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>ĂĐŽŵĞƌĐŝĂůŝnjĂĐŝſŶƚŽĚĂǀşĂŶŽĞƐƚĂďůĞĐŝĚĂ͘WƌŽďĂďůĞŵĞŶƚĞƐĞĂĨĂĐƚŝďůĞ ĐŽŶůĂƚĞĐŶŽůŽŐşĂĂĐƚƵĂůŽĨƵƚƵƌĂ͕ďĂũŽůĂƐĐŽŶĚŝĐŝŽŶĞƐĚĞŵĞƌĐĂĚŽĂĐƚƵĂůĞƐ LJͬŽŵĄƐĨĂǀŽƌĂďůĞƐ

/E&Z/K

ZhZ^K

>ĂĞŶĞƌŐşĂƚĠƌŵŝĐĂ >ĂĞŶĞƌŐşĂƚĠƌŵŝĐĂ ƌĞĐƵƉĞƌĂďůĞĚĞŶƚƌŽĚĞ ƌĞĐƵƉĞƌĂďůĞĚĞŶƚƌŽ ƵŶĄƌĞĂͬǀŽůƵŵĞŶĐŽŶ ĚĞƵŶǀŽůƵŵĞŶĚĞ ůŽƐƐƵĨŝĐŝĞŶƚĞƐ >ŽƐĚĂƚŽƐĚĞ ŝŶĚŝĐĂĚŽƌĞƐĚŝƌĞĐƚŽƐĚĞů ƌŽĐĂŵĄƐĨŝĂďůĞƋƵĞ ĞdžƉůŽƌĂĐŝſŶĐŽŶǀĂůŽƌ ĞůƌĞĐƵƌƐŽ ĐĂƌĄĐƚĞƌŽůĂƐ ŵĂƚĞƌŝĂůƉĂƌĂůĂ ŐĞŽƚĠƌŵŝĐŽŝŶĨĞƌŝĚŽ͘ ĚŝŵĞŶƐŝŽŶĞƐĚĞů ĞƐƚŝŵĂĐŝſŶĚĞůƌĞĐƵƌƐŽ ^ƵĨŝĐŝĞŶƚĞƐ ƌĞĐƵƌƐŽŐĞŽƚĠƌŵŝĐŽ ŐĞŽƚĠƌŵŝĐŽ͕ƉĞƌŽƋƵĞ ŝŶĚŝĐĂĚŽƌĞƐƉĂƌĂ ƉĂƌĂƉƌŽƉŽƌĐŝŽŶĂƌƵŶĂ ĚĞƉŽƌƐşƐŽůŽƐƐŽŶ ĐĂƌĂĐƚĞƌŝnjĂƌůĂ ďĂƐĞĨŝĂďůĞĚĞƋƵĞ ŝŶƐƵĨŝĐŝĞŶƚĞƐƉĂƌĂ ƚĞŵƉĞƌĂƚƵƌĂLJůĂ ĞdžŝƐƚĞĞŶĞƌŐşĂƚĠƌŵŝĐĂ͕ ĚĞĨŝŶŝƌƵŶĂĐĂƚĞŐŽƌşĂ ƋƵşŵŝĐĂ͕ĂƵŶƋƵĞĐŽŶ ĞƐƚŝŵĂŶĚŽůĂ ĚĞƌĞĐƵƌƐŽŐĞŽƚĠƌŵŝĐŽ ƉŽĐĂƐŵĞĚŝĚĂƐ ƚĞŵƉĞƌĂƚƵƌĂLJĐŽŶ ĚŝƌĞĐƚĂƐŝŶĚŝĐĂŶĚŽƐƵ ĂůŐƵŶĂƐŝŶĚŝĐĂĐŝŽŶĞƐ ĞdžƚĞŶƐŝſŶŽŵĞĚŝĚĂ ƐŽďƌĞƐƵŵĞĚŝĚĂLJ ĂůĐĂŶĐĞ

Z^h>dK> yW>KZ/ME



0È67(5*HRORJtDDSOLFDGDDOD2EUD&LYLO\ORV5HFXUVRV+tGULFRV 75$%$-2(QHUJtD*HRWpUPLFDGH*UDQDGD $8725(PPDQXHO6HJXUD=DPRUD 

WZKK

ΕWϱϬ

ΕWϵϬ

ƉůŝĐĂďůĞĚŝƌĞĐƚĂŵĞŶƚĞ ĂƵŶĂƉƌŽĚƵĐĐŝſŶĐĂƉĂnj ĚĞƐĂƚŝƐĨĂĐĞƌƚŽĚŽƐůŽƐ ĨĂĐƚŽƌĞƐĚĞ ŵŽĚŝĨŝĐĂĐŝſŶ͘ ŝƌĞĐƚĂŵĞŶƚĞ ŽĞƋƵŝǀĂůĞŶƚĞĂƵŶ ƌĞůĂĐŝŽŶĂĚŽƐĐŽŶůĂ ZĞĐƵƌƐŽDĞĚŝĚŽƉĂƌĂ ƉĂƌƚĞĚĞƵŶZĞĐƵƌƐŽ ĞůĐƵĂůŶŽƐĞƉƵĞĚĞ DĞĚŝĚŽƉĂƌĂĞůƋƵĞ ŚĂĐĞƌƵŶĂƉƌĞǀŝƐŝſŶ ƉƵĞĚĞƐĞƌůĂƉƌŽĚƵĐĐŝſŶ ĨŝĂďůĞƐŽďƌĞůĂ ƉƌŽĚƵĐĐŝſŶĐŽŵĞƌĐŝĂů ĐŽŵĞƌĐŝĂůƉĂƌĂƚŽĚĂůĂ ǀŝĚĂĞƐƚĂďůĞĐŝĚĂĞŶĞů ĚƵƌĂŶƚĞůĂǀŝĚĂƷƚŝů ƉƌŽLJĞĐƚŽƉƌĞǀŝƐƚŽĐŽŶ ĚĞůƉƌŽLJĞĐƚŽƉĂƌƐĞƌ ƵŶĂůƚŽŐƌĂĚŽĚĞ ĐŽŶƐŝĚĞƌĂĚĂƵŶĂ ĐŽŶĨŝĂŶnjĂ͘ ZĞƐĞƌǀĂWƌŽǀĂĚĂ͘>Ă ƉƌŽďĂďŝůŝĚĂĚĚĞƋƵĞ ŽĐƵƌƌĂĞƐΗŵĄƐ ƉƌŽďĂďůĞƋƵĞŶŽΗ

ƋƵŝǀĂůĞŶƚĞĂƵŶ ZĞĐƵƌƐŽ/ŶĚŝĐĂĚŽ ƉĂƌĂĞůĐƵĂůƐĞƉƵĞĚĞ ŚĂĐĞƌƵŶĂƉƌĞǀŝƐŝſŶ ƐŽďƌĞůĂƉƌŽĚƵĐĐŝſŶ ĐŽŵĞƌĐŝĂůĚƵƌĂŶƚĞůĂ ǀŝĚĂƷƚŝůĂƐƵŵŝĚĂĚĞů ƉƌŽLJĞĐƚŽ͖

ŽŵĞƌĐŝĂů͘&ĂĐƚŝďůĞĐŽŶůĂƚĞĐŶŽůŽŐşĂĞdžŝƐƚĞŶƚĞLJ ůĂƐĂĐƚƵĂůĞƐĐŽŶĚŝĐŝŽŶĞƐĚĞŵĞƌĐĂĚŽ

WZK>

Z^Zs


Z^h>dK> yW>KZ/ME





>ĂƐĂƉƌŽƉŝĂĚĂƐ



EĞĐĞƐĂƌŝŽ

KƉĐŝŽŶĂů

hŶŝĚĂĚĞƐ

/E&Z/K

0È67(5*HRORJtDDSOLFDGDDOD2EUD&LYLO\ORV5HFXUVRV+tGULFRV 75$%$-2(QHUJtD*HRWpUPLFDGH*UDQDGD $8725(PPDQXHO6HJXUD=DPRUD 

ϭ͘ŶĞƌŐşĂƚĠƌŵŝĐĂƌĞĐƵƉĞƌĂďůĞ

D/K

WZK>



ϲ͘>ĂƐĂƉƌŽƉŝĂĚĂƐ

ϱ͘džDtĞĚƵƌĂŶƚĞLJĂŹŽƐ

ϰ͘W:ĞŽDtĞĂŹŽ

ϯ͘W:ƚŽDtƚĂŹŽ

Ϯ͘>ĂƐĂƉƌŽƉŝĂĚĂƐ

ϭ͘W:ƚŽDtƚĂŹŽ

ϲ͘>ŽƐƉƌŝŶĐŝƉĂůĞƐƐƵƉƵĞƐƚŽƐLJĨĂĐƚŽƌ;ĞƐͿĚĞĐŽŶǀĞƌƐŝſŶ

zƐŝĞƐĂƐş͗

ϱ͘ůĞĐƚƌŝĐŝĚĂĚƐƵƉŽŶĞůĂŐĞŶĞƌĂĐŝſŶĚƵƌĂŶƚĞƵŶƉĞƌşŽĚŽ

ϰ͘>ĂŐĞŶĞƌĂĐŝſŶƚŽƚĂůĚĞĞůĞĐƚƌŝĐŝĚĂĚƐƵƉƵĞƐƚĂ

ϯ͘ŶĞƌŐşĂƚĠƌŵŝĐĂŝŶƐŝƚƵ;ŶŽĚĞďĞƐĞƌĚĞƐĐƌŝƚĂĐŽŵŽƵŶΗƌĞĐƵƌƐŽΗͿ

Ϯ͘>ŽƐƉƌŝŶĐŝƉĂůĞƐƐƵƉƵĞƐƚŽƐLJĞůͬůŽƐĨĂĐƚŽƌ;ĞƐͿĚĞƌĞĐƵƉĞƌĂĐŝſŶ

/E/K

ZhZ^K

Z^Zs WZKK


0È67(5*HRORJtDDSOLFDGDDOD2EUD&LYLO\ORV5HFXUVRV+tGULFRV 75$%$-2(QHUJtD*HRWpUPLFDGH*UDQDGD $8725(PPDQXHO6HJXUD=DPRUD 

                               

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džƚĞŶƐŝſŶĚĞůĂĂůƚĂ ƚĞŵƉĞƌĂƚƵƌĂŝŶĚŝĐĂĚĂĞŶĞů ŝŶƚĞƌǀĂůŽĚĞƉƌŽĨƵŶĚŝĚĂĚ ƐĞůĞĐĐŝŽŶĂĚĂĞŶďĂƐĞĂ͗

džƚĞŶƐŝſŶĚĞůĂĂůƚĂ ƚĞŵƉĞƌĂƚƵƌĂŝŶĨĞƌŝĚĂĞŶĞů ŝŶƚĞƌǀĂůŽĚĞƉƌŽĨƵŶĚŝĚĂĚ ƐĞůĞĐĐŝŽŶĂĚĂĞŶďĂƐĞĂ͗

sK>hDE

D/^

dĞŵƉĞƌĂƚƵƌĂƐĞƐƚŝŵĂĚĂƐĚĞ

WƌŽĨƵŶĚŝĚĂĚ

dĞŵƉĞƌĂƚƵƌĂ

WƌŽĨƵŶĚŝĚĂĚŵĄdžŝŵĂ ĂůĐĂŶnjĂĚĂƉŽƌůĂƉĞƌĨŽƌĂĐŝſŶ ŵĄƐůĂĚŝƐƚĂŶĐŝĂƌĂnjŽŶĂďůĞ ĚĞĚƌĞŶĂũĞĚĞďĂũŽĚĞůĨŽŶĚŽ ĚĞůƉŽnjŽ;ŵĞŶŽƐĞŶůŽƐ ƐŝƐƚĞŵĂƐŶŽĐŽŶǀĞĐƚŝǀŽƐͿ͘ 'ŽďĞƌŶĂĚŽƉŽƌůĂƐ ƚĞŵƉĞƌĂƚƵƌĂƐĞŶůĂnjŽŶĂĚĞ ƐĂůŝĚĂĞŶůŽƐƐŝƐƚĞŵĂƐ ŶĂƚƵƌĂůĞƐ͘

dĞŵƉĞƌĂƚƵƌĂĞƐƚŝŵĂĚĂĂ



dĞŵƉĞƌĂƚƵƌĂƐŵĞĚŝĚĂƐĞŶ

W/EdZ'

ƐƉĞƐŽƌĚĞĨŝŶŝĚŽƉŽƌůĂ ŐĞŽĨşƐŝĐĂ͕ŽĞŶůŽƐƉŽnjŽƐ ĂĚLJĂĐĞŶƚĞƐ͘WƌŽĨƵŶĚŝĚĂĚ ŵĄdžŝŵĂĞƐƉĞƌĂĚĂĂůĐĂŶnjĂƌ ŵĞĚŝĂŶƚĞůĂƉĞƌĨŽƌĂĐŝſŶŵĄƐ ĚƌĞŶĂũĞƌĂnjŽŶĂďůĞĚĞƐĚĞůŽ ŵĄƐƉƌŽĨƵŶĚŽ;ŵĞŶŽƐĞŶůŽƐ ƐŝƐƚĞŵĂƐŶŽĐŽŶǀĞĐƚŝǀŽƐͿ

džƚĞŶƐŝſŶĚĞůĂĂůƚĂ ƚĞŵƉĞƌĂƚƵƌĂŵĞĚŝĚĂĞŶůŽƐ ƉŽnjŽƐĞŶĞůŝŶƚĞƌǀĂůŽĚĞ ƉƌŽĨƵŶĚŝĚĂĚƐĞůĞĐĐŝŽŶĂĚŽ͕ ͻƐƚƵĚŝŽƐ'ĞŽĨşƐŝĐŽƐ ͻhďŝĐĂĐŝſŶĚĞůĂĂĐƚŝǀŝĚĂĚ ƉĞƌŵŝƚŝĞŶĚŽƋƵĞĂůŐƵŶĂƐ ƐƵƉĞƌĨŝĐŝĂůƉŽƌĞũĞŵƉůŽ͕ ͻ'ƌĂĚŝĞŶƚĞƐĚĞƚĞŵƉĞƌĂƚƵƌĂ njŽŶĂƐĂůƌĞĚĞĚŽƌĚĞůŽƐ ŵĂŶĂŶƚŝĂůĞƐLJĨƵŵĂƌŽůĂƐ ƐƵƉĞƌĨŝĐŝĂů͕ĞůĨůƵũŽĚĞĐĂůŽƌ ƉŽnjŽƐƐĞĂŶŝŶĐůƵŝĚĂƐ͕LJ ƚĞŶŝĞŶĚŽĞŶĐƵĞŶƚĂĞů ͻ^ƵƉĞƌĨŝĐŝĞĚĞĨůƵũŽĚĞĐĂůŽƌ ĚĞƐƵƉĞƌĨŝĐŝĞ ĞƐƉĂĐŝĂŵŝĞŶƚŽĂƐşĐŽŵŽƵŶĂ ͻWƌĞƐĞŶĐŝĂĚĞůĂnjŽŶĂ ͻĂŶĂůŽŐşĂŐĞŽůſŐŝĐĂĚĞůŽƐ ŐƵşĂƉĂƌĂůĂĐŽŶĨŝĂŶnjĂĚĞ ĂĚLJĂĐĞŶƚĞĚĞŵŽƐƚƌĂĚĂ ƐŝƐƚĞŵĂƐĚĞ'^ ƋƵĞĞůĐĂƌĄĐƚĞƌĚĞůĂůŵĂĐĠŶ ͻůŐƵŶŽƐŵĂƉĂƐŐĞŽĨşƐŝĐŽƐ ůĐĂŶĐĞĚĞůƚŝƉŽĚĞƌŽĐĂĞŶ ƐĞĚĞĨŝŶĞĚĞĨŽƌŵĂĨŝĂďůĞ ůŽƐƐŝƐƚĞŵĂƐĚĞ'^ ƉƵĞĚĞŶĞƐƚĂƌĚŝƐƉŽŶŝďůĞƐ

/E/^

ZhZ^K^

/E&Z/^

ǀĂůƵĂĚŽĂƉĂƌƚŝƌĚĞůĂ ŚŝĚƌŽůŽŐşĂ͕ůĂĞƐƚƌƵĐƚƵƌĂ͕ůĂ ĂŶĂůŽŐşĂ͘WƌŽĨƵŶĚŝĚĂĚ ŵĄdžŝŵĂĞƐƉĞƌĂĚĂĂůĐĂŶnjĂƌ ŵĞĚŝĂŶƚĞůĂƉĞƌĨŽƌĂĐŝſŶ ŵĄƐůĂĚŝƐƚĂŶĐŝĂĚĞĚƌĞŶĂũĞ ƌĂnjŽŶĂďůĞ;ŵĞŶŽƐĞŶůŽƐ ƐŝƐƚĞŵĂƐŶŽĐŽŶǀĞĐƚŝǀŽƐͿ

ƌĞĂ

dK^

0È67(5*HRORJtDDSOLFDGDDOD2EUD&LYLO\ORV5HFXUVRV+tGULFRV 75$%$-2(QHUJtD*HRWpUPLFDGH*UDQDGD $8725(PPDQXHO6HJXUD=DPRUD 

dĞŵƉĞƌĂƚƵƌĂĞƐƚŝŵĂĚĂĂ

ƐƉĞƐŽƌĚĞĨŝŶŝĚŽƉŽƌůĂ ŐĞŽĨşƐŝĐĂ͕ŽĞŶůŽƐƉŽnjŽƐ ĂĚLJĂĐĞŶƚĞƐ͘WƌŽĨƵŶĚŝĚĂĚ ŵĄdžŝŵĂĞƐƉĞƌĂĚĂĂůĐĂŶnjĂƌ ŵĞĚŝĂŶƚĞůĂƉĞƌĨŽƌĂĐŝſŶ ŵĄƐĚƌĞŶĂũĞƌĂnjŽŶĂďůĞ ĚĞƐĚĞůŽŵĄƐƉƌŽĨƵŶĚŽ ;ŵĞŶŽƐĞŶůŽƐƐŝƐƚĞŵĂƐŶŽ ĐŽŶǀĞĐƚŝǀŽƐͿ͘

ͻůĐĂŶĐĞĚĞůƚŝƉŽĚĞƌŽĐĂ ĞŶůŽƐƐŝƐƚĞŵĂƐĚĞ'^

ͻWƌĞƐĞŶĐŝĂĚĞůĂnjŽŶĂ ĂĚLJĂĐĞŶƚĞĚĞŵŽƐƚƌĂĚĂ

ͻ'ƌĂĚŝĞŶƚĞƐĚĞ ƚĞŵƉĞƌĂƚƵƌĂƐƵƉĞƌĨŝĐŝĂů͕Ğů ĨůƵũŽĚĞĐĂůŽƌĚĞƐƵƉĞƌĨŝĐŝĞ

ͻƐƚƵĚŝŽƐ'ĞŽĨşƐŝĐŽƐ

džƚĞŶƐŝſŶĚĞůĂĂůƚĂ ƚĞŵƉĞƌĂƚƵƌĂŝŶĨĞƌŝĚĂĞŶĞů ŝŶƚĞƌǀĂůŽĚĞƉƌŽĨƵŶĚŝĚĂĚ ƐĞůĞĐĐŝŽŶĂĚŽĞŶďĂƐĞĂ͗

WZK>^

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EŝŶŐƷŶƉƌŽďůĞŵĂ ŝŵƉŽƌƚĂŶƚĞĐŽŶůĂĂĐŝĚĞnjĚĞů ĨůƵŝĚŽŽĐŽŶĞůĚĞƉſƐŝƚŽ ŝŶĐŽŶƚƌŽůĂĚŽĚĞƐſůŝĚŽƐƉŽƌ ůŽƐĨůƵŝĚŽƐĚĞƐĐĂƌŐĂĚŽƐĞŶ ůŽƐƉŽnjŽƐĞdžŝƐƚĞŶƚĞƐ

EŝŶŐƷŶƉƌŽďůĞŵĂ ŝŵƉŽƌƚĂŶƚĞƉƌĞǀŝƐƚŽĐŽŶůĂ ĂĐŝĚĞnjĚĞůĨůƵŝĚŽŽĐŽŶĞů ĚĞƉſƐŝƚŽŝŶĐŽŶƚƌŽůĂĚŽĚĞ ƐſůŝĚŽƐĞŶƉŽnjŽƐ͕ŽĞŶĞů ĄƌĞĂWƌŽďĂĚĂĂĚLJĂĐĞŶƚĞ

EŝŶŐƷŶƉƌŽďůĞŵĂ ŝŵƉŽƌƚĂŶƚĞĐŽŶůĂĂĐŝĚĞnjĚĞů ĨůƵŝĚŽŽĐŽŶĞůĚĞƉſƐŝƚŽ ŝŶĐŽŶƚƌŽůĂĚŽĚĞƐſůŝĚŽƐƉŽƌ ůŽƐĨůƵŝĚŽƐĚĞƐĐĂƌŐĂĚŽƐĞŶ ůŽƐƉŽnjŽƐĞdžŝƐƚĞŶƚĞƐ

EŝŶŐƷŶƉƌŽďůĞŵĂŝŵƉŽƌƚĂŶƚĞ ƉƌĞǀŝƐƚŽĐŽŶůĂĂĐŝĚĞnjĚĞů ĨůƵŝĚŽŽĐŽŶĞůĚĞƉſƐŝƚŽ ŝŶĐŽŶƚƌŽůĂĚŽĚĞƐſůŝĚŽƐĞŶ ƉŽnjŽƐ͕ŽĞŶĞůĄƌĞĂDĞĚŝĚĂ ĂĚLJĂĐĞŶƚĞ

WZK^

ĞƐĐĂƌŐĂƐŽƐƚĞŶŝĚĂƉƌŽďĂĚĂ ĨůƵLJĞĚĞƵŶ;ŽƐͿƉŽnjŽ;ƐͿ ƉƌŽĨƵŶĚŽ;ƐͿ͘

WZK>^

džƚĞŶƐŝſŶŝŶĨĞƌŝĚĂĚĞĨĂůůĂƐ ŽĚĞƉĞƌŵĞĂďŝůŝĚĂĚĚĞ ĂĐƵşĨĞƌŽ͕ŽŵĞƚŽĚŽůŽŐşĂ'^ ĞƐĐĂƌŐĂƐŽƐƚĞŶŝĚĂƉƌŽďĂĚĂ ĨůƵLJĞĚĞƵŶ;ŽƐͿƉŽnjŽ;ƐͿ ƉƌŽďĂĚĂ͘WƌĞƐŝŽŶĞƐĚĞ ƉƌŽĨƵŶĚŽ;ƐͿ͘ ůşƋƵŝĚŽƐŝŶĨĞƌŝĚĂƐĚĞƉŽnjŽƐ ĞŶĞůĄƌĞĂWƌŽďĂĚĂ ĂĚLJĂĐĞŶƚĞŽƉŽnjŽƐƐŽŵĞƌŽƐ

D/^

Z^Zs^

džƚĞŶƐŝſŶŝŶĨĞƌŝĚĂĚĞĨĂůůĂƐŽ ĚĞƉĞƌŵĞĂďŝůŝĚĂĚĚĞ ĂĐƵşĨĞƌŽ͕ŽŵĞƚŽĚŽůŽŐşĂ'^ ƉƌŽďĂĚĂ͘WƌĞƐŝŽŶĞƐĚĞ ůşƋƵŝĚŽƐŝŶĨĞƌŝĚĂƐĚĞƉŽnjŽƐ ĞŶĞůĄƌĞĂDĞĚŝĚĂĂĚLJĂĐĞŶƚĞ ŽƉŽnjŽƐƐŽŵĞƌŽƐ

/E/^

EŝŶŐƵŶĂĞǀŝĚĞŶĐŝĂĚĞ ƉƌŽďůĞŵĂƐŝŵƉŽƌƚĂŶƚĞƐĐŽŶ ůĂĂĐŝĚĞnjĚĞůĨůƵŝĚŽŽĐŽŶĞů ĚĞƉſƐŝƚŽŝŶĐŽŶƚƌŽůĂĚŽĚĞ ƐſůŝĚŽƐ

/E&Z/^

ZhZ^K^

WƌĞƐŝŽŶĞƐĚĞůşƋƵŝĚŽƐLJ ƉĞƌŵĞĂďŝůŝĚĂĚŝŶĨĞƌŝĚĂĚĞ ƉŽnjŽƐƐŽŵĞƌŽƐŽ WƌĞƐŝſŶLJ ŵĂŶĂŶƚŝĂůĞƐƐƵƌŐĞŶƚĞƐ͘&ĂůůĂ ƉĞƌŵĞĂďŝůŝĚĂĚ ŝŶĨĞƌŝĚĂŽƉĞƌŵĞĂďŝůŝĚĂĚĚĞů ĂĐƵşĨĞƌŽŽŵĞƚŽĚŽůŽŐşĂ'^ ƉƌŽďĂĚĂ

dK^

0È67(5*HRORJtDDSOLFDGDDOD2EUD&LYLO\ORV5HFXUVRV+tGULFRV 75$%$-2(QHUJtD*HRWpUPLFDGH*UDQDGD $8725(PPDQXHO6HJXUD=DPRUD 


0È67(5*HRORJtDDSOLFDGDDOD2EUD&LYLO\ORV5HFXUVRV+tGULFRV 75$%$-2(QHUJtD*HRWpUPLFDGH*UDQDGD $8725(PPDQXHO6HJXUD=DPRUD 

                               

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0È67(5*HRORJtDDSOLFDGDDOD2EUD&LYLO\ORV5HFXUVRV+tGULFRV 75$%$-2(QHUJtD*HRWpUPLFDGH*UDQDGD $8725(PPDQXHO6HJXUD=DPRUD 

͘dK^dE/K^WZͲWZ&KZ/MEyW>KZ/ME WZDdZK

>ŽƐŵĂƉĂƐŐĞŽůſŐŝĐŽƐĞ ŝŶƚĞƌƉƌĞƚĂĐŝſŶ

KE^/Z/KE^^KZ>K^dK^ ͻ>ĂŶĂƚƵƌĂůĞnjĂLJůĂĐĂůŝĚĂĚĚĞůŽƐŵĂƉĂƐĚŝƐƉŽŶŝďůĞƐ;ƉŽƌĞũĞŵƉůŽ͕ůĂĞƐĐĂůĂ͕ůĂ ŝŶƚĞŐƌŝĚĂĚ͕ůĂĞĚĂĚ͕ůŽƐĂƵƚŽƌĞƐ͕Ϯ͕ϯ͕ĞƚĐͿĐŽŵŽďĂƐĞƉĂƌĂůĂŝŶƚĞƌƉƌĞƚĂĐŝſŶLJůĂƐ ĐŽŶƐĞĐƵĞŶĐŝĂƐƉĂƌĂůŽƐƚŝƉŽƐƉƌŽďĂďůĞƐĚĞƌĞĐƵƌƐŽƐŐĞŽƚĠƌŵŝĐŽƐ ͻĞƐĐƌŝƉĐŝſŶĚĞůĂƐĞƉſƐŝƚŽƐŐĞŽƚĠƌŵŝĐŽƐƌĞůĞǀĂŶƚĞƐƌĞŐŝƐƚƌĂĚŽƐƉƌĞǀŝĂŵĞŶƚĞĞŶůĂ ƉƌŽdžŝŵŝĚĂĚŽĞŶůĂŵŝƐŵĂƉƌŽǀŝŶĐŝĂŐĞŽůſŐŝĐĂ ͻĚĞĐƵĂĐŝſŶĚĞůŽƐŵĂƉĂƐĚĞďĂƐĞ ͻ>ĂŵĞƚŽĚŽůŽŐşĂLJůĂĐĂůŝĚĂĚĚĞůĂƵďŝĐĂĐŝſŶĚĞůĂŵƵĞƐƚƌĂ;ƉŽƌĞũĞŵƉůŽ͕'W^͕ĞƚĐͿ

>ŽƐĚĂƚŽƐĚĞƵďŝĐĂĐŝſŶ LJĞůĞƐƉĂĐŝĂŵŝĞŶƚŽ

ͻĂƚƵŵLJƉƌŽLJĞĐĐŝſŶƵƚŝůŝnjĂĚĂũƵŶƚŽĐŽŶůŽƐƉĂƌĄŵĞƚƌŽƐƌĞůĞǀĂŶƚĞƐ;ůƵŐĂƌĞƐĚĞďĞŶ ƐĞƌŝŶĨŽƌŵĂĚĂƐƵƚŝůŝnjĂŶĚŽƌĞĐŽŶŽĐŝĚŽƐƐŝƐƚĞŵĂƐĚĞĐŽŽƌĚĞŶĂĚĂƐLJůĂƐƌĞĚĞƐŶŽ ůŽĐĂůĞƐƐŝĞŵƉƌĞƋƵĞƐĞĂƉŽƐŝďůĞͿ ͻ^ĞƉĂƌĂĐŝſŶĚĞƉƵŶƚŽƐĚĞĚĂƚŽƐĚŝƐƉŽŶŝďůĞƐ ͻdžƚĞŶƐŝſŶĚĞůĂŝŶƚĞƌƉŽůĂĐŝſŶĚĞĚĂƚŽƐͬĞdžƚƌĂƉŽůĂĐŝſŶŝŶĐůƵLJĞŶĚŽƵŶĂĞdžƉůŝĐĂĐŝſŶ ĚĞůĂƐƚĠĐŶŝĐĂƐĂƉůŝĐĂĚĂƐ

>ĂĞǀŝĚĞŶĐŝĂĚĞĂŐƵĂ ƉĂƐĂĚĂŽƉƌĞƐĞŶƚĞͬ ŝŶƚĞƌĂĐĐŝſŶĐŽŶůĂƌŽĐĂ

ͻhďŝĐĂĐŝſŶLJĚĞƐĐƌŝƉĐŝſŶĚĞůĂĂůƚĞƌĂĐŝſŶŚŝĚƌŽƚĞƌŵĂůLJŵŝŶĞƌĂůŝnjĂĐŝſŶŽďƐĞƌǀĂĚĂ

,ŝĚƌŽůŽŐşĂ

ͻ>ĂŶĂƚƵƌĂůĞnjĂLJůĂĐĂůŝĚĂĚĚĞĐĞƌĐĂĚĞůĂƐƵƉĞƌĨŝĐŝĞĚĞĚĂƚŽƐŚŝĚƌŽůſŐŝĐŽƐLJůĂďĂƐĞ ƉĂƌĂůĂŝŶƚĞƌƉƌĞƚĂĐŝſŶĚĞƵŶĂŵĂLJŽƌŝŶĐůƵƐŝſŶĚĞŝŶĚŝĐĂĚŽƌĞƐŚŝĚƌŽůſŐŝĐŽƐ

dĠĐŶŝĐĂƐĚĞŵƵĞƐƚƌĞŽ

ͻ>ĂŶĂƚƵƌĂůĞnjĂLJůĂĂĚĞĐƵĂĐŝſŶĚĞůŽƐƉƌŽĐĞĚŝŵŝĞŶƚŽƐĚĞŵƵĞƐƚƌĞŽŐĞŽůſŐŝĐŽƐ͕ ŐĞŽƋƵşŵŝĐŽƐLJĚĞĨůƵŝĚŽƐ͕ŝŶĐůƵLJĞŶĚŽůĂƌĞĐŽŐŝĚĂ͕ůĂƐŵĞĚŝĚĂƐĂĚŽƉƚĂĚĂƐƉĂƌĂ ŐĂƌĂŶƚŝnjĂƌůĂŝĚĞŶƚŝĨŝĐĂĐŝſŶĚĞůĂƐŵƵĞƐƚƌĂƐƐŽŶƌĞƉƌĞƐĞŶƚĂƚŝǀĂƐĚĞůĂŵƵĞƐƚƌĂLJůĂ ƉƌĞƐĞƌǀĂĐŝſŶ ͻ>ĂŝĚĞŶƚŝĨŝĐĂĐŝſŶLJůĂĞdžƉĞƌŝĞŶĐŝĂĚĞůůĂďŽƌĂƚŽƌŝŽĚĞĂŶĄůŝƐŝƐ

dĠĐŶŝĐĂƐĚĞĂŶĄůŝƐŝƐ

ͻ>ĂŶĂƚƵƌĂůĞnjĂ͕ůĂĐĂůŝĚĂĚLJůĂŝĚŽŶĞŝĚĂĚĚĞůĂƐƚĠĐŶŝĐĂƐĚĞůĂďŽƌĂƚŽƌŝŽLJůŽƐ ƉƌŽĐĞĚŝŵŝĞŶƚŽƐƌĞůĂĐŝŽŶĂĚŽƐĐŽŶĞůĐŽŶƚƌŽůĚĞĐĂůŝĚĂĚ;ƉŽƌĞũĞŵƉůŽ͕ĞŶůĂ ĚĞƚĞƌŵŝŶĂĐŝſŶĚĞůĂƉĞƚƌŽŐƌĂĨşĂ͕ŐĞŽƋƵşŵŝĐĂ͕ĞůůşƋƵŝĚŽŽĞůĂŶĄůŝƐŝƐĚĞŐĂƐĞƐ͕ůĂƐ ƉƌŽƉŝĞĚĂĚĞƐĨşƐŝĐĂƐĚĞůĂƌŽĐĂ͕ĚĞŝƐſƚŽƉŽƐ͕ůŽƐĚĂƚŽƐĚĞĞĚĂĚ͕ĞƚĐͿ ͻůŶŝǀĞůĚĞŝŶĐĞƌƚŝĚƵŵďƌĞĂŶĂůşƚŝĐĂLJƐŝůŽƐŶŝǀĞůĞƐĂĐĞƉƚĂďůĞƐĚĞĞdžĂĐƚŝƚƵĚLJ ƉƌĞĐŝƐŝſŶƐĞĐŽŶƐŝĚĞƌĂƋƵĞƐĞŚĂŶĞƐƚĂďůĞĐŝĚŽ ͻ>ĂŶĂƚƵƌĂůĞnjĂLJĐĂůŝĚĂĚĚĞůŽƐĚĂƚŽƐĚĞƚĞŵƉĞƌĂƚƵƌĂĚĞůĂƐƵƉĞƌĨŝĐŝĞ;ƉŽƌĞũĞŵƉůŽ͕ ĂŵďŝĞŶƚĞ͕ƐŽŶĚĂĚĞϭŵ͕ůĂƐĞdžƉůŽƌĂĐŝŽŶĞƐĂĠƌĞĂƐĚĞŝŶĨƌĂƌƌŽũŽƐ͕ƋƵĞĞdžŝƐƚĞŶƉŽnjŽƐ ĚĞƉŽĐĂƉƌŽĨƵŶĚŝĚĂĚ͕ĞƚĐͿ

DĞĚŝĐŝſŶĚĞ ƚĞŵƉĞƌĂƚƵƌĂLJ ŐĞŽƚĞƌŵŽŵĞƚƌşĂ

ͻ>ĂŶĂƚƵƌĂůĞnjĂ͕ůĂĐĂůŝĚĂĚLJůĂŝĚŽŶĞŝĚĂĚĚĞůĂƐƚĠĐŶŝĐĂƐƵƚŝůŝnjĂĚĂƐƉĂƌĂĚĞƚĞƌŵŝŶĂƌůĂ ƚĞŵƉĞƌĂƚƵƌĂĚĞůůşƋƵŝĚŽŽŐĞŽƚĞƌŵŽŵĞƚƌşĂƋƵşŵŝĐĂĚĞůĂƌŽĐĂ͕ŝŶĐůƵLJĞŶĚŽůĂĨƵĞŶƚĞ ĚĞůşƋƵŝĚŽƐ͕ĞůŶŝǀĞůĚĞŝŶĐĞƌƚŝĚƵŵďƌĞĞŶůĂŵĞĚŝĐŝſŶLJƐƵƉƵĞƐƚŽƐďĄƐŝĐŽƐ ͻ>ĂŶĂƚƵƌĂůĞnjĂĚĞůĂƐĐĂƌĂĐƚĞƌşƐƚŝĐĂƐƚĠƌŵŝĐĂƐƵƚŝůŝnjĂĚĂƐƉĂƌĂĚĞƚĞƌŵŝŶĂƌůĂ ƚĞŵƉĞƌĂƚƵƌĂLJƐƵƌĞůĂĐŝſŶĐŽŶůĂƚŽŵĂĚĞŵƵĞƐƚƌĂƐƋƵşŵŝĐĂƐ

'ƌĂĚŝĞŶƚĞĚĞ ƚĞŵƉĞƌĂƚƵƌĂ

ͻ>ĂŶĂƚƵƌĂůĞnjĂ͕ĐĂůŝĚĂĚLJƉĞƌƚŝŶĞŶĐŝĂĚĞůŽƐĐĄůĐƵůŽƐƵƚŝůŝnjĂĚŽƐƉĂƌĂĚĞƚĞƌŵŝŶĂƌĞů ŐƌĂĚŝĞŶƚĞĚĞƚĞŵƉĞƌĂƚƵƌĂĞŶƚƌĞůĂŶĂƚƵƌĂůĞnjĂLJůĂĨƵĞŶƚĞĚĞůŽƐĚĂƚŽƐĚĞ ƚĞŵƉĞƌĂƚƵƌĂĚĞůĂƐƵƉĞƌĨŝĐŝĞLJĞůŶŝǀĞůĚĞŝŶĐĞƌƚŝĚƵŵďƌĞĂƐŽĐŝĂĚŽ ͻ/ŶƚĞƌǀĂůŽƐĚĞƉƌŽĨƵŶĚŝĚĂĚĚĞůŽƐŐƌĂĚŝĞŶƚĞƐĚĞĚĞƚĞƌŵŝŶĂĚŽƐ

ŽŶĚƵĐƚŝǀŝĚĂĚƚĠƌŵŝĐĂ ;<Ϳ

ͻ^ŝĚĞƚĞƌŵŝŶĂĚĂĂŶĂůşƚŝĐĂŵĞŶƚĞ͕ƚŽŵĂŶĚŽĐŽŵŽŵŽĚĞůŽŽĂƐŝŐŶĂĚŽƐ ͻŶĐĂƐŽĚĞĚĞƚĞƌŵŝŶĂƌĂŶĂůşƚŝĐĂŵĞŶƚĞ͕ůĂŝĚĞŶƚŝĨŝĐĂĐŝſŶLJůĂĞdžƉĞƌŝĞŶĐŝĂĚĞ




0È67(5*HRORJtDDSOLFDGDDOD2EUD&LYLO\ORV5HFXUVRV+tGULFRV 75$%$-2(QHUJtD*HRWpUPLFDGH*UDQDGD $8725(PPDQXHO6HJXUD=DPRUD 

ůĂďŽƌĂƚŽƌŝŽĚĞĂŶĄůŝƐŝƐLJĚĞůĂŶĂƚƵƌĂůĞnjĂ͕ĐĂůŝĚĂĚLJƉĞƌƚŝŶĞŶĐŝĂĚĞůŽƐĂŶĄůŝƐŝƐ ƵƚŝůŝnjĂĚŽƐ;ƉŽƌĞũĞŵƉůŽ͕ŶƷŵĞƌŽLJĨƌĞĐƵĞŶĐŝĂĚĞůĂƐŵƵĞƐƚƌĂƐ͕ůĂƚĠĐŶŝĐĂƵƚŝůŝnjĂĚĂ ƉĂƌĂĚĞƚĞƌŵŝŶĂƌ<͕ĞůƚŝƉŽĚĞŵƵĞƐƚƌĂƐ;ƉŽƌĞũĞŵƉůŽ͕ĞƚĐŶƷĐůĞŽͿ͕ůĂƉƌĞƉĂƌĂĐŝſŶĚĞ ŵƵĞƐƚƌĂƐ;ƉŽƌĞũĞŵƉůŽ͕ůĂĚŝŵĞŶƐŝſŶĚĞůĂŵƵĞƐƚƌĂ͕ƉƵůŝĚŽ͕ĞƚĐͿLJůĂƐ ĞƐƉĞĐŝĨŝĐĂĐŝŽŶĞƐĚĞĂŶĄůŝƐŝƐ;ƉŽƌĞũĞŵƉůŽ͕ŽƌŝĞŶƚĂĐŝſŶĚĞŵƵĞƐƚƌĂƐ͕ĂŶĄůŝƐŝƐŚƷŵĞĚŽ ŽƐĞĐŽ͕ƚĞŵƉĞƌĂƚƵƌĂĂůĂƋƵĞ<ƐĞĚĞƚĞƌŵŝŶſĞƚĐͿͿ ͻƵĂŶĚŽĞůŵŽĚĞůŽ͕ůĂŶĂƚƵƌĂůĞnjĂ͕ĐĂůŝĚĂĚLJƉĞƌƚŝŶĞŶĐŝĂĚĞůŵŽĚĞůŽƵƚŝůŝnjĂĚŽ͕Ğů ŽƌŝŐĞŶLJůĂĐĂůŝĚĂĚĚĞůŽƐƉĂƌĄŵĞƚƌŽƐĚĞĞŶƚƌĂĚĂ͕ůĂƐĐŽƌƌĞĐĐŝŽŶĞƐĂƉůŝĐĂĚĂƐLJͬŽ ƉƵĞƐƚĂĂƐƵƉƵĞƐƚŽƐĐůĂǀĞ ͻƵĂŶĚŽĂƐşƐĞĞƐƚĂďůĞĐĞ͕ůĂďĂƐĞƉĂƌĂůĂŝŶƚĞƌƉƌĞƚĂĐŝſŶ͕ŝŶĐůƵŝĚŽƐůŽƐƐƵƉƵĞƐƚŽƐ ĐůĂǀĞLJĨƵĞŶƚĞƐĚĞĚĂƚŽƐ ͻůŶŝǀĞůĞƐƚŝŵĂĚŽĚĞůĂŝŶĐĞƌƚŝĚƵŵďƌĞ ͻ>ŽƐƉĂƌĄŵĞƚƌŽƐƋƵĞƐĞĨƵŶĚĂŵĞŶƚĞĞŶŵĞĚŝĚĂƐŽĂƐƵŵŝƌ ͻŶůŽƐĐĂƐŽƐƐŽďƌĞůĂďĂƐĞĚĞĚĂƚŽƐĚĞŵĞĚŝĐŝſŶ͕ůĂŶĂƚƵƌĂůĞnjĂLJůĂĐĂůŝĚĂĚĚĞůĂƐ ŵĞĚŝĐŝŽŶĞƐ;ƚĞŵƉĞƌĂƚƵƌĂLJĐŽŶĚƵĐƚŝǀŝĚĂĚƚĠƌŵŝĐĂͿ͕ŝŶĐůƵLJĞŶĚŽůĂƐĐĂƌĂĐƚĞƌşƐƚŝĐĂƐĚĞ ĐƵĂůƋƵŝĞƌĐĂƌĂĐƚĞƌşƐƚŝĐĂƚĠƌŵŝĐĂĂƉĂƌƚŝƌĚĞůŽƐĐƵĂůĞƐƐĞĚĞƌŝǀĂƌŽŶ͕ůĂĨƌĞĐƵĞŶĐŝĂLJ ĚŝƐƚƌŝďƵĐŝſŶĚĞůĂƐŵƵĞƐƚƌĂƐ͕ŵĠƚŽĚŽͬƐƵƚŝůŝnjĂĚŽƐƉĂƌĂůĂƚĞŵƉĞƌĂƚƵƌĂĚĞůĨŽŶĚŽĂ ũƵĞŐŽLJƚĠƌŵŝĐĂĚĂƚŽƐĚĞĐŽŶĚƵĐƚŝǀŝĚĂĚ͕ůŽƐƐƵƉƵĞƐƚŽƐLJĐƵĂůƋƵŝĞƌĞǀŝĚĞŶĐŝĂĚĞƵŶ ĐĂŵďŝŽƚĞŵƉŽƌĂů &ůƵũŽĚĞĐĂůŽƌ

ͻŶůŽƐĐĂƐŽƐĞŶůŽƐĚĂƚŽƐĚĞƉĞŶĚĞŶĂƐƵŵŝĚŽŽĂƐŝŐŶĂĚŽ͕ĞŶƚŽŶĐĞƐůĂďĂƐĞƉĂƌĂůĂ ŝŶƚĞƌƉƌĞƚĂĐŝſŶ͕ŝŶĐůƵŝĚŽƐůŽƐƐƵƉƵĞƐƚŽƐĐůĂǀĞƐLJĨƵĞŶƚĞƐĚĞĚĂƚŽƐ ͻŶƚŽĚŽƐůŽƐĐĂƐŽƐůĂŶĂƚƵƌĂůĞnjĂ͕ůĂĐĂůŝĚĂĚLJůĂĂĚĞĐƵĂĐŝſŶĚĞůŵŽĚĞůŽͬƐƵƚŝůŝnjĂĚŽƐ ;ƉŽƌĞũĞŵƉůŽ͕ϭ͕ϮLJŵŽĚĞůĂĚŽĞŶϯͿ͕ůĂƐĐŽƌƌĞĐĐŝŽŶĞƐĂƉůŝĐĂĚĂƐLJƐƵƉƵĞƐƚŽƐ ďĄƐŝĐŽƐĐŽŶƌĞƐƉĞĐƚŽĂůĂƐĐŽŶĚŝĐŝŽŶĞƐĨşƐŝĐĂƐ͕ĞůĨůƵũŽĚĞĐĂůŽƌǀĞƌƚŝĐĂů͕ŵŽĚĞůŽƐ ƚŽƉŽŐƌĄĨŝĐŽƐ͕ĞƚĐ ͻ>ĂŝŶĐĞƌƚŝĚƵŵďƌĞĞƐƚŝŵĂĚĂĐŽŵŽƐƵƉƵĞƐƚŽƐďĄƐŝĐŽƐ

ĞƚĞƌŵŝŶĂĐŝſŶĚĞůĂ ŐĞŶĞƌĂĐŝſŶĚĞĐĂůŽƌ

dĠĐŶŝĐĂƐŐĞŽĨşƐŝĐĂƐ

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ͻĂƐĞƐƉĂƌĂůĂŝĚĞŶƚŝĨŝĐĂĐŝſŶĚĞůĂƐĨƵĞŶƚĞƐŝŵƉŽƌƚĂŶƚĞƐĚĞŐĞŶĞƌĂĐŝſŶĚĞĐĂůŽƌĚĞů ƐƵďƐƵĞůŽ ͻ>ĂŶĂƚƵƌĂůĞnjĂ͕ůĂĐĂůŝĚĂĚLJůĂŝĚŽŶĞŝĚĂĚĚĞůŵŽĚĞůŽƵƚŝůŝnjĂĚŽƉĂƌĂĐĂůĐƵůĂƌůĂ ĐĂƉĂĐŝĚĂĚĚĞŐĞŶĞƌĂĐŝſŶĚĞĐĂůŽƌLJĞůŶŝǀĞůĚĞŝŶĐĞƌƚŝĚƵŵďƌĞĞŶůŽƐƌĞƐƵůƚĂĚŽƐ ͻ>ĂŶĂƚƵƌĂůĞnjĂ͕ĐĂůŝĚĂĚLJƉĞƌƚŝŶĞŶĐŝĂĚĞůĂƐƚĠĐŶŝĐĂƐŐĞŽĨşƐŝĐĂƐƉĂƌĂĚĞƐĐƌŝďŝƌŽ ĚĞĨŝŶŝƌĂŶŽŵĂůşĂƐŐĞŽƚĠƌŵŝĐĂƐ͕ŝŶĐůƵLJĞŶĚŽůĂŝŶĐĞƌƚŝĚƵŵďƌĞLJƐƵƉƵĞƐƚŽƐĐůĂǀĞƋƵĞ ĂŶƚĞƐ͕ĚƵƌĂŶƚĞLJĚĞƐƉƵĠƐĚĞůĂŝŶƚĞƌƉƌĞƚĂĐŝſŶ͕ĞůŵŽĚĞůĂĚŽ͕ůĂĐĂůŝďƌĂĐŝſŶĚĞ ƉƌŽƉŝĞĚĂĚĞƐĚĞůĂƐƌŽĐĂƐ͕ĞƐƉĞĐŝĂůŵĞŶƚĞĐŽŶůŽƐĚĂƚŽƐĚĞƉĞƌĨŽƌĂĐŝſŶ͕ƉŽƌĞũĞŵƉůŽ͕ ůŽƐĐŽŶƚƌĂƚŝƐƚĂƐƵƚŝůŝnjĂĚŽƐLJůŽƐƉĂƌĄŵĞƚƌŽƐĚŝƐƉŽŶŝďůĞƐĚĞůĞƐƚƵĚŝŽ;ƌĞƐŝƐƚŝǀŝĚĂĚ͕ůĂ ŐƌĂǀĞĚĂĚƐşƐŵŝĐŽƐ͕ŵĂŐŶĠƚŝĐŽƐ͕DdͿƉĂƌĂůŽƐĞƐƚƵĚŝŽƐƌĞŐŝŽŶĂůĞƐLJůŽĐĂůĞƐ ͻ>ĂƐŵĞĚŝĚĂƐĂĚŽƉƚĂĚĂƐƉĂƌĂĂƐĞŐƵƌĂƌƋƵĞůŽƐĚĂƚŽƐŶŽŚĂŶƐŝĚŽĂůƚĞƌĂĚŽƐĞŶƚƌĞůĂ ƌĞĐŽŐŝĚĂŝŶŝĐŝĂůLJĞůƵƐŽĚĞŵŽĚĞůŽƐͬĐĄůĐƵůŽƐ ͻƉƌŽĐĞƐŽĚĞǀĂůŝĚĂĐŝſŶĚĞĚĂƚŽƐ ͻ>ĂǀĞƌŝĨŝĐĂĐŝſŶĚĞůŽƐƌĞƐƵůƚĂĚŽƐƐŝŐŶŝĨŝĐĂƚŝǀŽƐŵĞĚŝĂŶƚĞůĂĂƉůŝĐĂĐŝſŶĚĞƚĠĐŶŝĐĂƐ ĂůƚĞƌŶĂƚŝǀĂƐLJͬŽƉĞƌƐŽŶĂůŝŶĚĞƉĞŶĚŝĞŶƚĞ

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0È67(5*HRORJtDDSOLFDGDDOD2EUD&LYLO\ORV5HFXUVRV+tGULFRV 75$%$-2(QHUJtD*HRWpUPLFDGH*UDQDGD $8725(PPDQXHO6HJXUD=DPRUD 

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ƵĞƐƚŝŽŶĞƐ ĂŵďŝĞŶƚĂůĞƐ

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WƌŽďůĞŵĂƐĚĞƵƐŽĚĞů ƐƵĞůŽ

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KE^/Z/KE^^KZ>K^dK^ ͻdŝƉŽĚĞƉĞƌĨŽƌĂĐŝſŶƵƚŝůŝnjĂĚĂ;ƉŽƌĞũĞŵƉůŽ͕ĚĞƚĞƐƚŝŐŽĐŽŶƚŝŶƵŽ͕ƌŽƚĂƚŝǀŽ͕ĞƚĐͿ ŝŶĐůƵLJĞŶĚŽƚŝƉŽĚĞƚƌĠƉĂŶŽͬĚĞƚĂůůĞƐĚĞůĂĐŽƌŽŶĂ;ƉŽƌĞũĞŵƉůŽ͕ůĂĨĞĐŚĂĚĞ ƉĞƌĨŽƌĂĐŝſŶ͕ƉƌŽĨƵŶĚŝĚĂĚ͕ĞƚĐͿ

ĂƚŽƐĚĞƉĞƌĨŽƌĂĐŝſŶ

ͻŝƐƉŽŶŝďŝůŝĚĂĚĚĞƌĞŐŝƐƚƌŽƐĚĞƉĞƌĨŽƌĂĐŝſŶLJůŽƐĚĂƚŽƐĚĞůŽƐŝŶƐƚƌƵŵĞŶƚŽƐĚĞ ƉĞƌĨŽƌĂĐŝſŶ;ƉŽƌĞũĞŵƉůŽ͕ZKW͕tK͕ƉĠƌĚŝĚĂƐĚĞĐŝƌĐƵůĂĐŝſŶ͕ƌĞŐŝƐƚƌŽĚĞďĂƌƌŽ͕ůĂƐ ƉĂƵƐĂƐĚĞƉĞƌĨŽƌĂĐŝſŶ͕ŝŶĐůŝŶĂĐŝſŶĚĞůƉŽnjŽ͕ĞƚĐͿ ͻ>ĂŶĂƚƵƌĂůĞnjĂLJĐĂůŝĚĂĚĚĞůŽƐĚĂƚŽƐĚĞĚŝƌĞĐĐŝſŶ ͻůƚŝƉŽĚĞƚĞƌŵŝŶĂĐŝſŶƵƚŝůŝnjĂĚŽLJĚĞƚĂůůĞƐƌĞůĂĐŝŽŶĂĚŽƐ;ĐŽŵŽůĂƉƌŽĨƵŶĚŝĚĂĚĂů ƌĞǀĞƐƚŝŵŝĞŶƚŽ͕ĞƚĐͿ

ZĞĐƵƉĞƌĂĐŝſŶĚĞůĂ ŵƵĞƐƚƌĂĚĞƉŽnjŽ

ZĞŐŝƐƚƌŽŐĞŽůſŐŝĐŽ

ͻ>ĂŶĂƚƵƌĂůĞnjĂLJůĂĐĂůŝĚĂĚĚĞůĂƐŵƵĞƐƚƌĂƐĚĞĨŽŶĚŽĚĞƉŽnjŽ;ƉŽƌĞũĞŵƉůŽ͕ƌŝƉŝŽƐ͕ ƚĞƐƚŝŐŽĐŽŶƚŝŶƵŽ͕ůşƋƵŝĚŽƐ͕ĞƚĐͿLJůŽƐŝŶƚĞƌǀĂůŽƐĚĞŵƵĞƐƚƌĞŽ͕ŝŶĐůƵLJĞŶĚŽůĂďĂƐĞƉĂƌĂůĂ ĚĞƚĞƌŵŝŶĂĐŝſŶĚĞůĂƉƌŽĨƵŶĚŝĚĂĚĚĞŵƵĞƐƚƌĞŽLJůĂƐŵĞĚŝĚĂƐĂĚŽƉƚĂĚĂƐƉĂƌĂ ŐĂƌĂŶƚŝnjĂƌůĂƐŵƵĞƐƚƌĂƐƐĞĂŶƌĞƉƌĞƐĞŶƚĂƚŝǀĂƐ ͻ>ĂŶĂƚƵƌĂůĞnjĂLJůĂŵĂŐŶŝƚƵĚĚĞƌĞŐŝƐƚƌŽ͕ĂƐşĐŽŵŽůĂďĂƐĞƉĂƌĂůĂŝŶƚĞƌƉƌĞƚĂĐŝſŶ ŐĞŽůſŐŝĐĂLJůĂŝĚĞŶƚŝĨŝĐĂĐŝſŶĚĞnjŽŶĂƐĚĞĂůƚĞƌĂĐŝſŶ;ƉŽƌĞũĞŵƉůŽĐƵĂůŝƚĂƚŝǀŽĨƌĞŶƚĞĂ ůŽƐƌĞŐŝƐƚƌŽƐĐƵĂŶƚŝƚĂƚŝǀŽƐ͕ůŝƚŽůŽŐşĂ͕ƉĂůĞŽŶƚŽůŽŐşĂ͕ƉĂůŝŶŽůŽŐşĂ͕ůĂŵŝŶĞƌĂůŽŐşĂ͕ ŝŶĐůƵƐŝŽŶĞƐĨůƵŝĚĂƐ͕ƌĞĨůĞĐƚĂŶĐŝĂĚĞůĂǀŝƚƌŝŶŝƚĂ͕ĞƚĐͿ ͻ^ŝĞdžŝƐƚĞĂůŐƵŶĂĞǀŝĚĞŶĐŝĂƋƵĞŝŶĚŝĐĂůĂŵŝŶĞƌĂůŽŐşĂĚĞĨůƵŝĚŽƐĄĐŝĚŽƐŽĂůƚĂŵĞŶƚĞ ŐĂƐĞŽƐŽƐ

ͻ>ĂŶĂƚƵƌĂůĞnjĂ;ƉŽƌĞũĞŵƉůŽ͕ƌĞŐŝƐƚƌŽĐŽŶƚŝŶƵŽ͕ƚĞƌŵſŵĞƚƌŽĚĞƌĞŐŝƐƚƌŽŵĄdžŝŵŽ͕ ƉƌƵĞďĂĚĞŝŶLJĞĐƚŝǀŝĚĂĚ͕ůĂĂĐƵŵƵůĂĐŝſŶĚĞƉƌĞƐŝſŶ͕ĞƚĐͿ͕ĐĂůŝĚĂĚ;ƉŽƌĞũĞŵƉůŽ͕ůĂ ŚĞƌƌĂŵŝĞŶƚĂĚĞƉƌĞĐŝƐŝſŶ͕ůŽƐƉĂƌĄŵĞƚƌŽƐĚĞĨƵŶĐŝŽŶĂŵŝĞŶƚŽ͕ĞůƚŝĞŵƉŽƉĞƌŵŝƚŝĚŽ͕ ZĞŐŝƐƚƌŽƐĚĞĨůƵũŽLJůŽƐ ƌĞƐŽůƵĐŝſŶ͕ƚŝƉŽLJĨƌĞĐƵĞŶĐŝĂĚĞĐĂůŝďƌĂĐŝſŶͿLJůĂŝĚŽŶĞŝĚĂĚ;ƉŽƌĞũĞŵƉůŽ͕ƉĂƌĄŵĞƚƌŽƐ ĚĞƉƌĞƐŝſŶLJ ĚĞĨƵŶĐŝŽŶĂŵŝĞŶƚŽĚĞůĂŚĞƌƌĂŵŝĞŶƚĂĞŶƌĞůĂĐŝſŶĐŽŶĐŽŶĚŝĐŝŽŶĞƐĚĞůƉŽnjŽ͕ůĂ ƚĞŵƉĞƌĂƚƵƌĂĚĞĨŽŶĚŽ ƌĞƐŽůƵĐŝſŶĚĞůĂŚĞƌƌĂŵŝĞŶƚĂ͕ĞůƉƌŽĐĞƐĂŵŝĞŶƚŽŽĐŽƌƌĞĐĐŝŽŶĞƐŶĞĐĞƐĂƌŝĂƐLJͬŽ ĚĞůƉŽnjŽ ĂƉůŝĐĂĚĂͿĚĞůŽƐŝŶƐƚƌƵŵĞŶƚŽͬƐƵƐĂĚŽƐ ͻĂƌĂĐƚĞƌşƐƚŝĐĂƐLJĐĂůŝĚĂĚĚĞŵĞĚŝĚĂ;ƐͿ;ƉƌŽĨƵŶĚŝĚĂĚ͕ĨƌĞĐƵĞŶĐŝĂ͕ƚŝĞŵƉŽ͕ƉƌĞĐŝƐŝſŶ͕ ĞdžĂĐƚŝƚƵĚ͕ĞƚĐͿ͕ŝŶĐůƵLJĞŶĚŽĞůŶŝǀĞůĚĞŝŶĐĞƌƚŝĚƵŵďƌĞ




0È67(5*HRORJtDDSOLFDGDDOD2EUD&LYLO\ORV5HFXUVRV+tGULFRV 75$%$-2(QHUJtD*HRWpUPLFDGH*UDQDGD $8725(PPDQXHO6HJXUD=DPRUD 

ͻĚĞĐƵĂĐŝſŶĚĞůĂŝŶƚĞƌƉƌĞƚĂĐŝſŶĐŽŶůĂĐŽŶƐŝĚĞƌĂĐŝſŶĚĞƚŽĚĂƐůĂƐŝŶĨůƵĞŶĐŝĂƐ ƐŝŐŶŝĨŝĐĂƚŝǀĂƐ;ƉŽƌĞũĞŵƉůŽ͕ƉƌĞƐĞŶĐŝĂĚĞĂĐƵşĨĞƌŽƐůŽĐĂůĞƐŽůĂĐŝƌĐƵůĂĐŝſŶĚĞůĨůƵŝĚŽƐĞ ĐŽŶŽĐĞ͕LJĞůĞƐƚĂĚŽĞŶĞůŵŽŵĞŶƚŽĚĞůƌĞŐŝƐƚƌŽƐ;ƉŽƌĞũĞŵƉůŽ͕ĞŶĐĞƌƌĂĚŽ͕ƋƵĞĨůƵLJĞ͕ ǀĞůŽĐŝĚĂĚĚĞŝŶLJĞĐĐŝſŶ͕ĞƚĐͿͿ ͻ>ĂŶĂƚƵƌĂůĞnjĂLJůĂĐĂůŝĚĂĚĚĞĐƵĂůƋƵŝĞƌĐŽƌƌĞĐĐŝſŶĚĞůĂ;ƐͿƚĞŵƉĞƌĂƚƵƌĂ;ƐͿĂƉůŝĐĂĚĂ;ƐͿ ŽũƵƐƚŝĨŝĐĂĐŝſŶƉĂƌĂĚĞũĂƌĚĞůĂĚŽůĂĐŽƌƌĞĐĐŝſŶ;ƉŽƌĞũĞŵƉůŽ͕ůŽŶŐŝƚƵĚĚĞƚŝĞŵƉŽ ƚƌĂŶƐĐƵƌƌŝĚŽĞŶƚƌĞůĂƉĞƌĨŽƌĂĐŝſŶLJŵĞĚŝĐŝſŶĚĞůĂƚĞŵƉĞƌĂƚƵƌĂͿ ͻ^ŝŶŽŚĂLJĐŽƌƌĞĐĐŝŽŶĞƐƋƵĞƐĞĂƉůŝĐĂŶLJůĂƚĞŵƉĞƌĂƚƵƌĂŵĞĚŝĚĂĞƐƉƌŽďĂďůĞƋƵĞƐĞĂ ĂĨĞĐƚĂĚŽƉŽƌůĂĂŶŽŵĂůşĂƚĠƌŵŝĐĂĚĞƉĞƌĨŽƌĂĐŝſŶĚĞďĞƌĄĞƐƚĂƌĐůĂƌĂŵĞŶƚĞŝŶĚŝĐĂĚŽ

KƚƌŽƐƌĞŐŝƐƚƌŽƐĚĞ ĨŽŶĚŽĚĞƉŽnjŽ

ͻ>ĂŶĂƚƵƌĂůĞnjĂ;ƉŽƌĞũĞŵƉůŽ͕ƐŽŶĚĂƐ&D/͕'ĂŵŵĂ͕ĂůŝďƌĞ͕ĞƚĐͿ͕ĐĂůŝĚĂĚ;ƉƌĞĐŝƐŝſŶĚĞ ůĂŚĞƌƌĂŵŝĞŶƚĂ͕ƉŽƌĞũĞŵƉůŽ͕ƉĂƌĄŵĞƚƌŽƐĚĞĨƵŶĐŝŽŶĂŵŝĞŶƚŽ͕ƌĞƐŽůƵĐŝſŶ͕ƚŝƉŽLJ ĨƌĞĐƵĞŶĐŝĂĚĞĐĂůŝďƌĂĐŝſŶͿLJůĂŝĚŽŶĞŝĚĂĚ;ƉŽƌĞũĞŵƉůŽ͕ƉĂƌĄŵĞƚƌŽƐĚĞĨƵŶĐŝŽŶĂŵŝĞŶƚŽ ĚĞůĂŚĞƌƌĂŵŝĞŶƚĂĞŶƌĞůĂĐŝſŶĂůĂƐĐŽŶĚŝĐŝŽŶĞƐĚĞůƐŽŶĚĞŽ͕ůĂƌĞƐŽůƵĐŝſŶĚĞůĂ ŚĞƌƌĂŵŝĞŶƚĂ͕ĞůƉƌŽĐĞƐĂŵŝĞŶƚŽŽĐŽƌƌĞĐĐŝŽŶĞƐŶĞĐĞƐĂƌŝĂƐLJͬŽĂƉůŝĐĂĚĂƐͿĚĞ ŝŶƐƚƌƵŵĞŶƚŽ;ƐͿƵƐĂĚŽ;ƐͿ ͻ>ĂŶĂƚƵƌĂůĞnjĂLJůĂĐĂůŝĚĂĚĚĞŵĞĚŝĚĂ;ƐͿ;ƉƌŽĨƵŶĚŝĚĂĚ͕ĨƌĞĐƵĞŶĐŝĂ͕ƚŝĞŵƉŽͿ ͻĚĞĐƵĂĐŝſŶĚĞůĂŝŶƚĞƌƉƌĞƚĂĐŝſŶĐŽŶůĂĐŽŶƐŝĚĞƌĂĐŝſŶĚĞƚŽĚĂƐůĂƐŝŶĨůƵĞŶĐŝĂƐ ƐŝŐŶŝĨŝĐĂƚŝǀĂƐ;ƉŽƌĞũĞŵƉůŽ͕ĐŽŶĚŝĐŝſŶĚĞƐŽŶĚĞŽ͕ůĂƚĞŵƉĞƌĂƚƵƌĂ͕ůĂĨŽƌŵĂĐŝſŶĚĞ ŝŶǀĂƐŝſŶͿ͕ĞƚĐ

ĐƵşĨĞƌŽƐ

>ĂƉƌŽĨƵŶĚŝĚĂĚĚĞů ZĞƐĞƌǀŽƌŝŽ

ͻhďŝĐĂĐŝſŶĚĞůĂƐnjŽŶĂƐƉĞƌŵĞĂďůĞƐͬĂĐƵşĨĞƌŽƐ͕ƐƵƐŝŐŶŝĨŝĐĂĚŽLJƐƵƌĞůĂĐŝſŶĐŽŶůĂƐ ĞƐƚƌƵĐƚƵƌĂƐLJůĂĞƐƚƌĂƚŝŐƌĂĨşĂ ͻ>ĂŶĂƚƵƌĂůĞnjĂ͕ůĂĐĂůŝĚĂĚLJůĂŝĚŽŶĞŝĚĂĚĚĞůŵŽĚĞůŽ;ƐͿƵƚŝůŝnjĂĚŽ;ƐͿƉĂƌĂĚĞƚĞƌŵŝŶĂƌĞů ĨůƵũŽĚĞĐĂůŽƌĂũƵƐƚĂĚŽ ͻWƌŽĨƵŶĚŝĚĂĚĚĞĚĞƐĂƌƌŽůůŽĚĞůƌĞƐĞƌǀŽƌŝŽƉƌĞǀŝƐƚŽ ͻ>ĂŶĂƚƵƌĂůĞnjĂLJůĂĐĂůŝĚĂĚĚĞůĂƐƉƌƵĞďĂƐĚĞŝŶLJĞĐƚŝǀŝĚĂĚƌĞĂůŝnjĂĚĂƐĂƚƌĂǀĠƐĚĞnjŽŶĂƐ ƉĞƌŵĞĂďůĞƐ

WƌƵĞďĂƐĚĞŝŶLJĞĐĐŝſŶ

ͻ>ĂŶĂƚƵƌĂůĞnjĂ;ƉŽƌĞũĞŵƉůŽ͕ĐĂůĐƵůĂĚĂƵŽďƐĞƌǀĂĚĂ͕ĚĞůĨůƵũŽĨƌĞŶƚĞĂůĂƉƌĞƐŝſŶĞŶ ďŽĐĂĚĞƉŽnjŽͿLJůĂĂĚĞĐƵĂĐŝſŶĚĞůĂĐĂƉĂĐŝĚĂĚĚĞŝŶLJĞĐĐŝſŶĚĞƚĞƌŵŝŶĂĚĂ͕ĂƐşĐŽŵŽĚĞ ůĂƐŚŝƉſƚĞƐŝƐLJůŽƐĚĂƚŽƐĚĞƚĞŵƉĞƌĂƚƵƌĂ ͻƵĂůƋƵŝĞƌĞǀŝĚĞŶĐŝĂĚĞƵŶĐĂŵďŝŽƚĞŵƉŽƌĂů

ŶƐĂLJŽƐDƵůƚŝͲƉŽnjŽ

ͻ>ĂŶĂƚƵƌĂůĞnjĂ;ƉŽƌĞũĞŵƉůŽ͕ůĂĐŝƌĐƵůĂĐŝſŶ͕ůĂŝŶƚĞƌĨĞƌĞŶĐŝĂ͕ƚƌĂnjĂĚŽƌĞƐ͕ĞƚĐͿLJůĂ ĐĂůŝĚĂĚĚĞůĂƐƉƌƵĞďĂƐĚĞƉŽnjŽƐLJůĂƐŵĞĚŝĚĂƐ͕ŝŶĐůƵŝĚŽƐůŽƐŵĠƚŽĚŽƐĚĞŵƵĞƐƚƌĞŽLJ ĚƵƌĂĐŝſŶĞŶƐƵĐĂƐŽ ͻ/ĚŽŶĞŝĚĂĚĚĞůĂŝŶƚĞƌƉƌĞƚĂĐŝſŶĚĞůĞŶƐĂLJŽ͕ŝŶĐůƵŝĚĂƐƚŽĚĂƐůĂƐĐŽƌƌĞĐĐŝŽŶĞƐƵ ŽŵŝƐŝŽŶĞƐLJĐƵĂůƋƵŝĞƌĞǀŝĚĞŶĐŝĂĚĞůĂǀĂƌŝĂĐŝſŶƚĞŵƉŽƌĂů ͻ>ĂŶĂƚƵƌĂůĞnjĂ;ƉŽƌĞũĞŵƉůŽ͕ŵĠƚŽĚŽĚĞ:ĂŵĞƐ͕ĞůƐĞƉĂƌĂĚŽƌLJƉůĂĐĂƐĚĞŽƌŝĨŝĐŝŽ͕ ŶƐĂLJŽĚĞ&ůƵũŽĐŽŶŝůƵĐŝſŶĚĞdƌĂnjĂĚŽƌĞƐ͕ĞƚĐͿLJůĂĚƵƌĂĐŝſŶĚĞŶƐĂLJŽƐ;ŝŶĐůƵLJĞŶĚŽ ůĂŝŶƚĞŐƌŝĚĂĚĚĞůĐŽŶũƵŶƚŽĚĞŵĞĚŝĐŝŽŶĞƐĂůŽůĂƌŐŽĚĞůĂĐƵƌǀĂĚĞĚĞƐĐĂƌŐĂĚĞĂůƚĂ ƉƌĞƐŝſŶĞŶďŽĐĂĚĞƉŽnjŽͿ

ŶƐĂLJŽĚĞĚĞƐĐĂƌŐĂ ĚĞƉŽnjŽ

ͻĂůŝĚĂĚLJĨŝĂďŝůŝĚĂĚĚĞůŽƐĞƋƵŝƉŽƐĚĞŵŽŶŝƚŽƌĞŽ ͻĂƌĂĐƚĞƌşƐƚŝĐĂƐŽďƐĞƌǀĂĚĂƐĞŶĞůƚŝĞŵƉŽĐŽŵŽĐƵĂůƋƵŝĞƌƉƌŽĚƵĐƚŽƋƵşŵŝĐŽLJͬŽ ŝŶĚŝĐĂĐŝŽŶĞƐĨşƐŝĐĂƐĚĞůĂĚŝůƵĐŝſŶĚĞůŽƐĨůƵŝĚŽƐĚĞƉĞƌĨŽƌĂĐŝſŶ͕ůĂĞƐƚĂďŝůŝĚĂĚ͕Ğů ĐŽŵƉŽƌƚĂŵŝĞŶƚŽĚĞǀĂƌŝĂƐnjŽŶĂƐ͕ƉŽƐŝďůĞĂŵƉůŝĂĐŝſŶŽĞůƐĞĐĂĚŽ͕ƌĞƚŽƌŶŽĚĞ ŵĂƌĐĂĚŽƌ͘

   




0È67(5*HRORJtDDSOLFDGDDOD2EUD&LYLO\ORV5HFXUVRV+tGULFRV 75$%$-2(QHUJtD*HRWpUPLFDGH*UDQDGD $8725(PPDQXHO6HJXUD=DPRUD 

ϭ͘^/^dD^KEs/MEEdhZ>z^/DEdZ/K>/Ed͗ZhZ^K^>h1&ZK WZDdZK

KE^/Z/KE^^KZ>K^dK^ ͻ>ĂŶĂƚƵƌĂůĞnjĂ;ƉŽƌĞũĞŵƉůŽ͕ĨƌĞŶƚĞĂůĂƐŝŶƚĞƌĨĞƌĞŶĐŝĂƐŝŶĚŝǀŝĚƵĂůĞƐ͕ůĂĚƵƌĂĐŝſŶ͕ ƉƌŽĨƵŶĚŝĚĂĚ͕ĞƚĐͿ͕ůĂĐĂůŝĚĂĚLJůĂŝĚŽŶĞŝĚĂĚĚĞůĂƐƚĠĐŶŝĐĂƐƵƚŝůŝnjĂĚĂƐƉĂƌĂƌĞŐŝƐƚƌĂƌ ůĂƐƚĂƐĂƐĚĞĨůƵũŽĞŶůŽƐƉŽnjŽƐũƵŶƚŽĐŽŶƐƵƉƵĞƐƚŽƐďĄƐŝĐŽƐ

ĂƵĚĂů

ͻƵĂŶĚŽůĂƐƚĂƐĂƐƐĞĚĞƌŝǀĂŶĚĞŶƐĂLJŽƐŝŶĚŝǀŝĚƵĂůĞƐƉŽnjŽĞƐƚŽƐĚĞďĞŶƐĞƌ ĚĞƚĂůůĂĚĂƐƉŽƌƐĞƉĂƌĂĚŽLJŶŽĚĞďĞƐĞƌƌĞƐƵŵŝĚŽ͕ĞdžĐĞƉƚŽĐŽŶĞůƌĞĐŽŶŽĐŝŵŝĞŶƚŽ ĂĚĞĐƵĂĚŽĚĞůĂƐƉŽƐŝďůĞƐŝŶƚĞƌĨĞƌĞŶĐŝĂƐ ͻ>ĂŵĂŐŶŝƚƵĚLJůĂŝŶĐĞƌƚŝĚƵŵďƌĞĚĞůĂƌĞĚƵĐĐŝſŶĚĞƚĞŵƉĞƌĂƚƵƌĂLJƉƌĞƐŝſŶ ŽďƐĞƌǀĂĚĂĚƵƌĂŶƚĞůĂƐƉƌƵĞďĂƐĚĞĨůƵũŽ͕ĞŶƌĞůĂĐŝſŶĐŽŶůĂƐŝŶĚŝĐĂĐŝŽŶĞƐƋƵşŵŝĐĂƐĚĞ ĞƐƚĂďŝůŝĚĂĚLJůĂƐƚĞŶĚĞŶĐŝĂƐĂůĂƌŐŽƉůĂnjŽ

ĂƚŽƐĚĞƉƌĞƐŝſŶ

ͻ>ĂŶĂƚƵƌĂůĞnjĂ͕ůĂĐĂůŝĚĂĚLJůĂŝĚŽŶĞŝĚĂĚĚĞůĂƐƚĠĐŶŝĐĂƐƵƚŝůŝnjĂĚĂƐƉĂƌĂĚĞƚĞƌŵŝŶĂƌ ůĂƐƉƌĞƐŝŽŶĞƐĚĞůĚĞƉſƐŝƚŽ͕ŝŶĐůƵŝĚĂƐŵƵůƚŝͲƉŽnjŽůĂƐĐŽƌƌĞůĂĐŝŽŶĞƐ͕ůŽƐůşƋƵŝĚŽƐLJ ƐƵƉƵĞƐƚŽƐďĄƐŝĐŽƐ

ZĞĐĂƌŐĂ

ͻ͎YƵĠĂƐŝŐŶĂĐŝſŶ;ƐŝůĂŚĂLJͿƐĞŚĂŚĞĐŚŽƉĂƌĂĞůĐĂůŽƌLJůĂƌĞĐĂƌŐĂĚĞĨůƵŝĚŽƐ͕LJůĂ ďĂƐĞĚĞůŽƐŵŝƐŵŽƐ͍

^ĂƚƵƌĂĐŝſŶĚĞĂŐƵĂLJůĂ ĞŶƚĂůƉşĂ

ͻ>ĂŶĂƚƵƌĂůĞnjĂLJůĂŝĚŽŶĞŝĚĂĚĚĞůĂƐƚĠĐŶŝĐĂƐƵƚŝůŝnjĂĚĂƐƉĂƌĂĚĞƚĞƌŵŝŶĂƌŝŶƐŝƚƵůĂ ƐĂƚƵƌĂĐŝſŶĚĞĂŐƵĂ ͻ>ĂŶĂƚƵƌĂůĞnjĂLJůĂĐĂůŝĚĂĚ;ĞdžĂĐƚŝƚƵĚ͕ƉŽƌĞũĞŵƉůŽͿĚĞůĂƐŵĞĚŝĐŝŽŶĞƐĚĞĞŶƚĂůƉşĂ ĚĞĚĞƐĐĂƌŐĂĚĞƉŽnjŽĐŽŵŽůĂĐŽŶƐŝĚĞƌĂĐŝſŶĚĞĐſŵŽƐĞƌĞůĂĐŝŽŶĂŶĐŽŶůĂƐĂƚƵƌĂĐŝſŶ ƐŝƚƵ ͻ>ŽƐĚĂƚŽƐƐŽďƌĞůĂƋƵşŵŝĐĂĚĞůůşƋƵŝĚŽĚĞůƌĞƐĞƌǀŽƌŝŽLJƐƵŝŵƉĂĐƚŽĞŶĞůƌĞƐĞƌǀŽƌŝŽ͕ ůŽƐƉŽnjŽƐLJůĂƐŝŶƐƚĂůĂĐŝŽŶĞƐĞŶƐƵƉĞƌĨŝĐŝĞ

ƐĐĂůĂ͕ĐŽŶƚĞŶŝĚŽĚĞůŐĂƐ ;ĐŽŵƉŽƐŝĐŝſŶͿLJĂĐŝĚĞnj

ͻ>ĂŶĂƚƵƌĂůĞnjĂLJůĂŝĚŽŶĞŝĚĂĚĚĞůĂƐƉƌƵĞďĂƐƌĞĂůŝnjĂĚĂƐƉĂƌĂĚĞƚĞƌŵŝŶĂƌůĂ ƐƵƉĞƌĨŝĐŝĞLJĞůƉŽƚĞŶĐŝĂůĚĞƌĞĚƵĐĐŝſŶƉƌŽŐƌĞƐŝǀĂƐŽŶĚĞŽĚĞĨůƵŝĚŽƐ͕ŝŶĐůƵLJĞŶĚŽůĂ ďĂƐĞĚĞůĂŝŶƚĞƌƉƌĞƚĂĐŝſŶĚĞůŽƐƌĞƐƵůƚĂĚŽƐĚĞůĂƐƉƌƵĞďĂƐ ͻ>ĂŶĂƚƵƌĂůĞnjĂLJůĂĂĚĞĐƵĂĐŝſŶĚĞůĂƐƉƌƵĞďĂƐƌĞĂůŝnjĂĚĂƐ͕ůŽƐŵŽĚĞůŽƐďĂƐĂĚŽƐĞŶ ĂŶĂůŽŐşĂƐŽƵƐĂĚŽƐĐŽŵŽĞǀŝĚĞŶĐŝĂƉĂƌĂůĂĐŽŵƉĞŶƐĂĐŝſŶĚĞůĂĂŵƉůŝĂĐŝſŶĚĞůŽƐ ŵĠƚŽĚŽƐĚĞŝŶŚŝďŝĐŝſŶĚĞĨŽŶĚŽĚĞƉŽnjŽŽĚĞůĂƐƵƉĞƌĨŝĐŝĞ

WƌŽƉŝĞĚĂĚĞƐĚĞů LJĂĐŝŵŝĞŶƚŽ

ͻ>ĂŶĂƚƵƌĂůĞnjĂ͕ůĂĐĂůŝĚĂĚLJůĂŝĚŽŶĞŝĚĂĚĚĞůŽƐŵĠƚŽĚŽƐƵƚŝůŝnjĂĚŽƐƉĂƌĂĚĞƚĞƌŵŝŶĂƌ ůĂƐƉƌŽƉŝĞĚĂĚĞƐĚĞůLJĂĐŝŵŝĞŶƚŽ;ƚŝƉŽƐĚĞƌŽĐĂ͕ƉŽƌŽƐŝĚĂĚ͕ƉĞƌŵĞĂďŝůŝĚĂĚ͕ ĂŶŝƐŽƚƌŽƉşĂ͕ĞƐƚƌƵĐƚƵƌĂƐƉĞƌŵĞĂďůĞƐĞƐƉĞĐşĨŝĐĂƐ͕ĞƚĐͿ ͻĂƐĞƐƉĂƌĂůĂŝŶƚĞƌƉƌĞƚĂĐŝſŶĚĞůŽƐƉĞƌĨŝůĞƐĚĞƚĞŵƉĞƌĂƚƵƌĂLJƉƌĞƐŝſŶ ͻ>ĂŶĂƚƵƌĂůĞnjĂ͕ůĂĐĂůŝĚĂĚLJůĂĂĚĞĐƵĂĐŝſŶĚĞƵŶŵŽĚĞůŽŝŶƚĞŐƌĂĚŽƌĞƐĞƌǀŽƌŝŽŐĞŽͲ ŚŝĚƌŽůſŐŝĐŽŝŶĐůƵLJĞŶĚŽĂŶĂůŽŐşĂƐƵƚŝůŝnjĂĚĂƐLJƐƵƉƵĞƐƚŽƐďĄƐŝĐŽƐ

DŽĚĞůŽĐŽŶĐĞƉƚƵĂů͗ůĂ ŶĂƚƵƌĂůĞnjĂĚĞůƐŝƐƚĞŵĂ

ͻ^ŝĞůĨůƵŝĚŽĞƐŶĂƚƵƌĂůĚĞĐŽŶǀĞĐĐŝſŶ ͻ^ŝĞůƉƌŽLJĞĐƚŽƐĞďĂƐĂĞŶƵŶĂĐƵşĨĞƌŽůĂƚĞƌĂůŵĞŶƚĞĞdžƚĞŶƐŽ͕ĐƵĄůĞƐƐŽŶƐƵƐ ƉƌŽƉŝĞĚĂĚĞƐŚŝĚƌŽůſŐŝĐĂƐĨƵĞƌĂĚĞůĄƌĞĂĚĞĐŽŶĐĞƐŝſŶ ͻ/ŶƚĞƌƉƌĞƚĂĐŝſŶĚĞůŽƐƉƌŽĐĞƐŽƐĨşƐŝĐŽͲƋƵşŵŝĐŽƐĚĞůƌĞƐĞƌǀŽƌŝŽ ͻ>ĂŶĂƚƵƌĂůĞnjĂĚĞůŵŽĚĞůŽĚĞƐŝŵƵůĂĐŝſŶŶƵŵĠƌŝĐĂ͕ŝŶĐůƵLJĞŶĚŽůĂĞƐƚƌƵĐƚƵƌĂĚĞů ŵŽĚĞůŽ͕ůŽƐƉĂƌĄŵĞƚƌŽƐĐůĂǀĞ͕ůŽƐůşŵŝƚĞƐLJůĂƌĞůĂĐŝſŶĐŽŶĞůŵŽĚĞůŽĐŽŶĐĞƉƚƵĂů

DŽĚĞůŝnjĂĐŝſŶŶƵŵĠƌŝĐĂ

ͻ>ŽƐƌĞƐƵůƚĂĚŽƐĚĞůŽƐŵŽĚĞůŽƐĞƐƚĂĚŽŶĂƚƵƌĂů ͻ>ŽƐƌĞƐƵůƚĂĚŽƐĚĞůĂŚŝƐƚŽƌŝĂĐŽŝŶĐŝĚĞŶƚĞ;ƐŝĞdžŝƐƚĞͿ ͻ>ŽƐƌĞƐƵůƚĂĚŽƐĚĞůĂƉƌĞǀŝƐŝſŶĚĞĞũĞĐƵĐŝſŶŝŶĐůƵLJĞŶĚŽůĂĚĞƐĐƌŝƉĐŝſŶĚĞůŽƐ ŵŽĚĞůŽƐƵƚŝůŝnjĂĚŽƐ




0È67(5*HRORJtDDSOLFDGDDOD2EUD&LYLO\ORV5HFXUVRV+tGULFRV 75$%$-2(QHUJtD*HRWpUPLFDGH*UDQDGD $8725(PPDQXHO6HJXUD=DPRUD 

ͻŶĄůŝƐŝƐĚĞƐĞŶƐŝďŝůŝĚĂĚLJůŽƐĞĨĞĐƚŽƐĚĞůĂŝŶƚĞƌƉƌĞƚĂĐŝſŶĂůƚĞƌŶĂƚŝǀĂ džƚƌĂƉŽůĂĐŝſŶĚĞĚĂƚŽƐ

ͻ>ĂĞdžƚĞŶƐŝſŶĚĞůĂŝŶƚĞƌƉŽůĂĐŝſŶĚĞĚĂƚŽƐͬĞdžƚƌĂƉŽůĂĐŝſŶĞŶƚƌĞĞdžƉůŝĐĂĐŝſŶLJ ũƵƐƚŝĨŝĐĂĐŝſŶĚĞůŽƐŵĠƚŽĚŽƐĂƉůŝĐĂĚŽƐ

 Ϯ͘WZDdZK^ZhZ^K^ZK>/Ed WZDdZK >ŝƚŽůŽŐşĂ

ŽŶĚŝĐŝŽŶĞƐĚĞů ĨůƵŝĚŽ

ƐƚĂĚŽĚĞ ƚĞŶƐŝŽŶĞƐ

&ƌĂĐƚƵƌĂĐŝſŶ ŶĂƚƵƌĂů

KE^/Z/KE^^KZ>K^dK^ ͻ>ĂŶĂƚƵƌĂůĞnjĂ͕ĞůĞƐƚĂĚŽLJĞůǀŽůƵŵĞŶĚĞƌĞƐĞƌǀĂŽďũĞƚŝǀŽ ͻ^ŝůŽƐůşƋƵŝĚŽƐŶĂƚƵƌĂůĞƐĞdžŝƐƚĞŶƚĞƐĞŶĞůĚĞƉſƐŝƚŽĚĞƌŽĐĂƐŽďũĞƚŝǀŽLJƐŝĞƐĂƐş͎ĐƵĄůĞƐƐƵ ĐŽŵƉŽƐŝĐŝſŶƋƵşŵŝĐĂ͍ ͻ^ŝůĂƐĨƵĞŶƚĞƐĞdžƚĞƌŶĂƐĚĞĂŐƵĂƐĞƌĄŶĞĐĞƐĂƌŝĂĐŽŵŽŵĞĚŝŽƉĂƌĂĞůŝŵŝŶĂƌĞůĐĂůŽƌ ĐŽŶƚĞŶŝĚŽĞŶůĂƐƌŽĐĂƐ ͻ>ĂŶĂƚƵƌĂůĞnjĂ͕ĐĂůŝĚĂĚLJƉĞƌƚŝŶĞŶĐŝĂĚĞůĂƐŵĞĚŝĐŝŽŶĞƐĚĞůĂƚĞŶƐŝſŶĚŝƐƉŽŶŝďůĞƐ ͻůŶƷŵĞƌŽ͕ĞůĞƐƉĂĐŝĂŵŝĞŶƚŽLJůĂƉƌŽĨƵŶĚŝĚĂĚĚĞůĂƐŵĞĚŝĐŝŽŶĞƐĚĞůĂƚĞŶƐŝſŶĚŝƐƉŽŶŝďůĞƐ ͻ>ĂŶĂƚƵƌĂůĞnjĂ͕ĐĂůŝĚĂĚLJƉĞƌƚŝŶĞŶĐŝĂĚĞůŽƐĚĂƚŽƐ;ŽƌŝĞŶƚĂĐŝſŶ͕ůŽĐĂůŝnjĂĐŝſŶ͕ĨƌĞĐƵĞŶĐŝĂͿĞŶ ƌĞůĂĐŝſŶĐŽŶůĂƌĞĚĚĞĨƌĂĐƚƵƌĂƐŶĂƚƵƌĂůĞƐ͕ŝŶĐůƵLJĞŶĚŽĞůĐŽŶŽĐŝŵŝĞŶƚŽĚĞůĂƐĨƌĂĐƚƵƌĂƐĚĞ ĨůƵũŽ͕ƐƵƉƌŽĨƵŶĚŝĚĂĚLJƌĞůĞǀĂŶĐŝĂƉĂƌĂĞůĚĞƐĂƌƌŽůůŽĚĞůƌĞƐĞƌǀŽƌŝŽ ͻĂƌĄĐƚĞƌĚĞůĂĨƌĂĐƚƵƌĂŝŶĐůƵLJĞŶĚŽůĂĂƉĞƌƚƵƌĂ͕ĂŶĐŚŽ͕ĐŽŶƚĞŶŝĚŽŵŝŶĞƌĂů͕LJĂůƌĞĚĞĚŽƌĚĞ ůĂnjŽŶĂĐĂƚĂĐůĄƐƚŝĐĂ ͻ>ĂŶĂƚƵƌĂůĞnjĂ͕ƵďŝĐĂĐŝſŶLJĨƌĞĐƵĞŶĐŝĂĚĞĞǀĞŶƚŽƐĞƐƚŝŵƵůĂĐŝſŶĚĞLJĂĐŝŵŝĞŶƚŽƐ

ƐƚŝŵƵůĂĐŝſŶĚĞ ƌĞƐĞƌǀŽƌŝŽ

ͻWƌĞƐŝſŶĐŽƌƌĞƐƉŽŶĚŝĞŶƚĞͬĚĂƚŽƐĚĞĨůƵũŽ͕ŝŶĐůƵŝĚĂůĂďĂƐĞƉĂƌĂůĂŝŶƚĞƌƉƌĞƚĂĐŝſŶLJůĂ ǀŝƐƵĂůŝnjĂĐŝſŶĚĞůĂƐǀĂƌŝĂĐŝŽŶĞƐƚĞŵƉŽƌĂůĞƐ ͻĂůŝĚĂĚLJĨŝĂďŝůŝĚĂĚĚĞůŽƐĞƋƵŝƉŽƐĚĞŵŽŶŝƚŽƌĞŽ

sŝŐŝůĂŶĐŝĂDŝĐƌŽͲ ƐşƐŵŝĐĂ

ͻ>ĂŶĂƚƵƌĂůĞnjĂ͕ĐĂůŝĚĂĚLJĂĚĞĐƵĂĐŝſŶĚĞůĂƌĞĚƐşƐŵŝĐĂƵƚŝůŝnjĂƉĂƌĂĐŽŶƚƌŽůĂƌĞƐƚŝŵƵůĂĐŝſŶ ĚĞůƌĞƐĞƌǀŽƌŝŽ;ƉŽƌĞũĞŵƉůŽ͕ůĂŝŶƐƚƌƵŵĞŶƚĂĐŝſŶ͕ůĂĚŝƐƚƌŝďƵĐŝſŶ͕ůĂƉƌĞĐŝƐŝſŶĚĞůŽĐĂůŝnjĂĐŝſŶ͕ ƐĞŶƐŝďŝůŝĚĂĚ͕ƌĞƐŽůƵĐŝſŶ͕ŝŶLJĞĐĐŝſŶĚĞĐŽŶƚƌŽů͕ĞƚĐͿ ͻ>ĂĞƐƚŝŵĂĐŝſŶĚĞǀŽůƵŵĞŶĚĞůƌĞƐĞƌǀŽƌŝŽĚĞĚĞƌŝǀĂĚŽƐĐŽŵŽƐƵƉƵĞƐƚŽƐďĄƐŝĐŽƐLJůĂ ĞƐƚŝŵĂĐŝſŶĚĞůĂŝŶĐĞƌƚŝĚƵŵďƌĞ ͻ>ĂĞǀŝĚĞŶĐŝĂĚĞůŽƐůŽŐƌŽƐĚĞǀŽůƵŵĞŶĚĞůĚĞƉſƐŝƚŽĞƐƚŝŵƵůĂĚŽ

 ͘/E&KZD^Z^h>dK^yW>KZ/ME WZDdZK

KE^/Z/KE^^KZ>K^dK^

ŝĂŐƌĂŵĂƐ

ͻƵĂŶĚŽƐĞĂƉŽƐŝďůĞĚĞďĞŶƐĞƌŝŶĐůƵŝĚŽƐ͕ŵĂƉĂƐLJƐĞĐĐŝŽŶĞƐ;ĐŽŶĞƐĐĂůĂƐͿLJůĂƐ ƚĂďƵůĂĐŝŽŶĞƐĚĞůĂƐŝŶƚĞƌƐĞĐĐŝŽŶĞƐƉĂƌĂĐƵĂůƋƵŝĞƌĚĞƐĐƵďƌŝŵŝĞŶƚŽĚĞŵĂƚĞƌŝĂůƋƵĞƐĞ ŝŶĨŽƌŵſƐŝĞƐƚŽƐĚŝĂŐƌĂŵĂƐĂĐůĂƌĂŶƐŝŐŶŝĨŝĐĂƚŝǀĂŵĞŶƚĞĞůŝŶĨŽƌŵĞ͘ ͻ>ŽƐĚŝĂŐƌĂŵĂƐLJŵĂƉĂƐĚĞďĞŶƉƌĞƐĞŶƚĂƌƐĞĐŽŶƐŝƐƚĞŵĂƐĚĞĐŽŽƌĚĞŶĂĚĂƐƌĞĐŽŶŽĐŝĚŽƐ ĐŽŶĞůĚĂƚƵŵ͕ƉƌŽLJĞĐĐŝſŶLJƚŽĚŽƐůŽƐƉĂƌĄŵĞƚƌŽƐĚĞĐůĂƌĂĚŽƐĞŶůĂůĞLJĞŶĚĂĚĞůŵĂƉĂ ͻƵĂŶĚŽƐĞĂƉŽƐŝďůĞůĂƉƌĞƐĞŶƚĂĐŝſŶĚĞŝŶĨŽƌŵĞƐĚĞďĞƐĞƌŝŶƚĞŐƌĂů

/ŶĨŽƌŵĂĐŝſŶ ĞƋƵŝůŝďƌĂĚĂ

ͻŶĐĂƐŽĚĞĞůĂďŽƌĂĐŝſŶĚĞŝŶĨŽƌŵĞƐĐŽŵƉůĞƚŽƐĚĞƚŽĚŽƐůŽƐƌĞƐƵůƚĂĚŽƐĚĞĞdžƉůŽƌĂĐŝſŶ ŶŽĞƐƉŽƐŝďůĞ͕ůĂƉƌĞƐĞŶƚĂĐŝſŶĚĞŝŶĨŽƌŵĞƐƌĞƉƌĞƐĞŶƚĂƚŝǀŽƐĚĞďĞƉƌĂĐƚŝĐĂƌƐĞƉĂƌĂĞǀŝƚĂƌ ůĂĐŽŶĨƵƐŝſŶĞŶZĞƐƵůƚĂĚŽƐĚĞdžƉůŽƌĂĐŝſŶ

KƚƌŽƐĚĂƚŽƐĚĞ ĞdžƉůŽƌĂĐŝſŶ

ͻKƚƌŽƐĚĂƚŽƐĚĞĞdžƉůŽƌĂĐŝſŶ͕ƐŝƐŽŶƐŝŐŶŝĨŝĐĂƚŝǀŽƐLJŵĂƚĞƌŝĂůĞƐĚĞďĞŶŝŶĨŽƌŵĂƌƐĞ͕ ŝŶĐůƵLJĞŶĚŽ;ƉĞƌŽŶŽůŝŵŝƚĂĚŽƐĂͿ͗ŽďƐĞƌǀĂĐŝŽŶĞƐŐĞŽůſŐŝĐĂƐ͕ƌĞƐƵůƚĂĚŽƐĚĞĞƐƚƵĚŝŽƐ




0È67(5*HRORJtDDSOLFDGDDOD2EUD&LYLO\ORV5HFXUVRV+tGULFRV 75$%$-2(QHUJtD*HRWpUPLFDGH*UDQDGD $8725(PPDQXHO6HJXUD=DPRUD 

ĨƵŶĚĂŵĞŶƚĂůĞƐ

ŐĞŽĨşƐŝĐŽƐ͖ƌĞƐƵůƚĂĚŽƐĚĞĞƐƚƵĚŝŽƐŐĞŽƋƵşŵŝĐŽƐ͕ĂŐƵĂƐƵďƚĞƌƌĄŶĞĂ͖ĐĂƌĂĐƚĞƌşƐƚŝĐĂƐ ŐĞŽƚĠĐŶŝĐĂƐLJĚĞůĂƌŽĐĂ͕ƐƵƐƚĂŶĐŝĂƐƉŽƚĞŶĐŝĂůŵĞŶƚĞŶŽĐŝǀĂƐŽĐŽŶƚĂŵŝŶĂŶƚĞƐ

ƵĚŝƚŽƌşĂƐŽ ƌĞǀŝƐŝŽŶĞƐ

ͻ>ŽƐƌĞƐƵůƚĂĚŽƐĚĞĐƵĂůƋƵŝĞƌĂƵĚŝƚŽƌşĂŽƌĞǀŝƐŝſŶŝŶĚĞƉĞŶĚŝĞŶƚĞĚĞůŽƐĚĂƚŽƐĚĞ ĞdžƉůŽƌĂĐŝſŶ͕ůŽƐŵŽĚĞůŽƐŽŝŶƚĞƌƉƌĞƚĂĐŝŽŶĞƐ

>ĂďŽƌĞƐĨƵƚƵƌĂƐ

ͻ>ĂŶĂƚƵƌĂůĞnjĂLJĞƐĐĂůĂĚĞƚƌĂďĂũŽĨƵƚƵƌŽƉůĂŶŝĨŝĐĂĚŽ;ƉŽƌĞũĞŵƉůŽ͕ƉƌƵĞďĂƐĚĞ ĞdžƚĞŶƐŝŽŶĞƐůĂƚĞƌĂůĞƐŽĞdžƚĞŶƐŝŽŶĞƐĚĞƉƌŽĨƵŶĚŝĚĂĚŽĚĞƉĞƌĨŽƌĂĐŝſŶĚĞƉĂƐŽĚĞƐĂůŝĚĂ ĂŐƌĂŶĞƐĐĂůĂͿ

 &͘^d/D/MEzWZ^Ed/ME/E&KZD^ZhZ^K^'KdZD/K^ hƐŽƉƌĞǀŝƐƚŽ

ͻ>ĂŶĂƚƵƌĂůĞnjĂĚĞůĂĞdžƉůŽƚĂĐŝſŶĚĞZĞĐƵƌƐŽƐŐĞŽƚĠƌŵŝĐŽƐĂŶƚŝĐŝƉĂŶĚŽƚŽĚĂƐůĂƐ ŚŝƉſƚĞƐŝƐŚĞĐŚĂƐ ͻ&ƵĞŶƚĞLJĐŽŶĨŝĂďŝůŝĚĂĚĚĞƚŽĚŽƐůŽƐĚĂƚŽƐƌĞůĞǀĂŶƚĞƐĚĞZĞĐƵƌƐŽƐŐĞŽƚĠƌŵŝĐŽƐ

/ŶƚĞŐƌŝĚĂĚĚĞůŽƐ ĚĂƚŽƐ

ͻ>ĂƐŵĞĚŝĚĂƐĂĚŽƉƚĂĚĂƐƉĂƌĂĂƐĞŐƵƌĂƌƋƵĞůŽƐĚĂƚŽƐĚĞƐĐƌŝƚŽƐŶŽƐĞŚĂĚĂŹĂĚŽĞŶƚƌĞ ůĂƌĞĐŽŐŝĚĂŝŶŝĐŝĂůLJĞůƵƐŽĚĞŵŽĚĞůŽƐͬĐĄůĐƵůŽƐ ͻWƌŽĐĞƐŽĚĞǀĂůŝĚĂĐŝſŶĚĞĚĂƚŽƐ

/ŶƚĞƌƉƌĞƚĂĐŝſŶĚĞůŽƐ ĚĂƚŽƐ

ͻ>ĂĐŽŶĨŝĂŶnjĂĞŶ;ŽƉŽƌĞůĐŽŶƚƌĂƌŝŽůĂŝŶĐĞƌƚŝĚƵŵďƌĞĚĞͿĐƵĂůƋƵŝĞƌŝŶƚĞƌƉƌĞƚĂĐŝſŶĚĞ ĚĂƚŽƐŐĞŽůſŐŝĐŽƐ͕ŐĞŽĨşƐŝĐŽƐŽŐĞŽƋƵşŵŝĐŽƐƉĂƌĂƐĞƌƵƚŝůŝnjĂĚŽƐĞŶůĂĞƐƚŝŵĂĐŝſŶĚĞ ZĞĐƵƌƐŽƐŐĞŽƚĠƌŵŝĐŽƐ ͻůĞĨĞĐƚŽ͕ĞŶƐƵĐĂƐŽ͕ĚĞůĂŝŶƚĞƌƉƌĞƚĂĐŝſŶ;ĞƐͿĂůƚĞƌŶĂƚŝǀĂ;ƐͿĞŶůĂĞƐƚŝŵĂĐŝſŶĚĞ ZĞĐƵƌƐŽƐŐĞŽƚĠƌŵŝĐŽƐ ͻĞďĞĚĞŵŽƐƚƌĂƌƐĞƐŝƐĞƚƌĂƚĂĚĞZĞĐƵƌƐŽƐŐĞŽƚĠƌŵŝĐŽƐƉĂƌĂƐĞƌĐŽŶƐŝĚĞƌĂĚŽƐĐŽŵŽ DĞĚŝĚŽƐ

ĂƉĂĐŝĚĂĚĚĞ ĞŶƚƌĞŐĂĚĞůƉŽnjŽ

ͻ^ŝĞůƉƌŽLJĞĐƚŽƐĞďĂƐĂƌĄĞŶůŽƐƉŽnjŽƐĚĞďŽŵďĞŽŽĚĞĂƵƚŽͲĚĞƐĐĂƌŐĂ;ƐƵƌŐĞŶƚĞƐͿ ͻ/ŶĨŽƌŵĂĐŝſŶƐŽďƌĞŶĞĐĞƐŝĚĂĚĞƐƉƌĞǀŝƐƚĂƐĚĞůĂĞŶĞƌŐşĂƉĂƌĂƐŝƚĂƌŝĂĚĞůĂƐďŽŵďĂƐĚĞ ƉƌŽĚƵĐĐŝſŶŽŝŶLJĞĐĐŝſŶ ͻ>ĂŶĂƚƵƌĂůĞnjĂLJůĂĂĚĞĐƵĂĐŝſŶĚĞůĂ;ƐͿƚĠĐŶŝĐĂ;ƐͿĚĞĞƐƚŝŵĂĐŝſŶƋƵĞƐĞĂƉůŝĐĂ;ŶͿLJůŽƐ ƐƵƉƵĞƐƚŽƐĐůĂǀĞ

ƐƚŝŵĂĐŝſŶLJ ƚĠĐŶŝĐĂƐĚĞ ŵŽĚĞůĂĚŽ

ͻ>ĂĚŝƐƉŽŶŝďŝůŝĚĂĚĚĞůŽƐƌĞŐŝƐƚƌŽƐĚĞƉƌŽĚƵĐĐŝſŶĂŶƚĞƌŝŽƌĞƐLJƐŝĞƐƚĂŝŶĨŽƌŵĂĐŝſŶƐĞ ĐŽŶƐŝĚĞƌĂ ͻƵĂůƋƵŝĞƌŚŝƉſƚĞƐŝƐƐŽďƌĞůĂĐŽƌƌĞůĂĐŝſŶĚĞůĂƐǀĂƌŝĂďůĞƐ ͻůƉƌŽĐĞƐŽĚĞǀĂůŝĚĂĐŝſŶ͕ĞůƉƌŽĐĞƐŽĚĞĐŽŶƚƌŽůƵƚŝůŝnjĂĚŽƐ͕ĂƐşĐŽŵŽůĂĐŽŶǀĞƌŐĞŶĐŝĂ ĚĞůŵŽĚĞůŽĂůŽƐĚĂƚŽƐĚĞŵĞĚŝĐŝſŶLJůĂǀĞƌŝĨŝĐĂĐŝſŶĚĞůŽƐƌĞƐƵůƚĂĚŽƐƐŝŐŶŝĨŝĐĂƚŝǀŽƐ ŵĞĚŝĂŶƚĞůĂĂƉůŝĐĂĐŝſŶĚĞƚĠĐŶŝĐĂƐĂůƚĞƌŶĂƚŝǀĂƐLJͬŽƉĞƌƐŽŶĂůŝŶĚĞƉĞŶĚŝĞŶƚĞ

WĂƌĄŵĞƚƌŽƐĚĞĐŽƌƚĞ

&ĂĐƚŽƌĞƐĚĞ ƌĞĐƵƉĞƌĂĐŝſŶ

ĨŝĐŝĞŶĐŝĂĚĞ ĐŽŶǀĞƌƐŝſŶ

ŝŵĞŶƐŝŽŶĞƐ

ͻůĨƵŶĚĂŵĞŶƚŽĚĞƚŽĚĂƐĂĚŽƉƚĂĚĂƐĚĞĐŽƌƚĞůĂƐƚĞŵƉĞƌĂƚƵƌĂƐ͕ĐĂƵĚĂůĞƐŽƉĂƌĄŵĞƚƌŽƐ ĚĞĐĂůŝĚĂĚ;ƉŽƌĞũĞŵƉůŽ͕ĚĞůƌĞƐĞƌǀŽƌŝŽ͕ƉŽƌŽƐŝĚĂĚĐĂƉĂĐŝĚĂĚĚĞĞŶƚƌĞŐĂ͕ĞƚĐͿƋƵĞƐĞ ĂƉůŝĐĂ͕ƉƌĞĨĞƌĞŶƚĞŵĞŶƚĞĞŶƵŶĂƌƵƚĂĚĞƚĞĐŶŽůŽŐşĂĐŽŶŽĐŝĚĂ ͻĞďĞĞƐƚĂƌĞdžƉůşĐŝƚĂŵĞŶƚĞLJƐĞũƵƐƚŝĨŝĐĂƌĄ ͻ^ŝƐĞƵƚŝůŝnjĂůĂĐŽŶǀĞƌƐŝſŶ͕ůĂĞĨŝĐŝĞŶĐŝĂƋƵĞƐĞĞƐƉĞƌĂĚĞůĂĐŽŶǀĞƌƐŝſŶĚĞĐĂůŽƌĞŶ ĞůĞĐƚƌŝĐŝĚĂĚ ͻ>ĂŵĞƚŽĚŽůŽŐşĂƵƚŝůŝnjĂĚĂƉĂƌĂůĂĚĞƚĞƌŵŝŶĂĐŝſŶĚĞůĂĞĨŝĐŝĞŶĐŝĂĚĞĐŽŶǀĞƌƐŝſŶ͕ ŝŶĐůƵLJĞŶĚŽƵŶĂĞdžƉůŝĐĂĐŝſŶĚĞůĂƌƵƚĂĚĞƚĞĐŶŽůŽŐşĂ;ƚŝƉŽͿLJůĂũƵƐƚŝĨŝĐĂĐŝſŶĚĞůĂƐ ŚŝƉſƚĞƐŝƐĨŽƌŵƵůĂĚĂƐ ͻůŐƌĂĚŽLJůĂǀĂƌŝĂďŝůŝĚĂĚĚĞůƌĞĐƵƌƐŽŐĞŽƚĠƌŵŝĐŽĞƐƚŝŵĂĚŽĞdžƉƌĞƐĂĚŽĐŽŵŽƐƵƉĞƌĨŝĐŝĞ LJůĂƉƌŽĨƵŶĚŝĚĂĚĚĞďĂũŽĚĞůĂƐƵƉĞƌĨŝĐŝĞĐŽŶƵŶĂĞdžƉůŝĐĂĐŝſŶĚĞůĨƵŶĚĂŵĞŶƚŽĚĞ 


0È67(5*HRORJtDDSOLFDGDDOD2EUD&LYLO\ORV5HFXUVRV+tGULFRV 75$%$-2(QHUJtD*HRWpUPLFDGH*UDQDGD $8725(PPDQXHO6HJXUD=DPRUD 

ĐƵĂůƋƵŝĞƌŝŶƚĞƌƉƌĞƚĂĐŝſŶĚĞůĂŐĞŽŵĞƚƌşĂĚĞůƌĞƐĞƌǀŽƌŝŽ ͻ>ĂĞdžƉĞĐƚĂƚŝǀĂĚĞǀŝĚĂĚĞůƌĞĐƵƌƐŽŐĞŽƚĠƌŵŝĐŽďĂƐĂĚĂĞŶŵŽĚĞůŽƐĚŝƐƉŽŶŝďůĞƐLJĞů ĚĞƐĂƌƌŽůůŽƉƌĞǀŝƐƚŽ sŝĚĂĚĞůŽƐZĞĐƵƌƐŽƐ ŐĞŽƚĠƌŵŝĐŽƐ

ͻ>ĂŶĂƚƵƌĂůĞnjĂ͕ůĂĐĂůŝĚĂĚLJůĂŝĚŽŶĞŝĚĂĚĚĞůŽƐŵĠƚŽĚŽƐƵƚŝůŝnjĂĚŽƐƉĂƌĂĞůŵŽĚĞůĂĚŽĚĞ ůĂǀŝĚĂĚĞůƌĞĐƵƌƐŽŐĞŽƚĠƌŵŝĐŽ͕ŝŶĐůƵŝĚŽƐůŽƐƐƵƉƵĞƐƚŽƐĐůĂǀĞ ͻƐƚŝŵĂĐŝſŶĚĞĞůĞŵĞŶƚŽƐŶŽĐŝǀŽƐ;ƉŽƌĞũĞŵƉůŽ͕ĐŽƌƚŽĐŝƌĐƵŝƚŽƐ͕ĂŵƉůŝĂĐŝſŶ͕ĞƚĐͿ ͻ>ĂďĂƐĞƉĂƌĂůĂĐůĂƐŝĨŝĐĂĐŝſŶĚĞůŽƐZĞĐƵƌƐŽƐŐĞŽƚĠƌŵŝĐŽƐĞŶĚŝǀĞƌƐĂƐĐĂƚĞŐŽƌşĂƐĚĞ ĐŽŶĨŝĂŶnjĂ

ůĂƐŝĨŝĐĂĐŝſŶ

ͻ^ŝƐĞŚĂƚŽŵĂĚŽĚĞďŝĚĂŵĞŶƚĞĞŶĐƵĞŶƚĂƚŽĚŽƐůŽƐĨĂĐƚŽƌĞƐ ͻ^ŝůŽƐƌĞƐƵůƚĂĚŽƐƌĞĨůĞũĂŶĂĚĞĐƵĂĚĂŵĞŶƚĞůŽƐƉƵŶƚŽƐĚĞǀŝƐƚĂĚĞůĂWĞƌƐŽŶĂ ŽŵƉĞƚĞŶƚĞ

WĂƌƚŝĐŝƉĂĐŝſŶĚĞ ƚĞƌĐĞƌŽƐ

ͻZĞĐŽŶŽĐŝŵŝĞŶƚŽĚĞůĂĞǀŽůƵĐŝſŶ͕ƉŽƐŝďůĞŵĞŶƚĞƉŽƌŽƚƌĂƐƉĂƌƚĞƐĞŶĐŽŶĨůŝĐƚŽ

ƵĚŝƚŽƌşĂƐŽ ƌĞǀŝƐŝŽŶĞƐ

ͻ>ŽƐƌĞƐƵůƚĂĚŽƐĚĞĐƵĂůƋƵŝĞƌĂƵĚŝƚŽƌşĂŽƌĞǀŝƐŝſŶĚĞůĂĞƐƚŝŵĂĐŝſŶĚĞůƌĞĐƵƌƐŽ ŐĞŽƚĠƌŵŝĐŽ ͻƵĂŶĚŽƐĞĂƉŽƐŝďůĞůĂƉƌĞƐĞŶƚĂĐŝſŶĚĞŝŶĨŽƌŵĞƐĚĞďĞƐĞƌŝŶƚĞŐƌĂů

/ŶĨŽƌŵĂĐŝſŶ ĞƋƵŝůŝďƌĂĚĂĞ ŝŵƉĂƌĐŝĂů

ŝƐĐƵƐŝſŶĚĞůĂ ƉƌĞĐŝƐŝſŶƉĞƌƚŝŶĞŶƚĞ ͬĐŽŶĨŝĂŶnjĂ

ͻŶůŽƐĐĂƐŽƐĚĞŝŶĨŽƌŵĂĐŝſŶĞdžŚĂƵƐƚŝǀĂĚĞƚŽĚĂƐůĂƐĞƐƚŝŵĂĐŝŽŶĞƐĚĞůŽƐZĞĐƵƌƐŽƐ ŐĞŽƚĠƌŵŝĐŽƐŶŽƐĞĂƉŽƐŝďůĞ͕ůĂƉƌĞƐĞŶƚĂĐŝſŶĚĞŝŶĨŽƌŵĞƐƌĞƉƌĞƐĞŶƚĂƚŝǀŽƐĚĞďĞ ƉƌĂĐƚŝĐĂƌƐĞƉĂƌĂĞǀŝƚĂƌůĂƉƌĞƐĞŶƚĂĐŝſŶĚĞŝŶĨŽƌŵĞƐƋƵĞŝŶĚƵnjĐĂŶĂĞƌƌŽƌĚĞůĂ ĞƐƚŝŵĂĐŝſŶĚĞůŽƐZĞĐƵƌƐŽƐŐĞŽƚĠƌŵŝĐŽƐ ͻŶƐƵĐĂƐŽƵŶĂĚĞĐůĂƌĂĐŝſŶĚĞůĂƌĞůĂƚŝǀĂƉƌĞĐŝƐŝſŶLJͬŽĐŽŶĨŝĂŶnjĂĞŶůĂĞƐƚŝŵĂĐŝſŶĚĞ ůŽƐZĞĐƵƌƐŽƐŐĞŽƚĠƌŵŝĐŽƐĐŽŶƵŶĞŶĨŽƋƵĞŽƉƌŽĐĞĚŝŵŝĞŶƚŽĐŽŶƐŝĚĞƌĂĚŽĂƉƌŽƉŝĂĚŽƉŽƌ ůĂWĞƌƐŽŶĂŽŵƉĞƚĞŶƚĞ͘WŽƌĞũĞŵƉůŽ͕ůĂĂƉůŝĐĂĐŝſŶĚĞĂŶĄůŝƐŝƐĚĞƐĞŶƐŝďŝůŝĚĂĚ͕ĂŶĄůŝƐŝƐ ƉƌŽďĂďŝůşƐƚŝĐŽŽĞůƵƐŽĚĞĞƐĐĞŶĂƌŝŽƐĚĞƚƌĂďĂũŽ͕Ž͕ƐŝĞƐƚĞĞŶĨŽƋƵĞŶŽƐĞĐŽŶƐŝĚĞƌĂ ĐŽŶǀĞŶŝĞŶƚĞ͕ƵŶĂŶĄůŝƐŝƐĐƵĂůŝƚĂƚŝǀŽĚĞůŽƐĨĂĐƚŽƌĞƐƋƵĞƉŽĚƌşĂŶĂĨĞĐƚĂƌĂůĂƉƌĞĐŝƐŝſŶ ƌĞůĂƚŝǀĂLJůĂĐŽŶĨŝĂŶnjĂĚĞůĂĞƐƚŝŵĂĐŝſŶ ͻ>ĂĚĞĐůĂƌĂĐŝſŶĚĞďĞĞƐƉĞĐŝĨŝĐĂƌƐŝƐĞƌĞĨŝĞƌĞĂůŽƐĚĞůŽƐZĞĐƵƌƐŽƐŐĞŽƚĠƌŵŝĐŽƐƚŽƚĂůŽ ƉĂƌĐŝĂůLJ͕ĂƵŶƋƵĞƉĂƌĐŝĂůĞƐ͕ŝŶĚŝĐĂŶĐůĂƌĂŵĞŶƚĞůĂĞdžƚĞŶƐŝſŶ͕ũƵŶƚŽĐŽŶůŽƐƐƵƉƵĞƐƚŽƐLJ ƉƌŽĐĞĚŝŵŝĞŶƚŽƐƵƚŝůŝnjĂĚŽƐ ͻƐƚĂƐĚĞĐůĂƌĂĐŝŽŶĞƐĚĞƌĞůĂƚŝǀĂƉƌĞĐŝƐŝſŶLJůĂĐŽŶĨŝĂŶnjĂĚĞůĂĞƐƚŝŵĂĐŝſŶƐĞĚĞďĞ ĐŽŵƉĂƌĂƌĐŽŶůŽƐĚĂƚŽƐĚĞƉƌŽĚƵĐĐŝſŶ͕ĐƵĂŶĚŽƐĞĂƉŽƐŝďůĞ

ĂůŝĨŝĐĂĐŝŽŶĞƐLJ ƌĞƐƉŽŶƐĂďŝůŝĚĂĚ

ͻhŶĂĚĞĐůĂƌĂĐŝſŶĚĞůĂƐĐĂůŝĨŝĐĂĐŝŽŶĞƐ͕ĞdžƉĞƌŝĞŶĐŝĂLJƌĞƐƉŽŶƐĂďŝůŝĚĂĚĚĞůĂƉĞƌƐŽŶĂ ĐŽŵƉĞƚĞŶƚĞƋƵĞƌĞĂůŝĐĞůĂĞǀĂůƵĂĐŝſŶ

 '͘^d/D/MEzWZ^Ed/ME/E&KZD^Z^Zs^'KdZD/^

ǀĂůƵĂĐŝſŶĚĞůŽƐ ƌĞĐƵƌƐŽƐƉĂƌĂůĂ ĐŽŶǀĞƌƐŝſŶ

ƐƚĂĚŽĚĞůĞƐƚƵĚŝŽ WůĂŶƚĂĐƵĂŶĚŽĞƐƚĠŶ ƌĞůĂĐŝŽŶĂĚŽƐĐŽŶůĂ ŐĞŶĞƌĂĐŝſŶĚĞ ĞůĞĐƚƌŝĐŝĚĂĚ

ͻĞƐĐƌŝƉĐŝſŶĚĞůĂĞƐƚŝŵĂĐŝſŶĚĞůŽƐZĞĐƵƌƐŽƐŐĞŽƚĠƌŵŝĐŽƐƉĂƌĂƐĞƌƵƚŝůŝnjĂĚŽƐĐŽŵŽ ďĂƐĞƉĂƌĂůĂĐŽŶǀĞƌƐŝſŶĂƵŶĂƌĞƐĞƌǀĂŐĞŽƚĠƌŵŝĐĂ͕ŝŶĐůƵLJĞŶĚŽůĂƐĨƵĞŶƚĞƐĚĞĚĂƚŽƐLJ ůĂũƵƐƚŝĨŝĐĂĐŝſŶĚĞƚŽĚŽƐůŽƐƐƵƉƵĞƐƚŽƐ ͻ>ĂĚŝƐĐƌŝŵŝŶĂĐŝſŶĐůĂƌĂĞŶƚƌĞůŽƐZĞĐƵƌƐŽƐ'ĞŽƚĠƌŵŝĐŽƐŝŶĨŽƌŵĂĚŽƐĂĚĞŵĄƐĚĞůĂƐ ZĞƐĞƌǀĂƐ'ĞŽƚĠƌŵŝĐĂƐLJůŽƐƋƵĞƐĞŝŶĐůƵLJĞŶĚĞŶƚƌŽĚĞůĂƐZĞƐĞƌǀĂƐ'ĞŽƚĠƌŵŝĐĂƐ ͻůƚŝƉŽLJŶŝǀĞůĚĞĞƐƚƵĚŝŽƐƌĞĂůŝnjĂĚŽƐƉĂƌĂƋƵĞĞůZĞĐƵƌƐŽ'ĞŽƚĠƌŵŝĐŽƐĞĐŽŶǀŝĞƌƚĂ ĞŶZĞƐĞƌǀĂ'ĞŽƚĠƌŵŝĐĂ ͻ>ĂƚĞĐŶŽůŽŐşĂƉĂƌĂƐĞƌƵƚŝůŝnjĂĚŽƐLJůĂĚĞŵŽƐƚƌĂĐŝſŶĚĞůĂǀŝĂďŝůŝĚĂĚƚĠĐŶŝĐĂ͕ƐŝƐŽŶ ŶƵĞǀŽƐ ͻ>ĂĐĂƉĂĐŝĚĂĚĚĞƉƌĞǀŝƐƚĂLJĚĞǀŝĚĂĂƐŽĐŝĂĚĂĂůĚĞƐĂƌƌŽůůŽĚĞůĂƉůĂŶƚĂĚĞĞŶĞƌŐşĂ




0È67(5*HRORJtDDSOLFDGDDOD2EUD&LYLO\ORV5HFXUVRV+tGULFRV 75$%$-2(QHUJtD*HRWpUPLFDGH*UDQDGD $8725(PPDQXHO6HJXUD=DPRUD 

ͻ&ĂĐƚŽƌĚĞƉůĂŶƚĂƉƌĞǀŝƐƚŽ͕ŝŶĐůƵŝĚŽƐůŽƐƐƵƉƵĞƐƚŽƐĐůĂǀĞĞŶĚĞƚĞƌŵŝŶĂĐŝſŶ ͻ/ĚĞŶƚŝĨŝĐĂĐŝſŶĚĞůŽƐĨĂĐƚŽƌĞƐĂŵďŝĞŶƚĂůĞƐƐŝŐŶŝĨŝĐĂƚŝǀŽƐŽůŽƐĐŽŶĨůŝĐƚŽƐĚĞƵƐŽĚĞů ƐƵĞůŽƋƵĞŵĞŶŐƵĂŶůŽƐƐĞĐƚŽƌĞƐŽŝŵƉĂĐƚŽŝŶĐůƵŝĚŽĞŶůĂĞĐŽŶŽŵşĂĚĞůƉƌŽLJĞĐƚŽ͕ ƉĞƌŽŶŽůŝŵŝƚĂŶĚŽĂ͗ ͲůĚĞƐĂƌƌŽůůŽĚĞƚĞƌĐĞƌŽƐ Ͳ>ĂƐĞŵŝƐŝŽŶĞƐĂůĂŝƌĞŽĂůĂŐƵĂ DĞĚŝŽĂŵďŝĞŶƚĞLJĞů ƵƐŽĚĞůƐƵĞůŽ

Ͳ>ĂƐƵďƐŝĚĞŶĐŝĂ ͲĨĞĐƚŽĚĞůĂƐĂŐƵĂƐƐƵďƚĞƌƌĄŶĞĂƐ ͲĨĞĐƚŽƐƐŽďƌĞůĂĂĐƚŝǀŝĚĂĚƚĠƌŵŝĐĂŶĂƚƵƌĂůŽůŽƐĞĐŽƐŝƐƚĞŵĂƐ Ͳ>ŽƐĐĂŵďŝŽƐĞŶĞůĨůƵũŽĚĞĐĂůŽƌĚĞƐƵƉĞƌĨŝĐŝĞ͕ŝŶĚƵĐŝĚĂƉŽƌůĂƐĞƌƵƉĐŝŽŶĞƐ ŚŝĚƌŽƚĞƌŵĂůĞƐ Ͳ^ŝƐŵŝĐŝĚĂĚŝŶĚƵĐŝĚĂ ͲĨĞĐƚŽƐƐŽďƌĞĞůƚƵƌŝƐŵŽ͕ďĂŹĂƌƐĞLJŽƚƌŽƐƵƐŽƐĚĞůĂƚŝĞƌƌĂ

&ĂĐƚŽƌĞƐĚĞĐŽƐƚŽƐĞ ŝŶŐƌĞƐŽƐ

ͻ>ĂĚĞƌŝǀĂĐŝſŶĚĞ͕ŽƐƵƉƵĞƐƚŽƐ͕ĞŶƌĞůĂĐŝſŶĐŽŶĞůĐĂƉŝƚĂůƉƌĞǀŝƐƚŽLJůŽƐĐŽƐƚŽƐĚĞ ŽƉĞƌĂĐŝſŶ ͻ>ŽƐƐƵƉƵĞƐƚŽƐŚĞĐŚŽƐĐŽŶƌĞƐƉĞĐƚŽĂůŽƐŝŶŐƌĞƐŽƐ ͻ>ĂƐƉƌŽǀŝƐŝŽŶĞƐĐŽŶƐƚŝƚƵŝĚĂƐƉŽƌĐŽŶĐĞƉƚŽĚĞĚĞƌĞĐŚŽƐĚĞƉĂŐŽ;ĐĄŶŽŶͿ ͻhďŝĐĂĐŝſŶĚĞůŽƐZĞĐƵƌƐŽƐ'ĞŽƚĠƌŵŝĐŽƐĞŶƌĞůĂĐŝſŶĐŽŶĞůŵĞƌĐĂĚŽƉƌĞǀŝƐƚŽ ͻĂƉĂĐŝĚĂĚĨƌĞŶƚĞĂůŽƐƉƌĞĐŝŽƐĚĞŵĞƌĐĂĚŽ

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