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TRANSFORMASI BISNIS UNTUK KINERJA BERKELANJUTAN
BUSINES TRANSFORMATION FOR SUNSTAINABEL PERFORRMANCE
Sebagai Perusahaan yang bergerak dalam bidang penyewaan
kendaraan LV 4x4, PT Transkon Jaya Tbk atau Perseroan memiliki
tujuan yang sederhana namun jelas, yaitu mencapai berkelanjutan
usaha dalam jangka Panjang melalui Layanan untuk menciptakan
masa depan yang lebih baik. Di tahun 2023 ini Perseroan telah
melakukan perubahan kegiatan usaha dalam bentuk pengurangan
kegiatan usaha utama yang sebelumnya dijalankan yaitu penyewaan
kendaraan LV 4x4 dan internet service provider. Dalam rangka
melanjutkan pengembangan usaha yang berkelanjutan Perseroan
Cover SR melalui strategi transformasi diharapkan dapat mengoptimalkan
kinerja Perseroan secara keseluruhan termasuk entitas anak
Perseroan yaitu MPI agar memiliki daya saing dan keunggulan bisnis
sehingga dapat memenuhi kebutuhan dan menciptakan kepuasan
bagi Customer dan mewujudkan keberlanjutan bisnis Perseroan yang
menguntungkan bagi seluruh pemangku kepentingan secara
berkelanjutan.
As a company engaged in LV 4x4 vehicle rental, PT Transkon Jaya Tbk
or the Company has a simple but clear goal, namely achieving long-
term business sustainability through services to create a better
future. In 2023, the Company has made changes to its business
activities in the form of reducing the main business activities
previously carried out, namely LV 4x4 vehicle rental and internet
service provider. In order to continue the Company's sustainable
business development through a transformation strategy, it is hoped
that it can optimize the performance of the Company as a whole,
including the Company's subsidiary, namely MPI, so that it has
competitiveness and business excellence so that it can meet the
needs and create satisfaction for customers and realize the
sustainability of the Company's business which is profitable for all
stakeholders. interests on an ongoing basis.
Tahun ini Perseroan mengangkat tema yang sama dalam penyusunyan Laporan Tahunan dan Keberlanjutan dikarenakan Laporan
Tahunan dan Laporan Keberlanjutan merupakan Laporan yang tidak terpisahkan, namum Perseroan menyusun laporannya menjadi
satu buku yang terpisah. Sehingga Perseroan menganggkat tema “Transformasi Bisnis Untuk Kinerja Berkelanjutan”, tema ini
diangkat karena tahun 2023 ini merupakan tahun transformasi bagi Perseroan, dimana Perseroan melakukan perubahan pada
kegiatan usaha dengan lebih memfokuskan pada kegiatan usaha Penyewaan kendaraan 4x4 yaitu dengan melakukan pemisahan
segmen usaha PACnet yang dialihkan kepada salah satu anak perusahaan Perseroan yaitu PT Multinet Perkasa Indonesia, Perseroan
juga melakukan perubahan pengendali menjdai PT Samindo Resources Tbk yang disebabkan karena penjualan saham PT Damai
Investama Sukse dan PT MSJ Investama Abadi kepada PT Samindo Resources Tbk, bersamaan dengan itu Perseroan melakukan
perubahan susunan pengurus hingga ke struktur Perseroan. Bagi Perseroan taranformasi tersebut merupakan strategi Perseroan
dalam menjalankan bisnis yang berkelanjutan dan memberikan dampak positif yang signifikan .
This
year the Company raised the same theme in preparing its Annual and Sustainability Reports because the Annual Report and
Sustainability Report are inseparable reports, but the Company compiled its reports into one separate book. So the Company ra ised
the theme "Business Transformation for Sustainable Performance", this theme was raised because 2023 is a year of transformation
for the Company, where the Company made changes to its business activities by focusing more on 4x4 vehicle rental business activities,
namely by separating the PACnet business segment which was transferred to one of the Company's subsidiaries, namely PT Multinet
Perkasa Indonesia, the Company also changed control to PT Samindo Resources Tbk due to the sale of shares in PT Damai Investama
Sukse and PT MSJ Investama Abadi to PT Samindo Resources Tbk, at the same time the Company changed the composition of the
management down to the Company structure. For the Company, this information transformation is the Company's strategy for running
a sustainable business and providing a significant positive impact.
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KESINAMBUNGAN TEMA
THEME CONTINUITY
Keselarasan Dalam Bisnis Berkelanjutan Alignment In Sustainable Business
Melanjutkan laporan keberlanjutan Continuing the Company's previous sustainability report in 2021 with the
Perseroan sebelumnya di tahun 2021 theme Managing Sustainability Growth so that in 2022 the Company begins to
dengan tema Mengelola align the company's business with the economic, social, environmental and
Pertumbuhan Keberlanjutan good corporate governance aspects so that it is sustainable from 4 (four)
sehingga tahun 2022 Perseroan mulai aspects of the Company's business activities to serve as the Company's
menyelaraskan bisnis perseroan commitment to the Company's stakeholders. PT Transkon Jaya Tbk views that
dengan dengan aspek ekonomi, current business management is aimed at achieving long-term business
sosial, lingkungan dan tata kelola sustainability. Therefore, the Company carries out integrated management of
perusahaan yang baik sehingga economic, social, environmental and governance aspects of various aspects of
berkelanjutan dari 4 (empat) sisi the Company's business based on relevant national and international
aspek dari kegiatan usaha Perseroan standards, in which in 2022 the Company improves its good corporate
2022
guna sebagai komitmen Perseroan governance system so that in carrying out its activities the Company's
kepada para pemangku kepentingan operations can be carried out without harming other parties. Operational
Perseroan. activities, in the field of LV 4x4 vehicle rental and internet network services, the
Company carries out operational activities with strict implementation of the
PT Transkon Jaya Tbk memandang pengelolaan bisnis saat ini ditujukan
health and safety of employees and customers. Awareness to protect our earth
untuk mencapai keberlanjutan usaha dalam jangka panjang. Oleh karena itu,
Perseroan melakukan pengelolaan yang terintegrasi pada aspek ekonomi, is the responsibility of all of us. The Company is aware of this and continues to
sosial, lingkungan dan tata kelola pada berbagai aspek bisnis Perseroan strive to improve energy efficiency through activities and reduce emissions as
dengan berdasarkan standar nasional dan internasional yang relevan, yang our goal, namely towards net zero carbon. The Company plans, sets targets and
mana di tahun 2022 Perseroan meningkatkan sistem tata kelola perusahaan goals, as part of the Company's efforts to maintain a sustainable earth.
yang baik agar dalam menjalankan kegiatan operasional Perseroan dapat “Alignment in the Sustainability Business” will tell you how we are moving
terlaksana tanpa merugikan pihak lain. Aktivitas operasional, dalam bidang towards realizing this goal, to continue the inspiration that we have done,
which is in line with the Company's business activities for now and in the future.
penyewaan kendaraan LV 4x4 dan pelayaanan jaringan internet, Perseroan
melakukan kegiatan operasional dengan penerapan kesehatan dan
keselamatan karyawan dan pelanggan secara ketat. Kesadaran untuk
menjaga bumi kita adalah tanggung jawab kita semua. Perseroan menyadari Mengelola Pertumbuhan Keberlanjutan
hal ini dan terus berusaha meningkatkan efisiensi energi melalui proses
kegiatan dan mengurangi emisi sebagai tujuan kami, yaitu menuju net zero
PT Transkon Jaya Tbk (“Perseroan”)
carbon. Perseroan melakukan perencanaan, menetapkan target dan tujuan, sebagai salah satu pelaku usaha yang
sebagai upaya Perseroan untuk menjaga bumi kita lestari. “Keselarasan berkomitmen untuk mendukung dalam
Dalam Bisnis Keberlanjutan” akan bercerita bagaimana kami melangkah pertumbuhan yang berkelanjutan, dengan
untuk mewujudkan tujuan ini, untuk melanjutkan inspirasi yang telah kami menata pertumbuhan perseroan tanpa
lakukan, yang selaras dengan kegiatan bisnis Perseroan untuk kini dan masa mengorbankan kebutuhan generasi masa
depan dimasa yang penuh tantangan
Managing Sustainable Growth
2021
dalam perekonomian. Ditengah
perlambatan ekonomi ditandai dengan
PT Transkon Jaya Tbk (“Company”) as one of the business actors who are semakin banyaknya korporasi yang
committed to supporting sustainable growth, by managing the company's melakukan efisiensi terkait transportasi
growth without compromising the needs of future generations in a dalam penyewaan kendaraan
challenging time in the economy. In the midst of an economic slowdown
marked by the increasing number of corporations that are implementing tambang dan pelayanan internet, Perseroan hadir menawarkan solusi layanan
efficiency related to transportation in mining vehicle rentals and internet dan tanggung jawab terbaik kepada customer dengan tawaran dan
services, the Company is here to offer the best service and responsibility implementasi yang membuat customer semakin percaya akan kualitas PT
solutions to customers with offers and implementations that make Transkon Jaya Tbk. Keberhasilan Perseroan tidak lepas dari kepiawaian
customers more confident in the quality of PT Transkon Jaya Tbk. The manajemen yang menerapkan berbagai kebijakan strategi dalam mengelola
success of the Company cannot be separated from the expertise of the pertumbuhan yang diwujudkan dengan berupaya untuk meraih keuntungan
management who implements various strategic policies in managing growth dengan tetap memperhatikan kepentingan orang–orang didalam maupun
diluar perseroan, tanpa melepaskan pentingnya daya dukung lingkungan.
which is realized by trying to gain profits while still paying attention to the
interests of people inside and outside the company, without letting go of the Perusahaan meyakini bahwa terciptanya keselarasan antara keuntungan,
importance of the carrying capacity of the environment. The Company masyarakat, dan lingkungan merupakan dukungan untuk menata
pertumbuhan dalam membangun masa depan perusahaan yang lebih baik.
believes that the creation of harmony between profit, society and the
environment is a support for managing growth in building a better future for
the company.
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SANGGAHAN DAN BATASAN TANGGUNG JAWAB
DISCLAIMER AND LIMITATION OF LIABILITY
Laporan ini memakai dua perspektif waktu. Pertama berisi This report uses two time perspectives. Firstly, it
pernyataan-pernyataan yang dapat dianggap sebagai contains statements that can be considered as a view of
pandangan masa depan, sehingga hasil-hasil nyata the future, so that the company's actual results,
perusahaan, pelaksanaan atau pencapaiannya dapat implementation or achievements may differ from the
berbeda dari hasil yang diperoleh melalui pandangan masa results obtained through a view of the future which,
depan yang mana diantaranya merupakan hasil dari among other things, is the result of economic and
perubahan-perubahan ekonomi dan politik baik nasional political changes, both national and regional. changes
maupun regional, perubahan nilai tukar valuta asing, in foreign exchange rates, changes in prices and market
perubahan harga dan permintaan dan penawaran pasar, demand and supply, commodities, changes in company
komoditas, perubahan kompetisi perusahaan, perubahan competition, changes in laws or regulations and
undang-undang atau peraturan dan prinsip-prinsip accounting principles, policies and guidelines as well as
akuntansi, kebijakan-kebijakan dan pedoman-pedoman changes in assumptions used in containing future view.
serta perubahan-perubahan asumsi-asumsi yang The second contains statements of current and past
digunakan dalam memuat pandangan masa depan. Kedua views over a period of three years (2021-2022, 2023) to
berisi pernyataan-pernyataan pandangan waktu saat ini record and analyze the Company's performance from
dan waktu lalu dalam bentang tiga tahun (2021-2022, economic, environmental and social dimensions.
2023) untuk merekam dan menganalisis kinerja Perseroan
dari dimensi ekonomi, lingkungan, dan sosial.
Perseroan mengingatkan para pembaca bahwa Perseroan The Company reminds readers that the Company
tidak dapat memastikan data dan informasi mengenai cannot ensure that the data and information regarding
pandangan ke depan yang dinyatakan dalam Laporan ini forward-looking statements stated in this Report are
adalah benar dan akurat, dan dapat terpenuhi seluruhnya. true and accurate, and can be fulfilled in their entirety.
Adapun Tabel dan grafik pada Laporan ini memaparkan The tables and graphs in this report present numerical
data numerik dengan standar penulisan mengikuti kaidah data using standard writing following English rules.
bahasa Inggris. Pemaparan numerik dalam teks Numerical presentation in the text uses standard
menggunakan standar kaidah bahasa Indonesia dan Indonesian and English rules, according to the context.
Inggris, sesuai konteksnya.
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DAFTAR ISI
TABLE OF CONTENTS
2 TRANSFORMASI BISNIS UNTUK KINERJA BERKELANJUTAN 2 TENTANG LAPORAN
ABOUT REPORT
BUSINES TRANSFORMATION FOR SUNSTAINABEL PERFORMANCE
34 IDENTITAS PERUSAHAAN
CORPORATE IDENTITY
3 KESINAMBUNGAN TEMA
THEME CONTINUITY
37 JEJAK LANGKAH
MILESTONES
4 SANGGAHAN DAN BATASAN TANGGUNG JAWAB
DISCLAIMER AND LIMITATION OF LIABILITY
38 VISI MISI & NILAI PERUSAHAAN
VISION MISSION & CORPORATE VALUES
DAFTAR ISI
6 TABLE OF CONTENTS
39 SEGMEN USAHA
BUSINESS SEGMENT
IKHSTISAR KINERJA KEBERLANJUTAN
13 SUSTAINABILITY PERFORMANCE OVERVIEW 40 KOMPOSISI PEMEGANG SAHAM
SHAREHOLDER COMPOSITION
13 PELIBATAN PEMANGKU KEPENTINGAN
STAKEHOLDER ENGAGEMENT 42 PERUBAHAN SIGNIFIKAN
SIGNIFICANT CHANGE
19 SAMBUTAN DIREKSI
FOREWORD BOARD OF DIRECTORS 47 SAKALA USAHA PERSEROAN
COMPANY’S BUSINESS SCALE
48 PASAR YANG DILAYANI & PETA OPERASIONAL
1 TENTANG LAPORAN
ABOUT REPORT
MARKETS SERVED & OPERATIONAL MAP
50 INISIATIF EKSTERNAL DAN SERTIFIKASI
28 PENETAPAN ISI LAPORAN
REPORT CONTENT DETERMINATION PROCESS FLOW
EXTERNAL INITIATIVES AND CERTIFICATION
PENGHARGAAN 2023
52 2023
29 ALUR PENENTUAN TOPOK MATERIAL
MATERIAL TOPIC DETERMINATION FLOW
AWARDS
53 KEANGGOTAAN ASOSIASI
29 DAFTAR TOPIK MATERIAL
MATERIAL TOPIC LIST
ASSOCIATION MEMBER
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DAFTAR ISI
TABLE OF CONTENTS
3 TATA KELOLA KEBERLANJUTAN
SUSTAINABILITY GOVERNANCE
56 IMPLEMENTASI TATA KELOLA PERUSAHAAN BERKELANJUTAN
IMPLEMENTATION OF SUSTAINABLE CORPORATE GOVERNANCE
57 STRUKTUR IMPLEMENTASI GCG
GCG IMLEMENTATION FRAMEWORK STRUCTURE
59 STRUKTUR TATA KELOLA
GCG IMLEMENTATION FRAMEWORK STRUCTURE
61 RAPAT UMUM PEMEGANG SAHAM (RUPS)
GENERAL MEETING OF SHAREHOLDER (GMS)
68 KODE ETIK
CODE OF CONDUCT
70 KEBIJAKAN ANTI SUAP & ANTI KORUPSI
ANTI-BRIBERY & ANTI-CORRUPTION POLICY
72 MANA JEMEN RESIKO
RIKS MANAGEMENT
4 KINERJA KEBERLANJUTAN
SUSTAINABILITY PERFORMANCE
77 KINERJA EKONOMI
ECONOMIC PERFORMANCE
86 KINERJA LINGKUNGAN
ENVIRONMENTAL PERFORMANCE
97 KINERJA SOSIAL
SOCIAL PERFORMANCE
123 VERIFIKASI TERTULIS DARI PIHAK INDEPENDEN
WRITTEN VERIFICATION FROM INDEPENDENT PARTY
123 TANGGAPAN TERHADAP UMPAN BALIK TAHUN SEBELUMNYA
RESPONSE TO PREVIOUS YEAR FEEDBACK
124 LEMBAR UMPAN BALIK
FEEDBACK SHEET
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STRATEGI KEBERLANJUTAN
SUSTAINABILITY STRATEGY
(POJK 51.A.1)(SEOJK 16.A.1)
Dalam menyusun strategi keberlanjutan Perseroan berupaya mematuhi
semua peraturan yang merujuk pada sektor kegiatan usaha Perseroan
dan selaras dengan aspek ekonomi, sosial, lingkungan dan tata kelola.
Strategi ini diharapkan memberikan manfaat baik dalam jangka waktu
pendek maupun jangka waktu Panjang secara berkesinambungan atau
konsisten.
In developing a sustainability strategy, the Company strives to comply
with all regulations that refer to the Company's business activity sector
and are in line with economic, social, environmental and governance
aspects. This strategy is expected to provide benefits both in the short
term and long term in a sustainable or consistent manner.
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Perseroan berkomitmen menjalankan bisnis berlandaskan pada The Company is committed to running its business based on
prinsip-prinsip keberlanjutan. Hal ini didasarkan atas pandangan sustainability principles. This is based on the Company's
Perseroan bahwa penerapan prinsip-prinsip tersebut bukan view that implementing these principles is not just an
sekedar tanggung jawab etis, melainkan merupakan suatu ethical responsibility, but is an ability to create long-term
kemampuan dalam menciptakan nilai jangaka panjang dengan value by maintaining the sustainability of natural resources,
menjaga keberlanjutan sumber daya alam, menjaga reputasi, maintaining reputation, and supporting responsible
serta mendukung pengembangan bisnis yang bertanggung business development.
jawab.
TRJA Bersama Pertumbuhan TRJA Bersama Pendidikan
TRJA With Grouwth TRJA With Education
Peningkatan atau ekspansi kegiatan Bisnis merupakan TRJA Memberikan dukungan Pendidikan yang bertujuan
komitmen TRJA. Komitmen ini diwujudkan dengan untuk meningkatkan kualitas pendidikan dan membantu
perencanaan mamasuki pasar baru atau memperluas perkembangan potensi dibidang pekerjaannya. Dukungan
cakupan wilayah operasional dengan membuka kantor ini diberikan Perseroan secara langsung kepada beberapa
cabang dibeberapa daerah dan memasuki industri karyawan yang telah terpilih sebagai penerima bantuan
perkebunan. TRJA juga melakukan tranformasi pada pendidikan.
kegiatan usaha serta pemegang sahamnya. TRJA Provides educational support that aims to improve
Increasing or expanding business activities is TRJA's the quality of education and help the development of
commitment. This commitment is realized by planning to potential in the field of work. This support is provided by
enter new markets or expanding operational area
the Company directly to several employees who have
coverage by opening branch offices in several areas and
entering the plantation industry. TRJA also carried out been selected as recipients of education assistance.
transformations in its business activities and
shareholders.
Gambar Gambar
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TRJA Bersama Lingkungan TRJA Bersama Kesetaran
TRJA With Environment TRJA With Equality
Berbagai inisiatif dan praktik merupakan bentuk Menciptakan lingkungan kerja yang adil, inklusif dan
tanggung jawab kami terhadap lingkungan yang sehat. setara, tanpa memandang jenis kelamin, agama, usia, dan
Dukungan ini bertujuan untuk menjaga keberlanjutan faktor lain yang menyebabkan diskriminasi adalah cara
alam, melindungi lingkungan dan berkontribusi pada Perseroan dalam mendukung kesetaraan. Implementasi
kesejahteraan umum. Langkah yang telah kami lakukan kesetaraan dalam Perseroan juga merupakan kepatuhan
adalah keberlanjutan pengelolahan limbah, pengurangan terhadap hukum.
emisi gas rumah kaca dan upaya perlindungan lingkungan Creating a fair, inclusive and equal work environment,
lainnya. regardless of gender, religion, age and other factors that
Various initiatives and practices are a form of our cause discrimination is the Company's way of supporting
responsibility towards a healthy environment. This equality. Implementation of equality in the Company also
support aims to preserve nature, protect the environment constitutes compliance with the law.
and contribute to the general welfare. The steps we have
taken are sustainable waste management, reducing
greenhouse emissions and other environmental
protection efforts.
Gambar
Gambar
TRJA Bersama Lingkungan
TRJA With Environment
Kami memastikan bahwa kegiatan usaha yang dijalankan sesuai dengan peraturan, undang-undang
serta etika yang berlaku. Mengingat mastikan kepatuhan mampu meminimalisir risiko hukum,
membangun budaya bisnis yang bertanggung jawab dan memperkuat hubungan yang baik dengan
pelanggan, pemegang saham, serta pihak berkepentingan lainnya.
We ensure that business activities are carried out in accordance with applicable regulations, laws and
ethics. Ensuring compliance minimizes legal risks, builds a responsible business culture and
strengthens good relationships with customers, shareholders, and other interested parties.
Gambar
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IKHTISAR KINERJA KEBERLANJUTAN
SUSTAINABILITY PERFORMANCE OVERVIEW
(POJK 51.A.2)(SEOJK 16.B)
Pencapaian dalam kegiatan usaha Perseroan merupakan
bukti nyata dalam menjalankan kegiatan operasional
beroperasi secara berkelanjutan dengan tetap memberikan
informasi yang transparansi dan akuntabilitas.
Achievements in the Company's business activities are
concrete evidence of carrying out operational activities in a
sustainable manner while still providing transparent and
accountable information.
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Kinerja Ekonomi
Economic Performance
(POJK 51.A.2a)(SEOJK 16.B.1)
Dalam jutaan Rupiah In Million rupiah
Pendapatan Laba (Rugi) Tahun Berjalan
Revenues Income for the Year
2023 606.370 2023 14.985
2022 483.001 2022 36.480
2021 402.585 2021 45.991
Jumlah Aset Jumlah Liabilitas
Total assets Total Liabilities
2023 1.106.269 2023 745.675
2022 873.443 2022 523.315
2021 646.357 2021 325.371
Jumlah Ekuitas Penyaluran Dana CSR
Total Equity Distribution of CSR Funds
2023 360.594 2023 356
2022 350.128 2022 425
2021 320.986 2021 412
*Laporan diatas untuk tahun 2022 dan 2023 merupakan nilai dari laporan keuangan konsolidasi, sedangkan untuk 2021 bukan merupakan nilai dari
laporan keuangan konsolidasian dikarenakan entitas anak Perseroan didirikan pada tahun 2022. Sehingga untuk setiap nilai laporan keuangan tahun
2022 dan 2023 yang tercantum dalam laporan keberlanjutan ini merupakan nilai laporan keuangan konsolidasian.
* The above report for 2022 and 2023 is the value of the consolidated financial report, while for 2021 it is not the value of the consolidated financial
report because the Company's subsidiary was established in 2022. So for each financial report value for 2022 and 2023 stated in this sustainability
report is value of consolidated financial statements.
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Dalam menjalankan kegiatan usaha Perseroan dari waktu ke In carrying out business activities, the Company from time
waktu secara berkesinambungan bekerja sama dalam to time continuously collaborates in carrying out business
pelaksanaan kegiatan usaha dan menjaga keharmonisan activities and maintains harmony with local parties or
dengan pihak lokal atau mitra untuk kepentingan bersama. partners for the common good. Considering this, it is an
Mengingat hal ini merupakan aspek penting untuk important aspect to ensure the sustainability of the
memastikan keberlanjutan bisnis Perseroan. Berikut kami Company's business. Below we present data on the
sajikan data jumlah armada kendaraan dan jumlah pelibatan number of vehicle fleets and the number of involvement
Pemasok Lokal (Kendaraan, Sparepart, dan Driver), untuk of Local Suppliers (Vehicles & Spare Parts), for 2021, 2022
tahun 2021, 2022 dan 2023. and 2023.
Jumlah Armada Jumlah Pelibatan Pemasok Lokal Kendaraan,
Total Fleet Sparepart dan Driver
Total Local Supplier Involvement & Vehicles & Spare
2023
3.259 2023 67
2022 3.156 2022 67
2021 2.688 2021 57
Kinerja Lingkungan
Environmental Performance
(POJK 51.A.2.c)(SEOJK 16.B.2)
Uraian Satuan 2023 2022 2021
Descrotion Unit
Jumlah Produk Ramah Lingkungan Unit 2 2 2
Number of Environmentally Friendly Products Units
Penggunaan Energi Listrik Kwh 222.389 181.914 232.766
Use of Electricity Kwh
Penggunaan Air Liter 3.992.200 1.713.760 29.731
Use of Water Litre
Jumlah Emisi GRK Ton CO2-eq 91.240 228.749 255.469
Total GHG Emissions Tons of CO2-eq
Limbah B3 Berupa Oli Bekas Liter 5.200 5.600 4.800
B3 Waste in the Form of Used Oil Litre
Limbah Accu & Besi Bekas Unit 15.796 8847 10.742
Waste Battery & Used Iron Units
Limbah Berupa Ban Bekas Unit 102 375 100
Waste in the Form of Used Tires Units
Limbah Majun Bekas Jumbo Bag 5 5 -
Contaminated Used Majun Waste
Limbah Filter Oli Bekas Jumbo Bag 1 2 -
Waste Oil Filter Used
Filter Solar Bekas Jumbo Bag 1 4 -
Used Solar Filter
Plastik kemasan terkontaminasi Jumbo Bag 2 4 -
Contaminated plastic packaging
Pelestarian Keanekaragaman Hayati Program Kegiatan 2 2 2
Biodiversity Conservation Activity Program
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Kinerja Tata Kelola
Governance Performance
(POJK 51.A.2.c)(SEOJK 16.B.3)
Uraian Satuan
2023 2022 2021
Descrotion Unit
Jumlah Laporan Diterima Melalui Sistem Laporan 0 0 0
Pelaporan Pelanggaran Report
Number of Reports Received Through the
Violation Reporting System
Jumlah Laporan Diselesaikan Laporan 0 0 0
Number of Reports Completed Report
Umpan Balik Diterima atas Laporan Tahun Laporan 0 0 0
Sebelumnya Report
Feedback Welcomed on Previous Year's
Report
Kinerja Sosial
Social Performance
(POJK 51.A.2.c)(SEOJK 16.B.3)
Uraian Satuan 2023 2022 2021
Descrotion Unit
Jumlah Karyawan Orang 746 689 549
Total Employees People
Jumlah Karyawan Wanita Orang 90 86 60
Total of Female Employees People
Kepuasan Customer Skor Rata-rata 4 4 3,58
Customer satisfaction Avarage Score
*Tabel diatas untuk bagian Kepuasan Customer tahun 2022 dilakukan perubahan data dikarenakan adanya
penyesuaian pada format. | The table above for the 2022 Customer Satisfaction section has undergone data
changes due to adjustments to the format.
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PELIBATAN PEMANGKU KEPENTINGAN
STAKEHOLDER ENGAGEMENT
(PJOK 51.A.5.d) (SEOJK 16.E.4) (GRI 2-29)
Keberadaan Pemangku Kepentingan merupakan Peran penting
dalam keberlangsungan dan keberhasilan Perseroan dalam
memberikan hasil yang diinginkan dan mempertahankan
kelangsungan bisnis.
The existence of Stakeholders is an important role in the
sustainability and success of the Company in providing desired
results and maintaining business continuity.
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Pemangku Kepentingan
Stakeholders
(PJOK 51.A.5.d) (SEOJK 16.E.4) (GRI 2-29)
Pengelolaan keberlanjutan dilakukan bersama-sama oleh Sustainability management is carried out jointly by all
seluruh Direksi dan keterlibatan pemangku kepentingan Directors and stakeholder involvement is carried out
yang dilakukan melalui pendekatan dengan through an approach of collecting all opinions and
mengumpulkan semua pendapat dan uman balik yang feedback needed to achieve the Company's
diperlukan mencapai keberlanjutan Perseroan. sustainability. Directed and systematic involvement of
Keterlibatan yang terarah dan sistematis dari pemangku stakeholders will have a positive impact on sustainability
kepentingan akan memberikan dampak positif bagi management to become an environmentally friendly,
pengelolaan keberlanjutan untuk menjadi perusahaan socially responsible company and have good corporate
ramah lingkungan, bertanggung jawab sosial, serta governance. Becoming an environmentally friendly
memiliki tata kelola perusahaan yang baik. Menjadi company is realized through tree planting which has
perusahaan ramah lingkungan, diwujudkan dengan been carried out since 2020. Effective stakeholder
penanaman pohon yang sudah dilakukan sejak tahun involvement can help minimize risks, increase support for
2020. Pelibatan pemangku kepentingan yang efektif initiatives undertaken, and produce more sustainable
dapat membantu meminimalkan risiko, meningkatkan and competitive solutions. The company approaches and
dukungan untuk inisiatif yang dilakukan, dan explores important issues from the company's main
menghasilakan solusi yang lebih berkelanjutan dan stakeholders. The involvement of various stakeholders
berdaya saing. Perseroan melakukan pendekatan dan also helps the company run its business responsibly and
menggali isu penting dari pemangku kepentingan utama determine its sustainability in the future, so that the
perseroan. Keterlibatan dari berbagai pemangku company builds cooperation with stakeholders. The
kepentingan juga membantu perseroab dalam Company also continues to strive to carry out intensive
menjalankan bisnis dengan penuh janggung jawab dan communication and strive for engagement in accordance
menentukan keberlanjutan dimasa yang akan datang, with the expectations of each stakeholder.
sehingga perseroan membangun kerjasama dengan para
pemangku kepentingan. Perseroan juga terus berupaya
untuk menyelenggarakan komunikasi yang intensif dan
mengupayakan pelibatan tersebut sesuai dengan
harapan masing-masing pemangku kepentingan.
Sebagai perusahaan yang bertanggung jawab sosial, kami As a socially responsible company, we are committed to
berkomitmen menerapkan standar tertinggi dalam implementing the highest standards in Health and Safety
praktik Kesehatan dan Keselamatan, menghormati dan practices, respecting and involving local communities to
melibatkan masyarakat sekitar untuk mendorong encourage sustainable social and economic
pembangunan sosial dan ekonomi berkelanjutan, development, supporting and upholding sustainable
mendukung dan menjunjung tinggi pengembangan employee development, diversity and Human Rights
karyawan yang berkelanjutan, keberagaman, dan prinsip- principles (HR). Commitment to good corporate
prinsip Hak Asasi Manusia (HAM). Komitmen pada tata governance is implemented by ensuring compliance with
kelola perusahaan yang baik dilaksanakan dengan legal requirements stipulated in the operational areas
memastikan kepatuhan terhadap persyaratan hukum and implementing the highest standards of Good
yang ditetapkan di wilayah operasi dan menerapkan Corporate Governance practices, enforcing anti-bribery
standar tertinggi praktik Tata Kelola Perusahaan yang and anti-fraud for all stakeholders in every line of the
Baik, menegakkan anti suap dan anti kecurangan untuk Company's operations.
semua pemangku kepentingan dalam setiap lini
operasional Perseroan.
Keterlibatan pemangku kepentingan juga diatur dalam Stakeholder engagement is also regulated in the
Standar internasional AA1000 Stakeholder Engagement international standard AA1000 Stakeholder Engagement
Standard 2015. Pedoman ini memudahkan Perseroan Standard 2015. This guideline makes it easier for the
dalam mengembangkan dan mengelola keterlibatan Company to develop and manage stakeholder
pemangku kepentingan. Mengingat pantinya pelaporan engagement. Bearing in mind the importance of
kepada pemangku kepentingan dan masyarakat umum reporting to stakeholders and the general public knowing
mengetahui informasi terkait dengan keterlibatan information related to stakeholder involvement and its
pemangku kepentingan dan dampaknya. Selain itu impact. Apart from that, there is also an internal policy
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terdapat juga kebijakan internal mengenai keterlibatan regarding stakeholder involvement where the Board of
pemangku kepentingan dimana Direksi dapat Directors can delegate sustainability management to any
mendelegasikan pengelolaan keberlanjutan kepada interested function in the subsidiary, including
setiap fungsi berkepentingan di entitas anak, termasuk representing the Company in consultation with
mewakili Perseroan berkonsultasi dengan pemangku stakeholders to identify and manage sustainability
kepentingan untuk identifikasi serta pengelolaan aspek- aspects.
aspek keberlanjutan.
Tujuan pelibatan pemangku kepentingan ini adalah The aim of this stakeholder involvement is to understand
memahami tantangan dan peluang yang ada the challenges and opportunities that exist in the
dilingkungan kerja Perseroan dan meningkatkan Company's work environment and increase support from
dukungan dari pemangku kepentingan. Selain itu stakeholders. Apart from that, involving stakeholders can
pelibatan pemangku kepentingan dapat menjadi strategi be a strategy to create long-term added value and fulfill
untuk menciptakan nilai tambah jangka panjang dan social responsibilities which are the Company's
memenuhi tanggung jawab sosial yang merupakan obligations as a public company.
kewajiban Perseroan sebagai perusahaan terbuka.
01
Keragaman Pandangan
Diverse Prespective
Seorang atau sebauh organisasi memiliki
pandangan berbeda yang dapat
mempengaruhi situasi dan mendorong
adanya sanksi yang tidak ada sebelumnya.
A person or an organization has different
views that can influence the situation and
lead to sanctions that did not exist before.
D
DP
Ketergantungan
Dependecy
pada seseorang atau sebuah organisasi, atau
sebaliknya.
The Company has a dependency on a person
or an organization, or vice versa.
02
03
Tanggung Jawab
Responsibility
Perseroan memiliki tanggung jawab legal,
komersial atau etika terhadap seseorang
atau sebuah organisasi.
The Company has legal, commercial or
ethical responsibilities towards a person or
an organization
T
R
Perhatian
Tension
Seseorang atau sebuah Organisasi
membutuhkan perhatian Perseroan terkait
isu ekonomi, sosial, atau lingkungan
tertentu.
A person or an organization has influence
over the Company or the strategies or
policies of other stakeholders.
05
04
Pengaruh
Influence
Seseorang atau sebuah organisasi memiliki
pengaruh terhadap Perseroan atau strategi
02
ataupun kebijakan pemangku kepentingan
03
01
04
lain.
05
A person or an organization has influence
over the Company or the strategies or
policies of other stakeholders.
I
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Daftar Pelibatan Pemangku Kepentingan
Stakeholder Engagement List
Indikator
Pemangku Penetapan
Kepentingan /Identifikasi Metode Pelibatan Frekuensi Topik Diskusi
Stakeholders Basis of Engaging Method Frequency Discussion Topic
Determination
/Identification
Rapat Umum Pemegang Saham RUPS diadakan minimal Memberikan informasi mengenai
General Meeting of Shareholders sekali setahun pencapaian Perseroan, serta Langkah
GMS is held at least once a Perseroan kedepannya.
Pemegang Saham year Provide information regarding the
D,R,I
Sahreholders Kinerja Keuangan Per Kuartal Company's achievements, as well as the
Financial performance Quarterly Company's future steps.
Publikasi Pengumuman Diadakan setahun sekali
Announcement publication Held once a year
Memo, atau surat edaran Informasi tentang kebijakan perusahaan,
Memo, or circular letter kegiatan internal, dan lain-lain.
Pertemuan antara manajemen Information about company policies,
dan karyawan internal activities, etc.
Meeting between management Sesuai Kebutuhan Mendapatkan pelatihan & pengembangan
Karyawan
D, R ,T,I and employees According to the needs kompetensi
Employees
Pendidikan dan pelatihan Get training & competency development
Education and training Perlakuan adil dan setara dalam karier yang
aman dan sehat
Fair and equal treatment in a safe and
healthy career
Kepatuhan Hubungan yang konstruktif
Pemerintah dan Compliance dengan regulator
Otoritas Jasa Constructive relationships
Keuangan Rapat-rapat Sesuai Kebutuhan with regulators
D,R,T,I,DP
Government and Meeting According to the needs Kepatuhan pada peraturan
Financial Services dan perundangan
Authority Sosialisasi Peraturan baru
Compliance with laws and regulations
Dissemination of new Regulations
Menjadi anggota dari asosiasi Sesuai Kebutuhan Bergabung dengan asosiasi untuk
Become a member of the According to the needs memperluas wawasan dan jaringan guna
association dalam tujuan pembangunan keber lanjutan
Join an association to broaden your horizons
and network for the purpose of further
development of sustainability
Organisasi Non Memberikan informasi sesuai kepatuhan
Pemerintah Sosialisasi Peraturan dan terkait terhadap ketentuan perundang-undangan
D,R,T,I,DP
Non-Government dengan kebutuhan bisnis yang berlaku.
Organization Perseroan Provide information in accordance with
Dissemination of Regulations and applicable statutory provisions.
related to the Company's Memberikan informasi sesuai kepatuhan
business needs terhadap ketentuan perundang-undangan
yang berlaku.
Provide information in accordance with
applicable statutory provisions.
Kerjasama dalam pengadaan Menjalin hubungan kerjasama yang saling
barang dan jasa Sesuai Kebutuhan menguntungkan
Vendor D,R,T,I
Cooperation in the procurement According to the needs Establish a mutually beneficial cooperative
of goods and services relationship
Menjalin Kerjasama Kerjasama pada studi dan pengembangan
Akademisi Establish cooperation Sesuai Kebutuhan terkait keberlanjutan
T,I
Academics Pertemuan regular According to the needs Collaboration on studies and development
Regular meeting related to sustainability
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Page 19
Indikator
Pemangku Penetapan
Kepentingan /Identifikasi Metode Pelibatan Frekuensi Topik Diskusi
Stakeholders Basis of Engaging Method Frequency Discussion Topic
Determination
/Identification
Kerjasama dalam penyewaan Menjalin hubungan kerjasama yang saling
barang dan jasa menguntungkan
Cooperation in the procurement Establish a mutually beneficial cooperative
of goods and services relationship
Mendapatkan solusi apabila ada pertanyaan
Survei kepuasan Pelanggan atau keluhan mengenai pelayanan
Sesuai Kebutuhan
Customer
D,R,T,I
Customer satisfaction survey Get a solution if you have questions or
According to the needs
complaints about the service
Kunjungan Langsung Mendapatkan kepuasan layanan
Live visit Get service satisfaction
Mendapatkan kepuasan layanan
Penanganan Keluhan
Get service satisfaction
Complaint handling
Kesempatan kerja Informasi tentang kebijakan perusahaan,
Employment Opportunity kegiatan internal, dan lain-lain.
Information about company policies,
Publikasi pengumuman
internal activities, etc.
Announcement publication
Sesuai Kebutuhan Memberikan setiap informasi terkait kinerja
Masyarakat According to the needs bisnis Perseroan
D,R,T,I,DP
Public Provide any information related to the
Company's business performance
Kesempatan kerja
Melaksanakan program CSR dalam
Employment Opportunity
pemberdayaan masyarakat
Implementing CSR programs in community
empowerment
Siaran Pers Narasumber berita yang terpercaya
Press release memberikan informasi terkait bisnis yang
Pertemuan media perlu diketahui public
Media gatherings Trusted news sources provide business-
Sesuai Kebutuhan related information that the public needs to
Media T,I,DP
According to the needs know
Menjalin hubungan baik dengan para media
melalui pertemuan
Siaran Pers
Establish good relations with the media
Press release
through meetings
18
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SAMBUTAN DIREKTUR UTAMA
MESSAGE FROM PRESIDENT DIRECTOR
(POJK 51.A.4)(SEOJK 16.D.1)(GRI 2-22)
JEONG SUBOK
DIREKTUR UTAMA / PRESIDENT DIRECTOR
Bagi Perseroan perjalanan bisnis bukan hanya sekedar beradaptasi terhadap
perubahan zaman , tetapi berkomitmen dalam mendorong setiap perubahan
yang kuat terhadap pembangaunan yang berkelanjutan. Dengan adanyan
Peningkatan ditunjukkan melalaui pendapatan yang meningkat, penambahan
penerapan ISO 500001 yakni Sistem Manajemen Ernergi. Tak cukup sampai
disitu PT Transkon Jaya Tbk juga pula berfokus pada kegiatan usaha utama
dimana telah dilakukan spin-off ke entitas anak. Selain itu, di akhir tahun 2023
PT Transkon Jaya Tbk melakukan perubahan susunan Direksi dan perubahan
komisaris serta diakuisisi oleh PT Samindo Rosurce Tbk.
For the Company, the business journey is not just about adapting to changing
times, but is committed to encouraging every strong change towards
sustainable development. This improvement is demonstrated through
increased income, additional implementation of ISO 500001, namely the
Energy Management System. Not only that, PT Transkon Jaya Tbk also focuses
on main business activities where it has carried out a spin-off to a subsidiary.
Apart from that, at the end of 2023 PT Transkon Jaya Tbk made changes to the
composition of the Board of Directors and changes to the commissioners and
was acquired by PT Samindo Rosurce Tbk.
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Para pemangku kepentingan yang terhormat,
Dear Stakeholder,
Atas nama Direksi, saya ingin mengucapkan terima kasih On behalf of the Board of Directors, I would like to thank
kepada Dewan Komisaris, manajemen, karyawan, mitra, the Board of Commissioners, management, employees,
dan investor PT Transkon Jaya Tbk atas dukungan selama partners and investors of PT Transkon Jaya Tbk for their
ini untuk mewujudkan target keberlanjutan Perseroan. support so far to realize the Company's sustainability
Apresiasi juga kami sampaikan kepada para pemangku targets. We also express our appreciation to other
kepentingan lainnya, termasuk masyarakat setempat di stakeholders, including local communities in our
wilayah operasi kami, mitra bisnis, pemerintah daerah operational areas, business partners, regional and
dan pusat, organisasi non-pemerintah dan organisasi central governments, non-governmental organizations
berbasis masyarakat, komunitas akademik, dan media. and community-based organizations, the academic
Perseroan menghargai semua hubungan yang membantu community, and the media. The Company values all
PT Transkon Jaya Tbk memperjuangkan pengembangan relationships that help PT Transkon Jaya Tbk champion
bertanggung jawab dan menantikan bagaimana responsible development and looks forward to how
kolaborasi di masa depan akan berkontribusi pada future collaborations will contribute to the success of our
kesuksesan perjalanan keberlanjutan kami. Dan juga sustainability journey. And it is also an honor for the
merupakan suatu kehormatan bagi Perseroan untuk Company to be able to submit the Company's
dapat menyampaikan Laporan Keberlanjutan Perseroan Sustainability Report for the 2023 financial year, as a
untuk tahun buku 2023, sebagai salah satu sarana means of accountability of the Board of Directors to
pertanggungjawaban Direksi kepada para pemangku stakeholders.
kepentingan.
Tantangan dan Kebijakan Keberlanjutan Sustainability Challenges and Policies
Kegiatan berkelanjutan (sustainable operation) yaitu Sustainable operations are business operational
kegiatan operasional usaha dengan memperhatikan activities that take into account economic,
aspek ekonomi, lingkungan hidup dan sosial. Dalam environmental and social aspects. In implementing
menerapkan kinerja keberlanjutan selama periode sustainability performance during the reporting period,
pelaporan ada beberapa tantangan yang dihadapi the Company faced several challenges. In the economic
Perseroan. Di bidang ekonomi, tantangan yang dihadapi sector, the challenges faced by the financial recession in
adanya resesi keuangan di beberapa negara yang several countries were caused by unstable financial
disebabkan oleh tidak stabilnya pasar keuangan yang markets which indirectly affected the Company's
secara tidak langsung menjakar pada kegiatan operational activities. In the environmental sector, the
operasional Perseroan. Di bidang lingkungan, tantangan challenges faced cannot be separated from business
yang dihadapi tak terlepas dari kegiatan usaha yang activities related to the use of fuel oil and vehicle
terkait penggunaan bahan bakar minyak dan pelumas lubricants, which have an impact on the surrounding
kendaraan, yang berdampak pada lingkungan sekitar. Di environment. In the social sector, the challenges faced by
bidang sosial tantangan yang dihadapi Perseroan adalah the Company are increasingly fierce competition and
persaingan yang semakin ketat dan kemajuan teknologi increasingly sophisticated technological advances.
yang semakin canggih.
Tantangan-tangan tersebut dapat diantisipasi dengan These challenges can be anticipated well by the
baik oleh Perseroan. Perseroan telah bekerja sama Company. The Company has collaborated with suppliers
dengan para pemasok untuk mewujudkan rantai pasok to create a sustainable supply chain by implementing
yang berkelanjutan dengan pemberlakuan standardisasi, standardization, quality assurance, quality control, as
penjaminan mutu, pengendalian mutu, serta kegiatan well as audit and monitoring activities. We also provide
audit dan monitoring. Kami juga melakukan pembinaan coaching and mentoring for suppliers so that they can
dan pendampingan untuk para pemasok agar mereka continue to develop with us. The Company reduces the
dapat terus berkembang bersama kami. Perseroan carbon footprint in the environment as a result of
mengurangi jejak karbon yang ada di lingkungan sebagai consumption and energy intensity, as well as protecting
dampak konsumsi dan intensitas energi, serta melindungi the ecosystem and biodiversity in each of the Company's
ekosistem dan keanekaragaman hayati di setiap wilayah operational areas. Currently, business competition is very
operasi Perusahaan. Saat ini persaingan usaha sangat tight, to anticipate being left behind, the Company is
ketat untuk mengantisipasi ketertinggalan Perseroan carrying out a transformation of its subsidiaries to focus
melakukan transformasi kepada entitas anak guna on its main business activities.
berfokus pada kegiatan usaha utamanya.
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Penerapan & Pencapaian Keberlanjutan Implementation & Achievement of Sustainability
Tahun 2023 ini merupakan perjalanan bisnis Perseroan 2023 is the Company's business journey which begins
yang dimulai dengan pencapaian tonggak penting dalam with the achievement of important milestones in the
upaya keberlanjutan Perseroan maupun seluruh sustainability efforts of the Company and all
pemangku kepentingan diwilayah operasional Perseroan. stakeholders in the Company's operational areas. This
Hal ini menunjukkan komitmen Perseroan untuk shows the Company's commitment to continue
kedepannya terus meningkatkan dan memajukan improving and advancing its sustainability program
program keberlanjutan melalui strategi dan inovasi through sustainable strategies and innovations that
berkelanjutan yang mendorong perubahan positif encourage positive change in all of the Company's
diseluruh wilayah operasional Perseroan. operational areas.
Tata Kelola Governance
Perseroan berkomitmen untuk menerapkan Tata Kelola The Company is committed to implementing Good
Perusahaan Yang Baik Good corporate governance (GCG) Corporate Governance Good corporate governance
dalam semua aspek operasionalnya. Tata kelola menjadi (GCG) in all aspects of its operations. Governance is the
inti dari suatu operasional Perseroan, dimana menjadi core of the Company's operations, which is the basis for
dasar keyakinan bahwa tata kelola perusahaan yang baik the belief that good corporate governance is not just an
bukan hanya sekedar kewajiban terhadap regulasi namun obligation to comply with regulations but is also the basis
juga menjadi landasan keberhasilan perseroan. for the company's success. The company believes that
Perseroan meyakini bahwa tata kelola perusahaan yang good corporate governance can improve the company's
baik dapat meningkatkan kinerja perseroan, nilai performance, company value and the trust of all
perseroan, dan kepercayaan dari seluruh pemangku stakeholders. This is proven by the increase in the
kepentingan. Hal ini dibuktikan dengan meningkatnya Company's performance and image. The implementation
kinerja serta citra Perseroan. Penerapan prinsip GCG di of GCG principles in the Company is carried out at all
Perseroan dilakukan pada semua level organisasi dengan levels of the organization by referring to the rules and
mengacu pada aturan dan ketentuan terkait penerapan regulations related to the implementation of GCG for the
GCG untuk perusahaan. Dewan Komisaris menyampaikan company. The Board of Commissioners expresses its
apresiasi kepada Direksi dan jajarannya atas upaya yang appreciation to the Board of Directors and its staff for the
dilakukan untuk terus meningkatkan kualitas penerapan efforts made to continue to improve the quality of GCG
GCG di lingkungan Perseroan, karena Perseroan implementation within the Company, because the
senantiasa berkomitmen untuk mendorong penerapan Company is always committed to encouraging the
prinsip dan praktik GCG sebagai sebuah nilai yang wajib implementation of GCG principles and practices as a
dijalankan oleh Perseroan. Komitmen yang ditunjukkan value that must be implemented by the Company. The
oleh Perseroan untuk terus berupaya menjadikan prinsip- commitment shown by the Company to continue to strive
prinsip GCG sebagai landasan operasional pada seluruh to make GCG principles the operational basis for all of the
aktivitas kegiatan usaha Perseroan telah berjalan dengan Company's business activities has been running well and
baik dan menunjukkan peningkatan yang berkelanjutan. showing continuous improvement. The GCG principles
Prinsip-prinsip GCG yang dimaksud adalah transparansi, referred to are transparency, accountability,
akuntabilitas, responsibilitas, independensi, dan responsibility, independence and fairness.
kewajaran.
Ekonomi Economy
Melalui penerapan strategi dan implementasi yang telah Through the implementation of the strategy and
dilakukan, secara keseluruhan, kinerja Perseroan di tahun implementation that has been carried out, overall, the
2023 mengalami peningkatan pendapatan sebesar Rp Company's performance in 2023 will experience an
606 miliar dibandingkan tahun 2022 sebesar Rp 483 increase in revenue of IDR 606 billion compared to 2022
miliar. Perseroan membukukan laba bersih yang tumbuh of IDR 483 billion. The company posted net profit which
sebesar 15% menjadi Rp 222 miliar. Hal tersebut grew by 15% to IDR 222 billion. This has increased
mengalami peningkatan dibandingkan tahun 2022 compared to 2022 amounting to IDR 193 billion, this is
sebesar Rp 193 miliar, hal ini dikarenakan pengeluaran due to the Company's expenditure on operational
Perseroan pada program kegiatan operasional yang activity programs increasing in line with the increase in
meningkat sejajar dengan peningkatan karyawan. employees.
Lingkungan Environment
Sebagai perusahaan dalam sektor transportasi As a company in the mining transportation sector, the
pertambangan, Perseroan berupaya untuk memiliki Company strives to have minimal environmental impact,
dampak lingkungan yang minimal, yang mana berdampak which has an impact on local biodiversity including
21
Page 23
pada keanekaragaman hayati lokal termasuk merupakan producing greenhouse gas emissions from the use of the
penghasil emisi gas rumah kaca dari penggunaan armada Company's rented fleet. The Company realizes that there
yang disewakan Perseroan. Perseroan menyadari bahwa is always a strategy to do the best, namely management
selalu ada strategi untuk melakukan yang terbaik yaitu efforts by strengthening and improving emission
dengan upaya pengelolaan dengan memperkuat dan monitoring and measurement programs and other
meningkatkan program pemantauan dan pengukuran programs that can reduce impacts on the environment
emisi dan program lainnya yang dapat mengurangi accurately.
dampat pada lingkungan yang akurat.
Perseroan telah menjalankan ISO 9001:2015 tentang The Company has implemented ISO 9001:2015
Sistem Manajemen Mutu yang bertujuan untuk concerning Quality Management Systems which aims to
membantu Perseroan meningkatkan kepuasan customer, help the Company increase customer satisfaction, as well
serta membantu memperbaiki kinerja bisnis Perseroan as help improve the Company's business performance
melalui penerapan prinsip-prinsip manajemen mutu through implementing more effective quality
yang lebih efektif. ISO 14001:2015 tentang Sistem management principles. ISO 14001:2015 concerning
Manajemen Lingkungan, sistem manajemen ini Environmental Management Systems, this management
memberikan Perseroan kerangka kerja dalam mengelola system provides the Company with a framework for
dampak lingkungan dari kegiatan operasional Perseroan, managing the environmental impacts of the Company's
sehingga membantu dalam pengelolaan akan kinerja operational activities, thereby assisting in managing the
lingkungan Perseroan. Sistem manajemen ini juga Company's environmental performance. This
membantu Perseroan dalam mengidentifikasi dampak management system also helps the Company identify
terhadap lingkungan guna meminimalkan akan terjadinya impacts on the environment in order to minimize these
dampak tersebut. ISO 500001 tentang Sistem impacts. ISO 500001 concerning Energy Management
Manajemen Energi yang digunakan untuk mengelola Systems is used to manage energy performance
kinerja energi termasuk efisiensi dan konsumsi energi including efficiency and energy consumption for
untuk perbaikan berkelanjutan. Selain itu implementasi continuous improvement. In addition, the
ISO ini membantu Perseroan agar lebih baik dalam implementation of ISO helps the Company to better use
menggunakan aset energi, untuk mengevaluasi dan energy assets, to evaluate and prioritize the use of
memprioritaskan penggunaan teknologi hemat energi, energy-saving technology, and to encourage efficiency
serta untuk mendorong efisiensi pada seluruh rantai throughout the supply chain.
pasokan.
Upaya Pengelolaan yang dilakukan yaitu dengan Management efforts carried out include optimizing the
pengoptimalan operasional perseroan yang tetap company's operations while maintaining environmental
menjaga kebersihan dan kelestarian lingkungan, efisiensi cleanliness and sustainability, efficient use of electrical
penggunaan energi listrik dan bahan bakar minyak untuk energy and fuel oil to reduce greenhouse gas emissions.
menekan emisi gas rumah kaca. Sebagai perusahaan yang As a company that operates in the LV 4x4 transportation
bergerak dalam bidang rental transportasi LV 4x4 rental sector, the Company reduces greenhouse gas
Perseroan menekan emisi gas rumah kaca dengan emissions with a sustainability program implemented by
program keberlanjutan yang dilaksanakan oleh Perseroan the Company where in 2023 the Company planted 4,992
dimana tahun 2023 Perseroan melakukan penanaman trembesi trees, and used 32 units of panel lighting which
pohon trembesi sebanyak 4.992, dan penggunaan lampu has reduced emissions of 165,463 CO2 eq from the total
panel sebanyak 32 unit yang telah menurunkan emisi emissions 1,708,589 tonnes CO2 eq. The calculation of
165.463 CO2 eq dari total emisi 1.708.589 ton CO2 eq . greenhouse gas emissions was carried out by the
Perhitungan emisi gas rumah kaca dilakukan oleh pihak Kalimantan Institute of Technology Research and
Lembaga Penelitian dan Pengabdian Masyarakat (LPPM) Community Service.
Institusi Teknologi Kalimantan.
Sosial Social
Perseroan mewujudkan komitmen terhadap aspek sosial The Company realizes its commitment to social aspects
melalui program sosial kemasyarakatan dilakukan secara through community social programs carried out on an
berkesinambungan melalui program tanggung jawab ongoing basis through social responsibility programs,
sosial yakni pemenuhan hak pemangku kepentingan namely fulfilling the rights of internal stakeholders,
internal yaitu karyawan dan manajemen lintas divisi, namely employees and management across divisions, as
maupun pemangku kepentingan eksternal, antara lain, well as external stakeholders, including
konsumen/ pelanggan dan masyarakat di sekitar lokasi consumers/customers and communities around the
perusahaan beroperasi. Pada tahun pelaporan, locations where the company operates. In the reporting
Perusahaan berhasil mempertahankan hubungan year, the Company succeeded in maintaining
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industrial yang harmonis dengan karyawan sehingga harmonious industrial relations with employees so that
tidak ada pengaduan atau sengketa perburuhan. there were no complaints or labor disputes.
Sejalan dengan komitmen untuk meningkatkan In line with its commitment to improving employee
kompetensi karyawan, Perusahaan menyelenggarakan competency, the Company organizes militancy training
program pelatihan militansi dan webinar, dan sertifikasi programs and webinars, and certification and
serta pengembangan kompetensi yang diikuti karyawan competency development for employees. These
inisiatif-inisiatif ini mencakup berbagai bisang, termasuk initiatives cover a variety of areas, including improving
peningkatan keterampilan teknis,protokol kesehatan, technical skills, health protocols and leadership
dan pengembangan kepemimpinan. Hal ini guna development. This is to ensure a skilled and
memastikan tenaga kerja yang terampil dan knowledgeable workforce in line with the Company's
berpengetahuan selaras dengan tujuan jangka panjang long-term goals. Apart from increasing competence, the
Perseroan. Selain meningkatkan kompetensi, Perusahaan Company is also committed to creating a safe and
juga berkomitmen untuk mewujudkan lingkungan kerja healthy work environment. For consumers/customers,
yang aman dan sehat. Untuk konsumen/pelanggan, the Company fulfills its responsibilities by carrying out
pemenuhan tanggung jawab dilakukan Perusahaan various product and service innovations so that
dengan melakukan berbagai inovasi produk dan layanan consumers/customers achieve maximum satisfaction,
agar konsumen/pelanggan meraih kepuasan maksimal, providing clear and complete product information,
memberikan informasi produk yang jelas dan lengkap, guaranteeing product safety and quality, and so on. The
menjamin keamanan dan kualitas produk, dan company has also prepared a complaint channel called a
sebagainya. Perseroan juga menyiapkan saluran whistleblowing system, which is a mechanism for
pengaduan yang disebut whistleblowing system yang submitting complaints regarding allegations of certain
merupakan mekanisme penyampaian pengaduan dugaan criminal acts that have occurred or will occur and is
tindak pidana tertentu yang telah terjadi atau akan committed to providing the best solution in accordance
terjadi serta berkomitmen memberikan solusi terbaik with applicable procedures. Specifically to the
sesuai dengan prosedur yang berlaku. Khusus kepada community as the next external stakeholder, the
masyarakat sebagai pemangku kepentingan eksternal Company fulfills its responsibility by organizing food
berikutnya, Perusahaan menunaikan tanggung jawab distribution for breaking the fast and providing sacrificial
dengan menyelenggarakan pembagian makanan untuk animals. Not only that, the implementation of the
berbuka puasa dan pemberian hewan kurban. Tidak Company's sustainability performance is carried out
hanya itu, penerapan kinerja keberlanjutan Perseroan through CSR activities, the Company has contributed in
dilakukan melalui kegiatan-kegiatan CSR, Perseroan telah the health sector in the form of blood donations, and
memberikan kontribusi di bidang kesehatan berupa Medical Check Up (MCU) which is routinely held once a
donor darah, dan Medical Check Up (MCU) yang rutin year as well as in the education sector in the form of
diadakan setiap satu tahun sekali serta di bidang scholarship programs and several employees The
pendidikan berupa program beasiswa dan beberapa Company has been a guest teacher at various schools
karyawan Perseroan menjadi guru tamu di berbagai and universities.
sekolah dan universitas.
Melangkah Kedepan Stepping forward
Menyadari potensi yang dapat terjadi pada tahun Realizing the potential that could occur in the coming
mendatang Perseroan saat ini sedang dalam proses ISO year, the Company is currently in the process of ISO
31000: Manajemen Risiko tentang prinsip dan panduan 31000: Risk Management regarding general principles
umum dalam penerapan manajemen risiko. ISO ini and guidelines in implementing risk management. This
ditargetkan terbit pada tahun 2024 dan dapat diterapkan ISO is targeted to be issued in 2024 and can be
oleh Perseroan sesuai dengan fungsinya. Tujuan implemented by the Company in accordance with its
penerapan ISO 31000 ini adalah melindungi nilai function. The aim of implementing ISO 31000 is to
Perseroan dan dapat meningkatkan kinerja Perseroan, protect the Company's values and improve the
mendorong inovasi, dan mendukung pencapaian Company's performance, encourage innovation and
sasaran-sasaran Perseroan. Di samping itu, Perseroan support the achievement of the Company's targets. In
terus menyempurnakan kebijakan-kebijakan dan addition, the Company continues to improve its policies
program-program sehingga memiliki arah yang jelas and programs so that it has a clear direction in running
dalam menjalankan usaha yang berkelanjutan. Selain itu a sustainable business. Apart from that, the Company
Perseroan senantiasa mengedepankan aspek kepatuhan always prioritizes compliance aspects and the principles
dan prinsip-prinsip Tata Kelola Perusahaan yang baik atau of Good Corporate Governance (GCG) by paying
Good Corporate Governance (GCG) dengan attention to implementation in the previous year so that
memperhatikan implementasi di tahun sebelumnya agar the strategy that will be implemented in the following
strategi yang akan dijalankan pada tahun berikutnya year runs as expected. For this reason, each of them has
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berjalan sesuai harapan. Untuk itu, masing-masing the responsibility to ensure that the implementation of
memiliki tanggung jawab agar implementasi rencana the strategic plan can be carried out well through a
strategis tersebut dapat terlaksana dengan baik dilakukan working relationship mechanism between management
melalui mekanisme hubungan kerja antara manajemen and employees.
dan karyawan.
Apresiasi dan Penutup Appreciation and Closing
Seluruh pencapaian Perseroan tahun pelaporan tentu All of the Company's achievements in the reporting year
menjadi kebanggaan dan motivasi bagi Perseroan untuk are certainly a source of pride and motivation for the
terus berkembang dan memberikan manfaat lebih besar Company to continue to develop and provide greater
lagi kepada pemangku kepentingan. Disamping benefits to stakeholders. Apart from these achievements,
pencapaian tersebut atas nama Dewan Komisaris dan tim on behalf of the Board of Commissioners and the
Manajemen Perseroan tidak lupa menyampaikan Company's Management team, we do not forget to
apresiasi setinggi-tingginya kepada seluruh karyawan express our highest appreciation to all employees who
yang telah bekerja keras untuk mencapai kinerja terbaik. have worked hard to achieve the best performance. And
Dan rasa terima kasih kepada pemegang saham, mitra gratitude to shareholders, the Company's work partners
kerja Perseroan dan pelanggan atas kepercayaannya and customers for their trust in the Company. The
terhadap Perseroan. Dukungan dan kepercayaan yang support and trust that has been given is very important
telah diberikan merupakan hal yang sangat penting bagi for the Company's success in exploring and growing in
keberhasilan Perusahaan dalam menjelajah serta the challenging years ahead and will continue to improve
tumbuh di tahun-tahun yang penuh tantangan di masa the quality of sustainability programs so that the
depan dan akan terus meningkatkan kualitas program- benefits can be felt directly by stakeholders and all levels
program keberlanjutan agar manfaatnya semakin dapat public.
dirasakan langsung oleh para pemangku kepentingan dan
seluruh lapisan masyarakat.
Akhir kata, Perseroan menyampaikan rasa terima kasih Finally, the Company would like to express its highest
setingi-tingginya kepada emua pihak dan pemangku gratitude to all parties and stakeholders for their
kepentingan atas kerjasama dan dukungan sepanjang cooperation and support throughout 2023. Looking to
tahun 2023. Melihat ke depan, Perseroan tetap optimis the future, the Company remains optimistic that our
bahwa kinerja kami di tahun 2024 akan melampaui performance in 2024 will exceed the achievements in
pencapaian di tahun 2023, didorong oleh komitmen 2023, driven by the Company's shared commitment.
bersama Perseroan terhadap keberlanjutan dan towards sustainability and continuous improvement.
perbaikan yang berkelanjutan. Bersama, Perseroan Together, the Company and its subsidiaries can create a
beserta entitas anaknya dapat menciptakan masa depan brighter and more sustainable future for all parties.
yang lebih cerah dan berkelanjutan untuk semua pihak.
Balikpapan, April| April 2024
Atas Nama Direksi | On Behalf the Board of Directors
JEONG SUBOK
Direktur Utama
President Director
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Perseroan melakukan pelaporan atas keberlanjutan dengan menerapkan prinsip transparansi yang merupakan keharusan di era keterbukaan informasi saat ini. The Company carries out sustainability reporting by applying the principle of transparency which is a must in the current era of information openness.
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Tentang Laporan
About The Report
Perseroan berupaya mencapai komitmen untuk The Company strives to achieve its commitment to
meningkatkan kualitas transparansi dalam Laporan improve the quality of transparency in this sustainability
keberlanjutan ini yang dinilai sangat penting bagi report which is considered very important for the
Perseroan. Sebab, tujuan dari laporan ini sebagai media Company. Because, the purpose of this report is as a
untuk menginformasikan kinerja Perseroan dalam aspek medium to inform the Company's performance in
ekonomi, sosial, dan lingkungan serta sebagai bukti bentuk economic, social and environmental aspects as well as
pertanggungjawaban Perseroan terhadap stakeholder, dan proof of the Company's responsibility towards
juga sebagai bentuk dukungan Perseroan terhadap upaya stakeholders, and also as a form of the Company's
Pemerintah Indonesia dalam mewujudkan tujuan support for the Indonesian Government's efforts to
pembangaunan berkelanjutan yang berskala global. Untuk realize sustainable development goals on a global scale.
itu perlu juga diketahui penyusunan laporan ini telah For this reason, it is also important to know that the
dilakukan penilaian terlebih dahulu oleh Dewan Komisaris preparation of this report has been previously assessed
dan Direktur Perseroan. Data yang tersaji dalam laporan ini by the Board of Commissioners and Directors of the
berasal dari Perseroan dan 2 (dua) anak Perseroan, yaitu Company. The data presented in this report comes from
PT Multinet Perkasa Indonesia dan PT Borneo Sentana the Company and 2 (two) subsidiaries of the Company,
Gemilang, sehingga cakupan pelaporan ini juga meliputi namely PT Multinet Perkasa Indonesia and PT Borneo
Holding. Sentana Gemilang, so the scope of this report also
includes Holding.
Pada kesempatan kali ini Perseroan mengangkat tema On this occasion the Company raised the theme
“TRANSFORMASI BISNIS UNTUK KINERJA "BUSINESS TRANSFORMATION FOR SUSTAINABLE
BERKELANJUTAN” sesuai dengan komitmen Perseroan PERFORMANCE" in accordance with the Company's
dalam mengimplementasikan prinsip-prinsip commitment to implementing the principles of
pembangunan keberlanjutan. Dalam rangka sustainable development. In order to maintain
mempertahankan pembangunan berkelanjutan Perseoan sustainable development, the Company, through its
melalui operasional bisnisnya berupaya menekan dampak business operations, seeks to reduce environmental
lingkungan akibat operasi Perseroan dan melaksanakan impacts resulting from the Company's operations and
tanggung jawab sosial. Hingga akhir 2023, Perseroan implement social responsibility. Until the end of 2023,
memiliki 2 (dua) anak perusahaan dengan penyertaan the Company has 2 (two) subsidiaries with majority
modal mayoritas (pengendali). Sehingga anak perusahaan (controlling) capital participation. So that subsidiaries
turut ikut serta berkomitmen meberikan nilai bersama are also committed to providing shared value in
dalam mendukung tujuan pembangungunan supporting sustainable development goals. Concrete
berkelanjutan. Bukti nyata dukungan anak perusahaan evidence of subsidiary support in sustainable
dalam Pembangunan berkelanjutan adalah pengalihan development is the transfer of business segments
segmen usaha yang telah dilakukan Perseroan pada tahun carried out by the Company in the reporting year. The
pelaporan. Perseroan meyakini PT Multinet Perksa Company believes that PT Multinet Perksa Indonesia, a
Indonesia anak dari Perseroan yang bergerak dalam bidang subsidiary of the Company which operates in the service
pelayanan dan Penjual komputer dan perangkat lainnya sector and sellers of computers and other devices as
serta jasa IT menjadi perusahaan yang terdepan dalam lini well as IT services, is a company that is at the forefront
bisnisnya serta berkelanjutan. of its business line and is sustainable.
Rujukan dan Cakupan Laporan References and Scope of Report
(GRI 2-2, 2-3) (GRI 2-2, 2-3)
Perseroan menyusun laporan ini berdasarkan POJK The Company prepared this report based on POJK
No.51/POJK.03/2019, SEOJK Nomor 16/POJK.04/2021 dan No.51/POJK.03/2019, SEOJK Number 16/POJK.04/2021
GRI Universal Standards 2021 (Standar GRI) yang di and GRI Universal Standards 2021 (GRI Standards)
terbitkan oleh oleh Global Sustainability Standards Board published by the Global Sustainability Standards Board
(GSBB) merupakan Lembaga yang dibentuk oleh Global (GSBB), an institution formed by the Global Reporting
Reporting Invitiative (GRI) untuk menangani Invitiative (GRI) to handle the development of
pengembangan standar laporan keberlanjutan. sustainability reporting standards.
Untuk bagian informasi keuangan, data disajikan secara For the financial information section, data is presented
konsolidasian sebagai hasil audit Kantor Akuntan Publik on a consolidated basis as the result of an audit by the
Jamaludin, Ardi, Sukimto & Rekan (Member of Audittrust Public Accounting Firm Jamaludin, Ardi, Sukimto &
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International) Periode penyusunan laporan keberlanjutan Rekan (Member of Audittrust International). The period
dilakukan dengan periode tahunan, data dan informasi for preparing the sustainability report is carried out
yang disampaikan adalah benar milik Perseroan. Kurun annually, the data and information submitted is truly
waktu penyajian data dan informasi yakni dari 1 Januari the property of the Company. The time period for
2023 hingga 31 Desember 2023, dengan perbandingan presenting data and information is from 1 January 2023
terhadap kinerja 2 tahun sebelumnya. Perseroan to 31 December 2023, with a comparison with the
menyusun laporan ini dalam dua bahasa, yaitu bahasa performance of the previous 2 years. The Company has
Indonesia dan bahasa Inggris guna menjangkau pembaca prepared this report in two languages, namely
yang lebih luas. Indonesian and English in order to reach a wider
(GRI 2-2, 2-3) audience.
(GRI 2-2, 2-3)
Prinsip Pelaporan Reporting Principles
(GRI 1-4) (GRI 1-4)
Untuk mencapai pelaporan keberlanjutan yang To achieve quality sustainability reporting and accurate
berkualitas dan penyajian laporan yang tepat dari presentation of the reported information, the Company
informasi yang dilaporkan, Perseroan menysun laporan ini has prepared this report by referring to the reporting
dengan merujuk pada prinsip pelaporan yang ditentukan principles specified in GRI 1: 2021 Foundation as
dalam GRI 1: Landasan 2021 sebagai berimut : follows:
1. Akurasi 1. Accuracy
Perseroan melaporkan informasi yang benar dan The Company reports information that is correct
cukup terperinci agar dapat dilakukan penilaian and detailed enough to enable an organizational
dampak organisasi. impact assessment.
2. Keseimbangan 2. Balance
Perseroan melaporkan informasi dengan cara netral The Company reports information in a neutral
menyediakan gambaran yang seimbang tentang manner providing a balanced picture of negative
dampak negatif dan positif. and positive impacts.
3. Kejelasan 3. Clarity
Perseroan melaporkan informasi dengan cara yang The Company reports information in an accessible
dapat diakses dan dapat dipahami. and understandable manner.
4. Keterbandingan 4. Comparability
Perseroan memilih, menyusun, dan melaporkan The Company selects, compiles and reports
informasi secara konsisten agar mereka dapat information consistently so that they can conduct
melakukan analisis mengenai perubahan dalam analyzes of changes in organizational impacts over
dampak organisasi seiring waktu dan analisis dampak time and analyzes of impacts relative to the
yang berkaitan dengan dampak organisasi lain. impacts of other organizations.
5. Kelengkapan 5. Completeness
Perseroan menyediakan informasi yang memadai agar The Company provides sufficient information so
penilaian dampak organisasi dapat dilakukan selama that an organizational impact assessment can be
periode pelaporan. carried out during the reporting period.
6. Konteks Keberlanjutan 6. Context of Sustainability
Perseroan melaporkan informasi tentang dampak Companies report information about their impact
mereka dalam konteks yang lebih luas dari in the broader context of sustainable development.
pembangunan berkelanjutan.
7. Ketepatan Waktu 7. Timeliness
Perseroan melaporkan informasi tentang dampak Companies report information about their impact
mereka dalam konteks yang lebih luas dari in the broader context of sustainable development.
pembangunan berkelanjutan.
8. Keterverifikasian 8. Verifiability
Perseroan mengumpulkan, mencatat, menyusun, dan The Company collects, records, compiles and
menganalisis informasi dengan cara sedemikian rupa analyzes information in such a way that the
sehingga informasi tersebut dapat diteliti untuk information can be scrutinized to determine its
menentukan kualitasnya. quality.
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Alur Proses Penentuan Aspek Material
Process Flow Of Determining
Material Aspects
Proses mengidentifikasi aspek material merupakan inti The process of identifying material aspects is the core of
penyusunan sebuah Laporan Keberlanjutan. Dalam preparing a Sustainability Report. In determining
menentukan materialitas, Perseroan menggunakan Focus materiality, the Company uses a Focus Group Discussion
Group Discussion (FGD) yang dihadiri oleh seluruh divisi (FGD) which is attended by all divisions involved in
yang terlibat dalam penyusunan Laporan Keberlanjutan preparing the Sustainability Report as well as
serta para pemangku kepentingan. Sebab, Aspek material stakeholders. Because, material aspects influence
mempengaruhi keputusan pemangku kepentingan dan stakeholder decisions and reflect significant economic,
mencerminkan dampak ekonomi, lingkunganm, dan sosial environmental and social impacts. So the Company
yang signifikan. Sehingga Perseroan melakukan beberapa carries out several initiatives to continue to minimize
inisiatif untuk terus meminimalisir risiko dengan berbagai risks with various Corporate Social Responsibility
program Corporate Social Responsibility atau disebut juga programs or also known as CSR.
CSR.
LAPORAN
REPORT
Topik Aspek
Topic Aspect
Pengungkapan pendekatan manajemen + indikator
Validasi Review
validation Review
Konteks keberlanjutan Kelengkapan
Completeness
Pelibatan Pemangku Kepentingan
The Engagement of Stakeholders
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Proses Penentuan Topik Material
Material Topic Determination Process
(GRI 3-2)
Melibatkan bebagai pemangku
kepentingan dan pakar yang Melibatkan bebagai pemangku
relevan kepentingan dan pakar yang relevan
Involve relevant stakeholders and Involve relevant stakeholders and experts
experts
1 2 3 4
Memprioritaskan
Memahami Mengidentifikasi Dampak Paling Topik Material
Konteks Dampak Actual Menilai Signifikansi Untuk Material Topic
Organisasi Dan Potensial Signifikansi Pelaporan
Understanding Identify Actual Dampak Prioritize Impacts
And Assessing the Of Greatest
Organizational
Potential Significance of Significance For
Context Impacts Impacts Reporting
Menggunakan Standar Mempertimbangkan Topik Dan
Menguji Materi Topik
Sektor Untuk Dampak Yang Dideskripsikan
Terhadap Topik Dalam
Memahami Konteks Dalam Standar Sektor
Standar Sektor
Sektor Consider the Topics and
Testing Topic Material
Using Sector Standards Impacts Described in the Sector
Against Topics in Sector
to Understand Sector Standards
Standards
Berdasarkan peninjauan secara internal dan eksternal, Based on internal and external reviews, the list of
daftar topik material Laporan Keberlanjutan tahun 2023 material topics for the 2023 Sustainability Report that
yang telah disetujui oleh Direksi adalah sebagai berikut : has been approved by the Board of Directors is as
follows:
Nomor
Keterkaitan
Pengungkapan Batasan
Topik Dengan
Topik Material Kenapa Topik Ini Material Satndar GRI Limitation
No. SDgs
Material Topic Why This Topic Is Material GRI Standard
Topic Relevance
Disclousure
With SDGs Internal External
Number
Kinerja Ekonomi
Economic Performance
1. Nilai Ekonomi Berdampak signifikan pada 201 SDGs 8,17
Direct Economy pemangku kepentingan
Significant impact on stakeholders
2. Keberadaan Pasar Berdampak signifikan pada 201 SDGs 8,17
Market Presence pemangku kepentingan
Significant impact on stakeholders
3. Dampak Ekonomi Tidak Langsung Berdampak signifikan pada 203 SDGs 8
Indirect Economic Impact pemangku kepentingan
Significant impact on stakeholders
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Nomor
Keterkaitan
Pengungkapan Batasan
Topik Dengan
Topik Material Kenapa Topik Ini Material Satndar GRI Limitation
No. SDgs
Material Topic Why This Topic Is Material GRI Standard
Topic Relevance
Disclousure
With SDGs Internal External
Number
Kinerja Lingkungan
Environmental Performance
4. Bahan Material Berdampak signifikan pada 301-1, 301-2, & SDGs 12, 13, & 15
keberlanjutan dan Pemangku 301-3
kepentingan
Significant impact on sustainability and
Stakeholders
5. Energi Berdampak signifikan pada Pemangku 302-1,302-2,302- SDGs 7,12,13, &
Energy kepentingan 3, & 302-4 15
Significant impact on stakeholders
6. Air dan Efluen Berdampak signifikan pada 303-1,303-2,303- SDGs 3,6,14, & 15
Water and Effluent keberlanjutan dan pemangku 3, 303-4, & 303-5
kepentingan
Significant impact on sustainability and
Stakeholders
7. Keanekaragaman Hayati Berdampak signifikan pada 304-1, 304-2, & SDGs 13 & 15
Biodiversity keberlanjutan dan pemangku 304-3
kepentingan
Significant impact on sustainability and
Stakeholders
8. Emisi Berdampak signifikan pada 305-1,305-2,305- SDGs 3,7,12,13, &
Emission keberlanjutan dan pemangku 3,305-4, & 305-5 15
kepentingan
Significant impact on sustainability and
Stakeholders
9. Limbah Berdampak signifikan pada 306-1,306-2,306- SDGs 3,13,14, &
Waste keberlanjutan dan pemangku 3,306-4,306-5, & 15
kepentingan 306-6
Significant impact on sustainability and
Stakeholders
Kinerja Sosial
Social Performance
10. Ketenagakerjaan Berdampak signifikan pada 401-1,401-2,& SDGs 1,4,8
Employment keberlanjutan dan pemangku 401-3
kepentingan
Significant impact on sustainability and
Stakeholders
11. Keselamatan & Kesehatan Kerja Berdampak signifikan pada karyawan 403-1,403-3,403- SDGs 3 & 4
Occupational Health & Safety Significant impact on employees 4,403-5, & 403-7
12. Keanekaragaman & Kesempatan 405-1 & 405-2 SDGs 4,5 & 8
Berdampak signifikan pada karyawan
Setara
Significant impact on employees
Diversity and Equal Opportunity
13. Pelatihan dan Pendidikan Berdampak signifikan pada karyawan 404-2, 404-3 SDGs 4
Training and Education dan masyarakat
Significant impact on employees and
society
14. Pekerja Anak Berdampak signifikan pada karyawan 408-1 SDGs 8, & 16
Child Labor dan masyarakat
Significant impact on employees and
society
15. Kerja Paksa Berdampak signifikan pada karyawan 409-1 SDGs 8
Forced labor dan masyarakat
Significant impact on employees and
society
16. Masyarakat Lokal Berdampak signifikan pada karyawan 413-1 & 4013-2 SDGs 4, 8 & 16
Local Community dan masyarakat
Significant impact on employees and
society
17. Non-Diskriminasi Berdampak signifikan pada pemangku 404-1 SDGs 4,8 & 16
Non-Discrimination kepentingan
Significant impact on stakeholders
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Nomor
Keterkaitan
Pengungkapan Batasan
Topik Dengan
Topik Material Kenapa Topik Ini Material Satndar GRI Limitation
No. SDgs
Material Topic Why This Topic Is Material GRI Standard
Topic Relevance
Disclousure
With SDGs Internal External
Number
Kinerja Sosial
Social Performance
18. Kesehatan dan keselamatan Berdampak signifikan pada customer 416-1 & 416-2 SDGs 3,
customer Significant impact on customers
Customer health and safety
Kinerja Tata Kelola
Governnce Performance
19. Badan Tata Kelola Berdampak signifikan pada pemangku 2-9, 2-14, 2-17, 2- SDGs 16
Governance Agency kepentingan 18
Significant impact on stakeholders
20. Kebijakan Remunerasi Berdampak signifikan pada pemangku 2-19 SDGs 16
Remuneration Policy kepentingan
Significant impact on stakeholders
21. Anti Korupsi Berdampak signifikan pada pemangku 205 SDGs 16
Anti Corruption kepentingan
Significant impact on stakeholders
22. Kode Etik Berdampak signifikan pada pemangku 2-23 SDGs 16
Code Of Ethics kepentingan
Significant impact on stakeholders
Pernyataan Ulang Informasi Restatement of Information
(GRI 2-4, 2-6) (GRI 2-4, 2-6)
Pada saat Laporan keberlanjutan ini diterbitkan terdapat When this sustainability report was published there
beberapa perubahan informasi dari yang disajikan pada were several changes to the information from that
laporan tahun lalu, karena adanya perubahan dalam cara presented in last year's report, due to changes in the
penyajian informasi, perubahan asumsi dan metode way information was presented, changes in
pengukuran, serta perbaikan metode pengumpulan data. assumptions and measurement methods, as well as
Perubahan yang dimaksud akan diberitahukan dalam improvements in data collection methods. The changes
pengungkapan terkait dengan tanda ”*” disajikan kembali. in question will be notified in the related disclosure with
Adapun perubahan pada laporan ini yaitu seperti the mark "*" restated. The changes in this report include
pengalihan segmen usaha yang dilakukan kepada anak the transfer of business segments to the Company's
Perseroan dan pengambilalihan perusahaan Perseroan subsidiaries and the takeover of the Company's
yang dilakukan PT Samindo Rosource Tbk dengan companies by PT Samindo Rosource Tbk with the
pengalihan saham PT Damai Investama Sukses dan PT MSJ transfer of shares in PT Damai Investama Sukses and PT
Investama Abadi. Sehingga terjadi perubahan jumlah MSJ Investama Abadi. So there will be a change in the
kepemilikan saham Perseroan dan laporan keuangan 2023. number of Company share ownership and the 2023
financial statements.
Verifikas Oleh Pihak Independen Verification by Independen Party
(GRI 2-5) (GRI 2-5)
Standar GRI merekomendasikan penggunaan external The GRI Standards recommend the use of external
assurance oleh pihak ketiga yang independen untuk assurance by an independent third party to ensure the
memastikan kualitas dan keandalan informasi yang quality and reliability of the information presented in
disampaikan dalam laporan ini. Pada laporan ini, this report. In this report, the Company has not carried
Perseroan belum melakukan verifikasi oleh pihak out verification by an independent party. However, the
independen. Namun demikian, Perseroan menjamin Company guarantees the truth and validity of this
kebenaran dan validitas laporan ini. report.
31
Page 33
Akses Informasi Atas Laporan Keberlanjutan Access Information on Sustainability Reports
(GRI 2-3) (GRI 2-3)
Laporan ini ditujukan kepada seluruh pemangku This report is addressed to all stakeholders as a basis for
kepentingan sebagai salah satu landasan melakukan assessing the Company's performance. Stakeholders in
penilaian atas kinerja Perseroan. Pemangku kepentingan this case can evaluate the extent to which the Company
dalam hal ini dapat melakukan evaluasi mengenai sejauh can participate in carrying out its obligations for the
mana Perseroan dapat berperan serta dalam menjalankan sustainability of the economic, environmental, social
kewajibannya bagi keberlanjutan bidang ekonomi, and corporate governance sectors in its business
lingkungan, sosial dan tata kelola Perseroan dalam praktik practices. Complete information regarding the
bisnisnya. Informasi lengkap mengenai laporan sustainability report is available on the website
keberlanjutan terdapat pada situs website www.transkon- www.transkon-rent.com. In addition, the Company
rent.com. Selain itu Perseroan menerima saran dari para accepts suggestions from readers and stakeholders
pembaca dan pemangku kepentingan sehubungan dengan regarding its role in carrying out obligations towards
peranan dalam menjalankan kewajiban terhadap sustainability in economic, environmental and social
keberlanjutan aspek ekonomi, lingkungan, dan sosial, serta aspects, as well as good corporate governance.
tata kelola perusahaan yang baik.
Sekretaris Perusahaan
Corporate Secretary
PT Transkon Jaya Tbk
Jl. Mulawarman No.21 RT. 23
Manggar, Balikpapan, Kalimantan Timur
76116, Indonesia
Telepon | Telephone : (0542) 770401 Situs | Website : www.transkon-rent.com
Faksimili | Faximile : (0542) 770403 Surel |E-mail : corporatesecretary@transkon-rent.com
32
Page 34
Didirikan tahun 2002 PT Transkon Jaya Tbk telah mendapat kepercayaan dari Pelanggan dalam bidang Penyewaan Kendaraan 4 x 4 & 4 x 2 di industri Pertambangan, Minyak & Gas dan Industri Konstruksi. Untuk menjaga objektivitas dalam menjalankan bisnis, Perseroan melakukan berbagai program keberlanjutan yang mendorong pening- katan pendapatan Persroan. Selain itu Perseroan juga mendukung mitigasi perubahan iklim dari adanya pengurangan Emisi Gas Rumah Kaca. Established in 2002, PT Transkon Jaya Tbk has gained trust from Customers in the field of 4 x 4 & 4 x 2 Vehicle Rental in the Mining, Oil & Gas and Construction Industry industries. To maintain objectivity in conducting business, the Company conducts various sustainability programs that encourage an increase in the Company’s revenue. In addition, the Company also supports climate change mitigation from reducing Greenhouse Gas Emissions.
Page 35
Identitas Perusahaan
Corporate Identity
(POJK 51.A.3)(SEOJK 16.C)(GRI 2-1)
Nama Perseroan PT TRANSKON JAYA TBK [TRJA]
Company Name
Dasar Hukum SK Menteri Kehakiman Dan HAM RI No.C-05700
Legal basis HT.01.01.TH.2002, Tanggal 5 April 2002 dan Akta Pendirian, Akta
No. 27 tanggal 14 Januari 2002, dibuat di hadapan Notaris Adi
Gunawan. SH | Decree of the Minister of Justice and Human
Rights of the Republic of Indonesia No.C-05700 HT.01.01.TH.2002,
dated April 5, 2002 and Deed of Establishment, Deed No. 27 dated
January 14, 2002, made before Notary Adi Gunawan. SH
Alamat Kantor pusat Jl. Mulawarman, 21, RT 023, Manggar, Balikpapan Timur, Kota
Head office address Balikpapan, 76116, Kalimantan Timur, Indonesia.
Telepon :+62 542 770401
Faks: +62 542 770403
Email: corporatesecretary@transkon-rent.com
Situs web: www.transkon-rent.com
Kepemilikan Saham 1. PT Samindo Resources Tbk : 74%
Shareholder
2. PT Damai Investama Sukses : 8%
3. PT Aneka : 5,71%
4. Masyarakat | Public : 12,29%
Karyawan 746 Orang | People
employees
Modal Dasar Rp 400.000.000.000
Authorized Capital
Modal Disetor Rp 151.020.000.000
Paid Up Capital
34
Page 36
Profil Singkat
Brief Profile
Perseroan didirikan pada tahun 2002 dengan nama The Company was founded in 2002 with the name PT
PT Transkon Jaya dan kemudian berubah nama Transkon Jaya and then changed its name to PT
menjadi PT Transkon Jaya Tbk pada tahun 2020 yang Transkon Jaya Tbk in 2020 as stated in the Deed of
dinyatakan dengan Akta Pernyataan Rapat Umum Statement of the Company's Extraordinary General
Pemegang Saham Luar Biasa Perseroan No.08 tanggal Meeting of Shareholders No.08 dated February 6
6 Februari 2020. Berdasarkan Anggaraan Dasar 2020. Based on the Articles of Association of the
kegiatan usaha Perseroan yang telah dijalankan Company's business activities which have been
terdiri dari Kegiatan Usaha Holding dan Penyewaan established carried out consists of Holding and Rental
Kendaraan LV 4x4. Pada tahun 2006 Perseroan mulai of LV 4x4 Vehicle Business Activities. In 2006 the
menyewakan kendaraan operasional (“light Company began renting 4x4 operational vehicles
vehicle/LV”) 4x4 dengan merk “Transkon Rent” yang ("light vehicle/LV") with the "Transkon Rent" brand,
menargetkan customer dari perusahaan targeting customers from mining companies.
pertambangan.
Untuk meningkatkan Nilai dan kredibilitas To increase the value and credibility of the company,
perusahaan Perseroan telah mempersiapkan secara the Company has prepared carefully to change the
matang untuk melakukan perubahan status status of a closed company to a public company by
Perusahaan tertutup menjadi Perusahaan Terbuka releasing a total of 1,510,200,000 shares. The
dengan melepaskan sebayak 1.510.200.000 lembar Company believes that the listing of the Company's
saham. Perseroan meyakini bahwa pencatatan shares on the Indonesia Stock Exchange on 27 August
saham Perseroan di Bursa Efek Indonesia pada 2020 will strengthen the Company's capital in the
tanggal 27 Agustus 2020 lalu akan memperkuat future so that the Company can implement its
permodalan Perseroan kedepannya sehingga business strategy to expand market share throughout
Perseroan dapat melaksanakan strategi bisnisnya Indonesia.
guna memperluas pangsa pasar di seluruh wilayah
Indonesia.
Perseroan terus aktif dalam mengembangkan The Company continues to be active in developing its
bisnisnya sesuai dengan target dan sasaran yang business in accordance with the targets and
ditetapkan sehingga pada saat ini Perseroan telah objectives set so that currently the Company
mengelola 71 bengkel, 54 jenis kendaraan dan juga manages 71 workshops, 54 types of vehicles and also
3.259 kendaraankendaraan telah tersebar di seluruh 3,259 vehicles spread throughout Indonesia. Not only
Indonesia. Tidak hanya itu, Perseroan juga terus that, the Company also continues to make
melakukan peningkatan dalam menjalankan improvements in running its business where at the
bisnisnya dimana di akhir tahun 2023 terjadi end of 2023 there will be a change in controlling
perubahan pemegang saham pengendali. Perseroan shareholder. The Company also always carries out its
juga senantiasa menjalankan bisnis dan usahanya business and endeavors based on good corporate
dengan berlandaskan tata kelola perusahaan yang governance with the principle of realizing various
baik dengan prinsip mewujudkan berbagai program corporate social responsibility programs by involving
tanggung jawab sosial perusahaan dengan various stakeholders, implementing ISO in the
mengikutsertakan berbagai pemangku kepentingan, management of the Company. So it is hoped that it
menerapkan ISO dalam pengelolaan Perseroan. can realize sustainable business practices that are
Sehingga diharapkan dapat mewujudkan praktik profitable for all stakeholders.
bisnis berkelanjutan yang menguntungkan bagi
seluruh pemangku kepentingan.
35
Page 37
Entitas Anak
Subsidiaries
PT MULTINET PERKASA INDONESIA
Komisaris Irene Catherine Pondaag
Commissioner
Direktur Rahadi Budiman
Director
Tanggal Berdiri 11 Maret 2022
Established Date
Kepemilikan Saham PT Transkon Jaya Tbk : 99,80%
Share Ownership PT STI Indonesia : 0,20%
Bidang Usaha Perdagangan Besar Piranti Lunak, Perdagangan Besar Peralatan, Telekomunikasi, Jasa Sistem
Business Field Komunikasi Data, Aktivitas Pemrograman Komputer, Pengembangan Aplikasi Perdagangan,
Reparasi Komputer dan Peralatan, Reparasi Komunikasi, Reparasi Alat-alat Elektronik,
Aktivitas Teknologi Informasi dan Jasa Komputer Lainnya, dan Aktivitas Konsultasi Komputer
dan Manajemen Fasilitas Komputer Lainnya | Software Wholesale Trading, Equipment
Wholesale Trading, Telecommunications, Data Communication System Services, Computer
Programming Activities, Trade Application Development, Computer and Equipment Repair,
Communication Repair, Electronic Equipment Repair, Information Technology Activities and
Other Computer Services, and Computer Consulting Activities and Management of Other
Computer Facilities.
Status Operasi Beroperasi
Operational Status Operate
Jumlah Karyawan 20 Orang
Total Employess 20 People
Jumlah Karyawan Perempuan 5 Orang
Total Female Employees 5 People
Jumlah Karyawan Laki-Laki 15 Orang
Total Male Employees 15 People
Jumlah Aset Rp 12.014.846.487,-
Total Assets IDR 12.014.846.487,-
Alamat Jln. MT Haryono Komp. Balikpapan Baru Blok B3 No.18 RT.19, Kelurahan Damai Baru,
Address Kecamatan Balikpapan Selatan, Kota Balikpapan, Provinsi Kalimantan Timur, Indonesia
76114 | Jln. MT Haryono Komp. Balikpapan Baru Block B3 No.18 RT.19, Damai Baru Village,
South Balikpapan District, Balikpapan City, East Kalimantan Province, Indonesia 76114
PT BORNEO SENTANA GEMILANG
Komisaris Ferialdy Bahar
Commissioner
Direktur Glend Ferdinan Tanod
Director
Tanggal Berdiri 11 Maret 2022
Established Date March 11, 2022
Kepemilikan Saham PT Transkon Jaya Tbk : 99,80%
Share Ownership PT STI Indonesia : 0,20%
Bidang Usaha Penyediaan Sumber Daya Manusia dan Manajemen Fungsi Sumber Daya Manusia, Aktivitas
Business Field Keamanan Swasta, Industri Suku Cadang dan Aksesoris Kendaraan Bermotor Roda Empat
Atau Lebih, dan Perdagangan Besar Suku Cadang Dan Aksesoris | Provision of Human
Resources and Management of Human Resources Functions, Private Security Activities,
Manufacture of Parts and Accessories for Motorized Vehicles with Four Wheels or More, and
Wholesale of Spare Parts and Accessories.
Status Operasi Beroperasi
Operational Status Operate
Jumlah Karyawan 327 Orang
Total Employess 327 People
Jumlah Karyawan Perempuan 11 Orang
Total Female Employees 11 People
Jumlah Karyawan Laki-Laki 316 Orang
Total Male Employees 316 People
Total Aset Rp 10.774.936.611,-
Total Assets IDR 10.774.936.611,-
Alamat Lantai II PT BIS Industri Jl. Mulawarman No.19, Kelurahan Manggar, Kecamatan Balikpapan
Address Timur, Kota Balikpapan, Provinsi Kalimantan Timur, Indonesia 76116 | Floor II PT BIS Industri
Jl. Mulawarman No.19, Manggar Village, East Balikpapan District, Balikpapan City, East
Kalimantan Province, Indonesia 76116.
36
Page 38
37
Jejak
Jejak Langkah
Langkah
Milestone
Milestone
nngaksesoris
dan aksesoris
untukuntuk kendaraan
kendaraan
es and
partsaccessories
and accessories for special
for special
n merk
erk “Transkon
“Transkon Rent”Rent”
yang yang
angdiada
da di Kalimantan.
Kalimantan.
dnskon
“Transkon
Rent” Rent”
whichwhich targets
targets
internet
net di wilayah
di wilayah Kalimantan
Kalimantan
nKalimantan
the Kalimantan area the
area with with the
ahanyang
unit unit signifikan.
yang signifikan.
tificant
units.units.
mentasikan
sikan beberapa beberapa
ISO danISO dan
ip-prinsip
nsip tata kelola
tata kelola yang baik.
yang baik.
nting
severalseveral ISOsprioritizing
ISOs and and prioritizing
d governance.
ernance.
nseroan
dalamdalam melakukan
melakukan ekspansi
ekspansi
mpany's
y's seriousness
seriousness in expanding
in expanding
usahaan
an dengan dengan
nama nama PT Borneo
PT Borneo
jasa layanan
ayanan outsourcing,
outsourcing, dan PTdan PT
enyedia jasa layanan
a jasa layanan perangkat
perangkat IT. IT.
nder
he namethe name PT Borneo
PT Borneo Sentana
Sentana
tinet Perkasa
Perkasa Indonesia
Indonesia whichwhich
is a is a
ehataman,
dan dan aman, PT Transkon
PT Transkon Jaya Jaya
matan Kerja&(K3)
Kerja (K3) ISO & ISO 14001:2016
14001:2016
vironment,
ment, PT Transkon
PT Transkon Jaya Tbk
Jaya Tbk
Management
agement (K3) &(K3)
ISO&14001:
ISO 14001:
berupa
pa tanahtanah & bangunan,
& bangunan, yang yang
located
ed in Banjarbaru
in Banjarbaru City, South
City, South
ran, PT Transkon
T Transkon Jayameraih
Jaya Tbk Tbk meraih
ayachieved
bk Tbk achieved ISO 37001:2016
ISO 37001:2016
apat dikurangi
ikurangi dan biaya
dan biaya produksi
produksi
18 untuk
tuk EnergyEnergy Management
Management . .
ucedproduction
and and production costsbecan be
costs can
Page 39
Visi, Misi, & Nilai Keberlanjutan
Visi, Misi, & Nilai Keberlanjutan
Vision, Mission, &Mission,
Vision, Sustainability ValuesValues
& Sustainability
(POJK 51.A.3.a)(SEOJK 16.C.1) (GRI
(POJK 51.A.3.a)(SEOJK 2-23
16.C.1) (GRI 2-23
NILAI-NILAI PERUSAHAAN
VISI NILAI-NILAI PERUSAHAAN
COMPANY VALUES
VISI VISION COMPANY VALUES
VISION
Menjadi Perusahaan Penyedia jasa penyewaan
Komitmen |Commitment
kendaraan dan layanan internet terdepan dan terpercaya
Menjadi Perusahaan Penyedianilai
jasa penyewaan Menjunjung tinggi komitmen adalah prasyarat utama untuk keberhasilan,
serta memberikan tambah bagi seluruh pemegang
Komitmen
berbuat sesuai dengan |Commitment
kesepakatan/perjanjian, menghindari terjadinya
kendaraan dan layanan internet terdepan dan terpercaya
saham.
Menjunjung tinggiwanprestasi,
komitmen menjunjung tinggi disiplin
adalah prasyarat utama kerja.
untuk keberhasilan,
serta memberikan nilai tambah bagi seluruh pemegang Upholding commitment is the main prerequisite for success, acting in
berbuat sesuai dengan kesepakatan/perjanjian, menghindari terjadinya
To become a company that provides leading and trusted
saham. accordance with the agreement/agreement, avoiding default, upholding
vehicle rental services and internet services and provides wanprestasi, menjunjung tinggi disiplin kerja.
work discipline.
added value for all shareholders. Upholding commitment is the main prerequisite for success, acting in
To become a company that provides leading and trusted Inovasi|Innovationavoiding default, upholding
accordance with the agreement/agreement,
Upaya menemukan dan menerapkan sesuatu yang baru untuk meningkatkan
work discipline.
vehicle rental services and internet services and provides produktivitas, kualitas, efisiensi dan kecepatan.
added value for all shareholders. Efforts to find and implement something new to increase productivity,
Inovasi|Innovation
quality, efficiency and speed.
MISI Upaya menemukan dan menerapkan sesuatu yang baru untuk meningkatkan
produktivitas, kualitas, efisiensi dan kecepatan.
Keseimbangan|Balance
MISSION Efforts tokeseimbangan
Menjaga find and implement something
di semua aspek, newteknologi
terutama: to increase productivity,
dan lingkungan,
kewajiban dan hak, wewenang
quality, dan tanggungjawab,
efficiency and speed.pendelegasian
wewenang dan pengawasan, penghargaan dan penalty, kinerja dan
MISI kesejahteraan.
Maintain balance inKeseimbangan|Balance
MenyediakanMISSION
all aspects, especially: technology and environment,
dan mewujudkan lingkungan kerja yang Menjagaobligations
keseimbangan di semua
and rights, aspek,
authority terutama: delegation
and responsibility, teknologiofdan lingkungan,
authority
aman dan sehat serta kondisilingkungan yang and supervision,
kewajiban rewards and dan
dan hak, wewenang penalties, performance and
tanggungjawab, welfare.
pendelegasian
mendukung pengembangan usaha Perseroan.
Provide and create a safe and healthy work environment
wewenang dan pengawasan, penghargaan dan penalty, kinerja dan
Keunggulan|Excellence
as well as environmental conditions that support the kesejahteraan.
Memberikan hasil yang maksimal termasuk mempertimbangkan risiko,
company's business development. Maintain balance
kualitas in all
produk danaspects, especially:
jasa sesuai technology
dengan persyaratan, andtepat
delivery environment,
waktu,
Menyediakan dan mewujudkan lingkungan kerja yang obligations and rights,
produktivitas authority
tinggi, and responsibility,
biaya minimal, delegation
pemanfaatan sumber of authority
daya optimal.
Melaksanakan aktivitas usaha secara profesional dan
serta kondisilingkungan
aman dan sehat terbuka yang
dengan menerapkan sistem manajemen sesuai supervision,
andProviding maximumrewards
results and penalties,
including performance
considering risk, quality and welfare.
of products and
mendukung pengembangan usaha Perseroan. services in accordance with requirements, timely delivery, high productivity,
dengan standar yang ditetapkan.
minimal costs, optimal utilization of resources.
Provide and create a safe
Carryand
out healthy work environment
business activities in a professional and open Keunggulan|Excellence
as well as environmental conditions
manner that support
by implementing the
a management system in Memberikan hasil yang maksimal termasuk mempertimbangkan risiko,
Hubungan|Relationship
accordance
company's business with established standards.
development. kualitas produk dan
Hubungan jasa sesuai
kemitraan dengan
yang baik persyaratan,
dengan delivery saham,
para pihak (pemegang tepat waktu,
Memberikan nilai tambah kepada pelanggan dengan cara pelanggan,
produktivitas tinggi, biaya mitra
minimal, kerja, pegawai).sumber daya optimal.
pemanfaatan
Melaksanakan aktivitas usaha secara
mengidentifikasi, profesional
memonitor dan seluruh
dan merespon
ProvidingGood partnership relationship with the parties (shareholders, customers,
maximum results including considering risk, quality of products and
terbuka dengan menerapkan sistem manajemen
kebutuhan, keinginan sesuai
atau harapan serta menjaga tingkat business partners, employees).
kepuasan pelanggan. services in accordance with requirements, timely delivery, high productivity,
dengan standar yang ditetapkan.
Provide added value to customers by identifying, minimal costs, Kerja Timutilization
optimal |Teamwork of resources.
Carry out business activities in a professional and open Sinergi yang optimal serta berbagai pengetahuan (knowledge sharing)
monitoring and responding to all needs, desires or
manner by implementing
expectationsa as
management system
the in dicapai melalui kerja sama intra dan lintas unit kerja.
well as maintaining level of customer Hubungan|Relationship
accordance with established standards.
satisfaction. Optimal synergies and knowledge sharing are achieved through intra- and
Hubungan kemitraan yang baik dengan
cross-work para pihak (pemegang saham,
unit collaboration.
Memberikan nilai tambah kepadaukuran
Menetapkan pelanggan
sasarandengan
kerja dancara
mengupayakan pelanggan, mitra kerja, pegawai).
Integritas |Integrity
mengidentifikasi, memonitor
peningkatandan merespon
kualitas seluruh
jasa pekerjaan Perseroan secara Good Menjadikan
partnership relationship with the parties (shareholders, customers,
fairness, accountability, responsibility, transparency, loyalty dan
kebutuhan, keinginanberkesinambungan
atau harapan serta menjaga
melalui tingkat
pengkajian dan peningkatan business
honesty sebagai satu partners,
kesatuan landasanemployees).
yang utuh dalam setiap tindakan.
efektivitas, kualitas dan kinerja.
kepuasan pelanggan. Make fairness, accountability, responsibility, transparency, loyalty and
Provide added valueDetermine
to customersthe ize of work targets and strive to
by identifying, honesty as aKerja
unifiedTim |Teamwork
foundation intact in every action..
improve the quality of the Company's work services on Sinergi yang optimal serta berbagai pengetahuan (knowledge sharing)
monitoring and responding to all needs, desires orand improvement
an ongoing basis through assessment
expectations as well as maintaining the level
of effectiveness, ofand
quality customer
performance.
dicapai melalui kerja sama intra dan lintas unit kerja.
satisfaction. Optimal synergies and knowledge sharing are achieved through intra- and
cross-work unit collaboration.
Menetapkan ukuran sasaran kerja dan mengupayakan Integritas |Integrity
peningkatan kualitas jasa pekerjaan Perseroan secara Menjadikan fairness, accountability, responsibility, transparency, loyalty dan
berkesinambungan melalui pengkajian dan peningkatan honesty sebagai satu kesatuan landasan yang utuh dalam setiap tindakan.
efektivitas, kualitas dan kinerja. Make fairness, accountability, responsibility, transparency, loyalty and
Determine the size of work targets and strive to honesty as a unified foundation intact in every action..
improve the quality of the Company's work services on
an ongoing basis through assessment and improvement
of effectiveness, quality and performance.
38
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Segmen Usaha
Business Segment
(POJK 51.A.3.d)(SEOJK 16.C.4)(GRI 2-6)
Pada tahun 2023 Perseroan telah melakukan In 2023 the Company has transferred the
pengalihan pengelolaan jasa penyedia layanan management of internet service provider services to
internet kepada PT Multinet Perkasa Indonesia (MPI) PT Multinet Perkasa Indonesia (MPI) which is a
yang merupakan entitas anak Perusahaan dengan subsidiary of PT Transkon Jaya Tbk by separating the
memisahkan segmen usaha Internet Service Provider Internet Service Provider (PACnet) business segment
(PACnet) yang selama ini dikelola oleh Perseroan, kini which has been managed by the Company, now fully
pengelolaan sepenuhnya dilakukan oleh PT Multinet managed carried out by PT Multinet Perkasa
Perkasa Indonesia (MPI). Sehingga sesuai Akta No. 30 Indonesia (MPI). So according to Deed no. 30 dated
tanggal 22 Juni 2023 yang dibuat dihadapan Notaris 22 June 2023 which was made before Notary Buchari
Buchari Hanafi S.H, yang telah memperoleh Hanafi S.H, which has obtained approval from the
persetujuan dari Menteri Hukum dan Hak Asasi Minister of Law and Human Rights through Decree
Manusia melalui Keputusan Nomor AHU- Number AHU-0036154.AH.01.02. YEAR 2023 dated
0036154.AH.01.02. TAHUN 2023 tanggal 26 Juni 2023, June 26 2023, the Company operates in the fields of:
Perseroan bergerak dalam bidang :
Kegiatan Usaha Utama Main Business Activities
1. Aktivitas Perusahaan Holding 1. Holding Company Activities
2. ŬƚŝǀŝƚĂƐ WĞŶLJĞǁĂĂŶ ĚĂŶ ^ĞǁĂ 'ƵŶĂ hƐĂŚĂ 2. Rental and Leasing Activities Without Option
dĂŶƉĂ,ĂŬKƉƐŝDŽďŝů͕ƵƐ͕dƌƵŬĚĂŶ^ĞũĞŶŝƐŶLJĂ Rights for Cars, Buses, Trucks and the Like
4. ŬƚŝǀŝƚĂƐWĞŶLJĞĚŝĂdĞŶĂŐĂ<ĞƌũĂtĂŬƚƵdĞƌƚĞŶƚƵ 4. Activities of Specific Time Labor Providers
<ĞŐŝĂƚĂŶhƐĂŚĂWĞŶƵŶũĂŶŐ Supporting Business Activities
DĞŶũĂůĂŶŬĂŶ ŬĞŐŝĂƚĂŶ ƵƐĂŚĂ ƉĞŶƵŶũĂŶŐ LJĂŶŐ Carrying out supporting business activities
ďĞƌŬĂŝƚĂŶĚĂŶŵĞŶĚƵŬƵŶŐŬĞŐŝĂƚĂŶƵƐĂŚĂƵƚĂŵĂ related to and supporting the Company's main
WĞƌƐĞƌŽĂŶ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ĂŶŐŐĂƌĂŶ ĚĂƐĂƌ business activities in accordance with the
Company's articles of association.
WĞƌƐĞƌŽĂŶ͘
Berikut ini adalah operasional menurut setiap segmen The following are operations by each segment
yang dilaporkan dalam laporan keuangan perseroan: reported in the company's financial statements:
• Penyewaan
kendaraan meliputi penyewaan • Vehicle
rental includes rental of LV vehicles such
kendaraan LV seperti 4x4 dan 4x2 dengan as 4x4 and 4x2 with vehicle specifications that
spesifikasi kendaraan yang telah disesuaikan have been adjusted to the customer's business
dengan kegiatan usaha pelanggan yang activities which are dominated by coal mining
didominasi oleh perusahaan pertambangan companies.
batu bara.
• Penjualan
suku cadang yang merupakan salah • Sales
of spare parts which is one of the
satu kegiatan usaha penunjang perseroan Company's supporting business activities in
sehubungan dengan keperluan Perseroaan connection with the Company's needs for the
untuk fasilitas perbaikan kendaraan Perseroan. Company's vehicle repair facilities. In general,
Secara umum kegiatan usaha ini hanya this business activity is only intended for
diperuntukkan pada customer unit yang customer units that are undergoing repairs or
mengalami perbaikan maupun tambahan suku additional spare parts for units that have been
cadang pada unit yang telah di sewakan. rented out.
Dalam menjalankan kegiatan usaha tersebut In carrying out these business activities, the
Perseroan didukung penuh oleh pemegang saham Company is fully supported by shareholders and
dan para pemangku kepentingan lainnya. Informasi other stakeholders. Performance information from
kinerja dari masing-masing segmen dapat menjadi each segment can be a guide for the Company to
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panduan bagi Perseroan untuk mengambil langkah- take strategic steps to improve the company's
langkah strategis demi meningkatkan kinerja performance in the future. Not only improving
perusahaan ke depan. Tidak hanya meningkatkan company performance but increasing healthy and
kinerja perusahaan tetapi meningkatkan sustainable business growth as well as being active
pertumbuhan usaha yang sehat dan bekerlanjutan in social responsibility activities towards the
serta aktif dalam kegiatan tanggung jawab sosial community or further called Corporate Social
kepada masyarakat atau lebih lanjut disebut Responsibility (CSR).
Corporate Social Responsibility (CSR).
Pertumbuhan yang sehat dan berkelanjutan adalah Healthy and sustainable growth is a commitment
komitmen yang telah dipenuhi Perseroan kepada that the Company has fulfilled to its shareholders.
pemegang saham. Sepanjang tahun pelaporan berikut Throughout the reporting year, the following are the
rincian komposisi pemegang saham Perseroan: details of the composition of the Company's
shareholders:
Komposisi Pemegang Saham
Company Shareholders Composition
(POJK 51.A.3.c.3)(SEOJK 16.C.3.c)(GRI 2-1)
MASYARAKAT
PT Samindo PT Damai PT Aneka (TERMASUK ESA)
Resources Tbk Investama Sukses PUBLIC (INCLUDING
ESA)
74% 8% 5,71% 12,29%
PT TRANSKON JAYA TBK
Induk Usaha
Business Parent
Pada tanggal 30 November 2023 Perseroan melakukan On 30 November 2023, the Company held an
RUPS Luar Biasa terkait pengalihan saham PT Damai Extraordinary GMS regarding the transfer of shares of
Investama Sukses dan PT MSJ Investama Abadi kepada PT PT Damai Investama Sukses and PT MSJ Investama
Samindo Resources Tbk, yang dimuat dalam Akta Nomor Abadi to PT Samindo Resources Tbk, which was
74 tanggal 30 November 2023 yang telah memperoleh contained in Deed Number 74 dated 30 November
Persetujuan Menteri Hukum dan Hak Asasi Manusia 2023 which has received approval from the Minister
Republik Indonesia dengan surat Penerimaan of Law and Human Rights of the Republic of Indonesia
Pemberitahuan Perubahan Data Perseroan Nomor AHU- with a letter of Acceptance of Notification of Changes
AH.01.09-0194216 tanggal 08 Desember 2023 yang telah to Company Data Number AHU-AH.01.09-0194216
didaftarkan dalam Daftar Perseroan Nomor AHU- dated 08 December 2023 which has been registered in
0249020.AH.01.11. TAHUN 2023 Tanggal 08 Desember the Company Register Number AHU-
2023. 0249020.AH.01.11. YEAR 2023 Date 08 December
2023.
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PT Samindo Resources Tbk
PT Samindo Resources Tbk adalah Entitas Induk Perseroan sekaligus pemegang saham pengendali
Perseroan.
PT Samindo Resources Tbk is the Company's Parent Entity and the controlling shareholder of the
Company.
Riwayat Singkat Brief History
PT Samindo Resources Tbk berdasarkan Akta Pendirian PT Samindo Resources Tbk based on the Deed of
Perseroan Terbatas PT Myohdotcom Indonesia No. 37 Establishment of the Limited Liability Company PT
tertanggal 15 Maret 2000, dibuat dihadapan Esther Myohdotcom Indonesia No. 37 dated March 15, 2000,
Mercia Sulaiman, SH, Notaris di Jakarta, yang telah was made before Esther Mercia Sulaiman, SH, Notary
mendapat pengesahan dari Menteri Hukum dan in Jakarta, which has received approval from the
Perundang-undangan dengan Keputusan No. C-7565 Minister of Law and Legislation with Decree No. C-
HT.01.01.TH.2000 tertanggal 29 Maret 2000, didaftarkan 7565 HT.01.01.TH.2000 dated 29 March 2000,
di Kantor Pendaftaran Perusahaan Kota Malang tanggal registered at the Malang City Company Registration
14 April 2000 dengan No. 120|BH.13.08|IV|2000, serta Office on 14 April 2000 with No.
diumumkan dalam Berita Negara Republik Indonesia No. 120|BH.13.08|IV|2000, and published in the State
51 tanggal 20 Juni 2000, Tambahan No. 3067. PT Samindo Gazette of the Republic of Indonesia No. 51 dated 20
Resources Tbk merupakan perusahaan investment June 2000, Supplement No. 3067. PT Samindo
holding terkemuka di Indonesia yang menyediakan jasa Resources Tbk is a leading investment holding
pertambangan batubara terintegrasi dengan kompetensi company in Indonesia that provides integrated coal
inti di bidang jasa pemindahan batuan penutup, produksi mining services with core competencies in the fields of
batubara, pengangkutan batubara dan pemboran overburden removal services, coal production, coal
eksplorasi. transportation and exploration drilling.
PT Samindo Resources Tbk beralamat di Equity Tower 30th PT Samindo Resources Tbk beralamat di Equity Tower
Floor, SCBD, Jalan Jendral Sudirman Kav. No.52-53 Lot 9, 30th Floor, SCBD, Jalan Jendral Sudirman Kav. No.52-
Jakarta Selatan 12190, Indonesia 53 Lot 9, Jakarta Selatan 12190, Indonesia
Pemegang Saham Di Atas 5%
Shareholders Above 5%
PT Damai Investama Sukses
PT Damai Investama Sukses adalah entitas pemegang saham diatas 5% Perseroan
PT Damai Investama Sukses is an entity that holds more than 5% of Company
PT Damai Investama Sukses (“DIS”) didirikan PT Damai Investama Sukses (“DIS”) was established
berdasarkan Akta Pendirian No. 02 tanggal 18 based on Deed of Establishment No. 02 dated 18
November 2019 yang dibuat dihadapan Lili Aryati, S.H., November 2019 which was made before Lili Aryati, S.H.,
M.Kn., Notaris di Kota Balikpapan, dan telah mendapat M.Kn., Notary in Balikpapan City, and has received
pengesahan dari Menkumham berdasarkan Surat approval from the Minister of Law and Human Rights
Keputusan No.AHU-0061084.AH.01.01 Tahun 2019 based on Decree No.AHU-0061084.AH.01.01 of 2019
Tanggal 19 November 2019 dan telah didaftarkan pada dated 19 November 2019 and has been registered on
daftar Perseroan No. AHU-222117.AH.01.11.tahun the Company list no. AHU-222117.AH.01.11.year 2019
2019 tanggal 19 November 2019 (“Akta Pendirian dated 19 November 2019 ("Deed of Establishment of
DIS”). DIS").
DIS beralamat di Jalan Mulawarman No. 21, RT 23, DIS address is at Jalan Mulawarman No.21, RT 23,
Kelurahan Manggar, Kecamatan Balikpapan Timur, Kota Manggar, EastBalikpapan, City of Balikpapan, East
Balikpapan, Provinsi Kalimanta Timur Kalimantan Province.
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PT ANEKA
PT Aneka adalah entitas pemegang saham diatas 5% Perseroan
PT Aneka is an entity that holds more than 5% of Company
PT Aneka didirikan berdasarkan Akta Pendirian No. 18 PT Aneka was established based on the Deed of
tanggal 15 Maret 2012 yang dibuat dihadapan Soentoro, Establishment No. 18 dated March 15, 2012 drawn up
S.H., Notaris di Kota Balikpapan, dan telah mendapat before Soentoro, S.H., Notary in Balikpapan City, and
pengesahan dari SK. Menteri Kehakiman Republik has been approved by SK. Minister of Justice of the
Indonesia No. C. 321 HT. 03 - 01 - TH. 1999, Tanggal 12 Republic of Indonesia No. C. 321 HT. 03 - 01 - TH. 1999,
Februari 1999 dan telah didaftarkan pada daftar dated February 12, 1999 and has been registered in the
Perseroan No. AHU-31929.AH.01.01.tahun 2012 tanggal Company Register No. AHU-31929.AH.01.01.year 2012
13 Juni 2012 (“Akta Pendirian Aneka”). dated June 13, 2012 (“Deed of Establishment of
Aneka”).
PT Aneka beralamat di Jalan Jendral Sudirman PT Aneka address is at Jalan Jendral Sudirman
Balikpapan Superblock, Block C No.17 RT.19, Damai Balikpapan Superblock Block C No.17 RT.19, Damai
Bahagia Balikpapan Selatan, Kota Balikpapan, Provinsi Bahagia South Balikpapan, City of Balikpapan, East
Kalimantan Timur. Kalimantan Province.
Perubahan Signifikan
Significant Change
(POJK 51 A.3.f)(SEOJK 16.C.6)((GRI 2-4)
Seiring dengan jalannya bisnis Perseroan, tentu As the Company's business progresses, of course it
mengalami banyak perubahan baik itu dari segi susunan experiences many changes both in terms of the
pemegang saham, anggota dewan direksi maupun composition of shareholders, members of the board of
dewan komisaris. Perubahan ini menjadi hal yang lazim directors and board of commissioners. This change has
bagi Perseroan. Perubahan tersebut bertujuan agar become commonplace for the Company. These changes
Perseroan tidak menjadi statis melainkan tetap dinamis are intended so that the Company does not become
dalam menghadapi perkembangan jaman, kemajuan static but remains dynamic in facing current
teknologi khususnya dibidang penyewaan Kendaraan 4 x developments, technological advances, especially in the
4 & 4 x 2 untuk Industri Pertambangan, Minyak & Gas field of 4 x 4 & 4 x 2 vehicle rentals for the Mining, Oil &
dan Industri Konstruksi, termasuk Kendaraan Ringan, Gas and Construction Industries, including Light
Truk Ringan dan Bus, Manhaul, Ambulans, Badan Vehicles, Light Trucks and Buses, Manhaul , Ambulance,
Layanan, dan Kendaraan Penyelamat. Service Agency and Rescue Vehicle.
Sepanjang tahun pelaporan Perseroan telah melakukan Throughout the reporting year the Company has made
perubahan atas komposisi kepemilikan saham dan changes to the composition of share ownership and
perubahan struktur organisasi dengan pengangkatan changes to the organizational structure by appointing
dan pemberhentian direksi. Perubahan tersebut and dismissing directors. These changes have of course
tentunta telah mendapat persetujuan dari pemegang received approval from shareholders and the quorum.
saham dan korum. Perubahan-perubahan tersebut These changes are detailed as follows:
dirincikan sebagai berikut:
Perubahan Kepemilikan Saham Changes in Share Ownership
Selama tahun 2023 komposisi kepemilikan saham During 2023, the composition of the Company's share
Perseroan mengalami perubahan yang terjadi ownership will experience changes due to investment
dikarenakan adanya Investasi dan Divestasi yaitu antara and divestment, namely as follows:
lain sebagai berikut :
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Nama Pemegang Saham | Name of Shareholder : PT Damai Investama Sukses
Jumlah Saham Sebelum Transaski | Number of Shares Before Transaction : 393.348.000 [26,05%]
Jumlah Saham Setelah transaksi | Number of Shares After transaction : 120.816.000 [8%]
Status Kepemilikan | Ownership status : Langsung | Direct
Rincian Transaksi |
Transaction Details
Jenis Transaksi | Harga Transaksi Tanggal Transaksi (2023) Saham Yang Tujuan Transaksi |
Transaction Type (Rp) | Transaction | Transaction Date Ditransaksikan | Transaction Purpose
Price (2023) Shares Transacted
(IDR)
Penjualan |Sell 250 13 April | April 54.000.000 Divestasi
Pembelian |Buy 275 24 Oktober | October 60.000.000 Investasi
Pembelian |Buy 275 25 Oktober |October 52.750.000 Investasi
Pembelian|Buy 275 26 Oktober | October 64.700.000 Investasi
Pembelian |Buy 275 07 November | November 14.500.000 Investasi
Pembelian |Buy 275 10 November | November 21.800.000 Investasi
Pembelian |Buy 275 15 november | November 67.200.000 Investasi
Pembelian |Buy 275 17 November | November 34.800.000 Investasi
Pembelian |Buy 275 23 November | November 75.186.000 Investasi
Penjualan |Sell 275 30 November | November 663.468.000 Divestasi
Nama Pemegang Saham | Name of Shareholder : PT MSJ Investama Abadi
Jumlah Saham Sebelum Transaski | Number of Shares Before Transaction : 454.080.000 [30,07%]
Jumlah Saham Setelah transaksi | Number of Shares After transaction : 0 [0%]
Status Kepemilikan | Ownership status : Langsung | Direct
Rincian Transaksi |
Transaction Details
Jenis Transaksi | Harga Transaksi Tanggal Transaksi Saham Yang Tujuan Transaksi |
Transaction Type (Rp) | Transaction (2023) | Transaction Ditransaksikan | Transaction Purpose
Price Date (2023) Shares Transacted
(IDR)
Penjualan |Sell 250 13 April | April 54.000.000 Divestasi
Nama Pemegang Saham | Name of Shareholder : PT Aneka
Jumlah Saham Sebelum Transaski | Number of Shares Before Transaction : 155.919.600 [10,32%]
Jumlah Saham Setelah transaksi | Number of Shares After transaction : 94.583.300 [6,26%]
Status Kepemilikan | Ownership status : Langsung
Rincian Transaksi |
Transaction Details
Jenis Transaksi | Harga Transaksi Tanggal Transaksi (2023) Saham Yang Tujuan Transaksi |
Transaction Type (Rp) | Transaction | Transaction Date Ditransaksikan | Transaction Purpose
Price (2023) Shares Transacted
(IDR)
Penjualan |Sell 264 23 Oktober | October 371.100 Divestasi
Penjualan |Sell 264 02 November |November 138.200 Divestasi
Penjualan |Sell 266 02 November |November 240.600 Divestasi
Penjualan |Sell 268 02 November |November 96.600 Divestasi
Penjualan |Sell 264 03 November |November 40.600 Divestasi
Penjualan |Sell 264 08 November |November 147.900 Divestasi
Penjualan |Sell 264 13 November |November 4.298.800 Divestasi
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Nama Pemegang Saham | Name of Shareholder : PT Aneka
Jumlah Saham Sebelum Transaski | Number of Shares Before Transaction : 155.919.600 [10,32%]
Jumlah Saham Setelah transaksi | Number of Shares After transaction : 94.583.300 [6,26%]
Status Kepemilikan | Ownership status : Langsung
Rincian Transaksi |
Transaction Details
Jenis Transaksi | Harga Transaksi Tanggal Transaksi (2023) Saham Yang Tujuan Transaksi |
Transaction Type (Rp) | Transaction | Transaction Date Ditransaksikan | Transaction Purpose
Price (2023) Shares Transacted
(IDR)
Penjualan |Sell 266 13 November |November 200.500 Divestasi
Penjualan |Sell 268 13 November |November 99.500 Divestasi
Penjualan |Sell 264 14 November |November 1.193.500 Divestasi
Penjualan |Sell 264 15 November |November 550.900 Divestasi
Penjualan |Sell 264 16 November |November 5.000.000 Divestasi
Penjualan |Sell 300 16 November |November 3.844.600 Divestasi
Penjualan |Sell 302 16 November |November 127.600 Divestasi
Penjualan |Sell 304 16 November |November 120.000 Divestasi
Penjualan |Sell 306 16 November |November 369.100 Divestasi
Penjualan |Sell 308 16 November |November 148.200 Divestasi
Penjualan |Sell 310 16 November |November 52.700 Divestasi
Penjualan |Sell 312 16 November |November 140.500 Divestasi
Penjualan |Sell 314 16 November |November 112.000 Divestasi
Penjualan |Sell 316 16 November |November 85.300 Divestasi
Penjualan |Sell 288 17 November |November 766.500 Divestasi
Penjualan |Sell 290 17 November |November 28.200 Divestasi
Penjualan |Sell 292 17 November |November 4.851.400 Divestasi
Penjualan |Sell 294 17 November |November 148.600 Divestasi
Penjualan |Sell 278 20 November |November 2.686.000 Divestasi
Penjualan |Sell 280 20 November |November 633.900 Divestasi
Penjualan |Sell 282 20 November |November 291.500 Divestasi
Penjualan |Sell 284 20 November |November 39.700 Divestasi
Penjualan |Sell 268 21 November |November 1.966.500 Divestasi
Penjualan |Sell 270 21 November |November 33.500 Divestasi
Penjualan |Sell 274 21 November |November 760.900 Divestasi
Penjualan |Sell 280 21 November |November 91.400 Divestasi
Penjualan |Sell 264 24 November |November 28.200 Divestasi
Penjualan |Sell 270 27 November |November 2.400.600 Divestasi
Penjualan |Sell 272 27 November |November 414.300 Divestasi
Penjualan |Sell 274 27 November |November 499.600 Divestasi
Penjualan |Sell 276 27 November |November 329.600 Divestasi
Penjualan |Sell 278 27 November |November 343.800 Divestasi
Penjualan |Sell 280 27 November |November 751.800 Divestasi
Penjualan |Sell 282 27 November |November 260.300 Divestasi
Penjualan |Sell 274 28 November |November 5.919.900 Divestasi
Penjualan |Sell 280 28 November |November 377.800 Divestasi
Penjualan |Sell 270 29 November |November 2.000.000 Divestasi
Penjualan |Sell 272 29 November |November 1.916.700 Divestasi
Penjualan |Sell 270 30 November |November 531.200 Divestasi
Penjualan |Sell 270 01 Desember | December 1.767.200 Divestasi
Penjualan |Sell 270 05 Desember | December 969.000 Divestasi
Penjualan |Sell 270 06 Desember | December 1.000.000 Divestasi
Penjualan |Sell 272 07 Desember | December 3.809.800 Divestasi
Penjualan |Sell 272 08 Desember | December 1.000.000 Divestasi
Penjualan |Sell 274 11 Desember | December 1.066.400 Divestasi
Penjualan |Sell 272 12 Desember | December 1.273.900 Divestasi
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Nama Pemegang Saham | Name of Shareholder : PT Aneka
Jumlah Saham Sebelum Transaski | Number of Shares Before Transaction : 155.919.600 [10,32%]
Jumlah Saham Setelah transaksi | Number of Shares After transaction : 94.583.300 [6,26%]
Status Kepemilikan | Ownership status : Langsung
Rincian Transaksi |
Transaction Details
Jenis Transaksi | Harga Transaksi Tanggal Transaksi (2023) Saham Yang Tujuan Transaksi |
Transaction Type (Rp) | Transaction | Transaction Date Ditransaksikan | Transaction Purpose
Price (2023) Shares Transacted
(IDR)
Penjualan |Sell 272 13 Desember | December 1.000.000 Divestasi
Penjualan |Sell 272 14 Desember | December 2.000.000 Divestasi
Penjualan |Sell 272 15 Desember | December 2.000.000 Divestasi
Transaksi Afiliasi Affiliate Transactions
Sesuai dengan ketentuan POJK 42/PJK.04/2020 In accordance with the provisions of POJK
tentang Transaksi Afiliasi dan Benturan Kepentingan, 42/PJK.04/2020 concerning Affiliate Transactions and
Perseroan memiliki kewajiban untuk mengungkapkan Conflicts of Interest, the Company has an obligation
transaksi afiliasi yang terjadi selama tahun 2023 to disclose affiliate transactions that occur during
antara lain sebagai berikut : 2023, including the following:
Transaksi pengalihan Segmen Usaha PACnet ke PT Transaction of transfer of PACnet Business
Multinet Perkasa Indonesia Segment to PT Multinet Perkasa Indonesia
Perseroan pada tanggal 8 Agustus 2023 melakukan On August 8 2023, the Company signed the
penandatanganan legalitas Pemisahan Segmen legality of the Separation of the Internet Service
Usaha Internet Service Provider (PACnet) kepada Provider (PACnet) Business Segment to PT
PT Multinet Perkasa Indonesia yang merupakan Multinet Perkasa Indonesia, which is a subsidiary
entitas anak Perseroan dengan nilai transaksi of the Company with a transaction value of IDR
sebesar Rp 5.844.222.870 dengan pembayaran 5,844,222,870 with payments made without a
yang dilakukan tanpa batas waktu. Perseroan time limit. The Company previously held a General
sebelumnya melakukan Rapat Umum Pemegang Meeting of Shareholders with the approval
Saham dengan Persetujuan yang dimuat dalam contained in Deed No. 30 dated 22 June 2023
Akta No. 30 tanggal 22 Juni 2023 yang telah which has obtained approval from the Minister of
memperoleh persetujuan Menteri Hukum dan Hak Law and Human Rights of the Republic of
Asasi Manusia Republik Indonesia dengan surat Indonesia with his decision letter Number AHU-
keputusannya Nomor AHU- 0036154.AH.01.02. Tahun 2023 dated 26 June
0036154.AH.01.02.Tahun 2023 tanggal 26 Juni 2023 and has been registered in the company
2023 dan telah didaftarkan dalam daftar perseroan register Number AHU-011984.AH.01.11. 2023
Nomor AHU-011984.AH.01.11.Tahun 2023 tanggal June 26 2023.
26 Juni 2023.
Transaksi yang dilakukan Perseroan dengan PT The transactions carried out by the Company with
Multinet Perkasa Indonesia, telah dilkaukan PT Multinet Perkasa Indonesia have been
penilaian oleh Penilai oleh KJPP Ihot, Dolar, & assessed by an appraiser by KJPP Ihot, Dolar, &
Raymond (KJPP ID&R) selaku penilai independenm Raymond (KJPP ID&R) as the Company's
Perseroan yang melakukan penilaian dan independent appraiser who carried out the
memberikan pendapat kewajaran dalam Laporan assessment and provided a fairness opinion in
Nomor 00050/2.011000/BS/06/0113/1/V/2023 Report Number 00050/2.011000/BS/06/0113
tanggal 16 Mei 2023 yang mana berdasarkan /1/V/2023 dated 16 May 2023, which is based on
pertimbangan analisis kualitatif dan kuantitatif consideration of qualitative and quantitative
terhadap transaksi, analisis kewajaran transaksi analysis of transactions, analysis of the fairness of
dan faktor-faktor yang relevan dalam memberikan transactions and relevant factors in providing a
pendapat kewajaran atas transaksi yang akan fairness opinion on transactions that will be
dilakukan Perseroan adalah wajar. carried out by the Company, which are fair.
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ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ĚĂŶ ŝƌĞŬƐŝ WĞƌƐĞƌŽĂŶ The Board of Commissioners and Directors of the
ŵĞŶLJĂƚĂŬĂŶďĂŚǁĂZĞŶĐĂŶĂWĞŵŝƐĂŚĂŶĚĞŶŐĂŶ Company stated that the Plan for Separation by
ŵĞůĂŬƵŬĂŶ WĞŶŐĂůŝŚĂŶ ĚŝŬĂƚĞŐŽƌŝŬĂŶ ƐĞďĂŐĂŝ Transfer is categorized as an immaterial
dƌĂŶƐĂŬƐŝ LJĂŶŐ ƚŝĚĂŬ ŵĂƚĞƌŝĂů ƐĞďĂŐĂŝŵĂŶĂ Transaction as regulated in POJK 17/2020, and is
ĚŝĂƚƵƌ ĚĂůĂŵ WK:< ϭϳͬϮϬϮϬ͕ ĚĂŶ ŵĞƌƵƉĂŬĂŶ an Affiliate Transaction which does not contain a
dƌĂŶƐĂŬƐŝ ĨŝůŝĂƐŝ LJĂŶŐ ƚŝĚĂŬ ŵĞŶŐĂŶĚƵŶŐ conflict of interest as referred to in POJK 42/2020.
ďĞŶƚƵƌĂŶ ŬĞƉĞŶƚŝŶŐĂŶ ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ The Board of Directors and Board of
ĚĂůĂŵ WK:< ϰϮͬϮϬϮϬ͘ ŝƌĞŬƐŝ ĚĂŶ ĞǁĂŶ Commissioners of the Company are responsible
<ŽŵŝƐĂƌŝƐ WĞƌƐĞƌŽĂŶ ďĞƌƚĂŶŐŐƵŶŐ ũĂǁĂď ĂƚĂƐ for the correctness of all information contained in
ŬĞďĞŶĂƌĂŶ ĚĂƌŝ ƐĞůƵƌƵŚ ŝŶĨŽƌŵĂƐŝ LJĂŶŐ ĚŝŵƵĂƚ this Disclosure of Information, and after
ĚĂůĂŵ <ĞƚĞƌďƵŬĂĂŶ /ŶĨŽƌŵĂƐŝ ŝŶŝ͕ ĚĂŶ ƐĞƚĞůĂŚ conducting careful research on the information
ŵĞůĂŬƵŬĂŶ ƉĞŶĞůŝƚŝĂŶ ƐĞĐĂƌĂ ƐĞŬƐĂŵĂ ĂƚĂƐ available in connection with the Separation of the
ŝŶĨŽƌŵĂƐŝͲŝŶĨŽƌŵĂƐŝ LJĂŶŐ ƚĞƌƐĞĚŝĂ ƐĞŚƵďƵŶŐĂŶ Internet Service Provider Business Segment
ĚĞŶŐĂŶ WĞŵŝƐĂŚĂŶ ^ĞŐŵĞŶ hƐĂŚĂ /ŶƚĞƌŶĞƚ "PACnet", hereby declare that to the best of their
Service Provider “PACnet”, dengan ini knowledge and It is the belief of the Company's
ŵĞŶLJĂƚĂŬĂŶďĂŚǁĂƐĞƉĂŶũĂŶŐƉĞŶŐĞƚĂŚƵĂŶĚĂŶ Board of Commissioners and Directors that there
ŬĞLJĂŬŝŶĂŶ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ĚĂŶ ŝƌĞŬƐŝ is no important information and other material
WĞƌƐĞƌŽĂŶ͕ ƚŝĚĂŬ ĂĚĂ ŝŶĨŽƌŵĂƐŝ ƉĞŶƚŝŶŐ ĚĂŶ relating to the Separation of the Internet Service
ŵĂƚĞƌŝĂů ůĂŝŶŶLJĂ LJĂŶŐ ďĞƌŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ Provider Business Segment "PACnet" which is not
WĞŵŝƐĂŚĂŶ ^ĞŐŵĞŶ hƐĂŚĂ /ŶƚĞƌŶĞƚ ^ĞƌǀŝĐĞ disclosed in this Information Disclosure which
Provider “PACnet” yang tidak diungkapkan could cause this Information Disclosure to be
ĚĂůĂŵ <ĞƚĞƌďƵŬĂĂŶ /ŶĨŽƌŵĂƐŝ ŝŶŝ LJĂŶŐ ĚĂƉĂƚ untrue and/or misleading.
ŵĞŶLJĞďĂďŬĂŶ<ĞƚĞƌďƵŬĂĂŶ/ŶĨŽƌŵĂƐŝŝŶŝŵĞŶũĂĚŝ
ƚŝĚĂŬďĞŶĂƌĚĂŶͬĂƚĂƵŵĞŶLJĞƐĂƚŬĂŶ͘
ŬƵŝƐŝƐŝ Acquisition
^ĞůĂŵĂ ƚĂŚƵŶ ϮϬϮϯ ƉĞƌƐĞƌŽĂŶ ƚĞůĂŚ ŵĞůĂŬƵŬĂŶ During 2023 the company has reported on
ƉĞůĂƉŽƌĂŶ ĂƚĂƐ ĂŬƵŝƐŝƐŝ LJĂŶŐ ĚŝůŬĂƵŬĂŶ ŽůĞŚ acquisitions carried out by the Company's
WĞŵĞŐĂŶŐ^ĂŚĂŵWĞƌƐĞƌŽĂŶLJĂŝƚƵƐĞďĂŐĂŝďĞƌŝŬƵƚ͗ Shareholders, namely as follows:
WĞƌƵďĂŚĂŶ WĞŵĞŐĂŶŐ ^ĂŚĂŵ WĞŶŐĞŶĚĂůŝ Changes in Controlling Shareholders Company
WĞƌƐĞƌŽĂŶDĞŶũĂĚŝWd^ĂŵŝŶĚŽZĞƐŽƵƌĐĞƐdďŬ Becomes PT Samindo Resources Tbk
WĂĚĂ ƚĂŶŐŐĂů ϯϬ EŽǀĞŵďĞƌ ϮϬϮϯ ƉĞŵĞŐĂŶŐ On November 30 2023, the Company's
ƐĂŚĂŵ WĞƌƐĞƌŽĂŶ LJĂŝƚƵ Wd ĂŵĂŝ /ŶǀĞƐƚĂŵĂ shareholders, namely PT Damai Investama Sukses
^ƵŬƐĞƐĚĂŶWdD^:/ŶǀĞƐƚĂŵĂďĂĚŝĚĞŶŐĂŶWd and PT MSJ Investama Abadi with PT Samindo
^ĂŵŝŶĚŽ ZĞƐŽƵƌĐĞƐ dďŬ ƚĞůĂŚ ŵĞůĂŬƵŬĂŶ Resources Tbk, have signed a Share Purchase
ƉĞŶĂŶĚĂƚĂŶŐĂŶĂŶ ^ŚĂƌĞ WƵƌĐŚĂƐĞ ŐƌĞĞŵĞŶƚ Agreement (SPA) with an agreement to transfer
;^WͿ ĚĞŶŐĂŶ ŬĞƐĞƉĂŬĂƚĂŶ ƉĞŶŐĂůŝŚĂŶ ũƵŵůĂŚ the number of shares to PT Samindo Resources
ůĞŵďĂƌƐĂŚĂŵŬĞƉĂĚĂWd^ĂŵŝŶĚŽZĞƐŽƵƌĐĞƐdďŬ Tbk amounting to 1,117,548,000 shares in
ƐĞďĂŶLJĂŬ ϭ͘ϭϭϳ͘ϱϰϴ͘ϬϬϬ ůĞŵďĂƌ ƐĂŚĂŵ ĚĂůĂŵ Company or 74%. The Company previously held a
WĞƌƐĞƌŽĂŶ ĂƚĂƵ ϳϰй͘ WĞƌƐĞƌŽĂŶ ƐĞďĞůƵŵŶLJĂ General Meeting of Shareholders with the agenda
ŵĞůĂŬƵŬĂŶ ZĂƉĂƚ ƵŵƵŵ WĞŵĞŐĂŶŐ ^ĂŚĂŵ of Approval of Changes in Controlling
ĚĞŶŐĂŶ ĂŐĞŶĚĂ WĞƌƐĞƚƵũƵĂŶ WĞƌƵďĂŚĂŶ Shareholders of the Company as contained in
WĞŵĞŐĂŶŐ ^ĂŚĂŵ WĞŶŐĞŶĚĂůŝ WĞƌƐĞƌŽĂŶ LJĂŶŐ Deed Number 74 dated 30 November 2023 which
ĚŝŵƵĂƚ ĚĂůĂŵ ŬƚĂ EŽŵŽƌ ϳϰ ƚĂŶŐŐĂů ϯϬ has obtained approval for the Receipt of
EŽǀĞŵďĞƌ ϮϬϮϯ LJĂŶŐ ƚĞůĂŚ ŵĞŵƉĞƌŽůĞŚ Notification of Changes to Company Data from
ƉĞƌƐĞƚƵũƵĂŶ WĞŶĞƌŝŵĂĂŶ WĞŵďĞƌŝƚĂŚƵĂŶ the Minister of Law and Human Rights of the
WĞƌƵďĂŚĂŶĂƚĂWĞƌƐĞƌŽĂŶDĞŶƚĞƌŝ,ƵŬƵŵĚĂŶ Republic of Indonesia with letter Number AHU-
,ĂŬ ƐĂƐŝ DĂŶƵƐŝĂ ZĞƉƵďůŝŬ /ŶĚŽŶĞƐŝĂ ĚĞŶŐĂŶ AH.01.09 -0194216 and has been registered in the
ƐƵƌĂƚŶLJĂ EŽŵŽƌ ,hͲ,͘Ϭϭ͘ϬϵͲϬϭϵϰϮϭϲ ĚĂŶ Company register Number AHU-
ƚĞůĂŚĚŝĚĂĨƚĂƌŬĂŶĚĂůĂŵĚĂůĂŵĚĂĨƚĂƌWĞƌƐĞƌŽĂŶ 0249020.AH.01.11.Year 2023 dated 08 December
EŽŵŽƌ ,hͲϬϮϰϵϬϮϬ͘,͘Ϭϭ͘ϭϭ͘dĂŚƵŶ ϮϬϮϯ 2023.
ƚĂŶŐŐĂůϬϴĞƐĞŵďĞƌϮϬϮϯ͘
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Skala Usaha Perseroan
Company’s Busines Scale
(POJK51.3.C)(SEOJK 16.C.3)(GRI 2-6)
Jumlah Karyawan Jumlah Customer Kendaraan
Total Employees Total Vehicle Customer
(orang |Person) (Customer|Customer)
2023 746 2023 109
2022 689 2022 139
2021 549 2021 132
Jumlah Kendaraan Yang Disewakan Jumlah Kendaraan Yang Dijual
Total Vehicle For Rent Total Vehicle For Sale
(Satuan|Unit) (Satuan|Unit)
2023 2.368
2023 249
2022 353
2022 2.133
2021 301
2021 1.796
Jumlah Aset Pendapatan
Total Asset Revenue
(Jutaan Rupian|Million Rupiah) (Jutaan Rupian|Million Rupiah)
2023 1.106.269 2023 606.370
2022 873.443 2022 483.001
2021 646.357 2021 402.585
Persentase Kepemilikan Saham Masyarakat
Public Share Ownership Percentage
(Persent|Percent)
2023 12,29%
2022 29,66%
2021 24,97%
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Pasar Yang Dilayani & Peta Operasional
Markets Served & Operational Map
(POJK 51.A.3.C.4)(SEOJK 16.C.3.D)(GRI 2-1, 2-6)
Perseroan memiliki pengalaman lebih dari 20 tahun The Company has more than 20 years of experience
di bidang Penyewaan Kendaraan dan merupakan in the vehicle rental sector and is a dynamic and
perusahaan yang dinamis dan berkembang pesat. rapidly growing company. The Company provides
Perseroan hadir dengan pelayanan yang ramah dalam friendly service in responding to all questions,
menanggapi segala pertanyaan, keluahan, atau complaints or feedback from customers. To continue
umpan balik dari pelanggan. Untuk terus tetap to maintain and maintain a positive reputation, the
terjaga dan mempertahankan reputasi positif Company always pays attention to customer feedback
Perseroan senantiasa memperhatikan umpan balik and takes action to improve areas that may need
pelanggan dan mengambil tindakan untuk improvement. Until now, the market served by the
meningkatkan area yang mungkin perlu ditingkatkan. Company is still focused on the mining, oil and gas
sampai saat ini pasar yang dilayani Perseroan masih and construction industries. However, the Company
berfokus pada industri Pertambangan, minyak dan also continues to monitor new opportunities to
gas serta kontruksi. Namun Perseroan juga terus continue to develop by carrying out good expansion,
memantau peluang baru untuk terus berkembang regional expansion by expanding the operational area
dengan melakukan ekspansi baik, ekspansi wilayah coverage, as well as expanding the fleet or vehicle
dengan memperluas cakupan area operasional, types in accordance with customer demand.
maupun ekspansi armada atau tipe kendaraan yang
sesuai dengan permintaan pelanggan.
Dalam menjalankan operasionalnya, Perseroan In carrying out its operations, the Company has 3
memiliki 3 (tiga) kantor dibalikpapan yaitu sebagai (three) offices behind the board, namely as follows.
berikut.
GOOD CORPORATE SUPPORTING
HEAD OFFICE OFFICE
GOVERNANCE OFFICE
Jalan mulawaman Jalan mulawaman Jalan mulawaman
No. 21, RT 23, Manggar, No. 9, RT 23, Manggar, No. 5, RT 03, Manggar,
Balikpapan Timur, Kota Balikpapan Timur, Kota Balikpapan Timur, Kota
Balikpapan, Kalimantan Balikpapan, Kalimantan Balikpapan, Kalimantan
Timur, 76116 Timur, 76116 Timur, 76116
Penyediaan layanan penyewaan kendaraan untuk pasar Providing vehicle rental services for the markets served, the
yang dilayani, Perseroan menyediakan kendaraan 4x4 Company provides 4x4 and 4x2 vehicles including light
dan 4x2 termasuk juga kendaraan ringan seperti, truk vehicles such as trucks and buses, manhauls, ambulances.
dan bis, manhaul, ambulans. The vehicle rental system is divided into 2 (two) periods,
long-term and short-term rental periods.
Sistem penyewaan kendaran dibagi 2 (dua) periode, The vehicle rental system is divided into 2 (two) periods,
periode sewa jangka panjang dan jangka pendek. Selain long-term and short-term rental periods. Apart from that,
itu perseroan juga memberikan penawaran layanan the company also offers vehicle maintenance and care
pemeliharaan dan perawatan kendaraan untuk setiap services for each vehicle rented. The Company also
kendaraan yang disewakan. Perseroan juga provides 1 unit of back up vehicle which can be used
menyediakan 1 unit kendaraan back up yang digunakan temporarily as a replacement for the main vehicle which is
sementara sebagai pengganti kendaraan utama yang damaged or inoperable. There are also mechanics who will
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mengalami kerusakan atau tidak dapat beroperasi. carry out vehicle maintenance and repairs. To repair the
Terdapat juga mekanik yang akan melakukan vehicle, the customer is required to provide a workshop
perawatan dan perbaikan kendaraan. Untuk perbaikan that is declared to be in accordance with K3LH regulations.
kendaraan tersebut customer wajib menyediakan
bengkel yang dinyatakan telah sesuai dengan
peraturan K3LH.
Dengan fokus pada keunggulan kompetitif dan By focusing on competitive advantages and developing
kebutuhan pasar yang berkembang, Perseroan akan market needs, the Company will continue to grow
terus bertumbuh secara berkelanjutan. Pertumbuhan sustainably. The company can prove this growth with a
ini dapat dibuktikan perseroan dengan peta map of the distribution of workshops in several of the
penyebaran bengkel dibeberapa wilayah operasional Company's operational areas. The Company's operational
Perseroan. Cakupan wilayah operasional Perseroan area coverage has reached areas in Eastern Indonesia
sudah memasuki wilayah di Indonesia bagian Timur (Sulawesi, West Nusa Tenggara and Maluku), Western
(Sulawesi,Nusa Tenggara Barat dan Maluku) Indonesia Indonesia (Sumatra) and Central Indonesia (Kalimantan).
bagian Barat (Sumatera) dan Indonesia bagian Tengah
(Kalimantan).
Penyebaran Unit | Penyebaran Unit
PETA
Penyebaran Bengkel | Workshop Deployment
Ka limantan Utar a
2 Workshop
Ma luku Uta ra
Sulawe si Uta ra
2 Workshop
Sumatr a Utar a
1 Workshop
Ka limantan Timu r
2 Workshop
34 Workshop
Go rontal o
1 Workshop
Ka limantan Ba rat
1 Workshop Ma luku
Ka limantan Tengah 1 Workshop
Sul aw esi Te ngah
9 Workshop 1 Workshop
Sul aw esi Te nggara
Ka limantan Selata n
1 Workshop
14 Workshop
Sulawe si Selatan
1 Workshop
NT B
1 Workshop
PETA
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Inisiatif Ekstrenal
External Initiatives
Inisiatif atau tindakan yang dilakukan Perseroan diluar Initiatives or actions carried out by the Company externally
internal bertujuan untuk memberikan dampak positif are aimed at having a positive impact on the environment,
pada lingkungan, masyarakat, atau tempat dimana society or places where the Company operates. This
Perseroan beroperasi. Inisiatif ini mencerminkan initiative reflects the Company's social responsibility (CSR)
tanggung jawab sosial (CSR) dan komitmen Perseroan and commitment to participate in sustainable
untuk berpartisipasi dalam pembangunan development.
berkelanjutan.
Selain itu sebagai perusahaan yang selalu taat kepada Apart from that, as a company that always obeys the law
hukum, dan menjunjung tinggi kepuasan pelanggan and upholds customer satisfaction, the Company has
Perseroan mendapat apresiasi dari pihak eksternal received appreciation from external parties by receiving
dengan menerima penghargaan dan sertifikat. awards and certificates. This award is a form of
Penghargaan ini merupakan bentuk apresiasi kepada appreciation for the Company which has made concrete
Perseroan yang sudah membuat langkah nyata dengan steps with various CSR programs in the reporting year.
berbagai program CSR dalam tahun pelaporan.
Sertifikat
Sertificates
Sertifikat Keanggotaan Biasa dari Kamar Dagang Dan Sertifikat Keanggotaan dari Asosiasi Pengusaha Indonesia. |
Industri. | Certificate of Ordinary Membership of the Membership Certificate from the Indonesian Employers'
Chamber of Commerce and Industry. Association.
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Sertifikat Keanggotaan ICSA dari Indonesia Corporate Secretary Sertifikat Keanggotaan dari Indonesia Global Compact Network
Association. | ICSA Membership Certificate from Indonesia (IGCN). | Certificate of Membership from Indonesia Global
Corporate Secretary Association. Compact Network (IGCN).
Sertifikat Keanggotaan dari Asosiasi Penyelenggaraan Jasa Sertifikat ISO 9001:2015 Sistem Manajemen Mutu | ISO
Internet Indonesia (APJII) | Membership Certificate from the 9001:2015 Quality Management System Certificate
Indonesian Internet Service Providers Association (APJII).
Sertifikat ISO 14001:2015 Sistem Manajemen Lingkungan | ISO Sertifikat ISO 37001:2016 Sistem Manajemen Anti Penyuapan
14001:2015 Environmental Management System Certificate | ISO 37001:2016 Anti-Bribery Management System Certificate
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Sertifikat ISO 45001:2018 Sistem Manajemen Kesehatan dan Sertifikat ISO 50001:2018 Sistem Manajemen Energi | ISO
Keselamatan Kerja | ISO 45001:2018 Occupational Health and 50001:2018 Energy Management System Certificate
Safety Management System Certificate
Penghargaan 2023
2023 Awards
Penghargaan dari BPJS Ketenagakerjaan | Penghargaan Kecelakaan Nihil dari IDX Channel Anugerah Inovasi Indonesia 2023
Award from BPJS Employment Pemerintah Provinsi Kalimantan Timur | Zero | IDX Channel 2023 Indonesian Innovation
Accident Award from the East Kalimantan Award
Provincial Government
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Penghargaan dalam Bidang Peningkatan Penghargaan atas kontribusi perusahaan Penghargaan dari Menteri Ketenagakerjaan
Mutu oleh SMK Pertiwi Balikpapan sebagai mitra industri dan dunia kerja dari Republik Indonesia
| Award in the Field of Quality SMK Negeri 5 Balikpapan | Award from Minister of Manpower of the
Improvement by Pertiwi Balikpapan | Appreciation for the company's contribution Republic of Indonesia
Vocational School as a partner to industry and the world of work
State Vocational School 5 Balikpapan
Penghargaan “Supplier of The Year Corporate
Category” dari Orica Sustainability Workshop
2023 | "Supplier of the Year Corporate
Category" award from the 2023 Orica
Sustainability Workshop
Keanggotaan Asosiasi Industri
Industrial Association Membership
(POJK 51.A.3.e)(SEOJK 16.C.5)(GRI 2-28)
Perseroan telah bergabung sebagai anggota Asosiasi The Company has joined as a member of the Industrial
Industri. Sebagaimana yang kita ketahui Asosiasi Insutri Association. As we know, the Industrial Association is a
merupakan komunitas bisnis yang mendukung business community that supports overall industrial
pengembangan industri secara keseluruhan. development. This engagement brings a variety of benefits,
Keterlibatan ini mambawa bergabai manfaat, termasuk including access to industry information, networking with
akses ke informasi industri, networking dengan stakeholders and participation in joint initiatives. Apart
pemangku kepentingan dan partisipasi dalam inisiatif from that, through this membership, the Company can
bersama. Selain itu melaluli keanggotaan ini, Perseroan improve the standards and compliance of the company and
dapat meningkatkan strandar dan kepatuhan other stakeholders. In this regard, the following is data on
perusahaan dan pemangku kepentingan lainnya. the Company's association membership.
Sehubungan dengan itu, berikut data keanggotan
asosiasi Perseroan.
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Nomor Tanda Tahun
Asosiasi Posisis Asosiasi Skala
Terdaftar Bergabung
No
Registered Sign Association
Association Joining Year Scale
Number Position
1. Kamar Dagang Industri (KADIN) | KADIN 30402-19000016 Anggota Member 2020 Nasional | National
Industrial Chamber of Commerce (KADIN)
2. Indonesia Corporate ICSA27620 Anggota Member 2020 Nasional | National
Secretary Association (ICSA)
4. Asosiasi Pengusaha 036.02.016.223.133 Anggota Member 2020 Nasional | National
Indonesia (APINDO) | Indonesian .0821
Employers Association (APINDO)
5. Asosiasi Emiten 618/TRJA-AEI/20 Anggota Member 2020 Nasional | National
Indonesia (AEI) | Association of
Indonesian Issuers
(AEI)
6. Indonesia Global Compact Network 145880 Anggota Member 2021 Internasional | International
(IGCN) - UNGC))
7. Filantropi Indonesia | Indonesia 618/TRJA-AEI/20 Anggota Member 2021 Nasional | National
Philanthropy
8. Asosiasi Penyelenggaraan Jasa Internet 0293/APJII/K-2022 Anggota Member 2022 Nasional | National
Indonesia (APJII) | Indonesian Internet
Service Provider (APJII)
Kamar Dagang Industri Indonesia Corporate Asosiasi Pengusaha Asosiasi Emiten Indonesia
Industrial Chamber of Commerce Secretary Association Indonesia Association of Indonesian Issuers
(KADIN) (ICSA) Indonesian Employers Association (AEI)
(APINDO)
Indonesia Global Filantropi Indonesia Asosiasi Penyelenggaraan Jasa Internet
Compact Network Indonesia Philanthropy Indonesia
(IGCN) - UNGC)) Indonesian Internet Service Provider
(APJII)
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Dalam rangka menjalankan praktik keberlanjutan yang terarah, Perseroan berkomitmen senantiasa memperlihatkan etika bisnis dan transparansi sesuai dengan peraturan dan ketentuan hukum yang berlaku serta merupakan wujud tanggung jawab Perseroan kepada seluruh Pamangku Kepentingan. In order to carry out targeted sustainability practices, the Company is committed to always demonstrating business ethics and transparency in accordance with applicable legal regulations and provisions and is a form of the Company’s responsibility to all its stakeholders.
Page 57
/ŵƉůĞŵĞŶƚĂƐŝdĂƚĂ<ĞůŽůĂWĞƌƵƐĂŚĂĂŶ
ĞƌŬĞůĂŶũƵƚĂŶ
/ŵƉůĞŵĞŶƚĂƚŝŽŶKĨ^ƵƐƚĂŝŶĂďůĞŽƌƉŽƌĂƚĞ
'ŽǀĞƌŶĂŶĐĞ
WĞŶĞƌĂƉĂŶ ƚĂƚĂ ŬĞůŽůĂ ĚŝƐĞƐƵĂŝŬĂŶ ĚĞŶŐĂŶ dŚĞ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ ŐŽǀĞƌŶĂŶĐĞ ŝƐ ĂĚũƵƐƚĞĚ ƚŽ
ŬĂƌĂŬƚĞƌŝƐƚŝŬ ŬĞůĞŵďĂŐĂĂŶ͘ ^ĞŚŝŶŐŐĂ ŵĂŵƉƵ ŝŶƐƚŝƚƵƚŝŽŶĂůĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐ͘^ŽƚŚĂƚŝƚĐĂŶŝŶĐƌĞĂƐĞŝƚƐ
ŵĞŶŝŶŐŬĂƚŬĂŶ ŬĞƵŶŐŐƵůĂŶ ĚĞŵŝ ŵĞŶŐŚĂĚĂƉŝ ĂĚǀĂŶƚĂŐĞƐ ŝŶ ŽƌĚĞƌ ƚŽ ĨĂĐĞ ƚŝŐŚƚ ŐůŽďĂů ĞĐŽŶŽŵŝĐ
ƉĞƌƐĂŝŶŐĂŶ ĞŬŽŶŽŵŝ ŐůŽďĂů LJĂŶŐ ŬĞƚĂƚ͘ KůĞŚ ƐĞďĂď ĐŽŵƉĞƚŝƚŝŽŶ͘ dŚĞƌĞĨŽƌĞ͕ ƚŚĞ ŽŵƉĂŶLJ ĐŽŶƚŝŶƵĞƐ ƚŽ
ŝƚƵ͕ WĞƌƐĞƌŽĂŶ ƚĞƌƵƐ ďĞƌďĞŶĂŚ Ěŝƌŝ ĚĂůĂŵ ƉƌŽƐĞƐ ŝŵƉƌŽǀĞ ŝƚƐĞůĨ ŝŶ ƚŚĞ ŐŽǀĞƌŶĂŶĐĞ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ
ŝŵƉůĞŵĞŶƚĂƐŝ ƚĂƚĂ ŬĞůŽůĂ ĚĞŵŝ ŵĞŶĂĂƚŝ ƚĂƚĂ ŬĞůŽůĂ ƉƌŽĐĞƐƐ ŝŶ ŽƌĚĞƌ ƚŽ ĐŽŵƉůLJ ǁŝƚŚ ĐŽƌƉŽƌĂƚĞ
ƉĞƌƵƐĂŚĂĂŶƐĞĐĂƌĂůĞďŝŚĞĨĞŬƚŝĨĚŝŵĂƐĂŵĞŶĚĂƚĂŶŐ͘ ŐŽǀĞƌŶĂŶĐĞ ŵŽƌĞ ĞĨĨĞĐƚŝǀĞůLJ ŝŶ ƚŚĞ ĨƵƚƵƌĞ͘ dŚĞ
<ŽŶƐĞƉƉĞŶĞƌĂƉĂŶdĂƚĂ<ĞůŽůĂWĞƌƵƐĂŚĂĂŶLJĂŶŐĂŝŬ ĐŽŶĐĞƉƚ ŽĨ ŝŵƉůĞŵĞŶƚŝŶŐ 'ŽŽĚ ŽƌƉŽƌĂƚĞ
ĚĂůĂŵ ŽƌŐĂŶŝƐĂƐŝ WĞƌƐĞƌŽĂŶ ďĞƌůĂŶĚĂƐŬĂŶ ƉĂĚĂ 'ŽǀĞƌŶĂŶĐĞŝŶƚŚĞŽŵƉĂŶLJΖƐŽƌŐĂŶŝnjĂƚŝŽŶŝƐďĂƐĞĚ
ŬŽŵŝƚŵĞŶ ƵŶƚƵŬ ŵĞŶĐŝƉƚĂŬĂŶ WĞƌƵƐĂŚĂĂŶ LJĂŶŐ ŽŶ Ă ĐŽŵŵŝƚŵĞŶƚ ƚŽ ĐƌĞĂƚŝŶŐ Ă ƚƌĂŶƐƉĂƌĞŶƚ͕
ƚƌĂŶƐƉĂƌĂŶ͕ ĚĂƉĂƚ ĚŝƉĞƌƚĂŶŐŐƵŶŐũĂǁĂďŬĂŶ͕ ĚĂŶ ĂĐĐŽƵŶƚĂďůĞ ĂŶĚ ƚƌƵƐƚǁŽƌƚŚLJ ĐŽŵƉĂŶLJ ƚŚƌŽƵŐŚ
ƚĞƌƉĞƌĐĂLJĂŵĞůĂůƵŝŵĂŶĂũĞŵĞŶďŝƐŶŝƐLJĂŶŐũƵŐĂĚĂƉĂƚ ĂĐĐŽƵŶƚĂďůĞ ďƵƐŝŶĞƐƐ ŵĂŶĂŐĞŵĞŶƚ͘ dŚĞ
ĚŝƉĞƌƚĂŶŐŐƵŶŐũĂǁĂďŬĂŶ͘ WĞŶĞƌĂƉĂŶ ƚĂƚĂ <ĞůŽůĂ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ ĐŽƌƉŽƌĂƚĞ ŐŽǀĞƌŶĂŶĐĞ ĐĂŶ ďĞ
ƉĞƌƵƐĂŚĂĂŶ ĚĂƉĂƚ ĚŝďƵŬƚŝŬĂŶ ĚĞŶŐĂŶ ƉĞŶĞƌĂƉĂŶ ƉƌŽǀĞŶ ďLJ ŝŵƉůĞŵĞŶƚŝŶŐ ĐŽƌƉŽƌĂƚĞ ƐŽĐŝĂů
ƚĂŶŐŐƵŶŐ ũĂǁĂď ƐŽƐŝĂů ƉĞƌƵƐĂŚĂĂŶ ;^ZͿ ĚĂŶ ƌĞƐƉŽŶƐŝďŝůŝƚLJ ;^ZͿ ĂŶĚ ĐŽŶƐŝĚĞƌŝŶŐ ƚŚĞ ŝŶƚĞŐƌĂƚŝŽŶ
ŵĞŵƉĞƌƚŝŵďĂŶŐŬĂŶŝŶƚĞŐƌĂƐŝĂŶƚĂƌĂŝŶŝƐŝĂƚŝĨͲŝŶŝƐŝĂƚŝĨ ŽĨƐƵƐƚĂŝŶĂďůĞŝŶŝƚŝĂƚŝǀĞƐ͘ĂƌƌLJŝŶŐŽƵƚƌĞƐƉŽŶƐŝďŝůŝƚLJ
LJĂŶŐ ŬĞďĞƌůĂŶũƵƚĂŶ͘ WĞůĂŬƐĂŶĂĂŶ ƚĂŶŐŐƵŶŐ ũĂǁĂď ĨŽƌ ŝŵƉůĞŵĞŶƚŝŶŐ ƐƵƐƚĂŝŶĂďůĞ ĐŽŵŵŝƚŵĞŶƚƐ ǁŝůů ďĞ
ĂƚĂƐ ƉĞŶĞƌĂƉĂŶ ŬŽŵŝƚŵĞŶ LJĂŶŐ ďĞƌŬĞůĂŶũƵƚĂŶ ĂŬĂŶ ŵŽƌĞ ůŝŬĞůLJ ƚŽ ďĞ ĐĂƌƌŝĞĚ ŽƵƚ ǁŝƚŚ Ă ''
ůĞďŝŚ ŵĞŵƵŶŐŬŝŶŬĂŶ ƵŶƚƵŬ ĚŝũĂůĂŶŬĂŶ ĚĞŶŐĂŶ ŝŵƉůĞŵĞŶƚĂƚŝŽŶĨƌĂŵĞǁŽƌŬƐƚƌƵĐƚƵƌĞƚŚƌŽƵŐŚϱ;ĨŝǀĞͿ
ƐƚƌƵŬƚƵƌŬĞƌĂŶŐŬĂŝŵƉůĞŵĞŶƚĂƐŝ''ŵĞůĂůƵŝϱ;ůŝŵĂͿ ŵĂŝŶƐƚĂŐĞƐ͘
ƚĂŚĂƉĂŶƵƚĂŵĂ͘
ĞŶŐĂŶ ĂĚĂŶLJĂ ŬĞͲϱ ;ůŝŵĂͿ ƚĂŚĂƉĂŶ LJĂŶŐ ƚĞůĂŚ tŝƚŚ ƚŚĞ ϱ ;ĨŝǀĞͿ ƐƚĂŐĞƐ ƚŚĂƚ ƚŚĞ ŽŵƉĂŶLJ ŚĂƐ
ĚŝƚĞƌĂƉŬĂŶ WĞƌƐĞƌŽĂŶ ĚĂůĂŵ ůŝŶŐŬƵŶŐĂŶ ŬĞƌũĂ͕ ŝŵƉůĞŵĞŶƚĞĚ ŝŶ ƚŚĞ ǁŽƌŬ ĞŶǀŝƌŽŶŵĞŶƚ͕ ƚŚĞ
ŝŵƉůĞŵĞŶƚĂƐŝƚĂƚĂŬĞůŽůĂƉĞƌƵƐĂŚĂĂŶLJĂŶŐďĂŝŬĚĂůĂŵ ŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨŐŽŽĚĐŽƌƉŽƌĂƚĞŐŽǀĞƌŶĂŶĐĞŝŶƚŚĞ
ŽƌŐĂŶŝƐĂƐŝ ƉĞƌƵƐĂŚĂĂŶ ŵĞŶŝŶŐŬĂƚŬĂŶ ĚĂŶ ĐŽŵƉĂŶLJŽƌŐĂŶŝnjĂƚŝŽŶŝŶĐƌĞĂƐĞƐĂŶĚŵĂdžŝŵŝnjĞƐƚŚĞ
ŵĞŵĂŬƐŝŵĂůŬĂŶ ŶŝůĂŝ WĞƌƵƐĂŚĂĂŶ͕ ŵĞŵĞŶƵŚŝ ǀĂůƵĞ ŽĨ ƚŚĞ ŽŵƉĂŶLJ͕ ĨƵůĨŝůůŝŶŐ ŝƚƐ ŽďůŝŐĂƚŝŽŶƐ
ŬĞǁĂũŝďĂŶ ƐĞĐĂƌĂ ďĂŝŬ ŬĞƉĂĚĂ WĞŵĞŐĂŶŐ ^ĂŚĂŵ͕ ƉƌŽƉĞƌůLJ ƚŽ ^ŚĂƌĞŚŽůĚĞƌƐ͕ ƚŚĞ ŽĂƌĚ ŽĨ
ĞǁĂŶ <ŽŵŝƐĂƌŝƐ͕ ƐĞƌƚĂ ƉĞŵĂŶŐŬƵ ŬĞƉĞŶƚŝŶŐĂŶ ŽŵŵŝƐƐŝŽŶĞƌƐĂŶĚŽƚŚĞƌƐƚĂŬĞŚŽůĚĞƌƐ͘/ŶϮϬϮϮ͕ƚŚĞ
ůĂŝŶŶLJĂ͘WĂĚĂƚĂŚƵŶϮϬϮϮWĞƌĞƌŽĂŶŵĞŶLJƵƐƵŶĞƚĂŬ ŽŵƉĂŶLJ ǁŝůů ƉƌĞƉĂƌĞ Ă ŽƌƉŽƌĂƚĞ 'ŽǀĞƌŶĂŶĐĞ
ŝƌƵƐdĂƚĂ<ĞůŽůĂWĞƌƵƐĂŚĂĂŶLJĂŶŐĚŝƐƐƵĂŝŬĂŶĚĞŶŐĂŶ ůƵĞƉƌŝŶƚ ƚŚĂƚ ŝƐ ƚĂŝůŽƌĞĚ ƚŽ ŝŶĚŝĐĂƚŽƌƐ ĂŶĚ Ă
ŝŶĚŝŬĂƚŽƌ ĚĂŶ ZŽĂĚŵĂƉ dĂƚĂ <ĞůŽůĂ LJĂŶŐ ŵĞŶũĂĚŝ 'ŽǀĞƌŶĂŶĐĞ ZŽĂĚŵĂƉ ǁŚŝĐŚ ǁŝůů ƐĞƌǀĞ ĂƐ ƚŚĞ
ƉĞĚŽŵĂŶ WĞƌƐĞƌŽĂŶ ĚĂůĂŵ ŵĞŶũĂŶŬĂŶ ƐŝƐƚĞŵ ƚĂƚĂ ŽŵƉĂŶLJΖƐŐƵŝĚĞůŝŶĞƐĨŽƌŝŵƉůĞŵĞŶƚŝŶŐĂŐŽŽĚĂŶĚ
<ĞůŽůĂ ƉĞƌƵƐĂŚĂĂŶLJĂŶŐďĂŝŬĚĂŶďĞƌŬĞůĂŶũƵƚĂŶ͘ ƐƵƐƚĂŝŶĂďůĞĐŽƌƉŽƌĂƚĞŐŽǀĞƌŶĂŶĐĞƐLJƐƚĞŵ͘
WĞŶŝůĂŝĂŶ ͮ ǀĂůƵĂƚŝŽŶ
WƌŽƐĞƐ ͮWƌŽĐĞƐƐ
sŽŬĂůŝƐĂƐŝ'' ͮ''sŽĐĂůŝnjĂƚŝŽŶ
WĞŵďĂŚĂƌƵĂŶ Θ WĞŵĞůŝŚĂƌĂĂŶ ͮ
hƉĚĂƚĞDĂŝŶƚĞŶĂŶĐĞ
WŽŶĚĂƐŝ ^ƚƌƵŬƚƵƌ Θ /ŶĨƌĂƐƚƌƵŬƚƵƌ ͮ
dĂŚĂƉĂŶ /ŵƉůĞŵĞŶƚĂƐŝ'' ͮ ''/ŵƉůĞŵĞŶƚĂƚŝŽŶ^ƚĂŐĞƐ &ŽƵŶĚĂƚŝŽŶ^ƚƌƵĐƚƵƌĞΘ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ
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^ƚƵŬƚƵƌ<ĞƌĂŶŐŬĂ/ŵƉůĞŵĞŶƚĂƐŝ''
''/ŵƉůĞŵĞŶƚĂƚŝŽŶ&ƌĂŵĞǁŽƌŬ
^ƚƌƵĐƚƵƌĞ
WĞƌƐĞƌŽĂŶŵĞŶĚŽƌŽŶŐƉĞŶŐĞůŽůĂĂŶLJĂŶŐƉƌŽĨĞƐŝŽŶĂů͕ dŚĞ ŽŵƉĂŶLJ ĞŶĐŽƵƌĂŐĞƐ ƉƌŽĨĞƐƐŝŽŶĂů͕ ƚƌĂŶƐƉĂƌĞŶƚ
ƚƌĂŶƐƉĂƌĂŶ ĚĂŶ ĞĨŝƐŝĞŶ ĚĞŶŐĂŶ ƚĞƌƵƐ ďĞƌƵƉĂLJĂ ĂŶĚĞĨĨŝĐŝĞŶƚŵĂŶĂŐĞŵĞŶƚďLJĐŽŶƚŝŶƵŝŶŐƚŽĐŽŵŵŝƚ
ďĞƌŬŽŵŝƚŵĞŶŵĞůĂŬƐĂŶĂŬĂŶ ŬĞƌĂŶŐŬĂŝŵƉůĞŵĞŶƚĂƐŝ ƚŽ ŝŵƉůĞŵĞŶƚŝŶŐ ƚŚĞ '' ŝŵƉůĞŵĞŶƚĂƚŝŽŶ
''͕ ƐĞďĂŐĂŝŵĂŶĂ LJĂŶŐ ĚŝƐĞďƵƚŬĂŶ ƉĂĚĂ ŐĂŵďĂƌ ĨƌĂŵĞǁŽƌŬ͕ ĂƐ ƐƚĂƚĞĚ ŝŶ ƚŚĞ '' /ŵƉůĞŵĞŶƚĂƚŝŽŶ
^ƚƵŬƚƵƌ<ƌĞĂŶŐŬĂ/ŵƉůĞŵĞŶƚĂƐŝ''ĚŝďĂǁĂŚŝŶŝ͘ &ƌĂŵĞǁŽƌŬŝŵĂŐĞďĞůŽǁ͘
DĞŶŝůĂŝŝŵƉůĞŵĞŶƚĂƐŝWƌŝŶƐŝƉͲWƌŝŶƐŝƉ''ĚŝWĞƌƐĞƌŽĂŶĚĞŶŐĂŶƐĞůĨĂƐƐĞƐŵĞŶƚĚĂŶ
ƉĞŶŝůĂŝĂŶůĞŵďĂŐĂŝŶĚĞƉĞŶĚĞŶͮ͘ƐƐĞƐƐŝŶŐƚŚĞŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨ''ƉƌŝŶĐŝƉůĞƐ
ŝŶƚŚĞŽŵƉĂŶLJďLJƐĞůĨͲĂƐƐĞƐƐŵĞŶƚĂŶĚŝŶĚĞƉĞŶĚĞŶƚĂŐĞŶĐLJĂƐƐĞƐƐŵĞŶƚ͘
DĞůĂŬƐĂŶĂŬĂŶƐĞƚŝĂƉŬĞŐŝĂƚĂŶƵƐĂŚĂŵĞŶŐĂĐƵŬĞƉĂĚĂƐĞƚŝĂƉƉƌŝŶƐŝƉͲƉƌŝŶƐŝƉƐĞƌƚĂ
ŬĞďŝũĂŬĂŶŝŶƚĞƌŶĂů''ͮ͘ĂƌƌLJŽƵƚĞǀĞƌLJďƵƐŝŶĞƐƐĂĐƚŝǀŝƚLJŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ
ƉƌŝŶĐŝƉůĞƐĂŶĚŝŶƚĞƌŶĂůƉŽůŝĐŝĞƐŽĨ''͘
DĞŶƐŽƐŝĂůŝƐĂƐŝŬĂŶ '' ĚĂŶ <ĞďŝũĂŬĂŶ '' /ŶƚĞƌŶĂů ŬĞƉĂĚĂ ƐĞůƵƌƵŚ ^D
WĞƌƐĞƌŽĂŶĂŐĂƌƚĞƌĐŝƉƚĂĂǁĂƌĞŶĞƐƐͮ͘ŝƐƐĞŵŝŶĂƚĞ''ĂŶĚ/ŶƚĞƌŶĂů''WŽůŝĐLJƚŽ
ĂůůŽĨƚŚĞŽŵƉĂŶLJΖƐ,ZŝŶŽƌĚĞƌƚŽĐƌĞĂƚĞĂǁĂƌĞŶĞƐƐ͘
DĞŵƉĞƌďĂŚĂƌƵŝ ^ƚƌƵŬƚƵƌ KƌŐĂŶŝƐĂƐŝ ĚĂŶ <ĞďŝũĂŬĂŶ ďĞƌĚĂƐĂƌŬĂŶ ZĞŐƵůĂƐŝ ĚĂŶ
ĞŶĐŚŵĂƌŬ͘ ͮ hƉĚĂƚŝŶŐ KƌŐĂŶŝnjĂƚŝŽŶĂů ^ƚƌƵĐƚƵƌĞ ĂŶĚ WŽůŝĐŝĞƐ ďĂƐĞĚ ŽŶ
ZĞŐƵůĂƚŝŽŶƐĂŶĚĞŶĐŚŵĂƌŬƐ͘
DĞŵďĞŶƚƵŬ ^ƚƌƵŬƚƵƌ KƌŐĂŶŝƐĂƐŝ ĚĂŶ <ĞďŝũĂŬĂŶ LJĂŶŐ ŵĞŶƵŶũĂŶŐ /ŵƉůĞŵĞŶƚĂƐŝ
''͘ ͮ ƐƚĂďůŝƐŚŝŶŐ ĂŶ KƌŐĂŶŝnjĂƚŝŽŶĂů ^ƚƌƵĐƚƵƌĞ ĂŶĚ WŽůŝĐŝĞƐ ƚŚĂƚ ƐƵƉƉŽƌƚ ''
/ŵƉůĞŵĞŶƚĂƚŝŽŶ
ĚĂƉƵŶ ũƵŐĂ ƉĞƌĂƚƵƌĂŶ ĚĂŶͬĂƚĂƵ ŬĞďŝũĂŬĂŶ ŝŶƚĞƌŶĂů dŚĞƌĞĂƌĞĂůƐŽŝŶƚĞƌŶĂůƌĞŐƵůĂƚŝŽŶƐĂŶĚͬŽƌƉŽůŝĐŝĞƐŽĨƚŚĞ
WĞƌƐĞƌŽĂŶLJĂŶŐũƵŐĂĚŝƚĞƌĂƉŬĂŶĚĂůĂŵŝŵƉůĞŵĞŶƚĂƐŝƚĂƚĂ ŽŵƉĂŶLJ ǁŚŝĐŚ ĂƌĞ ĂůƐŽ ŝŵƉůĞŵĞŶƚĞĚ ŝŶ ƚŚĞ
ŬĞůŽŬĂ ƉĞƌƵƐĂŚĂĂŶ LJĂŶŐ ďĂŝŬ ĚĂŶ ďĞƌŬĞůĂŶũƵƚĂ ƵŶƚƵŬ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ ŐŽŽĚ ĂŶĚ ƐƵƐƚĂŝŶĂďůĞ ĐŽƌƉŽƌĂƚĞ
ŵĞŶŝŶŐŬĂƚŬĂŶ ĚĂŶ ŵĞŵĂŬƐŝŵĂůŬĂŶ ŶŝůĂŝ WĞƌƐĞƌŽĂŶ͕ ŐŽǀĞƌŶĂŶĐĞ ƚŽŝŶĐƌĞĂƐĞ ĂŶĚ ŵĂdžŝŵŝnjĞ ƚŚĞ ǀĂůƵĞŽĨ ƚŚĞ
ŵĞŶĚŽƌŽŶŐ ƉĞŶŐĞůŽůĂĂŶ WĞƌƐĞƌŽĂŶ LJĂŶŐ ƉƌŽĨĞƐŝŽŶĂů͕ ŽŵƉĂŶLJ͕ ĞŶĐŽƵƌĂŐĞ ƉƌŽĨĞƐƐŝŽŶĂů͕ ƚƌĂŶƐƉĂƌĞŶƚ ĂŶĚ
ƚƌĂŶƐƉĂƌĂŶĚĂŶĞĨŝƐŝĞŶĚĞŶŐĂŶĐĂƌĂŵĞŶŝŶŐŬĂƚŬĂŶƉƌŝŶƐŝƉ ĞĨĨŝĐŝĞŶƚŵĂŶĂŐĞŵĞŶƚŽĨƚŚĞŽŵƉĂŶLJďLJŝŶĐƌĞĂƐŝŶŐƚŚĞ
ŬĞƚĞƌďƵŬĂĂŶ͕ĂŬƵŶƚĂďŝůŝƚĂƐ͕ĚĂƉĂƚĚŝƉĞƌĐĂLJĂ͕ďĞƌƚĂŶŐŐƵŶŐ ƉƌŝŶĐŝƉůĞƐ ŽĨ ŽƉĞŶŶĞƐƐ͕ ĂĐĐŽƵŶƚĂďŝůŝƚLJ͕ ƚƌƵƐƚǁŽƌƚŚŝŶĞƐƐ͕
ũĂǁĂď ĚĂŶ ĂĚŝů ƐĞŚŝŶŐŐĂ ĚĂƉĂƚ ŵĞŵĞŶƵŚŝ ŬĞǁĂũŝďĂŶ ƌĞƐƉŽŶƐŝďŝůŝƚLJ͘ ĂŶĚ ĨĂŝƌ ƐŽ ƚŚĂƚ ŝƚ ĐĂŶ ƉƌŽƉĞƌůLJ ĨƵůĨŝůů ŝƚƐ
ƐĞĐĂƌĂ ďĂŝŬ ŬĞƉĂĚĂ WĞŵĞŐĂŶŐ ^ĂŚĂŵ͕ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ͕ ŽďůŝŐĂƚŝŽŶƐƚŽ^ŚĂƌĞŚŽůĚĞƌƐ͕ƚŚĞŽĂƌĚŽĨŽŵŵŝƐƐŝŽŶĞƌƐ
ƐĞƌƚĂƉĞŵĂŶŐŬƵŬĞƉĞŶƚŝŶŐĂŶůĂŝŶŶLJĂ͘ ĂŶĚŽƚŚĞƌƐƚĂŬĞŚŽůĚĞƌƐ͘
WĞƌĂƚƵƌĂŶĚĂŶͬĂƚĂƵ<ĞƚĞŶƚƵĂŶzĂŶŐĞƌůĂŬƵ^ĞĐĂƌĂEĂƐŝŽŶĂů
EĂƚŝŽŶĂůůLJƉƉůŝĐĂďůĞZƵůĞƐĂŶĚͬŽƌZĞŐƵůĂƚŝŽŶƐ
• hŶĚĂŶŐͲhŶĚĂŶŐEŽ͘ϴdĂŚƵŶϭϵϵϱƚĞŶƚĂŶŐWĂƐĂƌ • >ĂǁEŽ͘ϴŽĨϭϵϵϱĐŽŶĐĞƌŶŝŶŐƚŚĞĂƉŝƚĂůDĂƌŬĞƚ͖
DŽĚĂů͖
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WĞƌĂƚƵƌĂŶĚĂŶͬĂƚĂƵ<ĞƚĞŶƚƵĂŶzĂŶŐĞƌůĂŬƵ^ĞĐĂƌĂEĂƐŝŽŶĂů
EĂƚŝŽŶĂůůLJƉƉůŝĐĂďůĞZƵůĞƐĂŶĚͬŽƌZĞŐƵůĂƚŝŽŶƐ
•
hŶĚĂŶŐͲhŶĚĂŶŐEŽ͘ϰϬdĂŚƵŶϮϬϬϳƚĞŶƚĂŶŐWĞƌƵƐĂŚĂĂŶ • >Ăǁ EŽ͘ ϰϬ ŽĨ ϮϬϬϳ ĐŽŶĐĞƌŶŝŶŐ >ŝŵŝƚĞĚ >ŝĂďŝůŝƚLJ
Terbatas (“hhWd”); Companies (“>>>”);
• WWEŽ͘ϭϭdĂŚƵŶϮϬϭϰƚĞŶƚĂŶŐWƵŶŐƵƚĂŶŽůĞŚKƚŽƌŝƚĂƐ • WWEŽ͘ϭϭŽĨϮϬϭϰĐŽŶĐĞƌŶŝŶŐŚĂƌŐĞƐďLJƚŚĞ&ŝŶĂŶĐŝĂů
:ĂƐĂ<ĞƵĂŶŐĂŶ͖ ^ĞƌǀŝĐĞƐƵƚŚŽƌŝƚLJ͖
• WK:<EŽ͘ϯϯͬWK:<͘ϬϰͬϮϬϭϰƚĞŶƚĂŶŐŝƌĞŬƐŝĚĂŶĞǁĂŶ • &^ZEŽ͘ϯϯͬWK:<͘ϬϰͬϮϬϭϰŽŶƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐĂŶĚ
<ŽŵŝƐĂƌŝƐ ŵŝƚĞŶĂƚĂƵWĞƌƵƐĂŚĂĂŶWƵďůŝŬ͖ ŽĂƌĚŽĨŽŵŵŝƐƐŝŽŶĞƌƐŽĨ/ƐƐƵĞƌƐŽƌWƵďůŝĐŽŵƉĂŶŝĞƐ͖
• WK:< EŽ͘ϯϰͬWK:<͘ϬϰͬϮϬϭϰ ƚĞŶƚĂŶŐ <ŽŵŝƚĞ EŽŵŝŶĂƐŝ • &^Z EŽ͘ϯϰͬWK:<͘ϬϰͬϮϬϭϰ ĐŽŶĐĞƌŶŝŶŐ ƚŚĞ EŽŵŝŶĂƚŝŽŶ
ĚĂŶ<ŽŵŝƚĞZĞŵƵŶĞƌĂƐŝ ŵŝƚĞŶĂƚĂƵWĞƌƵƐĂŚĂĂŶWƵďůŝŬ ŽŵŵŝƚƚĞĞĂŶĚZĞŵƵŶĞƌĂƚŝŽŶŽŵŵŝƚƚĞĞĨŽƌ/ƐƐƵĞƌƐŽƌ
WƵďůŝĐŽŵƉĂŶŝĞƐ
• WK:< EŽ͘ϯϱͬWK:<͘ϬϰͬϮϬϭϰ ƚĞŶƚĂŶŐ ^ĞŬƌĞƚĂƌŝƐ • &^Z EŽ͘ϯϱͬWK:<͘ϬϰͬϮϬϭϰ ĐŽŶĐĞƌŶŝŶŐ ŽƌƉŽƌĂƚĞ
WĞƌƵƐĂŚĂĂŶ ŵŝƚĞŶĂƚĂƵWĞƌƵƐĂŚĂĂŶWƵďůŝŬ͖ ^ĞĐƌĞƚĂƌLJŽĨ/ƐƐƵĞƌƐŽƌWƵďůŝĐŽŵƉĂŶŝĞƐ͖
• WK:< EŽ͘ ϴͬWK:<͘ϬϰͬϮϬϭϱ ƚĞŶƚĂŶŐ ^ŝƚƵƐ tĞď ŵŝƚĞŶ • &^Z EŽ͘ ϴͬWK:<͘ϬϰͬϮϬϭϱ ĐŽŶĐĞƌŶŝŶŐ /ƐƐƵĞƌ Žƌ WƵďůŝĐ
ƚĂƵWĞƌƵƐĂŚĂĂŶWƵďůŝŬ͖ ŽŵƉĂŶLJtĞďƐŝƚĞƐ͖
• WK:< EŽ͘ ϭϱͬWK:<͘ϬϰͬϮϬϭϱ ƚĞŶƚĂŶŐ WĞŶLJĞůĞŶŐŐĂƌĂĂŶ • &^Z EŽ͘ ϭϱͬWK:<͘ϬϰͬϮϬϭϱ ĐŽŶĐĞƌŶŝŶŐ ƚŚĞ 'ĞŶĞƌĂů
ZĂƉĂƚhŵƵŵWĞŵĞŐĂŶŐ^ĂŚĂŵWĞƌƵƐĂŚĂĂŶdĞƌďƵŬĂ͖ DĞĞƚŝŶŐŽĨ^ŚĂƌĞŚŽůĚĞƌƐŽĨĂWƵďůŝĐŽŵƉĂŶLJ͖
• WK:<EŽ͘ϮϭͬWK:<͘ϬϰͬϮϬϭϱƚĞŶƚĂŶŐWĞŶĞƌĂƉĂŶWĞĚŽŵĂŶ • &^Z EŽ͘ϮϭͬWK:<͘ϬϰͬϮϬϭϱ ĐŽŶĐĞƌŶŝŶŐ /ŵƉůĞŵĞŶƚĂƚŝŽŶ
dĂƚĂ<ĞůŽůĂWĞƌƵƐĂŚĂĂŶdĞƌďƵŬĂ͖ ŽĨWƵďůŝĐŽŵƉĂŶLJ'ŽǀĞƌŶĂŶĐĞ'ƵŝĚĞůŝŶĞƐ͖
• WK:< EŽ͘ϯϭͬWK:<͘ϬϰͬϮϬϭϱ ƚĞŶƚĂŶŐ <ĞƚĞƌďƵŬĂĂŶ ƚĂƐ • &^Z EŽ͘ϯϭͬWK:<͘ϬϰͬϮϬϭϱ ĐŽŶĐĞƌŶŝŶŐ ŝƐĐůŽƐƵƌĞ ŽĨ
/ŶĨŽƌŵĂƐŝ ĂƚĂƵ &ĂŬƚĂ DĂƚĞƌŝĂů ŽůĞŚ ŵŝƚĞŶ ĂƚĂƵ DĂƚĞƌŝĂů /ŶĨŽƌŵĂƚŝŽŶ Žƌ &ĂĐƚƐ ďLJ /ƐƐƵĞƌƐ Žƌ WƵďůŝĐ
WĞƌƵƐĂŚĂĂŶWƵďůŝŬ͖ ŽŵƉĂŶŝĞƐ͖
• WK:< EŽ͘ ϱϱͬWK:<͘ϬϰͬϮϬϭϱ ƚĞŶƚĂŶŐ WĞŵďĞŶƚƵŬĂŶ ĚĂŶ • &^Z EŽ͘ ϱϱͬWK:<͘ϬϰͬϮϬϭϱ ĐŽŶĐĞƌŶŝŶŐ ƚŚĞ
WĞĚŽŵĂŶWĞůĂŬƐĂŶĂĂŶ<ĞƌũĂ<ŽŵŝƚĞƵĚŝƚ͖ ƐƚĂďůŝƐŚŵĞŶƚ ĂŶĚ 'ƵŝĚĞůŝŶĞƐ ĨŽƌ /ŵƉůĞŵĞŶƚŝŶŐ ƚŚĞ
tŽƌŬŽĨƚŚĞƵĚŝƚŽŵŵŝƚƚĞĞ
• WK:< EŽ͘ ϱϲͬWK:<͘ϬϰͬϮϬϭϱ ƚĞŶƚĂŶŐ WĞŵďĞŶƚƵŬĂŶ ĚĂŶ • &^Z EŽ͘ ϱϲͬWK:<͘ϬϰͬϮϬϭϱ ĐŽŶĐĞƌŶŝŶŐ ƚŚĞ
WĞĚŽŵĂŶWĞŶLJƵƐƵŶĂŶWŝĂŐĂŵhŶŝƚƵĚŝƚ/ŶƚĞƌŶĂů͖ ƐƚĂďůŝƐŚŵĞŶƚĂŶĚ'ƵŝĚĞůŝŶĞƐĨŽƌWƌĞƉĂƌŝŶŐƚŚĞ/ŶƚĞƌŶĂů
ƵĚŝƚhŶŝƚŚĂƌƚĞƌ͖
• WK:< EŽ͘ϮϵͬWK:<͘ϬϰͬϮϬϭϲ ƚĞŶƚĂŶŐ >ĂƉŽƌĂŶ dĂŚƵŶĂŶ • &^ZEŽ͘ϮϵͬWK:<͘ϬϰͬϮϬϭϲĐŽŶĐĞƌŶŝŶŐŶŶƵĂůZĞƉŽƌƚƐŽĨ
ŵŝƚĞŶĂƚĂƵWĞƌƵƐĂŚĂĂŶWƵďůŝŬ͖ /ƐƐƵĞƌƐŽƌWƵďůŝĐŽŵƉĂŶŝĞƐ
• WK:< EŽ͘ϱϭͬWK:<͘ϬϯͬϮϬϭϳ ƚĞŶƚĂŶŐ WĞŶĞƌĂƉĂŶ • &^Z EŽ͘ϱϭͬWK:<͘ϬϯͬϮϬϭϳ ĐŽŶĐĞƌŶŝŶŐ ƚŚĞ
<ĞƵĂŶŐĂŶ ĞƌŬĞůĂŶũƵƚĂŶ ďĂŐŝ >ĞŵďĂŐĂ :ĂƐĂ <ĞƵĂŶŐĂŶ͕ /ŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ ^ƵƐƚĂŝŶĂďůĞ &ŝŶĂŶĐĞ ĨŽƌ &ŝŶĂŶĐŝĂů
ŵŝƚĞŶ͕ĚĂŶWĞƌƵƐĂŚĂĂŶWƵďůŝŬ ^ĞƌǀŝĐĞ/ŶƐƚŝƚƵƚŝŽŶƐ͕/ƐƐƵĞƌƐ͕ĂŶĚWƵďůŝĐŽŵƉĂŶŝĞƐ͘
• WK:< EŽ͘ ϭϱͬWK:<͘ϬϰͬϮϬϮϬ ƚĞŶƚĂŶŐ ZĞŶĐĂŶĂ ĚĂŶ • &^Z EŽ͘ ϭϱͬWK:<͘ϬϰͬϮϬϮϬ ĐŽŶĐĞƌŶŝŶŐ WůĂŶŶŝŶŐ ĂŶĚ
WĞŶLJĞůĞŶŐŐĂƌĂĂŶ ZĂƉĂƚ hŵƵŵ WĞŵĞŐĂŶŐ ^ĂŚĂŵ KƌŐĂŶŝnjŝŶŐ 'ĞŶĞƌĂů DĞĞƚŝŶŐƐŽĨ^ŚĂƌĞŚŽůĚĞƌƐ ŽĨ WƵďůŝĐ
WĞƌƵƐĂŚĂĂŶdĞƌďƵŬĂ͖ ŽŵƉĂŶŝĞƐ͖
• WK:< EŽ͘ ϭϲͬWK:<͘ϬϰͬϮϬϮϬ ƚĞŶƚĂŶŐ ZĞŶĐĂŶĂ ĚĂŶ • &^Z EŽ͘ ϭϲͬWK:<͘ϬϰͬϮϬϮϬ ĐŽŶĐĞƌŶŝŶŐ WůĂŶŶŝŶŐ ĂŶĚ
WĞŶLJĞůĞŶŐŐĂƌĂĂŶ ZĂƉĂƚ hŵƵŵ WĞŵĞŐĂŶŐ KƌŐĂŶŝnjŝŶŐ ůĞĐƚƌŽŶŝĐ'ĞŶĞƌĂůDĞĞƚŝŶŐƐŽĨ^ŚĂƌĞŚŽůĚĞƌƐ
^ĂŚĂŵWĞƌƵƐĂŚĂĂŶdĞƌďƵŬĂƐĞĐĂƌĂ ůĞŬƚƌŽŶŝŬ͖ ŽĨWƵďůŝĐŽŵƉĂŶŝĞƐ͖
• WK:< EŽ͘ ϯͬWK:<͘ϬϰͬϮϬϮϭ dĂŚƵŶ ϮϬϮϭ ƚĞŶƚĂŶŐ • &^Z EŽ͘ ϯͬWK:<͘ϬϰͬϮϬϮϭ ŽĨ ϮϬϮϭ ĐŽŶĐĞƌŶŝŶŐ ƚŚĞ
WĞŶLJĞůĞŶŐŐĂƌĂĂŶ<ĞŐŝĂƚĂŶĚŝŝĚĂŶŐWĂƐĂƌDŽĚĂů͖ /ŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ ĐƚŝǀŝƚŝĞƐ ŝŶ ƚŚĞ ĂƉŝƚĂů DĂƌŬĞƚ
^ĞĐƚŽƌ͖
• ^ K:< EŽ͘ ϯϮͬ^ K:<͘ϬϰͬϮϬϭϱ ƚĞŶƚĂŶŐ WĞĚŽŵĂŶ dĂƚĂ • &^> EŽ͘ ϯϮͬ^ K:<͘ϬϰͬϮϬϭϱ ĐŽŶĐĞƌŶŝŶŐ WƵďůŝĐ
<ĞůŽůĂWĞƌƵƐĂŚĂĂŶdĞƌďƵŬĂ͖ ŽŵƉĂŶLJ'ŽǀĞƌŶĂŶĐĞ'ƵŝĚĞůŝŶĞƐ
• ^ K:< EŽ͘ ϭϲͬ^ K:<͘ϬϰͬϮϬϮϭ ƚĞŶƚĂŶŐ ĞŶƚƵŬ ĚĂŶ /Ɛŝ • &^> EŽ͘ ϭϲͬ^ K:<͘ϬϰͬϮϬϮϭ ĐŽŶĐĞƌŶŝŶŐ &Žƌŵ ĂŶĚ
>ĂƉŽƌĂŶdĂŚƵŶĂŶ ŵŝƚĞŶĚĂŶWĞƌƵƐĂŚĂĂŶWƵďůŝŬ͖ ŽŶƚĞŶƚ ŽĨ ŶŶƵĂů ZĞƉŽƌƚƐ ŽĨ /ƐƐƵĞƌƐ ĂŶĚ WƵďůŝĐ
ŽŵƉĂŶŝĞƐ͖
• WĞƌĂƚƵƌĂŶ / EŽ͘ /Ͳ <ĞƉͲϬϬϬϲϲͬ /ͬϬϵͲϮϬϮϮ ƚĞŶƚĂŶŐ • /y ZĞŐƵůĂƚŝŽŶ EŽ͘ /Ͳ <ĞƉͲϬϬϬϲϲͬ /ͬϬϵͲϮϬϮϮ
WĞƌƵďĂŚĂŶ WĞƌĂƚƵƌĂŶ EŽŵŽƌ /Ͳ ƚĞŶƚĂŶŐ <ĞǁĂũŝďĂŶ ĐŽŶĐĞƌŶŝŶŐ ŵĞŶĚŵĞŶƚƐ ƚŽ ZĞŐƵůĂƚŝŽŶ EƵŵďĞƌ /Ͳ
WĞŶLJĂŵƉĂŝĂŶ/ŶĨŽƌŵĂƐŝ ĐŽŶĐĞƌŶŝŶŐKďůŝŐĂƚŝŽŶƐĨŽƌ^ƵďŵŝƚƚŝŶŐ/ŶĨŽƌŵĂƚŝŽŶ͘
58
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WĞƌĂƚƵƌĂŶĚĂŶͬĂƚĂƵ<ĞďŝũĂŬĂŶ/ŶƚĞƌŶĂůWĞƌƐĞƌŽĂŶ
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ϮϬϮϯLJĂŶŐďĞƌůĂŬƵŚŝŶŐŐĂϯϬ^ĞƉƚĞŵďĞƌϮϬϮϱ ŝƐǀĂůŝĚƵŶƚŝů^ĞƉƚĞŵďĞƌϯϬ͕ϮϬϮϱ
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ŬĞƉĂĚĂŝƌĞŬƐŝ͖ ƚŽƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐ͖
ϯ͘ ŝƌĞŬƐŝ ŵĞŵŝůŝŬŝ ƚĂŶŐŐƵŶŐ ũĂǁĂď ŬĞƐĞůƵƌƵŚĂŶ ϯ͘ dŚĞ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ ŚĂƐ ŽǀĞƌĂůů ƌĞƐƉŽŶƐŝďŝůŝƚLJ
ƵŶƚƵŬŵĞŶŐĞůŽůĂWĞƌƵƐĂŚĂĂŶĚĞŵŝŬĞƉĞŶƚŝŶŐĂŶ ĨŽƌŵĂŶĂŐŝŶŐƚŚĞŽŵƉĂŶLJŝŶƚŚĞŝŶƚĞƌĞƐƚƐŽĨƚŚĞ
WĞƌƵƐĂŚĂĂŶĚĂŶƉĞŵĞŐĂŶŐƐĂŚĂŵŶLJĂ͘ ŽŵƉĂŶLJĂŶĚŝƚƐƐŚĂƌĞŚŽůĚĞƌƐ͘
<ĞƚŝŐĂŽƌŐĂŶƚĞƌƐĞďƵƚŵĞŶũĂůĂŶŬĂŶĨƵŶŐƐŝŶLJĂŵĂƐŝŶŐͲ dŚĞƐĞƚŚƌĞĞŽƌŐĂŶƐĐĂƌƌLJŽƵƚƚŚĞŝƌƌĞƐƉĞĐƚŝǀĞĨƵŶĐƚŝŽŶƐ
ŵĂƐŝŶŐ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ƉĞƌĂƚƵƌĂŶ LJĂŶŐ ďĞƌůĂŬƵ ŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚĂƉƉůŝĐĂďůĞƌĞŐƵůĂƚŝŽŶƐďĂƐĞĚŽŶƚŚĞ
ďĞƌĚĂƐĂƌŬĂŶ ƉƌŝŶƐŝƉ ƚƵŐĂƐ͕ ĨƵŶŐƐŝ ĚĂŶ ƚĂŶŐŐƵŶŐ ƉƌŝŶĐŝƉůĞƐ ŽĨ ĚƵƚŝĞƐ͕ ĨƵŶĐƚŝŽŶƐ ĂŶĚ ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ
ũĂǁĂďŶLJĂ ƐĞĐĂƌĂ ŝŶĚĞƉĞŶĚĞŶƚ ƵŶƚƵŬ ŬĞƉĞŶƚŝŶŐĂŶ ŝŶĚĞƉĞŶĚĞŶƚůLJ ĨŽƌ ƚŚĞ ďĞŶĞĨŝƚ ŽĨ ƚŚĞ ŽŵƉĂŶLJ͘ ĂĐŚ
WĞƌƐĞƌŽĂŶ͘ ^ĞƚŝĂƉ ŽƌŐĂŶ ĚŝĞǀĂůƵĂƐŝ ĚĂŶ ĚŝƉĞƌŝŬƐĂ ŽƌŐĂŶŝƐĞǀĂůƵĂƚĞĚĂŶĚĐŚĞĐŬĞĚƉĞƌŝŽĚŝĐĂůůLJƚŽĞŶƐƵƌĞ
ƐĞĐĂƌĂ ďĞƌŬĂůĂ ƵŶƚƵŬ ŵĞŵĂƐƚŝŬĂŶ ŬĞĐƵŬƵƉĂŶ ĚĂŶ ŝƚƐĂĚĞƋƵĂĐLJĂŶĚĞĨĨĞĐƚŝǀĞŶĞƐƐŝŶůŝŶĞǁŝƚŚƚŚĞŐƌŽǁƚŚ
ŬĞĞĨĞŬƚŝĨĂŶŶLJĂ ƐĞũĂůĂŶ ĚĞŶŐĂŶ ƉĞƌƚƵŵďƵŚĂŶ ĚĂŶ ĂŶĚ ĐŽŵƉůĞdžŝƚLJ ŽĨ ƚŚĞ ŽŵƉĂŶLJΖƐ ďƵƐŝŶĞƐƐ͘ dŚĞ
ŬŽƉůĞŬƐŝƚĂƐ ďŝƐŶŝƐ WĞƌƐĞƌŽĂŶ͘ ^ƚƌƵŬƚƵƌ ƚĂƚĂ ŬĞůŽůĂ ŽŵƉĂŶLJΖƐ ŐŽǀĞƌŶĂŶĐĞ ƐƚƌƵĐƚƵƌĞ ďĂƐĞĚ ŽŶ WK:<
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ƚĞŶƚĂŶŐ ŝƌĞŬƐŝ ĚĂŶ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ŵŝƚĞŶ ĂƚĂƵ ŝƌĞĐƚŽƌƐ ĂŶĚ ŽĂƌĚ ŽĨ ŽŵŵŝƐƐŝŽŶĞƌƐ ŽĨ /ƐƐƵĞƌƐ Žƌ
WĞƌƵƐĂŚĂĂŶ WƵďůŝŬ ƚĞůĂŚ ŵĞŶƵŶũƵŬŬĂŶ ĂĚĂŶLJĂ WƵďůŝĐ ŽŵƉĂŶŝĞƐ ŚĂƐ ƐŚŽǁŶ ƚŚĂƚ ƚŚĞƌĞ ŝƐ Ă ĐůĞĂƌ
ƉĞŵŝƐĂŚĂĂŶĨƵŶŐƐŝLJĂŶŐũĞůĂƐĂŶƚĂƌĂĞǁĂŶ<ŽŵŝƐĂƌŝƐ ƐĞƉĂƌĂƚŝŽŶŽĨĨƵŶĐƚŝŽŶƐďĞƚǁĞĞŶƚŚĞŽŵƉĂŶLJΖƐŽĂƌĚ
ĚĂŶ ŝƌĞŬƐŝ WĞƌƐĞƌŽĂ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ƚĂƚĂ ŬĞůŽůĂ LJĂŶŐ ŽĨ ŽŵŵŝƐƐŝŽŶĞƌƐ ĂŶĚ ŝƌĞĐƚŽƌƐ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ
ďĂŝŬ͕ ƐĞĚĂŶŐŬĂŶ ƵŶƚƵŬ ƉĞŶLJĞůĞŶŐŐĂƌĂĂŶ ZhW^ ŐŽŽĚ ŐŽǀĞƌŶĂŶĐĞ͕ ǁŚŝůĞ ĨŽƌ ŚŽůĚŝŶŐ ƚŚĞ ĐŽŵƉĂŶLJΖƐ
ƉĞƌƐĞƌŽĂŶ ŵĞƌƵũƵŬ ƉĂĚĂ hŶĚĂŶŐͲhŶĚĂŶŐ EŽ͘ 'D^ŝƚƌĞĨĞƌƐƚŽ>ĂǁŶŽ͘ϰϬͬϮϬϬϳĐŽŶĐĞƌŶŝŶŐ>ŝŵŝƚĞĚ
ϰϬͬϮϬϬϳ ƚĞŶƚĂŶŐ WĞƌƐĞƌŽĂŶ dĞƌďĂƚĂƐ ĚĂŶ WK:< >ŝĂďŝůŝƚLJ ŽŵƉĂŶŝĞƐ ĂŶĚ WK:< EƵŵďĞƌ
EŽŵŽƌ ϭϱͬWK:<͘ϬϰͬϮϬϮϬ ƚĞŶƚĂŶŐ ZĞŶĐĂŶĂ ϭϱͬWK:<͘ϬϰͬϮϬϮϬĐŽŶĐĞƌŶŝŶŐWůĂŶƐĨŽƌ,ŽůĚŝŶŐĂWƵďůŝĐ
WĞŶLJĞůĞŶŐŐĂƌĂĂŶZhW^WĞƌƵƐĂŚĂĂŶdĞƌďƵŬĂ͘ ŽŵƉĂŶLJ'D^͘
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WĞƌƐĞƌŽĂŶ ũƵŐĂ ŵĞŶŐŝŬƵƚƐĞƌƚĂŬĂŶ ďĞďĞƌĂƉĂ ĂƐƉĞŬ ŐŽŽĚ ĐŽƌƉŽƌĂƚĞ ŐŽǀĞƌŶĂŶĐĞ ĂůƐŽ ŝŶĐůƵĚĞƐ ƐĞǀĞƌĂů
ƉĞŶƚŝŶŐLJĂŶŐďĞƌƉĞƌĂŶƵŶƚƵŬŵĞŶĚƵŬƵŶŐƉĞŶŐƵĂƚĂŶ ŝŵƉŽƌƚĂŶƚ ĂƐƉĞĐƚƐ ƚŚĂƚ ƉůĂLJ Ă ƌŽůĞ ŝŶ ƐƵƉƉŽƌƚŝŶŐ ƚŚĞ
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ŬŽŶƚƌŽů ĚĂŶ ƉĞŶŐĞůŽůĂĂŶ ƚĞƌŚĂĚĂƉ WĞƌƐĞƌŽĂŶ͕ LJĂŶŐ ƐƚƌĞŶŐƚŚĞŶŝŶŐ ŽĨ ĐŽŶƚƌŽů ĂŶĚ ŵĂŶĂŐĞŵĞŶƚ ŽĨ ƚŚĞ
ƚĞƌĚŝƌŝ ĚĂƌŝ ŽƌŐĂŶ ƉĞŶĚƵŬƵŶŐ LJĂŝƚƵ ^ĞŬƌĞƚĂƌŝƐ ŽŵƉĂŶLJ͕ǁŚŝĐŚĐŽŶƐŝƐƚƐŽĨƐƵƉƉŽƌƚŝŶŐŽƌŐĂŶƐ͕ŶĂŵĞůLJ
WĞƌƵƐĂŚĂĂŶ͕ƵĚŝƚ/ŶƚĞƌŶĂů͕<ŽŵŝƚĞƵĚŝƚ͕ĚĂŶ<ŽŵŝƚĞ ƚŚĞ ŽƌƉŽƌĂƚĞ ^ĞĐƌĞƚĂƌLJ͕ /ŶƚĞƌŶĂů ƵĚŝƚ͕ ƵĚŝƚ
EŽŵŝŶĂƐŝĚĂŶZĞŵƵŶĞƌĂƐŝ͘ ŽŵŵŝƚƚĞĞ͕ ĂŶĚ EŽŵŝŶĂƚŝŽŶ ĂŶĚ ZĞŵƵŶĞƌĂƚŝŽŶ
ŽŵŵŝƚƚĞĞ͘
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ŵĞŶĞƌĂƉŬĂŶ WK:< ϱϭͬϮϬϭϳ ƚĞŶƚĂŶŐ WĞŶĞƌĂƉĂŶ ŝŵƉůĞŵĞŶƚ WK:< ϱϭͬϮϬϭϳ ĐŽŶĐĞƌŶŝŶŐ ƚŚĞ
>ĂƉŽƌĂŶ <ĞƵĂŶŐĂŶ ĞƌŬĞůĂŶũƵƚĂŶ ďĂŐŝ >ĞŵďĂŐĂ :ĂƐĂ /ŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ ^ƵƐƚĂŝŶĂďůĞ &ŝŶĂŶĐŝĂů ZĞƉŽƌƚƐ ĨŽƌ
<ĞƵĂŶŐĂŶ͕ ŵŝƚĞŶ ĚĂŶ WĞƌƵƐĂŚĂĂŶ WƵďůŝŬ LJĂŶŐ &ŝŶĂŶĐŝĂů ^ĞƌǀŝĐĞƐ /ŶƐƚŝƚƵƚŝŽŶƐ͕ /ƐƐƵĞƌƐ ĂŶĚ WƵďůŝĐ
ŵĞŵƵĂƚ ŬĞƚĞŶƚƵĂŶ ƚĞƌŬĂŝƚ ƉĞŶĂŶŐŐƵŶŐ ũĂǁĂď ŽŵƉĂŶŝĞƐ ǁŚŝĐŚ ĐŽŶƚĂŝŶƐ ƉƌŽǀŝƐŝŽŶƐ ƌĞŐĂƌĚŝŶŐ ƚŚĞ
ƉĞŶĞƌĂƉĂŶ ŬĞƵĂŶŐĂŶ ďĞƌŬĞůĂŶũƵƚĂŶ WĞƌƐĞƌŽĂŶ͕ ƉĞƌƐŽŶ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ŝŵƉůĞŵĞŶƚŝŶŐ ƚŚĞ ŽŵƉĂŶLJΖƐ
ĚŝŵĂŶĂ ŚĂů ƚĞƌƐĞďƵƚ Ěŝ ƉĞƌƚĂŶŐŐƵŶŐũĂǁĂďŬĂŶ ŽůĞŚ ƐƵƐƚĂŝŶĂďůĞĨŝŶĂŶĐĞ͕ǁŚĞƌĞƚŚŝƐŝƐŚĞůĚĂĐĐŽƵŶƚĂďůĞďLJ
ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ƐĞďĂŐĂŝ WĞŶŐĂǁĂƐ ĚĂŶ ŝƌĞŬƐŝ ƚŚĞ ŽĂƌĚ ŽĨ ŽŵŵŝƐƐŝŽŶĞƌƐ ĂƐ ^ƵƉĞƌǀŝƐŽƌ ĂŶĚ
ĚŝďĂǁĂŚŬĞƉĞŵŝŵƉŝŶĂŶŝƌĞŬƚƵƌhƚĂŵĂďĞƌƚĂŶŐŐƵŶŐ ŝƌĞĐƚŽƌƐƵŶĚĞƌƚŚĞůĞĂĚĞƌƐŚŝƉdŚĞWƌĞƐŝĚĞŶƚŝƌĞĐƚŽƌ
ũĂǁĂď ƵŶƚƵŬ ŵĞŵŝŵƉŝŶ͕ ŵĞŶŐĞůŽůĂ͕ ĚĂŶ ŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌůĞĂĚŝŶŐ͕ŵĂŶĂŐŝŶŐĂŶĚĚŝƌĞĐƚŝŶŐĚĂŝůLJ
ŵĞŶŐĂƌĂŚŬĂŶ ŽƉĞƌĂƐŝ ƐĞŚĂƌŝͲŚĂƌŝ ĚĂŶ ŵĞŵĂƐƚŝŬĂŶ ŽƉĞƌĂƚŝŽŶƐĂŶĚĞŶƐƵƌŝŶŐƚŚĞŽŵƉĂŶLJĨƵůĨŝůůƐŝƚƐǀŝƐŝŽŶ
WĞƌƐĞƌŽĂŶŵĞŵĞŶƵŚŝǀŝƐŝŵŝƐŝŶLJĂƚĞƌŬĂŝƚůŝŶŐŬƵŶŐĂŶ͕ ĂŶĚ ŵŝƐƐŝŽŶ ƌĞŐĂƌĚŝŶŐ ƚŚĞ ĞŶǀŝƌŽŶŵĞŶƚ͕ ƐŽĐŝĂů͕
ƐŽƐŝĂů͕ĞŬŽŶŽŵŝ͕ĚĂŶƚĂƚĂŬĞůŽůĂƉĞƌƵƐĂŚĂĂŶ͘hŶƚƵŬŝƚƵ ĞĐŽŶŽŵŝĐĂŶĚĐŽƌƉŽƌĂƚĞŐŽǀĞƌŶĂŶĐĞ͘&ŽƌƚŚŝƐƌĞĂƐŽŶ͕
ƚƵŐĂƐĚĂŶƚĂŶŐŐƵŶŐũĂǁĂďƐĞůƵƌƵŚŝƌĞŬƐŝĚŝĂǁĂƐŝŽůĞŚ ƚŚĞ ĚƵƚŝĞƐ ĂŶĚ ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ ŽĨ Ăůů ŝƌĞĐƚŽƌƐ ĂƌĞ
ŝƌĞŬƚƵƌhƚĂŵĂ͘;WK:<ϱϭ͘͘ϱ͘ĐͿ;^ K:<ϭϲ͘ ͘ϭͿ;'Z/ϮͲ ƐƵƉĞƌǀŝƐĞĚ ďLJ ƚŚĞ WƌĞƐŝĚĞŶƚ ŝƌĞĐƚŽƌ͘ ;WK:<
ϵ͕ϮͲϭϯͿ ϱϭ͘͘ϱ͘ĐͿ;^ K:<ϭϲ͘ ͘ϭͿ;'Z/ϮͲϵ͕ϮͲϭϯͿ
^ƚƌƵŬƚƵƌKƌŐĂŶ'' ''KƌŐĂŶ^ƚƌƵĐƚƵƌĞ
;'Z/ϮͲϭϬ͕ϮͲϭϭ͕ϮͲϭϮ͕ϮͲϭϰͿ ;'Z/ϮͲϭϬ͕ϮͲϭϭ͕ϮͲϭϮ͕ϮͲϭϰͿ
ZĂƉĂƚhŵƵŵWĞŵĞŐĂŶŐ^ĂŚĂŵ
'ĞŶĞƌĂůDĞĞƚŝŶŐŽĨ^ŚĂƌĞŚŽůĚĞƌƐ
<ŽŵŝƚĞEŽŵŝŶĂƐŝΘ <ŽŵŝƚĞ ƵĚŝƚ
ĞǁĂŶ<ŽŵŝƐĂƌŝƐ
ZĞŵƵŶĞƌĂƐŝ
ŽĂƌĚKĨŽŵŵŝƐƐŝŽŶĞƌƐ ƵĚŝƚŽŵŵŝƚƚĞĞ
EŽŵŝŶĂƚŝŽŶΘ
ZĞŵƵŶĞƌĂƚŝŽŶŽŵŵŝƚƚĞĞ
ŝƌĞŬƐŝ
ŽĂƌĚŽĨŝƌĞĐƚŽƌƐ
^ĞŬƌĞƚĂƌŝƐWĞƌƵƐĂŚĂĂŶ ƵĚŝƚ/ŶƚĞƌŶĂů
ŽƌƉŽƌĂƚĞ^ĞĐƌĞƚĂƌLJ /ŶƚĞƌŶĂůƵĚŝƚ
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ZĂƉĂƚhŵƵŵWĞŵĞŐĂŶŐ^ĂŚĂŵ;ZhW^Ϳ
'ĞŶĞƌĂůDĞĞƚŝŶŐŽĨ^ŚĂƌĞŚŽůĚĞƌ;'D^Ϳ
ZhW^ ŵĞƌƵƉĂŬĂŶ ŽƌŐĂŶ LJĂŶŐ ŵĞŵŝůŝŬŝ ǁĞǁĞŶĂŶŐ dŚĞ'D^ŝƐĂŶŽƌŐĂŶƚŚĂƚŚĂƐĂƵƚŚŽƌŝƚLJƚŚĂƚŝƐŶŽƚŐŝǀĞŶ
LJĂŶŐ ƚŝĚĂŬ ĚŝďĞƌŝŬĂŶ ŬĞƉĂĚĂ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ĂƚĂƵ ƚŽƚŚĞŽĂƌĚŽĨŽŵŵŝƐƐŝŽŶĞƌƐŽƌŝƌĞĐƚŽƌƐǁŝƚŚŝŶƚŚĞ
ŝƌĞŬƐŝĚĂůĂŵďĂƚĂƐLJĂŶŐĚŝƚĞŶƚƵŬĂŶĚĂůĂŵƉĞƌĂƚƵƌĂŶ ůŝŵŝƚƐ ƐƉĞĐŝĨŝĞĚ ŝŶ ƚŚĞ ƐƚĂƚƵƚŽƌLJ ƌĞŐƵůĂƚŝŽŶƐ ĂŶĚ ƚŚĞ
ƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶ ĚĂŶ ŶŐŐĂƌĂŶ ĂƐĂƌ͘ ^ĞĐĂƌĂ ƌƚŝĐůĞƐŽĨƐƐŽĐŝĂƚŝŽŶ͘/ŶƐŝŵƉůĞƚĞƌŵƐ͕ƚŚĞ'D^ŝƐĂ
ƐĞĚĞƌŚĂŶĂZhW^ĂĚĂůĂŚĨŽƌƵŵďĂŐŝƉĞŵĞŐĂŶŐƐĂŚĂŵ ĨŽƌƵŵĨŽƌƐŚĂƌĞŚŽůĚĞƌƐƚŽĞdžĞƌĐŝƐĞƚŚĞŝƌƌŝŐŚƚƐƚŽŵĂŬĞ
ƵŶƚƵŬ ĚĂƉĂƚ ŵĞŶŐŐƵŶĂŬĂŶ ŚĂŬ ŵĞƌĞŬĂ ŐƵŶĂ ĐĞƌƚĂŝŶĚĞĐŝƐŝŽŶƐƌĞůĂƚŝŶŐƚŽƚŚĞŽŵƉĂŶLJ͘/ŶƚŚĞ'D^
ŵĞŵďƵĂƚ ŬĞƉƵƚƵƐĂŶ ƚĞƌƚĞŶƚƵ LJĂŶŐ ďĞƌŚƵďƵŶŐĂŶ ĨŽƌƵŵ͕ ƚŚĞ ŵĞĐŚĂŶŝƐŵ ĨŽƌ ĐŽŶǀĞLJŝŶŐ ĚĞĐŝƐŝŽŶƐ ŝƐ
ĚĞŶŐĂŶ WĞƌƐĞƌŽĂŶ͘ ĂůĂŵ ĨŽƌƵŵ ZhW^͕ ŵĞŬĂŶŝƐŵĞ ƉƌĞƉĂƌĞĚ ƌĞŐƵůĂƌůLJ ĂŶĚ ƐLJƐƚĞŵĂƚŝĐĂůůLJ ŝŶ ĂĐĐŽƌĚĂŶĐĞ
ƉĞŶLJĂŵƉĂŝĂŶ ŬĞƉƵƚƵƐĂŶ ĚŝƐƵƐƵŶ ƐĞĐĂƌĂ ƚĞƌĂƚƵƌ ĚĂŶ ǁŝƚŚ ƚŚĞ ĂŐĞŶĚĂ ƚŚĂƚ ŚĂƐ ďĞĞŶ ĚĞƚĞƌŵŝŶĞĚ ;ĨƵƌƚŚĞƌ
ƐŝƐƚĞŵĂƚŝƐ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ŵĂƚĂ ĂĐĂƌĂ LJĂŶŐ ƚĞůĂŚ ĞdžƉůĂŝŶĞĚŝŶƚŚĞŶŶƵĂůZĞƉŽƌƚŽŶƚŚĞŝŵƉůĞŵĞŶƚĂƚŝŽŶ
ĚŝƚĞŶƚƵŬĂŶ ;ůĞďŝŚ ůĂŶũƵƚ ĚŝũĞůĂƐŬĂŶ ĚĂůĂŵ >ĂƉŽƌĂŶ ĂŶĚŵĞĐŚĂŶŝƐŵŽĨƚŚĞ'D^Ϳ͘dŚĞ'D^ĐŽŶƐŝƐƚƐŽĨƚŚĞ
dĂŚƵŶĂŶ ƉĞůĂŬƐĂŶĂĂŶ ĚĂŶ ŵĞŬĂŶŝƐŵĞ ZhW^Ϳ͘ ZhW^ ŶŶƵĂů'D^ĂŶĚ džƚƌĂŽƌĚŝŶĂƌLJ'D^͘dŚĞŶŶƵĂů'D^
ƚĞƌĚŝƌŝ ĚĂƌŝ ZhW^ dĂŚƵŶĂŶ ĚĂŶ ZhW^ >ƵĂƌ ŝĂƐĂ͘ ŝƐ ŚĞůĚ ŽŶĐĞ Ă LJĞĂƌ͕ ǁŚŝůĞ ƚŚĞ džƚƌĂŽƌĚŝŶĂƌLJ 'D^ ŝƐ
WĞŶLJĞůĞŶŐŐĂƌĂĂŶ ZhW^ dĂŚƵŶĂŶ ĚŝůĂŬƵŬĂŶ ĚĂůĂŵ ŚĞůĚ Ăƚ ĂŶLJ ƚŝŵĞ ĂĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞ ŽŵƉĂŶLJΖƐ ŶĞĞĚƐ͘
ŬƵƌƵŶŐ ǁĂŬƚƵ ƐĞƚĂŚƵŶ ƐĞŬĂůŝ͕ ƐĞĚĂŶŐŬĂŶ ZhW^ >ƵĂƌ dŚĞĂƵƚŚŽƌŝƚLJŽĨƚŚĞ'D^ŝŶĐůƵĚĞƐƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ
ŝĂƐĂ ĚŝƐĞůĞŶŐŐĂƌĂŬĂŶ ƐĞǁĂŬƚƵͲǁĂŬƚƵ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ŽĨƚŚĞŽĂƌĚŽĨŽŵŵŝƐƐŝŽŶĞƌƐĂŶĚŝƌĞĐƚŽƌƐƌĞŐĂƌĚŝŶŐ
ŬĞďƵƚƵŚĂŶ WĞƌƐĞƌŽĂŶ͘ tĞǁĞŶĂŶŐ ZhW^ ŵĞŶĐĂŬƵƉ ƚŚĞ ŵĂŶĂŐĞŵĞŶƚ ŽĨ ƚŚĞ ŽŵƉĂŶLJ͕ ĂŵĞŶĚŝŶŐ ƚŚĞ
ƉĞƌƚĂŶŐŐƵŶŐũĂǁĂďĂŶ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ĚĂŶ ŝƌĞŬƐŝ ƌƚŝĐůĞƐŽĨƐƐŽĐŝĂƚŝŽŶ͕ĂƉƉŽŝŶƚŝŶŐĂŶĚĚŝƐŵŝƐƐŝŶŐƚŚĞ
ƚĞƌŬĂŝƚ ĚĞŶŐĂŶ ƉĞŶŐĞůŽůĂĂŶ WĞƌƐĞƌŽĂŶ͕ ŵĞŶŐƵďĂŚ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ ĂŶĚͬŽƌ ƚŚĞ ŽĂƌĚ ŽĨ
ŶŐŐĂƌĂŶ ĂƐĂƌ͕ ŵĞŶŐĂŶŐŬĂƚ ĚĂŶ ŵĞŵďĞƌŚĞŶƚŝŬĂŶ ŽŵŵŝƐƐŝŽŶĞƌƐ͕ĚĞĐŝĚŝŶŐŽŶƚŚĞĚŝǀŝƐŝŽŶŽĨĚƵƚŝĞƐĂŶĚ
ŝƌĞŬƐŝ ĚĂŶͬĂƚĂƵ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ͕ ŵĞŵƵƚƵƐŬĂŶ ŵĂŶĂŐĞŵĞŶƚ ĂƵƚŚŽƌŝƚLJ ĂŵŽŶŐ ƚŚĞ ŝƌĞĐƚŽƌƐ ĂŶĚ
ƉĞŵďĂŐŝĂŶ ƚƵŐĂƐ ĚĂŶ ǁĞǁĞŶĂŶŐ ƉĞŶŐƵƌƵƐĂŶ Ěŝ ŽƚŚĞƌƐ͘
ĂŶƚĂƌĂŝƌĞŬƐŝĚĂŶůĂŝŶͲůĂŝŶ͘
dĂŚƵŶ ϮϬϮϯ WĞƌƐĞƌŽĂŶ ƚĞůĂŚ ŵĞůĂŬƵŬĂŶ ZhW^ /ŶϮϬϮϯ͕ƚŚĞŽŵƉĂŶLJŚĞůĚĂŶŶŶƵĂů'D^ĨŽƌƚŚĞϮϬϮϮ
dĂŚƵŶĂŶƵŶƚƵŬƚĂŚƵŶďƵŬƵϮϬϮϮĚĂŶZhW^>ƵĂƌŝĂƐĂ ĨŝŶĂŶĐŝĂů LJĞĂƌ ĂŶĚ ĂŶ džƚƌĂŽƌĚŝŶĂƌLJ 'D^ ǁĂƐ ŚĞůĚ
ĚŝůĂŬƵŬĂŶ ƐĞďĂŶLJĂŬ Ϯ ŬĂůŝ ƉĂĚĂ ƚĂŚƵŶ ƉĞůĂƉŽƌĂŶ ƚǁŝĐĞ ŝŶ ƚŚĞ ƌĞƉŽƌƚŝŶŐ LJĞĂƌ ŝŶ ĐŽŶŶĞĐƚŝŽŶ ǁŝƚŚ ƚŚĞ
ƐĞŚƵďƵŶŐĂŶ ƉĞŶŐĂůŝŚĂŶ ƐĞŐŵĞŶ ƵƐĂŚĂ WŶĞƚ ĚĂŶ ƚƌĂŶƐĨĞƌŽĨƚŚĞWŶĞƚďƵƐŝŶĞƐƐƐĞŐŵĞŶƚĂŶĚĐŚĂŶŐĞƐ
ƉĞƌƵďĂŚĂŶ ƉĞŶŐĞŶĚĂůŝ ƐĞƌƚĂ ƉĞƌƵďĂŚĂŶ ƐƵƐƵŶĂŶ ŝŶĐŽŶƚƌŽůĂƐǁĞůůĂƐĐŚĂŶŐĞƐŝŶƚŚĞĐŽŵƉŽƐŝƚŝŽŶŽĨƚŚĞ
ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ĚĂŶ ŝƌĞŬƐŝ͘ WĞƌƵďĂŚĂŶ ƐƵƐƵŶĂŶ ŽĂƌĚŽĨŽŵŵŝƐƐŝŽŶĞƌƐĂŶĚŝƌĞĐƚŽƌƐ͘dŚŝƐĐŚĂŶŐĞŝŶ
ƚĞƌƐĞďƵƚ ŵĞŶŐĂŶŐŬĂƚ ĚĂŶ ŵĞŵďĞƌŚĞŶƚŝŬĂŶ ĞǁĂŶ ĐŽŵƉŽƐŝƚŝŽŶ ĂƉƉŽŝŶƚƐ ĂŶĚ ĚŝƐŵŝƐƐĞƐ ƚŚĞ ŽĂƌĚ ŽĨ
<ŽŵŝƐĂƌŝƐĚĂŶŝƌĞŬƐŝƐĞƐƵĂŝĚĞŶŐĂŶŬĞƐĞƉĂŬĂƚĂŶĂƚĂƐ ŽŵŵŝƐƐŝŽŶĞƌƐ ĂŶĚ ŝƌĞĐƚŽƌƐ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ
ƉĞƌƵďĂŚĂŶƉĞŶŐĞŶĚĂůŝWĞƌƐĞƌŽĂŶ͘,ĂůŝŶŝĂĚĂůĂŚĐĂƌĂ ĂŐƌĞĞŵĞŶƚ ƌĞŐĂƌĚŝŶŐ ƚŚĞ ĐŚĂŶŐĞ ŝŶ ĐŽŶƚƌŽů ŽĨ ƚŚĞ
WƌĞƐĞƌŽĂŶŵĞŶũĂůĂŶŬĂŶƉƌŽƐĞƐƉĞŶŐĞůŽůĂĂŶLJĂŶŐďĂŝŬ ŽŵƉĂŶLJ͘ dŚŝƐ ŝƐ WƌĞƐĞƌŽĂŶΖƐ ǁĂLJ ŽĨ ĐĂƌƌLJŝŶŐ ŽƵƚ Ă
ĚĂŶďĞƌŬĞůĂŶũƵƚĂŶƐĞĐĂƌĂ ŝŶƚĞƌŶĂů͘ WĞƌƐĞƌŽĂŶ ŐŽŽĚĂŶĚƐƵƐƚĂŝŶĂďůĞŵĂŶĂŐĞŵĞŶƚƉƌŽĐĞƐƐŝŶƚĞƌŶĂůůLJ͘
ŵĞŶLJĂŬŝŶŝ ĚĞŶŐĂŶ ĂĚĂŶLJĂ ƉĞƌƵďĂŚĂŶ ƉĂĚĂ ƚĂŚƵŶ dŚĞ ŽŵƉĂŶLJ ďĞůŝĞǀĞƐ ƚŚĂƚ ǁŝƚŚ ƚŚĞ ĐŚĂŶŐĞƐ ŝŶ ƚŚĞ
ƉĞůĂƉŽƌĂŶ ƐĞŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ ZhW^ ƉĞƌƚƵŵďƵŚĂŶ ƌĞƉŽƌƚŝŶŐLJĞĂƌŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚƚŚĞ'D^͕ƐƵƐƚĂŝŶĂďůĞ
ďŝƐŶŝƐ ďĞƌŬĞůĂŶũƵƚĂŶ ĂŬĂŶ ƚĞƌƵƐ ĚŝƚĞƌĂƉŬĂŶ ƐĞĐĂƌĂ ďƵƐŝŶĞƐƐ ŐƌŽǁƚŚ ǁŝůů ĐŽŶƚŝŶƵĞ ƚŽ ďĞ ŝŵƉůĞŵĞŶƚĞĚ
ĞĨĞŬƚŝĨ ĚĂŶ ŬŽŶƐŝƐƚĞŶ ƉĂĚĂ ƐĞůƵƌƵŚ ůŝŶŝ ďŝƐŶŝƐ ĞĨĨĞĐƚŝǀĞůLJĂŶĚĐŽŶƐŝƐƚĞŶƚůLJĂĐƌŽƐƐĂůůŽĨƚŚĞŽŵƉĂŶLJΖƐ
WĞƌƐĞƌŽĂŶ͘ hŶƚƵŬ ƐĞƚŝĂƉ ŚĂƐŝů ŬĞƉƵƚƵƐĂŶ ZhW^ ďƵƐŝŶĞƐƐ ůŝŶĞƐ͘ ǀĞƌLJ ƌĞƐƵůƚ ŽĨ ƚŚĞ ŽŵƉĂŶLJΖƐ 'D^
WĞƌƐĞƌŽĂŶĚŝƉƵďůŝŬĂƐŝŬĂŶŵĞůĂůƵŝ͗ ĚĞĐŝƐŝŽŶŝƐƉƵďůŝƐŚĞĚƚŚƌŽƵŐŚ͗
Ͳ ^ŝƚƵƐtĞďWdƵƌƐĂ ĨĞŬ/ŶĚŽŶĞƐŝĂǁǁǁ͘ŝĚdž͘ĐŽ͘ŝĚ͖ Ͳ tĞďƐŝƚĞ Wd /ŶĚŽŶĞƐŝĂ ^ƚŽĐŬ džĐŚĂŶŐĞ
ǁǁǁ͘ŝĚdž͘ĐŽ͘ŝĚ͖
Ͳ ^ŝƚƵƐ tĞď Wd <ƵƐƚŽĚŝĂŶ ^ĞŶƚƌĂů ĨĞŬ /ŶĚŽŶĞƐŝĂ Ͳ Wd /ŶĚŽŶĞƐŝĂŶ ĞŶƚƌĂů ^ĞĐƵƌŝƚŝĞƐ ĞƉŽƐŝƚŽƌLJ
Ğ^z͘<^ /ǁǁǁ͘ŬƐĞŝ͘ĐŽ͘ŝĚ͖ĚĂŶ ǁĞďƐŝƚĞĞ^z͘<^ /ǁǁǁ͘ŬƐĞŝ͘ĐŽ͘ŝĚ͖ŶĚ
Ͳ ^ŝƚƵƐtĞďWĞƌƐĞƌŽĂŶǁǁǁ͘ƚƌĂŶƐŬŽŶͲƌĞŶƚ͘ĐŽŵ͘ Ͳ tĞďƐŝƚĞŽŵƉĂŶLJǁǁǁ͘ƚƌĂŶƐŬŽŶͲƌĞŶƚ͘ĐŽŵ͘
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ĞǁĂŶ<ŽŵŝƐĂƌŝƐ
ŽĂƌĚKĨŽŵŵŝƐƐŝŽŶĞƌƐ
ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ũƵŐĂ ŵĞƌƵƉĂŬĂŶ ŽƌŐĂŶ ƚĞƌƉĞŶƚŝŶŐ dŚĞŽĂƌĚŽĨŽŵŵŝƐƐŝŽŶĞƌƐŝƐĂůƐŽƚŚĞŵŽƐƚŝŵƉŽƌƚĂŶƚ
ĚĂůĂŵƉĞŶĞƌĂƉĂŶƚĂƚĂ<ĞůŽůĂďĞƌŬĞůĂŶũƵƚĂŶƐĞůĂŝŶĚĂƌŝ ŽƌŐĂŶŝŶŝŵƉůĞŵĞŶƚŝŶŐƐƵƐƚĂŝŶĂďůĞŐŽǀĞƌŶĂŶĐĞĂƉĂƌƚ
ZhW^͘ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ĚŝĂŶŐŬĂƚ ĚĂŶ ĚŝďĞƌŚĞŶƚŝŬĂŶ ĨƌŽŵ ƚŚĞ 'D^͘ dŚĞ ŽĂƌĚ ŽĨ ŽŵŵŝƐƐŝŽŶĞƌƐ ŝƐ
ŽůĞŚ ZĂƉĂƚ hŵƵŵ WĞŵĞŐĂŶŐ ^ĂŚĂŵ͘ ^ĞŚŝŶŐŐĂ ĂƉƉŽŝŶƚĞĚ ĂŶĚ ĚŝƐŵŝƐƐĞĚ ďLJ ƚŚĞ 'ĞŶĞƌĂů DĞĞƚŝŶŐ ŽĨ
ŬĞƐŝŶĂŵďƵŶĂŐĂŶ ŚƵďƵŶŐĂŶ ĂŶƚĂƌĂ ZhW^ ĚĞŶŐĂŶ ^ŚĂƌĞŚŽůĚĞƌƐ͘^ŽƚŚĂƚƚŚĞĐŽŶƚŝŶƵŝƚLJŽĨƚŚĞƌĞůĂƚŝŽŶƐŚŝƉ
ĞǁĂŶ<ŽŵŝƐĂƌŝƐƐĂŶŐĂƚĞƌĂƚ͘KůĞŚƐĞďĂďŝƚƵĞǁĂŶ ďĞƚǁĞĞŶƚŚĞ'D^ĂŶĚƚŚĞŽĂƌĚŽĨŽŵŵŝƐƐŝŽŶĞƌƐŝƐ
<ŽŵŝƐĂƌŝƐŵĞƌƵƉĂŬĂŶďĂĚĂŶƚĂƚĂ<ĞůŽůĂƚĞƌƚŝŶŐŐŝLJĂŶŐ ǀĞƌLJ ĐůŽƐĞ͘ dŚĞƌĞĨŽƌĞ͕ ƚŚĞ ŽĂƌĚ ŽĨ ŽŵŵŝƐƐŝŽŶĞƌƐ ŝƐ
ďĞƌƚƵŐĂƐ ĚĂŶ ďĞƌƚĂŶŐŐƵŶŐ ũĂǁĂď ŵĞůĂŬƵŬĂŶ ƚŚĞ ŚŝŐŚĞƐƚ ŐŽǀĞƌŶĂŶĐĞ ďŽĚLJ ƚĂƐŬĞĚ ĂŶĚ ƌĞƐƉŽŶƐŝďůĞ
ƉĞŶŐĂǁĂƐĂŶĚĂŶŵĞŵďĞƌŝŬĂŶŶĂƐŝŚĂƚŬĞƉĂĚĂŝƌĞŬƐŝ ĨŽƌ ƐƵƉĞƌǀŝƐŝŶŐ ĂŶĚ ƉƌŽǀŝĚŝŶŐ ĂĚǀŝĐĞ ƚŽ ƚŚĞ ŽĂƌĚ ŽĨ
ĂƚĂƐƉĞŶŐĞůŽůĂŚĂŶWĞƌƐĞƌŽĂŶ͘ ŝƌĞĐƚŽƌƐƌĞŐĂƌĚŝŶŐƚŚĞŵĂŶĂŐĞŵĞŶƚŽĨƚŚĞŽŵƉĂŶLJ͘
ĞǁĂŶ<ŽŵŝƐĂƌŝƐƐĞďĂŐĂŝƉĞŶŐĂǁĂƐƚĞƌŚĂĚĂƉŬŝŶĞƌũĂ ŽĂƌĚŽĨŽŵŵŝƐƐŝŽŶĞƌƐƐƵƉĞƌǀŝƐĞƐƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨ
ŝƌĞŬƐŝ͕ĚĂŶŵĞŵďĞƌŝŬĂŶƌĞŬŽŵĞŶĚĂƐŝŬĞƉĂĚĂŝƌĞŬƐŝ ŽĂƌĚŽĨŝƌĞĐƚŽƌƐ͕ĂŶĚƉƌŽǀŝĚĞƐƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐƚŽ
ƚĞƌŬĂŝƚ ƐƚƌĂƚĞŐŝ͕ ŬĞďŝũĂŬĂŶ ĚĂŶ ŬĞŐŝĂƚĂŶ ŽƉĞƌĂƐŝŽŶĂů ƚŚĞ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ ƌĞŐĂƌĚŝŶŐ ƚŚĞ ŽŵƉĂŶLJΖƐ
WĞƌƐĞƌŽĂŶ͕ ƚĞƌŵĂƐƵŬ ŵĞůĂŬƵŬĂŶ ƉĞŶŝůĂŝĂŶ ƌŝƐŝŬŽ ĚĂŶ ƐƚƌĂƚĞŐLJ͕ƉŽůŝĐŝĞƐĂŶĚŽƉĞƌĂƚŝŽŶĂůĂĐƚŝǀŝƚŝĞƐ͕ŝŶĐůƵĚŝŶŐ
ƉĞŶŐĂǁĂƐĂŶ ĂƵĚŝƚ LJĂŶŐ ĚŝďĂŶƚƵ ŽůĞŚ <ŽŵŝƚĞ ƵĚŝƚ͕ ĐĂƌƌLJŝŶŐ ŽƵƚ ƌŝƐŬ ĂƐƐĞƐƐŵĞŶƚƐ ĂŶĚ ĂƵĚŝƚ ƐƵƉĞƌǀŝƐŝŽŶ
<ŽŵŝƚĞ EŽŵŝŶĂƐŝ ĚĂŶ ZĞŵƵŶĞƌĂƐŝ͕ ^ĞŬƌĞƚĂƌŝƐ ĂƐƐŝƐƚĞĚ ďLJ ƚŚĞ ƵĚŝƚ ŽŵŵŝƚƚĞĞ͕ EŽŵŝŶĂƚŝŽŶ ĂŶĚ
WĞƌƵƐĂŚĂĂŶĚĂŶƵĚŝƚ/ŶƚĞƌŶĂů͘ŝƐĂŵƉŝŶŐŝƚƵĞǁĂŶ ZĞŵƵŶĞƌĂƚŝŽŶ ŽŵŵŝƚƚĞĞ͕ ŽƌƉŽƌĂƚĞ ^ĞĐƌĞƚĂƌLJ ĂŶĚ
<ŽŵŝƐĂƌŝƐ ŚĂƌƵƐ ŵĞŶŐƵƐƵůŬĂŶ ŬĞƉĂĚĂ ĚĂŶ ƵŶƚƵŬ /ŶƚĞƌŶĂůƵĚŝƚ͘/ŶĂĚĚŝƚŝŽŶ͕ƚŚĞŽĂƌĚŽĨŽŵŵŝƐƐŝŽŶĞƌƐ
ĚŝƉƵƚƵƐŬĂŶ ŽůĞŚ ZhW^ ƉĞŶŐĂŶŐŬĂƚĂŶ ĚĂŶͬĂƚĂƵ ŵƵƐƚ ƉƌŽƉŽƐĞ ƚŽ ĂŶĚ ďĞ ĚĞĐŝĚĞĚ ďLJ ƚŚĞ 'D^ ƚŚĞ
ƉĞŵďĞƌŚĞŶƚŝĂŶ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ ĚĂŶ ĂŶŐŐŽƚĂ ĞǁĂŶ ĂƉƉŽŝŶƚŵĞŶƚ ĂŶĚͬŽƌ ĚŝƐŵŝƐƐĂů ŽĨ ŵĞŵďĞƌƐ ŽĨ ƚŚĞ
<ŽŵŝƐĂƌŝƐ͕ ďĞƌǁĞŶĂŶŐ ŵĞŵďĞƌŚĞŶƚŝŬĂŶ ƐĞŵĞŶƚĂƌĂ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ ĂŶĚ ŵĞŵďĞƌƐ ŽĨ ƚŚĞ ŽĂƌĚ ŽĨ
ĂŶŐŐŽƚĂŝƌĞŬƐŝ͕ƐĞƐƵĂŝĚĞŶŐĂŶƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐͲ ŽŵŵŝƐƐŝŽŶĞƌƐ͕ ŚĂǀĞ ƚŚĞ ĂƵƚŚŽƌŝƚLJ ƚŽ ƚĞŵƉŽƌĂƌŝůLJ
ƵŶĚĂŶŐĂŶ LJĂŶŐ ďĞƌůĂŬƵ͘ ĞƌƐĂŵĂͲƐĂŵĂ ĚĞŶŐĂŶ ĚŝƐŵŝƐƐ ŵĞŵďĞƌƐ ŽĨ ƚŚĞ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ͕ ŝŶ
ŝƌĞŬƐŝ͕ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ũƵŐĂ ŚĂƌƵƐ ŵĞŵĂƐƚŝŬĂŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ĂƉƉůŝĐĂďůĞ ůĂǁƐ ĂŶĚ ƌĞŐƵůĂƚŝŽŶƐ͘
ĂĚĂŶLJĂƉĞƌĞŶĐĂŶĂĂŶũĂŶŐŬĂƉĂŶũĂŶŐƵŶƚƵŬƉĞƌŐĂŶƚŝĂŶ dŽŐĞƚŚĞƌ ǁŝƚŚ ƚŚĞ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ͕ ƚŚĞ ŽĂƌĚ ŽĨ
ĂŶŐŐŽƚĂŝƌĞŬƐŝĚĂŶĂŶŐŐŽƚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐĚŝŵĂƐĂ ŽŵŵŝƐƐŝŽŶĞƌƐ ŵƵƐƚ ĂůƐŽ ĞŶƐƵƌĞ ƚŚĂƚ ƚŚĞƌĞ ŝƐ ůŽŶŐͲ
LJĂŶŐ ĂŬĂŶ ĚĂƚĂŶŐ͘ ĚĂƉƵŶ ũƵŐĂ ƚƵŐĂƐ ĚĂŶ ƚĂŶŐŐƵŶŐ ƚĞƌŵƉůĂŶŶŝŶŐĨŽƌƚŚĞƌĞƉůĂĐĞŵĞŶƚŽĨŵĞŵďĞƌƐŽĨƚŚĞ
ĞǁĂŶ<ŽŵŝƐĂƌŝƐĚĂƉĂƚĚŝůŝŚĂƚƉĂĚĂ>ĂƉŽƌĂŶdĂŚƵŶĂŶ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ ĂŶĚ ŵĞŵďĞƌƐ ŽĨ ƚŚĞ ŽĂƌĚ ŽĨ
;'Z/ϮͲϭϰͿ͘ ŽŵŵŝƐƐŝŽŶĞƌƐ ŝŶ ƚŚĞ ĨƵƚƵƌĞ͘ dŚĞ ĚƵƚŝĞƐ ĂŶĚ
ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐŽĨƚŚĞŽĂƌĚŽĨŽŵŵŝƐƐŝŽŶĞƌƐĐĂŶĂůƐŽ
ďĞƐĞĞŶŝŶƚŚĞŶŶƵĂůZĞƉŽƌƚ;'Z/ϮͲϭϰͿ͘
^ĞƐƵĂŝ ĚĞŶŐĂŶ ŶŐŐĂƌĂŶ ĂƐĂƌ WĞƌƐĞƌŽĂŶ ďĂŚǁĂ /Ŷ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ŽŵƉĂŶLJΖƐ ƌƚŝĐůĞƐ ŽĨ
ĞǁĂŶ<ŽŵŝƐĂƌŝƐŵĞŵŝůŝŬŝŵŝŶŝŵĂůϯĂŶŐŐŽƚĂ͕ĚĞŶŐĂŶ ƐƐŽĐŝĂƚŝŽŶ͕ ƚŚĞ ŽĂƌĚ ŽĨ ŽŵŵŝƐƐŝŽŶĞƌƐ ŚĂƐ Ă
ƐƵƐƵŶĂŶ ϭ <ŽŵŝƐĂƌŝƐ hƚĂŵĂ͕ ϭ <ŽŵŝƐĂƌŝƐ ĚĂŶ ϭ ŵŝŶŝŵƵŵ ŽĨ ϯ ŵĞŵďĞƌƐ͕ ǁŝƚŚ Ă ĐŽŵƉŽƐŝƚŝŽŶ ŽĨ ϭ
<ŽŵŝƐĂƌŝƐ /ŶĚĞƉĞŶĚĞŶ͘ ĞƌŝŬƵƚ ƐƵƐƵŶĂŶ ĂŶŐŐŽƚĂ WƌĞƐŝĚĞŶƚ ŽŵŵŝƐƐŝŽŶĞƌ͕ ϭ ŽŵŵŝƐƐŝŽŶĞƌ ĂŶĚ ϭ
ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ƉĂĚĂ ƚĂŚƵŶ ƉĞůĂƉŽƌĂŶ ĂĚĂůĂŚ /ŶĚĞƉĞŶĚĞŶƚ ŽŵŵŝƐƐŝŽŶĞƌ͘ dŚĞ ĐŽŵƉŽƐŝƚŝŽŶ ŽĨ ƚŚĞ
ƐĞďĂŐĂŝďĞƌŝŬƵƚ͘ ŵĞŵďĞƌƐ ŽĨ ƚŚĞ ŽĂƌĚ ŽĨ ŽŵŵŝƐƐŝŽŶĞƌƐ ŝŶ ƚŚĞ
ƌĞƉŽƌƚŝŶŐLJĞĂƌŝƐĂƐĨŽůůŽǁƐ͘
dĂŚƵŶϮϬϮϯWĞƌƐĞƌŽĂŶŵĞůĂŬƵŬĂŶƉĞƌƵďĂŚĂŶƐƵƐƵŶĂŶ /Ŷ ϮϬϮϯ͕ ƚŚĞ ŽŵƉĂŶLJ ŵĂĚĞ ĐŚĂŶŐĞƐ ƚŽ ƚŚĞ
ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ŵĞůĂůƵŝ ZhW^> ƚĂŶŐŐĂů ϯϬ ĐŽŵƉŽƐŝƚŝŽŶ ŽĨ ƚŚĞ ŽĂƌĚ ŽĨ ŽŵŵŝƐƐŝŽŶĞƌƐ ƚŚƌŽƵŐŚ
EŽǀĞŵďĞƌ ϮϬϮϯ ĚĞŶŐĂŶ ƐƵƐƵŶĂŶ ƉĞƌƵďĂŚĂŶ LJĂŶŐ ƚŚĞ 'D^ŽŶϯϬEŽǀĞŵďĞƌϮϬϮϯǁŝƚŚƚŚĞĐŽŵƉŽƐŝƚŝŽŶ
ĚŝŶLJĂƚĂŬĂŶ ĚĂůĂŵ ŬƚĂ WĞƌŶLJĂƚĂĂŶ <ĞƉƵƚƵƐĂŶ ZĂƉĂƚ ŽĨ ƚŚĞ ĐŚĂŶŐĞƐ ƐƚĂƚĞĚ ŝŶ ƚŚĞ ĞĞĚ ŽĨ ĞĐŝƐŝŽŶ ŽĨ ƚŚĞ
hŵƵŵWĞŵĞŐĂŶŐ^ĂŚĂŵ>ƵĂƌŝĂƐĂWĞƌƐĞƌŽĂŶEŽ͘ϳϰ͕ ŽŵƉĂŶLJΖƐ džƚƌĂŽƌĚŝŶĂƌLJ 'ĞŶĞƌĂů DĞĞƚŝŶŐ ŽĨ
ƚĂŶŐŐĂů ϯϬ EŽǀĞŵďĞƌ ϮϬϮϯ ĚĂŶ ŬƚĂ ZŝƐĂůĂŚ ZĂƉĂƚ ^ŚĂƌĞŚŽůĚĞƌƐ EŽ͘ ϳϰ͕ ĚĂƚĞĚ ϯϬ EŽǀĞŵďĞƌ ϮϬϮϯ ĂŶĚ
ƵŵƵŵWĞŵĞŐĂŶŐ^ĂŚĂŵdĂŚƵŶĂŶEŽ͘ϳϯƚĂŶŐŐĂůϯϬ ĞĞĚ ŽĨ DŝŶƵƚĞƐ ŽĨ ƚŚĞ ŶŶƵĂů 'ĞŶĞƌĂů DĞĞƚŝŶŐ ŽĨ
EŽǀĞŵďĞƌϮϬϮϯŵĞŶŐĞŶĂŝWĞƌƵďĂŚĂŶ^ƚĂƚƵƐŝƌĞŬƐŝ ^ŚĂƌĞŚŽůĚĞƌƐ EŽ͘ ϳϯ ĚĂƚĞĚ ϯϬ EŽǀĞŵďĞƌ ϮϬϮϯ
WĞƌƐĞƌŽĂŶ͕ĚĞŶŐĂŶƉĞƌƵďĂŚĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗ ĐŽŶĐĞƌŶŝŶŐ ŚĂŶŐĞƐ ŝŶ ƚŚĞ ^ƚĂƚƵƐ ŽĨ ƚŚĞ ŽŵƉĂŶLJΖƐ
ŝƌĞĐƚŽƌƐ͕ǁŝƚŚƚŚĞĨŽůůŽǁŝŶŐĐŚĂŶŐĞƐ͗
<ŽŵƉŽƐŝƐŝ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ^ĞďĞůƵŵ ZhW^ >ƵĂƌ ŝĂƐĂ ŽŵƉŽƐŝƚŝŽŶŽĨƚŚĞŽĂƌĚŽĨŽŵŵŝƐƐŝŽŶĞƌƐWƌŝŽƌƚŽƚŚĞ
dĂŚƵŶƵŬƵϮϬϮϯ džƚƌĂŽƌĚŝŶĂƌLJ'D^ĨŽƌ&ŝƐĐĂůzĞĂƌϮϬϮϯ
ϭ͘ :ƵůŝĂŶĂdŚĞƌĞƐŝĂ:ŝĞ ͗ <ŽŵŝƐĂƌŝƐhƚĂŵĂͮWƌĞƐŝĚĞŶƚŽŵŵŝƐƐŝŽŶĞƌ
Ϯ͘ ,ĂĚŝ^ƵŬĂŶƚŽ ͗ <ŽŵŝƐĂƌŝƐͮŽŵŵŝƐƐŝŽŶĞƌ
ϯ͘ Z͘,ĞƐƚŚŝ^ĂŵďŽĚŽ ͗ <ŽŵƐĂƌŝƐ/ŶĚĞƉĞŶĚĞŶͮ/ŶĚĞƉĞŶĚĞŶƚŽŵŵŝƐƐŝŽŶĞƌ
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<ŽŵƉŽƐŝƐŝ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ^ĞƚĞůĂŚ ZhW^ >ƵĂƌ ŝĂƐĂ ŽŵƉŽƐŝƚŝŽŶ ŽĨ ƚŚĞ ŽĂƌĚ ŽĨ ŽŵŵŝƐƐŝŽŶĞƌƐ ĨƚĞƌ ƚŚĞ
dĂŚƵŶƵŬƵϮϬϮϯ džƚƌĂŽƌĚŝŶĂƌLJ'D^ĨŽƌ&ŝƐĐĂůzĞĂƌϮϬϮϯ
ϭ͘ >ĞĞ:ĞtŽŽŬ ͗ <ŽŵŝƐĂƌŝƐhƚĂŵĂͮWƌĞƐŝĚĞŶƚŽŵŵŝƐƐŝŽŶĞƌ
Ϯ͘ <ŝŵdĂĞ:ĂĞ ͗ <ŽŵŝƐĂƌŝƐͮŽŵŵŝƐƐŝŽŶĞƌ
ϯ͘ Z͘,ĞƐƚŚŝ^ĂŵďŽĚŽ ͗ <ŽŵƐĂƌŝƐ/ŶĚĞƉĞŶĚĞŶͮ/ŶĚĞƉĞŶĚĞŶƚŽŵŵŝƐƐŝŽŶĞƌ
ŝƌĞŬƐŝ
ŽĂƌĚKĨŝƌĞĐƚŽƌƐ
ŝƌĞŬƐŝĂĚĂůĂŚŽƌŐĂŶƉĞŶŐĞůŽůĂĂŶLJĂŶŐďĞƌƉĞƌĂŶƉĞŶƚŝŶŐ dŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐŝƐĂŵĂŶĂŐĞŵĞŶƚďŽĚLJƚŚĂƚƉůĂLJƐĂ
ĚĂůĂŵ ŵĞŶŐĂƌĂŚŬĂŶ͕ ŵĞŵŝŵƉŝŶ͕ ŵĞŶŐĞůŽůĂ͕ ĐƌƵĐŝĂůƌŽůĞŝŶĚŝƌĞĐƚŝŶŐ͕ůĞĂĚŝŶŐ͕ŵĂŶĂŐŝŶŐ͕ƵƚŝůŝnjŝŶŐ͕ĂŶĚ
ŵĞŵĂŶĨĂĂƚŬĂŶ͕ ĚĂŶ ŵĞŶũĂŐĂ ĂƐĞƚͲĂƐĞƚ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ƐĂĨĞŐƵĂƌĚŝŶŐƚŚĞŽŵƉĂŶLJΖƐĂƐƐĞƚƐƚŽĂĐŚŝĞǀĞƐƵƐƚĂŝŶĂďůĞ
ŵĞŶĐĂƉĂŝ ƚƵũƵĂŶ WĞƌƐĞƌŽĂŶ ďĞƌŬĞůĂŶũƵƚĂŶ͘ hŶƚƵŬ ĐŽƌƉŽƌĂƚĞŽďũĞĐƚŝǀĞƐ͘dŽĂƐƐŝƐƚŝŶƚŚĞŵĂŶĂŐĞŵĞŶƚƚĂƐŬƐ͕
ŵĞŵďĂŶƚƵ ƚƵŐĂƐͲƚƵŐĂƐ ĚĂůĂŵ ŵĞůĂŬƐĂŶĂŬĂŶ ƚŚĞ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ ŝƐ ƐƵƉƉŽƌƚĞĚ ďLJ ƚŚĞ ƵĚŝƚ
ƉĞŶŐĞůŽůĂŚĂŶ ƉĞƌƵƐĂŚĂĂŶ͕ ŝƌĞŬƐŝ ĚŝďĂŶƚƵ ŽůĞŚ <ŽŵŝƚĞ ŽŵŵŝƚƚĞĞ͕ EŽŵŝŶĂƚŝŽŶ ĂŶĚ ZĞŵƵŶĞƌĂƚŝŽŶ ŽŵŵŝƚƚĞĞ͕
ƵĚŝƚ͕<ŽŵŝƚĞEŽŵŝŶĂƐŝĚĂŶƌĞŵƵŶĞƌĂƐŝ͕^ĞŬƌĞƚĂƌŝƐ͕ƐĞƌƚĂ ^ĞĐƌĞƚĂƌLJ͕ĂŶĚ/ŶƚĞƌŶĂůƵĚŝƚ͘ ĂĐŚŵĞŵďĞƌŽĨƚŚĞŽĂƌĚ
ƵĚŝƚ/ŶƚĞƌŶĂů͘^ĞƚŝĂƉĂŶŐŐŽƚĂŝƌĞŬƐŝďĞƌƚĂŶŐŐƵŶŐũĂǁĂď ŽĨ ŝƌĞĐƚŽƌƐ ŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ƚŚĞŝƌ ƌĞƐƉĞĐƚŝǀĞ ƚĂƐŬƐ ĂŶĚ
ĂƚĂƐ ƚƵŐĂƐ ĚĂŶ ƉĞƌĂŶŶLJĂ ŵĂƐŝŶŐͲŵĂƐŝŶŐ ĚĞŶŐĂŶ ƌŽůĞƐ͕ǁŝƚŚĐĞŶƚƌĂůŝnjĞĚĐŽŽƌĚŝŶĂƚŝŽŶŵĂŶĂŐĞĚďLJƚŚĞŚŝĞĨ
ƉĞŶŐĞůŽůĂĂŶŬŽŽƌĚŝŶĂƐŝLJĂŶŐďĞƌƉƵƐĂƚĚŝƚĂŶŐĂŶŝƌĞŬƚƵƌ džĞĐƵƚŝǀĞKĨĨŝĐĞƌ͘dŚĞŚŝĞĨ džĞĐƵƚŝǀĞKĨĨŝĐĞƌŝƐƌĞƐƉŽŶƐŝďůĞ
hƚĂŵĂ͘ŝƌĞŬƚƵƌhƚĂŵĂďĞƌƚƵŐĂƐŵĞŶũĂĚŝƉĞŶĞŶƚƵĂŬŚŝƌ ĨŽƌŵĂŬŝŶŐĨŝŶĂůĚĞĐŝƐŝŽŶƐ͘dŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐŝƐĂůƐŽ
ĚĂůĂŵ ŵĞŶŐĂŵďŝů ŬĞƉƵƚƵƐĂŶ͘ ŝƌĞŬƐŝ ũƵŐĂ ĚŝǁĂũŝďŬĂŶ ƌĞƋƵŝƌĞĚ ƚŽ ĨŽůůŽǁ ƵƉ ŽŶ ĂƵĚŝƚ ĨŝŶĚŝŶŐƐ ĂŶĚ
ŵĞŶŝŶĚĂŬůĂŶũƵƚŝ ƚĞŵƵĂŶ ĂƵĚŝƚ ĚĂŶ ƌĞŬŽŵĞŶĚĂƐŝ ĚĂƌŝ ƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐ ĨƌŽŵ ŝŶƚĞƌŶĂů ĂƵĚŝƚ͕ ĞdžƚĞƌŶĂů ĂƵĚŝƚŽƌƐ͕
ŝŶƚĞƌŶĂů ĂƵĚŝƚ͕ ĂƵĚŝƚŽƌ ĞŬƐƚĞƌŶĂů ĚĂŶͬĂƚĂƵ ŚĂƐŝů ĂŶĚͬŽƌ ƐƵƉĞƌǀŝƐŽƌLJ ĂƵƚŚŽƌŝƚŝĞƐ͘ dŚĞ ĚƵƚŝĞƐ ĂŶĚ
ƉĞŶŐĂǁĂƐĂŶ ŽƚŽƌŝƚĂƐ ůĂŝŶŶLJĂ͘ ĚĂƉƵŶ ũƵŐĂ ƚƵŐĂƐ ĚĂŶ ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ ŽĨ ƚŚĞ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ ĐĂŶ ďĞ ĨƵƌƚŚĞƌ
ƚĂŶŐŐƵŶŐ ŝƌĞŬƐŝ ĚĂƉĂƚ ĚŝůŝŚĂƚ ƉĂĚĂ >ĂƉŽƌĂŶ dĂŚƵŶĂŶ͘
ƌĞǀŝĞǁĞĚŝŶƚŚĞŶŶƵĂůZĞƉŽƌƚ͘
;'Z/ϮͲϭϰͿ͘ ;'Z/ϮͲϭϰͿ͘
dĂŚƵŶ ϮϬϮϯ WĞƌƐĞƌŽĂŶ ŵĞůĂŬƵŬĂŶ ƉĞƌƵďĂŚĂŶ ƐƵƐƵŶĂŶ /ŶϮϬϮϯ͕ƚŚĞŽŵƉĂŶLJŵĂĚĞĐŚĂŶŐĞƐƚŽƚŚĞĐŽŵƉŽƐŝƚŝŽŶ
ŝƌĞŬƐŝ ŵĞůĂůƵŝ ZhW^> ƚĂŶŐŐĂů ϯϬ EŽǀĞŵďĞƌ ϮϬϮϯ ŽĨƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐƚŚƌŽƵŐŚĂŶ džƚƌĂŽƌĚŝŶĂƌLJ'ĞŶĞƌĂů
ĚĞŶŐĂŶƐƵƐƵŶĂŶƉĞƌƵďĂŚĂŶLJĂŶŐĚŝŶLJĂƚĂŬĂŶĚĂůĂŵŬƚĂ DĞĞƚŝŶŐŽĨ^ŚĂƌĞŚŽůĚĞƌƐ;ZhW^>ͿŚĞůĚŽŶEŽǀĞŵďĞƌϯϬ͕
WĞƌŶLJĂƚĂĂŶ <ĞƉƵƚƵƐĂŶ ZĂƉĂƚ hŵƵŵ WĞŵĞŐĂŶŐ ^ĂŚĂŵ ϮϬϮϯ͘dŚĞƌĞǀŝƐĞĚĐŽŵƉŽƐŝƚŝŽŶǁĂƐŽĨĨŝĐŝĂůůLJƐƚĂƚĞĚŝŶƚŚĞ
>ƵĂƌŝĂƐĂWĞƌƐĞƌŽĂŶEŽ͘ϳϰ͕ƚĂŶŐŐĂůϯϬEŽǀĞŵďĞƌϮϬϮϯ DŝŶƵƚĞƐŽĨĞĐŝƐŝŽŶŽĨƚŚĞ džƚƌĂŽƌĚŝŶĂƌLJ'ĞŶĞƌĂůDĞĞƚŝŶŐ
ĚĂŶŬƚĂZŝƐĂůĂŚZĂƉĂƚƵŵƵŵWĞŵĞŐĂŶŐ^ĂŚĂŵdĂŚƵŶĂŶ ŽĨ^ŚĂƌĞŚŽůĚĞƌƐEŽ͘ϳϰ͕ĚĂƚĞĚEŽǀĞŵďĞƌϯϬ͕ϮϬϮϯ͕ĂŶĚƚŚĞ
EŽ͘ϳϯƚĂŶŐŐĂůϯϬEŽǀĞŵďĞƌϮϬϮϯŵĞŶŐĞŶĂŝWĞƌƵďĂŚĂŶ DŝŶƵƚĞƐ ŽĨ ƚŚĞ ŶŶƵĂů 'ĞŶĞƌĂů DĞĞƚŝŶŐ ŽĨ ^ŚĂƌĞŚŽůĚĞƌƐ
^ƚĂƚƵƐ ŝƌĞŬƐŝ WĞƌƐĞƌŽĂŶ͕ ĚĞŶŐĂŶ ƉĞƌƵďĂŚĂŶ ƐĞďĂŐĂŝ EŽ͘ ϳϯ͕ ĂůƐŽ ĚĂƚĞĚ EŽǀĞŵďĞƌ ϯϬ͕ ϮϬϮϯ͕ ĐŽŶĐĞƌŶŝŶŐ ƚŚĞ
ďĞƌŝŬƵƚ͗ ŚĂŶŐĞŝŶƚŚĞ ŽŵƉĂŶLJΖƐ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ ^ƚĂƚƵƐ͘ dŚĞ
ĐŚĂŶŐĞƐĂƌĞĂƐĨŽůůŽǁƐ͗
<ŽŵƉŽƐŝƐŝŝƌĞŬƐŝ^ĞďĞůƵŵZhW^>ƵĂƌŝĂƐĂdĂŚƵŶƵŬƵ ŽŵƉŽƐŝƚŝŽŶ ŽĨ ƚŚĞ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ ĞĨŽƌĞ ƚŚĞ
ϮϬϮϯ͗ džƚƌĂŽƌĚŝŶĂƌLJ'D^ĨŽƌ&ŝƐĐĂůzĞĂƌϮϬϮϯ͗
ϭ͘ >ĞdžŝZŽůĂŶĚZŽŵƉĂƐ ͗ ŝƌĞŬƚƵƌhƚĂŵĂͮWƌĞƐŝĚĞŶƚŝƌĞĐƚŽƌ
Ϯ͘ dƌĞǀŽƌZĞŐŝŶĂůĚ<ƌŽĞŵĞƌ ͗ tĂŬŝůŝƌĞŬƚƵƌhƚĂŵĂͮsŝĐĞWƌĞƐŝĚĞŶƚŝƌĞĐƚŽƌ
ϯ͘ ƌŝĂŶŚĂƌůĞƐĞŶŶĞƚƚ ͗ ŝƌĞŬƚƵƌWĞƌƐĞƌŽĂŶͮŝƌĞĐƚŽƌ
ϰ͘ <ĂLJŝŶ&ĂƵnjŝ ͗ ŝƌĞŬƚƵƌWĞƌƐĞƌŽĂŶͮŝƌĞĐƚŽƌ
ϱ͘ ZƵƐƐĞůƌƚŚƵƌ'Ăƚƚ ͗ ŝƌĞŬƚƵƌWĞƌƐĞƌŽĂŶͮŝƌĞĐƚŽƌ
<ŽŵƉŽƐŝƐŝ ŝƌĞŬƐŝ ^ĞƚĞůĂŚ ZhW^ >ƵĂƌ ŝĂƐĂ dĂŚƵŶ ƵŬƵ ŽŵƉŽƐŝƚŝŽŶ ŽĨ ƚŚĞ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ ĨƚĞƌ ƚŚĞ
ϮϬϮϯ͗ džƚƌĂŽƌĚŝŶĂƌLJ'D^ĨŽƌ&ŝƐĐĂůzĞĂƌϮϬϮϯ͗
ϭ͘ :ĞŽŶŐ^ƵďŽŬ ͗ ŝƌĞŬƚƵƌhƚĂŵĂͮWƌĞƐŝĚĞŶƚŝƌĞĐƚŽƌ
Ϯ͘ WĂƌŬ:ƵŶŐKŽŬ ͗ tĂŬŝůŝƌĞŬƚƵƌhƚĂŵĂͮsŝĐĞWƌĞƐŝĚĞŶƚŝƌĞĐƚŽƌ
ϯ͘ >ĞdžŝZŽůĂŶĚZŽŵƉĂƐ ͗ ŝƌĞŬƚƵƌWĞƌƐĞƌŽĂŶͮŝƌĞĐƚŽƌ
ϰ͘ ŚĂƌůĞƐ^ĂƵĚWĂŶĚĂƉŽƚĂŶ^ŝƚŽƌƵƐ ͗ ŝƌĞŬƚƵƌWĞƌƐĞƌŽĂŶͮŝƌĞĐƚŽƌ
ϱ͘ <ĂLJŝŶ&ĂƵnjŝ ͗ ŝƌĞŬƚƵƌWĞƌƐĞƌŽĂŶͮŝƌĞĐƚŽƌ
ϲ͘ ZƵƐƐĞůƌƚŚƵƌ'Ăƚƚ ͗ ŝƌĞŬƚƵƌWĞƌƐĞƌŽĂŶͮŝƌĞĐƚŽƌ
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WĞŵŝůŝŚĂŶΘ ǀĂůƵĂƐŝĂĚĂŶdĂƚĂ<ĞůŽůĂ
dĞƌƚŝŶŐŐŝ
^ĞůĞĐƚŝŽŶΘ ǀĂůƵĂƚŝŽŶŽĨƚŚĞ^ƵƉƌĞŵĞ
'ŽǀĞƌŶĂŶĐĞŽĚLJ
;'Z/ϮͲϭϬ͕ϮͲϭϴͿ
ĂůĂŵƐĞƚŝĂƉƉĞŶŐĂŶŐŬĂƚĂŶĚĂŶƉĞŵďĞƌŚĞŶƚŝĂŶĂŶŐŐŽƚĂ ǀĞƌLJĂƉƉŽŝŶƚŵĞŶƚĂŶĚĚŝƐŵŝƐƐĂůŽĨŵĞŵďĞƌƐŽĨƚŚĞŽĂƌĚ
ŝƌĞŬƐŝ ĚĂŶ ĞǁĂŶ ŬŽŵŝƐĂƌŝƐ ŚĂƌƵƐ ŵĞůĂůƵŝ ƉĞƌƐĞƚƵũƵĂŶ ŽĨŝƌĞĐƚŽƌƐĂŶĚŽĂƌĚŽĨŽŵŵŝƐƐŝŽŶĞƌƐŵƵƐƚŐŽƚŚƌŽƵŐŚ
ZhW^ĚĞŶŐĂŶƉƌŽƐĞƐLJĂŶŐƚƌĂŶƐƉĂƌĂŶ͘hƐƵůĂŶƉĞŶŐŐĂŶƚŝĂŶ 'D^ ĂƉƉƌŽǀĂů ŝŶ Ă ƚƌĂŶƐƉĂƌĞŶƚ ƉƌŽĐĞƐƐ͘ WƌŽƉŽƐĂůƐ ĨŽƌ
ĚĂŶͬĂƚĂƵ ƉĞŵďĞƌŚĞŶƚŝĂŶ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ ĚĂŶ ĞǁĂŶ ƌĞƉůĂĐĞŵĞŶƚĂŶĚͬŽƌĚŝƐŵŝƐƐĂůŽĨŵĞŵďĞƌƐŽĨƚŚĞŽĂƌĚŽĨ
<ŽŵŝƐĂƌŝƐ ŬĞƉĂĚĂ ZhW^ ĚŝƐĂŵƉĂŝŬĂŶ ĚĞŶŐĂŶ ŝƌĞĐƚŽƌƐ ĂŶĚ ŽĂƌĚ ŽĨ ŽŵŵŝƐƐŝŽŶĞƌƐ ĂƌĞ ƐƵďŵŝƚƚĞĚ ƚŽ
ŵĞŵƉĞƌƚŝŵďĂŶŐŬĂŶ ƌĞŬŽŵĞŶĚĂƐŝ ĚĂƌŝ <ŽŵŝƚĞ EŽŵŝŶĂƐŝ ƚŚĞ 'D^ ďLJ ĐŽŶƐŝĚĞƌŝŶŐ ƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐ ĨƌŽŵ ƚŚĞ
ĚĂŶZĞŵƵŶĞƌĂƐŝ͘ĂůĂŵƉĞŶLJĞůĞŶŐŐĂƌĂĂŶZhW^WĞŵĞŐĂŶŐ EŽŵŝŶĂƚŝŽŶ ĂŶĚ ZĞŵƵŶĞƌĂƚŝŽŶ ŽŵŵŝƚƚĞĞ͘ /Ŷ ŚŽůĚŝŶŐ Ă
ƐĂŚĂŵ ŵĞŶŐĂŚĚŝƌŝ ĚĂŶ ŵĞŵďĞƌŝŬĂŶ ƐƵĂƌĂ ƵŶƚƵŬ 'D^͕ ƐŚĂƌĞŚŽůĚĞƌƐ ĂƚƚĞŶĚ ĂŶĚ ǀŽƚĞ ƚŽ ĚĞƚĞƌŵŝŶĞ ƚŚĞ
ŵĞŶĞŶƚƵŬĂŶ ŬŽŵƉŽƐŝƐŝ ŝƌĞŬƐŝ ĚĂŶ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ͘ ĐŽŵƉŽƐŝƚŝŽŶ ŽĨ ƚŚĞ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ ĂŶĚ ŽĂƌĚ ŽĨ
hƐƵůĂŶ ƉĞŶŐĂŬĂƚĂŶ ŝƌĞŬƐŝ ĚĂŶ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ĚŝůŝŚĂƚ ŽŵŵŝƐƐŝŽŶĞƌƐ͘ WƌŽƉŽƐĂůƐ ĨŽƌ ĂƉƉŽŝŶƚŝŶŐ ŝƌĞĐƚŽƌƐ ĂŶĚ
ĚĂƌŝ ƐĞŐŝ WĞŶĚŝĚŝŬĂŶ͕ ƉĞŶŐĂůĂŵĂŶ͕ ŬŽŵƉĞƚĞŶƐŝ ĚĂŶ ƵƐŝĂ͘ ŽĂƌĚŽĨŽŵŵŝƐƐŝŽŶĞƌƐĂƌĞƐĞĞŶŝŶƚĞƌŵƐŽĨĞĚƵĐĂƚŝŽŶ͕
^ĞũĂůĂŶĚĞŶŐĂŶŝŶŝ<ŽŵƉŽƐŝƐŝŝƌĞŬƐŝĚĂŶĞǁĂŶ<ŽŵŝƐĂƌŝƐ ĞdžƉĞƌŝĞŶĐĞ͕ ĐŽŵƉĞƚĞŶĐLJ ĂŶĚ ĂŐĞ͘ /Ŷ ůŝŶĞ ǁŝƚŚ ƚŚŝƐ͕ ƚŚĞ
WĞƌƐĞƌŽĂŶƚĞůĂŚŵĞŶƵŶũƵŬŬĂŶƉĞŵĞŶƵŚĂŶŬĞĂŚůŝĂŶLJĂŶŐ ĐŽŵƉŽƐŝƚŝŽŶ ŽĨ ƚŚĞ ŽŵƉĂŶLJΖƐ ŝƌĞĐƚŽƌƐ ĂŶĚ ŽĂƌĚ ŽĨ
ĚŝďƵƚƵŚŬĂŶƐĞƌƚĂĂƐƉĞŬƉĞƌƐĂŵĂĂŶŬĞƐĞŵƉĂƚĂŶ͘^ĞŚŝŶŐŐĂ ŽŵŵŝƐƐŝŽŶĞƌƐ ŚĂƐ ĚĞŵŽŶƐƚƌĂƚĞĚ ƚŚĂƚ ŝƚ ĨƵůĨŝůůƐ ƚŚĞ
ƐĞůƵƌƵŚ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ ĚĂŶ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ LJĂŶŐ ƌĞƋƵŝƌĞĚƐŬŝůůƐĂŶĚĂƐƉĞĐƚƐŽĨĞƋƵĂůŝƚLJŽĨŽƉƉŽƌƚƵŶŝƚLJ͘^Ž
ŵĞŶũĂďĂƚ ƐĂĂƚ ŝŶŝ ƚĞůĂŚ ŵĞŵĞŶƵŚŝ ƉĞƌƐLJĂƌĂƚĂŶ ĚĂůĂŵ ƚŚĂƚĂůůŵĞŵďĞƌƐŽĨƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐĂŶĚŽĂƌĚŽĨ
ŵĞŵďĂŶƚƵŬĞƉĞŶŐƵƌƵƐĂŶWĞƌƐĞƌŽĂŶ͘ ŽŵŵŝƐƐŝŽŶĞƌƐ ĐƵƌƌĞŶƚůLJ ƐĞƌǀŝŶŐ ŚĂǀĞ ĨƵůĨŝůůĞĚ ƚŚĞ
ƌĞƋƵŝƌĞŵĞŶƚƐ ŝŶ ĂƐƐŝƐƚŝŶŐ ƚŚĞ ŵĂŶĂŐĞŵĞŶƚ ŽĨ ƚŚĞ
ŽŵƉĂŶLJ͘
ĚĂƉƵŶũƵŐĂƉĞŶŝůĂŝĂŶƚĞƌŚĂĚĂƉŬŝŶĞƌũĂĞǁĂŶ<ŽŵŝƐĂƌŝƐ dŚĞƌĞĂƌĞĂůƐŽƌĞŐƵůĂƌĂƐƐĞƐƐŵĞŶƚƐŽĨƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨ
ĚĂŶ ŝƌĞŬƐŝ WĞƌƐĞƌŽĂŶ ƐĞĐĂƌĂ ďĞƌŬĂůĂ ĚŝůĂŬƐĂŶĂŬĂŶ͘ ƚŚĞ ŽŵƉĂŶLJΖƐ ŽĂƌĚ ŽĨ ŽŵŵŝƐƐŝŽŶĞƌƐ ĂŶĚ ŝƌĞĐƚŽƌƐ͘
WĞŶŝůŝĂŶ ŝŶŝ ďĞƌƚƵũƵĂŶ ƵŶƚƵŬ ŵĞŶũĂĚŝ ďĂƌŽŵĞƚĞƌ ĚĂŶ dŚŝƐ ĂƐƐĞƐƐŵĞŶƚ ĂŝŵƐ ƚŽ ďĞ Ă ďĂƌŽŵĞƚĞƌ ĂŶĚ ďĂƐŝƐ ĨŽƌ
ůĂŶĚĂƐĂŶ ƉĞŶŝŶŐŬĂƚŬĂŶ ŬŝŶĞƌũĂ ƚŽƉ ůĞǀĞů ŵĂŶĂŐĞŵĞŶƚ ŝŵƉƌŽǀŝŶŐ ƚŚĞ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ ƚŚĞ ŽŵƉĂŶLJΖƐ ƚŽƉ ůĞǀĞů
WĞƌƐĞƌŽĂŶ ĚŝƚĂŚƵŶ ďĞƌŝŬƵƚŶLJĂ͘ <ŝŶĞƌũĂ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ŵĂŶĂŐĞŵĞŶƚ ŝŶ ƚŚĞ ĨŽůůŽǁŝŶŐ LJĞĂƌ͘ dŚĞ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ
WĞƌƐĞƌŽĂŶƉĂĚĂƵŵƵŵŶLJĂĚŝƚĞŶƚƵŬĂŶďĞƌĚĂƐĂƌŬĂŶƚƵŐĂƐ ƚŚĞ ŽŵƉĂŶLJΖƐ ŽĂƌĚ ŽĨ ŽŵŵŝƐƐŝŽŶĞƌƐ ŝƐ ŐĞŶĞƌĂůůLJ
ĚĂŶŬĞǁĂũŝďĂŶLJĂŶŐƚĞƌĚĂƉĂƚĚĂůĂŵWĞƌĂƚƵƌĂŶWĞƌƵŶĚĂŶŐͲ ĚĞƚĞƌŵŝŶĞĚďĂƐĞĚŽŶƚŚĞĚƵƚŝĞƐĂŶĚŽďůŝŐĂƚŝŽŶƐĐŽŶƚĂŝŶĞĚ
ƵŶĚĂŶŐĂŶ LJĂŶŐ ďĞƌůĂŬƵ ƐĞƌƚĂ ƚĞƌĚĂƉĂƚ ĚĂůĂŵ ĂŶŐŐĂƌĂŶ ŝŶ ƚŚĞ ĂƉƉůŝĐĂďůĞ ůĂǁƐ ĂŶĚ ƌĞŐƵůĂƚŝŽŶƐ ĂŶĚ ĐŽŶƚĂŝŶĞĚŝŶ
ĚĂƐĂƌ WĞƌƐĞƌŽĂŶ͘ <ƌŝƚĞƌŝĂ ĞǀĂůƵĂƐŝ ĨŽƌŵĂů ĚŝƐĂŵƉĂŝŬĂŶ ƚŚĞŽŵƉĂŶLJΖƐĂƌƚŝĐůĞƐŽĨĂƐƐŽĐŝĂƚŝŽŶ͘&ŽƌŵĂůĞǀĂůƵĂƚŝŽŶ
ƐĞĐĂƌĂ ƚĞƌďƵŬĂ ŬĞƉĂĚĂ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ƐĞũĂŬ ĐƌŝƚĞƌŝĂ ĂƌĞ ƐƵďŵŝƚƚĞĚ ŽƉĞŶůLJ ƚŽ ƚŚĞ ŽĂƌĚ ŽĨ
ĚŝĂŶŐŬĂƚŶLJĂ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ WĞƌƐĞƌŽĂŶ͘ ,ĂƐŝů ĞǀĂůƵĂƐŝ ŽŵŵŝƐƐŝŽŶĞƌƐƐŝŶĐĞƚŚĞĂƉƉŽŝŶƚŵĞŶƚŽĨƚŚĞŽŵƉĂŶLJΖƐ
ƚĞƌŚĂĚĂƉ ŬŝŶĞƌũĂ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ WĞƌƐĞƌŽĂŶ ƐĞĐĂƌĂ ŽĂƌĚŽĨŽŵŵŝƐƐŝŽŶĞƌƐ͘dŚĞƌĞƐƵůƚƐŽĨƚŚĞĞǀĂůƵĂƚŝŽŶŽĨ
ŬĞƐĞůƵƌƵŚĂŶ ĚĂŶ ƐĞůƵƌƵŚ ŬŝŶĞƌũĂ ŵĂƐŝŶŐͲŵĂƐŝŶŐ ĂŶŐŐŽƚĂ ƚŚĞ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ ƚŚĞ ŽŵƉĂŶLJΖƐ ŽĂƌĚ ŽĨ
ĞǁĂŶ <ŽŵŝƐĂƌŝƐ WĞƌƐĞƌŽĂŶ ƐĞĐĂƌĂ ŝŶĚŝǀŝĚƵ ŵĞƌƵƉĂŬĂŶ ŽŵŵŝƐƐŝŽŶĞƌƐĂƐĂǁŚŽůĞĂŶĚƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨĞĂĐŚ
ďĂŐŝĂŶ LJĂŶŐ ƚŝĚĂŬ ƚĞƌƉŝƐĂŚŬĂŶ ĚĂůĂŵ ƐŬĞŵĂ ŬŽŵƉĞŶƐĂƐŝ ŵĞŵďĞƌ ŽĨ ƚŚĞ ŽŵƉĂŶLJΖƐ ŽĂƌĚ ŽĨ ŽŵŵŝƐƐŝŽŶĞƌƐ
ĚĂŶƉĞŵďĞƌŝĂŶŝŶƚĞŶƐŝĨďĂŐŝĞǁĂŶ<ŽŵŝƐĂƌŝƐWĞƌƐĞƌŽĂŶ͘ ŝŶĚŝǀŝĚƵĂůůLJĂƌĞĂŶŝŶƐĞƉĂƌĂďůĞƉĂƌƚŽĨƚŚĞĐŽŵƉĞŶƐĂƚŝŽŶ
ĂůĂŵ ŚĂů ƉĞŶŝůĂŝĂŶ ŝƌĞŬƐŝ ĚŝůĂŬƵŬĂŶ ĂƚĂƐ ĞǀĂůƵĂƐŝ ĂŶĚŝŶƚĞŶƐŝǀĞƌĞǁĂƌĚƐĐŚĞŵĞĨŽƌƚŚĞŽŵƉĂŶLJΖƐŽĂƌĚŽĨ
ƉĞŶŐĂǁĂƐĂŶĞǁĂŶ<ŽŵŝƐĂƌŝƐ͘ ŽŵŵŝƐƐŝŽŶĞƌƐ͘/ŶƚŚĞĞǀĞŶƚƚŚĂƚƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐΖ
ĂƐƐĞƐƐŵĞŶƚ ŝƐ ĐĂƌƌŝĞĚ ŽƵƚ ďĂƐĞĚ ŽŶ ƚŚĞ ƐƵƉĞƌǀŝƐŽƌLJ
ĞǀĂůƵĂƚŝŽŶŽĨƚŚĞŽĂƌĚŽĨŽŵŵŝƐƐŝŽŶĞƌƐ͘
,ĂƐŝůĚĂƌŝĞǀĂůƵĂƐŝŬŝŶĞƌũĂĂŶŐŐŽƚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐ ĚĂŶ dŚĞƌĞƐƵůƚƐŽĨƚŚĞƉĞƌĨŽƌŵĂŶĐĞĞǀĂůƵĂƚŝŽŶŽĨŵĞŵďĞƌƐŽĨ
ŝƌĞŬƐŝ WĞƌƐĞƌŽĂŶ ĚĂƉĂƚ ƚĞƌůŝŚĂƚ ƉĂĚĂ >ĂƉŽƌĂŶ dĂŚƵŶĂŶ͕ ƚŚĞŽŵƉĂŶLJΖƐŽĂƌĚŽĨŽŵŵŝƐƐŝŽŶĞƌƐĂŶĚŝƌĞĐƚŽƌƐĐĂŶ
>ĂƉŽƌĂŶ <ĞďĞƌůĂŶũƵƚĂŶ ^ĞƌƚĂ >ĂƉŽƌĂŶ <ĞƵŶŐĂŶ LJĂŶŐ ďĞ ƐĞĞŶ ŝŶ ƚŚĞ ŶŶƵĂů ZĞƉŽƌƚ͕^ƵƐƚĂŝŶĂďŝůŝƚLJ ZĞƉŽƌƚ ĂŶĚ
ĚŝƉƵďůŝŬĂƐŝŬĂŶŬĞƉƵďůŝŬ͘ĞǀĂůƵĂƐŝLJĂŶŐƚĞůĂŚĚŝůĂŬƵŬĂŶŝŶŝ &ŝŶĂŶĐŝĂůZĞƉŽƌƚƐƉƵďůŝƐŚĞĚƚŽƚŚĞƉƵďůŝĐ͘dŚĞĞǀĂůƵĂƚŝŽŶ
ĂŬĂŶ ŵĞŶũĂĚŝ ďĂŚĂŶ ƉĞƌƚŝŵďĂŶŐĂŶ ĚĂůĂŵ ŵĞŵďĞƌŝŬĂŶ ƚŚĂƚŚĂƐďĞĞŶĐĂƌƌŝĞĚŽƵƚǁŝůůďĞƚĂŬĞŶŝŶƚŽĐŽŶƐŝĚĞƌĂƚŝŽŶ
ĂƌĂŚĂŶ ƵŶƚƵŬ ŵĞŶŝŶŐŬĂƚŬĂŶ ĞĨĞŬƚŝĨŝƚĂƐ ŬŝŶĞƌũĂ ĞǁĂŶ ŝŶƉƌŽǀŝĚŝŶŐĚŝƌĞĐƚŝŽŶƚŽŝŵƉƌŽǀĞƚŚĞĞĨĨĞĐƚŝǀĞŶĞƐƐŽĨƚŚĞ
<ŽŵŝƐĂƌŝƐWĞƌƐĞƌŽĂŶĚĂŶŵĞƌƵƉĂŬĂŶƐĂůĂŚƐĂƚƵĚĂƐĂƌLJĂŶŐ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ ƚŚĞ ŽŵƉĂŶLJΖƐ ŽĂƌĚ ŽĨ ŽŵŵŝƐƐŝŽŶĞƌƐ
ŚĂƌƵƐ ĚŝƉĞƌƚŝŵďĂŶŐŬĂŶ ďĂŐŝ ƉĂƌĂ ƉĞŵĞŐĂŶŐ ƐĂŚĂŵ ĂŶĚ ŝƐ ŽŶĞ ŽĨ ƚŚĞ ďĂƐĞƐ ƚŚĂƚ ŵƵƐƚ ďĞ ĐŽŶƐŝĚĞƌĞĚ ďLJ ƚŚĞ
WĞƌƐĞƌŽĂŶ ĚĂůĂŵ ŵĞŵďĞƌŝŬĂŶ ƌĞŬŽŵĞŶĚĂƐŝ ƵŶƚƵŬ ŽŵƉĂŶLJΖƐƐŚĂƌĞŚŽůĚĞƌƐŝŶƉƌŽǀŝĚŝŶŐƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐƚŽ
ŵĞŵďĞƌŚĞŶƚŝŬĂŶĚĂŶͬĂƚĂƵŵĞŶŐĂŶŐŬĂƚ<ĞŵďĂůŝĂŶŐŐŽƚĂ ĚŝƐŵŝƐƐ ĂŶĚͬŽƌ ƌĞĂƉƉŽŝŶƚ ŵĞŵďĞƌƐ ŽĨ ƚŚĞ ŽĂƌĚ ŽĨ
ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ĚĂŶ ŝƌĞŬƐŝ͘ ,Ăů ŝŶŝ ŵĞƌƵƉĂŬĂŶ ƐĂƌĂŶĂ ŽŵŵŝƐƐŝŽŶĞƌƐĂŶĚŝƌĞĐƚŽƌƐ͘dŚŝƐŝƐĂŵĞĂŶƐŽĨĂƐƐĞƐƐŝŶŐ
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ƉĞŶŝůĂŝĂŶ ƐĞƌƚĂ ƉĞŶŝŶŐŬĂƚĂŶ ƚĞƌŚĂĚĂƉ ĞĨĞŬƚŝǀŝƚĂƐ ĞǁĂŶ ĂŶĚŝŵƉƌŽǀŝŶŐƚŚĞĞĨĨĞĐƚŝǀĞŶĞƐƐŽĨƚŚĞŽŵƉĂŶLJΖƐŽĂƌĚ
<ŽŵŝƐĂƌŝƐĚĂŶŝƌĞŬƐŝWĞƌƐĞƌŽĂŶ͘ ŽĨŽŵŵŝƐƐŝŽŶĞƌƐĂŶĚŝƌĞĐƚŽƌƐ͘
WĞŶŐĞůŽůĂĂŶ<ŽŶĨůŝŬ<ĞƉĞŶƚŝŶŐĂŶ
DĂŶĂŐĞŵĞŶƚŽĨŽŶĨůŝĐƚƐŽĨ/ŶƚĞƌĞƐƚ
;'Z/ϮͲϭϱͿ
WĞƌƐĞƌŽĂŶ ďĞƌƵƉĂLJĂ ƵŶƚƵŬ ƚĞƌƵƐ ŵĞŶĞƌĂƉŬĂŶ ƉƌŝŶƐŝƉͲ dŚĞ ŽŵƉĂŶLJ ƐƚƌŝǀĞƐ ƚŽ ĐŽŶƚŝŶƵĞ ƚŽ ŝŵƉůĞŵĞŶƚ ''
ƉƌŝŶƐŝƉ''LJĂŶŐŵĞƌƵƉĂŬĂŶƐĂůĂŚƐĂƚƵŝŶĚĞƉĞŶĚĞŶƐŝďĂŐŝ ƉƌŝŶĐŝƉůĞƐǁŚŝĐŚĐŽŶƐƚŝƚƵƚĞŝŶĚĞƉĞŶĚĞŶĐĞĨŽƌĞĂĐŚŽĂƌĚ
ƐĞƚŝĂƉ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ͕ ŝƌĞŬƐŝ͕ ƐĞƌƚĂ ĞƉĂƌƚĞŵĞŶ ŽĨ ŽŵŵŝƐƐŝŽŶĞƌƐ͕ ŝƌĞĐƚŽƌƐ ĂŶĚ ĞƉĂƌƚŵĞŶƚƐ ŽĨ ƚŚĞ
WĞƌƐĞƌŽĂŶ ŵĞůĂŬƵŬĂŶLJĂ ƚƵŐĂƐ ĚĂŶ ƚĂŶŐŐƵŶŐ ũĂǁĂďŶLJĂ ŽŵƉĂŶLJƚŽĐĂƌƌLJŽƵƚƚŚĞŝƌĚƵƚŝĞƐĂŶĚƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐŝŶ
ƐĞƐƵĂŝĚĞŶŐĂŶŶŐŐĂƌĂŶĂƐĂƌWĞƌƐĞƌŽĂŶĚĂŶƉĞƌƵŶĚĂŶŐͲ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ŽŵƉĂŶLJΖƐ ƌƚŝĐůĞƐ ŽĨ ƐƐŽĐŝĂƚŝŽŶ
ƵŶĚĂŶŐĂŶLJĂŶŐďĞƌůĂŬƵ͘ĚĂƉƵŶĚĂůĂŵƌĂŶŐŬĂŵĞŶŐĂƚĂƐŝ ĂŶĚ ĂƉƉůŝĐĂďůĞ ůĂǁƐ͘ DĞĂŶǁŚŝůĞ͕ ŝŶ ŽƌĚĞƌ ƚŽ ŽǀĞƌĐŽŵĞ
ŬŽŶĨůŝŬŬĞƉĞŶƚŝŶŐĂŶƉĞƌƐĞƌŽĂŶŵĞŵŝůŝŬŝƐƚĂŶĚĂƌĞƚŝŬĂĚĂŶ ĐŽŶĨůŝĐƚƐ ŽĨ ŝŶƚĞƌĞƐƚ͕ ƚŚĞ ĐŽŵƉĂŶLJ ŚĂƐ ĞƚŚŝĐĂů ĂŶĚ
ƉĞƌŝůĂŬƵ LJĂŶŐ ǁĂũŝď ĚŝƉĂƚƵŚŝ ŽůĞŚ ďĂĚĂŶ ƚĂƚĂ ŬĞůŽůĂ ďĞŚĂǀŝŽƌĂů ƐƚĂŶĚĂƌĚƐ ƚŚĂƚ ŵƵƐƚ ďĞ ĂĚŚĞƌĞĚ ƚŽ ďLJ ƚŚĞ
ƚĞƌƚŝŶŐŐŝĚĂŶƐĞůƵƌƵŚŽƌŐĂŶWĞƌƐĞƌŽĂŶůĂŝŶŶLJĂLJĂŶŐĚŝŵƵĂƚ ŚŝŐŚĞƐƚŐŽǀĞƌŶĂŶĐĞďŽĚLJĂŶĚĂůůŽƚŚĞƌŽŵƉĂŶLJŽƌŐĂŶƐ͕
ĚĂůĂŵ<ŽĚĞ ƚŝŬWĞƌƵƐĂŚĂĂŶ͘<ŽŶĨůŝŬŬĞƉĞŶƚŝŶŐĂŶĂĚĂůĂŚ ǁŚŝĐŚĂƌĞĐŽŶƚĂŝŶĞĚŝŶƚŚĞŽŵƉĂŶLJΖƐŽĚĞŽĨ ƚŚŝĐƐ͘
ƐŝƚƵĂƐŝ ĂƚĂƵ ŬŽŶĚŝƐŝ LJĂŶŐ ŵĞŵƵŶŐŬŝŶŬĂŶ ŽƌŐĂŶ ƵƚĂŵĂ ĐŽŶĨůŝĐƚŽĨŝŶƚĞƌĞƐƚŝƐĂƐŝƚƵĂƚŝŽŶŽƌĐŽŶĚŝƚŝŽŶƚŚĂƚĂůůŽǁƐ
WĞƌƐĞƌŽĂŶ ŵĞŵĂŶĨĂĂƚŬĂŶ ŬĞĚƵĚƵŬĂŶ ĚĂŶ ŬĞǁĞŶĂŶŐĂŶ ƚŚĞ ŽŵƉĂŶLJΖƐ ŵĂŝŶ ŽƌŐĂŶ ƚŽ ƵƚŝůŝnjĞ ŝƚƐ ƉŽƐŝƚŝŽŶ ĂŶĚ
LJĂŶŐĚŝŵŝůŝŬŝŶLJĂƵŶƚƵŬŬĞƉĞŶƚŝŶŐĂŶƉƌŝďĂĚŝ͕ŬĞůƵĂƌŐĂĂƚĂƵ ĂƵƚŚŽƌŝƚLJĨŽƌƉĞƌƐŽŶĂů͕ĨĂŵŝůLJŽƌŐƌŽƵƉŝŶƚĞƌĞƐƚƐ͘dŽĂǀŽŝĚ
ŐŽůŽŶŐĂŶ͘ hŶƚƵŬ ŵĞŶŐŚŝŶĚĂƌŝ ŚĂů ƚĞƌƐĞďƵƚ ƚŝĚĂŬ ĐƵŬƵƉ ƚŚŝƐ͕ŝƚŝƐŶŽƚĞŶŽƵŐŚƚŽƐŝŵƉůLJƉƌĞƉĂƌĞĂĐŽŵƉĂŶLJĐŽĚĞŽĨ
ĚĞŶŐĂŶ ŵĞŶLJƵƐƵŶ ŬŽĚĞ ĞƚŝŬ ƉĞƌƵƐĂŚĂĂŶ ƐĞŵĂƚĂ͕ ĞƚŚŝĐƐ͕ ƚŚĞ ŽŵƉĂŶLJ ĂůƐŽ ŚĂƐ ŽƚŚĞƌ ƐƵƉƉŽƌƚŝŶŐ ƉŽůŝĐŝĞƐ
WĞƌƐĞƌŽĂŶũƵŐĂŵĞŝůŝŬŝŬĞďŝũĂŬĂŶĚĂŶƉƌŽƐĞĚƵƌƉĞŶĚƵŬƵŶŐ ĂŶĚ ƉƌŽĐĞĚƵƌĞƐ͕ ŶĂŵĞůLJ ĂŶ ŶƚŝͲƌŝďĞƌLJ ƉŽůŝĐLJ ĂŶĚ Ă
ůĂŝŶŶLJĂ LJĂŝƚƵ ŬĞďŝũĂŬĂŶ Ŷƚŝ WĞŶLJƵĂƉĂŶ ĚĂŶ ŵĞŬĂŶŝƐŵĞ tŚŝƐƚůĞďůŽǁŝŶŐŵĞĐŚĂŶŝƐŵ͘
tŚŝƐƚůĞďůŽǁŝŶŐ
<ĞďŝũĂŬĂŶΘWƌŽƐĞĚƵƌZĞŵƵŶĞƌĂƐŝ
ZĞŵƵŶĞƌĂƚŝŽŶWŽůŝĐŝĞƐΘWƌŽĐĞĚƵƌĞƐ
;'Z/ϮͲϭϵ͕ϮͲϮϬͿ
ZĞŵƵŶĞƌĂƐŝ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ĚĂŶ ŝƌĞŬƐŝ WĞƌƐĞƌŽĂŶ dŚĞ ƌĞŵƵŶĞƌĂƚŝŽŶ ŽĨ ƚŚĞ ŽŵƉĂŶLJΖƐ ŽĂƌĚ ŽĨ
ƐĞƐƵĂŝĚĞŶŐĂŶŶŐŐĂƌĂŶĂƐĂƌĚĂŶWĞƌĂƚƵƌĂŶWĞƌƵŶĚĂŶŐͲ ŽŵŵŝƐƐŝŽŶĞƌƐ ĂŶĚ ŝƌĞĐƚŽƌƐ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ
hŶĚĂŶŐĂŶ LJĂŶŐ ďĞƌůĂŬƵ ĚŝƚĞƚĂƉŬĂŶ ďĞƌĚĂƐĂƌŬĂŶ ƌƚŝĐůĞƐ ŽĨ ƐƐŽĐŝĂƚŝŽŶ ĂŶĚ ĂƉƉůŝĐĂďůĞ ůĂǁƐ ĂŶĚ
ŬĞƉƵƚƵƐĂŶ ZhW^ dĂŚƵŶĂŶ ĚĞŶŐĂŶ ŵĞŵƉĞƌŚĂƚŝŬĂŶ ƌĞŐƵůĂƚŝŽŶƐ ŝƐ ĚĞƚĞƌŵŝŶĞĚ ďĂƐĞĚ ŽŶ ƚŚĞ ĚĞĐŝƐŝŽŶ ŽĨ ƚŚĞ
ƌĞŬŽŵĞŶĚĂƐŝ <ŽŵŝƚĞ EŽŵŝŶĂƐŝ ĚĂŶ ZĞŵƵŶĞƌĂƐŝ ĚĞŶŐĂŶ ŶŶƵĂů'D^ďLJƚĂŬŝŶŐŝŶƚŽĂĐĐŽƵŶƚƚŚĞƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐ
ŵĞŵƉĞƌƚŝŵďĂŶŐŬĂŶ ŚĂƐŝů ŬŝŶĞƌũĂ WĞƌƐĞƌŽĂŶ ƉĂĚĂ ƚĂŚƵŶ ŽĨ ƚŚĞ EŽŵŝŶĂƚŝŽŶ ĂŶĚ ZĞŵƵŶĞƌĂƚŝŽŶ ŽŵŵŝƚƚĞĞ ďLJ
ďƵŬƵ ƐĞďĞůƵŵŶLJĂ ĚĂŶ ŬŽŶĚŝƐŝ ŬĞƵĂŶŐĂŶ WĞƌƐĞƌŽĂŶ͘ ĐŽŶƐŝĚĞƌŝŶŐƚŚĞƌĞƐƵůƚƐŽĨƚŚĞŽŵƉĂŶLJΖƐƉĞƌĨŽƌŵĂŶĐĞŝŶ
ĚĂƉƵŶ ĚĂůĂŵ ŶŐŐĂƌĂŶ ĂƐĂƌ WĞƌƐĞƌŽĂŶ ZĞŵƵŶĞƌĂƐŝ ƚŚĞ ƉƌĞǀŝŽƵƐ ĨŝŶĂŶĐŝĂů LJĞĂƌ ĂŶĚ ƚŚĞ ŽŵƉĂŶLJΖƐ ĨŝŶĂŶĐŝĂů
ŝƌĞŬƐŝ ĚĂƉĂƚ ĚŝůŝŵƉĂŚŬĂŶ ŬĞƉĂĚĂ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ͘ ĐŽŶĚŝƚŝŽŶ͘ Ɛ ĨŽƌ ƚŚĞ ŽŵƉĂŶLJΖƐ ƌƚŝĐůĞƐ ŽĨ ƐƐŽĐŝĂƚŝŽŶ͕
ĚĂƉƵŶ ƉĞŶŐƵŶŐŬĂƉĂŶ ůĂŝŶŶLJĂ ƚĞƌŬĂŝƚ ŶŝůĂŝ ZĞŵƵŶĞƌĂƐŝ ŝƌĞĐƚŽƌƐΖZĞŵƵŶĞƌĂƚŝŽŶĐĂŶďĞĚĞůĞŐĂƚĞĚƚŽƚŚĞŽĂƌĚŽĨ
ĚĂƉĂƚĚŝůŝŚĂƚƉĂĚĂ>ĂŽƌĂŶdĂŚƵŶĂŶ͘ ŽŵŵŝƐƐŝŽŶĞƌƐ͘ KƚŚĞƌ ĚŝƐĐůŽƐƵƌĞƐ ƌĞůĂƚĞĚ ƚŽ
ZĞŵƵŶĞƌĂƚŝŽŶǀĂůƵĞƐĐĂŶďĞƐĞĞŶŝŶƚŚĞŶŶƵĂůZĞƉŽƌƚ͘
ĞƌĚĂƐĂƌŬĂŶƚƵŐĂƐĚĂŶƚĂŶŐŐƵŶŐũĂǁĂď<ŽŵŝƚĞEŽŵŝŶĂƐŝ ĂƐĞĚŽŶƚŚĞĚƵƚŝĞƐĂŶĚƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐŽĨƚŚĞEŽŵŝŶĂƚŝŽŶ
ĚĂŶ ZĞŵƵŶĞƌĂƐŝ ĚĂůĂŵ ŚĂů ƌĞŬŽŵĞŶĚĂƐŝ ƉĞŵďĞƌŝĂŶ ĂŶĚ ZĞŵƵŶĞƌĂƚŝŽŶ ŽŵŵŝƚƚĞĞ ŝŶ ƚĞƌŵƐ ŽĨ
ZĞŵƵŶĞƌĂƐŝĞǁĂŶ<ŽŵŝƐĂƌŝƐĚĂŶŝƌĞŬƐŝŵĞůĂůƵŝůĂŶŐŬĂŚ ƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐ ĨŽƌ ƉƌŽǀŝĚŝŶŐ ZĞŵƵŶĞƌĂƚŝŽŶ ƚŽ ƚŚĞ
ͲůĂŶŐŬĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗ ŽĂƌĚ ŽĨ ŽŵŵŝƐƐŝŽŶĞƌƐ ĂŶĚ ŝƌĞĐƚŽƌƐ ƚŚƌŽƵŐŚ ƚŚĞ
ĨŽůůŽǁŝŶŐƐƚĞƉƐ͗
ϭ͘ DĞŵďĂŶƚƵ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ĚĂůĂŵ ŚĂů ŵĞŶŐĂǁĂƐŝ ϭ͘ ƐƐŝƐƚƚŚĞŽĂƌĚŽĨŽŵŵŝƐƐŝŽŶĞƌƐŝŶŵŽŶŝƚŽƌŝŶŐĂŶĚ
ĚĂŶ ŵĞŶŐĞǀĂůƵĂƐŝ ƐŝƐƚĞŵ ƌĞŵƵŶĞƌĂƐŝ ŐƵŶĂ ĞǀĂůƵĂƚŝŶŐ ƚŚĞ ƌĞŵƵŶĞƌĂƚŝŽŶ ƐLJƐƚĞŵ ŝŶ ŽƌĚĞƌ ƚŽ
ŵĞŶĞƚĂƉŬĂŶ ƐƚƌƵŬƚƵƌ ƌĞŵƵŶĞƌĂƐŝ LJĂŶŐ ƚƌĂŶƐƉĂƌĂŶ ĚĞƚĞƌŵŝŶĞ Ă ƌĞŵƵŶĞƌĂƚŝŽŶ ƐƚƌƵĐƚƵƌĞ ƚŚĂƚ ŝƐ
ĚĂŶƐĞƐƵĂŝĚĞŶŐĂŶŬŽŶĚŝƐŝĚĂŶŬŝŶĞƌũĂWĞƌƐĞƌŽĂŶ͖ ƚƌĂŶƐƉĂƌĞŶƚ ĂŶĚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ĐŽŶĚŝƚŝŽŶƐ
ĂŶĚƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞŽŵƉĂŶLJ͖
Ϯ͘ DĞŶŐĞǀĂůƵĂƐŝ ZĞŵƵŶĞƌĂƐŝ ƐĞĐĂƌĂ ďĞƌŬĂůĂ ƐƚƌƵŬƚƵƌ Ϯ͘ WĞƌŝŽĚŝĐĂůůLJ ĞǀĂůƵĂƚĞ ƚŚĞ ZĞŵƵŶĞƌĂƚŝŽŶ ƐƚƌƵĐƚƵƌĞ
ĚĂŶƐŝƐƚĞŵZĞŵƵŶĞƌĂƐŝ͖ ĂŶĚZĞŵƵŶĞƌĂƚŝŽŶƐLJƐƚĞŵ͖
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ϯ͘ DĞůĂŬƵŬĂŶƉĞƌƵďĂŚĂŶĚĂŶƉĞŶLJĞƐƵĂŝĂŶZĞŵƵŶĞƌĂƐŝ ϯ͘ DĂŬĞ ĐŚĂŶŐĞƐ ĂŶĚ ĂĚũƵƐƚŵĞŶƚƐ ƚŽ ZĞŵƵŶĞƌĂƚŝŽŶ
ĚĞŶŐĂŶ ƉĞŶũĞůĂƐĂŶ ůĞŶŐŬĂƉ ƵŶƚƵŬ ĚŝĂũƵŬĂŶ ŬĞƉĂĚĂ ǁŝƚŚĂĐŽŵƉůĞƚĞĞdžƉůĂŶĂƚŝŽŶƚŽďĞƐƵďŵŝƚƚĞĚƚŽƚŚĞ
ĞǁĂŶ<ŽŵŝƐĂƌŝƐƵŶƚƵŬƐĞůĂŶũƵƚŶLJĂĚŝĂũƵŬĂŶŝƌĞŬƐŝ ŽĂƌĚ ŽĨ ŽŵŵŝƐƐŝŽŶĞƌƐ ĨŽƌ ĨƵƌƚŚĞƌ ƐƵďŵŝƐƐŝŽŶ ďLJ
ŬĞƉĂĚĂZhW^͘ ƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐƚŽƚŚĞ'D^͘
WĞŶŐĞŵďĂŶŐĂŶ<ŽŵƉĞƚĞŶƐŝ
ŽŵƉĞƚĞŶĐLJĞǀĞůŽƉŵĞŶƚ
;WK:<ϱϭ͘͘ϱ͘ďͿ;^ K:<ϭϲ͘ ͘ϮͿ;'Z/ϮͲϭϳͿ
WĞƌƐĞƌŽĂŶ ƐĞŶĂŶƚŝĂƐĂ ďĞƌƵƉĂLJĂ ŵĞŶŝŶŐŬĂƚŬĂŶ ĚĂŶ dŚĞŽŵƉĂŶLJĂůǁĂLJƐƐƚƌŝǀĞƐƚŽŝŵƉƌŽǀĞĂŶĚĚĞǀĞůŽƉƚŚĞ
ŵĞŶŐĞŵďĂŶŐŬĂŶŬŽŵƉĞƚĞŶƐŝŵĂŶĂũĞŵĞŶƐĞƌƚĂŬĂƌLJĂǁĂŶ ĐŽŵƉĞƚĞŶĐĞ ŽĨ ƚŚĞ ŽŵƉĂŶLJΖƐ ŵĂŶĂŐĞŵĞŶƚ ĂŶĚ
WĞƌƐĞƌŽĂŶ ĚĂůĂŵ ďĞƌďĂŐĂŝ ĂƐƉĞŬ ŬĞďĞƌůĂŶũƵƚĂŶ ŵĞůĂůƵŝ ĞŵƉůŽLJĞĞƐ ŝŶ ǀĂƌŝŽƵƐ ĂƐƉĞĐƚƐ ŽĨ ƐƵƐƚĂŝŶĂďŝůŝƚLJ ƚŚƌŽƵŐŚ
ƉĞůĂƚŝŚĂŶ͕ ƐĞŵŝŶĂƌ͕ ĚĂŶ ďĞůĂũĂƌ ŵĂŶĚŝƌŝ ƐĞƌƚĂ ƉƌŽŐƌĂŵͲ ƚƌĂŝŶŝŶŐ͕ ƐĞŵŝŶĂƌƐ ĂŶĚ ƐĞůĨͲƐƚƵĚLJ ĂƐ ǁĞůů ĂƐ ŽƚŚĞƌ
ƉƌŽŐƌĂŵ ůĂŝŶŶLJĂ LJĂŶŐ ŵĞŵďĞƌŝŬĂŶ ƉĞŶŐĞƚĂŚƵĂŶ ƐĞƌƚĂ ƉƌŽŐƌĂŵƐƚŚĂƚƉƌŽǀŝĚĞŬŶŽǁůĞĚŐĞĂŶĚŝŶƐŝŐŚƚŝŶƚŽĂƐƉĞĐƚƐ
ǁĂǁĂƐĂŶ ĂƐƉĞŬ ŬĞďĞƌůĂŶũƵƚĂŶ͘ hŶƚƵŬ ŝƚƵ ƐĞůĂŵĂ ƚĂŚƵŶ ŽĨ ƐƵƐƚĂŝŶĂďŝůŝƚLJ͘ &Žƌ ƚŚŝƐ ƌĞĂƐŽŶ͕ ĚƵƌŝŶŐ ϮϬϮϯ ƚŚĞ
ϮϬϮϯ ŝƌĞŬƐŝ͕ ^ĞŬƌĞƚĂƌŝƐ WĞƌƵƐĂŚĂĂŶ ĚĂŶ ƵĚŝƚ /ŶƚĞƌŶĂů ŽƌƉŽƌĂƚĞ ^ĞĐƌĞƚĂƌLJ ĂŶĚ /ŶƚĞƌŶĂů ƵĚŝƚ ǁŝůů ƚĂŬĞ ƉĂƌƚ ŝŶ
ŵĞŶŐŝŬƵƚŝ ƉƌŽŐƌĂŵ ƉĞŶŐĞŵďĂŶŐĂŶ ŬŽŵƉĞƚĞŶƐŝ LJĂŝƚƵ ƚŚĞ ĐŽŵƉĞƚĞŶĐLJ ĚĞǀĞůŽƉŵĞŶƚ ƉƌŽŐƌĂŵ͕ ŶĂŵĞůLJ ĂƐ
ƐĞďĂŐĂŝďĞƌŝŬƵƚ͗ ĨŽůůŽǁƐ͗
:ƵĚƵůWĞůĂƚŝŚĂŶ WĞŶLJĞůĞŶŐŐĂƌĂ dĂŶŐŐĂů
dƌĂŝŶŝŶŐ^ŝƚĞƐ KƌŐĂŶŝnjĞƌƐ ĂƚĞ
KƵƚůŽŽŬŝƐŶŝƐͮƵƐŝŶĞƐƐKƵƚůŽŽŬ DŝƌĂĞƐƐĞƚ KŬƚŽďĞƌͮKĐƚŽďĞƌϮϬϮϯ
WĞŶŐĞŶĚĂůŝĂŶ /ŶƚĞƌŶĂů WĞƌƵƐĂŚĂĂŶ DĞŬĂƌŝhŶŝǀĞƌƐŝƚLJ ϭϲ:ĂŶƵĂƌŝϮϬϮϯͮ:ĂŶƵĂƌLJϭϲ͕ϮϬϮϯ
ͮŽƌƉŽƌĂƚĞ/ŶƚĞƌŶĂůŽŶƚƌŽů
>ŝŵĂ <ĞƉƵƚƵƐĂŶ ƵĚŝƚŽƌ /ŶƚĞƌŶĂů ƵŶƚƵŬ ƵĚŝƚďŽĂƌĚ ϭϮ:ĂŶƵĂƌŝϮϬϮϯͮ:ĂŶƵĂƌLJϭϮ͕ϮϬϮϯ
dĂŚƵŶ ĞƉĂŶ ͮ &ŝǀĞ /ŶƚĞƌŶĂů ƵĚŝƚŽƌ
ZĞƐŽůƵƚŝŽŶƐĨŽƌƚŚĞzĞĂƐŚĞĂĚ
dƌĂŝŶŝŶŐŚůŝ<ϯͮ<ϯ džƉĞƌƚdƌĂŝŶŝŶŐ Wd͘^ŝŶĞƌŐŝ^ĂĨĞƚLJƉƌĞŶĞƵƌDƵůƚŝƵƐĂŚĂ ϭϴͲϮϭ:ĂŶƵĂƌŝϮϬϮϯͮ:ĂŶƵĂƌLJϭϴͲϮϭ͕ϮϬϮϯ
^'^ƚƌĂƚĞŐLJĂŶĚZĂƚŝŶŐ–<ĞƌũĂ^ĂŵĂWd WdƵƌƐĂ ĨĞŬ/ŶĚŽŶĞƐƵĂ–Wt ϭϵ:ĂŶƵĂƌŝϮϬϮϯͮ:ĂŶƵĂƌLJϭϵ͕ϮϬϮϯ
ƵƌƐĂ ĨĞŬ /ŶĚŽŶĞƐŝĂ ĚĞŶŐĂŶ Wǁ /ŶĚŽŶĞƐŝĂ
/ŶĚŽŶĞƐŝĂ ͮ ^' ^ƚƌĂƚĞŐLJ ĂŶĚ ZĂƚŝŶŐ Ͳ Wd/ŶĚŽŶĞƐŝĂŶ^ƚŽĐŬ džĐŚĂŶŐĞ–Wt
ŽŽƉĞƌĂƚŝŽŶ ďĞƚǁĞĞŶ Wd ƵƌƐĂ ĨĞŬ /ŶĚŽŶĞƐŝĂ
/ŶĚŽŶĞƐŝĂĂŶĚWǁ/ŶĚŽŶĞƐŝĂ
džĐĞůWŽǁĞƌƋƵĞƌLJƵŶƚƵŬŶĂůŝƐŝƐĂƚĂ <ĞůĂƐ͘tŽƌŬ Ϯϯ:ĂŶƵĂƌŝϮϬϮϯͮ:ĂŶƵĂƌLJϮϯ͕ϮϬϮϯ
ͮĂƚĂŶĂůLJƚŝĐƐǁŝƚŚ džĐĞůWŽǁĞƌƋƵĞƌLJ
WĞŶĞƌĂƉĂŶ'ZƚĞƌŝŶƚĞŐƌĂƐŝƵŶƚƵŬƚĂƚĂ ///ŶĚŽŶĞƐŝĂ Ϯϰ:ĂŶƵĂƌŝϮϬϮϯͮ:ĂŶƵĂƌLJϮϰ͕ϮϬϬϯ
ŬĞůŽůĂĚĂŶDĞŶŝŶŐŬĂƚŬĂŶƉĞŶŐĞůŽůĂĂŶ
ƌĞƐŝŬŽLJĂŶŐůĞďŝŚďĂŝŬͮ/ŵƉůĞŵĞŶƚĂƚŝŽŶ
ŽĨŝŶƚĞŐƌĂƚĞĚ'ZĨŽƌŐŽǀĞƌŶĂŶĐĞĂŶĚ
ŝŵƉƌŽǀŝŶŐďĞƚƚĞƌƌŝƐŬŵĂŶĂŐĞŵĞŶƚ
ZĞǀŝĞǁ ŬƵŶƚĂŶ DĂŶĂũĞŵĞŶ WƌŽĨĞƐŝŽŶĂů WƵƐĂƚWĞŶŐĞŵďĂŶŐĂŶŬƵƚĂŶƐŝ&ĂŬƵůƚĂƐ Ϯϴ:ĂŶƵĂƌŝ–ϬϲDĞŝϮϬϮϯͮ:ĂŶƵĂƌLJϮϴ–DĂLJ
ͮ WƌŽĨĞƐƐŝŽŶĂů DĂŶĂŐĞŵĞŶƚ ĐĐŽƵŶƚĂŶƚ ŬŽŶŽŵŝĚĂŶŝƐŶŝƐhŶŝǀĞƌƐŝƚĂƐ Ϭϲ͕ϮϬϮϯ
ZĞǀŝĞǁ /ŶĚŽŶĞƐŝĂ
ĞŶƚĞƌĨŽƌĐĐŽƵŶƚŝŶŐĞǀĞůŽƉŵĞŶƚ͕
&ĂĐƵůƚLJŽĨ ĐŽŶŽŵŝĐƐĂŶĚƵƐŝŶĞƐƐ͕
hŶŝǀĞƌƐŝƚLJŽĨ/ŶĚŽŶĞƐŝĂ
ƵĚŝƚ /ŶƚĞƌŶĂů /^K ϵϬϬϭ Ěŝ WĞƌƵƐĂŚĂĂŶ ͮ <ĞůĂƐ͘tŽƌŬ Ϭϭ&ĞďƌƵĂƌŝϮϬϮϯͮ&ĞďƌƵĂƌLJϬϭ͕ϮϬϮϯ
/^KϵϬϬϭ/ŶƚĞƌŶĂůƵĚŝƚĨŽƌŽŵƉĂŶLJ
ƵĚŝƚŝŶŐ͗ <ŽŶƐĞƉ ĂƐĂƌ ƵĚŝƚ >ĂƉŽƌĂŶ DĞŬĂƌŝhŶŝǀĞƌƐŝƚLJ ϬϮ&ĞďƌƵĂƌŝϮϬϮϯͮ&ĞďƌƵĂƌLJϬϮ͕ϮϬϮϯ
<ĞƵĂŶŐĂŶ ͮ ƵĚŝƚŝŶŐ͗ ĂƐŝĐ ŽŶĐĞƉƚ ĨŽƌ
&ŝŶĂŶĐŝĂůZĞƉŽƌƚƵĚŝƚ
DĞŵĂŶĨĂĂƚŬĂŶ dĞŬŶŽůŽŐŝ ƵŶƚƵŬ ƵĚŝƚďŽĂƌĚ Ϯϴ&ĞďƌƵĂƌŝϮϬϮϯͮ&ĞďƌƵĂƌLJϮϴ͕ϮϬϮϯ
DĞŶŝŶŐŬĂƚŬĂŶ ƵĚŝƚ /ŶƚĞƌŶĂů ĚĂŶ dĞƚĂƉ
ZĞůĞǀĂŶ ĚĂůĂŵ >ŝŶŐŬƵŶŐĂŶ ZŝƐŝŬŽ ĂƌƵ ͮ
hƚŝůŝƐŝŶŐ dĞĐŚŶŽůŽŐLJ ƚŽ ĚǀĂŶĐĞ /ŶƚĞƌŶĂů
ƵĚŝƚ ĂŶĚ ^ƚĂLJ ZĞůĞǀĂŶƚ ŝŶ Ă EĞǁ ZŝƐŬ
ŶǀŝƌŽŶŵĞŶƚ
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:ƵĚƵůWĞůĂƚŝŚĂŶ WĞŶLJĞůĞŶŐŐĂƌĂ dĂŶŐŐĂů
dƌĂŝŶŝŶŐ^ŝƚĞƐ KƌŐĂŶŝnjĞƌƐ ĂƚĞ
DĞŶŐŚĂĚŝƌŝŽĂĐŚŝŶŐůŝŶŝĐƐ /ŶĚŽŶĞƐŝĂ'ůŽďĂůŽŵƉĂĐƚEĞƚǁŽƌŬ ϮϭͲϮϴDĂƌĞƚ͕ϬϰƉƌŝůͮDĂƌĐŚϮϭͲϮϴ͕Ɖƌŝů
^' ϭϲ ƵƐŝŶĞƐƐ &ƌĂŵĞǁŽƌŬ͗ /ŶƐƉŝƌŝŶŐ ;/'EͿͲWdƵƌƐĂ ĨĞŬ/ŶĚŽŶĞƐŝĂ Ϭϰ͕ϮϬϮϯ
dƌĂŶƐĨŽƌŵĂƚŝŽŶĂů'ŽǀĞƌŶĂŶĐĞ /ŶĚŽŶĞƐŝĂŽŵƉĂĐƚEĞƚǁŽƌŬ;/'EͿͲ
ƚƚĞŶĚŽĂĐŚŝŶŐůŝŶŝĐƐ^'ϭϲ Wd/ŶĚŽŶĞƐŝĂ^ƚŽĐŬ džĐŚĂŶŐĞ
ƵƐŝŶĞƐƐ &ƌĂŵĞǁŽƌŬ͗ /ŶƐƉŝƌŝŶŐ
dƌĂŶƐĨŽƌŵĂƚŝŽŶĂů'ŽǀĞƌŶĂŶĐĞ
DĞŶŐĞŶĂů ^ E ŽƌƉŽƌĂƚĞ 'ŽǀĞƌŶĂŶĐĞ /^ ϮϴDĂƌĞƚϮϬϮϯͮDĂƌĐŚϮϯ͕ϮϬϮϯ
^ĐŽƌĞdžĂƌĚ;'^Ϳ͗WĞƌĂŶĚĂŶ>ŝŶŐŬƵƉŶLJĂ
ĚĂůĂŵ
dĂƚĂ<ĞůŽůĂWĞƌƵƐĂŚĂĂŶ
'Ğƚ ƚŽ ŬŶŽǁ ƚŚĞ ^ E ŽƌƉŽƌĂƚĞ
'ŽǀĞƌŶĂŶĐĞ ^ĐŽƌĞdžĂƌĚ ;'^Ϳ͗ /ƚƐ ZŽůĞ
ĂŶĚ
^ĐŽƉĞŝŶŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞ
DĂŶĂũĞŵĞŶ ZŝƐŝŬŽ WĞƌƵƐĂŚĂĂŶ ͮ /Eh^KŶůŝŶĞ>ĞĂƌŶŝŶŐ ϬϲDĞŝϮϬϮϯͮDĂLJϬϲ͕ϮϬϯ
ŶƚĞƌƉƌŝƐĞZŝƐŬDĂŶĂŐĞŵĞŶƚ
WĞůĂƚŝŚĂŶΘ^ĞƌƚŝĨŝŬĂƐŝĂƐĂƌͲĚĂƐĂƌ ZD ZD^/ŶĚŽŶĞƐŝĂ>^WD<^ ϬϵDĞŝϮϬϮϯͮDĂLJϬϵ͕ϮϬϮϯ
/^KϯϭϬϬϬͮ/^KϯϭϬϬϬ ZD
&ƵŶĚĂŵĞŶƚĂůƐdƌĂŝŶŝŶŐΘĞƌƚŝĨŝĐĂƚŝŽŶ
DĂŶĂũĞŵĞŶZŝƐŝŬŽLJĂŶŐ ĨĞŬƚŝĨ /^ ϯϬDĞŝϮϬϮϯͮDĂLJϯϬ͕ϮϬϮϯ
ďĂŐŝ^ĞŬƌĞƚĂƌŝƐWĞƌƵƐĂŚĂĂŶ
ĨĨĞĐƚŝǀĞZŝƐŬDĂŶĂŐĞŵĞŶƚĨŽƌ
ŽƌƉŽƌĂƚĞ^ĞĐƌĞƚĂƌLJ
ƵĚŝƚ͕ WĞŶŐĞŶĚĂůŝĂŶ ĚĂŶ :ĂŵŝŶĂŶ ^ŝƐƚĞŵ ϭϮ:ƵŶŝϮϬϮϯͮ:ƵŶĞϭϮ͕ϮϬϮϯ
/ŶĨŽƌŵĂƐŝͮ/ŶĨŽƌŵĂƚŝŽŶ^LJƐƚĞŵƐƵĚŝƚŝŶŐ͕ ,<h^d
ŽŶƚƌŽůƐĂŶĚƐƐƵƌĂŶĐĞ
>ŝŶŐŬƵŶŐĂŶ͕^ŽƐŝĂůĚĂŶdĂƚĂ<ĞůŽůĂͮ /Eh^KŶůŝŶĞ>ĞĂƌŶŝŶŐ Ϭϴ:ƵůŝϮϬϮϯͮ:ƵůLJϬϴ͕ϮϬϰ
ŶǀŝƌŽŶŵĞŶƚĂů͕^ŽĐŝĂůĂŶĚ'ŽǀĞƌŶĂŶĐĞ
tĞďŝŶĂƌ ^D<ϯ WW EK ϱϬ dĂŚƵŶ ϮϬϭϮ ͮ >ĂŶŐŝƚŝƌƵƵŵŝDĂƚĂƌĂŵ
ϭϮ:ƵůŝϮϬϮϯͮ:ƵůLJϭϮ͕ϮϬϮϯ
^D<ϯWWEKϱϬŽĨϮϬϭϮtĞďŝŶĂƌ
dƌĂŝŶŝŶŐ dĞŬŶŝƐŝ <ϯ >ŝƐƚƌŝŬ ͮ ůĞĐƚƌŝĐĂů <ϯ Wd͘/ŶĚŽƚƌĂŝŶŽŶƐƵůƚĂŶƚ ϭϭͲϭϲ^ĞƉƚĞŵďĞƌϮϬϮϯͮ^ĞƉƚĞŵďĞƌϭϭͲϭϲ͕
dĞĐŚŶŝĐŝĂŶdƌĂŝŶŝŶŐ ϮϬϮϯ
ŬƵŶƚĂŶƐŝ<ĞďĞƌůĂŶũƵƚĂŶͮ^ƵƐƚĂŝŶĂďŝůŝƚLJ hŶŝǀĞƌƐŝƚĂƐĂůŝŬƉĂƉĂŶ ϬϴĞƐĞŵďĞƌϮϬϮϯͮĞĐĞŵďĞƌϬϴ͕ϮϬϮϯ
ĐĐŽƵŶƚŝŶŐ ĂůŝŬƉĂƉĂŶhŶŝǀĞƌƐŝƚLJ
ĚĂƉƵŶ WĞƌƐĞƌŽĂŶ ũƵŐĂ ŵĞŵďĞƌŝŬĂŶ ƉĞůĂƚŝŚĂŶ ĚĂŶ dŚĞ ŽŵƉĂŶLJ ĂůƐŽ ƉƌŽǀŝĚĞƐ ƚƌĂŝŶŝŶŐ ĂŶĚ ĐŽŵƉĞƚĞŶĐLJ
ƉĞŶŐĞŵďĂŶŐĂŶŬŽŵƉĞƚĞŶƐŝŬĞƉĂĚĂŬĂƌLJĂǁĂŶLJĂŶŐĚĂƉĂƚ ĚĞǀĞůŽƉŵĞŶƚƚŽĞŵƉůŽLJĞĞƐ͕ƚŚĞĚĞƚĂŝůƐŽĨǁŚŝĐŚĐĂŶďĞ
ĚŝůŝĂƚƌŝŶĐŝĂŶŶLJĂƉĂĚĂ>ĂƉŽƌĂŶdĂŚƵŶĂŶWĞƌƐĞƌŽĂŶ͘ ƐĞĞŶŝŶƚŚĞŽŵƉĂŶLJΖƐŶŶƵĂůZĞƉŽƌƚ͘
<ŽĚĞ ƚŝŬ
ŽĚĞKĨŽŶĚƵĐƚ
<ŽĚĞ ƚŝŬĂĚĂůĂŚƉĞĚŽŵĂŶLJĂŶŐďĞƌůĂŬƵĚĂŶŵĞŶŐŝŬĂƚďĂŐŝ dŚĞŽĚĞŽĨ ƚŚŝĐƐŝƐĂŐƵŝĚĞůŝŶĞƚŚĂƚŝƐǀĂůŝĚĂŶĚďŝŶĚŝŶŐ
ƐĞůƵƌƵŚ ũĂũĂƌĂŶ ƉĞŶŐƵƌƵƐ͕ ĚĂŶ ŬĂƌLJĂǁĂŶ WĞƌƐĞƌŽĂŶ LJĂŶŐ ĨŽƌ Ăůů ůĞǀĞůƐ ŽĨ ŵĂŶĂŐĞŵĞŶƚ ĂŶĚ ĞŵƉůŽLJĞĞƐ ŽĨ ƚŚĞ
ďĞƌŝƐŝŬĂŶŶŽƌŵĂͲŶŽƌŵĂWĞƌƐĞƌŽĂŶLJĂŶŐĚŝƐĞƉĂŬĂƚŝƐĞďĂŐĂŝ ŽŵƉĂŶLJǁŚŝĐŚĐŽŶƚĂŝŶƐƚŚĞŽŵƉĂŶLJΖƐŶŽƌŵƐǁŚŝĐŚĂƌĞ
ĞƚŝŬĂĚĂŶĚĂƐĂƌĚĂƌŝƉĞŶĞƌĂƉĂŶƚĂƚĂŬĞůŽůĂƉĞƌƵƐĂŚĂĂŶLJĂŶŐ ĂŐƌĞĞĚ ƵƉŽŶ ĂƐ ĞƚŚŝĐƐ ĂŶĚ ƚŚĞ ďĂƐŝƐ ĨŽƌ ŝŵƉůĞŵĞŶƚŝŶŐ
ďĂŝŬ LJĂŶŐ ĚŝũƵŶũƵŶŐ ƚŝŶŐŐŝ ĚĂůĂŵ ŵĞŶũĂůĂŶŬĂŶ ƚƵŐĂƐ ĚĂŶ ŐŽŽĚĐŽƌƉŽƌĂƚĞŐŽǀĞƌŶĂŶĐĞǁŚŝĐŚŝƐƵƉŚĞůĚŝŶĐĂƌƌLJŝŶŐ
ƚĂŶŐŐƵŶŐ ũĂǁĂď ďĂŝŬ ƐĞĐĂƌĂ ŝŶĚŝǀŝĚƵ ŵĂƵƉƵŶ ƐĞĐĂƌĂ ŽƵƚ ĚƵƚŝĞƐ ĂŶĚ ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ ďŽƚŚ ŝŶĚŝǀŝĚƵĂůůLJ ĂŶĚ
ŽƌŐĂŶŝƐĂƐŝ͕ ŐƵŶĂ ŵĞŶĐĂƉĂŝ ƚƵũƵĂŶ ǀŝƐŝ ĚĂŶ ŵŝƐŝ͘ ^ĞũĂůĂŶ ŽƌŐĂŶŝnjĂƚŝŽŶĂůůLJ͘ ͕ ŝŶ ŽƌĚĞƌ ƚŽ ĂĐŚŝĞǀĞ ƚŚĞ ŐŽĂůƐ ŽĨ ƚŚĞ
ĚĞŶŐĂŶ ŬŽŵŝƚŵĞŶ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ŵĞůĂŬƐĂŶĂŬĂŶ ƚĂƚĂ ǀŝƐŝŽŶ ĂŶĚ ŵŝƐƐŝŽŶ͘ /Ŷ ůŝŶĞ ǁŝƚŚ ƚŚĞ ŽŵƉĂŶLJΖƐ
ŬĞůŽůĂ ƉĞƌƵƐĂŚĂĂŶ LJĂŶŐ ďĂŝŬ͕ WĞƌƐĞƌŽĂŶ ŵĞŵŝůŝŬŝ ƐŝƐƚĞŵ ĐŽŵŵŝƚŵĞŶƚ ƚŽ ŝŵƉůĞŵĞŶƚŝŶŐ ŐŽŽĚ ĐŽƌƉŽƌĂƚĞ
ŶŽƌŵĂ͕ ŶŝůĂŝ͕ ĚĂŶ ĂƚƵƌĂŶ ƉƌŽĨĞƐŝŽŶĂů ƚĞƌƚƵůŝƐ ĚĂŶ ƚĞŐĂƐ ŐŽǀĞƌŶĂŶĐĞ͕ƚŚĞŽŵƉĂŶLJŚĂƐĂǁƌŝƚƚĞŶĂŶĚƐƚƌŝĐƚƐLJƐƚĞŵ
ŵĞŶŐĂƚƵƌ ƚĞŶƚĂŶŐ ĂƉĂ LJĂŶŐ ďĞŶĂƌͬƐĂůĂŚ͕ ďŽůĞŚͬƚŝĚĂŬ ŽĨƉƌŽĨĞƐƐŝŽŶĂůŶŽƌŵƐ͕ǀĂůƵĞƐĂŶĚƌƵůĞƐŐŽǀĞƌŶŝŶŐǁŚĂƚ
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ďŽůĞŚ͕ĚĂŶƉĞƌďƵĂƚĂŶĂƉĂLJĂŶŐŚĂƌƵƐĚŝůĂŬƵŬĂŶͬƉĞƌďƵĂƚĂŶ ŝƐ ƌŝŐŚƚͬǁƌŽŶŐ͕ ƉĞƌŵŝƐƐŝďůĞͬŶŽƚ ƉĞƌŵŝƐƐŝďůĞ͕ ĂŶĚ ǁŚĂƚ
ĂƉĂLJĂŶŐŚĂƌƵƐĚŝŚŝŶĚĂƌŝ͕LJĂŶŐƚĞƌĂŶŐŬƵŵĚĂůĂŵƉĞĚŽŵĂŶ ĂĐƚŝŽŶƐ ŵƵƐƚ ďĞ ĚŽŶĞͬǁŚĂƚ ĂĐƚŝŽŶƐ ŵƵƐƚ ďĞ ĂǀŽŝĚĞĚ͘ ͕
<ŽĚĞ ƚŝŬWĞƌƵƐĂŚĂĂŶĚŝŵĂŶĂƉĞŶLJĂũŝĂŶWĞĚŽŵĂŶWĞƌŝůĂŬƵ ǁŚŝĐŚ ŝƐ ƐƵŵŵĂƌŝnjĞĚ ŝŶ ƚŚĞ ŽŵƉĂŶLJΖƐ ŽĚĞ ŽĨ ƚŚŝĐƐ
WĞƌƵƐĂŚĂĂŶ ĚŝƚƵĂŶŐŬĂŶ ŬĞĚĂůĂŵ <ŽĚĞ ƚŝŬ WĞƌƵƐĂŚĂĂŶ ŐƵŝĚĞůŝŶĞƐ ǁŚĞƌĞ ƚŚĞ ƉƌĞƐĞŶƚĂƚŝŽŶ ŽĨ ƚŚĞ ŽŵƉĂŶLJΖƐ
LJĂŶŐĚŝŬĞůŽŵƉŽŬŬĂŶŵĞŶũĂĚŝϯďĂŐŝĂŶLJĂŝƚƵ͗ ŽĚĞ ŽĨ ŽŶĚƵĐƚ ŝƐ ŽƵƚůŝŶĞĚ ŝŶ ƚŚĞ ŽŵƉĂŶLJΖƐ ŽĚĞ ŽĨ
ƚŚŝĐƐǁŚŝĐŚŝƐŐƌŽƵƉĞĚŝŶƚŽϯƉĂƌƚƐ͕ŶĂŵĞůLJ͗
ϭ͘ ƚŝŬĂŝƐŶŝƐWĞƌƵƐĂŚĂĂŶ ϭ͘ ŽŵƉĂŶLJƵƐŝŶĞƐƐ ƚŚŝĐƐ
DĞůŝƉƵƚŝĞƚŝŬĂLJĂŶŐŚĂƌƵƐĚŝƉĂƚƵŚŝŽůĞŚWĞƌƵƐĂŚĂĂŶ ŽǀĞƌƐ ƚŚĞ ĞƚŚŝĐƐ ƚŚĂƚ ŵƵƐƚ ďĞ ĂĚŚĞƌĞĚ ƚŽ ďLJ ƚŚĞ
ĚĂůĂŵŵĞŶũĂůĂŶŬĂŶďŝƐŶŝƐͲŶLJĂ͘ ŽŵƉĂŶLJŝŶƌƵŶŶŝŶŐŝƚƐďƵƐŝŶĞƐƐ͘
Ϯ͘ ƚŝŬĂWĞƌŝůĂŬƵ<ĂƌLJĂǁĂŶWĞƌƵƐĂŚĂĂŶ Ϯ͘ ŽŵƉĂŶLJ ŵƉůŽLJĞĞĞŚĂǀŝŽƌ ƚŚŝĐƐ
DĞůŝƉƵƚŝ ĞƚŝŬĂ LJĂŶŐ ŚĂƌƵƐ ĚŝƉĂƚƵŚŝ ƐĞƚŝĂƉ <ĂƌLJĂǁĂŶ /ŶĐůƵĚĞƐ ĞƚŚŝĐƐ ƚŚĂƚ ŵƵƐƚ ďĞ ĂĚŚĞƌĞĚ ƚŽ ďLJ ĞǀĞƌLJ
WĞƌƵƐĂŚĂĂŶ ďĂŝŬ ĚĂůĂŵ ŵĞŶũĂůĂŶŬĂŶ ƚƵŐĂƐͲƚƵŐĂƐ ŽŵƉĂŶLJ ĞŵƉůŽLJĞĞ ďŽƚŚ ŝŶ ĐĂƌƌLJŝŶŐ ŽƵƚ ƚĂƐŬƐ
ŝŶƚĞƌŶĂůĚĂŶĚŝůƵĂƌWĞƌƵƐĂŚĂĂŶ͘ ŝŶƚĞƌŶĂůůLJĂŶĚŽƵƚƐŝĚĞƚŚĞŽŵƉĂŶLJ͘
ϯ͘ WĞŶĞŐĂŬĂŶĚĂŶWĞůĂƉŽƌĂŶ ϯ͘ ŶĨŽƌĐĞŵĞŶƚĂŶĚZĞƉŽƌƚŝŶŐ
DĞůŝƉƵƚŝ ŵĞŬĂŶŝƐŵĞ ƉĞůĂƉŽƌĂŶ ƉĞůĂŶŐͲŐĂƌĂŶ ĚĂŶ /ŶĐůƵĚĞƐ ŵĞĐŚĂŶŝƐŵƐ ĨŽƌ ƌĞƉŽƌƚŝŶŐ ǀŝŽůĂƚŝŽŶƐ ĂŶĚ
ƐĂŶŬƐŝ͘ ƐĂŶĐƚŝŽŶƐ͘
<ŽĚĞĞƚŝŬƉĞƌƵƐĂŚĂĂŶĚŝƌƵŵƵƐŬĂŶŽůĞŚŝƌĞŬƐŝĚĂŶĞǁĂŶ dŚĞĐŽŵƉĂŶLJΖƐĐŽĚĞŽĨĞƚŚŝĐƐŝƐĨŽƌŵƵůĂƚĞĚďLJƚŚĞŽĂƌĚ
<ŽŵŝƐĂƌŝƐ ďĞƌĚĂƐĂƌŬĂŶ ŶŝůĂŝͲŶŝůĂŝ ƉĞƌƵƐĂŚĂĂŶ ĚĞŶŐĂŶ ŽĨ ŝƌĞĐƚŽƌƐ ĂŶĚ ŽĂƌĚ ŽĨ ŽŵŵŝƐƐŝŽŶĞƌƐ ďĂƐĞĚ ŽŶ
ŵĂŬƐƵĚĚĂŶƚƵũƵĂŶƐĞƌƚĂŵĂŶĨĂĂƚƐĞďĂŐĂŝďĞƌŝŬƵƚ͘ ĐŽŵƉĂŶLJǀĂůƵĞƐǁŝƚŚƚŚĞĨŽůůŽǁŝŶŐĂŝŵƐĂŶĚŽďũĞĐƚŝǀĞƐ
ĂŶĚďĞŶĞĨŝƚƐ͘
Ă͘ DĂŬƐƵĚ ƉĞĚŽŵĂŶ ĐŽĚĞ ŽĨ ĐŽŶĚƵĐƚ ďĂŐŝ ƉĞƌƵƐĂŚĂĂŶ Ă͘ dŚĞ ƉƵƌƉŽƐĞ ŽĨ ƚŚĞ ĐŽĚĞ ŽĨ ĐŽŶĚƵĐƚ ŐƵŝĚĞůŝŶĞƐ ĨŽƌ
ĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗ ĐŽŵƉĂŶŝĞƐŝƐĂƐĨŽůůŽǁƐ͗
ϭ͘ ŐĂƌƉĞƌƵƐĂŚĂĂŶŵĞŵŝůŝŬŝƉĞĚŽŵĂŶĞƚŝŬĂĚĂůĂŵ ϭ͘ ^Ž ƚŚĂƚ ĐŽŵƉĂŶŝĞƐ ŚĂǀĞ ĞƚŚŝĐĂů ŐƵŝĚĞůŝŶĞƐ ŝŶ
ŵĞŶũĂůĂŶŬĂŶ ďŝƐŶŝƐ ƉĞƌƵƐĂŚĂĂŶ ĚĂŶ ĞƚŝŬĂ LJĂŶŐ ƌƵŶŶŝŶŐ ĐŽŵƉĂŶLJ ďƵƐŝŶĞƐƐ ĂŶĚ ĞƚŚŝĐƐ ƚŚĂƚ
ŵĞŶŐĂƚƵƌƉĞƌŝůĂŬƵŬĂƌLJĂǁĂŶƉĞƌƵƐĂŚĂĂŶ͘ ƌĞŐƵůĂƚĞƚŚĞďĞŚĂǀŝŽƌŽĨĐŽŵƉĂŶLJĞŵƉůŽLJĞĞƐ͘
Ϯ͘ ŐĂƌ ƐĞƚŝĂƉ ŬĂƌLJĂǁĂŶ ƉĞƌƵƐĂŚĂĂŶ ŵĞŵĂŚĂŵŝ Ϯ͘ ^ŽƚŚĂƚĞǀĞƌLJĐŽŵƉĂŶLJĞŵƉůŽLJĞĞƵŶĚĞƌƐƚĂŶĚƐ
ďĂŚǁĂƐĞŐĂůĂĂŬƚŝǀŝƚĂƐƉĞƌƵƐĂŚĂĂŶďĞƌůĂŶĚĂƐŬĂŶ ƚŚĂƚ Ăůů ĐŽŵƉĂŶLJ ĂĐƚŝǀŝƚŝĞƐ ĂƌĞ ďĂƐĞĚ ŽŶ ŐŽŽĚ
ƉĂĚĂƉƌŝŶƐŝƉͲƉƌŝŶƐŝƉLJĂŶŐďĂŝŬ͘ ƉƌŝŶĐŝƉůĞƐ͘
ď͘ dƵũƵĂŶWĞŶĞƌĂƉĂŶŽĚĞ ŽĨŽŶĚƵĐƚ ďĂŐŝƉĞƌƵƐĂŚĂĂŶ ď͘ ^ŽƚŚĂƚĞǀĞƌLJĐŽŵƉĂŶLJĞŵƉůŽLJĞĞƵŶĚĞƌƐƚĂŶĚƐƚŚĂƚ
ĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗ ĂůůĐŽŵƉĂŶLJĂĐƚŝǀŝƚŝĞƐĂƌĞďĂƐĞĚŽŶŐŽŽĚƉƌŝŶĐŝƉůĞƐ͘
ϭ͘ ^ĞďĂŐĂŝ ŬŽŵŝƚŵĞŶ ďĞƌƐĂŵĂ ƵŶƚƵŬ ŵĞǁƵũƵĚŬĂŶ ϭ͘ ƐĂũŽŝŶƚĐŽŵŵŝƚŵĞŶƚƚŽƌĞĂůŝnjĞƚŚĞǀŝƐŝŽŶĂŶĚ
ǀŝƐŝ ĚĂŶ ŵĞůĂŬƐĂŶĂŬĂŶ ŵŝƐŝ WĞƌƵƐĂŚĂĂŶ ƐĞĐĂƌĂ ĐĂƌƌLJŽƵƚƚŚĞŽŵƉĂŶLJΖƐŵŝƐƐŝŽŶƉƌŽĨĞƐƐŝŽŶĂůůLJ
ƉƌŽĨĞƐƐŝŽŶĂůĚĂŶďĞƌĞƚŝŬĂďŝƐŶŝƐ͘ ĂŶĚǁŝƚŚďƵƐŝŶĞƐƐĞƚŚŝĐƐ͘
Ϯ͘ ^ĞďĂŐĂŝƉĂŶĚƵĂŶƉĞƌŝůĂŬƵďĂŐŝƐĞůƵƌƵŚŬĂƌLJĂǁĂŶ Ϯ͘ Ɛ Ă ďĞŚĂǀŝŽƌĂů ŐƵŝĚĞ ĨŽƌ Ăůů ĐŽŵƉĂŶLJ
ƉĞƌƵƐĂŚĂĂŶ LJĂŶŐ ŚĂƌƵƐ ĚŝƉĂƚƵŚŝ ĚĂůĂŵ ĞŵƉůŽLJĞĞƐƚŚĂƚŵƵƐƚďĞĂĚŚĞƌĞĚƚŽŝŶĐĂƌƌLJŝŶŐ
ŵĞůĂŬƐĂŶĂŬĂŶƐĞŐĂůĂĂŬƚŝǀŝƚĂƐƉĞƌƵƐĂŚĂĂŶ͘ ŽƵƚĂůůĐŽŵƉĂŶLJĂĐƚŝǀŝƚŝĞƐ͘
ϯ͘ DĞŶĚŽƌŽŶŐƐĞůƵƌƵŚŬĂƌLJĂǁĂŶƉĞƌƵƐĂŚĂĂŶƵŶƚƵŬ ϯ͘ ŶĐŽƵƌĂŐĞ Ăůů ĐŽŵƉĂŶLJ ĞŵƉůŽLJĞĞƐ ƚŽ ďĞŚĂǀĞ
ďĞƌƉĞƌŝůĂŬƵLJĂŶŐďĂŝŬĚĂůĂŵŵĞůĂŬƐĂŶĂŬĂŶƐĞŐĂůĂ ǁĞůůŝŶĐĂƌƌLJŝŶŐŽƵƚĂůůĐŽŵƉĂŶLJĂĐƚŝǀŝƚŝĞƐ͘
ĂŬƚŝǀŝƚĂƐƉĞƌƵƐĂŚĂĂŶ͘
ϰ͘ DĞŶĐŝƉƚĂŬĂŶ ƐƵĂƐĂŶĂ ŬĞƌũĂ LJĂŶŐ ƐĞŚĂƚ ĚĂŶ ϰ͘ ƌĞĂƚŝŶŐ Ă ŚĞĂůƚŚLJ ĂŶĚ ĐŽŵĨŽƌƚĂďůĞ ǁŽƌŬŝŶŐ
ŶLJĂŵĂŶĚĂůĂŵůŝŶŐŬƵŶŐĂŶƉĞƌƵƐĂŚĂĂŶ͘ ĂƚŵŽƐƉŚĞƌĞŝŶƚŚĞĐŽŵƉĂŶLJĞŶǀŝƌŽŶŵĞŶƚ͘
ϱ͘ ^ĞďĂŐĂŝ ƉĞŐĂŶŐĂŶ ƵŶƚƵŬ ŵĞŶŐŚŝŶĚĂƌŝ ďĞŶƚƵƌĂŶ ϱ͘ Ɛ Ă ŐƵŝĚĞ ƚŽ ĂǀŽŝĚ ĐŽŶĨůŝĐƚƐ ŽĨ ŝŶƚĞƌĞƐƚ ŝŶ
ŬĞƉĞŶƚŝŶŐĂŶĚĂůĂŵŵĞůĂŬƐĂŶĂŬĂŶƐĞŐĂůĂĂŬƚŝǀŝƚĂƐ ĐĂƌƌLJŝŶŐŽƵƚĂůůĐŽŵƉĂŶLJĂĐƚŝǀŝƚŝĞƐ͘
ƉĞƌƵƐĂŚĂĂŶ͘
ϲ͘ DĞǁƵũƵĚŬĂŶ ŚƵďƵŶŐĂŶ ŚĂƌŵŽŶŝƐ ĚĞŶŐĂŶ ϲ͘ ƌĞĂƚŝŶŐ ŚĂƌŵŽŶŝŽƵƐ ƌĞůĂƚŝŽŶƐŚŝƉƐ ǁŝƚŚ
ƐƚĂŬĞŚŽůĚĞƌ͘ ƐƚĂŬĞŚŽůĚĞƌƐ͘
Đ͘ DĂŶĨĂĂƚLJĂŶŐĚĂƉĂƚĚŝďĞƌŝŬĂŶĚĞŶŐĂŶŵĞůĂŬƐĂŶĂŬĂŶ Đ͘ dŚĞďĞŶĞĨŝƚƐƚŚĂƚĐĂŶďĞƉƌŽǀŝĚĞĚďLJŝŵƉůĞŵĞŶƚŝŶŐ
ŽĚĞ ŽĨ ŽŶĚƵĐƚ ƐĞĐĂƌĂ ŬŽŶƐŝƐƚĞŶ ĚĂŶ ŬŽŶƐĞŬƵĞŶ ƚŚĞ ŽĚĞ ŽĨ ŽŶĚƵĐƚ ĐŽŶƐŝƐƚĞŶƚůLJ ĂŶĚ ĐŽŶƐŝƐƚĞŶƚůLJ
ĂĚĂůĂŚ͗ ĂƌĞ͗
ϭ͘ DĞŶŝŶŐŬĂƚŶLJĂ ŶŝůĂŝ ƉĞƌƵƐĂŚĂĂŶ ĚĞŶŐĂŶ ϭ͘ /ŶĐƌĞĂƐŝŶŐ ĐŽŵƉĂŶLJ ǀĂůƵĞ ďLJ ƉƌŽǀŝĚŝŶŐ
ŵĞŵďĞƌŝŬĂŶŬĞƉĂƐƚŝĂŶĚĂŶƉĞƌůŝŶĚƵŶŐĂŶŬĞƉĂĚĂ ĐĞƌƚĂŝŶƚLJ ĂŶĚ ƉƌŽƚĞĐƚŝŽŶ ƚŽ ^ƚĂŬĞŚŽůĚĞƌƐ ŝŶ
^ƚĂŬĞŚŽůĚĞƌƐ ĚĂůĂŵ ďĞƌŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ ĚĞĂůŝŶŐ ǁŝƚŚ ƚŚĞ ĐŽŵƉĂŶLJ ƐŽ ĂƐ ƚŽ ƉƌŽĚƵĐĞ Ă
ƉĞƌƵƐĂŚĂĂŶƐĞŚŝŶŐŐĂŵĞŶŐŚĂƐŝůŬĂŶƌĞƉƵƚĂƐŝLJĂŶŐ ŐŽŽĚƌĞƉƵƚĂƚŝŽŶ͕
ďĂŝŬ͕
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Ϯ͘ dĞƌĐŝƉƚĂŶLJĂ ůŝŶŐŬƵŶŐĂŶ ŬĞƌũĂ LJĂŶŐ ŵĞŶũƵŶũƵŶŐ Ϯ͘ ƌĞĂƚŝŶŐĂǁŽƌŬĞŶǀŝƌŽŶŵĞŶƚƚŚĂƚƵƉŚŽůĚƐƚŚĞ
ƚŝŶŐŐŝŶŝůĂŝͲŶŝůĂŝŬĞũƵũƵƌĂŶ͕ĞƚŝŬĂĚĂŶŬĞƚĞƌďƵŬĂĂŶ͕ ǀĂůƵĞƐŽĨŚŽŶĞƐƚLJ͕ĞƚŚŝĐƐĂŶĚŽƉĞŶŶĞƐƐ͕ƐŽƚŚĂƚ
ƐĞŚŝŶŐŐĂ ĂŬĂŶ ŵĞŶŝŶŐŬĂƚŬĂŶ ŬŶĞƌũĂ ĚĂŶ ŝƚ ǁŝůů ŝŵƉƌŽǀĞ ƚŚĞ ƉĞƌĨŽƌŵĂŶĐĞ ĂŶĚ
ƉƌŽĚƵŬƚŝǀŝƚĂƐ ƐĞƚŝĂƉ ŬĂƌLJĂǁĂŶ ƐĞĐĂƌĂ ƉƌŽĚƵĐƚŝǀŝƚLJŽĨĞĂĐŚĞŵƉůŽLJĞĞĂƐĂǁŚŽůĞ͘
ŵĞŶLJĞůƵƌƵŚ͘
WĞƌƐĞƌŽĂŶďĞƌŬŽŵŝƚŵĞŶƵŶƚƵŬŵĞŶũĂůĂŶŬĂŶƵƐĂŚĂĚŝĂƚĂƐ dŚĞŽŵƉĂŶLJŝƐĐŽŵŵŝƚƚĞĚƚŽƌƵŶŶŝŶŐĂďƵƐŝŶĞƐƐďĂƐĞĚ
ŶŝůĂŝ ŝŶƚĞŐƌŝƚĂƐ ƐĞƌƚĂ ďĞƌƉĞĚŽŵĂŶ ƉĂĚĂ<ŽĚĞ ƚŝŬĚĂŶ ŽŶƚŚĞǀĂůƵĞƐŽĨŝŶƚĞŐƌŝƚLJĂŶĚŐƵŝĚĞĚďLJƚŚĞŽĚĞŽĨ ƚŚŝĐƐ
ƚƵƌĂŶ WĞƌŝůĂŬƵ͘ ^ĂůĂŚ ƐĂƚƵ ƉŽŬŽŬ ƉĂĚĂ ĂƚƵƌĂŶ ƚĞƌƐĞďƵƚ ĂŶĚ ZƵůĞƐ ŽĨ ŽŶĚƵĐƚ͘ KŶĞŽĨ ƚŚĞ ŵĂŝŶ ƉŽŝŶƚƐ ŽĨ ƚŚĞƐĞ
ĂĚĂůĂŚ ĂŶƚŝ ƐƵĂƉ ĚĂŶ ŬŽƌƵƉƐŝ͘ WĞŶĐĞŐĂŚĂŶ ŬŽƌƵƉƐŝ ĚĂůĂŵ ƌĞŐƵůĂƚŝŽŶƐŝƐĂŶƚŝͲďƌŝďĞƌLJĂŶĚĐŽƌƌƵƉƚŝŽŶ͘WƌĞǀĞŶƚŝŽŶŽĨ
WĞƌƐĞƌŽĂŶ ĚŝŵƵůĂŝ ĚĂƌŝ ĂĚĂŶLJĂ ƐƵĂƚƵ ŬŽŵŝƚŵĞŶ ĂƚĂƐ ŶŝůĂŝ ĐŽƌƌƵƉƚŝŽŶŝŶƚŚĞŽŵƉĂŶLJďĞŐŝŶƐǁŝƚŚĂĐŽŵŵŝƚŵĞŶƚƚŽ
ĂŶƚŝͲŬŽƌƵƉƐŝĚĂŶĂŶƚŝƐƵĂƉ͘EŝůĂŝŝŶŝĚŝǁƵũƵĚŬĂŶĚĂůĂŵƐƵĂƚƵ ĂŶƚŝͲĐŽƌƌƵƉƚŝŽŶ ĂŶĚ ĂŶƚŝͲďƌŝďĞƌLJ ǀĂůƵĞƐ͘ dŚŝƐ ǀĂůƵĞ ŝƐ
ŬŽŵŝƚŵĞŶ ƚĞƌƚƵůŝƐ LJĂŶŐ ĚŝƉƌĂŬĂƌƐĂŝ ŽůĞŚ ƐĞůƵƌƵŚ ũĂũĂƌĂŶ ƌĞĂůŝnjĞĚŝŶĂǁƌŝƚƚĞŶĐŽŵŵŝƚŵĞŶƚŝŶŝƚŝĂƚĞĚďLJĂůůůĞǀĞůƐŽĨ
ŵĂŶĂũĞŵĞŶWĞƌƐĞƌŽĂŶďĂŝŬŝƚƵ͕ĚŝƌĞŬƐŝ͕ŬŽŵŝƐĂƌŝƐŵĂƵƉƵŶ ƚŚĞ ŽŵƉĂŶLJΖƐ ŵĂŶĂŐĞŵĞŶƚ͕ ŝŶĐůƵĚŝŶŐ ĚŝƌĞĐƚŽƌƐ͕
ƉĞŶĂŐŬƵŬĞƉĞŶƚŝŶŐĂŶůĂŝŶŶLJĂ͘ ĐŽŵŵŝƐƐŝŽŶĞƌƐĂŶĚŽƚŚĞƌƐƚĂŬĞŚŽůĚĞƌƐ͘
WŽƐŝƐŝ ŵĂŶĂũĂŵĞŶ ƚĞƌƚŝŶŐŐŝ ŵĞƌƵƉĂŬĂŶ ŬƵŶĐŝ ƐƚƌĂƚĞŐŝƐ dŚĞ ŚŝŐŚĞƐƚ ŵĂŶĂŐĞŵĞŶƚ ƉŽƐŝƚŝŽŶ ŝƐ Ă ƐƚƌĂƚĞŐŝĐ ŬĞLJ ŝŶ
ĚĂůĂŵ ƉĞŶĞƌĂƉĂŶ ƐŝƐƚĞŵ ƉĞŶĐĞŐĂŚĂŶ ŬŽƌƵƉƐŝ ĚĂŶ ƐƵĂƉ͘ ŝŵƉůĞŵĞŶƚŝŶŐ Ă ĐŽƌƌƵƉƚŝŽŶ ĂŶĚ ďƌŝďĞƌLJ ƉƌĞǀĞŶƚŝŽŶ
^ĞůĂŝŶ ŬŽŵŝƚŵĞŶ ŵĂŶĂũĞŵĞŶ͕ WĞƌƐĞƌŽĂŶ ŵĞǁĂũŝďŬĂŶ ƐLJƐƚĞŵ͘/ŶĂĚĚŝƚŝŽŶƚŽŵĂŶĂŐĞŵĞŶƚΖƐĐŽŵŵŝƚŵĞŶƚ͕ƚŚĞ
ƐĞůƵƌƵŚ ŬĂƌLJĂǁĂŶ ĚĂŶ ƉĞŵĂƐŽŬͬĐƵƐƚŽŵĞƌ ŵĞŵďƵĂƚ ŽŵƉĂŶLJ ƌĞƋƵŝƌĞƐ Ăůů ĞŵƉůŽLJĞĞƐ ĂŶĚ
ĚĂŶͬĂƚĂƵ ŵĞŶĂŶĚĂƚĂŶŐĂŶŝ ƐƵƌĂƚ ƉĞƌŶLJĂƚĂĂŶ ƚŝĚĂŬ ƐƵƉƉůŝĞƌƐͬĐƵƐƚŽŵĞƌƐ ƚŽ ŵĂŬĞ ĂŶĚͬŽƌ ƐŝŐŶ Ă ƐƚĂƚĞŵĞŶƚ
ŵĞůĂŬƵŬĂŶ ĂŬƚŝĨŝƚĂƐ ƚĞƌŬĂŝƚ ŬĞĐƵƌĂŶŐĂŶ͕ ŬŽƌƵƉƐŝ͕ ĚĂŶ ƚŚĂƚ ƚŚĞLJ ǁŝůů ŶŽƚ ĐĂƌƌLJ ŽƵƚ ĂĐƚŝǀŝƚŝĞƐ ƌĞůĂƚĞĚ ƚŽ ĨƌĂƵĚ͕
ƉĞůĂŶŐŐĂƌĂŶƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶLJĂŶŐďĞƌůĂŬƵ ĐŽƌƌƵƉƚŝŽŶ ĂŶĚ ǀŝŽůĂƚŝŽŶƐ ŽĨ ĂƉƉůŝĐĂďůĞ ůĂǁƐ ĂŶĚ
LJĂŶŐ ďĞƌŬĂŝƚĂŶ ĚĞŶŐĂŶ ŵĞŵƉĞƌŬĂLJĂ Ěŝƌŝ ƐĞŶĚŝƌŝ ĂƚĂƵ ƌĞŐƵůĂƚŝŽŶƐ ƌĞůĂƚĞĚ ƚŽ ĞŶƌŝĐŚŝŶŐ ƚŚĞŵƐĞůǀĞƐ Žƌ ƚŚĞŝƌ
ŬĞůŽŵƉŽŬ͘ ŐƌŽƵƉƐ͘
^ĞůĂŝŶ ŵĞŵďĞƌŝŬĂŶ ŬĞƵŶƚƵŶŐĂŶ ĚŝƚĞŶŐĂŚͲƚĞŶŐĂŶ ƉĂƌƚ ĨƌŽŵ ƉƌŽǀŝĚŝŶŐ ďĞŶĞĨŝƚƐ ŝŶ ƚŚĞ ŵŝĚƐƚ ŽĨ ƚŚĞ
ŬĞďĞƌůĂŶŐƐƵŶŐĂŶ ƵƐĂŚĂ WĞƌƐĞƌŽĂŶ͕ ŬŽŵŝƚŵĞŶ ŝŶŝ ũƵŐĂ ŽŵƉĂŶLJΖƐ ďƵƐŝŶĞƐƐ ĐŽŶƚŝŶƵŝƚLJ͕ ƚŚŝƐ ĐŽŵŵŝƚŵĞŶƚ ĂůƐŽ
ŵĞŶĚƵŬƵŶŐƉƌŽŐƌĂŵWĞŵĞƌŝŶƚĂŚĚĂůĂŵƌĂŶŐŬĂŵĞŶĐĞŐĂŚ ƐƵƉƉŽƌƚƐ ƚŚĞ 'ŽǀĞƌŶŵĞŶƚΖƐ ƉƌŽŐƌĂŵ ƚŽ ƉƌĞǀĞŶƚ ĂĐƚƐ ŽĨ
ƚŝŶĚĂŬĂŶ ŬŽƌƵƉƐŝ Ěŝ /ŶĚŽŶĞƐŝĂ͘ WĞŶĐĞŐĂŚĂŶ ŬŽƌƵƉƐŝ ĚĂŶ ĐŽƌƌƵƉƚŝŽŶ ŝŶ /ŶĚŽŶĞƐŝĂ͘ WƌĞǀĞŶƚŝŽŶ ŽĨ ĐŽƌƌƵƉƚŝŽŶ ĂŶĚ
ƐƵĂƉƚŝĚĂŬŚĂŶLJĂŵĞŶũĂĚŝŬĞďŝũĂŬĂŶŶŽƌŵĂƚŝĨĂƚĂƵŵĞŶũĂĚŝ ďƌŝďĞƌLJŝƐŶŽƚŽŶůLJĂŶŽƌŵĂƚŝǀĞƉŽůŝĐLJŽƌĂƉŽůŝĐLJŽŶůLJŽŶ
ŬĞďŝũĂŬĂŶ Ěŝ ĂƚĂƐ ŬĞƌƚĂƐ ƐĞŵĂƚĂ ĂŬĂŶ ƚĞƚĂƉŝ ƚĞůĂŚ ƉĂƉĞƌ͕ďƵƚŚĂƐďĞĞŶŝŵƉůĞŵĞŶƚĞĚďLJƚŚĞŽŵƉĂŶLJǁŝƚŚ
ĚŝŝŵƉůĞŵĞŶƚĂƐŝŬĂŶ WĞƌƐĞƌŽĂŶ ĚĞŶŐĂŶ ƐĞƌƚŝĨŝŬĂƐŝ /^K ƚŚĞ /^K ϯϳϬϬϭ͗ϮϬϭϲ ŶƚŝͲƌŝďĞƌLJ DĂŶĂŐĞŵĞŶƚ ^LJƐƚĞŵ
ϯϳϬϬϭ͗ϮϬϭϲ ^ŝƐƚĞŵ DĂŶĂũĞŵĞŶ Ŷƚŝ WĞŶLJƵĂƉĂŶ LJĂŶŐ ĐĞƌƚŝĨŝĐĂƚŝŽŶǁŚŝĐŚƚŚĞĐŽŵƉĂŶLJĂůƌĞĂĚLJŚĂƐ͘LJŚĂǀŝŶŐ
ƐƵĚĂŚĚŝŵŝůŝŬŝŽůĞŚƉĞƌƐĞƌŽĂŶ͘ĞŶŐĂŶŵĞŵŝůŝŬŝƐĞƌƚŝĨŝŬĂƐŝ /^K ϯϳϬϬϭ͗ϮϬϭϲ ĐĞƌƚŝĨŝĐĂƚŝŽŶ͕ ƚŚĞ ĐŽŵƉĂŶLJ ĞdžƉůŝĐŝƚůLJ
/^K ϯϳϬϬϭ͗ϮϬϭϲ ŝŶŝ͕ ƉĞƌƐĞƌŽĂŶ ƐĞĐĂƌĂ ĞŬƐƉůŝƐŝƚ ŝŶŐŝŶ ǁĂŶƚƐƚŽĞdžƉƌĞƐƐŝƚƐĐŽŵŵŝƚŵĞŶƚƚŽĂŶƚŝͲďƌŝďĞƌLJ͕ƐŽƚŚĂƚ
ŵĞŶŐƵŶŐŬĂƉŬĂŶ ŬŽŵŝƚŵĞŶŶLJĂ ƚĞƌŚĂĚĂƉ ĂŶƚŝ ƉĞŶLJƵĂƉĂŶ͕ ŝŶƚŚĞƐĂŵĞǁĂLJƚŚĞŽŵƉĂŶLJǁŝůůĚĞŵĂŶĚĞǀĞƌLJƉĂƌƚLJ
ƐĞŚŝŶŐŐĂĚĞŶŐĂŶĐĂƌĂLJĂŶŐƐĂŵĂWĞƌƐĞƌŽĂŶĂŬĂŶŵĞŶƵŶƚƵƚ ƌĞůĂƚĞĚ ƚŽ ŝƚ ;ƐƚĂŬĞŚŽůĚĞƌƐͿ ƚŽ ĐĂƌƌLJ ŽƵƚ Ă ƐŝŵŝůĂƌ
ƐĞƚŝĂƉ ƉŝŚĂŬ LJĂŶŐ ďĞƌŚƵďƵŶŐĂŶ ĚĞŶŐĂŶŶLJĂ ;ƐƚĂŬĞŚŽůĚĞƌͿ ĐŽŵŵŝƚŵĞŶƚ͘ dŚŝƐ ƉŽůŝĐLJ ŚĂƐ ďĞĞŶ ƐŽĐŝĂůŝnjĞĚ ďLJ ƚŚĞ
ƵŶƚƵŬ ŵĞŶũĂůĂŶŬĂŶ ŬŽŵŝƚŵĞŶ ƐĞƌƵƉĂ͘ <ĞďŝũĂŬĂŶ ŝŶŝ ƚĞůĂŚ ŽŵƉĂŶLJ͕ ĞƐƉĞĐŝĂůůLJ ƚŽ ŶĞǁ ĞŵƉůŽLJĞĞƐ ĂŶĚ ǁŽƌŬ
ĚŝƐŽƐŝĂůŝƐĂƐŝWĞƌƐĞƌŽĂŶŬŚƵƐƵƐŶLJĂƚĞƌŚĂĚĂƉŬĂƌLJĂǁĂŶďĂƌƵ ƉĂƌƚŶĞƌƐ͘dŚĞŽŵƉĂŶLJǁŝůůĂůƐŽƚĂŬĞĨŝƌŵĂĐƚŝŽŶŝĨƚŚĞƌĞ
ĚĂŶ ŵŝƚƌĂ ŬĞƌũĂ͘ WĞƌƐĞƌŽĂŶ ũƵŐĂ ĂŬĂŶ ŵĞŶŝŶĚĂŬ ƚĞŐĂƐ ĂƌĞĞŵƉůŽLJĞĞƐŽƌǁŽƌŬƉĂƌƚŶĞƌƐǁŚŽĚŽŶŽƚĐŽŵƉůLJǁŝƚŚ
ĂƉĂďŝůĂ ĂĚĂ ŬĂƌLJĂǁĂŶ ĂƚĂƵ ŵŝƚƌĂ ŬĞƌũĂ LJĂŶŐ ƚŝĚĂŬ ĂƉƉůŝĐĂďůĞ ŽŵƉĂŶLJ ƉŽůŝĐŝĞƐ͘ ^Ž ƚŚĂƚ ƚŚƌŽƵŐŚŽƵƚ ƚŚĞ
ŵĞŵĂƚƵŚŝ ŬĞďŝũĂŬĂŶ WĞƌƐĞƌŽĂŶ LJĂŶŐ ďĞƌůĂŬƵ͘ ^ĞŚŝŶŐŐĂ ƌĞƉŽƌƚŝŶŐ LJĞĂƌ ƚŚĞƌĞ ǁĞƌĞ ŶŽ ĐĂƐĞƐ ŽĨ ĐŽƌƌƵƉƚŝŽŶ ƚŚĂƚ
ƐĞƉĂũĂŶŐ ƚĂŚƵŶ ƉĞůĂƉŽƌĂŶ ƚŝĚĂŬ ĂĚĂ ŬĂƐƵƐ ŬŽƌƵƉƐŝ LJĂŶŐ ŽĐĐƵƌƌĞĚ͕ ĞŝƚŚĞƌ ŝŶƚĞƌŶĂůůLJ Žƌ ĞdžƚĞƌŶĂůůLJ͕ ŝŶǀŽůǀŝŶŐ ƚŚĞ
ƚĞƌũĂĚŝ͕ ďĂŝŬ ƐĞĐĂƌĂ ŝŶƚĞƌŶĂů ŵĂƵƉƵŶ ĞŬƐƚĞƌŶĂů LJĂŶŐ ŽŵƉĂŶLJŽƌŝƚƐĞŵƉůŽLJĞĞƐ͘
ŵĞůŝďĂƚŬĂŶWĞƌƐĞƌŽĂŶĂƚĂƵƉƵŶŬĂƌLJĂǁĂŶŶLJĂ͘
<ĞďŝũĂŬĂŶŶƚŝ^ƵĂƉΘŶƚŝ<ŽƌƵƉƐŝ
ŶƚŝͲƌŝďĞƌLJΘŶƚŝͲŽƌƌƵƉƚŝŽŶWŽůŝĐLJ
;'Z/ϮϬϱͿ
^ĞũĂůĂŶĚĞŶŐĂŶŬŽŵŝƚŵĞŶWĞƌƐĞƌŽĂŶĚĂůĂŵƉĞŶĞƌĂƉĂŶƚĂƚĂ /ŶůŝŶĞǁŝƚŚƚŚĞŽŵƉĂŶLJΖƐĐŽŵŵŝƚŵĞŶƚƚŽŝŵƉůĞŵĞŶƚŝŶŐ
ŬĞůŽůĂ ƉĞƌƵƐĂŚĂĂŶ LJĂŶŐ ďĂŝŬ ĚĂŶ ŵĞŶũĂůĂŶŬĂŶ ƉƌĂŬƚŝŬ ŐŽŽĚ ĐŽƌƉŽƌĂƚĞ ŐŽǀĞƌŶĂŶĐĞ ĂŶĚ ŝŵƉůĞŵĞŶƚŝŶŐ ďĞƐƚ
ƚĞƌďĂŝŬŶLJĂ͕WĞƌƐĞƌŽĂŶƚŝĚĂŬŚĂŶLJĂŵĞŵŝůŝŬŝŶƚŝ^ƵĂƉĚĂŶ ƉƌĂĐƚŝĐĞƐ͕ ƚŚĞ ŽŵƉĂŶLJ ŶŽƚ ŽŶůLJ ŚĂƐ ŶƚŝͲƌŝďĞƌLJ ĂŶĚ
Ŷƚŝ <ŽƌƵƉƐŝ ĂŬĂŶ ƚĞƚĂƉŝ WĞƌƐĞƌŽĂŶ ŵĞŵŝůŝŬŝ ƐŝƐƚĞŵ ŶƚŝͲŽƌƌƵƉƚŝŽŶ͕ ďƵƚ ƚŚĞ ŽŵƉĂŶLJ ŚĂƐ Ă ǀŝŽůĂƚŝŽŶ
ƉĞůĂƉŽƌĂŶƉĞůĂŶŐŐĂƌĂŶ;tŚƐŝƚůĞďůŽǁŝŶŐ^LJƐƚĞŵͿLJĂŶŐƚĞůĂŚ ƌĞƉŽƌƚŝŶŐ ƐLJƐƚĞŵ ;tŚƐŝƚůĞďůŽǁŝŶŐ ^LJƐƚĞŵͿ ǁŚŝĐŚ ŚĂƐ
ĚŝŝŵƉůĞŵĞŶƚĂƐŝŬĂŶƐĞũĂŬůĂŵĂ͘ĞŶŐĂŶĂĚĂŶLJĂƐŝƐƚĞŵŝŶŝ͕ ďĞĞŶŝŵƉůĞŵĞŶƚĞĚĨŽƌĂůŽŶŐƚŝŵĞ͘tŝƚŚƚŚŝƐƐLJƐƚĞŵ͕ƚŚĞ
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ŵĂŬĂ WĞƌƐĞƌŽĂŶ ĚĂƉĂƚ ŵĞŶĐĞŐĂŚ ĚĂŶ ŵĞŵŝŶŝŵĂůŬĂŶ ŽŵƉĂŶLJ ĐĂŶ ƉƌĞǀĞŶƚ ĂŶĚ ŵŝŶŝŵŝnjĞ ƚŚĞ ŽĐĐƵƌƌĞŶĐĞ ŽĨ
ƚĞƌũĂĚŝŶLJĂ ŬĞĐƵƌĂŶŐĂŶ͕ ĚĂŶ ƐĞŬĂůŝŐŝƐ ŵĞŶĚŽƌŽŶŐ ďƵĚĂLJĂ ĨƌĂƵĚ͕ ĂŶĚ Ăƚ ƚŚĞ ƐĂŵĞ ƚŝŵĞ ĞŶĐŽƵƌĂŐĞ Ă ĐƵůƚƵƌĞ ŽĨ
ŬĞũƵũƵƌĂŶ ĚĂŶ ŬĞƚĞƌďƵŬĂĂŶ͘ ^ĞŚŝŶŐŐĂ ƐĞũĂŬ WĞƌƐĞƌŽĂŶ ŚŽŶĞƐƚLJ ĂŶĚ ŽƉĞŶŶĞƐƐ͘ ^Ž ƐŝŶĐĞ ƚŚĞ ŽŵƉĂŶLJ
ŵĞŶĞƌĂƉŬĂŶ ƐĞƌƚŝĨŝŬĂƐŝ /^K ϯϳϬϬϭ͗ϮϬϭϲ͕ WĞƌƐĞƌŽĂŶ ŵƵůĂŝ ŝŵƉůĞŵĞŶƚĞĚ/^KϯϳϬϬϭ͗ϮϬϭϲĐĞƌƚŝĨŝĐĂƚŝŽŶ͕ƚŚĞŽŵƉĂŶLJ
ŵĞůĂŬƵŬĂŶ ƌĞƐƚƌƵŬƚƵƌŝƐĂƐŝ ƚĞƌŚĂĚĂƉ ƐŝƐƚĞŵ ƉĞůĂƉŽƌĂŶ ďĞŐĂŶ ƚŽ ƌĞƐƚƌƵĐƚƵƌĞ ŝƚƐ ǀŝŽůĂƚŝŽŶ ƌĞƉŽƌƚŝŶŐ ƐLJƐƚĞŵ ďLJ
ƉĞůĂŶŐŐĂƌĂŶ ŝŶŝ ĚĞŶŐĂŶ ŵĞŶŐĞůƵĂƌŬĂŶ ŬĞďŝũĂŬĂŶ ƚĞƌŬĂŝƚ ŝƐƐƵŝŶŐƉŽůŝĐŝĞƐƌĞŐĂƌĚŝŶŐƚŚĞƌĞƉŽƌƚŝŶŐƉƌŽĐĞƐƐƚŚĂƚĐĂŶ
ƉƌŽƐĞƐƉĞůĂƉŽƌĂŶLJĂŶŐĚĂƉĂƚĚŝůĂŬƵŬĂŶŽůĞŚƐĞƚŝĂƉƉĞůĂƉŽƌ ďĞ ĐĂƌƌŝĞĚ ŽƵƚ ďLJ ĞǀĞƌLJ ƌĞƉŽƌƚĞƌ ǁŚŽ ǁŝƐŚĞƐ ƚŽ ƌĞƉŽƌƚ
LJĂŶŐ ŝŶŐŝŶ ŵĞůĂƉŽƌŬĂŶ ƚĞƌŬĂŝƚ ŬĞĐƵƌĂŶŐĂŶ ŵĂƵƉƵŶ ĨƌĂƵĚ Žƌ ŝŶĐŽŶǀĞŶŝĞŶĐĞ ƚŽ ƚŚĞ ŽŵƉĂŶLJΖƐ ŽƉĞƌĂƚŝŽŶĂů
ŬĞƚŝĚĂŬŶLJĂŵĂŶĂŶ ƚĞƌŚĂĚĂƉ ŬĞŐŝĂƚĂŶ ŽƉĞƌĂƐŝŽŶĂů ĂĐƚŝǀŝƚŝĞƐ͘dŚŝƐZĞƉŽƌƚŝŶŐ^LJƐƚĞŵĨƵŶĐƚŝŽŶƐĂƐĂƌĞƉŽƌƚŝŶŐ
WĞƌƐĞƌŽĂŶ͘ ^ŝƐƚĞŵ WĞůĂƉŽƌĂŶ ŝŶŝ ďĞƌĨƵŶŐƐŝ ƐĞďĂŐĂŝ ŵĞĐŚĂŶŝƐŵƚŚĂƚĐĂŶďĞĂĐĐĞƐƐĞĚďLJŝŶƚĞƌŶĂůĂŶĚĞdžƚĞƌŶĂů
ŵĞŬĂŶŝƐŵĞ ƉĞůĂƉŽƌĂŶ LJĂŶŐ ĚĂƉĂƚ ĚŝĂŬƐĞƐ ŽůĞŚ ƉŝŚĂŬ ƉĂƌƚŝĞƐ͕ ŝŶĐůƵĚŝŶŐ ĞŵƉůŽLJĞĞƐ͕ ĐƵƐƚŽŵĞƌƐ͕ ƐƵƉƉůŝĞƌƐ ĂŶĚ
ŝŶƚĞƌŶĂů ĚĂŶ ĞŬƐƚĞƌŶĂů͕ ƚĞƌŵĂƐƵŬ ŬĂƌLJĂǁĂŶ͕ ƉĞůĂŶŐŐĂŶ͕ ŽƚŚĞƌƐ͘ dŚŝƐ ƐLJƐƚĞŵ ĂůůŽǁƐ ƌĞƉŽƌƚŝŶŐ ŝŶĂƉƉƌŽƉƌŝĂƚĞ
ƉĞŵĂƐŽŬ͕ĚĂŶůĂŝŶŶLJĂ͘^ŝƐƚĞŵŝŶŝŵĞŵƵŶŐŬŝŶŬĂŶƉĞůĂƉŽƌĂŶ ĂĐƚŝŽŶƐŽƌƐƵƐƉĞĐƚĞĚǀŝŽůĂƚŝŽŶƐďLJĂŶĞŵƉůŽLJĞĞ͕ŝŶĐůƵĚŝŶŐ
ƚŝŶĚĂŬĂŶLJĂŶŐƚŝĚĂŬƉĂŶƚĂƐĂƚĂƵĚƵŐĂĂŶƉĞůĂŶŐŐĂƌĂŶŽůĞŚ ĨƌĂƵĚ͕ ŵŝƐĂƉƉƌŽƉƌŝĂƚŝŽŶ͕ ĚŝƐŚŽŶĞƐƚLJ͕ ǀŝŽůĂƚŝŽŶƐ ŽĨ ůĂǁ͕
ƐĞŽƌĂŶŐ ŬĂƌLJĂǁĂŶ͕ ƚĞƌŵĂƐƵŬ ƉĞŶŝƉƵĂŶ͕ ƉĞŶLJĞůĞǁĞŶŐĂŶ͕ ǀŝŽůĂƚŝŽŶƐŽĨƚŚĞŽŵƉĂŶLJΖƐŽĚĞŽĨ ƚŚŝĐƐ͕ǀŝŽůĂƚŝŽŶƐŽĨ
ŬĞƚŝĚĂŬũƵũƵƌĂŶ͕ƉĞůĂŶŐŐĂƌĂŶŚƵŬƵŵ͕ƉĞůĂŶŐŐĂƌĂŶ<ŽĚĞ ƚŝŬ ƌĞŐƵůĂƚŝŽŶƐ͕ŽƌĐŽŶĨůŝĐƚƐŽĨŝŶƚĞƌĞƐƚ͘
WĞƌƐĞƌŽĂŶ͕ ƉĞůĂŶŐŐĂƌĂŶ ƉĞƌĂƚƵƌĂŶ͕ ĂƚĂƵ ŬŽŶĨůŝŬ
ŬĞƉĞŶƚŝŶŐĂŶ͘
^ŝƐƚĞŵWĞůĂƉŽƌĂŶWĞůĂŶŐŐĂƌĂŶ sŝŽůĂƚŝŽŶZĞƉŽƌƚŝŶŐ^LJƐƚĞŵ
^ŝƐƚĞŵ ƉĞůĂƉŽƌĂŶ ƉĞůĂŶŐŐĂƌĂŶ ŝŶŝ ĚŝƐĞƐƵĂŝŬĂŶ ĚĞŶŐĂŶ dŚŝƐǀŝŽůĂƚŝŽŶƌĞƉŽƌƚŝŶŐƐLJƐƚĞŵŝƐĂĚũƵƐƚĞĚƚŽĂƉƉůŝĐĂďůĞ
ƉĞƌĂƚƵƌĂŶ LJĂŶŐ ďĞƌůĂŬƵ͘ ^ĞŚŝŶŐŐĂ ƉĞůĂŬƐĂŶĂĂŶŶLJĂ ĚĂƉĂƚ ƌĞŐƵůĂƚŝŽŶƐ͘^ŽƚŚĂƚŝŵƉůĞŵĞŶƚĂƚŝŽŶĐĂŶďĞĐĂƌƌŝĞĚŽƵƚ
ĚŝůĂŬƵŬĂŶĚĞŶŐĂŶŵĞŬĂŶŝƐŵĞƐĞďĂŐĂŝďĞƌŝŬƵƚ͗ ƵƐŝŶŐƚŚĞĨŽůůŽǁŝŶŐŵĞĐŚĂŶŝƐŵ͗
WĞŶŐƵŶŐŬĂƉĂŶ ŚĂƌƵƐ ĚŝůĂŬƵŬĂŶ WĞůĂƉŽƌ ǁĂũŝď ŵĞŶĐĂŶƚƵŵŬĂŶ WĞƌƵƐĂŚĂĂŶ ǁĂũŝď ŵĞŶŝŶĚĂŬůĂŶũƵƚŝ
tĂũŝď ŵĞůĂƉŽƌŬĂŶ ƉĞůĂŶŐŐĂƌĂŶ ĚĞŶŐĂŶ ŝƚŝŬĂĚ ďĂŝŬ ĚĂŶ ďƵŬĂŶ ŝĚĞŶƚŝƚĂƐŶLJĂ ĚĞŶŐĂŶ ũĞůĂƐ ƉĂĚĂ ƐĞƚŝĂƉ ƉĞůĂƉŽƌĂŶ LJĂŶŐ ĚŝƚĞƌŝŵĂ
ƚĞƌƐĞďƵƚŵĞůĂůƵŝ͗ ŵĞƌƵƉĂŬĂŶ ƐƵĂƚƵ ŬĞůƵŚĂŶ ƉƌŝďĂĚŝ ůĂƉŽƌĂŶLJĂŶŐĚŝďƵĂƚ͕ĚŝƐĞƌƚĂŝĚĞŶŐĂŶ ƐĞƐƵĂŝ ƉƌŽƐĞĚƵƌ ĚĂŶ ŵĞŬĂŶŝƐŵĞ
ĂƚĂƵƉƵŶ ĚŝĚĂƐĂƌŝ ŬĞŚĞŶĚĂŬ ďƵŬƚŝ ƉĞŶĚƵŬƵŶŐ LJĂŶŐ ƌĞůĞǀĂŶ͘ LJĂŶŐďĞƌůĂŬƵ͘
zŽƵŵƵƐƚƌĞƉŽƌƚƚŚĞƐĞǀŝŽůĂƚŝŽŶƐ ďƵƌƵŬͬĨŝƚŶĂŚ͘ WĞŶĞƌŝŵĂ ůĂƉŽƌĂŶ ǁĂũŝď
ǀŝĂ͗ ŵĞƌĂŚĂƐŝĂŬĂŶŝĚĞŶƚŝƚĂƐƉĞůĂƉŽƌ ŽŵƉĂŶŝĞƐĂƌĞŽďůŝŐĞĚƚŽĨŽůůŽǁƵƉ
ŝƐĐůŽƐƵƌĞŵƵƐƚďĞĚŽŶĞŝŶŐŽŽĚĨĂŝƚŚ ŽŶĞǀĞƌLJƌĞƉŽƌƚƌĞĐĞŝǀĞĚĂĐĐŽƌĚŝŶŐ
ĂŶĚ ŶŽƚ ĂƐ Ă ƉĞƌƐŽŶĂů ĐŽŵƉůĂŝŶƚ Žƌ dŚĞ ƌĞƉŽƌƚĞƌ ŵƵƐƚ ĐůĞĂƌůLJ ƐƚĂƚĞ ŚŝƐ ƚŽ ĂƉƉůŝĐĂďůĞ ƉƌŽĐĞĚƵƌĞƐ ĂŶĚ
ǁŚŝƐƚůĞďůŽǁĞƌΛƚƌĂŶƐŬŽŶͲƌĞŶƚ͘ĐŽŵ ďĂƐĞĚŽŶŝůůǁŝůůͬƐůĂŶĚĞƌ͘ ŝĚĞŶƚŝƚLJ ŝŶ ƚŚĞ ƌĞƉŽƌƚ ŚĞ ŵĂŬĞƐ͕ ŵĞĐŚĂŶŝƐŵƐ͘
ĂĐĐŽŵƉĂŶŝĞĚďLJƌĞůĞǀĂŶƚƐƵƉƉŽƌƚŝŶŐ
ĞǀŝĚĞŶĐĞ͘dŚĞƌĞĐŝƉŝĞŶƚŽĨƚŚĞƌĞƉŽƌƚ
ŝƐŽďůŝŐĞĚƚŽŬĞĞƉƚŚĞŝĚĞŶƚŝƚLJŽĨƚŚĞ
ƌĞƉŽƌƚĞƌĐŽŶĨŝĚĞŶƚŝĂů͘
ƉĂďŝůĂ ƚĞƌũĂĚŝ ƉĞůĂŶŐŐĂƌĂŶ͕ ĂƚĂƵ ƉĞŶLJŝŵƉĂŶŐĂŶ ŵĂŬĂ /ĨĂǀŝŽůĂƚŝŽŶŽƌĚĞǀŝĂƚŝŽŶŽĐĐƵƌƐ͕ƐƚĂŬĞŚŽůĚĞƌƐĐĂŶƌĞƉŽƌƚ
ƉĞŵĂŶŐŬƵ ŬĞƉĞŶƚŝŶŐĂŶ ĚĂƉĂƚ ŵĞůĂƉŽƌŬĂŶ ƉĞůĂŶŐŐĂƌĂŶ ƚŚĞ ǀŝŽůĂƚŝŽŶ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ƌĞƉŽƌƚŝŶŐ
ƚĞƌƐĞďƵƚ ƐĞƐƵĂŝĚĞŶŐĂŶŵĞŬĂŶŝƐŵĞƉĞůĂƉŽƌĂŶĚŝĂƚĂƐ͘^ĞƚŝĂƉ ŵĞĐŚĂŶŝƐŵ ĂďŽǀĞ͘ ǀĞƌLJ ƌĞƉŽƌƚ ƐƵďŵŝƚƚĞĚ ďLJ ƚŚĞ
ůĂƉŽƌĂŶLJĂŶŐĚŝĂũƵŬĂŶŽůĞŚWĞůĂƉŽƌŚĂƌƵƐĚŝƐĞƌƚĂŝĚĞŶŐĂŶ tŚŝƐƚůĞďůŽǁĞƌŵƵƐƚďĞĂĐĐŽŵƉĂŶŝĞĚďLJŝŶŝƚŝĂůĞǀŝĚĞŶĐĞ
ďƵŬƚŝĂǁĂůĚĂŶĚŝƉĞƌŝŬƐĂŽůĞŚĞƉĂƌƚĞŵĞŶ,W͘WĞƌƐĞƌŽĂŶ ĂŶĚĐŚĞĐŬĞĚďLJƚŚĞ,WĞƉĂƌƚŵĞŶƚ͘dŚĞĐŽŵƉĂŶLJĂůƐŽ
ũƵŐĂ ŵĞŶũĂŵŝŶ ŬĞƌĂŚĂƐŝĂĂŶ ŝĚĞŶƚŝƚĂƐ ďĂŐŝ ƉĞůĂƉŽƌ ĚĂŶ ŐƵĂƌĂŶƚĞĞƐ ƚŚĞ ĐŽŶĨŝĚĞŶƚŝĂůŝƚLJ ŽĨ ƚŚĞ ŝĚĞŶƚŝƚLJ ŽĨ ƚŚĞ
ŵĞůŝŶĚƵŶŐŝƉĞůĂƉŽƌ͕ƚĞƌůĞƉĂƐƉĞůĂƉŽƌƚĞƌƐĞďƵƚŵĞƌƵƉĂŬĂŶ ƌĞƉŽƌƚĞƌ ĂŶĚ ƉƌŽƚĞĐƚƐ ƚŚĞ ƌĞƉŽƌƚĞƌ͕ ƌĞŐĂƌĚůĞƐƐ ŽĨ
ŬĂƌLJĂǁĂŶ͕ ƉĞŵĂƐŽŬ͕ ĂƚĂƵ ƉŝŚĂŬ ůĂŝŶŶLJĂ ƐĞůĂŵĂ ƉĞůĂƉŽƌ ǁŚĞƚŚĞƌƚŚĞƌĞƉŽƌƚĞƌŝƐĂŶĞŵƉůŽLJĞĞ͕ƐƵƉƉůŝĞƌŽƌŽƚŚĞƌ
ŵĞŶũĂŐĂ ŬĞƌĂŚĂƐŝĂĂŶ ůĂƉŽƌĂŶŶLJĂ͘ WĞƌƐĞƌŽĂŶ ũƵŐĂ ƉĂƌƚLJ ĂƐ ůŽŶŐ ĂƐ ƚŚĞ ƌĞƉŽƌƚĞƌ ŵĂŝŶƚĂŝŶƐ ƚŚĞ
ŵĞŵďĞƌŝŬĂŶ ƉĞƌůŝŶĚƵŶŐĂŶ ďĂŐŝ ƐĞŵƵĂ ƉŝŚĂŬ LJĂŶŐ ĐŽŶĨŝĚĞŶƚŝĂůŝƚLJŽĨŚŝƐƌĞƉŽƌƚ͘dŚĞŽŵƉĂŶLJĂůƐŽƉƌŽǀŝĚĞƐ
ŵĞůĂŬƵŬĂŶ ŝŶǀĞƐƚŝŐĂƐŝ ƐĞƌƚĂ ƉŝŚĂŬ LJĂŶŐ ŵĞŵďĞƌŝŬĂŶ ƉƌŽƚĞĐƚŝŽŶ ĨŽƌ Ăůů ƉĂƌƚŝĞƐ ĐŽŶĚƵĐƚŝŶŐ ŝŶǀĞƐƚŝŐĂƚŝŽŶƐ ĂƐ
ŝŶĨŽƌŵĂƐŝƚĞƌŬĂŝƚůĂƉŽƌĂŶƚĞƌƐĞďƵƚ͘ ǁĞůůĂƐƉĂƌƚŝĞƐǁŚŽƉƌŽǀŝĚĞŝŶĨŽƌŵĂƚŝŽŶƌĞůĂƚĞĚƚŽƚŚĞ
ƌĞƉŽƌƚ͘
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^ĂŶŬƐŝƚĂƐWĞůĂŶŐŐĂƌĂŶ ^ĂŶĐƚŝŽŶƐĨŽƌsŝŽůĂƚŝŽŶƐ
<ŽĚĞĞƚŝŬŵĞƌƵƉĂŬĂŶŶŽƌŵĂĞƚŝŬĂLJĂŶŐǁĂũŝďƵŶƚƵŬĚŝƚĂĂƚŝ dŚĞĐŽĚĞŽĨĞƚŚŝĐƐŝƐĂŶĞƚŚŝĐĂůŶŽƌŵƚŚĂƚŵƵƐƚďĞŽďĞLJĞĚ
ŽůĞŚ ƐĞƚŝĂƉ ŬĂƌLJĂǁĂŶ WĞƌƐĞƌŽĂŶ͘ ^ĞŚŝŶŐŐĂ ĂƉĂďŝůĂ ƚĞƌũĂĚŝ ďLJĞǀĞƌLJĞŵƉůŽLJĞĞŽĨƚŚĞŽŵƉĂŶLJ͘^ŽƚŚĂƚŝĨƚŚĞƌĞŝƐĂ
ƉĞůĂŶŐŐĂƌĂŶ ƚĞƌŚĂĚĂƉ ŬŽĚĞ ĞƚŝŬ ƉĞƌƵƐĂŚĂĂŶ ŵĂŬĂ ƐĞƚŝĂƉ ǀŝŽůĂƚŝŽŶŽĨƚŚĞĐŽŵƉĂŶLJΖƐĐŽĚĞŽĨĞƚŚŝĐƐ͕ĂŶLJŽŶĞƉƌŽǀĞŶ
LJĂŶŐƚĞƌďƵŬƚŝŵĞůĂŬƵŬĂŶƚŝŶĚĂŬĂŶƉĞůĂŶŐŐĂƌĂŶĂŬĂŶĚŝďĞƌŝ ƚŽŚĂǀĞĐŽŵŵŝƚƚĞĚĂǀŝŽůĂƚŝŽŶǁŝůůďĞŐŝǀĞŶƐĂŶĐƚŝŽŶƐŝŶ
ƐĂŶŬƐŝƐĞƐƵĂŝĚĞŶŐĂŶŬĞďŝũĂŬĂŶ ĚĂŶƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐͲ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ĂƉƉůŝĐĂďůĞ ƉŽůŝĐŝĞƐ ĂŶĚ ůĂǁƐ ĂŶĚ
ƵŶĚĂŶŐĂŶ LJĂŶŐ ďĞƌůĂŬƵ͘ ^ĞĐĂƌĂ ƌŝŶĐŝ WĞƌƐĞƌŽĂŶ ƚĞůĂŚ ƌĞŐƵůĂƚŝŽŶƐ͘ /Ŷ ĚĞƚĂŝů͕ ƚŚĞ ŽŵƉĂŶLJ ŚĂƐ ƌĞŐƵůĂƚĞĚ
ŵĞŶŐĂƚƵƌ ƐĂŶŬƐŝ ĂƚĂƐ ƉĞůĂŶŐŐĂƌĂŶ LJĂŶŐ ƚĞƌĚĂƉĂƚ ĚĂůĂŵ ƐĂŶĐƚŝŽŶƐĨŽƌǀŝŽůĂƚŝŽŶƐĐŽŶƚĂŝŶĞĚŝŶƚŚĞŽŵƉĂŶLJΖƐŽĚĞ
<ŽĚĞ ƚŝŬWĞƌƐĞƌŽĂŶ͘ĚĂƉƵŶƐĂŬŶƐŝLJĂŶŐĚŝŵĂŬƐƵĚĂĚĂůĂŚ ŽĨ ƚŚŝĐƐ͘dŚĞƐĂŶĐƚŝŽŶƐŝŶƋƵĞƐƚŝŽŶĂƌĞĂƐĨŽůůŽǁƐ͗
ƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
ϭ͘ ^ĂŶƐŬŝ ďĂŐŝ ƉĞŐĂǁĂŝ LJĂŶŐ ŵĞůĂŬƵŬĂŶ ƉĞůĂŶŐŐĂƌĂŶ ϭ͘ ^ĂŶƐŬŝƐ ĨŽƌ ĞŵƉůŽLJĞĞƐ ǁŚŽ ĐŽŵŵŝƚ ǀŝŽůĂƚŝŽŶƐ ĂƌĞ
ĚŝƉƵƚƵƐŬĂŶ ŽůĞŚ ĂƚĂƐĂŶ ůĂŶŐƐƵŶŐ ĂƚĂƵ ŝƌĞŬƐŝ ƐĞƐƵĂŝ ĚĞĐŝĚĞĚ ďLJ ƚŚĞŝƌ ĚŝƌĞĐƚ ƐƵƉĞƌŝŽƌ Žƌ ƚŚĞ ŽĂƌĚ ŽĨ
ĚĞŶŐĂŶ ƚŝŶŐŬĂƚ ƉĞůĂŶŐŐĂƌĂŶŶLJĂ ƐĞƚĞůĂŚ ŵĞŶĚĂƉĂƚ ŝƌĞĐƚŽƌƐ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ůĞǀĞů ŽĨ ƚŚĞ
ůĂƉŽƌĂŶ ĂƚĂƐ ƉĞůĂŶŐŐĂƌĂŶ LJĂŶŐ ĚŝůĂŬƵŬĂŶ ŽůĞŚ ǀŝŽůĂƚŝŽŶ ĂĨƚĞƌ ƌĞĐĞŝǀŝŶŐ Ă ƌĞƉŽƌƚ ŽŶ ƚŚĞ ǀŝŽůĂƚŝŽŶ
ƉĞŐĂǁĂŝLJĂŶŐďĞƌƐĂŶŐŬƵƚĂŶ͖ ĐŽŵŵŝƚƚĞĚďLJƚŚĞĞŵƉůŽLJĞĞĐŽŶĐĞƌŶĞĚ͖
Ϯ͘ ŝƌĞŬƐŝŵĞŵďĞƌŝŬĂŶĂƌĂŚĂŶĂƚĂƐƚŝŶĚĂŬĂŶƉĞŵďŝŶĂĂŶ͕ Ϯ͘ dŚĞ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ ƉƌŽǀŝĚĞƐ ĚŝƌĞĐƚŝŽŶ ŽŶ
ƐĂŶŬƐŝ ĚŝƐŝƉůŝŶ ĚĂŶͬĂƚĂƵ ƚŝŶĚĂŬĂŶ ůĂŝŶŶLJĂ ƐĞƌƚĂ ĐŽĂĐŚŝŶŐ ĂĐƚŝŽŶƐ͕ ĚŝƐĐŝƉůŝŶĂƌLJ ƐĂŶĐƚŝŽŶƐ ĂŶĚͬŽƌ
ƉĞŶĐĞŐĂŚĂŶ LJĂŶŐ ŚĂƌƵƐ ĚŝůĂŬƐĂŶĂŬĂŶ ŽůĞŚ ĂƚĂƐĂŶ ŽƚŚĞƌ ĂĐƚŝŽŶƐ ĂƐ ǁĞůů ĂƐ ƉƌĞǀĞŶƚŝŽŶ ƚŚĂƚ ŵƵƐƚ ďĞ
ůĂŶŐƐƵŶŐĚŝůŝŶŐŬƵŶŐĂŶŵĂƐŝŶŐͲŵĂƐŝŶŐ͖ ŝŵƉůĞŵĞŶƚĞĚďLJĚŝƌĞĐƚƐƵƉĞƌŝŽƌƐŝŶƚŚĞŝƌƌĞƐƉĞĐƚŝǀĞ
ĞŶǀŝƌŽŶŵĞŶƚƐ͖
ϯ͘ ^ĂŶŬƐŝ ďĂŐŝ ŝƌĞŬƐŝ LJĂŶŐ ŵĞůĂŬƵŬĂŶ ƉĞůĂŶŐŐĂƌĂŶ ϯ͘ ^ĂŶĐƚŝŽŶƐĨŽƌŝƌĞĐƚŽƌƐǁŚŽĐŽŵŵŝƚǀŝŽůĂƚŝŽŶƐĂƌĞ
ĚŝƉƵƚƵƐŬĂŶŽůĞŚĞǁĂŶ<ŽŵŝƐĂƌŝƐ͖ ĚĞĐŝĚĞĚďLJƚŚĞŽĂƌĚŽĨŽŵŵŝƐƐŝŽŶĞƌƐ͖
ϰ͘ ^ĂŶŬƐŝ ďĂŐŝ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ LJĂŶŐ ŵĞůĂŬƵŬĂŶ ϰ͘ ^ĂŶĐƚŝŽŶƐ ĨŽƌ ƚŚĞ ŽĂƌĚ ŽĨ ŽŵŵŝƐƐŝŽŶĞƌƐ ǁŚŽ
ƉĞůĂŶŐŐĂƌĂŶĚŝƉƵƚƵƐŬĂŶŽůĞŚWĞŵĞŐĂŶŐ^ĂŚĂŵ͖ ĐŽŵŵŝƚǀŝŽůĂƚŝŽŶƐĂƌĞĚĞĐŝĚĞĚďLJƚŚĞ^ŚĂƌĞŚŽůĚĞƌƐ͖
ϱ͘ ŝůĂ DŝƚƌĂ <ĞƌũĂ ĂƚĂƵ ^ƚĂŬĞŚŽůĚĞƌ LJĂŶŐ ŵĞůĂŬƵŬĂŶ ϱ͘ /Ĩ Ă tŽƌŬ WĂƌƚŶĞƌ Žƌ ^ƚĂŬĞŚŽůĚĞƌ ĐŽŵŵŝƚƐ Ă
ƉĞůĂŶŐŐĂƌĂŶ͕ ŵĂŬĂ ĂŬĂŶ ĚŝŬĞŶĂŬĂŶ ŬĞƚĞŶƚƵĂŶ ǀŝŽůĂƚŝŽŶ͕ƚŚĞLJǁŝůůďĞƐƵďũĞĐƚƚŽƚŚĞƉƌŽǀŝƐŝŽŶƐĂƐ
ƐĞďĂŐĂŝŵĂŶĂ LJĂŶŐ ƚĞƌƚƵĂŶŐ ĚĂůĂŵ ŬŽŶƚƌĂŬ͘ ƉĂďŝůĂ ƐƚĂƚĞĚŝŶƚŚĞĐŽŶƚƌĂĐƚ͘/ĨŝƚŝƐƌĞůĂƚĞĚƚŽĂĐƌŝŵŝŶĂů
ƚĞƌŬĂŝƚĚĞŶŐĂŶƚŝŶĚĂŬƉŝĚĂŶĂĚĂƉĂƚĚŝƚĞƌƵƐŬĂŶŬĞƉĂĚĂ ĂĐƚ͕ŝƚĐĂŶďĞĨŽƌǁĂƌĚĞĚƚŽƚŚĞĂƵƚŚŽƌŝƚŝĞƐ͘
ƉŝŚĂŬLJĂŶŐďĞƌǁĂũŝď͘
DĂŶĂũĞŵĞŶZŝƐŝŬŽ
ZŝƐŬŵĂŶĂŐĞŵĞŶƚ
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ĂůĂŵ ŵĞŶĐĂƉĂŝ ƚƵũƵĂŶ WĞƌƐĞƌŽĂŶ ĂŬĂŶ ĚŝŚĂĚĂƉŬĂŶ ƉĂĚĂ /Ŷ ĂĐŚŝĞǀŝŶŐ ƚŚĞ ŽŵƉĂŶLJΖƐ ŽďũĞĐƚŝǀĞƐ͕ ŝƚ ǁŝůů ďĞ ĨĂĐĞĚ
ƐƵĂƚƵ ŬĞƚŝĚĂŬƉĂƐƚŝĂŶ ďĂŝŬ ŝƚƵ ŬĞƚŝĚĂŬƉĂƐƚŝĂŶ ďĞƌƐŝĨĂƚ ǁŝƚŚ ƵŶĐĞƌƚĂŝŶƚLJ͕ ǁŚĞƚŚĞƌ ƵŶĐĞƌƚĂŝŶƚLJ ƚŚĂƚ ŝƐ
ŵĞƌƵŐŝŬĂŶŵĂƵƉƵŶŽƉƉŽƌƚƵŶŝƚLJ ĂƚĂƵŬĞƐĞŵƉĂƚĂŶLJĂŶŐďŝƐĂ ĚĞƚƌŝŵĞŶƚĂůŽƌŽƉƉŽƌƚƵŶŝƚŝĞƐƚŚĂƚĐĂŶďĞƉƌŽĨŝƚĂďůĞ͘^ŽƚŽ
ŵĞŶŐƵŶƚƵŶŐŬĂŶ͘ ^ĞŚŝŶŐŐĂ ƵŶƚƵŬ ŵĞŶŐĂƚƵƌ ƐĞŐĂůĂ ďĞŶƚƵŬ ŵĂŶĂŐĞĂůůĨŽƌŵƐŽĨƵŶĐĞƌƚĂŝŶƚLJ͕ŐŽŽĚĂŶĚĐŽƌƌĞĐƚƌŝƐŬ
ŬĞƚŝĚĂŬƉĂƐƚŝĂŶƚĞƌƐĞďƵƚĚŝƉĞƌůƵŬĂŶŵĂŶĂũĞŵĞŶƌŝƐŝŬŽLJĂŶŐ ŵĂŶĂŐĞŵĞŶƚ ŝƐ ŶĞĞĚĞĚ͘ ZĞĂůŝnjŝŶŐ ƚŚŝƐ͕ ƚŚĞ ŽŵƉĂŶLJ
ďĂŝŬ ĚĂŶ ďĞŶĂƌ͘ DĞŶLJĂĚĂƌŝ ĂŬĂŶ ŚĂů ŝŶŝ WĞƌƐĞƌŽĂŶ ŝŵƉůĞŵĞŶƚƐ ƌŝƐŬ ŵĂŶĂŐĞŵĞŶƚ ĂƐ Ă ƉĂƌĂŵĞƚĞƌ ƚŽ
ŵĞŶĞƌĂƉŬĂŶ ŵĂŶĂũĞŵĞŶ ƌŝƐŝŬŽ ƐĞďĂŐĂŝ ƉĂƌĂŵĞƚĞƌ ƵŶƚƵŬ ŐƵĂƌĂŶƚĞĞ͕ŵĞĂƐƵƌĞĂŶĚŵŽŶŝƚŽƌǀĂƌŝŽƵƐƚLJƉĞƐŽĨƌŝƐŬƐ
ŵĞŶũĂŵŝŶ͕ ŵĞŶŐƵŬƵƌ͕ ƐĞƌƚĂ ŵĞŵŽŶŝƚŽƌ ďĞƌďĂŐĂŝ ŵĂĐĂŵ ƚŚĂƚ ŽĐĐƵƌ ĂŶĚ ĂůƐŽ ĞŶƐƵƌĞ ƚŚĂƚ ƚŚĞ ƉŽůŝĐŝĞƐ ƚŚĂƚ ŚĂǀĞ
ƌŝƐŝŬŽ LJĂŶŐ ƚĞƌũĂĚŝ ĚĂŶ ũƵŐĂ ŵĞŵĂƐƚŝŬĂŶ ŬĞďŝũĂŬĂŶͲ ďĞĞŶĐƌĞĂƚĞĚĐĂŶĐŽŶƚƌŽůǀĂƌŝŽƵƐƚLJƉĞƐŽĨƌŝƐŬƐ͘dŽĂǀŽŝĚ
ŬĞďŝũĂŬĂŶLJĂŶŐƚĞůĂŚĚŝďƵĂƚĚĂƉĂƚŵĞŶŐĞŶĚĂůŝŬĂŶďĞƌďĂŐĂŝ ƚŚĞǀĂƌŝŽƵƐƚŚŝŶŐƐĂďŽǀĞ͕ĂŶĞĨĨĞĐƚŝǀĞƌŝƐŬŵĂŶĂŐĞŵĞŶƚ
ŵĂĐĂŵ ƌŝƐŝŬŽ͘ hŶƚƵŬ ŵĞŶŐŚŝŶĚĂƌŝ ďĞƌďĂŐĂŝ ŚĂů ĚŝĂƚĂƐ͕ ƐƚƌĂƚĞŐLJŝƐŶĞĞĚĞĚĐŽŶƐŝĚĞƌŝŶŐƚŚĂƚƚŚŝƐŐƌĞĂƚůLJĂĨĨĞĐƚƐ
ĚŝďƵƚƵŚŬĂŶ ƐƚƌĂƚĞŐŝ ŵĂŶĂũĞŵĞŶ ƌŝƐŝŬŽ LJĂŶŐ ĞĨĞŬƚŝĨ ƚŚĞ ŽŵƉĂŶLJΖƐ ǁŽƌŬ ĞŶǀŝƌŽŶŵĞŶƚ͘ /Ŷ ƚŚŝƐ ǁĂLJ͕ ƚŚĞ
ŵĞŶŐŝŶŐĂƚ ŚĂů ƚĞƌƐĞďƵƚ ƐĂŶŐĂƚ ďĞƌƉĞŶŐĂƌƵŚ ƚĞƌŚĂĚĂƉ ŽŵƉĂŶLJ ĂůǁĂLJƐ ĞǀĂůƵĂƚĞƐ ƚŚĞ ŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨ ƌŝƐŬ
ůŝŶŐŬƵŶŐĂŶ ŬĞƌũĂ WĞƌƐĞƌŽĂŶ͘ ĞŶŐĂŶ ĚĞŵŝŬŝĂŶ WĞƌƐĞƌŽĂŶ ŵĂŶĂŐĞŵĞŶƚ͘ dŚĞ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ͕ ǁŝƚŚ ƚŚĞ
ƐĞŶĂŶƚŝĂƐĂ ŵĞůĂŬƵŬĂŶ ĞǀĂůƵĂƐŝ ƉĞŶĞƌĂƉĂŶ ŵĂŶĂũĞŵĞŶ ĂƐƐŝƐƚĂŶĐĞŽĨƚŚĞŽƌƉŽƌĂƚĞ^ĞĐƌĞƚĂƌLJ͕ĂůƐŽŝĚĞŶƚŝĨŝĞƐƚŚĞ
ƌŝƐŝŬŽ͕ŝƌĞŬƐŝĚĞŶŐĂŶďĂŶƚƵĂŶ^ĞŬƌĞƚĂƌŝƐWĞƌƵƐĂŚĂĂŶũƵŐĂ ƌŝƐŬƐŽĨƚŚĞŽŵƉĂŶLJΖƐďƵƐŝŶĞƐƐĂĐƚŝǀŝƚŝĞƐďLJƌĞĐŽŐŶŝnjŝŶŐ
ŵĞŶŐŝĚĞŶƚŝĨŝŬĂƐŝ ƌŝƐŝŬŽ ŬĞŐŝĂƚĂŶ ƵƐĂŚĂ WĞƌƐĞƌŽĂŶ ĚĞŶŐĂŶ ƚŚĞƐŽƵƌĐĞƐŽĨƌŝƐŬĂŶĚŬŶŽǁŝŶŐƚŚĞƌŝƐŬƐƌĞŐĂƌĚŝŶŐƚŚĞ
ŵĞŶŐĞŶĂů ƐƵŵďĞƌͲƐƵŵďĞƌ ƌŝƐŝŬŽ ƐĞƌƚĂ ŵĞŶŐĞƚĂŚƵŝ ƌŝƐŝŬŽ ŝŵƉĂĐƚĂŶĚƉŽƐƐŝďŝůŝƚLJŽĨƌŝƐŬƐŽĐĐƵƌƌŝŶŐ͘ZŝƐŬĐŽŶƚƌŽůŝƐ
ƚĞƌŚĂĚĂƉ ĚĂŵƉĂŬ ĚĂŶ ŬĞŵƵŶŐŬŝŶĂŶ ƌŝƐŝŬŽ LJĂŶŐ ƚĞƌũĂĚŝ͘ ĐĂƌƌŝĞĚ ŽƵƚ ďLJ ƚŚĞ ŽŵƉĂŶLJ ƚŚƌŽƵŐŚ Ă ĐŽĚĞ ŽĨ ĞƚŚŝĐƐ͕
WĞŶŐĞŶĚĂůŝĂŶƌŝƐŝŬŽĚŝůĂŬƵŬĂŶWĞƌƐĞƌŽĂŶŵĞůĂůƵŝŬŽĚĞĞƚŝŬ͕ ƐŽĐŝĂůŝnjĂƚŝŽŶ ĂŶĚ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ Ă ĐŽĚĞ ŽĨ ĞƚŚŝĐƐ͕
ƐŽƐŝĂůŝƐĂƐŝ͕ ĚĂŶ ƉĞŶĞƌĂƉĂŶ ŬŽĚĞ ĞƚŝŬ͕ ďƵĚĂLJĂ͕ ŶŝůĂŝ ĐƵůƚƵƌĞ͕ ĐŽŵƉĂŶLJ ǀĂůƵĞƐ͕ ĂŶƚŝͲĐŽƌƌƵƉƚŝŽŶ ĞĨĨŽƌƚƐ͕ ĂŶĚ
ƉĞƌƵƐĂŚĂĂŶ͕ ƵƉĂLJĂ ĂŶƚŝ ŬŽƌƵƉƐŝ͕ ĚĂŶ ŵĞŬĂŶŝƐŵĞ ŵŽŶŝƚŽƌŝŶŐ ŵĞĐŚĂŶŝƐŵƐ ƚŚƌŽƵŐŚ ƚŚĞ tŚŝƐƚůĞďůŽǁŝŶŐ
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ƉĞŶŐĂǁĂƐĂŶ ŵĞůĂůƵŝ tŚŝƐƚůĞďůŽǁŝŶŐ ^LJƐƚĞŵ͘ Ăƌŝ ŚĂƐŝů ^LJƐƚĞŵ͘ &ƌŽŵƚŚĞ ƌĞƐƵůƚƐ ŽĨ ŝĚĞŶƚŝĨLJŝŶŐ ƚŚĞƐĞ ƌŝƐŬƐ͕ ƚŚĞ
ŝĚĞŶƚŝĨŝŬĂƐŝ ƌŝƐŝŬŽͲƌŝƐŬŽ ƚĞƌƐĞďƵƚ ƉĞƌƐĞƌŽĂŶ ŵĞůĂŬƵŬĂŶ ĐŽŵƉĂŶLJ ŵŝƚŝŐĂƚĞƐ ƌŝƐŬƐ ƚŚĂƚ ĂƌŝƐĞ ŝŶ ƚŚĞ ŽŵƉĂŶLJΖƐ
ŵŝƚŝŐĂƐŝƚĞƌŚĂĚĂƉƌŝƐŝŬŽLJĂŶŐƚŝŵďƵůĚĂůĂŵŬĞŐŝĂƚĂŶƵƐĂŚĂ ďƵƐŝŶĞƐƐĂĐƚŝǀŝƚŝĞƐ͘dŚĞƌŝƐŬƐĂŶĚŵŝƚŝŐĂƚŝŽŶĐĂƌƌŝĞĚŽƵƚ
WĞƌƐĞƌŽĂŶ͘ĚĂƉƵŶZŝƐŝŬŽĚĂŶŵŝƚŝŐĂƐŝLJĂŶŐĚŝůĂŬƵŬĂŶŽůĞŚ ďLJƚŚĞŽŵƉĂŶLJĂƌĞƉƌĞƐĞŶƚĞĚŝŶƚŚĞŶŶƵĂůZĞƉŽƌƚĨŽƌ
WĞƌƐĞƌŽĂŶ ĚŝƐĂũŝŬĂŶ ĚĂůĂŵ >ĂƉŽƌĂŶ dĂŚƵŶĂŶ dĂŚƵŶ ƵŬƵ &ŝƐĐĂů zĞĂƌ ϮϬϮϯ ǁŚŝĐŚ ĐĂŶ ďĞ ĚŽǁŶůŽĂĚĞĚ ǀŝĂ ƚŚĞ
ϮϬϮϯ LJĂŶŐ ĚĂƉĂƚ ĚŝƵŶĚƵŚ ŵĞůĂůƵŝ ǁĞďƐŝƚĞ WĞƌƐĞƌŽĂŶ ŽŵƉĂŶLJΖƐǁĞďƐŝƚĞǁǁǁ͘ƚƌĂŶƐŬŽŶͲƌĞŶƚ͘ĐŽŵ͘
ǁǁǁ͘ƚƌĂŶƐŬŽŶͲƌĞŶƚ͘ĐŽŵ͘
<ŝŶĞƌũĂΘWĞƌŵĂƐĂůĂŚĂŶdĞƌŚĂĚĂƉ<ĞƵĂŶŐĂŶ WĞƌĨŽƌŵĂŶĐĞĂŶĚWƌŽďůĞŵƐǁŝƚŚ^ƵƐƚĂŝŶĂďůĞ
<ĞďĞƌůĂŶũƵƚĂŶ &ŝŶĂŶĐĞ
ĂůĂŵ ŵĞŶũĂůĂŶŬĂŶ ƐƵĂƚƵ ďŝƐŶŝƐ ƉĞƌƵƐĂŚĂĂŶ ƚŝĚĂŬ ůĞƉĂƐ /ŶƌƵŶŶŝŶŐĂďƵƐŝŶĞƐƐ͕ĂĐŽŵƉĂŶLJĐĂŶŶŽƚďĞĨƌĞĞĨƌŽŵ
ĚĂƌŝ ƉĞƌŵĂƐĂůĂŚĂŶ͘ ,Ăů ƚĞƌƐĞďƵƚ ũƵŐĂ ĚŝĂůĂŵŝ WĞƌƐĞƌŽĂŶ ƉƌŽďůĞŵƐ͘ dŚŝƐ ŝƐ ĂůƐŽ ĞdžƉĞƌŝĞŶĐĞĚ ďLJ ƚŚĞ ŽŵƉĂŶLJ ŝŶ
ĚĂůĂŵ ŵĞŶũĂůĂŶŬĂŶ ďŝƐŶŝƐŶLJĂ LJĂŶŐ ƚĞƌŬĞŶĚĂůĂ ĚĂůĂŵ ƌƵŶŶŝŶŐ ŝƚƐ ďƵƐŝŶĞƐƐ ǁŚŝĐŚ ŝƐ ŚĂŵƉĞƌĞĚ ďLJ ƐĞǀĞƌĂů
ďĞďĞƌĂƉĂ ĨĂŬƚŽƌ͕ ŶĂŵƵŶ WĞƌƐĞƌŽĂŶ ƚĞƌƵƐ ďĞƌƵƉĂLJĂ ƵŶƚƵŬ ĨĂĐƚŽƌƐ͕ďƵƚƚŚĞŽŵƉĂŶLJĐŽŶƚŝŶƵĞƐƚŽƐƚƌŝǀĞƚŽŵŝƚŝŐĂƚĞ
ŵĞůĂŬƵŬĂŶŵŝƚŝŐĂƐŝ͘ĞƌŝŬƵƚĨĂŬƚŽƌĚĂŵŵŝƚŝŐĂƐŝWĞƌƐĞƌŽĂŶ͗ ŝƚ͘dŚĞĨŽůůŽǁŝŶŐĂƌĞƚŚĞŽŵƉĂŶLJΖƐŵŝƚŝŐĂƚŝŽŶĨĂĐƚŽƌƐ͗
ϭ͘ <ĞƚĞƌůĂŵďĂƚĂŶ ƉĞŶLJĞĚŝĂĂŶ ƉĞŶŐŝƌŝŵĂŶ ƵŶŝƚ ďĂƌƵ ĚĂƌŝ ϭ͘ ĞůĂLJ ŝŶ ƉƌŽǀŝĚŝŶŐ ĚĞůŝǀĞƌLJ ŽĨ ŶĞǁ ƵŶŝƚƐ ĨƌŽŵ
ƉĞŵĂƐŽŬƐĞƐƵĂŝĚĞŶŐĂŶƉĞƌŵŝŶƚĂĂŶĐƵƐƚŽŵĞƌ ƐƵƉƉůŝĞƌƐĂĐĐŽƌĚŝŶŐƚŽĐƵƐƚŽŵĞƌƌĞƋƵĞƐƚƐ
,Ăů ƚĞƌƐĞďƵƚ ĚŝŬĞŶĚĂůŝŬĂŶ ŽůĞŚ WĞƌƐĞƌŽĂŶ ĚĞŶŐĂŶ dŚŝƐŝƐĐŽŶƚƌŽůůĞĚďLJƚŚĞŽŵƉĂŶLJďLJƌĞͲĞŶƚĞƌŝŶŐƚŚĞ
ŵĞůĂŬƵŬĂŶ ŬĞƐĞƉĂŬĂƚĂŶ ŬĞŵďĂůŝ ŬĞƉĂĚĂ ĐƵƐƚŽŵĞƌ ĂŐƌĞĞŵĞŶƚǁŝƚŚƚŚĞĐƵƐƚŽŵĞƌƚŽƵƐĞƚŚĞŽŵƉĂŶLJΖƐ
ŵĞŶŐŐƵŶĂŬĂŶ ƵŶŝƚ ůĂŵĂ WĞƌƐĞƌŽĂŶ LJĂŶŐ ƚĞƌƐĞĚŝĂ ŽůĚĂǀĂŝůĂďůĞ ƵŶŝƚƐ ǁŝƚŚĂŶ ĂƉƉƌŽƉƌŝĂƚĞƉƌŝĐĞŽĨĨĞƌ
ĚĞŶŐĂŶƉĞŶĂǁĂƌĂŶŚĂƌŐĂLJĂŶŐƐĞƐƵĂŝƵŶƚƵŬƐĞŵĞŶƚĂƌĂ ĨŽƌƚŚĞƚŝŵĞďĞŝŶŐƵŶƚŝůŶĞǁƵŶŝƚƐĨƌŽŵƚŚĞƐƵƉƉůŝĞƌ
ǁĂŬƚƵƐĂŵƉĂŝƵŶŝƚďĂƌƵĚĂƌƵƉĞŵĂƐŽŬƚĞƌƐĞĚŝĂ͘ ĂƌĞĂǀĂŝůĂďůĞ͘
Ϯ͘ ĚĂŶLJĂ ĨůƵŬƚƵĂƐŝ ŚĂƌŐĂ ŬŽŵŽĚŝƚĂƐ ƉĂĚĂ ŝŶĚƵƐƚƌŝ ďĂƚƵ Ϯ͘ dŚĞƌĞ ĂƌĞ ĨůƵĐƚƵĂƚŝŽŶƐ ŝŶ ĐŽŵŵŽĚŝƚLJ ƉƌŝĐĞƐ ŝŶ ƚŚĞ
ďĂƌĂLJĂŶŐŵĞƌƵƉĂŬĂŶĐƵƐƚŽŵĞƌWĞƌƐĞƌŽĂŶ ĐŽĂůŝŶĚƵƐƚƌLJ͕ǁŚŝĐŚŝƐƚŚĞŽŵƉĂŶLJΖƐĐƵƐƚŽŵĞƌ
,ĂůƚĞƌƐĞďƵƚĚŝŬĞŶĚĂůŝŬĂŶŽůĞŚWĞƌƐĞƌŽĂŶĚĞŶŐĂŶĐĂƌĂ dŚĞ ŽŵƉĂŶLJ ĐŽŶƚƌŽůƐ ƚŚŝƐ ďLJ ĞŶƐƵƌŝŶŐ ƚŚĂƚ
ŵĞŵĂƐƚŝŬĂŶ ďĂŚǁĂ ŬŽŶƚƌĂŬ ĚĞŶŐĂŶ ĐƵƐƚŽŵĞƌ ĂĚĂůĂŚ ĐŽŶƚƌĂĐƚƐǁŝƚŚĐƵƐƚŽŵĞƌƐĂƌĞůŽŶŐͲƚĞƌŵ͕ĂŶĚƵƐŝŶŐ
ũĂŶŐŬĂ ƉĂŶũĂŶŐ͕ ĚĂŶ ƉĞŶŐŐƵŶĂĂŶ ĚĂƚĂ ĚĂŶ ĂŶĂůŝƐŝƐ ŵĂƌŬĞƚĚĂƚĂĂŶĚĂŶĂůLJƐŝƐƚŽƵŶĚĞƌƐƚĂŶĚĐŽŵŵŽĚŝƚLJ
ƉĂƐĂƌ ƵŶƚƵŬ ŵĞŵĂŚĂŵŝ ƚƌĞŶ ŚĂƌŐĂ ŬŽŵŽĚŝƚĂƐ ĚĂŶ ƉƌŝĐĞƚƌĞŶĚƐĂŶĚĂŶƚŝĐŝƉĂƚĞĨƵƚƵƌĞĨůƵĐƚƵĂƚŝŽŶƐ͘dŚŝƐ
ŵĞŶŐĂŶƚŝƐŝƉĂƐŝĨůƵŬƚƵĂƐŝĚŝŵĂƐĂĚĞƉĂŶ͘,ĂůŝŶŝĚĂƉĂƚ ĐĂŶŚĞůƉĐŽŵƉĂŶŝĞƐŵĂŬĞĚĞĐŝƐŝŽŶƐƚŚĂƚĂƌĞŵŽƌĞ
ŵĞŵďĂŶƚƵ ƉĞƌƵƐĂŚĂĂŶ ƵŶƚƵŬ ŵĞŶŐĂŵďŝů ŬĞƉƵƚƵƐĂŶ ƚŝŵĞůLJĂŶĚŝŶƚŚĞƌŝŐŚƚĚŝƌĞĐƚŝŽŶ͘
LJĂŶŐůĞďŝŚƚĞƉĂƚǁĂŬƚƵĚĂŶƚĞƉĂƚĂƌĂŚ͘
ϯ͘ WĞƌŵĂƐĂůĂŚĂŶ ƚĞƌŚĂĚĂƉ ůŝŶŐŬƵŶŐĂŶ ĚĂƌŝ ŬĞŐŝĂƚĂŶ ϯ͘ ŶǀŝƌŽŶŵĞŶƚĂůƉƌŽďůĞŵƐĨƌŽŵŽƉĞƌĂƚŝŽŶĂůĂĐƚŝǀŝƚŝĞƐ
ŽƉĞƌĂƐŝŽŶĂůĚĂŶƉĞŶŐŚĂƐŝůĞŵŝƐŝŐĂƐƌƵŵĂŚŬĂĐĂ͘ ĂŶĚŐƌĞĞŶŚŽƵƐĞŐĂƐĞŵŝƐƐŝŽŶƐ͘
,Ăů ƚĞƌƐĞďƵƚ ĚŝŬĞŶĚĂůŝŬĂŶ WĞƌƐĞƌŽĂŶ ĚĞŶŐĂŶ ĐĂƌĂ dŚĞ ŽŵƉĂŶLJ ĐŽŶƚƌŽůƐ ƚŚŝƐ ďLJ ĞŶƐƵƌŝŶŐ ƚŚĂƚ ƚŚĞ
ŵĞŵĂƐƚŝŬĂŶƐŝƐƚĞŵŵĂŶĂũĞŵĞŶůŝŶŐŬƵŶŐĂŶĚŝũĂůĂŶŬĂŶ ĞŶǀŝƌŽŶŵĞŶƚĂůŵĂŶĂŐĞŵĞŶƚƐLJƐƚĞŵŝƐŝŵƉůĞŵĞŶƚĞĚ
ƉĂĚĂƐĞŵƵĂĂƐƉĞŬŬĞŐŝĂƚĂŶŽƉĞƌĂƐŝŽŶĂůƐĞƐƵĂŝĚĞŶŐĂŶ ŝŶĂůůĂƐƉĞĐƚƐŽĨŽƉĞƌĂƚŝŽŶĂůĂĐƚŝǀŝƚŝĞƐŝŶĂĐĐŽƌĚĂŶĐĞ
ƐƚĂŶĚĂƌ LJĂŶŐ ĚŝƚĞƚĂƉŬĂŶ͕ ĚĂŶ WĞƌƐĞƌŽĂŶ ŵĞůĂŬƵŬĂŶ ǁŝƚŚ ĞƐƚĂďůŝƐŚĞĚ ƐƚĂŶĚĂƌĚƐ͕ ĂŶĚ ƚŚĞ ŽŵƉĂŶLJ
ƵƉĂLJĂ ƉĞŶŐĞůŽůĂĂŶ ŵĞůĂůƵŝ ƉĞŶĂŶĂŵĂŶ ƉŽŚŽŶ͕ ĐĂƌƌŝĞƐ ŽƵƚ ŵĂŶĂŐĞŵĞŶƚ ĞĨĨŽƌƚƐ ƚŚƌŽƵŐŚ ƚƌĞĞ
ŬĂŵƉĂŶLJĞ ŚĞŵĂƚ ĞŶĞƌŐŝ͕ ƐĞƌƚĂ ƉĞŶŐŐƵŶĂĂŶ ůĂŵƉƵ ƉůĂŶƚŝŶŐ͕ĞŶĞƌŐLJƐĂǀŝŶŐĐĂŵƉĂŝŐŶƐ͕ĂŶĚƚŚĞƵƐĞŽĨ
ƉĂŶĞůƚĞŶĂŐĂƐƵƌLJĂ͘ ƐŽůĂƌƉĂŶĞůůŝŐŚƚƐ͘
ϰ͘ WĞƌƵďĂŚĂŶ ZĞŐƵůĂƐŝ ĂƚĂƵ ĂĚĂŶLJĂ ƌĞŐƵůĂƐŝ ďĂƌƵ LJĂŶŐ ϰ͘ ŚĂŶŐĞƐŝŶƌĞŐƵůĂƚŝŽŶƐŽƌŶĞǁƌĞŐƵůĂƚŝŽŶƐƚŚĂƚŚĂǀĞ
ďĞƌĚĂŵƉĂŬ ƉĂĚĂ ĂŬƚŝǀŝƚĂƐ ŽƉĞƌĂƐŝŽŶĂů ĚĂŶ ďŝƐŶŝƐ ĂŶ ŝŵƉĂĐƚ ŽŶ ƚŚĞ ĐŽŵƉĂŶLJΖƐ ŽƉĞƌĂƚŝŽŶĂů ĂŶĚ
ƉĞƌƵƐĂŚĂĂŶ ďƵƐŝŶĞƐƐĂĐƚŝǀŝƚŝĞƐ
,ĂůƚĞƌƐĞďƵƚĚŝŬĞŶĚĂůŝŬĂŶŽůĞŚWĞƌƐĞƌŽĂŶĚĞŶŐĂŶĐĂƌĂ dŚĞ ŽŵƉĂŶLJ ĐŽŶƚƌŽůƐ ƚŚŝƐ ďLJ ďƵŝůĚŝŶŐ ĞĨĨĞĐƚŝǀĞ
ŵĞŵďĂŶŐƵŶ ƐŝƐƚĞŵ ĚĂŶ ŝŶĨƌĂƐƚƌƵŬƚƵƌ LJĂŶŐ ĞĨĞŬƚŝĨ ƐLJƐƚĞŵƐĂŶĚŝŶĨƌĂƐƚƌƵĐƚƵƌĞŝŶŵĂŶĂŐŝŶŐŶĞǁůĞŐĂů
ĚĂůĂŵŵĞŶŐĞůŽůĂŝŶĨŽƌŵĂƐŝŚƵŬƵŵĚĂŶƉĞƌĂƚƵƌĂŶďĂƌƵ͕ ĂŶĚ ƌĞŐƵůĂƚŽƌLJ ŝŶĨŽƌŵĂƚŝŽŶ͕ ďƵŝůĚŝŶŐ ĂŶĚ
ŵĞŵďĂŶŐƵŶ ĚĂŶ ŵĞŵĞůŝŚĂƌĂ ŚƵďƵŶŐĂŶ ďĂŝŬ ĚĞŶŐĂŶ ŵĂŝŶƚĂŝŶŝŶŐ ŐŽŽĚ ƌĞůĂƚŝŽŶƐŚŝƉƐ ǁŝƚŚ ƚŚĞ
ƉĞŵĞƌŝŶƚĂŚĚĂŶĂƐŽƐŝĂƐŝ͕ĚĂŶŵĞůĂŬƵŬĂŶĞǀĂůƵĂƐŝĚĂŶ ŐŽǀĞƌŶŵĞŶƚ ĂŶĚ ĂƐƐŽĐŝĂƚŝŽŶƐ͕ ĂŶĚ ĞǀĂůƵĂƚŝŶŐ ĂŶĚ
ŵĞŶLJŝĂƉŬĂŶ ďĞďĞƌĂƉĂ ƐƚƌĂƚĞŐŝ ƵŶƚƵŬ ŵĞŵĞŶƵŚŝ ƉƌĞƉĂƌŝŶŐ ƐĞǀĞƌĂů ƐƚƌĂƚĞŐŝĞƐ ƚŽ ĐŽŵƉůLJ ǁŝƚŚ ŶĞǁ
ƌĞŐƵůĂƐŝďĂƌƵ͘ ƌĞŐƵůĂƚŝŽŶƐ͘
ϱ͘ <ĞůƵŚĂŶĚĂŶƉƌŽƚĞƐĚĂƌŝŵĂƐLJĂƌĂŬĂƚƚĞƌŚĂĚĂƉŬĞŐŝĂƚĂŶ ϱ͘ ŽŵƉůĂŝŶƚƐĂŶĚƉƌŽƚĞƐƚƐĨƌŽŵƚŚĞƉƵďůŝĐƌĞŐĂƌĚŝŶŐ
ŽƉĞƌĂƐŝŽŶĂů WĞƌƐĞƌŽĂŶ LJĂŶŐ ĚĂƉĂƚ ŵĞŶŐŚĂŵďĂƚ ƚŚĞ ŽŵƉĂŶLJΖƐ ŽƉĞƌĂƚŝŽŶĂů ĂĐƚŝǀŝƚŝĞƐ ǁŚŝĐŚ ĐĂŶ
ũĂůĂŶŶLJĂĂŬƚŝǀŝƚĂƐŽƉĞƌĂƐŝŽŶĂů͘ ŚĂŵƉĞƌƚŚĞƌƵŶŶŝŶŐŽĨŽƉĞƌĂƚŝŽŶĂůĂĐƚŝǀŝƚŝĞƐ͘
,Ăů ƚĞƌƐĞďƵƚ ĚŝŬĞŶĚĂůŝŬĂŶ WĞƌƐĞƌŽĂŶ ĚĞŶŐĂŶ ĐĂƌĂ dŚĞ ŽŵƉĂŶLJ ĐŽŶƚƌŽůƐ ƚŚŝƐ ďLJ ĞŵƉůŽLJŝŶŐ
ŵĞŵƉĞŬĞƌũĂŬĂŶ ďĂŐŝ ŵĂƐLJĂƌĂŬĂƚ ƐĞŬŝƚĂƌ ǁŝůĂLJĂŚ ĐŽŵŵƵŶŝƚŝĞƐ ĂƌŽƵŶĚ ŽƉĞƌĂƚŝŽŶĂů ĂƌĞĂƐ ŝŶ
ŽƉĞƌĂƐŝŽŶĂůƐĞƐƵĂŝĚĞŶŐĂŶŬƵĂůŝĨŝŬĂƐŝLJĂŶŐĚŝƚĞŶƚƵŬĂŶ͕ ĂĐĐŽƌĚĂŶĐĞǁŝƚŚƐƉĞĐŝĨŝĞĚƋƵĂůŝĨŝĐĂƚŝŽŶƐ͕ƉƌŽǀŝĚŝŶŐ
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ŵĞŵďĞƌŝŬĂŶƉƌŽŐƌĂŵƉĞŵďĞƌĚĂLJĂĂŶŵĂƐLJĂƌĂŬĂƚLJĂŶŐ ĐŽŵŵƵŶŝƚLJ ĞŵƉŽǁĞƌŵĞŶƚ ƉƌŽŐƌĂŵƐ ƚŚĂƚ ƌĞĨĞƌ ƚŽ
ŵĞŶŐĂĐƵ ƉĂĚĂ ƚƵũƵĂŶ ƉĞŵďĂŶŐƵŶĂŶ ďĞƌŬĞůĂŶũƵƚĂŶ ƐƵƐƚĂŝŶĂďůĞ ĚĞǀĞůŽƉŵĞŶƚ ŐŽĂůƐ ĂŶĚ ŐŽǀĞƌŶŵĞŶƚ
ĚĂŶƉĞƌĂƚƵƌĂŶƉĞŵĞƌŝŶƚĂŚ͕ĚĂŶŵĞŶŝŶŐŬĂƚŬĂŶƐƚƌĂƚĞŐŝ ƌĞŐƵůĂƚŝŽŶƐ͕ ĂŶĚ ŝŵƉƌŽǀŝŶŐ ƐŽĐŝĂůŝnjĂƚŝŽŶ ĂŶĚ
ƐŽƐŝĂůŝƐĂƐŝĚĂŶŬŽŵƵŶŝŬĂƐŝĚĂůĂŵŵĞŵďĂŶŐƵŶƌĞƉƵƚĂƐŝ ĐŽŵŵƵŶŝĐĂƚŝŽŶ ƐƚƌĂƚĞŐŝĞƐ ŝŶ ďƵŝůĚŝŶŐ Ă ŐŽŽĚ
ĚĂŶ ŚƵďƵŶŐĂŶ LJĂŶŐ ďĂŝŬ ĚĞŶŐĂŶ ŬŽŵƵŶŝƚĂƐ ƌĞƉƵƚĂƚŝŽŶĂŶĚƌĞůĂƚŝŽŶƐŚŝƉǁŝƚŚůŽĐĂůĐŽŵŵƵŶŝƚŝĞƐ
ŵĂƐLJĂƌĂŬĂƚůŽŬĂůĚĂŶƉĞŵĂŶŐŬƵŬĞƉĞŶƚŝŶŐĂŶůĂŝŶŶLJĂ͘ ĂŶĚŽƚŚĞƌƐƚĂŬĞŚŽůĚĞƌƐ͘
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Perseroan terus berupaya tumbuh dalam memberikan manfaat yang berkelanjutan bagi seluruh Pemangku Kepentingan melalui pencapaian kinerja positif yang berkelanjutan disertai dengan berbagai inovasi melalui program-program untuk mencapai tujuan Pembangunan yang berkelanjutan. The Company continues to strive to grow in providing sustainable benefits for all Stakeholders through achieving sustainable positive performance accompanied by various innovations through programs to achieve sustainable development goals.
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WƌĂŬƚŝŬ ďŝƐŶŝƐ LJĂŶŐ ďĞƌƚĂŶŐŐƵŶŐ ũĂǁĂď ƉĞŶƚŝŶŐ ZĞƐƉŽŶƐŝďůĞďƵƐŝŶĞƐƐƉƌĂĐƚŝĐĞƐĂƌĞŝŵƉŽƌƚĂŶƚĨŽƌ
ďĂŐŝ WĞƌƐĞƌŽĂŶ͕ ƐĞŚŝŶŐŐĂ WĞƌƐĞƌŽĂŶ ĚĂƉĂƚ ƚŚĞ ŽŵƉĂŶLJ͕ ƐŽ ƚŚĂƚ ƚŚĞ ŽŵƉĂŶLJ ĐĂŶ ƉĂLJ
ŵĞŵƉĞƌŚĂƚŝŬĂŶĨĂŬƚŽƌͲĨĂŬƚŽƌĞƚŝŬĂ͕ůŝŶŐŬƵŶŐĂŶ͕ ĂƚƚĞŶƚŝŽŶ ƚŽ ĞƚŚŝĐĂů͕ ĞŶǀŝƌŽŶŵĞŶƚĂů ĂŶĚ ƐŽĐŝĂů
ĚĂŶƐŽƐŝĂůďĞƌĚĂŵƉŝŶŐĂŶĚĞŶŐĂŶƉĞƌƚŝŵďĂŶŐĂŶ ĨĂĐƚŽƌƐ ĂůŽŶŐƐŝĚĞ ĨŝŶĂŶĐŝĂů ĐŽŶƐŝĚĞƌĂƚŝŽŶƐ͘ KƵƌ
ĨŝŶĂŶƐŝĂů͘sŝƐŝ͕DŝƐŝ͕ĚĂŶEŝůĂŝͲEŝůĂŝŬĂŵŝƚĞƌƐĞĚŝĂ sŝƐŝŽŶ͕DŝƐƐŝŽŶĂŶĚsĂůƵĞƐĂƌĞĂǀĂŝůĂďůĞŽŶŽƵƌ
ĚŝƐŝƚƵƐǁĞďŬĂŵŝĚĂŶĚŝŬŽŵƵŶŝŬĂƐŝŬĂŶŬĞƉĂĚĂ ǁĞďƐŝƚĞĂŶĚĐŽŵŵƵŶŝĐĂƚĞĚƚŽĂůůĞŵƉůŽLJĞĞƐĂŶĚ
ƐĞůƵƌƵŚ ŬĂƌLJĂǁĂŶ ĚĂŶ WĞŵĂŶŐŬƵ ŬĞƉĞŶƚŝŶŐĂŶ ŽƚŚĞƌ ƐƚĂŬĞŚŽůĚĞƌƐ ŝŶ /ŶĚŽŶĞƐŝĂŶ ĂŶĚ ŶŐůŝƐŚ͘
ůĂŝŶŶLJĂ ĚĂůĂŵ ďĂŚĂƐĂ /ŶĚŽŶĞƐŝĂ ĚĂŶ /ŶŐŐƌŝƐ͘ dŚĞƐĞ ǀĂůƵĞƐ ĞdžƉůĂŝŶ ŽƵƌ ǀĂůƵĞ ƐLJƐƚĞŵ ŽĨ
EŝůĂŝͲŶŝůĂŝ ŝŶŝ ŵĞŶũĞůĂƐŬĂŶ ƐŝƐƚĞŵ ŶŝůĂŝ ŬĂŵŝ ŝŶƚĞŐƌŝƚLJ͕ ƌĞƐƉĞĐƚ ĨŽƌ ĨĞůůŽǁ ŚƵŵĂŶƐ ĂŶĚ ƚŚĞ
ƚĞŶƚĂŶŐŝŶƚĞŐƌŝƚĂƐ͕ŵĞŶŐŚĂƌŐĂŝƐĞƐĂŵĂŵĂŶƵƐŝĂ ĞŶǀŝƌŽŶŵĞŶƚ͕ ĂŶĚ ĐŽŶƚŝŶƵŽƵƐ ŝŵƉƌŽǀĞŵĞŶƚ ŽĨ
ĚĂŶ ůŝŶŐŬƵŶŐĂŶ͕ ĚĂŶ ƉĞŶŝŶŐŬĂƚĂŶ ŬĞŵĂŵƉƵĂŶ ĐĂƉĂďŝůŝƚŝĞƐ͘ůůďƵƐŝŶĞƐƐƉĂƌƚŶĞƌƐ͕ǀĞŶĚŽƌƐ͕ĂŶĚ
ƐĞĐĂƌĂďĞƌŬĞƐŝŶĂŵďƵŶŐĂŶ͘^ĞŵƵĂ ŵŝƚƌĂďŝƐŶŝƐ͕ ŝŶǀĞƐƚŽƌƐŚĂǀĞƚŚĞƐĂŵĞƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨƚŚĞƐĞ
ǀĞŶĚŽƌ͕ĚĂŶŝŶǀĞƐƚŽƌŵĞŵŝůŝŬŝƉĞŵĂŚĂŵĂŶLJĂŶŐ ĞdžƉĞĐƚĂƚŝŽŶƐ͘ ŵƉůŽLJĞĞƐ ĂƌĞ ŝŶƚƌŽĚƵĐĞĚ ƚŽ ƚŚĞ
ƐĂŵĂ ŵĞŶŐĞŶĂŝ ĞŬƐƉĞŬƚĂƐŝ ŝŶŝ͘ <ĂƌLJĂǁĂŶ ŽŵƉĂŶLJΖƐ ĐƵůƚƵƌĞ ĨƌŽŵ ƚŚĞ ƐƚĂƌƚ ŽĨ ǁŽƌŬ ĂŶĚ
ĚŝƉĞƌŬĞŶĂůŬĂŶ ĚĞŶŐĂŶ ďƵĚĂLJĂ WĞƌƐĞƌŽĂŶ ƐĞũĂŬ ĂƌĞƚĂƵŐŚƚƚŽĂƉƉƌĞĐŝĂƚĞƚŚĞǀŝƐŝŽŶ͕ŵŝƐƐŝŽŶĂŶĚ
ĂǁĂů ďĞŬĞƌũĂ ĚĂŶ ĚŝĂũĂƌŬĂŶ ƵŶƚƵŬ ŵĞŶŐŚĂƌŐĂŝ ŵĂŝŶ ǀĂůƵĞƐ͖ dŚĞLJ ĂƌĞ ĂůƐŽ ƉƌŽǀŝĚĞĚ ǁŝƚŚ
ǀŝƐŝ͕ ŵŝƐŝ͕ ĚĂŶ ŶŝůĂŝͲŶŝůĂŝ ƵƚĂŵĂ͖ ŵĞƌĞŬĂ ƉƵŶ ƚƌĂŝŶŝŶŐǁŚŝĐŚŝƐŚĞůĚƉĞƌŝŽĚŝĐĂůůLJƚŽƐƚƌĞŶŐƚŚĞŶ
ĚŝďĞŬĂůŝƉĞůĂƚŝŚĂŶLJĂŶŐĚŝĂĚĂŬĂŶƐĞĐĂƌĂďĞƌŬĂůĂ ƚŚĞƐĞ ĐŽŶĐĞƉƚƐ͘ /Ŷ ŽƌĚĞƌ ƚŽ ƐƵƉƉŽƌƚ ƚĂƌŐĞƚ
ƵŶƚƵŬ ŵĞŵƉĞƌŬƵĂƚ ŬŽŶƐĞƉͲŬŽŶƐĞƉ ŝŶŝ͘ 'ƵŶĂ ĂĐŚŝĞǀĞŵĞŶƚ͕ƚŚĞŽŵƉĂŶLJĐĂƌƌŝĞƐŽƵƚŽƵƚƌĞĂĐŚ
ŵĞŶĚƵŬƵŶŐ ƉĞŶĐĂƉĂŝĂŶ ƚĂƌŐĞƚ͕ WĞƌƐĞƌŽĂŶ ƌĞŐĂƌĚŝŶŐƚŚĞďƵƐŝŶĞƐƐƐƚƌĂƚĞŐLJŝŵƉůĞŵĞŶƚĞĚŝŶ
ŵĞůĂŬƵŬĂŶƐŽƐŝĂůŝƐĂƐŝƚĞƌŬĂŝƚƐƚƌĂƚĞŐŝďŝƐŶŝƐLJĂŶŐ ϮϬϮϯƚŽĂůůƐƚĂŬĞŚŽůĚĞƌƐ͘ƚƚŚĞƐĂŵĞƚŝŵĞ͕ƚŚĞ
ĚŝƚĞƌĂƉŬĂŶ ƉĂĚĂ ƚĂŚƵŶ ϮϬϮϯ ŬĞƉĂĚĂ ƐĞůƵƌƵŚ ŽŵƉĂŶLJ ĐŽŶƚŝŶƵĞƐ ƚŽ ƐƚƌŝǀĞ ƚŽ ĐŽŶǀĞLJ ƚŚĞ
ƉĞŵĂŶŐŬƵŬĞƉĞŶƚŝŶŐĂŶ͘ĞƌƐĂŵĂĂŶĚĞŶŐĂŶŚĂů ŝŵƉŽƌƚĂŶĐĞŽĨďƵŝůĚŝŶŐĂƐƵƐƚĂŝŶĂďůĞĐƵůƚƵƌĞ͘dŚĞ
ƚĞƌƐĞďƵƚ͕ WĞƌƐĞƌŽĂŶ ƚĞƌƵƐ ďĞƌƵƉĂLJĂ ŽŵƉĂŶLJ ŵĂŬĞƐ ƐƚƌŽŶŐ ĞĨĨŽƌƚƐ ƚŽ ĐŽŶƚŝŶƵĞ ƚŽ
ŵĞŶLJĂŵƉĂŝŬĂŶƉĞŶƚŝŶŐŶLJĂŵĞŵďĂŶŐƵŶďƵĚĂLJĂ ƉĂLJĂƚƚĞŶƚŝŽŶƚŽƚŚĞƌŝŐŚƚƐŽĨƚŚĞĐŽŵŵƵŶŝƚLJĂŶĚ
LJĂŶŐ ďĞƌŬĞůĂŶũƵƚĂŶ͘ WĞƌƐĞƌŽĂŶ ďĞƌƵƉĂLJĂ ŬƵĂƚ ĞŵƉůŽLJĞĞƐ ĂƐ ǁĞůů ĂƐ ŝƐƐƵĞƐ ƌĞůĂƚĞĚ ƚŽ
ƵŶƚƵŬ ƚĞƚĂƉ ŵĞŵƉĞƌŚĂƚŝŬĂŶ ŚĂŬͲŚĂŬ ƐƵƐƚĂŝŶĂďŝůŝƚLJ ĂŶĚ ĞŶǀŝƌŽŶŵĞŶƚĂů͕ ƐŽĐŝĂů ĂŶĚ
ŵĂƐLJĂƌĂŬĂƚ ĚĂŶ ŬĂƌLJĂǁĂŶ ƐĞƌƚĂ ŝƐƵͲŝƐƵ LJĂŶŐ ĞĐŽŶŽŵŝĐ ƐƵƉƉŽƌƚ͕ ǁŚŝĐŚ ŝƐ ƐƵƉƉŽƌƚĞĚ ďLJ ŐŽŽĚ
ďĞƌŬĂŝƚĂŶ ĚĞŶŐĂŶ ŬĞůĞƐƚĂƌŝĂŶ ĚĂŶ ĚĂLJĂĚƵŬƵŶŐ ĐŽƌƉŽƌĂƚĞ ŐŽǀĞƌŶĂŶĐĞ͘ ;WK:< ϱϭ͘͘ϲ͘ĂͿ;^ K:<
ůŝŶŐŬƵŶŐĂŶ͕ƐŽƐŝĂů͕ ĚĂŶ ĞŬŽŶŽŵŝ͕ LJĂŶŐ ĚŝƚŽƉĂŶŐ ϭϲ͘&͘ϭͿ
ĚĞŶŐĂŶƚĂƚĂŬĞůŽůĂƉĞƌƵƐĂŚĂĂŶLJĂŶŐďĂŝŬ͘;WK:<
ϱϭ͘͘ϲ͘ĂͿ;^ K:<ϭϲ͘&͘ϭͿ
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ĐŽŶŽŵŝĐWĞƌĨŽƌŵĂŶĐĞ
;WK:<ϱϭ͘͘ϲͿ;^ K:<ϭϲ͘&͘Ϯ͘&͘ϯͿ;'Z/ϮϬϭͿ
<ĞƐƵŬƐĞƐĂŶŵĞƌƵƉĂŬĂŶƚƵũƵĂŶƵƚĂŵĂďĂŐŝWĞƌƐĞƌŽĂŶ͕ ^ƵĐĐĞƐƐ ŝƐ ƚŚĞ ŵĂŝŶ ŐŽĂů ĨŽƌ ƚŚĞ ŽŵƉĂŶLJ͕ ƐŽ
ŵĂŬĂ ŬĞďĞƌůĂŶũƵƚĂŶ ŵĞŶũĂĚŝ ŬƵŶĐŝ ƵŶƚƵŬ ŵĞŶũĂŐĂ ƐƵƐƚĂŝŶĂďŝůŝƚLJ ŝƐ ƚŚĞ ŬĞLJ ƚŽ ŵĂŝŶƚĂŝŶŝŶŐ ůŽŶŐͲƚĞƌŵ
ĞŬƐŝƐƚĞŶƐŝ ĚĂŶ ƉĞƌƚƵŵďƵŚĂŶ ũĂŶŐŬĂ ƉĂŶũĂŶŐ͘ KůĞŚ ĞdžŝƐƚĞŶĐĞĂŶĚŐƌŽǁƚŚ͘dŚĞƌĞĨŽƌĞ͕ŝƚŝƐŝŵƉŽƌƚĂŶƚĨŽƌ
ŬĂƌĞŶĂŝƚƵ͕ƉĞŶƚŝŶŐďĂŐŝWĞƌƐĞƌŽĂŶƵŶƚƵŬƚŝĚĂŬŚĂŶLJĂ ƚŚĞ ŽŵƉĂŶLJ ŶŽƚ ŽŶůLJ ƚŽ ĨŽĐƵƐ ŽŶ ĂĐŚŝĞǀŝŶŐ
ĨŽŬƵƐƉĂĚĂƉĞŶĐĂƉĂŝĂŶŬĞƐƵŬƐĞƐĂŶƐĞƐĂĂƚ͕ŵĞůĂŝŶŬĂŶ ŵŽŵĞŶƚĂƌLJƐƵĐĐĞƐƐ͕ďƵƚĂůƐŽƚŽƉƌŝŽƌŝƚŝnjĞƐƚĞƉƐƚŚĂƚ
ũƵŐĂ ŵĞŵƉƌŝŽƌŝƚĂƐŬĂŶ ůĂŶŐŬĂŚͲůĂŶŐŬĂŚ LJĂŶŐ ƐƵƉƉŽƌƚ ƐƵƐƚĂŝŶĂďŝůŝƚLJ͘ ^Ž ĞĐŽŶŽŵŝĐ ƉĞƌĨŽƌŵĂŶĐĞ ŝƐ
ŵĞŶĚƵŬƵŶŐŬĞďĞƌůĂŶũƵƚĂŶ͘^ĞŚŝŶŐŐĂŬŝŶĞƌũĂĞŬŽŶŽŵŝ ŽŶĞŽĨƚŚĞŽŵƉĂŶLJΖƐĐŽŶƚƌŝďƵƚŝŽŶƐŝŶŝŵƉůĞŵĞŶƚŝŶŐ
ŵĞƌƵƉĂŬĂŶ ƐĂůĂŚ ƐĂƚƵ ŬŽŶƚƌŝďƵƐŝ WĞƌƐĞƌŽĂŶ ĚĂůĂŵ ƐƵƐƚĂŝŶĂďůĞ ďƵƐŝŶĞƐƐ ƐƚƌĂƚĞŐŝĞƐ͘ ĐŽŶŽŵŝĐ
ƉĞŶĞƌĂƉĂŶ ƐƚƌĂƚĞŐŝ ďŝƐŶŝƐ ďĞƌŬĞůĂŶũƵƚĂŶ͘ <ŝŶĞƌũĂ ƉĞƌĨŽƌŵĂŶĐĞ ŝƐ ĂďůĞ ƚŽ ŝŶĨůƵĞŶĐĞ ƚŚĞ ŽŵƉĂŶLJΖƐ
ĞŬŽŶŽŵŝ ŵĂŵƉƵ ŵĞŵƉĞŶŐĂƌƵŚŝ ŬŝŶĞƌũĂ ŬĞƵĂŶŐĂŶ ĨŝŶĂŶĐŝĂů ƉĞƌĨŽƌŵĂŶĐĞ͘ dŚŝƐ ŵĞĂŶƐ ƚŚĂƚ ĞĐŽŶŽŵŝĐ
WĞƌƐĞƌŽĂŶ͘ ,Ăů ŝŶŝ ŵĞŵŝůŝŬŝ Ăƌƚŝ ďĂŚǁĂ ŬŝŶĞƌũĂ ƉĞƌĨŽƌŵĂŶĐĞŝƐŝŵƉŽƌƚĂŶƚƐŽƚŚĞŽŵƉĂŶLJŵƵƐƚƉĂLJ
ĞŬŽŶŽŵŝ ďĞƌƐŝĨĂƚ ƉĞŶƚŝŶŐ ƐĞŚŝŶŐŐĂ WĞƌƐĞƌŽĂŶ ŚĂƌƵƐ ĂƚƚĞŶƚŝŽŶ ƚŽ ƚŚĞ ŽŵƉĂŶLJΖƐ ĞĐŽŶŽŵŝĐ ƉĞƌĨŽƌŵĂŶĐĞ
ŵĞŵƉĞƌŚĂƚŝŬĂŶ ŬĞďĞƌĂĚĂĂŶ ŬŝŶĞƌũĂ ĞŬŽŶŽŵŝ ĐŽŶƚŝŶƵŝŶŐ ƚŽ ĚĞǀĞůŽƉ ĂŶĚ ƉƌŽĚƵĐĞ Ă ƉŽƐŝƚŝǀĞ
WĞƌƐĞƌŽĂŶ ƚĞƌƵƐ ďĞƌŬĞŵďĂŶŐ ĚĂŶ ŵĞŶŐŚĂƐŝůŬĂŶ ĞĐŽŶŽŵŝĐ ŝŵƉĂĐƚ ĨŽƌ ƐƚĂŬĞŚŽůĚĞƌƐ͘ /Ŷ ĂĚĚŝƚŝŽŶ͕ ƚŚĞ
ĚĂŵƉĂŬ ĞŬŽŶŽŵŝ LJĂŶŐ ƉŽƐŝƚŝĨ ďĂŐŝ ƉĂƌĂ ƉĞŵĂŶŐŬƵ ŝŵƉĂĐƚ ŽĨ ĞĐŽŶŽŵŝĐ ŐƌŽǁƚŚŝƐ ĞdžƉĞĐƚĞĚƚŽ ŝŵƉƌŽǀĞ
ŬĞƉĞŶƚŝŶŐĂŶ͘ ^ĞůĂŝŶ ŝƚƵ ĚĂŵƉĂŬ ƉĞƌƚƵŵďƵŚĂŶ ƚŚĞ ǁĞůĨĂƌĞ ŽĨ ƚŚĞ ŽŵƉĂŶLJΖƐ ĞŵƉůŽLJĞĞƐ ĂŶĚ ƚŚĞ
ĞŬŽŶŽŵŝ ĚŝŚĂƌĂƉŬĂŶ ŵĂŵƉƵ ŵĞŵƉĞƌďĂŝŬŝ ĐŽŵŵƵŶŝƚŝĞƐ ƐƵƌƌŽƵŶĚŝŶŐ ƚŚĞ ŽŵƉĂŶLJΖƐ ďƵƐŝŶĞƐƐ
ŬĞƐĞũĂŚƚĞƌĂĂŶŬĂƌLJĂǁĂŶWĞƌƐĞƌŽĂŶƐĞƌƚĂŵĂƐLJĂƌĂŬĂƚ ĂĐƚŝǀŝƚŝĞƐ͘
ƐĞŬŝƚĂƌŬĞŐŝĂƚĂŶƵƐĂŚĂWĞƌƐĞƌŽĂŶ͘
<ĞďŝũĂŬĂŶLJĂŶŐĚŝƚĞƚĂƉŬĂŶĚĂŶĚŝũĂůĂŶŬĂŶWĞƌƐĞƌŽĂŶ dŚĞ ƉŽůŝĐŝĞƐ ĞƐƚĂďůŝƐŚĞĚ ĂŶĚ ŝŵƉůĞŵĞŶƚĞĚ ďLJ ƚŚĞ
ĚŝƚĂŚƵŶ ϮϬϮϯ ƚĞƌďƵŬƚŝ ŵĞŶĐŝƉƚĂŬĂŶ ŬŝŶĞƌũĂ ƉŽƐŝƚŝĨ ŽŵƉĂŶLJ ŝŶ ϮϬϮϯ ŚĂǀĞ ƉƌŽǀĞŶ ƚŽ ĐƌĞĂƚĞ ƉŽƐŝƚŝǀĞ
ďĂŐŝWĞƌƐĞƌŽĂŶ͘ŝŵĂŶĂƉĞŶĐĂƉĂŝĂŶƉĞŶĚĂƉĂƚĂŶĚĂƌŝ ƉĞƌĨŽƌŵĂŶĐĞ ĨŽƌ ƚŚĞ ŽŵƉĂŶLJ͘ tŚĞƌĞ ƚŚĞ ŝŶĐŽŵĞ
ƚĂŚƵŶ ϮϬϮϮ ŚŝŶŐŐĂ ƚĂŚƵŶ ϮϬϮϯ ŵĞŶŐĂůĂŵŝ ĂĐŚŝĞǀĞŵĞŶƚ ĨƌŽŵ ϮϬϮϮ ƚŽ ϮϬϮϯ ŚĂƐ ŝŶĐƌĞĂƐĞĚ͘
ƉĞŶŝŶŐŬĂƚĂŶ͘ZŝŶĐŝĂŶƉĞŶĐĂƉĂŝĂŶůĞďŝŚůĂŶũƵƚĚŝŵƵĂƚ &ƵƌƚŚĞƌĚĞƚĂŝůƐŽĨĂĐŚŝĞǀĞŵĞŶƚƐĂƌĞĐŽŶƚĂŝŶĞĚŝŶƚŚĞ
ĚĂůĂŵ/ŬƚŝŚĂƌ<ŝŶĞƌũĂWĞƌƐĞƌŽĂŶ͘ ŽŵƉĂŶLJΖƐWĞƌĨŽƌŵĂŶĐĞ/ŬƚŝŚĂƌ͘
^ƚƌĂƚĞŐŝWĞŶĚƵŬƵŶŐ<ŝŶĞƌũĂ WĞƌĨŽƌŵĂŶĐĞ^ƵƉƉŽƌƚ^ƚƌĂƚĞŐŝĞƐ
^ĞŝƌŝŶŐ ĚĞŶŐĂŶ ƉĞƌŬĞŵďĂŶŐĂŶ ĚĂŶ ƉĞƌƐĂŝŶŐĂŶ ƉĂĚĂ ůŽŶŐ ǁŝƚŚ ĚĞǀĞůŽƉŵĞŶƚƐ ĂŶĚ ĐŽŵƉĞƚŝƚŝŽŶ ŝŶ ƚŚĞ
ĚƵŶŝĂŝŶĚƵƐƚƌŝ͕WĞƌƐĞƌŽĂŶŚĂƌƵƐŵĂŵƉƵŵĞŶŐŚĂƐŝůŬĂŶ ŝŶĚƵƐƚƌŝĂů ǁŽƌůĚ͕ ƚŚĞ ŽŵƉĂŶLJ ŵƵƐƚ ďĞ ĂďůĞ ƚŽ
ƉƌŽĚƵŬ LJĂŶŐ ůĞďŝŚ ďĂŝŬ͘ ^ĂůĂŚ ƐĂƚƵ ĨĂŬƚŽƌ ƉĞŶĞŶƚƵ ƉƌŽĚƵĐĞ ďĞƚƚĞƌ ƉƌŽĚƵĐƚƐ͘ KŶĞ ŽĨ ƚŚĞ ĚĞƚĞƌŵŝŶŝŶŐ
ŬĞďĞƌŚĂƐŝůĂŶƉĞƌƵƐĂŚĂĂŶĂĚĂůĂŚƉĞŶŐĞůŽůĂŚĂŶŬŝŶĞƌũĂ ĨĂĐƚŽƌƐ ĨŽƌ Ă ĐŽŵƉĂŶLJΖƐ ƐƵĐĐĞƐƐ ŝƐ ŵĂŶĂŐŝŶŐ
ĞŬŽŶŽŵŝ͘ WĞŶŐĞůŽůĂĂŶ ŬŝŶĞƌũĂ ĞŬŽŶŽŵŝ ƉƵůĂ ƚŝĚĂŬ ĞĐŽŶŽŵŝĐ ƉĞƌĨŽƌŵĂŶĐĞ͘ DĂŶĂŐŝŶŐ ĞĐŽŶŽŵŝĐ
ĚĂƉĂƚ ĚŝƐĂŵĂŬĂŶ ĚĞŶŐĂŶ ƉĞŶŐĞůŽůĂŚĂŶ ŬŝŶĞƌũĂ ƉĞƌĨŽƌŵĂŶĐĞĐĂŶŶŽƚďĞĞƋƵĂƚĞĚǁŝƚŚŵĂŶĂŐŝŶŐƚŚĞ
WĞƌƐĞŽĂŶ ůĂŝŶŶLJĂ͘ DĞŶŐŝŶŐĂƚ ƉĞŶŐĞůŽůĂĂŶ ŬŝŶĞƌũĂ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ ŽƚŚĞƌ ĐŽŵƉĂŶŝĞƐ͘ ŽŶƐŝĚĞƌŝŶŐ ƚŚĂƚ
ĞŬŽŶŽŵŝ ŵĞŶũĂĚŝ ĚĂƐĂƌ ƉĞůĂŬƐĂŶĂĂŶ ŬĞŐŝĂƚĂŶ ƚŚĞ ŵĂŶĂŐĞŵĞŶƚ ŽĨ ĞĐŽŶŽŵŝĐ ƉĞƌĨŽƌŵĂŶĐĞ ŝƐ ƚŚĞ
ŽƉĞƌĂƐŝŽŶĂů LJĂŶŐ ŵĂŶĂ ƉĞŶŐĞůŽůĂĂŶŶLJĂ ĚŝůĂŬƵŬĂŶ ďĂƐŝƐ ĨŽƌ ŝŵƉůĞŵĞŶƚŝŶŐ ŽƉĞƌĂƚŝŽŶĂů ĂĐƚŝǀŝƚŝĞƐ͕ ƚŚĞ
ďĞƌĚĂƐĂƌŬĂŶZĞŶĐĂŶĂ<ĞƌũĂŶŐŐĂƌĂŶĞůĂŶũĂ;Z<Ϳ͕ ŵĂŶĂŐĞŵĞŶƚ ŽĨ ǁŚŝĐŚ ŝƐ ĐĂƌƌŝĞĚ ŽƵƚ ďĂƐĞĚ ŽŶ ƚŚĞ
ƐĞƌƚĂ WĞƌĂƚƵƌĂŶ WĞƌƵŶĚĂŶŐͲhŶĚĂŶŐĂŶ LJĂŶŐ ďĞƌůĂŬƵ͕ ƵĚŐĞƚtŽƌŬWůĂŶ;Z<Ϳ͕ĂƐǁĞůůĂƐĂƉƉůŝĐĂďůĞůĂǁƐ
ĚŝĂŶƚĂƌĂŶLJĂWĞƌĂƚƵƌĂŶKƚŽƌŝƚĂƐ:ĂƐĂ<ĞƵĂŶŐĂŶEŽ͘ϱϭ ĂŶĚ ƌĞŐƵůĂƚŝŽŶƐ͕ ŝŶĐůƵĚŝŶŐ &ŝŶĂŶĐŝĂů ^ĞƌǀŝĐĞƐ
dĂŚƵŶ ϮϬϭϳ ƚĞŶƚĂŶŐ WĞŶĞƌĂƉĂŶ :ĂƐĂ <ĞƵĂŶŐĂŶ ƵƚŚŽƌŝƚLJZĞŐƵůĂƚŝŽŶEŽ͘ϱϭŽĨϮϬϭϳĐŽŶĐĞƌŶŝŶŐƚŚĞ
ĞƌŬĞůĂŶũƵƚĂŶ ĂŐŝ >ĞŵďĂŐĂ :ĂƐĂ <ĞƵĂŶŐĂŶ͕ ŵŝƚĞŶ /ŵƉůĞŵĞŶƚĂƚŝŽŶŽĨ^ƵƐƚĂŝŶĂďůĞ&ŝŶĂŶĐŝĂů^ĞƌǀŝĐĞƐĨŽƌ
ĚĂŶ WĞƌƵƐĂŚĂĂŶ WƵďůŝŬ͘ ^ĞŚŝŶŐŐĂ WĞƌƐĞƌŽĂŶ &ŝŶĂŶĐŝĂů ^ĞƌǀŝĐĞƐ /ŶƐƚŝƚƵƚŝŽŶƐ͕ /ƐƐƵĞƌƐ ĂŶĚ WƵďůŝĐ
ƐĞŶĂŶƚŝĂƐĂŵĞŵƉĞƌƚĂŚĂŬĂŶĚĂŶŵĞŝŶŐŬĂƚŬĂŶŬŝŶĞƌũĂ ŽŵƉĂŶŝĞƐ͘^ŽƚŚĂƚƚŚĞŽŵƉĂŶLJĂůǁĂLJƐŵĂŝŶƚĂŝŶƐ
ĚĞŶŐĂŶ ďĞƌďĂŐĂŝ ƐƚƌĂƚĞŐŝ ƉĞŶŝŶŐŬĂƚĂŶ ŬŝŶĞƌũĂ ĂŶĚŝŵƉƌŽǀĞƐŝƚƐƉĞƌĨŽƌŵĂŶĐĞǁŝƚŚǀĂƌŝŽƵƐƐƚƌĂƚĞŐŝĞƐ
WĞƌƐĞƌŽĂŶ͘ŝŵĂŶĂWĞƌƐĞƌŽĂŶďĞƌŬŽŵŝƚŵĞŶŵĞŶũĂŐĂ ƚŽŝŵƉƌŽǀĞƚŚĞŽŵƉĂŶLJΖƐƉĞƌĨŽƌŵĂŶĐĞ͘tŚĞƌĞƚŚĞ
ĚĂŶ ŵĞŵƉĞƌƚĂŚĂŶŬĂŶ ŬŝŶĞƌũĂ ĞŬŽŶŽŵŝ ƚĞƚĂƉ ƉŽƐŝƚŝĨ ŽŵƉĂŶLJ ŝƐ ĐŽŵŵŝƚƚĞĚ ƚŽ ŵĂŝŶƚĂŝŶŝŶŐ ĂŶĚ
ƵŶƚƵŬ ŵĂƐĂ ŵĞŶĚĂƚĂŶŐ ĂŐĂƌ ĚĂƉĂƚ ƚĞƌƵƐ ŵĞŵďĞƌŝ ŵĂŝŶƚĂŝŶŝŶŐƉŽƐŝƚŝǀĞĞĐŽŶŽŵŝĐƉĞƌĨŽƌŵĂŶĐĞĨŽƌƚŚĞ
ŚĂƐŝůLJĂŶŐŵĞŵƵĂƐŬĂŶďĂŐŝWĞŵĂŶŐŬƵ<ĞƉĞŶƚŝŶŐĂŶ͘ ĨƵƚƵƌĞƐŽƚŚĂƚŝƚĐĂŶĐŽŶƚŝŶƵĞƚŽƉƌŽǀŝĚĞƐĂƚŝƐĨĂĐƚŽƌLJ
^ĞůĂŝŶ ŝƚƵ ŬĞƚĞƌůŝďĂƚĂŶ ĚĂŶ ŬŽŶƚƌŝďƵƐŝ WĞŵĂŶŐŬƵ ƌĞƐƵůƚƐ ĨŽƌ ^ƚĂŬĞŚŽůĚĞƌƐ͘ ƉĂƌƚ ĨƌŽŵ ƚŚĂƚ͕ ƚŚĞ
ŬĞƉĞŶƚŝŶŐĂŶ ŵĞŶũĂĚŝ ƐĂůĂŚ ƐĂƚƵ ĐĂƌĂ LJĂŶŐ ŝŶǀŽůǀĞŵĞŶƚĂŶĚĐŽŶƚƌŝďƵƚŝŽŶŽĨƐƚĂŬĞŚŽůĚĞƌƐŝƐŽŶĞ
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ŵĞŶĚƵŬƵŶŐƚĞƌũĂŐĂŶLJĂƉĞƌĞŬŽŶŽŵŝĂŶďĞƌŬĞůŶĂũƵƚĂŶ ǁĂLJ ƚŽ ƐƵƉƉŽƌƚ ƚŚĞ ŵĂŝŶƚĞŶĂŶĐĞ ŽĨ Ă ƐƵƐƚĂŝŶĂďůĞ
WĞƌƐĞƌŽĂŶ͘ ĞƌĚĂƐĂƌŬĂŶ ŚĂƐŝů ƉĞůŝďĂƚĂŶ ƉĞŵĞŶŐŬƵ ĞĐŽŶŽŵLJ ĨŽƌ ƚŚĞ ŽŵƉĂŶLJ͘ ĂƐĞĚŽŶ ƚŚĞ ƌĞƐƵůƚƐŽĨ
ŬĞƉĞŶƚŝŶŐĂŶ ƐĞďĂŐĂŝŵĂŶĂ ĚŝũĞůĂƐŬĂŶ ƉĂĚĂ ďĂŐŝĂŶ ƐƚĂŬĞŚŽůĚĞƌĞŶŐĂŐĞŵĞŶƚĂƐĞdžƉůĂŝŶĞĚŝŶƚŚĞƉƌĞǀŝŽƵƐ
ƐĞďĞůƵŵŶLJĂ ďĞƌŝŬƵƚ ŬĞďŝũĂŬĂŶ ƐƚƌĂƚĞŐŝ LJĂŶŐ ƐĞĐƚŝŽŶ͕ ƚŚĞ ĨŽůůŽǁŝŶŐ ĂƌĞ ƚŚĞ ƐƚƌĂƚĞŐŝĐ ƉŽůŝĐŝĞƐ
ĚŝŝŵƉůĞŵĞŶƚĂƐŝŬĂŶ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ƚĂŚƵŶ ŝŵƉůĞŵĞŶƚĞĚďLJƚŚĞŽŵƉĂŶLJĨŽƌƚŚĞƌĞƉŽƌƚŝŶŐLJĞĂƌ͘
ƉĞůĂƉŽƌĂŶ͘
ϭ͘ ŬƐƉĂŶƐŝ^ĞŬƚŽƌ/ŶĚƵƐƚƌŝ ϭ͘ /ŶĚƵƐƚƌŝĂů^ĞĐƚŽƌ džƉĂŶƐŝŽŶ
WĞŶŐĞŶĚĂůŝŬĂŶ ĚĂŶ ƉĞŵĂŶĨĂĂƚŬĂŶ ƐƵŵďĞƌ ĚĂLJĂ ŽŶƚƌŽů ĂŶĚ ƵƚŝůŝnjĂƚŝŽŶ ŽĨ ƚŚĞ ŽŵƉĂŶLJΖƐ
LJĂŶŐ ĚŝŵŝůŝŬŝ WĞƌƐĞƌŽĂŶ ĚŝůĂŬƐĂŶĂŬĂŶ ŵĞůĂůƵŝ ƌĞƐŽƵƌĐĞƐŝƐĐĂƌƌŝĞĚŽƵƚƚŚƌŽƵŐŚĚĞǀĞůŽƉŝŶŐƚŚĞ
ƉĞŶŐĞŵďĂŶŐĂŶ ƉŽƌƚŽĨŽůŝŽ ďŝƐŶŝƐ ŝŶĚƵƐƚƌŝ LJĂŶŐ ŝŶĚƵƐƚƌŝĂů ďƵƐŝŶĞƐƐ ƉŽƌƚĨŽůŝŽ ƐĞƌǀĞĚ͘ dŚŝƐ
ĚŝůĂLJĂŶŝ͘ <ŽŶĚŝƐŝ ŝŶŝ ĚŝŚĂƌĂƉĂŬŶ ŵĂŵƉƵ ĐŽŶĚŝƚŝŽŶŝƐĞdžƉĞĐƚĞĚƚŽŝŶĐƌĞĂƐĞƚŚĞŶƵŵďĞƌŽĨ
ŵĞŶŝŶŐŬĂƚŬĂŶ ũƵŵůĂŚ ƉĞůĂŶŐŐĂŶ ƉĞƌƐĞƌŽĂŶ͘ ĐŽŵƉĂŶLJ ĐƵƐƚŽŵĞƌƐ͘ ƉĂƌƚ ĨƌŽŵ ƚŚĂƚ͕ ŝŶ ŝƚƐ
^ĞůĂŝŶŝƚƵĚĂůĂŵŽƉĞƌĂƐŝŽĂŶůƵƐĂŚĂŶLJĂWĞƌƐĞƌŽĂŶ ďƵƐŝŶĞƐƐ ŽƉĞƌĂƚŝŽŶƐ ƚŚĞ ŽŵƉĂŶLJ ƐĞƌǀĞƐ ƚŚĞ
ŵĞůĂLJĂŶŝŝŶĚƵƐƚƌŝƉĞƌƚĂŵďĂŶŐĂŶĞŵĂƐ͕ŵŝŶĞƌĂů͕ ŐŽůĚ͕ŵŝŶĞƌĂů͕ĐŽĂůĂŶĚŶŝĐŬĞůŵŝŶŝŶŐŝŶĚƵƐƚƌŝĞƐ͕
ďĂƌƵ ďĂƌĂ͕ŶŝŬĞů͕ƐĞƌƚĂƐĞŬƚŽƌŝŶĚƵƐƚƌŝŬŽŶƚƌƵŬƐŝ͘ ĂƐǁĞůůĂƐƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŝŶĚƵƐƚƌLJƐĞĐƚŽƌ͘dŚĞ
WĞƌƐĞƌŽĂŶĂŬĂŶƚĞƌƵƐŵĞŶĐŽďĂƵŶƚƵŬŵĞůŝďĂƚŬĂŶ ŽŵƉĂŶLJ ǁŝůů ĐŽŶƚŝŶƵĞ ƚŽ ƚƌLJ ƚŽ ŝŶǀŽůǀĞ ĂŶĚ
ĚĂŶ ŵĞŵƉĞƌĚĂLJĂ ŬŽŵƵŶŝƚĂƐ ůŽŬĂů ĚĂůĂŵ ĞŵƉŽǁĞƌ ůŽĐĂů ĐŽŵŵƵŶŝƚŝĞƐ ŝŶ ŝŶĚƵƐƚƌŝĂů
ƉĞŶŐĞŵďĂŶŐĂŶ ŝŶĚƵƐƚƌŝ͘ ^ĞŚŝŶŐŐĂ ŵĞŶĐŝƉƚĂŬĂŶ ĚĞǀĞůŽƉŵĞŶƚ͘dŚƵƐĐƌĞĂƚŝŶŐŐŽŽĚƌĞůĂƚŝŽŶƐŚŝƉƐ͕
ŚƵďƵŶŐĂŶ LJĂŶŐ ďĂŝŬ͕ ŵĞŶŐƵƌĂŶŐŝ ŬŽŶĨůŝŬ͕ ĚĂŶ ƌĞĚƵĐŝŶŐĐŽŶĨůŝĐƚ͕ĂŶĚƐƵƉƉŽƌƚŝŶŐƚŚĞŽŵƉĂŶLJΖƐ
ŵĞŶĚƵŬƵŶŐ ƉĞƌƚƵŵďƵŚĂŶ ďŝƐŶŝƐ WĞƌƐĞƌŽĂŶ͘ ďƵƐŝŶĞƐƐ ŐƌŽǁƚŚ͘ dŚĞ ŽŵƉĂŶLJΖƐ ďƵƐŝŶĞƐƐ
WĞƌƚƵŵďƵŚĂŶ ďŝƐŶŝƐ WĞƌƐĞƌŽĂŶ ĚĂůĂŵ ƚĂŚƵŶ ŐƌŽǁƚŚ ŝŶ ƚŚĞ ƌĞƉŽƌƚŝŶŐ LJĞĂƌ ĨŽĐƵƐĞĚ ŽŶ ƚŚĞ
ƉĞůĂƉŽƌĂŶ ďĞƌĨŽŬƵƐ ƉĂĚĂ ƐĞŬƚŽƌ ŝŶĚƵƐƚƌŝ ŐŽůĚ͕ ŵŝŶĞƌĂů͕ ĐŽĂů͕ ŶŝĐŬĞů ŵŝŶŝŶŐ ŝŶĚƵƐƚƌLJ
ƉĞƌƚĂŵďĂŶŐĂŶ ĞŵĂƐ͕ ŵŝŶĞƌĂů͕ ďĂƚƵ ďĂƌĂ͕ ŶŝŬĞů ƐĞĐƚŽƌƐĂŶĚƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŝŶĚƵƐƚƌLJƐĞĐƚŽƌ͘
ƐĞƌƚĂƐĞŬƚŽƌŝŶĚƵƐƚƌŝŬŽŶƚƌƵŬƐŝ͘
Ϯ͘ ŬƐƉĂŶƐŝƌŵĂĚĂ Ϯ͘ &ůĞĞƚ džƉĂŶƐŝŽŶ
WĞƌůƵĂƐĂŶ ũƵŵůĂŚ ŬĞŶĚĂƌĂĂŶ LJĂŶŐ ĚŝŵŝůŝŬŝ džƉĂŶĚŝŶŐƚŚĞŶƵŵďĞƌŽĨǀĞŚŝĐůĞƐŽǁŶĞĚďLJƚŚĞ
WĞƌƐĞƌŽĂŶ ƚĞƚĂƉ ŵĞŶũĂĚŝ ŬŽŵŝƚŵĞŶ WĞƌƐĞƌŽĂŶ͕ ŽŵƉĂŶLJƌĞŵĂŝŶƐƚŚĞŽŵƉĂŶLJΖƐĐŽŵŵŝƚŵĞŶƚ͕
ŵĞŶŐŝŶŐĂƚ ƉĞůƵĂƐĂŶ ŝŶŝ ŵĞŶĂũĚŝ ƐĂůĂŚ ƐĂƚƵ ĐŽŶƐŝĚĞƌŝŶŐ ƚŚĂƚ ƚŚŝƐ ĞdžƉĂŶƐŝŽŶ ŝƐ ŽŶĞ ŽĨ ƚŚĞ
ƐƚƌĂƚĞŐŝ ĞŬƐƉĂŶƐŝ LJĂŶŐ ĚĂƉĂƚ ŵĞŵďĂŶƚƵ ĞdžƉĂŶƐŝŽŶ ƐƚƌĂƚĞŐŝĞƐ ƚŚĂƚ ĐĂŶ ŚĞůƉ ŝŶĐƌĞĂƐĞ
ŵĞŶŝŶŐŬĂƚŬĂŶ ŬĂƉĂƐŝƚĂƐ ŽƉĞƌĂƐŝŽŶĂů ĚĂŶ ŽƉĞƌĂƚŝŽŶĂů ĐĂƉĂĐŝƚLJ ĂŶĚ ƐƵƉƉŽƌƚ ďƵƐŝŶĞƐƐ
ŵĞŶĚƵŬƵŶŐ ƉĞƌƚƵŵďƵŚĂŶ ďŝƐŶŝƐ ĚĂŶ ĞĨŝƐŝĞŶƐŝ ŐƌŽǁƚŚ ĂŶĚ ŽƉĞƌĂƚŝŽŶĂů ĞĨĨŝĐŝĞŶĐLJ ŽĨ ƚŚĞ
ŽƉĞƌĂƐŝŽŶĂů WĞƌƐĞƌŽĂŶ͘ :ƵŵůĂŚ ŬĞƐĞůƵƌƵŚĂŶ ŽŵƉĂŶLJ͘dŚĞƚŽƚĂůǀĞŚŝĐůĞĨůĞĞƚŽǁŶĞĚďLJƚŚĞ
ĂƌŵĂĚĂ ŬĞŶĚĂƌĂĂŶ LJĂŶŐ ĚŝŵŝůŝŬŝ WĞƌƐĞƌŽĂŶ ŽŵƉĂŶLJŝƐϯ͕ϮϱϵƵŶŝƚƐ͘
ƐĞďĂLJĂŬϯ͘ϮϱϵƵŶŝƚ͘
ϯ͘ ŬƐƉĂŶƐŝtŝůĂLJĂŚ ϯ͘ ƌĞĂ džƉĂŶƐŝŽŶ
<ĞďŝũĂŬĂŶWĞƌƐĞƌŽĂŶŵĞůĂŬƵŬĂŶĞŬƐƉĂŶƐŝǁŝůĂLJĂŚ dŚĞ ŽŵƉĂŶLJΖƐ ƉŽůŝĐLJ ŽĨ ƌĞŐŝŽŶĂů ĞdžƉĂŶƐŝŽŶ ŝƐ
ŵĞƌƵƉĂŬĂŶ ƚƵũƵĂŶ ĚĂůĂŵ ŵĞŶĚƵŬƵŶŐ ƚŚĞ Ăŝŵ ŽĨ ƐƵƉƉŽƌƚŝŶŐ ƚŚĞ ŽŵƉĂŶLJΖƐ ďƵƐŝŶĞƐƐ
ƉĞƌƚƵŵďƵŚĂŶ ďŝƐŶŝƐ WĞƌƐĞƌŽĂŶ͘ WĞƌůƵĂƐĂŶ ĂƌĞĂ ŐƌŽǁƚŚ͘ džƉĂŶƐŝŽŶ ŽĨ ƚŚĞ ŽŵƉĂŶLJΖƐ
ŽƉĞƌĂƐŝŽŶĂů WĞƌƐĞƌŽĂŶ ĚŝůĂŬƵŬĂŶ ĚĞŶŐĂŶ ŽƉĞƌĂƚŝŽŶĂů ĂƌĞĂ ŝƐ ĐĂƌƌŝĞĚ ŽƵƚ ďLJ ƉĞŶĞƚƌĂƚŝŶŐ
ƉĞŶĞƚƌĂƐŝ ƉĂƐĂƌ ŬĞ ĚĂĞƌĂŚ ďĂƌƵ͕ ŵĞŵďƵŬĂ ƚŚĞ ŵĂƌŬĞƚ ŝŶƚŽ ŶĞǁ ĂƌĞĂƐ͕ ŽƉĞŶŝŶŐ ŶĞǁ
ĐĂďĂŶŐĂƚĂƵŬĂŶƚŽƌďĂƌƵ͘>ĂŶŐŬĂŚŝŶŝŵĞƌƵƉĂŬĂŶ ďƌĂŶĐŚĞƐŽƌŽĨĨŝĐĞƐ͘dŚŝƐƐƚĞƉŝƐƚŚĞŽŵƉĂŶLJΖƐ
ƌĞŶĐĂŶĂWĞƌƐĞƌŽĂŶLJĂŶŐƚĞůĂŚĚŝƚƵĂŶŐŬĂŶĚĂůĂŵ ƉůĂŶǁŚŝĐŚŚĂƐďĞĞŶŽƵƚůŝŶĞĚŝŶƚŚĞŽŵƉĂŶLJΖƐ
ďŝƐŶŝƐƉůĂŶWĞƌƐĞƌŽĂŶ͘ ďƵƐŝŶĞƐƐƉůĂŶ͘
ĂƌŝƐƚƌĂƚĞŐŝLJĂŶŐƚĞƌƵƐĚŝƵƉĂLJĂŬĂŶWĞƌƐĞƌŽĂŶĚĂůĂŵ &ƌŽŵ ƚŚĞ ƐƚƌĂƚĞŐLJ ƚŚĂƚ ƚŚĞ ŽŵƉĂŶLJ ĐŽŶƚŝŶƵĞƐ ƚŽ
ŵĞŶŝŶŐŬĂƚŬĂŶŬŝŶĞƌũĂĞŬŽŶŽŵŝĚŝƚĂŚƵŶϮϬϮϯĚĞŶŐĂŶ ƉƵƌƐƵĞŝŶŝŵƉƌŽǀŝŶŐĞĐŽŶŽŵŝĐƉĞƌĨŽƌŵĂŶĐĞŝŶϮϬϮϯ
ďĞƌďĂŐĂŝ ƵƐĂŚĂ LJĂŶŐ ƚĞůĂŚ ĚŝůĂŬƵŬĂŶ ƐĞŚŝŶŐŐĂ Ěŝ ǁŝƚŚ ǀĂƌŝŽƵƐ ĞĨĨŽƌƚƐ ƚŚĂƚ ŚĂǀĞ ďĞĞŶ ĐĂƌƌŝĞĚ ŽƵƚ ƐŽ
ƚĂŚƵŶϮϬϮϯƉĞƌƐĞƌŽĂŶŵĞŵďƵŬƚŝŬĂŶƵƉĂLJĂƚĞƌƐĞďƵƚ ƚŚĂƚŝŶϮϬϮϯƚŚĞĐŽŵƉĂŶLJƉƌŽǀĞƐƚŚĞƐĞĞĨĨŽƌƚƐǁŝƚŚ
ĚĞŶŐĂŶ ĂĚĂŶLJĂ ŝŶĨŽƌŵĂƐŝ ƉĞƌďĂŶĚŝŶŐĂŶ ƚĂƌŐĞƚ ŝŶĨŽƌŵĂƚŝŽŶ ĐŽŵƉĂƌŝŶŐ ƚĂƌŐĞƚƐ ǁŝƚŚ ƚŚĞ ƌĞĂůŝnjĂƚŝŽŶ
ĚĞŶŐĂŶƌĞĂůŝƐĂƐŝLJĂŶŐĚŝŚĂƐŝůŬĂŶŽůĞŚWĞƌƐĞƌŽĂŶ ĚĂŶ ƉƌŽĚƵĐĞĚďLJƚŚĞŽŵƉĂŶLJĂŶĚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐ͘dŚĞ
ĞŶƚŝƚĂƐĂŶĂŬŶLJĂ͘ĚĂƉƵŶũƵŐĂWĞƌƐĞƌŽĂŶŵĞŵďĞƌŝŬĂŶ ŽŵƉĂŶLJ ĂůƐŽ ƉƌŽǀŝĚĞƐ ƚŚĞ ŽŵƉĂŶLJΖƐ ƚĂƌŐĞƚƐ ĨŽƌ
ƚĂƌŐĞƚWĞƌƐĞƌŽĂŶƵŶƚƵŬƚĂŚƵŶϮϬϮϰƉĂĚĂƚĂďĞůďĞƌŝŬƵ ϮϬϮϰŝŶƚŚĞĨŽůůŽǁŝŶŐƚĂďůĞ͘
ŝŶŝ͘
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/ŶĨŽƌŵĂƐŝWĞƌďĂŶĚŝŶŐĂŶdĂƌŐĞƚĚĂŶZĞĂůŝƐĂƐŝƚĂŚƵŶϮϬϮϭ͕ϮϬϮϮ͕ϮϬϮϯ͕ƐĞƌƚĂƚĂŚƵŶϮϬϮϰ
;ĚĂůĂŵũƵƚĂĂŶƌƵƉŝĂŚͿ
dĂƌŐĞƚŽŵƉĂƌŝƐŽŶĂŶĚZĞĂůŝnjĂƚŝŽŶ/ŶĨŽƌŵĂƚŝŽŶĨŽƌϮϬϮϭ͕ϮϬϮϮ͕ϮϬϮϯ͕ĂŶĚϮϬϮϰ
;ŝŶŵŝůůŝŽŶŽĨƌƵƉŝĂŚͿ
WĞƌďĂŶĚŝŶŐĂŶĂŶƚĂƌĂƚĂƌŐĞƚͬƉƌŽLJĞŬƐŝƉĂĚĂĂǁĂůƚĂŚƵŶďƵŬƵĚĞŶŐĂŶŚĂƐŝůLJĂŶŐĚŝĐĂƉĂŝ;ƌĞĂůŝƐĂƐŝͿ
WƌŽLJĞŬƐŝ ŽŵƉĂƌŝƐŽŶďĞƚǁĞĞŶƚĂƌŐĞƚƐͬƉƌŽũĞĐƚŝŽŶƐĂƚƚŚĞďĞŐŝŶŶŝŶŐŽĨƚŚĞĨŝŶĂŶĐŝĂůLJĞĂƌǁŝƚŚƚŚĞƌĞƐƵůƚƐĂĐŚŝĞǀĞĚ;ƌĞĂůŝnjĂƚŝŽŶͿ
hƌĂŝĂŶ ϮϬϮϰ ϮϬϮϯ ϮϬϮϮ ϮϬϮϭ
ĞƐĐƌŝƉƚŝŽŶ WƌŽũĞĐƚŝŽŶ WĞŶĐĂƉĂŝĂŶ WĞŶĐĂƉĂŝĂŶ WĞŶĐĂƉĂŝĂŶ
dĂƌŐĞƚ ZĞĂůŝƐĂƐŝ dĂƌŐĞƚ ZĞĂůŝƐĂƐŝ dĂƌŐĞƚ ZĞĂůŝƐĂƐŝ
ϮϬϮϰ ĐŚŝĞǀĞŵĞŶƚ ĐŚŝĞǀĞŵĞŶƚ ĐŚŝĞǀĞŵĞŶƚ
dĂƌŐĞƚ ZĞĂůŝnjĂƚŝŽŶ dĂƌŐĞƚ ZĞĂůŝnjĂƚŝŽŶ dĂƌŐĞƚ ZĞĂůŝnjĂƚŝŽŶ
;йͿ ;йͿ ;йͿ
WĞŶĚĂƉĂƚĂŶ ϲϭϲ͘ϭϲϳ ϲϯϳ͘ϭϴϰ ϲϬϲ͘ϯϳϬ ϵϱй ϰϲϳ͘ϳϮϭ ϰϴϯ͘ϬϬϭ ϭϬϯй ϰϯϭ͘ϴϭϮ ϰϬϮ͘ϱϴϱ ϵϯй
ZĞǀĞŶƵĞ
>ĂďĂhƐĂŚĂ ϳϮ͘ϵϱϵ ϵϵ͘ϴϵϮ ϳϮ͘Ϭϱϵ ϳϮй ϭϮϮ͘ϱϲϰ ϳϵ͘ϳϬϰ ϲϱй ϵϰ͘ϯϳϯ ϴϯ͘ϵϭϮ ϴϵй
KƉĞƌĂƚŝŶŐ
/ŶĐŽŵĞ
>ĂďĂdĂŚƵŶ ϰϭ͘ϯϮϬ ϱϲ͘ϲϵϮ ϭϰ͘ϵϴϱ Ϯϲй ϴϳ͘Ϯϴϵ ϯϲ͘ϰϴϬ ϰϮй ϳϯ͘ϳϰϮ ϰϱ͘ϵϵϭ ϲϮй
ĞƌũĂůĂŶ
WƌŽĨŝƚ;>ŽƐƐͿ
:ƵŵůĂŚhŶŝƚ ϯ͘Ϭϭϲ ϯ͘Ϯϰϭ ϯ͘Ϯϱϵ ϭϬϭй Ϯ͘ϵϱϬ ϯ͘ϭϱϲ ϭϬϳй Ϯ͘ϲϰϱ Ϯ͘ϲϴϴ ϭϬϮй
dŽƚĂůhŶŝƚƐ
:ƵŵůĂŚhŶŝƚ Ϯ͘Ϯϱϱ Ϯ͘ϵϭϭ Ϯ͘ϯϲϴ ϴϭй Ϯ͘ϭϭϲ Ϯ͘ϭϯϯ ϭϬϭй ϭ͘ϲϴϴ ϭ͘ϳϵϯ ϭϬϲй
zĂŶŐ
ŝƐĞǁĂŬĂŶ
dŽƚĂůhŶŝƚƐ
ĨŽƌZĞŶƚ
:ƵŵůĂŚhŶŝƚ ϳϬϬ ϭϴϭ Ϯϰϵ ϭϯϴй ϰϭϱ ϯϵϲ ϵϱй ϭϵϴ ϯϬϰ ϭϱϰй
ĞŬĂƐzĂŶŐ
ŝũƵĂů
dŽƚĂůhƐĞĚ
hŶŝƚƐ^ŽůĚ
ĞŶŐĂŶŬĞƌũĂŬĞƌĂƐĚŝƚĂŚƵŶƉĞůĂƉŽƌĂŶŵĞŶŐŚĂƐŝůŬĂŶ ĞŶŐĂŶŬĞƌũĂŬĞƌĂƐĚŝƚĂŚƵŶƉĞůĂƉŽƌĂŶŵĞŶŐŚĂƐŝůŬĂŶ
ƉĞŶŝŶŐŬĂƚĂŶ ƉĞŶĚĂƉĂƚĂŶ LJĂŶŐ ĚŝďƵŬƚŝŬĂŶ ĚĞŶŐĂŶ ƉĞŶŝŶŐŬĂƚĂŶ ƉĞŶĚĂƉĂƚĂŶ LJĂŶŐ ĚŝďƵŬƚŝŬĂŶ ĚĞŶŐĂŶ
ƚĂďĞů ƉĞƌďĂŶĚŝŶŐĂŶ ƚĂƌŐĞƚ ĚŝĂƚĂƐ͘ ZĞĂůŝƐĂƐŝ ƚĂďĞů ƉĞƌďĂŶĚŝŶŐĂŶ ƚĂƌŐĞƚ ĚŝĂƚĂƐ͘ ZĞĂůŝƐĂƐŝ
WĞŶĐĂƉĂŝĂŶ ƉĞŶĚĂƉĂƚĂŶ ƉĂĚĂ ƚĂŚƵŶ ϮϬϮϯ ƐĞďĞƐĂƌ WĞŶĐĂƉĂŝĂŶ ƉĞŶĚĂƉĂƚĂŶ ƉĂĚĂ ƚĂŚƵŶ ϮϬϮϯ ƐĞďĞƐĂƌ
ϵϱй ĚĂƌŝ ƚĂƌŐĞƚ ŵĞŶŐĂůĂŵŝ ƉĞŶƵƌƵŶĂŶ ĚĂƌŝ ƚĂŚƵŶ ϵϱйĚĂƌŝƚĂƌŐĞƚŵĞŶŐĂůĂŵŝƉĞŶƵƌƵŶĂŶĚĂƌŝƚĂŚƵŶ
ϮϬϮϮ ƐĞďĞƐĂƌ ϭϬϯй͘ ,Ăů ŝŶŝ ĚŝŬĂƌĞŶĂŬĂŶ ĂĚĂŶLJĂ ϮϬϮϮ ƐĞďĞƐĂƌ ϭϬϯй͘ ,Ăů ŝŶŝ ĚŝŬĂƌĞŶĂŬĂŶ ĂĚĂŶLJĂ
ƉĞŶŝŶŐŬĂƚĂŶ ƉĂĚĂ ƉĞƌŵŝŶƚĂĂŶ ƉĞŶLJĞǁĂĂŶ ƵŶŝƚ ƉĞŶŝŶŐŬĂƚĂŶ ƉĂĚĂ ƉĞƌŵŝŶƚĂĂŶ ƉĞŶLJĞǁĂĂŶ ƵŶŝƚ
ƐĞŚŝŶŐŐĂũƵŐĂďĞƌƉĞŶŐĂƌƵŚƚĞƌŚĂĚĂƉũƵŵůĂŚƵŶŝƚLJĂŶŐ ƐĞŚŝŶŐŐĂ ũƵŐĂ ďĞƌƉĞŶŐĂƌƵŚ ƚĞƌŚĂĚĂƉ ũƵŵůĂŚ ƵŶŝƚ
ĚŝŵŝůŝŬŝWĞƌƐĞƌŽĂŶƐĞŵĂŬŝŶŵĞŶŝŶŐŬĂƚ͘ LJĂŶŐĚŝŵŝůŝŬŝWĞƌƐĞƌŽĂŶƐĞŵĂŬŝŶŵĞŶŝŶŐŬĂƚ͘
ĚĂƉƵŶ ŬŝŶĞƌũĂ ƐĞŐŵĞŶ ƵƐĂŚĂ 'ƌƵƉ ŵĞŶũĂĚŝ dŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞ'ƌŽƵƉΖƐďƵƐŝŶĞƐƐƐĞŐŵĞŶƚƐŝƐ
ƉĞŶĚŽƌŽŶŐƵƚĂŵĂƚĞƌĐĂƉĂŝŶLJĂŬŝŶĞƌũĂĞŬŽŶŽŵŝLJĂŶŐ ƚŚĞŵĂŝŶĚƌŝǀĞƌĨŽƌĂĐŚŝĞǀŝŶŐĞĐŽŶŽŵŝĐƉĞƌĨŽƌŵĂŶĐĞ
ĚŝĚƵŬƵŶŐ ŽůĞŚ ƉĞŵĂŶŐŬƵ ŬĞƉĞŶƚŝŶŐĂŶ ĚĂŶ ĚŝƐĞƌƚĂŝ ǁŚŝĐŚŝƐƐƵƉƉŽƌƚĞĚďLJƐƚĂŬĞŚŽůĚĞƌƐĂŶĚĂĐĐŽŵƉĂŶŝĞĚ
ĚĞŶŐĂŶŬĞƌũĂŬĞƌĂƐŬĂƌLJĂǁĂŶWĞƌƐĞƌŽĂŶ͘,ĂůŝŶŝĚĂƉĂƚ ďLJƚŚĞŚĂƌĚǁŽƌŬŽĨƚŚĞŽŵƉĂŶLJΖƐĞŵƉůŽLJĞĞƐ͘dŚŝƐ
ĚŝďƵŬƚŝŬĂŶ ĚĞŶŐĂŶ ƉĞŶĚĂƉĂƚĂŶ ƉĞƌƐĞƌŽĂŶ LJĂŶŐ ĐĂŶ ďĞ ƉƌŽǀĞŶ ďLJ ƚŚĞ ĐŽŵƉĂŶLJΖƐ ŝŶĐŽŵĞ ǁŚŝĐŚ ŝƐ
ĚŝƚƵŶũƵŬŬĂŶĚĂůĂŵƚĂďĞůďĞƌŝŬƵƚ͘ ƐŚŽǁŶŝŶƚŚĞĨŽůůŽǁŝŶŐƚĂďůĞ͘
ĂůĂŵ:ƵƚĂZƵƉŝĂŚ /ŶDŝůůŝŽŶZƵƉŝĂŚ
hƌĂŝĂŶ WĞƌŝŽĚĞzĂŶŐĞƌĂŬŚŝƌWĂĚĂϯϭĞƐĞŵďĞƌ ĞƐĐƌŝƉƚŝŽŶ
WĞƌŝŽĚ ŶĚŝŶŐĞĐĞŵďĞƌϯϭ
<ĞŐŝĂƚĂŶhƐĂŚĂhƚĂŵĂĚĂŶ ϮϬϮϯ ϮϬϮϮ ϮϬϮϭ DĂŝŶƵƐŝŶĞƐƐĐƚŝǀŝƚŝĞƐ
<ŽŶƐŽůŝĚĂƐŝĂŶ͗
WĞŶLJĞǁĂĂŶ<ĞŶĚĂƌĂĂŶ ϱϯϬ͘Ϯϱϴ ϰϳϲ͘ϰϳϴ ϯϵϯ͘ϱϳϲ ZĞŶƚĂůsĞŚŝĐůĞƐ
WĞůĂLJĂŶĂŶ/ŶƚĞƌŶĞƚ ϱ͘Ϯϲϱ ϲ͘ϰϯϵ ϵ͘ϬϬϴ /ŶƚĞƌŶĞƚ^ĞƌǀŝĐĞƐ
:ĂƐĂůŝŚĂLJĂ ϲϱ͘ϯϭϵ ϴϰ Ϭ KƵƚƐŽƵƌĐŝŶŐ^ĞƌǀŝĐĞƐ
79
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ĂůĂŵ:ƵƚĂZƵƉŝĂŚ /ŶDŝůůŝŽŶZƵƉŝĂŚ
hƌĂŝĂŶ WĞƌŝŽĚĞzĂŶŐĞƌĂŬŚŝƌWĂĚĂϯϭĞƐĞŵďĞƌ ĞƐĐƌŝƉƚŝŽŶ
WĞƌŝŽĚ ŶĚŝŶŐĞĐĞŵďĞƌϯϭ
<ĞŐŝĂƚĂŶhƐĂŚĂhƚĂŵĂĚĂŶ ϮϬϮϯ ϮϬϮϮ ϮϬϮϭ DĂŝŶƵƐŝŶĞƐƐĐƚŝǀŝƚŝĞƐ
<ŽŶƐŽůŝĚĂƐŝĂŶ͗
ĂƌĂŶŐ ůĞŬƚƌŽŶŝŬ͕^ƵŬƵ ϱ͘ϱϮϴ Ϭ Ϭ ůĞĐƚƌŽŶŝĐĞǀŝĐĞƐ͕^ƉĂƌĞ
ĂĚĂŶŐĚĂŶĂƌĂŶŐ,ĂďŝƐ WĂƌƚƐ͕ĂŶĚŽŶƐƵŵĂďůĞƐ
WĂŬĂŝ
:ƵŵůĂŚ ϲϬϲ͘ϯϳϬ ϰϴϯ͘ϬϬϭ ϰϬϮ͘ϱϴϱ dŽƚĂů
WĞŶLJĞǁĂĂŶ<ĞŶĚĂƌĂĂŶ ZĞŶƚĂůsĞŚŝĐůĞƐ
WĞŶLJĞǁĂĂŶ ŬĞŶĚĂƌĂĂŶ ŵĞŶŐĂůĂŵŝ ƉĞŶŝŶŐŬĂƚĂŶ ZĞŶƚĂůsĞŚŝĐůĞƐǁŝůůŝŶĐƌĞĂƐĞŝŶϮϬϮϯďLJ/ZϱϰďŝůůŝŽŶ
ĚŝƚĂŚƵŶ ϮϬϮϯ ƐĞďĞƐĂƌ ZƉ ϱϰ ŵŝůŝĂƌ ŵĞŶũĂĚŝ ZƉ ϱϯϬ ƚŽ /Z ϱϯϬ ďŝůůŝŽŶ ĐŽŵƉĂƌĞĚ ƚŽ /Z ϰϳϲ ďŝůůŝŽŶ ŝŶ
ŵŝůŝĂƌĚŝďĂŶĚŝŶŐŬĂŶƉĂĚĂƚĂŚƵŶϮϬϮϮƐĞďĞƐĂƌZƉϰϳϲ ϮϬϮϮ͘dŚŝƐŝƐĚƵĞƚŽŝŶĐƌĞĂƐŝŶŐĚĞŵĂŶĚĨŽƌƵŶŝƚƐĨƌŽŵ
ŵŝůŝĂƌ͘ ,Ăů ŝŶŝ ĚŝŬĂƌĞŶĂŬĂŶ ƉĞƌŵŝŶƚĂĂŶ ƵŶŝƚ LJĂŶŐ ĐƵƐƚŽŵĞƌƐ͘
ŵĞŶŝŶŐŬĂƚĚĂƌŝĐƵƐƚŽŵĞƌ͘
WĞůĂLJĂŶĂŶ/ŶƚĞƌŶĞƚ /ŶƚĞƌŶĞƚ^ĞƌǀŝĐĞƐ
hƐĂŚĂ ƉĞůĂLJĂŶĂŶ ŝŶƚĞƌŶĞƚ ŵĞŶŐĂůĂŵŝ ƉĞŶƵƌƵŶĂŶ dŚĞ ŝŶƚĞƌŶĞƚ ƐĞƌǀŝĐĞ ďƵƐŝŶĞƐƐ ǁŝůů ĞdžƉĞƌŝĞŶĐĞ Ă
ĚŝƚĂŚƵŶϮϬϮϯƐĞďĞƐĂƌZƉϭŵŝůŝĂƌŵĞŶũĂĚŝZƉϱŵŝůŝĂƌ ĚĞĐůŝŶĞ ŝŶ ϮϬϮϯ ďLJ /Z ϭ ďŝůůŝŽŶ ƚŽ /Z ϱ ďŝůůŝŽŶ
ĚŝďĂŶĚŝŶŐŬĂŶƉĂĚĂƚĂŚƵŶĂϮϬϮϮƐĞďĞƐĂƌZƉϲŵŝůŝĂƌ͘ ĐŽŵƉĂƌĞĚ ƚŽ /Z ϲ ďŝůůŝŽŶ ŝŶ ϮϬϮϮ͘ dŚŝƐ ŝƐ ĚƵĞ ƚŽ
,ĂůŝŶŝĚŝƐĞďĂďŬĂŶƉĞƌƐĂŝŶŐĂŶLJĂŶŐŬĞƚĂƚĚĂŶĂĚĂŶLJĂ ŝŶƚĞŶƐĞĐŽŵƉĞƚŝƚŝŽŶĂŶĚĐŚĂŶŐĞƐŝŶĐƵƐƚŽŵĞƌŶĞĞĚƐ͘
ƉĞƌƵďĂŚĂŶƉĂĚĂŬĞďƵƚƵŚĂŶƉĞůĂŶŐŐĂŶ͘
:ĂƐĂůŝŚĂLJĂ KƵƚƐŽƵƌĐŝŶŐ^ĞƌǀŝĐĞƐ
:ĂƐĂĂůŝŚĚĂLJĂŵĞŶŐĂůĂŵŝƉĞŶŝŶŐŬĂƚĂŶĚŝƚĂŚƵŶϮϬϮϯ KƵƚƐŽƵƌĐŝŶŐƐĞƌǀŝĐĞƐǁŝůůŝŶĐƌĞĂƐĞŝŶϮϬϮϯƚŽ/Zϲϱ
ŵĞŶũĂĚŝ ƐĞďĞƐĂƌ ZƉ ϲϱ ŵŝůŝĂƌ ĚŝďĂŶĚŝŶŐŬĂŶ ƉĂĚĂ ďŝůůŝŽŶ ĐŽŵƉĂƌĞĚ ƚŽ /Z ϴϰ ŵŝůůŝŽŶ ŝŶ ϮϬϮϮ͘ dŚŝƐ ŝƐ
ƚĂŚƵŶ ϮϬϮϮ ƐĞďĞƐĂƌ ZƉ ϴϰ ũƵƚĂ͘ ,Ăů ŝŶŝ ĚŝŬĂƌĞŶĂŬĂŶ ďĞĐĂƵƐĞ ĚĞŵĂŶĚ ĨŽƌ ƐĞƌǀŝĐĞƐ ĨŽƌ ĐƵƐƚŽŵĞƌƐ
ƉĞƌŵŝŶƚĂĂŶũĂƐĂďĂŐŝĐƵƐƚŽŵĞƌŵĞŶŝŶŐŬĂƚ͘ ŝŶĐƌĞĂƐĞƐ͘
ĂƌĂŶŐ ůĞŬƚƌŽŶŝŬ͕ ^ƵŬƵ ĐĂĚĂŶŐ ĚĂŶ ďĂƌĂŶŐ ŚĂďŝƐ ůĞĐƚƌŽŶŝĐĞǀŝĐĞƐ͕^ƉĂƌĞWĂƌƚƐ͕ĂŶĚŽŶƐƵŵĂďůĞƐ
ƉĂŬĂŝ
WĂĚĂ ƚĂŚƵŶ ƉĞůĂƉŽƌĂŶ ϮϬϮϯ ƉĞŶĐĂƚĂƚĂŶ ůĂƉŽƌĂŶ /Ŷ ƚŚĞ ϮϬϮϯ ƌĞƉŽƌƚŝŶŐ LJĞĂƌ͕ ƚŚĞ ŐƌŽƵƉΖƐ ĨŝŶĂŶĐŝĂů
ŬĞƵĂŶŐĂŶŐƌƵƉŵĞŶĂŵďĂŚŬĂŶƉĞŶĚĂƉĂƚĂŶƚĂŵďĂŚĂŶ ƐƚĂƚĞŵĞŶƚƐ ĂĚĚĞĚ ĂĚĚŝƚŝŽŶĂů ŝŶĐŽŵĞ ĨƌŽŵ ƐĂůĞƐ ŽĨ
ĚĂƌŝ ƉĞŶũƵĂůĂŶ ďĂƌĂŶŐ ĞůĞŬƚƌŽŶŝŬ͕ ƐƵŬƵ ĐĂĚĂŶŐ ĚĂŶ ĞůĞĐƚƌŽŶŝĐŐŽŽĚƐ͕ƐƉĂƌĞƉĂƌƚƐĂŶĚĐŽŶƐƵŵĂďůĞƐǁŝƚŚ
ďĂƌĂŶŐŚĂďŝƐƉĂŬĂŝĚĞŶŐĂŶŶŝůĂŝƐĞďĞƐĂƌZƉϱ͕ϱŵŝůŝĂƌ͘ ĂǀĂůƵĞŽĨ/Zϱ͘ϱďŝůůŝŽŶ͘
^ĞůĂŝŶ ŝƚƵ ƐĞĐĂƌĂ ƐƉĞƐŝĨŝŬ͕ ƉĞŶĐĂƉĂŝĂŶ ŬŝŶĞƌũĂ ĂƐƉĞŬ ƉĂƌƚ ĨƌŽŵ ƚŚĂƚ͕ ƐƉĞĐŝĨŝĐĂůůLJ͕ ƚŚĞ ĂĐŚŝĞǀĞŵĞŶƚ ŽĨ
ĞŬŽŶŽŵŝ ũƵŐĂ ƚĞƌůŝŚĂƚ ĚĂƌŝ ŶŝůĂŝ ĞŬŽŶŽŵŝ ůĂŶŐƐƵŶŐ ĞĐŽŶŽŵŝĐĂƐƉĞĐƚƉĞƌĨŽƌŵĂŶĐĞĐĂŶĂůƐŽďĞƐĞĞŶĨƌŽŵ
LJĂŶŐ ĚŝŚĂƐŝůŬĂŶ ĚĂŶ ĚŝƐƚƌŝďƵƐŝŬĂŶ WĞƌƐĞƌŽĂŶ͘ ,Ăů ŝŶŝ ƚŚĞĚŝƌĞĐƚĞĐŽŶŽŵŝĐǀĂůƵĞŐĞŶĞƌĂƚĞĚĂŶĚĚŝƐƚƌŝďƵƚĞĚ
ůĞďŝŚůĂŶũƵƚĚŝƚƵĂŶŐŬĂŶĚĂůĂŵƚĂďĞůďĞƌŝŬƵƚ͘ ďLJ ƚŚĞ ŽŵƉĂŶLJ͘ dŚŝƐ ŝƐ ĨƵƌƚŚĞƌ ŽƵƚůŝŶĞĚ ŝŶ ƚŚĞ
ĨŽůůŽǁŝŶŐƚĂďůĞ͘
EŝůĂŝ ŬŽŶŽŵŝ>ĂŶŐƐƵŶŐLJĂŶŐŝŚĂƐŝůŬĂŶĚĂŶŝĚŝƐƚƌŝďƵƐŝŬĂŶ;ĚĂůĂŵũƵƚĂĂŶƌƵƉŝĂŚͿ
ŝƌĞĐƚ ĐŽŶŽŵŝĐsĂůƵĞ'ĞŶĞƌĂƚĞĚĂŶĚŝƐƚƌŝďƵƚĞĚ;ŝŶŵŝůůŝŽŶƐŽĨƌƵƉŝĂŚͿ
;'Z/ϮϬϭͲϭͿ
EŝůĂŝ ŬŽŶŽŵŝ>ĂŶŐƐƵŶŐzĂŶŐ ϮϬϮϯ ϮϬϮϮ ϮϬϮϭ ŝƌĞĐƚ ĐŽŶŽŵŝĐsĂůƵĞ
ŝŚĂƐŝůŬĂŶ 'ĞŶĞƌĂƚĞĚ
WĞŶĚĂƉĂƚĂŶ ϲϬϲ͘ϯϳϬ ϰϴϯ͘ϬϬϭ ϰϬϮ͘ϱϴϱ ZĞǀĞŶƵĞ
WĞŶŐŚĂƐŝůĂŶ>ĂŝŶͲ>ĂŝŶ ϴ͘ϭϱϮ ϭϱ͘ϵϳϱ ϭϬ͘Ϯϱϰ KƚŚĞƌŝŶĐŽŵĞ
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EŝůĂŝ ŬŽŶŽŵŝ>ĂŶŐƐƵŶŐLJĂŶŐŝŚĂƐŝůŬĂŶĚĂŶŝĚŝƐƚƌŝďƵƐŝŬĂŶ;ĚĂůĂŵũƵƚĂĂŶƌƵƉŝĂŚͿ
ŝƌĞĐƚ ĐŽŶŽŵŝĐsĂůƵĞ'ĞŶĞƌĂƚĞĚĂŶĚŝƐƚƌŝďƵƚĞĚ;ŝŶŵŝůůŝŽŶƐŽĨƌƵƉŝĂŚͿ
;'Z/ϮϬϭͲϭͿ
EŝůĂŝ ŬŽŶŽŵŝ>ĂŶŐƐƵŶŐzĂŶŐ ϮϬϮϯ ϮϬϮϮ ϮϬϮϭ ŝƌĞĐƚ ĐŽŶŽŵŝĐsĂůƵĞ
ŝŚĂƐŝůŬĂŶ 'ĞŶĞƌĂƚĞĚ
dŽƚĂůWĞŶŐŚĂƐŝůĂŶ<ŽŵƉƌĞŚĞŶƐŝĨ ϲϭϰ͘ϱϮϭ ϰϵϴ͘ϵϳϳ ϰϭϮ͘ϴϯϵ dŽƚĂůŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ
dĂŚƵŶĞƌũĂůĂŶ;Ϳ ĨŽƌƚŚĞzĞĂƌ;Ϳ
EŝůĂŝ ŬŽŶŽŵŝ>ĂŶŐƐƵŶŐzĂŶŐ ŝƐƚƌŝďƵƚĞĚŝƌĞĐƚ ĐŽŶŽŵŝĐ
ŝĚŝƐƚƌŝďƵƐŝŬĂŶ sĂůƵĞ
ĞďĂŶ WŽŬŽŬ WĞŶĚĂƉĂƚĂŶ ϯϴϰ͘ϱϵϲ Ϯϴϵ͘ϳϭϱ Ϯϯϯ͘ϯϯϲ ŽƐƚŽĨZĞǀĞŶƵĞ;/ŶĐůƵĚŝŶŐ
;dĞƌŵĂƐƵŬ 'Ăũŝ ĂŶ dƵŶũĂŶŐĂŶ͕ ^ĂůĂƌŝĞƐĂŶĚĞŶĞĨŝƚƐ͕ƌŝǀĞƌ
ŝĂLJĂ^ĞǁĂ:ƵƌƵDƵĚŝ͕ĂŚĂŶĂŬĂƌ͕ ,ŝƌĞ&ĞĞ͕&ƵĞů͕ĂŶĚKƚŚĞƌƐͿ
ĚĂŶ>ĂŝŶͲ>ĂŝŶͿ
ĞďĂŶKƉĞƌĂƐŝ ϭϱϲ͘Ϯϭϲ ϭϮϳ͘ϵϭϬ ϵϱ͘Ϭϱϲ KƉĞƌĂƚŝŶŐ džƉĞŶƐĞƐ
ĞďĂŶ>ĂŝŶͲ>ĂŝŶ ϭ͘ϰϵϴ ϭ͘ϱϯϰ ϱϯϲ DŝƐĐĞůůĂŶĞŽƵƐ džƉĞŶƐĞƐ
>ĂďĂ;ZƵŐŝͿ^ĞůŝƐŝŚ<ƵƌƐ͕EĞƚŽ Ͳ Ͳ ϭϲϳ WƌŽĨŝƚ;>ŽƐƐͿ džĐŚĂŶŐĞ
ŝĨĨĞƌĞŶĐĞ͕EĞƚ
ĞďĂŶWĂũĂŬWĞŶŐŚĂƐŝůĂŶ ϵ͘ϭϴϴ ϭϬ͘ϮϵϮ ϭϬ͘ϵϱϴ /ŶĐŽŵĞdĂdž džƉĞŶƐĞ
WĞŵďĂLJĂƌĂŶŝǀŝĚĞŶ ϰ͘ϱϯϭ ϲ͘Ϭϰϭ ϰ͘ϱϯϭ ŝǀŝĚĞŶĚWĂLJŵĞŶƚ
ĂŶĂƵŶƚƵŬ^Z ϯϱϲ ϱϱϮ ϰϭϮ &ƵŶĚĨŽƌ^Z
:ƵŵůĂŚEŝůĂŝ ŬŽŶŽŵŝ>ĂŶŐƐƵŶŐ ϯϮϳ͘ϲϱϰ ϰϯϲ͘Ϭϰϰ ϯϰϰ͘ϵϵϲ dŽƚĂůŝƐƚƌŝďƵƚĞĚŝƌĞĐƚ
LJĂŶŐŝĚŝƐƚƌŝďƵƐŝŬĂŶ;Ϳ ĐŽŶŽŵŝĐsĂůƵĞ;Ϳ
EŝůĂŝ ŬŽŶŽŵŝzĂŶŐŝƚĂŚĂŶ;ͲͿ Ϯϴϲ͘ϴϲϳ ϲϮ͘ϵϯϯ ϲϲ͘Ϯϳϭ ZĞƚĂŝŶĞĚ ĐŽŶŽŵŝĐsĂůƵĞ;ͲͿ
EŝůĂŝ ĞŬŽŶŽŵŝ ůĂŶŐƐƵŶŐ LJĂŶŐ ĚŝŚĂƐŝůŬĂŶ ĂĚĂůĂŚ dŚĞ ĚŝƌĞĐƚ ĞĐŽŶŽŵŝĐ ǀĂůƵĞ ŐĞŶĞƌĂƚĞĚ ŝƐ ŝŶĐŽŵĞ
ƉĞŶĚĂƉĂƚĂŶ LJĂŶŐ ĚŝƉĞƌŽůĞŚ ĚĂƌŝ ŚĂƐŝů ŽƉĞƌĂƐŝŽŶĂů ŽďƚĂŝŶĞĚĨƌŽŵƚŚĞƌĞƐƵůƚƐŽĨƚŚĞŽŵƉĂŶLJΖƐďƵƐŝŶĞƐƐ
ďŝƐŶŝƐWĞƌƐĞƌŽĂŶ͕ƐĞŚŝŶŐŐĂŵĞŶŐŚĂƐŝůŬĂŶƉĞŶŐŚĂƐŝůĂŶ ŽƉĞƌĂƚŝŽŶƐ͕ ƌĞƐƵůƚŝŶŐ ŝŶ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ
ŬŽŵƉƌĞŚĞŶƐŝĨ LJĂŶŐ ƚĞƌĐĂƚĂƚ ƐĞďĞƐĂƌ ZƉ ϲϭϱ ŵŝůŝĂƌ͕ ƌĞĐŽƌĚĞĚ Ăƚ /Z ϲϭϱ ďŝůůŝŽŶ͕ ǁŚŝĐŚ ŚĂƐ ŝŶĐƌĞĂƐĞĚ
LJĂŶŐ ŵĞŶŐĂůĂŵŝ ƉĞŶŝŶŐŬĂƚĂŶ ĚŝďĂŶĚŝŶŐŬĂŶ ƚĂŚƵŶ ĐŽŵƉĂƌĞĚƚŽϮϬϮϮŽĨ/ZϰϵϵďŝůůŝŽŶ͘DĞĂŶǁŚŝůĞ͕ƚŚĞ
ϮϬϮϮƐĞďĞƐĂƌZƉϰϵϵŵŝůŝĂƌ͘^ĞĚĂŶŐŬĂŶŶŝůĂŝĞŬŽŶŽŵŝ ĞĐŽŶŽŵŝĐ ǀĂůƵĞ ĚŝƐƚƌŝďƵƚĞĚ ŝƐ ƚŚĞ ŽŵƉĂŶLJΖƐ
LJĂŶŐ ĚŝĚŝƐƚƌŝďƵƐŝŬĂŶ ŵĞƌƵƉĂŬĂŶ ƉĞŶŐĞůƵĂƌĂŶ ĞdžƉĞŶĚŝƚƵƌĞ ĂƐ Ă ĨŽƌŵ ŽĨ ĐŽŶƚƌŝďƵƚŝŽŶŝŶŝŶĐƌĞĂƐŝŶŐ
WĞƌƐĞƌŽĂŶ ƐĞďĂŐĂŝ ďĞŶƚƵŬ ŬŽŶƚƌŝďƵƐŝ ĚĂůĂŵ ƚŚĞ ƌĂƚĞ ŽĨ ĞĐŽŶŽŵŝĐ ŐƌŽǁƚŚ ĂŶĚ ǁĞůĨĂƌĞ ŽĨ
ŵĞŶŝŶŐŬĂƚŬĂŶ ůĂũƵ ƉĞƌƚƵŵďƵŚĂŶ ĞŬŽŶŽŵŝ ĚĂŶ ƐƚĂŬĞŚŽůĚĞƌƐ ƐƵĐŚ ĂƐ ƉĂLJŵĞŶƚ ŽĨ ƐĂůĂƌŝĞƐ͕ ƚĂdžĞƐ͕
ŬĞƐĞũĂŚƚĞƌĂĂŶ ƉĞŵĂŶŐŬƵ ŬĞƉĞŶƚŝŶŐĂŶ ƐĞƉĞƌƚŝ ĚŝǀŝĚĞŶĚƐ͕ ƉĂLJŵĞŶƚƐ ƚŽ ƐƵƉƉůŝĞƌƐ͕ ŽŵƉĂŶLJ
ƉĞŵďĂLJĂƌĂŶ ŐĂũŝ͕ ƉĂũĂŬ͕ ĚŝǀŝĚĞŶ͕ ƉĞŵďĂLJĂƌĂŶ ƵŶƚƵŬ ƉƌŽŐƌĂŵƐ ŝŵƉůĞŵĞŶƚĞĚ ƚŚƌŽƵŐŚ ǀĂƌŝŽƵƐ ŽŵƉĂŶLJ
ƉĞŵĂƐŽŬ͕ ƉƌŽŐƌĂŵ WĞƌƐĞƌŽĂŶ LJĂŶŐ ƐŽĐŝĂůƌĞƐƉŽŶƐŝďŝůŝƚLJƉƌŽŐƌĂŵƐ͕ĂŶĚŽƚŚĞƌĞdžƉĞŶƐĞƐ͕͘
ĚŝŝŵƉůĞŵĞŶƚĂƐŝŬĂŶ ŵĞůĂůƵŝ ďĞƌďĂŐĂŝ ƉƌŽŐƌĂŵ ƐŽƚŚĂƚƚŚĞƚŽƚĂůĞdžƉĞŶĚŝƚƵƌĞŝƐ/ZϯϮϴďŝůůŝŽŶ͘&ƌŽŵ
ƚĂŶŐŐƵŶŐ ũĂǁĂď ƐŽƐŝĂů WĞƌƐĞƌŽĂŶ͕ ĚĂŶ ďŝĂLJĂ ƚŚĞĚŝƌĞĐƚĞĐŽŶŽŵŝĐǀĂůƵĞƉƌŽĚƵĐĞĚŵŝŶƵƐƚŚĞĚŝƌĞĐƚ
ƉĞŶŐĞůƵĂƌĂŶ ďŝĂLJĂ ƉĞŶŐĞůƵĂƌĂŶ ůĂŝŶLJĂ ͕ ƐĞŚŝŶŐŐĂ ĞĐŽŶŽŵŝĐ ǀĂůƵĞ ĚŝƐƚƌŝďƵƚĞĚ͕ ƚŚĞ ƌĞƚĂŝŶĞĚ ĞĐŽŶŽŵŝĐ
ũƵŵůĂŚ ŬĞƐĞůƵƌƵŚĂŶ ƉĞŶŐĞůƵĂƌĂŶ ƐĞďĞƐĂƌ ZƉ ϯϮϴ ǀĂůƵĞŝƐ/ZϮϴϳďŝůůŝŽŶ͕ĂŶŝŶĐƌĞĂƐĞŽĨ/ZϮϮϰďŝůůŝŽŶ
ŵŝůŝĂƌ͘ Ăƌŝ ŶŝůĂŝ ĞŬŽŶŽŵŝ ůĂŶŐƐƵŶŐ LJĂŶŐ ĚŝŚĂƐŝůŬĂŶ ĐŽŵƉĂƌĞĚƚŽϮϬϮϮŽĨ/ZϲϯďŝůůŝŽŶ͘dŚŝƐĐĂŶďĞƐĞĞŶ
ĚŝŬƵƌĂŶŐŝ ĚĞŶŐĂŶ ŶŝůĂŝ ĞŬŽŶŽŵŝ ůĂŶŐƐƵŶŐ LJĂŶŐ ŝŶ ƚŚĞ ƚĂďůĞ ĂďŽǀĞ ĚƵĞ ƚŽ ƚŚĞ ŝŶĐƌĞĂƐĞ ŝŶ ĚŝƌĞĐƚ
ĚŝĚŝƐƚƌŝďƵƐŝŬĂŶ ŵĞŶŐŚĂƐŝůŬĂŶ ŶŝůĂŝ ĞŬŽŶŽŵŝ LJĂŶŐ ĞĐŽŶŽŵŝĐ ǀĂůƵĞ ŐĞŶĞƌĂƚĞĚ͕ ĂŶĚ ƚŚĞ ĚĞĐƌĞĂƐĞ ŝŶ
ĚŝƚĂŚĂŶ ƐĞďĞƐĂƌ ZƉ Ϯϴϳ ŵŝůŝĂƌ ŵĞŶŐĂůĂŵŝ ĞĐŽŶŽŵŝĐǀĂůƵĞĚŝƐƚƌŝďƵƚĞĚĚŝƌĞĐƚůLJďLJƚŚĞŽŵƉĂŶLJ͘
ƉĞŶŝŶŐŬĂƚĂŶƐĞďĞƐĂƌZƉZƉϮϮϰŵŝůŝĂƌĚŝďĂŶĚŝŶŐĂŬĂŶ
ƉĂĚĂƚĂŚƵŶϮϬϮϮƐĞďĞƐĂƌZƉϲϯŵŝůŝĂƌ͘,ĂůŝŶŝĚĂƉĂƚ
ĚŝůŝŚĂƚ ƉĂĚĂ ƚĂďĞů ĚŝĂƚĂƐ ĚŝŬĂƌĞŶĂŬĂŶ ŵĞŶŝŶŐŬĂƚŶLJĂ
ŶŝůĂŝ ĞŬŽŶŽŵŝ ůĂŶŐƐƵŶŐ LJĂŶŐ ĚŝŚĂƐŝůŬĂŶ͕ ĚĂŶ
ďĞƌŬƵƌĂŶŐŶLJĂ ŶŝůĂŝ ĞŬŽŶŽŵŝ LJĂŶŐ ĚŝĚŝƐƚƌŝďƵƐŝŬĂŶ
ůĂŶŐƐƵŶŐŽůĞŚWĞƌƐĞƌŽĂŶ͘
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WƌĂŬƚŝŬWĞŶŐĂĚĂĂŶ WƌŽĐƵƌĞŵĞŶƚWƌĂĐƚŝĐĞ
;'Z/ϮϬϰͿ ;'Z/ϮϬϰͿ
ĂůĂŵ ŵĞũƵǁƵĚŬĂŶ ďŝƐŶŝƐ ďĞƌŬĞůĂŶũƵƚĂŶ͕ WĞƌƐĞƌŽĂŶ /Ŷ ƌĞĂůŝnjŝŶŐ Ă ƐƵƐƚĂŝŶĂďůĞ ďƵƐŝŶĞƐƐ͕ ƚŚĞ ŽŵƉĂŶLJ
ŵĞŶLJĂĚĂƌŝƉĂƌƚŝŬƉĂŶŐĂĚĂĂŶŵĞŵŝůŝŬŝƉĞƌĂŶƉĞŶƚŝŶŐ ƌĞĂůŝnjĞƐ ƚŚĂƚ ƚŚĞ ƉƌŽĐƵƌĞŵĞŶƚ ƐĞĐƚŽƌ ŚĂƐ ĂŶ
ĚĂůĂŵ ŬĞŐŝĂƚĂŶ ŽƉĞƌĂƐŝŽŶĂů͘ ^ĞŚŝŶŐŐĂ ƉĞƌƐĞƌŽĂŶ ŝŵƉŽƌƚĂŶƚ ƌŽůĞ ŝŶ ŽƉĞƌĂƚŝŽŶĂů ĂĐƚŝǀŝƚŝĞƐ͘ ^Ž ƚŚĞ
ŵĞŶLJĂŬĂŶŝ ĚĞŶŐĂŶ ďĞƌďĂŐĂŝ ŬĞďŝũĂŬĂŶ LJĂŶŐ ĐŽŵƉĂŶLJ ďĞůŝĞǀĞƐ ƚŚĂƚ ƚŚĞ ǀĂƌŝŽƵƐ ƉŽůŝĐŝĞƐ
ĚŝƚĞƌĂƉŬĂŶŵĞŶŐĂŚĂƐŝůŬĂŶƉƌĂŬƚŝŬƉĞŶŐĂĚĂĂŶďĂƌĂŶŐ ŝŵƉůĞŵĞŶƚĞĚ ƌĞƐƵůƚ ŝŶ ŐŽŽĚ ƉƌŽĐƵƌĞŵĞŶƚ ƉƌĂĐƚŝĐĞƐ
ĂƚĂƵũĂƐĂLJĂŶŐďĂŝŬ͘KůĞŚŬĂƌĞŶĂŝƚƵƵŶƚƵŬŵĞŶƵŶũĂŶŐ ĨŽƌŐŽŽĚƐŽƌƐĞƌǀŝĐĞƐ͘dŚĞƌĞĨŽƌĞ͕ƚŽƐƵƉƉŽƌƚƉƌĂĐƚŝĐĂů
ŬĞŐŝĂƚĂŶ ƉƌĂƚŝŬ ƉĞŶŐĂĚĂĂŶ ƚĞƌƐĞďƵƚ ŚĂƌƵƐ ĚŝůĂŬƵŬĂŶ ƉƌŽĐƵƌĞŵĞŶƚ ĂĐƚŝǀŝƚŝĞƐ͕ ŝƚ ŵƵƐƚ ďĞ ĐĂƌƌŝĞĚ ŽƵƚ
ƐĞĐĂƌĂĞĨĞŬƚŝĨ͕ĞĨŝƐŝĞŶ͕ĚĂŶƚƌĂŶƐƉĂƌĂŶ͘ ĞĨĨĞĐƚŝǀĞůLJ͕ĞĨĨŝĐŝĞŶƚůLJĂŶĚƚƌĂŶƐƉĂƌĞŶƚůLJ͘
ZĂŶƚĂŝWĂƐŽŬĂŶ ^ƵƉƉůĂLJŚĂŝŶ
;'Z/ϮͲϲͿ ;'Z/ϮͲϲͿ
ZĂŶƚĂŝ ƉĂƐŽŬĂŶ ĂƚĂƵ ƐĞƌŝŶŐ ĚŝŬĞŶĂů ũƵŐĂ ƐĞďĂŐĂŝ ^ƵƉƉůLJ ĐŚĂŝŶ Žƌ ŽĨƚĞŶ ŬŶŽǁŶ ĂƐ ƐƵƉƉůLJ ĐŚĂŝŶ͕ ŝƐ
ƐƵƉƉůLJ ĐŚĂŝŶ͕ ŵĞƌƵƉĂŬĂŶ ƉĞŶŐĂĚĂĂŶ ĚĂŶ ĚŝƐƚƌŝďƵƐŝ ƉƌŽĐƵƌĞŵĞŶƚ ĂŶĚ ĚŝƐƚƌŝďƵƚŝŽŶ ĂƐ ǁĞůů ĂƐ ƐĞƌǀŝĐĞƐ ŝŶ
ƐĞƌƚĂ ůĂLJĂŶĂŶ ĚĂůĂŵ ďŝƐŶŝƐ WĞƌƐĞƌŽĂŶ͘ ^ĞďĂŐĂŝ ƚŚĞŽŵƉĂŶLJΖƐďƵƐŝŶĞƐƐ͘ƐĂĐŽŵƉĂŶLJƚŚĂƚŽƉĞƌĂƚĞƐ
ƉĞƌƵƐĂŚĂĂŶLJĂŶŐďĞƌŐĞƌĂŬĚĂůĂŵďŝĚĂŶŐƉĞŶLJĞǁĂĂŶ ŝŶƚŚĞĨŝĞůĚŽĨǀĞŚŝĐůĞƌĞŶƚĂůĨŽƌƚŚĞŵŝŶŝŶŐďƵƐŝŶĞƐƐ
ŬĞŶĚĂƌĂĂŶ ƵŶƚƵŬ ƐĞŬƚŽƌ ƵƐĂŚĂ ƉĞƌƚĂŵďĂŶŐĂŶ͕ ƐĞĐƚŽƌ͕ ƚŚĞƐĞ ǀĞŚŝĐůĞƐ ŵƵƐƚ ďĞ ĂĚĂƉƚĞĚ ƚŽ ŵŝŶŝŶŐ
ŬĞŶĚĂƌĂĂŶ ƚĞƌƐĞďƵƚ ŚĂƌƵƐ ĚŝƐĞƐƵĂŬĂŶ ĚĞŶŐĂŶ ƐƉĞŬ ƐƉĞĐŝĨŝĐĂƚŝŽŶƐ͕ ƐŽ ƚŚĂƚ ƚŚĞ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ
ƚĂŵďĂŶŐ͕ ƐĞŚŝŶŐŐĂ ƉĞůĂŬƐĂŶĂĂŶ ŬĞƌũĂƐĂŵĂ ĚĞŶŐĂŶ ĐŽŽƉĞƌĂƚŝŽŶ ǁŝƚŚ ǀĂƌŝŽƵƐ ƐƵƉƉůŝĞƐ ŽĨ ŐŽŽĚƐ ĂŶĚ
ďĞƌďĂŐĂŝ ƉĂƐŽŬĂŶ ďĂƌĂŶŐ ĚĂŶ ũĂƐĂ ŚĂƌƵƐ ƐĞƐƵĂŝ ƐĞƌǀŝĐĞƐ ŵƵƐƚ ďĞ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƌĞŐƵůĂƚŽƌLJ
ĚĞŶŐĂŶ ŬĂƉĂƚƵŚĂŶ ƌĞŐƵůĂƐŝ ĚĂŶ ŬĞĂŵĂŶĂŶ ƉƌŽĚƵŬ ĐŽŵƉůŝĂŶĐĞ ĂŶĚ ƉƌŽĚƵĐƚ ƐĂĨĞƚLJ ĨŽƌ ĐƵƐƚŽŵĞƌƐ͘
ƵŶƚƵŬ ƉĞůĂŶŐŐĂŶ͘ WĞŵďĞƌŝĂŶ ůĂLJĂŶĂŶ ĚĞŶŐĂŶ ĐĞƉĂƚ WƌŽǀŝĚŝŶŐ ƐĞƌǀŝĐĞƐ ƋƵŝĐŬůLJ ĂŶĚ ǁŝƚŚ ŚŝŐŚ ƋƵĂůŝƚLJ Ăƚ
ĚĂŶďĞƌŬƵĂůŝƚĂƐƚŝŶŐŐŝĚĞŶŐĂŶŚĂƌŐĂƚĞƌũĂŶŐŬĂƵƐĞƌƚĂ ĂĨĨŽƌĚĂďůĞ ĂŶĚ ĐŽŶƐŝƐƚĞŶƚ ƉƌŝĐĞƐ ŝƐ ĂŶ ŝŵƉŽƌƚĂŶƚ
ŬŽŶƐŝƐƚĞŶ ĂĚĂůĂŚ ŬĞƵŶŐŐƵůĂŶ ŬŽŵƉĞƚŝƚŝĨ ŵĞƌƵƉĂŬĂŶ ĐŽŵƉĞƚŝƚŝǀĞĂĚǀĂŶƚĂŐĞĨŽƌƚŚĞŽŵƉĂŶLJ͘dŚĞƌĞĨŽƌĞ͕
ƐĂůĂŚ ƐĂƚƵ ŚĂů ƉĞŶƚŝŶŐ ďĂŐŝ WĞƌƐĞƌŽĂŶ͘ KůĞŚ ŬĂƌĞŶĂ Ăůů ƐƚĞƉƐ ƵƐĞĚ ƚŽ ĐŚĂŶŐĞ ƚŚĞ ĐŽŶĚŝƚŝŽŶ ŽĨ ƌĞŶƚĂů
ŝƚƵ͕ƐĞŵƵĂůĂŶŐŬĂŚLJĂŶŐĚŝŐƵŶĂŬĂŶƵŶƚƵŬŵĞŶŐƵďĂŚ ǀĞŚŝĐůĞƐŝŶƚŽǀĞŚŝĐůĞƐƚŚĂƚĂƌĞƌĞĂĚLJƚŽďĞƵƐĞĚŝŶƚŚĞ
ŬĞĂĚĂĂŶ ŬĞŶĚĂĂƌĂŶ LJĂŶŐ ĚŝƐĞǁĂŬĂŶ ŵĞŶũĂĚŝ ŵŝŶŝŶŐ ďƵƐŝŶĞƐƐ ƐĞĐƚŽƌ ĂƌĞ ƚŚĞ ĐŽŵƉĂŶLJΖƐ ĨŽĐƵƐ ŝŶ
ŬĞŶĚĂƌĂĂŶ LJĂŶŐ ƐŝĂƉ ĚŝŐƵŶĂŬĂŶ ĚĂůĂŵ ƐĞŬƚŽƌ ƵƐĂŚĂ ƐĞůĞĐƚŝŶŐ ƌĞůŝĂďůĞ ƐƉĂƌĞ ƉĂƌƚƐ ĂŶĚ ĚƌŝǀĞƌ ƐĞƌǀŝĐĞƐ͘
ƚĂŵďĂŶŐ ŵĞŶũĂĚŝ ĨŽŬƵƐ ƉĞƌƐĞƌŽĂŶ ĚĂůĂŵ ƉĞŵŝůŝŚĂŶ ZĞĨůĞĐƚŝŶŐ ƚŚŝƐ ďĂĐŬŐƌŽƵŶĚ͕ ƚŚĞ ŽŵƉĂŶLJ ŝŶǀŽůǀĞƐ
ƐƉĂƌĞ ƉĂƌƚ ĚĂŶ ũĂƐĂ ƉĞŶŐĞŵƵĚŝ LJĂŶŐ ƚĞƌƉĞƌĐĂLJĂ͘ ŶĂƚŝŽŶĂůĐŽŵƉĂŶŝĞƐŝŶƚŚĞƐƵƉƉůLJĐŚĂŝŶ͘dŚĞŶĂƚŝŽŶĂů
dĞƌĐĞƌŵŝŶ ĚĂƌŝ ůĂƚĂƌ ďĞůĂŬĂŶŐ ƚĞƌƐĞďƵƚ WĞƌƐĞƌŽĂŶ ĐŽŵƉĂŶLJ ŝŶ ƋƵĞƐƚŝŽŶ ŝƐ Ă ĐŽŵƉĂŶLJ ƚŚĂƚ ŚĂƐ Ă
ŵĞůŝďĂƚŬĂŶƉĞƌƵƐĂŚĂĂŶŶĂƐŝŽŶĂůĚĂůĂŵƌĂŶƚĂŝƉĂƐŽŬ͘ ďƵƐŝŶĞƐƐ ƵŶŝƚ ǁŚŽƐĞ ŽƉĞƌĂƚŝŽŶĂů ĂĐƚŝǀŝƚŝĞƐ ĂƌĞ ŝŶ Ă
WĞƌƵƐĂŚĂĂŶ ŶĂƐŝŽŶĂů LJĂŶŐ ĚŝŵĂŬƐƵĚ ĂĚĂůĂŚ ƌĞŐŝŽŶǁŝƚŚƚŚĞŽŵƉĂŶLJΖƐŽƉĞƌĂƚŝŽŶĂůĂƌĞĂǁŝƚŚŽƵƚ
ƉĞƌƵƐĂŚĂĂŶLJĂŶŐŵĞŵĂŝůŝŬŝƵŶŝƚďŝƐŶŝƐLJĂŶŐŬĞŐŝĂƚĂŶ ĐƌŽƐƐŝŶŐ ŶĂƚŝŽŶĂů ďŽƌĚĞƌƐ͘ LJ ŝŶǀŽůǀŝŶŐ ŶĂƚŝŽŶĂů
ŽƉĞƌĂƐŝŽŶĂůŶLJĂ ďĞƌĂĚĂ ĚĂůĂŵ ƐƵĂƚƵ ǁŝůĂLJĂŚ ĚĞŶŐĂŶ ĐŽŵƉĂŶŝĞƐŝŶƚŚĞƐƵƉƉůLJĐŚĂŝŶ͕ƚŚĞƌĞǁŝůůďĞŵŽƌĞũŽď
ǁŝůĂLJĂŚŽƉĞƌĂƐŝŽŶĂůWĞƌƐĞƌŽĂŶƚĂŶƉĂŵĞůĞǁĂƚŝďĂƚĂƐ ŽƉƉŽƌƚƵŶŝƚŝĞƐ ĨŽƌ ƚŚĞ ĐŽŵŵƵŶŝƚLJ͘ dŚŝƐ ƉŽůŝĐLJ ǁĂƐ
ŶĞŐĂƌĂ͘ DĞůĂƵůŝ ƉĞůŝďĂƚĂŶ ƉĞƌƵƐĂŚĂĂŶͲƉĞƌƵƐĂŚĂĂŶ ŝŵƉůĞŵĞŶƚĞĚ ďLJ ƚŚĞ ŽŵƉĂŶLJ ƚŽ ĞŵƉŽǁĞƌ Ăůů ƚŚĞ
ŶĂƐŝŽŶĂů ĚĂůĂŵ ƌĂŶƚĂŝ ƉĂƐŽŬĂŶ͕ ŵĂŬĂ ĂŬĂŶ ůĞďŝŚ ƉŽƚĞŶƚŝĂůƚŚĂƚĞdžŝƐƚƐǁŝƚŚŝŶƚŚĞĐŽƵŶƚƌLJ͘,ŽǁĞǀĞƌ͕ŝƚ
ďĂŶLJĂŬůĂƉĂŶŐĂŶŬĞƌũĂďĂŐŝŵĂƐLJĂƌĂŬĂƚ͘<ĞďŝũĂŬĂŶŝŶŝ ĚŽĞƐŶŽƚƌƵůĞŽƵƚƚŚĞƉŽƐƐŝďŝůŝƚLJĨŽƌƚŚĞŽŵƉĂŶLJƚŽ
ĚŝůĂŬƵŬĂŶ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ŵĞŵĞƌĚĂLJĂŬĂŶ ƐĞŐĞŶĂƉ ƉƌŽĐƵƌĞ ŐŽŽĚƐ ĂŶĚ ƐĞƌǀŝĐĞƐ ǁŝƚŚ ŝŶƚĞƌŶĂƚŝŽŶĂů
ƉŽƚĞŶƐŝ LJĂŶŐ ĂĚĂ ĚŝĚĂůĂŵ ŶĞŐĞƌŝ͘ EĂŵƵŶ ƚŝĚĂŬ ƐƵƉƉůŝĞƌƐĚƵĞƚŽŶŽŶͲĨƵůĨŝůůŵĞŶƚŽĨŐŽŽĚƐĂŶĚƐĞƌǀŝĐĞƐ
ŵĞŶƵƚƵƉ ŬĞŵƵŶŐŬŝŶ ďĂŐŝ WĞƌƐĞƌŽĂŶ ŵĞůĂŬƵŬĂŶ ĨƌŽŵ ŶĂƚŝŽŶĂů ƐƵƉƉůŝĞƌƐ ƐŽ ƚŚĂƚ ƚŚĞ ĐŽŵƉĂŶLJ
ƉĞŶŐĂĚĂĂŶ ďĂƌĂŶŐ ĚĂŶ ũĂƐĂ ĚĞŶŐĂŶ ƉĞŵĂƐŽŬ ĐŽůůĂďŽƌĂƚĞƐǁŝƚŚŝŶƚĞƌŶĂƚŝŽŶĂůĐŽŵƉĂŶŝĞƐ͘
ŝŶƚĞƌŶĂƐŝŽŶĂůĚŝŬĂƌĞŶĂŬĂŶƚŝĚĂŬƚĞƌƉĞŶƵŚŝŶLJĂďĂƌĂŶŐ
ĚĂŶũĂƐĂƉĂĚĂƉĞŵĂƐŽŬŶĂƐŝŽŶĂůƐĞŚŝŶŐŐĂƉĞƌƐĞƌŽĂŶ
ŵĞůĂŬƵŬĂŶ ŬĞƌũĂƐĂŵĂ ĚĞŶŐĂŶ ƉĞƌƵƐĂŚĂĂŶ
ŝŶƚĞƌŶĂƐŝŽŶĂů͘
ĂůĂŵ ůŝŶŝ ďŝƐŶŝƐ WĞƌƐĞƌŽĂŶ ŵĞŵŝůŝŬŝ ĚŝǀŝƐŝ ƐƵƉƉůLJ /ŶƚŚĞďƵƐŝŶĞƐƐůŝŶĞ͕ƚŚĞŽŵƉĂŶLJŚĂƐĂƐƵƉƉůLJĐŚĂŝŶ
ĐŚĂŝŶ ƐĞďĂŐĂŝ ƉĞŶĚƵŬƵŶŐ LJĂŶŐ ďĞƌƚĂŶŐŐƵŶŐ ũĂǁĂď ĚŝǀŝƐŝŽŶĂƐĂƐƵƉƉŽƌƚĞƌǁŚŽŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌďƵŝůĚŝŶŐ
ĚĂůĂŵ ŵĞŵďŝŶĂ ŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ ƉĂƌĂ ƉĞŵĂƐŽŬ ƌĞůĂƚŝŽŶƐŚŝƉƐ ǁŝƚŚ ǀĞŚŝĐůĞ ƐƉĂƌĞ ƉĂƌƚƐ ƐƵƉƉůŝĞƌƐ͘
ƐƵŬƵĐĂĚĂŶŐŬĞŶĚĂƌĂĂŶ͘^ĞůĂŝŶŝƚƵĚŝǀŝƐŝƐƵƉƉůLJĐŚĂŝŶ ƉĂƌƚĨƌŽŵƚŚĂƚ͕ƚŚĞƐƵƉƉůLJĐŚĂŝŶĚŝǀŝƐŝŽŶĐŽŶŶĞĐƚƐ
ŵĞŶŐŚƵďƵŶŐĂŶ ďĞƌďĂŐĂŝ ƉŝŚĂŬ LJĂŶŐ ƚĞƌůŝďĂƚ ĚĂůĂŵ ǀĂƌŝŽƵƐƉĂƌƚŝĞƐŝŶǀŽůǀĞĚŝŶƚŚĞƉƌŽĐĞƐƐŽĨƐƵƉƉůLJŝŶŐ
ƉƌŽƐĞƐ ƉĞŵĂƐŽŬ ďĂƌĂŶŐ ĚĂŶ ũĂƐĂ ĚŝůŝŶŐŬƵŶŐĂŶ ŬĞƌũĂ ŐŽŽĚƐ ĂŶĚ ƐĞƌǀŝĐĞƐ ǁŝƚŚŝŶ ƚŚĞ ĐŽŵƉĂŶLJΖƐ ǁŽƌŬ
ƉĞƌƐĞƌŽĂŶ͘ <ĞďŝũĂŬĂŶĂŶ ĚĂůĂŵ ƉĞŵŝůŝŚĂŶ ƉĞŵĂƐŽŬ ĞŶǀŝƌŽŶŵĞŶƚ͘ dŚĞ ƉŽůŝĐLJ ŝŶ ƐĞůĞĐƚŝŶŐ ƐƵƉƉůŝĞƌƐ ŝƐ
ĚŝůĂƵŬĂŶ ĚĞŶŐĂŶ ĐĂƌĂ ŵĞŵĂƐƚŝŬĂŶ ƉĞƌƵƐĂŚĂŶ ĐĂůŽŶ ĐĂƌƌŝĞĚŽƵƚďLJĞŶƐƵƌŝŶŐƚŚĂƚƚŚĞƉƌŽƐƉĞĐƚŝǀĞǀĞŶĚŽƌ
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ǀĞŶĚŽƌ ƚĞƌƐĞďƵƚ ƚĞůĂŚ ŵĞŶĚĂƉĂƚ ƐĞŐĂůĂ ƉĞƌŝnjŝŶĂŶ ĐŽŵƉĂŶLJ ŚĂƐ ŽďƚĂŝŶĞĚ Ăůů ƉĞƌŵŝƚƐ ƌĞƋƵŝƌĞĚ ďLJ
LJĂŶŐĚŝǁĂũŝďĂŶŽůĞŚƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚŶĂŐͲƵŶĚŶĂŐĂŶ ĂƉƉůŝĐĂďůĞ ůĂǁƐ ĂŶĚ ƌĞŐƵůĂƚŝŽŶƐ͘ dŚŝƐ ƉŽůŝĐLJ ŝƐ
LJĂŶŐďĞƌůĂŬƵ͘<ĞďŝũĂŬĂŶŝŶŝĚŝŝŵƉůĞŵĞŶƚĂƐŝŬĂŶƵŶƚƵŬ ŝŵƉůĞŵĞŶƚĞĚ ƚŽ ŽďƚĂŝŶ ŐŽŽĚ ĂŶĚ ƐĂƚŝƐĨĂĐƚŽƌLJ
ŵĞŶĚĂƉĂƚŬĂŶ ŬĞƌũĂƐĂŵĂ LJĂŶŐ ďĂŝŬ ĚĂŶ ŵĞŵƵĂƐŬĂŶ ĐŽŽƉĞƌĂƚŝŽŶ ĨŽƌ ƚŚĞ ŽŵƉĂŶLJ ĂŶĚ ǀĞŶĚŽƌƐ͘ ƉĂƌƚ
ďĂŐŝ WĞƌƐĞƌŽĂŶ ĚĂŶ ǀĞŶĚŽƌ͘ ^ĞůĂŝŶ ŝƚƵ LJĂŶŐ ĨƌŽŵ ƚŚĂƚ͕ ƚŚŽƐĞ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ŵĂŶĂŐŝŶŐ ƚŚĞ
ďĞƌƚĂŶŐŐƵŶŐ ũĂǁĂď ĚĂůĂŵ ƉĞŶŐƵƌƵƐĂŶ ƉĞŶŐĂĚĂĂŶ ƉƌŽĐƵƌĞŵĞŶƚ ŽĨ ǀĞŚŝĐůĞ ƵŶŝƚƐ ĂƌĞ ƚŚĞ ŵĂƌŬĞƚŝŶŐ
ƵŶŝƚ ŬĞŶĚĂƌĂĂŶ ĂĚĂůĂŚ ĚŝǀŝƐŝ ƉĞŵĂƐĂƌĂŶ ĚĂŶ ĚŝǀŝƐŝŽŶ ĂŶĚ ƚŚĞ ^ĞĐƵƌŝƚLJ ^ŝƚĞ ŽŵŵƵŶŝƚLJ
ĚĞƉĂƌƚĞŵĞŶ ^ĞĐƵƌŝƚLJ ^ŝƚĞ ŽŵŵƵŶŝƚLJ ĞǀĞůŽƉŵĞŶƚ ĞǀĞůŽƉŵĞŶƚ ;^^Ϳ ĚĞƉĂƌƚŵĞŶƚ ǁŚŝĐŚ ŝƐ
;^^Ϳ LJĂŶŐ ďĞƌƚĂŶŐŐƵŶŐũĂǁĂď ƵŶƚƵŬ ƉĞŶŐƵƌƵƐĂŶ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ŵĂŶĂŐŝŶŐ ĂŶĚ ƉƌŽĐƵƌŝŶŐ ĚƌŝǀĞƌ
ĚĂŶ ƉĞŶŐĂĚĂĂŶ ũĂƐĂ ƉĞŶŐĞŵƵĚŝ͘ ^ĞŚŝŶŐŐĂ ƚŽƚĂů ƐĞƌǀŝĐĞƐ͘^ŽƚŚĞƚŽƚĂůƐƵƉƉůŝĞƌŝŶǀŽůǀĞŵĞŶƚĨŽƌƚŚĞůĂƐƚ
ƉĞůŝďĂƚĂŶ ƉĞŵĂƐŽŬ ƐĞůĂŵĂ ƚŝŐĂ ƚĂŚƵŶ ƚĞƌŬĂŚŝƌ ĚĂƌŝ ƚŚƌĞĞLJĞĂƌƐĨƌŽŵϮϬϮϭ͕ϮϬϮϮĂŶĚϮϬϮϯŝƐĂƐĨŽůůŽǁƐ͗
ƚĂŚƵŶϮϬϮϭ͕ϮϬϮϮ͕ĚĂŶϮϬϮϯƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
WĞůŝďĂƚĂŶWĞŵĂƐŽŬ<ĞŶĚĂƌĂĂŶ
/ŶǀŽůǀĞŵĞŶƚŽĨsĞŚŝĐůĞ^ƵƉƉůŝĞƌƐ
ϮϬϮϯ ϮϬϮϮ ϮϬϮϭ
hƌĂŝĂŶ :ƵŵůĂŚ й :ƵŵůĂŚ й :ƵŵůĂŚ й ĞƐĐƌŝƉƚŝŽŶ
dŽƚĂů dŽƚĂů dŽƚĂů
>ŽŬĂů ϳ ϱϳй ϰ ϱϳй ϰ ϱϳй >ŽĐĂů
EĂƐŝŽŶĂů ϯ ϰϯй ϯ ϰϯй ϯ ϰϯй EĂƚŝŽŶĂů
:ƵŵůĂŚ ϭϬ ϭϬϬй ϳ ϭϬϬй ϳ ϭϬϬй dŽƚĂů
WĞůŝďĂƚĂŶWĞŵĂƐŽŬ^ƵŬƵĂĚĂŶŐ
/ŶǀŽůǀĞŵĞŶƚŽĨ^ƉĂƌĞWĂƌƚƐ^ƵƉƉůŝĞƌƐ
ϮϬϮϯ ϮϬϮϮ ϮϬϮϭ
hƌĂŝĂŶ :ƵŵůĂŚ й :ƵŵůĂŚ й :ƵŵůĂŚ й ĞƐĐƌŝƉƚŝŽŶ
dŽƚĂů dŽƚĂů dŽƚĂů
>ŽŬĂů ϱϱ ϳϬй ϱϴ ϳϵй ϰϳ ϳϴй >ŽĐĂů
EĂƐŝŽŶĂů ϭϵ Ϯϰй ϭϬ ϭϰй ϵ ϭϱй EĂƚŝŽŶĂů
/ŶƚĞƌŶĂƐŝŽŶĂů ϱ ϲй ϱ ϳй ϰ ϳй /ŶƚĞƌŶĂƚŝŽŶĂů
:ƵŵůĂŚ ϳϵ ϭϬϬй ϳϯ ϭϬϬй ϲϬ ϭϬϬй dŽƚĂů
WĞůŝďĂƚĂŶWĞŵĂƐŽŬWĞŶŐĞŵƵĚŝ
/ŶǀŽůǀĞŵĞŶƚŽĨƌŝǀĞƌ^ƵƉƉůŝĞƌƐ
ϮϬϮϯ ϮϬϮϮ ϮϬϮϭ
hƌĂŝĂŶ :ƵŵůĂŚ й :ƵŵůĂŚ й :ƵŵůĂŚ й ĞƐĐƌŝƉƚŝŽŶ
dŽƚĂů dŽƚĂů dŽƚĂů
>ŽŬĂů ϱ ϴϯй ϱ ϴϯй ϲ ϭϬϬй >ŽĐĂů
EĂƐŝŽŶĂů ϭ ϭϳй ϭ ϭϳй Ͳ Ͳ EĂƚŝŽŶĂů
:ƵŵůĂŚ ϲ ϭϬϬй ϲ ϭϬϬй ϲ ϭϬϬй dŽƚĂů
/ŵƉůŝŬĂƐŝ &ŝŶĂŶƐŝĂů ^ĞƌƚĂ ZŝƐŝŬŽ Θ WĞůƵĂŶŐ >ĂŝŶ &ŝŶĂŶĐŝĂů /ŵƉůŝĐĂƚŝŽŶƐ ĂŶĚ KƚŚĞƌ ZŝƐŬƐ Θ
ŬŝďĂƚĂƌŝWĞƌƵďĂŚĂŶ/Ŭůŝŵ KƉƉŽƌƚƵŶŝƚŝĞƐZĞƐƵůƚŝŶŐĨƌŽŵůŝŵĂƚĞŚĂŶŐĞ
;'Z/ϮϬϭͲϮͿ ;'Z/ϮϬϭͲϮͿ
^ŝƐƚĞŵ ĨŝŶĂŶƐŝĂů ŐůŽďĂů ŵĞŶLJĂĚĂƌŝ ĂŬĂŶ ďĞƐĂƌŶLJĂ dŚĞŐůŽďĂůĨŝŶĂŶĐŝĂůƐLJƐƚĞŵŝƐĂǁĂƌĞŽĨƚŚĞƉŽƚĞŶƚŝĂů
ƉŽƚĞŶƐŝ ĚĂŵƉĂŬ ƉĞƌƵďĂŚĂŶ ŝŬůŝŵ ƚĞƌŚĂĚĂƉ ƐƚĂďŝůŝƚĂƐ ŝŵƉĂĐƚ ŽĨ ĐůŝŵĂƚĞ ĐŚĂŶŐĞ ŽŶ ƚŚĞ ƐƚĂďŝůŝƚLJ ŽĨ
ƐŝƐƚĞŵƉĞƌĞŬŽŶŽŵŝĂŶ͕ƐŽƐŝĂůĚĂŶŐĞŽƉŽůŝƚŝŬ͘ĂŵƉĂŬ ĞĐŽŶŽŵŝĐ͕ ƐŽĐŝĂů ĂŶĚ ŐĞŽƉŽůŝƚŝĐĂů ƐLJƐƚĞŵƐ͘ dŚĞ
ĨŝƐŝŬ ĚĂƌŝ ĚĂƌŝ ƉĞƌƵďĂŚĂŶ ŝŬůŝŵ͕ ĂŬĂŶ ƐĂŶŐĂƚ ƉŚLJƐŝĐĂů ŝŵƉĂĐƚƐ ŽĨ ĐůŝŵĂƚĞ ĐŚĂŶŐĞ ǁŝůů ŐƌĞĂƚůLJ
ďĞƌĚĂŵƉĂŬ ƉĂĚĂ ŽƉĞƌĂƐŝŽŶĂů ŝŶĚƵƐƚƌŝ ĨŝŶĂŶƐŝĂů ĚĂŶ ŝŵƉĂĐƚƚŚĞŽƉĞƌĂƚŝŽŶƐŽĨƚŚĞĨŝŶĂŶĐŝĂůĂŶĚďĂŶŬŝŶŐ
ƉĞƌďĂŶŬĂŶ͕ ƐĞƌƚĂ ĂŶĐĂŵĂŶ ŵĂƵƉƵŶ ƉĞůƵĂŶŐ ďĂŐŝ ŝŶĚƵƐƚƌLJ͕ ĂƐ ǁĞůů ĂƐ ƚŚƌĞĂƚƐ ĂŶĚ ŽƉƉŽƌƚƵŶŝƚŝĞƐ ĨŽƌ
ŝŶǀĞƐƚĂƐŝ͘ ĂůĂŵ ŽƉĞƌĂƐŝŽŶĂů WĞƌƐĞƌŽĂŶ ƐĞďĂŐĂŝ ŝŶǀĞƐƚŵĞŶƚ͘/ŶƚŚĞŽŵƉĂŶLJΖƐŽƉĞƌĂƚŝŽŶƐĂƐĂǀĞŚŝĐůĞ
ƉĞŶLJĞǁĂ ŬĞŶĚĂƌĂĂŶ ƐĞŬƚŽƌ ƚĂŵďĂŶŐ͕ ďĞƌďĂŐĂŝ ũĞŶŝƐ ƌĞŶƚĞƌŝŶƚŚĞŵŝŶŝŶŐƐĞĐƚŽƌ͕ǀĂƌŝŽƵƐƚLJƉĞƐŽĨƌŝƐŬƐĂƌĞ
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ƌŝƐŝŬŽ ďĞƌƉŽƚĞŶƐŝ ĚŝŚĂĚĂƉŝ WĞƌƐĞƌŽĂŶ͕ ƐĞƉĞƌƚŝ ƌŝƐŝŬŽ ƉŽƚĞŶƚŝĂůůLJĨĂĐĞĚďLJƚŚĞŽŵƉĂŶLJ͕ƐƵĐŚĂƐƌŝƐŬƐƚŚĂƚ
LJĂŶŐŵĞŶLJĞďĂďŬĂŶŬĞƌƵŐŝĂŶĨŝƐŝŬ;ŬĞďĂŬĂƌĂŶ͕ŐĞŵƉĂ ĐĂƵƐĞƉŚLJƐŝĐĂůůŽƐƐ;ĨŝƌĞ͕ĞĂƌƚŚƋƵĂŬĞ͕ĨůŽŽĚ͕ƚƐƵŶĂŵŝͿ
ďƵŵŝ͕ ďĂũŝƌ͕ ƚƐƵŶĂŵŝͿ ĂƚĂƵ ƌŝƐŝŬŽ LJĂŶŐ ĚŝĂŬŝďĂƚŬĂŶ ŽƌƌŝƐŬƐĐĂƵƐĞĚďLJǁĞĂƚŚĞƌĐŚĂŶŐĞƐ͘dŽƌĞĚƵĐĞƚŚĞƐĞ
ƉĞƌƵďĂŚĂŶ ĐƵĂĐĂ͘ hŶƚƵŬ ŵĞŶŐƵƌĂŶŐŝ ƌŝƐŝŬŽͲƌŝƐŝŬŽ ƌŝƐŬƐ͕ ƚŚĞ ŽŵƉĂŶLJ ĂĚŽƉƚƐ Ă ƌŝƐŬ ŵĂŶĂŐĞŵĞŶƚ
ƚĞƌƐĞďƵƚ WĞƌƐĞƌŽĂŶ ŵĞŶŐĂĚŽƉƐŝ ƐƵĂƚƵ ĨƌĂŵĞǁŽƌŬ ĨƌĂŵĞǁŽƌŬ ƚŚĂƚ ŝƐ ĂďůĞ ƚŽ ƌĞĐŽŐŶŝnjĞ͕ ƉƌĞǀĞŶƚ ĂŶĚ
ŵĂŶĂũĞŵĞŶƌŝƐŝŬŽLJĂŶŐŵĂŵƉƵŵĞŶŐĞŶĂůŝ͕ŵĞŶĐĞŐĂŚ ŽǀĞƌĐŽŵĞƌŝƐŬƐĂƐƐƚĂƚĞĚŝŶƚŚĞŽŵƉĂŶLJΖƐďůƵĞƉƌŝŶƚ͘
ĚĂŶ ŵĞŶŐĂƚĂƐŝ ƌŝƐŝŬŽ ƐĞďĂŐĂŝŵĂŶĂ LJĂŶŐ ĚŝƚƵŶŐŬĂŶ
ĚĂůĂŵĐĞƚĂŬďŝƌƵWĞƌƐĞƌŽĂŶ͘
^ĞůĂŝŶ ŝƚƵ WĞƌƐĞƌŽĂŶ ƐĂĂƚ ŝŶŝ ƚĞůĂŚ ŵĞůĂŬƵŬĂŶ /ŶĂĚĚŝƚŝŽŶ͕ƚŚĞŽŵƉĂŶLJŚĂƐĐƵƌƌĞŶƚůLJŝŵƉůĞŵĞŶƚĞĚ
ƉĞŶŐƵƌƵƐĂŶ/^KϯϭϬϬϬ͗ϮϬϭϴDĂŶĂũĞŵĞŶZŝƐŝŬŽLJĂŶŐ /^K ϯϭϬϬϬ͗ϮϬϭϴ ZŝƐŬ DĂŶĂŐĞŵĞŶƚ͕ ǁŚŝĐŚ ŝƐ ĂŶ
ŵĞƌƵƉĂŬĂŶ ƉĞĚŽŵĂŶ ŝŶƚĞŶĂƐŝŽŶĂů LJĂŶŐ ĚŝŐƵŶĂŬĂŶ ŝŶƚĞƌŶĂƚŝŽŶĂů ŐƵŝĚĞůŝŶĞ ƵƐĞĚ ĂƐ Ă ƌĞĨĞƌĞŶĐĞ ĨŽƌ
ƐĞďĂŐĂŝ ĂĐƵĂŶ ƵŶƚƵŬ ŵĞŶŐĞůŽůĂŚ ĚĂŶ ŵĂŶĂŐŝŶŐ ĂŶĚ ŝŵƉůĞŵĞŶƚŝŶŐ Ă ƌŝƐŬ ŵĂŶĂŐĞŵĞŶƚ
ŵĞŶŐŝŵƉůĞŵĞŶƚĂƐŝŬĂŶ ƐŝƐƚĞŵ ŵĂŶĂũĞŵĞŶ ƌŝƐŝŬŽ͘ ƐLJƐƚĞŵ͘hŶƚŝůŶŽǁ͕ƚŚĞ/^KĐĞƌƚŝĨŝĐĂƚŝŽŶƉƌŽĐĞƐƐŝƐƐƚŝůů
^ĂŵƉĂŝ ƐĂĂƚŝŶŝ ƉƌŽƐĞƐ ƐĞƌƚŝĨŝŬĂƐŝ/^K ŝŶŝ ŵĂƐŝŚ ƉĂĚĂ ĂƚƚŚĞĐŽŶƐƵůƚĂƚŝŽŶƐƚĂŐĞĐĂƌƌŝĞĚŽƵƚďLJƚŚĞŽŵƉĂŶLJ
ƚĂŚĂƉ ŬŽŶƐƵůƚĂƐŝ LJĂŶŐ ĚŝůĂŬƵŬĂŶ WĞƌƐĞƌŽĂŶ ďĞƌƐĂŵĂ ƚŽŐĞƚŚĞƌ ǁŝƚŚ ƚŚĞ /^K ĐŽŶƐƵůƚĂŶƚ͘ dŚĞ ƉƌŽĐĞƐƐ ŽĨ
ĚĞŶŐĂŶ ŬĂŶƐƵůƚĂŶ /^K͘ WƌŽƐĞƐ ĚĂůĂŵ ŵĞŶŝůĂŝ ƚŝŶŐŬĂƚ ĂƐƐĞƐƐŝŶŐƚŚĞůĞǀĞůŽĨƌŝƐŬ͕ďŽƚŚŝŶƚŚĞĨŽƌŵŽĨƚŚƌĞĂƚƐ
ƌŝƐŝŬŽ ďĂŝŬ LJĂŶŐ ďĞŶƚƵŬ ĂŶĐĂŵĂŶ ŬĞƌƵŐŝĂŶ ŵĂƵƉƵŶ ŽĨ ůŽƐƐ ĂŶĚ ŽƉƉŽƌƚƵŶŝƚŝĞƐ ƚŚĂƚ ĂƌĞ ďĞŶĞĨŝĐŝĂů ĨŽƌ
ƉĞůƵĂŶŐĂŶLJĂŶŐďĞƌŵĂŶĨĂĂƚďĂŐŝƉĞŶĐĂƉĂŝĂŶƐĂƐĂƌĂŶ ĂĐŚŝĞǀŝŶŐ ƚŚĞ ŽŵƉĂŶLJΖƐ ƚĂƌŐĞƚƐ͕ ŝƐ ĐĂůůĞĚ ƌŝƐŬ
WĞƌƐĞƌŽĂŶ ĚŝƐĞďƵƚ <ƌŝƚĞƌŝĂ ƌŝƐŝŬŽ͘ /ŵƉůĞŵĞŶƚĂƐŝ /^K ĐƌŝƚĞƌŝĂ͘ dŚĞ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ /^K ϯϭϬϬϬ ŝƐ
ϯϭϬϬϬŝŶŝĚŝŚĂƌĂƉŬĂŶĚĂƉĂƚŵĞŵďĂŶƚƵƉĞŶŐĞůŽůĂŚĂŶ ĞdžƉĞĐƚĞĚ ƚŽ ŚĞůƉ ŵĂŶĂŐĞ ƌŝƐŬƐ͕ ŝŶĐƌĞĂƐĞ ƚŚĞ
ƌŝƐŝŬŽ͕ ŵĞŶŐŝŶŐŬĂƚŬĂŶ ĞĨŝƐŝĞŶƐŝ ĚĂŶ ĞĨĞŬƚŝǀŝƚĂƐ ĞĨĨŝĐŝĞŶĐLJ ĂŶĚ ĞĨĨĞĐƚŝǀĞŶĞƐƐ ŽĨ ƉƌŽĐĞĚƵƌĞƐ͕ ŝŵƉƌŽǀĞ
ƉƌŽƐĞĚƵƌ͕ ŵĞŶŝŶŐŬĂƚŬĂŶ ƐŝƐƚĞŵ ƉĞŶŐĂŵďŝůĂŶ ĚĞĐŝƐŝŽŶͲŵĂŬŝŶŐ ƐLJƐƚĞŵƐ͕ ĂŶĚ ƌĞŶĞǁ ƚŚĞ ƚƌƵƐƚ ŽĨ
ŬĞƉƵƚƵƐĂŶ͕ĚĂŶŵĞŵƉĞƌďĂƌƵŝŬĞƉĞƌĐĂLJĂĂŶĚĂƌŝƉĂƌĂ ƐƚĂŬĞŚŽůĚĞƌƐ͘ dŚĞ ƌŝƐŬ ŵĂŶĂŐĞŵĞŶƚ ƉƌŽĐĞƐƐ ŝƐ
ƐƚĂŬĞŚŽůĚĞƌ͘ WƌŽƐĞƐ ŵĂŶĂũĞŵĞŶ ƌŝƐŝŬŽ ĚŝƚĞƌĂƉŬĂŶ ĂƉƉůŝĞĚ ƚŽ Ăůů ŽŵƉĂŶLJ ǁŽƌŬ ƵŶŝƚƐ ǁŝƚŚ ƚŚĞ
ƉĂĚĂ ƐĞŵƵĂ ƵŶŝƚ ŬĞƌũĂ WĞƌƐĞƌŽĂŶ ĚĞŶŐĂŶ ƐĂƐĂƌĂŶ͕ ŽŵƉĂŶLJΖƐƚĂƌŐĞƚƐ͕ǁŽƌŬƉƌŽĐĞƐƐĞƐĂŶĚŽƉĞƌĂƚŝŽŶĂů
ƉƌŽƐĞƐŬĞƌũĂ͕ĚĂŶůŝŶŐŬƵŶŐĂŶŽƉĞƌĂƐŝŽŶĂůWĞƌƐĞƌŽĂŶ͘ ĞŶǀŝƌŽŶŵĞŶƚ͘
/ŵƉůŝŬĂƐŝ ĨŝŶĂŶƐŝĂů ĚĂŶ ƌŝƐŝŬŽ ƐĞƉĂŶũĂŶŐ ƚĂŚƵŶ &ŝŶĂŶĐŝĂů ŝŵƉůŝĐĂƚŝŽŶƐ ĂŶĚ ƌŝƐŬƐ ƚŚƌŽƵŐŚŽƵƚ ƚŚĞ
ƉĞůĂƉŽƌĂŶ ƐŝƐƚĞŵ ĨŝŶĂŶƐŝĂů WĞƌƐĞƌŽĂŶ ĚŝůĂŬƐĂŶĂŬĂŶ ƌĞƉŽƌƚŝŶŐLJĞĂƌŽĨƚŚĞŽŵƉĂŶLJΖƐĨŝŶĂŶĐŝĂůƐLJƐƚĞŵĂƌĞ
ĚĞŶŐĂŶ ĂƚƵƌĂŶͲĂƚƵƌĂŶ ƉĞůĂŬƐĂŶĂĂŶ ŬĞƵĂŶŐĂŶ ƐĞĐĂƌĂ ĐĂƌƌŝĞĚ ŽƵƚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ĨŝŶĂŶĐŝĂů
ďĂŝŬ ĚĂŶ ďĞŶĂƌ͘ ^ĞŚŝŶŐŐĂ WĞƌƐĞƌŽĂŶ ƚŝĚĂŬ ŵĞŵŝůŝŬŝ ŝŵƉůĞŵĞŶƚĂƚŝŽŶƌƵůĞƐƉƌŽƉĞƌůLJĂŶĚĐŽƌƌĞĐƚůLJ͘^ŽƚŚĂƚ
ŝŵƉůŝŬĂƐŝĨŝŶĂŶƐŝĂůƐĞƌƚĂƌĞƐŝŬŽĂŬŝďĂƚĚĂƌŝƉĞƌƵďĂŚĂŶ ƚŚĞ ŽŵƉĂŶLJ ĚŽĞƐ ŶŽƚ ŚĂǀĞ ĨŝŶĂŶĐŝĂů ŝŵƉůŝĐĂƚŝŽŶƐ
ŝŬůŝŵ͘ ĂŶĚƌŝƐŬƐƌĞƐƵůƚŝŶŐĨƌŽŵĐůŝŵĂƚĞĐŚĂŶŐĞ͘
WƌŽŐƌĂŵWĞŶƐŝƵŶ WĞŶƐŝŽŶWƌŽŐƌĂŵ
;'Z/ϮϬϭͲϯͿ ;'Z/ϮϬϭͲϯͿ
WĞƌƐĞƌŽĂŶ ƚĞůĂŚ ŵĞŶŐĂƚƵƌ ƐĞŐĂůĂ ďĞŶƚƵŬ LJĂŶŐ dŚĞ ŽŵƉĂŶLJ ŚĂƐ ƌĞŐƵůĂƚĞĚ Ăůů ĨŽƌŵƐ ƌĞůĂƚĞĚ ƚŽ
ďĞƌŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ ŬĞƐĞũĂŚƚĞƌĂĂŶ ŬĂƌLJĂǁĂŶ LJĂŶŐ ĞŵƉůŽLJĞĞ ǁĞůĨĂƌĞ ǁŚŝĐŚ ŽĨ ĐŽƵƌƐĞ ŚĂǀĞ ďĞĞŶ
ƚĞŶƚƵ ƚĞůĂŚ ĚŝƐĞƐƵĂŝŬĂŶ ĚĞŶŐĂŶ ƉĞƌĂƚƵƌĂŶ LJĂŶŐ ĂĚũƵƐƚĞĚ ƚŽ ĂƉƉůŝĐĂďůĞ ƌĞŐƵůĂƚŝŽŶƐ͘ ĂƐĞĚ ŽŶ
ďĞƌůĂŬƵ͘ ĞƌĚĂƐĂƌŬĂŶ ƉĞƌĂƚƵƌĂŶ ƉĞƌƵƐĂŚĂĂŶ LJĂŶŐ ĐŽŵƉĂŶLJ ƌĞŐƵůĂƚŝŽŶƐ͕ ƌĞƚŝƌĞĚ ĞŵƉůŽLJĞĞƐ ĂƌĞ
ĚŝƐĞďƵƚ ĚĞŶŐĂŶ ŬĂƌLJĂǁĂŶ ƉĞŶƐŝƵŶ ĂĚĂůĂŚ ŬĂƌLJĂǁĂŶ ĞŵƉůŽLJĞĞƐǁŚŽŚĂǀĞƌĞĂĐŚĞĚƚŚĞĂŐĞŽĨϱϳLJĞĂƌƐŽĨ
LJĂŶŐƚĞůĂŚŵĞŶĐĂƉĂŝŵĂƐĂŬĞƌũĂƉĂĚĂƵƐŝĂϱϳƚĂŚƵŶ͘ ƐĞƌǀŝĐĞ͘dŚĞŽŵƉĂŶLJƉƌŽǀŝĚĞƐƉĞŶƐŝŽŶĐŽŶƚƌŝďƵƚŝŽŶƐ
WĞƌƐĞƌŽĂŶ ŵĞŶLJĞůĞŶŐŐĂƌĂŬĂŶ ŝƵƌĂŶ ƉĞŶƐŝƵŶ ďĂŐŝ ĨŽƌ Ăůů ĞŵƉůŽLJĞĞƐ ǁŚŽ ŚĂǀĞ ĨƵůĨŝůůĞĚ ƚŚĞ ƚĞƌŵƐ ĂŶĚ
ƐĞůƵƌƵŚ ŬĂƌLJĂǁĂŶ LJĂŶŐ ƚĞůĂŚ ŵĞŵĞŶƵŚŝ ƐLJĂƌĂƚ ĚĂŶ ĐŽŶĚŝƚŝŽŶƐ ĂƐ ƌĞĐŝƉŝĞŶƚƐ ŽĨ ƉĞŶƐŝŽŶ ĐŽŶƚƌŝďƵƚŝŽŶƐ͘
ŬĞƚĞŶƚƵĂŶ ƐĞďĂŐĂŝ ƉĞŶĞƌŝŵĂ ŝƵƌĂŶ ƉĞŶƐŝƵŶ͘ /ƵƌĂŶ dŚŝƐƉĞŶƐŝŽŶĐŽŶƚƌŝďƵƚŝŽŶŝƐƉĂƐƐŝǀĞŝŶĐŽŵĞƌĞĐĞŝǀĞĚ
ƉĞŶƐŝƵŶ ŝŶŝ ĂĚĂůĂŚ ƉĞŶŐĂŚƐŝůĂŶ ƉĂƐŝĨ LJĂŶŐ ĚŝƚĞƌŝŵĂ ĂĨƚĞƌƚŚĞĞŵƉůŽLJĞĞƐƚŽƉƐǁŽƌŬŝŶŐŽƌƌĞƚŝƌĞƐ͘dŚŝƐŝƐ
ƐĞƚĞůĂŚŬĂƌLJĂǁĂŶďĞƌŚĞŶƚŝďĞŬĞƌũĂĂƚĂƵƉĞŶƐŝƵŶ͘,Ăů ĨƵƌƚŚĞƌ ƌĞŐƵůĂƚĞĚ ŝŶ ĐŽŵƉĂŶLJ ƌĞŐƵůĂƚŝŽŶƐ ǁŚŝĐŚ
ŝŶŝ ůĞďŝŚ ůĂŶũƵƚ ĚŝĂƚƵƌ ĚĂůĂŵ ƉĞƌĂƚƵƌĂŶ ƉĞƌƵƐĂŚĂĂŶ ƐƚĂƚĞĂƐĨŽůůŽǁƐ͗
LJĂŶŐŵĞŶLJĞďƵƚŬĂŶƐĞďĂŐĂŝďƵƌŝŬƵƚ͗
Ă͘ WĞƌƵƐĂŚĂĂŶ ĂŬĂŶ ŵĞŵďĞƌŝŬĂŶ ƵĂŶŐ ƉĞƐĂŶŐŽŶ͕ Ă͘ dŚĞ ĐŽŵƉĂŶLJ ǁŝůů ƉƌŽǀŝĚĞ ƐĞǀĞƌĂŶĐĞ ƉĂLJ͕
ƉĞŶŐĂŚĂƌŐĂĂŶ ŵĂƐĂ ŬĞƌũĂ ĚĂŶ ƉĞŶŐŐĂŶƚŝĂŶ ŚĂŬ ƌĞǁĂƌĚƐĨŽƌLJĞĂƌƐŽĨƐĞƌǀŝĐĞĂŶĚĐŽŵƉĞŶƐĂƚŝŽŶ
ŬĞƉĂĚĂ ƉĞŬĞƌũĂ LJĂŶŐ ďĞƌƐĂŶŐŬƵƚĂŶ ƐĞƐƵĂŝ ĨŽƌ ƌŝŐŚƚƐ ƚŽ ƚŚĞ ǁŽƌŬĞƌƐ ĐŽŶĐĞƌŶĞĚ ŝŶ
ĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶĚĂůĂŵ ƉĞƌĂƚƵƌĂŶ ƉĞƌƵŶĚĂŶŐͲ ĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞĂƉƉůŝĐĂďůĞ
ƵŶĚŶĂŐĂŶ LJĂŶŐ ďĞƌůĂŬƵ ĚŝďŝĚĂŶŐ ůĂǁƐĂŶĚƌĞŐƵůĂƚŝŽŶƐŝŶƚŚĞĨŝĞůĚŽĨĞŵƉůŽLJŵĞŶƚ͘
ŬĞƚĞŶĂŐĂŬĞƌũĂĂŶ͘
ď͘ WĞƌƐĞƌŽĂŶ ŵĞŵďĂŶƚƵ ŬĂƌLJĂǁĂŶ ĚĂůĂŵ ď͘ dŚĞ ŽŵƉĂŶLJ ĂƐƐŝƐƚƐ ĞŵƉůŽLJĞĞƐ ŝŶ ƉƌŽĐĞƐƐŝŶŐ
ŵĞůĂŬƵŬĂŶƉĞŶŐƵƌƵƐĂŶŬůĂŝŵdƵŶũĂŶŐĂŶ,ĂƌŝdƵĂ KůĚŐĞĞŶĞĨŝƚĐůĂŝŵƐƚŽW:^ ŵƉůŽLJŵĞŶƚďLJ
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ŬĞƉĂĚĂW:^<ĞƚĞŶĂŐĂŬĞƌũĂĂŶĚĞŶŐĂŶƉĞŵďĞƌŝĂŶ ƉƌŽǀŝĚŝŶŐ ƐƵƉƉŽƌƚŝŶŐ ĚŽĐƵŵĞŶƚƐ ƐƵĐŚ ĂƐ ǁŽƌŬ
ƐƵƉƉŽƌƚĚŽŬƵŵĞŶƐĞƉĞƌƚŝƉĞŶŐĂůĂŵĂŶŬĞƌũĂ͘ ĞdžƉĞƌŝĞŶĐĞ͘
WĞŶLJĞůĞŶŐŐĂƌĂĂŶ ƉƌŽŐƌĂŵ ƉĞŶƐŝƵŶ ŝŶŝ ŵĞŶũĂĚŝ dŚĞ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ ƚŚŝƐ ƉĞŶƐŝŽŶ ƉƌŽŐƌĂŵ
ŵŽƚŝǀĂƐŝďĞŬĞƌũĂŬĂƌLJĂǁĂŶ͕ĚŝŵĂŶĂƐĞůĂŝŶŵĞŶĞƌŝŵĂ ŵŽƚŝǀĂƚĞƐ ĞŵƉůŽLJĞĞƐ ƚŽ ǁŽƌŬ͕ ǁŚĞƌĞ ĂƉĂƌƚ ĨƌŽŵ
ƵƉĂŚƐĞƚŝĂƉďƵůĂŶŬĂƌLJĂǁĂŶũƵŐĂŵĞŵŝůŝŬŝƚĂďƵŶŐĂŶ ƌĞĐĞŝǀŝŶŐǁĂŐĞƐĞǀĞƌLJŵŽŶƚŚ͕ĞŵƉůŽLJĞĞƐĂůƐŽŚĂǀĞ
LJĂŶŐ ĚŝƐĞďƵƚ ĚĞŶŐĂŶ ĚĂŶĂ ƉĞŶƐŝƵŶ͘ ^ĞůĂŝŶ ŝƚƵ ƐĂǀŝŶŐƐ ĐĂůůĞĚ ƉĞŶƐŝŽŶ ĨƵŶĚƐ͘ ƉĂƌƚ ĨƌŽŵ ƚŚĂƚ͕ ƚŚĞ
ƉĞŶLJĞůĞŶŐŐĂƌĂĂŶ ƉƌŽŐƌĂŵ ƉĞŶƐŝƵŶ ŝŶŝ ŵĞƌƵƉĂŬĂŶ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ ƚŚŝƐ ƉĞŶƐŝŽŶ ƉƌŽŐƌĂŵ ŝƐ ĂŶ
ƉĞŶŐŚĂƌŐĂĂŶŬĞƉĂĚĂƐĞƚŝĂƉŬĂƌLJĂǁĂŶĂƚĂƐŬŝŶĞƌũĂĚĂŶ ĂƉƉƌĞĐŝĂƚŝŽŶƚŽĞĂĐŚĞŵƉůŽLJĞĞĨŽƌƚŚĞŝƌƉĞƌĨŽƌŵĂŶĐĞ
ƉĞŶŐĂďĚŝĂŶ ƚĞƌŚĂĚĂƉ WĞƌƐĞƌŽĂŶ͘ ^ĞũĂůĂŶ ĚĞŶŐĂŶ ŝŶŝ ĂŶĚĚĞĚŝĐĂƚŝŽŶƚŽƚŚĞŽŵƉĂŶLJ͘/ŶůŝŶĞǁŝƚŚƚŚŝƐ͕ƚŚĞ
ďĞƌŝŬƵƚƚĂďĞůĚĂŶĂƉĞŶƐŝƵŶŬĂƌLJĂǁĂŶƵŶƚƵŬϯƚĂŚƵŶ ĨŽůůŽǁŝŶŐŝƐĂƚĂďůĞŽĨĞŵƉůŽLJĞĞƉĞŶƐŝŽŶĨƵŶĚƐĨŽƌƚŚĞ
ƚĞƌĂŬŚŝƌ͘ ůĂƐƚϯLJĞĂƌƐ͘
WƌŽŐƌĂŵWĞŶƐŝƵŶ<ĂƌLJĂǁĂŶ
/ŶǀŽůǀĞŵĞŶƚŽĨƌŝǀĞƌ^ƵƉƉůŝĞƌƐ
ϮϬϮϯ ϮϬϮϮ ϮϬϮϭ
hƌĂŝĂŶ :ƵŵůĂŚ й :ƵŵůĂŚ й :ƵŵůĂŚ й ĞƐĐƌŝƉƚŝŽŶ
dŽƚĂů dŽƚĂů dŽƚĂů
:ƵŵůĂŚEŝůĂŝ ϱ ϴϯй ϱ ϴϯй ϲ ϭϬϬй >ŽĐĂů
:ĂŵŝŶĂŶ
:ƵŵůĂŚ ϲ ϭϬϬй ϲ ϭϬϬй ϲ ϭϬϬй dŽƚĂů
ĂŶƚƵĂŶ&ŝŶĂŶƐŝĂůĂƌŝWĞŵĞƌŝŶƚĂŚ &ŝŶĂŶĐŝĂůƐƐŝƐƚĂŶĐĞ&ƌŽŵƚŚĞ'ŽǀĞƌŶŵĞŶƚ
;'Z/ϮϬϭͲϰͿ ;'Z/ϮϬϭͲϰͿ
^ĞƉĂŶũĂŶŐƚĂŚƵŶƉĞůĂƉŽƌĂŶWĞƌƐĞƌŽĂŶƚŝĚĂŬŵĞŶĚĂƉĂƚ dŚƌŽƵŐŚŽƵƚ ƚŚĞ ƌĞƉŽƌƚŝŶŐ LJĞĂƌ ƚŚĞ ŽŵƉĂŶLJ
ďĂŶƚƵĂŶĨŝŶĂŶƐŝĂůĚĂƌŝWĞŵĞƌŝŶƚĂŚ͘ ƌĞĐĞŝǀĞĚ ŶŽ ĨŝŶĂŶĐŝĂů ĂƐƐŝƐƚĂŶĐĞ ĨƌŽŵ ƚŚĞ
'ŽǀĞƌŶŵĞŶƚ͘
<ŽŶƚƌŝďƵƐŝ<ĞƉĂĚĂEĞŐĂƌĂ ŽŶƚƌŝďƵƚŝŽŶƚŽƚŚĞŽƵŶƚƌLJ
;'Z/ϮϬϳͿ ;'Z/ϮϬϳͿ
DĞŶŝŶŐŬĂƚŶLJĂ ƉĞƌƚƵŵďƵŚĂŶ ĞŬŽŶŽŵŝ /ŶĚŽŶĞƐŝĂ /ŶĚŽŶĞƐŝĂΖƐ ŝŶĐƌĞĂƐŝŶŐ ĞĐŽŶŽŵŝĐ ŐƌŽǁƚŚ ŝƐ
ĚŝĚƵŬƵŶŐ ŽůĞŚ ŬŽŶƚƌŝďƵƐŝ ƉĂũĂŬ͘ WĂũĂŬ ĚŝŐƵŶĂŬĂŶ ƐƵƉƉŽƌƚĞĚďLJƚĂdžĐŽŶƚƌŝďƵƚŝŽŶƐ͘dĂdžĞƐĂƌĞƵƐĞĚĂƐĂ
ƐĞďĂŐĂŝ ĂŶŐŐĂƌĂŶ LJĂŶŐ ďĞƌŬĂŝƚĂŶ ĚĞŶŐĂŶ ďƵĚŐĞƚ ƌĞůĂƚĞĚƚŽ ĚĞǀĞůŽƉŵĞŶƚ ĂŶĚ ƐƚĂƚĞŝŶƚĞƌĞƐƚƐ
ƉĞŵďĂŶŐƵŶĂŶ ĚĂŶ ŬĞƉĞŶƚŝŶŐĂŶ ŶĞŐĂƌĂ ƐĞƌƚĂ ĂŶĚĂƌĞĂƐŽƵƌĐĞŽĨƐƚĂƚĞŝŶĐŽŵĞ͘ƐĂǀĞŚŝĐůĞƌĞŶƚĂů
ŵĞƌƵƉĂŬĂŶ ƐƵŵďĞƌ ƉĞŶĚĂƉĂƚĂŶ ŶĞŐĂƌĂ͘ ^ĞďĂŐĂŝ ƐĞƌǀŝĐĞĐŽŵƉĂŶLJ͕ƚŚĞŽŵƉĂŶLJĂŶĚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐ͕
ƉĞƌƵƐĂŚĂĂŶ ũĂƐĂ ƐĞǁĂ ŬĞŶĚĂƌĂĂŶ WĞƌƐĞƌŽĂŶ ĚĂŶ ƐŝŶĐĞ ƚŚĞŝƌ ĨŽƵŶĚŝŶŐ ƵŶƚŝů ŶŽǁ͕ ŚĂǀĞ ƌĞŵĂŝŶĞĚ
ĞŶƚŝƚĂƐ ĂŶĂŬŶLJĂ ƐĞũĂŬ ďĞƌĚŝƌŝ ƐĂŵƉĂŝ ƐĂĂƚ ŝŶŝ ƚĞƌƵƐ ĐŽŵƉůŝĂŶƚĂŶĚĐŽŵŵŝƚƚĞĚƚŽƉĂLJŝŶŐƚĂdžĞƐƚŽƐƵƉƉŽƌƚ
ƉĂƚƵŚĚĂŶďĞƌŬŽŵŝƚŵĞŶƚĞƌŚĂĚĂƉƉĞŵďĂLJĂƌĂŶƉĂũĂŬ Ă ƐƵƐƚĂŝŶĂďůĞ ďƵƐŝŶĞƐƐ͘ dŚŝƐ ŝƐ ƉƌŽǀĞŶ ďLJ ƚŚĞ
ŐƵŶĂ ŵĞŶƵŶũĂŶŐ ďŝƐŶŝƐ LJĂŶŐ ďĞƌŬĞůĂŶũƵƚĂŶ͘ ,Ăů ŝŶŝ ŽŵƉĂŶLJďLJĐĂƌƌLJŝŶŐŽƵƚŝƚƐŽďůŝŐĂƚŝŽŶƚŽƉĂLJƚĂdžĞƐ
ĚŝďƵŬƚŝŬĂŶ WĞƌƐĞƌŽĂŶ ĚĞŶŐĂŶ ŵĞůĂŬƵŬĂŶ ŽŶƚŝŵĞǁŝƚŚĚĞƚĂŝůƐŽĨƚŚĞŽŵƉĂŶLJΖƐƚĂdžƉĂLJŵĞŶƚƐ
ŬĞǁĂũŝďĂŶŶLJĂ ŵĞŵďĂLJĂƌ ƉĂũĂŬ ƚĞƉĂƚ ǁĂŬƚƵ ĚĞŶŐĂŶ ĨŽƌƚŚĞůĂƐƚƚŚƌĞĞLJĞĂƌƐĂƐĨŽůůŽǁƐ͗
ƌŝŶĐŝĂŶ ƉĞŵďĂLJĂƌĂŶ ƉĂũĂŬ WĞƌƐĞƌŽĂŶ ƐĞůĂŵĂ ƚŝŐĂ
ƚĂŚƵŶƚƌĂŬŚŝƌƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
ĂůĂŵ:ƵƚĂĂŶZƵƉŝĂŚ /ŶŵŝůůŝŽŶƌƵƉŝĂŚ
:ĞŶŝƐ<ŽŶƚƌŝďƵƐŝ ϮϬϮϯ ϮϬϮϮ ϮϬϮϭ dLJƉĞŽĨŽŶƚƌŝďƵƚŝŽŶ
WĂũĂŬ ϵ͘ϭϴϴ ϯϭ͘ϮϴϬ ϯϬ͘ϱϱϳ dĂdž
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ĂŵƉĂŬ ŬŽŶŽŵŝdŝĚĂŬ>ĂŶŐƐƵŶŐ /ŶĚŝƌĞĐƚ ĐŽŶŽŵŝĐ/ŵƉĂĐƚ
;'Z/ϮϬϯͿ ;'Z/ϮϬϯͿ
^ĞďĂŐĂŝ ďĞŶƚƵŬ ŬŽŵŝƚŵĞŶ WĞƌƐĞƌŽĂŶ ĚĂůĂŵ Ɛ Ă ĨŽƌŵ ŽĨ ƚŚĞ ŽŵƉĂŶLJΖƐ ĐŽŵŵŝƚŵĞŶƚ ƚŽ
ƉĞŵďĂŶŐƵŶĂŶ ďĞƌŬĞůĂŶũƵƚĂŶ͕ WĞƌƐĞƌŽĂŶ ƚĞůĂŚ ƐƵƐƚĂŝŶĂďůĞ ĚĞǀĞůŽƉŵĞŶƚ͕ ƚŚĞ ŽŵƉĂŶLJ ŚĂƐ
ŵĞůĂŬƐĂŶĂŬĂŶ ďĞďĞƌĂƉĂ ƉƌŽŐƌĂŵ LJĂŶŐ ŵĞŵďĞƌŝŬĂŶ ŝŵƉůĞŵĞŶƚĞĚ ƐĞǀĞƌĂů ƉƌŽŐƌĂŵƐ ƚŚĂƚ ŚĂǀĞ ŚĂĚ Ă
ĚĂŵƉĂŬ ĞŬŽŶŽŵŝ ƚŝĚĂŬ ůĂŶŐƐƵŶŐ ƐĞĐĂƌĂ ƐŝŐŶŝĨŝŬĂŶ͘ ƐŝŐŶŝĨŝĐĂŶƚ ŝŶĚŝƌĞĐƚ ĞĐŽŶŽŵŝĐ ŝŵƉĂĐƚ͘ ^ŝŶĐĞ ƚŚĞ
ŝŵĂŶĂ ^ĞũĂŬ WĞƌƐĞƌŽĂŶ ŵĞŶĂǁĂƌŬĂŶ ĚĂŶ ŵĞŶũƵĂů ŽŵƉĂŶLJŽĨĨĞƌĞĚĂŶĚƐŽůĚƐŽŵĞƐŚĂƌĞƐƚŽƚŚĞƉƵďůŝĐ
ƐĞďĂŐŝĂŶ ƐĂŚĂŵ ŬĞƉĂĚĂ ƉƵďůŝŬ ƐĞƌƚĂ ŵĞŶĐĂƚĂƚŬĂŶ ĂŶĚůŝƐƚĞĚƐŚĂƌĞƐŽŶƚŚĞ/ŶĚŽŶĞƐŝĂ^ƚŽĐŬ džĐŚĂŶŐĞ͕
ƐĂŚĂŵĚŝƵƌƐĂ ĨĞŬ/ŶĚŽŶĞƐŝĂ͕WĞƌƐĞƌŽĂŶƐĞŶĂŶƚŝĂƐĂ ƚŚĞ ŽŵƉĂŶLJ ŚĂƐ ĂůǁĂLJƐ ĂƚƚĞŵƉƚĞĚ ƚŽ ĐĂƌƌLJ ŽƵƚ
ďĞƌƵƉĂLJĂ ŵĞůĂŬƵŬĂŶ ďĞƌďĂŐĂŝ ƉƌŽŐƌĂŵ ƚĂŶŐŐƵŶŐ ǀĂƌŝŽƵƐƐŽĐŝĂůƌĞƐƉŽŶƐŝďŝůŝƚLJƉƌŽŐƌĂŵƐ͘dŚŝƐƉƌŽŐƌĂŵ
ũĂǁĂďƐŽĂƐŝĂů͘WƌŽŐƌĂŵŝŶŝĚŝůĂŬƵŬĂŶŵĞůĂůƵŝŬĞŐŝĂƚĂŶ ŝƐĐĂƌƌŝĞĚŽƵƚƚŚƌŽƵŐŚďƵƐŝŶĞƐƐŽƉĞƌĂƚŝŽŶĂůĂĐƚŝǀŝƚŝĞƐ
ŽƉĞƌĂƐŝŽŶĂů ďŝƐŶŝƐ ĚĞŶŐĂŶ ŵĞŶĚĂƚĂŶŐŬĂŶ ŵĂŶĨĂĂƚ ďLJďƌŝŶŐŝŶŐŝŶĚŝƌĞĐƚďĞŶĞĨŝƚƐƚŽƚŚĞĐŽŵŵƵŶŝƚLJŝŶƚŚĞ
ƚŝĚĂŬ ůĂŶŐƐƵŶŐ ďĂŐŝ ŵĂƐLJĂƌĂŬĂƚ ƉĂĚĂ ǁŝůĂLJĂŚ ŽŵƉĂŶLJΖƐďƵƐŝŶĞƐƐŽƉĞƌĂƚŝŽŶĂůĂƌĞĂƐ͘/ŶŽƌŐĂŶŝnjŝŶŐ
ŽƉĞƌĂƐŝŽŶĂů ďŝƐŶŝƐ WĞƌƐĞƌŽĂŶ͘ ĂůĂŵ ƚŚŝƐ ƉƌŽŐƌĂŵ͕ ƚŚĞ ŽŵƉĂŶLJ ĐŽŶƚŝŶƵĞƐ ƚŽ ƐƚƌŝǀĞ ƚŽ
ŵĞŶLJĞůĞŶŐŐĂƌĂŬĂŶƉƌŽŐƌĂŵƚĞƌƐĞďƵƚWĞƌƐĞƌŽĂŶƚĞƌƵƐ ŝŶǀŽůǀĞ ƚŚĞ ůŽĐĂů ĐŽŵŵƵŶŝƚLJ͘ ĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞ
ďĞƌƵƉĂLJĂ ƵŶƚƵŬ ŵĞůŝďĂƚŬĂŶ ŵĂƐLJĂƌĂŬĂƚ ƐĞƚĞŵƉĂƚ͕ ŽŵƉĂŶLJ͕ ĐŽŵŵƵŶŝƚLJ ƉĂƌƚŝĐŝƉĂƚŝŽŶ ŝŶ ƚŚŝƐ ƐŽĐŝĂů
ŵĞŶƵƌƵƚ WĞƌƐĞƌŽĂŶ ĚĞŶŐĂŶ ƉĂƌƚŝƐŝƉĂƐŝ ŵĂƐLJĂƌĂŬĂƚ ƌĞƐƉŽŶƐŝďŝůŝƚLJ ;^ZͿ ƉƌŽŐƌĂŵ ǁŝůů ŚĂǀĞ Ă ƉŽƐŝƚŝǀĞ
ĚĂůĂŵ ƉƌŽŐƌĂŵ ƚĂŶŐŐƵŶŐ ũĂǁĂď ƐŽƐŝĂů ;ĐƐƌͿ ŝŶŝ ĂŬĂŶ ŝŵƉĂĐƚŽŶƚŚĞĐŽŵŵƵŶŝƚLJĂŶĚƚŚĞĐŽŵƉĂŶLJ͘/ŶƚŚĞ
ŵĞŵďĞƌŝŬĂŶĚĂŵƉĂŬƉŽƐŝƚŝĨďĂŐŝŵĂƐLJĂƌĂŬĂƚĚĂŶďĂŐŝ ƌĞƉŽƌƚŝŶŐ LJĞĂƌ ƚŚĞ ŽŵƉĂŶLJ ŚĂĚ ϳϰϲ ĞŵƉůŽLJĞĞƐ
ƉĞƌƵƐĂŚĂĂŶ͘ WĂĚĂ ƚĂŚƵŶ ƉĞůĂƉŽƌĂŶ WĞƌƐĞƌŽĂŶ ǁŝƚŚϮϯ͘ϲйŽĨůŽĐĂůǁŽƌŬĞƌƐĂŶĚϳϲ͘ϭйŽĨǁŽƌŬĞƌƐ
ŵĞŵŝůŝŬŝ ŬĂƌLJĂǁĂŶ ƐĞďĂLJĂŬ ϳϰϲ ŬĂƌLJĂǁĂŶ ĚĞŶŐĂŶ ĨƌŽŵ ŽƵƚƐŝĚĞ ƚŚĞ ƌĞŐŝŽŶ͕ ĂŶĚ Ϭ͘ϯй ŽĨ ĨŽƌĞŝŐŶ
ƚĞŶĂŐĂ ŬĞƌũĂ ůŽŬĂ ƐĞďĂLJĂŬ Ϯϯ͕ϲй ĚĂŶ ƚĞŶĂŐĂ ŬĞƌũĂ ǁŽƌŬĞƌƐ͘ ƉĂƌƚ ĨƌŽŵ ƚŚĂƚ͕ ƚŚĞ ŽŵƉĂŶLJ ĂůƐŽ
ďĞƌĂƐĂůĚĂƌŝůƵĂƌĚĂĞƌĂŚƐĞďĂŶLJĂŬϳϲ͕ϭй͕ƐĞƌƚĂƚĞŶĂŐĂ ƉƌŽǀŝĚĞƐŝŶĚŝƌĞĐƚďĞŶĞĨŝƚƐĨƌŽŵƚŚĞĞdžŝƐƚĞŶĐĞŽĨƚŚĞ
ŬĞƌũĂ ĂƐŝŶŐ ƐĞďĂLJĂŬ Ϭ͕ϯй͘ ^ĞůĂŝŶ ŝƚƵ͕ WĞƌƐĞƌŽĂŶ ũƵŐĂ ŽŵƉĂŶLJΖƐ ďƵƐŝŶĞƐƐ ǁŝƚŚ Ă ^Z ƉƌŽŐƌĂŵ ǁŝƚŚ
ŵĞŵďĞƌŝŬĂŶŵĂŶĨĂĂƚƚŝĚĂŬůĂŶŐƐƵŶŐĚĂƌŝŬĞďĞƌĂĚĂĂŶ ĂĐƚŝǀŝƚLJŝŵƉůĞŵĞŶƚĂƚŝŽŶĐŽƐƚƐŽĨ/ZϯϱϲŵŝůůŝŽŶĨŽƌ
ďŝƐŶŝƐ WĞƌƐĞƌŽĂŶ ĚĞŶŐĂŶ ƉƌŽŐƌĂŵ ĐƐƌ ĚĞŶŐĂŶ ďŝĂLJĂ ƚŚĞƌĞƉŽƌƚŝŶŐLJĞĂƌǁŝƚŚƚŚĞĨŽůůŽǁŝŶŐĚĞƚĂŝůƐ͗
ƉĞůĂŬƐĂŶĂĂŶŬĞŐŝĂƚĂŶƐĞďĞƐĂƌZƉϯϱϲũƵƚĂƵŶƚƵŬƚĂŚƵŶ
ƉĞůĂƉŽƌĂŶĚĞŶŐĂŶƌŝŶĐŝĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
dĂďĞůWĞŶLJĂůƵƌĂŶŝĂLJĂWƌŽŐƌĂŵ^ZϮϬϮϮ
dĂďůĞŽĨŝƐƚƌŝďƵƚŝŽŶŽĨϮϬϮϯ^ZWƌŽŐƌĂŵŽƐƚƐ
EŽ͘ ŝĚĂŶŐWĞŶLJĂůƵƌĂŶ :ƵŵůĂŚWĞŶLJĂůƵƌĂŶĂŶĂ;ZƉͿ
ŝƐƚƌŝďƵƚŝŽŶ&ŝĞůĚ dŽƚĂůŝƐďƵƌƐĞŵĞŶƚŽĨ&ƵŶĚƐ;/ZͿ
ϭ͘ ^ŽƐŝĂů<ĞŵĂƐLJĂƌĂŬĂƚĂŶͮ^ŽĐŝĂů^ŽĐŝĞƚLJ ϭϰ͘Ϯϵϱ͘ϮϬϬ
Ϯ͘ >ŝŶŐŬƵŶŐĂŶͮ ŶǀŝƌŽŶŵĞŶƚ ϯϰϮ͘ϭϴϭ͘ϬϬϬ
<ŝŶĞƌũĂ>ŝŶŐŬƵŶŐĂŶ
ŶǀŝƌŽŶŵĞŶƚĂůWĞƌĨŽƌŵĂŶĐĞ
;WK:<ϭϱ͘͘ϲ͘Ě͘ĞͿ;^ K:<ϭϲ͘&͘ϰͲ&͘ϭϯͿ
<ĞƌƵƐĂŬĂŶ ůŝŶŐŬƵŶŐĂŶ ŵĞŶũĂĚŝ ŝƐƵ LJĂŶŐ ƐƵĚĂŚ ůĂŵĂ ŶǀŝƌŽŶŵĞŶƚĂůĚĂŵĂŐĞŝƐĂŶŝƐƐƵĞƚŚĂƚŚĂƐůŽŶŐďĞĞŶ
ĚŝĂůĂŵŝ ŽůĞŚ /ŶĚŽŶĞƐŝĂ͘ WĞŶĐĞŵĂƌĂŶ ƵĚĂƌĂ ĂƚĂƵ ĞdžƉĞƌŝĞŶĐĞĚďLJ/ŶĚŽŶĞƐŝĂ͘ŝƌƉŽůůƵƚŝŽŶŽƌĐŚĂŶŐĞƐŝŶ
ƉĞƌƵďĂŚĂŶ ƐĂůĂŚ ƐĂƚƵ ŬŽŵƉŽƐŝƐŝ ƵĚĂƌĂ ĚĂƌŝ ŬĞĂĚĂĂŶ ŽŶĞ ŽĨ ƚŚĞ Ăŝƌ ĐŽŵƉŽƐŝƚŝŽŶƐ ĨƌŽŵ ŶŽƌŵĂů ĐŽŶĚŝƚŝŽŶƐ͕
ŶŽƌŵĂů͕ ŵĞŶŐĂŬŝďĂƚŬĂŶ ƚĞƌũĂĚŝŶLJĂ ƉĞƌƵďĂŚĂŶ ƐƵŚƵ ƌĞƐƵůƚƐŝŶĐŚĂŶŐĞƐŝŶƚĞŵƉĞƌĂƚƵƌĞŝŶŚƵŵĂŶůŝĨĞ͘ƉĂƌƚ
ĚĂůĂŵ ŬĞŚŝĚƵƉĂŶ ŵĂŶƵƐŝĂ͘ ^ĞůĂŝŶ ŝƚƵ͕ ƚĞƌĚĂƉĂƚ ũƵŐĂ ĨƌŽŵ ƚŚĂƚ͕ ƚŚĞƌĞ ĂƌĞ ĂůƐŽ ŶĂƚƵƌĂů ĚŝƐĂƐƚĞƌƐ͕ ƐƵĐŚ ĂƐ
ďĞŶĐĂŶĂ ĂůĂŵ͕ ƐĞƉĞƌƚŝ ŬĞŬĞƌŝŶŐĂŶ͕ ďĂŶũŝƌ͕ ďĂĚĂŝ͕ ĚƌŽƵŐŚƚƐ͕ ĨůŽŽĚƐ͕ ƐƚŽƌŵƐ͕ ĨŽƌĞƐƚ ĨŝƌĞƐ͕ ůĂŶĚƐůŝĚĞƐ͕
ŬĞďĂŬĂŶŚƵƚĂŶ͕ůŽŶŐƐŽƌ͕ŐĞŵƉĂĚĂŶďĞƌďĂŐĂŝďĞŶĐĂŶĂ ĞĂƌƚŚƋƵĂŬĞƐĂŶĚǀĂƌŝŽƵƐŽƚŚĞƌĚŝƐĂƐƚĞƌƐ͘dŚĞŽŵƉĂŶLJ
ůĂŝŶŶLJĂ͘ ,Ăů ƚĞƌƐĞďƵƚ WĞƌƐĞƌŽĂŶ ŵĞŵĂŚĂŵŝ ďĂŚǁĂ ƵŶĚĞƌƐƚĂŶĚƐ ƚŚĂƚ ƚŚĞ ŽƉĞƌĂƚŝŽŶĂů ĂĐƚŝǀŝƚŝĞƐ ŝƚ ĐĂƌƌŝĞƐ
ŬĞŐŝĂƚĂŶ ŽƉĞƌĂƐŝŽŶĂů LJĂŶŐ ĚŝũĂůĂŶŬĂŶ ĚĂƉĂƚ ŽƵƚŚĂǀĞƚŚĞƉŽƚĞŶƚŝĂůƚŽŚĂǀĞĂŶĞŐĂƚŝǀĞŝŵƉĂĐƚŽŶ
ďĞƌƉŽƚĞŶƐŝ ŵĞŶŝŵďƵůŬĂŶ ĚĂŵƉĂŬ ŶĞŐĂƌŝĨ ƚĞƌŚĂĚĂƉ ƚŚĞĞŶǀŝƌŽŶŵĞŶƚ͘ĞĂƌŝŶŐŝŶŵŝŶĚƚŚĂƚĞŶǀŝƌŽŶŵĞŶƚĂů
ůŝŶŐŬƵŶŐĂŶ͘ DĞŶŐŝŶŐĂƚ ĂƐƉĞŬ ůŝŶŐŬƵŶŐĂŶ ŚŝĚƵƉ ĚĂŶ ĂŶĚƐŽĐŝĂůĂƐƉĞĐƚƐĂƌĞŝŶƐĞƉĂƌĂďůĞĨƌŽŵƚŚĞŽŵƉĂŶLJΖƐ
ůŝŶŐŬƵŶŐĂŶƐŽƐŝĂůŵĞƌƵƉĂŬĂŶŚĂůLJĂŶŐƚĂŬƚĞƌƉŝƐĂŚŬĂŶ ŽƉĞƌĂƚŝŽŶĂů ĂĐƚŝǀŝƚŝĞƐ ĂƐ Ă ǀĞŚŝĐůĞ ƌĞŶƚĂů ƐĞƌǀŝĐĞ ƚŚĂƚ
ĚĂƌŝŬĞŐŝĂƚĂŶŽƉĞƌĂƐŝŽŶĂůWĞƌƐĞƌŽĂŶƐĞďĂŐĂŝũĂƐĂƐĞǁĂ Ɛƚŝůů ƵƐĞƐ ƉĞƚƌŽůĞƵŵ ĨƵĞů͘ dŚŝƐ ƐŝƚƵĂƚŝŽŶ ŝƐ ĚŝĨĨŝĐƵůƚ ƚŽ
ŵĞLJĞǁĂŬĞŶĚĂƌĂĂŶLJĂŶŐŵĂƐŝŚŵĞŶŐŐƵŶĂŬĂŶďĂŚĂŶ ĚĞŶLJ ƚŚĂƚ ĨƵĞů ĐƵƌƌĞŶƚůLJ Ɛƚŝůů ĚŽŵŝŶĂƚĞƐ ĂƐ ĂŶ ĞŶĞƌŐLJ
ďĂŬĂƌďĞƌƵƉĂŵŝŶLJĂŬďƵŵŝ͘<ĞĂĚĂĂŶŝŶŝƐƵůŝƚĚŝƉƵŶŐŬŝƌŝ ƐŽƵƌĐĞƚŽĚƌŝǀĞŵĂĐŚŝŶĞƐŝŶǀĂƌŝŽƵƐŝŶĚƵƐƚƌŝĂůƐĞĐƚŽƌƐ͕
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ďĂŚǁĂ ďĂŚĂŶ ďĂŬĂƌ ƐĂĂƚ ŝŶŝ ŵĂƐŝŚ ŵĞŶĚŽŵŝŶĂƐŝ ĂŶĚƚŽƉŽǁĞƌǀĂƌŝŽƵƐƚLJƉĞƐŽĨƚƌĂŶƐƉŽƌƚĂƚŝŽŶŵŽĚĞƐ͕
ƐĞďĂŐĂŝ ƐƵŵďĞƌ ĞŶĞƌŐŝ ƵŶƚƵŬ ŵĞŶŐŐĞƌĂŬŬĂŶ ŵĞƐŝŶ ƐƵĐŚ ĂƐ ƚŚĞ ǀĞŚŝĐůĞƐ ƵƐĞĚ ďLJ ƚŚĞ ŽŵƉĂŶLJ ŝŶ ŝƚƐ
ĚŝďĞƌďĂŐĂŝ ƐĞŬƚŽƌ ŝŶĚƵƐƚƌŝ͕ ĚĂŶ ŵĞŶŐŐĞƌĂŬŬĂŶ ďƵƐŝŶĞƐƐ ŽƉĞƌĂƚŝŽŶƐ͘ /Ŷ ĨĂĐŝŶŐ ƉƌĞƐƐƵƌĞ ƚŽ ƌĞĚƵĐĞ
ďĞƌďĂŐĂŝ ũĞŶŝƐ ŵŽĚĂ ĂŶŐŬƵƚĂŶ͕ ƐĞƉĞƌƚŝ ŬĞŶĚĂƌĂŶͲ ŶĞŐĂƚŝǀĞ ŝŵƉĂĐƚƐ ŽŶ ƚŚĞ ĞŶǀŝƌŽŶŵĞŶƚ͕ ƚŚĞ ŽŵƉĂŶLJ
ŬĞŶĚĂƌĂĂŶ LJĂŶŐ ĚŝŐƵŶĂŬĂŶ WĞƌƐĞƌŽĂŶ ĚĂůĂŵ ŽƉĞƌĂƐŝ ĂůƐŽ ŵĂŝŶƚĂŝŶƐ ĞŶǀŝƌŽŶŵĞŶƚĂů ƐƵƐƚĂŝŶĂďŝůŝƚLJ ďLJ
ďŝƐŶŝƐŶLJĂ͘ ĂůĂŵ ŵĞŶŐŚĂĚĂƉŝ ƚĞŬĂŶĂŶ ƵŶƚƵŬ ŝŵƉůĞŵĞŶƚŝŶŐ ŐŽǀĞƌŶŵĞŶƚ ĞĨĨŽƌƚƐ ƚŽ ƌĞĚƵĐĞ 'ƌĞĞŶ
ŵĞŶŐƵƌĂŶŐŝ ĚĂŵƉĂŬ ŶĞŐĂƚŝĨ ƚĞƌŚĂĚĂƉ ůŝŶŐŬƵŶŐĂŶ ,ŽƵƐĞ'ĂƐ;','ͿĞŵŝƐƐŝŽŶƐ͘dŚĞƌĞĨŽƌĞ͕ƚŚĞŽŵƉĂŶLJ
WĞƌƐĞƌŽĂŶ ƚƵƌƵƚ ŵĞŶũĂŐĂ ŬĞůĞƐƚĂƌŝĂŶ ůŝŶŐŬƵŶŐĂŶ ĂůǁĂLJƐƐƚƌŝǀĞƐƚŽŝŶĐƌĞĂƐĞƚŚĞĐĂƌƌLJŝŶŐĐĂƉĂĐŝƚLJŽĨƚŚĞ
ĚĞŶŐĂŶ ŵĞŶŐŝŵƉůĞŵĞŶƚĂƐŝŬĂŶ ƵƉĂLJĂ ƉĞŵĞƌŝŶƚĂŚ ĞŶǀŝƌŽŶŵĞŶƚ ďLJ ĐĂƌƌLJŝŶŐ ŽƵƚ ĞŶǀŝƌŽŶŵĞŶƚĂů
ƵŶƚƵŬŵĞƵƌƵŶŬĂŶĞŵŝƐŝ'ĂƐZƵŵĂŚ<ĂĐĂ;'Z<Ϳ͘KůĞŚ ŵĂŶĂŐĞŵĞŶƚ ĞĨĨŽƌƚƐ ĂŶĚ ĞŶǀŝƌŽŶŵĞŶƚĂů ŵŽŶŝƚŽƌŝŶŐ
ŬĂƌĞŶĂ ŝƚƵ͕ WĞƌƐĞƌŽĂŶ ƐĞŶĂŶƚŝĂƐĂ ďĞƌƵƉĂLJĂ ƵŶƚƵŬ ĞĨĨŽƌƚƐ͘/ƚĚŽĞƐŶΖƚƐƚŽƉƚŚĞƌĞ͕ƚŚĞŽŵƉĂŶLJŝŵƉůĞŵĞŶƚƐ
ŵĞŶŝŶŐŬĂƚŬĂŶ ĚĂLJĂ ĚƵŬƵŶŐ ůŝŶŐŬƵŶŐĂŶ ĚĞŶŐĂŶ ĞŶǀŝƌŽŶŵĞŶƚĂůůLJ ĨƌŝĞŶĚůLJ ĂŶĚ ƌĞƐƉŽŶƐŝďůĞ ĂĐƚŝǀŝƚŝĞƐ
ŵĞůĂŬƵŬĂŶƵĂƉĂLJĂƉĞŶŐĞůŽůĂĂŶůŝŶŐŬƵŶŐĂŶŚŝĚƵƉĚĂŶ ĐĂƌƌŝĞĚ ŽƵƚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ĂƉƉůŝĐĂďůĞ
ƵƉĂLJĂ ƉĞŵĂŶƚĂƵĂŶ ůŝŶŐŬƵŶŐĂŶ ŚŝĚƵƉ͘ dŝĚĂŬ ĐƵŬƵƉ ĞŶǀŝƌŽŶŵĞŶƚĂůƌĞŐƵůĂƚŝŽŶƐ͘dŚĞŽŵƉĂŶLJĂůƐŽĐĂƌƌŝĞƐ
ƐĂŵƉĂŝ ĚŝƐŝƚƵ͕ WĞƌƐĞƌŽĂŶ ŵĞŶĞƌĂƉŬĂŶ ŬĞŐŝĂƚĂŶ LJĂŶŐ ŽƵƚ ĞŶǀŝƌŽŶŵĞŶƚĂů ƌŝƐŬ ůŝƚŝŐĂƚŝŽŶ ǁŝƚŚ ǀĂƌŝŽƵƐ
ƌĂŵĂůŝŶŐŬƵŶŐĂŶĚĂŶďĞƌƚĂŶŐŐƵŶŐũĂǁĂďĚŝůĂŬƐĂŶĂŬĂŶ ƉƌŽŐƌĂŵƐ ƚŚĂƚ ĂƌĞ ŝŶ ůŝŶĞ ǁŝƚŚ ƚŚĞ ^ƵƐƚĂŝŶĂďůĞ
ƐĞƐƵĂŝ ĚĞŶŐĂŶ ƌĞŐƵůĂƐŝ ůŝŶŐŬƵŶŐĂŶ LJĂŶŐ ďĞƌůĂŬƵ͘ ĞǀĞůŽƉŵĞŶƚ'ŽĂůƐ;^'Ϳ͘
WĞƌƐĞƌŽĂŶ ũƵŐĂ ŵĞůĂŬƵŬĂŶ͕ ůŝƚŝŐĂƐŝ ƌŝƐŝŬŽ ůŝŶŐŬƵŶŐĂŶ ;'Z/ϯͲϯͿ
ĚĞŶŐĂŶďĞƌďĂŐĂŝƉƌŽŐƌĂŵLJĂŶŐƐĞũĂůĂŶĚĞŶŐĂŶdƵũƵĂŶ
WĞŵďĂŶŐƵŶĂŶĞƌŬĞůĂŶũƵƚĂŶ;dWͿ͘
;'Z/ϯͲϯͿ
^ŝƐƚĞŵDĂŶĂũĞŵĞŶ>ŝŶŐŬƵŶŐĂŶ ŶǀŝƌŽŶŵĞŶƚĂůDĂŶĂŐĞŵĞŶƚ^LJƐƚĞŵ
;'Z/ϮͲϮϱͿ ;'Z/ϮͲϮϱͿ
^ŝƐƚĞŵ ŵĂŶĂũĞŵĞŶ ůŝŶŐŬƵŶŐĂŶ ĂĚĂůĂŚ ƐŝƐƚĞŵ dŚĞ ĞŶǀŝƌŽŶŵĞŶƚĂů ŵĂŶĂŐĞŵĞŶƚ ƐLJƐƚĞŵ ŝƐ Ă
ŵĂŶĂũĞŵĞŶ LJĂŶŐ ďĞƌƚƵũƵĂŶ ƵŶƚƵŬ ŵĞŶŝŶŐŬĂƚŬĂŶ ŵĂŶĂŐĞŵĞŶƚ ƐLJƐƚĞŵ ƚŚĂƚ ĂŝŵƐ ƚŽ ŝŵƉƌŽǀĞ
ŬŝŶĞƌũĂ ůŝŶŐŬƵŶŐĂŶ ĚĂůĂŵ ŽƉĞƌĂƐŝŽŶĂů WĞƌƐĞƌŽĂŶ͘ ĞŶǀŝƌŽŶŵĞŶƚĂů ƉĞƌĨŽƌŵĂŶĐĞ ŝŶ ƚŚĞ ŽŵƉĂŶLJΖƐ
^ĞũĂůĂŶ ĚĞŶŐĂŶ ƉĞŶũĞůĂƐĂŶ ƉĂĚĂ ďĂŐŝĂŶ ŬŝŶĞƌũĂ ŽƉĞƌĂƚŝŽŶƐ͘ /Ŷ ůŝŶĞ ǁŝƚŚ ƚŚĞ ĞdžƉůĂŶĂƚŝŽŶ ŝŶ ƚŚĞ
ůŝŶŐŬƵŶŐĂŶ ĚŝĂƚĂƐ͕ WĞƌƐĞƌŽĂŶ ŵĞŶLJĂĚĂƌŝ ďĂŚǁĂ ĞŶǀŝƌŽŶŵĞŶƚĂů ƉĞƌĨŽƌŵĂŶĐĞ ƐĞĐƚŝŽŶ ĂďŽǀĞ͕ ƚŚĞ
ƉĞŵĂŶĨĂĂƚĂŶ ŬĞŐŝĂƚĂŶ ŽƉĞƌĂƐŝŽŶĂů ďĞƌƐĞŶƚƵŚĂŶ ŽŵƉĂŶLJƌĞĂůŝnjĞƐƚŚĂƚƚŚĞƵƐĞŽĨŽƉĞƌĂƚŝŽŶĂůĂĐƚŝǀŝƚŝĞƐ
ůĂŶŐƐƵŶŐ ĚĞŶŐĂŶ ĂůĂŵ͘ KůĞŚ ŬĂƌĞŶĂ ŝƚƵ͕ WĞƌƐĞƌŽĂŶ ŝƐ ŝŶ ĚŝƌĞĐƚ ĐŽŶƚĂĐƚ ǁŝƚŚ ŶĂƚƵƌĞ͘ dŚĞƌĞĨŽƌĞ͕ ƚŚĞ
ŵĞŶĞƌĂƉŬĂŶ ƐĞƌƚŝĨŝŬĂƚ /^K ϭϰϬϬϭ͗ϮϬϭϱ ^ŝƐƚĞŵ ŽŵƉĂŶLJ ŝŵƉůĞŵĞŶƚƐ ƚŚĞ /^K ϭϰϬϬϭ͗ϮϬϭϱ
DĂŶĂũĞŵĞŶ>ŝŶŐŬƵŶŐĂŶLJĂŶŐŵĞŶŐĂĐƵƉĂĚĂƌĞŐƵůĂƐŝ ŶǀŝƌŽŶŵĞŶƚĂůDĂŶĂŐĞŵĞŶƚ^LJƐƚĞŵĐĞƌƚŝĨŝĐĂƚĞǁŚŝĐŚ
LJĂŶŐ ďĞƌůĂŬƵ ƵŶƚƵŬ ŵĞŵĂƐƚŝŬĂŶ ƉĞŶŐĞůŽůĂŚĂŶ ƌĞĨĞƌƐ ƚŽ ĂƉƉůŝĐĂďůĞ ƌĞŐƵůĂƚŝŽŶƐ ƚŽ ĞŶƐƵƌĞ ƐƵƉĞƌŝŽƌ
ůŝŶŐŬƵŶŐĂŶƚĂŶŐƵŶŐŐƵů͘WĞƌƐĞƌŽĂŶŵĞŶLJĂŬŝŶĚĞŶŐĂŶ ĞŶǀŝƌŽŶŵĞŶƚĂů ŵĂŶĂŐĞŵĞŶƚ͘ dŚĞ ŽŵƉĂŶLJ ďĞůŝĞǀĞƐ
ŵĞŶŐĂĚŽƉƐŝ ƐĞƌƚŝĨŝŬĂƚ /^K ϭϰϬϬϭ͗ϮϬϭϱ ^ŝƐƚĞŵ ƚŚĂƚ ďLJ ĂĚŽƉƚŝŶŐ ƚŚĞ /^K ϭϰϬϬϭ͗ϮϬϭϱ ŶǀŝƌŽŶŵĞŶƚĂů
DĂŶĂũĞŵĞŶ>ŝŶŐŬƵŶŐĂŶŝŶŝĚĂƉĂƚŵĞŶŝŶŐŬĂƚŬĂŶĐŝƚƌĂ DĂŶĂŐĞŵĞŶƚ ^LJƐƚĞŵ ĐĞƌƚŝĨŝĐĂƚĞ ŝƚ ĐĂŶ ŝŵƉƌŽǀĞ ƚŚĞ
WĞƌƐĞƌŽĂŶ ĚĞŶŐĂŶ ƉĞůĂŶŐŐĂŶ ĚĂŶ ůŝŶŐŬƵŶŐĂŶ ƐĞŬŝƚĂƌ ŽŵƉĂŶLJΖƐŝŵĂŐĞǁŝƚŚĐƵƐƚŽŵĞƌƐĂŶĚƚŚĞĞŶǀŝƌŽŶŵĞŶƚ
ŽƉĞƌĂƐŝ WĞƌƐĞƌŽĂŶ͕ ƐĞƌƚĂ ŵĞŵďĞƌŝŬĂŶ ŬĞƵŶŐŐƵůĂŶ ĂƌŽƵŶĚƚŚĞŽŵƉĂŶLJΖƐŽƉĞƌĂƚŝŽŶƐ͕ĂƐǁĞůůĂƐƉƌŽǀŝĚĞĂ
ŬŽŵƉĞƚŝƚŝĨŵĞůĂůƵŝĞĨŝƐŝĞŶƐŝĚĂŶƉĞŶŐƵƌƵƐĂŶďŝĂLJĂ͘ ĐŽŵƉĞƚŝƚŝǀĞ ĂĚǀĂŶƚĂŐĞ ƚŚƌŽƵŐŚ ĞĨĨŝĐŝĞŶĐLJ ĂŶĚ ĐŽƐƚ
ŵĂŶĂŐĞŵĞŶƚ͘
^ĞƌĂŶŐŬĂŝĂŶ ƉƌŽƐĞƐ ĚĂŶ ƉƌŽƐĞĚƵƌ LJĂŶŐ ƐĞƌŝĞƐ ŽĨ ƉƌŽĐĞƐƐĞƐ ĂŶĚ ƉƌŽĐĞĚƵƌĞƐ ƚŚĂƚ ŝĚĞŶƚŝĨLJ
ŵĞŶŐŝĚĞŶƚŝĨŝŬĂƐŝ ƉŽƚĞŶƐŝ ďĂŚĂLJĂ ƉĂĚĂ ůŝŶŐŬƵŶŐĂŶ ƉŽƚĞŶƚŝĂůŚĂnjĂƌĚƐŝŶƚŚĞǁŽƌŬĞŶǀŝƌŽŶŵĞŶƚďLJĞŶƐƵƌŝŶŐ
ŬĞƌũĂ ĚĞŶŐĂŶ ŵĞŵĂƐƚŝŬĂŶ ůŝŶŐŬƵŶŐĂŶ ŬĞƌũĂ ƚĞƚĂƉ ƚŚĞǁŽƌŬĞŶǀŝƌŽŶŵĞŶƚƌĞŵĂŝŶƐĐŽŵĨŽƌƚĂďůĞ͕ƐĂĨĞĂŶĚ
ƚĞƌũĂŐĂ ĚĞŶŐĂŶ ŶLJĂŵĂŶ͕ ĂŵĂŶ͕ ĚĂŶ ƚĞƌŬĞŶĚĂůŝ͕ ƐĞƌƚĂ ĐŽŶƚƌŽůůĞĚ͕ ĂƐ ǁĞůů ĂƐ ĞŶƐƵƌŝŶŐ ƚŚĂƚ ĞŶǀŝƌŽŶŵĞŶƚĂů͕
ŵĞŵĂƐƚŝŬĂŶƚĂƌŐĞƚŬŝŶĞƌũĂůŝŶŐŬƵŶŐĂŶ͕ƐŽƐŝĂů͕ĚĂŶƚĂƚĂ ƐŽĐŝĂů ĂŶĚ ŐŽǀĞƌŶĂŶĐĞ ƉĞƌĨŽƌŵĂŶĐĞ ƚĂƌŐĞƚƐ ĐĂŶ ďĞ
ŬĞůŽůĂĚĂƉĂƚĚŝĐĂƉĂŝ͕WĞƌƐĞƌŽĂŶŵĞŵŝůŝŬŝĚĞƉĂƌƚĞŵĞŶ ĂĐŚŝĞǀĞĚ͘ dŚĞ ŽŵƉĂŶLJ ŚĂƐ Ă ,ĞĂůƚŚ͕ ^ĂĨĞƚLJ͕
,ĞĂůƚŚ͕ ^ĂĨĞƚLJ͕ ŶǀŝƌŽŶŵĞŶƚ ;,^ Ϳ͘ WĞƌƐĞƌŽĂŶ ũƵŐĂ ŶǀŝƌŽŶŵĞŶƚ ;,^ Ϳ ĚĞƉĂƌƚŵĞŶƚ ͘ dŚĞ ĐŽŵƉĂŶLJ ĂůƐŽ
ƚĞƌƵƐŵĞůĂŬƵŬĂŶĞǀĂůƵĂƐŝŐƵŶĂŵĞŵĂƐƚŝŬĂŶƉĞƌďĂŝŬĂŶ ĐŽŶƚŝŶƵĞƐ ƚŽ ĐĂƌƌLJ ŽƵƚ ĞǀĂůƵĂƚŝŽŶƐ ƚŽ ĞŶƐƵƌĞ
ďĞƌŬĞůĂŶũƵƚĂŶ͘WĞƌƐĞƌŽĂŶƚĞƌƵƐŵĞŵĂƐƚŝŬĂŶƉĞƌďĂŝŬĂŶ ĐŽŶƚŝŶƵŽƵƐ ŝŵƉƌŽǀĞŵĞŶƚ͘ dŚĞ ŽŵƉĂŶLJ ĐŽŶƚŝŶƵĞƐ ƚŽ
ďĞƌŬĞůĂŶũƵƚĂŶĚĞŶŐĂŶƉƌŽŐƌĂŵŝŶŽǀĂƐŝƐĞŚŝŶŐŐĂƚĞƚĂƉ ĞŶƐƵƌĞ ĐŽŶƚŝŶƵŽƵƐ ŝŵƉƌŽǀĞŵĞŶƚ ǁŝƚŚ ŝŶŶŽǀĂƚŝŽŶ
ŵĞŶũĂŐĂ ŬĞůĞƐƚĂƌŝĂŶ ůŝŶŐŬƵŶŐĂŶ ƐĞďĂŐĂŝ ďĞŶƚƵŬ ƉƌŽŐƌĂŵƐ ƐŽ ƚŚĂƚ ŝƚ ŵĂŝŶƚĂŝŶƐ ĞŶǀŝƌŽŶŵĞŶƚĂů
ŬŽŵŝƚŵĞŶĚƵŬƵŶŐĂŶƉĂĚĂƵƉĂLJĂĂĚĂƉƚĂƐŝĚĂŶŵŝƚŝŐĂƐŝ ƐƵƐƚĂŝŶĂďŝůŝƚLJ ĂƐ Ă ĨŽƌŵ ŽĨ ĐŽŵŵŝƚŵĞŶƚ ƚŽ ƐƵƉƉŽƌƚ
ĚĂŵƉĂŬ ƉĞƌƵďĂŚĂŶ ŝŬůŝŵ͘ hŶƚƵŬ ŝƚƵ WĞƌƐĞƌŽĂŶ ĞĨĨŽƌƚƐ ƚŽ ĂĚĂƉƚ ĂŶĚ ŵŝƚŝŐĂƚĞ ƚŚĞŝŵƉĂĐƚƐ ŽĨ ĐůŝŵĂƚĞ
ďĞƌƵƉĂLJĂ ŵĞŶĐŝƉƚĂŬĂŶ ŬĞůĞƐƚĂƌŝĂŶ ůŝŶŐŬƵŶŐĂŶ ĚĂůĂŵ ĐŚĂŶŐĞ͘&ŽƌƚŚŝƐƌĞĂƐŽŶ͕ƚŚĞŽŵƉĂŶLJƐƚƌŝǀĞƐƚŽĐƌĞĂƚĞ
ŽƉĞƌĂƐŝŽŶĂů ďŝƐŶŝƐ ĚĞŶŐĂŶ ŵŝƐŝ͕ ƚĂƌŐĞƚ ĚĂŶ ƐƚƌĂƚĞŐŝ ĞŶǀŝƌŽŶŵĞŶƚĂů ƐƵƐƚĂŝŶĂďŝůŝƚLJ ŝŶ ďƵƐŝŶĞƐƐ ŽƉĞƌĂƚŝŽŶƐ
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LJĂŶŐ ĚŝŚĂƌĂƉĂŬĂŶ ƚƵƌƵƚ ŵĞǁƵũƵĚŬĂŶ ŬĞůĞƐƚĂƌŝĂŶ ǁŝƚŚŵŝƐƐŝŽŶƐ͕ƚĂƌŐĞƚƐĂŶĚƐƚƌĂƚĞŐŝĞƐƚŚĂƚĂƌĞĞdžƉĞĐƚĞĚ
ůŝŶŐŬƵŶŐĂŶ͘ ƚŽŚĞůƉƌĞĂůŝnjĞĞŶǀŝƌŽŶŵĞŶƚĂůƐƵƐƚĂŝŶĂďŝůŝƚLJ͘
DŝƐŝDĂŶĂũĞŵĞŶ>ŝŶŐŬƵŶŐĂŶ dĂƌŐĞƚDĂŶĂũĞŵĞŶ>ŝŶŐŬƵŶŐĂŶ ^ƚƌĂƚĞŐŝ
ŶǀŝƌŽŶŵĞŶƚĂůDĂŶĂŐĞŵĞŶƚDŝƐƐŝŽŶ ŶǀŝƌŽŶŵĞŶƚĂůDĂŶĂŐĞŵĞŶƚdĂƌŐĞƚ ^ƚƌĂƚĞŐLJ
• DĞŶĐĞŐĂŚ͕ ŵĞŵŝŶŝŵĂůŬĂŶ ĚĂŶ ŵĞͲ • WĞŵĞŶƵŚĂŶ ƐƚĂŶĚĂƌ ďĂŬƵ ŵƵƚƵ • WĞŶŐƵĂƚĂŶ ĚĂŶ ƉĞŶŝŶŐŬĂƚĂŶ ŬĂƉĂƐŝƚĂƐ
ŶŐĞůŽůĂ ĚĂŵƉĂŬ ƚĞƌŚĂĚĂƉ ůŝŶŐŬƵŶŐĂŶ ŬƵĂůŝƚĂƐ Ăŝƌ ůŝŵďĂŚ ͮ &ƵůĨŝůůŵĞŶƚ ŽĨ ^D ͮ ^ƚƌĞŶŐƚŚĞŶŝŶŐ ĂŶĚ ŝŶĐƌĞĂƐŝŶŐ
ͮ WƌĞǀĞŶƚ͕ ŵŝŶŝŵŝnjĞ ĂŶĚ ŵĂŶĂŐĞ ǁĂƐƚĞǁĂƚĞƌƋƵĂůŝƚLJƐƚĂŶĚĂƌĚƐ ŚƵŵĂŶƌĞƐŽƵƌĐĞĐĂƉĂĐŝƚLJ
• WĞŵĞŶƵŚĂŶƐƚĂŶĚĂƌďĂŬƵŵƵƚƵĞŵŝƐŝ
ŝŵƉĂĐƚƐŽŶƚŚĞĞŶǀŝƌŽŶŵĞŶƚ • WĞŵĂŶƚĂƵĂŶ ŬƵĂůŝƚĂƐ ůŝŶŐŬƵŶŐĂŶ ƐĞͲ
ƵĚĂƌĂͮŽŵƉůŝĂŶĐĞǁŝƚŚĂŝƌĞŵŝƐƐŝŽŶ
• DĞŶŐƵƉĂLJĂŬĂŶ ƉĞůĞƐƚĂƌŝĂŶ ƐƵŵďĞƌ ĐĂƌĂ ďĞƌŬĞƐŝŶĂŵďƵŶŐĂŶͮ ŽŶƚŝŶƵŽƵƐ
ƋƵĂůŝƚLJƐƚĂŶĚĂƌĚƐ
ĚĂLJĂĂůĂŵͮ^ƚƌŝǀĞƚŽĐŽŶƐĞƌǀĞŶĂƚƵƌĂů ŵŽŶŝƚŽƌŝŶŐŽĨĞŶͲǀŝƌŽŶŵĞŶƚĂůƋƵĂůŝƚLJ
• ϭϬϬй ůŝŵďĂŚ ϯ ƚĞƌŬĞůŽůĂ ƐĞƐƵĂŝ
ƌĞƐŽƵƌĐĞƐ • WĞŶŝŶŐŬĂƚĂŶ ŬƵĂůŝƚĂƐĂ ĚĂŶ ǀĂůŝĚŝƚŝĞƐ
ƉĞƌĂƚƵƌĂŶͮ ϭϬϬй ŽĨ ϯ ǁĂƐƚĞ ŝƐ
ĚĂƚĂůŝŶŐŬƵŶŐĂŶͮ/ŵƉƌŽǀŝŶŐƚŚĞƋƵĂůŝƚLJ
ŵĂŶĂŐĞĚĂĐĐŽƌĚŝŶŐƚŽƌĞŐƵůĂƚŝŽŶƐ
ĂŶĚǀĂůŝĚŝƚLJŽĨĞŶǀŝƌŽŶŵĞŶƚĂůĚĂƚĂ
• <ŽŶƐĞƌǀĂƐŝ ĚĂŶ ƉĞƌůŝŶĚƵŶŐĂŶ
• ǀĂůƵĂƐŝ ŬŝŶĞƌũĂ ŚĂƐŝů ƉĞŵĂŶƚĂƵĂŶ
ůŝŶŐŬƵŶŐĂŶ ͮ ŶǀŝƌŽŶŵĞŶƚĂů
ŬƵĂůŝƚĂƐ ůŝŶŐŬƵŶŐĂŶ ͮ WĞƌĨŽƌŵĂŶĐĞ
ĐŽŶƐĞƌǀĂƚŝŽŶĂŶĚƉƌŽͲƚĞĐƚŝŽŶ
ĞǀĂůƵĂƚŝŽŶ ŽĨ ĞŶͲǀŝƌŽŶŵĞŶƚĂů ƋƵĂůŝƚLJ
• <ŽŶƐĞƌǀĂƐŝŬĞĂŶĞŐĂƌĂŐĂŵĂŶŚĂLJĂƚŝ ͮ
ŵŽŶŝƚŽƌŝŶŐƌĞͲƐƵůƚƐ
ŶǀŝƌŽŶŵĞŶƚĂůĐŽŶƐĞƌǀĂƚŝŽŶĂŶĚƉƌŽͲ
• WĞůĂŬƐĂŶĂĂŶ ƉĞŶŐĞůŽůĂĂŶ ůŝŶŐŬƵŶŐĂŶ
ƚĞĐƚŝŽŶ
ŵĞůĂůƵŝ ƉĞŶĚĞŬĂƚĂĂŶ ŬĞďĞƌůĂŶũƵƚĂŶ ͮ
WĞƌĨŽƌŵĂŶĐĞ ĞǀĂůƵĂƚŝŽŶ ŽĨ ĞŶͲ
ǀŝƌŽŶŵĞŶƚĂůƋƵĂůŝƚLJŵŽŶŝƚŽƌŝŶŐƌĞͲƐƵůƚƐ
hŶƚƵŬŵĞŶĐŝƉƚĂŬĂŶŬĞůĞƐƚĂƌŝĂŶůŝŶŐŬƵŶŐĂŶ͕WĞƌƐĞƌŽĂŶ dŽĐƌĞĂƚĞĞŶǀŝƌŽŶŵĞŶƚĂůƐƵƐƚĂŝŶĂďŝůŝƚLJ͕ƚŚĞŽŵƉĂŶLJ
ďĞƌƵƉĂLJĂ ƵŶƚƵŬ ŵĞŶĐŝƉƚĂŬĂŶ ďŝƐŶŝƐ LJĂŶŐ ƐƚƌŝǀĞƐ ƚŽ ĐƌĞĂƚĞ Ă ƐƵƐƚĂŝŶĂďůĞ ďƵƐŝŶĞƐƐ ďLJ ƚĂŬŝŶŐ
ďĞƌŬĞůĂŶũƵƚĂŶĚĞŶŐĂŶƵƉĂLJĂŵĞůĂŬƵŬĂŶƚŝŶĚĂŬĂŶLJĂŶŐ ĂĐƚŝŽŶƐ ƚŚĂƚ ĐĂŶ ŵŝŶŝŵŝnjĞ ŶĞŐĂƚŝǀĞ ŝŵƉĂĐƚƐ ŽŶ ƚŚĞ
ĚĂƉĂƚ ŵĞŵŝŶŝŵĂůŝƐŝƌ ĚĂŵƉĂŬ ŶĞŐĂƚŝĨ ƚĞƌŚĂĚĂƉ ĞŶǀŝƌŽŶŵĞŶƚ ďLJ ŵĂŶĂŐŝŶŐ ĞŶĞƌŐLJ͕ ĞŵŝƐƐŝŽŶƐ͕ ǁĂƐƚĞ
ůŝŶŐŬƵŶŐĂŶĚĞŶŐĂŶƉĞŶŐĞůŽůĂŚĂŶĞŶĞƌŐŝ͕ĞŵŝƐŝ͕ůŝŵďĂŚ ĂŶĚ ǁĂƚĞƌ ƵƐĞ͘ ŶǀŝƌŽŶŵĞŶƚĂů ŵĂŶĂŐĞŵĞŶƚ ĞĨĨŽƌƚƐ
ĚĂŶƉĞŶŐŐƵŶĂĂŶĂŝƌ͘ hƉĂLJĂƉĞŶŐĞůŽůĂŚĂŶůŝŶŐŬƵŶŐĂŶ ĂŶĚ ĞŶǀŝƌŽŶŵĞŶƚĂů ŵŽŶŝƚŽƌŝŶŐ ĞĨĨŽƌƚƐ ǁŝƚŚŝŶ ƚŚĞ
ŚŝĚƵƉ ĚĂŶ ƵĂƉĂLJĂ ƉĞŵĂŶƚĂƵĂŶ ůŝŶŐŬƵŶŐĂŶ ŚŝĚƵƉ ŽŵƉĂŶLJΖƐ ŽƉĞƌĂƚŝŽŶĂů ĞŶǀŝƌŽŶŵĞŶƚ ŚĂǀĞ ďĞĞŶ
ĚĂůĂŵ ůŝŶŐŬƵŶŐĂŶ ŽƉĞƌĂƐŝ WĞƌƐĞƌŽĂŶ ƚĞůĂŚ ĚŝƐĞƚƵũƵŝ ĂƉƉƌŽǀĞĚ ďLJ ƚŚĞ ĂŝŬƉĂƉĂŶ ŝƚLJ ŐŽǀĞƌŶŵĞŶƚ͘
ŽůĞŚƉĞŵĞƌŝŶƚĂŚĂŶ<ŽƚĂĂŝŬƉĂƉĂŶ͘^ĞƉĂŶũĂŶŐƚĂŚƵŶ dŚƌŽƵŐŚŽƵƚ ƚŚĞ ƌĞƉŽƌƚŝŶŐ LJĞĂƌ͕ ƚŚĞ ŽŵƉĂŶLJ ǁĂƐ
ƉĞůĂƉŽƌĂŶ WĞƌƐĞƌŽĂŶ ƚŝĚĂŬ ƉĞƌŶĂŚ ĚŝŬĞŶĂŬĂŶ ĚĞŶĚĂ ŶĞǀĞƌ ƐƵďũĞĐƚ ƚŽ ĨŝŶĞƐ Žƌ ůĞŐĂů ƐĂŶĐƚŝŽŶƐ ĨŽƌ ŶŽŶͲ
ŵĂƵƉƵŶƐĂŶŬƐŝŚƵŬƵŵĂƚĂƐŬĞƚŝĚĂŬƉĂƚƵŚĂŶĞƚƌŚĂĚĂƉ ĐŽŵƉůŝĂŶĐĞǁŝƚŚƌĞŐƵůĂƚŝŽŶƐĂŶĚůĞŐŝƐůĂƚŝŽŶƌĞůĂƚĞĚƚŽ
ƉĞƌĂƚƵƌĂŶ ĚĂŶ ƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶ ƚĞƌŬĂŝƚ ĞŶǀŝƌŽŶŵĞŶƚĂů ŵĂŶĂŐĞŵĞŶƚ͘ ƉĂƌƚ ĨƌŽŵ ƚŚĂƚ͕ ƚŚĞ
ƉĞŶŐĞůŽůĂŚĂŶ ůŝŶŐŬƵŶŐĂŶ͘ ^ĞůĂŝ ŝƚƵ͕ WĞƌƐĞƌŽĂŶ ũƵŐĂ ŽŵƉĂŶLJŚĂƐŶĞǀĞƌƌĞĐĞŝǀĞĚƐŝŐŶŝĨŝĐĂŶƚĞŶǀŝƌŽŶŵĞŶƚĂů
ƚŝĚĂŬ ƉĞƌŶĂŚ ŵĞŶĞƌŝŵĂ ƉĞŶŐĂĚƵĂŶ ůŝŶŐŬƵŶŐĂŶ LJĂŶŐ ĐŽŵƉůĂŝŶƚƐ͘
ƐŝŐŶŝĨŝŶŬĂŶ͘
ŝĂLJĂ>ŝŶŐŬƵŶŐĂŶ,ŝĚƵƉ ŶǀŝƌŽŶŵĞŶƚĂůŽƐƚƐ
;WK:<͘ϱϭ͘͘ϲ͘Ě͘ϭͿ;^ K:<ϭϲ͘&͘ϰͿ ;WK:<͘ϱϭ͘͘ϲ͘Ě͘ϭͿ;^ K:<ϭϲ͘&͘ϰͿ
DĞŶLJĂĚĂƌŝ ƉĞŶŐĂƌƵŚ ůŝŶŐŬƵŶŐĂŶ LJĂŶŐ ĚŝĂŬŝďĂƚŬĂŶ ĞĂǁĂƌĞŽĨƚŚĞĞŶǀŝƌŽŶŵĞŶƚĂůŝŵƉĂĐƚƐĐĂƵƐĞĚďLJƚŚĞ
ŬĞŐŝĂƚĂŶŽƉĞƌĂƐŝŽŶĂůWĞƌƐĞƌŽĂŶŵĞŝŵďƵůŬĂŶĚĂŵƉĂŬ ŽŵƉĂŶLJΖƐ ŽƉĞƌĂƚŝŽŶĂů ĂĐƚŝǀŝƚŝĞƐ ǁŚŝĐŚ ŚĂǀĞ ĂŶ
ƚĞƌŚĂĚĂƉ ůŝŶŐŬƵŶŐĂŶ͘ ^ĞŚŝŶŐŐĂ ƉĞƌƐĞƌŽĂŶ ďĞƌƵƉĂLJĂ ŝŵƉĂĐƚŽŶƚŚĞĞŶǀŝƌŽŶŵĞŶƚ͘^ŽƚŚĞĐŽŵƉĂŶLJŝƐƚƌLJŝŶŐ
ŵĞůĂŬƵŬĂŶ ƉĞƌďĂŝŬĂŶ ůŝŶŐŬƵŶŐĂŶ ĚĞŶŐĂŶ ƚŽ ŝŵƉƌŽǀĞ ƚŚĞ ĞŶǀŝƌŽŶŵĞŶƚ ďLJ ƉƌĞƉĂƌŝŶŐ
ŵĞŵƉĞƌƐŝĂƉŬĂŶďŝĂLJĂůŝŶŐŬƵŶŐĂŶLJĂŶŐĂŬĂŶĚŝŐƵŶŬĂŶ ĞŶǀŝƌŽŶŵĞŶƚĂů ĐŽƐƚƐ ǁŚŝĐŚ ǁŝůů ďĞ ƵƐĞĚ ĂƐ ĨƵŶĚƐ ĨŽƌ
ƵŶƚƵŬ ƐĞďĂŐĂŝ ĚĂŶĂ ƵŶƚƵŬ ƉĞŵĞůŝŚĂƌĂĂŶ ůŝŶŐŬƵŶŐĂŶ͘ ĞŶǀŝƌŽŶŵĞŶƚĂů ŵĂŝŶƚĞŶĂŶĐĞ͘ ĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞ
DĞŶƌƵƚ WĞƌƐĞƌŽĂŶ ŬŝŶĞƌũĂ ůŝŶŚŬƵŶŐĂŶ ĚĂƉĂƚ ŽŵƉĂŶLJ͕ ĞŶǀŝƌŽŶŵĞŶƚĂů ƉĞƌĨŽƌŵĂŶĐĞ ĐĂŶ ŝŶĨůƵĞŶĐĞ
ďĞƌƉĞŶŐĂƌƵŚ ƚĞƌŚĂĚĂƉ ŬĞƵĂŶŐĂŶ WĞƌƐĞƌŽĂŶ͕ ŚĂů ŝŶŝ ƚŚĞŽŵƉĂŶLJΖƐĨŝŶĂŶĐĞƐ͕ƚŚŝƐĂůƐŽƐŚŽǁƐƚŚĞŶĞĞĚĨŽƌ
ũƵŐĂ ŵĞŶƵŶũƵŬŬĂŶ ƉĞƌůƵŶLJĂ ŝŶĨŽƌŵĂƐŝ ďŝĂLJĂ ĂĚĞƋƵĂƚĞ ĞŶǀŝƌŽŶŵĞŶƚĂů ĐŽƐƚ ŝŶĨŽƌŵĂƚŝŽŶ͘ &Žƌ ƚŚĞ
ůŝŶŐŬƵŶŐĂŶ LJĂŶŐ ŵĞŵĞĚĂŝ͘ ĂŐŝ WĞƌƐĞƌŽĂŶ ŽŵƉĂŶLJ͕ŵĂŶĂŐŝŶŐĞŶǀŝƌŽŶŵĞŶƚĂůĐŽƐƚƐŝƐĂƉƌŝŽƌŝƚLJ
ƉĞŶŐĞůŽůĂŚĂŶďŝĂLJĂůŝŶŐŬƵŶŐĂŶŵĞŶũĂĚŝƉƌŝŽƌŽƚĂƐĚĂŶ ĂŶĚ ŽĨ ŝŶƚĞŶƐĞ ŝŶƚĞƌĞƐƚ͘ dŚĞƌĞĨŽƌĞ͕ ƚŚĞ ŽŵƉĂŶLJ
ŵŝŶĂƚ LJĂŶŐ ŝŶƚĞŶƐ͘ KůĞŚ ŬĂƌĞŶĂ ŝƚƵ͕ WĞƌƐĞƌŽĂŶ ƉƌŽǀŝĚĞƐĂŶĞŶǀŝƌŽŶŵĞŶƚĂůĨĞĞŽĨ/ZϯϰϮŵŝůůŝŽŶǁŚŝĐŚ
ŵĞŶLJĞĚŝĂŬĂŶ ďŝĂLJĂ ůŝŶŐŬƵŶŐĂŶ ƐĞďĞƐĂƌ ZW ϯϰϮ ũƵƚĂ ŝƐƵƐĞĚĨŽƌƚƌĞĞƉůĂŶƚŝŶŐĂŶĚƉůĂŶƚŵĂŝŶƚĞŶĂŶĐĞĐĂƌƌŝĞĚ
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LJĂŶŐ ĚŝŐƵŶĂŬĂŶ ƵŶƚƵŬ ƉĞŶĂŶĂŵĂŶ ƉŽŚŽŶ ĚĂŶ ŽƵƚďLJƚŚŝƌĚƉĂƌƚŝĞƐ͕ǁŚŝĐŚŝƐĂĨŽƌŵŽĨƚŚĞŽŵƉĂŶLJΖƐ
ƉĞŵĞůŝŚĂƌĂĂŶ ƚĂŶĂŵĂŶ LJĂŶŐ ĚŝůĂŬƵŬĂŶ ŽůĞŚ ƉŝŚĂŬ ƐĞƌŝŽƵƐŶĞƐƐŝŶŵĂŶĂŐŝŶŐƚŚĞŝŵƉĂĐƚŽĨƚŚĞŽŵƉĂŶLJΖƐ
ŬĞƚŝŐĂLJĂŶŐŵĞƌƵƉĂŬĂŶďĞŶƚƵŬŬĞƐĞƌŝƵƐĂŶWĞƌƐĞƌŽĂŶ ŽƉĞƌĂƚŝŽŶĂůĂĐƚŝǀŝƚŝĞƐ͘
ĚĂůĂŵƉĞŶŐĞůŽůĂŚĂŶĚĂŵƉĂŬĚĂƌŝŬĞŐŝĂƚĂŶŽƉĞƌĂƐŝŽŶĂů
WĞƌƐĞƌŽĂŶ͘
WĞŶŐĞůŽůĂĂŶ ũƵŐĂ ĚŝůĂŬƵŬĂŶ ƉĞƌƐĞƌŽĂŶ ĚĞŶŐĂŶ DĂŶĂŐĞŵĞŶƚ ŝƐ ĂůƐŽ ĐĂƌƌŝĞĚ ŽƵƚ ďLJ ƚŚĞ ĐŽŵƉĂŶLJ ďLJ
ŵĞƌĞĂůŝƐĂƐŝŬĂŶ ďŝĂLJĂ ƉƌŽŐƌĂŵ ƉĞƌůŝŶĚƵŶŐĂŶ ĚĂŶ ƌĞĂůŝnjŝŶŐ ƚŚĞ ĐŽƐƚƐ ŽĨ ĞŶǀŝƌŽŶŵĞŶƚĂů ƉƌŽƚĞĐƚŝŽŶ ĂŶĚ
ƉĞŶŐĞůŽůĂĂŶ ůŝŶŐŬƵŶŐĂŶ ŚŝĚƵƉ ĚĞŶŐĂŶ ŵĞůĂŬƵŬĂŶ ŵĂŶĂŐĞŵĞŶƚƉƌŽŐƌĂŵƐďLJŵĂŝŶƚĂŝŶŝŶŐƉůĂŶƚƐƉůĂĐĞĚ
ƉĞŵĞůŝŚĂƌĂĂŶ ƚĂŶĂŵĂŶ LJĂŶŐ ĚŝůĞƚĂŬŬĂŶ ƉĂĚĂ ƐĞƚŝĂƉ ŝŶ ĞĂĐŚ ŽĨ ƚŚĞ ŽŵƉĂŶLJΖƐ ŽĨĨŝĐĞƐ͘ ƉĂƌƚ ĨƌŽŵ ƚŚĂƚ͕
ŬĂŶƚŽƌ WĞƌƐĞƌŽĂŶ͘ ^ĞůĂŝŶ ŝƚƵ ƚĞƌĚĂƉĂƚ ƉĞŵďƵĂŶŐĂŶ ƚŚĞƌĞ ǁĂƐ ĚŽŵĞƐƚŝĐ ǁĂƐƚĞ ĚŝƐƉŽƐĂů Ăƚ Ă ĐŽƐƚ ŽĨ /Z
ƐĂŵƉĂŚ ĚŽŵĞƐƚŝŬ ĚĞŶŐĂŶ ďŝĂLJĂ ƐĞďĞƐĂƌ
ϲϲ͕ϬϬϬ͕ϬϬϬĚƵƌŝŶŐƚŚĞƌĞƉŽƌƚŝŶŐLJĞĂƌ͕ĂƐǁĞůůĂƐǁĂƐƚĞ
ZƉ ϲϲ͘ϬϬϬ͘ϬϬϬ ƐĞůĂŵĂ ƚĂŚƵŶ ƉĞůĂƉŽƌĂŶ͕ ƐĞƌƚĂ ďŝĂLJĂ ĚŝƐƉŽƐĂů ĐŽƐƚƐ ŽĨ /Z ϳϯ͕ϲϱϰ͕ϬϬϬ ǁŚŝĐŚ ǁĞƌĞ ĐĂƌƌŝĞĚ
ƉĞŵďƵĂŶŐĂŶ ůŝŵďĂŚ ƐĞďĞƐĂƌ ZƉ ϳϯ͘ϲϱϰ͘ϬϬϬ LJĂŶŐ ŽƵƚĚŝƌĞĐƚůLJďLJƚŚĞŽŵƉĂŶLJ͘
ĚŝůĂŬƵŬĂŶWĞƌƐĞƌŽĂŶƐĞĐĂƌĂůĂŶŐƐƵŶŐ͘
DĂƚĞƌŝĂůzĂŶŐŝŐƵŶĂŬĂŶ DĂƚĞƌŝĂůƐhƐĞĚ
;WK:<ϱϭ͘͘ϲ͘Ě͘ϮͿ;^ K:<ϭϲ͘&͘ϱͿ;'Z/ϯϬϭͿ ;WK:<ϱϭ͘͘ϲ͘Ě͘ϮͿ;^ K:<ϭϲ͘&͘ϱͿ;'Z/ϯϬϭͿ
ŝƐŶŝƐƵƚĂŵĂWĞƌƐĞƌŽĂŶĂĚĂůĂŚƉĞŶLJĞǁĂĂŶŬĞŶĚĂƌĂĂŶ dŚĞŽŵƉĂŶLJΖƐŵĂŝŶďƵƐŝŶĞƐƐŝƐƚŚĞƌĞŶƚĂůŽĨϰdžϰĂŶĚ
ϰdžϰ ĚĂŶ ϰdžϮ ĚĞŶŐĂŶ ƐƉĞŬ ŝŶĚƵƐƚƌŝ ƉĞƌƚĂŵďĂŶŐĂŶ͘ ϰdžϮ ǀĞŚŝĐůĞƐ ǁŝƚŚ ŵŝŶŝŶŐ ŝŶĚƵƐƚƌLJ ƐƉĞĐŝĨŝĐĂƚŝŽŶƐ͘ dŚĞ
<ĞŶĚĂƌĂĂŶ LJĂŶŐ ĚŝŵŝůŝŬŝ ƉĞƌƐĞƌŽĂŶ ƉĞŶŐŐƵŶĂĂŶ ŵĂƚĞƌŝĂů ƵƐĞĚ ĨŽƌ ǀĞŚŝĐůĞƐ ŽǁŶĞĚ ďLJ ƚŚĞ ĐŽŵƉĂŶLJ ŝƐ
ŵĂƚĞƌŝĂůŶLJĂĂĚĂůĂŚĚĂƌŝďĂŚĂŶŵĂƚĞƌŝĂůďĞƐŝƉĂĚĂďŽĚLJ ŝƌŽŶ ŵĂƚĞƌŝĂů ĨŽƌ ƚŚĞ ďŽĚLJ ƵŶŝƚ ŝŶƐƚĂůůĞĚ͕ ĂŶĚ ƌƵďďĞƌ
ƵŶŝƚLJĂŶŐƚĞƌƉĂƐĂŶŐ͕ĚĂŶďĂŚĂŶŵĂƚĞƌŝĂůŬĂƌĞƚƵŶƚƵŬ ŵĂƚĞƌŝĂůĨŽƌƚŚĞƚŝƌĞƵŶŝƚ͘dŚĞŽŵƉĂŶLJĞŶƐƵƌĞƐƚŚĂƚĂůů
ďĂŶƵŶŝƚ͘WĞƌƐĞƌŽĂŶŵĞŵĂƐƚŝŬĂŶƐĞŵƵĂŵĂƚĞƌŝĂůLJĂŶŐ ŵĂƚĞƌŝĂůƐ ƵƐĞĚ ĂƌĞ ŽďƚĂŝŶĞĚ ĨƌŽŵ ůĞŐĂů ƐŽƵƌĐĞƐ ĂŶĚ
ĚŝŐƵŶĂŬĂŶ ĚŝƉĞƌŽůĞŚ ĚĂƌŝ ƐƵŵďĞƌͲƐĞŵďĞƌ LJĂŶŐ ůĞŐĂů ŚĂǀĞ ŽĨĨŝĐŝĂů ƉĞƌŵŝƚƐ͘ dŽ ĞŶƐƵƌĞ ƚŚĂƚ ƚŚŝƐ ŽĐĐƵƌƐ͕ ƚŚĞ
ĚĂŶ ŵĞŵŝůŝŬŝ ŝnjŝŶ ƌĞƐŵŝ͘ hŶƚƵŬ ŵĞŵĂƐƚŝŬĂŶ ŽŵƉĂŶLJĐĂƌƌŝĞƐŽƵƚŵŽŶŝƚŽƌŝŶŐĐĂƌƌŝĞĚŽƵƚďLJƚŚĞ,^
ďĞƌũĂůĂŶŶLJĂ ŚĂů ƚĞƌƐĞďƵƚ WĞƌƐĞƌŽĂŶ ŵĞůĂŬƵŬĂŶ ĞƉĂƌƚŵĞŶƚ͘ ŶŽƚŚĞƌ ĞĨĨŽƌƚ ĐĂƌƌŝĞĚ ŽƵƚ ďLJ ƚŚĞ
ƉĂŶƚĂƵĂŶ LJĂŶŐ ĚŝůĂŬƵŬĂŶ ŽůĞŚ ĞƉĂƌƚĞŵĞŶ ,^ ͘ ŽŵƉĂŶLJŝƐŝŶƚŚĞĨŽƌŵŽĨŚĂŶĚůŝŶŐǁĂƐƚĞƐƉĂƌĞƉĂƌƚƐ
hƉĂLJĂ ůĂŝŶ LJĂŶŐ ĚŝůĂŬƵŬĂŶ WĞƌƐĞƌŽĂŶ ďĞƌƵƉĂ ǁŚŝĐŚ ƚŚĞ ŽŵƉĂŶLJ ƵƐĞƐ ƚŽ ƐƵƉƉŽƌƚ ŽƉĞƌĂƚŝŽŶĂů
ƉĞŶĂŶŐĂŶĂŶ ůŝŵďĂŚ ƐƵŬƵ ĐĂĚĂŶŐ LJĂŶŐ ĚŝŐƵŶĂŬĂŶ ĂĐƚŝǀŝƚŝĞƐďLJƐĞůůŝŶŐƚŚĞŵƚŽƚŚŝƌĚƉĂƌƚŝĞƐ͘tŚĞŶǀŝĞǁĞĚ
WĞƌƐĞƌŽĂŶ ĚĂůĂŵ ŵĞŶƵŶũĂŶŐ ŬĞŐŝĂƚĂŶ ŽƉĞƌĂƐŝŽŶĂů ĨƌŽŵ ĂŶ ĞŶǀŝƌŽŶŵĞŶƚĂů ƉĞƌƐƉĞĐƚŝǀĞ͕ ƚŚĞ ƵƐĞ ŽĨ ƵƐĞĚ
ĚĞŶŐĂŶ ĐĂƌĂ ŵĞŶũƵĂů ŬĞƉĂĚĂ ƉŝŚĂŬ ŬĞƚŝŐĂ͘ ŝůĂ ŵĂƚĞƌŝĂůƐ ƐƵĐŚ ĂƐ ƐĐƌĂƉ ŝƌŽŶ ĐĂŶ ŚĂǀĞ Ă ƉŽƐŝƚŝǀĞ
ĚŝƉĂŶĚĂŶŐĚĂƌŝƐĞŐŝůŝŶŐŬƵŶŐĂŶ͕ƉĞŶŐŐƵŶĂĂŶŵĂƚĞƌŝĂů ŝŵƉĂĐƚ͘dŚĞƵƐĞŽĨƵƐĞĚŝƌŽŶǁŝůůƌĞĚƵĐĞƚŚĞƵƐĞŽĨŶĞǁ
ďĞŬĂƐ ƐĞƉĞƌƚŝ ďĞƐŝ ďĞŬĂƐ ĚĂƉĂƚ ŵĞŵďĞƌŝŬĂŶ ĚĂŵƉĂŬ ŝƌŽŶ͕ƚŚĞƌĞďLJƌĞĚƵĐŝŶŐŐƌĞĞŶŚŽƵƐĞŐĂƐĞŵŝƐƐŝŽŶƐ͕Ăŝƌ
ƉŽƐŝƚŝĨ͘ WĞŶŐŐƵŶĂĂŶ ďĞƐŝ ďĞŬĂƐ ĂŬĂŶ ŵĞŶŐƵƌĂŶŐŝ ƉŽůůƵƚŝŽŶ͕ǁĂƚĞƌƉŽůůƵƚŝŽŶ͕ĂƐǁĞůůĂƐƚŽdžŝĐǁĂƐƚĞĂŶĚ
ƉĞŶŐŐƵŶĂĂŶďĞƐŝďĂƌƵƐĞŚŝŶŐŐĂŵĞŶŐƵƌĂŶŐŝĞŵŝƐŝŐĂƐ ŚĂnjĂƌĚŽƵƐ ŵĂƚĞƌŝĂůƐ͘ ZĞĐLJĐůŝŶŐ ŽĨ ƐĐƌĂƉ ŵĞƚĂů ŝƐ
ƌƵŵĂŚŬĂĐĂ͕ƉĞŶĐĞŵĂƌĂŶƵĚĂƌĂ͕ƉĞŶĐĞŵĂƌĂŶĂŝƌ͕ƐĞƌƚĂ ĐĂƌƌŝĞĚŽƵƚďLJŵĂŬŝŶŐƚĂďůĞƐǁŚŝĐŚĂƌĞƉůĂĐĞĚŝŶƚŚĞ
ůŝŵďĂŚƚŽŬƐŝŶ ĚĂŶ ďĂŚĂŶ ďĞƌďĂŚĂLJĂ͘ ĂƵƌ ƵůĂŶŐ ďĞƐŝ ŽŵƉĂŶLJΖƐ ŽƉĞƌĂƚŝŽŶĂů ĂƌĞĂƐ͘ ŚŽŽƐŝŶŐ
ďĞŬĂƐ ĚŝůĂŬƵŬĂŶ ƐĞƉĞƌƚŝ ƉĞŵďƵĂƚĂŶ ŵĞũĂ LJĂŶŐ ĞŶǀŝƌŽŶŵĞŶƚĂůůLJ ĨƌŝĞŶĚůLJ ŵĂƚĞƌŝĂůƐ ŚĞůƉƐ ƐƵƉƉŽƌƚ
ĚŝůĞƚĂŬŬĂŶ ƉĂĚĂ ǁŝůĂLJĂŚ ŽƉĞƌĂƐŝŽŶĂů WĞƌƐĞƌŽĂŶ͘ ƐƵƐƚĂŝŶĂďůĞĐŽŶƐƵŵƉƚŝŽŶƉƌĂĐƚŝĐĞƐ͕ƌĞĨůĞĐƚŝŶŐƚŚŝƐ͕ƚŚĞ
WĞŵŝůŝŚĂŶŵĂƚĞƌŝĂůLJĂŶŐƌĂŵĂŚůŝŶŐŬƵŶŐĂŶŵĞŵďĂŶƚƵ ŽŵƉĂŶLJ ĐŽŶƚŝŶƵĞƐ ƚŽ ƌĞŵĂŝŶ ĐŽŵŵŝƚƚĞĚ ƚŽ
ŵĞŶĚƵŬƵŶŐ ƉƌĂŬƚŝŬ ŬŽŶƐƵŵƐŝ LJĂŶŐ ďĞƌŬĞůĂŶũƵƚĂŶ͕ ĞŶǀŝƌŽŶŵĞŶƚĂů ŵĂŶĂŐĞŵĞŶƚ ďLJ ĐŽŵƉůLJŝŶŐ ǁŝƚŚ
ďĞƌĐĞƌŵŝŶ ĚĂƌŝ ŚĂů ƚĞƌƐĞďƵƚ WĞƌƐĞƌŽĂŶ ƐĞŶĂŶƚŝĂƐĂ ƌĞŐƵůĂƚŝŽŶƐŐŽǀĞƌŶŝŶŐƚŚĞĞŶǀŝƌŽŶŵĞŶƚ͘
ƵŶƚƵŬ ƚĞƚĂƉ ďĞƌŬŽŵŝƚŵĞŶ ĚĂůĂŵ ƉĞŶŐĞůŽůĂŚĂŶ
ůŝŶŐŬƵŶŐĂŶ ĚĞŶŐĂŶ ƚĂĂƚ ƚĞƌŚĂĚĂƉ ƌĞŐƵůĂƐŝ LJĂŶŐ
ŵĞŶŐĂƚƵƌƚĞŶƚĂŶŐůŝŶŐŬƵŶŐĂŶŚŝĚƵƉ͘
ĚĂƉƵŶ ƚĞƌĚĂƉĂƚ ďĂŚĂŶ ŵĂƚĞƌŝĂů ƉĞŶĚƵŬƵŶŐ ůĂŝŶŶLJĂ dŚĞƌĞ ĂƌĞ ŽƚŚĞƌ ƐƵƉƉŽƌƚŝŶŐ ŵĂƚĞƌŝĂůƐ ƵƐĞĚ ďLJ ƚŚĞ
LJĂŶŐĚŝŐƵŶĂŬĂŶWĞƌƐĞƌŽĂŶĚĂůĂŵŵĞŶƵŶũĂŶŐŬĞŐŝĂƚĂŶ ŽŵƉĂŶLJ ƚŽ ƐƵƉƉŽƌƚ ƚŚĞ ŽŵƉĂŶLJΖƐ ŽƉĞƌĂƚŝŽŶĂů
ŽƉĞƌĂƐŝŽŶĂů WĞƌƐĞƌŽĂŶ͕ ƐĞƉĞƌƚŝ ƉĞŶŐŐƵŶĂĂŶ ŬĞƌƚĂƐ ĂĐƚŝǀŝƚŝĞƐ͕ƐƵĐŚĂƐƚŚĞƵƐĞŽĨƉĂƉĞƌŝŶƚŚĞŽŵƉĂŶLJΖƐ
ƉĂĚĂ ůŝŶŐŬƵƉ ƉĞƌŬĂŶƚŽƌĂŶ WĞƌƐĞƌŽĂŶ LJĂŶŐ ĚŝŐƵŶŬĂŶ ŽĨĨŝĐĞƐǁŚŝĐŚŝƐƵƐĞĚĨŽƌĂĚŵŝŶŝƐƚƌĂƚŝǀĞƉƵƌƉŽƐĞƐ͘ƐĂ
ƐĞďĂŐĂŝ ŬĞƉĞƌůƵĂŶ ĂĚŵŝŶŝƐƚƌĂƐŝ͘ ^ĞďĂŐĂŝ ƉĞƌƵƐĂŚĂĂŶ ƌĞŶƚĂů ƐĞƌǀŝĐĞ ĐŽŵƉĂŶLJ͕ ŽĨ ĐŽƵƌƐĞ ŝƚ ŚĂƐ ǀĂƌŝŽƵƐ
ũĂƐĂƐĞǁĂŵĞŶLJĞǁĂƚĞŶƚƵŵĞŵŝůŝŬŝďĞƌďĂŐĂŝŬĞƉĞƌůƵĂŶ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞŶĞĞĚƐƐƵĐŚĂƐĐŽƌƌĞƐƉŽŶĚĞŶĐĞ͕ƉĂƌƚŶĞƌ
ĂĚŵŝŶŝƐƚƌĂƐŝ ƐĞƉĞƌƚŝ͕ ƐƵƌĂƚ ŵĞŶLJƵƌĂƚ͕ ŬŽŶƚƌĂŬ ĂŶĚ ĐƵƐƚŽŵĞƌ ĐŽŽƉĞƌĂƚŝŽŶ ĐŽŶƚƌĂĐƚƐ͕ ŵĞŵŽƐ ĂŶĚ ƐŽ
ŬĞƌũĂƐĂŵĂ ŵŝƚƌĂ ŵĂƵƉƵŶ ƉĞůĂŶŐŐĂŶ͕ ŵĞŵŽ ĚĂŶ ůĂŝŶ ŽŶ͘^ŽƚŚĞƵƐĞŽĨƉĂƉĞƌŝŶƚŚĞŽŵƉĂŶLJΖƐŽĨĨŝĐĞƐŝƐƋƵŝƚĞ
ƐĞďĂŐĂŝŶLJĂ͘^ĞŚŝŶŐŐĂƉĞŶŐŐƵŶĂĂŶŬĞƌƚĂƉĂĚĂůŝŶŐŬƵƉ ŶĞĐĞƐƐĂƌLJ͘ /Ŷ ŽƌĚĞƌ ƚŽ ŵŝŶŝŵŝnjĞ ƉĂƉĞƌ ƵƐĞ͕ ƚŚĞ
ƉĞƌŬĂŶƚŽƌĂŶ WĞƌƐĞƌŽĂŶ ƚĞƌďŝůĂŶŐ ĐƵŬƵƉ ĚŝďƵƚƵŚŬĂŶ͘ ŽŵƉĂŶLJŚĂƐƐĞǀĞƌĂůƐƚĞƉƐƚŚĂƚĐĂŶƌĞĚƵĐĞƉĂƉĞƌƵƐĞ͘
'ƵŶĂ ŵĞŵŝŶŝŵĂůŝƐŝƌ ƉĞŶŐŐƵŶĂĂŶ ŬĞƌƚĂƐ͕ WĞƌƐĞƌŽĂŶ ZĞŵĞŵďĞƌŝŶŐƚŽŵŝŶŝŵŝnjĞƉĂƉĞƌƵƐĞĐĂŶŚĞůƉƌĞĚƵĐĞ
ŵŝŵŝůŝŬŝ ďĞďĞƌĂƉĂ ůĂŶŐŬĂŚ LJĂŶŐ ĚĂƉĂƚ ŵĞŶŐƵƌĂŶŐŝ ĞŶǀŝƌŽŶŵĞŶƚĂů ŝŵƉĂĐƚƐ͕ ƌĞĚƵĐĞ ƚƌĞĞ ĨĞůůŝŶŐ͕ ĂŶĚ ůŝŵŝƚ
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ƉĞŶŐŐƵŶĂĂŶ ŬĞƌƚĂƐ͘ DĞŵŶŐŝŶŐĂƚ ŵŝŶŝŶŝŵĂůŝƐŝƌ ĞŶĞƌŐLJ ƵƐĞ ŝŶ ƉĂƉĞƌ ƉƌŽĚƵĐƚŝŽŶ͘ dŚĞ ĂĐƚŝŽŶ ƚĂŬĞŶ ďLJ
ƉĞŶŐŐƵŶĂĂŶ ŬĞƌƚĂƐ ĚĂƉĂƚ ŵĞŵďĂŶƚƵ ŵĞŶŐƵƌĂŶŐŝ ƚŚĞ ŽŵƉĂŶLJ ƚŽ ŵŝŶŝŵŝnjĞ ƚŚĞ ƵƐĞ ŽĨ ƉĂƉĞƌ ŝƐ ďLJ
ĚĂŵƉĂŬůŝŶŐŬƵŶŐĂŶ͕ŵĞŶŐƵƌĂŵŐŝƉĞŶĞďĂŶŐĂŶƉŽŚŽŶ͕ ŽƉƚŝŵŝnjŝŶŐƚŚĞƵƐĞŽĨƵƐĞĚƉĂƉĞƌĨŽƌŶŽŶͲĐŽŶĨŝĚĞŶƚŝĂů
ĚĂŶ ŵĞŵďĂƚĂƐŝ ƉĞŶŐŐƵŶĂĂŶ ĞŶĞƌŐŝ ĚĂůĂŵ ƉƌŽĚƵŬƐŝ ĚŽĐƵŵĞŶƚƐƚŽďĞƌĞƵƐĞĚŽŶƚŚĞŽƚŚĞƌƐŝĚĞǁŚŝĐŚŝƐƐƚŝůů
ŬĞƌƚĂƐ͘ dŝŶĚĂŬĂŶ LJĂŶŐ ĚŝůĂŬƵŬĂŶ WĞƌƐĞƌŽĂŶ ĚĂůĂŵ ĞŵƉƚLJ ĨŽƌ ŝŶƚĞƌŶĂů ƉƵƌƉŽƐĞƐ͘ ƉĂƌƚ ĨƌŽŵ ƚŚĂƚ͕ ƚŚĞ
ŵĞŵŝŶŝŵĂůŝƐŝƌ ƉĞŶŐŐƵŶĂĂŶ ŬĞƌƚĂƐ ĂĚĂůĂŚ ĚĞŶŐĂŶ ĐŽŵƉĂŶLJŝƐĂůƐŽƐƚĂƌƚŝŶŐƚŽĚŝŐŝƚŝnjĞƚŽƌĞĚƵĐĞƚŚĞƵƐĞ
ŵĞŶŐŽƉƚŝŵĂůŬĂŶ ƉĞŶŐŐƵŶĂĂŶ ŬĞƌƚĂƐ ďĞŬĂƐ ĚŽŬƵŵĞŶ ŽĨ ƉĂƉĞƌ ďLJ ƚƌĂŶƐĨĞƌƌŝŶŐ ĚŽĐƵŵĞŶƚƐ ƚŚĂƚ ŵĂLJ ďĞ
LJĂŶŐ ƚŝĚĂŬ ďĞƌƐŝĨĂƚ ƌĂŚĂƐŝĂ ƵŶƚƵŬ ĚŝŐƵŶĂŬĂŶ ŬĞŵďĂůŝ ƵƐĞĨƵů͘ĐŽŶǀĞƌƚĞĚŝŶƚŽĚŝŐŝƚĂůĨŽƌŵĂƚ͕ĂŶĚƉƵƌĐŚĂƐŝŶŐ
ƉĂĚĂƐŝƐŝůĂŝŶŶLJĂLJĂŶŐŵĂƐŝŚŬŽƐŽŶŐƵŶƚƵŬŬĞƉĞƌůƵĂŶͲ ƉĂƉĞƌ ĨƌŽŵ ƐƵƐƚĂŝŶĂďůLJ ŵĂŶĂŐĞĚ ƐŽƵƌĐĞƐ͕ĂƐ ǁĞůů ĂƐ
ŬĞƉĞƌůƵĂŶ ŝŶƚĞƌŶĂů ƐĞůĂŝŶ ŝƚƵ ƉĞƌƐĞƌŽĂŶ ũƵŐĂ ŵƵůĂŝ ƵƐŝŶŐĞŵĂŝůĂƐĚŝŐŝƚĂůĐŽŵŵƵŶŝĐĂƚŝŽŶ͘&ŽƌƉĂƉĞƌǁĂƐƚĞ
ŵĞůĂŬƵŬĂŶĚŝŐŝƚĂůŝƐĂƐŝƵŶƚƵŬŵĞŶŐƵƌĂŶŐŝƉĞŶŐŐƵŶĂĂŶ ŵĂŶĂŐĞŵĞŶƚ͕ ƚŚĞ ŽŵƉĂŶLJ ŚĂŶĚƐ ŝƚ ŽǀĞƌ ƚŽ ƚŚŝƌĚ
ŬĞƌƚĂƐ ĚĞŶŐĂŶ ŵĞŶŐĂůŝŚŬĂŶ ĚŽŬƵŵĞŶ LJĂŶŐ ŵƵŶŐŬŝŶ ƉĂƌƚŝĞƐ͕ ŝŶĐůƵĚŝŶŐ ĨŽƌ ƌĞƵƐĞ Žƌ ƌĞĐLJĐůŝŶŐ͘ tŝƚŚ ƚŚŝƐ
ĚĂƉĂƚ ĚŝƵďĂŚ ĚĂůĂŵ ĨŽƌŵĂƚ ĚŝŐŝƚĂů͕ ĚĂŶ ŵĞůĂŬƵŬĂŶ ŚĂďŝƚ͕ƚŚĞŽŵƉĂŶLJĐĂŶĐŽŶƚƌŝďƵƚĞƚŽĞĨĨŽƌƚƐƚŽƌĞĚƵĐĞ
ƉĞŵďĞůŝĂŶ ŬĞƌƚĂƐ LJĂŶŐ ďĞƌĂƐĂů ĚĂƌŝ ƐƵŵďĞƌ LJĂŶŐ ƉĂƉĞƌ ƵƐĞ ĂŶĚ ďĞĐŽŵĞ ĂŶ ĞdžĂŵƉůĞ ŽĨ ŵŽƌĞ
ĚŝŬĞůŽůĂŚ ƐĞĐĂƌĂ ďĞƌŬĞůĂŶũƵƚĂŶ͕ ƐĞƌƚĂ ƉĞŶŐŐƵŶĂĂŶ ĞŶǀŝƌŽŶŵĞŶƚĂůůLJƐƵƐƚĂŝŶĂďůĞǁŽƌŬ͘
ĞŵĂŝů ƐĞďĂŐĂŝ ŬŽŵƵŶŝŬĂƐŝ ĚŝŐŝƚĂů͘ hŶƚƵŬ ƉĞŶŐĞůŽůĂĂŶ
ůŝŵďĂŚŬĞƌƚĂƐ͕WĞƌƐĞƌŽĂŶŵĞŶLJĞƌĂŚŬĂŶŬĞƉĂĚĂƉŝŚĂŬ
ŬĞƚŝŐĂ͕ƚĞƌŵĂƐƵŬƵŶƚƵŬĚŝŐƵŶĂŬĂŶŬĞŵďĂůŝĂƚĂƵĚŝĚĂƵƌ
ƵůĂŶŐ͘ ĞŶŐĂŶ ŬĞďŝĂƐĂĂŶ ŝŶŝ͕ WĞƌƐĞƌŽĂŶ ĚĂƉĂƚ
ďĞƌŬŽŶƚƌŝďƵƐŝ ƉĂĚĂ ƵƉĂLJĂ ƉĞŶŐƵƌĂŶŐĂŶ ƉĞŶŐŐƵŶĂĂŶ
ŬĞƌƚĂƐ ĚĂŶ ŵĞŶũĂĚŝ ĐŽŶƚŽŚ ŬĞƌũĂ LJĂŶŐ ůĞďŝŚ
ďĞƌŬĞůĂŶũƵƚĂŶƐĞĐĂƌĂůŝŶŐŬƵŶŐĂŶ͘
WĞŶŐĞůŽůĂĂŶ ŶĞƌŐŝ ŶĞƌŐLJDĂŶĂŐĞŵĞŶƚ
;WK:<ϱϭ͘͘ϲ͘Ě͘ϯͿ;^ K:<ϭϲ͘&͘ϲ͘&͘ϳͿ;'Z/ϯϬϮͿ ;WK:<ϱϭ͘͘ϲ͘Ě͘ϯͿ;^ K:<ϭϲ͘&͘ϲ͘&͘ϳͿ;'Z/ϯϬϮͿ
^ĞďĂŐĂŝ WĞƌƵƐĂŚĂĂŶ ƉĞŶLJĞǁĂĂŶ ŬĞŶĚĂƌĂĂŶ ƐƉĞŬ ƐĂŵŝŶŝŶŐƐƉĞĐǀĞŚŝĐůĞƌĞŶƚĂůĐŽŵƉĂŶLJ͕ƚŚĞŽŵƉĂŶLJ
ƉĞƌƚĂŵďĂŶŐĂŶ͕ WĞƌƐĞƌŽĂŶ ďĞƌŬŽŵŝƚŵĞŶ ƵŶƚƵŬ ŝƐ ĐŽŵŵŝƚƚĞĚ ƚŽ ƌĞĚƵĐŝŶŐ ƚŚĞ ŝŵƉĂĐƚ ŽĨ ŽƉĞƌĂƚŝŽŶĂů
ŵĞŶŐƵƌĂŶŐŝ ĚĂŵƉĂŬ ĚĂƌŝ ŽƉĞƌĂƐŝŽŶĂů ŬĞŐŝĂƚĂŶ ďŝƐŶŝƐ ďƵƐŝŶĞƐƐĂĐƚŝǀŝƚŝĞƐŽŶƚŚĞĞŶǀŝƌŽŶŵĞŶƚƚŚƌŽƵŐŚĂǁŽƌŬ
ƚĞƌŚĂĚĂƉ ůŝŶŐŬƵŶŐĂŶ ŵĞůĂůƵŝ ƉƌŽŐƌĂŵ ƉĞŵĞůŝŚĂƌĂĂŶ ĞŶǀŝƌŽŶŵĞŶƚŵĂŝŶƚĞŶĂŶĐĞƉƌŽŐƌĂŵ͕ĐŽŶƐŝĚĞƌŝŶŐƚŚĂƚ
ůŝŶŐŬƵŶŐĂŶ ŬĞƌũĂ͕ ŵĞŶŐŝŶŐĂƚ ĚĂůĂŵ ŵĞŶũĂůĂŶŬĂŶ ŝŶĐĂƌƌLJŝŶŐŽƵƚŝƚƐŽƉĞƌĂƚŝŽŶĂůĂĐƚŝǀŝƚŝĞƐ͕ƚŚĞŽŵƉĂŶLJ
ŬĞŐŝĂƚĂŶ ŽƉĞƌĂƐŝŽŶĂůŶLJĂ͕ WĞƌƐĞƌŽĂŶ ŵĞŶŐŐƵŶĂŬĂŶ ƵƐĞƐƚǁŽŵĂŝŶĞŶĞƌŐLJƐŽƵƌĐĞƐĐŽŶƐŝƐƚŝŶŐŽĨĞůĞĐƚƌŝĐĂů
ĚƵĂƐƵŵďĞƌĞŶĞƌŐŝƵƚĂŵĂLJĂŶŐƚĞƌĚŝƌŝĚĂƌŝĞŶĞƌŐŝůŝƐƚƌŝŬ ĞŶĞƌŐLJĂŶĚĨƵĞůŽŝů͘dŚĞƵƐĞŽĨĞůĞĐƚƌŝĐĂůĞŶĞƌŐLJŝƐƵƐĞĚ
ĚĂŶ ďĂŚĂŶ ďĂŬĂƌ ŵŝŶLJĂŬ͘ WĞŶŐŐƵŶĂĂŶ ĞŶĞƌŐŝ ůŝƐƚƌŝŬ ĨŽƌ ĞƋƵŝƉŵĞŶƚ͕ ĞůĞĐƚƌŽŶŝĐ ĨĂĐŝůŝƚŝĞƐͬŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ĨŽƌ
ĚŝŐƵŶĂŬĂŶ ƵŶƚƵŬ ƉĞƌĂůĂƚĂŶ͕ ƐĂƌĂŶĂͬƉƌĂƐĂƌĂŶĂ ĞĂĐŚ ŽĨ ƚŚĞ ŽŵƉĂŶLJΖƐ ŽĨĨŝĐĞƐ ǁŚŝĐŚ ĐŽŶƐŝƐƚ ŽĨ ƚŚĞ
ĞůĞŬƚƌŽŶŝŬƵŶƚƵŬƐĞƚŝĂƉŬĂŶƚŽƌWĞƌƐĞƌŽĂŶLJĂŶŐƚĞƌĚŝƌŝ ,ĞĂĚ KĨĨŝĐĞ͕ 'ŽŽĚ ŽƌƉŽƌĂƚĞ 'ŽǀĞƌŶĂŶĐĞ ĂŶĚ
ĚĂƌŝŐĞĚƵŶŐ,ĞĂĚKĨĨŝĐĞ͕'ŽŽĚŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞ͕ ^ƵƉƉŽƌƚŝŶŐ KĨĨŝĐĞ ďƵŝůĚŝŶŐƐ͘ DĂŶĂŐŝŶŐ ƚŚĞ ƵƐĞ ŽĨ
ĚĂŶ^ƵƉƉŽƌƚŝŶŐKĨĨŝĐĞ͘DĞŶŐĞůŽůĂŚƉĞŶŐŐƵŶĂĂŶĞŶĞƌŐŝ ĞůĞĐƚƌŝĐĂůĞŶĞƌŐLJĞĨĨŝĐŝĞŶƚůLJĐĂŶƌĞĚƵĐĞĐŽƐƚƐĂŶĚĐĂŶ
ůŝƐƚƌŝŬ ĚĞŶŐĂŶ ĞĨŝƐŝĞŶ ĚĂƉĂƚ ŵĞŶŐƵƌĂŶŐŝ ďŝĂLJĂ ĚĂŶ ĐŽŶƚƌŝďƵƚĞ ƚŽ ƐƵƐƚĂŝŶĂďŝůŝƚLJ ĂŶĚ ƌĞĚƵĐŝŶŐ
ĚĂƉĂƚ ďĞƌŬŽŶƚƌŝďƵƐŝ ƉĂĚĂ ŬĞďĞƌůĂŶũƵƚĂŶ ƐĞƌƚĂ ĞŶǀŝƌŽŶŵĞŶƚĂůŝŵƉĂĐƚƐ͘dŽŵĂŶĂŐĞĞůĞĐƚƌŝĐŝƚLJƵƐĂŐĞ͕
ƉĞŶŐƵƌĂŶŐĂŶĚĂŵƉĂŬůŝŶŐŬƵŶŐĂŶ͘hŶƚƵŬƉĞŶŐĞůŽůĂĂŶ ƚŚĞŽŵƉĂŶLJĞŶƐƵƌĞƐƚŚĂƚĂĨƚĞƌŽƉĞƌĂƚŝŽŶĂůŚŽƵƌƐĂƌĞ
ƉĞŶŐŐƵŶĂĂŶůŝƐƚƌŝŬ͕WĞƌƐĞƌŽĂŶŵĞŵĂƐƚŝŬĂŶƐĞƚĞůĂŚũĂŵ ĨŝŶŝƐŚĞĚ͕ĂůůůŝŐŚƚƐĂŶĚĞůĞĐƚƌŝĐŝƚLJƚŚĂƚĂƌĞŶŽƚŝŶƵƐĞĂƌĞ
ŽƉĞƌĂƐŝŽŶĂů ƐĞůĞƐĂŝ͕ ƐĞůƵƌƵŚ ůĂŵƉƵ ĚĂŶ ĂůŝƌĂŶ ůŝƐƚƌŝŬ ƚƵƌŶĞĚŽĨĨŽƌƚƵƌŶĞĚŽĨĨ͘dŚĞĐŽŵƉĂŶLJĂůƐŽƵƐĞƐƐŽůĂƌ
LJĂŶŐ ƚĚŬ ĚŝŐƵŶĂŬĂŶ Ěŝ ŵĂƚŝŬĂŶ ĂƚĂƵ ƚƵƌŶŽĨĨ͘ ĚĂƉƵŶ ƉĂŶĞůůŝŐŚƚƐŝŶƚŚĞŽĨĨŝĐĞLJĂƌĚĂƐŶŝŐŚƚůŝŐŚƚƐ͘
ũƵŐĂ ƉĞƌƐĞƌŽĂŶ ŵĞŶŐŐƵŶĂŬĂŶ ůĂŵƉƵ ƉĂŶĞů ƚĞŶĂŐĂ
ƐƵƌLJĂƉĂĚĂŚĂůĂŵĂŶŬĂŶƚŽƌƐĞďĂŐĂŝƉĞŶĞƌĂŶŐŵĂůĂŵ
ŚĂƌŝ͘
^ĞƚŝĂƉ ŬĞŶĚĂƌĂĂŶ LJĂŶŐ ĚŝƐĞǁĂŬĂŶ WĞƌƐĞƌŽĂŶ ŬĞƉĂĚĂ ǀĞƌLJǀĞŚŝĐůĞƚŚĂƚƚŚĞŽŵƉĂŶLJƌĞŶƚƐƚŽĐƵƐƚŽŵĞƌƐĂŶĚ
ƉĞůĂŶŐŐĂŶ ƐĞƌƚĂ LJĂŶŐ ĚŝŐƵŶĂŬĂŶ ƐĞďĂŐĂŝ ŽƉĞƌĂƐŝŽŶĂů ƚŚĂƚŝƐƵƐĞĚĨŽƌŵĂŶĂŐĞŵĞŶƚŽƉĞƌĂƚŝŽŶƐƵƐĞƐŽŝůĨƵĞů
ŵĂŶĂũĞŵĞŶŵĞŶŐŐƵŶĂŬĂŶĞŶĞƌŐŝďĂŚĂŶďĂŬĂƌŵŝŶLJĂŬ ĞŶĞƌŐLJ͕ŶĂŵĞůLJĨŽƐƐŝůĨƵĞůƐƐƵĐŚĂƐŐĂƐŽůŝŶĞĂŶĚĚŝĞƐĞů
LJĂŬŶŝ ďĂŚĂŶ ďĂŬĂƌ ĨŽƐŝů ƐĞƉĞƌƚŝ ďĞŶƐŝŶ ĚĂŶ ĚŝĞƐĞů ǁŚŝĐŚĂƌĞƵƐĞĚĨŽƌŐĞŶĞƌĂƚŽƌĞŶŐŝŶĞƐǁŚĞŶƚŚĞƌĞŝƐĂ
ĚŝŐƵŶĂŬĂŶ ƵŶƚƵŬ ŵĞƐŝŶ ŐĞŶƐĞƚ ƐĂĂƚ ƚĞƌũĂĚŝ ƉŽǁĞƌŽƵƚĂŐĞ͘tĞƌĞĂůŝnjĞƚŚĂƚƚŚĞƵƐĞŽĨĨŽƐƐŝůĨƵĞůƐ
ƉĞŵĞĚĂŵĂŶ ůŝƐƚƌŝŬ͘ <Ăŵŝ ŵĞŶLJĂĚĂƌŝ ƉĞŶŐŐƵŶĂĂŶ ŚĂƐĂƐŝŐŶŝĨŝĐĂŶƚŝŵƉĂĐƚŽŶƚŚĞĞŶǀŝƌŽŶŵĞŶƚ͕ƚŚĞƌĞĨŽƌĞ
ďĂŚĂŶ ďĂŬĂƌ ĨŽƐŝů ŝŶŝ ŵĞŵŝůŝŬŝ ĚĂŵƉĂŬ ƐŝŐŶŝĨŝŬĂŶ ƚŚĞŽŵƉĂŶLJĐĂƌƌŝĞƐŽƵƚƌŽƵƚŝŶĞŵĂŝŶƚĞŶĂŶĐĞŽŶƚŚĞ
ƚĞƌŚĂĚĂƉ ůŝŶŐŬƵŶŐĂŶ͕ ŽůĞŚ ŬĂƌĞŶĂ ŝƚƵ WĞƌƐĞƌŽĂŶ ǀĞŚŝĐůĞƐ ƵƐĞĚ ďLJ ƚŚĞ ŽŵƉĂŶLJ͕ ďLJ ĐŚĂŶŐŝŶŐ ƚŚĞ Žŝů͕
ŵĞůĂŬƵŬĂŶ ƉĞŵĞůŝŚĂƌĂĂŶ ƌƵƚŝŶ ƉĂĚĂ ŬĞŶĚĂƌĂĂŶͲ ƌĞƉůĂĐŝŶŐ ƚŚĞ ĨŝůƚĞƌ ĂŶĚ ĐŚĞĐŬŝŶŐ ƚŚĞ ĨƵĞů ƐLJƐƚĞŵ͕
ŬĞŶĚĂƌĂĂŶ LJĂŶŐ ĚŝŐƵŶĂŬĂŶ WĞƌƐĞƌŽĂŶ͕ ĚĞŶŐĂŶ ďĞĐĂƵƐĞŝŶƉƌŝŶĐŝƉůĞǀĞŚŝĐůĞƐƚŚĂƚĂƌĞǁĞůůŵĂŝŶƚĂŝŶĞĚ
ƉĞŶŐŐĂŶƚŝĂŶ Žůŝ͕ ƉĞŶŐŐĂŶƚŝĂŶ ĨŝůƚĞƌ ĚĂŶ ƉĞŶŐĞĐĞŬĂŶ ĂƌĞŐĞŶĞƌĂůůLJŵŽƌĞĞĨĨŝĐŝĞŶƚĂŶĚƵƐĞƐůĞƐƐĨƵĞů͘
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ƐŝƐƚĞŵ ďĂŚĂŶ ďĂŬĂƌ͕ ŬĂƌĞŶĂ ƉĂĚĂ ƉƌŝŶƐŝƉŶLJĂ /Ŷ ƚĞƌŵƐ ŽĨ ĞŶĞƌŐLJ ŵĂŶĂŐĞŵĞŶƚ ŝŶ ƚŚĞ ŽŵƉĂŶLJΖƐ
ŬĞŶĚĂƌĂĂŶLJĂŶŐƚĞƌĂǁĂƚĚĞŶŐĂŶďĂŝŬƵŵƵŵŶLJĂůĞďŝŚ ŽƉĞƌĂƚŝŽŶƐ͕ǁĞŚĂǀĞĞƐƚĂďůŝƐŚĞĚĂĐůĞĂƌĞŶĞƌŐLJƉŽůŝĐLJ
ĞĨŝƐŝĞŶĚĂŶŵĞŶŐŐƵŶĂŬĂŶďĂŚĂŶďĂŬĂƌůĞďŝŚƐĞĚŝŬŝƚ͘ ƚŽ ĐŽŵŵƵŶŝĐĂƚĞ ƚŚĞ ŽŵƉĂŶLJΖƐ ĐŽŵŵŝƚŵĞŶƚ ƚŽ
ĂůĂŵ ŚĂů ƉĞŶŐĞůŽůĂŚĂŶ ĞŶĞƌŐŝ ĚĂůĂŵ ŽƉĞƌĂƐŝŽŶĂů ƐƵƐƚĂŝŶĂďůĞ ĞŶĞƌŐLJ ŵĂŶĂŐĞŵĞŶƚ ŝŶ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ
WĞƌƐĞƌŽĂŶ͕ ŬĂŵŝ ŵĞŶĞƚĂƉŬĂŶ ŬĞďŝũĂŬĂŶ ĞŶĞƌŐŝ LJĂŶŐ 'ŽǀĞƌŶŵĞŶƚ ZĞŐƵůĂƚŝŽŶ ŶŽ͘ ϳϬ ŽĨ ϮϬϬϵ ĐŽŶĐĞƌŶŝŶŐ
ũĞůĂƐƵŶƚƵŬŵĞŶŐŬŽŵƵŶŝŬĂƐŝŬĂŶŬŽŵŝƚŵĞŶWĞƌƐĞƌŽĂŶ ŶĞƌŐLJ ŽŶƐĞƌǀĂƚŝŽŶ͘ Ŷ ŝŶƚĞŐƌĂƚĞĚ ĂƉƉƌŽĂĐŚ ƚŽ
ƚĞƌŚĂĚĂƉ ƉĞŶŐĞůŽůĂŚĂŶ ĞŶĞƌŐŝ LJĂŶŐ ďĞƌŬĞůĂŶũƵƚĂŶ ƌĞĚƵĐŝŶŐ ĞŶĞƌŐLJ ƵƐĞ ŚĂƐ ďĞĞŶ ĚĞƐŝŐŶĞĚ ďLJ ƚŚĞ
ĚĞŶŐĂŶƚƵŶĚƵŬŬĞƉĂĚĂWĞƌĂƚƵƌĂŶWĞŵĞƌŝŶƚĂŚEŽ͘ϳϬ ŽŵƉĂŶLJ ƚŽ ŽƉƚŝŵŝnjĞ ĞŶĞƌŐLJ ƵƐĞ͕ ƌĞĚƵĐĞ ǁĂƐƚĞ ĂŶĚ
ƚĂŚƵŶ ϮϬϬϵ ƚĞŶƚĂŶŐ <ŽŶƐĞƌǀĂƐŝ ŶĞƌŐŝ͘ WĞŶĚĞŬĂƚĂŶ ŵŝŶŝŵŝnjĞ ƚŚĞ ŝŵƉĂĐƚ ŽŶ ƚŚĞ ĞŶǀŝƌŽŶŵĞŶƚ ǁŝƚŚ ƚŚĞ
ƚĞƌŝŶƚĞŐƌĞĂƐŝƵŶƚƵŬƉĞŶŐƵƌĂŶŐĂŶƉĞŶŐŐƵŶĂĂŶĞŶĞƌŐŝ͕ ĨŽůůŽǁŝŶŐĞŶĞƌŐLJŵĂŶĂŐĞŵĞŶƚƐƚĞƉƐ͗
ĚŝƌĂŶĐĂŶŐ WĞƌƐĞƌŽĂŶ ŵĞŶŐŽƉƚŝŵĂůŬĂŶ ƉĞŶŐŐƵŶĂĂŶ
ĞŶĞƌŐŝ͕ ŵĞŶŐƵƌĂŶŐŝ ůŝŵďĂŚ ĚĂŶ ŵĞŵŝŶŝŵĂůŬĂŶ
ĚĂŵƉĂŬ ƚĞƌŚĂĚĂƉ ůŝŶŐŬƵŶŐĂŶ ĚĞŶŐĂŶ ůĂŶŐŬĂŚ
ƉĞŶŐĞůŽůĂŚĂŶĞŶĞƌŐŝƐĞďŐĂŝďĞƌŝŬƵƚ͗
ϭ͘ DĞŵŝŶŝŵĂůŝƐŝƌŵŽďŝůŝƚĂƐĚĂůĂŵƌĂŶŐŬĂƉĞƌũĂůĂŶĂŶ ϭ͘ DŝŶŝŵŝnjŝŶŐŵŽďŝůŝƚLJĨŽƌŽĨĨŝĐŝĂůƚƌĂǀĞů͖
ĚŝŶĂƐ͖
Ϯ͘ KƉƚŝŵĂůŝƐĂƐŝƉĞŶŐŐƵŶĂĂŶĚĂŶůĂŵƉƵƉĂĚĂƐĂĂƚ Ϯ͘ KƉƚŝŵŝnjŝŶŐƚŚĞƵƐĞŽĨĂŶĚůŝŐŚƚƐĚƵƌŝŶŐŚŽŵĞ
ũĂŵƉƵůĂŶŐŬĂŶƚŽƌ͖ ŽĨĨŝĐĞŚŽƵƌƐ͖
ϯ͘ DĞŵĂƐĂŶŐůĂŵƉƵƉĂŶĞůƐƵƌLJĂĚŝůŝŶŐŬƵŶŐĂŶŬĞƌũĂ ϯ͘ /ŶƐƚĂůůŝŶŐ ƐŽůĂƌ ƉĂŶĞů ůŝŐŚƚƐ ŝŶ ƚŚĞ ŽŵƉĂŶLJΖƐ
ŽƉĞƌĂƐŝŽŶĂůWĞƌƐĞƌŽĂŶ͖ ŽƉĞƌĂƚŝŽŶĂůǁŽƌŬĞŶǀŝƌŽŶŵĞŶƚ͖
ϰ͘ WĞŶĞƌĂƉĂŶƐŝƐƚĞŵŵĂŶĂũĞŵĞŶĞŶĞƌŐŝ/^KϱϬϬϬϭ͕ ϰ͘ /ŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ ƚŚĞ /^K ϱϬϬϬϭ ĞŶĞƌŐLJ
ƵŶƚƵŬ ŵĞŵďĂŶƚƵ ŵĞŶŐŝĚĞŶƚŝĨŝŬĂƐŝ ĚĂŶ ŵĂŶĂŐĞŵĞŶƚƐLJƐƚĞŵ͕ƚŽŚĞůƉŝĚĞŶƚŝĨLJĂŶĚŵĂŶĂŐĞ
ŵĞŶŐĞůŽůĂŚ ŬĞƐĞŵƉĂƚĂŶ ƉĞŶŐŚĞŵĂƚĂŶ ĞŶĞƌŐŝ ĞŶĞƌŐLJ ƐĂǀŝŶŐ ŽƉƉŽƌƚƵŶŝƚŝĞƐ ŝŶ Ă ƐƚƌƵĐƚƵƌĞĚ
ƐĞĐĂƌĂƚĞƌƐƚƌƵŬƚƵƌ͘ ŵĂŶŶĞƌ͘
WĞŶŐĞůŽůĂŚĂŶ ĞŶĞƌŐŝ LJĂŶŐ ĞĨĞŬƚŝĨ ƚĞŶƚƵ ĂŬĂŶ ĨĨĞĐƚŝǀĞ ĞŶĞƌŐLJ ŵĂŶĂŐĞŵĞŶƚ ǁŝůů ĐĞƌƚĂŝŶůLJ ŚĂǀĞ Ă
ŵĞŵďĞƌŝŬĂŶĚĂŵƉĂŬƉŽƐŝƚŝĨďĂŐŝŬĞƵĂŶŐĂŶWĞƌƐĞƌŽĂŶ ƉŽƐŝƚŝǀĞ ŝŵƉĂĐƚ ŽŶ ƚŚĞ ŽŵƉĂŶLJΖƐ ĨŝŶĂŶĐĞƐ ĂŶĚ
ĚĂŶ ŵĞŶĚƵŬƵŶŐ ƚƵũƵĂŶ ďĞƌŬĞůĂŶũƵƚĂŶ ƐĞƌƚĂ ƐƵƉƉŽƌƚ ƐƵƐƚĂŝŶĂďůĞ ĂŶĚ ĞŶǀŝƌŽŶŵĞŶƚĂůůLJ ƌĞƐƉŽŶƐŝďůĞ
ďĞƌƚĂŶŐŐƵŶŐũĂǁĂďƚĞƌŚĂĚĂƉůŝŶŐŬƵŶŐĂŶ͘^ĞƚŝĂƉƚĂŚƵŶ ŐŽĂůƐ͘ ǀĞƌLJ LJĞĂƌ ƚŚĞ ŽŵƉĂŶLJ ĞǀĂůƵĂƚĞƐ ƚŚĞ
WĞƌƐĞƌŽĂŶ ŵĞůĂŬƵŬĂŶ ĞǀĂůƵĂƐŝ ƉĞůĂŬƐĂŶĂĂŶ ĚĂŶ ŝŵƉůĞŵĞŶƚĂƚŝŽŶĂŶĚĂĐŚŝĞǀĞŵĞŶƚŽĨĞŶĞƌŐLJĞĨĨŝĐŝĞŶĐLJ
ƉĞŶĐĂƉĂŝĂŶ ŬŝŶĞƌũĂ ĞĨŝƐŝĞŶƐŝ ĞŶĞƌŐŝ LJĂŶŐ ĚŝůŝŚĂƚ ĚĂƌŝ ƉĞƌĨŽƌŵĂŶĐĞ ĂƐƐĞĞŶĨƌŽŵƚŚĞƌĞƐƵůƚƐŽĨĐĂůĐƵůĂƚŝŽŶƐ
ŚĂƐŝů ƉĞƌŚŝƚƵŶŐĂŶ LJĂŶŐ ĚŝůĂŬƵŬĂŶ ŽůĞŚ ƉŝŚĂŬ ŬĞƚŝŐĂ ĐĂƌƌŝĞĚŽƵƚďLJƚŚŝƌĚƉĂƌƚŝĞƐŝŶĐĂůĐƵůĂƚŝŶŐŐƌĞĞŶŚŽƵƐĞ
ĚĂůĂŵ ƉĞƌŚŝƚƵŶŐĂŶ ĞŵŝƐŝ ŐĂƐ ƌƵŵĂŚ ŬĂĐĂ͘ WĞƌƐĞƌŽĂŶ ŐĂƐ ĞŵŝƐƐŝŽŶƐ͘ dŚĞ ŽŵƉĂŶLJ ŝƐ ĂůƐŽ ĂƐƐŝƐƚĞĚ ŝŶ ƚŚŝƐ
ũƵŐĂĚĂůĂŵŚĂůŝŶŝĚŝďĂŶƚƵŽůĞŚŝǀŝƐŝŬŽŵĞƌƐŝĂůƵŶƚƵŬ ŵĂƚƚĞƌ ďLJ ƚŚĞ ĐŽŵŵĞƌĐŝĂů ĚŝǀŝƐŝŽŶ ƚŽ ƌĞĐŽƌĚ ƚŚĞ
ƉĞŶĐĂƚĂƚĂŶ ũĂƌĂŬ ƚĞŵƉƵŚ ŬĞŶĚĂƌĂĂŶ ŽƉĞƌĂƐŝŽŶĂů ĚŝƐƚĂŶĐĞ ƚƌĂǀĞůĞĚ ďLJ ƚŚĞ ŽŵƉĂŶLJΖƐ ŽƉĞƌĂƚŝŽŶĂů
WĞƌƐĞƌŽĂŶ͘ĞƌŝŬƵƚƚĞƌůĂŵƉŝƌĚĂƚĂƉĞŶŐŐƵŶĂĂŶĞŶĞƌŐŝ ǀĞŚŝĐůĞƐ͘ƚƚĂĐŚĞĚďĞůŽǁŝƐĞŶĞƌŐLJƵƐĂŐĞĚĂƚĂĨŽƌƚŚĞ
ƵŶƚƵŬƚĂŚƵŶƉĞůĂƉĂƌŽŶ͘ WĞůĂƉĂƌŽŶLJĞĂƌ͘
WĞƌƐĞŶƚĂƐĞ
WĞŶƵƌƵŶĂŶ
^ĂƚƵĂŶ ĞĐƌĞĂƐĞ
hƌĂŝĂŶ ϮϬϮϯ ϮϬϮϮ ϮϬϮϭ ĞƐĐƌŝƉƚŝŽŶ
ĞŶŽŵŝŶĂƚŝŽŶ WĞƌĐĞŶƚĂŐĞ
;йͿ
ĞŶƐŝŶ >ŝƚĞƌͮ>ŝƚƌĞ ϰ͕ϴϰϱ ϭϴϬ͘ϲϬϮ ϯϱϮ͘ϯϰϵ ϵϳй &ƵĞů
^ŽůĂƌ >ŝƚĞƌͮ>ŝƚƌĞ ϯϰ͕Ϭϰϴ͕Ϯϭϰ ϴϱ͘ϰϬϳ͘ϯϬϳ ϵϱ͘ϮϲϮ͘ϯϵϰ ϲϬй ŝĞƐĞů&ƵĞů
:ƵŵůĂŚ >ŝƚĞƌͮ>ŝƚƌĞ ϯϰ͘Ϭϱϯ͘Ϭϱϵ ϴϱ͘ϱϴϳ͘ϵϬϵ ϵϱ͘ϲϭϰ͘ϳϰϯ ϲϬй dŽƚĂůͮ&ƵĞů
ĂŚĂŶĂŬĂƌ
>ŝƐƚƌŝŬ <t,ͮ<t, ϮϮϮ͘ϯϴϵ ϭϴϱ͘ϬϲϬ ϮϯϮ͘ϳϲϲ ϮϬй ůĞĐƚƌŝĐŝƚLJ
ĞƌĚĂƐĂƌŬĂŶ ƚĂďĞů ƉĞŶŐŐƵŶĂĂŶ ĞŶĞƌŐŝ ĚŝĂƚĂƐ͕ ĂƐĞĚ ŽŶ ƚŚĞ ĞŶĞƌŐLJ ƵƐĂŐĞ ƚĂďůĞ ĂďŽǀĞ͕ ŝƚ ŝƐ ŬŶŽǁŶ
ĚŝŬĞƚĂŚƵŝ ďĂŚǁĂ WĞƌƐĞƌŽĂŶ ďĞƌƵƉĂLJĂ ŵĞůĂŬƵŬĂŶ ƚŚĂƚƚŚĞŽŵƉĂŶLJŝƐƚƌLJŝŶŐƚŽƌĞĚƵĐĞĞŶĞƌŐLJƚŽƌĞĚƵĐĞ
ƉĞŶŐƵƌĂŶŐĂŶ ĞŶĞƌŐŝ ƵŶƚƵŬ ŵĞŶŐƵƌĂŶŐŝ ĚĂŵƉĂŬ ĞŶǀŝƌŽŶŵĞŶƚĂů ŝŵƉĂĐƚƐ͕ ƐĂǀĞ ŶĂƚƵƌĂů ƌĞƐŽƵƌĐĞƐ ĂŶĚ
ůŝŶŐŬƵŶŐĂŶ͕ ŵĞŶŐŚĞŵĂƚ ƐƵŵďĞƌ ĚĂLJĂ ĂůĂŵ͕ ĚĂŶ ƌĞĚƵĐĞ ĞŶĞƌŐLJ ĐŽƐƚƐ͘ dŚŝƐ ĐĂŶ ďĞ ƐĞĞŶ ĨƌŽŵ ƚŚĞ
ŵĞŶĞŬĂŶďŝĂLJĂĞŶĞƌŐŝ͘,ĂůŝŶŝƚĞƌůŝŚĂƚĚĂƌŝƉĞŶŐŐƵŶĂĂŶ
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ĞŶĞƌŐŝƵŶƚƵŬĞŶĞƌŐŝďĂŚĂŶďĂŬĂƌƚĂŚƵŶϮϬϮϯŵĞŶƵƌƵŶ ĚĞĐƌĞĂƐĞŝŶĞŶĞƌŐLJƵƐĞĨŽƌĨƵĞůŝŶϮϬϮϯƚŽϯϰ͕Ϭϱϯ͕Ϭϱϵ
ŵĞŶũĂĚŝϯϰ͘Ϭϱϯ͘ϬϱϵůŝƚĞƌĚĂƌŝϴϱ͘ϱϴϳ͘ϵϬϵůŝƚĞƌĚŝƚĂŚƵŶ ůŝƚĞƌƐĨƌŽŵϴϱ͕ϱϴϳ͕ϵϬϵůŝƚĞƌƐŝŶϮϬϮϮŽƌϲϬй͘
ϮϬϮϮĂƚĂƵƐĞďĂŶLJĂŬϲϬй͘
WĞŶŐĞůŽůĂŚĂŶĞŶĞƌŐŝŝŶŝĚŝƐĞƐƵĂŝŬĂŶĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶ dŚŝƐĞŶĞƌŐLJŵĂŶĂŐĞŵĞŶƚŝƐĂĚũƵƐƚĞĚƚŽƚŚĞƉƌŽǀŝƐŝŽŶƐ
ĚĂůĂŵ/^KϱϬϬϬϭ͖ϮϬϭϴ^ŝƐƚĞŵDĂŶĂũĞŵĞŶ ŶĞƌŐŝLJĂŶŐ ŝŶ /^K ϱϬϬϬϭ͖ϮϬϭϴ ŶĞƌŐLJ DĂŶĂŐĞŵĞŶƚ^LJƐƚĞŵƚŚĂƚ
ƚĞůĂŚ ĚŝŵŝůŝŬŝ WĞƌƐĞƌŽĂŶ ƉĂĚĂ ƚĂŚƵŶ ƉĞůĂƉŽƌĂŶ͘ ƚŚĞ ŽŵƉĂŶLJ ŚĂĚ ŝŶ ƚŚĞ ƌĞƉŽƌƚŝŶŐ LJĞĂƌ͘ dŚŝƐ /^K
^ƚĂŶĚĂƌƚ/^KŝŶŝĚŝŚĂƌƉŬĂŶŵĞŵďĞƌŝŬĂŶŬĞƌĂŶŐŬĂLJĂŶŐ ƐƚĂŶĚĂƌĚ ŝƐ ĞdžƉĞĐƚĞĚ ƚŽ ƉƌŽǀŝĚĞ Ă ƐƚƌƵĐƚƵƌĞĚ
ƚĞƌƐƚƌƵŬƚƵƌ LJĂŶŐ ŵĂŵƉƵ ŵĞŶŐĞůŽůĂŚ ĚĂŶ ĨƌĂŵĞǁŽƌŬƚŚĂƚŝƐĂďůĞƚŽŵĂŶĂŐĞĂŶĚŝŵƉƌŽǀĞĞŶĞƌŐLJ
ŵĞŶŝŶŐŬĂƚŬĂŶ ŬŝŶĞƌũĂ ĞŶĞƌŐŝ ĚĂůĂŵ ŬĞŐŝĂƚĂŶ ƵƐĂŚĂ ƉĞƌĨŽƌŵĂŶĐĞ ŝŶ ƚŚĞ ŽŵƉĂŶLJΖƐ ďƵƐŝŶĞƐƐ ĂĐƚŝǀŝƚŝĞƐ͘
WĞƌƐĞƌŽĂŶ͘ ^ĞůĂŝŶ ŝƚƵ ŬĞďĞƌĂĚĂĂŶ /^K ϱϬϬϬϭ ŝŶŝ ƉĂƌƚ ĨƌŽŵ ƚŚĂƚ͕ ƚŚĞ ĞdžŝƐƚĞŶĐĞ ŽĨ /^K ϱϬϬϬϭ ĂŝŵƐ ƚŽ
ďĞƌƚƵũƵĂŶ ƵŶƚƵŬ ŵĞŵďĂŶƚƵ WĞƌƐĞƌŽĂŶ ŚĞůƉ ƚŚĞ ŽŵƉĂŶLJ ŝĚĞŶƚŝĨLJ͕ ŵĞĂƐƵƌĞ ĂŶĚ ŵĂŶĂŐĞ
ŵĞŶŐŝĚĞŶƚŝĨŝŬĂƐŝ͕ ŵĞŶŐƵŬƵƌ͕ ĚĂŶ ŵĞŶŐĞůŽůĂŚ ĞŶĞƌŐLJ ƵƐĞ ĞĨĨŝĐŝĞŶƚůLJ͕ ƌĞĚƵĐĞ ŽƉĞƌĂƚŝŽŶĂů ĐŽƐƚƐ ĂŶĚ
ƉĞŶŐŐƵŶĂĂŶĞŶĞƌŐŝĚĞŶĂŐŶĞĨŝƐŝĞŶ͕ŵĞŶŐƵƌĂŶŐŝďŝĂLJĂ ƌĞĚƵĐĞ ĞŶǀŝƌŽŶŵĞŶƚĂů ŝŵƉĂĐƚƐ͘ /Ŷ ƚŚŝƐ ǁĂLJ͕ ƚŚĞ
ŽƉĞƌĂƐŝŽŶĂů͕ ĚĂŶ ŵĞŶŐƵƌĂŶŐŝ ĚĂŵƉĂŬ ůŝŶŐŬƵŶŐĂŶ͘ ŽŵƉĂŶLJ ĐŽŶƚŝŶƵĞƐ ƚŽ ĐĂƌƌLJ ŽƵƚ ŵĂŝŶƚĞŶĂŶĐĞ ĂŶĚ
ĞŶŐĂŶ ĚĞŵŝŬŝĂŶ WĞƌƐĞƌŽĂŶ ƚĞƌƵƐ ŵĞůĂŬƵŬĂŶ ŝŵƉƌŽǀĞŵĞŶƚƐŝŶĞŶĞƌŐLJƵƐĞĂŶĚŝŶĐƌĞĂƐĞƐƚŚĞƚƌƵƐƚŽĨ
ƉĞŵĞůŝŚĂƌĂĂŶĚĂŶƉĞƌďĂŝŬĂŶƉĂĚĂƉĞŶŐŐƵŶĂĂŶĞŶĞƌŐŝ ƚŚĞŽŵƉĂŶLJΖƐĐƵƐƚŽŵĞƌƐĂŶĚďƵƐŝŶĞƐƐƉĂƌƚŶĞƌƐ͘
ƐĞƌƚĂŵĞŶŝŶŐŬĂƚŬĂŶŬĞƉĞƌĐĂLJĂĂŶƉĞůĂŶŐŐĂŶĚĂŶŵŝƚƌĂ
ďŝƐŶŝƐWĞƌƐĞƌŽĂŶ͘
WĞŶŐĞůŽůĂĂŶ ŵŝƐŝ'ĂƐZƵŵĂŚ<ĂĐĂ DĂŶĂŐĞŵĞŶƚŽĨ'ƌĞĞŶŚŽƵƐĞ'ĂƐ ŵŝƐƐŝŽŶƐ
;WK:<ϱϭ͘͘ϲ͘Ğ͘ϰͿ;^ K:<ϭϲ͘&͘ϭϭ͘&͘ϭϮͿ;'Z/ϯϬϱͿ ;WK:<ϱϭ͘͘ϲ͘Ğ͘ϰͿ;^ K:<ϭϲ͘&͘ϭϭ͘&͘ϭϮͿ;'Z/ϯϬϱͿ
<ŽŵŝƚŵĞŶ ƚĞƌŚĂĚĂƉ ƚĂŶŐŐƵŶŐ ũĂǁĂď ůŝŶŐŬƵŶŐĂŶ ŽŵŵŝƚŵĞŶƚ ƚŽ ĞŶǀŝƌŽŶŵĞŶƚĂů ƌĞƐƉŽŶƐŝďŝůŝƚLJ dŚĞ
WĞƌƐĞƌŽĂŶ ŵĞůĂŬƵŬĂŶ ƉĞŶĚĞŬĂƚĂŶ LJĂŶŐ ƚĞƌŝŶƚĞŐƌĂƐŝ ŽŵƉĂŶLJƚĂŬĞƐĂŶŝŶƚĞŐƌĂƚĞĚĂƉƉƌŽĂĐŚƚŽŵĂŶĂŐŝŶŐ
ĚĞŶŐĂŶ ƉĞŶŐĞůŽůĂŚĂŶ ĞŵŝƐŝ ŐĂƐ ƌƵŵĂŚ ŬĂĐĂ͘ ŐƌĞĞŶŚŽƵƐĞ ŐĂƐ ĞŵŝƐƐŝŽŶƐ͘ ŽŶƐŝĚĞƌŝŶŐ ƚŚĂƚ ƚŚĞ
DĞŶŐŝŶŐĂƚĂŬƚŝǀŝƚĂƐWĞƌƐĞƌŽĂŶĚĂƉĂƚŵĞůŝďĂƚŬĂŶĞŵŝƐŝ ŽŵƉĂŶLJΖƐ ĂĐƚŝǀŝƚŝĞƐ ĐĂŶ ŝŶǀŽůǀĞ ĞŵŝƐƐŝŽŶƐ ĨƌŽŵ
ĚĂƌŝƉƌŽĚƵŬƐŝĞŶĞƌŐŝ͕ƚƌĂŶƐƉŽƌƚĂƐŝ͕ĚĂŶƉĞŶŐĞůŽĂůĂŚĂŶ ĞŶĞƌŐLJ ƉƌŽĚƵĐƚŝŽŶ͕ ƚƌĂŶƐƉŽƌƚĂƚŝŽŶ ĂŶĚ ǁĂƐƚĞ
ůŝŵďĂŚ͕ WĞƌƐĞƌŽĂŶ ŵĞŵŝůŝŬŝ ŝŶŝƐŝĂƚŝĨ ŵĞŵŝƚŝŐĂƐŝ ŵĂŶĂŐĞŵĞŶƚ͕ ƚŚĞ ŽŵƉĂŶLJ ŚĂƐ ĂŶ ŝŶŝƚŝĂƚŝǀĞ ƚŽ
ĚĂŵƉĂŬƉĞƌƵďĂŚĂŶŝŬůŝŵĚĞŶŐĂŶŵĞůĂŬƵŬĂŶƚŝŶĚĂŬĂŶ ŵŝƚŝŐĂƚĞƚŚĞŝŵƉĂĐƚŽĨĐůŝŵĂƚĞĐŚĂŶŐĞďLJƚĂŬŝŶŐĂĐƚŝŽŶ
ƵŶƚƵŬ ŵĞŶŐƵƌĂŶŐŝ ĞŵŝƐŝ ŐĂƐ ƌƵŵĂŚ ŬĂĐĂ ĚĞŶŐĂŶ ƚŽƌĞĚƵĐĞŐƌĞĞŶŚŽƵƐĞŐĂƐĞŵŝƐƐŝŽŶƐǁŝƚŚƚƌĞĞƉůĂŶƚŝŶŐ
ƉƌŽŐƌĂŵ ƉĞŶĂŶĂŵĂŶ ƉŽŚŽŶ ĚĂŶ ĞĚƵŬĂƐŝ ƐĞƌƚĂ ĂŶĚ ĞĚƵĐĂƚŝŽŶ ƉƌŽŐƌĂŵƐ ĂƐ ǁĞůů ĂƐ Ă ƐĞƌŝĞƐ ŽĨ
ƐĞƌĂŶŐŬĂŝĂŶ ƉĞŶŐŝŶŐĂƚ LJĂŶŐ ďĞƌƚƵũƵĂŶ ƵŶƚƵŬ ƌĞŵŝŶĚĞƌƐĂŝŵĞĚĂƚŝŶĐƌĞĂƐŝŶŐĂǁĂƌĞŶĞƐƐĂŶĚŝŶǀŝƚŝŶŐ
ŵĞŶŝŶŐŬĂƚŬĂŶ ŬĞƐĂĚĂƌĂŶ ĚĂŶ ŵĞŶŐĂũĂŬ ƉĂƌƚŝƐŝƉĂƐŝ ƉĂƌƚŝĐŝƉĂƚŝŽŶ͘ ƌĞĚƵĐĞ ĞŶĞƌŐLJ ƵƐĞ ŝŶ ƚŚĞ ŽŵƉĂŶLJΖƐ
ƵŶƚƵŬ ŵĞŶŐƵƌĂŶŐŝ ƉĞŶŐŐƵŶĂĂŶ ĞŶĞƌŐŝ ĚĂůĂŵ ǁŽƌŬĞŶǀŝƌŽŶŵĞŶƚ͘
ůŝŶŐŬƵŶŐĂŶŬĞƌũĂWĞƌƐĞƌŽĂŶ͘
ĞŶŐĂŶ ŬĞŐŝĂƚĂŶ ƉĞŶĂŶĂŵĂŶ ƉŽŚŽŶ ŝŶŝ ĚŝŚĂƌĂƉŬĂŶ /ƚŝƐŚŽƉĞĚƚŚĂƚƚŚŝƐƚƌĞĞƉůĂŶƚŝŶŐĂĐƚŝǀŝƚLJǁŝůůŚĂǀĞĂ
ŵĞŵďĞƌŝŬĂŶ ĚĂŵƉĂŬ ƉŽƐŝƚŝĨ ƉĂĚĂ ůŝŶŐŬƵŶŐĂŶ͕ ƉŽƐŝƚŝǀĞŝŵƉĂĐƚŽŶƚŚĞĞŶǀŝƌŽŶŵĞŶƚ͕ĐŽŶƐŝĚĞƌŝŶŐƚŚĂƚ
ŵĞŶŐŝŶŐĂƚ ƉŽŚŽŶ ďĞƌƉĞƌĂŶ ƉĞŶƚŝŶŐ ĚĂůĂŵ ƚƌĞĞƐ ƉůĂLJ ĂŶ ŝŵƉŽƌƚĂŶƚ ƌŽůĞ ŝŶ ƉƌŽǀŝĚŝŶŐ ŽdžLJŐĞŶ͕
ŵĞŶLJĞĚŝĂŬĂŶ ŽŬƐŝŐĞŶ͕ ŵĞŶLJŝŵƉĂŶ ŬĂƌďŽŶ ĚĂŶ ŚĂů ƐƚŽƌŝŶŐ ĐĂƌďŽŶ ĂŶĚ ŽƚŚĞƌ ƉŽƐŝƚŝǀĞ ƚŚŝŶŐƐ͘ dŚŝƐ ƚƌĞĞ
ƉŽƐƐŝƚŝĨůĂŝŶŶLJĂ͘WĞŶĂŶĂŵĂŶƉŽŚŽŶŝŶŝĂŬĂŶĚŝůĂƉŽƌŬĂŶ ƉůĂŶƚŝŶŐǁŝůůƌĞƉŽƌƚƚŚĞŶƵŵďĞƌƉůĂŶƚĞĚĂŶĚƚŚĞƌĞƐƵůƚƐ
ũƵŵůĂŚ LJĂŶŐ ĚŝƚĂŶĂŵ ĚĂŶ ŚĂƐŝů ĞǀĂůƵĂƐŝ ƉĞŶĂŶĂŵĂŶ ŽĨƚŚĞƉůĂŶƚŝŶŐĞǀĂůƵĂƚŝŽŶƉĞƌŝŽĚŝĐĂůůLJƚŽĂƚŚŝƌĚƉĂƌƚLJ͕
ƐĞĐĂƌĂďĞƌŬĂůĂŬĞƉĂĚĂƉŝŚĂŬŬĞƚŝŐĂ͕ƐĞƚĞůĂŚŝƚƵƉŝŚĂŬ ĂĨƚĞƌǁŚŝĐŚƚŚĞƚŚŝƌĚƉĂƌƚLJ͕ƚŚĞ/ŶƐƚŝƚƵƚĞĨŽƌZĞƐĞĂƌĐŚ
ŬĞƚŝŐĂ >ĞŵďĂŐĂ WĞŶĞůŝƚŝĂŶ ĚĂŶ WĞŶŐĂďĚŝĂŶ ĂŶĚ ŽŵŵƵŶŝƚLJ ^ĞƌǀŝĐĞ ;>WWDͿ <ĂůŝŵĂŶƚĂŶ /ŶƐƚŝƚƵƚĞ
DĂƐLJĂƌĂŬĂƚ ;>WWDͿ /ŶƐƚŝƚƵƚ dĞŬŶŽůŽŐŝ <ĂůŝŵĂŶƚĂŶͿ ŽĨ dĞĐŚŶŽůŽŐLJͿ ǁŝůů ƉƌŽǀŝĚĞ Ă ŐƌĞĞŶŚŽƵƐĞ ŐĂƐ
ĂŬĂŶ ŵĞŵďĞƌŝŬĂŶ ůĂŽƉƌĂŶ ŝŶǀĞŶƚĂƌŝƐĂƐŝ ĞŵŝƐŝ ŐĂƐ ĞŵŝƐƐŝŽŶƐŝŶǀĞŶƚŽƌLJƌĞƉŽƌƚĐŽŶƚĂŝŶŝŶŐĂĐĂůĐƵůĂƚŝŽŶŽĨ
ƌƵŵĂŚŬĂĐĂLJĂŶŐďĞƌŝƐŝŬĂŶƉĞƌŚŝƚƵŶŐĂŶ'ĂƐKϮĚĂƌŝ KϮŐĂƐĨƌŽŵŵŽƚŽƌŝnjĞĚǀĞŚŝĐůĞƐ͕͘,ϰĂŶĚEϮKŐĂƐ͘
ŬĞŶĚĂƌĂĂŶďĞƌŵŽƚŽƌ͕'ĂƐ,ϰĚĂŶEϮK͘>ĞďŝŚůĂŶũƵƚ &ƵƌƚŚĞƌŝŶĨŽƌŵĂƚŝŽŶĐĂŶďĞƐĞĞŶŝŶƚŚĞŐƌĞĞŶŚŽƵƐĞŐĂƐ
ĚĂƉĂƚĚŝůŝŚĂƚƉĂĚĂƚĂďĞůĞŵŝƐŝŐĂƐƌƵŵĂŚŬĂĐĂĚŝďĂǁĂŚ ĞŵŝƐƐŝŽŶƐƚĂďůĞďĞůŽǁ͘
ŝŶŝ͘
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ŵŝƐŝ'ĂƐZƵŵĂŚ<ĂĐĂ;'Z<ͿĂƌŝ<ĞŐŝĂƚĂŶhƐĂŚĂWĞƌƐĞƌŽĂŶ
'ƌĞĞŶ,ŽƵƐĞ'ĂƐ;','Ϳ ŵŝƐƐŝŽŶƐĨƌŽŵƚŚĞŽŵƉĂŶLJΖƐƵƐŝŶĞƐƐĐƚŝǀŝƚŝĞƐ
^ƵŵďĞƌ ŵŝƐŝ'Z< ^ĂƚƵĂŶ ϮϬϮϯ ϮϬϮϮ ϮϬϮϭ ^ŽƵƌĐĞŽĨ',' ŵŝƐƐŝŽŶƐ
ĞŶŽŵŝŶĂƚŝŽŶ
^ĐŽƉĞϭ<ĞŶĚĂƌĂĂŶ dŽŶŽ₂ͲĞƋ ϵϬ͘ϵϰϳ ϮϮϴ͘ϱϮϰ Ϯϱϱ͘Ϯϰϴ ^ĐŽƉĞϭDŽƚŽƌsĞŚŝĐůĞ
ĞƌŵŽƚŽƌ;DͿ ;DͿ
^ĐŽƉĞϮWĞŵĂŬĂŝĂŶ>ŝƐƚƌŝŬ dŽŶŽ₂ͲĞƋ ϭϴϮ ϭϰϵ ϭϵϭ ^ĐŽƉĞϮ ůĞĐƚƌŝĐŝƚLJ
ŽŶƐƵŵƉƚŝŽŶ
^ĐŽƉĞϯWĞƌũĂůĂŶĂŶŝŶĂƐ dŽŶŽ₂ͲĞƋ ϭϭϮ ϳϱ ϯϭ ^ĐŽƉĞϯƵƐŝŶĞƐƐdƌĂǀĞů
;WĞƐĂǁĂƚdĞƌďĂŶŐͿ ;ŝƌƉůĂŶĞƐͿ
:ƵŵůĂŚ ŵŝƐŝ'Z< dŽŶŽ₂ͲĞƋ ϵϭ͘Ϯϰϭ ϮϮϴ͘ϳϰϵ Ϯϱϱ͘ϰϲϵ dŽƚĂů',' ŵŝƐƐŝŽŶƐ
:ƵŵůĂŚWĞŶLJĞƌĂƉĂŶ ŵŝƐŝ dŽŶŽ₂ͲĞƋ Ϯϴ͘ϰϴϴ ϭϯϲ͘ϵϳϱ Ϭ͕Ϯϭϵ dŽƚĂůďƐŽƌƉƚŝŽŶŽĨ','
'Z< ŵŝƐƐŝŽŶƐ
hƉĂLJĂWĞŶŐƵƌĂŶŐĂŶ ŵŝƐŝ ŵŝƐƐŝŽŶZĞĚƵĐƚŝŽŶ ĨĨŽƌƚƐ
;'Z/ϯϬϱͲϱͿ ;'Z/ϯϬϱͲϱͿ
Ăƌŝ ŚĂƐŝů ƉĞƌŚŝƚƵŶŐĂŶ ĞŵŝƐŝ ŐƌŬ ƐĞůĂŵĂ ƚŝŐĂ ƚĂŚƵŶ &ƌŽŵƚŚĞƌĞƐƵůƚƐŽĨ','ĞŵŝƐƐŝŽŶƐĐĂůĐƵůĂƚŝŽŶƐŽǀĞƌƚŚĞ
ƚĞƌĂŬŚŝƌ͕ WĞƌƐĞƌŽĂŶ ũƵŐĂ ƚĞůĂŚ ŵĞůĂŬƵŬĂŶ ƵƉĂLJĂ ůĂƐƚƚŚƌĞĞLJĞĂƌƐ͕ƚŚĞŽŵƉĂŶLJŚĂƐĂůƐŽŵĂĚĞĞĨĨŽƌƚƐƚŽ
ƉĞŶƵƌƵŶĂŶ ĞŵŝƐŝ ŐƌŬ ĚĞŶLJĂŶ ŵĞůĂŬƵŬĂŶ ďĞďĞƌĂƉĂ ƌĞĚƵĐĞ ',' ĞŵŝƐƐŝŽŶƐ ďLJ ĐĂƌƌLJŝŶŐ ŽƵƚ ƐĞǀĞƌĂů
ƉƌŽŐƌĂŵ LJĂŶŐ ƚĞůĂŚ ĚŝůĂŬƵŬĂŶ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ƉƌŽŐƌĂŵƐƚŚĂƚƚŚĞŽŵƉĂŶLJŚĂƐĐĂƌƌŝĞĚŽƵƚƚŽƌĞĚƵĐĞ
ŵĞƌĞĚƵŬƐŝ ĞŵŝƐŝ ŐĂƐ ƌƵŵĂŚ ŬĂĐĂ ĚĂƌŝ ŬĞŐŝĂƚĂŶ ŐƌĞĞŶŚŽƵƐĞ ŐĂƐ ĞŵŝƐƐŝŽŶƐ ĨƌŽŵ ŝƚƐ ŽƉĞƌĂƚŝŽŶĂů
ŽƉĞƌĂƐŝŽŶĂůŶLJĂĚĞŶŐĂŶĐĂƌĂ͗ ĂĐƚŝǀŝƚŝĞƐďLJ͗
ϭ͘ WĞƌĂǁĂƚĂŶ ƐĞĐĂƌĂ ďĞƌŬĂůĂ ƚĞƌŚĂĚĂƉ ƉĞƌĂůĂƚĂŶ ϭ͘ ZĞŐƵůĂƌ ŵĂŝŶƚĞŶĂŶĐĞ ŽĨ ŽĨĨŝĐĞ ĞƋƵŝƉŵĞŶƚ ĂŶĚ
ŬĂŶƚŽƌ ĚĂŶ ŬĞŶĚĂƌĂĂŶ ŽƉĞƌĂƐŝŽŶĂů ŵĂƵƉƵŶ ŽƉĞƌĂƚŝŽŶĂů ǀĞŚŝĐůĞƐ ĂƐ ǁĞůů ĂƐ ƚŚĞ ŽŵƉĂŶLJΖƐ
ƉĂĚĂŬĞŐŝĂƚĂŶƵƐĂŚĂWĞƌƐĞƌŽĂŶ͖ ďƵƐŝŶĞƐƐĂĐƚŝǀŝƚŝĞƐ͖
Ϯ͘ WĞŶLJĞƐƵĂŝĂŶ ƉĂĚĂ ďĂŶ ŬĞŶĚĂƌĂĂŶ ŵƵůĂŝ ĚĂƌŝ Ϯ͘ ĚũƵƐƚŵĞŶƚƐƚŽǀĞŚŝĐůĞƚŝƌĞƐƌĂŶŐŝŶŐĨƌŽŵƚLJƉĞƚŽ
ũĞŶŝƐŚŝŶŐŐĂƚĞŬĂŶĂŶďĂŶ͖ ƚŝƌĞƉƌĞƐƐƵƌĞ͖
ϯ͘ WĞŶĂŶĂŵĂŶWŽŚŽŶdƌĞŵďĞƐŝ͖ ϯ͘ dƌĞŵďĞƐŝdƌĞĞWůĂŶƚŝŶŐ͖
ϰ͘ WĞŶŐŐƵŶĂĂŶƐŽůĂƌĐĞůůƐLJƐƚĞŵƐĞďĂŐĂŝƉĞŶŐŐĂŶƚŝ ϰ͘ hƐĞ ŽĨ Ă ƐŽůĂƌ ĐĞůů ƐLJƐƚĞŵ ĂƐ Ă ƐƵďƐƚŝƚƵƚĞ ĨŽƌ
ĞŶĞƌŐŝůŝƐƚƌŝŬƵŶƚƵŬƉĞŶĞƌĂŶŐĂŶĚŝŵĂůĂŵŚĂƌŝ͖ ĞůĞĐƚƌŝĐĂůĞŶĞƌŐLJĨŽƌůŝŐŚƚŝŶŐĂƚŶŝŐŚƚ͖
ϱ͘ DĞůĂŬƵŬĂŶ ŬĂŵƉĂŶLJĞ ƉĞŶŐŚĞŵĂƚĂŶ ϱ͘ ĂƌƌLJŽƵƚĂĐĂŵƉĂŝŐŶƚŽƐĂǀĞĞŶĞƌŐLJƵƐĞ͘
ƉĞŶŐŐƵŶĂĂŶĞŶĞƌŐŝ͘
hƉĂLJĂ ƉĞŶĂŶĂŵĂŶ ƉŽŚŽŶ LJĂŶŐ ĚŝůĂŬƵŬĂŶ ƉĞƌƐĞƌŽĂŶ dŚĞƚƌĞĞƉůĂŶƚŝŶŐĞĨĨŽƌƚƐĐĂƌƌŝĞĚŽƵƚďLJƚŚĞĐŽŵƉĂŶLJ
ĚĂƌŝ ƚĂŚƵŶ ϮϬϮϭ ƐĂŵƉĂŝ ϮϬϮϯ ŵĞŵďĞƌŝŬĂŶ ŚĂƐŝů ĨƌŽŵϮϬϮϭƚŽϮϬϮϯƌĞƐƵůƚĞĚŝŶƚŚĞĂďƐŽƌƉƚŝŽŶŽĨĐĂƌďŽŶ
ƐĞƌĂƉĂŶ ĞŵŝƐŝ ŬĂƌďŽŶ LJĂŶŐ ĚŝŚĂƐŝůŬĂŶ Ěƌŝ ŬĞŐŝĂƚĂŶ ĞŵŝƐƐŝŽŶƐ ƌĞƐƵůƚŝŶŐ ĨƌŽŵ ƚŚĞ ŽŵƉĂŶLJΖƐ ŽƉĞƌĂƚŝŽŶĂů
ŽƉĞƌĂƐŝŽŶĂů WĞƌƐĞƌŽĂŶ͕ ƐĞŚŝŶŐŐĂ ŚĂƐŝů ƉĞƌŚŝƚƵŶŐĂŶ ĂĐƚŝǀŝƚŝĞƐ͕ƐŽƚŚĂƚƚŚĞƌĞƐƵůƚƐŽĨĐĂůĐƵůĂƚŝŽŶƐĨƌŽŵƚŚĞ
ĚĂƌŝƉŝŚĂŬ>WWDƚĞƌŬĂŝƚũƵŵůĂŚƐĞƌĂƉĂŶĞŵŝƐŝŬĂƌďŽŶ >WWDƌĞŐĂƌĚŝŶŐƚŚĞĂŵŽƵŶƚŽĨƚŚĞŽŵƉĂŶLJΖƐĐĂƌďŽŶ
WĞƌƐĞƌŽĂŶ ĚĂƌŝ ƚĂŚƵŶ ϮϬϮϭ ƐĂŵƉĂŝ ϮϬϮϯ ĂĚĂůĂŚ ĞŵŝƐƐŝŽŶĂďƐŽƌƉƚŝŽŶĨƌŽŵϮϬϮϭƚŽϮϬϮϯǁĞƌĞϭϲϱ͕ϰϲϯ
ƐĞďĞƐĂƌϭϲϱ͘ϰϲϯƚŽŶKϮĞƋĚĂƌŝƚŽƚĂůĞŵŝƐŝƐĞũƵŵůĂŚ ƚŽŶŶĞƐŽĨKϮĞƋŽƵƚŽĨƚŽƚĂůĞŵŝƐƐŝŽŶƐŽĨϭ͕ϳϬϴ͕͘ϱϴϵ
ϭ͘ϳϬϴ͘ϱϴϵƚŽŶKϮĞƋ͕ƐĞŚŝŶŐŐĂĞŵŝƐŝWĞƌƐĞƌŽĂŶLJĂŶŐ ƚŽŶƐŽĨKϮĞƋ͕ƐŽƚŚĞŽŵƉĂŶLJΖƐĞŵŝƐƐŝŽŶƐƚŚĂƚŚĂǀĞ
ďĞůƵŵĚŝƐĞƌĂƉĂĚĂůĂŚƐĞďĞƐĂƌϭ͘ϱϰϯ͘ϭϮϲƚŽŶKϮĞƋ͘ ŶŽƚďĞĞŶĂďƐŽƌďĞĚĂƌĞϭ͕ϱϰϯ͕ϭϮϲƚŽŶƐŽĨKϮĞƋ͘
WĞŶŐĞůŽůĂĂŶŝƌ tĂƚĞƌDĂŶĂŐĞŵĞŶƚ
;^ K:<ϭϲ͘&͘ϴͿ;'Z/ϭϬϯͿ;'Z/ϯϬϯͿ ;^ K:<ϭϲ͘&͘ϴͿ;'Z/ϭϬϯͿ;'Z/ϯϬϯͿ
WĞŶŐĞůŽůĂŚĂŶ Ăŝƌ LJĂŶŐ ďĂŝŬ ŵĞŵŝůŝŬŝ ƉĞƌĂŶ ŬƌƵƐŝĂů 'ŽŽĚ ǁĂƚĞƌ ŵĂŶĂŐĞŵĞŶƚ ŚĂƐ Ă ĐƌƵĐŝĂů ƌŽůĞ ŝŶ ƚŚĞ
ĚĂůĂŵ ƉĞŵĂŶĨĂĂƚĂŶ ƐƵŵďĞƌ ĚĂLJĂ Ăŝƌ LJĂŶŐ ƐƵƐƚĂŝŶĂďůĞ ĂŶĚ ĞĨĨŝĐŝĞŶƚ ƵƐĞ ŽĨ ǁĂƚĞƌ ƌĞƐŽƵƌĐĞƐ͘
ďĞƌŬĞůĂŶũƵƚĂŶĚĂŶĞĨŝƐŝĞŶ͘DĞŶŐŝŶŐĂƚŬĞƚĞƌďĂƚĂƐĂŶĂŝƌ ŽŶƐŝĚĞƌŝŶŐƚŚĞůŝŵŝƚĞĚĂǀĂŝůĂďŝůŝƚLJŽĨĐůĞĂŶǁĂƚĞƌ͕ƚŚŝƐ
ďĞƌƐŝŚŵĞŶũĂĚŝƐĂůĂŚƐĂƚƵŝƐƵůŝŶŐŬƵŶŐĂŶLJĂŶŐŵĞŶũĂĚŝ ŝƐŽŶĞŽĨƚŚĞĞŶǀŝƌŽŶŵĞŶƚĂůŝƐƐƵĞƐƚŚĂƚŝƐŽĨĐŽŶĐĞƌŶƚŽ
ƉĞƌŚĂƚŝĂŶ WĞƌƐĞƌŽĂŶ͘ dĂŬ ďĂŶLJĂŬ ĚĂƌŝ ŵĂƐLJĂƌĂŬĂƚ ƚŚĞŽŵƉĂŶLJ͘EŽƚŵĂŶLJƉĞŽƉůĞĂƌŽƵŶĚƚŚĞŽŵƉĂŶLJΖƐ
ĚŝƐĞŬŝƚĂƌ ǁŝůĂLJĂŚ ŬĞƌũĂ WĞƌƐĞƌŽĂŶ ũƵŐĂ ŵĞŶŐĞůƵŚ ǁŽƌŬĂƌĞĂĂůƐŽĐŽŵƉůĂŝŶĂďŽƵƚƚŚĞůĂĐŬŽĨĐůĞĂŶǁĂƚĞƌ
ƚĞŶƚĂŶŐŬƵƌĂŶŐŶLJĂƉĂƐŽŬĂŶĂŝƌďĞƌƐŝŚ͘,ĂůŝŶŝƚĞƌũĂĚŝ ƐƵƉƉůLJ͘ dŚŝƐ ŽĐĐƵƌƐ ĚƵĞ ƚŽ ƚŚĞ ƉƌŽůŽŶŐĞĚ ĚƌLJ ƐĞĂƐŽŶ͘
ĂŬŝďĂƚ ŵƵƐŝŵ ŬĞŵĂƌĂƵ LJĂŶŐ ďĞƌŬĞƉĂŶũĂŶŐĂŶ͘ WD dŚĞůŽĐĂůWDŚĂƐĂůƐŽĂĚǀŝƐĞĚƚŚĂƚƚŚĞůŝŵŝƚĞĚĐůĞĂŶ
ƐĞƚĞŵƉĂƚ ũƵŐĂ ƚĞůĂŚ ŵĞŶŐŚŝŵďĂƵ ďĂŚǁĂ ǁĂƚĞƌŝƐĚƵĞƚŽƚŚĞĚĞĐůŝŶŝŶŐĐŽŶĚŝƚŝŽŶŽĨƚŚĞƌĞƐĞƌǀŽŝƌ͕
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ŬĞƚĞƌďĂƚĂƐĂŶ Ăŝƌ ďĞƌƐŝŚ ƚĞƌũĂĚŝ ĂŬŝďĂƚ ŬŽŶĚŝƐŝ ǁĂĚƵŬ ǁŚŝĐŚŝƐĂƐŽƵƌĐĞŽĨƌĂǁǁĂƚĞƌĨŽƌƚŚĞĐŽŵŵƵŶŝƚLJ͘dŽ
LJĂŶŐ ŵĞŶũĂĚŝ ƐƵŵďĞƌ Ăŝƌ ďĂŬƵ ďĂŐŝ ŵĂƐLJĂƌĂŬĂƚ ĚĞĂů ǁŝƚŚ ůŝŵŝƚĞĚ ĐůĞĂŶ ǁĂƚĞƌ͕ ƚŚĞ ĂůŝŬƉĂƉĂŶ ĐŝƚLJ
ŵĞŶŐĂůĂŵŝ ƉĞŶƵƌƵŶĂŶ͘ ƵŶƚƵŬ ŵĞŶĂŶŐĂŶŝ ŐŽǀĞƌŶŵĞŶƚƉƌĞƐĞŶƚĞĚŽŶĞƐŽůƵƚŝŽŶƚŚĂƚĐŽƵůĚďĞĚŽŶĞ
ŬĞƚĞƌďĂƚĂƐĂŶĂŝƌďĞƌƐŝƉĞŵĞƌŝŶƚĂŚĂŶŬŽƚĂĂůŝŬƉĂƉĂŶ ďLJƵƚŝůŝnjŝŶŐĞdžŝƐƚŝŶŐǁĞůůƐ͘DĞĂŶǁŚŝůĞ͕ƐĞǀĞƌĂůĂƐƉĞĐƚƐ
ŵĞŶLJĂŵƉĂŝŬĂŶƐĂůĂŚƐĂƚƵƐŽůƵƐŝLJĂŶŐĚĂƉĂƚĚŝůĂŬƵŬĂŶ ĂŶĚ ƉůĂŶƐ ĨŽƌ ǁĂƚĞƌ ƌĞƐŽƵƌĐĞ ŵĂŶĂŐĞŵĞŶƚ ǁŝůů ďĞ
ĚĞŶŐĂŶŵĞŵĂŶĨĂĂƚŬĂŶƐƵŵƵƌͲƐƵŵƵƌLJĂŶŐƐƵĚĂŚĂĚĂ͘ ĞǀĂůƵĂƚĞĚ ďLJ ƉƌĞƐĞƌǀŝŶŐ ŐƌŽƵŶĚǁĂƚĞƌ ĐĂƚĐŚŵĞŶƚ
^ĞŵďĂƌŝĂŬĂŶĚŝůĂŬƵŬĂŶĞǀĂůƵĂƐŝďĞďĞƌĂƉĂĂƐƉĞŬĚĂŶ ĂƌĞĂƐ͘dŚĞŽŵƉĂŶLJĂůƐŽƐĂǀĞƐǁĂƚĞƌďLJŝŵƉůĞŵĞŶƚŝŶŐ
ƌĞŶĐĂŶĂƉĞŶŐĞůŽůĂŚĂŶƐƵŵďĞƌĂŝƌĚĞŶŐĂŶƉĞůĞƐƚĂƌŝĂŶ ƌĞŐƵůĂƌǁĂƚĞƌƐĂǀŝŶŐƉƌŽŐƌĂŵƐ͕ŝŶƐƚĂůůŝŶŐǁĂƚĞƌƐĂǀŝŶŐ
ĂƌĞĂ ƌĞƐĂƉĂŶ Ăŝƌ ƚĂŶĂŚ͘ WĞŶŐĞŚŵĂƚĂŶ Ăŝƌ ũƵŐĂ ƐŝŐŶƐ͕ ĂŶĚ ƉƌŽǀŝĚŝŶŐ ŽƵƚƌĞĂĐŚ ƚŽ Ăůů ĞŵƉůŽLJĞĞƐ͘ dŚĞ
ĚŝůĂŬƵŬĂŶ WĞƌƐĞƌŽĂŶ ĚĞŶŐĂŶ ƉƌŽŐƌĂŵ ƉĞŶŐŚĞŵĂƚĂŶ ǁĂƚĞƌƐĂǀŝŶŐƉŽůŝĐLJŝƐƐŽĐŝĂůŝnjĞĚƚŚƌŽƵŐŚĂĐĂŵƉĂŝŐŶŝŶ
Ăŝƌ LJĂŶŐ ĚŝůĂŬƐĂŶĂŬĂŶ ƐĞĐĂƌĂ ďĞƌŬĂůĂ͕ ƉĞŵĂƐĂŶŐĂŶ ƚŚĞ ĨŽƌŵ ŽĨ ƐƚŝĐŬĞƌƐ ĐŽŶƚĂŝŶŝŶŐ ĂŶ ŝŶǀŝƚĂƚŝŽŶ ƚŽ ƐĂǀĞ
ƌĂŵďƵ ŚĞŵĂƚ Ăŝƌ͕ ƐĞƌƚĂ ƐŽƐŝĂůŝƐĂƐŝ ŬĞƉĂĚĂ ƐĞůƵƌƵŚ ǁĂƚĞƌ ŝŶ ĞĂĐŚ ƚŽŝůĞƚ͕ ĂƐ ǁĞůů ĂƐ ĐŚĞĐŬŝŶŐ ǁĂƚĞƌ
ŬĂƌLJĂǁĂŶ͘<ĞďŝũĂŬĂŶƉĞŶŐŚĞŵĂƚĂŶĂŝƌĚŝƐŽƐŝĂůŝƐĂƐŝŬĂŶ ĐŚĂŶŶĞůƐ͕ ƚĂƉƐ ĂŶĚ ǁĂƚĞƌ ƌĞƐĞƌǀŽŝƌƐ ƉĞƌŝŽĚŝĐĂůůLJ ƚŽ
ŵĞůĂůƵŝŬĂŵƉĂŶLJĞďĞƌƵƉĂƐƚŝŬĞƌLJĂŶŐďĞƌŝƐŝŬĂŶĂũĂŬĂŶ ƉƌĞǀĞŶƚ ůĞĂŬƐ ĂŶĚ ŝŵŵĞĚŝĂƚĞůLJ ĐĂƌƌLJ ŽƵƚ ƌĞƉĂŝƌƐ ŝĨ
ƵŶƚƵŬ ŵĞůĂŬƵŬĂŶ ŚĞŵĂƚ Ăŝƌ ƉĂĚĂ ƐĞƚŝĂƉ ƚŽŝůĞƚ͕ ƐĞƌƚĂ ĚĂŵĂŐĞŝƐĨŽƵŶĚ͘ƉĂƌƚĨƌŽŵƚŚĂƚ͕ŝĨWDǁĂƚĞƌĚŽĞƐ
ŵĞůĂŬƵŬĂŶ ƉĞŶŐĞĐĞŬĂŶ ƐĂůƵƌĂŶ Ăŝƌ͕ ŬĞƌĂŶ͕ ĚĂŶ ŶŽƚ ĨůŽǁ͕ ƚŚĞ ŽŵƉĂŶLJ ǁŝůů ƵƐĞ Ă ƚŚŝƌĚ ƉĂƌƚLJ ĂƐ Ă
ƉĞŶĂŵƉƵŶŐĂŶ Ăŝƌ ƐĞĐĂƌĂ ďĞƌŬĂůĂ ƵŶƚƵŬ ŵĞŶĐĞŐĂŚ ƐƵƉƉůŝĞƌŽĨĐůĞĂŶǁĂƚĞƌƚŽƚŚĞŽŵƉĂŶLJΖƐŽĨĨŝĐĞƐƚŚĂƚ
ƚĞƌũĂĚŝŶLJĂ ŬĞďŽĐŽƌĂŶ ƐĞƌƚĂ ƐĞŐĞƌĂ ŵĞůĂŬƵŬĂŶ ĞdžƉĞƌŝĞŶĐĞ ǁĂƚĞƌ ƐŚŽƌƚĂŐĞƐ͘ ^Ž ƚŚĂƚ ƚŚƌŽƵŐŚŽƵƚ ƚŚĞ
ƉĞƌďĂŝŬĂŶ ĂƉĂďŝůĂ ĚŝƚĞŵƵŬĂŶ ĂĚĂŶLJĂ ŬĞƌƵƐĂŬĂŶ͘ LJĞĂƌ ƌĞƉŽƌƚŝŶŐ ŽŶ ĐůĞĂŶ ǁĂƚĞƌ ƵƐĞ Ăƚ ƚŚĞ ŽŵƉĂŶLJΖƐ
^ĞůĂŝŶ ŝƚƵ ĂƉĂďŝůĂ Ăŝƌ WD ƚŝĚĂŬ ŵĞŶŐĂůŝƌ ŵĂŬĂ ŽĨĨŝĐĞƐĐŽŶƐŝƐƚƐŽĨ͗
WĞƌƐĞƌŽĂŶŵĂŬĂŶŵĞŶŐŐƵŶĂŬĂŶƉŝŚĂŬŬĞƚŝŐĂƐĞďĂŐĂŝ
ƉĞŵĂƐŽŬ Ăŝƌ ďĞƌƐŝŚ ŬĞƉĂĚĂ ŬĂŶƚŽƌͲŬĂŶƚŽƌ WĞƌƐĞƌŽĂŶ
LJĂŶŐŵĞŶŐĂůĂŵŝŬĞŬƵƌĂŶŐĂŶĂŝƌ͘^ĞŚŝŶŐŐĂƐĞƉĂŶũĂŶŐ
ƚĂŚƵŶ ƉĞůĂƉŽƌĂŶ ƉĞŶŐŐƵŶĂĂŶ Ăŝƌ ďĞƌƐŝŚ ƉĂĚĂ ŬĂŶƚŽƌ
WĞƌƐĞƌŽĂŶƚĞƌĚŝƌŝĚĂƌŝ͗
ϭ͘ ,ĞĂĚKĨĨŝĐĞƐĞďĞƐĂƌϮ͘ϮϮϱ͘ϮϬϬ>ŝƚĞƌĚĞŶŐĂŶďŝĂLJĂ ϭ͘ ,ĞĂĚ KĨĨŝĐĞ ŽĨ Ϯ͕ϮϮϱ͕ϮϬϬ >ŝƚĞƌƐ Ăƚ Ă ĐŽƐƚ ŽĨ /Z
ZƉϭϵ͘ϱϯϵ͘ϵϯϲ͘ϬϬϬ͖ ϭϵ͕ϱϯϵ͕ϵϯϲ͕ϬϬϬ͖
Ϯ͘ '' ƐĞďĞƐĂƌ ϭ͘Ϭϵϭ͘ϬϬϬ >ŝƚĞƌ ĚĞŶŐĂŶ ďŝĂLJĂ ZƉ Ϯ͘ '' ŽĨ ϭ͕Ϭϵϭ͕ϬϬϬ >ŝƚĞƌƐ Ăƚ Ă ĐŽƐƚ ŽĨ /Z
ϭϰ͘ϴϯϳ͘ϲϬϬ͘ϬϬϬ͖ ϭϰ͕ϴϯϳ͕ϲϬϬ͕ϬϬϬ͖
ϯ͘ ^ƵƉƉŽƌƚ KĨĨŝĐĞ ƐĞďĞƐĂƌ ϲϳϲ͘ϬϬϬ >ŝƚĞƌ ĚĞŶŐĂŶ ϯ͘ ^ƵƉƉŽƌƚ KĨĨŝĐĞŽĨ ϲϳϲ͕ϬϬϬ >ŝƚĞƌƐ Ăƚ Ă ĐŽƐƚ ŽĨ /Z
ďŝĂLJĂZƉϵ͘ϭϵϯ͘ϲϬϬ͘ϬϬϬ͘ ϵ͕ϭϵϯ͕ϲϬϬ͕ϬϬϬ͘
WĞŶŐĞůŽůĂĂŶ>ŝŵďĂŚ tĂƐƚĞDĂŶĂŐĞŵĞŶƚ
WK:<ϱϭ͘͘ϲ͘Ğ͘ϱͿ;^ K:<ϭϲ͘&͘ϭϯ͘&͘ϭϰͿ;'Z/ϯϬϲͿ ;WK:<ϱϭ͘͘ϲ͘Ğ͘ϱͿ;^ K:<ϭϲ͘&͘ϭϯ͘&͘ϭϰͿ;'Z/ϯϬϲͿ
>ŝŵďĂŚ ŵĞƌƵƉĂŬĂŶ ŬŽŵƉŽŶĞŶ LJĂŶŐ ĚĂƉĂƚ ŵĞƌƵƐĂŬ tĂƐƚĞ ŝƐ Ă ĐŽŵƉŽŶĞŶƚ ƚŚĂƚ ĐĂŶ ĚĂŵĂŐĞ ƚŚĞ
ůŝŶŐŬƵŶŐĂŶ ŚŝĚƵƉ ĚĂŶ ŬĞůĞƐƚĂƌŝĂŶ ůŝŶŐŬƵŶŐĂŶ͘ ĞŶǀŝƌŽŶŵĞŶƚ ĂŶĚ ĞŶǀŝƌŽŶŵĞŶƚĂů ƐƵƐƚĂŝŶĂďŝůŝƚLJ͘ ^Ž
^ĞŚŝŶŐŐĂƉĞŶŐĞůŽůĂŚĂŶůŝŵďĂŚŵĞƌƵƉĂŬĂŶŚĂůŬƌƵƐŝĂů ǁĂƐƚĞ ŵĂŶĂŐĞŵĞŶƚ ŝƐ Ă ĐƌƵĐŝĂů ƚŚŝŶŐ ƚŚĂƚ ŵƵƐƚ ďĞ
LJĂŶŐ ǁĂũŝď ĚŝƉĞƌŚĂƚŝŬĂŶ͘ DĞŶLJĂĚĂƌŝ ĂŬĂŶ ŚĂů ŝŶŝ ĐŽŶƐŝĚĞƌĞĚ͘ ZĞĂůŝnjŝŶŐ ƚŚŝƐ͕ ƚŚĞ ƌĞƐŝĚƵĂů ƉƌŽĚƵĐƚŝŽŶ
ĚŝŵĂŶĂ ŵĂƚĞƌŝ ƐŝƐĂ ƉƌŽĚƵŬƐŝ LJĂŶŐ ĚŝŚĂƐŝůŬĂŶ ŽůĞŚ ŵĂƚĞƌŝĂůƉƌŽĚƵĐĞĚďLJƚŚĞŽŵƉĂŶLJŝŶĐůƵĚĞƐϯǁĂƐƚĞ͘
WĞƌƐĞƌŽĂŶŵĞŶĐĂŬƵƉůŝŵďĂŚϯ͘<ĂƚĞŐŽƌŝůŝŵďĂŚϯ dŚĞ ϯ ǁĂƐƚĞ ĐĂƚĞŐŽƌLJ ĐŽŶƚĂŝŶƐ ŵĂƚĞƌŝĂůƐ ƚŚĂƚ ĐĂŶ
ĂĚĂůĂŚ ŵĞŶŐĂŶĚƵŶŐ ďĂŚĂŶͲďĂŚĂŶ LJĂŶŐ ĚĂƉĂƚ ĐĂƵƐĞŚĂƌŵ͕ŽƌŝŐŝŶĂƚŝŶŐĨƌŽŵǀĂƌŝŽƵƐƐŽƵƌĐĞƐŝŶĐůƵĚŝŶŐ
ŵĞŶLJĞďĂďŬĂŶ ďĂŚĂLJĂ͕ LJĂŶŐ ďĞƌĂƐĂů ĚĂƌŝ ďĞƌďĂŐĂŝ ŝŶĚƵƐƚƌLJ͕ ĂŐƌŝĐƵůƚƵƌĞ ĂŶĚ ŽƚŚĞƌ ƐĞĐƚŽƌƐ͘ tĂƐƚĞ
ƐƵŵďĞƌ ƚĞƌŵĂƐƵŬ ŝŶĚƵƐƚƌŝ͕ ƉĞƌƚĂŶŝĂŶ ĚĂŶ ƐĞŬƚŽƌͲ ŐĞŶĞƌĂƚĞĚĨƌŽŵƚŚĞŽŵƉĂŶLJΖƐŽƉĞƌĂƚŝŽŶĂůĂĐƚŝǀŝƚŝĞƐŝƐ
ƐĞŬƚŽƌ ůĂŝŶŶLJĂ͘ >ŝŵďĂŚ LJĂŶŐ ĚŝŚĂƐŝůŬĂŶ ĚĂƌŝ ŬĞŐŝĂƚĂŶ ŵĂŶĂŐĞĚ ďLJ ĐĞƌƚŝĨŝĞĚ ƚŚŝƌĚ ƉĂƌƚLJ ƉĂƌƚŶĞƌƐ͘
ŽƉĞƌĂƐŝŽŶĂů WĞƌƐĞƌŽĂŶ ĚŝŬĞůŽůĂŚ ŽůĞŚ ŵŝƚƌĂ ƉŝŚĂŬ dƌĂŶƐƉŽƌƚĂƚŝŽŶŽĨϯǁĂƐƚĞŝƐĐĂƌƌŝĞĚŽƵƚƵƐŝŶŐƐƉĞĐŝĂů
ŬĞƚŝŐĂ LJĂŶŐ ďĞƌƐĞƌƚŝĨŝŬĂƚ͘ WĞŶŐĂŶŐŬƵƚĂŶ ůŝŵďĂŚ ϯ ƚƌĂŶƐƉŽƌƚĂƚŝŽŶĨĂĐŝůŝƚŝĞƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚĂƉƉůŝĐĂďůĞ
ĚŝůĂŬƵŬĂŶĚĞŶŐĂŶƐĂƌĂŶĂƉĞŶŐĂŶŐŬƵƚĂŶŬŚƵƐƵƐLJĂŶŐ ƌƵůĞƐ ĂŶĚ ƌĞŐƵůĂƚŝŽŶƐ͘ ,ŽǁĞǀĞƌ͕ ďĞĨŽƌĞ ƚŚŝƐ ǁĂƐƚĞ ŝƐ
ƐĞƐƵĂŝ ĚĞŶŐĂŶ ĂƚƵƌĂŶ ĚĂŶ ƌĞŐƵůĂƐŝ LJĂŶŐ ďĞƌůĂŬƵ͘ ŚĂŶĚĞĚŽǀĞƌƚŽĂƚŚŝƌĚƉĂƌƚLJ͕ƚŚĞƐƚŽƌĂŐĞŽĨϯǁĂƐƚĞ
EĂŵƵŶ ƐĞďĞůƵŵ ůŝŵďĂŚ ŝŶŝ ĚŝƐĞƌĂŚŬĂŶ ŬĞƉĂĚĂ ƉŝŚĂŬ ŝƐ ƐĞƉĂƌĂƚĞĚ ĨƌŽŵ ŶŽŶͲϯ ǁĂƐƚĞ ǁŚŝĐŚ ŝƐ ƐƚŽƌĞĚ ŝŶ
ŬĞƚŝŐĂ͕ ƉĞŶLJŝŵƉĂŶĂŶ ůŝŵďĂŚ ϯ ĚŝƉŝƐĂŚŬĂŶ ĚĂƌŝ ĐŽŶƚĂŝŶĞƌƐ ĂƉƉƌŽƉƌŝĂƚĞ ƚŽ ŝƚƐ ƚLJƉĞ͘ dŚĞ ŽŵƉĂŶLJ ǁŝůů
ůŝŵďĂŚ ŶŽŶͲϯ LJĂŶŐ ĚŝƐŝŵƉĂŶ ĚĂůĂŵ ǁĂĚĂŚ LJĂŶŐ ƐĞůůŶŽŶͲϯǁĂƐƚĞƚŽƚŚŝƌĚƉĂƌƚŝĞƐ͕ƐƵĐŚĂƐƐĐƌĂƉŵĞƚĂů
ƐĞƐƵĂŝ ĚĞŶŐĂŶ ũĞŶŝƐŶLJĂ͘ >ŝŵďĂŚ ŶŽŶͲϯ ĂŬĂŶ ĚŝũƵĂů ĂŶĚƵƐĞĚƚŝƌĞƐƌĞƐƵůƚŝŶŐĨƌŽŵŝƚƐŽƉĞƌĂƚŝŽŶĂůĂĐƚŝǀŝƚŝĞƐ͘
WĞƌƐĞƌŽĂŶŬĞƉĂĚĂƉŝŚĂŬŬĞƚŝŐĂƐĞƉĞƌƚŝďĞƐŝďĞŬĂƐĚĂŶ ĞůŽǁ͕ ƚŚĞ ŽŵƉĂŶLJ ƉƌĞƐĞŶƚƐ Ă ĐŽŵƉĂƌŝƐŽŶ ĨŽƌĞĂĐŚ
ďĂŶďĞŬĂƐŚĂƐŝůĚĂƌŝŬĞŐŝĂƚĂŶŽƉĞƌĂƐŝŽŶĂůŶLJĂ͘ĞƌŝŬƵƚ LJĞĂƌǁŝƚŚĚĂƚĂĨƌŽŵϮϬϮϭ͕ϮϬϮϮĂŶĚϮϬϮϯ͘
WĞƌƐĞƌŽĂŶ ƐĂũŝŬĂŶ ƉĞƌďĂŶĚŝŶŐĂŶ ƚŝĂƉ ƚĂŚƵŶ ĚĞŶŐĂŶ
ƐĂũŝĂŶĚĂƚĂĚĂƌŝƚĂŚƵŶϮϬϮϭ͕ϮϬϮϮ͕ĚĂŶϮϬϮϯ͘
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<ƵĂŶƚŝƚĂƐ
:ĞŶŝƐ>ŝŵďĂŚ ^ĂƚƵĂŶ YƵĂŶƚŝƚLJ
tĂƐƚĞdLJƉĞ ĞŶŽŵŝŶĂƚŝŽŶ ϮϬϮϯ ϮϬϮϮ ϮϬϮϭ
>ŝŵďĂŚϯ ϯtĂƐƚĞ
KůŝĞŬĂƐͮhƐĞĚŽŝů >ŝƚĞƌͮ>ŝƚƌĞ ϱ͘ϮϬϬ ϱ͘ϲϬϬ ϰ͘ϴϬϬ
DĂũƵŶĞŬĂƐdĞƌŬŽŶƚĂŵŝŶĂƐŝͮŽŶƚĂŵŝŶĂƚĞĚ :ƵŵďŽĂŐ ϱ ϱ Ͳ
hƐĞĚDĂũƵŶ
&ŝůƚĞƌKůŝĞŬĂƐͮhƐĞĚKŝů&ŝůƚĞƌ :ƵŵďŽĂŐ ϭ Ϯ Ͳ
&ŝůƚĞƌ^ŽůĂƌĞŬĂƐͮhƐĞĚ^ŽůĂƌ&ŝůƚĞƌ :ƵŵďŽĂŐ ϭ Ϯ Ͳ
WůĂƐƚŝŬŬĞŵĂƐĂŶƚĞƌŬŽŶƚĂŵŝŶĂƐŝͮ :ƵŵďŽĂŐ Ϯ ϰ Ͳ
ŽŶƚĂŵŝŶĂƚĞĚƉůĂƐƚŝĐƉĂĐŬĂŐŝŶŐ
<ĞŵĂƐĂŶĞŬĂƐϯͮhƐĞĚϯƉĂĐŬĂŐŝŶŐ :ƵŵďŽĂŐ ϭ Ͳ Ͳ
ZŽďŽǁĂƐŚ >ŝƚĞƌͮ>ŝƚƌĞ Ͳ ϴϬϬ Ͳ
>ŝŵďĂŚEŽŶͲϯ EŽŶͲϯtĂƐƚĞ
ĂŶĞŬĂƐͮhƐĞĚƚŝƌĞƐ hŶŝƚ ϭϬϮ ϯϳϱ ϮϭϬϬ
ĞƐŝĞŬĂƐͮhƐĞĚ/ƌŽŶ <Ő ϭϱ͘ϳϵϲ ϴ͘ϴϰϳ ϭϬ͘ϳϰ
hƉĂLJĂWĞŶŐƵƌĂŶŐĂŶ>ŝŵďĂŚ tĂƐƚĞZĞĚƵĐƚŝŽŶ ĨĨŽƌƚƐ
;'Z/ϯϬϲͲϮͿ ;'Z/ϯϬϲͲϮͿ
WĞŶŐĞůŽůĂŚĂŶůŝŵďĂŚLJĂŶŐĞĨĞŬƚŝĨƚĞŶƚƵŵĞŵĞƌůƵŬĂŶ ĨĨĞĐƚŝǀĞ ǁĂƐƚĞ ŵĂŶĂŐĞŵĞŶƚ ĐĞƌƚĂŝŶůLJ ƌĞƋƵŝƌĞƐ
ŬĞƌũĂƐĂŵĂ ĂŶƚĂƌĂ ƉĞŵĞƌŝŶƚĂŚ͕ ƉĞƌƵƐĂŚĂĂŶ ĚĂŶ ĐŽŽƉĞƌĂƚŝŽŶďĞƚǁĞĞŶƚŚĞŐŽǀĞƌŶŵĞŶƚ͕ĐŽŵƉĂŶŝĞƐĂŶĚ
ŵĂƐLJĂƌĂŬĂƚ͘ ĂůĂŵ ƉĞŶŐĞůŽůĂŚĂŶ ůŝŵďĂŚ͕ WĞƌƐĞƌŽĂŶ ƚŚĞĐŽŵŵƵŶŝƚLJ͘/ŶǁĂƐƚĞŵĂŶĂŐĞŵĞŶƚ͕ƚŚĞŽŵƉĂŶLJ
ŵĞŶĞƌĂƉŬĂŶ ƉƌŝŶƐŝƉ ŵĞŶŐƵƌĂŶŐŝ͕ ŵĞŶŐŐƵŶĂŬĂŶ ĂƉƉůŝĞƐ ƚŚĞ ƉƌŝŶĐŝƉůĞƐ ŽĨ ƌĞĚƵĐŝŶŐ͕ ƌĞƵƐŝŶŐ ĂŶĚ
ŬĞŵďĂůŝ͕ĚĂŶŵĞŶĚĂƵƌƵůĂŶŐ͘^ĞůĂŝŶŝƚƵWĞƌƐĞƌŽĂŶũƵŐĂ ƌĞĐLJĐůŝŶŐ͘ ƉĂƌƚ ĨƌŽŵ ƚŚĂƚ͕ ƚŚĞ ŽŵƉĂŶLJ ĂůƐŽ
ŵĞůĂŬƵŬĂŶ ŬĞƌũĂƐĂŵĂ ĚĞŶŐĂŶ Wd WƌĂƐĂĚŚĂ WĂŵƵĂŚ ĐŽůůĂďŽƌĂƚĞƐǁŝƚŚWdWƌĂƐĂĚŚĂWĂŵƵĂŚ>ŝŵďĂŚ/ŶĚƵƐƚƌŝ
>ŝŵďĂŚ /ŶĚƵƐƚƌŝ ;WW>/Ϳ ĚĂŶ Wd tŝƌĂƐǁĂƚĂ 'ĞŵŝůĂŶŐ ;WW>/ͿĂŶĚWdtŝƌĂƐǁĂƚĂ'ĞŵŝůĂŶŐ/ŶĚŽŶĞƐŝĂĂƐƚŚŝƌĚ
/ŶĚŽŶĞƐŝĂƐĞďĂŐĂŝƉŝŚĂŬŬĞƚŝŐĂLJĂŶŐďĞƌƚƵŐĂƐĚĂůĂŵ ƉĂƌƚŝĞƐ ŝŶ ĐŚĂƌŐĞ ŽĨ ƚƌĂŶƐƉŽƌƚŝŶŐ ƐŽůŝĚ ϯ ǁĂƐƚĞ ĂŶĚ
ƉĞŶŐĂŶŐŬƵƚĂŶůŝŵďĂŚϯƉĂĚĂƚĚĂŶůŝŵďĂŚϯĐĂŝƌ͘ ůŝƋƵŝĚϯǁĂƐƚĞ͘
hƉĂLJĂ WĞƌƐĞƌŽĂŶ ĚĂůĂŵ ƉĞŶŐĞůŽůĂĂŶ ůŝŵďĂŚ dŚĞ ŽŵƉĂŶLJΖƐ ĞĨĨŽƌƚƐ ŝŶ ǁĂƐƚĞ ŵĂŶĂŐĞŵĞŶƚ ĂƌĞ
ĚŝůĂŬƵŬĂŶĚĞŶŐĂŶůĂŶŐŬĂŚͲůĂŶŐŬĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗ ĐĂƌƌŝĞĚŽƵƚǁŝƚŚƚŚĞĨŽůůŽǁŝŶŐƐƚĞƉƐ͗
ϭ͘ WĞŵĂŶĨĂĂƚĂŶ ƚĞƌŚĂĚĂƉ ůŝŵďĂŚ ĚĞŶŐĂŶ ϭ͘ hƚŝůŝnjĂƚŝŽŶŽĨǁĂƐƚĞďLJƐĞůůŝŶŐƚŽƚŚŝƌĚƉĂƌƚŝĞƐ͖
ŵĞůĂŬƵŬĂŶƉĞŶũƵĂůĂŶŬĞƉĂĚĂƉŝŚĂŬŬĞƚŝŐĂ͖
Ϯ͘ DĞůĂŬƵŬĂŶ ƌĞƉĂƌĂƐŝ ŬĞŵďĂůŝ ƐĞƐƵĂŝ Ϯ͘ ĂƌƌLJŽƵƚƌĞƉĂŝƌƐĂĐĐŽƌĚŝŶŐƚŽƵƐĞ͘dŚĞŽŵƉĂŶLJ
ƉĞŵĂŶĨĂĂƚĂŶŶLJĂ͘ WĞƌƐĞƌŽĂŶ ŵĞŶĚŽƌŽŶŐ ĞŶĐŽƵƌĂŐĞƐƚŚĞƌĞƵƐĞŽĨĞŶǀŝƌŽŶŵĞŶƚĂůůLJĨƌŝĞŶĚůLJ
ƉĞŶŐŐƵŶĂĂŶ ŬĞŵďĂůŝ ďĂƌĂŶŐ LJĂŶŐ ƌĂŵĂŚ ŐŽŽĚƐƚŽƌĞĚƵĐĞƚŚĞƉƵƌĐŚĂƐĞŽĨŶĞǁƉƌŽĚƵĐƚƐĂŶĚ
ůŝŶŐŬƵŶŐĂŶŐƵŶĂŵĞŶŐƵƌĂŶŐŝƉĞŵďĞůŝĂŶƉƌŽĚƵŬ ƌĞĚƵĐĞƚŚĞǁĂƐƚĞƉƌŽĚƵĐĞĚ͖
ďĂƌƵĚĂŶŵĞŶŐƵƌĂŶŐŝůŝŵďĂŚLJĂŶŐĚŝŚĂƐŝůŬĂŶ͖
ϯ͘ DĞŶĚĂƵƌƵůĂŶŐůŝŵďĂŚŶŽŶϯƐĂŵƉĂŚĚŽŵĞƐƚŝŬ ϯ͘ ZĞĐLJĐůĞŶŽŶͲϯǁĂƐƚĞ͕ŝŶŽƌŐĂŶŝĐĚŽŵĞƐƚŝĐǁĂƐƚĞ͕
ĂŶŽƌŐĂŶŝŬ ŬĞ ďĂŶŬ ƐĂŵƉĂŚ͘ WĞƌƐĞƌŽĂŶ ƚŽĂǁĂƐƚĞďĂŶŬ͘dŚĞŽŵƉĂŶLJĂůǁĂLJƐĞŶƐƵƌĞƐƚŚĂƚ
ƐĞŶĂŶƚŝĂƐĂŵĞŵĂƐƚŝŬĂŶǁĂĚĂŚƐĂŵƉĂŚƚĞƌƐĞďƵƚ ǁĂƐƚĞĐŽŶƚĂŝŶĞƌƐĂƌĞĞĂƐLJƚŽŝĚĞŶƚŝĨLJĂŶĚĂĐĐĞƐƐďLJ
ŵƵĚĂŚĚŝŝĚĞŶƚŝĨŝŬĂƐŝĚĂŶĚŝĂŬƐĞƐŽůĞŚŬĂƌLJĂǁĂŶ͘ ĞŵƉůŽLJĞĞƐ͘ĨƚĞƌďĞŝŶŐƐĞƉĂƌĂƚĞĚ͕ƚŚĞǁĂƐƚĞǁŝůů
^ĞƚĞůĂŚ ĚŝƉŝƐĂŚŬĂŶ͕ ƐĂŵƉĂŚ ƚĞƌƐĞďƵƚ ĂŬĂŶ ďĞǁĞŝŐŚĞĚƚŽĚŽĐƵŵĞŶƚƚŚĞǁĂƐƚĞĐŽŶƚƌŝďƵƚĞĚďLJ
ĚŝƚŝŵďĂŶŐ ƵŶƚƵŬ ŵĞŶĚŽŬƵŵĞŶƚĂƐŝŬĂŶ ůŝŵďĂŚ ƚŚĞŽŵƉĂŶLJƚŽƐĞĞƚŚĞŽŵƉĂŶLJΖƐĐŽŶƚƌŝďƵƚŝŽŶƚŽ
LJĂŶŐ ĚŝƐƵŵďĂŶŐĂŶ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ŵĞůŝŚĂƚ ƌĞĚƵĐŝŶŐ ǁĂƐƚĞ ĂƐ ŽƵƚůŝŶĞĚ ŝŶ ƚŚĞ ǁĂƐƚĞ
ŬŽŶƚƌŝďƵƐŝWĞƌƐĞƌŽĂŶĚĂůĂŵƉĞŶŐƵƌŶĂŐĂŶůŝŵďĂŚ ĐŽŵƉĂƌŝƐŽŶƚĂďůĞĂďŽǀĞ͘
ƐĞďĂŐĂŝŵĂŶĂLJĂŶŐƚĞůĂŚĚŝƚƵĂŶŐŬĂŶĚĂůĂŵƚĂďĞů
ƉĞƌďĂŶĚŝŶŐĂŶůŝŵďĂŚĚŝĂƚĂƐ͘
hƉĂLJĂ ŝŶŝ ďĞƌƚƵũƵĂŶ ƵŶƚƵŬ ŵĞŶŐƵƌĂŶŐŝ ĚĂŵƉĂŬ dŚŝƐ ĞĨĨŽƌƚ ĂŝŵƐ ƚŽ ƌĞĚƵĐĞ ŶĞŐĂƚŝǀĞ ŝŵƉĂĐƚƐ ŽŶ ƚŚĞ
ŶĞŐĂƚŝĨ ƚĞƌŚĂĚĂƉ ůŝŶŐŬƵŶŐĂŶ͘ DĞŶĚƵƌ ƵůĂŶŐ ůŝŵďĂŚ ĞŶǀŝƌŽŶŵĞŶƚ͘ ZĞĐLJĐůŝŶŐ ŶŽŶͲϯ ǁĂƐƚĞ ƚŚƌŽƵŐŚ ǁĂƐƚĞ
ŶŽŶͲϯ ŵĞůĂůƵŝ ďĂŶŬ ƐĂŵƉĂŚ ŵĞƌƵƉĂŬĂŶ ƚŝŶĚĂŬĂŶ ďĂŶŬƐŝƐƚŚĞŽŵƉĂŶLJΖƐĐŽŶĐƌĞƚĞĂĐƚŝŽŶŝŶƐƵƉƉŽƌƚŝŶŐ
ŶLJĂƚĂ WĞƌƐĞƌŽĂŶ ĚĂůĂŵ ŵĞŶĚƵŬƵŶŐ ƵƉĂLJĂ ƐƵƐƚĂŝŶĂďůĞǁĂƐƚĞŵĂŶĂŐĞŵĞŶƚĞĨĨŽƌƚƐ͘
ƉĞŶŐĞůŽůĂŚĂŶůŝŵďĂŚLJĂŶŐďĞƌŬĞůĂŶũƵƚĂŶ͘
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WĞŶĐĞŐĂŚĂŶdƵŵƉĂŚĂŶzĂŶŐ^ŝŐŶŝĨŝŬĂŶ WƌĞǀĞŶƚŝŽŶŽĨ^ŝŐŶŝĨŝĐĂŶƚ^ƉŝůůƐ
;'Z/ϯϬϲͲϯͿ ;'Z/ϯϬϲͲϯͿ
WĞŶĐĞŐĂŚĂŶ ƚƵŵƉĂŚĂŶ ďĂŚĂŶ ďĞƌďĂŚĂLJĂ ĂƚĂƵ WƌĞǀĞŶƚŝŶŐƐƉŝůůƐŽĨŚĂnjĂƌĚŽƵƐŽƌƚŽdžŝĐŵĂƚĞƌŝĂůƐŝƐĂŶ
ďĞƌĂĐƵŶ ŵĞƌƵƉĂŬĂŶ ƚŝŶĚĂŬĂŶ ƉĞŶƚŝŶŐ ĚĂůĂŵ ŝŵƉŽƌƚĂŶƚ ĂĐƚŝŽŶ ŝŶ ŵŝŶŝŵŝnjŝŶŐ ƚŚĞ ŝŵƉĂĐƚ ŽŶ ƚŚĞ
ŵĞŵŝŶŝŵĂůŝƐŝƌ ĚĂŵƉĂŬ ƚĞƌŚĂĚĂƉ ůŝŶŐŬƵŶŐĂŶ͘ KůĞŚ ĞŶǀŝƌŽŶŵĞŶƚ͘ dŚĞƌĞĨŽƌĞ͕ ƚŚĞ ŽŵƉĂŶLJ ĐŽŶƚŝŶƵĞƐ ƚŽ
ƐĞďĂď ŝƚƵ WĞƌƐĞƌŽĂŶ ƚĞƌƵƐ ŵĞůĂŬƵŬĂŶ ƉĞŵĂŶƚĂƵĂŶ ĐĂƌƌLJ ŽƵƚ ƌŽƵƚŝŶĞ ŵŽŶŝƚŽƌŝŶŐ ĂŶĚ ŝŶƐƉĞĐƚŝŽŶƐ ŽĨ ƚŚĞ
ĚĂŶ ƉĞŵĞƌŝŬƐĂĂŶ ƌƵƚŝŶ ƚĞƌŚĂĚĂƉ ǁŝůĂLJĂŚ ŬĞƌũĂ ŽŵƉĂŶLJΖƐ ǁŽƌŬ ĂƌĞĂƐ ƚŽ ĞŶƐƵƌĞ ƚŚĂƚ ŶŽ ƐƉŝůůƐ ŽĐĐƵƌ
WĞƌƐĞƌŽĂŶƵŶƚƵŬŵĞŵĂƐƚŝŬĂŶƚŝĚĂŬƚĞƌũĂĚŝƚƵŵƉĂŚĂŶ ǁŚŝĐŚ ĐŽƵůĚ ĚĂŵĂŐĞ ƚŚĞ ĞŶǀŝƌŽŶŵĞŶƚ ĂŶĚ ŚĂǀĞ Ă
LJĂŶŐ ĚĂƉĂƚ ŵĞƌƵƐĂŬ ůŝŶŐŬƵŶŐĂŶ ĚĂŶ ďĞƌĚĂŵƉĂŬ ƐŝŐŶŝĨŝĐĂŶƚ ŝŵƉĂĐƚ ŽŶ ƚŚĞ ŽŵƉĂŶLJΖƐ ŽƉĞƌĂƚŝŽŶĂů
ƐŝŐŶŝĨŝŬĂŶ ƚĞƌŚĂĚĂƉ ŬĞŐŝĂƚĂŶ ŽƉĞƌĂƐŝŽŶĂů WĞƌƐĞƌŽĂŶ͘ ĂĐƚŝǀŝƚŝĞƐ͘dŚŝƐŵŽŶŝƚŽƌŝŶŐĂŶĚŝŶƐƉĞĐƚŝŽŶŝƐĐĂƌƌŝĞĚŽƵƚ
WĞŵĂŶƚĂƵĂŶĚĂŶƉĞŵĞƌŝŬƐĂĂŶŝŶŝĚŝůĂŬƵŬĂŶůĂŶŐƐƵŶŐ ĚŝƌĞĐƚůLJďLJĂĚĞƉĂƌƚŵĞŶƚƚŚĂƚƐƉĞĐŝĨŝĐĂůůLJŵŽŶŝƚŽƌƐƚŚĞ
ŽůĞŚĚĞƉĂƌƚĞŵĞŶLJĂŶŐŬŚƵƐƵƐŵĞŵĂŶƚĂƵůŝŶŐŬƵŶŐĂŶ͘ ĞŶǀŝƌŽŶŵĞŶƚ͘tŝƚŚƚŚŝƐƉŽůŝĐLJƚŚƌŽƵŐŚŽƵƚƚŚĞƌĞƉŽƌƚŝŶŐ
ĞŶŐĂŶ ĂĚĂŶLJĂ ŬĞďŝũĂŬĂŶ ŝŶŝ ƐĞƉĂŶũĂŶŐ ƚĂŚƵŶ LJĞĂƌ͕ƚŚĞŽŵƉĂŶLJŚĂĚŶŽƐƉŝůůƐŽĨϯŵĂƚĞƌŝĂůƐŽƌŽŝů
ƉĞůĂƉŽƌĂŶ WĞƌƐĞƌŽĂŶ ƚŝĚĂŬ ŵĞŵŝůŝŬŝ ƚƵŵƉĂŚĂŶ ĚĂƌŝ ĂŶĚƚŚŝƐŵŽŶŝƚŽƌŝŶŐĂĐƚŝǀŝƚLJĞŶƐƵƌĞƐƚŚĂƚĞŵƉůŽLJĞĞƐĂƌĞ
ďĂŚĂŶϯŵĂƵƉƵŶŵŝŶLJĂŬƐĞƌƚĂŬĞŐŝĂƚĂŶƉĞŵĂŶƚĂƵĂŶ ĂĐƚŝǀĞŝŶƐĂĨĞƚLJĂŶĚƉƌŽƚĞĐƚŝŽŶƉƌĂĐƚŝĐĞƐǁŚĞŶǁŽƌŬŝŶŐ
ŝŶŝŵĞŵĂƐƚŝŬĂŶďĂŚǁĂŬĂƌLJĂǁĂŶĂŬƚŝĨĚĂůĂŵƉƌĂŬƚŝŬ ǁŝƚŚϯŵĂƚĞƌŝĂůƐ͘
ŬĞƐĞůĂŵĂƚĂŶ ĚĂŶ ƉĞƌůŝŶĚƵŶŐĂŶ ƐĂĂƚ ďĞŬĞƌũĂ ĚĞŶŐĂŶ
ďĂŚĂŶϯ͘
<ĞĂŶĞŬĂƌĂŐĂŵĂŶ,ĂLJĂƚŝ ŝŽĚŝǀĞƌƐŝƚLJ
;WK:<ϱϭ͘͘ϲ͘Ğ͘ϯͿ;^ K:<ϭϲ͘&͘ϵ͘&͘ϭϬͿ ;WK:<ϱϭ͘͘ϲ͘Ğ͘ϯͿ;^ K:<ϭϲ͘&͘ϵ͘&͘ϭϬͿ
;'Z/ϯϬϰͲϭ͕ϯϬϰͲϮͿ ;'Z/ϯϬϰͲϭ͕ϯϬϰͲϮͿ
DĞůĞƐƚĂƌŝŬĂŶ ŬĞĂŶĞŬĂƌĂŐĂŵĂŶ ŚĂLJĂƚŝ ŵĞŶũĂĚŝ ĨŽŬƵƐ WƌĞƐĞƌǀŝŶŐďŝŽĚŝǀĞƌƐŝƚLJŝƐƚŚĞŽŵƉĂŶLJΖƐĨŽĐƵƐĂƐĂĨŽƌŵ
WĞƌƐĞƌŽĂŶƐĞďĂŐĂŝďĞŶƚƵŬƚĂŶŐŐƵŶŐũĂǁĂďWĞƌƐĞƌŽĂŶ͘ ŽĨ ĐŽƌƉŽƌĂƚĞ ƌĞƐƉŽŶƐŝďŝůŝƚLJ͘ dŚĞ ŽŵƉĂŶLJ ĐĂƌƌŝĞƐ ŽƵƚ
<ĞƚĞƌůŝďĂƚĂŶ ĂŬƚŝĨ ŵĞůĞƐƚĂƌŝŬĂŶ ŬĞĂŶĞŬĂƌĂŐĂŵĂŶ ƚŚŝƐ ĂĐƚŝǀĞ ŝŶǀŽůǀĞŵĞŶƚ ŝŶ ƉƌĞƐĞƌǀŝŶŐ ďŝŽĚŝǀĞƌƐŝƚLJ ďLJ
ŚĂLJĂƚŝŝŶŝĚŝůĂŬƵŬĂŶWĞƌƐĞƌŽĂŶĚĞŶŐĂŶŵĞůŝďĂƚŬĂŶĚŝƌŝ ŝŶǀŽůǀŝŶŐŝƚƐĞůĨŝŶƚŚĞƚĂŵĂƌŝŶĚƚƌĞĞƉůĂŶƚŝŶŐƉƌŽŐƌĂŵ
ĚĂůĂŵ ƉƌŽŐƌĂŵ ƉĞŶĂŶĂŵĂŶ ƉŽŚŽŶ ƚƌĞŵďĞƐŝ ĚĂŶ ĂŶĚƌĞĚƵĐŝŶŐǁĂƐƚĞĂŶĚƉŽůůƵƚŝŽŶǁŚŝĐŚĚĂŵĂŐĞƐƚŚĞ
ƉĞŶŐƵƌĂŶŐĂŶ ůŝŵďĂŚ ƐĞƌƚĂ ƉŽůƵƐŝ LJĂŶŐ ŵĞƌƵƐĂŬ ĞĐŽƐLJƐƚĞŵĂŶĚƚŚƌĞĂƚĞŶƐƐƉĞĐŝĞƐ͘ƉĂƌƚĨƌŽŵƚŚĂƚ͕ƚŚĞ
ĞŬŽƐŝƐƚĞŵ ĚĂŶ ŵĞŶŐĂŶĐĂŵ ƐƉĞƐŝĞƐ͘ ^ĞůĂŝŶ ŝƚƵ ŽŵƉĂŶLJĐŽůůĂďŽƌĂƚĞƐǁŝƚŚƚŚĞ^ƵŶĞĂƌ ŶĐůŽƐƵƌĞŝŶ
WĞƌƐĞƌŽĂŶ ďĞŬĞƌũĂƐĂŵĂ ĚĞŶŐĂŶ ŶŬůŽƐƵƌ ĞƌƵĂŶŐ ƚŚĞ^ƵŶŐĂŝtĂŝŶWƌŽƚĞĐƚĞĚ&ŽƌĞƐƚŝŶƚĞƌŵƐŽĨƵƐŝŶŐƚŚĞ
DĂĚƵ Ěŝ ,ƵƚĂŶ >ŝŶĚƵŶŐ ^ƵŶŐĂŝ tĂŝŶ ĚĂůĂŵ ŚĂů ŽŵƉĂŶLJΖƐƵŶŝƚƐƚŽďƌŝŶŐĨŽŽĚƚŽďĞĂƌƐ͕ĂŶĚƚŚŝƐĂĐƚŝǀŝƚLJ
ƉĞŶŐŐƵŶĂĂŶ ƵŶŝƚ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ŵĞŵďĂǁĂ ƉĂŬĂŶ ŝƐ Ɛƚŝůů ĐĂƌƌŝĞĚ ŽƵƚ ďLJ ƚŚĞ ŽŵƉĂŶLJ͘ dŚĞƌĞ ŝƐ ĂůƐŽ
ƚĞƌŚĂĚĂƉ ďĞƌƵĂŶŐ͕ ĚĂŶ ŬĞŐŝĂƚĂŶ ŝŶŝ ƚĞƚĂƉ ĚŝũĂůĂŶŬĂŶ ŵĂŝŶƚĞŶĂŶĐĞ ŽĨ ŐƌĞĞŶ ĂƌĞĂƐ ĂƌŽƵŶĚ ƚŚĞ ŽŵƉĂŶLJΖƐ
WĞƌƐĞƌŽĂŶ͘dĞƌĚĂƉĂƚũƵŐĂƉĞŵĞůŝŚĂƌĂĂŶĂƌĞĂŚŝũĂƵĚŝ ŽƉĞƌĂƚŝŽŶĂůĨĂĐŝůŝƚŝĞƐĂŶĚŵĂŝŶƚĂŝŶŝŶŐŽƉĞŶůĂŶĚŝŶƚŚĞ
ƐĞŬŝƚĂƌ ĨĂƐŝůŝƚĂƐ ŽƉĞƌĂƐŝŽŶĂů WĞƌƐĞƌŽĂŶ ĚĂŶ ƐƵƉƉŽƌƚŽĨĨŝĐĞ͘ ǀĞƌLJƐƚĞƉƚĂŬĞŶďLJƚŚĞŽŵƉĂŶLJŝƐŝŶ
ŵĞŵƉĞƌƚĂŚĂŶŬĂŶůĂŚĂŶƚĞƌďƵŬĂƉĂĚĂƐƵƉƉŽƌƚŽĨĨŝĐĞ͘ ůŝŶĞ ǁŝƚŚ ƚŚĞ ƉƌŝŶĐŝƉůĞƐ ŽĨ ĐŽŶƐĞƌǀĂƚŝŽŶ ĂŶĚ
^ĞƚŝĂƉ ůĂŶŐŬĂŚ LJĂŶŐ ĚŝĂŵďŝů WĞƌƐĞƌŽĂŶ ŝŶŝ ƐĞũĂůĂŶ ƐƵƐƚĂŝŶĂďŝůŝƚLJ͕ĂƐǁĞůůĂƐĐŽŵƉůLJŝŶŐǁŝƚŚĞŶǀŝƌŽŶŵĞŶƚĂů
ĚĞŶŐĂŶƉƌŝŶƐŝƉͲƉƌŝŶƐŝƉƉĞůĞƐƚĂƌŝĂŶĚĂŶŬĞďĞƌůĂŶũƵƚĂŶ͕ ƌĞŐƵůĂƚŝŽŶƐĂŶĚƐƚĂŶĚĂƌĚƐ͘
ƐĞƌƚĂŵĞŵĂƚƵŚŝƉĞƌĂƚƵƌĂŶĚĂŶƐƚĂŶĚĂƌůŝŶŐŬƵŶŐĂŶ͘
WĞŶŐĞůŽůĂĂŶ ůŝŶŐŬƵŶŐĂŶ LJĂŶŐ ĚŝůĂŬƵŬĂŶ WĞƌƐĞƌŽĂŶ ŶǀŝƌŽŶŵĞŶƚĂů ŵĂŶĂŐĞŵĞŶƚ ĐĂƌƌŝĞĚ ŽƵƚ ďLJ ƚŚĞ
ŵĂƐŝŚ ƐĞĐĂƌĂ ďĞƌƚĂŚĂƉ͕ ĚŝŵĂŶĂ ƉĂĚĂ ďĞďĞƌĂƉĂ ŽŵƉĂŶLJŝƐƐƚŝůůĐĂƌƌŝĞĚŽƵƚŝŶƐƚĂŐĞƐ͕ǁŚĞƌĞŝŶƐĞǀĞƌĂů
ǁŝůĂLJĂŚ ůŽŬĂƐŝ ƉĞŶLJĞďĂƌĂŶ ƵŶŝƚ͕ WĞƌƐĞƌŽĂŶ ƚĞƚĂƉ ĂƌĞĂƐ ǁŚĞƌĞ ƚŚĞ ƵŶŝƚƐ ĂƌĞ ĚĞƉůŽLJĞĚ͕ ƚŚĞ ŽŵƉĂŶLJ
ŵĞŵĂŶƚĂƵŬŽŶĚŝƐŝŬĞůĞƐƚĂƌŝĂŶůŝŶŐŬƵŶŐĂŶƐĞƚŝĂƉũĂŵ ĐŽŶƚŝŶƵĞƐ ƚŽ ŵŽŶŝƚŽƌ ĞŶǀŝƌŽŶŵĞŶƚĂů ƐƵƐƚĂŝŶĂďŝůŝƚLJ
ŽƉĞƌĂƐŝŽŶĂůƐĞůĞƐĂŝĚŝůĂŬƵŬĂŶƉĞŵďĞƌƐŝŚĂŶ͘ ĐŽŶĚŝƚŝŽŶƐĂĨƚĞƌĞǀĞƌLJŽƉĞƌĂƚŝŽŶĂůŚŽƵƌĂĨƚĞƌĐůĞĂŶŝŶŐ
ŝƐĐĂƌƌŝĞĚŽƵƚ͘
ŝƐĂŵƉŝŶŐŝƚƵ͕WĞƌƐĞƌŽĂŶƚĞůĂŚŵĞůĂŬƵŬĂŶƉĞŵĞƚĂĂŶ /ŶĂĚĚŝƚŝŽŶ͕ƚŚĞŽŵƉĂŶLJŚĂƐĐĂƌƌŝĞĚŽƵƚŵĂƉƉŝŶŐ
ƚĞƌŚĂĚĂƉ ůŽŬĂƐŝ ŽƉĞƌĂƐŝŽŶĂů ƵƐĂŚĂ WĞƌƐĞƌŽĂŶ LJĂŶŐ ƌĞŐĂƌĚŝŶŐ ƚŚĞ ŽŵƉĂŶLJΖƐ ďƵƐŝŶĞƐƐ ŽƉĞƌĂƚŝŽŶĂů
ďĞƌƐŝŶŐŐƵŶŐĂŶĚĞŶŐĂŶ<ĂǁĂƐĂŶůŝŶĚƵŶŐ͘ĞƌĚĂƐĂƌŬĂŶ ůŽĐĂƚŝŽŶƐƚŚĂƚŝŶƚĞƌƐĞĐƚǁŝƚŚƉƌŽƚĞĐƚĞĚĂƌĞĂƐ͘ĂƐĞĚŽŶ
ƉĞŵĞƚĂĂŶ ƚĞƌƐĞďƵƚ͕ ƐĂĂƚ ŝŶŝ ƚŝĚĂŬ ƚĞƌĚĂƉĂƚ ůŽŬĂƐŝ ƚŚŝƐ ŵĂƉƉŝŶŐ͕ ĐƵƌƌĞŶƚůLJ ƚŚĞƌĞ ĂƌĞ ŶŽ ŽŵƉĂŶLJ
ŽƉĞƌĂƐŝŽŶĂů ƵƐĂŚĂ WĞƌƐĞƌŽĂŶ LJĂŶŐ ďĞƌĚĞŬĂƚĂŶ ŽƉĞƌĂƚŝŽŶĂůůŽĐĂƚŝŽŶƐƚŚĂƚĂƌĞĐůŽƐĞƚŽƉƌŽƚĞĐƚĞĚĂƌĞĂƐ
ĚĞŶŐĂŶ ŬĂǁĂƐĂŶ ůŝŶĚƵŶŐ ĂƚĂƵ ŬĂǁĂƐĂŶ ĚĞŶŐĂŶ ŶŝůĂŝ ŽƌĂƌĞĂƐǁŝƚŚŚŝŐŚďŝŽĚŝǀĞƌƐŝƚLJǀĂůƵĞŽƵƚƐŝĚĞƉƌŽƚĞĐƚĞĚ
ŬĞĂŶĞŬĂƌĂŐĂŵĂŶ ŚĂLJĂƚŝ ƚŝŶŐŐŝ Ěŝ ůƵĂƌ ŬĂǁĂƐĂŶ ĂƌĞĂƐ͘ dŚƵƐ͕ ƚŚĞ ŽŵƉĂŶLJΖƐ ŽƉĞƌĂƚŝŽŶĂů ĂĐƚŝǀŝƚŝĞƐ ĚŽ
ůŝŶĚƵŶŐ͘ ĞŶŐĂŶ ĚĞŵŝŬŝĂŶ͕ ŬĞŐŝĂƚĂŶ ŽƉĞƌĂƐŝŽŶĂů ŶŽƚ ŚĂǀĞ Ă ƐŝŐŶŝĨŝĐĂŶƚ ŶĞŐĂƚŝǀĞ ŝŵƉĂĐƚ ŽŶ ƚŚĞ
WĞƌƐĞƌŽĂŶ ƚŝĚĂŬ ŵĞŵŝůŝŬŝ ĚĂŵƉĂŬ ŶĞŐĂƚŝĨ LJĂŶŐ ƐƵƌƌŽƵŶĚŝŶŐ ďŝŽĚŝǀĞƌƐŝƚLJ͘ dŽ ŵĂŶĂŐĞ ĞŵŝƐƐŝŽŶƐ ĂŶĚ
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ƐŝŐŶŝĨŝŬĂŶ ƚĞƌŚĂĚĂƉ ŬĞĂŶĞŬĂƌĂŐĂŵĂŶ ŚĂLJĂƚŝ Ěŝ ǁĂƐƚĞ ƉƌŽĚƵĐĞĚ͕ ƚŚĞ ŽŵƉĂŶLJ ĐŽŶƚŝŶƵĞƐ ƚŽ ƐƚƌŝǀĞ ƚŽ
ƐĞŬŝƚĂƌŶLJĂ͘hŶƚƵŬƉĞŶŐĞůŽůĂĂŶĞŵŝƐŝĚĂŶůŝŵďĂŚLJĂŶŐ ŵĂŶĂŐĞ ĞŵŝƐƐŝŽŶƐ ĂŶĚ ǁĂƐƚĞ ƌĞĚƵĐƚŝŽŶ ĂŶĚ ƵƚŝůŝnjĞ
ĚŝŚĂƐŝůŬĂŶ WĞƌƐĞƌŽĂŶ ƚĞƌƵƐ ďĞƌƵƉĂLJĂ ŵĞůĂŬƵŬĂŶ ǁĂƐƚĞƚŚĂƚĐĂŶƐƚŝůůďĞƌĞĐLJĐůĞĚ͘
ƉĞŶŐĞůŽůĂĂŶ ƉĞŶŐƵƌĂŶŐĂŶ ĞŵŝƐŝ ĚĂŶ ůŝŵďĂŚ ƐĞƌƚĂ
ƉĞŵĂŶĨĂĂƚĂŶůŝŵďĂŚLJĂŶŐŵĂƐŝŚďŝƐĂĚŝĚĂƵƌƵůĂŶŐ͘
WĞŶŐĂĚƵĂŶdĞƌŬĂŝƚ>ŝŶŐŬƵŶŐĂŶ,ŝĚƵƉ ŽŵƉůĂŝŶƚƐZĞůĂƚĞĚƚŽƚŚĞ ŶǀŝƌŽŶŵĞŶƚ
;WK:<ϱϭ͘͘ϲ͘Ğ͘ϲͿ;^ K:<&͘ϭϲͿ WK:<ϱϭ͘͘ϲ͘Ğ͘ϲͿ;^ K:<&͘ϭϲͿ
^ĞƉĂŶũĂŶŐƚĂŚƵŶϮϬϮϯƚŝĚĂŬĂĚĂƚĞƌĐĂƚĂƚƉĞŶŐĂĚƵĂŶ dŚƌŽƵŐŚŽƵƚ ϮϬϮϯ͕ ƚŚĞƌĞ ǁĞƌĞ ŶŽ ƌĞĐŽƌĚĞĚ
ůŝŶŐŬƵŶŐĂŶĂŬŝďĂƚŽƉĞƌĂƐŝŽŶĂůWĞƌƐĞƌŽĂŶ͘ ĞŶǀŝƌŽŶŵĞŶƚĂů ĐŽŵƉůĂŝŶƚƐ ƌĞƐƵůƚŝŶŐ ĨƌŽŵ ƚŚĞ
ŽŵƉĂŶLJΖƐŽƉĞƌĂƚŝŽŶƐ͘
<ŝŶĞƌũĂ^ŽƐŝĂů
^ŽĐŝĂůWĞƌĨŽƌŵĂŶĐĞ
;WK:<ϭϱ͘͘ϲ͘Ϳ;^ K:<ϭϲ͘&͘ϭϳͿ
/ŶŝƐŝĂƚŝĨĂƚĂƵŬĞŐŝĂƚĂŶLJĂŶŐĚŝƌĂŶĐĂŶŐWĞƌƐĞƌŽĂŶƵŶƚƵŬ /ŶŝƚŝĂƚŝǀĞƐ Žƌ ĂĐƚŝǀŝƚŝĞƐ ĚĞƐŝŐŶĞĚ ďLJ ƚŚĞ ŽŵƉĂŶLJ ƚŽ
ŵĞŵďĞƌŝŬĂŶ ĚĂŵƉĂŬ ƉŽƐŝƚŝĨ ƚĞƌŚĂĚĂƉ ŵĂƐLJĂƌĂŬĂƚ ŚĂǀĞ Ă ƉŽƐŝƚŝǀĞ ŝŵƉĂĐƚ ŽŶ ƚŚĞ ĐŽŵŵƵŶŝƚLJ Žƌ
ĂƚĂƵ ůŝŶŐŬƵŶŐĂŶ Ěŝ ƐĞŬŝƚĂƌ ǁŝůĂLJĂŚ ŬĞƌũĂ WĞƌƐĞƌŽĂŶ ĞŶǀŝƌŽŶŵĞŶƚ ĂƌŽƵŶĚ ƚŚĞ ŽŵƉĂŶLJΖƐ ǁŽƌŬ ĂƌĞĂƐ ĂƌĞ
ŵĞƌƵƉĂŬĂŶƉƌŽŐƌĂŵŬŝŶĞƌũĂƐŽƐŝĂů͘^ĞũĂůĂŶĚĞŶŐĂŶŝŶŝ ƐŽĐŝĂů ƉĞƌĨŽƌŵĂŶĐĞ ƉƌŽŐƌĂŵƐ͘ /Ŷ ůŝŶĞ ǁŝƚŚ ƚŚŝƐ͕ ƚŚĞ
WĞƌƐĞƌŽĂŶƐĞŶĂŶƚŝĂƐĂďĞƌƵƉĂLJĂŵĞŵďĞƌŝŬĂŶĚĂŵƉĂŬ ŽŵƉĂŶLJĂůǁĂLJƐƐƚƌŝǀĞƐƚŽƉƌŽǀŝĚĞĂŶŝŵƉĂĐƚĨƌŽŵŝƚƐ
ĚĂƌŝ ŬŽŶƚƌŝďƵƐŝŶLJĂ ƚĞƌŚĂĚĂƉ ĂƐƉĞŬͲĂƐƉĞŬ ƐŽƐŝĂů Ěŝ ĐŽŶƚƌŝďƵƚŝŽŶ ƚŽ ƐŽĐŝĂů ĂƐƉĞĐƚƐ ŝŶ ƐŽĐŝĞƚLJ ĂŶĚ ƚŚĞ
ŵĂƐLJĂƌĂŬĂƚ ŵĂƵƉŶ ůŝŶŐŬƵŶŐĂŶŶLJĂ͘ ĂŵƉĂŬ ŬŝŶĞƌũĂ ĞŶǀŝƌŽŶŵĞŶƚ͘dŚĞŝŵƉĂĐƚŽĨƐŽĐŝĂůƉĞƌĨŽƌŵĂŶĐĞŽŶƚŚĞ
ƐŽƐŝĂů ƚĞƌŚĂĚĂƉ ŵĂƐLJĂƌĂŬĂƚ ĚŝƐĞŬŝƚĂƌ ǁŝůĂLJĂŚ ŬĞƌũĂ ĐŽŵŵƵŶŝƚLJ ĂƌŽƵŶĚ ƚŚĞ ŽŵƉĂŶLJΖƐ ǁŽƌŬ ĂƌĞĂ ŝƐ ĨĞůƚ
WĞƌƐĞƌŽĂŶ ĚŝƌĂƐĂŬĂŶ ƐĞĐĂƌĂ ůĂŶŐƐƵŶŐ ĚŝŵĂŶĂ ĚŝƌĞĐƚůLJ ǁŚĞƌĞ ƚŚĞ ŽŵƉĂŶLJ ƌĞĐƌƵŝƚƐ ĂŶĚ ƐĞůĞĐƚƐ
WĞƌƐĞƌŽĂŶ ŵĞůĂŬƵŬĂŶ ƉĞƌĞŬƌƵƚĂŶ ĚĂŶ ƐĞůĞŬƐŝ ĞŵƉůŽLJĞĞƐƚŽĨŝůůƚŚĞƉŽƐŝƚŝŽŶƐŶĞĞĚĞĚďLJƚŚĞŽŵƉĂŶLJ͘
ŬĂƌLJĂǁĂŶ ƵŶƚƵŬ ŵĞŶŐŝƐŝ ƉŽƐŝƐŝ LJĂŶŐ ĚŝďƵƚƵŚŬĂŶ ƉĂƌƚĨƌŽŵƚŚĂƚ͕ƚŚĞŝŵƉĂĐƚŽŶƚŚĞĞŶǀŝƌŽŶŵĞŶƚŝƐƚŚĂƚ
WĞƌƐĞƌŽĂŶ͘^ĞůĂŝŶŝƚƵ͕ĚĂŵƉĂŬďĂŐŝůŝŶŐŬƵŶŐĂŶĂĚĂůĂŚ ďLJ ƚƌĞĂƚŝŶŐ Ăůů ŽĨ ƚŚĞ ŽŵƉĂŶLJΖƐ ǁŽƌŬĞƌƐ ĨĂŝƌůLJͬŶŽŶͲ
ĚĞŶŐĂŶ ŵĞŵƉĞƌůĂŬƵŬĂŶ ƐĞůƵƌƵŚ ƉĞŬĞƌũĂ WĞƌƐĞƌŽĂŶ ĚŝƐĐƌŝŵŝŶĂƚŽƌŝůLJ͕ ƚŚĞ ŽŵƉĂŶLJ ƉƌŽǀŝĚĞƐ ƚŚĞ ƐĂŵĞ
ƐĞĐĂƌĂĂĚŝůͬŶŽŶĚŝƐŬƌŝŵŝŶĂƚŝĨ͕WĞƌƐĞƌĂŽŶŵĞŵďĞƌŝŬĂŶ ŽƉƉŽƌƚƵŶŝƚLJ ƚŽ ĚĞǀĞůŽƉ ĐŽŵƉĞƚĞŶĐĞ ďLJ ƉƌŽǀŝĚŝŶŐ
ŬĞƐĞŵĂƉĂƚĂŶ LJĂŶŐ ƐĂŵĂ ƵŶƚƵŬ ŵĞŶŐĞŵďĂŶŐŬĂŶ ĞĚƵĐĂƚŝŽŶ ĂŶĚ ƐŬŝůůƐ ƚƌĂŝŶŝŶŐ͕ ĐĂƌƌLJŝŶŐ ŽƵƚ ƌŽƵƚŝŶĞ
ŬŽŶŵƉĞŶƚĞŶƐŝ ĚĞŶŐĂŶ ŵĞŵďĞƌŝŬĂŶ ƉĞŶĚŝĚŝŬĂŶ ĚĂŶ DĞĚŝĐĂů ŚĞĐŬ hƉƐ͕ ƉƌŽǀŝĚŝŶŐ W:^ ,ĞĂůƚŚ ĂŶĚ
ƉĞůĂƚŝŚĂŶŬĞƚĞƌĂŵƉŝůĂŶ͕ŵĞůĂŬƵŬĂŶDĞĚŝĐĂůŚĞŬhƉ ŵƉůŽLJŵĞŶƚĨĂĐŝůŝƚŝĞƐĂŶĚ,ĞĂůƚŚ/ŶƐƵƌĂŶĐĞƚŽƐƵƉƉŽƌƚ
ƌƵƚŝŶ͕ ŵĞŵďĞƌŝŬĂŶ ĨĂƐŝůŝƚĂƐ W:^ <ĞƐĞŚĂƚĂŶ ĚĂŶ ĞŵƉůŽLJĞĞǁĞůĨĂƌĞ͕ĂƐǁĞůůĂƐƉƌŽǀŝĚŝŶŐĂŚĞĂůƚŚLJĂŶĚ
<ĞƚĞŶĂŐĂŬĞƌũĂĂŶ ƐĞƌƚĂ ƐƵƌĂŶƐŝ <ĞƐĞŚĂƚĂŶ ƵŶƚƵŬ ƐĂĨĞǁŽƌŬĞŶǀŝƌŽŶŵĞŶƚ͘
ŵĞŶƵŶũĂŶŐ ŬĞƐĞũĂŚƚĞƌĂĂŶ ŬĂƌLJĂǁĂŶŶLJĂ͕ ƐĞƌƚĂ
ŵĞŶLJĞĚŝĂŬĂŶůŝŶŐŬƵŶŐĂŶŬĞƌũĂLJĂŶŐƐĞŚĂƚĚĂŶĂŵĂŶ͘
DĞŶĚƵŬƵŶŐ ƉƌĂŬƚŝŬ ŬĞďĞƌůĂŶũƵƚĂŶ ĚĂŶ ƉƌŽŐƌĂŵ ^ƵƉƉŽƌƚƐ ƚŚĞ ŽŵƉĂŶLJΖƐ ƐƵƐƚĂŝŶĂďŝůŝƚLJ ƉƌĂĐƚŝĐĞƐ ĂŶĚ
ŬŝŶĞƌũĂ ƐŽƐŝĂů WĞƌƐĞƌŽĂŶ ŵĞŵďĞƌŝŬĂŶ ŝŶĨŽƌŵĂƐŝ ƐŽĐŝĂů ƉĞƌĨŽƌŵĂŶĐĞ ƉƌŽŐƌĂŵƐ ďLJ ƉƌŽǀŝĚŝŶŐ ĐŽŵƉůĞƚĞ
ƉƌŽĚƵŬĚĂŶůĂLJĂŶĂŶƐĞĐĂƌĂůĞŶŐŬĂƉĚĂŶũĞůĂƐ͕ĂĚĂƉƵŶ ĂŶĚĐůĞĂƌƉƌŽĚƵĐƚĂŶĚƐĞƌǀŝĐĞŝŶĨŽƌŵĂƚŝŽŶ͕ĂƐǁĞůůĂƐ
ũĂŵŝŶĂŶ ŵƵƚƵ ƐĞƌƚĂ ŬŽŵŝƚŵĞŶ ƵŶƚƵŬ ƚĞƌƵƐ ƋƵĂůŝƚLJ ĂƐƐƵƌĂŶĐĞ ĂŶĚ Ă ĐŽŵŵŝƚŵĞŶƚ ƚŽ ĐŽŶƚŝŶƵĞ
ŵĞŵďĞƌŝŬĂŶ ƉĞůĂLJĂŶĂŶ ƐĞĐĂƌĂ ƐĞƚĂƌĂ ƚĂŶƉĂ ƉƌŽǀŝĚŝŶŐ ƐĞƌǀŝĐĞƐ ĞƋƵĂůůLJ ǁŝƚŚŽƵƚ ĚŝƐƚŝŶŐƵŝƐŚŝŶŐ
ŵĞŵďĞĚĂŬĂŶ ůĂƚĂƌ ďĞůĂŬĂŶŐ͕ ƐĞƉĞƌƚŝ ƐƵŬƵ͕ ĂŐĂŵĂ͕ ďĞƚǁĞĞŶďĂĐŬŐƌŽƵŶĚƐ͕ƐƵĐŚĂƐĞƚŚŶŝĐŝƚLJ͕ƌĞůŝŐŝŽŶ͕ƌĂĐĞ͕
ƌĂƐ͕ ƉĂŶĚĂŶŐĂŶ ƉŽůŝƚŝŬ ĚĂŶ ƐĞďĂŐĂŝŶLJĂ͘ ^ĞůĂŝŶ ŝƚƵ͕ ƉŽůŝƚŝĐĂůǀŝĞǁƐĂŶĚƐŽŽŶ͘ƉĂƌƚĨƌŽŵƚŚĂƚ͕ƚŚĞŽŵƉĂŶLJ
WĞƌƐĞƌŽĂŶ ũƵŐĂ ƚĞƌƵƐ ŵĞůĂŬƵŬĂŶ ďĞƌďĂŐĂŝ ŝŶŽǀĂƐŝ ĂůƐŽ ĐŽŶƚŝŶƵĞƐ ƚŽ ĐĂƌƌLJ ŽƵƚ ǀĂƌŝŽƵƐ ŝŶŶŽǀĂƚŝŽŶƐ ŝŶ
ƚĞƌŚĂĚĂƉ ƉƌŽĚƵŬ ůĂLJĂŶĂŶ LJĂŶŐ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ƉƌŽĚƵĐƚ ƐĞƌǀŝĐĞƐ ƚŚĂƚ ƐƵŝƚ ĐŽŶƐƵŵĞƌ ŶĞĞĚƐ͘ LJ
ŬĞďƵƚƵŚĂŶ ŬŽŶƐƵŵĞŶ͘ ĞŶŐĂŶ ŵĞŶŐŝŶƚĞŐƌĂƐŝŬĂŶ ŝŶƚĞŐƌĂƚŝŶŐ ƐƵƐƚĂŝŶĂďůĞ ĂŶĚ ĞƚŚŝĐĂů ďƵƐŝŶĞƐƐ ƉƌĂĐƚŝĐĞƐ
ƉƌĂŬƚŝŬ ďŝƐŶŝƐ ďĞƌŬĞůĂŶũƵƚĂŶ ĚĂŶ ĞƚŝŬĂ ĚĂůĂŵ ŝŶ ƚŚĞ ŽŵƉĂŶLJΖƐ ŽƉĞƌĂƚŝŽŶƐ͕ ŝƚ ǁŝůů ŚĂǀĞ Ă ƉŽƐŝƚŝǀĞ
ŽƉĞƌĂƐŝŽŶĂů WĞƌƐĞƌŽĂŶ ĂŬĂŶ ŵĞŵďĞƌŝŬĂŶ ĚĂŵƉĂŬ ŝŵƉĂĐƚ ŽŶ ƐƚĂŬĞŚŽůĚĞƌƐ ŝŶĐůƵĚŝŶŐ ƚŚĞ ŽŵƉĂŶLJΖƐ
ƉŽƐŝƚŝĨďĂŐŝƉĞŵĂŶŐŬƵŬĞƉĞŶƚŝŶŐĂŶƚĞƌŵĂƐƵŬƉĞŬĞƌũĂ ĞŵƉůŽLJĞĞƐ͘
WĞƌƐĞƌŽĂŶ͘
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<ĂƌLJĂǁĂŶ ŵƉůŽLJĞƐƐ
;'Z/ϰϬϭͿ ;'Z/ϰϬϭͿ
^ĞďĂŐĂŝ ǁƵũƵĚ ŬĞƉĞĚƵůŝĂŶ WĞƌƐĞƌŽĂŶ ƚĞƌŚĂĚĂƉ Ɛ Ă ĨŽƌŵ ŽĨ ƚŚĞ ŽŵƉĂŶLJΖƐ ĐŽŶĐĞƌŶ ĨŽƌ ĞŵƉůŽLJĞĞ
ŬĞƐĞũĂŚƚĞƌĂĂŶ ŬĂƌLJĂǁĂŶ͕ WĞƌƐĞƌŽĂŶ ŵĞŵŝůŝŬŝ ǁĞůĨĂƌĞ͕ ƚŚĞ ŽŵƉĂŶLJ ŚĂƐ Ă ,ƵŵĂŶ ĂƉŝƚĂů ƵƐŝŶĞƐƐ
ĞƉĂƌƚĞŵĞŶ ,ƵŵĂŶ ĂƉŝƚĂů ƵƐŝŶĞƐƐ WĂƌƚŶĞƌƐŚŝƉ WĂƌƚŶĞƌƐŚŝƉ ;,WͿ ĞƉĂƌƚŵĞŶƚ ǁŚŝĐŚ ƉůĂLJƐ Ă ƌŽůĞ ŝŶ
;,WͿ LJĂŶŐ ďĞƌƉĞƌĂŶ ĚĂůĂŵ ŵĞŶŐĞůŽůĂŚ ƐƵŵďĞƌ ŵĂŶĂŐŝŶŐ ŚƵŵĂŶ ƌĞƐŽƵƌĐĞƐ ;,ZͿ͘ dŚĞ ŽŵƉĂŶLJ
ĚĂLJĂ ŵĂŶƵƐŝĂ ;^DͿ͘ WĞƌƐĞƌŽĂŶ ŵĞŶLJĂĚĂƌŝ ďĂŚǁĂ ƌĞĂůŝnjĞƐƚŚĂƚĞŵƉůŽLJĞĞƐĂƌĞƚŚĞŵŽƐƚŝŵƉŽƌƚĂŶƚĂƐƐĞƚŝŶ
ŬĂƌLJĂǁĂŶĂĚĂůĂŚĂƐƐĞƚƚĞƌƉĞŶƚŝŶŐĚĂůĂŵƉĞƌƵƐĂŚĂĂŶ ƚŚĞĐŽŵƉĂŶLJǁŚĞƌĞƚŚĞLJĂƌĞƚŚĞĚƌŝǀŝŶŐǁŚĞĞůƐŽĨƚŚĞ
ĚŝŵĂŶĂ ŵĞƌĞŬĂ ĂĚĂůĂŚ ƉĞŶŐŐĞƌĂŬ ƌŽĚĂ ƉĞƌƵƐĂŚĂĂŶ ĐŽŵƉĂŶLJĂŶĚĚĞƚĞƌŵŝŶĞƚŚĞƉƌŽŐƌĞƐƐŽĨƚŚĞŽŵƉĂŶLJΖƐ
ƐĞŬĂůŝŐƵƐ ƉĞŶĞŶƚƵ ŬĞŵĂũƵĂŶ ďŝƐŶŝƐ WĞƌƐĞƌŽĂŶ͘ KůĞŚ ďƵƐŝŶĞƐƐ͘ dŚĞƌĞĨŽƌĞ͕ ĞŵƉůŽLJĞĞ ǁĞůĨĂƌĞ ŝƐ ƚŚĞ
ƐĞďĂďŝƚƵ͕ŬĞƐĞũĂŚƚĞƌĂĂŶŬĂƌLJĂǁĂŶŵĞƌƵƉĂŬĂŶĨŽŬƵƐ ŽŵƉĂŶLJΖƐĨŽĐƵƐďLJƉƌŽǀŝĚŝŶŐĂƐĂĨĞǁŽƌŬůŽĐĂƚŝŽŶ͕Ă
WĞƌƐĞƌŽĂŶ ĚĞŶŐĂŶ ŵĞŶLJĞĚŝĂŬĂŶ ůŽŬĂƐŝ ŬĞƌũĂ LJĂŶŐ ƐƵƉƉŽƌƚŝǀĞĞŶǀŝƌŽŶŵĞŶƚ͕ĂŶĚǁĞůĨĂƌĞƉƌŽŐƌĂŵƐƐƵĐŚĂƐ
ĂŵĂŶ͕ ůŝŶŐŬƵŶŐĂŶ LJĂŶŐ ŵĞŶĚƵŬƵŶŐ͕ ĚĂŶ ƉƌŽŐƌĂŵͲ ƚƌĂŝŶŝŶŐ͕ƐŬŝůůƐĚĞǀĞůŽƉŵĞŶƚĂŶĚŚĞĂůƚŚƐƵƉƉŽƌƚ͘ƉĂƌƚ
ƉƌŽŐƌĂŵ ŬĞƐĞũĂŚƚĞƌĂĂŶ ƐĞƉĞƌƚŝ ƉĞůĂƚŝŚĂŶ͕ ĨƌŽŵ ƚŚĂƚ͕ ƚŚĞ ŽŵƉĂŶLJ ĂůƐŽ ĐĂƌƌŝĞƐ ŽƵƚ ĞŵƉůŽLJĞĞ
ƉĞŶŐĞŵďĂŶŐĂŶ ŬĞƚĞƌĂŵƉŝůĂŶ ĚĂŶ ĚƵŬƵŶŐĂŶ ĞǀĂůƵĂƚŝŽŶƐ ǁŚŝĐŚ ĂƌĞ ƵƐĞĨƵů ĨŽƌ ĂƐƐĞƐƐŝŶŐ ĞŵƉůŽLJĞĞ
ŬĞƐĞŚĂƚĂŶ͘ ^ĞůĂŝŶ ŝƚƵ WĞƌƐĞƌŽĂŶ ũƵŐĂ ŵĞůĂŬƵŬĂŶ ŐŽĂůĂĐŚŝĞǀĞŵĞŶƚĂŶĚĐĂƌĞĞƌĚĞǀĞůŽƉŵĞŶƚ͘
ĞǀĂůƵĂƐŝ ŬĂƌLJĂǁĂŶ LJĂŶŐ ďĞƌŐƵŶĂ ƵŶƚƵŬ ŵĞŶŝůĂŝ
ƉĞŶĐĂƉĂŝĂŶ ƚƵũƵĂŶ ĚĂŶ ƉĞŶŐĞŵďĂŶŐĂŶ ŬĂƌŝĞƌ
ŬĂƌLJĂǁĂŶ͘
<ĞĂŵĂŶĂŶ ŬĞƌũĂ ĚĞŶŐĂŶ ŵĞŵďĞƌŝŬĂŶ ƉĞƌůŝŶĚƵŶŐĂŶ :Žď ƐĞĐƵƌŝƚLJ ďLJ ƉƌŽǀŝĚŝŶŐ ĞŵƉůŽLJĞĞ ƉƌŽƚĞĐƚŝŽŶ ĨƌŽŵ
ŬĂƌLJĂǁĂŶ ĚĂƌŝ ƌŝƐŝŬŽ ĚĂŶ ďĂŚĂLJĂ Ěŝ ƚĞŵƉĂƚ ŬĞƌũĂ͘ ƌŝƐŬƐ ĂŶĚ ĚĂŶŐĞƌƐ ŝŶ ƚŚĞ ǁŽƌŬƉůĂĐĞ͘ ŽŵƉůŝĂŶĐĞ ǁŝƚŚ
<ĞƉĂƚƵŚĂŶ ƚĞƌŚĂĚĂƉ ƉĞƌĂƚƵƌĂŶ ŬĞƐĞůĂŵĂƚĂŶ ĚĂŶ ŽĐĐƵƉĂƚŝŽŶĂů ƐĂĨĞƚLJ ĂŶĚ ŚĞĂůƚŚ ƌĞŐƵůĂƚŝŽŶƐ ŝƐ ĂŶ
ŬĞƐĞŚĂƚĂŶ ŬĞƌũĂ ŵĞƌƵƉĂŬĂŶ ĂƐƉĞŬ ƉĞŶƚŝŶŐ ďĂŐŝ ŝŵƉŽƌƚĂŶƚ ĂƐƉĞĐƚ ĨŽƌ ŵĂŶĂŐĞŵĞŶƚ͘ ^Ž ƚŚĞ ŽŵƉĂŶLJ
ŵĂŶĂũĞŵĞŶ͘ ^ĞŚŝŶŐŐĂ WĞƌƐĞƌŽĂŶ ďĞƌƵƉĂLJĂ ƐƚƌŝǀĞƐ ƚŽ ŝŵƉůĞŵĞŶƚ ƚŚĞ ďĞƐƚ ĚĞǀĞůŽƉŵĞŶƚ
ŵĞŶĞƌĂƉŬĂŶ ƐƚƌĂƚĞŐŝ ƉĞŶŐĞůŽůĂŚĂŶ ƉĞŶŐĞŵďĂŶŐĂŶ ŵĂŶĂŐĞŵĞŶƚ ƐƚƌĂƚĞŐLJ͕ ďLJ ƉƌŽǀŝĚŝŶŐ ĞĚƵĐĂƚŝŽŶ ĂŶĚ
ƚĞƌďĂŝŬ͕ ĚĞŶŐĂŶ ŵĞŵďĞƌŝŬĂŶ ƉĞŶĚŝĚŝŬĂŶ ĚĂŶ ƚƌĂŝŶŝŶŐĂĐĐŽƌĚŝŶŐƚŽŝƚƐĨŝĞůĚ͘WƌŽǀŝĚŝŶŐĂƐĐŚŽůĂƌƐŚŝƉ
ƉĞůĂƚŝŚĂŶ ƐĞƐƵĂŝ ďŝĚĂŶŐŶLJĂ͘ WĞŶŐĂĚĂĂŶ ƉƌŽŐƌĂŵ ƉƌŽŐƌĂŵ ĨŽƌ ĞŵƉůŽLJĞĞƐ ŝƐ Ă ƉƌŽŐƌĂŵ ƚŚĂƚ ŚĂƐ ďĞĞŶ
ďĞĂƐŝƐǁĂďĂŐŝŬĂƌLJĂǁĂŶĂĚĂůĂŚƉƌŽŐƌĂŵLJĂŶŐƚĞůĂŚ ŝŵƉůĞŵĞŶƚĞĚ ďLJ ƚŚĞ ŽŵƉĂŶLJ ƐŝŶĐĞ ϮϬϮϮ ƵŶƚŝů ŶŽǁ͘
ĚŝƚĞƌĂƉŬĂŶ WĞƌƐĞƌŽĂŶ ƐĞũĂŬ ƚĂŚƵŶ ϮϬϮϮ ŚŝŶŐŐĂ ƐĂĂƚ dŚŝƐ ŝƐ ĂŝŵĞĚ Ăƚ ƉƌŽĚƵĐŝŶŐ ƋƵĂůŝƚLJ ĂŶĚ ĐŽŵƉĞƚĞŶƚ
ŝŶŝ͘ ,Ăů ŝŶŝ ĚŝƚƵũƵŬĂŶ ƵŶƚƵŬ ŵĞŶŐŚĂƐŝůŬĂŶ ŬĂƌLJĂǁĂŶ ĞŵƉůŽLJĞĞƐ͘
LJĂŶŐďĞƌŬƵĂůŝƚĂƐĚĂŶďĞƌŬŽŵƉĞƚĞŶƐŝ͘
ĚĂƉƵŶŬŽŵƉŽƐŝƐŝŬĂƌLJĂǁĂŶƉĞƌƐĞƌŽĂŶLJĂŶŐĚŝŬĞůŽůĂ dŚĞĐŽŵƉŽƐŝƚŝŽŶŽĨƚŚĞĐŽŵƉĂŶLJΖƐĞŵƉůŽLJĞĞƐŵĂŶĂŐĞĚ
ŽůĞŚĞƉĂƌƚĞŵĞŶ,WƐĞůĂŵĂƚŝŐĂƚĂŚƵŶƚĞƌĂŬŚŝƌ͗ ďLJƚŚĞ,WĞƉĂƌƚŵĞŶƚŽǀĞƌƚŚĞůĂƐƚƚŚƌĞĞLJĞĂƌƐ͗
ĞƌĚĂƐĂƌŬĂŶ:ĞŶŝƐ<ĞůĂŵŝŶ
LJ'ĞŶĚĞƌ
hƌĂŝĂŶ ϮϬϮϯ й ϮϬϮϮ й ϮϬϮϭ й ĞƐĐƌŝƉƚŝŽŶ
>ĂŬŝͲ>ĂŬŝ ϲϱϲ ϴϴй ϲϬϯ ϴϴй ϰϴϵ ϴϵй DĂŶ
WĞƌĞŵƉƵĂŶ ϵϬ ϭϮй ϴϲ ϭϮй ϲϬ ϭϭй tŽŵĞŶ
:ƵŵůĂŚ ϳϰϲ ϭϬϬй ϲϴϵ ϭϬϬй ϱϰϵ ϭϬϬй dŽƚĂů
98
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ĞƌĚĂƐĂƌŬĂŶ:ĞŶũĂŶŐDĂŶĂũĞŵĞŶΘ:ĞŶŝƐ<ĞůĂŵŝŶ
LJDĂŶĂŐĞŵĞŶƚ>ĞǀĞůΘ'ĞŶĚĞƌ
ϮϬϮϯ ϮϬϮϮ ϮϬϮϭ
hƌĂŝĂŶ :ĞŶŝƐ<ĞůĂŵŝŶ :ƵŵůĂŚ й :ƵŵůĂŚ й :ƵŵůĂŚ й
ĞƐĐƌŝƉƚŝŽŶ 'ĞŶĚĞƌ dŽƚĂů dŽƚĂů dŽƚĂů
>ĂŬŝͲ>ĂŬŝ ϳ Ϭ͘ϵй ϳ ϭй ϱ Ϭ͘ϵй
<ŽŵŝƐĂƌŝƐΘŝƌĞŬƐŝ DĂŶ
ŽŵŵŝƐƐŝŽŶĞƌƐΘŝƌĞĐƚŽƌƐ WĞƌĞŵƉƵĂŶ Ϭ Ϭй ϭ Ϭ͘ϭй ϭ Ϭ͘Ϯй
tŽŵĞŶ
>ĂŬŝͲ>ĂŬŝ ϯ Ϭ͘ϰй Ϯ Ϭ͘ϯй ϱ Ϭ͘ϵй
^ĞŶŝŽƌDĂŶĂũĞƌ DĂŶ
^ĞŶŝŽƌDĂŶĂŐĞƌ WĞƌĞŵƉƵĂŶ Ϭ Ϭй Ϯ Ϭй Ϭ Ϭй
tŽŵĞŶ
>ĂŬŝͲ>ĂŬŝ ϭϱ Ϯй ϭϱ Ϯ͘Ϯй ϭϰ Ϯ͘ϲй
:ƵŶŝŽƌDĂŶĂũĞƌ DĂŶ
:ƵŶŝŽƌDĂŶĂŐĞƌ WĞƌĞŵƉƵĂŶ ϳ Ϭ͘ϵй ϲ Ϭ͘ϵй ϯ Ϭ͘ϱй
tŽŵĞŶ
>ĂŬŝͲ>ĂŬŝ ϭϰϯ ϭϵ͘Ϯй ϭϰϳ Ϯϭ͘ϯй ϭϭϭ ϮϬ͘Ϯй
^ƵƉĞƌǀŝƐŝŽƌ DĂŶ
^ƵƉĞƌǀŝƐŽƌ WĞƌĞŵƉƵĂŶ ϭϳ Ϯ͘ϯй ϭϲ Ϯ͘ϯй ϭϮ Ϯ͘Ϯй
tŽŵĞŶ
>ĂŬŝͲ>ĂŬŝ ϰϴϴ ϲϱ͘ϰй ϰϯϮ ϲϮ͘ϳй ϯϱϰ ϲϰ͘ϱй
^ƚĂĨĨ DĂŶ
^ƚĂĨĨ WĞƌĞŵƉƵĂŶ ϲϲ ϴ͘ϴй ϲϯ ϵ͘ϭй ϰϰ ϴй
tŽŵĞŶ
:ƵŵůĂŚ ϳϰϲ ϭϬϬй ϲϴϵ ϭϬϬй ϱϰϵ ϭϬϬй
dŽƚĂů
ĞƌĚĂƐĂƌŬĂŶ>ŽŬĂƐŝ<ĞƌũĂΘ:ĞŶŝƐ<ĞůĂŵŝŶ
LJtŽƌŬ>ŽĐĂƚŝŽŶΘ'ĞŶĚĞƌ
ϮϬϮϯ ϮϬϮϮ ϮϬϮϭ
>ŽŬĂƐŝ<ĞƌũĂ :ĞŶŝƐ<ĞůĂŵŝŶ :ƵŵůĂŚ й :ƵŵůĂŚ й :ƵŵůĂŚ й
tŽƌŬůŽĐĂƚŝŽŶ 'ĞŶĚĞƌ dŽƚĂů dŽƚĂů dŽƚĂů
>ĂŬŝͲ>ĂŬŝ Ϯϯϲ ϯϮй ϮϮϱ ϯϯй ϵϲ ϭϳй
KĨĨŝĐĞ DĂŶ
ŽĨĨŝĐĞ WĞƌĞŵƉƵĂŶ ϳϵ ϭϭй ϳϵ ϭϭй ϯϯ ϲй
tŽŵĞŶ
>ĂŬŝͲ>ĂŬŝ ϰϮϬ ϱϲй ϯϳϴ ϱϱй ϯϵϯ ϳϮй
^ŝƚĞ DĂŶ
^ŝƚĞ WĞƌĞŵƉƵĂŶ ϭϭ ϭй ϳ ϭй Ϯϳ ϱй
tŽŵĞŶ
:ƵŵůĂŚ ϳϰϲ ϭϬϬй ϲϴϵ ϭϬϬй ϱϰϵ ϭϬϬй
dŽƚĂů
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Berdasarkan Usia & Jenis Kelamin
By Age & Gender
2023 2022 2021
Uraian Jenis Kelamin Jumlah % Jumlah % Jumlah %
Description Gender Total Total Total
Laki-Laki 87 11.7% 67 9.7% 8 1.5%
Man
<21
Perempuan 8 1.1% 4 0.6% 1 0.2%
Women
Laki-Laki 385 51.6% 356 51.7% 309 56.3%
Man
21-30
Perempuan 70 9.4% 69 10% 46 8.4%
Women
Laki-Laki 103 13.8% 101 14.7% 89 16.2%
Man
31-40
Perempuan 7 0.9% 9 1.3% 9 1.6%
Women
Laki-Laki 61 8.2% 61 8.9% 62 11.3%
Man
41-50
Perempuan 5 0.7% 3 0.4% 3 0.5%
Women
Laki-Laki 20 2.7% 18 2.6% 21 3.8%
Man
51-60
Perempuan 0 0% 1 0.1% 1 0.2%
Women
Jumlah 746 100% 689 100% 549 100%
Total
ĞƌĚĂƐĂƌŬĂŶŬƚŝĨŝƚĂƐhƚĂŵĂΘ:ĞŶŝƐ<ĞůĂŵŝŶ
LJDĂŝŶĐƚŝǀŝƚLJΘ'ĞŶĚĞƌ
ϮϬϮϯ ϮϬϮϮ ϮϬϮϭ
hƌĂŝĂŶ :ĞŶŝƐ<ĞůĂŵŝŶ :ƵŵůĂŚ й :ƵŵůĂŚ й :ƵŵůĂŚ й
ĞƐĐƌŝƉƚŝŽŶ 'ĞŶĚĞƌ dŽƚĂů dŽƚĂů dŽƚĂů
>ĂŬŝͲ>ĂŬŝ Ϯϴϭ ϯϴй Ϯϯϱ ϯϰй ϭϴϭ ϯϯй
WĞƌŵĂŶĞŶ DĂŶ
WĞƌŵĂŶĞŶƚ WĞƌĞŵƉƵĂŶ ϯϱ ϱй Ϯϴ ϰй ϭϱ ϯй
tŽŵĞŶ
>ĂŬŝͲ>ĂŬŝ ϯϲϱ ϰϵй ϯϲϰ ϱϯй ϯϬϯ ϱϱй
<ŽŶƚƌĂŬ DĂŶ
ŽŶƚƌĂĐƚ WĞƌĞŵƉƵĂŶ ϱϱ ϳй ϱϴ ϴй ϰϱ ϴй
tŽŵĞŶ
>ĂŬŝͲ>ĂŬŝ ϭϬ ϭй ϰ ϭй ϱ ϭй
WƵƌŶĂtĂŬƚƵ DĂŶ
&ƵůůdŝŵĞ WĞƌĞŵƉƵĂŶ Ϭ Ϭй Ϭ Ϭй Ϭ Ϭй
tŽŵĞŶ
:ƵŵůĂŚ ϳϰϲ ϭϬϬй ϲϴϵ ϭϬϬй ϱϰϵ ϭϬϬй
dŽƚĂů
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ĞƌĚĂƐĂƌŬĂŶWĞŶĚŝĚŝŬĂŶΘ:ĞŶŝƐ<ĞůĂŵŝŶ
LJ ĚƵĐĂƚŝŽŶΘ'ĞŶĚĞƌ
ϮϬϮϯ ϮϬϮϮ ϮϬϮϭ
hƌĂŝĂŶ :ĞŶŝƐ<ĞůĂŵŝŶ :ƵŵůĂŚ й :ƵŵůĂŚ й :ƵŵůĂŚ й
ĞƐĐƌŝƉƚŝŽŶ 'ĞŶĚĞƌ dŽƚĂů dŽƚĂů dŽƚĂů
>ĂŬŝͲ>ĂŬŝ ϰ Ϭ͘ϱй Ϭ Ϭй Ϭ Ϭй
DĂŶ
^Ϯ
WĞƌĞŵƉƵĂŶ Ϭ Ϭй Ϭ Ϭй Ϭ Ϭй
tŽŵĞŶ
>ĂŬŝͲ>ĂŬŝ ϱϰ ϳ͘Ϯй ϰϵ ϳ͘ϭй ϯϱ ϲ͘ϰй
DĂŶ
^ϭ
WĞƌĞŵƉƵĂŶ ϱϯ ϳ͘ϭй ϱϬ ϳ͘ϯй ϯϯ ϲй
tŽŵĞŶ
>ĂŬŝͲ>ĂŬŝ Ϯϯ ϯ͘ϭй Ϯϱ ϯ͘ϲй ϭϯ Ϯ͘ϰй
DĂŶ
ŝƉůŽŵĂ;Ͳ///Ϳ
WĞƌĞŵƉƵĂŶ ϯ Ϭ͘ϰй ϲ Ϭ͘ϵй ϯ Ϭ͘ϱй
tŽŵĞŶ
>ĂŬŝͲ>ĂŬŝ ϱϳϱ ϳϳ͘ϭй ϱϮϵ ϳϲ͘ϴй ϰϰϭ ϴϬ͘ϯй
EŽŶ^ĂƌũĂŶĂ DĂŶ
EŽŶĂĐŚĞůŽƌ WĞƌĞŵƉƵĂŶ ϯϰ ϰ͘ϲй ϯϬ ϰ͘ϰй Ϯϰ ϰ͘ϰй
tŽŵĞŶ
:ƵŵůĂŚ ϳϰϲ ϭϬϬй ϲϴϵ ϭϬϬй ϱϰϵ ϭϬϬй
dŽƚĂů
ĞƌĚĂƐĂƌŬĂŶWĞůŝďĂƚĂŶWĞŬĞƌũĂ>ŽŬĂůΘ:ĞŶŝƐ<ĞůĂŵŝŶ
ĂƐĞĚŽŶ>ŽĐĂůtŽƌŬĞƌ/ŶǀŽůǀĞŵĞŶƚΘ'ĞŶĚĞƌ
ϮϬϮϯ ϮϬϮϮ ϮϬϮϭ
hƌĂŝĂŶ :ĞŶŝƐ<ĞůĂŵŝŶ :ƵŵůĂŚ й :ƵŵůĂŚ й :ƵŵůĂŚ й
ĞƐĐƌŝƉƚŝŽŶ 'ĞŶĚĞƌ dŽƚĂů dŽƚĂů dŽƚĂů
>ĂŬŝͲ>ĂŬŝ ϭϲϱ ϮϮ͘ϭй ϭϰϭ ϮϬ͘ϱй ϭϮϭ ϮϮй
>ŽŬĂů DĂŶ
>ŽĐĂů WĞƌĞŵƉƵĂŶ ϭϭ ϭ͘ϱй ϭϬ ϭ͘ϱй ϰ Ϭ͘ϳй
tŽŵĞŶ
>ĂŬŝͲ>ĂŬŝ ϰϴϵ ϲϱ͘ϱй ϰϱϵ ϲϲ͘ϲй ϯϲϲ ϲϲ͘ϳй
EŽŶͲ>ŽŬĂů DĂŶ
EŽŶͲ>ŽĐĂů WĞƌĞŵƉƵĂŶ ϳϵ ϭϬ͘ϲй ϳϲ ϭϭй ϱϲ ϭϬ͘Ϯй
tŽŵĞŶ
>ĂŬŝͲ>ĂŬŝ Ϯ Ϭ͘ϯй ϯ Ϭ͘ϰй Ϯ Ϭ͘ϰй
ƐŝŶŐ DĂŶ
&ŽƌĞŝŐŶ WĞƌĞŵƉƵĂŶ Ϭ Ϭй Ϭ Ϭй Ϭ Ϭй
tŽŵĞŶ
:ƵŵůĂŚ ϳϰϲ ϭϬϬй ϲϴϵ ϭϬϬй ϱϰϵ ϭϬϬй
dŽƚĂů
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ĞƌĚĂƐĂƌŬĂŶ<ĞǁĂƌŐĂŶĞŐĂƌĂĂŶΘ:ĞŶŝƐ<ĞůĂŵŝŶ
LJEĂƚŝŽŶĂůŝƚLJΘ'ĞŶĚĞƌ
ϮϬϮϯ ϮϬϮϮ ϮϬϮϭ
hƌĂŝĂŶ :ĞŶŝƐ<ĞůĂŵŝŶ :ƵŵůĂŚ й :ƵŵůĂŚ й :ƵŵůĂŚ й
ĞƐĐƌŝƉƚŝŽŶ 'ĞŶĚĞƌ dŽƚĂů dŽƚĂů dŽƚĂů
tĂƌŐĂEĞŐĂƌĂ/ŶĚŽŶĞƐŝĂ >ĂŬŝͲ>ĂŬŝ ϲϱϰ ϴϳ͘ϳй ϲϬϬ ϴϳ͘ϭй ϰϴϲ ϴϴ͘ϱй
/ŶĚŽŶĞƐŝĂŶŝƚŝnjĞŶƐ DĂŶ
WĞƌĞŵƉƵĂŶ ϵϬ ϭϮ͘ϭй ϴϲ ϭϮ͘ϱй ϲϬ ϭϬ͘ϵй
tŽŵĞŶ
tĂƌŐĂEĞŐĂƌĂƐŝŶŐ >ĂŬŝͲ>ĂŬŝ Ϯ Ϭ͘ϯй ϯ Ϭ͘ϰй ϯ Ϭ͘ϲй
&ŽƌĞŝŐŶEĂƚŝŽŶĂůƐ DĂŶ
WĞƌĞŵƉƵĂŶ Ϭ Ϭй Ϭ Ϭй Ϭ Ϭй
tŽŵĞŶ
:ƵŵůĂŚ ϳϰϲ ϭϬϬй ϲϴϵ ϭϬϬй ϱϰϵ ϭϬϬй
dŽƚĂů
ZĞŬƌƵƚŵĞŶĚĂŶdƵƌŶŽǀĞƌ<ĂƌLJĂǁĂŶ ŵƉůŽLJĞĞZĞĐƌƵŝƚŵĞŶƚĂŶĚdƵƌŶŽǀĞƌ
;'Z/ϰϬϭͲϭͿ ;'Z/ϰϬϭͲϭͿ
ZĞŬƌƵƚŵĞŶĂĚĂůĂŚĂƐƉĞŬƉĞŶƚŝŶŐĚĂůĂŵŵĂŶĂũĞŵĞŶ ZĞĐƌƵŝƚŵĞŶƚŝƐĂŶŝŵƉŽƌƚĂŶƚĂƐƉĞĐƚŝŶƚŚĞŽŵƉĂŶLJΖƐ
ƐƵŵďĞƌĚĂLJĂŵĂŶƵƐŝĂWĞƌƐĞƌŽĂŶ͘,ĂůŝŶŝďĞƌŚƵďƵŶŐĂŶ ŚƵŵĂŶ ƌĞƐŽƵƌĐĞ ŵĂŶĂŐĞŵĞŶƚ͘ dŚŝƐ ƌĞůĂƚĞƐ ƚŽ ƚŚĞ
ĚĞŶŐĂŶƉĞŶŐĞůŽůĂŚĂŶĚĂŶƉĞŵĞůŝŚĂƌĂĂŶƚĞŶĂŐĂŬĞƌũĂ ŵĂŶĂŐĞŵĞŶƚĂŶĚŵĂŝŶƚĞŶĂŶĐĞŽĨƚŚĞǁŽƌŬĨŽƌĐĞǁŝƚŚŝŶ
ĚĂůĂŵ WĞƌƐĞƌŽĂŶ͘ hŶƚƵŬ ŵĞŶĐĂƌŝ ŬĂŶĚŝĚĂƚ LJĂŶŐ ƚŚĞŽŵƉĂŶLJ͘dŽĨŝŶĚĐĂŶĚŝĚĂƚĞƐǁŚŽŚĂǀĞƚŚĞĂďŝůŝƚŝĞƐ͕
ŵĞŵŝůŝŬŝ ŬĞŵĂŵƉƵĂŶ͕ ŬĞĂŚůŝĂŶ͕ ƉĞŶŐĞƚĂŚƵĂŶ ƐĞƌƚĂ ƐŬŝůůƐ͕ŬŶŽǁůĞĚŐĞĂŶĚƋƵĂůŝƚŝĞƐƚŚĂƚƐƵŝƚƚŚĞŽŵƉĂŶLJΖƐ
ďĞƌŬƵĂůŝƚĂƐLJĂŶŐƐĞƐƵĂŝĚĞŶŐĂŶŬĞďƵƚƵŚĂŶWĞƌƐĞƌŽĂŶ͕ ŶĞĞĚƐ͕ ůŝĞƐ ŝŶ ƚŚĞ ƉƌŽĐĞƐƐ ŽĨ ĞŵƉůŽLJĞĞ ƌĞĐƌƵŝƚŵĞŶƚ͕
ƚĞƌůĞƚĂŬ ƉĂĚĂ ƉƌŽƐĞƐ ƌĞŬƌƵƚŵĞŶ ŬĂƌLJĂǁĂŶ͕ ƐĞůĞŬƐŝ͕ ƐĞůĞĐƚŝŽŶ͕ ƚƌĂŝŶŝŶŐ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ ŽĨ ƉƌŽƐƉĞĐƚŝǀĞ
ƚƌĂŝŶŝŶŐ͕ĚĞǀĞůŽƉŵĞŶƚĐĂůŽŶƉĞŬĞƌũĂ͘^ĞŚŝŶŐŐĂĐĂůŽŶ ǁŽƌŬĞƌƐ͘^ŽƚŚĂƚƉƌŽƐƉĞĐƚŝǀĞĞŵƉůŽLJĞĞƐĐĂŶĐŽŶƚƌŝďƵƚĞ
ŬĂƌLJĂǁĂŶ ĚĂƉĂƚ ŵĞŵďĞƌŝŬĂŶ ŬŽŶƚƌŝďƵƐŝ ĚĂůĂŵ ƚŽĂĐŚŝĞǀŝŶŐƚŚĞŽŵƉĂŶLJΖƐǀŝƐŝŽŶĂŶĚŵŝƐƐŝŽŶ͘LJŶŽƚ
ŵĞŶĐĂƉĂŝ ǀŝƐŝ ĚĂŶ ŵŝƐŝ WĞƌƐĞƌŽĂŶ͘ ĞŶŐĂŶ ƚŝĚĂŬ ĚŝƐĐƌŝŵŝŶĂƚŝŶŐ͕ ƌĞĐƌƵŝƚŵĞŶƚ ŝƐ ĐĂƌƌŝĞĚ ŽƵƚ ŽƉĞŶůLJ ĨŽƌ
ŵĞŵďĞĚĂͲďĞĚĂŬĂŶ ƌĞŬƌƵƚŵĞŶ ĚŝůĂŬƵŬĂŶ ĚĞŶŐĂŶ ďŽƚŚ /ŶĚŽŶĞƐŝĂŶ ĐŝƚŝnjĞŶƐ ĂŶĚ ĨŽƌĞŝŐŶ ĐŝƚŝnjĞŶƐ͘ ƉĂƌƚ
ƚĞƌďƵŬĂ ďĂŝŬ ďĂŐŝ ǁĂƌŐĂ ŶĞŐĂƌĂ /ŶĚŽŶĞƐŝĂ ŵĂƵƉƵŶ ĨƌŽŵ ƚŚĂƚ͕ ƌĞĐƌƵŝƚŵĞŶƚ ŝƐ ĂůƐŽ ĐĂƌƌŝĞĚ ŽƵƚ ǁŝƚŚŽƵƚ
ǁĂƌŐĂ ŶĞŐĂƌĂ ĂƐŝŶŐ͘ ^ĞůĂŝŶ ŝƚƵ ƌĞŬƌƵƚŵĞŶ ũƵŐĂ ĚŝƐƚŝŶĐƚŝŽŶŽĨĞƚŚŶŝĐŝƚLJ͕ƌĞůŝŐŝŽŶ͕ƌĂĐĞ͕ĐůĂƐƐĂŶĚŐĞŶĚĞƌ͘
ĚŝůĂŬƵŬĂŶ ƚĂŶƉĂ ŵĞŵďĞĚĂŬĂŶ ƐƵŬƵ͕ ĂŐĂŵĂ͕ ƌĂƐ͕ ƐůŽŶŐĂƐƚŚĞƉƌŽƐƉĞĐƚŝǀĞĞŵƉůŽLJĞĞŝƐĂďůĞƚŽĐĂƌƌLJŽƵƚ
ŐŽůŽŶŐĂŶ͕ ĚĂŶ ũĞŶŝƐ ŬĞůĂŵŝŶ͘ ^ĞƉĂŶũĂŶŐ ĐĂůŽŶ ƚŚĞŝƌƌŽůĞǁĞůů͕ŝŶůŝŶĞǁŝƚŚƚŚĞŽŵƉĂŶLJΖƐĐƵůƚƵƌĞ͕ĂŶĚ
ŬĂƌLJĂǁĂŶ ƚĞƌƐĞďƵƚ ŵĂŵƉƵ ŵĞŶũĂůĂŶŬĂŶ ƉĞƌĂŶ ĐŽŶƚƌŝďƵƚĞ ƚŽ ƚŚĞ ƚĞĂŵ͘ ĞůŽǁ ǁĞ ƉƌĞƐĞŶƚ ĚĂƚĂ ŽŶ
ĚĞŶŐĂŶďĂŝŬ͕ƐĞũĂůĂŶĚĞŶŐĂŶďƵĚĂLJĂWĞƌƐĞƌŽĂŶ͕ƐĞƌƚĂ ĞŵƉůŽLJĞĞƌĞĐƌƵŝƚŵĞŶƚƚŚĂƚŚĂƐďĞĞŶĐĂƌƌŝĞĚŽƵƚďLJƚŚĞ
ďĞƌŬŽŶƌŝďƵƐŝ ďĂŐŝ ƚŝŵ͘ ĞƌŝŬƵƚ ŬĂŵŝ ƐĂũŝŬĂŶ ĚĂƚĂ ŽŵƉĂŶLJ ǁŚŝĐŚ ŝƐ ƐŚŽǁŶ ŝŶ ƚŚĞ ƚĂďůĞ ĚĞƚĂŝůŝŶŐ ŶĞǁ
ƉĞŶĞƌŝŵĂĂŶŬĂƌLJĂǁĂŶLJĂŶŐƚĞůĂŚĚŝůĂŬƵŬĂŶWĞƌƐĞƌŽĂŶ ĞŵƉůŽLJĞĞƐďĂƐĞĚŽŶŐĞŶĚĞƌǁŝƚŚĚĂƚĂĨŽƌϮϬϮϭ͕ϮϬϮϮ
LJĂŶŐ ĚŝƚƵŶũƵŬŬĂŶ ƉĂĚĂ ƚĂďĞů ƌŝŶĐŝĂŶ ŬĂƌLJĂǁĂŶ ďĂƌƵ ĂŶĚϮϬϮϯ͘
ďĞƌĚĂƐĂƌŬĂŶ ũĞŶŝƐ ŬĂůĂŵŝŶ ĚĞŶŐĂŶ ĚĂƚĂ ƚĂŚƵŶ ϮϬϮϭ͕
ϮϬϮϮĚĂŶϮϬϮϯ͘
ĞƌĚĂƐĂƌŬĂŶ<ĂƌLJĂǁĂŶĂƌƵΘ:ĞŶŝƐ<ĞůĂŵŝŶ
LJEĞǁ ŵƉůŽLJĞĞΘ'ĞŶĚĞƌ
ϮϬϮϯ ϮϬϮϮ ϮϬϮϭ
hƌĂŝĂŶ :ĞŶŝƐ<ĞůĂŵŝŶ :ƵŵůĂŚ й :ƵŵůĂŚ й :ƵŵůĂŚ й
ĞƐĐƌŝƉƚŝŽŶ 'ĞŶĚĞƌ dŽƚĂů dŽƚĂů dŽƚĂů
>ĂŬŝͲ>ĂŬŝ ϭϲϲ ϴϯ͘ϰй ϭϱϵ ϳϱ͘ϰй ϯϬ ϰϰ͘ϱй
>ƵůƵƐĂŶďĂƌƵ DĂŶ
&ƌĞƐŚ'ƌĂĚƵĂƚĞƐ WĞƌĞŵƉƵĂŶ ϭϳ ϴ͘ϱй ϯϳ ϭϳ͘ϱй ϯϭ ϰϰ͘ϵй
tŽŵĞŶ
>ĂŬŝͲ>ĂŬŝ ϭϱ ϳ͘ϱй ϭϰ ϲ͘ϲй ϴ ϭϭ͘ϲй
WƌŽͲ,ŝƌĞ DĂŶ
WƌŽͲ,ŝƌĞ WĞƌĞŵƉƵĂŶ ϭ Ϭ͘ϱй ϭ Ϭ͘ϱй Ϭ Ϭй
tŽŵĞŶ
:ƵŵůĂŚ ϭϵϵ ϭϬϬй Ϯϭϭ ϭϬϬй ϲϵ ϭϬϬй
dŽƚĂů
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WĞƌŵŝŶƚĂĂŶ ŬĂƌLJĂǁĂŶ ďĂƌƵ ĚŝƐĞƐƵĂŝŬĂŶ WĞƌƐĞƌŽĂŶ dŚĞŽŵƉĂŶLJĂĚũƵƐƚƐƚŚĞƌĞƋƵĞƐƚĨŽƌŶĞǁĞŵƉůŽLJĞĞƐƚŽ
ĚĞŶŐĂŶŬĞďƵƚƵŚĂŶƵŶƚƵŬŵĞŶŐŝƐŝƉŽƐŝƐŝƚĞƌƚĞŶƚƵĚĂŶ ƚŚĞŶĞĞĚƚŽĨŝůůĐĞƌƚĂŝŶƉŽƐŝƚŝŽŶƐĂŶĚŵĂƌŬĞƚĚĞŵĂŶĚƐ
ƚƵŶƚƵƚĂŶƉĂƐĂƌĂƚĂƵĞŬƐƉĂŶƐŝďŝƐŶŝƐWĞƌƐĞƌŽĂŶ͘^ĂůĂŚ Žƌ ƚŚĞ ŽŵƉĂŶLJΖƐ ďƵƐŝŶĞƐƐ ĞdžƉĂŶƐŝŽŶ͘ KŶĞ ǁĂLJ ƚŽ
ƐĂƚƵĚŝůĂŬƵŬĂŶŶLJĂƉĞŶĞƌŝŵĂĂŶŬĂƌLJĂǁĂŶďĂƌƵĂĚĂůĂŚ ĂĐĐĞƉƚ ŶĞǁ ĞŵƉůŽLJĞĞƐ ŝƐ ƚŽ ƌĞƉůĂĐĞ ĞŵƉůŽLJĞĞƐ ǁŚŽ
ƵŶƚƵŬ ŵĞŶŐŐĂŶƚŝŬĂŶ ŬĂƌLJĂǁĂŶ LJĂŶŐ ŵĞŶŝŶŐŐĂůŬĂŶ ůĞĂǀĞƚŚĞŽŵƉĂŶLJ͘LJůŽŽŬŝŶŐĂƚĞŵƉůŽLJĞĞƚƵƌŶŽǀĞƌ͕
WĞƌƐĞƌŽĂŶ͘ ĞŶŐĂŶ ŵĞůŝŚĂƚ ƚƵƌŶŽǀĞƌ ŬĂƌLJĂǁĂŶ͕ ƚŚĞ ŽŵƉĂŶLJ ĐĂŶ ĂƐƐĞƐƐ Žƌ ŵĞĂƐƵƌĞ ƚŚĞ ůĞǀĞů ŽĨ
WĞƌƐĞƌŽĂŶ ĚĂƉĂƚ ŵĞŶŝůĂŝ ĂƚĂƵ ŵĞŶŐƵŬƵƌ ƚŝŶŐŬĂƚ ĞŵƉůŽLJĞĞ ƚƵƌŶŽǀĞƌ͘ dŚĞ ĚĂƚĂ ǁĞ ŚĂǀĞ ŽďƚĂŝŶĞĚ ĨŽƌ
ƉĞƌŐĂŶƚŝĂŶ ŬĂƌLJĂǁĂŶ͘ ĂƚĂ LJĂŶŐ ƚĞůĂŚ ŬĂŵŝ ƉĞƌŽůĞŚ ϮϬϮϯƐŚŽǁƐƚŚĂƚϮϮĞŵƉůŽLJĞĞƐǁŝůůůĞĂǀĞƚŚĞŽŵƉĂŶLJ
ƵŶƚƵŬ ƚĂŚƵŶ ϮϬϮϯ ƚĞƌĚĂƉĂƚ ϮϮ ŬĂƌLJĂǁĂŶ LJĂŶŐ ĚƵĞƚŽƌĞƚŝƌĞŵĞŶƚ͕ƚƌĂŶƐĨĞƌĂŶĚŽƚŚĞƌƌĞĂƐŽŶƐ͘
ŵĞŶŝŶŐŐĂůŬĂŶ WĞƌƐĞƌŽĂŶ ĚŝŬĂƌĞŶĂŬĂŶ ƉĞŶƐŝƵŶ͕
ŵƵƚĂƐŝĚĂŶŚĂůůĂŝŶŶLJĂ͘
<ĞƐĞũĂŚƚĞƌĂĂŶ<ĂƌLJĂǁĂŶ ŵƉůŽLJĞĞtĞůĨĂƌĞ
;WK:<ϱϭ͘͘ϲ͘͘ϮͿ;^ K:<ϭϲ͘&͘ϮϬͿ;'Z/ϰϬϱͿ ;WK:<ϱϭ͘͘ϲ͘͘ϮͿ;^ K:<ϭϲ͘&͘ϮϬͿ;'Z/ϰϬϱͿ
<ĞƚĞƌůŝďĂƚĂŶŬĂƌLJĂǁĂŶƐĂŶŐĂƚƉĞŶƚŝŶŐďĂŐŝƉĞƌƐĞƌŽĂŶ ŵƉůŽLJĞĞ ŝŶǀŽůǀĞŵĞŶƚ ŝƐ ǀĞƌLJ ŝŵƉŽƌƚĂŶƚ ĨŽƌ ƚŚĞ
ĚĂůĂŵŵĞǁƵũƵĚŬĂŶǀŝƐŝĚĂŶŵŝƐŝŶLJĂ͘ƚĂƐŬŽŶƚƌŝďƵƐŝ ĐŽŵƉĂŶLJ ŝŶ ƌĞĂůŝnjŝŶŐ ŝƚƐ ǀŝƐŝŽŶ ĂŶĚ ŵŝƐƐŝŽŶ͘ &Žƌ ƚŚŝƐ
ŝŶŝ WĞƌƐĞƌŽĂŶ ƐĞŶĂŶƚŝĂƐĂ ŵĞŵďĞƌŝŬĂŶ ŚĂŬ ŬĂƌLJĂǁĂŶ ĐŽŶƚƌŝďƵƚŝŽŶ͕ƚŚĞŽŵƉĂŶLJĂůǁĂLJƐŐŝǀĞƐĞŵƉůŽLJĞĞƐƚŚĞ
ƵŶƚƵŬŵĞŶĞƌŝŵĂŝŵďĂůĂŶďĞƌƵƉĂƵƉĂŚĂƚĂƵŐĂũŝĚĂŶ ƌŝŐŚƚƚŽƌĞĐĞŝǀĞĐŽŵƉĞŶƐĂƚŝŽŶŝŶƚŚĞĨŽƌŵŽĨǁĂŐĞƐŽƌ
ƚƵŶũĂŶŐĂŶ ƐĞďĂŐĂŝŵĂŶĂ LJĂŶŐ ƚĞůĂŚ ĚŝĂƚƵƌ ĚĂůĂŵ ƐĂůĂƌŝĞƐ ĂŶĚ ĂůůŽǁĂŶĐĞƐ ĂƐ ƌĞŐƵůĂƚĞĚ ŝŶ ƐƚĂƚƵƚŽƌLJ
ƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐĂŶͲƵŶĚŶĂŐĂŶEŽ͘ϭϭƚĂŚƵŶϮϬϮϬ ƌĞŐƵůĂƚŝŽŶƐ ŶŽ͘ ϭϭ ŽĨ ϮϬϮϬ ĂŶĚ WW ŶŽ͘ ϯϲ ŽĨ ϮϬϮϭ
ĚĂŶ WW EŽ͘ ϯϲ dĂŚƵŶ ϮϬϮϭ ƚĞŶƚĂŶŐ ƉĞŶŐƵƉĂŚĂŶ͘ ĐŽŶĐĞƌŶŝŶŐ ǁĂŐĞƐ͘ dŚĞ ŽŵƉĂŶLJΖƐ ƌŽůĞ ŝŶ ĞŵƉůŽLJĞĞ
WĞƌĂŶ WĞƌƐĞƌŽĂŶ ĚĂůĂŵ ŬĞƐĞũĂŚƚĞƌĂĂŶ ŬĂƌLJĂǁĂŶ ǁĞůĨĂƌĞŝƐĚĞƐŝŐŶĞĚƚŽŝŵƉƌŽǀĞĞŵƉůŽLJĞĞǁŽƌŬ͕ƐŽƚŚĂƚ
ĚŝƌĂŶĐĂŶŐ ƵŶƚƵŬ ŵĞŶŝŶŐŬĂƚŬĂŶ ƉĞŬĞƌũĂĂŶ ŬĂƌLJĂǁĂŶ͕ ŝƚĐĂŶƉƌŽǀŝĚĞĂƐĞŶƐĞŽĨƐĞĐƵƌŝƚLJ͕ĐŽŵĨŽƌƚ͕ŚĞĂůƚŚĂŶĚ
ƐĞŚŝŶŐŐĂŶ ĚĂƉĂƚ ŵĞŵďĞƌŝŬĂŶ ƌĂƐĂ ĂŵĂŶ͕ ŶLJĂŵĂŶ ƉƌŽĚƵĐƚŝǀŝƚLJ͘ tĞůĨĂƌĞ ŝƐ ĐĂƌƌŝĞĚ ŽƵƚ ŝŶ ƚŚĞ ĨŽƌŵ ŽĨ Ă
ƐĞŚĂƚ ĚĂŶ ƉƌŽĚƵŬƚŝĨ͘ <ĞƐĞũĂŚƚĞƌĂĂŶ ĚŝůĂŬƵŬĂŶ ĚĂůĂŵ ŚĞĂůƚŚ ƉƌŽŐƌĂŵ͕ ǁŚĞƌĞ ƌĞŐƵůĂƌ ŚĞĂůƚŚ ĐŚĞĐŬƐ ĂƌĞ
ďĞŶƚƵŬ ƉƌŽŐƌĂŵ ŬĞƐĞŚĂƚĂŶ͕ ĚŝŵĂŶĂ ĚŝůĂŬƵŬĂŶ ĐĂƌƌŝĞĚ ŽƵƚ͕ ĂĐĐĞƐƐ ƚŽ ŵĞĚŝĐĂů ƐĞƌǀŝĐĞƐ ƐƵĐŚ ĂƐ ƚŚĞ
ƉĞŵĞƌŝŬƐĂĂŶ ŬĞƐĞŚĂƚĂŶ ƐĞĐĂƌĂ ďĞƌŬĂůĂ͕ ĂŬƐĞƐ ŬĞ ^ŽĐŝĂů^ĞĐƵƌŝƚLJĚŵŝŶŝƐƚĞƌŝŶŐŽĚLJ;^Ϳ͘ƉĂƌƚĨƌŽŵ
ůĂLJĂŶĂŶŵĞĚŝƐƐĞƉĞƌƚŝĂĚĂŶWĞŶLJĞůĞŶŐŐĂƌĂ:ĂŵŝŶĂŶ ƚŚĂƚ͕ ŝƚ ƉƌŽǀŝĚĞƐ ĐŽŵƉĞŶƐĂƚŝŽŶ ŝŶĐůƵĚŝŶŐ ƐĂůĂƌLJ͕
^ŽƐŝĂů ;W:^Ϳ͘ ^ĞůĂŝŶ ŝƚƵ ŵĞŶLJĞĚŝĂŬĂŶ ŬŽŵƉĞŶƐĂƐŝ ďĞŶĞĨŝƚƐ͕ ƚŽ ĂƉƉƌĞĐŝĂƚĞ ĞŵƉůŽLJĞĞ ĐŽŶƚƌŝďƵƚŝŽŶƐ͕
ƚĞƌŵĂƐƵŬ ŐĂũŝ͕ ƚƵŶũĂŶŐĂŶ͕ ƵŶƚƵŬ ŵĞŶŐŚĂƌŐĂŝ ƉƌŽǀŝĚĞƐ ĐĂƌĞĞƌ ĚĞǀĞůŽƉŵĞŶƚ ŽƉƉŽƌƚƵŶŝƚŝĞƐ͕ ƚƌĂŝŶŝŶŐ
ŬŽŶƚƌŝďƵƐŝ ŬĂƌLJĂǁĂŶ͕ ŵĞŶLJĞĚŝĂŬĂŶ ƉĞůƵĂŶŐ ĂŶĚ ĞĚƵĐĂƚŝŽŶ ƚŚĂƚ ĐĂŶ ŝŵƉƌŽǀĞ ĞŵƉůŽLJĞĞ ƐŬŝůůƐ ĂŶĚ
ƉĞŶŐĞŵďĂŶŐĂŶ ŬĂƌŝĞƌ͕ ƉĞůĂƚŝŚĂŶ͕ ĚĂŶ ƉĞŶĚŝĚŝŬĂŶ ĂĐŚŝĞǀĞĐĂƌĞĞƌŐŽĂůƐ͘
LJĂŶŐ ŵĂŵƉƵ ŵĞŶŝŶŐŬĂƚŬĂŶ ŬĞƚĞƌĂŵƉŝůĂŶ ŬĂƌLJĂǁĂŶ
ĚĂŶŵĞŶĐĂƉĂŝƚƵũƵĂŶŬĂƌŝƌ͘
WƌŽŵŽƐŝŬĂƌŝĞƌƉĂĚĂƚĂŚƵŶƉĞůĂƉŽƌĂŶƚĞůĂŚĚŝůĂŬƵŬĂŶ /ŶƚŚĞƌĞƉŽƌƚŝŶŐLJĞĂƌƚŚĞŽŵƉĂŶLJĐĂƌƌŝĞĚŽƵƚĐĂƌĞĞƌ
WĞƌƐĞƌŽĂŶŬĞƉĂĚĂϭϯŬĂƌLJĂǁĂŶLJĂŶŐƚĞƌĚŝƌŝĚĂƌŝϵůĂŬŝͲ ƉƌŽŵŽƚŝŽŶƐĨŽƌϭϯĞŵƉůŽLJĞĞƐĐŽŶƐŝƐƚŝŶŐŽĨϵŵĞŶĂŶĚϰ
ůĂŬŝ ĚĂŶ ϰ ƉĞƌĞŵƉƵĂŶ͕ ĚĂŶ ŵĞůĂŬƵŬĂŶ ŵƵƚĂƐŝ ǁŽŵĞŶ͕ ĂŶĚ ƚƌĂŶƐĨĞƌƌĞĚ ϵ ĞŵƉůŽLJĞĞƐ ĐŽŶƐŝƐƚŝŶŐ ŽĨ ϲ
ŬĂƌLJĂǁĂŶƐĞďĂŶLJĂŬϵŽƌĂŶŐLJĂŶŐƚĞƌĚŝƌŝĚĂƌŝϲůĂŬŝͲůĂŬŝ ŵĞŶ ĂŶĚ ϯ ǁŽŵĞŶ͘ dŚĞ ĐŽŵƉĂŶLJ ĂůƐŽ ƉƌŽǀŝĚĞƐ
ĚĂŶ ϯ ƉĞƌĞŵƉƵĂŶ͘ WĞƌƐĞƌŽĂŶ ũƵŐĂ ŵĞŵďĞƌŝŬĂŶ ƵŶĚĞƌŐƌĂĚƵĂƚĞ ĞĚƵĐĂƚŝŽŶ ƐĐŚŽůĂƌƐŚŝƉƐ ƚŽ ϮϬ
ďĞĂƐŝƐǁĂ ƉĞŶĚŝĚŝŬĂŶ ƐĂƌũĂŶĂ ŬĞƉĂĚĂ ϮϬ ŽƌĂŶŐ ĞŵƉůŽLJĞĞƐ͘ dŚĞ ŽŵƉĂŶLJ ĂůƐŽ ĞŶĐŽƵƌĂŐĞƐ ƉŽƐŝƚŝǀĞ
ŬĂƌLJĂǁĂŶ͘ WĞƌƐĞƌŽĂŶ ũƵŐĂ ŵĞŶĚŽƌŽŶŐ ŚƵďƵŶŐĂŶ ǁŽƌŬŝŶŐ ƌĞůĂƚŝŽŶƐŚŝƉƐ ďĞƚǁĞĞŶ ĞŵƉůŽLJĞĞƐ ĂŶĚ
ŬĞƌũĂ LJĂŶŐ ƉŽƐŝƚŝĨ ĚŝĂŶƚĂƌĂ ŬĞƌĂŶ ŬĞƌũĂ ĚĞŶŐĂŶ ŵĂŶĂŐĞŵĞŶƚ͕ƉƌŽǀŝĚĞƐŽƉĞŶĐŽŵŵƵŶŝĐĂƚŝŽŶĐŚĂŶŶĞůƐ͕
ŵĂŶĂũĞŵĞŶ͕ ŵĞŶLJĞĚŝĂŬĂŶ ƐĂůƵƌĂŶ ŬŽŵŝŶŝŬĂƐŝ ƉƌŽǀŝĚĞƐ Ă ƐĂĨĞ͕ ĐŽŵĨŽƌƚĂďůĞ ĂŶĚ ƐƵƉƉŽƌƚŝǀĞ ǁŽƌŬ
ƚĞƌďƵŬĂ͕ ŵĞŶLJĞĚŝŬĂŶ ůŝŶŐŬƵŶŐĂŶ ŬĞƌũĂ LJĂŶŐ ĂŵĂŶ͕ ĞŶǀŝƌŽŶŵĞŶƚĂŶĚĞŶƐƵƌĞƐĐŽŵƉůŝĂŶĐĞǁŝƚŚƐĂĨĞƚLJĂŶĚ
ŶLJĂŵĂŶ ĚĂŶ ŵĞŶĚƵŬƵŶŐ ƐĞƌƚĂ ŵĞŵĂƐƚŝŬĂŶ ŚĞĂůƚŚ ŶŽƌŵƐ͕ ƉƌŽǀŝĚĞƐ ƐƵƉƉŽƌƚ ĨŽƌ ĞŵƉůŽLJĞĞƐ ǁŚŽ
ŬĞƉĂƚƵŚĂŶ ƚĞƌŚĂĚĂƉ ŶŽƌŵĂ ŬĞƐĞůĂŵĂƚĂŶ ĚĂŶ ŚĂǀĞ ĨĂŵŝůLJ ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ͕ ƐƵĐŚ ĂƐ ŵĂƚĞƌŶŝƚLJ ůĞĂǀĞ͕
ŬĞƐĞŚĂƚĂŶ͕ ŵĞŶLJĞĚŝŬĂŶ ĚƵŬƵŶŐĂŶ ďĂŐŝ ŬĂƌLJĂǁĂŶ ƉĂŝĚ ůĞĂǀĞ͘ ƉĂƌĞŶƚƐ ĂŶĚ ŝŶƐƵƌĂŶĐĞ ĨŽƌ ƉĞƌŵĂŶĞŶƚ
LJĂŶŐ ŵĞŵŝůŝŬŝ ƚĂŶŐŐƵŶŐĂŶ ŬĞůƵĂƌŐĂ͕ ƐĞƉĞƌƚŝ ĐƵƚŝ ĞŵƉůŽLJĞĞƐ͘
ŚĂŵŝů͕ ĐƵƚŝ ŽƌĂŶŐ ƚƵĂ ĚĂŶ ĂƐƵƌĂŶƐŝ ďĂŐŝ ŬĂƌLJĂǁĂŶ
ƚĞƚĂƉ͘
^ŝƐƚĞŵ ƉĞŶŐƵƉĂŚĂŶ ŬĂƌLJĂǁĂŶ ĚŝƐĞƐƵĂŝŬĂŶ ĚĞŶŐĂŶ dŚĞ ĞŵƉůŽLJĞĞ ǁĂŐĞ ƐLJƐƚĞŵ ŝƐ ĂĚũƵƐƚĞĚ ƚŽ ƚŚĞ
ŬĞďŝũĂŬĂŶ ŝŶƚĞƌŶĂů WĞƌƐĞƌŽĂŶ ĚĞŶŐĂŶ ƚƵŶĚƵŬ ƉĂĚĂ ŽŵƉĂŶLJΖƐŝŶƚĞƌŶĂůƉŽůŝĐŝĞƐĂŶĚŝƐƐƵďũĞĐƚƚŽĂƉƉůŝĐĂďůĞ
103
Page 105
ƉĞƌĂƚƵƌĂŶ ŬĞƚĞŶĂŐĂŬĞƌũĂĂŶ LJĂŶŐ ďĞƌůĂŬƵ͘ ĞƌŝŬƵƚ ůĂďŽƌ ƌĞŐƵůĂƚŝŽŶƐ͘ ĞůŽǁ ǁĞ ƉƌĞƐĞŶƚ ĚĂƚĂ ĐŽŵƉĂƌŝŶŐ
ŬĂŵŝ ƐĂũŝŬĂŶ ĚĂƚĂ ƉĞƌďĂŶĚŝŶŐĂŶ ƵƉĂŚ ŵŝŶŝŵƵŵ ŵŝŶŝŵƵŵ ǁĂŐĞƐ ǁŝƚŚ ĞŶƚƌLJ ůĞǀĞů ǁĂŐĞƐ Žƌ ǁĂŐĞƐ
ĚĞŶŐĂŶƵƉĂŚĞŶƚƌLJůĞǀĞůĂƚĂƵƵƉĂŚLJĂŶŐĚŝƚĞƌŝŵĂŽůĞŚ ƌĞĐĞŝǀĞĚ ďLJ ŶĞǁ ĞŵƉůŽLJĞĞƐ ŝŶ ƐĞǀĞƌĂů ĞŵƉůŽLJĞĞ
ŬĂƌLJĂǁĂŶ ďĂƌƵ LJĂŶŐ ƚĞƌĚĂƉĂƚ ƉĂĚĂ ďĞďĞƌĂƉĂ ĚŝƐƚƌŝďƵƚŝŽŶƐƚŚƌŽƵŐŚŽƵƚƚŚĞŽŵƉĂŶLJΖƐƉƌŽũĞĐƚƐ͘
ƉĞƌƐĞďĂƌĂŶŬĂƌLJĂǁĂŶĚŝƐĞůƵƌƵŚƉƌŽLJĞŬWĞƌƐĞƌŽĂŶ͘
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tŝůĂLJĂŚ hƉĂŚDŝŶŝŵƵŵ hƉĂŚ ŶƚƌLJ>ĞǀĞů ZĂƐŝŽ
ZĞŐŝŽŶĂů DŝŶŝŵƵŵtĂŐĞ ŶƚƌLJ>ĞǀĞůtĂŐĞ ZĂƚŝŽ
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Z^ĂŵďĂƌĂƚĂ–ĞƌĂƵ–<ĂůŝŵĂŶƚĂŶdŝŵƵƌ ϯ͘ϲϳϱ͘ϴϴϴ ϯ͘ϲϳϱ͘ϵϬϬ ϭ͕ϬϬ
WW<:–ĞƌĂƵ–<ĂůŝŵĂŶƚĂŶdŝŵƵƌ ϯ͘ϲϳϱ͘ϴϴϴ ϯ͘ϲϳϱ͘ϵϬϬ ϭ͕ϬϬ
dĂŶũƵŶŐZĞĚĞƉ–ĞƌĂƵ–<ĂůŝŵĂŶƚĂŶdŝŵƵƌ ϯ͘ϲϳϱ͘ϴϴϴ ϯ͘ϲϳϱ͘ϵϬϬ ϭ͕ϬϬ
ͬEy^ĂŵďĂƌĂƚĂ–ĞƌĂƵ–<ĂůŝŵĂŶƚĂŶdŝŵƵƌ ϯ͘ϲϳϱ͘ϴϴϴ ϯ͘ϲϳϱ͘ϵϬϬ ϭ͕ϬϬ
WĂŵĂ>ĂďĂŶĂŶ–ĞƌĂƵ–<ĂůŝŵĂŶƚĂŶdŝŵƵƌ ϯ͘ϲϳϱ͘ϴϴϴ ϯ͘ϲϳϱ͘ϵϬϬ ϭ͕ϬϬ
Ey>Ăƚŝ–ĞƌĂƵ–ŬĂůŝŵĂŶƚĂŶdŝŵƵƌ ϯ͘ϲϳϱ͘ϴϴϴ ϯ͘ϲϳϱ͘ϵϬϬ ϭ͕ϬϬ
,hDĞůĂŬ–DĞůĂŬ–<ĂůŝŵĂŶƚĂŶdŝŵƵƌ ϯ͘ϱϱϭ͘ϭϴϬ ϯ͘ϱϱϭ͘ϮϬϬ ϭ͕ϬϬ
dŚŝĞƐƐDĞůĂŬ–DĞůĂŬ–<ĂůŝŵĂŶƚĂŶdŝŵƵƌ ϯ͘ϱϱϭ͘ϭϴϬ ϯ͘ϱϱϭ͘ϮϬϬ ϭ͕ϬϬ
dŚŝĞƐƐ'h–ŵĞůĂŬ–<ĂůŝŵĂŶƚĂŶdŝŵƵƌ ϯ͘ϱϱϭ͘ϭϴϬ ϯ͘ϱϱϭ͘ϮϬϬ ϭ͕ϬϬ
dDͬ <ĂŶƉƵ–DĞůĂŬ–<ĂůŝŵĂŶƚĂŶdŝŵƵƌ ϯ͘ϱϱϭ͘ϭϴϬ ϯ͘ϱϱϭ͘ϮϬϬ ϭ͕ϬϬ
WĂŵĂ <–DĞůĂŬ–<ĂůŝŵĂŶƚĂŶdŝŵƵƌ ϯ͘ϱϱϭ͘ϭϴϬ ϯ͘ϱϱϭ͘ϮϬϬ ϭ͕ϬϬ
WĂŵĂdDDϯϱ–DĞůĂŬ–<ĂůŝŵĂŶƚĂŶdŝŵƵƌ ϯ͘ϱϱϭ͘ϭϴϬ ϯ͘ϱϱϭ͘ϮϬϬ ϭ͕ϬϬ
KƌŝĐĂͬ:>'h–DĞůĂŬ–<ĂůŝŵĂŶƚĂŶdŝŵƵƌ ϯ͘ϱϱϭ͘ϭϴϬ ϯ͘ϱϱϭ͘ϮϬϬ ϭ͕ϬϬ
/^'h–DĞůĂŬ–<ĂůŝŵĂŶƚĂŶdŝŵƵƌ ϯ͘ϱϱϭ͘ϭϴϬ ϯ͘ϱϱϭ͘ϮϬϬ ϭ͕ϬϬ
dŚŝĞƐƐD^:–dĞŶŐŐĂƌŽŶŐ^ĞďĞƌĂŶŐ–<ĂůŝŵĂŶƚĂŶ ϯ͘ϯϵϰ͘ϱϭϰ ϯ͘ϯϵϰ͘ϲϬϬ ϭ͕ϬϬ
dŝŵƵƌ
,WhD^:–dĞŶŐŐĂƌŽŶŐ^ĞďĞƌĂŶŐ–<ĂůŝŵĂŶƚĂŶ ϯ͘ϯϵϰ͘ϱϭϰ ϯ͘ϯϵϰ͘ϲϬϬ ϭ͕ϬϬ
dŝŵƵƌ
WĂŵĂ:ĞŵďĂLJĂŶ–dĞŶŐŐĂƌŽŶŐ^ĞďƌĂŶŐ– ϯ͘ϯϵϰ͘ϱϭϰ ϯ͘ϯϵϰ͘ϲϬϬ ϭ͕ϬϬ
<ĂůŝŵĂŶƚĂŶdŝŵƵƌ
WWD,h–dĞŶŐŐĂƌŽŶŐ–<ĂůŝŵĂŶƚĂŶdŝŵƵƌ ϯ͘ϯϵϰ͘ϱϭϰ ϯ͘ϯϵϰ͘ϲϬϬ ϭ͕ϬϬ
ƌĞĂ^ĂŵĂƌŝŶĚĂ–^ĂŵĂƌŝŶĚĂ–<ĂůŝŵĂŶƚĂŶdŝŵƵƌ ϯ͘ϯϮϵ͘ϮϬϬ ϯ͘ϯϮϵ͘ϮϬϬ ϭ͕ϬϬ
WĞƚƌŽƐĞĂdĂďĂŶŐ–dĂďĂŶŐ–<ĂůŝŵĂŶƚĂŶdŝŵƵƌ ϯ͘ϯϵϰ͘ϱϭϰ ϯ͘ϯϵϰ͘ϲϬϬ ϭ͕ϬϬ
ƵŵĂdĂďĂŶŐ–dĂďĂŶŐ–<ĂůŝŵĂŶƚĂŶdŝŵƵƌ ϯ͘ϯϵϰ͘ϱϭϰ ϯ͘ϯϵϰ͘ϲϬϬ ϭ͕ϬϬ
,WhD/–ŽŶƚĂŶŐ–Kalimantan Timur ‘ ϯ͘ϰϭϵ͘ϭϬϵ ϯ͘ϰϭϵ͘ϮϬϬ ϭ͕ϬϬ
WĞƚƌŽƐĞĂEƵŶƵŬĂŶ–EƵŶƵŬĂŶ–<ĂůŝŵĂŶƚĂŶdŝŵƵƌ ϯ͘ϯϭϵ͘ϭϯϰ ϯ͘ϯϭϵ͘ϮϬϬ ϭ͕ϬϬ
dŚŝĞƐƐ^'d–^ĂŶŐĂƚƚĂ–<ĂůŝŵĂŶƚĂŶdŝŵƵƌ ϯ͘ϯϱϲ͘ϭϬϵ ϯ͘ϯϱϲ͘ϮϬϬ ϭ͕ϬϬ
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tŝůĂLJĂŚ hƉĂŚDŝŶŝŵƵŵ hƉĂŚ ŶƚƌLJ>ĞǀĞů ZĂƐŝŽ
ZĞŐŝŽŶĂů DŝŶŝŵƵŵtĂŐĞ ŶƚƌLJ>ĞǀĞůtĂŐĞ ZĂƚŝŽ
^ŝƚĞ͗
'W <ĂƵďƵŶ–^ĂŶŐĂƚƚĂ–<ĂůŝŵĂŶƚĂŶdŝŵƵƌ ϯ͘ϯϱϲ͘ϭϬϵ ϯ͘ϯϱϲ͘ϮϬϬ ϭ͕ϬϬ
DDĂƌƵǁĂŝŽĂů–DƵƌƵŶŐZĂLJĂ–<ĂůŝŵĂŶƚĂŶ ϯ͘ϰϴϴ͘ϳϵϴ ϯ͘ϰϴϴ͘ϴϬϬ ϭ͕ϬϬ
dĞŶŐĂŚ
D>ĂŚĂŝ–DƵƌƵŶŐZĂLJĂ–<ĂůŝŵĂŶƚĂŶdĞŶŐĂŚ ϯ͘ϰϴϴ͘ϳϵϴ ϯ͘ϰϴϴ͘ϴϬϬ ϭ͕ϬϬ
D^/^DĂĐŽ–DƵƌƵŶŐZĂLJĂ–<ĂůŝŵĂŶƚĂŶ ϯ͘ϰϴϴ͘ϳϵϴ ϯ͘ϰϴϴ͘ϴϬϬ ϭ͕ϬϬ
dĞŶŐĂŚ
ŽƌŶĞŽWƌŝŵĂŽĂů–DƵƌƵŶŐZĂLJĂ–<ĂůŝŵĂŶƚĂŶ ϯ͘ϰϴϴ͘ϳϵϴ ϯ͘ϰϴϴ͘ϴϬϬ ϭ͕ϬϬ
dĞŶŐĂŚ
,WhD'D–DƵƌƵŶŐZĂLJĂ–<ĂůŝŵĂŶƚĂŶdĞŶŐĂŚ ϯ͘ϰϴϴ͘ϳϵϴ ϯ͘ϰϴϴ͘ϴϬϬ ϭ͕ϬϬ
WW'ƵŶƵŶŐDĂƐ–dƵŵďĂŶŐ<ĂũƵĞŝ–<ĂůŝŵĂŶƚĂŶ ϯ͘ϰϴϴ͘ϳϵϴ ϯ͘ϰϴϴ͘ϴϬϬ ϭ͕ϬϬ
dĞŶŐĂŚ
< >–<ŽƚĂĂƌƵ–<ĂůŝŵĂŶƚĂŶ^ĞůĂƚĂŶ ϯ͘Ϯϯϴ͘ϱϱϲ ϯ͘ϯϮϰ͘ϯϬϬ Ϭ͕ϵϳ
,ŝůůĐŽŶ–<ŽƚĂĂƌƵ–<ĂůŝŵĂŶƚĂŶ^ĞůĂƚĂŶ ϯ͘Ϯϯϴ͘ϱϱϲ ϯ͘ϯϮϰ͘ϯϬϬ Ϭ͕ϵϳ
/ŶĚŽĐĞŵĞŶ–ŶŐƐĂŶĂ–<ĂůŝŵĂŶƚĂŶ^ĞůĂƚĂŶ ϯ͘Ϯϯϴ͘ϱϱϲ ϯ͘ϯϮϰ͘ϯϬϬ Ϭ͕ϵϳ
dŚŝĞƐƐtĂŚĂŶĂ–ŶŐƐĂŶĂ–<ĂůŝŵĂŶƚĂŶ^ĞůĂƚĂŶ ϯ͘Ϯϯϴ͘ϱϱϲ ϯ͘ϯϮϰ͘ϯϬϬ Ϭ͕ϵϳ
WW^ĞďĂŵďĂŶ–ŶŐƐĂŶĂ–<ĂůŝŵĂŶƚĂŶ^ĞůĂƚĂŶ ϯ͘Ϯϯϴ͘ϱϱϲ ϯ͘ϯϮϰ͘ϯϬϬ Ϭ͕ϵϳ
ƵŵĂ^:–ŶŐƐĂŶĂ–<ĂůŝŵĂŶƚĂŶ^ĞůĂƚĂŶ ϯ͘Ϯϯϴ͘ϱϱϲ ϯ͘ϯϮϰ͘ϯϬϬ Ϭ͕ϵϳ
/^ĞďĂŵďĂŶ–ŶŐƐĂŶĂ–<ĂůŝŵĂŶƚĂŶ^ĞůĂƚĂŶ ϯ͘Ϯϯϴ͘ϱϱϲ ϯ͘ϯϮϰ͘ϯϬϬ Ϭ͕ϵϳ
ĚĂƌŽdĂŶũƵŶŐ–dĂďĂůŽŶŐ–<ĂůŝŵĂŶƚĂŶ^ĞůĂƚĂŶ ϯ͘Ϯϯϴ͘ϱϱϲ ϯ͘ϯϮϰ͘ϯϬϬ Ϭ͕ϵϳ
<D–dĂƉŝŶ–<ĂůŝŵĂŶƚĂŶ^ĞůĂƚĂŶ ϯ͘Ϯϯϴ͘ϱϱϲ ϯ͘ϯϮϰ͘ϯϬϬ Ϭ͕ϵϳ
dZǁĞƚĂƌ–tĞƚĂƌ–DĂůƵŬƵ Ϯ͘ϴϭϮ͘ϴϮϳ ϯ͘ϯϮϰ͘ϯϬϬ Ϭ͕ϴϱ
'ĞŽŵŝŶŶƚĂŵ–,ĂůŵĂŚĞƌĂdŝŵƵƌ–DĂůƵŬƵhƚĂƌĂ Ϯ͘ϵϳϲ͘ϳϮϬ ϯ͘ϯϮϰ͘ϯϬϬ Ϭ͕ϵϬ
DdD,ĂůŵĂŚĞƌĂ–,ĂůŵĂŚĞƌĂdŝŵƵƌ–DĂůƵŬƵ Ϯ͘ϵϳϲ͘ϳϮϬ ϯ͘ϯϮϰ͘ϯϬϬ Ϭ͕ϵϬ
hƚĂƌĂ
DĂƐŵŝŶĚŽ–ĞůŽƉĂ–^ƵůĂǁĞƐŝ^ĞůĂƚĂŶ ϯ͘ϯϴϱ͘ϭϰϱ ϯ͘ϯϴϱ͘ϮϬϬ ϭ͕ϬϬ
Dd/DŽƌŽǁĂůŝ–DŽƌŽǁĂůŝ–^ƵůĂǁĞƚŝdĞŶŐĂŚ ϯ͘Ϯϯϲ͘ϴϰϴ ϯ͘ϯϮϰ͘ϯϬϬ Ϭ͕ϵϳ
dŚŝĞƐƐdŽŬĂdŝŶĚƵŶŐ–>ŝŬƵƉĂŶŐ–^ƵůĂǁĞƐŝhƚĂƌĂ ϯ͘ϰϴϱ͘ϬϬϬ ϯ͘ϰϴϱ͘ϬϬϬ ϭ͕ϬϬ
^D–<ŽŶĂǁĞ–^ƵůĂǁĞƐŝdĞŶŐŐĂƌĂ Ϯ͘ϴϱϰ͘Ϭϭϰ ϯ͘ϯϮϰ͘ϯϬϬ Ϭ͕ϴϲ
,WDh–<ŽŶĂǁĞ–^ƵůĂǁĞƐŝdĞŶŐŐĂƌĂ Ϯ͘ϴϱϰ͘Ϭϭϰ ϯ͘ϯϮϰ͘ϯϬϬ Ϭ͕ϴϲ
ŵŵĂŶĂƚƵ,ŝũĂƵ–^ƵŵďĂǁĂ–EƵƐĂdĞŶŐŐĂƌĂ Ϯ͘ϰϳϰ͘ϳϭϮ ϯ͘ϯϮϰ͘ϯϬϬ Ϭ͕ϳϰ
DĂƌƚĂďĞ–ĂƚĂŶŐdƵƌŽ–^ƵŵĂƚĞƌĂhƚĂƌĂ Ϯ͘ϴϬϯ͘ϵϰϭ ϯ͘ϯϮϰ͘ϯϬϬ Ϭ͕ϴϰ
<ĞƐĞƚĂƌĂĂŶ<ĞƐĞŵƉĂƚĂŶĞŬĞƌũĂ ƋƵĂů ŵƉůŽLJŵĞŶƚKƉƉŽƌƚƵŶŝƚŝĞƐ
;WK:<ϱϭ͘͘ϲ͘Đ͘Ϯ͘ĂͿ;^ K:<ϭϲ͘&ϭϴͿͿ;'Z/ϰϬϲͲϭͿ ;WK:<ϱϭ͘͘ϲ͘Đ͘Ϯ͘ĂͿ;^ K:<ϭϲ͘&ϭϴͿ'Z/ϰϬϲͲϭͿ
hŶĚĂŶŐͲ hŶĚĂŶŐ EŽ͘ ϭϯ ƚĂŚƵŶ ϮϬϬϯ ƚĞŶƚĂŶŐ >ĂǁŶŽ͘ϭϯŽĨϮϬϬϯĐŽŶĐĞƌŶŝŶŐ ŵƉůŽLJŵĞŶƚ͕ǁŚŝĐŚŝƐ
<ĞƚĞŶĂŐĂŬĞƌũĂĂŶ͕ LJĂŶŐ ƐĞũĂůĂŶ ĚĞŶŐĂŶ <ŽŶǀĞŶƐŝ />K ŝŶůŝŶĞǁŝƚŚ/>KŽŶǀĞŶƚŝŽŶEŽ͗ϭϭϭͬϭϵϱϴĐŽŶĐĞƌŶŝŶŐ
EŽ͗ ϭϭϭͬϭϵϱϴ ƚĞŶƚĂŶŐ ŝƐŬƌŝŵŝŶĂƐŝ ĚĂůĂŵ <ĞƌũĂ ĚĂŶ ŝƐĐƌŝŵŝŶĂƚŝŽŶ ŝŶ tŽƌŬ ĂŶĚ KĐĐƵƉĂƚŝŽŶ ǁŚŝĐŚ ŚĂƐ
:ĂďĂƚĂŶ LJĂŶŐ ƚĞůĂŚ ĚŝƌĂƚŝĨŝŬĂƐŝ /ŶĚŽŶĞƐŝĂ͕ WĞƌƐĞƌŽĂŶ ďĞĞŶ ƌĂƚŝĨŝĞĚ ďLJ /ŶĚŽŶĞƐŝĂ͕ ƚŚĞ ŽŵƉĂŶLJ ĂĚŚĞƌĞƐ ƚŽ
ŵĞŵĞŐĂŶŐ ƚĞŐƵŚ ƉƌŝŶƐŝƉ ŬĞƐĞƚĂƌĂĂŶ ĂƚĂƵ ŶŽŶͲ ƚŚĞ ƉƌŝŶĐŝƉůĞ ŽĨ ĞƋƵĂůŝƚLJ Žƌ ŶŽŶͲĚŝƐĐƌŝŵŝŶĂƚŝŽŶ ŝŶ ƚŚĞ
ĚŝƐŬƌŝŵŝŶĂƐŝĚŝƚĞŵƉĂƚŬĞƌũĂ͘ŝŵĂŶĂƐĞƚŝĂƉŬĂƌLJĂǁĂŶ ǁŽƌŬƉůĂĐĞ͘tŚĞƌĞĞǀĞƌLJĞŵƉůŽLJĞĞŝƐƚƌĞĂƚĞĚĞƋƵĂůůLJ͕
ĚŝƉĞƌůĂŬƵŬĂŶ ƐĂŵĂ͕ ĚĂůĂŵ ŵĞŶŐĞŵďĂŶŐŬĂŶ Ěŝƌŝ ĚĂŶ ŝŶ ĚĞǀĞůŽƉŝŶŐ ƚŚĞŵƐĞůǀĞƐ ĂŶĚ ŽĐĐƵƉLJŝŶŐ ĂǀĂŝůĂďůĞ
ŵĞŶĚƵĚƵŬŝũĂďĂƚĂŶLJĂŶŐƚĞƌƐĞĚŝĂƚĂŶƉĂŵĞŵďĞĚĂŬĂŶ ƉŽƐŝƚŝŽŶƐ ǁŝƚŚŽƵƚ ĚŝƐƚŝŶĐƚŝŽŶ ŽĨ ŐĞŶĚĞƌ͕ ĞƚŚŶŝĐŝƚLJ͕
ũĞŶŝƐŬĞůĂŵŝŶ͕ƐƵŬƵ͕ĂŐĂŵĂ͕ĚĂŶƌĂƐ͘ ƌĞůŝŐŝŽŶĂŶĚƌĂĐĞ͘
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WĞŬĞƌũĂŶĂŬĚĂŶWĞŬĞƌũĂWĂŬƐĂ ŚŝůĚ>ĂďŽƌĂŶĚ&ŽƌĐĞĚ>ĂďŽƌ
;WK:<ϱϭ͘͘ϲ͘Đ͘Ϯ͘ĂͿ;^ K:<ϭϲ͘&͘ϭϵͿ;'Z/ϰϬϴͲϭ͕ϰϬϵͲϭͿ ;WK:<ϱϭ͘͘ϲ͘Đ͘Ϯ͘ĂͿ;^ K:<ϭϲ͘&͘ϭϵͿ;'Z/ϰϬϴͲϭ͕ϰϬϵͲϭͿ
hŶƚƵŬ ŵĞŵĂƐƚŝŬĂŶ ƉƌŝŶƐŝƉ ŬĞĂŶĞŬĂƌĂŐĂŵĂŶ ĚĂŶ dŽ ĞŶƐƵƌĞ ƚŚĂƚ ƚŚĞ ƉƌŝŶĐŝƉůĞƐ ŽĨ ĚŝǀĞƌƐŝƚLJ ĂŶĚ ĞƋƵĂů
ŬĞƐĞŵƉĂƚĂŶ ƐĞƚĂƌĂ ĚŝůĂŬƵŬĂŶ ƐĞĐĂƌĂ ŬŽŶƐŝƐƚĞŶ ŽůĞŚ ŽƉƉŽƌƚƵŶŝƚŝĞƐ ĂƌĞ ŝŵƉůĞŵĞŶƚĞĚ ĐŽŶƐŝƐƚĞŶƚůLJ ďLJ Ăůů
ƐĞůƵƌƵŚ ĞůĞŵĞŶ Ěŝ ƉĞƌƵƐĂŚĂĂŶ͕ WĞƌƐĞƌŽĂŶ ŵĞŵŝůŝŬŝ ĞůĞŵĞŶƚƐŝŶƚŚĞĐŽŵƉĂŶLJ͕ƚŚĞŽŵƉĂŶLJŚĂƐĂŽĚĞŽĨ
ŽĚĞ ŽĨ ŽŶĚƵĐƚ ƐĞďĂŐĂŝ ƉĞĚŽŵĂŶ ŝŶƚĞƌŶĂů ƚĞƌŬĂŝƚ ŽŶĚƵĐƚ ĂƐ ĂŶ ŝŶƚĞƌŶĂů ŐƵŝĚĞůŝŶĞ ƌĞŐĂƌĚŝŶŐ
ĚŝƐŬƌŝŵŝŶĂƐŝ͘ <ĞďŝũĂŬĂŶ ŝŶŝ ŵĞŶĐĂŬƵƉ ŬŽŵŝƚŵĞŶ ĚŝƐĐƌŝŵŝŶĂƚŝŽŶ͘ dŚŝƐ ƉŽůŝĐLJ ŝŶĐůƵĚĞƐ ƚŚĞ ŽŵƉĂŶLJΖƐ
WĞƌƐĞƌŽĂŶƵŶƚƵŬŵĞŵďĞƌŝŬĂŶƉĞƌůŝŶĚƵŶŐĂŶƚĞƌŚĂĚĂƉ ĐŽŵŵŝƚŵĞŶƚ ƚŽ ƉƌŽǀŝĚĞ ƉƌŽƚĞĐƚŝŽŶ ƚŽ Ăůů ĞŵƉůŽLJĞĞƐ
ƐĞŵƵĂŬĂƌLJĂǁĂŶĚĂƌŝƐĞŐĂůĂďĞŶƚƵŬĚŝƐŬƌŝŵŝŶĂƐŝĚĂŶ ĨƌŽŵĂůůĨŽƌŵƐŽĨĚŝƐĐƌŝŵŝŶĂƚŝŽŶĂŶĚĂǀŽŝĚĐŽĞƌĐŝŽŶĂƚ
ŵĞŶŐŚŝŶĚĂƌŝ ƉĞŵĂŬƐĂĂŶ ĚĂůĂŵ ďĞŬĞƌũĂ͘ hŶƚƵŬ ǁŽƌŬ͘dŚĞĂŐĞůŝŵŝƚĨŽƌĂĐĐĞƉƚŝŶŐĞŵƉůŽLJĞĞƐŝŶƚŽƚŚĞ
ŬĞƚĞŶƚƵĂŶ ďĂƚĂƐ ƵƐŝĂ ƉĞŶĞƌŝŵĂĂŶ ŬĂƌLJĂǁĂŶ ĚĂůĂŵ ŽŵƉĂŶLJŝƐĂĚũƵƐƚĞĚƚŽƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƌƚŝĐůĞϲϴŽĨ
WĞƌƐĞƌŽĂŶ ĚŝƐĞƐƵĂŝŬĂŶ ĚĞŶŐĂŶ ŬĞƚĞŶƚƵĂŶ ƉĂƐĂů ϲϴ >ĂǁEŽ͘ϭϯŽĨϮϬϬϯĐŽŶĐĞƌŶŝŶŐĞŵƉůŽLJŵĞŶƚ͕ŶĂŵĞůLJ
hŶĚŶĂŐͲƵŶĚŶĂŐ EŽ͘ ϭϯ dĂŚƵŶ ϮϬϬϯ ƚĞŶƚĂŶŐ ϭϴ LJĞĂƌƐ ǁŝƚŚ Ă ŵĂdžŝŵƵŵ ǁŽƌŬŝŶŐ ŚŽƵƌƐ ƐLJƐƚĞŵ ĨŽƌ
ŬĞƚĞŶĂŐĂŬĞƌũĂĂŶ͕ LJĂŝƚƵ ϭϴ ƚĂŚƵŶ ĚĞŶŐĂŶ ƐŝƐƚĞŵ ũĂŵ ŽŶĞ ǁĞĞŬ ŽĨ ϰϬ ŚŽƵƌƐ͘ ^Ž ƚŚĞ ŽŵƉĂŶLJ ƐƚƌŽŶŐůLJ
ŬĞƌũĂ ƵŶƚƵŬ ƐĂƚƵ ŵŝŶŐŐƵ ŵĂŬƐŝŵĂů ϰϬ :Ăŵ͘ ^ĞŚŝŶŐŐĂ ŽƉƉŽƐĞƐ ƚŚĞ ƉƌĂĐƚŝĐĞ ŽĨ ĐŚŝůĚ ůĂďŽƌ ĂŶĚ ĨŽƌĐĞĚ ůĂďŽƌ
WĞƌƐĞƌŽĂŶ ŵĞŶĞŶƚĂŶŐ ŬĞƌĂƐ ĂĚĂŶLJĂ ƉƌĂŬƚŝŬ ƉĞŬĞƌũĂ ďĞĐĂƵƐĞŝƚǀŝŽůĂƚĞƐŚƵŵĂŶƌŝŐŚƚƐ͘/ŶƐĞǀĞƌĂůǁŽƌŬƵŶŝƚƐ
ĂŶĂŬ ĚĂŶ ŬĞƌũĂ ƉĂŬƐĂ ŬĂƌĞŶĂ ŵĞůĂŶŐŐĂƌ ŚĂŬ ĂƐĂƐŝ ĂŶĚ ĨŽƌ ĐĞƌƚĂŝŶ ĞŵƉůŽLJĞĞ ůĞǀĞůƐ͕ ƚŚĞ ŽŵƉĂŶLJ
ŵĂŶƵƐŝĂ͘ WĂĚĂ ďĞďĞƌĂƉĂ ƵŶŝƚ ŬĞƌũĂ ĚĂŶ ƵŶƚƵŬ ůĞǀĞů ŝŵƉůĞŵĞŶƚƐ Ă ƐŚŝĨƚ ǁŽƌŬ ƐLJƐƚĞŵ͘ ŵƉůŽLJĞĞ ƐŚŝĨƚ
ŬĂƌLJĂǁĂŶƚĞƌƚĞŶƚƵ͕WĞƌƵƐĂŚĂĂŶŵĞůĂŬƐĂŶĂŬĂŶƐŝƐƚĞŵ ƌĞƋƵŝƌĞŵĞŶƚƐĂƌĞĂĚũƵƐƚĞĚƚŽǁŽƌŬĐŽŶĚŝƚŝŽŶƐ͕ŝĨƚŚĞƌĞ
ŬĞƌũĂ ŐŝůŝƌĂŶ ;ƐŚŝĨƚ ǁŽƌŬͿ͘ <ĞďƵƚƵŚĂŶ ƐŚŝĨƚ ŬĂƌLJĂǁĂŶ ŝƐĞdžĐĞƐƐǁŽƌŬŝŶŐƚŝŵĞŝƚǁŝůůďĞĐĂůĐƵůĂƚĞĚĂƐŽǀĞƌƚŝŵĞ
ĚŝƐĞƐƵĂŝŬĂŶ ĚĞŶŐĂŶ ŬŽŶĚŝƐŝ ůĂƉĂŶŐĂŶ ƉĞŬĞƌũĂĂŶ͕ ǁŽƌŬ͕ƚŚĞĂŵŽƵŶƚŽĨĐŽŵƉĞŶƐĂƚŝŽŶĨŽƌǁŚŝĐŚŚĂƐďĞĞŶ
ĂƉĂďŝůĂ ƚĞƌĚĂƉĂƚ ŬĞůĞďŝŚĂŶ ǁĂŬƚƵ ŬĞƌũĂ ĂŬĂŶ ĚĞƚĞƌŵŝŶĞĚ ŝŶ ĐŽŵƉĂŶLJ ƌĞŐƵůĂƚŝŽŶƐ͘ dŚĞ ŽŵƉĂŶLJΖƐ
ĚŝƉĞƌŚŝƚƵŶŐŬĂŶ ƐĞďĂŐĂŝ ŬĞƌũĂ ůĞŵďƵƌ LJĂŶŐ ďĞƐĂƌĂŶ ĐŽŵƉůŝĂŶĐĞŝŶŝŵƉůĞŵĞŶƚŝŶŐŵŝŶŝŵƵŵĞŵƉůŽLJĞĞĂŐĞƐ
ŬŽŵƉĞŶƐĂƐŝŶLJĂ ƐƵĚĂŚ ĚŝƚĞƚĂƉŬĂŶ ĚĂůĂŵ ƉĞƌĂƚƵƌĂŶ ĂŶĚ ǁŽƌŬŝŶŐ ŚŽƵƌƐ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ĂƉƉůŝĐĂďůĞ
ƉĞƌƵƐĂŚĂĂŶ͘ <ĞƉĂƚƵŚĂŶ WĞƌƵƐĂŚĂĂŶ ĚĂůĂŵ ƌĞŐƵůĂƚŝŽŶƐďƌŽƵŐŚƚƉŽƐŝƚŝǀĞƌĞƐƵůƚƐǁŝƚŚŶŽŝŶĐŝĚĞŶƚƐ
ŵĞŶĞƌĂƉŬĂŶ ƵƐŝĂ ŵŝŶŝŵĂů ŬĂƌLJĂǁĂŶ ĚĂŶ ũĂŵ ŬĞƌũĂ ŽĨ ĐŚŝůĚ ůĂďŽƌ ĂŶĚ ĨŽƌĐĞĚ ůĂďŽƌ ĚƵƌŝŶŐ ƚŚĞ ƌĞƉŽƌƚŝŶŐ
ƐĞƐƵĂŝ ƌĞŐƵůĂƐŝ LJĂŶŐ ďĞƌůĂŬƵ ŵĞŵďĂǁĂ ŚĂƐŝů ƉŽƐŝƚŝĨ LJĞĂƌ͘dŚƵƐ͕ŽŵƉĂŶLJĚŽĞƐŶŽƚĂĐĐĞƉƚƐĂŶĐƚŝŽŶƐŽƌĨŝŶĞƐ
ĚĞŶŐĂŶ ƚŝĚĂŬ ĂĚĂŶLJĂ ŝŶƐŝĚĞŶ ƉĞŬĞƌũĂ ĂŶĂŬ ĚĂŶ ŬĞƌũĂ ƌĞůĂƚĞĚƚŽǀŝŽůĂƚŝŽŶƐƌĞůĂƚĞĚƚŽĐŚŝůĚůĂďŽƌĂŶĚĨŽƌĐĞĚ
ƉĂŬƐĂ ƐĞůĂŵĂ ƚĂŚƵŶ ƉĞůĂƉŽƌĂŶ͘ ĞŶŐĂŶ ĚĞŵŝŬŝĂŶ͕ ůĂďŽƌ͘
WĞƌƐĞƌŽĂŶ ƚŝĚĂŬ ŵĞŶĞƌŝŵĂ ƐĂŶŬƐŝ ĂƚĂƵ ĚĞŶĚĂ LJĂŶŐ
ďĞƌŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ ƉĞůĂŶŐŐĂƌĂŶ ƚĞƌŬĂŝƚ ƉĞŬĞƌũĂ
ĂŶĂŬĚĂŶŬĞƌũĂƉĂŬƐĂ͘
WĞŶŝůĂŝĂŶ<ŝŶĞƌũĂ WĞƌĨŽƌŵĂŶĐĞĂƐƐĞƐƐŵĞŶƚ
;'Z/ϰϬϰͲϯͿ ;'Z/ϰϬϰͲϯͿ
WƌŽƐĞƐ ĞǀĂůƵĂƐŝ LJĂŶŐ ĚŝůĂŬƵŬĂŶ WĞƌƐĞƌŽĂŶ ƚĞƌŚĂĚĂƉ dŚĞĞǀĂůƵĂƚŝŽŶƉƌŽĐĞƐƐĐĂƌƌŝĞĚŽƵƚďLJƚŚĞŽŵƉĂŶLJĨŽƌ
ŬĂƌLJĂǁĂŶŵĞŵƉƵŶLJĂŝƉĞƌĂŶƉĞŶƚŝŶŐ͘,ĂůŝŶŝďĞƌŬĂŝƚĂŶ ĞŵƉůŽLJĞĞƐ ŚĂƐ ĂŶ ŝŵƉŽƌƚĂŶƚ ƌŽůĞ͘ dŚŝƐ ƌĞůĂƚĞƐ ƚŽ ƚŚĞ
ĚĞŶŐĂŶ ŬĞƉƵƚƵƐĂŶ WĞƌƐĞƌŽĂŶ ƚĞƌŬĂŝƚ ƉĞŶĐĂƉĂŝĂŶ ŽŵƉĂŶLJΖƐĚĞĐŝƐŝŽŶƐƌĞŐĂƌĚŝŶŐĞŵƉůŽLJĞĞƉĞƌĨŽƌŵĂŶĐĞ
ŬŝŶĞƌũĂ ŬĂƌLJĂǁĂŶ͕ ƐĞƉĞƌƚŝ ŵĞŶŝůĂŝ ƉĞŶĐĂƉĂŝĂŶ ĂĐŚŝĞǀĞŵĞŶƚƐ͕ ƐƵĐŚ ĂƐ ĂƐƐĞƐƐŝŶŐ ĞŵƉůŽLJĞĞ
ŬĂƌLJĂǁĂŶ ƚĞƌŚĂĚĂƉ ƚƵŶƚƵƚĂŶ WĞƌƐĞƌŽĂŶ͕ ĂĐŚŝĞǀĞŵĞŶƚƐ ĂŐĂŝŶƐƚ ƚŚĞ ŽŵƉĂŶLJΖƐ ĚĞŵĂŶĚƐ͕
ŵĞŶŐŝĚĞŶƚŝĨŝŬĂƐŝŬĞůĞďŝŚĂŶĚĂŶŬĞŬƵƌĂŶŐĂŶ<ĂƌĂǁĂŶŐ͕ ŝĚĞŶƚŝĨLJŝŶŐ ĞŵƉůŽLJĞĞ ƐƚƌĞŶŐƚŚƐ ĂŶĚ ǁĞĂŬŶĞƐƐĞƐ͕
ŵĞŵďƵĂƚ ŬĞƉƵƚƵƐĂŶ ƚĞƌŬĂŝƚ ĚĞŶŐĂŶ ƉĞŶŐŐĂŶũŝĂŶ͕ ŵĂŬŝŶŐ ĚĞĐŝƐŝŽŶƐ ƌĞůĂƚĞĚ ƚŽ ĞŵƉůŽLJĞĞ ǁĂŐĞƐ͕
ƉƌŽŵŽƐŝ͕ ĂƚĂƵ ƉĞŶŐĞŵďĂŶŐĂŶ ŬĂƌŝĞƌ ŬĂƌLJĂǁĂŶ͘ ƉƌŽŵŽƚŝŽŶƐŽƌĐĂƌĞĞƌĚĞǀĞůŽƉŵĞŶƚ͘ZĞŵĞŵďĞƌŝŶŐƚŚĂƚ
DĞŶŐŝŶŐĂƚ ƉƌŽƐĞƐ ƉĞŶŝůĂŝĂŶ ŬŝŶĞƌũĂ LJĂŶŐ ďĂŝŬ ĂĚĂůĂŚ Ă ŐŽŽĚ ƉĞƌĨŽƌŵĂŶĐĞ ĂƉƉƌĂŝƐĂů ƉƌŽĐĞƐƐ ŝƐ Ă ƐƚƌŽŶŐ
ůĂŶĚĂƐĂŶ LJĂŶŐ ŬƵĂƚ ƵŶƚƵŬ ƉĞŶŐĞŵďĂŶŐĂŶ ŬĂƌLJĂǁĂŶ ĨŽƵŶĚĂƚŝŽŶ ĨŽƌ ĞŵƉůŽLJĞĞ ĚĞǀĞůŽƉŵĞŶƚ ĂŶĚ ƚŚĞ
ĚĂŶ ƉĞƌƚƵŵďƵŚĂŶ ďŝƐŶŝƐ WĞƌƐĞƌŽĂŶ͘ ǀĂůƵĂƐŝ ŝŶŝ ŽŵƉĂŶLJΖƐďƵƐŝŶĞƐƐŐƌŽǁƚŚ͘dŚŝƐĞǀĂůƵĂƚŝŽŶŝƐĐĂƌƌŝĞĚ
ĚŝůĂŬƵŬĂŶƐĞĐĂƌĂƌƵƚŝŶŽůĞŚĞƉĂƌƚĞŵĞŶ,W͕ĚĞŶŐĂŶ ŽƵƚƌŽƵƚŝŶĞůLJďLJƚŚĞ,WĞƉĂƌƚŵĞŶƚ͕Ϯ;ƚǁŽͿƚŝŵĞƐĂ
ŬƵƌƵŶŐǁĂŬƚƵϮ;ĚƵĂͿŬĂůŝĚĂůĂŵƐĞƚĂŚƵŶLJĂŶŐƚĞƌĚŝƌŝ LJĞĂƌ ĐŽŶƐŝƐƚŝŶŐ ŽĨ ŚĂůĨͲLJĞĂƌ ƉĞƌĨŽƌŵĂŶĐĞ ĞǀĂůƵĂƚŝŽŶƐ
ĚĂƌŝĞǀĂůƵĂƐŝŬŝŶĞƌũĂƐĞƚĞŶŐĂŚƚĂŚƵŶĚĂŶŬŝŶĞƌũĂĂŬŚŝƌ ĂŶĚ ĞŶĚͲŽĨͲLJĞĂƌ ƉĞƌĨŽƌŵĂŶĐĞ ĞǀĂůƵĂƚŝŽŶƐ͘ dŚĞ ŵŝĚͲ
ƚĂŚƵŶ͘ ǀĂůƵĂƐŝŬŝŶĞƌũĂƚĞŶŐĂŚƚĂŚƵŶďĞƌƚƵũƵĂŶƵŶƚƵŬ LJĞĂƌ ƉĞƌĨŽƌŵĂŶĐĞ ĞǀĂůƵĂƚŝŽŶ ĂŝŵƐ ƚŽ ĚĞƚĞƌŵŝŶĞ ƚŚĞ
ŵĞŶŐĞƚĂŚƵŝƉƌŽŐƌĞƐŬĞŐŝĂƚĂŶLJĂŶŐƚĞůĂŚĚŝůĂŬƵŬĂŶĚĂŶ ƉƌŽŐƌĞƐƐŽĨĂĐƚŝǀŝƚŝĞƐƚŚĂƚŚĂǀĞďĞĞŶĐĂƌƌŝĞĚŽƵƚĂŶĚ
ŵĞŶŝůĂŝ ŬŝŶĞƌũĂ ŬĞŐŝĂƚĂŶ ĚĂůĂŵ ƐĞƚĞŶŐĂŚ ƚĂŚƵŶ͘ ĂƐƐĞƐƐ ƚŚĞ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ ĂĐƚŝǀŝƚŝĞƐ ŝŶ ƚŚĞ ŚĂůĨ LJĞĂƌ͘
^ĞĚĂŶŐŬĂŶ ĞǀĂůƵĂƐŝ ŬŝŶĞƌũĂ ĂŬŚŝƌ ƚĂŚƵŶ ŵĞƌƵƉĂŬĂŶ DĞĂŶǁŚŝůĞ͕ƚŚĞLJĞĂƌͲĞŶĚƉĞƌĨŽƌŵĂŶĐĞĞǀĂůƵĂƚŝŽŶŝƐĂŶ
ĞǀĂůƵĂƐŝ ƵŶƚƵŬ ŵĞŵďĞƌŝŬĂŶ ŐĂŵďĂƌĂŶ LJĂŶŐ ũĞůĂƐ ĞǀĂůƵĂƚŝŽŶƚŽƉƌŽǀŝĚĞĂĐůĞĂƌƉŝĐƚƵƌĞŽĨǁŽƌŬƉƌŽŐƌĂŵ
ŵĞŶŐĞŶĂŝ ƉĞŶĐĂƉĂŝĂŶ ƉƌŽŐƌĂŵ ŬĞƌũĂ͕ ƉĞƌŝůĂŬƵ ŬĞƌũĂ ĂĐŚŝĞǀĞŵĞŶƚƐ͕ǁŽƌŬďĞŚĂǀŝŽƌ ĂŶĚ ƉƌŽďůĞŵƐ ĨĂĐĞĚ ďLJ
ĚĂŶ ƉĞƌŵĂƐĂůĂŚĂŶ LJĂŶŐ ĚŝŚĂĚĂƉŝ ŽůĞŚ <ĂƌLJĂǁĂŶ
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ƐĞůĂŵĂϭ;ƐĂƚƵͿƚĂŚƵŶ͘ĞŶŐĂŶĂĚĂŶLJĂĞǀĂůƵĂƐŝŬŝŶĞƌũĂ ĞŵƉůŽLJĞĞƐĚƵƌŝŶŐϭ;ŽŶĞͿLJĞĂƌ͘tŝƚŚƚŚŝƐƉĞƌĨŽƌŵĂŶĐĞ
ŝŶŝ WĞƌƐĞƌŽĂŶ ŵĞůĂŬƵŬĂŶ ƉƌŽŵŽƐŝ ŬĞƉĂĚĂ ŬĂƌLJĂǁĂŶ ĞǀĂůƵĂƚŝŽŶ͕ƚŚĞŽŵƉĂŶLJƉƌŽŵŽƚĞĚϭϯĞŵƉůŽLJĞĞƐ͘
ƐĞďĂŶLJĂŬϭϯŽƌĂŶŐ͘
,ĂŬƵƚŝ >ĞĂǀĞZŝŐŚƚƐ
;'Z/ϰϬϭͲϯͿ ;'Z/ϰϬϭͲϯͿ
,ĂŬĐƵƚŝĂĚĂůĂŚƐĂůĂŚƐĂƚƵďĂŐŝĂŶƚĞƌƉĞŶƚŝŶŐĚĂƌŝŚĂŬͲ dŚĞƌŝŐŚƚƚŽůĞĂǀĞŝƐŽŶĞŽĨƚŚĞŵŽƐƚŝŵƉŽƌƚĂŶƚƉĂƌƚƐŽĨ
ŚĂŬ ƉĞŬĞƌũĂ LJĂŶŐ ĚŝĂƚƵƌ ŽůĞŚ ƵŶĚĂŶŐͲƵŶĚĂŶŐ ǁŽƌŬĞƌƐΖ ƌŝŐŚƚƐ ƌĞŐƵůĂƚĞĚ ďLJ ůĂďŽƌ ůĂǁ͘ tŚĞƌĞ ĞǀĞƌLJ
ŬĞƚĞŶĂŐĂŬĞƌũĂĂŶ͘ŝŵĂŶĂƐĞƚŝĂƉƉĞŬĞƌũĂďĞƌŚĂŬƵŶƚƵŬ ǁŽƌŬĞƌŚĂƐƚŚĞƌŝŐŚƚƚŽƚĂŬĞƚŝŵĞŽĨĨĨƌŽŵǁŽƌŬ͘'ƵŝĚĞĚ
ŵĞŶŐĂŵďŝů ǁĂŬƚƵ ŝƐƚŝƌĂŚĂƚ ĚĂƌŝ ƉĞƌŬĞƌũĂĂŶŶLJĂ͘ ďLJ ĂƉƉůŝĐĂďůĞ ƉŽůŝĐŝĞƐ ĂŶĚ ƌĞŐƵůĂƚŝŽŶƐ͕ ƚŚĞ ŽŵƉĂŶLJ
ĞŶŐĂŶ ďĞƌƉĞĚŽŵĂŶ ƉĂĚĂ ŬĞďŝũĂŬĂŶ ĚĂŶ ƉĞƌĂƚƵƌĂŶ ƉƌŽǀŝĚĞƐĂŶŶƵĂůůĞĂǀĞƌŝŐŚƚƐĨŽƌĞŵƉůŽLJĞĞƐǁŚŽŚĂǀĞ
LJĂŶŐďĞƌůĂŬƵ͕WĞƌƐĞƌŽĂŶŵĞŵďĞƌŝŬĂŶŚĂŬĐƵƚŝƚĂŚƵŶĂŶ ŵĞƚƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐĂƐƌĞĐŝƉŝĞŶƚƐŽĨůĞĂǀĞƌŝŐŚƚƐ͘dŚĞ
ďĂŐŝ WĞŬĞƌũĂ LJĂŶŐ ƚĞůĂŚ ŵĞŵĞŶƵŚŝ ƉĞƌƐLJĂƌĂƚĂŶ ůĞŶŐƚŚ ŽĨ ĂŶŶƵĂů ůĞĂǀĞ ŝƐ ϭϮ ;ƚǁĞůǀĞͿ ǁŽƌŬŝŶŐ ĚĂLJƐ͘
ƐĞďĂŐĂŝ ƉĞŶĞƌŝŵĂ ŚĂŬ ĐƵƚŝ͘ >ĂŵĂŶLJĂ ĐƵƚŝ ƚĂŚƵŶĂŶ ƉĂƌƚĨƌŽŵƚŚĂƚ͕ƚŚĞƌĞĂƌĞĂůƐŽŽƚŚĞƌůĞĂǀĞƐƉƌŽǀŝĚĞĚ
ĂĚĂůĂŚϭϮ;ĚƵĂďĞůĂƐͿŚĂƌŝŬĞƌũĂ͘^ĞůĂŝŝƚƵƚĞƌĚĂƉĂƚũƵŐĂ ďLJ ƚŚĞ ŽŵƉĂŶLJ ƐƵĐŚ ĂƐ ůŽŶŐ ƐĞƌǀŝĐĞůĞĂǀĞ͕ ƌĞůŝŐŝŽƵƐ
ĐƵƚŝůĂŝŶLJĂŶŐĚŝďĞƌŝŬĂŶWĞƌƐĞƌŽĂŶƐĞƉĞƌƚŝĐƵƚŝďĞƐĂƌ͕ ůĞĂǀĞ͕ ƐŝĐŬ ůĞĂǀĞ͕ ŵĞŶƐƚƌƵĂů ůĞĂǀĞ ĨŽƌ ĨĞŵĂůĞ
ĐƵƚŝ ŬĞĂŐĂŵĂĂŶ͕ ĐƵƚŝ ƐĂŬŝƚ͕ ĐƵƚŝ ŚĂŝĚ ďĂŐŝ ŬĂƌLJĂǁĂŶ ĞŵƉůŽLJĞĞƐĂŶĚŵĂƚĞƌŶŝƚLJůĞĂǀĞ͘&ŽƌǁŽƌŬĞƌƐǁŚŽŚĂǀĞ
ƉĞƌĞŵƉƵĂŶ ĚĂŶ ĐƵƚŝ ŵĞůĂŚŝƌŬĂŶ͘ ĂŐŝ ƉĞŬĞƌũĂ LJĂŶŐ ƚĂŬĞŶŽŶĞŽĨƚŚĞůĞĂǀĞƐĂďŽǀĞ͕ƚŚĞǁŽƌŬĞƌŝƐĨƌĞĞĚĨƌŽŵ
ƚĞůĂŚ ŵĞŶŐĂŵďŝů ƐĂůĂŚ ƐĂƚƵ ĐƵƚŝ ĚŝĂƚĂƐ͕ ƉĞŬĞƌũĂ ǁŽƌŬŝŶŐǁŝƚŚĨƵůůǁĂŐĞƐ͘
ĚŝďĞďĂƐŬĂŶ ƵŶƚƵŬ ƚŝĚĂŬ ďĞŬĞƌũĂ ĚĞŶŐĂŶ ŵĞŶĚĂƉĂƚ
ƵƉĂŚƉĞŶƵŚ͘
ĞƌŝŬƵƚ ŚĂŬ ĐƵƚŝ LJĂŶŐ ĚŝďĞƌŝŬĂŶ WĞƌƐĞƌŽĂŶ ŬĞƉĂĚĂ dŚĞ ĨŽůůŽǁŝŶŐ ĂƌĞ ƚŚĞ ůĞĂǀĞ ƌŝŐŚƚƐ ƉƌŽǀŝĚĞĚ ďLJ ƚŚĞ
ŬĂƌLJĂǁĂŶ ƐĞďĂŐĂŝŵĂŶĂ ĚŝĂƚƵƌ ĚĂůĂŵ WĞƌĂƚƵƌĂŶ ŽŵƉĂŶLJ ƚŽ ĞŵƉůŽLJĞĞƐ ĂƐ ƌĞŐƵůĂƚĞĚ ŝŶ ŽŵƉĂŶLJ
WĞƌƵƐĂŚĂĂŶ͘ ZĞŐƵůĂƚŝŽŶƐ͘
ϭ͘ Ƶƚŝ ƚĂŚƵŶĂŶ ϭϮ ;ĚƵĂ ďĞůĂƐͿ ŚĂƌŝ ŬĞƌũĂ ;ƐĞƐƵĂŝ ϭ͘ ŶŶƵĂů ůĞĂǀĞ ŽĨ ϭϮ ;ƚǁĞůǀĞͿ ǁŽƌŬŝŶŐ ĚĂLJƐ ;ŝŶ
ĚĞŶŐĂŶWĂƐĂůϳϵhhϭϭdĂŚƵŶϮϬϮϬͿ͖ ĂĐĐŽƌĚĂŶĐĞǁŝƚŚƌƚŝĐůĞϳϵŽĨ>ĂǁϭϭŽĨϮϬϮϬͿ͖
Ϯ͘ /ƐƚŝƌĂŚĂƚ ƉĂŶũĂŶŐ ;ĐƵƚŝ ŝƐƚŝŵĞǁĂŚͿ Ϯϭ ŚĂƌŝ ŬĞƌũĂ Ϯ͘ >ŽŶŐ ďƌĞĂŬ ;ƐƉĞĐŝĂůůĞĂǀĞͿ ŽĨ Ϯϭ ǁŽƌŬŝŶŐ ĚĂLJƐ ŝƐ
ďĞƌůĂŬƵƵŶƚƵŬϱ;ůŝŵĂͿƚĂŚƵŶƐĞŬĂůŝ͖ ǀĂůŝĚŽŶĐĞĞǀĞƌLJϱ;ĨŝǀĞͿLJĞĂƌƐ͖
ϯ͘ Ƶƚŝ ŵĞůĂŚŝƌŬĂŶ ƐĞůĂŵĂ ϯ ďƵůĂŶ ;ƐĞƐƵĂŝ ĚĞŶŐĂŶ ϯ͘ DĂƚĞƌŶŝƚLJůĞĂǀĞĨŽƌϯŵŽŶƚŚƐ;ŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ
ƉĂƐĂůϴhhEŽ͘ϭϯdĂŚƵϮϬϬϯͿ͖ ĂƌƚŝĐůĞϴŽĨ>ĂǁEŽ͘ϭϯŽĨϮϬϬϯͿ͖
ϰ͘ ƵƚŝŬĞŐƵŐƵƌĂŶƐĞůĂŵĂϭ͘ϱ;ƐĂƚƵƐĞƚĞŶŐĂŚͿďƵůĂŶ ϰ͘ DŝƐĐĂƌƌŝĂŐĞůĞĂǀĞĨŽƌϭ͘ϱ;ŽŶĞĂŶĚĂŚĂůĨͿŵŽŶƚŚƐ
ƐĞũĂŬ ŬĞŐƵŐƵƌĂŶ ďĞƌĚĂƐĂƌŬĂŶ ƐƵƌĂƚ ŬĞƚĞƌĂŶŐĂŶ ĨƌŽŵƚŚĞƚŝŵĞŽĨŵŝƐĐĂƌƌŝĂŐĞďĂƐĞĚŽŶĂĚŽĐƚŽƌΖƐ
ĚŽŬƚĞƌ͖ ĐĞƌƚŝĨŝĐĂƚĞ͖
ϱ͘ /ƐƚŝƌĂŚĂƚ ŚĂŝĚ ĂƉĂďŝůĂ ƚŝĚĂŬ ƐĂŶŐŐƵƉ ϱ͘ dĂŬĞĂŵĞŶƐƚƌƵĂůďƌĞĂŬŝĨLJŽƵĂƌĞƵŶĂďůĞƚŽĐĂƌƌLJ
ŵĞůĂŬƐĂŶĂŬĂŶ ƉĞŬĞƌũĂĂŶLJĂ ;ƐĞƐƵĂŝ ƉĂƐĂů ϴϭ hh ŽƵƚLJŽƵƌǁŽƌŬ;ĂĐĐŽƌĚŝŶŐƚŽĂƌƚŝĐůĞϴϭŽĨ>ĂǁEŽ͘
EŽ͘ϭϯdĂŚƵŶϮϬϬϯͿ͖ ϭϯŽĨϮϬϬϯͿ͖
ϲ͘ /ũŝŶŬĞĂŐĂŵĂŶďĂŐŝďĞƌĂŐĂŵĂ/ƐůĂŵŵĞŶƵŶĂŝŬĂŶ ϲ͘ ZĞůŝŐŝŽƵƐ ƉĞƌŵŝƐƐŝŽŶ ĨŽƌ DƵƐůŝŵƐ ƚŽ ƉĞƌĨŽƌŵ ƚŚĞ
/ďĂĚĂŚ,ĂũŝƐĞůĂŵĂϰϬ;ĞŵƉĂƚƉƵůƵŚͿŚĂƌŝ͖ ,ĂũũĨŽƌϰϬ;ĨŽƌƚLJͿĚĂLJƐ͖
ϳ͘ Ƶƚŝ ƉĞƌŶŝŬĂŚĂŶ ƉĞŬĞƌũĂ ƐĞůĂŵĂ ϯ ;ƚŝŐĂͿ ŚĂƌŝ ϳ͘ tŽƌŬĞƌƐΖ ǁĞĚĚŝŶŐ ůĞĂǀĞ ŝƐ ϯ ;ƚŚƌĞĞͿ ĚĂLJƐ
;ƐĞƐƵĂŝhhEŽ͘ϭϯdĂŚƵŶϮϬϬϯͿ͘ ;ĂĐĐŽƌĚŝŶŐƚŽ>ĂǁEŽ͘ϭϯŽĨϮϬϬϯͿ͘
WĞŶĚŝĚŝŬĂŶΘWĞůĂƚŝŚĂŶ ĚƵĐĂƚŝŽŶΘdƌĂŝŶŝŶŐ
;WK:<ϱϭ͘͘ϲ͘Đ͘Ϯ͘ĚͿ;^ K:<ϭϲ͘&͘ϮϮͿ;'Z/ϰϬϰͲϮͿ ;WK:<ϱϭ͘͘ϲ͘Đ͘Ϯ͘ĚͿ;^ K:<ϭϲ͘&͘ϮϮͿ;'Z/ϰϬϰͲϮͿ
WƌŽŐƌĂŵ ƉĞŶĚŝĚŝŬĂŶ ĚĂŶ ƉĞůĂƚŝŚĂŶ ĚŝƚƵũƵŬĂŶ ŽŵƉĂŶLJƚŽŽďƚĂŝŶƋƵĂůŝƚLJŚƵŵĂŶƌĞƐŽƵƌĐĞƐǁŚŽĂƌĞ
WĞƌƐĞƌŽĂŶ ƵŶƚƵŬŵĞŶĚĂƉĂƚŬĂŶŬƵĂůŝƚĂƐƐƵŵďĞƌ ĚĂLJĂ ƌĞĂĚLJƚŽďĞĐŽŵƉĞƚĞŶƚŝŶǁŽƌŬ͘ ĚƵĐĂƚŝŽŶŝƐĐĂƌƌŝĞĚŽƵƚ
ŵĂŶƵƐŝĂ LJĂŶŐ ƐŝĂƉ ƵŶƚƵŬ ďĞƌŬŽŵƉĞƚĞŶƐŝ ĚĂůĂŵ ǁŝƚŚƚŚĞĂŝŵŽĨŝŶĐƌĞĂƐŝŶŐŬŶŽǁůĞĚŐĞ͕ǁŚŝůĞƚƌĂŝŶŝŶŐŝƐ
ƉĞŬĞƌũĂĂŶ͘ WĞŶĚŝĚŝŬĂŶ ĚŝůĂŬƐĂŶĂŬĂŶ ďĞƌƚƵũƵĂŶ ƵŶƚƵŬ ĐĂƌƌŝĞĚ ŽƵƚ ǁŝƚŚ ƚŚĞ Ăŝŵ ŽĨ ŝŶĐƌĞĂƐŝŶŐ ĞŵƉůŽLJĞĞ
ƉĞŶŝŶŐŬĂƚĂŶ ƉĞŶŐĞƚĂŚƵĂŶ ƐĞĚĂŶŐŬĂŶ ƉĞůĂƚŝŚĂŶ ŬŶŽǁůĞĚŐĞ ĂŶĚ ƐŬŝůůƐ͘ ,ƵŵĂŶ ƌĞƐŽƵƌĐĞ ĚĞǀĞůŽƉŵĞŶƚ
ĚŝůĂŬƐĂŶĂŬĂŶ ĚĞŶŐĂŶ ƚƵũƵĂŶ ŵĞŶŝŶŐŬĂƚŬĂŶ ĞĨĨŽƌƚƐĂƌĞŵĂŶĂŐĞĚĚŝƌĞĐƚůLJďLJƚŚĞ,WĞƉĂƌƚŵĞŶƚ͘
ƉĞŶŐĞƚĂŚƵĂŶ ĚĂŶ ŬĞƚĞƌĂŵƉŝůĂŶ ŬĂƌLJĂǁĂŶ͘ ĂůĂŵ dŚŝƐƉƌŽŐƌĂŵŝƐĐĂƌƌŝĞĚŽƵƚƉĞƌŝŽĚŝĐĂůůLJĂŶĚƉƌŽǀŝĚĞƐ
ƵƉĂLJĂ ƉĞŶŐĞŵďĂŶŐĂŶ ^D ĚŝŬĞůŽůĂŚ ůĂŶŐƐƵŶŐ ŽůĞŚ ĞƋƵĂůŽƉƉŽƌƚƵŶŝƚŝĞƐƚŽĂůůĞŵƉůŽLJĞĞƐ͘&ŽƌĚĞƚĂŝůƐŽĨƚŚĞ
ĞƉĂƌƚĞŵĞŶ ,W͘ WƌŽŐƌĂŵ ŝŶŝ ĚŝůĂŬƵŬŶ ƐĞĐĂƌĂ ƚLJƉĞƐ ŽĨ ĞĚƵĐĂƚŝŽŶ ĂŶĚ ƚƌĂŝŶŝŶŐ ŝŶ ĚĞǀĞůŽƉŝŶŐ
ďĞƌůĂŬĂ ĚĂŶ ŵĞŵďĞƌŝŬĂŶ ŬĞƐĞŵƉĂƚĂŶ LJĂŶŐ ƐĂŵĂ ĞŵƉůŽLJĞĞ ĐŽŵƉĞƚĞŶĐŝĞƐ͕ ƐĞĞ ƚŚĞ ŶŶƵĂů ZĞƉŽƌƚ͘ ^Ž
ŬĞƉĂĚĂ ƐĞůƵƌƵŚ ŬĂƌLJĂǁĂŶ͘ hŶƚƵŬ ƌŝŶĐŝĂŶ ũĞŶŝƐ ĨƌŽŵƚŚŝƐŝŵƉůĞŵĞŶƚĂƚŝŽŶ͕ƚŚĞĨŽůůŽǁŝŶŐŝƐĂƐƵŵŵĂƌLJ
ƉĞŶĚŝĚŝŬĂŶ ĚĂŶ ƉĞůĂƚŝŚĂŶ ĚĂůĂŵ ƉĞŶŐĞŵďĂŶŐĂŶ
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ŬŽŵƉĞƚĞŶƐŝ ŬĂƌLJĂǁĂŶ ĚĂƉĂƚ ĚŝůŝŚĂƚ ƉĂĚĂ >ĂƉŽƌĂŶ ŽĨƚŚĞŽŵƉĂŶLJΖƐĞŵƉůŽLJĞĞĐŽŵƉĞƚĞŶĐLJĚĞǀĞůŽƉŵĞŶƚ
dĂŚƵŶĂŶ͘^ĞŚŝŶŐŐĂĚĂƌŝƉĞůĂŬƐĂŶĂĂŶƚĞƌƐĞďƵƚďĞƌŝŬƵƚ ĂĐƚŝǀŝƚŝĞƐŝŶϮϬϮϯ͗
ƌĂŶŐŬƵŵĂŶ ŬĞŐŝĂƚĂŶ ƉĞŶŐĞŵďĂŶŐĂŶ ŬŽŵƉĞƚĞŶƐŝ
ŬĂƌLJĂǁĂŶWĞƌƐĞƌŽĂŶƚĂŚƵŶϮϬϮϯ͗
ŝĂLJĂWĞŶĚŝĚŝŬĂŶΘWĞůĂƚŝŚĂŶ
hƌĂŝĂŶ ^ĂƚƵĂŶ :ƵŵůĂŚ ;ĚĂůĂŵũƵƚĂĂŶƌƵƉŝĂŚͿ
ĞƐĐƌŝƉƚŝŽŶ ĞŶŽŵŝŶĂƚŝŽŶ dŽƚĂů ĚƵĐĂƚŝŽŶΘdƌĂŝŶŝŶŐ&ĞĞƐ
;ŝŶŵŝůůŝŽŶƌƵƉŝĂŚͿ
:ƵŵůĂŚWĞŶĚŝĚŝŬĂŶΘWĞůĂƚŝŚĂŶ WĞŶĚŝĚŝŬĂŶΘWĞůĂƚŝŚĂŶ ϰϯ
dŽƚĂů ĚƵĐĂƚŝŽŶΘdƌĂŝŶŝŶŐ ĚƵĐĂƚŝŽŶΘdƌĂŝŶŝŶŐ
:ƵŵůĂŚ:ĂŵWĞŶĚŝĚŝŬĂŶΘWĞůĂƚŝŚĂŶ :Ăŵ ϭ͘ϵϳϲ
EƵŵďĞƌŽĨ,ŽƵƌƐŽĨ ĚƵĐĂƚŝŽŶΘdƌĂŝŶŝŶŐ ,ŽƵƌ
ZĂƚĂͲZĂƚĂ:ĂŵWĞŶĚŝĚŝŬĂŶΘWĞůĂƚŝŚĂŶ :ĂŵͬdŽƚĂů<ĂƌLJĂǁĂŶ ϯ
ǀĞƌĂŐĞ,ŽƵƌƐŽĨ ĚƵĐĂƚŝŽŶΘdƌĂŝŶŝŶŐ ,ŽƵƌƐͬdŽƚĂů ŵƉůŽLJĞĞƐ
:ƵŵůĂŚWĞƐĞƌƚĂĂƚĂƐ<ĞƐĞůƵƌƵŚĂŶ KƌĂŶŐ ϱϴϴ ϳϬ
WĞŶĚŝĚŝŬĂŶΘWĞůĂƚŝŚĂŶ WĞŽƉůĞ
EƵŵďĞƌŽĨƉĂƌƚŝĐŝƉĂŶƚƐ
>ĂŬŝͲ>ĂŬŝ :ĞŶŝƐŬĞůĂŵŝŶ ϰϳϴ
DĂŶ 'ĞŶĚĞƌ
WĞƌĞŵƉƵĂŶ :ĞŶŝƐŬĞůĂŵŝŶ ϭϭϬ
tŽŵĂŶ 'ĞŶĚĞƌ
WĂĚĂ ƌĂŶŐŬƵŵĂŶ ƉĞůĂŬƐĂŶĂĂŶ ƉĞŶŐĞŵďĂŶŐĂŶ /ŶƚŚĞƐƵŵŵĂƌLJŽĨƚŚĞŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨĐŽŵƉĞƚĞŶĐLJ
ŬŽŵƉĞƚĞŶƐŝ ĚŝĂƚĂƐ LJĂŝƚƵ ƚĞƌĚĂƉĂƚ ϭ͘ϵϳϲ ũĂŵ ƐĞůĂŵĂ ĚĞǀĞůŽƉŵĞŶƚĂďŽǀĞ͕ƚŚĞƌĞĂƌĞϭ͕ϵϳϲŚŽƵƌƐŽĨƚƌĂŝŶŝŶŐ
ƉĞůĂŬƐĂŶĂĂŶƉĞůĂƚŝŚĂŶƐĞůĂŵĂƐĂƚƵƚĂŚƵŶĚĞŶŐĂŶƌĂƚĂͲ ĚƵƌŝŶŐ ŽŶĞ LJĞĂƌ ǁŝƚŚ ƚŚĞ ĂǀĞƌĂŐĞ ƚƌĂŝŶŝŶŐ ŚŽƵƌƐ ƉĞƌ
ƌĂƚĂ ũĂŵ ƉĞůĂƚŝŚĂŶ ƚŝĂƉ ŽƌĂŶŐ ŬĂƌLJĂǁĂŶ LJĂŝƚƵ ϯ ũĂŵ͘ ĞŵƉůŽLJĞĞďĞŝŶŐϯŚŽƵƌƐ͘dŚĞƚŽƚĂůƚƌĂŝŶŝŶŐĐŽƐƚŝƐ/Z
ĞŶŐĂŶ ƚŽƚĂů ďŝĂLJĂ ƉĞůĂƚŝŚĂŶ ĂĚĂůĂŚ ƐĞďĞƐĂƌ ZƉ ϳϬ ϳϬŵŝůůŝŽŶ͘
:ƵƚĂ͘
>ŝŶŐŬƵŶŐĂŶ<ĞƌũĂzĂŶŐ^ĞŚĂƚΘŵĂŶ ŚĞĂůƚŚLJΘ^ĂĨĞtŽƌŬ ŶǀŝƌŽŶŵĞŶƚ
;WK:<ϱϭ͘͘ϲ͘Đ͘Ϯ͘ĐͿ;^ K:<ϭϲ͘&͘ϮϭͿ;'Z/ϯͲϯͿ;'Z/ϰϬϯͿ ;WK:<ϱϭ͘͘ϲ͘Đ͘Ϯ͘ĐͿ;^ K:<ϭϲ͘&͘ϮϭͿ;'Z/ϯͲϯͿ;'Z/ϰϬϯͿ
>ŝŶŐŬƵŶŐĂŶ ŬĞƌũĂ LJĂŶŐ ƐĞŚĂƚ ĚĂŶ ĂŵĂŶ ŵĞƌƵƉĂŬĂŶ ŚĞĂůƚŚLJĂŶĚƐĂĨĞǁŽƌŬĞŶǀŝƌŽŶŵĞŶƚŝƐĂŶŝŵƉŽƌƚĂŶƚ
ĨĂŬƚŽƌ ƉĞŶƚŝŶŐ ĚĂůĂŵ ŵĞŶĚƵŬƵŶŐ ŬĞƐĞũĂŚƚĞƌĂĂŶ ĨĂĐƚŽƌ ŝŶ ƐƵƉƉŽƌƚŝŶŐ ĞŵƉůŽLJĞĞ ǁĞůĨĂƌĞ͘ ƉĂƌƚ ĨƌŽŵ
ŬĂƌLJĂǁĂŶ͘ ^ĞůĂŝŶ ŝƚƵ͕ ŵĞŶŝŶŐŬĂƚŬĂŶ ĞĨŝƐŝĞŶƐŝ ĚĂŶ ƚŚĂƚ͕ŝƚŝŶĐƌĞĂƐĞƐĞĨĨŝĐŝĞŶĐLJĂŶĚƉƌŽĚƵĐƚŝǀŝƚLJŝŶĐĂƌƌLJŝŶŐ
ƉƌŽĚƵŬƚŝĨŝƚĂƐ ĚĂůĂŵ ŵĞůĂŬƐĂŶĂŬĂŶ ƉĞŬĞƌũĂĂŶ͘ ŽƵƚ ǁŽƌŬ͘ dŚĞ ŽŵƉĂŶLJ ŝŵƉůĞŵĞŶƚƐ ǁŽƌŬ ƐĂĨĞƚLJ
/ŵƉůĞŵĞŶƚĂƐŝƉƌŽƐĞĚƵƌŬĞƐĞůĂŵĂƚĂŶŬĞƌũĂĚŝƚĞƌĂƉŬĂŶ ƉƌŽĐĞĚƵƌĞƐ ĐŽŶƐŝƐƚĞŶƚůLJ͘ dŚĞ ĨŽůůŽǁŝŶŐ ĂƌĞ ƐĞǀĞƌĂů
ƐĞĐĂƌĂ ŬŽŶƐŝƐƚĞŶ ŽůĞŚ WĞƌƐĞƌŽĂŶ͘ ĞƌŝŬƵƚ ďĞďĞƌĂƉĂƉ ĂƐƉĞĐƚƐ ŝŵƉůĞŵĞŶƚĞĚ ďLJ ƚŚĞ ŽŵƉĂŶLJ ƚŽ ĐƌĞĂƚĞ Ă
ĂƐƉĞŬ LJĂŶŐ ĚŝƚĞƌĂƉŬĂŶ WĞƌƐĞƌŽĂŶ ŐƵŶĂ ŵĞŶĐŝƉƚĂŬĂŶ ŚĞĂůƚŚLJĂŶĚƐĂĨĞǁŽƌŬĞŶǀŝƌŽŶŵĞŶƚ͘
ůŝŶŐŬƵŶŐĂŶŬĞƌũĂLJĂŶŐƐĞŚĂƚĚĂŶĂŵĂŶ͘
ϭ͘ DĞƌĞŶĐĂŶĂŬĂŶ ƐĞŵƵĂ ƉĞŬĞƌũĂĂŶ ĚĞŶŐĂŶ ĐĂƌĂ ϭ͘ WůĂŶĂůůǁŽƌŬŝŶĂƐĂĨĞŵĂŶŶĞƌďĞĨŽƌĞĐĂƌƌLJŝŶŐŽƵƚ
LJĂŶŐ ĂŵĂŶ ƐĞďĞůƵŵ ŵĞůĂŬƵŬĂŶ ƚƵŐĂƐ ĚĂŶ ƚĂƐŬƐ ĂŶĚ ĐĂƌƌLJ ŽƵƚ Ăůů ƌŝƐŬ ĂƐƐĞƐƐŵĞŶƚƐ ĨŽƌ
ŵĞůĂŬƵŬĂŶƐĞŵƵĂƉĞŶŝůĂŝĂŶƌŝƐŝŬŽƵŶƚƵŬĂŬƚŝǀŝƚĂƐ ĚĂŶŐĞƌŽƵƐĂĐƚŝǀŝƚŝĞƐĂƌŽƵŶĚƚŚĞĐŽŵƉĂŶLJ͖
ďĞƌďĂŚĂLJĂĚŝƐĞŬŝƚĂƌƉĞƌƵƐĂŚĂĂŶ͖
Ϯ͘ DĞŶLJĞĚŝĂŬĂŶ ůŝŶŐŬƵŶŐĂŶ ŬĞƌũĂ LJĂŶŐ ůĂLJĂŬ ĚĂŶ Ϯ͘ WƌŽǀŝĚŝŶŐĂĚĞĐĞŶƚĂŶĚƐĂĨĞǁŽƌŬĞŶǀŝƌŽŶŵĞŶƚ͕ĂƐ
ĂŵĂŶ͕ ƐĞƌƚĂ ƉĞƌĂůĂƚĂŶ ƉĞůŝŶĚƵŶŐ Ěŝƌŝ ĚĂŶ ǁĞůů ĂƐ ƉĞƌƐŽŶĂů ƉƌŽƚĞĐƚŝǀĞ ĞƋƵŝƉŵĞŶƚ ĂŶĚ ƐĂĨĞ
ƉƌŽƐĞĚƵƌŬĞƌũĂLJĂŶŐĂŵĂŶ͖ ǁŽƌŬƉƌŽĐĞĚƵƌĞƐ͖
ϯ͘ DĞŵďĞƌŝŬĂŶ ƉĞůĂƚŝŚĂŶ ůŝŶŐŬƵŶŐĂŶ ŬĞƐĞŚĂƚĂŶ ϯ͘ WƌŽǀŝĚĞ ĂƉƉƌŽƉƌŝĂƚĞ ŽĐĐƵƉĂƚŝŽŶĂů ŚĞĂůƚŚ ĂŶĚ
ĚĂŶŬĞƐĞůĂŵĂƚĂŶŬĞƌũĂLJĂŶŐƐĞƐƵĂŝƵŶƚƵŬƐĞŵƵĂ ƐĂĨĞƚLJĞŶǀŝƌŽŶŵĞŶƚƚƌĂŝŶŝŶŐĨŽƌĂůůĞŵƉůŽLJĞĞƐƚŽ
ŬĂƌLJĂǁĂŶ ĚĂůĂŵ ŵĞŵĂƐƚŝŬĂŶ ďĂŚǁĂ ƐĞŵƵĂ ĞŶƐƵƌĞƚŚĂƚĂůůĂĐƚŝǀŝƚŝĞƐĂƌĞĐĂƌƌŝĞĚŽƵƚĐŽƌƌĞĐƚůLJ
ŬĞŐŝĂƚĂŶĚŝůĂŬƵŬĂŶĚĞŶŐĂŶďĞŶĂƌĚĂŶĂŵĂŶ͖ ĂŶĚƐĂĨĞůLJ͖
ϰ͘ DĞŵĂƐƚŝŬĂŶ ďĂŚǁĂ ƐĞŵƵĂ ŬĞŐŝĂƚĂŶ Ěŝ ĂƌĞĂ ϰ͘ ŶƐƵƌĞƚŚĂƚĂůůĂĐƚŝǀŝƚŝĞƐŝŶƚŚĞŽŵƉĂŶLJΖƐĂƌĞĂĂƌĞ
WĞƌƐĞƌŽĂŶ ďĞďĂƐ ĚĂƌŝ ŬĞĐĞůĂŬĂĂŶ ĂƚĂƵ ŝŶƐŝĚĞŶ ĨƌĞĞ ĨƌŽŵ ĂĐĐŝĚĞŶƚƐ Žƌ ŝŶĐŝĚĞŶƚƐ ďLJ ĐŽŶĚƵĐƚŝŶŐ
ĚĞŶŐĂŶ ŵĞůĂŬƵŬĂŶ ĂƵĚŝƚ ŬĞͲƐĞůĂŵĂƚĂŶ ƐĞĐĂƌĂ ƌĞŐƵůĂƌ ƐĂĨĞƚLJ ĂƵĚŝƚƐ ĂŶĚ ƚĂŬŝŶŐ ĂĐƚŝŽŶ ĂŐĂŝŶƐƚ
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ďĞƌŬĂůĂ ĚĂŶ ŵĞŶŐĂŵďŝů ƚŝŶĚĂŬĂŶ ƚĞƌŚĂĚĂƉ ƐƵďƐƚĂŶĚĂƌĚ ĂĐƚŝǀŝƚŝĞƐ ƚŽ ŝŶĐƌĞĂƐĞ ƚŚĞŵ ƚŽ Ă
ŬĞŐŝĂƚĂŶĚŝďĂǁĂŚƐƚĂŶĚĂƌĚƵŶƚƵŬĚŝƚŝŶŐŬĂƚŬĂŶŬĞ ƚŽůĞƌĂƚĞĚƌŝƐŬůĞǀĞů͖
ƚŝŶŐŬĂƚƌŝƐŝŬŽLJĂŶŐƚŽůĞƌĂŶƐŝ͖
ϱ͘ DĞŶĚŽƌŽŶŐ ŬĂƌLJĂǁĂŶ ĚĂŶ ŵĂƐLJĂƌĂŬĂƚ ƵŶƚƵŬ ϱ͘ ŶĐŽƵƌĂŐĞĞŵƉůŽLJĞĞƐĂŶĚƚŚĞƉƵďůŝĐƚŽŵĂŝŶƚĂŝŶ
ŵĞŶũĂŐĂ ĂŬƚŝǀŝƚĂƐ ŬĞĚĂůĂŵ ƉĞƌŝůĂŬƵ LJĂŶŐ ĂŵĂŶ ĂĐƚŝǀŝƚŝĞƐŝŶĂƐĂĨĞŵĂŶŶĞƌƚŚĂƚĚŽĞƐŶŽƚůĞĂĚƚŽ
LJĂŶŐ ƚŝĚĂŬ ŵĞŵďĂǁĂ ĚĂŶ ŵĞŶŝŵďƵůŬĂŶ ĂĐĐŝĚĞŶƚƐŽƌŝŶĐŝĚĞŶƚƐ͘
ŬĞĐĞůĂŬĂŶĂƚĂƵŝŶƐŝĚĞŶ͘
WĞƌƐĞƌŽĂŶ ŵĞŶŐĞĚĞƉĂŶŬĂŶ ƉƌŝŶƐŝƉ <ĞƐĞŚĂƚĂŶ ĚĂŶ dŚĞŽŵƉĂŶLJƉƌŝŽƌŝƚŝnjĞƐƚŚĞƉƌŝŶĐŝƉůĞƐŽĨKĐĐƵƉĂƚŝŽŶĂů
<ĞƐĞůĂŵĂƚĂŶ <ĞƌũĂ ƐĞďĂŐĂŝ ƵƉĂLJĂ ŵĞǁƵũƵĚŬĂŶ ,ĞĂůƚŚ ĂŶĚ ^ĂĨĞƚLJ ĂƐ ĂŶ ĞĨĨŽƌƚ ƚŽ ĐƌĞĂƚĞ Ă ƐĂĨĞ ĂŶĚ
ůŝŶŐŬƵŶŐĂŶŬĞƌũĂLJĂŶŐĂŵĂŶĚĂŶƐĞŚĂƚ͘DĞůĂůƵŝƵƉĂLJĂ ŚĞĂůƚŚLJǁŽƌŬĞŶǀŝƌŽŶŵĞŶƚ͘dŚƌŽƵŐŚƚŚĞƐĞĞĨĨŽƌƚƐ͕ƚŚĞ
ƚĞƌƐĞďƵƚ͕ WĞƌƐĞƌŽĂŶ ĚĂƉĂƚ ŵĞǁƵũƵĚŬĂŶ ĂŶŐŬĂ ŽŵƉĂŶLJ ĐĂŶ ĂĐŚŝĞǀĞ njĞƌŽ ǁŽƌŬ ĂĐĐŝĚĞŶƚƐ ĂŶĚ ŶŽ
ŬĞĐĞůĂŬĂĂŶŬĞƌũĂŶŝŚŝů;njĞƌŽĂĐĐŝĚĞŶƚͿƐĞƌƚĂƚŝĚĂŬĂĚĂ ǁŽƌŬͲƌĞůĂƚĞĚŝůůŶĞƐƐĞƐ͘/ŶĂĚĚŝƚŝŽŶ͕ĞĨĨŽƌƚƐƚŽĐƌĞĂƚĞĂ
ƉĞŶLJĂŬŝƚ ĂŬŝďĂƚ ŬĞƌũĂ͘ ŝ ƐĂŵƉŝŶŐ ŝƚƵ͕ ƵƉĂLJĂ ĐŽŵĨŽƌƚĂďůĞǁŽƌŬĞŶǀŝƌŽŶŵĞŶƚĐĂŶŝŵƉƌŽǀĞĞŵƉůŽLJĞĞ
ŵĞŶĐŝƉƚĂŬĂŶ ůŝŶŐŬƵŶŐĂŶ ŬĞƌũĂ LJĂŶŐ ŶLJĂŵĂŶ ĚĂƉĂƚ ƉĞƌĨŽƌŵĂŶĐĞ͘ /Ŷ ƉƌĂĐƚŝĐĞ͕ ƚŚĞ ŽŵƉĂŶLJ ŚĂƐ ŵĂĚĞ Ă
ŵĞŶŝŶŐŬĂƚŬĂŶ ŬŝŶĞƌũĂ ŬĂƌLJĂǁĂŶ͘ WĂĚĂ ƉƌĂŬƚŝŬŶLJĂ ŶƵŵďĞƌ ŽĨ ĞĨĨŽƌƚƐ ƚŽ ĐƌĞĂƚĞ Ă ŚĞĂůƚŚLJ ĂŶĚ ƐĂĨĞ ǁŽƌŬ
WĞƌƐĞƌŽĂŶ ƚĞůĂŚ ŵĞůĂŬƵŬĂŶ ƐĞũƵŵůĂŚ ƵƉĂLJĂ ĚĂůĂŵ ĞŶǀŝƌŽŶŵĞŶƚ͕ ŝŶĐůƵĚŝŶŐ ďLJ ƉƌŽǀŝĚŝŶŐ ǀĂƌŝŽƵƐ
ƌĂŶŐŬĂŵĞŶĐŝƉƚĂŬĂŶůŝŶŐŬƵŶŐĂŶŬĞƌũĂLJĂŶŐƐĞŚĂƚĚĂŶ KĐĐƵƉĂƚŝŽŶĂů ,ĞĂůƚŚ ĂŶĚ ^ĂĨĞƚLJ ;<ϯͿ ĨĂĐŝůŝƚŝĞƐ ĂŶĚ
ĂŵĂŶ͕ ĂŶƚĂƌĂ ůĂŝŶ ĚĞŶŐĂŶ ŵĞŶLJĞĚŝĂŬĂŶ ďĞƌďĂŐĂŝ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͕ ƐƵĐŚ ĂƐ ĨŝƌƐƚ ĂŝĚ ŬŝƚƐ͕ ůŝŐŚƚ ĨŝƌĞ
ƐĂƌĂŶĂ ĚĂŶ ƉƌĂƐĂƌĂŶĂ <ĞƐĞŚĂƚĂŶ ĚĂŶ <ĞƐĞůĂŵĂƚĂŶ ĞdžƚŝŶŐƵŝƐŚĞƌƐ͕ ŚLJĚƌĂŶƚƐ͕ ĞƚĐ͘ ƉĂƌƚ ĨƌŽŵ ƚŚĂƚ͕ ƚŚĞ
<ĞƌũĂ ;<ϯͿ͕ ƐĞƉĞƌƚŝ Wϯ<͕ ĂůĂƚ ƉĞŵĂĚĂŵ ĂƉŝ ƌŝŶŐĂŶ͕ ŽŵƉĂŶLJĂůƐŽƉƌŽǀŝĚĞƐĂĚĞƋƵĂƚĞĨĂĐŝůŝƚŝĞƐŝŶƚŚĞĨŽƌŵ
ŚLJĚƌĂŶƚ͕ ĚĂŶ ůĂŝŶͲůĂŝŶ͘ ^ĞůĂŝŶ ŝƚƵ͕ WĞƌƐĞƌŽĂŶ ũƵŐĂ ŽĨ ƉĂƌŬŝŶŐ ƐƉĂĐĞƐ͕ ƉƌĂLJĞƌ ĨĂĐŝůŝƚŝĞƐ͕ ϮϰͲŚŽƵƌ ƐĞĐƵƌŝƚLJ
ŵĞŶLJĞĚŝĂŬĂŶ ĨĂƐŝůŝƚĂƐ LJĂŶŐ ŵĞŵĂĚĂŝ ďĞƌƵƉĂ ƚĞŵƉĂƚ ŐƵĂƌĂŶƚĞĞƐ͕ĂŶĚƐŽŽŶ͘
ƉĂƌŬŝƌ͕ƐĂƌĂŶĂŝďĂĚĂŚ͕ũĂŵŝŶĂŶŬĞĂŵĂŶĂŶϮϰũĂŵ͕ĚĂŶ
ƐĞďĂŐĂŝŶLJĂ͘
<ŝŶĞƌũĂ<ϯ K,^WĞƌĨŽƌŵĂŶĐĞ
<ŝŶĞƌũĂ<ϯĂĚĂůĂŚƐŝƐƚĞŵŵĂŶĂũĞŵĞŶŬĞƐĞůĂŵĂƚĂŶĚĂŶ <ϯ ƉĞƌĨŽƌŵĂŶĐĞ ŝƐ Ă ƐĂĨĞƚLJ ĂŶĚ ŚĞĂůƚŚ ŵĂŶĂŐĞŵĞŶƚ
ŬĞƐĞŚĂƚĂŶ ƵŶƚƵŬ ŵĞŶŐĞǀĂůƵĂƐŝ ĚĂŶ ŵĞŵĂƐƚŝŬĂŶ ƐLJƐƚĞŵƚŽĞǀĂůƵĂƚĞĂŶĚĞŶƐƵƌĞƚŚĂƚƚŚĞƐƚĞƉƐƚĂŬĞŶƚŽ
ďĂŚǁĂ ůĂŶŐŬĂŚͲůĂŶŐŬĂŚ LJĂŶŐ ĚŝĂŵďŝů ŵĞůŝŶĚƵŶŐŝ ƉƌŽƚĞĐƚ ĞŵƉůŽLJĞĞƐ ĂŶĚ ƉƌĞǀĞŶƚ ĂĐĐŝĚĞŶƚƐ ĂƌĞ ŝŶ
ŬĂƌLJĂǁĂŶ ĚĂŶ ŵĞŶĐĞŐĂŚ ŬĞĐĞůĂŬĂĂŶ ƚĞůĂŚ ƐĞƐƵĂŝ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ <ϯ ƉĞƌĨŽƌŵĂŶĐĞ͘ <ϯ ĞǀĂůƵĂƚŝŽŶ ŝƐ
ĚĞŶŐĂŶ ŬŝŶĞƌũĂ <ϯ͘ ǀĂůƵĂƐŝ <ϯ ĚŝůĂŬƐĂŶĂŬĂŶ ŵĞůĂůƵŝ ĐĂƌƌŝĞĚ ŽƵƚ ƚŚƌŽƵŐŚ ŝŶƐƉĞĐƚŝŽŶ͕ ƚĞƐƚŝŶŐ ĂŶĚ
ŬĞŐŝĂƚĂŶƉĞŵĞƌŝŬƐĂĂŶ͕ƉĞŶŐƵũŝĂŶĚĂŶƉĞŶŐƵŬƵƌĂŶĚĂŶ ŵĞĂƐƵƌĞŵĞŶƚĂĐƚŝǀŝƚŝĞƐĂŶĚŝŶƚĞƌŶĂůĂƵĚŝƚƐǁŚŝĐŚĂƌĞ
ĂƵĚŝƚŝŶƚĞƌŶĂůLJĂŶŐĚŝůĂŬƵŬĂŶƐĞĐĂƌĂďĞƌŬĂůĂƐĞŚŝŶŐŐĂ ĐĂƌƌŝĞĚŽƵƚƉĞƌŝŽĚŝĐĂůůLJƐŽƚŚĂƚƌŝƐŬƐƚŚĂƚŵĂLJŽĐĐƵƌĐĂŶ
ƌŝƐŝŬŽͲƌŝƐŝŬŽLJĂŶŐŵƵŶŐŬŝŶƚĞƌũĂĚŝĚĂƉĂƚĚŝŝĚĞŶƚŝĨŝŬĂƐŝ ďĞ ŝĚĞŶƚŝĨŝĞĚ ďLJ ƚŚĞ ŽŵƉĂŶLJ͘ ĞůŽǁ ǁĞ ƉƌĞƐĞŶƚ ƚŚĞ
ŽůĞŚ WĞƌƐĞƌŽĂŶ͘ ĞƌŝŬƵƚ ŬĂŵŝ ƐĂũŝŬĂŶ ƐƚƌƵŬƚƵƌ WĂŶŝƚŝĂ ƐƚƌƵĐƚƵƌĞ ŽĨ ƚŚĞ KĐĐƵƉĂƚŝŽŶĂů ,ĞĂůƚŚ ĂŶĚ ^ĂĨĞƚLJ
WĞŵďŝŶĂ<ĞƐĞŚĂƚĂŶĚĂŶ<ĞƐĞůĂŵĂƚĂŶ<ĞƌũĂ;WϮ<ϯͿ͘ ĚǀŝƐŽƌLJŽŵŵŝƚƚĞĞ;WϮ<ϯͿ͘
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WϮ<ϯ ŵĞŶũĂĚŝ ƉŝůĂƌ ƉĞŶƚŝŶŐ ĚĂůĂŵ ŵĞŶĐŝƉƚĂŬĂŶ WϮ<ϯ ŝƐ ĂŶ ŝŵƉŽƌƚĂŶƚ ƉŝůůĂƌ ŝŶ ĐƌĞĂƚŝŶŐ Ă ƐĂĨĞ ĂŶĚ
ůŝŶŐŬƵŶŐĂŶ ŬĞƌũĂ LJĂŶŐ ĂŵĂŶ ĚĂŶ ƐĞŚĂƚ͘ ƐĞŚŝŶŐŐĂ ŚĞĂůƚŚLJ ǁŽƌŬ ĞŶǀŝƌŽŶŵĞŶƚ͘ ƐŽ ƚŚĞ ŽŵƉĂŶLJ ĨŽƌŵĞĚ
WĞƌƐĞƌŽĂŶ ŵĞŵďĞŶƚƵŬ WϮ<ϯ ŐƵŶĂ ŵĞŶŐĞůŽůĂ ĚĂŶ WϮ<ϯƚŽŵĂŶĂŐĞĂŶĚĞŶƐƵƌĞƚŚĞŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨƚŚĞ
ŵĞŵĂƐƚŝŬĂŶŝŵƉůĞŵĞŶƚĂƐŝƉƌŽŐƌĂŵ<ĞƐĞůĂŵĂƚĂŶĚĂŶ KĐĐƵƉĂƚŝŽŶĂů ^ĂĨĞƚLJ ĂŶĚ ,ĞĂůƚŚ ƉƌŽŐƌĂŵ ŝŶ ƚŚĞ
<ĞƐĞŚĂƚĂŶ <ĞƌũĂ ĚĂůĂŵ ůŝŶŐŬƵŶŐĂŶ ŬĞƌũĂ WĞƌƐĞƌŽĂŶ͘ ŽŵƉĂŶLJΖƐ ǁŽƌŬ ĞŶǀŝƌŽŶŵĞŶƚ͘ WϮ<ϯ ĐĂƌƌŝĞƐ ŽƵƚ
WϮ<ϯŵĞůĂŬƵŬĂŶŝŶƐƉĞŬƐŝĚĞŶŐĂŶƉĞŶŐĞĐĞŬĂŶŬŽŶĚŝƐŝ ŝŶƐƉĞĐƚŝŽŶƐ ďLJ ĐŚĞĐŬŝŶŐ ƚŚĞ ĐŽŶĚŝƚŝŽŶ ŽĨ ĞƋƵŝƉŵĞŶƚ͕
ƉĞƌĂůĂƚĂŶ͕ ůŝŶŐŬƵŶŐĂŶ ŬĞƌũĂ ĚĂŶ ŬĞƉĂƚƵŚĂŶ ƚĞƌŚĂĚĂƉ ǁŽƌŬ ĞŶǀŝƌŽŶŵĞŶƚ ĂŶĚ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ƐĂĨĞƚLJ
ƉƌŽƐĞĚƵƌ ŬĞƐĞůĂŵĂƚĂŶ͘ <ŽŵŝƚŵĞŶ ŵĞŵŝŶŝŵĂůŝƐŝƌ ƉƌŽĐĞĚƵƌĞƐ͘ dŚĞ ĐŽŵŵŝƚŵĞŶƚ ƚŽ ŵŝŶŝŵŝnjĞ <ϯ ƌŝƐŬƐ ŝƐ
ƌŝƐŝŬŽ<ϯ͕ũƵŐĂĚŝůĂŬƵŬĂŶĚĞŶŐĂŶƉĞŶŐĂĚĂĂŶƉƌŽŐƌĂŵ ĂůƐŽĐĂƌƌŝĞĚŽƵƚďLJƉƌŽǀŝĚŝŶŐ<ϯƚƌĂŝŶŝŶŐƉƌŽŐƌĂŵƐƚŚĂƚ
ƉĞůĂƚŝŚĂŶ<ϯLJĂŶŐƐĞƐƵĂŝĚĞŶŐĂŶƚƵŐĂƐĚĂŶƉĞŬĞƌũĂĂŶ ĂƌĞ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ĚƵƚŝĞƐ ĂŶĚ ǁŽƌŬ ŽĨ ĞĂĐŚ
ŵĂƐŝŶŐͲŵĂƐŝŶŐ ŬĂƌLJĂǁĂŶ͕ ƐĞƌƚĂ ŵĞŶŐĂŵďŝů ůĂŶŐŬĂŚͲ ĞŵƉůŽLJĞĞ͕ĂƐǁĞůůĂƐƚĂŬŝŶŐƉƌŽĂĐƚŝǀĞĐŽƌƌĞĐƚŝǀĞƐƚĞƉƐ
ůĂŶŐŬĂŚ ƉĞƌďĂŝŬĂŶ ƉƌŽĂŬƚŝĨ ƵŶƚƵŬ ŵĞŶĐĞŐĂŚ ŝŶƐŝĚĞŶ ƚŽƉƌĞǀĞŶƚŝŶĐŝĚĞŶƚƐĨƌŽŵƌĞĐƵƌƌŝŶŐŝŶƚŚĞĨƵƚƵƌĞ͘;'Z/
ƚĞƌƵůĂŶŐĚŝŵĂƐĂĚĞƉĂŶ͘;'Z/ϰϬϯͲϮͿ ϰϬϯͲϮͿ
^ĞƐƵĂŝĚĞŶŐĂŶƚƵũƵĂŶƵŶƚƵŬŵĞǁƵũƵĚŬĂŶůŝŶŐŬƵŶŐĂŶ /ŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞĂŝŵŽĨĐƌĞĂƚŝŶŐĂŚĞĂůƚŚLJĂŶĚ
ŬĞƌũĂ LJĂŶŐ ƐĞŚĂƚ ĚĂŶ ĂŵĂŶ͕ WĞƌƐĞƌŽĂŶ ŵĞŶĞƌĂƉŬĂŶ ƐĂĨĞǁŽƌŬĞŶǀŝƌŽŶŵĞŶƚ͕ƚŚĞŽŵƉĂŶLJŝŵƉůĞŵĞŶƚƐ/^K
/^K ϰϱϬϬϭ͗ϮϬϭϴ ƵŶƚƵŬ ƐŝƐƚĞŵ ŵĂŶĂũĞŵĞŶ ϰϱϬϬϭ͗ϮϬϭϴĨŽƌƚŚĞŽĐĐƵƉĂƚŝŽŶĂůƐĂĨĞƚLJĂŶĚŚĞĂůƚŚ;<ϯͿ
ŬĞƐĞůĂŵĂƚĂŶ ĚĂŶ ŬĞƐĞŚĂƚĂŶ ŬĞƌũĂ ;<ϯͿ LJĂŶŐ ďĞƌůĂŬƵ ŵĂŶĂŐĞŵĞŶƚƐLJƐƚĞŵǁŚŝĐŚĂƉƉůŝĞƐƚŽĂůůƐƚĂŬĞŚŽůĚĞƌƐ
ďĂŐŝ ƐĞůƵƌƵŚ ƉĞŵĂŶŐŬƵ ŬĞƉĞŶƚŝŶŐĂŶ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ'ŽǀĞƌŶŵĞŶƚZĞŐƵůĂƚŝŽŶŶŽ͘ϱϬŽĨ
WĞƌĂƚƵƌĂŶ WĞŵĞƌŝŶƚĂŚ EŽ͘ ϱϬ dĂŚƵŶ ϮϬϭϮ͘ ϮϬϭϮ͘ /ŵƉůĞŵĞŶƚŝŶŐ /^K ϰϱϬϬϭ͗ϮϬϭϴ ŚĞůƉƐ ƚŚĞ
DĞŶĞƌĂƉŬĂŶ /^K ϰϱϬϬϭ͗ϮϬϭϴ ŵĞŵďĂŶƚƵ WĞƌƐĞƌŽĂŶ ŽŵƉĂŶLJŵĂŶĂŐĞŽĐĐƵƉĂƚŝŽŶĂůƐĂĨĞƚLJĂŶĚŚĞĂůƚŚƌŝƐŬƐ
ĚĂůĂŵŵĞŶŐĞůŽůĂŚƌŝƐŝŬŽŬĞƐĞůĂŵĂƚĂŶĚĂŶŬĞƐĞŚĂƚĂŶ ŵŽƌĞ ĞĨĨĞĐƚŝǀĞůLJ ĂŶĚ ĞŶƐƵƌĞ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ
ŬĞƌũĂĚĞŶŐĂŶůĞďŝŚĞĨĞŬƚŝĨĚĂŶŵĞŵĂƐƚŝŬĂŶŬĞƉĂƚƵŚĂŶ ƌĞŐƵůĂƚŝŽŶƐ͘ /Ŷ ĂĚĚŝƚŝŽŶ͕ ƚŚĞƌĞ ŝƐ ĂŶ ^KW ĨŽƌ <ϯ ƌŝƐŬ
ƚĞƌŚĂĚĂƉ ƉĞƌĂƚƵƌĂŶ͘ ^ĞůĂŝŶ ŝƚƵ ƚĞƌĚĂƉĂƚ ^KW ŵĂŶĂŐĞŵĞŶƚ ƚŚĂƚ ĂƉƉůŝĞƐ ŝŶ ƚŚĞ ŽŵƉĂŶLJΖƐ ǁŽƌŬ
ƉĞŶŐĞůŽůĂŚĂŶƌŝƐŝŬŽ<ϯLJĂŶŐďĞƌůĂŬƵĚĂůĂŵůŝŶŐŬƵŶŐĂŶ ĞŶǀŝƌŽŶŵĞŶƚ͕ĂƐĨŽůůŽǁƐ͘
ŬĞƌũĂWĞƌƐĞƌŽĂŶ͕ƐĞďĂŐĂŝďĞƌŝŬƵƚ͘
ϭ͘ d:Ͳ^KWͲ,^ͲϬϭ ϭ͘ d:Ͳ^KWͲ,^ͲϬϭ
WĞŶĞƚĂƉĂŶ<ĞďŝũĂŬĂŶ<ϯ> ĞƚĞƌŵŝŶĂƚŝŽŶŽĨ<ϯ>WŽůŝĐLJ
Ϯ͘ d:Ͳ^KWͲ,^ͲϬϮ Ϯ͘ d:Ͳ^KWͲ,^ͲϬϮ
DĂŶĂũĞŵĞŶZŝƐŝŬŽ<ϯ K,^ZŝƐŬDĂŶĂŐĞŵĞŶƚ
ϯ͘ d:Ͳ^KWͲ,^Ͳϭϭ ϯ͘ d:Ͳ^KWͲ,^Ͳϭϭ
WĞŶŐĞůŽůĂĂŶĂůĂƚƉĞůŝŶĚƵŶŐĚŝƌŝ DĂŶĂŐĞŵĞŶƚŽĨƉĞƌƐŽŶĂůƉƌŽƚĞĐƚŝǀĞĞƋƵŝƉŵĞŶƚ
ϰ͘ d:Ͳ^KWͲ,^ͲϬϭϮ ϰ͘ d:Ͳ^KWͲ,^ͲϬϭϮ
WĞŶŐĞůŽůĂĂŶŬĞƐĞůĂŵĂƚĂŶŽƉĞƌĂƐŝŽŶĂů KƉĞƌĂƚŝŽŶĂůƐĂĨĞƚLJŵĂŶĂŐĞŵĞŶƚ
ϱ͘ d:Ͳ^KWͲ,^ͲϬϭϯ ϱ͘ d:Ͳ^KWͲ,^ͲϬϭϯ
WĞŶŐĞůŽůĂĂŶůŝŶŐŬƵŶŐĂŶŬĞƌũĂ tŽƌŬĞŶǀŝƌŽŶŵĞŶƚŵĂŶĂŐĞŵĞŶƚ
ϲ͘ d:Ͳ^KWͲ,^ͲϬϭϰ ϲ͘ d:Ͳ^KWͲ,^ͲϬϭϰ
WĞŶŐĞůŽůĂĂŶŬĞƐĞŚĂƚĂŶŬĞƌũĂ KĐĐƵƉĂƚŝŽŶĂůŚĞĂůƚŚŵĂŶĂŐĞŵĞŶƚ
dŝĚĂŬŚĂŶLJĂƐĂŵƉĂŝĚŝƐŝƚƵ͕WĞƌƐĞƌŽĂŶũƵŐĂŵĞůĂŬƵŬĂŶ EŽƚŽŶůLJƚŚĂƚ͕ƚŚĞŽŵƉĂŶLJĂůƐŽĐĂƌƌŝĞƐŽƵƚĐŽŶƚŝŶƵŽƵƐ
ĞǀĂůƵĂƐŝ ĚĂŶ ƉĞƌďĂŝŬĂŶ LJĂŶŐ ďĞƌŬĞůĂŶũƵƚĂŶ ĚĂůĂŵ ĞǀĂůƵĂƚŝŽŶ ĂŶĚ ŝŵƉƌŽǀĞŵĞŶƚ ŝŶ ƚŚĞ <ϯ ŵĂŶĂŐĞŵĞŶƚ
ƐŝƐƚĞŵĂŶŵĂŶĂũĞŵĞŶ<ϯ͕ĚŝĂŶƚĂƌĂŶLJĂƐĞďĂŐĂŝďĞƌŝŬƵƚ͗ ƐLJƐƚĞŵ͕ŝŶĐůƵĚŝŶŐƚŚĞĨŽůůŽǁŝŶŐ͗
ϭ͘ DĞŶŐŐĞůĂƌ ĂƵĚŝƚ <ϯ LJĂŶŐ ĚŝůĂŬƵŬĂŶ ƐĞĐĂƌĂ ϭ͘ ,ŽůĚŝŶŐ <ϯ ĂƵĚŝƚƐ ĐŽŶĚƵĐƚĞĚ ŝŶƚĞƌŶĂůůLJ ĂŶĚ
ŝŶƚĞƌŶĂůĚĂŶĞŬƐƚĞƌŶĂů͖ ĞdžƚĞƌŶĂůůLJ͖
Ϯ͘ DĞůĂŬƵŬĂŶ ƉĞŵĂŶƚĂƵĂŶ ƚĞƌŚĂĚĂƉ ƚŝŶĚĂŬĂŶ Ϯ͘ DŽŶŝƚŽƌŝŶŐ ƉĞƌŝŽĚŝĐ ĐŽƌƌĞĐƚŝǀĞ ĂĐƚŝŽŶƐ ĂƌŝƐŝŶŐ
ƉĞƌďĂŝŬĂŶ ƐĞĐĂƌĂ ďĞƌŬĂůĂ LJĂŶŐ ƚŝŵďƵů ĚĂƌŝ ŚĂƐŝů ĨƌŽŵĂƵĚŝƚƌĞƐƵůƚƐ͖
ĂƵĚŝƚ͖
ϯ͘ DĞŶŐŝŶǀĞƐƚŝŐĂƐŝ ƐĞĐĂƌĂ ŵĞŶĚĂůĂŵ ƚĞƌŚĂĚĂƉ ϯ͘ /ŶǀĞƐƚŝŐĂƚĞ ŝŶ ĚĞƉƚŚ ƚŚĞ ŝŶĐŝĚĞŶƚƐ ƚŚĂƚ ŽĐĐƵƌ ƚŽ
ŝŶƐŝĚĞŶLJĂŶŐƚĞƌũĂĚŝƵŶƚƵŬŵĞŵĂƐƚŝŬĂŶƉĞƌďĂŝŬĂŶ ĞŶƐƵƌĞŝŵƉƌŽǀĞŵĞŶƚƐƚŽƉƌĞǀĞŶƚƌĞĐƵƌƌĞŶĐĞ͖
ĚĞŵŝŵĞŶĐĞŐĂŚĂĚĂŶLJĂƉĞŶŐƵůĂŶŐĂŶ͖
ϰ͘ DĞŶũĂůĂŶŬĂŶ ƉƌŽŐƌĂŵ ďĂŐŝ ƉĞŬĞƌũĂ ƵŶƚƵŬ ĚĂƉĂƚ ϰ͘ /ŵƉůĞŵĞŶƚ Ă ƉƌŽŐƌĂŵ ĨŽƌ ǁŽƌŬĞƌƐ ƚŽ ďĞ ĂďůĞ ƚŽ
ŵĞůĂƉŽƌŬĂŶ ŬŽŶĚŝƐŝ ŬĞƌũĂ LJĂŶŐ ƚŝĚĂŬ ĂŵĂŶ ĚĂŶ ƌĞƉŽƌƚƵŶƐĂĨĞǁŽƌŬŝŶŐĐŽŶĚŝƚŝŽŶƐĂŶĚĂůůŽǁƚŚĞŵ
ŵĞŵƉĞƌďŽůĞŚŬĂŶ ƵŶƚƵŬ ďĞƌŚĞŶƚŝ ũŝŬĂ ŬŽŶĚŝƐŝ ƚŽƐƚŽƉŝĨĚĂŶŐĞƌŽƵƐĐŽŶĚŝƚŝŽŶƐĂƌŝƐĞĂƐĂƌĞƐƵůƚŽĨ
LJĂŶŐ ŵĞŵďĂŚĂLJĂŬĂŶ ƚŝŵďƵů ĂŬŝďĂƚ ŬĞŐŝĂƚĂŶ ŽƉĞƌĂƚŝŽŶĂůĂĐƚŝǀŝƚŝĞƐ͘
ŽƉĞƌĂƐŝŽŶĂů͘
&ŽƌŵƵůĂƐŝŬĞďŝũĂŬĂŶŬĞƐĞůĂŵĂƚĂŶĚĂŶŬĞƐĞŚĂƚĂŶŬĞƌũĂ dŚĞ ĨŽƌŵƵůĂƚŝŽŶ ŽĨ ŽĐĐƵƉĂƚŝŽŶĂů ƐĂĨĞƚLJ ĂŶĚ ŚĞĂůƚŚ
ĚŝĂƚĂƐ ďĞŶƚƵŬ ŬŽŵŝƚŵĞŶ WĞƌƐĞƌŽĂŶ ƚĞƌŚĂĚĂƉ ƉŽůŝĐŝĞƐ ŝƐ Ă ĨŽƌŵ ŽĨ ƚŚĞ ŽŵƉĂŶLJΖƐ ĐŽŵŵŝƚŵĞŶƚ ƚŽ
110
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ŬĞƐĞũĂŚƚĞƌĂĂŶ ŬĂƌLJĂǁĂŶ ĚĂŶ ƉĞŶŐĞůŽůĂŚĂŶ ƌŝƐŝŬŽ͘ ĞŵƉůŽLJĞĞǁĞůĨĂƌĞĂŶĚƌŝƐŬŵĂŶĂŐĞŵĞŶƚ͘^ŽƚŚĂƚĞǀĞƌLJ
^ĞŚŝŶŐŐĂƐĞƚŝĂƉŬĂƌLJĂǁĂŶĚŝǁĂũŝďŬĂŶƵŶƚƵŬŵĞŵĂƚƵŚŝ ĞŵƉůŽLJĞĞŝƐƌĞƋƵŝƌĞĚƚŽĐŽŵƉůLJǁŝƚŚƚŚĞƉŽůŝĐŝĞƐŝƐƐƵĞĚ
ŬĞďŝũĂŬĂŶ LJĂŶŐ ĚŝŬĞůƵĂƌŬĂŶ WĞƌƐĞƌŽĂŶ͕ ƚĞƌŵĂƐƵŬ ďLJ ƚŚĞ ŽŵƉĂŶLJ͕ ŝŶĐůƵĚŝŶŐ ĂƉƉůŝĐĂďůĞ <ϯ ůĂǁƐ ĂŶĚ
ƉĞĂƌƚƵƌĂŶ ƉĞƌƵŶĚĂŶŐͲƵŶĚŶĂŐĂŶ <ϯ LJĂŶŐ ďĞƌůĂŬƵ͘ ƌĞŐƵůĂƚŝŽŶƐ͘ /Ŷ ĞĂĐŚ ŽƉĞƌĂƚŝŽŶĂů ŽĨĨŝĐĞ ƚŚĞ ŽŵƉĂŶLJ
ĂůĂŵ ƐĞƚŝĂƉ ŬĂŶƚŽƌ ŽƉĞƌĂƐŝŽŶĂů WĞƌƐĞƌŽĂŶ ƉƌŽǀŝĚĞƐĂĨŝƌƐƚĂŝĚŬŝƚ͕ůŝŐŚƚĨŝƌĞĞdžƚŝŶŐƵŝƐŚĞƌ͕ŚLJĚƌĂŶƚ͕
ŵĞŶLJĞĚŝŬĂŶ ŬŽƚĂŬ Wϯ<͕ ĂůĂƚ ƉĞŵĂĚĂŵ ĂƉŝ ƌŝŶŐĂŶ͕ ĂŶĚϭĂŵďƵůĂŶĐĞǀĞŚŝĐůĞ
ŚLJĚƌĂŶƚ͕ĚĂŶϭŬĞŶĚĂƌĂĂŶĂŵďƵůĂŶĐĞ
ĞƌŝŬƵƚ ƐĂũŝĂŶ ĚĂƚĂ ƚĂŚƵŶ ϮϬϮϯ͕ ϮϬϮϮ͕ ϮϬϮϭ ƚĞƌŬĂŝƚ dŚĞĨŽůůŽǁŝŶŐŝƐĂƉƌĞƐĞŶƚĂƚŝŽŶŽĨĚĂƚĂĨŽƌϮϬϮϯ͕ϮϬϮϮ͕
ŝŶƐŝĚĞŶŬĞĐĞůĂŬĂĂŶŬĞƌũĂLJĂŶŐĚŝƚƵĂŶŐŬĂŶĚĂůĂŵƚĂďĞů ϮϬϮϭƌĞŐĂƌĚŝŶŐǁŽƌŬĂĐĐŝĚĞŶƚŝŶĐŝĚĞŶƚƐĂƐŽƵƚůŝŶĞĚŝŶ
ĚŝďĂǁĂŚ͘ ƚŚĞƚĂďůĞďĞůŽǁ͘
hƌĂŝĂŶ
ϮϬϮϯ ϮϬϮϮ ϮϬϮϬ
ĞƐĐƌŝƉƚŝŽŶ
&ĂƚĂůŝƚLJ Ϭ Ϭ Ϭ
>ŽƐƚdŝŵĞ/ŶũƵƌLJ Ϭ Ϭ Ϭ
DĞĚŝĐĂůdƌĞĂƚŵĞŶƚĂƐĞ ϳ ϭ ϭ
&ŝƌƐƚŝĚĂƐĞ ϭ Ϭ Ϭ
WƌŽƉĞƌƚLJĂŵĂŐĞ ϲ ϴ ϱ
ŶǀŝƌŽŶŵĞŶƚĂůĂŵĂŐĞ Ϭ Ϭ ϭ
WĞŶĚŝĚŝŬĂŶΘWĞůĂƚŝŚĂŶŝĚĂŶŐ<ϯ ͘ ĚƵĐĂƚŝŽŶΘdƌĂŝŶŝŶŐŝŶƚŚĞ<ϯ^ĞĐƚŽƌ
;'Z/ϰϬϯͲϱͿ ;'Z/ϰϬϯͲϱͿ
WĞŶƚŝŶŐ ƵŶƚƵŬ ƚĞƌƵƐ ŵĞŵƉĞƌďĂŚĂƌƵŝ ĚĂŶ /ƚŝƐŝŵƉŽƌƚĂŶƚƚŽĐŽŶƚŝŶƵĞƚŽƵƉĚĂƚĞĂŶĚƉĞƌĨĞĐƚƚŚĞ
ŵĞŶLJĞŵƉƵƌŶĂŬĂŶ ƉƌŽŐƌĂŵ <ϯ͘ KůĞŚ ŬĂƌĞŶĂ ŝƚƵ͕ <ϯ ƉƌŽŐƌĂŵ͘ dŚĞƌĞĨŽƌĞ͕ ƚŚĞ ŽŵƉĂŶLJ ƉƌŽǀŝĚĞƐ
WĞƌƐĞƌŽĂŶŵĞŵďĞƌŝŬĂŶƉĞŶĚŝĚŝŬĂŶĚĂŶƉĞůĂƚŝŚĂŶLJĂŶŐ ĞĨĨĞĐƚŝǀĞ ĞĚƵĐĂƚŝŽŶ ĂŶĚ ƚƌĂŝŶŝŶŐ ƌĞŐĂƌĚŝŶŐ
ĞĨĞŬƚŝĨ ƐĞŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ ƉĞŵĂŚĂŵĂŶ͕ ƵŶĚĞƌƐƚĂŶĚŝŶŐ͕ ƐŬŝůůƐ ĂŶĚ ďĞŚĂǀŝŽƌ ŝŶ ŵĂŝŶƚĂŝŶŝŶŐ
ŬĞƚĞƌĂŵƉŝůĂŶ͕ ĚĂŶ ƉĞƌŝůĂŬƵ ĚĂůĂŵ ŵĞŶũĂŐĂ ƐĂĨĞƚLJŝŶƚŚĞǁŽƌŬƉůĂĐĞ͘dŚŝƐƉƌŽŐƌĂŵĚŝƐĐƵƐƐĞƐ ƌŝƐŬƐ
ŬĞƐĞůĂŵĂƚĂŶĚŝƚĞŵĂƉĂƚŬĞƌũĂ͘WƌŽŐƌĂŵŝŶŝŵĞŵďĂŚĂƐ ĂŶĚ ĚĂŶŐĞƌƐ ŝŶ ƚŚĞ ǁŽƌŬƉůĂĐĞ͕ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ǁŽƌŬ
ƚĞŶƚĂŶŐ ƌŝƐŝŬŽ ĚĂŶ ďĂŚĂLJĂ ĚŝƚĞŵƉĂƚ ŬĞƌũĂ͕ ƉƌŽĐĞƐƐĞƐƚŚĂƚŝŶǀŽůǀĞŚŝŐŚƌŝƐŬƐ͕ŬŶŽǁůĞĚŐĞĂŶĚƐŬŝůůƐ
ƉĞŵĞŚĂŵĂŶ ƉƌŽƐĞƐ ŬĞƌũĂ LJĂŶŐ ŵĞůŝďĂƚŬĂŶ ƌŝƐŝŬŽ ƚŽ ƉƌŽǀŝĚĞ ĂƐƐŝƐƚĂŶĐĞ ŝŶ ƚŚĞ ĞǀĞŶƚ ŽĨ ĂŶ ĂĐĐŝĚĞŶƚ Žƌ
ƚŝŶŐŐŝ͕ ƉĞŶŐĞƚĂŚƵĂŶ ĚĂŶ ŬĞƚĞƌĂŵƉŝůĂŶ ƵŶƚƵŬ ŚĞĂůƚŚ ĞŵĞƌŐĞŶĐLJ͕ ĂƐ ǁĞůů ĂƐ ĂŶ ŝŶƚƌŽĚƵĐƚŝŽŶ ƚŽ
ŵĞŵďĞƌŝŬĂŶ ƉĞƌƚŽůŽŶŐĂŶ ƉĂĚĂ ƐĂĂƚ ŬĞĐĞůĂŬĂĂŶ ĂƚĂƵ ĞƋƵŝƉŵĞŶƚĂŶĚŐĞŶĞƌĂůƐƚĞƉƐƚŽƉƌĞǀĞŶƚĂĐĐŝĚĞŶƚƐ͘
ŬĞĂĚĂĂŶ ĚĂƌƵƌĂƚ ŬĞƐĞŚĂƚĂŶ͕ ƐĞƌƚĂ ƉĞŶŐĞŶĂůĂŶ
ƉĞƌĂůĂƚĂŶ ĚĂŶ ůĂŶŐŬĂŚͲůĂŶŐŬĂŚ ƵŵƵŵ ƵŶƚƵŬ
ŵĞŶĐĞŐĂŚŬĞĐĞůĂŬĂĂŶ͘
ƚĂƐ ŬŝŶĞƌũĂ LJĂŶŐ ƚĞůĂŚ ĚŝůĂŬƵŬĂŶ WĞƌƐĞƌŽĂŶ ƚĞƌŬĂŝƚ &ŽƌƚŚĞƉĞƌĨŽƌŵĂŶĐĞƚŚĂƚƚŚĞŽŵƉĂŶLJŚĂƐĐĂƌƌŝĞĚŽƵƚ
ĚĞŶŐĂŶ <ϯ͕ WĞƌƐĞƌŽĂŶ ŵĞŶĚĂƉĂƚŬĂŶ ƉĞŶŐŚĂƌŐĂĂŶ ƌĞůĂƚĞĚƚŽ<ϯ͕ƚŚĞŽŵƉĂŶLJƌĞĐĞŝǀĞĚĂŶĂǁĂƌĚǁŝƚŚ<ϯ
ĚĞŶŐĂŶŬƵĂůŝĨŝŬĂƐŝ<ϯ͘ ƋƵĂůŝĨŝĐĂƚŝŽŶƐ͘
dĂŶŐŐƵŶŐ:ĂǁĂďdĞƌŚĂĚĂƉƵƐƚŽŵĞƌ ZĞƐƉŽŶƐŝďŝůŝƚŝĞƐƚŽƵƐƚŽŵĞƌƐ
;WK:<ϱϭ͘͘ϲ͘Đ͘ϭͿ;^ K:<ϭϲ͘&͘ϭϳͿ ;WK:<ϱϭ͘͘ϲ͘Đ͘ϭͿ;^ K:<ϭϲ͘&͘ϭϳͿ
^ĂůĂŚ ƐĂƚƵ ĂƐƉĞŬ ƉĞŶƚŝŶŐ ĚĂůĂŵ ŵĞŶũĂůĂŶŬĂŶ ďŝƐŶŝƐ KŶĞ ŝŵƉŽƌƚĂŶƚ ĂƐƉĞĐƚ ŽĨ ƌƵŶŶŝŶŐ Ă ďƵƐŝŶĞƐƐ ŝƐ ďĞŝŶŐ
ĂĚĂůĂŚ ďĞƚĂŶŐŐƵŶŐ ũĂǁĂď ƚĞƌŚĂĚĂƉ ƉĞůĂŶŐŐĂŶ͘ ƌĞƐƉŽŶƐŝďůĞƚŽǁĂƌĚƐĐƵƐƚŽŵĞƌƐ͘dŚĞƐĞƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ
dĂŶŐŐƵŶŐ ũĂǁĂď ŝŶŝ ŵĞŶĐĂŬƵƉ ŬĞƉƵĂƐĂŶ ƉĞůĂŶŐŐĂŶ͕ ŝŶĐůƵĚĞ ĐƵƐƚŽŵĞƌ ƐĂƚŝƐĨĂĐƚŝŽŶ͕ ƐĞƌǀŝĐĞ ƐĞĐƵƌŝƚLJ͕ ĂŶĚ
ŬĞĂŵĂŶĂŶ ůĂLJĂŶĂŶ͕ ĚĂŶ ŬŽŵƵŶŝŬĂƐŝ LJĂŶŐ ĞĨĞŬƚŝĨ͘ ĞĨĨĞĐƚŝǀĞĐŽŵŵƵŶŝĐĂƚŝŽŶ͘dŚĞƉƌŽĚƵĐƚƐƌĞŶƚĞĚďLJƚŚĞ
WƌŽĚƵŬ LJĂŶŐ ĚŝƐĞǁĂŬĂŶ WĞƌƐĞƌŽĂŶ ƚĞůĂŚ ŵĞŵĞŶƵŚŝ ŽŵƉĂŶLJ ŚĂǀĞ ŵĞƚ ƌĞůĞǀĂŶƚ ƐĂĨĞƚLJ ƐƚĂŶĚĂƌĚƐ ĂŶĚ
ƐƚĂŶĚĂƌ ŬĞĂŵĂŶĂŶ ĚĂŶ ƌĞŐƵůĂƐŝ LJĂŶŐ ƌĞůĞǀĂŶ ƐĞƌƚĂ ƌĞŐƵůĂƚŝŽŶƐ ĂŶĚ ŚĂǀĞ ŐŽŶĞ ƚŚƌŽƵŐŚ ƐƚƌŝĐƚ ŵŽŶŝƚŽƌŝŶŐ
ƚĞůĂŚ ŵĞůĂůƵŝ ƉĞŶŐĂǁĂƐĂŶ ĚĂŶ ĞǀĂůƵĂƐŝ LJĂŶŐ ŬĞƚĂƚ ĂŶĚ ĞǀĂůƵĂƚŝŽŶ ƐŽ ƚŚĂƚ ƚŚĞŝƌ ƋƵĂůŝƚLJ ĂŶĚ ƐĂĨĞƚLJ ĂƌĞ
ƐĞŚŝŶŐŐĂƚĞƌũĂŵŝŶŬƵĂůŝƚĂƐĚĂŶŬĞĂŵĂŶĂŶŶLJĂ͘ ŐƵĂƌĂŶƚĞĞĚ͘
^ĞďĂŐĂŝ ƐĂůĂŚ ƐĂƚƵ ƉĞŵĂŶŐŬƵ ŬĞƉĞŶƚŝŶŐĂŶ LJĂŶŐ ƐŽŶĞŽĨƚŚĞƐƚĂŬĞŚŽůĚĞƌƐǁŚŽĞŶƐƵƌĞƐƚŚĞĐŽŶƚŝŶƵŝƚLJ
ŵĞŶũĂŵŝŶŬĞůĂŶŐƐƵŶŐĂŶƵƐĂŚĂWĞƌƐĞƌŽĂŶ͕ƉĞůĂŶŐŐĂŶ ŽĨ ƚŚĞ ŽŵƉĂŶLJΖƐ ďƵƐŝŶĞƐƐ͕ ĐƵƐƚŽŵĞƌƐ ĂƌĞ ƚŚĞ
ĂĚĂůĂŚ ƉƌŝŽƌŝƚĂƐ WĞƌƐĞƌŽĂŶ ĚĂůĂŵ ƉĞŶLJĞĚŝĂŬĂŶ ũĂƐĂ ŽŵƉĂŶLJΖƐ ƉƌŝŽƌŝƚLJ ŝŶ ƉƌŽǀŝĚŝŶŐ ƐĞƌǀŝĐĞƐ ĐŽŶƐŝĚĞƌŝŶŐ
111
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ůĂLJĂŶĂŶ ŵĞŶŐŝŶŐĂƚ ƉĂĚĂ ƉƌŝŶƐŝƉŶLJĂ ƉĞůĂŶŐŐĂŶ LJĂŶŐ ƚŚĂƚŝŶƉƌŝŶĐŝƉůĞƐĂƚŝƐĨŝĞĚĐƵƐƚŽŵĞƌƐƚĞŶĚƚŽďĞ ŵŽƌĞ
ƉƵĂƐ ĐĞŶĚĞƌƵŶŐ ůĞďŝŚ ƐĞƚŝĂ͕ ĚĂŶ ƚŝĚĂŬ ŵĞŶƵƚƵƉ ůŽLJĂů͕ĂŶĚĚŽŶŽƚƌƵůĞŽƵƚƚŚĞƉŽƐƐŝďŝůŝƚLJŽĨƉƌŽǀŝĚŝŶŐ
ŬĞŵƵŶŐŬŝŶĂŶ ŵĞŵďĞƌŝŬĂŶ ƌĞŬŽŵĞŶĚĂƐŝ ŬĞƉĂĚĂ ƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐ ƚŽ ŽƚŚĞƌ ŵĞŵďĞƌƐ ŽĨ ƚŚĞ ƉƵďůŝĐ͘
ŵĂƐLJĂƌĂŬĂƚůĂŝŶŶLJĂ͘^ĞůĂŝŶŝƚƵƌĞƐƉŽŶĐĞƉĂƚĚĂŶĞĨŝƐŝĞŶ ƉĂƌƚ ĨƌŽŵ ƚŚĂƚ͕ Ă ĨĂƐƚ ĂŶĚ ĞĨĨŝĐŝĞŶƚ ƌĞƐƉŽŶƐĞ ŝŶ
ĚĂůĂŵ ŵĞŶĂŶŐŐĂƉŝ ƉĞƌƚĂŶLJĂĂŶ͕ ŬĞůƵŚĂŶ ĂƚĂƵ ƌĞƐƉŽŶĚŝŶŐ ƚŽ ƋƵĞƐƚŝŽŶƐ͕ ĐŽŵƉůĂŝŶƚƐ Žƌ ĐƵƐƚŽŵĞƌ
ƉĞƌŵŝŶƚĂĂŶ ƉĞůĂŶŐŐĂŶ ŵĞŶũĂĚŝ ĚĂLJĂ ƚĂƌŝŬ ƚĞƌƐĞŶĚŝƌŝ͕ ƌĞƋƵĞƐƚƐŝƐĂƐƉĞĐŝĂůĂƚƚƌĂĐƚŝŽŶ͕ƐŽƚŚĂƚƚŚĞŽŵƉĂŶLJ
ƐĞŚŝŶŐŐĂ WĞƌƐĞƌŽĂŶ ƐĞŶĂŶƚŝĂƐĂ ŵĞŶĂŶĂŵ ŬĞƉĂĚĂ ĂůǁĂLJƐŝŶǀĞƐƚƐŝŶŝƚƐĞŵƉůŽLJĞĞƐƚŽƉƌŽǀŝĚĞƚŚĞďĞƐƚĂŶĚ
ŬĂƌLJĂǁĂŶ ƵŶƚƵŬ ŵĞŵďĞƌŝŬĂŶ ƉĞůĂLJĂŶĂŶ ƚĞƌďĂŝŬ ĚĂŶ ĞƋƵĂůƐĞƌǀŝĐĞƚŽĂůůĐƵƐƚŽŵĞƌƐ͘
ƐĞƚĂƌĂŬĞƉĂĚĂƐĞŵƵĂƉĞůĂŶŐŐĂŶ͘
dĂŶŐŐƵŶŐ ũĂǁĂď ƚĞƌŚĂĚĂƉ ƉĞůĂŶŐŐĂŶ ĚŝĂƚƵƌ ĚĂůĂŵ ZĞƐƉŽŶƐŝďŝůŝƚLJ ƚŽǁĂƌĚƐ ĐƵƐƚŽŵĞƌƐ ŝƐ ƌĞŐƵůĂƚĞĚ ŝŶ ƚŚĞ
ŬĞƚĞŶƚƵĂŶ hŶĚĂŶŐͲhŶĚĂŶŐ ŬŽŶƐƵŵĞŶ͕ LJĂŶŐ ƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞŽŶƐƵŵĞƌ>Ăǁ͕ǁŚŝĐŚƌĞƋƵŝƌĞƐĞǀĞƌLJ
ŵĞǁĂũŝďŬĂŶƐĞƚŝĂƉƉĞůĂŬƵƵƐĂŚĂŵĞŵďĞƌůĂŬƵŬĂŶĂƚĂƵ ďƵƐŝŶĞƐƐ ĂĐƚŽƌ ƚŽ ƚƌĞĂƚ Žƌ ƐĞƌǀĞ ĐŽŶƐƵŵĞƌƐ ǁĞůů͕
ŵĞůĂLJĂŶŝ ŬŽŶƐƵŵĞŶ ƐĞĐĂƌĂ ďĂŝŬ͕ ũƵũƵƌ ĚĂŶ ƚŝĚĂŬ ŚŽŶĞƐƚůLJĂŶĚǁŝƚŚŽƵƚĚŝƐĐƌŝŵŝŶĂƚŝŽŶ͘/ŶůŝŶĞǁŝƚŚƚŚŝƐ͕
ĚŝƐŬƌŝŵŝŶĂƐŝ͘ ^ĞũĂůĂŶ ĚĞŶŐĂŶ ŝŶŝ ƉĞŶĞƌĂƉĂŶ ƚĂŶŐŐƵŶŐ ƚŚĞ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ ƌĞƐƉŽŶƐŝďŝůŝƚLJ ƚŽǁĂƌĚƐ
ũĂǁĂď ƚĞƌŚĂĚĂƉ ĐƵƐƚŽŵĞƌ ŵĞŶďĨĂĐƵ ũƵŐĂ ƉĂĚĂ /^K ĐƵƐƚŽŵĞƌƐ ŝƐ ĂůƐŽ ďĂƐĞĚ ŽŶ /^K ϵϬϬϭ͗ϮϬϭϱ͕ /^K
ϵϬϬϭ͗ϮϬϭϱ͕ /^K ϰϱϬϬϭ͗ϮϬϭϴ͕ /^K ϭϰϬϬϭ͗ϮϬϭϱ LJĂŶŐ ϰϱϬϬϭ͗ϮϬϭϴ͕/^KϭϰϬϬϭ͗ϮϬϭϱǁŚŝĐŚĂƌĞŝŵƉůĞŵĞŶƚĞĚ
ĚŝƚĞƌĂƉŬĂŶ ŽůĞŚ WĞƌƐĞƌŽĂŶ ŚŝŶŐŐĂ ƚĂŚƵŶ ϮϬϮϮ͕ ƐĞƌƚĂ ďLJƚŚĞŽŵƉĂŶLJƵŶƚŝůϮϬϮϮ͕ĂƐǁĞůůĂƐĐŽŵƉůLJŝŶŐǁŝƚŚ
ŵĞŵĂƚƵŚŝŬŽĚĞĞƚŝŬWĞƌƐĞƌŽĂŶ͘ ƚŚĞŽŵƉĂŶLJΖƐĐŽĚĞŽĨĞƚŚŝĐƐ͘
/ŶĨŽƌŵĂƐŝWƌŽĚƵŬΘWĞůĂLJĂŶĂŶ<ĞŐŝĂƚĂŶhƐĂŚĂ /ŶĨŽƌŵĂƚŝŽŶŽŶWƌŽĚƵĐƚƐΘ^ĞƌǀŝĐĞƐĨŽƌƵƐŝŶĞƐƐ
ĐƚŝǀŝƚŝĞƐ
;WK:<ϱϭ͘͘ϲ͘ĨͿ;^ K:<ϭϲ͘&Ϯϲ–&ϯϬͿ ;WK:<ϱϭ͘͘ϲ͘ĨͿ;^ K:<ϭϲ͘&Ϯϲ–&ϯϬͿ
^ĞũĂůĂŶ ĚĞŶŐĂŶ ƉĞŵďĂŚĂƐĂŶ ĚŝĂƚĂƐ ƚĞŶƚĂŶŐ /ŶůŝŶĞǁŝƚŚƚŚĞĚŝƐĐƵƐƐŝŽŶĂďŽǀĞƌĞŐĂƌĚŝŶŐĐŽŶƐƵŵĞƌ
ƉĞƌůŝŶĚŝŶŐĂŶ ŬŽŶƐƵŵĞŶ͕ ŝŶĨŽƌŵĂƐŝ ĚĂŶ ƉƌŽĚƵŬ ƉƌŽƚĞĐƚŝŽŶ͕ ŝŶĨŽƌŵĂƚŝŽŶ ĂŶĚ ƐĞƌǀŝĐĞ ƉƌŽĚƵĐƚƐ ŝŶ ƚŚĞ
ƉĞůĂLJĂŶĂŶ ĚĂůĂŵ ŬĞŐĂƚĂŶ ƵƐĂŚĂ WĞƌƐĞƌŽĂŶ ϭϬϬй ŽŵƉĂŶLJΖƐďƵƐŝŶĞƐƐĂĐƚŝǀŝƚŝĞƐĂƌĞϭϬϬйŐƵĂƌĂŶƚĞĞĚƚŽ
ĚŝũĂŵŝŶ ŵĞŵŝůŝŬŝ ŝnjŝŶ ĚĂŶ ŵĞŵŝůŝŬŝ ŬƵĂůŝƚĂƐ ƚĞƌďĂŝŬ͘ ŚĂǀĞ ƉĞƌŵŝƚƐ ĂŶĚ ŚĂǀĞ ƚŚĞ ďĞƐƚ ƋƵĂůŝƚLJ͘ /ŶĨŽƌŵĂƚŝŽŶ
hŶƚƵŬ ŝŶĨŽƌŵĂƐŝ ƚĞƌŬĂŝƚ ƉĞŶLJĞǁĂĂŶ ŬĞŶĚĂƌĂĂŶ ƌĞůĂƚĞĚ ƚŽ ǀĞŚŝĐůĞ ƌĞŶƚĂů ŝƐ ƉƌŽǀŝĚĞĚ ǀŝĂ ŽƵƌ ŽĨĨŝĐŝĂů
ĚŝƐĞĚŝŬĂŶ ŵĞůĂůƵŝ ǁĞďƐŝƚĞ ƌĞƐŵŝ ŬĂŵŝ͕ LJĂŝƚƵ ǁĞďƐŝƚĞ͕ ŶĂŵĞůLJ ǁǁǁ͘ƚƌĂŶƐŬŽŶͲƌĞŶƚ͘ĐŽŵ ǁŚŝĐŚ ĐĂŶ
ǁǁǁ͘ƚƌĂŶƐŬŽŶͲƌĞŶƚ͘ĐŽŵ LJĂŶŐ ĚĂƉĂƚ ĚŝĂŬƐĞƐ ƐĞĐĂƌĂ ďĞ ĂĐĐĞƐƐĞĚ ĞĂƐŝůLJ ďLJ ĐƵƐƚŽŵĞƌƐ ǁŚĞƌĞǀĞƌ ĂŶĚ
ŵƵĚĂŚ ŽůĞŚ ĐƵƐƚŽŵĞƌ Ěŝ ŵĂŶĂ ƉƵŶ ĚĂŶ ŬĂƉĂŶƉƵŶ͘ ǁŚĞŶĞǀĞƌ͘ dŚŝƐ ŝŶĨŽƌŵĂƚŝŽŶ ŚĞůƉƐ ĐƵƐƚŽŵĞƌƐ ŵĂŬĞ
/ŶĨŽƌŵĂƐŝ ŝŶŝ ŵĞŵďĂŶƚƵ ƉĞůĂŶŐŐĂŶ ĚĂůĂŵ ŵĞŵďƵĂƚ ŝŶĨŽƌŵĞĚ ĚĞĐŝƐŝŽŶƐ͘ Ɛ Ă ĨŽƌŵ ŽĨ ƉƌŽƚĞĐƚŝŽŶ ƚŚĂƚ ƚŚĞ
ŬĞƉƵƚƵƐĂŶ LJĂŶŐ ƚĞƉĂƚ͘ ^ĞďĂŐĂŝ ďĞŶƚƵŬ ƉĞƌůŝŶĚŶŐĂŶ ŽŵƉĂŶLJ ƉƌŽǀŝĚĞƐ ƚŽ ĐƵƐƚŽŵĞƌƐ͕ ŝƚ ĐĂƌƌŝĞƐ ŽƵƚ ĂŶ
LJĂŶŐ ĚŝůĂŬƵŬĂŶ WĞƌƐĞƌŽĂŶ ŬĞƉĂĚĂ ƉĞůĂŶŐŐĂŶ ĂĚĂůĂŚ ĂƐƐĞƐƐŵĞŶƚŽĨĂůůƉĞƌŵĂŶĞŶƚƉƌŽĚƵĐƚƐǁŚĞŶƚŚĞLJĂƌĞ
ĚĞŶŐĂŶ ŵĞůĂŬƵŬĂŶ ƉĞŶŝůĂŝĂŶ ƉĂĚĂ ƐĞŵƵĂ ƉƌŽĚƵŬ ŚĂŶĚĞĚŽǀĞƌƚŽĐƵƐƚŽŵĞƌƐ͕ĂŶĚĐĂƌƌŝĞƐŽƵƚƋƵĂůŝƚLJƚĞƐƚƐ
ƚĞƚĂƉ ƐĂĂƚ ĂŬĂŶ ĚŝůĂŬƵŬĂŶŶLJĂ ƐĞƌĂŚƚĞƌŝŵĂ ŬĞƉĂĚĂ ŽŶƌĞŶƚĂůǀĞŚŝĐůĞƐ͘
ƉĞůĂŶŐŐĂŶ͕ ŵĞůĂŬƵŬĂŶ Ƶũŝ ŬƵĂůŝƚĂƐ ƉĂĚĂ ŬĞŶĚĂƌĂĂŶ
LJĂŶŐĚŝƐĞǁĂŬĂŶ͘
ĂůĂŵ ƉĞůĂLJĂŶĂŶ ƐĞǁĂ ŬĞŶĚĂƌĂĂŶ WĞƌƐĞƌŽĂŶ /ŶƚŚĞǀĞŚŝĐůĞƌĞŶƚĂůƐĞƌǀŝĐĞ͕ƚŚĞŽŵƉĂŶLJƉƌŽǀŝĚĞƐĂŶ
ŵĞŵďĞƌŝŬĂŶ ƉĞŶĂǁĂƌĂŶ ďĂŐŝ ƉĞůĂŶŐŐĂŶ LJĂŶŐ ŽĨĨĞƌĨŽƌĐƵƐƚŽŵĞƌƐǁŚŽƌĞŶƚϭϬǀĞŚŝĐůĞƐ͕ƚŚĞŽŵƉĂŶLJ
ŵĞŶLJĞǁĂ ϭϬ ƵŶŝƚ ŬĞŶĚĂƌĂĂŶ͕ ŵĂŬĂ WĞƌƐĞƌŽĂŶ ĂŬĂŶ ǁŝůů ƉƌŽǀŝĚĞ ϭ ƌĞƉůĂĐĞŵĞŶƚ ǀĞŚŝĐůĞ ƚŽ ďĞ ƵƐĞĚ ŝĨ Ă
ŵĞŶLJĞĚŝĂŬĂŶ ϭ ƐƉĞƌ ŬĞŶĚĂƌĂĂŶ ƉĞŶŐŐĂŶƚŝ LJĂŶŐ ďƌĞĂŬĚŽǁŶ ŽĐĐƵƌƐ ŽŶ ƚŚĞ ŵĂŝŶ ǀĞŚŝĐůĞ͘ ƉĂƌƚ ĨƌŽŵ
ĚŝŐƵŶĂŬĂŶĂƉĂďŝůĂƚĞƌũĂĚŝďƌĞĂŬĚŽǁŶƉĂĚĂŬĞŶĚĂƌĂĂŶ ƚŚĂƚ͕ ƚŚĞ ŽŵƉĂŶLJ ĂůƐŽ ƉƌŽǀŝĚĞƐ ŵĞĐŚĂŶŝĐƐ ĂŶĚ
ƵƚĂŵĂ͘ ^ĞůĂŝ ŝƚƵ͕ WĞƌƐĞƌŽĂŶ ũƵŐĂ ŵĞŶLJĚŝĂŬĂŶ ŵĞŬĂŶŝ ŚĞůƉĞƌƐŝĨĐƵƐƚŽŵĞƌƐƌĞƋƵĞƐƚƚŚĞŵƚŽďĞƉƌŽǀŝĚĞĚ͘dŚŝƐ
ĚĂŶ ŚĞůƉĞƌ ĂƉĂďŝůĂ ƉĞůĂŶŐŐĂŶ ŵĞŵŝŶƚĂ ƵŶƚƵŬ ŝƐĂŶĂƚƚƌĂĐƚŝŽŶĨŽƌƚŚĞƉƌŽĚƵĐƚƐĂŶĚƐĞƌǀŝĐĞƐƉƌŽǀŝĚĞĚ
ĚŝƐĞĚŝĂŬĂŶ͘,ĂůŝŶŝŵĞŶũĂĚŝĚĂLJĂƚĂƌŝŬĂŬĂŶƉƌŽĚƵŬĚĂŶ ďLJƚŚĞŽŵƉĂŶLJ͘
ůĂLJĂŶĂŶLJĂŶŐĚŝƐĞĚŝĂŬĂŶŽůĞŚWĞƌƐĞƌŽĂŶ͘
WĞŶLJĞǁĂĂŶ<ĞŶĚĂƌĂĂŶ sĞŚŝĐůĞZĞŶƚĂů
WĞƌƐĞƌŽĂŶ ŵĞŶLJĞĚŝĂŬĂŶ ďĞƌďĂŐĂŝ ũĞŶŝƐ ŬĞŶĚĂƌĂĂŶ dŚĞ ŽŵƉĂŶLJ ƉƌŽǀŝĚĞƐ ǀĂƌŝŽƵƐ ƚLJƉĞƐ ŽĨ ǀĞŚŝĐůĞƐ ĨŽƌ
LJĂŶŐ ĚŝƐĞǁĂŬĂŶ͕ ƚĞƌŵĂƐƵŬ͕ ďƵƐ ŬĞĐŝů͕ ĚĂŶ ƚƌƵŬ͕ ƌĞŶƚ͕ ŝŶĐůƵĚŝŶŐ ƐŵĂůů ďƵƐĞƐ ĂŶĚ ƚƌƵĐŬƐ͕ ϰdžϰ ĂŶĚ ϰdžϮ
ŬĞŶĚĂƌĂĂŶϰdžϰĚĂŶϰdžϮƵŶƚƵŬŝŶĚƵƐƚƌŝƉĞƌƚĂŵďĂŶŐĂŶ͕ ǀĞŚŝĐůĞƐĨŽƌƚŚĞŵŝŶŝŶŐ͕ŽŝůĂŶĚŐĂƐ͕ĂŶĚĐŽŶƐƚƌƵĐƚŝŽŶ
ŵŝŶLJĂŬ ĚĂŶ ŐĂƐ͕ ĚĂŶ ŝŶĚƵƐƚƌŝ ŬŽŶƚƌƵŬƐŝ͘ ^ŝƐƚĞŵ ŝŶĚƵƐƚƌŝĞƐ͘ dŚĞ ƌĞŶƚĂů ƐLJƐƚĞŵ ŝƐ ĐĂƌƌŝĞĚ ŽƵƚ ǁŝƚŚ ƚǁŽ
ƉĞŶLJĞǁĂĂŶĚŝůĂŬƵŬĂŶĚĞŶŐĂŶĚƵĂŽƉƐŝƉĞƌŝŽĚĞ͕LJĂŝƚƵ ƉĞƌŝŽĚŽƉƚŝŽŶƐ͕ŶĂŵĞůLJůŽŶŐƚĞƌŵĂŶĚƐŚŽƌƚƚĞƌŵ͘>ŽŶŐ
ũĂŶŐŬĂ ǁĂŬƚƵ ƉĂŶũĂŶŐ ĚĂŶ ũĂŶŐŬĂ ǁĂŬƚƵ ƉĞŶĚĞŬ͘ ƚĞƌŵ ŝƐ Ă ǀĞŚŝĐůĞ ƌĞŶƚĂů ǁŝƚŚ Ă ƌĞŶƚĂů ƉĞƌŝŽĚ ŽĨŵŽƌĞ
:ĂŶŐŬĂǁĂŬƚƵƉĂŶũĂŶŐĂĚĂůĂŚƐĞǁĂŬĞŶĚĂƌĂĂŶĚĞŶŐĂŶ ƚŚĂŶϭLJĞĂƌ͕ǁŚŝůĞƐŚŽƌƚƚĞƌŵŝƐĂǀĞŚŝĐůĞƌĞŶƚĂůǁŝƚŚĂ
ŬƵƌƵŶŐ ǁĂŬƚƵ ƐĞǁĂ ůĞďŝŚ ĚĂƌŝ ϭ ƚĂŚƵŶ ƐĞĚĂŶŐŬĂŶ ƌĞŶƚĂůƉĞƌŝŽĚŽĨůĞƐƐƚŚĂŶϭLJĞĂƌ͘
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ũĂŶŐŬĂǁĂŬƚƵƉĞŶĚĞŬĂĚĂůĂŚƐĞǁĂŬĞŶĚĂƌĂĂŶĚĞŶŐĂŶ
ŬƵƌƵŶŐǁĂŬƚƵƐĞǁĂŬƵƌĂŶŐĚĂƌŝϭƚĂŚƵŶ͘
^ĞƚŝĂƉ ŬĞŶĚĂƌĂĂŶ LJĂŶŐ ĚŝƐĞǁĂŬĂŶ WĞƌƐĞƌŽĂŶ ĂĐŚ ǀĞŚŝĐůĞ ƌĞŶƚĞĚ ďLJ ƚŚĞ ŽŵƉĂŶLJ ŝƐ ƚĂŝůŽƌĞĚ ƚŽ
ĚŝƐĞƐƵĂŝŬĂŶ ĚĞŶŐĂŶ ŬĞďƵƚƵŚĂŶ ƉĞůĂŶŐŐĂŶ͕ ƚĞƌŵĂƐƵŬ ĐƵƐƚŽŵĞƌŶĞĞĚƐ͕ŝŶĐůƵĚŝŶŐĐŚĂŶŐĞƐŽƌŵŽĚŝĨŝĐĂƚŝŽŶƐŝŶ
ƉĞƌƵďĂŚĂŶ ĂƚĂƵ ŵŽĚŝĨŝŬĂƐŝ ďĞŶƚƵŬ LJĂŶŐ ĚŝƐĞƐƵĂŝŬĂŶ ƐŚĂƉĞƚŽƐƵŝƚŵŝŶŝŶŐƐƉĞĐŝĨŝĐĂƚŝŽŶƐ͕ďŽƚŚƚŽŚĂŶĚůĞŽĨĨͲ
ĚĞŶŐĂŶ ƐƉĞƐŝĨŝŬĂƐŝ ƚĂŵďĂŶŐ͕ ďĂŝŬ ŵĞŶĂŶŐĂŶŝ ŬŽŶĚŝƐŝ ƌŽĂĚĐŽŶĚŝƚŝŽŶƐĂŶĚǀĂƌŝŽƵƐĐŚĂůůĞŶŐĞƐŝŶƚŚĞŵŝŶŝŶŐ
ŽĨĨͲƌŽĂĚ ŵĂƵƉƵŶ ďĞƌďĂŐĂŝ ƚĂŶƚĂŶŐĂŶ ĚŝůŝŶŐŬƵŶŐĂŶ ĞŶǀŝƌŽŶŵĞŶƚ͘ sĞŚŝĐůĞƐ ƚŚĂƚ ĐĂŶ ďĞ ŵŽĚŝĨŝĞĚ͕ ƐƵĐŚ ĂƐ
ƚĂŵďĂŶŐ͘ <ĞŶĚĂƌĂĂŶͲŬĞŶĚĂƌĂŶ LJĂŶŐ ĚĂƉĂƚ ĚŽƵďůĞĐĂďŝŶ͕ƐŝŶŐůĞĐĂďŝŶ͕ŚĞĂǀLJĚƵƚLJƚƌŝĞƐ͕ĚƌŽƉƐŝƚĞ
ĚŝŵŽĚŝĨŝŬĂƐŝ͕ƐĞƉĞƌƚŝĚŽƵďůĞĐĂďŝŶ͕ƐŝŶŐůĞĐĂďŝŶ͕ŚĞĂǀLJ ƚƌĂLJ͕ĂŶĚƌĞƐĐƵĞƵŶŝƚ͘DŽĚŝĨŝĐĂƚŝŽŶƐĐĂŶƚĂŬĞƚŚĞĨŽƌŵ
ĚƵƚLJƚƌŝĞƐ͕ĚƌŽƉƐŝƚĞƚƌĂLJ͕ĚĂŶƌĞƐĐƵĞƵŶŝƚ͘DŽĚŝĨŝŬĂƐŝ ŽĨƌĞƉůĂĐŝŶŐůĂƌŐĞƚŝƌĞƐǁŝƚŚŚŝŐŚĞƌĚƵƌĂďŝůŝƚLJƚŽƉĂƐƐ
ĚĂƉĂƚ ďĞƌƵƉĂ ƉĞŶŐŐĂŶƚŝĂŶ ďĂŶ ďĞƐĂƌ ĚĞŶŐĂŶ ĚĂLJĂ ƚŚƌŽƵŐŚ ƌŽƵŐŚ ƚĞƌƌĂŝŶ͕ ĚĞƐŝŐŶƐ ƚŚĂƚ ĐĂŶ ǁŝƚŚƐƚĂŶĚ
ƚĂŚĂŶ LJĂŶŐ ůĞďŝŚ ƚŝŶŐŐŝ ƵŶƚƵŬ ŵĞůĞǁĂƚŝ ŵĞĚĂŶ LJĂŶŐ ŚĂƌƐŚ ĞŶǀŝƌŽŶŵĞŶƚĂů ĐŽŶĚŝƚŝŽŶƐ͕ ƐĂĨĞ ƐĞĂƚŝŶŐ
ŬĂƐĂƌ͕ĚĞƐĂŝŶLJĂŶŐƚĂŚĂŶĂŬĂŶŬŽŶĚŝƐŝůŝŶŐŬƵŶŐĂŶLJĂŶŐ ĂƌƌĂŶŐĞŵĞŶƚƐ͕ĚĞƐŝŐŶŝŶŐĞŵĞƌŐĞŶĐLJŵĞĚŝĐĂůƐĞƌǀŝĐĞƐ
ŬĞƌĂƐ͕ ƉĞŶĂƚĂĂŶ ŬƵƌƐŝ LJĂŶŐ ĂŵĂŶ͕ ĚĞƐĂŝŶ ůĂLJĂŶĂŶ ŝŶ ŵŝŶŝŶŐ ĂƌĞĂƐ͕ ƉƌŽǀŝĚŝŶŐ ĐŽŵƉůĞƚĞ ŵĞĚŝĐĂů
ŵĞĚŝƐ ĚĂƌƵƌĂƚ Ěŝ ĂƌĞĂ ƚĂŵďĂŶŐ͕ ŵĞŶLJĞĚŝĂŬĂŶ ĞƋƵŝƉŵĞŶƚ͕ĂŶĚŵĂŶLJŵŽƌĞ͘^ĞĐƵƌŝƚLJĂŶĚĐŽŵƉůŝĂŶĐĞ
ƉĞƌĂůĂƚĂŶŵĞĚŝƐLJĂŶŐůĞŶŐŬĂƉ͕ĚĂŶŵĂƐŝŚďĂŶLJĂŬůĂŐŝ͘ ǁŝƚŚŵŝŶŝŶŐƐĂĨĞƚLJƐƚĂŶĚĂƌĚƐŝƐƚŚĞĐŽŵƉĂŶLJΖƐĨŽĐƵƐŝŶ
<ĞĂŵĂŶĂŶ ĚĂŶ ŬĞƉĂƚƵŚĂŶ ƚĞƌŚĂĚĂƉ ƐƚĂŶĚĂƌ ƐĞůĞĐƚŝŶŐǀĞŚŝĐůĞƐ͘
ŬĞƐĞůĂŵĂƚĂŶƚĂŵďĂŶŐĂĚĂůĂŚĨŽŬƵƐƉĞƌƐĞƌŽĂŶĚĂůĂŵ
ƉĞŵŝůŝŚĂŶŬĞĚĂƌĂĂŶ͘
WĞƌƐĞƌŽĂŶũƵŐĂŵĞŵŝůŝŬŝŝŶŽǀĂƐŝĚĂůĂŵƉĞŶŐĞŵďĂŶŐĂŶ dŚĞ ĐŽŵƉĂŶLJ ĂůƐŽ ŚĂƐ ŝŶŶŽǀĂƚŝŽŶ ŝŶ ĚĞǀĞůŽƉŝŶŐ ƚŚĞ
ƵƐĂŚĂ ƉĞŶLJĞǁĂĂŶ ŬĞŶĚĂƌĂĂŶ ĚĞŶŐĂŶ ŬŽŵŝƚŵĞŶ ǀĞŚŝĐůĞƌĞŶƚĂůďƵƐŝŶĞƐƐǁŝƚŚĂĐŽŵŵŝƚŵĞŶƚƚŽĂĚĚƵŶŝƚƐ
ŵĞůĂŬƵŬĂŶ ƉĞŶĂŵďĂŚĂŶ ƵŶŝƚ ƚŝĂƉ ƚĂŚƵŶ ĚĂŶ ĞǀĞƌLJ LJĞĂƌ ĂŶĚ ĂĚĚ ŶĞǁ ƚLJƉĞƐ ŽĨ ǀĞŚŝĐůĞƐ͘ dŚĞ
ŵĞŶĂŵďĂŚĂŬĂŶ ũĞŶŝƐ ŬĞŶĚĂƌĂĂŶ ďĂƌƵ͘ ,Ăů ƚĞƌƐĞďƵƚ ŽŵƉĂŶLJ ĚŽĞƐ ƚŚŝƐ ƚŽ ƉƌŽǀŝĚĞ ƚŚĞ ďĞƐƚ ƐĞƌǀŝĐĞ ƚŽ
ĚŝůĂŬƵŬĂŶ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ŵĞŵďĞƌŝŬĂŶ ƉĞůĂLJĂŶĂŶ ĐƵƐƚŽŵĞƌƐ͘
ƚĞƌďĂŝŬŬĞƉĂĚĂĐƵƐƚŽŵĞƌ͘
^ƵƌǀĞŝ<ĞƉƵĂƐĂŶƵƐƚŽŵĞƌ ƵƐƚŽŵĞƌ^ĂƚŝƐĨĂĐƚŝŽŶ^ƵƌǀĞLJ
^ƵƌǀĞŝ ŬĞƉƵĂƐĂŶ ƉĞůĂŶŐŐĂŶ ĂĚĂůĂŚ ĂůĂƚ LJĂŶŐ ŵĂŵƉƵ ƵƐƚŽŵĞƌ ƐĂƚŝƐĨĂĐƚŝŽŶ ƐƵƌǀĞLJƐ ĂƌĞ ƚŽŽůƐ ƚŚĂƚ ĐĂŶ
ŵĞŵďĞƌŝŬĂŶǁĂǁĂƐĂŶďĞƌŚĂƌŐĂƚĞŶƚĂŶŐŬĞŬƵĂƚĂŶĚĂŶ ƉƌŽǀŝĚĞ ǀĂůƵĂďůĞ ŝŶƐŝŐŚƚ ŝŶƚŽ ƚŚĞ ƐƚƌĞŶŐƚŚƐ ĂŶĚ
ŬĞůĞŵĂŚĂŶďŝƐŶŝƐ͕ŵĞŶŐƵŬƵƌƐĞũĂƵŚŵĂŶĂƉĞůĂŶŐŐĂŶ ǁĞĂŬŶĞƐƐĞƐŽĨĂďƵƐŝŶĞƐƐ͕ŵĞĂƐƵƌĞƚŚĞĞdžƚĞŶƚƚŽǁŚŝĐŚ
ƉƵĂƐĚĞŶŐĂŶƉƌŽĚƵŬĚĂŶůĂLJŶĂĂŶLJĂŶŐĚŝƚĞƌŝŵĂ͕ƐĞƌƚĂ ĐƵƐƚŽŵĞƌƐĂƌĞƐĂƚŝƐĨŝĞĚǁŝƚŚƚŚĞƉƌŽĚƵĐƚƐĂŶĚƐĞƌǀŝĐĞƐ
ŵĞŵďĂŶƚƵ WĞƌƐĞƌŽĂŶ ĚĂůĂŵ ŵĞŶŝŶŐŬĂƚŬĂŶ ŬƵĂůŝƚĂƐ ƚŚĞLJ ƌĞĐĞŝǀĞ͕ ĂŶĚ ŚĞůƉ ƚŚĞ ŽŵƉĂŶLJ ŝŵƉƌŽǀĞ ƚŚĞ
ƉƌŽĚƵŬ ĚĂŶ ƉĞůĂLJŶĂŶĂŶ͘ ^ĞůĂŝƚ ŝƚƵ ƐƵƌǀĞŝ ŬĞƉƵĂƐĂŶ ƋƵĂůŝƚLJŽĨƉƌŽĚƵĐƚƐĂŶĚƐĞƌǀŝĐĞƐ͘/ŶĂĚĚŝƚŝŽŶ͕ĐƵƐƚŽŵĞƌ
ƉĞůĂŶŐŐĂŶ ŵĞŵďĂŶƚƵ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ƚĞƚĂƉ ƐĂƚŝƐĨĂĐƚŝŽŶ ƐƵƌǀĞLJƐ ŚĞůƉ ƚŚĞ ŽŵƉĂŶLJ ƚŽ ƐƚĂLJ
ƚĞƌŚƵďƵŶŐĚĞŶŐĂŶŬĞďƵƚƵŚĂŶĚĂŶŚĂƌĂƉĂŶƉĞůĂŶŐŐĂŶ͘ ĐŽŶŶĞĐƚĞĚ ǁŝƚŚ ĐƵƐƚŽŵĞƌ ŶĞĞĚƐ ĂŶĚ ĞdžƉĞĐƚĂƚŝŽŶƐ͘
^ƵƌǀĞŝ ŬĞƉƵĂƐĂŶ ĐƵƐƚŽŵĞƌ ĚŝůĂŬƐĂŶĂŬĂŶ ƐĞĐĂƌĂ ƌƵƚŝŶ ƵƐƚŽŵĞƌƐĂƚŝƐĨĂĐƚŝŽŶƐƵƌǀĞLJƐĂƌĞĐĂƌƌŝĞĚŽƵƚƌĞŐƵůĂƌůLJ
ƵŶƚƵŬ ŵĞŵĂŶƚĂƵ ĞĨĞŬƚŝǀŝƚĂƐ ĚĂŶ ƵƐĂŚĂ WĞƌƐĞƌŽĂŶ ƚŽ ŵŽŶŝƚŽƌ ƚŚĞ ĞĨĨĞĐƚŝǀĞŶĞƐƐ ĂŶĚ ĞĨĨŽƌƚƐ ŽĨ ƚŚĞ
ĚĂůĂŵ ŵĞŵĞŶƵŚŝ ŬĞďƵƚƵŚĂŶ ƐĞůƵƌƵŚ ĐƵƐƚŽŵĞƌ ^ŬŽƌ ŽŵƉĂŶLJŝŶŵĞĞƚŝŶŐƚŚĞŶĞĞĚƐŽĨĂůůĐƵƐƚŽŵĞƌƐ͘dŚĞ
ĂƚĂƐ ƐƵƌǀĞŝ ŵĞƌƵƉĂŬĂŶ ƐŬŽƌ ĚĂƌŝ ƉĞŶŝůĂŝĂŶ ĐƵƐƚŽŵĞƌ ƐĐŽƌĞ ŽŶ ƚŚĞ ƐƵƌǀĞLJ ŝƐ ƚŚĞ ƐĐŽƌĞ ĨƌŽŵ ƚŚĞ ĐƵƐƚŽŵĞƌΖƐ
ŬĞƉĂĚĂ WĞƌƐĞƌŽĂŶ ĚĞŶŐĂŶ ŵĞŶŐŐƵŶĂŬĂŶ ƐŬĂůĂ ĂƐƐĞƐƐŵĞŶƚŽĨƚŚĞŽŵƉĂŶLJƵƐŝŶŐĂŵĂdžŝŵƵŵƐĐĂůĞŽĨ
ŵĂŬƐŝŵĂů ϱ͘ ĚĂƉƵŶ ŚĂƐŝů ƉĞƌďĂŶĚŝŶŐĂŶ ƐƵƌǀĞŝ LJĂŶŐ ϱ͘dŚĞĐŽŵƉĂƌŝƐŽŶƌĞƐƵůƚƐŽĨƐƵƌǀĞLJƐĐŽŶĚƵĐƚĞĚďLJƚŚĞ
ĚŝůĂŬƵŬĂŶ WĞƌƐĞƌŽĂŶ ƐĞůĂŵĂ ƚŝŐĂ ƚĂŚƵŶ ƚĞƌĂŬŚŝƌ ŽŵƉĂŶLJŽǀĞƌƚŚĞůĂƐƚƚŚƌĞĞLJĞĂƌƐĂƌĞĂƐĨŽůůŽǁƐ͗
ƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
^ƵƌǀĞLJZĞƐƵůƚƵƐƚŽŵĞƌ ϮϬϮϯ ϮϬϮϮ ϮϬϮϭ
:ƵŵůĂŚƵƐƚŽŵĞƌzĂŶŐDĞůĂŬƵŬĂŶ^ƵƌǀĞŝ
ϳϳ ϲϰ ϭϳ
EƵŵďĞƌŽĨƵƐƚŽŵĞƌƐtŚŽŽŶĚƵĐƚ^ƵƌǀĞLJƐ
:ƵŵůĂŚ^ŬŽƌ
dŽƚĂů^ĐŽƌĞ Ϯϰ͘ϭ ϮϱϬ ϲϬ͕ϵϬ
ZĂƚĂͲZĂƚĂ^ŬŽƌͬdŽƚĂůũƵŵůĂŚĐƵƐƚŽŵĞƌLJĂŶŐŵĞůĂŬƵŬĂŶ
ƐƵƌǀĞŝ
ǀĞƌĂŐĞ^ĐŽƌĞͬdŽƚĂůŶƵŵďĞƌŽĨĐƵƐƚŽŵĞƌƐǁŚŽ
ĐŽŶĚƵĐƚĞĚƚŚĞƐƵƌǀĞLJ ϰ͘Ϭ ϯ͕ϵ ϯ͕ϱϴ
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DĂƐLJĂƌĂŬĂƚ WƵďůŝĐ
;WK:<ϱϭ͘ϲ͘Đ͘ϯͿ;^ K:<ϭϲ͘&͘ϮϯͿ;'Z/ϰϭϯͿ ;WK:<ϱϭ͘ϲ͘Đ͘ϯͿ;^ K:<ϭϲ͘&͘ϮϯͿ;'Z/ϰϭϯͿ
DĞŵĂŚĂŵŝĚĂŵƉĂŬĚĂƌŝŬĞŐŝĂƚĂŶďŝƐŶŝƐƚĞƌŚĂĚĂƉŚĂŬ hŶĚĞƌƐƚĂŶĚŝŶŐ ƚŚĞ ŝŵƉĂĐƚ ŽĨ ďƵƐŝŶĞƐƐ ĂĐƚŝǀŝƚŝĞƐ ŽŶ
ĂƐĂƐŝ ŵĂŶƵƐŝĂ ĚĂŶ ŵĞŶũĂůĂŶŬĂŶ ƉƌĂŬƚŝŬͲƉƌĂƚŝŬ ďŝƐŶŝƐ ŚƵŵĂŶ ƌŝŐŚƚƐ ĂŶĚ ŝŵƉůĞŵĞŶƚŝŶŐ ďƵƐŝŶĞƐƐ ƉƌĂĐƚŝĐĞƐ
LJĂŶŐƐĞƐƵĂŝĚĞŶŐĂŶƉƌŝŶƐŝƉͲƉƌŝŶƐŝƉŚĂŬĂƐĂƐŝŵĂŶƵƐŝĂ ƚŚĂƚ ĐŽŵƉůLJ ǁŝƚŚ ŚƵŵĂŶ ƌŝŐŚƚƐ ƉƌŝŶĐŝƉůĞƐ ĂƌĞ
ŵĞƌƵƉĂŬĂŶ ŬŽŵŝƚŵĞŶ ƉĞŶƚŝŶŐ ĚĂůĂŵ ŵĞŶũĂůĂŶŬĂŶ ŝŵƉŽƌƚĂŶƚ ĐŽŵŵŝƚŵĞŶƚƐ ŝŶ ĐĂƌƌLJŝŶŐ ŽƵƚ ƐƵƐƚĂŝŶĂďůĞ
ŽƉĞƌĂƐŝ ďŝƐŶŝƐ LJĂŶŐ ďĞƌŬĞůĂŶũƵƚĂŶ ĚĂŶ ďĞƌƚĂŶŐŐƵŶŐ ĂŶĚ ƐŽĐŝĂůůLJ ƌĞƐƉŽŶƐŝďůĞ ďƵƐŝŶĞƐƐ ŽƉĞƌĂƚŝŽŶƐ͘ Ɛ Ă
ũĂǁĂď ƐĞĐĂƌĂ ƐŽƐŝĂů͘ ^ĞďĂŐĂŝ ƉĞƌƵƐĂŚĂĂŶ LJĂŶŐ ĐŽŵƉĂŶLJ ŽƉĞƌĂƚŝŶŐ ŝŶ ƚŚĞ ǀĞŚŝĐůĞ ƌĞŶƚĂů ƐĞĐƚŽƌ͕ ƚŚĞ
ďĞƌŐĞƌĂŬ ĚĂůĂŵ ďŝĚĂŶŐ ƉĞŶLJĞǁĂĂŶ ŬĞŶĚĂƌĂĂŶ͕ ŽŵƉĂŶLJΖƐ ŽƉĞƌĂƚŝŽŶĂů ĂĐƚŝǀŝƚŝĞƐ ĂƌĞ ƐƉƌĞĂĚ ĂĐƌŽƐƐ
ŬĞŐŝƚĂŶ ŽƉĞƌĂƐŝŽŶĂů WĞƌƐĞƌŽĂŶ ƚĞƌƐĞďĂƌ Ěŝ ďĞƌďĂŐĂŝ ǀĂƌŝŽƵƐƌĞŐŝŽŶƐŝŶ/ŶĚŽŶĞƐŝĂ͘dŚŝƐŚĂƐĂƉŽƐŝƚŝǀĞŝŵƉĂĐƚ
ǁŝůĂLJĂŚ Ěŝ /ŶĚŽŶĞƐŝĂ͘ ,Ăů ŝŶŝ ŵĞŶĚĂƚĂŶŐŬĂŶ ĚĂŵƉĂŬ ŽŶ ƚŚĞ ƐƵƌƌŽƵŶĚŝŶŐ ĐŽŵŵƵŶŝƚLJ͕ ǁŚĞƌĞ ƚŚĞ ŽŵƉĂŶLJ
ƉŽƐŝƚŝĨ ďĂŐŝ ŵĂƐLJĂƌĂŬĂƚ ƐĞŬŝƚĂƌ͕ ĚŝŵĂŶĂ WĞƌƐĞƌŽĂŶ ƐĞĞŬƐ ƚŽ ŝŶǀŽůǀĞ ƚŚĞ ƐƵƌƌŽƵŶĚŝŶŐ ĐŽŵŵƵŶŝƚLJ ďLJ
ďĞƌƵƉĂLJĂ ŵĞůŝďĂƚŬĂŶ ŵĂƐLJĂƌĂŬĂƚ ƐĞŬŝƚĂƌ ĚĞŶŐĂŶ ƌĞĐƌƵŝƚŝŶŐ ŶĞǁ ĞŵƉůŽLJĞĞƐ͘ dŚĞ ƉƌŽĐĞƐƐ ŽĨ ƌĞĐƌƵŝƚŝŶŐ
ŵĞůĂŬƵŬĂŶ ƉĞƌĞŬƌƵƚĂŶ ŬĂƌLJĂǁĂŶ ďĂƌƵ͘ WƌŽƐĞƐ ŶĞǁĞŵƉůŽLJĞĞƐǁŝůůĐƌĞĂƚĞŽƉƉŽƌƚƵŶŝƚŝĞƐĨŽƌƚŚĞůŽĐĂů
ƉĞƌĞŬƌƵƚĂŶŬĂƌLJĂǁĂŶďĂƌƵĂŬĂŶŵĞŶĐŝƉƚĂŬĂŶƉĞůƵĂŶŐ ĐŽŵŵƵŶŝƚLJ͕ ƐŽ ƚŚĂƚ ƚŚĞ ƵŶĞŵƉůŽLJŵĞŶƚ ƌĂƚĞ ǁŝůů ďĞ
ďĂŐŝ ŵĂƐLJĂƌĂŬĂƚ ƐĞƚĞŵƉĂƚ͕ ƐĞŚŝŶŐŐĂ ƚŝŶŐŬĂƚ ƌĞĚƵĐĞĚĂŶĚƉƌŽǀŝĚĞŝŶĐŽŵĞĨŽƌƚŚŽƐĞǁŚŽĂƌĞƐĞůĞĐƚĞĚ
ƉĞŶŐĂŶŐŐƵƌĂŶ ĂŬĂŶ ďĞƌŬƵƌĂŶŐ ƐĞƌƚĂ ŵĞŵďĞƌŝ ƚŽďĞĐŽŵĞĞŵƉůŽLJĞĞƐŽĨƚŚĞŽŵƉĂŶLJ͘/ŶĂĚĚŝƚŝŽŶ͕ďLJ
ƉĞŶĚĂƉƚĂŶŬĞƉĂĚĂďĂŐŝŵĞƌĞŬĂLJĂŶŐƚĞƌƉŝůŝŚŵĞŶĂũĚŝ ƉƌŽǀŝĚŝŶŐũŽďƐƚŽůŽĐĂůĐŽŵŵƵŶŝƚŝĞƐ͕ƚŚĞŽŵƉĂŶLJĐĂŶ
ŬĂƌLJĂǁĂŶWĞƌƐĞƌŽĂŶ͘^ĞůĂŝŶŝƚƵ͕ĚĞŶŐĂŶŵĞŵďĞƌŝŬĂŶ ĐŽŶƚƌŝďƵƚĞ ƚŽ ŝŵƉƌŽǀŝŶŐ ƚŚĞ ƋƵĂůŝƚLJ ŽĨ ůŝĨĞ ŽĨ ƚŚĞ
ƉĞŬĞƌũĂĂŶ ŬĞƉĂĚĂ ŵĂƐLJĂƌĂŬĂƚ ƐĞŬŝƚĂƌ͕ WĞƌƐĞƌŽĂŶ ĐŽŵŵƵŶŝƚLJƚŚƌŽƵŐŚŝŶĐƌĞĂƐŝŶŐŝŶĐŽŵĞ͘
ĚĂƉĂƚďĞƌŬŽŶƚƌŝďƵƐŝƉĂĚĂƉĞŶŝŶŐŬĂƚĂŶŬƵĂůŝƚĂƐŚŝĚƵƉ
ŵĂƐLJĂƌĂŬĂƚŵĞůĂůƵŝƉĞŶŝŶŐŬĂƚĂŶƉĞŶĚĂƉĂƚĂŶ͘
^ĞũĂůĂŶ ĚĞŶŐĂŶ ƉƌŝŶƐŝƉ ŚĂŬ ĂƐĂŝ ŵĂŶƵƐŝĂ͕ ŵĞůĂůƵŝ /ŶůŝŶĞǁŝƚŚŚƵŵĂŶƌŝŐŚƚƐƉƌŝŶĐŝƉůĞƐ͕ƚŚƌŽƵŐŚŽƉĞŶĂŶĚ
ƉĞƌĞŬƌƵƚĂŶ LJĂŶŐ ƚĞƌďƵŬĂ ĚĂŶ ŝŶŬůƵƐŝĨ͕ ŵĞŵĂƐƚŝŬĂŶ ŝŶĐůƵƐŝǀĞƌĞĐƌƵŝƚŵĞŶƚ͕ĞŶƐƵƌŝŶŐƚŚĂƚĂůůŵĞŵďĞƌƐŽĨƚŚĞ
ďĂŚǁĂ ƐĞŵƵĂ ĂŶŐŐŽƚĂ ŵĂƐLJĂƌĂŬĂƚ ƐĞŬŝƚĂƌ ŵĞŵŝůŝŬŝ ůŽĐĂů ĐŽŵŵƵŶŝƚLJ ŚĂǀĞ ĞƋƵĂů ŽƉƉŽƌƚƵŶŝƚŝĞƐ ƚŽ ŽďƚĂŝŶ
ŬĞƐĞŵƉĂƚĂŶ LJĂŶŐ ƐĞƚĂƌĂ ƵŶƚƵŬ ŵĞŶĚĂƉƚŬĂŶ ĞŵƉůŽLJŵĞŶƚ͕ƚŚĞƌĞďLJĐƌĞĂƚŝŶŐĂŵŽƌĞũƵƐƚĂŶĚĞƋƵĂů
ƉĞŬĞƌũĂĂŶ͕ ƐĞŚŝŶŐŐĂ ŵĞŶĐŝƉƚĂŬĂŶ ůŝŶŐŬƵŶŐĂŶ LJĂŶŐ ĞŶǀŝƌŽŶŵĞŶƚ͘ /Ŷ ĂĚĚŝƚŝŽŶ͕ ƚŚĞ ŽŵƉĂŶLJ ƐŚŽǁƐ ŝƚƐ
ůĞďŝŚ ĂĚŝů ĚĂŶ ƐĞƚĂƌĂ͘ ^ĞůĂŝŶ ŝƚƵ͕ WĞƌƐĞƌŽĂŶ ĐŽŵŵŝƚŵĞŶƚƚŽƐŽĐŝĂůƌĞƐƉŽŶƐŝďŝůŝƚLJďLJŝŶǀŽůǀŝŶŐŝƚƐĞůĨ
ŵĞŶƵŶũƵŬŬĂŶŬŽŵŝƚŵĞŶŶLJĂƚĞƌŚĂĚĂƉƚĂŶŐŐƵŶŐũĂǁĂď ŝŶ ǀĂƌŝŽƵƐ ĐŽŵŵƵŶŝƚLJ ĚĞǀĞůŽƉŵĞŶƚ ƉƌŽŐƌĂŵƐ ƚŚĂƚ
ƐŽƐŝĂůĚĞŶŐĂŶŵĞůŝďĂƚŬĂŶĚŝƌŝĚĂůĂŵďĞƌďĂŐĂŝƉƌŽŐƌĂŵ ƐƵƉƉŽƌƚĞĚƵĐĂƚŝŽŶ͕ŚĞĂůƚŚ͕ƐƵƉƉŽƌƚƐŵĂůůĂŶĚŵĞĚŝƵŵ
ƉĞŶŐĞŵďĂŶŐĂŶ ŵĂƐLJĂƌĂŬĂƚ LJĂŶŐ ŵĞŶĚƵŬƵŶŐ ďƵƐŝŶĞƐƐĞƐ ŝŶ ƚŚĞ ƐƵƌƌŽƵŶĚŝŶŐ ĂƌĞĂ ƚŽ ŝŶĐƌĞĂƐĞ ƚŚĞ
ƉĞŶĚŝĚŝŬĂŶ͕ ŬĞƐĞŚĂƚĂŶ͕ ŵĞŶĚƵŬƵŶŐ ƵƐĂŚĂ ŬĞĐŝů ĚĂŶ ĞĐŽŶŽŵŝĐ ĞŵƉŽǁĞƌŵĞŶƚ ŽĨ ƚŚĞ ƐƵƌƌŽƵŶĚŝŶŐ
ŵĞŶĞŶŐĂŚ ĚŝǁĂůĂLJĂŚ ƐĞŬŝƚĂƌ ŐƵŶĂ ŵĞŶŝŶŐŬĂƚŬĂŶ ĐŽŵŵƵŶŝƚLJĂŶĚƉƌŽǀŝĚĞŽƚŚĞƌƉƵďůŝĐĨĂĐŝůŝƚŝĞƐ͘
ƉĞŵďĞƌĚĂLJĂĂŶ ĞŬŽŶŽŵŝ ŵĂƐLJĂƌĂŬĂƚ ƐĞŬŝƚĂƌ ĚĂŶ
ŵĞŵďĞƌŝŬĂŶĨĂƐŝůŝƚĂƐƵŵƵŵůĂŝŶŶLJĂ͘
WĞŶŐĂĚƵĂŶ ŽŵƉůĂŝŶƚ
;WK:<ϱϭ͘͘ϲ͘Ĩ͘ϱͿ;^ K:<ϭϲ͘&͘ϮϰͿ ;WK:<ϱϭ͘͘ϲ͘Ĩ͘ϱͿ;^ K:<ϭϲ͘&͘ϮϰͿ
<ƌŝƚŝŬĂŶĚĂŶŵĂƐƵŬĂŶĂĚĂůĂŚƐĂůĂŚƐĂƚƵĂƐƉĞŬƵŶƚƵŬ ƌŝƚŝĐŝƐŵĂŶĚŝŶƉƵƚĂƌĞŽŶĞĂƐƉĞĐƚŽĨƵŶĚĞƌƐƚĂŶĚŝŶŐƚŚĞ
ŵĞŵĂŚĂŵŝ ŬĞůĞďŝŚĂŶ ĚĂŶ ŬĞŬƵƌĂŶŐĂŶ ĚĂƌŝ ŬƵĂůŝƚĂƐ ĂĚǀĂŶƚĂŐĞƐ ĂŶĚ ĚŝƐĂĚǀĂŶƚĂŐĞƐ ŽĨ ƚŚĞ ƋƵĂůŝƚLJ ŽĨ ƚŚĞ
ƉƌŽĚƵŬ ŵĂƵƉƵŶ ůĂLJĂŶĂŶ LJĂŶŐ ĚŝďĞƌŝŬĂŶ͘ ^ĞŚŝŶŐŐĂ ƉƌŽĚƵĐƚƐĂŶĚƐĞƌǀŝĐĞƐƉƌŽǀŝĚĞĚ͘^ŽƚŚĂƚƚŚĞŽŵƉĂŶLJ
WĞƌƐĞƌŽĂŶŵĞŵŝůŝŬŝŵĞŬĂŶŝƐŵĞƉĞŶŐĂĚƵĂŶLJĂŶŐũĞůĂƐ ŚĂƐĂĐůĞĂƌĂŶĚĞĂƐŝůLJĂĐĐĞƐƐŝďůĞĐŽŵƉůĂŝŶƚŵĞĐŚĂŶŝƐŵ͘
ĚĂŶ ŵƵĚĂŚ ĚŝĂŬƐĞƐ͘ ĂŐŝ ƐĞƚŝĂƉ ŽƌĂŶŐ ĚĂƉĂƚ ǀĞƌLJŽŶĞĐĂŶŵĂŬĞĂĐŽŵƉůĂŝŶƚƚŽƚŚĞĞͲŵĂŝůĂĚĚƌĞƐƐ
ŵĞůĂŬƵŬĂŶ ƉĞŶŐĂĚƵĂŶ ŬĞ ĂůĂŵĂƚ ĞͲŵĂŝů ǁŚŝƐƚůĞďůŽǁĞƌΛƚƌĂŶƐŬŽŶͲƌĞŶƚ͘ĐŽŵ͘ /Ŷ ƚŚŝƐ ĨŽƌŵ Ă
ǁŚŝƐƚůĞďůŽǁĞƌΛƚƌĂŶƐŬŽŶͲƌĞŶƚ͘ĐŽŵ͘ ĂůĂŵ ĨŽƌŵ ŝŶŝ ƉĞƌƐŽŶĐĂŶƉƌŽǀŝĚĞŝŶĨŽƌŵĂƚŝŽŶŽƌĞdžƉƌĞƐƐŝŽŶƐƌĞůĂƚĞĚ
ƐĞƐĞƌŽĂŶŐ ĚĂƉĂƚ ŵĞŵďĞƌŝŬĂŶ ŝŶĨŽƌŵĂƐŝ ĂƚĂƵ ƚŽ ŶŽŶͲĐŽŵƉůŝĂŶĐĞ ƐƵĐŚ ĂƐ ůĞŐĂů ǀŝŽůĂƚŝŽŶƐ Žƌ ĨƌĂƵĚ͕
ƵŶŐŬĂƉĂŶLJĂŶŐďĞƌŚƵďƵŶŐĂŶĚĞŶŐĂŶŬĞƚŝĚĂŬƐĞƐƵĂŝĂŶ ƵŶĞƚŚŝĐĂů Žƌ ĂďƵƐĞ ŽĨ ƉŽǁĞƌ ƚŚĂƚ ŽĐĐƵƌƐ ŝŶ ƚŚĞ
ƐĞƉĞƌƚŝ ƉĞůĂŶŐŐĂƌĂŶ ŚƵŬƵŵ ĂƚĂƵ ŬĞĐƵƌĂŶŐĂŶ͕ ƚŝĚĂŬ ŽŵƉĂŶLJΖƐ ǁŽƌŬ ĞŶǀŝƌŽŶŵĞŶƚ͘ ǀĞƌLJ ĐŽŵƉůĂŝŶƚ
ĞƚŝƐ͕ ĂƚĂƵ ƉĞŶLJĞůĂŐƵŶĂĂŶ ŬĞŬƵĂƐĂĂŶ LJĂŶŐ ƚĞƌũĂĚŝ ƌĞĐĞŝǀĞĚďLJƚŚĞŽŵƉĂŶLJǁŝůůďĞƵƐĞĚĂƐĂŶŽƉƉŽƌƚƵŶŝƚLJ
ĚĂůĂŵůŝŶŐŬƵŶŐĂŶŬĞƌũĂWĞƌƐĞƌŽĂŶ͘^ĞƚŝĂƉƉĞŶŐĂĚƵĂŶ ƚŽŝŵƉƌŽǀĞĂŶĚŝŶĐƌĞĂƐĞĐƵƐƚŽŵĞƌƐĂƚŝƐĨĂĐƚŝŽŶŽƌƚŚĞ
LJĂŶŐ ĚŝƚĞƌŝŵĂ WĞƌƐĞƌŽĂŶ͕ ĂŬĂŶ ĚŝũĂĚŝŬĂŶ ƐĞďĂŐĂŝ ŽŵƉĂŶLJΖƐŝŶƚĞƌŶĂůƉĞƌĨŽƌŵĂŶĐĞ͘
ŬĞƐĞŵƉĂƚĂŶ ƵŶƚƵŬ ŵĞŵƉĞƌďĂŝŬŝ ĚĂŶ ŵĞŶŝŶŐŬĂƚŬĂŶ
ŬĞƉƵĂƐĂŶƉĞůĂŶŐŐĂŶĂƚĂƵŬŝŶĞƌũĂŝŶƚĞƌŶĂůWĞƌƐĞƌŽĂŶ͘
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^ĞůĂŝŶ ŝƚƵ͕ ƵŶƚƵŬ ƐĞƚŝĂƉ ƐŝƚĞ ĂƚĂƵ ĂƌĞĂ ŬĞŐŝĂƚĂŶ ƉĂƌƚ ĨƌŽŵ ƚŚĂƚ͕ ĨŽƌ ĞĂĐŚ ƐŝƚĞ Žƌ ĂƌĞĂ ŽĨ ŽƉĞƌĂƚŝŽŶĂů
ŽƉĞƌĂƐŝŽŶĂů͕ ƚĞƌĚĂƉĂƚ ƉĞŶŐĂǁĂƐ ĂƚĂƵ ŚĞĂĚ ƐŝƚĞLJĂŶŐ ĂĐƚŝǀŝƚŝĞƐ͕ ƚŚĞƌĞ ŝƐ Ă ƐƵƉĞƌǀŝƐŽƌ Žƌ ŚĞĂĚ ƐŝƚĞ ǁŚŽ
ŵĞŵĂŶƚĂƵ ƐĞƚŝĂƉ ƉĞůĂLJĂŶĂŶ LJĂŶŐ ĚŝďĞƌŝŬĂŶ ĚĂŶ ŵŽŶŝƚŽƌƐĞǀĞƌLJƐĞƌǀŝĐĞƉƌŽǀŝĚĞĚĂŶĚďĞĐŽŵĞƐĂŵĞĂŶƐ
ŵĞŶũĂĚŝ ǁĂĚĂŚ ƐĂƌĂŶĂ LJĂŶŐ ƐĞůĂůƵ ƐŝĂƉ ŵĞŶĞƌŝŵĂ ƚŚĂƚ ŝƐ ĂůǁĂLJƐ ƌĞĂĚLJ ƚŽ ƌĞĐĞŝǀĞ ĐŽŵƉůĂŝŶƚƐ ĂŶĚ
ƉĞŶŐĂĚƵĂŶĚĂŶŬĞůƵŚĂŶďĂŝŬĚĂƌŝƉĞŬĂŶŐŐĂŶŵĂƵƉƵŶ ŐƌŝĞǀĂŶĐĞƐĨƌŽŵďŽƚŚƚƌĂĚĞƌƐĂŶĚƚŚĞůŽĐĂůĐŽŵŵƵŶŝƚLJ͘
ŵĂƐLJĂƌĂŬĂƚ ƐĞƚĞŵƉĂƚ͘ ĂůĂŵ ŵĞŶĂŶŐĂŶŝ ƉĞŶŐĂĚƵĂŶ /ŶŚĂŶĚůŝŶŐĐŽŵƉůĂŝŶƚƐ͕ƚŚĞŽŵƉĂŶLJŝƐĐŽŵŵŝƚƚĞĚƚŽ
WĞƌƐĞƌŽĂŶďĞƌŬŽŵŝƚŵĞŶƵŶƚƵŬŵĞŶŐŚŝŶĚĂƌŝƚŝŶĚĂŬĂŶ ĂǀŽŝĚŝŶŐ ĚŝƐĐƌŝŵŝŶĂƚŽƌLJ ĂĐƚŝŽŶƐ͘ dŚĞ ŽŵƉĂŶLJ ĂůƐŽ
ĚŝƐŬƌŝŵŝŶĂƚŝĨ͘ WĞƌƐĞŽĂŶ ũƵŐĂ ŵĞůĂŬƵŬĂŶ ƉĞŶLJĞůŝĚŝŬĂŶ ĐŽŶĚƵĐƚƐŝŶǀĞƐƚŝŐĂƚŝŽŶƐƚŽƵŶĚĞƌƐƚĂŶĚƚŚĞĐŽŶƚĞdžƚĂŶĚ
ƵŶƚƵŬ ŵĞŵĂŚĂŵŝ ŬŽŶƚĞŬƐ ĚĂŶ ĨĂŬƚĂͲĨĂŬƚĂ ƚĞƌŬĂŝƚ ĨĂĐƚƐ ƌĞůĂƚĞĚ ƚŽ ƚŚĞ ĐŽŵƉůĂŝŶƚ ďLJ ĞdžĂŵŝŶŝŶŐ
ĚĞŶŐĂŶ ƉĞŶŐĂĚƵĂŶ ƚĞƌƐĞďƵƚ ĚĞŶŐĂŶ ƉĞŵĞƌŝŬƐĂĂŶ ĚŽĐƵŵĞŶƚƐ͕ ŝŶƚĞƌǀŝĞǁƐ ĂŶĚ ŐĂƚŚĞƌŝŶŐ ŽƚŚĞƌ
ĚŽŬƵŵĞŶ͕ ǁĂǁĂŶĐĂƌĂ ĚĂŶ ƉĞŶŐƵŵƉƵůĂŶ ŝŶĨŽƌŵĂƐŝ ŝŶĨŽƌŵĂƚŝŽŶ͘ /Ŷ ĂĚĚŝƚŝŽŶ͕ ƚŚĞ ŽŵƉĂŶLJ ĐŽŶƚŝŶƵĞƐ ƚŽ
ůĂŝŶŶLJĂ͘^ĞůĂŝŶŝƚƵWĞƌƐĞƌŽĂŶƚĞƌƵƐŵĞůĂŬƵŬĂŶĞǀĂůƵĂƐŝ ĞǀĂůƵĂƚĞĂŶĚŝŵƉƌŽǀĞŝƚƐĐŽŵƉůĂŝŶƚŚĂŶĚůŝŶŐƉƌŽĐĞƐƐƚŽ
ĚĂŶ ƉĞƌďĂŝŬĂŶ ƚĞƌŚĂĚĂƉ ƉƌŽƐĞƐ ƉĞŶĂŶŐĂŶĂŶ ĞŶƐƵƌĞ ƚŚĂƚ ƚŚĞ ŽŵƉĂŶLJ ĐŽŶƚŝŶƵĞƐ ƚŽ ŝŵƉƌŽǀĞ ŝŶ
ƉĞŶŐĂĚƵĂŶƵŶƚƵŬŵĞŵĂƐƚŝŬĂŶďĂŚǁĂWĞƌƐĞƌŽĂŶƚĞƌƵƐ ŵĂŝŶƚĂŝŶŝŶŐ ŝŶƚĞŐƌŝƚLJ ĂŶĚ ĨĂŝƌŶĞƐƐ͘ tŝƚŚ ŝŶƚĞŐƌĂƚĞĚ
ŵĞŶŝŶŐŬĂƚ ĚĂůĂŵ ŵĞŶũĂŐĂ ŝŶƚĞŐƌŝƚĂƐ ĚĂŶ ŬĞĂĚŝůĂŶ͘ ŚĂŶĚůŝŶŐĂŶĚƐLJƐƚĞŵƐƚŚƌŽƵŐŚŽƵƚϮϬϮϯ͕ƚŚĞŽŵƉĂŶLJ
ĞŶŐĂŶ ƉĞŶĂŶŐĂŶĂ ĚĂŶ ƐŝƐƚĞŵ LJĂŶŐ ƚĞƌŝƚĞŐƌĂƐŝ ǁŝůůŶŽƚƌĞĐĞŝǀĞĐŽŵƉůĂŝŶƚƐĨƌŽŵĐƵƐƚŽŵĞƌƐ͕ƚŚĞƉƵďůŝĐ
ƐĞƉĂŶũĂŶŐ ƚĂŚƵŶ ϮϬϮϯ WĞƌƐĞƌŽĂŶ ƚŝĚĂŬ ŵĞŶĚĂƉƚŬĂŶ ĂŶĚĞŵƉůŽLJĞĞƐ͘
ƉĞŶŐĂĚƵĂŶ ĚĂƌŝ ƉŝŚĂŬ ƉĞůĂŶŐŐĂŶ͕ ŵĂƐLJĂƌĂŬĂƚ ƐĞƌƚĂ
ŬĂƌLJĂǁĂŶ͘
dĂŶŐŐƵŶŐ:ĂǁĂď^ŽƐŝĂůWĞƌƵƐĂŚĂĂŶ ŽƌƉŽƌĂƚĞ^ŽĐŝĂůZĞƐƉŽŶƐŝďŝůŝƚLJ
;WK:<ϱϭ͘͘ϲ͘ϯ͘ĐͿ;^ K:<ϭϲ͘&͘ϮϱͿ ;WK:<ϱϭ͘͘ϲ͘ϯ͘ĐͿ;^ K:<ϭϲ͘&͘ϮϱͿ
ĞƌďĂŐĂŝ ƉƌŽŐƌĂŵ ĚŝůĂŬƵŬĂŶ WĞƌƐĞƌŽĂŶ ƐĞďĂŐĂŝ dŚĞŽŵƉĂŶLJĐĂƌƌŝĞƐŽƵƚǀĂƌŝŽƵƐƉƌŽŐƌĂŵƐƚŽĨƵůĨŝůůŝƚƐ
ƉĞŵĞŶƵŚĂŶƚĂŶŐŐƵŶŐũĂǁĂďƐŽĂƐŝĂů͘EĂŵƵŶƐĞďĞůƵŵ ƐŽĐŝĂů ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ͘ ,ŽǁĞǀĞƌ͕ ďĞĨŽƌĞ ŝŵƉůĞŵĞŶƚŝŶŐ
ŵĞůĂŬƵŬĂŶ ƉƌŽŐƌĂŵͲƉƌŽŐƌĂŵ ƚĞƌƐĞďƵƚ WĞƌƐĞƌŽĂŶ ƚŚĞƐĞ ƉƌŽŐƌĂŵƐ͕ ƚŚĞ ŽŵƉĂŶLJ ŵƵƐƚ ĐĂƌƌLJ ŽƵƚ ƚŚƌĞĞ
ŚĂƌƵƐ ŵĞůĂŬƵŬĂŶ ƚŝŐĂ ƉĞƌŝůĂŬƵ ƵƚĂŵĂ ĚĂůĂŵ ŵĂŝŶďĞŚĂǀŝŽƌƐŝŶĚĞƚĞƌŵŝŶŝŶŐ^ZƉƌŽŐƌĂŵƐ͘
ŵĞŶĞŶƚƵŬĂŶƉƌŽŐƌĂŵͲƉƌŽŐƌĂŵ^Z͘
ϭ͘ ŬƚŝĨ ŵĞŶĚƵŬƵŶŐ ƉĞŶŐĞŵďĂŶŐĂŶ ŵĂƐLJĂƌĂŬĂƚ Ěŝ ϭ͘ ĐƚŝǀĞůLJ ƐƵƉƉŽƌƚƐ ĐŽŵŵƵŶŝƚLJ ĚĞǀĞůŽƉŵĞŶƚ
ƐĞŬŝƚĂƌůŽŬĂƐŝŽƉĞƌĂƐŝŽŶĂů ĂƌŽƵŶĚŽƉĞƌĂƚŝŽŶĂůůŽĐĂƚŝŽŶƐ
Ϯ͘ ĞƌƚĂŶŐŐƵŶŐ ũĂǁĂď ŵĞŶũĂŐĂ ŚƵďƵŶŐĂŶ LJĂŶŐ Ϯ͘ ZĞƐƉŽŶƐŝďůĞĨŽƌŵĂŝŶƚĂŝŶŝŶŐŚĂƌŵŽŶŝŽƵƐƌĞůĂƚŝŽŶƐ
ŚĂƌŵŽŶŝƐ ĂŶƚĂƌĂ WĞƌƵƐĂŚĂĂŶ ĚĂŶ ƉĞŵĂŶŐŬƵ ďĞƚǁĞĞŶƚŚĞŽŵƉĂŶLJĂŶĚƐƚĂŬĞŚŽůĚĞƌƐ
ŬĞƉĞŶƚŝŶŐĂŶ
ϯ͘ DĞŶĐŝƉƚĂŬĂŶ ƉƌŽŐƌĂŵ LJĂŶŐ ĞĨĞŬƚŝĨ ƵŶƚƵŬ ϯ͘ ƌĞĂƚŝŶŐĞĨĨĞĐƚŝǀĞƉƌŽŐƌĂŵƐƚŽƉƌŽǀŝĚĞŵĂdžŝŵƵŵ
ŵĞŵďĞƌŝŬĂŶ ŵĂŶĨĂĂƚ ŵĂŬƐŝŵĂů ďĂŐŝ ŬĂƌLJĂǁĂŶ͕ ďĞŶĞĨŝƚƐ ĨŽƌ ĞŵƉůŽLJĞĞƐ͕ ĐŽŵŵƵŶŝƚŝĞƐ ĂŶĚ ƚŚĞ
ŬŽŵƵŶŝƚĂƐĚĂŶůŝŶŐŬƵŶŐĂŶ ĞŶǀŝƌŽŶŵĞŶƚ
hŶƚƵŬ ŵĞŵĂƐƚŝŬĂŶ ƚĞƌůĂŬƐĂŶĂŶLJĂ ^Z ƉĂƐƚŝŶLJĂ dŽ ĞŶƐƵƌĞ ƚŚĞ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ ^Z ĚĞĨŝŶŝƚĞůLJ
ŵĞůŝďĂƚŬĂŶ ůĂŶŐŬĂŚͲůĂŶŐŬĂŚ ŬŽŶŬƌĞƚ ĚĂŶ ŝŶǀŽůǀĞƐ ĐŽŶĐƌĞƚĞ ƐƚĞƉƐ ĂŶĚ ŐŽŽĚ ŵĂŶĂŐĞŵĞŶƚ͘ dŚĞ
ƉĞŶŐĞůŽůĂŚĂŶ LJĂŶŐ ďĂŝŬ͘ ĞƌŝŬƵƚ ƐƚƌƵŬƚƵƌ ^Z ĚĂůĂŵ ĨŽůůŽǁŝŶŐŝƐƚŚĞ^ZƐƚƌƵĐƚƵƌĞŝŶƚŚĞŽŵƉĂŶLJΖƐǁŽƌŬ
ůŝŶŐŬƵŶŐĂŶŬĞƌũĂWĞƌƐĞƌŽĂŶ͘ ĞŶǀŝƌŽŶŵĞŶƚ͘
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ĞǁĂŶ<ŽŵŝƐĂƌŝƐ
ŽĂƌĚŽĨŽŵŵŝƐƐŝŽŶĞƌƐ
ŝƌĞŬƚƵƌ
ŽĂƌĚŽĨŝƌĞĐƚŽƌƐ
^ĞŬƌĞƚĂƌŝƐWĞƌƵƐĂŚĂĂŶ ^ĞĐƵƌŝƚLJ^ŝƚĞŽŵŵƵŶŝƚLJ
ŽƌƉŽƌĂƚĞ^ĞĐƌĞƚĂƌLJ ĞǀĞůŽƉŵĞŶƚ;^^Ϳ
ĂŐŝĂŶ
ŽƌƉŽƌĂƚĞĨĨĂŝƌƐ ^ĞĐƚŝŽŶ
ŽŵŵƵŶŝƚLJ
ĞǀĞůŽƉŵĞŶƚ
ĂŐŝĂŶ
^ĞĐƚŝŽŶ
ŽƌƉŽƌĂƚĞ
ŽŵŵƵŶŝĐĂƚŝŽŶΘ
ZĞůĂƚŝŽŶ
WĞŵďĞŶƚƵŬĂŶƐƚƌƵŬƚƵƌ^ZĚŝĂƚĂƐŵĞƌƵƉĂŬĂŶƚŝŵLJĂŶŐ dŚĞ ĨŽƌŵĂƚŝŽŶ ŽĨ ƚŚĞ ^Z ƐƚƌƵĐƚƵƌĞ ĂďŽǀĞ ŝƐ Ă ƚĞĂŵ
ďĞƌƚĂŶŐŐƵŶŐ ũĂǁĂď ĂƚĂƐ ƉĞƌĞŶĐĂŶĂĂŶ ĚĂŶ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ƉůĂŶŶŝŶŐ͕ ŝŵƉůĞŵĞŶƚŝŶŐ ĂŶĚ
ƉĞůĂŬƐĂŶĂĂŶ ƐĞƌƚĂ ƉĞŵĂŶƚĂƵĂŶ ƉƌŽŐƌĂŵ ^Z͘ ŵŽŶŝƚŽƌŝŶŐ ƚŚĞ ^Z ƉƌŽŐƌĂŵ͘ ŝƌĞĐƚůLJ ŝŵƉůĞŵĞŶƚŝŶŐ
/ŵƉůĞŵĞŶƚĂƐŝƉƌŽŐƌĂŵ^ZƐĞĐĂƌĂůĂŶŐƐƵŶŐWĞƌƐĞƌŽĂŶ ƚŚĞ^ZƉƌŽŐƌĂŵ͕ƚŚĞŽŵƉĂŶLJƉƌŽǀŝĚĞƐďƵĚŐĞƚĨƵŶĚƐ
ŵĞŶLJĞĚŝŬĂŶĚĂŶĂĂŶŐŐĂƌĂŶƐĞďĞƐĂƌZƉϯϱϲ:ƵƚĂLJĂŶŐ ŽĨ /Z ϯϱϲ ŵŝůůŝŽŶ ǁŚŝĐŚ ĂƌĞ ƵƐĞĚ ƐƉĞĐŝĨŝĐĂůůLJ ĨŽƌ
ĚŝŐƵŶĂŬĂŶ ŬŚƵƐƵƐ ƉĞŶLJĞůĞŶŐŐĂƌĂĂŶ ŬĞŐŝĂƚĂŶ ^Z͘ ŽƌŐĂŶŝnjŝŶŐ^ZĂĐƚŝǀŝƚŝĞƐ͘zŽƵĐĂŶƐĞĞŵŽƌĞĐůĞĂƌůLJƚŚĞ
>ĞďŝŚ ũĞůĂƐ ĚĂƉĂƚ ĚŝůŝŚĂƚ ƉƌŽŐƌĂŵͲƉƌŽŐƌĂŵ ^Z LJĂŶŐ ^Z ƉƌŽŐƌĂŵƐ ƚŚĂƚ ƚŚĞ ŽŵƉĂŶLJ ŚĂƐ ĐĂƌƌŝĞĚ ŽƵƚ
ƚĞůĂŚ ĚŝůĂŬƵŬĂŶ WĞƌƐĞƌŽĂŶ ƐĞƉĂŶũĂŶŐ ƚĂŚƵŶ ϮϬϮϯ ƚŚƌŽƵŐŚŽƵƚϮϬϮϯďĞůŽǁ͘
ĚŝďĂǁĂŚŝŶŝ͘
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dZ: Z^DW E//<E dZ:t/d, hd/KE
WddƌĂŶƐŬŽŶ:ĂLJĂdďŬŵĞŶũĂĚŝŐƵƌƵƚĂŵƵĚŝ^D<ŝŶĂ Wd dƌĂŶƐŬŽŶ :ĂLJĂ dďŬ ŵĞŶĞƌŝŵĂ ŬƵŶũƵŶŐĂŶ ĚĂƌŝ ƐŝƐǁĂ
WƌĞƐƚĂƐŝ ĂůŝŬƉĂƉĂŶ ĚĂŶ ŵĞŵďĞƌŝŬĂŶ ŵĂƚĞƌŝ <ĞůĂƐ y// :ƵƌƵƐĂŶ ŬƵŶƚĂŶƐŝ ^D< ^ĂďŝůĂů͘ <ƵŶũƵŶŐĂŶ ŝŶŝ
ŵĞŶŐĞŶĂŝ ďĂŐĂŝŵĂŶĂ ŵĞŵďƵĂƚ s LJĂŶŐ ďĂŝŬ ĚĂŶ ŵĞƌƵƉĂŬĂŶ ƐĂůĂŚ ƐĂƚƵ ŵĞĚŝĂ ƉĞŵďĞůĂũĂƌĂŶ ďĂŐŝ ƐŝƐǁĂͲ
ďĞŶĂƌ ƐĂŵƉĂŝ ĚĞŶŐĂŶ ƚŝƉƐ ŵĞŶŐŚĂĚĂƉŝ ǁĂǁĂŶĐĂƌĂ ƐŝƐǁŝ ^D< ^ĂďŝůĂů ƵŶƚƵŬ ŵĞŶŐĞŶĂů ĚƵŶŝĂ ŝŶĚƵƐƚƌŝ͘ ͮ Wd
ŬĞƌũĂͮ͘WddƌĂŶƐŬŽŶ:ĂLJĂdďŬďĞĐĂŵĞĂŐƵĞƐƚƚĞĂĐŚĞƌ dƌĂŶƐŬŽŶ:ĂLJĂdďŬƌĞĐĞŝǀĞĚĂǀŝƐŝƚĨƌŽŵůĂƐƐy//ƐƚƵĚĞŶƚƐ
Ăƚ ^D< ŝŶĂ WƌĞƐƚĂƐŝ ĂůŝŬƉĂƉĂŶ ĂŶĚ ƉƌŽǀŝĚĞĚ ŵĂũŽƌŝŶŐŝŶĐĐŽƵŶƚŝŶŐĂƚ^D<^ĂďŝůĂů͘dŚŝƐǀŝƐŝƚŝƐŽŶĞŽĨ
ŵĂƚĞƌŝĂůŽŶŚŽǁƚŽŵĂŬĞĂŐŽŽĚĂŶĚĐŽƌƌĞĐƚsƚŽƚŝƉƐ ƚŚĞůĞĂƌŶŝŶŐŵĞĚŝĂĨŽƌƐƚƵĚĞŶƚƐŽĨ^D<^ĂďŝůĂůƚŽŐĞƚƚŽ
ŽŶĨĂĐŝŶŐũŽďŝŶƚĞƌǀŝĞǁƐ͘ ŬŶŽǁƚŚĞŝŶĚƵƐƚƌŝĂůǁŽƌůĚ͘
WddƌĂŶƐŬŽŶ:ĂLJĂdďŬŵĞŶũĂĚŝŐƵƌƵƚĂŵƵĚŝ^D<^ŝŶĂƌ ĞƉĂƌƚĞŵĞŶƚĐĐŽƵŶƚŝŶŐWddƌĂŶƐŬŽŶ:ĂLJĂŵĞŶũĂĚŝŐƵƌƵ
ďĂĚŝ DĞůĂŬ͘ ĂůĂŵ ŬĞŐŝĂƚĂŶ ŝŶŝ͕ ƉĂƌĂ ƐŝƐǁĂ ^D< ƚĂŵƵƵŶƚƵŬŵĞŶŐĂũĂƌƐŝƐǁĂũƵƌƵƐĂŶĂŬƵŶƚĂŶƐŝĚĂƌŝ^D<
^ŝŶĂƌ ďĂĚŝ DĞůĂŬ ŵĞŶĚĂƉĂƚŬĂŶ ŵĂƚĞƌŝ ƚĞƌŬĂŝƚ ^ĂďŝůĂů ĂůŝŬƉĂƉĂŶ͘ ͮ dŚĞ ĐĐŽƵŶƚŝŶŐ ĞƉĂƌƚŵĞŶƚ ŽĨ Wd
ƉĞŶŐĞŶĂůĂŶWddƌĂŶƐŬŽŶ:ĂLJĂdďŬŽŵƉĂŶLJĂŐĂƌƉĂƌĂ dƌĂŶƐŬŽŶ:ĂLJĂďĞĐĂŵĞĂŐƵĞƐƚƚĞĂĐŚĞƌƚŽƚĞĂĐŚƐƚƵĚĞŶƚƐ
ŵƵƌŝĚ ŵĞŶĚĂƉĂƚŬĂŶ ŐĂŵďĂƌĂŶ LJĂŶŐ ůĞďŝŚ ũĞůĂƐ ŵĂũŽƌŝŶŐŝŶĂĐĐŽƵŶƚŝŶŐĨƌŽŵ^D<^ĂďŝůĂůĂůŝŬƉĂƉĂŶ͘
ŵĞŶŐĞŶĂŝ ĚƵŶŝĂ ŝŶĚƵƐƚƌŝ͘ ͮ Wd dƌĂŶƐŬŽŶ :ĂLJĂ dďŬ
ďĞĐĂŵĞĂŐƵĞƐƚƚĞĂĐŚĞƌĂƚ^D<^ŝŶĂƌďĂĚŝDĞůĂŬ͘/Ŷ
ƚŚŝƐĂĐƚŝǀŝƚLJ͕ƚŚĞƐƚƵĚĞŶƚƐŽĨ^D<^ŝŶĂƌďĂĚŝDĞůĂŬ
ƌĞĐĞŝǀĞĚ ŵĂƚĞƌŝĂů ƌĞůĂƚĞĚ ƚŽ ƚŚĞ ŝŶƚƌŽĚƵĐƚŝŽŶ ŽĨ Wd
dƌĂŶƐŬŽŶ:ĂLJĂdďŬŽŵƉĂŶLJƐŽƚŚĂƚƚŚĞƐƚƵĚĞŶƚƐŐĞƚ
ĂĐůĞĂƌĞƌƉŝĐƚƵƌĞŽĨƚŚĞŝŶĚƵƐƚƌŝĂůǁŽƌůĚ͘
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WddƌĂŶƐŬŽŶ:ĂLJĂdďŬĚĂŶ:ƵƌƵƐĂŶdĞŬŶŝŬ<ĞŶĚĂƌĂĂŶ WddƌĂŶƐŬŽŶ:ĂLJĂdďŬŵĞůĂŬƵŬĂŶWĞŶĂŶĚĂƚĂŶŐĂŶĂŶEŽƚĂ
ZŝŶŐĂŶ ^D< /ďŶƵ <ĂůĚƵŶ ĂůŝŬƉĂƉĂŶ ŵĞůĂŬƵŬĂŶ <ĞƐĞƉĂŚĂŵĂŶĞƌƐĂŵĂhWdĂůĂŝ>ĂƚŝŚĂŶ<ĞƌũĂ/ŶĚƵƐƚƌŝ
ŬĞŐŝĂƚĂŶ ƉĞŶLJĞůĂƌĂƐĂŶ ŬƵƌŝŬƵůƵŵ͘ WĞŶLJĞůĞƌĂƐĂŶ ĂůŝŬƉĂƉĂŶ͘ ĞŶŐĂŶ WĞŶĂŶĚĂƚĂŶŐĂŶĂŶ EŽƚĂ
ŬƵƌŝŬƵůƵŵLJĂŶŐĚŝůĂŬƵŬĂŶWddƌĂŶƐŬŽŶ:ĂLJĂdďŬĚĂŶ <ĞƐĞƉĂŚĂŵĂŶŝŶŝ͕ĚŝŚĂƌĂƉŬĂŶWddƌĂŶƐŬŽŶ:ĂLJĂdďŬĚĂƉĂƚ
^D< /ďŶƵ <ĂůĚƵŶ ĂůŝŬƉĂƉĂŶ ĂĚĂůĂŚ hƉĂLJĂ ƵŶƚƵŬ ŵĞŶŐĂŵďŝůƉĞƌĂŶĚĂůĂŵŵĞŶŝŶŐŬĂƚŬĂŶŬƵĂůŝƚĂƐƐƵŵďĞƌ
ŵĞŶLJĞƐƵŝŬĂŶ ŬƵƌŝŬƵůƵŵ LJĂŶŐ ĂĚĂ Ěŝ :ƵƌƵƐĂŶ dĞŬŶŝŬ ĚĂLJĂŵĂŶƵƐŝĂLJĂŶŐĂĚĂĚŝ<ŽƚĂĂůŝŬƉĂƉĂŶŵĞůĂůƵŝhWd
<ĞŶĚĂƌĂĂŶ ZŝŶŐĂŶ ^D< /ďŶƵ <ĂůĚƵŶ ĂůŝŬƉĂƉĂŶ ĂůĂŝ >ĂƚŝŚĂŶ <ĞƌũĂ /ŶĚƵƐƚƌŝ ĂůŝŬƉĂƉĂŶ͘ ͮ Wd dƌĂŶƐŬŽŶ
ĚĞŶŐĂŶ ƚƵŶƚƵƚĂŶ ĚƵŶŝĂ ƵƐĂŚĂ ĚĂŶ ĚƵŶŝĂ ŝŶĚƵƐƚƌŝ :ĂLJĂdďŬƐŝŐŶĞĚĂDĞŵŽƌĂŶĚƵŵŽĨhŶĚĞƌƐƚĂŶĚŝŶŐǁŝƚŚ
;h/Ϳͮ͘WddƌĂŶƐŬŽŶ:ĂLJĂdďŬĂŶĚƚŚĞĞƉĂƌƚŵĞŶƚ hWd ĂůŝŬƉĂƉĂŶ /ŶĚƵƐƚƌŝĂů dƌĂŝŶŝŶŐ ĞŶƚĞƌ͘ tŝƚŚ ƚŚĞ
ŽĨ >ŝŐŚƚ sĞŚŝĐůĞ ŶŐŝŶĞĞƌŝŶŐ ^D< /ďŶƵ <ĂůĚƵŶ ƐŝŐŶŝŶŐ ŽĨ ƚŚŝƐ DĞŵŽƌĂŶĚƵŵ ŽĨ hŶĚĞƌƐƚĂŶĚŝŶŐ͕ ŝƚ ŝƐ
ĂůŝŬƉĂƉĂŶ ĐĂƌƌŝĞĚ ŽƵƚ ĐƵƌƌŝĐƵůƵŵ ĂůŝŐŶŵĞŶƚ ŚŽƉĞĚ ƚŚĂƚ Wd dƌĂŶƐŬŽŶ :ĂLJĂ dďŬ ĐĂŶ ƚĂŬĞ Ă ƌŽůĞ ŝŶ
ĂĐƚŝǀŝƚŝĞƐ͘dŚĞĐƵƌƌŝĐƵůƵŵĂůŝŐŶŵĞŶƚĐĂƌƌŝĞĚŽƵƚďLJWd ŝŵƉƌŽǀŝŶŐƚŚĞƋƵĂůŝƚLJŽĨŚƵŵĂŶƌĞƐŽƵƌĐĞƐŝŶĂůŝŬƉĂƉĂŶ
dƌĂŶƐŬŽŶ:ĂLJĂdďŬĂŶĚ^D</ďŶƵ<ĂůĚƵŶĂůŝŬƉĂƉĂŶ ŝƚLJ ƚŚƌŽƵŐŚ hWd ĂůŝŬƉĂƉĂŶ /ŶĚƵƐƚƌŝĂů :Žď dƌĂŝŶŝŶŐ
ŝƐ ĂŶ ĞĨĨŽƌƚ ƚŽ ĂĚũƵƐƚ ƚŚĞ ĞdžŝƐƚŝŶŐ ĐƵƌƌŝĐƵůƵŵ ŝŶ ƚŚĞ ĞŶƚĞƌ͘
>ŝŐŚƚ sĞŚŝĐůĞ ŶŐŝŶĞĞƌŝŶŐ ĞƉĂƌƚŵĞŶƚ ŽĨ ^D< /ďŶƵ
<ĂůĚƵŶĂůŝŬƉĂƉĂŶǁŝƚŚƚŚĞĚĞŵĂŶĚƐŽĨƚŚĞďƵƐŝŶĞƐƐ
ǁŽƌůĚĂŶĚƚŚĞŝŶĚƵƐƚƌŝĂůǁŽƌůĚ;h/Ϳ͘
ĞƉĂƌƚĞŵĞŶƚ,ƵŵĂŶZĞƐŽƵƌĐĞWddƌĂŶƐŬŽŶ:ĂLJĂdďŬ͕ ^D<^ĂďŝůĂůĂůŝŬƉĂƉĂŶĐĂŵĞƚŽWddƌĂŶƐŬŽŶ:ĂLJĂdďŬŝŶ
ĚĂƚĂŶŐŬĞ^D<ŝŶĂWƌĞƐƚĂƐŝĂůŝŬƉĂƉĂŶƐĞďĂŐĂŝŐƵƌƵ ŽƌĚĞƌ ƚŽ ĐŽŶĚƵĐƚ ĂŶ /ŶĚƵƐƚƌŝĂů sŝƐŝƚ͘/ŶĚƵƐƚƌŝĂů sŝƐŝƚ ŝƐ Ă
ƚĂŵƵ ƵŶƚƵŬ ŵĞŵďĞƌŝŬĂŶ ƉĞŵďĞŬĂůĂŶ ŵĞŶŐĞŶĂŝ ůĞĂƌŶŝŶŐ ĂĐƚŝǀŝƚLJ ŽƵƚƐŝĚĞ ƚŚĞ ƐĐŚŽŽů ĞŶǀŝƌŽŶŵĞŶƚ ƚŽ
ďĂŐŝĂŵĂŶĂ ŵĞŶŐŚĂĚĂƉŝ ƚĂŚĂƉ ŝŶƚĞƌǀŝĞǁ ŬĞƌũĂ ŝŶĐƌĞĂƐĞ ƐƚƵĚĞŶƚƐΖ ŝŶƐŝŐŚƚ ĂŶĚ ƚŽ ƐĞĞ ĨŝƌƐƚŚĂŶĚ ƚŚĞ
ĚĞŶŐĂŶ ďĂŝŬ ĚĂŶ ďĞŶĂƌ͘ ͮ dŚĞ ,ƵŵĂŶ ZĞƐŽƵƌĐĞ ĂƚŵŽƐƉŚĞƌĞ ͬ ŝŶĚƵƐƚƌŝĂů ĐŽŶĚŝƚŝŽŶƐ͘ ͮ ^D< ^ĂďŝůĂů
ĞƉĂƌƚŵĞŶƚ ŽĨ Wd dƌĂŶƐŬŽŶ :ĂLJĂ dďŬ͕ ĐĂŵĞ ƚŽ ^D< ĂůŝŬƉĂƉĂŶ ĐĂŵĞ ƚŽ Wd dƌĂŶƐŬŽŶ :ĂLJĂ dďŬ ŝŶ ŽƌĚĞƌ ƚŽ
ŝŶĂWƌĞƐƚĂƐŝĂůŝŬƉĂƉĂŶĂƐĂŐƵĞƐƚƚĞĂĐŚĞƌƚŽƉƌŽǀŝĚĞ ĐŽŶĚƵĐƚ ĂŶ /ŶĚƵƐƚƌŝĂů sŝƐŝƚ͘/ŶĚƵƐƚƌŝĂů sŝƐŝƚ ŝƐ Ă ůĞĂƌŶŝŶŐ
ďƌŝĞĨŝŶŐ ŽŶ ŚŽǁ ƚŽ ĨĂĐĞ ƚŚĞ ũŽď ŝŶƚĞƌǀŝĞǁ ƐƚĂŐĞ ĂĐƚŝǀŝƚLJ ŽƵƚƐŝĚĞ ƚŚĞ ƐĐŚŽŽů ĞŶǀŝƌŽŶŵĞŶƚ ƚŽ ŝŶĐƌĞĂƐĞ
ƉƌŽƉĞƌůLJĂŶĚĐŽƌƌĞĐƚůLJ͘ ƐƚƵĚĞŶƚƐΖŝŶƐŝŐŚƚĂŶĚƚŽƐĞĞĨŝƌƐƚŚĂŶĚƚŚĞĂƚŵŽƐƉŚĞƌĞͬ
ŝŶĚƵƐƚƌŝĂůĐŽŶĚŝƚŝŽŶƐ͘
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Wd dƌĂŶƐŬŽŶ :ĂLJĂ dďŬ LJĂŶŐ ĚŝǁĂŬŝůŬĂŶ ŽůĞŚ Wd dƌĂŶƐŬŽŶ :ĂLJĂ dďŬ LJĂŶŐ ĚŝǁĂŬŝůŬĂŶ ŽůĞŚ ĂŐŝĂŶ
ĞƉĂƌƚĞŵĞŶƚ,^ ͕ĚĂƚĂŶŐŵĞŶũĂĚŝŐƵƌƵƚĂŵƵĚŝ^D< ŽƌƉŽƌĂƚĞ ŽŵŵƵŶŝĐĂƚŝŽŶ Θ ZĞůĂƚŝŽŶ͕ ĚĂƚĂŶŐ ŵĞŶũĂĚŝ
/ďŶƵ <ĂůĚƵŶ ĂůŝŬƉĂƉĂŶ ĚĂŶ ŵĞŵďĞƌŝŬĂŶ ŵĂƚĞƌŝ ŐƵƌƵ ƚĂŵƵ Ěŝ ^D< /ďŶƵ <ĂůĚƵŶ ĂůŝŬƉĂƉĂŶ͕ ĚĂŶ
ŵĞŶŐĞŶĂŝ:Žď^ĂĨĞƚLJŶĂůLJƐŝƐĚĂŶ<ϯ>,;<ĞƐĞůĂŵĂƚĂŶ ŵĞŵďĞƌŝŬĂŶ ŵĂƚĞƌŝ ŵĞŶŐĞŶĂŝ ƵĚĂLJĂ <ĞƌũĂ͘ ͮ Wd
ĚĂŶ <ĞƐĞŚĂƚĂŶ <ĞƌũĂ ƐĞƌƚĂ >ŝŶŐŬƵŶŐĂŶ ,ŝĚƵƉͿ͘ ͮ Wd dƌĂŶƐŬŽŶ :ĂLJĂ dďŬ͕ ƌĞƉƌĞƐĞŶƚĞĚ ďLJ ƚŚĞ ŽƌƉŽƌĂƚĞ
dƌĂŶƐŬŽŶ :ĂLJĂ dďŬ͕ ƌĞƉƌĞƐĞŶƚĞĚ ďLJ ƚŚĞ ,^ ŽŵŵƵŶŝĐĂƚŝŽŶ Θ ZĞůĂƚŝŽŶƐ ĞƉĂƌƚŵĞŶƚ͕ ĐĂŵĞ ĂƐ Ă
ĞƉĂƌƚŵĞŶƚ͕ ĐĂŵĞ ĂƐ Ă ŐƵĞƐƚ ƚĞĂĐŚĞƌ Ăƚ ^D< /ďŶƵ ŐƵĞƐƚ ƚĞĂĐŚĞƌ Ăƚ ^D< /ďŶƵ <ĂůĚƵŶ ĂůŝŬƉĂƉĂŶ͕ ĂŶĚ
<ĂůĚƵŶ ĂůŝŬƉĂƉĂŶ ĂŶĚ ƉƌŽǀŝĚĞĚ ŵĂƚĞƌŝĂů ŽŶ :Žď ƉƌŽǀŝĚĞĚŵĂƚĞƌŝĂůŽŶtŽƌŬƵůƚƵƌĞ͘
^ĂĨĞƚLJ ŶĂůLJƐŝƐ ĂŶĚ <ϯ>, ;KĐĐƵƉĂƚŝŽŶĂů ^ĂĨĞƚLJ ĂŶĚ
,ĞĂůƚŚĂŶĚƚŚĞ ŶǀŝƌŽŶŵĞŶƚͿ͘
Wd dƌĂŶƐŬŽŶ :ĂLJĂ dďŬ LJĂŶŐ ĚŝǁĂŬŝůŬĂŶ ŽůĞŚ Wd dƌĂŶƐŬŽŶ :ĂLJĂ dďŬ ŵĞŶĚĂƉĂƚŬĂŶ ŬƵŶũƵŶŐĂŶ ĚĂƌŝ
ĞƉĂƌƚĞŵĞŶƚdƌĂŝŶŝŶŐĞŶƚĞƌWddƌĂŶƐŬŽŶ:ĂLJĂdďŬ͕ DĂŚĂƐŝƐǁĂ DĂŐŝƐƚĞƌ DĂŶĂũĞŵĞŶ hŶŝǀĞƌƐŝƚĂƐ
ŚĂĚŝƌ ƐĞďĂŐĂŝ ŐƵƌƵ ƚĂŵƵ Ěŝ ^D< /ďŶƵ ŬĂůĚƵŶ DƵůĂǁĂƌŵĂŶ͘ DĞůĂůƵŝ ŬƵŶũƵŶŐĂŶ ŝŶŝ͕ DĂŚĂƐŝƐǁĂ
ĂůŝŬƉĂƉĂŶ ĚĂŶ ŵĞŵďĞƌŝŬĂŶ ŵĂƚĞƌŝ ŵĞŶŐĞŶĂŝ DĂŐŝƐƚĞƌ DĂŶĂũĞŵĞŶ ĚĂƌŝ hŶŝǀĞƌƐŝƚĂƐ DƵůĂǁĂƌŵĂŶ
WĞƌĂǁĂƚĂŶ ĞƌŬĂůĂ ĚĂŶ WƌŽĚƵĐƚ <ŶŽǁůĞĚŐĞ ŬĞƉĂĚĂ ŵĞŵƉĞƌŽůĞŚ ǁĂǁĂƐĂŶ ĞŬƐůƵƐŝĨ ŵĞŶŐĞŶĂŝ ďƵĚĂLJĂ ŬĞƌũĂ
ƉĂƌĂƐŝƐǁĂŬĞůĂƐϭϭũƵƌƵƐĂŶdĞŬŶŝŬ<ĞŶĚĂƌĂĂŶZŝŶŐĂŶ͘ ĚĂŶ ďŝƐŶŝƐ ƐĞŬƚŽƌ ƚƌĂŶƐƉŽƌƚĂƐŝ ƉĞƌƚĂŵďĂŶŐĂŶ ŵĞůĂůƵŝ
ͮWddƌĂŶƐŬŽŶ:ĂLJĂdďŬ͕ƌĞƉƌĞƐĞŶƚĞĚďLJƚŚĞdƌĂŝŶŝŶŐ ůĞŶƐĂ Wd dƌĂŶƐŬŽŶ :ĂLJĂ dďŬ͘ ͮ Wd dƌĂŶƐŬŽŶ :ĂLJĂ dďŬ
ĞŶƚĞƌ ĞƉĂƌƚŵĞŶƚ ŽĨ Wd dƌĂŶƐŬŽŶ :ĂLJĂ dďŬ͕ ǁĂƐ ƌĞĐĞŝǀĞĚĂǀŝƐŝƚĨƌŽŵDĂƐƚĞƌŽĨDĂŶĂŐĞŵĞŶƚ^ƚƵĚĞŶƚƐŽĨ
ƉƌĞƐĞŶƚ ĂƐ Ă ŐƵĞƐƚ ƚĞĂĐŚĞƌ Ăƚ ^D< /ďŶƵ <ĂůĚƵŶ DƵůĂǁĂƌŵĂŶ hŶŝǀĞƌƐŝƚLJ͘ dŚƌŽƵŐŚ ƚŚŝƐ ǀŝƐŝƚ͕ DĂƐƚĞƌ ŽĨ
ĂůŝŬƉĂƉĂŶ ĂŶĚ ƉƌŽǀŝĚĞĚ ŵĂƚĞƌŝĂů ŽŶ WĞƌŝŽĚŝĐ DĂŶĂŐĞŵĞŶƚ ^ƚƵĚĞŶƚƐ ĨƌŽŵ DƵůĂǁĂƌŵĂŶ hŶŝǀĞƌƐŝƚLJ
DĂŝŶƚĞŶĂŶĐĞ ĂŶĚ WƌŽĚƵĐƚ <ŶŽǁůĞĚŐĞ ƚŽ ŐƌĂĚĞ ϭϭ ŐĂŝŶĞĚ ĞdžĐůƵƐŝǀĞ ŝŶƐŝŐŚƚƐ ŝŶƚŽ ƚŚĞ ǁŽƌŬ ĐƵůƚƵƌĞ ĂŶĚ
ƐƚƵĚĞŶƚƐŵĂũŽƌŝŶŐŝŶ>ŝŐŚƚsĞŚŝĐůĞ ŶŐŝŶĞĞƌŝŶŐ ďƵƐŝŶĞƐƐŽĨƚŚĞŵŝŶŝŶŐƚƌĂŶƐƉŽƌƚĂƚŝŽŶƐĞĐƚŽƌƚŚƌŽƵŐŚƚŚĞ
ůĞŶƐŽĨWddƌĂŶƐŬŽŶ:ĂLJĂdďŬ͘͘
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WddƌĂŶƐŬŽŶ:ĂLJĂdďŬŵĞŶũĂĚŝŽƐĞŶdĂŵƵĚŝ^d/D< WddƌĂŶƐŬŽŶ:ĂLJĂdďŬLJĂŶŐĚŝǁĂŬŝůŬĂŶŽůĞŚĞƉĂƌƚĞŵĞŶƚ
ŽƌŶĞŽ /ŶƚĞƌŶĂƐŝŽŶĂů ĂůŝŬƉĂƉĂŶ͕ ĚĂŶ ŵĞŵďĞƌŝŬĂŶ tĞůĚŝŶŐΘ&ĂďƌŝĐĂƚŝŽŶ͕ĚĂƚĂŶŐŬĞ^D<EĞŐĞƌŝϮWĞŶĂũĂŵ
ŵĂƚĞƌŝŵĞŶŐĞŶĂŝƐŝƐƚĞŵƉĞŵďƵŬƵĂŶLJĂŶŐĚŝŐƵŶĂŬĂŶ WĂƐĞƌhƚĂƌĂƵŶƚƵŬŵĞŶũĂĚŝŐƵƌƵƚĂŵƵĚŝ<ĞůĂƐy/:ƵƌƵƐĂŶ
ŽůĞŚƉĞƌƵƐĂŚĂĂŶͮ͘WddƌĂŶƐŬŽŶ:ĂLJĂdďŬďĞĐĂŵĞĂ dĞŬŶŝŬWĞŶŐĞůĂƐĂŶͮ͘WddƌĂŶƐŬŽŶ:ĂLJĂdďŬ͕ƌĞƉƌĞƐĞŶƚĞĚ
'ƵĞƐƚ >ĞĐƚƵƌĞƌ Ăƚ ^d/D< ŽƌŶĞŽ /ŶƚĞƌŶĂƐŝŽŶĂů ďLJ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŽĨ tĞůĚŝŶŐ Θ &ĂďƌŝĐĂƚŝŽŶ͕ ĐĂŵĞ ƚŽ
ĂůŝŬƉĂƉĂŶ͕ ĂŶĚ ƉƌŽǀŝĚĞĚ ŵĂƚĞƌŝĂů ŽŶ ƚŚĞ ^D<EĞŐĞƌŝϮWĞŶĂũĂŵWĂƐĞƌhƚĂƌĂƚŽďĞĂŐƵĞƐƚƚĞĂĐŚĞƌ
ŬŬĞĞƉŝŶŐƐLJƐƚĞŵƵƐĞĚďLJƚŚĞĐŽŵƉĂŶLJ͘ ŝŶůĂƐƐy/ŽĨƚŚĞĞƉĂƌƚŵĞŶƚŽĨtĞůĚŝŶŐ ŶŐŝŶĞĞƌŝŶŐ
Wd dƌĂŶƐŬŽŶ :ĂLJĂ dďŬ ŵĞŶĞƌŝŵĂ ŬƵŶũƵŶŐĂŶ ĚĂƌŝ WddƌĂŶƐŬŽŶ:ĂLJĂdďŬŵĞŶƵŶũƵŬĂŶŬŽŵŝƚŵĞŶLJĂŶŐŬƵĂƚ
ŵĂŚĂƐŝƐǁĂ ^dD/< ŽƌŶĞŽ /ŶƚĞƌŶĂƐŝŽŶĂů͘ <ĞŚĂĚŝƌĂŶ ƵŶƚƵŬ ŵĞŵďĞŬĂůŝ ƐĞƚŝĂƉ ŽƌĂŶŐ ĚĞŶŐĂŶ ŬĞŵĂŵƉƵĂŶ
ƉĂƌĂ ŵĂŚĂƐŝƐǁĂ ŝŶŝ ŵĞŵďĞƌŝŬĂŶ ŬĞƐĞŵƉĂƚĂŶ ďĂŐŝ ŵĞŶŐĞŵƵĚŝ LJĂŶŐ ĂŵĂŶ LJĂŶŐ ĚŝǁƵũƵĚŬĂŶ ŵĞůĂůƵŝ
ŵĞƌĞŬĂ ƵŶƚƵŬ ŵĞŶĚĂƉĂƚŬĂŶ ǁĂǁĂƐĂŶ ůĂŶŐƐƵŶŐ ƉƌŽŐƌĂŵƉĞůĂƚŝŚĂŶ^ŵĂƌƚƌŝǀŝŶŐŽĂĐŚŝŶŐůŝŶŝĐ;^Ϳ͘
ƚĞŶƚĂŶŐ ŝŶĚƵƐƚƌŝ ĚĂŶ ŽƉĞƌĂƐŝŽŶĂů ƉĞƌƵƐĂŚĂĂŶ͘ ͮ Wd ͮWddƌĂŶƐŬŽŶ:ĂLJĂdďŬƐŚŽǁƐĂƐƚƌŽŶŐĐŽŵŵŝƚŵĞŶƚƚŽ
dƌĂŶƐŬŽŶ:ĂLJĂdďŬƌĞĐĞŝǀĞĚĂǀŝƐŝƚĨƌŽŵ^dD/<ŽƌŶĞŽ ĞƋƵŝƉ ĞǀĞƌLJŽŶĞ ǁŝƚŚ ƐĂĨĞ ĚƌŝǀŝŶŐ ƐŬŝůůƐ ǁŚŝĐŚ ŝƐ ƌĞĂůŝnjĞĚ
/ŶƚĞƌŶĂƚŝŽŶĂů ƐƚƵĚĞŶƚƐ͘ dŚĞ ƉƌĞƐĞŶĐĞ ŽĨ ƚŚĞƐĞ ƚŚƌŽƵŐŚƚŚĞ^ŵĂƌƚƌŝǀŝŶŐŽĂĐŚŝŶŐůŝŶŝĐ;^ͿƚƌĂŝŶŝŶŐ
ƐƚƵĚĞŶƚƐ ƉƌŽǀŝĚĞƐ ĂŶ ŽƉƉŽƌƚƵŶŝƚLJ ĨŽƌ ƚŚĞŵ ƚŽ ŐĂŝŶ ƉƌŽŐƌĂŵ͘
ĨŝƌƐƚͲŚĂŶĚ ŝŶƐŝŐŚƚ ŝŶƚŽ ƚŚĞ ŝŶĚƵƐƚƌLJ ĂŶĚ ĐŽŵƉĂŶLJ
ŽƉĞƌĂƚŝŽŶƐ͘
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dZ: Z^D W D ZzE <KEKD/ dZ: t/d, KEKD/ E ^K/>
E^K^/> DWKt ZD Ed
DĞŵďĞƌŝŬĂŶ ĚƵŬƵŶŐĂŶ ĞŬŽŶŽŵŝ ƚŝĚĂŬ ƐĞƌƚĂŵĞƌƚĂ Wd dƌĂŶƐŬŽŶ :ĂLJĂ dďŬ ŵĞŶŐŐĂŶĚĞŶŐ hD<D <ĞĚĂŝ <ŽƉŝ
ŚĂŶLJĂ ƉĞŵďĞƌŝĂŶ ĚĂůĂŵ ďĞŶƚƵŬ ĨŝŶĂŶƐŝĂů ƐĂũĂ͕ ĂŬĂŶ ,ŝƚĂŵ DĂŶŝƐ ĚĂůĂŵ ŵĞŶLJĞůĞŶŐŐĂƌĂŬĂŶ :Žď &Ăŝƌ ĂŶĂŬ
ƚĞƚĂƉ ŵĞŵďĞƌŝŬĂŶ ƐĞŵďĂŬŽ ũƵŐĂ ƐĂůĂŚ ƐĂƚƵ ďĞŶƚƵŬ ƉĞƌƵƐĂŚĂĂŶ ;Wd ŽƌŶĞŽ ^ĞŶƚĂŶĂ 'ĞŵŝůĂŶŐͿ ƐĞďĂŐĂŝ
ĚƵŬƵŶŐĂŶĞŬŽŶŽŵŝ͘^ĞŚŝŶŐŐĂĚĂůĂŵŬĞƐĞŵƉĂƚĂŶŬĂůŝ ďĞŶƚƵŬ ^Z ĚĂůĂŵ ŵĞŵďĞƌĚĂLJĂŬĂŶ hD<D ĚĞŶŐĂŶ
ŝŶŝ WĞƌƐĞƌŽĂŶ ĚĞŶŐĂŶ ŬŽŵŝƚŵĞŶ ƵŶƚƵŬ ďĞƌďĂŐŝ ŵĞŵďĂŶƚƵ hD<D ĚĂůĂŵ ŵĞŵĂƐĂƌŬĂŶ ƉƌŽĚƵŬŶLJĂ ĚĂŶ
ŬĞƉĂĚĂ ƉĞƚƵŐĂƐ ŬĞĂŵĂŶĂŶ ŬŚƵƐƵƐ Ěŝ ĂƌĞĂ ŬĂŶƚŽƌ ƐĞďĂŐĂŝ ŵĞĚŝĂ ƉƌŽŵŽƐŝ ĂŐĂƌ hD<D <ĞĚĂŝ <ŽƉŝ ,ŝƚĂŵ
WĞƌƐĞƌŽĂŶŵĞůĂŬƵŬĂŶƉĞŵďĂŐŝĂŶƐĞŵďĂŬŽ͘WƌŽŐƌĂŵ DĂŶŝƐ ŽĨĨĞ ^ŚŽƉ ^ ĚĂƉĂƚ ĚŝŬĞŶĂů ůĞďŝŚ ůƵĂƐ ŽůĞŚ
ŝŶŝĚŝůĂŬƵŬĂŶƐĞĐĂƌĂƌƵƚŝŶŽůĞŚWĞƌƐĞƌŽĂŶLJĂŬŶŝƐĞƚŝĂƉ ŵĂƐLJĂƌĂŬĂƚ͘ ͮ Wd dƌĂŶƐŬŽŶ :ĂLJĂ dďŬ ĐŽůůĂďŽƌĂƚĞƐ ǁŝƚŚ
ĂŬŚŝƌ ďƵůĂŶ͘ ͮ WƌŽǀŝĚŝŶŐ ĞĐŽŶŽŵŝĐ ƐƵƉƉŽƌƚ ĚŽĞƐ ŶŽƚ D^D Ɛ <ĞĚĂŝ <ŽƉŝ ,ŝƚĂŵ DĂŶŝƐ ŝŶ ŽƌŐĂŶŝnjŝŶŐ Ă
ŶĞĐĞƐƐĂƌŝůLJ ŽŶůLJ ƉƌŽǀŝĚĞ ĨŝŶĂŶĐŝĂů ĨŽƌŵ͕ ŝƚ ǁŝůů Ɛƚŝůů ƐƵďƐŝĚŝĂƌLJ :Žď &Ăŝƌ ;Wd ŽƌŶĞŽ ^ĞŶƚĂŶĂ 'ĞŵŝůĂŶŐͿ ĂƐ Ă
ƉƌŽǀŝĚĞďĂƐŝĐŶĞĐĞƐƐŝƚŝĞƐĂƐǁĞůůĂƐĂĨŽƌŵŽĨĞĐŽŶŽŵŝĐ ĨŽƌŵŽĨ^ZŝŶĞŵƉŽǁĞƌŝŶŐD^D ƐďLJŚĞůƉŝŶŐD^D ƐŝŶ
ƐƵƉƉŽƌƚ͘^ŽƚŚĂƚŽŶƚŚŝƐŽĐĐĂƐŝŽŶƚŚĞŽŵƉĂŶLJǁŝƚŚĂ ŵĂƌŬĞƚŝŶŐƚŚĞŝƌƉƌŽĚƵĐƚƐĂŶĚĂƐĂƉƌŽŵŽƚŝŽŶĂůŵĞĚŝƵŵ
ĐŽŵŵŝƚŵĞŶƚƚŽƐŚĂƌĞǁŝƚŚƐƉĞĐŝĂůƐĞĐƵƌŝƚLJŽĨĨŝĐĞƌƐŝŶ ƐŽƚŚĂƚD^D Ɛ<ĞĚĂŝ<ŽƉŝ,ŝƚĂŵDĂŶŝƐŽĨĨĞ^ŚŽƉ^
ƚŚĞ ŽŵƉĂŶLJΖƐ ŽĨĨŝĐĞ ĂƌĞĂ ĚŝƐƚƌŝďƵƚĞĚ ďĂƐŝĐ ĐĂŶďĞŵŽƌĞǁŝĚĞůLJŬŶŽǁŶďLJƚŚĞƉƵďůŝĐ͘
ŶĞĐĞƐƐŝƚŝĞƐ͘ dŚŝƐ ƉƌŽŐƌĂŵ ŝƐ ĐĂƌƌŝĞĚ ŽƵƚ ƌĞŐƵůĂƌůLJ ďLJ
ƚŚĞŽŵƉĂŶLJ͕ŶĂŵĞůLJĂƚƚŚĞĞŶĚŽĨĞǀĞƌLJŵŽŶƚŚ͘
dƵƌƵƚƐĞƌƚĂĚĂůĂŵŵĞŶLJĂŵďƵƚďƵůĂŶƐƵĐŝZĂŵĂĚŚĂŶ͕ Wd dƌĂŶƐŬŽŶ :ĂLJĂ dďŬ ŵĞŵďĂŶƚƵ hD<D Wd ^ĂĚĂ dŝƌƚĂ
WddƌĂŶƐŬŽŶ:ĂLJĂdďŬŵĞůĂŬƵŬĂŶŬĞŐŝĂƚĂŶďĂŐŝƚĂŬũŝů͘ DĂŶĚŝƌŝƵŶƚƵŬĚĂƉĂƚŵĞŶŐĞůŽůĂƵƐĂŚĂŶLJĂĚĞŶŐĂŶůĞďŝŚ
<ĞŐŝĂƚĂŶ ďĂŐŝ ƚĂŬũŝů ŝŶŝ ĚŝůĂŬƵŬĂŶ ďĞƌƐĂŵĂ ĚĞŶŐĂŶ ŽƉƚŝŵĂů ĚĞŶŐĂŶ ŵĞŵďĞƌŝŬĂŶ ďŝŵďŝŶŐĂŶ ĚĂůĂŵ
ƉĂƌĂ ƐŝƐǁĂ ĚĂƌŝ ^D< ŝŶĂ WƌĞƐƚĂƐŝ ĂůŝŬƉĂƉĂŶ LJĂŶŐ ŵĞŶŐĞůŽůĂ ďŝƐŶŝƐŶLJĂ ŵƵůĂŝ ĚĂƌŝ ƉĞůĂƚŝŚĂŶ ƐĞƉĞƌƚŝ
ƚĞƌŐĂďƵŶŐ ĚĂůĂŵ KƌŐĂŶŝƐĂƐŝ ^ŝƐǁĂ /ŶƚƌĂ ^ĞŬŽůĂŚ ŵĞŵďƵĂƚůĂƉŽƌĂŶŬĞƵĂŶŐĂŶLJĂŶŐďĂŝŬ͕ĐĂƌĂŵĞůĂŬƵŬĂŶ
;K^/^Ϳ͘ dĂŬũŝů ĚŝďĂŐŝŬĂŶ ŬĞƉĂĚĂ ƉĂƌĂ ŵĂƐLJĂƌĂŬĂƚ ƐƚƌĂƚĞŐŝ ƉĞŵĂƐĂƌĂŶ ƵŶƚƵŬ ŵĞŶĂƌŝŬ ůĞďŝŚ ďĂŶLJĂŬ
ƉĞŶŐŐƵŶĂũĂůĂŶŽůĞŚƉĂƌĂŬĂƌLJĂǁĂŶWddƌĂŶƐŬŽŶ:ĂLJĂ ƉĞůĂŶŐŐĂŶ ĚĂŶ ŵĞŵďĞƌŝŬĂŶ ĞĚƵŬĂƐŝ ďĂŐĂŝŵĂŶĂ
dďŬ ĚĂŶ ƉĂƌĂ K^/^ ^D< ŝŶĂ WƌĞƐƚĂƐŝ ĂůŝŬƉĂƉĂŶ͘ ͮ ŵĞŶĐŝƉƚĂŬĂŶ ďƌĂŶĚŝŶŐ LJĂŶŐ ďĂŝŬ ƚĞŶƚĂŶŐ ƉĞƌƵƐĂŚĂĂŶ
WĂƌƚŝĐŝƉĂƚŝŶŐ ŝŶ ǁĞůĐŽŵŝŶŐ ƚŚĞ ŚŽůLJ ŵŽŶƚŚ ŽĨ ƐĞŚŝŶŐŐĂ ďŝƐŶŝƐ ĚĂŶ ƉƌŽĚƵŬ ďŝƐŶŝƐ ĚĂƉĂƚ ĚŝŬĞŶĂů ŽůĞŚ
ZĂŵĂĚĂŶ͕ Wd dƌĂŶƐŬŽŶ :ĂLJĂ dďŬ ĐŽŶĚƵĐƚƐ ĂĐƚŝǀŝƚŝĞƐ ŵĂƐLJĂƌĂŬĂƚůƵĂƐͮ͘WddƌĂŶƐŬŽŶ:ĂLJĂdďŬŚĞůƉƐD^D ƐWd
ĨŽƌ ƚĂŬũŝů͘ dŚŝƐ ĂĐƚŝǀŝƚLJ ĨŽƌ ƚĂŬũŝů ǁĂƐ ĐĂƌƌŝĞĚ ŽƵƚ ^ĂĚĂdŝƌƚĂDĂŶĚŝƌŝƚŽ ďĞĂďůĞƚŽŵĂŶĂŐĞƚŚĞŝƌďƵƐŝŶĞƐƐ
ƚŽŐĞƚŚĞƌ ǁŝƚŚ ƐƚƵĚĞŶƚƐ ĨƌŽŵ ^D< ŝŶĂ WƌĞƐƚĂƐŝ ŵŽƌĞŽƉƚŝŵĂůůLJďLJƉƌŽǀŝĚŝŶŐŐƵŝĚĂŶĐĞŝŶŵĂŶĂŐŝŶŐƚŚĞŝƌ
ĂůŝŬƉĂƉĂŶ ǁŚŽ ĂƌĞ ŵĞŵďĞƌƐ ŽĨ ƚŚĞ /ŶƚƌĂͲ^ĐŚŽŽů ďƵƐŝŶĞƐƐ ƐƚĂƌƚŝŶŐ ĨƌŽŵ ƚƌĂŝŶŝŶŐ ƐƵĐŚ ĂƐ ŵĂŬŝŶŐ ŐŽŽĚ
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^ƚƵĚĞŶƚKƌŐĂŶŝnjĂƚŝŽŶ;K^/^Ϳ͘dĂŬũŝůǁĂƐĚŝƐƚƌŝďƵƚĞĚƚŽ ĨŝŶĂŶĐŝĂůƌĞƉŽƌƚƐ͕ŚŽǁƚŽĐĂƌƌLJŽƵƚŵĂƌŬĞƚŝŶŐƐƚƌĂƚĞŐŝĞƐ
ƚŚĞ ƌŽĂĚ ƵƐĞƌ ĐŽŵŵƵŶŝƚLJ ďLJ ĞŵƉůŽLJĞĞƐ ŽĨ Wd ƚŽ ĂƚƚƌĂĐƚ ŵŽƌĞ ĐƵƐƚŽŵĞƌƐ ĂŶĚ ƉƌŽǀŝĚŝŶŐ ĞĚƵĐĂƚŝŽŶ ŽŶ
dƌĂŶƐŬŽŶ :ĂLJĂ dďŬ ĂŶĚ ƚŚĞ ƐƚƵĚĞŶƚ ĐŽƵŶĐŝů ŽĨ ^D< ŚŽǁƚŽĐƌĞĂƚĞŐŽŽĚďƌĂŶĚŝŶŐĂďŽƵƚƚŚĞĐŽŵƉĂŶLJƐŽƚŚĂƚ
ŝŶĂWƌĞƐƚĂƐŝĂůŝŬƉĂƉĂŶ͘ ďƵƐŝŶĞƐƐ ĂŶĚ ďƵƐŝŶĞƐƐ ƉƌŽĚƵĐƚƐ ĐĂŶ ďĞ ŬŶŽǁŶ ďLJ ƚŚĞ
ǁŝĚĞƌĐŽŵŵƵŶŝƚLJ͘
WĞƌƐĞƌŽĂŶŵĞŶLJƵŵďĂŶŐƐĞũƵŵůĂŚŚĞǁĂŶŬƵƌďĂŶŬĞ Wd dƌĂŶƐŬŽŶ :ĂLJĂ dďŬ ŵĞůĂŬƵŬĂŶ ŬĞŐŝĂƚĂŶ ĚŽŶŽƌ ĚĂƌĂŚ
ďĞďĞƌĂƉĂ ŵĂƐũŝĚ LJĂŶŐ ĂĚĂ Ěŝ <ŽƚĂ ĂůŝŬƉĂƉĂŶ͕ ďĞŬĞƌũĂ ƐĂŵĂ ĚĞŶŐĂŶ WĂůĂŶŐ DĞƌĂŚ /ŶĚŽŶĞƐŝĂ͘ ͮ Wd
ƉĞŶLJĞƌĂŚĂŶ ŚĞǁĂŶ ŬƵƌďĂŶ ŝŶŝ ĚŝůĂŬƵŬĂŶ ƐĞƚŝĂƉ ƐĂƚƵ dƌĂŶƐŬŽŶ:ĂLJĂdďŬĐŽŶĚƵĐƚƐďůŽŽĚĚŽŶĂƚŝŽŶĂĐƚŝǀŝƚŝĞƐŝŶ
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ĚĂƌŝďĞƌďĂŐĂŝƉŝŚĂŬ͘
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ϯ͘ >ĂƉŽƌĂŶŝŶŝŵƵĚĂŚĚŝŵĞŶŐĞƌƚŝ
dŚŝƐƌĞƉŽƌƚŝƐĞĂƐLJƚŽƵŶĚĞƌƐƚĂŶĚ
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ϱ͘ ĞƌŝŬĂŶƉĞŵŝŬŝƌĂŶ͕ŬƌŝƚŝŬ͕ĚĂŶƐĂƌĂŶĂƚĂƐ>ĂƉŽƌĂŶŝŶŝ
'ŝǀĞLJŽƵƌƚŚŽƵŐŚƚƐ͕ĐƌŝƚŝĐŝƐŵƐ͕ĂŶĚƐƵŐŐĞƐƚŝŽŶƐĨŽƌƚŚŝƐZĞƉŽƌƚ
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ŬĞƉĂĚĂWĞƌƐĞƌŽĂŶŵĞůĂůƵŝĂůĂŵĂƚďĞƌŝŬƵƚͮdŚĂŶŬLJŽƵĨŽƌƚŚĞƉĂƌƚŝĐŝƉĂƚŝŽŶŽĨƐƚĂŬĞŚŽůĚĞƌƐ͘WůĞĂƐĞƐĞŶĚƚŚŝƐ
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ĂĨƚĂƌWĞŶŐƵŶŐŬĂƉĂŶ^ĞƐƵĂŝ^ K:<EŽ͘ϭϲͬ^ K:<͘ϬϰͬϮϬϮϭ
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EŽ͘/ŶĚĞdž EĂŵĂ/ŶĚĞdžͮ/ŶĚĞdžEĂŵĞ ,ĂůĂŵĂŶͮWĂŐĞƐ
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͘ϭ ƐƉĞŬ ŬŽŶŽŵŝͮ ĐŽŶŽŵŝĐƐƉĞĐƚ ϭϭͲϭϮ
͘Ϯ ƐƉĞŬ>ŝŶŐŬƵŶŐĂŶ,ŝĚƵƉͮ ŶǀŝƌŽŶŵĞŶƚĂůƐƉĞĐƚƐ ϭϮ
͘ϯ ƐƉĞŬ^ŽƐŝĂůͮ^ŽĐŝĂůƐƉĞĐƚ ϭϮ
WƌŽĨŝůWĞƌƵƐĂŚĂĂŶͮŽŵƉĂŶLJWƌŽĨŝůĞ
͘ϭ sŝƐŝ͕ŵŝƐŝ͕ĚĂŶŶŝůĂŝŬĞďĞƌůĂŶũƵƚĂŶWĞƌƵƐĂŚĂĂŶͮsŝƐŝŽŶ͕ŵŝƐƐŝŽŶ͕ĂŶĚǀĂůƵĞƐŽĨ ϯϴ
ƐƵƐƚĂŝŶĂďŝůŝƚLJŽĨƚŚĞŽŵƉĂŶLJ
͘Ϯ EĂŵĂ͕ĂůĂŵĂƚ͕ŶŽŵŽƌƚĞůĞƉŽŶ͕ŶŽŵŽƌĨĂŬƐŝŵŝů͕ĞŵĂŝů͕ĚĂŶƐŝƚƵƐƌĞƐŵŝͮEĂŵĞ͕ ϯϰ
ĂĚĚƌĞƐƐ͕ƉŚŽŶĞŶƵŵďĞƌ͕ĨĂdžŶƵŵďĞƌ͕ĞŵĂŝů͕ĂŶĚŽĨĨŝĐŝĂůǁĞďƐŝƚĞ͘
͘ϯ ^ŬĂůĂhƐĂŚĂ;ƚŽƚĂůĂƐĞƚĂƚĂƵŬĂƉŝƚĂůŝƐĂƐŝĂƐĞƚ͕ƚŽƚĂůŬĞǁĂũŝďĂŶ͕ũƵŵůĂŚŬĂƌLJĂǁĂŶ ϰϳͲϰϵ
LJĂŶŐ ĚŝďĂŐŝ ŵĞŶƵƌƵƚ ũĞŶŝƐ ŬĞůĂŵŝŶ͕ ũĂďĂƚĂŶ͕ ƵƐŝĂ͕ ƉĞŶĚŝĚŝŬĂŶ͕ ĚĂŶ ƐƚĂƚƵƐ
ŬĞƚĞŶĂŐĂŬĞƌũĂĂŶͿ͕ WĞƌƐĞŶƚĂƐĞ ŬĞƉĞŵŝůŝŬĂŶ ƐĂŚĂŵ ;ƉƵďůŝŬ ĚĂŶ ƉĞŵĞƌŝŶƚĂŚͿ͕
tŝůĂLJĂŚŽƉĞƌĂƐŝŽŶĂůͮƵƐŝŶĞƐƐ^ĐĂůĞ;ƚŽƚĂůĂƐƐĞƚƐŽƌĂƐƐĞĐƚĐĂƉŝƚĂůŝnjĂƚŝŽŶ͕ƚŽƚĂů
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KƉĞƌĂƚŝŽŶĂůĂƌĞĂ
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ĚĞƐĐƌŝƉƌŝŽŶŽĨƉƌŽĚƵĐƚƐ͕ƐĞƌǀŝĐĞƐ͕ĂŶĚďƵƐŝŶĞƐƐĂĐƚŝǀŝƚŝĞƐ
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͘ϲ WĞƌƵďĂŚĂŶWĞƌƐĞƌŽĂŶLJĂŶŐďĞƌƐŝĨĂƚƐŝŐŶŝĨŝŬĂŶŵŝƐĂůƚĞƌŬĂŝƚĚĞŶŐĂŶƉĞŶƵƚƵƉĂŶ ϰϮͲϰϲ
ĂƚĂƵƉĞŵďƵŬĂĂŶĐĂďĂŶŐ͕
ĚĂŶƐƚƌƵŬƚƵƌŬĞƉĞŵŝůŝŬĂŶͮ^ŝŐŶŝĨŝĐĂŶƚĐŚĂŶŐĞƐŽĨƚŚĞŽŵƉĂŶLJ͕Ğ͘Ő͕͘ŵĂƚƚĞƌƐ
ƌĞůĂƚĞĚƚŽĐůŽƐŝŶŐŽƌŽƉĞŶŝŶŐŽĨďƌĂŶĐŚĞƐĂŶĚŽǁŶĞƌƐŚŝƉƐƚƌƵĐƚƵƌĞ
WĞŶũĞůĂƐĂŶŝƌĞŬƐŝͮŽĂƌĚŽĨŝƌĞĐƚŽƌƐ džƉůĂŶĂƚŝŽŶ
͘ϭ WĞŶũĞůĂƐĂŶŝƌĞŬƐŝͮŽĂƌĚŽĨŝƌĞĐƚŽƌƐ džƉůĂŶĂƚŝŽŶ ϭϵͲϮϰ
dĂƚĂ<ĞůŽůĂ<ĞďĞƌůĂŶũƵƚĂŶͮ^ƵƐƚĂŝŶĂďŝůŝƚLJ'ŽǀĞƌŶĂŶĐĞ
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ĚĂŶͬĂƚĂƵ ƵŶŝƚ ŬĞƌũĂ LJĂŶŐ ŵĞŶũĂĚŝ ƉĞŶĂŶŐŐƵŶŐ ũĂǁĂď ƉĞŶĞƌĂƉĂŶ <ĞƵĂŶŐĂŶ
ĞƌŬĞůĂŶũƵƚĂŶͬĞƐĐƌŝƉƚŝŽŶŽĨĚƵƚŝĞƐŽĨƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐĂŶĚŽĂƌĚŽĨ
ŽŵŵŝƐƐŝŽŶĞƌƐ͕ĞŵƉůŽLJĞĞƐ͕ŽĨĨŝĐŝĂůƐ͕ĂŶĚͬŽƌǁŽƌŬƵŶŝƚŝŶĐŚĂƌŐĞŽĨƐƵƐƚĂŝŶĂďůĞ
ĨŝŶĂŶĐĞŝŵƉůĞŵĞŶƚĂƚŝŽŶ
͘Ϯ WĞŶũĞůĂƐĂŶŵĞŶŐĞŶĂŝƉĞŶŐĞŵďĂŶŐĂŶŬŽŵƉĞƚĞŶƐŝLJĂŶŐĚŝůĂŬƐĂŶĂŬĂŶƚĞƌŚĂĚĂƉ ϲϲͲϲϳ
ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ͕ ĂŶŐŐŽƚĂ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ͕ ƉĞŐĂǁĂŝ͕ ƉĞũĂďĂƚ ĚĂŶͬĂƚĂƵ ƵŶŝƚ
ŬĞƌũĂLJĂŶŐŵĞŶũĂĚŝƉĞŶĂŶŐŐƵŶŐũĂǁĂďƉĞŶĞƌĂƉĂŶ<ĞƵĂŶŐĂŶĞƌŬĞůĂŶũƵƚĂŶͬ
džƉůĂŶĂƚŝŽŶ ŽĨ ĐŽŵƉĞƚĞŶĐLJ ĚĞǀĞůŽƉŵĞŶƚ ŽĨ ŵĞŵďĞƌƐ ŽĨ ƚŚĞ ŽĂƌĚ ŽĨ
ŝƌĞĐƚŽƌƐĂŶĚŽĂƌĚŽĨŽŵŵŝƐƐŝŽŶĞƌƐ͕ĞŵƉůŽLJĞĞƐ͕ŽĨĨŝĐŝĂůƐ͕ĂŶĚͬŽƌǁŽƌŬƵŶŝƚ
ŝŶĐŚĂƌŐĞŽĨƐƵƐƚĂŝŶĂďůĞĨŝŶĂŶĐĞŝŵƉůĞŵĞŶƚĂƚŝŽŶ
͘ϯ WĞŶũĞůĂƐĂŶŵĞŶŐĞŶĂŝƉƌŽƐĞĚƵƌWĞƌƵƐĂŚĂĂŶWƵďůŝŬĚĂůĂŵŵĞŶŐĞŶĚĂůŝŬĂŶƌŝƐŝŬŽ ϳϭͲϳϯ
ŬĞďĞƌůĂŶũƵƚĂŶͬ džƉůĂŶĂƚŝŽŶ ŽĨƉƌŽĐĞĚƵƌĞƐŽĨWƵďůŝĐŽŵƉĂŶLJŝŶĐŽŶƚƌŽůůŝŶŐ
ƐƵƐƚĂŝŶĂďŝůŝƚLJƌŝƐŬ
͘ϰ WĞŶũĞůĂƐĂŶ ŵĞŶŐĞŶĂŝ ƉĞŵĂŶŐŬƵ ŬĞƉĞŶƚŝŶŐĂŶ ;ŬĞƚĞƌůŝďĂƚĂŶ ƉĞŵĂŶŐŬƵ ϭϰͲϭϴ
ŬĞƉĞŶƚŝŶŐĂŶ ĚĂŶ ƉĞŶĚĞŬĂƚĂŶ LJĂŶŐ ĚŝůĂŬƵŬĂŶ WĞƌƵƐĂŚĂĂŶ ĚĂůĂŵ ŵĞůŝďĂƚŬĂŶ
ƉĞŵĂŶŐŬƵ ŬĞƉĞŶƚŝŶŐĂŶ ĚĂůĂŵ ƉĞŶĞƌĂƉĂŶ <ĞƵĂŶŐĂŶ ĞƌŬĞůĂŶũƵƚĂŶ ďĂŝŬ
ďĞƌƵƉĂ ĚŝĂůŽŐ͕ ƐƵƌǀĞŝ͕ ƐĞŵŝŶĂƌ͕ ĚůůͿ ͬ džƉůĂŶĂƚŝŽŶ ŽĨ ŵĂƚƚĞƌƐ ƌĞŐĂƌĚŝŶŐ
ƐƚĂŬĞŚŽůĚĞƌƐ ;ƐƚĂŬĞŚŽůĚĞƌ ĞŶŐĂŐĞŵĞŶƚ ĂŶĚ ŽŵƉĂŶLJ ĂƉƉƌŽĂĐŚ ŝŶ ĞŶŐĂŐŝŶŐ
ǁŝƚŚ ƐƚĂŬĞŚŽůĚĞƌƐ ĨŽƌ ^ƵƐƚĂŝŶĂďůĞ &ŝŶĂŶĐĞ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŝŶ ƚŚĞ ĨŽƌŵ ŽĨ
ĚŝĂůŽŐƵĞƐ͕ƐƵƌǀĞLJƐ͕ƐĞŵŝŶĂƌƐ͕ĞƚĐ͘Ϳ
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ĂĨƚĂƌWĞŶŐƵŶŐŬĂƉĂŶ^ĞƐƵĂŝ^ K:<EŽ͘ϭϲͬ^ K:<͘ϬϰͬϮϬϮϭ
>ŝƐƚŽĨŝƐĐůŽƐƵƌĞƐĐĐŽƌĚŝŶŐƚŽ^ K:<EŽ͘ϭϲͬ^ K:<͘ϬϰͬϮϬϮϭ
EŽ͘/ŶĚĞdž EĂŵĂ/ŶĚĞdžͮ/ŶĚĞdžEĂŵĞ ,ĂůĂŵĂŶͮWĂŐĞƐ
͘ϱ WĞƌŵĂƐĂůĂŚ ƚĞƌŚĂĚĂƉ ƉĞŶĞƌĂƉĂŶ ŬĞƵĂŶŐĂŶ ďĞƌŬĞůĂŶũƵƚĂŶ ͮ /ƐƐƵĞƐ ŽŶ ϳϭͲϳϯ
^ƵƐƚĂŝŶĂďůĞ&ŝŶĂŶĐĞ/ŵƉůĞŵĞŶƚĂƚŝŽŶ
<ŝŶĞƌũĂ<ĞďĞƌůĂŶũƵƚĂŶͮ^ƵƐƚĂŝŶĂďŝůŝƚLJWĞƌĨŽƌŵĂŶĐĞ
&͘ϭ <ĞŐŝĂƚĂŶŵĞŵďĂŶŐƵŶďƵĚĂLJĂŬĞďĞƌůĂŶũƵƚĂŶĚŝŝŶƚĞƌŶĂůWĞƌƵƐĂŚĂĂŶWƵďůŝŬ ͮ ϳϲ
ĨĨŽƌƚƐŽŶďƵŝůĚŝŶŐƐƵƐƚĂŝŶĂďŝůŝƚLJĐƵůƚƵƌĞŝŶƚŚĞWƵďůŝĐŽŵƉĂŶLJŝŶƚĞƌŶĂů
<ŝŶĞƌũĂ ŬŽŶŽŵŝͮ ĐŽŶŽŵŝĐWĞƌĨŽƌŵĂŶĐĞ
&͘Ϯ WĞƌďĂŶĚŝŶŐĂŶƚĂƌŐĞƚĚĂŶŬŝŶĞƌũĂƉƌŽĚƵŬƐŝ͕ƉŽƌƚŽĨŽůŝŽ͕ƚĂƌŐĞƚƉĞŵďŝĂLJĂĂŶ͕ĂƚĂƵ ϳϵ
ŝŶǀĞƐƚĂƐŝ͕ƉĞŶĚĂƉĂƚĂŶĚĂŶůĂďĂƌƵŐŝͮŽŵƉĂƌŝƐŝŽŶŽĨƚĂƌŐĞƚĂŶĚƉĞƌĨŽƌŵĂŶĐĞ
ŽĨƉƌŽĚƵĐƚŝŽŶ͕ƉŽƌƚĨŽůŝŽ͕ƉĂLJŵĞŶƚƚĂƌŐĞƚ͕ŽƌŝŶǀĞƐƚŵĞŶƚ͕ƌĞǀĞŶƵĞƐ͕ĂŶĚƉƌŽĨŝƚ
;ůŽƐƐͿ
&͘ϯ WĞƌďĂŶĚŝŶŐĂŶƚĂƌŐĞƚĚĂŶŬŝŶĞƌũĂƉƌŽĚƵŬƐŝ͕ƉŽƌƚŽĨŽůŝŽ͕ƚĂƌŐĞƚƉĞŵďŝĂLJĂĂŶ͕ĂƚĂƵ ϳϵ
ŝŶǀĞƐƚĂƐŝ ƉĂĚĂ ŝŶƐƚƌƵŵĞŶ ŬĞƵĂŶŐĂŶ ĂƚĂƵ ƉƌŽLJĞŬ LJĂŶŐ ƐĞũĂůĂŶ ĚĞŶŐĂŶ
ƉĞŶĞƌĂƉĂŶ<ĞƵĂŶŐĂŶĞƌŬĞůĂŶũƵƚĂŶͮŽŵƉĂƌŝƐŝŽŶŽĨƚĂƌŐĞƚĂŶĚƉĞƌĨŽƌŵĂŶĐĞ
ŽĨ ƉƌŽĚƵĐƚŝŽŶ͕ ƉŽƌƚĨŽůŝŽ͕ ƉĂLJŵĞŶƚ ƚĂƌŐĞƚ͕ Žƌ ŝŶǀĞƐƚŵĞŶƚ ŽŶ ĨŝŶĂŶĐŝĂů
ŝŶƐƚƌƵŵĞŶƚƐŽƌƉƌŽũĞĐƚƐŝŶůŝŶĞǁŝƚŚ^ƵƐƚĂŝŶĂďůĞ&ŝŶĂŶĐĞŝŵƉůĞŵĞŶƚĂƚŝŽŶ
<ŝŶĞƌũĂ>ŝŶŐŬƵŶŐĂŶ,ŝĚƵƉƐƉĞŬhŵƵŵͮ'ĞŶĞƌĂůƐƉĞĐƚ ŶǀŝƌŽŶŵĞŶƚĂůWĞƌĨŽƌŵĂŶĐĞ
&͘ϰ ŝĂLJĂůŝŶŐŬƵŶŐĂŶŚŝĚƵƉLJĂŶŐĚŝŬĞůƵĂƌŬĂŶͮ ŶǀŝƌŽŶŵĞŶƚĂůĐŽƐƚƐŝŶĐƵƌƌĞĚ ϴϴͲϴϵ
ƐƉĞŬDĂƚĞƌŝĂůͮDĂƚĞƌŝĂůƐƉĞĐƚ
&͘ϱ WĞŶŐŐƵŶĂĂŶŵĂƚĞƌŝĂůLJĂŶŐƌĂŵĂŚůŝŶŐŬƵŶŐĂŶͮhƐĞŽĨĞĐŽͲĨƌŝĞŶĚůLJŵĂƚĞƌŝĂůƐ ϴϵͲϵϬ
ƐƉĞŬ ŶĞƌŐŝͮ ŶĞƌŐLJƐƉĞĐƚ
&͘ϲ :ƵŵůĂŚĚĂŶŝŶƚĞŶƐŝƚĂƐĞŶĞƌŐŝLJĂŶŐĚŝŐƵŶĂŬĂŶͮdŽƚĂůĂŶĚŝŶƚĞŶƐŝƚLJŽĨĞŶĞƌŐLJ ϵϬͲϵϮ
ƵƐĞĚ
&͘ϳ hƉĂLJĂĚĂŶƉĞŶĐĂƉĂŝĂŶĞĨŝƐŝĞŶƐŝĞŶĞƌŐŝLJĂŶŐĚŝůĂŬƵŬĂŶƚĞƌŵĂƐƵŬƉĞŶŐŐƵŶĂĂŶ ϵϬͲϵϮ
ƐƵŵďĞƌ ĞŶĞƌŐŝ ƚĞƌďĂƌƵŬĂŶ ͮ ĨĨŽƌƚ ĂŶĚ ĂĐŚŝĞǀĞŵĞŶƚ ŽĨ ĞŶĞƌŐLJ ĞĨĨŝĐŝĞŶĐLJ͕
ŝŶĐůƵĚŝŶŐƵƐĞŽĨƌĞŶĞǁĂďůĞĞŶĞƌŐLJ
ƐƉĞŬŝƌͮtĂƚĞƌƐƉĞĐƚ
&͘ϴ WĞŶŐŐƵŶĂĂŶĂŝƌͮtĂƚĞƌƵƐĂŐĞ ϵϯͲϵϰ
ƐƉĞŬ<ĞĂŶĞŬĂƌĂŐĂŵĂŶ,ĂLJĂƚŝͮŝŽĚŝǀĞƌƐŝƚLJƐƉĞĐƚ
&͘ϵ ĂŵƉĂŬĚĂƌŝǁŝůĂLJĂŚŽƉĞƌĂƐŝŽŶĂůLJĂŶŐĚĞŬĂƚĂƚĂƵďĞƌĂĚĂĚŝĚĂĞƌĂŚŬŽŶƐĞƌǀĂƐŝ ϵϲͲϵϳ
ĂƚĂƵŵĞŵŝůŝŬŝŬĞĂŶĞŬĂƌĂŐĂŵĂŶŚĂLJĂƚŝͮ/ŵƉĂĐƚŽĨŽƉĞƌĂƚŝŽŶĂůĂƌĞĂŝŶŽƌŶĞĂƌ
ĐŽŶƐĞƌǀĂƚŝŽŶŽƌďŝŽĚŝǀĞƌƐĞĂƌĞĂ
&͘ϭϬ hƉĂLJĂŬŽŶƐĞƌǀĂƐŝŬĞĂŶĞŬĂƌĂŐĂŵĂŶŚĂLJĂƚŝͮŝŽĚŝǀĞƌƐŝƚLJĐŽŶƐĞƌǀĂƚŝŽŶĞĨĨŽƌƚƐ ϵϲͲϵϳ
ƐƉĞŬ ŵŝƐŝͮ ŵŝƐƐŝŽŶƐƉĞĐƚ
&͘ϭϭ :ƵŵůĂŚĚĂŶŝŶƚĞŶƐŝƚĂƐĞŵŝƐŝLJĂŶŐĚŝŚĂƐŝůŬĂŶďĞƌĚĂƐĂƌŬĂŶũĞŶŝƐŶLJĂͮdŽƚĂůĂŶĚ ϵϮͲϵϯ
ŝŶƚĞŶƐŝƚLJŽĨĞŵŝƐƐŝŽŶŐĞŶĞƌĂƚĞĚďLJƚLJƉĞ
&͘ϭϮ hƉĂLJĂ ĚĂŶ ƉĞŶĐĂƉĂŝĂŶ ƉĞŶŐƵƌĂŶŐĂŶ ĞŵŝƐŝ LJĂŶŐ ĚŝůĂŬƵŬĂŶ ͮ ĨĨŽƌƚƐ ĂŶĚ ϵϮͲϵϯ
ĂĐŚŝĞǀĞŵĞŶƚŽĨĞŵŝƐƐŝŽŶ
ƐƉĞŬ>ŝŵďĂŚĚĂŶ ĨůƵĞŶͮtĂƐƚĞĂŶĚ ĨĨůƵĞŶƚƐƉĞĐƚƐ
&͘ϭϯ :ƵŵůĂŚůŝŵďĂŚĚĂŶĞĨůƵĞŶLJĂŶŐĚŝŚĂƐŝůŬĂŶďĞƌĚĂƐĂƌŬĂŶũĞŶŝƐŶLJĂͮdŽƚĂůǁĂƐƚĞ ϵϰͲϵϱ
ĂŶĚĞĨĨůƵĞŶƚŐĞŶĞƌĂƚĞĚďLJƚLJƉĞ
&͘ϭϰ DĞŬĂŶŝƐŵĞƉĞŶŐĞůŽůĂĂŶůŝŵďĂŚĚĂŶĞĨůƵĞŶͮtĂƐƚĞĂŶĚĞĨĨůƵĞŶƚŵĂŶĂŐĞŵĞŶƚ ϵϱ
ŵĞĐŚĂŶŝƐŵ
&͘ϭϱ dƵŵƉĂŚĂŶLJĂŶŐƚĞƌũĂĚŝ;ũŝŬĂĂĚĂͿͮ^ƉŝůůƐŽĐĐƵƌƌĞĚ;ŝĨĂŶLJͿ ϵϲ
ƐƉĞŬWĞŶŐĂĚƵĂŶdĞƌŬĂŝƚ>ŝŶŐŬƵŶŐĂŶ,ŝĚƵƉͮŽŵƉůĂŝŶKŶ ŶǀŝƌŽŶŵĞŶƚĂů/ƐƐƵĞƐƐƉĞĐƚ
&͘ϭϲ :ƵŵůĂŚĚĂŶŵĂƚĞƌŝƉĞŶŐĂĚƵĂŶůŝŶŐŬƵŶŐĂŶŚŝĚƵƉLJĂŶŐĚŝƚĞƌŝŵĂĚĂŶĚŝƐĞůĞƐĂŝŬĂŶͮdŽƚĂů ϵϳ
ĂŶĚŵĂƚĞƌŝĂůƐŽĨĞŶǀŝƌŽŶŵĞŶƚĂůĐŽŵƉůĂŝŶƚƐƌĞĐĞŝǀĞĚĂŶĚƌĞƐŽůǀĞĚ
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ĂĨƚĂƌWĞŶŐƵŶŐŬĂƉĂŶ^ĞƐƵĂŝ^ K:<EŽ͘ϭϲͬ^ K:<͘ϬϰͬϮϬϮϭ
>ŝƐƚŽĨŝƐĐůŽƐƵƌĞƐĐĐŽƌĚŝŶŐƚŽ^ K:<EŽ͘ϭϲͬ^ K:<͘ϬϰͬϮϬϮϭ
EŽ͘/ŶĚĞdž EĂŵĂ/ŶĚĞdžͮ/ŶĚĞdžEĂŵĞ ,ĂůĂŵĂŶͮWĂŐĞƐ
<ŝŶĞƌũĂ^ŽƐŝĂůͮ^ŽĐŝĂůWĞƌĨŽƌŵĂŶĐĞ
&͘ϭϳ <ŽŵŝƚŵĞŶ>:<͕ĞŵŝƚĞŶ͕ĂƚĂƵƉĞƌƵƐĂŚĂĂŶƉƵďůŝŬƵŶƚƵŬŵĞŵďĞƌŝŬĂŶ >ĂLJĂŶĂŶ ϭϭϭͲϭϭϮ
ĂƚĂƐƉƌŽĚƵŬ ĚĂŶͬĂƚĂƵũĂƐĂLJĂŶŐƐĞƚĂƌĂŬĞƉĂĚĂŬŽŶƐƵŵĞŶ ͮŽŵŵŝƚŵĞŶƚŽĨ
>:<͕ŝƐƐƵĞƌ͕ŽƌƉƵďůŝĐĐŽŵƉĂŶLJƚŽƉƌŽǀŝĚĞĞƋƵĂůƉƌŽĚƵĐƚƐͬƐĞƌǀŝĐĞƐƚŽĐƵƐƚŽŵĞƌƐ
ƐƉĞŬ<ĞƚĞŶĂŐĂŬĞƌũĂĂŶͮ>ĂďŽƌƐƉĞĐƚ
&͘ϭϴ <ĞƐĞƚĞƌĂĂŶŬĞƐĞŵƉĂƚĂŶďĞŬĞƌũĂͮ ƋƵĂůĞŵƉůŽLJŵĞŶƚŽƉƉŽƌƚƵŶŝƚLJ ϭϬϱ
&͘ϭϵ dĞŶĂŐĂŬĞƌũĂĂŶĂŬĚĂŶƚĞŶĂŐĂŬĞƌũĂƉĂŬƐĂͮŚŝůĚůĂďŽƌĂŶĚĨŽƌĐĞĚůĂďŽƌ ϭϬϲ
&͘ϮϬ hƉĂŚDŝŶƵŵZĞŐŝŽŶĂůͮZĞŐŝŽŶĂůDŝŶŝŵƵŵtĂŐĞ ϭϬϰͲϭϬϱ
&͘Ϯϭ >ŝŶŐŬƵŶŐĂŶďĞŬĞƌũĂLJĂŶŐůĂLJĂŬĚĂŶĂŵĂŶͮ^ĂĨĞĂŶĚĚĞĐĞŶƚǁŽƌŬĞŶǀŝƌŽŶŵĞŶƚ ϭϬϴͲϭϬϵ
&͘ϮϮ WĞůĂƚŝŚĂŶ ĚĂŶ ƉĞŶŐĞŵďĂŶŐĂŶ ŬĞŵĂŵƉƵĂŶ ƉĞŐĂǁĂŝ ͮ ŵƉůŽLJĞĞ ĐĂƉĂďŝůŝƚLJ ϭϬϳͲϭϬϴ
ƚƌĂŝŶŝŶŐĂŶĚĚĞǀĞůŽƉŵĞŶƚ
ƐƉĞŬDĂƐLJĂƌĂŬĂƚͮŽŵŵƵŶŝƚLJƐƉĞĐƚ
&͘Ϯϯ ĂŵƉĂŬ ŽƉĞƌĂƐŝ ƚĞƌŚĂĚĂƉ ŵĂƐLJĂƌĂŬĂƚ ƐĞŬŝƚĂƌ ͮ KƉĞƌĂƚŝŽŶĂů ŝŵƉĂĐƚ ƚŽ ůŽĐĂů ϭϭϰ
ĐŽŵŵƵŶŝƚŝĞƐ
&͘Ϯϰ WĞŶŐĂĚƵĂŶDĂƐLJĂƌĂŬĂƚͮŽŵŵƵŶŝƚLJĐŽŵƉůĂŝŶƚ ϭϭϰͲϭϭϱ
&͘Ϯϱ <ĞŐŝĂƚĂŶ dĂŶŐŐƵŶŐ :ĂǁĂď ^ŽƐŝĂů ĚĂŶ >ŝŶŐŬƵŶŐĂŶ ;d:^>Ϳ ͮ ^ŽĐŝĂů ĂŶĚ ϭϭϱͲϭϮϮ
ŶǀŝƌŽŶŵĞŶƚĂůZĞƐƉŽŶƐŝďŝůŝƚLJ;d:^>ͿĂĐƚŝǀŝƚŝĞƐ
dĂŶŐŐƵŶŐ :ĂǁĂď WĞŶŐĞŵďĂŶŐĂŶ WƌŽĚƵŬͬ:ĂƐĂ ĞƌŬĞůĂŶũƵƚĂŶ ͮ ZĞƐƉŽŶƐŝďŝůŝƚLJ KŶ
^ƵƐƚĂŝŶĂďůĞWƌŽĚƵĐƚƐͬ^ĞƌǀŝĐĞƐĞǀĞůŽƉŵĞŶƚ
&͘Ϯϲ /ŶŽǀĂƐŝĚĂŶƉĞŶŐĞŵďĂŶŐĂŶƉƌŽĚƵŬͬũĂƐĂŬĞƵĂŶŐĂŶďĞƌŬĞůĂŶũƵƚĂŶͮ/ŶŶŽǀĂƚŝŽŶ ϭϭϮͲϭϭϯ
ĂŶĚĚĞǀĞůŽƉŵĞŶƚŽĨƐƵƐƚĂŝŶĂďůĞĨŝŶĂŶĐĞƉƌŽĚƵĐƚƐͬƐĞƌǀŝĐĞƐ
&͘Ϯϳ WƌŽĚƵŬͬũĂƐĂ LJĂŶŐ ƐƵĚĂŚ ĚŝĞǀĂůƵĂƐŝ ŬĞĂŵĂŶĂŶŶLJĂ ďĂŐŝ ƉĞůĂŶŐŐĂŶ ͮ ϭϭϮͲϭϭϯ
WƌŽĚƵĐƚƐͬƐĞƌǀŝĐĞƐĞǀĂůƵĂƚĞĚĨŽƌĐƵƐƚŽŵĞƌƐĂĨĞƚLJ
&͘Ϯϴ ĂŵƉĂŬƉƌŽĚƵŬͬũĂƐĂͮ/ŵƉĂĐƚŽĨƉƌŽĚƵĐƚƐͬƐĞƌǀŝĐĞƐ ϭϭϮͲϭϭϯ
&͘Ϯϵ :ƵŵůĂŚƉƌŽĚƵŬLJĂŶŐĚŝƚĂƌŝŬŬĞŵďĂůŝĚĂŶĂůĂƐĂŶŶLJĂͮdŽƚĂůƌĞĐĂůůĞĚƉƌŽĚƵĐƚƐ ϭϭϮͲϭϭϯ
&͘ϯϬ ^ƵƌǀĞŝ ŬĞƉƵĂƐĂŶ ƉĞůĂŶŐŐĂŶ ƚĞƌŚĂĚĂƉ ƉƌŽĚƵŬ ĚĂŶͬũĂƐĂ ŬĞƵĂŶŐĂŶ ϭϭϯ
ďĞƌŬĞůĂŶũƵƚĂŶ ͮ ƵƐƚŽŵĞƌ ƐĂƚŝƐĨĂĐƚŝŽŶ ƐƵƌǀĞLJ ŽŶ ƐƵƐƚĂŝŶĂďůĞ ĨŝŶĂŶĐĞ
ƉƌŽĚƵĐƚƐͬƐĞƌǀŝĐĞƐ
>ĂŝŶͲůĂŝŶͬKƚŚĞƌƐ
'͘ϭ sĞƌĨŝŬĂƐŝ sĞƌŝĨŝŬĂƐŝ ƚĞƌƚƵůŝƐ ĚĂƌŝ ƉŝŚĂŬ ŝŶĚĞƉĞŶĚĞŶ͕ ũŝŬĂ ĂĚĂ ͮ tƌŝƚƚĞŶ ϭϮϯ
ǀĞƌŝĨŝĐĂƚŝŽŶĨƌŽŵŝŶĚĞƉĞŶĚĞŶƚƉĂƌƚLJ;ŝĨĂŶLJͿ
'͘Ϯ >ĞŵďĂƌƵŵƉĂŶďĂůŝŬͮ&ĞĞĚďĂĐŬƐŚĞĞƚ ϭϮϰͲϭϮϱ
'͘ϯ dĂŶŐŐĂƉĂŶ ƚĞƌŚĂĚĂƉ ƵŵƉĂŶ ďĂůŝŬ >ĂƉŽƌĂŶ dĂŚƵŶ <ĞďĞƌůĂŶũƵƚĂŶ ƚĂŚƵŶ ϭϮϯ
ƐĞďĞůƵŵŶLJĂͮZĞƐƉŽŶƐĞƚŽfeedbacks of previous year’s Annual Report
'͘ϰ ĂĨƚĂƌƉĞŶŐƵŶŐŬĂƉĂŶƐĞƐƵĂŝWK:<ϱϭͬϮϬϭϳͬͮ>ŝƐƚŽĨĚŝƐĐůŽƐƵƌĞƐŝŶĂĐĐŽƌĚĂŶĐĞ ϭϮϲͲϭϯϱ
ǁŝƚŚWK:<ϱϭͬϮϬϭϳ
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/ŶĚĞŬƐ'Z/^ƚĂŶĚĂƌĚϮϬϮϭ
'Z/^ƚĂŶĚĂƌĚ/ŶĚĞdžϮϬϮϭ
^ƚĂŶĚĂƌ'Z/ WĞŶŐƵŶŐŬĂƉĂŶ ,ĂůĂŵĂŶ
'Z/^ƚĂŶĚĂƌĚ ŝƐĐůŽƐƵƌĞ WĂŐĞ
'Z/ϭ͗>ĂŶĚĂƐĂŶϮϬϮϭ
'Z/ϭ͗&ŽƵŶĚĂƚŝŽŶĨŽƌϮϬϮϭ
'Z/ϮWĞŶŐƵŶŐŬĂƉĂŶhŵƵŵϮϬϮϭ
'Z/Ϯ'ĞŶĞƌĂůŝƐĐůŽƐƵƌĞƐϮϬϮϭ
ϮͲϭ ZŝŶĐŝĂŶŽƌŐĂŶŝƐĂƐŝ ϯϰ
KƌŐĂŶŝnjĂƚŝŽŶĚĞƚĂŝůƐ
ϮͲϮ ŶƚŝƚĂƐLJĂŶŐĚŝŵĂƐƵŬŬĂŶĚĂůĂŵƉĞůĂƉŽƌĂŶŬĞďĞƌůĂŶũƵƚĂŶŽƌŐĂŶŝƐĂƐŝ ϯϲ
ŶƚŝƚŝĞƐŝŶĐůƵĚĞĚŝŶĂŶŽƌŐĂŶŝnjĂƚŝŽŶΖƐƐƵƐƚĂŝŶĂďŝůŝƚLJƌĞƉŽƌƚŝŶŐ
ϮͲϯ WĞƌŝŽĚĞ͕ĨƌĞŬƵĞŶƐŝ͕ĚĂŶƚŝƚŝŬŬŽŶƚĂŬƉĞůĂƉŽƌĂŶ ϮϲͲϮϳ͕ϯϮ
ZĞƉŽƌƚŝŶŐƉĞƌŝŽĚ͕ĨƌĞƋƵĞŶĐLJ͕ĂŶĚĐŽŶƚĂĐƚƉŽŝŶƚƐ
ϮͲϰ WĞŶLJĂũŝĂŶŬĞŵďĂůŝŝŶĨŽƌŵĂƐŝ ϯϭ
ZĞƐƚĂƚĞŵĞŶƚŽĨŝŶĨŽƌŵĂƚŝŽŶ
ϮͲϱ WĞŶũĂŵŝŶĂŶĞŬƐƚĞƌŶĂů ϯϭ
džƚĞƌŶĂůŐƵĂƌĂŶƚĞĞ
ϮͲϲ ŬƚŝǀŝƚĂƐ͕ƌĂŶƚĂŝŶŝůĂŝ͕ĚĂŶŚƵďƵŶŐĂŶďŝƐŶŝƐůĂŝŶŶLJĂ ϯϭ͕ϰϴ
ĐƚŝǀŝƚŝĞƐ͕ǀĂůƵĞĐŚĂŝŶƐĂŶĚŽƚŚĞƌďƵƐŝŶĞƐƐƌĞůĂƚŝŽŶƐŚŝƉƐ
ϮͲϳ <ĂƌLJĂǁĂŶ ϯϰ͕ϰϳ
ŵƉůŽLJĞĞƐ
ϮͲϴ WĞŬĞƌũĂLJĂŶŐďƵŬĂŶƉĞŬĞƌũĂůĂŶŐƐƵŶŐ Ͳ
tŽƌŬĞƌƐǁŚŽĂƌĞŶŽƚĚŝƌĞĐƚǁŽƌŬĞƌƐ
ϮͲϵ ^ƚƌƵŬƚƵƌĚĂŶŬŽŵƉŽƐŝƐŝƚĂƚĂŬĞůŽůĂ ϱϵͲϲϯ
'ŽǀĞƌŶĂŶĐĞƐƚƌƵĐƚƵƌĞĂŶĚĐŽŵƉŽƐŝƚŝŽŶ
ϮͲϭϬ WĞŶĐĂůŽŶĂŶĚĂŶƉĞŵŝůŝŚĂŶďĂĚĂŶƚĂƚĂŬĞůŽůĂƚĞƌƚŝŶŐŐŝ ϲϬ͕ϲϰ
EŽŵŝŶĂƚŝŽŶĂŶĚĞůĞĐƚŝŽŶŽĨƚŚĞŚŝŐŚĞƐƚŐŽǀĞƌŶĂŶĐĞďŽĚLJ
ϮͲϭϭ <ĞƚƵĂďĂĚĂŶƚĂƚĂŬĞůŽůĂƚĞƌƚŝŶŐŐŝ ϲϬ
ŚĂŝƌŽĨƚŚĞŚŝŐŚĞƐƚŐŽǀĞƌŶĂŶĐĞďŽĚLJ
ϮͲϭϮ WĞƌĂŶďĂĚĂŶƚĂƚĂŬĞůŽůĂƚĞƌƚŝŶŐŐŝĚĂůĂŵŵĞŶŐĂǁĂƐŝŵĂŶĂũĞŵĞŶĚĂŵƉĂŬ ĂůĂŵ>ĂƉŽƌĂŶ
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ŶŶƵĂůZĞƉŽƌƚ
ϮͲϭϯ ĞůĞŐĂƐŝƚĂŶŐŐƵŶŐũĂǁĂďƵŶƚƵŬŵĞŶŐĞůŽůĂĚĂŵƉĂŬ ϲϬ
ĞůĞŐĂƚŝŽŶŽĨƌĞƐƉŽŶƐŝďŝůŝƚLJĨŽƌŵĂŶĂŐŝŶŐŝŵƉĂĐƚƐ
ϮͲϭϰ WĞƌĂŶďĂĚĂŶƚĂƚĂŬĞůŽůĂƚĞƌƚŝŶŐŐŝĚĂůĂŵƉĞůĂƉŽƌĂŶŬĞďĞƌůĂŶũƵƚĂŶ ϲϬ͕ϲϮ͕ϲϯ
dŚĞŚŝŐŚĞƐƚŐŽǀĞƌŶĂŶĐĞďŽĚLJΖƐƌŽůĞŝŶƐƵƐƚĂŝŶĂďŝůŝƚLJƌĞƉŽƌƚŝŶŐ
ϮͲϭϱ <ŽŶĨůŝŬ<ĞƉĞŶƚŝŶŐĂŶ ϲϱ
ŽŶĨůŝĐƚŽĨ/ŶƚĞƌĞƐƚ
ϮͲϭϲ <ŽŵƵŶŝŬĂƐŝŵĂƐĂůĂŚƉĞŶƚŝŶŐ ĂůĂŵ>ĂƉŽƌĂŶ
ŽŵŵƵŶŝĐĂƚŝŽŶŵĂƚƚĞƌŝƐŝŵƉŽƌƚĂŶƚ dĂŚƵŶĂŶͮ/Ŷ
ŶŶƵĂůZĞƉŽƌƚ
ϮͲϭϳ WĞŶŐĞƚĂŚƵĂŶŬŽůĞŬƚŝĨďĂĚĂŶƚĂƚĂŬĞůŽůĂƚĞƌƚŝŶŐŐŝĚĂůĂŵƉĞůĂƉŽƌĂŶ ϲϲͲϲϳ
ŬĞďĞƌůĂŶũƵƚĂŶ
dŚĞŚŝŐŚĞƐƚŐŽǀĞƌŶĂŶĐĞďŽĚLJΖƐĐŽůůĞĐƚŝǀĞŬŶŽǁůĞĚŐĞŝŶƐƵƐƚĂŝŶĂďŝůŝƚLJ
ƌĞƉŽƌƚŝŶŐ
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'Z/^ƚĂŶĚĂƌĚ/ŶĚĞdžϮϬϮϭ
^ƚĂŶĚĂƌ'Z/ WĞŶŐƵŶŐŬĂƉĂŶ ,ĂůĂŵĂŶ
'Z/^ƚĂŶĚĂƌĚ ŝƐĐůŽƐƵƌĞ WĂŐĞ
ϮͲϭϴ ǀĂůƵĂƐŝŬŝŶĞƌũĂďĂĚĂŶƚĂƚĂŬĞůŽůĂƚĞƌƚŝŶŐŐŝ ϲϰ
ǀĂůƵĂƚŝŽŶŽĨƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞŚŝŐŚĞƐƚŐŽǀĞƌŶĂŶĐĞďŽĚLJ
ϮͲϭϵ <ĞďŝũĂŬĂŶƌĞŵƵŶĞƌĂƐŝ ϲϱͲϲϲ
ZĞŵƵŶĞƌĂƚŝŽŶƉŽůŝĐLJ
ϮͲϮϬ WƌŽƐĞƐƵŶƚƵŬŵĞŶĞŶƚƵŬĂŶƌĞŵƵŶĞƌĂƐŝ ϲϱͲϲϲ
WƌŽĐĞƐƐĨŽƌĚĞƚĞƌŵŝŶŝŶŐƌĞŵƵŶĞƌĂƚŝŽŶ
ϮͲϮϭ ZĂƐŝŽŬŽŵƉĞŶƐĂƐŝƚŽƚĂůƚĂŚƵŶĂŶ ĂůĂŵ>ĂƉŽƌĂŶ
ŶŶƵĂůƚŽƚĂůĐŽŵƉĞŶƐĂƚŝŽŶƌĂƚŝŽ dĂŚƵŶĂŶͮ/Ŷ
ŶŶƵĂůZĞƉŽƌƚ
ϮͲϮϮ WĞƌŶLJĂƚĂĂŶƚĞŶƚĂŶŐƐƚƌĂƚĞŐŝƉĞŵďĂŶŐƵŶĂŶďĞƌŬĞůĂŶũƵƚĂŶ ϳͲϵ͕ϮϭͲϮϯ
^ƚĂƚĞŵĞŶƚŽŶƐƵƐƚĂŝŶĂďůĞĚĞǀĞůŽƉŵĞŶƚƐƚƌĂƚĞŐLJ
ϮͲϮϯ <ŽŵŝƚŵĞŶŬĞďŝũĂŬĂŶ ϯϴ
WŽůŝĐLJĐŽŵŵŝƚŵĞŶƚ
ϮͲϮϰ DĞŶĂŶĂŵŬĂŶŬŽŵŝƚŵĞŶŬĞďŝũĂŬĂŶ ϳͲϵ
/ŶƐƚŝůůƉŽůŝĐLJĐŽŵŵŝƚŵĞŶƚ
ϮͲϮϱ WƌŽƐĞƐƵŶƚƵŬŵĞŵƉĞƌďĂŝŬŝĚĂŵƉĂŬŶĞŐĂƚŝĨ ϴϳͲϴϴ
WƌŽĐĞƐƐĨŽƌĐŽƌƌĞĐƚŝŶŐŶĞŐĂƚŝǀĞŝŵƉĂĐƚƐ
ϮͲϮϲ DĞŬĂŶŝƐŵĞƵŶƚƵŬŵĞŶĐĂƌŝŶĂƐŝŚĂƚĚĂŶŵĞŶŐĞŵƵŬĂŬĂŶŵĂƐĂůĂŚ Eͬ
DĞĐŚĂŶŝƐŵƐĨŽƌƐĞĞŬŝŶŐĂĚǀŝĐĞĂŶĚƌĂŝƐŝŶŐĐŽŶĐĞƌŶƐ
ϮͲϮϳ <ĞƉĂƚƵŚĂŶƚĞƌŚĂĚĂƉŚƵŬƵŵĚĂŶƉĞƌĂƚƵƌĂŶ ϱϳͲϱϵ
ŽŵƉůŝĂŶĐĞǁŝƚŚůĂǁƐĂŶĚƌĞŐƵůĂƚŝŽŶƐ
ϮͲϮϴ ƐŽƐŝĂƐŝ<ĞĂŶŐŐŽƚĂĂŶ ϱϯͲϱϰ
DĞŵďĞƌƐŚŝƉƐƐŽĐŝĂƚŝŽŶ
ϮͲϮϵ WĞŶĚĞŬĂƚĂĂŶƵŶƚƵŬŬĞƚĞƌůŝďĂƚĂŶƉĞŵĂŶŐŬƵŬĞƉĞŶƚŝŶŐĂŶ ϭϱͲϭϳ
ƉƉƌŽĂĐŚƚŽƐƚĂŬĞŚŽůĚĞƌĞŶŐĂŐĞŵĞŶƚ
ϮͲϯϬ WĞƌũĂŶũŝĂŶWĞƌƵŶĚŝŶŐĂŶ<ŽůĞŬƚŝĨ Eͬ
ŽůůĞĐƚŝǀĞĂƌŐĂŝŶŝŶŐŐƌĞĞŵĞŶƚ
'Z/ϯWĞŶŐƵŶŐŬĂƉĂŶdŽƉŝŬDĂƚĞƌŝĂůϮϬϮϭ
'Z/ϯŝƐĐůŽƐƵƌĞŽĨDĂƚĞƌŝĂůdŽƉŝĐƐϮϬϮϭ
ϯͲϭ WƌŽƐĞƐƵŶƚƵŬŵĞŶĞŶƚƵŬĂŶƚŽƉŝŬŵĂƚĞƌŝĂů ϮϴͲϮϵ
WƌŽĐĞƐƐĨŽƌĚĞƚĞƌŵŝŶŝŶŐŵĂƚĞƌŝĂůƚŽƉŝĐƐ
ϯͲϮ ĂĨƚĂƌƚŽƉŝŬŵĂƚĞƌŝĂů Ϯϵ
>ŝƐƚŽĨŵĂƚĞƌŝĂůƚŽƉŝĐƐ
ϯͲϯ DĂŶĂũĞŵĞŶƚŽƉŝŬŵĂƚĞƌŝĂů ϮϵͲϯϭ
DĂƚĞƌŝĂůƚŽƉŝĐŵĂŶĂŐĞŵĞŶƚ
'Z/ϮϬϭ<ŝŶĞƌũĂ ŬŽŶŽŵŝϮϬϭϲ
'Z/ϮϬϭ ĐŽŶŽŵŝĐWĞƌĨŽƌŵĂŶĐĞϮϬϭϲ
ϮϬϭͲϭ EŝůĂŝĞŬŽŶŽŵŝůĂŶŐƐƵŶŐLJĂŶŐĚŝŚĂƐŝůŬĂŶĚĂŶĚŝĚŝƐƚƌŝďƵƐŝŬĂŶ ϴϬͲϴϭ
ŝƌĞĐƚĞĐŽŶŽŵŝĐǀĂůƵĞŐĞŶĞƌĂƚĞĚĂŶĚĚŝƐƚƌŝďƵƚĞĚ
ϮϬϭͲϮ /ŵƉůŝŬĂƐŝĨŝŶĂŶƐŝĂů͕ƌŝƐŝŬŽ͕ĚĂŶƉĞůƵĂŶŐůĂŝŶŶLJĂƚĞƌŬĂŝƚƉĞƌƵďĂŚĂŶŝŬůŝŵ ϴϯͲϴϰ
&ŝŶĂŶĐŝĂůŝŵƉůŝĐĂƚŝŽŶƐ͕ƌŝƐŬƐĂŶĚŽƚŚĞƌŽƉƉŽƌƚƵŶŝƚŝĞƐƌĞůĂƚĞĚƚŽĐůŝŵĂƚĞ
ĐŚĂŶŐĞ
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/ŶĚĞŬƐ'Z/^ƚĂŶĚĂƌĚϮϬϮϭ
'Z/^ƚĂŶĚĂƌĚ/ŶĚĞdžϮϬϮϭ
^ƚĂŶĚĂƌ'Z/ WĞŶŐƵŶŐŬĂƉĂŶ ,ĂůĂŵĂŶ
'Z/^ƚĂŶĚĂƌĚ ŝƐĐůŽƐƵƌĞ WĂŐĞ
ϮϬϭͲϯ <ĞǁĂũŝďĂŶƉƌŽŐƌĂŵƉĞŶƐŝƵŶŵĂŶĨĂĂƚƉĂƐƚŝĚĂŶƉƌŽŐƌĂŵƉĞŶƐŝƵŶůĂŝŶŶLJĂ ϴϰͲϴϱ
KďůŝŐĂƚŝŽŶƐŽĨĚĞĨŝŶĞĚďĞŶĞĨŝƚƉĞŶƐŝŽŶƉůĂŶƐĂŶĚŽƚŚĞƌƉĞŶƐŝŽŶƉůĂŶƐ
ϮϬϭͲϰ ĂŶƚƵĂŶĨŝŶĂŶƐŝĂůĚĂƌŝƉĞŵĞƌŝŶƚĂŚ ϴϱ
&ŝŶĂŶĐŝĂůĂƐƐŝƐƚĂŶĐĞĨƌŽŵƚŚĞŐŽǀĞƌŶŵĞŶƚ
'Z/ϮϬϮ<ĞďĞƌĂĚĂĂŶWĂƐĂƌϮϬϭϲ
'Z/ϮϬϮDĂƌŬĞƚWƌĞƐĞŶĐĞϮϬϭϲ
ϮϬϮͲϭ hƉĂŚŵŝŶŝŵƵŵΘĞŶƚƌLJůĞǀĞů ϭϬϰͲϭϬϱ
DŝŶŝŵƵŵǁĂŐĞΘĞŶƚƌLJůĞǀĞů
'Z/ϮϬϯĂŵƉĂŬĞŬŽŶŽŵŝdŝĚĂŬ>ĂŶŐƐƵŶŐϮϬϭϲ
'Z/ϮϬϯ/ŶĚŝƌĞĐƚĞĐŽŶŽŵŝĐŝŵƉĂĐƚƐϮϬϭϲ
ϮϬϯͲϮ ĂŵƉĂŬĞŬŽŶŽŵŝƚŝĚĂŬůĂŶŐƐƵŶŐLJĂŶŐƐŝŐŶŝĨŝŬĂŶ ϴϲ
^ŝŐŶŝĨŝĐĂŶƚŝŶĚŝƌĞĐƚĞĐŽŶŽŵŝĐŝŵƉĂĐƚ
'Z/ϮϬϰWƌĂŬƚŝŬWĞŶŐĂĚĂĂŶϮϬϭϲ
'Z/ϮϬϰWƌŽĐƵƌĞŵĞŶƚWƌĂĐƚŝĐĞƐϮϬϭϲ
ϮϬϰ WƌĂŬƚŝŬWĞŶŐĂĚĂĂŶ ϴϮ
WƌŽĐƵƌĞŵĞŶƚWƌĂĐƚŝĐĞƐ
'Z/ϮϬϱŶƚŝ<ŽƌƵƉƐŝϮϬϭϲ
'Z/ϮϬϱŶƚŝͲŽƌƌƵƉƚŝŽŶϮϬϭϲ
ϮϬϱͲϭ KƉĞƌĂƐŝͲŽƉĞƌĂƐŝLJĂŶŐĚŝŶŝůĂŝŵĞŵŝůŝŬŝƌŝƐŝŬŽƚĞƌŬĂŝƚŬŽƌƵƉƐŝ ϲϵͲϳϭ
KƉĞƌĂƚŝŽŶƐĂƐƐĞƐƐĞĚĂƐŚĂǀŝŶŐƌŝƐŬƐƌĞůĂƚĞĚƚŽĐŽƌƌƵƉƚŝŽŶ
ϮϬϱͲϮ <ŽŵƵŶŝŬĂƐŝĚĂŶƉĞůĂƚŝŚĂŶƚĞŶƚĂŶŐŬĞďŝũĂŬĂŶĚĂŶƉƌŽƐĞĚƵƌĂŶƚŝͲŬŽƌƵƉƐŝ ϲϵͲϳϭ
ŽŵŵƵŶŝĐĂƚŝŽŶĂŶĚƚƌĂŝŶŝŶŐŽŶĂŶƚŝͲĐŽƌƌƵƉƚŝŽŶƉŽůŝĐŝĞƐĂŶĚƉƌŽĐĞĚƵƌĞƐ
ϮϬϱͲϯ /ŶƐŝĚĞŶŬŽƌƵƉƐŝLJĂŶŐƚĞƌďƵŬƚŝĚĂŶdŝŶĚĂŬĂŶLJĂŶŐĚŝĂŵďŝů ϲϵͲϳϭ
WƌŽǀĞŶŝŶĐŝĚĞŶƚƐŽĨĐŽƌƌƵƉƚŝŽŶĂŶĚĂĐƚŝŽŶƐƚĂŬĞŶ
'Z/ϮϬϳWĂũĂŬϮϬϭϵ
'Z/ϮϬϳdĂdžϮϬϭϵ
ϮϬϳͲϭ WĞŶĚĞŬĂƚĂŶƚĞƌŚĂĚĂƉƉĂũĂŬ ϴϱ
ƉƉƌŽĂĐŚƚŽƚĂdžĞƐ
'Z/ϯϬϭDĂƚĞƌŝĂůϮϬϭϲ
'Z/ϯϬϭDĂƚĞƌŝĂůƐϮϬϭϲ
ϯϬϭͲϭ DĂƚĞƌŝĂůLJĂŶŐĚŝŐƵŶĂŬĂŶďĞƌĚĂƐĂƌŬĂŶďĞƌĂƚĂƚĂƵǀŽůƵŵĞ ϴϵͲϵϬ
dŚĞŵĂƚĞƌŝĂůƵƐĞĚŝƐďĂƐĞĚŽŶǁĞŝŐŚƚŽƌǀŽůƵŵĞ
131
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/ŶĚĞŬƐ'Z/^ƚĂŶĚĂƌĚϮϬϮϭ
'Z/^ƚĂŶĚĂƌĚ/ŶĚĞdžϮϬϮϭ
^ƚĂŶĚĂƌ'Z/ WĞŶŐƵŶŐŬĂƉĂŶ ,ĂůĂŵĂŶ
'Z/^ƚĂŶĚĂƌĚ ŝƐĐůŽƐƵƌĞ WĂŐĞ
'Z/ϯϬϮ ŶĞƌŐŝϮϬϭϲ
'Z/ϯϬϮ ŶĞƌŐLJϮϬϭϲ
ϯϬϮͲϭ <ŽŶƐƵŵƐŝ ŶĞƌŐŝĚŝĚĂůĂŵŽƌŐĂŶŝƐĂƐŝ ϵϬͲϵϮ
ŶĞƌŐLJĐŽŶƐƵŵƉƚŝŽŶǁŝƚŚŝŶƚŚĞŽƌŐĂŶŝnjĂƚŝŽŶ
ϯϬϮͲϮ <ŽŶƐƵŵƐŝĞŶĞƌŐŝĚŝůƵĂƌŽƌŐĂŶŝƐĂƐŝ ϵϬͲϵϮ
ŶĞƌŐLJĐŽŶƐƵŵƉƚŝŽŶŽƵƚƐŝĚĞƚŚĞŽƌŐĂŶŝnjĂƚŝŽŶ
ϯϬϮͲϯ /ŶƚĞŶƐŝƚĂƐĞŶĞƌŐŝ ϵϬͲϵϮ
ŶĞƌŐLJŝŶƚĞŶƐŝƚLJ
ϯϬϮͲϰ WĞŶŐƵƌĂŶŐĂŶŬŽŶƐƵŵƐŝĞŶĞƌŐŝ ϵϬͲϵϮ
ZĞĚƵĐƚŝŽŶŽĨĞŶĞƌŐLJĐŽŶƐƵŵƉƚŝŽŶ
ϯϬϮͲϱ WĞŶŐƵƌĂŶŐĂŶƉĂĚĂĞŶĞƌŐŝƵŶƚƵŬƉƌŽĚƵŬĚĂŶũĂƐĂ ϵϬͲϵϮ
ZĞĚƵĐƚŝŽŶŝŶĞŶĞƌŐLJĨŽƌƉƌŽĚƵĐƚƐĂŶĚƐĞƌǀŝĐĞƐ
'Z/ϯϬϯŝƌΘ ĨůƵĞŶϮϬϭϴ ϵϯͲϵϰ
'Z/ϯϬϯtĂƚĞƌĂŶĚ ĨĨůƵĞŶƚƐϮϬϭϴ
ϯϬϯͲϭ /ŶƚĞƌĂŬƐŝĚĞŶŐĂŶĂŝƌƐĞďĂŐĂŝƐƵŵďĞƌĚĂLJĂďĞƌƐĂŵĂ ϵϯͲϵϰ
/ŶƚĞƌĂĐƚŝŽŶƐǁŝƚŚǁĂƚĞƌĂƐĂƐŚĂƌĞĚƌĞƐŽƵƌĐĞ
ϯϬϯͲϮ DĂŶĂũĞŵĞŶĚĂŵƉĂŬLJĂŶŐďĞƌŬĂŝƚĂŶĚĞŶŐĂŶƉĞŵďƵĂŶŐĂŶĂŝƌ ϵϯͲϵϰ
DĂŶĂŐĞŵĞŶƚŽĨǁĂƚĞƌĚŝƐĐŚĂƌŐĞͲƌĞůĂƚĞĚŝŵƉĂĐƚƐ
ϯϬϯͲϯ WĞŶŐĂŵďŝůĂŶĂŝƌ ϵϯͲϵϰ
tĂƚĞƌǁŝƚŚĚƌĂǁĂů
ϯϬϯͲϰ WĞŵďƵĂŶŐĂŶĂŝƌ ϵϯͲϵϰ
tĂƚĞƌĚŝƐĐŚĂƌŐĞ
ϯϬϯͲϱ <ŽŶƐƵŵƐŝĂŝƌ ϵϯͲϵϰ
tĂƚĞƌĐŽŶƐƵŵƉƚŝŽŶ
'Z/ϯϬϰ<ĞĂŶĞŬĂƌĂŐĂŵĂŶ,ĂLJĂƚŝϮϬϭϲ
'Z/ϯϬϰŝŽĚŝǀĞƌƐŝƚLJϮϬϭϲ
ϯϬϰͲϭ >ŽŬĂƐŝ ŽƉĞƌĂƐŝ LJĂŶŐ ĚŝŵŝůŝŬŝ͕ ĚŝƐĞǁĂ͕ ĚŝŬĞůŽůĂ͕ ĂƚĂƵ ďĞƌĚĞŬĂƚĂŶ ĚĞŶŐĂŶ͕ ϵϲͲϵϳ
ŬĂǁĂƐĂŶůŝŶĚƵŶŐĚĂŶ<ĂǁĂƐĂŶĚĞŶŐĂŶŶŝůĂŝŬĞĂŶĞŬĂƌĂŐĂŵĂŶŚĂLJĂƚŝƚŝŶŐŐŝ
ĚŝůƵĂƌŬĂǁĂƐĂŶůŝŶĚƵŶŐ
KƉĞƌĂƚŝŽŶĂů ƐŝƚĞƐ ŽǁŶĞĚ͕ ůĞĂƐĞĚ͕ ŵĂŶĂŐĞĚ ŝŶ͕ Žƌ ĂĚũĂĐĞŶƚ ƚŽ͕ ƉƌŽƚĞĐƚĞĚ
ĂƌĞĂƐĂŶĚĂƌĞĂƐŽĨŚŝŐŚďŝŽĚŝǀĞƌƐŝƚLJǀĂůƵĞŽƵƚƐŝĚĞƉƌŽƚĞĐƚĞĚĂƌĞĂƐ
ϯϬϰͲϮ ĂŵƉĂŬƐŝŐŶŝĨŝŬĂŶĚĂƌŝŬĞŐŝĂƚĂŶ͕ƉƌŽĚƵŬ͕ĚĂŶũĂƐĂƉĂĚĂŬĞĂŶĞŬĂƌĂŐĂŵĂŶ ϵϲͲϵϳ
ŚĂLJĂƚŝ
^ŝŐŶŝĨŝĐĂŶƚŝŵƉĂĐƚƐŽĨĂĐƚŝǀŝƚŝĞƐ͕ƉƌŽĚƵĐƚƐ͕ĂŶĚ
ƐĞƌǀŝĐĞƐŽŶďŝŽĚŝǀĞƌƐŝƚLJ
'Z/ϯϬϱ ŵŝƐŝϮϬϭϲ
'Z/ϯϬϱ ŵŝƐƐŝŽŶƐϮϬϭϲ
ϯϬϱͲϭ ŵŝƐŝ'Z<ůĂŶŐƐƵŶŐ;ƐĐŽƉĞϭͿ ϵϮͲϵϯ
ŝƌĞĐƚ;ƐĐŽƉĞϭͿ','ĞŵŝƐƐŝŽŶƐ
ϯϬϱͲϮ ŵŝƐŝ'Z<ůĂŶŐƐƵŶŐ;ƐĐŽƉĞϮͿ ϵϮͲϵϯ
ŝƌĞĐƚ;ƐĐŽƉĞϮͿ','ĞŵŝƐƐŝŽŶƐ
132
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/ŶĚĞŬƐ'Z/^ƚĂŶĚĂƌĚϮϬϮϭ
'Z/^ƚĂŶĚĂƌĚ/ŶĚĞdžϮϬϮϭ
^ƚĂŶĚĂƌ'Z/ WĞŶŐƵŶŐŬĂƉĂŶ ,ĂůĂŵĂŶ
'Z/^ƚĂŶĚĂƌĚ ŝƐĐůŽƐƵƌĞ WĂŐĞ
ϯϬϱͲϯ ŵŝƐŝ'Z<ƚŝĚĂŬůĂŶŐƐƵŶŐ;ƐĐŽƉĞϯͿ ϵϮͲϵϯ
/ŶĚŝƌĞĐƚ;ƐĐŽƉĞϯͿ','ĞŵŝƐƐŝŽŶƐ
ϯϬϱͲϱ WĞŶƵƌƵŶĂŶĞŵŝƐŝ ϵϮͲϵϯ
ZĞĚƵĐƚŝŽŶŽĨ','ĞŵŝƐƐŝŽŶƐ
'Z/ϯϬϲ>ŝŵďĂŚϮϬϮϬ
'Z/ϯϬϲtĂƐƚĞϮϬϮϬ
ϯϬϲͲϭ WƌŽĚƵŬƐŝůŝŵďĂŚĚĂŶĚĂŵƉĂŬƐŝŐŶŝĨŝŬĂŶƚĞƌŬĂŝƚůŝŵďĂŚ ϵϰͲϵϲ
tĂƐƚĞŐĞŶĞƌĂƚŝŽŶĂŶĚƐŝŐŶŝĨŝĐĂŶƚǁĂƐƚĞͲƌĞůĂƚĞĚŝŵƉĂĐƚƐ
ϯϬϲͲϮ WĞŶŐĞůŽůĂĂŶĚĂŵƉĂŬƐŝŐŶŝĨŝŬĂŶƚĞƌŬĂŝƚůŝŵďĂŚ ϵϰͲϵϲ
DĂŶĂŐĞŵĞŶƚŽĨƐŝŐŶŝĨŝĐĂŶƚǁĂƐƚĞͲƌĞůĂƚĞĚŝŵƉĂĐƚƐ
ϯϬϲͲϯ >ŝŵďĂŚLJĂŶŐĚŝŚĂƐŝůŬĂŶ ϵϰͲϵϲ
tĂƐƚĞŐĞŶĞƌĂƚĞĚ
ϯϬϲͲϰ >ŝŵďĂŚLJĂŶŐĚŝĂůŝŚŬĂŶĚĂƌŝƉĞŵďƵĂŶŐĂŶĂŬŚŝƌ ϵϰͲϵϲ
tĂƐƚĞĚŝǀĞƌƚĞĚĨƌŽŵĚŝƐƉŽƐĂů
ϯϬϲͲϱ >ŝŵďĂŚLJĂŶŐĚŝŬŝƌŝŵŬĂŶŬĞƉĞŵďƵĂŶŐĂŶĂŬŚŝƌ ϵϰͲϵϲ
tĂƐƚĞĚŝƌĞĐƚĞĚƚŽĚŝƐƉŽƐĂů
'Z/ϯϬϲ>ŝŵďĂŚĚĂŶ ĨůƵĞŶϮϬϭϲ
'Z/ϯϬϲtĂƐƚĞĂŶĚ ĨĨůƵĞŶƚϮϬϭϲ
ϯϬϲͲϯ dƵŵƉĂŚĂŶLJĂŶŐƐŝŐŶŝĨŝŬĂŶ ϵϲ
^ŝŐŶŝĨŝĐĂŶƚƐƉŝůů
'Z/ϰϬϭ<ĞƚĞŶĂŐĂŬĞƌũĂĂŶϮϬϭϲ
'Z/ϰϬϭ ŵƉůŽLJŵĞŶƚϮϬϭϲ
ϰϬϭͲϭ ZĞŬƌƵƚŵĞŶĚĂŶƚƵƌŶŽǀĞƌŬĂƌLJĂǁĂŶ ϭϬϮ
EĞǁĞŵƉůŽLJĞĞŚŝƌĞƐĂŶĚĞŵƉůŽLJĞĞƚƵƌŶŽǀĞƌ
ϰϬϭͲϮ dƵŶũĂŶŐĂŶLJĂŶŐĚŝďĞƌŝŬĂŶŬĞƉĂĚĂŬĂƌLJĂǁĂŶƉƵƌŶĂǁĂŬƚƵLJĂŶŐƚŝĚĂŬ Eͬ
ĚŝďĞƌŝŬĂŶŬĞƉĂĚĂŬĂƌLJĂǁĂŶƐĞŵĞŶƚĂƌĂĂƚĂƵƉĂƌƵŚǁĂŬƚƵ
ĞŶĞĨŝƚƐƉƌŽǀŝĚĞĚƚŽĨƵůůͲƚŝŵĞĞŵƉůŽLJĞĞƐƚŚĂƚĂƌĞŶŽƚ
ƉƌŽǀŝĚĞĚƚŽƚĞŵƉŽƌĂƌLJŽƌƉĂƌƚͲƚŝŵĞĞŵƉůŽLJĞĞƐ
ϰϬϭͲϯ ,ĂŬƵƚŝ ϭϬϳ
>ĞĂǀĞĞŶƚŝƚůĞŵĞŶƚƐ
'Z/ϰϬϯ<ĞƐĞŚĂƚĂŶĚĂŶ<ĞƐĞůĂŵĂƚĂŶ<ĞƌũĂϮϬϭϲ
'Z/ϰϬϯKĐĐƵƉĂƚŝŽŶĂů,ĞĂůƚŚĂŶĚ^ĂĨĞƚLJϮϬϭϲ
ϰϬϯͲϭ ^ŝƐƚĞŵŵĂŶĂũĞŵĞŶŬĞƐĞůĂŵĂƚĂŶĚĂŶŬĞƐĞŚĂƚĂŶŬĞƌũĂ ϴϳͲϴϴ͕
KĐĐƵƉĂƚŝŽŶĂů^ĂĨĞƚLJĂŶĚ,ĞĂůƚŚDĂŶĂŐĞŵĞŶƚ^LJƐƚĞŵ
ϰϬϯͲϮ /ĚĞŶƚŝĨŝŬĂƐŝďĂŚĂLJĂ͕ƉĞŶŝůĂŝĂŶƌŝƐŝŬŽ͕ĚĂŶŝŶǀĞƐƚŝŐĂƐŝŝŶƐŝĚĞŶ ϭϬϴͲϭϭϭ
,ĂnjĂƌĚŝĚĞŶƚŝĨŝĐĂƚŝŽŶ͕ƌŝƐŬĂƐƐĞƐƐŵĞŶƚ͕ĂŶĚŝŶĐŝĚĞŶƚŝŶǀĞƐƚŝŐĂƚŝŽŶ
ϰϬϯͲϯ >ĂLJĂŶĂŶŬĞƐĞŚĂƚĂŶŬĞƌũĂ ϭϬϴͲϭϭϭ
KĐĐƵƉĂƚŝŽŶĂůŚĞĂůƚŚƐĞƌǀŝĐĞƐ
ϰϬϰͲϱ WĞůĂƚŝŚĂŶďĂŐŝƉĞŬĞƌũĂŵĞŶŐĞŶĂŝŬĞƐĞůĂŵĂƚĂŶĚĂŶŬĞƐĞŚĂƚĂŶŬĞƌũĂ ϭϬϳͲϭϬϴ
tŽƌŬĞƌƚƌĂŝŶŝŶŐŽŶŽĐĐƵƉĂƚŝŽŶĂůŚĞĂůƚŚĂŶĚƐĂĨĞƚLJ
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/ŶĚĞŬƐ'Z/^ƚĂŶĚĂƌĚϮϬϮϭ
'Z/^ƚĂŶĚĂƌĚ/ŶĚĞdžϮϬϮϭ
^ƚĂŶĚĂƌ'Z/ WĞŶŐƵŶŐŬĂƉĂŶ ,ĂůĂŵĂŶ
'Z/^ƚĂŶĚĂƌĚ ŝƐĐůŽƐƵƌĞ WĂŐĞ
ϰϬϯͲϲ WĞŶŝŶŐŬĂƚĂŶŬƵĂůŝƚĂƐŬĞƐĞŚĂƚĂŶƉĞŬĞƌũĂ ϭϬϴͲϭϭϭ
WƌŽŵŽƚŝŽŶŽĨǁŽƌŬĞƌŚĞĂůƚŚ
ϰϬϯͲϳ WĞŶĐĞŐĂŚĂŶ ĚĂŶ ŵŝƚŝŐĂƐŝ ĚĂŵƉĂŬ ĚĂƌŝ ŬĞƐĞůĂŵĂƚĂŶ ĚĂŶ ŬĞƐĞŚĂƚĂŶ ŬĞƌũĂ ϭϭϬ
LJĂŶŐƐĞĐĂƌĂůĂŶŐƐƵŶŐƚĞƌŬĂŝƚŚƵďƵŶŐĂŶďŝƐŶŝƐ
WƌĞǀĞŶƚŝŽŶ ĂŶĚ ŵŝƚŝŐĂƚŝŽŶ ŽĨ ŽĐĐƵƉĂƚŝŽŶĂů ŚĞĂůƚŚ ĂŶĚ ƐĂĨĞƚLJ ŝŵƉĂĐƚƐ
ĚŝƌĞĐƚůLJůŝŶŬĞĚďLJďƵƐŝŶĞƐƐƌĞůĂƚŝŽŶƐŚŝƉƐ
ϰϬϯͲϴ WĞŬĞƌũĂ LJĂŶŐ ƚĞƌĐĂŬƵƉ ĚĂůĂŵ ƐŝƐƚĞŵ ŵĂŶĂũĞŵĞŶ ŬĞƐĞůĂŵĂƚĂŶ ĚĂŶ ϭϭϬͲϭϭϭ
ŬĞƐĞŚĂƚĂŶŬĞƌũĂ
tŽƌŬĞƌƐ ĐŽǀĞƌĞĚ ďLJ ĂŶ ŽĐĐƵƉĂƚŝŽŶĂů ŚĞĂůƚŚ ĂŶĚ ƐĂĨĞƚLJ ŵĂŶĂŐĞŵĞŶƚ
ƐLJƐƚĞŵ
ϰϬϯͲϵ <ĞĐĞůĂŬĂĂŶŬĞƌũĂ ϭϭϬ
tŽƌŬͲƌĞůĂƚĞĚŝŶũƵƌŝĞƐ
'Z/ϰϬϰWĞůĂƚŝŚĂŶĚĂŶWĞŶĚŝĚŝŬĂŶϮϬϭϲ
'Z/ϰϬϰdƌĂŝŶŝŶŐĂŶĚ ĚƵĐĂƚŝŽŶϮϬϭϲ
ϰϬϰͲϭ ZĂƚĂͲƌĂƚĂũĂŵƉĞůĂƚŝŚĂŶƉĞƌƚĂŚƵŶƉĞƌŬĂƌLJĂǁĂŶ ϭϬϴ
ǀĞƌĂŐĞŚŽƵƌƐŽĨĞŵƉůŽLJĞĞƚƌĂŝŶŝŶŐ
ϰϬϰͲϮ WƌŽŐƌĂŵ ƵŶƚƵŬ ŵĞŶŝŶŐŬĂƚŬĂŶ ŬĞƚĞƌĂŵƉŝůĂŶ ŬĂƌLJĂǁĂŶ ĚĂŶ ƉƌŽŐƌĂŵ ϭϬϳͲϭϬϴ
ďĂŶƚƵĂŶƉĞƌĂůŝŚĂŶ
WƌŽŐƌĂŵƐĨŽƌƵƉŐƌĂĚŝŶŐĞŵƉůŽLJĞĞƐŬŝůůƐĂŶĚƚƌĂŶƐŝƚŝŽŶ
ĂƐƐŝƐƚĂŶĐĞƉƌŽŐƌĂŵƐ
ϰϬϰͲϯ WĞƌƐĞŶƚĂƐĞŬĂƌLJĂǁĂŶLJĂŶŐŵĞŶĞƌŝŵĂƚŝŶũĂƵĂŶƌƵƚŝŶƚĞƌŚĂĚĂƉŬŝŶĞƌũĂĚĂŶ ϭϬϲ
ƉĞŶŐĞŵďĂŶŐĂŶŬĂƌŝĞƌ
WĞƌĐĞŶƚĂŐĞŽĨĞŵƉůŽLJĞĞƐƌĞĐĞŝǀŝŶŐƌĞŐƵůĂƌƉĞƌĨŽƌŵĂŶĐĞĂŶĚĐĂƌĞĞƌ
ĚĞǀĞůŽƉŵĞŶƚƌĞǀŝĞǁƐ
'Z/ϰϬϱ<ĞĂŶĞŬĂƌĂŐĂŵĂŶĚĂŶ<ĞƐĞŵƉĂƚĂŶ^ĞƚĂƌĂϮϬϭϲ ϭϬϯͲϭϬϰ
'Z/ϰϬϱŝǀĞƌƐŝƚLJĂŶĚ ƋƵĂůKƉƉŽƌƚƵŶŝƚLJϮϬϭϲ
ϰϬϱͲϭ <ĞĂŶĞŬĂƌĂŐĂŵĂŶďĂĚĂŶƚĂƚĂŬĞůŽůĂĚĂŶŬĂƌLJĂǁĂŶ
ŝǀĞƌƐŝƚLJŽĨŐŽǀĞƌŶĂŶĐĞďŽĚŝĞƐĂŶĚĞŵƉůŽLJĞĞƐ
ϰϬϱͲϮ ZĂƐŝŽŐĂũŝƉŽŬŽŬĚĂŶƌĞŵƵŶĞƌĂƐŝƉĞƌĞŵƉƵĂŶĚŝďĂŶĚŝŶŐŬĂŶůĂŬŝͲůĂŬŝ Eͬ
ZĂƚŝŽŽĨďĂƐŝĐƐĂůĂƌLJĂŶĚƌĞŵƵŶĞƌĂƚŝŽŶŽĨǁŽŵĞŶƚŽŵĞŶ
'Z/ϰϬϲEŽŶĚŝƐŬƌŝŵŝŶĂƐŝϮϬϭϲ
'Z/ϰϬϲEŽŶͲĚŝƐĐƌŝŵŝŶĂƚŝŽŶϮϬϭϲ
ϰϬϲͲϭ /ŶƐŝĚĞŶĚŝƐŬƌŝŵŝŶĂƐŝĚĂŶƚŝŶĚĂŬĂŶƉĞƌďĂŝŬĂŶLJĂŶŐĚŝůĂŬƵŬĂŶ ϭϬϱ
/ŶĐŝĚĞŶƚƐŽĨĚŝƐĐƌŝŵŝŶĂƚŝŽŶĂŶĚĐŽƌƌĞĐƚŝǀĞĂĐƚŝŽŶƐ
ƚĂŬĞŶ
'Z/ϰϬϴWĞŬĞƌũĂŶĂŬϮϬϭϲ
'Z/ϰϬϴŚŝůĚ>ĂďŽƌϮϬϭϲ
ϰϬϴͲϭ KƉĞƌĂƐŝ ĚĂŶ ƉĞŵĂƐŽŬ LJĂŶŐ ďĞƌŝƐŝŬŽ ƐŝŐŶŝĨŝŬĂŶ ƚĞƌŚĂĚĂƉ ŝŶƐŝĚĞŶ ƉĞŬĞƌũĂ ϭϬϲ
ĂŶĂŬ
KƉĞƌĂƚŝŽŶƐĂŶĚƐƵƉƉůŝĞƌƐĂƚƐŝŐŶŝĨŝĐĂŶƚƌŝƐŬŽĨĐŚŝůĚůĂďŽƌŝŶĐŝĚĞŶƚƐ
134
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/ŶĚĞŬƐ'Z/^ƚĂŶĚĂƌĚϮϬϮϭ
'Z/^ƚĂŶĚĂƌĚ/ŶĚĞdžϮϬϮϭ
^ƚĂŶĚĂƌ'Z/ WĞŶŐƵŶŐŬĂƉĂŶ ,ĂůĂŵĂŶ
'Z/^ƚĂŶĚĂƌĚ ŝƐĐůŽƐƵƌĞ WĂŐĞ
'Z/ϰϬϵ<ĞƌũĂWĂŬƐĂĂƚĂƵtĂũŝď<ĞƌũĂϮϬϭϲ
'Z/ϰϬϵ&ŽƌĐĞĚŽƌŽŵƉƵůƐŽƌLJ>ĂďŽƌϮϬϭϲ
ϰϬϵͲϭ KƉĞƌĂƐŝĚĂŶƉĞŵĂƐŽŬLJĂŶŐďĞƌŝƐŝŬŽƐŝŐŶŝĨŝŬĂŶƚĞƌŚĂĚĂƉŝŶƐŝĚĞŶŬĞƌũĂƉĂŬƐĂ ϭϬϲ
ĂƚĂƵǁĂũŝďŬĞƌũĂ
KƉĞƌĂƚŝŽŶƐ ĂŶĚ ƐƵƉƉůŝĞƌƐ Ăƚ ƐŝŐŶŝĨŝĐĂŶƚ ƌŝƐŬ ĨŽƌ ŝŶĐŝĚĞŶƚƐ ŽĨ ĨŽƌĐĞĚ Žƌ
ĐŽŵƉƵůƐŽƌLJůĂďŽƌ
'Z/ϰϭϭ,ĂŬͲŚĂŬDĂƐLJĂƌĂŬĂƚĚĂƚϮϬϭϲ
'Z/ϰϭϭZŝŐŚƚƐŽĨ/ŶĚŝŐĞŶŽƵƐWĞŽƉůĞƐϮϬϭϲ
ϰϭϭͲϭ /ŶƐŝĚĞŶƉĞůĂŶŐŐĂƌĂŶLJĂŶŐŵĞůŝďĂƚŬĂŶŚĂŬͲŚĂŬŵĂƐLJĂƌĂŬĂƚĂĚĂƚ Eͬ
/ŶĐŝĚĞŶƚƐŽĨǀŝŽůĂƚŝŽŶƐŝŶǀŽůǀŝŶŐƌŝŐŚƚƐŽĨŝŶĚŝŐĞŶŽƵƐƉĞŽƉůĞƐ
'Z/ϰϭϯDĂƐLJĂƌĂŬĂƚ>ŽŬĂůϮϬϭϲ
'Z/ϰϭϯ>ŽĐĂůŽŵŵƵŶŝƚŝĞƐϮϬϭϲ
ϰϭϯͲϭ <ĞƚĞƌůŝďĂƚĂŶ ŵĂƐLJĂƌĂŬĂƚ ƐĞƚĞŵƉĂƚ ĚĂŶ ƉƌŽŐƌĂŵ ƉĞŶŐĞŵďĂŶŐĂŶ ϭϭϰ
ŵĂƐLJĂƌĂŬĂƚ
>ŽĐĂůĐŽŵŵƵŶŝƚLJĞŶŐĂŐĞŵĞŶƚĂŶĚĚĞǀĞůŽƉŵĞŶƚƉƌŽŐƌĂŵƐ
135
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^hZdW ZEzdE ^dd D Ed> dd Z
ŶŐŐŽƚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐĚĂŶŝƌĞŬƐŝƚĞŶƚĂŶŐ DĞŵďĞƌƐŽĨƚŚĞŽĂƌĚŽĨŽŵŵŝƐƐŝŽŶĞƌƐĂŶĚ
dĂŶŐŐƵŶŐ:ĂǁĂďĂƚĂƐ>ĂƉŽƌĂŶ<ĞďĞƌůĂŶũƵƚĂŶϮϬϮϯ
ŝƌĞĐƚŽƌƐƌĞŐĂƌĚŝŶŐZĞƐƉŽŶƐŝďŝůŝƚLJĨŽƌƚŚĞϮϬϮϯ
WddƌĂŶƐŬŽŶ:ĂLJĂdďŬ ^ƵƐƚĂŝŶĂďŝůŝƚLJZĞƉŽƌƚŽĨWddƌĂŶƐŬŽŶ:ĂLJĂdďŬ
<ĂŵŝLJĂŶŐďĞƌƚĂŶĚĂƚĂŶŐĂŶĚŝďĂǁĂŚŝŶŝŵĞŶLJĂƚĂŬĂŶ tĞ͕ƚŚĞƵŶĚĞƌƐŝŐŶĞĚ͕ĚĞĐůĂƌĞƚŚĂƚĂůůŝŶĨŽƌŵĂƚŝŽŶŝŶ
ďĂŚǁĂƐĞŵƵĂŝŶĨŽƌŵĂƐŝĚĂůĂŵůĂƉŽƌĂŶŬĞďĞƌůĂŶũƵƚĂŶ ƚŚĞϮϬϮϯWddƌĂŶƐŬŽŶ:ĂLJĂdďŬƐƵƐƚĂŝŶĂďŝůŝƚLJƌĞƉŽƌƚ
WddƌĂŶƐŬŽŶ:ĂLJĂdďŬƚĂŚƵŶϮϬϮϯƚĞůĂŚĚŝŵƵĂƚƐĞĐĂƌĂ ŚĂƐďĞĞŶƉƵďůŝƐŚĞĚŝŶĨƵůůĂŶĚǁĞĂƌĞĨƵůůLJƌĞƐƉŽŶƐŝďůĞ
ůĞŶŐŬĂƉ ĚĂŶ ŬĂŵŝ ďĞƌƚĂŶŐŐƵŶŐ ũĂǁĂď ƉĞŶƵŚ ĂƚĂƐ ĨŽƌƚŚĞĐŽƌƌĞĐƚŶĞƐƐŽĨƚŚĞĐŽŶƚĞŶƚƐŽĨƚŚĞĐŽŵƉĂŶLJΖƐ
ŬĞďĞŶĂƌĂŶŝƐŝůĂƉŽƌĂŶŬĞďĞƌůĂŶũƵƚĂŶƉĞƌƐĞƌŽĂŶ͘ ƐƵƐƚĂŝŶĂďŝůŝƚLJƌĞƉŽƌƚ͘
ĞŵŝŬŝĂŶƉĞƌŶLJĂƚĂĂŶŝŶŝĚŝďƵĂƚĚĞŶŐĂŶƐĞďĞŶĂƌŶLJĂ͘ dŚŝƐƐƚĂƚĞŵĞŶƚǁĂƐŵĂĚĞǁŝƚŚĂĐƚƵĂů͘
ĞǁĂŶ<ŽŵŝƐĂƌŝƐ
ŽĂƌĚŽĨŽŵŵŝƐƐŝŽŶĞƌƐ
>ĞĞ:ĞtŽŽŬ
<ŽŵŝƐĂƌŝƐhƚĂŵĂͮWƌĞƐŝĚĞŶƚŽŵŵŝƐƐŝŽŶĞƌ
<ŝŵdĂĞ:ĂĞ Z͘,ĞƐƚŚŝ^ĂŵďŽĚŽ
<ŽŵŝƐĂƌŝƐͮŽŵŵŝƐƐŝŽŶĞƌ <ŽŵŝƐĂƌŝƐ/ŶĚĞƉĞŶĚĞŶͮ/ŶĚĞƉĞŶĚĞŶƚŽŵŵŝƐƐŝŽŶĞƌ
ŝƌĞŬƐŝ
ŽĂƌĚŽĨŝƌĞĐƚŽƌƐ
:ĞŽŶŐ^ƵďŽŬ WĂƌŬ:ƵŶŐKŽŬ >ĞdžŝZŽůĂŶĚZŽŵƉĂƐ
ŝƌĞŬƚƵƌhƚĂŵĂͮWƌĞƐŝĚĞŶƚ tĂŬŝůŝƌĞŬƚƵƌhƚĂŵĂͮsŝĐĞ ŝƌĞŬƚƵƌWĞƌƐĞƌŽĂŶͮŝƌĞĐƚŽƌ
ŝƌĞĐƚŽƌ WƌĞƐŝĚĞŶƚŝƌĞĐƚŽƌ
ŚĂƌůĞƐ^ĂƵĚWĂŶĚĂƉŽƚĂŶ^ŝƚŽƌƵƐ <ĂLJŝŶ&ĂƵnjŝ ZƵƐƐĞůƌƚŚƵƌ'Ăƚƚ
ŝƌĞŬƚƵƌWĞƌƐĞƌŽĂŶͮŝƌĞĐƚŽƌ ŝƌĞŬƚƵƌWĞƌƐĞƌŽĂŶͮŝƌĞĐƚŽƌ ŝƌĞŬƚƵƌWĞƌƐĞƌŽĂŶͮŝƌĞĐƚŽƌ
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Names mentioned 60 people and organisations named in the text · linked when the evidence is strong
unresolved
org
PT Multinet Perkasa Indonesia
p.3 ×10
unresolved
org
PT Damai
p.3 ×3
unresolved
org
PT MSJ Investama Abadi
p.3 ×5
unresolved
person
SAMBUTAN
· DIREKTUR UTAMA
p.20
unresolved
org
Samindo Rosurce Tbk.
p.20 ×4
unresolved
org
PT Borneo Sentana
p.27
unresolved
org
PT Borneo Holding.
p.27
unresolved
org
PT Multinet Perksa
p.27
unresolved
org
PT Multinet Perksa Indonesia
p.27
unresolved
org
Sukimto & Rekan
p.27
unresolved
org
Tata Kelola
p.32
unresolved
org
Samindo Rosource Tbk
p.32 ×4
unresolved
org
PT MSJ
p.32
unresolved
org
PT Investama Abadi. Sehingga
p.32
unresolved
org
Menteri Kehakiman Dan HAM RI
p.35
unresolved
org
Minister of Justice and Human Rights
p.35
unresolved
org
Indonesia Stock Exchange
p.36
unresolved
org
PT STI Indonesia
p.37 ×2
unresolved
org
PT BIS Industri
p.37 ×2
unresolved
org
PT Borneo
p.38 ×4
unresolved
org
PT Transkon
p.38 ×3
unresolved
org
Jaya Tbk
p.38
unresolved
org
PT Transkon T Transkon
p.38
unresolved
org
Jayameraih Jaya Tbk
p.38
unresolved
org
PT Multinet
p.40
unresolved
org
PT Multinet Perkasa Perkasa Indonesia
p.40
unresolved
org
Menteri Hukum dan Hak Asasi
p.40
unresolved
org
Minister of Law and Human Rights
p.40 ×3
unresolved
org
PT Samindo
p.41 ×4
unresolved
org
Resources Tbk
p.41 ×4
unresolved
org
MSJ Investama Samindo Resources Tbk
p.41 ×2
unresolved
org
Menteri Hukum dan Hak Asasi Manusia
p.41
unresolved
org
PT Myohdotcom Indonesia
p.42
unresolved
person
Esther Mercia Sulaiman
· Notaris
p.42 ×2
unresolved
org
Menteri
p.42
unresolved
org
Minister of Law and Legislation
p.42
unresolved
person
Lili Aryati
· Notaris
p.42 ×2
unresolved
person
Soentoro
· Notaris
p.43
unresolved
org
Menteri Kehakiman Republik
p.43
unresolved
org
Minister of Justice
p.43
unresolved
org
Menteri Hukum dan Hak
p.46
unresolved
org
KJPP Ihot
p.46 ×2
unresolved
org
KJPP ID
p.46 ×2
unresolved
person
Sertifikat Keanggotaan
· Corporate Secretary
p.52
unresolved
org
Pemerintah Provinsi Kalimantan Timur
p.53
unresolved
org
Menteri Ketenagakerjaan Mutu
p.54
unresolved
org
Minister of Manpower
p.54
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