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EĞƐƚĂƐĞĐĕĆŽ͕ĂƉƌĞƐĞŶƚĂ
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ƉĂƚŽůŽŐŝĂƐŵĂŝƐĨƌĞƋƵĞŶƚĞƐĚĞƐƚĂƌĞŐŝĆŽĂŶĂƚſŵŝĐĂ͘ƐĨƌĂƚƵƌĂƐĚŽƐŽƐƐŽƐĚĂŵĆŽĞĚŽƉƵŶŚŽƐĆŽ
ŵƵŝƚŽĨƌĞƋƵĞŶƚĞƐ͕ĐŽŶƐƟƚƵŝŶĚŽĂĂǀĂůŝĂĕĆŽƌĂĚŝŽŐƌĄĮĐĂŽĞdžĂŵĞĚĞϭǐůŝŶŚĂ͕ŵƵŝƚĂƐǀĞnjĞƐƐƵĮĐŝĞŶͲ
ƚĞƉĂƌĂĂƐƵĂŝĚĞŶƟĮĐĂĕĆŽĞĐĂƌĂĐƚĞƌŝnjĂĕĆŽ͘
WŽƌŽƵƚƌŽůĂĚŽ͕ŵƵŝƚĂƐĂůƚĞƌĂĕƁĞƐſƐƐĞĂƐĞŵĨĂƐĞŝŶŝĐŝĂůƐĆŽŵĂŝƐďĞŵǀŝƐƵĂůŝnjĂĚĂƐŶŽƐŽƐƐŽƐĚĂ
ŵĆŽĞĚŽƉƵŶŚŽĚŽƋƵĞŶŽĞƐƋƵĞůĞƚŽĂdžŝĂů͕ƉŽƐƐŝďŝůŝƚĂŶĚŽĚĞƐƚĂĨŽƌŵĂƵŵĚŝĂŐŶſƐƟĐŽƉƌĞĐŽĐĞĚĞ
ĂƌƚƌŝƚĞƐĞĚŽĞŶĕĂƐŵĞƚĂďſůŝĐĂƐ͘
3UHSDUDomRGR3DFLHQWH
ƉƌĞƐĐƌŝĕĆŽŵĠĚŝĐĂĚĞǀĞĐŽŶƚĞƌŝŶĨŽƌŵĂĕƁĞƐƋƵĞƉĞƌŵŝƚĂŵĂŽƚĠĐŶŝĐŽĂĚĞƋƵĂƌĂƐŝŶĐŝĚġŶĐŝĂƐĂŽ
ŽďũĞƟǀŽĚŽĞdžĂŵĞ͘WŽƌĞdžĞŵƉůŽ͕ŶƵŵƉĞĚŝĚŽĚĞƌĂĚŝŽŐƌĂĮĂĚĂŵĆŽĞŵĚƵĂƐŝŶĐŝĚġŶĐŝĂƐ͕ƉŽĚĞƚĞƌ
ŵĂŝƐŝŶƚĞƌĞƐƐĞĂƌĞĂůŝnjĂĕĆŽĚĞƵŵƉĞƌĮůĚĞƵŵĚĞĚŽĞƐƉĞĐşĮĐŽƉĂƌĂĞƐĐůĂƌĞĐĞƌĚĞƚĞƌŵŝŶĂĚĂƉĂƚŽůŽͲ
ŐŝĂĚŽƋƵĞƉƌŽƉƌŝĂŵĞŶƚĞĂŽďůşƋƵĂĚĂŵĆŽƋƵĞĨĂnjƉĂƌƚĞĚŽĞƐƚƵĚŽƐƚĂŶĚĂƌĚ͕ĐŽŵŽĐŽŵƉůĞŵĞŶƚŽ
ăĨĂĐĞ͘
ƉƌĞƉĂƌĂĕĆŽĚŽƉĂĐŝĞŶƚĞŝŶĐůƵŝĂƌĞŵŽĕĆŽĚĞĚĞƚĞƌŵŝŶĂĚŽƐŽďũĞƚŽƐ͕ƐƵƐĐĞơǀĞŝƐĚĞĐĂƵƐĂƌĂƌƚĞĨĂĐͲ
ƚŽƐŶĂŝŵĂŐĞŵ͘ƐŵĂŶŐĂƐĚĂƌŽƵƉĂĚĞǀĞŵƐĞƌĂĨĂƐƚĂĚĂƐĚĂƌĞŐŝĆŽĞŵĞƐƚƵĚŽ͖ĐĂƐŽŶĆŽƐĞũĂƉŽƐƐşͲ
ǀĞů͕ƌĞƟƌĂ
ͲƐĞĂƌŽƵƉĂ;ĐĂƐĂĐŽ͕ĐĂŵŝƐĂ͕ĐĂŵŝƐŽůĂͿ͘KďũĞƚŽƐ͕ƚĂŝƐĐŽŵŽƉƵůƐĞŝƌĂƐ͕ƌĞůſŐŝŽƐ͕ĂŶĠŝƐ͕ĚĞǀĞŵ
ƐĞƌƌĞŵŽǀŝĚŽƐ͘ƐĂůĂĚĞǀĞƐĞƌƉƌĞƉĂƌĂĚĂĂŶƚĞƐĚĂĞŶƚƌĂĚĂĚŽƉĂĐŝĞŶƚĞ͘
KƐƉƌŝŶĐşƉŝŽƐĂƋƵŝĚĞƐĐƌŝƚŽƐƚġŵĞŵĐŽŶƚĂƉĂĐŝĞŶƚĞƐĐŽůĂďŽƌĂŶƚĞƐ͖ŶŽĞŶƚĂŶƚŽ͕ĞƐƚĞƐƉŽƐŝĐŝŽŶĂŵĞŶͲ
ƚŽƐƉŽĚĞŵƐĞƌĂĚĂƉƚĂĚŽƐĂƉĂĐŝĞŶƚĞƐŵĞŶŽƐĐŽůĂďŽƌĂŶƚĞƐ͕ĚĞƐĚĞƋƵĞƐĞŵĂŶƚĞŶŚĂŽŽďũĞƟǀŽĚŽ
ĞdžĂŵĞĐƵŵƉƌŝĚŽ͕ĐŽŵŽ͕ƉŽƌĞdžĞŵƉůŽ͕ĂƌĞĂůŝnjĂĕĆŽĚŽĞdžĂŵĞŶƵŵƉĂĐŝĞŶƚĞĞŵŵĂĐĂ͘
RQVLGHUDo}HV7pFQLFDV
dŝƉŝĐĂŵĞŶƚĞ͕ŽƉĂĐŝĞŶƚĞĂƐƐƵŵĞĂƉŽƐŝĕĆŽƐĞŶƚĂĚŽůĂƚĞƌĂůŵĞŶƚĞĂƵŵĂĚĂƐĞdžƚƌĞŵŝĚĂĚĞƐĚĂŵĞƐĂ
ʹƉŽƩĞƌ
ͲďƵĐŬLJ͘
ƐŝŶĐŝĚġŶĐŝĂƐƌĞĂůŝnjĂŵ
ͲƐĞƐĞŵƌĞĐƵƌƐŽĂŐƌĞůŚĂĂŶƟĚŝĨƵƐŽƌĂ͕ĚĂĚĂĂƌĞĚƵnjŝĚĂĞƐƉĞƐƐƵƌĂĚĂƐĞƐƚƌƵͲ
ƚƵƌĂƐĞƐƚƵĚĂĚĂƐ͘ĞƐƚĂĨŽƌŵĂ͕ĂĞƐƚƌƵƚƵƌĂĠĂƉŽŝĂĚĂĚŝƌĞƚĂŵĞŶƚĞŶŽĚĞƚĞƚŽƌ͘
KƐƉĂƌąŵĞƚƌŽƐĚĞĞdžƉŽƐŝĕĆŽƵƟůŝnjĂĚŽƐƐĆŽŵĂŝƐďĂŝdžŽƐĚŽƋƵĞŽƐƵƐĂĚŽƐŶĂƐƌĞƐƚĂŶƚĞƐĞƐƚƌƵƚƵƌĂƐ
ĞƐĞŵƉƌĞĐŽŵƌĞĐƵƌƐŽĂĨŽĐŽĮŶŽ͘
/ŶĚĞƉĞŶĚĞŶƚĞŵĞŶƚĞĚŽƟƉŽĚĞĚĞƚĞƚŽƌ;ĂŶĂůſŐŝĐŽŽƵĚŝŐŝƚĂůͿ͕ĞƐƚĞƉŽĚĞƐĞƌŽƌŝĞŶƚĂĚŽŶŽƐĞŶƟĚŽ
ƚƌĂŶƐǀĞƌƐĂůĞ͞ĚŝǀŝĚŝĚŽ͟ƉĂƌĂĚƵĂƐĞdžƉŽƐŝĕƁĞƐ͕ĚĂĚĂƐĂƐƉĞƋƵĞŶĂƐĚŝŵĞŶƐƁĞƐĚĂƐĞƐƚƌƵƚƵƌĂƐĞŵ
ĞƐƚƵĚŽ͘
0mRSXQKRHDQWHEUDoR
/LOLDQD)HUQDQGHV5RGULJXHV

11. ‹/LGHO²(GLo}HV7pFQLFDV/GD (VWXGR5DGLROyJLFRGR0HPEUR6XSHULRU
25,(17$d®2'$6,0$*(16(0$5$d®2'(/$7(5$/,'$'(
ůŝƚĞƌĂƚƵƌĂŶĆŽĠĐŽŶƐĞŶƐƵĂůŶŽƋƵĞƐĞƌĞĨĞƌĞăŽƌŝĞŶƚĂĕĆŽĚĂƐƌĂĚŝŽŐƌĂͲ
ĮĂƐĚĂŵĆŽĚĞĂĐŽƌĚŽĐŽŵĂƉŽƐŝĕĆŽĂŶĂƚſŵŝĐĂ͘ĞƐƚĞŵŽĚŽ͕ĞƵŵĂǀĞnj
ƋƵĞĞŵƚŽĚĂĂďŝďůŝŽŐƌĂĮĂĐŽŶƐƵůƚĂĚĂĂƐŝŵĂŐĞŶƐƌĂĚŝŽŐƌĄĮĐĂƐĚĂŵĆŽ
ƐĆŽŽƌŝĞŶƚĂĚĂƐĐŽŵŽƐĚĞĚŽƐƐƵƉĞƌŝŽƌŵĞŶƚĞĞŽƉƵŶŚŽŝŶĨĞƌŝŽƌŵĞŶƚĞ͕ŝƐƚŽ
Ġ͕ĐŽŵĂƐĞdžƚƌĞŵŝĚĂĚĞƐĚŽƐĚĞĚŽƐƉĂƌĂĐŝŵĂ;ŝŐƵƌĂϮ͘Ϯ͘ϭͿ͕ƉŽĚĞĂƐƐƵŵŝƌͲ
ͲƐĞĞƐƚĞĞƐƚƵĚŽĐŽŵŽƵŵĂĞdžĐĞĕĆŽăƌĞŐƌĂ͘ŵƚŽĚŽĐĂƐŽ͕ĂĐŽůŽĐĂĕĆŽĚĂ
ůĂƚĞƌĂůŝĚĂĚĞĚĞǀĞƌĄƐĞƌĐŽŝŶĐŝĚĞŶƚĞĐŽŵĂƋƵĞƐĞƌŝĂŽďƟĚĂŶƵŵĂƉŽƐŝĕĆŽ
ĂŶĂƚſŵŝĐĂ͕ŽƵƐĞũĂ͕ĚŽůĂĚŽĚŝƌĞŝƚŽŽƵĞƐƋƵĞƌĚŽĂŽůĂĚŽŽƉŽƐƚŽĚŽŽďƐĞƌͲ
ǀĂĚŽƌ;ŝŵĂŐĞŵĞŵĞƐƉĞůŚŽͿ͘
ŵĂƌĐĂĕĆŽĚĂůĂƚĞƌĂůŝĚĂĚĞĂƐƐƵŵĞƵŵƉĂƉĞůŝŵƉŽƌƚĂŶƚĞ͕ĚĂĚŽƋƵĞƐĞƚƌĂͲ
ƚĂĚĞĞƐƚƌƵƚƵƌĂƐĂŶĂƚſŵŝĐĂƐďŝůĂƚĞƌĂŝƐ͘ƐƚĂŵĂƌĐĂĕĆŽĚĞǀĞƐĞƌƌĞĂůŝnjĂĚĂ
ĐŽŵƵŵĂŵĂƌĐĂĚĞůĂƚĞƌĂůŝĚĂĚĞŵĞƚĄůŝĐĂ;ĚŝƌĞŝƚŽŽƵĞƐƋƵĞƌĚŽͿ͕ŽƌŝĞŶƚĂĚĂ
ĞŵWŽƵƉſƐƚĞƌŽͲĂŶƚĞƌŝŽƌ;WͿĐŽŶƐŽĂŶƚĞĂƉƌŽũĞĕĆŽĚŽĨĞŝdžĞĚĞƌĂĚŝĂͲ
ĕĆŽy͘/ĚĞĂůŵĞŶƚĞĚĞǀĞƐĞƌĐŽůŽĐĂĚĂŶĂƌĞŐŝĆŽƉƌŽdžŝŵĂů;ƐĞĂƌĂĚŝŽŐƌĂĮĂ
ĨŽƌŽƌŝĞŶƚĂĚĂĚĞĂĐŽƌĚŽĐŽŵĂƉŽƐŝĕĆŽĂŶĂƚſŵŝĐĂͿŽƵĚŝƐƚĂů;ƐĞŽƌŝĞŶƚĂĚĂĐŽŵĂƐĞdžƚƌĞŵŝĚĂĚĞƐ
ĚŽƐĚĞĚŽƐƉĂƌĂĐŝŵĂͿ͕ĞŶŽĐĂƐŽĚŽ͟͞ĚŽůĂĚŽĚŝƌĞŝƚŽĞĚŽ͟͞ĚŽůĂĚŽĞƐƋƵĞƌĚŽ͘ŵĂƌĐĂĕĆŽĚĞ
ůĂƚĞƌĂůŝĚĂĚĞŶƵŶĐĂĚĞǀĞƐŽďƌĞƉŽƌ
ͲƐĞĂĞƐƚƌƵƚƵƌĂƐĂŶĂƚſŵŝĐĂƐŽƵĚĂĚŽƐŝĚĞŶƟĮĐĂƟǀŽƐĚŽƉĂĐŝĞŶƚĞ
ĞĚĞǀĞŵƐĞƌĐŽůŽĐĂĚĂƐĚĞĨŽƌŵĂĂƐĞƌŝŶĐůƵşĚĂƐƉĞůĂĐŽůŝŵĂĕĆŽ͘
3527(d®25$',2/Ð*,$
KƉĂĐŝĞŶƚĞĚĞǀĞƐĞƌƉŽƐŝĐŝŽŶĂĚŽůĂƚĞƌĂůŵĞŶƚĞăŵĞƐĂ͕ƉĂƌĂƋƵĞƚŽĚŽŽĐŽƌƉŽ͕ĞƉƌŝŶĐŝƉĂůŵĞŶƚĞĂƌĞͲ
ŐŝĆŽŐŽŶĂĚĂů͕ĮƋƵĞĂĨĂƐƚĂĚŽŽŵĂŝƐƉŽƐƐşǀĞůĚĂĞdžƉŽƐŝĕĆŽĚŝƌĞƚĂĂŽĨĞŝdžĞƉƌŝŵĄƌŝŽĚĂƌĂĚŝĂĕĆŽ͘KƉĂͲ
ĐŝĞŶƚĞĚĞǀĞƐĞƌŝŶƐƚƌƵşĚŽƉĂƌĂĚĞƐǀŝĂƌŽŽůŚĂƌĚŽĨĞŝdžĞĚĞƌĂĚŝĂĕĆŽ͕ƉĂƌĂƉƌŽƚĞĕĆŽĚŽĐƌŝƐƚĂůŝŶŽŽĐƵůĂƌ͘
ĂĚŽƋƵĞĂƐĞƐƚƌƵƚƵƌĂƐƌĞĨĞƌŝĚĂƐƚġŵĚŝŵĞŶƐƁĞƐƌĞĚƵnjŝĚĂƐ͕ĂĐŽůŝŵĂĕĆŽĂƐƐƵŵĞƵŵƉĂƉĞůŝŵƉŽƌͲ
ƚĂŶƚĞ͘^ĞŵƉƌĞƋƵĞƉŽƐƐşǀĞůĚĞǀĞĞǀŝƚĂƌ
ͲƐĞĂŝƌƌĂĚŝĂĕĆŽĚĞĞƐƚƌƵƚƵƌĂƐƋƵĞŶĆŽĞƐƚĆŽĞŵĞƐƚƵĚŽ͘
ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞƉĞůĂĞƐĐŽůŚĂĚŽƐƉĂƌąŵĞƚƌŽƐĚĞĞdžƉŽƐŝĕĆŽĠĚŽƚĠĐŶŝĐŽĚĞƌĂĚŝŽůŽŐŝĂ͖ĞƐƚĞĚĞǀĞ
ƐĞŐƵŝƌƐĞŵƉƌĞŽƉƌŝŶĐşƉŝŽĂƐůŽǁĂƐƌĞĂƐŽŶĂďůLJĂĐŚŝĞǀĂďůĞ;ZͿ͘
3$72/2*,$60$,620816
ƌĞŐŝĆŽĚĂŵĆŽ͕ĚŽƉƵŶŚŽĞĚŽĂŶƚĞďƌĂĕŽĞƐƚĄƐƵũĞŝƚĂĂƵŵǀĂƐƚŽŶƷŵĞƌŽĚĞƉĂƚŽůŽŐŝĂƐ͘ƐĨƌĂƚƵͲ
ƌĂƐŵĞƚĂĮƐĄƌŝĂƐĞĞƉŝĮƐĄƌŝĂƐĚŽƌĄĚŝŽĚŝƐƚĂů͕ĂƌƟĐƵůĂƌĞƐŽƵĞdžƚƌĂ
ͲĂƌƟĐƵůĂƌĞƐ͕ŽĐƵƉĂŵƵŵůƵŐĂƌĚĞ
ĚĞƐƚĂƋƵĞŶĂƐĨƌĂƚƵƌĂƐŵĂŝƐĨƌĞƋƵĞŶƚĞƐĚŽĂƉĂƌĞůŚŽůŽĐŽŵŽƚŽƌ͘hŵĂĚĂƐŵĂŝƐĨƌĞƋƵĞŶƚĞƐĠĂĨƌĂƚƵƌĂ
ĚĞWŽƚĞĂƵ
ͲŽůůĞƐ;ŝŐƵƌĂϮ͘Ϯ͘ϮͿ͘
ĞŶƚƌŽĚŽƐŽƐƐŽƐĚŽĐĂƌƉŽ͕ĂĨƌĂƚƵƌĂĚŽĞƐĐĂĨŽŝĚĞĠĂŵĂŝƐĐŽŵƵŵ͕ƐĞŶĚŽƋƵĞĐŽƌƌĞƐƉŽŶĚĞĂƵŵ
ƚŽƚĂůĚĞϭϬй
ͲϮϬйĚĂƐĨƌĂƚƵƌĂƐĚŽŵĞŵďƌŽƐƵƉĞƌŝŽƌ͖ĂŽŶşǀĞůĚĂƐůƵdžĂĕƁĞƐ͕ĂŵĂŝƐĐŽŵƵŵĠĂůƵdžĂͲ
ĕĆŽĂŶƚĞƌŝŽƌŝƐŽůĂĚĂĚŽƐĞŵŝůƵŶĂƌ͘
KƐDƐĆŽƚĂŵďĠŵďĂƐƚĂŶƚĞƐƵƐĐĞơǀĞŝƐĂĨƌĂƚƵƌĂƐ͕ĞĞƐƚĂƐƉŽĚĞŵŽĐŽƌƌĞƌŶŽĐŽůŽ͕ŶĂĚŝĄĮƐĞ͕ŶĂ
ďĂƐĞ͕ŶĂĐĂďĞĕĂŽƵŶĂĐĂƌƟůĂŐĞŵĂƌƟĐƵůĂƌ͘
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