} W v } í Ð > /dhZ µ } µ ] v ] ] u } u } µ µ } µ i À ] U ... · ÊÃ®Ä¦Ê Ê Êà W...
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ÊÃ®Ä¦Ê Ê Êà WÝãÊÙ ϭǐ >/dhZ ;ƚŽƐ ϭϯ ϭϰϰϯ-ϱϮͿ EĂƋƵĞůĞƐ ĚŝĂƐ WĂƵůŽ Ğ ĂƌŶĂďĠ ƐĞŐƵŝƌĂŵ ĚĞ WĞƌŐĂ ĂƚĠ ŶƟŽƋƵŝĂ ĚĂ WŝƐşĚŝĂ Ƶŵ ƐĄďĂĚŽ ĞŶƚƌĂƌĂŵ ŶĂ ƐŝŶĂŐŽŐĂ Ğ ƐĞŶƚĂƌĂŵ-ƐĞ dĞƌŵŝŶĂĚĂ Ă ƌĞƵŶŝĆŽ ĚĂ ƐŝŶĂŐŽŐĂ ŵƵŝƚŽƐ ũƵĚĞƵƐ Ğ ƉƌŽƐĠůŝƚŽƐ ƉŝĞĚŽƐŽƐ ƐĞŐƵŝƌĂŵ WĂƵůŽ Ğ ĂƌŶĂďĠ ƋƵĞ ŶĂƐ ƐƵĂƐ ĐŽŶǀĞƌƐĂƐ ĐŽŵ ĞůĞƐ ŽƐ ĞdžŽƌƚĂǀĂŵ Ă ƉĞƌƐĞǀĞƌĂƌ ŶĂ ŐƌĂĕĂ ĚĞ ĞƵƐ EŽ ƐĄďĂĚŽ ƐĞŐƵŝŶƚĞ ƌĞƵŶŝƵ-ƐĞ ƋƵĂƐĞ ƚŽĚĂ Ă ĐŝĚĂĚĞ ƉĂƌĂ ŽƵǀŝƌ Ă ƉĂůĂǀƌĂ ĚŽ ^ĞŶŚŽƌ Ž ǀĞƌĞŵ Ă ŵƵůƟĚĆŽ ŽƐ ũƵĚĞƵƐ ĞŶĐŚĞƌĂŵ-ƐĞ ĚĞ ŝŶǀĞũĂ Ğ ƌĞƐƉŽŶĚĞƌĂŵ ĐŽŵ ďůĂƐĨĠŵŝĂƐ ŽƌĂũŽƐĂŵĞŶƚĞ WĂƵůŽ Ğ ĂƌŶĂďĠ ĚĞĐůĂƌĂƌĂŵ ƌĂ Ă ǀſƐ ƋƵĞ ĚĞǀŝĂ ƐĞƌ ĂŶƵŶĐŝĂĚĂ ƉƌŝŵĞŝƌŽ Ă ƉĂůĂǀƌĂ ĚĞ ĞƵƐ hŵĂ ǀĞnj ƉŽƌĠŵ ƋƵĞ Ă ƌĞũĞŝƚĂŝƐ Ğ ŶĆŽ ǀŽƐ ũƵůŐĂŝƐ ĚŝŐŶŽƐ ĚĂ ǀŝĚĂ ĞƚĞƌŶĂ ǀŽůƚĂŵŽ-ŶŽƐ ƉĂƌĂ ŽƐ ŐĞŶƟŽƐ ƉŽŝƐ ĂƐƐŝŵ ŶŽƐ ŵĂŶĚŽƵ Ž ^ĞŶŚŽƌ &ŝnj ĚĞ Ɵ Ă ůƵnj ĚĂƐ ŶĂĕƁĞƐ ƉĂƌĂ ůĞǀĂƌĞƐ Ă ƐĂůǀĂĕĆŽ ĂƚĠ ĂŽƐ ĐŽŶĮŶƐ ĚĂ ƚĞƌƌĂ Ž ŽƵǀŝƌĞŵ ĞƐƚĂƐ ƉĂůĂǀƌĂƐ ŽƐ ŐĞŶƟŽƐ ĞŶĐŚĞƌĂŵ-ƐĞ ĚĞ ĂůĞŐƌŝĂ Ğ ŐůŽƌŝĮĐĂǀĂŵ Ă ƉĂůĂǀƌĂ ĚŽ ^ĞŶŚŽƌ dŽĚŽƐ ŽƐ ƋƵĞ ĞƐƚĂǀĂŵ ĚĞƐƟŶĂĚŽƐ ă ǀŝĚĂ ĞƚĞƌŶĂ ĂďƌĂĕĂƌĂŵ Ă ĨĠ Ğ Ă ƉĂůĂǀƌĂ ĚŽ ^ĞŶŚŽƌ ĚŝǀƵůŐĂǀĂ-ƐĞ ƉŽƌ ƚŽĚĂ Ă ƌĞŐŝĆŽ DĂƐ ŽƐ ũƵĚĞƵƐ ŝŶƐƟŐĂŶĚŽ ĂůŐƵŵĂƐ ƐĞŶŚŽƌĂƐ ƉŝĞĚŽƐĂƐ ŵĂŝƐ ĚŝƐƟŶƚĂƐ Ğ ŽƐ ŚŽŵĞŶƐ ƉƌŝŶĐŝƉĂŝƐ ĚĂ ĐŝĚĂĚĞ ĚĞƐĞŶĐĂĚĞĂƌĂŵ ƵŵĂ ƉĞƌƐĞŐƵŝĕĆŽ ĐŽŶƚƌĂ WĂƵůŽ Ğ ĂƌŶĂďĠ Ğ ĞdžƉƵůƐĂƌĂŵ- ŶŽƐ ĚŽ ƐĞƵ ƚĞƌƌŝƚſƌŝŽ ƐƚĞƐ ƐĂĐƵĚŝŶĚŽ ĐŽŶƚƌĂ ĞůĞƐ Ž Ɖſ ĚŽƐ ƐĞƵƐ ƉĠƐ ƐĞŐƵŝƌĂŵ ƉĂƌĂ /ĐſŶŝŽ ŶƚƌĞƚĂŶƚŽ ŽƐ ĚŝƐĐşƉƵůŽƐ ĞƐƚĂǀĂŵ ĐŚĞŝŽƐ ĚĞ ĂůĞŐƌŝĂ Ğ ĚŽ ƐƉşƌŝƚŽ ^ĂŶƚŽ ^>DK Z^WKE^KZ/> EſƐ ƐŽŵŽƐ Ž ƉŽǀŽ ĚĞ ĞƵƐ ƐŽŵŽƐ ĂƐ ŽǀĞůŚĂƐ ĚŽ ƐĞƵ ƌĞďĂŶŚŽ Ϯǐ >/dhZ ;Ɖ ϳ ϵϭϰď-ϭϳͿ Ƶ :ŽĆŽ ǀŝ ƵŵĂ ŵƵůƟĚĆŽ ŝŵĞŶƐĂ ƋƵĞ ŶŝŶŐƵĠŵ ƉŽĚŝĂ ĐŽŶƚĂƌ ĚĞ ƚŽĚĂƐ ĂƐ ŶĂĕƁĞƐ ƚƌŝďŽƐ ƉŽǀŽƐ Ğ ůşŶŐƵĂƐ ƐƚĂǀĂŵ ĚĞ ƉĠ ĚŝĂŶƚĞ ĚŽ ƚƌŽŶŽ Ğ ŶĂ ƉƌĞƐĞŶĕĂ ĚŽ ŽƌĚĞŝƌŽ ǀĞƐƟĚŽƐ ĐŽŵ ƚƷŶŝĐĂƐ ďƌĂŶĐĂƐ Ğ ĚĞ ƉĂůŵĂƐ ŶĂ ŵĆŽ hŵ ĚŽƐ ŶĐŝĆŽƐ ƚŽŵŽƵ Ă ƉĂůĂǀƌĂ ƉĂƌĂ ŵĞ ĚŝnjĞƌ ƐƚĞƐ ƐĆŽ ŽƐ ƋƵĞ ǀŝĞƌĂŵ ĚĂ ŐƌĂŶĚĞ ƚƌŝďƵůĂĕĆŽ ŽƐ ƋƵĞ ůĂǀĂƌĂŵ ĂƐ ƚƷŶŝĐĂƐ Ğ ĂƐ ďƌĂŶƋƵĞĂƌĂŵ ŶŽ ƐĂŶŐƵĞ ĚŽ ŽƌĚĞŝƌŽ WŽƌ ŝƐƐŽ ĞƐƚĆŽ ĚŝĂŶƚĞ ĚŽ ƚƌŽŶŽ ĚĞ ĞƵƐ ƐĞƌǀŝŶĚŽ-K ĚŝĂ Ğ ŶŽŝƚĞ ŶŽ ƐĞƵ ƚĞŵƉůŽ ƋƵĞůĞ ƋƵĞ ĞƐƚĄ ƐĞŶƚĂĚŽ ŶŽ ƚƌŽŶŽ ĂďƌŝŐĄ-ůŽƐ-Ą ŶĂ ƐƵĂ ƚĞŶĚĂ EƵŶĐĂ ŵĂŝƐ ƚĞƌĆŽ ĨŽŵĞ ŶĞŵ ƐĞĚĞ ŶĞŵ Ž ƐŽů ŽƵ Ž ǀĞŶƚŽ ĂƌĚĞŶƚĞ ĐĂŝƌĆŽ ƐŽďƌĞ ĞůĞƐ K ŽƌĚĞŝƌŽ ƋƵĞ ĞƐƚĄ ŶŽ ŵĞŝŽ ĚŽ ƚƌŽŶŽ ƐĞƌĄ Ž ƐĞƵ ƉĂƐƚŽƌ Ğ ŽƐ ĐŽŶĚƵnjŝƌĄ ăƐ ĨŽŶƚĞƐ ĚĂ ĄŐƵĂ ǀŝǀĂ ĞƵƐ ĞŶdžƵŐĂƌĄ ƚŽĚĂƐ ĂƐ ůĄŐƌŝŵĂƐ ĚŽƐ ƐĞƵƐ ŽůŚŽƐ sE'>,K ;:Ž ϭϬ Ϯϳ-ϯϬͿ EĂƋƵĞůĞ ƚĞŵƉŽ ĚŝƐƐĞ :ĞƐƵƐ Ɛ ŵŝŶŚĂƐ ŽǀĞůŚĂƐ ĞƐĐƵƚĂŵ Ă ŵŝŶŚĂ ǀŽnj Ƶ ĐŽŶŚĞĕŽ ĂƐ ŵŝŶŚĂƐ ŽǀĞůŚĂƐ Ğ ĞůĂƐ ƐĞŐƵĞŵ-DĞ Ƶ ĚŽƵ-ůŚĞƐ Ă ǀŝĚĂ ĞƚĞƌŶĂ Ğ ŶƵŶĐĂ ŚĆŽ ĚĞ ƉĞƌĞĐĞƌ Ğ ŶŝŶŐƵĠŵ ĂƐ ĂƌƌĞďĂƚĂƌĄ ĚĂ ŵŝŶŚĂ ŵĆŽ DĞƵ WĂŝ ƋƵĞ DĂƐ ĚĞƵ Ġ ŵĂŝŽƌ ĚŽ ƋƵĞ ƚŽĚŽƐ Ğ ŶŝŶŐƵĠŵ ƉŽĚĞ ĂƌƌĞďĂƚĂƌ ŶĂĚĂ ĚĂ ŵĆŽ ĚŽ WĂŝ Ƶ Ğ Ž WĂŝ ƐŽŵŽƐ Ƶŵ Ɛſ &ŽůŚĂ WĂƌŽƋƵŝĂů ŶǑ ϳϲ ΎŶŽ //Ύ ϭϮϬϱϮϬϭϵ — KD/E'K /s W^K D/E/^dZ/K^ >//^ – EŽ ƉƌſdžŝŵŽ ĚŝĂ ϭϵ ĚĞ ŵĂŝŽ ŶĂ ^Ġ EŽǀĂ ƉĞͲ ůĂƐ ϭϲŚϬϬ ƐĞƌĄ Ă ŝŶƐƟƚƵŝĕĆŽ Ğ ƌĞĐŽŶĚƵĕĆŽ ĚĞ ŵŝŶŝƐƚĠƌŝŽƐ ůĂŝĐĂŝƐ ƐƚĞƐ ŚŽŵĞŶƐ Ğ ŵƵůŚĞƌĞƐ ĂƐƐƵŵĞŵ Ă ŵŝƐƐĆŽ ĚĞ ĚŝƐƚƌŝďƵŝƌ Ă ^ĂŐƌĂĚĂ ŽŵƵͲ ŶŚĆŽ ŶĂ ĐĞůĞďƌĂĕĆŽ ĚĂ ƵĐĂƌŝƐƟĂ ďĞŵ ĐŽŵŽ ĚĞ Ă ůĞǀĂƌ ĂŽƐ ĚŽĞŶƚĞƐ ƋƵĞ ĞƐƚĆŽ ŝŵƉŽƐƐŝďŝůŝĚĂĚĞƐ ĚĞ ƉĂƌƟĐŝƉĂƌ ŶĂ ĐĞůĞďƌĂĕĆŽ ĐŽŵƵŶŝƚĄƌŝĂ ^ĞƌĆŽ ƌĞĐŽŶĚƵnjŝĚŽƐ ŶŽƐ ŵŝŶŝƐƚĠƌŝŽƐ ĚĂ ŽŵƵŶŚĆŽ Ğ ĚĂ WĂůĂǀƌĂ ĂƋƵĞͲ ůĞƐ ƋƵĞ ĂƟŶŐŝƌĂŵ Ž ƉĞƌşŽĚŽ ĚĞ ϰ ĂŶŽƐ ĚĞĮŶŝĚŽ ŶĂ ĚŝŽĐĞƐĞ ĚĞ ŽŝŵͲ ďƌĂ ĐŽŵŽ Ž ƉĞƌşŽĚŽ ǀĄůŝĚŽ ƉĂƌĂ Ž ĞdžĞƌĐşĐŝŽ ĚŽ ŵŝŶŝƐƚĠƌŝŽ yy/// &^d /K^E ^ &D1>/^ – ĚŝĂ Ϯϲ ĚĞ ŵĂŝŽ ŶĂ DĞĂůŚĂͲ ĚĂ ƐŽď Ž ƚĞŵĂ &ĂŵşůŝĂ ĂĐŽůŚĞ Ğ ĐĞůĞďƌĂ Ă sŝĚĂ ƋƵĞ ƐĞƌĄ ĚĞďĂƟĚŽ ŶƵŵĂ ŵĞƐĂ ƌĞĚŽŶĚĂ ƉĂƌĂ Ă ƋƵĂů ĨŽƌĂŵ ĐŽŶǀŝĚĂĚŽƐ ,ĞŶƌŝƋƵĞ ZĂƉŽƐŽ ;ZZĞŶĂƐĐĞŶĕĂͿ ŶĂ ZŽĐŚĂ ;ĞŶĨĞƌŵĞŝƌĂ ŶŽ /WKͿ Ğ :ŽĆŽ WĂŝǀĂ ;ĚĂ hŶŝǀ ĚŽ WŽƌƚŽͿ Ɛ ϭϲŚϬϬ ƐĞƌĄ ĐĞůĞďƌĂĚĂ ŵŝƐƐĂ ƉƌĞƐŝĚŝĚĂ ƉĞůŽ ^ƌ ŝƐƉŽ hZ^K ^/K 1>/ ƐĞƌĄ ŶŽ ƉƌſdžŝŵŽ ƐĄďĂĚŽ ĚŝĂ ϭϴ ĚĞ DĂŝŽ ăƐ ϭϱϬϬ ŶĂ ƐĂůĂ ŚĂďŝƚƵĂů ĂŽ ůĂĚŽ ĚĂ ƐĂĐƌŝƐƟĂ ĚĞ ^ :ŽƐĠ Ž ĐƵƌƐŽ ďĄƐŝͲ ĐŽ ĚĂ ďşďůŝĂ ƉĂƌĂ Ž ŐƌƵƉŽ ƋƵĞ ƐĞ ǀĞŵ ƌĞƵŶŝŶĚŽ ƉĂƌĂ ĐŽŶŚĞĐĞƌ ŵĞůŚŽƌ Ă şďůŝĂ WZhZ^K 1>/K – Ġ ũĄ ĚĂƋƵŝ Ă ĚƵĂƐ ƐĞŵĂŶĂƐ Ă ƷůƟŵĂ ƐĞƐƐĆŽ ĚĞƐƚĞ ƉĞƌƵƌƐŽ ƋƵĞ ŝŶŝĐŝĄŵŽƐ Ğŵ ŽƵƚƵďƌŽ Ğ ƋƵĞ ũĄ ǀĂŝ ĐŽŵŽ ƉƌĞǀŝƐƚŽ ŶĂ ϲǐ ƐĞƐƐĆŽ ƐĞƌĄ ŶŽ ƐĄďĂĚŽ Ϯϱ ĚĞ ŵĂŝŽ ƉĞůĂƐ ϭϰŚϯϬ Ğŵ ^:ĂƉƟƐƚĂ K>MYh/K WZ/^K - K >h'Z K KhdZK – ŽƌŐĂŶŝnjĂĚŽ ĐŽŶũƵŶƚĂͲ ŵĞŶƚĞ ƉĞůĂ ŽŵŝƐƐĆŽ ŝŽĐĞƐĂŶĂ :ƵƐƟĕĂ Ğ WĂnj Ğ ƉĞůŽ ŽŶƐĞůŚŽ ZĞŐŝŽͲ ŶĂů ĚŽ ĞŶƚƌŽ ĚĂ KƌĚĞŵ ĚŽƐ ĚǀŽŐĂĚŽƐ Ă ĚĞĐŽƌƌĞƌ ŶŽ ^ĂůĆŽ EŽďƌĞ ĚŽ dƌŝďƵŶĂů ĚĂ ZĞůĂĕĆŽ ĚĞ ŽŝŵďƌĂ ŶŽ ĚŝĂ ϭϱ ĚĞ ŵĂŝŽ ĚĂƐ ϭϱŚ ăƐ ϭϴŚ Žŵ Ă ŵŽĚĞƌĂĕĆŽ ĚĞ :ŽĆŽ >ŽƵƌĞŝƌŽ ĚĂ :W ĞƐƚĂƌĆŽ Ğŵ ĚĞďĂƚĞ ŽƐ ƐĞŐƵŝŶƚĞƐ ƚĞŵĂƐ K ůƵŐĂƌ ĚŽ ũƵŝnj ĚĞ ĞdžĞĐƵĕĆŽ ĚĞ ƉĞŶĂƐ ;:ŽƐĠ YƵĂƌĞƐŵĂͿ K ĂĚǀŽŐĂĚŽ ŶŽ ĂƉſƐ ũƵůŐĂŵĞŶƚŽ ;:ĂĐŽď ^ŝŵƁĞƐͿ KƐ ĮŶƐ ĚĂƐ ƉĞŶĂƐ ;^ĂŶƚŽƐ ĂďƌĂůͿ ĐŽŵƉĂŶŚĂƌ ĚĞƉŽŝƐ ĚĂ ƌĞĐůƵͲ ƐĆŽ ;ƐŵĞƌĂůĚĂ W ŽĞůŚŽͿ KůŚĂŶĚŽ Ž ƐŝƐƚĞŵĂ ;ZſŵƵůŽ DĂƚĞƵƐͿ WZMYh/ ^ :K^ WZ/D/Z KDhE,K – ĐŽŶŐƌĂƚƵůĂŵŽ-ŶŽƐ Ğ ĂŐƌĂĚĞĐĞŵŽƐ ĂŽ ^ĞͲ ŶŚŽƌ ƉŽƌ Ƶŵ ŐƌƵƉŽ ĚĞ ϰϬ ĐƌŝĂŶĕĂƐ ĚŽ ϯǑ ĂŶŽ ƋƵĞ ƉĞůĂ ƉƌŝŵĞŝƌĂ ǀĞnj ŶĂƐ ƐƵĂƐ ǀŝĚĂƐ ƌĞĐĞďĞŵ :ĞƐƵƐ ŶĂ ĐŽŵƵŶŚĆŽ ŶƵŵĂ ĞƵĐĂƌŝƐƟĂ ĐĞůĞďƌĂͲ ĚĂ ăƐ ϭϱŚϬϬ ŶĂ ŝŐƌĞũĂ hŵ ϮǑ ŐƌƵƉŽ ĨĄ-ůĂ-Ą ŶŽ ĚŽŵŝŶŐŽ ƋƵĞ ǀĞŵ &W – ƌĞƷŶĞ ŶĂ ƉƌſdžŝŵĂ ƋƵŝŶƚĂ-ĨĞŝƌĂ ĚŝĂ ϭϲ KE^/'EK /Z^ &sKZ K EdZK ^K/> ^:K^ – Ă ƋƵĞŵ ĂŝŶĚĂ ŶĆŽ ƐƵďŵĞƚĞƵ Ă ƐƵĂ ĚĞĐůĂƌĂĕĆŽ ĚĞ /Z^ ĐŽŶƟŶƵĂŵŽƐ Ă ƉĞĚŝƌ ƋƵĞ ĂƐƐŝŶĂůĞ Ž ƋƵĂĚƌŽ ϭϭ ĐŽŵ Ž E/& ϱϬϭ ϰϮϳ ϴϰϴ ĚŽ ĞŶƚƌŽ ^ŽĐŝĂů ĚĞ ^ :ŽƐĠ WZMYh/ ^ :KK Wd/^d &^d s/ – ŶĞƐƚĞ ĚŽŵŝŶŐŽ ŽƐ ĂĚŽůĞƐĐĞŶƚĞƐ ĚŽ ϴǑ ĂŶŽ ĐĞůĞďƌĂŵ Ă &ĞƐƚĂ ĚĂ sŝĚĂ ĚƵƌĂŶƚĞ Ă ŵŝƐƐĂ ĚĂƐ ϭϭŚϬϬ &^d ^WZE – ŶŽ ƉƌſdžŝŵŽ ŽŵŝŶŐŽ ĂƐ ĐƌŝĂŶĕĂƐ ĚŽ ϱǑ ĂŶŽ ĚĂ ĐĂƚĞƋƵĞƐĞ ĐĞůĞďƌĂƌĆŽ ĞƐƚĂ ĨĞƐƚĂ ĚĂ ĞƐƉĞƌĂŶĕĂ ƵŵĂ ĚĂƐ ϯ ǀŝƌƚƵĚĞƐ ƚĞŽůŽŐĂŝƐ sK>hEdZ/K^ &^d ^:Wd/^d – ĞƐƚĄ ƉƌĞǀŝƐƚĂ ƉĂƌĂ ƐĞŐƵŶĚĂ-ĨĞŝƌĂ ĚŝĂ Ϯϳ ƉĞůĂƐ ϮϭŚϯϬ Ă ƉƌŝŵĞŝƌĂ ƌĞƵŶŝĆŽ ĚĞ ǀŽůƵŶƚĄƌŝŽƐ ƉĂƌĂ Ă ĨĞƐƚĂ ĚĞ ^ :ŽĆŽ ĂƉƟƐƚĂ ŽŵŽ ĞƐƚĞ ĂŶŽ Ž ĚŝĂ Ϯϰ ĚĞ ũƵŶŚŽ ĐĂůŚĂ Ă ƵŵĂ ƐĞŐƵŶĚĂ-ĨĞŝƌĂ Ž ĂƌƌĂŝĂů ĨĂƌ-ƐĞ-Ą ŶĂƐ ŶŽŝƚĞƐ ĚĞ ƐĄďĂĚŽ Ğ ĚĞ ĚŽŵŝŶŐŽ EŽ ĂŶŽ ƉĂƐƐĂĚŽ Ž ŶƷŵĞƌŽ ĚŽƐ ƋƵĞ ƐĞ ŽĨĞƌĞĐĞƌĂŵ ĐŽŵŽ ǀŽůƵŶƚĄƌŝŽƐ ĨŽŝ Ğŵ ŵƵŝƚŽ ƐƵƉĞƌŝŽƌ Ă ƵŵĂ ĐĞŶƚĞŶĂ ĚĞƐĚĞ Ă ŵŽŶƚĂŐĞŵ ă ĐŽnjŝŶŚĂ ĚŽ ĐĂůĚŽ ǀĞƌĚĞ ĐĂĐŚŽƌƌŽƐ Ğ ƐŽďƌĞŵĞƐĂƐ ĂŽƐ ŐƌĞůŚĂĚŽƌĞƐ ĂŽ ďĂƌ Ğ ďĂŶĐĂ ĚŽ ĐĂĨĠ ă ůŝŵƉĞnjĂ ĚĂƐ ŵĞƐĂƐ ĞƚĐ ,Ą Ƶŵ ĂŵďŝĞŶƚĞ ĨƌĂƚĞƌŶŽ ŵƵŝƚŽ ĨŽƌƚĞ ƋƵĞ ŶĆŽ ƉĂƐƐĂ ĚĞƐƉĞƌĐĞďŝĚŽ Ğ ƚŽĐĂ ĂƋƵĞůĞƐ ƋƵĞ ŶŽƐ ǀŝƐŝͲ ƚĂŵ ƐƐŝŵ ĐŽŶǀŝĚĂŵŽƐ ƚŽĚŽƐ Ă ĚĂƌ Ƶŵ ƉŽƵĐŽ ĚŽ ƐĞƵ ƚĞŵƉŽ Ğŵ ƉĞůŽ ŵĞŶŽƐ ƵŵĂ ĚĂƐ ŶŽŝƚĞƐ ƐĞƌǀĞŵ Ă ĐŽŵƵŶŝĚĂĚĞ Ğ Ġ ƵŵĂ ĨŽƌŵĂ ƉƌŝǀŝůĞͲ ŐŝĂĚĂ ĚĞ ƐĞƌŵŽƐ ŵĂŝƐ ĐŽŵƵŶŝĚĂĚĞ ƐĞƌǀŝŶĚŽ Ğŵ ĐŽŶũƵŶƚŽ &W – ƌĞƷŶĞ ŶĂ ƉƌſdžŝŵĂ ƋƵĂƌƚĂ-ĨĞŝƌĂ ĚŝĂ ϭϱ
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ÊîĦÊÊÊÃWÝãÊÙ
ϭǐ>/dhZ;ƚŽƐϭϯϭϰϰϯ-ϱϮͿ EĂƋƵĞůĞƐĚŝĂƐWĂƵůŽĞĂƌŶĂďĠƐĞŐƵŝƌĂŵĚĞWĞƌŐĂĂƚĠŶƟŽƋƵŝĂĚĂWŝƐşĚŝĂ Ƶŵ ƐĄďĂĚŽ ĞŶƚƌĂƌĂŵ ŶĂ ƐŝŶĂŐŽŐĂ Ğ ƐĞŶƚĂƌĂŵ-ƐĞ
dĞƌŵŝŶĂĚĂ Ă ƌĞƵŶŝĆŽ ĚĂ ƐŝŶĂŐŽŐĂ ŵƵŝƚŽƐ ũƵĚĞƵƐ Ğ ƉƌŽƐĠůŝƚŽƐ ƉŝĞĚŽƐŽƐƐĞŐƵŝƌĂŵ WĂƵůŽ Ğ ĂƌŶĂďĠ ƋƵĞ ŶĂƐ ƐƵĂƐ ĐŽŶǀĞƌƐĂƐ ĐŽŵ ĞůĞƐ ŽƐĞdžŽƌƚĂǀĂŵĂƉĞƌƐĞǀĞƌĂƌŶĂŐƌĂĕĂĚĞĞƵƐEŽƐĄďĂĚŽƐĞŐƵŝŶƚĞƌĞƵŶŝƵ-ƐĞƋƵĂƐĞƚŽĚĂĂĐŝĚĂĚĞƉĂƌĂŽƵǀŝƌĂƉĂůĂǀƌĂĚŽ^ĞŶŚŽƌŽǀĞƌĞŵĂŵƵůƟĚĆŽŽƐ ũƵĚĞƵƐ ĞŶĐŚĞƌĂŵ-ƐĞ ĚĞ ŝŶǀĞũĂ Ğ ƌĞƐƉŽŶĚĞƌĂŵ ĐŽŵ ďůĂƐĨĠŵŝĂƐŽƌĂũŽƐĂŵĞŶƚĞ WĂƵůŽ Ğ ĂƌŶĂďĠ ĚĞĐůĂƌĂƌĂŵ ƌĂ Ă ǀſƐ ƋƵĞ ĚĞǀŝĂ ƐĞƌĂŶƵŶĐŝĂĚĂƉƌŝŵĞŝƌŽĂƉĂůĂǀƌĂĚĞĞƵƐhŵĂǀĞnjƉŽƌĠŵƋƵĞĂƌĞũĞŝƚĂŝƐĞŶĆŽǀŽƐ ũƵůŐĂŝƐĚŝŐŶŽƐĚĂǀŝĚĂĞƚĞƌŶĂǀŽůƚĂŵŽ-ŶŽƐƉĂƌĂŽƐŐĞŶƟŽƐƉŽŝƐĂƐƐŝŵŶŽƐŵĂŶĚŽƵŽ ^ĞŶŚŽƌ &ŝnj ĚĞƟ Ă ůƵnj ĚĂƐ ŶĂĕƁĞƐ ƉĂƌĂ ůĞǀĂƌĞƐ ĂƐĂůǀĂĕĆŽĂƚĠĂŽƐĐŽŶĮŶƐĚĂƚĞƌƌĂŽŽƵǀŝƌĞŵĞƐƚĂƐƉĂůĂǀƌĂƐŽƐŐĞŶƟŽƐĞŶĐŚĞƌĂŵ-ƐĞĚĞĂůĞŐƌŝĂĞŐůŽƌŝĮĐĂǀĂŵĂƉĂůĂǀƌĂĚŽ^ĞŶŚŽƌdŽĚŽƐŽƐƋƵĞĞƐƚĂǀĂŵĚĞƐƟŶĂĚŽƐăǀŝĚĂĞƚĞƌŶĂĂďƌĂĕĂƌĂŵĂĨĠĞĂƉĂůĂǀƌĂĚŽ^ĞŶŚŽƌĚŝǀƵůŐĂǀĂ-ƐĞ ƉŽƌ ƚŽĚĂ Ă ƌĞŐŝĆŽ DĂƐ ŽƐ ũƵĚĞƵƐ ŝŶƐƟŐĂŶĚŽ ĂůŐƵŵĂƐƐĞŶŚŽƌĂƐ ƉŝĞĚŽƐĂƐ ŵĂŝƐ ĚŝƐƟŶƚĂƐ Ğ ŽƐ ŚŽŵĞŶƐ ƉƌŝŶĐŝƉĂŝƐ ĚĂ ĐŝĚĂĚĞĚĞƐĞŶĐĂĚĞĂƌĂŵƵŵĂƉĞƌƐĞŐƵŝĕĆŽĐŽŶƚƌĂWĂƵůŽĞĂƌŶĂďĠĞĞdžƉƵůƐĂƌĂŵ-ŶŽƐ ĚŽ ƐĞƵ ƚĞƌƌŝƚſƌŝŽ ƐƚĞƐ ƐĂĐƵĚŝŶĚŽ ĐŽŶƚƌĂ ĞůĞƐ Ž Ɖſ ĚŽƐ ƐĞƵƐ ƉĠƐƐĞŐƵŝƌĂŵƉĂƌĂ/ĐſŶŝŽŶƚƌĞƚĂŶƚŽŽƐĚŝƐĐşƉƵůŽƐĞƐƚĂǀĂŵĐŚĞŝŽƐĚĞĂůĞŐƌŝĂĞĚŽƐƉşƌŝƚŽ^ĂŶƚŽ
^>DKZ^WKE^KZ/> EſƐƐŽŵŽƐŽƉŽǀŽĚĞĞƵƐƐŽŵŽƐĂƐŽǀĞůŚĂƐĚŽƐĞƵƌĞďĂŶŚŽ
Ϯǐ>/dhZ;Ɖϳϵϭϰď-ϭϳͿ
Ƶ:ŽĆŽǀŝƵŵĂŵƵůƟĚĆŽŝŵĞŶƐĂƋƵĞŶŝŶŐƵĠŵƉŽĚŝĂĐŽŶƚĂƌĚĞƚŽĚĂƐĂƐŶĂĕƁĞƐ ƚƌŝďŽƐ ƉŽǀŽƐ Ğ ůşŶŐƵĂƐ ƐƚĂǀĂŵ ĚĞ ƉĠ ĚŝĂŶƚĞ ĚŽ ƚƌŽŶŽ Ğ ŶĂƉƌĞƐĞŶĕĂĚŽŽƌĚĞŝƌŽǀĞƐƟĚŽƐĐŽŵƚƷŶŝĐĂƐďƌĂŶĐĂƐĞĚĞƉĂůŵĂƐŶĂŵĆŽhŵĚŽƐŶĐŝĆŽƐƚŽŵŽƵĂƉĂůĂǀƌĂƉĂƌĂŵĞĚŝnjĞƌƐƚĞƐƐĆŽŽƐƋƵĞǀŝĞƌĂŵĚĂ ŐƌĂŶĚĞ ƚƌŝďƵůĂĕĆŽ ŽƐ ƋƵĞ ůĂǀĂƌĂŵ ĂƐ ƚƷŶŝĐĂƐ Ğ ĂƐ ďƌĂŶƋƵĞĂƌĂŵ ŶŽƐĂŶŐƵĞĚŽŽƌĚĞŝƌŽWŽƌ ŝƐƐŽĞƐƚĆŽĚŝĂŶƚĞĚŽƚƌŽŶŽĚĞĞƵƐƐĞƌǀŝŶĚŽ-KĚŝĂĞŶŽŝƚĞŶŽƐĞƵƚĞŵƉůŽƋƵĞůĞƋƵĞĞƐƚĄƐĞŶƚĂĚŽŶŽƚƌŽŶŽĂďƌŝŐĄ-ůŽƐ-ĄŶĂ ƐƵĂ ƚĞŶĚĂEƵŶĐĂŵĂŝƐ ƚĞƌĆŽ ĨŽŵĞŶĞŵƐĞĚĞŶĞŵŽ ƐŽůŽƵŽ ǀĞŶƚŽĂƌĚĞŶƚĞĐĂŝƌĆŽƐŽďƌĞĞůĞƐKŽƌĚĞŝƌŽƋƵĞĞƐƚĄŶŽŵĞŝŽĚŽƚƌŽŶŽƐĞƌĄŽƐĞƵƉĂƐƚŽƌĞŽƐĐŽŶĚƵnjŝƌĄăƐĨŽŶƚĞƐĚĂĄŐƵĂǀŝǀĂĞƵƐĞŶdžƵŐĂƌĄƚŽĚĂƐĂƐůĄŐƌŝŵĂƐĚŽƐƐĞƵƐŽůŚŽƐ
sE'>,K;:ŽϭϬϮϳ-ϯϬͿ EĂƋƵĞůĞƚĞŵƉŽĚŝƐƐĞ:ĞƐƵƐƐŵŝŶŚĂƐŽǀĞůŚĂƐĞƐĐƵƚĂŵĂŵŝŶŚĂǀŽnjƵĐŽŶŚĞĕŽĂƐŵŝŶŚĂƐŽǀĞůŚĂƐĞĞůĂƐƐĞŐƵĞŵ-DĞƵĚŽƵ-ůŚĞƐĂǀŝĚĂ ĞƚĞƌŶĂĞŶƵŶĐĂŚĆŽĚĞƉĞƌĞĐĞƌĞŶŝŶŐƵĠŵĂƐĂƌƌĞďĂƚĂƌĄĚĂŵŝŶŚĂŵĆŽDĞƵWĂŝƋƵĞDĂƐĚĞƵĠŵĂŝŽƌĚŽƋƵĞƚŽĚŽƐĞŶŝŶŐƵĠŵƉŽĚĞĂƌƌĞďĂƚĂƌŶĂĚĂĚĂŵĆŽĚŽWĂŝƵĞŽWĂŝƐŽŵŽƐƵŵƐſ
&ŽůŚĂWĂ
ƌŽƋƵ
ŝĂůŶ
Ǒϳϲ
ΎŶ
Ž//Ύ
ϭϮϬϱ
ϮϬϭ
ϵ—KD/E'K/s
W
^K
D/E/^dZ/K^>//^–EŽƉƌſdžŝŵŽĚŝĂϭϵĚĞŵĂŝŽŶĂ^ĠEŽǀĂƉĞͲůĂƐϭϲŚϬϬƐĞƌĄĂŝŶƐƟƚƵŝĕĆŽĞƌĞĐŽŶĚƵĕĆŽĚĞŵŝŶŝƐƚĠƌŝŽƐůĂŝĐĂŝƐƐƚĞƐŚŽŵĞŶƐĞŵƵůŚĞƌĞƐĂƐƐƵŵĞŵĂŵŝƐƐĆŽĚĞĚŝƐƚƌŝďƵŝƌĂ^ĂŐƌĂĚĂŽŵƵͲŶŚĆŽŶĂĐĞůĞďƌĂĕĆŽĚĂƵĐĂƌŝƐƟĂďĞŵĐŽŵŽĚĞĂ ůĞǀĂƌĂŽƐĚŽĞŶƚĞƐƋƵĞĞƐƚĆŽ ŝŵƉŽƐƐŝďŝůŝĚĂĚĞƐĚĞƉĂƌƟĐŝƉĂƌŶĂ ĐĞůĞďƌĂĕĆŽĐŽŵƵŶŝƚĄƌŝĂ^ĞƌĆŽƌĞĐŽŶĚƵnjŝĚŽƐŶŽƐŵŝŶŝƐƚĠƌŝŽƐĚĂŽŵƵŶŚĆŽĞĚĂWĂůĂǀƌĂĂƋƵĞͲůĞƐƋƵĞĂƟŶŐŝƌĂŵŽƉĞƌşŽĚŽĚĞϰĂŶŽƐĚĞĮŶŝĚŽŶĂĚŝŽĐĞƐĞĚĞŽŝŵͲďƌĂĐŽŵŽŽƉĞƌşŽĚŽǀĄůŝĚŽƉĂƌĂŽĞdžĞƌĐşĐŝŽĚŽŵŝŶŝƐƚĠƌŝŽ
yy///&^d/K^E^&D1>/^–ĚŝĂϮϲĚĞŵĂŝŽŶĂDĞĂůŚĂͲĚĂƐŽďŽƚĞŵĂ&ĂŵşůŝĂĂĐŽůŚĞĞĐĞůĞďƌĂĂsŝĚĂƋƵĞƐĞƌĄĚĞďĂƟĚŽŶƵŵĂŵĞƐĂƌĞĚŽŶĚĂƉĂƌĂĂƋƵĂůĨŽƌĂŵĐŽŶǀŝĚĂĚŽƐ,ĞŶƌŝƋƵĞZĂƉŽƐŽ;ZZĞŶĂƐĐĞŶĕĂͿŶĂZŽĐŚĂ;ĞŶĨĞƌŵĞŝƌĂŶŽ/WKͿĞ:ŽĆŽWĂŝǀĂ;ĚĂhŶŝǀĚŽWŽƌƚŽͿƐϭϲŚϬϬƐĞƌĄĐĞůĞďƌĂĚĂŵŝƐƐĂƉƌĞƐŝĚŝĚĂƉĞůŽ^ƌŝƐƉŽ
hZ^K^/K1>/ƐĞƌĄŶŽƉƌſdžŝŵŽƐĄďĂĚŽĚŝĂϭϴĚĞDĂŝŽăƐϭϱϬϬŶĂƐĂůĂŚĂďŝƚƵĂůĂŽůĂĚŽĚĂƐĂĐƌŝƐƟĂĚĞ^:ŽƐĠŽĐƵƌƐŽďĄƐŝͲĐŽĚĂďşďůŝĂƉĂƌĂŽŐƌƵƉŽƋƵĞƐĞǀĞŵƌĞƵŶŝŶĚŽƉĂƌĂĐŽŶŚĞĐĞƌŵĞůŚŽƌĂşďůŝĂ
WZhZ^K1>/K–ĠũĄĚĂƋƵŝĂĚƵĂƐƐĞŵĂŶĂƐĂƷůƟŵĂƐĞƐƐĆŽĚĞƐƚĞƉĞƌƵƌƐŽƋƵĞŝŶŝĐŝĄŵŽƐĞŵŽƵƚƵďƌŽĞƋƵĞũĄǀĂŝĐŽŵŽƉƌĞǀŝƐƚŽŶĂϲǐƐĞƐƐĆŽƐĞƌĄŶŽƐĄďĂĚŽϮϱĚĞŵĂŝŽƉĞůĂƐϭϰŚϯϬĞŵ^:ĂƉƟƐƚĂ
K>MYh/KWZ/^K-K>h'ZKKhdZK–ŽƌŐĂŶŝnjĂĚŽĐŽŶũƵŶƚĂͲŵĞŶƚĞƉĞůĂŽŵŝƐƐĆŽŝŽĐĞƐĂŶĂ:ƵƐƟĕĂĞWĂnjĞƉĞůŽŽŶƐĞůŚŽZĞŐŝŽͲŶĂůĚŽĞŶƚƌŽĚĂKƌĚĞŵĚŽƐĚǀŽŐĂĚŽƐĂĚĞĐŽƌƌĞƌŶŽ^ĂůĆŽEŽďƌĞĚŽdƌŝďƵŶĂůĚĂZĞůĂĕĆŽĚĞŽŝŵďƌĂŶŽ ĚŝĂ ϭϱ ĚĞŵĂŝŽ ĚĂƐ ϭϱŚ ăƐϭϴŚŽŵĂŵŽĚĞƌĂĕĆŽĚĞ:ŽĆŽ>ŽƵƌĞŝƌŽĚĂ:WĞƐƚĂƌĆŽĞŵĚĞďĂƚĞŽƐ ƐĞŐƵŝŶƚĞƐ ƚĞŵĂƐ K ůƵŐĂƌ ĚŽ ũƵŝnj ĚĞ ĞdžĞĐƵĕĆŽ ĚĞ ƉĞŶĂƐ ;:ŽƐĠYƵĂƌĞƐŵĂͿ K ĂĚǀŽŐĂĚŽ ŶŽ ĂƉſƐ ũƵůŐĂŵĞŶƚŽ ;:ĂĐŽď ^ŝŵƁĞƐͿ KƐĮŶƐ ĚĂƐ ƉĞŶĂƐ ;^ĂŶƚŽƐ ĂďƌĂůͿ ĐŽŵƉĂŶŚĂƌ ĚĞƉŽŝƐ ĚĂ ƌĞĐůƵͲƐĆŽ;ƐŵĞƌĂůĚĂWŽĞůŚŽͿKůŚĂŶĚŽŽƐŝƐƚĞŵĂ;ZſŵƵůŽDĂƚĞƵƐͿ
WZMYh/^:K^ WZ/D/Z KDhE,K – ĐŽŶŐƌĂƚƵůĂŵŽ-ŶŽƐ Ğ ĂŐƌĂĚĞĐĞŵŽƐ ĂŽ ^ĞͲŶŚŽƌƉŽƌƵŵŐƌƵƉŽĚĞϰϬ ĐƌŝĂŶĕĂƐĚŽϯǑĂŶŽƋƵĞƉĞůĂƉƌŝŵĞŝƌĂǀĞnjŶĂƐƐƵĂƐǀŝĚĂƐƌĞĐĞďĞŵ:ĞƐƵƐŶĂĐŽŵƵŶŚĆŽŶƵŵĂĞƵĐĂƌŝƐƟĂĐĞůĞďƌĂͲĚĂăƐϭϱŚϬϬŶĂŝŐƌĞũĂhŵϮǑŐƌƵƉŽĨĄ-ůĂ-ĄŶŽĚŽŵŝŶŐŽƋƵĞǀĞŵ
&W–ƌĞƷŶĞŶĂƉƌſdžŝŵĂƋƵŝŶƚĂ-ĨĞŝƌĂĚŝĂϭϲ
KE^/'EK /Z^ &sKZ K EdZK ^K/> ^:K^ – ĂƋƵĞŵĂŝŶĚĂ ŶĆŽ ƐƵďŵĞƚĞƵ Ă ƐƵĂ ĚĞĐůĂƌĂĕĆŽ ĚĞ /Z^ ĐŽŶƟŶƵĂŵŽƐ Ă ƉĞĚŝƌƋƵĞĂƐƐŝŶĂůĞŽƋƵĂĚƌŽϭϭĐŽŵŽE/&ϱϬϭϰϮϳϴϰϴĚŽĞŶƚƌŽ^ŽĐŝĂůĚĞ^:ŽƐĠ
WZMYh/^:KKWd/^d &^ds/–ŶĞƐƚĞĚŽŵŝŶŐŽŽƐĂĚŽůĞƐĐĞŶƚĞƐĚŽϴǑĂŶŽĐĞůĞďƌĂŵĂ&ĞƐƚĂĚĂsŝĚĂĚƵƌĂŶƚĞĂŵŝƐƐĂĚĂƐϭϭŚϬϬ
&^d^WZE–ŶŽƉƌſdžŝŵŽŽŵŝŶŐŽĂƐĐƌŝĂŶĕĂƐĚŽϱǑĂŶŽĚĂĐĂƚĞƋƵĞƐĞĐĞůĞďƌĂƌĆŽĞƐƚĂĨĞƐƚĂĚĂĞƐƉĞƌĂŶĕĂƵŵĂĚĂƐϯǀŝƌƚƵĚĞƐƚĞŽůŽŐĂŝƐ
sK>hEdZ/K^&^d^:Wd/^d–ĞƐƚĄƉƌĞǀŝƐƚĂƉĂƌĂƐĞŐƵŶĚĂ-ĨĞŝƌĂĚŝĂϮϳƉĞůĂƐϮϭŚϯϬĂƉƌŝŵĞŝƌĂƌĞƵŶŝĆŽĚĞǀŽůƵŶƚĄƌŝŽƐƉĂƌĂĂĨĞƐƚĂĚĞ ^ :ŽĆŽ ĂƉƟƐƚĂŽŵŽĞƐƚĞĂŶŽŽĚŝĂϮϰĚĞ ũƵŶŚŽĐĂůŚĂĂƵŵĂƐĞŐƵŶĚĂ-ĨĞŝƌĂŽĂƌƌĂŝĂů ĨĂƌ-ƐĞ-ĄŶĂƐŶŽŝƚĞƐĚĞƐĄďĂĚŽĞĚĞĚŽŵŝŶŐŽEŽĂŶŽƉĂƐƐĂĚŽŽŶƷŵĞƌŽĚŽƐƋƵĞƐĞŽĨĞƌĞĐĞƌĂŵĐŽŵŽǀŽůƵŶƚĄƌŝŽƐĨŽŝĞŵŵƵŝƚŽƐƵƉĞƌŝŽƌĂƵŵĂĐĞŶƚĞŶĂĚĞƐĚĞĂŵŽŶƚĂŐĞŵăĐŽnjŝŶŚĂĚŽ ĐĂůĚŽ ǀĞƌĚĞ ĐĂĐŚŽƌƌŽƐ Ğ ƐŽďƌĞŵĞƐĂƐ ĂŽƐ ŐƌĞůŚĂĚŽƌĞƐ ĂŽ ďĂƌ ĞďĂŶĐĂ ĚŽ ĐĂĨĠ ă ůŝŵƉĞnjĂ ĚĂƐŵĞƐĂƐ ĞƚĐ ,Ą Ƶŵ ĂŵďŝĞŶƚĞ ĨƌĂƚĞƌŶŽŵƵŝƚŽĨŽƌƚĞƋƵĞŶĆŽƉĂƐƐĂĚĞƐƉĞƌĐĞďŝĚŽĞƚŽĐĂĂƋƵĞůĞƐƋƵĞŶŽƐǀŝƐŝͲƚĂŵƐƐŝŵĐŽŶǀŝĚĂŵŽƐƚŽĚŽƐĂĚĂƌƵŵƉŽƵĐŽĚŽƐĞƵƚĞŵƉŽĞŵƉĞůŽŵĞŶŽƐƵŵĂĚĂƐŶŽŝƚĞƐƐĞƌǀĞŵĂĐŽŵƵŶŝĚĂĚĞĞĠƵŵĂĨŽƌŵĂƉƌŝǀŝůĞͲŐŝĂĚĂĚĞƐĞƌŵŽƐŵĂŝƐĐŽŵƵŶŝĚĂĚĞƐĞƌǀŝŶĚŽĞŵĐŽŶũƵŶƚŽ
&W–ƌĞƷŶĞŶĂƉƌſdžŝŵĂƋƵĂƌƚĂ-ĨĞŝƌĂĚŝĂϭϱ
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ƉĂƌĞĐĞƌĐŽŵŐƌĂŶĚĞďĞůĞnjĂŽďŽŵƉĂƐƚŽƌŽƵƚƌŽƐĨŽƌĂŵŵĂŝƐŽƉĂĐŽƐĂĞƐƐĂ ůƵnj ĚĞ :ĞƐƵƐ ƵŵĂŚŽŶƌĂ ŶƵŶĐĂŵĞƌĞĐŝĚĂ ƉŽĚĞƌ ƐĞƌǀŝƌ Ž ^ĞͲŶŚŽƌ ŶŽŵŝŶŝƐƚĠƌŝŽ ƉƌĞƐďŝƚĞƌĂů ^Ğŝ ďĞŵƋƵĞ ůĞ ƋƵĞ ĐƵŝĚĂĚŽ ƐĞƵƉŽǀŽ Ğ Ġ ƉĂƌĂ ůĞ ƋƵĞŵĞ ǀŽůƚŽ ĐŽŶƚŝŶƵĂŵĞŶƚĞ Ğ ůŚĞ ĚŝŐŽ ^ĞŶŚŽƌĂƉĞƐĂƌĚĞŵŝŵŶĆŽĚĞŝdžĞƐĚĞǀŝƐŝƚĂƌŽƚĞƵƉŽǀŽĞĚĞƌƌĂŵĂƌƐŽďƌĞůĞŽƐ ƚĞƵƐ ďĞŶĞĨşĐŝŽƐ YƵĞ ĂŽŵĞŶŽƐ ĞƵ ŶĆŽ ĂƚƌĂƉĂůŚĞ Ă ƉĂƐƐĂŐĞŵĚĂƚƵĂŐƌĂĕĂĞĚĂ ƚƵĂŵŝƐĞƌŝĐſƌĚŝĂYƵĞůĞƐ ǀĞũĂŵŽ ƚĞƵ ƌŽƐƚŽ ƚƵƋƵĞůŚĞƐĚĄƐĂǀŝĚĂƚĞƌŶĂƋƵĞŽƐĂůŝŵĞŶƚĂƐƋƵĞŽƐŐƵĂƌĚĂƐĐŽŵƚĞƌŶƵƌĂŶĂƉĂůŵĂĚĂƐƚƵĂƐŵĆŽƐhƐĂ-ŶŽƐƉĂƌĂĂŶƵŶĐŝĂƌĂdƵĂWĂůĂǀƌĂĞĂĚŵŝͲŶŝƐƚƌĂƌŽƐĚŽŶƐĚĂ ƚƵĂŐƌĂĕĂŵĂƐŶƵŶĐĂƉĞƌŵŝƚĂƐƋƵĞŶŽƐĞƐƋƵĞĕĂͲŵŽƐƋƵĞĠƐƚƵŽƷŶŝĐŽƉĂƐƚŽƌĚŽƚĞƵƉŽǀŽĂƋƵĞůĞƋƵĞŽŐƵĂƌĚĂĞůŚĞĚĄĂǀŝĚĂĂŵŝŶŚĂĂůĞŐƌŝĂĠǀĞƌĂdƵĂŽďƌĂŽŶƚĞŵƉůĂƌĞŵĂĕĆŽĚĞŐƌĂĕĂƐĂĂůĞŐƌŝĂĚŽƐƋƵĞdĞĞŶĐŽŶƚƌĂŵĞƐĞǀŽůƚĂŵƉĂƌĂƟƋƵĂŶƚĂƐŐƌĂĕĂƐƚĞŵŽƐĚĞĚĂƌ-dĞƉŽƌƚĞǀĞƌĂĂŐŝƌĞĂƚŽŵĂƌĐŽŶƚĂĚŽƉŽǀŽƋƵĞĂŵĂƐƉĞƐĂƌĚĞĞƐƚĂƌŵŽƐĞŵƚĞŵƉŽƐĚŝİĐĞŝƐƉĂƌĂĂƚƵĂ/ŐƌĞũĂĞƐƚŽƵĐŚĞŝŽĚĞĞƐƉĞƌĂŶĕĂŶŽĨƵƚƵƌŽĞŶŽƐƐŝŶĂŝƐƋƵĞƐĞĂŶƵŶĐŝĂŵũĄŶŽƉƌĞͲƐĞŶƚĞWĂƐƚŽƌĞŝĂ-ŶŽƐ:ĞƐƵƐĐŽŶĚƵnj-ŶŽƐĞŶĐŚĞŽĐŽƌĂĕĆŽĚŽƐƋƵĞdĞƐĞƌǀĞŵŶĂƐƉĂƌſƋƵŝĂƐĚŽĨŽŐŽĚĂĞƐƉĞƌĂŶĕĂĞĚĄĂƚŽĚŽƐƵŵĂŝŵĞŶƐĂĂůĞŐƌŝĂƉŽƌƐĞƌǀŝƌĞŵŽZĞŝĚŽƐƌĞŝƐĞŽ^ĞŶŚŽƌĚŽƐƐĞŶŚŽƌĞƐĞƌƌĂŵĂŽ ĨŽŐŽĚŽ ƚĞƵĂŵŽƌ ƐŽďƌĞŽƐ ũŽǀĞŶƐĚĞŚŽũĞĞ ĐŚĂŵĂĂůŐƵŶƐƉĂƌĂŽƐĂĐĞƌĚſĐŝŽƉŽŝƐĂ ƚƵĂ /ŐƌĞũĂƉƌĞĐŝƐĂĚĞůĞƐsŝƐŝƚĂĂƐŶŽƐƐĂƐƉĂƌſƋƵŝĂƐĐŽŵ Ž ĚŽŵ ĚŽ ĐŚĂŵĂŵĞŶƚŽ ƉŽŝƐ ƋƵĂŶĚŽ ĞdžƉĞƌŝŵĞŶƚĂŵŽƐ Ž ƚĞƵĂŵŽƌĠĚŝİĐŝů ƌĞƐŝƐƟƌ-dĞdŝďŽŵƉĂƐƚŽƌƋƵĞĚĄƐĂǀŝĚĂƉĞůĂƐ ƚƵĂƐŽǀĞůŚĂƐĞĂƐŐƵĂƌĚĂƐŶĂƚƵĂŵĆŽŽŶŽƐƐŽƌĞĐŽŶŚĞĐŝŵĞŶƚŽĂĚŽƌĂĕĆŽĞůŽƵǀŽƌƉĞůŽƐƐĠĐƵůŽƐĚŽƐƐĠĐƵůŽƐŵĞŶ KZKW>s/
ĞƵƐKŵŶŝƉŽƚĞŶƚĞ ƋƵĞĞƐƚĂŝƐƉƌĞƐĞŶƚĞĞŵƚŽĚŽŽƵŶŝǀĞƌƐŽĞŶĂŵĂŝƐƉĞƋƵĞŶŝŶĂĚĂƐǀŽƐͲƐĂƐĐƌŝĂƚƵƌĂƐ sſƐƋƵĞĞŶǀŽůǀĞŝƐĐŽŵĂǀŽƐƐĂƚĞƌŶƵƌĂƚƵĚŽŽƋƵĞĞdžŝƐƚĞĚĞƌƌĂŵĂŝĞŵŶſƐĂĨŽƌĕĂĚŽǀŽƐƐŽĂŵŽƌ ƉĂƌĂĐƵŝĚĂƌŵŽƐĚĂǀŝĚĂĞĚĂďĞůĞnjĂ ƵƌĂŝĂŶŽƐƐĂǀŝĚĂƉĂƌĂƋƵĞƉƌŽƚĞũĂŵŽƐŽŵƵŶĚŽĞŶĆŽŽĚĞƉƌĞĚĞŵŽƐ ƉĂƌĂƋƵĞƐĞŵĞĞŵŽƐďĞůĞnjĂĞŶĆŽƉŽůƵŝĕĆŽŶĞŵĚĞƐƚƌƵŝĕĆŽ ŶƐŝŶĂŝ-ŶŽƐĂĚĞƐĐŽďƌŝƌŽǀĂůŽƌĚĞĐĂĚĂĐŽŝƐĂĂĐŽŶƚĞŵƉůĂƌĐŽŵĞŶĐĂŶƚŽĂƌĞĐŽŶŚĞĐĞƌƋƵĞĞƐƚĂŵŽƐƉƌŽĨƵŶĚĂŵĞŶƚĞƵŶŝĚŽƐĐŽŵƚŽĚĂƐĂƐĐƌŝĂƚƵƌĂƐŶŽŶŽƐƐŽĐĂŵŝŶŚŽƉĂƌĂĂǀŽƐƐĂůƵnjŝŶĮŶŝƚĂ KďƌŝŐĂĚŽƉŽƌƋƵĞĞƐƚĂŝƐĐŽŶŶŽƐĐŽƚŽĚŽƐŽƐĚŝĂƐ ^ƵƐƚĞŶƚĂŝ-ŶŽƐƉŽƌĨĂǀŽƌŶĂŶŽƐƐĂůƵƚĂƉĞůĂũƵƐƟĕĂŽĂŵŽƌĞĂƉĂnj
;WĂƉĂ&ƌĂŶĐŝƐĐŽ–>ĂƵĚĂƚŽƐşͿ
hE/W^dKZ>^:K^^:KKWd/^d
ϮϲĂ ^DE ĚĂ s/ – /ŐƌĞũĂ ĂƚſůŝĐĂ Ğŵ WŽƌƚƵŐĂů ƉƌŽŵŽǀĞ ĞƐƚĂƐĞŵĂŶĂĚĂsŝĚĂĚĞϭϮĂϭϵĚĞDĂŝŽĞƐƚĞĂŶŽĐŽŵŽƚĞŵĂ,ĄǀŝĚĂŚĄĨƵƚƵƌŽĐĞůĞďƌĂĕĆŽĚĂ^ĞŵĂŶĂĚĂsŝĚĂĠƵŵĂĚĞĐŝƐĆŽĚŽƐŝƐƉŽƐƉŽƌƚƵͲŐƵĞƐĞƐ ƚŽŵĂĚĂ Ğŵ ϭϵϵϰ Ğŵ ƌĞƐƉŽƐƚĂ ĂŽ ĂƉĞůŽ ĚĞ ^ :ŽĆŽ WĂƵůŽ //ĂƋƵĂŶĚŽĚŽĞŶĐĞƌƌĂŵĞŶƚŽĚŽ^şŶŽĚŽĚĂƵƌŽƉĂĞŵϭϵϵϭ
Yh ^WZE Z/^d EK D/K s/K>E/ KD^d/ –ůĞŵďƌĂŵŽƐƋƵĞŶŽąŵďŝƚŽĚĂĐĞůĞďƌĂĕĆŽĚĂ^ĞŵĂŶĂĚĂsŝĚĂƋƵĞĚĞĐŽƌͲƌĞĞŶƚƌĞϭϮĞϭϵĚĞŵĂŝŽĂWĂƌſƋƵŝĂĚĞ^ĆŽ:ŽĆŽĂƉƟƐƚĂƉƌŽƉƁĞŶŽƐĄͲďĂĚŽĚŝĂϭϴĚĞŵĂŝŽƉĞůĂƐϮϭŚϯϬƵŵĂƌĞŇĞdžĆŽƐŽďƌĞŽƚĞŵĂĚĂǀŝŽůġŶͲĐŝĂĚŽŵĠƐƟĐĂăůƵnjĚŽǀĂŶŐĞůŚŽĞĚĂdžŽƌƚĂĕĆŽůĞŐƌŝĂĚŽŵŽƌĚŽWĂƉĂ&ƌĂŶĐŝƐĐŽŶĂƋƵĂůĐŽŶƚĂƌĞŵŽƐĐŽŵĂƐƐŽĐŝĂĕĆŽĚĞĞĨĞƐĂĞƉŽŝŽĚĂsŝĚĂ;sͿĞŽWEƵŶŽ^ĂŶƚŽƐƐƐŝƐƚĞŶƚĞĚŽ^ĞĐƌĞƚĂƌŝĂĚŽŝŽĐĞƐĂŶŽĚĂWĂƐƚŽƌĂůĚĂ&ĂŵşůŝĂ
KZKKdZK– ůĞŵďƌĂŵŽƐĂƋƵĞŵƋƵŝƐĞƌƌĞnjĂƌŽƚĞƌĕŽĐŽŵƵŶŝƚĂͲƌŝĂŵĞŶƚĞŶĂ/ŐƌĞũĂƋƵĞĞŵ^:ŽƐĠƉŽĚĞĨĂnjġ-ůŽĚŝĂƌŝĂŵĞŶƚĞăƐϬϴŚϬϬĞăƐϭϴŚϯϬϯϬŵŝŶƵƚŽƐĂŶƚĞƐĚĂŵŝƐƐĂĞĞŵ^:ĂƉƟƐƚĂăƐϭϴŚϯϬ
D/dK
EÌÝÝÊÃÊÝÊWÊòÊÊ^Ä«ÊÙ ,ŽũĞ ŽŵŝŶŐŽ ĚŽ Žŵ ƉĂƐƚŽƌ ĚŝĂ ƋƵĞ ƐĞ ĐŽŶĐůƵŝ Ă ƐĞŵĂŶĂ ĚĂƐǀŽĐĂĕƁĞƐ ĚĞ ĐŽŶƐĂŐƌĂĕĆŽ ŐŽƐƚĂǀĂ ƐŽďƌĞƚƵĚŽ ĚĞ ĐŽŶǀŝĚĂƌ-ǀŽƐ ĂĨŝdžĂƌŽǀŽƐƐŽŽůŚĂƌŶŽŽŵƉĂƐƚŽƌƋƵĞƌĞƐƐƵƐĐŝƚŽƵĞĚĄĂǀŝĚĂƉĞůĂƐƐƵĂƐŽǀĞůŚĂƐKǀĂŶŐĞůŚŽĚĞŚŽũĞďĞŵĐŽŶĐŝƐŽĠƉŽƌĠŵĞdžƉůŽƐŝͲǀŽ ƉĞůĂ ĨŽƌĕĂ ƋƵĞ ĐŽŶƚĠŵ Ğ ŽƐ ũƵĚĞƵƐ ƌĞĂŐŝƌĂŵ ĐŽŵ ĨŝƌŵĞnjĂ ăƐƉĂůĂǀƌĂƐĚĞ:ĞƐƵƐWĂƌĂĐŽŵƉƌĞĞŶĚĞƌŵŽƐŵĞůŚŽƌŽĐŽŶƚĞdžƚŽůĞŵͲďƌĞŵŽ-ŶŽƐƋƵĞĂŶƚĞƐĚŝƐƚŽůĞĞƐƚĂǀĂŶŽWſƌƚŝĐŽĚĞ^ĂůŽŵĆŽĞŽƐũƵĚĞƵĞƐƚĂǀĂŵĚĞĐŝĚŝĚŽƐĂƉƀ-ůŽĞŶƚƌĞĂĞƐƉĂĚĂĞĂƉĂƌĞĚĞƉĞƌͲŐƵŶƚĂŶĚŽ-ůŚĞ ƚĠ ƋƵĂŶĚŽǀĂŝƐ ƚƵŵĂŶƚĞƌ-ŶŽƐ Ğŵ ƐƵƐƉĞŶƐŽ ^ĞĠƐ Ž ƌŝƐƚŽ ;K DĞƐƐŝĂƐͿ Ěŝ-ůŽ ĂďĞƌƚĂŵĞŶƚĞ ƵŵĂ ĞƐƉĠĐŝĞ ĚĞƵůƚŝŵĂƚŽĚŽŐĠŶĞƌŽƐŝŵŽƵŶĆŽĞĐŝĚĞ-ƚĞƵŵĂǀĞnjƉŽƌ ƚŽĚĂƐŵǀĞnjĚĞƌĞƐƉŽŶĚĞƌƐŝŵƐŽƵŽDĞƐƐŝĂƐ :ĞƐƵƐǀĂŝŵĂŝƐ ůŽŶŐĞ&ĂůĂ-ůŚĞƐĚĂƐƐƵĂƐŽǀĞůŚĂƐŽƋƵĞǀĂŝĚĂƌĂŽŵĞƐŵŽWŽƌƋƵĞŽƉŽͲǀŽĚĞ /ƐƌĂĞů ĐŽŵƉĂƌĂǀĂ-ƐĞĂƵŵƌĞďĂŶŚŽŶſƐ ƐŽŵŽƐŽƉŽǀŽĚĞĞƵƐŽƌĞďĂŶŚŽƋƵĞůĞĐŽŶĚƵnjƵŵĂĨſƌŵƵůĂƋƵĞĂƉĂƌĞĐĞĨƌĞͲƋƵĞŶƚĞŵĞŶƚĞ ŶŽƐ ƐĂůŵŽƐ Ğ ƉĂƌƚŝĐƵůĂƌŵĞŶƚĞ ŶĂ ĚĞƐƚĞ ŽŵŝŶŐŽůĞŶŽƐĨĞnjĂůĞƉĞƌƚĞŶĐĞŵŽƐZĞďĂŶŚŽŵƵŝƚĂƐǀĞnjĞƐĚĞƐŽďĞĚŝͲĞŶƚĞŵĂůĐŽŶĚƵnjŝĚŽƉĞůŽƐƌĞŝƐƋƵĞƐĞƐƵĐĞĚĞƌĂŵŶŽƚƌŽŶŽĚĞĂͲǀŝĚŵĂƐƐĂďŝĂ-ƐĞƋƵĞŽDĞƐƐŝĂƐĞƐƐĞƐŝŵƐĞƌŝĂƵŵƉĂƐƚŽƌĂƚĞŶƚŽĞĐŽŶƐĂŐƌĂĚŽĂŽƐĞƵƉŽǀŽEĂƚƵƌĂůŵĞŶƚĞ:ĞƐƵƐƉĂƌĂĂĨŝƌŵĂƌƋƵĞĞƌĂŽDĞƐƐŝĂƐ ƵƐĂ ƵŵĂ ůŝŶŐƵĂŐĞŵŚĂďŝƚƵĂů ƐŽďƌĞ Ž ƉĂƐƚŽƌ Ğ ĂƐ ŽǀĞͲůŚĂƐŽƐŝŶƚĞƌůŽĐƵƚŽƌĞƐĐŽŵƉƌĞĞŶĚĞƌĂŵ-ŶŽďĞŵDĂƐ:ĞƐƵƐůĞǀĂ-ŽƐŵĂŝƐ ůŽŶŐĞ ĨĂůĂŶĚŽ ĚĂƐ ƐƵĂƐ ŽǀĞůŚĂƐ ŽƵƐĂ ĂĨŝƌŵĂƌ Ƶ ĚŽƵ-ůŚĞƐĂǀŝĚĂĞƚĞƌŶĂĞŶƵŶĐĂŚĆŽĚĞƉĞƌĞĐĞƌŶŝŶŐƵĠŵĂƐĂƌƌĞďĂƚĂƌĄĚĂŵŝŶŚĂŵĆŽ&ſƌŵƵůĂĂƵĚĂĐŝŽƐĂƋƵĞŵƉŽĚĞĚĂƌĂǀŝĚĂĞƚĞƌͲŶĂYƵĂŶƚŽăĞdžƉƌĞƐƐĆŽĞƐƚĂƌŶĂŵĆŽĚĞĞƵƐĞƌĂŵƵŝƚŽŚĂďŝͲƚƵĂůŶŽŶƚŝŐŽdĞƐƚĂŵĞŶƚŽƉŽƌĞdžĞŵƉůŽĞŵ:ĞƌĞŵŝĂƐsſƐĞƐƚĂŝƐŶĂŵŝŶŚĂŵĆŽƉŽǀŽĚĞ/ƐƌĂĞůĚŝnjŽ^ĞŶŚŽƌĐŽŵŽĂĂƌŐŝůĂŶĂŵĆŽĚŽŽůĞŝƌŽ;:ĞƌϭϴϭϲͿĞŵƵŝƚĂƐŽƵƚƌĂƐƉĂƐƐĂŐĞŶƐ:ĞƐƵƐĨĂnjƌĞĨĞƌġŶͲĐŝĂ Ă ĞƐƚĂƐ ƉĂƐƐĂŐĞŶƐ ďşďůŝĐĂƐ ƉŽŝƐ ĂĐƌĞƐĐĞŶƚĂ ĚĞ ŝŵĞĚŝĂƚŽEŝŶŐƵĠŵ ƉŽĚĞ ĂƌƌĞďĂƚĂƌ ŶĂĚĂ ĚĂ ŵĆŽ ĚŽ WĂŝ ŽůŽĐĂ ĂƐƐŝŵĐůĂƌĂŵĞŶƚĞŶŽŵĞƐŵŽƉĠĂƐĚƵĂƐ ĨſƌŵƵůĂƐĂŵŝŶŚĂŵĆŽĞĂŵĆŽĚŽƉĂŝDĂƐŶĆŽĨŝĐĂƉŽƌĂƋƵŝWĞƌƐŝƐƚĞĂŝŶĚĂĞŵĚŝnjĞƌƵĞŽWĂŝƐŽŵŽƐƵŵƐſĂƐƐŝŵĞůĞƌĞƐƉŽŶĚĞŵƵŝƚŽƉĂƌĂĂůĠŵĚĂƉĞƌͲŐƵŶƚĂƋƵĞůŚĞĠĚŝƌŝŐŝĚĂŵĂŝƐĚŽƋƵĞĚŝnjĞƌƐŝŵĞƵƐŽƵŽDĞƐƐŝͲĂƐĂĨŝƌŵĂ-ƐĞŝŐƵĂůĂĞƵƐŶĂĐŽŶĚŝĕĆŽĚĞ&ŝůŚŽĚĂŵĞƐŵĂŶĂƚƵƌĞͲnjĂƋƵĞŽWĂŝůĂƌŽƋƵĞŽƐũƵĚĞƵƐŶĆŽƉŽĚŝĂŵĂĐĞŝƚĂƌŝƐƐŽŚĂďŝƚƵĂͲĚŽƐĐŽŵŽĞƐƚĂǀĂŵĂ ƌĞnjĂƌ ƚŽĚŽƐŽƐĚŝĂƐƐĐƵƚĂ /ƐƌĂĞůŽ^ĞŶŚŽƌŶŽƐƐŽĞƵƐĠƷŶŝĐŽ:ĞƐƵƐĨŽŝŝŶĐŽŵƉƌĞĞŶĚŝĚŽƉĞƌƐĞŐƵŝĚŽĞůŝŵŝͲŶĂĚŽŵĂƐ ĂůŐƵŶƐ ĂĐƌĞĚŝƚĂƌĂŵ ŶůĞ :ŽĆŽ Ěŝnj ŶŽ ƉƌſůŽŐŽ ĚŽ ƐĞƵĞǀĂŶŐĞůŚŽsĞŝŽƉĂƌĂŽƋƵĞĞƌĂ^ĞƵĞŽƐƐĞƵƐŶĆŽŽƌĞĐĞďĞƌĂŵŵĂƐĂŽƐƋƵĞŽƌĞĐĞďĞƌĂŵĂŽƐƋƵĞĐƌĞƌĂŵŶŽƐĞƵŶŽŵĞĚĞƵ-ůŚĞƐŽƉŽĚĞƌĚĞƐĞƚŽƌŶĂƌĞŵĨŝůŚŽƐĚĞĞƵƐ;:Žϭϭϭ-ϭϮͿĞƐƚĞƉĞƋƵĞͲŶŽƌĞƐƚŽŶĂƐĐĞƵŽƉŽǀŽĐƌŝƐƚĆŽĂƐŵŝŶŚĂƐŽǀĞůŚĂƐĞƐĐƵƚĂŵĂŵŝͲŶŚĂǀŽnjĞƵĐŽŶŚĞĕŽ-ĂƐĞĞůĂƐƐĞŐƵĞŵ-ŵĞƵĚŽƵ-ůŚĞƐĂǀŝĚĂĞƚĞƌͲŶĂ ƉĞƐĂƌ ĚĂ ŽƉŽƐŝĕĆŽ ƋƵĞ :ĞƐƵƐ ĞŶĐŽŶƚƌĂ ĚĂ ƐĂşĚĂ ƚƌĄŐŝĐĂ ũĄƉƌĞǀŝƐşǀĞůŚĄĂƋƵŝ ŝŶĐŽŶƚĞƐƚĂǀĞůŵĞŶƚĞƵŵĂ ůŝŶŐƵĂŐĞŵĚĞ ǀŝƚſƌŝĂEŝŶŐƵĠŵƉŽĚĞĂƌƌĞďĂƚĂƌŶĂĚĂĚĂŵĆŽĚĞŵĞƵWĂŝĐŽŵŽƵŵĞĐŽĚĂĨƌĂƐĞĚĞ:ĞƐƵƐŽƌĂŐĞŵĞƵǀĞŶĐŝŽŵƵŶĚŽKƐĚŝƐĐşƉƵůŽƐĚĞ:ĞƐƵƐĂŽůŽŶŐŽĚĂŚŝƐƚſƌŝĂƚġŵŵƵŝƚĂŶĞĐĞƐƐŝĚĂĚĞĚĞƐĞĂƉŽŝĂƌŶĞƐƚĂĐĞƌƚĞnjĂEŝŶŐƵĠŵƉŽĚĞĂƌƌĞďĂƚĂƌŶĂĚĂĚĂƐŵĆŽƐĚŽWĂŝ ďŽŵƉĂƌĂŶſƐƚĞƌŵŽƐĞƐƚĂĐĞƌƚĞnjĂ^ŽŵŽƐŽWŽǀŽƋƵĞŽ^ĞŶŚŽƌĞƐĐŽůŚĞƵƉĂƌĂƐƵĂŚĞƌĂŶĕĂŽƉŽǀŽƋƵĞĞƐƚĄŶĂƐƐƵĂƐŵĆŽƐĞƋƵĞůĞ ŶƵŶĐĂ ĂďĂŶĚŽŶĂ WŽĚĞŵŽƐ ƉĂƐƐĂƌ ƉŽƌ ŵƵŝƚĂƐ ĚŝĨŝĐƵůĚĂĚĞƐƉĞƌƐĞŐƵŝĕƁĞƐŝŶĐŽŵƉƌĞĞŶƐƁĞƐdĞŵŽƐŽƐŶŽƐƐŽƐƉĞĐĂĚŽƐĞƐŽĨƌĞͲŵŽƐ ƚĂŵďĠŵƉĞůŽƐƉĞĐĂĚŽƐ ĚŽƐŽƵƚƌŽƐŵĂƐŶĂĚĂĚŝƐƐŽŶŽƐ ĨĂƌĄƐĞƌĂƌƌĞďĂƚĂĚŽƐĚĂƐŵĆŽƐĚŽWĂŝŽ ůŽŶŐŽĚĂŚŝƐƚſƌŝĂ:ĞƐƵƐĐŚĂͲŵŽƵ Ğ ĐŽŶĨŝŐƵƌŽƵ ĐŽŶƐŝŐŽ ƉĞůŽ ƐĂĐƌĂŵĞŶƚŽ ĚĂ KƌĚĞŵ ŚŽŵĞŶƐƋƵĞ ƚŽƌŶĂƐƐĞŵ ǀŝƐşǀĞů ĞƐƚĞ ƉĂƐƚŽƌĞŝŽ ĚĞ :ĞƐƵƐ ^Ğ ŚŽƵǀĞ ŵƵŝƚŽƐƋƵĞŽĨŝnjĞƌĂŵĐŽŵŐƌĂŶĚĞƐĂŶƚŝĚĂĚĞĚĞǀŝĚĂĞƐŽƵďĞƌĂŵƚƌĂŶƐƉĂͲ
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