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PT FUJI FINANCE INDONESIA Tbk 2025 INTEGRATED ANNUAL REPORT LAPORAN TAHUNAN TERINTEGRASI RESHAPING THE GROUNDWORK MEMPERBARUI LANDASAN DASAR
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
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PT FUJI FINANCE INDONESIA TBK
2025
LAPORAN TAHUNAN
TERINTEGRASI
INTEGRATED ANNUAL REPORT
Page 5
>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
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ƉĞƌŶLJĂƚĂĂŶ ʹ ƉĞƌŶLJĂƚĂĂŶ LJĂŶŐ ďĞƌƐŝĨĂƚ ͞ĨŽƌǁĂƌĚͲ ƐƚĂƚĞŵĞŶƚ ƌĞŐĂƌĚŝŶŐ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ĞdžƉĞĐƚĂƚŝŽŶ͕
ůŽŽŬŝŶŐ͟ ƚĞƌŬĂŝƚ ŚĂƌĂƉĂŶ͕ ƌĞŶĐĂŶĂ ĚĂŶ ƚĂƌŐĞƚ ƉůĂŶ ĂŶĚ ƚĂƌŐĞƚƐ͘ dŚĞLJ ĂƌĞ ďĂƐĞĚ ŽŶ͕ ĞƐƚŝŵĂƚĞƐ͕
WĞƌƐĞƌŽĂŶ͘ WĞƌŶLJĂƚĂĂŶ ʹ ƉĞƌŶLJĂƚĂĂŶ ƚĞƌƐĞďƵƚ ĨŽƌĞĐĂƐƚƐ͕ ĂŶĚ ƉƌŽũĞĐƚŝŽŶƐ ĂďŽƵƚ ƚŚĞ ďƵƐŝŶĞƐƐ ĂŶĚ
ĚŝĚĂƐĂƌŬĂŶ ƉĂĚĂƉĞƌŬŝƌĂĂŶ ĚĂŶ ƉƌŽLJĞŬƐŝ ĂƚĂƐďŝƐŶŝƐ ĞŶǀŝƌŽŶŵĞŶƚŝŶǁŚŝĐŚƚŚĞŽŵƉĂŶLJŽƉĞƌĂƚĞƐĂƐǁĞůů
ĚĂŶ ůŝŶŐŬƵŶŐĂŶ ŽƉĞƌĂƐŝŽŶĂů WĞƌƐĞƌŽĂŶ ƐĞƌƚĂ ĂƐ ďĞůŝĞĨƐ ĂŶĚ ĂƐƐƵŵƉƚŝŽŶƐ ŵĂĚĞ ďLJ ŵĂŶĂŐĞŵĞŶƚ͘
ŬĞLJĂŬŝŶĂŶ ĚĂŶ ĂƐƵŵƐŝ ŽůĞŚ ƉŝŚĂŬ DĂŶĂũĞŵĞŶ͘ dŚĞƐĞ ĨŽƌǁĂƌĚ ůŽŽŬŝŶŐ ƐƚĂƚĞŵĞŶƚ ĂƌĞ ƐƵďũĞĐƚƐ ƚŽ
WĞƌŶLJĂƚĂĂŶ LJĂŶŐ ďĞƌƐŝĨĂƚ ͞ĨŽƌǁĂƌĚͲůŽŽŬŝŶŐ͟ ŝŶŝ ƌŝƐŬƐ͕ ƵŶĐĞƌƚĂŝŶƚŝĞƐ ĂŶĚ ŽƚŚĞƌ ĨĂĐƚŽƌƐ ŽƵƚƐŝĚĞ ƚŚĞ
ĚŝƉĞŶŐĂƌƵŚŝ ƌŝƐŝŬŽ͕ ŬĞƚŝĚĂŬƉĂƐƚŝĂŶ ĚĂŶ ĨĂŬƚŽƌ ʹ ŽŵƉĂŶLJ͛Ɛ ĐŽŶƚƌŽů͕ ĐŽŶƐĞƋƵĞŶƚůLJ ƚŚĞ ĂĐƚƵĂů ƌĞƐƵůƚƐ
ĨĂŬƚŽƌ ůĂŝŶ LJĂŶŐ ďĞƌĂĚĂ Ěŝ ůƵĂƌ ŬĞŶĚĂůŝ WĞƌƐĞƌŽĂŶ͕ ŵĂLJ ĚŝĨĨĞƌ ŵĂƚĞƌŝĂůůLJ ĨƌŽŵ ƚŚŽƐĞ ƉƌŽũĞĐƚĞĚ͘ Wd &Ƶũŝ
ƐĞŚŝŶŐŐĂ ŚĂƐŝů ƐĞƐƵŶŐŐƵŚŶLJĂ ĚĂƉĂƚ ŵĞŵŝůŝŬŝ &ŝŶĂŶĐĞ /ŶĚŽŶĞƐŝĂ dďŬ ŝƐ ŶĞŝƚŚĞƌ ŝŶƚĞŶĚƐ͕ ŶŽƌ
ƉĞƌďĞĚĂĂŶ LJĂŶŐ ŵĂƚĞƌŝĂů ĚĞŶŐĂŶ ŚĂƐŝů LJĂŶŐ ĂƐƐƵŵĞƐ ĂŶLJ ŽďůŝŐĂƚŝŽŶ͕ ƚŽ ƵƉĚĂƚĞ Žƌ ƌĞǀŝƐĞ ƚŚĞƐĞ
ĚŝƉƌŽLJĞŬƐŝŬĂŶ͘ Wd &Ƶũŝ &ŝŶĂŶĐĞ /ŶĚŽŶĞƐŝĂ dďŬ ƚŝĚĂŬ ĨŽƌǁĂƌĚͲůŽŽŬŝŶŐ ƐƚĂƚĞŵĞŶƚƐ ŝŶ ůŝŐŚƚ ŽĨ
ďĞƌŵĂŬƐƵĚ ĂƚĂƵ ďĞƌŬĞǁĂũŝďĂŶ ƵŶƚƵŬ ĚĞǀĞůŽƉŵĞŶƚƐ ǁŚŝĐŚ ĚŝĨĨĞƌ ĨƌŽŵ ƚŚŽƐĞ ĂŶƚŝĐŝƉĂƚĞĚ͘
ŵĞŵƉĞƌďĂŚĂƌƵŝ ŵĂƵƉƵŶ ŵĞŶŐƵďĂŚ ƉĞƌŶLJĂƚĂĂŶ ʹ dŚĞƌĞĨŽƌĞ͕ Wd &Ƶũŝ &ŝŶĂŶĐĞ /ŶĚŽŶĞƐŝĂ dďŬ ǁŝƐŚĞƐ ƚŽ
ƉĞƌŶLJĂƚĂĂŶ ƚĞƌƐĞďƵƚ ĂƉĂďŝůĂ ƚĞƌũĂĚŝ ƉĞƌƵďĂŚĂŶ ĐĂƵƚŝŽŶ ƌĞĂĚĞƌƐ ŶŽƚ ƚŽ ƉƵƚ ƵŶĚƵĞ ƌĞůŝĂŶĐĞ ŽŶ ĂŶLJ
ŬŽŶĚŝƐŝĚĂƌŝLJĂŶŐƚĞůĂŚĚŝĂŶƚŝƐŝƉĂƐŝ͘KůĞŚŬĂƌĞŶĂŝƚƵ͕ ĨŽƌǁĂƌĚ ůŽŽŬŝŶŐ ƐƚĂƚĞŵĞŶƚƐ ŝŶ ƚŚŝƐ ƌĞƉŽƌƚ͘ ŶLJ
Wd&Ƶũŝ&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂdďŬŵĞŶŐŝŶŐĂƚŬĂŶŬĞƉĂĚĂ ƌĞůŝĂŶĐĞƉůĂĐĞĚƵƉŽŶƚŚŝƐ/ŶƚĞŐƌĂƚĞĚZĞƉŽƌƚŝƐĚŽŶĞ
ƉĂƌĂ ƉĞŵďĂĐĂ ƵŶƚƵŬ ƚŝĚĂŬ ŵĞŶĂƌƵŚ ŬĞƉĞƌĐĂLJĂĂŶ ĞŶƚŝƌĞůLJ Ăƚ ƚŚĞ ƌŝƐŬ ŽĨ ƚŚĞ ƉĞƌƐŽŶ ƉůĂĐŝŶŐ ƐƵĐŚ
LJĂŶŐďĞƌůĞďŝŚĂƚĂƐƉĞƌŶLJĂƚĂĂŶͲƉĞƌŶLJĂƚĂĂŶďĞƌƐŝĨĂƚ ƌĞůŝĂŶĐĞ͘
͞ĨŽƌǁĂƌĚͲůŽŽŬŝŶŐ͟ ĚĂůĂŵ ůĂƉŽƌĂŶ ŝŶŝ͘ ^ĞƚŝĂƉ
ŬĞƉƵƚƵƐĂŶ LJĂŶŐ ĚŝĚĂƐĂƌŬĂŶ ŬĞƉĂĚĂ ŬĞƉĞƌĐĂLJĂĂŶ
ĂƚĂƐ ƉĞƌŶLJĂƚĂĂŶ ƚĞƌƐĞďƵƚ ŵĞƌƵƉĂŬĂŶ ƌŝƐŝŬŽ LJĂŶŐ
ĚŝƚĂŶŐŐƵŶŐŽůĞŚƉĞŵďĂĐĂ͘
^ĞďĂŐĂŝ ƚĂŵďĂŚĂŶ͕ ĂŶŐŬĂͲĂŶŐŬĂ LJĂŶŐ ĚŝƐĂũŝŬĂŶ ĚĚŝƚŝŽŶĂůůLJ͕ ŶƵŵďĞƌƐ ƉƌĞƐĞŶƚĞĚ ŝŶ ƚŚŝƐ
ĚĂůĂŵ >ĂƉŽƌĂŶ dĞƌŝŶƚĞŐƌĂƐŝ ŝŶŝ ƚĞůĂŚ ĚŝďƵůĂƚŬĂŶ ŬĞ /ŶƚĞŐƌĂƚĞĚ ZĞƉŽƌƚ ŚĂƐ ďĞĞŶ ƌŽƵŶĚĞĚ ƵƉ ƚŽ ƚŚĞ
ĚĂůĂŵ ũƵƚĂĂŶ ĂƚĂƵ ŵŝůŝĂƌĂŶ ƌƵƉŝĂŚ ƚĞƌĚĞŬĂƚ ŶĞĂƌĞƐƚ ŵŝůůŝŽŶƐ ŽƌďŝůůŝŽŶƐƌƵƉŝĂŚǁŚŝĐŚ ŵĂLJ ƌĞƐƵůƚ
ƐĞŚŝŶŐŐĂ ĚĂƉĂƚ ŵĞŶŝŵďƵůŬĂŶ ƉĞƌďĞĚĂĂŶ ŝŶĚŝƐĐƌĞƉĂŶĐŝĞƐŝŶƉĞƌĐĞŶƚĂŐĞĐĂůĐƵůĂƚŝŽŶĐŽŵƉĂƌĞĚ
ƉĞƌŚŝƚƵŶŐĂŶ ƉĞƌƐĞŶƚĂƐĞ ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ƚŽ ƵƐŝŶŐ ĨƵůů ĨŝŐƵƌĞƐ ĨƌŽŵ ƚŚĞ ŶŶƵĂů &ŝŶĂŶĐŝĂů
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ƚĞŶŐĂŚ ĚĂůĂŵ ŬŽŶĚŝƐŝ LJĂŶŐ ƚŝĚĂŬ ƉĂƐƚŝ ĚĞŶŐĂŶ ĂƌĞŝŶƵŶĐĞƌƚĂŝŶĐŽŶĚŝƚŝŽŶǁŝƚŚĂƚĞŶƐĞŐĞŽƉŽůŝƚŝĐĂů
ƐŝƚƵĂƐŝ ŐĞŽƉŽůŝƚŝŬ LJĂŶŐ ŵĞŶĐĞŬĂŵ͘ ĞŶŐĂŶ ŬŽŶĚŝƐŝ ƐŝƚƵĂƚŝŽŶ͘'ŝǀĞŶƚŚĞƐŝƚƵĂƚŝŽŶ͕ŵĂŶĂŐĞŵĞŶƚĚĞĞŵƐ
LJĂŶŐ ƐƵůŝƚ ĚŝƚĞďĂŬ͕ ŵĂŶĂũĞŵĞŶ ŵĞŶŝůĂŝ ƉĞƌůƵ ďĂŐŝ ŝƚŝƐŶĞĐĞƐƐĂƌLJ ƚŽƌĞĂƐƐĞƐƐƚŚĞ ŽŵƉĂŶLJ͛Ɛ ŝŶƚĞƌŶĂů
WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ŵĞŶĂƚĂ ƵůĂŶŐ ŽƌŐĂŶ ĚĂůĂŵ ƐLJƐƚĞŵ͘ ĂƐĞĚ ŽŶ ŵĂŶĂŐĞŵĞŶƚ͛Ɛ ĚĞĐŝƐŝŽŶƐ ĂŶĚ
WĞƌƐĞƌŽĂŶ͘ ĞƌĚĂƐĂƌŬĂŶ ŬĞƉƵƚƵƐĂŶ ŵĂŶĂũĞŵĞŶ ĨŽůůŽǁŝŶŐ ƚŚĞ ƌĞŐƵůĂƚŽƌƐ͛ ĞǀĂůƵĂƚŝŽŶƐ͕ ƚŚĞ
ƐĞƌƚĂ ďĞƌĚĂƐĂƌŬĂŶ ĞǀĂůƵĂƐŝ ƉĞŶŐĂǁĂƐ͕ WĞƐĞƌŽĂŶ ŽŵƉĂŶLJǀĂůƵĞƐƚŚĞŝŵƉŽƌƚĂŶĐĞŽĨƌĞĨŽƌŵŝŶŐĂŶĚ
ŵĞŵĂŚĂŵŝ ƉĞŶƚŝŶŐŶLJĂ ďĂŐŝ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ƐƚƌĞŶŐƚŚƚĞŶŝŶŐ ŝƚƐ ŝŶƚĞƌŶĂů ƐLJƐƚĞŵ͘ dŚĞ
ŵĞŵƉĞƌďĂŝŬŝ ĚĂŶ ŵĞŶŐƵŬƵŚŬĂŶ ƐŝƐƚĞŵ ŝŶƚĞƌŶĂů ƌĞĐŽŵŵĞŶĚĂƚŝŽŶƚŽƌĞĨŽƌŵĂŶĚƚŽƐƚƌĞŶŐƚŚĞŶƚŚĞ
WĞƌƐĞƌŽĂŶ͘ WĞƌďĂŝŬĂŶ ĚĂŶ ƉĞŶŐƵŬƵŚĂŶ ƐŝƐƚĞŵ ƐLJƐƚĞŵ ǁĞƌĞ ƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐ ƚŚƌŽƵŐŚ
ƚĞƌƐĞďƵƚ ŵĞƌƵƉĂŬĂŶ ƌĞŬŽŵĞŶĚĂƐŝ ĚĂƌŝ ďĂŐŝĂŶ ƌĞĂƐƐĞƐƐŵĞŶƚ ĂŶĚ ŵĂŶĂŐĞŵĞŶƚ ďĞůŝĞǀĞƐ ƚŽ
ƉĞŶŐĂǁĂƐĂŶ ƐĞƌƚĂ ůĂŶŐŬĂŚ ĚĂƌŝ ŵĂŶĂũĞŵĞŶ ŐƵŶĂ ŝŵƉƌŽǀĞ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ƉĞƌĨŽƌŵĂŶĐĞ ĂŶĚ ĂƐ Ă
ƉĞŶLJĞŵƉƵƌŶĂĂŶ ŬƵĂůŝƚĂƐ ŬŝŶĞƌũĂ WĞƌƐĞƌŽĂŶ ĚĂŶ ƉƌĞƉĂƌĂƚŝŽŶŶĞĐĞƐƐĂƌLJƚŽŵĂŝŶƚĂŝŶƚŚĞŽŵƉĂŶLJ͛Ɛ
ƐĞďĂŐĂŝ ůĂŶŐŬĂŚ ƉĞƌƐŝĂƉĂŶ ĚĂůĂŵ ŵĞŶũĂŐĂ ƐƚĂďŝůŝƚLJ͘
ƐƚĂďŝůŝƚĂƐWĞƌƐĞƌŽĂŶŬĞĚĞƉĂŶŶLJĂ͘
WĞƌƐĞƌŽĂŶ ƚŝĚĂŬ ƉĞƌŶĂŚ ďĞƌŚĞŶƚŝ ƵŶƚƵŬ ƚĞƌƵƐ dŚĞ ŽŵƉĂŶLJ ŶĞǀĞƌ ƐƚŽƉƐ ƚŽ ĐŽŶƚŝŶƵĞ ƚŽ
ďĞůĂũĂƌ ĚĂŶ ŵĞŶŐĞǀĂůƵĂƐŝ ƐĞŶĚŝƌŝ ƵŶƚƵŬ ĂŶĂůLJnjĞ ĂŶĚ ĞǀĂůƵĂƚĞ ŝƚƐĞůĨ ƚŽ ŝŵƉƌŽǀĞ ŝƚƐ ƐĞƌǀŝĐĞ
ƉĞŶLJĞŵƉƵƌŶĂĂŶ ƉĞůĂLJĂŶĂŶ ĚĂŶ ŵĞŵƉĞƌŬƵĂƚ ƚĂƚĂ ĂŶĚ ƐƚƌĞŶŐƚŚĞŶ ŝƚƐ ŐŽǀĞƌŶĂŶĐĞ͘ ǀĞƌLJ ŝŶƉƵƚ ĂŶĚ
ŬĞůŽůĂ WĞƌƐĞƌŽĂŶ͘ ^ĞƚŝĂƉ ŵĂƐƵŬĂŶ ĚĂŶ ŬƌŝƚŝŬ ĐƌŝƚŝĐŝƐŵ ƐĞƌǀĞƌƐ ĂƐ Ă ŶĞĐĞƐƐĂƌLJ ĨŽƌĐĞ ĨŽƌ ƚŚĞ
ŵĞŶũĂĚŝŬĞŬƵĂƚĂŶďĂŐŝWĞƌƐĞƌŽĂŶƵŶƚƵŬƚĞƌƵƐŵĂũƵ ŽŵƉĂŶLJ ƚŽ ĐŽŶƚŝŶƵĞ ĨŽƌǁĂƌĚ ĂŶĚ ĂĐŚŝĞǀŝŶŐ
ĚĂŶ ŵĞŶũĂĚŝ ůĂŶŐŬĂŚ ƵŶƚƵŬ ŵĞƌĂŝŚ ƉĞŶĐĂƉĂŝĂŶ ŐƌĞĂƚĞƌƐƵĐĐĞƐƐ͘dŚĞŽŵƉĂŶLJĂůƐŽŶĞǀĞƌƐƚŽƉƐƚŽ
LJĂŶŐ ůĞďŝŚ ďĂŝŬ͘ WĞƌƐĞƌŽĂŶ ũƵŐĂ ƚŝĚĂŬ ůƵƉĂ ƵŶƚƵŬ ĂƉƉůLJƚŚĞƉƌƵĚĞŶĐĞƉƌŝŶĐŝƉůĞƐƚŽŵĂŝŶƚĂŝŶƐƚĂďŝůŝƚLJ͘
ƚĞƚĂƉ ŵĞŶĞƌĂƉŬĂŶ ƉƌŝŶƐŝƉ ŬĞŚĂƚŝͲŚĂƚŝĂŶ ƵŶƚƵŬ
ŵĞŵƉĞƌƚĂŚĂŶŬĂŶƐƚĂďŝůŝƚĂƐ͘
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Khdd,/^Z WKZd
WĞŶŐĂŶƚĂƌ /ŶƚƌŽĚƵĐƚŝŽŶ
WĞŶŐŐƵŶĂĂŶ ŬĞƌĂŶŐŬĂ /ŶƚĞŐƌĂƚĞĚ ZĞƉŽƌƚŝŶŐ dŚĞ ƵƐĂŐĞ ŽĨ ƚŚĞ /ŶƚĞŐƌĂƚĞĚ ZĞƉŽƌƚŝŶŐ ;/ZͿ
;/ZͿ LJĂŶŐ ĚŝƚĞƚĂƉŬĂŶ ŽůĞŚ /ŶƚĞƌŶĂƚŝŽŶĂů /ŶƚĞŐƌĂƚĞĚ ĨƌĂŵĞǁŽƌŬ ĂƐ ĞƐƚĂďůŝƐŚĞĚ ďLJ ƚŚĞ /ŶƚĞƌŶĂƚŝŽŶĂů
ZĞƉŽƌƚŝŶŐ ŽƵŶĐŝů ;//ZͿ ďĞƌƚƵũƵĂŶ ƵŶƚƵŬ /ŶƚĞŐƌĂƚĞĚ ZĞƉŽƌƚŝŶŐ ŽƵŶĐŝů ;/ZZͿ ŝƐ ĂŝŵĞĚ Ăƚ
ŵĞŶLJĂũŝŬĂŶ ůĂƉŽƌĂŶ WĞƌƐĞƌŽĂŶ ƐĞĐĂƌĂ ůĞďŝŚ ĞĨŝƐŝĞŶ ƉƌĞƐĞŶƚŝŶŐ ĐŽƌƉŽƌĂƚĞ ƌĞƉŽƌƚƐ ŝŶ Ă ŵŽƌĞ ĞĨĨŝĐŝĞŶƚ
ĚĂŶ ƉƌŽĚƵŬƚŝĨ͘ ^ĞƐƵĂŝ ĚĞŶŐĂŶ ŶĂŵĂŶLJĂ͕ >ĂƉŽƌĂŶ ĂŶĚ ƉƌŽĚƵĐƚŝǀĞ ŵĂŶŶĞƌ͘ /Ŷ ŬĞĞƉŝŶŐ ǁŝƚŚ ŝƚƐ ŶĂŵĞ͕
dĞƌŝŶƚĞŐƌĂƐŝ ŵĞŶLJĂũŝŬĂŶ ďĂŐĂŝŵĂŶĂ ƐƵŵďĞƌ ĚĂLJĂ ƚŚĞ /ŶƚĞŐƌĂƚĞĚ ZĞƉŽƌƚ ƉƌĞƐĞŶƚƐ ŚŽǁ ƚŚĞ ƌĞƐŽƵƌĐĞƐ
LJĂŶŐ ĚŝŵŝůŝŬŝ WĞƌƐĞƌŽĂŶ ďĞƌŝŶƚĞƌĂŬƐŝ ĚĞŶŐĂŶ ŽǁŶĞĚ ďLJ ƚŚĞ ŽŵƉĂŶLJ ŝŶƚĞƌĂĐƚ ǁŝƚŚ ƚŚĞ ĞdžƚĞƌŶĂů
ůŝŶŐŬƵŶŐĂŶĞŬƐƚĞƌŶĂůĚĂŶƐƵŵďĞƌƉĞƌŵŽĚĂůĂŶLJĂŶŐ ĞŶǀŝƌŽŶŵĞŶƚĂŶĚ ƚŚĞ ĞdžŝƐƚŝŶŐ ƐŽƵƌĐĞƐ ŽĨ ĐĂƉŝƚĂů͕ ŝŶ
ĂĚĂ͕ ŐƵŶĂ ŵĞŶĐŝƉƚĂŬĂŶ ŶŝůĂŝ ƚĂŵďĂŚ ĚĂůĂŵ ũĂŶŐŬĂ ŽƌĚĞƌ ƚŽ ĐƌĞĂƚĞ ĂĚĚĞĚ ǀĂůƵĞ ŝŶ ƚŚĞ ƐŚŽƌƚ͕ ŵĞĚŝƵŵ͕
ƉĞŶĚĞŬ͕ŵĞŶĞŶŐĂŚ͕ĚĂŶƉĂŶũĂŶŐ͘ ĂŶĚůŽŶŐƚĞƌŵ͘
ĞŶŐĂŶ ŵĞŶĞƌĂƉŬĂŶ ƉĂŶĚĂŶŐĂŶ LJĂŶŐ LJ ĂƉƉůLJŝŶŐ Ă ĐŽŵƉƌĞŚĞŶƐŝǀĞ ǀŝĞǁ ƚŽǁĂƌĚ
ŬŽŵƉƌĞŚĞŶƐŝĨ ƚĞƌŚĂĚĂƉ ƉĞŶŐŐƵŶĂĂŶ ƐƵŵďĞƌ ĚĂLJĂ ŵĂŶĂŐŝŶŐ ƌĞƐŽƵƌĐĞƐ ƚŽ ĐƌĞĂƚĞ ƐƵƐƚĂŝŶĂďůĞ ǀĂůƵĞ͕
ƵŶƚƵŬŵĞŶĐŝƉƚĂŬĂŶŶŝůĂŝLJĂŶŐ ďĞƌŬĞůĂŶũƵƚĂŶ͕ ŵĂŬĂ ƚŚĞ ŝŶĨŽƌŵĂƚŝŽŶ ŝŶ ƚŚŝƐ ƌĞƉŽƌƚ ďĞĐŽŵĞƐ ŝŵƉŽƌƚĂŶƚ
ŝŶĨŽƌŵĂƐŝ ĚĂůĂŵ ůĂƉŽƌĂŶ ŝŶŝ ƚŝĚĂŬ ŚĂŶLJĂ ďĞƌŶŝůĂŝ ŶŽƚŽŶůLJĨŽƌŝƚƐĨŝŶĂŶĐŝĂůƉƵƌƉŽƐĞƐ͕ďƵƚĂůƐŽǀĂůƵĂďůĞ
ĚĂƌŝƐĞŐŝŬĞƵĂŶŐĂŶŶLJĂ͕ƚĞƚĂƉŝũƵŐĂďĞƌŵĂŶĨĂĂƚďĂŐŝ ĨŽƌĂůůƐƚĂŬĞŚŽůĚĞƌƐ͘
ƐĞŵƵĂƉĞŵĂŶŐŬƵŬĞƉĞŶƚŝŶŐĂŶ͘
<ĞƌĂŶŐŬĂ>ĂƉŽƌĂŶdĞƌŝŶƚĞŐƌĂƐŝ /ŶƚĞŐƌĂƚĞĚZĞƉŽƌƚ&ƌĂŵĞǁŽƌŬ
&ƵŶŐƐŝ ƵƚĂŵĂ ďĂŐŝ ůĂƉŽƌĂŶ ƚĞƌŝŶƚĞŐƌĂƐŝ dŚĞƉƌŝŵĂƌLJƉƵƌƉŽƐĞŽĨĂŶŝŶƚĞŐƌĂƚĞĚƌĞƉŽƌƚ
ĂĚĂůĂŚ ŵĞŶũĞůĂƐŬĂŶ ďĂŐĂŝŵĂŶĂ ƐƵĂƚƵ ŽƌŐĂŶŝƐĂƐŝ͕ ŝƐ ƚŽ ĞdžƉůĂŝŶ ŚŽǁ ĂŶ ŽƌŐĂŶŝnjĂƚŝŽŶ͕ ŝŶ ƚŚŝƐ ĐĂƐĞ ƚŚĞ
ĚĂůĂŵ ŚĂů ŝŶŝ WĞƌƐĞƌŽĂŶ ĚĂƉĂƚ ŵĞŶĐŝƉƚĂŬĂŶ ŶŝůĂŝ ŽŵƉĂŶLJĐƌĞĂƚĞƐǀĂůƵĞŽǀĞƌƚŝŵĞ͘
ĚĂƌŝŵĂƐĂŬĞŵĂƐĂ͘
>ĂƉŽƌĂŶ dĞƌŝŶƚĞŐƌĂƐŝ ďĞƌƉĂŶĚƵ ƉĂĚĂ ϳ /ŶƚĞŐƌĂƚĞĚ ZĞƉŽƌƚŝŶŐ ŝƐ ďĂƐĞĚ ŽŶ ϳ ŐƵŝĚŝŶŐ
ƉƌŝŶƐŝƉ͕LJĂŝƚƵ͗ ƉƌŝŶĐŝƉůĞƐ͕ƐƵĐŚĂƐ͗
ϭ͘ ^ƚƌĂƚĞŐŝĐĨŽĐƵƐĂŶĚĨƵƚƵƌĞŽƌŝĞŶƚĂƚŝŽŶ ϭ͘ ^ƚƌĂƚĞŐŝĐĨŽĐƵƐĂŶĚĨƵƚƵƌĞŽƌŝĞŶƚĂƚŝŽŶ
>ĂƉŽƌĂŶ dĞƌŝŶƚĞŐƌĂƐŝ ŚĂƌƵƐ ŵĞŵƵĂƚ ŝŶĨŽƌŵĂƐŝ Ŷ ŝŶƚĞŐƌĂƚĞĚ ƌĞƉŽƌƚ ƐŚŽƵůĚ ƉƌŽǀŝĚĞ ŝŶƐŝŐŚƚ
ƚĞŶƚĂŶŐ ƐƚƌĂƚĞŐŝ ĞŶƚŝƚĂƐ ĚĂŶ ĐĂƌĂ ƐƚƌĂƚĞŐŝ ŝŶƚŽ ƚŚĞ ŽƌŐĂŶŝnjĂƚŝŽŶ͛Ɛ ƐƚƌĂƚĞŐLJ͕ ĂŶĚ ŚŽǁ ŝƚ
ƚĞƌƐĞďƵƚ ĚĂůĂŵ ŵĞŶĐŝƉƚĂŬĂŶ ŶŝůĂŝ ũĂŶŐŬĂ ƌĞůĂƚĞƐ ƚŽ ƚŚĞ ŽƌŐĂŶŝnjĂƚŝŽŶ͛Ɛ ĂďŝůŝƚLJ ƚŽ ĐƌĞĂƚĞ
ƉĞŶĚĞŬ͕ũĂŶŐŬĂŵĞŶĞŶŐĂŚĚĂŶũĂŶŐŬĂƉĂŶũĂŶŐ͘ ǀĂůƵĞŝŶƚŚĞƐŚŽƌƚ͕ŵĞĚŝƵŵĂŶĚůŽŶŐƚĞƌŵ͕ĂŶĚ
^ĞƌƚĂĚĂŵƉĂŬĚĂƌŝƉĞŶĞƌĂƉĂŶƐƚƌĂƚĞŐŝƚĞƌƐĞďƵƚ ƚŽŝƚƐƵƐĞŽĨĂŶĚĞĨĨĞĐƚƐŽŶƚŚĞĐĂƉŝƚĂůƐ͘
ƚĞƌŚĂĚĂƉƐƵŵďĞƌĚĂLJĂWĞƌƐĞƌŽĂŶ͘
Ϯ͘ ŽŶŶĞĐƚŝǀŝƚLJŽĨŝŶĨŽƌŵĂƚŝŽŶ Ϯ͘ ŽŶŶĞĐƚŝǀŝƚLJŽĨŝŶĨŽƌŵĂƚŝŽŶ
>ĂƉŽƌĂŶ dĞƌŝŶƚĞŐƌĂƐŝ ǁĂũŝď ŵĞŶƵŶũƵŬŬĂŶ Ŷ ŝŶƚĞŐƌĂƚĞĚ ƌĞƉŽƌƚ ƐŚŽƵůĚ ƐŚŽǁ Ă ŚŽůŝƐƚŝĐ
ŐĂŵďĂƌĂŶ ŵĞŶLJĞůƵƌƵŚ ĚĂƌŝ ŬŽŵďŝŶĂƐŝ ƉŝĐƚƵƌĞ ŽĨ ƚŚĞ ĐŽŵďŝŶĂƚŝŽŶ͕ ŝŶƚĞƌƌĞůĂƚĞĚŶĞƐƐ
ŬĞƚĞƌŚƵďƵŶŐĂŶ ĚĂŶ ŬĞƚĞƌŐĂŶƚƵŶŐĂŶ ƐĞƌƚĂ ĂŶĚ ĚĞƉĞŶĚĞŶĐŝĞƐ ďĞƚǁĞĞŶ ƚŚĞ ĨĂĐƚŽƌƐ ƚŚĂƚ
ĨĂŬƚŽƌͲĨĂŬƚŽƌ LJĂŶŐ ŵĞŵƉĞŶŐĂƌƵŚŝ ƉĞŶĐŝƉƚĂĂŶ ĂĨĨĞĐƚƚŚĞŽƌŐĂŶŝnjĂƚŝŽŶ͛ƐĂďŝůŝƚLJƚŽĐƌĞĂƚĞǀĂůƵĞ
ŶŝůĂŝĚĂƌŝƐĞďƵĂŚŽƌŐĂŶŝƐĂƐŝĂƚĂƵWĞƌƐĞƌŽĂŶ ŽǀĞƌƚŝŵĞ
ϯ͘ ^ƚĂŬĞŚŽůĚĞƌƌĞůĂƚŝŽŶƐŚŝƉƐ ϯ͘ ^ƚĂŬĞŚŽůĚĞƌƌĞůĂƚŝŽŶƐŚŝƉƐ
>ĂƉŽƌĂŶ dĞƌŝŶƚĞŐƌĂƐŝ ŚĂƌƵƐ ďŝƐĂ ŵĞŵďĞƌŝŬĂŶ ŶŝŶƚĞŐƌĂƚĞĚƌĞƉŽƌƚƐŚŽƵůĚƉƌŽǀŝĚĞŝŶƐŝŐŚƚŝŶƚŽ
ǁĂǁĂƐĂŶ LJĂŶŐ ďĞƌŬĂŝƚĂŶ ĚĞŶŐĂŶ ƐŝĨĂƚ ĚĂŶ ƚŚĞ ŶĂƚƵƌĞ ĂŶĚ ƋƵĂůŝƚLJ ŽĨ ƚŚĞ ŽƌŐĂŶŝnjĂƚŝŽŶ͛Ɛ
ŬƵĂůŝƚĂƐŚƵďƵŶŐĂŶWĞƌƐĞƌŽĂŶĚĞŶŐĂŶƉĂƌĂŬĞLJ ƌĞůĂƚŝŽŶƐŚŝƉƐ ǁŝƚŚ ŝƚƐ ŬĞLJ ƐƚĂŬĞŚŽůĚĞƌƐ͕
ƐƚĂŬĞŚŽůĚĞƌƐ͘ dĞƌŵĂƐƵŬ ƐĞďĞƌĂƉĂ ũĂƵŚ ŝŶĐůƵĚŝŶŐ ŚŽǁ ĂŶĚ ƚŽ ǁŚĂƚ ĞdžƚĞŶƚ ƚŚĞ
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
ƉĞŵĂŚĂŵĂŶ WĞƌƐĞƌŽĂŶ ƚĞƌŚĂĚĂƉ ŬĞďƵƚƵŚĂŶ ŽƌŐĂŶŝnjĂƚŝŽŶ ƵŶĚĞƌƐƚĂŶĚƐ͕ ƚĂŬĞƐ ŝŶƚŽ ĂĐĐŽƵŶƚ
ĚĂŶ ĐĂƌĂ ŵĞƌĞƐƉŽŶ ŬĞƉĞŶƚŝŶŐĂŶ ƉĂƌĂ ĂŶĚ ƌĞƐƉŽŶĚƐ ƚŽ ƚŚĞŝƌ ůĞŐŝƚŝŵĂƚĞ ŶĞĞĚƐ ĂŶĚ
ƉĞŵĂŶŐŬƵŬĞƉĞŶƚŝŶŐĂŶ͘ ŝŶƚĞƌĞƐƚƐ͘
ϰ͘ DĂƚĞƌŝĂůŝƚLJ ϰ͘ DĂƚĞƌŝĂůŝƚLJ
>ĂƉŽƌĂŶ dĞƌŝŶƚĞŐƌĂƐŝ ŚĂƌƵƐ ĚĂƉĂƚ Ŷ ŝŶƚĞŐƌĂƚĞĚ ƌĞƉŽƌƚ ƐŚŽƵůĚ ĚŝƐĐůŽƐĞ
ŵĞŶƵŶũƵŬŬĂŶ ŝŶĨŽƌŵĂƐŝ ƐĞƉƵƚĂƌ ŚĂůͲŚĂů ŝŶĨŽƌŵĂƚŝŽŶ ĂďŽƵƚ ŵĂƚƚĞƌƐ ƚŚĂƚ ƐƵďƐƚĂŶƚŝǀĞůLJ
ŵĂƚĞƌŝĂůLJĂŶŐƐĞĐĂƌĂƐƵďƐƚĂŶƚŝĨŵĞŵƉĞŶŐĂƌƵŚŝ ĂĨĨĞĐƚƚŚĞŽƌŐĂŶŝnjĂƚŝŽŶ͛ƐĂďŝůŝƚLJƚŽĐƌĞĂƚĞǀĂůƵĞ
ƉƌŽƐĞƐ ƉĞŶĐŝƉƚĂĂŶ ŶŝůĂŝ WĞƌƐĞƌŽĂŶ ĚĂůĂŵ ŽǀĞƌƚŚĞƐŚŽƌƚ͕ŵĞĚŝƵŵĂŶĚůŽŶŐƚĞƌŵ͘
ũĂŶŐŬĂ ƉĞŶĚĞŬ͕ ũĂŶŐŬĂ ŵĞŶĞŶŐĂŚ ƐĞƌƚĂũĂŶŐŬĂ
ƉĂŶũĂŶŐ͘
ϱ͘ ŽŶĐŝƐĞ ϱ͘ ŽŶĐŝƐĞ
>ĂƉŽƌĂŶ dĞƌŝŶƚĞŐƌĂƐŝ ǁĂũŝď ĚŝƐĂũŝŬĂŶ ƐĞĐĂƌĂ ŶŝŶƚĞŐƌĂƚĞĚƌĞƉŽƌƚƐŚŽƵůĚďĞĐŽŶĐŝƐĞ͘
ƌŝŶŐŬĂƐ
ϲ͘ ZĞůŝĂďŝůŝƚLJĂŶĚĐŽŵƉůĞƚĞŶĞƐƐ ϲ͘ ZĞůŝĂďŝůŝƚLJĂŶĚĐŽŵƉůĞƚĞŶĞƐƐ
>ĂƉŽƌĂŶdĞƌŝŶƚĞŐƌĂƐŝŚĂƌƵƐŵĞŶLJĂũŝŬĂŶůĂƉŽƌĂŶ Ŷ ŝŶƚĞŐƌĂƚĞĚ ƌĞƉŽƌƚ ƐŚŽƵůĚ ŝŶĐůƵĚĞ Ăůů
LJĂŶŐ ůĞŶŐŬĂƉ ĂƚĂƵ ŵĞŶĐĂŶƚƵŵŬĂŶ ƐĞŐĂůĂ ŚĂů ŵĂƚĞƌŝĂů ŵĂƚƚĞƌƐ͕ ďŽƚŚ ƉŽƐŝƚŝǀĞ ĂŶĚ ŶĞŐĂƚŝǀĞ͕
LJĂŶŐ ďĞƌƐŝĨĂƚ ŵĂƚĞƌŝĂů ĚĂŶ ďĞďĂƐ ĚĂƌŝ ŝŶĂďĂůĂŶĐĞĚǁĂLJĂŶĚǁŝƚŚŽƵƚŵĂƚĞƌŝĂůĞƌƌŽƌ͘
ŬĞƐĂůĂŚĂŶƐĂũŝŵĂƚĞƌŝĂů͘
ϳ͘ ŽŶƐŝƐƚĞŶĐLJĂŶĚĐŽŵƉĂƌĂďŝůŝƚLJ ϳ͘ ŽŶƐŝƐƚĞŶĐLJĂŶĚĐŽŵƉĂƌĂďŝůŝƚLJ
/ŶĨŽƌŵĂƐŝ LJĂŶŐ ĚŝŵƵĂƚ ĚĂůĂŵ >ĂƉŽƌĂŶ dŚĞŝŶĨŽƌŵĂƚŝŽŶŝŶĂŶŝŶƚĞŐƌĂƚĞĚƌĞƉŽƌƚƐŚŽƵůĚ
dĞƌŝŶƚĞŐƌĂƐŝ ŚĂƌƵƐ ĚŝƐĂũŝŬĂŶ͗ ;ĂͿ ƐĞĐĂƌĂ ďĞ ƉƌĞƐĞŶƚĞĚ͗ ;ĂͿ ŽŶ Ă ďĂƐŝƐ ƚŚĂƚ ŝƐ ĐŽŶƐŝƐƚĞŶƚ
ŬŽŶƐŝƐƚĞŶ ĚĂŶ ;ďͿ ĚĂƉĂƚ ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ŽǀĞƌ ƚŝŵĞ͖ ĂŶĚ ;ďͿ ŝŶ Ă ǁĂLJ ƚŚĂƚ ĞŶĂďůĞƐ
ůĂƉŽƌĂŶĚĂƌŝĞŶƚŝƚĂƐůĂŝŶ͘ ĐŽŵƉĂƌŝƐŽŶ ǁŝƚŚ ŽƚŚĞƌ ŽƌŐĂŶŝnjĂƚŝŽŶƐ ƚŽ ƚŚĞ
ĞdžƚĞŶƚŝƚŝƐŵĂƚĞƌŝĂů ƚŽ ƚŚĞ ŽƌŐĂŶŝnjĂƚŝŽŶ͛Ɛ ŽǁŶ
ĂďŝůŝƚLJƚŽĐƌĞĂƚĞǀĂůƵĞŽǀĞƌƚŝŵĞ͘
WƌŽƐĞƐWĞŶĐŝƉƚĂĂŶEŝůĂŝϱϭ͗ͲϯĂ sĂůƵĞƌĞĂƚŝŽŶWƌŽĐĞƐƐϱϭ͗ͲϯĂ
ĂůĂŵ ŬĞƌĂŶŐŬĂ ůĂƉŽƌĂŶ ŝŶƚĞŐƌĂƐŝ LJĂŶŐ /Ŷ ƚŚĞ ĨƌĂŵĞǁŽƌŬ ƐĞƚ ďLJ //Z͕ ƚŚĞ ƉƌŽĐĞƐƐ
ĚŝƚĞƚĂƉŬĂŶŽůĞŚ//Z͕ƉƌŽƐĞƐƉĞŶĐŝƉƚĂĂŶŶŝůĂŝƐƵĂƚƵ ŽĨĐƌĞĂƚŝŶŐǀĂůƵĞŝƐĚĞƉŝĐƚĞĚŝŶƚŚĞĨŝŐƵƌĞďĞůŽǁ͗
ŽƌŐĂŶŝƐĂƐŝƚĞƌŐĂŵďĂƌĚĂůĂŵďĂŐĂŶĚŝďĂǁĂŚŝŶŝ͗
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
DĞƌƵũƵŬƉĂĚĂďĂŐĂŶĚŝĂƚĂƐ͕ƉƌŽƐĞƐďŝƐŶŝƐ ĐĐŽƌĚŝŶŐƚŽƚŚĞŐƌĂƉŚŝĐƐƐŚŽǁŶĂďŽǀĞ͕ƚŚĞ
WĞƌƐĞƌŽĂŶƚĞƌĚŝƌŝĚĂƌŝϲƐƵŵďĞƌĚĂLJĂ͕LJĂŝƚƵ͗ ŽŵƉĂŶLJ͛Ɛ ďƵƐŝŶĞƐƐ ƉƌŽĐĞƐƐ ŝƐ ĐŽŵƉƌŝƐĞ ŽĨ ϲ
ĐĂƉŝƚĂůƐ͕ǁŚŝĐŚĂƌĞ͗
&ŝŶĂŶĐŝĂů DĂŶƵĨĂĐƚƵƌĞĚ /ŶƚĞůůĞĐƚƵĂů ,ƵŵĂŶ ^ŽĐŝĂů EĂƚƵƌĞ
ĂƚĂƐĂŶĚĂŶĂŬƵƉĂŶ ^ĐŽƉĞĂŶĚŽƵŶĚĂƌLJ
>ĂƉŽƌĂŶ dĞƌŝŶƚĞŐƌĂƐŝ &Ƶũŝ &ŝŶĂŶĐĞ dŚĞ /ŶƚĞŐƌĂƚĞĚ ZĞƉŽƌƚ ŽĨ &Ƶũŝ &ŝŶĂŶĐĞ
ŵĞƌƵƉĂŬĂŶ ŐĂďƵŶŐĂŶ ĂŶƚĂƌĂ >ĂƉŽƌĂŶ dĂŚƵŶĂŶ ĐŽŵďŝŶĞƐ ƚŚĞ ŶŶƵĂů ZĞƉŽƌƚ ;ŝŶĐůƵĚŝŶŐ ƵĚŝƚĞĚ
;ƚĞƌŵĂƐƵŬ >ĂƉŽƌĂŶ <ĞƵĂŶŐĂŶ LJĂŶŐ ŝĂƵĚŝƚͿ ĚĂŶ &ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐͿĂŶĚƚŚĞ^ƵƐƚĂŝŶĂďŝůŝƚLJZĞƉŽƌƚ
>ĂƉŽƌĂŶ <ĞďĞƌůĂŶũƵƚĂŶ LJĂŶŐ ĚŝƚĞƌďŝƚŬĂŶ ƐĞŬĂůŝ ĂŶĚ ŝƚ ŝƐ ƉƵďůŝƐŚĞĚ ŽŶĐĞ Ă LJĞĂƌ͘ /ƚ ĚŝƐĐƵƐƐĞĚ ƚŚĞ
ĚĂůĂŵ ƐĞƚĂŚƵŶ͘ >ĂƉŽƌĂŶ ŝŶŝ ŵĞŵďĂŚĂƐ ŵĞŶŐĞŶĂŝ ŽŵƉĂŶLJ͛Ɛ ďƵƐŝŶĞƐƐ ƉĞƌĨŽƌŵĂŶĐĞ ĨƌŽŵ ĨŝŶĂŶĐŝĂů
ŬŝŶĞƌũĂ ďŝƐŶŝƐ WĞƌƐĞƌŽĂŶ͕ ďĂŝŬ ƐĞĐĂƌĂ ĨŝŶĂŶƐŝĂů ĂŶĚ ŶŽŶͲĨŝŶĂŶĐŝĂů ƉĞƌƐƉĞĐƚŝǀĞƐ͘ dŚĞ /ŶƚĞŐƌĂƚĞĚ
ŵĂƵƉƵŶ ŶŽŶͲĨŝŶĂŶƐŝĂů͘ >ĂƉŽƌĂŶ dĂŚƵŶĂŶ ZĞƉŽƌƚ ŽĨ ϮϬϮϱ ĐŽǀĞƌƐ ƚŚĞ ƌĞƉŽƌƚŝŶŐ ƉĞƌŝŽĚ ĨƌŽŵ
dĞƌŝŶƚĞŐƌĂƐŝ ϮϬϮϱ ŵĞůŝƉƵƚŝ ƉĞƌŝŽĚĞ ƉĞůĂƉŽƌĂŶ ĚĂƌŝ :ĂŶƵĂƌLJϭ͕ϮϬϮϱƵŶƚŝůĞĐĞŵďĞƌϯϭ͕ϮϬϮϱ͘ 'Z/ϮͲϮͲĂ͕ϮͲ
ƚĂŶŐŐĂůϭ:ĂŶƵĂƌŝŚŝŶŐŐĂϯϭĞƐĞŵďĞƌϮϬϮϱ͘ 'Z/ϮͲϮͲ ϯͲĂ͕ϮͲϯͲď͕ϮͲϯͲĐ
Ă͕ϮͲϯͲĂ͕ϮͲϯͲď͕ϮͲϯͲĐ
ĂůĂŵ>ĂƉŽƌĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ͕WĞƌƐĞƌŽĂŶ /Ŷ /ƚƐ /ŶƚĞŐƌĂƚĞĚ ZĞƉŽƌƚ ŽĨ ϮϬϮϱ͕ ƚŚĞ
ĂŬĂŶ ŵĞůĂŬƵŬĂŶ ƉĞŶLJĂũŝĂŶ ŬĞŵďĂůŝ ĂƚĂƐ ĚĂƚĂ ŽŵƉĂŶLJ ǁŝůů ŝƐƐƵĞ ƌĞƐƚĂƚĞŵĞŶƚ ŽĨ ϮϬϮϰ ƵĚŝƚĞĚ
>ĂƉŽƌĂŶ<ĞƵĂŶŐĂŶƚĂŚƵŶϮϬϮϰĚĂŶĚĂƚĂŬƵĂŶƚŝƚĂƚŝĨ ZĞƉŽƌƚ ĂŶĚ ĂŶLJ ƋƵĂŶƚŝƚĂƚŝǀĞ ĚĂƚĂ ƉƌŽǀŝĚĞĚ ďLJ ƚŚĞ
ƚĞƌŬĂŝƚĚĞŶŐĂŶ>ĂƉŽƌĂŶ<ĞƵĂŶŐĂŶƚĂŚƵŶϮϬϮϰLJĂŶŐ ϮϬϮϰ ƵĚŝƚĞĚ ZĞƉŽƌƚ ƉƌĞƐĞŶƚĞĚ ŽŶ /ŶƚĞŐƌĂƚĞĚ
ƚĞůĂŚ ĚŝƐĂũŝŬĂŶ ĚĂůĂŵ >ĂƉŽƌĂŶ dĞƌŝŶƚĞŐƌĂƐŝ ϮϬϮϰ͘ ZĞƉŽƌƚ ŽĨ ϮϬϮϰ͘ dŚĞ ŽŵƉĂŶLJ ĚŝĚ ŶŽƚ ŵĂŬĞ ĂŶLJ
WĞƌƐĞƌŽĂŶ ƚŝĚĂŬ ŵĞůĂŬƵŬĂŶ ƉĞƌƵďĂŚĂŶ ƐŝŐŶŝĨŝŬĂŶ ƐŝŐŶŝĨŝĐĂŶƚ ĐŚĂŶŐĞƐ ŝŶ ƌĞŐĂƌĚƐ ƚŽ ƚŚĞ ƌĞƉŽƌƚŝŶŐ
ĚĂůĂŵ ŵĞŶĞŶƚƵŬĂŶ ďĂƚĂƐĂŶ ůĂƉŽƌĂŶ ĚĂŶ ŵĂƚĞƌŝ ƐĐŽƉĞĂŶĚƚŽƉŝĐƐƚŽďĞĚŝƐĐƵƐƐĞĚŝŶƚŚŝƐƌĞƉŽƌƚ͘'Z/ϮͲ
LJĂŶŐĚŝďĂŚĂƐĚĂůĂŵůĂƉŽƌĂŶŝŶŝ͘'Z/ϮͲϰͲŝ͕ϮͲϰͲŝŝ ϰͲŝ͕ϮͲϰͲŝŝ
ZĞĨĞƌĞŶƐŝ>ĂƉŽƌĂŶ ZĞĨĞƌĞŶĐĞƐ
WĞŶLJƵƐƵŶĂŶ >ĂƉŽƌĂŶ dĞƌŝŶƚĞŐƌĂƐŝ ϮϬϮϱ Wd dŚĞ ϮϬϮϱ /ŶƚĞŐƌĂƚĞĚ ZĞƉŽƌƚ ŽĨ Wd &Ƶũŝ
&Ƶũŝ&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂdďŬĚŝĚĂƐĂƌŬĂŶƉĂĚĂĂƚƵƌĂŶ &ŝŶĂŶĐĞ /ŶĚŽŶĞƐŝĂ dďŬ ǁĂƐ ĐƌĞĂƚĞĚ ďĂƐĞĚ ŽŶ
ĚĂŶ ƌĞŐƵůĂƐŝ LJĂŶŐ ďĞƌůĂŬƵ Ěŝ /ŶĚŽŶĞƐŝĂ ďĂŐŝ /ŶĚŽŶĞƐŝĂŶ ƌƵůĞƐ ĂŶĚ ƌĞŐƵůĂƚŝŽŶƐ ĨŽƌ WƵďůŝĐ
WĞƌƐĞƌŽĂŶ ƉĞŵďŝĂLJĂĂŶ LJĂŶŐ ďĞƌƐƚĂƚƵƐ dĞƌďƵŬĂ ĨŝŶĂŶĐŝŶŐ ĐŽŵƉĂŶŝĞƐ ĂƐ ƐĞƚ ďLJ /ŶĚŽŶĞƐŝĂ ^ƚŽĐŬ
ƐĞƐƵĂŝ ŬĞƚĞƚĂƉĂŶ ƵƌƐĂ ĨĞŬ /ŶĚŽŶĞƐŝĂ ; /Ϳ ĚĂŶ džĐŚĂŶŐĞ ;/yͿ ĂŶĚ &ŝŶĂŶĐŝĂů ^ĞƌǀŝĐĞ ƵƚŚŽƌŝƚLJ
KƚŽƌŝƚĂƐ :ĂƐĂ <ĞƵĂŶŐĂŶ ;K:<Ϳ͘ DĂƚĞƌŝ ƌĞĨĞƌĞŶƐŝ ;K:<Ϳ͘ dŚĞ ƌĞĨĞƌĞŶĐĞƐ ƵƐĞĚ ŝŶ ƚŚŝƐ ƌĞƉŽƌƚ͕ ĂŵŽŶŐ
LJĂŶŐĚŝŐƵŶĂŬĂŶĂŶƚĂƌĂůĂŝŶ͗'Z/ϯͲϭ ŽƚŚĞƌƐ͗'Z/ϯͲϭ
x ^ K:< EŽ͘ϭϲͬ^ K:<͘ϬϰͬϮϬϮϭ ƚĞŶƚĂŶŐ ĞŶƚƵŬ x ^ K:< EŽ͘ϭϲͬ^ K:<͘ϬϰͬϮϬϮϭ ĐŽŶĐĞƌŶŝŶŐ dŚĞ
ĚĂŶ /Ɛŝ >ĂƉŽƌĂŶ dĂŚƵŶĂŶ ŵŝƚĞŶ ĂƚĂƵ &ŽƌŵĂƚ ĂŶĚ ŽŶƚĞŶƚƐ ŽĨ ŶŶƵĂů ZĞƉŽƌƚ ŽĨ
WĞƌƐĞƌŽĂŶWƵďůŝŬ /ƐƐƵĞƌƐĂŶĚWƵďůŝĐŽŵƉĂŶŝĞƐ
x WK:<EŽ͘ϱϭͬWK:<͘ϬϯͬϮϬϭϳƚĞŶƚĂŶŐWĞŶĞƌĂƉĂŶ x WK:< EŽ͘ϱϭͬWK:<͘ϬϯͬϮϬϭϳ ĐŽŶĐĞƌŶŝŶŐ dŚĞ
<ĞƵĂŶŐĂŶ ĞƌŬĞůĂŶũƵƚĂŶ ďĂŐŝ >ĞŵďĂŐĂ :ĂƐĂ /ŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ ^ƵƐƚĂŝŶĂďůĞ &ŝŶĂŶĐĞ ĨŽƌ
<ĞƵĂŶŐĂŶ͕ ŵŝƚĞŶ͕ĚĂŶWĞƌƐĞƌŽĂŶWƵďůŝŬ &ŝŶĂŶĐŝĂů ^ĞƌǀŝĐĞ ŽŵƉĂŶŝĞƐ͕ /ƐƐƵĞƌƐ ĂŶĚ
x ^ƚĂŶĚĂƌ 'Z/ ƐĞďĂŐĂŝ ƌĞĨĞƌĞŶƐŝ ĚĂůĂŵ WƵďůŝĐŽŵƉĂŶŝĞƐ
ŵĞŶĞŶƚƵŬĂŶĞůĞŵĞŶ>ĂƉŽƌĂŶ<ĞďĞƌůĂŶũƵƚĂŶ x 'Z/^ƚĂŶĚĂƌĚƐĂƐƌĞĨĞƌĞŶĐĞŝŶĚĞƚĞƌŵŝŶŝŶŐƚŚĞ
x WĞƌĂƚƵƌĂŶůĂŝŶŶLJĂLJĂŶŐƚĞƌŬĂŝƚĚĞŶŐĂŶŵĂƚĞƌŝ ĞůĞŵĞŶƚƐŽĨƚŚĞ^ƵƐƚĂŝŶĂďŝůŝƚLJZĞƉŽƌƚ
ďĂŚĂƐĂŶ LJĂŶŐ ĚŝƐĂũŝŬĂŶ ĚĂůĂŵ >ĂƉŽƌĂŶ x KƚŚĞƌ ƌĞŐƵůĂƚŝŽŶƐ ƌĞůĂƚĞĚ ƚŽ ƚŚĞ ŵĂƚĞƌŝĂů
5
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
dĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝ ƉƌĞƐĞŶƚĞĚŝŶƚŚĞ/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚ
WŽŬŽŬDĂƚĞƌŝ ^ƵďũĞĐƚDĂƚƚĞƌ
>ĂƉŽƌĂŶ dĂŚƵŶĂŶ dĞƌŝŶƚĞŐƌĂƐŝ ϮϬϮϱ Wd dŚĞ ϮϬϮϱ /ŶƚĞŐƌĂƚĞĚ ŶŶƵĂů ZĞƉŽƌƚ ŽĨ Wd &Ƶũŝ
&Ƶũŝ&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂdďŬŵĞƌƵƉĂŬĂŶŐĂďƵŶŐĂŶ &ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂdďŬŝƐĂŶŝŶƚĞŐƌĂƚŝŽŶŽĨďŽƚŚƚŚĞ
ĂŶƚĂƌĂ >ĂƉŽƌĂŶ dĂŚƵŶĂŶ ĚĞŶŐĂŶ >ĂƉŽƌĂŶ ĂŶŶƵĂůĂŶĚƐƵƐƚĂŝŶĂďŝůŝƚLJƌĞƉŽƌƚƐ͕ĐŽŶƐŝƐƚŝŶŐŽĨƚŚĞ
ĞƌŬĞůĂŶũƵƚĂŶ WĞƌƐĞƌŽĂŶ LJĂŶŐ ŵĞŵďĂŚĂƐ ĂƐƉĞŬ ŽŵƉĂŶLJ͛Ɛ ďƵƐŝŶĞƐƐ ĂŶĚ ŶŽŶͲďƵƐŝŶĞƐƐͲƌĞůĂƚĞĚ
ďŝƐŶŝƐĚĂŶŶŽŶͲďŝƐŶŝƐ͕LJĂŝƚƵ͗'Z/ϯͲϮ ĚŝƐĐƵƐƐŝŽŶƐ͕ĂƐĨŽůůŽǁƐ͗'Z/ϯͲϮ
¾ /ŬŚƚŝƐĂƌ<ĞƌũĂϮϬϮϱ ¾ ϮϬϮϱWĞƌĨŽƌŵĂŶĐĞ,ŝŐŚůŝŐŚƚƐ
¾ >ĂƉŽƌĂŶDĂŶĂũĞŵĞŶ ¾ DĂŶĂŐĞŵĞŶƚZĞƉŽƌƚƐ
¾ WƌŽĨŝůWĞƌƐĞƌŽĂŶ ¾ ŽŵƉĂŶLJWƌŽĨŝůĞ
¾ ^ƵŵďĞƌĂLJĂDĂŶƵƐŝĂ ¾ ,ƵŵĂŶĂƉŝƚĂů
¾ ŶĂůŝƐŝƐĚĂŶWĞŵďĂŚĂƐĂŶDĂŶĂũĞŵĞŶ ¾ DĂŶĂŐĞŵĞŶƚΖƐŶĂůLJƐŝƐĂŶĚŝƐĐƵƐƐŝŽŶ
¾ dĂƚĂ<ĞůŽůĂWĞƌƵƐĂŚĂĂŶ ¾ 'ŽŽĚŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞ
¾ <ĞďĞƌůĂŶũƵƚĂŶ ¾ ^ƵƐƚĂŝŶĂďŝůŝƚLJ
¾ >ĂƉŽƌĂŶ<ĞƵĂŶŐĂŶdĂŚƵŶĂŶ ¾ ŶŶƵĂů&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚ
WĞŶLJĞƌƚĂĂŶ ĞůĞŵĞŶ >ĂƉŽƌĂŶ ĞƌŬĞůĂŶũƵƚĂŶ dŚĞŝŶĐůƵƐŝŽŶŽĨ^ƵƐƚĂŝŶĂďŝůŝƚLJZĞƉŽƌƚĞůĞŵĞŶƚ
ĚĂůĂŵ>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝŝŶŝŵĞƌƵƉĂŬĂŶ ŝŶ ƚŚĞ /ŶƚĞŐƌĂƚĞĚ ŶŶƵĂů ZĞƉŽƌƚ ŝƐ Ă ĨŽƌŵ ŽĨ ƚŚĞ
ďĞŶƚƵŬ ŬĞƉĂƚƵŚĂŶ WĞƌƐĞƌŽĂŶ ƚĞƌŚĂĚĂƉ WK:< EŽ͘ ŽŵƉĂŶLJ͛Ɛ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ WK:< EŽ͘
ϱϭͬWK:<͘ϬϯͬϮϬϭϳ ƚĞŶƚĂŶŐ WĞŶĞƌĂƉĂŶ <ĞƵĂŶŐĂŶ ϱϭͬWK:<͘ϬϯͬϮϬϭϳ ĐŽŶĐĞƌŶŝŶŐ ƚŚĞ /ŵƉůĞŵĞŶƚĂƚŝŽŶ
ĞƌŬĞůĂŶũƵƚĂŶ ĂŐŝ >ĞŵďĂŐĂ :ĂƐĂ <ĞƵĂŶŐĂŶ͕ ŽĨ ^ƵƐƚĂŝŶĂďůĞ &ŝŶĂŶĐĞ ĨŽƌ &ŝŶĂŶĐŝĂů ^ĞƌǀŝĐĞƐ
ŵŝƚĞŶĚĂŶWĞƌƐĞƌŽĂŶWƵďůŝŬ͘ /ŶƐƚŝƚƵƚŝŽŶƐ͕/ƐƐƵĞƌƐ͕ĂŶĚWƵďůŝĐŽŵƉĂŶŝĞƐ͘
<ĞƵĂŶŐĂŶ ĞƌŬĞůĂŶũƵƚĂŶ ĂĚĂůĂŚ ŬŽŵŝƚŵĞŶ ^ƵƐƚĂŝŶĂďůĞ &ŝŶĂŶĐĞ ŝƐ Ă ĐŽŵƉƌĞŚĞŶƐŝǀĞ
ŬŽŵƉƌĞŚĞŶƐŝĨ ĚĂƌŝ ƐĞŬƚŽƌ ũĂƐĂ ŬĞƵĂŶŐĂŶ ƵŶƚƵŬ ĐŽŵŵŝƚŵĞŶƚ ĨƌŽŵ ƚŚĞ ĨŝŶĂŶĐŝĂů ƐĞƌǀŝĐĞƐ ƐĞĐƚŽƌ ƚŽ
ŵĞŶĐŝƉƚĂŬĂŶ ƉĞƌƚƵŵďƵŚĂŶ ĞŬŽŶŽŵŝ LJĂŶŐ ĐƌĞĂƚĞ ƐƵƐƚĂŝŶĂďůĞ ĞĐŽŶŽŵŝĐ ŐƌŽǁƚŚ ďLJ ĂůŝŐŶŝŶŐ
ďĞƌŬĞůĂŶũƵƚĂŶ ĚĞŶŐĂŶ ŵĞŶLJĞůĂƌĂƐŬĂŶ ŬĞƉĞŶƚŝŶŐĂŶ ĞĐŽŶŽŵŝĐ͕ƐŽĐŝĂůĂŶĚĞŶǀŝƌŽŶŵĞŶƚĂůŝŶƚĞƌĞƐƚ͘
ĞŬŽŶŽŵŝ͕ƐŽƐŝĂůĚĂŶůŝŶŐŬƵŶŐĂŶ͘
ůĞŵĞŶ >ĂƉŽƌĂŶ ĞƌŬĞůĂŶũƵƚĂŶ ĚĂůĂŵ dŚĞ ĞůĞŵĞŶƚ ŽĨ ^ƵƐƚĂŝŶĂďŝůŝƚLJ ZĞƉŽƌƚ ŝŶ ƚŚŝƐ
>ĂƉŽƌĂŶ dĂŚƵŶĂŶ dĞƌŝŶƚĞŐƌĂƐŝ ŝŶŝ ĚŝƐĂũŝŬĂŶ ƐĞƐƵĂŝ /ŶƚĞŐƌĂƚĞĚ ZĞƉŽƌƚ ŝƐ ďĂƐĞĚ ŽŶ ƐƚĂŶĚĂƌĚƐ ŽĨ
ĚĞŶŐĂŶ ^ƚĂŶĚĂƌ WĞůĂƉŽƌĂŶ ĞƌŬĞůĂŶũƵƚĂŶ LJĂŶŐ ƐƵƐƚĂŝŶĂďŝůŝƚLJ ƌĞƉŽƌƚŝŶŐ ƐĞƚ ďLJ &ŝŶĂŶĐŝĂů ^ĞƌǀŝĐĞ
ĚŝƚĞƚĂƉŬĂŶŽůĞŚK:<͘ ƵƚŚŽƌŝƚLJ͘
>ĂƉŽƌĂŶŝŶŝƚĞƌƐĞĚŝĂĚĂůĂŵďĞŶƚƵŬƉĚĨƉĂĚĂ dŚŝƐ ƌĞƉŽƌƚ ŝƐ ĂĐĐĞƐƐŝďůĞ ŽŶůŝŶĞ ŽŶ ƚŚĞ
ƐŝƚƵƐǁĞďWĞƌƐĞƌŽĂŶ͗ ŽŵƉĂŶLJ͛ƐǁĞďƐŝƚĞ͗
https://www.fujifinance.com/
Wd&h:/&/EE /EKE ^/d<
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PT FUJI FINANCE INDONESIA TBK
IKHTISAR KINERJA 2025
2025 PERFORMANCE
2025
INTEGRATED
ANNUAL REPORT
Laporan Keuangan Terintegrasi
Page 12
>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
/<d,/^Zd< hE'EϮϬϮϱϱϭ͗Ͳϲď
ϮϬϮϱ&/EE/>< z,/',>/',d^
dŽƚĂůƐĞƚ dŽƚĂůWĞŶĚĂƉĂƚĂŶ
dŽƚĂůƐƐĞƚ dŽƚĂůZĞǀĞŶƵĞ
ϮϬϮϱ ϮϬϮϰ ϮϬϮϯ ϮϬϮϱ ϮϬϮϰ ϮϬϮϯ
188,895 176,523 164,693
201
12,442
9,549
8,004
ϮϬϮϱ ϮϬϮϰ ϮϬϮϯ ϮϬϮϱ ϮϬϮϰ ϮϬϮϯ
dŽƚĂůWĞŵďŝĂLJĂĂŶ >ĂďĂ<ŽŵƉƌĞŚĞŶƐŝĨdĂŚƵŶĞƌũĂůĂŶ
dŽƚĂů&ŝŶĂŶĐŝŶŐ ŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞĨŽƌƚŚĞLJĞĂƌ
ϮϬϮϱ ϮϬϮϰ ϮϬϮϯ ϮϬϮϱ ϮϬϮϰ ϮϬϮϯ
85,323 11,035
8,351
021
2021
40,747
3,924
ϮϬϮϱ ϮϬϮϰ ϮϬϮϯ ϮϬϮϱ ϮϬϮϰ ϮϬϮϯ
PIUTANG PERUSAHAAN BERDASARKAN KLASIFIKASI DI TAHUN 2025
COMPANY’S RECEIVABLES CLASSIFIED IN 2025
ϭϬϬй
WĞŵďŝĂLJĂĂŶ
/ŶǀĞƐƚĂƐŝ
WĞŵďŝĂLJĂĂŶ
DƵůƚŝŐƵŶĂ
WŝƵƚĂŶŐůĂŝŶͲůĂŝŶ
7
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
>WKZEWK^/^/< hE'Eϱϭ͗ͲϮĂ͕ͲϯĐ
^dd D EdK&&/EE/>Z WKZd
;ĚĂůĂŵƐĂƚƵĂŶZƵƉŝĂŚ͕ŬĞĐƵĂůŝĚŝŶLJĂƚĂŬĂŶůĂŝŶͿ ;ŝŶZƵƉŝĂŚ͕ƵŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƚĂƚĞĚͿ
TAHUN BERAKHIR 31 DESEMBER /
YEAR ENDED DECEMBER 31
KETERANGAN Description
2025 2024* 2023
Cash and Cash
Kas dan Setara Kas 104.628.829.512 82.982.444.968 122.079.290.828
Equivalent
Piutang Pembiayaan Financing
- 85.323.766.955 40.747.174.608
Bersih Receivables - Net
Piutang Bunga 804.538.521 6.582.397.056 634.203.815 Interest Receivables
Piutang Lain – Lain Other Receivables -
80.547.940.958 802.356.924 477.868.555
Bersih Net
Aset Tetap – Bersih 321.753.297 460.695.598 590.779.723 Fixed Asset – Net
Aset Hak Guna – Right-of-Use Asset
2.374.425.741 153.585.665 153.585.665
Bersih – Net
Aset Lain – lain 218.297.000 218.297.000 10.325.000 Other Asset
JUMLAH ASET 188.895.785.029 176.523.544.166 164.693.228.194 TOTAL ASSET
Hutang Lain - Lain - 33.855.000 37.540.000 Other Payables
Pendapatan
2.650.000.000 - 459.910.000 Deferred Income
Ditangguhkan
Hutang Pajak 888.903.708 1.387.356.990 845.896.769 Tax Payable
Liabilitas Sewa 2.447.829.278 - - Lease Liabilities
Liabilitas Pajak Deferred Tax
1.287.286.151 1.089.616.954 413.271.910
Tangguhan Liability
Liabilitas Imbalan Employees Benefit
627.419.063 1.445.546.175 1.602.992.961
Kerja Provision
JUMLAH LIABILITAS 7.901.438.200 3.956.375.119 3.359.611.640 TOTAL LIABILITY
Modal 130.000.000.000 130.000.000.000 130.000.000.000 Common Shares
Agio 22.573.334.667 22.573.334.667 22.573.334.667 Agio
Laba (Rugi) Ditahan 19.858.940.868 8.823.715.262 4.947.936.612 Retained Earnings
Laba Tahun Berjalan 8.351.301.374 11.035.225.606 3.875.778.650 Current Earnings
Other
Penghasilan
210.769.920 134.893.512 (63.433.375) Comprehensive
Komprehensif Lain
Income
JUMLAH EKUITAS 180.994.346.829 172.567.169.047 161.333.616.554 TOTAL EQUITY
JUMLAH LIABILITAS TOTAL LIABILITY
188.895.785.029 176.523.544.166 164.693.228.194
DAN EKUITAS AND EQUITY
;ΎŶŐŬĂƚĂŚƵŶϮϬϮϰŵĞƌƵƉĂŬĂŶƌĞƐƚĂƚĞŵĞŶƚͿ ;^ƚĂƚĞŵĞŶƚŝŶϮϬϮϰŝƐƌĞƐƚĂƚĞĚΎͿ
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
>WKZE>Zh'/<KDWZ , E^/&ϱϭ͗ͲϯĐͲϭ
KDWZ , E^/s /EKD ^dd D Ed
;ĚĂůĂŵƐĂƚƵĂŶZƵƉŝĂŚ͕ŬĞĐƵĂůŝĚŝŶLJĂƚĂŬĂŶůĂŝŶͿ ;ŝŶZƵƉŝĂŚ͕ƵŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƚĂƚĞĚͿ
>ĂƉŽƌĂŶ>ĂďĂZƵŐŝ ŽŶƐŽůŝĚĂƚĞĚ/ŶĐŽŵĞ
ϮϬϮϱ ϮϬϮϰΎ ϮϬϮϯ
<ŽŶƐŽůŝĚĂƐŝ ^ƚĂƚĞŵĞŶƚ
WĞŶĚĂƉĂƚĂŶ
ϴ͘ϬϬϰ͘ϳϳϰ͘ϳϳϬ ϭϮ͘ϰϰϮ͘ϮϯϮ͘ϴϰϵ ϲ͘ϳϱϳ͘Ϭϭϲ͘Ϯϭϰ &ŝŶĂŶĐŝŶŐ/ŶĐŽŵĞ
WĞŵďŝĂLJĂĂŶ
WĞŶĚĂƉĂƚĂŶƵŶŐĂ ϯ͘ϭϰϳ͘ϭϵϯ͘ϭϱϴ ϭ͘ϰϱϳ͘Ϭϵϵ͘ϳϱϭ Ϯ͘ϳϵϮ͘ϰϮϰ͘ϰϮϭ /ŶƚĞƌĞƐƚ/ŶĐŽŵĞ
WĞŶĚĂƉĂƚĂŶ>ĂŝŶʹ>ĂŝŶ ϰ͘ϭϰϵ͘ϱϯϲ͘ϬϵϬ ϳϰϭ͘ϵϱϮ͘Ϯϴϲ Ͳ KƚŚĞƌ/ŶĐŽŵĞ
:hD>,W EWdE ϭϱ͘ϯϬϭ͘ϱϬϰ͘Ϭϭϴ ϭϰ͘ϲϰϭ͘Ϯϴϰ͘ϴϴϲ ϵ͘ϱϰϵ͘ϰϰϬ͘ϲϯϱ dKd>/EKD
ĞďĂŶKƉĞƌĂƐŝŽŶĂů ;ϱ͘ϲϬϳ͘ϳϱϴ͘ϯϬϵͿ ;ϰ͘ϰϭϲ͘ϱϴϱ͘ϲϮϵͿ ;ϱ͘ϰϳϰ͘ϰϮϴ͘ϬϰϮͿ KƉĞƌĂƚŝŶŐ džƉĞŶƐĞƐ
WĞŶĚĂƉĂƚĂŶ;ĞďĂŶͿ KƚŚĞƌ/ŶĐŽŵĞ
ϱϴ͘ϴϯϬ͘ϵϭϲ ϯ͘ϭϱϲ͘ϯϰϴ͘ϴϳϬ ;ϭϱϵ͘ϱϳϳ͘ϰϵϵͿ
>ĂŝŶͲ>ĂŝŶ ; džƉĞŶƐĞƐͿ
:hD>, E ;ϱ͘ϱϰϴ͘ϵϮϳ͘ϯϵϯͿ ;ϭ͘ϮϲϬ͘Ϯϯϲ͘ϳϱϵͿ ;ϱ͘ϲϯϰ͘ϬϬϱ͘ϱϰϭͿ dKd> yW E^ ^
>^ >hDW:< ϵ͘ϳϱϮ͘ϱϳϲ͘ϲϮϱ ϭϯ͘ϯϴϭ͘Ϭϰϴ͘ϭϮϳ ϯ͘ϵϭϱ͘ϰϯϱ͘Ϭϵϰ /EKD &KZ dy
ĞďĂŶWĂũĂŬ ;ϭ͘ϰϬϭ͘Ϯϳϱ͘ϮϱϭͿ ;Ϯ͘ϯϰϱ͘ϴϮϮ͘ϱϮϭͿ ;ϯϵ͘ϲϱϲ͘ϰϰϰͿ /ŶĐŽŵĞdĂdž
> Z^/, ϴ͘ϯϱϭ͘ϯϬϭ͘ϯϳϰ ϭϭ͘Ϭϯϱ͘ϮϮϱ͘ϲϬϲ ϯ͘ϴϳϱ͘ϳϳϴ͘ϲϱϬ E d/EKD
Kd, Z
W E',^/>E
ϳϱ͘ϴϳϲ͘ϰϬϴ ϭϵϴ͘ϯϮϲ͘ϴϴϳ ϰϴ͘Ϯϵϱ͘ϯϴϱ KDWZ , E^/s
<KDWZ , E^/&>/E
/EKD
dKd>
:hD>,>
ϴ͘ϰϮϳ͘ϭϳϳ͘ϳϴϮ ϭϭ͘Ϯϯϯ͘ϱϱϮ͘ϰϵϯ ϯ͘ϵϮϰ͘Ϭϳϰ͘Ϭϯϱ KDWZ , E^/s
<KDWZ , E^/&
/EKD
>ĂďĂWĞƌ^ĂŚĂŵ ϲ͕ϰϮ ϴ͕ϰϵ Ϯ͕ϵϴ ĂƌŶŝŶŐƐƉĞƌ^ŚĂƌĞ
;ΎŶŐŬĂƚĂŚƵŶϮϬϮϰŵĞƌƵƉĂŬĂŶƌĞƐƚĂƚĞŵĞŶƚͿ ;^ƚĂƚĞŵĞŶƚŝŶϮϬϮϰŝƐƌĞƐƚĂƚĞĚΎͿ
Z^/K< hE'E
&/EE/>Zd/K
ĂůĂŵ;йͿ ϮϬϮϱ ϮϬϮϰΎ ϮϬϮϯ /Ŷ;йͿ
ZĂƐŝŽƐĞƚ>ĂŶĐĂƌƚĞƌŚĂĚĂƉ,ƵƚĂŶŐ
ϱϯdž ϭϮϯdž ϭϮϮdž ƵƌƌĞŶƚZĂƚŝŽ
>ĂŶĐĂƌ
ZĂƐŝŽ>ĂďĂƚĞƌŚĂĚĂƉdŽƚĂůƐĞƚ;ZKͿ ϰй ϲй Ϯй ZĞƚƵƌŶŽŶƐƐĞƚƐ;ZKͿ
ZĂƐŝŽ>ĂďĂƚĞƌŚĂĚĂƉdŽƚĂů ŬƵŝƚĂƐ
ϱй ϲй Ϯй ZĞƚƵƌŶŽŶ ƋƵŝƚLJ;ZK Ϳ
;ZK Ϳ
ZĂƐŝŽ>ĂďĂĞƌƐŝŚƚĞƌŚĂĚĂƉdŽƚĂů>ĂďĂ ϱϱй ϳϱй ϰϭй EĞƚ/ŶĐŽŵĞͬdŽƚĂů/ŶĐŽŵĞ
ZĂƐŝŽWĞŵďŝĂLJĂĂŶƚĞƌŚĂĚĂƉdŽƚĂůƐĞƚ Ϭй ϰϴй Ϯϱй &ŝŶĂŶĐŝŶŐƚŽƐƐĞƚZĂƚŝŽ
ZĂƐŝŽWĞŵďŝĂLJĂĂŶďĞƌŵĂƐĂůĂŚ Ϭй ϰϴй Ϭй EŽŶͲWĞƌĨŽƌŵŝŶŐ&ŝŶĂŶĐŝŶŐ
ZĂƐŝŽ>ŝĂďŝůŝƚĂƐƚĞƌŚĂĚĂƉdŽƚĂůƐĞƚ ϰй Ϯй Ϯй >ŝĂďŝůŝƚLJƚŽdŽƚĂůƐƐĞƚZĂƚŝŽ
ZĂƐŝŽ>ŝĂďŝůŝƚĂƐƚĞƌŚĂĚĂƉ ŬƵŝƚĂƐ ϰй Ϯй ϯй >ŝĂďŝůŝƚLJƚŽ ƋƵŝƚLJZĂƚŝŽ
9
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
ZĂƐŝŽWĞƌŵŽĚĂůĂŶ ϮϭϬй ϭϵϮй ϳϱϬй ĂƉŝƚĂůZĂƚŝŽ
ZĂƐŝŽDŽĚĂů^ĞŶĚŝƌŝƚĞƌŚĂĚĂƉDŽĚĂů
ϭϯϵй ϭϯϯй ϭϮϮй ƋƵŝƚLJƚŽWĂŝĚͲƵƉĂƉŝƚĂůZĂƚŝŽ
ŝƐĞƚŽƌ
'ĞĂƌŝŶŐZĂƚŝŽ Ϭdž Ϭdž Ϭdž 'ĞĂƌŝŶŐZĂƚŝŽ
/E&KZD^/^,D
^,Z ^/E&KZDd/KE
ZŝŶŐŬĂƐĂŶ,ĂƌŐĂ^ĂŚĂŵ͕sŽůƵŵĞWĞƌĚĂŐĂŶŐĂŶĚĂŶEŝůĂŝ<ĂƉŝƚĂůŝƐĂƐŝWĂƐĂƌƉĞƌdƌŝǁƵůĂŶϮϬϮϰΘϮϬϮϱ
YƵĂƌƚĞƌůLJ^ƵŵŵĂƌLJ^ŚĂƌĞWƌŝĐĞ͕dƌĂĚŝŶŐsŽůƵŵĞĂŶĚDĂƌŬĞƚĂƉŝƚĂůŝnjĂƚŝŽŶĚƵƌŝŶŐϮϬϮϰΘϮϬϮϱ
,ĂƌŐĂ^ĂŚĂŵ :ƵŵůĂŚ
<ĂƉŝƚĂůŝƐĂƐŝ sŽůƵŵĞ
^ŚĂƌĞWƌŝĐĞ ^ĂŚĂŵ
dĂŚƵŶ dƌŝǁƵůĂŶ WĂƐĂƌ WĞƌĚĂŐĂŶŐĂŶ
ĞƌĞĚĂƌ
zĞĂƌ YƵĂƌƚĞƌ dĞƌƚŝŶŐŐŝ dĞƌĞŶĚĂŚ WĞŶƵƚƵƉĂŶ DĂƌŬĞƚ dƌĂĚŝŶŐ
^ŚĂƌĞƐ
,ŝŐŚĞƐƚ >ŽǁĞƐƚ ůŽƐŝŶŐ ĂƉŝƚĂůŝnjĂƚŝŽŶ sŽůƵŵĞ
KƵƚƐƚĂŶĚŝŶŐ
/ ϯϭϮ ϮϮϴ ϮϯϬ ϭ͘ϯϬϬ͘ϬϬϬ͘ϬϬϬ Ϯϵϵ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ Ϯϲϲ͘ϮϲϬ͘ϱϬϬ
// Ϯϰϴ ϮϮϰ ϮϰϬ ϭ͘ϯϬϬ͘ϬϬϬ͘ϬϬϬ ϯϭϮ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ ϭ͘ϱϯϮ͘ϳϬϬ
ϮϬϮϰ
/// Ϯϵϰ ϭϴϵ ϭϴϴ ϭ͘ϯϬϬ͘ϬϬϬ͘ϬϬϬ Ϯϰϰ͘ϰϬϬ͘ϬϬϬ͘ϬϬϬ ϯϱ͘ϭϵϲ͘ϱϬϬ
/s ϰϮϬ ϭϴϱ ϯϮϰ ϭ͘ϯϬϬ͘ϬϬϬ͘ϬϬϬ ϰϮϭ͘ϮϬϬ͘ϬϬϬ͘ϬϬϬ ϴϱ͘ϭϯϰ͘ϯϬϬ
/ ϰϭϬ ϯϭϬ ϯϰϬ ϭ͘ϯϬϬ͘ϬϬϬ͘ϬϬϬ ϰϰϮ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ ϭϰ͘ϳϴϲ͘ϵϬϬ
// ϱϯϱ ϯϮϴ ϰϭϲ ϭ͘ϯϬϬ͘ϬϬϬ͘ϬϬϬ ϱϰϬ͘ϴϬϬ͘ϬϬϬ͘ϬϬϬ ϭϵ͘Ϯϵϯ͘ϲϬϬ
ϮϬϮϱ
/// ϴϮϬ Ϭ ϳϬϬ ϭ͘ϯϬϬ͘ϬϬϬ͘ϬϬϬ ϵϭϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ ϰϵϬ͘ϱϰϬ͘ϬϬϬ
/s ϵϲϬ Ϭ ϲϵϱ ϭ͘ϯϬϬ͘ϬϬϬ͘ϬϬϬ ϵϬϯ͘ϱϬϬ͘ϬϬϬ͘ϬϬϬ Ϯϰϴ͘ϲϮϲ͘ϬϬϬ
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
,Z'^,D/d,hEϮϬϮϱ
^,Z WZ/ /EϮϬϮϱ
WƌŝĐĞ sŽůƵŵĞ
ϭϬϬϬ ϭϰϬ͕ϬϬϬ͕ϬϬϬ
ϵϬϬ
ϭϮϬ͕ϬϬϬ͕ϬϬϬ
ϴϬϬ
ϳϬϬ ϭϬϬ͕ϬϬϬ͕ϬϬϬ
ϲϬϬ ϴϬ͕ϬϬϬ͕ϬϬϬ
ϱϬϬ
ϰϬϬ ϲϬ͕ϬϬϬ͕ϬϬϬ
ϯϬϬ ϰϬ͕ϬϬϬ͕ϬϬϬ
ϮϬϬ
ϮϬ͕ϬϬϬ͕ϬϬϬ
ϭϬϬ
Ϭ Ͳ
<ZKEK>K'/^W EddE^,D
^,Z >/^d/E'd/D >/E
ĞƌĚĂƐĂƌŬĂŶ ƐƵƌĂƚ ĚĂƌŝ <ĞƉĂůĂ ŬƐĞŬƵƚŝĨ /Ŷ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ůĞƚƚĞƌ ĨƌŽŵ ƚŚĞ
WĞŶŐĂǁĂƐWĂƐĂƌDŽĚĂůKƚŽƌŝƚĂƐ:ĂƐĂ<ĞƵĂŶŐĂŶ;K:<Ϳ džĞĐƵƚŝǀĞ ŚĂŝƌŵĂŶ ŽĨ ĂƉŝƚĂů DĂƌŬĞƚ &ŝŶĂŶĐŝĂů
ƉĂĚĂ Ϯϳ :ƵŶŝ ϮϬϭϵ͕ WĞƌŶLJĂƚĂĂŶ WĞŶĚĂĨƚĂƌĂŶ ^ĞƌǀŝĐĞƐ ƵƚŚŽƌŝƚLJ ĚĂƚĞĚ :ƵŶĞ Ϯϳ͕ ϮϬϭϵ͕ ƚŚĞ
WĞƌƐĞƌŽĂŶĚĂůĂŵƌĂŶŐŬĂWĞŶĂǁĂƌĂŶhŵƵŵWĞƌĚĂŶĂ ŽŵƉĂŶLJ͛Ɛ ZĞŐŝƐƚƌĂƚŝŽŶ ^ƚĂƚĞŵĞŶƚ ĐŽŶĐĞƌŶŝŶŐ
ƐĞďĂŶLJĂŬ ϯϬϬ͘ϬϬϬ͘ϬϬϬ ƐĂŚĂŵ ĚĞŶŐĂŶ ŶŝůĂŝ ŶŽŵŝŶĂů ƚŚĞ /ŶŝƚŝĂů WƵďůŝĐ KĨĨĞƌŝŶŐ ŽĨ ϯϬϬ͕ϬϬϬ͕ϬϬϬ ƐŚĂƌĞƐ
ZƉ ϭϬϬ ƉĞƌ ƐĂŚĂŵ ƉĂĚĂ ŚĂƌŐĂ ƉĞŶĂǁĂƌĂŶ ƐĞďĞƐĂƌ ǁŝƚŚ ƚŚĞ ŶŽŵŝŶĂůǀĂůƵĞ ŽĨZƉ ϭϬϬ ƉĞƌƐŚĂƌĞ ĂŶĚ
ZƉ ϭϭϬ ƉĞƌ ƐĂŚĂŵ ƚĞůĂŚ ĚŝŶLJĂƚĂŬĂŶ ĞĨĞŬƚŝĨ͘ WĂĚĂ ŽĨĨĞƌŝŶŐ ƉƌŝĐĞ ŽĨ ZƉ ϭϭϬ ƉĞƌ ƐŚĂƌĞ ǁĂƐ ĚĞĐůĂƌĞĚ
ƚĂŶŐŐĂů ϵ:Ƶůŝ ϮϬϭϵ͕ WĞƌƐĞƌŽĂŶ ŵĞŶĐĂƚĂƚŬĂŶ ƐĞůƵƌƵŚ ĞĨĨĞĐƚŝǀĞ͘/Ŷ:ƵůLJϵ͕ϮϬϮϰ͕ƚŚĞŽŵƉĂŶLJŚĂƐůŝƐƚĞĚ
ƐĂŚĂŵŶLJĂĚŝƵƌƐĂ ĨĞŬ/ŶĚŽŶĞƐŝĂĚĂŶƉĂĚĂƚĂŶŐŐĂů ŝƚƐ ƐŚĂƌĞƐ ŽŶ /ŶĚŽŶĞƐŝĂ ^ƚŽĐŬ džĐŚĂŶŐĞ ĂŶĚ ŝŶ
ϭϭ :ĂŶƵĂƌŝ ϮϬϮϰ͕ ƐĞůƵƌƵŚ ƐĂŚĂŵ WĞƌƐĞƌŽĂŶ ƚĞůĂŚ :ĂŶƵĂƌLJϭϭ͕ϮϬϮϰ͕ƚŚĞŽŵƉĂŶLJ͛ƐƐŚĂƌĞƐĂƌĞĨƵůůLJ
ƚĞƌĐĂƚĂƚĚĂŶďĞƌĞĚĂƌĚŝƵƌƐĂ ĨĞŬ/ŶĚŽŶĞƐŝĂ͘ ůŝƐƚĞĚĂŶĚŽƵƚƐƚĂŶĚŝŶŐ͘
dĂŶŐŐĂů
:ƵŵůĂŚ^ĂŚĂŵ
<ĞƚĞƌĂŶŐĂŶ WĞŶĐĂƚĂƚĂŶ ĞƐĐƌŝƉƚŝŽŶ
dŽƚĂů^ŚĂƌĞ
>ŝƐƚŝŶŐĂƚĞ
WĞŶĂǁĂƌĂŶhŵƵŵ ϯϬϬ͘ϬϬϬ͘ϬϬϬ ϭͲϯ:ƵůŝϮϬϭϵ /ŶŝƚŝĂůWƵďůŝĐKĨĨĞƌŝŶŐ
WĞŶĐĂƚĂƚĂŶĚŝƵƌƐĂ ĨĞŬ ŽŵƉĂŶLJ>ŝƐƚŝŶŐŝŶ/ŶĚŽŶĞƐŝĂ^ƚŽĐŬ
ϭ͘ϭϬϱ͘ϬϬϬ͘ϬϬϬ ϵ:ƵůŝϮϬϭϵ
/ŶĚŽŶĞƐŝĂ džĐŚĂŶŐĞ
WĞŶĂŵďĂŚĂŶWĞƌĞĚĂƌĂŶ
ϭϵϱ͘ϬϬϬ͘ϬϬϬ ϭϭ:ĂŶƵĂƌŝϮϬϮϰ ĚĚŝƚŝŽŶĂůKƵƚƐƚĂŶĚŝŶŐ^ŚĂƌĞƐ
^ĂŚĂŵ
11
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
W E', Ed/E^ D EdZW Z'E'E^,DͬW E',Wh^EW EddE^,D
^h^W E^/KEͬ >/^d/E'
WĂĚĂ ƚĂŚƵŶ ϮϬϮϱ͕ WĞƌƐĞƌŽĂŶ ĚŝŬĞŶĂŬĂŶ /ŶŽŵƉĂŶLJ͕ƚŚĞ/ŶĚŽŶĞƐŝĂ^ƚŽĐŬ džĐŚĂŶŐĞ
ƉĞŶŐŚĞŶƚŝĂŶ ƉĞƌĚĂŐĂŶŐĂŶ ƐĂŚĂŵ ƐĞŵĞŶƚĂƌĂ ƐƵƐƉĞŶĚĞĚƚŚĞŽŵƉĂŶLJ͛ƐƐƚŽĐŬƚƌĂĚĞƚǁŝĐĞ͘
;ƐƵƐƉĞŶƐŝͿ ŽůĞŚ ƵƌƐĂ ĨĞŬ /ŶĚŽŶĞƐŝĂ ƐĞďĂŶLJĂŬ Ϯ
;ĚƵĂͿŬĂůŝ͘
ƵƌƐĂ ĨĞŬ/ŶĚŽŶĞƐŝĂŵĞŶŐƵŵƵŵŬĂŶƐƵƐƉĞŶƐŝ dŚĞ ĨŝƌƐƚ ƐƵƐƉĞŶƐŝŽŶ ƐƵďũĞĐƚĞĚ ƚŽ ƚŚĞ
ƉĞƌƚĂŵĂ ƉĂĚĂ ƚĂŶŐŐĂů ϮϮ ^ĞƉƚĞŵďĞƌ ϮϬϮϱ ŵĞůĂůƵŝ ŽŵƉĂŶLJǁĂƐŽŶ^ĞƉƚĞŵďĞƌϮϮ͕ϮϬϮϱǁŚŝĐŚǁĂƐ
ƐƵƌĂƚ ĞĚĂƌĂŶ ƵƌƐĂ ŶŽŵŽƌ WĞŶŐͲ^WdͲ ŶŽƚŝĐĞĚ ƚŽ ƚŚĞ ƉƵďůŝĐ ďLJ ƚŚĞ /ŶĚŽŶĞƐŝĂ ^ƚŽĐŬ
ϬϬϮϰϭͬ /͘t^ͬϬϵͲϮϬϮϱ ƚĂŶŐŐĂů ϭϵ ^ĞƉƚĞŵďĞƌ džĐŚĂŶŐĞ ƚŚƌŽƵŐŚ ƚŚĞŝƌ ĐŝƌĐƵůĂƌ ůĞƚƚĞƌ ŶƵŵďĞƌ
ϮϬϮϱ ĚĞŶŐĂŶ ŵĞŶLJĞďƵƚŬĂŶ ĂůĂƐĂŶ ŬĞƉƵƚƵƐĂŶ WĞŶŐͲ^WdͲϬϬϮϰϭͬ /͘t^ͬϬϵͲϮϬϮϱŽŶ^ĞƉƚĞŵďĞƌ
ƐƵƐƉĞŶƐŝ ĚŝŬĂƌĞŶĂŬĂŶ ƉĞŶŝŶŐŬĂƚĂŶ ŚĂƌŐĂ ŬƵŵƵůĂƚŝĨ ϭϵ͕ ϮϬϮϱ͕ ƐƚĂƚŝŶŐ ƚŚĞ ƌĞĂƐŽŶŽĨƚŚĞ ƐƵƐƉĞŶĚ ǁĂƐ
LJĂŶŐ ĚŝŶŝůĂŝ ƐŝŐŶŝĨŝŬĂŶ͘ WĞŶŝŶŐŬĂƚĂŶ ŚĂƌŐĂ ŬƵŵƵůĂƚŝĨ ĚƵĞƚŽƚŚĞƐŝŐŶŝĨŝĐĂŶƚŝŶĐƌĞĂƐĞŽŶƚŚĞŽŵƉĂŶLJ͛Ɛ
ƚĞƌƐĞďƵƚĚŝŬĂƌĞŶĂŬĂŶŽůĞŚƚƌĂŶƐĂŬƐŝũƵĂůďĞůŝĚŝƉĂƐĂƌ ƐƚŽĐŬ ƉƌŝĐĞ͘ dŚĞ ƐŝŐŶŝĨŝĐĂŶƚ ŝŶĐƌĞĂƐĞ ǁĂƐ ĚƵĞ ƚŽ
ƐĂŚĂŵ ĂŶƚĂƌ ŝŶǀĞƐƚŽƌ ĚĂŶ ƚŝĚĂŬ ƚĞƌĚĂƉĂƚ ĂŬƐŝ ƚŚĞƚƌĂĚŝŶŐŝŶƚŚĞƐƚŽĐŬŵĂƌŬĞƚĂŶĚƚŚĞŽŵƉĂŶLJ
ŬŽƌƉŽƌĂƐŝ ĚĂƌŝ WĞƌƐĞƌŽĂŶ͘ ĚĂƉƵŶ ƐĞůƵƌƵŚ ŚĂƐŶŽƚŝĨŝĞĚƚŚĞƌĞǁĂƐŶŽƉůĂŶĨŽƌĂŶLJĐŽƌƉŽƌĂƚĞ
ŬĞƚĞƌďƵŬĂĂŶ ŝŶĨŽƌŵĂƐŝ ƚĞƌŬĂŝƚ ŬĞƉĞŵŝůŝŬĂŶ ƐĂŚĂŵ ĂĐƚŝŽŶ͘ dŚĞ ŽŵƉĂŶLJ ŚĂƐ ĂůƐŽ ĚŝƐĐůŽƐĞĚ ĂŶLJ
WĞƌƐĞƌŽĂŶ ŽůĞŚ WĞŵĞŐĂŶŐ ^ĂŚĂŵ LJĂŶŐ ŵĞŵĞŶƵŚŝ ŝŶĨŽƌŵĂƚŝŽŶ ƌĞůĂƚĞĚ ƚŽ ƚŚĞ ĐŚĂŶŐĞ ŽĨ ŽǁŶĞƌƐŚŝƉ
ŬƵĂůŝĨŝŬĂƐŝ WK:< EŽ͘ ϰ ƚĂŚƵŶϮϬϮϰƚĞŶƚĂŶŐ͞>ĂƉŽƌĂŶ ŽĨ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ƐŚĂƌĞƐ ďLJ ƚŚĞ ƐŚĂƌĞŚŽůĚĞƌƐ
<ĞƉĞŵŝůŝŬĂŶ ĂƚĂƵ ^ĞƚŝĂƉ WĞƌƵďĂŚĂŶ <ĞƉĞŵŝůŝŬĂŶ ƋƵĂůŝĨŝĞĚ ŝŶ ƚŚĞ WK:< EŽ͘ϰͬϮϬϮϰ ƌĞŐĂƌĚŝŶŐ
^ĂŚĂŵ WĞƌƵƐĂŚĂĂŶ dĞƌďƵŬĂ͟ ƚĞůĂŚ ĚŝůĂƉŽƌŬĂŶ ŽůĞŚ ͞^ŚĂƌĞ͛ƐKǁŶĞƌƐŚŝƉZĞƉŽƌƚŽƌƚŚĞŚĂŶŐĞƐŝŶƚŚĞ
WĞƌƐĞƌŽĂŶ͘ ƵƌƐĂ ĨĞŬ /ŶĚŽŶĞƐŝĂ ŵĞŵďƵŬĂ KǁŶĞƌƐŚŝƉ ŽĨ WƵďůŝĐ ŽŵƉĂŶLJ͛Ɛ ^ŚĂƌĞƐ͘͟ dŚĞ
ƉĞƌĚĂŐĂŶŐĂŶƐĂŚĂŵWĞƌƐĞƌŽĂŶŬĞŵďĂůŝƉĂĚĂƚĂŶŐŐĂů /ŶĚŽŶĞƐŝĂ ^ƚŽĐŬ džĐŚĂŶŐĞ ůŝĨƚĞĚ ƚŚĞ ƐƵƐƉĞŶƐŝŽŶ
Ϯϯ ^ĞƉƚĞŵďĞƌ ϮϬϮϱ LJĂŶŐ ĚŝƵŵƵŵŬĂŶ ŵĞůĂůƵŝ ƐƵƌĂƚ ŽŶ^ĞƉƚĞŵďĞƌϮϯ͕ϮϬϮϱĂƐŶŽƚŝĨŝĞĚƚŚƌŽƵŐŚƚŚĞŝƌ
ĞĚĂƌĂŶ ƵƌƐĂ ŶŽŵŽƌ WĞŶŐͲhWdͲϬϬϮϮϲͬ /͘t^ͬϬϵͲ ĐŝƌĐƵůĂƌ ůĞƚƚĞƌ ŶƵŵďĞƌ WĞŶŐͲhWdͲ
ϮϬϮϱƚĂŶŐŐĂůϮϮ^ĞƉƚĞŵďĞƌϮϬϮϱ͘ ϬϬϮϮϲͬ /͘t^ͬϬϵͲϮϬϮϱŽŶ^ĞƉƚĞŵďĞƌϮϮ͕ϮϬϮϱ͘
WĂĚĂ ƚĂŶŐŐĂů ϭϯ KŬƚŽďĞƌ ϮϬϮϱ͕ ƵƌƐĂ ĨĞŬ KŶ KĐƚŽďĞƌ ϭϯ͕ ϮϬϮϱ͕ ƚŚĞ /ŶĚŽŶĞƐŝĂ ^ƚŽĐŬ
/ŶĚŽŶĞƐŝĂ ŵĞŶŐŚĞŶƚŝŬĂŶ ƉĞƌĚĂŐĂŶŐĂŶ ƐĂŚĂŵ džĐŚĂŶŐĞ ƐƵƐƉĞŶĚĞĚ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ƐƚŽĐŬ
WĞƌƐĞƌŽĂŶ ƐĞŵĞŶƚĂƌĂ ŬĞĚƵĂ ŬĂůŝŶLJĂ ĚĞŶŐĂŶ ĂůĂƐĂŶ ƚƌĂĚŝŶŐĨŽƌƚŚĞ ƐĞĐŽŶĚƚŝŵĞĨŽƌƚŚĞ ƐĂŵĞƌĞĂƐŽŶ
LJĂŶŐ ƐĂŵĂ ĚĂŶ ĚŝƵŵƵŵŬĂŶ ŵĞůĂůƵŝ ƐƵƌĂƚ ĞĚĂƌĂŶ ĂŶĚŶŽƚŝĨŝĞĚƚŚĞƉƵďůŝĐƚŚƌŽƵŐŚƚŚĞĐŝƌĐƵůĂƌůĞƚƚĞƌ
ƵƌƐĂ ŶŽŵŽƌ WĞŶŐͲ^WdͲϬϬϯϮϬͬ /͘t^ͬϭϬͲϮϬϮϱ ŶƵŵďĞƌ WĞŶŐͲ^WdͲϬϬϯϮϬͬ /͘t^ͬϭϬͲϮϬϮϱ ŽŶ
ƚĂŶŐŐĂů ϭϬ KŬƚŽďĞƌ ϮϬϮϱ͘ ƚĂƐ ƉĞŶŐŚĞŶƚŝĂŶ KĐƚŽďĞƌ ϭϬ͕ ϮϬϮϱ͘ &ŽůůŽǁŝŶŐ ƚŚĞ ƐƵƐƉĞŶƐŝŽŶ͕ ƚŚĞ
ƐĞŵĞŶƚĂƌĂ ƚĞƌƐĞďƵƚ͕ WĞƌƐĞƌŽĂŶ ƚĞůĂŚ ŵĞůĂƉŽƌŬĂŶ ŽŵƉĂŶLJ ŚĂƐ ƌĞƉŽƌƚĞĚ ƚŚĞƌĞǁĂƐ ŶŽ ƉůĂŶŽƌŽŶͲ
ďĂŚǁĂƚŝĚĂŬƚĞƌĚĂƉĂƚƌĞŶĐĂŶĂĂƚĂƵƉƵŶƚŝŶĚĂŬĂŶĂŬƐŝ ŐŽŝŶŐĐŽƌƉŽƌĂƚĞĂĐƚŝŽŶǁŚŝĐŚǁŽƵůĚďĞƚŚĞĐĂƵƐĞ
ŬŽƌƉŽƌĂƐŝ LJĂŶŐ ŵĞŶLJĞďĂďŬĂŶ ƉĞŶŝŶŐŬĂƚĂŶ ŚĂƌŐĂ ŽĨƚŚĞƐŝŐŶŝĨŝĐĂŶƚŝŶĐƌĞĂƐĞŝŶƚŚĞŽŵƉĂŶLJ͛ƐƐƚŽĐŬ
ƐĂŚĂŵLJĂŶŐƐŝŐŶŝĨŝŬĂŶĚĂŶƚĞůĂŚŵĞůĂƉŽƌŬĂŶƐĞůƵƌƵŚ ƉƌŝĐĞ ĂŶĚ ŚĂƐ ĚŝƐĐůŽƐĞĚ Ăůů ƚŚĞ ĐŚĂŶŐĞƐ ŽĨ
ƚƌĂŶƐĂŬƐŝƉĞƌƵďĂŚĂŶŬĞƉĞŵŝůŝŬĂŶƐĂŚĂŵƐĞƐƵĂŝWK:< ŽǁŶĞƌƐŚŝƉ ĂĐĐŽƌĚĂŶĐĞ ƚŽ ƚŚĞ ƌĞŐƵůĂƚŝŽŶ WK:<
EŽŵŽƌ ϰ ƚĂŚƵŶ ϮϬϮϰ͘ ^ƵƐƉĞŶƐŝ ƚĞƌƐĞďƵƚ ĚŝďƵŬĂ EŽ͘ϰͬϮϬϮϰ͘dŚĞƐƵƐƉĞŶƐŝŽŶǁĂƐůŝĨƚĞĚŽŶKĐƚŽďĞƌ
ŬĞŵďĂůŝ ƉĂĚĂ ƚĂŶŐŐĂů ϮϬ KŬƚŽďĞƌ ϮϬϮϱ ĚŝŵĂŶĂ ϮϬ͕ϮϬϮϱǁŚŝĐŚǁĂƐŶŽƚŝĨŝĞĚƚŚƌŽƵŐŚƚŚĞĐŝƌĐƵůĂƌ
ĚŝƵŵƵŵŬĂŶĚĂůĂŵƐƵƌĂƚĞĚĂƌĂŶƵƌƐĂŶŽŵŽƌWĞŶŐͲ ůĞƚƚĞƌ ŶƵŵďĞƌ WĞŶŐͲhWdͲϬϬϯϭϳͬ /͘t^ͬϭϬͲ
hWdͲϬϬϯϭϳͬ /͘t^ͬϭϬͲϮϬϮϱ ƚĂŶŐŐĂů ϭϳ KŬƚŽďĞƌ ϮϬϮϱŽŶKĐƚŽďĞƌϭϳ͕ϮϬϮϱ͘
ϮϬϮϱ͘
Wd&h:/&/EE /EKE ^/d<
12
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
<KDWK^/^/W D 'E'^,Dϱϭ͗ͲϯĐͲϯ
^dZhdhZ K&^,Z ,K> Z
<ŽŵƉŽƐŝƐŝ ƉĞŵĞŐĂŶŐ ƐĂŚĂŵ WĞƌƐĞƌŽĂŶ dŚĞ ĐŽŵƉŽƐŝƚŝŽŶ ŽĨ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ
ƉĞƌƚĂŶŐŐĂůϭ:ĂŶƵĂƌŝϮϬϮϱĚĂŶϯϭĞƐĞŵďĞƌϮϬϮϱ ƐŚĂƌĞŚŽůĚĞƌƐ ĂƐ ŽĨ :ĂŶƵĂƌLJ ϭ͕ ϮϬϮϱ ĂŶĚ ĞĐĞŵďĞƌ
ĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗ ϯϭ͕ϮϬϮϱĂƐĨŽůůŽǁƐ͗
ϭ:ĂŶƵĂƌŝͬ:ĂŶƵĂƌLJϭ͕ϮϬϮϱ
W D 'E'^,D :hD>,^,D W Z^ Ed^ < W D/>/<E
^ŚĂƌĞŚŽůĚĞƌƐ EƵŵďĞƌŽĨ^ŚĂƌĞƐ KǁŶĞƌƐŚŝƉWĞƌĐĞŶƚĂŐĞ
/ŶĚŽǀĂůƵĞĂƉŝƚĂůƐƐĞƚDĂŶĂŐĞŵĞŶƚ>ƚĚ͘ ϳϭϱ͘ϬϬϬ͘ϬϬϬ ϱϱ͕ϬϬй
WdŚĂƌŶŝĐĂƉŝƚĂůdďŬ ϭϴϳ͘Ϭϴϱ͘ϴϬϬ ϭϰ͕ϯϵй
ŶƚŽŶ^ĂŶƚŽƐŽ
ϯ͘Ϯϲϯ͘ϬϬϬ Ϭ͕Ϯϱй
;<ŽŵŝƐĂƌŝƐhƚĂŵĂͬWƌĞƐŝĚĞŶƚŽŵŵŝƐƐŝŽŶĞƌͿ
KŬĂŶƐĂ&Ƶũŝ^ŚŽƐŚĂ ϮϲϬ͘ϬϬϬ͘ϬϬϬ ϮϬ͕ϬϬй
DĂƐLJĂƌĂŬĂƚ;ĚŝďĂǁĂŚϱйͿ ϭϯϰ͘ϲϱϭ͘ϮϬϬ ϭϬ͕ϯϲй
dŽƚĂů ϭ͘ϯϬϬ͘ϬϬϬ͘ϬϬϬ ϭϬϬ͕ϬϬй
DĂƐLJĂƌĂŬĂƚ
ϭϬ͕ϯϲй
KŬĂŶƐĂ&Ƶũŝ^ŚŽƐŚĂ
ϮϬ͕ϬϬй
/ŶĚŽǀĂůƵĞĂƉŝƚĂůƐƐĞƚ
DĂŶĂŐĞŵĞŶƚ>ƚĚ
ϱϱ͕ϬϬй
ŶƚŽŶ^ĂŶƚŽƐŽ
Ϭ͕Ϯϱй
WdŚĂƌŶŝĐĂƉŝƚĂůdďŬ
ϭϰ͕ϯϵй
ϯϭĞƐĞŵďĞƌͬĞĐĞŵďĞƌϯϭ͕ϮϬϮϱ
W D 'E'^,D :hD>,^,D W Z^ Ed^ < W D/>/<E
^ŚĂƌĞŚŽůĚĞƌƐ EƵŵďĞƌŽĨ^ŚĂƌĞƐ KǁŶĞƌƐŚŝƉWĞƌĐĞŶƚĂŐĞ
/ŶĚŽǀĂůƵĞĂƉŝƚĂůƐƐĞƚDĂŶĂŐĞŵĞŶƚ>ƚĚ͘ ϳϭϱ͘ϬϬϬ͘ϬϬϬ ϱϱ͕ϬϬй
ŶƚŽŶ^ĂŶƚŽƐŽ
ϯ͘Ϯϲϯ͘ϬϬϬ Ϭ͕Ϯϱй
;<ŽŵŝƐĂƌŝƐhƚĂŵĂͬWƌĞƐŝĚĞŶƚŽŵŵŝƐƐŝŽŶĞƌͿ
:ŚŽŶsĞƚĞƌ&ŝƌĚĂƵƐZĞĂŐĞŶ;/ŶǀĞƐƚŽƌͿ ϭϵϵ͘Ϭϯϯ͘ϯϬϬ ϭϱ͕ϯϭй
ŐƵƐƚŝŶtŝĚLJĂǁĂƚŝ;/ŶǀĞƐƚŽƌͿ ϵϳ͘ϲϳϲ͘ϲϬϬ ϳ͕ϱϭй
DĂƐLJĂƌĂŬĂƚ;ĚŝďĂǁĂŚϱйͿ Ϯϴϱ͘ϬϮϳ͘ϭϬϬ Ϯϭ͕ϵϯй
dŽƚĂů ϭ͘ϯϬϬ͘ϬϬϬ͘ϬϬϬ ϭϬϬ͕ϬϬй
13
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
DĂƐLJĂƌĂŬĂƚ
Ϯϭ͕ϵϯй
/ŶĚŽǀĂůƵĞĂƉŝƚĂůƐƐĞƚ
DĂŶĂŐĞŵĞŶƚ>ƚĚ
ŐƵƐƚŝŶtŝĚLJĂǁĂƚŝ ϱϱ͕ϬϬй
ϳ͕ϱϭй
:ŚŽŶsĞƚĞƌ&͘ZĞĂŐĞŶ
ϭϱ͕ϯϭй
ŶƚŽŶ^ĂŶƚŽƐŽ
Ϭ͕Ϯϱй
W Ez ZE< W D/>/<E^,Dϱϭ͗ͲϯĐͲϯ
/^dZ/hd/KEK&^,Z KtE Z^,/W
ĂƚĂƉĞƌϭ:ĂŶƵĂƌŝϮϬϮϱ ĂƚĂƉĞƌ:ĂŶƵĂƌLJϭ͕ϮϬϮϱ
:hD>,
^ddh^ :hD>,^,D W Z^ Ed^ < W D/>/<E
/Es ^dKZ
^ƚĂƚƵƐ EƵŵďĞƌŽĨ^ŚĂƌĞƐ KǁŶĞƌƐŚŝƉWĞƌĐĞŶƚĂŐĞ
dŽƚĂů/ŶǀĞƐƚŽƌ
W ZKZE'EKD ^d/<
Ϯϳ͘ϲϯϬ͘ϱϬϬ Ϯ͕ϭϯй ϳϴϳ
/E/s/h>KD ^d/
W ZKZE'E^/E' E'E</d^
ϲϲ͘ϴϬϬ Ϭ͕Ϭϭй ϭ
&KZ /'E Z;</d^Ϳ
W Z^ ZKEd Zd^
ϰϳϭ͘ϲϵϳ͘ϵϬϬ ϯϲ͕Ϯϴй ϳ
>/D/d KDWEz
W ZKZE'E^/E'
ϭϭϭ͘ϵϬϬ Ϭ͕Ϭϭй ϰ
&KZ /'E Z
> D'^/E'
ϴϬϬ͘ϰϵϮ͘ϵϬϬ ϲϭ͕ϱϴй ϱ
&KZ /'E/E^d/dhd/KE
ĂƚĂƉĞƌϯϭĞƐĞŵďĞƌϮϬϮϱ ĂƚĂƉĞƌĞĐĞŵďĞƌϯϭ͕ϮϬϮϱ
:hD>,
^ddh^ :hD>,^,D W Z^ Ed^ < W D/>/<E
/Es ^dKZ
^ƚĂƚƵƐ EƵŵďĞƌŽĨ^ŚĂƌĞƐ KǁŶĞƌƐŚŝƉWĞƌĐĞŶƚĂŐĞ
dŽƚĂů/ŶǀĞƐƚŽƌ
ZK< Z
ϯϱ͘ϬϬϬ Ϭ͕ϬϬй ϭ
ZK< Z'
W ZKZE'EKD ^d/<
ϰϭϵ͘ϱϳϴ͘ϯϬϬ ϯϮ͕Ϯϴй ϭϰϬϰ
/E/s/h>KD ^d/
W ZKZE'E^/E' E'E</d^
ϭ͘ϭϰϮ͘ϵϬϬ Ϭ͕Ϭϵй ϭ
&KZ /'E Z;</d^Ϳ
W Z^ ZKEd Zd^
ϭϬϰ͘ϬϬϭ͘ϰϬϬ ϴ͕ϬϬй ϴ
>/D/d KDWEz
W ZKZE'E^/E'
ϭϭϯ͘ϵϬϬ Ϭ͕Ϭϭй ϰ
&KZ /'E Z
> D'^/E'
ϳϳϱ͘ϭϮϴ͘ϱϬϬ ϱϵ͕ϲϯй ϵ
&KZ /'E/E^d/dhd/KE
Wd&h:/&/EE /EKE ^/d<
14
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
<^/<KZWKZ^/ϱϭ͗ͲϯĨ
KZWKZd d/KE
WĞƌƐĞƌŽĂŶ ďĞůƵŵ ƉĞƌŶĂŚ ŵĞůĂŬƵŬĂŶ ĂŬƐŝ dŚĞ ŽŵƉĂŶLJ ŚĂƐ ŶĞǀĞƌ ĐĂƌƌŝĞĚ ŽƵƚ Ă
ŬŽƌƉŽƌĂƐŝLJĂŶŐŵĞŶLJĞďĂďŬĂŶƚĞƌũĂĚŝŶLJĂƉĞƌƵďĂŚĂŶ ĐŽƌƉŽƌĂƚĞ ĂĐƚŝŽŶ ƚŚĂƚ ĐĂƵƐĞĚ ĂŶLJ ĐŚĂŶŐĞƐ ƚŽǁĂƌĚ
ƐĂŚĂŵ͘ ƐŚĂƌĞƐ͘
W E',Z'E
tZ^
WĂĚĂ ƚĂŚƵŶ ϮϬϮϱ͕Wd&Ƶũŝ&ŝŶĂŶĐĞ /ŶĚŽŶĞƐŝĂ /ŶϮϬϮϱ͕Wd&Ƶũŝ&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂdďŬĚŝĚŶŽƚ
dďŬƚŝĚĂŬŵĞŶĞƌŝŵĂƉĞŶŐŚĂƌŐĂĂŶ͘ ƌĞĐĞŝǀĞĂŶLJĂǁĂƌĚƐ͘
15
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
>WKZE tE<KD/^Z/^
KZK&KDD/^^/KE Z^͛Z WKZd
EdKE^EdK^K
<ŽŵŝƐĂƌŝƐhƚĂŵĂͬWƌĞƐŝĚĞŶƚŽŵŵŝƐƐŝŽŶĞƌ
WĂƌĂ WĞŵĞŐĂŶŐ ƐĂŚĂŵ ĚĂŶ WĞŵĂŶŐŬƵ ĞĂƌ ƐƚĞĞŵĞĚ^ŚĂƌĞŚŽůĚĞƌƐĂŶĚ^ƚĂŬĞŚŽůĚĞƌƐ͕
<ĞƉĞŶƚŝŶŐĂŶLJĂŶŐƚĞƌŚŽƌŵĂƚ͕
WĞƌƚĂŵĂͲƚĂŵĂ ŝnjŝŶŬĂŶ ŬĂŵŝ ŵĞŶŐƵĐĂƉŬĂŶ &ŝƌƐƚ ŽĨ Ăůů͕ ĂůůŽǁ ƵƐ ƚŽ ĞdžƉƌĞƐƐ ŽƵƌ ƉƌĂŝƐĞ
ƉƵũŝĚĂŶƐLJƵŬƵƌŬĞŚĂĚŝƌĂƚdƵŚĂŶzĂŶŐDĂŚĂ ƐĂ ĂŶĚ ŐƌĂƚŝƚƵĚĞ ƚŽ ƚŚĞ ƉƌĞƐĞŶĐĞ ŽĨ 'ŽĚ ůŵŝŐŚƚLJ
ŬĂƌĞŶĂ ĂƚĂƐ ƉĞŶLJĞƌƚĂĂŶͲELJĂ WĞƌƐĞƌŽĂŶ ĚĂƉĂƚ ďĞĐĂƵƐĞ ŽĨ ,ŝƐ ƉƌĞƐĞŶĐĞ ƚŚĞ ŽŵƉĂŶLJ ŚĂƐ ďĞĞŶ
ďĞƌũĂůĂŶŚŝŶŐŐĂƐĂĂƚŝŶŝ͘ĞǁĂŶ<ŽŵŝƐĂƌŝƐWd&Ƶũŝ ĂďůĞ ƚŽ ƌĞĂĐŚ ƚŚŝƐ ƉŽŝŶƚ͘ dŚĞ ŽĂƌĚ ŽĨ
ŽŵŵŝƐƐŝŽŶĞƌƐ ŽĨ Wd &Ƶũŝ &ŝŶĂŶĐĞ /ŶĚŽŶĞƐŝĂ dďŬ
&ŝŶĂŶĐĞ /ŶĚŽŶĞƐŝĂ dďŬ ŵĞŶLJĂŵƉĂŝŬĂŶ >ĂƉŽƌĂŶ
ƐƵďŵŝƚƐƚŚŝƐŽĂƌĚŽĨŽŵŵŝƐƐŝŽŶĞƌƐZĞƉŽƌƚĂƐĂ
ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ŝŶŝ ƐĞďĂŐĂŝ ǁƵũƵĚ ƉĞůĂŬƐĂŶĂĂŶ
ŵĂŶŝĨĞƐƚĂƚŝŽŶ ŽĨ ƚŚĞ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ ŝƚƐ
ĨƵŶŐƐŝ ƉĞŶŐĂǁĂƐĂŶ ĚĂŶ ƉĞŵďĞƌŝĂŶ ŶĂƐŝŚĂƚ
ƐƵƉĞƌǀŝƐŽƌLJ ĂŶĚ ĂĚǀŝƐŽƌLJ ĨƵŶĐƚŝŽŶƐ ƚŽ ƚŚĞ ŽĂƌĚ
ŬĞƉĂĚĂ ŝƌĞŬƐŝ ƐĞůĂŵĂ dĂŚƵŶ ƵŬƵ ϮϬϮϱ͘
ŽĨ ŝƌĞĐƚŽƌƐ ĚƵƌŝŶŐ ƚŚĞ ϮϬϮϱ &ŝŶĂŶĐŝĂů zĞĂƌ͘ dŚŝƐ
>ĂƉŽƌĂŶ ŝŶŝ ĚŝƐƵƐƵŶ ƵŶƚƵŬ ŵĞŵĞŶƵŚŝ ƉƌŝŶƐŝƉ ƌĞƉŽƌƚ ǁĂƐ ƉƌĞƉĂƌĞĚ ƚŽ ĨƵůĨŝůů ƚŚĞ ƉƌŝŶĐŝƉůĞ ŽĨ
ƚƌĂŶƐƉĂƌĂŶƐŝƐĞƌƚĂƐĞďĂŐĂŝďĂŐŝĂŶĚĂƌŝƉĞŶĞƌĂƉĂŶ ƚƌĂŶƐƉĂƌĞŶĐLJ ĂŶĚ ĂƐ ƉĂƌƚ ŽĨ ƚŚĞ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ
dĂƚĂ <ĞůŽůĂ WĞƌƵƐĂŚĂĂŶ LJĂŶŐ ĂŝŬ ƐĞďĂŐĂŝŵĂŶĂ ŽĨ 'ŽŽĚ ŽƌƉŽƌĂƚĞ 'ŽǀĞƌŶĂŶĐĞ ĂƐ ƐƚŝƉƵůĂƚĞĚ ŝŶ
ĚŝĂƚƵƌ ĚĂůĂŵ ŬĞƚĞŶƚƵĂŶ KƚŽƌŝƚĂƐ :ĂƐĂ <ĞƵĂŶŐĂŶ ƚŚĞ ƉƌŽǀŝƐŝŽŶƐ ŽĨ ƚŚĞ &ŝŶĂŶĐŝĂů ^ĞƌǀŝĐĞƐ ƵƚŚŽƌŝƚLJ
ĚĂŶ ƉĞƌĂƚƵƌĂŶ ƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶ LJĂŶŐ ĂŶĚĂƉƉůŝĐĂďůĞůĂǁƐĂŶĚƌĞŐƵůĂƚŝŽŶƐ͘
ďĞƌůĂŬƵ͘
ǀĂůƵĂƐŝ<ŝŶĞƌũĂŝƌĞŬƐŝ ƐƐĞƐƐŵĞŶƚŽŶŝƌĞĐƚŽƌƐ͛WĞƌĨŽƌŵĂŶĐĞ
/ŶĚƵƐƚƌŝ ƉĞŵďŝĂLJĂĂŶ ŶĂƐŝŽŶĂů ĚŝŚĂĚĂƉŬĂŶ dŚĞ ĨŝŶĂŶĐŝŶŐ ŝŶĚƵƐƚƌLJ ĨĂĐĞƐ ǀĂƌŝŽƵƐ
ƉĂĚĂ ďĞƌďĂŐĂŝ ƚĂŶƚĂŶŐĂŶ LJĂŶŐ ĚŝƉĞŶŐĂƌƵŚŝ ŽůĞŚ ĐŚĂůůĞŶŐĞƐ ŝŶĨůƵĞŶĐĞĚ ďLJ ĞĐŽŶŽŵŝĐ ĐŽŶĚŝƚŝŽŶƐ͕
ŬŽŶĚŝƐŝ ƉĞƌĞŬŽŶŽŵŝĂŶ͕ ĚŝŶĂŵŝŬĂ ƉĂƐĂƌ͕ ƐĞƌƚĂ ŵĂƌŬĞƚ ĚLJŶĂŵŝĐƐ͕ ĂŶĚ ƌĞŐƵůĂƚŽƌLJ ƉŽůŝĐLJ
ƉĞƌŬĞŵďĂŶŐĂŶ ŬĞďŝũĂŬĂŶ ƌĞŐƵůĂƚŽƌ͘ ^ĞƉĂŶũĂŶŐ ĚĞǀĞůŽƉŵĞŶƚƐ͘ dŚƌŽƵŐŚŽƵƚ ϮϬϮϱ͕ ƚŚĞ ŽŵƉĂŶLJΖƐ
ƚĂŚƵŶ ϮϬϮϱ ŬŝŶĞƌũĂ WĞƌƐĞƌŽĂŶ ĚĂƉĂƚ ĚŝůŝŚĂƚ ĚĂƌŝ ƉĞƌĨŽƌŵĂŶĐĞ ĐĂŶ ďĞ ƐĞĞŶ ĨƌŽŵ ƚŚĞ ĨŽůůŽǁŝŶŐ
ďĞďĞƌĂƉĂ ŝŶĚŝŬĂƚŽƌ ƐĞďĂŐĂŝ ďĞƌŝŬƵƚ ͗ ƚŽƚĂů ĂƐƐĞƚ ŝŶĚŝĐĂƚŽƌƐ͗ ƚŽƚĂů ĂƐƐĞƚƐ ŝŶ ϮϬϮϱ ZƉ
Ěŝ ƚĂŚƵŶ ϮϬϮϱ ƐĞďĞƐĂƌ ZƉ ϭϴϴ͘ϴϵϱ͘ϳϴϱ͘ϬϮϵ͕Ͳ ϭϴϴ͕ϴϵϱ͕ϳϴϱ͕ϬϮϵ͕Ͳ ĐŽŵƉĂƌĞĚ ƚŽ ƚŽƚĂů ĂƐƐĞƚƐ ŝŶ
ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ƚŽƚĂů ĂƐƐĞƚ Ěŝ ƚĂŚƵŶ ϮϬϮϰ ϮϬϮϰ ŽĨ ZƉ ϭϳϲ͕ϱϮϯ͕ϱϰϰ͕ϭϲϲ͕Ͳ͖ ƚŽƚĂů ĞƋƵŝƚLJ ŝŶ
ƐĞďĞƐĂƌ ZƉ ϭϳϲ͘ϱϮϯ͘ϱϰϰ͘ϭϲϲ͕Ͳ ͖ ƚŽƚĂů ĞŬƵŝƚĂƐ ϮϬϮϱ ZƉ ϭϴϬ͕ϵϵϰ͕ϯϰϲ͕ϴϮϵ͕Ͳ ĐŽŵƉĂƌĞĚ ƚŽ ƚŽƚĂů
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
WĞƌƐĞƌŽĂŶ Ěŝ ƚĂŚƵŶ ϮϬϮϱ ƐĞďĞƐĂƌ ZƉ ĞƋƵŝƚLJ ŝŶ ϮϬϮϰ ŽĨ ZƉ ϭϳϮ͕ϱϲϳ͕ϭϲϵ͕Ϭϰϳ͕Ͳ͘ dŚĞ
ϭϴϬ͘ϵϵϰ͘ϯϰϲ͘ϴϮϵ͕Ͳ ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ƚŽƚĂů ŽŵƉĂŶLJ ƌĞĐŽƌĚĞĚ Ă ŶĞƚ ƉƌŽĨŝƚ ŝŶ ϮϬϮϱ ŽĨ ZƉ
ĞŬƵŝƚĂƐ Ěŝ ƚĂŚƵŶ ϮϬϮϰ ƐĞďĞƐĂƌ ZƉ ϴ͕ϰϮϳ͕ϭϳϳ͕ϳϴϮ͕Ͳ ĐŽŵƉĂƌĞĚ ƚŽ Ă ƉƌŽĨŝƚ ŝŶ ϮϬϮϰ ŽĨ
ϭϳϮ͘ϱϲϳ͘ϭϲϵ͘Ϭϰϳ͕Ͳ͘ WĞƌƐĞƌŽĂŶ ŵĞŶĐĞƚĂŬ ůĂďĂ ZƉϭϭ͕Ϯϯϯ͕ϱϱϮ͕ϰϵϯ͕Ͳ
ďĞƌƐŝŚĚŝƚĂŚƵŶϮϬϮϱƐĞďĞƐĂƌZƉϴ͘ϰϮϳ͘ϭϳϳ͘ϳϴϮ͕Ͳ
ĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶůĂďĂĚŝƚĂŚƵŶϮϬϮϰƐĞďĞƐĂƌ
ZƉϭϭ͘Ϯϯϯ͘ϱϱϮ͘ϰϵϯ͕Ͳ
<ŝŶĞƌũĂ WĞƌƐĞƌŽĂŶ ƐĞĐĂƌĂ ƵŵƵŵ ĚŝŶŝůĂŝ dŚĞ ŽŵƉĂŶLJΖƐ ƉĞƌĨŽƌŵĂŶĐĞ ŝƐ ŐĞŶĞƌĂůůLJ
ďĞƌĂĚĂ ƉĂĚĂ ƚŝŶŐŬĂƚ LJĂŶŐ ďĂŝŬ͕ LJĂŶŐ ƚĞƌĐĞƌŵŝŶ ĐŽŶƐŝĚĞƌĞĚƚŽďĞĂƚĂŐŽŽĚůĞǀĞů͕ĂƐƌĞĨůĞĐƚĞĚŝŶŝƚƐ
ƉĂĚĂ ŬĞƐƚĂďŝůĂŶ ŬŽŶĚŝƐŝ ŬĞƵĂŶŐĂŶ ƐĞƌƚĂ ƐƚĂďůĞĨŝŶĂŶĐŝĂůĐŽŶĚŝƚŝŽŶĂŶĚƐƚĂďůĞƉƌŽĨŝƚĂďŝůŝƚLJ͕
ƉƌŽĨŝƚĂďŝůŝƚĂƐ LJĂŶŐ ƐƚĂďŝů ŵĞƐŬŝ ũƵŵůĂŚ ĂůƚŚŽƵŐŚ ĨŝŶĂŶĐŝŶŐ ĚŝƐďƵƌƐĞŵĞŶƚƐ ŶĞĞĚ ƚŽ
ƉĞŶLJĂůƵƌĂŶ ƉĞŵďŝĂLJĂĂŶ ŵĂƐŝŚ ƉĞƌůƵ ŝŵƉƌŽǀĞ͘
ĚŝƚŝŶŐŬĂƚŬĂŶ͘
ĞƌĚĂƐĂƌŬĂŶ ŚĂƐŝů ĞǀĂůƵĂƐŝ LJĂŶŐ ĚŝůĂŬƵŬĂŶ ĂƐĞĚ ŽŶ ƚŚĞ ĞǀĂůƵĂƚŝŽŶ ƌĞƐƵůƚƐ ĐŽŶĚƵĐƚĞĚ
ƐĞůĂŵĂ dĂŚƵŶ ƵŬƵ ϮϬϮϱ͕ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ĚƵƌŝŶŐ ƚŚĞ ϮϬϮϱ &ŝŶĂŶĐŝĂů zĞĂƌ͕ ƚŚĞ ŽĂƌĚ ŽĨ
ŵĞŶŝůĂŝ ďĂŚǁĂ ŝƌĞŬƐŝ ƚĞůĂŚ ŵĞŶũĂůĂŶŬĂŶ ƚƵŐĂƐ ŽŵŵŝƐƐŝŽŶĞƌƐ ĂƐƐĞƐƐĞƐ ƚŚĂƚ ƚŚĞ ŽĂƌĚ ŽĨ
ĚĂŶ ƚĂŶŐŐƵŶŐ ũĂǁĂď ƉĞŶŐƵƌƵƐĂŶ WĞƌƐĞƌŽĂŶ ŝƌĞĐƚŽƌƐ ŚĂƐ ĐĂƌƌŝĞĚ ŽƵƚ ŝƚƐ ĚƵƚŝĞƐ ĂŶĚ
ĚĞŶŐĂŶ ďĂŝŬ LJĂŶŐ ĚŝƚƵŶũƵŬŬĂŶ ŽůĞŚ ŬĞƐƚĂďŝůĂŶ ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐŝŶŵĂŶĂŐŝŶŐƚŚĞŽŵƉĂŶLJǁĞůů͕ĂƐ
ŬŽŶĚŝƐŝ ŬĞƵĂŶŐĂŶ WĞƌƐĞƌŽĂŶ ĚĂŶ ĚĂƉĂƚ ĚĞŵŽŶƐƚƌĂƚĞĚ ďLJ ƚŚĞ ŽŵƉĂŶLJΖƐ ƐƚĂďůĞ ĨŝŶĂŶĐŝĂů
ŵĞŵďĞƌŝŬĂŶŝŵďĂůŚĂƐŝůͬůĂďĂLJĂŶŐŬŽŶƐŝƐƚĞŶ͘ ĐŽŶĚŝƚŝŽŶ ĂŶĚ ŝƚƐ ĂďŝůŝƚLJ ƚŽ ĚĞůŝǀĞƌ ĐŽŶƐŝƐƚĞŶƚ
ƌĞƚƵƌŶƐ͘
WĞŶŐĂǁĂƐĂŶ/ŵƉůĞŵĞŶƚĂƐŝ^ƚƌĂƚĞŐŝ ^ƵƉĞƌǀŝƐŽƌLJŽĨ^ƚƌĂƚĞŐLJ/ŵƉůĞŵĞŶƚĂƚŝŽŶ
ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ƚĞůĂŚ ŵĞůĂŬƐĂŶĂŬĂŶ dŚĞ ŽĂƌĚ ŽĨ ŽŵŵŝƐƐŝŽŶĞƌƐ ŚĂƐ
ƉĞŶŐĂǁĂƐĂŶ ĂƚĂƐ ƉĞŶLJƵƐƵŶĂŶ ĚĂŶ ƉĞůĂŬƐĂŶĂĂŶ ƉĞƌŝŽĚŝĐĂůůLJ ŽǀĞƌƐĞĞŶ ƚŚĞ ƉƌĞƉĂƌĂƚŝŽŶ ĂŶĚ
ZĞŶĐĂŶĂ ŝƐŶŝƐ WĞƌƐĞƌŽĂŶ ƐĞĐĂƌĂ ďĞƌŬĂůĂ͘ ĂůĂŵ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ ƚŚĞ ŽŵƉĂŶLJΖƐ ƵƐŝŶĞƐƐ WůĂŶ͘
ŵĞŶũĂůĂŶŬĂŶ ĨƵŶŐƐŝ ƚĞƌƐĞďƵƚ͕ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ /Ŷ ĐĂƌƌLJŝŶŐ ŽƵƚ ƚŚĞƐĞ ĨƵŶĐƚŝŽŶƐ͕ ƚŚĞ ŽĂƌĚ ŽĨ
ŵĞůĂŬƵŬĂŶďĞďĞƌĂƉĂĂŬƚŝǀŝƚĂƐĂŶƚĂƌĂůĂŝŶ͗ ŽŵŵŝƐƐŝŽŶĞƌƐŚĂƐ͗
x DĞŶĞůĂĂŚ ĚĂŶ ŵĞŵďĞƌŝŬĂŶ ƉĞƌƐĞƚƵũƵĂŶ x ZĞǀŝĞǁĞĚ ĂŶĚ ĂƉƉƌŽǀĞĚ ƚŚĞ ŽŵƉĂŶLJΖƐ
ĂƚĂƐZĞŶĐĂŶĂŝƐŶŝƐWĞƌƐĞƌŽĂŶ͖ ƵƐŝŶĞƐƐWůĂŶ͖
x DĞŵĂŶƚĂƵ ŬŝŶĞƌũĂ WĞƌƐĞƌŽĂŶ ƐĞƌƚĂ x DŽŶŝƚŽƌĞĚ ƚŚĞ ŽŵƉĂŶLJΖƐ ƉĞƌĨŽƌŵĂŶĐĞ
ŵĞŵĂƐƚŝŬĂŶŬŽŶĚŝƐŝŬĞƵĂŶŐĂŶLJĂŶŐďĂŝŬ͖ ĂŶĚĞŶƐƵƌĞĚŝƚƐĨŝŶĂŶĐŝĂůĐŽŶĚŝƚŝŽŶ͖
x DĞŵďĞƌŝŬĂŶ ĂƌĂŚĂŶ ĚĂŶ ƌĞŬŽŵĞŶĚĂƐŝ x WƌŽǀŝĚĞĚ ƐƚƌĂƚĞŐŝĐ ĚŝƌĞĐƚŝŽŶ ĂŶĚ
ƐƚƌĂƚĞŐŝƐŬĞƉĂĚĂŝƌĞŬƐŝ͖ ƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐ ƚŽ ƚŚĞ ŽĂƌĚ ŽĨ
x DĞŵĂƐƚŝŬĂŶďĂŚǁĂŬĞďŝũĂŬĂŶĚĂŶƐƚƌĂƚĞŐŝ ŝƌĞĐƚŽƌƐ͖
ƵƐĂŚĂ ƚĞůĂŚ ŵĞŵƉĞƌƚŝŵďĂŶŐŬĂŶ ƉƌŝŶƐŝƉ x ŶƐƵƌĞĚ ƚŚĂƚ ďƵƐŝŶĞƐƐ ƉŽůŝĐŝĞƐ ĂŶĚ
ŬĞŚĂƚŝͲŚĂƚŝĂŶƐĞƌƚĂŵĂŶĂũĞŵĞŶƌŝƐŝŬŽLJĂŶŐ ƐƚƌĂƚĞŐŝĞƐ ƚĂŬĞ ŝŶƚŽ ĂĐĐŽƵŶƚ ƉƌƵĚĞŶƚ
ŵĞŵĂĚĂŝ͘ ƉƌŝŶĐŝƉůĞƐĂŶĚĂĚĞƋƵĂƚĞƌŝƐŬŵĂŶĂŐĞŵĞŶƚ͘
WĞƌďĂŝŬĂŶ ŬƵĂůŝƚĂƐ ƉĞŵďŝĂLJĂĂŶ LJĂŶŐ &ŝŶĂŶĐŝŶŐ ƋƵĂůŝƚLJ ŝŵƉƌŽǀĞŵĞŶƚ ŚĂǀĞ ďĞĞŶ
ƐĞŵƉĂƚ ŵĞŵďƵƌƵŬ ĚŝůĂŬƵŬĂŶ ĚĞŶŐĂŶ ďĂŝŬ ĚĂŶ ĐĂƌƌŝĞĚ ŽƵƚ ĞĨĨĞĐƚŝǀĞůLJ ĂŶĚ ƌĞƐƚŽƌŝŶŐ ƚŚĞ
ĚĂƉĂƚ ŵĞŶŐĞŵďĂůŝŬĂŶ ůŝŬƵŝĚŝƚĂƐ ƉĞƌƵƐĂŚĂĂŶ Ěŝ ĐŽŵƉĂŶLJΖƐ ůŝƋƵŝĚŝƚLJ ďLJ ƚŚĞ ĞŶĚ ŽĨ ϮϬϮϱ͘ dŚĞ
ĂŬŚŝƌ ƚĂŚƵŶ ϮϬϮϱ͘ ,ĂƐŝů ĞǀĂůƵĂƐŝ ƉĞŵďŝĂLJĂĂŶ ŬĞ ĞǀĂůƵĂƚŝŽŶ ŽĨ ĨŝŶĂŶĐŝŶŐ ƚŽ ƚŚĞ ƚŽƵƌŝƐŵ ƐĞĐƚŽƌ
ƐĞŬƚŽƌƉĂƌŝǁŝƐĂƚĂŵĞŶŐŚĂƐŝůŬĂŶŬĞƉƵƚƵƐĂŶƵŶƚƵŬ ƌĞƐƵůƚĞĚ ŝŶ ƚŚĞ ĚĞĐŝƐŝŽŶ ƚŽ ƉŽƐƚƉŽŶĞ ƚŚĞ ƉƌŽũĞĐƚ͕
ŵĞůĂŬƵŬĂŶ ƉĞŶƵŶĚĂĂŶ ƚĞƌůĞďŝŚ ĚĂŚƵůƵ ĚĞŶŐĂŶ ƚĂŬŝŶŐ ŝŶƚŽ ĂĐĐŽƵŶƚ ŵĂƌŬĞƚ ĐŽŶĚŝƚŝŽŶƐ ĂŶĚ ƚŚĞ
ŵĞŵƉĞƌƚŝŵďĂŶŐŬĂŶ ŬŽŶĚŝƐŝ ƉĂƐĂƌ ĚĂŶ ŬŝŶĞƌũĂ ƉĞƌĨŽƌŵĂŶĐĞŽĨĞdžŝƐƚŝŶŐĨŝŶĂŶĐŝŶŐŝŶƚŚĂƚƐĞĐƚŽƌ͘
ƉĞŵďŝĂLJĂĂŶ LJĂŶŐ ƚĞůĂŚ ďĞƌũĂůĂŶ Ěŝ ƐĞŬƚŽƌ
ƚĞƌƐĞďƵƚ͘
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/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
<ĞĚĞƉĂŶŶLJĂ ƉĞƌƐĞƌŽĂŶ ŵĞŶũĂũĂŬŝ 'ŽŝŶŐ ĨŽƌǁĂƌĚ͕ ƚŚĞ ĐŽŵƉĂŶLJ ŝƐ ĞdžƉůŽƌŝŶŐ
ƉĞŵďŝĂLJĂĂŶ ƉƌŽĚƵŬ LJĂŶŐ ƌĂŵĂŚ ůŝŶŐŬƵŶŐĂŶ͕ ŚĂů ĞŶǀŝƌŽŶŵĞŶƚĂůůLJ ĨƌŝĞŶĚůLJ ĨŝŶĂŶĐŝŶŐ ƉƌŽĚƵĐƚƐ͕
ŝŶŝ ĚŝŵƵůĂŝ ĚĞŶŐĂŶ ƉĞƌƚĞŵƵĂŶ ĚĞŶŐĂŶ ŶĞƌŐLJ ƚŚƌŽƵŐŚ ŵĞĞƚŝŶŐƐ ƚŽ ĐŽůůĂďŽƌĂƚĞ ǁŝƚŚ ŶĞƌŐLJ
ďƐŽůƵƚĞ LJĂŶŐ ďĞƌŐĞƌĂŬ Ěŝ ďŝĚĂŶŐ ĞŶĞƌŐLJ ďƐŽůƵƚĞ͕ĂƌĞŶĞǁĂďůĞĞŶĞƌŐLJĐŽŵƉĂŶLJĂŶĚŽƚŚĞƌ
ƚĞƌďĂƌƵŬĂŶŵĂƵƉƵŶŵŝƚƌĂͲŵŝƚƌĂůĂŝŶŶLJĂĚŝƚĂŚƵŶͲ ƉĂƌƚŶĞƌƐŝŶƚŚĞĐŽŵŝŶŐLJĞĂƌƐ͘
ƚĂŚƵŶŬĞĚĞƉĂŶ͘
WĂŶĚĂŶŐĂŶĂƚĂƐWƌŽƐƉĞŬhƐĂŚĂ KƵƚůŽŽŬŽŶƵƐŝŶĞƐƐWƌŽƐƉĞĐƚ
WĞƌƵƐĂŚĂĂŶ ďĞƌƵƉĂLJĂ ƵŶƚƵŬ ŵĞŶũĂůŝŶ dŚĞ ĐŽŵƉĂŶLJ ƐƚƌŝǀĞƐ ƚŽ ĐŽůůĂďŽƌĂƚĞ ǁŝƚŚ
ŬĞƌũĂƐĂŵĂ ĚĞŶŐĂŶ ďĞƌďĂŐĂŝ ŵŝƚƌĂ ƉĞŶLJĞĚŝĂ ǀĂƌŝŽƵƐ ƉĂƌƚŶĞƌƐ ƚŚĂƚƉƌŽǀŝĚĞ ŐŽŽĚƐĂŶĚƐĞƌǀŝĐĞƐ
ďĂƌĂŶŐ ĚĂŶ ũĂƐĂ ĚĂůĂŵ ƌĂŶŐŬĂ ŵĞŶLJĂůƵƌŬĂŶ ƚŽ ĚŝƐƚƌŝďƵƚĞ ĨŝŶĂŶĐŝŶŐ͘ &ŝŶĂŶĐŝŶŐ ƚŚĂƚ ƐƵƉƉŽƌƚƐ
ƉĞŵďŝĂLJĂĂŶ͘ WĞŵďŝĂLJĂĂŶ LJĂŶŐ ŵĞŶĚƵŬƵŶŐ ƚŚĞ ƌĞŶĞǁĂďůĞ ĂŶĚ ĞŶǀŝƌŽŶŵĞŶƚĂůůLJ ĨƌŝĞŶĚůLJ
ƐĞŬƚŽƌĞŶĞƌŐŝƚĞƌďĂƌƵŬĂŶƐĞƌƚĂƌĂŵĂŚůŝŶŐŬƵŶŐĂŶ ĞŶĞƌŐLJ ƐĞĐƚŽƌƐ ǁŝůů ďĞ Ă ƉƌŝŵĂƌLJ ĨŽĐƵƐ ŐŽŝŶŐ
ŬĞĚĞƉĂŶŶLJĂ ĂŬĂŶ ŵĞŶũĂĚŝ ĨŽŬƵƐ ƵƚĂŵĂ ĨŽƌǁĂƌĚ͕ ǁŚŝůĞ ĐŽŶƚŝŶƵŝŶŐ ƚŽ ƉƌŽǀŝĚĞ ƉƌŽĚƵĐƚŝǀĞ
ƉĞƌƵƐĂŚĂĂŶ ĚĞŶŐĂŶ ƚĞƚĂƉ ŵĞŵďĞƌŝŬĂŶ ĨŝŶĂŶĐŝŶŐŝŶƚŚĞĨŽƌŵŽĨŝŶǀĞƐƚŵĞŶƚĨŝŶĂŶĐŝŶŐĂŶĚ
ƉĞŵďŝĂLJĂĂŶ LJĂŶŐ ďĞƌƐŝĨĂƚ ƉƌŽĚƵŬƚŝĨ ĚĂůĂŵ ǁŽƌŬŝŶŐĐĂƉŝƚĂůĨŝŶĂŶĐŝŶŐ͕ŵŝƚŝŐĂƚĞĚďLJĂĚĞƋƵĂƚĞ
ďĞŶƚƵŬ ƉĞŵďŝĂLJĂĂŶ ŝŶǀĞƐƚĂƐŝ ŵĂƵƉƵŶ ĐŽůůĂƚĞƌĂů͘
ƉĞŵďŝĂLJĂĂŶ ŵŽĚĂů ŬĞƌũĂ LJĂŶŐ ĚŝŵŝƚŝŐĂƐŝ ĚĞŶŐĂŶ
ũĂŵŝŶĂŶLJĂŶŐŵĞŵĂĚĂŝ͘
WĞůĂŬƐĂŶĂĂŶdĂƚĂ<ĞůŽůĂWĞƌƵƐĂŚĂĂŶ /ŵƉůĞŵĞŶƚĂƚŝŽŶŽĨŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞ
ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ŵĞŶŝůĂŝďĂŚǁĂ WĞƌƐĞƌŽĂŶ dŚĞ ŽĂƌĚ ŽĨ ŽŵŵŝƐƐŝŽŶĞƌƐ ĂƐƐĞƐƐĞƐ ƚŚĂƚ
ƐĞůĂůƵ ŵĞŶŐƵƉĂLJĂŬĂŶ ƉƌŝŶƐŝƉͲƉƌŝŶƐŝƉ ƚĂƚĂ ŬĞůŽůĂ ƚŚĞ ŽŵƉĂŶLJ ĐŽŶƐŝƐƚĞŶƚůLJ ƐƚƌŝǀĞƐ ƚŽ ƵƉŚŽůĚ ƚŚĞ
ƉĞƌƵƐĂŚĂĂŶ LJĂŶŐ ďĂŝŬ ƐĞƉĞƌƚŝ ŬĞƚĞƌďƵŬĂĂŶ͕ ƉƌŝŶĐŝƉůĞƐŽĨŐŽŽĚĐŽƌƉŽƌĂƚĞŐŽǀĞƌŶĂŶĐĞ͕ƐƵĐŚĂƐ
ĂŬƵŶƚĂďŝůŝƚĂƐ͕ ƉĞƌƚĂŶŐŐƵŶŐͲũĂǁĂďĂŶ͕ ƚƌĂŶƐƉĂƌĞŶĐLJ͕ ĂĐĐŽƵŶƚĂďŝůŝƚLJ͕ ƌĞƐƉŽŶƐŝďŝůŝƚLJ͕
ŬĞŵĂŶĚŝƌŝĂŶ͕ ŬĞƐĞƚĂƌĂĂŶ ĚĂŶ ŬĞǁĂũĂƌĂŶ ĚĂůĂŵ ŝŶĚĞƉĞŶĚĞŶĐĞ͕ĞƋƵĂůŝƚLJ͕ĂŶĚĨĂŝƌŶĞƐƐŝŶŵĂŶĂŐŝŶŐ
ŵĞůĂŬƵŬĂŶƉĞŶŐĞůŽůĂĂŶWĞƌƐĞƌŽĂŶ͘ ƚŚĞŽŵƉĂŶLJ͘
ĂůĂŵ ƌĂŶŐŬĂ ŵĞŶĚƵŬƵŶŐ ƉĞŶĞƌĂƉĂŶ dĂƚĂ dŽ ƐƵƉƉŽƌƚ ƚŚĞ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ 'ŽŽĚ
<ĞůŽůĂ WĞƌƵƐĂŚĂĂŶ LJĂŶŐ ĂŝŬ͕ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ŽƌƉŽƌĂƚĞ 'ŽǀĞƌŶĂŶĐĞ͕ ƚŚĞ ŽĂƌĚ ŽĨ
ƚĞůĂŚ͗ ŽŵŵŝƐƐŝŽŶĞƌƐŚĂƐ͗
x DĞůĂŬƐĂŶĂŬĂŶ ƌĂƉĂƚ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ x ŽŶĚƵĐƚĞĚ ƌĞŐƵůĂƌ ŽĂƌĚ ŽĨ
ƐĞĐĂƌĂ ďĞƌŬĂůĂ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ŬĞƚĞŶƚƵĂŶ ŽŵŵŝƐƐŝŽŶĞƌƐ ŵĞĞƚŝŶŐƐ ŝŶ ĂĐĐŽƌĚĂŶĐĞ
LJĂŶŐďĞƌůĂŬƵ͖ ǁŝƚŚĂƉƉůŝĐĂďůĞƌĞŐƵůĂƚŝŽŶƐ͖
x DĞŶŐĂǁĂƐŝ ƉĞůĂŬƐĂŶĂĂŶ ƚƵŐĂƐ ĚĂŶ x KǀĞƌƐĂǁƚŚĞŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨƚŚĞŽĂƌĚ
ƚĂŶŐŐƵŶŐũĂǁĂďŝƌĞŬƐŝ͖ ŽĨŝƌĞĐƚŽƌƐΖĚƵƚŝĞƐĂŶĚƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ͖
x DĞŵĂƐƚŝŬĂŶ ŝŶĚĞƉĞŶĚĞŶƐŝ ĚĂůĂŵ ƉƌŽƐĞƐ x ŶƐƵƌĞĚ ŝŶĚĞƉĞŶĚĞŶĐĞ ŝŶ ƚŚĞ ĚĞĐŝƐŝŽŶͲ
ƉĞŶŐĂŵďŝůĂŶŬĞƉƵƚƵƐĂŶ͖ ŵĂŬŝŶŐƉƌŽĐĞƐƐ͖
x DĞŶĚŽƌŽŶŐƉĞŶŐƵĂƚĂŶďƵĚĂLJĂŬĞƉĂƚƵŚĂŶ x ŶĐŽƵƌĂŐĞĚƚŚĞƐƚƌĞŶŐƚŚĞŶŝŶŐŽĨĂĐƵůƚƵƌĞ
ĚĂŶĞƚŝŬĂďŝƐŶŝƐĚŝůŝŶŐŬƵŶŐĂŶWĞƌƐĞƌŽĂŶ͘ ŽĨ ĐŽŵƉůŝĂŶĐĞ ĂŶĚ ďƵƐŝŶĞƐƐ ĞƚŚŝĐƐ ǁŝƚŚŝŶ
ƚŚĞŽŵƉĂŶLJ͘
ZĂƉĂƚ ĚĞǁĂŶ ŬŽŵŝƐĂƌŝƐ ƚĞůĂŚ ĚŝůĂŬƵŬĂŶ dŚĞ ŽĂƌĚ ŽĨ ŽŵŵŝƐƐŝŽŶĞƌƐ ŚĞůĚ ϴ
ƐĞďĂŶLJĂŬ ϴ ŬĂůŝ ƐĞůĂŵĂ ƚĂŚƵŶ ϮϬϮϱ LJĂŶŐ ŵĞĞƚŝŶŐƐ ĚƵƌŝŶŐ ϮϬϮϱ͕ ĚŝƐĐƵƐƐŝŶŐ ƚŚĞ ŽŵƉĂŶLJΖƐ
ŵĞŵďĂŚĂƐ ŵĞŶŐĞŶĂŝ ŬŝŶĞƌũĂ ƉĞƌƵƐĂŚĂĂŶ ĚĂƌŝ ƉĞƌĨŽƌŵĂŶĐĞ͕ ĐŽƌƉŽƌĂƚĞ ƐƚƌĂƚĞŐLJ͕ ĂŶĚ ƚŚĞ
ǁĂŬƚƵ ŬĞ ǁĂŬƚƵ͕ ƐƚƌĂƚĞŐŝ ƉĞƌƵƐĂŚĂĂŶ ƐĞƌƚĂ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ ĐŽƌƉŽƌĂƚĞ ŐŽǀĞƌŶĂŶĐĞ͘ /Ŷ
ƉĞŶĞƌĂƉĂŶ ƚĂƚĂ ŬĞůŽůĂ ƉĞƌƵƐĂŚĂĂŶ͘ ĂůĂŵ ĐĂƌƌLJŝŶŐ ŽƵƚ ŝƚƐ ĚƵƚŝĞƐ͕ ƚŚĞ ŽĂƌĚ ŽĨ
ŵĞŶũĂůĂŶŬĂŶ ƚƵŐĂƐŶLJĂ͕ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ũƵŐĂ ŽŵŵŝƐƐŝŽŶĞƌƐ ŝƐ ĂůƐŽ ƐƵƉƉŽƌƚĞĚ ďLJ ǀĂƌŝŽƵƐ
ĚŝĚƵŬƵŶŐ ŽůĞŚ ďĞƌďĂŐĂŝ <ŽŵŝƚĞ LJĂŶŐ ƚĞůĂŚ ĞƐƚĂďůŝƐŚĞĚ ĐŽŵŵŝƚƚĞĞƐ͗ ƚŚĞ ƵĚŝƚ ŽŵŵŝƚƚĞĞ
ĚŝďĞŶƚƵŬ LJĂŝƚƵ͕ <ŽŵŝƚĞ ƵĚŝƚ ƐĞƌƚĂ <ŽŵŝƚĞ ĂŶĚ ƚŚĞ EŽŵŝŶĂƚŝŽŶ ĂŶĚ ZĞŵƵŶĞƌĂƚŝŽŶ
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/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
EŽŵŝŶĂƐŝĚĂŶZĞŵƵŶĞƌĂƐŝ͘ ŽŵŵŝƚƚĞĞ͘
<ŽŵƉŽƐŝƐŝĞǁĂŶ<ŽŵŝƐĂƌŝƐ ŽŵƉŽƐŝƚŝŽŶŽĨƚŚĞŽĂƌĚŽĨŽŵŵŝƐƐŝŽŶĞƌƐ
^ĞůĂŵĂ ƚĂŚƵŶ ϮϬϮϱ͕ ƚŝĚĂŬ ĂĚĂ ƉĞƌƵďĂŚĂŶ /Ŷ ϮϬϮϱ͕ ƚŚĞƌĞ͛Ɛ ŶŽ ĐŚĂŶŐĞ ŝŶ ƚŚĞ
ƐƵƐƵŶĂŶ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ͘ <ŽŵƉŽƐŝƐŝ ĞǁĂŶ ĐŽŵƉŽƐŝƚŝŽŶ ŽĨ ƚŚĞ ĐŽŵŵŝƐƐŝŽŶĞƌƐ͘ K
<ŽŵŝƐĂƌŝƐ ƚĞƌĚŝƌŝ ĂƚĂƐ͗ ŶƚŽŶ ^ĂŶƚŽƐŽ ƐĞůĂŬƵ ĐŽŵƉŽƐŝƚŝŽŶ ĐŽŶƐŝƐƚƐ ŽĨ͗ ŶƚŽŶ ^ĂŶƚŽƐŽ ĂƐ Ă
<ŽŵŝƐĂƌŝƐ hƚĂŵĂ͕ &ƌĞĚĚLJ ^ĂŶƚŽƐŽ ƐĞůĂŬƵ WƌĞƐŝĚĞŶƚ ŽŵŵŝƐƐŝŽŶĞƌ͕ &ƌĞĚĚLJ ^ĂŶƚŽƐŽ ĂƐ ƚŚĞ
<ŽŵŝƐĂƌŝƐ͕ ƐĞƌƚĂ ŶĂƐƚĂƐŝĂ ŚƌŝƐƚŝŶĂǁĂƚŝ :ĂLJĂ ŽŵŵŝƐƐŝŽŶĞƌ͕ ĂŶĚ ŶĂƐƚĂƐŝĂ ŚƌŝƐƚŝŶĂǁĂƚŝ :ĂLJĂ
^ĂƉƵƚƌĂƐĞůĂŬƵ<ŽŵŝƐĂƌŝƐ/ŶĚĞƉĞŶĚĞŶ͘ ^ĂƉƵƚƌĂĂƐƚŚĞ/ŶĚĞƉĞŶĚĞŶƚŽŵŵŝƐƐŝŽŶĞƌ͘
WĞŶƵƚƵƉ ůŽƐŝŶŐZĞŵĂƌŬƐ͕
ŬŚŝƌ ŬĂƚĂ͕ ^ĂLJĂ ƐĞůĂŬƵ <ŽŵŝƐĂƌŝƐ hƚĂŵĂ &ŝŶĂůůLJ͕ ĂƐ ƚŚĞ WƌĞƐŝĚĞŶƚ ŽŵŵŝƐƐŝŽŶĞƌ ŽĨ
WĞƌƐĞƌŽĂŶ ŝŶŐŝŶ ŵĞŶLJĂŵƉĂŝŬĂŶ ƚĞƌŝŵĂ ŬĂƐŝŚ ƚŚĞ ŽŵƉĂŶLJ͕ / ǁŽƵůĚ ůŝŬĞ ƚŽ ĞdžƉƌĞƐƐ ŵLJ
ŬĞƉĂĚĂ ƐĞůƵƌƵŚ ƉĞŵĂŶŐŬƵ ŬĞƉĞŶƚŝŶŐĂŶ͕ ĚĞǁĂŶ ŐƌĂƚŝƚƵĚĞ ƚŽ ƚŚĞ ĞŶƚŝƌĞ ƐƚĂŬĞŚŽůĚĞƌ͕ ŽĂƌĚ ŽĨ
ĚŝƌĞŬƐŝ ƐĞƌƚĂ ƐĞůƵƌƵŚ ŬĂƌLJĂǁĂŶ LJĂŶŐ ďĞƌƚƵŐĂƐ ŝƌĞĐƚŽƌƐ ĂŶĚ Ăůů ĞŵƉůŽLJĞĞƐ ŽĨ ƚŚĞ ŽŵƉĂŶLJ
ĂƚĂƐŬŽŶƚƌŝďƵƐŝŶLJĂƚĞƌŚĂĚĂƉWĞƌƐĞƌŽĂŶ͘ ǁŚŽ ŚĂǀĞ ƐŚŽǁŶ ƚŚĞŝƌ ŚĂƌĚ ǁŽƌŬ ĂŶĚ
ĚĞĚŝĐĂƚŝŽŶ͘
ƚĂƐŶĂŵĂĞǁĂŶ<ŽŵŝƐĂƌŝƐ
KŶďĞŚĂůĨŽĨƚŚĞŽĂƌĚŽĨŽŵŵŝƐƐŝŽŶĞƌƐŽĨ
Wd&h:/&/EE /EKE ^/dďŬ͕͘
EdKE^EdK^K
<ŽŵŝƐĂƌŝƐhƚĂŵĂͬWƌĞƐŝĚĞŶƚŽŵŵŝƐƐŝŽŶĞƌ
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
>WKZE tE/Z <^/ϱϭ͗Ͳϰ
KZK&/Z dKZ^͛Z WKZd
E/dDZd
ŝƌĞŬƚƵƌhƚĂŵĂͬWƌĞƐŝĚĞŶƚŝƌĞĐƚŽƌ
WĂƌĂWĞŵĞŐĂŶŐ^ĂŚĂŵLJĂŶŐƚĞƌŚŽƌŵĂƚ͕ ĞĂƌ^ŚĂƌĞŚŽůĚĞƌƐ͕
ƚĂƐ ŶĂŵĂ ĞǁĂŶ ŝƌĞŬƐŝ ͕ ƐĂLJĂ KŶ ďĞŚĂůĨ ŽĨ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌ͕ / ƉƌĞƐĞŶƚ
ƉĞƌƐĞŵďĂŚŬĂŶ ůĂƉŽƌĂŶ ƚĞƌŝŶƚĞŐƌĂƐŝ Wd &Ƶũŝ ƚŚĞ /ŶƚĞŐƌĂƚĞĚ ZĞƉŽƌƚ ŽĨ Wd &Ƶũŝ &ŝŶĂŶĐĞ
&ŝŶĂŶĐĞ /ŶĚŽŶĞƐŝĂ dďŬ ƉĞƌŝŽĚĞ ƚĂŚƵŶ ϮϬϮϱ͘ /ŶĚŽŶĞƐŝĂdďŬĨŽƌƚŚĞϮϬϮϱƉĞƌŝŽĚ͘dŚŝƐZĞƉŽƌƚ
>ĂƉŽƌĂŶ ŝŶŝ ŵĞŶLJĂŵƉĂŝŬĂŶ ŬŝŶĞƌũĂ WĞƌƐĞƌŽĂŶ ĐŽŶǀĞLJƐƚŚĞŽŵƉĂŶLJ͛ƐƉĞƌĨŽƌŵĂŶĐĞďŽƚŚĨƌŽŵ
ďĂŝŬ ĚĂƌŝ ƐŝƐŝ ĨŝŶĂŶƐŝĂů ŵĂƵƉƵŶ ŽƉĞƌĂƐŝŽŶĂů͕ Ă ĨŝŶĂŶĐŝĂů ĂŶĚ ŽƉĞƌĂƚŝŽŶĂů ĂƐƉĞĐƚ͕ ĂƐ ǁĞůů ĂƐ
ƐĞƌƚĂ ŵĞŵďĂŚĂƐ ƚĂŶƚĂŶŐĂŶ ĚĂŶ ƉĞŶĐĂƉĂŝĂŶ ƚŽ ĚŝƐĐƵƐƐ ƚŚĞ ĐŚĂůůĞŶŐĞƐ ĂŶĚ ĂĐŚŝĞǀĞŵĞŶƚ ŽĨ
WĞƌƐĞƌŽĂŶ ƐĞƉĂŶũĂŶŐ ƚĂŚƵŶ ϮϬϮϱ͘ ĂůĂŵ ƚŚĞ ŽŵƉĂŶLJ ƚŚƌŽƵŐŚŽƵƚ ϮϬϮϱ͘ KŶ ƚŚŝƐ
ŬĞƐĞŵƉĂƚĂŶ ŝŶŝ͕ĂƚĂƐŶĂŵĂ ĚĞǁĂŶ ĚŝƌĞŬƐŝ͕ƐĂLJĂ ŽĐĐĂƐŝŽŶ͕ ŽŶ ďĞŚĂůĨ ŽĨ ƚŚĞ ďŽĂƌĚ ĚŝƌĞĐƚŽƌ͕ /
ŝŶŐŝŶ ŵĞŶŐƵĐĂƉŬĂŶ ƌĂƐĂ ƚĞƌŝŵĂ ŬĂƐŝŚ ŬĞƉĂĚĂ ǁŽƵůĚ ůŝŬĞ ƚŽ ĞdžƉƌĞƐƐ ŵLJ ŐƌĂƚŝƚƵĚĞ ƚŽ Ăůů
ƐĞůƵƌƵŚ ƉĞŵĂŶŐŬƵ ŬĞƉĞŶƚŝŶŐĂŶ LJĂŶŐ ŬĂƌĞŶĂ ƐƚĂŬĞŚŽůĚĞƌ ǁŚŽƐĞ ƐƵƉƉŽƌƚ͕ ƚƌƵƐƚ ĂŶĚ
ĚƵŬƵŶŐĂŶ͕ ŬĞƉĞƌĐĂLJĂĂŶ ƐĞƌƚĂ ĚĞĚŝŬĂƐŝŶLJĂ ĚĞĚŝĐĂƚŝŽŶ ŚĂǀĞ ŵĂĚĞ ƚŚĞ ĐŽŵƉĂŶLJ ƚŽ ƌĞĂĐŚ
ƉĞƌƵƐĂŚĂĂŶĚĂƉĂƚďĞƌũĂůĂŶŚŝŶŐŐĂƐĂĂƚŝŶŝ͘ ƚŚŝƐƉŽŝŶƚ͘
dŝŶũƵĂŶhŵƵŵdĂŚƵŶϮϬϮϱ 'ĞŶĞƌĂůKǀĞƌǀŝĞǁŝŶϮϬϮϱ
&ĂŬƚŽƌ ŐĞŽƉŽůŝƚŝŬ ĚĂŶ ƉĞƌĞŬŽŶŽŵŝĂŶ 'ĞŽƉŽůŝƚŝĐĂů ĂŶĚ ŐůŽďĂů ĞĐŽŶŽŵŝĐ ĨĂĐƚŽƌƐ
ŐůŽďĂů ŵĞŶũĂĚŝ ŝƐƵ ƉĞŶƚŝŶŐ Ěŝ ƚĂŚƵŶ ϮϬϮϱ͕ ďĞĐŽŵĞ ĂŶ ŝƐƐƵĞ ŝŶ ϮϬϮϱ͘ ŵĞƌŝĐĂŶ ƉŽůŝĐŝĞƐ
ŬĞďŝũĂŬĂŶ ŵĞƌŝŬĂ ĚŝďĂǁĂŚ ŬĞƉĞŵŝŵƉŝŶĂŶ ƵŶĚĞƌ WƌĞƐŝĚĞŶƚͲĞůĞĐƚ ŽŶĂůĚ dƌƵŵƉ ƉŽƐĞ
ŽŶĂůĚ dƌƵŵƉ ƐĞďĂŐĂŝ ƉƌĞƐŝĚĞŶ ƚĞƌƉŝůŝŚ ĐŚĂůůĞŶŐĞƐ ƚŽ ŐůŽďĂů ƚƌĂĚĞ ƚŚƌŽƵŐŚ ƚŚĞ
ŵĞŵďĞƌŝŬĂŶ ƚĂŶƚĂŶŐĂŶ ƚĞƌŚĂĚĂƉ ƉĞƌĚĂŐĂŶŐĂŶ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ ƚĂƌŝĨĨƐ ĂŶĚ ŝŵƉŽƌƚ
ŐůŽďĂůŵĞůĂůƵŝƉĞŶĞƌĂƉĂŶƚĂƌŝĨĚĂŶƉĞŵďĂƚĂƐĂŶ ƌĞƐƚƌŝĐƚŝŽŶƐ͘&ƵƌƚŚĞƌŵŽƌĞ͕ƚŚĞŽŶŐŽŝŶŐǁĂƌƐŝŶ
ŝŵƉŽƌ ŽůĞŚ h^͘ ^ĞůĂŝŶ ŝƚƵ ƉĞƌĂŶŐ ƚŚĞ DŝĚĚůĞ ĂƐƚ ĂŶĚ hŬƌĂŝŶĞ ĂƌĞ ĚŝƐƌƵƉƚŝŶŐ
ďĞƌŬĞƉĂŶũĂŶŐĂŶ LJĂŶŐ ƚĞƌũĂĚŝ Ěŝ ƚŝŵƵƌ ƚĞŶŐĂŚ ŐůŽďĂůƐƵƉƉůLJĐŚĂŝŶƐĂŶĚƵŶĐĞƌƚĂŝŶƚLJĐŽŶĚŝƚŝŽŶ
ƐĞƌƚĂhŬƌĂŝŶĂ ŵĞŶŐŐĂŶŐŐƵ ƌĂŶƚĂŝƉĂƐŽŬ ŐůŽďĂů͘ ŝƐ ĚƌŝǀŝŶŐ ƚŚĞ ƉƌŝĐĞ ŽĨ ŐŽůĚ͕ ƚŚĂƚ ĐŽŶƐŝĚĞƌĞĚ Ă
<ĞƚŝĚĂŬƉĂƐƚŝĂŶ ŐůŽďĂů ŵĞŶĚŽƌŽŶŐ ŚĂƌŐĂ ĞŵĂƐ ƐĂĨĞĂƐƐĞƚ͕ƐŽĂƌŝŶŐ͘
LJĂŶŐ ĚŝĂŶŐŐĂƉ ƐĞďĂŐĂŝ ƐĂĨĞ ĂƐƐĞƚ ŵĞůĂŵďƵŶŐ
ƚŝŶŐŐŝ͘
Wd&h:/&/EE /EKE ^/d<
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
ŝ /ŶĚŽŶĞƐŝĂ ƐĞŶĚŝƌŝ ƉĞŶĞƌĂƉĂŶ ƐŝƐƚĞŵ /Ŷ /ŶĚŽŶĞƐŝĂ͕ ƚŚĞ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ ƚŚĞ
ĐŽƌĞƚĂdžƐĞƌƚĂ ŬĞďŝũĂŬĂŶ ŬĞŶĂŝŬĂŶ WWE ŵĞŶũĂĚŝ ŽƌĞ dĂdž ƐLJƐƚĞŵ ĂŶĚ ƚŚĞ sd ŚŝŶĚĞƌ ƉƌŽĐĞƐƐ
ŚĂŵďĂƚĂŶďŝƐŶŝƐĚŝĂǁĂůƚĂŚƵŶϮϬϮϱ͘ZĞŶĚĂŚŶLJĂ ďƵƐŝŶĞƐƐŝŶĞĂƌůLJϮϬϮϱ͘>ŽǁĞŵƉůŽLJŵĞŶƚŝŶƚŚĞ
ƉĞŶLJĞƌĂƉĂŶƚĞŶĂŐĂŬĞƌũĂĚŝƐĞŬƚŽƌĨŽƌŵĂůƐĞƌƚĂ ĨŽƌŵĂů ƐĞĐƚŽƌ ĂŶĚ ǁĞĂŬĞŶŝŶŐ ƉƵƌĐŚĂƐŝŶŐ
ƉĞůĞŵĂŚĂŶ ĚĂLJĂ ďĞůŝ ŵĞŶũĂĚŝ ŝƐƐƵĞ ĚŽŵĞƐƚŝŬ ƉŽǁĞƌ ďĞĐŽŵĞ Ă ĚŽŵĞƐƚŝĐ ŝƐƐƵĞ ŝŶ /ŶĚŽŶĞƐŝĂ͘
Ěŝ /ŶĚŽŶĞƐŝĂ͘ ŝ ĂŬŚŝƌ ƚĂŚƵŶ ϮϬϮϱ ƚĞƌĚĂƉĂƚ ƚ ƚŚĞ ĞŶĚ ŽĨ ϮϬϮϱ͕ ƚŚĞ / ZĂƚĞ ůŽǁĞƌĞĚ ĨƌŽŵ
ƉĞŶƵƌƵŶĂŶ ƐƵŬƵ ďƵŶŐĂ / ZĂƚĞ ĚĂƌŝ ϱ͕ϳϱй Ěŝ ϱ͘ϳϱй ƚŽ ϰ͘ϳϱй͘ dŚĞ ƉŽůŝĐŝĞƐ ŽĨ ƚŚĞ ŶĞǁ
ĂǁĂůƚĂŚƵŶŵĞŶũĂĚŝϰ͕ϳϱйĚŝĂŬŚŝƌƚĂŚƵŶϮϬϮϱ͕ &ŝŶĂŶĐĞ DŝŶŝƐƚĞƌ͕ Dƌ͘ WƵƌďĂLJĂ zƵĚŚŝ ^ĂĚĞǁĂ͕
ŬĞďŝũĂŬĂŶ ŵĞŶƚĞƌŝ ŬĞƵĂŶŐĂŶ LJĂŶŐ ďĂƌƵ ĂƉĂŬ ǁŚŝĐŚ ĞŶĐŽƵƌĂŐĞƐ ŝŶĐƌĞĂƐĞĚ ďĂŶŬŝŶŐ ůŝƋƵŝĚŝƚLJ͕
WƵƌďĂLJĂ zƵĚŚŝ ^ĂĚĞǁĂ LJĂŶŐ ŵĞŶĚŽƌŽŶŐ ŚĂǀĞĂƉŽƐŝƚŝǀĞŝŵƉĂĐƚŽŶƚŚĞĞĐŽŶŽŵLJ͘
ƉĞŶŝŶŐŬĂƚĂŶ ůŝŬƵŝĚŝƚĂƐ ƉĞƌďĂŶŬĂŶ ďĞƌĚĂŵƉĂŬ
ďĂŝŬďĂŐŝƉĞƌĞŬŽŶŽŵŝĂŶ͘
^ƚƌĂƚĞŐŝWĞƌƐĞƌŽĂŶĚŝdĂŚƵŶϮϬϮϱ ŽŵƉĂŶLJ^ƚƌĂƚĞŐLJŝŶϮϬϮϱ
ŝ ƚĂŚƵŶ ϮϬϮϱ͕ ƉĞƌƐĞƌŽĂŶ ďĞƌĨŽŬƵƐ /Ŷ ϮϬϮϱ͕ ƚŚĞ ĐŽŵƉĂŶLJ ĨŽĐƵƐĞĚ ŽŶ
ŵĞŵƉĞƌďĂŝŬŝ ŬƵĂůŝƚĂƐ ĂƐĞƚ ƉĞƌƵƐĂŚĂĂŶ ĂƚĂƐ ŝŵƉƌŽǀŝŶŐ ƚŚĞ ƋƵĂůŝƚLJ ŽĨ ŝƚƐ ĨŝŶĂŶĐŝŶŐ
ƉŝƵƚĂŶŐ ƉĞŵďŝĂLJĂĂŶ LJĂŶŐ ƐĞŵƉĂƚ ŵĞŵďƵƌƵŬ ƌĞĐĞŝǀĂďůĞƐ͕ ǁŚŝĐŚ ŚĂĚ ĚĞĐůŝŶĞ ŝŶ ƚŚĞ ƐĞĐŽŶĚ
ƉĂĚĂ ŬƵĂƌƚĂů // ϮϬϮϱ͘ >ĂŶŐŬĂŚ LJĂŶŐ ĚŝůĂŬƵŬĂŶ ƋƵĂƌƚĞƌ ŽĨ ϮϬϮϱ͘ dŚĞ ƐƚĞƉƐ ƚĂŬĞŶ ďLJ
ƉĞƌƵƐĂŚĂĂŶ ďĞƌŚĂƐŝů ŵĞŶŐĞŵďĂůŝŬĂŶ ƐƚĂďŝůŝƚĂƐ ŵĂŶĂŐĞŵĞŶƚ ƐƵĐĐĞƐƐĨƵůůLJ ƌĞƐƚŽƌĞĚ ƚŚĞ
ŬĞƵĂŶŐĂŶ ƉĞƌƵƐĂŚĂĂŶ LJĂŶŐ ƚĞƌĐĞƌŵŝŶ ƉĂĚĂ ĐŽŵƉĂŶLJΖƐĨŝŶĂŶĐŝĂůƐƚĂďŝůŝƚLJ͕ĂƐƌĞĨůĞĐƚĞĚŝŶƚŚĞ
ůĂƉŽƌĂŶ ŬĞƵĂŶŐĂŶ ŬƵĂƌƚĂů /// ϮϬϮϱ ĚĂŶ ĂŬŚŝƌ ƚŚŝƌĚ ƋƵĂƌƚĞƌ ŽĨ ϮϬϮϱ ĂŶĚ LJĞĂƌͲĞŶĚ ϮϬϮϱ
ƚĂŚƵŶϮϬϮϱ͘ ĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘
WĞƌƐĞƌŽĂŶ ŵĞůĂŬƵŬĂŶ ƉĞŶŝŶũĂƵĂŶ ŬĞŵďĂůŝ dŚĞĐŽŵƉĂŶLJƌĞǀŝĞǁĞĚŝƚƐĨŝŶĂŶĐŝŶŐƉůĂŶƐ
ƚĞƌŚĂĚĂƉ ƌĞŶĐĂŶĂ ƉĞŵďŝĂLJĂĂŶ Ěŝ ƐĞŬƚŽƌ ĨŽƌ ƚŚĞ ƚŽƵƌŝƐŵ ƐĞĐƚŽƌ͕ ƉĂƌƚŝĐƵůĂƌůLJ ŝŶ Ăůŝ ĂŶĚ
ƉĂƌŝǁŝƐĂƚĂ͕ ŬŚƵƐƵƐŶLJĂ Ěŝ Ăůŝ ĚĂŶ >ŽŵďŽŬ͘ >ŽŵďŽŬ͘ ŽŶƐŝĚĞƌŝŶŐ ŵĂƌŬĞƚ ĚLJŶĂŵŝĐƐ ĂŶĚ
DĞŶŐĂĐƵ ƉĂĚĂ ĚŝŶĂŵŝŬĂ ƉĂƐĂƌ ĚĂŶ ƚĂŶƚĂŶŐĂŶ ďƵƐŝŶĞƐƐĐŚĂůůĞŶŐĞŝŶƚŚĂƚƐĞĐƚŽƌ͕ƚŚĞĐŽŵƉĂŶLJ
ďŝƐŶŝƐ Ěŝ ƐĞŬƚŽƌ ƚĞƌƐĞďƵƚ͕ ƉĞƌƐĞƌŽĂŶ ĚĞĐŝĚĞĚ ƚŽ ƉŽƐƚƉŽŶĞ ƚŚĞ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ
ŵĞŵƵƚƵƐŬĂŶ ƵŶƚƵŬ ŵĞŶƵŶĚĂ ŝŵƉůĞŵĞŶƚĂƐŝ ƚŚĞƐĞƉůĂŶƐ͘
ƌĞŶĐĂŶĂƚĞƌƐĞďƵƚ͘
ŝ ƚĂŚƵŶ ϮϬϮϱ͕ ƉĞƌƐĞƌŽĂŶ ŵĞŵďĞƌŝŬĂŶ /Ŷ ϮϬϮϱ͕ ƚŚĞ ĐŽŵƉĂŶLJ ƉƌŽǀŝĚĞĚ ůŽĂŶƐ ƚŽ
ŚƵƚĂŶŐ ƵŶƚƵŬ ƐĞŬƚŽƌ ƉƌŽĚƵŬƚŝĨ ƐĞƉĞƌƚŝ ƉƌŽĚƵĐƚŝǀĞ ƐĞĐƚŽƌƐ ƐƵĐŚ ĂƐ ůŝǀĞƐƚŽĐŬ ĨĂƌŵŝŶŐ͕
ƉĞƚĞƌŶĂŬĂŶ͕ ƉĞƌĚĂŐĂŶŐĂŶ D ƐĞƌƚĂ ĨƵĞů ƚƌĂĚŝŶŐ͕ ĂŶĚ ƉƌŝŶƚĞĚ ĐŝƌĐƵŝƚ ďŽĂƌĚ ;WͿ
ŵĂŶƵĨĂŬƚƵƌ ƉĂƉĂŶ ƐŝƌŬƵŝƚ ĐĞƚĂŬ ;WͿ͘ ŝ ĂŬŚŝƌ ŵĂŶƵĨĂĐƚƵƌĞ͘ƚƚŚĞĞŶĚŽĨϮϬϮϱ͕ƚŚĞĐŽŵƉĂŶLJ
ϮϬϮϱ͕ WĞƌƐĞƌŽĂŶ ũƵŐĂ ƐĞĚĂŶŐ ďĞƌƉƌŽƐĞƐ ǁĂƐĂůƐŽŝŶƚŚĞƉƌŽĐĞƐƐŽĨĚŝƐďƵƌƐŝŶŐĨŝŶĂŶĐŝŶŐ
ŵĞůĂŬƵŬĂŶ ƉĞŶLJĂůƵƌĂŶ ƉĞŵďŝĂLJĂĂŶ ƵŶƚƵŬ ĨŽƌ ƐƵƉƉŽƌƚŝŶŐ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ĨŽƌ ĞůĞĐƚƌŝĐ
ŝŶĨƌĂƐƚƌƵŬƚƵƌ ƉĞŶƵŶũĂŶŐ ŵŽďŝů ůŝƐƚƌŝŬͬ ^W<>h͕ ǀĞŚŝĐůĞƐ ƐƵĐŚ ĂƐ ^W<>h ;ĞůĞĐƚƌŝĐ ǀĞŚŝĐůĞ
ŶĂŵƵŶ ŚĂů ŝŶŝ ďĞůƵŵ ƐĞŵƉĂƚ ƚĞƌĞĂůŝĂƐŝ Ěŝ ĂŬŚŝƌ ĐŚĂƌŐŝŶŐƐƚĂƚŝŽŶƐͿ͕ďƵƚƚŚŝƐƐƚŝůůŶŽƚƌĞĂůŝnjĞĚďLJ
ƚĂŚƵŶϮϬϮϱ͘ ƚŚĞĞŶĚŽĨϮϬϮϱ͘
<ŝŶĞƌũĂ&ŝŶĂŶƐŝĂů &ŝŶĂŶĐŝĂůWĞƌĨŽƌŵĂŶĐĞ
<ŝŶĞƌũĂWĞƌƐĞƌŽĂŶĚŝƚĂŚƵŶϮϬϮϱƚĞƚĂƉďĂŝŬ dŚĞ ŽŵƉĂŶLJΖƐ ƉĞƌĨŽƌŵĂŶĐĞ ŝŶ ϮϬϮϱ
ĚŝƚĞŶŐĂŚďĞƌďĂŐĂŝƚĂŶƚĂŶŐĂŶLJĂŶŐĚŝŚĂĚĂƉŝ͘,Ăů ƌĞŵĂŝŶƐ ƐƚƌŽŶŐ ĚĞƐƉŝƚĞ ƚŚĞ ĐŚĂůůĞŶŐĞƐ ĨĂĐĞĚ͘
ŝŶŝ ƚĞƌůŝŚĂƚ ĚĂƌŝ ůĂďĂ ďĞƌƐŝŚ WĞƌƐĞƌŽĂŶ Ěŝ ƚĂŚƵŶ ^ŚŽǁŶ ƚŚƌŽƵŐŚ ƚŚĞ ŽŵƉĂŶLJΖƐ ŶĞƚ ƉƌŽĨŝƚ ŝŶ
ϮϬϮϱ ƐĞďĞƐĂƌ ZƉ ϴ͘ϰϮϳ͘ϭϳϳ͘ϳϴϮ͕Ͳ ĚŝďĂŶĚŝŶŐŬĂŶ ϮϬϮϱ ŽĨ ZƉ ϴ͕ϰϮϳ͕ϭϳϳ͕ϳϴϮ͕Ͳ ĐŽŵƉĂƌĞĚ ƚŽ ZƉ
ƚĂŚƵŶ ƐĞďĞůƵŵŶLJĂ ZƉ ϭϭ͘Ϯϯϯ͘ϱϱϮ͘ϰϵϯ͕Ͳ͘ ϭϭ͕Ϯϯϯ͕ϱϱϮ͕ϰϵϯ͕Ͳ ƚŚĞ ƉƌĞǀŝŽƵƐ LJĞĂƌ͘ dŚĞ
<ĞŶĂŝŬĂŶ ŶŝůĂŝ ĂƐƐĞƚ Ěŝ ƚĂŚƵŶ ϮϬϮϱ ƐĞďĞƐĂƌ ϳй ŝŶĐƌĞĂƐĞŝŶĂƐƐĞƚǀĂůƵĞŝŶϮϬϮϱŝƐϳйĂŶĚĞƋƵŝƚLJ
ĚĂŶĞŬƵŝƚĂƐƐĞďĞƐĂƌϰ͕ϴϴй͘ ŝƐϰ͕ϴϴй͘
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
ŝ ĂŬŚŝƌ ƚĂŚƵŶ ϮϬϮϱ͕ ƉĞƌƐĞƌŽĂŶ ŵĞŵŝůŝŬŝ ƚ ƚŚĞ ĞŶĚ ŽĨ ϮϬϮϱ͕ ƚŚĞ ŽŵƉĂŶLJ ŚĂĚ
ĂƐĞƚ ƉŝƵƚĂŶŐ LJĂŶŐ ƉƌŽĚƵŬƚŝĨ ĚĂŶ ĚŝŵŝƚŝŐĂƐŝ ƉƌŽĚƵĐƚŝǀĞ ƌĞĐĞŝǀĂďůĞƐ ĂƐƐĞƚƐ ŵŝƚŝŐĂƚĞĚ ďLJ
ĚĞŶŐĂŶ ũĂŵŝŶĂŶ͘ <ĞĚĞƉĂŶŶLJĂ ƉĞƌƐĞƌŽĂŶ ĂŬĂŶ ĐŽůůĂƚĞƌĂů͘ /Ŷ ƚŚĞ ĨƵƚƵƌĞ͕ ƚŚĞ ŽŵƉĂŶLJ ǁŝůů
ŵĞŶLJĂůƵƌŬĂŶ ƉĞŵďŝĂLJĂĂŶ ŝŶǀĞƐƚĂƐŝ ĚĂŶ ŵŽĚĂů ĚŝƐƚƌŝďƵƚĞ ŝŶǀĞƐƚŵĞŶƚ ĨŝŶĂŶĐŝŶŐ ĂŶĚ ǁŽƌŬŝŶŐ
ŬĞƌũĂ LJĂŶŐ ŵĞŶƵŶũĂŶŐ ƉƌŽLJĞŬ ŚŝũĂƵ ƐĞƌƚĂ ĐĂƉŝƚĂů ƚŽ ƐƵƉƉŽƌƚ ŐƌĞĞŶ ƉƌŽũĞĐƚƐ ĂŶĚ ŚĂǀĞ Ă
ŵĞŵŝůŝŬŝƉƌŽĨŝƚĂďŝůŝƚĂƐLJĂŶŐďĂŝŬ͘ ŐŽŽĚƉƌŽĨŝƚĂďŝůŝƚLJ͘
<ŝŶĞƌũĂKƉĞƌĂƐŝŽŶĂů KƉĞƌĂƚŝŽŶĂůWĞƌĨŽƌŵĂŶĐĞ
DĂŶĂũĞŵĞŶ ƐĞŶĂŶƚŝĂƐĂ ŵĞůĂŬƵŬĂŶ DĂŶĂŐĞŵĞŶƚ ĐŽŶƚŝŶƵŽƵƐůLJ ƌĞǀŝĞǁ ĂŶĚ
ƉĞŶŝŶũĂƵĂŶ ĚĂŶ ƉĞŶLJĞŵƉƵƌŶĂĂŶ ƚĞƌŚĂĚĂƉ ƌĞĨŝŶĞĞdžŝƐƚŝŶŐƉŽůŝĐŝĞƐƚŚƌŽƵŐŚŽƵƚϮϬϮϱ͕ƚĂŬŝŶŐ
ŬĞďŝũĂŬĂŶ LJĂŶŐ ďĞƌůĂŬƵ ƐĞƉĂŶũĂŶŐ ƚĂŚƵŶ ϮϬϮϱ ŝŶƚŽĂĐĐŽƵŶƚŝŶƉƵƚ ƌĞĐĞŝǀĞĚĨƌŽŵďŽƚŚŝŶƚĞƌŶĂů
ĚĞŶŐĂŶ ŵĞŵƉĞƌŚĂƚŝŬĂŶ ŵĂƐƵŬĂŶ LJĂŶŐ ĂŶĚ ĞdžƚĞƌŶĂů ƉĂƌƚŝĞƐ͕ ŝŶĐůƵĚŝŶŐ ƚŚĞ &ŝŶĂŶĐŝĂů
ĚŝƉĞƌŽůĞŚ ďĂŝŬ ĚĂƌŝ ƉŝŚĂŬ ŝŶƚĞƌŶĂů ŵĂƵƉƵŶ ĚĂƌŝ ^ĞƌǀŝĐĞƐ ƵƚŚŽƌŝƚLJ͘ ůů ŝŶƉƵƚ ďĞĐĂŵĞ ĂŶ
ƉŝŚĂŬ ĞŬƐƚĞƌŶĂů͕ ƚĞƌŵĂƐƵŬ KƚŽƌŝƚĂƐ :ĂƐĂ ĞǀĂůƵĂƚŝŽŶ ŵĂƚĞƌŝĂů ĂŶĚ ďĂƐŝƐ ĨŽƌ ŝŵƉƌŽǀŝŶŐ
<ĞƵĂŶŐĂŶ͘ ^ĞůƵƌƵŚ ŵĂƐƵŬĂŶ ƚĞƌƐĞďƵƚ ĚŝũĂĚŝŬĂŶ ƚŚĞ ƋƵĂůŝƚLJ ŽĨ ƉŽůŝĐŝĞƐ ĂŶĚ ĐŽƌƉŽƌĂƚĞ
ƐĞďĂŐĂŝ ďĂŚĂŶ ĞǀĂůƵĂƐŝ ĚĂŶ ůĂŶĚĂƐĂŶ ĚĂůĂŵ ŐŽǀĞƌŶĂŶĐĞŐŽŝŶŐĨŽƌǁĂƌĚ͘
ŵĞŶŝŶŐŬĂƚŬĂŶ ŬƵĂůŝƚĂƐ ŬĞďŝũĂŬĂŶ ƐĞƌƚĂ ƚĂƚĂ
ŬĞůŽůĂƉĞƌƵƐĂŚĂĂŶŬĞĚĞƉĂŶ͘
WĞƌƐĞƌŽĂŶ ŵĞŶŐƵƐƵŶŐ ŶŝůĂŝͲŶŝůĂŝ dŚĞ ŽŵƉĂŶLJ ƵƉŚŽůĚƐ ƐƵƐƚĂŝŶĂďůĞ ǀĂůƵĞƐ
ďĞƌŬĞůĂŶũƵƚĂŶ ƐĞƉĞƌƚŝ ŬĞƐĞƚĂƌĂĂŶ ŐĞŶĚĞƌ͕ ƐƵĐŚ ĂƐ ŐĞŶĚĞƌ ĞƋƵĂůŝƚLJ͕ ĚĞĐĞŶƚ ǁŽƌŬ ĂŶĚ
ƉĞƌŬĞƌũĂĂŶ LJĂŶŐ ůĂLJĂŬ ĚĂŶ ƉĞƌƚƵŵďƵŚĂŶ ĞĐŽŶŽŵŝĐ ŐƌŽǁƚŚ ĨŽƌ ǁŽƌŬĞƌƐ͕ ĂŶĚ ĨƵůů
ĞŬŽŶŽŵŝ ďĂŐŝ ƉĞŬĞƌũĂ͕ ƐĞƌƚĂ ŬĞƉĂƚƵŚĂŶ ƉĞŶƵŚ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ƌĞŐƵůĂƚŝŽŶƐ͘ /Ŷ ϮϬϮϱ͕ ƚŚĞ
ƚĞƌŚĂĚĂƉ ƉĞƌĂƚƵƌĂŶ LJĂŶŐ ďĞƌůĂŬƵ͘ ŝ ƚĂŚƵŶ ŽŵƉĂŶLJ ŚĂƐ Ă ďĂůĂŶĐĞĚ ƌĂƚŝŽ ŽĨ ĨĞŵĂůĞ ĂŶĚ
ϮϬϮϱ͕ WĞƌƐĞƌŽĂŶ ŵĞŵŝůŝŬŝ ƉĞƌďĂŶĚŝŶŐĂŶ ƌĂƐŝŽ ŵĂůĞǁŽƌŬĞƌƐ͘dŚĞŽŵƉĂŶLJŐŝǀĞƐĂƚƚĞŶƚŝŽŶƚŽ
ƉĞŬĞƌũĂ ǁĂŶŝƚĂ ĚĂŶ ůĂŬŝͲůĂŬŝ LJĂŶŐ ƐĞŝŵďĂŶŐ͘ ĞŵƉůŽLJĞĞǁĞůĨĂƌĞďLJĞŶƌŽůůŝŶŐƚŚĞŵŝŶW:^Ͳd<
WĞƌƐĞƌŽĂŶ ŵĞŵƉĞƌŚĂƚŝŬĂŶ ŬĞƐĞũĂŚƚĞƌĂĂŶ ĂŶĚ W:^ <ĞƐĞŚĂƚĂŶ ƉƌŽŐƌĂŵƐ͘ /Ŷ ĂĚĚŝƚŝŽŶ͕
ŬĂƌLJĂǁĂŶ ĚĞŶŐĂŶ ŵĞŶŐŝŬƵƚͲƐĞƌƚĂŬĂŶ ĚĂůĂŵ ĞŵƉůŽLJĞĞ ĚĞǀĞůŽƉŵĞŶƚ ŝƐ ĂůƐŽ ĐĂƌƌŝĞĚ ŽƵƚ
ƉƌŽŐƌĂŵͲƉƌŽŐƌĂŵ W:^Ͳd< ŵĂƵƉƵŶ W:^ ƚŚƌŽƵŐŚ ǀĂƌŝŽƵƐƚƌĂŝŶŝŶŐĂŶĚƐĞůĨͲĚĞǀĞůŽƉŵĞŶƚ
<ĞƐĞŚĂƚĂŶ͘^ĞůĂŝŶŝƚƵ͕ƉĞŶŐĞŵďĂŶŐĂŶŬĂƌLJĂǁĂŶ ĚƵƌŝŶŐϮϬϮϱ͘
ũƵŐĂ ĚŝůĂŬƵŬĂŶ ŵĞůĂůƵŝ ďĞƌďĂŐĂŝ ŵĂĐĂŵ
ƉĞůĂƚŝŚĂŶĚĂŶƉĞŶŐĞŵďĂŶŐĂŶĚŝƌŝƐĞůĂŵĂƚĂŚƵŶ
ϮϬϮϱ͘
WĞůĂŬƐĂŶĂĂŶdĂƚĂ<ĞůŽůĂWĞƌƵƐĂŚĂĂŶ /ŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ 'ŽŽĚ ŽƌƉŽƌĂƚĞ
'ŽǀĞƌŶĂŶĐĞ
DĂŶĂũĞŵĞŶ ďĞƌƵƐĂŚĂ ŵĞŶĞƌĂƉŬĂŶ DĂŶĂŐĞŵĞŶƚ ƐƚƌŝǀĞƐ ƚŽ ŝŵƉůĞŵĞŶƚ ŐŽŽĚ
ƉƌŝŶƐŝƉͲƉƌŝŶƐŝƉƚĂƚĂŬĞůŽůĂWĞƌƵƐĂŚĂĂŶLJĂŶŐďĂŝŬ ĐŽƌƉŽƌĂƚĞ ŐŽǀĞƌŶĂŶĐĞ ƉƌŝŶĐŝƉůĞƐ ŝŶ ĐŽŶĚƵĐƚŝŶŐ
ĚĂůĂŵ ŵĞŶũĂůĂŶŬĂŶ ďŝƐŶŝƐ͘ <ĞƚĞƌďƵŬĂĂŶ ŝƚƐ ďƵƐŝŶĞƐƐ͘ dƌĂŶƐƉĂƌĞŶĐLJ ŝƐ ĂĐŚŝĞǀĞĚ ƚŚƌŽƵŐŚ
ĚŝůĂŬƵŬĂŶ ĚĞŶŐĂŶŵĞůĂŬƵŬĂŶ ƉĞůĂƉŽƌĂŶ ŬŝŶĞƌũĂ ƋƵĂƌƚĞƌůLJ ĨŝŶĂŶĐŝĂů ƉĞƌĨŽƌŵĂŶĐĞ ƌĞƉŽƌƚŝŶŐ͕
ŬĞƵĂŶŐĂŶ ƉĞƌ ŬƵĂƌƚĂů ƐĞĐĂƌĂ ƚĞƉĂƚ ǁĂŬƚƵ ĚĂŶ ǁŚŝĐŚ ŝƐ ƉƵďůŝƐŚĞĚ ŽŶ ƚŚĞ ŽŵƉĂŶLJΖƐ ǁĞďƐŝƚĞ
ĚŝƉƵďůŝŬĂƐŝŬĂŶ ŵĞůĂůƵŝ ǁĞďƐŝƚĞ WĞƌƵƐĂŚĂĂŶ ĂŶĚƚŚĞ/ŶĚŽŶĞƐŝĂ^ƚŽĐŬ džĐŚĂŶŐĞǁĞďƐŝƚĞ͘dŚĞ
ŵĂƵƉƵŶ ǁĞďƐŝƚĞ ƵƌƐĂ ĨĞŬ /ŶĚŽŶĞƐŝĂ͘ ŽŵƉĂŶLJ ĂůƐŽ ŚŽůĚƐ ĂŶ ŶŶƵĂů 'ĞŶĞƌĂů
WĞƌƐĞƌŽĂŶ ũƵŐĂ ŵĞůĂŬƐĂŶĂŬĂŶ ZhW^ dĂŚƵŶĂŶ DĞĞƚŝŶŐŽĨ^ŚĂƌĞŚŽůĚĞƌƐ;'D^ͿĂŶŶƵĂůůLJĂŶĚ
ƐĞƚŝĂƉ ƚĂŚƵŶŶLJĂ ƐĞƌƚĂ ŵĞŶŐĂĚĂŬĂŶ WƵďůŝĐ ŚĞůĚ Ă WƵďůŝĐ džƉŽƐĞ ϭ ƚŝŵĞƐ ŝŶ ϮϬϮϰ ĂŶĚ Ϯ
džƉŽƐĞ ƐĞďĂŶLJĂŬ ϭdž ƉĂĚĂ ƚĂŚƵŶ ϮϬϮϰ ĚĂŶ Ϯdž ƚŝŵĞƐŝŶϮϬϮϱ͘
ƉĂĚĂƚĂŚƵŶϮϬϮϱ͘
ĞǁĂŶ ŝƌĞŬƐŝ ďĞƌŬŽŽƌĚŝŶĂƐŝ ĚĞŶŐĂŶ dŚĞ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ ĐŽŽƌĚŝŶĂƚĞƐ ǁŝƚŚ
ďĞƌďĂŐĂŝ ŝǀŝƐŝ͕ <ŽŵŝƚĞ ƐĞƌƚĂ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ǀĂƌŝŽƵƐŝǀŝƐŝŽŶƐ͕ŽŵŵŝƚƚĞĞƐĂŶĚƚŚĞŽĂƌĚŽĨ
ĚĂůĂŵŵĞŶũĂůĂŶŬĂŶƚƵŐĂƐƉĞŶŐƵƌƵƐĂŶ͘ĞƌďĂŐĂŝ ŽŵŵŝƐƐŝŽŶĞƌƐ ŝŶ ĐĂƌƌLJŝŶŐ ŽƵƚ ŵĂŶĂŐĞŵĞŶƚ
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
ŬĞďŝũĂŬĂŶĚŝƐƵƐƵŶƐĞƌƚĂĚŝƉĞƌďĂŝŬŝƐĞůĂŵĂƚĂŚƵŶ ĚƵƚŝĞƐ͘ sĂƌŝŽƵƐ ƉŽůŝĐŝĞƐ ǁĞƌĞ ƉƌĞƉĂƌĞĚ ĂŶĚ
ϮϬϮϱ ĚĂůĂŵ ƌĂŶŐŬĂ ŵĞŵďĞƌŝŬĂŶ ŬĞũĞůĂƐĂŶ ŝŵƉƌŽǀĞĚ ĚƵƌŝŶŐ ϮϬϮϱ ŝŶ ŽƌĚĞƌ ƚŽ ƉƌŽǀŝĚĞ
ĨƵŶŐƐŝ ĚĂŶ ƚƵŐĂƐ ƐĞƌƚĂ ĚĂůĂŵ ŵĞŶũĂŵŝŶ ĐůĂƌŝƚLJ ŽŶ ĨƵŶĐƚŝŽŶƐ ĂŶĚ ĚƵƚŝĞƐ ĂŶĚ ƚŽ ĞŶƐƵƌĞ
ŬĞƉĂƚƵŚĂŶ WĞƌƵƐĂŚĂĂŶ ƚĞƌŚĂĚĂƉ ƉĞƌĂƚƵƌĂŶ ƚŚĞ ŽŵƉĂŶLJΖƐ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ZĞŐƵůĂƚŝŽŶƐ͘
LJĂŶŐďĞƌůĂŬƵ͘ZĂƉĂƚŝƌĞŬƐŝĚŝůĂŬƵŬĂŶƐĞďĂŶLJĂŬ ŽĂƌĚŽĨ ŝƌĞĐƚŽƌƐ ŵĞĞƚŝŶŐƐ ĂƌĞ ŚĞůĚ ϭϯ ƚŝŵĞƐ
ϭϯ ŬĂůŝ ƐĞůĂŵĂ ƚĂŚƵŶ ϮϬϮϱ͘ dĞƌŵĂƐƵŬ ĚƵƌŝŶŐ ϮϬϮϰ͘ dŚŝƐ ŵĞĞƚŝŶŐ ĂůƐŽ ŝŶĐůƵĚĞĚ ũŽŝŶƚ
ĚŝĚĂůĂŵŶLJĂZĂƉĂƚŐĂďƵŶŐĂŶĞǁĂŶŝƌĞŬƐŝĚĂŶ ŵĞĞƚŝŶŐƐ ǁŝƚŚ ƚŚĞ ŽĂƌĚ ŽĨ ŽŵŵŝƐƐŝŽŶĞƌƐ
ĞǁĂŶ <ŽŵŝƐĂƌŝƐ LJĂŶŐ ĚŝůĂŬƵŬĂŶ ƐĞďĂŶLJĂŬ ϯ ƚŚĂƚ ŚĞůĚ ϯ ƚŝŵĞƐ ĚƵƌŝŶŐ ϮϬϮϱ͘ dŚĞ ŽĂƌĚ ŽĨ
ŬĂůŝ ƐĞůĂŵĂ ƚĂŚƵŶ ϮϬϮϱ͘ ĞǁĂŶ ĚŝƌĞŬƐŝ ŝƌĞĐƚŽƌƐĂůǁĂLJƐĐŽŵŵƵŶŝĐĂƚĞƐĂŶĚĨŽůůŽǁƐƵƉ
ƐĞŶĂŶƚŝĂƐĂ ďĞƌŬŽŵƵŶŝŬĂƐŝ ƐĞƌƚĂ ĂŶLJƌĞĐŽŵŵĞŶĚĂƚŝŽŶĨŽƌŝŵƉƌŽǀĞŵĞŶƚĐŽŵŝŶŐ
ŵĞŶŝŶĚĂŬůĂŶũƵƚŝ ďĞƌďĂŐĂŝ ŵĂƐƵŬĂŶ ƉĞƌďĂŝŬĂŶ ĨƌŽŵƚŚĞŽĂƌĚŽĨŽŵŵŝƐƐŝŽŶĞƌƐ͘
ĚĂƌŝĞǁĂŶ<ŽŵŝƐĂƌŝƐ͘
<ĞďĞƌůĂŶũƵƚĂŶĚĂŶdĂŶŐŐƵŶŐũĂǁĂď^ŽƐŝĂů ^ƵƐƚĂŝŶĂďŝůŝƚLJ ĂŶĚ ŽƌƉŽƌĂƚĞ ^ŽĐŝĂů
WĞƌƐĞƌŽĂŶ ZĞƐƉŽŶƐŝďŝůŝƚLJ
<Ăŵŝ ŵĞŶLJĂĚĂƌŝ ƉĞƌĂŶ ŬĞďĞƌůĂŶũƵƚĂŶ ĚĂŶ tĞ ƌĞĐŽŐŶŝnjĞ ƚŚĞ ƌŽůĞ ŽĨ ƐƵƐƚĂŝŶĂďŝůŝƚLJ
ƚĂŶŐŐƵŶŐ ũĂǁĂď ƐŽƐŝĂů ĚĂƌŝ WĞƌƐĞƌŽĂŶ͘ ĂŶĚ ƐŽĐŝĂů ƌĞƐƉŽŶƐŝďŝůŝƚLJ ŽĨ ƚŚĞ ŽŵƉĂŶLJ͘ dŚĞ
<ŽŶƚƌŝďƵƐŝ WĞƌƐĞƌŽĂŶ ĚŝŵƵůĂŝ ĚĂƌŝ ƉĞŶLJĞƐƵĂŝĂŶ ŽŵƉĂŶLJΖƐ ĐŽŶƚƌŝďƵƚŝŽŶ ƐƚĂƌƚŝŶŐ ĨƌŽŵ ƚŚĞ ^KW
^KW LJĂŶŐ ŵĞŶŐŚĂƌƵƐŬĂŶ ŶĂůŝƐĂ ĂŵƉĂŬ ƚŚĂƚ ƌĞƋƵŝƌĞƐ ŶǀŝƌŽŶŵĞŶƚĂů /ŵƉĂĐƚ ŶĂůLJƐŝƐ
>ŝŶŐŬƵŶŐĂŶ ;D>Ϳ ĚĂůĂŵ ƉĞƌƐLJĂƌĂƚĂŶ ;D>Ϳ ŝŶ ĨŝŶĂŶĐŝŶŐ ƌĞƋƵŝƌĞŵĞŶƚƐ͕ ĞŵƉůŽLJĞĞ
ƉĞŵďŝĂLJĂĂŶ ĚĂŶ ƉĞůĂƚŝŚĂŶ ŬĂƌLJĂǁĂŶ ƚĞƌŬĂŝƚ ƚƌĂŝŶŝŶŐƌĞůĂƚĞĚƚŽƐƵƐƚĂŝŶĂďůĞĨŝŶĂŶĐĞ͕ĂŶĚƚŚĞ
ŬĞƵĂŶŐĂŶ ďĞƌŬĞůĂŶũƵƚĂŶ͘ WĞƌƐĞƌŽĂŶ ũƵŐĂ ŝŵƉĂĐƚ ŽĨ ƐƵƐƚĂŝŶĂďůĞ ĨŝŶĂŶĐŝŶŐ͘ dŚĞ ŽŵƉĂŶLJ
ďĞƌŬŽŶƚƌŝďƵƐŝ ƐĞĐĂƌĂ ƐŽƐŝĂů ŵĞůĂůƵŝ ƉƌŽŐƌĂŵ ĂůƐŽ ĐŽŶƚƌŝďƵƚĞƐ ƐŽĐŝĂůůLJ ƚŚƌŽƵŐŚ ůŝƚĞƌĂĐLJ ĂŶĚ
ůŝƚĞƌĂƐŝĚĂŶŝŶŬůƵƐŝLJĂŶŐĚŝůĂŬƵŬĂŶĚƵĂŬĂůŝƉĂĚĂ ŝŶĐůƵƐŝŽŶ ƉƌŽŐƌĂŵƐ ǁŚŝĐŚ ĐĂƌƌŝĞĚ ŽƵƚ ƚǁŝĐĞ ŝŶ
ƚĂŚƵŶϮϬϮϱ͘ ϮϬϮϱ͘
WĞƌƐĞƌŽĂŶ ƐĞŶĂŶƚŝĂƐĂ ŵĞŵƉĞƌŚĂƚŝŬĂŶ dŚĞ ŽŵƉĂŶLJ ŐŝǀĞƐ ĂƚƚĞŶƚŝŽŶ ƚŽ ƚŚĞ
ŬĞƐĞũĂŚƚĞƌĂĂŶ ŬĂƌLJĂǁĂŶ͕ ĚĞŶŐĂŶ ĐĂƌĂ ǁĞůĨĂƌĞŽĨŝƚƐĞŵƉůŽLJĞĞƐ͕ďLJƉƌŽǀŝĚŝŶŐďĞŶĞĨŝƚƐ
ŵĞŵďĞƌŝŬĂŶďĞŶĞĨŝƚďĞƌƵƉĂĂƐƵƌĂŶƐŝŬĞƐĞŚĂƚĂŶ ŝŶ ƚŚĞ ĨŽƌŵ ŽĨ ŚĞĂůƚŚ ŝŶƐƵƌĂŶĐĞ ƚŚƌŽƵŐŚ ƚŚĞ
ŵĞůĂůƵŝ ƉƌŽŐƌĂŵ W:^ ƉĞŵĞƌŝŶƚĂŚ ƐĞƌƚĂ ŐŽǀĞƌŶŵĞŶƚΖƐ W:^ ƉƌŽŐƌĂŵ ĂŶĚ ƉĂƌƚŝĐŝƉĂƚŝŶŐ
ŵĞŶŐŝŬƵƚͲƐĞƌƚĂŬĂŶ ŬĂƌLJĂǁĂŶ ĚĂůĂŵ ďĞƌďĂŐĂŝ ĞŵƉůŽLJĞĞƐ ƚŚƌŽƵŐŚ ǀĂƌŝŽƵƐ ƚƌĂŝŶŝŶŐƐ͘ /Ŷ
ƉĞůĂƚŝŚĂŶ͘ ^ĞůĂŝŶ ŝƚƵ WĞƌƐĞƌŽĂŶ ũƵŐĂ ĂĚĚŝƚŝŽŶ͕ ƚŚĞ ŽŵƉĂŶLJ ĂůƐŽ ƉĂLJƐ ƐƉĞĐŝĂů
ŵĞŵďĞƌŝŬĂŶ ƉĞƌŚĂƚŝĂŶ ŬŚƵƐƵƐ ƚĞƌŚĂĚĂƉ ĂƚƚĞŶƚŝŽŶ ƚŽ KĐĐƵƉĂƚŝŽŶĂů ,ĞĂůƚŚ ĂŶĚ ^ĂĨĞƚLJ
<ĞƐĞŚĂƚĂŶ ĚĂŶ <ĞƐĞůĂŵĂƚĂŶ <ĞƌũĂ ŵĞůĂůƵŝ ƚŚƌŽƵŐŚ ƐƚĂŶĚĂƌĚŝnjĂƚŝŽŶŽĨƐĞĐƵƌŝƚLJĂŶĚƐĂĨĞƚLJ
ƐƚĂŶĚĂƌŝƐĂƐŝ ĨĂƐŝůŝƚĂƐ ƉĞŶƵŶũĂŶŐ ŬĞĂŵĂŶĂŶ ĚĂŶ ƐƵƉƉŽƌƚŝŶŐ ĨĂĐŝůŝƚŝĞƐ ŝŶ ƚŚĞ ďƵŝůĚŝŶŐ͕ ƐƵĐŚ ĂƐ͗
ŬĞƐĞůĂŵĂƚĂŶ ŐĞĚƵŶŐ ƚĞŵƉĂƚ ŬĞƌũĂ ŬĂƌLJĂǁĂŶ ĞŵĞƌŐĞŶĐLJ ĞdžŝƚƐ͕ ĨŝƌĞĨŝŐŚƚŝŶŐ ĞƋƵŝƉŵĞŶƚ͕
ƐĞƉĞƌƚŝƉŝŶƚƵ ŬĞůƵĂƌĚĂƌƵƌĂƚ͕ĨĂƐŝůŝƚĂƐƉĞŵĂĚĂŵ ďƵŝůĚŝŶŐ ƐĞĐƵƌŝƚLJ ŽĨĨŝĐĞƌƐ͕ ĂŶĚ ƐĂĨĞƚLJ ĚƌŝůůƐ ŝŶ
ŬĞďĂŬĂƌĂŶ͕ ƉĞƚƵŐĂƐ ŬĞĂŵĂŶĂŶ ŐĞĚƵŶŐ͕ ĚĂŶ ŽƌĚĞƌƚŽŝŶĐƌĞĂƐĞĞŵƉůŽLJĞĞĂǁĂƌĞŶĞƐƐ͘
ƐĂĨĞƚLJ Ěƌŝůů ĚĂůĂŵ ƌĂŶŐŬĂ ŵĞŶŝŶŐŬĂƚŬĂŶ
ĂǁĂƌĞŶĞƐƐĚĂƌŝƉĞŬĞƌũĂ͘
WƌŽƐƉĞŬhƐĂŚĂĚĂŶ^ƚƌĂƚĞŐŝ ƵƐŝŶĞƐƐWƌŽƐƉĞĐƚĂŶĚ^ƚƌĂƚĞŐLJ
WĞƌƐĞƌŽĂŶ ŵĞŶLJŝĂƉŬĂŶ ƌĞŶĐĂŶĂ ƵŶƚƵŬ dŚĞ ĐŽŵƉĂŶLJ ŝƐ ƉƌĞƉĂƌŝŶŐ ƉůĂŶƐ ƚŽ ĞŶƚĞƌ
ŵƵůĂŝ ŵĂƐƵŬ ŬĞ ƉĞŵďŝĂLJĂĂŶ ŚŝũĂƵ ƐĞƉĞƌƚŝ ŐƌĞĞŶ ĨŝŶĂŶĐŝŶŐ͕ ƐƵĐŚ ĂƐ ĨŝŶĂŶĐŝŶŐ ĞůĞĐƚƌŝĐ
ƉĞŵďŝĂLJĂĂŶ ŬĞŶĚĂƌĂĂŶ ůŝƐƚƌŝŬ ŵĂƵƉƵŶ ǀĞŚŝĐůĞƐ ĂŶĚ ŝƚƐ ƐƵƉƉŽƌƚŝŶŐ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͘ dŚĞ
ŝŶĨƌĂƐƚƌƵŬƚƵƌ ƉĞŶƵŶũĂŶŐŶLJĂ͘ WĞƌƐĞƌŽĂŶ ũƵŐĂ ĐŽŵƉĂŶLJ ĂůƐŽ ĞdžƉůŽƌŝŶŐ Ă ƉĂƌƚŶĞƌƐŚŝƉ ǁŝƚŚ
ƐĞĚĂŶŐ ŵĞŶũĂũĂŬŝ ŬĞƌũĂƐĂŵĂ ĚĞŶŐĂŶ ŶĞƌŐLJ ŶĞƌŐLJ ďƐŽůƵƚĞ WƵďůŝĐ ŽŵƉĂŶLJ >ŝŵŝƚĞĚ͕ Ă
ďƐŽůƵƚĞ WƵďůŝĐ ŽŵƉĂŶLJ >ŝŵŝƚĞĚ͕ ƉĞƌƵƐĂŚĂĂŶ dŚĂŝůĂŶĚͲďĂƐĞĚ ĐŽŵƉĂŶLJ ĨŽĐƵƐĞĚ ŽŶ ŐƌĞĞŶ
ďĞƌďĂƐŝƐ Ěŝ dŚĂŝůĂŶĚ LJĂŶŐ ďĞƌŐĞƌĂŬ Ěŝ ĞŶĞƌŐŝ ĞŶĞƌŐLJ͕ ƚŽ ŝŵƉƌŽǀĞ ĨŝŶĂŶĐŝŶŐ ƉĞƌĨŽƌŵĂŶĐĞ ŝŶ
ƚĞƌďĂƌƵŬĂŶ ƵŶƚƵŬ ŵĞŶŝŶŐŬĂƚŬĂŶ ŬŝŶĞƌũĂ ƚŚĞƵƉĐŽŵŝŶŐLJĞĂƌƐ͘
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
ƉĞŵďŝĂLJĂĂŶĚŝƚĂŚƵŶͲƚĂŚƵŶŬĞĚĞƉĂŶ͘
<ŽŵƉŽƐŝƐŝĞǁĂŶŝƌĞŬƐŝ ŽŵƉŽƐŝƚŝŽŶŽĨƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐ
^ĞůĂŵĂ ƚĂŚƵŶ ϮϬϮϱ ŬŽŵƉŽƐŝƐŝ ƐƵƐƵŶĂŶ /Ŷ ϮϬϮϱ͕ ƚŚĞ ĐŽŵƉŽƐŝƚŝŽŶ ŽĨ ƚŚĞ ďŽĂƌĚ ŽĨ
ĚŝƌĞŬƐŝ ƚĞƌĚŝƌŝ ĂƚĂƐ͗ ŶŝƚĂ DĂƌƚĂ ƐĞůĂŬƵ ŝƌĞŬƚƵƌ ĚŝƌĞĐƚŽƌƐ ĐŽŶƐŝƐƚƐ ŽĨ͗ ŶŝƚĂ DĂƌƚĂ ĂƐ WƌĞƐŝĚĞŶƚ
hƚĂŵĂĚĂŶŝĂŶƌŝLJĂŶƚŝtŝũĂLJĂƐĞůĂŬƵŝƌĞŬƚƵƌ͘ ŝƌĞĐƚŽƌĂŶĚŝĂŶƌŝLJĂŶƚŝtŝũĂLJĂĂƐŝƌĞĐƚŽƌ͘
WĞŶƵƚƵƉ ůŽƐŝŶŐZĞŵĂƌŬƐ
dĞƌŝŵĂ ŬĂƐŝŚ ŬĂŵŝ ƐĂŵƉĂŝŬĂŶ ŬĞƉĂĚĂ tĞǁŽƵůĚůŝŬĞƚŽĞdžƉƌĞƐƐŽƵƌŐƌĂƚŝƚƵĚĞƚŽ
ĞǁĂŶ <ŽŵŝƐĂƌŝƐ͕ ƐĞůƵƌƵŚ ŬĂƌLJĂǁĂŶ WĞƌƐĞƌŽĂŶ ƚŚĞ ŽĂƌĚ ŽĨ ŽŵŵŝƐƐŝŽŶĞƌƐ͕ Ăůů ŽŵƉĂŶLJ
ĚĂŶ ƉĞŵĂŶŐŬƵ ŬĞƉĞŶƚŝŶŐĂŶ ůĂŝŶŶLJĂ͘ ƚĂƐ ĞŵƉůŽLJĞĞƐ͕ ĂŶĚ ŽƚŚĞƌ ƐƚĂŬĞŚŽůĚĞƌƐ ĨŽƌ ƚŚĞŝƌ
ĚĞĚŝŬĂƐŝ͕ ŬĞƌũĂ ŬĞƌĂƐ͕ ŬĞƉĞƌĐĂLJĂĂŶ ĚĂŶ ĚĞĚŝĐĂƚŝŽŶ͕ ŚĂƌĚ ǁŽƌŬ͕ ƚƌƵƐƚ͕ ĂŶĚ ƐƵƉƉŽƌƚ ƚŚĂƚ
ĚƵŬƵŶŐĂŶ ĚĂƌŝ ƐĞŵƵĂ ƉŝŚĂŬ͕ ƐĞŚŝŶŐŐĂ ŚĂǀĞ ĞŶĂďůĞĚ ƚŚĞ ŽŵƉĂŶLJ ƚŽ ƐƵƌǀŝǀĞ ĂŶĚ
WĞƌƐĞƌŽĂŶ ĚĂƉĂƚ ďĞƌƚĂŚĂŶ ĚĂŶ ŵĞŶŽƌĞŚŬĂŶ ĂĐŚŝĞǀĞŝƚƐĐƵƌƌĞŶƚƐƵĐĐĞƐƐ͘
ƉƌĞƐƚĂƐŝŚŝŶŐŐĂƐĂĂƚŝŶŝ͘
ƚĂƐEĂŵĂŝƌĞŬƐŝ
KŶďĞŚĂůĨŽĨƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐŽĨ
Wd&h:/&/EE /EKE ^/dďŬ͕͘
E/dDZd
ŝƌĞŬƚƵƌhƚĂŵĂͬWƌĞƐŝĚĞŶƚŝƌĞĐƚŽƌ
Wd&h:/&/EE /EKE ^/d<
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INTEGRATED
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
/E&KZD^/W Z^ ZKEϱϭ͗Ͳϯď
KDWEz͛^/E&KZDd/KE
EĂŵĂWĞƌƐĞƌŽĂŶ'Z/ϮͲϭͲĂ <ŽĚĞ^ĂŚĂŵ
ŽŵƉĂŶLJΖƐEĂŵĞ dŝĐŬĞƌŽĚĞ
Wd&Ƶũŝ&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂdďŬĚŝƐŝŶŐŬĂƚƐĞďĂŐĂŝ &h:/
;ĂďďƌĞǀŝĂƚĞĚĂƐͿ&Ƶũŝ&ŝŶĂŶĐĞ
ŽŵŝƐŝůŝ'Z/ϮͲϭͲĐ͕ϮͲϭͲĚϱϭ͗ͲϯĐͲϰ dĂŶŐŐĂůWĞŶĚĂĨƚĂƌĂŶ^ĂŚĂŵ
ŽŵŝĐŝůĞ ĂƚĞŽĨ^ŚĂƌĞƐZĞŐŝƐƚƌĂƚŝŽŶ
:ĂŬĂƌƚĂ^ĞůĂƚĂŶ͕</:ĂŬĂƌƚĂ͕/ŶĚŽŶĞƐŝĂ ϵ:ƵůŝϮϬϭϵͬ:ƵůLJϵ͕ϮϬϭϵ
dĂŶŐŐĂůWĞŶĚŝƌŝĂŶ ƵƌƐĂWĞƌĚĂŐĂŶŐĂŶ^ĂŚĂŵ
ĂƚĞŽĨ ƐƚĂďůŝƐŚŵĞŶƚ ^ƚŽĐŬ džĐŚĂŶŐĞ
Ϯϭ^ĞƉƚĞŵďĞƌϭϵϴϮͬ^ĞƉƚĞŵďĞƌϮϭ͕ϭϵϴϮ ƵƌƐĂ ĨĞŬ/ŶĚŽŶĞƐŝĂ
ŬƚĂWĞŶĚŝƌŝĂŶ'Z/ϮͲϭͲď
DŽĚĂůĂƐĂƌ
ĞĞĚŽĨ ƐƚĂďůŝƐŚŵĞŶƚ
ƵƚŚŽƌŝnjĞĚĂƉŝƚĂů
ĞƌĚĂƐĂƌŬĂŶ ĂŬƚĂ ŶŽ͘Ϯϴϳ LJĂŶŐ ĚŝďƵĂƚ ĚŝŚĂĚĂƉĂŶ EŽƚĂƌŝƐ
ZƉϱϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ
<ĂƌƚŝŶŝ DƵůũĂĚŝ͕ ^͘,͘ Ěŝ :ĂŬĂƌƚĂ͘ ŬƚĂ ĚŝƐĂŚŬĂŶ ŽůĞŚ
<ĞŵĞŶŬƵŚĂŵ EĞŐĂƌĂ ZĞƉƵďůŝŬ /ŶĚŽŶĞƐŝĂ ĚĞŶŐĂŶ ^ƵƌĂƚ DŽĚĂůŝƐĞƚŽƌ
WƵƚƵƐĂŶEŽ͘ϮͲϭϮϱϮͲ,d͘Ϭϭ͘Ϭϭ͘d,͘ϴϯƚĞƌƚĂŶŐŐĂůϭϱ&ĞďƌƵĂƌŝ /ƐƐƵĞĚĂŶĚ&ƵůůLJWĂŝĚͲƵƉĂƉŝƚĂů
ϭϵϴϯĚĂŶĚŝƵŵƵŵŬĂŶƉĂĚĂEZ/EŽ͘ϮϴϯƚĞƌƚĂŶŐŐĂůϭDĂƌĞƚ ZƉϭϯϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ
ϭϵϴϯ͕dĂŵďĂŚĂŶEŽ͘ϭϳ͘
<ĞĂŶŐŐŽƚĂĂŶƐŽƐŝĂƐŝ'Z/ϮͲϮϴͲĂϱϭ͗ͲϯĞ
ĂƐĞĚ ŽŶ ĞĞĚ EŽ͘Ϯϴϳ ŵĂĚĞ ďĞĨŽƌĞ <ĂƌƚŝŶŝ DƵůũĂĚŝ͕ ^͘,͕͘ DĞŵďĞƌƐŚŝƉŝŶƐƐŽĐŝĂƚŝŽŶ
EŽƚĂƌLJŝŶ:ĂŬĂƌƚĂ͘dŚĞĚĞĞĚŽĨĞƐƚĂďůŝƐŚŵĞŶƚǁĂƐĂƉƉƌŽǀĞĚ x ƐŽƐŝĂƐŝWĞƌƵƐĂŚĂĂŶWĞŵďŝĂLJĂĂŶ
ďLJƚŚĞDŝŶŝƐƚƌLJŽĨ:ƵƐƚŝĐĞĂŶĚ,ƵŵĂŶZŝŐŚƚƐŽĨƚŚĞZĞƉƵďůŝĐ /ŶĚŽŶĞƐŝĂͬ/ŶĚŽŶĞƐŝĂŶ&ŝŶĂŶĐŝĂů
ŽĨ /ŶĚŽŶĞƐŝĂ ƚŚƌŽƵŐŚ ĞĐƌĞĞ EŽ͘ ϮͲϭϮϱϮͲ,d͘Ϭϭ͘Ϭϭ͘d,͘ϴϯ ^ĞƌǀŝĐĞƐƐƐŽĐŝĂƚŝŽŶ
ĚĂƚĞĚ&ĞďƌƵĂƌLJϭϱ͕ϭϵϴϯĂŶĚƉƵďůŝƐŚĞĚŝŶƚŚĞ^ƚĂƚĞ'ĂnjĞƚƚĞ
x >ĞŵďĂŐĂůƚĞƌŶĂƚŝĨWĞŶLJĞůĞƐĂŝĂŶ
EŽ͘ϮϴϯĚĂƚĞĚDĂƌĐŚϭ͕ϭϵϴϯ͕^ƵƉƉůĞŵĞŶƚŶŽ͘ϭϳ͘
^ĞŶŐŬĞƚĂͬůƚĞƌŶĂƚŝǀĞŝƐƉƵƚĞ
ZĞƐŽůƵƚŝŽŶ/ŶƐƚŝƚƵƚŝŽŶ
<ĞŐŝĂƚĂŶhƚĂŵĂŝƐŶŝƐ'Z/ϮͲϲͲĂ
x ĂĚĂŶZĞŐŝƐƚƌĂƐŝĂƚĂZW/EKͬ
DĂŝŶƵƐŝŶĞƐƐĐƚŝǀŝƚŝĞƐ ƐƐĞƚĂƚĂZĞŐŝƐƚƌĂƚŝŽŶ^ĞƌǀŝĐĞ
x WĞŵďŝĂLJĂĂŶ/ŶǀĞƐƚĂƐŝͬ/ŶǀĞƐƚŵĞŶƚ&ŝŶĂŶĐŝŶŐ
x WĞŵďŝĂLJĂĂŶDŽĚĂůhƐĂŚĂͬtŽƌŬŝŶŐĂƉŝƚĂů ^ŝƚƵƐtĞď
&ŝŶĂŶĐŝŶŐ ŽŵƉĂŶLJtĞďƐŝƚĞ
x WĞŵďŝĂLJĂĂŶDƵůƚŝŐƵŶĂͬDƵůƚŝƉƵƌƉŽƐĞ&ŝŶĂŶĐŝŶŐ ǁǁǁ͘ĨƵũŝĨŝŶĂŶĐĞ͘ĐŽŵ
:ƵŵůĂŚ<ĂƌLJĂǁĂŶ ^ĞŬƌĞƚĂƌŝƐWĞƌƐĞƌŽĂŶ'Z/ϮͲϯͲĚ
dŽƚĂů ŵƉůŽLJĞƐ ŽƌƉŽƌĂƚĞ^ĞĐƌĞƚĂƌLJ
ϭϴ ŝŶĨŽΛĨƵũŝĨŝŶĂŶĐĞ͘ĐŽŵ
25
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
^ :Z,^/E'<dW Z^ ZKEϱϭ͗ͲϯĨ
Z/ &KDWEz,/^dKZz
Wd &Ƶũŝ &ŝŶĂŶĐĞ /ŶĚŽŶĞƐŝĂ dďŬ ŵĞƌƵƉĂŬĂŶ Wd &Ƶũŝ &ŝŶĂŶĐĞ /ŶĚŽŶĞƐŝĂ dďŬ ŝƐ Ă
ŵƵůƚŝĨŝŶĂŶĐĞLJĂŶŐƚĞůĂŚďĞƌŐĞƌĂŬƐĞũĂŬƚĂŚƵŶϭϵϴϮ͘ ŵƵůƚŝĨŝŶĂŶĐĞ ĐŽŵƉĂŶLJ ƚŚĂƚ ŚĂƐ ďĞĞŶ ŽƉĞƌĂƚŝŶŐ
ǁĂůŶLJĂĚŝĚŝƌŝŬĂŶƉĂĚĂƚĂŶŐŐĂůϮϭ^ĞƉƚĞŵďĞƌϭϵϴϮ ƐŝŶĐĞϭϵϴϮ͘/ŶŝƚŝĂůůLJŝƚǁĂƐĨŽƵŶĚĞĚŽŶ^ĞƉƚϮϭ͕ϭϵϴϮ
ĚĞŶŐĂŶ ŶĂŵĂ ͞Wd :ĂLJĂ &ĂũĂƌ >ĞĂƐŝŶŐ WƌĂƚĂŵĂ͟ ƵŶĚĞƌ ƚŚĞ ŶĂŵĞ ͞Wd :ĂLJĂ &ĂũĂƌ >ĞĂƐŝŶŐ WƌĂƚĂŵĂ͟
ďĞƌĚĂƐĂƌŬĂŶ ĂŬƚĂ EŽ͘Ϯϴϳ LJĂŶŐ ĚŝďƵĂƚ Ěŝ ŚĂĚĂƉĂŶ ďĂƐĞĚ ŽŶ ĚĞĞĚ ŶŽ Ϯϴϳ͕ ǁŚŝĐŚ ǁĂƐ ŵĂĚĞ ďĞĨŽƌĞ
EŽƚĂƌŝƐ<ĂƌƚŝŶŝDƵůũĂĚŝ^͘,͘Ěŝ:ĂŬĂƌƚĂ͘ EŽƚĂƌLJ<ĂƌƚŝŶŝDƵůũĂĚŝ^͘,͘ůŽĐĂƚĞĚŝŶ:ĂŬĂƌƚĂ͘
WĂĚĂ ƚĂŶŐŐĂů Ϯϰ KŬƚŽďĞƌ ϭϵϴϯ͕ WĞƌƐĞƌŽĂŶ KŶ KĐƚŽďĞƌ Ϯϰ͕ ϭϵϴϯ͕ ƚŚĞ ĐŽŵƉĂŶLJ
ŵĞůĂŬƵŬĂŶ ƉĞƌƵďĂŚĂŶ ĂŶŐŐĂƌĂŶ ĚĂƐĂƌŶLJĂ ĂŵĞŶĚĞĚ ŝƚƐ ĂƌƚŝĐůĞƐ ŽĨ ĂƐƐŽĐŝĂƚŝŽŶ ďĂƐĞĚ ŽŶ ĚĞĞĚ
ďĞƌĚĂƐĂƌŬĂŶ ĂŬƚĂ EŽ ϭϰϱ LJĂŶŐ ĚŝďƵĂƚ Ěŝ ŚĂĚĂƉĂŶ EŽ ϭϰϱ ŵĂĚĞ ďĞĨŽƌĞ EŽƚĂƌLJ <ĂƌƚŝŶŝ DƵůũĂĚŝ ^͘,͘
EŽƚĂƌŝƐ <ĂƌƚŝŶŝ DƵůũĂĚŝ ^͘,͘ ƚĂƐ ĂŬƚĂ ƚĞƌƐĞďƵƚ͕ ĂƐĞĚ ŽŶƚŚĞ ĚĞĞĚ͕ ƚŚĞ ŽŵƉĂŶLJ ŝƐƐƵĞĚĂ ŶƵŵďĞƌ
WĞƌƐĞƌŽĂŶŵĞŶĞƌďŝƚŬĂŶũƵŵůĂŚƐĂŚĂŵďĂƌƵĚĞŶŐĂŶ ŽĨϱϬйŶĞǁƐŚĂƌĞƐ͕ŽǁŶĞĚďLJdŚĞ&ƵũŝĂŶŬ>ƚĚĂŶĚ
ŬĞƉĞŵŝůŝŬĂŶƐĂŚĂŵWĞƌƐĞƌŽĂŶƐĞďĞƐĂƌϱϬйĚŝŵŝůŝŬŝ &ƵLJŽ'ĞŶĞƌĂů>ĞĂƐĞŽ͘>ƚĚǁŚŝĐŚŝƐĂĨŽƌĞŝŐŶĞŶƚŝƚLJ
ŽůĞŚdŚĞ&ƵũŝĂŶŬ>ƚĚĚĂŶ&ƵLJŽ'ĞŶĞƌĂů>ĞĂƐĞŽ͘ ĂŶĚ ĐŚĂŶŐĞĚ ŝƚƐ ŶĂŵĞ ƚŽ Wd :ĂLJĂ &Ƶũŝ >ĞĂƐŝŶŐ
>ƚĚ LJĂŶŐ ŵĞƌƵƉĂŬĂŶ ĞŶƚŝƚĂƐ ĂƐŝŶŐ ĚĂŶ ŵĞƌƵďĂŚ WƌĂƚĂŵĂ͘
ŶĂŵĂŵĞŶũĂĚŝWd:ĂLJĂ&Ƶũŝ>ĞĂƐŝŶŐWƌĂƚĂŵĂ͘
^ĞŝƌŝŶŐ ǁĂŬƚƵ͕ ŬĞƉĞŵŝůŝŬĂŶ ƐĂŚĂŵ KǀĞƌ ƚŚĞ LJĞĂƌƐ͕ ƚŚĞ ƐŚĂƌĞ ŽǁŶĞƌƐŚŝƉ ŽĨ ƚŚĞ
WĞƌƐĞƌŽĂŶŵĞŶŐĂůĂŵŝďĞďĞƌĂƉĂƉĞƌŐĂŶƚŝĂŶ͕,ŝŶŐŐĂ ŽŵƉĂŶLJ ƵŶĚĞƌǁĞŶƚ ƐĞǀĞƌĂů ĐŚĂŶŐĞƐ͘ hŶƚŝů ϮϬϭϴ
ƉĂĚĂ ƚĂŚƵŶ ϮϬϭϴ ŬĞƉĞŵŝůŝŬĂŶ ƐĂŚĂŵ ƵƚĂŵĂ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ŵĂŝŶ ƐŚĂƌĞ ŽǁŶĞƌƐŚŝƉ ǁĂƐ ŚĞůĚ ďLJ
WĞƌƐĞƌŽĂŶ ĚŝƉĞŐĂŶŐ ŽůĞŚ /ŶĚŽǀĂůƵĞ ĂƉŝƚĂů ƐƐĞƚ /ŶĚŽǀĂůƵĞ ĂƉŝƚĂů ƐƐĞƚ DĂŶĂŐĞŵĞŶƚ >ƚĚ ĂŶĚ Wd
DĂŶĂŐĞŵĞŶƚ >ƚĚ ĚĂŶ Wd ŚĂƌŶŝĐ ĂƉŝƚĂů dďŬ ŚĂƌŶŝĐ ĂƉŝƚĂů dďŬ ďĂƐĞĚ ŽŶ ĚĞĞĚ EŽ Ϯ ĚĂƚĞĚ
ďĞƌĚĂƐĂƌŬĂŶ ĂŬƚĂ EŽ͘ Ϯ ƚĞƌƚĂŶŐŐĂů ϲ ŐƵƐƚƵƐ ϮϬϭϴ ƵŐƵƐ ϲ͕ ϮϬϭϴ ǁŚŝĐŚ ǁĂƐ ŵĂĚĞ ďĞĨŽƌĞ EŽƚĂƌLJ
LJĂŶŐ ĚŝďƵĂƚ Ěŝ ŚĂĚĂƉĂŶ EŽƚĂƌŝƐ ŶĚĂůŝĂ &ĂƌŝĚĂ͕ ŶĚĂůŝĂ&ĂƌŝĚĂ͕^͘,͕͘D͘,͕͘ůŽĐĂƚĞĚŝŶ:ĂŬĂƌƚĂ͘
^͘,͕͘D͘,͘Ěŝ:ĂŬĂƌƚĂ͘
WĂĚĂ ƚĂŚƵŶ ϮϬϭϵ͕ WĞƌƐĞƌŽĂŶ ŵƵůĂŝ /ŶϮϬϭϵ͕ƚŚĞĐŽŵƉĂŶLJƐƚĂƌƚĞĚƚŚĞƉƌŽĐĞƐƐŽĨ
ŵĞůĂŬƵŬĂŶ ƉƌŽƐĞƐ ƵŶƚƵŬ ŵĞŶũĂĚŝ ƐƵĂƚƵ WĞƌƐĞƌŽĂŶ ďĞĐŽŵŝŶŐĂWƵďůŝĐŽŵƉĂŶLJ͕ĨŝŶĂůůLJŽŶ:ƵůLJϵ͕ϮϬϭϵ͕
dĞƌďƵŬĂ ŚŝŶŐŐĂ ĂŬŚŝƌŶLJĂ ƉĂĚĂ ƚĂŶŐŐĂů ϵ :Ƶůŝ ϮϬϭϵ͕ ƚŚĞ ŽŵƉĂŶLJ ƐƵĐĐĞƐƐĨƵůůLJ ĐŽŶĚƵĐƚĞĚ ĂŶ ŝŶŝƚŝĂů
WĞƌƐĞƌŽĂŶ ŵĞůĂŬƵŬĂŶ ƉĞŶĂǁĂƌĂŶ ƐĂŚĂŵ ƉĞƌĚĂŶĂ ƉƵďůŝĐ ŽĨĨĞƌŝŶŐ ĂŶĚ ďĞĐŽŵĞ Ă >ŝƐƚĞĚ ŽŵƉĂŶLJ ŽŶ
ĚĂŶ ŵĞŶũĂĚŝ WĞƌƐĞƌŽĂŶ dĞƌĚĂĨƚĂƌ Ěŝ ƵƌƐĂ ĨĞŬ ƚŚĞ/ŶĚŽŶĞƐŝĂ^ƚŽĐŬ džĐŚĂŶŐĞ͘
/ŶĚŽŶĞƐŝĂ͘
&Ƶũŝ &ŝŶĂŶĐĞ /ŶĚŽŶĞƐŝĂ ďĞƌŐĞƌĂŬ Ěŝ ďŝĚĂŶŐ ƵƌƌĞŶƚůLJ͕&Ƶũŝ&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂŝƐĞŶŐĂŐĞĚ
ƉĞŶLJĂůƵƌĂŶ ƉĞŵďŝĂLJĂĂŶ ĚĂůĂŵ ďĞŶƚƵŬ ŝŶǀĞƐƚĂƐŝ͕ ŝŶ ĨŝŶĂŶĐŝŶŐ ŝŶ ƚŚĞ ĨŽƌŵ ŽĨ /ŶǀĞƐƚŵĞŶƚ͕ ǁŽƌŬŝŶŐ
ŵŽĚĂůŬĞƌũĂĚĂŶŵƵůƚŝͲŐƵŶĂƐĞƐƵĂŝŬĞƚĞƚĂƉĂŶƐƵƌĂƚ ĐĂƉŝƚĂů ĂŶĚ ŵƵůƚŝͲƉƵƌƉŽƐĞ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ŽĨ ƚŚĞ
ŝnjŝŶƵƐĂŚĂƐĞƌƚĂƉĞƌĂƚƵƌĂŶK:<LJĂŶŐďĞƌůĂŬƵ͘ ďƵƐŝŶĞƐƐůŝĐĞŶƐĞĂŶĚK:<ƌĞŐƵůĂƚŝŽŶƐ͘
^ĞũĂŬ ƚĂŚƵŶ ϮϬϮϬ͕ WĞƌƐĞƌŽĂŶ ƚĞůĂŚ ^ŝŶĐĞ ϮϬϮϬ͕ dŚĞ ŽŵƉĂŶLJ ŚĂƐ ĨŽĐƵƐĞĚ ŽŶ
ŵĞŶĨŽŬƵƐŬĂŶ ƉĞŵďĞƌŝĂŶ ƉĞŵďŝĂLJĂĂŶ ŬĞ ƐĞŬƚŽƌ ƉƌŽǀŝĚŝŶŐ ĨŝŶĂŶĐŝŶŐ ƚŽ ƚŚĞ ĐŽƌƉŽƌĂƚĞ ƐĞĐƚŽƌ͕
ŬŽƌƉŽƌĂƐŝ ŬŚƵƐƵƐŶLJĂ ŬĞ ĂƌĂŚ ŝŶĨƌĂƐƚƌƵŬƚƵƌ͘ ĞƐƉĞĐŝĂůůLJ ƚŽǁĂƌĚƐ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͘ dŚĞ ĐŽŵƉĂŶLJ ŝƐ
WĞƌƐĞƌŽĂŶ ũƵŐĂ ůĞďŝŚ ƐĂĚĂƌ ĂŬĂŶ ƉĞŶƚŝŶŐŶLJĂ ĂůƐŽĂǁĂƌĞŽĨƚŚĞŝŵƉŽƌƚĂŶĐĞŽĨŝŵƉůĞŵĞŶƚŝŶŐƚŚĞ
ƉĞŶĞƌĂƉĂŶƉƌŝŶƐŝƉϯW;WĞŽƉůĞ͕WůĂŶĞƚ͕WƌŽĨŝƚͿĚĂůĂŵ ϯW;WĞŽƉůĞ͕WůĂŶĞƚ͕WƌŽĨŝƚͿƉƌŝŶĐŝƉůĞƐŝŶĐĂƌƌLJŝŶŐŽƵƚ
ŵĞŶũĂůĂŶŬĂŶ ŬĞŐŝĂƚĂŶ ďŝƐŶŝƐŶLJĂ͘ KůĞŚ ƐĞďĂď ŝƚƵ͕ ŝƚƐ ďƵƐŝŶĞƐƐ ĂĐƚŝǀŝƚŝĞƐ͘ dŚĞƌĞĨŽƌĞ͕ ƚŚĞ ŽŵƉĂŶLJ
WĞƌƐĞƌŽĂŶ ƐĞůĂůƵ ŵĞŵƉĞƌƚŝŵďĂŶŐŬĂŶ ĚĂŵƉĂŬ ĂůǁĂLJƐ ĐŽŶƐŝĚĞƌƐ ƚŚĞ ŝŵƉĂĐƚ ŽĨ ƐƵƐƚĂŝŶĂďŝůŝƚLJ ŝŶ ŝƚƐ
ŬĞďĞƌůĂŶũƵƚĂŶ ĚĂůĂŵ ŬĞƉƵƚƵƐĂŶ ƉĞŶLJĂůƵƌĂŶ ĨŝŶĂŶĐŝŶŐĚĞĐŝƐŝŽŶ͘
ƉĞŵďŝĂLJĂĂŶLJĂŶŐĚŝůĂŬƵŬĂŶ͘
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
^ĂĂƚ ŝŶŝ WĞƌƐĞƌŽĂŶ ďĞƌƚĞŵƉĂƚ ƉĂĚĂ DĞŶĂƌĂ ƚ ƉƌĞƐĞŶƚ͕ ƚŚĞ ŽŵƉĂŶLJ ŝƐ ůŽĐĂƚĞĚ ŝŶ
ƚŚ
^ƵĚŝƌŵĂŶ >ƚ͘ ϳ͘ :>͘ :ĞŶĚĞƌĂů ^ƵĚŝƌŵĂŶ <Ăǀ͘ϲϬ͘ DĞŶĂƌĂ ^ƵĚŝƌŵĂŶ ϳ &ůŽŽƌ >Žƚ ͕ :ů͘ :ĞŶĚĞƌĂů
^ĞŶĂLJĂŶ͕:ĂŬĂƌƚĂ^ĞůĂƚĂŶ͘'Z/ϮͲϭͲĐ͕ϮͲϭͲĚ ^ƵĚŝƌŵĂŶ<Ăǀ͘ϲϬ͕^ĞŶĂLJĂŶ͕^ŽƵƚŚ:ĂŬĂƌƚĂ͘ 'Z/ϮͲϭͲĐ͕ϮͲ
ϭͲĚ
: :<>E'<,
D/> ^dKE ^
ϭϵϴϮ ϮϬϭϴ
WĞƌƐĞƌŽĂŶ ĚŝĚŝƌŝŬĂŶ ĚĞŶŐĂŶ ŶĂŵĂ Wd :ĂLJĂ &ĂũĂƌ WĞƌƐĞƌŽĂŶ ŵĞŶŐŐĂŶƚŝ ŶĂŵĂ ŵĞŶũĂĚŝ Wd &Ƶũŝ
>ĞĂƐŝŶŐWƌĂƚĂŵĂ͘ &ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂ͘
dŚĞĐŽŵƉĂŶLJǁĂƐĞƐƚĂďůŝƐŚĞĚƵŶĚĞƌƚŚĞŶĂŵĞWd dŚĞ ĐŽŵƉĂŶLJ ĐŚĂŶŐĞĚ ŝƚƐ ŶĂŵĞ ƚŽ Wd &Ƶũŝ
:ĂLJĂ&ĂũĂƌ>ĞĂƐŝŶŐWƌĂƚĂŵĂ͘ &ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂ͘
ϭϵϴϯ ϮϬϭϵ
WĞƌƐĞƌŽĂŶŵĞŶŐŐĂŶƚŝŶĂŵĂŵĞŶũĂĚŝWd :ĂLJĂ &Ƶũŝ WĞƌƐĞƌŽĂŶ ŵĞůĂŬƵŬĂŶ WĞŶĂǁĂƌĂŶ hŵƵŵ ^ĂŚĂŵ
>ĞĂƐŝŶŐWƌĂƚĂŵĂ͘ WĞƌĚĂŶĂ͕ĚĞŶŐĂŶŬŽĚĞƐĂŚĂŵ&h:/͘
dŚĞĐŽŵƉĂŶLJĐŚĂŶŐĞĚ/ƚƐŶĂŵĞƚŽ dŚĞĐŽŵƉĂŶLJĐŽŶĚƵĐƚĞĚĂŶ/ŶŝƚŝĂůWƵďůŝĐKĨĨĞƌŝŶŐ͕
Wd:ĂLJĂ&Ƶũŝ>ĞĂƐŝŶŐWƌĂƚĂŵĂ͘ ǁŝƚŚƚŚĞƚŝĐŬĞƌĐŽĚĞ&h:/͘
s/^/
s/^/KE
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ŬĞƵĂŶŐĂŶLJĂŶŐƚĞƌƉŝůŝŚ
D/^/
dŚĞŽŵƉĂŶLJ͛ƐsŝƐŝŽŶŝƐƚŽďĞĐŽŵĞĂ D/^^/KE
ĐŚŽƐĞŶƉĂƌƚŶĞƌĨŽƌĨŝŶĂŶĐŝĂůƐŽůƵƚŝŽŶ
DĞŶĐŝƉƚĂŬĂŶŚƵďƵŶŐĂŶŬĞƌũĂƐĂŵĂLJĂŶŐƐĂůŝŶŐ
ŵĞŶŐƵŶƚƵŶŐŬĂŶĚĞŶŐĂŶƉĂƌĂŵŝƚƌĂďŝƐŶŝƐ
&ŽƌŵĂůĂƐƚŝŶŐďĞŶĞĨŝĐŝĂůƌĞůĂƚŝŽŶƐŚŝƉǁŝƚŚŽƵƌ
ďƵƐŝŶĞƐƐƉĂƌƚŶĞƌƐ͘
27
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
E/>/ΘhzW Z^ ZKE
KDWEz͛^s>h ^Θh>dhZ ^
ƵĚĂLJĂ WĞƌƐĞƌŽĂŶ ŵĞƌƵƉĂŬĂŶ ŶŝůĂŝͲŶŝůĂŝ ƵƚĂŵĂ LJĂŶŐ ŵĞŶũĂĚŝ ůĂŶĚĂƐĂŶ ƉĞůĂŬƐĂŶĂĂŶ ŬĞŐŝĂƚĂŶ ƵƐĂŚĂ
WĞƌƐĞƌŽĂŶ͘ ĂůĂŵ ƉĞŶĞƌĂƉĂŶŶLJĂ͕ ďƵĚĂLJĂ WĞƌƐĞƌŽĂŶ ŵĞƌƵƉĂŬĂŶ ƉĂŶĚƵĂŶ ďĂŐŝ ƐĞƚŝĂƉ ĂŶŐŐŽƚĂ WĞƌƐĞƌŽĂŶ ĚĂůĂŵ
ŵĞůĂŬƐĂŶĂŬĂŶƚƵŐĂƐĚĂŶƚĂŶŐŐƵŶŐũĂǁĂďŶLJĂƵŶƚƵŬŵĞŶĐĂƉĂŝƚƵũƵĂŶLJĂŶŐƚĞůĂŚĚŝƚĞƚĂƉŬĂŶ͘
ŽƌƉŽƌĂƚĞ ĐƵůƚƵƌĞ ŝƐ ĐŽƌĞ ǀĂůƵĞƐ ǁŚŝĐŚ ďĞĐŽŵĞ Ă ĨŽƵŶĚĂƚŝŽŶ ŽĨ ĐŽŵƉĂŶLJ͛Ɛ ďƵƐŝŶĞƐƐ ĂĐƚŝǀŝƚŝĞƐ͘ Ɛ ƐƵĐŚ͕
ĐŽƌƉŽƌĂƚĞ ĐƵůƚƵƌĞ ĂĐƚƐ ĂƐ ŐƵŝĚĞůŝŶĞƐ ĨŽƌ ĞŵƉůŽLJĞĞƐ ŝŶ ƉĞƌĨŽƌŵŝŶŐ ƚŚĞŝƌ ĚƵƚŝĞƐ ĂŶĚ ƌĞƐƉŽŶƐŝďŝůŝƚLJ ƚŽ ƌĞĂĐŚ ƚŚĞ
ĞƐƚĂďůŝƐŚĞĚŐŽĂů͘
&Kh^
EŝůĂŝŝŶŝŵĞŶĞŬĂŶŬĂŶŬĞƉĂĚĂƉĞŵďĞƌŝĂŶůĂLJĂŶĂŶLJĂŶŐďĂŝŬŬĞƉĂĚĂƉĞůĂŶŐŐĂŶĚĞŵŝ
& ŵĞŵďĂŶŐƵŶŚƵďƵŶŐĂŶũĂŶŐŬĂƉĂŶũĂŶŐLJĂŶŐďĂŝŬ͘
dŚŝƐǀĂůƵĞƉƵƚĂƉŽŝŶƚŽŶĞdžĐĞůůĞŶƚƐĞƌǀŝĐĞƚŽĐƵƐƚŽŵĞƌƐĨŽƌƚŚĞƐĂŬĞŽĨďƵŝůĚŝŶŐĂ
ůĂƐƚŝŶŐƌĞůĂƚŝŽŶƐŚŝƉ
hE Z^dE/E'
EŝůĂŝŝŶŝŵĞŶĞŬĂŶŬĂŶƉĂĚĂƉĞŵĂŚĂŵĂŶĚĂŵƉĂŬŬĞŐŝĂƚĂŶƵƐĂŚĂWĞƌƐĞƌŽĂŶƉĂĚĂ
h ůŝŶŐŬƵŶŐĂŶĚĂŶŬĂůĂŶŐĂŶƐŽƐŝĂůĚŝƐĞŬŝƚĂƌŶLJĂ͘
dŚŝƐǀĂůƵĞĞŵƉŚĂƐŝnjĞƐŽŶƵŶĚĞƌƐƚĂŶĚŝŶŐƚŚĞďƵƐŝŶĞƐƐŝŵƉĂĐƚƚŽǁĂƌĚĞŶǀŝƌŽŶŵĞŶƚĂŶĚ
ƉĞŽƉůĞŝŶƚŚĞŝƌƐƵƌƌŽƵŶĚŝŶŐƐ͘
:h//Kh^
DĞƌƵƉĂŬĂŶƵŶƐƵƌŶŝůĂŝLJĂŶŐďĞƌĚĂƐĂƌƉĂĚĂŬĞďŝũĂŬĂŶĚĂŶŬĞŚĂƚŝͲŚĂƚŝĂŶďĂŝŬĚĂůĂŵ
: ďĞƌƚŝŶĚĂŬŵĂƵƉƵŶŵĞŶŐĂŵďŝůŬĞƉƵƚƵƐĂŶĂŐĂƌŵĞŶũĂŐĂŬĞůĂŶŐƐƵŶŐĂŶŬĞŐŝĂƚĂŶ
ŽƉĞƌĂƐŝŽŶĂůLJĂŶŐďĂŝŬ͘
ĞŶŽƚĞĂǀĂůƵĞďĂƐĞĚŽŶƐŚŽǁŝŶŐŐŽŽĚƐĞŶƐĞĂŶĚĐĂƵƚŝŽŶŝŶĂĐƚŝŽŶĂŶĚͬŽƌĚĞĐŝƐŝŽŶ
ŵĂŬŝŶŐŝŶŽƌĚĞƌƚŽŵĂŝŶƚĂŝŶƐŵŽŽƚŚŽƉĞƌĂƚŝŽŶĂůĂĐƚŝǀŝƚŝĞƐ
/Ed 'Z/dz
^ĞƚŝĂƉĂŶŐŐŽƚĂWĞƌƐĞƌŽĂŶĚŝƚƵŶƚƵƚƵŶƚƵŬŵĞŵŝůŝŬŝƉƌŝŶƐŝƉŵŽƌĂůĚĂŶĞƚŝŬĂŬƵĂƚLJĂŶŐ
ƚĞƌĐĞƌŵŝŶƉĂĚĂƉĞƌŝůĂŬƵŬĂƌLJĂǁĂŶĚĂůĂŵŵĞůĂŬƵŬĂŶƚƵŐĂƐĚĂŶƚĂŶŐŐƵŶŐũĂǁĂďƐĞƌƚĂ
/ ŬĞƉĂƚƵŚĂŶĂƚĂƐŚƵŬƵŵLJĂŶŐďĞƌůĂŬƵ͘
ǀĞƌLJŵĞŵďĞƌŽĨƚŚĞŽŵƉĂŶLJŚĂƐƚŽŚĂǀĞƐƚƌŽŶŐŵŽƌĂůƉƌŝŶĐŝƉůĞƐǁŚŝĐŚƐŚŽǁŶŝŶ
ĞŵƉůŽLJĞĞƐ͛ĐŽŶĚƵĐƚŝŶƉĞƌĨŽƌŵŝŶŐƚŚĞŝƌĚƵƚŝĞƐĂŶĚƌĞƐƉŽŶƐŝďŝůŝƚLJĂƐǁĞůůĂƐĐŽŵƉůŝĂŶĐĞ
ǁŝƚŚĐƵƌƌĞŶƚůĂǁ͘
<ĞŐŝĂƚĂŶhƐĂŚĂWĞƌƐĞƌŽĂŶ'Z/ϮͲϲͲĂϱϭ͗ͲϯĚ
>/E K&h^/E ^^
ĞƌĚĂƐĂƌŬĂŶĂŶŐŐĂƌĂŶĚĂƐĂƌWĞƌƐĞƌŽĂŶLJĂŶŐ /Ŷ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ĂƌƚŝĐůĞ ŽĨ
ƚĞƌƚƵĂŶŐ ĚĂůĂŵ ŬƚĂ EŽ͘ ϯϭ ƚĂŶŐŐĂů Ϯϰ :ĂŶƵĂƌŝ ĂƐƐŽĐŝĂƚŝŽŶĂƐƐƚĂƚĞĚŝŶĞĞĚEŽ͘ϯϭĚĂƚĞĚ:ĂŶƵĂƌLJ
ϮϬϭϵĚĂŶƐĞƐƵĂŝĚĞŶŐĂŶWK:<EŽ͘ϯϱͬWK:<ϱͬϮϬϭϴ Ϯϰ͕ Ϯϭϵ ĂŶĚ WK:< EŽ͘ ϯϱͬWK:<͘ϬϱͬϮϬϭϴ ;WK:< ϯϱͿ
;WK:< ϯϱͿ ƚĞŶƚĂŶŐ ͞WĞŶLJĞůĞŶŐŐĂƌĂĂŶ hƐĂŚĂ ŽŶ ƵƐŝŶĞƐƐ KƉĞƌĂƚŝŽŶ ŽĨ &ŝŶĂŶĐĞ ŽŵƉĂŶŝĞƐ͕ ƚŚĞ
WĞƌƐĞƌŽĂŶ WĞŵďŝĂLJĂĂŶ͕͟ ůŝŶŐŬƵƉ ďŝƐŶŝƐ WĞƌƐĞƌŽĂŶ ŽŵƉĂŶLJ͛ƐƐĐŽƉĞŽĨďƵƐŝŶĞƐƐĐŽǀĞƌƐƚŚĞĨŽůůŽǁŝŶŐ͗
ŵĞůŝƉƵƚŝ͗
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Laporan Tahunan Terintegrasi 2025
Integrated Annual Report 2025
Pembiayaan Investasi Investment Financing
Pembiayaan Modal Kerja Working Capital Financing
Pembiayaan Multiguna Multi-Purpose Financing
Kegiatan Usaha Pembiayaan Lain berdasarkan Other Financing Activities approved by OJK
persetujuan OJK
Kegiatan usaha di atas dijalankan Perseroaan The scope of business above is carried out by
dalam bentuk: these means:
Sewa Pembiayaan Finance Lease
Pembiayaan secara Angsuran Installment Financing
Pembiayaan Proyek Project Financing
Anjak Piutang (dengan jaminan), dll Factoring (with recourse), etc.
STRUKTUR ORGANISASI [GRI 2-9-a, 2-11-a]
ORGANIZATION STRUCTURE
Rapat Umum Pemegang Saham
General Meeting of Shareholders
Board of Commissioners
Audit Committee Remuneration Committee Anton Santoso ( Komisaris Utama / President Commissioner )
Anastasia C. J. Saputra ( Ketua / Chairman ) Anastasia C. J. Saputra ( Ketua / Chairman ) Ir. Freddy Santoso ( Komisaris / Commissioner )
Caroline S. ( Anggota / Member ) Anton Santoso ( Anggota / Member ) Anastasia C. J. Saputra ( Komisaris Independen / Independent Commissioner )
James L. Johnny ( Anggota / Member ) Joshua ( Anggota / Member ) Corporate Secretary
Board of Directors ----------------- Dian A. Wijaya
President Director Director
Anita Marta Dian A. Wijaya
Internal Audit
Fraud Control Risk Committee Credit Committee Risk Management Internal Control
Marketing
Credit Analyst Finance & Accounting
Literasi & Inklusi
Head of Marketing
Compliance & APU-PPT HRD
Operational & GA
29 PT FUJI FINANCE INDONESIA TBK
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
W D 'E'^,DhdD
D:KZ/dz^,Z ,K> Z^
KŶŐ<ĞĞ,ƵĂ
ϭϬϬй
/EKs>h W/d>^^ dDE' D Ed>d
ϱϱ͕ϬϬй
:ŚŽŶsĞƚĞƌ&͘ZĞĂŐĞŶ;/ŶǀĞƐƚŽƌͿ ŐƵƐƚŝŶtŝĚLJǁĂƚŝ;/ŶǀĞƐƚŽƌͿ D^zZ<d
ϭϱ͕ϯϭй ϳ͕ϱϭй ϮϮ͕ϭϴй
Wd&h:/&/EE /EKE ^/dďŬ
/ŶĚŽǀĂůƵĞĂƉŝƚĂůƐƐĞƚDĂŶĂŐĞŵĞŶƚ>ƚĚ;/Ϳ
ůĂŵĂƚͮĚĚƌĞƐƐdŽƌƚŽůĂ͕ƌŝƚŝƐŚsŝƌŐŝŶ/ƐůĂŶĚ
ŝƐŶŝƐhƚĂŵĂͮDĂŝŶƵƐŝŶĞƐƐ/ŶǀĞƐƚĂƐŝ;/ŶǀĞƐƚŵĞŶƚƐͿ
ŝĚŝƌŝŬĂŶ ƉĂĚĂ ƚĂŚƵŶ ϮϬϬϮ ďĞƌĚĂƐĂƌŬĂŶ ĞƌƚŝĨŝĐĂƚĞ ƐƚĂďůŝƐŚĞĚ ŝŶ ϮϬϬϮ ďĂƐĞĚ ŽŶ ĞƌƚŝĨŝĐĂƚĞ ŽĨ
ŽĨ/ŶĐŽƌƉŽƌĂƚŝŽŶEŽ͘ϱϬϯϲϬϯƚĞƌƚĂŶŐŐĂůϱ:ƵůŝϮϬϬϮ͘ /ŶĐŽƌƉŽƌĂƚŝŽŶ EŽ͘ ϱϬϯϲϬϯ ĚĂƚĞĚ :ƵůLJ ϱ͕ ϮϬϬϮ͘
/ŶĚŽǀĂůƵĞ ĂƉŝƚĂů ƐƐĞƚ DĂŶĂŐĞŵĞŶƚ >ƚĚ͘ ƚĞůĂŚ /ŶĚŽǀĂůƵĞ ĂƉŝƚĂů ƐƐĞƚ DĂŶĂŐĞŵĞŶƚ >ƚĚ͘ ŚĂƐ
ůƵůƵƐ ĚĂůĂŵ ƉĞŶŝůĂŝĂŶ ŬĞŵĂŵƉƵĂŶ ĚĂŶ ŬĞƉĂƚƵƚĂŶ ƉĂƐƐĞĚ ƚŚĞ Ĩŝƚ ĂŶĚ ƉƌŽƉĞƌ ƚĞƐƚ ďLJ &ŝŶĂŶĐŝĂů
LJĂŶŐ ĚŝůĂŬƐĂŶĂŬĂŶ ŽůĞŚ KƚŽƌŝƚĂƐ :ĂƐĂ <ĞƵĂŶŐĂŶ ƵƚŚŽƌŝƚLJ^ĞƌǀŝĐĞ;K:<ͿĂƐƐƚĂƚĞĚŽŶůĞƚƚĞƌEŽ͘< WͲ
ďĞƌĚĂƐĂƌŬĂŶƐƵƌĂƚEŽ͘< WͲϴϵϲͬE͘ϭͬϮϬϭϰ͘ ϴϵϲͬE͘ϭͬϮϬϭϰ͘
Wd&h:/&/EE /EKE ^/d<
30
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
tE<KD/^Z/^'Z/ϮͲϵͲĂ͕ϮͲϭϭͲĂ͕ϰϬϱͲϭ
KZK&KDD/^^/KE Z^
EdKE^EdK^K
<ŽŵŝƐĂƌŝƐhƚĂŵĂͬWƌĞƐŝĚĞŶƚŽŵŵŝƐƐŝŽŶĞƌ
tĂƌŐĂEĞŐĂƌĂͬŝƚŝnjĞŶƐŚŝƉ͗/ŶĚŽŶĞƐŝĂ
hƐŝĂͬŐĞ͗ϱϲ
ŽŵŝƐŝůŝͬŽŵŝĐŝůĞ͗:ĂŬĂƌƚĂ
ĞůŝĂƵ ƚĞůĂŚ ŵĞŶũĂďĂƚ ƐĞďĂŐĂŝ <ŽŵŝƐĂƌŝƐ hƚĂŵĂ WĞƌƐĞƌŽĂŶ ƐĞũĂŬ ƚĂŚƵŶ ϮϬϭϳ
ďĞƌĚĂƐĂƌŬĂŶŬƚĂEŽ͘ϭϮƚĂŶŐŐĂůϭϯ^ĞƉƚĞŵďĞƌϮϬϭϳLJĂŶŐĚŝďƵĂƚĚŝŚĂĚĂƉĂŶEŽƚĂƌŝƐ
ůŝĂŵƚŽ ^ŝůŝƚŽŶŐĂ͕ ^͘,͘ ĚĂŶ ĚŝĂŶŐŬĂƚ ŬĞŵďĂůŝ ƐĞďĂŐĂŝ <ŽŵŝƐĂƌŝƐ hƚĂŵĂ ƉĂĚĂ ƚĂŚƵŶ
ϮϬϮϮďĞƌĚĂƐĂƌŬĂŶŬƚĂEŽ͘ϬϯƚĂŶŐŐĂůϭϮDĞŝϮϬϮϮLJĂŶŐĚŝďƵĂƚĚŝŚĂĚĂƉĂŶEŽƚĂƌŝƐ
ŶĚĂůŝĂ&ĂƌŝĚĂ͕^͘,͕͘D͘,͘
,Ğ ŚĂƐ ŚĞůĚ ƚŚĞ ƉŽƐŝƚŝŽŶ ŽĨ WƌĞƐŝĚĞŶƚ ŽŵŵŝƐƐŝŽŶĞƌ ƐŝŶĐĞ ϮϬϭϳ ĂĐĐŽƌĚŝŶŐ ƚŽ ĞĞĚ
EŽ͘ϭϮĚĂƚĞĚ^ĞƉƚĞŵďĞƌϭϯ͕ϮϬϭϳŵĂĚĞďĞĨŽƌĞEŽƚĂƌLJůŝĂŵƚŽ^ŝůŝƚŽŶŐĂ͕^͘,͘ĂŶĚǁĂƐ
ƌĞͲĂƉƉŽŝŶƚĞĚĂƐƚŚĞWƌĞƐŝĚĞŶƚŽŵŵŝƐƐŝŽŶĞƌŽŶϮϬϮϮĂĐĐŽƌĚŝŶŐƚŽĞĞĚEŽ͘ϬϯĚĂƚĞĚ
DĂLJϭϮ͕ϮϬϮϮŵĂĚĞďĞĨŽƌĞEŽƚĂƌLJŶĚĂůŝĂ&ĂƌŝĚĂ͕^͘,͕͘D͘,͘
ZŝǁĂLJĂƚWĞŶĚŝĚŝŬĂŶͬ ĚƵĐĂƚŝŽŶ
DĞŵƉĞƌŽůĞŚ ŐĞůĂƌ ĂĐŚĞůŽƌ ŽĨ ^ĐŝĞŶĐĞ ŝŶ ůĞĐƚƌŝĐĂů ŶŐŝŶĞĞƌŝŶŐ ƚĂŚƵŶ ϭϵϵϭ ĚĂƌŝ
hŶŝǀĞƌƐŝƚLJŽĨ>ŽǁĞůů͕DĂƐƐĂĐŚƵƐĞƚƚƐ͕h^͕ĚĂŶŵĞŵƉĞƌŽůĞŚŐĞůĂƌ DĂƐƚĞƌŽĨ ^ĐŝĞŶĐĞ
ŝŶ&ŝŶĂŶĐĞƚĂŚƵŶϭϵϵϮĚĂƌŝŽƐƚŽŶŽůůĞŐĞ͕ŽƐƚŽŶ͕DĂƐƐĂĐŚƵƐĞƚƚƐ͕h^͘
'ƌĂĚƵĂƚĞĚ ǁŝƚŚ Ă ĂĐŚĞůŽƌ ŽĨ ^ĐŝĞŶĐĞ ŝŶ ůĞĐƚƌŝĐĂů ŶŐŝŶĞĞƌŝŶŐ ĨƌŽŵ hŶŝǀĞƌƐŝƚLJ ŽĨ
>ŽǁĞůů͕ >ŽǁĞůů͕ DĂƐƐĂĐŚƵƐĞƚƚƐ͕ h^ ŝŶ ϭϵϵϭ͘ ,ĞůĚ Ă DĂƐƚĞƌ ŽĨ ^ĐŝĞŶĐĞ ŝŶ &ŝŶĂŶĐĞ
ĚĞŐƌĞĞĨƌŽŵŽƐƚŽŶŽůůĞŐĞ͕ŽƐƚŽŶ͕DĂƐƐĂĐŚƵƐĞƚƚƐ͕h^ŝŶϭϵϵϮ͘
ZŝǁĂLJĂƚWĞŬĞƌũĂĂŶͬWƌŽĨĞƐƐŝŽŶĂů džƉĞƌŝĞŶĐĞ
DĞŵĞŐĂŶŐ ũĂďĂƚĂŶ ƐĞďĂŐĂŝ ŝƌĞŬƚƵƌ Ěŝ ďĞƌďĂŐĂŝ WĞƌƐĞƌŽĂŶ ĚĂƌŝ ƚĂŚƵŶ ϭϵϵϲ Ɛ͘Ě͘
ƐĞŬĂƌĂŶŐ͘ ^ĂĂƚ ŝŶŝ͕ ĞůŝĂƵ ũƵŐĂ ŵĞŶũĂďĂƚ ƐĞďĂŐĂŝ ŝƌĞŬƚƵƌ hƚĂŵĂ ƉĂĚĂ Wd ŚĂƌŶŝĐ
ĂƉŝƚĂůdďŬ͘
,ĞůĚƉŽƐŝƚŝŽŶƐĂƐƚŚĞWƌĞƐŝĚĞŶƚŝƌĞĐƚŽƌŽĨǀĂƌŝŽƵƐĐŽŵƉĂŶŝĞƐƐŝŶĐĞϭϵϵϲ͘ƐŽĨϮϬϮϬ͕
,ĞĂůƐŽŚĞůĚƉŽƐŝƚŝŽŶĂƐWƌĞƐŝĚĞŶƚŝƌĞĐƚŽƌĂƚWdŚĂƌŶŝĐĂƉŝƚĂůdďŬ͘
ĨŝůŝĂƐŝͬĨĨŝůŝĂƚŝŽŶ
ĞůŝĂƵ ŵĞŵŝůŝŬŝ ŚƵďƵŶŐĂŶ ĂĨŝůŝĂƐŝ ĚĞŶŐĂŶ <ŽŵŝƐĂƌŝƐ /ƌ͘ &ƌĞĚĚLJ ^ĂŶƚŽƐŽ͕ ŝƌĞŬƚƵƌ
hƚĂŵĂŶŝƚĂDĂƌƚĂĚĂŶŝƌĞŬƚƵƌ,ĂƌƚŽŶŽ^ĂŶƚŽƐŽ͘'Z/ϮͲϭϱͲĂ
,ĂƐĂĨĨŝůŝĂƚŝŽŶǁŝƚŚŽŵŵŝƐƐŝŽŶĞƌ/ƌ͘&ƌĞĚĚLJ^ĂŶƚŽƐŽ͕WƌĞƐŝĚĞŶƚŝƌĞĐƚŽƌŶŝƚĂDĂƌƚĂ
ĂŶĚŝƌĞĐƚŽƌ,ĂƌƚŽŶŽ^ĂŶƚŽƐŽ͘'Z/ϮͲϭϱͲĂ
31
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
/Z͘&Z z^EdK^K
<ŽŵŝƐĂƌŝƐͬŽŵŵŝƐƐŝŽŶĞƌ
tĂƌŐĂEĞŐĂƌĂͬŝƚŝnjĞŶƐŚŝƉ͗/ŶĚŽŶĞƐŝĂ
hƐŝĂͬŐĞ͗ϳϵ
ŽŵŝƐŝůŝͬŽŵŝĐŝůĞ͗:ĂŬĂƌƚĂ
ĞůŝĂƵ ƚĞůĂŚ ŵĞŶũĂďĂƚ ƐĞďĂŐĂŝ <ŽŵŝƐĂƌŝƐ WĞƌƐĞƌŽĂŶ ƐĞũĂŬ ƚĂŚƵŶ ϮϬϭϳ ďĞƌĚĂƐĂƌŬĂŶ
ŬƚĂ EŽ͘ ϭϮ ƚĂŶŐŐĂů ϭϯ ^ĞƉƚĞŵďĞƌ ϮϬϭϳ LJĂŶŐ ĚŝďƵĂƚ Ěŝ ŚĂĚĂƉĂŶ EŽƚĂƌŝƐ ůŝĂŵƚŽ
^ŝůŝƚŽŶŐĂ͕^͘,͘ĚĂŶĚŝĂŶŐŬĂƚŬĞŵďĂůŝƐĞďĂŐĂŝ<ŽŵŝƐĂƌŝƐƉĂĚĂƚĂŚƵŶϮϬϮϮďĞƌĚĂƐĂƌŬĂŶ
ŬƚĂEŽ͘ϬϯƚĂŶŐŐĂůϭϮDĞŝϮϬϮϮLJĂŶŐĚŝďƵĂƚĚŝŚĂĚĂƉĂŶEŽƚĂƌŝƐŶĚĂůŝĂ&ĂƌŝĚĂ͕^͘,͕͘
D͘,͘
,ĞŚĂƐŚĞůĚƚŚĞƉŽƐŝƚŝŽŶŽĨŽŵŵŝƐƐŝŽŶĞƌƐŝŶĐĞϮϬϭϳĂĐĐŽƌĚŝŶŐƚŽĞĞĚEŽ͘ϭϮĚĂƚĞĚ
^ĞƉƚĞŵďĞƌ ϭϯ͕ ϮϬϭϳ ŵĂĚĞ ďĞĨŽƌĞ EŽƚĂƌLJ ůŝĂŵƚŽ ^ŝůŝƚŽŶŐĂ͕ ^͘,͘ ĂŶĚ ǁĂƐ ƌĞͲ
ĂƉƉŽŝŶƚĞĚ ĂƐ ƚŚĞ ŽŵŵŝƐƐŝŽŶĞƌ ŽŶ ϮϬϮϮ ĂĐĐŽƌĚŝŶŐ ƚŽ ĞĞĚ EŽ͘ Ϭϯ ĚĂƚĞĚ DĂLJ ϭϮ͕
ϮϬϮϮŵĂĚĞďĞĨŽƌĞEŽƚĂƌLJŶĚĂůŝĂ&ĂƌŝĚĂ͕^͘,͕͘D͘,͘
ZŝǁĂLJĂƚWĞŶĚŝĚŝŬĂŶͬ ĚƵĐĂƚŝŽŶ
DĞŵƉĞƌŽůĞŚŐĞůĂƌ/ŶƐŝŶLJƵƌ ůĞŬƚƌŽĚĂƌŝhŶŝǀĞƌƐŝƚĂƐdƌŝƐĂŬƚŝƚĂŚƵŶϭϵϳϰ͘
'ƌĂĚƵĂƚĞĚǁŝƚŚƚŚĞƚŝƚůĞŽĨ ůĞĐƚƌŝĐĂů ŶŐŝŶĞĞƌĨƌŽŵdƌŝƐĂŬƚŝhŶŝǀĞƌƐŝƚLJŝŶϭϵϳϰ͘
ZŝǁĂLJĂƚWĞŬĞƌũĂĂŶͬWƌŽĨĞƐƐŝŽŶĂů džƉĞƌŝĞŶĐĞ
DĞŵĞŐĂŶŐũĂďĂƚĂŶƐĞďĂŐĂŝŝƌĞŬƚƵƌhƚĂŵĂĚŝWdŽůĐŽƌŝŶĚŽZĂLJĂƐĞũĂŬƚĂŚƵŶϭϵϳϴ
Ɛ͘Ě͘ ƐĂĂƚ ŝŶŝ͘ ĞůŝĂƵ ũƵŐĂ ŵĞŶũĂďĂƚ ƐĞďĂŐĂŝ <ŽŵŝƐĂƌŝƐ hƚĂŵĂ Wd ŚĂƌŶŝĐ ĂƉŝƚĂů dďŬ
ƐĞũĂŬƚĂŚƵŶϮϬϭϴ͘
,Ğ ŝƐ ƚŚĞWƌĞƐŝĚĞŶƚ ŝƌĞĐƚŽƌ ŽĨ Wd ŽůĐŽƌŝŶĚŽ ZĂLJĂ ƐŝŶĐĞ ϭϵϳϴƵŶƚŝů ƉƌĞƐĞŶƚ͘,Ğ ĂůƐŽ
ƐĞƌǀĞƐĂƐWƌĞƐŝĚĞŶƚŽŵŵŝƐƐŝŽŶĞƌĂƚWdŚĂƌŶŝĐĂƉŝƚĂůdďŬƐŝŶĐĞϮϬϭϴ͘
ĨŝůŝĂƐŝͬĨĨŝůŝĂƚŝŽŶ
ĞůŝĂƵ ŵĞŵŝůŝŬŝ ŚƵďƵŶŐĂŶ ĂĨŝůŝĂƐŝ ĚĞŶŐĂŶ <ŽŵŝƐĂƌŝƐ hƚĂŵĂ ŶƚŽŶ ^ĂŶƚŽƐŽ͕ ĚĂŶ
ŝƌĞŬƚƵƌ,ĂƌƚŽŶŽ^ĂŶƚŽƐŽ͘'Z/ϮͲϭϱͲĂ
,ĂƐ ĂĨĨŝůŝĂƚŝŽŶ ǁŝƚŚ WƌĞƐŝĚĞŶƚ ŽŵŵŝƐƐŝŽŶĞƌ ŶƚŽŶ ^ĂŶƚŽƐŽ ĂŶĚ ŝƌĞĐƚŽƌ ,ĂƌƚŽŶŽ
^ĂŶƚŽƐŽ͘'Z/ϮͲϭϱͲĂ
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
E^d^/,Z/^d/Etd/:z^WhdZ
<ŽŵŝƐĂƌŝƐ/ŶĚĞƉĞŶĚĞŶͬ/ŶĚĞƉĞŶĚĞŶƚŽŵŵŝƐƐŝŽŶĞƌ
tĂƌŐĂEĞŐĂƌĂͬŝƚŝnjĞŶƐŚŝƉ͗/ŶĚŽŶĞƐŝĂ
hƐŝĂͬŐĞ͗ϯϰ
ŽŵŝƐŝůŝͬŽŵŝĐŝůĞ͗ĂŶĚƵŶŐ
ŝƚƵŶũƵŬƐĞďĂŐĂŝ<ŽŵŝƐĂƌŝƐ/ŶĚĞƉĞŶĚĞŶWĞƌƐĞƌŽĂŶƐĞũĂŬƚĂŚƵŶϮϬϭϵďĞƌĚĂƐĂƌŬĂŶĂŬƚĂ
EŽ͘ ϯϭ ƚĂŶŐŐĂů Ϯϰ :ĂŶƵĂƌŝ ϮϬϭϵ Ěŝ ŚĂĚĂƉĂŶ EŽƚĂƌŝƐ ŶĚĂůŝĂ &ĂƌŝĚĂ͕ ^͘,͕͘ D͘,͘ ĚĂŶ
ĚŝĂŶŐŬĂƚ ŬĞŵďĂůŝƐĞďĂŐĂŝ<ŽŵŝƐĂƌŝƐ/ŶĚĞƉĞŶĚĞŶƉĂĚĂ ƚĂŚƵŶϮϬϮϮďĞƌĚĂƐĂƌŬĂŶ ŬƚĂ
EŽ͘ϬϯƚĂŶŐŐĂůϭϮDĞŝϮϬϮϮLJĂŶŐĚŝďƵĂƚĚŝŚĂĚĂƉĂŶEŽƚĂƌŝƐŶĚĂůŝĂ&ĂƌŝĚĂ͕^͘,͕͘D͘,͘
^ŚĞ ǁĂƐ ĂƉƉŽŝŶƚĞĚ ĂƐ dŚĞ ŽŵƉĂŶLJ͛Ɛ /ŶĚĞƉĞŶĚĞŶƚ ŽŵŵŝƐƐŝŽŶĞƌ ƐŝŶĐĞ ϮϬϭϵ ďĂƐĞĚ
ŽŶĞĞĚEŽϯϭĚĂƚĞĚ:ĂŶƵĂƌLJϮϰ͕ϮϬϭϵŵĂĚĞďĞĨŽƌĞEŽƚĂƌLJŶĚĂůŝĂ&ĂƌŝĚĂ͕^͘,͕͘D͘,͘
ĂŶĚǁĂƐƌĞͲĂƉƉŽŝŶƚĞĚĂƐƚŚĞ/ŶĚĞƉĞŶĚĞŶƚŽŵŵŝƐƐŝŽŶĞƌŽŶϮϬϮϮĂĐĐŽƌĚŝŶŐƚŽĞĞĚ
EŽ͘ϬϯĚĂƚĞĚDĂLJϭϮ͕ϮϬϮϮŵĂĚĞďĞĨŽƌĞEŽƚĂƌLJŶĚĂůŝĂ&ĂƌŝĚĂ͕^͘,͕͘D͘,͘
ZŝǁĂLJĂƚWĞŶĚŝĚŝŬĂŶͬ ĚƵĐĂƚŝŽŶ
>ƵůƵƐĚĂƌŝhŶŝǀĞƌƐŝƚĂƐ<ƌŝƐƚĞŶDĂƌĂŶĂƚŚĂ:ƵƌƵƐĂŶĐĐŽƵŶƚŝŶŐƉĂĚĂƚĂŚƵŶϮϬϭϱ͘
'ƌĂĚƵĂƚĞĚĨƌŽŵDĂƌĂŶĂƚŚĂŚƌŝƐƚŝĂŶhŶŝǀĞƌƐŝƚLJǁŝƚŚĐĐŽƵŶƚŝŶŐDĂũŽƌŝŶϮϬϭϱ͘
ZŝǁĂLJĂƚWĞŬĞƌũĂĂŶͬWƌŽĨĞƐƐŝŽŶĂů džƉĞƌŝĞŶĐĞ
DĞŵĞŐĂŶŐ ũĂďĂƚĂŶ ƐĞďĂŐĂŝ ŝƌĞŬƚƵƌ ƉĂĚĂ ĞƌŬĂƚ :ĂLJĂ DĞƐŝŶ ƐĞũĂŬ ϮϬϭϱ ŚŝŶŐŐĂ
ƐĞŬĂƌĂŶŐ͘
^ŚĞĐƵƌƌĞŶƚůLJŚŽůĚƐƉŽƐŝƚŝŽŶĂƐŝƌĞĐƚŽƌĂƚĞƌŬĂƚ:ĂLJĂDĞƐŝŶƐŝŶĐĞϮϬϭϱ͘
ĨŝůŝĂƐŝͬĨĨŝůŝĂƚŝŽŶ
ĞůŝĂƵƚŝĚĂŬŵĞŵŝůŝŬŝŚƵďƵŶŐĂŶĂĨŝůŝĂƐŝĚĞŶŐĂŶƉŝŚĂŬŵĂŶĂũĞŵĞŶWĞƌƐĞƌŽĂŶůĂŝŶŶLJĂ͘
'Z/ϮͲϭϱͲĂ
,ĂƐŶŽĂĨĨŝůŝĂƚŝŽŶǁŝƚŚŽƚŚĞƌŵĞŵďĞƌƐŽĨƚŚĞŽŵƉĂŶLJ͛ƐŵĂŶĂŐĞŵĞŶƚ͘'Z/ϮͲϭϱͲĂ
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
tE/Z <^/
KZK&/Z dKZ^
E/dDZd
ŝƌĞŬƚƵƌhƚĂŵĂͬWƌĞƐŝĚĞŶƚŝƌĞĐƚŽƌ
tĂƌŐĂEĞŐĂƌĂͬŝƚŝnjĞŶƐŚŝƉ͗/ŶĚŽŶĞƐŝĂ
hƐŝĂͬŐĞ͗ϱϴ
ŽŵŝƐŝůŝͬŽŵŝĐŝůĞ͗:ĂŬĂƌƚĂ
ĞůŝĂƵ ĚŝƚƵŶũƵŬ ƐĞďĂŐĂŝ ŝƌĞŬƚƵƌ hƚĂŵĂ WĞƌƐĞƌŽĂŶ ƐĞũĂŬ ƚĂŚƵŶ ϮϬϭϳ ďĞƌĚĂƐĂƌŬĂŶ
ŬƚĂ EŽ͘ ϭϮ ƚĂŶŐŐĂů ϭϯ ^ĞƉƚĞŵďĞƌ ϮϬϭϳ LJĂŶŐ ĚŝďƵĂƚ Ěŝ ŚĂĚĂƉĂŶ EŽƚĂƌŝƐ ůŝĂŵƚŽ
^ŝůŝƚŽŶŐĂ͕^͘,͘ĚĂŶĚŝĂŶŐŬĂƚŬĞŵďĂůŝƐĞďĂŐĂŝŝƌĞŬƚƵƌhƚĂŵĂWĞƌƐĞƌŽĂŶďĞƌĚĂƐĂƌŬĂŶ
ŬƚĂ EŽ͘ϯ ƚĂŶŐŐĂů ϱ DĂƌĞƚ ϮϬϮϱ LJĂŶŐ ĚŝďƵĂƚ Ěŝ ŚĂĚĂƉĂŶ EŽƚĂƌŝƐ ŶĚĂůŝĂ &ĂƌŝĚĂ͕
^͘,͕͘D͘,͘
^ŚĞǁĂƐĂƉƉŽŝŶƚĞĚĂƐWƌĞƐŝĚĞŶƚŝƌĞĐƚŽƌƐŝŶĐĞϮϬϭϳĂĐĐŽƌĚŝŶŐƚŽĞĞĚEŽ͘ϭϮĚĂƚĞĚ
^ĞƉƚĞŵďĞƌ ϭϯ͕ ϮϬϭϳ ŵĂĚĞ ďĞĨŽƌĞ EŽƚĂƌLJ ůŝĂŵƚŽ ^ŝůŝƚŽŶŐĂ͕ ^͘,͘ ĂŶĚ ǁĂƐ ƌĞͲ
ĂƉƉŽŝŶƚĞĚ ĂƐ ƚŚĞ WƌĞƐŝĚĞŶƚ ŝƌĞĐƚŽƌ ŽŶ DĂƌĐŚ ϱ͕ ϮϬϮϱ ĂĐĐŽƌĚŝŶŐ ƚŽ ĞĞĚ EŽ͘ Ϭϯ
ĚĂƚĞĚDĂLJϱ͕ϮϬϮϱŵĂĚĞďĞĨŽƌĞEŽƚĂƌLJŶĚĂůŝĂ&ĂƌŝĚĂ͕^͘,͕͘D͘,͘
ZŝǁĂLJĂƚWĞŶĚŝĚŝŬĂŶͬ ĚƵĐĂƚŝŽŶ
DĞŵƉĞƌŽůĞŚ ŐĞůĂƌ ĂĐŚĞůŽƌ ŽĨ ^ĐŝĞŶĐĞ ŝŶ &ŝŶĂŶĐĞ ƚĂŚƵŶ ϭϵϴϵ ĚĂƌŝ ŽƐƚŽŶ
hŶŝǀĞƌƐŝƚLJ͕ ŽƐƚŽŶ͕ DĂƐƐĂĐŚƵƐĞƚƚƐ͕ h^͕ ŵĞŵƉĞƌŽůĞŚ ŐĞůĂƌ DĂƐƚĞƌ ŽĨ ƵƐŝŶĞƐƐ
ĚŵŝŶŝƐƚƌĂƚŝŽŶ ŽŶĐĞŶƚƌĂƚŝŽŶ͖ &ŝŶĂŶĐĞ ƉĂĚĂ ƚĂŚƵŶ ϭϵϵϬ ĚĂƌŝ hŶŝǀĞƌƐŝƚLJ ŽĨ ^ĂŶ
&ƌĂŶĐŝƐĐŽ͕ ^ĂŶ &ƌĂŶƐŝƐĐŽ͕ ͕͘ h^ ĚĂŶ DĞŵƉĞƌŽůĞŚ ŐĞůĂƌ DĂƐƚĞƌ ŽĨ ^ĐŝĞŶĐĞ ŝŶ
&ŝŶĂŶĐĞƚĂŚƵŶϭϵϵϯĚĂƌŝŽƐƚŽŶŽůůĞŐĞ͕ŽƐƚŽŶ͕DĂƐƐĂĐŚƵƐĞƚƚƐ͕h^͘
'ƌĂĚƵĂƚĞĚ ǁŝƚŚ Ă ĂĐŚĞůŽƌ ŽĨ ^ĐŝĞŶĐĞ ŝŶ &ŝŶĂŶĐĞ ĚĞŐƌĞĞ ĨƌŽŵ ŽƐƚŽŶ hŶŝǀĞƌƐŝƚLJ͕
ŽƐƚŽŶ͕ DĂƐƐĂĐŚƵƐĞƚƚƐ͕ h^ ŝŶ ϭϵϴϵ͘ ,ĞůĚ Ă DĂƐƚĞƌ ŽĨ ƵƐŝŶĞƐƐ ĚŵŝŶŝƐƚƌĂƚŝŽŶ
ĚĞŐƌĞĞǁŝƚŚĐŽŶĐĞŶƚƌĂƚŝŽŶŝŶ&ŝŶĂŶĐĞĨƌŽŵhŶŝǀĞƌƐŝƚLJŽĨ^ĂŶ&ƌĂŶĐŝƐĐŽŝŶϭϵϵϬ͕ĂŶĚ
,ĞůĚ Ă DĂƐƚĞƌ ŽĨ ^ĐŝĞŶĐĞ ŝŶ &ŝŶĂŶĐĞ ĚĞŐƌĞĞ ĨƌŽŵ ŽƐƚŽŶ ŽůůĞŐĞ͕ ŽƐƚŽŶ͕
DĂƐƐĂĐŚƵƐĞƚƚƐ͕h^ŝŶϭϵϵϯ͘
ZŝǁĂLJĂƚWĞŬĞƌũĂĂŶͬWƌŽĨĞƐƐŝŽŶĂů džƉĞƌŝĞŶĐĞ
DĞŶũĂďĂƚƐĞďĂŐĂŝĂƐƐŝƐƚĂŶƚŵĂŶĂŐĞƌƉĂĚĂŝƚŝďĂŶŬƐĞůĂŵĂϭϵϵϰŚŝŶŐŐĂϭϵϵϱ͘ĞůŝĂƵ
ŬĞŵƵĚŝĂŶŵĞŶũĂďĂƚƐĞďĂŐĂŝ<ŽŵŝƐĂƌŝƐĚŝďĞďĞƌĂƉĂWĞƌƐĞƌŽĂŶ͘^ĂĂƚŝŶŝ͕ĞůŝĂƵũƵŐĂ
ŵĞŶũĂďĂƚƐĞďĂŐĂŝ<ŽŵŝƐĂƌŝƐƉĂĚĂWdŚĂƌŶŝĐĂƉŝƚĂůdďŬ͘
,ĞůĚ ƚŚĞ ƉŽƐŝƚŝŽŶ ŽĨ ĂƐƐŝƐƚĂŶƚ ŵĂŶĂŐĞƌ Ăƚ ŝƚŝďĂŶŬ ĨƌŽŵ ϭϵϵϰ ƚŽ ϭϵϵϱ͘ ^ŚĞ ƚŚĞŶ
ƐĞƌǀĞĚ ĂƐ ŽŵŵŝƐƐŝŽŶĞƌ Ăƚ ǀĂƌŝŽƵƐ ĐŽŵƉĂŶŝĞƐ͘ Ɛ ŽĨ ŶŽǁ͕ ^ŚĞ ĂůƐŽ ƐĞƌǀĞƐ ĂƐ
ŽŵŵŝƐƐŝŽŶĞƌĂƚWdŚĂƌŶŝĐĂƉŝƚĂůdďŬ͘
ĨŝůŝĂƐŝͬĨĨŝůŝĂƚŝŽŶ
ĞůŝĂƵŵĞŵŝůŝŬŝŚƵďƵŶŐĂŶĂĨŝůŝĂƐŝĚĞŶŐĂŶ<ŽŵŝƐĂƌŝƐhƚĂŵĂŶƚŽŶ^ĂŶƚŽƐŽ͘'Z/ϮͲϭϱͲĂ
,ĂƐĂĨĨŝůŝĂƚŝŽŶǁŝƚŚWƌĞƐŝĚĞŶƚŽŵŵŝƐƐŝŽŶĞƌŶƚŽŶ^ĂŶƚŽƐŽ͘'Z/ϮͲϭϱͲĂ
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/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
/EZ/zEd/t/:z
ŝƌĞŬƚƵƌͬŝƌĞĐƚŽƌ
tĂƌŐĂEĞŐĂƌĂͬŝƚŝnjĞŶƐŚŝƉ͗/ŶĚŽŶĞƐŝĂ
hƐŝĂͬŐĞ͗ϯϲ
ŽŵŝƐŝůŝͬŽŵŝĐŝůĞ͗ĂŶĚƵŶŐ
ŝĂŶŐŬĂƚ ƐĞďĂŐĂŝ ŝƌĞŬƚƵƌ /ŶĚĞƉĞŶĚĞŶ WĞƌƐĞƌŽĂŶ ƐĞũĂŬ ƚĂŚƵŶ ϮϬϭϵ ďĞƌĚĂƐĂƌŬĂŶ
ĂŬƚĂEŽ͘ϯϭƚĂŶŐŐĂůϮϰ:ĂŶƵĂƌŝϮϬϭϵĚŝŚĂĚĂƉĂŶ EŽƚĂƌŝƐŶĚĂůŝĂ &ĂƌŝĚĂ͕^͘,͕͘ D͘,͘
ĚĂŶ ĚŝĂŶŐŬĂƚ ŬĞŵďĂůŝ ƐĞďĂŐĂŝ ŝƌĞŬƚƵƌ ƉĂĚĂ ƚĂŚƵŶ ϮϬϮϰ ďĞƌĚĂƐĂƌŬĂŶ ŬƚĂ EŽ͘ Ϭϯ
ƚĂŶŐŐĂůϰ:ƵŶŝϮϬϮϰLJĂŶŐĚŝďƵĂƚĚŝŚĂĚĂƉĂŶEŽƚĂƌŝƐŶĚĂůŝĂ&ĂƌŝĚĂ͕^͘,͕͘D͘,͘
^ŚĞ ǁĂƐ ĂƉƉŽŝŶƚĞĚ ĂƐ dŚĞ ŽŵƉĂŶLJ͛Ɛ /ŶĚĞƉĞŶĚĞŶƚ ŝƌĞĐƚŽƌ ƐŝŶĐĞ ϮϬϭϵ ďĂƐĞĚ ŽŶ
ĞĞĚEŽϯϭĚĂƚĞĚ:ĂŶƵĂƌLJϮϰ͕ϮϬϭϵŵĂĚĞďĞĨŽƌĞEŽƚĂƌLJŶĚĂůŝĂ&ĂƌŝĚĂ͕^͘,͕͘D͘,͘
ĂŶĚǁĂƐƌĞͲĂƉƉŽŝŶƚĞĚĂƐƚŚĞŝƌĞĐƚŽƌŽŶϮϬϮϰĂĐĐŽƌĚŝŶŐƚŽĞĞĚEŽ͘ϬϯĚĂƚĞĚ:ƵŶĞ
ϰ͕ϮϬϮϰŵĂĚĞďĞĨŽƌĞEŽƚĂƌLJŶĚĂůŝĂ&ĂƌŝĚĂ͕^͘,͕͘D͘,͘
ZŝǁĂLJĂƚWĞŶĚŝĚŝŬĂŶͬ ĚƵĐĂƚŝŽŶ
>ƵůƵƐĚĂƌŝhŶŝǀĞƌƐŝƚĂƐ<ĂƚŽůŝŬWĂƌĂŚLJĂŶŐĂŶ:ƵƌƵƐĂŶĐĐŽƵŶƚŝŶŐƉĂĚĂƚĂŚƵŶϮϬϬϳ͘
'ƌĂĚƵĂƚĞĚĨƌŽŵĂƚŚŽůŝĐhŶŝǀĞƌƐŝƚLJŽĨWĂƌĂŚLJĂŶŐĂŶǁŝƚŚŵĂũŽƌŝŶŐŝŶĐĐŽƵŶƚŝŶŐŝŶ
ϮϬϬϳ͘
ZŝǁĂLJĂƚWĞŬĞƌũĂĂŶͬWƌŽĨĞƐƐŝŽŶĂů džƉĞƌŝĞŶĐĞ
DĞŵĞŐĂŶŐũĂďĂƚĂŶƐĞďĂŐĂŝDĂŶĂŐŝŶŐŝƌĞĐƚŽƌĂƚ^ƵŶĚĂDŽƚŽƌƐĞũĂŬϮϬϭϭĚĂŶũƵŐĂ
ŵĞŶũĂďĂƚƐĞďĂŐĂŝ'ĞŶĞƌĂůDĂŶĂŐĞƌĂƚWdŶƵŐĞƌĂŚĂĚĂŶƐĞũĂŬϮϬϭϲ͘
^ŚĞĐƵƌƌĞŶƚůLJŚŽůĚƐƉŽƐŝƚŝŽŶĂƐDĂŶĂŐŝŶŐŝƌĞĐƚŽƌĂƚ^ƵŶĚĂDŽƚŽƌƐŝŶĐĞϮϬϭϭĂŶĚ
ĂůƐŽƐĞƌǀĞƐĂƐ'ĞŶĞƌĂůDĂŶĂŐĞƌWdŶƵŐĞƌĂŚĂĚĂŶƐŝŶĐĞϮϬϭϲ͘
ĨŝůŝĂƐŝͬĨĨŝůŝĂƚŝŽŶ
ĞůŝĂƵƚŝĚĂŬŵĞŵŝůŝŬŝŚƵďƵŶŐĂŶĂĨŝůŝĂƐŝĚĞŶŐĂŶƉŝŚĂŬŵĂŶĂũĞŵĞŶWĞƌƐĞƌŽĂŶůĂŝŶŶLJĂ͘
'Z/ϮͲϭϱͲĂ
,ĂƐŶŽĂĨĨŝůŝĂƚŝŽŶǁŝƚŚŽƚŚĞƌŵĞŵďĞƌƐŽĨƚŚĞŽŵƉĂŶLJ͛ƐŵĂŶĂŐĞŵĞŶƚ͘'Z/ϮͲϭϱͲĂ
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
> D'WZK& ^/W EhE:E''Z/ϮͲϱ
^hWWKZd/E'/E^d/dhd/KE^
ŬƵŶƚĂŶWƵďůŝŬͮWƵďůŝĐĐĐŽƵŶƚĂŶƚ
<W:ŽŚĂŶŶĞƐ:ƵĂƌĂΘZĞŬĂŶ
'ĞĚƵŶŐWůĂnjĂ^ĞŶƚƌĂůϭϴƚŚ&ůŽŽƌ
:ů͘:ĞŶĚ͘^ƵĚŝƌŵĂŶEŽ͘ϰϳ
:ĂŬĂƌƚĂϭϮϵϯϬʹ/ŶĚŽŶĞƐŝĂ
ĞƌĚĂƐĂƌŬĂŶ ƌĞŬŽŵĞŶĚĂƐŝ ĚĂŶ ƉĞƌƐĞƚƵũƵĂŶ ĚĂƌŝ ĂƐĞĚŽŶƚŚĞƌĞĐŽŵŵĞŶĚĂƚŝŽŶĂŶĚĂƉƉƌŽǀĂůŽĨƚŚĞ
ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ĚĂŶ ŝƌĞŬƐŝ͕ ŬƵŶƚĂŶ WƵďůŝŬ ŽĂƌĚ ŽĨ ŽŵŵŝƐƐŝŽŶĞƌƐ ĂŶĚ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ͕
/ŶĚĞƉĞŶĚĞŶ LJĂŶŐ ĂŬĂŶ ŵĞŶŐĂƵĚŝƚ >ĂƉŽƌĂŶ /ŶĚĞƉĞŶĚĞŶƚ WƵďůŝĐ ĐĐŽƵŶƚĂŶƚ ƚŽ ĂƵĚŝƚ ƚŚĞ
<ĞƵĂŶŐĂŶ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ƚĂŚƵŶ ďƵŬƵ LJĂŶŐ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ĨŽƌ ƚŚĞ ĨŝƐĐĂů LJĞĂƌ ĞŶĚĞĚ
ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϮϱ ĂĚĂůĂŚ ĞĐĞŵďĞƌϯϭ͕ϮϬϮϱĂƌĞ:ŽŚĂŶŶĞƐ:ƵĂƌĂΘWĂƌƚŶĞƌƐ
<ĂŶƚŽƌŬƵŶƚĂŶWƵďůŝŬ:ŽŚĂŶŶĞƐ:ƵĂƌĂΘZĞŬĂŶ͘ WƵďůŝĐĐĐŽƵŶƚŝŶŐ&ŝƌŵ͘
ƵĚŝƚŽƌ ŬƐƚĞƌŶĂů ďĞƌĨƵŶŐƐŝ ŵĞůĂŬƵŬĂŶ ĂƵĚŝƚ ĂƚĂƐ dŚĞƌŽůĞŽĨĞdžƚĞƌŶĂůĂƵĚŝƚŽƌƐŝƐƚŽĂƵĚŝƚƚŚĞŶŶƵĂů
>ĂƉŽƌĂŶ <ĞƵĂŶŐĂŶ dĂŚƵŶĂŶ ŐƵŶĂ ŵĞŵĂƐƚŝŬĂŶ &ŝŶĂŶĐŝĂů ZĞƉŽƌƚ ƚŽ ĞŶƐƵƌĞ ŝƚ ŝƐ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ
ůĂƉŽƌĂŶ ƚĞƌƐĞďƵƚƐĞƐƵĂŝĚĞŶŐĂŶ ^ƚĂŶĚĂƌ ŬƵŶƚĂŶƐŝ &ŝŶĂŶĐŝĂů ĐĐŽƵŶƚŝŶŐ ^ƚĂŶĚĂƌĚƐ ĞƐƚĂďůŝƐŚĞĚ ďLJ ƚŚĞ
<ĞƵĂŶŐĂŶ LJĂŶŐ ĚŝƚĞƚĂƉŬĂŶ ŽůĞŚ /ŬĂƚĂŶ ŬƵŶƚĂŶ /ŶĚŽŶĞƐŝĂŶ/ŶƐƚŝƚƵƚĞŽĨĐĐŽƵŶƚĂŶƚƐĂŶĚƌĞŐƵůĂƚŝŽŶ
/ŶĚŽŶĞƐŝĂĚĂŶƉĞƌĂƚƵƌĂŶK:<͘ ŽĨ/ŶĚŽŶĞƐŝĂŶ&ŝŶĂŶĐŝĂů^ĞƌǀŝĐĞƐƵƚŚŽƌŝƚLJ;K:<Ϳ͘
ŝĂLJĂũĂƐĂƚĂŚƵŶϮϬϮϱ͗ZƉϲϰ͘ϬϬϬ͘ϬϬϬ &ĞĞĨŽƌϮϬϮϱ͗ZƉϲϰ͕ϬϬϬ͕ϬϬϬ
ŝƌŽĚŵŝŶŝƐƚƌĂƐŝ ĨĞŬͮ^ŚĂƌĞZĞŐŝƐƚƌĂƌLJ
Wd^ŝŶĂƌƚĂŵĂ'ƵŶŝƚĂ
DĞŶĂƌĂdĞŬŶŽ>ĂŶƚĂŝϳ
:ů͘&ĂĐŚƌƵĚŝŶEŽ͘ϭϵ
:ĂŬĂƌƚĂϭϬϮϱϬͲ/ŶĚŽŶĞƐŝĂ
:ĂƐĂLJĂŶŐĚŝďĞƌŝŬĂŶ͗ ^ĞƌǀŝĐĞƉƌŽǀŝĚĞĚ͗
WĞŵĞůŝŚĂƌĂĂŶ ĚĂƚĂ͕ ŬŽŶƐƵůƚĂƐŝ ĂĚŵŝŶŝƐƚƌĂƐŝ ƐĂŚĂŵ͕ &Žƌ ĚĂƚĂ ŵĂŝŶƚĞŶĂŶĐĞ͕ ĐŽŶƐƵůƚĂŶĐLJ ŽŶ ƐƚŽĐŬ
ƉĞŶLJĂũŝĂŶ ĂĨƚĂƌ WĞŵĞŐĂŶŐ ^ĂŚĂŵ ;͞W^͟Ϳ ƉĞƌ ĂĚŵŝŶŝƐƚƌĂƚŝŽŶ͕ ƉƌŽǀŝĚŝŶŐ >ŝƐƚ ŽĨ ^ŚĂƌĞŚŽůĚĞƌƐ
ƌĞĐŽƌĚŝŶŐ ĚĂƚĞ ŬĞƉĂĚĂ WĞƌƐĞƌŽĂŶ LJĂŝƚƵ͗ ƵŶƚƵŬ ;͞W^͟ͿƉĞƌƌĞĐŽƌĚŝŶŐĚĂƚĞƚŽƚŚĞŽŵƉĂŶLJŶĂŵĞůLJ
>ĂƉŽƌĂŶ ƚƌŝǁƵůĂŶĂŶ ƐĞƌƚĂ >ĂƉŽƌĂŶ dƵƚƵƉ ƵŬƵ ĨŽƌ ƋƵĂƌƚĞƌůLJ ƌĞƉŽƌƚ ĂƐ ǁĞůů ĂƐ ĐůŽƐŝŶŐ ƌĞƉŽƌƚŝŶŐ
WĞƌƐĞƌŽĂŶ ;W^ ůĞŶŐŬĂƉͿ͕ ƉĞŶLJĂũŝĂŶ >ĂƉŽƌĂŶ ;ĐŽŵƉůĞƚĞ W^Ϳ͕ ƉƌĞƐĞŶƚŝŶŐ ŵŽŶƚŚůLJ ƌĞƉŽƌƚ ƚŽ ƚŚĞ
ƵůĂŶĂŶ ŬĞƉĂĚĂ KƚŽƌŝƚĂƐ WĂƐĂƌ DŽĚĂů͕ ĚĂŶ ĂƉŝƚĂůDĂƌŬĞƚƵƚŚŽƌŝƚLJĂŶĚƉƌĞƐĞŶƚŝŶŐƚŚĞƌĞƉŽƌƚ
ƉĞŶLJĂũŝĂŶ >ĂƉŽƌĂŶ ĚĂŶ ŝŶĨŽƌŵĂƐŝ ƐĞƉƵƚĂƌ WĂƐĂƌ ĂŶĚ ŝŶĨŽƌŵĂƚŝŽŶ ŽŶ ĂƉŝƚĂů DĂƌŬĞƚ ƚŚƌŽƵŐŚ
DŽĚĂůŵĞůĂůƵŝƐŝƚƵƐ^ŝŶĂƌƚĂŵĂ͘ ^ŝŶĂƌƚĂŵĂǁĞďƐŝƚĞ͘
DĞŶŐŬŽŵƉŝůĂƐŝ W^ Ěŝ ůƵĂƌ <^ / ĚĞŶŐĂŶ W^ LJĂŶŐ ŽŵƉŝůŝŶŐ W^ ŽƵƚƐŝĚĞ ŽĨ <^ / ĂŶĚ ƚŚĞ W^ ŝŶƐŝĚĞ
ďĞƌĂĚĂ ĚĂůĂŵ ƉĞŶŝƚŝƉĂŶ ŬŽůĞŬƚŝĨ <^ /͕ ŵĞŶLJĂũŝŬĂŶ ƚŚĞ ĐŽůůĞĐƚŝǀĞ ĐƵƐƚŽĚLJ ŽĨ <^ /͕ ƉƌĞƐĞŶƚŝŶŐ ƚŚĞ W^͕
W^͕ŵĞŶĞƌďŝƚŬĂŶ<ŽŶĨŝƌŵĂƐŝdĞƌƚƵůŝƐƵŶƚƵŬZhW^ ƉƵďůŝƐŚŝŶŐ Ă ǁƌŝƚƚĞŶ ĐŽŶĨŝƌŵĂƚŝŽŶ ĨŽƌ 'D^ ŽŶ
ďĞŚĂůĨ ŽĨ ŚŽůĚĞƌƐ ŽĨ ƐĞĐƵƌŝƚŝĞƐ ǁŚŽ ĂƌĞ ƵŶĚĞƌ ƚŚĞ
;͞<dhZ͟Ϳ ĂƚĂƐ ŶĂŵĂ ƉĞŵĞŐĂŶŐ ĞĨĞŬ LJĂŶŐ ďĞƌĂĚĂ
ĐŽůůĞĐƚŝǀĞ ĐƵƐƚŽĚLJ ŽĨ <^ /͕ ĂŶĚ ĂƐƐŝƐƚ ƚŚĞ ŶŽƚĂƌLJ ŝŶ
ĚĂůĂŵ ƉĞŶŝƚŝƉĂŶ ŬŽůĞŬƚŝĨ <^ /͕ ĚĂŶ ŵĞŵďĂŶƚƵ
ĐŽƵŶƚŝŶŐ ƚŚĞ ŶƵŵďĞƌ ŽĨ ƐŚĂƌĞƐ ĂƚƚĞŶĚŝŶŐ ƚŚĞ
ŶŽƚĂƌŝƐĚĂůĂŵƉĞŶŐŚŝƚƵŶŐĂŶũƵŵůĂŚƐĂŚĂŵŚĂĚŝƌ͘
ŵĞĞƚŝŶŐ͘
ŝĂLJĂũĂƐĂƚĂŚƵŶϮϬϮϱ͗ZƉϰϲ͘ϴϭϴ͘ϭϴϮ &ĞĞĨŽƌϮϬϮϱ͗ZƉϰϲ͕ϴϭϴ͕ϭϴϮ
Wd&h:/&/EE /EKE ^/d<
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
EŽƚĂƌŝƐͮEŽƚĂƌLJ
ŶĚĂůŝĂ&ĂƌŝĚĂ͕^͘,͕͘D͘,͘
:ĂŐĂƚƵŝůĚŝŶŐ>ĂŶƚĂŝϭ
:ů͘Z͘W͘^ŽĞƌŽƐŽEŽ͘ϰϮ
:ĂŬĂƌƚĂϭϬϯϱϬʹ/ŶĚŽŶĞƐŝĂ
EŽƚĂƌŝƐ ďĞƌƚŝŶĚĂŬ ƐĞďĂŐĂŝ ƉĞŶĂƐĞŚĂƚ ŚƵŬƵŵ ďĂŐŝ dŚĞEŽƚĂƌLJĂĐƚĂƐůĞŐĂůĂĚǀŝƐŽƌƐƚŽƚŚĞŽŵƉĂŶLJŝŶ
WĞƌƐĞƌŽĂŶ ĚĂůĂŵ ŚĂů ƉĞŶLJƵƐƵŶĂŶ ĂƚĂƵ ƉĞƌƵďĂŚĂŶ ƚĞƌŵƐ ŽĨ ĚƌĂĨƚŝŶŐ Žƌ ĂŵĞŶĚŝŶŐ ƚŚĞ ĂƌƚŝĐůĞƐ ŽĨ
ĂŶŐŐĂƌĂŶ ĚĂƐĂƌ ƐĞƌƚĂ ƉĞŵďƵĂƚĂŶ ĂŬƚĂ LJĂŶŐ ĂƐƐŽĐŝĂƚŝŽŶ ĂƐ ǁĞůůĂƐŵĂŬŝŶŐ ƚŚĞ ŶĞĐĞƐƐĂƌLJ ĚĞĞĚƐ
ĚŝƉĞƌůƵŬĂŶ WĞƌƐĞƌŽĂŶ ĂŐĂƌ ƐĞũĂůĂŶ ĚĞŶŐĂŶ ŚƵŬƵŵ ĨŽƌƚŚĞŽŵƉĂŶLJƚŽďĞŝŶůŝŶĞǁŝƚŚĂƉƉůŝĐĂďůĞůĂǁƐ
ĚĂŶŬĞƚĞŶƚƵĂŶLJĂŶŐďĞƌůĂŬƵ͘ ĂŶĚƌĞŐƵůĂƚŝŽŶƐ͘
^ĞůĂŝŶŝƚƵƉƵůĂ͕EŽƚĂƌŝƐďĞƌƉĞƌĂŶƵŶƚƵŬƉĞŵďƵĂƚĂŶ /Ŷ ĂĚĚŝƚŝŽŶ͕ ƚŚĞ EŽƚĂƌLJ ŚĂƐ Ă ƌŽůĞ ŝŶ ŵĂŬŝŶŐ ƚŚĞ
ĞƌŝƚĂ ĐĂƌĂ ZhW^ ĚĂŶ ŵĞŶLJƵƐƵŶ ƉĞƌŶLJĂƚĂĂŶ DŝŶƵƚĞƐŽĨ ƚŚĞ 'D^ ĂŶĚĐŽŵƉŝůŝŶŐ ĂƐƚĂƚĞŵĞŶƚŽĨ
ŬĞƉƵƚƵƐĂŶ ZhW^ ƐĞƌƚĂ ŵĞŶĞůŝƚŝ ŬĞĂďƐĂŚĂŶ ŚĂůͲŚĂů ƚŚĞ 'D^ ƌĞƐŽůƵƚŝŽŶƐ ĂƐ ǁĞůů ĂƐ ĞdžĂŵŝŶŝŶŐ ƚŚĞ
ƚĞƌŬĂŝƚƉĞŶLJĞůĂŶŐŐĂƌĂĂŶZhW^͘ ǀĂůŝĚŝƚLJŽĨŵĂƚƚĞƌƐƌĞůĂƚĞĚƚŽƚŚĞ'D^͘
ŝĂLJĂũĂƐĂƚĂŚƵŶϮϬϮϱ͗ZƉϮϱ͘ϬϬϬ͘ϬϬϬ &ĞĞĨŽƌϮϬϮϱ͗ZƉϮϱ͕ϬϬϬ͕ϬϬϬ
>ĞŵďĂŐĂWĞŶLJŝŵƉĂŶĂŶĚĂŶWĞŶLJĞůĞƐĂŝĂŶ ĨĞŬͮ^ĞĐƵƌŝƚŝĞƐZĂƚŝŶŐ/ŶƐƚŝƚƵƚŝŽŶ
Wd<ƵƐƚŽĚŝĂŶ^ĞŶƚƌĂů ĨĞŬ/ŶĚŽŶĞƐŝĂ;<^ /Ϳ
'ĞĚƵŶŐƵƌƐĂ ĨĞŬ/ŶĚŽŶĞƐŝĂ͕dŽǁĞƌϭ͕>ƚ͘ϱ
:ů͘:ĞŶĚ͘^ƵĚŝƌŵĂŶ<Ăǀ͘ϱϮͲϱϯ
:ĂŬĂƌƚĂϭϮϭϵϬͲ/ŶĚŽŶĞƐŝĂ
:ĂƐĂLJĂŶŐĚŝďĞƌŝŬĂŶ͗ ^ĞƌǀŝĐĞƉƌŽǀŝĚĞĚ͗
<^ / ŵĞŵďĞƌŝŬĂŶ ůĂLJĂŶĂŶ ũĂƐĂ ƉĞŶLJŝŵƉĂŶĂŶ ĚĂŶ <^ /ƉƌŽǀŝĚĞƐ^ĞĐƵƌŝƚŝĞƐĚĞƉŽƐŝƚŽƌLJĂŶĚƚƌĂŶƐĂĐƚŝŽŶ
ƉĞŶLJĞůĞƐĂŝĂŶ ƚƌĂŶƐĂŬƐŝ ĨĞŬ ďĂŐŝ WĞƌƐĞƌŽĂŶ ƐĞƚƚůĞŵĞŶƚƐĞƌǀŝĐĞƐĨŽƌ>ŝƐƚĞĚŽŵƉĂŶŝĞƐ͘
dĞƌĚĂĨƚĂƌ͘
^ĞũĂŬƚĂŚƵŶϮϬϮϬ͕ƐĞďĂŐĂŝƚĂŶŐŐĂƉĂŶĂƚĂƐƉĂŶĚĞŵŝ ^ŝŶĐĞ ϮϬϮϬ͕ ŝŶ ƌĞƐƉŽŶƐĞ ƚŽ ƚŚĞ ŽǀŝĚͲϭϵ ƉĂŶĚĞŵŝĐ
ŽǀŝĚͲϭϵ ĚĂŶ WĞŵďĞƌůĂŬƵĂŶ WĞŵďĂƚĂƐĂŶ <ĞŐŝĂƚĂŶ ĂŶĚ ƚŚĞ /ŵƉŽƐŝƚŝŽŶ ŽĨ ZĞƐƚƌŝĐƚŝŽŶƐ ŽŶ ŽŵŵƵŶŝƚLJ
DĂƐLJĂƌĂŬĂƚ͕<^ /ŵĞŶLJĞĚŝĂŬĂŶƐĂƌĂŶĂƉĞůĂŬƐĂŶĂĂŶ ĐƚŝǀŝƚŝĞƐ͕<^ /ŚĂƐƉƌŽǀŝĚĞĚĂŵĞĂŶƐŽĨĐŽŶĚƵĐƚŝŶŐ
ZhW^ ĞůĞŬƚƌŽŶŝŬ ŵĞůĂůƵŝ ĞͲZhW^ ĚĂŶ ƉĞŵďĞƌŝĂŶ ĞůĞĐƚƌŽŶŝĐ 'D^ ƚŚƌŽƵŐŚ ĞͲZhW^ ĂŶĚ ĞůĞĐƚƌŽŶŝĐ
ŬƵĂƐĂ ƐĞĐĂƌĂ ĞůĞŬƚƌŽŶŝŬ ŵĞůĂůƵŝ ĞͲWƌŽdžLJ ĚĂůĂŵ ƉŽǁĞƌ ŽĨ ĂƚƚŽƌŶĞLJ ƚŚƌŽƵŐŚ ĞͲWƌŽdžLJ ŝŶ ƚŚĞ ĨŽƌŵ ŽĨ
ƐŝƐƚĞŵĞ^z͘<^ /͘ ƚŚĞĞ^z͘<^ /ƐLJƐƚĞŵ͘
ŝĂLJĂũĂƐĂƚĂŚƵŶϮϬϮϱ͗ZƉϭϬ͘ϬϬϬ͘ϬϬϬ &ĞĞĨŽƌϮϬϮϱ͗ZƉϭϬ͕ϬϬϬ͕ϬϬϬ
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
^hD ZzDEh^/
,hDEZ ^KhZ ^
^ƵŵďĞƌĚĂLJĂŵĂŶƵƐŝĂŵĞƌƵƉĂŬĂŶƐĂůĂŚƐĂƚƵ ,ƵŵĂŶƌĞƐŽƵƌĐĞƐŝƐŽŶĞŽĨƚŚĞŵĂŝŶƉŝůůĂƌŝŶ
ƉŝůĂƌ ƵƚĂŵĂ ĚĂůĂŵ ƉƌŽƐĞƐ ƉĞŶĐŝƉƚĂĂŶ ŶŝůĂŝ ďĂŐŝ ƚŚĞƉƌŽĐĞƐƐŽĨĐƌĞĂƚŝŶŐǀĂůƵĞĨŽƌƚŚĞŽŵƉĂŶLJ͘dŚĞ
WĞƌƐĞƌŽĂŶ͘ <ĞŵĂŵƉƵĂŶ͕ ŬŽŵƉĞƚĞŶƐŝ ĚĂŶ ŬĞĂŚůŝĂŶ ĐĂƉĂďŝůŝƚŝĞƐ͕ ĐŽŵƉĞƚĞŶĐŝĞƐ ĂŶĚ ĞdžƉĞƌƚŝƐĞ ŽĨ
ŬĂƌLJĂǁĂŶ ŵĞƌƵƉĂŬĂŶ ƌŽĚĂ ƉƵƚĂƌ ĚĂůĂŵ ĞŵƉůŽLJĞĞƐ ĂƌĞ ƚŚĞ ŵĂŝŶ ĨĂĐƚŽƌ ƚŽǁĂƌĚ
ŵĞŶũĂůĂŶŬĂŶ ƐƚƌĂƚĞŐŝ ďŝƐŶŝƐ ĚĞŵŝ ƚĞƌĐĂƉĂŝŶLJĂ ǀŝƐŝ ŝŵƉůĞŵĞŶƚŝŶŐ ďƵƐŝŶĞƐƐ ƐƚƌĂƚĞŐŝĞƐ ŝŶ ŽƌĚĞƌ ƚŽ
ĚĂŶ ŵŝƐŝ WĞƌƐĞƌŽĂŶ͘ DĞŵĂŶĚĂŶŐ ƉĞŶƚŝŶŐŶLJĂ ĂĐŚŝĞǀĞ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ǀŝƐŝŽŶ ĂŶĚ ŵŝƐƐŝŽŶ͘ 'ŝǀĞŶ
ƉĞƌĂŶĂŶ ƚĞŶĂŐĂ ŬĞƌũĂ͕ ŵĂŶĂũĞŵĞŶ ^DWĞƌƐĞƌŽĂŶ ƚŚĞ ŝŵƉŽƌƚĂŶĐĞ ƌŽůĞ ŽĨ ƐŬŝůůĨƵů ĞŵƉůŽLJĞĞ͕ ƚŚĞ
ĚŝůĂŬƵŬĂŶ ĚĞŶŐĂŶ ŵĞŶĞƌĂƉŬĂŶ ƐƚĂŶĚĂƌ LJĂŶŐ ŬĞƚĂƚ ŽŵƉĂŶLJ͛Ɛ ,Z ŵĂŶĂŐĞŵĞŶƚ ŝƐ ĐĂƌƌŝĞĚ ŽƵƚ ďLJ
ĚĂŶ ĚŝŶĂŵŝƐ ĚĞŵŝ ŵĞŶŐŝŬƵƚŝ ƉĞƌŬĞŵďĂŶŐĂŶ LJĂŶŐ ĂƉƉůLJŝŶŐ ƐƚƌŝĐƚ ĂŶĚ ĚLJŶĂŵŝĐ ƐƚĂŶĚĂƌĚ ŝŶ ŽƌĚĞƌ ƚŽ
ƚĞƌũĂĚŝ͘ ŬĞĞƉƵƉǁŝƚŚĂŶLJĚĞǀĞůŽƉŵĞŶƚƐ͘
DK'Z&/^<ZztE'Z/ϰϬϱͲϬϭ
DW>Kz DK'ZW,/
:ƵŵůĂŚ ŬĂƌLJĂǁĂŶ WĞƌƐĞƌŽĂŶ ƉĞƌ ϯϭ dŚĞ ƚŽƚĂů ĂŵŽƵŶƚ ŽĨ ĞŵƉůŽLJĞĞƐ ŝŶ ƚŚĞ
ĞƐĞŵďĞƌ ϮϬϮϱ ĂĚĂůĂŚ ϭϴ ŽƌĂŶŐ͘ ^ĞůƵƌƵŚ ƚĞŶĂŐĂ ŽŵƉĂŶLJ ƉĞƌ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϱ ǁĂƐ ϭϴ ƉĞŽƉůĞ͘
ŬĞƌũĂ ŵĞƌƵƉĂŬĂŶ ƚĞŶĂŐĂ ŬĞƌũĂ ƚĞƚĂƉ͘ <ŽŵƉŽƐŝƐŝ ůů ĞŵƉůŽLJĞĞƐ ĂƌĞ ŝŶ ƉĞƌŵĂŶĞŶƚ ƉŽƐŝƚŝŽŶ͘ dŚĞ
ŬĂƌLJĂǁĂŶĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗'Z/ϮͲϳͲďͲŝ͕ϮϬϮͲϬϮ ĐŽŵƉŽƐŝƚŝŽŶ ŽĨ ĞŵƉůŽLJĞĞƐ ǁĂƐ ĂƐ ĨŽůůŽǁ͗ 'Z/ ϮͲϳͲďͲŝ͕
ϮϬϮͲϬϮ
;ŝĚĂƐĂƌŬĂŶƉĂĚĂĚĂƚĂƉĞƌϯϭĞƐĞŵďĞƌͿ ;ĂƐĞĚŽŶĚĂƚĂƉĞƌĞĐĞŵďĞƌϯϭͿ
ϮϬϮϱ
dŝŶŐŬĂƚWĞŶĚŝĚŝŬĂŶ >ĞǀĞůŽĨ ĚƵĐĂƚŝŽŶ
WƌŝĂ tĂŶŝƚĂ
DĂůĞ &ĞŵĂůĞ
WĂƐĐĂ^ĂƌũĂŶĂ;^ϮͿ Ϯ ϭ DĂƐƚĞƌĞŐƌĞĞ
^ĂƌũĂŶĂ;^ϭͿ Ϯ ϭϬ ĂĐŚĞůŽƌĞŐƌĞĞ
ŝƉůŽŵĂ;ϯͿ Ͳ Ͳ ŝƉůŽŵĂ
^D ϭ Ϯ ,ŝŐŚ^ĐŚŽŽů
:ƵŵůĂŚ ϱ ϭϯ dŽƚĂů
;ŝĚĂƐĂƌŬĂŶƉĂĚĂĚĂƚĂƉĞƌϯϭĞƐĞŵďĞƌͿ ;ĂƐĞĚŽŶĚĂƚĂƉĞƌĞĐĞŵďĞƌϯϭͿ
ϮϬϮϱ
hƐŝĂ ŐĞ
^ƚĂĨĨ DĂŶĂũĞƌŝĂů
^ƚĂĨĨ DĂŶĂŐĞƌŝĂů
ϮϭʹϯϬdĂŚƵŶ ϭ ϰ ϮϭʹϯϬLJĞĂƌƐ
ϯϭʹϰϬdĂŚƵŶ Ͳ ϱ ϯϭʹϰϬLJĞĂƌƐ
ϰϭʹϱϬdĂŚƵŶ ϯ Ϯ ϰϭʹϱϬLJĞĂƌƐ
>ĞďŝŚĚĂƌŝϱϬdĂŚƵŶ Ͳ ϯ ďŽǀĞϱϬLJĞĂƌƐ
:ƵŵůĂŚ ϰ ϭϰ dŽƚĂů
WĂĚĂ ϯϭ ĞƐĞŵďĞƌ ϮϬϮϱ͕ ƐĞůƵƌƵŚ ŬĂƌLJĂǁĂŶ WĞƌĞĐĞŵďĞƌϯϭ͕ϮϬϮϱ͕ĂůůĞŵƉůŽLJĞĞƐǁĞƌĞ
WĞƌƐĞƌŽĂŶ ŵĞƌƵƉĂŬĂŶ tE/͘ WĞƌƐĞƌŽĂŶ ƐĂĂƚ ŝŶŝ /ŶĚŽŶĞƐŝĂ ĐŝƚŝnjĞŶ͘ dŚĞ ŽŵƉĂŶLJ ĐƵƌƌĞŶƚůLJ ĚŽĞƐ ŶŽƚ
ƚŝĚĂŬŵĞŵŝůŝŬŝƚĞŶĂŐĂŬĞƌũĂĂƐŝŶŐ͘'Z/ϮͲϳͲďͲŝ ŚĂǀĞĨŽƌĞŝŐŶĞŵƉůŽLJĞĞ͘'Z/ϮͲϳͲďͲŝ
Wd&h:/&/EE /EKE ^/d<
38
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
^ > <^/ΘZ <ZhdD E'Z/ϰϬϭͲϬϭ
^ > d/KEΘZ Zh/dD Ed
WĞƌƐĞƌŽĂŶ ŵĞŶũĂŵŝŶ ƉƌŽƐĞƐ ƌĞŬƌƵƚŵĞŶ dŚĞ ĐŽŵƉĂŶLJ ĞŶƐƵƌĞƐ ƚŚĂƚ ƚŚĞ ƌĞĐƌƵŝƚŵĞŶƚ
ƚĞƌŚĂĚĂƉ ƐĞůƵƌƵŚ ŬĂƌLJĂǁĂŶ ƚĞůĂŚ ĚŝůĂŬƵŬĂŶ ƐĞĐĂƌĂ ƉƌŽĐĞƐƐ ĨŽƌ Ăůů ĞŵƉůŽLJĞĞƐ ŚĂƐ ďĞĞŶ ĐĂƌƌŝĞĚ ŽƵƚ ŝŶ
ƚƌĂŶƐƉĂƌĂŶ ĚĂŶ ĂĚŝů ƐĞƌƚĂ ĚŝĚĂƐĂƌŬĂŶ ƉĂĚĂ ƚƌĂŶƐƉĂƌĞŶƚ ĂŶĚ ĨĂŝƌ ŵĂŶŶĞƌ ƉƌŝŶĐŝƉůĞƐ͕ ĂŶĚ ŝƐ
ŬƵĂůŝĨŝŬĂƐŝLJĂŶŐĚŝďƵƚƵŚŬĂŶŽůĞŚWĞƌƐĞƌŽĂŶ͘WƌŝŶƐŝƉ ďĂƐĞĚ ŽŶ ƚŚĞ ƋƵĂůŝĨŝĐĂƚŝŽŶƐ ƌĞƋƵŝƌĞĚ ďLJ ƚŚĞ
ŬĞƐĞƚĂƌĂĂŶ ŬĞƐĞŵƉĂƚĂŶ ďĞŬĞƌũĂ ƐĞůĂůƵ ŵĞŶũĂĚŝ ŽŵƉĂŶLJ͘ dŚĞ ƉƌŝŶĐŝƉůĞ ŽĨ ĞƋƵĂů ŽƉƉŽƌƚƵŶŝƚLJ ŚĂƐ
ĚĂƐĂƌ WĞƌƐĞƌŽĂŶ ĚĂůĂŵ ŵĞŵŝůŝŚ ƚĂůĞŶƚĂ ƚĞƌďĂŝŬ ĂůǁĂLJƐ ďĞĞŶ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ďĂƐŝƐ ŝŶ ƐĞůĞĐƚŝŶŐ ƚŚĞ
ƵŶƚƵŬ ŵĞŶũĂĚŝ ďĂŐŝĂŶ ĚĂƌŝ ŬĂƌLJĂǁĂŶ WĞƌƐĞƌŽĂŶ͘ ďĞƐƚƚĂůĞŶƚƚŽďĞƉĂƌƚŽĨƚŚĞŽŵƉĂŶLJ͛Ɛ ŵƉůŽLJĞĞƐ͘
ĂůĂŵƉƌŽƐĞƐƌĞŬƌƵƚŵĞŶƚĞƌƐĞďƵƚ͕WĞƌƐĞƌŽĂŶƐĞůĂůƵ /Ŷ ƚŚĞ ƌĞĐƌƵŝƚŵĞŶƚ ƉƌŽĐĞƐƐ͕ ŽŵƉĂŶLJ ĂůǁĂLJƐ
ŵĞŵĂƐƚŝŬĂŶ ƚŝĚĂŬ ĂĚĂŶLJĂ ĚŝƐŬƌŝŵŝŶĂƐŝ ĚĂůĂŵ ĞŶƐƵƌĞƐ ƚŚĂƚ ƚŚĞƌĞ ŝƐ ŶŽ ĚŝƐĐƌŝŵŝŶĂƚŝŽŶ ŝŶ ƚŚĞ
ůŝŶŐŬƵŶŐĂŶŬĞƌũĂWĞƌƐĞƌŽĂŶ͘ ŽŵƉĂŶLJǁŽƌŬĞŶǀŝƌŽŶŵĞŶƚ͘
WĞƌƐĞƌŽĂŶ ŵĞŶLJĂĚĂƌŝ ĂĚĂŶLJĂ ŝƐƵ dŚĞ ŽŵƉĂŶLJ ŝƐ ĂǁĂƌĞ ŽĨ ŝƐƐƵĞƐ ƌĞŐĂƌĚŝŶŐ
ƉĞŶŐŐƵŶĂĂŶƚĞŶĂŐĂŬĞƌũĂƉĂŬƐĂĚĂŶƚĞŶĂŐĂŬĞƌũĂĚŝ ĨŽƌĐĞĚ ĂŶĚ ŝůůĞŐĂů ƵŶĚĞƌĂŐĞ ůĂďŽƌ ƉĂƌƚŝĐƵůĂƌůLJ ŝŶ
ďĂǁĂŚ ƵŵƵƌ ƐĞĐĂƌĂ ŝůĞŐĂů ƚĞƌƵƚĂŵĂ ƉĂĚĂ ŶĞŐĂƌĂ Ͳ ƐŝĂŶ ĐŽƵŶƚƌŝĞƐ͘ dŚĞƌĞĨŽƌĞ͕ ƚŚĞ ŽŵƉĂŶLJ ĂůǁĂLJƐ
ŶĞŐĂƌĂ Ěŝ ƐŝĂ͘ KůĞŚ ŬĂƌĞŶĂͲŶLJĂ͕ WĞƌƐĞƌŽĂŶ ĞŶƐƵƌĞƐ ƚŚĞƌĞ ŝƐ ŶŽ ĨŽƌĐĞĚ Žƌ ƵŶĚĞƌĂŐĞ ĞŵƉůŽLJĞĞ
ƐĞŶĂŶƚŝĂƐĂ ŵĞŵĂƐƚŝŬĂŶ ƚŝĚĂŬ ĂĚĂ ƉĞŬĞƌũĂ ƉĂŬƐĂ ĚƵƌŝŶŐƐĞůĞĐƚŝŽŶƉƌŽĐĞƐƐ͘
ŵĂƵƉƵŶ ƉĞŬĞƌũĂ Ěŝ ďĂǁĂŚ ƵŵƵƌ ĚĂůĂŵ ŬĂůĂŶŐĂŶ
ŬĂƌLJĂǁĂŶWĞƌƐĞƌŽĂŶƐĂĂƚŵĞůĂŬƵŬĂŶƉƌŽƐĞƐƐĞůĞŬƐŝ͘
W >d/,EΘW E' DE'Eϱϭ͗ͲϲĐͲϮ
dZ/E/E'Θ s >KWD Ed
<ŽŵƉĞƚĞŶƐŝ ĚĂŶ ƉĞŶŐĞƚĂŚƵĂŶ ŬĂƌLJĂǁĂŶ ĂƐŝĐ ŬŶŽǁůĞĚŐĞ ĂŶĚ ĐŽŵƉĞƚĞŶĐŝĞƐ ŽĨ
ŵĞƌƵƉĂŬĂŶ ĨĂŬƚŽƌ LJĂŶŐ ƐĂŶŐĂƚ ďĞƌƉĞƌĂŶ ĚĂůĂŵ ĞŵƉůŽLJĞĞƐ ƚĂŬĞƐ Ă ǀĞƌLJ ŝŵƉŽƌƚĂŶƚ ĨĂĐƚŽƌ ŝŶ ƚŚĞ
ŬĞŵĂŵƉƵĂŶ ŬĂƌLJĂǁĂŶ ƵŶƚƵŬ ŵĞŶũĂůĂŶŬĂŶ ĂďŝůŝƚLJ ŽĨ ĞŵƉůŽLJĞĞƐ ƚŽ ĐĂƌƌLJ ŽƵƚ ƚŚĞŝƌ ĚƵƚŝĞƐ͘
ƚƵŐĂƐŶLJĂ͘ KůĞŚ ƐĞďĂď ŝƚƵ͕ WĞƌƐĞƌŽĂŶ ƐĞŶĂŶƚŝĂƐĂ dŚĞƌĞĨŽƌĞ͕ƚŚĞŽŵƉĂŶLJĂůǁĂLJƐƐƚƌŝǀĞƚŽĞŶĐŽƵƌĂŐĞ
ďĞƌƵƉĂLJĂ ŵĞŶĚŽƌŽŶŐ ƉĞŶŐĞŵďĂŶŐĂŶ ŬĂƌLJĂǁĂŶ ĞŵƉůŽLJĞĞ ĚĞǀĞůŽƉŵĞŶƚ ƚŚƌŽƵŐŚ ƚƌĂŝŶŝŶŐ͕ ƐĞŵŝŶĂƌƐ
ŵĞůĂůƵŝ ƉĞůĂƚŝŚĂŶ͕ ƐĞŵŝŶĂƌ ĚĂŶ ǁŽƌŬƐŚŽƉ LJĂŶŐ ĂŶĚ ǁŽƌŬƐŚŽƉ ƚŚĂƚ ĂƌĞ ƌĞůĞǀĂŶƚ ƚŽ ƚŚĞ ƉŽƐŝƚŝŽŶ ŽĨ
ƌĞůĞǀĂŶĚĞŶŐĂŶƉŽƐŝƐŝŵĂƐŝŶŐʹŵĂƐŝŶŐŬĂƌLJĂǁĂŶ͘ ĞĂĐŚĞŵƉůŽLJĞĞ͘
WĂĚĂ ƚĂŚƵŶ ϮϬϮϱ͕ WĞƌƐĞƌŽĂŶ ŵĞŶŐŐƵŶĂŬĂŶ ƵƌŝŶŐ ϮϬϮϱ͕ ƚŚĞ ŽŵƉĂŶLJ ƐƉĞŶƚ ZƉ ϴϱ͘ϵϭ
ĚĂŶĂ ƐĞďĞƐĂƌ ZƉ ϴϱ͕ϵϭ ũƵƚĂ ƵŶƚƵŬ ƉĞůĂƚŝŚĂŶ ŵŝůůŝŽŶ ĨŽƌ ĞŵƉůŽLJĞĞ ƚƌĂŝŶŝŶŐ͘ ůů ƚƌĂŝŶŝŶŐ ĂŶĚ
ŬĂƌLJĂǁĂŶ͘ ^ĞŵƵĂ ƉĞůĂƚŝŚĂŶ ĚĂŶ ƐĞŵŝŶĂƌ ƐĞŵŝŶĂƌƐ ǁĞƌĞ ĐĂƌƌŝĞĚ ŽƵƚ ďLJ ĞdžƚĞƌŶĂů ƉĂƌƚŝĞƐ ĂŶĚ
ĚŝůĂŬƐĂŶĂŬĂŶ ŽůĞŚ ƉŝŚĂŬ ĞŬƐƚĞƌŶĂů ĚĂŶ ƐĞďĂŐŝĂŶ ŵŽƐƚ ŽĨ ƚŚĞŵ ǁĞƌĞ ĐŽŶĚƵĐƚĞĚ ŽŶůŝŶĞ ƚŚƌŽƵŐŚ
ďĞƐĂƌ ĚŝůĂŬƵŬĂŶ ƐĞĐĂƌĂ ŽŶůŝŶĞ ŵĞůĂůƵŝ ŵĞĚŝĂ ͞njŽŽŵ͟ ŵĞĞƚŝŶŐ͘ dŚĞ ĚĞƚĂŝůƐ ŽĨ ƚŚĞ ƚƌĂŝŶŝŶŐ
ΗnjŽŽŵΗ͘ ZŝŶĐŝĂŶ ŬĞŐŝĂƚĂŶ ƉĞůĂƚŝŚĂŶ LJĂŶŐ ĚŝŝŬƵƚŝ ĂĐƚŝǀŝƚŝĞƐ ĂƚƚĞŶĚĞĚ ďLJ ƚŚĞ ĞŵƉůŽLJĞĞ ƚŚƌŽƵŐŚŽƵƚ
ŬĂƌLJĂǁĂŶ WĞƌƐĞƌŽĂŶ ƐĞƉĂŶũĂŶŐ ƚĂŚƵŶ ϮϬϮϱ ĂĚĂůĂŚ ϮϬϮϱĂƌĞĂƐĨŽůůŽǁƐ͗'Z/ϰϬϰͲϬϭ͕ϰϬϰͲϬϮ͕ϰϬϰͲϬϯ
ƐĞďĂŐĂŝďĞƌŝŬƵƚ͗'Z/ϰϬϰͲϬϭ͕ϰϬϰͲϬϮ͕ϰϬϰͲϬϯ
Jumlah Peserta Rata – Rata Jam Pelatihan per
Jumlah Jam
Pelatihan Jumlah Karyawan Karyawan
Pelatihan
No. of No. of Employees Average Training Hour per
Training Hour
Participants Employee
Jumlah / Total 612 18 18 34
Berdasarkan Gender
Based on Gender
Pria / Male 190 5 5 38
Wanita / Female 422 13 13 32,46
Berdasarkan Jabatan
Based on Positition
Manajerial / Managerial 522 14 14 37,28
39
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
Staf / Staff 90 4 4 22,5
W E' >K>EΘW DEdhE
^hW Zs/^/KEΘDKE/dKZ/E'
WĞŶŐĞůŽůĂĂŶ ^D Ěŝ WĞƌƐĞƌŽĂŶ ĚŝũĂůĂŶŬĂŶ ,Z DĂŶĂŐĞŵĞŶƚ ŝƐ ĐĂƌƌŝĞĚ ŽƵƚ ŝŶ
ƐĞƐƵĂŝĚĞŶŐĂŶƌĞŶĐĂŶĂƐƚƌĂƚĞŐŝƐWĞƌƐĞƌŽĂŶĚŝŵĂŶĂ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ĐŽŵƉĂŶLJ ƉůĂŶ ǁŚĞƌĞ
ƚŝŶĚĂŬĂŶŵŽŶŝƚŽƌŝŶŐĚĂŶĞǀĂůƵĂƐŝĚŝůĂŬƵŬĂŶƐĞĐĂƌĂ ŵŽŶŝƚŽƌŝŶŐ ĂŶĚ ĞǀĂůƵĂƚŝŽŶ ŝƐ ĐĂƌƌŝĞĚ ŽƵƚ
ďĞƌŬĂůĂĂƚĂƐƐĞůƵƌƵŚĂƐƉĞŬƉĞŶŐĞůŽůĂĂŶ^D͘ ƉĞƌŝŽĚŝĐĂůůLJŽŶĂůůĂƐƉĞĐƚŽĨ,ZŵĂŶĂŐĞŵĞŶƚ͘
< ^ :,d ZE<ZztE'Z/ϰϬϯͲϬϯ
DW>Kz t >&Z
WĞƌƐĞƌŽĂŶ ŵĞŶLJĂĚĂƌŝ ƉĞŶƚŝŶŐŶLJĂ ƚŝŶŐŬĂƚ dŚĞ ŽŵƉĂŶLJ ƌĞĂůŝnjĞƐ ƚŚĞ ŝŵƉŽƌƚĂŶĐĞ ŽĨ
ŬĞƐĞũĂŚƚĞƌĂĂŶ ŬĂƌLJĂǁĂŶ ƚĞƌŚĂĚĂƉ ŬŝŶĞƌũĂ ĚĂŶ ĞŵƉůŽLJĞĞ ǁĞůĨĂƌĞ ŽŶ ƚŚĞ ƉĞƌĨŽƌŵĂŶĐĞ ĂŶĚ ůŽLJĂůƚLJ
ůŽLJĂůŝƚĂƐ ŬĂƌLJĂǁĂŶ ŬĞƉĂĚĂ WĞƌƐĞƌŽĂŶ͘ ŽĨ ĞŵƉůŽLJĞĞ ƚŽ ƚŚĞ ĐŽŵƉĂŶLJ͘ dŚĞ ǁĞůĨĂƌĞ ŽĨ ƚŚĞ
WĞŵĞůŝŚĂƌĂĂŶ ŬĞƐĞũĂŚƚĞƌĂĂŶ ŬĂƌLJĂǁĂŶ WĞƌƐĞƌŽĂŶ ŽŵƉĂŶLJ͛ƐĞŵƉůŽLJĞĞŝƐŵĂŝŶƚĂŝŶĞĚƚŚƌŽƵŐŚƉƌŽƉĞƌ
ĚŝůĂŬƵŬĂŶ ŵĞůĂůƵŝ ƉĞŵďĞƌŝĂŶ ŬŽŶƚƌĂŬ ŬĞƌũĂ LJĂŶŐ ǁŽƌŬĐŽŶƚƌĂĐƚĂŶĚĐŽŵƉĞƚŝƚŝǀĞƌĞŵƵŶĞƌĂƚŝŽŶ͘
ůĂLJĂŬĚĂŶƚŝŶŐŬĂƚƌĞŵƵŶĞƌĂƐŝLJĂŶŐŬŽŵƉĞƚŝƚŝĨ͘
<ŽŶƚƌĂŬŬĞƌũĂĂŶƚĂƌĂWĞƌƐĞƌŽĂŶĚĞŶŐĂŶƉĂƌĂ dŚĞ ǁŽƌŬ ĐŽŶƚƌĂĐƚ ďĞƚǁĞĞŶ ƚŚĞ ŽŵƉĂŶLJ
ŬĂƌLJĂǁĂŶ ĚŝƐƵƐƵŶ ƐĞƐƵĂŝ ĚĞŶŐĂŶ hh ƚĞŶĂŐĂ ŬĞƌũĂ ĂŶĚŝƚƐĞŵƉůŽLJĞĞĂƌĞĚƌĂǁŶƵƉŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ
LJĂŶŐ ďĞƌůĂŬƵ Ěŝ /ŶĚŽŶĞƐŝĂ͘ <ŽŶƚƌĂŬ ĚĂŶ ƉĞƌĂƚƵƌĂŶ ƚŚĞ ĂƉƉůŝĐĂďůĞ ůĂďŽƌ ůĂǁƐ ŝŶ /ŶĚŽŶĞƐŝĂ͘ dŚĞ
ƚĞƌƐĞďƵƚ ŵĞŶũĂĚŝ ďĂƐŝƐ ƉĞŶĞŶƚƵĂŶ ũĂŵ ŬĞƌũĂ ĐŽŶƚƌĂĐƚƐ ĂŶĚ ƌĞŐƵůĂƚŝŽŶƐ ƐĞƌǀĞ ĂƐ Ă ďĂƐŝƐ ĨŽƌ
ŬĂƌLJĂǁĂŶ͕ ũƵŵůĂŚ ŚĂƌŝ ĐƵƚŝ͕ ƐĞƌƚĂ ŚĂŬ ĚĂŶ ĚĞƚĞƌŵŝŶŝŶŐ ĞŵƉůŽLJĞĞ ǁŽƌŬŝŶŐ ŚŽƵƌƐ͕ ŶƵŵďĞƌ ŽĨ
ŬĞǁĂũŝďĂŶŬĂƌLJĂǁĂŶůĂŝŶŶLJĂ͘ ĚĂLJƐ ůĞĂǀĞ͕ ĂŶĚ ŽƚŚĞƌ ĞŵƉůŽLJĞĞ ƌŝŐŚƚƐ ĂŶĚ
ŽďůŝŐĂƚŝŽŶƐ͘
ZĞŵƵŶĞƌĂƐŝŬĂƌLJĂǁĂŶWĞƌƐĞƌŽĂŶƚĞƌĚŝƌŝĂƚĂƐ͗ ŵƉůŽLJĞĞ ƌĞŵƵŶĞƌĂƚŝŽŶ ŝŶ ƚŚĞ ŽŵƉĂŶLJ ĐŽŵƉƌŝƐĞ
ŽĨ͗
'Ăũŝ ^ĂůĂƌLJ
dƵŶũĂŶŐĂŶŬĂƌLJĂǁĂŶ ŵƉůŽLJĞĞĂůůŽǁĂŶĐĞ
<ĞŝŬƵƚƐĞƌƚĂĂŶ ĚĂůĂŵ ƉƌŽŐƌĂŵ W:^ DĞŵďĞƌƐŚŝƉ ŝŶ W:^ <ĞƚĞŶĂŐĂŬĞƌũĂĂŶ
<ĞƚĞŶĂŐĂŬĞƌũĂĂŶ ƉƌŽŐƌĂŵ
ƐƵƌĂŶƐŝ<ĞƐĞŚĂƚĂŶ ,ĞĂůƚŚŝŶƐƵƌĂŶĐĞ
ƵƚŝŚĂŵŝů DĂƚĞƌŶŝƚLJůĞĂǀĞ
ĞƌŝŬƵƚ ĂĚĂůĂŚ ƚŝŶŐŬĂƚ ƉĞƌƉƵƚĂƌĂŶ ŬĂƌLJĂǁĂŶ dŚĞ ĨŽůůŽǁŝŶŐŝƐƚŚĞ ĞŵƉůŽLJĞĞ ƚƵƌŶŽǀĞƌƌĂƚĞ ŽĨƚŚĞ
WĞƌƐĞƌŽĂŶĚĂůĂŵϯƚĂŚƵŶƚĞƌĂŬŚŝƌ͗'Z/ϰϬϭͲϬϭ͕ϰϬϰͲϬϭ ŽŵƉĂŶLJŝŶƚŚĞůĂƐƚϯLJĞĂƌƐ͗'Z/ϰϬϭͲϬϭ͕ϰϬϰͲϬϭ
ϮϬϮϱ ϮϬϮϰ ϮϬϮϯ
<ĂƌLJĂǁĂŶĂƌƵ ϭϰ ϭ ϭ EĞǁ,ŝƌĞ
WƌĞƐĞŶƚĂƐĞ<ĂƌLJĂǁĂŶĂƌƵ ϳϳ͕ϳϳй ϳ͕ϳй ϱ͕ϴй WĞƌĐĞŶƚĂŐĞŽĨEĞǁ ŵƉůŽLJĞĞ
<ĂƌLJĂǁĂŶ<ĞůƵĂƌ ϵ ϱ ϭ ZĞƐŝŐŶĞĚ ŵƉůŽLJĞĞ
WƌĞƐĞŶƚĂƐĞWĞƌŐĂŶƚŝĂŶ<ĂƌLJĂǁĂŶ ϱϴ͕Ϭϲй ϯϯ͕ϯϯй ϱ͕ϴй WĞƌĐĞŶƚĂŐĞŽĨ ŵƉůŽLJĞĞdƵƌŶŽǀĞƌ
:ƵŵůĂŚZĂƚĂʹZĂƚĂ<ĂƌLJĂǁĂŶ ϭϴ ϭϯ ϭϳ ǀĞƌĂŐĞEŽŽĨ ŵƉůŽLJĞĞ
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
'ĂũŝΘdƵŶũĂŶŐĂŶ'Z/ϮϬϮͲϬϭ͕ϰϬϭͲϬϮĂͲϲĐͲϮ ^ĂůĂƌLJΘĞŶĞĨŝƚ'Z/ϮϬϮͲϬϭ͕ϰϬϭͲϬϮϱϭ͗ͲϲĐͲϮ
^ƚƌƵŬƚƵƌŐĂũŝŬĂƌLJĂǁĂŶĚŝWĞƌƐĞƌŽĂŶĚŝŚŝƚƵŶŐ ŵƉůŽLJĞĞ ƐĂůĂƌŝĞƐ ĂŶĚ ďĞŶĞĨŝƚƐ ŝŶ ƚŚĞ
ďĞƌĚĂƐĂƌŬĂŶ ĨĂŬƚŽƌ ʹ ĨĂŬƚŽƌ ƉĞŶĞŶƚƵ ƐĞƉĞƌƚŝ ŽŵƉĂŶLJ ĂƌĞďĂƐĞĚ ŽŶĚĞƚĞƌŵŝŶŝŶŐĨĂĐƚŽƌƐƵĐŚ ĂƐ
ũĂďĂƚĂŶ ĚĂŶ ůĂŵĂ ŬĞƌũĂ ƐĞƌƚĂ ƐĞũĂůĂŶ ĚĞŶŐĂŶ ƉŽƐŝƚŝŽŶ͕ ůĞŶŐƚŚ ŽĨ ƐĞƌǀŝĐĞ ĂŶĚ ŝŶ ůŝŶĞ ǁŝƚŚ
ƌĞŐƵůĂƐŝ ĚĂŶ ƚŝŶŐŬĂƚ ƵƉĂŚ ŵŝŶŝŵƵŵ LJĂŶŐ ďĞƌůĂŬƵ͘ ĂƉƉůŝĐĂďůĞ ƌĞŐƵůĂƚŝŽŶƐ ĂŶĚ ŵŝŶŝŵƵŵ ǁĂŐĞ ůĞǀĞůƐ͘
WĂĚĂƚĂŚƵŶϮϬϮϱ͕ƵƉĂŚƉĞŐĂǁĂŝƚĞƚĂƉĚŝWĞƌƐĞƌŽĂŶ /ŶϮϬϮϱ͕ƚŚĞǁĂŐĞĨŽƌƉĞƌŵĂŶĞŶƚĞŵƉůŽLJĞĞƐŝŶƚŚĞ
ƚĞůĂŚŵĞŶŐŝŬƵƚŝhDZĚŝ:ĂŬĂƌƚĂ͘ ŽŵƉĂŶLJǁĂƐĂĐĐŽƌĚĂŶĐĞƚŽƚŚĞŵŝŶŝŵƵŵǁĂŐĞŝŶ
:ĂŬĂƌƚĂ͘
WĞƌƐĞƌŽĂŶŵĞŵďĞƌůĂŬƵŬĂŶŵĂƐĂƉĞƌĐŽďĂĂŶ dŚĞŽŵƉĂŶLJŝŵƉůĞŵĞŶƚƐĂƚƌŝĂůƉĞƌŝŽĚŽĨϯ
ϯ ďƵůĂŶ ďĂŐŝ ŬĂƌLJĂǁĂŶ ďĂƌƵ͘ WĂĚĂ ĂŬŚŝƌ ƉĞƌŝŽĚĞ ϯ ŵŽŶƚŚƐ ĨŽƌ ŶĞǁ ĞŵƉůŽLJĞĞƐ͘ ƚ ƚŚĞ ĞŶĚ ŽĨ ƚŚĞ ϯ
ďƵůĂŶ ƚĞƌƐĞďƵƚ͕ ƉŝŚĂŬ ,Z ĂŬĂŶ ŵĞŶŐĞǀĂůƵĂƐŝ ŵŽŶƚŚ ƉĞƌŝŽĚ͕ ,Z ǁŝůů ĞǀĂůƵĂƚĞ ƚŚĞ ĞŵƉůŽLJĞĞΖƐ
ŬŝŶĞƌũĂ ŬĂƌLJĂǁĂŶ ƵŶƚƵŬ ŵĞŶĞŶƚƵŬĂŶ ŬĞƐĞƐƵĂŝĂŶ ƉĞƌĨŽƌŵĂŶĐĞ ƚŽ ĚĞƚĞƌŵŝŶĞ ƚŚĞ ƐƵŝƚĂďŝůŝƚLJ ŽĨ ƚŚĞ
ŬĂƌLJĂǁĂŶ ƚĞƌƐĞďƵƚ ƚĞƌŚĂĚĂƉ ƉŽƐŝƐŝ LJĂŶŐ ĞŵƉůŽLJĞĞ ĨŽƌ ƚŚĞ ƌĞƋƵŝƌĞĚ ƉŽƐŝƚŝŽŶ ĂŶĚ ƚŚĞ
ĚŝďƵƚƵŚŬĂŶ ĚĂŶ ůŝŶŐŬƵŶŐĂŶ ŬĞƌũĂ WĞƌƐĞƌŽĂŶ͘ ŽŵƉĂŶLJΖƐ ǁŽƌŬ ĞŶǀŝƌŽŶŵĞŶƚ͘ ŵƉůŽLJĞĞƐ ǁŚŽ ĂƌĞ
<ĂƌLJĂǁĂŶLJĂŶŐŵĂƐŝŚĚĂůĂŵŵĂƐĂƉĞƌĐŽďĂĂŶƚŝĚĂŬ Ɛƚŝůů ŽŶ ƉƌŽďĂƚŝŽŶ ĚŽ ŶŽƚ ƌĞĐĞŝǀĞ W:^
ŵĞŶĚĂƉĂƚŬĂŶ ŬĞŝŬƵƚƐĞƌƚĂĂŶ ƉĂĚĂ W:^ <ĞƚĞŶĂŐĂŬĞƌũĂĂŶ ŵĞŵďĞƌƐŚŝƉ Žƌ ŚĞĂůƚŚ ŝŶƐƵƌĂŶĐĞ͘
<ĞƚĞŶĂŐĂŬĞƌũĂĂŶ ŵĂƵƉƵŶ ĂƐƵƌĂŶƐŝ ŬĞƐĞŚĂƚĂŶ͘ /Ŷ ĂĚĚŝƚŝŽŶ͕ ƚŚĞ ŶƵŵďĞƌ ŽĨ ĚĂLJƐ ŽĨ ůĞĂǀĞ ĂŶĚ
^ĞůĂŝŶŝƚƵƉƵůĂ͕ũƵŵůĂŚŚĂƌŝĐƵƚŝĚĂŶƚƵŶũĂŶŐĂŶŚĂƌŝ ŚŽůŝĚĂLJ ĂůůŽǁĂŶĐĞ ŝƐ ŶŽƚ ŐŝǀĞŶ ŝŶ ĨƵůů ĨŽƌ
ƌĂLJĂ ƚŝĚĂŬ ĚŝďĞƌŝŬĂŶ ƉĞŶƵŚ ďĂŐŝ ŬĂƌLJĂǁĂŶ ƉƌŽďĂƚŝŽŶĂƌLJ ĞŵƉůŽLJĞĞƐ ďƵƚ ŝƐ ĐĂůĐƵůĂƚĞĚ ŽŶ Ă ƉƌŽ
ƉĞƌĐŽďĂĂŶŵĞůĂŝŶŬĂŶĚŝŚŝƚƵŶŐƐĞĐĂƌĂƉƌŽƌĂƚĂ͘ ƌĂƚĂďĂƐŝƐ͘
Ƶƚŝ,Ăŵŝů'Z/ϰϬϭͲϬϯ DĂƚĞƌŶŝƚLJ>ĞĂǀĞ'Z/ϰϬϭͲϬϯ
<ĞďŝũĂŬĂŶ WĞƌƐĞƌŽĂŶ ƚĞƌŬĂŝƚ ĐƵƚŝ ďĂŐŝ dŚĞ ŽŵƉĂŶLJ͛Ɛ ƉŽůŝĐLJ ƌĞŐĂƌĚŝŶŐ ůĞĂǀĞ ĨŽƌ
ŬĂƌLJĂǁĂŶLJĂŶŐďĂƌƵƐĂũĂŵĞŵŝůŝŬŝĂŶĂŬĚŝĚĂƐĂƌŬĂŶ ĞŵƉůŽLJĞĞƐ ǁŚŽ ũƵƐƚ ŚĂĚ ĐŚŝůĚƌĞŶ ŝƐ ďĂƐĞĚ ŽŶ ƚŚĞ
ƉĂĚĂ hh ZĞƉƵďůŝŬ /ŶĚŽŶĞƐŝĂ EŽ͘ ϭϯ dĂŚƵŶ ϮϬϬϯ ůĂǁ ŽĨ ZĞƉƵďůŝĐ ŽĨ /ŶĚŽŶĞƐŝĂ EŽ͘ ϭϯͬϮϬϬϯ
ƚĞŶƚĂŶŐ<ĞƚĞŶĂŐĂŬĞƌũĂĂŶĚŝŵĂŶĂŬĂƌLJĂǁĂŶǁĂŶŝƚĂ ĐŽŶĐĞƌŶŝŶŐ ŵƉůŽLJŵĞŶƚ͕ ŝŶ ǁŚŝĐŚ ĨĞŵĂůĞ
LJĂŶŐƐĞĚĂŶŐŚĂŵŝůďĞƌŚĂŬŵĞŵƉĞƌŽůĞŚǁĂŬƚƵĐƵƚŝ ĞŵƉůŽLJĞĞƐ ǁŚŽ ĂƌĞ ƉƌĞŐŶĂŶƚ ĂƌĞ ĞŶƚŝƚůĞĚ ƚŽ ϭ͕ϱ
ϭ͕ϱ ďƵůĂŶ ƐĞďĞůƵŵ ŵĞůĂŚŝƌŬĂŶ ĚĂŶ ϭ͕ϱ ďƵůĂŶ ŵŽŶƚŚŽĨůĞĂǀĞďĞĨŽƌĞŐŝǀŝŶŐďŝƌƚŚĂŶĚϭ͕ϱŵŽŶƚŚƐ
ƐĞƚĞůĂŚ ŵĞůĂŚŝƌŬĂŶ͘ ,ŝŶŐŐĂ ƐĂĂƚ ŝŶŝ͕ ďĞůƵŵ ĂĚĂ ĂĨƚĞƌŐŝǀŝŶŐďŝƌƚŚ͘ƐŽĨŶŽǁ͕ƚŚĞƌĞŝƐŶŽƌĞŐƵůĂƚŝŽŶ
ƉĞƌĂƚƵƌĂŶ LJĂŶŐ ŵĞŶŐĂƚƵƌ ŵĞŶŐĞŶĂŝŬ ŚĂŬ ĐƵƚŝ ƌĞŐĂƌĚŝŶŐ ŵĂůĞ ĞŵƉůŽLJĞĞ ĞŶƚŝƚůĞŵĞŶƚ ƚŽ ƉĂƌĞŶƚĂů
ƐĞƌƵƉĂ ďĂŐŝ ŬĂƌLJĂǁĂŶ ƉƌŝĂ͘ WĞƌƐĞƌŽĂŶ ĂŬĂŶ ůĞĂǀĞ͘ dŚĞ ŽŵƉĂŶLJ ǁŝůů ƉĞƌŝŽĚŝĐĂůůLJ ĞǀĂůƵĂƚĞ ƚŚĞ
ŵĞůĂŬƵŬĂŶ ĞǀĂůƵĂƐŝ ďĞƌŬĂůĂ ĂƚĂƐ ŬĞďŝũĂŬĂŶ ŽŵƉĂŶLJ͛Ɛ ƉŽůŝĐŝĞƐ ĂŶĚ ŵĂŬĞ ĐŚĂŶŐĞƐ ŝĨ ĚĞĞŵĞĚ
WĞƌƐĞƌŽĂŶ ĚĂŶ ŵĞůĂŬƵŬĂŶ ƉĞƌƵďĂŚĂŶ ĂƉĂďŝůĂ ŶĞĐĞƐƐĂƌLJ͘
ĚŝĂŶŐŐĂƉƉĞƌůƵ͘
^ĞůĂŵĂ ƚĂŚƵŶ ϮϬϮϱ͕ ƚŝĚĂŬ ĂĚĂ ŬĂƌLJĂǁĂŶ ƵƌŝŶŐ ϮϬϮϱ͕ ŶŽŶĞ ŽĨ ƚŚĞ ĐŽŵƉĂŶLJ͛Ɛ
WĞƌƐĞƌŽĂŶLJĂŶŐŵĞŶŐŐƵŶĂŬĂŶŚĂŬĐƵƚŝŚĂŵŝů͘ ĞŵƉůŽLJĞĞǁĂƐĞůŝŐŝďůĞĨŽƌŵĂƚĞƌŶŝƚLJůĞĂǀĞ͘
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PT FUJI FINANCE INDONESIA TBK
ANALISIS DAN PEMBAHASAN
MANAJEMEN
MANAGEMENT’S ANALYSIS
AND DISCUSSIONS
2025
INTEGRATED
ANNUAL REPORT
Laporan Keuangan Terintegrasi
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dŝŶũĂƵĂŶDĂŬƌŽĞŬŽŶŽŵŝ DĂĐƌŽĞĐŽŶŽŵŝĐZĞǀŝĞǁ
^ĞĐĂƌĂ ŐůŽďĂů͕ ƚĂŚƵŶ ϮϬϮϱ ŵĞŶŐĂůĂŵŝ dŚĞ ŐůŽďĂů ĞĐŽŶŽŵLJ ƉƌĞƐƐƵƌĞ ĨƌŽŵ ƚŚĞ
ƚĞŬĂŶĂŶ ĞŬŽŶŽŵŝ LJĂŶŐ ďĞƌŬĞůĂŶũƵƚĂŶ ƐĞũĂŬ ƚĂŚƵŶ ƉƌĞǀŝŽƵƐ LJĞĂƌƐ ĨŽůůŽǁƐ ŝŶ ϮϬϮϱ͘ dŚĞ hŶŝƚĞĚ ^ƚĂƚĞƐ
ƐĞďĞůƵŵŶLJĂ͘ ŵĞƌŝŬĂ ^ĞƌŝŬĂƚ ŵĞŶŐƵďĂŚ ŬĞďŝũĂŬĂŶ ĐŚĂŶŐĞĚ ŝƚƐ ŐůŽďĂů ƚƌĂĚĞ ƚĂƌŝĨĨ ƉŽůŝĐLJ͕ ƉƵƚƚŝŶŐ ƚŚĞ
ƚĂƌŝĨ ƉĞƌĚĂŐĂŶŐĂŶ ŐůŽďĂů LJĂŶŐ ŵĞŶŐƵŶĐĂŶŐ ŐůŽďĂů ƚƌĂĚĞ ŝŶƚŽ ƚƵƌŵŽŝů͘ dƌŝŐŐĞƌĞĚ ďLJ ƚŚĞ
ƉĞƌĞŬŽŶŽŵŝĂŶ ĚƵŶŝĂ͘ ĞŶŐĂŶ ĚŝƉŝĐƵŶLJĂ ƌĞƐŝƐƚĂŶĐĞ ĨƌŽŵ ŚŝŶĂ͕ ƚŚĞ ŐůŽďĂů ƚƌĂĚĞ ƚĂƌŝĨĨ ǁĂƌ
ƉĞƌůĂǁĂŶĂŶ ĚĂƌŝ ŝŶĂ͕ ƉĞƌĂŶŐ ĚĂŐĂŶŐ ƚĂƌŝĨ ŐůŽďĂů ĞƐĐĂůĂƚĞĚ͘ /ŶĚŽŶĞƐŝĂ ƐŝŐŶĞĚ Ă ƉĂƌƚŶĞƌƐŚŝƉ
ŵĞŵĂŶĂƐ͘ ŝ ƚĂŚƵŶ ϮϬϮϱ͕ /ŶĚŽŶĞƐŝĂ ĂŐƌĞĞŵĞŶƚǁŝƚŚƚŚĞ ƵƌŽƉĞĂŶhŶŝŽŶ;/ŶĚŽŶĞƐŝĂŶʹ
ŵĞŶĂŶĚĂƚĂŶŐĂŶŝ ƉĞƌũĂŶũŝĂŶ ŬĞŵŝƚƌĂĂŶ ĚĞŶŐĂŶ hŶŝ ƵƌŽƉĞĂŶ ŽŵƉƌĞŚĞŶƐŝǀĞ ĐŽŶŽŵLJ WĂƌƚŶĞƌƐŚŝƉ
ƌŽƉĂ ;/ŶĚŽŶĞƐŝĂŶ ʹ ƵƌŽƉĞĂŶ ŽŵƉƌĞŚĞŶƐŝǀĞ ;/ hͲ WͿͿ͕ ǁŚŝĐŚ ĞŶĐŽŵƉĂƐƐĞĚ ĂŐƌĞĞŵĞŶƚ ŝŶ
ĐŽŶŽŵLJ WĂƌƚŶĞƌƐŚŝƉ ;/ hͲ WͿͿ LJĂŶŐ ŵĞŶĐĂŬƵƉ ƚƌĂĚĞ ŽĨ ŐŽŽĚƐ ĂŶĚ ƐĞƌǀŝĐĞƐ͕ ŝŶǀĞƐƚŵĞŶƚ͕ ĂŶĚ ŝŶ
ŬĞŵŝƚƌĂĂŶ ĚĂůĂŵ ƉĞƌĚĂŐĂŶŐĂŶ ďĂƌĂŶŐ ĚĂŶ ũĂƐĂ͕ ƐƵƐƚĂŝŶĂďůĞ ĞĐŽŶŽŵLJ͘ dŚĞ ƉĂƌƚŶĞƌƐŚŝƉ ŝƐ ĞdžƉĞĐƚĞĚ
ŝŶǀĞƐƚĂƐŝ ĚĂŶ ĞŬŽŶŽŵŝ ďĞƌŬĞůĂŶũƵƚĂŶ͘ ĞŶŐĂŶ ƚŽ ƉƌŽǀŝĚĞ ŽƉƉŽƌƚƵŶŝƚŝĞƐ ĨŽƌ ĂĐĐĞůĞƌĂƚĞĚ ŝŵƉŽƌƚƐ
ĂĚĂŶLJĂ ŬĞŵŝƚƌĂĂŶ ƚĞƌƐĞďƵƚ͕ ĚŝŚĂƌĂƉŬĂŶ ĚĂƉĂƚ ĂŶĚ ƐŵŽŽƚŚ ĂĐĐĞƐƐ ĨŽƌ /ŶĚŽŶĞƐŝĂŶ ƉƌŽĚƵĐƚ ƚŽ
ŵĞŵďĞƌŝŬĂŶ ƉĞůƵĂŶŐƉĞƌĐĞƉĂƚĂŶ ŝŵƉŽƌĚĂŶ ĚĂƉĂƚ ĞdžƉŽƌƚƚŽ ƵƌŽƉĞ͘
ŵĞŵďĞƌŝŬĂŶ ĂŬƐĞƐ LJĂŶŐ ĞŬƐƉŽƌ ƉƌŽĚƵŬ /ŶĚŽŶĞƐŝĂ
LJĂŶŐůĞďŝŚďĞƐĂƌŬĞ ƌŽƉĂ͘
<ƌĞĚŝďŝůŝƚĂƐ ĞŬŽŶŽŵŝ ĚĂŶ ƉĂƐĂƌ ŬĞƵĂŶŐĂŶ ĐŽŶŽŵŝĐ ĂŶĚ ĨŝŶĂŶĐŝĂů ŵĂƌŬĞƚ ĐƌĞĚŝďŝůŝƚLJ
ŵƵůĂŝ ŵĞŵďĂŝŬ ƉĂĚĂ ƉĞƌŝŽĚĞ ĂŬŚŝƌ ƚĂŚƵŶ ϮϬϮϱ͕ ďĞŐĂŶƚŽŝŵƉƌŽǀĞŝŶůĂƚĞϮϬϮϱ͕ŵĂƌŬĞĚďLJƚŚĞƌŝƐŝŶŐ
ĚŝƚĂŶĚĂŝĚĞŶŐĂŶŝŶĨůĂƐŝŝŶƚŝƉĞƌĞŬŽŶŽŵŝĂŶĚŽŵĞƐƚŝŬ ŽĨĚŽŵĞƐƚŝĐĐŽƌĞŝŶĨůĂƚŝŽŶĂŶĚĂƚƌĂĚĞƐƵƌƉůƵƐ͘dŚĞ
LJĂŶŐ ŵĞŶŝŶŐŬĂƚ ĚĂŶ ŶĞƌĂĐĂ ƉĞƌĚĂŐĂŶŐĂŶ LJĂŶŐ ƚŚŝƌĚ ƋƵĂƌƚĞƌ ŽĨ ϮϬϮϱ ƌĞĐŽƌĚĞĚ Ă ŐƌŽǁƚŚ ŽĨ ϱ͘Ϭϰй
ŵĞŶĐĂƚĂƚŬĂŶ ƐƵƌƉůƵƐ͘ WĂĚĂ ƚƌŝǁƵůĂŶ ///͕ ;LJŽLJͿĨŽƌ/ŶĚŽŶĞƐŝĂĞĐŽŶŽŵLJ͘^ƚĂƚĞĐĂƐŚĂůůŽĐĂƚŝŽŶƐ
ƉĞƌĞŬŽŶŽŵŝĂŶ /ŶĚŽŶĞƐŝĂ ŵĞŶĐĂƚĂƚ ƉĞƌƚƵŵďƵŚĂŶ ǁĞƌĞ ĂůůŽĐĂƚĞĚ ƚŽ ŵĂŝŶƚĂŝŶ ƐƚĂďŝůŝƚLJ ŝŶ ůŝƋƵŝĚŝƚLJ͕ ƚŽ
ƐĞďĞƐĂƌ ϱ͕Ϭϰй ;LJŽLJͿ͘ WĞŶĞŵƉĂƚĂŶ ŬĂƐ ŶĞŐĂƌĂ ĚĞƌĞŐƵůĂƚĞĂŶĚƚŚĞƌĞƐŽůƵƚŝŽŶŽĨďƵƐŝŶĞƐƐŽďƐƚĂĐůĞƐ
ĚŝƚĞŵƉĂƚŬĂŶ ƵŶƚƵŬ ŵĞŶũĂŐĂ ůŝŬƵŝĚŝƚĂƐ͕ ĚĞƌĞŐƵůĂƐŝ ǁĞƌĞ ĂĐĐĞůĞƌĂƚĞĚ͘ dŚĞƐĞ ƉŽůŝĐŝĞƐ ůĞĚ ƚŽ Ă
ĚĂŶ ƉĞŶLJĞůĞƐĂŝĂŶ ƉĞŶŐŚĂŵďĂƚĂŶ ƵƐĂŚĂ ũƵŐĂ ƐƚƌĞŶŐƚŚƚĞŶŝŶŐŽĨƌĞƚĂŝůĂĐƚŝǀŝƚLJƚŽϱ͘ϵϰй͕ĞdžƉĂŶƐŝŽŶ
ĚŝƉĞƌĐĞƉĂƚ͘ ĞŶŐĂŶ ŬĞďŝũĂŬĂŶ ƚĞƌƐĞďƵƚ͕ ĂŬƚŝǀŝƚĂƐ ŽĨƚŚĞŵĂŶƵĨĂĐƚƵƌŝŶŐƐĞĐƚŽƌƚŽϱϭ͘ϮйĂŶĚĂĚĞĐůŝŶĞ
ƌŝƚĞů ŵĞŶŐƵĂƚ ŬĞ ϱ͕ϵϰй ͕ ĞŬƐƉĂŶƐŝ ƐĞŬƚŽƌ ŝŶŐŽǀĞƌŶŵĞŶƚďŽŶĚLJŝĞůĚƐďLJϲй͘
ŵĂŶƵĨĂŬƚƵƌ ŬĞ ϱϭ͕Ϯй ĚĂŶ ƉĞŶƵƌƵŶĂŶ ŝŵďĂů ŚĂƐŝů
ƐƵƌĂƚƵƚĂŶŐŶĞŐĂƌĂĚŝďĂǁĂŚϲй͘
WĞŵĞƌŝŶƚĂŚ ŵĞŶĐĂŶĂŶŐŬĂŶ ŬĞďŝũĂŬĂŶ ƵŶƚƵŬ dŚĞ ŐŽǀĞƌŶŵĞŶƚ ůĂƵŶĐŚĞĚ ƐĞǀĞƌĂů ƉŽůŝĐŝĞƐ
ŵĞŶĚŽƌŽŶŐ ƉĞƌŵŝŶƚĂĂŶ ĚŽŵĞƐƚŝŬ ĚĞŶŐĂŶ ƉĂŬĞƚ ƚŽ Ɛƚ ƚŚĞ ĚŽŵĞƐƚŝĐ ĚĞŵĂŶĚ ǁŝƚŚ ƐƚŝŵƵůƵƐ
ƐƚŝŵƵůƵƐ ĞŬŽŶŽŵŝ ƚĂŚƵŶ ϮϬϮϱ ĚĂŶ ƉĞƌďĂŝŬĂŶ ŝŬůŝŵ ƉĂĐŬĂŐĞ ĂŶĚ ŝŵƉƌŽǀĞŵĞŶƚ ƚŽ ŝŶǀĞƐƚŵĞŶƚ͖ ƚŽ
ŝŶǀĞƐƚĂƐŝ͖ ƵŶƚƵŬ ŵĞŶũĂŐĂ ƐĞŬƚŽƌ ĞŬƐƚĞƌŶĂů ŵĂŝŶƚĂŝŶ ƚŚĞ ĞdžƚĞƌŶĂů ƐĞĐƚŽƌ͖ ƚŚĞ ŐŽǀĞƌŶŵĞŶƚ
ĚŝƚĞƌĂƉŬĂŶ ŬĞďŝũĂŬĂŶ ƐĞƉĞƌƚŝ ŽƉƚŝŵĂůŝƐĂƐŝ ĚĞǀŝƐĂ ŽƉƚŝŵŝnjĞĚĞdžƉŽƌƚĞĂƌŶŝŶŐƐƉŽůŝĐLJ͕ĂŶĚĚĞƌĞŐƵůĂƚŝŶŐ
ŚĂƐŝů ĞŬƐƉŽƌ ;, Ϳ͕ ĚĞƌĞŐƵůĂƐŝ ŬĞďŝũĂŬĂŶ ŝŵƉŽƌ͕ ŝŵƉŽƌƚ ƉŽůŝĐLJ͕ ŽƉƚŝŵŝnjĞ ŝŶƚĞƌŶĂƚŝŽŶĂů ĐŽŽƉĞƌĂƚŝŽŶ
ŽƉƚŝŵĂůŝƐĂƐŝŬĞƌũĂƐĂŵĂŝŶƚĞƌŶĂƐŝŽŶĂůĚĂŶŶĞŐŽƐŝĂƐŝ ĂŶĚ ŶĞŐŽƚŝĂƚĞ ƌĞĐŝƉƌŽĐĂů ƚƌĂĚĞ ƚĂƌŝĨĨƐ ǁŝƚŚ ƚŚĞ
ĚĂŐĂŶŐƚĂƌŝĨƌĞƐŝƉƌŽŬĂůĚĞŶŐĂŶŵĞƌŝŬĂ^ĞƌŝŬĂƚ͘ hŶŝƚĞĚ^ƚĂƚĞƐ͘
^ƚƵĚŝ ƚĞƌŬĂŝƚ 'ĂŵďĂƌĂŶ WĞƌĞŬŽŶŽŵŝĂŶ ƐƚƵĚLJ ŽƵƚůŽŽŬ ŽŶ ƚŚĞ /ŶĚŽŶĞƐŝĂ ĐŽŶŽŵLJ
/ŶĚŽŶĞƐŝĂ Ěŝ ƚĂŚƵŶ ϮϬϮϱ ŵĞŶLJŽƌŽƚŝ ƉĞƌƚƵŵďƵŚĂŶ ŚŝŐŚůŝŐŚƚĞĚ Ă ƐŝŐŶŝĨŝĐĂŶƚ ŐƌŽǁƚŚ ŝŶ ƚŚĞ ĚŝŐŝƚĂů
ƐŝŐŶŝĨŝŬĂŶ Ěŝ ƐĞŬƚŽƌ ƉĞŵďŝĂLJĂĂŶ ĚŝŐŝƚĂů ĚĂŶ ĨŝŶĂŶĐŝŶŐ ĂŶĚ ŽŶůŝŶĞ ůĞŶĚŝŶŐ ƐĞĐƚŽƌƐ ŝŶ ϮϬϮϱ͘ dŚĞ
ƉŝŶũĂŵĂŶ ĚĂƌŝŶŐ͕ ĚŝŵĂŶĂ ƐƚƵĚŝ ƚĞƌƐĞďƵƚ ŵĞŶĂƌŝŬ ƐƚƵĚLJĚƌĂǁƐƚŚĂƚƚŚĞƌĞ͛ƐĂůĞǀĞůŽĨĚĞƉĞŶĚĞŶĐĞĂŶĚ
ŬĞƐŝŵƉƵůĂŶ ƚŝŶŐŬĂƚ ŬĞƚĞƌŐĂŶƚƵŶŐĂŶ ĚĂŶ ƚƌƵƐƚ ƚŽǁĂƌĚƐ ĚŝŐŝƚĂů ƉƌŽĚƵĐƚ ďƵƚ ƚŚĞƌĞ ŶĞĞĚƐ
ŬĞƉĞƌĐĂLJĂĂŶ ŬĞƉĂĚĂ ƉƌŽĚƵŬ ĚŝŐŝƚĂů ŵĞŶŝŶŐŬĂƚ ĂĚĞƋƵĂƚĞ ĂĐƚŝŽŶ ƚŽ ŵŝƚŝŐĂƚĞ ƚŚĞ ĂƌŝƐŝŶŐ ƌŝƐŬ
ŶĂŵƵŶ ƌŝƐŝŬŽ LJĂŶŐ ƚŝŵďƵů ĚĂƌŝ ŬĞŐŝĂƚĂŶ ďŝƐŶŝƐ ĨŽůůŽǁŝŶŐ ƚŚĞ ƚƌĞŶĚ ĂŶĚ ĂƉƉƌŽƉƌŝĂƚĞ ƉŽůŝĐLJ ƚŽ
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
ƚĞƌƐĞďƵƚ ƉĞƌůƵ ĚŝƐĞƌƚĂŝ ŵŝƚŝŐĂƐŝ LJĂŶŐ ŵĞŶĐƵŬƵƉŝ ŵĂŝŶƚĂŝŶƐƚĂďŝůŝƚLJ͘
ĚĂŶ ƉĞŶĞƚĂƉĂŶ ŬĞďŝũĂŬĂŶ LJĂŶŐ ƐĞƐƵĂŝ ƵŶƚƵŬ ĚĂƉĂƚ
ŵĞŶũĂŐĂƐƚĂďŝůŝƚĂƐ͘
dŝŶũĂƵĂŶ/ŶĚƵƐƚƌŝWĞŵďŝĂLJĂĂŶ &ŝŶĂŶĐŝŶŐ/ŶĚƵƐƚƌLJZĞǀŝĞǁ
^ĞďĂŐĂŝ ƵƉĂLJĂ ƉĞŶĞŐĂŬĂŶ ŬĞƚĞŶƚƵĂŶ ĚĂŶ Ɛ ĂŶ ĞĨĨŽƌƚ ƚŽ ĞŶĨŽƌĐĞ ƉƌŽǀŝƐŝŽŶƐ ĂŶĚ
ƉĞƌůŝŶĚƵŶŐĂŶ ŬŽŶƐƵŵĞŶ͕ K:< ŵĞŶĞƚĂƉŬĂŶ ĐŽŶƐƵŵĞƌ ƉƌŽƚĞĐƚŝŽŶ͕ K:< ĞƐƚĂďůŝƐŚĞĚ ƐĞǀĞƌĂů
ďĞďĞƌĂƉĂŬĞďŝũĂŬĂŶƐĞƉĞƌƚŝƉĞŶĞŐĂŬĂŶƉĞŵĞŶƵŚĂŶ ƉŽůŝĐŝĞƐ ƐƵĐŚ ĂƐ ĂŶ ĞŶĨŽƌĐĞ ŝŶ ĨƵůĨŝůůŵĞŶƚ ŽĨ ƚŚĞ
ŬĞǁĂũŝďĂŶ ĞŬƵŝƚĂƐ ŵŝŶŝŵƵŵ LJĂŶŐ ĚŝƚĞŶƚƵŬĂŶ ;ZƉ ƐƉĞĐŝĨŝĞĚ ĞƋƵŝƚLJ ŽďůŝŐĂƚŝŽŶƐ ŝŶ ŵŝŶŝŵƵŵ ;ZƉ ϭϬϬ
ϭϬϬ ŵŝůŝĂƌ ƵŶƚƵŬ WĞƌƵƐĂŚĂĂŶ WĞŵďŝĂLJĂĂŶ ĚĂŶ ďŝůůŝŽŶƐ ĨŽƌ DƵůƚŝĨŝŶĂŶĐĞ ŽŵƉĂŶŝĞƐ ĂŶĚ ZƉϭϮ͘ϱ
ZƉϭϮ͕ϱ ŵŝůŝĂƌ ƵŶƚƵŬ WĞƌƵƐĂŚĂĂŶ WŝŶũĂŵĂŶ ĂƌŝŶŐͿ͖ ďŝůůŝŽŶƐ ĨŽƌ KŶůŝŶĞ >ĞŶĚŝŶŐ ŽŵƉĂŶŝĞƐͿ͖
ƉĞŶĞŐĂŬĂŶ ƉĞƌĂƚƵƌĂŶ ĚŝŵĂŶĂ K:< ƚĞůĂŚ ĞŶĨŽƌĐĞŵĞŶƚ ŽĨ ƌĞŐƵůĂƚŝŽŶƐ ǁŚĞƌĞ K:< ŝŵƉŽƐĞĚ
ŵĞŶŐĞŶĂŬĂŶ ƐĂŶŬƐŝ ĂĚŵŝŶŝƐƚƌĂƚŝĨ ĂƚĂƐ ƉĞůĂŶŐŐĂƌĂŶ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ƐĂŶĐƚŝŽŶƐ ĨŽƌ ǀŝŽůĂƚŝŽŶƐ ŽĨ K:<
WK:< LJĂŶŐ ďĞƌůĂŬƵ͕ ƉĞŶŐĞŶĂĂŶ ƐĂŶŬƐŝ ƚĞƌƐĞďƵƚ ƌĞŐƵůĂƚŝŽŶƐ͕ ƚŚĞ ŝŵƉŽƐŝƚŝŽŶ ŽĨ ƚŚĞƐĞ ƐĂŶĐƚŝŽŶƐ
ĚŝŵĂŬƐƵĚŬĂŶ ƵŶƚƵŬ ĚĂƉĂƚ ŵĞŶĚŽƌŽŶŐ ƉĞůĂŬƵ ŝŶƚĞŶĚĞĚ ƚŽ ĞŶĐŽƵƌĂŐĞ ĨŝŶĂŶĐŝĂů ƐĞƌǀŝĐĞƐ ƐĞĐƚŽƌ
ŝŶĚƵƐƚƌŝ ƐĞŬƚŽƌ ũĂƐĂ ŬĞƵĂŶŐĂŶ ƵŶƚƵŬ ĚĂƉĂƚ ŝŶĚƵƐƚƌLJ ƚŽ ďĞ ĂďůĞ ƚŽ ŝŵƉƌŽǀĞ ƚŚĞŝƌ ŐŽŽĚ
ŵĞŶŝŶŐŬĂƚŬĂŶ ĂƐƉĞŬ ƚĂƚĂ ŬĞůŽůĂ LJĂŶŐ ďĂŝŬ ĚĞŶŐĂŶ ŐŽǀĞƌŶĂŶĐĞĂŶĚŝŶĐƌĞĂƐĞƉƌƵĚĞŶĐĞĂŶĚĐŽŵƉůŝĂŶĐĞ
ƉĞŶŝŶŐŬĂƚĂŶ ŬĞŚĂƚŝͲŚĂƚŝĂŶ ĚĂŶ ƉĞŵĞŶƵŚĂŶ ǁŝƚŚƚŚĞĂƉƉůŝĐĂďůĞƌĞŐƵůĂƚŝŽŶƐ͘
ƚĞƌŚĂĚĂƉŬĞƚĞŶƚƵĂŶLJĂŶŐďĞƌůĂŬƵ͘
WĂĚĂ ƚĂŚƵŶ ϮϬϮϱ͕ ƐĞŬƚŽƌ /<E ŵĞŶĐĂƚĂƚ /Ŷ ϮϬϮϱ͕ ƚŚĞ ŶŽŶͲďĂŶŬ ĨŝŶĂŶĐŝĂů ŝŶĚƵƐƚƌLJ
ƉĞƌƚƵŵďƵŚĂŶ ƉŝƵƚĂŶŐ ƉĞŵďŝĂLJĂĂŶ WĞƌƵƐĂŚĂĂŶ ;/<EͿ ƐĞĐƚŽƌ ƌĞĐŽƌĚĞĚ Ă ŐƌŽǁƚŚ ŝŶ ĨŝŶĂŶĐŝŶŐ
WĞŵďŝĂLJĂĂŶ ƐĞďĞƐĂƌ ϭ͕Ϯϲй ;LJŽLJͿ ƉĂĚĂ ŐƵƐƚƵƐ ƌĞĐĞŝǀĂďůĞƐ ŽĨ ϭ͘Ϯϲй ;LJŽLJͿ ŝŶ ƵŐƵƐƚ ϮϬϮϱ͕ ǁŝƚŚ
ϮϬϮϱ͕ ĚĞŶŐĂŶ ƉĞƌƚƵŵďƵŚĂŶ ƉĞŵďŝĂLJĂĂŶ ŵŽĚĂů ŐƌŽǁƚŚŝŶǁŽƌŬŝŶŐĐĂƉŝƚĂůĨŝŶĂŶĐŝŶŐŽĨϳ͘Ϯϲй;LJŽLJͿ͘
ŬĞƌũĂƐĞďĞƐĂƌϳ͕Ϯϲй ;LJŽLJͿ͘WƌŽĨŝů ƌŝƐŝŬŽ WĞƌƵƐĂŚĂĂŶ dŚĞ ƌŝƐŬ ƉƌŽĨŝůĞ ŽĨ DƵůƚŝĨŝŶĂŶĐĞ ŽŵƉĂŶLJ
WĞŵďŝĂLJĂĂŶ ŵĞŶũĂŐĂ ŶŝůĂŝ ƌĂƐŝŽ EŽŶͲWĞƌĨŽƌŵŝŶŐ ŵĂŝŶƚĂŝŶĞĚ Ă ŐƌŽƐƐ EŽŶͲWĞƌĨŽƌŵŝŶŐ &ŝŶĂŶĐŝŶŐ
&ŝŶĂŶĐŝŶŐ ;EW&Ϳ ŐƌŽƐƐ͕ ĚŝŵĂŶĂ ƚĞƌĐĂƚĂƚ ƐĞďĞƐĂƌ ŐƌŽƐƐƌĂƚŝŽŽĨϮ͘ϱϭйĂŶĚEW&ŶĞƚƌĂƚŝŽϬ͘ϴϱйŝŶ:ƵůLJ
Ϯ͕ϱϭйĚĂŶEW&ŶĞƚŽƐĞďĞƐĂƌϬ͕ϴϱйƉĂĚĂ:ƵůŝϮϬϮϱ͘ ϮϬϮϱ͘ dŚĞ ŐĞĂƌŝŶŐ ƌĂƚŝŽ ŽĨ DƵůƚŝĨŝŶĂŶĐĞ ŽŵƉĂŶLJ
'ĞĂƌŝŶŐƌĂƚŝŽWĞƌƵƐĂŚĂĂŶWĞŵďŝĂLJĂĂŶƉƵŶƚĞƌĐĂƚĂƚ ƌĞĐŽƌĚĞĚ Ăƚ Ϯ͘ϭϯ dž͕ ďĞůŽǁ ƚŚĞ ŵĂdžŝŵƵŵ ůŝŵŝƚ ŽĨ
ƐĞďĞƐĂƌ Ϯ͕ϭϯ dž͕ ĚŝďĂǁĂŚ ďĂƚĂƐ ŵĂŬƐŝŵƵŵ LJĂŶŐ ϭϬdž͘
ĚŝƚĞŶƚƵŬĂŶ;ϭϬdžͿ͘
ĞƌĚĂƐĂƌŬĂŶ ĚĂƚĂ ƉĞŶLJĂůƵƌĂŶ ƉĞŵďŝĂLJĂĂŶ ĂƐĞĚŽŶĨŝŶĂŶĐŝŶŐĚĂƚĂŽĨĚŝƐďƵƌƐĞŵĞŶƚĨŽƌ
ƵŶƚƵŬϭϮďƵůĂŶƉĞƌŝŽĚĞLJĂŶŐďĞƌĂŬŚŝƌĚŝϯϭŐƵƐƚƵƐ ƚŚĞϭϮͲŵŽŶƚŚƐƉĞƌŝŽĚĞŶĚŝŶŐŝŶƵŐƵƐƚϯϭ͕ϮϬϮϱďLJ
ϮϬϮϱ ŽůĞŚ ƐŽƐŝĂƐŝ WĞƌƵƐĂŚĂĂŶ WĞŵďŝĂLJĂĂŶ ƚŚĞ /ŶĚŽŶĞƐŝĂŶ &ŝŶĂŶĐŝŶŐ ŽŵƉĂŶŝĞƐ ƐƐŽĐŝĂƚŝŽŶ
/ŶĚŽŶĞƐŝĂ͕ ƉŝƵƚĂŶŐ ƉĞŵďŝĂLJĂĂŶ LJĂŶŐ ĚŝƐĂůƵƌŬĂŶ ;WW/Ϳ͕ ƚŚĞ ĨŝŶĂŶĐŝŶŐ ƌĞĐĞŝǀĂďůĞƐ ĚŝƐďƵƌƐĞĚ ǁĞƌĞ
ƐĞďĂŐŝĂŶ ďĞƐĂƌ ŵĞƌƵƉĂŬĂŶ ƉĞŵďŝĂLJĂĂŶ ŵƵůƚŝŐƵŶĂ ŵŽƐƚůLJ ƚŽ ŵƵůƚŝƉƵƌƉŽƐĞ ĨŝŶĂŶĐŝŶŐ͕ ĂŵŽƵŶƚŝŶŐ ƚŽ
ƐĞďĞƐĂƌ ϰϵй ĚĂƌŝ ƉŝƵƚĂŶŐ ƉĞŵďŝĂLJĂĂŶ ŶĞƚŽ LJĂŶŐ ϰϵйŽĨƚŽƚĂůŶĞƚĨŝŶĂŶĐŝŶŐƌĞĐĞŝǀĂďůĞƐĚŝƐďƵƌƐĞĚďLJ
ĚŝƐĂůƵƌŬĂŶ ŽůĞŚ WĞƌƵƐĂŚĂĂŶ WĞŵďŝĂLJĂĂŶ Ěŝ ƚĂŚƵŶ DƵůƚŝĨŝŶĂŶĐĞƐ ŽŵƉĂŶLJ ŝŶ ϮϬϮϱ͘ dŚĞ ĚĂƚĂ ĂůƐŽ
ϮϬϮϱ͘ ^ĞůĂŝŶ ŝƚƵ͕ ďĞƌĚĂƐĂƌŬĂŶ ĚĂƚĂ ƚĞƌƐĞďƵƚ ƐĞŬƚŽƌ ƐŚŽǁĞĚ ǀĞŚŝĐůĞƐ ƚƌĂĚĞ ĂŶĚ ŵĂŝŶƚĂŝŶĂŶĐĞ ƐĞĐƚŽƌƐ
ƉĞƌĚĂŐĂŶŐĂŶ ĚĂŶ ƉĞŵĞůŝŚĂƌĂĂŶ ŬĞŶĚĂƌĂĂŶ ŵĂƐŝŚ ĂƌĞƐƚŝůůƚŚĞŚŝŐŚĞƐƚƐĞĐƚŽƌƐĨŽƌĨŝŶĂŶĐŝŶŐƉƵƌƉŽƐĞ͘
ŵĞƌƵƉĂŬĂŶ ƐĞŬƚŽƌ ƚĞƌƚŝŶŐŐŝ ƵŶƚƵŬ ƉĞŶLJĂůƵƌĂŶ
ƉĞŵďŝĂLJĂĂŶŽůĞŚWĞƌƵƐĂŚĂĂŶWĞŵďŝĂLJĂĂŶ͘
^W <W D^ZE'Z/ϮͲϲͲďͲŝ
DZ< d/E'^W d
dĞƌŬĂŝƚŝŵƉůĞŵĞŶƚĂƐŝƉĞŵĂƐĂƌĂŶ͕WĞƌƐĞƌŽĂŶ ZĞŐĂƌĚŝŶŐ ŵĂƌŬĞƚŝŶŐ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ͕
ŵĞŶŐĂĐƵ ƉĂĚĂ ƐƚƌĂƚĞŐŝ ƉĞŵĂƐĂƌĂŶ LJĂŶŐ ĚŝůĂŬƵŬĂŶ ŽŵƉĂŶLJ ƌĞĨĞƌƐ ƚŽ ƚŚĞ ŵĂƌŬĞƚŝŶŐ ƐƚƌĂƚĞŐŝĞƐ ĂƐ
ĂŶƚĂƌĂůĂŝŶ͗ ĨŽůůŽǁƐ͗
DĞŵďĞƌŝŬĂŶĨĂƐŝůŝƚĂƐƉůĂĨŽŶĚƚĞƌƵƚĂŵĂďĂŐŝ ŽŵƉĂŶLJ ĂůǁĂLJƐ ƐƚƌŝǀĞƐ ƚŽ ƉƌŽǀŝĚĞ ƚŚĞ ďĞƐƚ
43
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
ĚĞďŝƚƵƌWĞƌƐĞƌŽĂŶĂŐĂƌĚĞďŝƚƵƌ ĚĂƉĂƚůĞďŝŚ ƐĞƌǀŝĐĞ ĨŽƌ ĐƵƐƚŽŵĞƌ͕ ƐŽ ĐƵƐƚŽŵĞƌƐ ĂƌĞ ŵŽƌĞ
ĨůĞŬƐŝďĞůĚĂůĂŵƉĞŶŐŐƵŶĂĂŶĚĂŶƉĞůƵŶĂƐĂŶ ůŝŬĞůLJƚŽƵƐĞ ĨŝŶĂŶĐŝŶŐĨƌŽŵ ƚŚĞ ĐŽŵƉĂŶLJ ǁŚĞŶ
ƉĞŵďŝĂLJĂĂŶƐĞƐƵĂŝŬĞďƵƚƵŚĂŶŶLJĂ͘ ŶĞĞĚĞĚ͘
WĞƌƐĞƌŽĂŶ ƐĞůĂůƵ ďĞƌƵƐĂŚĂ ŵĞŵďĞƌŝŬĂŶ WƌŽǀŝĚĞ ĐĞŝůŝŶŐ ĨĂĐŝůŝƚŝĞƐ ĨŽƌ ĐŽƌƉŽƌĂƚĞ ĚĞďƚŽƌƐ
ƉĞůĂLJĂŶĂŶ LJĂŶŐ ƚĞƌďĂŝŬ ďĂŐŝ ƉĂƌĂ ǁŝƚŚ ĨůĞdžŝďůĞ ĚƌĂǁŝŶŐ ĂŶĚ ƉĂLJŵĞŶƚ ƉůĂŶ
ƉĞůĂŶŐŐĂŶ͕ ƐĞŚŝŶŐŐĂ ĚŝŚĂƌĂƉŬĂŶ ƉĞůĂŶŐŐĂŶ ĂĐĐŽƌĚŝŶŐƚŽƚŚĞŝƌŶĞĞĚƐ͘
ĂŬĂŶ ŵĞŶŐŐƵŶĂŬĂŶ ƉĞŵďŝĂLJĂĂŶ ĚĂƌŝ /ŵƉƌŽǀŝŶŐ ƚŚĞ ĨŝŶĂŶĐŝŶŐ ƐLJƐƚĞŵ ƚŽ ĞŶƐƵƌĞ ƚŚĞ
WĞƌƐĞƌŽĂŶƐĂĂƚĚŝďƵƚƵŚŬĂŶ͘ ƋƵĂůŝƚLJŽĨƚŚĞĨŝŶĂŶĐŝĂůƉƌŽǀŝĚĞŝƐĂƉƉƌŽƉƌŝĂƚĞ͘
WĞŶLJĞŵƉƵƌŶĂĂŶ Ěŝ ƐŝƐƚĞŵ ƉĞŵďŝĂLJĂĂŶ
ƵŶƚƵŬ ŵĞŶLJĂƌŝŶŐ ƉĞŵďŝĂLJĂĂŶ LJĂŶŐ
ďĞƌŬƵĂůŝƚĂƐĚĂŶƚĞƉĂƚƐĂƐĂƌĂŶ͘
d/E:hEKW Z^/
KW Zd/KEZ s/ t
^ĞďĂŐĂŝ ƉĞƌƵƐĂŚĂĂŶ ƉĞŵďŝĂLJĂĂŶ ƐƵŵďĞƌ ƐĂĨŝŶĂŶĐŝŶŐĐŽŵƉĂŶLJ͕ƚŚĞŵĂŝŶƐŽƵƌĐĞŽĨ
ƵƚĂŵĂ ƉĞŶĚĂƉĂƚĂŶ ŽƉĞƌĂƐŝŽŶĂů WĞƌƐĞƌŽĂŶ ĚŝĚĂƉĂƚ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ŽƉĞƌĂƚŝŶŐ ŝŶĐŽŵĞ ĐŽŵĞƐ ĨƌŽŵ ƚŚĞ
ĚĂƌŝ ƉĞŶĚĂƉĂƚĂŶ ďƵŶŐĂ ĚĂƌŝ ƉĞŵďŝĂLJĂĂŶ͘ ^ƵŵďĞƌ ůĞĂƐŝŶŐ ŝŶƚĞƌĞƐƚ ŝŶĐŽŵĞ͘ KƚŚĞƌ ƐŽƵƌĐĞƐ ĐŽŶƐŝƐƚ ŽĨ
ƉĞŶĚĂƉĂƚĂŶ WĞƌƐĞƌŽĂŶ ƐĞůĂŝŶ ƉĞŶĚĂƉĂƚĂŶ ďƵŶŐĂ ŝŶƚĞƌĞƐƚ ŝŶĐŽŵĞ ĨƌŽŵ ďĂŶŬ ƐĂǀŝŶŐƐ ĂŶĚ ƚŝŵĞ
ĚĂƌŝ ƉĞŵďŝĂLJĂĂŶ ĂĚĂůĂŚ ƉĞŶĚĂƉĂƚĂŶ ďƵŶŐĂ ĚĂƌŝ ĚĞƉŽƐŝƚƐ͕ĂŶĚŶĞƚŽƚŚĞƌŝŶĐŽŵĞƐ͘
ƐŝŵƉĂŶĂŶďĂŶŬĚĂŶĚĞƉŽƐŝƚŽƐĞƌƚĂƉĞŶĚĂƉĂƚĂŶůĂŝŶ
ʹůĂŝŶ͘
WĞŶĚĂƉĂƚĂŶƵŶŐĂĂƚĂƐWĞŵďŝĂLJĂĂŶ >ĞĂƐŝŶŐ/ŶƚĞƌĞƐƚ/ŶĐŽŵĞ
WĞŶĚĂƉĂƚĂŶ ďƵŶŐĂ ĂƚĂƐ ƉĞŵďŝĂLJĂĂŶ WĞƌƐĞƌŽĂŶ >ĞĂƐŝŶŐ ŝŶƚĞƌĞƐƚ ŝŶĐŽŵĞ ĚŝǀŝĚĞƐ ƚŽ ůĞĂƐŝŶŐ ŝŶƚĞƌĞƐƚ
ƚĞƌĚŝƌŝ ĚĂƌŝ ƉĞŶĚĂƉĂƚĂŶ ďƵŶŐĂ ĂƚĂƐ ƉĞŵďŝĂLJĂĂŶ ŝŶĐŽŵĞ ĨƌŽŵ ŝŶǀĞƐƚŵĞŶƚ ĨŝŶĂŶĐŝŶŐ ĂŵŽƵŶƚĞĚ ƚŽ ϴ
ŝŶǀĞƐƚĂƐŝ ƐĞďĞƐĂƌ ZƉ ϴ ŵŝůLJĂƌ͘ ^ĞĐĂƌĂ ŬĞƐĞůƵƌƵŚĂŶ͕ ďŝůůŝŽŶ ZƵƉŝĂŚ͘ /Ŷ ϮϬϮϱ͕ ƚŚĞ ŽŵƉĂŶLJ ƌĞĐŽƌĚĞĚ ĂŶ
ƉĂĚĂ ƚĂŚƵŶ ϮϬϮϱ ƉĞŶĚĂƉĂƚĂŶ ďƵŶŐĂ ĂƚĂƐ ŽǀĞƌĂůů ůĞĂƐŝŶŐ ŝŶƚĞƌĞƐƚ ŝŶĐŽŵĞ ĂŵŽƵŶƚĞĚ ƚŽ ϴ
ƉĞŵďŝĂLJĂĂŶ WĞƌƐĞƌŽĂŶ ƚĞƌĐĂƚĂƚ ƐĞďĞƐĂƌ ZƉ ϴ ďŝůůŝŽŶZƵƉŝĂŚ͕ĂĚĞĐƌĞĂƐĞďLJϰ͘ϰϯďŝůůŝŽŶZƵƉŝĂŚŽƌ
ŵŝůLJĂƌ͕ ƉĞŶƵƌƵŶĂŶ ƐĞďĞƐĂƌ ZƉ ϰ͕ϰϯ ŵŝůLJĂƌ ĂƚĂƵ ĞƋƵŝǀĂůĞŶƚƚŽϯϲй͕ĐŽŵƉĂƌĞĚƚŽƚŚĞĂŵŽƵŶƚϭϮ͘ϰϰ
ƐĞƚĂƌĂĚĞŶŐĂŶϯϲйĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶZƉϭϮ͕ϰϰ ďŝůůŝŽŶ ZƵƉŝĂŚ ŝŶ ϮϬϮϰ͘ dŚŝƐ ĚĞĐƌĞĂƐĞ ŝƐ ĚƵĞ ƚŽ
ŵŝůLJĂƌ ƉĂĚĂ ƚĂŚƵŶ ϮϬϮϰ͘ WĞŶƵƌƵŶĂŶ ƚĞƌƐĞďƵƚ ƐĞǀĞƌĂů ĚĞďƚŽƌƐ ŚĂƐ ƐĞƚƚůĞĚ ƚŚĞŝƌ ůĞĂƐĞ ĨŝŶĂŶĐŝŶŐ ŝŶ
ĚŝŬĂƌĞŶĂŬĂŶ ƉĂĚĂ ƚĂŚƵŶ ϮϬϮϱ͕ ďĞďĞƌĂƉĂ ĞďŝƚƵƌ ϮϬϮϱ͘
WĞƌƐĞƌŽĂŶƚĞůĂŚŵĞůĂŬƵŬĂŶƉĞůƵŶĂƐĂŶ͘
WĞŶĚĂƉĂƚĂŶƵŶŐĂ /ŶƚĞƌĞƐƚ/ŶĐŽŵĞ
WĞŶĚĂƉĂƚĂŶďƵŶŐĂŵĞŶŐĂůĂŵŝŬĞŶĂŝŬĂŶƐĞďĞƐĂƌZƉ /ŶƚĞƌĞƐƚ ŝŶĐŽŵĞ ŝŶĐƌĞĂƐĞĚ ďLJ ϭ͘ϲϵ ďŝůůŝŽŶƐ ZƵƉŝĂŚ͕
ϭ͕ϲϵ ŵŝůLJĂƌ ĂƚĂƵ ƐĞƚĂƌĂ ĚĞŶŐĂŶ ϭϭϲй ĚĂƌŝ ƚĂŚƵŶ ĞƋƵŝǀĂůĞŶƚ ƚŽ ϭϭϲй ĨƌŽŵ ϮϬϮϰ͘ dŚĞ ŝŶĐƌĞĂƐĞ ǁĂƐ
ϮϬϮϰ͘ <ĞŶĂŝŬĂŶ ƚĞƌƐĞďƵƚ ĚŝŬĂƌĞŶĂŬĂŶ ƉĂĚĂ ƚĂŚƵŶ ĚƵĞƚŽƚŚĞŽŵƉĂŶLJƉůĂĐĞĚƚŝŵĞĚĞƉŽƐŝƚƐŝŶϮϬϮϱ͘
ϮϬϮϱ͕ WĞƌƐĞƌŽĂŶ ŵĞŶĞŵƉĂƚŬĂŶ ƐĞũƵŵůĂŚ ŐŝƌŽ ŶLJĂ
ŬĞĚĞƉŽƐŝƚŽďĞƌũĂŶŐŬĂ͘
WĞŶĚĂƉĂƚĂŶ>ĂŝŶͲ>ĂŝŶ EĞƚKƚŚĞƌ/ŶĐŽŵĞƐ
WĞŶĚĂƉĂƚĂŶ ůĂŝŶ ʹ ůĂŝŶ ƚĞƌĚŝƌŝ ĚĂƌŝ ƉĞŶĚĂƉĂƚĂŶ EĞƚ ŽƚŚĞƌ ŝŶĐŽŵĞ ĐŽŶƐŝƐƚƐ ŽĨ ŝŶƚĞƌĞƐƚ ŝŶĐŽŵĞ ĨƌŽŵ
ďƵŶŐĂ ĚĂƌŝ ƉŝƵƚĂŶŐ ůĂŝŶͲůĂŝŶ ƐĞƌƚĂ ƉĞŶĚĂƉĂƚĂŶ ŽƚŚĞƌ ƌĞĐĞŝǀĂďůĞƐ ĂŶĚ ŽƚŚĞƌ ŝŶĐŽŵĞ͘ dŚĞ ŽŵƉĂŶLJ
ƉĞŵďŝĂLJĂĂŶ ůĂŝŶͲůĂŝŶ͘ WĞƌƐĞƌŽĂŶ ŵĞŶĐĂƚĂƚ ƌĞĐŽƌĚĞĚ ŽƚŚĞƌ ŝŶĐŽŵĞ ĂŵŽƵŶƚĞĚ ƚŽ ϰ͘ϭϰϵ ďŝůůŝŽŶƐ
ƉĞŶĚĂƉĂƚĂŶ ůĂŝŶ ʹ ůĂŝŶ ƐĞďĞƐĂƌ ZƉ ϰ͕ϭϰϵ ŵŝůLJĂƌ ZƵƉŝĂŚ ŝŶ ϮϬϮϱ͕ ĂŶ ŝŶĐƌĞĂƐĞ ŽĨ ϰϱϵй ĐŽŵƉĂƌĞĚ ƚŽ
ƉĂĚĂ ƚĂŚƵŶ ϮϬϮϱ͕ ŵĞŶŐĂůĂŵŝ ŬĞŶĂŝŬĂŶ ƐĞďĞƐĂƌ ϳϰϭŵŝůůŝŽŶZƵƉŝĂŚŝŶϮϬϮϰ͘dŚĞŝŶĐƌĞĂƐĞǁĂƐĚƵĞƚŽ
ϰϱϵй ĚŝďĂŶĚŝŶŐŬĂŶ ƉĞŶĚĂƉĂƚĂŶ ůĂŝŶͲůĂŝŶ ƐĞďĞƐĂƌ Ă ƐŝŐŶŝĨŝĐĂŶƚ ŝŶĐƌĞĂƐĞ ŝŶ ŽƚŚĞƌ ƌĞĐĞŝǀĂďůĞƐ ǁŚŝĐŚ
ZƉ ϳϰϭ ũƵƚĂ ƉĂĚĂ ƚĂŚƵŶ ϮϬϮϰ͘ <ĞŶĂŝŬĂŶ ŝŶŝ ƌĞƐƵůƚĞĚ ĂŶ ŝŶĐƌĞĂƐĞ ŝŶ ŝŶƚĞƌĞƐƚ ŝŶĐŽŵĞ ĨƌŽŵ ŽƚŚĞƌ
ĚŝƐĞďĂďŬĂŶ ƉĞŶĚĂƉĂƚĂŶ ďƵŶŐĂ ĚĂƌŝ ƉŝƵƚĂŶŐ ůĂŝŶͲ
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ůĂŝŶ ĚŝŵĂŶĂ ŶŝůĂŝ ƉŝƵƚĂŶŐ ůĂŝŶͲůĂŝŶ ďĞƌŶŝůĂŝ ĐƵŬƵƉ ƌĞĐĞŝǀĂďůĞƐ͘
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WĞŶŐĞůŽůĂĂŶ ŬĞƵĂŶŐĂŶ LJĂŶŐ ďĂŝŬ ƐĂŶŐĂƚ 'ŽŽĚ ĨŝŶĂŶĐŝĂů ŵĂŶĂŐĞŵĞŶƚ ŝƐ ǀŝƚĂů ƚŽ
ƉĞŶƚŝŶŐĚĂůĂŵŵĞŶũĂŐĂƉŽƐŝƐŝŬĞƵĂŶŐĂŶWĞƌƐĞƌŽĂŶ͘ ŵĂŝŶƚĂŝŶƚŚĞĐŽŵƉĂŶLJ͛ƐĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶ͘ƐƚƌŽŶŐ
WŽƐŝƐŝ ŬĞƵĂŶŐĂŶ LJĂŶŐ ŬƵĂƚ ŵĞŶĐŝƉƚĂŬĂŶ ƐƚĂďŝůŝƚĂƐ ĨŝŶĂŶĐŝĂů ƉŽƐŝƚŝŽŶ ĐƌĞĂƚĞƐ ŝŶƚĞƌŶĂů ƐƚĂďŝůŝƚLJ ŶĞĞĚĞĚ
ŝŶƚĞƌŶĂůLJĂŶŐĚŝƉĞƌůƵŬĂŶƵŶƚƵŬŵĞŶŐŚĂĚĂƉŝŬŽŶĚŝƐŝ ƚŽ ĚĞĂů ǁŝƚŚ ďŽƚŚ ŐůŽďĂů ĂŶĚ ĚŽŵĞƐƚŝĐ
ŵĂŬƌŽ ĞŬŽŶŽŵŝ ŐůŽďĂů ĚĂŶ ĚŽŵĞƐƚŝŬ LJĂŶŐ ĚĂƉĂƚ ŵĂĐƌŽĞĐŽŶŽŵŝĐƐ ĐŽŶĚŝƚŝŽŶ ƚŚĂƚ ĞǀĞƌͲĐŚĂŶŐŝŶŐ ĂƐ
ďĞƌƵďĂŚ ƐĞƚŝĂƉ ǁĂŬƚƵ͕ ƐĞƌƚĂ ŵĞŵďĞƌŝŬĂŶ ǁĞůů ĂƐ ƉƌŽǀŝĚĞƐ ĨůĞdžŝďŝůŝƚLJ ŝŶ ƐƵƉƉŽƌƚŝŶŐ ďƵƐŝŶĞƐƐ
ĨůĞŬƐŝďŝůŝƚĂƐ ĚĂůĂŵ ŵĞŶĚƵŬƵŶŐ ƉĞŶŐĞŵďĂŶŐĂŶ ĚĞǀĞůŽƉŵĞŶƚ͘
ƵƐĂŚĂ͘
ŶĂůŝƐŝƐ ĚĂŶ WĞŵďĂŚĂƐĂŶ DĂŶĂũĞŵĞŶ DĂŶĂŐĞŵĞŶƚ͛Ɛ ŶĂůLJƐŝƐ ĂŶĚ ŝƐĐƵƐƐŝŽŶ ŽŶ
ŵĞŶŐĞŶĂŝ ŬŝŶĞƌũĂ ŬĞƵĂŶŐĂŶ ĚŝƐƵƐƵŶ ďĞƌĚĂƐĂƌŬĂŶ ĨŝŶĂŶĐŝĂů ƉĞƌĨŽƌŵĂŶĐĞ ŝƐ ĐŽŵƉŝůĞĚ ďĂƐĞĚ ŽŶ
ĚĂƚĂ ŬĞƵĂŶŐĂŶ ĚĂŶ ŽƉĞƌĂƐŝŽŶĂů ƐĞƌƚĂ >ĂƉŽƌĂŶ ĨŝŶĂŶĐŝĂůĂŶĚŽƉĞƌĂƚŝŽŶĂůĚĂƚĂ͕ĂůŽŶŐǁŝƚŚ&ŝŶĂŶĐŝĂů
<ĞƵĂŶŐĂŶ ƚĞƌůĂŵƉŝƌ ĚĂůĂŵ >ĂƉŽƌĂŶ dĂŚƵŶĂŶ ŝŶŝ͘ ZĞƉŽƌƚ ĂƚƚĂĐŚĞĚ ŝŶ ƚŚŝƐ ŶŶƵĂů ZĞƉŽƌƚ͘ dŚĞ
>ĂƉŽƌĂŶ <ĞƵĂŶŐĂŶ Wd &Ƶũŝ &ŝŶĂŶĐĞ /ŶĚŽŶĞƐŝĂ dďŬ ŽŵƉĂŶLJ͛Ɛ ĨŝŶĂŶĐŝĂů ƌĞƉŽƌƚ ĂƐ ŽĨ ĂŶĚ ĨŽƌ ƚŚĞ LJĞĂƌ
ƉĂĚĂ ƚĂŶŐŐĂů ĚĂŶ ƵŶƚƵŬ ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ĞŶĚĞĚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϱ ĂŶĚ ϮϬϮϰ ŚĂǀĞ ďĞĞŶ
ϯϭ ĞƐĞŵďĞƌ ϮϬϮϱ ĚĂŶ ϮϬϮϰ͕ ƚĞůĂŚ ĚŝĂƵĚŝƚ ŽůĞŚ ĂƵĚŝƚĞĚ ďLJ WƵďůŝĐ ĐĐŽƵŶƚĂŶƚ :ŽŚĂŶŶĞƐ :ƵĂƌĂ Θ
<ĂŶƚŽƌŬƵŶƚĂŶWƵďůŝŬ:ŽŚĂŶŶĞƐ:ƵĂƌĂΘZĞŬĂŶ͘ WĂƌƚŶĞƌƐ͘
DĞŶƵƌƵƚ ŽƉŝŶŝ ĂŬƵŶƚĂŶ ƉƵďůŝŬ WĞƌƐĞƌŽĂŶ͕ ĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ƉƵďůŝĐ
ůĂƉŽƌĂŶ ŬĞƵĂŶŐĂŶ ƚĞƌůĂŵƉŝƌ ƚĞůĂŚ ĚŝƐĂũŝŬĂŶ ƐĞĐĂƌĂ ĂĐĐŽƵŶƚĂŶƚ ŽƉŝŶŝŽŶ͕ ƚŚĞ ĂƚƚĂĐŚĞĚ ĨŝŶĂŶĐŝĂů
ǁĂũĂƌ ĚĂŶ ƚĞůĂŚ ĚŝƐƵƐƵŶ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ^ƚĂŶĚĂƌ ƐƚĂƚĞŵĞŶƚ ŚĂƐ ďĞĞŶ ĨĂŝƌůLJ ƉƌĞƐĞŶƚĞĚ ĂŶĚ ŚĂƐ ďĞĞŶ
ŬƵŶƚĂŶƐŝ<ĞƵĂŶŐĂŶĚŝ/ŶĚŽŶĞƐŝĂ͘ ƉƌĞƉĂƌĞĚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ /ŶĚŽŶĞƐŝĂŶ
ĐĐŽƵŶƚŝŶŐ^ƚĂŶĚĂƌĚƐ͘
ƐĞƚ ƐƐĞƚ
ŝ ƚĂŚƵŶ ϮϬϮϱ͕ WĞƌƐĞƌŽĂŶ ŵĞŶĐĂƚĂƚ ƉĞƌƚƵŵďƵŚĂŶ /ŶϮϬϮϱ͕ƚŚĞŽŵƉĂŶLJƌĞĐŽƌĚĞĚĂŶĂƐƐĞƚŐƌŽǁƚŚŽĨ
ĂƐĞƚ ƐĞďĞƐĂƌ ϳй ĚĂƌŝ ZƉ ϭϳϲ͘ϱϮϯ͘ϱϰϰ͘ϭϲϲ͕ Ͳ Ěŝ ϳй ĨƌŽŵ ZƉ ϭϳϲ͕ϱϮϯ͕ϱϰϰ͕ϭϲϲ͘Ͳ ŝŶ ϮϬϮϰ ƚŽ ZƉ
ƚĂŚƵŶϮϬϮϰŵĞŶũĂĚŝZƉϭϴϴ͘ϴϵϱ͘ϳϴϱ͘ϬϮϵ͕ͲĚŝϮϬϮϱ͘ ϭϴϴ͕ϴϵϱ͕ϳϴϱ͕ϬϮϵ͘Ͳ ŝŶ ϮϬϮϱ͘ dŚŝƐ ƌĂŝƐĞ ǁĂƐ ĐĂƵƐĞĚ
<ĞŶĂŝŬĂŶ ŝŶŝ ďĞƌƐƵŵďĞƌ ĚĂƌŝ ŬĞŶĂŝŬĂŶ ũƵŵůĂŚ ďLJƚŚĞŝŶĐƌĞĂƐĞŽĨƌĞĐĞŝǀĂďůĞƐĂŶĚƚŚĞƐĞƚƚůĞŵĞŶƚŽĨ
ƉŝƵƚĂŶŐĚĂŶƉĞůƵŶĂƐĂŶĚĂƌŝďĞďĞƌĂƉĂĞďŝƚƵƌLJĂŶŐ ůĞĂƐĞ ƌĞĐĞŝǀĂďůĞƐ ǁŚŝĐŚ ŝŶĐƌĞĂƐĞĚ ƚŚĞ ĐĂƐŚ ĂŶĚ
ŵĞŶLJĞďĂďŬĂŶŬĞŶĂŝŬĂŶũƵŵůĂŚŬĂƐĚĂŶƐĞƚĂƌĂŬĂƐ͘ ĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ͘
ƐĞƚ>ĂŶĐĂƌ ƵƌƌĞŶƚƐƐĞƚ
ƐĞƚ ůĂŶĐĂƌ WĞƌƐĞƌŽĂŶ ƚĞƌĚŝƌŝ ĚĂƌŝ ŬĂƐ ĚĂŶ ƐĞƚĂƌĂ dŚĞ ŽŵƉĂŶLJ͛Ɛ ĐƵƌƌĞŶƚ ĂƐƐĞƚ ĐŽŶƐŝƐƚƐ ŽĨ ĐĂƐŚ ĂŶĚ
ŬĂƐĚĂŶƉŝƵƚĂŶŐ͘dŽƚĂůĂƐĞƚůĂŶĐĂƌƚĞƌƐĞďƵƚƚĞƌĐĂƚĂƚ ĐĂƐŚ ĞƋƵŝǀĂůĞŶƚ ĂŶĚ ƌĞĐĞŝǀĂďůĞƐ͘ dŚĞ ƚŽƚĂů ĐƵƌƌĞŶƚ
ƐĞďĞƐĂƌ ZƉ ϭϴϱ͕ϵϴ ŵŝůLJĂƌ͕ ŵĞŶŐĂůĂŵŝ ŬĞŶĂŝŬĂŶ ĂƐƐĞƚǁĂƐϭϴϱ͕ϵϴďŝůůŝŽŶZƵƉŝĂŚ͕ĂŶŝŶĐƌĞĂƐĞďLJϲй
ƐĞďĞƐĂƌ ϲй ĚŝďĂŶĚŝŶŐŬĂŶ ZƉ ϭϳϱ͕ϲϵ ŵŝůLJĂƌ ƉĂĚĂ ĐŽŵƉĂƌĞĚ ƚŽ ϭϳϱ͕ϲϵ ďŝůůŝŽŶ ZƵƉŝĂŚ ŝŶ ϮϬϮϰ͘ dŚŝƐ
ƚĂŚƵŶ ϮϬϮϰ͘WĞŶŝŶŐŬĂƚĂŶ ŝŶŝ ĚŝŬĂƌĞŶĂŬĂŶ ŬĞŶĂŝŬĂŶ ŝŶĐƌĞĂƐĞǁĂƐĚƵĞƚŽƚŚĞƚŚĞŝŶĐƌĞĂƐĞŽĨƌĞĐĞŝǀĂďůĞƐ
ũƵŵůĂŚ ƉŝƵƚĂŶŐ ƐĞƌƚĂ ŬĞŶĂŝŬĂŶ ũƵŵůĂŚ ŬĂƐ ĚĂŶ ĂŶĚĐĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ͘
ƐĞƚĂƌĂŬĂƐ͘
<ĂƐĚĂŶ^ĞƚĂƌĂ<ĂƐ ĂƐŚĂŶĚĂƐŚ ƋƵŝǀĂůĞŶƚ
<ĂƐ ĚĂŶ ^ĞƚĂƌĂ ŬĂƐ WĞƌƐĞƌŽĂŶ ƚĞƌĚŝƌŝ ĚĂƌŝ ŬĂƐ Ěŝ ĂƐŚ ĂŶĚ ĐĂƐŚ ĞƋƵŝǀĂůĞŶƚ ĐŽŶƐŝƐƚ ŽĨ ĐĂƐŚ ŝŶ ďĂŶŬƐ
ďĂŶŬ ;ZƵƉŝĂŚ ĚĂŶ ŽůůĂƌ ŵĞƌŝŬĂ ^ĞƌŝŬĂƚͿ ĚĂŶ ;ZƵƉŝĂŚĂŶĚh^ŽůůĂƌͿĂŶĚƚŝŵĞĚĞƉŽƐŝƚƐ;ZƵƉŝĂŚͿ͘
ĚĞƉŽƐŝƚŽ ďĞƌũĂŶŐŬĂ ;ZƵƉŝĂŚͿ͘ <ĂƐ ĚĂŶ ^ĞƚĂƌĂ <ĂƐ ĂƐŚ ĂŶĚ ĂƐŚ ƋƵŝǀĂůĞŶƚƐ ŝŶĐƌĞĂƐĞĚ ďLJ Ϯϭ͘ϲϱ
WĞƌƐĞƌŽĂŶ ŵĞŶŐĂůĂŵŝ ŬĞŶĂŝŬĂŶ ƐĞďĞƐĂƌ ZƉ Ϯϭ͕ϲϱ ďŝůůŝŽŶ ZƵƉŝĂŚ Žƌ ĞƋƵŝǀĂůĞŶƚ ƚŽ Ϯϲй ĨƌŽŵ ƚŚĞ
ŵŝůLJĂƌ ĂƚĂƵ ƐĞƚĂƌĂ ĚĞŶŐĂŶ Ϯϲй͕ ĚĂƌŝ ƚĂŚƵŶ ƉƌĞǀŝŽƵƐ LJĞĂƌ ŽĨ ϴϮ͘ϵϴ ďŝůůŝŽŶ ZƵƉŝĂŚ ƚŽ ϭϬϰ͘ϲϯ
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
ƐĞďĞůƵŵŶLJĂ ƐĞďĞƐĂƌ ZƉ ϴϮ͕ϵϴ ŵŝůLJĂƌ ŵĞŶũĂĚŝ ZƉ ďŝůůŝŽŶZƵƉŝĂŚŝŶϮϬϮϱ͘dŚĞŝŶƌĞĂƐĞŝŶĐĂƐŚĂŶĚĐĂƐŚ
ϭϬϰ͕ϲϯ ŵŝůLJĂƌ Ěŝ ƚĂŚƵŶ ϮϬϮϱ͘ <ĞŶĂŝŬĂŶ ŬĂƐ ĚĂŶ ĞƋƵŝǀĂůĞŶƚ ǁĂƐ ĚƵĞ ƚŽ ƌĞĐĞŝƉƚ ĨƌŽŵ ƐĞƚƚůĞŵĞŶƚ ŽĨ
ƐĞƚĂƌĂ ŬĂƐ ŝŶŝ ĚŝŬĂƌĞŶĂŬĂŶ ĂĚĂŶLJĂ ƉĞůƵŶĂƐĂŶ ĚĂƌŝ ůĞĂƐĞƌĞĐĞŝǀĂďůĞƐ͘
ĚĞďŝƚƵƌĂƚĂƐƉŝƵƚĂŶŐƉĞŵďŝĂLJĂĂŶ͘
WŝƵƚĂŶŐhƐĂŚĂ ĐĐŽƵŶƚZĞĐĞŝǀĂďůĞƐ
WŝƵƚĂŶŐ ƵƐĂŚĂ WĞƌƐĞƌŽĂŶ ƚĞƌĚŝƌŝ ĚĂƌŝ WŝƵƚĂŶŐ ĐĐŽƵŶƚ ZĞĐĞŝǀĂďůĞƐ ĐŽŶƐŝƐƚ ŽĨ ĨŝŶĂŶĐŝŶŐ ůĞĂƐĞ
WĞŵďŝĂLJĂĂŶ͘WĂĚĂƚĂŚƵŶϮϬϮϱ͕ƚŝĚĂŬƚĞƌĚĂƉĂƚŶŝůĂŝ ƌĞĐĞŝǀĂďůĞƐ͘ dŚĞƌĞ ŝƐ ŶŽ ĨŝŶĂŶĐŝŶŐ ůĞĂƐĞ ƌĞĐĞŝǀĂďůĞ
ƉŝƵƚĂŶŐƉĞŵďŝĂLJĂĂŶWĞƌƐĞƌŽĂŶ͘ ŝŶϮϬϮϱ͘
dŝĚĂŬ ĂĚĂŶLJĂ ƉŝƵƚĂŶŐ ƉĞŵďŝĂLJĂĂŶ Ěŝ ƚĂŚƵŶ ϮϬϮϱ dŚĞ ŽŵƉĂŶLJ ƌĞĐŽƌĚĞĚ njĞƌŽ ůĞĂƐĞ ƌĞĐĞŝǀĂďůĞƐ ŝŶ
ĚŝŬĂƌĞŶĂŬĂŶƚĞƌĚĂƉĂƚƉĞŶLJĂůƵƌĂŶƉĂĚĂƚĂŚƵŶϮϬϮϱ ϮϬϮϱ ĚƵĞ ƚŽ ĐƵƌƌĞŶƚ ŽƵƚƐƚĂŶĚŝŶŐ ƌĞĐĞŝǀĂďůĞƐ
ĚŝƐĂůƵƌŬĂŶŬĞƉĂĚĂƉŝƵƚĂŶŐLJĂŶŐŵĂƐŝŚĂŬƚŝĨƉĞƌϯϭ ĂůƌĞĂĚLJ ĚŝƐďƵƌƐĞĚ ƉĞƌ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϱ ĂƌĞ
ĞƐĞŵďĞƌ ϮϬϮϱ LJĂŶŐ ƚŝĚĂŬ ĚĂƉĂƚ ĚŝŬĂƚĞŐŽƌŝŬĂŶ ƌĞĐĞŝǀĂďůĞƐǁŚŝĐŚĂƌĞŶŽƚĐůĂƐƐŝĨŝĞĚĂƐĨŝŶĂŶĐĞůĞĂƐĞ
ƐĞďĂŐĂŝƉĞŶLJĂůƵƌĂŶƉĞŵďŝĂLJĂĂŶŵĞŶƵƌƵƚWK:<͘ ĂĐĐŽƌĚŝŶŐƚŽWK:<͘
WŝƵƚĂŶŐƵŶŐĂ /ŶƚĞƌĞƐƚZĞĐĞŝǀĂďůĞƐ
WĞƌƐĞƌŽĂŶ ŵĞŵŝůŝŬŝ ƉŝƵƚĂŶŐ ďƵŶŐĂ ƉĂĚĂ ƚĂŚƵŶ dŚĞŽŵƉĂŶLJƌĞĐŽƌĚĞĚŝŶƚĞƌĞƐƚƌĞĐĞŝǀĂďůĞƐŝŶϮϬϮϱ
ϮϬϮϱƐĞďĞƐĂƌZƉϴϬϰũƵƚĂ͕ƉĞŶƵƌƵŶĂŶƐĞďĞƐĂƌϴϴй ĂŵŽƵŶƚĞĚ ƚŽ ϴϬϰ ŵŝůůŝŽŶ ZƵƉŝĂŚ͕ Ă ĚĞĐƌĞĂƐĞ ďLJ
ĚĂƌŝ ƉĂĚĂ ƚĂŚƵŶ ϮϬϮϰ͘ WĞŶƵƌƵŶĂŶ ƚĞƌƐĞďƵƚ ϴϴй ĐŽŵƉĂƌĞĚ ƚŽ ƚŚĞ ĂŵŽƵŶƚ ŝŶ ϮϬϮϰ͘ dŚĞ
ĚŝŬĂƌĞŶĂŬĂŶ ƉĞŶƵƌƵŶĂŶ ƉĞŶLJĂůƵƌĂŶ ƉŝƵƚĂŶŐ Ěŝ ĚĞĐƌĞĂƐĞ ǁĂƐ ĚƵĞ ƚŽ ƚŚĞ ĚĞĐƌĞĂƐĞ ŽĨ ƌĞĐĞŝǀĂďůĞƐ
ƚĂŚƵŶϮϬϮϱ͘ ĚŝƐďƵƌƐĞŵĞŶƚŝŶϮϬϮϱ͘
WŝƵƚĂŶŐ>ĂŝŶʹ>ĂŝŶ KƚŚĞƌZĞĐĞŝǀĂďůĞƐ
WĞƌƐĞƌŽĂŶ ŵĞŶĐĂƚĂƚ ƉŝƵƚĂŶŐůĂŝŶ ʹ ůĂŝŶ ƐĞďĞƐĂƌZƉ dŚĞŽŵƉĂŶLJƌĞĐŽƌĚĞĚŽƚŚĞƌƌĞĐĞŝǀĂďůĞƐĂŵŽƵŶƚĞĚ
ϴϬ͕ϱϱ ŵŝůLJĂƌ Ěŝ ƚĂŚƵŶ ϮϬϮϱ͕ ŬĞŶĂŝŬĂŶ ƐĞďĞƐĂƌ ZƉ ƚŽ ϴϬ͘ϱϱ ďŝůůŝŽŶ ZƵƉŝĂŚ ŝŶ ϮϬϮϱ͕ ĂŶ ŝŶĐƌĞĂƐĞ ŽĨ ZƉ
ϳϵ͕ϳϱ ŵŝůLJĂƌ ĚŝďĂŶĚŝŶŐŬĂŶ ƚĂŚƵŶ ϮϬϮϰ ĚŝŵĂŶĂ ϳϵ͘ϳϱ ďŝůůŝŽŶ ĐŽŵƉĂƌĞĚ ƚŽ ϮϬϮϰ ǁŚŝĐŚ ǁĂƐ ZƉ ϴϬϮ
ƐĞďĞƐĂƌ ZƉ ϴϬϮ ũƵƚĂ͘ WŝƵƚĂŶŐ ůĂŝŶ ʹ ůĂŝŶ ƚĞƌƐĞďƵƚ ŵŝůůŝŽŶƐ͘ dŚĞ ŽƚŚĞƌ ƌĞĐĞŝǀĂďůĞ ǁĂƐ ƌĞĐĞŝǀĂďůĞ ĚƵĞ
ŵĞƌƵƉĂŬĂŶ ƉŝƵƚĂŶŐ ŬĞƉĂĚĂ ĚĞďŝƚƵƌ ƉŝŚĂŬ ŬĞƚŝŐĂ ƚŽ ƚŚŝƌĚͲƉĂƌƚLJ ĚĞďƚŽƌƐ ĂŶĚ ĐĂŶ͛ƚ ďĞ ĐůĂƐƐŝĨŝĞĚ ĂƐ
ĚĞŶŐĂŶ ƚƵũƵĂŶ ƉŝƵƚĂŶŐ LJĂŶŐ ƚŝĚĂŬ ĚĂƉĂƚ ĨŝŶĂŶĐĞůĞĂƐĞ͘
ĚŝŐŽůŽŶŐŬĂŶƐĞďĂŐĂŝƉŝƵƚĂŶŐƉĞŵďŝĂLJĂĂŶ͘
ƐĞƚdŝĚĂŬ>ĂŶĐĂƌ EŽŶͲƵƌƌĞŶƚƐƐĞƚ
ƐĞƚƚŝĚĂŬůĂŶĐĂƌƚĞƌĚŝƌŝĚĂƌŝĂƐĞƚƚĞƚĂƉďĞƌƐŝŚ͕ĂƐĞƚ EŽŶͲƵƌƌĞŶƚ ƐƐĞƚ ĐŽŶƐŝƐƚƐ ŽĨ ŶĞƚ ĨŝdžĞĚ ĂƐƐĞƚ͕ ŶĞƚ
ŚĂŬ ŐƵŶĂ ďĞƌƐŝŚ͕ ĚĂŶ ĂƐĞƚ ůĂŝŶ ʹ ůĂŝŶ͘ WĞƌ ϯϭ ƌŝŐŚƚͲŽĨͲƵƐĞĂƐƐĞƚ͕ĂŶĚŽƚŚĞƌĂƐƐĞƚ͘ƐŽĨĞĐĞŵďĞƌ
ĚĞƐĞŵďĞƌ ϮϬϮϱ͕ ƚŽƚĂů ĂƐĞƚ ƚŝĚĂŬ ůĂŶĐĂƌ ƚĞƌĐĂƚĂƚ ϯϭ͕ ϮϬϮϱ͕ ĂŵŽƵŶƚ ŽĨ EŽŶͲƵƌƌĞŶƚ ƐƐĞƚ ǁĂƐ
ƐĞďĞƐĂƌZƉϮ͕ϵϭũƵƚĂ͕ŵĞŶŐĂůĂŵŝŬĞŶĂŝŬĂŶ ƐĞďĞƐĂƌ ƌĞĐŽƌĚĞĚ Ăƚ Ϯ͘ϵϭ ďŝůůŝŽŶƐ ZƵƉŝĂŚ͕ ƚŚŝƐ ĂŵŽƵŶƚ
ZƉ Ϯ͕Ϭϴ ŵŝůLJĂƌ ĂƚĂƵ ƐĞƚĂƌĂ ϮϱϬй ĚŝďĂŶĚŝŶŐŬĂŶ ZƉ ŝŶĐƌĞĂƐĞƐ ďLJ Ϯ͘Ϭϴ ďŝůůŝŽŶƐ ZƵƉŝĂŚ Žƌ ĞƋƵŝǀĂůĞŶƚ ƚŽ
ϴϯϮ ũƵƚĂ ƉĂĚĂ ƚĂŚƵŶ ϮϬϮϰ͘ <ĞŶĂŝŬĂŶ ƚĞƌƐĞďƵƚ ϮϱϬй ĐŽŵƉĂƌĞĚ ƚŽ ϴϯϮ ŵŝůůŝŽŶ ZƵƉŝĂŚ ĂƐ ŽĨ ϮϬϮϰ͘
ĚŝƐĞďĂďŬĂŶ ŽůĞŚ ĂĚĂŶLJĂ ĂŵĞŶĚĞŵĞŶ ĂƚĂƐ dŚĞ ŝŶĐƌĞĂƐĞ ǁĂƐ ĚƵĞ ƚŽ ƚŚĞ ĂŵĞŶĚŵĞŶƚŽĨ ƌĞŶƚĂů
ƉĞƌũĂŶũŝĂŶ ƐĞǁĂ ŚĂŬ ŐƵŶĂ ĂƐĞƚ ĂƚĂƐ ƌĞŶƚĂů ƵŶŝƚ ĂŐƌĞĞŵĞŶƚ ŽĨ ƚŚĞ ŽĨĨŝĐĞ ƵŶŝƚ ƚŚĞ ŽŵƉĂŶLJ ƌĞŶƚĞĚ͕
ŬĂŶƚŽƌ LJĂŶŐ ĚŝŐƵŶĂŬĂŶ WĞƌƐĞƌŽĂŶ͕ ƐĞŚŝŶŐŐĂ ŚĞŶĐĞ ƚŚĞ ĂĚũƵƐƚŵĞŶƚ ĂĐĐŽƌĚŝŶŐ ƚŽ W^< EŽ͘ϳϯ
ƚĞƌĚĂƉĂƚƉĞŶLJĞƐƵĂŝĂŶW^<ϳϯ͘ ƌĞŐĂƌĚŝŶŐƌŝŐŚƚͲŽĨͲƵƐĞĂƐƐĞƚ͘
ƐĞƚdĞƚĂƉEĞƚŽ EĞƚ&ŝdžĞĚƐƐĞƚƐ
ƐĞƚ ƚĞƚĂƉ ŶĞƚŽ WĞƌƐĞƌŽĂŶ ŵĞŶƵƌƵŶ ƐĞďĞƐĂƌ ZƉ dŚĞ ŽŵƉĂŶLJ͛Ɛ ŶĞƚ ĨŝdžĞĚ ĂƐƐĞƚƐ ĚĞĐƌĞĂƐĞĚ ďLJ ϭϯϴ
ϭϯϴ ũƵƚĂ ĂƚĂƵ ƐĞƚĂƌĂ ĚĞŶŐĂŶ ϯϬй ĚŝďĂŶĚŝŶŐŬĂŶ ŵŝůůŝŽŶ ZƵƉŝĂŚ Žƌ ĞƋƵŝǀĂůĞŶƚ ƚŽ ϯϬй ĐŽŵƉĂƌĞĚ ƚŽ
ĚĞŶŐĂŶ ƚĂŚƵŶ ϮϬϮϰ͘ WĞŶƵƌƵŶĂŶ ƚĞƌƐĞďƵƚ ƚŚĞ ƉƌĞǀŝŽƵƐ LJĞĂƌ͘ dŚĞ ĚĞĐƌĞĂƐĞ ǁĂƐ ĚƵĞ ƚŽ
ĚŝŬĂƌĞŶĂŬĂŶĚĞƉƌĞƐŝĂƐŝĂƚĂƐĂƐĞƚƚĞƚĂƉWĞƌƐĞƌŽĂŶ͘ ĚĞƉƌĞĐŝĂƚŝŽŶŽĨƚŚĞĨŝdžĞĚĂƐƐĞƚƐ͘
ƐĞƚ,ĂŬ'ƵŶĂĞƌƐŝŚ EĞƚŽĨZŝŐŚƚͲŽĨͲhƐĞƐƐĞƚƐ
ƐĞƚ ŚĂŬ ŐƵŶĂ ďĞƌƐŝŚ WĞƌƐĞƌŽĂŶ ŵĞŶŐĂůĂŵŝ dŚĞŽŵƉĂŶLJ͛ƐŶĞƚŽĨƌŝŐŚƚͲŽĨͲƵƐĞĂƐƐĞƚƐŝŶĐƌĞĂƐĞĚ
ŬĞŶĂŝŬĂŶ ƐĞďĞƐĂƌ ZƉ Ϯ͕ϮϮ ŵŝůLJĂƌ ĂƚĂƵ ƐĞƚĂƌĂ ďLJ Ϯ͘ϮϮ ďŝůůŝŽŶƐ ZƵƉŝĂŚ Žƌ ĞƋƵŝǀĂůĞŶƚ ŽĨ ϭϰϰϲй
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
ĚĞŶŐĂŶ ϭϰϰϲй ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ƚĂŚƵŶ ϮϬϮϰ͘ ĐŽŵƉĂƌĞĚ ƚŽ ƚŚĞ ƉƌĞǀŝŽƵƐ LJĞĂƌ͘ dŚĞ ŝŶĐƌĞĂƐĞ ǁĂƐ
<ĞŶĂŝŬĂŶƚĞƌƐĞďƵƚĚŝŬĂƌĞŶĂŬĂŶƉĞŶLJĞƐƵĂŝĂŶƐĞƐƵĂŝ ĚƵĞ ƚŽ ƚŚĞ ĂĚũƵƐƚŵĞŶƚ ĂĐĐŽƌĚŝŶŐ ƚŽ W^< ϳϯ ďLJ
ƉĞƌŚŝƚƵŶŐĂŶ W^< ϳϯ ĂƚĂƐ ĞŵĞŶĚĞŵĞŶ ƉĞƌũĂŶũŝĂŶ ĞdžƚĞŶĚĞĚ ƉĞƌŝŽĚ ĂŵĞŶĚĞĚ ŝŶ ƌĞŶƚĂů ĂŐƌĞĞŵĞŶƚ ŽĨ
ƐĞǁĂ ŚĂŬ ŐƵŶĂ ƵŶŝƚ ŬĂŶƚŽƌ LJĂŶŐ ĚŝŐƵŶĂŬĂŶ ƚŚĞŽĨĨŝĐĞƵŶŝƚƚŚĞŽŵƉĂŶLJƌĞŶƚĞĚ͘
WĞƌƐĞƌŽĂŶLJĂŶŐĚŝƉĞƌƉĂŶũĂŶŐ͘
ƐĞƚWĂũĂŬdĂŶŐŐƵŚĂŶ ĞĨĞƌƌĞĚdĂdžƐƐĞƚƐ
WĞƌƐĞƌŽĂŶ ƚŝĚĂŬ ŵĞŶĐĂƚĂƚ ĂĚĂŶLJĂ ĂƐĞƚ ƉĂũĂŬ dŚĞ ŽŵƉĂŶLJ ĚŝĚ ŶŽƚ ƌĞĐŽƌĚ ĚĞĨĞƌƌĞĚ ƚĂdž ĂƐƐĞƚ
ƚĂŶŐŐƵŚĂŶ Ěŝ ƚĂŚƵŶ ϮϬϮϱ ĚĂŶ ϮϬϮϰ ,Ăů ŝŶŝ ǀĂůƵĞ ŝŶ ϮϬϮϱ͘ dŚĞ ĐŚĂŶŐĞ ǁĂƐ ĂĐĐŽƌĚĂŶĐĞ ƚŽ ƚŚĞ
ĚŝƐĞďĂďŬĂŶ ĂƚĂƐ ƉĞƌŚŝƚƵŶŐĂŶ ƉĂũĂŬ ƚĂŶŐŐƵŚĂŶ Ěŝ ƌĞͲĐĂůĐƵůĂƚŝŽŶŽĨĚĞĨĞƌƌĞĚƚĂdžŝŶϮϬϮϱĂŶĚϮϬϮϰ͘
ƚĂŚƵŶϮϬϮϱĚĂŶϮϬϮϰ͘
>ŝĂďŝůŝƚĂƐ >ŝĂďŝůŝƚLJ
WĂĚĂ ƚĂŚƵŶ ϮϬϮϱ͕ ƚŽƚĂů ůŝĂďŝůŝƚĂƐ WĞƌƐĞƌŽĂŶ ƵƌŝŶŐ ϮϬϮϱ͕ ƚŚĞ ĂŵŽƵŶƚ ŽĨ ĐŽŵƉĂŶLJ ůŝĂďŝůŝƚLJ
ŵĞŶŐĂůĂŵŝ ŬĞŶĂŝŬĂŶ ƐĞďĞƐĂƌ ZƉ ϯ͕ϵϰ ŵŝůLJĂƌ ĂƚĂƵ ŝŶĐƌĞĂƐĞĚ ďLJ ϯ͘ϵϰ ďŝůůŝŽŶƐ ZƵƉŝĂŚ Žƌ ĞƋƵŝǀĂůĞŶƚ ƚŽ
ƐĞƚĂƌĂ ĚĞŶŐĂŶ ϭϬϬй ĚĂƌŝ ƚĂŚƵŶ ϮϬϮϰ͘ <ĞŶĂŝŬĂŶ ϭϬϬйƚŽƚŚĞďĂůĂŶĐĞŝŶϮϬϮϰ͘dŚĞŝŶĐƌĞĂƐĞǁĂƐĚƵĞ
ƚĞƌƐĞďƵƚ ĚŝŬĂƌĞŶĂŬĂŶ ĂĚĂŶLJĂ ŬĞŶĂŝŬĂŶ ĂƚĂƐ ƚŽ ƚŚĞ ŝŶĐƌĞĂƐĞ ŝŶ ĚĞĨĞƌƌĞĚ ŝŶĐŽŵĞ ĨƌŽŵ ŽƚŚĞƌ
ƉĞŶĚĂƉĂƚĂŶ LJĂŶŐ ĚŝƚĂŶŐŐƵŚŬĂŶ ĚĂƌŝ ƉĞŵďĂLJĂƌĂŶ ƌĞĐĞŝǀĂďůĞƐ ĂŶĚ ĂĚũƵƐƚŵĞŶƚ ŽĨ ůĞĂƐĞ ƌĞŶƚĂů ĚƵĞ ƚŽ
ďƵŶŐĂ ĚŝďĂLJĂƌ ĚŝŵƵŬĂ ƉŝƵƚĂŶŐ ůĂŝŶͲůĂŝŶ ƐĞƌƚĂ ƚŚĞ ĂŵĞŶĚŵĞŶƚ ŽĨ ƌĞŶƚĂů ĂŐƌĞĞŵĞŶƚ ŽĨ ƚŚĞ ŽĨĨŝĐĞ
ƉĞŶLJĞƐƵĂŝĂŶ ĂƚĂƐůŝĂďŝůŝƚĂƐƐĞǁĂ ďĞƌĚĂƐĂƌŬĂŶ W^< ƵŶŝƚ ƌĞŶƚĞĚ ĂĐĐŽƌĚŝŶŐ ƚŽ W^< ϳϯ ƌĞŐĂƌĚŝŶŐ ƌŝŐŚƚͲ
ϳϯ ĂƚĂƐ ĂŵĞŶĚĞŵĞŶ ƉĞƌũĂŶũŝĂŶ ƐĞǁĂ ƵŶŝƚ ŬĂŶƚŽƌ ŽĨͲƵƐĞĂƐƐĞƚ͘
WĞƌƐĞƌŽĂŶ͘
>ŝĂďŝůŝƚĂƐ:ĂŶŐŬĂWĞŶĚĞŬ ƵƌƌĞŶƚ>ŝĂďŝůŝƚŝĞƐ
>ŝĂďŝůŝƚĂƐ ũĂŶŐŬĂ ƉĞŶĚĞŬ WĞƌƐĞƌŽĂŶ ƚĞƌĚŝƌŝ ĚĂƌŝ dŚĞ ŽŵƉĂŶLJ͛Ɛ ĐƵƌƌĞŶƚ ůŝĂďŝůŝƚŝĞƐ ĐŽŶƐŝƐƚ ŽĨ
ƵƚĂŶŐ͕ƉĞŶĚĂƉĂƚĂŶLJĂŶŐĚŝƚĂŶŐŐƵŚŬĂŶ͕ĚĂŶŚƵƚĂŶŐ ƉĂLJĂďůĞƐ͕ ĚĞĨĞƌƌĞĚ ŝŶĐŽŵĞ ĂŶĚ ƚĂdž ůŝĂďŝůŝƚLJ ĂƐ ŽĨ
ƉĂũĂŬƉĞƌϯϭĞƐĞŵďĞƌϮϬϮϱ͘dŽƚĂůůŝĂďŝůƚĂƐũĂŶŐŬĂ ĞĐĞŵďĞƌϯϭ͕ϮϬϮϱ͘dŽƚĂůŽĨ ĐƵƌƌĞŶƚůŝĂďŝůŝƚŝĞƐǁĂƐ
ƉĞŶĚĞŬ WĞƌƐĞƌŽĂŶ ĂĚĂůĂŚ ZƉ ϯ͕ϱϯ ŵŝůLJĂƌ͕ ϯ͘ϱϯďŝůůŝŽŶZƵƉŝĂŚ͕ŝŶĐƌĞĂƐĞďLJϮ͘ϭϮŵŝůůŝŽŶZƵƉŝĂŚ
ŵĞŶŐĂůĂŵŝ ŬĞŶĂŝŬĂŶ ƐĞďĞƐĂƌ ZƉ Ϯ͕ϭϮ ŵŝůLJĂƌ ĂƚĂƵ Žƌ ĞƋƵŝǀĂůĞŶƚ ƚŽ ϭϰϵй ĐŽŵƉĂƌĞĚ ƚŽ ϭ͘ϰϮ ďŝůůŝŽŶ
ƐĞƚĂƌĂ ϭϰϵй ĚŝďĂŶĚŝŶŐŬĂŶ ZƉ ϭ͕ϰϮ ŵŝůLJĂƌ ƉĂĚĂ ZƵƉŝĂŚ ŝŶ ϮϬϮϰ͘ dŚĞ ŝŶĐƌĞĂƐĞ ǁĂƐ ĚƵĞ ƚŽ ƚŚĞ
ƚĂŚƵŶϮϬϮϰ͘<ĞŶĂŝŬĂŶƚĞƌƐĞďƵƚĚŝŬĂƌĞŶĂŬĂŶũƵŵůĂŚ ĚĞĨĞƌƌĞĚ ŝŶĐŽŵĞ ĨƌŽŵ ŽƚŚĞƌ ƌĞĐĞŝǀĂďůĞƐ ƉĂŝĚ ŝŶ
ƉĞŵďĂLJĂƌĂŶ ďƵŶŐĂ ĂƚĂƐ ƉŝƵƚĂŶŐ ůĂŝŶͲůĂŝŶ LJĂŶŐ ĨƌŽŶƚďLJƚŚĞĞďƚŽƌƐ͘
ƚĞůĂŚĚŝďĂLJĂƌŬĂŶŽůĞŚĞďŝƚƵƌĚŝŵƵŬĂ͘
>ŝĂďŝůŝƚĂƐ:ĂŶŐŬĂWĂŶũĂŶŐ >ŽŶŐdĞƌŵ>ŝĂďŝůŝƚŝĞƐ
>ŝĂďŝůŝƚĂƐ ũĂŶŐŬĂ ƉĂŶũĂŶŐ WĞƌƐĞƌŽĂŶ ƚĞƌĚŝƌŝ ĚĂƌŝ dŚĞŽŵƉĂŶLJ͛ƐůŽŶŐͲƚĞƌŵůŝĂďŝůŝƚŝĞƐĐŽŶƐŝƐƚŽĨůĞĂƐĞ
ůŝĂďŝůŝƚĂƐ ƐĞǁĂ͕ ůŝĂďŝůŝƚĂƐ ƉĂũĂŬ ƚĂŶŐŐƵŚĂŶ ĚĂŶ ƌĞŶƚĂů͕ ĚĞĨĞƌƌĞĚ ƚĂdž ůŝĂďŝůŝƚLJ ĂŶĚ ĞŵƉůŽLJĞĞ ďĞŶĞĨŝƚ
ůŝĂďŝůŝƚĂƐ ŝŵďĂůĂŶ ŬĞƌũĂ͘ dŽƚĂů ůŝĂďŝůŝƚĂƐ ũĂŶŐŬĂ ůŝĂďŝůŝƚLJ͘ dŽƚĂů ŽĨ ůŽŶŐͲƚĞƌŵ ůŝĂďŝůŝƚŝĞƐ ǁĂƐ ϰ͘ϯϲ
ƉĂŶũĂŶŐ WĞƌƐĞƌŽĂŶ Ěŝ ƚĂŚƵŶ ϮϬϮϱ ĂĚĂůĂŚ ZƉ ϰ͕ϯϲ ďŝůůŝŽŶZƵƉŝĂŚŝŶ ϮϬϮϱ͕ ĂŶŝŶĐƌĞĂƐĞ ďLJ ϭ͘ϴϮϳ ďŝůůŝŽŶ
ŵŝůLJĂƌ ŵĞŶŐĂůĂŵŝ ŬĞŶĂŝŬĂŶ ƐĞďĞƐĂƌ ZƉ ϭ͕ϴϮϳ ZƵƉŝĂŚŽƌĞƋƵŝǀĂůĞŶƚƚŽϳϮй͘dŚĞŝŶĐƌĞĂƐĞŝƐĚƵĞƚŽ
ŵŝůLJĂƌ ĂƚĂƵ ƐĞƚĂƌĂ ĚĞŶŐĂŶ ϳϮй͘ <ĞŶĂŝŬĂŶ ŝŶŝ ƚŚĞ ƌĞĐĂůĐƵůĂƚŝŽŶ ŽĨ ůĞĂƐĞ ƌĞŶƚĂů ĂĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞ
ĚŝŬĂƌĞŶĂŬĂŶ ƉĞŶLJĞƐƵĂŝĂŶ ůŝĂďŝůŝƚĂƐ ƐĞǁĂ ĂƚĂƐ ĂŵĞŶĚŵĞŶƚŽĨŽĨĨŝĐĞƵŶŝƚƌĞŶƚĂůĂŐƌĞĞŵĞŶƚ͘
ƉĞƌƉĂŶũĂŶŐĂŶ ƉĞƌũĂŶũŝĂŶ ƐĞǁĂ ƵŶŝƚ ŬĂŶƚŽƌ LJĂŶŐ
ĚŝƐĞǁĂWĞƌƐĞƌŽĂŶ͘
ŬƵŝƚĂƐ ƋƵŝƚLJ
dŽƚĂů ĞŬƵŝƚĂƐ WĞƌƐĞƌŽĂŶ ƚĂŚƵŶ ϮϬϮϱ ĂĚĂůĂŚ ZƉ dŽƚĂů ĐŽŵƉĂŶLJ͛Ɛ ĞƋƵŝƚLJ ŝŶ ϮϬϮϱ ǁĂƐ ϭϴϬ͘ϵϵ ďŝůůŝŽŶ
ϭϴϬ͕ϵϵ ŵŝůLJĂƌ ŵĞŶŐĂůĂŵŝ ƉĞŶŝŶŐŬĂƚĂŶ ƐĞďĞƐĂƌ ZƉ ZƵƉŝĂŚ͕ ĂŶ ŝŶĐƌĞĂƐĞ ŽĨ ϴ͘ϰϯ ďŝůůŝŽŶ ZƵƉŝĂŚ Žƌ
ϴ͕ϰϯ ŵŝůLJĂƌ ĂƚĂƵ ƐĞƚĂƌĂ ϱй ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ĞƋƵŝǀĂůĞŶƚ ƚŽ ϱй ĐŽŵƉĂƌĞĚ ƚŽ ϮϬϮϰ͕ ǁŚŝĐŚ ǁĂƐ
ƚĂŚƵŶ ϮϬϮϰ LJĂŝƚƵ ZƉ ϭϳϮ͕ϱϳ ŵŝůLJĂƌ͘ dŽƚĂů ĞŬƵŝƚĂƐ ϭϳϮ͘ϱϳ ďŝůůŝŽŶ ZƵƉŝĂŚ͘ dŚĞ ŽŵƉĂŶLJ͛Ɛ ƚŽƚĂů ĞƋƵŝƚLJ
WĞƌƐĞƌŽĂŶ ŵĞŶŝŶŐŬĂƚ ĂƚĂƐ ůĂďĂ ďĞƌƐŝŚ LJĂŶŐ ŝŶĐƌĞĂƐĞƐ ĚƵĞ ƚŽ ƚŚĞ ĂŵŽƵŶƚ ŽĨ ŽŵƉĂŶLJ͛Ɛ ŶĞƚ
ĚŝƚĞƌŝŵĂWĞƌƐĞƌŽĂŶƉĂĚĂƚĂŚƵŶϮϬϮϱ͘ ƉƌŽĨŝƚŝŶϮϬϮϱ͘
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/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
WĞŶĚĂƉĂƚĂŶhƐĂŚĂ KƉĞƌĂƚŝŶŐ/ŶĐŽŵĞ
WĞŶĚĂƉĂƚĂŶ ƵƐĂŚĂ WĞƌƐĞƌŽĂŶ ƚĞƌĚŝƌŝ ĚĂƌŝ dŚĞ ŽŵƉĂŶLJ͛Ɛ ŽƉĞƌĂƚŝŶŐ ŝŶĐŽŵĞ ĐŽŶƐŝƐƚƐ ŽĨ
ƉĞŶĚĂƉĂƚĂŶ ďƵŶŐĂ ƉĞŵďŝĂLJĂĂŶ͕ ƉĞŶĚĂƉĂƚĂŶ ĨŝŶĂŶĐŝŶŐ ŝŶƚĞƌĞƐƚ ŝŶĐŽŵĞ͕ ĂĚŵŝŶŝƐƚƌĂƚŝŽŶ ƌĞǀĞŶƵĞ
ĂĚŵŝŶŝƐƚƌĂƐŝ ƚĞƌŬĂŝƚ ƉĞŵďŝĂLJĂĂŶ͕ ĚĂŶ ƉĞŶĚĂƉĂƚĂŶ ƌĞůĂƚĞĚ ƚŽ ĨŝŶĂŶĐŝŶŐ ĂŶĚ ŝŶĐŽŵĞ ĨƌŽŵ ŽƚŚĞƌ
ĚĂƌŝ ƉŝƵƚĂŶŐ ůĂŝŶͲůĂŝŶ͘ WĞŶĚĂƉĂƚĂŶ ƵƐĂŚĂ Ěŝ ƚĂŚƵŶ ƌĞĐĞŝǀĂďůĞƐ͘ KƉĞƌĂƚŝŶŐ ŝŶĐŽŵĞ ŝŶ ϮϬϮϱ ǁĂƐ ϭϮ͘Ϯϲ
ϮϬϮϱĂĚĂůĂŚZƉϭϮ͘ϮϲŵŝůLJĂƌŵĞŶŐĂůĂŵŝƉĞŶƵƌƵŶĂŶ ďŝůůŝŽŶƐ ZƵƉŝĂŚ͕ Ă ĚĞĐƌĞĂƐĞ ŽĨ ϭ͘ϭϲ ďŝůůŝŽŶƐ ZƵƉŝĂŚ
ƐĞďĞƐĂƌ ZƉ ϭ͕ϭϲ ŵŝůLJĂƌ ĂƚĂƵ ƐĞƚĂƌĂ ϵй ŽƌĞƋƵŝǀĂůĞŶƚƚŽϵйĐŽŵƉĂƌĞĚƚŽŽƉĞƌĂƚŝŶŐŝŶĐŽŵĞ
ĚŝďĂŶĚŝŶŐŬĂŶ ƉĞŶĚĂƉĂƚĂŶ ƵƐĂŚĂ ƚĂŚƵŶ ϮϬϮϰ LJĂŝƚƵ ŝŶ ϮϬϮϰ͕ ǁŚŝĐŚ ǁĂƐ ϭϯ͘ϰϮ ďŝůůŝŽŶƐ ZƵƉŝĂŚ͘ dŚĞ
ZƉ ϭϯ͕ϰϮ ŵŝůLJĂƌ͘ WĞŶƵƌƵŶĂŶ ƚĞƌƐĞďƵƚ ĚŝƐĞďĂďŬĂŶ ĚĞĐƌĞĂƐĞ ǁĂƐ ĚƵĞ ƚŽ ĞĂƌůLJ ƐĞƚƚůĞŵĞŶƚ ŽĨ ĨŝŶĂŶĐĞ
ƉĞůƵŶĂƐĂŶ ůĞďŝŚĐĞƉĂƚĚĂƌŝďĞďĞƌĂƉĂ ĞďŝƚƵƌ ƐĞƌƚĂ ůĞĂƐĞƌĞĐĞŝǀĂďůĞƐĂŶĚĂĚĞĐƌĞĂƐĞŝŶƌĞĐĞŝǀĂďůĞƐ͘
ƉĞŶƵƌƵŶĂŶũƵŵůĂŚƉĞŶLJĂůƵƌĂŶƉŝƵƚĂŶŐ͘
WĞŶĚĂƉĂƚĂŶŝůƵĂƌhƐĂŚĂ EŽŶͲKƉĞƌĂƚŝŶŐ/ŶĐŽŵĞ
WĞŶĚĂƉĂƚĂŶ ĚŝůƵĂƌ ƵƐĂŚĂ WĞƌƐĞƌŽĂŶ ƚĞƌƵƚĂŵĂ dŚĞ ŽŵƉĂŶLJ͛Ɛ ŶŽŶͲŽƉĞƌĂƚŝŶŐ ŝŶĐŽŵĞ ŵĂŝŶůLJ
ĚĂƚĂŶŐ ĚĂƌŝ ďƵŶŐĂ ĂƚĂƐ ƚĂďƵŶŐĂŶ ŐŝƌŽ ĚĂŶ ĐŽŵĞƐĨƌŽŵŝŶƚĞƌĞƐƚŽĨƐĂǀŝŶŐƐĂŶĚƚŝŵĞĚĞƉŽƐŝƚŝŶ
ƉĞŶĞŵƉĂƚĂŶ ĚĞƉŽƐŝƚŽ Ěŝ ďĂŶŬ ĚĂŶ ůĂďĂ ĂƚĂƵ ƌƵŐŝ ďĂŶŬ ĂŶĚ ŐĂŝŶ Žƌ ůŽƐƐ ĨŽƌĞŝŐŶ ĞdžĐŚĂŶŐĞƐ͘ /Ŷ ϮϬϮϱ͕
ƐĞůŝƐŝŚ ŬƵƌƐ͘ ŝ ƚĂŚƵŶ ϮϬϮϱ͕ WĞƌƐĞƌŽĂŶ ƚŚĞ ŽŵƉĂŶLJ ƌĞĐŽƌĚĞĚ ŶŽŶͲŽƉĞƌĂƚŝŶŐ ŝŶĐŽŵĞ ŽĨ
ŵĞŵďƵŬƵŬĂŶƉĞŶĚĂƉĂƚĂŶĚŝůƵĂƌƵƐĂŚĂƐĞďĞƐĂƌZƉ Ϯ͘ϵϵ ďŝůůŝŽŶƐ ZƵƉŝĂŚ͕ ǁŚŝĐŚ ǁĂƐ Ă ĚĞĐƌĞĂƐĞ ĨƌŽŵ
Ϯ͕ϵϵ ŵŝůLJĂƌ͕ ŵĞŶŐĂůĂŵŝ ƉĞŶƵƌƵŶĂŶ ĚĂƌŝ ZƉ ϰ͕ϴϵ ϰ͘ϴϵďŝůůŝŽŶƐZƵƉŝĂŚŝŶϮϬϮϰ͘dŚĞĚĞĐƌĞĂƐĞǁĂƐĚƵĞ
ŵŝůLJĂƌ Ěŝ ϮϬϮϰ͘ WĞŶƵƌƵŶĂŶ ƚĞƌƐĞďƵƚ ĚŝŬĂƌĞŶĂŬĂŶ ƚŽ Ă ƐŝŐŶŝĨŝĐĂŶƚ ĚĞĐƌĞĂƐĞ ŝŶ ĨŽƌĞŝŐŶ ĞdžĐŚĂŶŐĞƐ
ĂĚĂŶLJĂ ƉĞŶƵƌƵŶĂŶ ƐĞĐĂƌĂ ƐŝŐŶŝĨŝŬĂŶ ĂƚĂƐ ƐĞůŝƐŝŚ ĚŝĨĨĞƌĞŶĐĞƐ͕ŝŶǁŚŝĐŚŝŶϮϬϮϰƚŚĞŽŵƉĂŶLJƌĞĐŽƌĚĞĚ
ŬƵƌƐ Ěŝ ƚĂŚƵŶ ϮϬϮϱ͕ ĚŝŵĂŶĂ ƚĂŚƵŶ ϮϬϮϰ ŵĞŶĐĂƚĂƚ Ă ŐĂŝŶ ŽĨ ĨŽƌĞŝŐŶ ĞdžĐŚĂŶŐĞ ĂŵŽƵŶƚĞĚ ƚŽ ϯ͘ϰϯ
ŬĞƵŶƚƵŶŐĂŶĂƚĂƐƐĞůŝƐŝŚŬƵƌƐƐĞďĞƐĂƌZƉϯ͕ϰϯŵŝůLJĂƌ ďŝůůŝŽŶƐZƵƉŝĂŚ͕ŵĞĂŶǁŚŝůĞŝŶϮϬϮϱƌĞĐŽƌĚĞĚĂůŽƐƐ
ƐĞĚĂŶŐŬĂŶ͕ ƚĂŚƵŶ ϮϬϮϱ ŵĞŶĐĂƚĂƚ ŬĞƌƵŐŝĂŶ ĂƚĂƐ ŽĨ ĨŽƌĞŝŐŶ ĞdžĐŚĂŶŐĞ ĂŵŽƵŶƚĞĚ ƚŽ ϭϱϳ ŵŝůůŝŽŶƐ
ƐĞůŝƐŝŚŬƵƌƐƐĞďĞƐĂƌZƉϭϱϳũƵƚĂ͘ ZƵƉŝĂŚ͘
ĞďĂŶhƐĂŚĂ KƉĞƌĂƚŝŶŐ džƉĞŶƐĞƐ
ĞďĂŶ ƵƐĂŚĂ WĞƌƐĞƌŽĂŶ ƚĞƌĚŝƌŝ ĚĂƌŝ ďĞďĂŶ ƵŵƵŵ dŚĞ ĐŽŵƉĂŶLJ͛Ɛ ŽƉĞƌĂƚŝŶŐ ĞdžƉĞŶƐĞ ĐŽŶƐŝƐƚƐ ŽĨ
ĚĂŶ ĂĚŵŝŶŝƐƚƌĂƐŝ ĚĂŶ ďĞďĂŶ ĐĂĚĂŶŐĂŶ ƉĞŶƵƌƵŶĂŶ ŐĞŶĞƌĂů ĂŶĚ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ĞdžƉĞŶƐĞƐ͕ ŝŵƉĂŝƌŵĞŶƚ
ŶŝůĂŝ ƉŝƵƚĂŶŐ͘ dŽƚĂů ďĞďĂŶ ƵƐĂŚĂ ƉĂĚĂ ƚĂŚƵŶ ϮϬϮϱ ĐŽƐƚ ĂŶĚ ĨŽƌĞŝŐŶ ĞdžĐŚĂŶŐĞ ůŽƐƐ͘ dŽƚĂů ŽƉĞƌĂƚŝŶŐ
ĂĚĂůĂŚ ZƉ ϱ͕ϱ ŵŝůLJĂƌ ŵĞŶŐĂůĂŵŝ ŬĞŶĂŝŬĂŶ ƐĞďĞƐĂƌ ĞdžƉĞŶƐĞƐ ŝŶ ϮϬϮϱ ǁĂƐ ϱ͘ϱ ďŝůůŝŽŶƐ ZƵƉŝĂŚ͕ ĂŶ
ZƉϱϲϳũƵƚĂĂƚĂƵ ƐĞƚĂƌĂĚĞŶŐĂŶϭϮйĚŝďĂŶĚŝŶŐŬĂŶ ŝŶĐƌĞĂƐĞ ŽĨ ϱϲϳ ŵŝůůŝŽŶƐ ZƵƉŝĂŚ Žƌ ĞƋƵŝǀĂůĞŶƚ ŽĨ
ĚĞŶŐĂŶ ƚĂŚƵŶ ϮϬϮϰ LJĂŝƚƵ ZƉ ϰ͕ϵϯ ŵŝůLJĂƌ͘ ϭϮй ĐŽŵƉĂƌĞƐ ƚŽ ϮϬϮϰ͕ ǁŚŝĐŚ ǁĂƐ ϰ͘ϵϯ ďŝůůŝŽŶƐ
WĞŶŝŶŐŬĂƚĂŶ ďĞďĂŶ ƵƐĂŚĂ ƚĞƌƐĞďƵƚ ƐĞũĂůĂŶ ĚĞŶŐĂŶ ZƵƉŝĂŚ͘ dŚĞ ŝŶĐƌĞĂƐĞ ŝŶ ŽƉĞƌĂƚŝŶŐ ĞdžƉĞŶƐĞƐ ǁĂƐ ŝŶ
ƉĞŶŝŶŐŬĂƚĂŶŐĂũŝŬĂƌLJĂǁĂŶĚŝƚĂŚƵŶϮϬϮϱ͘ ůŝŶĞǁŝƚŚƚŚĞŝŶĐƌĞĂƐĞŝŶĞŵƉůŽLJĞĞ͛ƐƐĂůĂƌŝĞƐ͘
>ĂďĂdĂŚƵŶĞƌũĂůĂŶ WƌŽĨŝƚĨŽƌƚŚĞzĞĂƌ
WĂĚĂ ƚĂŚƵŶ ϮϬϮϱ͕ WĞƌƐĞƌŽĂŶ ŵĞŵďƵŬƵŬĂŶ ůĂďĂ /ŶϮϬϮϱ͕ƚŚĞŽŵƉĂŶLJƌĞĐŽƌĚĞĚĂƉƌŽĨŝƚŽĨƚŚĞLJĞĂƌ
ƚĂŚƵŶ ďĞƌũĂůĂŶ ƐĞďĞƐĂƌ ZƉ ϴ͕ϯϱ ŵŝůLJĂƌ ŵĞŶŐĂůĂŵŝ ĂŵŽƵŶƚĞĚƚŽϴ͘ϯϱďŝůůŝŽŶƐZƵƉŝĂŚ͕ĂĚĞĐƌĞĂƐĞďLJZƉ
ƉĞŶƵƌƵŶĂŶ ƐĞďĞƐĂƌ ZƉ Ϯ͕ϲϴ ŵŝůLJĂƌ ĂƚĂƵ ƐĞƚĂƌĂ Ϯ͘ϲϴďŝůůŝŽŶƐZƵƉŝĂŚŽƌĞƋƵŝǀĂůĞŶƚƚŽϮϰйĐŽŵƉĂƌĞĚ
ĚĞŶŐĂŶϮϰйĚŝďĂŶĚŝŶŐŬĂŶƉĞŶĐĂƉĂŝĂŶƚĂŚƵŶϮϬϮϰ͘ ƚŽ ƚŚĞ ĂĐŚŝĞǀĞŵĞŶƚ ŝŶ ϮϬϮϰ͘ dŚĞ ĚĞĐƌĞĂƐĞ ǁĂƐ
WĞŶƵƌƵŶĂŶ ƚĞƌƐĞďƵƚ ƐĞďĂŐŝĂŶ ďĞƐĂƌ ĚŝƐĞďĂďŬĂŶ ŵĂŝŶůLJ ĚƵĞ ƚŽ ƚŚĞ ĚĞĐƌĞĂƐĞ ŝŶ ĨŽƌĞŝŐŶ ĞdžĐŚĂŶŐĞ
ŽůĞŚ ƉĞŶƵƌƵŶĂŶ ƐĞůŝƐŝŚ ŬƵƌƐ ĚŝďĂŶĚŝŶŐŬĂŶ ĚŝĨĨĞƌĞŶĐĞƐ ĐŽŵƉĂƌĞĚ ƚŽ ƚŚĞ ŐĂŝŶ ŽĨ ĨŽƌĞŝŐŶ
ŬĞƵŶƚƵŶŐĂŶƐĞůŝƐŝŚŬƵƌƐĚŝƚĂŚƵŶϮϬϮϰ͘ ĞdžĐŚĂŶŐĞƌĂƚĞŝŶϮϬϮϰ͘
WĞŶŐŚĂƐŝůĂŶ<ŽŵƉƌĞŚĞŶƐŝĨ>ĂŝŶ KƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ
WĞƌƐĞƌŽĂŶ ŵĞŶĐĂƚĂƚ ƉĞŶŐŚĂƐŝůĂŶ ŬŽŵƉƌĞŚĞŶƐŝĨ dŚĞ ŽŵƉĂŶLJ ƌĞĐŽƌĚĞĚ ŽƚŚĞƌ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ůŽƐƐ
ůĂŝŶŶLJĂƐĞďĞƐĂƌZƉϳϱũƵƚĂĚŝƚĂŚƵŶϮϬϮϱ͕ŵĞŶƵƌƵŶ ĂŵŽƵŶƚĞĚƚŽϳϱŵŝůůŝŽŶƐZƵƉŝĂŚŝŶϮϬϮϱ͕ĂĚĞĐƌĞĂƐĞ
ĚŝďĂŶĚŝŶŐŬĂŶ ƉĞŶĚĂƚĂƉĂŶ ŬŽŵƉƌĞŚĞŶƐŝĨ ůĂŝŶ ĐŽŵƉĂƌĞĚ ƚŽ ƚŚĞ ŽƚŚĞƌ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ ŽĨ
ƐĞďĞƐĂƌ ZƉ ϭϵϴ ũƵƚĂ Ěŝ ƚĂŚƵŶ ϮϬϮϰ͘ WĞŶƵƌƵŶĂŶ ϭϵϴ ŵŝůůŝŽŶ ZƵƉŝĂŚ ŝŶ ϮϬϮϰ͘ dŚĞ ĚĞĐƌĞĂƐĞ ǁĂƐ ĚƵĞ
ƚĞƌƐĞďƵƚŵƵŶĐƵůĂƚĂƐƉĞƌŚŝƚƵŶŐĂŶŝŵďĂůĂŶŬĞƌũĂ͘ ƚŽƚŚĞƌĞͲĐĂůĐƵůĂƚŝŽŶŽĨĞŵƉůŽLJĞĞďĞŶĞĨŝƚƐ͘
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
>ĂďĂ<ŽŵƉƌĞŚĞŶƐŝĨdĂŚƵŶĞƌũĂůĂŶ ŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞĨŽƌƚŚĞzĞĂƌ
WĂĚĂ ƚĂŚƵŶ ϮϬϮϱ͕ WĞƌƐĞƌŽĂŶ ŵĞŵďƵŬƵŬĂŶ ůĂďĂ /Ŷ ϮϬϮϱ ƚŚĞ ŽŵƉĂŶLJ ƌĞĐŽƌĚĞĚ Ă ĐŽŵƉƌĞŚĞŶƐŝǀĞ
ŬŽŵƉƌĞŚĞŶƐŝĨ ƚĂŚƵŶ ďĞƌũĂůĂŶ ƐĞďĞƐĂƌ ZƉ ϴ͕ϰϯ ŝŶĐŽŵĞ ĨŽƌ ƚŚĞ LJĞĂƌ ĂŵŽƵŶƚĞĚ ƚŽ ϴ͘ϰϯ ďŝůůŝŽŶƐ
ŵŝůLJĂƌŵĞŶŐĂůĂŵŝƉĞŶƵƌƵŶĂŶƐĞďĞƐĂƌZƉϮ͕ϴŵŝůLJĂƌ ZƵƉŝĂŚ͕ Ă ĚĞĐƌĞĂƐĞ ŽĨ ZƉ Ϯ͘ϴ ďŝůůŝŽŶƐ ZƵƉŝĂŚ Žƌ
ĂƚĂƵ ƐĞƚĂƌĂ ĚĞŶŐĂŶ Ϯϱй ĚŝďĂŶĚŝŶŐŬĂŶ ƉĞŶĐĂƉĂŝĂŶ ĞƋƵŝǀĂůĞŶƚƚŽϮϱйĐŽŵƉĂƌĞĚƚŽƚŚĞĂĐŚŝĞǀĞŵĞŶƚŝŶ
ƚĂŚƵŶ ϮϬϮϰ͘ WĞŶƵƌƵŶĂŶ ƚĞƌƐĞďƵƚ ƐĞũĂůĂŶ ĚĞŶŐĂŶ ϮϬϮϰ͘ dŚĞ ĚĞĐƌĞĂƐĞ ŝŶ ƉƌŽĨŝƚ ǁĂƐ ŝŶ ůŝŶĞ ǁŝƚŚ ƚŚĞ
ƉĞŶƵƌƵŶĂŶůĂďĂƚĂŚƵŶďĞƌũĂůĂŶ͘ ĚĞĐƌĞĂƐĞŝŶƉƌŽĨŝƚĨŽƌƚŚĞLJĞĂƌ͘
ƌƵƐ<ĂƐ ĂƐŚ&ůŽǁƐ
WĞƌƐĞƌŽĂŶ ŵĞLJĂŬŝŶŝ ƉĞŶƚŝŶŐŶLJĂ ƉĞƌĂŶĂŶ dŚĞ ŽŵƉĂŶLJ ďĞůŝĞǀĞƐ ŝŶ ƚŚĞ ŝŵƉŽƌƚĂŶĐĞ ŽĨ
ŬĞůĂŶĐĂƌĂŶ ĂƌƵƐ ŬĂƐ ĚĂůĂŵ ƉĞƌŬĞŵďĂŶŐĂŶ ƵƐĂŚĂ ŵĂŝŶƚĂŝŶŝŶŐĂŚĞĂůƚŚLJĐĂƐŚĨůŽǁĨŽƌƚŚĞŽŵƉĂŶLJ͛Ɛ
ĚĂŶƌĞŶĐĂŶĂĞŬƐƉĂŶƐŝWĞƌƐĞƌŽĂŶ͘ ĚĞǀĞůŽƉŵĞŶƚĂŶĚĞdžƉĂŶƐŝŽŶƉůĂŶ͘
ƌƵƐ ŬĂƐ WĞƌƐĞƌŽĂŶ ƉĂĚĂ ĂŬŚŝƌ ƚĂŚƵŶ ϮϬϮϱ dŚĞ ŽŵƉĂŶLJ͛Ɛ ĐĂƐŚ ĨůŽǁ ŝŶ ϮϬϮϱ ƐŚŽǁĞĚ ĂŶ
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'ĞĂƌŝŶŐZĂƚŝŽ 'ĞĂƌŝŶŐZĂƚŝŽ
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ĚĞŶŐĂŶĚĂŶĂƐĞŶĚŝƌŝ͘
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ŵĞŶƵŶũƵŬŬĂŶ͗
RASIO KUNCI 2025 2024 KEY RATIOS
Rasio Total Hutang terhadap Total Ekuitas 2,41% 1,47% Debt to Equity Ratio
Rasio Aset Lancar terhadap Hutang Lancar 53x 123x Current Ratio
Rasio Pendanaan Pinjaman terhadap Pendanaan Sendiri 0x 0x Gearing Ratio
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ƌĞƐƚƌƵŬƚƵƌŝƐĂƐŝ LJĂŶŐ ĚŝďĞƌŝŬĂŶ ŽůĞŚ WĞƌƐĞƌŽĂŶ ĨƌŽŵ ƌĞŐƵůĂƚŽƌƐ ƌĞŐĂƌĚŝŶŐ ƚŚĞ ƌĞƐƚƌƵĐƚƵƌŝŶŐ
ƚĞƌŚĂĚĂƉ ĞďŝƚƵƌ ƉĂĚĂ ƚĂŚƵŶ ϮϬϮϰ͕ ŵĂŶĂũĞŵĞŶ ĂŐƌĞĞŵĞŶƚŽĨĨŝŶĂŶĐĞůĞĂƐĞďLJƚŚĞŽŵƉĂŶLJƚŽƚŚĞ
ŵĞŶLJĞƚƵũƵŝ ĞǀĂůƵĂƐŝ ƵůĂŶŐ ƚĞƌŬĂŝƚ ŬƵĂůŝƚĂƐ ĚĂŶ ĞďƚŽƌƐŝŶϮϬϮϰ͕ƚŚĞŵĂŶĂŐĞŵĞŶƚĂƉƉƌŽǀĞĚŽĨƚŚĞ
ŬŽůĞŬƚŝďŝůŝƚĂƐďĞƌĚĂƐĂƌŬĂŶ ũƵŵůĂŚ ŚĂƌŝ ƉĞŵďĂLJĂƌĂŶ ƌĞƐƚĂƚĞŵĞŶƚŽĨ ƚŚĞ ƋƵĂůŝƚLJ ĂŶĚĐŽůůĞĐƚĂďŝůŝƚLJ ŽĨƚŚĞ
LJĂŶŐ ƚĞƌůĂŵďĂƚ ŽůĞŚ ƉĂƌĂ ĚĞďŝƚƵƌ͘ ƚĂƐ ŚĂƐŝů ƌĞͲ ƌĞƐƚƌƵĐƚƵƌĞĚ ĐƌĞĚŝƚ ĂŐƌĞĞŵĞŶƚ ďĂƐĞĚ ŽŶ ƚŚĞ
ĞǀĂůƵĂƐŝƚĞƌƐĞďƵƚ͕WĞƌƐĞƌŽĂŶŵĞŶĐĂƚĂƚEW&ƐĞďĞƐĂƌ ŶƵŵďĞƌ ŽĨ ĚƵĞ ĚĂLJƐ͘ ĂƐĞĚ ŽŶ ƚŚĞ ƌĞͲĞǀĂůƵĂƚŝŽŶ͕
ϰϴй͕ ĚŝŵĂŶĂ ŬĞƐĞůƵƌƵŚĂŶ ƉŝƵƚĂŶŐ ƉĞŵďŝĂLJĂĂŶ ƚŚĞ ŽŵƉĂŶLJ ƌĞĐŽƌĚĞĚ ƚŚĞ EW&ĂƚϰϴйŝŶϮϬϮϰ͕ ŝŶ
LJĂŶŐ ďĞƌŵĂƐĂůĂŚ ƚĞƌƐĞďƵƚ ƚĞůĂŚ ĚŝůƵŶĂƐŬĂŶ Ěŝ ǁŚŝĐŚ ƚŚĞ ŶŽŶͲƉĞƌĨŽƌŵŝŶŐ ĨŝŶĂŶĐĞ ůĞĂƐĞƐ ŚĂǀĞ Ăůů
ƚĂŚƵŶ ϮϬϮϱ͘ ^ĞŚŝŶŐŐĂ ƉĂĚĂ ĂŬŚŝƌ ŬƵĂƌƚĂů /// ƚĂŚƵŶ ďĞĞŶ ƐĞƚƚůĞĚ ŝŶ ϮϬϮϱ͘ /Ŷ ƚŚĞ ƚŚŝƌĚ ƋƵĂƌƚĞƌ ŽĨ ϮϬϮϱ͕
ϮϬϮϱ͕EW&WĞƌƐĞƌŽĂŶƚĞůĂŚŬĞŵďĂůŝƉĂĚĂϬй͘ ƚŚĞŽŵƉĂŶLJ͛ƐEW&ŝƐĂƚϬй͘
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
ĚĂƉƵŶ WĞƌƐĞƌŽĂŶ Ěŝ ƚĂŚƵŶ ϮϬϮϱ ŵĞŵŝůŝŬŝ /ŶϮϬϮϱ͕ƚŚĞŽŵƉĂŶLJŚĂƐŽƚŚĞƌƌĞĐĞŝǀĂďůĞƐ
ƉŝƵƚĂŶŐ ůĂŝŶͲůĂŝŶ LJĂŶŐ ŵĞŵŝůŝŬŝ ŬƵĂůŝƚĂƐ ĚĂŶ ǁŝƚŚ ĐƵƌƌĞŶƚ ƐƚĂƚƵƐ ĂŶĚ ĐŽůůĞĐƚĂďŝůŝƚLJ ĂŶĚ ĨƵůůLJ
ŬŽůĞŬƚŝďŝůŝƚĂƐLJĂŶŐďĂŝŬĚĂŶůĂŶĐĂƌ͕ƐĞƌƚĂƐĞůƵƌƵŚŶLJĂ ŵŝƚŝŐĂƚĞĚďLJĐŽůůĂƚĞƌĂůŽĨůĂŶĚĂŶĚďƵŝůĚŝŶŐƐ͘
ĚŝŵŝƚŝŐĂƐŝ ĚĞŶŐĂŶ ũĂŵŝŶĂŶ ďĞƌƵƉĂ ƚĂŶĂŚ ĚĂŶ
ďĂŶŐƵŶĂŶ͘
W ZE/E'EW EW/Eϱϭ͗Ͳϲď
,/ s D EdKDWZ/^KE
>ĂƉŽƌĂŶ ƵĚŝƚ ĂƚĂƐ ŬĞƵĂŶŐĂŶ &Ƶũŝ &ŝŶĂŶĐĞ dŚĞŽŵƉĂŶLJ͛ƐƵĚŝƚZĞƉŽƌƚŝŶϮϬϮϱƐŚŽǁĞĚ
/ŶĚŽŶĞƐŝĂ Ěŝ ƚĂŚƵŶ ϮϬϮϱ ŵĞŶƵŶũƵŬĂŶ ĚĂƚĂ ƚŚĞĐŽŵƉĂŶLJ͛ƐĂĐŚŝĞǀĞŵĞŶƚĚĂƚĂĂƐĨŽůůŽǁ͗
ƉĞŶĐĂƉĂŝĂŶWĞƌƐĞƌŽĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
;ŝĚĂƐĂƌŬĂŶƉĂĚĂĚĂƚĂƉĞƌϯϭĞƐĞŵďĞƌ͕ĚĂůĂŵZƵƉŝĂŚͿ ;ĂƐĞĚŽŶĚĂƚĂƉĞƌĞĐĞŵďĞƌϯϭ͕ŝŶZƵƉŝĂŚͿ
hƌĂŝĂŶ ϮϬϮϱ ŚĂŶŐĞƐ ϮϬϮϰ ĞƐĐƌŝƉƚŝŽŶ
&ŝŶĂŶĐŝŶŐZĞĐĞŝǀĂďůĞƐͲ
WŝƵƚĂŶŐWĞŵďŝĂLJĂĂŶĞƌƐŝŚ Ͳ ▼ϭϬϬй ϴϱ͘ϯϮϯ͘ϳϲϲ͘ϵϱϱ
EĞƚ
WĞŶĚĂƉĂƚĂŶWĞŵďŝĂLJĂĂŶ ϴ͘ϬϬϰ͘ϳϳϰ͘ϳϳϬ ▼ϯϲй ϭϮ͘ϰϰϮ͘ϮϯϮ͘ϴϰϵ &ŝŶĂŶĐŝŶŐ/ŶĐŽŵĞ
:ƵŵůĂŚWĞŶĚĂƉĂƚĂŶ ϭϱ͘ϯϬϭ͘ϱϬϰ͘Ϭϭϴ Sϱй ϭϰ͘ϲϰϭ͘Ϯϴϰ͘ϴϴϲ dŽƚĂů/ŶĐŽŵĞ
:ƵŵůĂŚĞďĂŶ ;ϱ͘ϲϬϳ͘ϳϱϴ͘ϯϬϵͿ SϮϳй ;ϰ͘ϰϭϲ͘ϱϴϱ͘ϲϮϵͿ dŽƚĂů džƉĞŶƐĞƐ
>ĂďĂ^ĞďĞůƵŵWĂũĂŬ ϵ͘ϳϱϮ͘ϱϳϲ͘ϲϮϱ ▼Ϯϳй ϭϯ͘ϯϴϭ͘Ϭϰϴ͘ϭϮϳ /ŶĐŽŵĞĞĨŽƌĞdĂdž
>ĂďĂdĂŚƵŶĞƌũĂůĂŶ ϴ͘ϯϱϭ͘ϯϬϭ͘ϯϳϰ ▼Ϯϰй ϭϭ͘Ϭϯϱ͘ϮϮϱ͘ϲϬϲ WƌŽĨŝƚĨŽƌƚŚĞzĞĂƌ
dŽƚĂů>ĂďĂ<ŽŵƉƌĞŚĞŶƐŝĨdĂŚƵŶ dŽƚĂůŽŵƉƌĞŚĞŶƐŝǀĞ
ϴ͘ϰϮϳ͘ϭϳϳ͘ϳϴϮ ▼Ϯϱй ϭϭ͘Ϯϯϯ͘ϱϱϮ͘ϰϵϯ
ĞƌũĂůĂŶ /ŶĐŽŵĞĨŽƌƚŚĞzĞĂƌ
^ƚƌƵŬƚƵƌDŽĚĂů ϭϴϬ͘ϵϵϰ͘ϯϰϲ͘ϴϮϵ Sϱй ϭϳϮ͘ϱϲϳ͘ϭϲϵ͘Ϭϰϳ ĂƉŝƚĂů^ƚƌƵĐƚƵƌĞ
Z^/K< hE'E&/EE/>Zd/K
ZĂƐŝŽ>ĂďĂdĞƌŚĂĚĂƉdŽƚĂůƐĞƚ
ϰй ▼Ϯй ϲй ZĞƚƵƌŶŽŶƐƐĞƚ;ZKͿ
;ZKͿ
ZĂƐŝŽ>ĂďĂdĞƌŚĂĚĂƉdŽƚĂů ŬƵŝƚĂƐ
ϱй ▼ϭй ϲй ZĞƚƵƌŶŽŶ ƋƵŝƚLJ;ZK Ϳ
;ZK Ϳ
ZĂƐŝŽ>ĂďĂĞƌƐŝŚdĞƌŚĂĚĂƉdŽƚĂů EĞƚ/ŶĐŽŵĞͬdŽƚĂů
ϱϱй ▼ϮϬй ϳϱй
>ĂďĂ /ŶĐŽŵĞ
ZĂƐŝŽWĞŵďŝĂLJĂĂŶdĞƌŚĂĚĂƉdŽƚĂů
Ϭй ▼ϰϴй ϰϴй &ŝŶĂŶĐŝŶŐƚŽƐƐĞƚZĂƚŝŽ
ƐĞƚ
ZĂƐŝŽWĞŵďŝĂLJĂĂŶĞƌŵĂƐĂůĂŚ Ϭй ▼ϰϴй ϰϴй EŽŶͲWĞƌĨŽƌŵŝŶŐ>ŽĂŶ
'ĞĂƌŝŶŐZĂƚŝŽ Ϭdž Ͳ Ϭdž 'ĞĂƌŝŶŐZĂƚŝŽ
ZĂƐŝŽDŽĚĂů^ĞŶĚŝƌŝdĞƌŚĂĚĂƉ ƋƵŝƚLJƚŽWĂŝĚͲƵƉĂƉŝƚĂů
ϭϯϵй Sϲй ϭϯϯй
DŽĚĂůŝƐĞƚŽƌ ZĂƚŝŽ
WĂĚĂ ƚĂŚƵŶ ϮϬϮϱ͕ ŵĂŶĂũĞŵĞŶ ŵĞůĂŬƵŬĂŶ /Ŷ ϮϬϮϱ͕ ƚŚĞ ŵĂŶĂŐĞŵĞŶƚ ƌĞͲĞǀĂůƵĂƚĞĚ
ƌĞĞǀĂůƵĂƐŝ ĂƚĂƐ ƉĞŵďŝĂLJĂĂŶ LJĂŶŐ ƚĞůĂŚ ĚŝƐĂůƵƌŬĂŶ ŽƵƚƐƚĂŶĚŝŶŐ ĨŝŶĂŶĐĞ ůĞĂƐĞ ƌĞĐĞŝǀĂďůĞƐ ǁŚĞƚŚĞƌ
WĞƌƐĞƌŽĂŶ ƉĂĚĂ ƚĂŚƵŶ ƐĞďĞůƵŵŶLJĂ ĚĂŶ ƚĞƌŚĂĚĂƉ ĐĂƌƌŝĞĚ ŽǀĞƌ ĨƌŽŵ ƉƌĞǀŝŽƵƐ LJĞĂƌƐ Žƌ ĐƵƌƌĞŶƚůLJ
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
ƉĞŵďŝĂLJĂĂŶ ĂŬƚŝĨ ƉĂĚĂ ƚĂŚƵŶ ďĞƌũĂůĂŶ͘ ĞďĞƌĂƉĂ ŽƵƚƐƚĂŶĚŝŶŐ͘ ^ĞǀĞƌĂů ĚĞďƚŽƌƐ ŚĂǀĞ ƐĞƚƚůĞĚ ƚŚĞŝƌ
ĞďŝƚƵƌ ŵĞůĂŬƵŬĂŶ ƉĞůƵŶĂƐĂŶ ĂƚĂƐ ƉŝƵƚĂŶŐ ĨŝŶĂŶĐĞ ůĞĂƐĞ ǁŚŝĐŚ ƐŝŐŶŝĨŝĐĂŶƚůLJ ĚĞĐƌĞĂƐĞĚ ƚŚĞ
ƉĞŵďŝĂLJĂĂŶLJĂŶŐŵĞŶLJĞďĂďŬĂŶƉĞŶƵƌƵŶĂŶƐĞĐĂƌĂ ŽŵƉĂŶLJ͛ƐďĂůĂŶĐĞŽĨĨŝŶĂŶĐĞůĞĂƐĞƌĞĐĞŝǀĂďůĞƐĂŶĚ
ƐŝŐŶŝĨŝŬĂŶƚĞƌŚĂĚĂƉƐĂůĚŽƉŝƵƚĂŶŐƉĞŵďŝĂLJĂĂŶƐĞƌƚĂ ŝŶĐŽŵĞ ĨƌŽŵ ĨŝŶĂŶĐĞ ůĞĂƐĞ͘ /Ŷ ϮϬϮϱ͕ ƚŚĞ ŽŵƉĂŶLJ
ƉĞŶĚĂƉĂƚĂŶ ƉĞŵďŝĂLJĂĂŶ WĞƌƐĞƌŽĂŶ͘ WĞƌƐĞƌŽĂŶ ŚĂƐŶ͛ƚLJĞƚĨŽƵŶĚƉƌŽƐƉĞĐƚŝǀĞĚĞďƚŽƌƐĂƉƉƌŽƉƌŝĂƚĞƚŽ
ďĞůƵŵŵĞŶĞŵƵŬĂŶƉĞŵďŝĂLJĂĂŶLJĂŶŐůĂLJĂŬĚĞŶŐĂŶ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ĨŝŶĂŶĐŝŶŐ ƌĞƋƵŝƌĞŵĞŶƚƐ ǁŚĞƚŚĞƌ ŝŶ
ũĂŵŝŶĂŶ LJĂŶŐ ƐĞƐƵĂŝ LJĂŶŐ ŵĞŵĞŶƵŚŝ ƉĞƌƐLJĂƌĂƚĂŶ ƚŚĞ ŽďũĞĐƚŝǀĞ ŽĨ ƚŚĞ ĨŝŶĂŶĐĞ ůĞĂƐĞ Žƌ ďLJ ĐŽůůĂƚĞƌĂů͘
ƉĞŶLJĂůƵƌĂŶ ƉĞŵďŝĂLJĂĂŶ WĞƌƐĞƌŽĂŶ͘ ,Ăů ƚĞƌƐĞďƵƚ dŚĞ ũƵĚŐĞŵĞŶƚ ŝƐ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ƚŽ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ
ƚĞůĂŚ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ƉƌŝŶƐŝƉ ŬĞŚĂƚŝͲŚĂƚŝĂŶ ƉƌƵĚĞŶƚŝĂů ƉƌŝŶĐŝƉůĞ ĂŶĚ ƚŽ ŵĂŝŶƚĂŝŶ ĨŝŶĂŶĐŝĂů
WĞƌƐĞƌŽĂŶ ĚĂŶ ƵŶƚƵŬ ŵĞŵƉĞƌƚĂŚĂŶŬĂŶ ƐƚĂďŝůŝƚĂƐ ƐƚĂďŝůŝƚLJ͘
ŬĞƵĂŶŐĂŶWĞƌƐĞƌŽĂŶ͘
WĞƌƐĞƌŽĂŶ ŵĞŶĂƌŐĞƚŬĂŶ ƉĞƌƚƵŵďƵŚĂŶ dŚĞŽŵƉĂŶLJƉƌŽũĞĐƚƐĂĨŝŶĂŶĐŝŶŐŐƌŽǁƚŚďLJ
ƉĞŵďŝĂLJĂĂŶƐĞŬŝƚĂƌϭϬйƐĂŵƉĂŝĚĞŶŐĂŶϮϬйĚĂƉĂƚ ϭϬйƚŽϮϬйƚŽďĞƌĞĂůŝnjĞĚŝŶϮϬϮϲ͘
ƚĞƌĞĂůŝƐĂƐŝŬĂŶĚŝƚĂŚƵŶϮϬϮϲ͘
ZĞĂůŝƐĂƐŝƚĂƌŐĞƚϱϭ͗Ͳϲď dĂƌŐĞƚZĞĂůŝnjĂƚŝŽŶϱϭ͗Ͳϲď
^ĞƐƵĂŝ LJĂŶŐ ƚĞƌƚƵĂŶŐ ĚĂůĂŵ >ĂƉŽƌĂŶ Ɛ ƐƚĂƚĞĚ ŝŶ ƚŚĞ ŽŵƉĂŶLJΖƐ ŶŶƵĂů ZĞƉŽƌƚ
dĂŚƵŶĂŶ WĞƌƐĞƌŽĂŶ ƉĞƌŝŽĚĞ ϮϬϮϰ͕ >ĂƉŽƌĂŶ ĨŽƌ ϮϬϮϰ͕ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ƵƐŝŶĞƐƐ WůĂŶ ĂŶĚ ƚŚĞ
ZĞŶĐĂŶĂ ŝƐŶŝƐ WĞƌƐĞƌŽĂŶ ƐĞƌƚĂ >ĂƉŽƌĂŶ ZĞŶĐĂŶĂ ZĞƉŽƌƚŽŶƚŚĞ^ƵƐƚĂŝŶĂďůĞ&ŝŶĂŶĐĞĐƚŝŽŶWůĂŶ͕ƚŚĞ
ŬƐŝ <ĞƵĂŶŐĂŶ ĞƌŬĞůĂŶũƵƚĂŶ͕ WĞƌƐĞƌŽĂŶ ƚĞůĂŚ ŽŵƉĂŶLJ ŚĂƐ ƐĞƚ ƐĞǀĞƌĂů ĂĐŚŝĞǀĞŵĞŶƚ ƚĂƌŐĞƚƐ ĨŽƌ
ŵĞŶĞƚĂƉŬĂŶ ďĞďĞƌĂƉĂ ƚĂƌŐĞƚ ƉĞŶĐĂƉĂŝĂŶ ƵŶƚƵŬ ϮϬϮϱ͘ dŚĞ ƌĞĂůŝnjĂƚŝŽŶ ŽĨ ƚŚĞƐĞ ƚĂƌŐĞƚƐ ĐĂŶ ďĞ ƐĞĞŶ
ƚĂŚƵŶ ϮϬϮϱ͘ ZĞĂůŝƐĂƐŝ ĂƚĂƐ ƚĂƌŐĞƚ ƚĞƌƐĞďƵƚ ĚĂƉĂƚ ŝŶƚŚĞƚĂďůĞďĞůŽǁ͗
ĚŝůŝŚĂƚƉĂĚĂƚĂďĞůĚŝďĂǁĂŚŝŶŝ͗
dŽůĂŬhŬƵƌ ZĞĂůŝƐĂƐŝ WĞŶũĞůĂƐĂŶ
dĂƌŐĞƚ
ĞŶĐŚŵĂƌŬ ZĞĂůŝnjĂƚŝŽŶ EŽƚĞƐ
>ĞďŝŚƌĞŶĚĂŚĚĂƌŝLJĂŶŐĚŝŚĂƌĂƉŬĂŶ
ƐĞƐƵĂŝƉĞŶũĞůĂƐĂŶĚĂůĂŵĂŶĂůŝƐĂŬŝŶĞƌũĂ
&Z;&ŝŶĂŶĐŝŶŐƐƐĞƚ ŬĞƵĂŶŐĂŶ
ϲϬй Ϭй
ZĂƚŝŽͿ
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WĞƌƚƵŵďƵŚĂŶƐĞƚ DĞŵĞŶƵŚŝƚĂƌŐĞƚ
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ĞƌŬĞůĂŶũƵƚĂŶ ĚĞŶŐĂŶƉŽƐŝƐŝŵĂƐŝŶŐͲŵĂƐŝŶŐ
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ŚĂƐĚĞĞƉĂŶĚƚƌƵĞ ŚĂǀĞŐĂŝŶǁĞůůĞŶŽƵŐŚ
ƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨ ƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨ ŬŶŽǁůĞĚŐĞƌĞŐĂƌĚŝŶŐ ĂƚƚĞŶĚŝŶŐƚƌĂŝŶŝŶŐĂŶĚƐĞŵŝŶĂƌƐƚŚĂƚ
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ƚŚĞŝƌƌĞƐƉĞĐƚŝǀĞƉŽƐŝƚŝŽŶƐ
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
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ĞƌĚĂƐĂƌŬĂŶ ŬƚĂ EŽ ϯϭ ƚĂŶŐŐĂů Ϯϰ :ĂŶƵĂƌŝ ĂƐĞĚ ŽŶ ĞĞĚ EŽ ϯϭ ĚĂƚĞĚ :ĂŶƵĂƌLJ ϮϰƚŚ͕
ϮϬϭϵ͕ :ƵŵůĂŚ ŵŽĚĂů LJĂŶŐ ĚŝƚĞƌďŝƚŬĂŶ ĂĚĂůĂŚ ϮϬϭϵ͕ ƚŽƚĂů ŝƐƐƵĞĚ ĐĂƉŝƚĂů ǁĂƐ ĂƐ ŵƵĐŚ ĂƐ ϭϯϬ
ƐĞďĂŶLJĂŬ ZƉ ϭϯϬ ŵŝůLJĂƌ LJĂŶŐ ƚĞƌĚŝƌŝ ĚĂƌŝ ϭϬϬ ũƵƚĂ ŝůůŝŽŶZƵƉŝĂŚĐŽŶƐŝƐƚŽĨϭϬϬŵŝůůŝŽŶƐŚĂƌĞƐǁŝƚŚƉĂƌ
ůĞŵďĂƌƐĂŚĂŵ ĚĞŶŐĂŶ ŶŽŵŝŶĂůZƉ ϭϬϬ ƉĞƌ ůĞŵďĂƌ ǀĂůƵĞ ϭϬϬ ZƵƉŝĂŚͬƐŚĂƌĞ ĨƵůůLJ ƉĂŝĚ ďLJ ƐŚĂƌĞŚŽůĚĞƌƐ
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ϯϬ ũƵƚĂ ůĞŵďĂƌ ƐĂŚĂŵ LJĂŶŐ ĚŝƉĞƌĚĂŐĂŶŐŬĂŶ ƉĂĚĂ dŚĞ ŶƵŵďĞƌ ŽĨ ƐŚĂƌĞƐ ƐƵďƐĐƌŝďĞĚ ďLJ ƚŚĞ ŽŵƉĂŶLJ
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ϯϱͬWK:<͘ϬϱͬϮϬϭϴ LJĂŶŐ ŵĞǁĂũŝďŬĂŶ WĞƌƐĞƌŽĂŶ
ƉĞŵďŝĂLJĂĂŶƵŶƚƵŬ͗
DĞŵŝůŝŬŝ ĞŬƵŝƚĂƐ ŵŝŶŝŵƵŵ ƐĞďĞƐĂƌ ZƉ ,ĂƐ Ă ŵŝŶŝŵƵŵ ĞƋƵŝƚLJ ŽĨ ϭϬϬ ďŝůůŝŽŶ
ϭϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ͘ ZƵƉŝĂŚ͘
DĞŵŝůŝŬŝ ƌĂƐŝŽ ĞŬƵŝƚĂƐ ƚĞƌŚĂĚĂƉ ŵŽĚĂů
ĚŝƐĞƚŽƌƉĂůŝŶŐƌĞŶĚĂŚƐĞďĞƐĂƌϱϬй͘ ,ĂƐĂƚůĞĂƐƚϱϬйƌĂƚŝŽďĞƚǁĞĞŶĞƋƵŝƚLJĂŶĚ
'ĞĂƌŝŶŐ ƌĂƚŝŽ LJĂŶŐ ŵĞƌƵƉĂŬĂŶ ƌĂƐŝŽ ƉĂŝĚĐĂƉŝƚĂů͘
ƉĞƌďĂŶĚŝŶŐĂŶ ĂŶƚĂƌĂ ƉĞŶĚĂŶĂĂŶ LJĂŶŐ
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ĚĞŶŐĂŶ ƉĞŶĚĂŶĂĂŶ ĚĂƌŝ ŵŽĚĂů ƐĞŶĚŝƌŝ͕
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WĞƌϯϭĞƐĞŵďĞƌϮϬϮϱ͕ƐƚƌƵŬƚƵƌƉĞƌŵŽĚĂůĂŶ WĞƌ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϱ͕ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ
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ŝŶǀĞƐƚĂƐŝ ďĂƌĂŶŐ ŵŽĚĂů LJĂŶŐ ĚŝůĂŬƵŬĂŶ WĞƌƐĞƌŽĂŶ ŝŶǀĞƐƚŵĞŶƚŝŶĐĂƉŝƚĂůŐŽŽĚƐĚƵƌŝŶŐϮϬϮϱ͘
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53
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
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ĚĂƉĂƚ ƚĞƌũĂĚŝ ĚŝůƵĂƌ ƉĞƌŬŝƌĂĂŶ ŵĞŶũĂĚŝ ƐĂůĂŚ ƐĂƚƵ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ƚĂƌŐĞƚƐ͘ /Ŷ ϮϬϮϱ͕ ƐĞǀĞƌĂů
ŬĞŶĚĂůĂ ƵƚĂŵĂ ďĂŐŝ ƉĞŶĐĂƉĂŝĂŶ ƚĂƌŐĞƚ WĞƌƐĞƌŽĂŶ͘ ƌĞƐƚƌƵĐƚƵƌĞĚĚĞďƚŽƌƐĞdžƉĞƌŝĞŶĐĞĚĚŝĨĨŝĐƵůƚŝĞƐŝŶƚŚĞŝƌ
WĂĚĂ ƚĂŚƵŶ ϮϬϮϱ͕ ďĞďĞƌĂƉĂ ĞďŝƚƵƌ LJĂŶŐ ƚĞůĂŚ ƉĂLJŵĞŶƚƐ͕ ĂŶĚ ƚŚĞ ŽŵƉĂŶLJ ŚĂƐ ƚŽ ƌĞƐƚĂƚĞ ŝƚƐ
ĚŝƌĞƐƚƌƵŬƚƵƌŝƐĂƐŝŵĞŶŐĂůĂŵŝŬĞƐƵůŝƚĂŶƉĞŵďĂLJĂƌĂŶ͕ &ŝŶĂŶĐŝĂů ZĞƉŽƌƚƐ͘ /Ŷ ĐŽŶŶĞĐƚŝŽŶ ƚŽ ƚŚĞ ĞǀĞŶƚ͕ ƚŚĞ
ĂƚĂƐ ŚĂů ƚĞƌƐĞďƵƚ WĞƌƐĞƌŽĂŶ ŵĞůĂŬƵŬĂŶ ŽŵƉĂŶLJĂůƐŽƌĞͲĞǀĂůƵĂƚĞĚŝƚƐƉůĂŶƚŽĨƵŶĚƚŚĞƌĞĂů
ƌĞƐƚĂƚĞŵĞŶƚ ĂƚĂƐ ƉĞŶĐĂƚĂƚĂŶ >ĂƉŽƌĂŶ <ĞƵĂŶŐĂŶ͘ ĞƐƚĂƚĞ ƐĞĐƚŽƌ͘ dŚĞƌĞĨŽƌĞ͕ DĂŶĂŐĞŵĞŶƚ ĚĞĐŝĚĞĚ ƚŽ
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ƉĞŵĞŶƵŚĂŶ ŵŽĚĂů ŵŝŶŝŵƵŵ ĚĂŶ ŬĞďŝũĂŬĂŶ ďLJ ĞƐƚĂďůŝƐŚŝŶŐŵŝŶŝŵƵŵ ĐĂƉŝƚĂůƌĞƋƵŝƌĞŵĞŶƚƐ ĂŶĚ
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ŵĞŵƉĞŶŐĂƌƵŚŝ ƐƚƌĂƚĞŐŝ ŵĂŶĂũĞŵĞŶ WĞƌƐĞƌŽĂŶ͕ ƉĂƌƚŝĐƵůĂƌůLJƉŽůŝĐLJĂďŽƵƚĨĞĚĞƌĂůĨƵŶĚƐƌĂƚĞĂŶĚƚŚĞ
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ŵĞŵďĂŐŝŬĂŶ ĚŝǀŝĚĞŶ ĂƉĂďŝůĂ WĞƌƐĞƌŽĂŶ ƚĞƌƐĞďƵƚ ƚŚĞĐŽŵƉĂŶLJŚĂƐĂƉŽƐŝƚŝǀĞƉƌŽĨŝƚďĂůĂŶĐĞ͘ŝǀŝĚĞŶĚ
ŵĞŵŝůŝŬŝ ŶĞƌĂĐĂ ŬĞƵŶƚƵŶŐĂŶ ƉŽƐŝƚŝĨ͘ WĞŵďĂLJĂƌĂŶ ƉĂLJŵĞŶƚŵƵƐƚďĞĂƉƉƌŽǀĞĚďLJƚŚĞƐŚĂƌĞŚŽůĚĞƌƐĂƚ
ĚŝǀŝĚĞŶ ŚĂƌƵƐ ĚŝƐĞƚƵũƵŝ ŽůĞŚ ƉĞŵĞŐĂŶŐ ƐĂŚĂŵ 'D^ ĂƉƉƌŽǀĞĚ ďLJ K͘ dŚĞ ĂŵŽƵŶƚ ŽĨ ĚŝǀŝĚĞŶĚƐ
ĚĂůĂŵ ZhW^ LJĂŶŐ ĚŝƐĞƚƵũƵŝ ŽůĞŚ ĞǁĂŶ ŝƌĞŬƐŝ͘ ǁŝůů ďĞ ĂĚũƵƐƚĞĚ ĂĐĐŽƌĚŝŶŐ ƚŽ ƉƌŽĨŝƚĂďŝůŝƚLJ ĂŶĚ
:ƵŵůĂŚ ĚŝǀŝĚĞŶ ĂŬĂŶ ĚŝƐĞƐƵĂŝŬĂŶ ĚĞŶŐĂŶ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ ƚŚĞ ŽŵƉĂŶLJ ŝŶ ƚŚĂƚ ƉĞƌŝŽĚ͕
ƉƌŽĨŝƚĂďŝůŝƚĂƐ ĚĂŶ ŬŝŶĞƌũĂ WĞƌƐĞƌŽĂŶ ƉĂĚĂ ƉĞƌŝŽĚĞ ǁŝƚŚŽƵƚ ŶĞŐůĞĐƚŝŶŐ ƚŚĞ ĨŝŶĂŶĐŝĂů ĐŽŶĚŝƚŝŽŶ ŽĨ ƚŚĞ
ƚĞƌƐĞďƵƚ͕ ĚĞŶŐĂŶ ƚŝĚĂŬ ŵĞŶŐĂďĂŝŬĂŶ ƚŝŶŐŬĂƚ ŽŵƉĂŶLJ ĂŶĚ ǁŝƚŚŽƵƚ ƌĞĚƵĐŝŶŐ ƚŚĞ ƌŝŐŚƚ ŽĨ ƚŚĞ
ŬĞƐĞŚĂƚĂŶ WĞƌƐĞƌŽĂŶ ĚĂŶ ƚĂŶƉĂ ŵĞŶŐƵƌĂŶŐŝ ŚĂŬ 'D^ƚŽĚĞƚĞƌŵŝŶĞŽƚŚĞƌƚŚŝŶŐƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ
ZhW^ ƵŶƚƵŬ ŵĞŶĞŶƚƵŬĂŶ ŚĂů ůĂŝŶ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ƚŚĞ ƉƌŽǀŝƐŝŽŶ ŽĨ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ƌƚŝĐůĞ ŽĨ
ŬĞƚĞŶƚƵĂŶŶŐŐĂƌĂŶĂƐĂƌWĞƌƐĞƌŽĂŶ͘ ƐƐŽĐŝĂƚŝŽŶ͘
ĞƌĚĂƐĂƌŬĂŶ ZhW^ Ěŝ ƚĂŚƵŶ ϮϬϮϱ ĚĂŶ ϮϬϮϰ͕ ĂƐĞĚ ŽŶƚŚĞ'D^ŝŶϮϬϮϱ ĂŶĚϮϬϮϰ͕ ŝƚǁĂƐ
ĚŝƉƵƚƵƐŬĂŶ ďĂŚǁĂ WĞƌƐĞƌŽĂŶ ƚŝĚĂŬ ŵĞŵďĂŐŝŬĂŶ ĚĞĐŝĚĞĚƚŚĂƚƚŚĞĐŽŵƉĂŶLJĚŝĚŶŽƚƉĂLJĚŝǀŝĚĞŶĚƐĨŽƌ
ĚŝǀŝĚĞŶ ƵŶƚƵŬ ƚĂŚƵŶ ďƵŬƵ ϮϬϮϰ ĚĂŶ ƚĂŚƵŶ ďƵŬƵ ƚŚĞ ĨŝƐĐĂů LJĞĂƌ ϮϬϮϰ ĂŶĚ ĨŽƌ ƚŚĞ ĨŝƐĐĂů LJĞĂƌ ϮϬϮϯ
ϮϬϮϯ ĚŝŬĂƌĞŶĂŬĂŶ ŬĞďƵƚƵŚĂŶ ƵŶƚƵŬ ŵĞŵƉĞƌŬƵĂƚ ďĞĐĂƵƐĞ ƚŚĞ ĐŽŵƉĂŶLJ ŶĞĞĚƐ ƚŽ ƐƚƌĞŶŐƚŚĞŶ ŝƚƐ
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
ƐƚƌƵŬƚƵƌƉĞƌŵŽĚĂůĂŶWĞƌƐĞƌŽĂŶ ĐĂƉŝƚĂůƐƚƌƵĐƚƵƌĞ͘
W E''hEE,^/>W EtZEhDhD
>>Kd/KEK&d, Wh>/K&& Z/E'&hE^
WĞƌ ϯϭ ĞƐĞŵďĞƌ ϮϬϭϵ͕ WĞƌƐĞƌŽĂŶ ƚĞůĂŚ Ɛ ŽĨ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϵ͕ ƚŚĞ ŽŵƉĂŶLJ ŚĂƐ
ŵĞŶŐŐƵŶĂŬĂŶ ϭϬϬй ĚĂŶĂ ŚĂƐŝů ƉĞŶĂǁĂƌĂŶ ƵŵƵŵ ƵƐĞĚϭϬϬйŽĨƚŚĞƉƌŽĐĞĞĚƐĨƌŽŵƚŚĞƉƵďůŝĐŽĨĨĞƌŝŶŐ
LJĂŶŐ ƚĞůĂŚ ĚŝƐĂŵƉĂŝŬĂŶ ŬĞƉĂĚĂ KƚŽƌŝƚĂƐ :ĂƐĂ ǁŚŝĐŚŚĂƐďĞĞŶƐƵďŵŝƚƚĞĚƚŽƚŚĞ&ŝŶĂŶĐŝĂů^ĞƌǀŝĐĞƐ
<ĞƵĂŶŐĂŶ ;K:<Ϳ ŵĞůĂůƵŝ ƐƵƌĂƚ ŶŽ͘ ϬϬϭͬ&&/ͬ/ͬϮϬϮϬ ƵƚŚŽƌŝƚLJ ;K:<Ϳ ƚŚƌŽƵŐŚ ůĞƚƚĞƌ ŶŽ͘ ϬϬϭͬ&&/ͬ/ͬϮϬϮϬ
ƉĞƌŝŚĂů >ĂƉŽƌĂŶ ZĞĂůŝƐĂƐŝ WĞŶŐŐƵŶĂĂŶ ĂŶĂ ,ĂƐŝů ƌĞŐĂƌĚŝŶŐƚŚĞZĞƉŽƌƚŽŶƚŚĞZĞĂůŝnjĂƚŝŽŶŽĨƚŚĞhƐĞ
WĞŶĂǁĂƌĂŶhŵƵŵ͘ ŽĨWƌŽĐĞĞĚƐĨƌŽŵƚŚĞWƵďůŝĐKĨĨĞƌŝŶŐ͘
/E&KZD^/Dd Z/>
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^ĞƉĂŶũĂŶŐ ƚĂŚƵŶ ϮϬϮϱ͕ dŝĚĂŬ ƚĞƌĚĂƉĂƚ ƵƌŝŶŐ ϮϬϮϱ͕ ƚŚĞƌĞ ǁĞƌĞ ŶŽ ŵĂƚĞƌŝĂů
ŝŶĨŽƌŵĂƐŝ ŵĂƚĞƌŝĂů ŵĞŶŐĞŶĂŝ ŝŶǀĞƐƚĂƐŝ͕ ĞŬƐƉĂŶƐŝ͕ ŝŶĨŽƌŵĂƚŝŽŶ ƌĞŐĂƌĚŝŶŐ ŝŶǀĞƐƚŵĞŶƚ͕ ĞdžƉĂŶƐŝŽŶ͕
ĚŝǀĞƐƚĂƐŝ͕ ƉĞŶŐŐĂďƵŶŐĂŶͬƉĞůĞďƵƌĂŶ ƵƐĂŚĂ͕ ĂŬƵƐŝƐŝ͕ ĚŝǀĞƐƚŵĞŶƚ͕ ďƵƐŝŶĞƐƐ ŵĞƌŐĞƌͬĐŽŶƐŽůŝĚĂƚŝŽŶ͕
ĚĂŶƌĞƐƚƌƵŬƚƵƌŝƐĂƐŝƵƚĂŶŐͬŵŽĚĂů͘ ĂĐƋƵŝƐŝƚŝŽŶ͕ĂŶĚĚĞďƚͬĐĂƉŝƚĂůƌĞƐƚƌƵĐƚƵƌŝŶŐ͘
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&&/>/d dZE^d/KE
^ĞůƵƌƵŚ ƚƌĂŶƐĂŬƐŝ ĂĨŝůŝĂƐŝ LJĂŶŐ ĚŝůĂŬƵŬĂŶ ůů ĂĨĨŝůŝĂƚĞĚ ƚƌĂŶƐĂĐƚŝŽŶƐ ĚƵƌŝŶŐ ϮϬϮϱ ǁĂƐ
WĞƌƐĞƌŽĂŶ ƐĞƉĂŶũĂŶŐ ƚĂŚƵŶ ϮϬϮϱ ĚŝůĂŬƵŬĂŶ ĚŽŶĞ ŝŶ ƌĞůĂƚŝŽŶ ƚŽ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ďƵƐŝŶĞƐƐ
ƐĞŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ ŬĞŐŝĂƚĂŶ ƵƐĂŚĂ ĚĂŶ ĚŝůĂŬƵŬĂŶ ĂĐƚŝǀŝƚŝĞƐ ĂŶĚ ĐĂƌƌŝĞĚ ŽƵƚ ĨĂŝƌůLJ͘ ĞƚĂŝůƐ ŽĨ ĂĨĨŝůŝĂƚĞ
ƐĞĐĂƌĂ ǁĂũĂƌ͘ ZŝŶĐŝĂŶ ƚƌĂŶƐĂŬƐŝ ĂĨŝůŝĂƐŝ ƚĞůĂŚ ƚƌĂŶƐĂĐƚŝŽŶƐ ŚĂǀĞ ďĞĞŶ ĚŝƐĐůŽƐĞĚ ŝŶ ƚŚĞ ϮϬϮϱ
ĚŝƵŶŐŬĂƉŬĂŶ ƉĂĚĂ >ĂƉŽƌĂŶ <ĞƵĂŶŐĂŶ dĂŚƵŶĂŶ ƵĚŝƚĞĚŶŶƵĂů&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐ͘
ƵĚŝƚϮϬϮϱ͘
W Zh,EW ZhEE'ͲhEE'EzE'^/'E/&/<E
^/'E/&/Ed,E' ^h dK>t
ŝƚĂŚƵŶϮϬϮϱ͕WĞŵĞƌŝŶƚĂŚĚĂŶKƚŽƌŝƚĂƐ:ĂƐĂ /Ŷ ϮϬϮϱ͕ ƚŚĞ 'ŽǀĞƌŶŵĞŶƚ ĂŶĚ &ŝŶĂŶĐŝĂů
<ĞƵĂŶŐĂŶŵĞŶŐĞůƵĂƌŬĂŶ ďĞďĞƌĂƉĂƉĞƌĂƚƵƌĂŶ ďĂƌƵ ^ĞƌǀŝĐĞ ƵƚŚŽƌŝƚLJ ;K:<Ϳ ƌĞůĞĂƐĞĚ ŶĞǁ ůĂǁƐ ĂŶĚ
LJĂŶŐ ƚĞƌŬĂŝƚ ĚĞŶŐĂŶ ƉĞůĂŬƐĂŶĂĂŶ ŬĞŐŝĂƚĂŶ ĚĂŶ ƌĞŐƵůĂƚŝŽŶƐ ǁŚŝĐŚ ĐŽƌƌĞůĂƚĞ ǁŝƚŚ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ
ŽƉĞƌĂƐŝŽŶĂů ƉĞƌƵƐĂŚĂĂŶ ƉĞŵďŝĂLJĂĂŶ ƐĞďĂŐĂŝ ĂĐƚŝǀŝƚLJĂŶĚŽƉĞƌĂƚŝŽŶĂůĂƐŽĨĨŽůůŽǁƐ͗
ďĞƌŝŬƵƚ͗
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͞WƌŽĨĞƐŝ WĞŶƵŶũĂŶŐ Ěŝ ^ĞŬƚŽƌ :ĂƐĂ ƌĞŐĂƌĚŝŶŐ͞^ƵƉƉŽƌƚŝŶŐWƌŽĨĞƐƐŝŽŶƐŝŶƚŚĞ
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͞WĞŶLJĂŵƉĂŝĂŶ>ĂƉŽƌĂŶ<ĞƉĞŵŝůŝŬĂŶĂƚĂƵ ϭϬͬ^ K:<͘ϬϰͬϮϬϮϱ ƌĞŐĂƌĚŝŶŐ ͞ ůĞĐƚƌŽŶŝĐ
^ĞƚŝĂƉ WĞƌƵďĂŚĂŶ <ĞƉĞŵŝůŝŬĂŶ ^ĂŚĂŵ ^ƵďŵŝƐƐŝŽŶŽĨKǁŶĞƌƐŚŝƉZĞƉŽƌƚƐŽƌŶLJ
WĞƌƵƐĂŚĂĂŶ dĞƌďƵŬĂ ĚĂŶ >ĂƉŽƌĂŶ ŚĂŶŐĞƐ ŝŶ ^ŚĂƌĞ KǁŶĞƌƐŚŝƉ ŽĨ WƵďůŝĐ
ŬƚŝǀŝƚĂƐ DĞŶũĂŵŝŶŬĂŶ ^ĂŚĂŵ ŽŵƉĂŶŝĞƐ ĂŶĚ ZĞƉŽƌƚƐ ŽŶ ^ŚĂƌĞƐ ĂƐ
WĞƌƵƐĂŚĂĂŶdĞƌďƵŬĂ^ĞĐĂƌĂ ůĞŬƚƌŽŶŝŬ͟ tĂƌƌĂŶƚ͟
WK:< EŽŵŽƌ ϯϱ ƚĂŚƵŶ ϮϬϮϱ ƚĞŶƚĂŶŐ K:< ZĞŐƵůĂƚŝŽŶ ŶƵŵďĞƌ ϯϱͬϮϬϮϱ
͞WĞƌƵďĂŚĂŶ WĞƌĂƚƵƌĂŶ KƚŽƌŝƚĂƐ :ĂƐĂ ƌĞŐĂƌĚŝŶŐ ͞ŵĞŶĚŵĞŶƚƐ ƚŽ K:<
<ĞƵĂŶŐĂŶ ϰϲ ƚĂŚƵŶ ϮϬϮϰ ƚĞŶƚĂŶŐ ZĞŐƵůĂƚŝŽŶ ŶƵŵďĞƌ ϰϲͬϮϬϮϰ ƌĞŐĂƌĚŝŶŐ
WĞŶŐĞŵďĂŶŐĂŶ ĚĂŶ WĞŶŐƵĂƚĂŶ ƚŚĞ ĞǀĞůŽƉŵĞŶƚ ĂŶĚ ^ƚƌĞŶŐƚŚĞŶŝŶŐ ŽĨ
Wd&h:/&/EE /EKE ^/d<
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
WĞƌƵƐĂŚĂĂŶ WĞŵďŝĂLJĂĂŶ͕ WĞƌƵƐĂŚĂĂŶ &ŝŶĂŶĐĞ ŽŵƉĂŶŝĞƐ͕ /ŶĨƌĂƐƚƌƵĐƚƵƌĞ
WĞŵďŝĂLJĂĂŶ /ŶĨƌĂƐƚƌƵŬƚƵƌ͕ ĚĂŶ &ŝŶĂŶĐĞŽŵƉĂŶŝĞƐ͕ĂŶĚsĞŶƚƵƌĞĂƉŝƚĂů
WĞƌƵƐĂŚĂĂŶDŽĚĂůsĞŶƚƵƌĂ͟ ŽŵƉĂŶŝĞƐ͟
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ĚŵŝŶŝƐƚƌĂƚŝĨ ĞƌƵƉĂ ĞŶĚĂ Ěŝ ^ĞŬƚŽƌ ĚŵŝŶŝƐƚƌĂƚŝǀĞ ^ĂŶĐƚŝŽŶƐ ŝŶ &ŝŶĂŶĐŝĂů
:ĂƐĂ<ĞƵĂŶŐĂŶ͟ ^ĞƌǀŝĐĞƐ^ĞĐƚŽƌ͟
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^ƚĂŶĚĂƌ ĂŬƵŶƚĂŶƐŝ ƌĞǀŝƐŝĂŶ ďĞƌŝŬƵƚ ďĞƌůĂŬƵ dŚĞ ĨŽůůŽǁŝŶŐ ƌĞǀŝƐĞĚ ĂĐĐŽƵŶƚŝŶŐ ƐƚĂŶĚĂƌĚƐ
ĞĨĞŬƚŝĨ ƐĞũĂŬ ƚĂŶŐŐĂů ϭ :ĂŶƵĂƌŝ ϮϬϮϱ ƌĞůĞǀĂŶ ƵŶƚƵŬ ǁŚŝĐŚ ĂƌĞ ƌĞǀĞůĂŶƚ ƚŽ ƚŚĞ ŽŵƉĂŶLJ ĂƌĞ ĞĨĨĞĐƚŝǀĞ
WĞƌƐĞƌŽĂŶ͕ ŶĂŵƵŶ ƚŝĚĂŬ ŵĞŵŝůŝŬŝ ƉĞŶŐĂƌƵŚ ĨƌŽŵ :ĂŶƵĂƌLJ ϭ͕ ϮϬϮϰ͕ ďƵƚ ĚŽ ŶŽƚ ƌĞƐƵůƚ ŝŶ
ƐŝŐŶŝĨŝŬĂŶƚĞƌŚĂĚĂƉůĂƉŽƌĂŶŬĞƵĂŶŐĂŶWĞƌƐĞƌŽĂŶ͗ ƐŝŐŶŝĨŝĐĂŶƚ ŝŵƉĂĐƚ ƚŽ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ĨŝŶĂŶĐŝĂů
ƐƚĂƚĞŵĞŶƚƐ͗
W^<EŽ͘ϭϭϳ͕͞<ŽŶƚƌĂŬƐƵƌĂŶƐŝ͟ W^<EŽ͘ϭϭϳ͕͞/ŶƐƵƌĂŶĐĞŽŶƚƌĂĐƚ͟
ŵĂŶĚĞŵĞŶ W^< EŽ͘ ϭϭϳ͕ ͞<ŽŶƚƌĂŬ ŵĞŶĚŵĞŶƚƚŽW^<EŽ͘ϭϭϳ͕͞/ŶƐƵƌĂŶĐĞ
/ŶĨŽƌŵĂƐŝ͞ƚĞŶƚĂŶŐŝŶĨŽƌŵĂƐŝŬŽŵƉĂƌĂƚŝĨ ŽŶƚƌĂĐƚ͟ ƌĞŐĂƌĚŝŶŐ ĐŽŵƉĂƌĂƚŝǀĞ
ĚĂůĂŵƉĞŶĞƌĂƉĂŶĂǁĂůW^<EŽ͘ϭϭϳĚĂŶ ŝŶĨŽƌŵĂƚŝŽŶŽŶŝŶŝƚŝĂůĂƉƉůŝĐĂƚŝŽŶŽĨW^<
W^<EŽ͘ϭϬϵ EŽ͘ϭϭϳĂŶĚW^<EŽ͘ϭϬϵ
ŵĂŶĚĞŵĞŶ W^< EŽ͘ ϮϮϭ͕ ͞WĞŶŐĂƌƵŚ ŵĞŶĚŵĞŶƚƚŽW^<EŽ͘ϮϮϭ͕͞dŚĞ ĨĨĞĐƚ
WĞƌƵďĂŚĂŶ <ƵƌƐ sĂůƵƚĂ ƐŝŶŐ͗͟ <ƵƌƐ ŽĨ ŚĂŶŐĞƐ ŝŶ &ŽƌĞŝŐŶ džĐŚĂŶŐĞ ZĂƚĞƐ͗͟
sĂůƵƚĂ ƐŝŶŐ ƚĞƌŬĂŝƚ <ĞŬƵƌĂŶŐĂŶ &ŽƌĞŝŐŶ džĐŚĂŶŐĞ ZĂƚĞƐ ƌĞŐĂƌĚŝŶŐ >ĂĐŬ
<ĞƌƚĞƌƚƵŬĂƌĂŶ ŽĨ džĐŚĂŶŐĞĂďŝůŝƚLJ
^ƚĂŶĚĂƌ ĂŬƵŶƚĂŶƐŝ ƌĞǀŝƐŝĂŶ ďĞƌŝŬƵƚ LJĂŶŐ dŚĞ ĨŽůůŽǁŝŶŐ ƌĞǀŝƐĞĚ ĂĐĐŽƵŶƚŝŶŐ ƐƚĂŶĚĂƌĚƐ
ƚĞůĂŚ ĚŝƚĞƌďŝƚŬĂŶ ĚĂŶ ƌĞůĞǀĂŶ ƵŶƚƵŬ WĞƌƐĞƌŽĂŶ ŝƐƐƵĞĚ ĂŶĚ ƌĞůĞǀĂŶƚ ƚŽ ƚŚĞ ŽŵƉĂŶLJ ĂƌĞ ĞĨĨĞĐƚŝǀĞ
ďĞƌůĂŬƵ ĞĨĞŬƚŝĨ ƐĞũĂŬ ƚĂŶŐŐĂů ϭ :ĂŶƵĂƌŝ ϮϬϮϲ ĚĂŶ ĨƌŽŵ :ĂŶƵĂƌLJ ϭ͕ ϮϬϮϲ ĂŶĚ ŚĂǀĞ ŶŽƚ ďĞĞŶ ĞĂƌůLJ
ďĞůƵŵ ĚŝƚĞƌĂƉŬĂŶ ƐĞĐĂƌĂ ĚŝŶŝ ŽůĞŚ WĞƌƐĞƌŽĂŶ͕ ĂĚŽƉƚĞĚďLJƚŚĞŽŵƉĂŶLJ͗
ĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
ŵĞŶĚĞŵĞŶW^<EŽ͘ϭϬϵ͕͞/ŶƐƚƌƵŵĞŶƚ ŵĞŶĚŵĞŶƚ ƚŽ W^<EŽ͘ ϭϬϵ͕͞&ŝŶĂŶĐŝĂů
<ĞƵĂŶŐĂŶ͟ /ŶƐƚƌƵŵĞŶƚ͟
W^< EŽ͘ ϭϬϳ͕ ͞/ŶƐƚƌƵŵĞŶƚ <ĞƵĂŶŐĂŶ͗ W^< EŽ͘ ϭϬϳ͕ ͞&ŝŶĂŶĐŝĂů /ŶƐƚƌƵŵĞŶƚƐ͗
WĞŶŐƵŶŐŬĂƉĂŶ͗͟ <ůĂƐŝĨŝŬĂƐŝ ĚĂŶ ŝƐĐůŽƐƵƌĞƐ͗͟ ůĂƐƐŝĨŝĐĂƚŝŽŶ ĂŶĚ
WĞŶŐƵŬƵƌĂŶ/ŶƐƚƌƵŵĞŶ<ĞƵĂŶŐĂŶ DĞĂƐƵƌĞŵĞŶƚŽĨ&ŝŶĂŶĐŝĂů/ŶƐƚƌƵŵĞŶƚƐ
W^< EŽ͘ ϯϯϴ ;ZĞǀŝƐŝ ϮϬϮϱͿ͕ ͞<ŽŵďŝŶĂƐŝ W^< EŽ͘ ϯϯϴ ;ϮϬϮϱ ƌĞǀŝƐŝŽŶͿ͕ ͞ƵƐŝŶĞƐƐ
ŝƐŶŝƐ ŶƚŝƚĂƐ^ĞƉĞŶŐĞŶĚĂůŝ͟ ŽŵďŝŶĂƚŝŽŶƐŽĨ ŶƚŝƚŝĞƐƵŶĚĞƌŽŵŵŽŶ
ŽŶƚƌŽů͟
^ƚĂŶĚĂƌ ĂŬƵŶƚĂŶƐŝ ƌĞǀŝƐŝĂŶ ďĞƌŝŬƵƚ LJĂŶŐ dŚĞ ĨŽůůŽǁŝŶŐ ƌĞǀŝƐĞĚ ĂĐĐŽƵŶƚŝŶŐ ƐƚĂŶĚĂƌĚƐ
ƚĞůĂŚ ĚŝƚĞƌďŝƚŬĂŶ ĚĂŶ ƌĞůĞǀĂŶ ƵŶƚƵŬ WĞƌƐĞƌŽĂŶ ŝƐƐƵĞĚ ĂŶĚ ƌĞůĞǀĂŶƚ ƚŽ ƚŚĞ ŽŵƉĂŶLJ ĂƌĞ ĞĨĨĞĐƚŝǀĞ
ďĞƌůĂŬƵ ĞĨĞŬƚŝĨ ƐĞũĂŬ ƚĂŶŐŐĂů ϭ :ĂŶƵĂƌŝ ϮϬϮϳ ĚĂŶ ĨƌŽŵ :ĂŶƵĂƌLJ ϭ͕ ϮϬϮϳ ĂŶĚ ŚĂǀĞ ŶŽƚ ďĞĞŶ ĞĂƌůLJ
ďĞůƵŵ ĚŝƚĞƌĂƉŬĂŶ ƐĞĐĂƌĂ ĚŝŶŝ ŽůĞŚ WĞƌƐĞƌŽĂŶ͕ ĂĚŽƉƚĞĚďLJƚŚĞŽŵƉĂŶLJ͗
ĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
W^< EŽ͘ ϭϭϴ͕ ͞WĞŶLJĂũŝĂŶ ĚĂŶ W^< EŽ͘ ϭϭϴ͕ ͞WƌĞƐĞŶƚĂƚŝŽŶ ĂŶĚ
WĞŶŐƵŶŐŬĂƉĂŶ ĚĂůĂŵ >ĂƉŽƌĂŶ ŝƐĐůŽƐƵƌĞ ŝŶ &ŝŶĂŶĐŝĂů ^ƚĂƚĞŵĞŶƚƐ͘͟ dŚŝƐ
<ĞƵĂŶŐĂŶ͘͟ W^< ĂŬĂŶ ŵĞŶŐŐĂŶƚŝŬĂŶ W^< ǁŝůů ƌĞƉůĂĐĞ W^< ϮϬϭ͗
W^< ϮϬϭ͗ ͞WĞŶLJĂũŝĂŶ >ĂƉŽƌĂŶ ͞WƌĞƐĞŶƚĂƚŝŽŶŽĨ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐ͟
<ĞƵĂŶŐĂŶ͟ ŵĞŶĚŵĞŶƚ ƚŽ W^< EŽ͘ ϭϭϵ͕
ŵĞŶĚĞŵĞŶ W^< EŽ͘ ϭϭϵ͕ ͞ ŶƚŝƚĂƐ ͞^ƵďƐŝĚŝĂƌŝĞƐ ǁŝƚŚŽƵƚ WƵďůŝĐ
ŶĂŬ dĂŶƉĂ ŬƵŶƚĂďŝůŝƚĂƐ WƵďůŝŬ͗͟ ĐĐŽƵŶƚĂďŝůŝƚLJ͗͟ŝƐĐůŽƐƵƌĞƐ
WĞŶŐƵŶŐŬĂƉĂŶ
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PT FUJI FINANCE INDONESIA TBK TATA KELOLA PERUSAHAAN GOOD CORPORATE GOVERNANCE 2025 INTEGRATED ANNUAL REPORT Laporan Keuangan Terintegrasi
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
dd< >K>W Zh^,E
'KKKZWKZd 'Ks ZEE
^ĂůĂŚ ƐĂƚƵ ĨĂŬƚŽƌ LJĂŶŐ ĚĂƉĂƚ ŵĞŶũĂŐĂ &ĂĐƚŽƌƚŚĂƚĐĂŶŵĂŝŶƚĂŝŶĐŽŵƉĂŶLJůŽŶŐƚĞƌŵ
ŬĞďĞƌůĂŶũƵƚĂŶ WĞƌƐĞƌŽĂŶ ƐĞĐĂƌĂ ũĂŶŐŬĂ ƉĂŶũĂŶŐ ƐƵƐƚĂŝŶĂďŝůŝƚLJ ĂƌĞ 'ŽŽĚ ŽƌƉŽƌĂƚĞ 'ŽǀĞƌŶĂŶĐĞ͘
ĂĚĂůĂŚ dĂƚĂ <ĞůŽůĂ WĞƌƵƐĂŚĂĂŶ LJĂŶŐ ĂŝŬ͘ KůĞŚ dŚĞƌĞĨŽƌĞ͕ ŽŵƉĂŶLJ ĐŽŶƚŝŶƵŽƵƐ ƚŽ ĞŶƐƵƌĞ ƚŚĞ
<ĂƌĞŶĂŝƚƵ͕WĞƌƐĞƌŽĂŶƐĞŶĂŶƚŝĂƐĂŵĞŶĞƌĂƉŬĂŶdĂƚĂ ŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨŐŽŽĚĐŽƌƉŽƌĂƚĞŐŽǀĞƌŶĂŶĐĞŝŶŝƚ
<ĞůŽůĂWĞƌƵƐĂŚĂĂŶLJĂŶŐĂŝŬĚĂůĂŵƐĞƚŝĂƉŬĞŐŝĂƚĂŶ ďƵƐŝŶĞƐƐ ĂĐƚŝǀŝƚŝĞƐ͘ dŚĞ ŽŵƉĂŶLJ ŝƐ ĐŽŵŵŝƚƚĞĚ ƚŽ
ƵƐĂŚĂŶLJĂ͘ WĞƌƐĞƌŽĂŶ ďĞƌƉĞĚŽŵĂŶ ƉĂĚĂ WĞƌĂƚƵƌĂŶ ŚĂǀĞĂƚƌĂŶƐƉĂƌĞŶƚĐŽĚĞŽĨĞƚŚŝĐƐŝŶĂĐĐŽƌĚĂŶĐĞƚŽ
KƚŽƌŝƚĂƐ :ĂƐĂ <ĞƵĂŶŐĂŶ EŽ ϯϬͬWK:<͘ϬϱͬϮϬϭϰ LJĂŶŐ ĐƵƌƌĞŶƚƌƵůĞƐĂŶĚƌĞŐƵůĂƚŝŽŶ͘dŚĞŽŵƉĂŶLJƌĞĨĞƌƐƚŽ
ƚĞůĂŚ ĚŝƉĞƌďĂƌƵŝ ŵĞŶũĂĚŝ WĞƌĂƚƵƌĂŶ KƚŽƌŝƚĂƐ :ĂƐĂ WK:<EŽϯϬͬWK:<͘ϬϱͬϮϬϭϰǁŚŝĐŚŚĂƐďĞĞŶƵƉĚĂƚĞĚ
<ĞƵĂŶŐĂŶ EŽ ϰϴͬϮϬϮϰ ŵĞŶŐĞŶĂŝ dĂƚĂ <ĞůŽůĂ ƚŽ WK:< EŽ ϰϴͬϮϬϮϰ ƌĞŐĂƌĚŝŶŐ 'ŽŽĚ ŽƌƉŽƌĂƚĞ
WĞƌƵƐĂŚĂĂŶLJĂŶŐĂŝŬďĂŐŝWĞƌƐĞƌŽĂŶWĞŵďŝĂLJĂĂŶ͘ 'ŽǀĞƌŶĂŶĐĞŝŶ&ŝŶĂŶĐŝŶŐŽŵƉĂŶLJĂƐĂŐƵŝĚĞŝŶŝƚƐ
ŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨ''͘
WĞƌƐĞƌŽĂŶ ŵĞŶĞƌĂƉŬĂŶ ďĞďĞƌĂƉĂ ƉƌŝŶƐŝƉ dŚĞŽŵƉĂŶLJĂƉƉůŝĞĚƐĞǀĞƌĂů''ƉƌŝŶĐŝƉůĞƐ
ƚĞƌŬĂŝƚ dĂƚĂ <ĞůŽůĂ WĞƌƵƐĂŚĂĂŶ LJĂŶŐ ĂŝŬ ƐĞƉĞƌƚŝ͗ ƐƵĐŚĂƐ͗'Z/ϮͲϭϮͲĂ
'Z/ϮͲϭϮͲĂ
ϭ͘ <ĞƚĞƌďƵŬĂĂŶ ϭ͘ dƌĂŶƐƉĂƌĞŶĐLJ
^ĞƚŝĂƉ ƉƌŽƐĞƐ ƉĞŶŐĂŵďŝůĂŶ ŬĞƉƵƚƵƐĂŶ ĚĂŶ ǀĞƌLJ ĚĞĐŝƐŝŽŶ ŵĂŬŝŶŐ ƉƌŽĐĞƐƐ͕ ĚŝƐĐůŽƐƵƌĞ ĂŶĚ
ŬĞƚĞƌďƵŬĂĂŶ ĚĂůĂŵ ƉĞŶŐƵŶŐŬĂƉĂŶ ƐĞƌƚĂ ŽƚŚĞƌ ƌĞůĞǀĂŶƚ ŝŶĨŽƌŵĂƚŝŽŶ ƌĞŐĂƌĚŝŶŐ ƚŚĞ
ƉĞŶLJĞĚŝĂĂŶ ŝŶĨŽƌŵĂƐŝ LJĂŶŐ ƌĞůĞǀĂŶ ĚĞŶŐĂŶ ŽŵƉĂŶLJ ŶĞĞĚƐ ƚŽ ďĞ ĂĐĐĞƐƐŝďůĞ ƚŽ Ăůů
WĞƌƐĞƌŽĂŶŚĂƌƵƐŵƵĚĂŚĚŝĂŬƐĞƐŽůĞŚWĞŵĂŶŐŬƵ ƐƚĂŬĞŚŽůĚĞƌƐŝŶĂĐĐŽƌĚĂŶĐĞƚŽƌĞŐƵůĂƚŝŽŶĂďŽƵƚ
<ĞƉĞŶƚŝŶŐĂŶ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ƉĞƌĂƚƵƌĂŶ ĨŝŶĂŶĐŝŶŐ ŝŶĚƵƐƚƌLJ ĂŶĚ ƉƌĂĐƚŝĐĞ ŽĨ ŐŽŽĚ
ƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶ Ěŝ ďŝĚĂŶŐ ƉĞŵďŝĂLJĂĂŶ ĐŽƌƉŽƌĂƚĞ ŐŽǀĞƌŶĂŶĐĞ͘ /Ŷ ĂĚĚŝƚŝŽŶ͕ ƚŚĞ
ƐĞƌƚĂ ƐƚĂŶĚĂƌ͕ ƉƌŝŶƐŝƉ͕ ĚĂŶ ƉƌĂŬƚŝŬ ŽŵƉĂŶLJŝƐĂůƐŽƌĞƋƵŝƌĞĚƚŽƐƵďŵŝƚƌĞƉŽƌƚƐĂŶĚ
ƉĞŶLJĞůĞŶŐŐĂƌĂĂŶ ƵƐĂŚĂ ƉĞŵďŝĂLJĂĂŶ LJĂŶŐ ŝŶĨŽƌŵĂƚŝŽŶƚŽƚŚĞ &ŝŶĂŶĐŝĂů^ĞƌǀŝĐĞƐ ƵƚŚŽƌŝƚLJ
ƐĞŚĂƚ͘ ^ĞůĂŝŶ ŝƚƵ͕ WĞƌƐĞƌŽĂŶ ƉƵŶ ǁĂũŝď ;K:<Ϳ ŝŶ Ă ĐŽŵƉůĞƚĞ͕ ĂĐĐƵƌĂƚĞ͕ ĂŶĚ ƚŝŵĞůLJ
ŵĞŶLJĂŵƉĂŝŬĂŶ ůĂƉŽƌĂŶ ĚĂŶ ŝŶĨŽƌŵĂƐŝ ŬĞƉĂĚĂ ŵĂŶŶĞƌ͕ ĂƐ Ă ĨŽƌŵ ŽĨ ĂĐĐŽƵŶƚĂďŝůŝƚLJ ĂŶĚ
K:< ƐĞĐĂƌĂ ůĞŶŐŬĂƉ͕ ďĞŶĂƌ͕ ĚĂŶ ƚĞƉĂƚ ǁĂŬƚƵ͕ ƌĞŐƵůĂƚŽƌLJŽǀĞƌƐŝŐŚƚ͘
ƐĞďĂŐĂŝ ďĞŶƚƵŬ ĂŬƵŶƚĂďŝůŝƚĂƐ ĚĂŶ ƉĞŶŐĂǁĂƐĂŶ
ƌĞŐƵůĂƚŽƌ͘
Ϯ͘ ŬƵŶƚĂďŝůŝƚĂƐ Ϯ͘ ĐĐŽƵŶƚĂďŝůŝƚLJ
^ĞƚŝĂƉ ďĂŐŝĂŶ ŚĂƌƵƐ ŵĞŵŝůŝŬŝ ŬĞũĞůĂƐĂŶ ĨƵŶŐƐŝ ǀĞƌLJ ĚĞĐŝƐŝŽŶ ŵĂŬŝŶŐ ƉƌŽĐĞƐƐ͕ ĚŝƐĐůŽƐƵƌĞ ĂŶĚ
ĚĂŶƉĞůĂŬƐĂŶĂĂŶƉĞƌƚĂŶŐŐƵŶŐũĂǁĂďĂŶƐĞŚŝŶŐŐĂ ŽƚŚĞƌ ƌĞůĞǀĂŶƚ ŝŶĨŽƌŵĂƚŝŽŶ ƌĞŐĂƌĚŝŶŐ ƚŚĞ
ŬŝŶĞƌũĂĚĂƉĂƚďĞƌũĂůĂŶƐĞĐĂƌĂƚƌĂŶƐƉĂƌĂŶ͕ǁĂũĂƌ͕ ŽŵƉĂŶLJ ŶĞĞĚƐ ƚŽ ďĞ ĂĐĐĞƐƐŝďůĞ ƚŽ Ăůů
ĞĨĞŬƚŝĨ ĚĂŶ ĞĨŝƐŝĞŶ͘ ^ĞƚŝĂƉ ŬĞƉƵƚƵƐĂŶ ĚĂŶ ƐƚĂŬĞŚŽůĚĞƌƐŝŶĂĐĐŽƌĚĂŶĐĞƚŽƌĞŐƵůĂƚŝŽŶĂďŽƵƚ
ƚŝŶĚĂŬĂŶ ƉĞŶŐĞůŽůĂĂŶ ƉĞƌƵƐĂŚĂĂŶ ŚĂƌƵƐ ĚĂƉĂƚ ĨŝŶĂŶĐŝŶŐ ŝŶĚƵƐƚƌLJ ĂŶĚ ƉƌĂĐƚŝĐĞ ŽĨ ŐŽŽĚ
ĚŝƉĞƌƚĂŶŐŐƵŶŐũĂǁĂďŬĂŶ ƐĞĐĂƌĂ ƉƌŽĨĞƐŝŽŶĂů ĚĂŶ ĐŽƌƉŽƌĂƚĞ ŐŽǀĞƌŶĂŶĐĞ͘ ǀĞƌLJ ĚĞĐŝƐŝŽŶ ĂŶĚ
ƐĞƐƵĂŝĚĞŶŐĂŶƉĞƌĂƚƵƌĂŶ͘ ĂĐƚŝŽŶ ŝŶ ƚŚĞ ŵĂŶĂŐĞŵĞŶƚ ŽĨ ƚŚĞ ŽŵƉĂŶLJ
ŵƵƐƚ ďĞ ƉƌŽĨĞƐƐŝŽŶĂůůLJ ĂĐĐŽƵŶƚĂďůĞ ĂŶĚ ŝŶ
ĐŽŵƉůŝĂŶĐĞǁŝƚŚĂƉƉůŝĐĂďůĞƌĞŐƵůĂƚŝŽŶƐ͘
59
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/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
ϯ͘ WĞƌƚĂŶŐŐƵŶŐũĂǁĂďĂŶ ϯ͘ ZĞƐƉŽŶƐŝďŝůŝƚLJ
WĞŶŐĞůŽůĂĂĂŶ WĞƌƐĞƌŽĂŶ ĚŝĚĂƐĂƌŬĂŶ ƉĂĚĂ dŚŝƐ ƌĞĨĞƌƐ ƚŽ ƉƌŽƉĞƌ ŵĂŶĂŐĞŵĞŶƚ ŽĨ ĐŽŵƉĂŶLJ
ƉĞƌĂƚƵƌĂŶ ƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶ Ěŝ ďŝĚĂŶŐ ĂĐĐŽƌĚŝŶŐ ƚŽ ůĂǁ ĂŶĚ ůĞŐŝƐůĂƚŝŽŶƐ ŝŶ ĨŝŶĂŶĐŝŶŐ
ƉĞŵďŝĂLJĂĂŶ ĚĂŶ ŶŝůĂŝͲŶŝůĂŝ ĞƚŝŬĂ ƐĞƌƚĂ ƐƚĂŶĚĂƌ͕ ŝŶĚƵƐƚƌLJ͘/ƚĂůƐŽƌĞůĂƚĞƚŽĞƚŚŝĐǀĂůƵĞƐĂƐǁĞůůĂƐ
ƉƌŝŶƐŝƉ͕ ĚĂŶ ƉƌĂŬƚŝŬ ƉĞŶLJĞůĞŶŐŐĂƌĂĂŶ ƵƐĂŚĂ ƐƚĂŶĚĂƌĚ ƉƌŝŶĐŝƉůĞƐ ĂŶĚ ƉƌĂĐƚŝĐĞƐ ŽĨ ĨŝŶĂŶĐŝŶŐ
ƉĞŵďŝĂLJĂĂŶ LJĂŶŐ ƐĞŚĂƚ͘ WĞƌƐĞƌŽĂŶ ƉƵŶ ďƵƐŝŶĞƐƐ͘ dŚĞ ŽŵƉĂŶLJ ĂůƐŽ ƚĂŬĞƐ ŝŶƚŽ ĂĐĐŽƵŶƚ
ŵĞŵƉĞƌŚĂƚŝŬĂŶ ŬĞƉĞŶƚŝŶŐĂŶ ŵĂƐLJĂƌĂŬĂƚ ĚĂŶ ƚŚĞ ŝŶƚĞƌĞƐƚƐ ŽĨ ƚŚĞ ƉƵďůŝĐ ĂŶĚ ŽƚŚĞƌ
ƉĞŵĂŶŐŬƵ ŬĞƉĞŶƚŝŶŐĂŶ ůĂŝŶŶLJĂ ƐĞƌƚĂ ƐƚĂŬĞŚŽůĚĞƌƐ͕ ĂŶĚ ŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ĞĨĨĞĐƚŝǀĞůLJ
ďĞƌƚĂŶŐŐƵŶŐ ũĂǁĂď ĚĂůĂŵ ŵĞŶĞƌĂƉŬĂŶ ŝŵƉůĞŵĞŶƚŝŶŐƌŝƐŬŵĂŶĂŐĞŵĞŶƚ͕ŝŶƚĞƌŶĂůĐŽŶƚƌŽů
ŵĂŶĂũĞŵĞŶ ƌŝƐŝŬŽ͕ ƐŝƐƚĞŵ ƉĞŶŐĞŶĚĂůŝĂŶ ƐLJƐƚĞŵƐ͕ĂŶĚĐŽŵƉůŝĂŶĐĞĨƵŶĐƚŝŽŶƐ͘
ŝŶƚĞƌŶĂů͕ƐĞƌƚĂĨƵŶŐƐŝŬĞƉĂƚƵŚĂŶƐĞĐĂƌĂĞĨĞŬƚŝĨ͘
ϰ͘ <ĞŵĂŶĚŝƌŝĂŶ ϰ͘ /ŶĚĞƉĞŶĚĞŶĐLJ
WĞŶŐĞůŽůĂĂŶ WĞƌƐĞƌŽĂŶ ƐĞĐĂƌĂ ŵĂŶĚŝƌŝ ĚĂŶ dŚŝƐ ƉƌŝŶĐŝƉůĞ ĐŽŶĐĞƌŶƐ ǁŝƚŚ /ŶĚĞƉĞŶĚĞŶƚ ĂŶĚ
ƉƌŽĨĞƐƐŝŽŶĂů ƐĞƌƚĂ ďĞďĂƐ ĚĂƌŝ ďĞŶƚƵƌĂŶ ƉƌŽĨĞƐƐŝŽŶĂů ĐŽŵƉĂŶLJ ŵĂŶĂŐĞŵĞŶƚ ƚŚĂƚ ŝƐ ĨƌĞĞ
ŬĞƉĞŶƚŝŶŐĂŶ ĚĂŶ ƉĞŶŐĂƌƵŚ ĂƚĂƵ ƚĞŬĂŶĂŶ ĚĂƌŝ ĨƌŽŵ ĐŽŶĨůŝĐƚ ŽĨ ŝŶƚĞƌĞƐƚ ĂŶĚ ƉƌĞƐƐƵƌĞ ĨƌŽŵ ĂŶLJ
ƉŝŚĂŬ ŵĂŶĂƉƵŶ LJĂŶŐ ƚŝĚĂŬ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ƉĂƌƚLJ ǁŚŝĐŚ ĂƌĞ ŶŽƚ ŝŶ ůŝŶĞ ǁŝƚŚ ƌĞŐƵůĂƚŝŽŶƐ ŝŶ
ƉĞƌĂƚƵƌĂŶ ƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶ Ěŝ ďŝĚĂŶŐ ƚŚĞ ĨŝŶĂŶĐŝŶŐ ŝŶĚƵƐƚƌLJ͕ ƐƚĂŶĚĂƌĚ ƉƌŝŶĐŝƉůĞ ĂŶĚ
ƉĞŵďŝĂLJĂĂŶ ĚĂŶ ŶŝůĂŝͲŶŝůĂŝ ĞƚŝŬĂ ƐĞƌƚĂ ƐƚĂŶĚĂƌ͕ ƉƌĂĐƚŝĐĞƐ ŽĨ ĨŝŶĂŶĐŝŶŐ ďƵƐŝŶĞƐƐ͘ ǀĞƌLJ ŽƌŐĂŶ ŽĨ
ƉƌŝŶƐŝƉ͕ ĚĂŶ ƉƌĂŬƚŝŬ ƉĞŶLJĞůĞŶŐŐĂƌĂĂŶ ƵƐĂŚĂ ƚŚĞ ŽŵƉĂŶLJ ŝƐ ŽďůŝŐĞĚ ƚŽ ĂĐƚ ŽďũĞĐƚŝǀĞůLJ ĂŶĚ
ƉĞŵďŝĂLJĂĂŶLJĂŶŐƐĞŚĂƚ͘^ĞƚŝĂƉŽƌŐĂŶWĞƌƐĞƌŽĂŶ ƉƌŽĨĞƐƐŝŽŶĂůůLJŝŶĚĞĐŝƐŝŽŶͲŵĂŬŝŶŐ͘
ǁĂũŝď ďĞƌƚŝŶĚĂŬ ŽďũĞŬƚŝĨ ĚĂŶ ƉƌŽĨĞƐŝŽŶĂů ĚĂůĂŵ
ƉĞŶŐĂŵďŝůĂŶŬĞƉƵƚƵƐĂŶ͘
ϱ͘ <ĞƐĞƚĂƌĂĂŶĚĂŶ<ĞǁĂũĂƌĂŶ ϱ͘ &ĂŝƌŶĞƐƐ
ĂůĂŵ ŚĂů ŵĞŵĞŶƵŚŝ ŚĂŬͲŚĂŬ WĞŵĂŶŐŬƵ WƌĂĐƚŝĐĞ ŽĨ ĨĂŝƌŶĞƐƐ ŝŶ ĨƵůĨŝůůŝŶŐ ƚŚĞ ƌŝŐŚƚ ŽĨ
<ĞƉĞŶƚŝŶŐĂŶ LJĂŶŐ ƚŝŵďƵů ďĞƌĚĂƐĂƌŬĂŶ ƐƚĂŬĞŚŽůĚĞƌƐ ďĂƐĞĚ ŽŶ ĂŐƌĞĞŵĞŶƚƐ͕ ƌĞŐƵůĂƚŝŽŶƐ
ƉĞƌũĂŶũŝĂŶ͕ ƉĞƌĂƚƵƌĂŶ ƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶ͕ ĂŶĚ ĞƚŚŝĐ ǀĂůƵĞƐ ǁŚŝĐŚ ĨŽůůŽǁƐ ŐŽŽĚ ĐŽƌƉŽƌĂƚĞ
ĚĂŶ ŶŝůĂŝͲŶŝůĂŝ ĞƚŝŬĂ ƐĞƌƚĂ ƐƚĂŶĚĂƌ͕ ƉƌŝŶƐŝƉ͕ ĚĂŶ ŐŽǀĞƌŶĂŶĐĞƉƌĂĐƚŝĐĞ͘
ƉƌĂŬƚŝŬ ƉĞŶLJĞůĞŶŐŐĂƌĂĂŶ ƵƐĂŚĂ ƉĞŵďŝĂLJĂĂŶ
LJĂŶŐƐĞŚĂƚ͘
ϲ͘ DĂŶĂũĞŵĞŶZŝƐŝŬŽĚĂŶWĞŶŐĞŶĚĂůŝĂŶ/ŶƚĞƌŶĂů ϲ͘ ZŝƐŬDĂŶĂŐĞŵĞŶƚĂŶĚ/ŶƚĞƌŶĂůŽŶƚƌŽů
WĞƌƐĞƌŽĂŶ ŵĞŶĞƌĂƉŬĂŶ ŵĂŶĂũĞŵĞŶ ƌŝƐŝŬŽ LJĂŶŐ dŚĞ ŽŵƉĂŶLJ ŝŵƉůĞŵĞŶƚƐ ĂŶ ĞĨĨĞĐƚŝǀĞ ĂŶĚ
ĞĨĞŬƚŝĨ ĚĂŶ ƚĞƌŝŶƚĞŐƌĂƐŝ ƐĞƌƚĂ ƐŝƐƚĞŵ ŝŶƚĞŐƌĂƚĞĚ ƌŝƐŬ ŵĂŶĂŐĞŵĞŶƚ ƐLJƐƚĞŵ͕ ĂƐ ǁĞůů ĂƐ
ƉĞŶŐĞŶĚĂůŝĂŶ ŝŶƚĞƌŶĂů LJĂŶŐ ŵĞŵĂĚĂŝ ƵŶƚƵŬ ĂŶĂĚĞƋƵĂƚĞŝŶƚĞƌŶĂůĐŽŶƚƌŽůƐLJƐƚĞŵ͕ƚŽŝĚĞŶƚŝĨLJ͕
ŵĞŶŐŝĚĞŶƚŝĨŝŬĂƐŝ͕ ŵĞŶŐƵŬƵƌ͕ ŵĞŵĂŶƚĂƵ͕ ĚĂŶ ŵĞĂƐƵƌĞ͕ŵŽŶŝƚŽƌ͕ĂŶĚĐŽŶƚƌŽůĂůůďƵƐŝŶĞƐƐƌŝƐŬƐ͘
ŵĞŶŐĞŶĚĂůŝŬĂŶƐĞůƵƌƵŚƌŝƐŝŬŽƵƐĂŚĂ͘
ϳ͘ ZĞŵƵŶĞƌĂƐŝLJĂŶŐ^ĞŚĂƚ ϳ͘ &ĂŝƌĂŶĚ^ƵƐƚĂŝŶĂďůĞZĞŵƵŶĞƌĂƚŝŽŶ
WĞƌƐĞƌŽĂŶ ƚĞůĂŚ ŵĞŶĞƚĂƉŬĂŶ ŬĞďŝũĂŬĂŶ dŚĞ ŽŵƉĂŶLJ ŚĂƐ ĞƐƚĂďůŝƐŚĞĚ Ă ƌĞŵƵŶĞƌĂƚŝŽŶ
ƌĞŵƵŶĞƌĂƐŝ LJĂŶŐ ĂĚŝů͕ ƚƌĂŶƐƉĂƌĂŶ͕ ĚĂŶ ƐĞůĂƌĂƐ ƉŽůŝĐLJƚŚĂƚŝƐĨĂŝƌ͕ƚƌĂŶƐƉĂƌĞŶƚ͕ĂŶĚĂůŝŐŶĞĚǁŝƚŚ
ĚĞŶŐĂŶ ŬŝŶĞƌũĂ ƐĞƌƚĂ ƌŝƐŝŬŽ ƉĞƌƵƐĂŚĂĂŶ ŐƵŶĂ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ƉĞƌĨŽƌŵĂŶĐĞ ĂŶĚ ƌŝƐŬƐ͕ ŝŶ ŽƌĚĞƌ
ŵĞŶĚŽƌŽŶŐ ƉĞƌŝůĂŬƵ ƉĞŶŐĞůŽůĂĂŶ LJĂŶŐ ƚŽ ƉƌŽŵŽƚĞ ƐƵƐƚĂŝŶĂďůĞ ŵĂŶĂŐĞŵĞŶƚ ďĞŚĂǀŝŽƌ
ďĞƌŬĞůĂŶũƵƚĂŶ ĚĂŶ ƚŝĚĂŬ ďĞƌŽƌŝĞŶƚĂƐŝ ƉĂĚĂ ĂŶĚĂǀŽŝĚĨŽĐƵƐŝŶŐƐŽůĞůLJŽŶƐŚŽƌƚͲƚĞƌŵƉƌŽĨŝƚ͘
ŬĞƵŶƚƵŶŐĂŶũĂŶŐŬĂƉĞŶĚĞŬƐĞŵĂƚĂ͘
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ϴ͘ WĞƌůŝŶĚƵŶŐĂŶ<ŽŶƐƵŵĞŶĚĂŶ ƚŝŬĂŝƐŶŝƐ ϴ͘ &ĂŝƌĂŶĚ^ƵƐƚĂŝŶĂďůĞZĞŵƵŶĞƌĂƚŝŽŶ
WĞƌƐĞƌŽĂŶ ŵĞŶĞƌĂƉŬĂŶ ƉƌŝŶƐŝƉ ƉĞƌůŝŶĚƵŶŐĂŶ dŚĞ ŽŵƉĂŶLJ ŝŵƉůĞŵĞŶƚƐ ƚŚĞ ƉƌŝŶĐŝƉůĞƐ ŽĨ
ŬŽŶƐƵŵĞŶ͕ ŵĞŶũĂŐĂ ĞƚŝŬĂ ďŝƐŶŝƐ͕ ƐĞƌƚĂ ĐŽŶƐƵŵĞƌ ƉƌŽƚĞĐƚŝŽŶ͕ ƵƉŚŽůĚƐ ďƵƐŝŶĞƐƐ ĞƚŚŝĐƐ͕
ŵĞŵĂƐƚŝŬĂŶ ƉĞƌůĂŬƵĂŶ LJĂŶŐ ĂĚŝů͕ ƚƌĂŶƐƉĂƌĂŶ͕ ĂŶĚ ĞŶƐƵƌĞƐ ĨĂŝƌ͕ ƚƌĂŶƐƉĂƌĞŶƚ͕ ĂŶĚ ƌĞƐƉŽŶƐŝďůĞ
ĚĂŶ ďĞƌƚĂŶŐŐƵŶŐ ũĂǁĂď ŬĞƉĂĚĂ ŬŽŶƐƵŵĞŶ ƚƌĞĂƚŵĞŶƚ ŽĨ ĐŽŶƐƵŵĞƌƐ ƚŚƌŽƵŐŚŽƵƚ Ăůů
ĚĂůĂŵƐĞůƵƌƵŚƉƌŽƐĞƐƉĞŵďŝĂLJĂĂŶ͘ ĨŝŶĂŶĐŝŶŐƉƌŽĐĞƐƐĞƐ͘
WĞŶĞƌĂƉĂŶ ƉƌŝŶƐŝƉͲƉƌŝŶƐŝƉ ƚĞƌƐĞďƵƚ Ěŝ ĂƚĂƐ ƉƉůŝĐĂƚŝŽŶŽĨƚŚŽƐĞƉƌŝŶĐŝƉůĞƐĂďŽǀĞŝƐĚŽŶĞ
ĚŝůĂŬƵŬĂŶĚĞŶŐĂŶƚƵũƵĂŶƚĞƌƚĞŶƚƵ͕ƐĞƉĞƌƚŝ͗ ǁŝƚŚĐĞƌƚĂŝŶƉƵƌƉŽƐĞ͕ƐƵĐŚĂƐ͗
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Ϯ͘ DĞŶĐŝƉƚĂŬĂŶ ůŝŶŐŬƵŶŐĂŶ ŬĞƌũĂ LJĂŶŐ ŶLJĂŵĂŶ͕ ĞŶǀŝƌŽŶŵĞŶƚ ǁŚŝĐŚ ƉƌŽǀŝĚĞƐ ǀĂůƵĞ ƚŽ
ƐĞũĂŚƚĞƌĂ͕ ĚĂŶ ŬŽŶĚƵƐŝĨ ĚĂůĂŵ ƌĂŶŐŬĂ ƐƚĂŬĞŚŽůĚĞƌƐ
ŵĞŵďĞƌŝŬĂŶǀĂůƵĞŬĞƉĂĚĂƐƚĂŬĞŚŽůĚĞƌƐ ϯ͘ ĨĨŝĐŝĞŶƚ ĂŶĚ ĞĨĨĞĐƚŝǀĞ ŵĂŶĂŐĞŵĞŶƚ ŽĨ
ϯ͘ DĞŶŐĞůŽůĂ ƐƵŵďĞƌ ĚĂLJĂ ƐĞĐĂƌĂ ĞĨĞŬƚŝĨ͕ ĞĨŝƐŝĞŶ͕ ƌĞƐŽƵƌĐĞƐŝŶĂĐĐŽƌĚĂŶĐĞƚŽƚŚĞŽŵƉĂŶLJ͛ƐŐŽĂů
ĚĂŶ ƚĞƉĂƚ ƐĂƐĂƌĂŶ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ƚĂƌŐĞƚ ϰ͘ ZĞĚƵĐĞĐŽŶĨůŝĐƚŽĨŝŶƚĞƌĞƐƚ
WĞƌƐĞƌŽĂŶ ϱ͘ /ŵƉƌŽǀŝŶŐĐŽƌƉŽƌĂƚĞŝŵĂŐĞ
ϰ͘ DĞŶŐƵƌĂŶŐŝŬŽŶĨůŝŬŬĞƉĞŶƚŝŶŐĂŶ ϲ͘ ŶƐƵƌŝŶŐ ƚŚĂƚ Ăůů ŽĨ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ďƵƐŝŶĞƐƐ
ϱ͘ DĞŶŝŶŐŬĂƚŬĂŶĐŝƚƌĂWĞƌƐĞƌŽĂŶ ĂĐƚŝǀŝƚŝĞƐ ĐŽŵƉůLJ ǁŝƚŚ ĂƉƉůŝĐĂďůĞ ůĂǁƐ ĂŶĚ
ϲ͘ DĞŵĂƐƚŝŬĂŶ ƐĞůƵƌƵŚ ŬĞŐŝĂƚĂŶ ƵƐĂŚĂ ƌĞŐƵůĂƚŝŽŶƐ ĂƐ ǁĞůů ĂƐ ƚŚĞ ƐƚĂŶĚĂƌĚƐ ƐĞƚ ďLJ ƚŚĞ
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ŵĂƵƉƵŶĞŬƐƚĞƌŶĂů
ϴ͘ DĞŶĚƵŬƵŶŐ ƉƌĂŬƚŝŬ ďŝƐŶŝƐ LJĂŶŐ ĞƚŝƐ ĚĂŶ
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ϭ͘ DĞŶŐĂŶŐŬĂƚ ĚĂŶ ŵĞŵďĞƌŚĞŶƚŝŬĂŶ ĂŶŐŐŽƚĂ ϭ͘ ƉƉŽŝŶƚ ĂŶĚ ĚŝƐŵŝƐƐ Ă ŵĞŵďĞƌ ŽĨ ŽĂƌĚ ŽĨ
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Ϯ͘ DĞŶĞƚĂƉŬĂŶ ƌĞŵƵŶĞƌĂƐŝ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ĚĂŶ Ϯ͘ ĞƚĞƌŵŝŶĞ ƚŚĞ ƌĞŵƵŶĞƌĂƚŝŽŶ ĨŽƌ ƚŚĞ ŽĂƌĚ ŽĨ
ŝƌĞŬƐŝ ŽŵŵŝƐƐŝŽŶĞƌƐĂŶĚͬŽƌŝƌĞĐƚŽƌƐ
ϯ͘ DĞŶŐĞǀĂůƵĂƐŝ ŬŝŶĞƌũĂ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ĚĂŶ ϯ͘ ǀĂůƵĂƚĞ ƚŚĞ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ ƚŚĞ ŽĂƌĚ ŽĨ
ŝƌĞŬƐŝ ŽŵŵŝƐƐŝŽŶĞƌƐĂŶĚŝƌĞĐƚŽƌƐ
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ϰ͘ DĞŶŐĞƐĂŚŬĂŶƉĞƌƵďĂŚĂŶĂŶŐŐĂƌĂŶĚĂƐĂƌ ϰ͘ ƉƉƌŽǀĞĂŵĞŶĚŵĞŶƚƚŽƚŚĞĂƌƚŝĐůĞŽĨĂƐƐŽĐŝĂƚŝŽŶ
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Wd &Ƶũŝ &ŝŶĂŶĐĞ /ŶĚŽŶĞƐŝĂ dďŬ Wd &Ƶũŝ &ŝŶĂŶĐĞ /ŶĚŽŶĞƐŝĂ dďŬ ŚĂĚ ŚĞůĚ ƚŚĞ
ŵĞŶLJĞůĞŶŐŐĂƌĂŬĂŶZĂƉĂƚhŵƵŵWĞŵĞŐĂŶŐ^ĂŚĂŵ ŶŶƵĂů 'ĞŶĞƌĂů ^ŚĂƌĞŚŽůĚĞƌƐ DĞĞƚŝŶŐ ŽŶ
dĂŚƵŶĂŶ ƉĂĚĂ ŚĂƌŝ ZĂďƵ ƚĂŶŐŐĂů ϱ DĂƌĞƚ ϮϬϮϱ tĞĚŶĞƐĚĂLJ ĚĂƚĞĚ DĂƌĐŚ ϱ͕ ϮϬϮϱ Ăƚ DĞŶĂƌĂ
ďĞƌƚĞŵƉĂƚ Ěŝ 'ĞĚƵŶŐ DĞŶĂƌĂ ^ƵĚŝƌŵĂŶ >ƚ͘ϴ͕ :ů͘ ^ƵĚŝƌŵĂŶ ƵŝůĚŝŶŐ ϴƚŚ &ůŽŽƌ͕ :ů͘ :ĞŶĚ͘ ^ƵĚŝƌŵĂŶ
:ĞŶĚ͘ ^ƵĚŝƌŵĂŶ <Ăǀ͘ϲϬ :ĂŬĂƌƚĂ ^ĞůĂƚĂŶ͘ ZĂƉĂƚ <Ăǀ͘ϲϬ :ĂŬĂƌƚĂ ^ĞůĂƚĂŶ͘ dŚĞ ŵĞĞƚŝŶŐ ǁĂƐ ĂƚƚĞŶĚĞĚ
ĚŝŚĂĚŝƌŝ ŽůĞŚ ƉĞŵĞŐĂŶŐ ƐĂŚĂŵ ĚĂŶͬĂƚĂƵ ŬƵĂƐĂ ďLJ ƚŚĞ ƐŚĂƌĞŚŽůĚĞƌƐ ĂŶĚͬŽƌ ƚŚĞŝƌ ƉƌŽdžŝĞƐ ŝŶ ƉĞƌƐŽŶ
ƉĞŵĞŐĂŶŐƐĂŚĂŵWĞƌƐĞƌŽĂŶƐĞĐĂƌĂĨŝƐŝŬĚĂŶǀŝƌƚƵĂů ĂŶĚ ďLJ ǀŝƌƚƵĂůůLJ ƚŚƌŽƵŐŚ ƚŚĞ Ğ^z͘<^ / ƐLJƐƚĞŵ ǁŝƚŚ
ŵĞůĂůƵŝƐŝƐƚĞŵĞ^z͘<^ /ĚĞŶŐĂŶũƵŵůĂŚŬĞŚĂĚŝƌĂŶ ƚŚĞŶƵŵďĞƌĂƚƚĞŶĚĂŶĐĞĂŵŽƵŶƚĞĚƚŽϭ͕ϭϴϴ͕ϯϱϳ͕ϭϬϬ
ϭ͘ϭϴϴ͘ϯϱϳ͘ϭϬϬ ƐĂŚĂŵ ĂƚĂƵ ϵϭ͕ϰϭй ĚĂƌŝ ƐĞůƵƌƵŚ ƐŚĂƌĞƐ Žƌ ϵϭ͘ϰϭй ŽĨ Ăůů ƐŚĂƌĞƐ ŝƐƐƵĞĚ ďLJ ƚŚĞ
ƐĂŚĂŵ LJĂŶŐ ĚŝŬĞůƵĂƌŬĂŶ WĞƌƐĞƌŽĂŶ LJĂŶŐ ŵĞŵŝůŝŬŝ ŽŵƉĂŶLJǁŚŝĐŚŚĂǀĞǀŽƚŝŶŐƌŝŐŚƚƐ͘
ŚĂŬƐƵĂƌĂLJĂŶŐƐĂŚ͘
ŶŐŐŽƚĂ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ĚĂŶ ĞǁĂŶ DĞŵďĞƌƐ ŽĨ ŽĂƌĚ ŽĨ ŽŵŵŝƐƐŝŽŶĞƌƐ ĂŶĚ
ŝƌĞŬƐŝLJĂŶŐŚĂĚŝƌƐĞĐĂƌĂůĂŶŐƐƵŶŐ͕LJĂŝƚƵ͗ ŵĞŵďĞƌƐ ŽĨ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ ǁŚŽ ĂƚƚĞŶĚĞĚ ŝŶ
ƉĞƌƐŽŶǁĞƌĞ͗
ĞǁĂŶ<ŽŵŝƐĂƌŝƐͬŽĂƌĚŽĨŽŵŵŝƐƐŝŽŶĞƌƐ
<ŽŵŝƐĂƌŝƐhƚĂŵĂͬWƌĞƐŝĚĞŶƚŽŵŵŝƐƐŝŽŶĞƌƐ ͗ ŶƚŽŶ^ĂŶƚŽƐŽ
<ŽŵŝƐĂƌŝƐͬŽŵŵŝƐƐŝŽŶĞƌƐ ͗ /ƌ͘&ƌĞĚĚLJ^ĂŶƚŽƐŽ
ĞǁĂŶŝƌĞŬƐŝͬŽĂƌĚŽĨŝƌĞĐƚŽƌƐ
ŝƌĞŬƚƵƌhƚĂŵĂͬWƌĞƐŝĚĞŶƚŝƌĞĐƚŽƌ ͗ ŶŝƚĂDĂƌƚĂ
ŝƌĞŬƚƵƌͬŝƌĞĐƚŽƌ ͗ ŝĂŶƌŝLJĂŶƚŝtŝũĂLJĂ
ZhW^d Ěŝ ƚĂŚƵŶ ϮϬϮϱ ƵŶƚƵŬ ƚĂŚƵŶ ďƵŬƵ ϮϬϮϰ dŚĞ ŶŶƵĂů 'ĞŶĞƌĂů ^ŚĂƌĞŚŽůĚĞƌƐ DĞĞƚŝŶŐ ŝŶ
ƚĞůĂŚ ĚŝƐĂŚŬĂŶ ĚĂůĂŵ ŬƚĂ EŽ͘Ϭϭ EŽƚĂƌŝƐ ŶĚĂůŝĂ ϮϬϮϱ ĨŽƌ ƚŚĞ ĨŝŶĂŶĐŝĂů LJĞĂƌ ϮϬϮϰ ŚĂĚ ďĞĞŶ ƌĂƚŝĨŝĞĚ ŝŶ
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
&ĂƌŝĚĂ͕^͘,͕͘D͘,͘ƉĂĚĂƚĂŶŐŐĂůϯDĂƌĞƚϮϬϮϱ͕ĚĞŶŐĂŶ ĞĞĚ EŽ͘Ϭϭ ďLJ EŽƚĂƌLJ ŶĚĂůŝĂ &ĂƌŝĚĂ͕ ^͘,͕͘ D͘,͘
ƌŝŶĐŝĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗ ĚĂƚĞĚDĂƌĐŚϱ͕ϮϬϮϱǁŝƚŚƚŚĞĨŽůůŽǁŝŶŐĚĞƚĂŝůƐ͗
ŐĞŶĚĂZhW^ϮϬϮϱ
ϮϬϮϱ'ĞŶĞƌĂů^ŚĂƌĞŚŽůĚĞƌƐDĞĞƚŝŶŐŐĞŶĚĂ
ϭ WĞƌƐĞƚƵũƵĂŶ >ĂƉŽƌĂŶ dĂŚƵŶĂŶ ƐĞƌƚĂ ŵĞŶŐĞƐĂŚŬĂŶ EĞƌĂĐĂ ƉƉƌŽǀĂůŽĨƚŚĞŶŶƵĂůZĞƉŽƌƚ͕ ŶĚŽƌƐĞŵĞŶƚŽĨĂůĂŶĐĞ
ĚĂŶ WĞƌŚŝƚƵŶŐĂŶ >ĂďĂ ZƵŐŝ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ƚĂŚƵŶ ďƵŬƵ ^ŚĞĞƚ ĂŶĚ WƌŽĨŝƚ ĂŶĚ >ŽƐƐ ^ƚĂƚĞŵĞŶƚ ĨŽƌ ƚŚĞ ĨŝŶĂŶĐŝĂů
LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϮϰ ƐĞƌƚĂ LJĞĂƌ ĞŶĚŝŶŐ ŽŶ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϰ ĂŶĚ ƚŽ ƉƌŽǀŝĚĞ ƚŚĞ
ŵĞŵďĞƌŝŬĂŶ ƉĞŵďĞďĂƐĂŶ ƚĂŶŐŐƵŶŐ ũĂǁĂď ƐĞƉĞŶƵŚŶLJĂ ƌĞƐƉŽŶƐŝďŝůŝƚLJ ƌĞůĞĂƐĞ ĂŶĚ ĚŝƐĐŚĂƌŐĞ ;ĐƋƵŝƚ Ğƚ ĚĞ
;ĂĐƋƵŝƚĞƚĚĞĐŚĂƌŐĞͿŬĞƉĂĚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐĚĂŶŝƌĞŬƐŝ ĐŚĂƌŐĞͿ ƚŽ ƚŚĞ ŽĂƌĚ ŽĨ ŽŵŵŝƐƐŝŽŶĞƌƐ ĂŶĚ ŽĂƌĚ ŽĨ
WĞƌƐĞƌŽĂŶĂƚĂƐƚŝŶĚĂŬĂŶƉĞŶŐĂǁĂƐĂŶĚĂŶƉĞŶŐƵƌƵƐĂŶLJĂŶŐ ŝƌĞĐƚŽƌƐ ŽĨ ƚŚĞ ŽŵƉĂŶLJ ĨŽƌ ƚŚĞŝƌ ƐƵƉĞƌǀŝƐŽƌLJ ĂŶĚ
ĚŝůĂŬƵŬĂŶĚĂůĂŵƚĂŚƵŶďƵŬƵLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭ ƌĞƐƉŽŶƐŝďŝůŝƚLJ ŵĂĚĞ ŝŶ ƚŚĞ ĨŝƐĐĂů LJĞĂƌ ĞŶĚŝŶŐ ĞĐĞŵďĞƌ
ĞƐĞŵďĞƌϮϬϮϰ͘ ϯϭ͕ϮϬϮϰ͘
Ϯ WĞƌƐĞƚƵũƵĂŶWĞŶĞƚĂƉĂŶƉĞŶŐŐƵŶĂĂŶ ůĂďĂďĞƌƐŝŚWĞƌƐĞƌŽĂŶ ƉƉƌŽǀĂů ĂŶĚ ůůŽĐĂƚŝŽŶ ĨŽƌ ƵƐĞ ŽĨ ƚŚĞ ŽŵƉĂŶLJΖƐ ŶĞƚ
ƵŶƚƵŬƚĂŚƵŶďƵŬƵLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂϯϭĞƐĞŵďĞƌϮϬϮϰ͘ ƉƌŽĨŝƚ ĨŽƌ ƚŚĞ ĨŝŶĂŶĐŝĂů LJĞĂƌ ĞŶĚĞĚ ŽŶ ĞĐĞŵďĞƌ ϯϭ͕
ϮϬϮϰ͘
ϯ WĞŶƵŶũƵŬĂŶ ŬƵŶƚĂŶ WƵďůŝŬ ƵŶƚƵŬ ŵĞŵĞƌŝŬƐĂ ĂƚĂƵ ƉƉŽŝŶƚŵĞŶƚ ŽĨ ƚŚĞ WƵďůŝĐ ĐĐŽƵŶƚĂŶƚ ǁŚŽ ǁŝůů ĂƵĚŝƚ
ŵĞŶŐĂƵĚŝƚ ďƵŬƵ WĞƌƐĞƌŽĂŶ ƚĂŚƵŶ ďƵŬƵ ϮϬϮϱ ĚĂŶ ƚŚĞ ŽŵƉĂŶLJΖƐ ĨŽƌ ƚŚĞ ĨŝŶĂŶĐŝĂů LJĞĂƌ ϮϬϮϱ ĂŶĚ ŐƌĂŶƚ
ƉĞŵďĞƌŝĂŶ ǁĞǁĞŶĂŶŐ ŬĞƉĂĚĂ ŝƌĞŬƐŝ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ĂƵƚŚŽƌŝƚLJ ƚŽ ƚŚĞ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ ŽĨ ƚŚĞ ŽŵƉĂŶLJ ƚŽ
ŵĞŶĞƚĂƉŬĂŶũƵŵůĂŚŚŽŶŽƌĂƌŝƵŵŬƵŶƚĂŶWƵďůŝŬ͘ ĚĞƚĞƌŵŝŶĞ ƚŚĞ ĂŵŽƵŶƚ ŽĨ ŚŽŶŽƌĂƌŝƵŵ ŽĨ WƵďůŝĐ
ĐĐŽƵŶƚĂŶƚ͘
ϰ WĞŵďĞƌŝĂŶŬƵĂƐĂĚĂŶǁĞǁĞŶĂŶŐŬĞƉĂĚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐ WƌŽǀŝĚŝŶŐ ĂƵƚŚŽƌŝnjĂƚŝŽŶ ƚŽ ƚŚĞŽĂƌĚŽĨ ŽŵŵŝƐƐŝŽŶĞƌƐ
WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ƉĞŶĞƚĂƉĂŶ ŚŽŶŽƌĂƌŝƵŵ͕ ŐĂũŝ͕ ƚƵŶũĂŶŐĂŶ͕ ŽĨƚŚĞŽŵƉĂŶLJĨŽƌĚĞƚĞƌŵŝŶŝŶŐŽĨŚŽŶŽƌĂƌŝƵŵ͕ƐĂůĂƌLJ͕
ďŽŶƵƐ ĚĂŶ ĂƚĂƵ ƌĞŵƵŶĞƌĂƐŝ ůĂŝŶŶLJĂ ďĂŐŝ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ ĂůůŽǁĂŶĐĞƐ͕ ďŽŶƵƐĞƐ Žƌ ŽƚŚĞƌ ƌĞŵƵŶĞƌĂƚŝŽŶ ĨŽƌ
ĚĂŶĞǁĂŶ<ŽŵŝƐĂƌŝƐWĞƌƐĞƌŽĂŶ͘ ŵĞŵďĞƌƐ ŽĨ ƚŚĞ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ ĂŶĚ ŽĂƌĚ ŽĨ
ŽŵŵŝƐƐŝŽŶĞƌƐŽĨƚŚĞŽŵƉĂŶLJ͘
ϱ WĞƌƐĞƚƵũƵĂŶ ƉĞƌƵďĂŚĂŶ ƐƵƐƵŶĂŶ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ ĚĂŶ ƉƉƌŽǀĂů ŽĨ ƚŚĞ ĐŚĂŶŐĞƐ ŝŶ ƚŚĞ ŵĞŵďĞƌƐ ŽĨ ŽĂƌĚ ŽĨ
ĂŶŐŐŽƚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐWĞƌƐĞƌŽĂŶ͘ ŝƌĞĐƚŽƌƐĂŶĚŽĂƌĚŽĨŽŵŵŝƐƐŝŽŶĞƌƐŽĨƚŚĞŽŵƉĂŶLJ͘
,ĂƐŝů<ĞƉƵƚƵƐĂŶZhW^ϮϬϮϱ
'ĞŶĞƌĂů^ŚĂƌĞŚŽůĚĞƌƐDĞĞƚŝŶŐZĞƐƵůƚƐϮϬϮϱ
ϭ DĞŶLJĞƚƵũƵŝ >ĂƉŽƌĂŶ dĂŚƵŶĂŶ ƐĞƌƚĂ ŵĞŶŐĞƐĂŚŬĂŶ EĞƌĂĐĂ ƉƉƌŽǀĂůŽĨƚŚĞŶŶƵĂůZĞƉŽƌƚĂŶĚǀĞƌŝĨŝĞĚƚŚĞĂůĂŶĐĞ
ĚĂŶ WĞƌŚŝƚƵŶŐĂŶ >ĂďĂ ZƵŐŝ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ƚĂŚƵŶ ďƵŬƵ ^ŚĞĞƚ ĂŶĚ /ŶĐŽŵĞ ^ƚĂƚĞŵĞŶƚ ŽĨ ƚŚĞ ŽŵƉĂŶLJ ĨŽƌ LJĞĂƌ
LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϮϰ ƐĞƌƚĂ ĞŶĚĞĚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϰ ĂƐ ǁĞůů ĂƐ ĨƵůůLJ ƌĞůŝĞǀĞĚ
ŵĞŵďĞƌŝŬĂŶ ƉĞŵďĞďĂƐĂŶ ƚĂŶŐŐƵŶŐ ũĂǁĂď ƐĞƉĞŶƵŚŶLJĂ ;ĂĐƋƵŝƚ Ğƚ ĚĞ ĐŚĂƌŐĞͿ ƚŚĞ K ĂŶĚ K ĨƌŽŵ ƚŚĞ
;ĂĐƋƵŝƚĞƚĚĞĐŚĂƌŐĞͿŬĞƉĂĚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐĚĂŶŝƌĞŬƐŝ ƌĞƐƉŽŶƐŝďŝůŝƚLJ ŽĨ ŵŽŶŝƚŽƌŝŶŐ ĂŶĚ ŵĂŶĂŐŝŶŐ ĚƵƌŝŶŐ ƚŚĞ
WĞƌƐĞƌŽĂŶĂƚĂƐƚŝŶĚĂŬĂŶƉĞŶŐĂǁĂƐĂŶĚĂŶƉĞŶŐƵƌƵƐĂŶLJĂŶŐ LJĞĂƌŬǁŚŝĐŚĞŶĚĞĚŽŶĞĐĞŵďĞƌϯϭ͕ϮϬϮϰ͘
ĚŝůĂŬƵŬĂŶĚĂůĂŵƚĂŚƵŶďƵŬƵLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭ
ĞƐĞŵďĞƌϮϬϮϰ͘
Ϯ DĞŶLJĞƚƵũƵŝ ƉĞŶŐŐƵŶĂĂŶ >ĂďĂ ĞƌƐŝŚ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ŐƌĞĞŵĞŶƚ ƚŽ ƵƐĞ Ăůů ƚŚĞ ƉƌŽĨŝƚ ŽĨ ƚŚĞ LJĞĂƌ ĞŶĚĞĚ ŽŶ
ƚĂŚƵŶďƵŬƵLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϰ ĞĐĞŵďĞƌϯϭ͕ϮϬϮϰĂƐƌĞƚĂŝŶĞĚĞĂƌŶŝŶŐ͘
ƐĞůƵƌƵŚŶLJĂƐĞďĂŐĂŝůĂďĂĚŝƚĂŚĂŶ͘
ϯ WĞŶƵŶũƵŬŬĂŶ ŬƵŶƚĂŶ WƵďůŝŬ :ŽŚĂŶŶĞƐ :ƵĂƌĂ ĚĂŶ ZĞŬĂŶ ƉƉŽŝŶƚĞĚ WƵďůŝĐ ĐĐŽƵŶƚĂŶƚ :ŽŚĂŶŶĞƐ :ƵĂƌĂ Θ ZĞŬĂŶ
ƵŶƚƵŬ ŵĞŵĞƌŝŬƐĂ ĂƚĂƵ ŵĞŶŐĂƵĚŝƚ ďƵŬƵ WĞƌƐĞƌŽĂŶ ƚĂŚƵŶ ƚŽĂƵĚŝƚƚŚĞŽŵƉĂŶLJ͛ƐĨŝŶĂŶĐŝĂůŬŝŶϮϬϮϱĂƐǁĞůůĂƐ
ďƵŬƵ ϮϬϮϱ͘ ^ĞƌƚĂ ŵĞŵďĞƌŝŬĂŶ ǁĞǁĞŶĂŶŐ ŬĞƉĂĚĂ ŝƌĞŬƐŝ ŐĂǀĞ ĂƵƚŚŽƌŝƚLJ ĨŽƌ ŝƌĞĐƚŽƌƐ ƚŽ ŵĂŬĞ ĚĞĐŝƐŝŽŶƐ
ƵŶƚƵŬƉĞŶĞƚĂƉĂŶũƵŵůĂŚŚŽŶŽƌĂƌŝƵŵŬƵŶƚĂŶWƵďůŝŬ͘ ƌĞŐĂƌĚŝŶŐŚŽŶŽƌĂƌŝƵŵŽĨWƵďůŝĐĐĐŽƵŶƚĂŶƚ͘
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
ϰ WĞŶĞƚĂƉĂŶ ƉĞŵďĞƌŝĂŶ ŬƵĂƐĂ ĚĂŶ ǁĞǁĞŶĂŶŐ ŬĞƉĂĚĂ ƵƚŚŽƌŝnjĞĚ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ K ƚŽ ĚĞƚĞƌŵŝŶĞ ƚŚĞ
ĞǁĂŶ <ŽŵŝƐĂƌŝƐ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ŵĞŶĞƚĂƉŬĂŶ ĂŵŽƵŶƚŽĨŚŽŶŽƌĂƌŝƵŵ͕ƐĂůĂƌLJ͕ďĞŶĞĨŝƚ͕ďŽŶƵƐĂŶĚŽƚŚĞƌ
ŚŽŶŽƌĂƌŝƵŵ͕ ŐĂũŝ͕ ƚƵŶũĂŶŐĂŶ͕ ďŽŶƵƐ ĚĂŶͬĂƚĂƵ ƌĞŵƵŶĞƌĂƐŝ ƌĞŵƵŶĞƌĂƚŝŽŶƐĨŽƌKĂŶĚKŝŶϮϬϮϰ͘
ůĂŝŶŶLJĂ ďĂŐŝ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ ĚĂŶ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ƵŶƚƵŬ
ƚĂŚƵŶϮϬϮϰ͘
ϱ ZĂƉĂƚŵĞŶĞƌŝŵĂďĂŝŬĚĂŶŵĞŶLJĞƚƵũƵŝ͗ dŚĞŵĞĞƚŝŶŐƌĞĐĞŝǀĞĚǁĞůůĂŶĚĂƉƉƌŽǀĞĚ͗
o DĞŶLJĞƚƵũƵŝ ƉĞŶŐƵŶĚƵƌĂŶ Ěŝƌŝ ĂƉĂŬ ^ƚĞƉŚĞŶ o ƉƉƌŽǀŝŶŐ ƚŚĞ ƌĞƐŝŐŶĂƚŝŽŶ ŽĨ Dƌ͘ ^ƚĞƉŚĞŶ
ůĨƌĞĚ &ŝĞůĚ ƐĞůĂŬƵ ŝƌĞŬƚƵƌ hƚĂŵĂ WĞƌƐĞƌŽĂŶ ůĨƌĞĚ &ŝĞůĚ ĨƌŽŵ ŚŝƐ ƉŽƐŝƚŝŽŶ ĂƐ WƌĞƐŝĚĞŶƚ
ĞĨĞŬƚŝĨ ƐĞũĂŬ ƚĂŶŐŐĂů ϲ ĞƐĞŵďĞƌ ϮϬϮϰ ĚĂŶ ŝƌĞĐƚŽƌ ŽĨ ƚŚĞ ŽŵƉĂŶLJ͕ ĞĨĨĞĐƚŝǀĞ ĂƐ ŽĨ ϲ
ŵĞŵďĞƌŝŬĂŶ ƉĞůƵŶĂƐĂŶ ĚĂŶ ƉĞŵďĞďĂƐĂŶ ĞĐĞŵďĞƌϮϬϮϰ͕ĂŶĚŐƌĂŶƚŝŶŐŚŝŵĨƵůůƌĞůĞĂƐĞ
ƚĂŶŐŐƵŶŐ ũĂǁĂď ŬĞƉĂĚĂ ďĞůŝĂƵ ĂƚĂƐ ƚŝŶĚĂŬĂŶ ĂŶĚ ĚŝƐĐŚĂƌŐĞ ĨƌŽŵ ƌĞƐƉŽŶƐŝďŝůŝƚLJ ĨŽƌ ŚŝƐ
ŬĞƉĞŶŐƵƌƵƐĂŶŶLJĂ ĂƚĂƐ WĞƌƐĞƌŽĂŶ ƐĞůĂŵĂ ŵĂƐĂ ŵĂŶĂŐĞŵĞŶƚ ĂĐƚŝŽŶƐ ŝŶ ƚŚĞ ŽŵƉĂŶLJ ĚƵƌŝŶŐ
ũĂďĂƚĂŶŶLJĂ ƐĞƉĂŶũĂŶŐ ƚŝŶĚĂŬĂŶ ƚĞƌƐĞďƵƚ ŚŝƐ ƚĞƌŵ ŽĨ ŽĨĨŝĐĞ͕ ŝŶƐŽĨĂƌ ĂƐ ƐƵĐŚ ĂĐƚŝŽŶƐ ĂƌĞ
ƚĞƌĐĞƌŵŝŶĚĂůĂŵďƵŬƵWĞƌƐĞƌŽĂŶ͘ ƌĞĨůĞĐƚĞĚŝŶƚŚĞŽŵƉĂŶLJ͛ƐŬƐ͘
o DĞŶLJĞƚƵũƵŝ ƉĞŶŐĂŶŐŬĂƚĂŶ /ďƵ ŶŝƚĂ DĂƌƚĂ o ƉƉƌŽǀŝŶŐ ƚŚĞ ĂƉƉŽŝŶƚŵĞŶƚ ŽĨ DƐ͘ ŶŝƚĂ
ƐĞďĂŐĂŝ ŝƌĞŬƚƵƌ hƚĂŵĂ WĞƌƐĞƌŽĂŶ͕ LJĂŶŐ ďĞƌůĂŬƵ DĂƌƚĂ ĂƐ WƌĞƐŝĚĞŶƚ ŝƌĞĐƚŽƌ ŽĨ ƚŚĞ ŽŵƉĂŶLJ͕
ĞĨĞŬƚŝĨ ƐĞƚĞůĂŚ ĚŝƚƵƚƵƉŶLJĂ ZĂƉĂƚ ŝŶŝ͘ ^ĞŚŝŶŐŐĂ ĞĨĨĞĐƚŝǀĞ ƵƉŽŶ ƚŚĞ ĐůŽƐŝŶŐ ŽĨ ƚŚŝƐ DĞĞƚŝŶŐ͘
ƚĞƌŚŝƚƵŶŐ ƐĞũĂŬ ƚĂŶŐŐĂů ĚŝƚƵƚƵƉŶLJĂ ZĂƉĂƚ ŝŶŝ ĐĐŽƌĚŝŶŐůLJ͕ĂƐĨƌŽŵƚŚĞĚĂƚĞŽĨƚŚĞĐůŽƐŝŶŐŽĨ
ƐĂŵƉĂŝ ĚĞŶŐĂŶ ƚĂŶŐŐĂů Ϭϯ :ƵŶŝ ϮϬϮϵ͕ ƐƵƐƵŶĂŶ ƚŚŝƐ DĞĞƚŝŶŐ ƵŶƚŝů ϯ :ƵŶĞ ϮϬϮϵ͕ ƚŚĞ
ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ ĚĂŶ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ WĞƌƐĞƌŽĂŶ ĐŽŵƉŽƐŝƚŝŽŶ ŽĨ ƚŚĞ ŵĞŵďĞƌƐ ŽĨ ƚŚĞ ŽĂƌĚ ŽĨ
ŵĂŶũĂĚŝƐĞďĂŐĂŝďĞƌŝŬƵƚ͗ ŝƌĞĐƚŽƌƐ ĂŶĚ ƚŚĞ ŽĂƌĚ ŽĨ ŽŵŵŝƐƐŝŽŶĞƌƐ ŽĨ
ƚŚĞŽŵƉĂŶLJƐŚĂůůďĞĂƐĨŽůůŽǁƐ͗
ĞǁĂŶ<ŽŵŝƐĂƌŝƐͬŽĂƌĚŽĨŽŵŵŝƐƐŝŽŶĞƌƐ
<ŽŵŝƐĂƌŝƐhƚĂŵĂͬWƌĞƐŝĚĞŶƚŽŵŵŝƐƐŝŽŶĞƌƐ ͗ ŶƚŽŶ^ĂŶƚŽƐŽ
<ŽŵŝƐĂƌŝƐͬŽŵŵŝƐƐŝŽŶĞƌƐ ͗ /ƌ͘&ƌĞĚĚLJ^ĂŶƚŽƐŽ
<ŽŵŝƐĂƌŝƐ/ŶĚĞƉĞŶĚĞŶͬ/ŶĚĞƉĞŶĚĞŶƚŽŵŵŝƐƐŝŽŶĞƌƐ ͗ ŶĂƐƚĂƐŝĂŚƌŝƐƚŝŶĂǁĂƚŝ:ĂLJĂ^ĂƉƵƚƌĂ
ĞǁĂŶŝƌĞŬƐŝͬŽĂƌĚŽĨŝƌĞĐƚŽƌƐ
ŝƌĞŬƚƵƌhƚĂŵĂͬWƌĞƐŝĚĞŶƚŝƌĞĐƚŽƌ ͗ ŶŝƚĂDĂƌƚĂ
ŝƌĞŬƚƵƌͬŝƌĞĐƚŽƌ ͗ ŝĂŶƌŝLJĂŶƚŝtŝũĂLJĂ
ZĞĂůŝƐĂƐŝ,ĂƐŝůZhW^dϮϬϮϱ ϮϬϮϱ'D^ZĞƐƵůƚƐZĞĂůŝnjĂƚŝŽŶ
^ĞůƵƌƵŚŬĞƉƵƚƵƐĂŶZhW^dϮϬϮϱƉĂĚĂƚĂŶŐŐĂů ůůĚĞĐŝƐŝŽŶƐ ŽĨƚŚĞϮϬϮϱ 'D^ ŽŶDĂƌĐŚ ϱ͕
ϱDĂƌĞƚϮϬϮϱƚĞůĂŚĚŝƌĞĂůŝƐĂƐŝƐĞƉĞŶƵŚŶLJĂĚŝϮϬϮϱ͘ ϮϬϮϱŚĂǀĞďĞĞŶĨƵůůLJƌĞĂůŝnjĞĚŝŶϮϬϮϱ͘
WĞůĂŬƐĂŶĂĂŶZhW^dĂŚƵŶĂŶϮϬϮϰ ŶŶƵĂů'D^ŝŶϮϬϮϰ
WĞůĂŬƐĂŶĂĂŶZĂƉĂƚhŵƵŵWĞŵĞŐĂŶŐ^ĂŚĂŵ ŶŶƵĂů 'ĞŶĞƌĂů ^ŚĂƌĞŚŽůĚĞƌƐ DĞĞƚŝŶŐ ŝŶ
dĂŚƵŶĂŶ ƚĂŚƵŶ ƉĂĚĂ ƚĂŚƵŶ ϮϬϮϰ ĚŝƐĞůĞŶŐŐĂƌĂŬĂŶ ϮϬϮϰǁĂƐŚĞůĚŝŶDĞŶĂƌĂ^ƵĚŝƌŵĂŶ>ĂŶƚĂŝϴ͕:ĂůĂŶ
Ěŝ DĞŶĂƌĂ ^ƵĚŝƌŵĂŶ >ĂŶƚĂŝ ϴ͕ :ĂůĂŶ :ĞŶĚĞƌĂů :ĞŶĚĞƌĂů ^ƵĚŝƌŵĂŶ <ĂǀĞůŝŶŐ ϲϬ͕ :ĂŬĂƌƚĂ ^ĞůĂƚĂŶ͕
^ƵĚŝƌŵĂŶ <ĂǀĞůŝŶŐ ϲϬ͕ :ĂŬĂƌƚĂ ^ĞůĂƚĂŶ ĚĂŶ ǁŚŝůĞ ĂŝƌĞĚ ǀŝƌƚƵĂůůLJ Žƌ ĞͲ'D^ ƵƐŝŶŐ ƚŚĞ ƐLJƐƚĞŵ
ĚŝƚĂLJĂŶŐŬĂŶ ǀŝƌƚƵĂů ĂƚĂƵ ĞͲZhW^ ƐĞĐĂƌĂ ƉĂƌĂůĞů ƉƌŽǀŝĚĞĚďLJWd<ƵƐƚŽĚŝĂŶ^ĞŶƚƌĂů ĨĞŬ/ŶĚŽŶĞƐŝĂ;Wd
ĚĞŶŐĂŶŵĞŶŐŐƵŶĂŬĂŶƐŝƐƚĞŵLJĂŶŐĚŝƐĞĚŝĂŬĂŶŽůĞŚ <^ /ͿŶĂŵĞůLJĞ^z͘<^ /͘
Wd<ƵƐƚŽĚŝĂŶ^ĞŶƚƌĂů ĨĞŬ/ŶĚŽŶĞƐŝĂ;Wd<^ /ͿLJĂŝƚƵ
Ğ^z͘<^ /͘
Wd &Ƶũŝ &ŝŶĂŶĐĞ /ŶĚŽŶĞƐŝĂ dďŬ Wd &Ƶũŝ &ŝŶĂŶĐĞ /ŶĚŽŶĞƐŝĂ dďŬ ŚĂĚ ŚĞůĚ ƚŚĞ
ŵĞŶLJĞůĞŶŐŐĂƌĂŬĂŶZĂƉĂƚhŵƵŵWĞŵĞŐĂŶŐ^ĂŚĂŵ ŶŶƵĂů 'ĞŶĞƌĂů ^ŚĂƌĞŚŽůĚĞƌƐ DĞĞƚŝŶŐ ŽŶ dƵĞƐĚĂLJ
dĂŚƵŶĂŶ ƉĂĚĂ ŚĂƌŝ ^ĞůĂƐĂ ƚĂŶŐŐĂů ϰ :ƵŶŝ ϮϬϮϰ ĚĂƚĞĚ :ƵŶĞ ϰ͕ ϮϬϮϰ Ăƚ DĞŶĂƌĂ ^ƵĚŝƌŵĂŶ ƵŝůĚŝŶŐ
ďĞƌƚĞŵƉĂƚ Ěŝ 'ĞĚƵŶŐ DĞŶĂƌĂ ^ƵĚŝƌŵĂŶ >ƚ͘ϴ͕ :ů͘ ϴƚŚ &ůŽŽƌ͕ :ů͘ :ĞŶĚ͘ ^ƵĚŝƌŵĂŶ <Ăǀ͘ϲϬ :ĂŬĂƌƚĂ
:ĞŶĚ͘ ^ƵĚŝƌŵĂŶ <Ăǀ͘ϲϬ :ĂŬĂƌƚĂ ^ĞůĂƚĂŶ͘ ZĂƉĂƚ ^ĞůĂƚĂŶ͘ dŚĞ ŵĞĞƚŝŶŐ ǁĂƐ ĂƚƚĞŶĚĞĚ ďLJ ƚŚĞ
ĚŝŚĂĚŝƌŝ ŽůĞŚ ƉĞŵĞŐĂŶŐ ƐĂŚĂŵ ĚĂŶͬĂƚĂƵ ŬƵĂƐĂ ƐŚĂƌĞŚŽůĚĞƌƐĂŶĚͬŽƌƚŚĞŝƌƉƌŽdžŝĞƐŝŶƉĞƌƐŽŶĂŶĚďLJ
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
ƉĞŵĞŐĂŶŐƐĂŚĂŵWĞƌƐĞƌŽĂŶƐĞĐĂƌĂĨŝƐŝŬĚĂŶǀŝƌƚƵĂů ǀŝƌƚƵĂůůLJ ƚŚƌŽƵŐŚ ƚŚĞ Ğ^z͘<^ / ƐLJƐƚĞŵ ǁŝƚŚ ƚŚĞ
ŵĞůĂůƵŝƐŝƐƚĞŵĞ^z͘<^ /ĚĞŶŐĂŶũƵŵůĂŚŬĞŚĂĚŝƌĂŶ ŶƵŵďĞƌ ĂƚƚĞŶĚĂŶĐĞ ĂŵŽƵŶƚĞĚ ƚŽ ϭ͕ϭϵϯ͕ϬϴϬ͕ϮϬϬ
ϭ͘ϭϵϯ͘ϬϴϬ͘ϮϬϬ ƐĂŚĂŵ ĂƚĂƵ ϵϭ͕ϳϴй ĚĂƌŝ ƐĞůƵƌƵŚ ƐŚĂƌĞƐ Žƌ ϵϭ͘ϳϴй ŽĨ Ăůů ƐŚĂƌĞƐ ŝƐƐƵĞĚ ďLJ ƚŚĞ
ƐĂŚĂŵ LJĂŶŐ ĚŝŬĞůƵĂƌŬĂŶ WĞƌƐĞƌŽĂŶ LJĂŶŐ ŵĞŵŝůŝŬŝ ŽŵƉĂŶLJǁŚŝĐŚŚĂǀĞǀŽƚŝŶŐƌŝŐŚƚƐ͘
ŚĂŬƐƵĂƌĂLJĂŶŐƐĂŚ͘
ŶŐŐŽƚĂ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ĚĂŶ ĞǁĂŶ DĞŵďĞƌƐ ŽĨ ŽĂƌĚ ŽĨ ŽŵŵŝƐƐŝŽŶĞƌƐ ĂŶĚ
ŝƌĞŬƐŝLJĂŶŐŚĂĚŝƌƐĞĐĂƌĂůĂŶŐƐƵŶŐ͕LJĂŝƚƵ͗ ŵĞŵďĞƌƐ ŽĨ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ ǁŚŽ ĂƚƚĞŶĚĞĚ ŝŶ
ƉĞƌƐŽŶǁĞƌĞ͗
ĞǁĂŶ<ŽŵŝƐĂƌŝƐͬŽĂƌĚŽĨŽŵŵŝƐƐŝŽŶĞƌƐ
<ŽŵŝƐĂƌŝƐhƚĂŵĂͬWƌĞƐŝĚĞŶƚŽŵŵŝƐƐŝŽŶĞƌƐ ͗ ŶƚŽŶ^ĂŶƚŽƐŽ
<ŽŵŝƐĂƌŝƐͬŽŵŵŝƐƐŝŽŶĞƌƐ ͗ /ƌ͘&ƌĞĚĚLJ^ĂŶƚŽƐŽ
ĞǁĂŶŝƌĞŬƐŝͬŽĂƌĚŽĨŝƌĞĐƚŽƌƐ
ŝƌĞŬƚƵƌhƚĂŵĂͬWƌĞƐŝĚĞŶƚŝƌĞĐƚŽƌ ͗ ŶŝƚĂDĂƌƚĂ
ŝƌĞŬƚƵƌͬŝƌĞĐƚŽƌ ͗ ŝĂŶƌŝLJĂŶƚŝtŝũĂLJĂ
ZhW^d Ěŝ ƚĂŚƵŶ ϮϬϮϰ ƵŶƚƵŬ ƚĂŚƵŶ ďƵŬƵ ϮϬϮϯ dŚĞ ŶŶƵĂů 'ĞŶĞƌĂů ^ŚĂƌĞŚŽůĚĞƌƐ DĞĞƚŝŶŐ ŝŶ
ƚĞůĂŚ ĚŝƐĂŚŬĂŶ ĚĂůĂŵ ŬƚĂ EŽ͘Ϭϭ EŽƚĂƌŝƐ ŶĚĂůŝĂ ϮϬϮϰ ĨŽƌ ƚŚĞ ĨŝŶĂŶĐŝĂů LJĞĂƌ ϮϬϮϯ ŚĂĚ ďĞĞŶ ƌĂƚŝĨŝĞĚ ŝŶ
&ĂƌŝĚĂ͕ ^͘,͕͘ D͘,͘ ƉĂĚĂ ƚĂŶŐŐĂů ϰ :ƵŶŝ ϮϬϮϰ͕ ĚĞŶŐĂŶ ĞĞĚ EŽ͘Ϭϭ ďLJ EŽƚĂƌLJ ŶĚĂůŝĂ &ĂƌŝĚĂ͕ ^͘,͕͘ D͘,͘
ƌŝŶĐŝĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗ ĚĂƚĞĚ:ƵŶĞϰ͕ϮϬϮϰǁŝƚŚƚŚĞĨŽůůŽǁŝŶŐĚĞƚĂŝůƐ͗
ŐĞŶĚĂZhW^ϮϬϮϰ
'ĞŶĞƌĂů^ŚĂƌĞŚŽůĚĞƌƐDĞĞƚŝŶŐŐĞŶĚĂϮϬϮϰ
ϭ WĞƌƐĞƚƵũƵĂŶ >ĂƉŽƌĂŶ dĂŚƵŶĂŶ ƐĞƌƚĂ ŵĞŶŐĞƐĂŚŬĂŶ EĞƌĂĐĂ ƉƉƌŽǀĂů ŽĨ ƚŚĞ ŶŶƵĂů ZĞƉŽƌƚ͕ ŶĚŽƌƐĞŵĞŶƚ ŽĨ
ĚĂŶ WĞƌŚŝƚƵŶŐĂŶ >ĂďĂ ZƵŐŝ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ƚĂŚƵŶ ďƵŬƵ ĂůĂŶĐĞ ^ŚĞĞƚ ĂŶĚ WƌŽĨŝƚ ĂŶĚ>ŽƐƐ ^ƚĂƚĞŵĞŶƚ ĨŽƌ ƚŚĞ
LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϮϯ ƐĞƌƚĂ ĨŝŶĂŶĐŝĂů LJĞĂƌ ĞŶĚŝŶŐ ŽŶ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϯ ĂŶĚ ƚŽ
ŵĞŵďĞƌŝŬĂŶ ƉĞŵďĞďĂƐĂŶ ƚĂŶŐŐƵŶŐ ũĂǁĂď ƐĞƉĞŶƵŚŶLJĂ ƉƌŽǀŝĚĞ ƚŚĞ ƌĞƐƉŽŶƐŝďŝůŝƚLJ ƌĞůĞĂƐĞ ĂŶĚ ĚŝƐĐŚĂƌŐĞ
;ĂĐƋƵŝƚĞƚĚĞĐŚĂƌŐĞͿŬĞƉĂĚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐĚĂŶŝƌĞŬƐŝ ;ĐƋƵŝƚ Ğƚ ĚĞ ĐŚĂƌŐĞͿ ƚŽ ƚŚĞ ŽĂƌĚ ŽĨ ŽŵŵŝƐƐŝŽŶĞƌƐ
WĞƌƐĞƌŽĂŶĂƚĂƐƚŝŶĚĂŬĂŶƉĞŶŐĂǁĂƐĂŶĚĂŶƉĞŶŐƵƌƵƐĂŶLJĂŶŐ ĂŶĚ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ ŽĨ ƚŚĞ ŽŵƉĂŶLJ ĨŽƌ ƚŚĞŝƌ
ĚŝůĂŬƵŬĂŶĚĂůĂŵƚĂŚƵŶďƵŬƵLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭ ƐƵƉĞƌǀŝƐŽƌLJ ĂŶĚ ƌĞƐƉŽŶƐŝďŝůŝƚLJ ŵĂĚĞ ŝŶ ƚŚĞ ĨŝƐĐĂů LJĞĂƌ
ĞƐĞŵďĞƌϮϬϮϯ͘ ĞŶĚŝŶŐĞĐĞŵďĞƌϯϭ͕ϮϬϮϯ͘
Ϯ WĞƌƐĞƚƵũƵĂŶWĞŶĞƚĂƉĂŶƉĞŶŐŐƵŶĂĂŶ ůĂďĂďĞƌƐŝŚWĞƌƐĞƌŽĂŶ ƉƉƌŽǀĂůĂŶĚůůŽĐĂƚŝŽŶĨŽƌƵƐĞŽĨƚŚĞŽŵƉĂŶLJΖƐŶĞƚ
ƵŶƚƵŬƚĂŚƵŶďƵŬƵLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂϯϭĞƐĞŵďĞƌϮϬϮϯ͘ ƉƌŽĨŝƚ ĨŽƌ ƚŚĞ ĨŝŶĂŶĐŝĂů LJĞĂƌ ĞŶĚĞĚ ŽŶ ĞĐĞŵďĞƌ ϯϭ͕
ϮϬϮϯ͘
ϯ WĞŶƵŶũƵŬĂŶ ŬƵŶƚĂŶ WƵďůŝŬ ƵŶƚƵŬ ŵĞŵĞƌŝŬƐĂ ĂƚĂƵ ƉƉŽŝŶƚŵĞŶƚŽĨƚŚĞWƵďůŝĐĐĐŽƵŶƚĂŶƚǁŚŽǁŝůůĂƵĚŝƚ
ŵĞŶŐĂƵĚŝƚ ďƵŬƵ WĞƌƐĞƌŽĂŶ ƚĂŚƵŶ ďƵŬƵ ϮϬϮϰ ĚĂŶ ƚŚĞ ŽŵƉĂŶLJΖƐ ĨŽƌ ƚŚĞ ĨŝŶĂŶĐŝĂů LJĞĂƌ ϮϬϮϰ ĂŶĚ ŐƌĂŶƚ
ƉĞŵďĞƌŝĂŶ ǁĞǁĞŶĂŶŐ ŬĞƉĂĚĂ ŝƌĞŬƐŝ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ĂƵƚŚŽƌŝƚLJƚŽƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐŽĨƚŚĞŽŵƉĂŶLJƚŽ
ŵĞŶĞƚĂƉŬĂŶũƵŵůĂŚŚŽŶŽƌĂƌŝƵŵŬƵŶƚĂŶWƵďůŝŬ͘ ĚĞƚĞƌŵŝŶĞ ƚŚĞ ĂŵŽƵŶƚ ŽĨ ŚŽŶŽƌĂƌŝƵŵ ŽĨ WƵďůŝĐ
ĐĐŽƵŶƚĂŶƚ͘
ϰ WĞŵďĞƌŝĂŶŬƵĂƐĂĚĂŶǁĞǁĞŶĂŶŐŬĞƉĂĚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐ WƌŽǀŝĚŝŶŐ ĂƵƚŚŽƌŝnjĂƚŝŽŶ ƚŽ ƚŚĞ ŽĂƌĚ ŽĨ
WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ƉĞŶĞƚĂƉĂŶ ŚŽŶŽƌĂƌŝƵŵ͕ ŐĂũŝ͕ ƚƵŶũĂŶŐĂŶ͕ ŽŵŵŝƐƐŝŽŶĞƌƐ ŽĨ ƚŚĞ ŽŵƉĂŶLJ ĨŽƌ ĚĞƚĞƌŵŝŶŝŶŐ ŽĨ
ďŽŶƵƐ ĚĂŶ ĂƚĂƵ ƌĞŵƵŶĞƌĂƐŝ ůĂŝŶŶLJĂ ďĂŐŝ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ ŚŽŶŽƌĂƌŝƵŵ͕ ƐĂůĂƌLJ͕ ĂůůŽǁĂŶĐĞƐ͕ ďŽŶƵƐĞƐ Žƌ ŽƚŚĞƌ
ĚĂŶĞǁĂŶ<ŽŵŝƐĂƌŝƐWĞƌƐĞƌŽĂŶ͘ ƌĞŵƵŶĞƌĂƚŝŽŶ ĨŽƌ ŵĞŵďĞƌƐ ŽĨ ƚŚĞ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ
ĂŶĚŽĂƌĚŽĨŽŵŵŝƐƐŝŽŶĞƌƐŽĨƚŚĞŽŵƉĂŶLJ͘
ϱ WĞƌƐĞƚƵũƵĂŶ ƉĞƌƵďĂŚĂŶ ƐƵƐƵŶĂŶ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ ĚĂŶ ƉƉƌŽǀĂů ŽĨ ƚŚĞ ĐŚĂŶŐĞƐŝŶƚŚĞ ŵĞŵďĞƌƐ ŽĨ ŽĂƌĚŽĨ
ĂŶŐŐŽƚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐWĞƌƐĞƌŽĂŶ͘ ŝƌĞĐƚŽƌƐ ĂŶĚ ŽĂƌĚ ŽĨ ŽŵŵŝƐƐŝŽŶĞƌƐ ŽĨ ƚŚĞ
ŽŵƉĂŶLJ͘
ϲ WĞƌƐĞƚƵũƵĂŶƉĞƌƵďĂŚĂŶĂůĂŵĂƚWĞƌƐĞƌŽĂŶ͘ ƉƉƌŽǀĂůŽĨƚŚĞĐŚĂŶŐĞƐŝŶƚŚĞŽŵƉĂŶLJ͛ƐĂĚĚƌĞƐƐ͘
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
,ĂƐŝů<ĞƉƵƚƵƐĂŶZhW^ϮϬϮϰ
'ĞŶĞƌĂů^ŚĂƌĞŚŽůĚĞƌƐDĞĞƚŝŶŐZĞƐƵůƚƐϮϬϮϰ
ϭ DĞŶLJĞƚƵũƵŝ >ĂƉŽƌĂŶ dĂŚƵŶĂŶ ƐĞƌƚĂ ŵĞŶŐĞƐĂŚŬĂŶ EĞƌĂĐĂ ƉƉƌŽǀĂů ŽĨ ƚŚĞ ŶŶƵĂů ZĞƉŽƌƚ ĂŶĚ ǀĞƌŝĨŝĞĚ ƚŚĞ
ĚĂŶ WĞƌŚŝƚƵŶŐĂŶ >ĂďĂ ZƵŐŝ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ƚĂŚƵŶ ďƵŬƵ ĂůĂŶĐĞ^ŚĞĞƚĂŶĚ/ŶĐŽŵĞ^ƚĂƚĞŵĞŶƚŽĨƚŚĞŽŵƉĂŶLJ
LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϮϯ ƐĞƌƚĂ ĨŽƌ LJĞĂƌ ĞŶĚĞĚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϯ ĂƐ ǁĞůů ĂƐ ĨƵůůLJ
ŵĞŵďĞƌŝŬĂŶ ƉĞŵďĞďĂƐĂŶ ƚĂŶŐŐƵŶŐ ũĂǁĂď ƐĞƉĞŶƵŚŶLJĂ ƌĞůŝĞǀĞĚ;ĂĐƋƵŝƚĞƚĚĞĐŚĂƌŐĞͿƚŚĞKĂŶĚKĨƌŽŵ
;ĂĐƋƵŝƚĞƚĚĞĐŚĂƌŐĞͿŬĞƉĂĚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐĚĂŶŝƌĞŬƐŝ ƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚLJŽĨŵŽŶŝƚŽƌŝŶŐĂŶĚŵĂŶĂŐŝŶŐĚƵƌŝŶŐ
WĞƌƐĞƌŽĂŶĂƚĂƐƚŝŶĚĂŬĂŶƉĞŶŐĂǁĂƐĂŶĚĂŶƉĞŶŐƵƌƵƐĂŶLJĂŶŐ ƚŚĞLJĞĂƌŬǁŚŝĐŚĞŶĚĞĚŽŶĞĐĞŵďĞƌϯϭ͕ϮϬϮϯ͘
ĚŝůĂŬƵŬĂŶĚĂůĂŵƚĂŚƵŶďƵŬƵLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭ
ĞƐĞŵďĞƌϮϬϮϯ͘
Ϯ DĞŶLJĞƚƵũƵŝ ƉĞŶŐŐƵŶĂĂŶ >ĂďĂ ĞƌƐŝŚ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ŐƌĞĞŵĞŶƚ ƚŽ ƵƐĞ Ăůů ƚŚĞƉƌŽĨŝƚŽĨ ƚŚĞ LJĞĂƌ ĞŶĚĞĚŽŶ
ƚĂŚƵŶďƵŬƵLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϯ ĞĐĞŵďĞƌϯϭ͕ϮϬϮϯĂƐƌĞƚĂŝŶĞĚĞĂƌŶŝŶŐ͘
ƐĞůƵƌƵŚŶLJĂƐĞďĂŐĂŝůĂďĂĚŝƚĂŚĂŶ͘
ϯ WĞŶƵŶũƵŬŬĂŶ ŬƵŶƚĂŶ WƵďůŝŬ :ŽŚĂŶŶĞƐ :ƵĂƌĂ ĚĂŶ ZĞŬĂŶ ƉƉŽŝŶƚĞĚWƵďůŝĐĐĐŽƵŶƚĂŶƚ:ŽŚĂŶŶĞƐ:ƵĂƌĂΘZĞŬĂŶ
ƵŶƚƵŬ ŵĞŵĞƌŝŬƐĂ ĂƚĂƵ ŵĞŶŐĂƵĚŝƚ ďƵŬƵ WĞƌƐĞƌŽĂŶ ƚĂŚƵŶ ƚŽĂƵĚŝƚƚŚĞŽŵƉĂŶLJ͛ƐĨŝŶĂŶĐŝĂůŬŝŶϮϬϮϰĂƐǁĞůů
ďƵŬƵ ϮϬϮϰ͘ ^ĞƌƚĂ ŵĞŵďĞƌŝŬĂŶ ǁĞǁĞŶĂŶŐ ŬĞƉĂĚĂ ŝƌĞŬƐŝ ĂƐ ŐĂǀĞ ĂƵƚŚŽƌŝƚLJ ĨŽƌ ŝƌĞĐƚŽƌƐ ƚŽ ŵĂŬĞ ĚĞĐŝƐŝŽŶƐ
ƵŶƚƵŬƉĞŶĞƚĂƉĂŶũƵŵůĂŚŚŽŶŽƌĂƌŝƵŵŬƵŶƚĂŶWƵďůŝŬ͘ ƌĞŐĂƌĚŝŶŐŚŽŶŽƌĂƌŝƵŵŽĨWƵďůŝĐĐĐŽƵŶƚĂŶƚ͘
ϰ WĞŶĞƚĂƉĂŶ ƉĞŵďĞƌŝĂŶ ŬƵĂƐĂ ĚĂŶ ǁĞǁĞŶĂŶŐ ŬĞƉĂĚĂ ƵƚŚŽƌŝnjĞĚ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ K ƚŽ ĚĞƚĞƌŵŝŶĞ ƚŚĞ
ĞǁĂŶ <ŽŵŝƐĂƌŝƐ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ŵĞŶĞƚĂƉŬĂŶ ĂŵŽƵŶƚ ŽĨ ŚŽŶŽƌĂƌŝƵŵ͕ ƐĂůĂƌLJ͕ ďĞŶĞĨŝƚ͕ ďŽŶƵƐ ĂŶĚ
ŚŽŶŽƌĂƌŝƵŵ͕ ŐĂũŝ͕ ƚƵŶũĂŶŐĂŶ͕ ďŽŶƵƐ ĚĂŶͬĂƚĂƵ ƌĞŵƵŶĞƌĂƐŝ ŽƚŚĞƌƌĞŵƵŶĞƌĂƚŝŽŶƐĨŽƌKĂŶĚKŝŶϮϬϮϯ͘
ůĂŝŶŶLJĂ ďĂŐŝ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ ĚĂŶ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ƵŶƚƵŬ
ƚĂŚƵŶϮϬϮϯ͘
ϱ DĞŶLJĞƚƵũƵŝ ŵĞƌƵďĂŚ ĂůĂŵĂƚ WĞƌƐĞƌŽĂŶ LJĂŶŐ ƐĞďĞůƵŵŶLJĂ ƉƉƌŽǀĞĚ ŽĨ ƚŚĞ ĐŚĂŶŐĞ ŝŶŽŵƉĂŶLJ͛Ɛ ĂĚĚƌĞƐƐ ǁŚŝĐŚ
ďĞƌĚĂƐĂƌŬĂŶŶŐŐĂƌĂŶĂƐĂƌ͞ďĞƌĂůĂŵĂƚŬĂŶƚŽƌĚŝ'ĞĚƵŶŐ ǁĂƐ ͞ďĞƌĂůĂŵĂƚ ŬĂŶƚŽƌ Ěŝ 'ĞĚƵŶŐ DĞŶĂƌĂ ^ƵĚŝƌŵĂŶ
DĞŶĂƌĂ ^ƵĚŝƌŵĂŶ ůĂŶƚĂŝ ϴ͕ :ĂůĂŶ :ĞŶĚĞƌĂů ^ƵĚŝƌŵĂŶ ůĂŶƚĂŝϴ͕:ĂůĂŶ:ĞŶĚĞƌĂů^ƵĚŝƌŵĂŶ<ĂǀĞůŝŶŐϲϬ͕:ĂŬĂƌƚĂ
<ĂǀĞůŝŶŐϲϬ͕:ĂŬĂƌƚĂ^ĞůĂƚĂŶ͟ŵĞŶũĂĚŝ͞ďĞƌĂůĂŵĂƚŬĂŶƚŽƌĚŝ ^ĞůĂƚĂŶ͟ ƚŽ ͞ďĞƌĂůĂŵĂƚ ŬĂŶƚŽƌ Ěŝ 'ĞĚƵŶŐ DĞŶĂƌĂ
'ĞĚƵŶŐ DĞŶĂƌĂ ^ƵĚŝƌŵĂŶ͕ :ĂůĂŶ :ĞŶĚĞƌĂů ^ƵĚŝƌŵĂŶ ^ƵĚŝƌŵĂŶ͕ :ĂůĂŶ :ĞŶĚĞƌĂů ^ƵĚŝƌŵĂŶ <ĂǀĞůŝŶŐ ϲϬ͕
<ĂǀĞůŝŶŐϲϬ͕:ĂŬĂƌƚĂ^ĞůĂƚĂŶ͟ :ĂŬĂƌƚĂ^ĞůĂƚĂŶ͟
ϲ ZĂƉĂƚŵĞŶĞƌŝŵĂďĂŝŬĚĂŶŵĞŶLJĞƚƵũƵŝ͗ dŚĞŵĞĞƚŝŶŐƌĞĐĞŝǀĞĚǁĞůůĂŶĚĂƉƉƌŽǀĞĚ͗
o DĞŶLJĞƚƵũƵŝŵĞŵďĞƌŚĞŶƚŝŬĂŶĚĞŶŐĂŶŚŽƌŵĂƚĚĂŶ o ,ŽŶŽƌĂďůLJ ĚŝƐŵŝƐƐ ĂŶĚ ŐƌĂŶƚ ĂĐƋƵŝƚƚĂů ŽĨ
ŵĞŵďĞƌŝŬĂŶƉĞŵďĞďĂƐĂŶƚĂŶŐŐƵŶŐũĂǁĂď;ĂĐƋƵŝƚ ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ ;ĂĐƋƵŝƚ Ğƚ ĚĞ ĐŚĂƌŐĞͿ ƚŽ ƚŚĞ
Ğƚ ĚĞ ĐŚĂƌŐĞͿ ŬĞƉĂĚĂ ƐĞůƵƌƵŚ ĂŶŐŐŽƚĂ ĞǁĂŶ ĞŶƚŝƌĞŽĂƌĚŽĨŽŵŵŝƐƐŝŽŶĞƌƐĂŶĚŽĂƌĚŽĨ
<ŽŵŝƐĂƌŝƐĚĂŶŝƌĞŬƐŝWĞƌƐĞƌŽĂŶ͘ ŝƌĞĐƚŽƌƐŽĨƚŚĞŽŵƉĂŶLJ͘
o DĞŶLJĞƚƵũƵŝ ŵĞŶŐĂŶŐŬĂƚ ĂŶŐŐŽƚĂ ĞǁĂŶ o ƉƉƌŽǀĞĚ ƚŚĞ ĂƉƉŽŝŶƚŵĞŶƚ ŽĨ ŵĞŵďĞƌƐ ŽĨ
<ŽŵŝƐĂƌŝƐ ĚĂŶ ŝƌĞŬƐŝ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ƉĞƌŝŽĚĞ ϰ ƚŚĞ ŽĂƌĚ ŽĨ ŽŵŵŝƐƐŝŽŶĞƌƐ ĂŶĚ ŽĂƌĚ ŽĨ
:ƵŶŝ ϮϬϮϰ ʹ ϯ :ƵŶŝ ϮϬϮϵ͕ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ƵƐƵůĂŶ ŝƌĞĐƚŽƌƐ ŽĨ ƚŚĞ ŽŵƉĂŶLJ ĨŽƌ ƚŚĞ ƉĞƌŝŽĚ ŽĨ
ƉĞŵĞŐĂŶŐ ƐĂŚĂŵ WĞƌƐĞƌŽĂŶ͕ ĚĞŶŐĂŶ ƚŝĚĂŬ :ƵŶĞ ϰ͕ ϮϬϮϰ ƚŽ :ƵŶĞ ϯ͕ ϮϬϮϵ͕ ǁŝƚŚŽƵƚ
ŵĞŶŐƵƌĂŶŐŝ ŚĂŬ ZĂƉĂƚ hŵƵŵ WĞŵĞŐĂŶŐ ^ĂŚĂŵ ƉƌĞũƵĚŝĐĞƚŽƚŚĞƌŝŐŚƚŽĨƚŚĞ'D^ƚŽĚŝƐŵŝƐƐ
ƵŶƚƵŬ ŵĞŵďĞƌŚĞŶƚŝŬĂŶŶLJĂ ƐĞǁĂŬƚƵ ʹ ǁĂŬƚƵ͕ ƚŚĞŵĂƚĂŶLJƚŝŵĞ͕ƐŽƚŚĂƚĂƐŽĨƚŚĞĐůŽƐŝŶŐŽĨ
ƐĞŚŝŶŐŐĂ ƚĞƌŚŝƚƵŶŐ ƐĞũĂŬ ƚĂŶŐŐĂů ĚŝƚƵƚƵƉŶLJĂ ƚŚŝƐ DĞĞƚŝŶŐ͕ ƚŚĞ ĐŽŵƉŽƐŝƚŝŽŶ ŽĨ ƚŚĞ
ZĂƉĂƚ͕ ƐƵƐƵŶĂŶ ĂŶŐŐŽƚĂ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ĚĂŶ ŵĞŵďĞƌƐ ŽĨ ƚŚĞ ŽĂƌĚ ŽĨ ŽŵŵŝƐƐŝŽŶĞƌƐ ŽĨ
ŝƌĞŬƐŝWĞƌƐĞƌŽĂŶŵĞŶũĂĚŝƐĞďĂŐĂŝďĞƌŝŬƵƚ͗ ƚŚĞŽŵƉĂŶLJƐŚĂůůďĞĂƐĨŽůůŽǁƐ͗
ĞǁĂŶ<ŽŵŝƐĂƌŝƐͬŽĂƌĚŽĨŽŵŵŝƐƐŝŽŶĞƌƐ
<ŽŵŝƐĂƌŝƐhƚĂŵĂͬWƌĞƐŝĚĞŶƚŽŵŵŝƐƐŝŽŶĞƌƐ ͗ ŶƚŽŶ^ĂŶƚŽƐŽ
<ŽŵŝƐĂƌŝƐͬŽŵŵŝƐƐŝŽŶĞƌƐ ͗ /ƌ͘&ƌĞĚĚLJ^ĂŶƚŽƐŽ
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
<ŽŵŝƐĂƌŝƐ/ŶĚĞƉĞŶĚĞŶͬ/ŶĚĞƉĞŶĚĞŶƚŽŵŵŝƐƐŝŽŶĞƌƐ ͗ ŶĂƐƚĂƐŝĂŚƌŝƐƚŝŶĂǁĂƚŝ:ĂLJĂ^ĂƉƵƚƌĂ
ĞǁĂŶŝƌĞŬƐŝͬŽĂƌĚŽĨŝƌĞĐƚŽƌƐ
ŝƌĞŬƚƵƌhƚĂŵĂͬWƌĞƐŝĚĞŶƚŝƌĞĐƚŽƌ ͗ ^ƚĞƉŚĞŶůĨƌĞĚ&ŝĞůĚ
ŝƌĞŬƚƵƌͬŝƌĞĐƚŽƌ ͗ ŶŝƚĂDĂƌƚĂ
ŝƌĞŬƚƵƌͬŝƌĞĐƚŽƌ ͗ ŝĂŶƌŝLJĂŶƚŝtŝũĂLJĂ
ZĞĂůŝƐĂƐŝ,ĂƐŝůZhW^dϮϬϮϰ ϮϬϮϰ'D^ZĞƐƵůƚƐZĞĂůŝnjĂƚŝŽŶ
^ĞůƵƌƵŚŬĞƉƵƚƵƐĂŶZhW^dϮϬϮϰƉĂĚĂƚĂŶŐŐĂů ůů ĚĞĐŝƐŝŽŶƐ ŽĨ ƚŚĞ ϮϬϮϰ 'D^ ŽŶ :ƵŶĞ ϰ͕
ϰ:ƵŶŝϮϬϮϰƚĞůĂŚĚŝƌĞĂůŝƐĂƐŝƐĞƉĞŶƵŚŶLJĂĚŝϮϬϮϰ͘ ϮϬϮϰŚĂǀĞďĞĞŶĨƵůůLJƌĞĂůŝnjĞĚŝŶϮϬϮϰ͘
tE<KD/^Z/^'Z/ϮͲϵ
KZK&KDD/^^/KE Z^
DĞŶŐĂĐƵ ƉĂĚĂ WĞƌĂƚƵƌĂŶ K:< EŽ ϰϴͬϮϬϮϰ͕ ZĞĨĞƌƌŝŶŐ ƚŽ K:< ZĞŐƵůĂƚŝŽŶ EŽ͘ ϰϴͬϮϬϮϰ͕
ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ŵĞŵŝůŝŬŝ ƉĞƌĂŶ ƉĞŶƚŝŶŐ ƐĞďĂŐĂŝ ƚŚĞŽĂƌĚŽĨŽŵŵŝƐƐŝŽŶĞƌƐ ŚĂƐĂŶŝŵƉŽƌƚĂŶƚƌŽůĞ
ƉĞŶŐĂǁĂƐ ĚĂůĂŵ ŵĞŵĂƐƚŝŬĂŶ ƉĞŶĞƌĂƉĂŶ dĂƚĂ ĂƐ Ă ƐƵƉĞƌǀŝƐŽƌLJ ďŽĚLJ ŝŶ ĞŶƐƵƌŝŶŐ ƚŚĞ
<ĞůŽůĂ <ĞďĞƌůĂŶũƵƚĂŶ Ěŝ WĞƌƐĞƌŽĂŶ͘ WĞƌƐĞƌŽĂŶ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ ^ƵƐƚĂŝŶĂďŝůŝƚLJ 'ŽǀĞƌŶĂŶĐĞ
ƐĞŶĚŝƌŝ ƚĞůĂŚ ŵĞůĂŬƐĂŶĂŬĂŶ ŚĂů ƚĞƌƐĞďƵƚ ƐĞĐĂƌĂ ǁŝƚŚŝŶ ƚŚĞ ŽŵƉĂŶLJ͘ dŚĞ ŽŵƉĂŶLJ ŚĂƐ
ĞĨĞŬƚŝĨ ĚĂŶ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ƉĞƌĂƚƵƌĂŶ ƉĞƌƵŶĚĂŶŐͲ ŝŵƉůĞŵĞŶƚĞĚ ƚŚŝƐ ĞĨĨĞĐƚŝǀĞůLJ ĂŶĚ ŝŶ ĐŽŵƉůŝĂŶĐĞ
ƵŶĚĂŶŐĂŶ͘ ǁŝƚŚĂƉƉůŝĐĂďůĞůĂǁƐĂŶĚƌĞŐƵůĂƚŝŽŶƐ͘
ĂůĂŵ ŵĞŶũĂůĂŶŬĂŶ ŬŽŵŝƚŵĞŶŶLJĂ ƵŶƚƵŬ /ŶĐĂƌƌLJŝŶŐŽƵƚ ŝƚƐĐŽŵŵŝƚŵĞŶƚŝŶ ĂĐŚŝĞǀŝŶŐ
ƚĞƌĐĂƉĂŝŶLJĂ ǀŝƐŝ ĚĂŶ ŵŝƐŝ WĞƌƐĞƌŽĂŶ ƐĞƌƚĂ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ǀŝƐŝŽŶ ĂŶĚ ŵŝƐƐŝŽŶ ĂŶĚ ƚŽ ŝŶĐƌĞĂƐĞ
ŵĞŶŝŶŐŬĂƚŬĂŶ ŬĞLJĂŬŝŶĂŶ ƉĂƌĂ ƉĞŵĞŐĂŶŐ ƐĂŚĂŵ ƚŚĞ ƐŚĂƌĞŚŽůĚĞƌƐ͛ ƚƌƵƐƚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ƚŽ ƚŚĞ ''
ƐĞƐƵĂŝ ĚĞŶŐĂŶ ƉƌŝŶƐŝƉ ''͕ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ƉƌŝŶĐŝƉůĞƐ͕ ƚŚĞ ŽĂƌĚ ŽĨ ŽŵŵŝƐƐŝŽŶĞƌƐ ŚĂƐ Ă
ŵĞŵŝůŝŬŝ WĞĚŽŵĂŶ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ LJĂŶŐ ŐƵŝĚĞůŝŶĞ ǁŚŝĐŚ ŝŶĐůƵĚĞƐ ĐŽŵƉŽƐŝƚŝŽŶ ĂŶĚ
ŵĞŶĐĂŬƵƉ ŬŽŵƉŽƐŝƐŝ ĚĂŶ ƉĞƌƐLJĂƌĂƚĂŶ͕ ŵĂƐĂ ƌĞƋƵŝƌĞŵĞŶƚƐ͕ ƉĞƌŝŽĚ ƚĞƌŵ ŽĨ ĚƵƚLJ͕ ĚƵƚŝĞƐ ĂŶĚ
ũĂďĂƚĂŶ͕ ƚƵŐĂƐ ĚĂŶ ǁĞǁĞŶĂŶŐ͕ ƚĂƚĂ ĐĂƌĂ ƌĂƉĂƚ͕ ĂƵƚŚŽƌŝƚŝĞƐ͕ƉƌŽĐĞĚƵƌĞƐĨŽƌŵĞĞƚŝŶŐƐ͕ƌĞƐƚƌŝĐƚŝŽŶƐŽŶ
ƉĞŵďĂƚĂƐĂŶ ǁĞǁĞŶĂŶŐ͕ ƚĂƚĂ ĐĂƌĂ ĞǀĂůƵĂƐŝ ŬŝŶĞƌũĂ ĂƵƚŚŽƌŝƚLJ͕ ƉƌŽĐĞĚƵƌĞƐ ĨŽƌ ƉĞƌĨŽƌŵĂŶĐĞ ĞǀĂůƵĂƚŝŽŶ͕
ƐĞƌƚĂƉĞŶĞŶƚƵĂŶƌĞŵƵŶĞƌĂƐŝ͘ ĂƐǁĞůůĂƐƚŚĞƉƌŽĐĞĚƵƌĞƐĨŽƌƌĞŵƵŶĞƌĂƚŝŽŶ͘
/ŶĚĞƉĞŶĚĞŶƐŝĞǁĂŶ<ŽŵŝƐĂƌŝƐ /ŶĚĞƉĞŶĚĞŶĐĞŽĨŽĂƌĚŽĨŽŵŵŝƐƐŝŽŶĞƌƐ
<ŽŵƉŽƐŝƐŝ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ƚĞƌĚŝƌŝ ĂƚĂƐ ϯ dŚĞ ŽĂƌĚ ŽĨ ŽŵŵŝƐƐŝŽŶĞƌƐ ĐŽŵƉŽƐŝƚŝŽŶ
;ƚŝŐĂͿ ŽƌĂŶŐ ĚŝŵĂŶĂ ƐĂůĂŚ ƐĂƚƵŶLJĂ ŵĞƌƵƉĂŬĂŶ ĐŽŶƐŝƐƚƐ ŽĨ ϯ ;ƚŚƌĞĞͿ ƉĞŽƉůĞ͕ ŽĨ ǁŚŝĐŚ ŝŶĐůƵĚŝŶŐ ĂŶ
<ŽŵŝƐĂƌŝƐ /ŶĚĞƉĞŶĚĞŶ LJĂŶŐ ŵĞŵŝůŝŬŝ ƉĞƌĂŶ ĚĂůĂŵ ŝŶĚĞƉĞŶĚĞŶƚ ĐŽŵŵŝƐƐŝŽŶĞƌ ǁŚŽ ŚĂƐ ƚŚĞ ƌŽůĞ ƚŽ
ŵĞŶŐĂŵďŝůŬĞƉƵƚƵƐĂŶĚĂƉĂƚďĞƌũĂůĂŶƐĞĐĂƌĂĞĨĞŬƚŝĨ ŵĂŬĞĂĚĞĐŝƐŝŽŶǁŚŝĐŚŝƐĞĨĨĞĐƚŝǀĞĂŶĚĂĐĐƵƌĂƚĞ͘/Ŷ
ĚĂŶ ĂŬƵƌĂƚ͘ ĂůĂŵ ŵĞůĂŬƐĂŶĂŬĂŶ ƚƵŐĂƐŶLJĂ͕ ƉĞƌĨŽƌŵŝŶŐ ƚŚĞŝƌ ĚƵƚŝĞƐ͕ ƚŚĞ ŽĂƌĚ ŽĨ
ĂŶŐŐŽƚĂ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ďĞƌƐŝĨĂƚ ŝŶĚĞƉĞŶĚĞŶ͕ ŽŵŵŝƐƐŝŽŶĞƌƐŵĞŵďĞƌƐĂƌĞŝŶĚĞƉĞŶĚĞŶƚ͕ǁŝƚŚŽƵƚ
ƚŝĚĂŬ ĚŝƉĞŶŐĂƌƵŚŝ ŵĂƵƉƵŶ ŵĞŵƉĞŶŐĂƌƵŚŝ ƉŝŚĂŬ ƚŚĞŝŶĨůƵĞŶĐĞŽƌŚĂǀĞƚŚĞŝŶƚĞŶƚŝŽŶƚŽŝŶĨůƵĞŶĐĞĂŶLJ
ŵĂŶĂƉƵŶ͘ ƉĂƌƚŝĞƐ͘
<ŽŵƉŽƐŝƐŝĞǁĂŶ<ŽŵŝƐĂƌŝƐ ŽĂƌĚŽĨŽŵŵŝƐƐŝŽŶĞƌƐŽŵƉŽƐŝƚŝŽŶƐ
WĂĚĂ ƚĂŚƵŶ ϮϬϮϱ͕ ĚĞǁĂŶ ŬŽŵŝƐĂƌŝƐ ĚŝũĂďĂƚ ƵƌŝŶŐ ϮϬϮϱ͕ ƚŚĞ ďŽĂƌĚ ŽĨ ĐŽŵŵŝƐƐŝŽŶĞƌƐ͛
ŽůĞŚ ϯ ;ƚŝŐĂͿ ŽƌĂŶŐ ĂŶŐŐŽƚĂ͘ ĚĂƉƵŶ ŬŽŵƉŽƐŝƐŝ ƉŽƐŝƚŝŽŶƐǁĂƐŚĞůĚďLJϯƉĞŽƉůĞǁŝƚŚĐŽŵƉŽƐŝƚŝŽŶĂƐ
ĂŶŐŐŽƚĂĚĞǁĂŶŬŽŵŝƐĂƌŝƐƐĞďĂŐĂŝďĞƌŝŬƵƚ͗ ďĞůŽǁ͗
Komisaris Utama / President Commissioner : ŶƚŽŶ^ĂŶƚŽƐŽ
Komisaris / Commissioner : /ƌ͘&ƌĞĚĚLJ^ĂŶƚŽƐŽ
Komisaris Independen / Independent Commissioner : ŶĂƐƚĂƐŝĂŚƌŝƐƚŝŶĂǁĂƚŝ:ĂLJĂ^ĂƉƵƚƌĂ
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/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
dƵŐĂƐĚĂŶǁĞǁĞŶĂŶŐ'Z/ϮͲϵͲĐϱϭ͗ͲϱĂ ƵƚŝĞƐĂŶĚƵƚŚŽƌŝƚLJ'Z/ϮͲϵͲĐϱϭ͗ͲϱĂ
^ĞƐƵĂŝ ĚĞŶŐĂŶ ĂŶŐŐĂƌĂŶ ĚĂƐĂƌ WĞƌƐĞƌŽĂŶ /Ŷ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ƌƚŝĐůĞƐ
ĚĂŶ ŵĞŶŐĂĐƵ ƉĂĚĂ WĞƌĂƚƵƌĂŶ K:< EŽ ϰϴ dĂŚƵŶ ŽĨƐƐŽĐŝĂƚŝŽŶĂŶĚǁŝƚŚƌĞĨĞƌĞŶĐĞƚŽK:<ZĞŐƵůĂƚŝŽŶ
ϮϬϮϰ ƐĞƌƚĂ ƉĞƌĂƚƵƌĂŶ ƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶ LJĂŶŐ EŽ͘ ϰϴͬϮϬϮϰ ĂƐ ǁĞůů ĂƐ ƚŚĞ ĂƉƉůŝĐĂďůĞ ůĂǁƐ ĂŶĚ
ďĞƌůĂŬƵ͕ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ŵĞŵŝůŝŬŝ ƚƵŐĂƐ ĚĂŶ ƌĞŐƵůĂƚŝŽŶƐ͕ ƚŚĞ ŽĂƌĚ ŽĨ ŽŵŵŝƐƐŝŽŶĞƌƐ ŚĂƐ ƚŚĞ
ǁĞǁĞŶĂŶŐƐĞďĂŐĂŝďĞƌŝŬƵƚ͗ ĨŽůůŽǁŝŶŐĚƵƚŝĞƐĂŶĚĂƵƚŚŽƌŝƚŝĞƐ͗
ϭ͘ DĞůĂŬƐĂŶĂŬĂŶ ƚƵŐĂƐ ƉĞŶŐĂǁĂƐĂŶ ĚĂŶ ϭ͘ ŽŶĚƵĐƚ ŽǀĞƌƐŝŐŚƚ ĂŶĚ ƉƌŽǀŝĚĞ ĂĚǀŝĐĞ ƚŽ ƚŚĞ
ƉĞŵďĞƌŝĂŶŶĂƐŝŚĂƚŬĞƉĂĚĂŝƌĞŬƐŝ͖ K͖
Ϯ͘ DĞůĂŬƐĂŶĂŬĂŶƚƵŐĂƐ͕ǁĞǁĞŶĂŶŐ͕ĚĂŶƚĂŶŐŐƵŶŐ Ϯ͘ ŽŶĚƵĐƚĚƵƚŝĞƐ͕ĂƵƚŚŽƌŝƚLJ͕ĂŶĚƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐŝŶ
ũĂǁĂď ĚĞŶŐĂŶ ŝƚŝŬĂĚ ďĂŝŬ ĚĂŶ ĚĞŶŐĂŶ ƉƌŝŶƐŝƉ ŐŽŽĚĨĂŝƚŚĂŶĚǁŝƚŚƚŚĞƉƌŝŶĐŝƉůĞƐŽĨƉƌƵĚĞŶĐĞ͖
ŬĞŚĂƚŝͲŚĂƚŝĂŶ͖ ϯ͘ ^ƵƉĞƌǀŝƐĞ ŵĂŶĂŐĞŵĞŶƚ ƉŽůŝĐŝĞƐ ĂŶĚ ƚŚĞ
ϯ͘ DĞŶŐĂǁĂƐŝ ŬĞďŝũĂŬĂŶ ƉĞŶŐƵƌƵƐĂŶ ĚĂŶ ũĂůĂŶŶLJĂ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ĐŽŶĚƵĐƚ ďLJ ƚŚĞ K ĨŽƌ ƚŚĞ
ƉĞŶŐƵƌƵƐĂŶ ƉĂĚĂ ƵŵƵŵŶLJĂ LJĂŶŐ ĚŝůĂŬƵŬĂŶ ďĞŶĞĨŝƚ ŽĨ ƚŚĞ ŽŵƉĂŶLJ ĂŶĚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ƚŽ
ŽůĞŚŝƌĞŬƐŝƵŶƚƵŬŬĞƉĞŶƚŝŶŐĂŶWĞƌƐĞƌŽĂŶƐĞƌƚĂ ƚŚĞŽŵƉĂŶLJ͛ƐŐŽĂůĂŶĚŽďũĞĐƚŝǀĞ͖
ƐĞƐƵĂŝĚĞŶŐĂŶŵĂŬƐƵĚĚĂŶƚƵũƵĂŶWĞƌƐĞƌŽĂŶ͖ ϰ͘ WƌĞƉĂƌĞ K ƌĞƉŽƌƚ ǁŚŝĐŚ ŝƐ Ă ƉĂƌƚ ŽĨ ƚŚĞ
ϰ͘ DĞŶLJƵƐƵŶ ůĂƉŽƌĂŶ ŬĞŐŝĂƚĂŶ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨŐŽŽĚŐŽǀĞƌŶĂŶĐĞ͖
LJĂŶŐŵĞƌƵƉĂŬĂŶďĂŐŝĂŶĚĂƌŝůĂƉŽƌĂŶƉĞŶĞƌĂƉĂŶ ϱ͘ ŝƌĞĐƚ͕ ŵŽŶŝƚŽƌ͕ ĂŶĚ ĞǀĂůƵĂƚĞ ƚŚĞ ĞĨĨĞĐƚŝǀĞŶĞƐƐ
ƚĂƚĂŬĞůŽůĂLJĂŶŐďĂŝŬ͖ ŽĨƚŚĞŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨŐŽŽĚŐŽǀĞƌŶĂŶĐĞ͕ƌŝƐŬ
ϱ͘ DĞŶŐĂƌĂŚŬĂŶ͕ ŵĞŵĂŶƚĂƵ͕ ĚĂŶ ŵĞŶŐĞǀĂůƵĂƐŝ ŵĂŶĂŐĞŵĞŶƚ͕ĐŽŵƉůŝĂŶĐĞ͕ĂŶĚŝŶƚĞƌŶĂůĂƵĚŝƚ͖
ĞĨĞŬƚŝǀŝƚĂƐ ƉĞŶĞƌĂƉĂŶ ƚĂƚĂ ŬĞůŽůĂ LJĂŶŐ ďĂŝŬ͕ ϲ͘ ŶƐƵƌĞ ƚŚĞ K ŚĂƐ ĨŽůůŽǁĞĚ ƵƉ ŽŶ ĂƵĚŝƚ Žƌ
ŵĂŶĂũĞŵĞŶ ƌŝƐŝŬŽ͕ ŬĞƉĂƚƵŚĂŶ͕ ĚĂŶ ĂƵĚŝƚ ŝŶƐƉĞĐƚŝŽŶ ĨŝŶĚŝŶŐƐ ĂŶĚ ƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐ ĨƌŽŵ
ŝŶƚĞƌŶĂů͖ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ŝŶƚĞƌŶĂů ĂƵĚŝƚ ƵŶŝƚ͕ ĞdžƚĞƌŶĂů
ϲ͘ DĞŵĂƐƚŝŬĂŶ ŝƌĞŬƐŝ ƚĞůĂŚ ŵĞŶŝŶĚĂŬůĂŶũƵƚŝ ĂƵĚŝƚŽƌƐ͕ ƚŚĞ ƌĞƐƵůƚ ŽĨ ƐƵƉĞƌǀŝƐŝŽŶ ďLJ K:<͕
ƚĞŵƵĂŶ ĂƵĚŝƚ ĚĂŶ ƌĞŬŽŵĞŶĚĂƐŝ ĚĂƌŝ ƐĂƚƵĂŶ ĂŶĚͬŽƌ ƚŚĞ ƌĞƐƵůƚ ŽĨ ƐƵƉĞƌǀŝƐŝŽŶ ďLJ ŽƚŚĞƌ
ŬĞƌũĂ ĂƵĚŝƚ ŝŶƚĞƌŶĂů WĞƌƐĞƌŽĂŶ͕ ĂƵĚŝƚŽƌ ĂƵƚŚŽƌŝƚŝĞƐĂŶĚŝŶƐƚŝƚƵƚŝŽŶƐ͖
ĞŬƐƚĞƌŶĂů͕ŚĂƐŝůƉĞŶŐĂǁĂƐĂŶK:<͕ĚĂŶͬĂƚĂƵŚĂƐŝů ϳ͘ ŶƐƵƌĞ ƚŚĞ ĚĞĐŝƐŝŽŶ ŝƐ ĚĞĐŝĚĞĚ ĞĨĨĞĐƚŝǀĞůLJ͕
ƉĞŶŐĂǁĂƐĂŶŽƚŽƌŝƚĂƐĚĂŶůĞŵďĂŐĂůĂŝŶ͖ ĂĐĐƵƌĂƚĞůLJ͕ĂŶĚƐǁŝĨƚǁŚŝůĞŽďũĞĐƚŝǀĞůLJŽŶĚƵƚLJ͖
ϳ͘ DĞŶũĂŵŝŶƉĞŶŐĂŵďŝůĂŶŬĞƉƵƚƵƐĂŶLJĂŶŐĞĨĞŬƚŝĨ͕ ϴ͘ K ŝƐ ƉƌŽŚŝďŝƚĞĚ ĨƌŽŵ ƚĂŬŝŶŐ ĂŶĚͬŽƌ ƌĞĐĞŝǀŝŶŐ
ƚĞƉĂƚ͕ ĚĂŶ ĐĞƉĂƚ ƐĞƌƚĂ ĚĂƉĂƚ ďĞƌƚŝŶĚĂŬ ƐĞĐĂƌĂ ƉĞƌƐŽŶĂůďĞŶĞĨŝƚƐĨƌŽŵƚŚĞŽŵƉĂŶLJŽƚŚĞƌƚŚĂŶ
ŝŶĚĞƉĞŶĚĞŶĚĂůĂŵŵĞůĂŬƐĂŶĂŬĂŶƚƵŐĂƐ͖ ƚŚĞ ƌĞŵƵŶĞƌĂƚŝŽŶ ĂŶĚ ĨĂĐŝůŝƚŝĞƐ ĚĞƚĞƌŵŝŶĞĚ ŽŶ
ϴ͘ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ĚŝůĂƌĂŶŐ ŵĞŵĂŶĨĂĂƚŬĂŶ ƚŚĞ'D^ĚĞĐŝƐŝŽŶƐ͖
ũĂďĂƚĂŶŶLJĂ ƵŶƚƵŬ ŬĞƉĞŶƚŝŶŐĂŶ ƉƌŝďĂĚŝ͕ ϵ͘ K ŝƐ ƉƌŽŚŝďŝƚĞĚ ĨƌŽŵ ĨƵůĨŝůůŝŶŐ ĐĞƌƚĂŝŶ
ŬĞůƵĂƌŐĂ͕ ĚĂŶͬĂƚĂƵ ƉŝŚĂŬ ůĂŝŶ LJĂŶŐ ĚĂƉĂƚ ƐŚĂƌĞŚŽůĚĞƌƐ͛ĚĞŵĂŶĚƌĞůĂƚĞĚƚŽƚŚĞŽŵƉĂŶLJ͛Ɛ
ŵĞƌƵŐŝŬĂŶ ĂƚĂƵ ŵĞŶŐƵƌĂŶŐŝ ŬĞƵŶƚƵŶŐĂŶ ŽƉĞƌĂƚŝŽŶĂů ĂĐƚŝǀŝƚŝĞƐ ŽƚŚĞƌ ƚŚĂŶ ĚĞƚĞƌŵŝŶĞĚ ŝŶ
WĞƌƐĞƌŽĂŶ͖ ƚŚĞ'D^ĚĞĐŝƐŝŽŶƐ͖ĂŶĚ
ϵ͘ ĞǁĂŶ<ŽŵŝƐĂƌŝƐĚŝůĂƌĂŶŐŵĞŶŐĂŵďŝůĚĂŶͬĂƚĂƵ ϭϬ͘ K ŝƐ ƉƌŽŚŝďŝƚĞĚ ĨƌŽŵ ŝŶƚĞƌĨĞƌŝŶŐ ŝŶ ƚŚĞ
ŵĞŶĞƌŝŵĂ ŬĞƵŶƚƵŶŐĂŶ ƉƌŝďĂĚŝ ĚĂƌŝ WĞƌƐĞƌŽĂŶ ŽŵƉĂŶLJ͛Ɛ ŽƉĞƌĂƚŝŽŶĂů ĂĐƚŝǀŝƚLJ ƌĞƐƉŽŶƐŝďůĞ ƚŽ
ƐĞůĂŝŶ ƌĞŵƵŶĞƌĂƐŝ ĚĂŶ ĨĂƐŝůŝƚĂƐ LJĂŶŐ ĚŝƚĞƚĂƉŬĂŶ ƚŚĞK͘
ďĞƌĚĂƐĂƌŬĂŶŬĞƉƵƚƵƐĂŶZhW^͖ĚĂŶ
ϭϬ͘ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ĚŝůĂƌĂŶŐ ŵĞŶĐĂŵƉƵƌŝ
ŬĞŐŝĂƚĂŶ ŽƉĞƌĂƐŝŽŶĂů WĞƌƐĞƌŽĂŶ LJĂŶŐ ŵĞŶũĂĚŝ
ƚĂŶŐŐƵŶŐũĂǁĂďŝƌĞŬƐŝ͘
^ĞƌƚŝĨŝŬĂƐŝ'Z/ϮͲϭϳͲĂϱϭ͗Ͳϱď ĞƌƚŝĨŝĐĂƚŝŽŶ'Z/ϮͲϭϳͲĂϱϭ͗Ͳϱď
^ĞƚŝĂƉ ĂŶŐŐŽƚĂ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ƚĞůĂŚ ǀĞƌLJ ŵĞŵďĞƌ ŽĨ K ŚĂƐ Ă ďĂƐŝĐ
ŵĞŵŝůŝŬŝ ƐĞƌƚŝĨŝŬĂƐŝ ĚĂƐĂƌ ƉĞŵďŝĂLJĂĂŶ ŬŽŵŝƐĂƌŝƐ ĐĞƌƚŝĨŝĐĂƚŝŽŶŽĨĨŝŶĂŶĐŝŶŐŝƐƐƵĞĚďLJ^WW/͘/ŶĂĚĚŝƚŝŽŶ͕
LJĂŶŐ ĚŝĂĚĂŬĂŶ ŽůĞŚ ^ĞƌƚŝĨŝŬĂƐŝ WƌŽĨĞƐŝ WĞŵďŝĂLJĂĂŶ ƚŚĞLJĂůƐŽƉĂƐƐĞĚĨŝƚĂŶĚƉƌŽƉĞƌƚĞƐƚĨƌŽŵK:<͘
/ŶĚŽŶĞƐŝĂƐĞƌƚĂƚĞůĂŚůƵůƵƐĨŝƚĂŶĚƉƌŽƉĞƌƚĞƐƚLJĂŶŐ
ĚŝĂĚĂŬĂŶŽůĞŚK:<͘
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
EĂŵĂŶŐŐŽƚĂ EŽ͘^ĞƌƚŝĨŝŬĂƚ^WW/ EŽ͘&ŝƚĂŶĚWƌŽƉĞƌdĞƐƚ
EŽ͘
DĞŵďĞƌ͛ƐEĂŵĞ ĞƌƚŝĨŝĐĂƚŝŽŶEƵŵďĞƌ
ĞĐƌĞĞŽĨ&ŝƚĂŶĚWƌŽƉĞƌƚĞƐƚ
ϭ͘ ŶƚŽŶ^ĂŶƚŽƐŽ ϴϭϴϴͲϱϬϬϬϮͲϱϱϬͲϬϵϭϳ < WͲϳϰͬE͘ϭϭͬϮϬϭϴ
Ϯ͘ /ƌ͘&ƌĞĚĚLJ^ĂŶƚŽƐŽ ϴϭϴϴͲϱϬϬϬϭͲϱϱϬͲϬϵϭϳ < WͲϳϭͬE͘ϭϭͬϮϬϭϴ
ϯ͘ ŶĂƐƚĂƐŝĂŚƌŝƐƚŝŶĂǁĂƚŝ:ĂLJĂ^ĂƉƵƚƌĂ ϴϭϴϴͲϱϬϬϭϬͲϱϱϬͲϬϮϭϵ < WͲϰϴϳͬE͘ϭϭͬϮϬϭϵ
ZĂƉĂƚĞǁĂŶ<ŽŵŝƐĂƌŝƐ ŽĂƌĚŽĨŽŵŵŝƐƐŝŽŶĞƌƐDĞĞƚŝŶŐƐ
ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ŵĞůĂŬƐĂŶĂŬĂŶ ƚƵŐĂƐ ĚĂŶ ŽĂƌĚ ŽĨ ŽŵŵŝƐƐŝŽŶĞƌƐ ĐĂƌƌŝĞƐ ŽƵƚ ƚŚĞŝƌ
ǁĞǁĞŶĂŶŐ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ƉĞĚŽŵĂŶ ŬĞƌũĂ ĞǁĂŶ ĚƵƚŝĞƐĂŶĚĂƵƚŚŽƌŝƚŝĞƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞǁŽƌŬ
<ŽŵŝƐĂƌŝƐ͘ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ŵĞŶŐĂĚĂŬĂŶ ƌĂƉĂƚ ŐƵŝĚĞůŝŶĞƐ ŽĨ K͘ dŚĞ ŽĂƌĚ ŽĨ ŽŵŵŝƐƐŝŽŶĞƌƐ
ƐĞƚŝĂƉ Ϯ ;ĚƵĂͿ ďƵůĂŶ ƐĞŬĂůŝ͘ ZĂƉĂƚ <ŽŵŝƐĂƌŝƐ ŚŽůĚƐ Ă ŵĞĞƚŝŶŐ ĞǀĞƌLJ Ϯ ;ƚǁŽͿ ŵŽŶƚŚƐ͘ dŚĞ
ŵĞŵďĂŚĂƐŵĞŶŐĞŶĂŝŬŽŶĚŝƐŝWĞƌƐĞƌŽĂŶƚĞƌŬŝŶŝĚĂŶ ŵĞĞƚŝŶŐƐ ĚŝƐĐƵƐƐĞĚ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ĐŽŶĚŝƚŝŽŶ ĂŶĚ
ŚĂůͲŚĂů LJĂŶŐ ŵĞŶũĂĚŝ ƉĞƌŚĂƚŝĂŶ ƵƚĂŵĂ WĞƌƐĞƌŽĂŶ͘ ŽƚŚĞƌŵĂƚƚĞƌƐƉĞƌƚĂŝŶĞĚƚŽƚŚĞŽŵƉĂŶLJ͘KƚŚĞŶ
<ŽŵŝƐĂƌŝƐ ŵĞŵďĞƌŝŬĂŶ ŵĂƐƵŬĂŶ ƚĞƌŚĂĚĂƉ ĞǁĂŶ ĂĚǀŝƐĞĚ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ ŝŶ ƌĞŐĂƌĚƐ ƚŽ ĐƵƌƌĞŶƚ
ŝƌĞŬƐŝƚĞƌŬĂŝƚĚĞŶŐĂŶŬŽŶĚŝƐŝWĞƌƐĞƌŽĂŶ͘ ĐŽŶĚŝƚŝŽŶ͘
WĂĚĂ ƚĂŚƵŶ ϮϬϮϱ͕ ƌĂƉĂƚ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ /Ŷ ϮϬϮϱ͕ K ŵĞĞƚŝŶŐƐ ǁĞƌĞ ŚĞůĚ ϲ ;ƐŝdžͿ
ƚĞůĂŚ ĚŝůĂŬƐĂŶĂŬĂŶ ƐĞďĂŶLJĂŬ ϲ ;ĞŶĂŵͿ ŬĂůŝ LJĂŶŐ ƚŝŵĞƐ Ăƚ DĞŶĂƌĂ ^ƵĚŝƌŵĂŶ ϳƚŚ &ůŽŽƌ ĂŶĚ ǀŝƌƚƵĂůůLJ
ĚŝůĂŬƐĂŶĂŬĂŶ ƐĞĐĂƌĂ ƚĂƚĂƉ ŵƵŬĂ Ěŝ DĞŶĂƌĂ ďLJ ƵƐŝŶŐ njŽŽŵ͕ ŶŽƚ ŝŶĐůƵĚŝŶŐ ƚŚĞ ŶŶƵĂů 'ĞŶĞƌĂů
^ƵĚŝƌŵĂŶ>ĂŶƚĂŝϳĚĂŶƐĞĐĂƌĂǀŝƌƚƵĂůŵĞŶŐŐƵŶĂŬĂŶ ^ŚĂƌĞŚŽůĚĞƌƐ DĞĞƚŝŶŐ͕ ǁŝƚŚ ĂƚƚĞŶĚĂŶĐĞ ĂƐ ŽĨ
njŽŽŵ͕ ƚŝĚĂŬ ŵĞŶŐŚŝƚƵŶŐ ZĂƉĂƚ hŵƵŵ WĞŵĞŐĂŶŐ ĨŽůůŽǁƐ͗
^ĂŚĂŵdĂŚƵŶĂŶ͕ĚĞŶŐĂŶƚŝŶŐŬĂƚŬĞŚĂĚŝƌĂŶƐĞďĂŐĂŝ
ďĞƌŝŬƵƚ͗
dŝŶŐŬĂƚ
:ƵŵůĂŚZĂƉĂƚ :ƵŵůĂŚ
EĂŵĂĚĂŶ:ĂďĂƚĂŶ <ĞŚĂĚŝƌĂŶ
dŽƚĂůŽĨ <ĞŚĂĚŝƌĂŶ
EĂŵĞĂŶĚWŽƐŝƚŝŽŶ ƚƚĞŶĚĂŶĐĞ
DĞĞƚŝŶŐ ƚƚĞŶĚĂŶĐĞ
ZĂƚĞ
ŶƚŽŶ^ĂŶƚŽƐŽ
ϲ ϲ ϭϬϬй
<ŽŵŝƐĂƌŝƐhƚĂŵĂͬWƌĞƐŝĚĞŶƚŽŵŵŝƐƐŝŽŶĞƌ
/ƌ͘&ƌĞĚĚLJ^ĂŶƚŽƐŽ
ϲ ϲ ϭϬϬй
<ŽŵŝƐĂƌŝƐͬŽŵŵŝƐƐŝŽŶĞƌ
ŶĂƐƚĂƐŝĂŚƌŝƐƚŝŶĂǁĂƚŝ:ĂLJĂ^ĂƉƵƚƌĂ
<ŽŵŝƐĂƌŝƐ/ŶĚĞƉĞŶĚĞŶͬ/ŶĚĞƉĞŶĚĞŶƚ ϲ ϲ ϭϬϬй
ŽŵŵŝƐƐŝŽŶĞƌ
^ĞŵŝŶĂƌ'Z/ϮͲϭϳͲĂϱϭ͗Ͳϱď ^ĞŵŝŶĂƌ'Z/ϮͲϭϳͲĂϱϭ͗Ͳϱď
ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ƐĞŶĂŶƚŝĂƐĂ ŵĞůĂŬƵŬĂŶ dŚĞŽĂƌĚŽĨŽŵŵŝƐƐŝŽŶĞƌƐĂůǁĂLJƐƐƚƌŝǀĞƚŽ
ƉĞůĂƚŝŚĂŶ ĚĂŶ ƉĞŶŝŶŐŬĂƚĂŶ ŬĞŵĂŵƉƵĂŶ ĚĞŶŐĂŶ ŝŵƉƌŽǀĞ ƚŚĞŝƌ ĐĂƉĂďŝůŝƚŝĞƐ ďLJ ƉĂƌƚŝĐŝƉĂƚŝŶŐ ŝŶ
ĐĂƌĂ ŵĞŶŐŝŬƵƚŝ ƉĞůĂƚŝŚĂŶ ŵĂƵƉƵŶ ƐŽƐŝĂůŝƐĂƐŝ LJĂŶŐ ǀĂƌŝŽƵƐ ƚƌĂŝŶŝŶŐ ĂŶĚ ƐĞŵŝŶĂƌ ŚĞůĚ ďLJ K:<͕ WW/͘
ĚŝĂĚĂŬĂŶK:<ĚĂŶWW/͘^ĞůĂŵĂƚĂŚƵŶϮϬϮϱĞǁĂŶ ƵƌŝŶŐ ϮϬϮϱ͕ ƚŚĞ K ŚĂƐ ĂƚƚĞŶĚĞĚ ƚƌĂŝŶŝŶŐ ƐƵĐŚ
<ŽŵŝƐĂƌŝƐƚĞůĂŚŵĞŶŐŝŬƵƚŝƉĞůĂƚŝŚĂŶďĞƌƵƉĂ͗ ĂƐ͗
EĂŵĂ WŽƐŝƐŝ dĂŶŐŐĂů ^ĞŵŝŶĂƌ >ŽŬĂƐŝ WĞŶLJĞůĞŶŐŐĂƌĂ
EĂŵĞ WŽƐŝƚŝŽŶ ĂƚĞ ^ĞŵŝŶĂƌ >ŽĐĂƚŝŽŶ KƌŐĂŶŝnjĞƌ
ŶƚŽŶ^ĂŶƚŽƐŽ <ŽŵŝƐĂƌŝƐ ϭϳ:ĂŶƵĂƌŝϮϬϮϱ ,Žǁ ƚŽ ĐŚŝĞǀĞ WĞĂŬ sŝƌƚƵĂů K:<
hƚĂŵĂ :ĂŶƵĂƌLJϭϳ͕ϮϬϮϱ WĞƌĨŽƌŵĂŶĐĞŝŶϮϬϮϱ
WƌĞƐŝĚĞŶƚ
69
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
ŽŵŵŝƐƐŝŽŶĞƌ Ϯϯ:ĂŶƵĂƌŝϮϬϮϱ dƌĂŶƐĨŽƌŵĂƐŝ ŝŐŝƚĂů ͗ dƌĞŶ sŝƌƚƵĂů K:<
:ĂŶƵĂƌLJϮϯ͕ϮϬϮϱ /ŶŽǀĂƐŝdĞŬŶŽůŽŐŝĚŝ^ĞŬƚŽƌ
<ĞƵĂŶŐĂŶ
ϭϱDĞŝϮϬϮϱ ĨĞŬŽŵŝŶŽdĂƌŝĨdƌƵŵƉ͗ sŝƌƚƵĂů K:<
DĂLJϭϱ͕ϮϬϮϱ ŶĐĂŵĂŶ ĂƚĂƵ WĞůƵĂŶŐ
ďĂŐŝ ŬŽŶŽŵŝ/ŶĚŽŶĞƐŝĂ
ϱ:ƵŶŝϮϬϮϱ dŚĞ &ƵƚƵƌĞ ŽĨ sŝƌƚƵĂů K:<
:ƵŶĞϱ͕ϮϬϮϱ LJďĞƌƐĞĐƵƌŝƚLJ ͗ dŚƌĞĂƚƐ͕
ŚĂůůĞŶŐĞƐ ĂŶĚ
ŝŶŶŽǀĂƚŝŽŶƐ
/ƌ͘&ƌĞĚĚLJ^ĂŶƚŽƐŽ <ŽŵŝƐĂƌŝƐ ϭϳ:ĂŶƵĂƌŝϮϬϮϱ ,Žǁ ƚŽ ĐŚŝĞǀĞ WĞĂŬ sŝƌƚƵĂů K:<
ŽŵŵŝƐƐŝŽŶĞƌ :ĂŶƵĂƌLJϭϳ͕ϮϬϮϱ WĞƌĨŽƌŵĂŶĐĞŝŶϮϬϮϱ
ϴDĞŝϮϬϮϱ WĞƌĂŶ ^ƚƌĂƚĞŐŝƐ /ŶĚƵƐƚƌŝ sŝƌƚƵĂů K:<
DĂLJϴ͕ϮϬϮϱ :ĂƐĂ <ĞƵĂŶŐĂŶ ĂůĂŵ
DĞŶĚŽƌŽŶŐ
WĞŶŐĞŵďĂŶŐĂŶ ŬŽŶŽŵŝ
ĂĞƌĂŚ
ϭϰŐƵƐƚƵƐϮϬϮϱ ŝŶĂŵŝŬĂ 'ĞŽƉŽůŝƚŝŬ ĚĂŶ sŝƌƚƵĂů K:<
ƵŐƵƐƚϰ͕ϮϬϮϱ <ĞƚĂŚĂŶĂŶ EĂƐŝŽŶĂů͗
^ƚƌĂƚĞŐŝ DĞŵƉĞƌŬƵĂƚ
WĞƌĞŬŽŶŽŵŝĂŶ/ŶĚŽŶĞƐŝĂ
ŶĂƐƚĂƐŝĂ <ŽŵŝƐĂƌŝƐ ϭϳ:ĂŶƵĂƌŝϮϬϮϱ ,Žǁ ƚŽ ĐŚŝĞǀĞ WĞĂŬ sŝƌƚƵĂů K:<
ŚƌŝƐƚŝŶĂǁĂƚŝ :ĂLJĂ /ŶĚĞƉĞŶĚĞŶ :ĂŶƵĂƌLJϭϳ͕ϮϬϮϱ WĞƌĨŽƌŵĂŶĐĞŝŶϮϬϮϱ
^ĂƉƵƚƌĂ /ŶĚĞƉĞŶĚĞŶƚ ϮϲDĞŝϮϬϮϱ hƌŐĞŶƐŝ dƌĂŶƐƉĂƌĂŶƐŝ sŝƌƚƵĂů K:<
ŽŵŵŝƐƐŝŽŶĞƌ DĂLJϮϲ͕ϮϬϮϱ <ĞƵĂŶŐĂŶ ,ŝũĂƵ WĂĚĂ
>ĞŵďĂŐĂ:ĂƐĂ<ĞƵĂŶŐĂŶ
ϱ:ƵŶŝϮϬϮϱ dŚĞ &ƵƚƵƌĞ ŽĨ sŝƌƚƵĂů K:<
:ƵŶĞϱ͕ϮϬϮϱ LJďĞƌƐĞĐƵƌŝƚLJ ͗ dŚƌĞĂƚƐ͕
ŚĂůůĞŶŐĞƐ ĂŶĚ
ŝŶŶŽǀĂƚŝŽŶƐ
WĞŶŝůĂŝĂŶ <ŝŶĞƌũĂ <ŽŵŝƚĞ Ěŝ ďĂǁĂŚ ĞǁĂŶ WĞƌĨŽƌŵĂŶĐĞ ƐƐĞƐƐŵĞŶƚ ŽĨŽŵŵŝƚƚĞĞƵŶĚĞƌƚŚĞ
<ŽŵŝƐĂƌŝƐ ŽĂƌĚŽĨŽŵŵŝƐƐŝŽŶĞƌƐ
ĂůĂŵ ŵĞŶũĂůĂŶŬĂŶ ƚƵŐĂƐŶLJĂ͕ ĞǁĂŶ /Ŷ ĐĂƌƌLJŝŶŐ ŽƵƚ ŝƚƐ ĚƵƚŝĞƐ͕ ƚŚĞ K ŚĂƐ
<ŽŵŝƐĂƌŝƐ ŵĞŵŝůŝŬŝ ďĞďĞƌĂƉĂ ŬŽŵŝƚĞ LJĂŶŐ ƐĞǀĞƌĂů ƐƵƉƉŽƌƚŝŶŐ ĐŽŵŵŝƚƚĞĞƐ͘ dŚĞ ĐŽŵŵŝƚƚĞĞƐ
ŵĞŵďĂŶƚƵ ƚƵŐĂƐ ĚĂŶ ŬĞǁĂũŝďĂŶŶLJĂ͘ <ŽŵŝƚĞ LJĂŶŐ ĐŽŶƐŝƐƚ ŽĨ ĂƵĚŝƚ ĐŽŵŵŝƚƚĞĞ ĂůŽŶŐ ǁŝƚŚ ŶŽŵŝŶĂƚŝŽŶ
ĚŝŵŝůŝŬŝ ƚĞƌĚŝƌŝ ĂƚĂƐ ŬŽŵŝƚĞ ĂƵĚŝƚ ƐĞƌƚĂ ŬŽŵŝƚĞ ĂŶĚ ƌĞŵƵŶĞƌĂƚŝŽŶ ĐŽŵŵŝƚƚĞĞ͘ dŚĞ ĞǀĂůƵĂƚŝŽŶ ŽĨ
ŶŽŵŝŶĂƐŝ ĚĂŶ ƌĞŵƵŶĞƌĂƐŝ͘ WĞŶŝůĂŝĂŶ ĂƚĂƐ ŬŝŶĞƌũĂ ĐŽŵŵŝƚƚĞĞ͛Ɛ ƉĞƌĨŽƌŵĂŶĐĞ ŝƐ ďĂƐĞĚ ŽŶ ŵĞĞƚŝŶŐ
ŬŽŵŝƚĞ ƚĞƌƐĞďƵƚ ĚŝĚĂƐĂƌŬĂŶ ƉĂĚĂ ŬĞŚĂĚŝƌĂŶ ƌĂƉĂƚ͕ ĂƚƚĞŶĚĂŶĐĞ͕ĞǀĂůƵĂƚŝŽŶŽĨƉƌŽďůĞŵ͕ĂŶĚƐƵŐŐĞƐƚŝŽŶ
ŬĞƚĂũĂŵĂŶ ĞǀĂůƵĂƐŝ ƚĞƌŚĂĚĂƉ ƉĞƌŵĂƐĂůĂŚĂŶ LJĂŶŐ ĨŽƌ ŝŵƉƌŽǀĞŵĞŶƚ ŐŝǀĞŶ ƚŽ ƚŚĞ K͘ &ƵƌƚŚĞƌ
ŵƵŶĐƵů͕ ƐĞƌƚĂ ƐĂƌĂŶ ƉĞƌďĂŝŬĂŶ LJĂŶŐ ĚŝďĞƌŝŬĂŶ ĞdžƉůĂŶĂƚŝŽŶ ŽŶ ĐŽŵŵŝƚƚĞĞƐ ŝƐ ĚŝƐĐƵƐƐĞĚ ŝŶ Ă
ŬĞƉĂĚĂ ĚĞǁĂŶ ŬŽŵŝƐĂƌŝƐ͘ WĞŵďĂŚĂƐĂŶ ŵĞŶŐĞŶĂŝ ƐĞƉĂƌĂƚĞƐĞĐƚŝŽŶ͘
ŬŽŵŝƚĞ ƉĞŶĚƵŬƵŶŐ ĚŝůĂŬƵŬĂŶ ƉĂĚĂ ďĂŐŝĂŶ
ƚĞƌƐĞŶĚŝƌŝ͘
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ŵĞŶŝůĂŝ ďĂŚǁĂ dŚĞ ŽĂƌĚ ŽĨ ŽŵŵŝƐƐŝŽŶĞƌƐ ĐŽŶƐŝĚĞƌƐ ƚŚĂƚ
ƉĞůĂŬƐĂŶĂĂŶ ƚƵŐĂƐ ŽůĞŚ ŬŽŵŝƚĞ ĂƵĚŝƚ ĚĂŶ ŬŽŵŝƚĞ ƚŚĞ ĚƵƚŝĞƐ ĐĂƌƌŝĞĚ ďLJ ƚŚĞ ĂƵĚŝƚ ĐŽŵŵŝƚƚĞĞ ĂŶĚ
ŶŽŵŝŶĂƐŝ ĚĂŶ ƌĞŵƵŶĞƌĂƐŝ WĞƌƐĞƌŽĂŶ ƉĂĚĂ ƚĂŚƵŶ ŶŽŵŝŶĂƚŝŽŶ ĂŶĚ ƌĞŵƵŶĞƌĂƚŝŽŶ ĐŽŵŵŝƚƚĞĞ ŝŶ ϮϬϮϱ
ϮϬϮϱĚĂƉĂƚůĞďŝŚĚŝƚŝŶŐŬĂƚŬĂŶ͘ ĐŽƵůĚŚĂǀĞďĞĞŶŝŵƉƌŽǀĞĚ͘
tE/Z <^/
KZK&/Z dKZ^
ĞǁĂŶ ŝƌĞŬƐŝ ďĞƌŐĞƌĂŬ ƐĞďĂŐĂŝ ƉĞƌĞŶĐĂŶĂ dŚĞ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ ŚĂƐ ƚŚĞ ƌŽůĞ ƚŽ ƉůĂŶ
ĚĂŶ ƉĞůĂŬƐĂŶĂ ƐƚƌĂƚĞŐŝ ĚĂůĂŵ ŵĞŵĂƐƚŝŬĂŶ ĂŶĚ ƚŽ ĐĂƌƌLJ ƚŚĞ ƐƚƌĂƚĞŐŝĞƐ ŝŶ ǁŚŝĐŚ ĞŶƐƵƌĞ ƚŚĞ
ƉĞŶĞƌĂƉĂŶ dĂƚĂ <ĞůŽůĂ WĞƌƵƐĂŚĂĂŶ LJĂŶŐ ĂŝŬ Ěŝ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ'ŽŽĚŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞ;''Ϳ
WĞƌƐĞƌŽĂŶ ƚĞůĂŚ ĚŝůĂŬƐĂŶĂŬĂŶ ƐĞĐĂƌĂ ĞĨĞŬƚŝĨ ĚĂŶ ŝŶ ƚŚĞ ŽŵƉĂŶLJ ŚĂƐ ďĞĞŶ ĐĂƌƌŝĞĚ ŽƵƚ ĞĨĨĞĐƚŝǀĞůLJ
ƐĞƐƵĂŝĚĞŶŐĂŶƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶ͘ ĂŶĚŝŶĂĐĐŽƌĚĂŶĐĞƚŽƚŚĞůĂǁƐĂŶĚƌĞŐƵůĂƚŝŽŶƐ͘
ĂůĂŵ ŵĞŶũĂůĂŶŬĂŶ ƚƵŐĂƐŶLJĂ ƵŶƚƵŬ /ŶĐĂƌƌLJŝŶŐŽƵƚ ŝƚƐĐŽŵŵŝƚŵĞŶƚŝŶ ĂĐŚŝĞǀŝŶŐ
ŵĞŶĐĂƉĂŝ ǀŝƐŝ ĚĂŶ ŵŝƐŝ WĞƌƐĞƌŽĂŶ ƐĞƌƚĂ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ǀŝƐŝŽŶ ĂŶĚ ŵŝƐƐŝŽŶ ĂŶĚ ƚŽ ŝŶĐƌĞĂƐĞ
ŵĞŶŝŶŐŬĂƚŬĂŶ ŬĞLJĂŬŝŶĂŶ ƉĂƌĂ ƉĞŵĞŐĂŶŐ ƐĂŚĂŵ ƚŚĞ ƐŚĂƌĞŚŽůĚĞƌƐ͛ ƚƌƵƐƚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ƚŽ ƚŚĞ ''
ƐĞƐƵĂŝĚĞŶŐĂŶƉƌŝŶƐŝƉ''͕ĞǁĂŶŝƌĞŬƐŝŵĞŵŝůŝŬŝ ƉƌŝŶĐŝƉůĞƐ͕ ƚŚĞ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ ŚĂƐ Ă ŐƵŝĚĞůŝŶĞ
WĞĚŽŵĂŶĞǁĂŶŝƌĞŬƐŝLJĂŶŐŵĞŶĐĂŬƵƉŬŽŵƉŽƐŝƐŝ ǁŚŝĐŚ ŝŶĐůƵĚĞƐ ĐŽŵƉŽƐŝƚŝŽŶ ĂŶĚ ƌĞƋƵŝƌĞŵĞŶƚƐ͕
ĚĂŶ ƉĞƌƐLJĂƌĂƚĂŶ͕ ŵĂƐĂ ũĂďĂƚĂŶ͕ ƚƵŐĂƐ ĚĂŶ ƉĞƌŝŽĚ ƚĞƌŵ ŽĨ ĚƵƚLJ͕ ĚƵƚŝĞƐ ĂŶĚ ĂƵƚŚŽƌŝƚŝĞƐ͕
ǁĞǁĞŶĂŶŐ͕ ƚĂƚĂ ĐĂƌĂ ƌĂƉĂƚ͕ ƉĞŵďĂƚĂƐĂŶ ƉƌŽĐĞĚƵƌĞƐ ĨŽƌ ŵĞĞƚŝŶŐƐ͕ ƌĞƐƚƌŝĐƚŝŽŶƐ ŽŶ ĂƵƚŚŽƌŝƚLJ͕
ǁĞǁĞŶĂŶŐ͕ ƚĂƚĂ ĐĂƌĂ ĞǀĂůƵĂƐŝ ŬŝŶĞƌũĂ ƐĞƌƚĂ ƉƌŽĐĞĚƵƌĞƐ ĨŽƌ ƉĞƌĨŽƌŵĂŶĐĞ ĞǀĂůƵĂƚŝŽŶ͕ ĂƐ ǁĞůů ĂƐ
ƉĞŶĞŶƚƵĂŶƌĞŵƵŶĞƌĂƐŝ͘ ƚŚĞƉƌŽĐĞĚƵƌĞƐĨŽƌƌĞŵƵŶĞƌĂƚŝŽŶ͘
<ŽŵƉŽƐŝƐŝĞǁĂŶŝƌĞŬƐŝ ŽĂƌĚŽĨŝƌĞĐƚŽƌƐŽŵƉŽƐŝƚŝŽŶ
WĂĚĂ ƚĂŚƵŶ ϮϬϮϱ͕ ĞǁĂŶ ŝƌĞŬƐŝ ĚŝũĂďĂƚ ƵƌŝŶŐ ϮϬϮϱ͕ ƚŚĞ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ
ŽůĞŚ Ϯ ;ĚƵĂͿ ŽƌĂŶŐ ĂŶŐŐŽƚĂ͘ ĚĂƉƵŶ ŬŽŵƉŽƐŝƐŝ͕ ƉŽƐŝƚŝŽŶƐ ǁĂƐ ŚĞůĚ ďLJ Ϯ ;ƚǁŽͿ ƉĞŽƉůĞ ǁŝƚŚ
ƚƵŐĂƐ ĚĂŶ ƚĂŶŐŐƵŶŐũĂǁĂď ŵĂƐŝŶŐͲŵĂƐŝŶŐ ĂŶŐŐŽƚĂ ĐŽŵƉŽƐŝƚŝŽŶ͕ ĚƵƚŝĞƐ ĂŶĚ ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ ĨŽƌ ĞĂĐŚ
ĞǁĂŶŝƌĞŬƐŝƐĞďĂŐĂŝďĞƌŝŬƵƚ͗ ŵĞŵďĞƌŽĨKĂƌĞĂƐĨŽůůŽǁ͗
EĂŵĂ :ĂďĂƚĂŶ dĂŶŐŐƵŶŐũĂǁĂď
EŽ͘
EĂŵĞ WŽƐŝƚŝŽŶ ZĞƐƉŽŶƐŝďŝůŝƚŝĞƐ
ϭ͘ ŶŝƚĂDĂƌƚĂ ŝƌĞŬƚƵƌ hƚĂŵĂ ͬ - ĞƌƉĞƌĂŶƐĞďĂŐĂŝƉĞŵĞŐĂŶŐŬĞƉƵƚƵƐĂŶƚĞƌƚŝŶŐŐŝ͕
WƌĞƐŝĚĞŶƚŝƌĞĐƚŽƌ - ĞƌƚĂŶŐŐƵŶŐũĂǁĂď ƚĞƌŚĂĚĂƉ ĚŝǀŝƐŝ ŬĞƵĂŶŐĂŶ ĚĂŶ
ĚŝǀŝƐŝƉĞŶŐĞůŽůĂĂŶƌŝƐŝŬŽ͘
- ĞƌƚĂŶŐŐƵŶŐ ũĂǁĂď ƚĞƌŚĂĚĂƉ ŬĞƉĂƚƵŚĂŶ ƐĞƌƚĂ
ĚŝǀŝƐŝůĞŐĂů͘
- ,ŽůĚƚŚĞŚŝŐŚĞƐƚĚĞĐŝƐŝŽŶŵĂŬŝŶŐĂƵƚŚŽƌŝƚLJ
- ZĞƐƉŽŶƐŝďůĞ ĨŽƌ ĨŝŶĂŶĐĞ ĚŝǀŝƐŝŽŶ ĂŶĚ ƌŝƐŬ
ŵĂŶĂŐĞŵĞŶƚĚŝǀŝƐŝŽŶ
- ZĞƐƉŽŶƐŝďůĞĨŽƌĐŽŵƉůŝĂŶĐĞĂŶĚůĞŐĂůĚŝǀŝƐŝŽŶ
Ϯ͘ ŝĂŶƌŝLJĂŶƚŝtŝũĂLJĂ ŝƌĞŬƚƵƌͬŝƌĞĐƚŽƌ - ĞƌƚĂŶŐŐƵŶŐũĂǁĂďƚĞƌŚĂĚĂƉĚŝǀŝƐŝŵĂƌŬĞƚŝŶŐ
- DĞŶũĂďĂƚƐĞďĂŐĂŝƐĞŬƌĞƚĂƌŝƐWĞƌƐĞƌŽĂŶ͘
- ZĞƐƉŽŶƐŝďůĞĨŽƌŵĂƌŬĞƚŝŶŐĚŝǀŝƐŝŽŶ͘
- ^ĞƌǀĞĚĂƐƚŚĞĐŽƌƉŽƌĂƚĞƐĞĐƌĞƚĂƌLJ͘
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/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
dƵŐĂƐĚĂŶǁĞǁĞŶĂŶŐϱϭ͗ͲϱĂ ƵƚŝĞƐĂŶĚĂƵƚŚŽƌŝƚLJϱϭ͗ͲϱĂ
ĞǁĂŶ ŝƌĞŬƐŝ ŵĞŵŝůŝŬŝ ƚƵŐĂƐ ĚĂŶ dŚĞ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ ŚĂƐ ĚƵƚŝĞƐ ĂŶĚ
ǁĞǁĞŶĂŶŐƐĞďĂŐĂŝďĞƌŝŬƵƚ͗ ĂƵƚŚŽƌŝƚLJƐƵĐŚĂƐ͗
ϭ͘ DĞŵĂƚƵŚŝ ŬĞƚĞŶƚƵĂŶ ƉĞƌĂƚƵƌĂŶ ƉĞƌƵŶĚĂŶŐͲ ϭ͘ ŽŵƉůLJ ǁŝƚŚ ƚŚĞ ůĂǁƐ͕ ƌĞŐƵůĂƚŝŽŶƐ͕ ƚŚĞ
ƵŶĚĂŶŐĂŶ͕ ĂŶŐŐĂƌĂŶ ĚĂƐĂƌ͕ ĚĂŶ ƉĞƌĂƚƵƌĂŶ ŽŵƉĂŶLJ͛Ɛ ĂƌƚŝĐůĞƐ ŽĨ ĂƐƐŽĐŝĂƚŝŽŶƐ͕ ĂŶĚ ƚŚĞ
ŝŶƚĞƌŶĂů WĞƌƐĞƌŽĂŶ ĚĂůĂŵ ŵĞůĂŬƐĂŶĂŬĂŶ ŽŵƉĂŶLJ͛Ɛ ŝŶƚĞƌŶĂů ƌĞŐƵůĂƚŝŽŶƐ ŝŶ ĐĂƌƌLJŝŶŐ
ƚƵŐĂƐŶLJĂ͖ ŽƵƚĚƵƚLJ͖
Ϯ͘ DĞŶŐĞůŽůĂ WĞƌƐĞƌŽĂŶ ƐĞƐƵĂŝ ĚĞŶŐĂŶ Ϯ͘ DĂŶĂŐĞ ƚŚĞ ŽŵƉĂŶLJ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ƚŽ
ŬĞǁĞŶĂŶŐĂŶĚĂŶ ƚĂŶŐŐƵŶŐũĂǁĂďŶLJĂ ĚĞŶŐĂŶ ĂƵƚŚŽƌŝƚLJŐƌĂŶƚĞĚĂŶĚƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐŝŶŐŽŽĚ
ŝƚŝŬĂĚďĂŝŬĚĂŶĚĞŶŐĂŶƉƌŝŶƐŝƉŬĞŚĂƚŝͲŚĂƚŝĂŶ͖ ĨĂŝƚŚǁŝƚŚƚŚĞƉƌŝŶĐŝƉůĞƐŽĨƉƌƵĚĞŶĐĞ͖
ϯ͘ DĞŵƉĞƌƚĂŶŐŐƵŶŐũĂǁĂďŬĂŶ ƉĞůĂŬƐĂŶĂĂŶ ϯ͘ ĐĐŽƵŶƚĂďůĞ ĨŽƌ ƚŚĞ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ ƚŚĞ
ƚƵŐĂƐ ŝƌĞŬƐŝ ŬĞƉĂĚĂ WĞŵĞŐĂŶŐ ^ĂŚĂŵ K͛Ɛ ĚƵƚLJ ƚŽ ƚŚĞ ^ŚĂƌĞŚŽůĚĞƌƐ ƚŚƌŽƵŐŚ ƚŚĞ
ŵĞůĂůƵŝZhW^͖ 'D^͖
ϰ͘ DĞŵĂƐƚŝŬĂŶ WĞƌƐĞƌŽĂŶ ŵĞŵƉĞƌŚĂƚŝŬĂŶ ϰ͘ ŶƐƵƌĞ ƚŚĞ ŽŵƉĂŶLJ ƉĂLJƐ ƌĞŐĂƌĚ ƚŽ ƚŚĞ
ŬĞƉĞŶƚŝŶŐĂŶ ƐĞŵƵĂ ƉŝŚĂŬ͕ ŬŚƵƐƵƐŶLJĂ ŝŶƚĞƌĞƐƚ ŽĨ Ăůů ƉĂƌƚŝĞƐ ĞƐƉĞĐŝĂůůLJ ƚŽ ƚŚĞ
ŬĞƉĞŶƚŝŶŐĂŶ ĞďŝƚƵƌ͕ ƉĞŶĞƌŝŵĂ ĚĂŶĂ͕ ĞďƚŽƌƐ͕ĨƵŶĚƌĞĐŝƉŝĞŶƚƐ͕ĐŽŶƐƵŵĞƌƐ͕ďƵƐŝŶĞƐƐ
ŬŽŶƐƵŵĞŶ͕ ƉĂƐĂŶŐĂŶ ƵƐĂŚĂ͕ ŶĂƐĂďĂŚ ƉĂƌƚŶĞƌƐ͕ĐůŝĞŶƚƐ͕ĨƵŶĚƉƌŽǀŝĚĞƌƐ͕ǀĞŶƚƵƌĞĨƵŶĚ
ƉĞŶLJŝŵƉĂŶ͕ ŬƌĞĚŝƚƵƌ͕ ƉĞŵďĞƌŝ ĚĂŶĂ͕ ŝŶǀĞƐƚŽƌ ŝŶǀĞƐƚŽƌƐ͕ ĂŶĚͬŽƌ ^ƚĂŬĞŚŽůĚĞƌƐ ŝŶ ŐŽŽĚ ĨĂŝƚŚ
ĚĂŶĂ ǀĞŶƚƵƌĂ͕ ĚĂŶͬĂƚĂƵ WĞŵĂŶŐŬƵ ǁŝƚŚ ƚŚĞ ƉƌŝŶĐŝƉůĞ ŽĨ ƉƌƵĚĞŶĐĞ ǁŚŝůĞ ǁŝƚŚŝŶ
<ĞƉĞŶƚŝŶŐĂŶ ĚĞŶŐĂŶ ŝƚŝŬĂĚ ďĂŝŬ ĚĂŶ ĚĞŶŐĂŶ ƚŚĞ ůĂǁƐ ĂŶĚ ƌĞŐƵůĂƚŝŽŶƐ͕ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ
ƉƌŝŶƐŝƉŬĞŚĂƚŝͲŚĂƚŝĂŶƐĞƐƵĂŝĚĞŶŐĂŶƉĞƌĂƚƵƌĂŶ ĂƌƚŝĐůĞƐ ŽĨ ĂƐƐŽĐŝĂƚŝŽŶƐ͕ ĂŶĚͬŽƌ 'D^
ƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶ͕ ĂŶŐŐĂƌĂŶ ĚĂƐĂƌ͕ ĚĞĐŝƐŝŽŶƐ͖
ĚĂŶͬĂƚĂƵŬĞƉƵƚƵƐĂŶZhW^͖ ϱ͘ ŶƐƵƌĞ ƚŚĞ ŝŶĨŽƌŵĂƚŝŽŶ ŽĨ ƚŚĞ ŽŵƉĂŶLJ ŝƐ
ϱ͘ DĞŵĂƐƚŝŬĂŶ ĂŐĂƌ ŝŶĨŽƌŵĂƐŝ ŵĞŶŐĞŶĂŝ ƉƌŽǀŝĚĞĚƚŽƚŚĞŽĂƌĚŽĨŽŵŵŝƐƐŝŽŶĞƌƐŝŶĂŶ
WĞƌƐĞƌŽĂŶĚŝďĞƌŝŬĂŶŬĞƉĂĚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐ ĂĐĐƵƌĂƚĞ͕ƌĞůĞǀĂŶƚĂŶĚƚŝŵĞůLJŵĂŶŶĞƌ͖
ƐĞĐĂƌĂĂŬƵƌĂƚ͕ƌĞůĞǀĂŶ͕ĚĂŶƚĞƉĂƚǁĂŬƚƵ͖ ϲ͘ K ŝƐ ĂƵƚŚŽƌŝnjĞĚ ƚŽ ƌĞƉƌĞƐĞŶƚ ƚŚĞ ŽŵƉĂŶLJ
ϲ͘ ŝƌĞŬƐŝďĞƌǁĞŶĂŶŐŵĞǁĂŬŝůŝWĞƌƐĞƌŽĂŶƐĞƐƵĂŝ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ůĂǁƐ ĂŶĚ ƌĞŐƵůĂƚŝŽŶƐ͕
ĚĞŶŐĂŶ ŬĞƚĞŶƚƵĂŶ ƉĞƌĂƚƵƌĂŶ ƉĞƌƵŶĚĂŶŐͲ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ĂƌƚŝĐůĞƐ ŽĨ ĂƐƐŽĐŝĂƚŝŽŶƐ͕ ĂŶĚ
ƵŶĚĂŶŐĂŶ͕ ĂŶŐŐĂƌĂŶ ĚĂƐĂƌ͕ ĚĂŶ ŬĞƉƵƚƵƐĂŶ ƚŚĞ'D^ĚĞĐŝƐŝŽŶƐ͖
ZhW^͖ ϳ͘ K ŝƐ ŽďůŝŐĞĚ ƚŽ ĨŽůůŽǁ ƵƉ ŽŶ ĂƵĚŝƚ Žƌ
ϳ͘ ŝƌĞŬƐŝ ǁĂũŝď ŵĞŶŝŶĚĂŬůĂŶũƵƚŝ ƚĞŵƵĂŶ ĂƵĚŝƚ ŝŶƐƉĞĐƚŝŽŶ ĨŝŶĚŝŶŐƐ ĂŶĚ ƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐ
ĂƚĂƵ ƉĞŵĞƌŝŬƐĂĂŶ ĚĂŶ ƌĞŬŽŵĞŶĚĂƐŝ ĚĂƌŝ ĨƌŽŵ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ŝŶƚĞƌŶĂů ĂƵĚŝƚ ƵŶŝƚ͕
ƐĂƚƵĂŶŬĞƌũĂĂƵĚŝƚŝŶƚĞƌŶĂůWĞƌƐĞƌŽĂŶ͕ĂƵĚŝƚŽƌ ĞdžƚĞƌŶĂůĂƵĚŝƚŽƌƐ͕ƚŚĞƌĞƐƵůƚŽĨƐƵƉĞƌǀŝƐŝŽŶďLJ
ĞŬƐƚĞƌŶĂů͕ ŚĂƐŝů ƉĞŶŐĂǁĂƐĂŶ KƚŽƌŝƚĂƐ :ĂƐĂ K:<͕ĂŶĚͬŽƌƚŚĞƌĞƐƵůƚŽĨƐƵƉĞƌǀŝƐŝŽŶďLJŽƚŚĞƌ
<ĞƵĂŶŐĂŶ͕ ĚĂŶͬĂƚĂƵ ŚĂƐŝů ƉĞŶŐĂǁĂƐĂŶ ĂƵƚŚŽƌŝƚŝĞƐĂŶĚŝŶƐƚŝƚƵƚŝŽŶƐ͖
ŽƚŽƌŝƚĂƐĚĂŶůĞŵďĂŐĂůĂŝŶ͖ ϴ͘ K ŝƐ ƉƌŽŚŝďŝƚĞĚ ĨƌŽŵ ƵƐŝŶŐ ƚŚĞŝƌ ĂƵƚŚŽƌŝƚLJ
ϴ͘ ŝƌĞŬƐŝĚŝůĂƌĂŶŐŵĞŵĂŶĨĂĂƚŬĂŶũĂďĂƚĂŶƵŶƚƵŬ ĨŽƌ ƉĞƌƐŽŶĂů ĨĂŵŝůLJ ĂŶĚͬŽƌ ŽƚŚĞƌ ƉĂƌƚLJ ŽĨ
ŬĞƉĞŶƚŝŶŐĂŶ ƉƌŝďĂĚŝ͕ ŬĞůƵĂƌŐĂ͕ ĚĂŶͬĂƚĂƵ ŝŶƚĞƌĞƐƚ ǁŚŝĐŚ ĐŽƵůĚ ŚĂƌŵ Žƌ ƌĞĚƵĐĞ ƚŚĞ
ƉŝŚĂŬ ůĂŝŶ LJĂŶŐ ĚĂƉĂƚ ŵĞƌƵŐŝŬĂŶ ĂƚĂƵ ŽŵƉĂŶLJ͛ƐƉƌŽĨŝƚ͖
ŵĞŶŐƵƌĂŶŐŝŬĞƵŶƚƵŶŐĂŶWĞƌƐĞƌŽĂŶ͖ ϵ͘ K ŝƐ ƉƌŽŚŝďŝƚĞĚ ĨƌŽŵ ƚĂŬŝŶŐ ĂŶĚͬŽƌ
ϵ͘ ŝƌĞŬƐŝ ĚŝůĂƌĂŶŐ ŵĞŶŐĂŵďŝů ĚĂŶͬĂƚĂƵ ƌĞĐĞŝǀŝŶŐƉĞƌƐŽŶĂůďĞŶĞĨŝƚƐĨƌŽŵƚŚĞŽŵƉĂŶLJ
ŵĞŶĞƌŝŵĂŬĞƵŶƚƵŶŐĂŶƉƌŝďĂĚŝĚĂƌŝWĞƌƐĞƌŽĂŶ ŽƚŚĞƌ ƚŚĂŶ ƚŚĞ ƌĞŵƵŶĞƌĂƚŝŽŶ ĂŶĚ ĨĂĐŝůŝƚŝĞƐ
ƐĞůĂŝŶ ƌĞŵƵŶĞƌĂƐŝ ĚĂŶ ĨĂƐŝůŝƚĂƐ LJĂŶŐ ƚĞůĂŚ ĚĞƚĞƌŵŝŶĞĚŽŶƚŚĞ'D^ĚĞĐŝƐŝŽŶƐ͖
ĚŝƚĞƚĂƉŬĂŶďĞƌĚĂƐĂƌŬĂŶŬĞƉƵƚƵƐĂŶZhW^͖ ϭϬ͘ K ŝƐ ƉƌŽŚŝďŝƚĞĚ ĨƌŽŵ ĨƵůĨŝůůŝŶŐ ĐĞƌƚĂŝŶ
ϭϬ͘ ŝƌĞŬƐŝ ĚŝůĂƌĂŶŐ ŵĞŵĞŶƵŚŝ ƉĞƌŵŝŶƚĂĂŶ ƐŚĂƌĞŚŽůĚĞƌƐ͛ ĚĞŵĂŶĚ ƌĞůĂƚĞĚ ƚŽ ƚŚĞ
ƉĞŵĞŐĂŶŐ ƐĂŚĂŵ ƚĞƌŬĂŝƚ ĚĞŶŐĂŶ ŬĞŐŝĂƚĂŶ ŽŵƉĂŶLJ͛Ɛ ŽƉĞƌĂƚŝŽŶĂů ĂĐƚŝǀŝƚŝĞƐ ŽƚŚĞƌ ƚŚĂŶ
ŽƉĞƌĂƐŝŽŶĂů WĞƌƐĞƌŽĂŶ ƐĞůĂŝŶ LJĂŶŐ ƚĞůĂŚ ĚĞƚĞƌŵŝŶĞĚŝŶƚŚĞ'D^ĚĞĐŝƐŝŽŶƐ͖ĂŶĚ
ĚŝƚĞƚĂƉŬĂŶďĞƌĚĂƐĂƌŬĂŶŬĞƉƵƚƵƐĂŶZhW^͖ĚĂŶ ϭϭ͘ K ŝƐ ƉƌŽŚŝďŝƚĞĚ ĨƌŽŵ ŐƌĂŶƚŝŶŐ ŐĞŶĞƌĂů
ϭϭ͘ ŝƌĞŬƐŝ ĚŝůĂƌĂŶŐ ŵĞŵďĞƌŝŬĂŶ ŬƵĂƐĂ ƵŵƵŵ ƉŽǁĞƌ ŽĨ ĂƚƚŽƌŶĞLJ ƚŽ ŽƚŚĞƌ ƉĂƌƚŝĞƐ ǁŚŝĐŚ
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
ŬĞƉĂĚĂ ƉŝŚĂŬ ůĂŝŶ LJĂŶŐ ŵĞŶŐĂŬŝďĂƚŬĂŶ ǁŽƵůĚ ƌĞƐƵůƚ ŝŶ ƚŚĞ ƚƌĂŶƐĨĞƌ ŽĨ ƚŚĞ K͛Ɛ
ƉĞŶŐĂůŝŚĂŶƚƵŐĂƐĚĂŶĨƵŶŐƐŝŝƌĞŬƐŝ͘ ĚƵƚŝĞƐĂŶĚĨƵŶĐƚŝŽŶƐ͘
^ĞƌƚŝĨŝŬĂƐŝ'Z/ϮͲϭϳͲĂϱϭ͗Ͳϱď ĞƌƚŝĨŝĐĂƚŝŽŶ'Z/ϮͲϭϳͲĂϱϭ͗Ͳϱď
^ĞƚŝĂƉĂŶŐŐŽƚĂĞǁĂŶŝƌĞŬƐŝƚĞůĂŚŵĞŵŝůŝŬŝ ǀĞƌLJ ŵĞŵďĞƌ ŽĨ K ŚĂƐ Ă ƉƌŽĨŝĐŝĞŶƚ
ƐĞƌƚŝĨŝŬĂƐŝ ĂŚůŝ ƉĞŵďŝĂLJĂĂŶ LJĂŶŐ ĚŝĂĚĂŬĂŶ ŽůĞŚ ĐĞƌƚŝĨŝĐĂƚŝŽŶŽĨĨŝŶĂŶĐŝŶŐŝƐƐƵĞĚďLJ^WW/͘/ŶĂĚĚŝƚŝŽŶ͕
^ĞƌƚŝĨŝŬĂƐŝ WƌŽĨĞƐŝ WĞŵďŝĂLJĂĂŶ /ŶĚŽŶĞƐŝĂ ;^WW/Ϳ ƚŚĞLJĂůƐŽƉĂƐƐĞĚĨŝƚĂŶĚƉƌŽƉĞƌƚĞƐƚĨƌŽŵK:<͘
ƐĞƌƚĂƚĞůĂŚ ůƵůƵƐ ĨŝƚĂŶĚƉƌŽƉĞƌ ƚĞƐƚLJĂŶŐĚŝĂĚĂŬĂŶ
ŽůĞŚK:<͘
EĂŵĂŶŐŐŽƚĂ EŽ͘^ĞƌƚŝĨŝŬĂƚ^WW/ EŽ͘&ŝƚĂŶĚWƌŽƉĞƌdĞƐƚ
EŽ͘
DĞŵďĞƌ͛ƐEĂŵĞ ĞƌƚŝĨŝĐĂƚŝŽŶEƵŵďĞƌ ĞĐƌĞĞŽĨ&ŝƚĂŶĚWƌŽƉĞƌƚĞƐƚ
ϭ͘ ŶŝƚĂDĂƌƚĂ ϴϭϴϴͲϱϬϬϬϱͲϲϬϬͲϬϮϭϴ < WͲϳϯͬE͘ϭϭͬϮϬϭϴ
Ϯ͘ ŝĂŶƌŝLJĂŶƚŝtŝũĂLJĂ ϴϭϴϴͲϱϬϬϭϭͲϲϬϬͲϬϮϭϵ < WͲϱϮͬE͘ϭϭͬϮϬϭϵ
ZĂƉĂƚĞǁĂŶŝƌĞŬƐŝ ŽĂƌĚŽĨŝƌĞĐƚŽƌƐDĞĞƚŝŶŐƐ
ĞǁĂŶ ŝƌĞŬƐŝ ŵĞůĂŬƐĂŶĂŬĂŶ ƚƵŐĂƐ ĚĂŶ KĐĂƌƌŝĞƐ ŽƵƚƚŚĞŝƌĚƵƚŝĞƐ ĂŶĚĂƵƚŚŽƌŝƚŝĞƐ
ǁĞǁĞŶĂŶŐ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ƉĞĚŽŵĂŶ ŬĞƌũĂ ĞǁĂŶ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ǁŽƌŬ ŐƵŝĚĞůŝŶĞƐ ŽĨ K͘ /Ŷ
ŝƌĞŬƐŝ͘ĂůĂŵŵĞůĂŬƐĂŶĂŬĂŶƚƵŐĂƐ͕ĞǁĂŶŝƌĞŬƐŝ ƚŚĞ ĞdžĞĐƵƚŝŽŶ ŽĨ ƚŚĞŝƌ ĚƵƚLJ͕ ƚŚĞ ŽĂƌĚ ŽĨ
ŵĞŶŐĂĚĂŬĂŶ ƌĂƉĂƚ ŵŝŶŝŵĂů ϭ ďƵůĂŶ ƐĞŬĂůŝ ĚĂŶ ŽŵŵŝƐƐŝŽŶĞƌƐŚŽůĚƐĂŵĞĞƚŝŶŐĂƚůĞĂƐƚŽŶĐĞĞǀĞƌLJ
ŵĞŶŐĂĚĂŬĂŶ ƌĂƉĂƚ ŐĂďƵŶŐĂŶ ĚĞŶŐĂŶ ĞǁĂŶ ŵŽŶƚŚ ĂŶĚ Ă ũŽŝŶƚ ŵĞĞƚŝŶŐ ǁŝƚŚ ƚŚĞ ŽĂƌĚ ŽĨ
<ŽŵŝƐĂƌŝƐ ƐĞŬĂůŝ ĚĂůĂŵ ƐĞƚĂŚƵŶ͘ WĂĚĂ ƚĂŚƵŶ ϮϬϮϱ͕ ŽŵŵŝƐƐŝŽŶĞƌƐ Ăƚ ůĞĂƐƚ ŽŶĐĞ ŝŶ Ă LJĞĂƌ͘ /Ŷ ϮϬϮϱ͕
ZĂƉĂƚ ĞǁĂŶ ŝƌĞŬƐŝ ƚĞůĂŚ ĚŝůĂŬƐĂŶĂŬĂŶ ƐĞďĂŶLJĂŬ K ŵĞĞƚŝŶŐƐ ǁĞƌĞ ŚĞůĚ ϭϮ ƚŝŵĞƐ ĂŶĚ ũŽŝŶƚ
ϭϮ ;ĚƵĂ ďĞůĂƐͿ ŬĂůŝ ĚĂŶ ZĂƉĂƚ 'ĂďƵŶŐĂŶ ĚĞŶŐĂŶ ŵĞĞƚŝŶŐ ǁŝƚŚ ƚŚĞ K ϯ ;ƚŚƌĞĞͿ ƚŝŵĞ Ăƚ DĞŶĂƌĂ
ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ƐĞďĂŶLJĂŬ ϯ ;ƚŝŐĂͿ ŬĂůŝ LJĂŶŐ ^ƵĚŝƌŵĂŶ ϳƚŚ &ůŽŽƌ ĂŶĚ ǀŝƌƚƵĂůůLJ ďLJ ƵƐŝŶŐ njŽŽŵ͕
ĚŝůĂŬƐĂŶĂŬĂŶ ƐĞĐĂƌĂ ƚĂƚĂƉ ŵƵŬĂ Ěŝ DĞŶĂƌĂ ǁŝƚŚĂƚƚĞŶĚĂŶĐĞƌĂƚĞĂƐŽĨĨŽůůŽǁƐ͗
^ƵĚŝƌŵĂŶ>ĂŶƚĂŝϳĚĂŶƐĞĐĂƌĂǀŝƌƚƵĂůŵĞŶŐŐƵŶĂŬĂŶ
njŽŽŵ͕ĚĞŶŐĂŶƚŝŶŐŬĂƚŬĞŚĂĚŝƌĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
ZĂƉĂƚ'ĂďƵŶŐĂŶĚĞŶŐĂŶ
ZĂƉĂƚĞǁĂŶŝƌĞŬƐŝͬ
ĞǁĂŶ<ŽŵŝƐĂƌŝƐͬ
ŽĂƌĚŽĨŝƌĞĐƚŽƌƐDĞĞƚŝŶŐ
:ŽŝŶƚDĞĞƚŝŶŐǁŝƚŚK
EĂŵĂĚĂŶ:ĂďĂƚĂŶ
:ƵŵůĂŚ dŝŶŐŬĂƚ :ƵŵůĂŚ dŝŶŐŬĂƚ
EĂŵĞĂŶĚWŽƐŝƚŝŽŶ :ƵŵůĂŚ :ƵŵůĂŚ
ZĂƉĂƚ <ĞŚĂĚŝƌĂŶ ZĂƉĂƚ <ĞŚĂĚŝƌĂŶ
<ĞŚĂĚŝƌĂŶ <ĞŚĂĚŝƌĂŶ
dŽƚĂůŽĨ ƚƚĞŶĚĂŶĐĞ dŽƚĂůŽĨ ƚƚĞŶĚĂŶĐĞ
ƚƚĞŶĚĂŶĐĞ ƚƚĞŶĚĂŶĐĞ
DĞĞƚŝŶŐ ZĂƚĞ DĞĞƚŝŶŐ ZĂƚĞ
ŶŝƚĂDĂƌƚĂ
ŝƌĞŬƚƵƌhƚĂŵĂͬWƌĞƐŝĚĞŶƚ ϭϮ ϭϮ ϭϬϬй ϯ ϯ ϭϬϬй
ŝƌĞĐƚŽƌ
ŝĂŶƌŝLJĂŶƚŝtŝũĂLJĂ
ϭϮ ϭϮ ϭϬϬй ϯ ϯ ϭϬϬй
ŝƌĞŬƚƵƌͬŝƌĞĐƚŽƌ
^ĞŵŝŶĂƌ'Z/ϮͲϭϳͲĂϱϭ͗Ͳϱď ^ĞŵŝŶĂƌ'Z/ϮͲϭϳͲĂϱϭ͗Ͳϱď
ĞǁĂŶ ŝƌĞŬƐŝ ƐĞŶĂŶƚŝĂƐĂ ŵĞůĂŬƵŬĂŶ dŚĞ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ ĂůǁĂLJƐ ƐƚƌŝǀĞ ƚŽ
ƉĞůĂƚŝŚĂŶ ĚĂŶ ƉĞŶŝŶŐŬĂƚĂŶ ŬĞŵĂŵƉƵĂŶ ĚĞŶŐĂŶ ŝŵƉƌŽǀĞ ƚŚĞŝƌ ĐĂƉĂďŝůŝƚŝĞƐ ďLJ ƉĂƌƚŝĐŝƉĂƚŝŶŐ ŝŶ
ĐĂƌĂ ŵĞŶŐŝŬƵƚŝ ƉĞůĂƚŝŚĂŶ ŵĂƵƉƵŶ ƐŽƐŝĂůŝƐĂƐŝ LJĂŶŐ ǀĂƌŝŽƵƐ ƚƌĂŝŶŝŶŐ ĂŶĚ ƐĞŵŝŶĂƌ ŚĞůĚ ďLJ K:<͕ WW/͘
ĚŝĂĚĂŬĂŶK:<ĚĂŶWW/͘^ĞůĂŵĂƚĂŚƵŶϮϬϮϱĚĞǁĂŶ ƵƌŝŶŐ ϮϬϮϱ͕ ƚŚĞ K ŚĂƐ ĂƚƚĞŶĚĞĚ ƚƌĂŝŶŝŶŐ ƐƵĐŚ
ĚŝƌĞŬƐŝƚĞůĂŚŵĞŶŐŝŬƵƚŝƉĞůĂƚŝŚĂŶďĞƌƵƉĂ͗ ĂƐ͗
73
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
EĂŵĂ WŽƐŝƐŝ dĂŶŐŐĂů ^ĞŵŝŶĂƌ >ŽŬĂƐŝ WĞŶLJĞůĞŶŐŐĂƌ
EĂŵĞ WŽƐŝƚŝŽŶ ĂƚĞ ^ĞŵŝŶĂƌ >ŽĐĂƚŝŽŶ Ă
KƌŐĂŶŝnjĞƌ
ŶŝƚĂDĂƌƚĂ ŝƌĞŬƚƵƌ ϭϳ:ĂŶƵĂƌŝϮϬϮϱ ,ŽǁƚŽĐŚŝĞǀĞWĞĂŬ sŝƌƚƵĂů K:<
hƚĂŵĂ :ĂŶƵĂƌLJϭϳ͕ϮϬϮϱ WĞƌĨŽƌŵĂŶĐĞŝŶϮϬϮϱ
WƌĞƐŝĚĞŶƚ
ϮϬ&ĞďƌƵĂƌŝϮϬϮϱ KƵƚůŽŽŬ ŬŽŶŽŵŝĚĂŶ sŝƌƚƵĂů K:<
ŝƌĞĐƚŽƌ
&ĞďƌƵĂƌLJϮϬ͕ϮϬϮϱ <ĞƵĂŶŐĂŶĚŝdĂŚƵŶϮϬϮϱ
ϭϳƉƌŝůϮϬϮϱ DĞŶĞƌŽƉŽŶŐDĂƐĂĞƉĂŶ sŝƌƚƵĂů K:<
Ɖƌŝůϭϳ͕ϮϬϮϱ WĂƐĂƌ ŵĂƐ/ŶĚŽŶĞƐŝĂ͗WĞƌĂŶ
^ƚƌĂƚĞŐŝƐƵůůŝŽŶĂŶŬ
ϴDĞŝϮϬϮϱ WĞƌĂŶ^ƚƌĂƚĞŐŝƐ/ŶĚƵƐƚƌŝ:ĂƐĂ sŝƌƚƵĂů K:<
DĂLJϴ͕ϮϬϮϱ <ĞƵĂŶŐĂŶĂůĂŵDĞŶĚŽƌŽŶŐ
WĞŶŐĞŵďĂŶŐĂŶ ŬŽŶŽŵŝ
ĂĞƌĂŚ
ϭϴ^ĞƉƚĞŵďĞƌϮϬϮϱ dƌĞŶDŽĚƵƐĚĂŶ^ŬĞŵĂ sŝƌƚƵĂů K:<
^ĞƉƚĞŵďĞƌϭϴ͕ϮϬϮϱ WĞŶĐƵĐŝĂŶhĂŶŐdĞƌďĂƌƵ͗
^ƚƌĂƚĞŐŝ/ĚĞŶƚŝĨŝŬĂƐŝ͕DŝƚŝŐĂƐŝ͕
ĚĂŶWĞŶĞŐĂŬĂŶ,ƵŬƵŵ
ŝĂŶƌŝLJĂŶƚŝ ŝƌĞŬƚƵƌ ϭϳ:ĂŶƵĂƌŝϮϬϮϱ ,ŽǁƚŽĐŚŝĞǀĞWĞĂŬ sŝƌƚƵĂů K:<
tŝũĂLJĂ ŝƌĞĐƚŽƌ :ĂŶƵĂƌLJϭϳ͕ϮϬϮϱ WĞƌĨŽƌŵĂŶĐĞŝŶϮϬϮϱ
ϭϳƉƌŝůϮϬϮϱ DĞŶĞƌŽƉŽŶŐDĂƐĂĞƉĂŶ sŝƌƚƵĂů K:<
Ɖƌŝůϭϳ͕ϮϬϮϱ WĂƐĂƌ ŵĂƐ/ŶĚŽŶĞƐŝĂ͗WĞƌĂŶ
^ƚƌĂƚĞŐŝƐƵůůŝŽŶĂŶŬ
ϮϮƉƌŝůϮϬϮϱ ^ŽƐŝĂůŝƐĂƐŝWĞƌĂƚƵƌĂŶWĂũĂŬ sŝƌƚƵĂů /
ƉƌŝůϮϮ͕ϮϬϮϱ dĞƌďĂƌƵΘ^ƵŬƐĞƐ
DĞŶŐŚĂĚĂƉŝWĞŵĞƌŝŬƐĂĂŶ
WĂũĂŬ
ϭϱDĞŝϮϬϮϱ ĨĞŬŽŵŝŶŽdĂƌŝĨdƌƵŵƉ͗ sŝƌƚƵĂů K:<
DĂLJϭϱ͕ϮϬϮϱ ŶĐĂŵĂŶĂƚĂƵWĞůƵĂŶŐďĂŐŝ
ŬŽŶŽŵŝ/ŶĚŽŶĞƐŝĂ
ϮϬDĞŝϮϬϮϱ 'Z/&ŝŶĂŶĐŝĂů^ĞƌǀŝĐĞƐ sŝƌƚƵĂů /y
DĂLJϮϬ͕ϮϬϮϱ ;ĂŶŬŝŶŐ͕/ŶƐƵƌĂŶĐĞĂŶĚ
ĂƉŝƚĂůDĂƌŬĞƚͿ^ĞĐƚŽƌ
^ƚĂŶĚĂƌĚ͗ džƉŽƐƵƌĞƌĂĨƚƐ
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
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WĞƌƐĞƌŽĂŶ ƐĞďĂŐĂŝ ĚĂƐĂƌ ƉĞŶĞƚĂƉĂŶ ƌĞŵƵŶĞƌĂƐŝ͘ ŽĨ ƌĞŵƵŶĞƌĂƚŝŽŶ͘ dŚĞ ŽĂƌĚ ŽĨ ŽŵŵŝƐƐŝŽŶĞƌƐ
ĂůĂŵ ŵĞůĂŬƵŬĂŶ ƉĞŶŝŶũĂƵĂŶ ƚĞƌŚĂĚĂƉ ŬŝŶĞƌũĂ ĨŽƌŵĞĚ EŽŵŝŶĂƚŝŽŶ ĂŶĚ ZĞŵƵŶĞƌĂƚŝŽŶ ŽŵŵŝƚƚĞĞ
ƚĞƌƐĞďƵƚ͕ WĞƌƐĞƌŽĂŶ ŵĞŵďĞŶƚƵŬ ŬŽŵŝƚĞ ŶŽŵŝŶĂƐŝ ĂƐĂŶŝŶƐƚƌƵŵĞŶƚĨŽƌƉĞƌĨŽƌŵĂŶĐĞĞǀĂůƵĂƚŝŽŶďĂƐĞĚ
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ĞƌĚĂƐĂƌŬĂŶ ĂŬƚĂ ŶŽ Ϭϭ ƚĞƌƚĂŶŐŐĂů ϱ DĂƌĞƚ ĂƐĞĚŽŶĞĞĚEŽ͘ϬϭĚĂƚĞĚDĂƌĐŚϱ͕ϮϬϮϱ͕ƚŚĞ
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ZĞŵƵŶĞƌĂƐŝ ďĂŐŝ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ĚĂŶ ĞǁĂŶ dŚĞ ƌĞŵƵŶĞƌĂƚŝŽŶƐ ĨŽƌ ƚŚĞ KƐ ĂŶĚ ƚŚĞ KƐ
ŝƌĞŬƐŝ ĚŝƚĞƚĂƉŬĂŶ ĚĞŶŐĂŶ ŵĞŵƉĞƌƚŝŵďĂŶŐŬĂŶ ĂƌĞ ĚĞƚĞƌŵŝŶĞĚ ďLJ ĐŽŶƐŝĚĞƌŝŶŐ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ
ŬŽŶĚŝƐŝ ŬĞƵĂŶŐĂŶ WĞƌƐĞƌŽĂŶ͕ ƚŝŶŐŬĂƚ ƉĞŶĐĂƉĂŝĂŶ ĨŝŶĂŶĐŝĂůĐŽŶĚŝƚŝŽŶ͕ ĂĐŚŝĞǀĞŵĞŶƚĂŶĚƉĞƌĨŽƌŵĂŶĐĞ͕
ŬŝŶĞƌũĂ ĚĂŶ ƚĂƌŐĞƚ͕ ƚŝŶŐŬĂƚ ŝŶĨůĂƐŝ͕ ƐĞƌƚĂ ŝŶĨůĂƚŝŽŶƌĂƚĞ͕ĂƐǁĞůůĂƐƚŚĞďƵƐŝŶĞƐƐŐƌŽǁƚŚ͘
ƉĞƌƚƵŵďƵŚĂŶƵƐĂŚĂ͘
^ƚƌƵŬƚƵƌĚĂŶĞƐĂƌĂŶZĞŵƵŶĞƌĂƐŝ ^ƚƌƵĐƚƵƌĞĂŶĚŵŽƵŶƚŽĨZĞŵƵŶĞƌĂƚŝŽŶ
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ƚĂďĞůƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
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WĞƌƐĞƌŽĂŶ dĞƌĐĂƚĂƚ͘ ^ƵƐƵŶĂŶ ŬĞĂŶŐŐŽƚĂĂŶ <ŽŵŝƚĞ ϬϬϮͬ&&/ͬ^<<ͬ///ͬϮϬϮϯ ŝŶ DĂƌĐŚ ϮϬϮϯ͕ ƚŚĞ
ƵĚŝƚ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ŵĂƐĂ ŬĞƌũĂ ƚŝŐĂ ƚĂŚƵŶ ĐŽŵƉŽƐŝƚŝŽŶ ŽĨ ƚŚĞ ƵĚŝƚ ŽŵŵŝƚƚĞĞ ĨŽƌ ƚŚĞ ŶĞdžƚ
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DĂƌĞƚϮϬϮϯĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
ŶĂƐƚĂƐŝĂ ŚƌŝƐƚŝŶĂǁĂƚŝ :ĂLJĂ ^ĂƉƵƚƌĂ͕ <ĞƚƵĂ ŶĂƐƚĂƐŝĂŚƌŝƐƚŝŶĂǁĂƚŝ:ĂLJĂ^ĂƉƵƚƌĂ͕ŚĂŝƌŵĂŶŽĨ
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<ŽŵŝƐĂƌŝƐ͕ŚĂůĂŵĂŶϯϯ>ĂƉŽƌĂŶdĂŚƵŶĂŶŝŶŝ͘ ŽĂƌĚ ŽĨ ŽŵŵŝƐƐŝŽŶĞƌƐ͛Ɛ WƌŽĨŝůĞ͕ ƉĂŐĞ ϯϯ ŽĨ ƚŚŝƐ
ŶŶƵĂůZĞƉŽƌƚ͘
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tĂƌŐĂEĞŐĂƌĂ/ŶĚŽŶĞƐŝĂ͕ďĞƌĚŽŵŝůŝƐŝĚŝ:ĂŬĂƌƚĂƵƐŝĂ ŽŵŵŝƚƚĞĞ͘/ŶĚŽŶĞƐŝĂŶĐŝƚŝnjĞŶƐ͕ĚŽŵŝĐŝůĞŝŶ:ĂŬĂƌƚĂ
ϯϮ ƚĂŚƵŶ͘ >ƵůƵƐĂŶ ^ϭ hŶŝǀĞƌƐŝƚĂƐ dĂƌƵŵĂŶĂŐĂƌĂ͘ ĂŐĞϯϮ͘'ƌĂĚƵĂƚĞĚĨƌŽŵdĂƌƵŵĂŶĂŐĂƌĂhŶŝǀĞƌƐŝƚLJ͘
WĂĚĂ DĂƌĞƚ ϮϬϮϯ Ɛ͘Ě ƐĞŬĂƌĂŶŐ ŵĞŶũĂďĂƚ ƐĞďĂŐĂŝ &ƌŽŵ DĂƌĐŚ ϮϬϮϯ ƵŶƚŝů ŶŽǁ͕ ǁŽƌŬĞĚ ĂƐ ƵĚŝƚ
ĂŶŐŐŽƚĂ<ŽŵŝƚĞƵĚŝƚĚŝ&Ƶũŝ&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂ͘ ŽŵŵŝƚƚĞĞŵĞŵďĞƌŝŶ&Ƶũŝ&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂ͘
:ĂŵĞƐ >ĞŽŶĂƌĚŽ ũŽŶŝ͕ ŶŐŐŽƚĂ <ŽŵŝƚĞ ƵĚŝƚ͘ :ĂŵĞƐ >ĞŽŶĂƌĚŽ ũŽŶŝ͕ DĞŵďĞƌ ŽĨ ƚŚĞ ƵĚŝƚ
tĂƌŐĂEĞŐĂƌĂ/ŶĚŽŶĞƐŝĂ͕ďĞƌĚŽŵŝƐŝůŝĚŝũĂŬĂƌƚĂƵƐŝĂ ŽŵŵŝƚƚĞĞ͘/ŶĚŽŶĞƐŝĂŶĐŝƚŝnjĞŶƐ͕ĚŽŵŝĐŝůĞŝŶ:ĂŬĂƌƚĂ͕
Ϯϳ ƚĂŚƵŶ͘ >ƵůƵƐĂŶ ^ĂƌũĂŶĂ ŝƐŶŝƐ :ƵƌƵƐĂŶ ĂŶŬŝŶŐ ĂŐĞ Ϯϳ͘ 'ƌĂĚƵĂƚĞĚ ǁŝƚŚ ƵƐŝŶĞƐƐ ĞŐƌĞĞ ĨƌŽŵ
&ŝŶĂŶĐĞ ĂŶĚ ĐŽŶŽŵŝĐƐ Ěŝ hŶŝǀĞƌƐŝƚĂƐ DŽŶĂƐŚ͕ DŽŶĂƐŚ hŶŝǀĞƌƐŝƚLJ ŝŶ DĞůďŽƵƌŶĞ ŽŶ ϮϬϭϲ͘ &ƌŽŵ
DĞůďŽƵƌŶĞƉĂĚĂƚĂŚƵŶϮϬϭϲ͘WĂĚĂDĂƌĞƚϮϬϮϯƐ͘Ě DĂƌĐŚ ϮϬϮϯ ƵŶƚŝů ŶŽǁ͕ ĞŵƉůŽLJĞĚ ĂƐ Ă ŵĞŵďĞƌ ŽĨ
ƐĞŬĂƌĂŶŐ͕ ŵĞŶũĂďĂƚ ƐĞďĂŐĂŝ ĂŶŐŐŽƚĂ <ŽŵŝƚĞ ƵĚŝƚ ƵĚŝƚŽŵŵŝƚƚĞĞŝŶ&Ƶũŝ&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂ͘
Ěŝ&Ƶũŝ&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂ͘
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
dƵŐĂƐ͕ dĂŶŐŐƵŶŐ :ĂǁĂď͕ ĚĂŶ tĞǁĞŶĂŶŐ <ŽŵŝƚĞ ƵƚŝĞƐ͕ ZĞƐƉŽŶƐŝďŝůŝƚŝĞƐ͕ ŶĚ ƵƚŚŽƌŝƚŝĞƐ ŽĨ dŚĞ
ƵĚŝƚ ƵĚŝƚŽŵŵŝƚƚĞĞ
ĚĂƉƵŶ ƚƵŐĂƐ͕ ƚĂŶŐŐƵŶŐ ũĂǁĂď ĚĂŶ dŚĞ ĐŽŵƉĂŶLJ ĂƵĚŝƚ ĐŽŵŵŝƚƚĞĞ ŚĂƐ ĚƵƚŝĞƐ͕
ǁĞǁĞŶĂŶŐ<ŽŵŝƚĞƵĚŝƚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗ ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐĂŶĚĂƵƚŚŽƌŝƚŝĞƐĂƐĨŽůůŽǁ͗
ϭ͘ DĞůĂŬƵŬĂŶ ƉĞŶĞůĂĂŚĂŶ ĂƚĂƐ ŝŶĨŽƌŵĂƐŝ ϭ͘ ZĞǀŝĞǁ ĨŝŶĂŶĐŝĂů ŝŶĨŽƌŵĂƚŝŽŶ ƚŚĂƚ ǁŝůů ďĞ
ŬĞƵĂŶŐĂŶ LJĂŶŐ ĂŬĂŶ ĚŝŬĞůƵĂƌŬĂŶ WĞƐĞƌŽĂŶ ƌĞůĞĂƐĞĚďLJƚŚĞĐŽŵƉĂŶLJƚŽWƵďůŝĐĂŶĚͬŽƌŽƚŚĞƌ
ŬĞƉĂĚĂ ƉƵďůŝŬ ĚĂŶͬĂƚĂƵ ƉŝŚĂŬ ŽƚŽƌŝƚĂƐ ĂŶƚĂƌĂ ƵƚŚŽƌŝƚŝĞƐ͕ ŝŶĐůƵĚŝŶŐ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚ͕
ůĂŝŶ ůĂƉŽƌĂŶ ŬĞƵĂŶŐĂŶ͕ ƉƌŽLJĞŬƐŝ͕ ĚĂŶ ůĂƉŽƌĂŶ ĨŝŶĂŶĐŝĂů ƉƌŽũĞĐƚŝŽŶƐ͕ ĂŶĚ ŽƚŚĞƌ ƌĞƉŽƌƚƐ ƌĞůĂƚĞĚ
ůĂŝŶŶLJĂ ƚĞƌŬĂŝƚ ĚĞŶŐĂŶ ŝŶĨŽƌŵĂƐŝ ŬĞƵĂŶŐĂŶ ƚŽĨŝŶĂŶĐŝĂůŝŶĨŽƌŵĂƚŝŽŶŽĨƚŚĞĐŽŵƉĂŶLJ͘
WĞƌƐĞƌŽĂŶ͘
Ϯ͘ ƉƉƌĂŝƐĞ ƚŚĞ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ƚŚĞ ƉƌĞǀĂŝůŝŶŐ
Ϯ͘ DĞůĂŬƵŬĂŶƉĞŶĞůĂĂŚĂŶ ĂƚĂƐ ŬĞƚĂĂƚĂŶ ƚĞƌŚĂĚĂƉ ůĂǁƐĂŶĚƌĞŐƵůĂƚŝŽŶƐƌĞůĂƚŝŶŐƚŽƚŚĞŽŵƉĂŶLJ͛Ɛ
ƉĞƌĂƚƵƌĂŶ ƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶ LJĂŶŐ ĂĐƚŝǀŝƚŝĞƐ͘
ďĞƌŚƵďƵŶŐĂŶĚĞŶŐĂŶŬĞŐŝĂƚĂŶWĞƌƐĞƌŽĂŶ͘
ϯ͘ WƌŽǀŝĚĞ ŝŶĚĞƉĞŶĚĞŶƚ ŽƉŝŶŝŽŶ ŝŶ ƚŚĞ ĞǀĞŶƚ ŽĨ
ϯ͘ DĞŵďĞƌŝŬĂŶ ƉĞŶĚĂƉĂƚ ŝŶĚĞƉĞŶĚĞŶ ĚĂůĂŵ ŚĂů ĚŝƐĂŐƌĞĞŵĞŶƚƐ ďĞƚǁĞĞŶ ŵĂŶĂŐĞŵĞŶƚ ĂŶĚ
ƚĞƌũĂĚŝƉĞƌďĞĚĂĂŶƉĞŶĚĂƉĂƚĂŶƚĂƌĂŵĂŶĂũĞŵĞŶ ĂĐĐŽƵŶƚĂŶƚƐĨŽƌƚŚĞƐĞƌǀŝĐĞƐƚŚĞLJƉƌŽǀŝĚĞ͘
ĚĂŶŬƵŶƚĂŶĂƚĂƐũĂƐĂLJĂŶŐĚŝďĞƌŝŬĂŶŶLJĂ͘
ϰ͘ WƌŽǀŝĚĞ ƌĞĐŽŵŵĞŶĚĂƚŝŽŶ ƚŽ ƚŚĞ ŽĂƌĚ ŽĨ
ϰ͘ DĞŵďĞƌŝŬĂŶ ƌĞŬŽŵĞŶĚĂƐŝ ŬĞƉĂĚĂ ĞǁĂŶ ŽŵŵŝƐƐŝŽŶĞƌ ƌĞŐĂƌĚŝŶŐ ƚŚĞ ĂƉƉŽŝŶƚŵĞŶƚ ŽĨ
<ŽŵŝƐĂƌŝƐŵĞŶŐĞŶĂŝƉĞŶƵŶũƵŬŬĂŶŬƵŶƚĂŶLJĂŶŐ WƵďůŝĐ ĐĐŽƵŶƚĂŶƚ ďĂƐĞĚ ŽŶ ŝŶĚĞƉĞŶĚĞŶĐLJ͕
ĚŝĚĂƐĂƌŬĂŶ ƉĂĚĂ ŝŶĚĞƉĞŶĚĞŶƐŝ͕ ƌƵĂŶŐ ůŝŶŐŬƵƉ ƐĐŽƉĞŽĨĚƵƚŝĞƐ͕ĂŶĚĂƵĚŝƚƐĞƌǀŝĐĞĨĞĞ͘
ƉĞŶƵŐĂƐĂŶ͕ĚĂŶŝŵďĂůĂŶũĂƐĂ͘
ϱ͘ ZĞǀŝĞǁ ƚŚĞ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ ŝŶƚĞƌŶĂů ĂƵĚŝƚ
ϱ͘ DĞůĂŬƵŬĂŶ ƉĞŶĞůĂĂŚĂŶ ĂƚĂƐ ƉĞůĂŬƐĂŶĂĂŶ ĂĐƚŝǀŝƚŝĞƐ ĂŶĚ ŽǀĞƌƐĞĞ ƚŚĞ ĨŽůůŽǁ ƵƉ ĂĐƚŝŽŶ ďLJ
ƉĞŵĞƌŝŬƐĂĂŶ ŽůĞŚ ĂƵĚŝƚŽƌ ŝŶƚĞƌŶĂů ĚĂŶ ƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌŽŶŝŶƚĞƌŶĂůĂƵĚŝƚĨŝŶĚŝŶŐƐ͘
ŵĞŶŐĂǁĂƐŝ ƉĞůĂŬƐĂŶĂĂŶ ƚŝŶĚĂŬ ůĂŶũƵƚ ŽůĞŚ
ŝƌĞŬƐŝĂƚĂƐƚĞŵƵĂŶĂƵĚŝƚŽƌŝŶƚĞƌŶĂů͘ ϲ͘ ǀĂůƵĂƚĞ ƌŝƐŬ ŵĂŶĂŐĞŵĞŶƚ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ
ĐĂƌƌŝĞĚŽƵƚďLJƚŚĞŝƌĞĐƚŽƌƐ͘
ϲ͘ DĞůĂŬƵŬĂŶ ƉĞŶĞůĂĂŚĂŶ ƚĞƌŚĂĚĂƉ ĂŬƚŝǀŝƚĂƐ
ƉĞůĂŬƐĂŶĂĂŶ ŵĂŶĂũĞŵĞŶ ƌŝƐŝŬŽ LJĂŶŐ ĚŝůĂŬƵŬĂŶ ϳ͘ ƐƐĞƐƐ ĐŽŵƉůĂŝŶƚ Žƌ ƉƌŽďůĞŵ ƌĞŐĂƌĚŝŶŐ ƚŚĞ
ŽůĞŚŝƌĞŬƐŝ͘ ŽŵƉĂŶLJ͛ƐĂĐĐŽƵŶƚŝŶŐƐLJƐƚĞŵ͘
ϳ͘ DĞŶĞůĂĂŚ ƉĞŶŐĂĚƵĂŶ LJĂŶŐ ďĞƌŬĂŝƚĂŶ ĚĞŶŐĂŶ ϴ͘ ŶĂůLJnjĞ ĂŶĚ ƉƌŽǀŝĚĞ ƌĞĐŽŵŵĞŶĚĂƚŝŽŶ ƚŽ ƚŚĞ
ƉƌŽƐĞƐ ĂŬƵŶƚĂŶƐŝ ĚĂŶ ƉĞůĂƉŽƌĂŶ ŬĞƵĂŶŐĂŶ ŽĂƌĚŽĨŽŵŵŝƐƐŝŽŶĞƌƐƌĞŐĂƌĚŝŶŐƚŚĞƉŽƚĞŶƚŝĂů
WĞƌƐĞƌŽĂŶ͘ ŝŶƚĞƌŶĂůĐŽŶĨůŝĐƚ͘
ϴ͘ DĞŶĞůĂĂŚ ĚĂŶ ŵĞŵďĞƌŝŬĂŶ ƐĂƌĂŶ ŬĞƉĂĚĂ ϵ͘ DĂŝŶƚĂŝŶ ƚŚĞ ĐŽŶĨŝĚĞŶƚŝĂůŝƚLJ ŽĨ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ
ĞǁĂŶ<ŽŵŝƐĂƌŝƐƚĞƌŬĂŝƚĚĞŶŐĂŶĂĚĂŶLJĂƉŽƚĞŶƐŝ ĚŽĐƵŵĞŶƚƐĂŶĚŝŶĨŽƌŵĂƚŝŽŶ
ďĞŶƚƵƌĂŶŬĞƉĞŶƚŝŶŐĂŶWĞƌƐĞƌŽĂŶ͘
ϵ͘ DĞŶũĂŐĂ ŬĞƌĂŚĂƐŝĂĂŶ ĚŽŬƵŵĞŶ͕ ĚĂƚĂ ĚĂŶ
ŝŶĨŽƌŵĂƐŝWĞƌƐĞƌŽĂŶĂƚĂƵWĞƌƐĞƌŽĂŶWƵďůŝŬ
/ŶĚĞƉĞŶĚĞŶƐŝ<ŽŵŝƚĞƵĚŝƚ ƵĚŝƚŽŵŵŝƚƚĞĞ/ŶĚĞƉĞŶĚĞŶĐLJ
<ĞƚƵĂ ĚĂŶ ĂŶŐŐŽƚĂ ŬŽŵŝƚĞ ĂƵĚŝƚ ǁĂũŝď dŚĞ ĐŚĂŝƌŵĂŶ ĂŶĚ ŵĞŵďĞƌ ŽĨ ƚŚĞ ƵĚŝƚ
ŵĞŵĞŶƵŚŝ ŬƌŝƚĞƌŝĂ ŝŶĚĞƉĞŶĚĞŶƐŝ͕ ŬĞĂŚůŝĂŶ͕ ŽŵŵŝƚƚĞĞ ŚĂǀĞ ƚŽ ŵĞĞƚ ƚŚĞ ĐƌŝƚĞƌŝĂ ŽĨ
ƉĞŶŐĂůĂŵĂŶ͕ ƐĞƌƚĂ ŝŶƚĞŐƌŝƚĂƐ LJĂŶŐ ĚŝƉĞƌƐLJĂƌĂƚŬĂŶ ŝŶĚĞƉĞŶĚĞŶĐĞ͕ ƐŬŝůů͕ ĞdžƉĞƌŝĞŶĐĞ͕ ĂŶĚ ŝŶƚĞŐƌŝƚLJ ĂƐ
ĚĂůĂŵƉĞƌĂƚƵƌĂŶLJĂŶŐďĞƌůĂŬƵ͘ ƉƌĞƌĞƋƵŝƐŝƚĞƐŝŶƚŚĞƌĞŐƵůĂƚŝŽŶ͘
ϭ͘ ƵŬĂŶŵĞƌƵƉĂŬĂŶŽƌĂŶŐĚĂůĂŵ<ĂŶƚŽƌŬƵŶƚĂŶ ϭ͘ ^ŚĂůů ŶŽƚ ďĞ ĂŶ ŝŶƐŝĚĞƌ ĨƌŽŵ WƵďůŝĐ ĐĐŽƵŶƚĂŶƚ
WƵďůŝŬ͕ <ĂŶƚŽƌ <ŽŶƐƵůƚĂŶ ,ƵŬƵŵ͕ <ĂŶƚŽƌ :ĂƐĂ &ŝƌŵ͕ >ĞŐĂů ŽŶƐƵůƚĂŶƚ &ŝƌŵ͕ WƵďůŝĐ ƉƉƌĂŝƐĂů
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
WĞŶŝůĂŝWƵďůŝŬĂƚĂƵƉŝŚĂŬůĂŝŶLJĂŶŐŵĞŵďĞƌŝũĂƐĂ &ŝƌŵ Žƌ ŽƚŚĞƌ ƉĂƌƚŝĞƐ ƚŚĂƚ ƉƌŽǀŝĚĞ ĂƐƐƵƌĂŶĐĞ
ĂƐƵƌĂŶƐŝ͕ ũĂƐĂ ŶŽŶ ĂƐƵƌĂŶƐŝ͕ ũĂƐĂ ƉĞŶŝůĂŝ ƐĞƌǀŝĐĞ͕ŶŽŶͲĂƐƐƵƌĂŶĐĞƐĞƌǀŝĐĞ͕ĂƉƉƌĂŝƐĂůĂŶĚͬŽƌ
ĚĂŶͬĂƚĂƵ ũĂƐĂŬŽŶƐƵůƚĂƐŝůĂŝŶŬĞƉĂĚĂWĞƌƐĞƌŽĂŶ ŽƚŚĞƌĐŽŶƐƵůƚĂŶƚƐĞƌǀŝĐĞƚŽ ƚŚĞ ŽŵƉĂŶLJ ŝŶ ƚŚĞ
ĚĂůĂŵǁĂŬƚƵĞŶĂŵďƵůĂŶƚĞƌĂŬŚŝƌ͘ ƉĂƐƚƐŝdžŵŽŶƚŚƐ͘
Ϯ͘ ƵŬĂŶ ŵĞƌƵƉĂŬĂŶ ŽƌĂŶŐ LJĂŶŐ ďĞŬĞƌũĂ ĂƚĂƵ Ϯ͘ ^ŚĂůůŶŽƚďĞĂƉĞƌƐŽŶǁŚŽŚĂƐũŽďĂƵƚŚŽƌŝƚLJĂŶĚ
ŵĞŵƉƵŶLJĂŝ ǁĞǁĞŶĂŶŐ ĚĂŶ ƚĂŶŐŐƵŶŐ ũĂǁĂď ƌĞƐƉŽŶƐŝďŝůŝƚLJ ŽǀĞƌ ƉůĂŶŶŝŶŐ͕ ĚŝƌĞĐƚŝŶŐ͕
ƵŶƚƵŬ ŵĞƌĞŶĐĂŶĂŬĂŶ͕ ŵĞŵŝŵƉŝŶ͕ ĐŽŶƚƌŽůůŝŶŐ ĂŶĚ ƐƵƉĞƌǀŝƐŝŶŐ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ
ŵĞŶŐĞŶĚĂůŝŬĂŶ ĂƚĂƵ ŵĞŶŐĂǁĂƐŝ ŬĞŐŝĂƚĂŶ ĂĐƚŝǀŝƚŝĞƐ ŝŶ ƚŚĞ ƉĂƐƚ Ɛŝdž ŵŽŶƚŚƐ͕ ǁŝƚŚ ƚŚĞ
WĞƐĞƌŽĂŶ ĚĂůĂŵ ǁĂŬƚƵ ĞŶĂŵ ďƵůĂŶ ƚĞƌĂŬŚŝƌ ĞdžĐĞƉƚŝŽŶŽĨ/ŶĚĞƉĞŶĚĞŶƚŽŵŵŝƐƐŝŽŶĞƌ͘
ŬĞĐƵĂůŝ<ŽŵŝƐĂƌŝƐ/ŶĚĞƉĞŶĚĞŶ
ϯ͘ ^ŚĂůů ŶŽƚ ŚĂǀĞ ĂŶLJ ĚŝƌĞĐƚ Žƌ ŝŶĚŝƌĞĐƚ ƐŚĂƌĞƐ
ϯ͘ dŝĚĂŬŵĞŵƉƵŶLJĂŝƐĂŚĂŵďĂŝŬůĂŶŐƐƵŶŐŵĂƵƉƵŶ ŽǁŶĞƌƐŚŝƉŝŶƚŚĞŽŵƉĂŶLJ͘
ƚŝĚĂŬůĂŶŐƐƵŶŐƉĂĚĂWĞƌƐĞƌŽĂŶ
ϰ͘ ^ŚĂůů ŶŽƚ ŚĂǀĞ ĂĨĨŝůŝĂƚŝŽŶ ǁŝƚŚ ƚŚĞ ŵĞŵďĞƌƐ ŽĨ
ϰ͘ dŝĚĂŬ ŵĞŵƉƵŶLJĂŝ ŚƵďƵŶŐĂŶ ĂĨŝůŝĂƐŝ ĚĞŶŐĂŶ ƚŚĞ ŽĂƌĚ ŽĨ ŽŵŵŝƐƐŝŽŶĞƌ͕ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌ͕
ĂŶŐŐŽƚĂ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ͕ĞǁĂŶ ŝƌĞŬƐŝ͕ĂƚĂƵ ŽƌĂŶLJŵĂũŽƌŝƚLJƐŚĂƌĞŚŽůĚĞƌƐŽĨƚŚĞŽŵƉĂŶLJ͘
ƉĞŵĞŐĂŶŐƐĂŚĂŵƵƚĂŵĂWĞƌƐĞƌŽĂŶ͘
ZĂƉĂƚ<ŽŵŝƚĞƵĚŝƚ ƵĚŝƚŽŵŵŝƚƚĞĞDĞĞƚŝŶŐƐ
<ĞƚĞŶƚƵĂŶZĂƉĂƚ<ŽŵŝƚĞƵĚŝƚWĞƌƐĞƌŽĂŶĚŝĂƚƵƌ dŚĞ ŽŵƉĂŶLJ͛Ɛ ƵĚŝƚŽŵŵŝƚƚĞĞŵĞĞƚŝŶŐƐĂƌĞ
ĚĂůĂŵ WŝĂŐĂŵ <ŽŵŝƚĞ ƵĚŝƚ ƐĞƐƵĂŝ ĚĞŶŐĂŶ WK:< ƌĞŐƵůĂƚĞĚ ŝŶ ƵĚŝƚ ŽŵŵŝƚƚĞĞ ŚĂƌƚĞƌ ŝŶ
EŽ͘ϱϱͬWK:<͘ϬϰͬϮϬϭϱ͘ WĂĚĂ ƚĂŚƵŶ ϮϬϮϱ͕ <ŽŵŝƚĞ ĂĐĐŽƌĚĂŶĐĞ ƚŽ WK:< EŽ͘ϱϱͬWK:<͘ϬϰͬϮϬϭϱ͘ /Ŷ ϮϬϮϱ͕
ƵĚŝƚ ƚĞůĂŚ ŵĞůĂŬƐĂŶĂŬĂŶ ƌĂƉĂƚ ƐĞďĂŶLJĂŬ ϰ ƚŚĞƵĚŝƚŽŵŵŝƚƚĞĞŚĂƐŚĞůĚƚŚĞŵĞĞƚŝŶŐϰ;ĨŽƵƌͿ
;ĞŵƉĂƚͿŬĂůŝ͕ŵĞŶĐĂŬƵƉƌĂƉĂƚƵĚŝƚ/ŶƚĞƌŶĂů͕ƐĞĐĂƌĂ ƚŝŵĞƐ ǀŝƌƚƵĂůůLJ͕ ŝŶĐůƵĚĞĚ /ŶƚĞƌŶĂů ƵĚŝƚ ŵĞĞƚŝŶŐ͕
ǀŝƌƚƵĂů ĚĞŶŐĂŶ ƚŝŶŐŬĂƚ ŬĞŚĂĚŝƌĂŶ ĂŶŐŐŽƚĂ ƐĞďĞƐĂƌ ǁŝƚŚ ϭϬϬй ŵĞŵďĞƌƐ ĂƚƚĞŶĚĂŶĐĞ͘ ĂĐŚ ŵŝŶƵƚĞƐ ŽĨ
ϭϬϬй͘ ,ĂƐŝů ƌĂƉĂƚ ĚŝƐĂŚŬĂŶ ŽůĞŚ ƐĞƚŝĂƉ ĂŶŐŐŽƚĂ ŵĞĞƚŝŶŐƐ ǁĞƌĞ ƐŝŐŶĞĚ ďLJ Ăůů ŵĞŵďĞƌƐ ŽĨ ƚŚĞ
ŬŽŵŝƚĞĚĂŶĚŝůĂƉŽƌŬĂŶŬĞƉĂĚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐ͘ ĐŽŵŵŝƚƚĞĞ ĂŶĚ ƐƵďŵŝƚƚĞĚ ƚŽ ƚŚĞ ŽĂƌĚ ŽĨ
ŽŵŵŝƐƐŝŽŶĞƌƐ͘
WĞůĂŬƐĂŶĂĂŶ<ĞŐŝĂƚĂŶ<ŽŵŝƚĞƵĚŝƚ ƵĚŝƚŽŵŵŝƚƚĞĞ džĞĐƵƚŝŽŶ
<ŽŵŝƚĞ ƵĚŝƚ ŵĞŵďĂŶƚƵ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ƵĚŝƚ ĐŽŵŵŝƚƚĞĞ ƐƵƉƉŽƌƚƐ ƚŚĞ K ŝŶ ĐĂƌƌLJŝŶŐ
ĚĂůĂŵ ŵĞŶũĂůĂŶŬĂŶ ƚĂŶŐŐƵŶŐ ũĂǁĂď ƉĞŶŐĂǁĂƐĂŶ͕ ŽƵƚ ƚŚĞŝƌ ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ ƚŽ ŽǀĞƌƐĞĞ͕ ƉĂƌƚŝĐƵůĂƌůLJ ŝŶ
ƚĞƌƵƚĂŵĂ ĚĂůĂŵ ƌĂŶŐŬĂ ŵĞŶŝŶŐŬĂƚŬĂŶ ŬƵĂůŝƚĂƐ ŝŵƉƌŽǀŝŶŐ ƚŚĞ ƋƵĂůŝƚLJ ŽĨ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚ͕
ůĂƉŽƌĂŶ ŬĞƵĂŶŐĂŶ͕ ŵĞŶŝŶŐŬĂƚŬĂŶ ĞĨĞŬƚŝĨŝƚĂƐ ĨƵŶŐƐŝ ŝŵƉƌŽǀŝŶŐƚŚĞĞĨĨĞĐƚŝǀĞŶĞƐƐŽĨŝŶƚĞƌŶĂůĂŶĚĞdžƚĞƌŶĂů
ƵĚŝƚ /ŶƚĞƌŶĂů ŵĂƵƉƵŶ ƵĚŝƚ ŬƐƚĞƌŶĂů ĚĂŶ ĂƵĚŝƚ ĂƐ ǁĞůů ĂƐ ŝĚĞŶƚŝĨLJŝŶŐ ŵĂƚƚĞƌƐ ƚŚĂƚ ƌĞƋƵŝƌĞĚ
ŵĞŶŐŝĚĞŶƚŝĨŝŬĂƐŝ ŚĂůͲŚĂů LJĂŶŐ ŵĞŵĞƌůƵŬĂŶ ƚŚĞ ĂƚƚĞŶƚŝŽŶ ŽĨ ƚŚĞ K͘ /Ŷ ϮϬϮϱ͕ ƚŚĞ ƵĚŝƚ
ƉĞƌŚĂƚŝĂŶ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ͘ WĂĚĂ ƚĂŚƵŶ ϮϬϮϱ͕ ŽŵŵŝƚƚĞĞ ŚĂƐ ĐĂƌƌŝĞĚ ƚŚĞŝƌ ĚƵƚŝĞƐ ĂŶĚ
<ŽŵŝƚĞ ƵĚŝƚ ƚĞůĂŚ ŵĞůĂŬƐĂŶĂŬĂŶ ƚƵŐĂƐ ĚĂŶ ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐĂƐŽĨĨŽůůŽǁƐ͗
ƚĂŶŐŐƵŶŐũĂǁĂďŶLJĂƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
¾ DĞŶĞůĂĂŚ>ĂƉŽƌĂŶ<ĞƵĂŶŐĂŶdĂŚƵŶϮϬϮϱ ¾ ZĞǀŝĞǁƚŚĞ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚϮϬϮϱ
¾ DĞŶŐĞǀĂůƵĂƐŝ ŬŝŶĞƌũĂ ŬĂŶƚŽƌ ĂŬƵŶƚĂŶ ƉƵďůŝŬ ¾ ǀĂůƵĂƚĞ ƚŚĞ ƉƵďůŝĐ ĂƵĚŝƚ ĨŝƌŵƐ͛
ĂƚĂƐ ĂƵĚŝƚ >ĂƉŽƌĂŶ <ĞƵĂŶŐĂŶ WĞƌƐĞƌŽĂŶ ƉĞƌĨŽƌŵĂŶĐĞ ĨŽƌ ƚŚĞ ĂƵĚŝƚĞĚ &ŝŶĂŶĐŝĂů
dĂŚƵŶƵŬƵϮϬϮϱ ^ƚĂƚĞŵĞŶƚƐĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚϮϬϮϱ
¾ DĞŶŐĞǀĂůƵĂƐŝ ƚĞŵƵĂŶ ĚĂŶ ƌĞŬŽŵĞŶĚĂƐŝ ¾ ǀĂůƵĂƚĞ ƚŚĞ ĨŝŶĚŝŶŐƐ ĂŶĚ
ƵŶƚƵŬ ŽƉĞƌĂƐŝŽŶĂů WĞƌƐĞƌŽĂŶ ƉĂĚĂ ĂƵĚŝƚ ƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐƉƌŽƉŽƐĞĚŽŶϮϬϮϰ
ƚĂŚƵŶϮϬϮϰ ¾ WƌŽǀŝĚĞ ƚŚĞ ƐƵŝƚĂďůĞ ĐĂŶĚŝĚĂƚĞ ŽĨ Ă ƉƵďůŝĐ
¾ DĞŵďĞƌŝŬĂŶ ŵĂƐƵŬĂŶ ƵŶƚƵŬ ƉĞŶƵŶũƵŬŬĂŶ ĂƵĚŝƚŽƌĂŶĚͬŽƌĂƉƵďůŝĐĂƵĚŝƚĨŝƌŵƚŽĂƵĚŝƚ
ĂŬƵŶƚĂŶ ƉƵďůŝŬ ĚĂŶͬĂƚĂƵ ŬĂŶƚŽƌ ĂŬƵŶƚĂŶ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ &ŝŶĂŶĐŝĂů ^ƚĂƚĞŵĞŶƚƐ ĨŽƌ
ƉƵďůŝŬ ƵŶƚƵŬ ŵĞŶŐĂƵĚŝƚ >ĂƉŽƌĂŶ <ĞƵĂŶŐĂŶ ƚŚĞ LJĞĂƌ ĞŶĚĞĚ ϮϬϮϲ ƚŽ ƚŚĞ ŽĂƌĚ ŽĨ
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
dĂŚƵŶƵŬƵϮϬϮϲŬĞƉĂĚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐ ŽŵŵŝƐƐŝŽŶĞƌƐ
<KD/d EKD/E^/EZ DhE Z^/'Z/ϮͲϭϵͲď͕ϮͲϮϬͲĂ͕ϮͲϮϬͲď
EKD/Ed/KEEZ DhE Zd/KEKDD/dd
ĞƌĚĂƐĂƌŬĂŶ ŬĞƉƵƚƵƐĂŶ ĞǁĂŶ <ŽŵŝƐŝŽŶĞƌ /Ŷ ĂĐĐŽƌĚĂŶĐĞ ƚŽ ĚĞĐƌĞĞ ĨƌŽŵ &ŝŶĂŶĐŝĂů
KƚŽƌŝƚĂƐ :ĂƐĂ <ĞƵĂŶŐĂŶ EŽ͘ ϯϰͬWK:<͘ϬϰͬϮϬϭϰ ^ĞƌǀŝĐĞ ƵƚŚŽƌŝƚLJ EŽ͘ ϯϰͬWK:<͘ϬϰͬϮϬϭϰ ĚĂƚĞĚ
ƚĂŶŐŐĂů ϴ ĞƐĞŵďĞƌ ϮϬϭϰ͕ WĞƌƐĞƌŽĂŶ ŵĞŵďĞŶƚƵŬ ĞĐĞŵďĞƌ ϴ͕ ϮϬϭϰ͕ ƚŚĞ ŽŵƉĂŶLJ ĨŽƌŵĞĚ
<ŽŵŝƚĞ EŽŵŝŶĂƐŝ ĚĂŶ ZĞŵƵŶĞƌĂƐŝ WĞƌƐĞƌŽĂŶ EŽŵŝŶĂƚŝŽŶ ĂŶĚ ZĞŵƵŶĞƌĂƚŝŽŶ ŽŵŵŝƚƚĞĞ ƵŶĚĞƌ
ďĞƌĚĂƐĂƌŬĂŶ ^ƵƌĂƚ <ĞƉƵƚƵƐĂŶ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ĚĞĐƌĞĞŽĨKĚĂƚĞĚ&ĞďƌƵĂƌLJϭ͕ϮϬϭϵ͘EŽŵŝŶĂƚŝŽŶ
ƚĂŶŐŐĂů ϭ &ĞďƵĂƌŝ ϮϬϭϵ͘ <ŽŵŝƚĞ EŽŵŝŶĂƐŝ ĚĂŶ ĂŶĚ ZĞŵƵŶĞƌĂƚŝŽŶ ŽŵŵŝƚƚĞĞ ŚĂƐ ƚŚĞ ŐƵŝĚĞůŝŶĞƐ
ZĞŵƵŶĞƌĂƐŝ ŵĞŵƉƵŶLJĂŝ ƉĞĚŽŵĂŶ LJĂŶŐ ĚŝŵƵĂƚ ǁŚŝĐŚ ŚĂǀĞ ďĞĞŶ ƉƵďůŝƐŚĞĚ ŝŶ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ
ĚĂůĂŵƐŝƚƵƐWĞƌƐĞƌŽĂŶ͘ ǁĞďƐŝƚĞƐ͘
^ƵƐƵŶĂŶ<ŽŵŝƚĞEŽŵŝŶĂƐŝĚĂŶZĞŵƵŶĞƌĂƐŝ EŽŵŝŶĂƚŝŽŶ ĂŶĚ ZĞŵƵŶĞƌĂƚŝŽŶ ŽŵŵŝƚƚĞĞ
ŽŵƉŽƐŝƚŝŽŶ
ĞƌĚĂƐĂƌŬĂŶ ^ƵƌĂƚ <ĞƉƵƚƵƐĂŶ ĞǁĂŶ ĂƐĞĚ ŽŶ ƚŚĞ ĚĞĐƌĞĞ ŽĨ ƚŚĞ ŽĂƌĚ ŽĨ
<ŽŵŝƐĂƌŝƐ EŽ͘ϬϬϭͬ&&/ͬ^<<ͬ///ͬϮϬϮϯ ƉĂĚĂ DĂƌĞƚ ŽŵŵŝƐƐŝŽŶĞƌƐ EŽ͘ϬϬϭͬ&&/ͬ^<<ͬ///ͬϮϬϮϯ ŽŶ
ϮϬϮϯ͕ďĞƌŝŬƵƚĂĚĂůĂŚƐƵƐƵŶĂŶ<ŽŵŝƚĞEŽŵŝŶĂƐŝĚĂŶ DĂƌĐŚ ϮϬϮϯ͕ ƚŚĞ ĨŽůůŽǁŝŶŐ ŝƐ ƚŚĞ ĐŽŵƉŽƐŝƚŝŽŶ ŽĨ
ZĞŵƵŶĞƌĂƐŝƵŶƚƵŬƚŝŐĂƚĂŚƵŶŬĞĚĞƉĂŶ͗ EŽŵŝŶĂƚŝŽŶ ĂŶĚ ZĞŵƵŶĞƌĂƚŝŽŶ ŽŵŵŝƚƚĞĞ ĨŽƌ ƚŚĞ
ŶĞdžƚƚŚƌĞĞLJĞĂƌƐ͗
ŶĂƐƚĂƐŝĂ ŚƌŝƐƚŝŶĂǁĂƚŝ :ĂLJĂ ^ĂƉƵƚƌĂ͕ <ĞƚƵĂ ŶĂƐƚĂƐŝĂŚƌŝƐƚŝŶĂǁĂƚŝ:ĂLJĂ^ĂƉƵƚƌĂ͕ƚŚĞ,ĞĂĚŽĨ
<ŽŵŝƚĞ EŽŵŝŶĂƐŝ ĚĂŶ ZĞŵƵŶĞƌĂƐŝ͕ <ĞƚƵĂ <ŽŵŝƚĞ EŽŵŝŶĂƚŝŽŶ ĂŶĚ ZĞŵƵŶĞƌĂƚŝŽŶ ŽŵŵŝƚƚĞĞ ŝŶ
EŽŵŝŶĂƐŝ ĚĂŶ ZĞŵƵŶĞƌĂƐŝ͕ ŵĞƌĂŶŐŬĂƉ ƐĞďĂŐĂŝ ĂĚĚŝƚŝŽŶƚŽďĞŝŶŐƚŚĞ/ŶĚĞƉĞŶĚĞŶƚŽŵŵŝƐƐŝŽŶĞƌŽĨ
<ŽŵŝƐĂƌŝƐ /ŶĚĞƉĞŶĚĞŶ WĞƌƐĞƌŽĂŶ͘ ĞƚĂŝů ůĞďŝŚ ƚŚĞ ŽŵƉĂŶLJ͘&ƵƌƚŚĞƌĚĞƚĂŝůŽĨ ƉƌŽĨŝůĞ ĐĂŶďĞ ƌĞĂĚ
ůĂŶũƵƚ ƚĞŶƚĂŶŐ ƉƌŽĨŝů <ĞƚƵĂ <ŽŵŝƚĞ EŽŵŝŶĂƐŝ ĚĂŶ ŝŶ ŽĂƌĚ ŽĨ ŽŵŵŝƐƐŝŽŶĞƌƐ ƉƌŽĨŝůĞ ŽŶ ƉĂŐĞ ϯϯ ŽĨ
ZĞŵƵŶĞƌĂƐŝ ĚĂƉĂƚ ĚŝůŝŚĂƚ ƉĂĚĂ ƉƌŽĨŝů ĞǁĂŶ ƚŚŝƐŶŶƵĂůZĞƉŽƌƚ͘
<ŽŵŝƐĂƌŝƐ͕ŚĂůĂŵĂŶϯϯ>ĂƉŽƌĂŶdĂŚƵŶĂŶŝŶŝ͘
ŶƚŽŶ ^ĂŶƚŽƐŽ͕ ŶŐŐŽƚĂ <ŽŵŝƚĞ EŽŵŝŶĂƐŝ ĚĂŶ ŶƚŽŶ ^ĂŶƚŽƐŽ͕ DĞŵďĞƌ ŽĨ EŽŵŝŶĂƚŝŽŶ ĂŶĚ
ZĞŵƵŶĞƌĂƐŝ͘ ŶŐŐŽƚĂ <ŽŵŝƚĞ EŽŵŝŶĂƐŝ ĚĂŶ ZĞŵƵŶĞƌĂƚŝŽŶ ŽŵŵŝƚƚĞĞ ĂƐ ǁĞůů ĂƐ ďĞŝŶŐ ƚŚĞ
ZĞŵƵŶĞƌĂƐŝ͕ ŵĞƌĂŶŐŬĂƉ ƐĞďĂŐĂŝ <ŽŵŝƐĂƌŝƐ hƚĂŵĂ WƌĞƐŝĚĞŶƚ ŽŵŵŝƐƐŝŽŶĞƌ ŽĨ ƚŚĞ ŽŵƉĂŶLJ͘ &ƵƌƚŚĞƌ
WĞƌƐĞƌŽĂŶ͘ ĞƚĂŝů ůĞďŝŚ ůĂŶũƵƚ ƚĞŶƚĂŶŐ ƉƌŽĨŝů ĚĞƚĂŝůŽĨƉƌŽĨŝůĞĐĂŶďĞƌĞĂĚŝŶKƉƌŽĨŝůĞŽŶƉĂŐĞ
ŶŐŐŽƚĂ <ŽŵŝƚĞ EŽŵŝŶĂƐŝ ĚĂŶ ZĞŵƵŶĞƌĂƐŝ ĚĂƉĂƚ ϯϭŽĨƚŚŝƐŶŶƵĂůZĞƉŽƌƚ͘
ĚŝůŝŚĂƚ ƉĂĚĂ ƉƌŽĨŝů ĞǁĂŶ <ŽŵŝƐĂƌŝƐ͕ ŚĂůĂŵĂŶ ϯϭ
>ĂƉŽƌĂŶdĂŚƵŶĂŶŝŶŝ͘
:ŽƐŚƵĂ͕ŶŐŐŽƚĂ<ŽŵŝƚĞEŽŵŝŶĂƐŝĚĂŶZĞŵƵŶĞƌĂƐŝ͘ :ŽƐŚƵĂ͕DĞŵďĞƌŽĨEŽŵŝŶĂƚŝŽŶĂŶĚZĞŵƵŶĞƌĂƚŝŽŶ
tĂƌŐĂ EĞŐĂƌĂ /ŶĚŽŶĞƐŝĂ͘ ^ĞũĂŬ DĂƌĞƚ ϮϬϮϯ Ɛ͘Ě ŽŵŵŝƚƚĞĞ͘/ŶĚŽŶĞƐŝĂŶĐŝƚŝnjĞŶ͘^ĞƌǀĞƐĂƐĂŵĞŵďĞƌ
ƐĞŬĂƌĂŶŐ͕ ŵĞŶũĂďĂƚ ƐĞďĂŐĂŝ ĂŶŐŐŽƚĂ <ŽŵŝƚĞ ŽĨEŽŵŝŶĂƚŝŽŶ ĂŶĚZĞŵƵŶĞƌĂƚŝŽŶŽŵŵŝƚƚĞĞ ĨƌŽŵ
EŽŵŝŶĂƐŝĚĂŶZĞŵƵŶĞƌĂƐŝ͘ DĂƌĐŚϮϬϮϯƵŶƚŝůŶŽǁ͘
dƵŐĂƐ͕dĂŶŐŐƵŶŐũĂǁĂďĚĂŶtĞǁĞŶĂŶŐ ƵƚŝĞƐĂŶĚƵƚŚŽƌŝƚLJ
ϭ͘ dĞƌŬĂŝƚĚĞŶŐĂŶŬĞďŝũĂŬĂŶEŽŵŝŶĂƐŝ͗ ϭ͘ /ŶƌĞůĂƚŝŽŶƚŽEŽŵŝŶĂƚŝŽŶWŽůŝĐLJ͗
Ă͘ DĞŵďĞƌŝŬĂŶ ƌĞŬŽŵĞŶĚĂƐŝ ŬĞƉĂĚĂ ĞǁĂŶ Ă͘ 'ŝǀĞƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐƚŽKŝŶƌĞŐĂƌĚƚŽ͗
<ŽŵŝƐĂƌŝƐŵĞŶŐĞŶĂŝ͗
dŚĞĐŽŵƉŽƐŝƚŝŽŶŽĨKĂŶĚK
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ƌŝƚĞƌŝĂ ĂŶĚ ƉƌŽĐĞĚƵƌĞ ŽĨ ŶŽŵŝŶĂƚŝŽŶ
ĚĂŶͬĂƚĂƵĂŶŐŐŽƚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐ
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<ĞďŝũĂŬĂŶ ĚĂŶ ĐƌŝƚĞƌŝĂ LJĂŶŐ ĚŝďƵƚƵŚŬĂŶ
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
ĚĂůĂŵƉƌŽƐĞƐEŽŵŝŶĂƐŝ WŽůŝĐLJ ŽŶ ƉĞƌĨŽƌŵĂŶĐĞ ĞǀĂůƵĂƚŝŽŶ ĨŽƌ
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ŝƌĞŬƐŝ ĚĂŶͬĂƚĂƵ ĂŶŐŐŽƚĂ ĞǁĂŶ ď͘ ƐƐŝƐƚ ŽĂƌĚ ŽĨ ŽŵŵŝƐƐŝŽŶĞƌƐ ƉĞƌĨŽƌŵ
<ŽŵŝƐĂƌŝƐ ƉĞƌĨŽƌŵĂŶĐĞ ĞǀĂůƵĂƚŝŽŶ ŽŶ ŽĂƌĚ ŽĨ
ŝƌĞĐƚŽƌƐĂŶĚͬŽƌŵĞŵďĞƌŽĨKďĂƐĞĚŽŶĂ
ď͘ DĞŵďĂŶƚƵ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ŵĞůĂŬƵŬĂŶ
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ƉĞŶŝůĂŝĂŶ ŬŝŶĞƌũĂ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ ĚĂŶͬĂƚĂƵ
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ƵŬƵƌ LJĂŶŐ ƚĞůĂŚ ĚŝƐƵƐƵŶ ƐĞďĂŐĂŝ ďĂŚĂŶ ĐŽŵƉĞƚĞŶĐLJ ĚĞǀĞůŽƉŵĞŶƚ ƉƌŽŐƌĂŵ ĨŽƌ K
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ƉĞŶŐĞŵďĂŶŐĂŶŬĞŵĂŵƉƵĂŶĂŶŐŐŽƚĂŝƌĞŬƐŝ
ĚĂŶͬĂƚĂƵĂŶŐŐŽƚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐ͖
Ě͘ DĞŵďĞƌŝŬĂŶ ƵƐƵůĂŶ ĐĂůŽŶ LJĂŶŐ ŵĞŵĞŶƵŚŝ
ƐLJĂƌĂƚ ƐĞďĂŐĂŝ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ ĚĂŶͬĂƚĂƵ
ĂŶŐŐŽƚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐ͘
Ϯ͘ dĞƌŬĂŝƚĚĞŶŐĂŶĨƵŶŐƐŝZĞŵƵŶĞƌĂƐŝ͗ Ϯ͘ /ŶƌĞůĂƚŝŽŶƚŽƉƵƌƉŽƐĞŽĨŶƵŵĞƌĂƚŝŽŶ͗
Ă͘ DĞŵďĞƌŝŬĂŶ ƌĞŬŽŵĞŶĚĂƐŝ ŬĞƉĂĚĂ ĞǁĂŶ Ă͘ 'ŝǀĞĐŽƵŶƐĞůƚŽKƌĞŐĂƌĚŝŶŐ͗
<ŽŵŝƐĂƌŝƐŵĞŶŐĞŶĂŝ͗
ZĞŵƵŶĞƌĂƚŝŽŶƐƚƌƵĐƚƵƌĞ
^ƚƌƵŬƚƵƌZĞŵƵŶĞƌĂƐŝ
ZĞŵƵŶĞƌĂƚŝŽŶƉŽůŝĐLJ
<ĞďŝũĂŬĂŶĂƚĂƐZĞŵƵŶĞƌĂƐŝ
ZĞŵƵŶĞƌĂƚŝŽŶĂůůŽĐĂƚŝŽŶ
ĞƐĂƌĂŶĂƚĂƐZĞŵƵŶĞƌĂƐŝ
ď͘ DĞŵďĂŶƚƵ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ŵĞůĂŬƵŬĂŶ ď͘ ƐƐŝƐƚ ƚŚĞ K ĚƵƌŝŶŐ ƉĞƌĨŽƌŵĂŶĐĞ
ƉĞŶŝůĂŝŶ ŬŝŶĞƌũĂ ĚĞŶŐĂŶ ŬĞƐĞƐƵĂŝĂŶ ĞǀĂůƵĂƚŝŽŶ ŽŶ ƚŚĞ ƐƵďũĞĐƚ ŽĨ ƌĞŵƵŶĞƌĂƚŝŽŶ
ZĞŵƵŶĞƌĂƐŝ LJĂŶŐ ĚŝƚĞƌŝŵĂ ŵĂƐŝŶŐͲŵĂƐŝŶŐ ĚŝƐƚƌŝďƵƚŝŽŶƚŽŵĞŵďĞƌƐŽĨKĂŶĚͬŽƌK
ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ ĚĂŶͬĂƚĂƵ ĂŶŐŐŽƚĂ ĞǁĂŶ
<ŽŵŝƐĂƌŝƐ
ZĂƉĂƚ<ŽŵŝƚĞEŽŵŝŶĂƐŝĚĂŶZĞŵƵŶĞƌĂƐŝ EŽŵŝŶĂƚŝŽŶ ĂŶĚ ZĞŵƵŶĞƌĂƚŝŽŶ ŽŵŵŝƚƚĞĞ
DĞĞƚŝŶŐƐ
<ŽŵŝƚĞ EŽŵŝŶĂƐŝ ĚĂŶZĞŵƵŶĞƌĂƐŝ ŵĞŶũĂůĂŶŬĂŶ EŽŵŝŶĂƚŝŽŶ ĂŶĚ ZĞŵƵŶĞƌĂƚŝŽŶ ŽŵŵŝƚƚĞĞ
ƚƵŐĂƐ ĚĂŶ ƚĂŶŐŐƵŶŐ ũĂǁĂď ĚĞŶŐĂŶ ďĞƌƉĞĚŽŵĂŶ ĐĂƌƌŝĞƐ ŽƵƚ ŝƚƐ ĚƵƚŝĞƐ ĂŶĚ ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ ďĂƐĞĚ ŽŶ
ƉĂĚĂ WĞĚŽŵĂŶ <ĞƌũĂ ďĂŐŝ <ŽŵŝƚĞ EŽŵŝŶĂƐŝ ĚĂŶ ƚŚĞ tŽƌŬ 'ƵŝĚĞůŝŶĞƐ ĨŽƌ ƚŚĞ EŽŵŝŶĂƚŝŽŶ ĂŶĚ
ZĞŵƵŶĞƌĂƐŝ͘ ZĂƉĂƚ <ŽŵŝƚĞ EŽŵŝŶĂƐŝ ĚĂŶ ZĞŵƵŶĞƌĂƚŝŽŶ ŽŵŵŝƚƚĞĞ͘ dŚĞ EŽŵŝŶĂƚŝŽŶ ĂŶĚ
ZĞŵƵŶĞƌĂƐŝ ƐĞŬƵƌĂŶŐͲŬƵƌĂŶŐŶLJĂ ĚŝĂĚĂŬĂŶ ϭ ŬĂůŝ ZĞŵƵŶĞƌĂƚŝŽŶ ŽŵŵŝƚƚĞĞ ŵĞĞƚŝŶŐ ŝƐ ŚĞůĚ Ăƚ ůĞĂƐƚ
ĚĂůĂŵ ĞŵƉĂƚ ďƵůĂŶ͘ ^ĞůĂŵĂ ƚĂŚƵŶ ϮϬϮϱ͕ <ŽŵŝƚĞ ŽŶĐĞĞǀĞƌLJĨŽƵƌŵŽŶƚŚƐ͘ƵƌŝŶŐϮϬϮϱ͕ƚŚĞŵĞĞƚŝŶŐ
EŽŵŝŶĂƐŝ ĚĂŶ ZĞŵƵŶĞƌĂƐŝ ŵĞŶLJĞůĞŶŐŐĂƌĂŬĂŶ ǁĂƐ ŚĞůĚ ƚŚƌĞĞ ƚŝŵĞ ǁŝƚŚ ĂŶ ĂƚƚĞŶĚĂŶĐĞ ƌĂƚĞ ŽĨ
ƌĂƉĂƚ ƐĞďĂŶLJĂŬ ϯ ;ƚŝŐĂͿ ŬĂůŝ͕ ĚĞŶŐĂŶ ƚŝŶŐŬĂƚ ϭϬϬй ĨŽƌ ĞĂĐŚ ĐŽŵŵŝƚƚĞĞ ŵĞŵďĞƌ͘ dŚĞ ŵĞĞƚŝŶŐ
ŬĞŚĂĚŝƌĂŶ ϭϬϬй ƵŶƚƵŬ ŵĂƐŝŶŐͲŵĂƐŝŶŐ ĂŶŐŐŽƚĂ ĚŝƐĐƵƐƐĞĚƉŽůŝĐLJĐƌŝƚĞƌŝĂŝŶĐŽŶĚƵĐƚŝŶŐƉĞƌĨŽƌŵĂŶĐĞ
ŬŽŵŝƚĞ͘ ZĂƉĂƚ ŬŽŵŝƚĞ ŵĞŵďĂŚĂƐ ŵĞŶŐĞŶĂŝ ĞǀĂůƵĂƚŝŽŶƐ͕ ƉĞƌĨŽƌŵĂŶĐĞ ĞǀĂůƵĂƚŝŽŶƐ͕ ĂŶĚ
ƉĞŶLJƵƐƵŶĂŶ ŬƌŝƚĞƌŝĂ ŬĞďŝũĂŬĂŶ ĚĂůĂŵ ŵĞůĂŬƵŬĂŶ ƉƌŽǀŝĚŝŶŐŝŶƉƵƚƚŽKƌĞŐĂƌĚŝŶŐƌĞŵƵŶĞƌĂƚŝŽŶĨŽƌ
ĞǀĂůƵĂƐŝ ŬŝŶĞƌũĂ͕ ĞǀĂůƵĂƐŝ ŬŝŶĞƌũĂ ƐĞƌƚĂ ƉĞŵďĞƌŝĂŶ ϮϬϮϲ͘
ŵĂƐƵŬĂŶ ŬĞƉĂĚĂ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ŵĞŶŐĞŶĂŝ
ƌĞŵƵŶĞƌĂƐŝƵŶƚƵŬƚĂŚƵŶϮϬϮϲ͘
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
/ŶĚĞƉĞŶĚĞŶƐŝ<ŽŵŝƚĞEŽŵŝŶĂƐŝĚĂŶZĞŵƵŶĞƌĂƐŝ EŽŵŝŶĂƚŝŽŶĂŶĚZĞŵƵŶĞƌĂƚŝŽŶŽŵŵŝƚƚĞĞ
/ŶĚĞƉĞŶĚĞŶĐLJ
^ĞƐƵĂŝ ĚĞŶŐĂŶ ƉĞĚŽŵĂŶ ŬĞƌũĂ <ŽŵŝƚĞ /ŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞǁŽƌŬŐƵŝĚĞůŝŶĞƐŽĨƚŚĞ
EŽŵŝŶĂƐŝ ĚĂŶ ZĞŵƵŶĞƌĂƐŝ͕ ŬĞƚƵĂ ĚĂŶ ĂŶŐŐŽƚĂ EŽŵŝŶĂƚŝŽŶ ĂŶĚ ZĞŵƵŶĞƌĂƚŝŽŶ ŽŵŵŝƚƚĞĞ͕ ƚŚĞ
ŬŽŵŝƚĞ ŶŽŵŝŶĂƐŝ ĚĂŶ ƌĞŵƵŶĞƌĂƐŝ ĚĂůĂŵ ŚĂŝƌŵĂŶ ĂŶĚ ŵĞŵďĞƌƐ ŽĨ ƚŚĞ ŶŽŵŝŶĂƚŝŽŶ ĂŶĚ
ŵĞŶũĂůĂŶŬĂŶ ƉĞŬĞƌũĂĂŶŶLJĂ ǁĂũŝď ŵĞŵĞŶƵŚŝ ƌĞŵƵŶĞƌĂƚŝŽŶĐŽŵŵŝƚƚĞĞŝŶĐĂƌƌLJŝŶŐŽƵƚƚŚĞŝƌǁŽƌŬ
ŬƌŝƚĞƌŝĂŝŶĚĞƉĞŶĚĞŶƐŝĚĂŶŝŶƚĞŐƌŝƚĂƐ͘ ƐŚĂůůŵĞĞƚƚŚĞĐƌŝƚĞƌŝĂŽĨŝŶĚĞƉĞŶĚĞŶƚĂŶĚŝŶƚĞŐƌŝƚLJ͘
WĞůĂŬƐĂŶĂĂŶdƵŐĂƐ<ŽŵŝƚĞ dĂƐŬ/ŵƉůĞŵĞŶƚĂƚŝŽŶ
<ŽŵŝƚĞ EŽŵŝŶĂƐŝ ĚĂŶ ZĞŵƵŶĞƌĂƐŝ ƚĞůĂŚ EŽŵŝŶĂƚŝŽŶ ĂŶĚ ZĞŵƵŶĞƌĂƚŝŽŶ ŽŵŵŝƚƚĞĞ
ŵĞůĂŬƐĂŶĂŬĂŶ ĨƵŶŐƐŝŶLJĂ ĚĞŶŐĂŶ ŵĞŵďĞƌŝ ŚĂƐ ĐĂƌƌŝĞĚ ŽƵƚŝƚƐĚƵƚŝĞƐ ďLJƉƌŽǀŝĚŝŶŐ ŝŶƉƵƚƚŽ ƚŚĞ
ŵĂƐƵŬŬĂŶ ŬĞƉĂĚĂ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ĚĂŶ ŽĂƌĚ ŽĨ ŽŵŵŝƐƐŝŽŶĞƌƐ ĂŶĚ ŵĂŶĂŐĞŵĞŶƚ ŽĨ ƚŚĞ
ŵĂŶĂũĞŵĞŶ ŝŶĚŝŬĂƚŽƌ ŬŝŶĞƌũĂ ĞǁĂŶ ŝƌĞŬƐŝ ĚĂŶ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ͛ ƉĞƌĨŽƌŵĂŶĐĞ ŝŶĚŝĐĂƚŽƌƐ ĂŶĚ
ĞǀĂůƵĂƐŝ ŬŝŶĞƌũĂ ĞǁĂŶ ŝƌĞŬƐŝ ƉĂĚĂ ƚĂŚƵŶ ϮϬϮϱ͘ ĞǀĂůƵĂƚŝŽŶ ŽĨ ƚŚĞ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ͛ ƉĞƌĨŽƌŵĂŶĐĞ
WĂĚĂ ƚĂŚƵŶ ϮϬϮϱ͕ <ŽŵŝƚĞ EŽŵŝŶĂƐŝ ĚĂŶ ŝŶ ϮϬϮϱ͘ /Ŷ ϮϬϮϱ͕ ƚŚĞ EŽŵŝŶĂƚŝŽŶ ĂŶĚ
ZĞŵƵŶĞƌĂƐŝ ƚĞůĂŚ ŵĞůĂŬƐĂŶĂŬĂŶ ƚƵŐĂƐ ĚĂŶ ZĞŵƵŶĞƌĂƚŝŽŶŽŵŵŝƚƚĞĞĐĂƌƌŝĞĚŽƵƚŝƚƐĚƵƚŝĞƐĂŶĚ
ƚĂŶŐŐƵŶŐũĂǁĂďŶLJĂƐĞďĂŐĂŝďĞƌŝŬƵƚ͗ ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐĂƐĨŽůůŽǁƐ͗
ĂůĂŵŝĚĂŶŐEŽŵŝŶĂƐŝ /ŶƚŚĞEŽŵŝŶĂƚŝŽŶ&ŝĞůĚ
¾ DĞŵďĞƌŝŬĂŶ ƵƐƵůĂŶ ĐĂůŽŶ LJĂŶŐ ŵĞŵĞŶƵ ¾ WƌŽǀŝĚĞ ƉƌŽƉŽƐĂůƐĨŽƌĐĂŶĚŝĚĂƚĞƐǁŚŽ ŵĞĞƚ
ƐLJĂƌĂƚƐĞďĂŐĂŝĂŶŐŐŽƚĂŝƌĞŬƐŝĚĂŶͬĂƚĂƵĂŶŐŐŽƚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ĂƐŵĞŵďĞƌƐ ŽĨ ƚŚĞ ŽĂƌĚ
ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ŬĞƉĂĚĂ ĞǁĂŶ <ŽŵŝƐĂƌ ŽĨ ŝƌĞĐƚŽƌƐ ĂŶĚͬŽƌ ŵĞŵďĞƌƐ ŽĨ ƚŚĞ ŽĂƌĚ
ƵŶƚƵŬĚŝƐĂŵƉĂŝŬĂŶŬĞƉĂĚĂZhW^ ŽĨ ŽŵŵŝƐƐŝŽŶĞƌƐ ƚŽ ƚŚĞ ŽĂƌĚ ŽĨ
¾ DĞƌĞŬŽŵĞŶĚĂƐŝŬĂŶ ŬĞƉĂĚĂ ĞǁĂŶ <ŽŵŝƐĂƌ ŽŵŵŝƐƐŝŽŶĞƌƐƚŽďĞƐƵďŵŝƚƚĞĚƚŽƚŚĞ'D^͘
ŵĞŶŐĞŶĂŝ ŬŽŵƉŽƐŝƐŝ ũĂďĂƚĂŶ ĂŶŐŐŽƚĂ ŝƌĞŬ ¾ ZĞĐŽŵŵĞŶĚƚŽƚŚĞŽĂƌĚŽĨŽŵŵŝƐƐŝŽŶĞƌƐ
ĚĂŶͬĂƚĂƵ ĂŶŐŐŽƚĂ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ͕ <ĞďŝũĂŬĂ ƌĞŐĂƌĚŝŶŐ ƚŚĞ ĐŽŵƉŽƐŝƚŝŽŶ ŽĨ ƉŽƐŝƚŝŽŶƐ ŽĨ
ĚĂŶ ŬƌŝƚĞƌŝĂ LJĂŶŐ ĚŝďƵƚƵŚŬĂŶ ĚĂůĂŵ ƉƌŽƐĞ ŵĞŵďĞƌƐ ŽĨ ƚŚĞ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ ĂŶĚͬŽƌ
ŶŽŵŝŶĂƐŝ͕ ƐĞƌƚĂ <ĞďŝũĂŬĂŶ ĞǀĂůƵĂƐŝ ŬŝŶĞƌũĂ ďĂ ŵĞŵďĞƌƐ ŽĨ ƚŚĞ ŽĂƌĚ ŽĨ ŽŵŵŝƐƐŝŽŶĞƌƐ͕
ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ ĚĂŶͬĂƚĂƵ ĂŶŐŐŽƚĂ ĞǁĂ WŽůŝĐŝĞƐ ĂŶĚ ĐƌŝƚĞƌŝĂ ƌĞƋƵŝƌĞĚ ŝŶ ƚŚĞ
<ŽŵŝƐĂƌŝƐ ŶŽŵŝŶĂƚŝŽŶƉƌŽĐĞƐƐ͕ĂƐǁĞůůĂƐƉĞƌĨŽƌŵĂŶĐĞ
ĞǀĂůƵĂƚŝŽŶ ƉŽůŝĐŝĞƐ ĨŽƌ ŵĞŵďĞƌƐ ŽĨ ƚŚĞ
ĂůĂŵŝĚĂŶŐZĞŵƵŶĞƌĂƐŝ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ ĂŶĚͬŽƌ ŵĞŵďĞƌƐ ŽĨ ƚŚĞ
¾ DĞŵďĂŶƚƵ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ŵĞůĂŬƵŬĂ ŽĂƌĚŽĨŽŵŵŝƐƐŝŽŶĞƌƐ͘
ƉĞŶŝůĂŝĂŶŬŝŶĞƌũĂĚĞŶŐĂŶŬĞƐĞƐƵĂŝĂŶƌĞŵƵŶĞƌĂƐ
¾ DĞŵďĞƌŝŬĂŶ ƌĞŬŽŵĞŶĚĂƐŝ ŬĞƉĂĚĂ ĚĞǁĂ /ŶƚŚĞ&ŝĞůĚŽĨZĞŵƵŶĞƌĂƚŝŽŶ
ŬŽŵŝƐĂƌŝƐ ŵĞŶŐĞŶĂŝ ƐƚƌƵŬƚƵƌ ƌĞŵƵŶĞƌĂƐ ¾ ƐƐŝƐƚ ƚŚĞ ŽĂƌĚ ŽĨ ŽŵŵŝƐƐŝŽŶĞƌƐ ŝŶ
ŬĞďŝũĂŬĂŶ ĂƚĂƐ ƌĞŵƵŶĞƌĂƐŝ͕ ƐĞƌƚĂ ďĞƐĂƌĂŶ ĂƚĂ ĐŽŶĚƵĐƚŝŶŐ ƉĞƌĨŽƌŵĂŶĐĞ ĂƐƐĞƐƐŵĞŶƚƐ ǁŝƚŚ
ƌĞŵƵŶĞƌĂƐŝ ƌĞŐĂƌĚƚŽƌĞŵƵŶĞƌĂƚŝŽŶƐƵŝƚĂďŝůŝƚLJ͘
¾ WƌŽǀŝĚĞ ƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐ ƚŽ ƚŚĞ ďŽĂƌĚ ŽĨ
ĐŽŵŵŝƐƐŝŽŶĞƌƐ ƌĞŐĂƌĚŝŶŐ ƚŚĞ ƌĞŵƵŶĞƌĂƚŝŽŶ
ƐƚƌƵĐƚƵƌĞ͕ ƌĞŵƵŶĞƌĂƚŝŽŶ ƉŽůŝĐŝĞƐ͕ ĂŶĚ ƚŚĞ
ĂŵŽƵŶƚŽĨƌĞŵƵŶĞƌĂƚŝŽŶ͘
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
^ <Z dZ/^W Z^ ZKE
KZWKZd ^ Z dZz
ĞƌĚĂƐĂƌŬĂŶ ŬĞƚĞŶƚƵĂŶ WĞƌĂƚƵƌĂŶ KƚŽƌŝƚĂƐ /Ŷ ĂĐĐŽƌĚĂŶĐĞ ƚŽ K:< ƌĞŐƵůĂƚŝŽŶ EŽ͘
:ĂƐĂ <ĞƵĂŶŐĂŶ EŽ ϯϱͬWK:<͘ϬϰͬϮϬϭϰ ƚĂŶŐŐĂů ϴ ϯϱͬWK:<͘ϬϰͬϮϬϭϰ ĚĂƚĞĚ ĞĐĞŵďĞƌ ϴ͕ ϮϬϭϰ ŽŶ
ĞƐĞŵďĞƌ ϮϬϭϰ ƚĞŶƚĂŶŐ ^ĞŬƌĞƚĂƌŝƐ WĞƌƐĞƌŽĂŶ ŽƌƉŽƌĂƚĞ ^ĞĐƌĞƚĂƌLJ ŽĨ WƵďůŝĐ ŽŵƉĂŶLJ͕ ƚŚĞ
ŵŝƚĞŶĂƚĂƵWĞƌƐĞƌŽĂŶWƵďůŝŬ͕WĞƌƐĞƌŽĂŶŵĞŶƵŶũƵŬ ŽŵƉĂŶLJ ĂƉƉŽŝŶƚĞĚ DƌƐ͘ ŝĂŶ ƌŝLJĂŶƚŝ tŝũĂLJĂ
/ďƵ ŝĂŶ ƌŝLJĂŶƚŝ tŝũĂLJĂ ;LJĂŶŐ ũƵŐĂ ŵĞŶũĂďĂƚ ;ǁŚŽ ĂůƐŽ ƐĞƌǀĞĚ ĂƐ ŽŵƉĂŶLJ͛Ɛ ŝƌĞĐƚŽƌͿ ƚŽ ďĞ
ƐĞďĂŐĂŝ ŝƌĞŬƚƵƌ WĞƌƐĞƌŽĂŶͿ ƵŶƚƵŬ ŵĞůĂŬƐĂŶĂŬĂŶ ŽƌƉŽƌĂƚĞ ^ĞĐƌĞƚĂƌLJ ƵŶĚĞƌ K ĚĞĐƌĞĞ ĚĂƚĞĚ
ĨƵŶŐƐŝ ^ĞŬƌĞƚĂƌŝƐ WĞƌƐĞƌŽĂŶ ;ŽƌƉŽƌĂƚĞ ^ĞĐƌĞƚĂƌLJͿ :ĂŶƵĂƌLJϯϭ͕ϮϬϭϵ͘
ŵĞůĂůƵŝ ^ƵƌĂƚ <ĞƉƵƚƵƐĂŶ ŝůƵĂƌ ZĂƉĂƚ ƚĂŶŐŐĂů ϯϭ
:ĂŶƵĂƌŝϮϬϭϵ͘
&ƵŶŐƐŝĚĂŶƉĞƌĂŶĂŶ &ƵŶĐƚŝŽŶĂŶĚƌŽůĞ
ϭ͘ DĞŶŐŝŬƵƚŝ ƉĞƌŬĞŵďĂŶŐĂŶ WĂƐĂƌ DŽĚĂů ϭ͘ &ŽůůŽǁ ƚŚĞ ĚĞǀĞůŽƉŵĞŶƚ ŽĨ ĐĂƉŝƚĂů ŵĂƌŬĞƚ͕
ŬŚƵƐƵƐŶLJĂ ƉĞƌĂƚƵƌĂŶ ƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶ ƉĂƌƚŝĐƵůĂƌůLJ ŝŶ ƉĞƌƚŝŶĞŶƚ ĐĂƉŝƚĂů ŵĂƌŬĞƚ
LJĂŶŐďĞƌůĂŬƵĚŝďŝĚĂŶŐWĂƐĂƌDŽĚĂů͖ ƌĞŐƵůĂƚŝŽŶƐ͘
Ϯ͘ DĞŵďĞƌŝŬĂŶ ŵĂƐƵŬĂŶ ŬĞƉĂĚĂ ŝƌĞŬƐŝ ĚĂŶ Ϯ͘ WƌŽǀŝĚĞ ŝŶƉƵƚ ƚŽ ƚŚĞ K ĂŶĚ K ƌĞŐĂƌĚŝŶŐ
ĞǁĂŶ <ŽŵŝƐĂƌŝƐ WĞƌƐĞƌŽĂŶ ĂƚĂƵ WĞƌƐĞƌŽĂŶ ĐŽŵƉůŝĂŶĐĞǁŝƚŚĐĂƉŝƚĂůŵĂƌŬĞƚƌĞŐƵůĂƚŝŽŶƐ͘
WƵďůŝŬ ƵŶƚƵŬ ŵĞŵĂƚƵŚŝ ŬĞƚĞŶƚƵĂŶ ƉĞƌĂƚƵƌĂŶ
ƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶĚŝďŝĚĂŶŐWĂƐĂƌDŽĚĂů͖
ϯ͘ DĞŵďĂŶƚƵĞǁĂŶŝƌĞŬƐŝĚĂŶĞǁĂŶ<ŽŵŝƐĂƌŝƐ ϯ͘ ƐƐŝƐƚ K ĂŶĚ K ŝŶ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ
ĚĂůĂŵ ƉĞůĂŬƐĂŶĂĂŶ dĂƚĂ <ĞůŽůĂ WĞƌƵƐĂŚĂĂŶ ĐŽƌƉŽƌĂƚĞŐŽŽĚŐŽǀĞƌŶĂŶĐĞƉƌŝŶĐŝƉůĞƐƵĐŚĂƐ͗
LJĂŶŐŵĞůŝƉƵƚŝ͗
Ă͘ ŝƐĐůŽƐƵƌĞŽĨŝŶĨŽƌŵĂƚŝŽŶƚŽƉƵďůŝĐ͕ŝŶĐůƵĚŝŶŐ
Ă͘ <ĞƚĞƌďƵŬĂĂŶ ŝŶĨŽƌŵĂƐŝ ŬĞƉĂĚĂ ŵĂƐLJĂƌĂŬĂƚ͕ ĂĐĐĞƐƐ ŽĨ ŝŶĨŽƌŵĂƚŝŽŶ ŽŶ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ
ƚĞƌŵĂƐƵŬŬĞƚĞƌƐĞĚŝĂĂŶ ŝŶĨŽƌŵĂƐŝ ƉĂĚĂ^ŝƚƵƐ ǁĞďƐŝƚĞ
tĞď ŵŝƚĞŶĂƚĂƵWĞƌƐĞƌŽĂŶWƵďůŝŬ
ď͘ dŝŵĞůLJ ƐƵďŵŝƐƐŝŽŶ ŽĨ ƌĞƉŽƌƚ ƚŽ &ŝŶĂŶĐŝĂů
ď͘ WĞŶLJĂŵƉĂŝĂŶ ůĂƉŽƌĂŶ ŬĞƉĂĚĂ KƚŽƌŝƚĂƐ :ĂƐĂ ^ĞƌǀŝĐĞƵƚŚŽƌŝƚLJ͘
<ĞƵĂŶŐĂŶƚĞƉĂƚǁĂŬƚƵ
Đ͘ KƌŐĂŶŝnjĞĂŶĚĚŽĐƵŵĞŶƚ'ĞŶĞƌĂůDĞĞƚŝŶŐŽĨ
Đ͘ WĞŶLJĞůĞŶŐŐĂƌĂĂŶ ĚĂŶ ĚŽŬƵŵĞŶƚĂƐŝ ZĂƉĂƚ ^ŚĂƌĞŚŽůĚĞƌƐ͘
hŵƵŵWĞŵĞŐĂŶŐ^ĂŚĂŵ͖
Ě͘ KƌŐĂŶŝnjĞ ĂŶĚ ĚŽĐƵŵĞŶƚ K ĂŶĚ K
Ě͘ WĞŶLJĞůĞŶŐŐĂƌĂĂŶ ĚĂŶ ĚŽŬƵŵĞŶƚĂƐŝ ƌĂƉĂƚ ŵĞĞƚŝŶŐƐ͘
ŝƌĞŬƐŝĚĂŶͬĂƚĂƵĞǁĂŶ<ŽŵŝƐĂƌŝƐ͖
Ğ͘ /ŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ ŽƌŝĞŶƚĂƚŝŽŶ ƉƌŽŐƌĂŵ ĨŽƌ
Ğ͘ WĞůĂŬƐĂŶĂĂŶƉƌŽŐƌĂŵŽƌŝĞŶƚĂƐŝďĂŐŝŝƌĞŬƐŝ KĂŶĚK͘
ĚĂŶͬĂƚĂƵĞǁĂŶ<ŽŵŝƐĂƌŝƐ͘
ϰ͘ ^ĞďĂŐĂŝ ƉĞŶŐŚƵďƵŶŐ ĂŶƚĂƌĂ WĞƌƐĞƌŽĂŶ ĚĞŶŐĂŶ ϰ͘ Đƚ ĂƐ ůŝĂŝƐŽŶ ďĞƚǁĞĞŶ ŽŵƉĂŶLJ ĂŶĚ ŽƚŚĞƌ
ƉĞŵĞŐĂŶŐ ƐĂŚĂŵ WĞƌƐĞƌŽĂŶ͕ KƚŽƌŝƚĂƐ :ĂƐĂ ƉĂƌƚŝĞƐ ƐƵĐŚ ĂƐ͗ ƐŚĂƌĞŚŽůĚĞƌƐ͕ &ŝŶĂŶĐŝĂů ^ĞƌǀŝĐĞ
<ĞƵĂŶŐĂŶ͕ĚĂŶƉĞŵĂŶŐŬƵŬĞƉĞŶƚŝŶŐĂŶůĂŝŶŶLJĂ ƵƚŚŽƌŝƚLJ͕ĂŶĚŽƚŚĞƌƐƚĂŬĞŚŽůĚĞƌƐ͘
WĞůĂŬƐĂŶĂĂŶdƵŐĂƐ ƵƚŝĞƐWĞƌĨŽƌŵĞĚ
^ĞůĂŵĂ ƚĂŚƵŶ ϮϬϮϱ͕ ^ĞŬƌĞƚĂƌŝƐ WĞƌƐĞƌŽĂŶ ƚĞůĂŚ ƵƌŝŶŐ ϮϬϮϱ͕ ƚŚĞ ŽƌƉŽƌĂƚĞ ^ĞĐƌĞƚĂƌLJ ŚĂƐ ĐĂƌƌŝĞĚ
ŵĞůĂŬƐĂŶĂŬĂŶ ƚƵŐĂƐ ĚĂŶ ƚĂŶŐŐƵŶŐ ũĂǁĂďŶLJĂ ŽƵƚŝƚƐĚƵƚŝĞƐĂŶĚƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞĨŽůůŽǁŝŶŐ͗
ƐĞƉĞƌƚŝ͗
ϭ͘ DĞŶŐŝŬƵƚŝ ĚĂŶ ŵĞůĂƉŽƌŬĂŶ ŬĞƉĂĚĂ ĞǁĂŶ ϭ͘ &ŽůůŽǁ ĂŶĚ ƌĞƉŽƌƚ ƚŽ K ĂŶĚ K ƌĞŐĂƌĚŝŶŐ
ŝƌĞŬƐŝ ĚĂŶ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ŵĞŶŐĞŶĂŝ ƚŚĞ ĚĞǀĞůŽƉŵĞŶƚ ĂŶĚ ĐŚĂŶŐĞƐ ƌĞŐƵůĂƚŝŽŶ ŝŶ
83
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
ƉĞƌŬĞŵďĂŶŐĂŶ ĚĂŶ ƉĞƌƵďĂŚĂŶ ƉĞƌĂƚƵƌĂŶ Ěŝ ĐĂƉŝƚĂůŵĂƌŬĞƚ͘
ƉĂƐĂƌŵŽĚĂů/ŶĚŽŶĞƐŝĂ
Ϯ͘ DĞŶŐƵŵƵŵŬĂŶ ƐĞƌƚĂ ŵĞůĂŬƵŬĂŶ ĞǀĂůƵĂƐŝ Ϯ͘ ŶŶŽƵŶĐĞ ĂŶĚ ĞǀĂůƵĂƚĞ ƌŽƵƚŝŶĞ ƌĞƉŽƌƚ ƐƵĐŚ ĂƐ͗
ůĂƉŽƌĂŶ ƌƵƚŝŶ͗ >ĂƉŽƌĂŶ <ĞƵĂŶŐĂŶ <ƵĂƌƚĂů͕ YƵĂƌƚĞƌůLJ &ŝŶĂŶĐŝĂů ZĞƉŽƌƚ͕ /ŶƚĞŐƌĂƚĞĚ ŶŶƵĂůͲ
/ŶƚĞŐƌĂƚĞĚ ŶŶƵĂů ZĞƉŽƌƚ͕ >ĂƉŽƌĂŶ ZĞŐŝƐƚƌĂƐŝ ZĞƉŽƌƚ͕ ^ĞĐƵƌŝƚŝĞƐ ZĞŐŝƐƚƌĂƚŝŽŶ ZĞƉŽƌƚ͕ ĂŶĚ
ĨĞŬ͕ĚĂŶůĂƉŽƌĂŶůĂŝŶŶLJĂ͘ ŽƚŚĞƌƌĞƉŽƌƚƐ͘
ϯ͘ DĞŶŐƵŵƵŵŬĂŶ ƐĞƌƚĂ ŵĞůĂŬƵŬĂŶ ĞǀĂůƵĂƐŝ ϯ͘ ŶŶŽƵŶĐĞ ĂŶĚ ĞǀĂůƵĂƚĞ ƉƵďůŝĐ ŝŶĨŽƌŵĂƚŝŽŶ
ƚĞƌŚĂĚĂƉƉĞŶLJĂŵƉĂŝĂŶŝŶĨŽƌŵĂƐŝŬĞƉĂĚĂWƵďůŝŬ ĚŝƐĐůŽƐƵƌĞ͘
ĚĂŶK:<WĂƐĂƌDŽĚĂů͘
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ƚĞƌĐĂƉĂŝŶLJĂ ĞĨŝƐŝĞŶƐŝ ĚĂŶ ĞĨĞŬƚŝǀŝƚĂƐ LJĂŶŐ
ϲ͘ WƌĞƉĂƌĞ ĂŶĚ ƐƵďŵŝƚ ĂŶ ŝŶƚĞƌŶĂů ĂƵĚŝƚ ƌĞƉŽƌƚ ƚŽ
ƐĞůĂƌĂƐĚĞŶŐĂŶsŝƐŝĚĂŶDŝƐŝWĞƌƐĞƌŽĂŶ
KĂŶĚK
ϲ͘ DĞŵďƵĂƚ ůĂƉŽƌĂŶ ŚĂƐŝů ĂƵĚŝƚ ĚĂŶ
ϳ͘ DŽŶŝƚŽƌ͕ ĂŶĂůLJnjĞ ĂŶĚ ƌĞƉŽƌƚ ƚŚĞ
ŵĞŶLJĂŵƉĂŝŬĂŶ ůĂƉŽƌĂŶ ĂƵĚŝƚ ƚĞƌƐĞďƵƚ ŬĞƉĂĚĂ
ŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨƐƵŐŐĞƐƚĞĚƌĞĐŽŵŵĞŶĚĂƚŝŽŶ͘
ĞǁĂŶŝƌĞŬƚƵƌĚĂŶĞǁĂŶ<ŽŵŝƐĂƌŝƐ
ϴ͘ ŽůůĂďŽƌĂƚĞǁŝƚŚƵĚŝƚŽŵŵŝƚƚĞĞ
ϳ͘ DĞŵĂŶƚĂƵ͕ ŵĞŶŐĂŶĂůŝƐŝƐ ĚĂŶ ŵĞůĂƉŽƌŬĂŶ
ƉĞůĂŬƐĂŶĂĂŶƚŝŶĚĂŬůĂŶũƵƚƉĞƌďĂŝŬĂŶLJĂŶŐƚĞůĂŚ ϵ͘ WƌĞƉĂƌĞ Ă ƉƌŽŐƌĂŵ ƚŽ ĞǀĂůƵĂƚĞ ƚŚĞ ƋƵĂůŝƚLJ ŽĨ
ĚŝƐĂƌĂŶŬĂŶ ŝŶƚĞƌŶĂůĂƵĚŝƚĂĐƚŝǀŝƚŝĞƐ
ϴ͘ ĞŬĞƌũĂƐĂŵĂĚĞŶŐĂŶ<ŽŵŝƚĞƵĚŝƚ ϭϬ͘ WƌŽǀŝĚĞ ƌĞĐŽŵŵĞŶĚĂƚŝŽŶ ƚŽ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ
ŵĂŶĂŐĞŵĞŶƚ ƌĞŐĂƌĚŝŶŐ ĐŚĂŶŐĞ ŝŶ ďƵƐŝŶĞƐƐ
ϵ͘ DĞŶLJƵƐƵŶ ƉƌŽŐƌĂŵ ƵŶƚƵŬ ŵĞŶŐĞǀĂůƵĂƐŝ ŵƵƚƵ
ĞŶǀŝƌŽŶŵĞŶƚ͕ ďƵƐŝŶĞƐƐ ƌŝƐŬ͕ ĂŶĚ ŽƚŚĞƌ ĨĂĐƚŽƌƐ
ŬĞŐŝĂƚĂŶƵĚŝƚ/ŶƚĞƌŶĂůLJĂŶŐĚŝůĂŬƵŬĂŶŶLJĂ
ƚŚĂƚ ŵĂLJ ĂĨĨĞĐƚ ƚŚĞ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ ƚŚĞ
ϭϬ͘ DĞŵďĞƌŝŬĂŶ ŵĂƐƵŬĂŶ ŬĞƉĂĚĂ ŵĂŶĂũĞŵĞŶ ŽŵƉĂŶLJ
WĞƌƐĞƌŽĂŶ ŵĞŶŐĞŶĂŝ ƉĞƌƵďĂŚĂŶ ůŝŶŐŬƵŶŐĂŶ͕
85
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
ƌŝƐŝŬŽďŝƐŶŝƐLJĂŶŐŵƵŶĐƵůĚĂŶŚĂůͲŚĂůůĂŝŶ
WĞůĂƚŝŚĂŶĚĂŶWĞŶŐĞŵďĂŶŐĂŶ dƌĂŝŶŝŶŐĂŶĚĞǀĞůŽƉŵĞŶƚ
hŶƚƵŬ ŵĞŶĚƵŬƵŶŐ ƉĞůĂŬƐĂŶĂĂŶ ƚƵŐĂƐ ĚĂŶ dŽ ĞŶĐŚĂŶĐĞ ƉĞƌĨŽƌŵĂŶĐĞ ŝŶ ĚƵƚLJ ĂŶĚ ŝŵƉƌŽǀĞ
ŵĞŶŝŶŐŬĂƚŬĂŶ ŬŽŵƉĞƚĞŶƐŝ͕ ƉĂĚĂ ƚĂŚƵŶ ϮϬϮϱ hŶŝƚ ĐŽŵƉĞƚĞŶĐLJ͕ŝŶϮϬϮϱƚŚĞ/ŶƚĞƌŶĂůƵĚŝƚƉĂƌƚŝĐŝƉĂƚĞĚ
/ŶƚĞƌŶĂů ƵĚŝƚ ŵĞŶŐŝŬƵƚŝ ƉƌŽŐƌĂŵ WĞŶŐĞŵďĂŶŐĂŶ ŝŶ ƚŚĞ ĐŽŵƉĞƚĞŶĐLJ ĚĞǀĞůŽƉŵĞŶƚ ƉƌŽŐƌĂŵƐ ĂƐ ŽĨ
<ŽŵƉĞƚĞŶƐŝƐĞďĂŐĂŝďĞƌŝŬƵƚ͗ ĨŽůůŽǁƐ͗
>ŽŬĂƐŝͬ WĞŶLJĞůĞŶŐŐĂƌĂ
dĂŶŐŐĂůͬĂƚĞ ^ĞŵŝŶĂƌ
>ŽĐĂƚŝŽŶ ͬKƌŐĂŶŝnjĞƌ
ϮϬ&ĞďƌƵĂƌŝϮϬϮϱ
KƵƚůŽŽŬ ŬŽŶŽŵŝĚĂŶ<ĞƵĂŶŐĂŶĚŝdĂŚƵŶϮϬϮϱ sŝƌƚƵĂů K:<
&ĞďƌƵĂƌLJϮϬ͕ϮϬϮϱ
ϮϮƉƌŝůϮϬϮϱ ^ŽƐŝĂůŝƐĂƐŝWĞƌĂƚƵƌĂŶWĂũĂŬdĞƌďĂƌƵΘ^ƵŬƐĞƐ
sŝƌƚƵĂů WW/
ƉƌŝůϮϮ͕ϮϬϮϱ DĞŶŐŚĂĚĂƉŝWĞŵĞƌŝŬƐĂĂŶWĂũĂŬ
͞'Z/&ŝŶĂŶĐŝĂů^ĞƌǀŝĐĞƐ;ĂŶŬŝŶŐ͕/ŶƐƵƌĂŶĐĞĂŶĚ
ϮϬDĞŝϮϬϮϱ
ĂƉŝƚĂůDĂƌŬĞƚͿ^ĞĐƚŽƌ^ƚĂŶĚĂƌĚ͗ džƉŽƐƵƌĞ sŝƌƚƵĂů /y
DĂLJϮϬ͕ϮϬϮϱ ƌĂĨƚƐ͟
ϮϲDĞŝϮϬϮϱ hƌŐĞŶƐŝdƌĂŶƉĂƌĂŶƐŝ<ĞƵĂŶŐĂŶ,ŝũĂƵWĂĚĂ
sŝƌƚƵĂů K:<
DĂLJϮϲ͕ϮϬϮϱ >ĞŵďĂŐĂ:ĂƐĂ<ĞƵĂŶŐĂŶ
^ŽƐŝĂůŝƐĂƐŝ^ŝW h>/DŽĚƵů>ĂƉŽƌĂŶ>ŝƚĞƌĂƐŝĚĂŶ
ϭϵ:ƵŶŝϮϬϮϱ
/ŶŬůƵƐŝ<ĞƵĂŶŐĂŶƐĞƌƚĂ>ĂƉŽƌĂŶ>ĂLJĂŶĂŶ sŝƌƚƵĂů K:<
:ƵŶĞϭϵ͕ϮϬϮϱ WĞŶŐĂĚƵĂŶ^ĞŵĞƐƚĞƌ/ƚĂŚƵŶϮϬϮϱ
Ϯϰ:ƵŶŝϮϬϮϱ
^ŽƐŝĂůŝƐĂƐŝ/ŵƉůĞŵĞŶƚĂƐŝƉůŝŬĂƐŝ^/W ^dǀ͘ϯ sŝƌƚƵĂů WWd<
:ƵŶĞϮϰ͕ϮϬϮϱ
^ŽƐŝĂůŝƐĂƐŝWĞŶŝůĂŝĂŶ^ĞŶĚŝƌŝ;^ĞůĨĂƐƐĞƐƐŵĞŶƚͿ
ϯ:ƵůŝϮϬϮϱ ƚĞƌŚĂĚĂƉWĞŵĞŶƵŚĂŶ<ĞƚĞŶƚƵĂŶWĞůŝŶĚƵŶŐĂŶ
sŝƌƚƵĂů K:<
:ƵůLJϯ͕ϮϬϮϱ <ŽŶƐƵŵĞŶĚĂŶDĂƐLJĂƌĂŬĂƚĚŝ^ĞŬƚŽƌ:ĂƐĂ
<ĞƵĂŶŐĂŶ
Ϯϰ:ƵůŝϮϬϮϱ ^ŽƐŝĂůŝƐĂƐŝWĞƌĂůŝŚĂŶ>ĂLJĂŶĂŶWĞƌŝnjŝŶĂŶĚĂƌŝ
sŝƌƚƵĂů WW/
:ƵůLJϮϰ͕ϮϬϮϱ ^/:/E''ŬĞ^WZ/Ed
WĞůĂƚŝŚĂŶDĞŶũĂŐĂ/ŶƚĞŐƌŝƚĂƐ>ĞǁĂƚŐŽD>Ͳ
ϮϱʹϮϲ^ĞƉƚĞŵďĞƌϮϬϮϱ
WĞŶŐĂǁĂƐĂŶĞƌĚĂƐWhWWdĚŝ ƌĂŝŐŝƚĂů sŝƌƚƵĂů WWW/
^ĞƉƚĞŵďĞƌϮϱʹϮϲ͕ϮϬϮϱ
WĞŶŐĂĚƵĂŶEĂƐĂďĂŚĞƌĚĂƐĂƌŬĂŶWK:<dĞƌďĂƌƵ
ϮϵKŬƚŽďĞƌϮϬϮϱ ^ŽƐŝĂůŝĂƐŝWĞƌŶLJĂƚĂĂŶ^ƚĂŶĚĂƌWĞŶŐƵŶŐŬĂƉĂŶ
sŝƌƚƵĂů /y͕//
KĐƚŽďĞƌϮϵ͕ϮϬϮϱ <ĞďĞƌůĂŶũƵƚĂŶ;W^W<ϭĚĂŶW^W<ϮͿ
WĞůĂŬƐĂŶĂĂŶƵĚŝƚ/ŶƚĞƌŶĂů /ŵƉůĞŵĞŶƚĂƚŝŽŶ/ŶƚĞƌŶĂůƵĚŝƚ
^ĞůĂŵĂ ƚĂŚƵŶ ϮϬϮϱ͕ ƵĚŝƚ /ŶƚĞƌŶĂů ƚĞůĂŚ /ŶϮϬϮϱ͕/ŶƚĞƌŶĂůƵĚŝƚŚĂƐĐĂƌƌŝĞĚŽƵƚŝƚƐĚƵƚŝĞƐ
ŵĞůĂŬƐĂŶĂŬĂŶƚƵŐĂƐŶLJĂƐĞďĂŐĂŝďĞƌŝŬƵƚ͗ ĂƐŽĨĨŽůůŽǁƐ͗
WĞůĂŬƐĂŶĂĂŶƵĚŝƚďĞƌŬĂůĂ WĞƌŝŽĚŝĐƵĚŝƚ
WĞŶŐŬĂũŝĂŶ ƵůĂŶŐ ƉĞŶŐĞŶĚĂůŝĂŶ ŝŶƚĞƌŶĂů ĚĂŶ ZĞͲĞǀĂůƵĂƚŝŽŶ ŽŶ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ŝŶƚĞƌŶĂů
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
ƐŝƐƚĞŵŵĂŶĂũĞŵĞŶƌŝƐŝŬŽWĞƌƐĞƌŽĂŶ ĐŽŶƚƌŽůĂŶĚƌŝƐŬŵĂŶĂŐĞŵĞŶƚƐLJƐƚĞŵ
<ŽŽƌĚŝŶĂƐŝĚĞŶŐĂŶ<ŽŵŝƚĞƵĚŝƚ ŽŽƌĚŝŶĂƚŝŽŶǁŝƚŚƚŚĞƵĚŝƚŽŵŵŝƚƚĞĞ
<hEdEWh>/<'Z/ϮͲϱͲĂ͕ϮͲϱͲď
yd ZE>h/dKZ
WĞƌƐĞƌŽĂŶ ŵĞŶƵŶũƵŬ <ĂŶƚŽƌ ŬƵŶƚĂŶ WƵďůŝŬ dŚĞ ŽŵƉĂŶLJ ĂƉƉŽŝŶƚĞĚƉƵďůŝĐĂĐĐŽƵŶƚĂŶƚĨŝƌŵ
/ŶĚĞƉĞŶĚĞŶ:ŽŚĂŶŶĞƐ:ƵĂƌĂΘZĞŬĂŶ͕ĂŶŐŐŽƚĂĚĂƌŝ :ŽŚĂŶŶĞƐ:ƵĂƌĂΘWĂƌƚŶĞƌƐ͕ĂŵĞŵďĞƌŽĨ/EE/ƚŽ
/EE/ ƵŶƚƵŬ ŵĞůĂŬƵŬĂŶ ĂƵĚŝƚ ůĂƉŽƌĂŶ ŬĞƵĂŶŐĂŶ ĂƵĚŝƚ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ &ŝŶĂŶĐŝĂů ^ƚĂƚĞŵĞŶƚ ĨŽƌ ƚŚĞ
WĞƌƐĞƌŽĂŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ϯϭ ĞƐĞŵďĞƌ ϮϬϮϱ͘ LJĞĂƌ ĞŶĚĞĚ ŽŶ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϱ dŚŝƐ
WĞŶƵŶũƵŬŬĂŶŝŶŝĚŝƉƵƚƵƐŬĂŶƉĂĚĂZhW^dĂŚƵŶĂŶWd ƉƉŽŝŶƚŵĞŶƚ ǁĂƐ ĚĞĐŝĚĞĚ Ăƚ ƚŚĞ ĂŶŶƵĂů 'D^
&Ƶũŝ &ŝŶĂŶĐĞ /ŶĚŽŶĞƐŝĂ dďŬ ďĞƌĚĂƐĂƌŬĂŶ ďĂƐĞĚŽŶƚŚĞƌĞĐŽŵŵĞŶĚĂƚŝŽŶŽĨƚŚĞK͘
ƌĞŬŽŵĞŶĚĂƐŝĞǁĂŶ<ŽŵŝƐĂƌŝƐ͘
ƵĚŝƚĞŬƐƚĞƌŶĂůďĞƌƚƵŐĂƐƵŶƚƵŬŵĞƌĞŶĐĂŶĂŬĂŶ džƚĞƌŶĂůƵĚŝƚŽƌŚĂƐ ĚƵƚLJ ƚŽƉůĂŶĂŶĚ ĐĂƌƌLJ ŽƵƚ
ƐĞƌƚĂ ŵĞůĂŬƐĂŶĂŬĂŶ ĂƵĚŝƚ ĚĂůĂŵ ƌĂŶŐŬĂ ĂƵĚŝƚ ŝŶ ŽƌĚĞƌ ƚŽ ĞŶƐƵƌĞ ƚŚĂƚ ƚŚĞ ĨŝŶĂŶĐŝĂů
ŵĞŵĂƐƚŝŬĂŶ ďĂŚǁĂ ůĂƉŽƌĂŶ ŬĞƵĂŶŐĂŶ ďĞďĂƐ ĚĂƌŝ ƐƚĂƚĞŵĞŶƚ ŝƐ ĨƌĞĞ ĨƌŽŵ ŵĂƚĞƌŝĂů ŵŝƐƌĞƉŽƌƚ͘ dŚĞ
ŬĞƐĂůĂŚĂŶ ƉĞŶLJĂũŝĂŶ ŵĂƚĞƌŝĂů͘ WƌŽƐĞƐ ĂƵĚŝƚ LJĂŶŐ ĂƵĚŝƚƉƌŽĐĞƐƐŝŶĐůƵĚĞƐĞdžĂŵŝŶĂƚŝŽŶ ŽŶƚŚĞ ďĂƐŝƐŽĨ
ĚŝůĂŬƵŬĂŶ ŵĞůŝƉƵƚŝ ƉĞŵĞƌŝŬƐĂĂŶ ĂƚĂƐ ĚĂƐĂƌ ƚĞƐƚŝŶŐ ƐĂŵƉůĞ͕ ƐƵƉƉŽƌƚŝŶŐ ĞǀŝĚĞŶĐĞ ĨŽƌ ƚŚĞ
ƉĞŶŐƵũŝĂŶ͕ ďƵŬƚŝͲďƵŬƚŝ LJĂŶŐ ŵĞŶĚƵŬƵŶŐ ũƵŵůĂŚͲ ĂŵŽƵŶƚƐĂŶĚĚŝƐĐůŽƐƵƌĞŝŶƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚ͘
ũƵŵůĂŚ ĚĂŶ ƉĞŶŐƵŶŐŬĂƉĂŶ ĚĂůĂŵ ůĂƉŽƌĂŶ /ƚĂůƐŽŝŶĐůƵĚĞƐĂƐƐĞƐƐŵĞŶƚŽŶƚŚĞĂƉƉƌŽƉƌŝĂƚĞŶĞƐƐ
ŬĞƵĂŶŐĂŶ͘^ĞůĂŝŶŝƚƵ ũƵŐĂ ŵĞŶĐĂŬƵƉ ƉĞŶŝůĂŝĂŶĂƚĂƐ ŽĨ ĂĐĐŽƵŶƚŝŶŐ ƉŽůŝĐŝĞƐ ƚŚĂƚ ďĞŝŶŐ ƵƐĞĚ ĂŶĚ ƚŚĞ
ŬĞƚĞƉĂƚĂŶŬĞďŝũĂŬĂŶĂŬƵŶƚĂŶƐŝLJĂŶŐĚŝŐƵŶĂŬĂŶĚĂŶ ĂĚĞƋƵĂĐLJ ŽĨ ƐŝŐŶŝĨŝĐĂŶƚ ĞƐƚŝŵĂƚŝŽŶ ŵĂĚĞ ďLJ
ŵĞŵĂĚĂŝŶLJĂ ĞƐƚŝŵĂƐŝ ƐŝŐŶŝĨŝŬĂŶ LJĂŶŐ ĚŝďƵĂƚ ŽůĞŚ ŵĂŶĂŐĞŵĞŶƚ͕ ĂƐ ǁĞůů ĂƐ ĞǀĂůƵĂƚĞƐ ƚŚĞ ŽǀĞƌĂůů
ŵĂŶĂũĞŵĞŶ͕ƐĞƌƚĂƉĞŶŝůĂŝĂŶĂƚĂƐƉĞŶLJĂũŝĂŶůĂƉŽƌĂŶ ĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƌĞƉŽƌƚ͘
ŬĞƵĂŶŐĂŶƐĞĐĂƌĂŬĞƐĞůƵƌƵŚĂŶ͘
ĚĂƉƵŶĚĂĨƚĂƌĂŬƵŶƚĂŶƉƵďůŝŬLJĂŶŐŵĞůĂŬƵŬĂŶ dŚĞ ůŝƐƚƐ ŽĨ ƉƵďůŝĐ ĂĐĐŽƵŶƚĂŶƚ Ĩŝƌŵ ƚŽ ĐŽŶĚƵĐƚ
ĂƵĚŝƚŬĞƵĂŶŐĂŶĚĂůĂŵϱƚĂŚƵŶŬĞďĞůĂŬĂŶŐƐĞďĂŐĂŝ ƚŚĞĨŝŶĂŶĐŝĂůĂƵĚŝƚŝŶƚŚĞƉĂƐƚϱLJĞĂƌĂƌĞĂƐĨŽůůŽǁƐ͗
ďĞƌŝŬƵƚ͗
WĞƌŝŽĚĞ <ĂŶƚŽƌŬƵŶƚĂŶWƵďůŝŬ EĂŵĂŬƵŶƚĂŶ KƉŝŶŝ
WĞƌŝŽĚ WƵďůŝĐĐĐŽƵŶƚĂŶƚ&ŝƌŵ ĐĐŽƵŶƚĂŶƚEĂŵĞ KƉŝŶŝŽŶ
ϮϬϮϭ <W:ŽŚĂŶŶĞƐ:ƵĂƌĂΘZĞŬĂŶ ,ĂƌŝDĂŶƵƌƵŶŐ͕W;W͘ϭϰϱϲͿ tĂũĂƌdĂŶƉĂWĞŶŐĞĐƵĂůŝĂŶ;hŶƋƵĂůŝĨŝĞĚͿ
ϮϬϮϮ <W:ŽŚĂŶŶĞƐ:ƵĂƌĂΘZĞŬĂŶ ,ĂƌŝDĂŶƵƌƵŶŐ͕W;W͘ϭϰϱϲͿ tĂũĂƌdĂŶƉĂWĞŶŐĞĐƵĂůŝĂŶ;hŶƋƵĂůŝĨŝĞĚͿ
ϮϬϮϯ <W:ŽŚĂŶŶĞƐ:ƵĂƌĂΘZĞŬĂŶ ,ĂƌŝDĂŶƵƌƵŶŐ͕W;W͘ϭϰϱϲͿ tĂũĂƌdĂŶƉĂWĞŶŐĞĐƵĂůŝĂŶ;hŶƋƵĂůŝĨŝĞĚͿ
ϮϬϮϰ <W:ŽŚĂŶŶĞƐ:ƵĂƌĂΘZĞŬĂŶ &ƌĂŶƐ:ŝŵŵŝW͘^ŝũĂďĂƚ;W͘ϭϭϳϭͿ tĂũĂƌdĂŶƉĂWĞŶŐĞĐƵĂůŝĂŶ;hŶƋƵĂůŝĨŝĞĚͿ
ϮϬϮϱ <W:ŽŚĂŶŶĞƐ:ƵĂƌĂΘZĞŬĂŶ &ƌĂŶƐ:ŝŵŵŝW͘^ŝũĂďĂƚ;W͘ϭϭϳϭͿ tĂũĂƌdĂŶƉĂWĞŶŐĞĐƵĂůŝĂŶ;hŶƋƵĂůŝĨŝĞĚͿ
WĞƌŶLJĂƚĂĂŶ ƐƐƵƌĂŶĐĞ
<W :ŽŚĂŶŶĞƐ :ƵĂƌĂ Θ ZĞŬĂŶ ŵĞůĂŬƵŬĂŶ ĂƵĚŝƚ <W:ŽŚĂŶŶĞƐ:ƵĂƌĂΘZĞŬĂŶĐŽŶĚƵĐƚĞĚĂŶĂƵĚŝƚ
ŬŚƵƐƵƐ ĂƚĂƐ >ĂƉŽƌĂŶ <ĞƵĂŶŐĂŶ dĂŚƵŶĂŶ Wd &Ƶũŝ ŽĨƚŚĞŶŶƵĂů&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐŽĨWd&Ƶũŝ&ŝŶĂŶĐĞ
&ŝŶĂŶĐĞ /ŶĚŽŶĞƐŝĂ dďŬ͘ dŝĚĂŬ ƚĞƌĚĂƉĂƚ ĂƵĚŝƚ ĂƚĂƐ ŝƐŝ /ŶĚŽŶĞƐŝĂ dďŬ ŽŶůLJ͘ dŚĞƌĞ ŝƐ ŶŽ ĂƵĚŝƚ ŽĨ ƚŚĞ ĐŽŶƚĞŶƚƐ
>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝ͘ ŽĨƚŚĞ/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚ͘
87
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WĞŶŐĞŶĚĂůŝĂŶ<ĞƵĂŶŐĂŶĚĂŶKƉĞƌĂƐŝŽŶĂů &ŝŶĂŶĐŝĂůĂŶĚKƉĞƌĂƚŝŽŶĂůŽŶƚƌŽů^LJƐƚĞŵ
^ŝƐƚĞŵ ƉĞŶŐĞŶĚĂůŝĂŶ ŝŶƚĞƌŶĂů ĚŝƚĞƌĂƉŬĂŶ ŽůĞŚ dŚĞ ŽŵƉĂŶLJ ŝŵƉůĞŵĞŶƚƐ ŝŶƚĞƌŶĂů ĐŽŶƚƌŽů
WĞƌƐĞƌŽĂŶ ƚĞƌŚĂĚĂƉ ďĂŐŝĂŶ ŬĞƵĂŶŐĂŶ ĚĂŶ ƐLJƐƚĞŵ ŽŶ ĨŝŶĂŶĐĞ ĂŶĚ ŽƉĞƌĂƚŝŽŶĂů ĚĞƉĂƌƚŵĞŶƚ ƚŽ
ŽƉĞƌĂƐŝŽŶĂů ƐĞŚŝŶŐŐĂ ŬĞŐŝĂƚĂŶ ƵƐĂŚĂ ƐĞůĂůƵ ŵĂŝŶƚĂŝŶĂďƵƐŝŶĞƐƐƚŚĂƚĐŽƌƌĞƐƉŽŶĚƐŶŽƚŽŶůLJǁŝƚŚ
ďĞƌũĂůĂŶ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ǀŝƐŝ ĚĂŶ ŵŝƐŝ WĞƌƐĞƌŽĂŶ ƚŚĞŽŵƉĂŶLJ͛ƐǀŝƐŝŽŶĂŶĚŵŝƐƐŝŽŶďƵƚĂůƐŽĂĚŚĞƌŝŶŐ
ƐĞƌƚĂƐĞůĂůƵƚƵŶĚƵŬƚĞƌŚĂĚĂƉƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐͲ ƚŽ ĞdžŝƐƚŝŶŐ ůĂǁ͘ &ƌŽŵ ƚŚĞ ĨŝŶĂŶĐŝĂů ĂƐƉĞĐƚ͕ ƚŚĞ
ƵŶĚĂŶŐĂŶ LJĂŶŐ ďĞƌůĂŬƵ͘ Ăƌŝ ƐŝƐŝ ŬĞƵĂŶŐĂŶ͕ ŽŵƉĂŶLJ ƉĞƌĨŽƌŵƐ ĂƐƐĞƐƐŵĞŶƚ ŽŶ ƚƌĂŶƐĂĐƚŝŽŶ
WĞƌƐĞƌŽĂŶ ŵĞůĂŬƵŬĂŶ ƉĞŶŐŬĂũŝĂŶ ƉƌŽƐĞĚƵƌ ǀĞƌŝĨŝĐĂƚŝŽŶ ƉƌŽĐĞĚƵƌĞ͕ ũŽƵƌŶĂůŝŶŐ ƐLJƐƚĞŵ͕ ĂŶĚ
ƉĞŶŐĞƐĂŚĂŶ ƐƵĂƚƵ ƚƌĂŶƐĂŬƐŝ͕ ƐŝƐƚĞŵ ƉĞŶĐĂƚĂƚĂŶ͕ ĚƌĂĨƚŝŶŐ ĨŝŶĂŶĐŝĂů ƌĞƉŽƌƚ ǁŚŝĐŚ ĨŽůůŽǁ ĂĐĐŽƵŶƚŝŶŐ
ƐĞƌƚĂ ƉĞŶLJƵƐƵŶĂŶ ƉĞůĂƉŽƌĂŶ LJĂŶŐ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ƐƚĂŶĚĂƌĚƐ͘ DĞĂŶǁŚŝůĞ͕ ŽŶ ŽƉĞƌĂƚŝŽŶĂů ĂƐƉĞĐƚ͕ ƚŚĞ
ƐƚĂŶĚĂƌĂŬƵŶƚĂŶƐŝ͘WĂĚĂƐŝƐŝŽƉĞƌĂƐŝŽŶĂů͕WĞƌƐĞƌŽĂŶ ŽŵƉĂŶLJ ƌĞǀŝĞǁƐ ŽƉĞƌĂƚŝŽŶĂů ƉƌŽĐĞĚƵƌĞ ĨŽƌ ĞĂĐŚ
ŵĞůĂŬƵŬĂŶ ƉĞŶŐŬĂũŝĂŶ ĂƚĂƐ ƉƌŽƐĞĚƵƌ ŽƉĞƌĂƐŝŽŶĂů ĚŝǀŝƐŝŽŶ͕ŽƌŐĂŶŝnjĂƚŝŽŶƐƚƌƵĐƚƵƌĞĂŶĚǁŽƌŬƵŶŝƚĂůŽŶŐ
LJĂŶŐ ĚŝŵŝůŝŬŝ ŽůĞŚ ŵĂƐŝŶŐͲŵĂƐŝŶŐ ĚŝǀŝƐŝ͕ ƐƚƌƵŬƚƵƌ ǁŝƚŚĂĚŚĞƌĞŶĐĞƚŽƉƌĞƐĞŶƚƌĞŐƵůĂƚŝŽŶƐ͘
ŽƌŐĂŶŝƐĂƐŝ ŵĂƵƉƵŶ ƵŶŝƚ ŬĞƌũĂ ĚĂŶ ƉĞŵĞŶƵŚĂŶ
ƚĞƌŚĂĚĂƉƉĞƌĂƚƵƌĂŶLJĂŶŐďĞƌůĂŬƵ͘
WĞŶŐĞŶĚĂůŝĂŶ ŝŶƚĞƌŶĂů ĚŝƚĞƌĂƉŬĂŶ ƉĂĚĂ ƐĞůƵƌƵŚ /ŶƚĞƌŶĂů ŽŶƚƌŽů ŝƐ ĂƉƉůŝĞĚ ŝŶ Ăůů ƵŶŝƚ ŽĨ ƚŚĞ
ƵŶŝƚ WĞƌƐĞƌŽĂŶ ĚĂŶ ƉĞůĂŬƐĂŶĂĂŶŶLJĂ ĚŝĂǁĂƐŝ ŽůĞŚ ŽŵƉĂŶLJ ǁŚĞƌĞ ŝƚ ŝƐ ŽǀĞƌƐĞĞŶ ďLJ /ŶƚĞƌŶĂů ƵĚŝƚ
/ŶƚĞƌŶĂů ƵĚŝƚ͘ /ŶƚĞƌŶĂů ƵĚŝƚ ďĞƌƐĂŵĂ ĚĞŶŐĂŶ hŶŝƚ͘/ŶƚĞƌŶĂůƵĚŝƚƚŽŐĞƚŚĞƌǁŝƚŚƵĚŝƚŽŵŵŝƚƚĞĞ
<ŽŵŝƚĞ ƵĚŝƚ ŵĞŵŝůŝŬŝ ŚĂŬ ƵŶƚƵŬ ŵĞůĂŬƵŬĂŶ ĂƵĚŝƚ ŚĂƐ ƚŚĞ ƌŝŐŚƚ ƚŽ ƉĞƌĨŽƌŵ ĂŶ ĂƵĚŝƚ ŝĨ ĚĞǀŝĂƚŝŽŶ ǁĂƐ
ĂƉĂďŝůĂĚŝƚĞŵƵŬĂŶƉĞŶLJŝŵƉĂŶŐĂŶ͘ ĨŽƵŶĚ͘
dŝŶũĂƵĂŶ ĂƚĂƐ ĞĨĞŬƚŝǀŝƚĂƐ ƐŝƐƚĞŵ ƉĞŶŐĞŶĚĂůŝĂŶ ǀĂůƵĂƚŝŽŶŽŶƚŚĞ ĨĨĞĐƚŝǀĞŶĞƐƐŽĨ/ŶƚĞƌŶĂůŽŶƚƌŽů
ŝŶƚĞƌŶĂů
WĂĚĂ ƚĂŚƵŶ ϮϬϮϱ͕ WĞƌƐĞƌŽĂŶ ďĞůƵŵ ĚĂƉĂƚ /ŶϮϬϮϱ͕ƚŚĞŽŵƉĂŶLJǁĂƐƵŶĂďůĞƚŽŵĞĞƚƚŚĞ
ƐĞĐĂƌĂ ŵĂŬƐŝŵĂů ŵĞŵĞŶƵŚŝ ƚĂƌŐĞƚ LJĂŶŐ ƚĞůĂŚ ƚĂƌŐĞƚ ƐĞƚ ďLJ ŵĂŶĂŐĞŵĞŶƚ͘ /ŶƚĞƌŶĂů ŽƉĞƌĂƚŝŽŶƐ
ĚŝƚĞŶƚƵŬĂŶ ŽůĞŚ ŵĂŶĂũĞŵĞŶ͘ ĚĂƉƵŶ ŽƉĞƌĂƐŝŽŶĂů ǁĞƌĞ ĚĞĞŵĞĚ ŝŶĂĚĞƋƵĂƚĞ ŝŶ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ƚŚĞ
WĞƌƐĞƌŽĂŶ ĚŝŶŝůĂŝ ďĞůƵŵ ƐĞŵƉƵƌŶĂ ĚĂůĂŵ ŽƉĞƌĂƚŝŽŶĂů ǁŽƌŬƐ ĂƐ ĨŝŶĂŶĐĞ ƐĞƌǀŝĐĞ ĐŽŵƉĂŶLJ͘ /Ŷ
ŵĞŵĂŚĂŵŝ ŬŝŶĞƌũĂ WĞƌƵƐĂŚĂĂŶ WĞŵďŝĂLJĂĂŶ͘ ƚĂƐ ůŝĞƵ ŽĨ ƚŚĂƚ͕ ƚŚĞ ŽŵƉĂŶLJ ŚĂƐ ĞŶĂĐƚĞĚ ĐŽƌƌĞĐƚŝǀĞ
ŚĂů ƚĞƌƐĞďƵƚ͕ WĞƌƐĞƌŽĂŶ ŵĞŶĞƚĂƉŬĂŶ ƚĂŚĂƉ ƐƚĞƉƐ ƚŽ ŝŵƉƌŽǀĞ ƚŚĞ ŝŶƚĞƌŶĂů ĐŽŶƚƌŽů ƐLJƐƚĞŵ ƚŽ ďĞ
ƉĞƌďĂŝŬĂŶ ƵŶƚƵŬ ƉĞŶŝŶŐŬĂƚĂŶ ƐŝƐƚĞŵ ƉĞŶŐĞŶĚĂůŝĂŶ ďĞƚƚĞƌ͕ŵŽƌĞĞĨĨĞĐƚŝǀĞĂŶĚĐŽŶƚƌŽůůĞĚ͘
ŝŶƚĞƌŶĂůLJĂŶŐůĞďŝŚďĂŝŬ͕ĞĨĞŬƚŝĨĚĂŶƚĞƌŬĞŶĚĂůŝ͘
WĞƌŶLJĂƚĂĂŶŝƌĞŬƐŝͬĞǁĂŶ<ŽŵŝƐĂƌŝƐ ^ƚĂƚĞŵĞŶƚĨƌŽŵƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐͬŽĂƌĚŽĨ
ŽŵŵŝƐƐŝŽŶĞƌƐ
ĞƌĚĂƐĂƌŬĂŶƉĞŶŐĂŵĂƚĂŶĞǁĂŶŝƌĞŬƐŝ͕ƐŝƐƚĞŵ ĂƐĞĚ ŽŶ ƚŚĞ ŽďƐĞƌǀĂƚŝŽŶƐ͕ ƚŚĞ ŽĂƌĚ ŽĨ
ƉĞŶŐĞŶĚĂůŝĂŶ ŝŶƚĞƌŶĂů ƉĂĚĂ ƚĂŚƵŶ ϮϬϮϱ WĞƌƐĞƌŽĂŶ ŝƌĞĐƚŽƌƐ ƌĞŐĂƌĚƐ ƚŚĞ ŝŶƚĞƌŶĂů ĐŽŶƚƌŽů ƐLJƐƚĞŵ ŝŶ
ĐƵŬƵƉ ŶĂŵƵŶ ƉĞƌůƵ ƉĞŶLJĞŵƉƵƌŶĂĂŶ͘ ^ŝƐƚĞŵ ϮϬϮϱ ŚĂƐ ďĞĞŶ ƐƵĨĨŝĐŝĞŶƚ͕ ĂůďĞŝƚ ŶĞĞĚŝŶŐ
ƉĞŶŐĞŶĚĂůŝĂŶ ŝŶƚĞƌŶĂů WĞƌƐĞƌŽĂŶ ƐĂĂƚ ŝŶŝ ƚĞůĂŚ ŝŵƉƌŽǀĞŵĞŶƚ͘ dŚĞ ŽŵƉĂŶLJ͛Ɛ ĐƵƌƌĞŶƚ ŝŶƚĞƌŶĂů
ŵĞŵĂĚĂŝĚĂůĂŵŵĞŵďĞƌŝŬĂŶŬĞLJĂŬŝŶĂŶLJĂŶŐǁĂũĂƌ ĐŽŶƚƌŽů ƐLJƐƚĞŵ ŝƐ ĂĚĞƋƵĂƚĞ ŝŶ ƉƌŽǀŝĚŝŶŐ ĂŶ
ĂƚĂƐ ƉĞůĂŬƐĂŶĂĂŶ ŬĞŐŝĂƚĂĂŶ ŽƉĞƌĂƐŝŽŶĂů WĞƌƐĞƌŽĂŶ ĂƐƐƵƌĂŶĐĞ ƚŽ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ŽƉĞƌĂƚŝŽŶĂů ĂĐƚŝǀŝƚŝĞƐ
ƐĞĐĂƌĂ ĞĨĞŬƚŝĨ ĚĂŶ ĞĨŝƐŝĞŶ͘ ĂůĂŵ ƉĞŵĂƚƵŚĂŶ ĞĨĨĞĐƚŝǀĞůLJ ĂŶĚ ĞĨĨŝĐŝĞŶƚůLJ͘ /Ŷ ƌĞŐĂƌĚ ƚŽ ĐŽŵƉůŝĂŶĐĞ
ƚĞƌŚĂĚĂƉ ƌĞŐƵůĂƐŝ LJĂŶŐ ďĞƌůĂŬƵ͕ ƐŝƐƚĞŵ ƚŽ ƚŚĞ ůĂǁƐ ĂŶĚ ƌĞŐƵůĂƚŝŽŶƐ͕ ƚŚĞ ŝŶƚĞƌŶĂů ĐŽŶƚƌŽů
ƉĞŶŐĞŶĚĂůŝĂŶ ŝŶƚĞƌŶĂů ĂŬĂŶ ƚĞƌƵƐ Ěŝ ƉĞƌďĂƌƵŝ ĚĂŶ ƐLJƐƚĞŵ ǁŝůů ĐŽŶƚŝŶƵĞ ƚŽ ďĞ ƵƉĚĂƚĞĚ ĂŶĚ ƚŽ ďĞ
ĚŝƐĞŵƉƵƌŶĂŬĂŶ͘ ƌĞĨŝŶĞĚ ƚŽ ĂǀŽŝĚ ĨƵƌƚŚĞƌ ůĂǁ Žƌ ƌĞŐƵůĂƚŝŽŶƐ
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/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
^/^d DDE: D EZ/^/<K'Z/ϮͲϭϯͲĂϱϭ͗ͲϱĐ
Z/^<DE' D Ed
WĞƌƐĞƌŽĂŶŵĞŵŝůŝŬŝĞŬƐƉŽƐƵƌƚĞƌŚĂĚĂƉƌŝƐŝŬŽͲ dŚĞ ŽŵƉĂŶLJ ŚĂƐ ĞdžƉŽƐƵƌĞ ƚŽǁĂƌĚ ƐĞǀĞƌĂů
ƌŝƐŝŬŽ ĂƚĂƐ ŝŶƐƚƌƵŵĞŶ ŬĞƵĂŶŐĂŶ ƐĞƉĞƌƚŝ ƌŝƐŝŬŽ ƌŝƐŬƐ ŽŶ ĨŝŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚ͕ ƐƵĐŚ ĂƐ͗ ĐƌĞĚŝƚ ƌŝƐŬ͕
ŬƌĞĚŝƚ͕ ƌŝƐŝŬŽ ƉĂƐĂƌ͕ ƌŝƐŝŬŽ ůŝŬƵŝĚŝƚĂƐ ĚĂŶ ƌŝƐŝŬŽ ŵĂƌŬĞƚ ƌŝƐŬ͕ ůŝƋƵŝĚŝƚLJ ƌŝƐŬ͕ ĂŶĚ ŽƉĞƌĂƚŝŽŶĂů ƌŝƐŬ͘
ŽƉĞƌĂƐŝŽŶĂů͘ KůĞŚ ŬĂƌĞŶĂ ŝƚƵ͕ WĞƌƐĞƌŽĂŶ dŚĞƌĞĨŽƌĞ͕ ƚŚĞ ŽŵƉĂŶLJ ĂƉƉůŝĞĚ ƌŝƐŬ ŵĂŶĂŐĞŵĞŶƚ
ŵĞŶĞƌĂƉŬĂŶ ƐŝƐƚĞŵ ŵĂŶĂũĞŵĞŶ ƌŝƐŝŬŽ ƵŶƚƵŬ ƐLJƐƚĞŵ ƚŽ ŵĂŝŶƚĂŝŶ ĐŽŵƉĂŶLJ͛Ɛ ƉĞƌĨŽƌŵĂŶĐĞ͘ dŚĞ
ŵĞŶũĂŐĂ ŬŝŶĞƌũĂ WĞƌƐĞƌŽĂŶ͘ <ĞďŝũĂŬĂŶ ŵĂŶĂũĞŵĞŶ ƌŝƐŬ ŵĂŶĂŐĞŵĞŶƚ ƉŽůŝĐLJ ĐŽŵƉƌŝƐĞƐ ŽĨ ƉŽƐƐŝďůĞ ƌŝƐŬ
ƌŝƐŝŬŽ ŵĞůŝƉƵƚŝ ƉĞŶŐŝĚĞŶƚŝĨŝŬĂƐŝĂŶ͕ ƉĞŶŝůĂŝĂŶ ƐĞƌƚĂ ŝĚĞŶƚŝĨŝĐĂƚŝŽŶ͕ĞǀĂůƵĂƚŝŽŶĂŶĚŵŽŶŝƚŽƌŝŶŐ͘
ƉĞŵĂŶƚĂƵĂŶ ƚĞƌŚĂĚĂƉ ƌŝƐŝŬŽ LJĂŶŐ ŵƵŶŐŬŝŶ
ĚŝŚĂĚĂƉŝŽůĞŚWĞƌƐĞƌŽĂŶ͘
WĞŶĞƌĂƉĂŶ WhʹWWdʹWWW^WD ĚĂůĂŵ ^ŝƐƚĞŵ /ŵƉůĞŵĞŶƚĂƚŝŽŶŽĨD>ʹ&dʹWWW^WDŝŶƚŚĞZŝƐŬ
DĂŶĂũĞŵĞŶZŝƐŝŬŽ DĂŶĂŐĞŵĞŶƚ^LJƐƚĞŵ
DĞŶLJŝŬĂƉŝ ƉĂŶĚƵĂŶ ĚĂŶ ŬĞƚĞŶƚƵĂŶ LJĂŶŐ /ŶƌĞƐƉŽŶƐĞƚŽƚŚĞŐƵŝĚĞůŝŶĞƐĂŶĚƌĞŐƵůĂƚŝŽŶƐ
ĚŝƚĞƌďŝƚŬĂŶ K:< ƚĞƌŬĂŝƚ ŶƚŝͲWĞŶĐƵĐŝĂŶ hĂŶŐ͕ ŝƐƐƵĞĚ ďLJ ƚŚĞ &ŝŶĂŶĐŝĂů ^ĞƌǀŝĐĞƐ ƵƚŚŽƌŝƚLJ ;K:<Ϳ
WĞŶĐĞŐĂŚĂŶ WĞŶĚĂŶĂĂŶ dĞƌŽƌŝƐŵĞ͕ ĚĂŶ ƌĞŐĂƌĚŝŶŐ ŶƚŝͲDŽŶĞLJ >ĂƵŶĚĞƌŝŶŐ͕ ŽƵŶƚĞƌŝŶŐ ƚŚĞ
WĞŶĐĞŐĂŚĂŶ WĞŶĚĂŶĂĂŶ WƌŽůŝĨĞƌĂƐŝ ^ĞŶũĂƚĂ͕ &ŝŶĂŶĐŝŶŐ ŽĨ dĞƌƌŽƌŝƐŵ͕ ĂŶĚ ŽƵŶƚĞƌŝŶŐ ƚŚĞ
WĞŵƵƐŶĂŚ DĂƐƐĂů ;WhʹWWdʹWWW^WDͿ͕ ŝǀŝƐŝ &ŝŶĂŶĐŝŶŐŽĨ ƚŚĞ WƌŽůŝĨĞƌĂƚŝŽŶ ŽĨ tĞĂƉŽŶƐŽĨ DĂƐƐ
DĂŶĂũĞŵĞŶ ZŝƐŝŬŽ ƚĞůĂŚ ŵĞŵĂƐƚŝŬĂŶ ďĂŚǁĂ ĞƐƚƌƵĐƚŝŽŶ ;D>Ͳ&dͲWWW^WDͿ͕ ƚŚĞ ZŝƐŬ
ŬĞƌĂŶŐŬĂŬĞƌũĂŵĂŶĂũĞŵĞŶƌŝƐŝŬŽƉĞƌƵƐĂŚĂĂŶƚĞůĂŚ DĂŶĂŐĞŵĞŶƚ ŝǀŝƐŝŽŶ ŚĂƐ ĞŶƐƵƌĞĚ ƚŚĂƚ ƚŚĞ
ĚŝƐĞƐƵĂŝŬĂŶ ĚĞŶŐĂŶ ůŝŵĂ ƉƌŝŶƐŝƉ ĚĂƌŝ K:< ƵŶƚƵŬ ĐŽŵƉĂŶLJΖƐ ƌŝƐŬ ŵĂŶĂŐĞŵĞŶƚ ĨƌĂŵĞǁŽƌŬ ŚĂƐ ďĞĞŶ
ůĞŵďĂŐĂ ũĂƐĂ ŬĞƵĂŶŐĂŶ͘ <ĞƌĂŶŐŬĂ ƚĞƌƐĞďƵƚ ĂůŝŐŶĞĚ ǁŝƚŚ ƚŚĞ ĨŝǀĞ K:< ƉƌŝŶĐŝƉůĞƐ ĨŽƌ ĨŝŶĂŶĐŝĂů
ŵĞŶĐĂŬƵƉ͗ ƐĞƌǀŝĐĞƐŝŶƐƚŝƚƵƚŝŽŶƐ͘dŚŝƐĨƌĂŵĞǁŽƌŬŝŶĐůƵĚĞƐ͗
ϭ͘ WĞŶŐĂǁĂƐĂŶ ŬƚŝĨ ŝƌĞŬƐŝ ĚĂŶ ĞǁĂŶ ϭ͘ ĐƚŝǀĞ KǀĞƌƐŝŐŚƚ ďLJ ƚŚĞ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ
<ŽŵŝƐĂƌŝƐ ĂŶĚƚŚĞŽĂƌĚŽĨŽŵŵŝƐƐŝŽŶĞƌƐ
ŝƌĞŬƐŝ ĚĂŶ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ĂŬƚŝĨ dŚĞ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ ĂŶĚ ƚŚĞ ŽĂƌĚ ŽĨ
ŵĞŶũĂůĂŶŬĂŶ ŵĂŶĂũĞŵĞŶ ƌŝƐŝŬŽ ƐĞƐƵĂŝ ƚƵŐĂƐ ŽŵŵŝƐƐŝŽŶĞƌƐ ĂĐƚŝǀĞůLJ ŝŵƉůĞŵĞŶƚ ƌŝƐŬ
ĚĂŶ ƚĂŶŐŐƵŶŐ ũĂǁĂď ŵĂƐŝŶŐͲŵĂƐŝŶŐ͘ ĞǁĂŶ ŵĂŶĂŐĞŵĞŶƚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞŝƌ
<ŽŵŝƐĂƌŝƐ ĚŝďĂŶƚƵ ŽůĞŚ <ŽŵŝƚĞ WĞŵĂŶƚĂƵ ƌĞƐƉĞĐƚŝǀĞ ĚƵƚŝĞƐ ĂŶĚ ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ͘ dŚĞ
ZŝƐŝŬŽ ĚĂůĂŵ ŵĞŶLJĞƚƵũƵŝŬĞƌĂŶŐŬĂ ŬĞƌũĂ ĚĂŶ ŽĂƌĚ ŽĨ ŽŵŵŝƐƐŝŽŶĞƌƐ ŝƐ ĂƐƐŝƐƚĞĚ ďLJ ƚŚĞ
ŬĞďŝũĂŬĂŶ ƌŝƐŝŬŽ WĞƌƵƐĂŚĂĂŶ͘ ĞǁĂŶ ZŝƐŬ KǀĞƌƐŝŐŚƚ ŽŵŵŝƚƚĞĞ ŝŶ ĂƉƉƌŽǀŝŶŐ ƚŚĞ
<ŽŵŝƐĂƌŝƐ ŵĞŵďĞƌŝŬĂŶ ǁĞǁĞŶĂŶŐ ŬĞƉĂĚĂ ŽŵƉĂŶLJΖƐ ƌŝƐŬ ĨƌĂŵĞǁŽƌŬ ĂŶĚ ƉŽůŝĐŝĞƐ͘ dŚĞ
ŝƌĞŬƐŝ ƵŶƚƵŬ ŵĞŶũĂůĂŶŬĂŶ ŬĞŐŝĂƚĂŶ ďŝƐŶŝƐ ŽĂƌĚ ŽĨ ŽŵŵŝƐƐŝŽŶĞƌƐ ĂƵƚŚŽƌŝnjĞƐ ƚŚĞ
ƐĞƐƵĂŝ ƉƌŽĨŝů ƌŝƐŝŬŽ ĚĂŶ ƌŝƐŬ ĂƉƉĞƚŝƚĞ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ ƚŽ ĐŽŶĚƵĐƚ ďƵƐŝŶĞƐƐ
WĞƌƵƐĂŚĂĂŶ͘ ĂĐƚŝǀŝƚŝĞƐ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ŽŵƉĂŶLJΖƐ
ƌŝƐŬƉƌŽĨŝůĞĂŶĚƌŝƐŬĂƉƉĞƚŝƚĞ͘
Ϯ͘ <ĞĐƵŬƵƉĂŶ <ĞďŝũĂŬĂŶ͕ WƌŽƐĞĚƵƌ͕ ĚĂŶ Ϯ͘ ĚĞƋƵĂĐLJ ŽĨ ZŝƐŬ WŽůŝĐŝĞƐ͕ WƌŽĐĞĚƵƌĞƐ͕ ĂŶĚ
WĞŶĞƚĂƉĂŶ>ŝŵŝƚZŝƐŝŬŽ >ŝŵŝƚƐ
WĞƌƵƐĂŚĂĂŶ ŵĞŵŝůŝŬŝ ŬĞďŝũĂŬĂŶ͕ ƉƌŽƐĞĚƵƌ͕ dŚĞ ŽŵƉĂŶLJ ŚĂƐ ƌŝƐŬͲƌĞůĂƚĞĚ ƉŽůŝĐŝĞƐ͕
ĚĂŶ ůŝŵŝƚ ƚĞƌŬĂŝƚ ƌŝƐŝŬŽ LJĂŶŐ ƐĞĐĂƌĂ ƌƵƚŝŶ ƉƌŽĐĞĚƵƌĞƐ͕ ĂŶĚ ůŝŵŝƚƐ ƚŚĂƚ ĂƌĞ ƌŽƵƚŝŶĞůLJ
ĚŝƐĞƐƵĂŝŬĂŶ ĚĞŶŐĂŶ ŬĞŐŝĂƚĂŶ ƵƐĂŚĂ ĚĂŶ ĂĚũƵƐƚĞĚ ƚŽ ƌĞĨůĞĐƚ ďƵƐŝŶĞƐƐ ĂĐƚŝǀŝƚŝĞƐ ĂŶĚ
ƐƚƌĂƚĞŐŝ ďŝƐŶŝƐ͕ ƐĞŐŵĞŶ ƉƌŽĚƵŬͲƉƌŽĚƵŬ ďĂƌƵ ƐƚƌĂƚĞŐŝĞƐ͕ ŶĞǁ ƉƌŽĚƵĐƚ ĂŶĚ ĐƵƐƚŽŵĞƌ
ĚĂŶ ƉĞůĂŶŐŐĂŶ͕ ƐĞƌƚĂ ŬĞƉĂƚƵŚĂŶ ƚĞƌŚĂĚĂƉ ƐĞŐŵĞŶƚƐ͕ĂŶĚ
ƌĞŐƵůĂƐŝ ƚĞƌŬŝŶŝ͘ <ĞďŝũĂŬĂŶ ŝŶŝ ŵĞŶĐĂŬƵƉ
ŽƚŽƌŝƐĂƐŝ ƚƌĂŶƐĂŬƐŝ ŬƌĞĚŝƚ ĚĂŶ ƉĞŶĐĂĚĂŶŐĂŶ
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/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
ŬĞƌƵŐŝĂŶƉŝƵƚĂŶŐ͘
ϯ͘ <ĞĐƵŬƵƉĂŶ WƌŽƐĞƐ /ĚĞŶƚŝĨŝŬĂƐŝ͕ WĞŶŐƵŬƵƌĂŶ͕ ϯ͘ ĚĞƋƵĂƚĞZŝƐŬ/ŶĚĞŶƚŝĨŝĐĂƚŝŽŶ͕DĞĂƐƵƌĞŵĞŶƚ͕
WĞŵĂŶƚĂƵĂŶ͕ĚĂŶWĞŶŐĞŶĚĂůŝĂŶZŝƐŝŬŽ DŽŶŝƚŽƌŝŶŐ͕ĂŶĚŽŶƚƌŽůWƌŽĐĞƐƐĞƐ
dŚĞŽŵƉĂŶLJŚĂƐĂĚĞƋƵĂƚĞŵĞĐŚĂŶŝƐŵƐĂŶĚ
WĞƌƵƐĂŚĂĂŶŵĞŵŝůŝŬŝŵĞŬĂŶŝƐŵĞĚĂŶƐƚƌƵŬƚƵƌ
ƐƚƌƵĐƚƵƌĞƐ ƚŽ ŵĂŶĂŐĞ ƌŝƐŬƐ͕ ĨƌŽŵ
LJĂŶŐ ŵĞŵĂĚĂŝ ƵŶƚƵŬ ŵĞŶŐĞůŽůĂ ƌŝƐŝŬŽ͕ ŵƵůĂŝ
ŝĚĞŶƚŝĨŝĐĂƚŝŽŶ ƚŽ ŵŝƚŝŐĂƚŝŽŶ͘ dŚĞƐĞ
ĚĂƌŝ ŝĚĞŶƚŝĨŝŬĂƐŝ ŚŝŶŐŐĂ ŵŝƚŝŐĂƐŝŶLJĂ͘
ŵĞĐŚĂŶŝƐŵƐ ŽƉĞƌĂƚĞ ĨƌŽŵ ĞƐƚĂďůŝƐŚŝŶŐ
DĞŬĂŶŝƐŵĞ ƚĞƌƐĞďƵƚ ďĞƌũĂůĂŶ ƐĞũĂŬ
ĐƵƐƚŽŵĞƌ ƉƌŽĨŝůĞƐ ƚŽ ƌĞƐŽůǀŝŶŐ ĐƵƐƚŽŵĞƌ
ƉĞŶĞƚĂƉĂŶ ƉƌŽĨŝů ŬŽŶƐƵŵĞŶ ŚŝŶŐŐĂ
ŽďůŝŐĂƚŝŽŶƐ͘
ƉĞŶLJĞůĞƐĂŝĂŶŬĞǁĂũŝďĂŶŬŽŶƐƵŵĞŶ͘
ϰ͘ ^ŝƐƚĞŵ/ŶĨŽƌŵĂƐŝDĂŶĂũĞŵĞŶZŝƐŝŬŽ ϰ͘ ZŝƐŬDĂŶĂŐĞŵĞŶƚ/ŶĨŽƌŵĂƚŝŽŶ^LJƐƚĞŵ
dŚĞ ŽŵƉĂŶLJΖƐ ƌŝƐŬ ŵĂŶĂŐĞŵĞŶƚ ƐLJƐƚĞŵ ŝƐ
^ŝƐƚĞŵ ŵĂŶĂũĞŵĞŶ ƌŝƐŝŬŽ WĞƌƵƐĂŚĂĂŶ
ŝŶƚĞŐƌĂƚĞĚ ǁŝƚŚ Ă ƌŽďƵƐƚ ĚĂƚĂďĂƐĞ ĂŶĚ
ƚĞƌŝŶƚĞŐƌĂƐŝĚĞŶŐĂŶďĂƐŝƐĚĂƚĂLJĂŶŐŬƵĂƚƐĞƌƚĂ
ĂĚĞƋƵĂƚĞ ŝŶƚĞƌŶĂů ƉƌŽĐĞĚƵƌĞƐ ƚŽ ƐƵƉƉŽƌƚ
ƉƌŽƐĞĚƵƌ ŝŶƚĞƌŶĂů LJĂŶŐ ŵĞŵĂĚĂŝ ƵŶƚƵŬ
ƋƵĂůŝƚLJ ƌŝƐŬ ŵĂŶĂŐĞŵĞŶƚ ĂŶĚ ƉŽƌƚĨŽůŝŽ
ŵĞŶĚƵŬƵŶŐ ŬƵĂůŝƚĂƐ ŵĂŶĂũĞŵĞŶ ƌŝƐŝŬŽ ĚĂŶ
ƉĞƌĨŽƌŵĂŶĐĞ ƌĞƉŽƌƚŝŶŐ͘ dŚĞ ĚĂƚĂďĂƐĞ ĂůƐŽ
ƉĞůĂƉŽƌĂŶ ŬŝŶĞƌũĂ ƉŽƌƚŽĨŽůŝŽ͘ ĂƐŝƐ ĚĂƚĂ
ŝŶĐůƵĚĞƐ ƚŚĞ >ŝƐƚ ŽĨ ^ƵƐƉĞĐƚĞĚ dĞƌƌŽƌŝƐƚƐ ĂŶĚ
ƚĞƌƐĞďƵƚ ũƵŐĂ ŵĞŶĐĂŬƵƉ ĂĨƚĂƌ dĞƌĚƵŐĂ
dĞƌƌŽƌŝƐƚ KƌŐĂŶŝnjĂƚŝŽŶƐ͕ ĂƐ ǁĞůů ĂƐ WŽůŝƚŝĐĂůůLJ
dĞƌŽƌŝƐ ĚĂŶ KƌŐĂŶŝƐĂƐŝ dĞƌŽƌŝƐ ƐĞƌƚĂ dŽŬŽŚ
džƉŽƐĞĚWĞƌƐŽŶƐ;W WƐͿ͘
WŽůŝƚŝŬ WŽƉƵůĞƌ ;WŽůŝƚŝĐĂůůLJ džƉŽƐĞĚ WĞƌƐŽŶƐͶ
W WͿ͘
:ĞŶŝƐZŝƐŝŬŽĚĂŶWĞŶŐĞůŽůĂĂŶŶLJĂ ZŝƐŬdLJƉĞƐĂŶĚ/ƚƐDĂŶĂŐĞŵĞŶƚ
WĞƌƐĞƌŽĂŶŵĞŶŐŬůĂƐŝĨŝŬĂƐŝďĞƌďĂŐĂŝƌŝƐŝŬŽďĂŐŝ dŚĞ ŽŵƉĂŶLJ ĐůĂƐƐŝĨŝĞĚ ǀĂƌŝŽƵƐ ďƵƐŝŶĞƐƐƌŝƐŬ
ŬĞŐŝĂƚĂŶ ƵƐĂŚĂŶLJĂ ĚĞŶŐĂŶ ĚŝĚĂƐĂƌŝ ƉĂĚĂ WK:< ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ WK:< ϰϮͬWK:<͘ϬϱͬϮϬϮϰ ĂŶĚ
EŽŵŽƌ ϰϮͬWK:<͘ϬϱͬϮϬϮϰ ĚĂŶ ^ K:< EŽŵŽƌ ^ K:< ϳͬ^ K:<͘ϬϱͬϮϬϮϭ͕ ĂƐ ǁĞůů ĂƐ ĐŚŽŽƐŝŶŐ
ϳͬ^ K:<͘ϬϱͬϮϬϮϭ ƐĞƌƚĂ ŵĞŶĞŶƚƵŬĂŶ ƚŝŶĚĂŬĂŶ ƐĞǀĞƌĂů ĂĐƚŝŽŶƐ ƚŽ ŵŝƚŝŐĂƚĞ ĞĂĐŚ ƌŝƐŬ͘ dŚĞ ƌŝƐŬ
ŵŝƚŝŐĂƐŝ ĂƚĂƐ ƐĞƚŝĂƉ ƌŝƐŝŬŽ LJĂŶŐ ŵƵŶŐŬŝŶ ĚŝŚĂĚĂƉŝ ŵĂƚƌŝdžĨŽƌϮϬϮϱŝƐƐŚŽǁŶďĞůŽǁ͗
ŽůĞŚ WĞƌƐĞƌŽĂŶ͘ DĂƚƌŝŬƐ ƌŝƐŝŬŽ WĞƌƐĞƌŽĂŶ Ěŝ ƚĂŚƵŶ
ϮϬϮϱĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
:ĞŶŝƐZĞƐŝŬŽ ĞƐŬƌŝƉƐŝ
EŽ DŝƚŝŐĂƐŝ DŝƚŝŐĂƚŝŽŶ
ZŝƐŬdLJƉĞ ĞƐĐƌŝƉƚŝŽŶ
ϭ ZŝƐŝŬŽ^ƚƌĂƚĞŐŝ ZŝƐŝŬŽ LJĂŶŐ ƚŝŵďƵů ĂŬŝďĂƚ ŬĞŐĂŐĂůĂŶ WĞŶŐĂǁĂƐĂŶĂŬƚŝĨ ĐƚŝǀĞ
ƉĞŶĞƚĂƉĂŶ ĚĂŶ ƉĞŶĞƌĂƉĂŶ ƐƚƌĂƚĞŐŝ ĚĂƌŝŵĂŶĂũĞŵĞŶ ƐƵƉĞƌǀŝƐŝŽŶĨƌŽŵ
WĞƌŝŶŐŬĂƚ͗ LJĂŶŐƚĞƉĂƚƵŶƚƵŬŵĞŶĐĂƉĂŝƚĂƌŐĞƚ͘ ŵĂŶĂŐĞŵĞŶƚ
ZĞŶĚĂŚͲ WĞŶŐŬĂũŝĂŶďĞƌŬĂůĂ
^ĞĚĂŶŐ ZŝƐŬƐƚŚĂƚĂƌŝƐĞĂƐĂƌĞƐƵůƚŽĨĨĂŝůƵƌĞ ĂƚĂƐƐƚƌĂƚĞŐŝ WĞƌŝŽĚŝĐ
ƚŽ ĚĞƚĞƌŵŝŶĞ ĂŶĚ ŝŵƉůĞŵĞŶƚŝŶŐ ƚŚĞ WĞƌƐĞƌŽĂŶĚĂŶ ĂƐƐĞƐƐŵĞŶƚŽŶ
^ƚƌĂƚĞŐŝĐZŝƐŬ ƌŝŐŚƚƐƚƌĂƚĞŐLJƚŽĂĐŚŝĞǀĞƚĂƌŐĞƚƐ ƉĞŶĞƚĂƉĂŶŶLJĂ ƚŚĞŽŵƉĂŶLJ͛Ɛ
ZĂƚŝŶŐ͗>ŽǁͲ ƐƚƌĂƚĞŐLJĂŶĚ
DŝĚ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ
Ϯ ZŝƐŝŬŽ ZŝƐŝŬŽŽƉĞƌĂƐŝŽŶĂů ŵĞƌƵƉĂŬĂŶƌŝƐŝŬŽ DĞŶĞƌĂƉŬĂŶ ƐƚĂďůŝƐŚŝŶŐ
KƉĞƌĂƐŝŽŶĂů LJĂŶŐ ŵƵŶĐƵů ƐĞďĂŐĂŝ ĂŬŝďĂƚ ŝŶƚĞƌŶĂůĂƵĚŝƚƵŶƚƵŬ /ŶƚĞƌŶĂůƵĚŝƚ
ŬĞŐĂŐĂůĂŶ ƉƌŽƐĞƐ ŝŶƚĞƌŶĂů͕ ŵĞŶŐĂŶĂůŝƐĂ ƵŶŝƚƚŽŚĂŶĚůĞ
WĞƌŝŶŐŬĂƚ͗ ŬĞƐĂůĂŚĂŶ ŵĂŶƵƐŝĂ͕ ŬĞŐĂŐĂůĂŶ ƉĞŶLJŝŵƉĂŶŐĂŶLJĂŶŐ ĚĞǀŝĂƚŝŽŶƐ
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
ZĞŶĚĂŚͲ ƐŝƐƚĞŵƚĞŬŶŽůŽŐŝŝŶĨŽƌŵĂƐŝĚĂŶͬĂƚĂƵ ƚŝŵďƵů
^ĞĚĂŶŐ ĂĚĂŶLJĂŬĞũĂĚŝĂŶĞŬƐƚĞƌŶĂůůĂŝŶŶLJĂ /ŶĐƌĞĂƐĞ
WĞŶŝŶŐŬĂƚĂŶ ƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨ
KƉĞƌĂƚŝŽŶĂů KƉĞƌĂƚŝŽŶĂů ƌŝƐŬ ŝƐ ƚŚĞ ƌŝƐŬ ƚŚĂƚ ƉĞŵĂŚĂŵĂŶ ĞdžŝƐƚŝŶŐ^KW
ZŝƐŬ ĂƌŝƐĞƐ ĂƐ Ă ƌĞƐƵůƚ ŽĨ ĨĂŝůƵƌĞ ŽĨ ƚĞƌŚĂĚĂƉ^KW
ŝŶƚĞƌŶĂů ƉƌŽĐĞƐƐĞƐ͕ ŚƵŵĂŶ ĞƌƌŽƌ͕ ;ƐƚĂŶĚĂƌĚŽƉĞƌĂƚŝŶŐ ŵƉůŽLJĞĞƐ͛
ZĂƚŝŶŐ͗>ŽǁͲ ĨĂŝůƵƌĞ ŽĨ ŝŶĨŽƌŵĂƚŝŽŶ ƚĞĐŚŶŽůŽŐLJ ƉƌŽĐĞĚƵƌĞͿLJĂŶŐ ĚĞǀĞůŽƉŵĞŶƚ
DŝĚ ƐLJƐƚĞŵƐ ĂŶĚ ͬ Žƌ ŽƚŚĞƌ ĞdžƚĞƌŶĂů ďĞƌůĂŬƵ ƚŚƌŽƵŐŚ
ĞǀĞŶƚƐ ĐĞƌƚŝĨŝĐĂƚŝŽŶ
WĞŶŐĞŵďĂŶŐĂŶ^D
ŵĞůĂůƵŝƐĞƌƚŝĨŝŬĂƐŝ ĞǀĞůŽƉŵĞŶƚ
ĂŶĚ
WĞŵďĞŶƚƵŬĂŶĚĂŶ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ
ƉĞŶĞƌĂƉĂŶƵƐŝŶĞƐƐ ŽĨƵƐŝŶĞƐƐ
ŽŶƚŝŶƵŝƚLJWůĂŶ ŽŶƚŝŶƵŝƚLJWůĂŶ
ϯ ZŝƐŝŬŽ<ƌĞĚŝƚ ZŝƐŝŬŽ ŬƌĞĚŝƚ ŵĞƌƵƉĂŬĂŶ ƌŝƐŝŬŽ DĞůĂŬƵŬĂŶĂŶĂůŝƐĂ WŽƚĞŶƚŝĂů
ŬĞƌƵŐŝĂŶ LJĂŶŐ ƚĞƌũĂĚŝ ĂŬŝďĂƚ ƚĞƌŚĂĚĂƉĐĂůŽŶ ĐƵƐƚŽŵĞƌ
WĞƌŝŶŐŬĂƚ͗ ŬĞƚŝĚĂŬƉĂƐƚŝĂŶ ĂƚĂƵ ŬĞŐĂŐĂůĂŶ ĚĞďŝƚƵƌ ĂŶĂůLJƐŝƐ
ZĞŶĚĂŚ ĚĞďŝƚƵƌ ĚĂůĂŵ ŵĞŵĞŶƵŚŝ
ŬĞǁĂũŝďĂŶŶLJĂ ƉĂĚĂ ƐĂĂƚ ũĂƚƵŚ DĞŶĞƚĂƉŬĂŶ ^ƚŝƉƵůĂƚĞ
ƌĞĚŝƚZŝƐŬ
ƚĞŵƉŽ ďĂƚĂƐĂŶŬƌĞĚŝƚLJĂŶŐ ŵŝŶŝŵƵŵ
ZĂƚŝŶŐ͗DŝĚ ĚĂƉĂƚĚŝĂũƵŬĂŶŽůĞŚ ĂŵŽƵŶƚŽĨĐƌĞĚŝƚ
ƌĞĚŝƚƌŝƐŬŝƐĂƌŝƐŬŽĨůŽƐƐďĞĐĂƵƐĞŽĨ ĐĂůŽŶĚĞďŝƚƵƌ
ƵŶĐĞƌƚĂŝŶƚLJ Žƌ ĨĂŝůƵƌĞ ĨƌŽŵ ĚĞďƚŽƌƐ ƵƐƚŽŵĞƌ
ƚŽĨƵůĨŝůůƚŚĞŝƌŽďůŝŐĂƚŝŽŶǁŚĞŶĚƵĞ WĞŶŐĂǁĂƐĂŶ ŵŽŶŝƚŽƌŝŶŐ
ƚĞƌŚĂĚĂƉĚĞďŝƚƵƌ
ϰ ZŝƐŝŬŽWĂƐĂƌ ZŝƐŝŬŽ ƉĂƐĂƌ ŵĞƌƵƉĂŬĂŶ ƌŝƐŝŬŽ ƉĂĚĂ DĞůĂŬƵŬĂŶ ŝǀĞƌƐŝĨLJƐƐĞƚƐ
ƉŽƐŝƐŝ ŶĞƌĂĐĂ ĚĂŶ ƌĞŬĞŶŝŶŐ ĚŝǀĞƌƐŝĨŝŬĂƐŝĂƐĞƚ
WĞƌŝŶŐŬĂƚ͗ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ƚĞƌŵĂƐƵŬ ƚƌĂŶƐĂŬƐŝ ƉƉůLJŝŶŐĨůŽĂƚŝŶŐ
ZĞŶĚĂŚ ĚĞƌŝǀĂƚŝĨ ĂŬŝďĂƚ ƉĞƌƵďĂŚĂŶ ƐĞĐĂƌĂ DĞŶŐŐƵŶĂŬĂŶ ƌĂƚĞŽŶůŽŶŐͲ
ŬĞƐĞůƵƌƵŚĂŶ ŬŽŶĚŝƐŝ ƉĂƐĂƌ ƚĞƌŚĂĚĂƉ ĨůŽĂƚŝŶŐƌĂƚĞƉĂĚĂ ƚĞƌŵĨŝŶĂŶĐŝŶŐ
DĂƌŬĞƚZŝƐŬ
ƌŝƐŝŬŽƉĞƌƵďĂŚĂŶŚĂƌŐĂŽƉƚŝŽŶ͘ ƉĞŵďŝĂLJĂĂŶũĂŶŐŬĂ
ZĂƚŝŶŐ͗>Žǁ ƉĂŶũĂŶŐ DĂŝŶƚĂŝŶĞďƚƚŽ
DĂƌŬĞƚ ƌŝƐŬ ŝƐ Ă ƌŝƐŬ ŽŶ ďĂůĂŶĐĞ ƋƵŝƚLJZĂƚŝŽ͕
ƐŚĞĞƚ ƉŽƐŝƚŝŽŶ ĂŶĚ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ DĞŶũĂŐĂƚŝŶŐŬĂƚ ƵƌƌĞŶƚZĂƚŝŽ͕
ĂĐĐŽƵŶƚƐ͕ ŝŶĐůƵĚŝŶŐ ĚĞƌŝǀĂƚŝǀĞ ĞďƚƚŽ ƋƵŝƚLJZĂƚŝŽ͕ ĂŶĚ'ĞĂƌŝŶŐ
ƚƌĂŶƐĂĐƚŝŽŶƐ ĚƵĞ ƚŽ ƚŚĞ ĐŚĂŶŐĞƐ ŝŶ ƵƌƌĞŶƚZĂƚŝŽĚĂŶ ZĂƚŝŽ
ŽǀĞƌĂůůŵĂƌŬĞƚĐŽŶĚŝƚŝŽŶƐƚŽƚŚĞƌŝƐŬ 'ĞĂƌŝŶŐZĂƚŝŽ
ŽĨĐŚĂŶŐĞƐŝŶŽƉƚŝŽŶƉƌŝĐĞƐ͘
ϱ ZŝƐŝŬŽ ZŝƐŝŬŽ ůŝŬƵŝĚŝƚĂƐ ŵĞƌƵƉĂŬĂŶ ƌŝƐŝŬŽ WĞŶŐĞůŽůĂĂŶĂƌƵƐ 'ŽŽĚĐĂƐŚĨůŽǁ
>ŝŬƵŝĚŝƚĂƐ LJĂŶŐ ƚŝŵďƵů ĂŬŝďĂƚ ŬĞƐƵůŝƚĂŶ ŬĂƐLJĂŶŐďĂŝŬ ŵĂŶĂŐĞŵĞŶƚ
ŵĞŶLJĞĚŝĂŬĂŶ ƵĂŶŐ ƚƵŶĂŝ ĚĂůĂŵ
WĞƌŝŶŐŬĂƚ͗ ũĂŶŐŬĂǁĂŬƚƵƚĞƌƚĞŶƚƵ͘ DĞůĂŬƵŬĂŶ ŝǀĞƌƐŝĨLJĨƵŶĚ
ZĞŶĚĂŚ ĚŝǀĞƌƐŝĨŝŬĂƐŝ ŵĂŶĂŐĞŵĞŶƚ
>ŝƋƵŝĚŝƚLJƌŝƐŬŝƐĂƌŝƐŬƚŚĂƚĂƌŝƐĞƐĚƵĞ ƉĞŶŐĞůŽůĂĂŶĚĂŶĂ
>ŝƋƵŝĚŝƚLJZŝƐŬ ƚŽ ŝŶĐĂƉĂďŝůŝƚLJ ŝŶ ƉƌŽǀŝĚŝŶŐ ĐĂƐŚ
ǁŝƚŚŝŶĂĐĞƌƚĂŝŶƉĞƌŝŽĚŽĨƚŝŵĞ͘
ZĂƚŝŶŐ͗>Žǁ
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
ϲ ZŝƐŝŬŽ,ƵŬƵŵ ZŝƐŝŬŽŚƵŬƵŵŵĞƌƵƉĂŬĂŶƌŝƐŝŬŽLJĂŶŐ DĞŵĂƐƚŝŬĂŶƐĞƚŝĂƉ ŶƐƵƌĞƚŚĂƚĞĂĐŚ
ƚŝŵďƵů ĂŬŝďĂƚ ƚƵŶƚƵƚĂŶ ŚƵŬƵŵ ĂƚĂƵ ŝŬĂƚĂŶƉĞƌũĂŶũŝĂŶ ŽĨƚŚĞŽŵƉĂŶLJ͛Ɛ
WĞƌŝŶŐŬĂƚ͗ ĂƐƉĞŬLJƵƌŝĚŝƐ͘ WĞƌƐĞƌŽĂŶƚĞůĂŚ ĂŐƌĞĞŵĞŶƚƐŚĂƐ
ZĞŶĚĂŚͲ ĚŝƐƵƐƵŶƐĞƐƵĂŝ ďĞĞŶƉƌĞƉĂƌĞĚŝŶ
^ĞĚĂŶŐ >ĞŐĂů ƌŝƐŬ ŝƐ Ă ƌŝƐŬ ĂƌŝƐŝŶŐ ĨƌŽŵ ĚĞŶŐĂŶŚƵŬƵŵĚĂŶ ĂĐĐŽƌĚĂŶĐĞƚŽ
ůĂǁƐƵŝƚƐŽƌũƵƌŝĚŝĐŝĂůĂƐƉĞĐƚƐ͘ ƉĞƌĂƚƵƌĂŶLJĂŶŐ ƚŚĞĂƉƉůŝĐĂďůĞ
>ĞŐĂůZŝƐŬ
ďĞƌůĂŬƵ ůĂǁƐĂŶĚ
ZĂƚŝŶŐ͗>ŽǁͲ ƌĞŐƵůĂƚŝŽŶƐ
DŝĚ DĞŶLJƵƐƵŶĚĂŶ
ŵĞŶĞƌĂƉŬĂŶŬŽĚĞ ĞǀĞůŽƉĂŶĚ
ĞƚŝŬĚĂŶƉĞƌŝůĂŬƵ ŝŵƉůĞŵĞŶƚĂ
ďĂŐŝƐĞůƵƌƵŚ ĐŽĚĞŽĨĞƚŚŝĐƐ
ŬĂƌLJĂǁĂŶWĞƌƐĞƌŽĂŶ ĂŶĚďĞŚĂǀŝŽƌĨŽƌ
ĂůůƚŚĞ
DĞŵďƵĂƚĚĂŶ ŽŵƉĂŶLJ͛Ɛ
ŵĞŶĞƌĂƉŬĂŶƐŝƐƚĞŵ ĞŵƉůŽLJĞĞƐ
ƉĞŶŐĞŶĚĂůŝĂŶ
ŝŶƚĞƌŶĂůƵŶƚƵŬ ƌĞĂƚĞĂŶĚ
ŵĞŶŐŚŝŶĚĂƌŝ ŝŵƉůĞŵĞŶƚĂŶ
ƚĞƌũĂĚŝŶLJĂĨƌĂƵĚ ŝŶƚĞƌŶĂůĐŽŶƚƌŽů
ĂƚĂƵƉĞŶLJĞůĞǁĞŶŐĂŶ ƐLJƐƚĞŵƚŽ
ůĂŝŶŶLJĂ ƉƌĞǀĞŶƚĨƌĂƵĚ
ĂŶĚŽƚŚĞƌ
DĞůĂŬƵŬĂŶŬĂũŝĂŶ ŵŝƐĂƉƉƌŽƉŝĂƚŝŽŶ
ƐĞĐĂƌĂďĞƌŬĂůĂĂŐĂƌ
ƐĞƚŝĂƉĂƐƉĞŬ ŽŶĚƵĐƚƉĞƌŝŽĚŝĐ
ŽƉĞƌĂƐŝŽŶĂů ƌĞǀŝĞǁƐƚŽĞǀĞƌLJ
WĞƌƐĞƌŽĂŶƐĞũĂůĂŶ ĂƐƉĞĐƚŽĨ
ĚĞŶŐĂŶŚƵŬƵŵLJĂŶŐ ŽŵƉĂŶLJ
ďĞƌůĂŬƵ ŽƉĞƌĂƚŝŽŶƐƚŽ
ĞŶƐƵƌĞ
ĂĐĐŽƌĚĂŶĐĞƚŽ
ƚŚĞůĂǁƐ
ϳ ZŝƐŝŬŽ ZŝƐŝŬŽ ŬĞƉĂƚƵŚĂŶ ŵĞƌƵƉĂŬĂŶ ƌŝƐŝŬŽ DĞŶŐŝŬƵƚŝƐŽƐŝĂůŝƐĂƐŝ WĂƌƚŝĐŝƉĂƚĞŝŶƚŚĞ
<ĞƉĂƚƵŚĂŶ LJĂŶŐ ƚŝŵďƵů ĂŬŝďĂƚ ŬĞƚŝĚĂŬƉĂƚƵŚĂŶ ĂƚĂƐƉĞƌĂƚƵƌĂŶLJĂŶŐ ĚŝƐƐĞŵŝŶĂƚŝŽŶŽĨ
ƚĞƌŚĂĚĂƉ ƉĞƌĂƚƵƌĂŶ ƉĞƌƵŶĚĂŶŐͲ ĚŝůĂŬƐĂŶĂŬĂŶŽůĞŚ ƌĞŐƵůĂƚŝŽŶƐ
WĞƌŝŶŐŬĂƚ͗ ƵŶĚĂŶŐĂŶ ĚĂŶ ŬĞƚĞŶƚƵĂŶ ůĂŝŶŶLJĂ K:<ĚĂŶ / ŝŵƉůĞŵĞŶƚĞĚďLJ
ZĞŶĚĂŚͲ LJĂŶŐďĞƌůĂŬƵ͘ K:<ĂŶĚ/y
^ĞĚĂŶŐ DĞŶŐŝŬƵƚŝďĞƌŝƚĂ
ŽŵƉůŝĂŶĐĞ ƌŝƐŬ ŝƐ Ă ƌŝƐŬ ƚŚĂƚ ĂƌŝƐĞƐ ĂƚĂƐƉĞƌĂƚƵƌĂŶLJĂŶŐ &ŽůůŽǁƚŚĞŶĞǁƐ
ŽŵƉůŝĂŶĐĞ ĂƐ Ă ƌĞƐƵůƚ ŽĨ ŶŽŶͲĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ĚŝŬĞůƵĂƌŬĂŶ ŽŶƌĞŐƵůĂƚŝŽŶƐ
ZŝƐŬ ůĂǁƐ ĂŶĚ ƌĞŐƵůĂƚŝŽŶƐ ĂŶĚ ŽƚŚĞƌ ƉĞŵĞƌŝŶƚĂŚ ŝƐƐƵĞĚďLJƚŚĞ
ĂƉƉůŝĐĂďůĞƉƌŽǀŝƐŝŽŶƐ͘ ŐŽǀĞƌŶŵĞŶƚ
ZĂƚŝŶŐ͗>ŽǁͲ
DŝĚ DĞůĂŬƵŬĂŶŬĂũŝĂŶ
ƐĞĐĂƌĂďĞƌŬĂůĂĂŐĂƌ ŽŶĚƵĐƚƉĞƌŝŽĚŝĐ
ƐĞƚŝĂƉĂƐƉĞŬ ƌĞǀŝĞǁƐƚŽĞǀĞƌLJ
ŽƉĞƌĂƐŝŽŶĂů ĂƐƉĞĐƚŽĨ
WĞƌƐĞƌŽĂŶƐĞũĂůĂŶ ŽŵƉĂŶLJ
ĚĞŶŐĂŶƉĞƌĂƚƵƌĂŶ ŽƉĞƌĂƚŝŽŶƐƚŽ
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
ĚĂŶŬĞƚĞƚĂƉĂŶLJĂŶŐ ĞŶƐƵƌĞ
ĂĚĂ ĂĐĐŽƌĚĂŶĐĞƚŽ
ƚŚĞĞdžŝƐƚŝŶŐůĂǁƐ
ĂŶĚƌĞŐƵůĂƚŝŽŶƐ
ϴ ZŝƐŝŬŽ ZŝƐŝŬŽ ƌĞƉƵƚĂƐŝ ŵĞƌƵƉĂŬĂŶ ƌŝƐŝŬŽ DĞŶLJƵƐƵŶĚĂŶ ĞǀĞůŽƉĂŶĚ
ZĞƉƵƚĂƐŝ LJĂŶŐ ƚŝŵďƵů ĂŬŝďĂƚ ŵĞŶƵƌƵŶŶLJĂ ŵĞŶĞƌĂƉŬĂŶŬŽĚĞ ŝŵƉůĞŵĞŶƚĂ
ŬĞƉĞƌĐĂLJĂĂŶ ƐƚĂŬĞŚŽůĚĞƌ LJĂŶŐ ĞƚŝŬĚĂŶƉĞƌŝůĂŬƵ ĐŽĚĞŽĨĞƚŚŝĐƐ
WĞƌŝŶŐŬĂƚ͗ ďĞƌƐƵŵďĞƌĚĂƌŝƉĞƌƐĞƉƐŝŶĞŐĂƚŝĨ͘ ďĂŐŝƐĞůƵƌƵŚ ĂŶĚďĞŚĂǀŝŽƌĨŽƌ
ZĞŶĚĂŚ ŬĂƌLJĂǁĂŶWĞƌƐĞƌŽĂŶ ĂůůƚŚĞ
ZĞƉƵƚĂƚŝŽŶ ƌŝƐŬ ŝƐ Ă ƌŝƐŬ ƚŚĂƚ ĂƌŝƐĞƐ ŽŵƉĂŶLJ͛Ɛ
ZĞƉƵƚĂƚŝŽŶ ĚƵĞƚŽĚĞĐƌĞĂƐĞĚƐƚĂŬĞŚŽůĚĞƌ͛ƐƚƌƵƐƚ DĞŵďƵĂƚĚĂŶ ĞŵƉůŽLJĞĞƐ
ZŝƐŬ ƐƚĞŵŵŝŶŐ ĨƌŽŵ ŶĞŐĂƚŝǀĞ ŵĞŶĞƌĂƉŬĂŶƐŝƐƚĞŵ
ƉĞƌĐĞƉƚŝŽŶƐ͘ ƉĞŶŐĞŶĚĂůŝĂŶ ƌĞĂƚĞĂŶĚ
ZĂƚŝŶŐ͗>Žǁ
ŝŶƚĞƌŶĂůƵŶƚƵŬ ŝŵƉůĞŵĞŶƚĂŶ
ŵĞŶŐŚŝŶĚĂƌŝ ŝŶƚĞƌŶĂůĐŽŶƚƌŽů
ƚĞƌũĂĚŝŶLJĂĨƌĂƵĚ ƐLJƐƚĞŵƚŽ
ĂƚĂƵ ƉƌĞǀĞŶƚĨƌĂƵĚ
ƉĞŶLJĞůĞǁĞŶŐĂŶ ĂŶĚŽƚŚĞƌ
ůĂŝŶŶLJĂ ŵŝƐĂƉƉƌŽƉŝĂƚŝŽŶ
ǀĂůƵĂƐŝ^ŝƐƚĞŵDĂŶĂũĞŵĞŶZŝƐŝŬŽ ǀĂůƵĂƚŝŽŶŽŶZŝƐŬDĂŶĂŐĞŵĞŶƚ^LJƐƚĞŵ
ǀĂůƵĂƐŝ ƐŝƐƚĞŵ ŵĂŶĂũĞŵĞŶ ƌŝƐŝŬŽ ĚŝŶŝůĂŝ dŚĞ ĞǀĂůƵĂƚŝŽŶ ŽĨ ZŝƐŬ DĂŶĂŐĞŵĞŶƚ ^LJƐƚĞŵ
ďĞƌĚĂƐĂƌŬĂŶ ƉĂĚĂ ŬƌŝƚĞƌŝĂ ŬĞůĂŶĐĂƌĂŶ ŽƉĞƌĂƐŝŽŶĂů ŝƐ ĚŽŶĞ ďĂƐĞĚ ŽŶ ƚŚĞ ĞĂƐĞ ŽĨ ŽŵƉĂŶLJ͛Ɛ ďƵƐŝŶĞƐƐ
WĞƌƐĞƌŽĂŶ ƐĞƌƚĂ ŚĂƐŝů ĚĂƌŝ ƐĞůĨͲĂƐƐĞƐƐŵĞŶƚ LJĂŶŐ ŽƉĞƌĂƚŝŽŶĂů ĂŶĚ ƚŚĞ ƌĞƐƵůƚ ŽĨ ƐĞůĨͲĂƐƐĞƐƐŵĞŶƚ ĂƐ
ƚĞůĂŚ ĚŝƚĞƚĂƉŬĂŶ ŽůĞŚ ƉĞƌĂƚƵƌĂŶ K:<͘ WĞƌƐĞƌŽĂŶ ƌĞŐƵůĂƚĞĚďLJK:<͘/ŶϮϬϮϱ͕ƚŚĞŽŵƉĂŶLJŚĂƐƐĞǀĞƌĂů
ŵĞŵŝůŝŬŝ ďĞďĞƌĂƉĂ ƉĞŶLJŝŵƉĂŶŐĂŶ Ěŝ ƚĂŚƵŶ ϮϬϮϱ͕ ƉƌŽďůĞŵƐ ǁŚŝĐŚ ǁĞƌĞ ŶŽƚ ƐŝŐŶŝĨŝĐĂŶƚ ĂŶĚ ǁĞƌĞ
ŶĂŵƵŶ ƚŝĚĂŬ ƐŝŐŶŝĨŝŬĂŶ ĚĂŶ ƚĞƌŬĞŶĚĂůŝ͘ ^ĞůĂŝŶ ŝƚƵ ŵŝƚŝŐĂƚĞĚ ƉƌŽƉĞƌůLJ͘ /Ŷ ĂĚĚŝƚŝŽŶ͕ ƚŚĞ ƌĞƐƵůƚ ŽĨ ƐĞůĨͲ
ƉƵůĂ͕ŚĂƐŝůƐĞůĨͲĂƐƐĞƐƐŵĞŶƚƉĂĚĂƚŝŶŐŬĂƚŬĞƐĞŚĂƚĂŶ ĂƐƐĞƐƐŵĞŶƚ ŽŶ ĨŝŶĂŶĐŝĂů ŚĞĂůƚŚ ĂŶĚ ƌŝƐŬ
ŬĞƵĂŶŐĂŶ ĚĂŶ ƐĞůĨͲĂƐƐĞƐƐŵĞŶƚ ŵĂŶĂũĞŵĞŶ ƌŝƐŝŬŽ ŵĂŶĂŐĞŵĞŶƚ ůĞǀĞů ƐŚŽǁƐ Ă ůŽǁͲƌŝƐŬ ƌĞƐƵůƚ͘ dŚĞ
ŵĞŶƵŶũƵŬŬĂŶ ŚĂƐŝů LJĂŶŐ ĐƵŬƵƉ ďĂŝŬ͘ ĞǁĂŶ ŽŵƉĂŶLJ͛Ɛ ŵĂŶĂŐĞŵĞŶƚ ũƵĚŐĞĚ ƚŚĞ ƌŝƐŬ
<ŽŵŝƐĂƌŝƐ ĚĂŶ ĞǁĂŶ ŝƌĞŬƐŝ ŵĞŶŝůĂŝ ƐŝƐƚĞŵ ŵĂŶĂŐĞŵĞŶƚŶĞĞĚƐŝŵƉƌŽǀĞŵĞŶƚƚŽƌƵŶĞĨĨĞĐƚŝǀĞůLJ
ŵĂŶĂũĞŵĞŶ ƌŝƐŝŬŽ WĞƌƐĞƌŽĂŶ ĚĂƉĂƚ ůĞďŝŚ ĂŶĚ ƚŽ ďĞ ĂďůĞ ƚŽ ƉƌŽƉĞƌůLJ ĚĞƚĞĐƚ ƉŽƚĞŶƚŝĂů ƌŝƐŬ
ĚŝƐĞŵƉƵƌŶĂŬĂŶ ĂŐĂƌ ƚĞƚĂƉ ďĞƌũĂůĂŶ ƐĞĐĂƌĂ ĞĨĞŬƚŝĨ ĂŐĂŝŶƐƚƚŚĞŽŵƉĂŶLJ͘
ĚĂŶŵĂŵƉƵŵĞŶƵŶũƵŬŬĂŶƌŝƐŝŬŽLJĂŶŐĚŝŚĂĚĂƉŝŽůĞŚ
WĞƌƐĞƌŽĂŶ͘
WĞƌŶLJĂƚĂĂŶŝƌĞŬƐŝͬĞǁĂŶ<ŽŵŝƐĂƌŝƐ ^ƚĂƚĞŵĞŶƚ ĨƌŽŵ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ ͬ ŽĂƌĚ ŽĨ
ŽŵŵŝƐƐŝŽŶĞƌƐ
ĞǁĂŶ ŝƌĞŬƐŝ ŵĞŶŝůĂŝ ďĂŚǁĂ ƐŝƐƚĞŵ dŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐĐŽŶƐŝĚĞƌƐƚŚĞŽŵƉĂŶLJ͛ƐƌŝƐŬ
ŵĂŶĂũĞŵĞŶ ƌŝƐŝŬŽ WĞƌƐĞƌŽĂŶ ĚĂƉĂƚ ůĞďŝŚ ŵĂŶĂŐĞŵĞŶƚ ƐLJƐƚĞŵ ŶĞĞĚƐ ŝŵƉƌŽǀĞŵĞŶƚ ƚŽ ďĞ
ĚŝƚŝŶŐŬĂƚŬĂŶ ƵŶƚƵŬ ĚĂƉĂƚ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ďŝƐŶŝƐ ĂďůĞ ƚŽ ĂĐƚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ƚŽ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ
WĞƌƐĞƌŽĂŶ ĚĂŶ ĞĨĞŬƚŝĨ ĚĂůĂŵ ŵĞŶĐĞŐĂŚ ŬŽŵƉůŝŬĂƐŝ ďƵƐŝŶĞƐƐ ĂŶĚ ĞĨĨĞĐƚŝǀĞ ŝŶ ƉƌĞǀĞŶƚŝŶŐ ƉƌŽƉŽƐŝƚŝŽŶƐ
LJĂŶŐ ŵĞƌƵŐŝŬĂŶ ĚĂŶ ĚĂƉĂƚ ŵĞŶŐĂŶŐŐƵ ŬĞŐŝĂƚĂŶ ǁŚŝĐŚ ĂƌĞ ĚĞƚƌŝŵĞŶƚĂů ĂŶĚ ĚŝƐƌƵƉƚĂďůĞ ƚŽ ƚŚĞ
ŽƉĞƌĂƐŝŽŶĂůWĞƌƐĞƌŽĂŶ͘ ŽŵƉĂŶLJ͛ƐŽƉĞƌĂƚŝŽŶĂůĂĐƚŝǀŝƚŝĞƐ͘
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
<^h^>/d/'^/'Z/ϮͲϮϳ
>/d/'d/KE
^ĞůĂŵĂ ƚĂŚƵŶ ϮϬϮϱ ƚŝĚĂŬ ĂĚĂ ƉĞƌŬĂƌĂ LJĂŶŐ dŚĞŽŵƉĂŶLJŚĂĚŶŽůŝƚŝŐĂƚŝŽŶĐĂƐĞŝŶϮϬϮϱ͘
ĚŝŚĂĚĂƉŝŽůĞŚWĞƌƐĞƌŽĂŶ͘
^E<^/D/E/^dZd/&'Z/ϮͲϮϳ
D/E/^dZd/s W E>dz
ŝ ƚĂŚƵŶ ϮϬϮϱ͕ WĞƌƐĞƌŽĂŶ ŵĞŶĞƌŝŵĂ ƵƌŝŶŐ ϮϬϮϱ͕ ƚŚĞ ŽŵƉĂŶLJ ƌĞĐĞŝǀĞĚ
ƐĞďĂŶLJĂŬϯϴƐĂŶŬƐŝĚĂƌŝK:<ƐĞůĂŬƵƌĞŐƵůĂƚŽƌ͕LJĂŶŐ ĂĚŵŝŶŝƐƚƌĂƚŝŽŶ ƉĞŶĂůƚLJ ĂŵŽƵŶƚĞĚ ƚŽ ϯϴ ĨƌŽŵ K:<
ƚĞƌĚŝƌŝ ĚĂƌŝ ϯϳ WĞƌŝŶŐĂƚĂŶ dĞƌƚƵůŝƐ ĚĂŶ ϭ ĚĞŶĚĂ͕ ƚŚĞ ƌĞŐƵůĂƚŽƌ ǁŚŝĐŚ ĐŽŶƐŝƐƚĞĚ ŽĨ ϯϳ ǁƌŝƚƚĞŶ
ĚĞŶŐĂŶƌŝŶĐŝĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗ ǁĂƌŶŝŶŐƐĂŶĚϭĨŝŶĞ͕ĂƐĚĞƚĂŝůĞĚ͗
ĂƐĂƌ<ĞƚĞŶƚƵĂŶͬ :ĞŶŝƐ^ĂŶŬƐŝͬ :ƵŵůĂŚWĞůĂŶŐŐĂƌĂŶͬ
ĂƐĞĚZĞŐƵůĂƚŝŽŶƐ WĞŶĂůƚLJ WĞŶĂůƚLJŵŽƵŶƚ
WK:< EŽŵŽƌ ϯ ƚĂŚƵŶ ϮϬϭϯ ƚĞŶƚĂŶŐ >ĂƉŽƌĂŶ ƵůĂŶĂŶ WĞƌŝŶŐĂƚĂŶdĞƌƚƵůŝƐͬ ϭ
WĞƌƵƐĂŚĂĂŶWĞŵďŝĂLJĂĂŶ tƌŝƚƚĞŶtĂƌŶŝŶŐ
WK:< EŽŵŽƌ ϰϲ ƚĂŚƵŶ ϮϬϮϰ ƚĞŶƚĂŶŐ WĞŶŐĞŵďĂŶŐĂŶ WĞƌŝŶŐĂƚĂŶdĞƌƚƵůŝƐͬ Ϯ
ĚĂŶ WĞŶŐƵĂƚĂŶ WĞƌƵƐĂŚĂĂŶ WĞŵďŝĂLJĂĂŶ͕ WĞƌƵƐĂŚĂĂŶ tƌŝƚƚĞŶtĂƌŶŝŶŐ
WĞŵďŝĂLJĂĂŶ /ŶĨƌĂƐƚƌƵŬƚƵƌ͕ ĂŶ WĞƌƵƐĂŚĂĂŶ DŽĚĂů
sĞŶƚƵƌĂ
WK:< EŽŵŽƌ ϰϴ ƚĂŚƵŶ ϮϬϮϰ ƚĞŶƚĂŶŐ dĂƚĂ <ĞůŽůĂ LJĂŶŐ
WĞƌŝŶŐĂƚĂŶdĞƌƚƵůŝƐͬ ϭϱ
ďĂŝŬďĂŐŝWsD> tƌŝƚƚĞŶtĂƌŶŝŶŐ
WK:<EŽŵŽƌϭϭƚĂŚƵŶϮϬϮϰƚĞŶƚĂŶŐ>ĂƉŽƌĂŶ^>/< WĞƌŝŶŐĂƚĂŶdĞƌƚƵůŝƐĚĂŶĞŶĚĂ ϭ
ͬtƌŝƚƚĞŶtĂƌŶŝŶŐĂŶĚ&ŝŶĞ
WK:< EŽŵŽƌ ϴ ƚĂŚƵŶ ϮϬϮϯ ƚĞŶƚĂŶŐ WĞŶĞƌĂƉĂŶ WĞƌŝŶŐĂƚĂŶdĞƌƚƵůŝƐͬ ϭϳ
WƌŽŐƌĂŵWhWWd tƌŝƚƚĞŶtĂƌŶŝŶŐ
WK:<EŽŵŽƌϰϮƚĂŚƵŶϮϬϮϰƚĞŶƚĂŶŐDĂŶĂũĞŵĞŶZŝƐŝŬŽ WĞƌŝŶŐĂƚĂŶdĞƌƚƵůŝƐͬ Ϯ
ďĂŐŝWsD> tƌŝƚƚĞŶtĂƌŶŝŶŐ
WĞƌƐĞƌŽĂŶƚĞůĂŚŵĞŶĞƌŝŵĂŵĂƐƵŬŬĂŶĚĂƌŝK:< dŚĞ ŽŵƉĂŶLJ ŚĂƐ ƌĞĐĞŝǀĞĚ
ƐĞďĂŐĂŝ ƌĞŐƵůĂƚŽƌ ĚĂŶ ďĞƌĚĂƐĂƌŬĂŶ ĚĂƌŝ ĞǀĂůƵĂƐŝ ƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐ ĨƌŽŵ K:< ƚŚĞ ƌĞŐƵůĂƚŽƌ ĂŶĚ
ƐĂŶŬƐŝ ƚĞƌƐĞďƵƚ͕ WĞƌƐĞƌŽĂŶ ĂŬĂŶ ŵĞůĂŬƵŬĂŶ ďĂƐĞĚ ŽŶ ƚŚĞ ĞǀĂůƵĂƚŝŽŶƐ ŽĨ ƚŚĞ ƐĂŶĐƚŝŽŶƐ͕ ƚŚĞ
ƚŝŶĚĂŬĂŶƉĞƌďĂŝŬĂŶďĞƌĚĂƐĂƌŬĂŶƌĞŬŽŵĞŶĚĂƐŝLJĂŶŐ ŽŵƉĂŶLJ ƚĂŬĞ ĐŽƌƌĞĐƚŝǀĞ ĂĐƚŝŽŶƐ ŝŵŵĞĚŝĂƚĞůLJ͘
ĚŝďĞƌŝŬĂŶ͘ <ĞĚĞƉĂŶŶLJĂ ƉĞƌƐĞƌŽĂŶ ĂŬĂŶ ƚĞƌƵƐ 'ŽŝŶŐĨŽƌǁĂƌĚ͕ƚŚĞŽŵƉĂŶLJǁŝůůƐƚƌŝǀĞƚŽŝŵƉƌŽǀĞ
ŵĞŵƉĞƌďĂŝŬŝ ĚĂŶ ŵĞůĞŶŐŬĂƉŝ ŬĞŬƵƌĂŶŐĂŶ ƐĞƐƵĂŝ ĂŶĚ ĂĚĚƌĞƐƐ ĂŶLJ ƐŚŽƌƚĐŽŵŝŶŐƐ͕ ŵŝŶŝŵŝnjŝŶŐ
ĚĞŶŐĂŶŵĂƐƵŬŬĂŶƐĞƌƚĂŵĞŵŝŶŝŵĂůŝƐŝƌƉĞůĂŶŐŐĂƌĂŶ ǀŝŽůĂƚŝŽŶƐ ĂŶĚ ƚŽ ŝŵƉƌŽǀĞ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ
ĚĂŶ ŵĞŶŐƵƉĂLJĂŬĂŶ ƉĞŶŝŶŐŬĂƚĂŶ ŬĞƉĂƚƵŚĂŶ ĂƉƉůŝĐĂďůĞƌĞŐƵůĂƚŝŽŶƐ͘
ƚĞƌŚĂĚĂƉƉĞƌĂƚƵƌĂŶʹƉĞƌĂƚƵƌĂŶLJĂŶŐďĞƌůĂŬƵ͘
<^ ^/E&KZD^/
/E&KZDd/KE ^^
^ĞďĂŐĂŝ ǁƵũƵĚ ƉĞŶĞƌĂƉĂŶ ƚƌĂŶƉĂƌĂŶƐŝ͕ Ɛ ƚƌĂŶƐƉĂƌĞŶĐLJ ŵĞĂƐƵƌĞ͕ ƚŚĞ ŽŵƉĂŶLJ
WĞƌƐĞƌŽĂŶ ƚĞůĂŚ ŵĞŶLJĞĚŝĂŬĂŶ ƐĂƌĂŶĂ ƵŶƚƵŬ ƉƌŽǀŝĚĞƐ Ă ŵĞĚŝƵŵ ŽĨ ŝŶĨŽƌŵĂƚŝŽŶ ĂŶĚ ĚĂƚĂ
ŵĞŶĚĂƉĂƚŬĂŶ ĚĂƚĂ ĚĂŶ ŝŶĨŽƌŵĂƐŝ ŵĞŶŐĞŶĂŝ ƉĞƌƚĂŝŶŝŶŐ ƚŽ ƚŚĞ ŽŵƉĂŶLJ ǀŝĂ ǁĞďƐŝƚĞ͗
WĞƌƐĞƌŽĂŶ ƐĞĐĂƌĂ ůĂŶŐƐƵŶŐ ŵĞůĂůƵŝ ƐŝƚƵƐ ƌĞƐŵŝ͗ ǁǁǁ͘ĨƵũŝĨŝŶĂŶĐĞ͘ĐŽŵ͘ DŽƌĞŽǀĞƌ͕ ĨƵƌƚŚĞƌ
ǁǁǁ͘ĨƵũŝĨŝŶĂŶĐĞ͘ĐŽŵ͘ dŝĚĂŬ ŚĂŶLJĂ ŝƚƵ͕ ŝŶĨŽƌŵĂƐŝ ŝŶĨŽƌŵĂƚŝŽŶ ĐĂŶ ďĞ ĂĐĐĞƐƐĞĚ ƚŚƌŽƵŐŚ /ŶǀĞƐƚŽƌ
ĚĂŶ ĚĂƚĂ WĞƌƐĞƌŽĂŶ ůĞďŝŚ ůĂŶũƵƚ ĚĂƉĂƚ ĚŝƉĞƌŽůĞŚ ZĞůĂƚŝŽŶ͘
ŵĞůĂůƵŝ,ƵďƵŶŐĂŶ/ŶǀĞƐƚŽƌ͘
Wd&h:/&/EE /EKE ^/d<
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
<K d/<W Z^ ZKE
KZWKZd d,/^
WĞŵďĞŶƚƵŬĂŶ ĚĂŶ ŝŵƉůĞŵĞŶƚĂƐŝ ŬŽĚĞ ĞƚŝŬ dŚĞ &ŽƌŵĂƚŝŽŶ ĂŶĚ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ ƚŚĞ
WĞƌƐĞƌŽĂŶ ŵĞƌƵƉĂŬĂŶ ďĂŐŝĂŶ ƉĞŶƚŝŶŐ ĚĂůĂŵ ŽŵƉĂŶLJ͛Ɛ ĐŽĚĞ ŽĨ ĐŽŶĚƵĐƚ ŝƐ Ă ǀŝƚĂů ĞůĞŵĞŶƚ ŽĨ
ƉĞŶĞƌĂƉĂŶ ŐŽŽĚ ĐŽƌƉŽƌĂƚĞ ŐŽǀĞƌŶĂŶĐĞ ĚĂůĂŵ ŐŽŽĚ ĐŽƌƉŽƌĂƚĞ ŐŽǀĞƌŶĂŶĐĞ͘ dŚĞ ŽŵƉĂŶLJ͛Ɛ ĐŽĚĞ
ƐƵĂƚƵ WĞƌƐĞƌŽĂŶ͘ <ŽĚĞ ĞƚŝŬ WĞƌƐĞƌŽĂŶ ŵĞƌƵƉĂŬĂŶ ŽĨ ĐŽŶĚƵĐƚ ŝƐ Ă ďĞŚĂǀŝŽƌĂů ĐŽŵŵŝƚŵĞŶƚ ƚŚĂƚ ŝƐ
ƐƵĂƚƵ ŬŽŵŝƚŵĞŶ ďĞƌƉĞƌŝůĂŬƵ LJĂŶŐ ĚŝďĞŶƚƵŬ ĞƐƚĂďůŝƐŚĞĚ ďĂƐĞĚ ŽŶ '' ƉƌŝŶĐŝƉůĞƐ ĂŶĚ ĂĐƚ ĂƐ
ďĞƌĚĂƐĂƌŬĂŶ ƉƌŝŶƐŝƉ ʹ ƉƌŝŶƐŝƉ '' ĚĂŶ ďĞƌĨƵŶŐƐŝ ŐƵŝĚĞůŝŶĞ ĨŽƌ ĞǀĞƌLJ ŵĞŵďĞƌ ŽĨ ƚŚĞ ŽŵƉĂŶLJ
ƐĞďĂŐĂŝ ƉĞĚŽŵĂŶ ďĂŐŝ ƐĞůƵƌƵŚ ĂŶŐŐŽƚĂ WĞƌƐĞƌŽĂŶ ƚŚƌŽƵŐŚŽƵƚďƵƐŝŶĞƐƐŽƉĞƌĂƚŝŽŶĂůƚŽŵĂŬĞƐƵƌĞƚŚĂƚ
ĚĂůĂŵ ŵĞŶũĂůĂŶŬĂŶ ŬĞŐŝĂƚĂŶ ŽƉĞƌĂƐŝŽŶĂů ŝƚ ĨĂůůƐ ŝŶ ůŝŶĞ ǁŝƚŚ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ǀŝƐŝŽŶ͕ ŵŝƐƐŝŽŶ
WĞƌƐĞƌŽĂŶ ĂŐĂƌ ƐĞůĂƌĂƐ ĚĞŶŐĂŶ ǀŝƐŝ͕ ŵŝƐŝ ƐĞƌƚĂ ĂŶĚ ĐŽƌƉŽƌĂƚĞ ĐƵůƚƵƌĞ͘ dŚĞ ŽŵƉĂŶLJ͛Ɛ ĐŽĚĞ ŽĨ
ďƵĚĂLJĂWĞƌƐĞƌŽĂŶ͘<ŽĚĞĞƚŝŬWĞƌƐĞƌŽĂŶƚĞƌĚŝƌŝĂƚĂƐ ĐŽŶĚƵĐƚĐŽŶƐŝƐƚƐŽĨďƵƐŝŶĞƐƐĞƚŚŝĐĂŶĚǁŽƌŬĞƚŚŝĐ͘
ĞƚŝŬĂďŝƐŶŝƐĚĂŶĞƚŝŬĂŬĞƌũĂ͘
ƚŝŬĂďŝƐŶŝƐ ƵƐŝŶĞƐƐ ƚŚŝĐ
ƚŝŬĂ ďŝƐŶŝƐ ŵĞƌƵƉĂŬĂŶ ƉĂŶĚƵĂŶ WĞƌƐĞƌŽĂŶ ƵƐŝŶĞƐƐ ĞƚŚŝĐ ŝƐ Ă ƐƚĂŶĚĂƌĚ ƚŚĂƚ ƵŶĚĞƌůŝŶĞ
ĚĂůĂŵďĞƌŝŶƚĞƌĂŬƐŝĚĂŶŵĞŶũĂůŝŶŚƵďƵŶŐĂŶĚĞŶŐĂŶ ŝŶƚĞƌĂĐƚŝŽŶ ĂŶĚ ƌĞůĂƚŝŽŶƐŚŝƉ ǁŝƚŚ ǀĂƌŝŽƵƐ ƉĂƌƚŝĞƐ
ďĞƌďĂŐĂŝ ƉŝŚĂŬ ĂŐĂƌ WĞƌƐĞƌŽĂŶ ĚĂƉĂƚ ŵĞŶũĂŐĂ ǁŚŝůĞ ŵĂŝŶƚĂŝŶŝŶŐ ƚŚĞ ďĂůĂŶĐĞ ďĞƚǁĞĞŶ ƚŚĞ
ŬĞƐĞŝŵďĂŶŐĂŶ ĂŶƚĂƌĂ ŬĞƉĞŶƚŝŶŐĂŶ WĞƌƐĞƌŽĂŶ ŽŵƉĂŶLJ͛ƐŝŶƚĞƌĞƐƚĂŶĚƚŚĞŝŶƚĞƌĞƐƚŽĨƐƚĂŬĞŚŽůĚĞƌƐ
ĚĞŶŐĂŶ ƉĂƌĂ ƉĞŵĂŶŐŬƵ ŬĞƉĞŶƚŝŶŐĂŶ ĚĞŶŐĂŶ ƚĞƚĂƉ ǁŝƚŚ ƌĞŐĂƌĚ ƚŽ ĐŽŵƉĂŶLJ͛Ɛ ǀĂůƵĞƐ ĂŶĚ ''
ŵĞŵƉĞƌŚĂƚŝŬĂŶ ŶŝůĂŝ WĞƌƐĞƌŽĂŶ ƐĞƌƚĂ ƉƌŝŶƐŝƉ Ͳ ƉƌŝŶĐŝƉůĞƐ͘
ƉƌŝŶƐŝƉ''͘
ƚŝŬĂŬĞƌũĂ tŽƌŬ ƚŚŝĐ
ƚŝŬĂ ŬĞƌũĂ ŵĞƌƵƉĂŬĂŶ ĂƚƵƌĂŶ ďĞƌƉĞƌŝůĂŬƵ tŽƌŬ ĞƚŚŝĐ ŝƐ ƌƵůĞ ŽĨ ďĞŚĂǀŝŽƌ ĨŽƌ ĞǀĞƌLJ
ďĂŐŝ ƐĞƚŝĂƉ ŝŶĚŝǀŝĚƵ ĚĂůĂŵ ďĞƌŝŶƚĞƌĂŬƐŝ ĚĂŶ ŝŶĚŝǀŝĚƵĂů ŝŶ ŝŶƚĞƌĂĐƚŝŶŐ ĂŶĚ ƉĞƌĨŽƌŵŝŶŐ ƚŚĞŝƌ ũŽď
ŵĞůĂŬƐĂŶĂŬĂŶ ƉĞŬĞƌũĂĂŶ ƐĞƌƚĂ ƚĂŶŐŐƵŶŐũĂǁĂďŶLJĂ͘ ĂŶĚƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ͘dŚŝƐǁŽƌŬĞƚŚŝĐƐŝƐŝŶƚĞŶĚĞĚĂƐ
ƚŝŬĂ ŬĞƌũĂ ŝŶŝ ďĞƌƚƵũƵĂŶ ƵŶƚƵŬ ŵĞŶũĂĚŝ ƉĞĚŽŵĂŶ Ă ĚŝƌĞĐƚŝǀĞ ƚŽǁĂƌĚ ŵĂŝŶƚĂŝŶŝŶŐ ƉƌŽĨĞƐƐŝŽŶĂůŝƐŵ ŝŶ
ĂŐĂƌ ƐŝŬĂƉ ƉƌŽĨĞƐŝŽŶĂůŝƐŵĞ Ěŝ ůŝŶŐŬƵŶŐĂŶ ŬĞƌũĂ ǁŽƌŬĞŶǀŝƌŽŶŵĞŶƚǁŝƚŚĞŵƉŚĂƐŝnjĞŽŶ͗
ƚĞƚĂƉƚĞƌũĂŐĂĚĞŶŐĂŶŵĞŶĞŬĂŶŬĂŶŬĞƉĂĚĂ͗
<ŽŵŝƚŵĞŶĚĂůĂŵŵĞůĂŬƐĂŶĂŬĂŶƉĞŬĞƌũĂĂŶƐĞƌƚĂ ŽŵŵŝƚŵĞŶƚ ŝŶ ƵŶĚĞƌƚĂŬŝŶŐ Ă ũŽď ĂŶĚ ŐŝǀŝŶŐ
ŵĞŵďĞƌŝŬĂŶƉĞůĂLJĂŶĂŶƚĞƌďĂŝŬďĂŐŝƉĞůĂŶŐŐĂŶ ƚŚĞďĞƐƚƐĞƌǀŝĐĞĨŽƌĐƵƐƚŽŵĞƌ
^ŝŬĂƉ ƉƌŽĨĞƐŝŽŶĂůŝƐŵĞ ĚĂůĂŵ ďĞƌŝŶƚĞƌĂŬƐŝ WƌŽĨĞƐƐŝŽŶĂůŝƐŵŝŶĞǀĞƌLJƐŝƚƵĂƚŝŽŶ
ĚĞŶŐĂŶ ƐĞŐĂůĂ ƉŝŚĂŬ͕ ďĂŝŬ ŝŶƚĞƌŶĂů ŵĂƵƉƵŶ
ĞŬƐƚĞƌŶĂů
^ŚŽǁŝŶŐ ƌĞƐƉĞĐƚ ĂŶĚ ĐĂƌĞ ƚŽǁĂƌĚ ŽƚŚĞƌ
DĞŶƵŶũƵŬŬĂŶ ƐŝŬĂƉ ŚŽƌŵĂƚ ĚĂŶ ƉĞĚƵůŝ ĞŵƉůŽLJĞĞƐĂŶĚǁŽƌŬƐƉĂĐĞ
ƚĞƌŚĂĚĂƉƐĞƐĂŵĂŬĂƌLJĂǁĂŶĚĂŶũƵŐĂůŝŶŐŬƵŶŐĂŶ
DĂŝŶƚĂŝŶ ĐŽŶĨŝĚĞŶƚŝĂůŝƚLJ ŽĨ ĐŽŵƉĂŶLJ͛Ɛ ƐĞĐƌĞƚƐ
ŬĞƌũĂ
ĂŶĚĚĂƚĂ
DĞŶũĂŐĂ ŬĞƌĂŚĂƐŝĂĂŶ ŝŶĨŽƌŵĂƐŝ ĚĂŶ ĚĂƚĂ
^ŚŽǁŝŶŐ ĐĂƵƚŝŽŶ ĂŶĚ ŐŽŽĚ ƐĞŶƐĞ ĚƵƌŝŶŐ
WĞƌƐĞƌŽĂŶ
ĚĞĐŝƐŝŽŶŵĂŬŝŶŐƚŽĂǀŽŝĚĐŽŶĨůŝĐƚŽĨŝŶƚĞƌĞƐƚ
DĞŶƵŶũƵŬŬĂŶ ƐŝŬĂƉ ŚĂƚŝʹŚĂƚŝĚĂŶ ďŝũĂŬĚĂůĂŵ
ƐĞƚŝĂƉ ŬĞƉƵƚƵƐĂŶ ĚĞŵŝ ŵĞŶŐŚŝŶĚĂƌŝ ďĞŶƚƵƌĂŶ
KďĞĚŝĞŶĐĞƚŽǁĂƌĚůĂǁ
ŬĞƉĞŶƚŝŶŐĂŶ
^ŚŽǁ ŚŽŶĞƐƚLJ ĂŶĚ ŶĞǀĞƌ ĞŶŐĂŐĞ ŝŶ ĐŽƌƌƵƉƚŝŽŶ͕
<ĞƉĂƚƵŚĂŶƚĞƌŚĂĚĂƉŚƵŬƵŵ
ĐŽůůƵƐŝŽŶĂŶĚŶĞƉŽƚŝƐŵ
ĞƌƉĞƌŝůĂŬƵ ũƵũƵƌ ĚĂŶ ŵĞŶŐŚŝŶĚĂƌŝ ƐĞŐĂůĂ
95
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
ďĞŶƚƵŬƚŝŶĚĂŬĂŶŬŽƌƵƉƐŝ͕ŬŽůƵƐŝĚĂŶŶĞƉŽƚŝƐŵĞ
WĞĚŽŵĂŶ ĚĂŶ <ŽĚĞ ƚŝŬ ĚŝƐŽƐŝĂůŝƐĂƐŝŬĂŶ ƐĞĐĂƌĂ dŚĞ ŐƵŝĚĞůŝŶĞƐ ĂŶĚĐŽĚĞ ŽĨĞƚŚŝĐƐ ĂƌĞƐŽĐŝĂůŝnjĞĚ
ďĞƌŬĞƐŝŶĂŵďƵŶŐĂŶ ŬĞƉĂĚĂ ƐĞůƵƌƵŚ ŬĂƌLJĂǁĂŶ͕ ĐŽŶĐƵƌƌĞŶƚůLJ ƚŽ ĞǀĞƌLJ ůĂLJĞƌ ŽĨ ĞŵƉůŽLJĞĞƐ͕
ŵĂŶĂũĞŵĞŶ͕ ĞǁĂŶ ŝƌĞŬƐŝ ĚĂŶ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ŵĂŶĂŐĞŵĞŶƚ͕ƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐĂŶĚƚŚĞŽĂƌĚ
ƵŶƚƵŬ ĚŝŬĞƚĂŚƵŝ͕ ĚŝƉĂŚĂŵŝ ĚĂŶ ĚŝƉĂƚƵŚŝ͘ WĞĚŽŵĂŶ ŽĨ ŽŵŵŝƐƐŝŽŶĞƌƐ ƚŽ ďĞ ĂĐŬŶŽǁůĞĚŐĞŵĞŶƚ͕ ƚŽ ďĞ
ĚĂŶ <ŽĚĞ ƚŝŬ ũƵŐĂ ĚŝƐĞďĂƌŬĂŶ ŵĞůĂůƵŝ ŵĞĚŝĂ ƵŶĚĞƌƐƚŽŽĚ͕ĂŶĚƚŽďĞĐŽŵƉůŝĞĚ͘dŚĞŐƵŝĚĞůŝŶĞƐĂŶĚ
ŝŶƚĞƌŶĂůĚĂůĂŵďĞŶƚƵŬƐŽĨƚĐŽƉLJĚĂƚĂ͘WĞĚŽŵĂŶĚĂŶ ĐŽĚĞ ŽĨ ĞƚŚŝĐƐ ĂƌĞ ĂůƐŽ ƐŚĂƌĞĚ ŝŶ ƚŚĞ ĨŽƌŵ ŽĨ
<ŽĚĞ ƚŝŬ WĞƌƐĞƌŽĂŶ ũƵŐĂ ĚŝƐŽƐŝĂůŝƐĂƐŝŬĂŶ ŬĞƉĂĚĂ ƐŽĨƚĐŽƉLJ ĚĂƚĂ͘ dŚĞ ŽŵƉĂŶLJ ĂůƐŽ ǁŝůů ƐŚĂƌĞ ƚŚĞ
ƉŝŚĂŬ ĞŬƐƚĞƌŶĂů LJĂŶŐ ŵĞŵŝůŝŬŝ ŚƵďƵŶŐĂŶ ŬĞƌũĂ ŐƵŝĚĞůŝŶĞƐ ĂŶĚ ĐŽĚĞ ŽĨ ĞƚŚŝĐƐ ƚŽ ĞdžƚĞƌŶĂů ƉĂƌƚŝĞƐ
ƐĂŵĂĚĞŶŐĂŶWĞƌƐĞƌŽĂŶ͘ ǁŚŽ ĂƌĞ ŝŶ ĐŽŽƉĞƌĂƚŝǀĞ ĂƌƌĂŶŐĞŵĞŶƚ ǁŝƚŚ ƚŚĞ
ŽŵƉĂŶLJ͘
WĞƌƐĞƌŽĂŶ ŵĞǁĂũŝďŬĂŶ ƐĞůƵƌƵŚ ƉŝŵƉŝŶĂŶ Ěŝ dŚĞ ŽŵƉĂŶLJ ƌĞƋƵŝƌĞƐ ĞĂĐŚ ŚĞĂĚ ŝŶ ĞǀĞƌLJ ůĞǀĞů
ƐĞƚŝĂƉ ƚŝŶŐŬĂƚ ƵŶƚƵŬ ďĞƌƚĂŶŐŐƵŶŐũĂǁĂď ĚĂůĂŵ ƚŽ ďĞ ƌĞƐƉŽŶƐŝďůĞ ŝŶ ŵŽŶŝƚŽƌŝŶŐ ĂŶĚ ŝŵƉůĞŵĞŶƚŝŶŐ
ŵĞůĂŬƵŬĂŶ ƉĞŶŐĂǁĂƐĂŶ ĂƚĂƐ ŝŵƉůĞŵĞŶƚĂƐŝ ŬŽĚĞ ƚŚĞ ĐŽĚĞ ŽĨ ĐŽŶĚƵĐƚ ŝŶ ŽƌĚĞƌ ƚŽ ĐƌĞĂƚĞ Ă ŐŽŽĚ
ĞƚŝŬLJĂŶŐďĞƌůĂŬƵĚŝƐĞƚŝĂƉũĂũĂƌĂŶƐĞŚŝŶŐŐĂƚĞƌĐŝƉƚĂ ĐŽƌƉŽƌĂƚĞĐƵůƚƵƌĞĨŽƵŶĚŽŶ''ƉƌŝŶĐŝƉůĞƐ͘
ďƵĚĂLJĂ WĞƌƐĞƌŽĂŶ LJĂŶŐ ďĂŝŬ ĚĂŶ ƐĞƐƵĂŝ ĚĞŶŐĂŶ
ƉƌŝŶƐŝƉŐŽŽĚĐŽƉŽƌĂƚĞŐŽǀĞƌŶĂŶĐĞ͘
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ŵĞůĂƉŽƌŬĂŶ ŬĞũĂĚŝĂŶ ƉĞŶƚŝŶŐ ƚĞƌŬĂŝƚ ŽƉĞƌĂƐŝŽŶĂů ĂŶLJ ƐŝŐŶŝĨŝĐĂŶƚ ĞǀĞŶƚ ŚĂƉƉĞŶĞĚ ĂĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞ
WĞƌƐĞƌŽĂŶƐĞƐƵĂŝĚĞŶŐĂŶƉĞƌĂƚƵƌĂŶďƵƌƐĂEŽŵŽƌ/Ͳ ^ƚŽĐŬ džĐŚĂŶŐĞ ƌĞŐƵůĂƚŝŽŶ ŶƵŵďĞƌ /Ͳ ƌĞŐĂƌĚŝŶŐ
ŵĞŶŐĞŶĂŝ <ĞǁĂũŝďĂŶ WĞŶLJĂŵƉĂŝĂŶ /ŶĨŽƌŵĂƐŝ͘ ƚŚĞ /ŶĨŽƌŵĂƚŝŽŶ ŝƐĐůŽƐƵƌĞ WŽůŝĐŝĞƐ͘ ǀĞƌLJ ĞǀĞŶƚ ĂƐ
^ĞƚŝĂƉ ŬĞũĂĚŝĂŶ LJĂŶŐ ƉĞƌůƵ ĚŝůĂƉŽƌŬĂŶ ĚĂůĂŵ ƐƉĞĐŝĨŝĞĚŝŶƚŚĞƌĞŐƵůĂƚŝŽŶŝƐƌĞƉŽƌƚĞĚŶŽůĂƚĞƌƚŚĂŶ
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ŵĞůĂůƵŝ ŬĞƚĞƌďƵŬĂĂŶ /ŶĨŽƌŵĂƐŝ ƉĂĚĂ ǁĞďƐŝƚĞ
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ŵĞŵŝůŝŬŝ ƉƌŽŐƌĂŵ ŬĞƉĞŵŝůŝŬĂŶ ƐĂŚĂŵ ŽůĞŚ ŽƌŐĂŶŝnjĞ ƐŚĂƌĞ ŽǁŶĞƌƐŚŝƉ ƉƌŽŐƌĂŵ ďLJ ƚŚĞ
ŵĂŶĂũĞŵĞŶĚĂŶͬĂƚĂƵŬĂƌLJĂǁĂŶ͘ ŵĂŶĂŐĞŵĞŶƚĂŶĚͬŽƌƚŚĞĞŵƉůŽLJĞĞƐ͘
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ƚĞůĂŚ ĚŝƉĞƌďĂƌƵŝ ŵĞŶũĂĚŝ WK:< EŽ͘ϰ ƚĂŚƵŶ ϮϬϮϰ ďĞĞŶ ƵƉĚĂƚĞĚ ƚŽ WK:< EŽ͘ϰ ŽĨ ϮϬϮϰ ƌĞŐĂƌĚŝŶŐ
ƚĞŶƚĂŶŐ ͞>ĂƉŽƌĂŶ <ĞƉĞŵŝůŝŬĂŶ ĂƚĂƵ ^ĞƚŝĂƉ ͞KǁŶĞƌƐŚŝƉ ZĞƉŽƌƚƐ Žƌ ŶLJ ŚĂŶŐĞƐ ŝŶ KǁŶĞƌƐŚŝƉ
WĞƌƵďĂŚĂŶ <ĞƉĞŵŝůŝŬĂŶ ^ĂŚĂŵ WĞƌƐĞƌŽĂŶ dĞƌďƵŬĂ ŽĨ WƵďůŝĐ ŽŵƉĂŶLJ͛Ɛ ^ŚĂƌĞƐ ĂŶĚ ŶLJ ŚĂŶŐĞƐ ŝŶ
ĚĂŶ >ĂƉŽƌĂŶ ŬƚŝǀŝƚĂƐ DĞŶũĂŵŝŶŬĂŶ ^ĂŚĂŵ KǁŶĞƌƐŚŝƉŽĨWƵďůŝĐŽŵƉĂŶLJ͛ƐƐŚĂƌĞƐĂŶĚZĞƉŽƌƚƐ
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
WĞƌƵƐĂŚĂĂŶ dĞƌďƵŬĂ͕͟ WĞƌƐĞƌŽĂŶ ŵĞŶĞƚĂƉŬĂŶ ŽŶ ĐƚŝǀŝƚŝĞƐ ŽĨ WƵďůŝĐ ŽŵƉĂŶLJ͛Ɛ ƐŚĂƌĞƐ ĂƐ
ŬĞďŝũĂŬĂŶ ŬĞǁĂũŝďĂŶ ĂŶŐŐŽƚĂ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ǁĂƌƌĂŶƚ͕͟ ƚŚĞ ŽŵƉĂŶLJ ĞƐƚĂďůŝƐŚĞƐ Ă ƉŽůŝĐLJ ǁŚŝĐŚ
ĂƚĂƵ ĂŶŐŐŽƚĂ ĞǁĂŶ ŝƌĞŬƐŝ ƵŶƚƵŬ ŵĞŶŐƵŶŐŬĂƉĂŶ ŽďůŝŐĂƚĞƐ ƚŚĞ ŽĂƌĚ ŽĨ ŽŵŵŝƐƐŝŽŶĞƌƐ ĂŶĚ ƚŚĞ
ŝŶĨŽƌŵĂƐŝ ŬĞƉĂĚĂ WĞƌƐĞƌŽĂŶ ĂƚĂƐ ƉĞƌƵďĂŚĂŶ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ ƚŽ ĚŝƐĐůŽƐĞ ƌĞŐĂƌĚŝŶŐ ƚŚĞ
ŬĞƉĞŵŝůŝŬĂŶ ĚĂŶ ƐĞƚŝĂƉ ƉĞƌƵďĂŚĂŶ ŬĞƉĞŵŝůŝŬĂŶ ĐŚĂŶŐĞƐ ŝŶ ŽǁŶĞƌƐŚŝƉ ĂŶĚ ĂŶLJ ĐŚĂŶŐĞƐ ŝŶ
ĂƚĂƐ ƐĂŚĂŵ WĞƌƐĞƌŽĂŶ ;&h:/Ϳ͘ hƌĂŝĂŶ ŬĞďŝũĂŬĂŶ ŽǁŶĞƌƐŚŝƉ ŽĨ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ƐŚĂƌĞƐ ;&h:/Ϳ͘ dŚĞ
ƚĞƌƐĞďƵƚĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗ ĚĞƐĐƌŝƉƚŝŽŶŽĨƚŚĞƉŽůŝĐLJŝƐĂƐĨŽůůŽǁƐ͗
x ŶŐŐŽƚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐĂƚĂƵĂŶŐŐŽƚĂĞǁĂŶ x DĞŵďĞƌƐ ŽĨ ƚŚĞ ŽĂƌĚ ŽĨ ŽŵŵŝƐƐŝŽŶĞƌƐ ĂŶĚ
ŝƌĞŬƐŝ ǁĂũŝď ŵĞůĂƉŽƌŬĂŶ ŬĞƉĂĚĂ K:< ĂƚĂƐ ŵĞŵďĞƌƐ ŽĨ ƚŚĞ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ ŵƵƐƚ ƌĞƉŽƌƚ
ŬĞƉĞŵŝůŝŬĂŶ ĚĂŶ ƐĞƚŝĂƉ ƉĞƌƵďĂŚĂŶ ƚŽ K:< ƚŚĞ ŽǁŶĞƌƐŚŝƉ ĂŶĚ ĂŶLJ ĐŚĂŶŐĞ ŝŶ
ŬĞƉĞŵŝůŝŬĂŶŶLJĂ ĂƚĂƐ ƐĂŚĂŵ WĞƌƐĞƌŽĂŶ ;&h:/Ϳ ŽǁŶĞƌƐŚŝƉŽĨƚŚĞŽŵƉĂŶLJ͛ƐƐŚĂƌĞƐ;&h:/ͿĞŝƚŚĞƌ
ďĂŝŬ ůĂŶŐƐƵŶŐ ŵĂƵƉƵŶ ƚŝĚĂŬ ůĂŶŐƐƵŶŐ ƉĂůŝŶŐ ĚŝƌĞĐƚůLJ Žƌ ŝŶĚŝƌĞĐƚůLJ͕ ŶŽ ůĂƚĞƌ ƚŚĂŶ ϱ ;ĨŝǀĞͿ
ůĂŵďĂƚ ϱ ;ůŝŵĂͿ ŚĂƌŝ ŬĞƌũĂ ƐĞũĂŬ ƚĞƌũĂĚŝŶLJĂ ǁŽƌŬŝŶŐ ĚĂLJƐ ƐŝŶĐĞ ƚŚĞ ŽǁŶĞƌƐŚŝƉ Žƌ ĐŚĂŶŐĞ ŝŶ
ŬĞƉĞŵŝůŝŬĂŶ ĂƚĂƵ ƉĞƌƵďĂŚĂŶ ŬĞƉĞŵŝůŝŬĂŶ ĂƚĂƐ ŽǁŶĞƌƐŚŝƉŽĨƚŚĞŽŵƉĂŶLJ͛ƐƐŚĂƌĞƐ;&h:/Ϳ͖
ƐĂŚĂŵWĞƌƐĞƌŽĂŶ;&h:/Ϳ͖ x dŚĞƌĞƉŽƌƚŝŶŐŽďůŝŐĂƚŝŽŶŽĨƚŚĞŵĞŵďĞƌƐŽĨK
x <ĞǁĂũŝďĂŶ ƉĞůĂƉŽƌĂŶ ĚĂƌŝ ĂŶŐŐŽƚĂ ĞǁĂŶ Žƌ ŵĞŵďĞƌƐ ŽĨ K ƚŽ K:< ŝƐ ĐĂƌƌŝĞĚ ŽƵƚ
<ŽŵŝƐĂƌŝƐ ĂƚĂƵ ĂŶŐŐŽƚĂ ĞǁĂŶ ŝƌĞŬƐŝ ŬĞƉĂĚĂ ƚŚƌŽƵŐŚƚŚĞŽŵƉĂŶLJ͖
K:< ƚĞƌƐĞďƵƚ Ěŝ ĂƚĂƐ ĚŝůĂŬƵŬĂŶ ŵĞůĂůƵŝ x DĞŵďĞƌƐ ŽĨ ƚŚĞ K ĂŶĚ ŵĞŵďĞƌƐ ŽĨ ƚŚĞ K
WĞƌƐĞƌŽĂŶ͖ ŵƵƐƚ ƌĞůĂLJ ƚŚĞ ŝŶĨŽƌŵĂƚŝŽŶ ƚŽ ƚŚĞ ŽŵƉĂŶLJ
x ŶŐŐŽƚĂ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ĚĂŶ ĂŶŐŐŽƚĂ ĞǁĂŶ ƌĞŐĂƌĚŝŶŐ ŽǁŶĞƌƐŚŝƉ ĂŶĚ ĂŶLJ ĐŚĂŶŐĞ ŝŶ
ŝƌĞŬƐŝ ǁĂũŝď ŵĞŶLJĂŵƉĂŝŬĂŶ ŝŶĨŽƌŵĂƐŝ ŬĞƉĂĚĂ ŽǁŶĞƌƐŚŝƉ ŽĨ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ƐŚĂƌĞƐ ;&h:/Ϳ ŶŽ
WĞƌƐĞƌŽĂŶ ŵĞŶŐĞŶĂŝ ŬĞƉĞŵŝůŝŬĂŶ ĚĂŶ ƐĞƚŝĂƉ ůĂƚĞƌ ƚŚĂŶ ϯ ;ƚŚƌĞĞͿ ǁŽƌŬŝŶŐ ĚĂLJƐ ĂĨƚĞƌ ƚŚĞ
ƉĞƌƵďĂŚĂŶ ŬĞƉĞŵŝůŝŬĂŶŶLJĂ ĂƚĂƐ ƐĂŚĂŵ ŽǁŶĞƌƐŚŝƉ Žƌ ĂŶLJ ĐŚĂŶŐĞ ŝŶ ŽǁŶĞƌƐŚŝƉ ŽĨ ƚŚĞ
WĞƌƐĞƌŽĂŶ;&h:/ͿƉĂůŝŶŐůĂŵďĂƚϯ;ƚŝŐĂͿŚĂƌŝŬĞƌũĂ ŽŵƉĂŶLJ͛ƐƐŚĂƌĞƐ;&h:/Ϳ͘
ƐĞƚĞůĂŚ ƚĞƌũĂĚŝŶLJĂ ŬĞƉĞŵŝůŝŬĂŶ ĂƚĂƵ ƐĞƚŝĂƉ
ƉĞƌƵďĂŚĂŶ ŬĞƉĞŵŝůŝŬĂŶ ĂƚĂƐ ƐĂŚĂŵ WĞƌƐĞƌŽĂŶ
;&h:/Ϳ͘
WĞƌƐĞƌŽĂŶ ƚŝĚĂŬ ŵĞŵŝůŝŬŝ ŬĞďŝũĂŬĂŶ ŬŚƵƐƵƐ ƵŶƚƵŬ dŚĞ ŽŵƉĂŶLJ ĚŽĞƐ ŶŽƚ ŚĂǀĞ ŝŶƚĞƌŶĂů ƉŽůŝĐLJ ĨŽƌ
ƉŝŚĂŬ ƐĞůĂŝŶ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ĚĂŶ ŝƌĞŬƐŝ ƉĂƌƚŝĞƐ ƐƉĞĐŝĨŝĐŝĞĚ ŝŶ WK:< EŽ͘ϰ ŽĨ ϮϬϮϰ ĂƌƚŝĐůĞ Ϯ
WĞƌƐĞƌŽĂŶLJĂŶŐĚŝƐĞďƵƚŬĂŶĚĂůĂŵWK:<EŽ͘ϰƚĂŚƵŶ ŽƚŚĞƌ ƚŚĂŶ ƚŚĞ ĚŝƐĐůŽƐƵƌĞƐ ĨƌŽŵ Ž ĂŶĚ Ž͘
ϮϬϮϰ ƉĂƐĂů Ϯ ĚĂŶ ĂƚĂƐ ŚĂů ƚĞƌƐĞďƵƚ͕ ŬĞƚĞƌďƵŬĂĂŶ ŝƐĐůŽƐƵƌĞĨƌŽŵƉĂƌƚŝĞƐƐƉĞĐŝĨŝĞĚŝŶƚŚĞƌĞŐƵůĂƚŝŽŶƐ͕
ŝŶĨŽƌŵĂƐŝ ĚĂƌŝ ƉŝŚĂŬ ƚĞƌƐĞďƵƚ ŵĞŶŐŝŬƵƚŝ ƉĞƌĂƚƵƌĂŶ ĞdžĐĞƉƚ ĨŽƌ Ž ĂŶĚ Ž͕ ĨŽůůŽǁƐ ƚŚĞ ƌĞŐƵůĂƚŝŽŶƐ
LJĂŶŐĚŝƐĞďƵƚŬĂŶĚĂůĂŵWK:<EŽ͘ϰƚĂŚƵŶϮϬϮϰ͘ ƐƚĂƚĞĚŝŶƚŚĞWK:<EŽ͘ϰŽĨϮϬϮϰ͘
WĞůĂŬƐĂŶĂĂŶ ĂƚĂƐ <ĞďŝũĂŬĂŶ <ĞƉĞŵŝůŝŬĂŶ ^ĂŚĂŵ /ŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ^ŚĂƌĞ ;&h:/Ϳ
WĞƌƐĞƌŽĂŶ;&h:/ͿdĂŚƵŶϮϬϮϱ KǁŶĞƌƐŚŝƉWŽůŝĐLJŝŶϮϬϮϱ
WĂĚĂ ƚĂŚƵŶ ϮϬϮϱ͕ WĞƌƐĞƌŽĂŶ ŵĞŶĞƌŝŵĂ /ŶϮϬϮϱ͕ƚŚĞŽŵƉĂŶLJƌĞĐĞŝǀĞĚŝŶĨŽƌŵĂƚŝŽŶĨƌŽŵ
ŝŶĨŽƌŵĂƐŝ ĚĂƌŝ WĞŵĞŐĂŶŐ ^ĂŚĂŵ ĚĞŶŐĂŶ ƚŚĞ ƐŚĂƌĞŚŽůĚĞƌƐ ĂďŽǀĞ ϱй ƌĞŐĂƌĚŝŶŐ ƚŚĞ ĐŚĂŶŐĞƐ
ŬĞƉĞŵŝůŝŬĂŶ Ěŝ ĂƚĂƐ ϱй ŵĞŶŐĞŶĂŝ ƚĞƌũĂĚŝŶLJĂ ŽĨ ŽǁŶĞƌƐŚŝƉ ŝŶ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ;&h:/Ϳ ƐŚĂƌĞƐ ĂŶĚ
ƉĞƌƵďĂŚĂŶ ŬĞƉĞŵŝůŝŬĂŶ ƐĂŚĂŵ ĂƚĂƐ WĞƌƐĞƌŽĂŶ ƚŚĞ ŽŵƉĂŶLJ ŚĂƐ ƌĞƉŽƌƚĞĚ ƚŚĞ ŽĐĐƵƌƌĞŶĐĞ ƚŽ K:<
;&h:/Ϳ ĚĂŶ ƚĞůĂŚ ŵĞůĂƉŽƌŬĂŶŶLJĂ ŬĞƉĂĚĂ K:< ǁŝƚŚĚĞƚĂŝůƐĂƐĨŽůůŽǁ͗
ŵĞůĂůƵŝ͗
x ^ƵƌĂƚŶŽŵŽƌϬϲϱͬ&&/ͬs/ͬϮϬϮϱƚĂŶŐŐĂůϮϬ:ƵŶŝ x >ĞƚƚĞƌ ŶƵŵďĞƌ Ϭϲϱͬ&&/ͬs/ͬϮϬϮϱ ĚĂƚĞĚ :ƵŶĞ
ϮϬϮϱ ϮϬ͕ϮϬϮϱ
x ^ƵƌĂƚŶŽŵŽƌϬϲϳͬ&&/ͬs/ͬϮϬϮϱƚĂŶŐŐĂůϮϰ:ƵŶŝ x >ĞƚƚĞƌ ŶƵŵďĞƌ Ϭϲϳͬ&&/ͬs/ͬϮϬϮϱ ĚĂƚĞĚ :ƵŶĞ
ϮϬϮϱ Ϯϰ͕ϮϬϮϱ
x ^ƵƌĂƚŶŽŵŽƌϬϲϴͬ&&/ͬs/ͬϮϬϮϱƚĂŶŐŐĂůϮϰ:ƵŶŝ x >ĞƚƚĞƌ ŶƵŵďĞƌ Ϭϲϴͬ&&/ͬs/ͬϮϬϮϱ ĚĂƚĞĚ :ƵŶĞ
ϮϬϮϱ Ϯϰ͕ϮϬϮϱ
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
x ^ƵƌĂƚ ŶŽŵŽƌ Ϭϴϳͬ&&/ͬ/yͬϮϬϮϱ ƚĂŶŐŐĂů Ϯ x >ĞƚƚĞƌ ŶƵŵďĞƌ Ϭϴϳͬ&&/ͬ/yͬϮϬϮϱ ĚĂƚĞĚ
^ĞƉƚĞŵďĞƌϮϬϮϱ ^ĞƉƚĞŵďĞƌϮ͕ϮϬϮϱ
x ^ƵƌĂƚ ŶŽŵŽƌ Ϭϴϴͬ&&/ͬ/yͬϮϬϮϱ ƚĂŶŐŐĂů Ϯ x >ĞƚƚĞƌ ŶƵŵďĞƌ Ϭϴϴͬ&&/ͬ/yͬϮϬϮϱ ĚĂƚĞĚ
^ĞƉƚĞŵďĞƌϮϬϮϱ ^ĞƉƚĞŵďĞƌϮ͕ϮϬϮϱ
x ^ƵƌĂƚ ŶŽŵŽƌ Ϭϴϵͬ&&/ͬ/yͬϮϬϮϱ ƚĂŶŐŐĂů ϯ x >ĞƚƚĞƌ ŶƵŵďĞƌ Ϭϴϵͬ&&/ͬ/yͬϮϬϮϱ ĚĂƚĞĚ
^ĞƉƚĞŵďĞƌϮϬϮϱ ^ĞƉƚĞŵďĞƌϯ͕ϮϬϮϱ
x ^ƵƌĂƚ ŶŽŵŽƌ ϬϵϬͬ&&/ͬ/yͬϮϬϮϱ ƚĂŶŐŐĂů ϴ x >ĞƚƚĞƌ ŶƵŵďĞƌ ϬϵϬͬ&&/ͬ/yͬϮϬϮϱ ĚĂƚĞĚ
^ĞƉƚĞŵďĞƌϮϬϮϱ ^ĞƉƚĞŵďĞƌϴ͕ϮϬϮϱ
x ^ƵƌĂƚ ŶŽŵŽƌ Ϭϵϯͬ&&/ͬ/yͬϮϬϮϱ ƚĂŶŐŐĂů ϭϬ x >ĞƚƚĞƌ ŶƵŵďĞƌ Ϭϵϯͬ&&/ͬ/yͬϮϬϮϱ ĚĂƚĞĚ
^ĞƉƚĞŵďĞƌϮϬϮϱ ^ĞƉƚĞŵďĞƌϭϬ͕ϮϬϮϱ
x ^ƵƌĂƚ ŶŽŵŽƌ Ϭϵϱͬ&&/ͬ/yͬϮϬϮϱ ƚĂŶŐŐĂů ϭϮ x >ĞƚƚĞƌ ŶƵŵďĞƌ Ϭϵϱͬ&&/ͬ/yͬϮϬϮϱ ĚĂƚĞĚ
^ĞƉƚĞŵďĞƌϮϬϮϱ ^ĞƉƚĞŵďĞƌϭϮ͕ϮϬϮϱ
x ^ƵƌĂƚ ŶŽŵŽƌ Ϭϵϲͬ&&/ͬ/yͬϮϬϮϱ ƚĂŶŐŐĂů ϭϲ x >ĞƚƚĞƌ ŶƵŵďĞƌ Ϭϵϲͬ&&/ͬ/yͬϮϬϮϱ ĚĂƚĞĚ
^ĞƉƚĞŵďĞƌϮϬϮϱ ^ĞƉƚĞŵďĞƌϭϲ͕ϮϬϮϱ
x ^ƵƌĂƚ ŶŽŵŽƌ ϭϬϮͬ&&/ͬ/yͬϮϬϮϱ ƚĂŶŐŐĂů Ϯϲ x >ĞƚƚĞƌ ŶƵŵďĞƌ ϭϬϮͬ&&/ͬ/yͬϮϬϮϱ ĚĂƚĞĚ
^ĞƉƚĞŵďĞƌϮϬϮϱ ^ĞƉƚĞŵďĞƌϮϲ͕ϮϬϮϱ
x ^ƵƌĂƚ ŶŽŵŽƌ ϭϭϵͬ&&/ͬy/ͬϮϬϮϱ ƚĂŶŐŐĂů Ϯϰ x >ĞƚƚĞƌ ŶƵŵďĞƌ ϭϭϵͬ&&/ͬy/ͬϮϬϮϱ ĚĂƚĞĚ
EŽǀĞŵďĞƌϮϬϮϱ EŽǀĞŵďĞƌϮϰ͕ϮϬϮϱ
x ^ƵƌĂƚ ŶŽŵŽƌ ϭϮϭͬ&&/ͬy/ͬϮϬϮϱ ƚĂŶŐŐĂů Ϯϱ x >ĞƚƚĞƌ ŶƵŵďĞƌ ϭϮϭͬ&&/ͬy/ͬϮϬϮϱ ĚĂƚĞĚ
EŽǀĞŵďĞƌϮϬϮϱ EŽǀĞŵďĞƌϮϱ͕ϮϬϮϱ
x ^ƵƌĂƚ ŶŽŵŽƌ ϭϮϮͬ&&/ͬy/ͬϮϬϮϱ ƚĂŶŐŐĂů Ϯϴ x >ĞƚƚĞƌ ŶƵŵďĞƌ ϭϮϮͬ&&/ͬy/ͬϮϬϮϱ ĚĂƚĞĚ
EŽǀĞŵďĞƌϮϬϮϱ EŽǀĞŵďĞƌϮϴ͕ϮϬϮϱ
x ^ƵƌĂƚ ŶŽŵŽƌ ϭϮϱͬ&&/ͬy//ͬϮϬϮϱ ƚĂŶŐŐĂů ϰ x >ĞƚƚĞƌ ŶƵŵďĞƌ ϭϮϱͬ&&/ͬy//ͬϮϬϮϱ ĚĂƚĞĚ
ĞƐĞŵďĞƌϮϬϮϱ ĞĐĞŵďĞƌϰ͕ϮϬϮϱ
x ^ƵƌĂƚ ŶŽŵŽƌ ϭϮϳͬ&&/ͬy//ͬϮϬϮϱ ƚĂŶŐŐĂů ϴ x >ĞƚƚĞƌ ŶƵŵďĞƌ ϭϮϳͬ&&/ͬy//ͬϮϬϮϱ ĚĂƚĞĚ
ĞƐĞŵďĞƌϮϬϮϱ ĞĐĞŵďĞƌϴ͕ϮϬϮϱ
WĂĚĂƚĂŶŐŐĂůϱĞƐĞŵďĞƌϮϬϮϱ͕ďĞƌĚĂƐĂƌŬĂŶ^ K:< KŶ ĞĐĞŵďĞƌ ϱ͕ ϮϬϮϱ͕ ĂĐĐŽƌĚŝŶŐ ƚŽ ^ K:<
EŽ͘ϭϬͬ^ K:<͘ϬϰͬϮϬϮϱ ƚĞŶƚĂŶŐ ͞WĞŶLJĂŵƉĂŝĂŶ EŽ͘ϭϬͬ^ K:<͘ϬϰͬϮϬϮϰ ƌĞŐĂƌĚŝŶŐ ͞ ůĞĐƚƌŽŶŝĐ
>ĂƉŽƌĂŶ <ĞƉĞŵŝůŝŬĂŶ ĂƚĂƵ ^ĞƚŝĂƉ WĞƌƵďĂŚĂŶ EŽƚŝĨŝĐĂƚŝŽŶ ŽĨ KǁŶĞƌƐŚŝƉ ZĞƉŽƌƚƐ Žƌ ŶLJ ŚĂŶŐĞƐ
<ĞƉĞŵŝůŝŬĂŶ ^ĂŚĂŵ WĞƌƵƐĂŚĂĂŶ dĞƌďƵŬĂ ĚĂŶ ŝŶ KǁŶĞƌƐŚŝƉ ŽĨ WƵďůŝĐ ŽŵƉĂŶLJ͛Ɛ ^ŚĂƌĞƐ ĂŶĚ
>ĂƉŽƌĂŶŬƚŝǀŝƚĂƐDĞŶũĂŵŝŶŬĂŶ^ĂŚĂŵWĞƌƵƐĂŚĂĂŶ ZĞƉŽƌƚƐŽĨ^ŚĂƌĞƐtĂƌƌĂŶƚ͕͟ƚŚĞK:<ŚĂƐĂƉƉŽŝŶƚĞĚ
dĞƌďƵŬĂ^ĞĐĂƌĂ ůĞŬƚƌŽŶŝŬ͕͟K:<ƚĞůĂŚŵĞŶƵŶũƵŬWd ƚŚĞWd<^ /ĂƐƚŚĞƐĞƌǀŝĐĞƉƌŽǀŝĚĞƌŽĨƚŚĞ ůĞĐƚƌŽŶŝĐ
<^ /ƐĞďĂŐĂŝƉĞŶLJĞĚŝĂ^ŝƐƚĞŵWĞůĂƉŽƌĂŶ ůĞŬƚƌŽŶŝŬ ZĞƉŽƌƚŝŶŐ ^LJƐƚĞŵ͕ ŚĞŶĐĞ ƚŚĞ ŝŶǀĞƐƚŽƌƐ ĐĂŶ ƐƵďŵŝƚ
ƵŶƚƵŬ ƉĞŶLJĂŵƉĂŝĂŶ >ĂƉŽƌĂŶ <ĞƉĞŵŝůŝŬĂŶ ĂƚĂƵ ƚŚĞŝƌ ĐŚĂŶŐĞƐ ŽĨ ŽǁŶĞƌƐŚŝƉ ƌĞƉŽƌƚƐ ŝŶĚĞƉĞŶĚĞŶƚůLJ
^ĞƚŝĂƉ WĞƌƵďĂŚĂŶ <ĞƉĞŵŝůŝŬĂŶ ^ĂŚĂŵ WĞƌƵƐĂŚĂĂŶ ƚŚƌŽƵŐŚ ƚŚĞ Wd <^ /͛Ɛ ƌĞƉŽƌƚŝŶŐ ƐLJƐƚĞŵ͕ ŶĂŵĞůLJ
dĞƌďƵŬĂ͕ ƐĞŚŝŶŐŐĂ /ŶǀĞƐƚŽƌ ŵĞŶLJĂŵƉĂŝŬĂŶ ƐĞĐĂƌĂ <^ĞƐ͕ǁŝƚŚŽƵƚƚŚĞŽŵƉĂŶLJĂƐƚŚĞƉƌŽdžLJ͘
ŵĂŶĚŝƌŝ ŵĞůĂůƵŝ ƐŝƐƚĞŵ ƉĞůĂƉŽƌĂŶ Wd <^ / LJĂŝƚƵ
<^ĞƐƚĂŶƉĂŚĂƌƵƐĚŝǁĂŬŝůŝŽůĞŚWĞƌƐĞƌŽĂŶ͘
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
^/^d DW E' E>/E&Zh
&ZhDE' D Ed
^ĞƐƵĂŝ ĚĞŶŐĂŶ ŬĞƚĞŶƚƵĂŶ WK:< EŽ ϯϱ ƚĂŚƵŶ /Ŷ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ WK:< EŽ ϯϱ ŝŶ ϮϬϭϴ ĂďŽƵƚ
ϮϬϭϴ ŵĞŶŐĞŶĂŝ ŬĞǁĂũŝďĂŶ WĞƌƐĞƌŽĂŶ WĞŵďŝĂLJĂĂŶ &ŝŶĂŶĐŝŶŐ ƵƐŝŶĞƐƐ ZĞƐƉŽŶƐŝďŝůŝƚLJ ƚŽǁĂƌĚ &ƌĂƵĚ
ĚĂůĂŵ ŵĞůĂŬƐĂŶĂŬĂŶ WĞŶŐĞŶĚĂůŝĂŶ &ƌĂƵĚ͕ ŵĂŬĂ DĂŶĂŐĞŵĞŶƚ͕ ƚŚĞ ŽŵƉĂŶLJ ĨŽƌŵĞĚ ĂŶĚ
WĞƌƐĞƌŽĂŶ ƚĞůĂŚ ŵĞŶLJƵƐƵŶ ƐĞƌƚĂ ŵĞŶĞƌĂƉŬĂŶ ŝŵƉůĞŵĞŶƚƐ ƉŽůŝĐŝĞƐ ĨŽƌ ĨƌĂƵĚ ŵĂŶĂŐĞŵĞŶƚ͘ &ƌĂƵĚ
ŬĞďŝũĂŬĂŶƚĞƌŚĂĚĂƉƉĞŶŐĞŶĚĂůŝĂŶ&ƌĂƵĚ͘WĞƌďƵĂƚĂŶ ŝƐ ŝŶƚĞŶƚŝŽŶĂů ǁƌŽŶŐͲĚŽŝŶŐ ďLJ ŝŶĚŝǀŝĚƵĂů Žƌ ŐƌŽƵƉ
ŬĞĐƵƌĂŶŐĂŶ ;ĨƌĂƵĚͿ ĂĚĂůĂŚ ƚŝŶĚĂŬĂŶ ŬĞĐƵƌĂŶŐĂŶ ǁŚŝĐŚ ǀŝŽůĂƚĞƐ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ƌĞŐƵůĂƚŝŽŶƐ ĂŶĚ
LJĂŶŐ ĚŝůĂŬƵŬĂŶ ƐĞĐĂƌĂ ƐĞŶŐĂũĂ ŽůĞŚ ŝŶĚŝǀŝĚƵ ĂƚĂƵ ĞdžŝƐƚŝŶŐ ůĂǁƐ͘ dŚƵƐ͕ ĞǀĞƌLJ ĨƌĂƵĚ ĂĐƚ ŶĞĞĚƐ ƚŽ ďĞ
ŬŽůĞŬƚŝĨ ĚĞŶŐĂŶ ŵĞůĂŶŐŐĂƌ ŶŽƌŵĂ͕ ŬĞƚĞŶƚƵĂŶ ŚĂŶĚůĞĚ ƐǁŝĨƚůLJ ŝŶ ĂĐĐŽƌĚ ǁŝƚŚ ĐƵƌƌĞŶƚ ůĂǁ ĂŶĚ
WĞƌƐĞƌŽĂŶ ĚĂŶ ĂƚĂƵ ŬĞƚĞŶƚƵĂŶ ƉĞƌƵŶĚĂŶŐͲ ƌĞŐƵůĂƚŝŽŶƐ͘
ƵŶĚĂŶŐĂŶ LJĂŶŐ ďĞƌůĂŬƵ͘ KůĞŚ ŬĂƌĞŶĂ ŝƚƵ ƐĞƚŝĂƉ
ŬĞĐƵƌĂŶŐĂŶ LJĂŶŐ ƚĞƌũĂĚŝ ŚĂƌƵƐ ĚŝƚĂŶŐĂŶŝ ƐĞĐĞƉĂƚ
ŵƵŶŐŬŝŶ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ŬĞƚĞŶƚƵĂŶ ŚƵŬƵŵ ĚĂŶ
hŶĚĂŶŐͲƵŶĚĂŶŐLJĂŶŐďĞƌůĂŬƵ͘
ĂůĂŵƌĂŶŐŬĂƉĞŶŐĞŶĚĂůŝĂŶƚĞƌŚĂĚĂƉĨƌĂƵĚ͕ dŚĞ ŽŵƉĂŶLJ ŝŵƉůĞŵĞŶƚƐ ƐĞǀĞƌĂůƐƚƌĂƚĞŐŝĞƐ ĨŽƌ
WĞƌƐĞƌŽĂŶ ŵĞŶĞƌĂƉŬĂŶ ďĞďĞƌĂƉĂ ƐƚƌĂƚĞŐŝ ƐĞďĂŐĂŝ ĨƌĂƵĚŵĂŶĂŐĞŵĞŶƚƐƵĐŚĂƐ͗
ďĞƌŝŬƵƚ͗
Ă͘ WĞŶŐĂǁĂƐĂŶŬƚŝĨDĂŶĂũĞŵĞŶ Ă͘ ĐƚŝǀĞDĂŶĂŐĞŵĞŶƚ^ƵƉĞƌǀŝƐŝŽŶ
ŝƌĞŬƐŝ ĚĂŶ <ŽŵŝƐĂƌŝƐ ŵĞŵŝůŝŬŝ ƉĞƌĂŶ ĂŬƚŝĨ ŝƌĞĐƚŽƌƐĂŶĚŽŵŵŝƐƐŝŽŶĞƌƐŚĂǀĞĂŶĂĐƚŝǀĞ
ĚĂůĂŵ ŵĞůĂŬƵŬĂŶ ƉĞŶŐĞŶĚĂůŝĂŶ ĨƌĂƵĚ͘ ƌŽůĞ ƚŽǁĂƌĚ ĨƌĂƵĚ ŵĂŶĂŐĞŵĞŶƚ͘ dŚĞ ĚƵƚŝĞƐ
ĚĂƉƵŶ ǁĞǁĞŶĂŶŐ͕ ƚƵŐĂƐ ĚĂŶ ƚĂŶŐŐƵŶŐ ĂŶĚĂƵƚŚŽƌŝƚLJŽĨKŝŶĨƌĂƵĚŵĂŶĂŐĞŵĞŶƚ
ũĂǁĂď ĚĞǁĂŶ ĚŝƌĞŬƐŝ ĚĂůĂŵ ƉĞŶŐĞŶĚĂůŝĂŶ ĐŽŵƉƌŝƐĞŽĨ͗
ĨƌĂƵĚĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗ ƌĞĂƚĞ ĂǁĂƌĞŶĞƐƐ ĂŶĚĐĂƌĞƚŽǁĂƌĚ ĂŶƚŝͲ
DĞŵďĂŶŐƵŶ ďƵĚĂLJĂ ĚĂŶ ŬĞƉĞĚƵůŝĂŶ ĨƌĂƵĚ ƚŚƌŽƵŐŚŽƵƚ ƚŚĞ ŽƌŐĂŶŝnjĂƚŝŽŶ
ƚĞƌŚĂĚĂƉĂŶƚŝͲĨƌĂƵĚƉĂĚĂƐĞůƵƌƵŚũĞŶũĂŶŐ ŝŶĐůƵĚŝŶŐ ĂŶƚŝͲĨƌĂƵĚ ĚĞĐůĂƌĂƚŝŽŶ ĂƐ ǁĞůů
ŽƌŐĂŶŝƐĂƐŝ͕ĂŶƚĂƌĂ ůĂŝŶ ŵĞůŝƉƵƚŝ ĚĞŬůĂƌĂƐŝ ĂƐ ĐůĞĂƌ ĞdžƉůĂŶĂƚŝŽŶ ƚŽ Ăůů ĞŵƉůŽLJĞĞƐ
ĂŶƚŝͲĨƌĂƵĚ ƐĞƌƚĂ ŬŽŵƵŶŝŬĂƐŝ LJĂŶŐ
ĂďŽƵƚĨƌĂƵĚƵůĞŶƚĂĐƚƐ
ŵĞŵĂĚĂŝ ŬĞƉĂĚĂ ƐĞůƵƌƵŚ ũĞŶũĂŶŐ
ŽƌŐĂŶŝƐĂƐŝ WĞƌƐĞƌŽĂŶ ƚĞŶƚĂŶŐ ƉĞƌŝůĂŬƵ
ƌĞĂƚĞ ĂŶĚ ŵŽŶŝƚŽƌ ƚŚĞ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ
LJĂŶŐƚĞƌŵĂƐƵŬƚŝŶĚĂŬĂŶĨƌĂƵĚ
ŽĨ ĞƚŚŝĐƐ ĐŽĚĞ ĂƐ ĨƌĂƵĚ ƉƌĞǀĞŶƚĂƚŝǀĞ
ŵĞĂƐƵƌĞƚŚƌŽƵŐŚŽƵƚƚŚĞŽŵƉĂŶLJ
DĞŶLJƵƐƵŶ ĚĂŶ ŵĞůĂŬƵŬĂŶ ƉĞŶŐĂǁĂƐĂŶ
ƉĞŶĞƌĂƉĂŶ ŬŽĚĞ ĞƚŝŬ ĚĂůĂŵ ƉĞŶĐĞŐĂŚĂŶ
ƌĞĂƚĞ ĂŶĚ ŵŽŶŝƚŽƌ ƚŚĞ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ
ĨƌĂƵĚďĂŐŝƐĞůƵƌƵŚũĞŶũĂŶŐŽƌŐĂŶŝƐĂƐŝ
ŽĨĂŶƚŝͲĨƌĂƵĚƉŽůŝĐLJ
DĞŶLJƵƐƵŶ ĚĂŶ ŵĞůĂŬƵŬĂŶ ƉĞŶŐĂǁĂƐĂŶ
/ŶĐƌĞĂƐĞ ƚŚĞ ƋƵĂůŝƚLJ ŽĨ ŚƵŵĂŶ ƌĞƐŽƵƌĐĞƐ
ƚĞƌŚĂĚĂƉƉĞŶĞƌĂƉĂŶƐƚƌĂƚĞŐŝĂŶƚŝͲĨƌĂƵĚ
ĞƐƉĞĐŝĂůůLJŝŶĨƌĂƵĚĂǁĂƌĞŶĞƐƐ
DĞŶŐĞŵďĂŶŐŬĂŶ ŬƵĂůŝƚĂƐ ƐƵŵďĞƌ ĚĂLJĂ
DŽŶŝƚŽƌĂŶĚĂƐƐĞƐƐĨƌĂƵĚĐĂƐĞƐĂŶĚĚŽĂ
ŵĂŶƵƐŝĂ ;^DͿ͕ ŬŚƵƐƵƐŶLJĂ LJĂŶŐ ƚĞƌŬĂŝƚ
ƉƌŽƉĞƌĨŽůůŽǁƵƉĂĨƚĞƌŝŶǀĞƐƚŝŐĂƚŝŽŶ
ĚĞŶŐĂŶ ƉĞŶŝŶŐŬĂƚĂŶ ĂǁĂƌĞŶĞƐƐ ĚĂŶ
ƉĞŶŐĞŶĚĂůŝĂŶĨƌĂƵĚ
ƵŝůĚ Ă ƉƌŽƉĞƌ ĐŚĂŶŶĞů ŽĨ ŝŶƚĞƌŶĂů
ĐŽŵŵƵŶŝĐĂƚŝŽŶ ƐŽ ƚŚĂƚ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ
DĞŵĂŶƚĂƵ ĚĂŶ ŵĞŶŐĞǀĂůƵĂƐŝ ŬĞũĂĚŝĂŶ
ĂŶƚŝͲĨƌĂƵĚƉŽůŝĐLJĐĂŶƌƵŶĞĨĨĞĐƚŝǀĞůLJ
ĨƌĂƵĚƐĞƌƚĂŵĞůĂŬƵŬĂŶƉĞŶĞƚĂƉĂŶƚŝŶĚĂŬ
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/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
ůĂŶũƵƚƐĞƚĞůĂŚĚŝůĂŬƵŬĂŶŝŶǀĞƐƚŝŐĂƐŝ
DĞŶŐĞŵďĂŶŐŬĂŶ ƐĂůƵƌĂŶ ŬŽŵƵŶŝŬĂƐŝ
LJĂŶŐ ĞĨĞŬƚŝĨ Ěŝ ŝŶƚĞƌŶĂů WĞƌƐĞƌŽĂŶ
WĞŵďŝĂLJĂĂŶ ĂŐĂƌ ƐĞůƵƌƵŚ ũĞŶũĂŶŐ
ŽƌŐĂŶŝƐĂƐŝ WĞƌƐĞƌŽĂŶ WĞŵďŝĂLJĂĂŶ
ŵĞŵĂŚĂŵŝĚĂŶŵĞŵĂƚƵŚŝŬĞďŝũĂŬĂŶĚĂŶ
ƉƌŽƐĞĚƵƌ LJĂŶŐ ďĞƌůĂŬƵ ƚĞƌŵĂƐƵŬ
ŬĞďŝũĂŬĂŶĚĂůĂŵƉĞŶŐĞŶĚĂůŝĂŶĨƌĂƵĚ
ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ďĞƌƚĂŶŐŐƵŶŐũĂǁĂď ƵŶƚƵŬ DĞĂŶǁŚŝůĞ͕ ƚŚĞ ŽĂƌĚ ŽĨ ŽŵŵŝƐƐŝŽŶĞƌƐ ŝƐ
ŵĞůĂŬƵŬĂŶ ƉĞŵĂŶƚĂƵĂŶ ĂƚĂƐ ƐŝƐƚĞŵ ƉĞŶŐĞŶĚĂůŝĂŶ ƌĞƐƉŽŶƐŝďůĞ ƚŽ ĚŽ ƌŽƵƚŝŶĞ ŵŽŶŝƚŽƌŝŶŐ ƚŽǁĂƌĚ ĂŶƚŝͲ
ĨƌĂƵĚƐĞĐĂƌĂďĞƌŬĂůĂ͘ ĨƌĂƵĚƉŽůŝĐLJ͘
<ĞďŝũĂŬĂŶ ŵĂŶĂũĞŵĞŶ ŵĞŶŐĞŶĂŝ WĞŶŐĞŶĚĂůŝĂŶ dŚĞŶƚŝͲĨƌĂƵĚƉŽůŝĐLJĐŽŶƐŝƐƚŽĨ͗
&ƌĂƵĚŵĞůŝƉƵƚŝ͗
ϭ͘ ^ĞƚŝĂƉ ďĞŶƚƵŬ ŬĞĐƵƌĂŶŐĂŶ ŚĂƌƵƐ ĚĂƉĂƚ ƐĞŐĞƌĂ ϭ͘ ǀĞƌLJ ŵĂŶŶĞƌ ŽĨ ĨŽƵů ƉůĂLJ ŶĞĞĚƐ ƚŽ ďĞ
ĚŝĂƚĂƐŝ ĂŐĂƌ ŬĞƌƵŐŝĂŶ LJĂŶŐ ƚŝŵďƵů ĚĂƉĂƚ ŚĂŶĚůĞĚƋƵŝĐŬůLJƚŽŵŝŶŝŵĂůŝnjĞƚŚĞĚĂŵĂŐĞ
ĚŝŵŝŶŝŵĂůŝƐĂƐŝ͘
Ϯ͘ ǀĞƌLJĞŵƉůŽLJĞĞŚĂƐƚŽƉĂƌƚŝĐŝƉĂƚĞŝŶĐƌĞĂƚŝŶŐ
Ϯ͘ ^ĞƚŝĂƉ ŬĂƌLJĂǁĂŶ ďĞƌƉĂƚŝƐŝƉĂƐŝ ĚĂůĂŵ ĂŶƚŝͲĨƌĂƵĚĐƵůƚƵƌĞŝŶƚŚĞĐŽŵƉĂŶLJ
ŵĞŶŐĞŵďĂŶŐŬĂŶ ďƵĚĂLJĂ ĂŶƚŝͲĨƌĂƵĚ Ěŝ ĚĂůĂŵ
WĞƌƐĞƌŽĂŶ͘ ϯ͘ ǀĞƌLJ ĞŵƉůŽLJĞĞ ƚŚĂƚ ĨŽƵŶĚ ƐƵƐƉŝĐŝŽŶ ŽĨ
ĨƌĂƵĚƵůĞŶƚ ĂĐƚ ŶĞĞĚƐ ƚŽ ƌĞƉŽƌƚ ŝƚ ĞŝƚŚĞƌ ƚŽ
ϯ͘ ^ĞƚŝĂƉ ŬĂƌLJĂǁĂŶ LJĂŶŐ ŵĞŶĞŵƵŬĂŶ ĚƵŐĂĂŶ
ƚŚĞŝƌĚĞƉĂƌƚŵĞŶƚŚĞĂĚŽƌƚŽĂŶƚŝͲĨƌĂƵĚƵŶŝƚ
ŬĞĐƵƌĂŶŐĂŶ ǁĂũŝď ƐĞŐĞƌĂ ŵĞůĂƉŽƌŬĂŶ ŬĞƉĂĚĂ
<ĞƉĂůĂ hŶŝƚ ŵĂƵƉƵŶ ůĂŶŐƐƵŶŐ ŬĞ hŶŝƚ <ĞƌũĂ
ϰ͘ ƐƚĂďůŝƐŚ ĂŶƚŝͲĨƌĂƵĚ ƵŶŝƚ ĂƐ ƉůĂĐĞ ƚŽ ĐŽůůĞĐƚ
WĞŶŐĞŶĚĂůŝĂŶ&ƌĂƵĚ͘
ƌĞƉŽƌƚ ĂŶĚ ĐŽŶĚƵĐƚ ŝŶǀĞƐƚŝŐĂƚŝŽŶƐ ƌĞůĂƚĞĚ ƚŽ
ϰ͘ DĞŵďĞŶƚƵŬ hŶŝƚ <ĞƌũĂ WĞŶŐĞŶĚĂůŝĂŶ &ƌĂƵĚ ĂŶLJƐƵƐƉŝĐŝŽŶŽĨĨƌĂƵĚ
ƐĞďĂŐĂŝ ǁĂĚĂŚ ŵĞŶĂŵƉƵŶŐ ůĂƉŽƌĂŶ ĚĂŶ
ŵĞůĂŬƵŬĂŶ ŝŶǀĞƐƚŝŐĂƐŝ ƚĞƌŬĂŝƚ ŬĞŵƵŶŐŬŝŶĂŶ ϱ͘ ůůĞŐĂƚŝŽŶ ŽĨ ĨƌĂƵĚ ƚŚĂƚ ŝŶĚŝĐĂƚĞ Ă ĐƌŝŵŝŶĂů
&ƌĂƵĚLJĂŶŐƚĞƌũĂĚŝ ĂĐƚ ŵĂLJ ďĞ ŚĂŶĚĞĚ ŽǀĞƌ ƚŽ ƉƌŽƉĞƌ
ĂƵƚŚŽƌŝƚŝĞƐ ƚŽ ďĞ ƉƌŽĐĞƐƐĞĚ ĂĐĐŽƌĚŝŶŐƚŽƚŚĞ
ϱ͘ ƵŐĂĂŶ ŬĞĐƵƌĂŶŐĂŶ LJĂŶŐ ďĞƌŝŶĚŝŬĂƐŝ ƚŝŶĚĂŬ ůĂǁĂƚKĚŝƐĐƌĞƚŝŽŶ
ƉŝĚĂŶĂ ĂƚĂƐ ƉĞƌƚŝŵďĂŶŐĂŶ ŝƌĞŬƐŝ ĚĂƉĂƚ
ĚŝůŝŵƉĂŚŬĂŶ ŬĞƉĂĚĂ WŝŚĂŬ ĞƌǁĂũŝď ƵŶƚƵŬ ϲ͘ dŽ ĞdžƉĞĚŝƚĞ ƚŚĞƉƌŽĐĞƐƐŽĨ ŝŶǀĞƐƚŝŐĂƚŝŽŶĂŶĚ
ƉĞŶĂŶŐĂŶĂŶŶLJĂ ĚĂŶ ĚŝƉƌŽƐĞƐ ƐĞƐƵĂŝ ŚƵŬƵŵ ŝŶĨŽƌŵĂƚŝŽŶ ŐĂƚŚĞƌŝŶŐ͕ ĞŵƉůŽLJĞĞƐ ƐƵƐƉĞĐƚĞĚ
LJĂŶŐďĞůĂŬƵ ŽĨ ĨƌĂƵĚ ŝŶǀŽůǀĞŵĞŶƚ ŵĂLJ ďĞ ƚĞŵƉŽƌĂƌŝůLJ
ƐƵƐƉĞŶĚĞĚ
ϲ͘ hŶƚƵŬ ŵĞŵƉĞƌůĂŶĐĂƌ ƉƌŽƐĞƐ ƉĞŶĞůŝƚŝĂŶ ĚĂŶ
ƉĞŶŐŐĂůŝĂŶ ŝŶĨŽƌŵĂƐŝ͕ ƉĞƚƵŐĂƐ LJĂŶŐ ĚŝĚƵŐĂ
ϳ͘ ǀĞƌLJ ŝŶǀĞƐƚŝŐĂƚŝŽŶ ĂŶĚ ŝŶĨŽƌŵĂƚŝŽŶ
ƚĞƌŬĂŝƚ ĚĞŶŐĂŶ ĚƵŐĂĂŶ ŬĞĐƵƌĂŶŐĂŶ ĚĂƉĂƚ
ŐĂƚŚĞƌŝŶŐ ŚĂƐ ƚŽ ďĞ ƌĞĐŽƌĚĞĚ ŽŶ ĂŶƚŝͲĨƌĂƵĚ
ĚŝďĞďĂƐƚƵŐĂƐŬĂŶƐĞŵĞŶƚĂƌĂ͘
ƵŶŝƚ͛ƐŵŝŶƵƚĞŽĨŵĞĞƚŝŶŐ
ϳ͘ ^ĞƚŝĂƉƉĞŶĞůŝƚĂŶĚĂŶƉĞŶŐŐĂůŝĂŶŝŶĨŽƌŵĂƐŝLJĂŶŐ
ĚŝůĂŬƵŬĂŶ ŚĂƌƵƐ ĚŝƚƵĂŶŐŬĂŶ ĚĂůĂŵ ƐƵĂƚƵ ϴ͘ ŽĐƵŵĞŶƚƐƌĞůĂƚĞĚƚŽĨƌĂƵĚĞǀŝĚĞŶĐĞŚĂǀĞƚŽ
EŽƚƵůĞŶ ƌĂƉĂƚ ƉĞƌƚĞŵƵĂŶ hŶŝƚ <ĞƌũĂ ďĞƐĞĐƵƌĞĚƵŶƚŝůŝŶǀĞƐƚŝŐĂƚŝŽŶŝƐŽǀĞƌ
WĞŶŐĞŶĚĂůŝĂŶ&ƌĂƵĚ
ϵ͘ ďŝĚĞ ďLJ ĞdžŝƐƚŝŶŐ ůĂǁ ĂŶĚ ƌĞŐƵůĂƚŝŽŶƐ Ăƚ Ăůů
ϴ͘ ŽŬƵŵĞŶͲĚŽŬƵŵĞŶ ƚĞƌŬĂŝƚ ďƵŬƚŝ ŬĞĐƵƌĂŶŐĂŶ ƚŝŵĞƐ
ƉĞƌůƵĚŝĂŵĂŶŬĂŶƐĂŵƉĂŝĚĞŶŐĂŶƉĞƌŵĂƐĂůĂŚĂŶ
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/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
ƐĞůĞƐĂŝ͘
ϵ͘ ^ĞůĂůƵ ďĞƌƉĞĚŽŵĂŶ ĚĂŶ ŵĞŵƉĞƌŚĂƚŝŬĂŶ
ŬĞƚĞŶƚƵĂŶͲŬĞƚĞŶƚƵĂŶĚĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶ
LJĂŶŐďĞƌůĂŬƵ
ď͘ hŶŝƚŶƚŝͲ&ƌĂƵĚ ď͘ ŶƚŝͲ&ƌĂƵĚhŶŝƚ
ĂůĂŵ ŵĞůĂŬƐĂŶĂŬĂŶ ŬŽŵŝƚŵĞŶ /Ŷ ĐĂƌƌLJŝŶŐ ŽƵƚ ƚŚĞ ĐŽŵŵŝƚŵĞŶƚ ŽĨ ĨƌĂƵĚ
ƉĞŶŐĞŶĚĂůŝĂŶ ĨƌĂƵĚ͕ ŵĂŬĂ ĞǁĂŶ ŝƌĞŬƐŝ ĐŽŶƚƌŽů͕ ƚŚĞ K ŝƐƐƵĞĚ Ă ĚĞĐƌĞĞ EŽ
ŵĞůĂůƵŝ ƐƵƌĂƚ ŬĞƉƵƚƵƐĂŶ EŽ Ͳ ϬϬϭͬ&&/͘ŝƌͬϮϬϭϵĚĂƚĞĚ&ĞďƌƵĂƌLJϭϰ͕ϮϬϭϵƚŽ
ϬϬϭͬ&&/͘ŝƌͬϮϬϭϵƚĞƌƚĂŶŐŐĂůϭϰ&ĞďƵĂƌŝϮϬϭϵ ĨŽƌŵ ĂŶ ĂŶƚŝͲĨƌĂƵĚ ƵŶŝƚ͘ dŚĞ ƵŶŝƚ ŚĂƐ ĚƵƚŝĞƐ
ƚĞůĂŚ ŵĞŵďĞŶƚƵŬ ƵŶŝƚ ŬĞƌũĂ ƉĞŶŐĞŶĚĂůŝĂŶ ĂŶĚƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐĂƐĨŽůůŽǁ͗
ĨƌĂƵĚ͘ hŶŝƚ ŬĞƌũĂ ƉĞŶŐĞŶĚĂůŝĂŶ ĨƌĂƵĚ
ŵĞŵŝůŝŬŝƚƵŐĂƐ ĚĂŶƚĂŶŐŐƵŶŐ ũĂǁĂď ƐĞďĂŐĂŝ
ďĞƌŝŬƵƚ͗
DĞŶŝŶĚĂŬůĂŶũƵƚŝ ůĂƉŽƌĂŶ ĚƵŐĂĂŶ &ŽůůŽǁŝŶŐƵƉŽŶƌĞƉŽƌƚƐŽĨĂůůĞŐĞĚĨƌĂƵĚ͕
ŬĞĐƵƌĂŶŐĂŶ͕ ŵĞůĂŬƵŬĂŶ ƉĞŶĞůŝƚŝĂŶ ĚĂŶ ŵĂŬĞ ŝŶƋƵŝƌŝĞƐ ĂŶĚ ĨŝŶĚ ŝŶĨŽƌŵĂƚŝŽŶ
ƉĞŶŐŐĂůŝĂŶŝŶĨŽƌŵĂƐŝƐĞĐĂƌĂĐĞƉĂƚ ƉƌŽŵƉƚůLJ
DĞůĂŬƵŬĂŶŝŶǀĞƐƚŝŐĂƐŝŬĞƉĂĚĂƉŝŚĂŬͲƉŝŚĂŬ ŽŶĚƵĐƚŝŶŐ ŝŶǀĞƐƚŝŐĂƚŝŽŶƐ ƚŽǁĂƌĚ
ƚĞƌŬĂŝƚ ĚĂůĂŵ ƌĂŶŐŬĂ ŵĞŶŐƵŵƉƵůŬĂŶ ƌĞůĂƚĞĚ ƉĂƌƚŝĞƐ ŝŶ ŽƌĚĞƌ ƚŽ ŐĂƚŚĞƌ
ŝŶĨŽƌŵĂƐŝͲŝŶĨŽƌŵĂƐŝLJĂŶŐĚŝƉĞƌůƵŬĂŶ ŶĞĐĞƐƐĂƌLJŝŶĨŽƌŵĂƚŝŽŶ
DĞůĂŬƵŬĂŶ ĂŶĂůŝƐĂ ƚĞƌŚĂĚĂƉ ŝŶĨŽƌŵĂƐŝͲ džĂŵŝŶĞƚŚĞŐĂƚŚĞƌĞĚŝŶĨŽƌŵĂƚŝŽŶ
ŝŶĨŽƌŵĂƐŝLJĂŶŐƚĞůĂŚĚŝŬƵŵƉƵůŬĂŶ͘ ZĞƉŽƌƚ ƚŚĞ ƌĞƐƵůƚ ĂŶĚ ƌĞĐŽŵŵĞŶĚĂƚŝŽŶ
DĞŵďĞƌŝŬĂŶ ŚĂƐŝů ƌĞŬŽŵĞŶĚĂƐŝ ƚŽKĂŶĚͬŽƌK
ƉĞŵĞƌŝŬƐĂĂŶ ŬĞƉĂĚĂ ĞǁĂŶ ŝƌĞŬƐŝ ƌĞĂƚĞ ƚƌĂŝŶŝŶŐ ƉƌŽŐƌĂŵ ĂďŽƵƚ ĨƌĂƵĚ
ŵĂƵƉƵŶĞǁĂŶ<ŽŵŝƐĂƌŝƐ ĂǁĂƌĞŶĞƐƐĨŽƌĞŵƉůŽLJĞĞƐ
DĞŵďƵĂƚ ƉƌŽŐƌĂŵ ƉĞůĂƚŝŚĂŶ ŵĞŶŐĞŶĂŝ
ĨƌĂƵĚĂǁĂƌĞŶĞƐƐƵŶƚƵŬƉŝŚĂŬŝŶƚĞƌŶĂů
Đ͘ WĞŶŐĞŶĚĂůŝĂŶĚĂŶWĞŵĂŶƚĂƵĂŶ Đ͘ ŽŶƚƌŽůĂŶĚDŽŶŝƚŽƌŝŶŐ
&Ƶũŝ&ŝŶĂŶĐĞŵĞŶĞƌĂƉŬĂŶƉƌŽƐĞĚƵƌƉƌĞǀĞŶƚŝĨ &Ƶũŝ &ŝŶĂŶĐĞ ŝŵƉůĞŵĞŶƚƐ Ă ƉƌĞǀĞŶƚŝǀĞ ĂŶĚ
ŵĂƵƉƵŶ ŬŽƌĞŬƚŝĨ ƚĞƌŚĂĚĂƉ ƚŝŶĚĂŬĂŶ ĐŽƌƌĞĐƚŝǀĞ ƉƌŽĐĞĚƵƌĞ ƚŽǁĂƌĚ ĨƌĂƵĚ͘ dŚĞ
ŬĞĐƵƌĂŶŐĂŶ͘ dŝŶĚĂŬĂŶ ƉƌĞǀĞŶƚŝĨ ďĞƌƵƉĂ ƉƌĞǀĞŶƚŝǀĞ ŵĞĂƐƵƌĞ ĐŽŶƐŝƐƚƐ ŽĨ ƐŽĐŝĂůŝnjĂƚŝŽŶ
ƐŽƐŝĂůŝĂƐŝ ďƵĚĂLJĂ ĂŶƚŝͲĨƌĂƵĚ ƚĞƌŚĂĚĂƉ ƉŝŚĂŬ ŽĨ ĂŶƚŝͲĨƌĂƵĚ ĐƵůƚƵƌĞ ďŽƚŚ ŝŶƚĞƌŶĂůůLJ ĂŶĚ
ŝŶƚĞƌŶĂůŵĂƵƉƵŶƉŝŚĂŬĞŬƐƚĞƌŶĂů͕ŝĚĞŶƚŝĨŝŬĂƐŝ ĞdžƚĞƌŶĂůůLJ͕ ŝĚĞŶƚŝĨŝĐĂƚŝŽŶ ŽĨ ƉŽƚĞŶƚŝĂů ĨƌĂƵĚ
ŬĞƌĂǁĂŶĂŶ ƚĞƌŚĂĚĂƉ ƉŽƚĞŶƐŝ ƚĞƌũĂĚŝŶLJĂ ŝŶ ĞĂĐŚ ĚŝǀŝƐŝŽŶ͕ ĂƉƉůŝĐĂƚŝŽŶ ŽĨ ͞ŬŶŽǁ LJŽƵƌ
ĨƌĂƵĚ Ěŝ ŵĂƐŝŶŐͲŵĂƐŝŶŐ ĚŝǀŝƐŝ͕ ƉĞůĂŬƐĂŶĂĂŶ ĞŵƉůŽLJĞĞ͟ ĚƵƌŝŶŐ ƌĞĐƌƵŝƚŵĞŶƚ͕ ĞƐƚĂďůŝƐŚ
͞ŬŶŽǁ LJŽƵƌ ĞŵƉůŽLJĞĞ͟ ĚĂůĂŵ ƉƌŽƐĞƐ ƐĞƉĂƌĂƚŝŽŶŽĨĨƵŶĐƚŝŽŶǁŝƚŚŝŶďƵƐŝŶĞƐƐĂůŽŶŐ
ƌĞŬƌƵƚŵĞŶ ĐĂůŽŶ ŬĂƌLJĂǁĂŶ͕ ŵĞŶĞƚĂƉŬĂŶ ǁŝƚŚ ĐĂƌƌLJ ŽƵƚ ƌŽƵƚŝŶĞ ŝŶƐƉĞĐƚŝŽŶ ŽĨ
ƉĞŵŝƐĂŚĂŶ ĨƵŶŐƐŝ ĚĂůĂŵ ƉĞůĂŬƐĂŶĂĂŶ ĐŽŵƉĂŶLJ͛ƐĂƐƐĞƚĂŶĚĚŽĐƵŵĞŶƚƐ͘
ĂŬƚŝǀŝƚĂƐ WĞƌƐĞƌŽĂŶ ƐĞƌƚĂ ŵĞůĂŬƵŬĂŶ
ƉĞŶŐĂǁĂƐĂŶ ƐĞĐĂƌĂ ďĞƌŬĂůĂ ƚĞƌŚĂĚĂƉ ĂƐƐĞƚ
ĨŝƐŝŬĚĂŶĚŽŬƵŵĞŶƚĂƐŝWĞƌƐĞƌŽĂŶ͘
^ĞůĂŝŶ ŝƚƵ ĚŝƚĞƌĂƉŬĂŶ ũƵŐĂ ƚŝŶĚĂŬĂŶ ŬŽƌĞŬƚŝĨ &ƵƌƚŚĞƌŵŽƌĞ͕ ŽŵƉĂŶLJ ĂůƐŽ ŝŵƉůĞŵĞŶƚƐ
ƚĞƌŚĂĚĂƉ ƉĞůĂŶŐŐĂƌĂŶ LJĂŶŐ ƚĞƌũĂĚŝ͘ ^ĞƚŝĂƉ ĐŽƌƌĞĐƚŝǀĞŵĞĂƐƵƌĞƐƚŽǁĂƌĚƐ ĨƌĂƵĚŝŶĐŝĚĞŶƚ͘
ŬĞũĂĚŝĂŶ ŬĞĐƵƌĂŶŐĂŶ ĚŝƚĞƌĂƉŬĂŶ ƉƌŽƐĞĚƵƌ &Žƌ ĞǀĞƌLJ ĨƌĂƵĚ ĐĂƐĞ͕ ƚŚĞƌĞ ǁŝůů ďĞ Ă
ƉĞŶĂŶŐĂŶĂŶ ƐĞƉĞƌƚŝ ƉĞůĂƉŽƌĂŶ ŬĞƉĂĚĂ ŚĂŶĚůŝŶŐ ƉƌŽĐĞĚƵƌĞ ƐƵĐŚ ĂƐ͗ ƌĞƉŽƌƚŝŶŐ
ŬĞƉĂůĂ ƵŶŝƚ ĚŝǀŝƐŝ͕ ŬĞƉĂůĂ ƵŶŝƚ ŬĞƌũĂ ĂŶƚŝͲ ƉƌŽĐĞƐƐ ƚŽ ŚĞĂĚ ŽĨ ĚŝǀŝƐŝŽŶ ƵŶŝƚ͕ ŚĞĂĚ ŽĨ
ĨƌĂƵĚ͕ ĚŝƌĞŬƐŝ ŵĂƵƉƵŶ ŬŽŵŝƐĂƌŝƐ ĚŝƐĞƌƚĂŝ ĂŶƚŝĨƌĂƵĚ ƵŶŝƚ͕ K Žƌ K ĂůŽŶŐ ǁŝƚŚ
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/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
ĚĞŶŐĂŶ ďƵŬƚŝͲďƵŬƚŝ ƉĞŶĚƵŬƵŶŐ͖ ƉƌŽƐĞƐ ƐƵƉƉŽƌƚŝŶŐ ĞǀŝĚĞŶĐĞ͖ ŝŶǀĞƐƚŝŐĂƚŝŽŶ ƉƌŽĐĞƐƐ
ŝŶǀĞƐƚŝŐĂƐŝ LJĂŶŐ ĚŝƉŝŵƉŝŶ ŽůĞŚ ŬĞƉĂůĂ ƵŶŝƚ ůĞĂĚƐ ďLJ ŚĞĂĚ ĂŶƚŝͲĨƌĂƵĚ ƵŶŝƚ͖ ŝŶǀĞƐƚŝŐĂƚŝŽŶ
ŬĞƌũĂ ĂŶƚŝͲĨƌĂƵĚ͕ ůĂƉŽƌĂŶ ŚĂƐŝů ŝŶǀĞƐƚŝŐĂƐŝ ƌĞƉŽƌƚ ĂŶĚ ƌĞĐŽŵŵĞŶĚĂƚŝŽŶ ƚŽ K ĂŶĚ
ƐĞƌƚĂ ƌĞŬŽŵĞŶĚĂƐŝ ŬĞƉĂĚĂ ĚŝƌĞŬƐŝ ŵĂƵƉƵŶ K͖ĚĞĐŝƐŝŽŶĨƌŽŵKĂŶĚK͖ĂƐǁĞůůĂƐ
ŬŽŵŝƐĂƌŝƐ͕ ŬĞƉƵƚƵƐĂŶ ŽůĞŚ ĚŝƌĞŬƐŝ ŵĂƵƉƵŶ ĐŽƌƌĞĐƚŝǀĞ ĂĐƚŝŽŶ ƚŽ ƉƌĞǀĞŶƚ ƌĞƉĞĂƚŝŶŐ
ŬŽŵŝƐĂƌŝƐ͕ ƐĞƌƚĂ ƚŝŶĚĂŬĂŶ ŬŽƌĞŬƚŝĨ ĂŐĂƌ ŽĐĐƵƌƌĞŶĐĞ͘ &Žƌ ĞǀĞƌLJ ĨƌĂƵĚ ŝŶĐŝĚĞŶƚ ƚŚĂƚ
ŬĞũĂĚŝĂŶ ƚĞƌƐĞďƵƚ ƚŝĚĂŬ ŬĞŵďĂůŝ ƚĞƌƵůĂŶŐ͘ ŚĂƉƉĞŶĞĚŝŶƚŚĞŽŵƉĂŶLJŽƌŽƚŚĞƌĐŽŵƉĂŶLJ
^ĞƚŝĂƉ ŬĞũĂĚŝĂŶ ĨƌĂƵĚ LJĂŶŐ ƚĞƌũĂĚŝ Ěŝ ŝƐ ƵƐĞĚ ĂƐ ŝŶƚĞƌŶĂů ĞǀĂůƵĂƚŝŽŶ ƚŽǁĂƌĚƐ ƚŚĞ
WĞƌƐĞƌŽĂŶ ŵĂƵƉƵŶ ƉĂĚĂ WĞƌƵƐĂŚĂĂŶ ƉŽƐƐŝďŝůŝƚLJŽĨƚŚĞƐĂŵĞĨƌĂƵĚŽĐĐƵƌƌŝŶŐ͘
WĞŵďŝĂLJĂĂŶůĂŝŶŶLJĂĚŝũĂĚŝŬĂŶƐĞďĂŐĂŝďĂŚĂŶ
ƉĞŵďĞůĂũĂƌĂŶĚĂŶĞǀĂůƵĂƐŝ͘
Ě͘ ĚƵŬĂƐŝĚĂŶWĞůĂƚŝŚĂŶ Ě͘ ĚƵĐĂƚŝŽŶĂŶĚdƌĂŝŶŝŶŐ
WĞƌƐĞƌŽĂŶ ďĞƌƵƉĂLJĂ ŵĞŶŝŶŐŬĂƚŬĂŶ ĨƌĂƵĚ dŚĞ ŽŵƉĂŶLJ ƐĞĞŬƐ ƚŽ ŝŶĐƌĞĂƐĞ ĨƌĂƵĚ
ĂǁĂƌĞŶĞƐƐ ƉĂĚĂ ŬĂƌLJĂǁĂŶŶLJĂ ĚĞŶŐĂŶ ĐĂƌĂ ĂǁĂƌĞŶĞƐƐĂŵŽŶŐŝƚƐĞŵƉůŽLJĞĞƐďLJƐĞŶĚŝŶŐ
ŵĞůĂŬƵŬĂŶ ƉĞůĂƚŝŚĂŶ͘ WĞůĂƚŝŚĂŶ ĚĂƉĂƚ ĞŵƉůŽLJĞĞ ƚŽ ĂƚƚĞŶĚ ĂŶƚŝͲĨƌĂƵĚ ƐĞŵŝŶĂƌ Žƌ
ĚŝůĂŬƵŬĂŶ ĚĞŶŐĂŶ ŵĞŶŐŝƌŝŵŬĂŶ ƉĞŐĂǁĂŝ ĚŽŝŶŐ ŝŶƚĞƌŶĂů ƚƌĂŝŶŝŶŐ ǁŝƚŚ ŵĂƚĞƌŝĂů
ƚĞƌŬĂŝƚ ƵŶƚƵŬ ŚĂĚŝƌ ĚĂůĂŵ ƐĞŵŝŶĂƌ ĂŶƚŝͲ ƉƌĞƉĂƌĞĚďLJĂŶƚŝͲĨƌĂƵĚƵŶŝƚ͘
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ƉĞůĂƉŽƌ ŬĞŵƵĚŝĂŶ ĂŬĂŶ ŵĞŶĞƌŝŵĂ ůĂƉŽƌĂŶ ǁŝůů ƚŚĞŶ ƌĞĐĞŝǀĞ Ă ŐƌĂĚƵĂů ƉƌŽŐƌĞƐƐ ƌĞƉŽƌƚ ƚŽ ƚŚĞ
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ŬŽƌƵƉƐŝ ĚĂŶ ŵĞŶũĂĚŝ ƉƌŝŽƌŝƚĂƐ ƵƚĂŵĂ WĞƌƐĞƌŽĂŶ ďĞĐŽŵĞƐ ƚŚĞ ŵĂŝŶ ƉƌŝŽƌŝƚLJ ǁŚŝůĞ ĚŽŝŶŐ ƚŚĞ
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WĞŶĐƵĐŝĂŶ hĂŶŐ͕ WĞŶĐĞŐĂŚĂŶ WĞŶĚĂŶĂĂŶ DĂƐƐ ĞƐƚƌƵĐƚŝŽŶƐ tĞĂƉŽŶƐ &ƵŶĚŝŶŐ ŝŶ ƚŚĞ
dĞƌŽƌŝƐŵĞ͕ ĚĂŶ WĞŶĐĞŐĂŚĂŶ WĞŶĚĂŶĂĂŶ WƌŽůŝĨĞƌĂƐŝ DƵůƚŝĨŝŶĂŶĐĞŽŵƉĂŶŝĞƐ͘
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Ŷƚŝ WĞŶĐƵĐŝĂŶ hĂŶŐ͕ WĞŶĐĞŐĂŚĂŶ WĞŶĚĂŶĂĂŶ >ĂƵŶĚĞƌŝŶŐ͕WƌĞǀĞŶƚŝŽŶƐŽĨdĞƌƌŽƌŝƐŵ&ƵŶĚŝŶŐ͕ĂŶĚ
dĞƌŽƌŝƐŵĞ͕ ĚĂŶ WĞŶĐĞŐĂŚĂŶ WĞŶĚĂŶĂĂŶ WƌŽůŝĨĞƌĂƐŝ WƌĞǀĞŶƚŝŽŶƐ ŽĨ DĂƐƐ ĞƐƚƌƵĐƚŝŽŶƐ tĞĂƉŽŶƐ
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ĚŝƐŽƐŝĂůŝƐĂƐŝŬĂŶ ŬĞƉĂĚĂ ƐĞůƵƌƵŚ ũĂũĂƌĂŶ WĞƌƐĞƌŽĂŶ ůĞǀĞůƐ ŽĨ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ƐƚƌƵĐƚƵƌĞ ŝŶĐůƵĚŝŶŐ ŽĨ
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ŵĂŶĂũĞŵĞŶ͕ĚĂŶŬĂƌLJĂǁĂŶ͘ ŵĂŶĂŐĞŵĞŶƚƐ͕ĂŶĚĞŵƉůŽLJĞĞƐ͘
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
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WĞƌƵƐĂŚĂĂŶdĞƌďƵŬĂ͘ 'ŽǀĞƌŶĂŶĐĞ'ƵŝĚĞůŝŶĞƐĨŽƌWƵďůŝĐŽŵƉĂŶŝĞƐ͘
WĞĚŽŵĂŶ dĂƚĂ <ĞůŽůĂ WĞƌƵƐĂŚĂĂŶ dĞƌďƵŬĂ 'ŽŽĚ ŽƌƉŽƌĂƚĞ 'ŽǀĞƌŶĂŶĐĞ 'ƵŝĚĞůŝŶĞƐ ĨŽƌ
ŵĞŶĐĂŬƵƉ ϱ ĂƐƉĞŬ͕ ϴƉƌŝŶƐŝƉ͕ĚĂŶ Ϯϱ ƌĞŬŽŵĞŶĚĂƐŝ WƵďůŝĐ ŽŵƉĂŶŝĞƐ ĞŶĐŽŵƉĂƐƐĞ ϱ ĂƐƉĞĐƚƐ͕ ϴ
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ƌĞĐŽŵŵĞŶĚĂƚŝŽŶǁŚŝĐŚĂƌĞƌĞƋƵŝƌĞĚ͘
WĞŶũĞůĂƐĂŶ;ĂƉĂďŝůĂ
ZĞŬŽŵĞŶĚĂƐŝͬ <ĞƉĂƚƵŚĂŶͬ ƚŝĚĂŬƚĞƌƉĞŶƵŚŝͿͬ
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ĐŽŵƉůŝĂŶĐĞͿ
͘ ,ƵďƵŶŐĂŶWĞƌƵƐĂŚĂĂŶdĞƌďƵŬĂĚĞŶŐĂŶWĞŵĞŐĂŶŐ^ĂŚĂŵĚĂůĂŵDĞŶũĂŵŝŶ,ĂŬʹŚĂŬWĞŵĞŐĂŶŐ
^ĂŚĂŵ
ZĞůĂƚŝŽŶƐŚŝƉŽĨWƵďůŝĐŽŵƉĂŶLJǁŝƚŚƚŚĞ^ŚĂƌĞŚŽůĚĞƌƐŝŶ ŶƐƵƌŝŶŐ^ŚĂƌĞŚŽůĚĞƌƐ͛ZŝŐŚƚƐ
ϭ͘ DĞŶŝŶŐŬĂƚŬĂŶEŝůĂŝWĞŶLJĞůĞŶŐŐĂƌĂĂŶZĂƉĂƚhŵƵŵWĞŵĞŐĂŶŐ^ĂŚĂŵ
/ŵƉƌŽǀŝŶŐƚŚĞsĂůƵĞŽĨ/ŵƉůĞŵĞŶƚĂƚŝŽŶŽĨ'ĞŶĞƌĂů^ŚĂƌĞŚŽůĚĞƌƐDĞĞƚŝŶŐ
ϭ͘ϭ WĞƌƵƐĂŚĂĂŶ dĞƌďƵŬĂ ŵĞŵŝůŝŬŝ ĐĂƌĂ ĂƚĂƵ ƉƌŽƐĞĚƵƌ ƚĞŬŶŝƐ
ƉĞŶŐƵŵƉƵůĂŶ ƐƵĂƌĂ ;ǀŽƚŝŶŐͿ ďĂŝŬ ƐĞĐĂƌĂ ƚĞƌďƵŬĂ ŵĂƵƉƵŶ
dĞůĂŚĚŝƉĂƚƵŚŝ
ƚĞƌƚƵƚƵƉ LJĂŶŐ ŵĞŶŐĞĚĞƉĂŶŬĂŶ ŝŶĚĞƉĞŶĚĞŶƐŝ͕ ĚĂŶ
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dŚĞWƵďůŝĐŽŵƉĂŶLJŚĂƐĂŵĞĂŶƐŽƌƚĞĐŚŶŝĐĂůƉƌŽĐĞĚƵƌĞĨŽƌ
ǀŽƚŝŶŐďŽƚŚŽƉĞŶĂŶĚĐůŽƐĞĚǀŽƚŝŶŐŵĞĐŚĂŶŝƐŵƐƚŚĂƚƵƉŚŽůĚ ŽŵƉůŝĞĚ
ƚŚĞŝŶĚĞƉĞŶĚĞŶĐĞĂŶĚŝŶƚĞƌĞƐƚŽĨƐŚĂƌĞŚŽůĚĞƌƐ
ϭ͘Ϯ ^ĞůƵƌƵŚ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ ĚĂŶ ĂŶŐŐŽƚĂ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ
dĞůĂŚĚŝƉĂƚƵŚŝ
WĞƌƵƐĂŚĂĂŶŚĂĚŝƌĚĂůĂŵZhW^dĂŚƵŶĂŶĚĂŶZhW^>ƵĂƌŝĂƐĂ
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ŽŵƉůŝĞĚ
ĂƚƚĞŶĚƚŚĞ'D^ĂŶĚ 'D^
ϭ͘ϯ ZŝŶŐŬĂƐĂŶ ZŝƐĂůĂŚ ZhW^ dĂŚƵŶĂŶ ĚĂŶ ZhW^ >ƵĂƌ ŝĂƐĂ
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ƉƌŽǀŝĚĞĚŝŶƚŚĞWƵďůŝĐŽŵƉĂŶLJ͛ƐǁĞďƐŝƚĞĨŽƌĂƚůĞĂƐƚϭ;ŽŶĞͿ ŽŵƉůŝĞĚ
LJĞĂƌ
Ϯ͘ DĞŶŝŶŐŬĂƚŬĂŶ<ƵĂůŝƚĂƐ<ŽŵƵŶŝŬĂƐŝWĞƌƵƐĂŚĂĂŶdĞƌďƵŬĂĚĞŶŐĂŶWĞŵĞŐĂŶŐ^ĂŚĂŵĂƚĂƵ/ŶǀĞƐƚŽƌ
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Ϯ͘ϭ WĞƌƵƐĂŚĂĂŶ dĞƌďƵŬĂ ŵĞŵŝůŝŬŝ ƐƵĂƚƵ ŬĞďŝũĂŬĂŶ ŬŽŵƵŶŝŬĂƐŝ
dĞůĂŚĚŝƉĂƚƵŚŝ
ĚĞŶŐĂŶƉĞŵĞŐĂŶŐƐĂŚĂŵĂƚĂƵŝŶǀĞƐƚŽƌ
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
dŚĞ WƵďůŝĐ ŽŵƉĂŶLJ ŚĂƐ ĐŽŵŵƵŶŝĐĂƚŝŽŶƐ ƉŽůŝĐLJ ǁŝƚŚ ƚŚĞ
ŽŵƉůŝĞĚ
ƐŚĂƌĞŚŽůĚĞƌƐŽƌŝŶǀĞƐƚŽƌƐ
Ϯ͘Ϯ WĞƌƵƐĂŚĂĂŶdĞƌďƵŬĂŵĞŶŐƵŶŐŬĂƉŬĂŶŬĞďŝũĂŬĂŶŬŽŵƵŶŝŬĂƐŝ
WĞƌƵƐĂŚĂĂŶ dĞƌďƵŬĂ ĚĞŶŐĂŶ ƉĞŵĞŐĂŶŐ ƐĂŚĂŵ ĂƚĂƵ dĞůĂŚĚŝƉĂƚƵŚŝ
ŝŶǀĞƐƚŽƌĚĂůĂŵ^ŝƚƵƐtĞď
dŚĞ WƵďůŝĐ ŽŵƉĂŶLJ ĚŝƐĐůŽƐĞƐ ŝƚƐ ĐŽŵŵƵŶŝĐĂƚŝŽŶƐ ƉŽůŝĐLJ ƚŽ
ŽŵƉůŝĞĚ
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ϯ͘ϭ WĞŶĞŶƚƵĂŶ ũƵŵůĂŚ ĂŶŐŐŽƚĂ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ
dĞůĂŚĚŝƉĂƚƵŚŝ
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ŽŵƉůŝĞĚ
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ϯ͘Ϯ WĞŶĞŶƚƵĂŶ ŬŽŵƉŽƐŝƐŝ ĂŶŐŐŽƚĂ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ
ŵĞŵƉĞƌŚĂƚŝŬĂŶ ŬĞďĞƌĂŐĂŵĂŶ ŬĞĂŚůŝĂŶ͕ ƉĞŶŐĞƚĂŚƵĂŶ͕ ĚĂŶ dĞůĂŚĚŝƉĂƚƵŚŝ
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dĞůĂŚĚŝƉĂƚƵŚŝ
ƵŶƚƵŬŵĞŶŝůĂŝŬŝŶĞƌũĂĞǁĂŶ<ŽŵŝƐĂƌŝƐ
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<ŽŵŝƐĂƌŝƐ͕ ĚŝƵŶŐŬĂƉŬĂŶ ŵĞůĂůƵŝ >ĂƉŽƌĂŶ dĂŚƵŶĂŶ dĞůĂŚĚŝƉĂƚƵŚŝ
dĞƌŝŶƚĞŐƌĂƐŝWĞƌƵƐĂŚĂĂŶdĞƌďƵŬĂ
^ĞůĨͲĂƐƐĞƐƐŵĞŶƚ ƉŽůŝĐLJ ƚŽ ĞǀĂůƵĂƚĞ ƚŚĞ K ƉĞƌĨŽƌŵĂŶĐĞ ŝƐ
ĚŝƐĐůŽƐĞĚ ŝŶ ƚŚĞ /ŶƚĞŐƌĂƚĞĚ ŶŶƵĂů ZĞƉŽƌƚ ŽĨ ƚŚĞ WƵďůŝĐ ŽŵƉůŝĞĚ
ŽŵƉĂŶLJ
ϰ͘ϯ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ŵĞŵƉƵŶLJĂŝ ŬĞďŝũĂŬĂŶ ƚĞƌŬĂŝƚ
ƉĞŶŐƵŶĚƵƌĂŶĚŝƌŝĂŶŐŐŽƚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐĂƉĂďŝůĂƚĞƌůŝďĂƚ dĞůĂŚĚŝƉĂƚƵŚŝ
ĚĂůĂŵŬĞũĂŚĂƚĂŶŬĞƵĂŶŐĂŶ
KŚĂƐĂƉŽůŝĐLJƌĞŐĂƌĚŝŶŐƚŚĞƌĞƐŝŐŶĂƚŝŽŶŽĨKŵĞŵďĞƌƐ
ŽŵƉůŝĞĚ
ƐŚŽƵůĚƚŚĞLJďĞŝŶǀŽůǀĞĚŝŶĂĨŝŶĂŶĐŝĂůĐƌŝŵĞ
ϰ͘ϰ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ĂƚĂƵ <ŽŵŝƚĞ LJĂŶŐ ŵĞŶũĂůĂŶŬĂŶ ĨƵŶŐƐŝ
EŽŵŝŶĂƐŝ ĚĂŶ ZĞŵƵŶĞƌĂƐŝ ŵĞŶLJƵƐƵŶ ŬĞďŝũĂŬĂŶ ƐƵŬƐĞƐŝ dĞůĂŚĚŝƉĂƚƵŚŝ
ĚĂůĂŵƉƌŽƐĞƐŶŽŵŝŶĂƐŝĂŶŐŐŽƚĂŝƌĞŬƐŝ
K Žƌ ƚŚĞ ŽŵŵŝƚƚĞĞ ĐĂƌƌLJŝŶŐ ŽƵƚ ƚŚĞ EŽŵŝŶĂƚŝŽŶ ĂŶĚ
ZĞŵƵŶĞƌĂƚŝŽŶĨƵŶĐƚŝŽŶƉƌĞƉĂƌĞƐƚŚĞƐƵĐĐĞƐƐŝŽŶƉŽůŝĐLJŝŶƚŚĞ ŽŵƉůŝĞĚ
KEŽŵŝŶĂƚŝŽŶƉƌŽĐĞƐƐ
͘ &ƵŶŐƐŝĚĂŶWĞƌĂŶŝƌĞŬƐŝ
&ƵŶĐƚŝŽŶƐĂŶĚZŽůĞƐŽĨƚŚĞK
ϱ͘ DĞŵƉĞƌŬƵĂƚ<ĞĂŶŐŐŽƚĂĂŶĚĂŶ<ŽŵƉŽƐŝƐŝŝƌĞŬƐŝ
^ƚƌĞŶŐŚƚĞŶŝŶŐƚŚĞDĞŵďĞƌƐŚŝƉĂŶĚŽŵƉŽƐŝƚŝŽŶŽĨƚŚĞK
105
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
ϱ͘ϭ WĞŶĞŶƚƵĂŶ ũƵŵůĂŚ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ ŵĞŵƉĞƌƚŝŵďĂŶŐŬĂŶ
ŬŽŶĚŝƐŝ WĞƌƵƐĂŚĂĂŶ dĞƌďƵŬĂ ƐĞƌƚĂ ĞĨĞŬƚŝĨŝƚĂƐ ĚĂůĂŵ dĞůĂŚĚŝƉĂƚƵŚŝ
ƉĞŶŐĂŵďŝůĂŶŬĞƉƵƚƵƐĂŶ
ĞƚĞƌŵŝŶĂƚŝŽŶŽĨKĐŽŵƉŽƐŝƚŝŽŶƚĂŬĞƐŝŶƚŽĐŽŶƐŝĚĞƌĂƚŝŽŶ
ƚŚĞ WƵďůŝĐ ŽŵƉĂŶLJ͛Ɛ ĐŽŶĚŝƚŝŽŶƐ ĂŶĚ ĞĨĨŝĐŝĞŶĐLJ ŝŶ ĚĞĐŝƐŝŽŶ ŽŵƉůŝĞĚ
ŵĂŬŝŶŐ
ϱ͘Ϯ WĞŶĞŶƚƵĂŶ ŬŽŵƉŽƐŝƐŝ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ ŵĞŵƉĞƌŚĂƚŝŬĂŶ
ŬĞďĞƌĂŐĂŵĂŶŬĞĂŚůŝĂŶ͕ƉĞŶŐĞƚĂŚƵĂŶ͕ĚĂŶƉĞŶŐĂůĂŵĂŶLJĂŶŐ dĞůĂŚĚŝƉĂƚƵŚŝ
ĚŝďƵƚƵŚŬĂŶ
ĞƚĞƌŵŝŶĂƚŝŽŶŽĨKĐŽŵƉŽƐŝƚŝŽŶƚĂŬĞƐŝŶƚŽĐŽŶƐŝĚĞƌĂƚŝŽŶ
ŝƚƐ ĚŝǀĞƌƐŝƚLJ ŝŶ ƚĞƌŵƐ ŽĨ ƐŬŝůůƐ͕ ŬŶŽǁůĞĚŐĞ͕ ĂŶĚ ĞdžƉĞƌŝĞŶĐĞ ŽŵƉůŝĞĚ
ƌĞƋƵŝƌĞĚ
ϱ͘ϯ ŶŐŐŽƚĂ ŝƌĞŬƐŝ LJĂŶŐ ŵĞŵďĂǁĂŚŝ ďŝĚĂŶŐ ĂŬƵŶƚĂŶƐŝ ĂƚĂƵ
ŬĞƵĂŶŐĂŶ ŵĞŵŝůŝŬŝ ŬĞĂŚůŝĂŶ ĚĂŶͬĂƚĂƵ ƉĞŶŐĞƚĂŚƵĂŶ Ěŝ dĞůĂŚĚŝƉĂƚƵŚŝ
ďŝĚĂŶŐĂŬƵŶƚĂŶƐŝ
DĞŵďĞƌŽĨƚŚĞKŝŶĐŚĂƌŐĞŽĨĂĐĐŽƵŶƚŝŶŐŽƌĨŝŶĂŶĐĞŚĂƐ
ŽŵƉůŝĞĚ
ĂŶĞdžƉĞƚŝƐĞĂŶĚͬŽƌŬŶŽǁůĞŐĞŝŶĂĐĐŽƵŶƚŝŶŐ
ϲ͘ DĞŶŝŶŐŬĂƚŬĂŶ<ƵĂůŝƚĂƐWĞůĂŬƐĂŶĂĂŶdƵŐĂƐĚĂŶdĂŶŐŐƵŶŐ:ĂǁĂďŝƌĞŬƐŝ
/ŵƉƌŽǀŝŶŐƚŚĞYƵĂůŝƚLJŽĨ/ŵƉůĞŵĞŶƚĂƚŝŽŶŽĨK͛ƐƵƚŝĞƐĂŶĚZĞƐƉŽŶƐŝďŝůŝƚŝĞƐ
ϲ͘ϭ ŝƌĞŬƐŝ ŵĞŵƉƵŶLJĂŝ ŬĞďŝũĂŬĂŶ ƉĞŶŝůĂŝĂŶ ƐĞŶĚŝƌŝ ƵŶƚƵŬ
dĞůĂŚĚŝƉĂƚƵŚŝ
ŵĞŶŝůĂŝŬŝŶĞƌũĂŝƌĞŬƐŝ
K ŚĂƐ Ă ƐĞůĨͲĂƐƐĞƐƐŵĞŶƚ ƉŽůŝĐLJ ƚŽ ĞǀĂůƵĂƚĞ ŝƚƐ
ŽŵƉůŝĞĚ
ƉĞƌĨŽƌŵĂŶĐĞ
ϲ͘Ϯ <ĞďŝũĂŬĂŶ ƉĞŶŝůĂŝĂŶ ƐĞŶĚŝƌŝ ƵŶƚƵŬ ŵĞŶŝůĂŝ ŬŝŶĞƌũĂ ŝƌĞŬƐŝ
ĚŝƵŶŐŬĂƉŬĂŶ ŵĞůĂůƵŝ >ĂƉŽƌĂŶ dĂŚƵŶĂŶ dĞƌŝŶƚĞŐƌĂƐŝ dĞůĂŚĚŝƉĂƚƵŚŝ
WĞƌƵƐĂŚĂĂŶdĞƌďƵŬĂ
^ĞůĨͲĂƐƐĞƐƐŵĞŶƚ ƉŽůŝĐLJ ƚŽ ĞǀĂůƵĂƚĞ ƚŚĞ K ƉĞƌĨŽƌŵĂŶĐĞ ŝƐ
ĚŝƐĐůŽƐĞĚ ŝŶ ƚŚĞ /ŶƚĞŐƌĂƚĞĚ ŶŶƵĂů ZĞƉŽƌƚ ŽĨ ƚŚĞ WƵďůŝĐ ŽŵƉůŝĞĚ
ŽŵƉĂŶLJ
ϲ͘ϯ ŝƌĞŬƐŝ ŵĞŵƉƵŶLJĂŝ ŬĞďŝũĂŬĂŶ ƚĞƌŬĂŝƚ ƉĞŶŐƵŶĚƵƌĂŶ Ěŝƌŝ
dĞůĂŚĚŝƉĂƚƵŚŝ
ĂŶŐŐŽƚĂŝƌĞŬƐŝĂƉĂďŝůĂƚĞƌůŝďĂƚĚĂůĂŵŬĞũĂŚĂƚĂŶŬĞƵĂŶŐĂŶ
KŚĂƐĂƉŽůŝĐLJƌĞŐĂƌĚŝŶŐƚŚĞƌĞƐŝŐŶĂƚŝŽŶŽĨKŵĞŵďĞƌƐ
ŽŵƉůŝĞĚ
ƐŚŽƵůĚƚŚĞLJďĞŝŶǀŽůǀĞĚŝŶĂĨŝŶĂŶĐŝĂůĐƌŝŵĞ
͘ WĂƌƚŝƐŝƉĂƐŝWĞŵĂŶŐŬƵ<ĞƉĞŶƚŝŶŐĂŶ
^ƚĂŬĞŚŽůĚĞƌƐ͛WĂƌƚŝĐŝƉĂƚŝŽŶ
ϳ͘ DĞŶŝŶŐŬĂƚŬĂŶƐƉĞŬdĂƚĂ<ĞůŽůĂWĞƌƵƐĂŚĂĂŶŵĞůĂůƵŝWĂƌƚŝƐŝƉĂƐŝWĞŵĂŶŐŬƵ<ĞƉĞŶƚŝŶŐĂŶ
/ŵƉƌŽǀŝŶŐŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞƐƉĞĐƚǀŝĂ^ƚĂŬĞŚŽůĚĞƌƐ͛WĂƌƚŝĐŝƉĂƚŝŽŶ
ϳ͘ϭ WĞƌƵƐĂŚĂĂŶ dĞƌďƵŬĂ ŵĞŵŝůŝŬŝ ŬĞďŝũĂŬĂŶ ƵŶƚƵŬ ŵĞŶĐĞŐĂŚ
dĞůĂŚĚŝƉĂƚƵŚŝ
ƚĞƌũĂĚŝŶLJĂŝŶƐŝĚĞƌƚƌĂĚŝŶŐ
dŚĞWƵďůŝĐŽŵƉĂŶLJŚĂƐĂƉŽůŝĐLJƚŽƉƌĞǀĞŶƚŝŶƐŝĚĞƌƚƌĂĚŝŶŐ ŽŵƉůŝĞĚ
ϳ͘Ϯ WĞƌƵƐĂŚĂĂŶ dĞƌďƵŬĂ ŵĞŵŝůŝŬŝ ŬĞďŝũĂŬĂŶ ĂŶƚŝ ŬŽƌƵƉƐŝ ĚĂŶ
dĞůĂŚĚŝƉĂƚƵŚŝ
ĂŶƚŝĨƌĂƵĚ
dŚĞ WƵďůŝĐ ŽŵƉĂŶLJ ŚĂƐ Ă ƉŽůŝĐLJ ŽŶ ĂŶƚŝͲĐŽƌƌƵƉƚŝŽŶ ĂŶĚ
ŽŵƉůŝĞĚ
ĂŶƚŝͲĨƌĂƵĚ
ϳ͘ϯ WĞƌƵƐĂŚĂĂŶdĞƌďƵŬĂŵĞŵŝůŝŬŝŬĞďŝũĂŬĂŶƚĞŶƚĂŶŐƐĞůĞŬƐŝĚĂŶ
dĞůĂŚĚŝƉĂƚƵŚŝ
ƉĞŶŝŶŐŬĂƚĂŶŬĞŵĂŵƉƵĂŶƉĞŵĂƐŽŬĂƚĂƵǀĞŶĚŽƌ
dŚĞ WƵďůŝĐ ŽŵƉĂŶLJ ŚĂƐ Ă ƉŽůŝĐLJ ŽŶ ǀĞŶĚŽƌ ͬ ƐƵƉƉůŝĞƌ
ŽŵƉůŝĞĚ
ƐĞůĞĐƚŝŽŶĂŶĚĞŶĐŚĂŶĐĞŵĞŶƚƐŬŝůůƐ
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/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
ϳ͘ϰ WĞƌƵƐĂŚĂĂŶ dĞƌďƵŬĂ ŵĞŵŝůŝŬŝ ŬĞďŝũĂŬĂŶ ƚĞŶƚĂŶŐ
dĞůĂŚĚŝƉĂƚƵŚŝ
ƉĞŵĞŶƵŚĂŶŚĂŬʹŚĂŬŬƌĞĚŝƚƵƌ
dŚĞ WƵďůŝĐ ŽŵƉĂŶLJ ŚĂƐ Ă ƉŽůŝĐLJ ŽŶ ĨƵůĨŝůůŝŶŐ ĐƌĞĚŝƚŽƌƐ͛
ŽŵƉůŝĞĚ
ƌŝŐŚƚƐ
ϳ͘ϱ WĞƌƵƐĂŚĂĂŶ dĞƌďƵŬĂ ŵĞŵŝůŝŬŝ ŬĞďŝũĂŬĂŶ ƐŝƐƚĞŵ
dĞůĂŚĚŝƉĂƚƵŚŝ
ǁŚŝƐƚůĞďůŽǁŝŶŐ
dŚĞWƵďůŝĐŽŵƉĂŶLJŚĂƐĂƉŽůŝĐLJŽŶǁŚŝƐƚůĞďůŽǁŝŶŐƐLJƐƚĞŵ ŽŵƉůŝĞĚ
ϳ͘ϲ WĞƌƵƐĂŚĂĂŶdĞƌďƵŬĂŵĞŵŝůŝŬŝŬĞďŝũĂŬĂŶƉĞŵďĞƌŝĂŶŝŶƐĞŶƚŝĨ
dĞůĂŚĚŝƉĂƚƵŚŝ
ũĂŶŐŬĂƉĂŶũĂŶŐŬĞƉĂĚĂŝƌĞŬƐŝĚĂŶ<ĂƌLJĂǁĂŶ
dŚĞ WƵďůŝĐ ŽŵƉĂŶLJ ŚĂƐ Ă ƉŽůŝĐLJ ŽŶ ůŽŶŐͲƚĞƌŵ ŝŶĐĞŶƚŝǀĞ
ŽŵƉůŝĞĚ
ƉƌŽǀŝƐŝŽŶƚŽƚŚĞKĂŶĚĞŵƉůŽLJĞĞƐ
͘ <ĞƚĞƌďƵŬĂĂŶ/ŶĨŽƌŵĂƐŝ
/ŶĨŽƌŵĂƚŝŽŶŝƐĐůŽƐƵƌĞ
ϴ͘ DĞŶŝŶŐŬĂƚŬĂŶWĞůĂŬƐĂŶĂĂŶ<ĞƚĞƌďƵŬĂĂŶ/ŶĨŽƌŵĂƐŝ
ŶĐŚĂŶĐŝŶŐ/ŶĨŽƌŵĂƚŝŽŶŝƐĐůŽƐƵƌĞ/ŵƉůĞŵĞŶƚĂƚŝŽŶ
ϴ͘ϭ WĞƌƵƐĂŚĂĂŶ dĞƌďƵŬĂ ŵĞŵĂŶĨĂĂƚŬĂŶ ƉĞŶŐŐƵŶĂĂŶ ƚĞŬŶŽůŽŐŝ
ŝŶĨŽƌŵĂƐŝ ƐĞĐĂƌĂ ůĞďŝŚ ůƵĂƐ ƐĞůĂŝŶ ƐŝƚƵƐ ǁĞď ƐĞďĂŐĂŝ ŵĞĚŝĂ dĞůĂŚĚŝƉĂƚƵŚŝ
ŬĞƚĞƌďƵŬĂĂŶŝŶĨŽƌŵĂƐŝ
dŚĞWƵďůŝĐŽŵƉĂŶLJƵƚŝůŝnjĞƐŝŶĨŽƌŵĂƚŝŽŶƚĞĐŚŶŽůŽŐLJďƌŽĂĚĞƌ
ďĞLJŽŶĚ ƚŚĞ ƵƐĞ ŽĨ ƚŚĞ ǁĞďƐŝƚĞ ĂƐ Ă ŵĞĂŶƐ ƚŽ ĚŝƐĐůŽƐĞ ŽŵƉůŝĞĚ
ŝŶĨŽƌŵĂƚŝŽŶ
ϴ͘Ϯ >ĂƉŽƌĂŶ dĂŚƵŶĂŶ dĞƌŝŶƚĞŐƌĂƐŝ WĞƌƵƐĂŚĂĂŶ dĞƌďƵŬĂ
ŵĞŶŐƵŶŐŬĂƉŬĂŶ ƉĞŵŝůŝŬ ŵĂŶĨĂĂƚ ĂŬŚŝƌ ĚĂůĂŵ ŬĞƉĞŵŝůŝŬĂŶ
ƐĂŚĂŵ WĞƌƵƐĂŚĂĂŶ dĞƌďƵŬĂ ƉĂůŝŶŐ ƐĞĚŝŬŝƚ ϱй͕ ƐĞůĂŝŶ
dĞůĂŚĚŝƉĂƚƵŚŝ
ƉĞŶŐƵŶŐŬĂƉĂŶ ƉĞŵŝůŝŬ ŵĂŶĨĂĂƚ ĂŬŚŝƌ ĚĂůĂŵ ŬĞƉĞŵŝůŝŬĂŶ
ƐĂŚĂŵ WĞƌƵƐĂŚĂĂŶ dĞƌďƵŬĂ ŵĞůĂůƵŝ ƉĞŵĞŐĂŶŐ ƐĂŚĂŵ
ƵƚĂŵĂĚĂŶƉĞŶŐĞŶĚĂůŝ
dŚĞ WƵďůŝĐ ŽŵƉĂŶLJ͛Ɛ /ŶƚĞŐƌĂƚĞĚ ŶŶƵĂů ZĞƉŽƌƚ ĚŝƐĐůŽƐĞƐ
ƚŚĞƵůƚŝŵĂƚĞďĞŶĞĨŝĐŝĂƌLJŽĨƚŚĞŽǁŶĞƌƐŚŝƉŽĨŝƚƐƐŚĂƌĞƐĨŽƌĂƚ
ŽŵƉůŝĞĚ
ůĞĂƐƚϱйŽǁŶĞƌƐŚŝƉŽĨƐŚĂƌĞƐŽĨƚŚĞƉƵďůŝĐĐŽŵƉĂŶLJǀŝĂƚŚĞ
ŵĂũŽƌĂŶĚĐŽŶƚƌŽůůŝŶŐƐŚĂƌĞŚŽůĚĞƌƐ
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KEBERLANJUTAN
SUSTAINABILITY
2025
INTEGRATED
ANNUAL REPORT
Laporan Keuangan Terintegrasi
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
dE''hE':t^K^/>W Z^ ZKE
KDWEz^K/>Z ^WKE^//>/dz
WĞƌŶLJĂƚĂĂŶ<ĞďĞƌůĂŶũƵƚĂŶ'Z/ϮͲϮϮϱϭ͗Ͳϭ ^ƵƐƚĂŝŶĂďŝůŝƚLJ^ƚĂƚĞŵĞŶƚ'Z/ϮͲϮϮϱϭ͗Ͳϭ
^ĞďĂŐĂŝ ƐƵĂƚƵ WĞƌƐĞƌŽĂŶ ƉĞŵďŝĂLJĂĂŶ͕ &Ƶũŝ Ɛ Ă ĨŝŶĂŶĐŝŶŐ ĐŽŵƉĂŶLJ͕ &Ƶũŝ &ŝŶĂŶĐĞ
&ŝŶĂŶĐĞ /ŶĚŽŶĞƐŝĂ ŵĞŶLJĂĚĂƌŝ ƉĞŶƚŝŶŐŶLJĂ ƉĞƌĂŶĂŶ /ŶĚŽŶĞƐŝĂ ƌĞĐŽŐŶŝnjĞƐ ƚŚĞ ŝŵƉŽƌƚĂŶĐĞ ŽĨ ĞĐŽŶŽŵŝĐ
ƉĞƌƚƵŵďƵŚĂŶ ĞŬŽŶŽŵŝ ĚĂŶ ŬĞƐĞũĂŚƚĞƌĂĂŶ ŐƌŽǁƚŚ ĂŶĚ ƐŽĐŝĂů ǁĞůĨĂƌĞ ŝŶ ŽƵƌ ďƵƐŝŶĞƐƐ
ŵĂƐLJĂƌĂŬĂƚ ĚĂůĂŵ ƉĞƌŬĞŵďĂŶŐĂŶ ƵƐĂŚĂŶLJĂ͘ KůĞŚ ĚĞǀĞůŽƉŵĞŶƚ͘dŚĞƌĞĨŽƌĞ͕ƚŚĞĐŽŵƉĂŶLJƐƚƌŝǀĞƐƚŽƌƵŶ
ƐĞďĂď ŝƚƵ͕ WĞƌƐĞƌŽĂŶ ƐĞŶĂƚŝĂƐĂ ŵĞŶũĂůĂŶŬĂŶ ŝƚƐ ďƵƐŝŶĞƐƐ ǁŝƚŚ ƚŚĞ ďĂƐŝƐ ŽĨ ƉƌŽĨŝƚ͕ ƉĞŽƉůĞ͕ ĂŶĚ
ŬĞŐŝĂƚĂŶƵƐĂŚĂLJĂŶŐďĞƌďĂƐŝƐƉƌŽĨŝƚ͕ƉĞŽƉůĞ͕ƉůĂŶĞƚ ƉůĂŶĞƚ ƚŽ ĐŽŶƚƌŝďƵƚĞ ƚŽǁĂƌĚ ƐƵƐƚĂŝŶĂďŝůŝƚLJ ŝŶ
ĚĞŵŝŵĞŶĚƵŬƵŶŐŬĞďĞƌůĂŶũƵƚĂŶĚŝŝŶĚŽŶĞƐŝĂ͘ /ŶĚŽŶĞƐŝĂ͘
<ŽŶƚƌŝďƵƐŝ ƵƚĂŵĂ WĞƌƐĞƌŽĂŶ ďĂŐŝ dŚĞ ĐŽŵƉĂŶLJΖƐ ĐŚŝĞĨ ĐŽŶƚƌŝďƵƚŝŽŶ ƚŽǁĂƌĚ
ŬĞďĞƌůĂŶũƵƚĂŶ ĚŝůĂŬƐĂŶĂŬĂŶ ĚĞŶŐĂŶ ŵĞůĂŬƵŬĂŶ ƐƵƐƚĂŝŶĂďŝůŝƚLJ ŝƐ ĐĂƌƌŝĞĚ ŽƵƚ ďLJ ĨŝŶĂŶĐŝŶŐ ƉƌŽũĞĐƚƐ
ƉĞŶLJĂůƵƌĂŶ ƉĞŵďŝĂLJĂĂŶ ŬĞƉĂĚĂ ƉƌŽLJĞŬ Ͳ ƉƌŽLJĞŬ ƚŚĂƚƐƵƉƉŽƌƚŝŶĨƌĂƐƚƌƵĐƚƵƌĞĚĞǀĞůŽƉŵĞŶƚŝŶŽƌĚĞƌƚŽ
LJĂŶŐŵĞŶĚƵŬƵŶŐƉĞŵďĂŶŐƵŶĂŶŝŶĨƌĂƐƚƌƵŬƚƵƌĚĞŵŝ ŝŶĐƌĞĂƐĞŚĂƌŵŽŶŝŽƵƐŐƌŽǁƚŚŝŶƚŚĞĞĐŽŶŽŵŝĐ͕ƐŽĐŝĂů
ŵĞŶŝŶŐŬĂƚŬĂŶƉĞƌƚƵŵďƵŚĂŶLJĂŶŐƐĞůĂƌĂƐĚŝďŝĚĂŶŐ ĂŶĚĞŶǀŝƌŽŶŵĞŶƚĂůƐĞĐƚŽƌŝŶ/ŶĚŽŶĞƐŝĂ͘
ĞŬŽŶŽŵŝ͕ƐŽƐŝĂůĚĂŶůŝŶŐŬƵŶŐĂŶŚŝĚƵƉĚŝŝŶĚŽŶĞƐŝĂ͘
sŝƐŝ<ĞďĞƌůĂŶũƵƚĂŶWĞƌƐĞƌŽĂŶϱϭ͗ͲϯĂ͕ͲϲĂ dŚĞŽŵƉĂŶLJ͛Ɛ^ƵƐƚĂŝŶĂďŝůŝƚLJsŝƐŝŽŶϱϭ͗ͲϯĂ͕ͲϲĂ
WĞƌƐĞƌŽĂŶ ŵĞŵďĂŐŝ ǀŝƐŝ ŬĞďĞƌůĂŶũƵƚĂŶ WĞƌƐĞƌŽĂŶ dŽ ďĞĐŽŵĞ ƚŚĞ ƉƌĞĨĞƌƌĞĚ ƉĂƌƚŶĞƌ ĨŽƌ ĨŝŶĂŶĐŝĂů
ƐĞƐƵĂŝĚĞŶŐĂŶƌĞŶĐĂŶĂWĞƌƐĞƌŽĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗ ƐŽůƵƚŝŽŶŝŶĚĞǀĞůŽƉŝŶŐ^ƵƐƚĂŝŶĂďůĞ&ŝŶĂŶĐĞ͘
¾ :ĂŶŐŬĂWĞŶĚĞŬ ¾ ^ŚŽƌƚdĞƌŵ
DĞŵƉƌŝŽƌŝƚĂƐŬĂŶ ƉĞŶLJĂůƵƌĂŶ ƉĞŵďŝĂLJĂĂŶ ƉĂĚĂ WƌŝŽƌŝƚŝnjĞĨŝŶĂŶĐŝŶŐĚŝƐƚƌŝďƵƚŝŽŶƚŽĞŶǀŝƌŽŶŵĞŶƚĂůůLJͲ
ƉƌŽLJĞŬ ĚĂŶ ƐĞŬƚŽƌ ƉƌŽĚƵŬƚŝĨ LJĂŶŐ ďĞƌǁĂǁĂƐĂŶ ĨƌŝĞŶĚůLJƉƌŽũĞĐƚƐĂŶĚƉƌŽĚƵĐƚŝǀĞƐĞĐƚŽƌƐ͘
ůŝŶŐŬƵŶŐĂŶ͘
¾ :ĂŶŐŬĂDĞŶĞŶŐĂŚ ¾ DĞĚŝƵŵdĞƌŵ
DĞŵƉĞƌůƵĂƐ ũĂŶŐŬĂƵĂŶ ƉĞŵďŝĂLJĂĂŶ LJĂŶŐ ŝŶŬůƵƐŝĨ džƉĂŶĚƚŚĞƌĞĂĐŚŽĨŝŶĐůƵƐŝǀĞĨŝŶĂŶĐŝŶŐƚŽƉƌŽŵŽƚĞ
ƵŶƚƵŬ ŵĞŶĚŽƌŽŶŐ ƉĞŶŝŶŐŬĂƚĂŶ ŬƵĂůŝƚĂƐ ŚŝĚƵƉ ŝŵƉƌŽǀĞĚ ƋƵĂůŝƚLJ ŽĨ ůŝĨĞ ĨŽƌ ĐŽŵŵƵŶŝƚŝĞƐ ĂŶĚ
ŵĂƐLJĂƌĂŬĂƚĚĂŶŵĞŵŝŶŝŵĂůŬĂŶĚĂŵƉĂŬůŝŶŐŬƵŶŐĂŶ ŵŝŶŝŵŝnjĞ ĞŶǀŝƌŽŶŵĞŶƚĂů ŝŵƉĂĐƚ ƚŚƌŽƵŐŚ ĞĨĨŝĐŝĞŶƚ
ŵĞůĂůƵŝŽƉĞƌĂƐŝŽŶĂůLJĂŶŐĞĨŝƐŝĞŶ͘ ŽƉĞƌĂƚŝŽŶƐ͘
¾ :ĂŶŐŬĂWĂŶũĂŶŐ ¾ >ŽŶŐdĞƌŵ
DĞǁƵũƵĚŬĂŶ ƉĞƌƚƵŵďƵŚĂŶ ƵƐĂŚĂ LJĂŶŐ ƚĂŶŐŐƵŚ ZĞĂůŝnjĞ ƌŽďƵƐƚ ĂŶĚ ƐƵƐƚĂŝŶĂďůĞ ďƵƐŝŶĞƐƐ ŐƌŽǁƚŚ ďLJ
ĚĂŶďĞƌŬĞůĂŶũƵƚĂŶĚĞŶŐĂŶŵĞŶũĂĚŝƉĞŶŐŐĞƌĂŬĂŬƚŝĨ ďĞĐŽŵŝŶŐ ĂŶ ĂĐƚŝǀĞ ĚƌŝǀĞƌ ŝŶ ƚŚĞ ŶĂƚŝŽŶĂů ŐƌĞĞŶ
ĚĂůĂŵĞŬŽƐŝƐƚĞŵĞŬŽŶŽŵŝŚŝũĂƵŶĂƐŝŽŶĂů ĞĐŽŶŽŵLJĞĐŽƐLJƐƚĞŵ͘
DŝƐŝ<ĞďĞƌůĂŶũƵƚĂŶWĞƌƐĞƌŽĂŶϱϭ͗ͲϯĂ͕ͲϲĂ dŚĞŽŵƉĂŶLJ͛Ɛ^ƵƐƚĂŝŶĂďŝůŝƚLJDŝƐƐŝŽŶϱϭ͗ͲϯĂ͕ͲϲĂ
DĞŶĚŽƌŽŶŐ ƉĞƌƚƵŵďƵŚĂŶ ĞŬŽŶŽŵŝ͕ ƐŽƐŝĂů ĚĂŶ ŶĐŽƵƌĂŐŝŶŐ ƐƵƐƚĂŝŶĂďůĞ ĂŶĚ ŝŶĐůƵƐŝǀĞ ŐƌŽǁƚŚ ĨŽƌ
ůŝŶŐŬƵŶŐĂŶ ŚŝĚƵƉ LJĂŶŐ ďĞƌƐŝĨĂƚ ďĞƌŬĞůĂŶũƵƚĂŶ ĚĂŶ ĞĐŽŶŽŵLJ͕ƐŽĐŝĂůĂŶĚĞŶǀŝƌŽŶŵĞŶƚ͘
ŝŶŬůƵƐŝĨ͘
ƵĚĂLJĂ<ĞďĞƌůĂŶũƵƚĂŶWĞƌƐĞƌŽĂŶϱϭ͗ͲϯĂ͕ͲϲĂ dŚĞŽŵƉĂŶLJ͛Ɛ^ƵƐƚĂŝŶĂďŝůŝƚLJƵůƚƵƌĞϱϭ͗ͲϯĂ͕ͲϲĂ
^ĞďĂŐĂŝ ƉĞŶĚƵŬƵŶŐ ƉƌŽŐƌĂŵ ŬĞďĞƌůĂŶũƵƚĂŶ Ɛ Ă ƐƵƉƉŽƌƚ ƚŽ ƚŚĞ ƐƵƐƚĂŝŶĂďŝůŝƚLJ ƉƌŽŐƌĂŵ
LJĂŶŐ ĚŝĐĂŶĂŶŐŬĂŶ ŽůĞŚ WĞƌƐĞƌŽĂŶ͕ WĞƌƐĞƌŽĂŶ ůĂƵŶĐŚĞĚ ďLJ ƚŚĞ ŽŵƉĂŶLJ͕ Ăůů ĞŵƉůŽLJĞĞƐ ĂŶĚ
ŵĞůŝďĂƚŬĂŶ ƐĞůƵƌƵŚ ƉĞŐĂǁĂŝ ƐĞŬĂůŝŐƵƐ ƉĞŵĂŶŐŬƵ ƐƚĂŬĞŚŽůĚĞƌ ĂƌĞ ŝŶǀŽůǀĞĚ ĂƐ ƚŚĞ ďĂƐŝƐ ĨŽƌ ƚŚĞ ƚŚĞ
ŬĞƉĞŶƚŝŶŐĂŶ LJĂŶŐ ŵĞŶũĂĚŝ ĚĂƐĂƌ ďƵĚĂLJĂ
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
ŬĞďĞƌůĂŶũƵƚĂŶWĞƌƐĞƌŽĂŶ͘ ŽŵƉĂŶLJ͛ƐƐƵƐƚĂŝŶĂďŝůŝƚLJĐƵůƚƵƌĞ͘
WĂƌĂ ƉĞŐĂǁĂŝ WĞƌƐĞƌŽĂŶ ĚŝŝŬƵƚͲƐĞƌƚĂŬĂŶ dŚĞ ŽŵƉĂŶLJ ĂƉƉůŝĞĚ ƚŚĞ ĞŵƉůŽLJĞĞƐ ƚŽ
ĚĂůĂŵ ďĞƌďĂŐĂŝ ƉĞůĂƚŝŚĂŶ ĚĂŶ ƐŽƐŝĂůŝƐĂƐŝ ƵŶƚƵŬ ƚƌĂŝŶŝŶŐƐ ĂŶĚ ƐŽĐŝĂůŝnjĂƚŝŽŶƐ ƚŽ ŝŶĐƌĞĂƐĞ ƚŚĞŝƌ
ŵĞŶŝŶŐŬĂƚŬĂŶ ƉĞŵĂŚĂŵĂŶ ƉĞŐĂǁĂŝ ŵĞŶŐĞŶĂŝ ƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨƚŚĞƐƵƐƚĂŝŶĂďŝůŝƚLJƉƌŽŐƌĂŵƐ͘tŝƚŚ
ƉƌŽŐƌĂŵ ŬĞďĞƌůĂŶũƵƚĂŶ͘ ĞŶŐĂŶ ƉĞŶŝŶŐŬĂƚĂŶ ŝŶĐƌĞĂƐĞĚ ƉƌŽĨŝĐŝĞŶĐLJ ŝŶ ƐƵƐƚĂŝŶĂďŝůŝƚLJ ƉƌŽŐƌĂŵ͕ ŝŶ
ƉĞŵĂŚĂŵĂŶ ĂƚĂƐ ƉƌŽŐƌĂŵ ŬĞďĞƌůĂŶũƵƚĂŶ͕ ƉĞŐĂǁĂŝ ĂĐĐŽƌĚĂŶĐĞ͕ ƚŚĞ ĞŵƉůŽLJĞĞƐ ƚŚĞŵƐĞůǀĞƐ ǁŝůů ďĞ
WĞƌƐĞƌŽĂŶ ŵĞŵŝůŝŬŝ ƚŝŶŐŬĂƚ ŬĞƐĂĚĂƌĂŶ LJĂŶŐ ƚŝŶŐŐŝ ĂǁĂƌĞ ŽĨ ƚŚĞ ŐŽĂůƐ ĂŶĚ ďĞŶĞĨŝƚƐ ĨƌŽŵ ƚŚĞ
ŵĞŶŐĞŶĂŝ ƚƵũƵĂŶ ĚĂŶ ŵĂŶĨĂĂƚ ĚĂƌŝ ƉƌŽŐƌĂŵ ƐƵƐƚĂŝŶĂďŝůŝƚLJƉƌŽŐƌĂŵ͘
ŬĞďĞƌůĂŶũƵƚĂŶ͘
ZŝŶĐŝĂŶ ŵĞŶŐĞŶĂŝ ƉƌŽŐƌĂŵ ŬĞďĞƌůĂŶũƵƚĂŶ ĞƚĂŝůƐ ƌĞŐĂƌĚŝŶŐ ƐƵƐƚĂŝŶĂďŝůŝƚLJ ƉƌŽŐƌĂŵƐ
LJĂŶŐĚŝƐĞůĞŶŐŐĂƌĂŬĂŶŽůĞŚWĞƌƐĞƌŽĂŶĚĂůĂŵďŝĚĂŶŐ ŽƌŐĂŶŝnjĞĚ ďLJ ƚŚĞ ŽŵƉĂŶLJ ŝŶ ƌĞŐĂƌĚ ƚŽ ƐŽĐŝĂů
ƐŽƐŝĂů͕ ůŝŶŐŬƵŶŐĂŶ ŚŝĚƵƉ͕ ĞŬŽŶŽŵŝ ĚŝƐĂũŝŬĂŶ ĚĂůĂŵ ĂƐƉĞĐƚ͕ĞŶǀŝƌŽŶŵĞŶƚĂůĂƐƉĞĐƚ͕ĂŶĚĞĐŽŶŽŵLJĂƐƉĞĐƚ
ďĂŐŝĂŶʹďĂŐŝĂŶĚĂůĂŵůĂƉŽƌĂŶŝŶŝ͘ ĂƌĞĨƵƚŚĞƌĞĚĞdžƉůĂŝŶĞĚŝŶƚŚŝƐƌĞƉŽƌƚ͘
WĞŶĞŶƚƵĂŶDĂƚĞƌŝĂůŝƚĂƐ'Z/ϯͲϭͲĂ DĂƚĞƌŝĂůŝƚLJĞƚĞƌŵŝŶĂƚŝŽŶ'Z/ϯͲϭͲĂ
ĂůĂŵ ŵĞŶĞŶƚƵŬĂŶ ƚŽƉŝŬ ŵĂƚĞƌŝĂů ĚĂůĂŵ /Ŷ ĚĞƚĞƌŵŝŶŝŶŐ ƚŚĞ ŵĂƚĞƌŝĂů ƚŽƉŝĐƐ ŝŶ ƚŚŝƐ
ůĂƉŽƌĂŶ ŝŶŝ͕ WĞƌƐĞƌŽĂŶ ŵĞŶŐŐƵŶĂŬĂŶ ůĂŶŐŬĂŚ ʹ ƌĞƉŽƌƚ͕ ƚŚĞ ŽŵƉĂŶLJ ƵƐĞƐƚŚĞ ƐƚĞƉƐŽƵƚůŝŶĞƐ ŝŶ ƚŚĞ
ůĂŶŐŬĂŚLJĂŶŐĚŝƚĞƚĂƉŬĂŶĚĂůĂŵƐƚĂŶĚĂƌ'Z/͕LJĂŝƚƵ͗ 'Z/ƐƚĂŶĚĂƌĚƐ͕ƐƵĐŚĂƐ͗
ϭ͘ DĞůĂŬƵŬĂŶŝĚĞŶƚŝĨŝŬĂƐŝĂƚĂƐƚŽƉŝŬĚĂŶďĂƚĂƐĂŶ ϭ͘ /ĚĞŶƚŝĨLJ ƚŽƉŝĐƐ ĂŶĚ ďŽƵŶĚĂƌŝĞƐ ĂĐĐŽƌĚŝŶŐ ƚŽ
ƐĞƐƵĂŝĚĞŶŐĂŶŬĞŐŝĂƚĂŶŽƉĞƌĂƐŝŽŶĂůWĞƌƐĞƌŽĂŶ ƚŚĞŽŵƉĂŶLJΖƐŽƉĞƌĂƚŝŽŶĂůĂĐƚŝǀŝƚŝĞƐ
Ϯ͘ DĞŶĞŶƚƵŬĂŶ ƉƌŝŽƌŝƚĂƐ ĂƚĂƐ ƚŽƉŝŬ LJĂŶŐ ƚĞůĂŚ Ϯ͘ WƌŝŽƌŝƚŝnjĞƚŚĞŝĚĞŶƚŝĨŝĞĚƚŽƉŝĐƐ
ĚŝŝĚĞŶƚŝĨŝŬĂƐŝ
ϯ͘ DĞŶŐƵŵƉƵůŬĂŶ ĚĂŶ ŵĞŶŐĂŶĂůŝƐĂ ĚĂƚĂ ϯ͘ ŽůůĞĐƚ ĂŶĚ ĂŶĂůLJnjĞ ĚĂƚĂ ƌĞůĂƚĞĚ ƚŽ ŵĂƚĞƌŝĂů
ƐĞŚƵďƵŶŐĂŶĚĞŶŐĂŶƚŽƉŝŬŵĂƚĞƌŝĂů ƚŽƉŝĐƐ
ϰ͘ DĞůĂŬƵŬĂŶ ƉĞŶŐŬĂũŝĂŶ ƵůĂŶŐ ďĞƌŬĂůĂ ĂƚĂƐ ϰ͘ ŽŶĚƵĐƚƉĞƌŝŽĚŝĐƌĞǀŝĞǁƐŽĨƚŚĞŵĂƚĞƌŝĂůŝƚLJŽĨ
ŵĂƚĞƌŝĂůŝƚĂƐĚĂƚĂLJĂŶŐĚŝůĂƉŽƌŬĂŶ ƚŚĞĚĂƚĂƌĞƉŽƌƚĞĚ
WƌŽƐĞƐ ƉĞŶĞŶƚƵĂŶ ƚŽƉŝŬ ŵĂƚĞƌŝĂů ĚŝůĂŬƵŬĂŶ dŚĞ ƉƌŽĐĞƐƐ ŽĨ ĚĞƚĞƌŵŝŶŝŶŐ ŵĂƚĞƌŝĂů ƚŽƉŝĐƐ
ŵĞůĂůƵŝ ĚŝƐŬƵƐŝ ŬĞůŽŵƉŽŬ ĚĂŶ ĚŝĚĂƐĂƌŬĂŶ ƉĂĚĂ ǁĂƐ ĐĂƌƌŝĞĚ ŽƵƚ ƚŚƌŽƵŐŚ ŐƌŽƵƉ ĚŝƐĐƵƐƐŝŽŶƐ ĂŶĚ ŝƐ
ƉƌŝŶƐŝƉ ĚĂůĂŵ ƐƚĂŶĚĂƌ 'Z/ LJĂŝƚƵ /ŶŬůƵƐŝǀŝƚĂƐ ďĂƐĞĚ ŽŶ ƚŚĞ ƉƌŝŶĐŝƉůĞƐ ŝŶ ƚŚĞ 'Z/ ƐƚĂŶĚĂƌĚƐ͕
WĞŵĂŶŐŬƵ <ĞƉĞŶƚŝŶŐĂŶ͕ <ŽŶƚĞŬƐ <ĞďĞƌůĂŶũƵƚĂŶ͕ ŶĂŵĞůLJ ^ƚĂŬĞŚŽůĚĞƌ /ŶĐůƵƐŝǀĞŶĞƐƐ͕ ^ƵƐƚĂŝŶĂďŝůŝƚLJ
DĂƚĞƌŝĂůŝƚĂƐ͕ĚĂŶ<ĞůĞŶŐŬĂƉĂŶ͘ĞƌĚĂƐĂƌŬĂŶƉƌŽƐĞƐ ŽŶƚĞdžƚ͕ DĂƚĞƌŝĂůŝƚLJ͕ ĂŶĚ ŽŵƉůĞƚĞŶĞƐƐ͘ ĂƐĞĚ ŽŶ
ƚĞƌƐĞďƵƚ͕ WĞƌƐĞƌŽĂŶ ŵĞŶĞŶƚƵŬĂŶ ŵĂƚƌŝŬƐ ƚŚŝƐ ƉƌŽĐĞƐƐ͕ ƚŚĞ ŽŵƉĂŶLJ ĚĞƚĞƌŵŝŶĞƐ ƚŚĞ
ŵĂƚĞƌŝĂůŝƚĂƐƐĞďĂŐĂŝďĞƌŝŬƵƚ͗ ŵĂƚĞƌŝĂůŝƚLJŵĂƚƌŝdžĂƐƐŚŽǁŶďĞůŽǁ͗
x Employee Welfare x GCG
Tinggi
Influence on Stakeholders’
x Customer Relation x Economic Performance
(High)
x Occupational Health & x Indirect Economy
Perception
Safety Impact
Menengah
x Social & Community
(Medium) x Training & Education
Development
x Diversity &
Opportunities
Equal
Rendah
x Energy Consumption
(Low)
Rendah / Low Menengah / Medium Tinggi / High
Impact to Company’s Sustainability
ŝĚĂƐĂƌŬĂŶƉĂĚĂϭϬϬϬ^ƚĂŬĞŚŽůĚĞƌ ŶŐĂŐĞŵĞŶƚ^ƚĂŶĚĂƌĚϮϬϭϱ ĂƐĞĚŽŶϭϬϬϬ^ƚĂŬĞŚŽůĚĞƌ ŶŐĂŐĞŵĞŶƚ^ƚĂŶĚĂƌĚϮϬϭϱ
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/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
WĞůŝďĂƚĂŶWĞŵĂŶŐŬƵ <ĞƉĞŶƚŝŶŐĂŶ 'Z/ϮͲϮϵͲĂ͕ϮͲϮϵͲĐϱϭ͗ ^ƚĂŬĞŚŽůĚĞƌƐ ŶŐĂŐĞŵĞŶƚ'Z/ϮͲϮϵͲĂ͕ϮͲϮϵͲĐϱϭ͗ͲϱĚ
ͲϱĚ
WĞŶŐĂŵďŝůĂŶ ŬĞƉƵƚƵƐĂŶ ĚĂƌŝ WĞŵĂŶŐŬƵ ĞĐŝƐŝŽŶƐ ĨƌŽŵ ƐƚĂŬĞŚŽůĚĞƌƐ ǁŝůů ĂĨĨĞĐƚ ƚŚĞ
<ĞƉĞŶƚŝŶŐĂŶ ŵĞŵƉĞŶŐĂƌƵŚŝ ƉĞŶŐĞůŽůĂĂŶ ďŝƐŶŝƐ ŽŵƉĂŶLJ ŝŶ ŵĂŶĂŐŝŶŐ ŝƚƐ ďƵƐŝŶĞƐƐ͕ ŚĞŶĐĞ ƚŚĞ
WĞƌƐĞƌŽĂŶ ƐĞŚŝŶŐŐĂ WĞƌƐĞƌŽĂŶ ŵĞůĂŬƵŬĂŶ ŽŵƉĂŶLJ ƚĂŬĞƐ ĂŶ ĂƉƉƌŽĂĐŚ ƚŽ ĞŶŐĂŐĞ ǁŝƚŚ ƚŚĞ
ƉĞŶĚĞŬĂƚĂŶ ƉĞůŝďĂƚĂŶ ƉĞŵĂŶŐŬƵ ŬĞƉĞŶƚŝŶŐĂŶ ƐƚĂŬĞŚŽůĚĞƌƐ ďLJ ŐĂƚŚĞƌŝŶŐ ŽƉŝŶŝŽŶƐ ĂŶĚ ĨĞĞĚďĂĐŬƐ
ĚĞŶŐĂŶŵĞŶŐƵŵƉƵůŬĂŶƉĞŶĚĂƉĂƚĚĂŶƵŵƉĂŶďĂůŝŬ ŶĞĞĚĞĚ͘ dŚĞ ŽŵƉĂŶLJ͛Ɛ ƐƚĂŬĞŚŽůĚĞƌƐ ĂƌĞ ĂƐ
LJĂŶŐĚŝƉĞƌůƵŬĂŶ͘WĞŵĂŶŐŬƵ<ĞƉĞŶƚŝŶŐĂŶWĞƌƐĞƌŽĂŶ ĨŽůůŽǁƐ͗
LJĂŶŐƚĞƌůŝďĂƚĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
WĞŵĂŶŐŬƵ
ĂƐĂƌWĞŵŝůŝŚĂŶ /ƐƵdĞƌŬĂŝƚ DĞƚŽĚĞ<ĞƚĞƌůŝďĂƚĂŶ
<ĞƉĞŶƚŝŶŐĂŶ
ĂƐŝƐŽĨĞƚĞƌŵŝŶĂƚŝŽŶ ZĞůĂƚĞĚ/ƐƐƵĞƐ ŶŐĂŐĞŵĞŶƚDĞƚŚŽĚ
^ƚĂŬĞŚŽůĚĞƌƐ
WĞůĂŶŐŐĂŶ Ͳ<ĞƚĞƌŐĂŶƚƵŶŐĂŶ Ͳ/ŶĨŽƌŵĂƐŝƉƌŽĚƵŬ hŵƉĂŶďĂůŝŬƉĞůĂŶŐŐĂŶ͕ŝĂůŽŐ
ƵƐƚŽŵĞƌ ĞƉĞŶĚĞŶĐLJ /ŶĨŽƌŵĂƚŝŽŶƌĞŐĂƌĚŝŶŐ
ƉƌŽĚƵĐƚƐ ƵƐƚŽŵĞƌĨĞĞĚďĂĐŬ͕ŝĂůŽŐƵĞ
ͲdĂŶŐŐƵŶŐũĂǁĂď Ͳ<ƵĂůŝƚĂƐƉĞůĂLJĂŶĂŶ
ZĞƐƉŽŶƐŝďŝůŝƚLJ ^ĞƌǀŝĐĞƋƵĂůŝƚLJ
ͲWĞŶLJĞůĞƐĂŝĂŶŬĞůƵŚĂŶĂƚĂƵ
ŵĂƐĂůĂŚ
ŽŵƉůĂŝŶƚƌĞƐŽůƵƚŝŽŶ
WĞŵĞŐĂŶŐ^ĂŚĂŵ Ͳ<ĞƚĞƌŐĂŶƚƵŶŐĂŶ ͲWĞƌĨŽƌŵĂŬĞƵĂŶŐĂŶ ZhW^͕>ĂƉŽƌĂŶŬƵĂƌƚĂůΘ
/ŶǀĞƐƚŽƌΘ ĞƉĞŶĚĞŶĐLJ &ŝŶĂŶĐŝĂůƉĞƌĨŽƌŵĂŶĐĞ ƚĂŚƵŶĂŶ͕WƵďůŝŬĂƐŝďĞƌŝƚĂ
^ŚĂƌĞŚŽůĚĞƌƐ ͲdĂƚĂ<ĞůŽůĂ
ͲdĂŶŐŐƵŶŐũĂǁĂď 'ŽŽĚŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞ 'D^͕YƵĂƌƚĞƌůLJΘŶŶƵĂůƌĞƉŽƌƚ͕
ZĞƐƉŽŶƐŝďŝůŝƚLJ ͲƌĂŚƉĞŶŐĞŵďĂŶŐĂŶďŝƐŶŝƐ WƵďůŝĐĂƚŝŽŶ
ƵƐŝŶĞƐƐĚĞǀĞůŽƉŵĞŶƚ
<ĂƌLJĂǁĂŶ Ͳ<ĞƚĞƌŐĂŶƚƵŶŐĂŶ ͲWĞŶŐĞŵďĂŶŐĂŶŬĂƌŝƌ ZĂƉĂƚ͕ ǀĂůƵĂƐŝďĞƌŬĂůĂ͕
ŵƉůŽLJĞĞ ĞƉĞŶĚĞŶĐLJ ĂƌĞĞƌĚĞǀĞůŽƉŵĞŶƚ <ŽŵƵŶŝŬĂƐŝƚĞƌƚƵůŝƐ
Ͳ<ĞƐĞũĂŚƚĞƌĂĂŶŬĂƌLJĂǁĂŶ
ͲdĂŶŐŐƵŶŐũĂǁĂď ŵƉůŽLJĞĞǁĞůĨĂƌĞ DĞĞƚŝŶŐ͕ZŽƵƚŝŶĞĞǀĂůƵĂƚŝŽŶ͕
ZĞƐƉŽŶƐŝďŝůŝƚLJ Ͳ/ŶĨŽƌŵĂƐŝĚĂŶƉƌŽƐĞĚƵƌ tƌŝƚƚĞŶĐŽŵŵƵŶŝĐĂƚŝŽŶ
ŽƉĞƌĂƐŝŽŶĂů
/ŶĨŽƌŵĂƚŝŽŶĂŶĚƉƌŽĐĞĚƵƌĞ
ƌĞŐĂƌĚŝŶŐŽƉĞƌĂƚŝŽŶĂů
WĞŵĞƌŝŶƚĂŚ ͲdĂŶŐŐƵŶŐũĂǁĂď Ͳ<ĞƉĂƚƵŚĂŶƚĞƌŚĂĚĂƉ >ĂƉŽƌĂŶďĞƌŬĂůĂ͕<ŽŵƵŶŝŬĂƐŝ
ZĞŐƵůĂƚŽƌ ZĞƐƉŽŶƐŝďŝůŝƚLJ ƉĞƌĂƚƵƌĂŶ ƚĞƌƚƵůŝƐ͕^ĞŵŝŶĂƌΘŝƐŬƵƐŝ
ZĞŐƵůĂƚŝŽŶĐŽŵƉůŝĂŶĐĞ
ͲWĞŶŐĂƌƵŚ Ͳ<ĞƐĞŚĂƚĂŶďŝƐŶŝƐ WĞƌŝŽĚŝĐƌĞƉŽƌƚ͕tƌŝƚƚĞŶ
/ŶĨůƵĞŶĐĞ ƵƐŝŶĞƐƐƐŽƵŶĚŶĞƐƐ ĐŽŵŵƵŶŝĐĂƚŝŽŶ͕^ĞŵŝŶĂƌΘ
ͲWĞƌůŝŶĚƵŶŐĂŶƉĞůĂŶŐŐĂŶ ŝƐĐƵƐƐŝŽŶ
ͲdĞŬĂŶĂŶ ƵƐƚŽŵĞƌƉƌŽƚĞĐƚŝŽŶ
dĞŶƐŝŽŶ
DĂƐLJĂƌĂŬĂƚ ͲdĂŶŐŐƵŶŐũĂǁĂď ͲĂŵƉĂŬŽƉĞƌĂƐŝŽŶĂů WƵďůŝŬĂƐŝ͕ĐĂƌĂƉƵďůŝŬ
WƵďůŝĐ ZĞƐƉŽŶƐŝďŝůŝƚLJ ƚĞƌŚĂĚĂƉ
ŬŽŵƵŶŝƚĂƐ WƵďůŝĐĂƚŝŽŶ͕WƵďůŝĐĞǀĞŶƚ
ͲZĂŐĂŵWĂŶĚĂŶŐĂŶ ƵƐŝŶĞƐƐŝŵƉĂĐƚƚŽ
ŝǀĞƌƐĞWĞƌƐƉĞĐƚŝǀĞ ĐŽŵŵƵŶŝƚLJ
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/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
&Ƶũŝ &ŝŶĂŶĐĞ /ŶĚŽŶĞƐŝĂ ũƵŐĂ ďĞƌŬŽŵƵŶŝŬĂƐŝ &Ƶũŝ &ŝŶĂŶĐĞ /ŶĚŽŶĞƐŝĂ ƐŝŵŝůĂƌůLJ ĞŶŐĂŐĞƐ ŝƚƐ
ĚĞŶŐĂŶ ƉĂƌĂ ƉĞŵĂŶŐŬƵ ŬĞƉĞŶƚŝŶŐĂŶŶLJĂ ŵĞůĂůƵŝ ƐƚĂŬĞŚŽůĚĞƌƐ ƚŚƌŽƵŐŚŵĞŵďĞƌƐŚŝƉŝŶŽƌŐĂŶŝnjĂƚŝŽŶƐ
ŬĞĂŶŐŐŽƚĂĂŶ ƉĂĚĂ ŽƌŐĂŶŝƐĂƐŝ LJĂŶŐ ďĞƌŚƵďƵŶŐĂŶ ƌĞůĞǀĂŶƚ ƚŽ ƚŚĞ ŽŵƉĂŶLJΖƐ ďƵƐŝŶĞƐƐ ĂĐƚŝǀŝƚŝĞƐ͘
ĚĞŶŐĂŶ ŬĞŐŝĂƚĂŶ ďŝƐŶŝƐ WĞƌƐĞƌŽĂŶ͘ <ĞƚĞƌůŝďĂƚĂŶ ^ƚĂŬĞŚŽůĚĞƌƐ ŝŶǀŽůǀĞŵĞŶƚ ǁŚĞƚŚĞƌ ĚŝƌĞĐƚůLJ Žƌ
ƉĞŵĂŶŐŬƵ ŬĞƉĞŶƚŝŶŐĂŶ ďĂŝŬ ƐĞĐĂƌĂ ůĂŶŐƐƵŶŐ ŝŶĚŝƌĞĐƚůLJ ŚĂƐ ĂůǁĂLJƐ ďĞĞŶ ŵŽŶŝƚŽƌĞĚ ĂŶĚ ĐĂƌƌŝĞĚ
ŵĂƵƉƵŶ ƚŝĚĂŬ ůĂŶŐƐƵŶŐ ƐĞŶĂŶƚŝĂƐĂ ĚŝƉĂŶƚĂƵ ĚĂŶ ŽƵƚ ďLJ ƚŚĞ ŽŵƉĂŶLJ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ĞdžŝƐƚŝŶŐ
ĚŝůĂŬƐĂŶĂŬĂŶ ŽůĞŚ WĞƌƐĞƌŽĂŶ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ƐŝƚƵĂƐŝ ƐŝƚƵĂƚŝŽŶĂŶĚĐŽŶĐĞƌŶƐ͘
ĚĂŶŝƐƵLJĂŶŐĂĚĂ͘
ůŽŬĂƐŝĂŶĂ ƵĚŐĞƚůůŽĐĂƚŝŽŶ
WĂĚĂƚĂŚƵŶϮϬϮϱ͕WĞƌƐĞƌŽĂŶŵĞŶŐĂůŽŬĂƐŝŬĂŶ ƵƌŝŶŐ ϮϬϮϱ͕ ƚŚĞ ŽŵƉĂŶLJ ĂůůŽĐĂƚĞĚ ZƉ
ĚĂŶĂ ƐĞďĞƐĂƌ ZƉ ϱ͘ϬϬϬ͘ϬϬϬ ƵŶƚƵŬ ƉƌŽŐƌĂŵ ϱ͕ϬϬϬ͕ϬϬϬ ĂƐ ^Z ĨƵŶĚ ǁŝƚŚŽƵƚ ĂĐĐŽƵŶƚŝŶŐ ĨŽƌ
ƚĂŶŐŐƵŶŐũĂǁĂďƐŽƐŝĂůWĞƌƐĞƌŽĂŶĚŝůƵĂƌƉĞŶLJĂůƵƌĂŶ ĨŝŶĂŶĐŝŶŐĚŝƐďƵƌƐĞŵĞŶƚ͘
ƉĞŵďŝĂLJĂĂŶ͘
WƌŽŐƌĂŵƚĂŶŐŐƵŶŐũĂǁĂď^ŽƐŝĂůWĞƌƐĞƌŽĂŶϱϭ͗ͲϯĂ ^ZWƌŽŐƌĂŵϱϭ͗ͲϯĂ
ĂůĂŵ ŵĞŶĚƵŬƵŶŐ ƉĞŶŐĞŵďĂŶŐĂŶ /Ŷ ƐƵƉƉŽƌƚŝŶŐ ƐƵƐƚĂŝŶĂďůĞ ĚĞǀĞůŽƉŵĞŶƚ ŝŶ
ďĞƌŬĞůĂŶũƵƚĂŶ Ěŝ /ŶĚŽŶĞƐŝĂ͕ WĞƌƐĞƌŽĂŶ ŵĞŵŝůŝŚ /ŶĚŽŶĞƐŝĂ͕ƚŚĞŽŵƉĂŶLJĐŚŽƐĞƚŽĨŽĐƵƐŽŶϱŽĨƚŚĞ
ƵŶƚƵŬďĞƌĨŽŬƵƐŬĞƉĂĚĂϱĚĂƌŝϭϳƐĂƐĂƌĂŶLJĂŶŐƚĞůĂŚ ϭϳŐŽĂůƐƚŚĂƚŚĂǀĞďĞĞŶƐĞƚ͕ŶĂŵĞůLJ
ĚŝƚĞƚĂƉŬĂŶ͕LJĂŝƚƵ͗
Đ
WĞŶĐĂƉĂŝĂŶ ƐĂƐĂƌĂŶ ŝŶŝ ĚŝůĂŬƵŬĂŶ ŵĞůĂůƵŝ dŚĞ ĨƵůĨŝůůŵĞŶƚ ŽĨ ƚŚĞƐĞ ƚĂƌŐĞƚƐ ĂƌĞ ĐĂƌƌŝĞĚ
ďĞƌďĂŐĂŝ ŵĞƚŽĚĞ ƐĞƉĞƌƚŝ ƉĞŶLJĂůƵƌĂŶ ƉĞŵďŝĂLJĂĂŶ ŽƵƚ ƚŚƌŽƵŐŚ ǀĂƌŝŽƵƐ ŵĞƚŚŽĚƐ ƐƵĐŚ ĂƐ ƚŚĞ
LJĂŶŐ ŵĞŶĚƵŬƵŶŐ ƉĞŶĐĂƉĂŝĂŶ ƐĂƐĂƌĂŶ ƚĞƌƐĞďƵƚ͕ ĚŝƐƚƌŝďƵƚŝŽŶ ŽĨ ĨŝŶĂŶĐŝŶŐ ƚŚĂƚ ƐƵƉƉŽƌƚƐ ƚŚĞ
ƉĞůĂŬƐĂŶĂĂŶ <ϯ ĚĂůĂŵ ůŝŶŐŬƵŶŐĂŶ ŬĞƌũĂ ƐĞƌƚĂ ĂĐŚŝĞǀĞŵĞŶƚ ŽĨ ƚŚĞƐĞ ƚĂƌŐĞƚƐ͕ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ
ŵĞůĂůƵŝ ƉƌŽŐƌĂŵ ƚĂŶŐŐƵŶŐũĂǁĂď ƐŽƐŝĂů WĞƌƐĞƌŽĂŶ ŽĐĐƵƉĂƚŝŽŶĂů ŚĞĂůƚŚ ĂŶĚ ƐĂĨĞƚLJ Ăƚ ǁŽƌŬ ĂƐ ǁĞůů ĂƐ
LJĂŝƚƵ͗ ƚŚƌŽƵŐŚ ƚŚĞ ŽŵƉĂŶLJΖƐ ƐŽĐŝĂů ƌĞƐƉŽŶƐŝďŝůŝƚLJ
ƉƌŽŐƌĂŵƐ͕ƐƵĐŚĂƐ͗
WĞŵďĞƌĚĂLJĂĂŶƚĞŶĂŐĂŬĞƌũĂůŽŬĂů >ŽĐĂůŵĂŶƉŽǁĞƌĞŵƉŽǁĞƌŵĞŶƚ
WĞŵďĞƌŝĂŶ ĂƐƵƌĂŶƐŝ ŬĞƐĞŚĂƚĂŶ ĚĂŶ ,ĞĂůƚŚĂŶĚ ŵƉůŽLJŵĞŶƚ/ŶƐƵƌĂŶĐĞƉƌŽǀŝƐŝŽŶ
ŬĞƚĞŶĂŐĂŬĞƌũĂĂŶŬĞƉĂĚĂŬĂƌLJĂǁĂŶ zĞĂƌůLJ ŵƉůŽLJĞĞZĞĐƌĞĂƚŝŽŶƐ
WĞŶŐĂĚĂĂŶ ƌĞŬƌĞĂƐŝ ŬĂƌLJĂǁĂŶ ƐĞƚŝĂƉ ĞůĞďƌĂƚŝŽŶƐŽĨŶĂƚŝŽŶĂůĂŶĚƌĞůŝŐŝŽƵƐŚŽůŝĚĂLJƐ
ƚĂŚƵŶŶLJĂ WĂƌƚŝĐŝƉĂƚŝŽŶŝŶůŝƚĞƌĂĐLJĂŶĚŝŶĐůƵƐŝŽŶƉƌŽŐƌĂŵ
dƵƌƵƚ ďĞƌƉĂƌƚŝƐŝƉĂƐŝ ĚĂůĂŵ ƌĂŶŐŬĂ ŶĞƌŐLJƐĂǀŝŶŐ
ŵĞŶLJĂŵďƵƚ ŚĂƌŝ ďĞƐĂƌ ŶĂƐŝŽŶĂů ĚĂŶ ZĞĚƵĐĞŝŶƵƐĂŐĞŽĨŶŽŶͲƌĞĐLJĐůĂďůĞŵĂƚĞƌŝĂůƐ
ŬĞĂŐĂŵĂĂŶ
dƵƌƵƚďĞƌƉĂƌƚŝƐƉĂƐŝĚĂůĂŵƉƌŽŐƌĂŵůŝƚĞƌĂƐŝ
ĚĂŶŝŶŬůƵƐŝLJĂŶŐĚŝŐĂůĂŶŐŽůĞŚK:<
WĞŶŐŚĞŵĂƚĂŶƉĞŵĂŬĂŝĂŶĞŶĞƌŐŝ
WĞŶŐƵƌĂŶŐĂŶƉĞŵĂŬĂŝĂŶďĂŚĂŶLJĂŶŐƚŝĚĂŬ
ĚĂƉĂƚĚŝĚĂƵƌƵůĂŶŐ
111
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
dĂƌŐĞƚΘZĞĂůŝƐĂƐŝdĂŚƵŶϮϬϮϱ'Z/ϯͲϯϱϭ͗Ͳϰď͕ͲϱĞ dĂƌŐĞƚΘZĞĂůŝnjĂƚŝŽŶŝŶϮϬϮϱ'Z/ϯͲϯϱϭ͗Ͳϰď͕ͲϱĞ
^ĂƐĂƌĂŶ<ĞďĞƌůĂŶũƵƚĂŶdĞƌŬĂŝƚ
EŽ dĂƌŐĞƚ ZĞĂůŝƐĂƐŝͬZĞĂůŝnjĂƚŝŽŶ
ZĞůĂƚĞĚ^ƵƐƚĂŝŶĂďŝůŝƚLJ'ŽĂů
ϭ͘ WĞŵďŝĂLJĂĂŶ ŵĞŶĐĂƉĂŝ ƚŝŶŐŬĂƚ &Z ϳϬй ƉĂĚĂ ĂŬŚŝƌ ƚĂŚƵŶ WĂĚĂĂŬŚŝƌƚĂŚƵŶϮϬϮϱ͕ƚŝŶŐŬĂƚ&Z
ϮϬϮϱ WĞƌƐĞƌŽĂŶĂĚĂůĂŚϬй
&Z ƌĞĂĐŚĞƐ ϳϬй ƌĂƚĞ ŽĨ ĨŝŶĂŶĐŝŶŐ ďLJ ƚŚĞ ĞŶĚ ŽĨ ƚŚĞ LJĞĂƌ ƚ ƚŚĞ ĞŶĚ ŽĨ ϮϬϮϱ͕ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ
ϮϬϮϱ &ZŝƐϬй͘
Ϯ͘ WĞŶLJĂůƵƌĂŶ ƉĞŵďŝĂLJĂĂŶ ƉƌŽĚƵŬƚŝĨ ĚŝŵŝƚŝŐĂƐŝ ĚĞŶŐĂŶ ^ĞůƵƌƵŚ ƉĞŵďŝĂLJĂĂŶ WĞƌƐĞƌŽĂŶ
ƉĞŶŐŝŬĂƚĂŶ ŚĂŬ ƚĂŶŐŐƵŶŐĂŶ ĂƚĂƐ ƚĂŶĂŚ ĂƚĂƵ ďĂŶŐƵŶĂŶ ƚĞůĂŚ ĚŝŬĞŶĂŬĂŶ ƉĞŶŐŝŬĂƚĂŶ ŚĂŬ
ƐĞďĂŐĂŝũĂŵŝŶĂŶ ƚĂŶŐŐƵŶŐĂŶ ĂƚĂƐ ƚĂŶĂŚ ĚĂŶͬĂƚĂƵ Đ
ďĂŶŐƵŶĂŶ
WƌŽĚƵĐƚŝǀĞ ĨŝŶĂŶĐŝŶŐ ŝƐ ŵŝƚŝŐĂƚĞĚ ďLJ ŵŽƌƚŐĂŐĞ ŽĨ ůĂŶĚ Žƌ
ďƵŝůĚŝŶŐƐĂƐĐŽůůĂƚĞƌĂů ůů ƚŚĞ ƉƌŽĚƵĐƚŝǀĞ ĨŝŶĂŶĐŝŶŐ ŚĂǀĞ
ďĞĞŶ ŐƵĂƌĂŶƚĞĞĚ ďLJ ĂƐƐĞƚƐ
ĐŽůůĂƚĞƌĂů
ϯ͘ WĞŶĂŵďĂŚĂŶƉĞŶLJĂůƵƌĂŶƉĞŵďŝĂLJĂĂŶ WĂĚĂ ƚĂŚƵŶ ϮϬϮϱ͕ WĞƌƐĞƌŽĂŶ ƚĞůĂŚ
ŵĞŶLJĂůƵƌŬĂŶ ƐĞďĞƐĂƌ ZƉ ϰϳ͕ϳϲ
ŵŝůLJĂƌ
/ŶĐƌĞĂƐĞŝŶĚŝƐďƵƌƐĞŵĞŶƚŽĨĨŝŶĂŶĐŝŶŐůŽĂŶ /ŶϮϬϮϱ͕ƚŚĞŽŵƉĂŶLJŚĂƐĚŝƐďƵƌƐĞĚ
ŝŶǀĞƐƚŵĞŶƚ ĨŝŶĂŶĐŝŶŐ ŝŶ ƉƌŽƉĞƌƚLJ
ƐĞĐƚŽƌ ĂŵŽƵŶƚĞĚ ƚŽ ZƉ ϰϳ͘ϳϲ
ďŝůůŝŽŶƐ
ϰ͘ DĞŶũĂŐĂŬĞƐĞƚĂƌĂĂŶŐĞŶĚĞƌĚĂůĂŵůŝŶŐŬƵƉŬĞƌũĂWĞƌƐĞƌŽĂŶ Ͳ ϳϮ͕ϮϮй ŬĂƌLJĂǁĂŶ WĞƌƐĞƌŽĂŶ Ěŝ
ƚĂŚƵŶϮϬϮϱĂĚĂůĂŚǁĂŶŝƚĂ͘
DĂŝŶƚĂŝŶĞƋƵĂůŝƚLJŽĨŐĞŶĚĞƌŝŶŽŵƉĂŶLJ͛Ɛ
ǁŽƌŬĨŽƌĐĞ͘ ϳϮ͕ϮϮй ŽĨ ƚŚĞ ŽŵƉĂŶLJΖƐ
ĞŵƉůŽLJĞĞƐŝŶϮϬϮϱĂƌĞǁŽŵĞŶ͘
Ͳ ϲϬй ƉŽƐŝƐŝ ŵĂŶĂũĞŵĞŶ WĞƌƐĞƌŽĂŶ
Ěŝ
ƚĂŚƵŶϮϬϮϱĂĚĂůĂŚǁĂŶŝƚĂ͘
ϲϬй ŽĨ ƚŚĞ ŽŵƉĂŶLJΖƐ
ŵĂŶĂŐĞŵĞŶƚ ƉŽƐŝƚŝŽŶƐ ŝŶ ϮϬϮϱ
ĂƌĞǁŽŵĞŶ͘
dĂŶƚĂŶŐĂŶΘ,ĂŵďĂƚĂŶϱϭ͗ͲϱĞ ŚĂůůĞŶŐĞƐΘKďƐƚĂĐůĞƐϱϭ͗ͲϱĞ
^ƵůŝƚŶLJĂ ŵĞŶĞŵƵŬĂŶ ƉƌŽLJĞŬ LJĂŶŐ ŵĞŶĚƵŬƵŶŐ dŚĞƌĞŝƐŶŽƚŵĂŶLJĨĞĂƐŝďůĞƐƵƐƚĂŝŶĂďŝůŝƚLJƉƌŽũĞĐƚ
ƉƌŽŐƌĂŵŬĞďĞƌůĂŶũƵƚĂŶLJĂŶŐůĂLJĂŬ ƚŽĨƵŶĚ
WƌŽLJĞŬ WƌŽŐƌĂŵ ĞƌŬĞůĂŶũƵƚĂŶ ďĞůƵŵ ďĂŶLJĂŬ ^ƵƐƚĂŝŶĂďŝůŝƚLJ ƉƌŽũĞĐƚ ƉƌŽƉŽƐĞĚ ŝƐ ŶŽƚ ĨĞĂƐŝďůĞ
ƐĞƐƵĂŝĚĞŶŐĂŶƚƵũƵĂŶWĞƌƐĞƌŽĂŶ ĂŶĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞŽŵƉĂŶLJ͛ƐŐŽĂů
ĞůƵŵƐĞŵƉƵƌŶĂŶLJĂƐŝŶĞƌŐŝĂŶƚĂƌĂƉĞŵĂŚĂŵĂŶ >ĂĐŬ ŽĨ ƐLJŶĞƌŐLJ ďĞƚǁĞĞŶ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ĂŶĚ
ĚĂŶƉĞŶŐĞƚĂŚƵĂŶĂƚĂƐ<ĞƵĂŶŐĂŶŬĞďĞƌůĂŶũƵƚĂŶ ŬŶŽǁůĞĚŐĞƌĞŐĂƌĚŝŶŐƐƵƐƚĂŝŶĂďŝůŝƚLJĨŝŶĂŶĐĞ
dĂƌŐĞƚƚĂŚƵŶϮϬϮϲ dĂƌŐĞƚŝŶϮϬϮϲ
WĞŵďŝĂLJĂĂŶ ŵĞŶĐĂƉĂŝ ƚŝŶŐŬĂƚ &Z ϱϬй ƉĂĚĂ &ZƌĞĂĐŚĞƐϱϬйƌĂƚĞŽĨĨŝŶĂŶĐŝŶŐďLJƚŚĞĞŶĚŽĨ
ĂŬŚŝƌƚĂŚƵŶϮϬϮϲ LJĞĂƌϮϬϮϲ
WĞŶĂŵďĂŚĂŶƉĞŶLJĂůƵƌĂŶŬĞƉĂĚĂĚĞďŝƚƵƌ /ŶĐƌĞĂƐĞĚŝƐďƵƌƐĞŵĞŶƚŽĨĨŝŶĂŶĐŝŶŐ
WĞŶLJĂůƵƌĂŶ ƉĞŵďŝĂLJĂĂŶ ŬĞ ƐĞŬƚŽƌ ŬŽƌƉŽƌĂƐŝ /ŶĐƌĞĂƐĞŝŶĨŝŶĂŶĐŝŶŐĚŝƐďƵƌƐĞŵĞŶƚƚŽĐŽƌƉŽƌĂƚĞ
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/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
ŬŚƵƐƵƐŶLJĂƉĞŶŐĂĚĂĂŶĞůĞĐƚƌŝĐǀĞŚŝĐůĞ ĞƐƉĞĐŝĂůůLJ ĐŽƌƉŽƌĂƚĞ ĚĞĂůŝŶŐ ŝŶ ƉƌŽĐƵƌĞŵĞŶƚ ŽĨ
WĞŶLJĞƐƵĂŝĂŶƉĞƌƐŽŶĂůŝĂŝŶƚĞƌŶĂů ĞůĞĐƚƌŝĐǀĞŚŝĐůĞ
WĞŶŝŶŐŬĂƚĂŶƉƌŽŐƌĂŵůŝƚĞƌĂƐŝĚĂŶŝŶŬůƵƐŝ /ŶƚĞƌŶĂůWĞƌƐŽŶŶĞůĂĚũƵƐƚŵĞŶƚ
/ŵƉƌŽǀĞŵĞŶƚ ŽĨ ůŝƚĞƌĂĐLJ ĂŶĚ ŝŶĐůƵƐŝŽŶƐ
ƉƌŽŐƌĂŵƐ
^ƚƌĂƚĞŐŝƉĞŶĐĂƉĂŝĂŶϱϭ͗ͲϰĐ ĐŚŝĞǀĞŵĞŶƚƐƚƌĂƚĞŐLJϱϭ͗ͲϰĐ
WĞƌƐĞƌŽĂŶ ĂŬĂŶ ŵĞŵƉĞƌůƵĂƐ ũĂŶŐŬĂƵĂŶ ŬƌŝƚĞƌŝĂ dŚĞ ŽŵƉĂŶLJ ǁŝůů ĞdžƉĂŶĚ ŝƚƐ ƌĂŶŐĞ ŽĨ ĚĞďƚŽƌ
ůĂƉĂŶŐĂŶ ĚĞďŝƚƵƌ͕ ďĂŝŬ hDE ŵĂƵƉƵŶ ƐǁĂƐƚĂ͕ ĐƌŝƚĞƌŝĂ ĂŵŽŶŐ ǁŚŝĐŚ ƐƚĂƚĞͲŽǁŶĞĚ ĂŶĚ ƉƌŝǀĂƚĞ
ĚĂůĂŵƉĞŶLJĂůƵƌĂŶƉĞŵďŝĂLJĂĂŶŶLJĂ ŝŶĨŝŶĂŶĐŝŶŐ
WĞƌƐĞƌŽĂŶ ŵĞůĂŬƵŬĂŶ ĨŽŬƵƐ ƉĂĚĂ dŚĞŽŵƉĂŶLJĨŽĐƵƐĞƐŽŶĚĞǀĞůŽƉŝŶŐĂďƵƐŝŶĞƐƐ
ƉĞŶŐĞŵďĂŶŐĂŶ ŵŽĚĞů ďŝƐŶŝƐ LJĂŶŐ ďĞƌŽƌŝĞŶƚĂƐŝ ŵŽĚĞů ŽƌŝĞŶƚĞĚ ƚŽǁĂƌĚƐ ƉƌŽĚƵĐƚŝǀĞ ĨŝŶĂŶĐŝŶŐ͕
ƉĂĚĂ ƉĞŵďŝĂLJĂĂŶ ƉƌŽĚƵŬƚŝĨ͕ ŬŚƵƐƵƐŶLJĂ ƉĂĚĂ ĞƐƉĞĐŝĂůůLJƚŽďƵƐŝŶĞƐƐĚĞĂůŝŶŐŝŶĞůĞĐƚƌŝĐǀĞŚŝĐůĞƐ
ƐĞŬƚŽƌ LJĂŶŐ ŵĞŵĞƌůƵŬĂŶ ƉĞŶŐĂĚĂĂŶ ŵŽďŝů ĂŶĚŝƚƐĨĂĐŝůŝƚŝĞƐ
>ŝƐƚƌŝŬĚĂŶƐĂƌĂŶĂƉĞŶĚƵŬƵŶŐŵŽďŝůůŝƐƚƌŝŬ ŝƐďƵƌƐĞŵĞŶƚŽĨĨŝŶĂŶĐŝŶŐƚŽǁĂƌĚƐƉƌŽũĞĐƚƐƚŚĂƚ
DĞůĂŬƵŬĂŶ ƉĞŶLJĂůƵƌĂŶ ƉĞŵďŝĂLJĂĂŶ ŬĞƉĂĚĂ ƐƵƉƉŽƌƚƐŐƌĞĞŶĞŶĞƌŐLJ
ƉƌŽLJĞŬĞŶĞƌŐŝƚĞƌďĂƌƵŬĂŶ ŝƐďƵƌƐĞŵĞŶƚ ŽĨ ĨŝŶĂŶĐŝŶŐ ŝŶ ƚŚĞ ĐŽŵŵĞƌĐŝĂů
DĞůĂŬƵŬĂŶ ƉĞŶLJĂůƵƌĂŶ ƉĞŵďŝĂLJĂĂŶ Ěŝ ƐĞŬƚŽƌ ƉƌŽƉĞƌƚLJ ƐĞĐƚŽƌ ƚĂŬŝŶŐ ĂĐĐŽƵŶƚ ŝŶ ƚŚĞ
ƉƌŽƉĞƌƚŝ ŬŽŵĞƌƐŝĂů LJĂŶŐ ũƵŐĂ ŵĞŵƉĞƌŚĂƚŝŬĂŶ ƐƵƐƚĂŝŶĂďŝůŝƚLJĂƐƉĞĐƚƐ
ĂƐƉĞŬŬĞďĞƌůĂŶũƵƚĂŶ
^W < <KEKD/ϱϭ͗ͲϮĂ͕Ͳϲď
KEKDz^W d
hƌĂŝĂŶ<ŝŶĞƌũĂ ŬŽŶŽŵŝ WĞƌĨŽƌŵĂŶĐĞŝŶ ĐŽŶŽŵŝĐƐƉĞĐƚ
>ĂƉŽƌĂŶWŽƐŝƐŝ<ĞƵĂŶŐĂŶƐĞƌƚĂ>ĂƉŽƌĂŶ>ĂďĂ dŚĞ ŽŵƉĂŶLJ͛Ɛ &ŝŶĂŶĐŝĂů WŽƐŝƚŝŽŶ ZĞƉŽƌƚ
ZƵŐŝ <ŽŵƉƌĞŚĞŶƐŝĨ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ƉĞƌŝŽĚĞ LJĂŶŐ ĂŶĚ ŽŵƉƌĞŚĞŶƐŝǀĞ WƌŽĨŝƚ ĂŶĚ >ŽƐƐ ZĞƉŽƌƚ ĨŽƌ ƚŚĞ
ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϮϱ͕ ϮϬϮϰ LJĞĂƌĞĐĞŵďĞƌϯϭ͕ϮϬϮϱ͕ϮϬϮϰĂŶĚϮϬϮϯŚĂǀĞďĞĞŶ
ĚĂŶ ϮϬϮϯ ƚĞůĂŚ ĚŝƵƌĂŝŬĂŶ ƐĞĐĂƌĂ ĚĞƚĂŝů ĚĂůĂŵ ĚĞƐĐƌŝďĞĚŝŶĚĞƚĂŝůŝŶƚŚŝƐƌĞƉŽƌƚ͕ƐƉĞĐŝĨŝĐĂůůLJŝŶƉĂŐĞ
>ĂƉŽƌĂŶŝŶŝƉĂĚĂŚĂůĂŵĂŶϳĚĂŶŚĂůĂŵĂŶϴ͘ ϳƚŽϴ͘
WĞŶĐĂƉĂŝĂŶWĞƌƐĞƌŽĂŶĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶ KŶ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϮϱ͕ ƚŚĞ ŽŵƉĂŶLJ ŚĂƐ
ƚĂƌŐĞƚ ƉĂĚĂ ϯϭ ĞƐĞŵďĞƌ ϮϬϮϱ ĂĚĂůĂŚ ƐĞďĂŐĂŝ ĂĐŚŝĞǀĞĚĨƌŽŵƚŚĞƚĂƌŐĞƚĞĚƉƌŽũĞĐƚŝŽŶĂƐĨŽůůŽǁƐ͗
ďĞƌŝŬƵƚ͗
ZĞĂůŝƐĂƐŝͬ
WĞŶĐĂƉĂŝĂŶ dĂƌŐĞƚͬdĂƌŐĞƚ
hƌĂŝĂŶ ZĞĂůŝnjĂƚŝŽŶ ĞƐĐƌŝƉƚŝŽŶ
ͬĐŚŝĞǀĞĚ ϮϬϮϱ
ϮϬϮϱ
&ŝŶĂŶĐŝŶŐZĞĐĞŝǀĂďůĞƐͲ
WŝƵƚĂŶŐWĞŵďŝĂLJĂĂŶĞƌƐŝŚ Ͳ Ϭй ϭϱϯ͘ϳϯϱ͘ϲϰϳ͘ϮϯϮ
EĞƚ
WĞŶĚĂƉĂƚĂŶWĞŵďŝĂLJĂĂŶ ϴ͘ϬϬϰ͘ϳϳϰ͘ϳϳϬ ϱϮ͕ϳϳй ϭϱ͘ϭϲϴ͘ϱϴϴ͘ϳϯϰ &ŝŶĂŶĐŝŶŐ/ŶĐŽŵĞ
:ƵŵůĂŚWĞŶĚĂƉĂƚĂŶ ϭϱ͘ϯϬϭ͘ϱϬϰ͘Ϭϭϴ ϴϲ͕ϱϳй ϭϳ͘ϲϳϱ͘ϱϰϵ͘ϵϭϲ dŽƚĂů/ŶĐŽŵĞ
:ƵŵůĂŚĞďĂŶ ;ϱ͘ϱϰϴ͘ϵϮϳ͘ϯϵϯͿ ϳϳ͕ϲϮй ;ϳ͘ϭϰϵ͘ϭϳϰ͘ϵϳϳͿ dŽƚĂů džƉĞŶƐĞƐ
>ĂďĂ^ĞďĞůƵŵWĂũĂŬ ϵ͘ϳϱϮ͘ϱϳϲ͘ϲϮϱ ϵϮ͕ϲϱй ϭϬ͘ϱϮϲ͘ϯϳϰ͘ϵϯϵ /ŶĐŽŵĞĞĨŽƌĞdĂdž
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
>ĂďĂdĂŚƵŶĞƌũĂůĂŶ ϴ͘ϯϱϭ͘ϯϬϭ͘ϯϳϰ ϭϬϭ͕ϳϭй ϴ͘ϮϭϬ͘ϱϳϮ͘ϰϱϮ WƌŽĨŝƚĨŽƌƚŚĞzĞĂƌ
dŽƚĂů>ĂďĂ<ŽŵƉƌĞŚĞŶƐŝĨ dŽƚĂůŽŵƉƌĞŚĞŶƐŝǀĞ
ϴ͘ϰϮϳ͘ϭϳϳ͘ϳϴϮ ϭϬϮ͕ϲϰй ϴ͘ϮϭϬ͘ϱϳϮ͘ϰϱϮ
dĂŚƵŶĞƌũĂůĂŶ /ŶĐŽŵĞĨŽƌƚŚĞzĞĂƌ
^ƚƌƵŬƚƵƌDŽĚĂů ϭϴϬ͘ϵϵϰ͘ϯϰϲ͘ϴϮϵ ϭϬϯ͕ϭϵй ϭϳϱ͘ϯϵϲ͘Ϯϴϲ͘ϬϳϬ ĂƉŝƚĂů^ƚƌƵĐƚƵƌĞ
Z^/K< hE'E &/EE/>Zd/K
ZĂƐŝŽ>ĂďĂdĞƌŚĂĚĂƉdŽƚĂů
ϰ͕ϰϲй ϵϱ͕ϵϭй ϰ͕ϲϱй ZĞƚƵƌŶŽŶƐƐĞƚ;ZKͿ
ƐĞƚ;ZKͿ
ZĂƐŝŽ>ĂďĂdĞƌŚĂĚĂƉdŽƚĂů
ϰ͕ϲϲй ϵϳ͕ϵй ϰ͕ϳϲй ZĞƚƵƌŶŽŶ ƋƵŝƚLJ;ZK Ϳ
ŬƵŝƚĂƐ;ZK Ϳ
ZĂƐŝŽ>ĂďĂĞƌƐŝŚdĞƌŚĂĚĂƉ EĞƚ/ŶĐŽŵĞͬdŽƚĂů
ϱϰ͕ϱϴй ϭϭϳ͕ϱй ϰϲ͕ϰϱй
dŽƚĂů>ĂďĂ /ŶĐŽŵĞ
ZĂƐŝŽWĞŵďŝĂLJĂĂŶdĞƌŚĂĚĂƉ
Ϭй Ϭй ϴϰ͕ϴϬй &ŝŶĂŶĐŝŶŐƚŽƐƐĞƚZĂƚŝŽ
dŽƚĂůƐĞƚ
ZĂƐŝŽWĞŵďŝĂLJĂĂŶĞƌŵĂƐĂůĂŚ Ϭй ϭϬϬй Ϭй EŽŶͲWĞƌĨŽƌŵŝŶŐ>ŽĂŶ
'ĞĂƌŝŶŐZĂƚŝŽ Ϭdž ϭϬϬй Ϭdž 'ĞĂƌŝŶŐZĂƚŝŽ
ZĂƐŝŽDŽĚĂů^ĞŶĚŝƌŝdĞƌŚĂĚĂƉ ƋƵŝƚLJƚŽWĂŝĚͲƵƉĂƉŝƚĂů
ϭϯϵ͕Ϯϯй ϭϬϯ͕ϭϵй ϭϯϰ͕ϵϮй
DŽĚĂůŝƐĞƚŽƌ ZĂƚŝŽ
<KEdZ/h^/d Z,WW DE'hEE'Z/ϮϬϭͲϬϭ
KEdZ/hd/KEdK s >KWD Ed
WĞƌƐĞƌŽĂŶ ƚŝĚĂŬ ŚĂŶLJĂ ŵĞŵďĞƌŝŬĂŶ dŚĞ ŽŵƉĂŶLJ ŶŽƚ ŽŶůLJ ĐŽŶƚƌŝďƵƚĞƐ ƚŽ
ŬŽŶƚƌŝďƵƐŝ ŬĞƉĂĚĂ ƉĂƌĂ ƉĞŵĂŶŐŬƵ ŬĞƉĞŶƚŝŶŐĂŶ ƐƚĂŬĞŚŽůĚĞƌƐ ƚŚƌŽƵŐŚ ĨŝŶĂŶĐŝŶŐ ƐĞƌǀŝĐĞ ďƵƚ ĂůƐŽ ƚŽ
ŵĞůĂůƵŝ ũĂƐĂ ƉĞŶLJĂůƵƌĂŶ ƉĞŵďŝĂLJĂĂŶ ƚĞƚĂƉŝ ũƵŐĂ ƐƵƐƚĂŝŶĂďůĞ ĞĐŽŶŽŵŝĐ ĚĞǀĞůŽƉŵĞŶƚ ŝŶ /ŶĚŽŶĞƐŝĂ͘
ƚĞƌŚĂĚĂƉ ƉĞƌŬĞŵďĂŶŐĂŶ ƉĞƌĞŬŽŶŽŵŝĂŶ dŚŝƐĨŽƌŵŽĨĐŽŶƚƌŝďƵƚŝŽŶǁĂƐĚŽŶĞƚŚƌŽƵŐŚƉĂLJŝŶŐ
ďĞƌŬĞůĂŶũƵƚĂŶ Ěŝ /ŶĚŽŶĞƐŝĂ͘ ĞŶƚƵŬ ŬŽŶƚƌŝďƵƐŝ ŝŶŝ ƚĂdžĞƐ ƚŽ ƚŚĞ ŐŽǀĞƌŶŵĞŶƚ ĂŶĚ ŝŶĚŝƌĞĐƚůLJ ƐƵƉƉŽƌƚŝŶŐ
ďĞƌƵƉĂƉĞŵďĂLJĂƌĂŶƉĂũĂŬŬĞƉĂĚĂƉĞŵĞƌŝŶƚĂŚĚĂŶ ƚŚĞ ĞĐŽŶŽŵŝĐ ŵŽǀĞŵĞŶƚ ŽĨ ƚŚĞ ĐŽŵŵƵŶŝƚLJ ďLJ
ƐĞĐĂƌĂ ƚŝĚĂŬ ůĂŶŐƐƵŶŐ ŵĞŶĚƵŬƵŶŐ ƉĞƌŐĞƌĂŬĂŶ ƉƌŽǀŝĚŝŶŐĚĞĐĞŶƚǁĂŐĞƐƚŽŝƚƐĞŵƉůŽLJĞĞƐ͘
ĞŬŽŶŽŵŝŵĂƐLJĂƌĂŬĂƚŵĞůĂůƵŝƉĞŵďĞƌŝĂŶƵƉĂŚLJĂŶŐ
ůĂLJĂŬŬĞƉĂĚĂƉĂƌĂŬĂƌLJĂǁĂŶŶLJĂ͘
ϮϬϮϱ ϮϬϮϰ ϮϬϮϯ
EŝůĂŝĞŬŽŶŽŵŝLJĂŶŐĚŝŚĂƐŝůŬĂŶ ĐŽŶŽŵŝĐǀĂůƵĞŐĞŶĞƌĂƚĞĚ
>ĂďĂ ϴ͘ϰϮϳ͘ϭϳϳ͘ϳϴϮ ϭϭ͘Ϯϯϯ͘ϱϱϮ͘ϰϵϯ ϯ͘ϵϮϰ͘Ϭϳϰ͘Ϭϯϱ /ŶĐŽŵĞ
EŝůĂŝĞŬŽŶŽŵŝLJĂŶŐĚŝƐĂůƵƌŬĂŶ ĐŽŶŽŵŝĐǀĂůƵĞĚŝƐƚƌŝďƵƚĞĚ
ĞďĂŶŽƉĞƌĂƐŝŽŶĂů ϱ͘ϲϬϳ͘ϳϱϴ͘ϯϬϵ ϰ͘ϰϭϲ͘ϱϴϱ͘ϲϮϵ ϱ͘ϰϳϰ͘ϰϮϴ͘ϬϰϮ KƉĞƌĂƚŝŶŐĞdžƉĞŶƐĞ
ĞďĂŶƚĞŶĂŐĂŬĞƌũĂ Ϯ͘ϵϰϮ͘ϵϬϵ͘ϭϮϰ Ϯ͘ϯϱϮ͘ϭϮϱ͘ϳϮϴ Ϯ͘ϱϴϱ͘ϯϳϬ͘ϴϰϬ ŵƉůŽLJĞĞĞdžƉĞŶƐĞ
WĞŵďĂLJĂƌĂŶŬĞƉĞŵĞƌŝŶƚĂŚ WĂLJŵĞŶƚƚŽŐŽǀĞƌŶŵĞŶƚ;ƚŚƌŽƵŐŚ
ϭ͘ϰϬϭ͘Ϯϳϱ͘Ϯϱϭ Ϯ͘ϯϰϱ͘ϴϮϮ͘ϱϮϭ ϳϯϴ͘ϭϵϱ͘ϯϰϯ
;ŵĞůĂůƵŝƉĂũĂŬƉĞŶŐŚĂƐŝůĂŶͿ ŝŶĐŽŵĞƚĂdžͿ
ŝĂLJĂƚĂŶŐŐƵŶŐũĂǁĂďƐŽƐŝĂů ϯ͘ϱϬϬ͘ϬϬϬ ϭϬ͘ϬϬϬ͘ϬϬϬ ϭϭ͘ϬϬϬ͘ϬϬϬ ^ZĞdžƉĞŶĚŝƚƵƌĞ
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
^ĞƉĂŶũĂŶŐ ďĞƌŽƉĞƌĂƐŝ͕ WĞƌƐĞƌŽĂŶ ƚŝĚĂŬ dŚƌŽƵŐŚŽƵƚ ŝƚƐ ďƵƐŝŶĞƐƐ ŽƉĞƌĂƚŝŽŶƐ͕ ƚŚĞ
ƉĞƌŶĂŚ ŵĞŵďĞƌŝŬĂŶ ĚƵŬƵŶŐĂŶ ŬĞƵĂŶŐĂŶ ĂƚĂƵ ŽŵƉĂŶLJŚĂƐŶĞǀĞƌĞdžƚĞŶĚĞĚĂŶLJĨŝŶĂŶĐŝĂůƐƵƉƉŽƌƚ
ďĞŶƚƵŬĚƵŬƵŶŐĂŶůĂŝŶŶLJĂŬĞƉĂĚĂƉĂƌƚĂŝƉŽůŝƚŝŬĂƚĂƵ ŽƌĂŶLJŽƚŚĞƌĨŽƌŵŽĨ ƐƵƉƉŽƌƚƚŽĂŶLJƉŽůŝƚŝĐĂů ƉĂƌƚLJ
ŬĂŶĚŝĚĂƚ ƉŽůŝƚŝŬ ŵĂŶĂƉƵŶ͕ ĚĂŶ ƚŝĚĂŬ ƉĞƌŶĂŚ Žƌ ƉŽůŝƚŝĐĂů ĐĂŶĚŝĚĂƚĞ͕ ĂŶĚ ŚĂƐ ŶĞǀĞƌ ĂĐĐĞƉƚĞĚ
ŵĞŶĞƌŝŵĂ ďĂŶƚƵĂŶ ŬĞƵĂŶŐĂŶ ĚĂůĂŵ ďĞŶƚƵŬ ĨŝŶĂŶĐŝĂů ĂƐƐŝƐƚĂŶĐĞ ŝŶ ĂŶLJ ĨŽƌŵ ĨƌŽŵ ƚŚĞ
ĂƉĂƉƵŶĚĂƌŝƉĞŵĞƌŝŶƚĂŚ͘ ŐŽǀĞƌŶŵĞŶƚ͘
^W <^K^/>ϱϭ͗ͲϮĐ͕ͲϲĐ
^K/>^W d
ĂůĂŵ ŵĞŶũĂůĂŶŬĂŶ ŬĞŐŝĂƚĂŶ ƵƐĂŚĂŶLJĂ͕ /Ŷ ĐŽŶĚƵĐƚŝŶŐ ŝƚƐ ďƵƐŝŶĞƐƐ ĂĐƚŝǀŝƚŝĞƐ͕ ƚŚĞ
WĞƌƐĞƌŽĂŶ ƐĞŶĂŶƚŝĂƐĂ ŵĞŵƉĞƌŚĂƚŝŬĂŶ ĂƐƉĞŬ ƐŽƐŝĂů ŽŵƉĂŶLJ ĐŽŶƐŝƐƚĞŶƚůLJ ƉĂLJƐ ĂƚƚĞŶƚŝŽŶ ƚŽ ƐŽĐŝĂů
ƐĞďĂŐĂŝ ďĂŐŝĂŶ ĚĂƌŝ ŬŽŵŝƚŵĞŶ ƚĞƌŚĂĚĂƉ ĂƐƉĞĐƚƐ ĂƐ ƉĂƌƚ ŽĨ ŝƚƐ ĐŽŵŵŝƚŵĞŶƚ ƚŽ ďƵƐŝŶĞƐƐ
ŬĞďĞƌůĂŶũƵƚĂŶ ƵƐĂŚĂ͘ ƐƉĞŬ ƐŽƐŝĂů WĞƌƐĞƌŽĂŶ ƐƵƐƚĂŝŶĂďŝůŝƚLJ͘dŚĞŽŵƉĂŶLJ͛ƐƐŽĐŝĂůĂƐƉĞĐƚƐŝŶǀŽůǀĞ
ŵĞůŝďĂƚŬĂŶ ďĞƌďĂŐĂŝ ƉŝŚĂŬ ƐĞƉĞƌƚŝ ƉĞŐĂǁĂŝ ǀĂƌŝŽƵƐ ƐƚĂŬĞŚŽůĚĞƌƐ͕ ŝŶĐůƵĚŝŶŐ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ
WĞƌƐĞƌŽĂŶ͕ ƉĞůĂŶŐŐĂŶ͕ ƐĞƌƚĂ ŵĂƐLJĂƌĂŬĂƚ ƉƵďůŝŬ͘ ĞŵƉůŽLJĞĞƐ͕ĐƵƐƚŽŵĞƌƐ͕ ĂŶĚƚŚĞ ŐĞŶĞƌĂůƉƵďůŝĐ͘dŚĞ
ĞƌŝŬƵƚĂƐƉĞŬƐŽƐŝĂůLJĂŶŐƚĞůĂŚWĞƌƐĞƌŽĂŶũĂůĂŶŬĂŶ͗ ĨŽůůŽǁŝŶŐ ĂƌĞ ƚŚĞ ƐŽĐŝĂů ĂƐƉĞĐƚƐ ƚŚĂƚ ŚĂǀĞ ďĞĞŶ
ŝŵƉůĞŵĞŶƚĞĚďLJƚŚĞŽŵƉĂŶLJ͗
ĂůĂŵƌĂŶŐŬĂŵĞůĂŬƐĂŶĂŬĂŶƚĂŶŐŐƵŶŐũĂǁĂďƐŽƐŝĂů /Ŷ ĐĂƌƌLJŝŶŐ ŽƵƚ ŝƚƐ ĐŽƌƉŽƌĂƚĞ ƐŽĐŝĂů ƌĞƐƉŽŶƐŝďŝůŝƚLJ͕
ƉĞƌƵƐĂŚĂĂŶ͕ WĞƌƐĞƌŽĂŶ ƚĞůĂŚ ŵĞŶLJĞůĞŶŐŐĂƌĂŬĂŶ ƚŚĞ ŽŵƉĂŶLJ ĐŽŶĚƵĐƚĞĚ Ă ŽƌƉŽƌĂƚĞ ^ŽĐŝĂů
ŬĞŐŝĂƚĂŶŽƌƉŽƌĂƚĞ^ŽĐŝĂůZĞƐƉŽŶƐŝďŝůŝƚLJ;^ZͿƉĂĚĂ ZĞƐƉŽŶƐŝďŝůŝƚLJ;^ZͿĂĐƚŝǀŝƚLJŽŶ^ĂƚƵƌĚĂLJ͕ĞĐĞŵďĞƌ
ŚĂƌŝ ^ĂďƚƵ͕ ϲ ĞƐĞŵďĞƌ ϮϬϮϱ͕ ďĞƌƚĞŵƉĂƚ Ěŝ WĂŶƚŝ ϲ͕ ϮϬϮϱ͕ Ăƚ ZƵŵĂŚ ,Ăƚŝ ^ƵĐŝ KƌƉŚĂŶĂŐĞ͘ dŚŝƐ ^Z
ƐƵŚĂŶ ZƵŵĂŚ ,Ăƚŝ ^ƵĐŝ͘ <ĞŐŝĂƚĂŶ ^Z ŝŶŝ ĂĐƚŝǀŝƚLJ ƌĞƉƌĞƐĞŶƚƐ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ĐŽŶĐĞƌŶ ĨŽƌ ƚŚĞ
ŵĞƌƵƉĂŬĂŶ ǁƵũƵĚ ŬĞƉĞĚƵůŝĂŶ WĞƌƐĞƌŽĂŶ ƚĞƌŚĂĚĂƉ ĐŽŵŵƵŶŝƚLJ͕ ƉĂƌƚŝĐƵůĂƌůLJ ŝŶ ƐƵƉƉŽƌƚŝŶŐ ƚŚĞ ƐŽĐŝĂů
ŵĂƐLJĂƌĂŬĂƚ͕ ŬŚƵƐƵƐŶLJĂ ĚĂůĂŵ ŵĞŶĚƵŬƵŶŐ ǁĞůĨĂƌĞ ŽĨ ĐŚŝůĚƌĞŶ ůŝǀŝŶŐ ŝŶ ŽƌƉŚĂŶĂŐĞƐ͘ dŚƌŽƵŐŚ
ŬĞƐĞũĂŚƚĞƌĂĂŶ ƐŽƐŝĂů ĂŶĂŬͲĂŶĂŬ ƉĂŶƚŝ ĂƐƵŚĂŶ͘ ƚŚŝƐĂĐƚŝǀŝƚLJ͕ƚŚĞŽŵƉĂŶLJĚŝƐƚƌŝďƵƚĞĚĂƐƐŝƐƚĂŶĐĞŝŶ
DĞůĂůƵŝ ŬĞŐŝĂƚĂŶ ƚĞƌƐĞďƵƚ͕ WĞƌƐĞƌŽĂŶ ŵĞŶLJĂůƵƌŬĂŶ ƚŚĞ ĨŽƌŵ ŽĨ ƌŝĐĞ͕ ŵŝůŬ͕ ĂŶĚ ŽƚŚĞƌ ďĂƐŝĐ ŶĞĐĞƐƐŝƚŝĞƐ͕
ďĂŶƚƵĂŶ ďĞƌƵƉĂ ďĞƌĂƐ͕ ƐƵƐƵ͕ ĚĂŶ ďĞďĞƌĂƉĂ ĂŶĚ ĂůƐŽ ĞŶŐĂŐĞĚ ŝŶ ƉŽƐŝƚŝǀĞ ŝŶƚĞƌĂĐƚŝŽŶƐ ǁŝƚŚ ƚŚĞ
ƐĞŵďĂŬŽ ůĂŝŶŶLJĂ ƐĞƌƚĂ ŵĞŶũĂůŝŶ ŝŶƚĞƌĂŬƐŝ LJĂŶŐ ƌĞƐŝĚĞŶƚƐ ŽĨ ƚŚĞ ŽƌƉŚĂŶĂŐĞ͘ dŚĞ ŽŵƉĂŶLJ
ƉŽƐŝƚŝĨ ĚĞŶŐĂŶ ƉĂƌĂ ƉĞŶŐŚƵŶŝ ƉĂŶƚŝ ĂƐƵŚĂŶ͘ ĂĚĚŝƚŝŽŶĂůůLJĚŽŶĂƚĞĚƐĞǀĞƌĂůŬƐĂŶĚŚŽƉĞƐƚŚĂƚ
WĞƌƐĞƌŽĂŶ ƉƵŶ ŵĞŶLJƵŵďĂŶŐŬĂŶ ďĞďĞƌĂƉĂ ďƵŬƵ ƚŚŝƐ ĂĐƚŝǀŝƚLJ ǁŝůů ƉƌŽǀŝĚĞ ƚĂŶŐŝďůĞ ďĞŶĞĨŝƚƐ ƚŽ ƚŚĞ
ĚĂŶ ďĞƌŚĂƌĂƉ ŬĞŐŝĂƚĂŶ ŝŶŝ ĚĂƉĂƚ ŵĞŵďĞƌŝŬĂŶ ďĞŶĞĨŝĐŝĂƌŝĞƐ ǁŚŝůĞ ƐƚƌĞŶŐƚŚĞŶŝŶŐ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ
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Wd&h:/&/EE /EKE ^/d<
Page 125
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ŵĂŶƵƐŝĂ LJĂŶŐ ŶLJĂƚĂ ĚĂůĂŵ ďŝƐŶŝƐŶLJĂ͘ WƌĂŬƚŝŬ ƉƌĂĐƚŝĐĞƐ ŶŽƚ ŽŶůLJ ĂƉƉůŝĞĚ ŝŶƐŝĚĞ ƚŚĞ ŽŵƉĂŶLJ ďƵƚ
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WĞƌƐĞƌŽĂŶ ƚĞƚĂƉŝ ũƵŐĂ ƉĂĚĂ ƉĞůĂŶŐŐĂŶ ĚĂŶ ƉŝŚĂŬ ƵƌŝŶŐ ƐĐƌĞĞŶŝŶŐ ƉƌŽĐĞƐƐ ĨŽƌ ƉŽƚĞŶƚŝĂů ĐƵƐƚŽŵĞƌ͕
ĞŬƐƚĞƌŶĂů ůĂŝŶŶLJĂ͘ WĂĚĂ ƉƌŽƐĞƐ ƉĞŶLJĂƌŝŶŐĂŶ ƵŶƚƵŬ ƚŚĞŽŵƉĂŶLJĐĞƌƚŝĨŝĞƐƚŚĂƚƚŚĞŝƌďƵƐŝŶĞƐƐƉƌĂĐƚŝĐĞŝƐ
ĐĂůŽŶ ƉĞůĂŶŐŐĂŶ͕ WĞƌƐĞƌŽĂŶ ŵĞŵĂƐƚŝŬĂŶ ďĂŚǁĂ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ƌĞŐƵůĂƚŝŽŶƐ ĂŶĚ ŚƵŵĂŶ ƌŝŐŚƚƐ
ƉƌĂŬƚŝŬ ďŝƐŶŝƐ ŵĞƌĞŬĂ ƚĞůĂŚ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ƉŽůŝĐLJ͘ /Ŷ ĂĚĚŝƚŝŽŶ͕ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ƐƵƉƉŽƌƚ ĨŽƌ
ƉĞƌĂƚƵƌĂŶ LJĂŶŐ ďĞƌůĂŬƵ ƐĞƌƚĂ ŬĞďŝũĂŬĂŶ ŚĂŬ ĂƐĂƐŝ ǁŽŵĞŶ ĞŵƉŽǁĞƌŵĞŶƚ ƌĞĨůĞĐƚƐ &Ƶũŝ &ŝŶĂŶĐĞ
ŵĂŶƵƐŝĂ͘ ^ĞůĂŝŶ ŝƚƵ͕ ĚƵŬƵŶŐĂŶ WĞƌƐĞƌŽĂŶ ƚĞƌŚĂĚĂƉ /ŶĚŽŶĞƐŝĂĐŽŶĐĞƌŶĨŽƌŚƵŵĂŶƌŝŐŚƚƐĂŶĚƐƵƉƉŽƌƚĨŽƌ
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ŵĞŵŝůŝŬŝ ƉĞŶŐĂƌƵŚ LJĂŶŐ ƉĞŶƚŝŶŐ ƚĞƌŚĂĚĂƉ ŚĂƐĂǀŝƚĂůŝŶĨůƵĞŶĐĞŽŶƚŚĞĐĂƉĂďŝůŝƚLJŽĨĞŵƉůŽLJĞĞƐ
ŬĞŵĂŵƉƵĂŶ ŬĂƌLJĂǁĂŶ ƵŶƚƵŬ ŵĞŶũĂůĂŶŬĂŶ ƚŽ ƉĞƌĨŽƌŵ ƚŚĞŝƌ ĚƵƚŝĞƐ͘ dŚĞƌĞĨŽƌĞ͕ ƚŚĞ ŽŵƉĂŶLJ
ƚƵŐĂƐŶLJĂ͘ KůĞŚ ƐĞďĂď ŝƚƵ͕ WĞƌƐĞƌŽĂŶ ƐĞŶĂŶƚŝĂƐĂ ĂůǁĂLJƐ ŝŵƉůĞŵĞŶƚƐ ƚŚĞ ƉƌŝŶĐŝƉůĞ ŽĨ ΗŽĐĐƵƉĂƚŝŽŶĂů
ŵĞŶũĂůĂŶŬĂŶ ƉƌŝŶƐŝƉ ͞ŬĞƐĞŚĂƚĂŶ ĚĂŶ ŬĞƐĞůĂŵĂƚĂŶ ŚĞĂůƚŚĂŶĚƐĂĨĞƚLJΗŝŶƚŚĞǁŽƌŬƉůĂĐĞ͘dŚŝƐŝƐĐĂƌƌŝĞĚ
ŬĞƌũĂ͟ĚŝƚĞŵƉĂƚŬĞƌũĂ͘,ĂůŝŶŝĚŝůĂŬƐĂŶĂŬĂŶŵĞůĂůƵŝ ŽƵƚ ƚŚƌŽƵŐŚ ŝŶĐŝĚĞŶƚ ƉƌĞǀĞŶƚŝŽŶ ŵĞĂƐƵƌĞƐ ĂƐ ǁĞůů
ƚŝŶĚĂŬĂŶ ƉĞŶĐĞŐĂŚĂŶ ŝŶƐŝĚĞŶ ĚĂŶ ŵĞŵƉĞƌŚĂƚŝŬĂŶ ĂƐ ƚĂŬŝŶŐ ŝŶƚŽ ĂĐĐŽƵŶƚ ƚŚĞ ƐƚĂŶĚĂƌĚŝnjĂƚŝŽŶ ŽĨ
ƐƚĂŶĚĂƌŝƐĂƐŝ ĨĂƐŝůŝƚĂƐ ƉĞŶƵŶũĂŶŐ ŬĞĂŵĂŶĂŶ ĚĂŶ ƐƵƉƉŽƌƚŝŶŐ ĨĂĐŝůŝƚŝĞƐ ĨŽƌ ƐĞĐƵƌŝƚLJ ĂŶĚ ƐĂĨĞƚLJ ŽĨ
ŬĞƐĞůĂŵĂƚĂŶ ŐĞĚƵŶŐ ƚĞŵƉĂƚ ŬĞƌũĂ ŬĂƌLJĂǁĂŶ͕ ǁŽƌŬƉůĂĐĞ͕ ƐƵĐŚ ĂƐ ĞŵĞƌŐĞŶĐLJ ĞdžŝƚƐ͕ ĨŝƌĞĨŝŐŚƚŝŶŐ
ƐĞƉĞƌƚŝ ƉŝŶƚƵ ŬĞůƵĂƌ ĚĂƌƵƌĂƚ͕ ĨĂƐŝůŝƚĂƐ ƉĞŵĂĚĂŵ ĨĂĐŝůŝƚŝĞƐĂŶĚƐĞĐƵƌŝƚLJŽĨĨŝĐĞƌƐ͘
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^ĞũĂŬ ŵĂƐƵŬŶLJĂ ǀŝƌƵƐ ĐŽƌŽŶĂ ŬĞ /ŶĚŽŶĞƐŝĂ͕ ^ŝŶĐĞ ƚŚĞ ƐƉƌĞĂĚ ŽĨ ƚŚĞ ĐŽƌŽŶĂ ǀŝƌƵƐ ŝŶƚŽ
WĞƌƐĞƌŽĂŶ ũƵŐĂ ŵĞŶŐŝŵƉůĞŵĞŶƚĂƐŝŬĂŶ ďĞƌďĂŐĂŝ /ŶĚŽŶĞƐŝĂ͕ ƚŚĞ ŽŵƉĂŶLJ ŚĂƐ ĂůƐŽ ŝŵƉůĞŵĞŶƚĞĚ
ĂƚƵƌĂŶ ďĂƌƵ ĚĞŵŝ ŵĞŶũĂŐĂ ŬĞƐĞŚĂƚĂŶ ĚĂŶ ǀĂƌŝŽƵƐ ŶĞǁ ƌĞŐƵůĂƚŝŽŶƐ ƚŽ ŵĂŝŶƚĂŝŶ ĞŵƉůŽLJĞĞ
ĞĨĞŬƚŝĨŝƚĂƐŬĂƌLJĂǁĂŶ͕ƐĞƉĞƌƚŝƉĞŶũĂƌĂŬĂŶƐŽƐŝĂůďĂŐŝ ŚĞĂůƚŚ ĂŶĚ ĞĨĨĞĐƚŝǀĞŶĞƐƐ͕ ƐƵĐŚ ĂƐ ŝŵƉůĞŵĞŶƚŝŶŐ
ŬĂƌLJĂǁĂŶ LJĂŶŐ ďĞŬĞƌũĂ Ěŝ ŬĂŶƚŽƌ͕ ƉĞǁĂũŝďĂŶ ƐŽĐŝĂů ĚŝƐƚĂŶĐŝŶŐ ĨŽƌ ĞŵƉůŽLJĞĞƐ ǁŽƌŬŝŶŐ ŝŶ ŽĨĨŝĐĞƐ͕
ƉĞŶŐŐƵŶĂĂŶ ŵĂƐŬĞƌ ƐĞƌƚĂ ŵĞŶŝŶŐŬĂƚŬĂŶ ŵĂŶĚĂƚŝŶŐ ƚŚĞ ƵƐĞ ŽĨ ŵĂƐŬƐ ĂŶĚ ŝŵƉƌŽǀŝŶŐ ƚŚĞ
ŬĞďĞƌƐŝŚĂŶĂƌĞĂŬĞƌũĂWĞƌƐĞƌŽĂŶ͘ ĐůĞĂŶůŝŶĞƐƐŽĨƚŚĞŽŵƉĂŶLJΖƐǁŽƌŬĂƌĞĂƐ͘
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
,hhE'EW >E''Eϱϭ͗ͲϮĐ
h^dKD ZZ >d/KE
<ŽŵŝƚŵĞŶWĞƌƐĞƌŽĂŶ ŽŵƉĂŶLJŽŵŵŝƚŵĞŶƚ
^ĞďĂŐĂŝ ƐƵĂƚƵ >ĞŵďĂŐĂ :ĂƐĂ <ĞƵĂŶŐĂŶ͕ &Ƶũŝ Ɛ Ă &ŝŶĂŶĐŝĂů ^ĞƌǀŝĐĞ /ŶƐƚŝƚƵƚŝŽŶ͕ &Ƶũŝ
&ŝŶĂŶĐĞ /ŶĚŽŶĞƐŝĂ ƐĞŶĂŶƚŝĂƐĂ ďĞƌŬŽŵŝƚŵĞŶ ƵŶƚƵŬ &ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂŝƐĂůǁĂLJƐĐŽŵŵŝƚƚĞĚƚŽƉƌŽǀŝĚŝŶŐ
ŵĞŵďĞƌŝŬĂŶ ƉĞůĂLJĂŶĂŶ LJĂŶŐ ĂĚŝů ĚĂŶ ƐĞƚĂƌĂ ĨĂŝƌ ĂŶĚ ĞƋƵĂů ƐĞƌǀŝĐĞƐ ƚŽ Ăůů ĐŽŶƐƵŵĞƌƐ ĂĐĐŽƌĚŝŶŐ
ƚĞƌŚĂĚĂƉ ƐĞůƵƌƵŚ ŬŽŶƐƵŵĞŶ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ƚŽƚŚĞŝƌŶĞĞĚƐ͘
ŬĞďƵƚƵŚĂŶŶLJĂ͘
<ŽŵƵŶŝŬĂƐŝWĞŵĂƐĂƌĂŶ DĂƌŬĞƚŝŶŐŽŵŵƵŶŝĐĂƚŝŽŶ
WĞƌƐĞƌŽĂŶ ƐĞůĂůƵ ŵĞŶŐŝŶĨŽƌŵĂƐŝŬĂŶ ũĞŶŝƐ dŚĞ ŽŵƉĂŶLJ ĂůǁĂLJƐ ŝŶĨŽƌŵƐ ƚŚĞ ƚLJƉĞƐ ŽĨ
ƉĞŵďŝĂLJĂĂŶ LJĂŶŐ ĚĂƉĂƚ ĚŝďĞƌŝŬĂŶ ƐĞĐĂƌĂ ůĞŶŐŬĂƉ ĨŝŶĂŶĐŝŶŐƚŚĂƚĐĂŶďĞ ƉƌŽǀŝĚĞĚĞŶƚŝƌĞůLJ ĂŶĚĐůĞĂƌůLJ
ĚĂŶ ũĞůĂƐ ĚĞŵŝ ŵĞŶĞŶƚƵŬĂŶ ƐŬĞŵĂ ƉĞŵďŝĂLJĂĂŶ ŝŶ ŽƌĚĞƌ ƚŽ ĚĞƚĞƌŵŝŶĞ ƚŚĞ ĨŝŶĂŶĐŝŶŐ ƐĐŚĞŵĞ ƚŚĂƚ
LJĂŶŐ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ŬĞďƵƚƵŚĂŶ ŬŽŶƐƵŵĞŶ͘ ƐƵŝƚƐĐŽŶƐƵŵĞƌŶĞĞĚƐ͘ŽŵŵƵŶŝĐĂƚŝŽŶďĞƚǁĞĞŶƚŚĞ
<ŽŵƵŶŝŬĂƐŝ ĂŶƚĂƌĂ ƐƚĂĨĨ WĞƌƐĞƌŽĂŶ ĚĞŶŐĂŶ ŽŵƉĂŶLJΖƐ ƐƚĂĨĨĂŶĚĐŽƐƚƵŵĞƌƐŝƐ ĐĂƌƌŝĞĚŽƵƚďŽƚŚ
ŬŽŶƐƵŵĞŶ ĚŝůĂŬƵŬĂŶ ďĂŝŬ ƐĞĐĂƌĂ ǀĞƌďĂů ŵĂƵƉƵŶ ǀĞƌďĂůůLJĂŶĚŝŶǁƌŝƚŝŶŐ͘dŚƵƐ ĨĂƌ͕ƚŚĞŽŵƉĂŶLJŚĂƐ
ƚĞƌƚƵůŝƐ͘ ,ŝŶŐŐĂ ƐĂĂƚ ŝŶŝ͕ WĞƐĞƌŽĂŶ ƚŝĚĂŬ ƉĞƌŶĂŚ ŶĞǀĞƌďĞĞŶĨĂĐĞĚǁŝƚŚŝŶĐŝĚĞŶƚƐŽĨŶŽŶͲĐŽŵƉůŝĂŶĐĞ
ĚŝŚĂĚĂƉŬĂŶ ƉĂĚĂ ŝŶƐŝĚĞŶ ŬĞƚŝĚĂŬƉĂƚƵŚĂŶ ƚĞƌŬĂŝƚ ƌĞůĂƚĞĚƚŽƉƌŽĚƵĐƚĂŶĚƐĞƌǀŝĐĞŝŶĨŽƌŵĂƚŝŽŶ͘
ŝŶĨŽƌŵĂƐŝƉƌŽĚƵŬĚĂŶůĂLJĂŶĂŶ͘
ǀĂůƵĂƐŝ:ĂƐĂ<ĞƵĂŶŐĂŶ &ŝŶĂŶĐŝĂů^ĞƌǀŝĐĞƐƐĞƐƐŵĞŶƚ
WĞƌƐĞƌŽĂŶ ŵĞůĂŬƵŬĂŶ ĞǀĂůƵĂƐŝ ďĞƌŬĂůĂ ďĂŝŬ dŚĞŽŵƉĂŶLJƉĞƌĨŽƌŵƐƉĞƌŝŽĚŝĐĂƐƐĞƐƐŵĞŶƚ
ĚĂƌŝ ƐĞŐŝ ƌĞƐŝŬŽ ŵĂƵƉƵŶ ŬĞƉĂƚƵŚĂŶ ƚĞƌŚĂĚĂƉ ďŽƚŚ ŝŶ ƚĞƌŵƐ ŽĨ ƌŝƐŬ ĂŶĚ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ Ăůů
ƐĞůƵƌƵŚ ůĂLJĂŶĂŶ ƉĞŵďŝĂLJĂĂŶ LJĂŶŐ ĚŝƚĂǁĂƌŬĂŶ ĨŝŶĂŶĐŝŶŐƐĞƌǀŝĐĞƐŽĨĨĞƌĞĚƚŽĞŶƐƵƌĞƐƵŝƚĂďŝůŝƚLJǁŝƚŚ
ƵŶƚƵŬ ŵĞŵĂƐƚŝŬĂŶ ŬĞƐĞƐƵĂŝĂŶŶLJĂ ĚĞŶŐĂŶ ĐƵƐƚŽŵĞƌ ŶĞĞĚƐ ĂŶĚ ƚŚĞ ĐŽŵƉůŝĂŶĐĞ ŽĨ ĂƉƉůŝĐĂďůĞ
ŬĞďƵƚƵŚĂŶ ƉĞůĂŶŐŐĂŶ ƐĞƌƚĂ ŬĞƚĞƚĂƉĂŶ ƉĞƌĂƚƵƌĂŶ ƌĞŐƵůĂƚŝŽŶƐ͘
LJĂŶŐďĞƌůĂŬƵ͘
&Ƶũŝ &ŝŶĂŶĐĞ /ŶĚŽŶĞƐŝĂ ďĞƌŚĂƌĂƉ ŬĞŐŝĂƚĂŶ &Ƶũŝ &ŝŶĂŶĐĞ /ŶĚŽŶĞƐŝĂ ŚŽƉĞƐ ƚŚĂƚ ƚŚĞ
ďŝƐŶŝƐ WĞƌƐĞƌŽĂŶ ĚĂƉĂƚ ŵĞŵďĂǁĂ ĚĂŵƉĂŬ ƉŽƐŝƚŝĨ ŽŵƉĂŶLJΖƐ ďƵƐŝŶĞƐƐ ĂĐƚŝǀŝƚŝĞƐ ĐĂŶ ŚĂǀĞ Ă ƉŽƐŝƚŝǀĞ
ďĂŐŝ ƉĞƌŬĞŵďĂŶŐĂŶ ĞŬŽŶŽŵŝ ƉĂĚĂ ǁŝůĂLJĂŚ ŝŵƉĂĐƚŽŶĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚŝŶƚŚĞŽŵƉĂŶLJΖƐ
ŽƉĞƌĂƐŝŽŶĂůWĞƌƐĞƌŽĂŶ͘ ŽƉĞƌĂƚŝŽŶĂůĂƌĞĂ͘
^ĂŵƉĂŝ ƐĞŬĂƌĂŶŐ͕ WĞƌƐĞƌŽĂŶ ƚŝĚĂŬ ŵĞůŝŚĂƚ Ɛ LJĞƚ͕ ƚŚĞ ŽŵƉĂŶLJ ĚŽĞƐ ŶŽƚ ƐĞĞ ĂŶLJ
ĂĚĂŶLJĂ ĚĂŵƉĂŬ ŶĞŐĂƚŝĨ ĚĂƌŝ ŬĞŐŝĂƚĂŶ ƵƐĂŚĂ ŶĞŐĂƚŝǀĞ ŝŵƉĂĐƚ ĨƌŽŵ ƚŚĞ ŽŵƉĂŶLJΖƐ ďƵƐŝŶĞƐƐ
WĞƌƐĞƌŽĂŶ ƚĞƌŚĂĚĂƉ ŵĂƐLJĂƌĂŬĂƚ Ěŝ ƐĞŬŝƚĂƌ ǁŝůĂLJĂŚ ĂĐƚŝǀŝƚŝĞƐŽŶƚŚĞĐŽŵŵƵŶŝƚLJĂƌŽƵŶĚƚŚĞŽŵƉĂŶLJΖƐ
ŽƉĞƌĂƐŝŽŶĂůWĞƌƐĞƌŽĂŶ͘ ŽƉĞƌĂƚŝŽŶĂůĂƌĞĂ͘
<ĞůƵŚĂŶWĞůĂŶŐŐĂŶ ƵƐƚŽŵĞƌŽŵƉůĂŝŶƚƐ
WĞƌƐĞƌŽĂŶ ŵĞŶLJĞĚŝĂŬĂŶ ůĂLJĂŶĂŶ ƉĞŶŐĂĚƵĂŶ dŚĞŽŵƉĂŶLJƉƌŽǀŝĚĞƐŵĞĂŶƐĨŽƌĐŽƐƚƵŵĞƌƐ
ďĂŐŝ ŬŽŶƐƵŵĞŶ ŵĂƵƉƵŶ ŵĂƐLJĂƌĂŬĂƚ ďĂŝŬ ƐĞĐĂƌĂ ĂŶĚ ƚŚĞ ƉƵďůŝĐ ƚŽ ĐŽŵƉůĂŝŶƚ ĞŝƚŚĞƌ ĚŝƌĞĐƚůLJ Žƌ ďLJ
ůĂŶŐƐƵŶŐĂƚĂƵƉƵŶ ŵĞůĂůƵŝ ƚĞůĞƉŽŶĚĂŶͬĂƚĂƵĞŵĂŝů͘ ƚĞůĞƉŚŽŶĞ ĂŶĚͬŽƌ ĞŵĂŝů͘ K:< ĂůƐŽ ƉƌŽǀŝĚĞƐ ĂŶ
^ĞůĂŝŶŝƚƵK:<ũƵŐĂŵĞŶLJĞĚŝĂŬĂŶƐĂƌĂŶĂƉĞŶŐĂĚƵĂŶ ŽŶůŝŶĞ ƉŽƌƚĂů ĨŽƌ ĐƵƐƚŽŵĞƌƐ ƚŽ ĨŝůĞ Ă ĐŽŵƉůĂŝŶƚ
ŵĞůĂůƵŝ ǁĞďƐŝƚĞ͗ ƚŚƌŽƵŐŚ
ŚƚƚƉƐ͗ͬͬŬŽŶƚĂŬϭϱϳ͘ŽũŬ͘ŐŽ͘ŝĚͬĂƉƉŬƉƵďůŝĐƉŽƌƚĂůͬWĞŶŐ ŚƚƚƉƐ͗ͬͬŬŽŶƚĂŬϭϱϳ͘ŽũŬ͘ŐŽ͘ŝĚͬĂƉƉŬƉƵďůŝĐƉŽƌƚĂůͬWĞŶŐ
ĂĚƵĂŶ͘ ĂĚƵĂŶ͘
WĂĚĂƚĂŚƵŶϮϬϮϱ͕WĞƌƐĞƌŽĂŶƚŝĚĂŬŵĞŶĞƌŝŵĂ /Ŷ ϮϬϮϱ͕ ƚŚĞ ŽŵƉĂŶLJ ĚŝĚ ŶŽƚ ƌĞĐĞŝǀĞ ĂŶLJ
ƉĞŶŐĂĚƵĂŶŬŽŶƐƵŵĞŶ͘ ĐŽŶƐƵŵĞƌĐŽŵƉůĂŝŶƚƐ͘
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
^W <>/E'<hE'E,/hWϱϭ͗ͲϮď͕ͲϲĚ
Es/ZKED Ed>^W d
WĞŶŐŐƵŶĂĂŶ ŶĞƌŐŝ'Z/ϯϬϮͲϬϭ͕ϯϬϮͲϬϰ ŶĞƌŐLJŽŶƐƵŵƉƚŝŽŶ'Z/ϯϬϮͲϬϭ͕ϯϬϮͲϬϰ
^ĞďĂŐĂŝ ƐƵĂƚƵ WĞƌƐĞƌŽĂŶ WĞŵďŝĂLJĂĂŶ LJĂŶŐ Ɛ Ă &ŝŶĂŶĐŝŶŐ ŽŵƉĂŶLJ ǁŚŽ ŽƉĞƌĂƚĞƐ ŝŶ
ďĞƌŽƉĞƌĂƐŝ Ěŝ ĚĂĞƌĂŚ ƉĞƌŬĂŶƚŽƌĂŶ͕ &Ƶũŝ &ŝŶĂŶĐĞ ŽĨĨŝĐĞ ĚŝƐƚƌŝĐƚ͕ &Ƶũŝ &ŝŶĂŶĐĞ /ŶĚŽŶĞƐŝĂ ŽŶůLJ ƵƐĞƐ
/ŶĚŽŶĞƐŝĂ ŚĂŶLJĂ ŵĞŶŐŬŽŶƐƵŵƐŝ ĞŶĞƌŐŝ ůŝƐƚƌŝŬ ĞůĞĐƚƌŝĐŝƚLJ ŝŶ ŝƚƐ ŽƉĞƌĂƚŝŽŶĂů ĂĐƚŝǀŝƚŝĞƐ͘ ĂƐĞĚ ŽŶ
ĚĂůĂŵ ŬĞŐŝĂƚĂŶ ŽƉĞƌĂƐŝŽŶĂůŶLJĂ͘ ĞƌĚĂƐĂƌŬĂŶ ĚĂƚĂ ĂǀĂŝůĂďůĞ ĚĂƚĂ͕ ƚŚĞ ŽŵƉĂŶLJΖƐ ĞůĞĐƚƌŝĐŝƚLJ
LJĂŶŐ ĂĚĂ͕ ŬŽŶƐƵŵƐŝ ůŝƐƚƌŝŬ WĞƌƐĞƌŽĂŶ ƐĞůĂŵĂ ϯ ĐŽŶƐƵŵƉƚŝŽŶĨŽƌƚŚĞůĂƐƚϯLJĞĂƌƐǁĂƐ͗
ƚĂŚƵŶƚĞƌĂŬŚŝƌĂĚĂůĂŚ͗
ϮϬϮϱ ϮϬϮϰ ϮϬϮϯ
Ϯϯϴ<ǁŚ ϲϭϬ<ǁŚ ϭ͘ϰϮϰ<ǁŚ
WĞƌƐĞƌŽĂŶ ƐĞůĂůƵ ďĞƌƵƉĂLJĂ ŵĞŶŝŶŐŬĂƚŬĂŶ dŚĞ ŽŵƉĂŶLJ ĂůǁĂLJƐ ƐƚƌŝǀĞƐ ƚŽ ŝŵƉƌŽǀĞ ƚŚĞ
ĞĨŝƐŝĞŶƐŝ ƉĞŵĂŬĂŝĂŶ ůŝƐƚƌŝŬ ƐĞďĂŐĂŝ ďĞŶƚƵŬ ŬŝŶĞƌũĂ ĞĨĨŝĐŝĞŶĐLJ ŽĨ ĞůĞĐƚƌŝĐŝƚLJ ĐŽŶƐƵŵƉƚŝŽŶ ĂƐ Ă ĨŽƌŵ ŽĨ
ůŝŶŐŬƵŶŐĂŶŚŝĚƵƉďĞƌŬĞůĂŶũƵƚĂŶ͘ ƐƵƐƚĂŝŶĂďůĞĞŶǀŝƌŽŶŵĞŶƚĂůƉĞƌĨŽƌŵĂŶĐĞ͘
&Ƶũŝ &ŝŶĂŶĐĞ /ŶĚŽŶĞƐŝĂ ƚŝĚĂŬ ŵĞŶŐŚĂƐŝůŬĂŶ &Ƶũŝ &ŝŶĂŶĐĞ /ŶĚŽŶĞƐŝĂ ĚŽĞƐ ŶŽƚ ƉƌŽĚƵĐĞ
ůŝŵďĂŚ ŵĂƵƉƵŶ ŵĞŶŐŐƵŶĂŬĂŶ ďĂŚĂŶ ďĂŬĂƌ ĚĂůĂŵ ǁĂƐƚĞŽƌƵƐĞĨƵĞůŝŶŝƚƐŽƉĞƌĂƚŝŽŶƐ͘
ŬĞŐŝĂƚĂŶŽƉĞƌĂƐŝŽŶĂůŶLJĂ͘
WĞŶŐŚĞŵĂƚĂŶDĂƚĞƌŝĂů'Z/ϯϬϭͲϬϭ DĂƚĞƌŝĂůZĞĚƵĐƚŝŽŶ'Z/ϯϬϭͲϬϭ
^ĞũĂŬƚĂŚƵŶϮϬϮϬ͕WĞƌƐĞƌŽĂŶƚĞůĂŚƐĞďĂŐŝĂŶ ^ŝŶĐĞ ϮϬϮϬ͕ ƚŚĞ ŽŵƉĂŶLJ ŚĂƐ ůĂƌŐĞůLJ
ďĞƐĂƌ ďĞƌĂůŝŚ ŬĞ ĚĂƚĂ ĞůĞŬƚƌŽŶŝŬ ƐĞďĂŐĂŝ ƵƉĂLJĂ ƐǁŝƚĐŚĞĚ ƚŽ ĞůĞĐƚƌŽŶŝĐ ĚĂƚĂ ĂƐ ĂŶ ĞĨĨŽƌƚ ƚŽ ƌĞĚƵĐĞ
ŵĞŶŐƵƌĂŶŐŝƉĞŶŐŐƵŶĂŬĂŶŬĞƌƚĂƐ͘ĂƚĂƉĞŶŐŐƵŶĂĂŶ ƉĂƉĞƌƵƐĂŐĞ͘WĂƉĞƌƵƐĂŐĞĚĂƚĂĨŽƌƚŚĞůĂƐƚϯLJĞĂƌƐ
ŬĞƌƚĂƐƵŶƚƵŬϯƚĂŚƵŶƚĞƌĂŬŚŝƌĂĚĂůĂŚ͗ ĂƌĞ͗
ϮϬϮϱ ϮϬϮϰ ϮϬϮϯ
ϭƌŝŵͬƌĞĂŵ ϭƌŝŵͬƌĞĂŵ ϮƌŝŵͬƌĞĂŵ
WĞŶŐŐƵŶĂĂŶŝƌ'Z/ϯϬϯ tĂƚĞƌŽŶƐƵŵƉƚŝŽŶ'Z/ϯϬϯ
^ĞďĂŐĂŝ ĨĂƐŝůŝƚĂƐ ŬĞƉĂĚĂ ƚĞŶĂŐĂ ŬĞƌũĂ͕ dŚĞ ŽŵƉĂŶLJ ƉƌŽǀŝĚĞƐ ĚƌŝŶŬŝŶŐ ǁĂƚĞƌ
WĞƌƐĞƌŽĂŶ ŵĞŶLJĞĚŝĂŬĂŶ ĨĂƐŝůŝƚĂƐ Ăŝƌ ŵŝŶƵŵ ĚĂůĂŵ ĚŝƐƉĞŶƐĞƌǁŚŝĐŚĐĂŶďĞĂĐĐĞƐƐĞĚĂŶĚĐŽŶƐƵŵĞĚďLJ
ďĞŶƚƵŬ ĚŝƐƉĞŶƐĞƌ Ăŝƌ ŵŝŶƵŵ LJĂŶŐ ĚĂƉĂƚ ĚŝĂŬƐĞƐ Ăůů ůĞǀĞůƐ ŽĨ ƉĞƌƐŽŶŶĞůƐ ĂƐ ŽŶĞ ŽĨ ŝƚƐ ĨĂĐŝůŝƚLJ͘
ĚĂŶ ĚŝŬŽŶƐƵŵƐŝ ŽůĞŚ ƐĞůƵƌƵŚ ŬĂƌLJĂǁĂŶ ĚĂŶ ůƚĞƌŶĂƚŝǀĞůLJ͕ ƐĂŶŝƚLJ ĨĂĐŝůŝƚŝĞƐ ƐƵĐŚ ĂƐ ůĂǀĂƚŽƌLJ Žƌ
ŵĂŶĂũĞŵĞŶ WĞƌƐĞƌŽĂŶ͘ WĞƌƐĞƌŽĂŶ ŵĞŶŐŐƵŶĂŬĂŶ ĂďůƵƚŝŽŶ ƉůĂĐĞ ĂƌĞ ƉƌŽǀŝĚĞĚ ďLJ ƚŚĞ ďƵŝůĚŝŶŐ
ĨĂƐŝůŝƚĂƐ ƐĂŶŝƚĂƐŝ ƐĞƉĞƌƚŝ ƚŽŝůĞƚ ĂƚĂƵ ƚĞŵƉĂƚ ǁƵĚƵŚ ŵĂŶĂŐĞŵĞŶƚ ŝŶ ǁŚĞƌĞ ƚŚĞ ŽŵƉĂŶLJ ŽƉĞƌĂƚĞƐ͘
LJĂŶŐ ĚŝƐĞĚŝĂŬĂŶ ĚĂƌŝ ŐĞĚƵŶŐ ƚĞŵƉĂƚ WĞƌƐĞƌŽĂŶ tĂƚĞƌ ĐŽŶƐƵŵƉƚŝŽŶ ĚĂƚĂ ƚŚƌŽƵŐŚŽƵƚ ƚŚĞ ůĂƐƚ ϯ
ďĞƌŽƉĞƌĂƐŝ͘ ĚĂƉƵŶ ĚĂƚĂ ƉĞŶŐŐƵŶĂĂŶ Ăŝƌ ŽůĞŚ ;ƚŚƌĞĞͿLJĞĂƌƐŝƐĂƐĨŽůůŽǁ͗
WĞƌƐĞƌŽĂŶ ĚĂůĂŵ ϯ ;ƚŝŐĂͿ ƚĂŚƵŶ ƚĞƌĂŬŚŝƌ ĂĚĂůĂŚ
ƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
ϮϬϮϱ ϮϬϮϰ ϮϬϮϯ
ŝƌŵŝŶƵŵͬƌŝŶŬŝŶŐǁĂƚĞƌ ϭ͘ϯϴϯ͕Ϯ> ϵϭϮ> ϵϭϮ>
^ĂŶŝƚĂƐŝͬ^ĂŶŝƚĂƚŝŽŶ ϯϰϭ͕Ϭϲŵϯ ϯϲϭ͕ϲϮŵϯ ϯϯϵ͕Ϭϳŵϯ
WĞƌƐĞƌŽĂŶďĞƌŐĞƌĂŬĚŝƐĞŬƚŽƌũĂƐĂŬĞƵĂŶŐĂŶ dŚĞ ŽŵƉĂŶLJ ƉƌŽǀŝĚĞƐ ƐĞƌǀŝĐĞƐ ŝŶ ĨŝŶĂŶĐŝŶŐ
ƐĞŚŝŶŐŐĂ ƚŝĚĂŬ ŵĞŶŐŚĂƐŝůŬĂŶ ůŝŵďĂŚ ŵĂƵƉƵŶ ƚŚƵƐĚŽĞƐŶ͛ƚŐĞŶĞƌĂƚĞǁĂƐƚĞŽƌĐŽŶƐƵŵĞĨƵĞůƐŝŶŝƚƐ
Wd&h:/&/EE /EKE ^/d<
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
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ŵĞŶŐŐƵŶĂŬĂŶ ƐƵŵďĞƌ ĚĂLJĂ ďĂŚĂŶ ďĂŬĂƌ ĚĂůĂŵ ŽƉĞƌĂƚŝŽŶƐ͘ &ŽůůŽǁŝŶŐ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ǀŝƐŝŽŶ ĂŶĚ
ŬĞŐŝĂƚĂŶ ŽƉĞƌĂƐŝŽŶĂůŶLJĂ͘ ĚĂƉƵŶ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ŵŝƐƐŝŽŶ͕ ĨŝŶĂŶĐĞ ĚŝƐďƵƌƐĞŵĞŶƚ ƚŽ ƚŚĞ ĚĞďƚŽƌƐ ĂƌĞ
ǀŝƐŝ ĚĂŶ ŵŝƐŝ WĞƌƐĞƌŽĂŶ͕ WĞƌƐĞƌŽĂŶ ũƵŐĂ ƌĞŐƵůĂƚĞĚ ĂŶĚ ŵŽŶŝƚŽƌĞĚ ƚŽ ƉƌĞƐĞƌǀĞ ƚŚĞ
ŵĞŵƉĞƌŚĂƚŝŬĂŶ ƉĞŶLJĂůƵƌĂŶ ŬĞƉĂĚĂ ĚĞďŝƚƵƌ ĚĂůĂŵ ĞŶǀŝƌŽŶŵĞŶƚ͘
ŵĞŶũĂŐĂŬĞůĞƐƚĂƌŝĂŶůŝŶŐŬƵŶŐĂŶŚŝĚƵƉ͘
W E' DE'EWZKh<< hE'E Z< >E:hdEϱϭ͗ͲϲĨ
s >KWD EdK&^h^d/E> &/EE/>WZKhd
^ĞďĂŐĂŝƉĞƌƵƐĂŚĂĂŶƉĞŵďŝĂLJĂĂŶ͕WĞƌƐĞƌŽĂŶ ƐƚŚĞŵƵůƚŝĨŝŶĂŶĐĞĐŽŵƉĂŶLJ͕ƚŚĞŽŵƉĂŶLJ
ŵĞŶŐĞŵďĂŶŐŬĂŶ ƉƌŽĚƵŬ ŬĞƵĂŶŐĂŶ ďĞƌŬĞůĂŶũƵƚĂŶ ĚĞǀĞůŽƉƐ ƐƵƐƚĂŝŶĂďůĞ ĨŝŶĂŶĐŝĂů ƉƌŽĚƵĐƚƐ ďLJ
ĚĞŶŐĂŶ ŵĞŶĂƌŐĞƚŬĂŶ ƉĞŶLJĂůƵƌĂŶ ƉĞŵďŝĂLJĂĂŶ ƚĂƌŐĞƚŝŶŐ ĨŝŶĂŶĐŝĂů ĚŝƐďƵƌƐĞŵĞŶƚ ƚŽ ƌĞŶĞǁĂďůĞ
ŬĞƉĂĚĂƉƌŽLJĞŬʹ ƉƌŽLJĞŬ ĞŶĞƌŐŝ ƚĞƌďĂƌƵŬĂŶ͘ĂůĂŵ ĞŶĞƌŐLJ ƉƌŽũĞĐƚƐ͘ /Ŷ ŝŵƉůĞŵĞŶƚŝŶŐ ƚŚĞ ƐƚƌĂƚĞŐLJ ƚŽ
ŵĞůĂŬƐĂŶĂŬĂŶ ƐƚƌĂƚĞŐŝ ƉĞŵĞŶƵŚĂŶ ƚĞƌƐĞďƵƚ͕
ĨƵůĨŝůů ŝƚ͕ ƚŚĞ ŽŵƉĂŶLJ ĂůǁĂLJƐ ĐŽŶĚƵĐƚƐ ƌĞƐĞĂƌĐŚĞƐ
WĞƌƐĞƌŽĂŶ ŬĞƌĂƉ ŵĞŵĂƐĂƌŬĂŶ ƐĞƌƚĂ ŵĞůĂŬƵŬĂŶ
ĂŶĚŵĂƌŬĞƚƐŝƚƐƉƌŽĚƵĐƚƚŽǁĂƌĚƐƉŽƚĞŶƚŝĂůďƵƐŝŶĞƐƐ
ƌŝƐĞƚ ƚĞƌŚĂĚĂƉ ůŝŶŝ ďŝƐŶŝƐ ĚĞďŝƚƵƌ LJĂŶŐ ďĞƌƉŽƚĞŶƐŝ
ůŝŶĞƐ͘
ƵŶƚƵŬĚŝůĂŬƵŬĂŶƉĞŶLJĂůƵƌĂŶ͘
WĞƌƐĞƌŽĂŶ ŵĞŶŝůĂŝ ĚĞŶŐĂŶ ŵĞůĂŬƵŬĂŶ dŚĞ ŽŵƉĂŶLJ ĂƐƐĞƐƐĞƐ ďLJ ĨŝŶĂŶĐŝŶŐ ƚŚĞ
ƉĞŶLJĂůƵƌĂŶ ƉĞŵďŝĂLJĂĂŶ ŬĞƉĂĚĂ ƉƌŽLJĞŬ ʹ ƉƌŽLJĞŬ ƌĞŶĞǁĂďůĞ ĞŶĞƌŐLJ ƉƌŽũĞĐƚƐ͕ ŝƚ ǁŝůů ŚĞůƉ ƚŚĞ ŐƌŽǁƚŚ
ĞŶĞƌŐŝ ƚĞƌďĂƌƵŬĂŶ ĂŬĂŶ ŵĞŵďĂŶƚƵ ƉĞƌƚƵŵďƵŚĂŶ ŽĨ ŶĂƚŝŽŶĂů ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ĂŶĚ ƐƵƉƉŽƌƚ ƚŚĞ ŐůŽďĂů
ŝŶĨƌĂƐƚƌƵŬƚƵƌ ŶĂƐŝŽŶĂůĚĂŶ ŵĞŶĚƵŬƵŶŐƚĞƌĐĂƉĂŝŶLJĂ ĂĐŚŝĞǀĞŵĞŶƚĨŽƌĞŶǀŝƌŽŶŵĞŶƚĂůƌĞĐŽǀĞƌLJ͕ĂƐǁĞůůĂƐ
ƉĞŵƵůŝŚĂŶ ůŝŶŐŬƵŶŐĂŶ ŐůŽďĂů͕ ƐĞƌƚĂ ƐĞƐƵĂŝ ĚĞŶŐĂŶ
ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ǀŝƐŝŽŶ ĂŶĚ
ǀŝƐŝĚĂŶŵŝƐŝWĞƌƐĞƌŽĂŶ͘
ŵŝƐƐŝŽŶ͘
ĚĂƉƵŶ ĚĂůĂŵ ŵĞŶĞŶƚƵŬĂŶ ƉĞŶLJĂůƵƌĂŶ /Ŷ ĚĞƚĞƌŵŝŶŝŶŐ ƚŚĞ ĨŝŶĂŶĐŝŶŐ ĚŝƐƚƌŝďƵƚŝŽŶ͕
ƉĞŵďŝĂLJĂĂŶ ƚĞƌŚĂĚĂƉ ƉƌŽLJĞŬ ĞŶĞƌŐŝ ƚĞƌďĂƌƵŬĂŶ͕ ƚŚĞ ŽŵƉĂŶLJ ƚĂŬĞƐ ŝŶƚŽ ĂĐĐŽƵŶƚ ƚŚĞ ŶĞŐĂƚŝǀĞ
WĞƌƐĞƌŽĂŶ ũƵŐĂ ŵĞŵƉĞƌŚŝƚƵŶŐŬĂŶ ĚĂŵƉĂŬ ŶĞŐĂƚŝĨ ŝŵƉĂĐƚƐ ǁŚŝĐŚ ĐŽƵůĚ ĂƌŝƐĞ ĨƌŽŵ ƚŚĞ ƌĞŶĞǁĂďůĞ
LJĂŶŐ ĚĂƉĂƚ ƚŝŵďƵů ĚĂƌŝ ƉƌŽLJĞŬ ƚĞƌƐĞďƵƚ͕ ƐĞƉĞƌƚŝ ĞŶĞƌŐLJ ƉƌŽũĞĐƚƐ ƐƵĐŚ ĂƐ ƉƌŽũĞĐƚƐ ĨĂŝůƵƌĞ͕ ĨĂƐƚ
ŐĂŐĂů ƉƌŽLJĞŬ͕ ƌŝƐŝŬŽ ĚĂƌŝ ƉĞƌŬĞŵďĂŶŐĂŶ ĂƚĂƵ ĚĞǀĞůŽƉŵĞŶƚƐ ŽĨ ƚĞĐŚŶŽůŽŐLJ͕ĂƐ ǁĞůů ĂƐ ǁĂƐƚĞ ĂŶĚ
ƉĞŶŝŶŐŬĂƚĂŶ ĞĨŝƐŝĞŶƐŝ ƚĞŬŶŽůŽŐŝ ďĂƌƵ͕ ůŝŵďĂŚ ĚĂŶ
ĂĨĨůƵĞŶƚ ĨƌŽŵ ƚŚĞ ĨƵŶĚĞĚ ƉƌŽũĞĐƚ͘dŽ ƌĞĚƵĐĞ ƚŚĞƐĞ
ĞĨůƵĞŶLJĂŶŐĚĂƉĂƚƚŝŵďƵůĚĂƌŝƉƌŽLJĞŬLJĂŶŐĚŝďŝĂLJĂŝ͘
ŶĞŐĂƚŝǀĞ ŝŵƉĂĐƚƐ͕ ƚŚĞ ŽŵƉĂŶLJ ĐŽŶĚƵĐƚƐ ĂŶ
hŶƚƵŬ ŵĞŶŐƵƌĂŶŐŝ ĚĂŵƉĂŬ ŶĞŐĂƚŝĨ ƚĞƌƐĞďƵƚ͕
ĂŶĂůLJƐŝƐ ĂƐ ƉĂƌƚ ŽĨ ŝƚƐ ĚƵĞ ĚŝůŝŐĞŶĐĞ ďĞĨŽƌĞ ƚŚĞ
WĞƌƐĞƌŽĂŶ ŵĞůĂŬƵŬĂŶ ĂŶĂůŝƐŝƐ ƚĞƌŚĂĚĂƉ ƉƌŽLJĞŬ
ƚĞƌůĞďŝŚ ĚĂŚƵůƵ ƐĞďĞůƵŵ ƉĞŶLJĂůƵƌĂŶ ĚŝůĂŬƵŬĂŶ ĚŝƐďƵƌƐĞŵĞŶƚ͕ ǁŚŝĐŚ ǁŝůů ďĞ ĐĂƌƌŝĞĚ ŽƵƚ ŝŶ
ƐĞĐĂƌĂ ƚƌĂŶƐƉĂƌĂŶ ĚĂŶ ŽďLJĞŬƚŝĨ͕ ĚĂŶ ĂƉĂďŝůĂ ƚƌĂŶƐƉĂƌĞŶƚĂŶĚŽďũĞĐƚŝǀĞƉƌŝŶĐŝƉůĞ͕ĂŶĚǁŝůůŝŶƋƵŝƌĞ
ĚŝƉĞƌůƵŬĂŶ ĚĞŶŐĂŶ ŵĞŶŐŐƵŶĂŬĂŶ ĂŶĂůŝƐŝƐ ĚĂƌŝ ũĂƐĂ ĂŶĂůLJƐŝƐĨƌŽŵƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐŝĨŶĞĐĞƐƐĂƌLJ͘
ƉƌŽĨĞƐŝŽŶĂů͘
WĂĚĂƚĂŚƵŶϮϬϮϱĚĂŶϮϬϮϰ͕WĞƌƐĞƌŽĂŶƚŝĚĂŬ /Ŷ ϮϬϮϱ ĂŶĚ ϮϬϮϰ͕ ƚŚĞ ŽŵƉĂŶLJ ĚŝĚ ŶŽƚ
ŵĞŵŝůŝŬŝ ƉĞŶLJĂůƵƌĂŶ ƉĞŵďŝĂLJĂĂŶ ŬĞƉĂĚĂ ƉƌŽLJĞŬ ŚĂǀĞĂŶLJĨŝŶĂŶĐŝŶŐĚŝƐƚƌŝďƵƚŝŽŶƚŽǁĂƌĚƐƐƵƐƚĂŝŶĂďůĞ
ŬĞƵĂŶŐĂŶ ďĞƌŬĞůĂŶũƵƚĂŶ ĚŝŬĂƌĞŶĂŬĂŶ ƉĞŶŐĂũƵĂŶ ƉƌŽũĞĐƚƐ͘ dŚĞ ŽŵƉĂŶLJ ĨŽƵŶĚ ƚŚĞ ĂƉƉůŝĐĂƚŝŽŶ ĨŽƌ
ƉĞŵďŝĂLJĂĂŶ ŽůĞŚ ĚĞďŝƚƵƌ ĂƚĂƐ ƉƌŽLJĞŬ ƚĞƌƐĞďƵƚ ƚŚĞ ƉƌŽũĞĐƚƐ ǁĂƐ ŶŽƚ LJĞƚ ĨĞĂƐŝďůĞ͘ dŚĞ ŽŵƉĂŶLJ
ĚŝŶŝůĂŝ ďĞůƵŵ ůĂLJĂŬ͘ WĞƌƐĞƌŽĂŶ ďĞƌƉĞŶĚĂƉĂƚ
ďĞůŝĞǀĞƐ ƚŚĂƚŐŽǀĞƌŶŵĞŶƚ ƉŽůŝĐLJ ŝƐŶĞĞĚĞĚƚŽĐĂƌƌLJ
ĚƵŬƵŶŐĂŶ ĚĂƌŝ ŬĞďŝũĂŬĂŶ ƉĞŵĞƌŝŶƚĂŚ ĚŝƉĞƌůƵŬĂŶ
ŽƵƚ ĞŶĞƌŐLJ ƚƌĂŶƐĨŽƌŵĂƚŝŽŶ ĂŶĚ ƐƵƉƉŽƌƚ ƌĞŶĞǁĂďůĞ
ƵŶƚƵŬ ŵĞůĂŬƵŬĂŶ ƚƌĂŶƐĨŽƌŵĂƐŝ ĞŶĞƌŐŝ ĚĂŶ
ĞŶĞƌŐLJƉƌŽũĞĐƚƐ͘
ŵĞŶũĂĚŝŬĂŶ ƐƵĂƚƵ ƉƌŽLJĞŬ ĞŶĞƌŐŝ ƚĞƌďĂƌƵŬĂŶ ůĞďŝŚ
ƚĞƌĚĞƉĂŶ͘
119
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ƚĂŚƵŶ ϮϬϮϱ ƚŝĚĂŬ ŵĞůĂŬƵŬĂŶ ǀĞƌŝĨŝŬĂƐŝ ĚĂƌŝ ƉŝŚĂŬ LJĞĂƌŽĨϮϬϮϱŝƐŶŽƚǀĞƌŝĨŝĞĚďLJŝŶĚĞƉĞŶĚĞŶƚƉĂƌƚLJ͘
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Z WKZdK&Wd&h:/&/EE /EKE ^/dďŬ
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ŵĞŶLJĂƚĂŬĂŶ ďĂŚǁĂ ƐĞŵƵĂ ŝŶĨŽƌŵĂƐŝ ĚĂůĂŵ >ĂƉŽƌĂŶ ŝŶĨŽƌŵĂƚŝŽŶ ŝŶ ƚŚĞ ϮϬϮϱ /ŶƚĞŐƌĂƚĞĚ ŶŶƵĂů ZĞƉŽƌƚ ŽĨ
dĂŚƵŶĂŶ dĞƌŝƚĞŐƌĂƐŝ Wd &Ƶũŝ &ŝŶĂŶĐĞ /ŶĚŽŶĞƐŝĂ dďŬ Wd &Ƶũŝ &ŝŶĂŶĐĞ /ŶĚŽŶĞƐŝĂ dďŬ ŚĂƐ ďĞĞŶ ƉƌĞƐĞŶƚĞĚ
ƚĂŚƵŶ ϮϬϮϱ ƚĞůĂŚ ĚŝŵƵĂƚ ƐĞĐĂƌĂ ůĞŶŐŬĂƉ ĚĂŶ ĐŽŵƉůĞƚĞůLJ ĂŶĚ ǁĞ ĂƌĞ ĨƵůůLJ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ƚŚĞ
ĂĐĐƵƌĂĐLJ ŽĨ ƚŚĞ ĐŽŶƚĞŶƚ ŽŶ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ŶŶƵĂů
ďĞƌƚĂŶŐŐƵŶŐũĂǁĂďƉĞŶƵŚĂƚĂƐŬĞďĞŶĂƌĂŶŝƐŝ>ĂƉŽƌĂŶ
ZĞƉŽƌƚ͘
dĂŚƵŶĂŶWĞƌƐĞƌŽĂŶ͘
ĞŵŝŬŝĂŶ ƉĞƌŶLJĂƚĂĂŶ ŝŶŝ ĚŝďƵĂƚ ĚĞŶŐĂŶ dŚŝƐ ƐƚĂƚĞŵĞŶƚ ŝƐ ŚĞƌĞďLJ ŵĂĚĞ ŝŶ Ăůů
ƐĞďĞŶĂƌŶLJĂ͘ ƚƌƵƚŚĨƵůŶĞƐƐ͘
:ĂŬĂƌƚĂ͕ϮϱDĂƌĞƚͬDĂƌĐŚϮϱ͕ϮϬϮϲ
ĞǁĂŶ<ŽŵŝƐĂƌŝƐͮŽĂƌĚŽĨŽŵŵŝƐƐŝŽŶĞƌƐ
ŶĂƐƚĂƐŝĂŚƌŝƐƚŝŶĂǁĂƚŝ
ŶƚŽŶ^ĂŶƚŽƐŽ /ƌ͘&ƌĞĚĚLJ^ĂŶƚŽƐŽ
:ĂLJĂ^ĂƉƵƚƌĂ
<ŽŵŝƐĂƌŝƐhƚĂŵĂ <ŽŵŝƐĂƌŝƐ <ŽŵŝƐĂƌŝƐ/ŶĚĞƉĞŶĚĞŶ
WƌĞƐŝĚĞŶƚŽŵŵŝƐƐŝŽŶĞƌ ŽŵŵŝƐƐŝŽŶĞƌ /ŶĚĞƉĞŶĚĞŶƚŽŵŵŝƐƐŝŽŶĞƌ
ĞǁĂŶŝƌĞŬƐŝͮŽĂƌĚŽĨŝƌĞĐƚŽƌƐ
ŶŝƚĂDĂƌƚĂ ŝĂŶƌŝLJĂŶƚŝtŝũĂLJĂ
ŝƌĞŬƚƵƌhƚĂŵĂ ŝƌĞŬƚƵƌ
WƌĞƐŝĚĞŶƚŝƌĞĐƚŽƌ ŝƌĞĐƚŽƌ
121
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
INDEKS STANDAR GRI
GRI STANDARD INDEX
Indikator Pengungkapan Halaman #
Indicator Disclosure Page #
GRI 1: LANDASAN | FOUNDATION
GRI 2: PENGUNGKAPAN UMUM 2021 | GENERAL DISCLOSURES 2021
2-1 Rincian Organisasi 25, 27
Organizational Details
2-2 Entitas yang Dicantumkan dalam Pelaporan Keberlanjutan Organisasi 5
Entities included in the Organization’s Sustainability Reporting
2-3 Periode, Frekuensi, dan Titik Kontak Pelaporan 5, 25
Reporting Period, Frequency, and Contact Point
2-4 Penyajian Kembali Informasi 5
Restatements of Informations
2-5 Penjamin Eksternal 36, 87
External Assurance
2-6 Aktivitas, Rantai Nilai, dan Hubungan Bisnis Lainnya 25, 28, 43
Activities, Value Chain, and Other Business Relationships
2-7 Tenaga Kerja 38
Employees
2-9 Struktur dan Komposisi Tata Kelola 29, 31, 67, 68
Governance Structure and Composition
2-10 Pencalonan dan Pemilihan Badan Tata Kelola Tertinggi 61
Nomination and Selection of the Highest Governance Body
2-11 Ketua Badan Tata Kelola Tertinggi 29, 31
Chair of the Highest Governance Body
2-12 Peran Badan Tata Kelola Tertinggi dalam Mengawasi Manajemen 59
Dampak
Role of the Highest Governance Body in Overseeing the Management
Principles
2-13 Delegasi Tanggung Jawab untuk Mengelola Dampak 89
Delegation of the Responsibility for Managing Impacts
2-15 Konflik Kepentingan 31 – 35, 56
Conflict of Interests
2-17 Pengetahuan Kolektif Badan Tata Kelola Tertinggi 68, 69, 73
Collective Knowledge of the Highest Governance Body
2-18 Evaluasi Kinerja Badan Tata Kelola Tertinggi 75
Evaluation of the Performance of the Highest Governance Body
2-19 Kebijakan Remunerasi 76, 80
Remuneration Policies
2-20 Proses untuk Menentukan Remunerasi 76, 80
Process to Determine Remuneration
2-22 Pernyataan tentang Strategi Pembangunan Keberlanjutan 108
Statement on Sustainable Development Strategy
2-23 Komitmen Kebijakan 25, 116
Policy Commitments
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/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
2-26 Mekanisme untuk Mencari Nasihan dan Mengemukan Masalah 102
Mechanism for Seeking Advice and Raising Concerns
2-27 Kepatuhan terhadap Hukum dan Peraturan 94
Compliance with Laws and Regulations
2-28 Asosiasi Keanggotaan 25
Membership Associations
2-29 Pendekatan untuk Keterlibatan Pemangku Kepentingan 109
Approach to Stakeholder Engagement
GRI 3: TOPIK MATERIAL 2021 | MATERIAL TOPICS 2021
3-1 Proses untuk Menentukan Topik Material 5, 109
Process to Determine Material Topics
3-2 Daftar Topik Material 6
List of Material Topics
3-3 Manajemen Topik Material 112
Management of Material Topics
GRI 201: KINERJA EKONOMI 2016 | ECONOMIC PERFORMANCE 2016
201-01 Nilai Ekonomi Langsung yang Dihasilkan dan Didistribusikan 114
Direct Economic Value Generated and Distributed
GRI 202: KEBERADAAN PASAR 2016 | MARKET PRESENCE 2016
202-01 Rasio Standar Upah Karyawan Pemula Berdasarkan Jenis Kelamin 41
terhadap Upah Minimum Regional
Ratios of Standard Entry Level Wage by Gender Compared to Local
Minimum Wage
202-02 Proporsi Manajemen Senior yang Berasal dari Masyarakat Setempat 38
Proportion of Senior Management Hired from the Local Community
GRI 205: ANTI KORUPSI 2016 | ANTI-CORRUPTION 2016
205-01 Operasi-operasi yang Dinilai Memiliki Risiko Terkait Korupsi 103
Operations Assessed for Risks Related to Corruption
205-02 Komunikasi dan Pelatihan Tentang Kebijakan dan Prosedur Anti- 103
Korupsi
Communication and Training about Anti-Corruption Policies and
Procedures
GRI 301: MATERIAL 2016 | MATERIALS 2016
301-01 Material yang Digunakan Berdasarkan Berat atau Volume 118
Materials Used by Weight or Volume
GRI 302: ENERGI 2016 | ENERGY 2016
302-01 Konsumsi Energi Dalam Organisasi 118
Energy Consumption Within the Organization
302-04 Pengurangan Konsumsi Energi 118
Reduction of Energy Consumption
GRI 303: ENERGI 2016 | ENERGY 2016
303 Konsumsi Energi Dalam Organisasi 118
Energy Consumption Within the Organization
GRI 401: KEPEGAWAIAN 2016 | EMPLOYMENT 2016
401-01 Perekrutan Karyawan Baru dan Pergantian Karyawan 39, 40
New Employee Hires and Employee Turnover
401-02 Tunjangan yang Diberikan kepada Karyawan Purnawaktu, yang Tidak 41
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>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
Diberikan kepada Karyawan pada Kurun Waktu Tertentu atau Paruh
Waktu
Benefits Provided to Full-Time Employees that are not Provided to the
Temporary or Part-Time Employees
401-03 Cuti Melahirkan 41
Parental Leave
GRI 403: KESEHATAN DAN KESELAMATAN KERJA 2018 | OCCUPATIONAL HEALTH AND
SAFETY 2018
403-01 Sistem Manajemen Keselamatan dan Kesehatan Kerja 116
Occupational Health and Safety Management System
403-03 Layanan Kesehatan Kerja 40
Occupational Health Services
GRI 404: PELATIHAN DAN PENDIDIKAN 2016 | TRAINING AND EDUCATION 2016
404-01 Rata-rata Jam Pelatihan per Tahun per Karyawan 39, 40
Average Hours of Training per Year per Employee
404-02 Program untuk Meningkatkan Keterampilan Karyawan dan Program 39
Bantuan Peralihan
Programs for Upgrading Employee Skills and Transition Assistance
Programs
404-03 Persentase Karyawan yang Menerima Tinjauan Rutin terhadap Kinerja 39
dan Pengembangan Karier
Percentage of Employees Receiving Regular Performance and Career
Development Reviews
GRI 405: KEANEKARAGAMAN DAN PELUANG SETARA 2016 | DIVERSITY AND EQUAL
OPPORTUNITY 2016
405-01 Keanekaragaman Badan Tata Kelola dan Karyawan 31, 38
Diversity of Governance Bodies and Employees
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/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
INDEKS POJK 51/POJK.03/2017
POJK 51/POJK.03/2017 INDEX
PENERAPAN KEUANGAN BERKELANJUTAN BAGI
LEMBAGA JASA KEUANGAN, EMITEN, DAN PERUSAHAAN PUBLIK
Indikator Pengungkapan Halaman #
Indicator Disclosure Page #
A.1. : Penjelasan Strategi Keberlanjutan | Sustainability Strategy Disclosure 108
A.2 : Ikhtisar Kinerja Aspek Berkelanjutan | Sustainability Performance
a. Aspek Ekonomi 8, 113
Economy Aspect
b. Aspek Lingkungan Hidup 118
Environmental Aspect
c. Aspek Sosial 115, 117
Social Aspect
A.3 : Profil Singkat | Company’s Introduction
a. Visi, Misi, Nilai Keberlanjutan 4, 108, 111
Sustainability in Vision, Mission and Value
b. Informasi Perusahaan 25
Company’s Information
c. Skala Usaha 8, 9, 13, 14,
Company’s Scale 25
d. Produk Perusahaan 28
Company’s Product
e. Keanggotaan pada Asosiasi 25
Association Membership
f. Perubahan Signifikan 15, 26
Significant Changes
A.4 : Penjelasan Direksi | Board of Directors’ Report 20, 112, 113
A.5 : Tata Kelola Keberlanjutan | Sustainability Good Corporate Governance
a. Uraian Tugas Penanggung Jawab Penerapan Keuangan Berkelanjutan 68, 72
Descriptions of Duty of the Position in Charge of Implementing Sustainable
Policy
b. Kompetensi Penanggung Jawab Penerapan Keuangan Berkelanjutan 68, 69, 73
Competency Development of the Position in Charge of Implementing
Sustainable Policy
c. Sistem Pengendalian Risiko 89
Risk Management System
d. Pemangku Kepentingan 109
Company’s Product
e. Evaluasi Penerapan Keuangan Berkelanjutan 112
Evaluation of Implementation of Sustainable Financing
A.6 : Kinerja Keberlanjutan | Sustainability Performance
a. Budaya Keberlanjutan 108
Sustainability Culture
b. Uraian Kinerja Ekonomi 7, 51 - 52,
Summary of Economy Performance 113
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c. Uraian Kinerja Sosial 39, 41, 115
Summary of Social Performance
d. Uraian Kinerja Lingkungan Hidup 118
Summary of Environmental Performance
f. Pengembangan Produk 119
Product Development
A.7 : Verifikasi Independen | Independent Verification 120
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& <&KZD
dĞƌŝŵĂ ŬĂƐŝŚ ĂƚĂƐ ŬĞƚĞƌƐĞĚŝĂĂŶ ŶĚĂ ŵĞŵďĂĐĂ >ĂƉŽƌĂŶ dĂŚƵŶĂŶ dĞƌŝŶƚĞŐƌĂƐŝ ϮϬϮϰ Wd &Ƶũŝ &ŝŶĂŶĐĞ
/ŶĚŽŶĞƐŝĂdďŬŝŶŝ͘
dŚĂŶŬLJŽƵĨŽƌLJŽƵƌƚŝŵĞƌĞĂĚŝŶŐϮϬϮϰ/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚŽĨWd&Ƶũŝ&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂdďŬ͘
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ĚĂŶŵĞŶLJĂŵƉĂŝŬĂŶƐĂƌĂŶ͕ŬƌŝƚŝŬ͕ĚĂŶŵĂƐƵŬĂŶŶĚĂŬĞƉĂĚĂŬĂŵŝ͘
dŽŝŵƉƌŽǀĞŽƵƌƐĞƌǀŝĐĞƐĂƐǁĞůůĂƐƚŽŝŵƉƌŽǀĞƚŚĞƋƵĂůŝƚLJŽĨŽƵƌƌĞƉŽƌƚŝŶƚŚĞĨƵƚƵƌĞ͕ǁĞŬŝŶĚůLJĂƐŬLJŽƵƚŽĨŝůů
ŝŶƚŚŝƐ&ĞĞĚďĂĐŬ&ŽƌŵĂŶĚƉƌŽǀŝĚĞƵƐǁŝƚŚLJŽƵƌǀĂůƵĂďůĞƐƵŐŐĞƐƚŝŽŶ͕ĐƌŝƚŝƋƵĞ͕ĂŶĚĨƵƌƚŚĞƌŝŶƉƵƚ͘
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EĂŵĂĚĂŶKƌŐĂŶŝƐĂƐŝ;ĂƉĂƚĚŝŬŽƐŽŶŐŬĂŶͿ
͗
EĂŵĞĂŶĚKƌŐĂŶŝnjĂƚŝŽŶ;DĂLJůĞĨƚďůĂŶŬͿ
EŽŵŽƌ<ŽŶƚĂŬ;ŶŽŵŽƌƚĞůĞƉŽŶͬĞŵĂŝůͿ
͗
WŽŝŶƚŽĨŽŶƚĂĐƚ;ƚĞůĞƉŚŽŶĞŶƵŵďĞƌͬĞŵĂŝůͿ
'ŽůŽŶŐĂŶWĞŵĂŶŐŬƵ<ĞƉĞŶƚŝŶŐĂŶ ŵŽŚŽŶĚŝŝƐŝŬŽƚĂŬLJĂŶŐƌĞůĞǀĂŶ
͗
^ƚĂŬĞŚŽůĚĞƌƐ'ƌŽƵƉ ;ƉůĞĂƐĞƚŝĐŬƚŚĞƌĞůĞǀĂŶƚďŽdžͿ
WĞŵĞŐĂŶŐ^ĂŚĂŵĂƚĂƵ/ŶǀĞƐƚŽƌͬ^ŚĂƌĞŚŽůĚĞƌƐŽƌ/ŶǀĞƐƚŽƌ
<ŽŶƐƵŵĞŶͬƵƐƚŽŵĞƌ
<ĂƌLJĂǁĂŶͬ ŵƉůŽLJĞĞ
DŝƚƌĂhƐĂŚĂͬƵƐŝŶĞƐƐWĂƌƚŶĞƌ
/ŶƐƚĂŶƐŝWĞŵĞƌŝŶƚĂŚͬ'ŽǀĞƌŶŵĞŶƚŐĞŶĐLJ
DĞĚŝĂͬDĞĚŝĂ
DĂƐLJĂƌĂŬĂƚͬWƵďůŝĐ
>ĂŝŶŶLJĂͬKƚŚĞƌƐ͗;ŵŽŚŽŶĚŝƐĞďƵƚŬĂŶͬƉůĞĂƐĞƐƉĞĐŝĨLJͿ
ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ
<h/^/KE Z
Yh ^d/KEE/Z
EŽ͘ WĞƌŶLJĂƚĂĂŶͬ^ƚĂƚĞŵĞŶƚ zĂͬzĞƐ dŝĚĂŬͬEŽ
ϭ͘ /Ɛŝ>ĂƉŽƌĂŶŵƵĚĂŚĚŝƉĂŚĂŵŝ
dŚĞĐŽŶƚĞŶƚƐŽĨƌĞƉŽƌƚĂƌĞĞĂƐLJƚŽĐŽŵƉƌĞŚĞŶĚ
Ϯ͘ /Ɛŝ>ĂƉŽƌĂŶďĞƌŵĂŶĨĂĂƚĚĂůĂŵŵĞŵƉĞƌŽůĞŚŝŶĨŽƌŵĂƐŝĚĂŶŵĞŶŐĂŵďŝů
ŬĞƉƵƚƵƐĂŶ
dŚĞĐŽŶƚĞŶƚƐŽĨƌĞƉŽƌƚĂƌĞƵƐĞĨƵůŝŶŽďƚĂŝŶŝŶŐŝŶĨŽƌŵĂƚŝŽŶĂŶĚŵĂŬŝŶŐ
Wd&h:/&/EE /EKE ^/d<
Page 137
>ĂƉŽƌĂŶdĂŚƵŶĂŶdĞƌŝŶƚĞŐƌĂƐŝϮϬϮϱ
/ŶƚĞŐƌĂƚĞĚŶŶƵĂůZĞƉŽƌƚϮϬϮϱ
ĚĞĐŝƐŝŽŶ
ϯ͘ /Ɛŝ>ĂƉŽƌĂŶƚĞůĂŚŵĞŶŐŐĂŵďĂƌŬĂŶŬŝŶĞƌũĂŬĞďĞƌůĂŶũƵƚĂŶWĞƌƐĞƌŽĂŶ
ĚĞŶŐĂŶďĂŝŬ͕ĂŬƵƌĂƚ͕ĚĂŶďĞƌŝŵďĂŶŐ
dŚĞĐŽŶƚĞŶƚƐŽĨƌĞƉŽƌƚŚĂǀĞĚĞƐĐƌŝďĞĚƚŚĞŽŵƉĂŶLJ͛ƐƐƵƐƚĂŝŶĂďůĞ
ƉĞƌĨŽƌŵĂŶĐĞŝŶĂŐŽŽĚ͕ĂĐĐƵƌĂƚĞ͕ĂŶĚďĂůĂŶĐĞĚĨĂƐŚŝŽŶ
ϰ͘ /Ɛŝ>ĂƉŽƌĂŶŵĞŵƵĂƚŝŶĨŽƌŵĂƐŝƚĞƌŬĂŝƚďĞƌďĂŐĂŝĂƐƉĞŬŬĞďĞƌůĂŶũƵƚĂŶ
LJĂŶŐƉĞŶƚŝŶŐ
dŚĞƌĞƉŽƌƚĐŽŶƚĂŝŶƐŝŶĨŽƌŵĂƚŝŽŶƌĞůĂƚĞĚƚŽǀĂƌŝŽƵƐĂƐƉĞĐƚƐŽĨ
ƐƵƐƚĂŝŶĂďŝůŝƚLJǁŚŝĐŚŝƐŝŵƉŽƌƚĂŶƚ
ϱ͘ >ĂƉŽƌĂŶƚĞůĂŚĚŝƐĂũŝŬĂŶĚĂůĂŵďĞŶƚƵŬĚĂŶƚĂŵƉŝůĂŶLJĂŶŐďĂŝŬ͕ŵƵĚĂŚ
ĚŝďĂĐĂ͕ĚĂŶƚĞƌƚĂƚĂƌĂƉŝ
dŚĞƌĞƉŽƌƚŚĂƐďĞĞŶƉƌĞƐĞŶƚĞĚŝŶĂǁĞůůͲĚĞƐŝŐŶĞĚ͕ŚŝŐŚůLJůĞŐŝďůĞ͕ĂŶĚ
ĐĂƌĞĨƵůůLJŽƌŐĂŶŝnjĞĚ
ϲ͘ ƉĂŬĂŚƚĞƌĚĂƉĂƚĂƐƉĞŬŬĞďĞƌůĂŶũƵƚĂŶLJĂŶŐŝŶŐŝŶŶĚĂŬĞƚĂŚƵŝĚĂƌŝ
WĞƌƵƐĂŚĂĂŶŶĂŵƵŶďĞůƵŵƚĞƌƚĞƌĂ͍:ŝŬĂLJĂ͕ŵŽŚŽŶĚŝƐĞďƵƚŬĂŶ͗
tĞƌĞƚŚĞLJĂŶLJƐƵƐƚĂŝŶĂďŝůŝƚLJĂƐƉĞĐƚƚŚĂƚLJŽƵǁŝƐŚƚŽŬŶŽǁŵŽƌĞĨƌŽŵ
ƚŚĞŽŵƉĂŶLJ͍/ĨLJĞƐ͕ƉůĞĂƐĞƐƉĞĐŝĨLJ͗
ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ
ϳ͘ ƐƉĞŬĂƉĂŬĂŚLJĂŶŐŵĞŶƵƌƵƚŶĚĂƉĞƌůƵĚŝďĂŚĂƐĚĂůĂŵůĂƉŽƌĂŶĚŝ
ƚĂŚƵŶďĞƌŝŬƵƚŶLJĂ͗
ƐƉĞĐƚƐǁŚŝĐŚLJŽƵǁŝƐŚƚŽďĞĚŝƐĐƵƐƐĞĚŝŶƚŚĞƐƵďƐĞƋƵĞŶƚƌĞƉŽƌƚĂƌĞ͗
ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ
dĞƌŝŵĂŬĂƐŝŚĂƚĂƐŬĞƚĞƌƐĞĚŝĂĂŶŶĚĂĚĂůĂŵŵĞŶŐŝƐŝ>ĞŵďĂƌhŵƉĂŶĂůŝŬŝŶŝ͘
dŚĂŶŬLJŽƵĨŽƌLJŽƵƌƚŝŵĞŝŶĨŝůůŝŶŐŽƵƚƚŚŝƐĨĞĞĚďĂĐŬĨŽƌŵ͘
DŽŚŽŶŬĞƚĞƌƐĞĚŝĂĂŶŶĚĂƵŶƚƵŬĚĂƉĂƚŵĞŶŐŝƌŝŵŬĂŶƉŽƚŽŶŐĂŶ>ĞŵďĂƌhŵƉĂŶĂůŝŬŝŶŝƐĞĐĂƌĂĨŝƐŝŬĂƚĂƵĞůĞŬƚƌŽŶŝŬ
ŬĞƉĂĚĂ͗
WůĞĂƐĞƐĞŶĚƚŚŝƐ&ĞĞĚďĂĐŬ&ŽƌŵĞŝƚŚĞƌƉŚLJƐŝĐĂůůLJŽƌĞůĞĐƚƌŽŶŝĐĂůůLJƚŽ͗
Wd&Ƶũŝ&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂdďŬ
DĞŶĂƌĂ^ƵĚŝƌŵĂŶ>ĂŶƚĂŝϳ>Žƚ
:ĂůĂŶ:ĞŶĚĞƌĂů^ƵĚŝƌŵĂŶ<ĂǀĞůŝŶŐϲϬ
:ĂŬĂƌƚĂ^ĞůĂƚĂŶʹϭϮϭϵϬ
/ŶĚŽŶĞƐŝĂ
ŝŶĨŽΛĨƵũŝĨŝŶĂŶĐĞ͘ĐŽŵ
Wd&h:/&/EE /EKE ^/d<
Page 138
PT FUJI FINANCE INDONESIA TBK
LAPORAN KEUANGAN
TAHUNAN
ANNUAL FINANCIAL REPORT
2025
INTEGRATED
ANNUAL REPORT
Laporan Keuangan Terintegrasi
Page 139
PT FUJI FINANCE INDONESIA TBK
Laporan Keuangan
tanggal 31 Desember 2025 dan
untuk tahun yang berakhir pada tanggal tersebut
beserta Laporan Auditor Independen/
Financial Statements
as of December 31, 2025 and for the year then ended
with Independent Auditor s Report
Page 140
The original financial statements included herein are in
Indonesian language.
PT FUJI FINANCE INDONESIA TBK PT FUJI FINANCE INDONESIA TBK
LAPORAN KEUANGAN FINANCIAL STATEMENTS
TANGGAL 31 DESEMBER 2025 DAN UNTUK TAHUN AS OF DECEMBER 31, 2025 AND
YANG BERAKHIR PADA TANGGAL TERSEBUT FOR THE YEAR THEN ENDED
BESERTA LAPORAN AUDITOR INDEPENDEN WITH INDEPENDENT AUDITOR S REPORT
Daftar Isi Table of Contents
Halaman/
Page
Surat Pernyataan Direksi Director s Statement Letter
Laporan Auditor Independen Independent Auditor s Report
Laporan Posisi Keuangan ............................................. 1-2 ................................. Statement of Financial Position
Laporan Laba Rugi dan ................................................. .................................. Statement of Profit or Loss and
Penghasilan Komprehensif Lain .............................. 3 .......................... Other Comprehensive Income
Laporan Perubahan Ekuitas .......................................... 4 ................................. Statement of Changes in Equity
Laporan Arus Kas ........................................................ 5 ........................................... Statement of Cash Flows
Catatan Atas Laporan Keuangan .................................. 6 - 63 .............................. Notes to the Financial Statements
Page 141
Page 142
Page 143
Page 144
Page 145
Page 146
Page 147
Page 148
The original financial statements included herein are in
Indonesian language.
PT FUJI FINANCE INDONESIA TBK PT FUJI FINANCE INDONESIA TBK
LAPORAN POSISI KEUANGAN STATEMENT OF FINANCIAL POSITION
Tanggal 31 Desember 2025 As of December 31, 2025
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
Catatan atas laporan keuangan terlampir merupakan bagian The accompanying notes to the financial statements form
yang tidak terpisahkan dari laporan keuangan an integral part of these financial statements
secara keseluruhan. taken as whole.
1
Page 149
The original financial statements included herein are in
Indonesian language.
PT FUJI FINANCE INDONESIA TBK PT FUJI FINANCE INDONESIA TBK
LAPORAN LABA RUGI DAN STATEMENT OF PROFIT OR LOSS AND
PENGHASILAN KOMPREHENSIF LAIN OTHER COMPREHENSIVE INCOME
Untuk tahun yang berakhir pada tanggal For the year ended
31 Desember 2025 December 31, 2025
(Disajikan dalam Rupiah) (Expressed in Rupiah)
Catatan atas laporan keuangan terlampir merupakan bagian The accompanying notes to the financial statements form
yang tidak terpisahkan dari laporan keuangan an integral part of these financial statements
secara keseluruhan. taken as whole.
2
Page 150
The original financial statements included herein are in
Indonesian language.
PT FUJI FINANCE INDONESIA TBK PT FUJI FINANCE INDONESIA TBK
LAPORAN LABA RUGI DAN STATEMENT OF PROFIT OR LOSS AND
PENGHASILAN KOMPREHENSIF LAIN OTHER COMPREHENSIVE INCOME
Untuk tahun yang berakhir pada tanggal For the year ended
31 Desember 2025 December 31, 2025
(Disajikan dalam Rupiah) (Expressed in Rupiah)
Catatan atas laporan keuangan terlampir merupakan bagian The accompanying notes to the financial statements form
yang tidak terpisahkan dari laporan keuangan an integral part of these financial statements
secara keseluruhan. taken as whole.
3
Page 151
The original financial statements included herein are in
Indonesian language.
PT FUJI FINANCE INDONESIA TBK PT FUJI FINANCE INDONESIA TBK
LAPORAN PERUBAHAN EKUITAS STATEMENT OF CHANGES IN EQUITY
Untuk tahun yang berakhir pada tanggal For the year ended
31 Desember 2025 December 31, 2025
(Disajikan dalam Rupiah) (Expressed in Rupiah)
Catatan atas laporan keuangan terlampir merupakan bagian The accompanying notes to the financial statements form
yang tidak terpisahkan dari laporan keuangan an integral part of these financial statements
secara keseluruhan. taken as whole.
4
Page 152
The original financial statements included herein are in
Indonesian language.
PT FUJI FINANCE INDONESIA TBK PT FUJI FINANCE INDONESIA TBK
LAPORAN ARUS KAS STATEMENT OF CASH FLOWS
Untuk tahun yang berakhir pada tanggal For the year ended
31 Desember 2025 December 31, 2025
(Disajikan dalam Rupiah) (Expressed in Rupiah)
Informasi arus kas tambahan disajikan pada Catatan 24. Supplementary cash flows information is presented in
Note 24.
Catatan atas laporan keuangan terlampir merupakan bagian The accompanying notes to the financial statements form
yang tidak terpisahkan dari laporan keuangan an integral part of these financial statements
secara keseluruhan. taken as whole.
5
Page 153
The original financial statements included herein are in
Indonesian language.
PT FUJI FINANCE INDONESIA TBK PT FUJI FINANCE INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan As of December 31, 2025 and
untuk tahun yang berakhir pada tanggal tersebut for the year then ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
1. UMUM 1. GENERAL
a. Pendirian dan informasi umum a. Establishment and general information
PT Fuji Finance Indonesia Tbk
didirikan pertama sekali dengan nama (the Company was established under the
PT Jaya Fajar Leasing Pratama berdasarkan name of PT Jaya Fajar Leasing Pratama
Akta Notaris Kartini Muljadi S.H., No. 287 pada based on Notarial Deed Kartini Muljadi S.H.,
tanggal 21 September 1982. Akta pendirian No. 287 on September 21, 1982. The
Perusahaan telah disetujui oleh Menteri Hukum Company's deed of establishment was
dan Hak Asasi Manusia dengan Surat Keputusan approved by the Ministry of Law and Human
No. C2-1252HT01.01TH83 tanggal 10 Februari Rights of the Republic of Indonesia in its
1983 dan telah diumumkan dalam Berita Negara Decision Letter No. C2-1252HT01.01TH83
Republik Indonesia No. 283 Tambahan No. 17 dated February 10, 1983 and has been
tanggal 15 Februari 1983. Berdasarkan Akta announced in the State Gazette of the
Notaris Kartini Muljadi, S.H., No. 202 tanggal Republic of Indonesia No. 283 Supplement
28 April 1983, nama Perusahaan diubah menjadi No. 17 dated February 15, 1983. Based on
PT Jaya Fuji Leasing Pratama, perubahan ini Notarial Deed Kartini Muljadi, S.H., No. 202
telah mendapat persetujuan dari Menteri Hukum dated April 28, 1983, the Company's name
dan Hak Asasi Manusia dengan Surat Keputusan was changed to PT Jaya Fuji Leasing
No. C2-4744-HT.01.04.TH83 tanggal 27 Juni Pratama, this change was approved by the
1983. Berdasarkan Akta Notaris Andalia Farida, Ministry of Law and Human Rights of
S.H., M.H., No. 1 tanggal 6 Agustus 2018, nama the Republic of Indonesia in its
Perusahaan diubah menjadi PT Fuji Finance Decision Letter No. C2-4744-HT.01.04.TH83
Indonesia, perubahan ini telah mendapat dated June 27, 1983. Based on Notarial Deed
persetujuan dari Menteri Hukum dan Hak Andalia Farida, S.H., M.H., No. 1 dated
Asasi Manusia dengan Surat Keputusan August 6, 2018, the Company's name was
No. AHU-0016042.AH.01.02.Tahun 2018 tanggal changed to PT Fuji Finance Indonesia, this
7 Agustus 2018. change was approved by the Ministry of
Law and Human Rights of the Republic
of Indonesia in its Decision Letter
No. AHU-0016042.AH.01.02.Year 2018 dated
August 7, 2018.
Anggaran Dasar Perusahaan telah mengalami The Company's Articles of Association have
beberapa kali perubahan, terakhir dengan Akta been amended several times, most recently
Notaris No. 5 tanggal 3 Mei 2023 dari Andalia by Notarial Deed No. 5 dated May 3, 2023
Farida, S.H., M.H., notaris di Jakarta, mengenai from Andalia Farida, S.H., M.H., a notary in
penyesuaian kembali pasal 3 anggaran dasar Jakarta, regarding the adjustment of the
Perusahaan untuk disesuaikan dengan peraturan articles 3 of association to government
pemerintah Republik Indonesia No. 5 tahun regulation Republic of Indonesia No. 5 Year
2021. Akta perubahan ini telah mendapatkan 2021. This amendment deed was approved by
persetujuan dari Menteri Hukum dan Hak Asasi the Ministry of Law and Human Rights of the
Manusia Republik Indonesia dengan Surat Republic of Indonesia in its Decision Letter
Keputusan No. AHU-0100717.AH.01.11 Tahun No. AHU-0100717.AH.01.11 Year 2023
2023 tanggal 31 Mei 2023. dated May 31, 2023.
Perusahaan berlokasi di Menara Sudirman The Company is located at Menara Sudirman
lantai 7B Jl. Jend. Sudirman Kav. 60, 7B floor Jl. Jend. Sudirman Kav. 60,
Jakarta Selatan. South Jakarta.
Perusahaan memulai operasi komersialnya pada The Company commenced its commercial
tahun 1982. Berdasarkan Pasal 3 pada Anggaran operations in 1982. Based on Article 3 of
Dasar Perusahaan, maksud dan tujuan the Company's Articles of Association, the
Perusahaan yaitu pembiayaan investasi, Company's scope of business are investment
pembiayaan multiguna, pembiayaan modal financing, multipurpose financing, working
modal kerja, dan kegiatan usaha pembiayaan capital financing, and other business financing
lain. activities.
6
Page 154
The original financial statements included herein are in
Indonesian language.
PT FUJI FINANCE INDONESIA TBK PT FUJI FINANCE INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
(Lanjutan) (Continued)
Tanggal 31 Desember 2025 dan As of December 31, 2025 and
untuk tahun yang berakhir pada tanggal tersebut for the year then ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
1. UMUM (Lanjutan) 1. GENERAL (Continued)
b. Dewan Komisaris dan Direksi, dan Karyawan b. Boards of Commissioners and Directors,
and Employees
Susunan Dewan Komisaris dan Direksi s of
Perusahaan pada tanggal 31 Desember 2025 Commissioners and Directors as of
dan 2024 sebagai berikut: December 31, 2025 and 2024 as follows:
31 Desember/December 31,
2025 2024
Dewan Komisaris Board of Commissioners
Komisaris Utama Anton Santoso Anton Santoso President Commissioner
Komisaris Freddy Santoso Freddy Santoso Commissioner
Komisaris Independen Anastasia Christinawati Jaya Saputra Anastasia Christinawati Jaya Saputra Independent Commissioner
Dewan Direksi Board of Directors
Direktur Utama Anita Marta -*) President Director
Direktur Dian Ariyanti Wijaya Anita Marta Director
Direktur - Dian Ariyanti Wijaya Director
-*) Pada tanggal 4 Juni 2024, Stephen Alfred Field diangkat menjadi -*) On June 4, 2024, Stephen Alfred Field appointed as President
Direktur Utama dan mengundurkan diri dari jabatannya pada 6 Desember Director and resigned from his role on December 6, 2024
2024
Susunan komite audit pada tanggal The composition of the audit committee as of
31 Desember 2025 dan 2024 sebagai berikut: December 31, 2025 and 2024 as follows:
Pada tanggal 31 Desember 2025 dan 2024, As of December 31, 2025 and 2024,
Perusahaan memiliki karyawan tetap masing- the Company has a total of 13 and 13
masing sebanyak 13 dan 13 orang (tidak diaudit). permanent employees (unaudited).
c. Penawaran umum perdana saham c. Initial public o
Perusahaan shares
Dalam rangka penawaran umum perdana saham In relation to the initial public offering of the
Perusahaan, Perusahaan memperoleh Surat
Pernyataan Efektif No. S-96/D.04/2019 Effective Statement Letter No. S-96/D.04/2019
tertanggal 27 Juni 2019 dari Kepala Eksekutif dated June 27, 2019 from the Executive
Pengawas Pasar Modal Otoritas Jasa Keuangan Chairman of Capital Market Financial Services
untuk melakukan penawaran umum perdana Authority to conduct an initial public offering of
sebanyak 300.000.000 saham dengan nilai 300,000,000 shares to public with par value of
nominal Rp 100 per saham pada harga Rp 100 per share at an offering price of
penawaran sebesar Rp 110 per saham. Pada Rp 110 per share. In July 8, 2019, the shares
tanggal 8 Juli 2019, saham tersebut telah dicatat were listed to the Indonesia Stock Exchange
pada Bursa Efek Indonesia dengan surat with a letter of approval for listing securities
persetujuan pencatatan efek No. S-03687/BEI.PP3/07-2019.
No. S-03687/BEI.PP3/07-2019.
7
Page 155
The original financial statements included herein are in
Indonesian language.
PT FUJI FINANCE INDONESIA TBK PT FUJI FINANCE INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
(Lanjutan) (Continued)
Tanggal 31 Desember 2025 dan As of December 31, 2025 and
untuk tahun yang berakhir pada tanggal tersebut for the year then ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICIES
INFORMATION
a. Dasar penyusunan laporan keuangan a. Basis of preparation of the financial
statements
Laporan keuangan telah disusun sesuai dengan The financial statements have been prepared
Standar Akuntansi Keuangan di Indonesia in accordance with Indonesian Financial
, yang mencakup Pernyataan Standar Accounting Standards ISAK , which
comprise the Statements of Financial
Accounting Standards PSAK and
dikeluarkan oleh Dewan Standar Akuntansi Interpretations to Financial Accounting
Keuangan Ikatan Akuntan Indonesia, serta Standards ISAK issued by the Financial
Peraturan No. VIII.G.7 Lampiran Keputusan Accounting Board of the Indonesian Institute
Ketua OJK No. KEP-347/BL/2012 tanggal of Accountants and Rule No. VIII.G.7
25 Juni 2012 yang terdapat di dalam Peraturan
dan Pedoman Penyajian dan Pengungkapan No. KEP-347/BL/2012 dated June 25, 2012 on
Laporan Keuangan yang diterbitkan oleh OJK. the Regulations and Guidelines on Financial
Kebijakan ini telah diterapkan secara konsisten Statement Presentation and Disclosures
terhadap seluruh tahun yang disajikan, kecuali issued by OJK. These policies have been
jika dinyatakan lain. consistently applied to all years presented,
unless otherwise stated.
Laporan keuangan disusun berdasarkan konsep The financial statements have been prepared
akrual, dan dasar pengukuran dengan using the accrual basis, and the measurement
menggunakan konsep biaya historis, kecuali basis used is historical cost, except for certain
untuk akun tertentu yang disajikan dengan accounts which are measured on the bases
menggunakan dasar seperti yang disebutkan as described in the relevant notes herein.
dalam catatan terkait.
Laporan arus kas, menyajikan penerimaan dan The statements of cash flows present cash
pengeluaran kas dan setara kas yang receipts and payments classified into
diklasifikasikan ke dalam aktivitas operasi, operating, investing, and financing activities
investasi, dan pendanaan dengan using the direct method.
menggunakan metode langsung.
Mata uang pelaporan yang digunakan pada The reporting currency used in the preparation
laporan keuangan adalah Rupiah ("Rp"), yang of the financial statements is the Indonesian
juga merupakan mata uang fungsional Rupiah ("Rp"), which is also the functional
Perusahaan. currency of the Company.
b. Perubahan atas Pernyataan Standar b. Changes to the Statements of Financial
Interpretasi Standar Akuntansi Keuangan Interpretations of Statements of Financial
Standar akuntansi revisian berikut berlaku efektif The following revised accounting standards
sejak tanggal 1 Januari 2025 relevan untuk which are relevant to the Company, are
Perusahaan, tetapi tidak memiliki pengaruh effective from January 1, 2025, but do not
signifikan terhadap laporan keuangan
Perusahaan: financial statements:
dalam penerapan awal PSAK No. 117 dan information on initial application of PSAK
PSAK No. 109 No. 117 and PSAK No. 109
Amendemen
Asing terkait Kekurangan Ketertukaran Foreign Exchange Rates regarding Lack
of Exchangeability
8
Page 156
The original financial statements included herein are in
Indonesian language.
PT FUJI FINANCE INDONESIA TBK PT FUJI FINANCE INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
(Lanjutan) (Continued)
Tanggal 31 Desember 2025 dan As of December 31, 2025 and
untuk tahun yang berakhir pada tanggal tersebut for the year then ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICIES
(Lanjutan) INFORMATION (Continued)
b. Perubahan atas Pernyataan Standar b. Changes to the Statements of Financial
PSAK
Interpretasi Standar Akuntansi Keuangan Interpretations of Statements of Financial
(Lanjutan) ISAK
(Continued)
Standar akuntansi revisian berikut yang telah The following revised accounting standards
diterbitkan dan relevan untuk Perusahaan issued and relevant to the Company are
berlaku efektif sejak tanggal 1 Januari 2026 dan effective from January 1, 2026 and have not
belum diterapkan secara dini oleh Perusahaan: been early adopted by the Company:
Instrumen Keuangan and Measurement of Financial
Instruments
Combinations of Entities Under Common
Standar akuntansi revisian berikut yang telah The following revised accounting standards
diterbitkan dan relevan untuk Perusahaan issued and relevant to the Company are
berlaku efektif sejak tanggal 1 Januari 2027 dan effective from January 1, 2027 and have not
belum diterapkan secara dini oleh Perusahaan: been early adopted by the Company:
PSAK ini akan menggantikan PSAK 201: PSAK will replace PSAK 201:
Amendment to PSAK No. 119,
Pengungkapan.
Pada tanggal pengesahan laporan keuangan, As at the authorization date of these financial
Perusahaan sedang mempertimbangkan statements, the Company is assessing the
implikasi dari penerapan standar-standar implication of the above standards to the
tersebut terhadap laporan keuangan
Perusahaan.
c. Instrumen keuangan c. Financial instruments
Instrumen keuangan adalah setiap kontrak yang A financial instrument is any contract that
memberikan kenaikan nilai aset keuangan dari gives rise to a financial asset of one entity and
satu entitas dan liabilitas keuangan atau a financial liability or equity instrument of
instrumen ekuitas dari entitas lainnya. another entity.
Perusahaan melakukan penerapan The Company has applied PSAK No. 109,
PSAK No. 109, yang mensyaratkan pengaturan which set the requirements in classification
instrumen keuangan terkait klasifikasi dan and measurement, impairment in value of
pengukuran, penurunan nilai atas instrumen financial assets and hedging accounting.
aset keuangan dan akuntansi lindung nilai. Therefore, accounting policies applied for
Dengan demikian, kebijakan akuntansi yang current reporting period as follows:
berlaku untuk periode pelaporan kini sebagai
berikut:
9
Page 157
The original financial statements included herein are in
Indonesian language.
PT FUJI FINANCE INDONESIA TBK PT FUJI FINANCE INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
(Lanjutan) (Continued)
Tanggal 31 Desember 2025 dan As of December 31, 2025 and
untuk tahun yang berakhir pada tanggal tersebut for the year then ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICIES
(Lanjutan) INFORMATION (Continued)
c. Instrumen keuangan (Lanjutan) c. Financial instruments (Continued)
Perusahaan melakukan penerapan The Company has applied PSAK No. 109,
PSAK No. 109, yang mensyaratkan pengaturan which set the requirements in classification
instrumen keuangan terkait klasifikasi dan and measurement, impairment in value of
pengukuran, penurunan nilai atas instrumen aset financial assets and hedging accounting.
keuangan dan akuntansi lindung nilai. Dengan Therefore, accounting policies applied for
demikian, kebijakan akuntansi yang berlaku untuk current reporting period as follows:
periode pelaporan kini sebagai berikut: (Lanjutan) (Continued)
i) Aset keuangan i) Financial assets
Klasifikasi Classification
Aset keuangan diklasifikasikan sebagai aset Financial assets have classified as
keuangan yang diukur berdasarkan biaya financial assets measured at amortized
perolehan diamortisasi, aset keuangan diukur cost, financial assets measured at fair
dengan nilai wajar melalui penghasilan value through other comprehensive
komprehensif lain, dan aset keuangan diukur income, and financial assets measured at
dengan nilai wajar melalui laporan laba rugi. fair value through profit or loss.
Penilaian model bisnis Business model assessment
Perusahaan melakukan penilaian terhadap The Company makes an assessment of
tujuan model bisnis dari kepemilikan suatu the objective of a business model in which
aset pada tingkatan portofolio, karena hal ini an asset is held at a portfolio level because
yang paling mencerminkan cara bisnis dikelola this best reflects the way the business is
dan informasi diberikan kepada manajemen. managed and information is provided to
Informasi yang dipertimbangkan meliputi: management. The information considered
includes:
- Kebijakan dan tujuan yang dinyatakan - The stated policies and objectives for
untuk portofolio dan pengoperasian the portfolio and the operation of
kebijakan tersebut dalam praktiknya. those policies in practice. In
Secara khusus, apakah strategi
manajemen berfokus pada menghasilkan strategy focuses on earning
pendapatan bunga kontraktual, contractual interest revenue,
mencocokkan durasi aset keuangan matching the duration of the financial
dengan durasi kewajiban yang mendanai assets to the duration of the liabilities
aset tersebut; that are funding those assets or
realizing cash flows through the sale
of the assets;
- Bagaimana kinerja portofolio dievaluasi - How the performance of the portfolio
dan dilaporkan kepada manajemen is evaluated and reported to the
Perusahaan;
- Risiko yang mempengaruhi kinerja model - The risks that affect the performance
bisnis (dan aset keuangan yang dimiliki of the business model (and the
dalam model bisnis itu) dan strateginya financial assets held within that
untuk bagaimana risiko tersebut dikelola. business model) and its strategy how
those risks are managed.
10
Page 158
The original financial statements included herein are in
Indonesian language.
PT FUJI FINANCE INDONESIA TBK PT FUJI FINANCE INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
(Lanjutan) (Continued)
Tanggal 31 Desember 2025 dan As of December 31, 2025 and
untuk tahun yang berakhir pada tanggal tersebut for the year then ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICIES
(Lanjutan) INFORMATION (Continued)
c. Instrumen keuangan (Lanjutan) c. Financial instruments (Continued)
i) Aset keuangan (Lanjutan) i) Financial assets (Continued)
Klasifikasi (Lanjutan) Classification (Continued)
Penilaian apakah arus kas kontraktual hanya Assessment of whether contractual cash
pembayaran pokok dan bunga semata flows are solely payment of principal and
( SPPI ) interest ( SPPI )
For the purposes of this assessment,
sebagai nilai wajar dari aset keuangan pada
the financial assets on initial recognition.
sebagai: Interest on for:
- Imbalan untuk nilai waktu atas uang; - The time value of money;
- Kredit yang terkait dengan jumlah pokok - Credit risk associated with the
yang terutang selama periode waktu principal amount outstanding during a
tertentu; particular period of time;
- Risiko dan biaya pinjaman dasar lainnya - Other basic lending risks and costs
(misalnya risiko likuiditas dan biaya (e.g. liquidity risk and administrative
administrasi); dan costs); and
- Marjin keuntungan. - Profit margin.
Dalam menilai apakah arus kas In assessing whether the contractual
kontraktual adalah SPPI, Perusahaan cash flows are SPPI, the Company
mempertimbangkan ketentuan kontraktual considers the contractual terms of the
instrumen tersebut. Hal ini termasuk menilai instrument. This includes assessing
apakah aset keuangan mengandung whether the financial assets contains a
ketentuan kontraktual yang dapat mengubah contractual term that could change the
waktu atau jumlah arus kas kontraktual timing or amount of contractual cash
sehingga tidak memenuhi kondisi ini. Dalam flows such that it would not meet this
melakukan penilaian, Perusahaan condition. In making the assessment, the
mempertimbangkan: Company considers:
- Peristiwa kontinjensi yang akan - Contingent event that would change
mengubah jumlah dan waktu arus kas the amount and timing of cash flows;
- Ketentuan percepatan pelunasan dan - Prepayment and extension terms.
perpanjangan.
Tabel berikut menyajikan klasifikasi instrumen The following table presents classification
keuangan Perusahaan berdasarkan of financial instruments of the Company
karakteristik dari instrumen keuangan tersebut: based on characteristic of those financial
instruments:
11
Page 159
The original financial statements included herein are in
Indonesian language.
PT FUJI FINANCE INDONESIA TBK PT FUJI FINANCE INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
(Lanjutan) (Continued)
Tanggal 31 Desember 2025 dan As of December 31, 2025 and
untuk tahun yang berakhir pada tanggal tersebut for the year then ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICIES
(Lanjutan) INFORMATION (Continued)
c. Instrumen keuangan (Lanjutan) c. Financial instruments (Continued)
i) Aset keuangan (Lanjutan) i) Financial assets (Continued)
Pengakuan dan pengukuran Recognition and measurement
Klasifikasi aset keuangan menggunakan The classification of financial assets uses
pendekatan model bisnis dan karakteristik the business model approach and
arus kas kontraktual dari aset keuangan contractual cash flow characteristic of the
tersebut. Setelah pengakuan awal, aset financial assets. After initial recognition,
keuangan diukur dengan biaya perolehan financial assets are measured at
diamortisasi, nilai wajar melalui penghasilan amortized cost, fair value through other
komprehensif lain dan nilai wajar melalui comprehensive income and fair value
laporan laba rugi berdasarkan pada model through profit or loss based on the
bisnis yang diadopsi. business model adopted.
Semua instrumen keuangan pada saat All financial instruments are measured
pengakuan awal diukur sebesar nilai initially at their fair value. In the case that
wajarnya. Dalam hal aset keuangan atau financial assets or financial liabilities are
liabilitas keuangan tidak diukur pada nilai not designated at fair value through profit
wajar melalui laporan laba rugi, nilai wajar or loss, the fair value should be added
tersebut ditambah biaya transaksi yang dapat with attributable transaction costs directly
diatribusikan secara langsung dengan from acquisition or issuance of financial
perolehan atau penerbitan aset keuangan assets or financial liabilities.
atau liabilitas keuangan tersebut.
Aset keuangan dalam kelompok biaya Financial asset classified as amortized
diamortisasi dan liabilitas keuangan lainnya cost and other financial liabilities
diukur pada biaya perolehan diamortisasi measured at amortized cost using the
dengan menggunakan metode suku bunga effective interest rate method.
efektif.
Penghentian pengakuan Derecognition
Perusahaan menghentikan pengakuan aset The Company derecognizes a financial
keuangan, jika dan hanya jika, hak kontraktual asset if, and only if, the contractual rights
untuk menerima arus kas yang berasal dari to receive cash flows from the asset have
aset keuangan tersebut berakhir; atau expired; or the Company has transferred
Perusahaan mentransfer hak untuk menerima its rights to receive cash flows from the
arus kas yang berasal dari aset keuangan asset or has assumed an obligation to
atau menanggung kewajiban untuk pay the received cash flows in full without
membayarkan arus kas yang diterima material delay to a third party under a
tersebut secara penuh tanpa penundaan pass through arrangement; and either (a)
berarti kepada pihak ketiga di bawah the Company has transferred
kesepakatan pelepasan (pass through substantially all the risks and rewards of
arrangement); dan (a) Perusahaan telah the asset, or (b) the Company has neither
mentransfer secara substansial seluruh risiko transferred nor retained substantially all
dan manfaat atas aset, atau (b) Perusahaan the risks and rewards of the asset, but
tidak mentransfer maupun tidak memiliki has transferred control of the asset.
secara substansial seluruh risiko dan manfaat
atas aset, namun telah mentransfer
pengendalian atas aset.
12
Page 160
The original financial statements included herein are in
Indonesian language.
PT FUJI FINANCE INDONESIA TBK PT FUJI FINANCE INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
(Lanjutan) (Continued)
Tanggal 31 Desember 2025 dan As of December 31, 2025 and
untuk tahun yang berakhir pada tanggal tersebut for the year then ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI 2. MATERIAL ACCOUNTING POLICIES
MATERIAL (Lanjutan) INFORMATION (Continued)
c. Instrumen keuangan (Lanjutan) c. Financial instruments (Continued)
i) Aset keuangan (Lanjutan) i) Financial assets (Continued)
Penurunan nilai dari aset keuangan Impairment of financial assets
Perusahaan mengukur penyisihan kerugian The Company should measure the loss
aset keuangan sejumlah kerugian kredit allowance of financial assets as much as
aset keuangan tersebut telah meningkat credit risk of the financial assets has
secara signifikan sejak pengakuan awal. increased significantly since the initial
Jika pada tanggal pelaporan, risiko kredit recognition. If at the reporting date, the
atas instrumen keuangan tidak meningkat credit risk of the financial assets has not
secara signifikan sejak pengakuan awal, increased significantly since the initial
maka Perusahaan akan mengukur recognition, the Company measures the
penyisihan kerugian untuk instrumen loss allowance for the financial assets as
keuangan tersebut sejumlah ECL 12 bulan. much as 12-month ECL.
ECL 12 bulan dan ECL lifetime 12-month and lifetime ECL
ECL 12 bulan adalah bagian dari kerugian 12-month ECL is the portion of the lifetime
kredit ekspektasian sepanjang umurnya ECL that represent the ECL that results
yang merepresentasikan ECL yang timbul from default events on a financial assets
dari peristiwa gagal bayar instrumen that is possible within 12 months after the
keuangan yang mungkin terjadi dalam reporting date (or a shorter period if the
12 bulan setelah tanggal pelaporan (atau expected life of the financial assets is less
periode yang lebih pendek jika umur aset than 12 months). 12-month ECL is
keuangan yang diharapkan kurang dari weighted by the probability of such a
12 bulan). ECL 12 bulan dibobot oleh default occurring.
probabilitas terjadinya default dimaksud.
ECL lifetime adalah kerugian yang Lifetime ECL is the loss that results from
diakibatkan dari semua kejadian default all possible default events over the
yang mungkin terjadi selama perkiraan expected life of the financial assets.
waktu aset keuangan.
Staging criteria Staging criteria
Aset keuangan harus dialokasikan ke salah Financial assets have to be allocated to
satu dari tiga tahap penurunan nilai (stage one of the three impairment stages
1, stage 2, stage 3) dengan menentukan (stage 1, stage 2, stage 3) by determining
apakah terjadi peningkatan risiko kredit whether a significant increase in credit
yang signifikan atas instrumen keuangan risk has occurred on financial instruments
sejak pengakuan awal atau apakah fasilitas since initial recognition or whether the
tersebut gagal bayar pada setiap tanggal facility is defaulted on the reporting date.
pelaporan.
Stage 1: mencakup instrumen keuangan Stage 1: includes financial instruments
yang tidak memiliki peningkatan signifikan that have not had a significant increase in
atas risiko kredit sejak pengakuan awal atau credit risk since initial recognition or that
memiliki risiko kredit rendah pada tanggal have low credit risk at the reporting date.
pelaporan. Untuk aset ini, ECL 12 bulan For these assets, 12-month ECL is
akan dihitung. recognized.
13
Page 161
The original financial statements included herein are in
Indonesian language.
PT FUJI FINANCE INDONESIA TBK PT FUJI FINANCE INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
(Lanjutan) (Continued)
Tanggal 31 Desember 2025 dan As of December 31, 2025 and
untuk tahun yang berakhir pada tanggal tersebut for the year then ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
2. IKHTISAR KEBIJAKAN AKUNTANSI YANG 2. SUMMARY OF SIGNIFICANT ACCOUNTING
PENTING (Lanjutan) POLICIES (Continued)
c. Instrumen keuangan (Lanjutan) c. Financial instruments (Continued)
i) Aset keuangan (Lanjutan) i) Financial assets (Continued)
Penurunan nilai aset keuangan (Lanjutan) Impairment of financial assets
(Continued)
Staging criteria (Lanjutan) Staging criteria (Continued)
Stage 2: mencakup instrumen keuangan Stage 2: includes financial instruments
yang mengalami peningkatan signifikan that have had a significant increase in
atas risiko kredit sejak pengakuan awal credit risk since initial recognition (unless
(kecuali jika memiliki risiko kredit rendah they have low credit risk at the reporting
pada tanggal pelaporan), namun tidak date) but do not have objective evidence
memiliki bukti penurunan nilai yang of impairment. For these assets, lifetime
obyektif. Untuk aset ini, ECL lifetime ECL is recognized. Lifetime ECL is the
dihitung. ECL lifetime adalah kerugian expected credit losses that result from all
kredit yang diharapkan yang dihasilkan dari possible default events over the expected
semua kejadian default yang mungkin life of the financial instruments.
terjadi selama perkiraan umur dari
instrumen keuangan.
Stage 3: mencakup instrumen keuangan Stage 3: includes financial instruments
yang memiliki bukti obyektif penurunan nilai that have objective evidence of
pada tanggal pelaporan. Tahap ini berisi impairment at the reporting date. This
debitur yang telah impaired (gagal bayar). stage has obligors that already are
Faktor utama dalam menentukan apakah impaired (defaulted). The key factor in
instrumen keuangan memerlukan ECL 12 determining whether a financial
bulan (stage 1) atau ECL lifetime (stage 2) instrument attracts 12-month ECL
disebut dengan kriteria Peningkatan (stage 1) or lifetime ECL (stage 2) is
Signifikan dalam Risiko Kredit (SICR). called by the criteria of Significant
Penentuan kriteria peningkatan risiko kredit Increase in Credit Risk (SICR).
yang signifikan (SICR) memerlukan Determining significant increase in credit
pengkajian apakah telah terjadi risk (SICR) criteria involves assessment
peningkatan risiko kredit yang signifikan of whether there has been a significant
pada setiap tanggal pelaporan. increase in credit risk at each reporting
date.
PSAK No. 109 mensyaratkan penyertaan PSAK No. 109 requires inclusion of
informasi tentang kejadian masa lalu, information about past events, current
kondisi saat ini, dan perkiraan kondisi conditions, and forecasts of future
ekonomi masa depan. Perkiraan economic conditions. The estimates of
perubahan dalam kerugian kredit yang changes in expected credit losses should
diharapkan harus mencerminkan, dan reflect, and be directionally consistent
secara langsung konsisten dengan, with, changes in related observable data
perubahan dalam data terkait yang from period to period. The calculation of
diobservasi dari periode ke periode. ECL requires estimation of forward-
Perhitungan ECL ini membutuhkan looking Probability of Default ("PD"), Loss
estimasi forward-looking dari Probability of Given Default ("LGD"), and Exposure At
Default ("PD"), Loss Given Default ("LGD"), Default ("EAD").
dan Exposure At Default ("EAD ).
14
Page 162
The original financial statements included herein are in
Indonesian language.
PT FUJI FINANCE INDONESIA TBK PT FUJI FINANCE INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
(Lanjutan) (Continued)
Tanggal 31 Desember 2025 dan As of December 31, 2025 and
untuk tahun yang berakhir pada tanggal tersebut for the year then ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICIES
(Lanjutan) INFORMATION (Continued)
c. Instrumen keuangan (Lanjutan) c. Financial instruments (Continued)
ii) Liabilitas keuangan ii) Financial liabilities
Pengakuan awal Initial recognition
Liabilitas keuangan diklasifikasikan sebagai Financial liabilities are classified as
liabilitas keuangan yang diukur pada nilai financial liabilities at fair value through
wajar melalui laporan laba atau rugi, liabilitas profit or loss, financial liabilities measured
keuangan pada biaya perolehan diamortisasi at amortized cost, or as derivatives
atau derivatif yang telah ditetapkan untuk designated as hedging instruments in
tujuan lindung nilai yang efektif, jika sesuai. an effective hedge, as appropriate.
Perusahaan menentukan klasifikasi liabilitas The Company determines the
keuangan pada saat pengakuan awal. classification of their financial liabilities at
initial recognition.
Saat pengakuan awal, liabilitas keuangan Financial liabilities are recognized initially
diukur pada nilai wajar dan, dalam hal at fair value and, in the case financial
liabilitas keuangan yang diukur pada biaya liabilities measured at amortized cost,
perolehan diamortisasi, termasuk biaya inclusive of directly attributable
transaksi yang dapat diatribusikan secara transaction costs.
langsung.
Liabilitas keuangan Perusahaan terdiri dari The Company
utang lain-lain. other payables.
Pengukuran setelah pengakuan awal Subsequent measurement
Setelah pengakuan awal, liabilitas keuangan Subsequent to initial recognition, all
diukur pada biaya perolehan diamortisasi financial liabilities are measured at
menggunakan tingkat bunga efektif. amortized cost using the effective interest
Keuntungan dan kerugian diakui dalam laba method. Gains and losses are recognized
rugi pada saat liabilitas dihentikan in profit or loss when liabilities are
pengakuannya atau diturunkan nilainya derecognised as well as through the
melalui proses amortisasi suku bunga efektif. effective interest method amortization
Biaya teramortisasi dihitung dengan process. Amortized cost is calculated by
mempertimbangkan diskon atau premium taking into account any discount or
terhadap biaya jasa transaksi yang premium on acquisition and fees or
merupakan satu kesatuan dari amortisasi transaction costs that are an integral part
suku bunga efektif. of the effective interest rate amortization.
Penghentian pengakuan Derecognition
Suatu liabilitas keuangan dihentikan A financial liability is derecognised when
pengakuannya pada saat kewajiban yang the obligation under the contract is
ditetapkan dalam kontrak dihentikan atau discharged or cancelled or expired.
dibatalkan atau kadaluwarsa.
Ketika liabilitas keuangan awal digantikan When an existing financial liability is
dengan liabilitas keuangan lain dari pemberi replaced by another from the same
pinjaman yang sama dengan ketentuan yang lender on substantially different terms, or
berbeda secara substansial, atau modifikasi the terms of an existing liability are
secara substansial atas liabilitas keuangan substantially modified, such an exchange
yang saat ini ada, maka pertukaran atau or modification is treated as a
modifikasi tersebut dicatat sebagai derecognition of the original liability and
penghapusan liabilitas keuangan awal dan the recognition of a new liability, and the
pengakuan liabilitas keuangan baru dan difference in the respective carrying
selisih antara nilai tercatat liabilitas amounts is recognized in profit or loss.
keuangan tersebut diakui sebagai laba atau
rugi.
15
Page 163
The original financial statements included herein are in
Indonesian language.
PT FUJI FINANCE INDONESIA TBK PT FUJI FINANCE INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
(Lanjutan) (Continued)
Tanggal 31 Desember 2025 dan As of December 31, 2025 and
untuk tahun yang berakhir pada tanggal tersebut for the year then ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICIES
(Lanjutan) INFORMATION (Continued)
c. Instrumen keuangan (Lanjutan) c. Financial instruments (Continued)
iii) Saling hapus dari instrumen keuangan iii) Offsetting of financial instruments
Aset keuangan dan liabilitas keuangan saling A financial asset and a financial liability
hapus dan nilai bersihnya disajikan dalam shall be offset and the net amount
laporan posisi keuangan jika, dan hanya jika, presented in the statement of financial
Perusahaan saat ini memiliki hak yang position when, and only when,
berkekuatan hukum untuk melakukan saling the Company currently has a legally
hapus atas jumlah yang telah diakui dan enforceable right to set off the recognized
berniat untuk menyelesaikan secara neto, amounts and intends either to settle on a
atau untuk merealisasikan aset dan net basis, or to realize the asset and
menyelesaikan kewajibannya secara settle the liability simultaneously.
simultan.
iv) Nilai wajar instrumen keuangan iv) Fair value of financial instruments
Nilai wajar adalah harga yang akan diterima Fair value is the price that would be
untuk menjual suatu aset atau harga yang received to sell an asset or paid to
akan dibayar untuk mengalihkan suatu transfer a liability in an orderly transaction
liabilitas dalam transaksi teratur antara pelaku between market participants at the
pasar pada tanggal pengukuran. measurement date.
Pengukuran nilai wajar mengasumsikan The fair value measurement is based on
bahwa transaksi untuk menjual aset atau the presumption that the transaction to
mengalihkan liabilitas terjadi: sell the asset or transfer the liability takes
place either:
Di pasar utama untuk aset dan liabilitas In the principal market for the asset or
tersebut, atau liability, or
Jika tidak terdapat pasar utama, di pasar In the absence of a principal market,
yang paling menguntungkan untuk aset in the most advantageous market for
atau liabilitas tersebut. the asset or liability.
Perusahaan harus memiliki akses ke pasar The principal or the most advantageous
utama atau pasar yang paling market must be accessible to by
menguntungkan. the Company.
Nilai wajar aset atau liabilitas diukur The fair value of an asset or a liability is
menggunakan asumsi yang akan digunakan measured using the assumptions that
pelaku pasar ketika menentukan harga aset market participants would use when
atau liabilitas tersebut, dengan asumsi bahwa pricing the asset or liability, assuming
pelaku pasar bertindak dalam kepentingan that market participants act in their
ekonomi terbaiknya. economic best interest.
Pengukuran nilai wajar atas aset non A fair value measurement of a
keuangan mempertimbangkan kemampuan nonfinancial asset takes into account a
pelaku pasar dalam menghasilkan market participant's ability to generate
keuntungan ekonomi dengan penggunaan economic benefits by using the asset in
aset pada kemampuan tertinggi dan terbaik its highest and best use or by selling it to
aset atau dengan menjualnya ke pelaku another market participant that would use
pasar yang lain yang akan menggunakan the asset in its highest and best use.
aset di kemampuan tertinggi dan terbaik.
Perusahaan menggunakan teknik penilaian The Company use valuation techniques
yang tepat sesuai keadaan dan dimana that are appropriate in the circumstances
tersedia kecukupan data untuk mengukur nilai and for which sufficient data are available
wajar, memaksimalkan penggunaan input to measure fair value, maximizing the use
yang dapat diobservasi yang relevan dan of relevant observable inputs and
meminimalisir penggunaan input yang tidak minimizing the use of unobservable
dapat diobservasi. inputs.
16
Page 164
The original financial statements included herein are in
Indonesian language.
PT FUJI FINANCE INDONESIA TBK PT FUJI FINANCE INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
(Lanjutan) (Continued)
Tanggal 31 Desember 2025 dan As of December 31, 2025 and
untuk tahun yang berakhir pada tanggal tersebut for the year then ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICIES
(Lanjutan) INFORMATION (Continued)
c. Instrumen keuangan (Lanjutan) c. Financial instruments (Continued)
iv) Nilai wajar instrumen keuangan (Lanjutan) iv) Fair value of financial instruments
(Continued)
Semua aset dan liabilitas dimana nilai wajar All assets and liabilities for which fair
diukur atau diungkapkan dalam laporan value is measured or disclosed in the
keuangan dapat dikategorikan pada level financial statements are categorized
hirarki nilai wajar, berdasarkan tingkatan input within the fair value hierarchy, described
terendah yang signifikan atas pengukuran as follows, based on the lowest level input
nilai wajar secara keseluruhan: that is significant to the fair value
measurement as a whole:
Tingkat 1 - harga kuotasian (tanpa Level 1 - quoted (unadjusted) market
penyesuaian) di pasar aktif untuk aset prices in active markets for identical
atau liabilitas yang identik; assets or liabilities;
Tingkat 2 - teknik penilaian dimana input Level 2 - valuation techniques for
level terendah yang signifikan terhadap which the lowest level input that is
pengukuran nilai wajar yang dapat significant to the fair value
diobservasi baik secara langsung atau measurement is directly or indirectly
tidak langsung; observable;
Tingkat 3 - teknik penilaian dimana input Level 3 - valuation techniques for
level terendah yang signifikan terhadap which the lowest level input that is
pengukuran yang tidak dapat diobservasi. significant to the fair value
measurement is unobservable.
Untuk aset dan liabilitas yang diakui pada For assets and liabilities that are
laporan keuangan secara berulang, recognized in the financial statements on
Perusahaan menentukan apakah terjadi a recurring basis, the Company
transfer antara level di dalam hirarki dengan determines whether transfers have
cara mengevaluasi kategori (berdasarkan occurred between levels in the hierarchy
input level terendah yang signifikan dalam by reassessing categorization (based on
pengukuran nilai wajar) setiap akhir tahun the lowest level input that is significant to
pelaporan. the fair value measurement as a whole) at
the end of each reporting period.
Untuk tujuan pengungkapan nilai wajar, For the purpose of fair value disclosures,
Perusahaan telah menentukan kelas aset dan the Company has determined classes of
liabilitas berdasarkan sifat, karakteristik, dan assets and liabilities on the basis of the
risiko aset atau liabilitas dan level hirarki nilai nature, characteristics and risks of the
wajar seperti dijelaskan di atas. asset or liability and the level of the fair
value hierarchy as explained above.
d. Transaksi dan saldo dalam mata uang asing d. Foreign currency transactions and
balances
Perusahaan mempertimbangkan indikator utama The Company considers the primary
dan indikator lainnya dalam menentukan mata indicators and other indicators in determining
uang fungsionalnya. Jika ada indikator yang its functional currency. If indicators are mixed
tercampur dan mata uang fungsional tidak jelas, and the functional currency is not obvious,
manajemen menggunakan penilaian untuk management uses its judgment to determine
menentukan mata uang fungsional yang paling the functional currency that most faithfully
tepat menggambarkan pengaruh ekonomi dari represents the economic effects of the
transaksi, kejadian dan kondisi yang underlying transactions, events, and
mendasarinya. conditions.
17
Page 165
The original financial statements included herein are in
Indonesian language.
PT FUJI FINANCE INDONESIA TBK PT FUJI FINANCE INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
(Lanjutan) (Continued)
Tanggal 31 Desember 2025 dan As of December 31, 2025 and
untuk tahun yang berakhir pada tanggal tersebut for the year then ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICIES
(Lanjutan) INFORMATION (Continued)
d. Transaksi dan saldo dalam mata uang asing d. Foreign currency transactions and
(Lanjutan) balances (Continued)
Laporan keuangan disajikan dalam Rupiah, yang The financial statements are presented in
juga merupakan mata uang fungsional
Perusahaan dan mata uang penyajian Kelompok functional currency. Transactions involving
Usaha. Transaksi dalam mata uang asing dicatat foreign currencies are recorded at the rates of
berdasarkan nilai tukar yang berlaku pada saat exchange prevailing at the time the
transaksi dilakukan. Pada tanggal pelaporan, aset transactions are made. At reporting dates,
dan liabilitas moneter dalam mata uang asing monetary assets and liabilities denominated
disesuaikan untuk mencerminkan kurs yang in foreign currencies are adjusted to reflect
berlaku pada tanggal tersebut dan laba atau rugi the prevailing exchange rates at such date
kurs yang timbul dikreditkan atau dibebankan and the resulting gains or losses are credited
pada usaha tahun berjalan. or charged to current year operations.
Pada tanggal 31 Desember 2025 dan 2024, kurs As of December 31, 2025 and 2024, the
yang digunakan dihitung berdasarkan rata-rata exchange rates used were computed by
kurs tukar transaksi yang terakhir yang diterbitkan taking the average of the transaction
oleh Bank Indonesia pada tanggal exchange rates published by Bank Indonesia
31 Desember 2025 dan 2024 sebagai berikut: as of December 31, 2025 and 2024, as
follows:
2025 2024
1 Dollar Amerika Serikat (AS$) 16.782 16.162 1 United States Dollar (US$)
e. Kas dan setara kas e. Cash and cash equivalents
Kas dan setara kas terdiri dari kas, kas di bank, Cash and cash equivalents consist of cash
dan deposito berjangka dengan jangka waktu on hand, cash in banks, and time deposits
1 (satu) dan 3 (tiga) bulan atau kurang sejak with maturities of 1 (one) and 3 (three)
tanggal penempatan dan tidak dijadikan sebagai months or less at the time of placement and
jaminan pinjaman serta tanpa pembatasan not pledged as collateral for loan and without
penggunaan. any restrictions in the usage.
Untuk tujuan laporan arus kas, kas dan setara kas For the purpose of the statement of cash
terdiri dari kas dan kas di bank dan deposito flows, cash and cash equivalents consist of
berjangka seperti disebutkan di atas, dikurangi cash on hand and in banks and time deposits
overdraft, jika ada. as defined above, net of outstanding
overdraft, if any.
f. Transaksi dengan pihak-pihak berelasi f. Transactions with related parties
Perusahaan menerapkan PSAK No. 224, The Company applied PSAK No. 224,
- revised
revisi ini mensyaratkan pengungkapan hubungan, PSAK requires disclosure of related party
transaksi dan saldo pihak-pihak berelasi, relationships, transactions and outstanding
termasuk komitmen, dalam laporan keuangan. balances, including commitments, in the
financial statements.
Dalam laporan keuangan, istilah pihak-pihak In these financial statements, the term
berelasi seperti yang diungkapkan dalam related parties is used as defined in
PSAK No. 224 -pihak PSAK No. 224
Seluruh transaksi yang dilakukan dengan pihak- All transactions with related parties, whether
pihak berelasi, baik dilakukan dengan kondisi dan or not made at similar terms and conditions
persyaratan dengan pihak ketiga maupun tidak, as those done with third parties, are
diungkapkan pada laporan keuangan. disclosed in the financial statements.
18
Page 166
The original financial statements included herein are in
Indonesian language.
PT FUJI FINANCE INDONESIA TBK PT FUJI FINANCE INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
(Lanjutan) (Continued)
Tanggal 31 Desember 2025 dan As of December 31, 2025 and
untuk tahun yang berakhir pada tanggal tersebut for the year then ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICIES
(Lanjutan) INFORMATION (Continued)
g. Piutang pembiayaan g. Financing receivables
Piutang pembiayaan dalam kelompok pinjaman Financing receivables are classified as loans
yang diberikan dan piutang. and receivables.
Pengakuan, pengukuran awal, pengukuran Recognition, initial measurement,
setelah pengakuan awal, reklasifikasi, penurunan subsequent measurement, reclass,
nilai, penghentian pengakuan piutang impairment, derecognition of consumer
pembiayaan konsumen, piutang pembiayaan financing receivables, working capital
modal usaha, dan nilai wajar mengacu pada financing receivables, and fair value are
Catatan 2c. discussed in Note 2c.
Pendapatan administrasi yang diperoleh dari Administration income earned from
konsumen pada saat perjanjian pembiayaan customers at the time the consumer financing
pertama kali ditandatangani, dibukukan sebagai is signed is recorded as income in the current
pendapatan pada laba rugi tahun berjalan. year.
h. Sewa h. Leases
Perusahaan menilai pada awal kontrak apakah The Company assesses at contract inception
suatu kontrak adalah, atau berisi, sewa. Artinya, whether a contact is, or contains, a lease.
jika kontrak memberikan hak untuk That is, if the contact conveys the right to
mengendalikan asset teridentifikasi untuk suatu control the use of an identified asset for a
periode waktu sebagai imbalan untuk imbalan. period of time in exchange for consideration.
Sebagai penyewa As lessee
Pada tanggal permulaan kontrak, Perusahaan At the inception of a contract, the Company
menilai apakah kontrak merupakan, atau assesses whether the contract is, or
mengandung sewa jika kontrak tersebut contains, a lease. A contract is or contains a
memberikan hak untuk mengendalikan lease if the contract conveys the right to
penggunaan aset identifikasian selama suatu control the use of an identified assets for a
jangka waktu untuk dipertukarkan dengan period of time in exchange for consideration.
imbalan.
Untuk menilai apakah kontrak memberikan hak To assess whether a contract conveys the
untuk mengendalikan penggunaan aset right to control the use of an identified asset,
identifikasian, Perusahaan harus menilai apakah: the Company shall assess whether:
Perusahaan memiliki hak untuk mendapatkan The Company has the right to obtain
secara substantial seluruh manfaat ekonomi substantially all the economic benefits
dari penggunaan aset identifikasian; dan from use of the asset throughout the
period of use; and
Perusahaan memiliki hak untuk mengarahkan The Company has the right to direct the
penggunaan aset identifikasian. Perusahaan use of the asset. The Company has this
memiliki hak ini ketika Perusahaan memiliki right when it has the decision-making
hak untuk pengambilan keputusan yang rights that are the most relevant to
relevan tentang bagaimana dan untuk tujuan changing how and for what purpose the
apa aset digunakan telah ditentukan asset is used are predetermined and:
sebelumnya dan:
- Perusahaan memiliki hak untuk - The Company has the right to operate
mengoperasikan aset; the asset;
- Perusahaan telah mendesain aset - The Company has designed the asset
dengan cara menetapkan sebelumnya in a way that predetermined how and
bagaimana dan untuk tujuan apa aset for what purpose it will be used.
akan digunakan selama periode
penggunaan.
19
Page 167
The original financial statements included herein are in
Indonesian language.
PT FUJI FINANCE INDONESIA TBK PT FUJI FINANCE INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
(Lanjutan) (Continued)
Tanggal 31 Desember 2025 dan As of December 31, 2025 and
untuk tahun yang berakhir pada tanggal tersebut for the year then ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICIES
(Lanjutan) INFORMATION (Continued)
h. Sewa (Lanjutan) h. Leases (Continued)
Sebagai penyewa (Lanjutan) As lessee (Continued)
Pada tanggal insepsi atau pada penilaian At the inception or on reassessment of a
kembali atas kontrak yang mengandung sebuah contract that contains a lease component, the
komponen sewa, Perusahaan mengalokasikan Company allocates the consideration in the
imbalan dalam kontrak ke masing-masing contract to each lease component on the
komponen sewa berdasarkan harga tersendiri basis of their relative stand-alone prices and
relatif dari komponen sewa dan harga tersendiri the aggregate stand-alone price of the non-
agregat dari komponen non-sewa. lease components.
Pada tanggal permulaan sewa, Perusahaan The Company recognises a right-of-use
mengakui aset hak-guna dan liabilitas sewa. assets and a lease liability at the lease
Aset hak-guna diukur pada biaya perolehan, commencement date. The right-of-use assets
dimana meliputi jumlah pengukuran awal are initially measured at cost, which
liabilitas sewa yang disesuaikan dengan comprises the initial amount of the lease
pembayaran sewa yang dilakukan pada atau liability adjusted for any lease payment made
sebelum tanggal permulaan. at or before the commencement date.
Aset hak-guna kemudian disusutkan The right-of-use assets are subsequently
menggunakan metode garis lurus dari tanggal depreciated using the straight-line method
permulaan hingga tanggal yang lebih awal antara from the commencement date to the earlier of
akhir umur manfaat aset hak-guna atau akhir the end of the useful life of the right-of-use
masa sewa. assets or the end of the lease term.
Liabilitas sewa diukur pada nilai kini pembayaran The lease liability is initially measured at the
sewa yang belum dibayar pada tanggal present value of the lease payments that are
permulaan, didiskontokan dengan menggunakan not paid at the commencement date,
suku bunga implisit dalam sewa atau jika suku discounted using the interest rate implicit in
bunga tersebut tidak dapat ditentukan, maka the lease or, if that rate cannot be readily
menggunakan suku bunga pinjaman inkremental. determined, using incremental borrowing
Pada umumnya, Perusahaan menggunakan rate. Generally, the Company uses its
suku bunga pinjaman inkremental sebagai incremental borrowing rate as the discount
tingkat bunga diskonto. rate.
Pembayaran sewa yang termasuk dalam Lease payments included in the
pengukuran liabilitas sewa meliputi pembayaran measurement of the lease liability comprise
berikut ini: the followings:
Pembayaran tetap, termasuk pembayaran Fixed payments, including in-substance
tetap secara substansi; fixed payments;
Pembayaran sewa variabel yang bergantung Variable lease payments that depend on
pada indeks atau suku bunga yang pada an index or a rate, initially measured
awalnya diukur dengan menggunakan indeks using the index or rate as at the
atau suku bunga pada tanggal permulaan; commencement date;
Jumlah yang diperkirakan akan dibayarkan Amounts expected to be payable under a
oleh penyewa dengan jaminan nilai residual; residual value guarantee;
Harga eksekusi opsi beli jika Perusahaan The exercise price under a purchase
cukup pasti untuk mengeksekusi opsi option that the Company is reasonably
tersebut; dan certain to exercise; and
Penalti karena penghentian awal sewa Penalties for early termination of a lease
kecuali jika Perusahaan cukup pasti untuk unless the Company is reasonably certain
tidak menghentikan lebih awal. not to terminate early.
20
Page 168
The original financial statements included herein are in
Indonesian language.
PT FUJI FINANCE INDONESIA TBK PT FUJI FINANCE INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
(Lanjutan) (Continued)
Tanggal 31 Desember 2025 dan As of December 31, 2025 and
untuk tahun yang berakhir pada tanggal tersebut for the year then ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICIES
(Lanjutan) INFORMATION (Continued)
h. Sewa (Lanjutan) h. Leases (Continued)
Sebagai penyewa (Lanjutan) As lessee (Continued)
Pembayaran sewa dialokasikan menjadi bagian Each lease payment is allocated between the
pokok dan biaya keuangan. Biaya keuangan liability and finance cost. The finance cost is
dibebankan pada laba rugi selama periode sewa charged to profit or loss over the lease period
sehingga menghasilkan tingkat suku bunga so as to produce a constant periodic rate of
periodik yang konstan atas saldo liabilitas untuk interest on the remaining balance of the
setiap periode. liability for each period.
Perusahaan menyajikan aset hak-guna sebagai The Company presents right-of-use assets
di dalam laporan posisi keuangan.
position.
Jika sewa mengalihkan kepemilikan aset If the lease transfers ownership of the
pendasar kepada Perusahaan pada akhir masa underlying asset to the Company by the end
sewa atau jika biaya perolehan aset hak-guna of the lease term or if the cost of the right-of-
merefleksikan Perusahaan akan mengeksekusi use assets reflects that the Company will
opsi beli, maka Perusahaan menyusutkan aset exercise a purchase option, the Company
hak-guna dari tanggal permulaan hingga akhir depreciates the right-of-use assets from the
umur manfaat aset pendasar. Jika tidak, maka commencement date to the end of the useful
Perusahaan menyusutkan aset hak-guna dari life of the underlying asset. Otherwise, the
tanggal permulaan hingga tanggal yang lebih Company depreciates the right-of-use assets
awal antara akhir umur manfaat aset hak-guna from the commencement date to the earlier of
atau akhir masa sewa. the end of the useful life of the right-of-use
assets or the end of the lease term.
Sewa jangka pendek Short-term lease
Perusahaan memutuskan untuk tidak mengakui The Company has elected not to recognise
aset hak-guna dan liabilitas sewa untuk sewa right- of-use assets and lease liabilities for
jangka-pendek yang memiliki masa sewa short- term leases that have a lease term of
12 bulan atau kurang. Perusahaan mengakui 12 months or less. The Company recognises
pembayaran sewa atas sewa tersebut sebagai the leases payments associated with these
beban dengan dasar garis lurus selama masa leases as an expense on a straight-line basis
sewa. over the lease term.
Modifikasi sewa Lease modification
Perusahaan mencatat modifikasi sewa sebagai The Company account for a lease
sewa terpisah jika: modification as a separate lease if both:
Modifikasi meningkatkan ruang lingkup sewa The modification increases the scope of
dengan menambahkan hak untuk the lease by adding the right to use one
menggunakan satu aset pendasar atau lebih; or more underlying assets; and
dan
Imbalan sewa meningkat sebesar jumlah The consideration for the lease increases
yang setara dengan harga tersendiri untuk by an amount commensurate with the
peningkatan dalam ruang lingkup dan stand-alone price for the increase in
penyesuaian yang tepat pada harga tersendiri scope and any appropriate adjustments to
tersebut untuk merefleksikan kondisi kontrak that stand-alone price to reflect the
tertentu. circumstances of the particular contract.
21
Page 169
The original financial statements included herein are in
Indonesian language.
PT FUJI FINANCE INDONESIA TBK PT FUJI FINANCE INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
(Lanjutan) (Continued)
Tanggal 31 Desember 2025 dan As of December 31, 2025 and
untuk tahun yang berakhir pada tanggal tersebut for the year then ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICIES
(Lanjutan) INFORMATION (Continued)
h. Sewa (Lanjutan) h. Leases (Continued)
Modifikasi sewa (Lanjutan) Lease modification (Continued)
Untuk modifikasi sewa yang tidak dicatat sebagai For a lease modification that is not accounted
sewa terpisah, pada tanggal efektif modifikasi for as a separate lease, at the effective date
sewa, Perusahaan: of the lease modification, the Company:
- Mengukur kembali dan mengalokasikan - Remeasure and allocate the
imbalan kontrak modifikasian; consideration in the modified contract;
- Menentukan masa sewa dari sewa - Determine the lease term of the modified
modifikasian; lease;
- Mengukur kembali liabilitas sewa dengan - Remeasure the lease liability by
mendiskontokan pembayaran sewa revisian discounting the revised lease payments
menggunakan tingkat diskonto revisian using a revised discount rate on the basis
berdasarkan sisa umur sewa dan sisa of the remaining lease term and the
pembayaran sewa dengan melakukan remaining lease payment with a
penyesuaian terhadap aset hak-guna. corresponding adjustment to the right-of-
Tingkat diskonto revisian ditentukan use assets. The revised discount rate is
sebagai suku bunga pinjaman incremental
Perusahaan pada tanggal efektif modifikasi; incremental borrowing rate at the effective
- Menurunkan jumlah tercatat aset hak-guna date of the modification;
- Decrease the carrying amount of the
untuk merefleksikan penghentian sebagian
right-of use asset to reflect the partial or
atau sepenuhnya sewa untuk modifikasi
full termination of the lease for lease
sewa yang menurunkan ruang lingkup sewa. modifications that decrease the scope of
Perusahaan mengakui dalam laba rugi setiap the lease. The Company recognize in
laba rugi yang terkait dengan penghentian profit or loss any gain or loss relating to
sebagian atau sepenuhnya sewa tersebut; the partial or full termination of the lease;
dan and
- Membuat penyesuaian terkait dengan aset - Make a corresponding adjustment to the
hak-guna untuk seluruh modifikasi sewa right-of-use asset for all other lease
lainnya. modifications.
Ketika Perusahaan bertindak sebagai pesewa, When the Company acts as a lessor, it shall
Perusahaan mengklasifikasi masing-masing classify each of its leases as either an
sewanya baik sewa operasi atau sewa operating lease or a finance lease.
pembiayaan.
Untuk mengklasifikasi masing-masing sewa, To classify each lease, the Company makes
Perusahaan membuat penilaian secara an overall assessment of whether the lease
keseluruhan atas apakah sewa mengalihkan transfers substantially all of the risks and
secara substantial seluruh risiko dan manfaat rewards incidental to ownership of the
yang terkait dengan kepemilikan aset pendasar. underlying asset. If this is the case, then the
Jika penilaian membuktikan hal tersebut, maka lease is classified as a finance lease; if not,
sewa diklasifikasikan sebagai sewa pembiayaan; then it is an operating lease. As part of this
jika tidak maka, merupakan sewa operasi. assessment, the Company considers certain
Sebagai bagian dari penilaian ini, Perusahaan indicators such as whether the lease term is
mempertimbangkan beberapa indikator seperti for the major part of the economic life of the
apakah masa sewa adalah sebagian besar dari underlying asset.
umur ekonomis aset pendasar.
22
Page 170
The original financial statements included herein are in
Indonesian language.
PT FUJI FINANCE INDONESIA TBK PT FUJI FINANCE INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
(Lanjutan) (Continued)
Tanggal 31 Desember 2025 dan As of December 31, 2025 and
untuk tahun yang berakhir pada tanggal tersebut for the year then ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICIES
(Lanjutan) INFORMATION (Continued)
i. Aset tetap i. Fixed assets
Seluruh aset tetap awalnya diakui sebesar biaya All fixed assets are initially recognized at
perolehan, yang terdiri atas harga perolehan dan cost, which comprises its purchase price and
biaya-biaya tambahan yang dapat diatribusikan any costs directly attributable in bringing the
langsung untuk membawa aset ke lokasi dan asset to the location and condition necessary
kondisi yang diinginkan supaya aset tersebut for it to be capable of operating in the
siap digunakan sesuai dengan maksud manner intended by management.
manajemen.
Setelah pengakuan awal, aset tetap, kecuali Subsequent to initial recognition, fixed
tanah, dinyatakan pada biaya perolehan assets, except land, are carried at cost less
dikurangi akumulasi penyusutan dan rugi any subsequent accumulated depreciation
penurunan nilai. and any impairment losses.
Penyusutan dimulai pada saat aset tersebut siap Depreciation of an asset starts when it is
digunakan sesuai dengan maksud available for its intended use. Depreciation of
penggunaannya. Penyusutan aset tetap milik
Perusahaan dihitung dengan metode garis lurus using the straight-line method. The estimated
(straight-line method). Taksiran masa manfaat useful lives of assets are as follows:
ekonomis aset tetap seperti berikut:
Tahun/
Years
Kendaraan 8 Vehicle
Peralatan kantor 4-8 Office equipment
Perlengkapan dan perabotan kantor 8 Office furniture and fixtures
Penilaian aset tetap dilakukan atas penurunan The carrying amounts of fixed assets are
dan kemungkinan penurunan nilai wajar aset jika reviewed for impairment when events or
terjadi peristiwa atau perubahan keadaan yang changes in circumstances indicate that the
mengindikasikan bahwa nilai tercatat mungkin carrying values may not be fully recoverable.
tidak dapat seluruhnya terealisasi.
Jumlah tercatat aset tetap dihentikan An item of fixed asset is derecognized upon
pengakuannya pada saat dilepaskan atau saat disposal or when no future economic benefits
tidak ada manfaat ekonomis masa depan yang are expected from its use or disposal. Any
diharapkan dari penggunaan atau pelepasannya. gain or loss arising on derecognition of the
Laba atau rugi yang timbul dari penghentian asset (calculated as the difference between
pengakuan aset (dihitung sebagai perbedaan the net disposal proceeds and the carrying
antara jumlah neto hasil pelepasan dan jumlah amount of the asset) is included in profit or
tercatat dari aset) dimasukkan dalam laba rugi loss in the year the asset is derecognized.
pada tahun aset tersebut dihentikan
pengakuannya.
Pada setiap akhir tahun, nilai residu, umur
manfaat dan metode penyusutan ditelaah, dan method of depreciation are reviewed, and
jika diperlukan disesuaikan secara prospektif. adjusted prospectively if appropriate, at each
financial year end.
Nilai residu dari aset adalah estimasi jumlah The residual value of an asset is the
yang dapat diperoleh Perusahaan dari pelepasan estimated amount that the Company would
aset, setelah dikurangi estimasi biaya pelepasan, currently obtain from disposal of the asset,
ketika aset telah mencapai akhir umur after deducting the estimated costs of
manfaatnya. disposal, if the asset were already of the age
and in the condition expected at the end of its
useful life.
23
Page 171
The original financial statements included herein are in
Indonesian language.
PT FUJI FINANCE INDONESIA TBK PT FUJI FINANCE INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
(Lanjutan) (Continued)
Tanggal 31 Desember 2025 dan As of December 31, 2025 and
untuk tahun yang berakhir pada tanggal tersebut for the year then ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICIES
(Lanjutan) INFORMATION (Continued)
i. Aset tetap (Lanjutan) i. Fixed assets (Continued)
Beban pemeliharaan dan perbaikan dibebankan Repairs and maintenance are taken to the
pada operasi pada saat terjadinya. Beban profit or loss when these are incurred. The
pemugaran dan penambahan dalam jumlah cost of major renovation and restoration is
besar dikapitalisasi kepada jumlah tercatat aset included in the carrying amount of the related
tetap terkait bila besar kemungkinan bagi fixed asset when it is probable that future
Perusahaan manfaat ekonomi masa depan economic benefits in excess of the originally
menjadi lebih besar dari standar kinerja awal assessed standard of performance of the
yang ditetapkan sebelumnya dan disusutkan existing asset will flow to the Company and is
sepanjang sisa masa manfaat aset tetap terkait. depreciated over the remaining useful life of
the related asset.
j. Provisi j. Provisions
Provisi diakui ketika Perusahaan memiliki Provisions are recognized when the
kewajiban kini (hukum atau konstruktif) sebagai Company has a present obligation (legal or
akibat peristiwa masa lalu, kemungkinan besar constructive) as a result of a past event, it is
Perusahaan diharuskan menyelesaikan probable that the Company will be required
kewajiban dan estimasi yang andal mengenai to settle the obligation, and a reliable
jumlah kewajiban tersebut dapat dibuat. estimate can be made of the amount of the
obligation.
Provisi diukur sebesar nilai kini dari estimasi Provisions are measured at the present value
terbaik manajemen atas pengeluaran yang of management's best estimate of the
diperlukan untuk menyelesaikan liabilitas kini expenditure required to settle the present
pada akhir periode pelaporan. Tingkat diskonto obligation at the end of the reporting period.
digunakan untuk menentukan nilai kini dan risiko The discount rate used to determine the
yang terkait dengan kewajiban. Peningkatan present value incorporates the risks specific
provisi seiring dengan berjalannya waktu diakui to the liability. The increase in the provision
sebagai beban bunga. due to the passage of time is recognised as
interest expense.
k. Penurunan nilai aset non-keuangan k. Impairment of non-financial assets
Pada setiap akhir periode pelaporan, The Company assesses at each reporting
Perusahaan menilai apakah terdapat indikasi period whether there is an indication that an
suatu aset mengalami penurunan nilai. Jika asset may be impaired. If any such indication
terdapat indikasi tersebut atau pada saat exists, or when annual impairment testing for
pengujian penurunan nilai aset diperlukan, maka an asset is required, the Company makes an
Perusahaan membuat estimasi formal jumlah
terpulihkan aset tersebut.
Jumlah terpulihkan yang ditentukan untuk aset
individual adalah jumlah yang lebih tinggi antara
nilai wajar aset (unit penghasil kas) dikurangi less costs to sell and its value in use, and is
dengan biaya untuk menjual dan nilai pakainya, determined for an individual asset, unless the
kecuali aset tersebut tidak menghasilkan arus asset does not generate cash inflows that are
kas masuk yang sebagian besar independen dari largely independent of those from other
aset atau kelompok aset lain. Jika nilai tercatat assets or Companys of assets. Where the
aset lebih besar daripada jumlah terpulihkannya, carrying amount of an asset exceeds its
maka aset tersebut dipertimbangkan mengalami recoverable amount, the asset is considered
penurunan nilai dan nilai tercatat aset diturunkan impaired and is written down to its
menjadi sebesar jumlah terpulihkannya. recoverable amount.
24
Page 172
The original financial statements included herein are in
Indonesian language.
PT FUJI FINANCE INDONESIA TBK PT FUJI FINANCE INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
(Lanjutan) (Continued)
Tanggal 31 Desember 2025 dan As of December 31, 2025 and
untuk tahun yang berakhir pada tanggal tersebut for the year then ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICIES
(Lanjutan) INFORMATION (Continued)
k. Penurunan nilai aset non-keuangan (Lanjutan) k. Impairment of non-financial assets
(Continued)
Kerugian penurunan nilai dari operasi yang Impairment losses of continuing operations, if
berkelanjutan, jika ada, diakui pada laba atau any, are recognized in profit or loss under
rugi sesuai dengan kategori biaya yang konsisten expense categories that are consistent with
dengan fungsi dari aset yang diturunkan nilainya. the functions of the impaired assets.
l. Piutang aset tarikan l. Receivables from collateral
Piutang aset tarikan dinyatakan sebesar nilai Receivables from collateral are stated at net
realisasi bersih pada saat jaminan ditarik. realizable value at the time of foreclosure.
Kelebihan nilai realisasi bersih piutang aset The excess of net realizable value of the
tarikan diatas nilai piutang yang tidak tertagih receivables from collateral over the balance
akan dikreditkan atau dibebankan pada laba rugi. of uncollectible receivables is credited or
charged to profit or loss.
Beban yang berhubungan dengan aset yang Expense related to the assets and its
dikuasakan kembali dan pemeliharaannya akan maintenance are charged to profit or loss as
dibebankan pada laba rugi pada saat terjadinya. incurred. Quarterly, receivables from
Setiap triwulan, piutang aset tarikan akan direviu collateral are reviewed for any impairment in
apabila terdapat penurunan nilai. Pada saat value. When the receivables from collaterals
piutang aset tarikan dialihkan, nilai tercatatnya are transferred, their carrying values are
akan dikeluarkan dan hasil laba atau rugi akan removed from the accounts and any resulting
dikreditkan atau dibebankan pada laba rugi. gains or losses are credited or charged to
profit or loss.
m. Pengakuan pendapatan dan beban m. Revenue and expense recognition
Pendapatan pembiayaan konsumen, pendapatan Consumer financing income, working capital
pembiayaan modal usaha, pendapatan bunga, financing income, interest income, and
dan beban bunga diakui secara akrual interest expense are recognized under the
menggunakan metode suku bunga efektif accrual basis accounting using the effective
(Catatan 2c). interest method (Note 2c).
Pendapatan yang berhubungan dengan piutang Revenue associated with impaired
yang mengalami penurunan nilai langsung receivables are directly reduced by
mengurangi cadangan kerugian penurunan nilai. impairment loss. The impaired consumer
Pendapatan pembiayaan konsumen dan financing income and working capital
pendapatan pembiayaan modal usaha dari financing income are computed using the
piutang yang mengalami penurunan nilai dihitung effective interest method based on the
menggunakan suku bunga efektif atas dasar nilai amount of receivables - net of impairment
piutang setelah memperhitungkan penurunan loss.
nilai.
Pendapatan jasa administrasi yang tidak Administrative income that are not directly
beratribusi secara langsung atas transaksi dan attributable to consumer financing and
pembiayaan konsumen dan pembiayaan modal working capital financing are recorded as
usaha dibukukan sebagai pendapatan pada laba income in profit or loss and recognized when
rugi dan diakui pada saat diterima. Pendapatan incurred. Revenue from late charges and
denda keterlambatan dan keuntungan early termination are recognized when
penghentian kontrak diakui pada saat diterima. received.
Beban Expenses
Beban diakui pada saat terjadinya dengan Expenses are recognized when incurred
menggunakan dasar akrual. using the accrual basis.
25
Page 173
The original financial statements included herein are in
Indonesian language.
PT FUJI FINANCE INDONESIA TBK PT FUJI FINANCE INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
(Lanjutan) (Continued)
Tanggal 31 Desember 2025 dan As of December 31, 2025 and
untuk tahun yang berakhir pada tanggal tersebut for the year then ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICIES
(Lanjutan) INFORMATION (Continued)
n. Imbalan kerja n. Employee benefits
Imbalan pasca kerja Post-employment benefits
Perusahaan membukukan imbalan pasca kerja The Company provides post-employment
sesuai dengan Undang-Undang ketenagakerjaan benefits as required under the Manpower Act
dan peraturan pelaksanaan terkait. and its implementing regulation.
Liabilitas yang diakui di laporan posisi keuangan The liability recognized in financial position
adalah nilai kini liabilitas imbalan pasti pada are the present value of employee benefits
tanggal laporan posisi keuangan sesuai dengan on the date of financial position in
Undang-Undang dan Peraturan terkait yang accordance with applicable laws and
berlaku, dikurangi dengan nilai wajar aset regulation, net of fair value of pension plan
program pensiun, jika ada. asset, if any.
Keuntungan atau kerugian aktuarial diakui dalam Actuarial gain or loss is recognized in other
pendapatan komprehensif lainnya dan comprehensive income and adjustment of
penyesuaian atas biaya jasa lalu diakui dalam past service cost is recognized in profit and
laba rugi. loss.
Liabilitas imbalan pasti dihitung oleh aktuaris Defined benefit obligation is calculated by
independen dengan menggunakan metode independent actuaries based on Projected
Projected Unit Credit. Nilai kini liabilitas imbalan Unit Credit method. Present value of
pasti ditentukan dengan mendiskontokan employee benefits obligation determined
estimasi arus kas keluar masa depan dengan using discounting estimated future cash out
menggunakan tingkat bunga Obligasi flow based on Government Bonds interest
Pemerintah. rate.
Biaya jasa kini diakui sebagai beban periode Current service cost recognized as current
berjalan dalam laba rugi. period expense in profit and loss.
o. Pajak penghasilan o. Income tax
Beban pajak kini ditentukan berdasarkan laba Current tax expense is determined based on
kena pajak dalam periode yang bersangkutan the taxable income for the year computed
yang dihitung berdasarkan tarif pajak yang using prevailing tax rates.
berlaku.
Aset dan liabilitas pajak tangguhan diakui atas Deferred tax assets and liabilities are
perbedaan temporer asset dan liabilitas antara recognized for temporary differences
pelaporan komersial dan pajak pada setiap between the financial and the tax bases of
tanggal pelaporan. Aset pajak tangguhan diakui assets and liabilities at each reporting date.
untuk seluruh perbedaan temporer yang dapat Deferred tax assets are recognized for all
dikurangan sepanjang tersedia laba kena pajak deductible temporary differences to the
sehingga perbedaan temporer dapat extent that it is probable that taxable profits
dimanfaatkan. Liabilitas pajak tangguhan will be available against which the deductible
umumnya diakui untuk seluruh perbedaan temporary differences can be utilized.
temporer kena pajak. Deferred tax liabilities are generally
recognized for all taxable temporary
differences.
Aset dan liabilitas pajak tangguhan diukur Deferred tax assets and liabilities are
berdasarkan tarif pajak yang akan berlaku pada measured at the tax rates that are expected
tahun saat asset direalisasikan atau liabilitas to apply to the year when the asset is
diselesaikan berdasarkan peraturan perpajakan realized or the liability is settled based on tax
yang berlaku atau yang telah secara substantive laws that have been enacted or substantively
telah diberlakukan pada tanggal laporan posisi enacted as at statement of financial position
keuangan. date.
26
Page 174
The original financial statements included herein are in
Indonesian language.
PT FUJI FINANCE INDONESIA TBK PT FUJI FINANCE INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
(Lanjutan) (Continued)
Tanggal 31 Desember 2025 dan As of December 31, 2025 and
untuk tahun yang berakhir pada tanggal tersebut for the year then ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICIES
(Lanjutan) INFORMATION (Continued)
o. Pajak penghasilan (Lanjutan) o. Income tax (Continued)
Pengaruh pajak terkait dengan penyisihan untuk The related tax effects of the provisions for
dan/atau pembalikan seluruh perbedaan and/or reversal of all temporary differences
temporer selama tahun berjalan, termasuk during the year, including the effect of change
pengaruh perubahan tarif pajak, diakui sebagai in tax rates, are recognized as expense or
beban atau penghasilan dalam laba rugi tahun income in profit or loss for the year, except to
berjalan, kecuali untuk transaksi-transaksi yang the extent that they relate to items previously
sebelumnya telah dibebankan atau dikreditkan charged or credited to equity.
ke ekuitas.
Jumlah tercatat asset pajak tangguhan ditelaah The carrying amount of deferred tax asset is
ulang pada akhir periode pelaporan dan reviewed at the end of each reporting period
dikurangi jumlah tercatatnya jika kemungkinan and reduced to the extent that it is no longer
besar laba kena pajak tidak lagi tersedia dalam probable that sufficient taxable profits will be
jumlah yang memadai untuk available to allow all or part of the asset to be
mengkompensasikan asset atau seluruh asset recovered.
pajak tangguhan tersebut.
p. Laba per saham p. Earnings per share
Laba per saham dasar dihitung dengan membagi Basic earnings per share is calculated by
laba bersih dengan jumlah rata-rata tertimbang dividing net income by the number of
saham yang beredar pada tahun yang weighted average shares outstanding during
bersangkutan. Perusahaan tidak menghitung the year. The Company does not calculate
laba per saham dilusian karena tidak terdapat diluted earnings per share because there are
efek berpotensi saham biasa yang bersifat dilutif. no potential dilutive ordinary shares.
q. Segmen operasi q. Operating segments
Segmen operasi diidentifikasi berdasarkan Operating segments are identified on the
laporan internal mengenai komponen dari basis of internal reports about components of
Perusahaan yang secara reguler direviu oleh the Company that are regularly reviewed by
the chief operating decision maker in order to
rangka mengalokasikan sumber daya dan allocate resources to the segments and to
menilai kinerja segmen operasi. assess their performances.
Segmen operasi adalah suatu komponen dari An operating segments is a component of an
entitas: entity:
Yang terlibat dalam aktivitas bisnis yang That engage in business activities from
mana memperoleh pendapatan dan which it may earn revenues and incurred
menimbulkan beban (termasuk pendapatan expense (including revenues and
dan beban terkait dengan transaksi dengan expenses relating to the transaction with
komponen lain dari entitas yang sama); other components of the same entity);
Hasil operasinya dikaji ulang secara regular Whose operating results are reviewed
oleh pengambil keputusan operasional untuk
membuat keputusan tentang sumber daya decision maker to make decision about
yang dialokasikan pada segmen tersebut dan resources to be allocated to the segments
menilai kinerjanya; dan and assess its performance; and
Dimana tersedia informasi keuangan yang For which discrete financial information is
dapat dipisahkan. available.
27
Page 175
The original financial statements included herein are in
Indonesian language.
PT FUJI FINANCE INDONESIA TBK PT FUJI FINANCE INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
(Lanjutan) (Continued)
Tanggal 31 Desember 2025 dan As of December 31, 2025 and
untuk tahun yang berakhir pada tanggal tersebut for the year then ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICIES
(Lanjutan) INFORMATION (Continued)
q. Segmen operasi (Lanjutan) q. Operating segments (Continued)
Informasi yang digunakan oleh pengambil Information used by operational decision
keputusan operasional dalam rangka alokasi makers in terms of resource allocation and
sumber daya dan penilaian kinerja terfokus pada performance assessment is focused on the
kategori dari setiap bisnis. category of each business.
r. Peristiwa setelah periode laporan keuangan r. Events after the financial reporting period
Peristiwa setelah akhir tahun laporan yang Post year-end events that provide additional
memberikan informasi tambahan terkait posisi
Perusahaan pada periode laporan keuangan reporting period (adjusting events) are
adjusting events reflected in the financial statements. Post
keuangan. Peristiwa setelah akhir tahun laporan year-end events that are not adjusting events
yang bukan adjusting events telah diungkapkan are disclosed in the notes to the financial
dalam catatan atas laporan keuangan apabila statements when material.
material.
3. ESTIMASI DAN PERTIMBANGAN AKUNTANSI 3. CRITICAL ACCOUNTING ESTIMATES AND
YANG PENTING JUDGMENTS
Penyusunan laporan keuangan mengharuskan The preparation of the financial statements
manajemen untuk membuat pertimbangan, estimasi requires management to make judgments,
dan asumsi yang mempengaruhi jumlah yang estimates and assumptions that affect the
dilaporkan dari pendapatan, beban, aset dan liabilitas, reported amounts of revenue, expenses, assets
dan pengungkapan atas liabilitas kontijensi, pada and liabilities, and the disclosure of contingent
akhir periode pelaporan. Ketidakpastian mengenai liabilities, at the end of the reporting period.
asumsi dan estimasi tersebut dapat mengakibatkan Uncertainty about these assumptions and
penyesuaian material terhadap nilai tercatat aset dan estimates could result in outcomes that require a
liabilitas dalam periode pelaporan berikutnya. material adjustment to the carrying amount of the
asset and liability affected in future periods.
Dalam proses penerapan kebijakan akuntansi yang In the process of applying the accounting policies
dijelaskan Catatan 2, tidak terdapat pertimbangan described in Note 2, management has not made
signifikan yang memiliki dampak material pada jumlah any critical judgement that has material impact on
yang diakui dalam laporan keuangan. the amounts recognized in the financial
statements.
Pertimbangan Judgments
Pertimbangan berikut ini dibuat oleh manajemen The following judgments are made by
dalam rangka penerapan kebijakan akuntansi management in the process of applying the
Perusahaan yang memiliki pengaruh paling signifikan Company accounting policies that have the most
atas jumlah yang diakui dalam laporan keuangan: significant effects on the amounts recognized in
the financial statements:
Penentuan mata uang fungsional Determination of functional currency
Mata uang fungsional adalah mata uang dari The functional currency is the currency of the
lingkungan ekonomi primer dimana Perusahaan primary economic environment in which the
beroperasi. Manajemen mempertimbangkan mata Company operates. The management
uang yang paling mempengaruhi pendapatan dan considered the currency that mainly influences
beban dari jasa yang diberikan serta the revenue and cost of rendering services and
mempertimbangkan indikator lainnya dalam other indicators in determining the currency that
menentukan mata uang yang paling tepat most faithfully represents the economic effects of
menggambarkan pengaruh ekonomi dari transaksi, the underlying transactions, events, and
kejadian dan kondisi yang mendasari. conditions.
28
Page 176
The original financial statements included herein are in
Indonesian language.
PT FUJI FINANCE INDONESIA TBK PT FUJI FINANCE INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
(Lanjutan) (Continued)
Tanggal 31 Desember 2025 dan As of December 31, 2025 and
untuk tahun yang berakhir pada tanggal tersebut for the year then ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
3. ESTIMASI DAN PERTIMBANGAN AKUNTANSI 3. CRITICAL ACCOUNTING ESTIMATES AND
YANG PENTING (Lanjutan) JUDGMENTS (Continued)
Pertimbangan (Lanjutan) Judgments (Continued)
Sewa Leases
Penentuan apakah suatu perjanjian mengandung Determining whether an arrangement is or
unsur sewa membutuhkan pertimbangan yang contains a lease requires careful judgement to
cermat untuk menilai apakah perjanjian tersebut assess whether the arrangement conveys a right
memberikan hak untuk mendapatkan secara to obtain substantially all the economic benefits
substansial seluruh manfaat ekonomi dari from use of the asset throughout the period of use
penggunaan aset identifikasian dan hak untuk and right to direct the use of the asset, even if the
mengarahkan penggunaan aset identifikasian, right is not explicitly specified in the arrangement.
bahkan jika hak tersebut tidak dijabarkan secara
eksplisit di perjanjian.
Karena Perusahaan tidak dapat dengan mudah Since the Company could not readily determine
menentukan suku bunga implisit, manajemen the implicit rate, management use the Company's
menggunakan suku bunga pinjaman inkremental incremental borrowing rate as a discount rate.
Perusahaan sebagai tingkat diskonto. Ada There are a number factors to consider in
beberapa faktor yang perlu dipertimbangkan dalam determining an incremental borrowing rate, many
menentukan suku bunga pinjaman inkremental, of which need judgement in order to be able to
yang banyak di antaranya memerlukan reliably quantify any necessary adjustments to
pertimbangan untuk dapat secara andal mengukur arrive at the final discount rates.
penyesuaian yang diperlukan untuk sampai pada
tingkat diskonto akhir.
Dalam menentukan suku bunga pinjaman In determining incremental borrowing rate, the
inkremental, Perusahaan mempertimbangkan Company considers the following main factors;
faktor-faktor utama berikut; risiko kredit korporat
Perusahaan, jangka waktu sewa, jangka waktu term, the lease payment term, the economic
pembayaran sewa, lingkungan ekonomi, waktu di environment, the time at which the lease is
mana sewa dimasukkan, dan mata uang di mana entered into, and the currency in which the lease
pembayaran sewa ditentukan. payments are denominated.
Dalam menentukan jangka waktu sewa, In determining the lease term, the Company
Perusahaan mempertimbangkan semua fakta dan considers all facts and circumstances that create
keadaan yang menimbulkan insentif ekonomi untuk an economic incentive to exercise an extension
menggunakan opsi perpanjangan, atau tidak option, or not exercise a termination option.
menggunakan opsi penghentian. Opsi Extension options (or periods after termination
perpanjangan (atau periode setelah opsi options) are only included in the lease term if the
penghentian kontrak kerja) hanya termasuk dalam lease is reasonably certain to be extended (or not
jangka waktu sewa jika cukup pasti akan terminated).
diperpanjang (atau tidak dihentikan).
Penilaian tersebut ditinjau jika terjadi peristiwa The assessment is reviewed if a significant event
signifikan atau perubahan signifikan dalam situasi or a significant change in circumstances occurs
yang mempengaruhi penilaian ini dan berada which affects this assessment and that is within
dalam kendali Perusahaan. the control of the Company.
Perusahaan awalnya mengestimasi dan mengakui The Company initially estimates and recognizes
jumlah yang diharapkan akan dibayarkan dengan amounts expected to be payable under residual
jaminan nilai residu sebagai bagian dari liabilitas value guarantees as part of the lease liability. The
sewa. Jumlah tersebut ditinjau, dan disesuaikan amounts are reviewed, and adjusted if
jika perlu, pada akhir setiap periode pelaporan. appropriate, at the end of each reporting period.
29
Page 177
The original financial statements included herein are in
Indonesian language.
PT FUJI FINANCE INDONESIA TBK PT FUJI FINANCE INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
(Lanjutan) (Continued)
Tanggal 31 Desember 2025 dan As of December 31, 2025 and
untuk tahun yang berakhir pada tanggal tersebut for the year then ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
3. ESTIMASI DAN PERTIMBANGAN AKUNTANSI 3. CRITICAL ACCOUNTING ESTIMATES AND
YANG PENTING (Lanjutan) JUDGMENTS (Continued)
Pertimbangan (Lanjutan) Judgments (Continued)
Sewa (Lanjutan) Leases (Continued)
Perusahaan mempunyai beberapa perjanjian sewa The Company has various lease agreements
di mana Perusahaan bertindak sebagai penyewa where the Company acts as either a lessee or
atau pesewa untuk beberapa aset tetap tertentu. lessor in respect of certain assets. The Company
Perusahaan mengevaluasi apakah terdapat risiko evaluates whether significant risks and rewards of
dan manfaat kepemilikan yang signifikan dari aset ownership of the leased asset are transferred to
sewa yang dialihkan kepada lessee atau tetap ada the lessee or retained by the Company based on
pada Perusahaan berdasarkan PSAK No. 116 PSAK No. 116, which requires the Company to
yang mensyaratkan Perusahaan untuk membuat make judgements and estimates of transfer of
pertimbangan dan estimasi dari pengalihan risiko risks and rewards of ownership of leased asset.
dan manfaat terkait dengan kepemilikan aset yang
disewa.
Klasifikasi aset dan liabilitas keuangan Classification of financial assets and financial
liabilities
Perusahaan menetapkan klasifikasi atas aset dan The Company determines the classifications of
liabilitas tertentu sebagai aset keuangan dan certain asset and liabilities as financial assets and
liabilitas keuangan dengan mempertimbangkan financial liabilities by judging if they meet the
definisi yang ditetapkan PSAK No. 109 dipenuhi. definition set forth in PSAK No. 109. Accordingly,
Dengan demikian, aset keuangan dan liabilitas the financial assets and financial liabilities are
keuangan diakui sesuai dengan kebijakan
akuntansi Perusahaan seperti diungkapkan pada accounting policies disclosed in Note 2c.
Catatan 2c.
Estimasi dan asumsi Estimates and assumptions
Asumsi utama masa depan dan sumber utama The key assumptions concerning the future and
estimasi ketidakpastian lain pada tanggal other key sources of estimation uncertainty at the
pelaporan yang memiliki risiko signifikan bagi reporting date that have a significant risk of
penyesuaian yang material terhadap nilai tercatat causing a material adjustment to the carrying
aset dan liabilitas untuk tahun berikutnya amounts of assets and liabilities within the next
diungkapkan di bawah ini. Perusahaan financial year are disclosed below. The Company
mendasarkan asumsi dan estimasi pada parameter based its assumptions and estimates on
yang tersedia pada saat laporan keuangan parameters available when the financial
disusun. statements were prepared.
Asumsi dan situasi mengenai perkembangan masa Existing circumstances and assumptions about
depan mungkin berubah akibat perubahan pasar future developments may change due to market
atau situasi di luar kendali Perusahaan. Perubahan changes or circumstances arising beyond the
tersebut dicerminkan dalam asumsi terkait pada control of the Company. Such changes are
saat terjadinya. reflected in the assumptions when they occur.
Cadangan kerugian penurunan nilai aset keuangan Allowance for impairment losses of financial
assets
Perusahaan menelaah aset keuangan pada biaya The Company reviews its financial assets at
perolehan diamortisasi yang mengharuskan untuk amortized cost which requires to recognize the
mengakui kerugian kredit ekspektasian pada setiap expected credit loss at each reporting date to
tanggal pelaporan untuk mencerminkan perubahan reflect changes in credit risk of the financial
risiko kredit selain dari aset keuangan pada nilai assets not at fair value through profit or loss. The
wajar melalui laba rugi. Perusahaan Company incorporates forward looking and
menggabungkan informasi forward-looking dan historical, current and forecasted information into
historis, terkini dan yang diperkirakan ke dalam expected credit loss estimation.
estimasi kerugian kredit ekspektasian.
30
Page 178
The original financial statements included herein are in
Indonesian language.
PT FUJI FINANCE INDONESIA TBK PT FUJI FINANCE INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
(Lanjutan) (Continued)
Tanggal 31 Desember 2025 dan As of December 31, 2025 and
untuk tahun yang berakhir pada tanggal tersebut for the year then ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
\
3. ESTIMASI DAN PERTIMBANGAN AKUNTANSI 3. CRITICAL ACCOUNTING ESTIMATES AND
YANG PENTING (Lanjutan) JUDGMENTS (Continued)
Estimasi dan asumsi (Lanjutan) Estimates and assumptions (Continued)
Cadangan kerugian penurunan nilai aset keuangan Allowance for impairment losses of financial
(Lanjutan) assets (Continued)
Dalam melakukan peninjauan penurunan nilai, In carrying out the impairment review, the
penilaian manajemen berikut diperlukan:
i) Penentuan apakah aset mengalami penurunan i) Determination whether the assets is impaired
nilai berdasarkan indikator tertentu seperti, based on certain indicators such as, amongst
antara lain, kesulitan keuangan debitur,
penurunan kualitas kredit; dan deterioration of the credit quality of the
ii) Penentuan umur kredit ekspektasian yang ii) Determination of expected credit life that
mencerminkan: reflect:
Jumlah yang tidak bias dan probabilitas An unbiased and probability-weighted
tertimbang yang ditentukan dengan amount that is determined by evaluating
mengevaluasi kemungkinan dari berbagai a range of possible outcomes; and
hasil; dan
Nilai waktu dari uang. The time value of money.
Pada setiap tanggal pelaporan, Perusahaan At reporting date, the Company calculates
menghitung kerugian kredit ekspektasian expected credit loss based on estimated 12
berdasarkan estimasi 12 bulan. Jika terjadi months. If there is a significant increase in credit
kenaikan risiko kredit yang signifikan sejak risk since initial recognition, the estimated
pengakuan awal maka estimasi kerugian kredit expected credit loss will be calculated throughout
ekspektasian akan dihitung sepanjang umur the life of the contract.
kontrak.
Kerugian kredit ekspektasian merupakan estimasi Expected credit losses are estimated weighted
probabilitas tertimbang dari kerugian kredit (yaitu probabilities of credit losses (is the present value
nilai kini dari seluruh kekurangan kas) selama of all cash shortages) over the estimated life of
perkiraan umur instrumen keuangan. Kekurangan the financial instrument. Cash shortages are the
kas adalah selisih antara arus kas yang terutang difference between the cash flows owed to the
kepada Perusahaan sesuai dengan kontrak dan Company in accordance with the contract and the
arus kas yang diperkirakan akan diterima oleh cash flows that are expected to be received by the
Perusahaan. Company.
Perhitungan cadangan kerugian penurunan nilai Calculation of allowance for impairment losses on
atas aset keuangan yang dinilai secara kolektif financial assets assessed collectively are grouped
berdasarkan karakteristik risiko kredit yang sama based on similar credit risk characteristics and
dengan mempertimbangkan segmentasi taking into account the financing segmentation
pembiayaan berdasarkan permodelan kerugian based on future loss model.
masa depan.
31
Page 179
The original financial statements included herein are in
Indonesian language.
PT FUJI FINANCE INDONESIA TBK PT FUJI FINANCE INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
(Lanjutan) (Continued)
Tanggal 31 Desember 2025 dan As of December 31, 2025 and
untuk tahun yang berakhir pada tanggal tersebut for the year then ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
3. ESTIMASI DAN PERTIMBANGAN AKUNTANSI 3. CRITICAL ACCOUNTING ESTIMATES AND
YANG PENTING (Lanjutan) JUDGMENTS (Continued)
Estimasi dan asumsi (Lanjutan) Estimates and assumptions (Continued)
Pajak penghasilan Income tax
Pertimbangan signifikan dilakukan dalam Significant judgment is involved in determining the
menentukan provisi atas pajak penghasilan badan. provision for corporate income tax. There are
Terdapat transaksi dan perhitungan tertentu yang certain transactions and computation for which
penentuan pajak akhirnya adalah tidak pasti dalam the ultimate tax determination is uncertain during
kegiatan usaha normal. Perusahaan mengakui the ordinary course of business. The Company
liabilitas atas pajak penghasilan badan recognizes liabilities for expected corporate
berdasarkan estimasi apakah akan terdapat income tax issues based on estimates of whether
tambahan pajak penghasilan badan. additional corporate income tax will be due.
Aset pajak tangguhan diakui untuk seluruh Deferred tax assets are recognized for all
perbedaan temporer yang boleh dikurangkan dan deductible temporary differences and carry
saldo rugi fiskal yang belum dikompensasikan, forward of unused tax losses to the extent that it is
sepanjang perbedaan temporer dan rugi fiskal probable that future taxable profits will be
yang belum dikompensasikan tersebut dapat available against which the deductible temporary
dimanfaatkan untuk mengurangi laba fiskal pada differences and carry forward of unused tax
masa yang akan datang. losses can be utilized.
Jumlah tercatat aset pajak tangguhan ditelaah The carrying amount of deferred tax assets is
pada setiap tanggal neraca dan nilai tercatat aset reviewed at each reporting date and reduced to
pajak tangguhan tersebut diturunkan apabila tidak the extent that it is no longer probable that
lagi terdapat kemungkinan besar bahwa laba fiskal sufficient taxable profits will be available to allow
yang memadai akan tersedia untuk all or part of the benefit of the deferred tax assets
mengkompensasi sebagian atau semua manfaat to be utilized. Deferred tax assets and liabilities
aset pajak tangguhan. Aset dan kewajiban pajak are measured at the tax rates that are expected to
tangguhan diukur berdasarkan tarif pajak yang apply to the year when the asset is realized or the
akan berlaku pada tahun saat aset direalisasikan liability is settled based on tax laws that have
atau liabilitas diselesaikan berdasarkan peraturan been enacted or substantively enacted by the end
perpajakan yang berlaku atau yang telah secara of the reporting period.
substantif telah diberlakukan pada akhir periode
pelaporan.
Pengaruh pajak terkait dengan penyisihan untuk The related tax effects of the provisions for and/or
dan/atau pembalikan seluruh perbedaan temporer reversals of all temporary differences during the
selama periode berjalan, termasuk pengaruh period, including the effect of change in tax rates,
-
Penghasilan - and included in the determination of net profit or
rugi neto tahun berjalan, kecuali untuk transaksi- loss for the year, except to the extent that they
transaksi yang sebelumnya telah langsung relate to items previously charged or credited to
dibebankan atau dikreditkan ke ekuitas. equity.
Perubahan terhadap kewajiban perpajakan diakui Amendments to tax obligations are recorded
pada saat penetapan pajak diterima atau jika when an assessment is received or, if appealed
Perusahaan mengajukan keberatan, pada saat against by the Company, when the result of the
keputusan atas keberatan telah ditetapkan. appeal is determined.
Untuk setiap entitas yang, pengaruh pajak atas For each of the entities, the tax effects of
perbedaan temporer dan akumulasi rugi pajak, temporary differences and tax loss carryover,
yang masing-masing dapat berupa aset atau which individually are either assets or liabilities,
liabilitas, disajikan dalam jumlah neto untuk are shown at the applicable net amounts.
masing-masing entitas tersebut.
32
Page 180
The original financial statements included herein are in
Indonesian language.
PT FUJI FINANCE INDONESIA TBK PT FUJI FINANCE INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
(Lanjutan) (Continued)
Tanggal 31 Desember 2025 dan As of December 31, 2025 and
untuk tahun yang berakhir pada tanggal tersebut for the year then ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
3. ESTIMASI DAN PERTIMBANGAN AKUNTANSI 3. CRITICAL ACCOUNTING ESTIMATES AND
YANG PENTING (Lanjutan) JUDGMENTS (Continued)
Estimasi dan asumsi (Lanjutan) Estimates and assumptions (Continued)
Pajak penghasilan (Lanjutan) Income tax (Continued)
Perusahaan mencatat bunga dan denda untuk The Company presents interest and penalties for
kekurangan/kelebihan pembayaran pajak the underpayment/overpayment of income tax, if
-
Pajak Penghasilan - statement of profit or loss and other
dan penghasilan komprehensif lain. comprehensive income.
Imbalan kerja Employee benefits
Penentuan beban dan liabilitas imbalan kerja The determination of employee benefits expense
Perusahaan bergantung pada pemilihan asumsi and liabilities is dependent on its selection of
yang digunakan Perusahaan. Asumsi tersebut certain assumptions used by Company. Those
termasuk antara lain, tingkat diskonto, tingkat assumptions include discount rates, salary
kenaikan gaji, tingkat pengunduran diri karyawan, increase, employee turn-over rate, disability rate,
tingkat kecacatan, dan tingkat kematian. Hasil and retirement age and mortality rate. Actual
aktual yang berbeda dari asumsi yang ditetapkan
Perusahaan langsung diakui dalam laba rugi pada assumptions are recognized immediately in profit
saat terjadinya. or loss when incurred.
Perusahaan berkeyakinan bahwa asumsi tersebut Company believes that its assumptions are
adalah wajar dan sesuai, perbedaan signifikan reasonable and appropriate, significant
pada hasil aktual atau perubahan signifikan dalam differences in actual experiences or significant
asumsi yang ditetapkan dapat mempengaruhi changes in the assumptions may materially affect
secara material liabilitas diestimasi atas imbalan its estimated liabilities for employee benefits.
kerja. Penjelasan lebih rinci diungkapkan dalam Further details are disclosed in Note 10.
Catatan 10.
Penyusutan aset tetap Depreciation of fixed assets
Biaya perolehan aset tetap untuk kendaraan The costs of fixed assets for vehicle is
disusutkan dengan menggunakan metode garis depreciated on a straight line method over their
lurus berdasarkan estimasi masa manfaat estimated useful lives. Management estimates the
ekonomisnya. Manajemen mengestimasi masa useful lives of these fixed assets are 8 years.
manfaat ekonomis aset tetap adalah 8 tahun.
Biaya perolehan aset tetap selain kendaraan The costs of fixed assets other than vehicle are
disusutkan dengan menggunakan metode saldo depreciated on a double declining method over
menurun berdasarkan estimasi masa manfaat their estimated useful lives, except for vehicle
ekonomisnya. Manajemen mengestimasi masa which is computed using straight-line method.
manfaat ekonomis aset tetap adalah 4-8 tahun. Management estimates the useful lives of these
fixed assets are 4-8 years.
Ini adalah umur yang secara umum diharapkan These are common life expectant applied in the
dalam industri di mana Perusahaan menjalankan industries where the Company conducts its
bisnisnya. Perubahan tingkat pemakaian dan businesses. Changes in the expected level of
perkembangan teknologi dapat mempengaruhi usage and technological development could
masa manfaat ekonomis dan nilai sisa aset, impact the economic useful lives and the residual
sehingga biaya penyusutan masa depan mungkin values of these assets, and therefore future
direvisi. Penjelasan lebih rinci diungkapkan dalam depreciation charges could be revised.
Catatan 7. More detailed explanation is disclosed in
Note 7.
33
Page 181
The original financial statements included herein are in
Indonesian language.
PT FUJI FINANCE INDONESIA TBK PT FUJI FINANCE INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
(Lanjutan) (Continued)
Tanggal 31 Desember 2025 dan As of December 31, 2025 and
untuk tahun yang berakhir pada tanggal tersebut for the year then ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
3. ESTIMASI DAN PERTIMBANGAN AKUNTANSI 3. CRITICAL ACCOUNTING ESTIMATES AND
YANG PENTING (Lanjutan) JUDGMENTS (Continued)
Estimasi dan asumsi (Lanjutan) Estimates and assumptions (Continued)
Penurunan nilai aset non-keuangan Impairment of non-financial assets
Jumlah terpulihkan aset tetap didasarkan pada The recoverable amount of fixed assets based on
estimasi dan asumsi khususnya mengenai prospek estimates and assumptions regarding in particular
pasar dan arus kas terkait dengan aset. Estimasi the expected market outlook and future cash
arus kas masa depan mencakup perkiraan flows associated with the assets. Estimated future
mengenai pendapatan masa depan. cash flows include estimates of future revenue.
Setiap perubahan dalam asumsi-asumsi ini Any changes in these assumptions may have a
mungkin memiliki dampak material terhadap material impact on the measurement of the
pengukuran jumlah terpulihkan dan bisa recoverable amount and could result in
mengakibatkan penyesuaian penyisihan adjustments to the provision of impairment
penurunan nilai yang sudah dibukukan. already booked.
34
Page 182
The original financial statements included herein are in
Indonesian language.
PT FUJI FINANCE INDONESIA TBK PT FUJI FINANCE INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
(Lanjutan) (Continued)
Tanggal 31 Desember 2025 dan As of December 31, 2025 and
untuk tahun yang berakhir pada tanggal tersebut for the year then ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
4. KAS DAN SETARA KAS 4. CASH AND CASH EQUIVALENTS
Kas di bank dan deposito berjangka ditempatkan Cash in banks and time deposits are placed in
pada bank pihak ketiga. Jangka waktu deposito third party banks. The term of the time deposits
berjangka adalah 1 (satu) 3 (tiga) bulan dan is 1 (one) 3 (three) months and the interest
tingkat suku bunga deposito per tahun sebagai rates per annum as follows:
berikut:
5. PIUTANG PEMBIAYAAN 5. FINANCING RECEIVABLES
35
Page 183
The original financial statements included herein are in
Indonesian language.
PT FUJI FINANCE INDONESIA TBK PT FUJI FINANCE INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
(Lanjutan) (Continued)
Tanggal 31 Desember 2025 dan As of December 31, 2025 and
untuk tahun yang berakhir pada tanggal tersebut for the year then ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
5. PIUTANG PEMBIAYAAN (Lanjutan) 5. FINANCING RECEIVABLES (Continued)
Pada tahun 2025, Perusahaan melakukan In 2025, the Company reclassified financing
reklasifikasi piutang pembiayaan menjadi piutang receivables into interest receivables (Note 27).
bunga (Catatan 27). Perusahaan juga merevisi The Company also revised the detailed analysis
rincian piutang pembiayaan yang akan diterima of financing receivables, which are classified
sesuai dengan masa jatuh tempo cicilan. according to the period in which the installment
falls due.
Pada tahun 2025, Perusahaan telah menerima In 2025, the Company has received full
pelunasan atas seluruh piutang pembiayaan pada payment of all financing receivables as of
tanggal 31 Desember 2024. December 31, 2024.
Sebagai jaminan atas piutang pembiayaan yang As collateral to the financing receivables, the
diberikan, Perusahaan menerima jaminan berupa Company has received buildings.
bangunan.
Suku bunga efektif sebagai berikut: Effective interest rates as follows:
36
Page 184
The original financial statements included herein are in
Indonesian language.
PT FUJI FINANCE INDONESIA TBK PT FUJI FINANCE INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
(Lanjutan) (Continued)
Tanggal 31 Desember 2025 dan As of December 31, 2025 and
untuk tahun yang berakhir pada tanggal tersebut for the year then ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
5. PIUTANG PEMBIAYAAN (Lanjutan) 5. FINANCING RECEIVABLES (Continued)
Cadangan kerugian penurunan nilai sebagai Allowance for impairment losses as follows:
berikut:
Analisis rincian piutang pembiayaan yang akan A detailed analysis of financing receivables,
diterima sesuai dengan masa jatuh tempo cicilan which are classified according to the period in
sebagai berikut: which the installment falls due as follows:
Piutang pembiayaan pada tanggal Financing receivables as of December 31, 2025
31 Desember 2025 dan 2024 dievaluasi terhadap and 2024 are evaluated for impairment.
penurunan nilai.
Manajemen Perusahaan berkeyakinan bahwa
cadangan kerugian penurunan nilai sudah allowance for impairment losses is sufficient to
memadai untuk menutup kerugian yang mungkin cover possible losses on uncollectible financing
timbul akibat tidak tertagihnya piutang pembiayaan. receivables.
37
Page 185
The original financial statements included herein are in
Indonesian language.
PT FUJI FINANCE INDONESIA TBK PT FUJI FINANCE INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
(Lanjutan) (Continued)
Tanggal 31 Desember 2025 dan As of December 31, 2025 and
untuk tahun yang berakhir pada tanggal tersebut for the year then ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
6. PIUTANG LAIN-LAIN 6. OTHER RECEIVABLES
Piutang pembiayaan lain-lain pada tanggal Other financing receivables as of December 31,
31 Desember 2025, merupakan piutang yang tidak 2025, are receivables that do not meet the
memenuhi definisi piutang pembiayaan, sesuai definition of financing receivables, in accordance
dengan ketentuan dalam Pasal 1 POJK 35/2018 with the provisions of Article 1 of POJK 35/2018,
sebagaimana telah diubah beberapa kali terakhir as amended several times, most recently by
dengan POJK 46/2024, yang mengatur mengenai POJK 46/2024, which regulates the definition of
definisi Pembiayaan Investasi, Pembiayaan Modal Investment Financing, Working Capital Financing
Kerja dan Pembiayaan Multiguna. and Multipurpose Financing.
Cadangan kerugian penurunan nilai sebagai Allowance for impairment losses as follows:
berikut:
38
Page 186
The original financial statements included herein are in
Indonesian language.
PT FUJI FINANCE INDONESIA TBK PT FUJI FINANCE INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
(Lanjutan) (Continued)
Tanggal 31 Desember 2025 dan As of December 31, 2025 and
untuk tahun yang berakhir pada tanggal tersebut for the year then ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
6. PIUTANG LAIN-LAIN (Lanjutan) 6. OTHER RECEIVABLES (Continued)
Analisis rincian piutang pembiayaan yang akan A detailed analysis of financing receivables,
diterima sesuai dengan masa jatuh tempo cicilan which are classified according to the period in
sebagai berikut: which the installment falls due as follows:
Manajemen berpendapat bahwa jumlah cadangan Management believes that the allowance for
kerugian penurunan nilai tersebut, cukup untuk impairment losses are adequate to cover
menutupi kerugian yang mungkin timbul akibat possible losses from uncollectible receivables
tidak tertagihnya piutang dalam proses from receivables in the settlement process and
penyelesaian dan piutang karyawan pihak ketiga. employee receivables third parties.
7. ASET TETAP 7. FIXED ASSETS
39
Page 187
The original financial statements included herein are in
Indonesian language.
PT FUJI FINANCE INDONESIA TBK PT FUJI FINANCE INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
(Lanjutan) (Continued)
Tanggal 31 Desember 2025 dan As of December 31, 2025 and
untuk tahun yang berakhir pada tanggal tersebut for the year then ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
7. ASET TETAP (Lanjutan) 7. FIXED ASSETS (Continued)
Penyusutan atas aset tetap dibebankan sebagai Depreciation of fixed assets was charged to the
berikut: following:
Pada tahun 2025 dan 2024, Perusahaan tidak In 2025 dan 2024, the Company did not insured
mengasuransikan aset tetap. its fixed assets.
Pada tanggal 31 Desember 2025, manajemen As of December 31, 2025,
Perusahaan berkeyakinan bahwa tidak terdapat management believes that there are no events
peristiwa atau keadaan yang mengindikasikan or changes in circumstances that may indicate
adanya penurunan nilai aset tetap. any impairment in value of fixed assets.
40
Page 188
The original financial statements included herein are in
Indonesian language.
PT FUJI FINANCE INDONESIA TBK PT FUJI FINANCE INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
(Lanjutan) (Continued)
Tanggal 31 Desember 2025 dan As of December 31, 2025 and
untuk tahun yang berakhir pada tanggal tersebut for the year then ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
8. ASET HAK-GUNA 8. RIGHT-OF-USE ASSETS
Penyusutan atas aset hak-guna dibebankan Depreciation of right-of-use assets was charged
sebagai berikut: to the following:
9. PENDAPATAN DITANGGUHKAN 9. DEFERRED INCOME
41
Page 189
The original financial statements included herein are in
Indonesian language.
PT FUJI FINANCE INDONESIA TBK PT FUJI FINANCE INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
(Lanjutan) (Continued)
Tanggal 31 Desember 2025 dan As of December 31, 2025 and
untuk tahun yang berakhir pada tanggal tersebut for the year then ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
10. LIABILITAS IMBALAN KERJA 10. EMPLOYEE BENEFITS LIABILITY
Perusahaan menghitung liabilitas imbalan kerja The Company determines its employee benefits
sesuai dengan Undang-Undang yang berlaku. liability in accordance with the applicable Law.
Perusahaan mencatat liabilitas imbalan kerja The Company recorded employee benefits
berdasarkan hasil perhitungan aktuaria liability based on the actuarial calculation
yang dilakukan oleh KKA Arya Bagiastra, performed by KKA Arya Bagiastra, independent
aktuaris independen, untuk tahun yang berakhir actuary, for the year ended December 31, 2025
pada tanggal 31 Desember 2025 dan 2024 and 2024 in their report dated February 5, 2026
dalam laporannya masing-masing tanggal and January 6, 2025, respectively, using the
5 Februari 2026 dan 6 Januari 2025, dengan
Projected Unit Credit
Penghitungan liabilitas imbalan kerja dihitung The calculation of the employee benefits liability
sesuai dengan Undang-undang Ketenagakerjaan was calculated in accordance with applicable
yang berlaku. Manpower Law.
Asumsi-asumsi yang digunakan sebagai berikut: The assumptions used as follows:
a. Liabilitas imbalan kerja karyawan sebagai a.
berikut: follows:
b. Beban imbalan kerja yang diakui dalam laporan b. Amounts recognized in the statement of profit
laba rugi dan penghasilan komprehensif lain or loss and other comprehensive income with
sebagai berikut: respect to employee benefits expense as
follows:
42
Page 190
The original financial statements included herein are in
Indonesian language.
PT FUJI FINANCE INDONESIA TBK PT FUJI FINANCE INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
(Lanjutan) (Continued)
Tanggal 31 Desember 2025 dan As of December 31, 2025 and
untuk tahun yang berakhir pada tanggal tersebut for the year then ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
10. LIABILITAS IMBALAN KERJA (Lanjutan) 10. EMPLOYEE BENEFITS LIABILITY (Continued)
c. Mutasi liabilitas imbalan kerja sebagai berikut: c. The movements in the employee benefits
liability as follows:
d. Analisa sensitivitas kuantitatif untuk asumsi- d. The quantitative sensitivity analysis
asumsi yang signifikan pada tanggal for significant assumptions as of
31 Desember 2025 sebagai berikut: December 31, 2025 as follows:
e. Jadwal jatuh tempo dari liabilitas imbalan pasti e. The maturity profile of discounted benefits
pada tanggal 31 Desember 2025 sebagai obligation as of December 31, 2025 as
berikut: follows:
43
Page 191
The original financial statements included herein are in
Indonesian language.
PT FUJI FINANCE INDONESIA TBK PT FUJI FINANCE INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
(Lanjutan) (Continued)
Tanggal 31 Desember 2025 dan As of December 31, 2025 and
untuk tahun yang berakhir pada tanggal tersebut for the year then ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
11. MODAL SAHAM 11. SHARE CAPITAL
Susunan pemegang saham berdasarkan catatan Details of shareholders based on records
yang dibuat oleh PT Sinartama Gunita, biro maintained by PT Sinartama Gunita, the share
administrasi efek pada tanggal 31 Desember 2025 administrator as of December 31, 2025 and
dan 2024 sebagai berikut: 2024, as follows:
12. TAMBAHAN MODAL DISETOR 12. ADDITIONAL PAID-IN CAPITAL
44
Page 192
The original financial statements included herein are in
Indonesian language.
PT FUJI FINANCE INDONESIA TBK PT FUJI FINANCE INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
(Lanjutan) (Continued)
Tanggal 31 Desember 2025 dan As of December 31, 2025 and
untuk tahun yang berakhir pada tanggal tersebut for the year then ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
12. TAMBAHAN MODAL DISETOR (Lanjutan) 12. ADDITIONAL PAID-IN CAPITAL (Continued)
Pengampunan pajak Tax amnesty
Pada tanggal 27 Maret 2017, Perusahaan On March 27, 2017, the Company filed an Asset
mengajukan Surat Pernyataan Harta untuk Declaration Letter for Tax Amnesty (SPHPP) to
perlengkapan dan peralatan kantor sebesar office equipment amounted to Rp 53,248,000
Rp 53.248.000 dan uang tunai sebesar and cash amounted to Rp 112,500,000 paid
Rp 112.500.000, kepada Direktorat Jenderal Pajak redemption money amounted to Rp 8,287,400.
The redemption payment is recognized in profit
Rp 8.287.400. Pelunasan tebusan ini diakui or loss of the period. On March 30, 2017, the
dalam laba rugi periode berjalan. Pada Company received Tax Amnesty Letter
tanggal 30 Maret 2017, Perusahaan menerima No. KET-12403/PP/WPJ.06/2017 from the DGT.
Surat Keterangan Pengampunan Pajak These transactions were recorded as
No. KET-12403/PP/WPJ.06/2017 dari DJP. additional paid-in capital in equity amounted to
Transaksi ini dicatat sebagai tambahan modal Rp 165,748,000.
disetor di ekuitas sebesar Rp 165.748.000.
13. PENDAPATAN PEMBIAYAAN 13. FINANCING INCOME
Rincian nilai pendapatan yang melebihi 10% dari The breakdown of the income value that
jumlah pendapatan pembiayaan untuk tahun exceeds 10% of the total financing income for
berakhir pada tanggal 31 Desember 2025 dan the years ended December 31, 2025 and 2024
2024 sebagai berikut: as follows:
14. PENDAPATAN BUNGA 14. INTEREST INCOME
Tahun yang berakhir pada tanggal
31 Desember / Year ended December 31
2025 2024
Bunga deposito 2.553.327.858 861.025.319 Interest on time deposits
Bunga jasa giro 593.865.300 596.074.432 Interest on bank accounts
Jumlah 3.147.193.158 1.457.099.751 Total
45
Page 193
The original financial statements included herein are in
Indonesian language.
PT FUJI FINANCE INDONESIA TBK PT FUJI FINANCE INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
(Lanjutan) (Continued)
Tanggal 31 Desember 2025 dan As of December 31, 2025 and
untuk tahun yang berakhir pada tanggal tersebut for the year then ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
15. PENDAPATAN LAIN-LAIN, BERSIH 15. OTHER INCOME, NET
16. PENDAPATAN (BEBAN) LAIN-LAIN, NETO 16. OTHER INCOME (EXPENSE), NET
17. BEBAN UMUM DAN ADMINISTRASI 17. GENERAL AND ADMINISTRATIVE EXPENSES
46
Page 194
The original financial statements included herein are in
Indonesian language.
PT FUJI FINANCE INDONESIA TBK PT FUJI FINANCE INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
(Lanjutan) (Continued)
Tanggal 31 Desember 2025 dan As of December 31, 2025 and
untuk tahun yang berakhir pada tanggal tersebut for the year then ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
18. PERPAJAKAN 18. TAXATION
a. Utang pajak a. Taxes payable
b. Pajak penghasilan badan b. Corporate income tax
Rekonsiliasi antara laba sebelum pajak Reconciliation between profit before tax per
menurut laporan laba rugi dan penghasilan statements of profit or loss and other
komprehensif lain dengan laba kena pajak comprehensive income and taxable income
sebagai berikut: as follows:
47
Page 195
The original financial statements included herein are in
Indonesian language.
PT FUJI FINANCE INDONESIA TBK PT FUJI FINANCE INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
(Lanjutan) (Continued)
Tanggal 31 Desember 2025 dan As of December 31, 2025 and
untuk tahun yang berakhir pada tanggal tersebut for the year then ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
18. PERPAJAKAN (Lanjutan) 18. TAXATION (Continued)
b. Pajak penghasilan badan (Lanjutan) b. Corporate income tax (Continued)
c. Aset (liabilitas) pajak tangguhan c. Deferred tax assets (liabilities)
Rincian dari aset (liabilitas) pajak tangguhan The details of deferred tax assets (liabilities)
sebagai berikut: as follows:
48
Page 196
The original financial statements included herein are in
Indonesian language.
PT FUJI FINANCE INDONESIA TBK PT FUJI FINANCE INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
(Lanjutan) (Continued)
Tanggal 31 Desember 2025 dan As of December 31, 2025 and
untuk tahun yang berakhir pada tanggal tersebut for the year then ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
18. PERPAJAKAN (Lanjutan) 18. TAXATION (Continued)
c. Aset (liabilitas) pajak tangguhan (Lanjutan) c. Deferred tax assets (liabilities) (Continued)
Berdasarkan reviu atas aset (liabilitas) pajak Based on the review of deferred tax assets
tangguhan setiap akhir tahun, manajemen (liabilities) at the end of each year,
berpendapat bahwa aset (liabilitas) pajak management believes that deferred tax
tangguhan dapat direalisasi. assets (liabilities) can be realized.
d. Beban pajak d. Tax expenses
e. Surat ketetapan pajak e. Tax assessment letter
Pajak penghasilan 2019 Income tax year 2019
Pada tanggal 16 November 2023, Perusahaan On November 16, 2023, the Company
menerima Surat Ketetapan Pajak dari received tax assessment letters from the
Direktorat Jenderal Pajak atas kurang bayar Directorate General of Tax for
Pajak Penghasilan Badan dan Pajak underpayments of corporate income tax and
Penghasilan Pasal 21 tahun pajak 2019 income tax article 21 of fiscal year 2019
masing-masing sebesar Rp 273.351.849 dan amounted to Rp 273,351,849 dan
Rp 8.836.320. Rp 8,836,320, respectively.
Perusahaan telah membayar sebagian The Company has paid underpayment of
kurang bayar Pajak Penghasilan Badan Corporate Income Tax partialy amounted to
sebesar Rp 112.915.869 pada tanggal Rp 112,915,869 on December 7, 2023 and
7 Desember 2023 dan mengajukan surat has filed an objection letter amounting to
keberatan sebesar Rp 160.435.980. Untuk Rp 160,435,980. The underpayment of
kurang bayar Pajak Penghasilan Income Tax Article 21 amounted to
pasal 21 sebesar Rp 8.836.320 telah Rp 8,836,320 has fully paid on December 14,
dibayarkan seluruhnya pada tanggal 2023.
14 Desember 2023.
Pada tanggal 13 Juni 2024, Perusahaan On June 13, 2024, the Company received tax
menerima Surat Keputusan decision letter from the Directorate General
dari Direktorat Jenderal Pajak No. of Tax No. KEP-01357/KEB/PJ/WPJ.07/2024
KEP-01357/KEB/PJ/WPJ.07/2024 mengenai regarding objection letter of tax assessment
surat keberatan atas Surat Ketetapan Pajak letter that received on November 16, 2023.
yang diterima tanggal 16 November 2023. Pada On its decision letter, the tax office
surat keputusan tersebut, kantor pajak menolak rejected the Company objection letter.
surat keberatan Perusahaan. Pada tanggal 23 On July 23, 2024, the Company fully paid the
Juli 2024, Perusahaan telah membayar penuh underpayments corporate income tax
kurang bayar Pajak Penghasilan Badan tahun of fiscal year 2019 amounted to
pajak 2019 sebesar Rp 160.435.980 Rp 160,435,980.
49
Page 197
The original financial statements included herein are in
Indonesian language.
PT FUJI FINANCE INDONESIA TBK PT FUJI FINANCE INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
(Lanjutan) (Continued)
Tanggal 31 Desember 2025 dan As of December 31, 2025 and
untuk tahun yang berakhir pada tanggal tersebut for the year then ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
19. LABA PER SAHAM 19. EARNINGS PER SHARE
Berikut ini adalah data yang digunakan sebagai The detailed calculation for earnings per share as
dasar untuk perhitungan laba per saham dasar: follows:
20. SIFAT DAN TRANSAKSI PIHAK-PIHAK 20. NATURE OF RELATIONSHIP AND
BERELASI TRANSACTIONS WITH RELATED PARTIES
a. Sifat hubungan dengan pihak berelasi a. Nature of relationships with related parties
b. Saldo dengan pihak berelasi sebagai berikut: b. The outstanding balances of the accounts
with related parties as follows:
50
Page 198
The original financial statements included herein are in
Indonesian language.
PT FUJI FINANCE INDONESIA TBK PT FUJI FINANCE INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
(Lanjutan) (Continued)
Tanggal 31 Desember 2025 dan As of December 31, 2025 and
untuk tahun yang berakhir pada tanggal tersebut for the year then ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
20. SIFAT DAN TRANSAKSI PIHAK-PIHAK 20. NATURE OF RELATIONSHIP AND
BERELASI (Lanjutan) TRANSACTIONS WITH RELATED PARTIES
(Continued)
c. Transaksi dengan pihak berelasi c. Transactions with related parties
Tahun yang berakhir pada tanggal
31 Desember / Year ended December 31
2025 2024
Beban depresiasi - gedung Depreciation expenses - building
PT Charnic Land Investment 509.749.526 460.756.994 PT Charnic Land Investment
PT Charnic Capital Tbk - 153.585.665 PT Charnic Capital Tbk
Jumlah 509.749.526 614.342.659 Total
Persentase terhadap total beban -6,05% -5,47% Percentage of total expenses
Sewa kantor dari PT Charnic Land Investment Office rent from PT Charnic Land Investment
dan PT Charnic Capital Tbk dilakukan dan PT Charnic Capital Tbk is based on the
berdasarkan daftar harga dan syarat-syarat same price list and conditions as transactions
yang sama seperti transaksi dengan pihak with third parties.
ketiga.
d. Gaji dan kompensasi lainnya d. Salaries and other compensation benefits
Gaji dan kompensasi lainnya yang dibayarkan Salaries and other compensation paid to the
kepada Dewan Komisaris dan Direksi Boards of Commissioners and Directors
Perusahaan sebesar Rp 1.026.000.000 dan of the Company in the amount of
Rp 1.153.500.000 masing-masing untuk tahun Rp 1,026,000,000 and Rp 1,153,500,000 in
2025 dan 2024. 2025 and 2024, respectively.
21. INSTRUMEN KEUANGAN 21. FINANCIAL INSTRUMENTS
Perusahaan menggunakan hierarki berikut ini The Company uses the following hierarchy for
untuk menentukan nilai wajar instrumen determining the fair value of financial instruments
keuangan:
Tingkat 1 - harga kuotasian (tanpa penyesuaian) Level 1 - quoted (unadjusted) market prices in
di pasar aktif untuk aset atau liabilitas yang active markets for identical assets or liabilities;
identik;
Tingkat 2 - teknik penilaian dimana input level Level 2 - valuation techniques for which the
terendah yang signifikan terhadap pengukuran lowest level input that is significant to the fair
nilai wajar yang dapat diobservasi baik secara value measurement is directly or indirectly
langsung atau tidak langsung; observable;
51
Page 199
The original financial statements included herein are in
Indonesian language.
PT FUJI FINANCE INDONESIA TBK PT FUJI FINANCE INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
(Lanjutan) (Continued)
Tanggal 31 Desember 2025 dan As of December 31, 2025 and
untuk tahun yang berakhir pada tanggal tersebut for the year then ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
21. INSTRUMEN KEUANGAN (Lanjutan) 21. FINANCIAL INSTRUMENTS (Continued)
Tingkat 3 - teknik penilaian dimana input level Level 3 - valuation techniques for which the
terendah yang signifikan terhadap pengukuran lowest level input that is significant to the fair
yang tidak dapat diobservasi. value measurement is unobservable.
Tabel berikut menyajikan nilai wajar, yang The following tables set forth the fair value,
mendekati nilai tercatat, atas aset keuangan dan which approximate the carrying amount, of
liabilitas keuangan Perusahaan: financial assets and financial liabilities of the
Company:
Nilai wajar atas sebagian besar aset dan liabilitas The fair value of most of the financial assets and
keuangan mendekati nilai tercatat karena dampak liabilities approximates their carrying amount, as
pendiskontoan yang tidak signifikan. the impact of discounting is not significant.
Tidak terdapat pengalihan antara tingkat 1 dan 2 There were no transfer between levels 1 and 2
selama periode berjalan. during the period.
22. KEBIJAKAN DAN TUJUAN MANAJEMEN 22. FINANCIAL RISK MANAGEMENT
RISIKO KEUANGAN OBJECTIVES AND POLICIES
Sektor Perusahaan pembiayaan banyak The financing sector is heavily influenced by
dipengaruhi oleh berbagai risiko, baik yang bersifat various risks, both internal and external, therefore
internal maupun eksternal, oleh karena itu the Company implements risk management to
Perusahaan menerapkan manajemen risiko untuk maintain the Company's performance. Risk
menjaga kinerja Perusahaan. Kebijakan management policies are prepared to identify and
manajemen risiko disusun untuk mengidentifikasi analyze the risks that may arise and manage
dan menganalisis risiko-risiko yang mungkin timbul these risks so that the level of risk is in
serta mengelola risiko tersebut agar tingkat risiko accordance with the limits that can be approved
sesuai dengan batasan yang dapat disetujui oleh by the Board of Directors and is able to adjust in
Dewan direksi serta mampu menyesuaikan diri line with the development of the Company.
seiring dengan perkembangan Perusahaan.
Tujuan dan kebijakan manajemen risiko keuangan
Perusahaan adalah untuk memastikan bahwa management and policies seek to ensure that
sumber daya keuangan yang memadai tersedia adequate financial resources are available for
untuk operasi dan pengembangan bisnis, serta operation and development of its business, while
untuk mengelola risiko kredit, risiko pasar, risiko managing its exposure to credit risk, market risk,
likuiditas, dan risiko operasional. Perusahaan liquidity risk, and operational risk. The Company
beroperasi dengan pedoman yang telah ditentukan operates within defined guidelines that are
oleh Dewan Direksi. approved by the Board of Directors.
52
Page 200
The original financial statements included herein are in
Indonesian language.
PT FUJI FINANCE INDONESIA TBK PT FUJI FINANCE INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
(Lanjutan) (Continued)
Tanggal 31 Desember 2025 dan As of December 31, 2025 and
untuk tahun yang berakhir pada tanggal tersebut for the year then ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
22. KEBIJAKAN DAN TUJUAN MANAJEMEN 22. FINANCIAL RISK MANAGEMENT
RISIKO KEUANGAN (Lanjutan) OBJECTIVES AND POLICIES (Continued)
Risiko Kredit Credit Risk
Risiko kredit merupakan salah satu risiko yang Credit risk is one of the major risks faced by the
utama dihadapi oleh perusahaan pembiayaan. financing company. Credit risk is the risk of loss
Risiko kredit merupakan risiko kerugian yang to the Company due to the uncertainty or failure
terjadi pada Perusahaan akibat ketidakpastian atau of the debtor or other party to fulfill its obligations
kegagalan debitur dan/atau pihak lain dalam to the Company in due course. The Company
memenuhi kewajiban kepada Perusahaan pada implements credit risk management in order to
saat jatuh tempo. minimize the risk of a bad credit line.
Perusahaan menerapkan manajemen risiko kredit The Company implements credit risk
agar dapat meminimalisir kemungkinan terjadinya management in order to minimize the risk of a
kredit debitur yang bermasalah. Penerapan bad credit line. The application of risk
manajemen risiko terhadap risiko kredit ini management to credit risk is carried out by the
dilakukan Perusahaan dengan cara penuh kehati- Company in a prudent manner in providing credit.
hatian dalam memberikan kredit. Proses The credit risk management process includes:
manajemen risiko kredit meliputi:
Melakukan analisa terhadap calon debitur Analyzing prospective debtors
Perusahaan akan melakukan analisa studi The Company will conduct a feasibility study
kelayakan atas jaminan yang diberikan. Selain itu analysis of the guarantees provided. In addition,
Perusahan juga melaksanakan analisa kredit atas the Company also conducts credit analysis on
calon debitur yang bertujuan untuk mengetahui prospective debtors that aims to determine the
kondisi keuangan dan kemampuan/ kapasitas financial condition and ability/capacity of
calon debitur untuk melakukan pembayaran. prospective borrowers to make payments. The
Tahap terakhir dalam analisa calon debitur adalah final stage in the analysis of prospective debtors
melakukan pengecekan atas kredibilitas atau is to check the credibility or reputation of the
reputasi dari calon debitur yang berfungsi untuk prospective debtor whose function is to
mengetahui karakter calon debitur. determine the character of the prospective
debtor.
Menetapkan batasan kredit yang dapat diajukan Establish credit limits to prospective debtors
oleh calon debitur
Analisa yang dilakukan sebelumnya akan The previous analysis will be summarized and
dirangkum dan diserahkan kepada komite kredit submitted to the credit committee in the form of a
dalam bentuk proposal untuk dijadikan dasar proposal to be used as a basis for consideration
pertimbangan atas batasan kredit yang diberikan of credit limits given to prospective borrowers.
kepada calon debitur.
Pengawasan terhadap debitur Debt supervision
Perusahaan melakukan pengendalian intern yang The Company carries out strong internal control,
kuat, manajemen penagihan yang baik dan secara good billing management and periodically
berkala melakukan pemantauan dan analisa monitors and analyzes the debtor's business
terhadap kondisi usaha debitur dan objek conditions and financing objects throughout the
pembiayaan sepanjang kontrak berjalan. contract.
53
Page 201
The original financial statements included herein are in
Indonesian language.
PT FUJI FINANCE INDONESIA TBK PT FUJI FINANCE INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
(Lanjutan) (Continued)
Tanggal 31 Desember 2025 dan As of December 31, 2025 and
untuk tahun yang berakhir pada tanggal tersebut for the year then ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
22. KEBIJAKAN DAN TUJUAN MANAJEMEN 22. FINANCIAL RISK MANAGEMENT
RISIKO KEUANGAN (Lanjutan) OBJECTIVES AND POLICIES (Continued)
Pengawasan terhadap debitur (Lanjutan) Debt supervision (Continued)
Tabel di bawah ini menyajikan aset keuangan pada The following table presents the financial assets
tanggal 31 Desember 2025 dan 2024 berdasarkan as of December 31, 2025 and 2024 based on
staging: staging:
54
Page 202
The original financial statements included herein are in
Indonesian language.
PT FUJI FINANCE INDONESIA TBK PT FUJI FINANCE INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
(Lanjutan) (Continued)
Tanggal 31 Desember 2025 dan As of December 31, 2025 and
untuk tahun yang berakhir pada tanggal tersebut for the year then ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
22. KEBIJAKAN DAN TUJUAN MANAJEMEN 22. FINANCIAL RISK MANAGEMENT
RISIKO KEUANGAN (Lanjutan) OBJECTIVES AND POLICIES (Continued)
Dibawah ini tabel yang menunjukan eksposur
maksimum Perusahaan yang berhubungan dengan exposures related to credit risk as of
risiko kredit pada 31 Desember 2025 dan 2024: December 31, 2025 and 2024:
55
Page 203
The original financial statements included herein are in
Indonesian language.
PT FUJI FINANCE INDONESIA TBK PT FUJI FINANCE INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
(Lanjutan) (Continued)
Tanggal 31 Desember 2025 dan As of December 31, 2025 and
untuk tahun yang berakhir pada tanggal tersebut for the year then ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
22. KEBIJAKAN DAN TUJUAN MANAJEMEN 22. FINANCIAL RISK MANAGEMENT
RISIKO KEUANGAN (Lanjutan) OBJECTIVES AND POLICIES (Continued)
Risiko Pasar Market Risk
Risiko pasar atau risiko sistematik merupakan Market risk or systematic risk is the risk that
risiko yang muncul akibat adanya perubahan arises due to changes in market conditions such
kondisi pasar seperti perubahan tingkat bunga, as changes in interest rates, inflation, and
inflasi, dan situasi politik yang mempengaruhi political situations that affect the course of the
jalannya bisnis Perusahaan. Risiko pasar pada Company's business. Market risk in general can
umumnya tidak dapat dihindari, oleh karena itu not be avoided, therefore, the Company must be
Perusahaan harus mampu menyesuaikan diri able to adjust to changes that occur. Interest rate
dengan perubahan yang terjadi. Risiko tingkat risk is one of the significant risks for multifinance
bunga merupakan salah satu risiko yang signifkan companies. Changes to the benchmark interest
atas perusahaan pembiayaan. Perubahan atas rate can affect the value of financing provided by
tingkat bunga acuan dapat mempengaruhi nilai the Company so as to increase credit risk for the
pembiayaan yang diberikan oleh Perusahaan Company.
sehingga dapat meningkatkan risiko kredit bagi
Perusahaan.
Pola aktivitas usaha Perusahaan saat ini memiliki The current pattern of business activity of the
eksposur minimal terhadap risiko pasar Company has minimal exposure to market risk
dikarenakan Perusahaan saat ini hanya memiliki because the Company currently has only a few
beberapa pembiayaan dalam mata uang asing financing in foreign currencies where the interest
dimana bunga yang dibebankan pada konsumen charged to consumers is a fixed interest rate.
merupakan suku bunga tetap. Perusahaan telah The Company has implemented risk
menerapkan manajemen risiko sebagai berikut: management as follows:
Melakukan kajian atas tingkat suku bunga Review the interest rates given to each
yang diberikan kepada setiap debitur. debtor.
Membatasi eksposur dengan melakukan Limiting exposure by making investments
investasi yang memiliki suku bunga tetap, that have a fixed interest rate, in this case
dalam hal ini adalah deposito berjangka. time deposits.
Tabel berikut menggambarkan rincian aset The following tables illustrate the details of the
keuangan Perusahaan yang dikelompokkan Company's financial assets, which are Company
menurut tanggal jatuh tempo angsuran untuk according to the maturity date of the installments
melihat dampak perubahan tingkat suku bunga: to see the impact of changes in interest rates:
56
Page 204
The original financial statements included herein are in
Indonesian language.
PT FUJI FINANCE INDONESIA TBK PT FUJI FINANCE INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
(Lanjutan) (Continued)
Tanggal 31 Desember 2025 dan As of December 31, 2025 and
untuk tahun yang berakhir pada tanggal tersebut for the year then ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
22. KEBIJAKAN DAN TUJUAN MANAJEMEN 22. FINANCIAL RISK MANAGEMENT
RISIKO KEUANGAN (Lanjutan) OBJECTIVES AND POLICIES (Continued)
Risiko Pasar (Lanjutan) Market Risk (Continued)
Tabel berikut menggambarkan rincian aset The following tables illustrate the details of the
keuangan Perusahaan yang dikelompokkan Company's financial assets, which are Company
menurut tanggal jatuh tempo angsuran untuk according to the maturity date of the installments
melihat dampak perubahan tingkat suku bunga: to see the impact of changes in interest rates:
Risiko Likuiditas Liquidity Risk
Risiko likuiditas adalah risiko yang disebabkan Liquidity risk is the risk that is caused when the
apabila Perusahaan tidak mampu memenuhi Company is unable to meet the obligations that
kewajiban yang telah jatuh tempo, disebabkan have matured, due to maturity mismatches
ketidaksesuaian jatuh tempo (mismatch) antara between the assets and liabilities of the
aset dan liabilitas Perusahaan. Company.
Perusahaan mengurangi risiko pendanaan dengan The Company reduces funding risk by
mendiversifikasi sumber dana yang terdapat di diversifying the sources of funds available in the
Perusahaan. Perusahaan mendapatkan sumber Company. The Company gets funding from its
dana dari modal sendiri dan penerimaan angsuran own capital and receives customer installments.
pelanggan.
57
Page 205
The original financial statements included herein are in
Indonesian language.
PT FUJI FINANCE INDONESIA TBK PT FUJI FINANCE INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
(Lanjutan) (Continued)
Tanggal 31 Desember 2025 dan As of December 31, 2025 and
untuk tahun yang berakhir pada tanggal tersebut for the year then ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
22. KEBIJAKAN DAN TUJUAN MANAJEMEN 22. FINANCIAL RISK MANAGEMENT
RISIKO KEUANGAN (Lanjutan) OBJECTIVES AND POLICIES (Continued)
Risiko Likuiditas (Lanjutan) Liquidity Risk (Continued)
Tabel di bawah ini menggambarkan profil The tables below summarize the maturity profile
jatuh tempo atas aset dan liabilitas
Perusahaan untuk tahun yang berakhir pada years ended December 31, 2025 and 2024
tanggal 31 Desember 2025 dan 2024 berdasarkan based on contractual payments:
pembayaran kontraktual:
58
Page 206
The original financial statements included herein are in
Indonesian language.
PT FUJI FINANCE INDONESIA TBK PT FUJI FINANCE INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
(Lanjutan) (Continued)
Tanggal 31 Desember 2025 dan As of December 31, 2025 and
untuk tahun yang berakhir pada tanggal tersebut for the year then ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
22. KEBIJAKAN DAN TUJUAN MANAJEMEN 22. FINANCIAL RISK MANAGEMENT
RISIKO KEUANGAN (Lanjutan) OBJECTIVES AND POLICIES (Continued)
Risiko Operasional Operational Risk
Risiko operasional adalah potensi kegagalan Operational risk is the potential failure of the
Perusahaan dalam memenuhi kewajibannya Company to meet its obligations as a result of
sebagai akibat ketidaklayakan atau kegagalan inadequacies or failure of internal processes,
proses intern, manusia, sistem teknologi informasi, people, information technology systems, and/or
dan/atau adanya kejadian-kejadian yang berasal
dari luar lingkungan Perusahaan. Pengelolaan external environment. Operational risk
risiko operasional bertujuan untuk memastikan management aims to ensure that all operational
seluruh aktivitas operasional telah berjalan sesuai activities have been conducted in accordance
dengan prosedur yang berlaku, dengan didukung with the applicable procedures, with the support
oleh individu yang cakap dan memiliki tanggung of capable individuals, who are accountable to
jawab terhadap pekerjaan utamanya, dan their duties, and shielded from fraudulent actions
terlindungi dari tindakan kecurangan (fraudulent) of persons posing harmful schemes at
dari oknum yang bertujuan merugikan the Company.
Perusahaan.
Untuk meminimalisir hal tersebut Perusahaan To minimize this, the Company implements
menerapkan berbagai kebijakan seperti: various policies such as: implementing an
menerapkan internal audit untuk menganalisa internal audit to analyze deviations that arise,
penyimpangan yang timbul, peningkatan increasing understanding of the applicable SOP
pemahaman terhadap SOP (Standard Operating (Standard Operating Procedures), developing
Procedures) yang berlaku, pengembangan Human Resource through certification and
Sumber Daya Manusia melalui sertifikasi dan implementing the Business Continuity Plan.
penerapan Business Continuity Plan.
Pengelolaan Modal Capital Management
Tujuan Perusahaan mengelola modal untuk The aim of the Company is to manage capital to
mempertahankan kelangsungan usaha maintain the continuity of the Company's
Perusahaan serta memaksimalkan manfaat bagi business and maximize benefits for shareholders
pemegang saham dan pemangku kepentingan and other stakeholders.
lainnya.
Perusahaan secara aktif dan rutin menelaah dan The Company actively and regularly reviews and
mengelola struktur modal dan hasil pengembalian manages optimal capital structure and returns to
ke pemegang saham yang optimal, dengan shareholders, taking into account the Company's
mempertimbangkan kebutuhan modal masa depan future capital requirements and capital efficiency,
dan efisiensi modal Perusahaan, profitabilitas current and future profitability, operating cash
masa sekarang dan yang akan datang, proyeksi flow projections, capital expenditure projections
arus kas operasi, proyeksi belanja modal dan and investment opportunity projections strategic.
proyeksi peluang investasi yang strategis. Dalam In order to maintain or adjust the amount of
rangka mempertahankan atau menyesuaikan capital structure, the Company can issue new
jumlah struktur modal, Perusahaan dapat shares or sell assets to reduce debt.
mengeluarkan saham baru atau menjual aset
untuk mengurangi utang.
59
Page 207
The original financial statements included herein are in
Indonesian language.
PT FUJI FINANCE INDONESIA TBK PT FUJI FINANCE INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
(Lanjutan) (Continued)
Tanggal 31 Desember 2025 dan As of December 31, 2025 and
untuk tahun yang berakhir pada tanggal tersebut for the year then ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
23. INFORMASI TAMBAHAN YANG TIDAK DI 23. ADDITIONAL INFORMATION NOT REQUIRED
PERSYARATKAN OLEH STANDAR BY INDONESIAN FINANCIAL ACCOUNTING
AKUNTANSI KEUANGAN STANDARDS
Informasi tambahan ini disyaratkan oleh regulasi The following additional information is presented
yang berlaku dan bukan merupakan informasi to comply with applicable regulatory
yang dipersyaratkan oleh Standar Akuntansi requirements, including those of the Financial
Keuangan di Indonesia. Services Authority (OJK), and does not form part
of the disclosures required by the Indonesian
Financial Accounting Standards.
Rasio Keuangan Berdasarkan Peraturan OJK Financial Ratios Based on OJK Regulation
Berdasarkan POJK No. 35/POJK.35/2018 tanggal Based on POJK No. 35/POJK.35/2018 dated
31 Desember 2018 tentang Penyelenggaraan December 31, 2018 regarding the Organization
Usaha Perusahaan Pembiayaan, Perusahaan of Financial Company Business, the Company is
diharuskan untuk memenuhi sejumlah rasio required to comply with several financial ratios.
keuangan tertentu. Rasio keuangan tersebut These financial ratios are calculated based on
dihitung berdasarkan POJK No. 35/POJK.35/2018 POJK No. 35/POJK.35/2018 and may not be
dan mungkin tidak sesuai dengan Standar consistent with Indonesian Financial Accounting
Akuntansi Keuangan di Indonesia. Berikut ini Standards. The following are some of the
adalah beberapa rasio keuangan berdasarkan financial ratios based on OJK Regulation, along
Peraturan OJK, beserta dengan batas rasio yang with the required ratio limits (unaudited):
dipersyaratkan (tidak diaudit):
Batas rasio yang
dipersyaratkan/ 31 Desember / December 31
Required ratio limits 2025 2024
Rasio saldo piutang pembiayaan neto > 40% 0% 48% Financing
terhadap total aset to asset ratio
Rasio saldo piutang pembiayaan neto Financing receivables
terhadap pinjaman - - - to borrowings ratio
Rasio saldo piutang pembiayaan investasi Net investment financing receivables and
dan pembiayaan modal kerja dibandingkan working capital financing receivables
dengan total saldo piutang pembiayaan > 10 % - 100% to total financing receivables ratio
Rasio piutang pembiayaan bermasalah <5% - 48% Non-performing financing ratio
Rasio permodalan > 10 % 210% 192% Capital ratio
Gearing ratio < 10 x - - Gearing ratio
Rasio modal sendiri terhadap modal disetor > 50 % 139% 133% Equity to paid up capital ratio
60
Page 208
The original financial statements included herein are in
Indonesian language.
PT FUJI FINANCE INDONESIA TBK PT FUJI FINANCE INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
(Lanjutan) (Continued)
Tanggal 31 Desember 2025 dan As of December 31, 2025 and
untuk tahun yang berakhir pada tanggal tersebut for the year then ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
24. INFORMASI TAMBAHAN ARUS KAS 24. SUPPLEMENTARY INFORMATION FOR
CASH FLOWS
Rekonsiliasi utang bersih Net debt reconciliation
25. SEGMEN OPERASI 25. OPERATING SEGMENTS
Segmen operasi Perusahaan berdasarkan jenis The Company's operating segments by product
produk adalah piutang pembiayaan. type is financing receivables.
Untuk tujuan pelaporan manajemen, hasil operasi For management reporting purposes, the
Perusahaan dilaporkan dalam satu segmen usaha, Company's operating results are reported in one
yaitu pembiayaan sebagai berikut: business segment, namely financing as follows:
61
Page 209
The original financial statements included herein are in
Indonesian language.
PT FUJI FINANCE INDONESIA TBK PT FUJI FINANCE INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
(Lanjutan) (Continued)
Tanggal 31 Desember 2025 dan As of December 31, 2025 and
untuk tahun yang berakhir pada tanggal tersebut for the year then ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
25. SEGMEN OPERASI (Lanjutan) 25. OPERATING SEGMENTS (Continued)
Untuk tujuan pelaporan manajemen, hasil operasi For management reporting purposes, the
Perusahaan dilaporkan dalam satu segmen usaha, Company's operating results are reported in one
yaitu pembiayaan sebagai berikut: (Lanjutan) business segment, namely financing as follows:
(Continued)
26. KOMITMEN 26. COMMITMENTS
Pada tanggal 1 Desember 2025, Perusahaan On December 1, 2025, the Company
mengadakan perjanjian sewa menyewa ruangan entered into an office lease agreement located in
perkantoran yang terletak di Menara Sudirman Menara Sudirman 7B with PT Charnic Land
Lantai 7B dengan PT Charnic Land Investment. Investment. The lease term is effective from
Perjanjian ini berlaku sampai dengan 31 Desember December 1, 2025 until December 31, 2030.
2030.
62
Page 210
The original financial statements included herein are in
Indonesian language.
PT FUJI FINANCE INDONESIA TBK PT FUJI FINANCE INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
(Lanjutan) (Continued)
Tanggal 31 Desember 2025 dan As of December 31, 2025 and
untuk tahun yang berakhir pada tanggal tersebut for the year then ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
27. REKLASIFIKASI AKUN 27. RECLASSIFICATION OF ACCOUNTS
Akun dalam laporan keuangan pada tanggal Certain account in the statement of financial
31 Desember 2024 telah direklasifikasikan pada position as of December 31, 2024 have been
penyajian laporan posisi keuangan pada tanggal reclassified that with presentation of the financial
31 Desember 2025 sebagai berikut: statements as of December 31, 2025 as follows:
28. TANGGUNG JAWAB MANAJEMEN DAN 28. MANAGEMENT RESPONSIBILITIES AND
PERSETUJUAN ATAS LAPORAN KEUANGAN AGREEMENT FOR FINANCIAL STATEMENTS
Laporan keuangan telah diselesaikan dan disetujui The financial statements have been finalized and
untuk diterbitkan oleh Dewan Direksi Perusahaan approved for publication by the Company's
pada tanggal 9 Februari 2026. Board of Directors on February 9, 2026.
63
Page 211
PT FUJI FINANCE INDONESIA TBK
MENARA SUDIRMAN 7TH FLOOR LOT B
JALAN JENDERAL SUDIRMAN KAVELING 60
JAKARTA SELATAN
- 12190
INDONESIA
www.fujifinance.com
Names mentioned 12 people and organisations named in the text · linked when the evidence is strong
unresolved
person
Anastasia Christinawati Jaya Saputra
· Komisaris Independen
p.154
unresolved
person
Anita Marta
· Direktur Utama
p.154
unresolved
person
Dian Ariyanti Wijaya
· Direktur
p.154
unresolved
org
Indonesia Stock Exchange
p.154
unresolved
org
PT Charnic Land Investment
p.198 ×4
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