ϯ ůĞƚƚ͘ ĐͿ͕ ŝŶĚŝǀŝĚƵĂƚŝ ĚĂů ŽŶƐŝŐůŝŽ Ěŝ ŵŵŝŶŝƐƚƌĂnjŝŽŶĞ ƐƵ ƉƌŽƉŽ ƐƚĂ ĚĞů ŽŶƐŝŐůŝĞƌĞ

ĞůĞŐĂƚŽ͖



    ϮϴůĞ ĨĂĐŽůƚă ĂůůŽ ƐƚĞƐƐŽ ĂƚƚƌŝďƵŝƚĞ ŝŶ ƋƵĂůŝƚă Ěŝ ŽŶƐŝŐůŝĞƌĞ ĞůĞŐĂƚŽ ƐŽ ŶŽ ĞƐĞƌĐŝƚĂƚĞ ĚĂů ŽŶƐŝŐůŝŽ Ěŝ

ŵŵŝŶŝƐƚƌĂnjŝŽŶĞ͘



ϮϬ͘ϯ͘Ͳ/ŶĨŽƌŵĂƚŝǀĂ͘

/ůŽŶƐŝŐůŝĞƌĞĞůĞŐĂƚŽĨŽƌŶŝƐĐĞĂůŽŶƐŝŐůŝŽĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞůĞ ŝŶĨŽƌŵĂnjŝŽŶŝƌŝĐŚŝĞƐƚĞŐůŝĚĂůWƌĞƐŝĚĞŶƚĞŽĚĂŝ

ŽŶƐŝŐůŝĞƌŝĞƌŝĨĞƌŝƐĐĞŝŶŽŐŶŝĐĂƐŽ͕ĐŽŶƉĞƌŝŽĚŝĐŝƚăĚŝƌĞŐŽůĂŵĞŶƐŝů ĞĞĐŽŵƵŶƋƵĞĂůŵĞŶŽƚƌŝŵĞƐƚƌĂůĞ͕ƐƵůŐĞŶĞƌĂůĞ

ĂŶĚĂŵĞŶƚŽĚĞůůĂŐĞƐƚŝŽŶĞ͕ŶŽŶĐŚĠƐƵůůĞŽƉĞƌĂnjŝŽŶŝĚŝŵĂŐŐŝŽƌƌŝůŝ ĞǀŽĞĨĨĞƚƚƵĂƚĞĚĂůůĂ ^ŽĐŝĞƚăĞĚĂůůĞƐŽĐŝĞƚă ĐŽŶƚƌŽůůĂƚĞ͘ >Ğ ŝŶĨŽƌŵĂnjŝŽŶŝ ƉĞƌŝŽĚŝĐĂŵĞŶƚĞ ĨŽƌŶŝƚĞ Ăů ŽŶƐŝŐůŝŽ Ěŝ ŵŵŝŶ ŝƐƚƌĂnjŝŽŶĞ ƐŽŶŽ ƐƉĞĐŝĨŝĐĂŵĞŶƚĞ

ƉƌĞƐĞŶƚĂƚĞĂŶĐŚĞĂůŽŵŝƚĂƚŽƉĞƌŝůŽŶƚƌŽůůŽƐƵůůĂ'ĞƐƚŝŽŶĞ͘^ŽŶŽĨĂƚƚŝƐ ĂůǀŝĐĂƐŝĚŝƉĂƌƚŝĐŽůĂƌĞƵƌŐĞŶnjĂŝŶĐƵŝŝů

ŽŶƐŝŐůŝĞƌĞĞůĞŐĂƚŽƌŝĨĞƌŝƐĐĞƐĞŶnjĂŝŶĚƵŐŝŽ͘



ƌƚŝĐŽůŽϮϭ͘ŝƌŝŐĞŶƚĞƉƌĞƉŽƐƚŽĂůůĂƌĞĚĂnjŝŽŶĞĚĞŝĚŽĐƵŵĞŶƚŝĐŽŶƚĂďŝůŝƐŽĐŝĞ ƚĂƌŝ͘

 /ůŝƌŝŐĞŶƚĞƉƌĞƉŽƐƚŽǀŝĞŶĞƐĐĞůƚŽƚƌĂŝĚŝƌŝŐĞŶƚŝĚĞůůĂ^ŽĐŝĞƚăŝŶƉŽ ƐƐĞƐƐŽĚŝƌĞƋƵŝƐŝƚŝĚŝƉƌŽĨĞƐƐŝŽŶĂůŝƚăĐŽŶƐŝƐƚĞŶƚŝ

ŝŶƵŶĂƐƉĞĐŝĨŝĐĂĐŽŵƉĞƚĞŶnjĂŝŶŵĂƚĞƌŝĂĚŝ͗

ĂͿ ŝŶĨŽƌŵĂnjŝŽŶĞ ĐŽŶƚĂďŝůĞ Ğ ĨŝŶĂŶnjŝĂƌŝĂ͕ ƌĞůĂƚŝǀĂ ĂĚ ĞŵŝƚƚĞŶƚŝ ƋƵŽƚĂ ƚŝ ŝŶ ŵĞƌĐĂƚŝ ƌĞŐŽůĂŵĞŶƚĂƚŝ Ž Ă ůŽƌŽ

ƐŽĐŝĞƚăĐŽŶƚƌŽůůĂƚĞĞ

ďͿ ŐĞƐƚŝŽŶĞŽĐŽŶƚƌŽůůŽĚĞůůĞƌĞůĂƚŝǀĞƉƌŽĐĞĚƵƌĞĂŵŵŝŶŝƐƚƌĂƚŝǀĞ͕ŵĂƚ ƵƌĂƚĂƉĞƌƵŶƉĞƌŝŽĚŽĚŝĂůŵĞŶŽĐŝŶƋƵĞ

ĂŶŶŝŝŶƉŽƐŝnjŝŽŶŝĚŝƌĞƐƉŽŶƐĂďŝůŝƚăĚŝƐƚƌƵƚƚƵƌĞŽƉĞƌĂƚŝǀĞŶĞůů͛ĂŵďŝƚŽĚĞ ůůĂ^ŽĐŝĞƚă͕ĚĞů'ƌƵƉƉŽŽĚŝĂůƚƌĞƐŽĐŝĞƚăŽ

ĞŶƚŝĐŽŵƉĂƌĂďŝůŝƉĞƌĂƚƚŝǀŝƚăĞƐƚƌƵƚƚƵƌĂŽƌŐĂŶŝnjnjĂƚŝǀĂ͘

/ůŝƌŝŐĞŶƚĞƉƌĞƉŽƐƚŽĚĞǀĞŝŶŽůƚƌĞƉŽƐƐĞĚĞƌĞŝƌĞƋƵŝƐŝƚŝĚŝŽŶŽƌĂ ďŝůŝƚăƐƚĂďŝůŝƚŝƉĞƌŝŵĞŵďƌŝĚĞŐůŝŽƌŐĂŶŝĚŝĐŽŶƚƌŽůůŽ

ĚĞůůĞƐŽĐŝĞƚăƋƵŽƚĂƚĞĚĂůůĂŶŽƌŵĂƚŝǀĂǀŝŐĞŶƚĞ͘

/ůŽŶƐŝŐůŝŽĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞĂĐĐĞƌƚĂůĂƐƵƐƐŝƐƚĞŶnjĂĚŝƚƵƚƚŝŝƉƌĞĚĞƚƚŝƌĞƋƵŝƐ ŝƚŝĂůŵŽŵĞŶƚŽĚĞůůĂŶŽŵŝŶĂ͘



ƌƚŝĐŽůŽϮϮ͘ZĂƉƉƌĞƐĞŶƚĂŶnjĂ͘&ŝƌŵĂƐŽĐŝĂůĞ͘



ϮϮ͘ϭ͘ͲWƌĞƐŝĚĞŶƚĞĚĞůŽŶƐŝŐůŝŽĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞ͘

>ĂƌĂƉƉƌĞƐĞŶƚĂŶnjĂůĞŐĂůĞĚĞůůĂ^ŽĐŝĞƚă͕ĚŝĨƌŽŶƚĞĂŝƚĞƌnjŝĞŝŶŐŝƵĚŝnjŝŽ͕ ĞůĂĨŝƌŵĂƐŽĐŝĂůĞƐƉĞƚƚĂŶŽĂůWƌĞƐŝĚĞŶƚĞĚĞů ŽŶƐŝŐůŝŽĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞĞ͕ŝŶĐĂƐŽĚŝƐƵĂĂƐƐĞŶnjĂŽŝŵƉĞĚŝ ŵĞŶƚŽ͕ĂĐŚŝůŽƐŽƐƚŝƚƵŝƐĐĞĂŝƐĞŶƐŝ ĚĞůů͛ƌƚŝĐŽůŽ ϭϵ͘ϯ͘ŝĨƌŽŶƚĞĂŝƚĞƌnjŝůĂĨŝƌŵĂĚŝĐŚŝƐŽƐƚŝƚƵŝƐĐĞŝůWƌĞƐŝĚĞŶƚĞĐŽƐƚŝƚƵŝƐĐĞ ƉƌŽǀĂĚĞůů͛ĂƐƐĞŶnjĂŽĚĞůů͛ŝŵƉĞĚŝŵĞŶƚŽĚŝ

ƋƵĞƐƚŝ͘



ϮϮ͘Ϯ͘ͲŽŶƐŝŐůŝĞƌĞĞůĞŐĂƚŽ͘

&ĞƌŵŽƌĞƐƚĂŶĚŽƋƵĂŶƚŽƉƌĞĐĞĚĞ͕ůĂƌĂƉƉƌĞƐĞŶƚĂŶnjĂůĞŐĂůĞĚĞůůĂ^ŽĐŝĞƚă ĚŝĨƌŽŶƚĞĂŝƚĞƌnjŝĞŝŶŐŝƵĚŝnjŝŽĞůĂĨŝƌŵĂ

ƐŽĐŝĂůĞ ƐƉĞƚƚĂŶŽ ĂůƚƌĞƐŞ Ăů ŽŶƐŝŐůŝĞƌĞ ĞůĞŐĂƚŽ Ğ ŝƌĞƚƚŽƌĞ 'ĞŶĞƌĂůĞ   ŶĞůůĞ ŵĂƚĞƌŝĞ ĂůůŽ ƐƚĞƐƐŽ ƐƉĞƚƚĂŶƚŝ ƉĞƌ

^ƚĂƚƵƚŽĞ ĚĞůĞŐĂƚĞĚĂůŽŶƐŝŐůŝŽĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞ͘

  

   

ϮϵϮϮ͘ϯ͘ͲůƚƌŝƐŽŐŐĞƚƚŝ͘

/ůŽŶƐŝŐůŝŽĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞƉƵž͕ƉĞƌƐŝŶŐŽůŝĂƚƚŝŽĐĂƚĞŐŽƌŝĞĚ ŝĂƚƚŝ͕ƌŝůĂƐĐŝĂƌĞƉƌŽĐƵƌĞ͕ĐŽŶůĂƌĞůĂƚŝǀĂĨĂĐŽůƚăĚŝ

ĨŝƌŵĂ͕ĂŶĐŚĞĂƉĞƌƐŽŶĞĞƐƚƌĂŶĞĞĂůůĂ^ŽĐŝĞƚă͘

/ůŽŶƐŝŐůŝŽĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞƉƵžĂƵƚŽƌŝnjnjĂƌĞŝůƉĞƌƐŽŶĂůĞĚĞůůĂ^ŽĐŝ ĞƚăĂĨŝƌŵĂƌĞ͕ĚŝŶŽƌŵĂĐŽŶŐŝƵŶƚĂŵĞŶƚĞ͕

ŽǀǀĞƌŽ͕ƉĞƌƋƵĞůůĞĐĂƚĞŐŽƌŝĞĚŝĂƚƚŝĚĂůůŽƐƚĞƐƐŽŽŶƐŝŐůŝŽĚĞƚĞƌŵŝŶĂƚĞ͕ĂŶĐŚĞƐ ŝŶŐŽůĂƌŵĞŶƚĞ͘

/ů WƌĞƐŝĚĞŶƚĞ ĚĞů ŽŶƐŝŐůŝŽ Ěŝ ŵŵŝŶŝƐƚƌĂnjŝŽŶĞ ƉƵž ƌŝůĂƐĐŝĂƌĞ ƉƌŽĐƵƌĞ ƐƉĞ ĐŝĂůŝ͕ ĂŶĐŚĞ Ă ƉĞƌƐŽŶĞ ĞƐƚƌĂŶĞĞ ĂůůĂ ^ŽĐŝĞƚă͕ ƉĞƌ ůĂ ƐŽƚƚŽƐĐƌŝnjŝŽŶĞ Ěŝ ƐŝŶŐŽůŝ Ăƚƚŝ Ž ĐĂƚĞŐŽƌŝĞ Ěŝ Ăƚƚŝ͕ ĐŽŶƚƌĂƚƚŝ Ğ  ĚŽĐƵŵĞŶƚŝ ŝŶ ŐĞŶĞƌĞ ƌĞůĂƚŝǀŝ ĂĚ

ŽƉĞƌĂnjŝŽŶŝĚĞĐŝƐĞĚĂŐůŝKƌŐĂŶŝĐŽŵƉĞƚĞŶƚŝĚĞůůĂ^ŽĐŝĞƚăŵĞĚĞƐŝŵĂ͘

ŶĂůŽŐĂ ĨĂĐŽůƚă ĐŽŵƉĞƚĞ͕ ŶĞůů͛ĂŵďŝƚŽ ĚĞŝ ƉŽƚĞƌŝ ĐŽŶĨĞƌŝƚŝ͕ Ăů ŽŶƐŝŐůŝĞƌĞ ĞůĞŐĂƚŽ Ğ ŝƌĞƚƚŽƌĞ 'ĞŶĞƌĂůĞ

ŶĞůů͛ĂŵďŝƚŽĚĞůůĞ ƐƵĞĨƵŶnjŝŽŶŝĞĐŽŵƉĞƚĞŶnjĞ͘



ƌƚŝĐŽůŽϮϯ͘ŽŵŝƚĂƚŽƉĞƌŝůŽŶƚƌŽůůŽƐƵůůĂ'ĞƐƚŝŽŶĞ͘



Ϯϯ͘ϭ͘Ͳ&ƵŶnjŝŽŶŝ͘

/ůŽŵŝƚĂƚŽƐǀŽůŐĞŝĐŽŵƉŝƚŝĂƐƐĞŐŶĂƚŝĚĂůůĂŶŽƌŵĂƚŝǀĂǀŝŐĞŶƚĞ Ăůů͛ŽƌŐĂŶŽĚŝĐŽŶƚƌŽůůŽ͘ 

/ŶƚĂůĞĂŵďŝƚŽŝůŽŵŝƚĂƚŽ͗

ĂͿ ǀŝŐŝůĂ ƐƵůů͛ŽƐƐĞƌǀĂŶnjĂ ĚĞůůĞ ŶŽƌŵĞ Ěŝ ůĞ ŐŐĞ͕ ƌĞŐŽůĂŵĞŶƚĂƌŝ Ğ ƐƚĂƚƵƚĂƌŝĞ Ğ ƐƵů ƌŝƐƉĞƚƚŽ ĚĞŝ ƉƌŝŶĐŝƉŝ Ěŝ

ĐŽƌƌĞƚƚĂĂŵŵŝŶŝƐƚƌĂnjŝŽŶĞ͖

ďͿ ǀŝŐŝůĂ ƐƵůů͛ĂĚĞŐƵĂƚĞnjnjĂ ͕ĞĨĨŝĐŝĞŶnjĂ͕ĨƵŶnjŝŽŶĂůŝƚăĚĞůůĂƐƚƌƵƚƚƵƌĂŽƌŐĂŶŝnjnjĂƚŝǀĂĚĞůůĂƐŽĐŝĞƚă ĞĚĞůƐŝƐƚĞŵĂ Ěŝ ĐŽŶƚƌŽůůŽ ŝŶƚĞƌŶŽ͕ ŶŽŶĐŚĠ ĚĞů ƐŝƐƚĞŵĂ ĂŵŵŝŶŝƐƚƌĂƚŝǀŽ Ğ ĐŽŶƚĂďŝůĞ Ğ Ɛ ƵůůĂ ƐƵĂ ŝĚŽŶĞŝƚă Ă ƌĂƉƉƌĞƐĞŶƚĂƌĞ

ĐŽƌƌĞƚƚĂŵĞŶƚĞŝĨĂƚƚŝĚŝŐĞƐƚŝŽŶĞ͕ŝůƚƵƚƚŽĂŶĐŚĞŝŶƌĞůĂnjŝŽŶĞĂů'ƌƵƉƉŽĐŚĞĨĂĐĂƉŽĂůů Ă^ŽĐŝĞƚă͖

ĐͿ ĂĐĐĞƌƚĂ ů͛ĞĨĨŝĐĂĐŝĂ Ěŝ ƚƵƚƚĞ ůĞ ƐƚƌƵƚƚƵƌĞ Ğ ůĞ ĨƵŶnjŝŽŶŝ ĐŽŝŶǀŽůƚĞ ŶĞů Ɛŝ ƐƚĞŵĂ ĚĞŝ ĐŽŶƚƌŽůůŝ Ğ ů͛ĂĚĞŐƵĂƚŽ

ĐŽŽƌĚŝŶĂŵĞŶƚŽĚĞůůĞŵĞĚĞƐŝŵĞ͕ƉƌŽŵƵŽǀĞŶĚŽŐůŝŝŶƚĞƌǀĞŶƚŝĐŽƌƌĞƚƚŝǀŝĚĞůůĞĐĂ ƌĞŶnjĞĞĚĞůůĞŝƌƌĞŐŽůĂƌŝƚăƌŝůĞǀĂƚĞ͖

ĚͿ ğƐƉĞĐŝĨŝĐĂŵĞŶƚĞƐĞŶƚŝƚŽ͕ŽůƚƌĞĐŚĞŝŶŵĞƌŝƚŽĂůůĞĚĞĐŝƐŝŽŶŝƌŝŐ ƵĂƌĚĂŶƚŝůĂŶŽŵŝŶĂĞůĂƌĞǀŽĐĂĚĞůŝƌŝŐĞŶƚĞ

ƉƌĞƉŽƐƚŽĂůůĂƌĞĚĂnjŝŽŶĞĚĞŝĚŽĐƵŵĞŶƚŝĐŽŶƚĂďŝůŝƐŽĐŝĞƚĂƌŝĞůĂŶŽŵ ŝŶĂĞůĂƌĞǀŽĐĂ͕ƐƵƉƌŽƉŽƐƚĂĚĞůŽŵŝƚĂƚŽZŝƐĐŚŝ͕

ĚĞŝ ƌĞƐƉŽŶƐĂďŝůŝ ĚĞůůĞ ĨƵŶnjŝŽŶŝ ĂnjŝĞŶĚĂůŝ Ěŝ ĐŽŶƚƌŽůůŽ ĐŽŵĞ ĚĞĨ ŝŶŝƚĞ ĚĂůůĂ ŶŽƌŵĂƚŝǀĂ Ěŝ ǀŝŐŝůĂŶnjĂ͕ ĂŶĐŚĞ ƐƵůůĂ

ĚĞĨŝŶŝnjŝŽŶĞĚĞŐůŝĞůĞŵĞŶƚŝĞƐƐĞŶnjŝĂůŝĚĞůů͛ĂƌĐŚŝƚĞƚƚƵƌĂĐŽŵƉůĞƐƐŝǀ ĂĚĞůƐŝƐƚĞŵĂĚĞŝĐŽŶƚƌŽůůŝ;ƉŽƚĞƌŝ͕ƌĞƐƉŽŶƐĂďŝůŝƚă͕

ƌŝƐŽƌƐĞ͕ĨůƵƐƐŝŝŶĨŽƌŵĂƚŝǀŝ͕ŐĞƐƚŝŽŶĞĚĞŝĐŽŶĨůŝƚƚŝĚŝŝŶƚĞƌĞƐƐĞͿ͖

ĞͿ ǀŝŐŝůĂ ƐƵůůĞ ŵŽĚĂůŝƚă Ěŝ ĐŽŶĐƌĞƚĂ ĂƚƚƵĂnjŝŽŶĞ ĚĞůůĞ ƌĞŐŽůĞ Ěŝ ŐŽǀĞ ƌŶŽ ƐŽĐŝĞƚĂƌŝŽ ƉƌĞǀŝƐƚĞ ĚĂ ĐŽĚŝĐŝ Ěŝ ĐŽŵƉŽƌƚĂŵĞŶƚŽ ƌĞĚĂƚƚŝ ĚĂ ƐŽĐŝĞƚă Ěŝ ŐĞƐƚŝŽŶĞ Ěŝ ŵĞƌĐĂƚŝ ƌĞŐŽůĂŵĞŶƚĂƚŝ Ž  ĚĂ ĂƐƐŽĐŝĂnjŝŽŶŝ Ěŝ ĐĂƚĞŐŽƌŝĂ ĐƵŝ ůĂ

^ŽĐŝĞƚă͕ŵĞĚŝĂŶƚĞŝŶĨŽƌŵĂƚŝǀĂĂůƉƵďďůŝĐŽ͕ĚŝĐŚŝĂƌŝĚŝĂƚƚĞŶĞƌƐŝ͖

ĨͿ ƉƌŽƉŽŶĞĂů ů͛ƐƐĞŵďůĞĂ ůĂƐŽĐŝĞƚăĚŝƌĞǀŝƐŝŽŶĞĐƵŝĂƚƚƌŝďƵŝƌĞůĂƌĞǀŝƐŝŽŶĞůĞŐĂůĞĚĞŝĐŽŶƚŝĞŝůĐŽƌƌŝƐ ƉĞƚƚŝǀŽ ƉĞƌ ůĞ ƌĞůĂƚŝǀĞ ƉƌĞƐƚĂnjŝŽŶŝ ͕ ŶĞ ǀŝŐŝůĂ ů͛ŽƉĞƌĂƚŽ Ğ ŝŶƚƌĂƚƚŝĞŶĞ ĐŽŶ ĞƐƐĂ ŝ ĚĂƚŝ Ğ ůĞ ŝŶĨŽƌŵĂnj ŝŽŶŝ ƌŝůĞǀĂŶƚŝ ƉĞƌ

ů͛ĞƐƉůĞƚĂŵĞŶƚŽĚĞŝƌŝƐƉĞƚƚŝǀŝĐŽŵƉŝƚŝ͖ 

ŐͿĞƐĞƌĐŝƚĂŝĐŽŵƉŝƚŝĂƐƐĞŐŶĂƚŝĚĂů ů͛Ăƌƚ͘ϭϵĚĞů ͘>ŐƐ͘ϮϳŐĞŶŶĂŝŽϮϬϭϬ͕Ŷ͘ϯϵĂůĐŽŵŝƚĂƚŽƉĞƌŝůĐŽŶƚƌŽůůŽĞůĂ

ƌĞǀŝƐŝŽŶĞĐŽŶƚĂďŝůĞ͖



    ϯϬŚͿ ƌŝĨĞƌŝƐĐĞ ƚĞŵƉĞƐƚŝǀĂŵĞŶƚĞ Ăůů͛ĂƵƚŽƌŝƚă Ěŝ ǀŝŐŝůĂŶnjĂ Ğ ĂůůĂ ŽŶƐŽď ŝŶ ŵĞƌŝƚŽ Ă ŝƌƌĞŐŽůĂƌŝƚă ŐĞƐƚŝŽŶĂůŝ Ž ǀŝŽůĂnjŝŽŶŝĚĞůůĂŶŽƌŵĂƚŝǀĂ͕ĂŝƐĞŶƐŝĚĞůů͛Ăƌƚ͘ϱϮ͕ϭΣĐŽŵŵĂ ͕ĚĞů͘>ŐƐ͘ϭΣƐĞƚƚĞŵďƌĞϭϵϵϯ͕Ŷ͘ϯϴϱ ĞĚĞůů͛Ăƌƚ͘ϭϰϵ͕

ĐŽŵŵŝϯĞϰͲƚĞƌ͕ĚĞů͘>ŐƐ͘ϮϰĨĞďďƌĂŝŽϭϵϵϴ͕Ŷ͘ϱϴ͖

ŝͿ ƉƌĞƐĞŶƚĂůĂĚĞŶƵŶĐŝĂĂůůĂĂŶĐĂĚ͛/ƚĂůŝĂĂŝƐĞŶƐŝĚĞůů͛Ăƌƚ͘ϳϬ͕ĐŽŵŵĂƐĞƚƚŝ ŵŽ͕͘ >ŐƐ͘ϭΣƐĞƚƚĞŵďƌĞϭϵϵϯ͕

Ŷ͘ϯϴϱ͖

ũͿ ƌŝĨĞƌŝƐĐĞ ƐƵůů͛Ăƚƚŝǀŝƚă Ěŝ ǀŝŐŝůĂŶnjĂ ƐǀŽůƚĂ͕ ƐƵůůĞ ŽŵŝƐƐŝŽŶŝ  Ğ ƐƵŝ ĨĂƚƚŝ ĐĞŶƐƵƌĂďŝůŝ ƌŝůĞǀĂƚŝ Ăůů͛ƐƐĞŵďůĞĂ

ĐŽŶǀŽĐĂƚĂƉĞƌů͛ĂƉƉƌŽǀĂnjŝŽŶĞĚĞůďŝůĂŶĐŝŽĚŝĞƐĞƌĐŝnjŝŽ͖ 

ŬͿ ƉƌĞǀŝĂ ĐŽŵƵŶŝĐĂnjŝŽŶĞ Ăů WƌĞƐŝĚĞŶƚĞ ĚĞů ŽŶƐŝŐůŝŽ Ěŝ ŵŵŝŶŝƐƚƌĂnjŝŽŶĞ͕ ĐŽŶǀŽĐĂ ů͛ƐƐĞŵďůĞĂ͕ ƋƵĂůŽƌĂ

ŶĞůů͛ĞƐƉůĞƚĂŵĞŶƚŽ ĚĞů ƐƵŽ ŝŶĐĂƌŝĐŽ ƌĂǀǀŝƐŝ ĨĂƚƚŝ ĐĞŶƐƵƌĂďŝůŝ Ěŝ ƌŝůĞǀĂŶƚĞ ŐƌĂǀŝƚă Ğ ǀŝ ƐŝĂ ƵƌŐĞŶƚĞ ŶĞĐĞƐƐŝƚă Ěŝ

ƉƌŽǀǀĞĚĞƌĞĞŶĞŐůŝĂůƚƌŝĐĂƐŝƉƌĞǀŝƐƚŝĚĂů ů͛ƌƚŝĐŽůŽϴ͘Ϯ͖

ůͿ ĞƐƉƌŝŵĞƉĂƌĞƌŝŶĞŝĐĂƐŝŝŶĐƵŝůĂŶŽƌŵĂƚŝǀĂǀŝŐĞŶƚĞƐƵůů͛Ž ƌŐĂŶŽĚŝĐŽŶƚƌŽůůŽůŽƌŝĐŚŝĞĚĂ͖ ŵͿ ƐǀŽůŐĞ͕ŝŶĐŽĞƌĞŶnjĂĐŽŶůĂƉƌŽƉƌŝĂĨƵŶnjŝŽŶĞĚŝĐŽŶƚƌŽůůŽ͕ŐůŝƵůƚĞƌŝŽ ƌŝĐŽŵƉŝƚŝĂĨĨŝĚĂƚŝŐůŝĚĂůŽŶƐŝŐůŝŽĚŝ

ŵŵŝŶŝƐƚƌĂnjŝŽŶĞ͕ŽǀǀĞƌŽůĞĂƚƚŝǀŝƚăƌŝĐŚŝĞƐƚĞŐůŝĚĂůWƌĞƐŝĚĞŶƚĞĚĞůŽŶ ƐŝŐůŝŽƐƚĞƐƐŽ ƉĞƌŝĨŝŶŝĞŶĞůů͛ĂŵďŝƚŽĚĞůůĞ

ĂƚƚƌŝďƵnjŝŽŶŝĚŝĐƵŝĂůů͛ ƌƚŝĐŽůŽϭϵĚĞůůŽ^ƚĂƚƵƚŽ͘

/ůŽŵŝƚĂƚŽƐŝĐŽŽƌĚŝŶĂĐŽŶŝůŝƌŝŐĞŶƚĞƉƌĞƉŽƐƚŽĂůůĂƌĞĚĂnjŝŽŶĞĚĞŝĚ ŽĐƵŵĞŶƚŝĐŽŶƚĂďŝůŝƐŽĐŝĞƚĂƌŝĞĐŽŶŝůŽŵŝƚĂƚŽ

ZŝƐĐŚŝƉĞƌŐůŝĞƐƉůĞƚĂŵĞŶƚŝĞůĞŝŶĨŽƌŵĂƚŝǀĞĚŝĐŽŶŐŝƵŶƚŽŝŶƚĞƌĞƐƐĞ͘



Ϯϯ͘Ϯ͘ͲKƌŐĂŶŝnjnjĂnjŝŽŶĞ͘

/ůŽŵŝƚĂƚŽĚĞƚĞƌŵŝŶĂŝůƉƌŽƉƌŝŽƌĞŐŽůĂŵĞŶƚŽĚŝĨƵŶnjŝŽŶĂŵĞŶƚŽ͕ƉƌĞǀŝŽĞƐĂŵĞĞƉĂƌ ĞƌĞĚĂƉĂƌƚĞĚĞůŽŶƐŝŐůŝŽĚŝ

ŵŵŝŶŝƐƚƌĂnjŝŽŶĞ͘

/ů ŽŵŝƚĂƚŽ ğ ƌĞŐŽůĂƌŵĞŶƚĞ ĐŽƐƚŝƚƵŝƚŽ ĐŽŶ ůĂ ƉƌĞƐĞŶnjĂ ĚĞůůĂ ŵĂŐŐŝŽƌĂŶnjĂ ĚĞ ŝ ĐŽŵƉŽŶĞŶƚŝ Ğ ĚĞůŝďĞƌĂ Ă

ŵĂŐŐŝŽƌĂŶnjĂĚĞŝƉƌĞƐĞŶƚŝ͘

>ĞƌŝƵŶŝŽŶŝĚĞůŽŵŝƚĂƚŽƉŽƐƐŽŶŽƐǀŽůŐĞƌƐŝĂŶĐŚĞĐŽŶŵĞnjnjŝĚŝĐŽůůĞŐĂŵĞŶƚŽĂĚŝƐƚĂŶnjĂ ƐĞĐŽŶĚŽƋƵĂŶƚŽƉƌĞǀŝƐƚŽ

ĚĂůůŽ^ƚĂƚƵƚŽƉĞƌůĞƌŝƵŶŝŽŶŝĐŽŶƐŝůŝĂƌŝ͘/ŶƚĂůĐĂƐŽ͕ůĂƌŝƵŶŝŽŶĞĚĞ ůŽŵŝƚĂƚŽƐŝĐŽŶƐŝĚĞƌĂƚĞŶƵƚĂŶĞůůƵŽŐŽŝŶĐƵŝƐŝ

ƚƌŽǀĂŝůWƌĞƐŝĚĞŶƚĞ͘ 



Ϯϯ͘ϯ͘ͲZĂƉƉŽƌƚŝĐŽŶůĂƐŽĐŝĞƚăĚŝƌĞǀŝƐŝŽŶĞůĞŐĂůĞĞĐŽŶŝƉƌĞƉŽƐƚŝĂůĐŽŶƚƌŽůůŽ ŝŶƚĞƌŶŽ͘

/ƌĞƐƉŽŶƐĂďŝůŝĚĞůůĞĨƵŶnjŝŽŶŝĞƐƚƌƵƚƚƵƌĞĚŝĐŽŶƚƌŽůůŽŝŶƚĞƌŶŽƌŝĨĞƌŝ ƐĐŽŶŽĂŶĐŚĞĂůŽŵŝƚĂƚŽŝĚĂƚŝĞůĞŝŶĨŽƌŵĂnjŝŽŶŝ

ƌŝůĞǀĂŶƚŝ͕ĚŝƉƌŽƉƌŝĂŝŶŝnjŝĂƚŝǀĂŽƐƵƌŝĐŚŝĞƐƚĂĂŶĐŚĞĚŝƵŶŽƐŽůŽ ĚĞŝƐƵŽŝĐŽŵƉŽŶĞŶƚŝ͘>ĞƌĞůĂnjŝŽŶŝĚĞůůĞĨƵŶnjŝŽŶŝ

ĂnjŝĞŶĚĂůŝĚŝĐŽŶƚƌŽůůŽĚĞǀŽŶŽĞƐƐĞƌĞĚŝƌĞƚƚĂŵĞŶƚĞƚƌĂƐŵĞƐƐĞĚĂŝƌĞƐ ƉŽŶƐĂďŝůŝĚĞůůĞƌŝƐƉĞƚƚŝǀĞĨƵŶnjŝŽŶŝĂŶĐŚĞĂů

ŽŵŝƚĂƚŽ͘



Ϯϯ͘ϰ͘ ͲZĂĐĐŽƌĚŽĚŝ'ƌƵƉƉŽ͘

/ůŽŵŝƚĂƚŽŽƉĞƌĂŝŶƐƚƌĞƚƚŽƌĂĐĐŽƌĚŽĐŽŶŐůŝŽƌŐĂŶŝĚŝĐŽŶƚƌŽůůŽĚĞůůĞƐŽĐŝĞ ƚăĐŽŶƚƌŽůůĂƚĞ͕ƉƌŽŵƵŽǀĞŶĚŽĂŶĐŚĞŝů

ƚĞŵƉĞƐƚŝǀŽƐĐĂŵďŝŽĚŝŽŐŶŝŝŶĨŽƌŵĂnjŝŽŶĞƵƚŝůĞ͘

   

   

ϯϭϮϯ͘ϱ͘ͲWŽƚĞƌŝĚĞůŽŵŝƚĂƚŽ͘

^ƉĞƚƚĂŶŽĂůŽŵŝƚĂƚŽŽĂƐŝŶŐŽůŝƐƵŽŝĐŽŵƉŽŶĞŶƚŝŶĞŝůŝŵŝƚŝĞƐĞĐŽŶĚŽů ĞŵŽĚĂůŝƚăĐŽŶƐĞŶƚŝƚĞ ĚĂůů͛Ăƌƚ͘ϭϱϭ ͲƚĞƌĚĞů ͘>ŐƐ͘ϮϰĨĞďďƌĂŝŽϭϵϵϴ͕Ŷ͘ϱϴ͗ ŸŝƉŽƚĞƌŝĚŝƌŝĐŚŝĞƐƚĂĚŝŶŽƚŝnjŝĞĞŝŶĨŽƌŵĂnjŝŽŶŝĂŐůŝĂůƚƌŝŵŵ ŝŶŝƐƚƌĂƚŽƌŝŽĂŐůŝ

KƌŐĂŶŝĚŝĂŵŵŝŶŝƐƚƌĂnjŝŽŶĞĞĚŝĐŽŶƚƌŽůůŽĚĞůůĞƐŽĐŝĞƚăĐŽŶƚƌŽůůĂƚĞ͕ĨĞƌŵ ŽƌĞƐƚĂŶĚŽĐŚĞƚĂůŝŝŶĨŽƌŵĂnjŝŽŶŝƐŽŶŽ

ĨŽƌŶŝƚĞĂƚƵƚƚŝŝĐŽŵƉŽŶĞŶƚŝĚĞůŽŵŝƚĂƚŽŵĞĚĞƐŝŵŽ͖ ŸŸŝůƉŽƚĞƌĞĚŝƌŝĐŚŝĞĚĞƌĞĂůWƌĞƐŝĚĞŶƚĞĚĞůŽŵŝƚĂƚŽůĂ

ĐŽŶǀŽĐĂnjŝŽŶĞĚĞůŽŵŝƚĂƚŽƐƚĞƐƐŽŝŶĚŝĐĂŶĚŽŐůŝĂƌŐŽŵĞŶƚŝĚĂƚƌĂƚƚĂƌĞ͖ ŸŸŸŝůƉŽƚĞƌĞ͕ƉƌĞǀŝĂĐŽŵƵŶŝĐĂnjŝŽŶĞĂů

WƌĞƐŝĚĞŶƚĞ ĚĞů ŽŶƐŝŐůŝŽ Ěŝ ŵŵŝŶŝƐƚƌĂnjŝŽŶĞ Ěŝ ĐŽŶǀŽĐĂƌĞ ŝů ŽŶƐŝŐůŝŽ Ěŝ  ŵŵŝŶŝƐƚƌĂnjŝŽŶĞ ĞĚ ĂǀǀĂůĞƌƐŝ Ěŝ

ĚŝƉĞŶĚĞŶƚŝ ĚĞůůĂ ƐŽĐŝĞƚă ƉĞƌ ů͛ĞƐƉůĞƚĂŵĞŶƚŽ ĚĞůůĞ ƉƌŽƉƌŝĞ ĨƵŶ njŝŽŶŝ ͘ů ŽŵŝƚĂƚŽ ƐƉĞƚƚĂ ĂůƚƌĞƐŞ ŝů ƉŽƚĞƌĞ Ěŝ

ƉƌŽĐĞĚĞƌĞŝŶƋƵĂůƐŝĂƐŝŵŽŵĞŶƚŽ͕ĂŶĐŚĞĂƚƚƌĂǀĞƌƐŽƵŶĐŽŵƉŽŶĞŶƚĞĂƉƉŽƐŝƚĂŵĞŶƚĞĚĞ ůĞŐĂƚŽ͕ĂĚĂƚƚŝĚŝŝƐƉĞnjŝŽŶĞ

ĞĚŝĐŽŶƚƌŽůůŽ͕ŶŽŶĐŚĠƐĐĂŵďŝĂƌĞŝŶĨŽƌŵĂnjŝŽŶŝĐŽŶŝĐŽƌƌŝƐƉŽŶĚĞŶƚŝKƌŐĂŶŝĚŝ ^ŽĐŝĞƚăĐŽŶƚƌŽůůĂƚĞŝŶŵĞƌŝƚŽĂŝ

ƐŝƐƚĞŵŝĚŝĂŵŵŝŶŝƐƚƌĂnjŝŽ ŶĞĞĐŽŶƚƌŽůůŽĞĚĂůů͛ĂŶĚĂŵĞŶƚŽŐĞŶĞƌĂůĞĚĞůů͛ĂƚƚŝǀŝƚăƐŽĐŝĂůĞ͘  

ƌƚŝĐŽůŽϮϰ͘ŽŵŝƚĂƚŝŽŶƐŝůŝĂƌŝŽďďůŝŐĂƚŽƌŝ͘



/ůŽŶƐŝŐůŝŽĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞĐŽƐƚŝƚƵŝƐĐĞĂůƉƌŽƉƌŝŽŝŶƚĞƌŶŽƵŶŽŵŝƚĂƚŽ EŽŵŝŶĞ͕ƵŶŽŵŝƚĂƚŽZĞŵƵŶĞƌĂnjŝŽŶŝ

ĞƵŶŽŵŝƚĂƚŽZŝƐĐŚŝ͘

ŝĂƐĐƵŶ ŽŵŝƚĂƚŽ ğ ĐŽŵƉŽƐƚŽ ĚĂ ƵŶ ŵŝŶŝŵŽ Ěŝ ƚƌĞ ĂĚ ƵŶ ŵĂƐƐŝŵŽ Ěŝ Đŝ ŶƋƵĞ  ŽŶƐŝŐůŝĞƌŝ ŶŽŶ ĞƐĞĐƵƚŝǀŝ Ğ ŝŶ

ŵĂŐŐŝŽƌĂŶnjĂ/ŶĚŝƉĞŶĚĞŶƚŝ͘

/ůŽŶƐŝŐůŝĞƌĞŶŽŵŝŶĂƚŽƉƌĞƐŝĚĞŶƚĞĚŝƵŶŽŵŝƚĂƚŽŶŽŶƉƵžƌŝĐŽƉƌŝƌĞů ĂĐĂƌŝĐĂĚŝƉƌĞƐŝĚĞŶƚĞĚŝĂůƚƌŽŽŵŝƚĂƚŽĚŝ

ŶŽŵŝŶĂĐŽŶƐŝůŝĂƌĞ͘

^ŽŶŽ ĂůƚƌĞƐŞ ĐŽƐƚŝƚƵŝƚŝ ĚĂů ŽŶƐŝŐůŝŽ Ěŝ ŵŵŝŶŝƐƚƌĂnjŝŽŶĞ Őůŝ Ăůƚƌŝ ĐŽŵŝƚĂƚŝ  ƌĞƐŝ ŽďďůŝŐĂƚŽƌŝ ƐĞĐŽŶĚŽ ůĂ ĚŝƐĐŝƉůŝŶĂ

ǀŝŐĞŶƚĞ͘



ƌƚŝĐŽůŽϮϱ͘ŽŵŝƚĂƚŽEŽŵŝŶĞ͘



/ůŽŵŝƚĂƚŽEŽŵŝŶĞƐǀŽůŐĞĨƵŶnjŝŽŶŝŝƐƚƌƵƚƚŽƌŝĞĞĐŽŶƐƵůƚŝǀĞĂƐƵƉ ƉŽƌƚŽĚĞůŽŶƐŝŐůŝŽĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞŝŶŵĞƌŝƚŽ

ĂůůĂŶŽŵŝŶĂĚĞŝĐŽŵƉŽŶĞŶƚŝĞĂůůĂĐŽŵƉŽƐŝnjŝŽŶĞĚĞůŽŶƐŝŐůŝŽĚŝŵ ŵŝŶŝƐƚƌĂnjŝŽŶĞ͕ƋƵĂŶĚŽĞƐƐĂƐƉĞƚƚŝĂůŽŶƐŝŐůŝŽ

ƐƚĞƐƐŽ͕ĞƐǀŽůŐĞŐůŝƵůƚĞƌŝŽƌŝĐŽŵƉŝƚŝĂĚĞƐƐŽĂƚƚƌŝďƵŝƚŝĚĂůůĂŶŽƌŵ ĂƚŝǀĂǀŝŐĞŶƚĞŽĚĂůŽŶƐŝŐůŝŽĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞ͘



ƌƚŝĐŽůŽϮϲ͘ŽŵŝƚĂƚŽZĞŵƵŶĞƌĂnjŝŽŶŝ͘



/ů ŽŵŝƚĂƚŽ ZĞŵƵŶĞƌĂnjŝŽŶŝ ŚĂ ĨƵŶnjŝŽŶŝ ƉƌŽƉŽƐŝƚŝǀĞ Ğ ĐŽŶƐƵůƚŝǀĞ ŝ Ŷ ŵĞƌŝƚŽ  Ăŝ ĐŽŵƉĞŶƐŝ Ğ Ăŝ ƐŝƐƚĞŵŝ Ěŝ

ƌĞŵƵŶĞƌĂnjŝŽŶĞĞĚŝŝŶĐĞŶƚŝǀĂnjŝŽŶĞĞƐǀŽůŐĞŐůŝƵůƚĞƌŝŽƌŝĐŽŵƉŝƚŝĂĚ ĞƐƐŽĂƚƚƌŝďƵŝƚŝĚĂůůĂŶŽƌŵĂƚŝǀĂǀŝŐĞŶƚĞĞĚĂů

ŽŶƐŝŐůŝŽĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞ͘



ƌƚŝĐŽůŽϮϳ͘ŽŵŝƚĂƚŽZŝƐĐŚŝ͘



/ůŽŵŝƚĂƚŽZŝƐĐŚŝƐǀŽůŐĞŝĐŽŵƉŝƚŝĂĚĞƐƐŽĂƚƚƌŝďƵŝƚŝĚĂůůĂŶŽƌŵĂƚŝǀĂǀŝ ŐĞŶƚĞĞĚĂůŽŶƐŝŐůŝŽĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞ͘



   

ϯϮƌƚŝĐŽůŽϮϴ͘ůƚƌŝŽŵŝƚĂƚŝ͘



/ůŽŶƐŝŐůŝŽĚŝŵŵŝŶŝƐƚƌĂnjŝŽŶĞƉƵžŝƐƚŝƚƵŝƌĞĂůƚƌŝŽŵŝƚĂƚŝĐŽŶĐŽŵƉŝƚŝ ŝƐƚƌƵƚƚŽƌŝĞĐŽŶƐƵůƚŝǀŝ͕ƉĞƌŵĂŶĞŶƚŝŽĂ

ĚƵƌĂƚĂ ůŝŵŝƚĂƚĂ͕ ĚĞƚĞƌŵŝŶĂŶĚŽŶĞ ǀŽůƚĂ ƉĞƌ ǀŽůƚĂ ůĞ ĨƵŶnjŝŽŶŝ͕ ƐĐĞŐů ŝĞŶĚŽŶĞ ŝ ĐŽŵƉŽŶĞŶƚŝ ƚƌĂ ŝ ŽŶƐŝŐůŝĞƌŝ Ğ ĚĞƚĞƌŵŝŶĂŶĚŽŶĞůĂƌĞŵƵŶĞƌĂnjŝŽŶĞ ͕ŝŶĐŽĞƌĞŶnjĂĐŽŶůĞƉŽůŝƚŝĐŚĞĚŝƌĞŵƵŶĞƌĂnjŝŽŶĞĂƉƉƌŽǀĂƚĞĚĂůů͛ƐƐĞŵďůĞĂ ͘  

d/dK>Ks/

/>E/K ʹhd/>/



ƌƚŝĐŽůŽϮϵ͘ŝůĂŶĐŝŽĞƵƚŝůŝ͘

 Ϯϵ͘ϭ͘ Ͳ>͛ĞƐĞƌĐŝnjŝŽƐŽĐŝĂůĞƐŝĐŚŝƵĚĞĂůϯϭĚŝĐĞŵďƌĞĚŝŽŐŶŝĂŶŶŽ͘   Ϯϵ͘Ϯ͘ Ͳ/ů ŽŶƐŝŐůŝŽ Ěŝ ŵŵŝŶŝƐƚƌĂnjŝŽŶĞ ĞƐĂŵŝŶĂ ĞĚ ĂƉƉƌŽǀĂ ŝů ƉƌŽŐĞƚƚŽ Ěŝ ďŝ ůĂŶĐŝŽ Ěŝ ĞƐĞƌĐŝnjŝŽ ĞĚ ŝů ďŝůĂŶĐŝŽ

ĐŽŶƐŽůŝĚĂƚŽ͕ŽƐƐĞƌǀĂƚĞůĞŶŽƌŵĞĚŝůĞŐŐĞ͘

 Ϯϵ͘ϯ͘ Ͳ>͛ƵƚŝůĞŶĞƚƚŽƌŝƐƵůƚĂŶƚĞĚĂůďŝůĂŶĐŝŽ͕ĚĞĚŽƚƚĞůĂƋƵŽƚĂĚĂĚĞƐƚŝŶĂƌ ĞĂƌŝƐĞƌǀĂůĞŐĂůĞĞůĂƋƵŽƚĂŶŽŶĚŝƐƉŽŶŝďŝůĞ

ŝŶŽƐƐĞƋƵŝŽĂŶŽƌŵĞĚŝůĞŐŐĞ͕ǀŝĞŶĞƌŝƉĂƌƚŝƚŽĐŽŵĞƐĞŐƵĞ͗

ĂͿ ĂƚƵƚƚĞůĞĂnjŝŽŶŝŽƌĚŝŶĂƌŝĞŶĞůůĂŵŝƐƵƌĂŝŶĐƵŝ ů͛ƐƐĞŵďůĞĂ ŶĞĚĞůŝďĞƌŝůĂĚŝƐƚƌŝďƵnjŝŽŶĞ͖ ďͿ ů͛ĞǀĞŶƚƵĂůĞƌŝŵĂŶĞŶnjĂĂůůĂƌŝƐĞƌǀĂƐƚƌĂŽƌĚŝŶĂƌŝĂŽĂĚĂůƚƌŝĨŽŶĚŝĚŝƌŝƐ ĞƌǀĂ͕ĨĞƌŵĂƌĞƐƚĂŶĚŽůĂƉŽƐƐŝďŝůŝƚă

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ƚƌĂŵŝƚĞů͛ŝƐƚŝƚƵnjŝŽŶĞĚŝƵŶĂƉƉŽƐŝƚ ŽĨŽŶĚŽ͘

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ƌƚŝĐŽůŽϯϬ͘ZĞǀŝƐŝŽŶĞůĞŐĂůĞĚĞŝĐŽŶƚŝ͘



>ĂƌĞǀŝƐŝŽŶĞůĞŐĂůĞĚĞŝĐŽŶƚŝğĞƐĞƌĐŝƚĂƚĂĚĂƵŶĂƐŽĐŝĞƚăĚŝƌĞǀŝƐŝ ŽŶĞĂǀĞŶƚĞŝƌĞƋƵŝƐŝƚŝĚŝůĞŐŐĞ͘/ůĐŽŶĨĞƌŝŵĞŶƚŽĞ

ůĂƌĞǀŽĐĂĚĞůůΖŝŶĐĂƌŝĐŽ͕ŝĐŽŵƉŝƚŝ͕ŝƉŽƚĞƌŝĞůĞƌĞƐƉŽŶƐĂďŝůŝƚăƐŽŶŽĚŝƐĐŝƉůŝŶĂƚŝ ĚĂůůĂůĞŐŐĞĞĚĂůůŽ^ƚĂƚƵƚŽ͘



   

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ƌƚŝĐŽůŽϯϭ͘ZĞĐĞƐƐŽ͘

 ϯϭ͘ϭ͘ Ͳ/ůĚŝƌŝƚƚŽĚŝƌĞĐĞƐƐŽğĂŵŵĞƐƐŽŶĞŝƐŽůŝĐĂƐŝŝŶĚĞƌŽŐĂďŝůŵĞŶƚĞƉƌĞ ǀŝƐƚŝĚĂůůĂůĞŐŐĞ͛͘ĞƐĐůƵƐŽŝůĚŝƌŝƚƚŽĚŝ ƌĞĐĞƐƐŽƉĞƌŝ^ŽĐŝĐŚĞŶŽŶŚĂŶŶŽĐŽŶĐŽƌƐŽĂůů͛ĂƉƉƌŽǀĂnjŝŽŶĞĚĞůůĞĚĞůŝďĞƌĂnjŝŽ ŶŝƌŝŐƵĂƌĚĂŶƚŝ͗ 

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ƌƚŝĐŽůŽϯϮ͘^ĐŝŽŐůŝŵĞŶƚŽ͘



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ƐƚĂďŝůŝƌăůĞŵŽĚĂůŝƚăĚŝůŝƋƵŝĚĂnjŝŽŶĞ͕ŶŽŵŝŶĂŶĚŽƵŶŽŽƉŝƶůŝƋƵŝĚ ĂƚŽƌŝ͘



ƌƚŝĐŽůŽϯϯ͘ZŝŶǀŝŽĂůůĞŶŽƌŵĞĚŝůĞŐŐĞ͘



WĞƌƚƵƚƚŽƋƵĂŶƚŽŶŽŶĚŝƐƉŽƐƚŽĚĂůůŽ^ƚĂƚƵƚŽƐŝĂƉƉůŝĐĂŶŽůĞĚŝƐƉŽƐŝnjŝŽŶŝĚŝůĞ ŐŐĞ͘