& /Ed ZZ '/KE > /W E Ed/ ^͘Z͘>͘
'h/ ^/Ed d/ > DK >>K ϳϯϬͬϮϬϭϮ ; Ě ƵƐŽ ĚĞů ĚŝƉĞŶĚĞŶƚĞͿ
ǁǁǁ͘ĐĂĨŝŶƚĞƌƌĞŐŝŽŶĂůĞ͘ŝƚ
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB1 BBBBBBBBB &$) ,QWHUUHJLRQDOH 'LSHQGHQWL 6 U O & ) 3 ,9$ ,VFUL]LRQH &DPHUD GL &RPPHUFLR GL 9LFHQ]D 5 ( $ Q FDSLWDOH VRFLDOH ¼ L Y
DŽĚĂůŝƚă Ěŝ ƉƌĞƐĞŶƚĂnjŝŽŶĞ ĚĞů ŵŽĚĞůůŽ ϳϯϬ Ϳ WƌĞĐŽŵƉŝůĂƚŽ ƐĞŶnjĂ ǀŝƐƚŽ Ěŝ ĐŽŶĨŽƌŵŝƚă •
^ĞŶnjĂ ďŝƐŽŐŶŽ Ěŝ ĂůůĞŐĂƌĞ ůĂ ĚŽĐƵŵĞŶƚĂnjŝŽŶĞ Ěŝ ƐƵƉƉŽƌƚŽ ƉĞƌ ƌĞĚĚŝƚŝ ĞĚ ŽŶĞƌŝ
•
͛ ƉŽƐƐŝďŝůĞ ĐŽŵƉŝůĂƌĞ ŝů ŵŽĚĞůůŽ ϳϯϬ ƵƚŝůŝnjnjĂŶĚŽ ŝů ŵŽĚĞůůŽ ĞĚŝƚĂďŝůĞ ƐĐĂƌŝĐĂďŝůĞ ĚĂů ŶŽƐƚƌŽ ƐŝƚŽ ǁǁǁ͘ĐĂĨŝŶƚĞƌƌĞŐŝŽŶĂůĞ͘ŝƚ
Ϳ WƌĞĐŽŵƉŝůĂƚŽ ĐŽŶ ǀŝƐƚŽ Ěŝ ĐŽŶĨŽƌŵŝƚă •
DŽĚĞůůŽ ĐŽŶ ĂůůĞŐĂƚĂ ůĂ ĚŽĐƵŵĞŶƚĂnjŝŽŶĞ Ěŝ ƐƵƉƉŽƌƚŽ ĐŚĞ ǀĞƌƌă ǀĞƌŝĨŝĐĂƚĂ ĚĂů ĐĂĨ ƌĞŐŽůĂƌŝƚă ĚĞůůĂ ĚŽĐƵŵĞŶƚĂnjŝŽŶĞ
•
͛ ƉŽƐƐŝďŝůĞ ĐŽŵƉŝůĂƌĞ ŝů ŵŽĚĞůůŽ ϳϯϬ ƵƚŝůŝnjnjĂŶĚŽ ŝů ŵŽĚĞůůŽ ĞĚŝƚĂďŝůĞ ƐĐĂƌŝĐĂďŝůĞ ĚĂů ŶŽƐƚƌŽ ƐŝƚŽ ǁǁǁ͘ĐĂĨŝŶƚĞƌƌĞŐŝŽŶĂůĞ͘ŝƚ
Ϳ ŽŵƉŝůĂƚŽ ĚĂ ƵŶ ĞƐƉĞƌƚŽ ĐŽŶ ƌŝůĂƐĐŝŽ ĚĞů ǀŝƐƚŽ Ěŝ ĐŽŶĨŽƌŵŝƚă
•
/ů ƐĞƌǀŝnjŝŽ Ěŝ ĐŽŵƉŝůĂnjŝŽŶĞ ğ ƐǀŽůƚŽ ĚĂ ƵŶ ƉƌŽĨĞƐƐŝŽŶŝƐƚĂ ĞƐƉĞƌƚŽ ĨŝƐĐĂůĞ ŝŶĐĂƌŝĐĂƚŽ ĚĂů ĂĨ͘
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB2 BBBBBBBBB &$) ,QWHUUHJLRQDOH 'LSHQGHQWL 6 U O & ) 3 ,9$ ,VFUL]LRQH &DPHUD GL &RPPHUFLR GL 9LFHQ]D 5 ( $ Q FDSLWDOH VRFLDOH ¼ L Y
> EKs/d ͛ > ϳϯϬͬϮϬϭϮ • • •
• •
ĐĞĚŽůĂƌĞ ƐĞĐĐĂ ͗ ĂƉƉůŝĐĂnjŝŽŶĞ Ăŝ ƌĞĚĚŝƚŝ Ěŝ ůŽĐĂnjŝŽŶĞ ĚĞůů͛ĂŶŶŽ ϮϬϭϭ ĐŽŶƚƌŝďƵƚŽ Ěŝ ƐŽůŝĚĂƌŝĞƚă ;ϯй ƐƵůůĂ ƋƵŽƚĂ Ěŝ ƌĞĚĚŝƚŽ ĐŚĞ ĞĐĐĞĚĞ ŝ ϯϬϬ͘ϬϬϬ ƵƌŽͿ ůĂ ŶƵŽǀĂ ƐĞnjŝŽŶĞ ///Ͳ ĚĞů ƋƵĂĚƌŽ ƉĞƌ ůĞ ƐƉĞƐĞ ĐŚĞ ŐŽĚŽŶŽ ĚĞůůĂ ĚĞƚƌĂnjŝŽŶĞ ĚĞů ϯϲй͕ ĚŽǀƵƚĂ Ăůů͛ĞůŝŵŝŶĂnjŝŽŶĞ ĚĞůůĂ ĐŽŵƵŶŝĐĂnjŝŽŶĞ Ěŝ ŝŶŝnjŝŽ ůĂǀŽƌŝ Ăů ĞŶƚƌŽ ŽƉĞƌĂƚŝǀŽ Ěŝ WĞƐĐĂƌĂ͖ ŝů ƋƵĂĚƌŽ / ĐŚĞ ĚĂ ƋƵĞƐƚ͛ĂŶŶŽ ğ ƌŝƐĞƌǀĂƚŽ Ăůů͛/Dh͕ ĂŶnjŝĐŚĠ Ăůů͛/ /͖ ŝů ŶƵŽǀŽ ƌŝƋƵĂĚƌŽ ŶĞů DŽĚ͘ ϳϯϬͲϭ ƉĞƌ ĚĞƐƚŝŶĂƌĞ ŝů ϱ ƉĞƌ ŵŝůůĞ ĂůůĂ ƚƵƚĞůĂ͕ ƉƌŽŵŽnjŝŽŶĞ Ğ ǀĂůŽƌŝnjnjĂnjŝŽŶĞ ĚĞŝ ďĞŶŝ ĐƵůƚƵƌĂůŝ Ğ ƉĂĞƐĂŐŐŝƐƚŝĐŝ͘
YƵĂĚƌŽ YƵĂĚƌŽ ƌŝŐŽ ϭϱ YƵĂĚƌŽ ʹ ƌŝŐŚŝ ϱϭͲ ϱϯ ƋƵĂĚƌŽ /Ͳ/Dh DŽĚϳϯϬͲϭ
ƐƚĂƚĂ ĐŽŶĨĞƌŵĂƚĂ ůĂ ĚŽƉƉŝĂ ƐĐĂĚĞŶnjĂ ƉĞƌ ůĂ ƉƌĞƐĞŶƚĂnjŝŽŶĞ͕ ŽƐƐŝĂ ĞŶƚƌŽ͗ ¾ ŝů ϯϬ͘Ϭϰ͘ϮϬϭϮ͕ ƉĞƌ ĐŚŝ ƉƌĞƐĞŶƚĂ ŝů ϳϯϬ Ăů ƉƌŽƉƌŝŽ ƐŽƐƚŝƚƵƚŽ Ě͛ŝŵƉŽƐƚĂ͖ ¾ ŝů ϯϭ͘Ϭϱ͘ϮϬϭϮ͕ ƉĞƌ ĐŚŝ ƉƌĞƐĞŶƚĂ ŝů ϳϯϬ ĂĚ ƵŶ ĂĨ Ž ƉƌŽĨĞƐƐŝŽŶŝƐƚĂ ĂďŝůŝƚĂƚŽ͘
EŽŶ ƐŽŶŽ ƐƚĂƚĞ ƉƌŽƌŽŐĂƚĞ Ăů ϮϬϭϭ ůĞ ĚĞƚƌĂnjŝŽŶŝ Ěŝ ŝŵƉŽƐƚĂ ƉĞƌ ͗
ĂĐƋƵŝƐƚŽ Ěŝ ĨƌŝŐŽƌŝĨĞƌŝ Ğ ŵŽƚŽƌŝ ĐŽŶ ǀĂƌŝĂƚŽƌĞ Ěŝ ǀĞůŽĐŝƚă
> WZKZK', ĞƚĂƐƐĂnjŝŽŶĞ ƐƵůůĞ ƐŽŵŵĞ ƉĞƌĐĞƉŝƚĞ ƉĞƌ ŝŶĐƌĞŵĞŶƚŽ ĚĞůůĂ ƉƌŽĚƵƚƚŝǀŝƚă ĨŝŶŽ Ă ϲ͘ϬϬϬ ĞƵƌŽ ůŽƌĚŝ ƉĞƌ ŝů ϮϬϭϭ ĞƚƌĂnjŝŽŶĞ ƉĞƌ ŝů ƉĞƌƐŽŶĂůĞ ĚĞů ĐŽŵƉĂƌƚŽ ƐŝĐƵƌĞnjnjĂ͕ ĚŝĨĞƐĂ Ğ ƐŽĐĐŽƌƐŽ ĞŶƚƌŽ ŝů ůŝŵŝƚĞ Ěŝ ϭϰϵ͕ϱϬ Φ
ƋƵĂĚƌŽ Ͳ ƌŝŐŽ ϱ ƋƵĂĚƌŽ Ͳ ƌŝŐŽ ϭϰ ƋƵĂĚƌŽ Ͳ
ĞƚƌĂnjŝŽŶĞ ĚĞů ϯϲй ƉĞƌ ůĞ ƐƉĞƐĞ Ěŝ ƌŝƐƚƌƵƚƚƵƌĂnjŝŽŶĞ ĞĚŝůŝnjŝĂ
ƌŝŐŚŝ ĚĂ ϰϭ Ă ϱϯ ƋƵĂĚƌŽ Ͳ
ĞƚƌĂnjŝŽŶĞ ĚĞů ϱϱй ƉĞƌ ƐƉĞƐĞ ŝŶƚĞƌǀĞŶƚŝ ĨŝŶĂůŝnjnjĂƚŝ Ăů ƌŝƐƉĂƌŵŝŽ ĞŶĞƌŐĞƚŝĐŽ ĚĞŐůŝ ĞĚŝĨŝĐŝ ĞƐŝƐƚĞŶƚŝ
ƌŝŐŚŝ ĚĂ ϲϭ Ă ϲϯ
WZK / K hD Ed/ / ĚŽĐƵŵĞŶƚŝ ǀĂŶŶŽ ĐŽŶƐĞŐŶĂƚŝ ƐŽůŽ ŝŶ ĐŽƉŝĂ Ğ ŶĞƐƐƵŶ ĚŽĐƵŵĞŶƚŽ͕ ĂŶĐŚĞ ƐĞ ŽƌŝŐŝŶĂůĞ͕ ǀĞƌƌă ƌĞƐƚŝƚƵŝƚŽ͘ >Ă ĚŽĐƵŵĞŶƚĂnjŝŽŶĞ ŽƌŝŐŝŶĂůĞ ĚĞǀĞ ĞƐƐĞƌĞ ĐŽŶƐĞƌǀĂƚĂ ĚĂů ĐŽŶƚƌŝďƵĞŶƚĞ ĨŝŶŽ Ăů ϯϭ ĚŝĐĞŵďƌĞ ϮϬϭϲ ͕ ŝŶĐůƵƐŝ ŝ ĚŽĐƵŵĞŶƚŝ ƌĞůĂƚŝǀŝ ĂůůĞ ƌĂƚĞĂnjŝŽŶŝ ĚĞů ϯϲй Ğ ϱϱй͘ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB3 BBBBBBBBB &$) ,QWHUUHJLRQDOH 'LSHQGHQWL 6 U O & ) 3 ,9$ ,VFUL]LRQH &DPHUD GL &RPPHUFLR GL 9LFHQ]D 5 ( $ Q FDSLWDOH VRFLDOH ¼ L Y
> EK^dZ ^ E /ů ĚŝƉĞŶĚĞŶƚĞ ĐŽŶƐĞŐŶĂ Ăů ĂĨ ŝů ŵŽĚĞůůŽ ϳϯϬ ĐŽŶ Ž ƐĞŶnjĂ ǀŝƐƚŽ Ěŝ ĐŽŶĨŽƌŵŝƚă
ĞŶƚƌŽ ŝů ϯϬ ĂƉƌŝůĞ ϮϬϭϮ͘
/ů ĂĨ ĐŽŶƐĞŐŶĂ Ăů ĚŝƉĞŶĚĞŶƚĞ ŝů ŵŽĚĞůůŽ ϳϯϬ ƐĞŶnjĂ ǀŝƐƚŽ
ĞŶƚƌŽ ŝů ϯϭ ŵĂŐŐŝŽ ϮϬϭϮ
ŝů ŵŽĚĞůůŽ ϳϯϬ ĐŽŶ ǀŝƐƚŽ
ĞŶƚƌŽ ŝů ϭϱ ŐŝƵŐŶŽ ϮϬϭϮ
/ů ĂĨ ĞĨĨĞƚƚƵĂ ů͛ŝŶǀŝŽ ƚĞůĞŵĂƚŝĐŽ ĚĞůůĞ ĚŝĐŚŝĂƌĂnjŝŽŶŝ Ăůů͛ ŐĞŶnjŝĂ ŶƚƌĂƚĞ ĞŶƚƌŽ ŝů ϯϬ ŐŝƵŐŶŽ ϮϬϭϮ /ů ĚĂƚŽƌĞ Ěŝ ůĂǀŽƌŽ ĞůĂďŽƌĂ ĞƐĞŐƵĞ ŝ ĐŽŶŐƵĂŐůŝ ĚĂ DŽĚ ϳϯϬ Ă ƉĂƌƚŝƌĞ ĚĂů ŵĞƐĞ Ěŝ ůƵŐůŝŽ ϮϬϭϮ
ALCUNE ISTRUZIONI UTILI PER LA COMPILAZIONE DEL MODELLO 730
&ZKEd ^W/ /K & D/>/ Z/ Z/ K KD/ />/K &/^ > ĂͿ ^Ğ ŶŽŶ ƐŽŶŽ ŝŶƚĞƌǀĞŶƵƚĞ ǀĂƌŝĂnjŝŽŶŝ Ěŝ ƌĞƐŝĚĞŶnjĂ͕
ŝŶĚŝĐĂƌĞ ŝů ĐŽŵƵŶĞ Ěŝ ƌĞƐŝĚĞŶnjĂ ŶĞůůĂ ƉƌŝŵĂ ƌŝŐĂ ͞ĚŽŵŝĐŝůŝŽ ĨŝƐĐĂůĞ Ăů ϬϭͬϬϭͬϮϬϭϭ͕͟
ďͿ ĂůƚƌŝŵĞŶƚŝ ĐŽŵƉŝůĂƌĞ ƚƵƚƚŝ Ğ ƚƌĞ ŝ ƌŝŐŚŝ ŶĞů ƐĞŐƵĞŶƚĞ ŵŽĚŽ ͗
ĚŽŵŝĐŝůŝŽ Ăů
ϬϭͬϬϭͬϮϬϭϭ ϯϭͬϭϮͬϮϬϭϭ
ϬϮͬϭϭͬϮϬϭϬ
ŝŶĚŝĐĂƌĞ ŝů ŶƵŽǀŽ ĚŽŵŝĐŝůŝŽ ƐĞ ůĂ ǀĂƌŝĂnjŝŽŶĞ ğ ĂǀǀĞŶƵƚĂ ĞŶƚƌŽ ŝů
ϬϭͬϬϭͬϮϬϭϮ
ϬϭͬϭϭͬϮϬϭϭ ϬϮͬϭϭͬϮϬϭϭ
& D/>/ Z/ Z/ K ŽŶŝƵŐĞ͕ ĨŝŐůŝ Ğ Ăůƚƌŝ ĨĂŵŝůŝĂƌŝ ƐŽŶŽ Ă ĐĂƌŝĐŽ ƐĞ ŚĂŶŶŽ ĐŽŶƐĞŐƵŝƚŽ ŶĞůů͛ĂŶŶŽ ƵŶ ƌĞĚĚŝƚŽ ŝŶĨĞƌŝŽƌĞ Ă Ϯ͘ϴϰϬ͕ϱϭ ƵƌŽ͘ EĞů ůŝŵŝƚĞ Ěŝ ƌĞĚĚŝƚŽ EKE ^/ KE^/ Z EK ůĞ ďŽƌƐĞ Ěŝ ƐƚƵĚŝŽ ĞƐĞŶƚŝ ; ĂĚ ĞƐĞŵƉŝŽ ĐŽƌƌŝƐƉŽƐƚĞ ĚĂ hŶŝǀĞƌƐŝƚă ͕ ĚĂůůĞ ZĞŐŝŽŶŝ͕ ĚĂů ƉƌŽŐƌĂŵŵĂ ^ŽĐƌĂƚĞƐ ͙͘ Ϳ͕ ůĞ ƌĞŶĚŝƚĞ /E /> ƉĞƌ ŝŶǀĂůŝĚŝƚă ;ĞƐĐůƵƐĂ ů͛ŝŶĚĞŶŶŝƚă ŐŝŽƌŶĂůŝĞƌĂ ƉĞƌ ŝŶĂďŝůŝƚă ƚĞŵƉŽƌĂŶĞĂͿ͕ ů͛ĂƐƐĞŐŶŽ Ěŝ ŵĂƚĞƌŶŝƚă Ěŝ ĐƵŝ ĂůůĂ >ĞŐŐĞ ϰϵϴͬϵϴ ƉĞƌ ůĞ ĚŽŶŶĞ EKE ůĂǀŽƌĂƚƌŝĐŝ ͘
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB4 BBBBBBBBB &$) ,QWHUUHJLRQDOH 'LSHQGHQWL 6 U O & ) 3 ,9$ ,VFUL]LRQH &DPHUD GL &RPPHUFLR GL 9LFHQ]D 5 ( $ Q FDSLWDOH VRFLDOH ¼ L Y
e in generale, tutte quelle somme che non sono certificate da un CUD o da una certificazione di ritenute subite.
ŽŶŝƵŐĞ
ZŝƉŽƌƚĂƌĞ ƐĞŵƉƌĞ ŝů ĐŽĚŝĐĞ ĨŝƐĐĂůĞ ĚĞů ĐŽŶŝƵŐĞ ĂŶĐŚĞ ƐĞ ŶŽŶ Ă ĐĂƌŝĐŽ ŽŵƉŝůĂƌĞ ůĂ ĐĂƐĞůůĂ ŵĞƐŝ ƐŽůŽ ƐĞ Ă ĐĂƌŝĐŽ
sĂůŽƌŝ ĚĂ ϭ Ă ϭϮ
/ŶĚŝĐĂƌĞ ŝ ĨŝŐůŝ ƐŽůŽ ƐĞ Ă ĐĂƌŝĐŽ ^Ğ ŝ ƌĞĚĚŝƚŝ ĚĞŝ ĐŽŶŝƵŐŝ Ɛŝ ĞƋƵŝǀĂůŐŽŶŽ
ƌĞĚĚŝƚŽ Ɖŝƶ ĞůĞǀĂƚŽ
&ŝŐůŝ ^Ğ ƵŶ ĐŽŶŝƵŐĞ ŚĂ ŝŵƉŽƐƚĂ ŝŶĐĂƉŝĞŶƚĞ ^Ğ ŝů ĐŽŶŝƵŐĞ ğ Ă ĐĂƌŝĐŽ ^ĞƉĂƌĂnjŝŽŶĞ Ͳ ŝǀŽƌnjŝŽ
ϱϬй Ž ϭϬϬй Ăů ĐŽŶŝƵŐĞ ĐŽŶ
ϭϬϬй Ăůů͛ĂůƚƌŽ
ĨĨŝĚĂŵĞŶƚŽ ĐŽŶŐŝƵŶƚŽ ĨŝŐůŝ
ϱϬй ĂĚ ĞŶƚƌĂŵďŝ
ĨĨŝĚĂŵĞŶƚŽ ĞƐĐůƵƐŝǀŽ ĨŝŐůŝ
ϭϬϬй Ăůů͛ĂĨĨŝĚĂƚĂƌŝŽ
͛ ƉŽƐƐŝďŝůĞ ƵŶ ĚŝǀĞƌƐŽ ĂĐĐŽƌĚŽ ƚƌĂ ŝ ŐĞŶŝƚŽƌŝ ŝŶ ĐĂƐŽ Ěŝ ŝŶĐĂƉŝĞŶnjĂ Ž ĂƐƐĞŶnjĂ Ěŝ ƌĞĚĚŝƚŝ ĚĞůů͛ĂĨĨŝĚĂƚĂƌŝŽ͕ ŵĂ ĐŽŶ ŽďďůŝŐŽ Ěŝ ƌŝǀĞƌƐĂŵĞŶƚŽ Ăůů͛ĂůƚƌŽ ŐĞŶŝƚŽƌĞ ĚĞůůĂ ĚĞƚƌĂnjŝŽŶĞ ĨƌƵŝƚĂ
Novità 2012 Nuova casella “Detrazione 100% affidamento figli”: la casella va barrata dal genitore separato/divorziato che usufruisce della detrazione per figli a carico nella misura del 100% / ĐŝƚƚĂĚŝŶŝ ĞdžƚƌĂĐŽŵƵŶŝƚĂƌŝ ĐŚĞ ƌŝĐŚŝĞĚŽŶŽ ůĂ ĚĞƚƌĂnjŝŽŶĞ ƉĞƌ ĨĂŵŝůŝĂƌŝ Ă ĐĂƌŝĐŽ ĚĞǀŽŶŽ ĞƐƐĞƌĞ ŝŶ ƉŽƐƐĞƐƐŽ Ěŝ ŝĚŽŶĞĂ ĚŽĐƵŵĞŶƚĂnjŝŽŶĞ ĂƚƚĞƐƚĂŶƚĞ ůŽ ƐƚĂƚŽ Ěŝ ĨĂŵŝŐůŝĂ͕ ƚƌĂĚŽƚƚĂ ĞĚ ĂƐƐĞǀĞƌĂƚĂ ĚĂů ŽŶƐŽůĂƚŽ ŝƚĂůŝĂŶŽ Ž ĚĂů ƉƌĞĨĞƚƚŽ ĐŽŵƉĞƚĞŶƚĞ͘
Yh ZK ͗ Z /d/ / d ZZ E/
^Ğ ůĂ ƐŝƚƵĂnjŝŽŶĞ ŶŽŶ ğ ǀĂƌŝĂƚĂ ŝ ĚĂƚŝ ƉŽƐƐŽŶŽ ĞƐƐĞƌĞ ƌŝůĞǀĂƚŝ ĚĂů DŽĚ͘ ϳϯϬͬϮϬϭϭ͘ ^Ğ ŝ ĚĂƚŝ ƐŽŶŽ ƌŝůĞǀĂƚŝ ĚĂ hE/ K ϮϬϭϭ ŝ ƌĞĚĚŝƚŝ ĚŽŵŝŶŝĐĂůĞ Ğ ĂŐƌĂƌŝŽ ǀĂŶŶŽ ŝŶĚŝĐĂƚŝ Ăů ŶĞƚƚŽ ĚĞůůĞ ƌŝƐƉĞƚƚŝǀĞ ƌŝǀĂůƵƚĂnjŝŽŶŝ ;ϴϬй Ğ ϳϬйͿ͘ /Ŷ ĐĂƐŽ Ěŝ ǀĂƌŝĂnjŝŽŶŝ͕ Ž ƐĞ ŝ ĚĂƚŝ ĚŝƐƉŽŶŝďŝůŝ ŶŽŶ ƐŽŶŽ ƌĞĐĞŶƚŝ͕ ĐŚŝĞĚĞƌĞ ƵŶĂ ǀŝƐƵƌĂ ĐĂƚĂƐƚĂůĞ ŝŶ ĐŽŵƵŶĞ Ž Ăůů͛hĨĨŝĐŝŽ ĂƚĂƐƚŽ͘
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB5 BBBBBBBBB &$) ,QWHUUHJLRQDOH 'LSHQGHQWL 6 U O & ) 3 ,9$ ,VFUL]LRQH &DPHUD GL &RPPHUFLR GL 9LFHQ]D 5 ( $ Q FDSLWDOH VRFLDOH ¼ L Y
Yh ZK ͗ Z /d/ / & Z/ d/ / ĐŽĚŝĐŝ Ɖŝƶ ƌŝĐŽƌƌĞŶƚŝ ŽĚŝĐĞ
ĞƐĐƌŝnjŝŽŶĞ
ŽƐĂ ŝŶĚŝĐĂƌĞ ŝŶ ϳϯϬ
dĂƐƐĂnjŝŽŶĞ
ϭ
ďŝƚĂnjŝŽŶĞ ƉƌŝŶĐŝƉĂůĞ ;ƌĞƐŝĚĞŶnjĂͿ
ϱ
WĞƌƚŝŶĞŶnjĂ Ăď͘ ƉƌŝŶĐŝƉĂůĞ ; Ždž͕ ĂŶƚŝŶĞ͘͘Ϳ
/ŶĚŝĐĂƌĞ ůĂ
EŽŶ ƚĂƐƐĂƚĂ
Ϯ
^ĞĐŽŶĚĞ ĐĂƐĞ ;ŝŵŵŽďŝůŝ Ă ĚŝƐƉŽƐŝnjŝŽŶĞ͕ ƐĨŝƚƚŝͿ
ZĞŶĚŝƚĂ ĐĂƚĂƐƚĂůĞ
ϱй н ϭͬϯ
ϭϭ
WĞƌƚŝŶĞŶnjĂ ƐĞĐŽŶĚĞ ĐĂƐĞ
ĂŐŐŝŽƌŶĂƚĂ ĐŽŵĞ ĚĂ ǀŝƐƵƌĂ
ϵ
ůƚƌŝ ĐĂƐŝ ;ĞƐ͘ ĐĂƐĞ ƉƌŝǀĞ Ěŝ ĂůůĂĐĐŝĂŵĞŶƚŝͿ
ĐĂƚĂƐƚĂůĞ Ž ĂƚƚŽ ŶŽƚĂƌŝůĞ
ϭϬ
/ŵŵŽďŝůĞ ĚĂƚŽ ŝŶ ĐŽŵŽĚĂƚŽ Ăŝ ĨĂŵŝůŝĂƌŝ
ϯ
/ŵŵŽďŝůĞ ůŽĐĂƚŽ Ă ůŝďĞƌŽ ŵĞƌĐĂƚŽ Ž ƉĂƚƚŝ ŝŶ ĚĞƌŽŐĂ
EŽŶ ƚĂƐƐĂƚĂ
нϱй
ŝŶ ĐŽůŽŶŶĂ ϲ ŝŶĚŝĐĂƌĞ ŝů ĐĂŶŽŶĞ Ěŝ ůŽĐĂnjŝŽŶĞ ƌŝĚŽƚƚŽ ĚĞůůĂ й Ěŝ ĚĞƚƌĂnjŝŽŶĞ ĨŽƌĨĞƚĂƌŝĂ ĚĞů ϭϱй ; Ϯϱй ƐĞ Ă sĞŶĞnjŝĂͿ Ž ŝů ϭϬϬй ĚĞů ĐĂŶŽŶĞ ƐĞ Ɛŝ ŽƉƚĂ ƉĞƌ ůĂ ĐĞĚŽůĂƌĞ ƐĞĐĐĂ
ϴ
/ŵŵŽďŝůĞ ůŽĐĂƚŽ ĐŽŶ ĐŽŶƚƌĂƚƚŽ ĐŽŶǀĞŶnjŝŽŶĂůĞ ^K>K ŝ ĐŽŶƚƌĂƚƚŝ ƐƚŝƉƵůĂƚŝ Ğdž >ĞŐŐĞ ϰϯϭͬϵϴ Ăƌƚ͘ Ϯ ĐŽŵŵĂ ϯ Ğ Ăƌƚ͘ ϱ ĐŽŵŵĂ Ϯ
hůƚĞƌŝŽƌĞ
ĂďďĂƚƚŝŵĞŶƚŽ ĚĞů ϯϬй ĞĨĨĞƚƚƵĂƚŽ ĚĂů ĂĨ
^Ğ ůĂ ƐŝƚƵĂnjŝŽŶĞ ŶŽŶ ğ ǀĂƌŝĂƚĂ ŝ ĚĂƚŝ ƉŽƐƐŽŶŽ ĞƐƐĞƌĞ ƌŝůĞǀĂƚŝ ĚĂů ƋƵĂĚƌŽ ĚĞů DŽĚ͘ ϳϯϬͬϮϬϭϭ͘ ^Ğ ŝ ĚĂƚŝ ƐŽŶŽ ƌŝůĞǀĂƚŝ ĚĂů ƋƵĂĚƌŽ Z ĚĞů DŽĚĞůůŽ hE/ K ϮϬϭϭ ŝŶĚŝĐĂƌĞ ůĂ ƌĞŶĚŝƚĂ ĐĂƚĂƐƚĂůĞ Ăů ŶĞƚƚŽ ĚĞůůĂ ƌŝǀĂůƵƚĂnjŝŽŶĞ ĚĞů ϱй͘ /Ŷ ĐĂƐŽ Ěŝ ǀĂƌŝĂnjŝŽŶŝ͕ Ž ƐĞ ŝ ĚĂƚŝ ĚŝƐƉŽŶŝďŝůŝ ŶŽŶ ƐŽŶŽ ƌĞĐĞŶƚŝ͕ ƵƚŝůŝnjnjĂƌĞ ƵŶĂ ǀŝƐƵƌĂ ĐĂƚĂƐƚĂůĞ͘ ¾ EŽǀŝƚă ϮϬϭϮ ŽůŽŶŶĂ ϱ ĐŽĚŝĐĞ ĐĂŶŽŶĞ /ŶĚŝĐĂƌĞ ŝů ĐŽĚŝĐĞ ĐŽƌƌĞƚƚŽ ĐŚĞ ŝŶĚŝĐĂ ƋƵĂůĞ ğ ƐƚĂƚĂ ůĂ ƌŝĚƵnjŝŽŶĞ ĚĞů ĐĂŶŽŶĞ Ěŝ ůŽĐĂnjŝŽŶĞ ŝŶĚŝĐĂƚŽ ŝŶ ĐŽůŽŶŶĂ ϲ͗
ϭ ƉĞƌ ŝŶĚŝĐĂƌĞ ĐŚĞ ŝů ĐĂŶŽŶĞ ğ ĚŝĐŚŝĂƌĂƚŽ ŶĞůůĂ ŵŝƐƵƌĂ ĚĞů͛ϴϱй Ϯ ƉĞƌ ŝŶĚŝĐĂƌĞ ĐŚĞ ŝů ĐĂŶŽŶĞ ğ ĚŝĐŚŝĂƌĂƚŽ ŶĞůůĂ ŵŝƐƵƌĂ ĚĞů ϳϱй ; ŝŵŵŽďŝůŝ Ěŝ sĞŶĞnjŝĂ ͘͘Ϳ ϯ ƉĞƌ ŝŶĚŝĐĂƌĞ ĐŚĞ ŝů ĐĂŶŽŶĞ ğ ĚŝĐŚŝĂƌĂƚŽ ŶĞůůĂ ŵŝƐƵƌĂ ĚĞů ϭϬϬй ͗ ƐŽůŽ ŝŶ ĐĂƐŽ Ěŝ ŽƉnjŝŽŶĞ ƉĞƌ ů͛ĂƉƉůŝĐĂnjŝŽŶĞ ĚĞůůĂ ĐĞĚŽůĂƌĞ ƐĞĐĐĂ
¾ EŽǀŝƚă ϮϬϭϮ ŽůŽŶŶĂ ϭϭ ŽƉnjŝŽŶĞ ƉĞƌ ĞĚŽůĂƌĞ ƐĞĐĐĂ >Ă ŶƵŽǀĂ ƚĂƐƐĂnjŝŽŶĞ ĚĞůůĞ ůŽĐĂnjŝŽŶŝ ĚĞĐŽƌƌĞ ĚĂů ϮϬϭϭ Ğ ƌŝŐƵĂƌĚĂ ƐŽůŽ Őůŝ ŝŵŵŽďŝůŝ Ğ ůĞ ƌĞůĂƚŝǀĞ ƉĞƌƚŝŶĞŶnjĞ ůŽĐĂƚŝ Ă ĨŝŶŝ ĂďŝƚĂƚŝǀŝ ͘ >Ă ĐĞĚŽůĂƌĞ ƐĞĐĐĂ ƐŽƐƚŝƚƵŝƐĐĞ ůĞ ƐĞŐƵĞŶƚŝ ŝŵƉŽƐƚĞ͗ ŝƌƉĞĨ͕ ĂĚĚŝnjŝŽŶĂůĞ ƌĞŐŝŽŶĂůĞ Ğ ĐŽŵƵŶĂůĞ͕ ŝŵƉŽƐƚĂ Ěŝ ƌĞŐŝƐƚƌŽ Ğ ŝŵƉŽƐƚĂ Ěŝ ďŽůůŽ͘ WĞƌ ŵĂŐŐŝŽƌŝ ŝŶĨŽƌŵĂnjŝŽŶŝ ǀŝƐŝƚĂƌĞ ŝů ŶŽƐƚƌŽ ƐŝƚŽ ǁǁǁ͘ĐĂĨŝŶƚĞƌƌĞŐŝŽŶĂůĞ͘ŝƚ
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Yh ZK ͗ Z /dK / > sKZK /W E Ed ^^/D/> dK ZĞĚĚŝƚŽ ŽůŽŶŶĂ ϭ ŽĚŝĐĞ ĐŚĞ ŝĚĞŶƚŝĨŝĐĂ ŝů ƚŝƉŽ Ěŝ ƌĞĚĚŝƚŽ
ZŝŐŚŝ ϭͲ ϯ
ŽůŽŶŶĂ Ϯ ŽĚŝĐĞ ƉĞƌ ŝŶĚŝĐĂƌĞ ŝů ƚŝƉŽ Ěŝ ĐŽŶƚƌĂƚƚŽ Ă ƚĞŵƉŽ͗
ϭ ƐĞ ĚĂ ƉĞŶƐŝŽŶĞ Ϯ ƐĞ ĚĂ ůĂǀ͘ ŝƉĞŶĚĞŶƚĞͬĂƐƐŝŵŝůĂƚŽ ϯ ƐĞ ĚĂ ůĂǀŽƌŝ ƐŽĐŝĂůŵĞŶƚĞ Ƶƚŝůŝ
ϭ ƚĞŵƉŽ /ŶĚĞƚĞƌŵŝŶĂƚŽ Ϯ Ă ƚĞŵƉŽ ĚĞƚĞƌŵŝŶĂƚŽ
ZĞĚĚŝƚŽ
ϭ ͗ /ŶĚŝĐĂƌĞ ŝů ƉƵŶƚŽ ϭ ĚĞů ƉƌŝŵŽ h ϮϬϭϮ ϮͲ ϯ ͗ ƉĞƌ ƌĞĚĚŝƚŝ Ăůƚƌŝ h
'ŝŽƌŶŝ ƉĞƌ ŝ ƋƵĂůŝ ƐƉĞƚƚĂŶŽ ůĞ ĚĞƚƌĂnjŝŽŶŝ 'ŝŽƌŶŝ Ěŝ ůĂǀŽƌŽ ĚŝƉĞŶĚĞŶƚĞ ϰ 'ŝŽƌŶŝ Ěŝ ƉĞŶƐŝŽŶĞ
^ŽŵŵĂ ĚĞŝ ƉƵŶƚŝ ϯ ĚĞŝ h ^ŽŵŵĂ ĚĞŝ ƉƵŶƚŝ ϰ ĚĞŝ h
ZŝƚĞŶƵƚĞ
ZŝŐŽ ĚĞů ϳϯϬͬϮϬϭϮ
/ZW & ĚĚŝnjŝŽŶĂůĞ ZĞŐŝŽŶĂůĞ ĐĐŽŶƚŽ ĚĚŝnjŝŽŶĂůĞ ŽŵƵŶĂůĞ ϮϬϭϭ ^ĂůĚŽ ĚĚŝnjŝŽŶĂůĞ ŽŵƵŶĂůĞ ϮϬϭϭ ĐĐŽŶƚŽ ĚĚŝnjŝŽŶĂůĞ ŽŵƵŶĂůĞ ϮϬϭϮ
ϵ ϭϬ ϭϭ ϭϮ ϭϯ
ŽƌƌŝƐƉŽŶĚĞŶƚĞ ƉƵŶƚŽ ĚĞů h ϮϬϭϮ ^ŽŵŵĂ ĚĞŝ ƉƵŶƚŝ ϱ ĚĞŝ h ^ŽŵŵĂ ĚĞŝ ƉƵŶƚŝ ϲ ĚĞŝ h ^ŽŵŵĂ ĚĞŝ ƉƵŶƚŝ ϭϬ ĚĞŝ h ^ŽŵŵĂ ĚĞŝ ƉƵŶƚŝ ϭϭ ĚĞŝ h ^ŽŵŵĂ ĚĞŝ ƉƵŶƚŝ ϭϯ ĚĞŝ h
^ŽŵŵĞ ƉĞƌ ŝŶĐƌĞŵĞŶƚŽ ĚĞůůĂ ƉƌŽĚƵƚƚŝǀŝƚă ĐŽƌƌŝƐƉŽƐƚĞ ŶĞů ϮϬϭϭ͗ ZŝŐŽ ϱ /ŶĚŝĐĂƌĞ ůĞ ƐŽŵŵĞ ƉĞƌĐĞƉŝƚĞ ƉĞƌ ŝŶĐƌĞŵĞŶƚŝ ĚĞůůĂ ƉƌŽĚƵƚƚŝǀŝƚă Ͳ ŶĞů ůŝŵŝƚĞ ĐŽŵƉůĞƐƐŝǀŽ Ěŝ ϲ͘ϬϬϬ ĞƵƌŽ ůŽƌĚŝ Ěŝ ƌĞĚĚŝƚŽ ƉĞƌĐĞƉŝƚŽ Ͳ ĐŚĞ ŝů ĚĂƚŽƌĞ Ěŝ ůĂǀŽƌŽ ŚĂ ĂƐƐŽŐŐĞƚƚĂƚŽ ĂĚ ƵŶĂ ŝŵƉŽƐƚĂ ƐŽƐƚŝƚƵƚŝǀĂ Ěŝ /ƌƉĞĨ Ğ ĂĚĚŝnjŝŽŶĂůŝ ĚĞů ϭϬй͘ >Ă ŵŝƐƵƌĂ ĂŐĞǀŽůĂƚŝǀĂ ğ ƌŝƐĞƌǀĂƚĂ Ăŝ ƐŽůŝ ůĂǀŽƌĂƚŽƌŝ ĚŝƉĞŶĚĞŶƚŝ ĚĞů ƐĞƚƚŽƌĞ ƉƌŝǀĂƚŽ͕ ƚŝƚŽůĂƌŝ Ěŝ ĐŽŶƚƌĂƚƚŽ Ěŝ ůĂǀŽƌŽ ƐƵďŽƌĚŝŶĂƚŽ ŝů ĐƵŝ ƌĞĚĚŝƚŽ ŶĞůů͛ĂŶŶŽ ϮϬϭϬ ĚĂ ůĂǀŽƌŽ ĚŝƉĞŶĚĞŶƚĞ͕ ŝŶĐůƵƐĞ ůĞ ƐŽŵŵĞ ĂƐƐŽŐŐĞƚƚĂƚĞ Ă ŝŵƉŽƐƚĂ ƐŽƐƚŝƚƵƚŝǀĂ͕ ŶŽŶ ğ ƐƚĂƚŽ ƐƵƉĞƌŝŽƌĞ Ă ϰϬ͘ϬϬϬ ĞƵƌŽ ůŽƌĚŝ͘ >Ă ĐŽŵƉŝůĂnjŝŽŶĞ ğ ŽďďůŝŐĂƚŽƌŝĂ ƐĞ ͗ ϭ͘ EĞůů͛ĂŶŶŽ ƐŽŶŽ ƐƚĂƚŝ ƉĞƌĐĞƉŝƚŝ ƌĞĚĚŝƚŝ ĚĂ Ɖŝƶ ĚĂƚŽƌŝ Ěŝ ůĂǀŽƌŽ Ğ ůĂ ƐŽŵŵĂ ĚĞŝ ƉƵŶƚŝ Ϯϱϭ Ğ Ϯϱϱ Ěŝ ƚƵƚƚŝ ŝ h ϮϬϭϮ ƐƵƉĞƌĂ ŝ ϲ͘ϬϬϬ ĞƵƌŽ Ğ ŶŽŶ ǀŝ ğ ƐƚĂƚŽ ŝů ĐŽŶŐƵĂŐůŝŽ ĨŝŶĂůĞ͕ Ϯ͘ Đ͛ğ ƐƚĂƚŽ ƵŶ ĞƌƌŽƌĞ ĚĞů ĚĂƚŽƌĞ Ěŝ ůĂǀŽƌŽ ĐŚĞ ŚĂ ĂƐƐŽŐŐĞƚƚĂƚŽ Ă ŝŵƉŽƐƚĂ ƐŽƐƚŝƚƵƚŝǀĂ ƵŶ ŝŵƉŽƌƚŽ ƐƵƉĞƌŝŽƌĞ Ă ϲ͘ϬϬϬ ĞƵƌŽ ͗ ƐŽŵŵĂ ĚĞŐůŝ ŝŵƉŽƌƚŝ ŝŶĚŝĐĂƚŝ Ăŝ ƉƵŶƚŝ Ϯϱϭ Ğ Ϯϱϱ ĚĞůů͛ƵŶŝĐŽ h ϮϬϭϮ х ϲ͘ϬϬϬ ĞƵƌŽ /Ŷ ƋƵĞƐƚŝ ĐĂƐŝ ŝů ƌŝŐŽ Ɛŝ ĐŽŵƉŝůĂ ĐŽƐŞ ͗ ŽůŽŶŶĂ Ϯ Æ ƉƵŶƚŽ Ϯϱϭ ĚĞů h ϮϬϭϮ ŽůŽŶŶĂ ϯ Æ ƉƵŶƚŽ ϮϱϮ ĚĞů h ϮϬϭϮ ŽůŽŶŶĂ ϱ Æ ƉƵŶƚŽ Ϯϱϱ ĚĞů h ϮϬϭϮ ŽůŽŶŶĂ ϳ ͞ dĂƐƐĂnjŝŽŶĞ ƐŽƐƚŝƚƵƚŝǀĂ͟ ďĂƌƌĂƚĂ ƉĞƌ ĐŽŶĨĞƌŵĂƌĞ ů͛ĂƉƉůŝĐĂnjŝŽŶĞ ĚĞůů͛ŝŵƉŽƐƚĂ ƐŽƐƚŝƚƵƚŝǀĂ ĨŝŶŽ Ăŝ ϲ͘ϬϬϬ ĞƵƌŽ ͘ ϯ͘ ŝ ĐŽŵƉĞŶƐŝ ƐŽŶŽ ƐƚĂƚŝ ĂƐƐŽŐŐĞƚƚĂƚŝ Ă ŝŵƉŽƐƚĂ ƐŽƐƚŝƚƵƚŝǀĂ ͕ ŵĂ ŶŽŶ Đ͛ĞƌĂ ŝů ƌĞƋƵŝƐŝƚŽ ƌĞĚĚŝƚƵĂůĞ ƉĞƌ ĂǀĞƌĞ ĚŝƌŝƚƚŽ ĂůůĂ ƚĂƐƐĂnjŝŽŶĞ ĂŐĞǀŽůĂƚĂ ͗ ŝů ůĂǀŽƌĂƚŽƌĞ ŶĞůů͛ĂŶŶŽ ϮϬϭϬ ĂǀĞǀĂ ƉĞƌĐĞƉŝƚŽ ƵŶ ƌĞĚĚŝƚŽ Ěŝ ůĂǀŽƌŽ ĚŝƉĞŶĚĞŶƚĞ ƐƵƉĞƌŝŽƌĞ Ă ϰϬ͘ϬϬϬ ĞƵƌŽ ͘ /Ŷ ƋƵĞƐƚŽ ĐĂƐŽ ŝů ƌŝŐŽ Ɛŝ ĐŽŵƉŝůĂ ĐŽƐŞ ͗ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB7 BBBBBBBBB &$) ,QWHUUHJLRQDOH 'LSHQGHQWL 6 U O & ) 3 ,9$ ,VFUL]LRQH &DPHUD GL &RPPHUFLR GL 9LFHQ]D 5 ( $ Q FDSLWDOH VRFLDOH ¼ L Y
ŽůŽŶŶĂ Ϯ Æ ƉƵŶƚŽ Ϯϱϭ ĚĞů h ϮϬϭϮ ŽůŽŶŶĂ ϯ Æ ƉƵŶƚŽ ϮϱϮ ĚĞů h ϮϬϭϮ ŽůŽŶŶĂ ϱ Æ ƉƵŶƚŽ Ϯϱϱ ĚĞů h ϮϬϭϮ ŽůŽŶŶĂ ϲ ͞ dĂƐƐĂnjŝŽŶĞ ŽƌĚŝŶĂƌŝĂ ͟ ďĂƌƌĂƚĂ ƉĞƌ ĂƐƐŽŐŐĞƚƚĂƌĞ ůĞ ƐŽŵŵĞ Ă ƚĂƐƐĂnjŝŽŶĞ ŽƌĚŝŶĂƌŝĂ >Ă ĐŽŵƉŝůĂnjŝŽŶĞ ğ ĨĂĐŽůƚĂƚŝǀĂ ƐĞ ŝ ĐŽŵƉĞŶƐŝ ƉĞƌĐĞƉŝƚŝ ĚĂů ĚŝĐŚŝĂƌĂŶƚĞ͕ ƉƵƌ ĂǀĞŶĚŽŶĞ ĚŝƌŝƚƚŽ͕ ŶŽŶ ƐŽŶŽ ƐƚĂƚŝ ĂƐƐŽŐŐĞƚƚĂƚŝ ĚĂů ĚĂƚŽƌĞ Ěŝ ůĂǀŽƌŽ Ă ŝŵƉŽƐƚĂ ƐŽƐƚŝƚƵƚŝǀĂ͕ ďĞŶƐŞ Ă ƚĂƐƐĂnjŝŽŶĞ ŽƌĚŝŶĂƌŝĂ͖ ƋƵĞƐƚĂ ƐŝƚƵĂnjŝŽŶĞ ğ ƌŝůĞǀĂďŝůĞ Ăŝ ƉƵŶƚŝ Ϯϱϭ Ğ Ϯϱϰ Ğ ŶĞůůĞ ŶŶŽƚĂnjŝŽŶŝ ĚĞů h ϮϬϭϮ͘ /Ŷ ƋƵĞƐƚŽ ĐĂƐŽ͕ ƐĞ Ɛŝ ĚĞƐŝĚĞƌĂ ů͛ĂƉƉůŝĐĂnjŝŽŶĞ ĚĞůů͛ŝŵƉŽƐƚĂ ƐŽƐƚŝƚƵƚŝǀĂ͕ ŝů ƌŝŐŽ Ɛŝ ĐŽŵƉŝůĂ ĐŽƐŞ ͗ ŽůŽŶŶĂ ϭ Æ ƉƵŶƚŽ Ϯϱϭ ĚĞů h ϮϬϭϮ ŽůŽŶŶĂ ϱ Æ ƉƵŶƚŽ Ϯϱϱ ĚĞů h ϮϬϭϮ ŽůŽŶŶĂ ϳ ͞ dĂƐƐĂnjŝŽŶĞ ƐŽƐƚŝƚƵƚŝǀĂ͟ ďĂƌƌĂƚĂ ƉĞƌ ĂƐƐŽŐŐĞƚƚĂƌĞ ůĞ ƐŽŵŵĞ Ă ƚĂƐƐĂnjŝŽŶĞ ƐŽƐƚŝƚƵƚŝǀĂ EŽǀŝƚă ϮϬϭϮ ʹ ZŝŐŽ ϭϱ ĐŽŶƚƌŝďƵƚŽ Ěŝ ƐŽůŝĚĂƌŝĞƚă /ŶƚĞƌĞƐƐĂ ŝ ĐŽŶƚƌŝďƵĞŶƚŝ ĐŽŶ ƌĞĚĚŝƚŽ ĐŽŵƉůĞƐƐŝǀŽ ŵĂŐŐŝŽƌĞ Ă ϯϬϬ͘ϬϬϬ ĞƵƌŽ͘ ŽůŽŶŶĂ ϭ ZĞĚĚŝƚŽ ĂƐƐŽŐŐĞƚƚĂƚŽ ĚĂů ĚĂƚŽƌĞ Ěŝ ůĂǀŽƌŽ ƉƵŶƚŽ ϭϯϰ h ϮϬϭϮ ŽůŽŶŶĂ Ϯ ŽŶƚƌŝďƵƚŽ Ěŝ ƐŽůŝĚĂƌŝĞƚă ƚƌĂƚƚĞŶƵƚŽ
ƉƵŶƚŽ ϭϯϲ h ϮϬϭϮ
Yh ZK ͗ >dZ/ Z /d/ ^ /KE /͗ Z /d/ / W/d > ͕ > sKZK hdKEKDK Z /d/ /s Z^/
K hD Ed /KE >> ' Z
Z/'K ϭ Zd/&/ /KE / /s/ E / Z/s Ed/ W Zd /W /KE/ / E dhZ Yh >/&/ d K / E dhZ EKE Yh >/&/ d D /E ^K / d ^d Z Z ^/ Ed/ /E W ^/ &/^ >/d WZ/s/> '/ d Z/'K Ϯ >dZ/ Z /d/ / W/d > Z/'K ϯ Z /d/ / > sKZK hdKEKDK EKE WZK& ^^/KE > ;ĞƐ͗ Ěŝƌŝƚƚŝ Ě͛ĂƵƚŽƌĞͿ ŝŶĚŝĐĂƌĞ
ĞƌƚŝĨŝĐĂnjŝŽŶŝ ƌĞůĂƚŝǀĞ ĂŐůŝ Ƶƚŝůŝ ƉĞƌĐĞƉŝƚŝ ů͛ŝŵƉŽƌƚŽ ůŽƌĚŽ ƉĞƌĐĞƉŝƚŽ ͗ ůĞ ƌŝĚƵnjŝŽŶĞ ĨŽƌĨĞƚĂƌŝĞ ƐƉĞƚƚĂŶƚŝ ƉĞƌ ůĞŐŐĞ ƐĂƌĂŶŶŽ ŶĞůůΖĂŶŶŽ͘ ŽƉĞƌĂƚĞ ĚŝƌĞƚƚĂŵĞŶƚĞ ĚĂů ĂĨ Z/'K ϰ Z /d/ /s Z^/ ; ^͗͘ /DDK />/ >>͛ ^d ZKͿ ĞƌƚŝĨŝĐĂnjŝŽŶĞ ƌŝůĂƐĐŝĂƚĂ Z/'K ϱ Z /d/ /s Z^/ KE /Z/ddK >> dZ /KE ĚĂů ƐŽŐŐĞƚƚŽ ĐŚĞ ŚĂ ĞƌŽŐĂƚŽ ůĞ /Ŷ ĐŽůŽŶŶĂ ϭ ŝŶĚŝĐĂƌĞ ŝů ƚŝƉŽ Ěŝ ƌĞĚĚŝƚŽ ͗ ƐŽŵŵĞ ĚŝĐŚŝĂƌĂƚĞ ϭ ƉĞƌ ƌĞĚĚŝƚŝ ĚĂ Ăƚƚŝǀŝƚă ĐŽŵŵĞƌĐŝĂůĞ ŶŽŶ ĞƐĞƌĐŝƚĂƚĂ ĂďŝƚƵĂůŵĞŶƚĞ Ϯ ƉĞƌ ƌĞĚĚŝƚŝ ĚĂ Ăƚƚŝǀŝƚă Ěŝ ůĂǀŽƌŽ ĂƵƚŽŶŽŵŽ ŽĐĐĂƐŝŽŶĂůĞ͘
^ /KE //͗ Z /d/ ^K'' dd/ d ^^ /KE ^ W Z d Z/'K ϲ͗ Z /d/ W Z W/d/ Z / > ' d Z/ Z/'K ϳ͗ /DWK^d KE Z/ Z/D KZ^ d/ E > ϮϬϭϭ >dZ/ Z /d/ d ^^ /KE ^ W Z d
Yh ZK ͗ KE Z/ EĞů ƋƵĂĚƌŽ ǀĂŶŶŽ ĐŽŵƉƌĞƐĞ ĂŶĐŚĞ ůĞ ƐƉĞƐĞ ŝŶĚŝĐĂƚĞ ŶĞů h ƉĞƌ ŽŶĞƌŝ ĚĞƚƌĂŝďŝůŝ ƉĞƌ ŝ ƋƵĂůŝ ŝů ƐŽƐƚŝƚƵƚŽ ŚĂ ƌŝĐŽŶŽƐĐŝƵƚŽ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB8 BBBBBBBBB &$) ,QWHUUHJLRQDOH 'LSHQGHQWL 6 U O & ) 3 ,9$ ,VFUL]LRQH &DPHUD GL &RPPHUFLR GL 9LFHQ]D 5 ( $ Q FDSLWDOH VRFLDOH ¼ L Y
ůĂ ĚĞƚƌĂnjŝŽŶĞ ŝŶĚŝĐĂƚŝ Ăů ƉƵŶƚŽ ϭϮϴ ĚĞů h ϮϬϭϮ ; ĚŝĐŚŝĂƌĂƌĞ ƋƵĂŶƚŽ ŝŶĚŝĐĂƚŽ ŶĞů ƌŝƋƵĂĚƌŽ ŶŶŽƚĂnjŝŽŶŝ ĚĞů ŵŽĚĞůůŽͿ͘ >Ğ ƐĞŐƵĞŶƚŝ ƐƉĞƐĞ ƉŽƐƐŽŶŽ ĞƐƐĞƌĞ ĚĞƚƌĂƚƚĞ ĂŶĐŚĞ ƐĞ ƐŽƐƚĞŶƵƚĞ ƉĞƌ ĨĂŵŝůŝĂƌŝ ĨŝƐĐĂůŵĞŶƚĞ Ă ĐĂƌŝĐŽ ͗ ƐƉĞƐĞ ƐĂŶŝƚĂƌŝĞ ;ƌŝŐŚŝ ϭͲ ϯ͕ ϮϱͿ͕ ůĞ ĂƐƐŝĐƵƌĂnjŝŽŶŝ ; ϭϮͿ͕ ůĞ ƐƉĞƐĞ Ěŝ ŝƐƚƌƵnjŝŽŶĞ ; ϭϯͿ͕ ůĞ ƐƉĞƐĞ ƉĞƌ Ăƚƚŝǀŝƚă ƐƉŽƌƚŝǀĞ ĚĞŝ ƌĂŐĂnjnjŝ ; ϭϲͿ͕ ůĞ ƐƉĞƐĞ ƉĞƌ ĐĂŶŽŶŝ Ěŝ ůŽĐĂnjŝŽŶĞ ƉĞƌ ƐƚƵĚĞŶƚŝ ĨƵŽƌŝ ƐĞĚĞ ; ϭϳͲ ϭϵ ĐŽĚŝĐĞ ϭϴ Ϳ͕ ƌŝƐĐĂƚƚŽ ĂŶŶŝ Ěŝ ůĂƵƌĞĂ ; ϭϳͲ ϭϵ ĐŽĚŝĐĞ ϯϮͿ 'ůŝ ŝŶƚĞƌĞƐƐŝ ƉĂƐƐŝǀŝ ƐƵ ŵƵƚƵŽ ĚĞů ƐŽůŽ ƌŝŐŽ ϳ͕ ŝŶ ĐĂƐŽ Ěŝ ŵƵƚƵŽ ĐŽŝŶƚĞƐƚĂƚŽ͕ ƉŽƐƐŽŶŽ ĞƐƐĞƌĞ ĚĞƚƌĂƚƚŝ ƉĞƌ ŝŶƚĞƌŽ ƐĞ ŝů ĐŽŶŝƵŐĞ ğ ĨŝƐĐĂůŵĞŶƚĞ Ă ĐĂƌŝĐŽ͘
^W ^ ^ E/d Z/ /ŶĚŝĐĂƌĞ ůĂ ƐƉĞƐĂ ƐŽƐƚĞŶƵƚĂ ƉĞƌ ů͛ŝŶƚĞƌŽ ŝŵƉŽƌƚŽ ͗ ůĂ ĨƌĂŶĐŚŝŐŝĂ Ěŝ ϭϮϵ Φ ğ ĐĂůĐŽůĂƚĂ ĚĂů &
>/D/d ϭ
ƉƌŽƉƌŝĞ ĚĞů ĐŽŶƚƌŝďƵĞŶƚĞ
Ϯ
ƉĞƌ ĨĂŵŝůŝĂƌŝ EKE Ă ĐĂƌŝĐŽ
ϯ
ƉĞƌ ĚŝƐĂďŝůŝ
ϰ
ǀĞŝĐŽůŝ ƉĞƌ ĚŝƐĂďŝůŝ
ϲ
ƌĂƚĞĂnjŝŽŶĞ
/ŶĚŝĐĂƌĞ ŝŶ ŽůŽŶŶĂ Ϯ ůĞ ƐƉĞƐĞ ƐĂŶŝƚĂƌŝĞ ŐĞŶĞƌŝĐŚĞ ĚĞů ĐŽŶƚƌŝďƵĞŶƚĞ Ğ ĚĞŝ ƉƌŽƉƌŝ ĐĂƌŝĐŚŝ Ěŝ ĨĂŵŝŐůŝĂ
/Ŷ ŽůŽŶŶĂ ϭ ůĞ ƐŽůĞ ƐƉĞƐĞ ƉĞƌ ƉĂƚŽůŽŐŝĞ ĞƐĞŶƚŝ ĐŚĞ ĐŽŶƐĞŶƚŽŶŽ ůĂ ĚĞƚƌĂnjŝŽŶĞ ĂĚ ĂůƚƌŽ ĨĂŵŝůŝĂƌĞ ŝŶ ĐĂƐŽ Ěŝ ŝŶĐĂƉŝĞŶnjĂ
&ƌĂŶĐŚŝŐŝĂ Φ ϭϮϵ͕ϭϭ
/ŶĚŝĐĂƌĞ ůĞ ƐƉĞƐĞ ƐĂŶŝƚĂƌŝĞ ƉĞƌ ƐŽůĞ ƉĂƚŽůŽŐŝĞ ĞƐĞŶƚŝ ĐŚĞ ŶŽŶ ŚĂŶŶŽ ƚƌŽǀĂƚŽ ĐĂƉŝĞŶnjĂ ŶĞůů͛ŝŵƉŽƐƚĂ ĚĞů ĨĂŵŝůŝĂƌĞ ƌŝƐƵůƚĂŶƚĞ ĚĂů ϳϯϬͲϯ Ž ZE Ěŝ hŶŝĐŽ ĚĞůůŽ ƐƚĞƐƐŽ ^ƉĞƐĞ Ěŝ ĂĐĐŽŵƉĂŐŶĂŵĞŶƚŽ͕ ĚĞĂŵďƵůĂnjŝŽŶĞ͕ ůŽĐŽŵŽnjŝŽŶĞ͕ ƐŽůůĞǀĂŵĞŶƚŽ͕ ƚƌĂƐƉŽƌƚŽ ŝŶ ĂŵďƵůĂŶnjĂ Ğ ƐƵƐƐŝĚŝ ƚĞĐŶŝĐŽͲŝŶĨŽƌŵĂƚŝĐŝ Ěŝ ŝŶǀĂůŝĚŝ Ğdž Ăƌƚ ϯ > ϭϬϰͬϭϵϵϮ͕ Ž ƌŝĐŽŶŽƐĐŝƵƚŝ ŝŶǀĂůŝĚŝ ĚĂ ĂůƚƌĞ ĐŽŵŵŝƐƐŝŽŶŝ ŵĞĚŝĐŚĞ ƉƵďďůŝĐŚĞ ^ƉĞƐĞ ƉĞƌ ĂĐƋƵŝƐƚŽ Ğ ŵĂŶƵƚĞŶnjŝŽŶĞ ƐƚƌĂŽƌĚŝŶĂƌŝĂ Ěŝ ǀĞŝĐŽůŝ Ž ŵŽƚŽǀĞŝĐŽůŝ ĂĚĂƚƚĂƚŝ ƉĞƌ ĚŝƐĂďŝůŝ Ğdž > ϭϬϰͬϭϵϵϮ Ž ĂůƚƌĞ ĐŽŵŵŝƐƐŝŽŶŝ Ğ ŝŶ ƚĂůƵŶŝ ĐĂƐŝ ĂŶĐŚĞ ŶŽŶ ĂĚĂƚƚĂƚŝ ;ŶŽŶ ǀĞĚĞŶƚŝ͕ ƐŽƌĚŽŵƵƚŝ͕ ĚŝƐĂďŝůŝ ƉƐŝĐŚŝĐŝ ĐŽŶ ŝŶĚĞŶŶŝƚă Ěŝ ĂĐĐŽŵƉĂŐŶĂŵĞŶƚŽͿ
ϲ͘ϭϵϳ͕ϰϴ EĞƐƐƵŶ ůŝŵŝƚĞ
DĂdž Φ ϭϴ͘Ϭϳϱ ŽŐŶŝ ϰ ĂŶŶŝ ^ƉĞƐĞ ƐĂŶŝƚĂƌŝĞ Ěŝ ŝŵƉŽƌƚŽ ƐƵƉĞƌŝŽƌĞ Ăŝ ϭϱ͘ϰϵϯ͕ϳϭ ĞƵƌŽ ƌĂƚĞŝnjnjĂƚĞ ŶĞŐůŝ ĂŶŶŝ ƉƌĞƚĞŶĚĞŶƚŝ ŽůŽŶŶĂ ϭ ;ŶƵŵĞƌŽ ƌĂƚĂͿ ŽůŽŶŶĂ Ϯ dŽƚĂůĞ ƐƉĞƐĞ ĚĂ ƌĂƚĞŝnjnjĂƌĞ
^W ^ dZ / />/ K hD Ed/ >> ' Z > hE ^W ^ DD/^^/ />/ K hD Ed /KE >> ' Z WƌĞƐƚĂnjŝŽŶŝ ĐŚŝƌƵƌŐŝĐŚĞ Ğ ƐƉĞĐŝĂůŝƐƚŝĐŚĞ͕ ƉƌĞƐƚĂnjŝŽŶŝ Ěŝ ŵĞĚŝĐŝ ŐĞŶĞƌŝĐŝ͕ &ĂƚƚƵƌĂ͕ ƚŝĐŬĞƚ ŽƐƉĞĚĂůĞ ĂŶĂůŝƐŝ Ğ ƌŝĐĞƌĐŚĞ WƌĞƐƚĂnjŝŽŶŝ Ğ ƚĞƌĂƉŝĞ ĞƐĞŐƵŝƚĞ ĚĂ ƐŽŐŐĞƚƚŝ ĞƐĞƌĐĞŶƚŝ ůĞ ƉƌŽĨĞƐƐŝŽŶŝ &ĂƚƚƵƌĂ͕ ƚŝĐŬĞƚ н ƉƌĞƐĐƌŝnjŝŽŶĞ ŵĞĚŝĐĂ ƐĂŶŝƚĂƌŝĞ ƌŝĐŽŶŽƐĐŝƵƚĞ ; ĂĚ ĞƐ ͗ ĨŝƐŝŽƚĞƌĂƉŝƐƚĂ͕ ůŽŐŽƉĞĚŝƐƚĂ͕ ƉŽĚŽůŽŐŽ͕ ƚĞƌĂƉŝƐƚĂ ĚĞůůĂ ƉƐŝĐŽŵŽƚƌŝĐŝƚă͕ ƚĞƌĂƉŝƐƚĂ ŽĐĐƵƉĂnjŝŽŶĂůĞ ĞƚĐ͙ ƵƌĞ dĞƌŵĂůŝ
&ĂƚƚƵƌĂ͕ ƚŝĐŬĞƚ н ƉƌĞƐĐƌŝnjŝŽŶĞ ŵĞĚŝĐĂ
dĞƌĂƉŝĞ ĞƐĞŐƵŝƚĞ ƉƌĞƐƐŽ ĐĞŶƚƌŝ ŶŽŶ ƐĂŶŝƚĂƌŝ ; ĂĚ ĞƐ ĐŽƌƐŽ Ěŝ ŶƵŽƚŽͿ
^ƉĞƐĂ ŶŽŶ ĚĞƚƌĂŝďŝůĞ
^ƉĞƐĂ ƐŽƐƚĞŶƵƚĂ ƉĞƌ ĚŝĞƚŝƐƚĂ
&ĂƚƚƵƌĂ н ƉƌĞƐĐƌŝnjŝŽŶĞ ĚĞů ŵĞĚŝĐŽ ƐƉĞĐŝĂůŝƐƚĂ
^ƉĞƐĞ ƉĞƌ ĂĐƋƵŝƐƚŽ Ěŝ ƉƌŽƚĞƐŝ ƐĂŶŝƚĂƌŝĞ ŝŶ ŐĞŶĞƌĞ
&ĂƚƚƵƌĂ н ƉƌĞƐĐƌŝnjŝŽŶĞ ĚĞů ŵĞĚŝĐŽ ƐƉĞĐŝĂůŝƐƚĂ
ZŝĐŽǀĞƌŝ Ğ ĚĞŐĞŶnjĞ ĂŶĐŚĞ ŶŽŶ ĐŽůůĞŐĂƚŝ ĂĚ ƵŶΖŽƉĞƌĂnjŝŽŶĞ ĐŚŝƌƵƌŐŝĐĂ
&ĂƚƚƵƌĂ ʹ ƚŝĐŬĞƚ
ĐƋƵŝƐƚŽ Ěŝ ŵĞĚŝĐŝŶĂůŝ ĐŽŶ ƉĂŐĂŵĞŶƚŽ ĚĞů ƚŝĐŬĞƚ
^ĐŽŶƚƌŝŶŽ ĚĞůůĂ ĨĂƌŵĂĐŝĂ ƌŝƉŽƌƚĂŶƚĞ ŝů & ĚŝĐŚŝĂƌĂŶƚĞ
ĐƋƵŝƐƚŽ Ěŝ ŵĞĚŝĐŝŶĂůŝ ĚĂ ďĂŶĐŽ Ğ ŵĞĚŝĐŝŶĂůŝ ŽŵĞŽƉĂƚŝĐŝ
^ĐŽŶƚƌŝŶŝ Ěŝ ĨĂƌŵĂĐŝĂ ͕ ƌŝƉŽƌƚĂŶƚŝ & ĚŝĐŚŝĂƌĂŶƚĞ Ž ĚĞŝ ĨĂŵŝůŝĂƌŝ Ă ĐĂƌŝĐŽ Ğ ůĂ ĚŝĐŝƚƵƌĂ ĨĂƌŵĂĐŽ Ž ƐŝŵŝůĞ
WƌĞƐƚĂnjŝŽŶŝ Ğ ĐƵƌĞ ŽŵĞŽƉĂƚŝĐŚĞ
&ĂƚƚƵƌĂ ĚĞů ŵĞĚŝĐŽ
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB9 BBBBBBBBB &$) ,QWHUUHJLRQDOH 'LSHQGHQWL 6 U O & ) 3 ,9$ ,VFUL]LRQH &DPHUD GL &RPPHUFLR GL 9LFHQ]D 5 ( $ Q FDSLWDOH VRFLDOH ¼ L Y
ZŝĐŽǀĞƌŽ ĂŶnjŝĂŶŽ ŝŶ ĐĂƐĂ Ěŝ ƌŝƉŽƐŽ
ŝĐŚŝĂƌĂnjŝŽŶĞ ĚĞůůĂ ĐĂƐĂ ŽƐƉŝƚĂŶƚĞ Ğ ƌŝĐĞǀƵƚĞ Ěŝ ƉĂŐĂŵĞŶƚŽ
^W ^ ^ E/d Z/ /E dZ / />/ ; Ă ƚŝƚŽůŽ Ěŝ ĞƐĞŵƉŝŽ Ϳ
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ůĂƚƚĞ ƉĞƌ ŶĞŽŶĂƚŝ͕ ĂůŝŵĞŶƚŝ ƉĂƌƚŝĐŽůĂƌŝ ĂŶĐŚĞ ƐĞ ĐŽŶ ƉƌĞƐĐƌŝnjŝŽŶĞ ĚĞů ŵĞĚŝĐŽ ƐƉĞĐŝĂůŝƐƚĂ ͖
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ŝŶƚĞŐƌĂƚŽƌŝ ĂůŝŵĞŶƚĂƌŝ ͕ ĂŶĐŚĞ ƐĞ ĂĐĐŽŵƉĂŐŶĂƚŝ ĚĂ ƉƌĞƐĐƌŝnjŝŽŶĞ ŵĞĚŝĐĂ ͖
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ƉƌŽĚŽƚƚŝ ĨŝƚŽƚĞƌĂƉŝĐŝ ŶŽŶ ŵĞĚŝĐŝŶĂůŝ͕ ƉĂƌĂĨĂƌŵĂĐŝ Ěŝ ƋƵĂůƐŝĂƐŝ ƚŝƉŽ͕ ĂŶĐŚĞ ƐĞ ĂĐĐŽŵƉĂŐŶĂƚŝ ĚĂ ƉƌĞƐĐƌŝnjŝŽŶĞ ŵĞĚŝĐĂ͖
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ƐƉĞƐĞ ƉĂŐĂƚĞ ƉĞƌ ŝů ƌŝůĂƐĐŝŽ Ěŝ ĐŽƉŝĂ Ěŝ ĐĂƌƚĞůůĞ ĐůŝŶŝĐŚĞ͖
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ƐĞĚƵƚĞ Ěŝ ƉƌĂŶŽƚĞƌĂƉŝĂ͖
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ƐƉĞƐĞ ƉĞƌ ŝŶƚĞƌǀĞŶƚŝ Ěŝ ĐŚŝƌƵƌŐŝĂ ĞƐƚĞƚŝĐĂ ǀŽůƵƚƚƵĂƌŝĞ͖
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ƐƉĞƐĞ ƉĞƌ ŵĂƐƐĂŐŐŝ ĞĨĨĞƚƚƵĂƚŝ ĚĂ ƐŽŐŐĞƚƚŝ ŶŽŶ ĂďŝůŝƚĂƚŝ ; ĞƐ ͗ ƐŚŝĂƚnjƵ͙Ϳ ͖
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ƚƌĂƚƚĂŵĞŶƚŝ ŽƐƚĞŽƉĂƚŝĐŝ ƐĞŶnjĂ ƉƌĞƐĐƌŝnjŝŽŶĞ ŵĞĚŝĐĂ͖
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ĨĂƚƚƵƌĞ ƌŝůĂƐĐŝĂƚĞ ĚĂ ĐĞŶƚƌŝ Ěŝ ĞƐƚĞƚŝĐĂ Ž ĚĂ ŵĞĚŝĐŝ ƉĞƌ ƉƌĞƐƚĂnjŝŽŶŝ ƐŝŵŝůĂƌŝ͖
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ƐƉĞƐĞ ƉĞƌ ŝƐĐƌŝnjŝŽŶĞ Ğ ĨƌĞƋƵĞŶnjĂ Ěŝ ƉĂůĞƐƚƌĞ͕ ĐŽƌƐŝ Ěŝ ŶƵŽƚŽ͕ ĞĐĐ͙͘͘ ĂŶĐŚĞ ƐĞ ƉƌĞƐĐƌŝƚƚĞ ĚĂů ŵĞĚŝĐŽ ƐƉĞĐŝĂůŝƐƚĂ ͖
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ƐƉĞƐĞ ƉĞƌ ŝů ƚƌĂƐƉŽƌƚŽ ŝŶ ĂŵďƵůĂŶnjĂ͕ ;ƐŽŶŽ ĚĞƚƌĂŝďŝůŝ ƉĞƌž ůĞ ƉƌĞƐƚĂnjŝŽŶŝ Ěŝ ĂƐƐŝƐƚĞŶnjĂ ŵĞĚŝĐĂ ĞĨĨĞƚƚƵĂƚĞ ĚƵƌĂŶƚĞ ŝů ƚƌĂƐƉŽƌƚŽ Ϳ͘
/Ed Z ^^/ W ^^/s/ W Z Dhdh/
ŽĐƵŵĞŶƚŝ ĚĂ ĂůůĞŐĂƌĞ͗ Ͳ
ĂƵƚŽĐĞƌƚŝĨŝĐĂnjŝŽŶĞ ĂƚƚĞƐƚĂŶƚĞ ŝ ƌĞƋƵŝƐŝƚŝ Ěŝ ĚĞƚƌĂŝďŝůŝƚă ;ĚĂ ƉƌĞƐĞŶƚĂƌĞ ^ DWZ Ϳ Ͳ ; ůůĞŐĂƚŽ Ϳ͖
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ĐĞƌƚŝĨŝĐĂnjŝŽŶĞ ĚĞůůĂ ďĂŶĐĂ ĚĞŐůŝ ŝŶƚĞƌĞƐƐŝ ƉĂƐƐŝǀŝ ƉĂŐĂƚŝ ŶĞůů͛ĂŶŶŽ ϮϬϭϭ ƌŝůĂƐĐŝĂƚĂ ĚĂůůĂ ďĂŶĐĂ Ž ƋƵŝĞƚĂŶnjĞ Ěŝ ƉĂŐĂŵĞŶƚŽ ĚĞůůĞ ƌĂƚĞ Ěŝ ŵƵƚƵŽ Ğ ƌĞůĂƚŝǀŝ ŝŶƚĞƌĞƐƐŝ ƐĞƉĂƌĂƚĂŵĞŶƚĞ ŝŶĚŝĐĂƚŝ͖
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ĐĞƌƚŝĨŝĐĂnjŝŽŶĞ ĚĞůůĂ ĐŽŽƉĞƌĂƚŝǀĂ ĞĚŝůŝnjŝĂ Ž ĚĞůů͛ŝŵƉƌĞƐĂ ĐŽƐƚƌƵƚƚƌŝĐĞ ĂƚƚĞƐƚĂŶƚĞ ů͛ŝŵƉŽƌƚŽ ĚĞŐůŝ ŝŶƚĞƌĞƐƐŝ ƉĂƐƐŝǀŝ Ğ ŽŶĞƌŝ ĂĐĐĞƐƐŽƌŝ Ěŝ ĐŽŵƉĞƚĞŶnjĂ ĚĞů ĚŝĐŚŝĂƌĂŶƚĞ͖
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ĐĞƌƚŝĨŝĐĂnjŝŽŶĞ Ěŝ ĞǀĞŶƚƵĂůŝ ĐŽŶƚƌŝďƵƚŝ ƌŝĐĞǀƵƚŝ ŝŶ ĐŽŶƚŽ ŝŶƚĞƌĞƐƐŝ ĐŚĞ ǀĂŶŶŽ Ă ƌŝĚƵƌƌĞ ůΖŝŵƉŽƌƚŽ ĚĞĚƵĐŝďŝůĞ͖
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ĐŽŶƚƌĂƚƚŽ Ěŝ ŵƵƚƵŽ ŝƉŽƚĞĐĂƌŝŽ ƐƚŝƉƵůĂƚŽ ĐŽŶ ůĂ ďĂŶĐĂ Ž ĐŽŶƚƌĂƚƚŽ Ěŝ ĂƐƐĞŐŶĂnjŝŽŶĞ ĚĞůůΖŝŵŵŽďŝůĞ ĚĂ ĐƵŝ ƌŝƐƵůƚŝ ůΖĂĐĐŽůůŽ ƉƌŽͲƋƵŽƚĂ͕ ƐĞ ŶŽŶ ğ Őŝă ƐƚĂƚŽ ƉƌĞƐĞŶƚĂƚŽ Ăů & /ŶƚĞƌƌĞŐŝŽŶĂůĞ ŝƉĞŶĚĞŶƚŝ ^ƌů ͖
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ĐŽŶƚƌĂƚƚŽ Ěŝ ĂĐƋƵŝƐƚŽ ĚĞůů͛ŝŵŵŽďŝůĞ Ğ ĚŽĐƵŵĞŶƚĂnjŝŽŶĞ ƌĞůĂƚŝǀĂ ĂůůĞ ƐƉĞƐĞ ŝŶĐƌĞŵĞŶƚĂƚŝǀĞ ĚĞů ĐŽƐƚŽ Ěŝ ĂĐƋƵŝƐƚŽ ƐĞ ŶŽŶ Őŝă ƉƌĞƐĞŶƚĂƚŝ Ăů & /ŶƚĞƌƌĞŐŝŽŶĂůĞ ŝƉĞŶĚĞŶƚŝ ^ƌů͘
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ŝŶ ĐĂƐŽ Ěŝ Z/E 'K / /KE / DhdhK ĐŽŶƐĞŐŶĂƌĞ ůĂ ĐŽƉŝĂ ĚĞů ŶƵŽǀŽ ĐŽŶƚƌĂƚƚŽ Ěŝ ŵƵƚƵŽ Ğ ůĂ ĐĞƌƚŝĨŝĐĂnjŝŽŶĞ ĚĞů ĐĂƉŝƚĂůĞ ƌĞƐŝĚƵŽ ĚĞů ƉƌĞĐĞĚĞŶƚĞ ŵƵƚƵŽ ƌŝůĂƐĐŝĂƚĂ ĚĂůů͛ŝƐƚŝƚƵƚŽ Ěŝ ĐƌĞĚŝƚŽ͘
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WĞƌ Őůŝ ŝŶƚĞƌĞƐƐŝ ƐƵ ƌŝƐƚƌƵƚƚƵƌĂnjŝŽŶŝ ĂůůĞŐĂƌĞ ůĞ ĨĂƚƚƵƌĞ ƌĞůĂƚŝǀĞ Ăŝ ůĂǀŽƌŝ ĞƐĞŐƵŝƚŝ Ğ ƵŶ ƉƌŽƐƉĞƚƚŽ ƌŝĞƉŝůŽŐĂƚŝǀŽ ;ĚĂ ƉƌĞƐĞŶƚĂƌĞ ^ DWZ ŶĞůů͛ĂŶŶŽ Ěŝ ƚĞƌŵŝŶĞ ĚĞŝ ůĂǀŽƌŝ Ž ƐĞ ŝů ĐŽŶƚƌŝďƵĞŶƚĞ Ɛŝ ĂǀǀĂůĞ ƉĞƌ ůĂ ƉƌŝŵĂ ǀŽůƚĂ ĚĞů ĂĨ /ŶƚĞƌƌĞŐŝŽŶĂůĞ ŝƉĞŶĚĞŶƚŝ ^ƌůͿ͘
>dZ/ KE Z/ dZ / />/
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Z/'K ϭϮ ^^/ hZ /KE/ ^h>> s/d K KEdZK '>/ /E&KZdhE/ ^d/Wh> d K Z/EEKs d &/EK > ϯϭͲϭϮͲϮϬϬϬ͖ ^^/ hZ /KE/ W Z Z/^ ,/K / DKZd ͕ / /Es >/ /d W ZD E Ed ^hW Z/KZ > ϱй K / EKE hdK^h&&/ / E ^d/Wh> d K Z/EEKs d > ϬϭͲϬϭͲϮϬϬϭ
ϭ͘Ϯϵϭ͕ϭϰ Φ
ĞƌƚŝĨŝĐĂnjŝŽŶĞ ĚĞůůĂ ƋƵŽƚĂ ĚĞƚƌĂŝďŝůĞ ĚĞŐůŝ ŝŵƉŽƌƚŝ ǀĞƌƐĂƚŝ ŶĞůů͛ĂŶŶŽ ƌŝůĂƐĐŝĂƚĂ ĚĂůůĂ ĐŽŵƉĂŐŶŝĂ Ěŝ ĂƐƐŝĐƵƌĂnjŝŽŶŝ
Z/'K ϭϯ ^W ^ / /^dZh /KE ^ KE Z/ hE/s Z^/d Z/
Z/'K ϭϰ ^W ^ &hE Z/
Z/'K ϭϱ ^W ^ W Z dd/ >>͛ ^^/^d E W Z^KE >
dĂƐƐĂ ƌĞůĂƚŝǀĂ ĂŐůŝ ŝƐƚŝƚƵƚŝ ƐĐŽůĂƐƚŝĐŝ ƐƚĂƚĂůŝ
ŽĐƵŵĞŶƚĂnjŝŽŶĞ ƌĞůĂƚŝǀĂ Ăů ƉĂŐĂŵĞŶƚŽ
&ĂƚƚƵƌĞ ĐŽŶ ů͛ŝŶĚŝĐĂnjŝŽŶĞ ĚĞů ϭ͘ϱϰϵ͕ϯϳ Φ ƉĞƌ ĐŽŐŶŽŵĞ Ğ ŶŽŵĞ ĚĞů ĚĞĨƵŶƚŽ Ğ ĚĞů ŽŐŶŝ ĚĞĐĞƐƐŽ ŐƌĂĚŽ Ěŝ ƉĂƌĞŶƚĞůĂ ĐŽŶ ŝů ĐŽŶƚƌŝďƵĞŶƚĞ Ͳ ZŝĐĞǀƵƚĂ ĚĞů ƉĂŐĂŵĞŶƚŽ ĐŽŶ ŝŶĚŝĐĂnjŝŽŶĞ ĚĞŐůŝ ĞƐƚƌĞŵŝ ĂŶĂŐƌĂĨŝĐŝ Ğ ĚĞů ĐŽĚŝĐĞ ĨŝƐĐĂůĞ ĚĞů ƐŽŐŐĞƚƚŽ ĐŚĞ ĞĨĨĞƚƚƵĂ ŝů ƉĂŐĂŵĞŶƚŽ Ğ Ěŝ ƋƵĞůůŽ ĐŚĞ ƉƌĞƐƚĂ ů͛ĂƐƐŝƐƚĞŶnjĂ͘ ^Ğ ůĂ ƐƉĞƐĂ ğ ƐŽƐƚĞŶƵƚĂ ŶĞůů͛ŝŶƚĞƌĞƐƐĞ Ěŝ ƵŶ ĨĂŵŝůŝĂƌĞ Ă ĐĂƌŝĐŽ ŶĞůůĂ ƌŝĐĞǀƵƚĂ Ϯ͘ϭϬϬ͕ϬϬ Φ ůŝŵŝƚĞ ĂƐƐŽůƵƚŽ ǀĂŶŶŽ ŝŶĚŝĐĂƚŝ ĂŶĐŚĞ Őůŝ ĞƐƚƌĞŵŝ ĂŶĂŐƌĂĨŝĐŝ Ğ ŝů ĐŽĚŝĐĞ ĨŝƐĐĂůĞ Ěŝ ƋƵĞƐƚ͛ƵůƚŝŵŽ ;ĐŽŵĞ ĚĂ ĨĂĐƐŝŵŝůĞ ĂůůĞŐĂƚŽ Ϳ ͘ Ͳ ĞƌƚŝĨŝĐĂnjŝŽŶĞ ŵĞĚŝĐĂ ĂƚƚĞƐƚĂŶƚĞ ůĂ ŶŽŶ ĂƵƚŽƐƵĨĨŝĐŝĞŶnjĂ ĚĞůůĂ ƉĞƌƐŽŶĂ ƉĞƌ ůĂ ƋƵĂůĞ ğ ƐŽƐƚĞŶƵƚĂ ůĂ ƐƉĞƐĂ͘
Z/'K ϭϲ ^W ^ W Z dd/s/d ͛ ^WKZd/s WZ d/ d / Z ' / / d ͛ ϱ ϭϴ EE/ ^ŽƐƚĞŶƵƚĞ ƉĞƌ Ăƚƚŝǀŝƚă ƐƉŽƌƚŝǀĂ ƐǀŽůƚĂ ƉƌĞƐƐŽ ĂƐƐŽĐŝĂnjŝŽŶŝ ƐƉŽƌƚŝǀĞ ĚŝůĞƚƚĂŶƚŝƐƚŝĐŚĞ Ž ƉĞƌ ĨƌĞƋƵĞŶnjĂ Ă ŝŵƉŝĂŶƚŝ Ğ ƐƚƌƵƚƚƵƌĞ ƐƉŽƌƚŝǀĞ ; ŶŽ ƐƉĞƐĞ ƉƌĞƐƐŽ ĐŝƌĐŽůŝ ĐƵůƚƵƌĂůŝ ĞͬŽ ƌŝĐƌĞĂƚŝǀŝ Ž ůĞnjŝŽŶŝ ĚĂ ŵĂĞƐƚƌŽ ƉƌŝǀĂƚŽ ƉƌŽĨĞƐƐŝŽŶŝƐƚĂͿ
Z/'K ϭϳ ʹ ϭϵ K / ϭϳ ^W ^ W Z /Ed D / /KE /DDK />/ Z Yh/^dK WZ/D ^
Z/'K ϭϳ ʹ ϭϵ K / ϭϴ ^W ^ W Z EKE/ / >K /KE / ^dh Ed/ &hKZ/ ^ >Ă ĚĞƚƌĂnjŝŽŶĞ ƐƉĞƚƚĂ ĂŶĐŚĞ ƉĞƌ ŝ ĐĂŶŽŶŝ ƌĞůĂƚŝǀŝ Ă ĐŽŶƚƌĂƚƚŝ Ěŝ ŽƐƉŝƚĂůŝƚă ŶŽŶĐŚĠ ĂŐůŝ Ăƚƚŝ Ěŝ ĂƐƐĞŐŶĂnjŝŽŶĞ ŝŶ ŐŽĚŝŵĞŶƚŽ Ž ůŽĐĂnjŝŽŶĞ ƐƚŝƉƵůĂƚŝ ĐŽŶ ĞŶƚŝ ƉĞƌ ŝů ĚŝƌŝƚƚŽ ĂůůŽ ƐƚƵĚŝŽ͕ ĐŽŶ ƵŶŝǀĞƌƐŝƚă͕ ĐŽŶ ĐŽůůĞŐŝ ƵŶŝǀĞƌƐŝƚĂƌŝ ůĞŐĂůŵĞŶƚĞ ƌŝĐŽŶŽƐĐŝƵƚŝ͕ ĐŽŶ ĞŶƚŝ ƐĞŶnjĂ ĨŝŶĞ Ěŝ ůƵĐƌŽ Ğ ĐŽŽƉĞƌĂƚŝǀĞ͘ KE / /KE/ E ^^ Z/ ͗
ŝů ĐŽŶƚƌĂƚƚŽ Ěŝ ůŽĐĂnjŝŽŶĞ ĚĞǀĞ ĞƐƐĞƌĞ ƐƚŝƉƵůĂƚŽ Ăŝ ƐĞŶƐŝ ĚĞůůĂ >ĞŐŐĞ ϰϯϭͬϭϵϵϴ
ϮϭϬ͕ϬϬΦ Ͳ ďŽůůĞƚƚŝŶŽ ďĂŶĐĂƌŝŽ Ž ƉŽƐƚĂůĞ͕ ĨĂƚƚƵƌĂ͕ ůŝŵŝƚĞ ƌŝĐĞǀƵƚĂ Ž ƋƵŝĞƚĂŶnjĂ Ěŝ ƉĂŐĂŵĞŶƚŽ ĚĂ ĐƵŝ ŵĂƐƐŝŵŽ ƉĞƌ ƌŝƐƵůƚŝ ͗ ŽŐŶŝ ƌĂŐĂnjnjŽ Ͳ ŝ ĚĂƚŝ ŝĚĞŶƚŝĨŝĐĂƚŝǀŝ ĚĞů ƐŽŐŐĞƚƚŽ ĐŚĞ ŚĂ ƌĞƐŽ ůĂ ƉƌĞƐƚĂnjŝŽŶĞ͖ >Ă ĐĂƵƐĂůĞ ĚĞů ƉĂŐĂŵĞŶƚŽ͖ ů͛Ăƚƚŝǀŝƚă ƐƉŽƌƚŝǀĂ ĞƐĞƌĐŝƚĂƚĂ͖ ů͛ŝŵƉŽƌƚŽ ĚĞůůĂ ƐƉĞƐĂ͖ ŝ ĚĂƚŝ ĂŶĂŐƌĂĨŝĐŝ ĚĞů ƌĂŐĂnjnjŽ ƉƌĂƚŝĐĂŶƚĞ ů͛Ăƚƚŝǀŝƚă ƐƉŽƌƚŝǀĂ͖ ŝů ĐŽĚŝĐĞ ĨŝƐĐĂůĞ Ěŝ ĐŚŝ ĞƐĞŐƵĞ ŝů ƉĂŐĂŵĞŶƚŽ͘ ϭ͘ϬϬϬ͕ϬϬ Φ Ͳ ĨĂƚƚƵƌĂ ĚĞůů͛ŝŶƚĞƌŵĞĚŝĂƌŝŽ ůŝŵŝƚĞ ŵĂdž Ͳ ĂƚƚŽ ŶŽƚĂƌŝůĞ Ěŝ ĂĐƋƵŝƐƚŽ ĚĞůůĂ ĐĂƐĂ Ž ĚĂ ƐƵĚĚŝǀŝĚĞƌĞ ƉƌĞůŝŵŝŶĂƌĞ ƚƌĂ Őůŝ Ͳ ĚŝĐŚŝĂƌĂnjŝŽŶĞ ĂƚƚĞƐƚĂŶƚĞ ĐŚĞ ů͛ĂĐƋƵŝƐƚŽ ğ ĂĐƋƵŝƌĞŶƚŝ ƌŝĨĞƌŝƚŽ ĂĚ ƵŶ ŝŵŵŽďŝůĞ ĚĂ ĂĚŝďŝƌĞ Ă ƉƌŽƉƌŝĂ ĂďŝƚĂnjŝŽŶĞ ƉƌŝŶĐŝƉĂůĞ ƐĞ ŵĂŶĐĂ ů͛ĂƚƚŽ ŶŽƚĂƌŝůĞ ƉƌŽǀĂ ĚĞů ƉĂŐĂŵĞŶƚŽ ĚĞŝ ĐĂŶŽŶŝ͖ Ϯ͘ϲϯϯ͕ϬϬ ĐŽŶƚƌĂƚƚŽ Ěŝ ůŽĐĂnjŝŽŶĞ͖ ůŝŵŝƚĞ ĂƚƚĞƐƚĂnjŝŽŶĞ ĚĞůůĂ ƐƵƐƐŝƐƚĞŶnjĂ ĚĞůůĞ ŵĂƐƐŝŵŽ ĐŽŶĚŝnjŝŽŶŝ ŶĞĐĞƐƐĂƌŝĞ ƉĞƌ ůĂ ĚĞƚƌĂnjŝŽŶĞ ĚĞůůĂ ƐƉĞƐĂ ;ŝƐĐƌŝnjŝŽŶĞ Ă ĐŽƌƐŽ Ěŝ ůĂƵƌĞĂ͕ ƐĞĚĞ ĚĞůů͛ƵŶŝǀĞƌƐŝƚă͕ ƵďŝĐĂnjŝŽŶĞ ŝŵŵŽďŝůĞ ůŽĐĂƚŽ͕ ĚŝƐƚĂŶnjĂ Ŭŵ ͘͘Ϳ
11 BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBB &$) ,QWHUUHJLRQDOH 'LSHQGHQWL 6 U O & ) 3 ,9$ ,VFUL]LRQH &DPHUD GL &RPPHUFLR GL 9LFHQ]D 5 ( $ Q FDSLWDOH VRFLDOH ¼ L Y
ůŽ ƐƚƵĚĞŶƚĞ ĚĞǀĞ ĞƐƐĞƌĞ ŝƐĐƌŝƚƚŽ ĂĚ ƵŶ ĐŽƌƐŽ Ěŝ ůĂƵƌĞĂ ƉƌĞƐƐŽ ƵŶĂ ƵŶŝǀĞƌƐŝƚă ů͛ƵŶŝǀĞƌƐŝƚă ĚĞǀĞ ĞƐƐĞƌĞ ƵďŝĐĂƚĂ ŝŶ ƵŶ ĐŽŵƵŶĞ ĚŝƐƚĂŶƚĞ ĚĂ ƋƵĞůůŽ Ěŝ ƌĞƐŝĚĞŶnjĂ ĚĞůůŽ ƐƚƵĚĞŶƚĞ ĂůŵĞŶŽ ϭϬϬ Ŭŵ ŝů ĐŽŵƵŶĞ Ěŝ ƌĞƐŝĚĞŶnjĂ ĚĞůůŽ ƐƚƵĚĞŶƚĞ ŝŶ ŽŐŶŝ ĐĂƐŽ ĚĞǀĞ ĂƉƉĂƌƚĞŶĞƌĞ ĂĚ ƵŶĂ ƉƌŽǀŝŶĐŝĂ ĚŝǀĞƌƐĂ ĚĂ ƋƵĞůůĂ ŝŶ ĐƵŝ ğ ƐŝƚƵĂƚĂ ů͛ƵŶŝǀĞƌƐŝƚă ů͛ŝŵŵŽďŝůĞ ůŽĐĂƚŽ Ɛŝ ƚƌŽǀĂ ŶĞůůĂ Đŝƚƚă ƐĞĚĞ ĚĞůů͛ƵŶŝǀĞƌƐŝƚă Ž ŝŶ ƵŶ ĐŽŵƵŶĞ ůŝŵŝƚƌŽĨŽ
Z/',/ ϭϳÆ Æ ϭϵ ; >dZ ^W ^ Ϳ
K / ϭϵ ZK' /KE/ >/ Z >/ & sKZ / DKs/D Ed/ K W Zd/d/ WK>/d/ /
DŝŶ Φ ϱϭ͕ϲϱ DĂdž ϭϬϯ͘Ϯϵϭ͕ϯϴ
K / ϮϬ ZK' /KE/ & sKZ / KZ' E/ /KE/ EKE
DĂdž Ϯ͘Ϭϲϱ͕ϴϯ Φ
>h Z d/s / hd/>/d ^K / > ;KE>h^Ϳ
K / Ϯϭ ZK' /KE/ >/ Z >/ & sKZ / >> ^K / d ^WKZd/s /> dd Ed/^d/ , K / ϮϮ s Z^ D Ed/ YhKd ^^K / d/s ^K / d / DhdhK ^K KZ^K K / Ϯϯ ZK' /KE/ >/ Z >/ & sKZ >> ^^K / /KE/ / WZKDK /KE ^K / > K / Ϯϵ ^W ^ s d Z/E Z/
DĂdž ϭ͘ϱϬϬ͕ϬϬ Φ DĂdž ϭ͘Ϯϵϭ͕ϭϰ Φ DĂdž Ϯ͘Ϭϲϱ͕ϴϯ Φ
DŝŶ ϭϮϵ͕ϭϭ Φ DĂdž ϯϴϳ͕ϯϰ Φ K / ϯϭ ZK' /KE/ >/ Z >/ & sKZ / /^d/dhd/ EĞƐƐƵŶ ůŝŵŝƚĞ
^ K> ^d/ / ^d d >/ W Z/d Z/ ;ĐŽŶƚƌŝďƵƚŝ ƉĞƌ ů͛ŝŶŶŽǀĂnjŝŽŶĞ ƚĞĐŶŽůŽŐŝĐĂ͕ ů͛ĞĚŝůŝnjŝĂ ƐĐŽůĂƐƚŝĐĂ͕ ĂŵƉůŝĂŵĞŶƚŽ ĚĞůů͛ŽĨĨĞƌƚĂ ĨŽƌŵĂƚŝǀĂͿ K / ϯϮ KEdZ/ hd/ W Z Z/^ ddK / > hZ / & D/>/ Z/
&/^ >D Ed Z/ K K / ϯϯ Z dd W Z &Z Yh E ^/>/ E/ K
DĂdž Φ ϲϯϮ͕ϬϬ ĂŶŶƵŝ ƉĞƌ ŽŐŶŝ ĨŝŐůŝŽ Ěŝ Ğƚă ĨƌĂ ŝ ϯ ŵĞƐŝ Ğ ŝ ϯ ĂŶŶŝ
ƚƚĞƐƚĂnjŝŽŶĞ ĚĞů ǀĞƌƐĂŵĞŶƚŽ͖ ŽƉŝĂ ĚĞů ďŽůůĞƚƚŝŶŽ Ěŝ ĐͬĐ ƉŽƐƚĂůĞ Ž ĚĞů ďŽŶŝĨŝĐŽ ďĂŶĐĂƌŝŽ Ž ƉƌŽǀĂ ĚĞůů͛ĂĚĚĞďŝƚŽ ĐŽŶ ĐĂƌƚĂ Ěŝ ĐƌĞĚŝƚŽ EKE ^KEK dZ / />/ > ZK' /KE/ >/ Z >/ && ddh d /E KEd Ed/
&ĂƚƚƵƌĞ ĐŽŶ ŝŶĚŝĐĂnjŝŽŶĞ ĚĞů ƚŝƉŽ Ěŝ ĂŶŝŵĂůĞ ĐƵƌĂƚŽ Ͳ WƌŽǀĂ ĚĞů ǀĞƌƐĂŵĞŶƚŽ Ͳ ŝĐŚŝĂƌĂnjŝŽŶĞ ĚĞůů͛ŝƐƚŝƚƵƚŽ Ěŝ ĚĞƐƚŝŶĂnjŝŽŶĞ ĚĞůůĂ ĞƌŽŐĂnjŝŽŶĞ ůŝďĞƌĂůĞ ŽĐƵŵĞŶƚĂnjŝŽŶĞ ĂƚƚĞƐƚĂŶƚĞ ŝ ƉĂŐĂŵĞŶƚŝ ĞĨĨĞƚƚƵĂƚŝ͘ &ĂƚƚƵƌĂ ĚĞůů͛ĂƐŝůŽ ŶŝĚŽ Ğ ƉƌŽǀĂ ĚĞů ƉĂŐĂŵĞŶƚŽ ĞĨĨĞƚƚƵĂƚŽ ŶĞů ϮϬϭϭ
^ /KE // KE Z/ h / />/ ^ Z/ /KE
K hD Ed /KE >> ' Z
Z/'K Ϯϭ
Ͳ ĞƌƚŝĨŝĐĂnjŝŽŶŝ ĚĞŝ ĐŽŶƚƌŝďƵƚŝ ƚƌĂƚƚĞŶƵƚŝ Ž ǀĞƌƐĂƚŝ͖
KEdZ/ hd/ K >/' dKZ/ W Z > '' s Z^ d/ E > ϮϬϭϭ KEdZ/ hd/ Ͳ YƵŝĞƚĂŶnjĞ Ěŝ ƉĂŐĂŵĞŶƚŽ Z ĂƵƚŽ ƉĂŐĂƚĞ ŶĞů ϮϬϭϭ sK>KEd Z/ W Z Z/^ ddK EE/ / > hZ ͕ D/>/d Z ͕ &KE K ^ >/E', ĚĂůůĞ ƋƵĂůŝ ƌŝƐƵůƚŝ ŝů ĐŽŶƚƌŝďƵƚŽ ^^E ;ƐĞ ůĂ ƉŽůŝnjnjĂ ğ K WZK^ h /KE sK>KEd Z/ ƐĞŵĞƐƚƌĂůĞ ĂůůĞŐĂƌĞ ĞŶƚƌĂŵďĞ ůĞ ƋƵŝĞƚĂŶnjĞͿ͖ ƌŝĐĞǀƵƚĞ ĚĞŝ ǀĞƌƐĂŵĞŶƚŝ ƉĞƌ ŝ ĐŽŶƚƌŝďƵƚŝ ǀŽůŽŶƚĂƌŝ͖ ƌŝĐĞǀƵƚĂ Ěŝ ƉĂŐĂŵĞŶƚŽ Ăůů͛/E /> ƉĞƌ ůĂ ͞ĂƐƐŝĐƵƌĂnjŝŽŶĞ ĐĂƐĂůŝŶŐŚĞ͘͟ Z/'K ϮϮ ^^ 'E/ W Z/K / / KZZ/^WK^d/ > KE/h'
ZŝĐĞǀƵƚĞ Ěŝ ǀĞƌƐĂŵĞŶƚŽ͕ ĐŽƉŝĂ ĚĞůůĂ ƐĞŶƚĞŶnjĂ ĚĞů ƚƌŝďƵŶĂůĞ Ğ ĐŽĚŝĐĞ ĨŝƐĐĂůĞ ĚĞů ĐŽŶŝƵŐĞ
Z/'K Ϯϯ KEdZ/ hd/ W Z dd/ / ^ Zs/ / KD ^d/ /
ŽƉŝĂ ĚĞŝ ďŽůůĞƚƚŝŶŝ Ěŝ ǀĞƌƐĂŵĞŶƚŽ Ěŝ ĐŽŶƚŽ ĐŽƌƌĞŶƚĞ
12 BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBB &$) ,QWHUUHJLRQDOH 'LSHQGHQWL 6 U O & ) 3 ,9$ ,VFUL]LRQH &DPHUD GL &RPPHUFLR GL 9LFHQ]D 5 ( $ Q FDSLWDOH VRFLDOH ¼ L Y
/DWKZdK D ^^/DK hZK ϭ͘ϱϰϵ͕ϯϳ
ƉŽƐƚĂůĞ ĞƐĞŐƵŝƚŝ ŶĞů ϮϬϭϭ
Z/'K Ϯϰ ZK' /KE/ >/ Z >/ & sKZ / /^d/dh /KE/ ͙͙͙͙͙ ƚƚĞƐƚĂnjŝŽŶĞ ĚĞŝ ǀĞƌƐĂŵĞŶƚŝ ĞĨĨĞƚƚƵĂƚŝ Z >/'/K^ /ŵƉŽƌƚŽ ŵĂƐƐŝŵŽ ƵƌŽ ϭ͘ϬϯϮ͕ϵϭ ƉĞƌ ŝƐƚŝƚƵnjŝŽŶĞ Z/'K Ϯϱ ^W ^ D / , ' E Z/ , / ^^/^d E ^W /&/ ^K^d Ehd WKZd dKZ/ /
ĞƌƚŝĨŝĐĂƚŽ Ěŝ ŝŶǀĂůŝĚŝƚă >ĞŐŐĞ ϭϬϰ͕ ƌŝĐĞǀƵƚĞ͕ ĨĂƚƚƵƌĞ͕ ƐĐŽŶƚƌŝŶŝ Ğ ƋƵŝĞƚĂŶnjĞ
, E / W
Z/'K Ϯϲ KE Z/ h / />/ /s Z^/ Yh >>/ / Z/',/ ĂƌƚĞůůĂ ĞƐĂƚƚŽƌŝĂůĞ Ğ ƉƌŽǀĂ ĚĞů ƉĂŐĂŵĞŶƚŽ͘ WZ Ed/ WĞƌ ůĞ ƐƉĞƐĞ Ěŝ ĂĚŽnjŝŽŶĞ͕ ĚŽĐƵŵĞŶƚĂnjŝŽŶĞ ƌŝůĂƐĐŝĂƚĂ ;ĞƐ͗ ĐŽŶƐŽƌnjŝ Ěŝ ďŽŶŝĨŝĐĂ͕ ƐƉĞƐĞ ƉĞƌ ĂĚŽnjŝŽŶŝ͕ ĐŽŶƚƌŝďƵƚŝ ǀĞƌƐĂƚŝ Ăŝ ĚĂůů͛ ŶƚĞ ŝŶĐĂƌŝĐĂƚŽ͘ ĨŽŶĚŝ ŝŶƚĞŐƌĂƚŝǀŝ ^^E͕ ƐŽŵŵĞ ĞƌŽŐĂƚĞ Ă KE'͕ KE>h^Ϳ WĞƌ ŝ ĐŽŶƚƌŝďƵƚŝ Ă ĐŽŶƐŽƌnjŝ Ěŝ ďŽŶŝĨŝĐĂ͕ ůĂ ƉƌŽǀĂ ĚĞů ǀĞƌƐĂŵĞŶƚŽ͘ WĞƌ ůĞ ĞƌŽŐĂnjŝŽŶŝ ůŝďĞƌĂůŝ ƌŝĐĞǀƵƚĂ ĚĞů ǀĞƌƐĂŵĞŶƚŽ ďĂŶĐĂƌŝŽ Ž ƉŽƐƚĂůĞ Ž ƉƌŽǀĂ ĚĞůů͛ĂĚĚĞďŝƚŽ ĐŽŶ ĐĂƌƚĂ Ěŝ ĐƌĞĚŝƚŽ
WZ s/ E KDW> D Ed Z
dd /KE ͗ KDW/> Z / Z/',/ ϮϳͲ ϯϭ ^K>K /E WZ ^ E /͗ •
>dZ/ s Z^ D Ed/ &KZD / WZ s/ E /Ed 'Z d/s WZ/s d ; ^͘ dZ D/d WK>/ ^^/ hZ d/s s Z^ d /E WZKWZ/KͿ K͕
•
WZ ^ E / /DWKZd/ EKE Kdd/ > ^K^d/dhdK Zd/&/ d/ E > WhEdK ϭϮϭ > h ϮϬϭϮ
EŽŶ ĐŽŵƉŝůĂƌĞ ƐĞ ŝ ĐŽŶƚƌŝďƵƚŝ ƐŽŶŽ ǀĞƌƐĂƚŝ ƐŽůŽ ƉĞƌ ŝů ƚƌĂŵŝƚĞ ĚĞů ĚĂƚŽƌĞ Ěŝ ůĂǀŽƌŽ ĞĚ ğ ĐŽŵƉŝůĂƚŽ ƐŽůŽ ŝů ĐĂŵƉŽ ϭϮϬ ĚĞů h ϮϬϭϮ
ŽůŽŶŶĂ ϭ Ͳ ŽŶƚƌŝďƵƚŝ Őŝă ĚĞĚŽƚƚŝ ŶĞů h
ŽůŽŶŶĂ Ϯ ʹ ŽŶƚƌŝďƵƚŝ ŝŶƚĞŐƌĂƚŝǀŝ Ěŝ ĐƵŝ Ɛŝ ĐŚŝĞĚĞ ůĂ ĚĞĚƵnjŝŽŶĞ WƵŶƚŽ ϭϮϬ ĚĞů h WƵŶƚŽ ϭϮϭ ĚĞů h Z/'K Ϯϳ KEdZ/ hd/ h / />/d KZ /E Z/ ϮϬϭϮ н sĞƌƐĂŵĞŶƚŝ ϮϬϭϮ WƌŝǀĂƚŝ WƵŶƚŽ ϭϮϬ ĚĞů h WƵŶƚŽ ϭϮϭ ĚĞů h Z/'K Ϯϴ KEdZ/ hd/ s Z^ d/ > sKZ dKZ/ / WZ/D K hW /KE ϮϬϭϮ н sĞƌƐĂŵĞŶƚŝ ϮϬϭϮ WƌŝǀĂƚŝ WƵŶƚŽ ϭϮϭ ĚĞů h WƵŶƚŽ ϭϮϬ ĚĞů h Z/'K Ϯϵ KEdZ/ hd/ s Z^ d/ &KE / /E ^Yh/>/ Z/K &/E E / Z/K ϮϬϭϮ н sĞƌƐĂŵĞŶƚŝ ϮϬϭϮ WƌŝǀĂƚŝ sĞĚŝ ĂŶŶŽƚĂnjŝŽŶŝ h ^ŽŵŵĂ ŶŽŶ ĚĞĚŽƚƚĂ Z/'K ϯϬ KEdZ/ hd/ s Z^ d/ W Z & D/>/ Z/ Z/ K ϮϬϭϮ ĚĂů ĨĂŵŝůŝĂƌĞ Ž ŝŶĚŝĐĂƚĂ ŶĞů h ϮϬϭϮ WƵŶƚŽ ϭϮϬ ĚĞů d&Z͗ sĞĚŝ WƵŶƚŽ ϭϮϭ Z/'K ϯϭ KEdZ/ hd/ s Z^ d/ W Z &KE K W E^/KE E 'K / > / h ϮϬϭϮ ĂŶŶŽƚĂnjŝŽŶŝ ĚĞů h /W E Ed/ Wh >/ / h ϮϬϭϮ ϮϬϭϮ
13 BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBB &$) ,QWHUUHJLRQDOH 'LSHQGHQWL 6 U O & ) 3 ,9$ ,VFUL]LRQH &DPHUD GL &RPPHUFLR GL 9LFHQ]D 5 ( $ Q FDSLWDOH VRFLDOH ¼ L Y
^ /KE /// ^W ^ W Z /Ed Zs Ed/ / Z hW ZK > W dZ/DKE/K />/ /K W Z h/ ^W dd > dZ /KE ϰϭй K > ϯϲй Yh/^dK / /DDK /> Z/^dZhddhZ dK ʹ Yh/^dK / ' Z ' Z/',/ ϰϭ ϱϯ
K hD Ed /KE >> ' Z
K>KEE ϭ͗ ŝŶĚŝĐĂƌĞ ů͛ĂŶŶŽ ŝŶ ĐƵŝ ůĞ ƐƉĞƐĞ ƐŽŶŽ ƐƚĂƚĞ ƐŽƐƚĞŶƵƚĞ͘
^ŽůŽ ƉĞƌ ůĞ ƐƉĞƐĞ ƌĞůĂƚŝǀĞ Ăůů͛ĂŶŶŽ ϮϬϭϭ͗
K>KEE Ϯ ͗ ĚĂ ĐŽŵƉŝůĂƌĞ ƐŽůŽ ƐĞ ůĞ ƐƉĞƐĞ ƐŽŶŽ ƐƚĂƚĞ ƐŽƐƚĞŶƵƚĞ ŶĞů • ϮϬϬϲ͗ ϭ ƉĞƌ ůĞ ƐƉĞƐĞ ƌĞůĂƚŝǀĞ Ă ĨĂƚƚƵƌĞ ĐŽŶ ĚĂƚĂ ĐŚĞ ǀĂ ĚĂů ϬϭͲϬϭͲϬϲ Ăů ϯϬͲϬϵͲϬϲ͖ Ϯ ƐĞ ůĞ ĨĂƚƚƵƌĞ ƐŽŶŽ ƐƚĂƚĞ ĞŵĞƐƐĞ ĚŽƉŽ ŝů ϬϭͲϭϬͲϬϲ Ž ĞŵĞƐƐĞ ŝŶ ĚĂƚĂ ĂŶƚĞĐĞĚĞŶƚĞ ŝů ϬϭͲϬϭͲϬϲ͖
ŽƉŝĂ ĚĞůůĂ ĐŽŵƵŶŝĐĂnjŝŽŶĞ ƉƌĞǀĞŶƚŝǀĂ Ğ ĚĞůůĂ ƌŝĐĞǀƵƚĂ ĚĞůůĂ ƌĂĐĐŽŵĂŶĚĂƚĂ Ěŝ ŝŶǀŝŽ Ăů ĞŶƚƌŽ ^Ğƌǀŝnjŝ Ěŝ WĞƐĐĂƌĂ ƉĞƌ ůĂǀŽƌŝ ŝŶŝnjŝĂƚŝ ƉƌŝŵĂ ĚĞů ϭϰͲϬϱͲϮϬϭϭ
K>KEE ϯ͗ ĐŽĚŝĐĞ ĨŝƐĐĂůĞ ĚĞů ƐŽŐŐĞƚƚŽ ĐŚĞ ŚĂ ƉƌĞƐĞŶƚĂƚŽ ůĂ ĐŽŵƵŶŝĐĂnjŝŽŶĞ ƉƌĞǀĞŶƚŝǀĂ͕ ƐĞ ĚŝǀĞƌƐŽ ĚĂů ĚŝĐŚŝĂƌĂŶƚĞ͕ Ž ĐŽĚŝĐĞ ĨŝƐĐĂůĞ ĚĞů • ĐŽŶĚŽŵŝŶŝŽ͘ WĞƌ ů͛ĂĐƋƵŝƐƚŽ Ěŝ ŝŵŵŽďŝůŝ ƌŝƐƚƌƵƚƚƵƌĂƚŝ͕ ŝů ĐŽĚŝĐĞ ĨŝƐĐĂůĞ ĚĞůů͛ŝŵƉƌĞƐĂ ĞĚŝůĞ͘
K>KEE ϰ͗ ŝŶĚŝĐĂƌĞ ŝ ƐĞŐƵĞŶƚŝ ĐŽĚŝĐŝ͗ ϭ͘
ŶĞů ĐĂƐŽ Ěŝ ƐƉĞƐĞ ƐŽƐƚĞŶƵƚĞ Ă ƉĂƌƚŝƌĞ ĚĂů ϮϬϬϮ Ăů ϮϬϭϭ ƉĞƌ ůĂǀŽƌŝ • ŝŶŝnjŝĂƚŝ ŝŶ ĂŶŶŝ ƉƌĞĐĞĚĞŶƚŝ Ğ ĂŶĐŽƌĂ ŝŶ ĐŽƌƐŽ ŶĞů ϮϬϭϭ
Ϯ͘
ŶĞů ĐĂƐŽ Ěŝ ĂĐƋƵŝƐƚŽ Ž ĂƐƐĞŐŶĂnjŝŽŶĞ Ěŝ ŝŵŵŽďŝůŝ ƌŝƐƚƌƵƚƚƵƌĂƚŝ ĞŶƚƌŽ ŝů ϯϭͬϭϮͬϮϬϬϮ Ğ ƉĞƌ ŝ ƋƵĂůŝ ů͛ĂƚƚŽ Ěŝ ĂĐƋƵŝƐƚŽ ƐŝĂ ƐƚĂƚŽ ƐƚŝƉƵůĂƚŽ ĞŶƚƌŽ ŝů • ϯϬͬϬϲͬϮϬϬϯ
ϯ͘ ϰ͘
ŶĞů ĐĂƐŽ Ěŝ ŝŶƚĞƌǀĞŶƚŝ Ěŝ ŵĂŶƵƚĞŶnjŝŽŶĞ Ğ ƐĂůǀĂŐƵĂƌĚŝĂ ĚĞŝ ďŽƐĐŚŝ • ;ƐŽƐƚĞŶƵƚĞ ĚĂů ϮϬϬϮ Ăů ϮϬϬϲͿ ŶĞů ĐĂƐŽ Ěŝ ĂĐƋƵŝƐƚŽ Ž ĂƐƐĞŐŶĂnjŝŽŶĞ Ěŝ ŝŵŵŽďŝůŝ ƌŝƐƚƌƵƚƚƵƌĂƚŝ ĚŽƉŽ ŝů ϯϭͬϭϮͬϮϬϬϮ͕ ŽǀǀĞƌŽ ƌŝƐƚƌƵƚƚƵƌĂƚŝ ĞŶƚƌŽ ŝů ϯϭͬϭϮͬϮϬϬϮ ŵĂ ƉĞƌ ƋƵĂůŝ • ů͛ĂƚƚŽ Ěŝ ĂĐƋƵŝƐƚŽ ƐŝĂ ƐƚĂƚŽ ƐƚŝƉƵůĂƚŽ ĚŽƉŽ ŝů ϯϬͬϬϲͬϮϬϬϯ
ů Ěŝ ĨƵŽƌŝ Ěŝ ƋƵĞƐƚĞ ŝƉŽƚĞƐŝ͕ ŝů ĐĂŵƉŽ ŶŽŶ ǀĂ ĐŽŵƉŝůĂƚŽ͘ ĂƐŝ ƉĂƌƚŝĐŽůĂƌŝ K>KEE ϱ͗ ŝŶĚŝĐĂƌĞ ͗ ϭ͘
Ϯ͘
ϯ͘
ϰ͘
•
ĐŽƉŝĂ ĚĞůůĞ ĨĂƚƚƵƌĞ ĚĞŝ ůĂǀŽƌŝ ƌŝƉŽƌƚĂŶƚŝ ů͛ŝŶĚŝĐĂnjŝŽŶĞ ĚĞů ĐŽƐƚŽ ĚĞůůĂ ŵĂŶŽĚŽƉĞƌĂ ŝŵƉŝĞŐĂƚĂ ƐĞ ĞŵĞƐƐĞ ƉƌŝŵĞ ĚĞů ϭϰͲϬϱͲ ϮϬϭϭ ZŝĐĞǀƵƚĂ ĚĞŝ ďŽŶŝĨŝĐŝ ďĂŶĐĂƌŝ ƌĞůĂƚŝǀŝ Ăů ϮϬϭϭ ƌŝƉŽƌƚĂŶƚŝ ŝ ĐŽĚŝĐŝ ĨŝƐĐĂůŝ ĞͬŽ ƉĂƌƚŝƚĂ /s ĚĞůů͛ŽƌĚŝŶĂŶƚĞ Ğ ĚĞů ďĞŶĞĨŝĐŝĂƌŝŽ ĐŽƉŝĂ ĚĞůůĂ ĚŝĐŚŝĂƌĂnjŝŽŶĞ ƌŝůĂƐĐŝĂƚĂ ĚĂůů͛ŝŵƉƌĞƐĂ ĐŽƐƚƌƵƚƚƌŝĐĞ ĂƚƚĞƐƚĂŶƚĞ ŝů ĐŽƐƚŽ ĚĞůůĂ ĐŽƐƚƌƵnjŝŽŶĞ YƵŝĞƚĂŶnjĞ Ěŝ ƉĂŐĂŵĞŶƚŽ ĚĞŐůŝ ŽŶĞƌŝ Ěŝ ƵƌďĂŶŝnjnjĂnjŝŽŶĞ ŝĐŚŝĂƌĂnjŝŽŶĞ ƌŝůĂƐĐŝĂƚĂ ĚĂůů͛ĂŵŵŝŶŝƐƚƌĂƚŽƌĞ Ěŝ ĐŽŶĚŽŵŝŶŝŽ ƉĞƌ ůĞ ƐƉĞƐĞ ƐŽƐƚĞŶƵƚĞ ĚĂů ĐŽŶĚŽŵŝŶŝŽ ƚƚŽ ŶŽƚĂƌŝůĞ Ěŝ ĂĐƋƵŝƐƚŽ ƉĞƌ Őůŝ ŝŵŵŽďŝůŝ ƌŝƐƚƌƵƚƚƵƌĂƚŝ ĐŚĞ ŐŽĚŽŶŽ ĚĞůů͛ĂŐĞǀŽůĂnjŝŽŶĞ
ƉĞƌ ƐƉĞƐĞ ƌĞůĂƚŝǀĞ ĂĚ ŝŵŵŽďŝůĞ ĂĐƋƵŝƐƚĂƚŽ͕ ĞƌĞĚŝƚĂƚŽ Ž ƌŝĐĞǀƵƚŽ ŝŶ ĚŽŶĂnjŝŽŶĞ ĚĂ ƵŶ ƐŽŐŐĞƚƚŽ Ěŝ Ğƚă ƐƵƉĞƌŝŽƌĞ Ă ϳϱ Ž ϴϬ ĂŶŶŝ Ğ ĐŚĞ ĂǀĞǀĂ ƐĐĞůƚŽ Ěŝ ƌĂƚĞŝnjnjĂƌĞ ůĂ ƐƉĞƐĂ ŝŶ ϯ Ž ϱ ĂŶŶŝ͖ WĞƌ ůĂ ĚĞƚƌĂnjŝŽŶĞ ĚĞůůĞ ƌĂƚĞ ƌĞůĂƚŝǀĞ Ă ƐƉĞƐĞ ƉĞƌ ŝů ĐŽŶƚƌŝďƵĞŶƚĞ ĐŚĞ ŶĞů ϮϬϭϭ ŚĂ ĐŽŵƉŝƵƚŽ ϴϬ ĂŶŶŝ Ğ ŝŶƚĞŶĚĞ ƐŽƐƚĞŶƵƚĞ ŝŶ ĂŶŶŝ ƉƌĞĐĞĚĞŶƚŝ Ăů ϮϬϭϭ ͗ ƌŝĚĞƚĞƌŵŝŶĂƌĞ ŝŶ ϯ ƌĂƚĞ ůĂ ƐƉĞƐĂ ĐŚĞ ŶĞůůĂ ƉƌĞĐĞĚĞŶƚĞ ĚŝĐŚŝĂƌĂnjŝŽŶĞ ĂǀĞǀĂ Őŝă ƌŝĚĞƚĞƌŵŝŶĂƚŽ ŝŶ ϱ ĂŶŶŝ͘ • ĂůůĞŐĂƌĞ ĐŽƉŝĂ Ěŝ ƚƵƚƚĂ ůĂ ĚŽĐƵŵĞŶƚĂnjŝŽŶĞ ƉĞƌ ů͛ŝŵŵŽďŝůĞ ĂĐƋƵŝƐŝƚŽ ĚĂ ƐŽŐŐĞƚƚŽ ĐŚĞ ŶĞů ϮϬϬϵ Ž ϮϬϭϬ ĂǀĞǀĂ ĐŽŵƉŝƵƚŽ ϴϬ ĂŶŶŝ Ğ ĂǀĞǀĂ ƌŝĚĞƚĞƌŵŝŶĂƚŽ ŝŶ ϯ ƌĂƚĞ ůĂ ƐƉĞƐĂ ĐŚĞ ŶĞůůĂ ƉƌĞĐĞĚĞŶƚĞ ĚŝĐŚŝĂƌĂnjŝŽŶĞ ĂǀĞǀĂ Őŝă ƌŝĚĞƚĞƌŵŝŶĂƚŽ ŝŶ ϱ ĂŶŶŝ͘
ƐŽƉƌĂ ŝŶĚŝĐĂƚĂ ƐĞ ŶĞů ϮϬϭϭ ŶŽŶ Ɛŝ ğ ĨƌƵŝƚŽ ĚĞůůĂ ĂƐƐŝƐƚĞŶnjĂ ĚĞů & /ŶƚĞƌƌĞŐŝŽŶĂůĞ ŝƉĞŶĚĞŶƚŝ ^ƌů͘
ƉĞƌ ů͛ŝŵŵŽďŝůĞ ĂĐƋƵŝƐŝƚŽ ŶĞů ϮϬϭϬ Ž ϮϬϭϭ ĚĂ ƵŶ ƐŽŐŐĞƚƚŽ ĐŚĞ ĂǀĞǀĂ ƌĂƚĞŝnjnjĂƚŽ ůĂ ƐƉĞƐĂ ŝŶ ϭϬ ƌĂƚĞ Ğ ƉĞƌƚĂŶƚŽ ŶŽŶ ƌŝĞŶƚƌĂ ŶĞŝ ĐĂƐŝ Ěŝ ĐƵŝ Ăŝ ĐŽĚŝĐŝ ϭ Ğ ϯ͖ ŝŶ ƋƵĞƐƚĂ ŝƉŽƐƚĞƐŝ ŶŽŶ ǀĂŶŶŽ ĐŽŵƉŝůĂƚĞ ůĞ ĐŽůŽŶŶĞ ϲ Ğ ϳ͘
K>KEE ϲ ͗ ŝŶĚŝĐĂƌĞ ů͛ĂŶŶŽ ŝŶ ĐƵŝ ŝů ĐŽŶƚƌŝďƵĞŶƚĞ Ěŝ Ğƚă ƐƵƉĞƌŝŽƌĞ Ă ϳϱ Ž ϴϬ ĂŶŶŝ ŚĂ ƌŝĚĞƚĞƌŵŝŶĂƚŽ ůĂ ƌĂƚĞĂnjŝŽŶĞ ;ů͛ĂŶŶŽ Ěŝ ƉƌŝŵĂ ƌŝĚĞƚĞƌŵŝŶĂnjŝŽŶĞͿ͖ K>KEE ϳ ͗ ŝŶĚŝĐĂƌĞ ŝů ŶƵŵĞƌŽ Ěŝ ƌĂƚĞ ; ϱ Ž ϭϬͿ ŝŶ ĐƵŝ ĞƌĂ ƐƚĂƚĂ ƌŝƉĂƌƚŝƚĂ ŝŶŝnjŝĂůŵĞŶƚĞ ůĂ ƐƉĞƐĂ ŶĞůů͛ĂŶŶŽ ĚĞů ƐƵŽ ƐŽƐƚĞŶŝŵĞŶƚŽ͘ K>KEE ϴ ͗ ŝŶĚŝĐĂƌĞ ŝů ŶƵŵĞƌŽ ĚĞůůĂ ƌĂƚĂ ĐŚĞ Ɛŝ ƵƚŝůŝnjnjĂ ƉĞƌ ŝů ϮϬϭϭ͘ K>KEE ϵ ͗ ů͛ŝŶƚĞƌŽ ŝŵƉŽƌƚŽ ĚĞůůĞ ƐƉĞƐĞ ƐŽƐƚĞŶƵƚĞ͘ /Ŷ ĐĂƐŽ Ěŝ ĂĐƋƵŝƐƚŽ Ěŝ ŝŵŵŽďŝůĞ ƌŝƐƚƌƵƚƚƵƌĂƚŽ ŝŶĚŝĐĂƌĞ ŝů Ϯϱй ĚĞů ƉƌĞnjnjŽ Ěŝ ĂĐƋƵŝƐƚŽ͖ ƉĞƌ 14 BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBB &$) ,QWHUUHJLRQDOH 'LSHQGHQWL 6 U O & ) 3 ,9$ ,VFUL]LRQH &DPHUD GL &RPPHUFLR GL 9LFHQ]D 5 ( $ Q FDSLWDOH VRFLDOH ¼ L Y
ů͛ĂĐƋƵŝƐƚŽ ĚĞů ŐĂƌĂŐĞ ŝŶĚŝĐĂƌĞ ŝů ĐŽƐƚŽ ƐŽƐƚĞŶƵƚŽ ĚĂů ĐŽƐƚƌƵƚƚŽƌĞ ĐŽƐŞ ĐŽŵĞ ĚĂ ůƵŝ ĐĞƌƚŝĨŝĐĂƚŽ͘ K>KEE ϭϬ ͗ ƉĞƌ ůĂǀŽƌŝ ŝŶŝnjŝĂƚŝ ŶĞů ϮϬϭϭ ͕ ŝŶĚŝĐĂƌĞ ŝů Ŷ͘ ƉƌŽŐƌĞƐƐŝǀŽ ĐŚĞ ŝĚĞŶƚŝĨŝĐĂ ů͛ŝŵŵŽďŝůĞ ŶĞŝ ƐƵĐĐĞƐƐŝǀŝ ϱϭͶ ϱϯ Z/',/ ϱϭͲ ϱϯ ͗ ĚĂ ĐŽŵƉŝůĂƌĞ ƉĞƌ ů͛ŝĚĞŶƚŝĨŝĐĂnjŝŽŶĞ ĐĂƚĂƐƚĂůĞ ĚĞŐůŝ ŝŵŵŽďŝůŝ ƉĞƌ ŝ ƋƵĂůŝ ŶŽŶ ğ ƐƚĂƚĂ ŝŶǀŝĂƚĂ ůĂ ĐŽŵƵŶŝĐĂnjŝŽŶĞ ƉƌĞǀĞŶƚŝǀĂ Ăů ĞŶƚƌŽ ^Ğƌǀŝnjŝ Ěŝ WĞƐĐĂƌĂ ; ůĂǀŽƌŝ ŝŶŝnjŝĂƚŝ ĚĂů ϭϰͲϬϱͲϮϬϭϭͿ ; ďĂƌƌĂƌĞ ůĂ ĐŽůŽŶŶĂ Ϯ ƐĞ ŝ ůĂǀŽƌŝ ƐŽŶŽ ŝŶŝnjŝĂƚŝ ƉƌŝŵĂ ĚĞů ϭϰͲϬϱͲϭϭ Ž ƐĞ ƐŽŶŽ ƐƚĂƚŝ ĞƐĞŐƵŝƚŝ ƐƵ ƉĂƌƚŝ ĐŽŶĚŽŵŝŶŝĂůŝ ĚŽƉŽ ŝů ϭϰͲϬϱͲϭϭͿ ͘
^ĞnjŝŽŶĞ /s KŶĞƌŝ ƉĞƌ ŝ ƋƵĂůŝ ğ ƌŝĐŽŶŽƐĐŝƵƚĂ ůĂ ĚĞƚƌĂnjŝŽŶĞ Ěŝ ŝŵƉŽƐƚĂ ĚĞů ϱϱй /ŶĚŝĐĂƌĞ ŝŶ ƋƵĞƐƚĂ ƐĞnjŝŽŶĞ ůĞ ƐƉĞƐĞ ƐŽƐƚĞŶƵƚĞ ŶĞů ϮϬϭϭ ĞͬŽ ŶĞŐůŝ ĂŶŶŝ ĚĂů ϮϬϬϴ Ăů ϮϬϭϬ ƉĞƌ ŝŶƚĞƌǀĞŶƚŝ ĨŝŶĂůŝnjnjĂƚŝ Ăů ƌŝƐƉĂƌŵŝŽ ĞŶĞƌŐĞƚŝĐŽ ĞƐĞŐƵŝƚŝ ƐƵ ĞĚŝĨŝĐŝ ĞƐŝƐƚĞŶƚŝ͕ Ěŝ ƋƵĂůƐŝĂƐŝ ĐĂƚĞŐŽƌŝĂ ĐĂƚĂƐƚĂůĞ ĂŶĐŚĞ ƌƵƌĂůĞ͘ EŽŶ ƐŽŶŽ ĂŐĞǀŽůĂďŝůŝ ůĞ ƐƉĞƐĞ ĞĨĨĞƚƚƵĂƚĞ ŝŶ ĐŽƌƐŽ Ěŝ ĐŽƐƚƌƵnjŝŽŶĞ ĚĞůů͛ŝŵŵŽďŝůĞ͘ Z d ͗ ƉĞƌ ůĞ ƐƉĞƐĞ ƐŽƐƚĞŶƵƚĞ ŶĞů ϮϬϭϭ ůĂ ĚĞƚƌĂnjŝŽŶĞ ĚĞǀĞ ĞƐƐĞƌĞ ƌŝƉĂƌƚŝƚĂ ŝŶ ϭϬ ƌĂƚĞ͘ d/WK>K'/ / /Ed Zs EdK ^ŝ ƌŝŶǀŝĂ ĂůůĂ 'ƵŝĚĂ ĨŝƐĐĂůĞ ƐƵůůĞ ĂŐĞǀŽůĂnjŝŽŶŝ ĨŝƐĐĂůŝ ƉĞƌ ŝů ƌŝƐƉĂƌŵŝŽ ĞŶĞƌŐĞƚŝĐŽ ƐƵů ƐŝƚŽ ĚĞůů͛ ŐĞŶnjŝĂ ĚĞůůĞ ŶƚƌĂƚĞ ͕фф ǁǁǁ͘ĂŐĞŶnjŝĂĞŶƚƌĂƚĞ͘ŝƚ ʹ ŽĐƵŵĞŶƚĂnjŝŽŶĞ ʹ 'ƵŝĚĞ ĨŝƐĐĂůŝ Ͳ >Ğ ĂŐĞǀŽůĂnjŝŽŶŝ ĨŝƐĐĂůŝ ƉĞƌ ŝů ƌŝƐƉĂƌŵŝŽ ĞŶĞƌŐĞƚŝĐŽ͘ƉĚĨ хх ƉĞƌ ůĂ ĚĞƐĐƌŝnjŝŽŶĞ ĚĞŝ ĚŝǀĞƌƐŝ ƚŝƉŝ Ěŝ ŝŶƚĞƌǀĞŶƚŝ ƌĞĂůŝnjnjĂďŝůŝ Ğ ĚĞŝ ƌĞƋƵŝƐŝƚŝ ƚĞĐŶŝĐŝ ŶĞĐĞƐƐĂƌŝ ƉĞƌ ůĂ ĚĞƚƌĂnjŝŽŶĞ ĚĞůůĂ ƐƉĞƐĂ͘ K /
ϭ
ĚĞƐĐƌŝnjŝŽŶĞ
^ƉĞƐĂ ŵĂƐƐŝŵĂ ƐƵ ĐƵŝ ĐĂůĐŽůĂƌĞ ůĂ ĚĞƚƌĂnjŝŽŶĞ
Z/Yh >/&/ /KE E Z' d/
>ŝŵŝƚĞ͗ ϭϴϭ͘ϴϭϴ͕ϭϴ Φ ;ĚĞƚƌĂnjŝŽŶĞ ŵĂƐƐŝŵĂ ƐƉĞƚƚĂŶƚĞ ϭϬϬ͘ϬϬϬͿ
/EsK>h ZK /&/ /
;ƉĂƌĞƚŝ͕ ĨŝŶĞƐƚƌĞ͕ ĐŽŵƉƌĞƐŝ Őůŝ >ŝŵŝƚĞ͗ ϭϬϵ͘ϬϵϬ͕ϵϬ Φ ŝŶĨŝƐƐŝ͕ ƐƵ ĞĚŝĨŝĐŝ ĞƐŝƐƚĞŶƚŝͿ ;ĚĞƚƌĂnjŝŽŶĞ ŵĂƐƐŝŵĂ ƐƉĞƚƚĂŶƚĞ ϲϬ͘ϬϬϬͿ
Ϯ
/E^d >> /KE / W EE >>/ ^K> Z/
ϯ
>ŝŵŝƚĞ͗ ϭϬϵ͘ϬϵϬ͕ϵϬ Φ ;ĚĞƚƌĂnjŝŽŶĞ ŵĂƐƐŝŵĂ ƐƉĞƚƚĂŶƚĞ ϲϬ͘ϬϬϬͿ
ϰ
^K^d/dh /KE '>/ /DW/ Ed/ /
>/D d/ /KE /Es ZE >
>ŝŵŝƚĞ͗ ϱϰ͘ϱϰϱ͕ϰϱ Φ ;ĚĞƚƌĂnjŝŽŶĞ ŵĂƐƐŝŵĂ ƐƉĞƚƚĂŶƚĞ ϯϬ͘ϬϬϬͿ
K hD Ed /KE WZ ^ Ed Z ͗ ϭ͘
ůĞ ĨĂƚƚƵƌĞ Ž ůĞ ƌŝĐĞǀƵƚĞ ĨŝƐĐĂůŝ ĐŽŵƉƌŽǀĂŶƚŝ ůĞ ƐƉĞƐĞ ĞĨĨĞƚƚŝǀĂŵĞŶƚĞ ƐŽƐƚĞŶƵƚĞ ƉĞƌ ůĂ ƌĞĂůŝnjnjĂnjŝŽŶĞ ĚĞŐůŝ ŝŶƚĞƌǀĞŶƚŝ ƌŝƉŽƌƚĂŶƚŝ ŝů ĐŽƐƚŽ ĚĞůůĂ ŵĂŶŽĚŽƉĞƌĂ ;ƐŽůŽ ƉĞƌ ůĞ ĨĂƚƚƵƌĞ ĐŽŶ ĚĂƚĂ ĂŶƚĞĐĞĚĞŶƚĞ ŝů ϭϰͬϬϱͬϭϭͿ ͖
Ϯ͘
>͛ ĂƐƐĞǀĞƌĂnjŝŽŶĞ ƌĞĚĂƚƚĂ ĚĂ ƵŶ ƚĞĐŶŝĐŽ ĂďŝůŝƚĂƚŽ Ž ĚĂů ĚŝƌĞƚƚŽƌĞ ůĂǀŽƌŝ ͕ĐŚĞ ĂƚƚĞƐƚŝ ůĂ ƌŝƐƉŽŶĚĞŶnjĂ ĚĞŐůŝ ŝŶƚĞƌǀĞŶƚŝ Ăŝ ƌĞƋƵŝƐŝƚŝ ƚĞĐŶŝĐŝ ƌŝĐŚŝĞƐƚŝ͖ ğ ƐƵĨĨŝĐŝĞŶƚĞ ůĂ ĐĞƌƚŝĨŝĐĂnjŝŽŶĞ ĚĞů ƉƌŽĚƵƚƚŽƌĞ ƉĞƌ ůĂ ƐŽƐƚŝƚƵnjŝŽŶĞ Ěŝ ŝŵƉŝĂŶƚŝ ƚĞƌŵŝĐŝ ĐŽŶ ĐĂůĚĂŝĞ Ă ĐŽŶĚĞŶƐĂnjŝŽŶĞ Ğ ǀĂůǀŽůĞ ƚĞƌŵŽƐƚĂƚŝĐŚĞ Ěŝ ƉŽƚĞŶnjĂ ŝŶĨĞƌŝŽƌĞ Ă ϭϬϬ Ŭt Ğ ůĂ ƐŽƐƚŝƚƵnjŝŽŶĞ Ěŝ ĨŝŶĞƐƚƌĞ ĐŽŵƉƌĞŶƐŝǀĞ Ěŝ ŝŶĨŝƐƐŝ ͖
ϯ͘
ů͛ĂƚƚĞƐƚĂƚŽ Ěŝ ĐĞƌƚŝĨŝĐĂnjŝŽŶĞ Ž ƋƵĂůŝĨŝĐĂnjŝŽŶĞ ĞŶĞƌŐĞƚŝĐĂ ƌĞĚĂƚƚŽ ĚĂ ƵŶ ƚĞĐŶŝĐŽ ĂďŝůŝƚĂƚŽ Ăů ƚĞƌŵŝŶĞ ĚĞŝ ůĂǀŽƌŝ ͘ EŽŶ ğ ƌŝĐŚŝĞƐƚŽ ƉĞƌ ŝ ůĂǀŽƌŝ ƌĞĂůŝnjnjĂƚŝ ĚĂů ϬϭͲϬϭͲϬϴ ƌŝĨĞƌŝƚŝ Ă ƐŽƐƚŝƚƵnjŝŽŶĞ Ěŝ ĨŝŶĞƐƚƌĞ ĐŽŵƉƌĞŶƐŝǀŝ Ěŝ
15 BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBB &$) ,QWHUUHJLRQDOH 'LSHQGHQWL 6 U O & ) 3 ,9$ ,VFUL]LRQH &DPHUD GL &RPPHUFLR GL 9LFHQ]D 5 ( $ Q FDSLWDOH VRFLDOH ¼ L Y
ŝŶĨŝƐƐŝ ͕ŝŶƐƚĂůůĂnjŝŽŶĞ Ěŝ ƉĂŶŶĞůůŝ ƐŽůĂƌŝ ͕ ƐŽƐƚŝƚƵnjŝŽŶĞ ĚĞŐůŝ ŝŵƉŝĂŶƚŝ Ěŝ ĐůŝŵĂƚŝnjnjĂnjŝŽŶĞ ŝŶǀĞƌŶĂůĞ ĐŽŶ ĐĂůĚĂŝĞ Ă ĐŽŶĚĞŶƐĂnjŝŽŶĞ ; ŝŶ ƋƵĞƐƚŽ ĐĂƐŽ ĚĂů ϭϱͲϬϴͲϬϵͿ ͖ ϰ͘
ůĂ ƌŝĐĞǀƵƚĂ ĚĞů ďŽŶŝĨŝĐŽ ďĂŶĐĂƌŝŽ Ž ƉŽƐƚĂůĞ ĂƚƚƌĂǀĞƌƐŽ ŝů ƋƵĂůĞ ğ ƐƚĂƚŽ ĞĨĨĞƚƚƵĂƚŽ ŝů ƉĂŐĂŵĞŶƚŽ ƌŝƉŽƌƚĂŶƚĞ ůĂ ĐĂƵƐĂůĞ ĚĞů ďŽŶŝĨŝĐŽ͕ ŝů ŽĚŝĐĞ &ŝƐĐĂůĞ ĚĞůů͛ŽƌĚŝŶĂŶƚĞ Ğ ůĂ W͘/s ĚĞů ďĞŶĞĨŝĐŝĂƌŝŽ͖
ϱ͘
ƉĞƌ ŝŶƚĞƌǀĞŶƚŝ ĞĨĨĞƚƚƵĂƚŝ ƐƵ ƉĂƌƚŝ ĐŽŵƵŶŝ Ěŝ ĞĚŝĨŝĐŝ ĚĞǀŽŶŽ ĞƐƐĞƌĞ ĞƐŝďŝƚĞ ůĂ ĐŽƉŝĂ ĚĞůůĂ ĚĞůŝďĞƌĂ ĂƐƐĞŵďůĞĂƌĞ Ğ ůĂ ƚĂďĞůůĂ ŵŝůůĞƐŝŵĂůĞ Ěŝ ƌŝƉĂƌƚŝnjŝŽŶĞ ĚĞůůĞ ƐƉĞƐĞ͖
ϲ͘
ůĂ ĚŝĐŚŝĂƌĂnjŝŽŶĞ Ěŝ ĐŽŶƐĞŶƐŽ Ăůů͛ĞƐĞĐƵnjŝŽŶĞ ĚĞŝ ůĂǀŽƌŝ ĚĂ ƉĂƌƚĞ ĚĞů ƉƌŽƉƌŝĞƚĂƌŝŽ ƉĞƌ ŝ ůĂǀŽƌŝ ĞĨĨĞƚƚƵĂƚŝ ĚĂů ĚĞƚĞŶƚŽƌĞ ĚĞůů͛ŝŵŵŽďŝůĞ͖
ϳ͘
ůĂ ƐĐŚĞĚĂ ŝŶĨŽƌŵĂƚŝǀĂ ƐƵŐůŝ ŝŶƚĞƌǀĞŶƚŝ ƌĞĂůŝnjnjĂƚŝ ƌĞĚĂƚƚĂ ĚĂ ƵŶ ƚĞĐŶŝĐŽ ĂďŝůŝƚĂƚŽ н ƌŝĐĞǀƵƚĂ ĚĞůů͛ŝŶǀŝŽ ƚĞůĞŵĂƚŝĐŽ Ăůů͛ E ; ĚĂ ĞĨĨĞƚƚƵĂƌƐŝ ĞŶƚƌŽ ϵϬ ŐŝŽƌŶŝ ĚĂůůĂ ĨŝŶĞ ĚĞŝ ůĂǀŽƌŝͿ͘
^ĞnjŝŽŶĞ s ĞƚƌĂnjŝŽŶŝ ƉĞƌ ĐĂŶŽŶŝ Ěŝ ůŽĐĂnjŝŽŶĞ Z/'K ϳϭ dZ /KE W Z '>/ /EYh/>/E/ / >>K''/ / /d/ /d /KE WZ/E /W > >Ă ĚĞƚƌĂnjŝŽŶĞ ƌŝŐƵĂƌĚĂ ŝ ĐŽŶƚƌŝďƵĞŶƚŝ ŝŶƚĞƐƚĂƚĂƌŝ Ěŝ ĐŽŶƚƌĂƚƚŝ Ěŝ WƌĞƐĞŶƚĂƌĞ ĐŽƉŝĂ ĚĞů ĐŽŶƚƌĂƚƚŽ Ěŝ ůŽĐĂnjŝŽŶĞ Ğ ĐĞƌƚŝĨŝĐĂƚŽ Ěŝ /ŶĚŝĐĂƌĞ ŶĞůůĂ ĐŽůŽŶŶĂ ϭ ŝ ƐĞŐƵĞŶƚŝ ĐŽĚŝĐŝ͗ ƌĞƐŝĚĞŶnjĂ ĂŶĂŐƌĂĨŝĐĂ ƉĞƌ ŝ ϭ͘ ĂǀĞƌ ƐƚŝƉƵůĂƚŽ Ž ƌŝŶŶŽǀĂƚŽ ŝů ĐŽŶƚƌĂƚƚŽ Ăŝ ƐĞŶƐŝ ĚĞůůĞ >ĞŐŐĞ ĐŽŶƚƌĂƚƚŝ ƐƚŝƉƵůĂƚŝ ŝŶ ĐŽƌƐŽ Ě͛ĂŶŶŽ͘ ϰϯϭͬϭϵϵϴ͖ ;ƉĞƌ ƌĞĚĚŝƚŝ ƐƵƉĞƌŝŽƌŝ Ă ĞƵƌŽ ϯϬ͘ϵϴϳ ŶŽŶ ƐƉĞƚƚĂ ĂůĐƵŶĂ ĚĞƚƌĂnjŝŽŶĞͿ ůŽĐĂnjŝŽŶĞ Ěŝ ŝŵŵŽďŝůĞ ƵƚŝůŝnjnjĂƚŽ ĐŽŵĞ ĂďŝƚĂnjŝŽŶĞ ƉƌŝŶĐŝƉĂůĞ͘
Ϯ͘
ĂǀĞƌ ƐƚŝƉƵůĂƚŽ Ž ƌŝŶŶŽǀĂƚŽ ŝů ĐŽŶƚƌĂƚƚŽ Ăŝ ƐĞŶƐŝ ĚĞůůĂ >͘ Ŷ͘ ϰϯϭ ĚĞů ϭϵϵϴ Ăƌƚ ͘ Ϯ ĐŽŵŵĂ ϯ Ğ Ăƌƚ͘ ϰ ĐŽŵŵŝ Ϯ Ğ ϯ ;ƉĞƌ ƌĞĚĚŝƚŝ ƐƵƉĞƌŝŽƌŝ Ă ĞƵƌŽ ϯϬ͘ϵϴϳ ŶŽŶ ƐƉĞƚƚĂ ĂůĐƵŶĂ ĚĞƚƌĂnjŝŽŶĞͿ͖
ϯ͘
ĂǀĞƌ ƐƚŝƉƵůĂƚŽ Ž ƌŝŶŶŽǀĂƚŽ ŝů ĐŽŶƚƌĂƚƚŽ Ăŝ ƐĞŶƐŝ ĚĞůůĞ >ĞŐŐĞ ϰϯϭͬϭϵϵϴ ĞĚ ĂǀĞƌĞ ƵŶ͛Ğƚă ĐŽŵƉƌĞƐĂ ƚƌĂ ŝ ϮϬ Ğ ŝ ϯϬ ĂŶŶŝ͗ ŝŶ ƚĂůĞ ŝƉŽƚĞƐŝ ů͛ŝŵŵŽďŝůĞ ĚĞǀĞ ĞƐƐĞƌĞ ĚŝǀĞƌƐŽ ĚĂ ƋƵĞůůŽ ĚĞƐƚŝŶĂƚŽ ĂĚ ĂďŝƚĂnjŝŽŶĞ ƉƌŝŶĐŝƉĂůĞ ĚĞŝ ŐĞŶŝƚŽƌŝ Ž Ěŝ ĐŽůŽƌŽ ĐƵŝ ƐŽŶŽ ĂĨĨŝĚĂƚŝ ;ƉĞƌ ƌĞĚĚŝƚŝ ƐƵƉĞƌŝŽƌŝ Ă ĞƵƌŽ ϭϱ͘ϰϵϯ ŶŽŶ ƐƉĞƚƚĂ ĂůĐƵŶĂ ĚĞƚƌĂnjŝŽŶĞͿ dd E /KE ͗ ĐŽŶ ŝů ĐŽĚŝĐĞ ϯ ůĂ ĚĞƚƌĂnjŝŽŶĞ ƐƉĞƚƚĂ ƉĞƌ ŝ Ɖƌŝŵŝ ϯ ĂŶŶŝ ĚĂůůĂ ƐƚŝƉƵůĂ ; ĞƐ͗ ƐĞ ƐƚŝƉƵůĂƚŽ ŶĞů ϮϬϭϭ ůĂ ĚĞƚƌĂnjŝŽŶĞ ǀĂůĞ ĂŶĐŚĞ ƉĞƌ ŝů ϮϬϭϮ Ğ ϮϬϭϯͿ͘
ĐŽůŽŶŶĂ Ϯ͗ ŝŶĚŝĐĂƌĞ ŝů ŶƵŵĞƌŽ ĚĞŝ ŐŝŽƌŶŝ ŶĞŝ ƋƵĂůŝ ů͛ƵŶŝƚă ŝŵŵŽďŝůŝĂƌĞ ůŽĐĂƚĂ ğ ƐƚĂƚĂ ĂĚŝďŝƚĂ ĂĚ ĂďŝƚĂnjŝŽŶĞ ƉƌŝŶĐŝƉĂůĞ ĐŽůŽŶŶĂ ϯ͗ ŝŶĚŝĐĂƌĞ ůĂ ƉĞƌĐĞŶƚƵĂůĞ Ěŝ ƐƉĞƚƚĂŶnjĂ ĚĞůůĂ ĚĞƚƌĂnjŝŽŶĞ ŶĞů ĐĂƐŽ ŝŶ ĐƵŝ ŝů ĐŽŶƚƌĂƚƚŽ Ěŝ ůŽĐĂnjŝŽŶĞ ğ ŝŶƚĞƐƚĂƚŽ Ă Ɖŝƶ ƐŽŐŐĞƚƚŝ͘
16 BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBB &$) ,QWHUUHJLRQDOH 'LSHQGHQWL 6 U O & ) 3 ,9$ ,VFUL]LRQH &DPHUD GL &RPPHUFLR GL 9LFHQ]D 5 ( $ Q FDSLWDOH VRFLDOH ¼ L Y
Z/'K ϳϮ d/ Z > d/s/ >> dZ /KE W Z / > sKZ dKZ/ /W E Ed/ , dZ ^& Z/^ KEK > Z ^/ E W Z DKd/s/ / > sKZK ;W Z Yh >hEYh KEdZ ddK / >K /KE Ϳ
> dZ /KE ^W dd / > sKZ dKZ/ /W E Ed/ , ͗
- ŚĂŶŶŽ ƚƌĂƐĨĞƌŝƚŽ ůĂ ƉƌŽƉƌŝĂ ƌĞƐŝĚĞŶnjĂ ŶĞů ĐŽŵƵŶĞ Ěŝ ůĂǀŽƌŽ Ž ŝŶ ƵŶ ĐŽŵƵŶĞ ůŝŵŝƚƌŽĨŽ ŶĞŝ ƚƌĞ ĂŶŶŝ ĂŶƚĞĐĞĚĞŶƚŝ Ă ƋƵĞůůŽ Ěŝ ƌŝĐŚŝĞƐƚĂ ĚĞůůĂ ĚĞƚƌĂnjŝŽŶĞ͖ - ŝů ŶƵŽǀŽ ĐŽŵƵŶĞ Ɛŝ ƚƌŽǀŝ Ă ŶŽŶ ŵĞŶŽ Ěŝ ϭϬϬ <ŵ Ěŝ ĚŝƐƚĂŶnjĂ ĚĂů ƉƌĞĐĞĚĞŶƚĞ Ğ͕ ŝŶ ŽŐŶŝ ĐĂƐŽ͕ Ăů Ěŝ ĨƵŽƌŝ ĚĞůůĂ ƉƌĞĐĞĚĞŶƚĞ ƌĞŐŝŽŶĞ͖ - ƐŝĂŶŽ ƚŝƚŽůĂƌŝ Ěŝ ƋƵĂůƵŶƋƵĞ ƚŝƉŽ Ěŝ ĐŽŶƚƌĂƚƚŽ Ěŝ ůŽĐĂnjŝŽŶĞ Ěŝ ƵŶŝƚă ŝŵŵŽďŝůŝĂƌĞ ĂĚŝďŝƚĂ ĂĚ ĂďŝƚĂnjŝŽŶĞ ƉƌŝŶĐŝƉĂůĞ ĚĞŐůŝ ƐƚĞƐƐŝ Ğ ƐŝƚƵĂƚĂ ŶĞů ŶƵŽǀŽ ĐŽŵƵŶĞ Ěŝ ƌĞƐŝĚĞŶnjĂ͘
WƌĞƐĞŶƚĂƌĞ ĐŽƉŝĂ ĚĞů ĐŽŶƚƌĂƚƚŽ Ěŝ ůŽĐĂnjŝŽŶĞ Ğ ĐĞƌƚŝĨŝĐĂƚŽ Ěŝ ƌĞƐŝĚĞŶnjĂ ĂŶĂŐƌĂĨŝĐĂ ƌŝƉŽƌƚĂŶƚĞ ůĂ ƉƌŽǀĞŶŝĞŶnjĂ Ğ ůĂ ĚĂƚĂ Ěŝ ǀĂƌŝĂnjŝŽŶĞ͘
d > dZ /KE ^W dd ^K>K W Z / WZ/D/ dZ EE/ > dZ ^& Z/D EdK >> Z ^/ E ͕ Yh/E / ^ DW/K ^ /> dZ ^& Z/D EdK >> Z ^/ E ss EhdK KddK Z ϮϬϭϬ͕ > dZ /KE ^W dd ^K>K W Z '>/ EE/ / /DWK^d > ϮϬϭϬ &/EK > ϮϬϭϮ͘
ƚƚĞŶnjŝŽŶĞ - >Ă ĚĞƚƌĂnjŝŽŶĞ ŶŽŶ ƐƉĞƚƚĂ Ăŝ ƚŝƚŽůĂƌŝ Ěŝ ƌĞĚĚŝƚŝ ĂƐƐŝŵŝůĂƚŝ Ăů ůĂǀŽƌŽ ĚŝƉĞŶĚĞŶƚĞ - /ů ĚŝƌŝƚƚŽ ĂůůĂ ĚĞƚƌĂnjŝŽŶĞ Ɛŝ ƉĞƌĚĞ ĚĂůů͛ĂŶŶŽ ƐƵĐĐĞƐƐŝǀŽ Ă ƋƵĞůůŽ ŝŶ ĐƵŝ ŝů ĐŽŶƚƌŝďƵĞŶƚĞ ĐĞƐƐĂ Ěŝ ĞƐƐĞƌĞ ůĂǀŽƌĂƚŽƌĞ ĚŝƉĞŶĚĞŶƚĞ ͘ ůĞ ĚĞƚƌĂnjŝŽŶŝ Ěŝ ĐƵŝ Ăŝ ƌŝŐŚŝ ϳϭ ;ƌĞůĂƚŝǀĂŵĞŶƚĞ ĂĚ ŽŐŶŝ ĐŽĚŝĐĞͿ Ğ ϳϮ ƐŽŶŽ ĂůƚĞƌŶĂƚŝǀĞ͕ ƉĞƌ ĐƵŝ͕ ƌŝĐŽƌƌĞŶĚŽŶĞ ůĞ ĐŽŶĚŝnjŝŽŶŝ ͕ ğ ƉŽƐƐŝďŝůĞ ƐĐĞŐůŝĞƌĞ ůĂ Ɖŝƶ ĨĂǀŽƌĞǀŽůĞ͘ /ů ĐŽŶƚƌŝďƵĞŶƚĞ ƉƵž ďĞŶĞĨŝĐŝĂƌĞ Ěŝ Ɖŝƶ ĚĞƚƌĂnjŝŽŶŝ ƐĞ ƉĞƌ ĂůĐƵŶĞ ƉĂƌƚŝ ĚĞůů͛ĂŶŶŽ Ɛŝ ƚƌŽǀĂ ŝŶ ƵŶĂ ĚĞůůĞ ƐŝƚƵĂnjŝŽŶŝ ƉƌĞǀŝƐƚĞ͘ ŝŶ ƚĂů ĐĂƐŽ ŝů ŶƵŵĞƌŽ Ěŝ ŐŝŽƌŶŝ ŝŶĚŝĐĂƚŝ Ă ĐŽůŽŶŶĂ ϭ ĚĞůůĞ ĚĞƚƌĂnjŝŽŶŝ ƐĐĞůƚĞ ŶŽŶ ƉƵž ƐƵƉĞƌĂƌĞ ϯϲϱ͘
> D Ed Z ^ĞnjŝŽŶĞ s/ ůƚƌĞ ĚĞƚƌĂnjŝŽŶŝ Ěŝ ŝŵƉŽƐƚĂ Z/'K ϴϮ K>KEE Ϯ ; EEK ϮϬϬϵͿ
ƌŝƉŽƌƚĂƌĞ ůĂ ƐƉĞƐĂ ƐŽƐƚĞŶƵƚĂ ŶĞů ϮϬϬϵ ƉĞƌ ůĂ ƋƵĂůĞ ^W ^ W Z Yh/^dK / DK />/͕ > ddZK KD ^d/ /͕ WW Z ,/ ƐƉĞƚƚĂ ůĂ ĚĞƚƌĂnjŝŽŶĞ ƉĞƌ ůĂ ƚĞƌnjĂ Ěŝ ϱ ƌĂƚĞ d > s/^/s/ KDWhd Z &/E >/ dK >>͛ ZZ K / /DDK />/ /d d/s/ Z/^dZhddhZ d/
17 BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBB &$) ,QWHUUHJLRQDOH 'LSHQGHQWL 6 U O & ) 3 ,9$ ,VFUL]LRQH &DPHUD GL &RPPHUFLR GL 9LFHQ]D 5 ( $ Q FDSLWDOH VRFLDOH ¼ L Y
Yh ZK & ͗ >dZ/ d/
Z
K hD Ed /KE >> ' Z
Z/'K &ϭ s Z^ D Ed/ /ZW & /E KEdK
/ZW &͗ /ŶĚŝĐĂƌĞ ƋƵĂŶƚŽ ƌŝƉŽƌƚĂƚŽ ŶĞŝ ƉƵŶƚŝ Ϯϭ Ğ ϮϮ ĚĞů h ϮϬϭϮ ƌŝƐƉĞƚƚŝǀĂŵĞŶƚĞ ŝŶ ĐŽůŽŶŶĂ ϭ Ğ ŝŶ ĐŽůŽŶŶĂ Ϯ ĚĞů ϳϯϬ Ž ů͛ŝŵƉŽƌƚŽ ƌŝƐƵůƚĂŶƚĞ ĚĂů DŽĚ͘ &Ϯϰ ĐŽŶ ŝ ĐŽĚŝĐŝ ϰϬϯϯ Ğ ϰϬϯϰ ŝŶ ĐĂƐŽ Ěŝ ǀĞƌƐĂŵĞŶƚŽ ĚŝƌĞƚƚŽ ;ƐŽůŽ ƉĞƌ ŝů ĐŽĚŝĐĞ ϰϬϯϯ ƌŝĐŽƌĚĂƌƐŝ Ěŝ ƐĐŽƌƉŽƌĂƌĞ ůĂ ŵĂŐŐŝŽƌĂnjŝŽŶĞ ĚĞůůŽ Ϭ͕ϰй ƉĞƌ ƉĂŐĂŵĞŶƚŝ ĞĨĨĞƚƚƵĂƚŝ ŝů ϭϲ ůƵŐůŝŽ ĂŶnjŝĐŚĠ ŝů ϭϲ ŐŝƵŐŶŽͿ
ĞůĞŐŚĞ ďĂŶĐĂƌŝĞ DŽĚ͘ &Ϯϰ Ž ŵŽĚĞůůŽ h
/ ,/ Z /KE KE'/hEd ͗ ŝŶ ĐĂƐŽ Ěŝ ĚŝĐŚŝĂƌĂnjŝŽŶĞ ĐŽŶŐŝƵŶƚĂ Őůŝ ŝŵƉŽƌƚŝ ǀĞƌƐĂƚŝ Ă ƚŝƚŽůŽ Ěŝ ĂĐĐŽŶƚŽ ĚĞů ĚŝĐŚŝĂƌĂŶƚĞ Ğ ĚĞů ĐŽŶŝƵŐĞ EKE ǀĂŶŶŽ KEdK ͘> KDhE > ͗ /ŶĚŝĐĂƌĞ ŝŶ ĐŽůŽŶŶĂ ϰ ƋƵĂŶƚŽ ƐŽŵŵĂƚŝ ĞĚ ŝŶĚŝĐĂƚŝ ŶĞů ƌŝŐŽ &ϭ ĚĞů ĚŝĐŚŝĂƌĂŶƚĞ͕ ŵĂ ƌŝƉŽƌƚĂƚŽ ŶĞů ƉƵŶƚŝ Ϯϰ ĚĞů h ϮϬϭϮ Ğ ŝŶ ĐŽůŽŶŶĂ ϱ ƐĞ ŝů ǀĂŶŶŽ ĚŝĐŚŝĂƌĂƚŝ ƐĞƉĂƌĂƚĂŵĞŶƚĞ͕ ĐŝĂƐĐƵŶŽ ǀĞƌƐĂŵĞŶƚŽ ğ ƐƚĂƚŽ ĞƐĞŐƵŝƚŽ ĂƵƚŽŶŽŵĂŵĞŶƚĞ Ğ ƌŝƐƵůƚĂ ĚĂů ƵƚŝůŝnjnjĂŶĚŽ ŝů ƌŝŐŽ &ϭ ĚĞů ƐƵŽ DŽĚ͘ϳϯϬ͘ DŽĚ͘ &Ϯϰ ĐŽŶ ŝů ĐŽĚŝĐĞ ϯϴϰϯ ĂŶŶŽ ϮϬϭϭ ŶĞůůĂ ƐĞnjŝŽŶĞ dƌŝďƵƚŝ ůŽĐĂůŝ WZ/DK KEdK K> Z ^ /ŶĚŝĐĂƌĞ ŝŶ ĐŽůŽŶŶĂ ϲ ŝ ǀĞƌƐĂŵĞŶƚŝ ĐŽŶ DŽĚ &Ϯϰ ͕ ĐŽĚ͘ ƚƌŝď͘ ϭϴϰϬ ĂŶŶŽ Ě͛ŝŵƉŽƐƚĂ ϮϬϭϭ ^ KE K ͬ hE/ K KEdK K> Z ^ ͗ ŝŶĚŝĐĂƌĞ ŝŶ ĐŽůŽŶŶĂ ϳ ŝ ǀĞƌƐĂŵĞŶƚŝ ĐŽŶ DŽĚ &Ϯϰ ĐŽĚ͘ ƚƌŝď͘ ϭϴϰϭ ĂŶŶŽ Ě͛ŝŵƉŽƐƚĂ ϮϬϭϭ Z/'K &ϯ Ͳ &ϰ E / /DWK^d /ŶĚŝĐĂƌĞ ůĞ ĞǀĞŶƚƵĂůŝ ĞĐĐĞĚĞŶnjĞ Ěŝ /ZW & Ğ ĂĚĚŝnjŝŽŶĂůŝ ƌŝƐƵůƚĂŶƚŝ ĚĂů DŽĚĞůůŽ hŶŝĐŽ ϮϬϭϭ͕ ŶŽŶ ĐŚŝĞƐƚĞ Ă ƌŝŵďŽƌƐŽ Ğ ŶŽŶ ĐŽŵƉĞŶƐĂƚĞ͕ ŶŽŶĐŚĠ Őůŝ ĞǀĞŶƚƵĂůŝ ĐƌĞĚŝƚŝ ĚĂ ĂƐƐŝƐƚĞŶnjĂ ĨŝƐĐĂůĞ ŶŽŶ ƌŝŵďŽƌƐĂƚŝ ĚĂů ĚĂƚŽƌĞ Ěŝ ůĂǀŽƌŽ͕ ĐŽƐŞ ĐŽŵĞ ŝŶĚŝĐĂƚŝ Ăŝ ƉƵŶƚŝ ϯϭ͕ ϯϮ Ğ ϯϯ ĚĞů h ϮϬϭϮ͘ ĐŽůŽŶŶĂ ϭ ĚĞů ZŝŐŽ &ϰ ŝŶĚŝĐĂƌĞ ŝů ĐŽĚŝĐĞ ƌĞŐŝŽŶĞ ƌĞůĂƚŝǀŽ Ăů ĚŽŵŝĐŝůŝŽ ĨŝƐĐĂůĞ Ăů ϯϭ ĚŝĐĞŵďƌĞ ϮϬϭϬ ƐŽůŽ ƐĞ ƐŽŶŽ ĐŽŵƉŝůĂƚŝ ŝ ƐƵĐĐĞƐƐŝǀŝ ĐĂŵƉŝ ĚĞů ƌŝŐŽ͘
ŵŽĚĞůůŽ h ͖ ĚŝĐŚŝĂƌĂnjŝŽŶĞ ĚĞŝ ƌĞĚĚŝƚŝ DŽĚĞůůŽ hŶŝĐŽ ϮϬϭϭ ĐŽŵƉƌĞŶĚĞŶƚĞ ŝů ƋƵĂĚƌŽ Zy Ğ ůĂ ƌŝĐĞǀƵƚĂ Ěŝ ŝŶǀŝŽ ƚĞůĞŵĂƚŝĐŽ ĚŝĐŚŝĂƌĂnjŝŽŶĞ ĚĞŝ ƌĞĚĚŝƚŝ Ěŝ ĂŶŶŝ ƉƌĞĐĞĚĞŶƚŝ ƋƵĂůŽƌĂ ƉĞƌ ŝů ϮϬϭϬ ŶŽŶ ƐŝĂ ƐƚĂƚĂ ƉƌĞƐĞŶƚĂƚĂ ĂůĐƵŶĂ ĚŝĐŚŝĂƌĂnjŝŽŶĞ͖ ŵŽĚĞůůŝ Ěŝ ǀĞƌƐĂŵĞŶƚŽ &Ϯϰ ƉĞƌ ĞǀĞŶƚƵĂůŝ ĐŽŵƉĞŶƐĂnjŝŽŶŝ ĞĨĨĞƚƚƵĂƚĞ͘ ĞǀĞŶƚƵĂůĞ ŵĂŐŐŝŽƌŝ ĐƌĞĚŝƚŝ ĐŽŵƵŶŝĐĂƚŝ ĚĞůů͛ ŐĞŶnjŝĂ ĚĞůůĞ ŶƚƌĂƚĞ ƉĞƌ ŝů ƉĞƌŝŽĚŽ Ě͛ŝŵƉŽƐƚĂ ϮϬϭϬ ;ŝŶ ĐĂƐŽ Ěŝ ŵĂŐŐŝŽƌĞ ĐƌĞĚŝƚŽ ĐŽŵƵŶŝĐĂƚŽ Ğ ƌŝĨĞƌŝƚŽ ĂĚ ĂŶŶŝ ƉƌĞĐĞĚĞŶƚŝ Ăů ϮϬϭϬ͕ ŽĐĐŽƌƌĞ ƌĞĐĂƌƐŝ ŝŶ ŐĞŶnjŝĂ ƉĞƌ ƌĞŐŽůĂƌŝnjnjĂƌĞ ŝů ƌŝƉŽƌƚŽ ĚĞů ĐƌĞĚŝƚŽ ĂŐůŝ ĂŶŶŝ ƐƵĐĐĞƐƐŝǀŝ ĨŝŶŽ Ăů ϮϬϭϬͿ
18 BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBB &$) ,QWHUUHJLRQDOH 'LSHQGHQWL 6 U O & ) 3 ,9$ ,VFUL]LRQH &DPHUD GL &RPPHUFLR GL 9LFHQ]D 5 ( $ Q FDSLWDOH VRFLDOH ¼ L Y
Z/'K &ϲ KEd/ Z d /KE E͘ ͘ ĂƌƌĂƌĞ ůĂ ĐĂƐĞůůĂ ϭ ƉĞƌ ŶŽŶ ĞĨĨĞƚƚƵĂƌĞ ŝ ǀĞƌƐĂŵĞŶƚŝ Ěŝ ĂĐĐŽŶƚŽ /ů ĚŝĐŚŝĂƌĂŶƚĞ Ğ ŝů ĐŽŶŝƵŐĞ ƉŽƐƐŽŶŽ ƐĐĞŐůŝĞƌĞ /ZW & ƉĞƌ ŝů ϮϬϭϮ͘ ĂƵƚŽŶŽŵĂŵĞŶƚĞ ůĂ ŵŝƐƵƌĂ ĚĞŐůŝ ĂĐĐŽŶƚŝ ĚĂ ǀĞƌƐĂƌĞ Ğ͕ ƋƵŝŶĚŝ͕ ůĞ ĐŽůŽŶŶĞ ĚĂ ϭ Ă ϲ ĚĞů ƌŝŐŽ ĂƌƌĂƌĞ ůĂ ĐĂƐĞůůĂ ϯ ƉĞƌ ŶŽŶ ǀĞƌƐĂƌĞ ů͛ĂĐĐŽŶƚŽ Ěŝ ĂĚĚŝnjŝŽŶĂůĞ &ϲ ĚĞů ŵŽĚĞůůŽ ĚĞů ĚŝĐŚŝĂƌĂŶƚĞ Ğ Ěŝ ƋƵĞůůŽ ĚĞů ĐŽŵƵŶĂůĞ ƉĞƌ ŝů ϮϬϭϮ͘ ĐŽŶŝƵŐĞ ƉŽƐƐŽŶŽ ƌŝƐƵůƚĂƌĞ ĐŽŵƉŝůĂƚĞ ŝŶ ĂƌƌĂƌĞ ůĂ ĐĂƐĞůůĂ ϱ ƉĞƌ ŶŽŶ ǀĞƌƐĂƌĞ ů͛ĂĐĐŽŶƚŽ ĚĞůůĂ ĐĞĚŽůĂƌĞ ŵĂŶŝĞƌĂ ĚŝǀĞƌƐĂ͘ ƐĞĐĐĂ ƉĞƌ ŝů ϮϬϭϮ͘ / ,/ Z /KE KE'/hEd ͕ Z d ͗ >Ă ƌĂƚĞĂnjŝŽŶĞ ğ ƵŶŝĐĂ ͗ ƐĞ ƌŝƐƵůƚĂ ĚŝǀĞƌƐŽ ƐƵů /ŶĚŝĐĂƌĞ ŶĞůůĂ ĐĂƐĞůůĂ ϳ ŝů ŶƵŵĞƌŽ ĚĞůůĞ ƌĂƚĞ ƌŝĐŚŝĞƐƚĞ ƉĞƌ ŝů ŵŽĚĞůůŽ ĚĞů ĚŝĐŚŝĂƌĂŶƚĞ Ğ ƐƵů ŵŽĚĞůůŽ ĚĞů ƉĂŐĂŵĞŶƚŽ ĚĞŐůŝ ŝŵƉŽƌƚŝ Ă ĚĞďŝƚŽ ;ĚĂ Ϯ ĂĚ ƵŶ ŵĂƐƐŝŵŽ Ěŝ ϱͿ͘ ĐŽŶŝƵŐĞ ŝů ŶƵŵĞƌŽ Ěŝ ƌĂƚĞ ĐŽŶ ŝů ƋƵĂůĞ Ɛŝ ƌŝĐŚŝĞĚĞ ůĂ ƌĂƚĞĂnjŝŽŶĞ ĚĞů ĚĞďŝƚŽ ;ĐŽůŽŶŶĂ ϳ ĚĞů ƌŝŐŽ &ϲͿ͕ ŝů ĂĨ ĐŽŶƐŝĚĞƌĞƌă ƋƵĞůůŽ ŝŶĚŝĐĂƚŽ ƐƵů ŵŽĚĞůůŽ ĚĞů ŝĐŚŝĂƌĂŶƚĞ͘ Z/'K &ϳ ^K'>/ / ^ E /KE / /KE > KDhE > ŽŵƉŝůĂŶĚŽ ŝů ƌŝŐŽ ŝů ĐŽŶƚƌŝďƵĞŶƚĞ ĂƚƚĞƐƚĂ ŝů ƉŽƐƐĞƐƐŽ ĚĞŝ ƌĞƋƵŝƐŝƚŝ ƐŽŐŐĞƚƚŝǀŝ ƉƌĞǀŝƐƚŝ ĚĂůůĂ ĚĞůŝďĞƌĂ ĐŽŵƵŶĂůĞ ƉĞƌ ŝů ĚŝƌŝƚƚŽ Ăůů͛ĞƐĞŶnjŝŽŶĞ Ž Ăůů͛ĂůŝƋƵŽƚĂ ĂŐĞǀŽůĂƚĂ͘
>Ă ƐĞnjŝŽŶĞ ǀĂ ĐŽŵƉŝůĂƚĂ ƐŽůŽ ƐĞ ŝů ĐŽŶƚƌŝďƵĞŶƚĞ ƌŝƐŝĞĚĞ ŝŶ ƵŶ ŽŵƵŶĞ ĐŚĞ ŚĂ ĚĞůŝďĞƌĂƚŽ ĐŽŶ ƌŝĨĞƌŝŵĞŶƚŽ Ăůů͛ĂĚĚŝnjŝŽŶĂůĞ ĐŽŵƵŶĂůĞ ƉĞƌ ŝů ϮϬϭϭ ĞͬŽ ƉĞƌ ŝů ϮϬϭϮ ĚĞůůĞ ƐŽŐůŝĞ Ěŝ ĞƐĞŶnjŝŽŶĞ͕ ƵŶĂ ĂůŝƋƵŽƚĂ ĂŐĞǀŽůĂƚĂ Ž ƵŶĂ ĞƐĞŶnjŝŽŶĞ ƚŽƚĂůĞ ŶŽŶ ŝŶĚŝǀŝĚƵĂďŝůŝ ŶĞŐůŝ ĞůĞŶĐŚŝ ĚĞŝ ĚĂƚŝ ĚĞŝ ŽŵƵŶŝ ĨŽƌŶŝƚŝ ĚĂů DŝŶŝƐƚĞƌŽ ĚĞůůĞ &ŝŶĂŶnjĞ͕ ƉĞƌĐŚĠ ƌŝĨĞƌŝƚĞ Ă ƉĂƌƚŝĐŽůĂƌŝ ĐŽŶĚŝnjŝŽŶŝ ƐŽŐŐĞƚƚŝǀĞ ; ĂĚ ĞƐ͘ ƉĞƌ ůĂ ĐŽŵƉŽƐŝnjŝŽŶĞ ĚĞů ŶƵĐůĞŽ ĨĂŵŝůŝĂƌĞ͕ ƉĞƌ ĞǀĞŶƚƵĂůŝ ŚĂŶĚŝĐĂƉ͕ ͙͘͘Ϳ͘
Yh ZK '͗ Z /d/ / /DWK^d Z/'K 'ϭ͗ Z /dK / /DWK^d W Z /> Z/ Yh/^dK >> WZ/D ^ ͗ ƉƌŽĚƵƌƌĞ ůĂ ĚŽĐƵŵĞŶƚĂnjŝŽŶĞ Ěŝ ƐƵƉƉŽƌƚŽ ƉĞƌ ŝů ĐĂůĐŽůŽ ĚĞů ĐƌĞĚŝƚŽ Ěŝ ŝŵƉŽƐƚĂ ƐƉĞƚƚĂŶƚĞ ;ů͛ĂƚƚŽ ŶŽƚĂƌŝůĞ Ğ ůĞ ĞǀĞŶƚƵĂůŝ ĨĂƚƚƵƌĞ ƌĞůĂƚŝǀĞ Ăů ƉƌŝŵŽ ĂĐƋƵŝƐƚŽ͕ ů͛ĂƚƚŽ ŶŽƚĂƌŝůĞ ƌĞůĂƚŝǀŽ ĂůůĂ ƐƵĐĐĞƐƐŝǀĂ ǀĞŶĚŝƚĂ Ğ ů͛ĂƚƚŽ ŶŽƚĂƌŝůĞ Ğ ůĞ ĞǀĞŶƚƵĂůŝ ĨĂƚƚƵƌĞ ƌĞůĂƚŝǀĞ Ăů ƐĞĐŽŶĚŽ ĂĐƋƵŝƐƚŽ͕ ƉĞƌ ůĂ ǀĞƌŝĨŝĐĂ ĚĞůů͛ŝŵƉŽƐƚĂ Ěŝ ƌĞŐŝƐƚƌŽ Ž ĚĞůů͛/s ƉĂŐĂƚĂ Ϳ͘ sĂ ĂůůĞŐĂƚŽ ƵŶ ƉƌŽƐƉĞƚƚŽ ĚĞŝ ĐŽŶƚĞŐŐŝ ĞƐĞŐƵŝƚŝ ƉĞƌ ůĂ ǀĞƌŝĨŝĐĂ ĚĞůů͛ŝŵƉŽƌƚŽ ĚĞů ĐƌĞĚŝƚŽ Ě͛ŝŵƉŽƐƚĂ ĚŝĐŚŝĂƌĂƚŽ͘ Z/'K 'Ϯ͗ Z /d/ / /DWK^d W Z EKE/ EKE W Z W/d/ ͗ ƉĞƌ ůĂ ĚĞƚĞƌŵŝŶĂnjŝŽŶĞ ĚĞů ĐƌĞĚŝƚŽ ğ ŶĞĐĞƐƐĂƌŝŽ ů͛ĂƚƚŽ Ěŝ ĐŽŶǀĂůŝĚĂ Ěŝ ƐĨƌĂƚƚŽ ƉĞƌ ŵŽƌŽƐŝƚă Ğ ůĞ ĚŝĐŚŝĂƌĂnjŝŽŶŝ ĚĞŝ ƌĞĚĚŝƚŝ ĚĞŐůŝ ĂŶŶŝ ƉĞƌ ŝ ƋƵĂůŝ ŶŽŶ ğ ƐƚĂƚŽ ƉĞƌĐĞƉŝƚŽ ŝů ĐĂŶŽŶĞ͕ Ăů ĨŝŶĞ Ěŝ ƉŽƚĞƌ ŽƉĞƌĂƌĞ ůĂ ƌŝůŝƋƵŝĚĂnjŝŽŶĞ Ğ ĚĞƚĞƌŵŝŶĂƌĞ ůĞ ŵĂŐŐŝŽƌŝ ŝŵƉŽƐƚĞ ƉĂŐĂƚĞ ƉĞƌ ĞĨĨĞƚƚŽ ĚĞŝ ĐĂŶŽŶŝ ŶŽŶ ƉĞƌĐĞƉŝƚŝ͘ sĂ ĂůůĞŐĂƚŽ ĂŶĐŚĞ ƵŶ ƉƌŽƐƉĞƚƚŽ ĚĞŝ ĐŽŶƚĞŐŐŝ ĞƐĞŐƵŝƚŝ ƉĞƌ ůĂ ǀĞƌŝĨŝĐĂ ĚĞůů͛ŝŵƉŽƌƚŽ ĚŝĐŚŝĂƌĂƚŽ ĚĞů ĐƌĞĚŝƚŽ Ě͛ŝŵƉŽƐƚĂ͘ 19 BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBB &$) ,QWHUUHJLRQDOH 'LSHQGHQWL 6 U O & ) 3 ,9$ ,VFUL]LRQH &DPHUD GL &RPPHUFLR GL 9LFHQ]D 5 ( $ Q FDSLWDOH VRFLDOH ¼ L Y
^ /KE /// ʹ Z /dK / /DWK^d W Z Z /d/ WZK Kdd/ >>͛ ^d ZK YƵĞƐƚŽ ƌŝŐŽ ǀĂ ĐŽŵƉŝůĂƚŽ ĚĂŝ ĐŽŶƚƌŝďƵĞŶƚŝ ĐŚĞ ŚĂŶŶŽ ƉĞƌĐĞƉŝƚŽ ƌĞĚĚŝƚŝ ŝŶ ƵŶ ƉĂĞƐĞ ƐƚƌĂŶŝĞƌŽ ŶĞů ƋƵĂůĞ ƐŽŶŽ ƐƚĂƚĞ ƉĂŐĂƚĞ ŝŵƉŽƐƚĞ Ă ƚŝƚŽůŽ ĚĞĨŝŶŝƚŝǀŽ͕ ƉĞƌ ůĞ ƋƵĂůŝ ŝů & ƉƵž ƌŝĐŽŶŽƐĐĞƌĞ ƵŶ ĐƌĞĚŝƚŽ Ě͛ŝŵƉŽƐƚĂ͘ >Ğ ŝŵƉŽƐƚĞ ĚĂ ŝŶĚŝĐĂƌĞ ƐŽŶŽ ƋƵĞůůĞ ĚŝǀĞŶƵƚĞ ĚĞĨŝŶŝƚŝǀĞ Ă ƉĂƌƚŝƌĞ ĚĂů ϮϬϭϭ ;ƐĞ ŶŽŶ Őŝă ŝŶĚŝĐĂƚĞ ŶĞůůĂ ĚŝĐŚŝĂƌĂnjŝŽŶĞ ĚĞůů͛ĂŶŶŽ ƉƌĞĐĞĚĞŶƚĞͿ ƐŝŶŽ Ăů ƚĞƌŵŝŶĞ Ěŝ ƉƌĞƐĞŶƚĂnjŝŽŶĞ ĚĞů ŵŽĚĞůůŽ ϳϯϬͬϮϬϭϮ͘ K hD Ed /KE WZ ^ Ed Z ͗ -
ĐĞƌƚŝĨŝĐĂnjŝŽŶĞ ĚĞůůĞ ŝŵƉŽƐƚĞ ƉĂŐĂƚĞ Ăůů͛ĞƐƚĞƌŽ ŝŶ ǀŝĂ ĚĞĨŝŶŝƚŝǀĂ ƉĞƌ ů͛ĂƚƚƌŝďƵnjŝŽŶĞ ĚĞů ĐƌĞĚŝƚŽ Ěŝ ŝŵƉŽƐƚĂ
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ƉƌŽƐƉĞƚƚŽ Ěŝ ĐĂůĐŽůŽ ĚĞů ĐƌĞĚŝƚŽ Ě͛ŝŵƉŽƐƚĂ ĚŝĐŚŝĂƌĂƚŽ͘ ^Ƶů ƐŝƚŽ ĚĞů ĂĨ /ŶƚĞƌƌĞŐŝŽŶĂůĞ ǁǁǁ͘ĐĂĨŝŶƚĞƌƌĞŐŝŽŶĂůĞ͘ŝƚ Ͳ ŽĐƵŵĞŶƚŝ ƐĐĂƌŝĐĂďŝůŝͲ ğ ĚŝƐƉŽŶŝďŝůĞ ƵŶ ŵŽĚĞůůŽ ƉĞƌ ůĂ ĐŽƌƌĞƚƚĂ ĐŽŵƉŝůĂnjŝŽŶĞ ĚĞů ƌŝŐŽ 'ϰ͘
Yh ZK '͗ /DWK^d
Yh ZK / ͗ /Dh ŶĞĐĞƐƐĂƌŝŽ ĐŽŵƉŝůĂƌĞ ƚĂůĞ ƋƵĂĚƌŽ ƋƵĂůŽƌĂ Ɛŝ ǀŽŐůŝĂ ƵƚŝůŝnjnjĂƌĞ ŝů ĐƌĞĚŝƚŽ ƌŝƐƵůƚĂŶƚĞ ĚĂůůĂ ĚŝĐŚŝĂƌĂnjŝŽŶĞ ĚĞŝ ƌĞĚĚŝƚŝ ϳϯϬͬϮϬϭϮ ƉĞƌ ŝů ƉĂŐĂŵĞŶƚŽ ĚĞůůĂ ŶƵŽǀĂ /DWK^d DhE/ /W > hE/ ĚŽǀƵƚĂ ƉĞƌ ŝů ϮϬϭϮ͘ >͛ƵƚŝůŝnjnjŽ ĚĞů ĐƌĞĚŝƚŽ ƉƵž ĞƐƐĞƌĞ ƚŽƚĂůĞ Ž ƉĂƌnjŝĂůĞ͗ ƉĞƌ ƵƚŝůŝnjnjĂƌĞ ŝŶ ĐŽŵƉĞŶƐĂnjŝŽŶĞ ƋƵĞƐƚŽ ĐƌĞĚŝƚŽ ŝů ĐŽŶƚƌŝďƵĞŶƚĞ ĚĞǀĞ ĐŽŵƉŝůĂƌĞ Ğ ƉƌĞƐĞŶƚĂƌĞ ĂůůĂ ďĂŶĐĂ Ž Ăůů͛ƵĨĨŝĐŝŽ ƉŽƐƚĂůĞ ŝů ŵŽĚĞůůŽ Ěŝ ƉĂŐĂŵĞŶƚŽ &Ϯϰ
dd E /KE ͗ ůĂ ĐŽŵƉŝůĂnjŝŽŶĞ ĚĞů ŵŽĚĞůůŽ &Ϯϰ ğ Ă ĐƵƌĂ ĞƐĐůƵƐŝǀĂ ĚĞů ĚŝƉĞŶĚĞŶƚĞ͘
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Modello 730/2012 redditi 2011 (Allegato A )
Il sottoscritto ______________________________________________ , codice fiscale ________________________ consapevole delle conseguenze civili e penali derivanti da una falsa dichiarazione,
DICHIARA SOTTO LA PROPRIA RESPONSABILITA’ :
A)
INTERESSI PASSIVI SU MUTUO IPOTECARIO PER ACQUISTO ABITAZIONE PRINCIPALE
rigo E7
di avere stipulato dopo il 01/01/2001 un contratto di mutuo ipotecario per l’acquisto di un immobile adibito ad abitazione principale entro 1 anno dall’acquisto ; di avere stipulato dal 01/01/1993 al 31/12/2000 un contratto di mutuo ipotecario per l’acquisto di un immobile adibito ad abitazione principale entro i 6 mesi dall’acquisto Per tutto l’anno 2011 l’immobile ha mantenuto la destinazione di abitazione principale, oppure dal ___________________ l’immobile acquistato NON è più utilizzato come abitazione principale
B)
INTERESSI PASSIVI SU MUTUO PER COSTRUZIONE / RISTRUTTURAZIONE
MUTUO IPOTECARIO STIPULATO DAL 1998 PER COSTRUZIONE / RISTRUTTURAZIONE DELL’ABITAZIONE ULJR (
PRINCIPALE
di avere stipulato nell’anno _________________ un contratto di mutuo ipotecario per la costruzione o ristrutturazione edilizia (ex art. 31, comma 1, lettera d) Legge 457/78 1 ) dell'abitazione principale. i lavori di costruzione / ristrutturazione al 31/12/2011 non sono ancora terminati
oppure i lavori di costruzione / ristrutturazione al 31/12/2011 sono terminati e l’immobile è stato adibito ad abitazione
principale entro i 6 mesi dal termine dei lavori. L’immobile è da me posseduto a titolo di proprietà o altro diritto reale. Si allegano le copie delle fatture delle spese sostenute a partire dalla data di stipula del mutuo, la copia della concessione edilizia e le comunicazioni di inizio e fine lavori al Comune se non già consegnati al Caf Interregionale Dipendenti srl in anni precedenti. MUTUO STIPULATO NEL 1997 PER RISTRUTTURAZIONE ULJR ( di avere stipulato nel 1997 un contratto di mutuo utilizzato per eseguire interventi di manutenzione, ristrutturazione, restauro, risanamento conservativo. I lavori sono terminati nell’anno ______________ Si allegano le copie delle fatture delle spese sostenute a partire dalla data di stipula del mutuo, la copia della concessione edilizia e le comunicazioni di inizio e fine lavori al Comune se non già consegnati al Caf Interregionale Dipendenti srl in anni precedenti. ____/____/ 2012
Firma _________________________________________
1 Art.31 lett.d) “interventi di ristrutturazione edilizia, quelli rivolti a trasformare gli organismi edilizi mediante un insieme sistematico di opere che possono portare ad un organismo edilizio in tutto o in parte diverso dal precedente. Tali interventi comprendono il ripristino o la sostituzione di alcuni elementi costitutivi dell'edificio, la eliminazione, la modifica e l'inserimento di nuovi elementi ed impianti”
Modello 730/2012 redditi 2011 (Allegato B )
RIGO E15 DICHIARAZIONE DELL’ADDETTO ALL’ASSISTENZA PERSONALE DI SOGGETTO NON AUTOSUFFICIENTE Il/la sottoscritto/a ___________________________________ , codice fiscale ________________________________ DICHIARA sotto la propria responsabilità di aver ricevuto nell’anno 2011 la somma di euro ___________________________ dal Sig. /Sig.ra ________________________________________ codice fiscale _________________________________ per assistenza personale o del familiare non autosufficiente di seguito indicato: Sig. /Sig.ra ________________________________________ codice fiscale __________________________________ ____/____/ 2012
Firma ______________________________________
Ai fini della validità della presente autocertificazione si allega copia del documento di identità.
*** RIGHI E41 E44 (Allegato C )
ƵƚŽĐĞƌƚŝĨŝĐĂnjŝŽŶĞ ƉĞƌ ĚĞƚƌĂnjŝŽŶĞ ƐƉĞƐĞ ƉĞƌ ŝŶƚĞƌǀĞŶƚŝ Ěŝ ƌĞĐƵƉĞƌŽ ĚĞů ƉĂƚƌŝŵŽŶŝŽ ĞĚŝůŝnjŝŽ Ͳ ůĂǀŽƌŝ ϯϲй Ž ϰϭй ŝŶŝnjŝĂƚŝ ĚĂů ϭϰ ŵĂŐŐŝŽ ϮϬϭϭ Il sottoscritto ______________________________________________ , codice fiscale ________________________ consapevole delle conseguenze civili e penali derivanti da una falsa dichiarazione, DICHIARA che le spese sostenute per i lavori iniziati dal 14 maggio 2011, per i quali non è più obbligatoria la comunicazione di inizio lavori al Centro Servizi di Pescara, sono riferite alle seguenti unità catastali : n.
Codice comune
Catasto terreni / Urbano
Intero/ Porzione
Sezione
Foglio
Particella
Sub
Rendita
Importo spesa 2011
€ € € €
Si allegano le visure catastali degli immobili indicati
____/____/ 2012
Firma _________________________________________
VALUTA ESTERA
B IMPOSTE PAGATE ALL'ESTERO certificate dall'autorità fiscale straniera
H
EURO EURO
IMPORTO DA INSERIRE NEL RIGO G4, COL. 4 -----> indicare l'importo calcolato in H
EURO
COMPILAZIONE DEL MODELLO 730/2012 IMPORTO DA INSERIRE NEL RIGO G4, COL. 3 ----> indicare l'importo MINORE tra D e F
( E- imposta estera * G - % concorrenza reddito estero tassato in Italia
IMPOSTA ESTERA RILEVANTE RIDETERMINATA AI SENSI DEL COMMA 10 DELL'ARTICOLO 165 TUIR
( F - reddito italiano / D - reddito estero in euro ) *100 ( n.b. se il rapporto è > di 1 considerare 100%)
G DETERMINAZIONE DELLA PERCENTUALE DI CONCORRENZA DEL REDDITO ESTERO AL COMPLESSIVO ITALIANO
VERIFICA ex art. 165, comma 10 del TUIR
F REDDITO PRODOTTO ALL'ESTERO CHE HA SUBITO L'IMPOSIZIONE IN ITALIA ( reddito convenzionale)
EURO
EURO
E IMPOSTE PAGATE ALL'ESTERO CONVERTITE IN EURO ( formula B/C)
ITALIA
EURO
D REDDITO ESTERO CONVERTITO IN EURO ( formula A/C)
C CAMBIO VALUTA ESTERA PER 1 EURO AL 31/12/2011 (fonte UIC www.uic.it ):
VALUTA ESTERA
A REDDITO ESTERO certificato dall'autorità fiscale straniera
STATO ESTERO
DATI RICAVABILI DALLE CERTIFICAZIONI E CONVERSIONE IN EURO DI QUELLI IN VALUTA ESTERA
reddito prodotto in ______________________
dipendente ___________________________ ditta __________________________
QUADRO G relativo a redditi esteri percepiti nell'anno 2011- COMPILAZIONE COL. 3 E 4
MODELLO 730/2012
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%