>KZdKZ/K&1^/'EZ>ϭϭǐĚŝĐŝſŶ  &/ʹ&&ʹhED^D

DKs/D/EdKhEWZKzd/>
yWZ/E/EΣϬϯ

/͘ K:d/sK^
,ĂůůĂƌůĂǀĞůŽĐŝĚĂĚĞŝĚĞŶƚŝĨŝĐĂƌůĂƐĐŽŵƉŽŶĞŶƚĞƐŚŽƌŝnjŽŶƚĂůLJ ǀĞƌƚŝĐĂůĚĞůŵŽǀŝŵŝĞŶƚŽ
ƉĂƌĂďſůŝĐŽĚĞƵŶƉƌŽLJĞĐƚŝů͘ 

//͘ Yh/WK^ͬDdZ/>^
ϭ^ŽƉŽƌƚĞƵŶŝǀĞƌƐĂů    ϭƌŽŶſŵĞƚƌŽ
ϭZĂŵƉĂĂĐĂŶĂůĂĚĂ    ϭĂŶŝĐĂ;ǀŝĚƌŝŽͬĂĐĞƌŽͿ
ϭWƌĞŶƐĂ     ϭWůŽŵĂĚĂ
ϭZĞŐůĂĚĞϭŵ     ϭWĂƉĞůĐĂƌďſŶ

///͘ &hEDEdKdMZ/K
dŽĚŽĐƵĞƌƉŽĐŽŶƵŶŝŵƉƵůƐŽŝŶŝĐŝĂů;ǀĞůŽĐŝĚĂĚŝŶŝĐŝĂů‫ݒ‬Ԧ଴ ͿƋƵĞƐĞŵƵĞǀĞďĂũĂůĂĂĐĐŝſŶ
ĚĞ ůĂ ŐƌĂǀĞĚĂĚ ĞŶ ƵŶ ƉƌŽLJĞĐƚŝů͘ >ĂƐ ƚƌĂLJĞĐƚŽƌŝĂƐ ŐĞŶĞƌĂůŵĞŶƚĞ ƐŽŶ ĐŽŵƉůŝĐĂĚĂƐ͕ ƐŝŶ
ĞŵďĂƌŐŽ͕ƐŝƐĞĐŽŶƐŝĚĞƌĂ͗
• >ĂĂĐĞůĞƌĂĐŝſŶĚĞůĂŐƌĂǀĞĚĂĚĐŽŶƐƚĂŶƚĞ
• ^ĞĚĞƐƉƌĞĐŝĂůĂƌĞƐŝƐƚĞŶĐŝĂĚĞůĂŝƌĞ
>Ă ƚƌĂLJĞĐƚŽƌŝĂ ĚĞ ƵŶ ƉƌŽLJĞĐƚŝů ĞƐ ƵŶĂ ƉĂƌĄďŽůĂ͕ Ž ƐĞĂ͕ Ğů ŵŽǀŝŵŝĞŶƚŽ ĚĞů ƉƌŽLJĞĐƚŝů ƐĞ
ĐŽŶƐŝĚĞƌĂƌĄ ĞŶ Ğů ƉůĂŶŽ͕ LJ ƐƵƐ ĐŽŵƉŽŶĞŶƚĞƐ ĚĞ ůĂ ƉŽƐŝĐŝſŶ ƉŽƌ ƐŝŵƉůŝĐŝĚĂĚ ƐŽůŽ
ŚŽƌŝnjŽŶƚĂůLJǀĞƌƚŝĐĂů͘
>Ă ĐŽŵƉŽŶĞŶƚĞ ŚŽƌŝnjŽŶƚĂů͕ ƵŶ ŵŽǀŝŵŝĞŶƚŽ ĐŽŶ ǀĞůŽĐŝĚĂĚ ĐŽŶƐƚĂŶƚĞ ;DZhͿ͕ ƉŽƌ ůŽ
ƚĂŶƚŽ͗
>ĂĞĐƵĂĐŝſŶĚĞůĂƉŽƐŝĐŝſŶ͗ ࢞ ൌ ࢞૙ ൅ ࢜૙࢞ ࢚     ;ϭͿ
>ĂĐŽŵƉŽŶĞŶƚĞǀĞƌƚŝĐĂů͕ƵŶŵŽǀŝŵŝĞŶƚŽĚĞĐĂşĚĂůŝďƌĞĞŶůĂĚŝƌĞĐĐŝſŶĚĞůĂŐƌĂǀĞĚĂĚ
ĐŽŶƐŝĚĞƌĂĚĂĐŽŶƐƚĂŶƚĞ݃Ԧ;DZhsͿ͘
૚
>ĂĞĐƵĂĐŝſŶĚĞůŵŽǀŝŵŝĞŶƚŽĞƐ͗࢟ ൌ ࢟૙ ൅ ࢜૙࢟ ࢚ െ ࢍ࢚૛   ;ϮͿ
૛
WŽƌ ƐŝŵƉůŝĐŝĚĂĚ͕ Ɛŝ ƐĞ ĐŽŶƐŝĚĞƌĂ ůĂƐ ƐŝŐƵŝĞŶƚĞƐ ĐŽŶĚŝĐŝŽŶĞƐ ŝŶŝĐŝĂůĞƐ͗ ‫ݔ‬଴ ൌ ͲǢ‫ݕ‬଴ ൌ
ͲǢ‫ݒ‬଴௬ ൌ Ͳ͕ůƵĞŐŽĐŽŵďŝŶĂŶĚŽůĂƐĞĐƵĂĐŝŽŶĞƐ;ϭͿLJ;ϮͿ͕
ࢍ
^ĞůůĞŐĂĂůĂƐŝŐƵŝĞŶƚĞĞĐƵĂĐŝſŶ͗ ࢟ ൌ ቀെ
૛࢜૛૙࢞
ቁ ࢞૛     ;ϯͿ

ſŶĚĞ͗Őсϵ͕ϳϵŵͬƐϮ͕ĞƐůĂĂĐĞůĞƌĂĐŝſŶĚĞůĂŐƌĂǀĞĚĂĚ
>Ă ĞĐƵĂĐŝſŶ ;ϯͿ ĞƐ ƵŶĂ ĨƵŶĐŝſŶ ĞƐƉĂĐŝĂů͕ ŵŝĞŶƚƌĂƐ ƋƵĞ ;ϭͿ LJ ;ϮͿ ƐŽŶ ĨƵŶĐŝŽŶĞƐ ĚĞ ůĂ
ƉŽƐŝĐŝſŶĞŶĞůƚŝĞŵƉŽƚ͘

yW͘EΣϬϰʹDKs/D/EdKhEWZKzd/> 17
>KZdKZ/K&1^/'EZ>ϭϭǐĚŝĐŝſŶ  &/ʹ&&ʹhED^D

Ŷ ĂĚĞůĂŶƚĞ͕ ůĂ ŝĚĞĂ ƐĞƌĄ ŽďƚĞŶĞƌ ƌĞŐŝƐƚƌŽƐ ƉŽƌ ƐĞƉĂƌĂĚŽƐ ĚĞ ĞƐƚŽƐ ŵŽǀŝŵŝĞŶƚŽƐ
ĐŽŵƉŽŶĞŶƚĞƐĚĞůŵŽǀŝŵŝĞŶƚŽ͘

/s͘ WZK/D/EdK

DKEd: 

ϭ͘ DŽŶƚĞ Ğů ĞƋƵŝƉŽ ƚĂů ĐŽŵŽ ŵƵĞƐƚƌĂ Ğů ĚŝƐĞŹŽ

ĞdžƉĞƌŝŵĞŶƚĂůĚĞůĂ&ŝŐƵƌĂ͘
Ϯ͘ ĞďĞ ĨŝũĂƌƐĞ ůĂ ƌĂŵƉĂ͕ ĚĞ ƚĂů ŵŽĚŽ ƋƵĞ ůĂ ƐĞĐĐŝſŶ
͕ŚŽƌŝnjŽŶƚĂůĚĞůĂƌĂŵƉĂ͕ƋƵĞĚĞƉĂƌĂůĞůĂĂůƉŝƐŽ͘
ϯ͘ hďŝƋƵĞĞůƉƵŶƚŽĚĞƉĂƌƚŝĚĂĚĞůĂĐĂŶŝĐĂĞŶůĂƉĂƌƚĞ
ƐƵƉĞƌŝŽƌ ĚĞ ůĂ ƌĂŵƉĂ͕ ƉƵŶƚŽ W͕ ĚĞƐĚĞ ĚŽŶĚĞ ƐĞ
ƐŽůƚĂƌĄůĂĐĂŶŝĐĂ͘
ϰ͘ ŽůŽƋƵĞ ĞŶ ůĂ ŵĞƐĂ Ğů ƉĂƉĞů ďŽŶĚ͕ LJ ƐŽďƌĞ Ġů͕ Ğů
ƉĂƉĞů ĐĂƌďſŶ ƉĂƌĂ ƉŽĚĞƌ ƌĞŐŝƐƚƌĂƌ Ğů ƉƵŶƚŽ ĚĞ
ŝŵƉĂĐƚŽĚĞůĂĐĂŶŝĐĂĐŽŶůĂŵĞƐĂ͘
ϱ͘ hďŝĐĂƌ ĐŽŶ ůĂ ƉůŽŵĂĚĂ Ğů ƉƵŶƚŽ͕ ;ƉƌŽLJĞĐĐŝſŶ ĚĞů
ƉƵŶƚŽ  Ă ůĂ ŵĞƐĂ LJ ŵĄƌƋƵĞůŽ ĞŶ Ğů ƉĂƉĞůͿ͕ ĚĞƐĚĞ ĚŽŶĚĞ ƐĞ ŵĞĚŝƌĄ ůĂ ĚŝƐƚĂŶĐŝĂ
ŚŽƌŝnjŽŶƚĂůƌĞĐŽƌƌŝĚĂƉŽƌůĂĐĂŶŝĐĂ͘
ϲ͘ ĞũĞĐĂĞƌůĂĐĂŶŝĐĂϱǀĞĐĞƐĚĞƐĚĞĞůƉƵŶƚŽWĐŽŶůĂƌĂŵƉĂƵďŝĐĂĚĂĂƵŶĂĂůƚƵƌĂĚĞ
ϯϬĐŵ͕ϰϬĐŵ͕ϱϬĐŵLJϲϬĐŵ͘ZĞŐŝƐƚƌĞůĂůŽŶŐŝƚƵĚŚŽƌŝnjŽŶƚĂů;ĂůĐĂŶĐĞŵĄdžŝŵŽͿĞŶůĂ
ƚĂďůĂϭ͘WƌŽĐƵƌĂƌƋƵĞƚŽĚĂƐĞƐƚĂƐĂůƚƵƌĂƐĞƐƚĠŶƌĞĨĞƌŝĚĂƐĂůƉƵŶƚŽŵĂƌĐĂĚŽĞŶϱ
ϳ͘ ZĞƉŝƚĂĞůƉĂƐŽĂŶƚĞƌŝŽƌůĂŶnjĂŶĚŽůĂĐĂŶŝĐĂĚĞƐĚĞůĂŵŝƚĂĚĚĞůĂĂůƚƵƌĂĚĞůĂƌĂŵƉĂ
;ŚͬϮͿ͘ZĞŐŝƐƚƌĞĞŶůĂƚĂďůĂϮ͘

EKd͗ ŽŶƐŝĚĞƌĂƌ Ğů ƐŝŐƵŝĞŶƚĞ ĞƐƋƵĞŵĂ ƉĂƌĂ ůĂ
ƌĂŵƉĂ͕ ƐŝĞŶĚŽ Ś ƐƵ ĂůƚƵƌĂ͕ ĚĞďĞ ŚĂůůĂƌ ůĂ
ǀĞůŽĐŝĚĂĚ˜ͶšĐŽŶůĂƋƵĞƐĂůĞĚĞƐƉĞĚŝĚĂůĂĐĂŶŝĐĂ
ƵƚŝůŝnjĂŶĚŽĐŽŶƐĞƌǀĂĐŝſŶĚĞůĂĞŶĞƌŐşĂ͘

WĂƌĂ Ś͗ͺͺͺͺͺͺͺͺцͺͺͺͺͺͺͺͺͺ  ˜Ͷšǣ̴̴̴̴̴̴̴̴̴̴̴̴̴̴ά̴̴̴̴̴̴̴̴̴̴̴̴̴̴
d>ϭ
2
LJ;ĐŵͿ x 1 ;ĐŵͿ x2 ;ĐŵͿ
x 3 ;ĐŵͿ x4 ;ĐŵͿ
x 5 ;ĐŵͿ x ;ĐŵͿ x Ϯ
;Đŵ Ϳ
ϯϬ       
ϰϬ       
ϱϬ       
ϲϬ       
WĂƌĂ ŚͬϮ͗ͺͺͺͺͺͺͺͺцͺͺͺͺͺͺͺͺͺ  ˜Ͷšǣ̴̴̴̴̴̴̴̴̴̴̴̴̴̴ά̴̴̴̴̴̴̴̴̴̴̴̴̴̴

yW͘EΣϬϰʹDKs/D/EdKhEWZKzd/> 18
>KZdKZ/K&1^/'EZ>ϭϭǐĚŝĐŝſŶ  &/ʹ&&ʹhED^D

d>Ϯ
2
LJ;ĐŵͿ x 1 ;ĐŵͿ x2 x3 x4 x5 x x
;ĐŵͿ ;ĐŵͿ ;ĐŵͿ ;ĐŵͿ ;ĐŵͿ ;ĐŵϮͿ
ϯϬ       
ϰϬ       
ϱϬ       
ϲϬ       

ϴ͘ 'ƌĂĨŝƋƵĞĞŶƉĂƉĞůŵŝůŝŵĞƚƌĂĚŽ›˜•šĞ›˜•šʹ͘/ŶƚĞƌƉƌĞƚĞůĂƐŐƌĄĨŝĐĂƐ͘

ϵ͘ ƉĂƌƚŝƌĚĞůĂŐƌĄĨŝĐĂLJĐŽŶƐŝĚĞƌĂŶĚŽůĂĞĐƵĂĐŝſŶ;ϯͿĐĂůĐƵůĞůĂƌĂƉŝĚĞnjĚĞƐĂůŝĚĂĚĞ
ůĂĐĂŶŝĐĂĞŶĞůƉƵŶƚŽ;hƐĞƉĂƉĞůŵŝůŝŵĞƚƌĂĚŽͿ͘

WĂƌĂ Ś͗ͺͺͺͺͺͺͺͺцͺͺͺͺͺͺͺͺͺ  ˜Ͷšǣ̴̴̴̴̴̴̴̴̴̴̴̴̴̴ά̴̴̴̴̴̴̴̴̴̴̴̴̴̴

WĂƌĂ ŚͬϮ͗ͺͺͺͺͺͺͺͺцͺͺͺͺͺͺͺͺͺ  ˜Ͷšǣ̴̴̴̴̴̴̴̴̴̴̴̴̴̴ά̴̴̴̴̴̴̴̴̴̴̴̴̴̴

͎,ĂLJƌĞůĂĐŝſŶĞŶƚƌĞĞůĂůĐĂŶĐĞŚŽƌŝnjŽŶƚĂůLJůĂǀĞůŽĐŝĚĂĚĚĞƐĂůŝĚĂĚĞůĂĐĂŶŝĐĂ͍
͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͘͘͘͘
͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙
ϭϬ͘^ƵƉŽŶŐĂƋƵĞŶŽĐŽŶŽĐĞůĂǀĞůŽĐŝĚĂĚĚĞƐĂůŝĚĂĚĞůĂĐĂŶŝĐĂ͘^ƵĞůƚĞůĂĐĂŶŝĐĂĚĞƐĚĞĞů
ƉƵŶƚŽW͘DŝĚĂĞůĂůĐĂŶĐĞŚŽƌŝnjŽŶƚĂů;ƐŝŶŚĂĐĞƌůĂƉƌĞĚŝĐĐŝſŶͿ͘
ĨĞĐƚƵĠĞůĐĄůĐƵůŽĂůĂŝŶǀĞƌƐĂƉĂƌĂŚĂůůĂƌůĂƌĂƉŝĚĞnjĚĞƐĂůŝĚĂĚĞůĂĐĂŶŝĐĂ͘


  Šǣ̸̸̸̸̸̸̸̸̸̸ ŠȀ͸ǣ̸̸̸̸̸̸̸̸̸̸
LJ;ĐŵͿ š;ĐŵͿ ˜Ͷš;ĐŵͬƐͿ š;ĐŵͿ ˜Ͷš;ĐŵͬƐͿ
ϯϬ    

ϰϬ    

ϱϬ    

ϲϬ    

KďƐĞƌǀĂĐŝſŶ͗ƐƚĞĞƐƵŶďƵĞŶŵĠƚŽĚŽƉĂƌĂĐĂůĐƵůĂƌƌĂƉŝĚĞĐĞƐĞŶŐĞŶĞƌĂů͘







yW͘EΣϬϰʹDKs/D/EdKhEWZKzd/> 19
>KZdKZ/K&1^/'EZ>ϭϭǐĚŝĐŝſŶ  &/ʹ&&ʹhED^D

s͘ s>h/ME

ϭ͘ ŽŶƐŝĚĞƌĂŶĚŽůĂĂůƚƵƌĂĚĞůůĂŶnjĂŵŝĞŶƚŽĚĞůƉƌŽLJĞĐƚŝů›LJůĂǀĞůŽĐŝĚĂĚ˜ͶšŽďƚĞŶŝĚĂƉŽƌ
ĐŽŶƐĞƌǀĂĐŝſŶĚĞůĂĞŶĞƌŐşĂ͕ŚĂůůĂƌĞůĂůĐĂŶĐĞŚŽƌŝnjŽŶƚĂůƚĞſƌŝĐŽš–LJĐŽŵƉĂƌĂƌůŽĐŽŶĞů
ĂůĐĂŶĐĞŚŽƌŝnjŽŶƚĂůŵĞĚŝĚŽĞdžƉĞƌŝŵĞŶƚĂůŵĞŶƚĞš‡͘


 Šǣ̸̸̸̸̸̸̸̸̸̸˜Ͷšǣ̸̸̸̸̸̸̸̸̸̸̸ ŠȀ͸ǣ̸̸̸̸̸̸̸̸̸̸˜Ͷšǣ̸̸̸̸̸̸̸̸̸̸̸

LJ;ĐŵͿ š–;ĐŵͿ š‡;ĐŵͿ й;йͿ š–;ĐŵͿ š‡;ĐŵͿ й;йͿ

 ϯϬ      
 ϰϬ      
  
ϱϬ    

 ϲϬ      

Ϯ͘ ůƚŝĞŵƉŽĚĞǀƵĞůŽĚĞůĂĐĂŶŝĐĂƉĂƌĂĐĂĚĂĐĂƐŽƐĞƌĄ͗


 Šǣ̸̸̸̸̸̸̸̸̸ ŠȀ͸ǣ̸̸̸̸̸̸̸̸̸̸

 LJ;ĐŵͿ –;ƐͿ –;ƐͿ
 ϯϬ  
 ϰϬ  
 
ϱϬ 

 ϲϬ  

ϯ͘ ZĞƉƌĞƐĞŶƚĞŐƌĄĨŝĐĂŵĞŶƚĞĞŶĐŽŵƉĂƌĂĐŝſŶůĂƐƚƌĂLJĞĐƚŽƌŝĂƐĚĞƵŶƉƌŽLJĞĐƚŝůůĂŶnjĂĚŽĐŽŶ
ůŽƐƐŝŐƵŝĞŶƚĞƐŐƌĂĚŽƐĚĞĞůĞǀĂĐŝſŶ͗ϭϱΣ͕ϯϬΣ͕ϰϱΣ͕ϲϬΣ͕ϳϱΣ͘ĞƐƉƌĞĐŝĞůĂƌĞƐŝƐƚĞŶĐŝĂĚĞů
ĂŝƌĞ͘
ϰ͘ ͎YƵĠĞƐůĂǀĞůŽĐŝĚĂĚĚĞĞƐĐĂƉĞ͕LJĐƵĄůĞƐĞůǀĂůŽƌƉĂƌĂŶƵĞƐƚƌŽƉůĂŶĞƚĂ͍
ϱ͘ ĂůĐƵůĞůĂǀĞůŽĐŝĚĂĚĚĞĞƐĐĂƉĞĞŶĞůƉůĂŶĞƚĂDĂƌƚĞ͘
ϲ͘ ^ĞŹĂůĞƵŶĞũĞŵƉůŽĚĞůŽĂƉƌĞŶĚŝĚŽĞŶĐůĂƐĞĂƉůŝĐĂĚŽĂƐƵĞƐƉĞĐŝĂůŝĚĂĚ
s/͘ KE>h^/KE^
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