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WĞůĂŬƵ ƵƐĂŚĂ LJĂŶŐ ĚĂƉĂƚ ŵĞŶĚĂĨƚĂƌŬĂŶ ƵƐĂŚĂŶLJĂ LJĂŝƚƵ


WĞƌŽƌĂŶŐĂŶ ĚĂŶ ĂĚĂŶ hƐĂŚĂ ;ƚĞƌŵĂƐƵŬ hD<DͿ ďĂƌƵ ͕
ŵĂƵƉƵŶLJĂŶŐƐƵĚĂŚďĞƌĚŝƌŝ͘

  
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WĞůĂŬƵ ƵƐĂŚĂ ŵĞŶŐĂŬƐĞƐ K^^ ĚĞŶŐĂŶ ŵĞŶŐŝŶƉƵƚ WĞůĂŬƵƵƐĂŚĂĂŬĂŶŵĞŶĞƌŝŵĂĞŵĂŝůďĞƌŝƐŝ WĞůĂŬƵƵƐĂŚĂŵĞŶŐĂŬƚŝĨĂƐŝĂŬƵŶK^^ĚĂŶ


EŽŵŽƌ /ĚĞŶƚŝƚĂƐ <ĞƉĞŶĚƵĚƵŬĂŶ ;E/<Ϳ͕ ĞŵĂŝů ĚĂŶ ĚŝƌĞĐƚůŝŶŬƵŶƚƵŬĂŬƚŝǀĂƐŝĂŬƵŶK^^͘ ĂŬĂŶŵĞŶĞƌŝŵĂĞŵĂŝůďĞƌŝƐŝhƐĞƌͲ/ĚĂŶ
ďĞďĞƌĂƉĂ ŝŶĨŽƌŵĂƐŝ ůĂŝŶŶLJĂ ƉĂĚĂ ĨŽƌŵ ƌĞŐŝƐƚƌĂƐŝ LJĂŶŐ WĂƐƐǁŽƌĚ͘
ƚĞƌƐĞĚŝĂ͘

ΎĂĚĂŶhƐĂŚĂŵĞŶŐŐƵŶĂŬĂŶE/<ƉĞŶĂŶŐŐƵŶŐũĂǁĂďĂĚĂŶhƐĂŚĂ
ΎĂĚĂŶ hƐĂŚĂ ƚĞƌůĞďŝŚ ĚƵůƵ ŵĞŶŐƵƌƵƐ ĂŬƚĂ ƉĞŶŐĞƐĂŚĂŶ ĂƚĂƵ ďƵŬƚŝ ƉĞŶĚĂĨƚĂƌĂŶ ŵĞůĂůƵŝ ,h KŶůŝŶĞ
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ƐĞƐƵĂŝďŝĚĂŶŐƵƐĂŚĂŶLJĂ͘E/ǁĂũŝďĚŝŵŝůŝŬŝƉĞůĂŬƵƵƐĂŚĂLJĂŶŐŝŶŐŝŶŵĞŶŐƵƌƵƐƉĞƌŝnjŝŶĂŶďĞƌƵƐĂŚĂŵĞůĂůƵŝK^^͕
ďĂŝŬƵƐĂŚĂďĂƌƵŵĂƵƉƵŶƵƐĂŚĂLJĂŶŐƐƵĚĂŚďĞƌĚŝƌŝƐĞďĞůƵŵŽƉĞƌĂƐŝŽŶĂůŝƐĂƐŝK^^͘

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y ^ŝƐƚĞŵK^^DĞŶĞƌďŝƚŬĂŶEŽŵŽƌ/ŶĚƵŬ

y >ŽŐŝŶƉĂĚĂ^ŝƐƚĞŵK^^ŵĞŶŐŐƵŶĂŬĂŶhƐĞƌͲ :ŝŬĂŝŶǀĞƐƚĂƐŝƚŝĚĂŬŵĞŵĞŶƵŚŝŬĞƚĞŶƚƵĂŶ ĞƌƵƐĂŚĂ;E/ͿƵŶƚƵŬƉĞůĂŬƵƵƐĂŚĂ͘


/ĚĂŶWĂƐƐǁŽƌĚ͘ ĂĨƚĂƌ EĞŐĂƚŝĨ /ŶǀĞƐƚĂƐŝ ;E/Ϳ ŵĂŬĂ y WĞůĂŬƵ ƵƐĂŚĂ ĚĂƉĂƚ ŵĞŵƉĞƌŽůĞŚ

y DĞŶŐŝƐŝĚĂƚĂͲĚĂƚĂLJĂŶŐĚŝƉĞƌůƵŬĂŶ͕ƐĞƉĞƌƚŝ ƉĞůĂŬƵ ƵƐĂŚĂ ĂŬĂŶ ŵĞŶĞƌŝŵĂ ŶŽƚŝĨŝŬĂƐŝ ĚŽŬƵŵĞŶ ƉĞŶĚĂĨƚĂƌĂŶ ůĂŝŶLJĂ ;ũŝŬĂ
͗ ĚĂƚĂ ƉĞƌƵƐĂŚĂĂŶ͕ ƉĞŵĞŐĂŶŐ ƐĂŚĂŵ͕  ĚĂƌŝ K^^ ƵŶƚƵŬ ŵĞŶŐƵďĂŚ ũĞŶŝƐ ďŝĚĂŶŐ ĚŝƉĞƌůƵŬĂŶͿ
ŬĞƉĞŵŝůŝŬĂŶŵŽĚĂů͕ŶŝůĂŝŝŶǀĞƐƚĂƐŝ͕ƌĞŶĐĂŶĂ ƵƐĂŚĂŶLJĂ͘
ƉĞŶŐŐƵŶĂĂŶ ƚĞŶĂŐĂ ŬĞƌũĂ͕ ƌĞŶĐĂŶĂ 13:3 537.$ %3-6.(6 1$.(5

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ŬĞƉĂďĞĂŶĂŶ͘
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^ĞƌƚŝĨŝŬĂƚ<ĞƉĞƐĞƌƚĂĂŶW:^ƐĞƚĞůĂŚĚŝůĂŬƵŬĂŶƉĞŵďĂLJĂƌĂŶƉƌĞŵŝďƵůĂŶƉĞƌƚĂŵĂďĞƌĚĂƐĂƌŬĂŶƉĞŵďĞƌŝƚĂŚƵĂŶǀŝƌƚƵĂůĂĐĐŽƵŶƚ
ĚĂƌŝW:^ŬĞƉĂĚĂƉĞůĂŬƵƵƐĂŚĂ͘
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ĚŝƉĞƌůƵŬĂŶ ƵŶƚƵŬ ŬĞŐŝĂƚĂŶ ƵƐĂŚĂŶLJĂ ĚĂŶ ďĞƌůĂŬƵ ƉƵůĂ ƐĞďĂŐĂŝ ŝnjŝŶ
ƉĞŵŝŶĚĂŚĂŶŚĂŬĚĂŶƵŶƚƵŬŵĞŶŐŐƵŶĂŬĂŶƚĂŶĂŚƚĞƌƐĞďƵƚƵŶƚƵŬŬĞŐŝĂƚĂŶ

:ŝŬĂ ZdZ ůŽŬĂƐŝ ƚĞƌƐĞďƵƚ ƚĞůĂŚ ƐĞƐƵĂŝ y WĞůĂŬƵ ƵƐĂŚĂ ŵĞŵďƵĂƚ ƉĞƌŶLJĂƚĂĂŶ ŬŽŵŝƚŵĞŶ y WĞůĂŬƵ hƐĂŚĂ ŵĞŶŐĂũƵŬĂŶ ƉĞƌŵŽŚŽŶĂŶ ŝnjŝŶ
ĚĞŶŐĂŶƉĞƌƵŶƚƵŬĂŶƌƵĂŶŐŶLJĂ͕^ŝƐƚĞŵK^^ ƉĞŶLJĞůĞƐĂŝĂŶŝnjŝŶůŽŬĂƐŝ͘ ůŽŬĂƐŝ ƉĂĚĂ ƐŝƐƚĞŵ K^^ ĚĞŶŐĂŶ ŵĞŶŐŝƐŝ
ƐĞĐĂƌĂŽƚŽŵĂƚŝƐŵĞŶĞƌďŝƚŬĂŶ/njŝŶ>ŽŬĂƐŝ͘ y ^ĞƚĞůĂŚŵĞŶŐŝƐŝƉĞƌŶLJĂƚĂĂŶŬŽŵŝƚŵĞŶ/njŝŶ>ŽŬĂƐŝ͕ ƉĞƌŶLJĂƚĂĂŶ ŬŽŵŝƚŵĞŶ ƉĞŶLJĞůĞƐĂŝĂŶ /njŝŶ
^ŝƐƚĞŵK^^ŵĞŶĞƌďŝƚŬĂŶ/njŝŶ>ŽŬĂƐŝ͘ >ŽŬĂƐŝ͘
y WĞůĂŬƵhƐĂŚĂŵĞŶLJĞůĞƐĂŝŬĂŶ<ŽŵŝƚŵĞŶ/njŝŶ>ŽŬĂƐŝ y ^ĞƚĞůĂŚ ŵĞŶŐŝƐŝ ƉĞƌŶLJĂƚĂĂŶ ŬŽŵŝƚŵĞŶ /njŝŶ
LJĂŶŐ ƐƵĚĂŚ ĚŝŵŝůŝŬŝ ĚĞŶŐĂŶ ĐĂƌĂ ŵĞŵƉĞƌŽůĞŚ >ŽŬĂƐŝ͕^ŝƐƚĞŵK^^ŵĞŶĞƌďŝƚŬĂŶ/njŝŶ>ŽŬĂƐŝ͘
ƉĞƌƐĞƚƵũƵĂŶ ŬĞƐĞƐƵĂŝĂŶ ƉĞƌƵŶƚƵŬĂŶ ƌƵĂŶŐ Ěŝ y WĞůĂŬƵ hƐĂŚĂ ŵĞŶLJĞůĞƐĂŝŬĂŶ <ŽŵŝƚŵĞŶ /njŝŶ
WDWd^WƐĞƐƵĂŝůŽŬĂƐŝƵƐĂŚĂ͘ >ŽŬĂƐŝ LJĂŶŐ ƐƵĚĂŚ ĚŝŵŝůŝŬŝ ĚĞŶŐĂŶ ĐĂƌĂ
ŵĞŵĞŶƵŚŝ ƉĞƌƐLJĂƌĂƚĂŶ ƉĞƌƚŝŵďĂŶŐĂŶ ƚĞŬŶŝƐ
ƉĞƌƚĂŶĂŚĂŶĚŝ<ĂŶƚŽƌWĞƌƚĂŶĂŚĂŶ͘
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WĞŶĞƌďŝƚĂŶ ŝnjŝŶ ůŽŬĂƐŝ ƉĞƌĂŝƌĂŶ ƐĞĐĂƌĂ WĞŶĞƌďŝƚĂŶ/njŝŶ>ŽŬĂƐŝ^ĞĐĂƌĂKƚŽŵĂƚŝƐ͗


ŽƚŽŵĂƚŝƐ͗
ϭ͘dĞƌůĞƚĂŬĚŝůŽŬĂƐŝLJĂŶŐƚĞůĂŚƐĞƐƵĂŝƉĞƌƵŶƚƵŬĂŶŶLJĂŵĞŶƵƌƵƚZdZĚĂŶͬĂƚĂƵ
ϭ͘ dĞƌůĞƚĂŬ Ěŝ ůŽŬĂƐŝ <<͕ <ĂǁĂƐĂŶ /ŶĚƵƐƚƌŝ Θ ZhdZ<W͘
<WW͘ Ϯ͘>ŽŬĂƐŝƵƐĂŚĂƚĞƌůĞƚĂŬ<<͕<ĂǁĂƐĂŶ/ŶĚƵƐƚƌŝΘ<WW͘
Ϯ͘ DĞƌƵƉĂŬĂŶ ůŽŬĂƐŝ LJĂŶŐ ƐƵĚĂŚ ĚŝŬƵĂƐĂŝ ŽůĞŚ ϯ͘ DĞƌƵƉĂŬĂŶ ƚĂŶĂŚ LJĂŶŐ ƐƵĚĂŚ ĚŝŬƵĂƐĂŝ ŽůĞŚ ƉĞƌƵƐĂŚĂĂŶ ůĂŝŶ LJĂŶŐ ƚĞůĂŚ
ƉĞƌƵƐĂŚĂĂŶůĂŝŶLJĂŶŐƚĞůĂŚŵĞŶĚĂƉĂƚŬĂŶ/njŝŶ ŵĞŶĚĂƉĂƚŬĂŶ/njŝŶ>ŽŬĂƐŝĚĂŶĂŬĂŶĚŝŐƵŶĂŬĂŶŽůĞŚƉĞůĂŬƵƵƐĂŚĂ͘
>ŽŬĂƐŝ WĞƌĂŝƌĂŶ ĚĂŶ ĂŬĂŶ ĚŝŐƵŶĂŬĂŶ ŽůĞŚ ϰ͘ ĞƌĂƐĂů ĚĂƌŝ ŽƚŽƌŝƚĂ ĂƚĂƵ ďĂĚĂŶ ƉĞŶLJĞůĞŶŐŐĂƌĂ ƉĞŶŐĞŵďĂŶŐĂŶ ƐƵĂƚƵ
WĞůĂŬƵhƐĂŚĂ͘ ŬĂǁĂƐĂŶ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ƌĞŶĐĂŶĂ ƚĂƚĂ ƌƵĂŶŐ ŬĂǁĂƐĂŶ ƉĞŶŐĞŵďĂŶŐĂŶ
ϯ͘ĞƌĂƐĂůĚĂƌŝŽƚŽƌŝƚĂĂƚĂƵďĂĚĂŶƉĞŶLJĞůĞŶŐŐĂƌĂ ƚĞƌƐĞďƵƚ͘
ƉĞŶŐĞŵďĂŶŐĂŶƐƵĂƚƵŬĂǁĂƐĂŶƐĞƐƵĂŝĚĞŶŐĂŶ ϱ͘hŶƚƵŬƉĞƌůƵĂƐĂŶƵƐĂŚĂLJĂŶŐƐƵĚĂŚďĞƌũĂůĂŶĚĂŶůĞƚĂŬƚĂŶĂŚŶLJĂďĞƌďĂƚĂƐĂŶ
ƌĞŶĐĂŶĂ ƚĂƚĂ ƌƵĂŶŐ ŬĂǁĂƐĂŶ ƉĞŶŐĞŵďĂŶŐĂŶ ĚĞŶŐĂŶůŽŬĂƐŝƵƐĂŚĂLJĂŶŐďĞƌƐĂŶŐŬƵƚĂŶ͘
ƚĞƌƐĞďƵƚ͘ ϲ͘dĂŶĂŚLJĂŶŐĚŝƉĞƌůƵŬĂŶƚŝĚĂŬůĞďŝŚĚĂƌŝ͗
ϰ͘ ŝƉĞƌŐƵŶĂŬĂŶ ŽůĞŚ ƵƐĂŚĂ ŵŝŬƌŽ ĚĂŶ ƵƐĂŚĂ  Ă͘ϮϱŚĂƵŶƚƵŬƵƐĂŚĂƉĞƌƚĂŶŝĂŶ͘
ŬĞĐŝů͘ ď͘ϭŚĂƵŶƚƵŬƵƐĂŚĂďƵŬĂŶƉĞƌƚĂŶŝĂŶ͘
ϱ͘ WĞƌƵŶƚƵŬĂŶ ƵŶƚƵŬ WƌŽLJĞŬ ^ƚƌĂƚĞŐŝƐ EĂƐŝŽŶĂů Đ͘ ϱŚĂƵŶƚƵŬƉĞŵďĂŶŐƵŶĂŶƌƵŵĂŚďĂŐŝDZ͘
WĞŶĞƌďŝƚĂŶŝnjŝŶůŽŬĂƐŝƐĞĐĂƌĂŽƚŽŵĂƚŝƐ͘ ϳ͘ŬĂŶĚŝƉĞƌŐƵŶĂŬĂŶƵŶƚƵŬƉƌŽLJĞŬƐƚƌĂƚĞŐŝƐŶĂƐŝŽŶĂů͘
.(0(17(5,$1.225',1$725 ZZZRVVJRLG
%,'$1*3(5(.2120,$1
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ƵƐĂŚĂ ĚĂŶͬĂƚĂƵ ŬĞŐŝĂƚĂŶ LJĂŶŐ ǁĂũŝď ŵĚĂů ĂƚĂƵ h<>ͲhW>
ĚĂůĂŵ ƌĂŶŐŬĂ ƉĞƌůŝŶĚƵŶŐĂŶ ĚĂŶ ƉĞŶŐĞůŽůĂĂŶ ůŝŶŐŬƵŶŐĂŶ
ŚŝĚƵƉ ƐĞďĂŐĂŝ ƉƌĂƐLJĂƌĂƚ ŵĞŵƉĞƌŽůĞŚ ŝnjŝŶ ƵƐĂŚĂ ĚĂŶͬĂƚĂƵ
ŬĞŐŝĂƚĂŶ͘

y WĞůĂŬƵƵƐĂŚĂŵĞŶŐĂũƵŬĂŶŝnjŝŶůŝŶŐŬƵŶŐĂŶƉĂĚĂK^^ĚĞŶŐĂŶ y tĂŬƚƵ ƉĞŶLJĞůĞƐĂŝĂŶ ŵĂƚƌŝŬƐ h<>ͲhW>  


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hW>ĂƚĂƵD>ĚĂůĂŵũĂŶŐŬĂǁĂŬƚƵƚĞƌƚĞŶƚƵ͘ h<>ͲhW>͘
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y WĞůĂŬƵƵƐĂŚĂ ŵĞŵďƵĂƚĚĞƐĂŝŶďĂŶŐƵŶĂŶŵĞŶŐĂĐƵ
ƉĂĚĂƐƚĂŶĚĂƌŬŽŵƉŽƐŝƚŵĂƵƉƵŶƐƚĂŶĚĂƌďĂŶŐƵŶĂŶ
LJĂŶŐƚĞůĂŚĚŝƚĞƚĂƉŬĂŶŽůĞŚƉĞŵĞƌŝŶƚĂŚ͘
y WĞůĂŬƵ ƵƐĂŚĂ ŵĞŶŐƵŶŐŐĂŚ  ĚŽŬƵŵĞŶ ĚĞƐĂŝŶ
WĞůĂŬƵƵƐĂŚĂŵĞŶĞƌŝŵĂ<ĞƚĞƌĂŶŐĂŶ ďĂŶŐƵŶĂŶ ĚĂŶ ĚŽŬƵŵĞŶ ůĂŝŶŶLJĂ LJĂŶŐ
ZĞŶĐĂŶĂ <ĂďƵƉĂƚĞŶͬ<ŽƚĂ ĚĂƌŝ Wd^W ĚŝƉĞƌƐLJĂƌĂƚŬĂŶŬĞƐŝƐƚĞŵK^^͘
y WĞůĂŬƵ ƵƐĂŚĂ ŵĞŶŐĂũƵŬĂŶ /D ƉĂĚĂ K^^ ƐĞƚĞŵƉĂƚ͘
ĚĞŶŐĂŶŵĞŶŐŝƐŝƉĞƌŶLJĂƚĂĂŶŬŽŵŝƚŵĞŶƵŶƚƵŬ
ŵĞŶLJĞůĞƐĂŝŬĂŶ /D ĚĂůĂŵ ũĂŶŐŬĂ ǁĂŬƚƵ
ƚĞƌƚĞŶƚƵ͘ y WĞůĂŬƵ ƵƐĂŚĂ ŵĞŶĞƌŝŵĂ
y ^ŝƐƚĞŵK^^ŵĞŶĞƌďŝƚŬĂŶ/D͘ ŶŽƚŝĨŝŬĂƐŝ ĚĂƌŝ K^^ ĂƉĂŬĂŚ
ŬŽŵŝƚŵĞŶ ƉĞŶLJĞůĞƐĂŝĂŶ /D
ĚŝŶLJĂƚĂŬĂŶĚŝƚĞƌŝŵĂĂƚĂƵĚŝƚŽůĂŬ͘
y tĂŬƚƵƉĞŶLJĞůĞƐĂŝĂŶŬŽŵŝƚŵĞŶ/DĂĚĂůĂŚ ϯϬŚĂƌŝ ƐĞũĂŬƉĞƌŶLJĂƚĂĂŶ
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ŬŽŵŝƚŵĞŶ/DĂĚĂůĂŚϯϬŚĂƌŝƐĞũĂŬŬŽŵŝƚŵĞŶ͘D>ƚĞƌƉĞŶƵŚŝ͘
DĞŶĞƚĂƉŬĂŶ͞ƐƚĂƚĞZĞŐƵůĂƚŝŽŶ͘͟^ĞƌƚĂďĂŶŐƵŶĂŶŐĞĚƵŶŐŵĞƌƵƉĂŬĂŶƉƌŽLJĞŬ
ƉĞŵĞƌŝŶƚĂŚĂƚĂƵW^E͘
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ƐĞďĞůƵŵŵĞŵƵůĂŝŬĞŐŝĂƚĂŶƵƐĂŚĂ͘

/njŝŶ ƵƐĂŚĂ ŽƚŽŵĂƚŝƐ ĚŝƚĞƌďŝƚŬĂŶ ƐĞƚĞůĂŚ ƉĞůĂŬƵ ƵƐĂŚĂ ŵĞŶLJĂƚĂŬĂŶ WĞůĂŬƵƵƐĂŚĂŵĞŶĞƌŝŵĂŶŽƚŝĨŝŬĂƐŝĚĂƌŝK^^ďĂŚǁĂ


ŬŽŵŝƚŵĞŶ ƉĞŶLJĞůĞƐĂŝĂŶ ŝnjŝŶ ƉƌĂƐLJĂƌĂƚŶLJĂ͕ LJĂŝƚƵ ŝnjŝŶ ůŽŬĂƐŝ͕ ŝnjŝŶ ŝnjŝŶ ƵƐĂŚĂ ƚĞůĂŚ ĚŝĂŬƚŝǀĂƐŝ ƐĞƚĞůĂŚ ŬŽŵŝƚŵĞŶ
ůŝŶŐŬƵŶŐĂŶ͕ ŝnjŝŶ ďĂŶŐƵŶĂŶ͕ ĂƚĂƵ ƉĞƌƐLJĂƌĂƚĂŶ ŝnjŝŶ ƵƐĂŚĂ ůĂŝŶŶLJĂ ;ũŝŬĂ ƉĞŵĞŶƵŚĂŶ ŝnjŝŶ ůŽŬĂƐŝ͕ ŝnjŝŶ ůŝŶŐŬƵŶŐĂŶ ĚĂŶ /njŝŶ
ĚŝƉĞƌƐLJĂƌĂƚŬĂŶͿ͘ /njŝŶ ƵƐĂŚĂ ďĞƌůĂŬƵ ĞĨĞŬƚŝĨ ƐĞƚĞůĂŚ ŬŽŵŝƚŵĞŶ DĞŶĚŝƌŝŬĂŶĂŶŐƵŶĂŶƐĞƌƚĂ^ĞƌƚŝĨŝŬĂƚ>ĂŝŬ&ƵŶŐƐŝ͕
ƉĞŵĞŶƵŚĂŶ /njŝŶ >ŽŬĂƐŝ͕ /njŝŶ >ŝŶŐŬƵŶŐĂŶ͕  /njŝŶ DĞŶĚŝƌŝŬĂŶ ĂŶŐƵŶĂŶ ĚĂŶƉĞƌƐLJĂƌĂƚĂŶŝnjŝŶƵƐĂŚĂůĂŝŶLJĂƚĞůĂŚĚŝƉĞŶƵŚŝ͘
ƐĞƌƚĂ^ĞƌƚŝĨŝŬĂƚ>ĂŝŬ&ƵŶŐƐŝĚĂŶƉĞƌƐLJĂƌĂƚĂŶŝnjŝŶƵƐĂŚĂůĂŝŶŶLJĂĚŝƉĞŶƵŚŝ͘
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ŽƉĞƌĂƐŝŽŶĂů͘ĞŶƚƵŬŝnjŝŶŬŽŵĞƌƐŝĂůĂƚĂƵŽƉĞƌĂƐŝŽŶĂůŝŶŝĂŶƚĂƌĂůĂŝŶ͗ƐƚĂŶĚĂƌ͕ƐĞƌƚŝĨŝŬĂƚ͕ .20(56,$/

ŝnjŝŶ ĞŬƐƉŽƌͬŝŵƉŽƌ͕ ƉĞƌƐĞƚƵũƵĂŶ ĞŬƐƉŽƌͬŝŵƉŽƌ͘ ůŝƐĞŶƐŝ͖ ĚĂŶͬĂƚĂƵ ƉĞŶĚĂĨƚĂƌĂŶ


ďĂƌĂŶŐͬũĂƐĂ;ŝnjŝŶͬŶŽŶͲŝnjŝŶͿ͘

y WĞůĂŬƵ ƵƐĂŚĂ ŵĞŶŐƵŶŐ ŐĂŚ


y WĞůĂŬƵ ƵƐĂŚĂ ŵĞŶŐŝƐŝ ƉĞƌŶLJĂƚĂĂŶ ŬŽŵŝƚŵĞŶ ƵŶƚƵŬ ĚŽŬƵŵĞŶͲĚŽŬƵŵĞŶ ďƵŬƚŝ
ŵĞŶLJĞůĞƐĂŝŬĂŶ /njŝŶ KƉĞƌĂƐŝŽŶĂůͬ<ŽŵĞƌƐŝĂů ĚĂůĂŵ ũĂŶŐŬĂ ƉĞŵĞŶƵŚĂŶ ƚĞƌŚĂĚĂƉ ƐƚĂŶĚĂƌ
ǁĂŬƚƵ ƚĞƌƚĞŶƚƵ͘ WĞƌŶLJĂƚĂĂŶ ŬŽŵŝƚŵĞŶ ďĞƌƵƉĂ LJĂŶŐĚŝƚĞŶƚƵŬĂŶ͘
y WĞůĂŬƵ ƵƐĂŚĂ ŵĞůĂŬƐĂŶĂŬĂŶ ƉĞŵĞŶƵŚĂŶ
ŬĞƐĂŶŐŐƵƉĂŶƵŶƚƵŬŵĞŵĞŶƵŚŝ͗ y ^ŝƐƚĞŵ K^^ ŵĞŶŐĂŬƚŝǀĂƐŝ /njŝŶ
ƐƚĂŶĚĂƌͲƐƚĂŶĚĂƌ ĂƚĂƵ ƉĞƌƐLJĂƌĂƚĂŶ <ŽŵĞƌƐŝĂůͬKƉĞƌĂƐŝŽŶĂů͘
Ă͘ƐƚĂŶĚĂƌ͕ƐĞƌƚŝĨŝŬĂƚ͕ĚĂŶͬĂƚĂƵůŝƐĞŶƐŝ͘
ŽƉĞƌĂƐŝŽŶĂůͬŬŽŵĞƌƐŝĂů͕ ŵŝƐĂůŶLJĂ ĂƌĂ
ď͘ƉĞŶĚĂĨƚĂƌĂŶďĂƌĂŶŐͬũĂƐĂ͘
WĞŵďƵĂƚĂŶ KďĂƚ LJĂŶŐ ĂŝŬ͕ ^E/ ĚĂŶ
y ^ĞƚĞůĂŚ ŵĞŶŐŝƐŝ ƉĞƌŶLJĂƚĂĂŶ ŬŽŵŝƚŵĞŶ͕ ^ŝƐƚĞŵ K^^
ƐĞďĂŐĂŝŶLJĂ
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WĞůĂŬƵ hƐĂŚĂ ŵĞŶĞƌŝŵĂ ĞŵĂŝů ĚĂŶ WĞůĂŬƵ ƵƐĂŚĂ ŵĞŵďĂLJĂƌ  WĞůĂŬƵƵƐĂŚĂŵĞŶŐƵŶŐŐĂŚďƵŬƚŝƉĞŵďĂLJĂƌĂŶ


ŶŽƚŝĨŝŬĂƐŝ ĚĂƌŝ ƐŝƐƚĞŵ K^^ ŵĞŶŐĞŶĂŝ ŬĞƉĂĚĂ ŝŶƐƚĂŶƐŝ LJĂŶŐ ƚĞůĂŚ Ěŝ ŬĞƐŝƐƚĞŵK^^͘
ĚĂĨƚĂƌŝnjŝŶLJĂŶŐƐƵĚĂŚĚŝŵŝůŝŬŝ͘ ƚĞŶƚƵŬĂŶ͘
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ƐĞƉĞƌƚŝƉĞŶĂŵďĂŚĂŶŬĂƉĂƐŝƚĂƐ͕ƉĞƌůƵĂƐĂŶƵƐĂŚĂƉĂĚĂůŽŬĂƐŝǁŝůĂLJĂŚ
ŬĂďƵƉĂƚĞŶͬŬŽƚĂ LJĂŶŐ ƐĂŵĂ ĂƚĂƵƉƵŶ ƉĂĚĂ ůŽŬĂƐŝ ǁŝůĂLJĂŚ
ŬĂďƵƉĂƚĞŶͬŬŽƚĂLJĂŶŐďĞƌďĞĚĂ͘

ŝůĂŵĂŶĂ ƉĞŶŐĞŵďĂŶŐĂŶ ƵƐĂŚĂ ĚŝůĂŬƵŬĂŶ ƉĂĚĂ ůŽŬĂƐŝ


ǁŝůĂLJĂŚŬĂďƵƉĂƚĞŶͬŬŽƚĂLJĂŶŐƐĂŵĂŵĂŬĂ͕WĞůĂŬƵhƐĂŚĂǁĂũŝď
ŵĞŵƉĞƌďĂƌƵŝ ŝŶĨŽƌŵĂƐŝ ƉĞŶŐĞŵďĂŶŐĂŶ ƵƐĂŚĂ ƉĂĚĂ ƐŝƐƚĞŵ
K^^͘

ŝůĂŵĂŶĂƉĞŶŐĞŵďĂŶŐĂŶƵƐĂŚĂŵĞŶLJĞďĂďŬĂŶƉĞƌůƵĂƐĂŶĂƌĞĂƵƐĂŚĂ
LJĂŶŐ ďĞƌĂĚĂ ƉĂĚĂ ǁŝůĂLJĂŚ ŬĂďƵƉĂƚĞŶͬŬŽƚĂ LJĂŶŐ  ďĞƌďĞĚĂ͕ WĞůĂŬƵ
hƐĂŚĂ ǁĂũŝď ŵĞŵĞŶƵŚŝ ŬĞƚĞŶƚƵĂŶ ƉĞƌƐLJĂƌĂƚĂŶ /njŝŶ >ŽŬĂƐŝ͕ /njŝŶ
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K^^ĚĂƉĂƚŵĞŶĚĂĨƚĂƌĚĂŶŵĞŶŐĂŬƚŝǀĂƐŝĂŬƵŶK^^ƐĞƌƚĂŵĞŶĚĂƉĂƚŬĂŶ
EŽŵŽƌ/ŶĚƵŬĞƌƵƐĂŚĂ;E/Ϳ͘

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ƉĞŶĂŶŐŐƵŶŐũĂǁĂď ƉĞƌƵƐĂŚĂĂŶ͕ ŶŽŵŽƌ ĂŬƚĂ
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ĚĂŶĂůĂŵĂƚĞŵĂŝů͘

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DĞůĂŬƵŬĂŶ ƉĞŶĚĂĨƚĂƌĂŶ ĚĞŶŐĂŶ


ŵĞŶŐŐƵŶĂŬĂŶ  E/< ƉƌŝďĂĚŝ͕
ƉĂƐƐǁŽƌĚĂŬƵŶ͕ĚĂŶĂůĂŵĂƚĞŵĂŝů͘
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ϬϮϭϯϴϱϳϱϵϲ ŚĞůƉĚĞƐŬ͘ŽƐƐΛŝŶƐǁ͘ŐŽ͘ŝĚ
ƉĞŶŐĂĚƵĂŶ ĚĂŶ ŵĞŶĚĂƉĂƚŬĂŶ ŝŶĨŽƌŵĂƐŝ ŝŶĨŽ͘ŽƐƐΛŝŶƐǁ͘ŐŽ͘ŝĚ
ϬϮϭϯϴϱϳϱϵϱ
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KŶůŝŶĞ^ŝŶŐůĞ^ƵďŵŝƐƐŝŽŶ
ĞƌƐŝĂƉhŶƚƵŬDĞŶũĂĚŝ>ĞďŝŚĂŝŬ

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