Via Roma, 12/14 • 87052 Camigliatello Silano (CS) Italy tel. e fax +39 0984 578125 • cell. +39 335 6689611 www.saperiesaporidicalabria.it • ladea1@alice.it
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Calocybe Gambosa 1RPH FRPXQH 3UXJQROR 1RPH GLDOHWWDOH 0LVFLDUXROX &DSSHOOR FP HPLVIHULFR SRL FRQYHVVR LQ¿QH SLDQR FRQYHVVR FDUQRVR FRQ LO PDUJLQH OLVFLR SULPD LQYROXWR SRL UHJRODUH RQGXODWR &XWLFROD IDFLOPHQWH DVSRUWDELOH VL SUHVHQWD OLVFLD H RSDFD DVFLXWWD TXDOFKH YROWD VFUHSRODWD GL FRORUH GD ELDQFR FUHPD D JLDOOR WDOYROWD JULJLR QRFFLROD ,PHQRIRUR ODPHOOH PROWR ¿WWH VWUHWWH LQWHUFDODWH GD ODPHOOXOH VPDUJLQDWH R HURVH DO JDPER QRQ DGHUHQWL DOOR VWHVVR ELDQFKH R FUHPD SDOOLGR *DPER WR]]R R VODQFLDWR FLOLQGULFR R OHJJHUPHQWH FODYDWR SUXL QRVR VSHFLDOPHQWH YHUVR OD SDUWH DOWD DVFLXWWR SLHQR SRL IDUFLWR GL FRORUH SULPD ELDQFR SRL FRORU FUHPD RFUDFHR DO SLHGH &DUQH ELDQFD R FUHPD VSHVVD LPPXWDELOH GD JLRYDQH VRGD FRQ O¶HWj PRUELGD 2GRUH FDUDWWHULVWLFR DEEDVWDQ]D DFFHQWXDWR GL SDQH IUHVFR R IDULQD IUHVFD VDSRUH JUDGHYROH +DELWDW FUHVFH LQ SULPDYHUD LQ OXRJKL HUERVL VLD ERVFKL FKH SUDWL )XQJR FRQ FUHVFLWD JUHJDULD FKH IRUPD FHUFKL SL R PHQR UHJRODUL R OXQJKH ¿OH &RPPHVWLEL OLWj PROWR ULFHUFDWR VL SUHVWD DOOD FRQVHUYD]LRQH VRWW¶ROLR G¶ROLYD R HVVLFFDWR 6SHFLH FRPPHUFLDELOH $WWHQ]LRQH D QRQ FRQIRQGHUOR FRQ LO IXQJR ,QRF\EH SDWRXLOODUGL FKH q XQD VSHFLH YHOHQRVD
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Hygrophorus Marzuolus 1RPH FRPXQH 'RUPLHQWH 0DU]DLXROR 1RPH GLDOHWWDOH 0DU]DLXDOX 0DU]DLXRGX 0DU]DLXDOX IXQJR FKH QDVFH DOOD ¿QH GHOO¶LQ YHUQR LQ PDU]R H DSULOH 'RUPLHQWH HVHPSODUL GL IXQJR DFFRVWDWL DO VXROR VRWWR JOL DJKL GL SLQR H OH IRJOLH DXWXQQDOL FKH VHPEUD VWLDQR GRUPHQGR &DSSHOOR FP SULPD FRQYHVVR SRL DSHUWR FDUQRVR VRGR H OLVFLR QRQ LJURIDQR H QRQ YLVFRVR FRQ PDUJLQH RQGXODWR KD XQ FRORUH FKH YD GDO ELDQFR DO JULJLR QHUDVWUR /DPHOOH ¿WWH YHQWULFRVH SRL PROWR VSD]LDWH FRQ TXDOFKH ODPHOOXOD GHFRUUHQWL H DWWHQXDWH VXO JDPER GL FRORUH SULPD ELDQFR SRL JULJLDVWUR *DPER FRUWR FDUQRVR H SLHQR GLULWWR R FXU YDWR SUXLQRVR YHUVR O¶DOWR ELDQFR GD JLRYDQH SRL FRQFRORUH D FDSSHOOR &DUQH VSHVVD PD WHQHUD ELDQFD JULJLDVWUD VRWWR OD FXWLFROD GHO FDSSHOOR VDSRUH GROFH SULYD GL RGRUH +DELWDW GLIIXVR VL WURYD GD IHEEUDLR D PDJJLR LQ ERVFKL GL ODWLIRJOLH H PLVWL FRSLRVR LQ ERVFKL GL IDJJL VSHVVR QDVFRVWR VRWWR IRJOLH PRUWH R PXVFKLR &RPPHVWLELOLWj q FRQVLGHUDWR WUD L PLJOLRUL IXQJKL FRPPHVWLELOL 2WWLPR VRWW¶ROLR G¶ROLYD SHU VTXLVLWL DQWLSDVWL 6SHFLH FRPPHUFLDELOH VLD IUHVFD FKH FRQVHUYDWD R WUDVIRUPDWD
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0DJD 0D JDUD UD + +RW RWHO HOO JR JRPL PLLWL WL DDOO OOD )ROOHWWWR WR
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D , ZKE/ > Z 'i KE D / > E ZK / > Z/ /ŶŐƌĞĚŝĞŶƟ ƉĞƌ ϰͬϲ ƉĞƌƐŽŶĞ͗ ϱϬϬ Ő Ěŝ ŵĂĐĐŚĞƌŽŶŝ͕ ϲϬϬ Ő Ěŝ ĐĂƌŶĞ ŵŝƐƚĂ Ěŝ ŵĂŝĂůĞ EĞƌŽ Ěŝ ĂůĂďƌŝĂ͕ ϳϬϬ Ő Ěŝ ƉŽŵŽĚŽƌŝ ƉĞůĂƟ͕ ϭ ĐŝƉŽůůĂ͕ ϭ ĐĂƌŽƚĂ͕ ϭ ŐĂŵďŽ Ěŝ ƐĞĚĂŶŽ͕ Ϯ ƐƉŝĐĐŚŝ Ě͛ĂŐůŝŽ͕ Ъ ďŝĐĐŚŝĞƌĞ Ěŝ ǀŝŶŽ ƌŽƐƐŽ͕ ϲϬ Ő Ěŝ ƉĞĐŽƌŝŶŽ ŐƌĂƩƵŐŝĂƚŽ͕ ƐĂůĞ Ğ ŽůŝŽ Ě͛ŽůŝǀĂ͘ >ĂǀĂƚĞ Ğ ƚĂŐůŝĂƚĞ Ă ŐƌŽƐƐŝ ƉĞnjnjŝ ůĂ ĐĂƌŶĞ Ěŝ ŵĂŝĂůĞ͘ /Ŷ ƵŶ ƚĞŐĂŵĞ͕ ĐŽŶ Ě͛ŽůŝŽ Ě͛ŽůŝǀĂ͕ ŵĞƩĞƚĞ ƚƵƫ Őůŝ ŽĚŽƌŝ ůĂǀĂƟ Ğ ƚƌŝƚĂƟ ĮŶĞŵĞŶƚĞ͘ YƵĂŶĚŽ ŝů ƚƌŝƚĂƚŽ ƐĂƌă ďĞŶ ĚŽƌĂƚŽ͕ ĂŐŐŝƵŶŐĞƚĞ ůĂ ĐĂƌŶĞ Ěŝ ŵĂŝĂůĞ Ğ ĨĂƚĞ ŝŶƐĂƉŽƌŝƌĞ Ă ĨƵŽĐŽ ůĞŶƚŽ͕ ƐĂůĂƚĞ Ğ ƵŶŝƚĞ ŝů ǀŝŶŽ ƌŽƐƐŽ͕ ůĂƐĐŝĂƚĞ ĐƵŽĐĞƌĞ ƉĞƌ ĂůĐƵŶŝ ŵŝŶƵƟ ĞĚ ĂŐŐŝƵŶŐĞƚĞ ŝ ƉŽŵŽĚŽƌŝ ƉĞůĂƚŝ ĐŚĞ ƐĐŚŝĂĐĐĞƌĞƚĞ ĐŽŶ ƵŶĂ ĨŽƌĐŚĞƚƚĂ͘ ŽƉƌŝƚĞ Ğ ĨĂƚĞ ĐƵŽĐĞƌĞ Ă ĨƵŽĐŽ ůĞŶƚŽ ƉĞƌ ĐŝƌĐĂ ƵŶ͛ŽƌĂ ƌŝŐŝͲ ƌĂŶĚŽ Ěŝ ƚĂŶƚŽ ŝŶ ƚĂŶƚŽ ŝů ƌĂŐƶ͘ ^Ğ ğ ŶĞĐĞƐƐĂƌŝŽ ĂŐŐŝƵŶŐĞƚĞ ĚĞůů͛ĂĐƋƵĂ ĐĂůĚĂ ĚƵƌĂŶƚĞ ůĂ ĐŽƚƚƵƌĂ͘ >ĞƐƐĂƚĞ ŝ ŵĂĐĐŚĞƌŽŶŝ ;ŵĞŐůŝŽ ƐĞ ĨĂƚƚŝ ŝŶ ĐĂƐĂͿ ŝŶ ĂďďŽŶĚĂŶƚĞ ĂĐƋƵĂ ƐĂůĂƚĂ͕ ƐĐŽůĂƚĞůŝ Ăů ĚĞŶƚĞ͕ ƵŶŝƚĞ ŝů ƌĂŐƶ Ğ ĂŵĂůŐĂŵĂƚĞ͘ ^ĞƌǀŝƚĞ ůĂ ƉĂƐƚĂ ƐƵ ƵŶĂ ƉŝƌŽĮůĂ ĚĂ ƉŽƌƚĂƚĂ͕ ĐŽŶ ĂďďŽŶĚĂŶƚĞ ƉĞĐŽƌŝŶŽ ŐƌĂƚƚƵŐŝĂƚŽ Ğ ůĂ ĐĂƌŶĞ͕ ĐŽŵĞ ƐĞĐŽŶĚŽ ƉŝĂƩŽ͕ ŝŶ ƵŶ ĂůƚƌŽ ǀĂƐƐŽŝŽ͕ ĐŽŶ ŝů ƌĞƐƚĂŶƚĞ ƐƵŐŽ͘
^K&&Z/ddK / D / > E ZK / > Z/ /ŶŐƌĞĚŝĞŶƟ ƉĞƌ ϲͬϴ ƉĞƌƐŽŶĞ͗ ϭ <Ő Ěŝ ŐƵĂŶĐŝĂůĞ Ğ ĂůƚƌĂ ĐĂƌŶĞ ŐƌĂƐƐĂ ŵŝƐƚĂ Ěŝ ŵĂŝĂůĞ EĞƌŽ Ěŝ ĂůĂďƌŝĂ͕ Ϯ ƐƉŝĐĐŚŝ Ě͛ĂŐůŝŽ͕ Ъ ďŝĐĐŚŝĞƌĞ Ěŝ ĂĐĞƚŽ Ěŝ ǀŝŶŽ ƌŽƐƐŽ͕ ϮϱϬ Ő Ěŝ ƉĂƐƐĂƚĂ Ěŝ ƉŽŵŽͲ ĚŽƌŽ͕ ĨŽŐůŝĞ Ěŝ ůĂƵƌŽ͕ ƐĂůĞ Ğ ŽůŝŽ Ě͛ŽůŝǀĂ͘ >ĂǀĂƚĞ Ğ ƚĂŐůŝĂƚĞ Ă ŐƌŽƐƐŝ ƉĞnjnjŝ ůĂ ĐĂƌŶĞ Ěŝ ŵĂŝĂůĞ EĞƌŽ Ěŝ ĂůĂďƌŝĂ ;ƐƵŝŶŽ ƟƉŝĐŽ ĐĂůĂďƌĞƐĞͿ͘ /Ŷ ƵŶ͛ĂŵƉŝĂ ƉĂĚĞůůĂ ĐŽŶ ŽůŝŽ Ě͛ŽůŝǀĂ ĨĂƚĞ ƌŽƐŽůĂƌĞ ů͛ĂŐůŝŽ ƐĐŚŝĂĐĐŝĂƚŽ ƉĞƌ ƋƵĂůĐŚĞ ŝƐƚĂŶƚĞ Ğ ĂŐŐŝƵŶŐĞƚĞ ůĞ ĨŽŐůŝĞ Ěŝ ĂůůŽƌŽ͕ ŝ ƉĞnjnjŝ Ěŝ ĐĂƌŶĞ Ğ ĨĂƚĞůĂ ƌŽƐŽůĂƌĞ ƉĞƌ ďĞŶĞ͘ YƵĂŶĚŽ ůĂ ĐĂƌŶĞ ğ ƌŽƐŽůĂƚĂ͕ ƵŶŝƚĞ ůĂ ƉĂƐƐĂƚĂ Ěŝ ƉŽŵŽĚŽƌŽ Ğ ƐĂůĂƚĞ͘ &ĂƚĞ ĐƵŽĐĞƌĞ ƉĞƌ ĐŝƌĐĂ ϱϬ ŵŝŶƵƟ͕ ĂŐŐŝƵŶͲ ŐĞŶĚŽ Ă ŵĞƚă ĐŽƩƵƌĂ ů͛ĂĐĞƚŽ Ěŝ ǀŝŶŽ ƌŽƐƐŽ ĂŵĂůŐĂŵĂŶĚŽ ŝů ƚƵƩŽ͘ ^ĞƌǀŝƚĞ ŝů ƐŽīƌŝƩŽ Ěŝ ŵĂŝĂůĞ ŝŶ ƵŶĂ ƚĞƌƌŝŶĂ Ěŝ ĐŽĐĐŝŽ Ğ ƐĞ ǀŽůĞƚĞ ĂŐŐŝƵŶŐĞŶĚŽ ĚĞů ƉĞƉĞƌŽŶĐŝŶŽ ƌŽƐƐŽ ƉŝĐĐĂŶƚĞ͘
5,&(77( &21 )81*+, (5%( ( )5877, ', %26&2
&Z/dd >> / ZK^/d/ E/ / / WKZdh> /ŶŐƌĞĚŝĞŶƟ ƉĞƌ ϰͬϲ ƉĞƌƐŽŶĞ͗ ϳϬϬ Ő Ěŝ ƌŽƐŝƚŝ ĨƌĞƐĐŚŝ͕ Ϯ ŵĂnjnjĞƚƚŝ Ěŝ WŽƌƚƵůĂĐĂ ƚĞŶĞƌĂ͕ ϭϬϬ Ő Ěŝ ƉĞĐŽƌŝŶŽ ŐƌĂƚƚƵŐŝĂƚŽ͕ ĨĂƌŝŶĂ Ƌ͘ď͕͘ ϭ ďƵƐƚŝŶĂ Ěŝ ůŝĞǀŝƚŽ ƉĞƌ ƉŝnjnjĂ͕ ƉƌĞnjnjĞŵŽůŽ ƚƌŝͲ ƚĂƚŽ͕ ƐĂůĞ͕ ƉĞƉĞ ŶĞƌŽ Ğ ŽůŝŽ Ě͛ŽůŝǀĂ ƉĞƌ ĨƌŝŐŐĞƌĞ͘
ŽŵĞŐĂͲϯͿ͕ ĐŽŶ ŽůŝŽ ĞdžƚƌĂǀĞƌŐŝŶĞ Ěŝ ŽůŝǀĂ͕ ƐĂůĞ Ğ ƋƵĂůĐŚĞ ƐƉƌƵnjnjŽ Ěŝ ĂĐĞͲ ƚŽ ďŝĂŶĐŽ͘ ŽŶ ƵŶ ƉŝĐĐŽůŽ ŵĞƐƚŽůŽ͕ ǀĞƌƐĂƚĞ ƉŽƌnjŝŽŶŝ ƐŝŶŐŽůĞ Ěŝ ƉĂƐƚĞůůĂ Ăŝ ĨƵŶŐŚŝ͕ ŝŶ ƵŶ͛ĂŵƉŝĂ ƉĂĚĞůůĂ ĐŽŶ ŽůŝŽ Ě͛ŽůŝǀĂ ďŽůůĞŶƚĞ Ğ ĨĂƚĞ ĐƵŽĐĞƌĞ ĚĂ ĂŵďŽ ŝ ůĂƟ͘ ^ŝƐƚĞŵĂƚĞ ůĞ ĨƌŝƩĞůůĞ ƐƵ ƵŶ ǀĂƐƐŽŝŽ ĚĂ ƉŽƌƚĂƚĂ Ğ ĚĞĐŽƌĂƚĞ ĐŽŶ ŶŝĚŝ Ěŝ ĨŽŐůŝĞ ĐŽŶĚŝƚĞ Ěŝ WŽƌƚƵůĂĐĂ͘
WƵůŝƚĞ Ğ ůĂǀĂƚĞ ŝ ƌŽƐŝƟ͕ ƉŽŝ ƚƌŝƚĂƚĞůŝ ĮŶĞŵĞŶƚĞ͘ /Ŷ ƵŶĂ ĐŝŽƚŽůĂ ƉƌĞƉĂƌĂƌĞ ůĂ ƉĂƐƚĞůůĂ͕ ĐŽŶ ůĂ ĨĂƌŝŶĂ͕ ůĂ ďƵƐƟŶĂ Ěŝ ůŝĞǀŝƚŽ͕ ĂĐƋƵĂ Ğ ƐĂůĞ͘ YƵŝŶĚŝ ĂŐͲ ŐŝƵŶŐĞƚĞ ŝ ĨƵŶŐŚŝ ƚƌŝƚĂƟ͕ ŝů ƉĞƉĞ ŶĞƌŽ͕ ŝů ƉƌĞnjnjĞŵŽůŽ ƚƌŝƚĂƚŽ͕ ŝů ĨŽƌŵĂŐŐŝŽ ŐƌĂƚƚƵŐŝĂƚŽ Ğ ŝů ƐĂůĞ͘ ŵĂůŐĂŵĂƚĞ ĐŽŶ ƵŶĂ ĨƌƵƐƚĂ ĮŶŽ ĂĚ ŽƩĞŶĞƌĞ ƵŶĂ ƉĂƐƚĞůůĂ ĐƌĞŵŽƐĂ͘ ƉĂƌƚĞ ŝŶ ƵŶĂ ƚĞƌƌŝŶĂ͕ ĐŽŶĚŝƚĞ ůĞ ĨŽŐůŝŽůŝŶĞ ƚĞŶĞƌĞ Ěŝ WŽƌƚƵůĂĐĂ ;ĞƌďĂ ĚĂůůĞ ƐƚƌĂŽƌĚŝŶĂƌŝĞ ƉƌŽƉƌŝĞƚă͕ ƚƌĂ ĐƵŝ ƋƵĞůůĂ ĂĐĐĞƌƚĂƚĂ ƉƌĞƐĞŶƚĞ ŶĞůůĞ ĨŽŐůŝĞ͕ Ěŝ ĂĐŝĚŝ ŐƌĂƐƐŝ
/E^ > d / KsK>/ WKZ /E/ / ^ D/ / E/ /ŶŐƌĞĚŝĞŶƟ ƉĞƌ ϰͬϲ ƉĞƌƐŽŶĞ͗ ϮϬϬ Ő Ěŝ ŽǀŽůŝ ŐŝŽǀĂŶŝ Ğ ĨƌĞƐĐŚŝ͕ ϮϬϬ Ő Ěŝ ƉŽƌĐŝŶŝ ŐŝŽǀĂŶŝ Ğ ĨƌĞƐĐŚŝ͕ ϭϱϬ Ő Ěŝ ƉĂƌŵŝŐŝĂŶŽ Ă ƐĐĂŐůŝĞ͕ ƐƵĐĐŽ Ěŝ ůŝŵŽŶĞ͕ ϭ ƐƉŝĐĐŚŝŽ Ě͛ĂŐůŝŽ ƚƌŝƚĂƚŽ͕ ϭ ĐƵĐĐŚŝĂŝŶŽ Ěŝ ƐĞŵŝ Ěŝ ĂŶŝĐĞ͕ ƉƌĞnjͲ njĞŵŽůŽ͕ ƐĂůĞ Ğ ƵŶ ƉŝnjnjŝĐŽ Ěŝ ƉĞƉĞ ŶĞƌŽ͕ ŽůŝŽ ĞdžƚƌĂǀĞƌŐŝŶĞ Ěŝ ŽůŝǀĂ ƋƵĂŶƚŽ ďĂƐƚĂ͘ WƵůŝƚĞ ŝ ĨƵŶŐŚŝ͕ ůĂǀĂƚĞůŝ ĐŽŶ ƵŶ ƉĂŶŶŽ ƵŵŝĚŽ Ğ ƚĂŐůŝĂƚĞůŝ Ă ĨĞƫŶĞ ƐŽƫůŝƐƐŝͲ ŵĞ͘ YƵŝŶĚŝ ŵĞƩĞƚĞůŝ ŝŶ ƵŶĂ ƉŝƌŽĮůĂ Ğ ĐŽŶĚŝƚĞ ĂŐŐŝƵŶŐĞŶĚŽ ŝů ƐƵĐĐŽ Ěŝ ůŝŵŽŶĞ͕ ů͛ĂŐůŝŽ ƚƌŝƚĂƚŽ͕ ŝ ƐĞŵŝ Ěŝ ĂŶŝĐĞ͕ ŝů ƉĞƉĞ ŶĞƌŽ͕ ŝů ƉƌĞnjnjĞŵŽůŽ͕ ŝů ƐĂůĞ͕ ŽůŝŽ ĞdžƚƌĂǀĞƌŐŝŶĞ Ěŝ ŽůŝǀĂ Ğ ŝů ƉĂƌŵŝŐŝĂŶŽ ƚĂŐůŝĂƚŽ Ă ƐĐĂŐůŝĞ͘ >ĂͲ ƐĐŝĂƚĞ ƌŝƉŽƐĂƌĞ ŝů ƚƵƩŽ ƉĞƌ ϮϬ ŵŝŶƵƟ ŝŶ ŵŽĚŽ ĐŚĞ Ɛ͛ŝŶƐĂƉŽƌŝƐĐĂ͘ ^ĞƌǀŝƚĞ ĐŽŵĞ ĂŶƟƉĂƐƚŽ Ž ƉƌŝŵŽ ƉŝĂƩŽ͘
5,&(77( &21 )81*+, (5%( ( )5877, ', %26&2
Z ^W >> >> ^/> E /ŶŐƌĞĚŝĞŶƟ ƉĞƌ ϭϬ ĐƌĞƐƉĞůůĞ͗ ƉĞƌ ůĞ ĐƌĞƐƉĞůůĞ͗ ϮϬϬ Ő Ěŝ ĨĂƌŝŶĂ͕ ϳϬ Ő Ěŝ ďƵƌƌŽ͕ ϰ ƵŽǀĂ͕ ϯϬϬ ŵů͘ Ěŝ ůĂƩĞ ĨƌĞƐĐŽ Ğ ƐĂůĞ͖ ƉĞƌ ŝů ƌŝƉŝĞŶŽ͗ ϱϬϬ Ő Ěŝ ƉŽƌĐŝŶŝ͕ ϮϬϬ Ő Ěŝ ƉƌŽƐĐŝƵƩŽ ĐŽƩŽ͕ ϮϬ Ő Ěŝ ĨĂƌŝŶĂ͕ ƉƌĞnjnjĞŵŽůŽ ƚƌŝƚĂƚŽ͕ ϭ ƐƉŝĐĐŚŝŽ Ě͛ĂŐůŝŽ͕ ƐĂůĞ Ğ ƉĞƉĞ ŶĞƌŽ͘ WƵůŝƚĞ ŝ ƉŽƌĐŝŶŝ ĐŽŶ ƵŶ ƉĂŶŶŽ ƵŵŝĚŽ͕ ƉŽŝ ƚĂŐůŝĂƚĞůŝ Ă ĐƵďĞƫ͘ /Ŷ ƵŶĂ ĐŝŽƚŽůĂ ƉƌĞƉĂƌĂƌĞ ůĂ ƉĂƐƚĞůůĂ ƉĞƌ ůĞ ĐƌĞƐƉĞůůĞ͕ ĐŽŶ ĨĂƌŝŶĂ͕ ůĂƩĞ͕ ƵŽǀĂ Ğ ƐĂůĞ͘ ŵĂůŐĂͲ ŵĂƚĞ ĐŽŶ ƵŶĂ ĨƌƵƐƚĂ ĮŶŽ ĂĚ ŽƩĞŶĞƌĞ ƵŶ ŝŵƉĂƐƚŽ ŇƵŝĚŽ͕ ŵĂ ŶŽŶ ĐƌĞŵŽƐŽ͘ ^ĐĂůĚĂƚĞ ŝŶ ƵŶĂ ƉĂĚĞůůĂ ĂŶƟĂĚĞƌĞŶƚĞ ƵŶĂ ŶŽĐĞ Ěŝ ďƵƌƌŽ Ğ ǀĞƌƐĂƚĞ ƵŶ ŵĞƐƚŽͲ ůŽ Ěŝ ƉĂƐƚĞůůĂ͘ >Ğ ĐƌĞƐƉĞůůĞ ǀĂŶŶŽ ĐŽƩĞ ĚĂ ĂŵďŽ ŝ ůĂƟ͕ ƌŝƉĞƚĞƌĞ ů͛ŽƉĞƌĂnjŝŽŶĞ ĮŶŽ ĞƐĂƵƌŝŵĞŶƚŽ ĚĞůůĂ ƉĂƐƚĞůůĂ͘ /Ŷ ƵŶĂ ƉĂĚĞůůĂ ĐŽŶ ů͛ŽůŝŽ Ě͛ŽůŝǀĂ ƵŶŝƚĞ ů͛ĂŐůŝŽ͕ ƋƵĂŶĚŽ ğ ƌŽƐŽůĂƚŽ ĞůŝŵŝŶĂƚĞůŽ Ğ ĂŐŐŝƵŶŐĞƚĞ ŝ ĨƵŶŐŚŝ Ă ƉĞnjnjĞƫ͕ Ă ĐŽƚͲ ƚƵƌĂ ƋƵĂƐŝ ƵůƟŵĂƚĂ͕ ƵŶŝƚĞ ŝů ƉƌŽƐĐŝƵƩŽ ĐŽƩŽ Ă ƚŽĐĐŚĞƫ͕ ŝů ƉƌĞnjnjĞŵŽůŽ ƚƌŝƚĂƚŽ͕ ŝů ƉĞƉĞ ŶĞƌŽ͕ ŝů ƐĂůĞ Ğ ƵŶĂ ŵĂŶĐŝĂƚĂ Ěŝ ĨĂƌŝŶĂ͕ ƋƵŝŶĚŝ ĨĂƚĞ ĂĚĚĞŶƐĂƌĞ Ă ĨƵŽĐŽ ůĞŶƚŽ͘ sĞƌƐĂƌĞ ŝů ĐŽŶĚŝŵĞŶƚŽ Ăŝ ĨƵŶŐŚŝ ƐƵ ŽŐŶŝ ƐŝŶŐŽůĂ ĐƌĞƐƉĞůůĂ͕ ƉŝĞŐĂƌůĂ ĚƵĞ ǀŽůƚĞ Ă ŵĞƚă͕ ĮŶŽ ĂĚ ŽƩĞŶĞƌĞ ƵŶ ǀĞŶͲ ƚĂŐůŝŽ͘ ^ŝƐƚĞŵĂƚĞ ůĞ ĐƌĞƐƉĞůůĞ ĨĂƌĐŝƚĞ ŝŶ ƵŶ ƚĞŐĂŵĞ ŝŵďƵƌƌĂƚŽ Ğ ĐŽƉƌŝƌĞ ŝů ƚƵƩŽ ĐŽŶ ŝů ƌĞƐƚĂŶƚĞ ĐŽŶĚŝŵĞŶƚŽ͘ 'ƌĂƟŶĂƌĞ ƉĞƌ Ϯϱ ŵŝŶƵƟ ŝŶ ĨŽƌŶŽ Ă ϭϴϬΣ͕ ƉŽŝ ƐĞƌǀŝƚĞ ůĞ ĐƌĞƐƉĞůůĞ ďĞŶ ĐĂůĚĞ͘
W d d >> ^/> KE ZK^/d/ ZK^D Z/EK /ŶŐƌĞĚŝĞŶƟ ƉĞƌ ϰͬϲ ƉĞƌƐŽŶĞ͗ ϲϬϬ Ő Ěŝ ƌŽƐŝƟ ĨƌĞƐĐŚŝ͕ ϭ ŬŐ͘ Ěŝ WĂƚĂͲ ƚĞ ĚĞůůĂ ^ŝůĂ͕ Ϯ ƐƉŝĐĐŚŝ Ě͛ĂŐůŝŽ͕ ƵŶĂ ŵĂŶĐŝĂƚĂ Ěŝ ƌŽƐŵĂƌŝŶŽ͕ ƐĂůĞ Ğ ŽůŝŽ ĞdžƚƌĂǀĞƌŐŝŶĞ Ěŝ ŽůŝǀĂ ƉĞƌ ĨƌŝŐŐĞƌĞ͘ WƵůŝƚĞ ŝ ƌŽƐŝƚŝ͕ ůĂǀĂƚĞůŝ ƐŽƚƚŽ ĂĐƋƵĂ ĐŽƌƌĞŶƚĞ Ğ ƚĂŐůŝĂƚĞůŝ Ă ƐƉŝĐĐŚŝ͘ WĞůĂƚĞ ůĞ WĂƚĂƚĞ ĚĞůůĂ ^ŝůĂ ;ƚƵďĞƌŽ ĚĞůů͛ ůƚŝƉŝĂŶŽ ^ŝůĂŶŽ ĐŽŶ ƉĂƌƚŝĐŽůĂƌŝ ƉƌŽƉƌŝĞƚă ŽƌŐĂŶŽůĞƚƚŝĐŚĞͿ͕ ƚĂŐůŝĂͲ ƚĞůĞ Ă ĨĞƚƚĞ ƌŽƚŽŶĚĞ Ğ ĨƌŝŐŐĞƚĞůĞ Ă ĨƵŽĐŽ ůĞŶƚŽ͕ ŝŶ ƵŶ ƉĂĚĞůůĂ ĐŽŶ ŽůŝŽ ĞdžƚƌĂǀĞƌŐŝŶĞ Ěŝ ŽůŝǀĂ Ğ ů͛ĂŐůŝŽ ƐĐŚŝĂĐĐŝĂƚŽ͘ hŶŝƚĞ ĂůůĞ ƉĂƚĂƚĞ Ă ĨĞƚͲ ƚĞ ŝ ĨƵŶŐŚŝ ƚĂŐůŝĂƚŝ Ă ƐƉŝĐĐŚŝ͕ ƐĂůĂƚĞ Ğ ƵůƚŝŵĂƚĞ ůĂ ĐŽƚƚƵƌĂ͘ ĨŝŶĞ ĐŽƚƚƵƌĂ ĂŐŐŝƵŶŐĞƚĞ ůĞ ĨŽŐůŝĞ Ěŝ ƌŽƐŵĂƌŝŶŽ Ğ ĚŝƐƉŽŶĞƚĞ ŝů ƚƵƚƚŽ ŝŶ ƵŶĂ ƉŝƌŽĨŝůĂ ĚĂ ƉŽƌƚĂƚĂ͘ ^ĞƌǀŝƌĞ ďĞŶ ĐĂůĚĞ͘
5,&(77( &21 )81*+, (5%( ( )5877, ', %26&2
KE dd/ / /K s >>K ^/> EK /ŶŐƌĞĚŝĞŶƟ ƉĞƌ ϱ ƉĞƌƐŽŶĞ͗ ƉĞƌ ŝ ĐŽŶĞƫ͗ ϭϱ ĨĞƩĞ ƐŽƫůŝ Ěŝ ĂĐŝŽĐĂͲ ǀĂůůŽ ^ŝůĂŶŽ ŽƉ ĨƌĞƐĐŽ͖ ƉĞƌ ŝů ƌŝƉŝĞŶŽ͗ ϱϬϬ Ő Ěŝ ƌŝĐŽƩĂ ĨƌĞƐĐĂ ǀĂĐĐŝŶĂ͕ ϭϱϬ Ő Ěŝ ƉĂŶŶĂ ĨƌĞƐĐĂ͕ ϯ ĨŽŐůŝĞ Ěŝ ƟŵŽ͕ Ъ ĐƵĐĐŚŝĂŝŶŽ Ěŝ ƐĞŵŝ Ěŝ ĂŶŝĐĞ ƐĞůǀĂƟĐŽ͕ ϭ ŵĂnjnjĞƩŽ Ěŝ ƌƵĐŽůĂ ƐĞůǀĂƟĐĂ͕ ƐĂůĞ Ğ ƉĞƉĞ ŶĞƌŽ͖ ƉĞƌ ůĂ ƐĂůƐĂ͗ ƉƌĞnjnjĞŵŽůŽ ƚƌŝƚĂƚŽ͕ ϭ ƚĂnjnjŝŶĂ Ěŝ ƐƵĐĐŽ Ě͛ĂƌĂŶĐŝĂ Ğ ŽůŝŽ Ě͛ŽůŝǀĂ͖ ƉĞƌ ŐƵĂƌŶŝƌĞ͗ ZŝďĞƐ ƌŽƐƐŽ͘
ůĞŐŐĞƌŵĞŶƚĞ͘ sĞƌƐĂƚĞ ůĂ ĐƌĞŵĂ͕ ĐŚĞ ĂǀĞƚĞ ƉƌĞƉĂƌĂƚŽ͕ ŝŶ ƵŶ ƐĂĐĐŚĞƩŽ ƉĞƌ ƉĂƐƟĐĐĞƌŝĂ Ă ƉƵŶƚĂ ƌŝĐĐŝĂ͘ WƌĞƉĂƌĂƚĞ ŝ ĐŽŶĞƫ ĂƌƌŽƚŽůĂŶĚŽ ůĞ ĨĞƩĞ Ěŝ ĂͲ ĐŝŽĐĂǀĂůůŽ ^ŝůĂŶŽ ƐƉĞƐƐĞ ĐŝƌĐĂ ϯ ŵŵ Ğ ĨĂƌĐŝƚĞůĞ ĐŽŶ ůĂ ĐƌĞŵĂ͘ ŝƐƉŽŶĞƚĞ ĐŽŶ ĐƵƌĂ ŝ ĐŽŶĞƫ ŝŶ ƵŶĂ ƉŝƌŽĮůĂ ĚĂ ƉŽƌͲ ƚĂƚĂ͕ ĐŽŶĚŝƚĞůŝ ĐŽŶ ůĂ ƐĂůƐĞƩĂ͕ ƋƵŝŶĚŝ ŐƵĂƌŶŝƚĞ ŝŶ ŵŽĚŽ ĐŽƌĞŽŐƌĂĮĐŽ͕ ĐŽŶ ŝů ƌĞƐƚŽ ĚĞůůĂ ĐƌĞŵĂ Ğ ŝ ZŝďĞƐ ƌŽƐƐŝ͘ KdK> dd / WKZ /E/ KE &/EK ,/ ddK / KZ/ /ŶŐƌĞĚŝĞŶƟ ƉĞƌ ϲͬϴ ƉĞƌƐŽŶĞ͗ Ϯ ŬŐ͘ Ěŝ ƉŽƌĐŝŶŝ ŐŝŽǀĂŶŝ ĨƌĞƐĐŚŝ͕ ϲ ƵŽǀĂ ĨƌĞƐĐŚĞ͕ ϭ ĐƵĐĐŚŝĂŝŶŽ Ěŝ ƐĞŵŝ Ěŝ ĮŶŽĐĐŚŝĞƩŽ ƐĞůǀĂƟĐŽ͕ Ϯ ŵĂnjnjĞƫ Ěŝ ĐŝĐŽƌŝĂ͕ ĨĂƌŝŶĂ͕ ƐĂůĞ Ğ ŽůŝŽ ĞdžƚƌĂͲ ǀĞƌŐŝŶĞ Ěŝ ŽůŝǀĂ ƉĞƌ ĨƌŝŐŐĞƌĞ͘
DĞƚƚĞƌĞ ŶĞů ƉĂƐƐĂƚƵƚƚŽ ůĂ ƌŝĐŽƚƚĂ͕ ůĂ ƉĂŶŶĂ ĨƌĞƐĐĂ͕ ůĞ ĨŽŐůŝĞ Ěŝ ƟŵŽ͕ ŝ ƐĞŵŝ Ěŝ ĂŶŝĐĞ Ğ ŝů ŵĂnjnjĞƩŽ Ěŝ ƌƵĐŽůĂ͕ ĮŶŽ ĂĚ ŽƩĞŶĞƌĞ ƵŶĂ ĐƌĞŵĂ ĚĞŶƐĂ ĞĚ ŽŵŽŐĞŶĞĂ͕ ƋƵŝŶĚŝ ĂŐŐŝƵŶŐĞƚĞ ŝů ƐĂůĞ Ğ ŝů ƉĞƉĞ ŶĞƌŽ͘ ƉĂƌƚĞ͕ ŝŶ ƵŶĂ ƚĞƌƌŝŶĂ͕ ƉƌĞƉĂƌĂƚĞ ůĂ ƐĂůƐĞƩĂ͕ ĐŽŶ ůĂ ƚĂnjnjŝŶĂ Ěŝ ƐƵĐĐŽ Ě͛ĂƌĂŶĐŝĂ͕ ŝů ^ĐĞŐůŝĞƚĞ ĨƵŶŐŚŝ ŵĞĚŝĂŵĞŶƚĞ ŐƌĂŶĚŝ͕ ƉƌĞnjnjĞŵŽůŽ ƚƌŝƚĂƚŽ ĮŶĞŵĞŶƚĞ Ğ ƵŶ ƉƵůŝƚĞůŝ͕ ůĂǀĂƚĞůŝ ĐŽŶ ƵŶ ƉĂŶŶŽ ƵŵŝĚŽ Ğ ĨŝůŽ Ě͛ŽůŝŽ Ě͛ŽůŝǀĂ ĞĚ ĞŵƵůƐŝŽŶĂƚĞ ƚĂŐůŝĂƚĞůŝ Ă ĨĞƩĞ͕ ƉĂƐƐĂƚĞůŝ ŶĞůůĂ ĨĂƌŝŶĂ͕ ƉŽŝ ŶĞůů͛ƵŽǀŽ ƐďĂƩƵƚŽ͕ ĚŽǀĞ ĂǀĞƚĞ ĂŐŐŝƵŶƚŽ ŝ ƐĞŵŝ Ěŝ ĮŶŽĐĐŚŝĞƩŽ Ğ ŝů ƐĂůĞ͘ >Ğ ĐŽƚŽůĞƩĞ Ěŝ ƉŽƌĐŝŶŝ ǀĂŶŶŽ ĨƌŝƩĞ ŝŶ ŽůŝŽ ĞdžƚƌĂǀĞƌŐŝŶĞ Ěŝ ŽůŝǀĂ Ă ĨƵŽĐŽ ůĞŶƚŽ Ăů ĮŶĞ Ěŝ ĨĂƌůĞ ĐƵŽĐĞƌĞ ďĞŶĞ ĂŶĐŚĞ Ăůů͛ŝŶƚĞƌŶŽ͘ YƵĂŶĚŽ ƐŽŶŽ ďĞŶ ĚŽƌĂƚĞ͕ ĚŝƐƉŽŶĞƚĞůĞ ŝŶ ƵŶ ǀĂƐƐŽŝŽ ĚĂ ƉŽƌƚĂƚĂ ĐŽŶ ĐŝƵīĞƫ Ěŝ ĨŽŐůŝĞ ƚĞŶĞƌĞ Ěŝ ĐŝĐŽƌŝĂ ĐŽŶĚŝƚĞ ĐŽŶ ŽůŝŽ ĞdžƚƌĂǀĞƌŐŝŶĞ Ěŝ ŽůŝǀĂ Ğ ƋƵĂůĐŚĞ ŐŽĐĐŝĂ Ěŝ ĂĐĞƚŽ ďŝĂŶĐŽ͘ ^ĞƌǀŝƚĞůĞ ďĞŶ ĐĂůĚĞ Ğ ĂƐĐŝƵƩĞ͘
5,&(77( &21 )81*+, (5%( ( )5877, ', %26&2
&Z/dd d / &hE',/ WKZ /E/ /K s >>K ^/> EK /ŶŐƌĞĚŝĞŶƟ ƉĞƌ ϰͬϲ ƉĞƌƐŽŶĞ͗ ϰϬϬ Ő Ěŝ ƉŽƌĐŝŶŝ ĨƌĞƐĐŚŝ͕ ϭϱϬ Ő Ěŝ ĂͲ ĐŝŽĐĂǀĂůůŽ ^ŝůĂŶŽ͕ ϲ ƵŽǀĂ͕ Ϯ ƐƉŝĐĐŚŝŽ Ě͛ĂŐůŝŽ͕ ϭ ŵĂŶĐŝĂƚĂ Ěŝ ĨŽŐůŝĞ Ěŝ WŽƌƚƵͲ ůĂĐĂ͕ ϭ ŵĂnjnjĞƩŽ Ěŝ ƉƌĞnjnjĞŵŽůŽ ƚƌŝƚĂƚŽ͕ Ъ ďŝĐĐŚŝĞƌĞ Ěŝ ǀŝŶŽ ďŝĂŶĐŽ ƐĞĐĐŽ͕ ŽůŝŽ ĞdžƚƌĂǀĞƌŐŝŶĞ Ěŝ ŽůŝǀĂ͕ ƐĂůĞ Ğ ƉĞƉĞ ŶĞƌŽ͘ WƵůŝƚĞ ŝ ƉŽƌĐŝŶŝ ĐŽŶ ƵŶ ƉĂŶŶŽ ƵŵŝĚŽ͕ ƋƵŝŶĚŝ ƚĂŐůŝĂƚĞůŝ Ă ĨĞƩĞ͘ /Ŷ ƵŶ͛ĂŵƉŝĂ ƉĂĚĞůůĂ ĐŽŶ ŽůŝŽ Ě͛ŽůŝǀĂ ĨĂƚĞ ƌŽƐŽůĂƌĞ ů͛ĂŐůŝŽ ƉĞƌ ƋƵĂůĐŚĞ ŝƐƚĂŶƚĞ͕ ƵŶŝƚĞ ŝ ĨƵŶͲ ŐŚŝ͕ ŝů ǀŝŶŽ ďŝĂŶĐŽ͕ ŝů ƉƌĞnjnjĞŵŽůŽ ƚƌŝƚĂƚŽ͕ ŝů ƐĂůĞ͕ ŝů ƉĞƉĞ ŶĞƌŽ Ğ ĨĂƚĞ ĐƵŽĐĞƌĞ ƉĞƌ ϭϬ ŵŝŶƵƟ͘ /Ŷ ƵŶĂ ƚĞƌƌŝŶĂ ƐďĂƩĞƚĞ ůĞ ƵŽǀĂ͕ ĂŐŐŝƵŶŐĞƚĞ ŝ ƚŽĐĐŚĞƫ Ěŝ ĂĐŝŽͲ ĐĂǀĂůůŽ ^ŝůĂŶŽ͕ ƐĂůĂƚĞ͕ ƉĞƉĂƚĞ Ğ ǀĞƌƐĂƚĞ ŶĞůůĂ ƉĂĚĞůůĂ ĚĞŝ ĨƵŶŐŚŝ͕ ƋƵŝŶĚŝ ůĂƐĐŝĂƚĞ ƵůƟŵĂƌĞ ůĂ ĐŽƩƵƌĂ͘ ^ĞƌǀŝƚĞ ůĂ ĨƌŝƩĂƚĂ ďĞŶ ĚŽƌĂƚĂ͕ ŝŶ ƵŶ ƉŝĂƩŽ ĚĂ ƉŽƌƚĂƚĂ͕ ƐƵ ƵŶ ůĞƩŽ Ěŝ ĨŽŐůŝĞ ĐŽŶĚŝƚĞ Ěŝ WŽƌƚƵůĂĐĂ͘ Z/^KddK / WKZ /E/ /ŶŐƌĞĚŝĞŶƟ ƉĞƌ ϲͬϴ ƉĞƌƐŽŶĞ͗ ϱϬϬ Ő Ěŝ ƉŽƌĐŝŶŝ ŐŝŽǀĂŶŝ ĨƌĞƐĐŚŝ͕ ϱϬϬ Ő Ěŝ ƌŝƐŽ͕ ϵϬ Ő Ěŝ ďƵƌƌŽ͕ ϭ ůƚ͘ Ěŝ ďƌŽĚŽ ǀĞŐĞƚĂůĞ͕ ϭ ĐŝƉŽůůĂ͕ ϭ ƐƉŝĐͲ ĐŚŝŽ Ě͛ĂŐůŝŽ͕ ϲϬ Ő Ěŝ ƉĂƌŵŝŐŝĂŶŽ ƌĞŐŐŝĂŶŽ ŐƌĂƚƚƵŐŝĂƚŽ͕ ƉƌĞnjnjĞŵŽůŽ ƚƌŝƚĂƚŽ͕ ŽůŝŽ ĞdžƚƌĂǀĞƌŐŝŶĞ Ěŝ ŽůŝǀĂ͕ ƐĂůĞ Ğ ƉĞƉĞ ŶĞƌŽ͘
WƵůŝƚĞ ŝ ƉŽƌĐŝŶŝ ĐŽŶ ƵŶ ƉĂŶŶŽ ƵŵŝĚŽ͕ ƋƵŝŶĚŝ ƚĂŐůŝĂƚĞůŝ Ă ĨĞƩĞ͘ /Ŷ ƵŶĂ ƉĂĚĞůůĂ ĐŽŶ ŽůŝŽ Ě͛ŽůŝǀĂ ĨĂƚĞ ƌŽƐŽůĂƌĞ ů͛ĂŐůŝŽ ƐĐŚŝĂĐĐŝĂƚŽ ƉĞƌ ƋƵĂůĐŚĞ ŝƐƚĂŶƚĞ͕ ƵŶŝƚĞ ŝ ĨƵŶŐŚŝ͕ ƐĂůĂƚĞ͕ ƉĞƉĂƚĞ Ğ ĨĂƚĞ ĐƵŽĐĞƌĞ Ă ĨƵŽĐŽ ĂůůĞŐƌŽ͖ ĂŐŐŝƵŶŐĞƚĞ͕ ƐĞ ŶĞĐĞƐͲ ƐĂƌŝŽ͕ ƉŽĐŽ ďƌŽĚŽ ĮŶŽ Ă ĐŽŵƉůĞƚĂƌĞ ůĂ ĐŽƩƵƌĂ ƉĞƌ ϭϬрϭϱ ŵŝŶƵƟ͘ /Ŷ ƵŶ ƚĞŐĂŵĞ ĐĂƉŝĞŶƚĞ ŵĞƩĞƚĞ Ă ĨŽŶĚĞƌĞ ŵĞƚă ĚĞů ďƵƌƌŽ͕ ƵŶŝƚĞ ůĂ ĐŝƉŽůůĂ ƚƌŝƚĂƚĂ Ğ ůĂƐĐŝĂƚĞůĂ ůĞŐŐĞƌŵĞŶƚĞ ĂƉƉĂƐƐŝƌĞ͕ ƵŶŝƚĞ ŝů ƌŝƐŽ Ğ ĨĂƚĞůŽ ƚŽƐƚĂƌĞ ƉĞƌ ĂůͲ ĐƵŶŝ ŵŝŶƵƟ͕ ĂŐŐŝƵŶŐĞƚĞ ƵŶ ŵĞƐƚŽůŽ Ěŝ ďƌŽĚŽ Ğ ůĂƐĐŝĂƚĞ ĐƵŽĐĞƌĞ Ă ĨƵŽĐŽ ůĞŶƚŽ͕ ŵĞƐĐŽůĂŶĚŽ Ğ ƵŶĞŶĚŽ ƉŽĐŽ ďƌŽĚŽ ƋƵĂŶĚŽ ƐĞƌǀĞ͘ YƵĂŶĚŽ ŝů ƌŝƐŽ ğ ƋƵĂƐŝ ĐŽƩŽ ƵŶŝƚĞ ŝ ĨƵŶŐŚŝ ƉƌĞƉĂƌĂƟ ŝŶ ƉƌĞĐĞĚĞŶnjĂ͕ ŝů ƌĞƐƚĂŶƚĞ ďƵƌƌŽ͕ ŝů ƉĂƌͲ ŵŝŐŝĂŶŽ ŐƌĂƩƵŐŝĂƚŽ Ğ ŝů ƉƌĞnjnjĞŵŽůŽ ƚƌŝƚĂƚŽ͘ ^ƉĞŐŶĞƚĞ ŝů ĨƵŽĐŽ Ğ ŵĂŶƚĞĐĂƚĞ ƉĞƌ ďĞŶĞ ŝů ƚƵƩŽ͕ ƉŽŝ ůĂƐĐŝĂƚĞůŽ ƌŝƉŽͲ ƐĂƌĞ ƉĞƌ ƋƵĂůĐŚĞ ƐĞĐŽŶĚŽ͘ /ů ƉŝĂƩŽ ǀĂ ƐĞƌǀŝƚŽ ĐĂůĚŝƐƐŝŵŽ͘
5,&(77( &21 )81*+, (5%( ( )5877, ', %26&2
WK>W dd / WKZ /E/ >>͛ E/ /ŶŐƌĞĚŝĞŶƟ ƉĞƌ ϰͬϲ ƉĞƌƐŽŶĞ͗ ϲϬϬ Ő Ěŝ ƉŽƌĐŝŶŝ͕ ϯϬϬ Ő Ěŝ ĐĂƌŶĞ Ěŝ ŵĂŝĂůĞ ƚƌŝƚĂƚĂ͕ ϯϬ Ő Ěŝ ƉĞĐŽƌŝŶŽ ŐƌĂƩƵŐŝĂƚŽ͕ ϯ ƵŽǀĂ ĨƌĞƐĐŚĞ͕ Ϯ ƐƉŝĐĐŚŝ Ě͛ĂŐůŝŽ͕ ϭ ĐƵĐĐŚŝĂŝŽ Ěŝ ƐĞŵŝ Ěŝ ĂŶŝĐĞ͕ ŵŽůůŝĐĂ Ěŝ ƉĂŶĞ ƌĂīĞƌŵŽ͕ ϭ ŵĂnjnjĞƩŽ Ěŝ ƉƌĞnjnjĞŵŽůŽ ƚƌŝƚĂƚŽ͕ ƐĂůĞ͕ ƉĞƉĞ ŶĞƌŽ Ğ ŽůŝŽ Ě͛ŽůŝǀĂ ƉĞƌ ĨƌŝŐŐĞƌĞ͘
ƉŽƌĐŝŶŝ ǀĂŶŶŽ ĨƌŝƩĞ ŝŶ ƵŶĂ ƉĂĚĞůůĂ ĂŵƉŝĂ ĐŽŶ ĂďďŽŶĚĂŶƚĞ ŽůŝŽ Ě͛ŽůŝǀĂ Ă ĨƵŽĐŽ ůĞŶƚŽ͕ Ăů ĮŶĞ Ěŝ ĨĂƌůĞ ĐƵŽĐĞƌĞ ďĞŶĞ ĂŶĐŚĞ Ăůů͛ŝŶƚĞƌŶŽ͘ YƵĂŶĚŽ ƐŽŶŽ ďĞŶ ĚŽƌĂƚĞ͕ ǀĂŶŶŽ ƐĐŽůĂƚĞ Ğ ƐĞƌǀŝƚĞ ĐĂůĚŝƐƐŝŵĞ͘
d '>/K>/E/ / ' >>/E / /ŶŐƌĞĚŝĞŶƟ ƉĞƌ ϰͬϲ ƉĞƌƐŽŶĞ͗ ϱϬϬ Ő Ěŝ ŐĂůůŝŶĂĐĐŝ ; ĂŶƚŚĂƌĞůůƵƐ ĐŝďĂͲ ƌŝƵƐͿ͕ ϱϬϬ Ő Ěŝ ƉĂƐƚĂ Ăůů͛ƵŽǀŽ͕ ϭϱϬ Ő Ěŝ WƵůŝƚĞ ŝ ƉŽƌĐŝŶŝ ĐŽŶ ƵŶ ƉĂŶŶŽ ƵŵŝĚŽ͕ ĐĂƌŶĞ ŵŝƐƚĂ ƚƌŝƚĂƚĂ͕ ϭ ƐƉŝĐĐŚŝŽ Ě͛ĂŐůŝŽ͕ ƋƵŝŶĚŝ ƚĂŐůŝĂƚĞůŝ Ă ĐƵďĞƚƚŝ͘ /Ŷ ƵŶĂ Ϯ ƉĞƉĞƌŽŶŝ ŵĞĚŝ͕ ϰ ƉŽŵŽĚŽƌŝ ƉĞůĂƟ͕ ƚĞƌƌŝŶĂ ŵĞƩĞƚĞ ŝŶƐŝĞŵĞ Ăŝ ĨƵŶŐŚŝ Ă ĨŽŐůŝĞ Ěŝ ďĂƐŝůŝĐŽ͕ ƐĂůĞ Ğ ŽůŝŽ Ě͛ŽůŝǀĂ͘ ĐƵďĞƫ͕ ůĂ ĐĂƌŶĞ ƚƌŝƚĂƚĂ͕ ůĂ ŵŽůůŝĐĂ Ěŝ ƉĂŶĞ ;ŵĞŐůŝŽ ƐĞ ĐĂƐĞƌĞĐĐŝŽͿ͕ ŝ WƵůŝƚĞ ŝ ĨƵŶŐŚŝ͕ ůĂǀĂƚĞůŝ Ğ ĂƐĐŝƵŐĂƚĞůŝ͕ ƐĞŵŝ Ěŝ ĂŶŝĐĞ͕ ŝů ƉĞƉĞ ŶĞƌŽ͕ ů͛ĂŐůŝŽ Ğ ƉŽŝ ƚĂŐůŝĂƚĞůŝ Ă ƉĞnjnjĞƫ͘ /Ŷ ƵŶ͛ĂŵƉŝĂ ŝů ƉƌĞnjnjĞŵŽůŽ ƚƌŝƚĂƟ ĮŶĞŵĞŶƚĞ͕ ŝů ƉĞͲ ƉĂĚĞůůĂ ŵĞƩĞƚĞ ů͛ŽůŝŽ Ě͛ŽůŝǀĂ Ğ ƵŶŽ ĐŽƌŝŶŽ ŐƌĂƩƵŐŝĂƚŽ͕ ůĞ ƵŽǀĂ͕ ŝů ƐĂůĞ͕ ƵŶ ƐƉŝĐĐŚŝŽ Ě͛ĂŐůŝŽ ƐĐŚŝĂĐĐŝĂƚŽ ĐŚĞ ĨĂƌĞƚĞ ďŝĐĐŚŝĞƌŝŶŽ Ěŝ ĂĐƋƵĂ Ğ ĂŵĂůŐĂŵĂƚĞ ĂƉƉĂƐƐŝƌĞ ƋƵĂůĐŚĞ ŝƐƚĂŶƚĞ͘ YƵŝŶĚŝ ĂŐͲ ĐŽŶ ĐƵƌĂ͘ ŽŶ ůĞ ŵĂŶŝ ůĞŐŐĞƌŵĞŶƚĞ ŐŝƵŶŐĞƚĞ ŝ ĨƵŶŐŚŝ͕ ůĂ ĐĂƌŶĞ ŵĂĐŝŶĂƚĂ Ğ ƵŶƚĞ͕ ĨŽƌŵĂƚĞ ĚĞůůĞ ƉŽůƉĞƩĞ ;ĨŽƌŵĂ ĐƵŽĐĞƚĞ ƉĞƌ ĂůĐƵŶŝ ŵŝŶƵƟ͘ WŽŝ ƵŶŝƚĞ Ă ǀŽƐƚƌŽ ƉŝĂĐŝŵĞŶƚŽͿ͘ >Ğ ƉŽůƉĞƩĞ Ěŝ ŝ ƉŽŵŽĚŽƌŝ ƉĞůĂƟ͕ ĐŚĞ ǀĂŶŶŽ ƐĐŚŝĂĐͲ ĐŝĂƟ ĐŽŶ ů͛ĂŝƵƚŽ Ěŝ ƵŶĂ ĨŽƌĐŚĞƩĂ͕ ŝ ƉĞƉĞƌŽŶŝ ƚĂŐůŝĂƟ Ă ƐƚƌŝƐĐĞ͕ ůĞ ĨŽŐůŝĞ Ěŝ ďĂƐŝůŝĐŽ͕ ƐĂůĂƚĞ Ğ ĐŽŵƉůĞƚĂƚĞ ůĂ ĐŽƩƵƌĂ Ă ĨƵŽĐŽ ŵŽĚĞƌĂƚŽ͘ ƉĂƌƚĞ ĐƵŽĐĞƚĞ ůĂ ƉĂƐƚĂ ŝŶ ĂďďŽŶĚĂŶƚĞ ĂĐͲ ƋƵĂ ƐĂůĂƚĂ͕ ƐĐŽůĂƚĞůĂ Ğ ǀĞƌƐĂƚĞůĂ ŶĞůůĂ ƉĂĚĞůůĂ ĚŽǀĞ ĂǀĞƚĞ ĐŽƩŽ ůĂ ƐĂůƐĂ Ă ďĂƐĞ Ěŝ ĨƵŶŐŚŝ͘ ŵĂůŐĂŵĂƚĞ ůĂ ƉĂƐƚĂ ƉĞƌ ƋƵĂůĐŚĞ ŵŝŶƵƚŽ Ğ ƐĞƌǀŝƚĞůĂ ĐŽŶ ĂďďŽŶĚĂŶƚĞ ƉĞƉĞƌŽŶĐŝŶŽ ƉŝĐĐĂŶƚĞ͘
5,&(77( &21 )81*+, (5%( ( )5877, ', %26&2
WW >>/ / WKZ /E/ Z/W/ E/ > &KZEK /ŶŐƌĞĚŝĞŶƟ ƉĞƌ ϲ ƉĞƌƐŽŶĞ͗ ϲ ƉŽƌĐŝŶŝ ĨƌĞƐĐŚŝ Ěŝ ŵĞĚŝĂ ŐƌĂŶĚĞnjnjĂ͕ ϯϱϬ Ő Ěŝ ŵŽůůŝĐĂ Ěŝ ƉĂŶĞ ƌĂīĞƌŵŽ͕ ϭϯϬ Ő Ěŝ ƉĂƌŵŝŐŝĂŶŽ ŐƌĂƩƵŐŝĂƚŽ͕ Ϯ ƐƉŝĐĐŚŝ Ě͛ĂŐůŝŽ͕ ƉƌĞnjnjĞŵŽůŽ ƚƌŝƚĂƚŽ͕ ϭ ĐƵĐĐŚŝĂŝŶŽ Ěŝ ƐĞŵŝ Ěŝ ĮŶŽĐĐŚŝĞƩŽ ƐĞůͲ ǀĂƟĐŽ͕ ŽůŝŽ Ě͛ŽůŝǀĂ͕ ƐĂůĞ Ğ ƉĞƉĞ ŶĞƌŽ͘ WƵůŝƚĞ ŝ ƉŽƌĐŝŶŝ ĐŽŶ ƵŶ ƉĂŶŶŽ ƵŵŝĚŽ͕ ƉŽŝ ƌŝŵƵŽǀĞƚĞ ŝ ŐĂŵďŝ Ğ ƐǀƵŽƚĂƚĞ Ă ŵĞƚă ŝ ƐĞŝ ĐĂƉƉĞůůŝ Ěŝ ƉŽƌĐŝŶŝ ĚĞůůĂ ůŽƌŽ ƉŽůƉĂ͘ ƉĂƌƚĞ ƚƌŝƚĂƚĞ͕ Ă ŐƌĂŶĂ ŵĞĚŝĂ͕ ůĂ ƉŽůƉĂ ƚŽůƚĂ Ăŝ ĐĂƉƉĞůůŝ͕ ŝ ŐĂŵďŝ͕ ŝ ƐƉŝĐĐŚŝ Ě͛ĂŐůŝŽ Ğ ŝ ƐĞŵŝ Ěŝ ĮŶŽĐĐŚŝĞƩŽ͘ /Ŷ ƵŶĂ njƵƉƉŝĞƌĂ͕ ǀĞƌƐĂͲ ƚĞ ŝů ĐŽŵƉŽƐƚŽ ĐŚĞ ĂǀĞƚĞ ŵĂĐŝŶĂƚŽ Ğ ĂŐŐŝƵŶŐĞƚĞ ůĂ ŵŽůůŝĐĂ Ěŝ ƉĂŶĞ͕ ŝů ƉĂƌŵŝŐŝĂŶŽ ŐƌĂƩƵŐŝĂƚŽ͕ ŝů ƉƌĞnjnjĞŵŽͲ ůŽ ƚƌŝƚĂƚŽ͕ ƵŶ ƉŝnjnjŝĐŽ Ěŝ ƐĂůĞ Ğ ƵŶ ĮůŽ Ěŝ ŽůŝŽ Ě͛ŽůŝǀĂ͕ ƋƵŝŶĚŝ ĂŵĂůŐĂŵĂƚĞ ŝů ƚƵƩŽ͘ WƌĞŶĚĞƚĞ ŝ ĐĂƉƉĞůůŝ͕ ďĂŐŶĂƚĞůŝ ĐŽŶ ƵŶ ĮůŽ Ě͛ŽůŝŽ Ğ ƌŝĞŵƉŝƚĞůŝ ĚĞů ĐŽŵƉŽƐƚŽ ĐŚĞ ĂǀĞƚĞ ƉƌĞƉĂƌĂƚŽ͕ ƉŽŝ ƉŽŶĞƚĞůŝ ŝŶ ƵŶ ƚĞŐĂŵĞ Ğ ĐƵŽĐĞƚĞ ŝŶ ĨŽƌŶŽ ƉĞƌ ĂůŵĞŶŽ ϯϱ ŵŝŶƵƟ͘ W >> d / D / > KE , / D/ZdK /ŶŐƌĞĚŝĞŶƟ ƉĞƌ ϰͬϲ ƉĞƌƐŽŶĞ͗ ϮϬϬ Ő Ěŝ ƉĂŶĐĞƚƚĂ Ěŝ ŵĂŝĂůĞ͕ ϱϬϬ Ő Ěŝ ĐŽƐƚŽůĞƚƚĞ Ěŝ ŵĂŝĂůĞ͕ Ϯ ƉĞnjnjŝ Ěŝ
ƐĂůƐŝĐĐŝĂ Ěŝ ŵĂŝĂůĞ ƉŝĐĐĂŶƚĞ͕ Ϯ ƐƉŝĐͲ ĐŚŝ Ě͛ĂŐůŝŽ͕ ƵŶĂ ŵĂŶĐŝĂƚĂ Ěŝ ďĂĐĐŚĞ Ěŝ ŵŝƌƚŽ͕ ϭ ĐƵĐĐŚŝĂŝŶŽ Ěŝ ƐĞŵŝ Ěŝ ĨŝŶŽĐĐŚŝĞƚƚŽ ƐĞůǀĂƚŝĐŽ͕ ϭ ďŝĐĐŚŝĞƌĞ Ěŝ ǀŝŶŽ ďŝĂŶĐŽ͕ ŽůŝŽ Ě͛ŽůŝǀĂ Ğ ƐĂůĞ͕ ƌĂŵĞƚƚŝ Ğ ĨŽŐůŝĞ Ěŝ ŵŝƌƚŽ͘ >ĂǀĂƚĞ ůĂ ĐĂƌŶĞ͕ ůĂ ƉĂŶĐĞƚƚĂ͕ ůĂ ƐĂůƐŝĐĐŝĂ͕ ƐŽƩŽ ĂĐƋƵĂ ĐŽƌƌĞŶƚĞ͘ dĂͲ ŐůŝĂƚĞ ůĂ ĐĂƌŶĞ Ğ ůĂ ƉĂŶĐĞƩĂ Ă ŐƌŽƐƐŝ ƉĞnjnjŝ Ğ ůĂ ƐĂůƐŝĐĐŝĂ Ă ƚŽĐĐŚĞƫ͘ /Ŷ ƵŶĂ ƉĂĚĞůůĂ ĐĂƉŝĞŶƚĞ ǀĞƌƐĂƚĞ ƵŶ ĮůŽ Ě͛ŽůŝŽ Ě͛ŽůŝǀĂ͕ ĂŐŐŝƵŶŐĞƚĞ ŝ ƐƉŝĐĐŚŝ Ě͛ĂŐůŝŽ ĐŚĞ ĨĂƌĞƚĞ ƌŽƐŽůĂƌĞ ƋƵĂůĐŚĞ ŝƐƚĂŶƚĞ͕ ƵŶŝƚĞ ůĂ ĐĂƌŶĞ Ğ ůĂ ƉĂŶĐĞƩĂ ƚĂŐůŝĂƟ Ă ƉĞnjnjŝ͕ Ğ ŝ ƚŽĐĐŚĞƫ Ěŝ ƐĂůƐŝĐͲ ĐŝĂ͘ YƵŝŶĚŝ Ă ŵĞƚĂ ĐŽƩƵƌĂ ǀĞƌƐĂƚĞ ŝů ǀŝŶŽ ďŝĂŶĐŽ Ğ ĨĂƚĞ ƐĨƵŵĂƌĞ͕ ƵŶŝƚĞ ůĞ ďĂĐĐŚĞ Ěŝ ŵŝƌƚŽ ĐŚĞ ĂǀƌĞƚĞ ůĂǀĂƚŽ Ğ ŝ ƐĞŵŝ Ěŝ ĮŶŽĐĐŚŝĞƩŽ Ğ ĐŽŵƉůĞƚĂƚĞ ůĂ ĐŽƩƵƌĂ͘ ^ĞƌǀŝƚĞ ƐƵů ǀĂƐƐŽŝŽ Ěŝ ƉŽƌͲ ƚĂƚĂ ƐƵ ƵŶ ůĞƩŽ Ěŝ ĨŽŐůŝĞ Ğ ƌĂŵĞƫ Ěŝ ŵŝƌƚŽ ůĂǀĂƟ ĐŽŶ ĐƵƌĂ͘
5,&(77( &21 )81*+, (5%( ( )5877, ', %26&2
ZK^d d ^ WKZ/ WZK&hD/ / K^ K /ŶŐƌĞĚŝĞŶƟ ƉĞƌ ϴͬϭϬ ƉĞƌƐŽŶĞ͗ ƉĞƌ ůĂ ƉĂƐƚĂ ĨƌŽůůĂ͗ ϭϱϬ Ő Ěŝ ĨĂƌŝŶĂ͕ ϴϬ Ő Ěŝ ďƵƌƌŽ͕ Ϯ ƚƵŽƌůŝ Ě͛ƵŽǀĂ͕ ϭ ďƵƐƟŶĂ Ěŝ ǀĂŶŝůůŝŶĂ͕ Ϯ ĐƵĐĐŚŝĂŝŶŝ Ěŝ ďƵĐĐŝĂ Ěŝ ůŝŵŽŶĞ ŐƌĂƩƵŐŝĂƚĂ͕ ϲϬ Ő Ěŝ njƵĐĐŚĞƌŽ Ăů ǀĞůŽ͖ ƉĞƌ ůĂ ĐƌĞŵĂ ƉĂƐƟĐĐĞƌĂ͗ ϮϱϬ ŵů͘ Ěŝ ůĂƩĞ ĨƌĞƐĐŽ͕ ϯϱ Ő Ěŝ ĨĂƌŝŶĂ͕ ϯ ƚƵŽƌůŝ Ě͛ƵŽǀĂ͕ ϵϬ Ő Ěŝ njƵĐĐŚĞƌŽ͕ ϭ ďƵƐƟŶĂ Ěŝ sĂŶŝůůŝŶĂ͖ ƉĞƌ ŝů ƌŝƉŝĞŶŽ͗ ϱϬϬ Ő Ěŝ ĨƌƵƫ Ěŝ ďŽƐĐŽ ;ůĂŵƉŽŶŝ͕ ŵŽƌĞ͕ ƌŝďĞƐ Ğ ŵŝƌƟůůŝͿ͘ WƌĞƉĂƌĂƌĞ ůĂ ƉĂƐƚĂ ĨƌŽůůĂ ĐŽŵĞ ĚĂ ǀŽͲ ƐƚƌĂ ƌŝĐĞƩĂ͕ ƋƵŝŶĚŝ ĂǀǀŽůŐĞƚĞůĂ ŶĞůůĂ ƉĞůůŝĐŽůĂ ƚƌĂƐƉĂƌĞŶƚĞ Ğ ƉŽŶĞƚĞůĂ ŝŶ ĨƌŝŐŽ ƉĞƌ ĐŝƌĐĂ ϯϬ ŵŝŶƵƟ͘ WƌĞƉĂƌĂƌĞ ůĂ ĐƌĞŵĂ ƉĂƐƟĐĐĞƌĂ ĐŽŶ ŝů ǀŽƐƚƌŽ ŵĞƚŽĚŽ Ğ ůĂƐĐŝĂƚĞůĞ ƌĂīƌĞĚĚĂƌĞ͘ ^ƚĞŶĚĞƚĞ ůĂ ƉĂƐƚĂ ĨƌŽůůĂ ĐŽŶ ƵŶ ŵĂƩĂƌĞůůŽ ĮŶŽ ĂĚ ϭ Đŵ Ěŝ ƐƉĞƐƐŽƌĞ͘ /ŵďƵƌƌĂƚĞ ĞĚ ŝŶĨĂƌŝŶĂƚĞ ůŽ ƐƚĂŵƉŽ ƉĞƌ ůĂ ĐƌŽƐƚĂƚĂ Ğ ƌŝǀĞƐƟƚĞůŽ Ěŝ ƉĂƐƚĂ ĨƌŽůůĂ͘ ƵĐŚĞƌĞůůĂƚĞ ůĂ ƐƵƉĞƌĮĐŝĞ
ƐĞŶnjĂ ƉĞŶĞƚƌĂƌĞ ůĂ ƉĂƐƚĂ Ğ ĨŽĚĞƌĂƚĞůŽ ĂĚĞƌĞŶƚĞ ĐŽŶ ĐĂƌƚĂ ĨŽƌŶŽ͘ /ŶĨŽƌŶĂƚĞ ƉĞƌ ĐŝƌĐĂ ϮϬ ŵŝŶƵƟ ŝŶ ĨŽƌŶŽ Őŝă ĐĂůĚŽ Ă ϭϴϬΣ͘ ĐŽƚƚƵƌĂ ƵůƚŝŵĂƚĂ͕ ůĂƐĐŝĂƚĞ ƌĂīƌĞĚĚĂƌĞ͕ ƉŽŝ ƐĨŽƌŵĂƚĞ ůŽ ƐƚĂŵƉŽ͕ ƚŽŐůŝĞƚĞ ůĂ ĐĂƌƚĂ ĨŽƌŶŽ͕ ƋƵŝŶĚŝ ƐƉĞŶŶĞůͲ ůĂƚĞ ůĂ ƐƵƉĞƌĮĐŝĞ ĚĞůůĂ ƉĂƐƚĂ ĐŽŶ ů͛ĂůďƵͲ ŵĞ Ě͛ƵŽǀŽ ;ůĂ ƌĞŶĚĞ /ŵƉĞƌŵĞĂďŝůĞͿ Ğ ůĂƐĐŝĂƚĞ ĂƐĐŝƵŐĂƌĞ͘ ZŝĞŵƉŝƚĞ ŝů ǀƵŽƚŽ ĚĞůůĂ ƉĂƐƚĂ ĨƌŽůůĂ ĐŽŶ ůĂ ĐƌĞŵĂ ƉĂƐƟĐͲ ĐĞƌĂ͘ ŝƐƉŽŶĞƚĞ ƐƵůůĂ ĐƌĞŵĂ ŝ ĨƌƵƫ Ěŝ ďŽƐĐŽ͕ ůĂǀĂƟ Ğ ĂƐĐŝƵŐĂƟ Ğ ƐƉŽůǀĞƌŝnjnjĂƚĞ ĐŽŶ ĂďďŽŶĚĂŶƚĞ njƵĐĐŚĞƌŽ Ă ǀĞůŽ͘ &Z/dd d / &hE',/ >> ^ >s/ /ŶŐƌĞĚŝĞŶƟ ƉĞƌ ϰͬϲ ƉĞƌƐŽŶĞ͗ ϱϬϬ Ő Ěŝ ĨƵŶŐŚŝ ŵŝƐƟ͕ ϲ ƵŽǀĂ͕ ϭϬϬ Ő Ěŝ ďƵƌƌŽ͕ ĨŽŐůŝĞ ĨƌĞƐĐŚĞ Ěŝ ƐĂůǀŝĂ͕ ƵŶĂ ŵĂŶͲ ĐŝĂƚĂ Ěŝ ƉƌĞnjnjĞŵŽůŽ͕ ƐĂůĞ Ğ ŽůŝŽ Ě͛ŽůŝǀĂ͘ WƵůŝƚĞ ŝ ĨƵŶŐŚŝ͕ ůĂǀĂƚĞůŝ͕ ĂƐĐŝƵŐĂƚĞůŝ Ğ ƚĂŐůŝĂƚĞůŝ Ă ĨĞƚƚĞ͘ &ĂƚĞ ĨŽŶĚĞƌĞ ŝů ďƵƌƌŽ ŝŶ ƵŶĂ ƉĂĚĞůůĂ͕ ƵŶŝƚĞ ŝ ĨƵŶŐŚŝ Ă ĨĞƩĞ͕ ĂŐŐŝƵŶŐĞƚĞ ƵŶ ƉŝnjnjŝĐŽ Ěŝ ƐĂůĞ Ğ ĨĂƚĞůŝ ĐƵŽĐĞƌĞ ƉĞƌ ĐŝƌĐĂ ϭϱ ŵŝŶƵƟ͕ ŵĞƐĐŽůĂŶĚŽůŝ Ěŝ ƚĂŶƚŽ ŝŶ ƚĂŶƚŽ͘ ƉĂƌͲ ƚĞ͕ ƐďĂƩĞƚĞ ůĞ ƵŽǀĂ ŝŶƚĞƌĞ Ğ ƵŶŝƚĞ ƵŶ ƉŝnjnjŝĐŽ Ěŝ ƐĂůĞ͕ ŝů ƉƌĞnjnjĞŵŽůŽ ƚƌŝƚĂƚŽ͕ ůĞ ĨŽŐůŝ Ěŝ ƐĂůǀŝĂ Ğ ŝ ĨƵŶŐŚŝ ĐŽƫ ŝŶ ƉƌĞĐĞͲ ĚĞŶnjĂ͘ ŽƉŽ ĂǀĞƌ ĂŵĂůŐĂŵĂƚŽ ŝů ƚƵƩŽ͕ ǀĞƌƐĂƚĞůŝ ŝŶ ƵŶ͛ĂŵƉŝĂ ƉĂĚĞůůĂ ĚŽǀĞ Ɛŝ ğ ĨĂƩŽ ĨŽŶĚĞƌĞ ŝů ƌĞƐƚŽ ĚĞů ďƵƌƌŽ ĐŽŶ ƵŶ ĮůŽ Ě͛ŽůŝŽ Ě͛ŽůŝǀĂ Ğ ƵůƟŵĂƚĞ ůĂ ĐŽƩƵƌĂ͘
5,&(77( &21 )81*+, (5%( ( )5877, ', %26&2
'Z/'>/ d D/^d >> ^/> E /ŶŐƌĞĚŝĞŶƟ ƉĞƌ ϰͬϲ ƉĞƌƐŽŶĞ͗ ϯϬϬ Ő Ěŝ ƌŽƐŝƟ ĨƌĞƐĐŚŝ͕ ϯϬϬ Ő Ěŝ ĐŽͲ ƐƚŽůĞƩĞ Ě͛ĂŐŶĞůůŽ͕ ϯϬϬ Ő Ěŝ ĨĞƩĞ Ěŝ ĨĞƐĂ Ěŝ ƚĂĐĐŚŝŶŽ͕ ϯϬϬ Ő Ěŝ ĨĞƚƚĞ Ěŝ ƉĂŶĐĞƩĂ Ěŝ ŵĂŝĂůĞ͕ ϯϬϬ Ő Ěŝ ƐĂůƐŝĐĐŝĂ Ěŝ ŵĂŝĂůĞ ĨƌĞƐĐĂ͕ ŽůŝŽ ĞdžƚƌĂǀĞƌŐŝŶĞ Ěŝ ŽůŝǀĂ͕ Ϯ ƐƉŝĐĐŚŝ Ě͛ĂŐůŝŽ͕ ĂůĐƵŶŝ ƌĂŵĞƫ Ěŝ ƌŽƐŵĂƌŝŶŽ͕ ĨŽŐůŝĞ Ěŝ ŵŝƌƚŽ Ğ ƐĂůĞ͘ WƵůŝƚĞ ŝ ƌŽƐŝƟ͕ ůĂǀĂƚĞůŝ ŝŶ ĂĐƋƵĂ ĐŽƌͲ ƌĞŶƚĞ͕ ĂƐĐŝƵŐĂƚĞůŝ Ğ ůĂƐĐŝĂƚĞůŝ ŝŶƚĞƌŝ͕ ƋƵŝŶĚŝ ĐŽŶĚŝƚĞůŝ ĐŽŶ ƵŶ ĮůŽ Ěŝ ŽůŝŽ ĞdžƚƌĂǀĞƌŐŝŶĞ Ěŝ ŽůŝǀĂ͕ ƵŶ ƉŝnjnjŝĐŽ ƐĂůĞ Ğ ƉĂƐƐĂƚĞůŝ ĂůůĂ ŐƌŝŐůŝĂ ;ŵĞŐůŝŽ ƐĞ Ă ůĞŐŶĂͿ ĚĂ ĂŵďŽ ŝ ůĂƟ͕ ĮŶŽ Ă ĨĂƌůŝ ƌŽƐŽůĂƌĞ͘ /Ŷ ƵŶĂ ĐŝŽƚŽůĂ ůĂǀĂƚĞ ĐŽŶ ĐƵƌĂ ůĞ ĨŽŐůŝĞ ĨƌĞƐĐŚĞ Ěŝ ŵŝƌƚŽ͘ ƉĂƌƚĞ ƉƌĞƉĂƌĂƚĞ ů͛ŝŶƟŶŐŽůŽ ƉĞƌ ůĞ ƉĂƌƟ Ěŝ ĐĂƌŶĞ͖ ĐŽŶ ŽůŝŽ ĞdžƚƌĂǀĞƌŐŝŶĞ Ěŝ ŽůŝǀĂ͕ ů͛ĂŐůŝŽ ƚƌŝƚĂƚŽ Ğ ƵŶ ƉŝnjnjŝĐŽ Ěŝ ƐĂůĞ͘ WĂƐƐĂƚĞ ƐƵůůĂ ŐƌŝŐůŝĂ͕ ŝ ǀĂƌŝ ƉĞnjnjŝ Ěŝ ĐĂƌŶĞ Ğ ůĂ ƐĂůƐŝĐĐŝĂ ƚĂŐůŝĂͲ ƚĂ Ă ƚŽĐĐŚĞƫ͖ ĚƵƌĂŶƚĞ ůĂ ĐŽƩƵƌĂ͕ ĐŽŶ ŝ ƌĂŵĞƫ Ěŝ ƌŽƐŵĂƌŝŶŽ͕ ďĂŐŶĂƟ ŶĞůů͛ŝŶƟŶŐŽůŽ͕ ƐƉĞŶŶĞůůĂƚĞ ŝ ǀĂƌŝ ƉĞnjͲ njŝ Ěŝ ĐĂƌŶĞ Ğ ŝ ƚŽĐĐŚĞƫ Ěŝ ƐĂůĐŝĐĐŝĂ ĚĂ ƚƵƚƚŝ ŝ ůĂƚŝ͘ ĐŽƚƚƵƌĂ ƵůƚŝŵĂƚĂ͕ ƐŝƐƚĞŵĂƚĞ ƐƵ ƵŶĂ ƉŝƌŽĮůĂ ĚĂ ƉŽƌƚĂƚĂ͕ ƐƵ ƵŶ ůĞƩŽ Ěŝ ĨŽŐůŝĞ ĨƌĞƐĐŚĞ Ěŝ ŵŝƌƚŽ͕ ŝ ĨƵŶŐŚŝ͕ ŝ ǀĂƌŝ ƉĞnjnjŝ Ěŝ ĐĂƌŶĞ Ğ ůĂ ŝ ƚŽĐĐŚĞƫ Ěŝ ƐĂůƐŝĐĐŝĂ Ğ ƐƉĞŶŶĞůůĂƚĞ ŝů ƚƵƩŽ ĐŽŶ ŝů ƌĞƐƚŽ ĚĞůůĂ ƐĂůƐĂ͘
d '>/ d >> / WKZ /E/ /ŶŐƌĞĚŝĞŶƟ ƉĞƌ ϱͬϴ ƉĞƌƐŽŶĞ͗ ϱϬϬ Ő Ěŝ ƉŽƌĐŝŶŝ ŐŝŽǀĂŶŝ Ğ ĨƌĞƐĐŚŝ͕ ϳϬϬ Ő Ěŝ ƚĂŐůŝĂƚĞůůĞ ĨĂƩĞ ŝŶ ĐĂƐĂ͕ ŽůŝŽ ĞdžƚƌĂǀĞƌŐŝŶĞ Ěŝ ŽůŝǀĂ͕ ϭ ŵĂnjnjĞƩŽ Ěŝ ƉƌĞnjnjĞŵŽůŽ͕ ϭ ƐƉŝĐĐŚŝŽ Ě͛ĂŐůŝŽ͕ ƉĞƉĞ ŶĞƌŽ Ğ ƐĂůĞ͘ WƵůŝƚĞ ŝ ƉŽƌĐŝŶŝ ĐŽŶ ƵŶ ƉĂŶŶŽ ƵŵŝĚŽ͕ ƋƵŝŶĚŝ ƚĂŐůŝĂƚĞůŝ Ă ĐƵďĞƫ͘ /Ŷ ƵŶ͛ĂŵͲ ƉŝĂ ƉĂĚĞůůĂ ŵĞƩĞƚĞ ů͛ŽůŝŽ ĞdžƚƌĂǀĞƌͲ ŐŝŶĞ Ěŝ ŽůŝǀĂ Ğ ƵŶŽ ƐƉŝĐĐŚŝŽ Ě͛ĂŐůŝŽ ƐĐŚŝĂĐĐŝĂƚŽ ĐŚĞ ĨĂƌĞƚĞ ƌŽƐŽůĂƌĞ ƋƵĂůͲ ĐŚĞ ŝƐƚĂŶƚĞ͕ ƋƵŝŶĚŝ ƵŶŝƚĞ ŝ ĨƵŶŐŚŝ ƉƌĞĐĞĚĞŶƚĞŵĞŶƚĞ ƉƌĞƉĂƌĂƟ͕ ƐĂůĂƚĞ Ğ ĨĂƚĞ ĐƵŽĐĞƌĞ Ă ĨƵŽĐŽ ĂůůĞŐƌŽ͘ YƵĂŶĚŽ ůĞ ƚĂŐůŝĂƚĞůůĞ ƐŽŶŽ ĐŽƩĞ Ğ ƐĐŽůĂƚĞ͕ ǀĞƌƐĂƚĞůĞ ŶĞůůĂ ƉĂĚĞůůĂ ĚĞŝ ĨƵŶŐŚŝ Őŝă ĐŽƫ ŝŶ ƉƌĞĐĞĚĞŶnjĂ͕ ĂŐŐŝƵŶŐĞƚĞ ŝů ƉƌĞnjnjĞŵŽůŽ ƚƌŝƚĂƚŽ͕ ƵŶ ƉŝnjnjŝĐŽ Ěŝ ƉĞƉĞ ŶĞƌŽ Ğ ĂŵĂůŐĂŵĂƚĞ ŝů ƚƵƩŽ ƉĞƌ ƋƵĂůĐŚĞ ŵŝŶƵƚŽ͘ ^ĞƌǀŝƌĞ ƐĞ ǀŽůĞƚĞ͕ ĐŽŶ ĚĞů ƉĞƉĞƌŽŶĐŝŶŽ ĨƌĞƐĐŽ ƉŝĐĐĂŶƚĞ͘
9LD 5RPD Â&#x2021; &DPLJOLDWHOOR 6LODQR &6 ,WDO\ WHO H ID[ Â&#x2021; FHOO ZZZ QHZVLOD LW Â&#x2021; ODGHD #DOLFH LW