Download - } W v } í Ð > /dhZ µ } µ ] v ] ] u } u } µ µ } µ i À ] U ... · ÊÃ®Ä¦Ê Ê Êà W ÝãÊÙ í Ð > /dhZ ~ } í ï U í ð X ð ï r ñ î E µ o ] U W µ o } v P µ ]

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Page 1: } W v } í Ð > /dhZ µ } µ ] v ] ] u } u } µ µ } µ i À ] U ... · ÊÃ®Ä¦Ê Ê Êà W ÝãÊÙ í Ð > /dhZ ~ } í ï U í ð X ð ï r ñ î E µ o ] U W µ o } v P µ ]

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

Page 2: } W v } í Ð > /dhZ µ } µ ] v ] ] u } u } µ µ } µ i À ] U ... · ÊÃ®Ä¦Ê Ê Êà W ÝãÊÙ í Ð > /dhZ ~ } í ï U í ð X ð ï r ñ î E µ o ] U W µ o } v P µ ]

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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