2601_AnnStPhaseIV_OpsPlan_25265_20160328










ƵŵďĞƌůĂŶĚŽƵŶƚLJ
^ƵďƚŝƚůĞ>ĂŶĚĨŝůů
WŚĂƐĞ/sWĞƌŵŝƚƚŽŽŶƐƚƌƵĐƚ
ƉƉůŝĐĂƚŝŽŶ
KƉĞƌĂƚŝŽŶWůĂŶ
ƵŵďĞƌůĂŶĚŽƵŶƚLJ͕EŽƌƚŚĂƌŽůŝŶĂ
ƵŐƵƐƚϮϬϭϱ


ŝ
dĂďůĞŽĨŽŶƚĞŶƚƐ

‡…–‹‘ͷ’‡”ƒ–‹‘Žƒ
‡…–‹‘ͳȂ
‡‡”ƒŽ ƒ…‹Ž‹–›’‡”ƒ–‹‘•
ͳǤͳ —”’‘•‡ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳǦͳ
ͳǤʹ ƒ…‹Ž‹–›‘…ƒ–‹‘ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳǦͳ
ͳǤ͵ ƒ…‹Ž‹–›‡•…”‹’–‹‘ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳǦͳ
ͳǤͶ ‘–ƒ…–ˆ‘”ƒ–‹‘ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳǦʹ
ͳǤͷ ‘—”•‘ˆ’‡”ƒ–‹‘ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳǦʹ
ͳǤ͸ ƒ†ˆ‹ŽŽ’‡”ƒ–‹‰–ƒˆˆǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳǦ͵
ͳǤ͹ ƒ†ˆ‹ŽŽ’‡”ƒ–‹‰“—‹’‡–ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳǦͶ
‡…–‹‘ʹȂƒ•–‡……‡’–ƒ…‡ƒ†‹•’‘•ƒŽ‡“—‹”‡‡–•
ʹǤͳ ƒ•–‡‡ˆ‹‹–‹‘•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤʹǦͳ
ʹǤʹ ……‡’–ƒ„Ž‡ƒ•–‡ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤʹǦʹ
ʹǤ͵ ……‡’–ƒ„Ž‡ƒ•–‡‡“—‹”‹‰’‡…‹ƒŽƒ†Ž‹‰ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤʹǦ͵
ʹǤͶ ”‘Š‹„‹–‡†ƒ•–‡•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤʹǦͶ
ʹǤͷ ‡…‡‹˜‹‰”‘Š‹„‹–‡†ƒ•–‡ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤʹǦͷ
ʹǤ͸ ƒ•–‡…”‡‡‹‰”‘‰”ƒǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤʹǦͷ
ʹǤ͹ ‡…›…Ž‹‰ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤʹǦͷ
‡…–‹‘͵Ȃ‘˜‡”ƒ–‡”‹ƒŽ‡“—‹”‡‡–•
͵Ǥͳ ƒ‹Ž›‘˜‡”ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͵Ǧͳ
͵Ǥʹ –‡”‡†‹ƒ–‡‘˜‡”ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͵Ǧͳ
͵Ǥ͵ Ž–‡”ƒ–‹˜‡‘˜‡”ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͵Ǧͳ
‡…–‹‘ͶȂ‹•‡ƒ•‡‡…–‘”‘–”‘Ž
‡…–‹‘ͷȂš’Ž‘•‹˜‡
ƒ•‡•‘–”‘Ž
ͷǤͳ ƒ†ˆ‹ŽŽ
ƒ•‘ŽŽ‡…–‹‘›•–‡ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͷǦͳ
‡…–‹‘͸Ȃ‹””‹–‡”‹ƒ
͸Ǥͳ –ƒ–‡’Ž‡‡–ƒ–‹‘ŽƒǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͸Ǧͳ
͸Ǥʹ ’‡—”‹‰‘ˆƒ•–‡ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͸Ǧͳ
͸Ǥ͵ ‹”‡”‘–‡…–‹‘“—‹’‡–ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͸Ǧͳ
͸ǤͶ ‘–‹ˆ‹…ƒ–‹‘‘ˆ ‹”‡ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͸Ǧʹ
‡…–‹‘͹Ȃ……‡••ƒ†ƒˆ‡–›‡“—‹”‡‡–•
͹Ǥͳ ƒ†ˆ‹ŽŽ……‡••ƒ†‡…—”‹–›ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͹Ǧͳ
͹Ǥʹ ––‡†ƒ–ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͹Ǧͳ
͹Ǥ͵ ……‡••‘ƒ†ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͹Ǧͳ
͹ǤͶ —•–‘–”‘ŽǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͹Ǧͳ
͹Ǥͷ ‹‰•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͹Ǧʹ
͹Ǥ͸ ƒ•–‡‡‘˜ƒŽ‘Ž‹…›ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͹Ǧʹ
dĂďůĞŽĨŽŶƚĞŶƚƐ•KƉĞƌĂƚŝŽŶWůĂŶ

ŝŝ
͹Ǥ͹ ƒ””‡Žƒ†”—‹•’‘•ƒŽǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͹Ǧʹ

‡…–‹‘ͺȂ”‘•‹‘ƒ†‡†‹‡–ƒ–‹‘‘–”‘Ž‡“—‹”‡‡–•
ͺǤͳ ‘–”‘Ž‘ˆ‹Ž–ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͺǦͳ
ͺǤʹ Ǧ‹–‡”‘•‹‘‘–”‘ŽǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͺǦͳ
ͺǤ͵ ‡‰‡–ƒ–‹˜‡‘˜‡”ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͺǦͳ
‡…–‹‘ͻȂ”ƒ‹ƒ‰‡‘–”‘Žƒ†ƒ–‡””‘–‡…–‹‘‡“—‹”‡‡–•
ͻǤͳ —”ˆƒ…‡ƒ–‡”‹˜‡”–‡† ”‘’‡”ƒ–‹‘ƒŽ”‡ƒǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͻǦͳ
ͻǤʹ —”ˆƒ…‡ƒ–‡”ŠƒŽŽ‘–‡’‘—†‡†˜‡”ƒ•–‡ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͻǦͳ
ͻǤ͵ ƒ•–‡ŠƒŽŽ‘–‡‹•’‘•‡†‘ˆƒ–‡”ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͻǦͳ
ͻǤͶ ‡ƒ…Šƒ–‡‘ŽŽ‡…–‹‘ƒ†‹•’‘•ƒŽǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͻǦͳ
ͻǤͷ ‡ƒ…Šƒ–‡‹•…Šƒ”‰‡ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͻǦʹ
ͻǤ͸ ’‡”ƒ–‹‘•‹–Š‡˜‡–‘ˆƒͳͲͲǦ›‡ƒ” Ž‘‘†ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͻǦʹ
‡…–‹‘ͳͲȂ‹“—‹†‡•–”‹…–‹‘•
ͳͲǤͳ —Ž‘”‘Ǧ‘–ƒ‹‡”‹œ‡†‹“—‹†ƒ•–‡ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͲǦͳ
ͳͲǤʹ ‘–ƒ‹‡”‹œ‡†‹“—‹†ƒ•–‡ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͲǦͳ
ͳͲǤ͵ ƒ‹– ‹Ž–‡”‡•–ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͲǦͳ
‡…–‹‘ͳͳȂ‡…‘”†‡‡’‹‰‡“—‹”‡‡–•
ͳͳǤͳ ‡‰—Žƒ–‘”›‡“—‹”‡‡–•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͳǦͳ
ͳͳǤʹ ‡”‹– ‹Ž‡ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͳǦͳ
ͳͳǤʹǤͳ ‘Ž‹†ƒ•–‡‡”‹–ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͳǦͳ
ͳͳǤʹǤʹ ‡†‹‡–ƒ†”‘•‹‘‘–”‘Ž‡”‹–ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͳǦʹ
ͳͳǤʹǤ͵ –‘”™ƒ–‡”‡”‹–ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͳǦʹ
ͳͳǤʹǤͶ ‡ƒ…Šƒ–‡‹•’‘•ƒŽ‡”‹–ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͳǦʹ
ͳͳǤ͵ ƒ•–‡…”‡‡‹‰ ‹Ž‡•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͳǦʹ
ͳͳǤ͵Ǥͳ •’‡…–‹‘‡…‘”†•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͳǦʹ
ͳͳǤ͵Ǥʹ ƒ•–‡‡–‡”‹ƒ–‹‘‡…‘”†•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͳǦʹ
ͳͳǤ͵Ǥ͵ ”ƒ‹‹‰”‘…‡†—”‡•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͳǦʹ
ͳͳǤͶ ‡‹‰Š…ƒŽ‡ƒ–ƒǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͳǦʹ
ͳͳǤͷ
ƒ•‘‹–‘”‹‰ƒ–ƒǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͳǦʹ
ͳͳǤͷǤͳ ‘—–‹‡ƒ†ˆ‹ŽŽ
ƒ•‘‹–‘”‹‰ ‘”ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͳǦʹ
ͳͳǤͷǤʹ …–‹‘•ˆ‡‰—Žƒ–‘”›‹‹–‹•‡–‡…–‡†ƒ–‡–Šƒ‡‘‹–‘”‹‰‹–‡•ǤǤǤǤǤǤǤǤǤǤǤǤͳͳǦʹ
ͳͳǤͷǤ͵ ‡‡†‹ƒ–‹‘ŽƒǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͳǦʹ
ͳͳǤͷǤͶ ‡’‘”–‹‰ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͳǦʹ
ͳͳǤ͸
”‘—†™ƒ–‡”‘‹–‘”‹‰ ‹Ž‡•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͳǦ͵
ͳͳǤ͸Ǥͳ
”‘—†™ƒ–‡”‘‹–‘”‹‰‡“—‹”‡‡–•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͳǦ͵
ͳͳǤ͸Ǥʹ
”‘—†™ƒ–‡”‘‹–‘”‹‰›•–‡•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͳǦ͵
ͳͳǤ͸Ǥ͵
”‘—†™ƒ–‡”ƒ’Ž‹‰ƒ†ƒŽ›•‹•‡“—‹”‡‡–•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͳǦ͵
ͳͳǤ͸ǤͶ
”‘—†™ƒ–‡”‡–‡…–‹‘‘‹–‘”‹‰”‘‰”ƒǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͳǦ͵
ͳͳǤ͸Ǥͷ
”‘—†™ƒ–‡”••‡••‡–‘‹–‘”‹‰”‘‰”ƒǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͳǦ͵
ͳͳǤ͸Ǥ͸ ••‡••‡–‘ˆ‘””‡…–‹˜‡…–‹‘ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͳǦ͵
ͳͳǤ͸Ǥ͹ ‡Ž‡…–‹‘‘ˆ‡‡†›ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͳǦ͵
ͳͳǤ͸Ǥͺ ’Ž‡‡–ƒ–‹‘‘ˆ–Š‡‘””‡…–‹˜‡…–‹‘”‘‰”ƒǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͳǦ͵
dĂďůĞŽĨŽŶƚĞŶƚƐ•KƉĞƌĂƚŝŽŶWůĂŶ

ŝŝŝ
ͳͳǤ͹ Ž‘•—”‡Žƒƒ–ƒ ‹Ž‡ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͳǦ͵
ͳͳǤ͹Ǥͳ ‘–‹ˆ‹…ƒ–‹‘‘ˆ–‡––‘Ž‘•‡ƒ ‹–ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͳǦ͵
ͳͳǤ͹Ǥʹ ‡”–‹ˆ‹…ƒ–‹‘‘ˆŽ‘•—”‡ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͳǦ͵
ͳͳǤ͹Ǥ͵ ‘–ƒ–‹‘‘ˆ‡‡†ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͳǦ͵
ͳͳǤͺ ‘•–ǦŽ‘•—”‡ ‹Ž‡ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͳǦͶ
ͳͳǤͺǤͳ ‡”–‹ˆ‹…ƒ–‹‘‘ˆ‘•–ǦŽ‘•—”‡ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͳǦͶ
ͳͳǤͻ ‹ƒ…‹ƒŽ••—”ƒ…‡ ‹Ž‡ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͳǦͶ
ͳͳǤͻǤͳ Ž‘•—”‡‘•–•–‹ƒ–‡•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͳǦͶ
ͳͳǤͻǤʹ ‘•–ǦŽ‘•—”‡‘•–•–‹ƒ–‡•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͳǦͶ
ͳͳǤͻǤ͵ ‘””‡…–‹˜‡…–‹‘‘•–•–‹ƒ–‡•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͳǦͶ
‡…–‹‘ͳʹȂ’”‡ƒ†‹‰ƒ†‘’ƒ…–‹‰‘ˆƒ•–‡
ͳʹǤͳ ‘Ž‹†ƒ•–‡‘”‹‰”‡ƒǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳʹǦͳ
ͳʹǤʹ ‘Ž‹†ƒ•–‡‘’ƒ…–‹‘ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳʹǦͳ
ͳʹǤ͵ ‘–”‘ŽŽ‹‰‹†Ž‘™ƒ–‡”‹ƒŽǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳʹǦͳ
‡…–‹‘ͳ͵Ȃ‡ƒ…Šƒ–‡ƒƒ‰‡‡–Žƒ
ͳ͵Ǥͳ ƒ‹–‡ƒ…‡‘ˆ–Š‡‡ƒ…Šƒ–‡‘ŽŽ‡…–‹‘›•–‡ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳ͵Ǧͳ
ͳ͵ǤͳǤͳ ›•–‡‡•‹‰ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳ͵Ǧͳ
ͳ͵ǤͳǤʹ –‘”ƒ‰‡‘†ƒ‹–‡ƒ…‡ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳ͵Ǧͳ
ͳ͵ǤͳǤ͵ ƒ‹–‡ƒ…‡‘ˆ–Š‡‡ƒ…Šƒ–‡‘ŽŽ‡…–‹‘›•–‡ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳ͵Ǧʹ
ͳ͵Ǥʹ ‡ƒ…Šƒ–‡
‡‡”ƒ–‹‘‡…‘”†•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳ͵Ǧʹ
ͳ͵Ǥ͵ ‡ƒ…Šƒ–‡—ƒŽ‹–›ƒ’Ž‹‰ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳ͵Ǧʹ
ͳ͵ǤͶ ‡ƒ…Šƒ–‡‹•’‘•ƒŽ’’”‘˜ƒŽǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳ͵Ǧ͵
ͳ͵Ǥͷ ‡ƒ…Šƒ–‡ƒƒ‰‡‡–‘–‹‰‡…›ŽƒǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳ͵Ǧ͵
‡…–‹‘ͳͶȂ ‹ŽŽ‹‰‡“—‡…‡ƒ†’‡”ƒ–‹‘
ͳͶǤͳ ‹•’‘•ƒŽ”‡ƒ‘’‘‡–•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͶǦͳ
ͳͶǤͳǤͳ ‹•’‘•ƒŽ‹–ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͶǦͳ
ͳͶǤͳǤʹ ‡ŽŽǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͶǦͳ
ͳͶǤͳǤ͵ ‘”‹‰ ƒ…‡ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͶǦͳ
ͳͶǤͳǤͶ ‹ˆ–ǥǥǥǥǥǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͶǦͳ
ͳͶǤʹ š‹•–‹‰‘†‹–‹‘•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͶǦͳ
ͳͶǤʹǤͳ —ˆˆ‡””‡ƒ•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͶǦͳ
ͳͶǤ͵ ”‘‰”‡••‹‘‘ˆ‘•–”—…–‹‰‡ŽŽ•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͶǦͳ
ͳͶǤͶ ”‘‰”‡••‹‘‘ˆ’‡”ƒ–‹‘ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͶǦͳ
ͳͶǤͶǤͳ ‹–‹ƒŽ‹ˆ–Žƒ…‡‡–ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͶǦʹ
ͳͶǤͶǤʹ —„•‡“—‡–‹ˆ–Žƒ…‡‡–ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͶǦʹ
ͳͶǤͷ ‡ƒ…Šƒ–‡ƒ†–‘”™ƒ–‡”‘–”‘Ž•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͶǦʹ
ͳͶǤͷǤͳ ‹–‹ƒŽ‹ˆ––‘”™ƒ–‡”‘–”‘Ž•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͶǦͶ
ͳͶǤͷǤʹ —„•‡“—‡–‹ˆ–ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͶǦͶ
ͳͶǤͷǤ͵ ’‡‡ŽŽ•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͶǦͷ
ƉƉĞŶĚŝĐĞƐ
’’‡†‹šȂ’‡”ƒ–‹‘Žƒ”ƒ™‹‰•
’’‡†‹šȂƒ•–‡…”‡‡‹‰Žƒ
dĂďůĞŽĨŽŶƚĞŶƚƐ•KƉĞƌĂƚŝŽŶWůĂŶ

ŝǀ
’’‡†‹šȂ‡”‹–ˆ‘”Š‹‰Ž‡•ȋ
‘Š•‘”‘–Š‡”•…ǤȌ
’’‡†‹šȂ’’”‘˜ƒŽˆ‘”—•ƒ” ‘ƒƒ•
’’‡†‹šȂƒ†ˆ‹ŽŽ
ƒ•‘‹–‘”‹‰Žƒ
’’‡†‹š Ȃ ‹”‡……—””‡…‡‘–‹ˆ‹…ƒ–‹‘ ‘”
’’‡†‹š
Ȃ†—•–”‹ƒŽ‹•…Šƒ”‰‡‡”‹–
’’‡†‹šȂƒ–‡”—ƒŽ‹–›‘‹–‘”‹‰Žƒ
’’‡†‹šȂ‹–Ž‡’‡”ƒ–‹‰‡”‹–


dĂďůĞƐ
ƒ„Ž‡ͳ͵Ǧͳ ƒ’Ž‡‡ƒ…Šƒ–‡ Ž‘™‡…‘”†ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳ͵ǦͶ


&ŝŐƵƌĞƐ
‹‰—”‡ͳͲǦͳ ƒ‹– ‹Ž–‡”‡•–ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͲǦʹ





ϭͲϭ
^ĞĐƚŝŽŶϭ 
'ĞŶĞƌĂů&ĂĐŝůŝƚLJKƉĞƌĂƚŝŽŶƐ
ϭ͘ϭWƵƌƉŽƐĞ
Š‡’—”’‘•‡‘ˆ–Š‹•’‡”ƒ–‹‘•Žƒ‹•–‘’”‘˜‹†‡–Š‡—„‡”Žƒ†‘—–›–”‡‡–—„–‹–Ž‡
ƒ†ˆ‹ŽŽ•–ƒˆˆ™‹–Šƒƒ—ƒŽ–Šƒ–™‹ŽŽ•‡”˜‡ƒ•ƒ‰—‹†‡ˆ‘”•ƒˆ‡ƒ†‡ˆˆ‹…‹‡–‘’‡”ƒ–‹‘‘ˆ–Š‡—„–‹–Ž‡
Žƒ†ˆ‹ŽŽǡ‹…Ž—†‹‰–Š‡…—””‡–‘’‡”ƒ–‹‰’Šƒ•‡–Š”‘—‰Š–Š‡’”‘’‘•‡†Šƒ•‡‡š’ƒ•‹‘ǤŠ‹•
’‡”ƒ–‹‘•ŽƒŠƒ•„‡‡’”‡’ƒ”‡†‹ƒ……‘”†ƒ…‡™‹–Š–Š‡‘”–Šƒ”‘Ž‹ƒ‘Ž‹†ƒ•–‡—Ž‡ͳͷ
ͳ͵Ǥͳ͸ʹͷǡ’‡”ƒ–‹‘Žƒ  ƒ…‹Ž‹–‹‡•ƒ†‹…Ž—†‡•‘’‡”ƒ–‹‘†”ƒ™‹‰•ƒ†ƒ‘’‡”ƒ–‹‘”‡’‘”–Ǥ
ƒ……‘”†ƒ…‡™‹–Š—Ž‡Ǥͳ͸ʹͷȋ„ȌȋͳȌǡ†”ƒ™‹‰•Šƒ˜‡„‡‡’”‡’ƒ”‡†ƒ†ƒ”‡‹…Ž—†‡†‹’’‡†‹šǤ
ƒ……‘”†ƒ…‡™‹–Š—Ž‡Ǥͳ͸ʹͷȋ„ȌȋʹȌǡƒ‘’‡”ƒ–‹‘”‡’‘”–Šƒ•„‡‡’”‡’ƒ”‡†™Š‹…Š…‘ˆ‘”•–‘–Š‡
”‡“—‹”‡‡–•‘ˆ—Ž‡Ǥͳ͸ʹ͸ǡ’‡”ƒ–‹‘ƒŽ‡“—‹”‡‡–•‘ˆ  ƒ…‹Ž‹–‹‡•ǤŠ‡‘’‡”ƒ–‹‘”‡’‘”–
ƒ††”‡••‡•–Š‡ˆ‘ŽŽ‘™‹‰‹••—‡•ǣ
ƒƒ•–‡……‡’–ƒ…‡ƒ†‹•’‘•ƒŽ‡“—‹”‡‡–•
ƒ‘˜‡”ƒ–‡”‹ƒŽ‡“—‹”‡‡–•
ƒ‹•‡ƒ•‡‡…–‘”‘–”‘Ž
ƒš’Ž‘•‹˜‡
ƒ•‡•‘–”‘Ž
ƒ‹””‹–‡”‹ƒ
ƒ……‡••ƒ†ƒˆ‡–›‡“—‹”‡‡–•
ƒ”‘•‹‘ƒ†‡†‹‡–‘–”‘Ž
ƒ”ƒ‹ƒ‰‡‘–”‘Žƒ†ƒ–‡””‘–‡…–‹‘‡“—‹”‡‡–•
ƒ‹“—‹†•‡•–”‹…–‹‘•
ƒ‡…‘”†‡‡’‹‰‡“—‹”‡‡–•
ƒ’”‡ƒ†‹‰ƒ†‘’ƒ…–‹‰‡“—‹”‡‡–•
ƒ‡ƒ…Šƒ–‡ƒƒ‰‡‡–Žƒ
ƒ ‹ŽŽ‹‰‡“—‡…‡ƒ†’‡”ƒ–‹‘
ƒ‡…›…Ž‹‰
ϭ͘Ϯ&ĂĐŝůŝƚLJ>ŽĐĂƚŝŽŶ
Š‡͵ͳͳǦƒ…”‡—„‡”Žƒ†‘—–›–”‡‡–ƒ†ˆ‹ŽŽ•‹–‡‹•Ž‘…ƒ–‡†ƒ–͸ͻͺ–”‡‡–™‹–Š‹–Š‡…‹–›
Ž‹‹–•‘ˆ ƒ›‡––‡˜‹ŽŽ‡ǡ‘”–Šƒ”‘Ž‹ƒǡ‘”–Š‘ˆ—•‹‡••ͻͷƒ†‡ƒ•–‘ˆ‹‰Š™ƒ›ͶͲͳǤ
ϭ͘ϯ&ĂĐŝůŝƚLJĞƐĐƌŝƉƚŝŽŶ
Š‡—„‡”Žƒ†‘—–›–”‡‡–ƒ†ˆ‹ŽŽ™ƒ•‘”‹‰‹ƒŽŽ›’‡”‹––‡†‘’”‹ŽʹͷǡͳͻͺͲƒ†„‡‰ƒ
‘’‡”ƒ–‹‘•–Š‡•ƒ‡›‡ƒ”ǤŠ‡Žƒ†ˆ‹ŽŽ™ƒ•†‡•‹‰‡†‹–™‘Žƒ”‰‡”‡…–ƒ‰—Žƒ”ˆ‹ŽŽƒ”‡ƒ••‡’ƒ”ƒ–‡†„›ƒ
Žƒ”‰‡…‡–”ƒŽ†”ƒ‹ƒ‰‡†‹–…Š”—‹‰‘”–Š–‘•‘—–ŠǤŠ‡Žƒ”‰‡”‡…–ƒ‰—Žƒ”ˆ‹ŽŽƒ”‡ƒ™‡•–‘ˆ–Š‡…‡–”ƒŽ
^ĞĐƚŝŽŶϭ•'ĞŶĞƌĂů&ĂĐŝůŝƚLJKƉĞƌĂƚŝŽŶƐ

ϭͲϮ
†”ƒ‹ƒ‰‡†‹–…Š‹•ƒ—Ž‹‡††‹•’‘•ƒŽ—‹–ƒ†™ƒ•‘’‡”ƒ–‡†ƒ•–Š‡†‹•’‘•ƒŽƒ”‡ƒˆ”‘ͳͻͺͲ—–‹Žͳͻͻ͹
™Š‡‹–™ƒ•…Ž‘•‡†‘‡…‡„‡”͵ͳǡͳͻͻ͹Ǥ ‹ƒŽ…Ž‘•—”‡‘ˆ–Š‡—Ž‹‡†Žƒ†ˆ‹ŽŽ™ƒ•…‘’Ž‡–‡†‹
ƒ”…Šǡͳͻͻͻ™‹–Š–Š‡…‘•–”—…–‹‘‘ˆƒˆ‹ƒŽ…‘˜‡”•›•–‡ǤŠ‡—„–‹–Ž‡Žƒ†ˆ‹ŽŽ‹•Ž‘…ƒ–‡†–‘–Š‡‡ƒ•–
‘ˆ–Š‡…‡–”ƒŽ†”ƒ‹ƒ‰‡ˆ‡ƒ–—”‡ǤŠƒ•‡ȋ‡ŽŽ•ͳǦͷȌ™ƒ•…‘•–”—…–‡†‹‡’–‡„‡”ǡͳͻͻ͹ƒ†„‡‰ƒ
Ž‹‹–‡†‘’‡”ƒ–‹‘•‹Žƒ–‡ͳͻͻ͹ǤŠƒ•‡ȋ‡ŽŽ•͸ǦͺȌ™ƒ•…‘•–”—…–‡†‹ʹͲͲʹǤŠƒ•‡™ƒ•ƒ˜‡”–‹…ƒŽ
‡š’ƒ•‹‘‘ˆ‡ŽŽ•ͳǦͺƒ†„‡‰ƒ‹
—‡ʹͲͳʹǤ
Š‡’”‘’‘•‡†Šƒ•‡‡š’ƒ•‹‘‘ˆ–Š‡–”‡‡–—„–‹–Ž‡ƒ†ˆ‹ŽŽ™‹ŽŽ…‘•‹•–‘ˆƒ’’”‘š‹ƒ–‡Ž›
ͳ͵Ǥ͵ƒ…”‡•‘ˆŽ‹‡†™ƒ•–‡†‹•’‘•ƒŽƒ”‡ƒǤŠ‡‡š‹•–‹‰Šƒ•‡–Š”‘—‰Šƒ”‡ƒ‹•ƒ’’”‘š‹ƒ–‡Ž›Ͷʹ
ƒ…”‡•ǤŠ‡–‘–ƒŽ—„–‹–Ž‡Žƒ†ˆ‹ŽŽ™‹ŽŽ…‘•‹•–‘ˆƒ’’”‘š‹ƒ–‡Ž›ͷͷǤ͵ƒ…”‡•‘ˆŽ‹‡†™ƒ•–‡†‹•’‘•ƒŽ
ƒ”‡ƒǤŠ‡Žƒ†ˆ‹ŽŽˆƒ…‹Ž‹–›…‘’‘‡–•‹…Ž—†‡–Š‡ˆ‘ŽŽ‘™‹‰ǣ†‹•’‘•ƒŽƒ”‡ƒƒ……‡••”‘ƒ†•ǡŽƒ†ˆ‹ŽŽ
’‡”‹‡–‡”ƒ……‡••”‘ƒ†ȋ„‡”ȌǡŽ‹‡††‹•’‘•ƒŽƒ”‡ƒ•ǡŽ‡ƒ…Šƒ–‡…‘ŽŽ‡…–‹‘•›•–‡ǡŽ‡ƒ…Šƒ–‡•–‘”ƒ‰‡’‘†ǡ
•–‘”™ƒ–‡”†”ƒ‹ƒ‰‡†‹–…Š‡•ǡƒ†•‡†‹‡–ƒ–‹‘’‘†•Ǥ
Š‡–”‡‡–—„–‹–Ž‡ƒ†ˆ‹ŽŽˆƒ…‹Ž‹–›ƒŽ•‘…‘•‹•–•‘ˆ•‡˜‡”ƒŽ‡š‹•–‹‰„—‹Ž†‹‰•™Š‹…Š‹…Ž—†‡ƒ
”‡…›…Ž‹‰’”‘…‡••‹‰ƒ†•–‘”ƒ‰‡…‡–‡”ǡƒ†‹‹•–”ƒ–‹‘„—‹Ž†‹‰ǡƒ‹–‡ƒ…‡ˆƒ…‹Ž‹–›ǡƒ†ƒ
•…ƒŽ‡Š‘—•‡ǤŠ‡ˆƒ…‹Ž‹–›ƒŽ•‘…‘•‹•–•‘ˆ–Š‡ˆ‘ŽŽ‘™‹‰ƒ††‹–‹‘ƒŽƒ…–‹˜‡™ƒ•–‡ƒƒ‰‡‡–‘’‡”ƒ–‹‘•ǣ
…‘•–”—…–‹‘ƒ††‡‘Ž‹–‹‘ȋƬȌŽƒ†ˆ‹ŽŽǡ™Š‹–‡‰‘‘†•ƒ†–‹”‡”‡…›…Ž‹‰ǡ…‹–‹œ‡…‘˜‡‹‡…‡…‡–‡”ǡ
ƒ†‘–Š‡””‡•‹†‡–‹ƒŽ”‡…›…Ž‹‰†”‘’Ǧ‘ˆˆƒ”‡ƒ•ǤŠ‡Žƒ†ˆ‹ŽŽˆƒ…‹Ž‹–›ƒŽ•‘‹…Ž—†‡•–™‘…Ž‘•‡†ǡ—Ž‹‡†
Žƒ†ˆ‹ŽŽ—‹–•Ǥ‘–Š—Ž‹‡†Žƒ†ˆ‹ŽŽ•ƒ”‡„‡‹‰ƒ‹–ƒ‹‡†ƒ†‘‹–‘”‡†—†‡”–Š‡‘—–›ǯ•͵ͲǦ›‡ƒ”
’‘•–Ǧ…Ž‘•—”‡”‡“—‹”‡‡–•ǡ™Š‹…Šƒ”‡ˆ—”–Š‡”†‹•…—••‡†‹–Š‡Ž‘•—”‡Ȁ‘•–ǦŽ‘•—”‡ŽƒǤ
Š‡‡š‹•–‹‰—„–‹–Ž‡Žƒ†ˆ‹ŽŽ™‹ŽŽ”‡…‡‹˜‡’‡”‹––‡†”‡•‹†‡–‹ƒŽǡ…‘‡”…‹ƒŽǡƒ†‹†—•–”‹ƒŽ™ƒ•–‡
–Šƒ–‘”‹‰‹ƒ–‡•‘Ž›™‹–Š‹—„‡”Žƒ†‘—–›ǤŠ‡‘’‡”ƒ–‹‘†”ƒ™‹‰•’”‘˜‹†‡†‹’’‡†‹š
‹†‡–‹ˆ›–Š‡Ž‘…ƒ–‹‘‘ˆƒŽŽ‡š‹•–‹‰ƒ†’”‘’‘•‡†™ƒ•–‡ƒƒ‰‡‡–‘’‡”ƒ–‹‘•Ǥ
ϭ͘ϰŽŶƚĂĐƚ/ŶĨŽƌŵĂƚŝŽŶ
Š‡—„‡”Žƒ†‘—–›–”‡‡–—„–‹–Ž‡ƒ†ˆ‹ŽŽ‹•‘™‡†ƒ†‘’‡”ƒ–‡†„›–Š‡—„‡”Žƒ†
‘—–›‘Ž‹†ƒ•–‡‡’ƒ”–‡–ǤŽŽ…‘””‡•’‘†‡…‡ƒ†“—‡•–‹‘•…‘…‡”‹‰–Š‡‘’‡”ƒ–‹‘•‘ˆ–Š‹•
ƒ†ˆ‹ŽŽ•Š‘—Ž††‹”‡…––‘–Š‡ˆ‘ŽŽ‘™‹‰ǣ
‘„‡”–‘™ƒ”†ǡ‘Ž‹†ƒ•–‡‹”‡…–‘”
͸ͻͺ–”‡‡–
ƒ›‡––‡˜‹ŽŽ‡ǡʹͺ͵Ͳͳ
Š‘‡ǣͻͳͲǦ͵ʹͳǦ͸ͻʹͻ
ƒšǣͻͳͲǦ͵ʹͳǦ͸ͺͶͲ
ϭ͘ϱ,ŽƵƌƐŽĨKƉĞƌĂƚŝŽŶ
Š‡—„‡”Žƒ†‘—–›–”‡‡–—„–‹–Ž‡ƒ†ˆ‹ŽŽƒ†ƒ••‘…‹ƒ–‡†ˆƒ…‹Ž‹–‹‡•ƒ”‡‘’‡–‘”‡…‡‹˜‡
™ƒ•–‡‘†ƒ›–Š”‘—‰Š ”‹†ƒ›ǡ͸ǣ͵ͲƒǤǤ–‘ͶǣͲͲ’ǤǤƒ†ƒ–—”†ƒ›•ˆ”‘ͺǣͲͲƒǤǤ–‘ͳʹǣͲͲ’ǤǤ
•‹‰‹•’‘•–‡†ƒ––Š‡‡–”ƒ…‡–‘–Š‡Žƒ†ˆ‹ŽŽˆƒ…‹Ž‹–›‹†‡–‹ˆ›‹‰–Š‡Š‘—”•‘ˆ‘’‡”ƒ–‹‘ǤŠ‡
—„‡”Žƒ†‘—–›–”‡‡–ƒ†ˆ‹ŽŽ‹•…Ž‘•‡†‘—†ƒ›•ǡ‡™‡ƒ”•ƒ›ǡŠƒ•‰‹˜‹‰ǡƒ†
Š”‹•–ƒ•Ǥ
^ĞĐƚŝŽŶϭ•'ĞŶĞƌĂů&ĂĐŝůŝƚLJKƉĞƌĂƚŝŽŶƐ

ϭͲϯ
ϭ͘ϲ>ĂŶĚĨŝůůKƉĞƌĂƚŝŶŐ^ƚĂĨĨ
Š‡’”‘’‡”‘’‡”ƒ–‹‘‘ˆ–Š‡—„‡”Žƒ†‘—–›–”‡‡–—„–‹–Ž‡ƒ†ˆ‹ŽŽ”‡“—‹”‡•ƒ•—ˆˆ‹…‹‡–
—„‡”‘ˆ–”ƒ‹‡†’‡”•‘‡Ž™‘”‹‰‹…‘‘’‡”ƒ–‹‘™‹–Š‡ƒ…Š‘–Š‡”ǤŠ‡…ƒ–‡‰‘”‹‡•ƒ†—„‡”‘ˆ
’‡”•‘‡Ž”‡“—‹”‡†–‘’”‘˜‹†‡ƒ•ƒˆ‡ƒ†‡ˆˆ‹…‹‡–‘’‡”ƒ–‹‘‹…Ž—†‡ǣ
WŽƐŝƚŝŽŶ EƵŵďĞƌŽĨWĞƌƐŽŶŶĞů
>ĂŶĚĨŝůůKƉĞƌĂƚŝŽŶ^ƵƉĞƌǀŝƐŽƌ ϭ
ƐƐŝƐƚĂŶƚtĞŝŐŚDĂƐƚĞƌ Ϯ
ƋƵŝƉŵĞŶƚKƉĞƌĂƚŽƌƐ ϲ
^ŽůŝĚtĂƐƚĞŽŵƉůŝĂŶĐĞ/ŶƐƉĞĐƚŽƌ ϭ
DĞĐŚĂŶŝĐͬƋƵŝƉŵĞŶƚDĂŝŶƚĞŶĂŶĐĞ ϱ
>ĂďŽƌĞƌWĂƌƚdŝŵĞ ƐŶĞĞĚĞĚ

ƒƒ†ˆ‹ŽŽ’‡”ƒ–‹‘—’‡”˜‹•‘”Ǧ‘Ž‹†ƒ•–‡••‘…‹ƒ–‹‘‘ˆ‘”–Š‡”‹…ƒȋȌ…‡”–‹ˆ‹‡†
Žƒ†ˆ‹ŽŽ‘’‡”ƒ–‘”Ǥ˜‡”•‡‡•’Žƒ…‡‡–ǡ…‘’ƒ…–‹‘ǡƒ†…‘˜‡”‹‰‘ˆ•‘Ž‹†™ƒ•–‡‹ƒ……‘”†ƒ…‡
™‹–Š•–ƒ–‡ƒ†ˆ‡†‡”ƒŽ”‡‰—Žƒ–‹‘•Ǥ
ƒ••‹•–ƒ–‡‹‰Šƒ•–‡”Ǧ‡‹‰Š•˜‡Š‹…Ž‡•–”ƒ•’‘”–‹‰•‘Ž‹†™ƒ•–‡–‘Žƒ†ˆ‹ŽŽǤ•’‡…–•Ž‘ƒ†•
–‘ƒ‡†‡–‡”‹ƒ–‹‘ˆ‘”†‹•’‘•ƒŽǤ
ƒ“—‹’‡–’‡”ƒ–‘”Ǧ’‡”ƒ–‡•ƒ˜ƒ”‹‡–›‘ˆŠ‡ƒ˜›‡“—‹’‡––‘ƒ……‘’Ž‹•Š–Š‡ˆ‘ŽŽ‘™‹‰ǣ
…‘’ƒ…–ƒ†…‘˜‡”•‘Ž‹†™ƒ•–‡ǡ‡š…ƒ˜ƒ–‡•‘‹Ž•ˆ‘”…‘˜‡”ǡƒ‹–ƒ‹”‘ƒ†•ƒ††”ƒ‹ƒ‰‡†‹–…Š‡•ǡ
ƒ†…Ž‡ƒ”•Žƒ†ˆ‘”‡™…‡ŽŽ•Ǥ
ƒ‘Ž‹†ƒ•–‡‘’Ž‹ƒ…‡•’‡…–‘”ǦͶͲŠ‘—”–”ƒ‹‡†ƒ•ƒœ™‘’‡”™‹–Š—ƒŽͺŠ”
‡ˆ”‡•Š‡”Ǥ‡•’‘•‹„‹Ž‹–›…‘•‹•–•‘ˆ‹•’‡…–‹‰‹…‘‹‰™ƒ•–‡ˆ‘”Šƒœƒ”†‘—•™ƒ•–‡ƒ†‘–Š‡”
™ƒ•–‡•’”‘Š‹„‹–‡†„›‘—–›”†‹ƒ…‡ƒ†–ƒ–‡Žƒ™•ƒ†’”‡˜‡–‹‰–Š‡•‡ƒ–‡”‹ƒŽ•ˆ”‘
„‡‹‰Žƒ†ˆ‹ŽŽ‡†Ǥ
ƒ‡…Šƒ‹…̳ƒ‹–‡ƒ…‡‘”‡”Ǧ‡•’‘•‹„Ž‡ˆ‘”‡“—‹’‡–ƒ‹–‡ƒ…‡ƒ†”‡’ƒ‹”Ǥ
ƒƒ„‘”‡”Ǧ‡•’‘•‹„‹Ž‹–‹‡•…‘•‹•–‘ˆƒ—ƒŽ–ƒ••™Š‹…Š”‡“—‹”‡•‘‡•‹ŽŽ•‘”•’‡…‹ƒŽ
‘™Ž‡†‰‡ƒ…“—‹”‡†–Š”‘—‰Š‘Ǧ–Š‡ǦŒ‘„‡š’‡”‹‡…‡Ǥ‘”ƒ›”ƒ‰‡ˆ”‘’‡”ˆ‘”ƒ…‡‘ˆƒ
˜ƒ”‹‡–›‘ˆƒ‹–‡ƒ…‡ƒ†”‡’ƒ‹”†—–‹‡•–‘ƒ••‹•–‹‰Œ‘—”‡›ƒŽ‡˜‡Ž…”ƒˆ–•‡Ǥ
ƒˆ‘”‡Š‡Ž’‹•‡‡†‡†‘”‹–Š‡‡˜‡–‘ˆ‡‡”‰‡…›ǡ–Š‡…‘—–›Šƒ•–Š‡ˆ‘ŽŽ‘™‹‰”‡•‘—”…‡•
ƒ˜ƒ‹Žƒ„Ž‡ǣ
-‡’‘”ƒ”›ƒ„‘”Ȃ‡ƒ˜›‡“—‹’‡–‘’‡”ƒ–‹‘••—’‡”˜‹•‘”ƬŠ‡ƒ˜›‡“—‹’‡–’‡”ƒ–‘”
-™‘•‘Ž‹†™ƒ•–‡‡˜‹”‘‡–ƒŽ‡ˆ‘”…‡‡–•’‡…–‘”•
Š‡‘—–›‹–‡†•ˆ‘”–Š‡Žƒ†ˆ‹ŽŽ•–ƒˆˆ–‘ƒ‹–ƒ‹ƒŽŽ–”ƒ‹‹‰ƒ•”‡“—‹”‡†„›

ͳ͵ͲǦ͵ͲͻǤʹͷƒ†
™ƒ•–‡‹†—•–”›•–ƒ†ƒ”†•ǤŠ‡ˆƒ…‹Ž‹–›‘’‡”ƒ–‘”™‹ŽŽŠƒ˜‡…‘’Ž‡–‡†ƒƒ’’”‘˜‡†‘’‡”ƒ–‘”–”ƒ‹‹‰
…‘—”•‡‹…‘’Ž‹ƒ…‡™‹–Š
ǤǤͳ͵ͲǦ͵ͲͻǤʹͷǤ”‡•’‘•‹„Ž‡‹†‹˜‹†—ƒŽ…‡”–‹ˆ‹‡†‹Žƒ†ˆ‹ŽŽ‘’‡”ƒ–‹‘•
™‹ŽŽ„‡‘Ǧ•‹–‡ƒ–ƒŽŽ–‹‡•†—”‹‰ƒŽŽ‘’‡”ƒ–‹‰Š‘—”•‘ˆ–Š‡ˆƒ…‹Ž‹–›–Šƒ–‹–‹•‘’‡ˆ‘”’—„Ž‹…—•‡–‘
‡•—”‡…‘’Ž‹ƒ…‡™‹–Š‘’‡”ƒ–‹‘ƒŽ”‡“—‹”‡‡–•ǤŽŽ’‡”–‹‡–Žƒ†ˆ‹ŽŽǦ‘’‡”ƒ–‹‰’‡”•‘‡Ž™‹ŽŽ
”‡…‡‹˜‡–”ƒ‹‹‰ƒ†•—’‡”˜‹•‹‘‡…‡••ƒ”›–‘’”‘’‡”Ž›‘’‡”ƒ–‡–Š‡Žƒ†ˆ‹ŽŽ—‹–•Ǥ
^ĞĐƚŝŽŶϭ•'ĞŶĞƌĂů&ĂĐŝůŝƚLJKƉĞƌĂƚŝŽŶƐ

ϭͲϰ
ϭ͘ϳ>ĂŶĚĨŝůůKƉĞƌĂƚŝŶŐƋƵŝƉŵĞŶƚ
Š‡—•‡‘ˆ’”‘’‡”‡“—‹’‡–‹•ƒ…”‹–‹…ƒŽˆƒ…–‘”‹–Š‡•—……‡••ˆ—Ž‘’‡”ƒ–‹‘‘ˆƒ—„–‹–Ž‡Žƒ†ˆ‹ŽŽ
ˆƒ…‹Ž‹–›ǤŠ‡‡“—‹’‡–—•–„‡†—”ƒ„Ž‡ƒ†…ƒ’ƒ„Ž‡‘ˆ’‡”ˆ‘”‹‰‹–•”‡“—‹”‡†–ƒ•‡˜‡”›†ƒ›‘ˆ–Š‡
Žƒ†ˆ‹ŽŽ‘’‡”ƒ–‹‘Ǥ–Š‡‡˜‡–‘ˆ’”‹ƒ”›‡“—‹’‡–ˆƒ‹Ž—”‡ǡ–Š‡”‡—•–„‡•—ˆˆ‹…‹‡–„ƒ…—’
‡“—‹’‡–ƒ˜ƒ‹Žƒ„Ž‡–‘…‘–‹—‡’”‘’‡”‘’‡”ƒ–‹‘‘ˆ–Š‡Žƒ†ˆ‹ŽŽǤ–‹•–Š‡”‡•’‘•‹„‹Ž‹–›‘ˆ–Š‡‘—–›
–‘’”‘˜‹†‡’”‹ƒ”›‡“—‹’‡–ǡ„ƒ…—’‡“—‹’‡–ǡƒ†‡“—‹’‡–ƒ‹–‡ƒ…‡Ǥ–‹•ƒŽ•‘–Š‡
‘—–›̵•”‡•’‘•‹„‹Ž‹–›–‘˜‡”‹ˆ›–Š‡’”‘’‡”—•‡‘ˆ–Š‡Žƒ†ˆ‹ŽŽ‡“—‹’‡–Ǥ
Š‡Žƒ†ˆ‹ŽŽˆƒ…‹Ž‹–›—•–„‡‡“—‹’’‡†–‘’‡”ˆ‘”–Š‡ˆ‘ŽŽ‘™‹‰ˆ‘—”„ƒ•‹…ˆ—…–‹‘•‘ˆŽƒ†ˆ‹ŽŽ
‘’‡”ƒ–‹‘Ǥ
ƒ‡ˆ—•‡Šƒ†Ž‹‰
ƒ‘˜‡”ƒ–‡”‹ƒŽŠƒ†Ž‹‰ƒ†’Žƒ…‡‡–
ƒš…ƒ˜ƒ–‹‰
ƒ—’’‘”–ˆ—…–‹‘•
Š‡ˆ‘ŽŽ‘™‹‰Ž‹•–†‡–ƒ‹Ž•–Š‡‡“—‹’‡–‘’‡”ƒ–‡†ƒ––Š‡—„‡”Žƒ†‘—–›–”‡‡–Žƒ†ˆ‹ŽŽǣ
ƒ”ƒ•Šƒ•–‡”•ȋ ‘—”Ȃ͵ͻͲǡ‡Ǧ͵͹Ͳǡ‡ǦͷͷͲ‡”‡šȌ
ƒ‘œ‡”•ȋ™‘ǦǦ͹ǡ‡Ȃ͸͸ǡ‡Ȃ͸Ȍ
ƒ—’”—…•ȋ‡Ǧƒ–͵ͲͲǡ™‘Ȃ͹ʹͷȌ
ƒ”ƒ…Š‘‡•ȋ™‘Ȃ͵͵Ͳǡ‡Ȃ͵ʹʹǡ‡Ȃ͵ʹͲȌ
ƒ”ƒ…‘ƒ†‡”ȋ‡Ȃͻ͸͵Ȍ
ƒƒ‡””—…™Ȁ’—’ȋ‡ǡˆ‘”†—•–…‘–”‘Žƒ†ˆ‹”‡’”‡˜‡–‹‘Ȍ
ƒ—•ƒ” ‘ƒ’’Ž‹…ƒ–‘”ȋ‡Ȍ
ƒŠ‡‡Ž‘ƒ†‡”•ȋ‡Ǧ›—†ƒ‹ǡ‡ȂͻͷͲȌ
ƒ‘’’•–ƒ†–͵Ͳ͸ͲŽ‘™’‡‡†Š”‡††‡”™‹–Šƒ‰‡–ȋ‡Ȍ
ƒ‘…”—•Š‡”ƒ†…”‡‡ȋ‡Ȃš–‡…Ȍ
ƒ•‡†‘–Š‡ƒ˜ƒ‹Žƒ„Ž‡”ƒ‰‡‘ˆŠƒ†Ž‹‰…ƒ’ƒ…‹–‹‡•ƒ†–Š‡’”‘Œ‡…–‡†™ƒ•–‡“—ƒ–‹–‹‡•ǡ–Š‡ƒŽŽ‘…ƒ–‹‘
‘ˆŠ‡ƒ˜›‡“—‹’‡–’”‡•‡–‡†ƒ„‘˜‡•Š‘—Ž†„‡•—ˆˆ‹…‹‡––‘’”‘…‡••–Š‡™ƒ•–‡”‡…‡‹˜‡†ƒ––Š‡Šƒ•‡•
–Š”‘—‰Š†‹•’‘•ƒŽƒ”‡ƒ•ǤŠ‡’”‹ƒ”›’—”’‘•‡‘ˆŠ‡ƒ˜›Žƒ†ˆ‹ŽŽ‡“—‹’‡–‹•–Š‡•’”‡ƒ†‹‰ƒ†
…‘’ƒ…–‹‰‘ˆ•‘Ž‹†™ƒ•–‡ǡƒ†–Š‡Šƒ—Ž‹‰ƒ†•’”‡ƒ†‹‰‘ˆ…‘˜‡”ƒ–‡”‹ƒŽ•Ǥ“—‹’‡–•‹‹Žƒ”‹–‹‡•
ƒŽŽ‘™†‹ˆˆ‡”‡–‡“—‹’‡––‘’‡”ˆ‘”–Š‡•ƒ‡–ƒ••ƒ•†‡–‡”‹‡†‡…‡••ƒ”›ˆ‘”†ƒ‹Ž›‘’‡”ƒ–‹‘Ǥ
–Š‡‡˜‡–‘ˆƒ„‘”ƒŽ…‘†‹–‹‘•”‡“—‹”‹‰ƒ††‹–‹‘ƒŽ‡“—‹’‡–ǡ‡“—‹’‡–ƒ›„‡”‡–‡†Ǥ
‘—–‹‡’”‡˜‡–‹˜‡ƒ‹–‡ƒ…‡™‹ŽŽ‹‹‹œ‡‡“—‹’‡–†‘™–‹‡ƒ†‹…”‡ƒ•‡‡“—‹’‡–•‡”˜‹…‡
Ž‹ˆ‡Ǥ”‡˜‡–‹˜‡ƒ‹–‡ƒ…‡˜ƒ”‹‡•™‹–Š‡ƒ…Š’‹‡…‡‘ˆ‡“—‹’‡–ǤŠ‡”‡ˆ‘”‡ǡ–Š‡‘’‡”ƒ–‹‘ƒ†
ƒ‹–‡ƒ…‡ƒ—ƒŽˆ‘”‡ƒ…Š•Š‘—Ž†„‡…‘•—Ž–‡†ǤŠ”‡‡‰‡‡”ƒŽƒ‹–‡ƒ…‡’”‘‰”ƒ•™‹ŽŽ„‡
ƒ†‘’–‡†ǤŠ‡›ƒ”‡ƒ•ˆ‘ŽŽ‘™•ǣ
ƒ•–ƒ„Ž‹•Šƒ”‘—–‹‡‹•’‡…–‹‘’”‘‰”ƒǢ
ƒ‡”ˆ‘”’”‡˜‡–‹˜‡ƒ‹–‡ƒ…‡ƒ……‘”†‹‰–‘ƒ—ˆƒ…–—”‡”•̵”‡…‘‡†ƒ–‹‘•Ǣƒ†
^ĞĐƚŝŽŶϭ•'ĞŶĞƌĂů&ĂĐŝůŝƚLJKƉĞƌĂƚŝŽŶƐ

ϭͲϱ
ƒ‡‡’ƒ……—”ƒ–‡ƒ‹–‡ƒ…‡”‡…‘”†•Ǥ





ϮͲϭ
^ĞĐƚŝŽŶϮ 
tĂƐƚĞĐĐĞƉƚĂŶĐĞĂŶĚŝƐƉŽƐĂůZĞƋƵŝƌĞŵĞŶƚƐ
Ϯ͘ϭtĂƐƚĞĞĨŝŶŝƚŝŽŶƐ
‰”‹…—Ž–—”ƒŽƒ•–‡Ǧ™ƒ•–‡ƒ–‡”‹ƒŽ’”‘†—…‡†ˆ”‘”ƒ‹•‹‰‘ˆ’Žƒ–•ƒ†ƒ‹ƒŽ•ǡ‹…Ž—†‹‰ƒ‹ƒŽ
ƒ—”‡•ǡ„‡††‹‰’Žƒ–•–ƒŽ•ǡŠ—ŽŽ•ǡƒ†˜‡‰‡–ƒ–‹˜‡ƒ––‡”Ǥ
•„‡•–‘•ƒ•–‡Ǧƒ›™ƒ•–‡ƒ–‡”‹ƒŽ–Šƒ–‹•†‡–‡”‹‡†–‘…‘–ƒ‹ƒ•„‡•–‘•Ǥ
•’ŠƒŽ–Ǧ‹ƒ……‘”†ƒ…‡™‹–Š
ǤǤͳ͵ͲǦʹͻͶȋȌǤ
Ž‘‘†”‘†—…–ǦƒŽŽ„—Ž„Ž‘‘†ƒ†„Ž‘‘†’”‘†—…–•Ǥ
‘‡”…‹ƒŽ‘Ž‹†ƒ•–‡ǦƒŽŽ–›’‡•‘ˆ•‘Ž‹†™ƒ•–‡‰‡‡”ƒ–‡†„›”‡–ƒ‹Ž•–‘”‡•ǡ‘ˆˆ‹…‡•ǡ”‡•–ƒ—”ƒ–•ǡ
™ƒ”‡Š‘—•‡•ǡƒ†‘–Š‡”‘ƒ—ˆƒ…–—”‹‰ƒ…–‹˜‹–‹‡•ǡ‡š…Ž—†‹‰”‡•‹†‡–‹ƒŽ™ƒ•–‡Ǥ
‘•–”—…–‹‘ƒ†‡‘Ž‹–‹‘ȋƬȌ‡„”‹•Ǧ•‘Ž‹†™ƒ•–‡”‡•—Ž–‹‰•‘Ž‡Ž›ˆ”‘…‘•–”—…–‹‘ǡ
”‡‘†‡Ž‹‰ǡ”‡’ƒ‹”•‘”†‡‘Ž‹–‹‘‘ˆ„—‹Ž†‹‰•ǡ•–”—…–—”‡•ǡ‘”’ƒ˜‡‡–ǡ„—–†‘‡•‘–‹…Ž—†‡‹‡”–
†‡„”‹•ǡŽƒ†…Ž‡ƒ”‹‰†‡„”‹•‘”›ƒ”†™ƒ•–‡Ǥ
ƒœƒ”†‘—•ƒ•–‡Ǧƒ›•‘Ž‹†™ƒ•–‡–Šƒ–‹•†‡ˆ‹‡†ƒ•Šƒœƒ”†‘—•‹ͳͷͳ͵ʹ͸ͳǤ͵ƒ†–Šƒ–‹•‘–
‡š…Ž—†‡†ˆ”‘”‡‰—Žƒ–‹‘ƒ•ƒŠƒœƒ”†‘—•™ƒ•–‡ˆ”‘…‘†‹–‹‘ƒŽŽ›‡š‡’–•ƒŽŽ“—ƒ–‹–›‰‡‡”ƒ–‘”•
ƒ•†‡ˆ‹‡†™‹–Š‹ͳͷͳ͵ʹ͸ͳǤͷǤ
‘–‘ƒ†Ǧ™Š‡ƒ™ƒ•–‡Šƒ—Ž‹‰˜‡Š‹…Ž‡‹•–”ƒ•’‘”–‹‰•‘Ž‹†™ƒ•–‡–Šƒ–‹•„—”‹‰‘”•‘Ž†‡”‹‰ǡ‹–‹•
”‡ˆ‡””‡†–‘ƒ•ƒŠ‘–Ž‘ƒ†Ǥ
‘—•‡Š‘Ž†ƒ•–‡Ǧƒ›•‘Ž‹†™ƒ•–‡†‡”‹˜‡†ˆ”‘Š‘—•‡Š‘Ž†•‹…Ž—†‹‰Š‘–‡Ž•ƒ†‘–‡Ž•ǡ„—Š‘—•‡•ǡ
”ƒ‰‡”•–ƒ–‹‘•ǡ…”‡™“—ƒ”–‡”•ǡ…ƒ’‰”‘—†•ǡ’‹…‹…‰”‘—†•ǡƒ††ƒ›Ǧ—•‡”‡…”‡ƒ–‹‘ƒ”‡ƒ•Ǥ
†—•–”‹ƒŽ‘Ž‹†ƒ•–‡Ǧ•‘Ž‹†™ƒ•–‡‰‡‡”ƒ–‡†„›ƒ—ˆƒ…–—”‹‰’”‘…‡••‡•–Šƒ–‹•‘–ƒŠƒœƒ”†‘—•
™ƒ•–‡”‡‰—Žƒ–‡†—†‡”—„–‹–Ž‡‘ˆǤ—…Š™ƒ•–‡ƒ›‹…Ž—†‡ǡ„—–‹•‘–Ž‹‹–‡†–‘ǡ™ƒ•–‡
”‡•—Ž–‹‰ˆ”‘–Š‡ˆ‘ŽŽ‘™‹‰ƒ—ˆƒ…–—”‹‰’”‘…‡••‡•ǣ‡Ž‡…–”‹…’‘™‡”‰‡‡”ƒ–‹‘Ǣ
ˆ‡”–‹Ž‹œ‡”Ȁƒ‰”‹…—Ž–—”ƒŽ…Š‡‹…ƒŽ•Ǣˆ‘‘†ƒ†”‡Žƒ–‡†’”‘†—…–•Ȁ„›Ǧ’”‘†—…–•Ǣ‹‘”‰ƒ‹……Š‡‹…ƒŽ•Ǣ‹”‘
ƒ†•–‡‡Žƒ—ˆƒ…–—”‹‰ǢŽ‡ƒ–Š‡”ƒ†Ž‡ƒ–Š‡”’”‘†—…–•Ǣ‘ˆ‡””‘—•‡–ƒŽ•ƒ—ˆƒ…–—”‹‰Ȁˆ‘—†”‹‡•Ǣ
‘”‰ƒ‹……Š‡‹…ƒŽ•Ǣ’Žƒ•–‹…•ƒ†”‡•‹•ƒ—ˆƒ…–—”‹‰Ǣ’—Ž’ƒ†’ƒ’‡”‹†—•–”›Ǣ”—„„‡”ƒ†
‹•…‡ŽŽƒ‡‘—•’Žƒ•–‹…’”‘†—…–•Ǣ•–‘‡ǡ‰Žƒ••ǡ…Žƒ›ǡƒ†…‘…”‡–‡’”‘†—…–•Ǣ–‡š–‹Ž‡ƒ—ˆƒ…–—”‹‰Ǣ
–”ƒ•’‘”–ƒ–‹‘‡“—‹’‡–Ǣƒ†™ƒ–‡”–”‡ƒ–‡–ǤŠ‹•–‡”†‘‡•‘–‹…Ž—†‡‹‹‰™ƒ•–‡‘”‘‹Žƒ†
‰ƒ•™ƒ•–‡Ǥ
‡”–‡„”‹•Ǧƒ›•‘Ž‹†™ƒ•–‡™Š‹…Š…‘•‹•–••‘Ž‡Ž›‘ˆƒ–‡”‹ƒŽ•—…Šƒ•„”‹…ǡ…‘…”‡–‡ǡ…‘…”‡–‡„Ž‘…ǡ
‰”ƒ˜‡Žǡ”‘…ǡƒ†—…‘–ƒ‹ƒ–‡†•‘‹ŽǤ
ˆ‡…–‹‘—•ƒ•–‡Ǧƒ›•‘Ž‹†™ƒ•–‡…ƒ’ƒ„Ž‡‘ˆ’”‘†—…‹‰ƒ‹ˆ‡…–‹‘—•†‹•‡ƒ•‡ǤŠ‡•‡–›’‡•‘ˆ™ƒ•–‡
‹…Ž—†‡‹…”‘„‹‘Ž‘‰‹…ƒŽ™ƒ•–‡ǡ’ƒ–Š‘Ž‘‰‹…ƒŽ™ƒ•–‡ǡ„Ž‘‘†’”‘†—…–•ǡƒ†•Šƒ”’•Ǥ
^ĞĐƚŝŽŶϮ•tĂƐƚĞĐĐĞƉƚĂŶĐĞĂŶĚŝƐƉŽƐĂůZĞƋƵŝƌĞŵĞŶƚƐ

ϮͲϮ
ƒ†Ž‡ƒ”‹‰‡„”‹•Ǧ•‘Ž‹†™ƒ•–‡™Š‹…Š‹•‰‡‡”ƒ–‡†•‘Ž‡Ž›ˆ”‘Žƒ†…Ž‡ƒ”‹‰ƒ…–‹˜‹–‹‡••—…Šƒ•
•–—’•ƒ†–”‡‡–”—•Ǥ
‹“—‹†ƒ•–‡Ǧƒ›™ƒ•–‡ƒ–‡”‹ƒŽ–Šƒ–‹•†‡–‡”‹‡†–‘…‘–ƒ‹ˆ”‡‡Ž‹“—‹†„›‡–Š‘†ͻͲͻͷȋƒ‹–
‹Ž–‡”‡•–ȌǤ
‹…”‘„‹‘Ž‘‰‹…ƒŽƒ•–‡Ǧ‹…Ž—†‡•…—Ž–—”‡•ƒ†•–‘…•‘ˆ‡–‹‘Ž‘‰‹…ƒ‰‡–•ǤŠ‡–‡”‹…Ž—†‡•…—Ž–—”‡•‘ˆ
•’‡…‹‡•ˆ”‘‡†‹…ƒŽǡ’ƒ–Š‘Ž‘‰‹…ƒŽǡ’Šƒ”ƒ…‡—–‹…ƒŽǡ”‡•‡ƒ”…Šǡ…‘‡”…‹ƒŽǡƒ†‹†—•–”‹ƒŽ
Žƒ„‘”ƒ–‘”‹‡•Ǥ
ƒ–Š‘Ž‘‰‹…ƒŽƒ•–‡Ǧ‹…Ž—†‡•ǣŠ—ƒ–‹••—‡ǡ‘”‰ƒ•ǡ„‘†›’ƒ”–•ǡ•‡…”‡–‹‘•ƒ†‡š…”‡–‹‘•ǡ„Ž‘‘†ǡƒ†
„‘†›ˆŽ—‹†•–Šƒ–ƒ”‡”‡‘˜‡††—”‹‰•—”‰‡”›ƒ†ƒ—–‘’•‹‡•Ǣ–Š‡…ƒ”…ƒ••‡•ƒ†„‘†›’ƒ”–•‘ˆƒŽŽƒ‹ƒŽ•
–Šƒ–™‡”‡‡š’‘•‡†–‘’ƒ–Š‘‰‡•‹”‡•‡ƒ”…Šǡ™‡”‡—•‡†‹–Š‡’”‘†—…–‹‘‘ˆ„‹‘Ž‘‰‹…ƒŽ‘”‹–Š‡‹Ǧ
˜‹–”‘–‡•–‹‰‘ˆ’Šƒ”ƒ…‡—–‹…ƒŽ•ǡ‘”–Šƒ–†‹‡†‘ˆ‘™‘”•—•’‡…–‡†‹ˆ‡…–‹‘—•†‹•‡ƒ•‡Ǥ
‘Ž›…ŠŽ‘”‹ƒ–‡†‹’Š‡›Ž•ȋȌǦ†‡ˆ‹‡†ƒ•ƒ›‘ˆ•‡˜‡”ƒŽ…‘’‘—†•–Šƒ–ƒ”‡’”‘†—…‡†„›
”‡’Žƒ…‹‰Š›†”‘‰‡ƒ–‘•‹„‹’Š‡›Ž™‹–Š…ŠŽ‘”‹‡Ǥ̵•™‡”‡‘•–ˆ”‡“—‡–Ž›—•‡†ƒ•ƒƒ††‹–‹˜‡
–‘‘‹Ž‘”‘–Š‡”Ž‹“—‹†‹•‹–—ƒ–‹‘•™Š‡”‡Š‡ƒ–‹•‹˜‘Ž˜‡†Ǥ̵•Šƒ˜‡„‡‡—•‡†‹’ƒ‹–•ƒ†
Ž—„”‹…ƒ–•ǡŠ‘™‡˜‡”–Š‡‘•–…‘‘ƒ’’Ž‹…ƒ–‹‘™ƒ•‹‡Ž‡…–”‹…–”ƒ•ˆ‘”‡”•Ǥ
ƒ†‹‘ƒ…–‹˜‡ƒ•–‡Ǧƒ›™ƒ•–‡–Šƒ–…‘–ƒ‹•”ƒ†‹‘ƒ…–‹˜‹–›Ǥƒ†‹‘ƒ…–‹˜‹–›‹•†‡ˆ‹‡†ƒ•–Š‡’”‘’‡”–›
’‘••‡••‡†„›•‘‡‡Ž‡‡–•‘ˆ•’‘–ƒ‡‘—•Ž›‡‹––‹‰ƒŽ’Šƒ‘”„‡–ƒ”ƒ›•ƒ†•‘‡–‹‡•‰ƒƒ”ƒ›•
„›–Š‡†‹•‹–‡‰”ƒ–‹‘‘ˆ–Š‡—…Ž‡‹‘ˆƒ–‘•Ǥ
Šƒ”’•Ǧ‹…Ž—†‡•‡‡†Ž‡•ǡ•›”‹‰‡•™‹–Šƒ––ƒ…Š‡†‡‡†Ž‡•ǡ…ƒ’‹ŽŽƒ”›–—„‡•ǡ•Ž‹†‡•ƒ†…‘˜‡”•Ž‹’•ǡƒ†
•…ƒŽ’‡Ž„Žƒ†‡•Ǥ
’‘‹Ž‡† ‘‘†Ǧƒ›ˆ‘‘†™Š‹…ŠŠƒ•„‡‡”‡‘˜‡†ˆ”‘•ƒŽ‡„›–Š‡‹–‡†–ƒ–‡•‡’ƒ”–‡–‘ˆ
‰”‹…—Ž–—”‡ǡ‘”–Šƒ”‘Ž‹ƒ‡’ƒ”–‡–‘ˆ‰”‹…—Ž–—”‡ǡ ‘‘†ƒ†”—‰†‹‹•–”ƒ–‹‘ǡ‘”ƒ›‘–Š‡”
”‡‰—Žƒ–‘”›ƒ‰‡…›Šƒ˜‹‰Œ—”‹•†‹…–‹‘‹†‡–‡”‹‹‰–Šƒ–ˆ‘‘†‹•—ˆ‹–ˆ‘”…‘•—’–‹‘Ǥ
”‡ƒ–‡–‘””‘…‡••‹‰ƒ•–‡Ǧƒ›™ƒ•–‡–Šƒ–‹•ƒ”‡•‹†—ƒŽ•‘Ž‹†ˆ”‘ƒ™ƒ•–‡™ƒ–‡”–”‡ƒ–‡–‘”
’”‡–”‡ƒ–‡–ˆƒ…‹Ž‹–›Ǥ
‹”‡•Ǧ”—„„‡”–‹”‡•ˆ”‘˜‡Š‹…Ž‡•Ǥ
Š‹–‡
‘‘†•Ǧƒ›‹‘’‡”ƒ–‹˜‡ƒ††‹•…ƒ”†‡†”‡ˆ”‹‰‡”ƒ–‘”•ǡˆ”‡‡œ‡”•ǡ”ƒ‰‡•ǡ™ƒ•Š‡”•ǡ†”›‡”•ǡ™ƒ–‡”
Š‡ƒ–‡”•ǡƒ†‘–Š‡”Žƒ”‰‡†‘‡•–‹……‘‡”…‹ƒŽƒ’’Ž‹ƒ…‡•Ǥ
ƒ”†”ƒ•ŠǦ•‘Ž‹†™ƒ•–‡”‡•—Ž–‹‰ˆ”‘Žƒ†•…ƒ’‹‰ƒ†›ƒ”†ƒ‹–‡ƒ…‡•—…Šƒ•„”—•Šǡ‰”ƒ••ǡ–”‡‡
Ž‹„•ǡƒ†•‹‹Žƒ”˜‡‰‡–ƒ–‹˜‡ƒ–‡”‹ƒŽǤ
Ϯ͘ϮĐĐĞƉƚĂďůĞtĂƐƚĞ
ƒ……‘”†ƒ…‡™‹–Šͳͷͳ͵Ǥͳ͸ʹ͸ȋͳȌȋƒȌǡƒ—‹…‹’ƒŽ‘Ž‹†ƒ•–‡ƒ†ˆ‹ŽŽ ƒ…‹Ž‹–›ȋ Ȍ
•ŠƒŽŽ‘Ž›ƒ……‡’––Š‘•‡•‘Ž‹†™ƒ•–‡•™Š‹…Š‹–‹•’‡”‹––‡†–‘”‡…‡‹˜‡Ǥƒ……‘”†ƒ…‡™‹–Š–Š‡‘”–Š
ƒ”‘Ž‹ƒ‘Ž‹†ƒ•–‡ƒƒ‰‡‡–—Ž‡•ǡ‡š…‡’–™Š‡”‡‘–‡†ǡ–Š‡—„‡”Žƒ†‘—–›–”‡‡–
—„–‹–Ž‡ƒ†ˆ‹ŽŽ ƒ…‹Ž‹–›‹•’‡”‹––‡†–‘”‡…‡‹˜‡–Š‡ˆ‘ŽŽ‘™‹‰ǣ
ƒ‰”‹…—Ž–—”ƒŽƒ•–‡Ǧ™‹–Š–Š‡‡š…‡’–‹‘‘ˆƒ‹ƒŽƒ—”‡•Ǥ
^ĞĐƚŝŽŶϮ•tĂƐƚĞĐĐĞƉƚĂŶĐĞĂŶĚŝƐƉŽƐĂůZĞƋƵŝƌĞŵĞŶƚƐ

ϮͲϯ
ƒ—Ž‘”‘Ǧ‘–ƒ‹‡”‹œ‡†‹“—‹†ƒ•–‡Ǧ’‡”—Ž‡Ǥͳ͸ʹ͸ȋͻȌȋƒȌǡ‘Ž›Š‘—•‡Š‘Ž†™ƒ•–‡‘–Š‡”
–Šƒ•‡’–‹…™ƒ•–‡ƒ†™ƒ•–‡‘‹ŽǤŽ•‘‹…Ž—†‹‰Ž‡ƒ…Šƒ–‡‘”‰ƒ•…‘†‡•ƒ–‡ˆ”‘–Š‡ 
—‹–Ǥ
ƒ‘ƒŽ‘„—•–‹‘‡•‹†—ƒŽ•ȂŠ‡–”‡‡–ƒ†ˆ‹ŽŽ…—””‡–Ž›†‘‡•‘–ƒ……‡’–ˆ‘”†‹•’‘•ƒŽƒ›
…‘ƒŽ…‘„—•–‹‘”‡•‹†—ƒŽ•ȋȌǤ‘™‡˜‡”ǡ–Š‡—„–‹–Ž‡ƒ†ˆ‹ŽŽ™‹ŽŽ‡˜ƒŽ—ƒ–‡–Š‡ƒ……‡’–ƒ…‡
‘ˆ‘ƒ…ƒ•‡Ǧ„›Ǧ…ƒ•‡„ƒ•‹•Ǥ
ƒ‘‡”…‹ƒŽ‘Ž‹†ƒ•–‡
ƒ‘–ƒ‹‡”•‘Ž†‹‰‹“—‹†ƒ•–‡Ǧ’‡”—Ž‡Ǥͳ͸ʹ͸ȋͻȌȋ„Ȍǡ‘Ž›‹ˆ–Š‡Ž‹“—‹†™ƒ•–‡‹•‹•ƒŽŽ
…‘–ƒ‹‡”••‹‹Žƒ”‹•‹œ‡–‘–Šƒ–‘”ƒŽŽ›ˆ‘—†‹Š‘—•‡Š‘Ž†™ƒ•–‡ǡ‹ˆ–Š‡•ƒŽŽ…‘–ƒ‹‡”•ƒ”‡
†‡•‹‰‡†–‘Š‘Ž†Ž‹“—‹†•ˆ‘”—•‡‘–Š‡”–Šƒ•–‘”ƒ‰‡ǡƒ†–Š‡™ƒ•–‡‹•Š‘—•‡Š‘Ž†™ƒ•–‡Ǥ
ƒ‘—•‡Š‘Ž†ƒ•–‡
ƒ†—•–”‹ƒŽ‘Ž‹†ƒ•–‡
ƒ‘Ǧ‡‰—Žƒ–‡†‡†‹…ƒŽƒ•–‡
Ϯ͘ϯĐĐĞƉƚĂďůĞtĂƐƚĞZĞƋƵŝƌŝŶŐ^ƉĞĐŝĂů,ĂŶĚůŝŶŐ
‡˜‡”ƒŽ…‘’‘‡–•‘ˆ–Š‡ƒ……‡’–ƒ„Ž‡™ƒ•–‡•–”‡ƒ™‹ŽŽ”‡“—‹”‡•’‡…‹ƒŽŠƒ†Ž‹‰’”‘…‡†—”‡•ǤŠ‡
™ƒ•–‡•–”‡ƒ…‘’‘‡–•”‡“—‹”‹‰•’‡…‹ƒŽŠƒ†Ž‹‰‹…Ž—†‡ǡ„—–ƒ”‡‘–Ž‹‹–‡†–‘–Š‡ˆ‘ŽŽ‘™‹‰ǣ
ƒ•„‡•–‘•Ȃˆ”‹ƒ„Ž‡ƒ•„‡•–‘•™ƒ•–‡•ŠƒŽŽ‘–„‡ƒ……‡’–‡†ƒ––Š‡—„–‹–Ž‡Žƒ†ˆ‹ŽŽǤŠ‡‘—–›
ƒ›ƒ……‡’–‘Ǧˆ”‹ƒ„Ž‡ƒ•„‡•–‘•™ƒ•–‡Ǥ‘Ǧˆ”‹ƒ„Ž‡ƒ•„‡•–‘••ŠƒŽŽ„‡…‘˜‡”‡†‹‡†‹ƒ–‡Ž›™‹–Š
•‘‹Ž‹ƒƒ‡”–Šƒ–™‹ŽŽ‘–…ƒ—•‡ƒ‹”„‘”‡…‘†‹–‹‘•ƒ†™‹ŽŽ„‡†‹•’‘•‡†‘ˆ•‡’ƒ”ƒ–‡ƒ†
ƒ’ƒ”–ˆ”‘‘–Š‡”•‘Ž‹†™ƒ•–‡•‘–Š‡„‘––‘‘ˆ–Š‡ƒ…–‹˜‡™‘”‹‰ˆƒ…‡‘ˆ–Š‡Žƒ†ˆ‹ŽŽ‹
ƒ……‘”†ƒ…‡™‹–Š—Ž‡ͳͷͳ͵Ǥͳ͸ʹ͸ȋͳȌȋ†ȌǤ‘ƒ•„‡•–‘•™‹ŽŽ„‡…‘‹‰Ž‡†™‹–Š‘–Š‡”
™ƒ•–‡Ǥ‘”†‡”–‘ƒ‹–ƒ‹ƒƒ……—”ƒ–‡”‡…‘”†‘ˆƒ•„‡•–‘•†‹•’‘•ƒŽ“—ƒ–‹–‹‡•ƒ†Ž‘…ƒ–‹‘•ǡ–Š‡
‘—–›Žƒ†ˆ‹ŽŽ•–ƒˆˆ™‹ŽŽ‹†‡–‹ˆ›–Š‡•’‡…‹ˆ‹…Ž‘…ƒ–‹‘•™‹–Š‹–Š‡Žƒ†ˆ‹ŽŽ‘ƒƒ’–Šƒ––Š‡
‘—–›—•‡•–‘–”ƒ…ƒ•„‡•–‘•™ƒ•–‡’Žƒ…‡‡–Ǥ‡’ƒ”ƒ–‡ƒ”‡ƒ••ŠƒŽŽ„‡…Ž‡ƒ”Ž›†‡•‹‰ƒ–‡†•‘
–Šƒ–ƒ•„‡•–‘•‹•‘–‡š’‘•‡†„›ˆ—–—”‡Žƒ††‹•–—”„‹‰ƒ…–‹˜‹–‹‡•Ǥ
ƒƒ””‡Ž•ƒ†”—•Ȃ’‡”—Ž‡Ǥͳ͸ʹ͸ȋ͸Ȍȋ‹Ȍǡ„ƒ””‡Ž•ƒ††”—•ƒ›„‡†‹•’‘•‡†‘ˆ‹ˆ–Š‡›ƒ”‡
‡’–›ƒ†’‡”ˆ‘”ƒ–‡†•—ˆˆ‹…‹‡–Ž›–‘‡•—”‡–Šƒ–‘Ž‹“—‹†‘”Šƒœƒ”†‘—•™ƒ•–‡‹•…‘–ƒ‹‡†‹
–Š‡ǡ‡š…‡’–ˆ‹„‡”†”—•…‘–ƒ‹‹‰ƒ•„‡•–‘•Ǥ
ƒ‘–‘ƒ†•ƒ””‹˜‹‰ƒ––Š‡•‹–‡•Š‘—Ž†„‡†—’‡†‹‡†‹ƒ–‡Ž›‹–Š‡†‡•‹‰ƒ–‡†’”‹ƒ”›Š‘–
Ž‘ƒ†ƒ”‡ƒŽ‘…ƒ–‡†‡ƒ”–Š‡™‘”‹‰ˆƒ…‡ǤŠ‡†‡•‹‰ƒ–‡†ƒ”‡ƒ—•–„‡Ž‘…ƒ–‡†‘Ž›‘ƒ”‡ƒ•
…‘–ƒ‹‹‰…‘’ƒ…–‡†”‡ˆ—•‡…‘˜‡”‡†„›ƒ–Ž‡ƒ•–ͳʹ‹…Š‡•‘ˆ…‘˜‡”ƒ–‡”‹ƒŽǤŠ‡Ž‘…ƒ–‹‘‘ˆ–Š‡
’”‹ƒ”›Š‘–Ž‘ƒ†ƒ”‡ƒ™‹ŽŽ…Šƒ‰‡™‹–ŠŽƒ†ˆ‹ŽŽ†‡˜‡Ž‘’‡–•‘ƒ•–‘ƒŽ™ƒ›•„‡‡ƒ”–Š‡
™‘”‹‰ˆƒ…‡Ǥ‘–Ž‘ƒ†••Š‘—Ž†„‡‡š–‹‰—‹•Š‡†‹‡†‹ƒ–‡Ž›ƒˆ–‡”„‡‹‰†—’‡†„›ƒ’’Ž›‹‰
™ƒ–‡”–‘–Š‡„—”‹‰”‡ˆ—•‡ƒ†„›…‘˜‡”‹‰–Š‡”‡ˆ—•‡™‹–Š•‘‹Žˆ”‘–Š‡•–‘…’‹Ž‡ƒ”‡ƒǤˆ
’”‘„Ž‡•ƒ”‡‡…‘—–‡”‡†ǡ–Š‡Ž‘…ƒŽˆ‹”‡†‡’ƒ”–‡–•Š‘—Ž†„‡…ƒŽŽ‡†Ǥ…‡‡š–‹‰—‹•Š‡†ǡ–Š‡
Š‘–Ž‘ƒ†•Š‘—Ž†„‡‘„•‡”˜‡†—–‹Ž‹–‹•…‡”–ƒ‹–Šƒ––Š‡ˆ‹”‡‹•‘—–ǤŠ‡”‡ƒ‹‹‰”‡ˆ—•‡•Š‘—Ž†
–Š‡„‡…‘’ƒ…–‡†ƒ†„—”‹‡†ƒ––Š‡™‘”‹‰ˆƒ…‡Ǥ
ƒŠƒ”’••ŠƒŽŽ„‡ƒ……‡’–‡†ˆ‘”†‹•’‘•ƒŽ‹–Š‡Ž‹‡†—„–‹–Ž‡Žƒ†ˆ‹ŽŽ‘Ž›‹ˆ–Š‡•Šƒ”’•ƒ”‡™‹–Š‹
ƒ’—…–—”‡’”‘‘ˆ…‘–ƒ‹‡”‘”‹ˆ–Š‡•Šƒ”’•Šƒ˜‡„‡‡‹…‹‡”ƒ–‡†Ǥ
ƒ’‘‹Ž‡† ‘‘†•Ǧ’‡”—Ž‡Ǥͳ͸ʹ͸ȋͳȌȋ…Ȍǡƒ‹ƒŽ…ƒ”…ƒ••‡•ǡƒ„ƒ––‘‹”™ƒ•–‡ǡŠƒ–…Š‡”›™ƒ•–‡ǡ•’‘‹Ž‡†
ˆ‘‘†ǡƒ†‘–Š‡”ƒ‹ƒŽ™ƒ•–‡†‡Ž‹˜‡”‡†–‘–Š‡†‹•’‘•ƒŽ•‹–‡•ŠƒŽŽ„‡…‘˜‡”‡†‹‡†‹ƒ–‡Ž›Ǥ
^ĞĐƚŝŽŶϮ•tĂƐƚĞĐĐĞƉƚĂŶĐĞĂŶĚŝƐƉŽƐĂůZĞƋƵŝƌĞŵĞŶƚƐ

ϮͲϰ
ƒƒ•–‡™ƒ–‡””‡ƒ–‡–Ž—†‰‡•Ǧ™ƒ•–‡™ƒ–‡”–”‡ƒ–‡–•Ž—†‰‡™‹ŽŽ„‡…‘‹‰Ž‡†™‹–Š
ƒ––Š‡Žƒ†ˆ‹ŽŽǡ‘”—–‹Ž‹œ‡†ƒ•ƒ•‘‹Ž…‘†‹–‹‘‡”ƒ†‹…‘”’‘”ƒ–‡†‹–‘‘”ƒ’’Ž‹‡†‘–‘–Š‡
˜‡‰‡–ƒ–‹˜‡‰”‘™–ŠŽƒ›‡”„—–ǡ‹‘…ƒ•‡‰”‡ƒ–‡”–Šƒ•‹š‹…Š‡•‹†‡’–ŠǤ
Ϯ͘ϰWƌŽŚŝďŝƚĞĚtĂƐƚĞƐ
Š‡ˆ‘ŽŽ‘™‹‰™ƒ•–‡•ƒ”‡’”‘Š‹„‹–‡†ˆ”‘†‹•’‘•ƒŽƒ––Š‡—„‡”Žƒ†‘—–›–”‡‡–—„–‹–Ž‡
ƒ†ˆ‹ŽŽǣ
ƒƒœƒ”†‘—•ƒ•–‡Ǧ’‡”—Ž‡Ǥͳ͸ʹ͸ȋͳȌȋ„Ȍȋ‹ȌǡŠƒœƒ”†‘—•™ƒ•–‡ƒ•†‡ˆ‹‡†‹ͳͷͳ͵ǡ
‹…Ž—†‹‰Šƒœƒ”†‘—•™ƒ•–‡ˆ”‘…‘†‹–‹‘ƒŽŽ›‡š‡’–•ƒŽŽ“—ƒ–‹–›‰‡‡”ƒ–‘”•Ǥ
ƒ™ƒ•–‡•Ǧ’‡”—Ž‡Ǥͳ͸ʹ͸ȋͳȌȋ„Ȍȋ‹‹Ȍƒ†ƒ•†‡ˆ‹‡†‹ͶͲ ͹͸ͳǤ
ƒ‹“—‹†ƒ•–‡•ȏ—Ž‘”‘Ǧ‘–ƒ‹‡”‹œ‡†‹“—‹†ƒ•–‡Ǧ’‡”—Ž‡Ǥͳ͸ʹ͸ȋͳȌȋ„Ȍȋ‹‹‹ȌȐǦ’‡”—Ž‡
Ǥͳ͸ʹ͸ȋͻȌȋƒȌ‡š…‡’–ˆ‘”Š‘—•‡Š‘Ž†™ƒ•–‡‘–Š‡”–Šƒ•‡’–‹…™ƒ•–‡ƒ†™ƒ•–‡‘‹Žǡƒ†Ž‡ƒ…Šƒ–‡‘”
‰ƒ•…‘†‡•ƒ–‡†‡”‹˜‡†ˆ”‘–Š‡ —‹–Ǥ
ƒ‹“—‹†ƒ•–‡•ȏ‘–ƒ‹‡”‹œ‡†‹“—‹†ƒ•–‡Ǧ’‡”—Ž‡Ǥͳ͸ʹ͸ȋͳȌȋ„Ȍȋ‹‹‹ȌȐǦ’‡”—Ž‡Ǥͳ͸ʹ͸ȋͻȌȋ„Ȍ
…‘–ƒ‹‡”Š‘Ž†‹‰Ž‹“—‹†™ƒ•–‡ƒ›‘–„‡’Žƒ…‡†‹–Š‡Žƒ†ˆ‹ŽŽ—Ž‡••–Š‡…‘–ƒ‹‡”‹•ƒ•ƒŽŽ
…‘–ƒ‹‡”•‹‹Žƒ”‹•‹œ‡–‘–Šƒ–‘”ƒŽŽ›ˆ‘—†‹Š‘—•‡Š‘Ž†™ƒ•–‡ǡ–Š‡…‘–ƒ‹‡”‹•†‡•‹‰‡†–‘
Š‘Ž†Ž‹“—‹†•ˆ‘”—•‡‘–Š‡”–Šƒ•–‘”ƒ‰‡ǡƒ†–Š‡™ƒ•–‡‹•Š‘—•‡Š‘Ž†™ƒ•–‡Ǥ
ƒƬ‡„”‹•™‹ŽŽ„‡†‹•’‘•‡†‹–Š‡ƬŽƒ†ˆ‹ŽŽŽ‘…ƒ–‡†‘–Š‡‘—–›’”‘’‡”–›ǤŠ‡•…ƒŽ‡Š‘—•‡
‘’‡”ƒ–‘”™‹ŽŽ†‹”‡…–ƒŽŽƬ†‡„”‹•ƒ™ƒ›ˆ”‘–Š‡—„–‹–Ž‡Žƒ†ˆ‹ŽŽǤ
ƒˆ‡…–‹‘—•ƒ•–‡
ƒƒ†Ž‡ƒ”‹‰ƒ•–‡
ƒ‹…”‘„‹‘Ž‘‰‹…ƒŽƒ•–‡
ƒƒ–Š‘Ž‘‰‹…ƒŽƒ•–‡
ƒƒ†‹‘ƒ…–‹˜‡ƒ•–‡
Š‡ˆ‘ŽŽ‘™‹‰™ƒ•–‡•™‹ŽŽ„‡’”‘Š‹„‹–‡†ˆ”‘†‹•’‘•ƒŽƒ––Š‡—„–‹–Ž‡ƒ†ˆ‹ŽŽ‹ƒ……‘”†ƒ…‡™‹–Š

ͳ͵ͲǦ͵ͲͻǤͳͲǣ
ƒ•‡†‘‹Ž
ƒƒ”†–”ƒ•Š
ƒŠ‹–‡‰‘‘†•Ǥ
ƒ–‹ˆ”‡‡œ‡ȋ‡–Š›Ž‡‡‰Ž›…‘ŽȌǤ
ƒŽ—‹—…ƒ•Ǥ
ƒŠ‘Ž‡•…”ƒ’–‹”‡•ǡƒ•’”‘˜‹†‡†‹
ǤǤͳ͵ͲǦ͵ͲͻǤͷͺȋ„ȌǤŠ‡’”‘Š‹„‹–‹‘‘†‹•’‘•ƒŽ‘ˆ™Š‘Ž‡
•…”ƒ’–‹”‡•‹Žƒ†ˆ‹ŽŽ•ƒ’’Ž‹‡•–‘ƒŽŽ™Š‘Ž‡’‡—ƒ–‹…”—„„‡”…‘˜‡”‹‰•ǡ„—–†‘‡•‘–ƒ’’Ž›–‘
™Š‘Ž‡•‘Ž‹†”—„„‡”…‘˜‡”‹‰•Ǥ
ƒ‡ƒ†Ǧƒ…‹†„ƒ––‡”‹‡•ǡƒ•’”‘˜‹†‡†‹
ǤǤͳ͵ͲǦ͵ͲͻǤ͹ͲǤ
ƒ‘–‘”˜‡Š‹…Ž‡‘‹Žˆ‹Ž–‡”•Ǥ
ƒ‡…›…Žƒ„Ž‡”‹‰‹†’Žƒ•–‹……‘–ƒ‹‡”•–Šƒ–Šƒ˜‡ƒ‡…•ƒŽŽ‡”–Šƒ–Š‡„‘†›‘ˆ–Š‡…‘–ƒ‹‡”ǡƒ†
–Šƒ–ƒ……‡’–ƒ•…”‡™–‘’ǡ•ƒ’…ƒ’ǡ‘”‘–Š‡”…Ž‘•—”‡ǤŠ‡’”‘Š‹„‹–‹‘‘†‹•’‘•ƒŽ‘ˆ”‡…›…Žƒ„Ž‡
^ĞĐƚŝŽŶϮ•tĂƐƚĞĐĐĞƉƚĂŶĐĞĂŶĚŝƐƉŽƐĂůZĞƋƵŝƌĞŵĞŶƚƐ

ϮͲϱ
”‹‰‹†’Žƒ•–‹……‘–ƒ‹‡”•‹Žƒ†ˆ‹ŽŽ•†‘‡•‘–ƒ’’Ž›–‘”‹‰‹†’Žƒ•–‹……‘–ƒ‹‡”•–Šƒ–ƒ”‡‹–‡†‡†
ˆ‘”—•‡‹–Š‡•ƒŽ‡‘”†‹•–”‹„—–‹‘‘ˆ‘–‘”‘‹Ž‘”’‡•–‹…‹†‡•Ǥ
ƒ‘‘†‡’ƒŽŽ‡–•
ƒ›•–‡”•Š‡ŽŽ•Ǥ
ƒ‹•…ƒ”†‡†…‘’—–‡”‡“—‹’‡–ǡƒ•†‡ˆ‹‡†‹
ǤǤͳ͵ͲǦ͵ͲͻǤͳ͵ͳǤ
ƒ‹•…ƒ”†‡†–‡Ž‡˜‹•‹‘•ǡƒ•†‡ˆ‹‡†‹
ǤǤͳ͵ͲǦ͵ͲͻǤͳ͵ͳǤ
Ϯ͘ϱZĞĐĞŝǀŝŶŐWƌŽŚŝďŝƚĞĚtĂƐƚĞ
ƒ……‘”†ƒ…‡™‹–Š—Ž‡Ǥͳ͸ʹ͸ȋͳȌȋƒȌǡ–Š‡—„‡”Žƒ†‘—–›–”‡‡–ƒ†ˆ‹ŽŽ•–ƒˆˆ•ŠƒŽŽ‘Ž›ƒ……‡’–
–Š‘•‡•‘Ž‹†™ƒ•–‡•–Šƒ–‹–‹•’‡”‹––‡†–‘”‡…‡‹˜‡Ǥ–ƒˆˆ•ŠƒŽŽ‘–‹ˆ›–Š‡‹˜‹•‹‘™‹–Š‹ʹͶŠ‘—”•‘ˆƒ›
ƒ––‡’–‡††‡Ž‹˜‡”›‘ˆ™ƒ•–‡‘ˆ™Š‹…Š–Š‡Žƒ†ˆ‹ŽŽ‹•‘–’‡”‹––‡†–‘”‡…‡‹˜‡ǡ‹…Ž—†‹‰™ƒ•–‡ˆ”‘
‘—–•‹†‡–Š‡’‡”‹––‡†Žƒ†ˆ‹ŽŽ•‡”˜‹…‡ƒ”‡ƒǤ‘–‹ˆ‹…ƒ–‹‘™‹ŽŽ„‡ˆ‘”™ƒ”†‡†–‘ǣ
‘”–Šƒ”‘Ž‹ƒ‡’ƒ”–‡–‘ˆ˜‹”‘‡–ƒ†ƒ–—”ƒŽ‡•‘—”…‡•
‹˜‹•‹‘‘ˆƒ•–‡ƒƒ‰‡‡–
ͳ͸Ͷ͸ƒ‹Ž‡”˜‹…‡‡–‡”
ƒŽ‡‹‰Šǡ‘”–Šƒ”‘Ž‹ƒʹ͹͸ͻͻǦͳ͸Ͷ͸

Ϯ͘ϲtĂƐƚĞ^ĐƌĞĞŶŝŶŐWƌŽŐƌĂŵ
ƒ……‘”†ƒ…‡™‹–ŠǤͳ͸ʹ͸ȋͳȌȋˆȌǡ‘—–›•–ƒˆˆ—•‡ƒ’”‘‰”ƒƒ––Š‡ˆƒ…‹Ž‹–›ˆ‘”†‡–‡…–‹‰ƒ†’”‡˜‡–‹‰
–Š‡†‹•’‘•ƒŽ‘ˆŠƒœƒ”†‘—•ƒ†Ž‹“—‹†™ƒ•–‡ǤŠ‡’”‘‰”ƒ‹…Ž—†‡•ǣ
ƒƒ†‘‹•’‡…–‹‘‘ˆ‹…‘‹‰Ž‘ƒ†•‘”‘–Š‡”…‘’ƒ”ƒ„Ž‡’”‘…‡†—”‡•
ƒ‡…‘”†•‘ˆ‹•’‡…–‹‘
ƒ”ƒ‹‹‰‘ˆˆƒ…‹Ž‹–›’‡”•‘‡Ž–‘”‡…‘‰‹œ‡Šƒœƒ”†‘—•ƒ†Ž‹“—‹†™ƒ•–‡Ǥ
ƒ‡˜‡Ž‘’‡–‘ˆƒ…‘–‹‰‡…›’Žƒ–‘’”‘’‡”Ž›ƒƒ‰‡ƒ›‹†‡–‹ˆ‹‡†Šƒœƒ”†‘—•ƒ†Ž‹“—‹†
™ƒ•–‡ƒ††”‡••‹‰‹†‡–‹ˆ‹…ƒ–‹‘ǡ”‡‘˜ƒŽǡ•–‘”ƒ‰‡ǡƒ†ˆ‹ƒŽ†‹•’‘•‹–‹‘‘ˆ–Š‡™ƒ•–‡Ǥ
…‘’›‘ˆ–Š‡™ƒ•–‡•…”‡‡‹‰’Žƒˆ‘”–Š‡—„‡”Žƒ†‘—–›–”‡‡–—„–‹–Ž‡ƒ†ˆ‹ŽŽ‹•
‹…Ž—†‡†‹’’‡†‹šǤ
Ϯ͘ϳZĞĐLJĐůŝŶŐ
Š‡–”‡‡–—„–‹–Ž‡ƒ†ˆ‹ŽŽ…‘ŽŽ‡…–•”‡…›…Žƒ„Ž‡•ƒ––Š‡ˆ‘ŽŽ‘™‹‰Ž‘…ƒ–‹‘•ǣ
ƒ‡…›…Ž‹‰”‘…‡••‹‰ƒ†–‘”ƒ‰‡‡–‡”Ȃ…ƒ”†„‘ƒ”†ǡ™Š‹–‡Ȁ‘ˆˆ‹…‡Ȁ‹š‡†’ƒ’‡”ǡƒŽ—‹—
…ƒ•ǡ‡Ž‡…–”‘‹…•ȋ…‘’—–‡”•ǡ–‡Ž‡˜‹•‹‘•ǡƒŽŽ•ƒŽŽƒ’’Ž‹ƒ…‡•™‹–Šƒ…‘”†Ȍǡ’Žƒ•–‹…ǡ’”‹–‡”
…ƒ”–”‹†‰‡•ǡˆŽ‘”‡•…‡–„—Ž„•Ȁ…ˆ„ȋŠ‘‡‘™‡”‘Ž›Ȍ
ƒ —”‹–—”‡ƒ†ƒ––”‡••‡…›…Ž‹‰”‡ƒȋŽ‘…ƒ–‡†‡ƒ”–Š‡‡…›…Ž‹‰”‘…‡••‹‰ƒ†–‘”ƒ‰‡
‡–‡”ȌȂʹͲ›ƒ”†„‘š‡•ˆ‘”ˆ—”‹–—”‡ƒ†ƒ––”‡••‡•Ǥ
ƒŠ‹–‡
‘‘†•”‡ƒȂƒ’’Ž‹ƒ…‡•ǡ‡–ƒŽǡ…Ž‡ƒ•Š‹‰Ž‡•ǡ„ƒ––‡”‹‡•
ƒ…”ƒ’‹”‡”‡ƒ‡ƒ”•…ƒŽ‡Š‘—•‡Ȃ•…”ƒ’–‹”‡•…‘ŽŽ‡…–‡†‹–”ƒ‹Ž‡”•’”‘˜‹†‡†„›ƒ’’”‘˜‡†Šƒ—Ž‡”
^ĞĐƚŝŽŶϮ•tĂƐƚĞĐĐĞƉƚĂŶĐĞĂŶĚŝƐƉŽƐĂůZĞƋƵŝƌĞŵĞŶƚƐ

ϮͲϲ
ƒ‡…›…Ž‹‰”‡ƒȋ„‡•‹†‡‡…›…Ž‹‰”‘…‡••‹‰ƒ†–‘”ƒ‰‡‡–‡”ȌȂʹͲ›ƒ”†„‘š‡•ȋ‘‡‡ƒ…Šˆ‘”
‰”‡‡ǡ…Ž‡ƒ”ƒ†„”‘™‰Žƒ••Ȍ
ƒ›•–‡”•Š‡ŽŽ•…‘ŽŽ‡…–‡†‹–Š‡ƒ”‡ƒ‘—–•‹†‡‡…›…Ž‹‰”‘…‡••‹‰ƒ†–‘”ƒ‰‡‡–‡”
Š‡‡–Ǧͳ‹–Š‡ ƒ…‹Ž‹–›Žƒ†‡’‹…–•–Š‡Ž‘…ƒ–‹‘‘ˆ–Š‡‡š‹•–‹‰”‡…›…Ž‹‰ƒ†™Š‹–‡‰‘‘†•ƒ”‡ƒ•Ǥ
Ž‡ƒƒ•’ŠƒŽ–•Š‹‰Ž‡•™‹ŽŽ„‡†‹˜‡”–‡†ˆ”‘–Š‡ƬŽƒ†ˆ‹ŽŽˆ‘””‡…›…Ž‹‰ƒ†•–‘…’‹Ž‡†ƒ––Š‡
‡…›…Ž‹‰”‡ƒǤ–‘…’‹Ž‡†•Š‹‰Ž‡•™‹ŽŽ„‡”‡‘˜‡†„›ƒƒ’’”‘˜‡†”‡…›…Ž‡”ˆ‘”’”‘…‡••‹‰ƒ–ƒ
ƒ•’ŠƒŽ–’Žƒ–Ǥ‘’”‡•‘”–‹‰‘ˆ•Š‹‰Ž‡•™‹ŽŽ„‡’‡”ˆ‘”‡†ƒ––Š‡‘—–›ǯ•ˆƒ…‹Ž‹–›ǤŠ‹‰Ž‡•‹š‡†
™‹–Š‘–Š‡”Ƭ†‡„”‹•™‹ŽŽ‘–„‡”‡…›…Ž‡†ƒ†‹•–‡ƒ†™‹ŽŽ„‡†‹•’‘•‡†‘ˆƒ––Š‡ƬŽƒ†ˆ‹ŽŽǤ
’’”‘’”‹ƒ–‡‡ƒ•—”‡•™‹ŽŽ„‡–ƒ‡–‘’”‡˜‡–•Š‹‰Ž‡•ˆ”‘‰‡––‹‰‹–‘–Š‡•–‘”†”ƒ‹ǤŠ‡‘—–›
…—””‡–Ž›—•‡•
‘Š•‘”‘–Š‡”•…Ǥˆ‘””‡…›…Ž‹‰•Š‹‰Ž‡•Ǥ
‘Š•‘”‘–Š‡”•…ǤŠƒ•”‡…‡‹˜‡†–Š‡
”‡“—‹”‡†’‡”‹–•ˆ‘”‹†‡–‹ˆ›‹‰ǡ–‡•–‹‰ƒ†Šƒ†Ž‹‰ƒ•„‡•–‘•…‘–ƒ‹‹‰•Š‹‰Ž‡•ƒ––Š‡‹”ˆƒ…‹Ž‹–›ƒ•
’”‘˜‹†‡†‹’’‡†‹šǤ
‘…”‡–‡™‹ŽŽƒŽ•‘„‡†‹˜‡”–‡†ˆ”‘–Š‡ƬŽƒ†ˆ‹ŽŽƒ†”‡…›…Ž‡†‘•‹–‡–‘‡š–‡†–Š‡Ž‹ˆ‡‘ˆ–Š‡Ƭ
—‹–Ǥ’ƒ‹–‡†…‘…”‡–‡„Ž‘…•ƒ†„”‹…•™‹ŽŽ„‡•–‘…’‹Ž‡†ƒ†”‡…›…Ž‡†•‘—–Š‘ˆ–Š‡Žƒ†ˆ‹ŽŽƒ……‡••
”‘ƒ†ƒ••Š‘™‘•Š‡‡–Ǧͳ‹–Š‡ ƒ…‹Ž‹–›ŽƒǤŠ‡•–‘…’‹Ž‡†…‘…”‡–‡‹•’‡”‹‘†‹…ƒŽŽ›…”—•Š‡†—•‹‰
ƒ…”—•Š‡”ƒ†•…”‡‡ǤŠ‡…”—•Š‡†…‘…”‡–‡’”‘†—…–‹•—•‡†ˆ‘”„‡‡ˆ‹…‹ƒŽˆ‹ŽŽƒ†
ƒ‹–‡ƒ…‡‘ˆ–Š‡Žƒ†ˆ‹ŽŽƒ……‡••”‘ƒ†•Ǥƒ‹–‡†…‘…”‡–‡‹••–‘…’‹Ž‡†ƒ†…”—•Š‡†•‡’ƒ”ƒ–‡Ž›ƒ†
—•‡†•‘Ž‡Ž›ˆ‘”–Š‡—„–‹–Ž‡Žƒ†ˆ‹ŽŽƒ……‡••”‘ƒ†Ǥ
—”‹–—”‡ƒ†ƒ––”‡••‡•…‘ŽŽ‡…–‡†‹–Š‡”‡…›…Ž‹‰ƒ”‡ƒ™‹ŽŽ„‡•–‘…’‹Ž‡†ƒ––Š‡ƬŽƒ†ˆ‹ŽŽ‘…‡ƒ
”‘ŽŽ‘ˆˆ…‘–ƒ‹‡”‹•ˆ‹ŽŽ‡†Ǥƒ–‡”‹ƒŽ™‹ŽŽ„‡‰”‘—†—•‹‰ƒ•Ž‘™•’‡‡†•Š”‡††‡”ƒ††‹•’‘•‡†‹–Š‡
—„–‹–Ž‡Žƒ†ˆ‹ŽŽǤ
”‹†‹‰‹•ƒ–‹…‹’ƒ–‡†–‘‘……—”‘‡–‘–™‘–‹‡•ƒ™‡‡Ǥ
”‹†‹‰ƒ›‘……—”‘”‡
ˆ”‡“—‡–Ž›‹ˆ‡…‡••ƒ”›Ǥ

ϯͲϭ
^ĞĐƚŝŽŶϯ 
ŽǀĞƌDĂƚĞƌŝĂůZĞƋƵŝƌĞŵĞŶƚƐ
ϯ͘ϭĂŝůLJŽǀĞƌ
ƒ……‘”†ƒ…‡™‹–Šͳͷͳ͵Ǥͳ͸ʹ͸ȋʹȌȋƒȌǡ–Š‡‘’‡”ƒ–‘”‘ˆ —‹–•—•–…‘˜‡”†‹•’‘•‡†
•‘Ž‹†™ƒ•–‡™‹–Š•‹š‹…Š‡•‘ˆ‡ƒ”–Š‡ƒ–‡”‹ƒŽȋ‘”ƒŽ–‡”ƒ–‹˜‡…‘˜‡”ƒ–‡”‹ƒŽȋȌƒ’’”‘˜‡†„›–Š‡
‘Ž‹†ƒ•–‡‡…–‹‘Ȍƒ––Š‡‡†‘ˆ‡ƒ…Š‘’‡”ƒ–‹‰†ƒ›ǡ‘”ƒ–‘”‡ˆ”‡“—‡–‹–‡”˜ƒŽ•‹ˆ‡…‡••ƒ”›ǡ–‘
…‘–”‘Ž†‹•‡ƒ•‡˜‡…–‘”•ǡˆ‹”‡•ǡ‘†‘”•ǡ„Ž‘™‹‰Ž‹––‡”ǡƒ†•…ƒ˜‡‰‹‰ǤŠ‡†ƒ‹Ž›…‘˜‡”—•–ǣ
ƒ„‡…ƒ’ƒ„Ž‡‘ˆ…‘˜‡”‹‰•‘Ž‹†™ƒ•–‡ƒˆ–‡”‹–‹•’Žƒ…‡†™‹–Š‘—–…Šƒ‰‡‹‹–•’”‘’‡”–‹‡•ƒ†™‹–Š‘—–
”‡‰ƒ”†–‘™‡ƒ–Š‡”Ǣ
ƒ„‡‘…‘„—•–‹„Ž‡Ǣƒ†ǡ
ƒ‘–‹…Ž—†‡”‘…ˆ”ƒ‰‡–•–Šƒ–ƒ”‡‰”‡ƒ–‡”–Šƒ•‹š‹…Š‡•‹†‹ƒ‡–‡”Ǥ
—””‡–Ž›–Š‡‘—–›‹•ƒ’’”‘˜‡†–‘—•‡ƒ•†‡•…”‹„‡†‹‡…–‹‘͵Ǥ͵Ǥƒ‹Ž›…‘˜‡”•‘‹Žƒ–‡”‹ƒŽ™‹ŽŽ
„‡‘„–ƒ‹‡†ˆ”‘–Š‡‘Ǧ•‹–‡„‘””‘™ƒ”‡ƒ•ǤŠ‡•‘‹Ž‹•—•‡†‹ƒͷͲȀͷͲ•‘‹ŽȀ—Ž…Š‹š–—”‡ȋ„›
˜‘Ž—‡Ȍ™Š‹…Š‹••’”‡ƒ†™‹–Š„—ŽŽ†‘œ‡”•ǡ…‘’ƒ…–‡†™‹–Š–Š‡–”ƒ…•‘ˆ–Š‡„—ŽŽ†‘œ‡”–‘’”‘˜‹†‡ƒ
…‘•‹•–‡–Žƒ›‡”‘ˆ•—ˆˆ‹…‹‡–†‡•‹–›–‘’”‘–‡…––Š‡™ƒ•–‡ˆƒ…‡‘”Ž‹ˆ–Ǥ‡”–Š‡‰—‹†‡Ž‹‡•ǡ
–Š‡‘—–›™‹ŽŽƒ’’Ž›ƒˆ—ŽŽ͸Ǧ‹…Š†‡’–Š‘ˆ•‘‹Žƒ–Ž‡ƒ•–‘…‡’‡”™‡‡Ǥ
ϯ͘Ϯ/ŶƚĞƌŵĞĚŝĂƚĞŽǀĞƌ
ƒ……‘”†ƒ…‡™‹–Šͳͷͳ͵Ǥͳ͸ʹ͸ȋʹȌȋ…Ȍǡƒ”‡ƒ•™Š‹…Š™‹ŽŽ‘–Šƒ˜‡ƒ††‹–‹‘ƒŽ™ƒ•–‡’Žƒ…‡†‘
–Š‡ˆ‘”ͳʹ‘–Š•‘”‘”‡ǡ„—–™Š‡”‡ˆ‹ƒŽ–‡”‹ƒ–‹‘‘ˆ†‹•’‘•ƒŽ‘’‡”ƒ–‹‘•Šƒ•‘–‘……—””‡†•ŠƒŽŽ
„‡…‘˜‡”‡†™‹–Šƒ‹‹—‘ˆ‘‡ˆ‘‘–‘ˆ‹–‡”‡†‹ƒ–‡…‘˜‡”ǤŠ‡…‘’‘•‹–‹‘•–ƒ†ƒ”†•‘ˆ
‹–‡”‡†‹ƒ–‡…‘˜‡”•ŠƒŽŽ„‡–Š‡•ƒ‡ƒ•ˆ‘”†ƒ‹Ž›…‘˜‡”•‘‹Ž‹ƒ††‹–‹‘–‘„‡‹‰…ƒ’ƒ„Ž‡‘ˆ•—’’‘”–‹‰
–Š‡‰‡”‹ƒ–‹‘ƒ†’”‘’ƒ‰ƒ–‹‘‘ˆ˜‡‰‡–ƒ–‹˜‡…‘˜‡”ǤŠ‡ƒ–‡”‹ƒŽ™‹ŽŽ„‡‘„–ƒ‹‡†ˆ”‘–Š‡‘—–›ǯ•
‘Ǧ•‹–‡„‘””‘™ƒ”‡ƒ‘”ˆ”‘‘ˆˆǦ•‹–‡•‘—”…‡•†‡’‡†‹‰‘‡…‘‘‹…•Ǥ
ϯ͘ϯůƚĞƌŶĂƚĞŽǀĞƌ
Š‡‘—–›…—””‡–Ž›—–‹Ž‹œ‡•–™‘ˆ‘”•‘ˆǦƒ’’”‘˜‡†ƒŽ–‡”ƒ–‹˜‡…‘˜‡”ƒ–‡”‹ƒŽˆ‘”†ƒ‹Ž›
…‘˜‡”ƒ––Š‡—„–‹–Ž‡Žƒ†ˆ‹ŽŽǣ—•ƒ” ‘ƒƒ†ƒ•‘‹ŽȀ—Ž…Š‹š–—”‡ǤŠ‡ƒ’’”‘˜ƒŽŽ‡––‡”ˆ‘”
—•ƒ” ‘ƒ‹•Ž‘…ƒ–‡†‹’’‡†‹šǤŠ‡‘—–›ǯ•—•‡‘ˆ–Š‡•‡•™‹ŽŽˆ‘ŽŽ‘™
‰—‹†‡Ž‹‡•ǡƒ—ˆƒ…–—”‡””‡“—‹”‡‡–•ǡƒ†’‡”‹––‘‘’‡”ƒ–‡…‘†‹–‹‘•ǤŠ‡‰—‹†ƒ…‡
†‘…—‡–™‹ŽŽ„‡ƒ††‡†–‘–Š‡ƒ’’”‘˜‡†’‡”ƒ–‹‘Žƒ‡’–‹–Š‡‘’‡”ƒ–‹‰ˆ‹Ž‡ƒ––Š‡Žƒ†ˆ‹ŽŽǤ

ϰͲϭ
^ĞĐƚŝŽŶϰ 
ŝƐĞĂƐĞsĞĐƚŽƌŽŶƚƌŽů
ƒ……‘”†ƒ…‡™‹–Šͳͷͳ͵Ǥͳ͸ʹ͸ȋ͵Ȍǡ‘™‡”•‘”‘’‡”ƒ–‘”•‘ˆƒŽŽ —‹–•—•–’”‡˜‡–‘”
…‘–”‘Ž‘Ǧ•‹–‡’‘’—Žƒ–‹‘‘ˆ†‹•‡ƒ•‡˜‡…–‘”•—•‹‰–‡…Š‹“—‡•ƒ’’”‘’”‹ƒ–‡ˆ‘”–Š‡’”‘–‡…–‹‘‘ˆ
Š—ƒŠ‡ƒŽ–Šƒ†–Š‡‡˜‹”‘‡–Ǥ ‘”’—”’‘•‡•‘ˆ–Š‹••‡…–‹‘ǡDz†‹•‡ƒ•‡˜‡…–‘”•dzƒ”‡†‡ˆ‹‡†ƒ•ƒ›
”‘†‡–ǡˆŽ‹‡•ǡ‘•“—‹–‘‡•ǡ‘”‘–Š‡”ƒ‹ƒŽ•ǡ‹…Ž—†‹‰‹•‡…–•ǡ…ƒ’ƒ„Ž‡‘ˆ–”ƒ•‹––‹‰†‹•‡ƒ•‡–‘
Š—ƒ•Ǥ
ˆˆ‡…–‹˜‡˜‡…–‘”…‘–”‘Ž‡ƒ•—”‡••ŠƒŽŽ„‡ƒ’’Ž‹‡†™Š‡‡…‡••ƒ”›Ǥ‘–”‘Ž‘ˆ˜‡…–‘”•™‹ŽŽ„‡
ƒ‹–ƒ‹‡†„›ƒ’’Ž‹…ƒ–‹‘‘ˆ…‘˜‡”ƒ–‡”‹ƒŽ‘˜‡”†‹•’‘•‡†™ƒ•–‡ǤŠ‹•™‹ŽŽ’”‘–‡…–ƒ‰ƒ‹•–‹‰”ƒ–‹‘
‘ˆ˜‡…–‘”•‹–‘ƒ†ˆ”‘–Š‡Žƒ†ˆ‹ŽŽǤ–ƒ‰ƒ–’‘†‹‰™ƒ–‡”•Š‘—Ž†„‡’”‡˜‡–‡†–‘…‘–”‘Ž‘•“—‹–‘
„”‡‡†‹‰Ǥ ‹ŽŽ‹‰‹Ž‘™•’‘–••Š‘—Ž†„‡’‡”ˆ‘”‡†”‡‰—Žƒ”Ž›ǡƒ†‹ˆ‡…‡••ƒ”›ǡ‘—–›‘•“—‹–‘
…‘–”‘Ž‘”ƒŽ‹…‡•‡†‡š–‡”‹ƒ–‘”•ŠƒŽŽ„‡‡’Ž‘›‡†–‘…‘–”‘Ž˜‡…–‘”•Ǥ




ϱͲϭ
^ĞĐƚŝŽŶϱ 
džƉůŽƐŝǀĞ'ĂƐĞƐŽŶƚƌŽů
—Ž‡Ǥͳ͸ʹ͸ȋͶȌ”‡“—‹”‡•ƒ†‡•…”‹’–‹‘‘ˆ–Š‡Žƒ†ˆ‹ŽŽǯ•‰ƒ•‘‹–‘”‹‰’”‘‰”ƒ–Šƒ–—•–†‹•…—••
‡š’Ž‘•‹˜‡‰ƒ•‰‡‡”ƒ–‹‘ƒ––Š‡Žƒ†ˆ‹ŽŽƒ†–Š‡…‘–”‘Ž•—•‡†–‘‡•—”‡–Šƒ–‰ƒ•‰‡‡”ƒ–‡†ƒ––Š‡
Žƒ†ˆ‹ŽŽ™‹ŽŽ‘–…”‡ƒ–‡ƒŠƒœƒ”†–‘Š‡ƒŽ–Šǡ•ƒˆ‡–›ǡ‘”’”‘’‡”–›Ǥ
—Ž‡Ǥͳ͸ʹ͸ȋͶȌ”‡“—‹”‡•–Šƒ–‘™‡”•‘”‘’‡”ƒ–‘”•‘ˆƒŽŽ —‹–•‹’Ž‡‡–ƒ”‘—–‹‡‡–Šƒ‡Ǧ
‘‹–‘”‹‰’”‘‰”ƒ–‘‡•—”‡–Šƒ–ǣ
ͳǤŠ‡…‘…‡–”ƒ–‹‘‘ˆ‡–Šƒ‡‰ƒ•‰‡‡”ƒ–‡†„›–Š‡ˆƒ…‹Ž‹–›†‘‡•‘–‡š…‡‡†–™‡–›Ǧˆ‹˜‡ȋʹͷȌ
’‡”…‡–‘ˆ–Š‡Ž‘™‡”‡š’Ž‘•‹˜‡Ž‹‹–ˆ‘”‡–Šƒ‡‹ˆƒ…‹Ž‹–›•–”—…–—”‡•ȋ‡š…Ž—†‹‰‰ƒ•…‘–”‘Ž‘”
”‡…‘˜‡”›•›•–‡…‘’‘‡–•ȌǤ
ʹǤŠ‡…‘…‡–”ƒ–‹‘‘ˆ‡–Šƒ‡‰ƒ•†‘‡•‘–‡š…‡‡†–Š‡Ž‘™‡”‡š’Ž‘•‹˜‡Ž‹‹–ˆ‘”‡–Šƒ‡ƒ–
–Š‡ˆƒ…‹Ž‹–›’”‘’‡”–›„‘—†ƒ”›Ǥ
Ž•‘ƒ……‘”†‹‰–‘—Ž‡Ǥͳ͸ʹ͸ȋͶȌǡ‹ˆ‡–Šƒ‡‰ƒ•Ž‡˜‡Ž•‡š…‡‡†‹‰–Š‡Ž‹‹–•ƒ„‘˜‡ƒ”‡†‡–‡…–‡†ǡ–Š‡
‘™‡”‘”‘’‡”ƒ–‘”—•–ǣ
ͳǤ‡†‹ƒ–‡Ž›–ƒ‡ƒŽŽ‡…‡••ƒ”›•–‡’•–‘‡•—”‡’”‘–‡…–‹‘‘ˆŠ—ƒŠ‡ƒŽ–Šƒ†‘–‹ˆ›–Š‡
Ǥ
ʹǤ‹–Š‹•‡˜‡ȋ͹Ȍ†ƒ›•‘ˆ†‡–‡…–‹‘ǡ’Žƒ…‡‹–Š‡‘’‡”ƒ–‹‰”‡…‘”†–Š‡‡–Šƒ‡‰ƒ•Ž‡˜‡Ž•
†‡–‡…–‡†ƒ†ƒ†‡•…”‹’–‹‘‘ˆ–Š‡•–‡’•–ƒ‡–‘’”‘–‡…–Š—ƒŠ‡ƒŽ–ŠǤ
͵Ǥ‹–Š‹•‹š–›ȋ͸ͲȌ†ƒ›•‘ˆ†‡–‡…–‹‘ǡ‹’Ž‡‡–ƒ”‡‡†‹ƒ–‹‘’Žƒˆ‘”–Š‡‡–Šƒ‡‰ƒ•
”‡Ž‡ƒ•‡•ǡ’Žƒ…‡ƒ…‘’›‘ˆ–Š‡’Žƒ‹–Š‡‘’‡”ƒ–‹‰”‡…‘”†ǡƒ†‘–‹ˆ›–Š‡–Šƒ––Š‡’Žƒ
Šƒ•„‡‡‹’Ž‡‡–‡†ǤŠ‡’Žƒ•ŠƒŽŽ†‡•…”‹„‡–Š‡ƒ–—”‡ƒ†‡š–‡–‘ˆ–Š‡’”‘„Ž‡ƒ†–Š‡
’”‘’‘•‡†”‡‡†›Ǥ
‘”’—”’‘•‡•‘ˆ–Š‹••‡…–‹‘ǡDzŽ‘™‡”‡š’Ž‘•‹˜‡Ž‹‹–dz‡ƒ•–Š‡Ž‘™‡•–’‡”…‡–„›˜‘Ž—‡‘ˆƒ‹š–—”‡
‘ˆ‡š’Ž‘•‹˜‡‰ƒ•‡•‹ƒ‹”–Šƒ–™‹ŽŽ’”‘’ƒ‰ƒ–‡ƒˆŽƒ‡ƒ–ʹͷ郐†ƒ–‘•’Š‡”‹…’”‡••—”‡ǤŽƒ†ˆ‹ŽŽ‰ƒ•
‘‹–‘”‹‰’Žƒ’”‡’ƒ”‡†‹ƒ……‘”†ƒ…‡™‹–Š–Š‡”—Ž‡‹•Ž‘…ƒ–‡†‹’’‡†‹š‘ˆ–Š‹•’‡”ƒ–‹‘ŽƒǤ
’‡„—”‹‰‘ˆ•‘Ž‹†™ƒ•–‡ǡ‡š…‡’–ˆ‘”–Š‡‹ˆ”‡“—‡–„—”‹‰‘ˆƒ‰”‹…—Ž–—”ƒŽ™ƒ•–‡•ǡ•‹Ž˜‹…—Ž–—”ƒŽ
™ƒ•–‡•ǡŽƒ†…Ž‡ƒ”‹‰†‡„”‹•ǡ†‹•‡ƒ•‡†–”‡‡•ǡ‘”†‡„”‹•ˆ”‘‡‡”‰‡…›…Ž‡ƒǦ—’‘’‡”ƒ–‹‘•ǡƒŽŽ‘ˆ
™Š‹…Š”‡“—‹”‡’”‹‘”ƒ’’”‘˜ƒŽǡ‹•’”‘Š‹„‹–‡†ƒ––Š‡—„–‹–Ž‡Žƒ†ˆ‹ŽŽǤƒ††‹–‹‘–‘
‘Ž‹†ƒ•–‡‡…–‹‘ƒ’’”‘˜ƒŽǡ–Š‡‘—–›•ŠƒŽŽƒŽ•‘‘„–ƒ‹ƒ’’”‘˜ƒŽˆ”‘–Š‡‹˜‹•‹‘‘ˆ‹”—ƒŽ‹–›
ƒ†–Š‡Ž‘…ƒŽˆ‹”‡†‡’ƒ”–‡–’”‹‘”–‘‘’‡„—”‹‰‘ˆ•‘Ž‹†™ƒ•–‡Ǥ
ϱ͘ϭ>ĂŶĚĨŝůů'ĂƐŽůůĞĐƚŝŽŶ^LJƐƚĞŵ
Š‡‘—–›Šƒ•‹•–ƒŽŽ‡†ƒƒ…–‹˜‡Žƒ†ˆ‹ŽŽ‰ƒ•…‘ŽŽ‡…–‹‘ƒ†…‘–”‘Ž•›•–‡ȋ
Ȍ„ƒ•‡†‘–Š‡
”‡“—‹”‡‡–•‘ˆǯ•‡™‘—”…‡‡”ˆ‘”ƒ…‡–ƒ†ƒ”†•ȋȌ”‡‰—Žƒ–‹‘•ǤŠ‡
^ĞĐƚŝŽŶϱ•džƉůŽƐŝǀĞ'ĂƐĞƐŽŶƚƌŽů

ϱͲϮ
‘—–›Šƒ•ƒ••‹‰‡†–Š‡‘™‡”•Š‹’”‹‰Š–•–‘–Š‡
ƒ––Š‡–”‡‡–ƒ†ˆ‹ŽŽ–‘‹‘ƒ••
‡”‰›ǡ™Š‹…Š‹…‘•‹†‡”ƒ–‹‘‘ˆ–Š‹•–”ƒ•ˆ‡”‘ˆ”‹‰Š–•Šƒ•‹•–ƒŽŽ‡†ǡ‘’‡”ƒ–‡•ǡƒ†ƒ‹–ƒ‹•–Š‡

Ǥ‹‘ƒ••‡”‰›ǡ†‘‹‰„—•‹‡••ƒ• ƒ›‡––‡˜‹ŽŽ‡
ƒ•”‘†—…‡”•ǡȋ
Ȍǡ–”‡ƒ–•–Š‡
…‘ŽŽ‡…–‡†Žƒ†ˆ‹ŽŽ‰ƒ•—•‹‰ˆ‹Ž–”ƒ–‹‘ǡ…‘’”‡••‹‘ǡƒ†”‡ˆ”‹‰‡”ƒ–‹‘ȋ†‡™ƒ–‡”‹‰Ȍƒ†–Š‡•‡ŽŽ•‹–
ƒˆ–‡”–”ƒ•’‘”––Š”‘—‰Š‹–•’”‹˜ƒ–‡’‹’‡Ž‹‡–‘ƒ”‰‹ŽŽǡ…Ǥ™Š‡”‡‹–‹•„—”‡†ˆ‘”‹–•Š‡ƒ–…‘–‡–‹ƒ›
‘ˆ–Š‡—Ž–‹’Ž‡‡…Ž‘•‡†…‘„—•–‹‘†‡˜‹…‡•ǤŠ‡–”‡ƒ–‡–•›•–‡•‡”˜‡•ƒ•–Š‡’”‹ƒ”›†‡˜‹…‡ˆ‘”
…‘–”‘Ž‘ˆ–Š‡Žƒ†ˆ‹ŽŽ‰ƒ•ǡƒŽ–Š‘—‰Š–Š‡”‡‹•ƒŽ•‘ƒ‘’‡ˆŽƒ”‡‘•‹–‡ƒ––Š‡Žƒ†ˆ‹ŽŽƒ•ƒ„ƒ…Ǧ—’
…‘–”‘Ž†‡˜‹…‡Ǥ

†”ƒ™‹‰•Šƒ˜‡„‡‡†‡˜‡Ž‘’‡†ˆ‘”–Š‡—„–‹–Ž‡Žƒ†ˆ‹ŽŽǡƒ†ƒ……‡’–‡†„›–Š‡ǡ
‹˜‹•‹‘‘ˆ‹”—ƒŽ‹–›ȋȌǤŠ‡ƒ’’”‘˜‡†
†”ƒ™‹‰•ƒ”‡’”‘˜‹†‡†‹’’‡†‹š‘ˆ–Š‡
Ž‘•—”‡Ȁ‘•–Ž‘•—”‡‡…–‹‘ǤŠ‡ƒ’’”‘˜‡†
Žƒ‹•‡’–‘ˆ‹Ž‡ƒ––Š‡Žƒ†ˆ‹ŽŽƒ†‹•ƒ˜ƒ‹Žƒ„Ž‡
—’‘”‡“—‡•–Ǥ
Š‡ƒ’’”‘˜‡†
‰‡‡”ƒŽŽ›‹…Ž—†‡•˜‡”–‹…ƒŽƒ†Š‘”‹œ‘–ƒŽ‰ƒ•‡š–”ƒ…–‹‘™‡ŽŽ•…‘‡…–‡†–‘ƒ
Žƒ†ˆ‹ŽŽ‰ƒ•Š‡ƒ†‡”’‹’‡•›•–‡–Šƒ–ƒ…–‹˜‡Ž›‡š–”ƒ…–•Žƒ†ˆ‹ŽŽ‰ƒ•˜‹ƒƒŽƒ†ˆ‹ŽŽ„Ž‘™‡”ȀˆŽƒ”‡•›•–‡Ǥ
ƒ……‘”†ƒ…‡™‹–Š–Š‡ƒ……‡’–‡†
Žƒ‰ƒ•‡š–”ƒ…–‹‘™‡ŽŽ•™‹ŽŽ„‡‹•–ƒŽŽ‡†ƒ•”‡“—‹”‡†–‘
ƒ‹–ƒ‹…‘’Ž‹ƒ…‡™‹–Š–Š‡ǡ™Š‹…Š”‡“—‹”‡•Žƒ†ˆ‹ŽŽ‰ƒ•‡š–”ƒ…–‹‘™‡ŽŽ•„‡‹•–ƒŽŽ‡†Ǥ
”‡“—‹”‡•–Šƒ––Š‡
…‘ŽŽ‡…–•‰ƒ•ˆ”‘ƒ”‡ƒ•‹™Š‹…Š•‘Ž‹†™ƒ•–‡Šƒ•„‡‡‹’Žƒ…‡ˆ‘”ˆ‹˜‡›‡ƒ”•
‘”‘”‡‹ˆ–Š‡Žƒ†ˆ‹ŽŽ‹•ƒ…–‹˜‡‘”–™‘›‡ƒ”•‘”‘”‡‹ˆ–Š‡Žƒ†ˆ‹ŽŽ‹•…Ž‘•‡†‘”ƒ–ˆ‹ƒŽ‰”ƒ†‡ǤŠ‡†‡’–Š
‘ˆ–Š‡‰ƒ•™‡ŽŽ•™‹ŽŽ‡š–‡†ˆ”‘ˆ‹ƒŽ‰”ƒ†‡–‘™‹–Š‹ͳͲˆ‡‡–‘ˆ–Š‡„‘––‘Ž‹‡”–‘‡Ž‹‹ƒ–‡
ˆ‘”ƒ–‹‘‘ˆ†‡‡’‰ƒ•’‘…‡–•ǤŠ‡‡šƒ…–Ž‘…ƒ–‹‘‘ˆ–Š‡‡š–”ƒ…–‹‘™‡ŽŽ•™‹ŽŽ„‡†‡–‡”‹‡†„ƒ•‡†‘
ˆ‹‡Ž†…‘†‹–‹‘•ǢŠ‘™‡˜‡”–Š‡•’ƒ…‹‰„‡–™‡‡˜‡”–‹…ƒŽ‡š–”ƒ…–‹‘™‡ŽŽ•‹•ƒ–‹…‹’ƒ–‡†–‘”ƒ‰‡ˆ”‘
ʹͲͲǦ͵ͲͲˆ‡‡–‘Ǧ…‡–‡”™‹–Š‡ƒ…Š˜‡”–‹…ƒŽ™‡ŽŽŠƒ˜‹‰ƒͳͷͲˆ‡‡–”ƒ†‹—•‘ˆ‹ˆŽ—‡…‡Ǥ‘”‹œ‘–ƒŽ
‡š–”ƒ…–‹‘™‡ŽŽ•™‡”‡—•‡††—”‹‰–Š‡‹‹–‹ƒŽ
…‘•–”—…–‹‘’Šƒ•‡†—‡–‘Ž‹‹–‡†™ƒ•–‡†‡’–ŠǢ
Š‘™‡˜‡”ˆ—–—”‡Š‘”‹œ‘–ƒŽ‡š–”ƒ…–‹‘™‡ŽŽ•ƒ”‡‘–ƒ–‹…‹’ƒ–‡†„—–ƒ›„‡‹…‘”’‘”ƒ–‡†‘ƒƒ•Ǧ
‡‡†‡†„ƒ•‹•Ǥ

ϲͲϭ
^ĞĐƚŝŽŶϲ 
ŝƌƌŝƚĞƌŝĂ
ϲ͘ϭ^ƚĂƚĞ/ŵƉůĞŵĞŶƚĂƚŝŽŶWůĂŶ
ƒ……‘”†ƒ…‡™‹–Šͳͷͳ͵Ǥͳ͸ʹ͸ȋͷȌȋƒȌǡ–Š‡‘™‡”‘”‘’‡”ƒ–‘”‘ˆƒŽŽ •—•–‡•—”‡–Šƒ–
—‹–•†‘‘–˜‹‘Žƒ–‡ƒ›ƒ’’Ž‹…ƒ„Ž‡”‡“—‹”‡‡–•†‡˜‡Ž‘’‡†—†‡”ƒ–ƒ–‡’Ž‡‡–ƒ–‹‘ŽƒȋȌ
ƒ’’”‘˜‡†‘”’”‘—Ž‰ƒ–‡†„›–Š‡ǤǤ†‹‹•–”ƒ–‘”’—”•—ƒ––‘‡…–‹‘ͳͳͲ‘ˆ–Š‡Ž‡ƒ‹”…–ǡ
ƒ•ƒ‡†‡†Ǥ
—„‡”Žƒ†‘—–›Šƒ•ƒ‹–Ž‡’‡”ƒ–‹‰‡”‹–ȋͲͺͺͶ͸Ͳ͹Ȍ™Š‹…Š‡š’‹”‡†‘‡’–‡„‡”͵ͲǡʹͲͳͷǤ
Š‡’‡”‹–”‡‡™ƒŽƒ’’Ž‹…ƒ–‹‘™ƒ••—„‹––‡†–‘–Š‡‘”–Šƒ”‘Ž‹ƒ‡’ƒ”–‡–‘ˆ‹”—ƒŽ‹–›ȋȌ
‘‡…‡„‡”͵ͲǡʹͲͳͶƒ†‹•…—””‡–Ž›—†‡””‡˜‹‡™Ǥ‡”‹–‘ǤͲͺͺͶ͸Ͳ͹‹•’”‘˜‹†‡†‹’’‡†‹š
ǤŠ‡‹–Ž‡‘’‡”ƒ–‹‰’‡”‹–…‘–ƒ‹•ƒŽŽ–Š‡ƒ’’Ž‹…ƒ„Ž‡”‡“—‹”‡‡–•—†‡”–Š‡–Šƒ–ƒ’’Ž›–‘–Š‡
ˆƒ…‹Ž‹–›ǤŠ‡‘—–›‹•‹…‘’Ž‹ƒ…‡™‹–ŠƒŽŽƒ’’Ž‹…ƒ„Ž‡ƒ‹”“—ƒŽ‹–›”‡“—‹”‡‡–•‹…Ž—†‹‰–Š‡
ˆ‘”—‹…‹’ƒŽ•‘Ž‹†™ƒ•–‡Žƒ†ˆ‹ŽŽ•ȋͶͲ ͸Ͳ—„’ƒ”–Ȍƒ†–Š‡ƒ–‹‘ƒŽ‡‹••‹‘•–ƒ†ƒ”†ˆ‘”
Šƒœƒ”†‘—•ƒ‹”’‘ŽŽ—–ƒ–•ȋȌˆ”‘—‹…‹’ƒŽ•‘Ž‹†™ƒ•–‡Žƒ†ˆ‹ŽŽ•ȋͶͲ ͸͵—„’ƒ”–ȌǤ
Š‡‘—–›”‘—–‹‡Ž›•—„‹–•ƒ˜ƒ”‹‡–›‘ˆ”‡’‘”–•‹…‘’Ž‹ƒ…‡™‹–Š–Š‡‹”‹–Ž‡’‡”‹–ǤŠ‡‘—–›
™‹ŽŽ…‘–‹—‡–‘…‘’Ž›™‹–Š”‡‰—Žƒ–‹‘•ƒ†‹–Ž‡’‡”ƒ–‹‰‡”‹–…‘†‹–‹‘•Ǥ
Š‡Žƒ†ˆ‹ŽŽ‹••—„Œ‡…––‘–Š‡ǯ•ƒ†ƒ–‘”›‡’‘”–‹‰‘ˆ
”‡‡Š‘—•‡
ƒ•‡•”—Ž‡ǡƒ†–Š‡‘—–›
”‘—–‹‡Ž›•—„‹–•ƒ—ƒŽ

”‡’‘”–•–‘™Š‹…Šƒ”‡ƒ˜ƒ‹Žƒ„Ž‡ˆ‘””‡˜‹‡™ƒ––Š‡Žƒ†ˆ‹ŽŽǤ
ϲ͘ϮKƉĞŶƵƌŶŝŶŐŽĨtĂƐƚĞ
ƒ……‘”†ƒ…‡™‹–Šͳͷͳ͵Ǥͳ͸ʹ͸ȋͷȌȋ„Ȍǡ‘’‡„—”‹‰‘ˆ•‘Ž‹†™ƒ•–‡ǡ‡š…‡’–ˆ‘”–Š‡‹ˆ”‡“—‡–
„—”‹‰‘ˆŽƒ†…Ž‡ƒ”‹‰†‡„”‹•‰‡‡”ƒ–‡†‘•‹–‡‘”†‡„”‹•ˆ”‘‡‡”‰‡…›…Ž‡ƒǦ—’‘’‡”ƒ–‹‘•ǡ‹•
’”‘Š‹„‹–‡†ƒ–ƒŽŽ —‹–•Ǥ”‹‘”–‘ƒ›„—”‹‰ǡƒ”‡“—‡•–™‹ŽŽ„‡•‡––‘–Š‡‹˜‹•‹‘ˆ‘””‡˜‹‡™
ƒ†ƒ’’”‘˜ƒŽǤ—”•—ƒ––‘—Ž‡ͳͷͳ͵ǤͲͷͶʹȋ‹ȌȋʹȌǡ–Š‡‘—–›™‹ŽŽ’Žƒ…‡ƒ‘–ƒ–‹‘‘ˆ–Š‡†ƒ–‡
‘ˆƒ’’”‘˜ƒŽƒ†–Š‡ƒ‡‘ˆ–Š‡‹˜‹•‹‘‘ˆƒ•–‡ƒƒ‰‡‡–’‡”•‘‡Ž™Š‘ƒ’’”‘˜‡†–Š‡„—”‹‰
‹–Š‡‘’‡”ƒ–‹‰”‡…‘”†ƒ––Š‡Žƒ†ˆ‹ŽŽˆƒ…‹Ž‹–›ǤŠ‡‘’‡„—”‹‰”‡“—‡•–™‹ŽŽƒŽ•‘„‡ƒ’’”‘˜‡†„›–Š‡
Ž‘…ƒŽˆ‹”‡ƒ”•ŠƒŽƒ†–Š‡‘”–Šƒ”‘Ž‹ƒ‹˜‹•‹‘‘ˆ‹”—ƒŽ‹–›Ǥ
ϲ͘ϯ&ŝƌĞWƌŽƚĞĐƚŝŽŶƋƵŝƉŵĞŶƚ
ƒ……‘”†ƒ…‡™‹–Šͳͷͳ͵Ǥͳ͸ʹ͸ȋͷȌȋ…Ȍǡ‡“—‹’‡–•ŠƒŽŽ„‡’”‘˜‹†‡†–‘…‘–”‘Žƒ……‹†‡–ƒŽˆ‹”‡•
‘”ƒ””ƒ‰‡‡–••ŠƒŽŽ„‡ƒ†‡™‹–Š–Š‡Ž‘…ƒŽˆ‹”‡’”‘–‡…–‹‘ƒ‰‡…›–‘‹‡†‹ƒ–‡Ž›’”‘˜‹†‡
ˆ‹”‡Ǧˆ‹‰Š–‹‰•‡”˜‹…‡•™Š‡‡‡†‡†Ǥ ‹”‡•–Šƒ–„”‡ƒ‘—–…Ž‘•‡–‘–Š‡•—”ˆƒ…‡‘ˆ–Š‡ˆ‹ŽŽƒ”‡ƒ•Š‘—Ž†„‡
†—‰‘—–ƒ†•‘–Š‡”‡†™‹–Š…‘˜‡”ƒ–‡”‹ƒŽǤ‡‡’ˆ‹”‡••Š‘—Ž†„‡•‘–Š‡”‡†‘—–„›’Žƒ…‹‰‘‹•–•‘‹Ž
‘–Š‡•—”ˆƒ…‡ƒ†„›…‘•–”—…–‹‰•‘‹Ž„ƒ””‹‡”•ƒ”‘—†–Š‡ˆ‹”‡ǤŠ‡”‡–Š‡•‘–Š‡”‹‰–‡…Š‹“—‡ˆƒ‹Ž•ǡ
–Š‡„—”‹‰ƒ–‡”‹ƒŽ—•–„‡‡š…ƒ˜ƒ–‡†ƒ†•‘–Š‡”‡†‘”“—‡…Š‡†™‹–Š™ƒ–‡”‘…‡–Š‡„—”‹‰
ƒ–‡”‹ƒŽ‹•„”‘—‰Š––‘–Š‡•—”ˆƒ…‡Ǥƒ–‡”‹•—•—ƒŽŽ›‘–‡ˆˆ‡…–‹˜‡—Ž‡••‹–…ƒ„‡†‹”‡…–Ž›ƒ’’Ž‹‡†–‘–Š‡
„—”‹‰ƒ–‡”‹ƒŽǤ
Š‡‘—–›‘™•ƒ†ƒ‹–ƒ‹•–Š‡‹”‘™ˆ‹”‡’”‘–‡…–‹‘‡“—‹’‡–‹…Ž—†‹‰ƒ™ƒ–‡”–”—…ƒ†ˆ‹”‡
Š‘•‡•Ǥ‡‡”‰‡…›•‘‹Ž•–‘…’‹Ž‡–‘„‡—•‡†ˆ‘”•—”ˆƒ…‡ˆ‹”‡•‹•Ž‘…ƒ–‡†•‘—–Š‡ƒ•–‘ˆ–Š‡—„–‹–Ž‡
Žƒ†ˆ‹ŽŽǤ–Š‡‡˜‡––Šƒ–ƒ††‹–‹‘ƒŽˆ‹”‡”‡•’‘•‡•‡”˜‹…‡ƒ†‡“—‹’‡–‹•‡‡†‡†–Š‡ ƒ›‡––‡˜‹ŽŽ‡
^ĞĐƚŝŽŶϲ•ŝƌƌŝƚĞƌŝĂ

ϲͲϮ
‹”‡‡’ƒ”–‡–™‹ŽŽ„‡…‘–ƒ…–‡†ǤŠ‡…Ž‘•‡•–ˆ‹”‡†‡’ƒ”–‡–‹•Ž‘…ƒ–‡†ƒ–͸Ͳ͹‡”•‘–”‡‡–ƒ†‹•
ƒ’’”‘š‹ƒ–‡Ž›ͳǤͷ‹Ž‡•ˆ”‘–Š‡Žƒ†ˆ‹ŽŽǤŠ‡‡‡”‰‡…›”‡•’‘•‡—„‡”‹•ͻͳͳǤ
ϲ͘ϰEŽƚŝĨŝĐĂƚŝŽŶŽĨ&ŝƌĞ
ƒ……‘”†ƒ…‡™‹–Šͳͷͳ͵Ǥͳ͸ʹ͸ȋͷȌȋ†Ȍǡˆ‹”‡•–Šƒ–‘……—”ƒ––Š‡ ”‡“—‹”‡˜‡”„ƒŽ‘–‹…‡–‘
–Š‡‹˜‹•‹‘‘ˆ‘Ž‹†ƒ•–‡ƒƒ‰‡‡–™‹–Š‹ʹͶŠ‘—”•ƒ†™”‹––‡‘–‹ˆ‹…ƒ–‹‘•ŠƒŽŽ„‡•—„‹––‡†
™‹–Š‹ͳͷ†ƒ›•ǤŠ‡™”‹––‡‘–‹ˆ‹…ƒ–‹‘™‹ŽŽ‹…Ž—†‡–Š‡ˆ‹”‡‘……—””‡…‡‘–‹ˆ‹…ƒ–‹‘ˆ‘”Ž‘…ƒ–‡†‹
’’‡†‹š Ǥ‡”„ƒŽƒ†™”‹––‡‘–‹ˆ‹…ƒ–‹‘•ŠƒŽŽ„‡•—„‹––‡†–‘ǣ
‘”–Šƒ”‘Ž‹ƒ‡’ƒ”–‡–‘ˆ˜‹”‘‡–ƒ†ƒ–—”ƒŽ‡•‘—”…‡•
‹˜‹•‹‘‘ˆƒ•–‡ƒƒ‰‡‡–
ͳ͸Ͷ͸ƒ‹Ž‡”˜‹…‡‡–‡”
ƒŽ‡‹‰Šǡ‘”–Šƒ”‘Ž‹ƒʹ͹͸ͻͻǦͳ͸Ͷ͸
ȋͻͳͻȌ͹Ͳ͹ǦͺʹͲͲ


ϳͲϭ
^ĞĐƚŝŽŶϳ 
ĐĐĞƐƐĂŶĚ^ĂĨĞƚLJZĞƋƵŝƌĞŵĞŶƚƐ
ϳ͘ϭ>ĂŶĚĨŝůůĐĐĞƐƐĂŶĚ^ĞĐƵƌŝƚLJ
ƒ……‘”†ƒ…‡™‹–Šͳͷͳ͵Ǥͳ͸ʹ͸ȋ͸ȌȋƒȌǡ–Š‡—„‡”Žƒ†‘—–›–”‡‡–—„–‹–Ž‡ƒ†ˆ‹ŽŽ
—•–„‡ƒ†‡“—ƒ–‡Ž›•‡…—”‡†„›‡ƒ•‘ˆ‰ƒ–‡•ǡ…Šƒ‹•ǡ„‡”•ǡˆ‡…‡•ƒ†‘–Š‡”•‡…—”‹–›‡ƒ•—”‡•
ƒ’’”‘˜‡†„›–Š‡‹˜‹•‹‘‘ˆ‘Ž‹†ƒ•–‡ƒƒ‰‡‡––‘’”‡˜‡–—ƒ—–Š‘”‹œ‡†‡–”›Ǥ
ŽŽ˜‡Š‹…Ž‡•†‹•’‘•‹‰‘ˆ™ƒ•–‡ƒ––Š‡ˆƒ…‹Ž‹–›™‹ŽŽ‡–‡”ƒ†Ž‡ƒ˜‡–Š”‘—‰Š–Š‡ƒ……‡••…‘–”‘Ž‰ƒ–‡ǤŽŽ
™ƒ•–‡‡–‡”‹‰–Š‡Žƒ†ˆ‹ŽŽ—•–„‡™‡‹‰Š‡†‹ƒ––Š‡•…ƒŽ‡™Š‡”‡ƒˆ—ŽŽǦ–‹‡…ƒŽ‡’‡”ƒ–‘”˜‡”‹ˆ‹‡•
…‘’Ž‹ƒ…‡™‹–Š‘’‡”ƒ–‹‘”‡“—‹”‡‡–•Ǥƒ—–Š‘”‹œ‡†˜‡Š‹…Ž‡ƒ……‡••–‘–Š‡•‹–‡‹•’”‡˜‡–‡†ƒ”‘—†
–Š‡”‡ƒ‹‹‰’‘”–‹‘‘ˆ–Š‡Žƒ†ˆ‹ŽŽ’”‘’‡”–›„›™‘‘†•ǡ–Š‡ƒ’‡ ‡ƒ”‹˜‡”ǡ™‡–Žƒ†•ǡ…Šƒ‹Ž‹
ˆ‡…‡ǡƒ†•–‘”™ƒ–‡”†‹–…Š‡•Ǥ
ϳ͘ϮƚƚĞŶĚĂŶƚ
ƒ……‘”†ƒ…‡™‹–Šͳͷͳ͵Ǥͳ͸ʹ͸ȋ͸Ȍȋ„Ȍǡƒƒ––‡†ƒ–•ŠƒŽŽ„‡‘†—–›ƒ––Š‡•‹–‡ƒ–ƒŽŽ–‹‡•
™Š‹Ž‡–Š‡ˆƒ…‹Ž‹–›‹•‘’‡ˆ‘”’—„Ž‹…—•‡–‘‡•—”‡…‘’Ž‹ƒ…‡™‹–Š‘’‡”ƒ–‹‘ƒŽ”‡“—‹”‡‡–•Ǥ
ˆ—ŽŽǦ–‹‡…ƒŽ‡’‡”ƒ–‘”™‹ŽŽ„‡Ž‘…ƒ–‡†‹–Š‡•…ƒŽ‡Š‘—•‡†—”‹‰‘’‡”ƒ–‹‰Š‘—”•ǤŠ‡…ƒŽ‡
’‡”ƒ–‘”™‹ŽŽ˜‡”‹ˆ›…‘’Ž‹ƒ…‡™‹–Š‘’‡”ƒ–‹‘”‡“—‹”‡‡–•Ǥƒ††‹–‹‘ǡƒ ƒ…‹Ž‹–›—’‡”˜‹•‘”™‹ŽŽ„‡
’”‡•‡–‘Ǧ•‹–‡ƒ–ƒŽŽ–‹‡•†—”‹‰‘’‡”ƒ–‹‘ǤŽŽ•–ƒˆˆƒ––Š‡Žƒ†ˆ‹ŽŽƒ”‡–”ƒ‹‡†‹ƒ……‘”†ƒ…‡™‹–Š
‡…–‹‘͸‘ˆ–Š‡ƒ•–‡…”‡‡‹‰Žƒȋ’’‡†‹šȌǤ
ϳ͘ϯĐĐĞƐƐZŽĂĚ
ƒ……‘”†ƒ…‡™‹–Šͳͷͳ͵Ǥͳ͸ʹ͸ȋ͸Ȍȋ…Ȍǡ–Š‡ƒ……‡••”‘ƒ†–‘–Š‡•‹–‡•ŠƒŽŽ„‡‘ˆƒŽŽ™‡ƒ–Š‡”
…‘•–”—…–‹‘ƒ†ƒ‹–ƒ‹‡†‹‰‘‘†…‘†‹–‹‘Ǥ‘–Š‘Ž‡•ǡ”—–•ǡƒ††‡„”‹•‘–Š‡”‘ƒ†•™‹ŽŽ”‡…‡‹˜‡
‹‡†‹ƒ–‡ƒ––‡–‹‘‹‘”†‡”–‘ƒ˜‘‹††ƒƒ‰‡–‘˜‡Š‹…Ž‡•Ǥ……‡••”‘ƒ†•™‹ŽŽ„‡”‡‰”ƒ†‡†ƒ•‡…‡••ƒ”›
–‘ƒ‹–ƒ‹’‘•‹–‹˜‡•Ž‘’‡ˆ‘”ƒ†‡“—ƒ–‡†”ƒ‹ƒ‰‡Ǥ
Š‡ƒ……‡••’ƒ–Š•‘””‘ƒ†•–‘™ƒ”†ƒŽŽ‘‹–‘”‹‰’‘‹–•ˆ‘”•ƒ’Ž‹‰‡˜‹”‘‡–ƒŽ‡†‹ƒ
ȋ‰”‘—†™ƒ–‡”‘‹–‘”‹‰™‡ŽŽ•ǡŽƒ†ˆ‹ŽŽ‰ƒ•’”‘„‡•ǡ•—”ˆƒ…‡™ƒ–‡”‘‹–‘”‹‰•–ƒ–‹‘•Ȍ•ŠƒŽŽƒŽ•‘„‡‘ˆ
ƒŽŽ™‡ƒ–Š‡”…‘•–”—…–‹‘ƒ†ƒ‹–ƒ‹‡†‹‰‘‘†…‘†‹–‹‘Ǥ
ϳ͘ϰƵƐƚŽŶƚƌŽů
ƒ……‘”†ƒ…‡™‹–Šͳͷͳ͵Ǥͳ͸ʹ͸ȋ͸Ȍȋ†Ȍǡ†—•–…‘–”‘Ž‡ƒ•—”‡••ŠƒŽŽ„‡‹’Ž‡‡–‡†™Š‡
‡…‡••ƒ”›Ǥ‹‹—†—•–…‘–”‘Ž™‹ŽŽ‹…Ž—†‡ƒ™ƒ–‡”–”—…ˆ‘”™‡––‹‰‘ˆ†—•–›”‘ƒ†•Ǥ‡–”‘Ž‡—
’”‘†—…–••ŠƒŽŽ‘–„‡—•‡†ˆ‘”†—•–…‘–”‘ŽǤ
ƒ……‘”†ƒ…‡™‹–Šͳͷͳ͵Ǥͳ͸ʹ͸ȋͻȌ–Š‡—•‡‘ˆ™ƒ–‡”ǡƒ“—‡‘—••‘Ž—–‹‘ǡ‘”Ž‡ƒ…Šƒ–‡ƒ•–Š‡†—•–
”‡’‡ŽŽ‡–•‹•‹†‡–Š‡Žƒ†ˆ‹ŽŽ™ƒ•–‡ˆ‘‘–’”‹–‹•’”‘Š‹„‹–‡†™‹–Š‘—–’”‹‘”ƒ’’”‘˜ƒŽˆ”‘–Š‡Ǥ
^ĞĐƚŝŽŶϳ•ĐĐĞƐƐĂŶĚ^ĂĨĞƚLJZĞƋƵŝƌĞŵĞŶƚƐ

ϳͲϮ
ϳ͘ϱ^ŝŐŶƐ
ƒ……‘”†ƒ…‡™‹–Šͳͷͳ͵Ǥͳ͸ʹ͸ȋ͸Ȍȋ‡Ȍǡƒ•‹‰’”‘˜‹†‹‰‹ˆ‘”ƒ–‹‘‘†‹•’‘•ƒŽ’”‘…‡†—”‡•ǡ
‘’‡”ƒ–‹‘Š‘—”•ǡ–‹’’‹‰ˆ‡‡ǡ’‡”‹–—„‡”ǡƒ†‘–Š‡”’‡”–‹‡–‹ˆ‘”ƒ–‹‘•ŠƒŽŽ„‡…Ž‡ƒ”Ž›’‘•–‡†
ƒ––Š‡•‹–‡‡–”ƒ…‡Ǥ
ƒ……‘”†ƒ…‡™‹–Šͳͷͳ͵Ǥͳ͸ʹ͸ȋ͸ȌȋˆȌǡ•‹‰••ŠƒŽŽ„‡…Ž‡ƒ”Ž›’‘•–‡†•–ƒ–‹‰–Šƒ–‘Šƒœƒ”†‘—•
‘”Ž‹“—‹†™ƒ•–‡…ƒ„‡”‡…‡‹˜‡†Ǥ
ƒ……‘”†ƒ…‡™‹–Šͳͷͳ͵Ǥͳ͸ʹ͸ȋ͸Ȍȋ‰Ȍǡ–”ƒˆˆ‹…•‹‰•‘”ƒ”‡”••ŠƒŽŽ„‡’”‘˜‹†‡†ƒ•‡…‡••ƒ”›
–‘’”‘‘–‡ƒ‘”†‡”Ž›–”ƒˆˆ‹…’ƒ––‡”–‘ƒ†ˆ”‘–Š‡†‹•…Šƒ”‰‡ƒ”‡ƒƒ†–‘ƒ‹–ƒ‹‡ˆˆ‹…‹‡–
‘’‡”ƒ–‹‰…‘†‹–‹‘•ǤŽŽ”‡“—‹”‡†•‹‰•ƒ”‡’‘•–‡†ƒ––Š‡–”‡‡–—„–‹–Ž‡Žƒ†ˆ‹ŽŽǤ
ϳ͘ϲtĂƐƚĞZĞŵŽǀĂůWŽůŝĐLJ
ƒ……‘”†ƒ…‡™‹–Šͳͷͳ͵Ǥͳ͸ʹ͸ȋ͸ȌȋŠȌǡ–Š‡”‡‘˜ƒŽ‘ˆ•‘Ž‹†™ƒ•–‡ˆ”‘–Š‡Žƒ†ˆ‹ŽŽ‹•
’”‘Š‹„‹–‡†—Ž‡••–Š‡‘—–›ƒ’’”‘˜‡•ƒ†–Š‡”‡‘˜ƒŽ‹•‘–‘–Š‡™‘”‹‰ˆƒ…‡Ǥ
ϳ͘ϳĂƌƌĞůĂŶĚƌƵŵŝƐƉŽƐĂů
ƒ……‘”†ƒ…‡™‹–Šͳͷͳ͵Ǥͳ͸ʹ͸ȋ͸Ȍȋ‹Ȍǡ„ƒ””‡Ž•ƒ††”—••ŠƒŽŽ‘–„‡†‹•’‘•‡†‘ˆ—Ž‡••–Š‡›
ƒ”‡‡’–›ƒ†’‡”ˆ‘”ƒ–‡†•—ˆˆ‹…‹‡–Ž›–‘‡•—”‡–Šƒ–‘Ž‹“—‹†‘”Šƒœƒ”†‘—•™ƒ•–‡‹•…‘–ƒ‹‡†–Š‡”‡‹Ǥ
‹„‡”†”—•…‘–ƒ‹‹‰ƒ•„‡•–‘••ŠƒŽŽ‘–„‡’‡”ˆ‘”ƒ–‡†ǤŠ‹•‹•ƒŽ•‘†‹•…—••‡†‹‡…–‹‘ʹǤ͵ǣ
……‡’–ƒ„Ž‡ƒ•–‡‡“—‹”‹‰’‡…‹ƒŽƒ†Ž‹‰Ǥ


ϴͲϭ
^ĞĐƚŝŽŶϴ 
ƌŽƐŝŽŶĂŶĚ^ĞĚŝŵĞŶƚĂƚŝŽŶŽŶƚƌŽůZĞƋƵŝƌĞŵĞŶƚƐ
ϴ͘ϭŽŶƚƌŽůŽĨ^ŝůƚ
ƒ……‘”†ƒ…‡™‹–Šͳͷͳ͵Ǥͳ͸ʹ͸ȋ͹ȌȋƒȌǡƒ†‡“—ƒ–‡•‡†‹‡–…‘–”‘Ž‡ƒ•—”‡••ŠƒŽŽ„‡—–‹Ž‹œ‡†
–‘’”‡˜‡–•‹Ž–ˆ”‘Ž‡ƒ˜‹‰–Š‡ˆƒ…‹Ž‹–›Ǥ
—”ˆƒ…‡™ƒ–‡””—‘ˆˆ’ƒ••‹‰–Š”‘—‰Š–Š‡Žƒ†ˆ‹ŽŽ•‹–‡•ŠƒŽŽ„‡†‹˜‡”–‡†–‘‡†‹‡–‘†•͓ʹǡ͓͵ǡƒ†
͓ͷ„›–Š‡—•‡‘ˆ†‹–…Š‡•ǡ„‡”•ǡƒ†’‹’‡•ƒ••Š‘™‘–Š‡ ƒ…‹Ž‹–›ƒ†’‡”ƒ–‹‘Žƒ”ƒ™‹‰•Ǥ
–‘”™ƒ–‡””—‘ˆˆˆ”‘Šƒ•‡•–Š”‘—‰Š™‹ŽŽ„‡…‘˜‡›‡†–‘‡†‹‡–‘†•͓ʹƒ†͓ͷǡ™Š‹Ž‡
•–‘”™ƒ–‡”ˆ”‘Šƒ•‡™‹ŽŽ„‡…‘˜‡›‡†–‘‡†‹‡–‘†͓͵ǤŠ‡•‡†‹‡–’‘†•Šƒ˜‡„‡‡
…‘•–”—…–‡†‹ƒ……‘”†ƒ…‡™‹–Šƒ’’”‘˜‡†‡†‹‡–ƒ†”‘•‹‘‘–”‘ŽŽƒ•ˆ‘”…‘–”‘Ž‘ˆ‘Ǧ•‹–‡
•–‘”™ƒ–‡””—Ǧ‘ˆˆƒ†•‡†‹‡––”ƒ•’‘”–ˆ”‘Žƒ†ˆ‹ŽŽ‘’‡”ƒ–‹‘•Ǥ
Š‡•‡†‹‡–’‘†•Šƒ˜‡„‡‡†‡•‹‰‡†‹•—…Šƒƒ‡”–Šƒ–”‡Ž‡ƒ•‡•™‹ŽŽ‘–‘˜‡”Ž‘ƒ††‘™•–”‡ƒ
†”ƒ‹ƒ‰‡ˆ‡ƒ–—”‡•‘”†ƒƒ‰‡ƒ†Œƒ…‡–’”‘’‡”–›Ǥ‡†‹‡–ƒ……——Žƒ–‡†‹–Š‡’‘†••ŠƒŽŽ„‡”‡‘˜‡†
ƒ••’‡…‹ˆ‹‡†‹–Š‡ƒ’’”‘˜‡†”‘•‹‘‘–”‘Ž’‡”‹–Ǥ‹Ž–‰ƒ‰‡••ŠƒŽŽ„‡‹•–ƒŽŽ‡†‹ƒŽŽ’‘†•–‘
‡ƒ•—”‡–Š‡ƒ……——Žƒ–‹‘‘ˆ•‡†‹‡–™‹–Š‹–Š‡’‘†•Ǥ‹–…Š‡•”‡“—‹”‡ˆ”‡“—‡–‹•’‡…–‹‘ˆ‘”
•‡†‹‡–„—‹Ž†—’Ǥ–ƒ‹‹—ǡ–Š‡•‡†‹‡–„—‹Ž†—’•Š‘—Ž†„‡ƒ••‡••‡†ƒˆ–‡”ƒŽŽ•‹‰‹ˆ‹…ƒ–”ƒ‹
‡˜‡–•Ǥ
ϴ͘ϮKŶͲ^ŝƚĞƌŽƐŝŽŶŽŶƚƌŽů
ƒ……‘”†ƒ…‡™‹–Šͳͷͳ͵Ǥͳ͸ʹ͸ȋ͹Ȍȋ„Ȍǡƒ†‡“—ƒ–‡•‡†‹‡–…‘–”‘Ž‡ƒ•—”‡••ŠƒŽŽ„‡—–‹Ž‹œ‡†
–‘’”‡˜‡–‡š…‡••‹˜‡‘Ǧ•‹–‡‡”‘•‹‘‘ˆ•Ž‘’‡•ƒ†”‘ƒ†™ƒ›•Ǥ
”‘•‹‘…‘–”‘Ž‡ƒ•—”‡••ŠƒŽŽ‹…Ž—†‡ǣ
ƒ‹•–—”„‹‰ƒ•Ž‹––Ž‡ƒ”‡ƒƒ•’”ƒ…–‹…ƒŽƒ–ƒ›‘‡–‹‡ˆ‘”Žƒ†ˆ‹ŽŽ‹‰‘’‡”ƒ–‹‘•Ǥ
ƒ–ƒ„‹Ž‹œƒ–‹‘™‹–Š•‡‡†‹‰ƒ†—Ž…Š‹‰‘ˆƒŽŽ†‹•–—”„‡†ƒ”‡ƒ•…‘‡…‹‰ƒ••‘‘ƒ•
’”ƒ…–‹…ƒŽŽ›’‘••‹„Ž‡Ǥ’Ž‘›‹‰‡”‘•‹‘‡––‹‰‘”•‘†‘•–‡‡’•Ž‘’‡•ƒ†‘–Š‡”‡”‘•‹‘’”‘‡
ƒ”‡ƒ•Ǥ
ƒ•‡‘ˆ‡ƒ”–Š‡„‡”•ǡŠƒ›„ƒŽ‡•ǡ•‹Ž–ˆ‡…‡•ǡ”‹’”ƒ’‘”‡“—‹˜ƒŽ‡–†‡˜‹…‡•†‘™‰”ƒ†‹‡–‘ˆ
†‹•–—”„‡†ƒ”‡ƒ•ǡ•–‘…’‹Ž‡•ǡƒ”‘—††”ƒ‹ƒ‰‡’‹’‡•‹Ž‡–•ƒ†‘—–Ž‡–•ǡƒ†ƒ–‹–‡”˜ƒŽ•ƒŽ‘‰
‰”ƒ••‡†™ƒ–‡”™ƒ›•—–‹Ž’‡”ƒ‡–˜‡‰‡–ƒ–‹‘‹•‡•–ƒ„Ž‹•Š‡†Ǥ
ƒŽƒ…‡‡–‘ˆ”‹’”ƒ’ƒ––Š‡‹Ž‡–•ƒ†‘—–Ž‡–•‘ˆ•–‘”™ƒ–‡”’‹’‹‰Ǥ
ϴ͘ϯsĞŐĞƚĂƚŝǀĞŽǀĞƌ
ƒ……‘”†ƒ…‡™‹–Šͳͷͳ͵Ǥͳ͸ʹ͸ȋ͹Ȍȋ…Ȍǡ˜‡‰‡–ƒ–‹˜‡‰”‘—†…‘˜‡”•—ˆˆ‹…‹‡––‘”‡•–”ƒ‹‡”‘•‹‘
—•–„‡‡•–ƒ„Ž‹•Š‡†™‹–Š‹͵Ͳ™‘”‹‰†ƒ›•‘”ͳʹͲ…ƒŽ‡†ƒ”†ƒ›•—’‘…‘’Ž‡–‹‘‘ˆƒ›’Šƒ•‡‘ˆ
Žƒ†ˆ‹ŽŽ†‡˜‡Ž‘’‡–Ǥ
^ĞĐƚŝŽŶϴ•ƌŽƐŝŽŶĂŶĚ^ĞĚŝŵĞŶƚĂƚŝŽŶŽŶƚƌŽůZĞƋƵŝƌĞŵĞŶƚƐ

ϴͲϮ
‹’”ƒ’ǡŠƒ›„ƒŽ‡•ǡ‘”‘–Š‡”ƒ……‡’–ƒ„Ž‡–‡’‘”ƒ”›‡–Š‘†•‘ˆ‡”‘•‹‘…‘–”‘Žƒ›„‡”‡“—‹”‡†—–‹Ž
’‡”ƒ‡–…‘˜‡”‹•‡•–ƒ„Ž‹•Š‡†Ǥ”‡ƒ•™Š‡”‡ˆ‹ƒŽ‰”ƒ†‡Šƒ•„‡‡”‡ƒ…Š‡†…ƒ„‡•–ƒ„‹Ž‹œ‡†„›
—Ž…Š‹‰—–‹Žƒ˜‡‰‡–ƒ–‹˜‡…‘˜‡”‹•‡•–ƒ„Ž‹•Š‡†Ǥ‘‹Ž—Ž…Š‹‰…ƒ„‡ƒ…Š‹‡˜‡†—•‹‰™‘‘†…Š‹’•ǡ
•–”ƒ™ǡŠƒ›ǡƒ•’ŠƒŽ–‡—Ž•‹‘ǡŒ—–‡ƒ––‹‰ǡƒ†•›–Š‡–‹…ˆ‹„‡”•Ǥ—Ž…Š‡•ƒŽŽ‘™ˆ‘”‰”‡ƒ–‡”™ƒ–‡”
”‡–‡–‹‘Ǣ”‡†—…‡–Š‡ƒ‘—–‘ˆ”—‘ˆˆǢ”‡–ƒ‹•‡‡†•ǡˆ‡”–‹Ž‹œ‡”ǡƒ††Ž‹‡‹’Žƒ…‡Ǣƒ†ǡ‹’”‘˜‡•‘‹Ž
‘‹•–—”‡ƒ†–‡’‡”ƒ–—”‡…‘†‹–‹‘•Ǥ
‡‡†‹‰ƒ†—Ž…Š‹‰•ŠƒŽŽ„‡ƒ’’Ž‹‡†‹ƒ……‘”†ƒ…‡™‹–Š–Š‡‘•–…—””‡–˜‡”•‹‘‘ˆ–Š‡‘”–Š
ƒ”‘Ž‹ƒ”‘•‹‘ƒ†‡†‹‡–‘–”‘ŽŽƒ‹‰ƒ†‡•‹‰ƒ—ƒŽǤ”‘ƒ†…ƒ•–•‡‡†‹‰ƒ†
Š›†”‘•‡‡†‹‰™‹ŽŽ„‡—•‡†ˆ‘”•–‡‡’•Ž‘’‡•™Š‡”‡‡“—‹’‡–…ƒ‘–„‡†”‹˜‡Ǥ
Š‡‘—–›™‹ŽŽ•—„‹––‘–Š‡‘Ž‹†ƒ•–‡‡…–‹‘ƒ†’Žƒ…‡‹–‘–Š‡Žƒ†ˆ‹ŽŽǯ•‘’‡”ƒ–‹‰ˆ‹Ž‡ƒ…‘’›‘ˆ
–Š‡Šƒ•‡‡š’ƒ•‹‘”‘•‹‘ƒ†‡†‹‡–ƒ–‹‘‘–”‘ŽŽƒƒ’’”‘˜ƒŽŽ‡––‡”ˆ”‘–Š‡ƒ†—ƒŽ‹–›
‡…–‹‘Ǥ



ϵͲϭ
^ĞĐƚŝŽŶϵ 
ƌĂŝŶĂŐĞŽŶƚƌŽůĂŶĚtĂƚĞƌWƌŽƚĞĐƚŝŽŶ
ZĞƋƵŝƌĞŵĞŶƚƐ
ϵ͘ϭ^ƵƌĨĂĐĞtĂƚĞƌŝǀĞƌƚĞĚ&ƌŽŵKƉĞƌĂƚŝŽŶĂůƌĞĂ
ƒ……‘”†ƒ…‡™‹–Šͳͷͳ͵Ǥͳ͸ʹ͸ȋͺȌȋƒȌǡ•—”ˆƒ…‡™ƒ–‡”•ŠƒŽŽ„‡†‹˜‡”–‡†ˆ”‘–Š‡‘’‡”ƒ–‹‘ƒŽ
ƒ”‡ƒǤš…‡••‹˜‡•—”ˆƒ…‡™ƒ–‡”ƒ––Š‡™‘”‹‰ˆƒ…‡…”‡ƒ–‡•†‹ˆˆ‹…—Ž–‹‡•ˆ‘”ƒ‡—˜‡”‹‰‡“—‹’‡–ƒ†
’”‡˜‡–•–Š‡‘’‡”ƒ–‘”ˆ”‘ƒ…Š‹‡˜‹‰ƒš‹—…‘’ƒ…–‹‘‘ˆ–Š‡™ƒ•–‡ǤŠ‡™‘”‹‰ˆƒ…‡‹•‡’–ƒ•
•ƒŽŽƒ•’‘••‹„Ž‡ƒ†Ž‘…ƒ–‡†‘ƒ’‘•‹–‹˜‡‰”ƒ†‡–‘‹‹‹œ‡’‘†‹‰Ǥ‘†‹˜‡”–•—”ˆƒ…‡”—‘ˆˆƒ™ƒ›
ˆ”‘–Š‡™‘”‹‰ˆƒ…‡ǡ–‡’‘”ƒ”›†‹˜‡”•‹‘„‡”•ȋƒ••Š‘™‘Š‡‡–ǦͺȌ•ŠƒŽŽ„‡‹•–ƒŽŽ‡†‘–Š‡
…—””‡–Ž‹ˆ–ǡƒ•‡‡†‡†ǡ—’Ǧ‰”ƒ†‹‡–ˆ”‘–Š‡™‘”‹‰ˆƒ…‡ƒ†‹‘–Š‡”Ž‘…ƒ–‹‘•ƒ•†‹…–ƒ–‡†„›–Š‡
†‹”‡…–‹‘‘ˆ‰”ƒ†‡ǤŠ‡ƒ”‡ƒ„‡–™‡‡–Š‡–‡’‘”ƒ”›„‡”ƒ†–Š‡™‘”‹‰ˆƒ…‡•Š‘—Ž†„‡Ž‹‹–‡†–‘
‘‡ƒ…”‡–‘’”‡˜‡–‡š…‡••‹˜‡’‘†‹‰ǤŠ‡•‘‹Ž…‘˜‡”‹–Š‡ƒ”‡ƒ•„‡›‘†–Š‡†‹˜‡”•‹‘„‡”••ŠƒŽŽ
„‡—‹ˆ‘”Ž›‰”ƒ†‡†ƒ†…‘’ƒ…–‡†–‘’”‡˜‡––Š‡ˆ‘”ƒ–‹‘‘ˆ‡”‘•‹‘…Šƒ‡Ž•Ǥ–Š‡‡˜‡––Šƒ–
…Šƒ‡Ž•†‘ˆ‘”ǡ–Š‡…‘˜‡”•ŠƒŽŽ„‡’”‘’–Ž›”‡’ƒ‹”‡†Ǥ
—”‹‰–Š‡ˆ‘”ƒ–‹‘‘ˆ–Š‡‹‹–‹ƒŽŽ‹ˆ–ˆ‘”Šƒ•‡ƒ††‹–‹‘ƒŽ‡ƒ•—”‡••ŠƒŽŽ„‡‡’Ž‘›‡†–‘†‹˜‡”–
•—”ˆƒ…‡™ƒ–‡”Ǥ ‘”’‘”–‹‘•‘ˆŠƒ•‡–Šƒ–Šƒ˜‡‘–›‡–”‡…‡‹˜‡†™ƒ•–‡ǡ•—”ˆƒ…‡™ƒ–‡”…ƒ„‡
†‹˜‡”–‡†„›–‡’‘”ƒ”‹Ž›…Ž‘•‹‰–Š‡†‘™•–”‡ƒ˜ƒŽ˜‡‹•–ƒŽŽ‡†‹–Š‡Ž‡ƒ…Šƒ–‡…‘ŽŽ‡…–‹‘Ž‹‡’”‹‘”–‘
–Š‡ƒŠ‘Ž‡ƒ–‡ƒ…Š…‡ŽŽǤ›…Ž‘•‹‰–Š‡˜ƒŽ˜‡ǡ•–‘”™ƒ–‡”…ƒ„‡•–‘”‡†‹–Š‡…‡ŽŽƒ”‡ƒƒ†’—’‡†
‹–‘–Š‡’‡”‹‡–‡”†”ƒ‹ƒ‰‡†‹–…ŠǤ‡’‘”ƒ”›†‹˜‡”•‹‘„‡”•–Šƒ–ƒ”‡‘Ž‘‰‡”‡‡†‡†•ŠƒŽŽ„‡
’”‘’–Ž›”‡‘˜‡†ƒ†–Š‡ƒ”‡ƒ”‡‰”ƒ†‡†–‘’”‘‘–‡—‹ˆ‘””—‘ˆˆ‘ˆ•—”ˆƒ…‡™ƒ–‡”Ǥ”‹‘”–‘™ƒ•–‡
†‹•’‘•ƒŽƒ…–‹˜‹–‹‡•„‡‰‹‹‰‹ƒ‘’‡…‡ŽŽǡ–Š‡˜ƒŽ˜‡•Š‘—Ž†„‡‘’‡‡†–‘ƒŽŽ‘™Ž‡ƒ…Šƒ–‡–‘ˆŽ‘™–‘
–Š‡Š‡ƒ†‡”Ž‹‡Ǥƒ†ˆ‹ŽŽ•–ƒˆˆ•ŠƒŽŽ†‘…—‡––Š‡†ƒ–‡ƒ†ƒ…–‹˜‹–›ƒ••‘…‹ƒ–‡†™‹–Š‘’‡‹‰–Š‡
†‘™•–”‡ƒ˜ƒŽ˜‡ƒ†”‡‘˜‹‰–‡’‘”ƒ”›†‹˜‡”•‹‘„‡”•’”‹‘”–‘‹‹–‹ƒ–‹‰™ƒ•–‡†‹•’‘•ƒŽ
ƒ…–‹˜‹–‹‡•ǤŠ‡™”‹––‡†‘…—‡–•ŠƒŽŽ„‡’Žƒ…‡†‹–Š‡ˆƒ…‹Ž‹–›‘’‡”ƒ–‹‰”‡…‘”†•Ǥ
ϵ͘Ϯ^ƵƌĨĂĐĞtĂƚĞƌ^ŚĂůůEŽƚĞ/ŵƉŽƵŶĚĞĚKǀĞƌtĂƐƚĞ
ƒ……‘”†ƒ…‡™‹–Šͳͷͳ͵Ǥͳ͸ʹ͸ȋͺȌȋ„Ȍǡ•—”ˆƒ…‡™ƒ–‡”•ŠƒŽŽ‘–„‡‹’‘—†‡†‘˜‡”‘”‹
™ƒ•–‡Ǥ‘’Ž‡–‡†ƒ”‡ƒ••ŠƒŽŽ„‡ƒ†‡“—ƒ–‡Ž›•Ž‘’‡†ƒ–ƒ‹‹—‘ˆͷΨ–‘ƒŽŽ‘™•—”ˆƒ…‡™ƒ–‡””—‘ˆˆ
‹ƒ…‘–”‘ŽŽ‡†ƒ‡”Ǥ
ϵ͘ϯtĂƐƚĞ^ŚĂůůEŽƚĞŝƐƉŽƐĞĚKĨ/ŶtĂƚĞƌ
ƒ……‘”†ƒ…‡™‹–Šͳͷͳ͵Ǥͳ͸ʹ͸ȋͺȌȋ…Ȍǡ•‘Ž‹†™ƒ•–‡•ŠƒŽŽ‘–„‡†‹•’‘•‡†‘ˆ‹™ƒ–‡”ǤŠ‡
‹‹—ˆ‘—”ˆ‘‘–•‡’ƒ”ƒ–‹‘ˆ”‘–Š‡•‡ƒ•‘ƒŽŠ‹‰Š‰”‘—†™ƒ–‡”–ƒ„Ž‡–‘–Š‡„‘––‘‘ˆ–Š‡Ž‹‡”
•›•–‡•ŠƒŽŽ„‡ƒ‹–ƒ‹‡†ƒ–ƒŽŽ–‹‡•Ǥ
ϵ͘ϰ>ĞĂĐŚĂƚĞŽůůĞĐƚŝŽŶĂŶĚŝƐƉŽƐĂů
ƒ……‘”†ƒ…‡™‹–Šͳͷͳ͵Ǥͳ͸ʹ͸ȋͺȌȋ†ȌǡŽ‡ƒ…Šƒ–‡•ŠƒŽŽ„‡…‘–ƒ‹‡†™‹–Š‹ƒŽ‹‡††‹•’‘•ƒŽ…‡ŽŽ
‘”Ž‡ƒ…Šƒ–‡…‘ŽŽ‡…–‹‘ƒ†•–‘”ƒ‰‡•›•–‡’”‹‘”–‘†‹•…Šƒ”‰‡Ǥ‡ƒ…Šƒ–‡‹•…‘ŽŽ‡…–‡†ƒ††‹•’‘•‡†‹
ƒ……‘”†ƒ…‡™‹–Š–Š‡Ž‡ƒ…Šƒ–‡ƒƒ‰‡‡–’Žƒ’”‘˜‹†‡†‹‡…–‹‘ͳ͵Ǥ‡ƒ…Šƒ–‡‹•’—’‡†‹–‘–Š‡
^ĞĐƚŝŽŶϵ•ƌĂŝŶĂŐĞŽŶƚƌŽůĂŶĚtĂƚĞƌWƌŽƚĞĐƚŝŽŶZĞƋƵŝƌĞŵĞŶƚƐ

ϵͲϮ
”‘••”‡‡ƒ–‡”‡…Žƒƒ–‹‘ ƒ…‹Ž‹–›‘™‡†ƒ†‘’‡”ƒ–‡†„›–Š‡ ƒ›‡––‡˜‹ŽŽ‡—„Ž‹…‘”•
‘‹••‹‘ȋȌ—†‡”–Š‡‹–›‘ˆ ƒ›‡––‡˜‹ŽŽ‡’‡”‹–‹…Ž—†‡†‹’’‡†‹š
Ǥ
ϵ͘ϱ>ĞĂĐŚĂƚĞŝƐĐŚĂƌŐĞ
ƒ……‘”†ƒ…‡™‹–Šͳͷͳ͵Ǥͳ͸ʹ͸ȋͺȌȋ‡Ȍȋ‹Ȍǡ–Š‡—„–‹–Ž‡Žƒ†ˆ‹ŽŽ•ŠƒŽŽ‘–…ƒ—•‡ƒ†‹•…Šƒ”‰‡‘ˆ
’‘ŽŽ—–ƒ–•‹–‘™ƒ–‡”•‘ˆ–Š‡‹–‡†–ƒ–‡•ǡ‹…Ž—†‹‰™‡–Žƒ†•ǡ–Šƒ–˜‹‘Žƒ–‡ƒ›”‡“—‹”‡‡–•‘ˆ–Š‡
Ž‡ƒƒ–‡”…–ǡ‹…Ž—†‹‰ǡ„—–‘–Ž‹‹–‡†–‘ǡ–Š‡ƒ–‹‘ƒŽ‘ŽŽ—–ƒ–‹•…Šƒ”‰‡Ž‹‹ƒ–‹‘›•–‡
ȋȌ”‡“—‹”‡‡–•ǡ’—”•—ƒ––‘‡…–‹‘ͶͲʹǤ
ƒ……‘”†ƒ…‡™‹–Šͳͷͳ͵Ǥͳ͸ʹ͸ȋͺȌȋ‡Ȍȋ‹‹Ȍǡ–Š‡—„–‹–Ž‡Žƒ†ˆ‹ŽŽ•ŠƒŽŽ‘–…ƒ—•‡ƒ†‹•…Šƒ”‰‡‘ˆ
ƒ‘’‘‹–•‘—”…‡‘ˆ’‘ŽŽ—–‹‘–‘™ƒ–‡”•‘ˆ–Š‡‹–‡†–ƒ–‡•ǡ‹…Ž—†‹‰™‡–Žƒ†•ǡ–Šƒ–˜‹‘Žƒ–‡•ƒ›
”‡“—‹”‡‡–‘ˆƒƒ”‡ƒǦ™‹†‡‘”–ƒ–‡™‹†‡™ƒ–‡”“—ƒŽ‹–›ƒƒ‰‡‡–’Žƒ–Šƒ–Šƒ•„‡‡ƒ’’”‘˜‡†
—†‡”‡…–‹‘ʹͲͺ‘”͵ͳͻ‘ˆ–Š‡Ž‡ƒƒ–‡”…–ǡƒ•ƒ‡†‡†Ǥ
ϵ͘ϲKƉĞƌĂƚŝŽŶƐŝŶƚŚĞǀĞŶƚŽĨĂϭϬϬͲLJĞĂƌ&ůŽŽĚ
ƒ……‘”†ƒ…‡™‹–Šͳͷͳ͵Ǥͳ͸ʹʹȋʹȌȋƒȌǡ–Š‡—„–‹–Ž‡Žƒ†ˆ‹ŽŽ•ŠƒŽŽ‘–„‡Ž‘…ƒ–‡†‹ͳͲͲǦ›‡ƒ”
ˆŽ‘‘†’Žƒ‹•—Ž‡••‹–…ƒ„‡†‡‘•–”ƒ–‡†–Šƒ––Š‡—‹–™‹ŽŽ‘–”‡•–”‹…––Š‡ˆŽ‘™‘ˆ–Š‡ͳͲͲǦ›‡ƒ”ˆŽ‘‘†ǡ
”‡†—…‡–Š‡–‡’‘”ƒ”›™ƒ–‡”•–‘”ƒ‰‡…ƒ’ƒ…‹–›‘ˆ–Š‡ˆŽ‘‘†’Žƒ‹ǡ‘””‡•—Ž–‹™ƒ•Š‘—–‘ˆ•‘Ž‹†™ƒ•–‡•‘
ƒ•–‘’‘•‡ƒŠƒœƒ”†–‘Š—ƒŠ‡ƒŽ–Šƒ†–Š‡‡˜‹”‘‡–Ǥ
••–ƒ–‡†‹‡…–‹‘ͳǤ͸‘ˆ–Š‡ ƒ…‹Ž‹–›Žƒ–Š‡ ‡†‡”ƒŽ‡”‰‡…›ƒƒ‰‡‡–‰‡…›ȋ ȌͳͲͲǦ
›‡ƒ”ˆŽ‘‘†’Žƒ‹Žƒ†ˆ‹ŽŽƒ’–Šƒ–‡…‘’ƒ••‡•Šƒ•‡™ƒ•”‡˜‹•‡†‘
ƒ—ƒ”›ͷǡʹͲͲ͹ƒˆ–‡”–Š‡
‘”‹‰‹ƒŽˆƒ…‹Ž‹–›†‡•‹‰ƒ†’‡”‹––‹‰™ƒ•…‘’Ž‡–‡†ǤŠ‡—’†ƒ–‡† ˆŽ‘‘†’Žƒ‹ƒ’•Š‘™•ƒ
’‘”–‹‘‘ˆ–Š‡ͳͲͲǦ›‡ƒ”ˆŽ‘‘†’Žƒ‹‡š–‡†‹‰‹–‘Šƒ•‡Ǥ–‘”ƒ‰‡…ƒŽ…—Žƒ–‹‘•…‘ˆ‹”–Š‡•–‘”ƒ‰‡
˜‘Ž—‡†‹•’Žƒ…‡††—”‹‰–Š‡…‘•–”—…–‹‘‘ˆŠƒ•‡‹•‹–‹‰ƒ–‡†„›–Š‡ƒ††‹–‹‘ƒŽ˜‘Ž—‡‡š…ƒ˜ƒ–‡†
†—”‹‰–Š‡…‘•–”—…–‹‘‘ˆ‡†‹‡–‘†͓͵ǤŠ‡„‡”•—””‘—†‹‰Šƒ•‡™‹ŽŽ’”‡˜‡–
ˆŽ‘‘†™ƒ–‡”•ˆ”‘‹’ƒ…–‹‰–Š‡Žƒ†ˆ‹ŽŽǤŽŽ‘–Š‡”™ƒ•–‡‘’‡”ƒ–‹‘•ƒ”‡‘—–•‹†‡‘ˆ–Š‡ͳͲͲǦ›‡ƒ”
ˆŽ‘‘†’Žƒ‹ƒ†™‘—Ž†‘–„‡ƒˆˆ‡…–‡†Ǥ




ϭϬͲϭ
^ĞĐƚŝŽŶϭϬ 
>ŝƋƵŝĚZĞƐƚƌŝĐƚŝŽŶƐ
‹“—‹†™ƒ•–‡‹•†‡ˆ‹‡†ƒ•ƒ›™ƒ•–‡ƒ–‡”‹ƒŽ–Šƒ–‹•†‡–‡”‹‡†–‘…‘–ƒ‹̶ˆ”‡‡Ž‹“—‹†̶ƒ•†‡ˆ‹‡†„›
‡–Š‘†ͻͲͻͷȋƒ‹– ‹Ž–‡”‹“—‹†•‡•–ȌǤ†‡•…”‹’–‹‘‘ˆŠ‘™–‘…‘†—…–ƒ’ƒ‹–ˆ‹Ž–‡”–‡•–‹•‹…Ž—†‡†
‹‡…–‹‘ͳͲǤ͵Ǥ
ϭϬ͘ϭƵůŬŽƌEŽŶͲŽŶƚĂŝŶĞƌŝnjĞĚ>ŝƋƵŝĚtĂƐƚĞ
ƒ……‘”†ƒ…‡™‹–Šͳͷͳ͵Ǥͳ͸ʹ͸ȋͻȌȋƒȌǡ„—Ž‘”…‘–ƒ‹‡”‹œ‡†Ž‹“—‹†™ƒ•–‡ƒ›‘–„‡’Žƒ…‡†
‹ƒ —‹–—Ž‡••ǣ
ƒŠ‡™ƒ•–‡‹•Š‘—•‡Š‘Ž†™ƒ•–‡‘–Š‡”–Šƒ•‡’–‹…™ƒ•–‡ƒ†™ƒ•–‡‘‹ŽǢ‘”
ƒŠ‡™ƒ•–‡‹•Ž‡ƒ…Šƒ–‡‘”‰ƒ•…‘†‡•ƒ–‡†‡”‹˜‡†ˆ”‘–Š‡ —‹–Ǥ
ϭϬ͘ϮŽŶƚĂŝŶĞƌŝnjĞĚ>ŝƋƵŝĚtĂƐƚĞ
ƒ……‘”†ƒ…‡™‹–Šͳͷͳ͵Ǥͳ͸ʹ͸ȋͻȌȋ„Ȍǡ…‘–ƒ‹‡”•Š‘Ž†‹‰Ž‹“—‹†™ƒ•–‡•ƒ›‘–„‡’Žƒ…‡†‹
 —‹–•—Ž‡••ǣ
ƒŠ‡…‘–ƒ‹‡”‹••ƒŽŽƒ†•‹‹Žƒ”‹•‹œ‡–‘–Šƒ–‘”ƒŽŽ›ˆ‘—†‹Š‘—•‡Š‘Ž†™ƒ•–‡Ǣ
ƒŠ‡…‘–ƒ‹‡”‹•†‡•‹‰‡†–‘Š‘Ž†Ž‹“—‹†•ˆ‘”—•‡‘–Š‡”–Šƒ•–‘”ƒ‰‡Ǣ‘”
ƒŠ‡™ƒ•–‡‹•Š‘—•‡Š‘Ž†™ƒ•–‡Ǥ
ϭϬ͘ϯWĂŝŶƚ&ŝůƚĞƌdĞƐƚ
……‘”†‹‰–‘ͶͲ ʹ͸ͶǤ͵ͳͶƒ†ʹ͸ͷǤ͵ͳͶǡ–Š‡’Žƒ…‡‡–‘ˆƒ›Ž‹“—‹†™Š‹…Š‹•‘–ƒŠƒœƒ”†‘—•™ƒ•–‡
‹ƒŽƒ†ˆ‹ŽŽ‹•’”‘Š‹„‹–‡†—Ž‡••–Š‡‘™‡”‘”‘’‡”ƒ–‘”‘ˆ•—…ŠŽƒ†ˆ‹ŽŽ†‡‘•–”ƒ–‡•–‘–Š‡‡‰‹‘ƒŽ
†‹‹•–”ƒ–‘”ǡ‘”–Š‡‡‰‹‘ƒŽ†‹‹•–”ƒ–‘”†‡–‡”‹‡•–Šƒ–ǣ
ƒŠ‡‘Ž›”‡ƒ•‘ƒ„Ž›ƒ˜ƒ‹Žƒ„Ž‡ƒŽ–‡”ƒ–‹˜‡–‘–Š‡’Žƒ…‡‡–‹•—…ŠŽƒ†ˆ‹ŽŽ‹•’Žƒ…‡‡–‹ƒ
Žƒ†ˆ‹ŽŽ‘”—Ž‹‡†•—”ˆƒ…‡‹’‘—†‡–ǡ™Š‡–Š‡”‘”‘–’‡”‹––‡†‘”‘’‡”ƒ–‹‰—†‡”‹–‡”‹
•–ƒ–—•ǡ™Š‹…Š…‘–ƒ‹•ǡ‘”ƒ›”‡ƒ•‘ƒ„Ž›„‡ƒ–‹…‹’ƒ–‡†–‘…‘–ƒ‹ǡŠƒœƒ”†‘—•™ƒ•–‡Ǥ
ƒŽƒ…‡‡–‹•—…ŠŽƒ†ˆ‹ŽŽ™‹ŽŽ‘–’”‡•‡–ƒ”‹•‘ˆ…‘–ƒ‹ƒ–‹‘‘ˆƒ›—†‡”‰”‘—†•‘—”…‡‘ˆ
†”‹‹‰™ƒ–‡”Ǥ
‘†‡‘•–”ƒ–‡–Š‡ƒ„•‡…‡‘”’”‡•‡…‡‘ˆˆ”‡‡Ž‹“—‹†•‹‡‹–Š‡”ƒ…‘–ƒ‹‡”‹œ‡†‘”„—Ž™ƒ•–‡ǡ–Š‡
ƒ‹– ‹Ž–‡”‡•–ȋ‡–Š‘†ͻͲͻͷȌ…ƒ„‡—•‡†Ǥ
‘…‘†—…––Š‡ƒ‹– ‹Ž–‡”‡•–ǡƒ’”‡Ǧ†‡–‡”‹‡†ƒ‘—–‘ˆƒ–‡”‹ƒŽ‹•’Žƒ…‡†‹ƒ’ƒ‹–ˆ‹Ž–‡”Ǥˆƒ›
’‘”–‹‘‘ˆ–Š‡ƒ–‡”‹ƒŽ’ƒ••‡•–Š”‘—‰Šƒ††”‘’•ˆ”‘–Š‡ˆ‹Ž–‡”™‹–Š‹–Š‡ͷǦ‹—–‡–‡•–’‡”‹‘†ǡ–Š‡
ƒ–‡”‹ƒŽ‹•†‡‡‡†–‘…‘–ƒ‹ˆ”‡‡Ž‹“—‹†•ǤŠ‡–‡•–ƒ’’ƒ”ƒ–—•ƒ†ƒ–‡”‹ƒŽ•ƒ”‡’”‡•‡–‡†‹ ‹‰—”‡
ͳͲǦͳǤŠ‡’ƒ‹–ˆ‹Ž–‡”‹•”‡“—‹”‡†–‘„‡ƒ…‘‹…ƒŽ’ƒ‹–ˆ‹Ž–‡”‡•Š—„‡”͸Ͳȋˆ‹‡‡•Š‡†•‹œ‡ȌǤˆ–Š‡
’ƒ‹–ˆ‹Ž–‡”ǡ™‹–Š–Š‡™ƒ•–‡ǡ…ƒ‘–•—•–ƒ‹‹–•™‡‹‰Š–‘–Š‡”‹‰•–ƒ†ǡ–Š‡ƒˆŽ—–‡†‰Žƒ••ˆ—‡Ž‘”
‰Žƒ••ˆ—‡Ž™‹–Šƒ‘—–ŠŽƒ”‰‡‡‘—‰Š–‘ƒŽŽ‘™ƒ–Ž‡ƒ•–ͳ‹…Š‘ˆ–Š‡ˆ‹Ž–‡”‡•Š–‘’”‘–”—†‡•Š‘—Ž†„‡
^ĞĐƚŝŽŶϭϬ•>ŝƋƵŝĚZĞƐƚƌŝĐƚŝŽŶƐ

ϭϬͲϮ
—•‡†–‘•—’’‘”––Š‡ˆ‹Ž–‡”ǤŠ‡ˆ—‡Ž‹•–‘„‡ˆŽ—–‡†‘”Šƒ˜‡ƒŽƒ”‰‡‘’‡‘—–Š‹‘”†‡”–‘•—’’‘”–
–Š‡’ƒ‹–ˆ‹Ž–‡”›‡–‘–‹–‡”ˆ‡”‡™‹–Š–Š‡‘˜‡‡–ǡ–‘–Š‡‰”ƒ†—ƒ–‡†…›Ž‹†‡”ǡ‘ˆ–Š‡Ž‹“—‹†–Šƒ–’ƒ••‡•
–Š”‘—‰Š–Š‡ˆ‹Ž–‡”‡•ŠǤ

‹‰—”‡ͳͲǦͳƒ‹– ‹Ž–‡”‡•–

ϭϭͲϭ
^ĞĐƚŝŽŶϭϭ 
ZĞĐŽƌĚŬĞĞƉŝŶŐZĞƋƵŝƌĞŵĞŶƚƐ
ϭϭ͘ϭZĞŐƵůĂƚŽƌLJZĞƋƵŝƌĞŵĞŶƚƐ
ƒ……‘”†ƒ…‡™‹–Šͳͷͳ͵Ǥͳ͸ʹ͸ȋͳͲȌȋƒȌǡ–Š‡‘™‡”‘”‘’‡”ƒ–‘”‘ˆƒ —‹–—•–”‡…‘”†
ƒ†”‡–ƒ‹ƒ––Š‡ˆƒ…‹Ž‹–›ǡ‘”ƒƒŽ–‡”ƒ–‹˜‡Ž‘…ƒ–‹‘‡ƒ”–Š‡ˆƒ…‹Ž‹–›ƒ’’”‘˜‡†„›–Š‡‹˜‹•‹‘‘ˆƒ•–‡
ƒƒ‰‡‡–ȋȌǡ‹ƒ‘’‡”ƒ–‹‰”‡…‘”†–Š‡ˆ‘ŽŽ‘™‹‰‹ˆ‘”ƒ–‹‘ƒ•‹–„‡…‘‡•ƒ˜ƒ‹Žƒ„Ž‡ǣ
ƒ•’‡…–‹‘”‡…‘”†•ǡ™ƒ•–‡†‡–‡”‹ƒ–‹‘”‡…‘”†•ǡƒ†–”ƒ‹‹‰’”‘…‡†—”‡•Ǣ
ƒ‘—–„›™‡‹‰Š–‘ˆ•‘Ž‹†™ƒ•–‡”‡…‡‹˜‡†ƒ––Š‡ˆƒ…‹Ž‹–›–‘‹…Ž—†‡•‘—”…‡‘ˆ‰‡‡”ƒ–‹‘Ǣ
ƒ
ƒ•‘‹–‘”‹‰”‡•—Ž–•ƒ†ƒ›”‡‡†‹ƒ–‹‘’Žƒ•Ǣ
ƒ›†‡‘•–”ƒ–‹‘ǡ…‡”–‹ˆ‹…ƒ–‹‘ǡˆ‹†‹‰•ǡ‘‹–‘”‹‰ǡ–‡•–‹‰ǡ‘”ƒƒŽ›–‹…ƒŽ†ƒ–ƒ”‡“—‹”‡†„›
‰”‘—†™ƒ–‡”‘‹–‘”‹‰”‡“—‹”‡‡–•ǡ‰”‘—†™ƒ–‡”‘‹–‘”‹‰•›•–‡•ǡ†‡–‡…–‹‘
‘‹–‘”‹‰ǡƒ••‡••‡–‘‹–‘”‹‰ǡƒ••‡••‡–‘ˆ…‘””‡…–‹˜‡‡ƒ•—”‡•ǡ•‡Ž‡…–‹‘‘ˆ”‡‡†›ǡ
ƒ†‹’Ž‡‡–ƒ–‹‘‘ˆ…‘””‡…–‹˜‡ƒ…–‹‘’”‘‰”ƒ
ƒ›‘‹–‘”‹‰ǡ–‡•–‹‰ǡ‘”ƒƒŽ›–‹…ƒŽ†ƒ–ƒ”‡“—‹”‡†ˆ‘”Ž‘•—”‡ƒ†‘•–ǦŽ‘•—”‡Žƒ•
ƒ›…‘•–‡•–‹ƒ–‡•ƒ†ˆ‹ƒ…‹ƒŽƒ••—”ƒ…‡†‘…—‡–ƒ–‹‘”‡“—‹”‡†„›ˆ‹ƒ…‹ƒŽƒ••—”ƒ…‡
”‡“—‹”‡‡–•
ƒ…‘’›‘ˆ–Š‡’‡”ƒ–‹‘Žƒƒ•”‡“—‹”‡†„›—Ž‡Ǥͳ͸ʹͷǤ
ƒ††‹–‹‘ǡ‹–‹•”‡…‘‡†‡†–Šƒ––Š‡‘™‡”‘”‘’‡”ƒ–‘”‘ˆƒ —‹–•Š‘—Ž†”‡…‘”†ƒ†”‡–ƒ‹
ƒ––Š‡ˆƒ…‹Ž‹–›‹ƒ‘’‡”ƒ–‹‰”‡…‘”†–Š‡ˆ‘ŽŽ‘™‹‰‹ˆ‘”ƒ–‹‘ƒ•‹–„‡…‘‡•ƒ˜ƒ‹Žƒ„Ž‡ǣ
ƒ‡”‹– ‹Ž‡‹…Ž—†‹‰–Š‡‘Ž‹†ƒ•–‡‡”‹–ǡ”‘•‹‘‘–”‘Ž‡”‹–ǡ–‘”™ƒ–‡”
‡”‹–ǡƒ†‡ƒ…Šƒ–‡‹•’‘•ƒŽ‡”‹–
ƒƒ–ƒƒ†‡•–‡•—Ž–•ˆ”‘…‘•–”—…–‹‘‘ˆ–Š‡Žƒ†ˆ‹ŽŽ
ƒ–‘”™ƒ–‡”‘‹–‘”‹‰ƒ–ƒ‹…Ž—†‹‰‹•—ƒŽ•’‡…–‹‘‡…‘”†•ƒ†ƒ’Ž‹‰‡•—Ž–•
ƒ–ƒ
—”•—ƒ––‘—Ž‡Ǥͳ͸ʹ͸ȋͳͲȌȋ„ȌǡƒŽŽ‹ˆ‘”ƒ–‹‘…‘–ƒ‹‡†‹–Š‡‘’‡”ƒ–‹‰”‡…‘”†—•–„‡ˆ—”‹•Š‡†
—’‘”‡“—‡•––‘–Š‡‘”„‡ƒ†‡ƒ˜ƒ‹Žƒ„Ž‡ƒ–ƒŽŽ”‡ƒ•‘ƒ„Ž‡–‹‡•ˆ‘”‹•’‡…–‹‘„›–Š‡Ǥ
ϭϭ͘ϮWĞƌŵŝƚ&ŝůĞ
ˆ‹Ž‡…‘–ƒ‹‹‰ƒŽŽƒ’’”‘’”‹ƒ–‡’‡”‹–••Š‘—Ž†„‡‡’–‘•‹–‡ǤŠ‡ˆ‹Ž‡•ŠƒŽŽ‹…Ž—†‡–Š‡ˆ‘ŽŽ‘™‹‰
’‡”‹–•ƒ–ƒ‹‹—ǣ
ϭϭ͘Ϯ͘ϭ^ŽůŝĚtĂƐƚĞWĞƌŵŝƚ
…‘’›‘ˆƒŽŽƒ’’Ž‹…ƒ„Ž‡•‘Ž‹†™ƒ•–‡’‡”‹–••ŠƒŽŽ„‡‡’–‹–Š‹•ˆ‹Ž‡Ǥ
^ĞĐƚŝŽŶϭϭ•ZĞĐŽƌĚŬĞĞƉŝŶŐZĞƋƵŝƌĞŵĞŶƚƐ

ϭϭͲϮ
ϭϭ͘Ϯ͘Ϯ^ĞĚŝŵĞŶƚĂŶĚƌŽƐŝŽŶŽŶƚƌŽůWĞƌŵŝƚ
…‘’›‘ˆƒŽŽƒ’’Ž‹…ƒ„Ž‡‡†‹‡–ƒ†”‘•‹‘‘–”‘Ž’‡”‹–••ŠƒŽŽ„‡‡’–‹–Š‹•ˆ‹Ž‡Ǥ
ϭϭ͘Ϯ͘ϯEW^^ƚŽƌŵǁĂƚĞƌWĞƌŵŝƚ
…‘’›‘ˆƒ’’Ž‹…ƒ„Ž‡•–‘”™ƒ–‡”’‡”‹–••ŠƒŽŽ„‡‡’–‹–Š‹•ˆ‹Ž‡Ǥ
ϭϭ͘Ϯ͘ϰ>ĞĂĐŚĂƚĞŝƐƉŽƐĂůWĞƌŵŝƚ
…‘’›‘ˆƒ’’Ž‹…ƒ„Ž‡Ž‡ƒ…Šƒ–‡†‹•’‘•ƒŽ’‡”‹–•ˆ”‘–Š‡‹–›‘ˆ ƒ›‡––‡˜‹ŽŽ‡•ŠƒŽŽ„‡‡’–‹–Š‹•ˆ‹Ž‡Ǥ
ϭϭ͘ϯtĂƐƚĞ^ĐƌĞĞŶŝŶŐ&ŝůĞƐ
ϭϭ͘ϯ͘ϭ/ŶƐƉĞĐƚŝŽŶZĞĐŽƌĚƐ
Š‹•ˆ‹Ž‡•Š‘—Ž†‹…Ž—†‡…‘’Ž‡–‡†…‘’‹‡•‘ˆ–Š‡ƒ•–‡…”‡‡‹‰”‘‰”ƒ‡…‘”†‘ˆ•’‡…–‹‘ˆ‘”Ǥ
…‘’›‘ˆ–Š‹•ˆ‘”‹•‹…Ž—†‡†‹’’‡†‹š‘ˆ–Š‹•’‡”ƒ–‹‘•ŽƒǤ
ϭϭ͘ϯ͘ϮtĂƐƚĞĞƚĞƌŵŝŶĂƚŝŽŶZĞĐŽƌĚƐ
Š‹•ˆ‹Ž‡…‘–ƒ‹•ƒ…‘’›‘ˆƒŽŽ–Š‡™ƒ•–‡†‡–‡”‹ƒ–‹‘ˆ‘”••—„‹––‡†–‘–Š‡‘—–›Ǥ
ϭϭ͘ϯ͘ϯdƌĂŝŶŝŶŐWƌŽĐĞĚƵƌĞƐ
Š‹•ˆ‹Ž‡•Š‘—Ž†‹…Ž—†‡…‡”–‹ˆ‹…ƒ–‡•‘ˆ•—……‡••ˆ—Ž–”ƒ‹‹‰‹‹†‡–‹ˆ›‹‰Ž‹“—‹†ƒ†Šƒœƒ”†‘—•™ƒ•–‡ˆ‘”
ƒŽŽŽƒ†ˆ‹ŽŽ’‡”•‘‡ŽǤ
ϭϭ͘ϰtĞŝŐŚ^ĐĂůĞĂƚĂ
Š‹•ˆ‹Ž‡•Š‘—Ž†…‘–ƒ‹–Š‡ƒ‘—–„›™‡‹‰Š–‘ˆ•‘Ž‹†™ƒ•–‡”‡…‡‹˜‡†ƒ––Š‡ˆƒ…‹Ž‹–›‹…Ž—†‹‰–Š‡
•‘—”…‡‘ˆ‰‡‡”ƒ–‹‘ǤŠ‡™‡‹‰Š•…ƒŽ‡†ƒ–ƒ•Š‘—Ž†„‡ˆ‹Ž‡†‹ƒƒ‡”•—…Š–Šƒ–‘‡‘–Š‘ˆ•…ƒŽ‡
†ƒ–ƒ•ŠƒŽŽ„‡ˆ‹Ž‡†ˆ‘”…‘˜‡‹‡–”‡ˆ‡”‡…‡Ǥ
ϭϭ͘ϱ'ĂƐDŽŶŝƚŽƌŝŶŐĂƚĂ
ϭϭ͘ϱ͘ϭZŽƵƚŝŶĞ>ĂŶĚĨŝůů'ĂƐDŽŶŝƚŽƌŝŶŐ&Žƌŵ
Š‹•ˆ‹Ž‡•Š‘—Ž†…‘–ƒ‹…‘’Ž‡–‡†…‘’‹‡•‘ˆƒŽŽƒ†ˆ‹ŽŽ
ƒ•‘‹–‘”‹‰ˆ‘”•Ǥ…‘’›‘ˆ–Š‡ƒ†ˆ‹ŽŽ

ƒ•‘‹–‘”‹‰ˆ‘”‹•‹…Ž—†‡†‹’’‡†‹š‘ˆ–Š‹•’‡”ƒ–‹‘•ŽƒǤˆ‘”•Š‘—Ž†„‡’”‡’ƒ”‡†
ˆ‘”‡ƒ…ŠŽƒ†ˆ‹ŽŽ‰ƒ••ƒ’Ž‹‰‡˜‡–ǤŠ‡Žƒ†ˆ‹ŽŽ‰ƒ••ƒ’Ž‹‰‡˜‡–••Š‘—Ž†‘……—”ƒ–Ž‡ƒ•–“—ƒ”–‡”Ž›
ȋ‡˜‡”›–Š”‡‡‘–Š•Ȍ‹ƒ……‘”†ƒ…‡™‹–Š–Š‡ƒ†ˆ‹ŽŽ
ƒ•‘‹–‘”‹‰ŽƒǤ
ϭϭ͘ϱ͘ϮĐƚŝŽŶƐ/ĨZĞŐƵůĂƚŽƌLJ>ŝŵŝƚŝƐĞƚĞĐƚĞĚĂƚDĞƚŚĂŶĞDŽŶŝƚŽƌŝŶŐ^ŝƚĞƐ
ˆ‡–Šƒ‡Ž‡˜‡Ž•‡š…‡‡†–Š‡”‡‰—Žƒ–‘”›Ž‹‹–•ǡ–Š‹•ˆ‹Ž‡•Š‘—Ž†…‘–ƒ‹ƒ†‡•…”‹’–‹‘‘ˆ–Š‡•–‡’•–ƒ‡
–‘’”‘–‡…–Š—ƒŠ‡ƒŽ–ŠǤ
ϭϭ͘ϱ͘ϯZĞŵĞĚŝĂƚŝŽŶWůĂŶ
ˆ‡–Šƒ‡Ž‡˜‡Ž•‡š…‡‡†–Š‡”‡‰—Žƒ–‘”›Ž‹‹–•ǡ–Š‹•ˆ‹Ž‡•Š‘—Ž†…‘–ƒ‹ƒ”‡‡†‹ƒ–‹‘’Žƒˆ‘”‡–Šƒ‡
‰ƒ•”‡Ž‡ƒ•‡•Ǥ
ϭϭ͘ϱ͘ϰZĞƉŽƌƚŝŶŐ
Š‡‹–Ž‡’‡”ƒ–‹‰‡”‹–ǡƒ—ƒŽ
”‡‡Š‘—•‡
ƒ•‡’‘”–•ǡƒ†‘–Š‡””‡’‘”–•”‡Žƒ–‡†–‘–Š‡‘•‹–‡

•ŠƒŽŽ„‡’Žƒ…‡†‹–Š‡‘’‡”ƒ–‹‰”‡…‘”†ƒ––Š‡Žƒ†ˆ‹ŽŽˆƒ…‹Ž‹–›Ǥ
^ĞĐƚŝŽŶϭϭ•ZĞĐŽƌĚŬĞĞƉŝŶŐZĞƋƵŝƌĞŵĞŶƚƐ

ϭϭͲϯ
ϭϭ͘ϲ'ƌŽƵŶĚǁĂƚĞƌDŽŶŝƚŽƌŝŶŐ&ŝůĞƐ
ϭϭ͘ϲ͘ϭ'ƌŽƵŶĚǁĂƚĞƌDŽŶŝƚŽƌŝŶŐZĞƋƵŝƌĞŵĞŶƚƐ
Š‹•ˆ‹Ž‡•Š‘—Ž†…‘–ƒ‹–Š‡ƒ’’”‘˜‡†ƒ–‡”—ƒŽ‹–›‘‹–‘”‹‰ŽƒǤ…‘’›‘ˆ–Š‡ƒ–‡”—ƒŽ‹–›
‘‹–‘”‹‰Žƒ‹•‹…Ž—†‡†‹’’‡†‹š‘ˆ–Š‹•’‡”ƒ–‹‘•ŽƒǤ
ϭϭ͘ϲ͘Ϯ'ƌŽƵŶĚǁĂƚĞƌDŽŶŝƚŽƌŝŶŐ^LJƐƚĞŵƐ
Š‹•ˆ‹Ž‡•Š‘—Ž†…‘–ƒ‹ƒ™‡ŽŽ…‘’Ž‡–‹‘”‡…‘”†ˆ‘”ƒŽŽ‘‹–‘”‹‰™‡ŽŽ•‘–Š‡•‹–‡ǤŠ‡‘ˆˆ‹…‹ƒŽ
ˆ‘”•ˆ‘”™‡ŽŽ•‘”’‹‡œ‘‡–‡”•™Š‹…Šƒ”‡•—„Œ‡…––‘’Ž—‰ƒ†ƒ„ƒ†‘‡–•ŠƒŽŽƒŽ•‘„‡’Žƒ…‡†‹–Š‡
‘’‡”ƒ–‹‰”‡…‘”†•Ǥ
ϭϭ͘ϲ͘ϯ'ƌŽƵŶĚǁĂƚĞƌ^ĂŵƉůŝŶŐĂŶĚŶĂůLJƐŝƐZĞƋƵŝƌĞŵĞŶƚƐ
Š‹•ˆ‹Ž‡•Š‘—Ž†…‘–ƒ‹–Š‡ƒ’Ž‹‰ƒ†ƒŽ›•‹•Žƒƒ’’”‘˜‡†„›–Š‡Ǥ
ϭϭ͘ϲ͘ϰ'ƌŽƵŶĚǁĂƚĞƌĞƚĞĐƚŝŽŶDŽŶŝƚŽƌŝŶŐWƌŽŐƌĂŵ
Š‹•ˆ‹Ž‡•Š‘—Ž†…‘–ƒ‹ƒ…‘’›‘ˆ–Š‡’’‡†‹š‰”‘—†™ƒ–‡”ƒ†•—”ˆƒ…‡™ƒ–‡”†‡–‡…–‹‘‘‹–‘”‹‰
ƒƒŽ›•‹•”‡’‘”–•Ǥ
ϭϭ͘ϲ͘ϱ'ƌŽƵŶĚǁĂƚĞƌƐƐĞƐƐŵĞŶƚDŽŶŝƚŽƌŝŶŐWƌŽŐƌĂŵ
Š‹•ˆ‹Ž‡•Š‘—Ž†…‘–ƒ‹ƒ…‘’›‘ˆ–Š‡’’‡†‹š‰”‘—†™ƒ–‡”ƒ†•—”ˆƒ…‡™ƒ–‡”ƒ••‡••‡–
‘‹–‘”‹‰ƒƒŽ›•‹•”‡’‘”–•ǡ‹ˆ”‡“—‹”‡†Ǥ
ϭϭ͘ϲ͘ϲƐƐĞƐƐŵĞŶƚŽĨŽƌƌĞĐƚŝǀĞĐƚŝŽŶ
Š‹•ˆ‹Ž‡•Š‘—Ž†…‘–ƒ‹…‘’‹‡•‘ˆ”‡’‘”–•‘—–Ž‹‹‰ƒŽŽ‡ƒ•…‘•‹†‡”‡†ˆ‘”…‘””‡…–‹˜‡ƒ…–‹‘ǡ‹ˆ‡˜‡”
”‡“—‹”‡†Ǥ
ϭϭ͘ϲ͘ϳ^ĞůĞĐƚŝŽŶŽĨZĞŵĞĚLJ
Š‹•ˆ‹Ž‡•Š‘—Ž†…‘–ƒ‹…‘’‹‡•‘ˆ”‡’‘”–•‘—–Ž‹‹‰‡ƒ•ƒ’’”‘˜‡†„›–Š‡ˆ‘”…‘””‡…–‹˜‡ƒ…–‹‘Ǥ
ϭϭ͘ϲ͘ϴ/ŵƉůĞŵĞŶƚĂƚŝŽŶŽĨƚŚĞŽƌƌĞĐƚŝǀĞĐƚŝŽŶWƌŽŐƌĂŵ
Š‹•ˆ‹Ž‡•Š‘—Ž†…‘–ƒ‹ƒ…‘’Ž‡–‹‘”‡’‘”––Šƒ–†‘…—‡–•–Š‡…‘””‡…–‹˜‡ƒ…–‹‘–ƒ‡ƒ†‹–•
…‘’Ž‹ƒ…‡™‹–Š—Ž‡Ǥͳ͸͵͹ȋ‡ȌǤ
ϭϭ͘ϳůŽƐƵƌĞWůĂŶĂƚĂ&ŝůĞ
ϭϭ͘ϳ͘ϭEŽƚŝĨŝĐĂƚŝŽŶŽĨ/ŶƚĞŶƚƚŽůŽƐĞĂD^t>&hŶŝƚ
”‹‘”–‘„‡‰‹‹‰…Ž‘•—”‡‘ˆƒ ‹–ǡƒ‘–‹…‡‘ˆ‹–‡––‘…Ž‘•‡–Š‡ ‹–•Š‘—Ž†„‡•‡–
–‘–Š‡Ǥ…‘’›‘ˆ–Šƒ–‘–‹ˆ‹…ƒ–‹‘•ŠƒŽŽ„‡ˆ‹Ž‡†‹–Š‹••‡…–‹‘‘ˆ–Š‡’‡”ƒ–‹‘•‡…‘”†Ǥ
ϭϭ͘ϳ͘ϮĞƌƚŝĨŝĐĂƚŝŽŶŽĨůŽƐƵƌĞ
’‘…Ž‘•—”‡‘ˆ‡ƒ…Š ‹–ǡƒ…‡”–‹ˆ‹…ƒ–‹‘•‹‰‡†„›ƒ”‘ˆ‡••‹‘ƒŽ‰‹‡‡”˜‡”‹ˆ›‹‰–Šƒ–
…Ž‘•—”‡Šƒ•„‡‡…‘’Ž‡–‡†‹ƒ……‘”†ƒ…‡™‹–Š–Š‡…Ž‘•—”‡’Žƒ•ŠƒŽŽ„‡•‡––‘–Š‡Ǥ…‘’›‘ˆ
–Š‡…‡”–‹ˆ‹…ƒ–‹‘•ŠƒŽŽ„‡ˆ‹Ž‡†‹–Š‹••‡…–‹‘‘ˆ–Š‡’‡”ƒ–‹‘•‡…‘”†Ǥ
ϭϭ͘ϳ͘ϯEŽƚĂƚŝŽŶŽĨĞĞĚ
‘ŽŽ‘™‹‰–Š‡…Ž‘•—”‡‘ˆ‡ƒ…Š ‹–ǡ–Š‡‘—–›•ŠƒŽŽ”‡…‘”†ƒ‘–ƒ–‹‘–‘–Š‡†‡‡†‘ˆ–Š‡
ˆƒ…‹Ž‹–›’”‘’‡”–›ǡ‘”•‘‡‘–Š‡”‹•–”—‡––Šƒ–‹•‘”ƒŽŽ›‡šƒ‹‡††—”‹‰–‹–Ž‡•‡ƒ”…ŠǤŠ‡
^ĞĐƚŝŽŶϭϭ•ZĞĐŽƌĚŬĞĞƉŝŶŐZĞƋƵŝƌĞŵĞŶƚƐ

ϭϭͲϰ
‘–ƒ–‹‘‘–Š‡†‡‡†•ŠƒŽŽǡ‹’‡”’‡–—‹–›ǡ‘–‹ˆ›ƒ›’‘–‡–‹ƒŽ’—”…Šƒ•‡”‘ˆ–Š‡’”‘’‡”–›–Šƒ––Š‡Žƒ†
Šƒ•„‡‡—•‡†ƒ•ƒŽƒ†ˆ‹ŽŽˆƒ…‹Ž‹–›ƒ†‹–•—•‡‹•”‡•–”‹…–‡†—†‡”–Š‡…Ž‘•—”‡’Žƒƒ’’”‘˜‡†„›–Š‡
•‡…–‹‘Ǥ…‘’›‘ˆ–Š‡‘–ƒ–‹‘‘ˆ‡‡†•Š‘—Ž†„‡ˆ‹Ž‡†‹–Š‹••‡…–‹‘‘ˆ–Š‡’‡”ƒ–‹‘•‡…‘”†Ǥ
ϭϭ͘ϴWŽƐƚͲůŽƐƵƌĞ&ŝůĞ
ϭϭ͘ϴ͘ϭĞƌƚŝĨŝĐĂƚŝŽŶŽĨWŽƐƚͲůŽƐƵƌĞ
’‘…‘’Ž‡–‹‘‘ˆ–Š‡͵Ͳ›‡ƒ”’‘•–Ǧ…Ž‘•—”‡…ƒ”‡’‡”‹‘†ˆ‘”‡ƒ…Š ‹–ǡƒ…‡”–‹ˆ‹…ƒ–‹‘•‹‰‡†
„›ƒ”‘ˆ‡••‹‘ƒŽ‰‹‡‡”˜‡”‹ˆ›‹‰–Šƒ–’‘•–Ǧ…Ž‘•—”‡Šƒ•„‡‡…‘’Ž‡–‡†‹ƒ……‘”†ƒ…‡™‹–Š–Š‡
’‘•–Ǧ…Ž‘•—”‡’Žƒ•ŠƒŽŽ„‡•‡––‘–Š‡Ǥ…‘’›‘ˆ–Š‡…‡”–‹ˆ‹…ƒ–‹‘‘ˆ‘•–ǦŽ‘•—”‡•Š‘—Ž†„‡ˆ‹Ž‡†
‹–Š‹••‡…–‹‘‘ˆ–Š‡’‡”ƒ–‹‘•‡…‘”†Ǥ
ϭϭ͘ϵ&ŝŶĂŶĐŝĂůƐƐƵƌĂŶĐĞ&ŝůĞ
ϭϭ͘ϵ͘ϭůŽƐƵƌĞŽƐƚƐƚŝŵĂƚĞƐ
ƒ……‘”†ƒ…‡™‹–Šͳͷͳ͵Ǥͳ͸ʹͺȋ„ȌȋͳȌǡ—„‡”Žƒ†‘—–›—•–Šƒ˜‡ƒ†‡–ƒ‹Ž‡†…‘•–
‡•–‹ƒ–‡‹…—””‡–†‘ŽŽƒ”•ǡ‘ˆ–Š‡…‘•–‘ˆŠ‹”‹‰ƒ–Š‹”†’ƒ”–›–‘…Ž‘•‡–Š‡Žƒ”‰‡•–ƒ”‡ƒ‘ˆƒŽŽ 
—‹–•ƒ–ƒ›–‹‡†—”‹‰–Š‡ƒ…–‹˜‡Ž‹ˆ‡‹ƒ……‘”†ƒ…‡™‹–Š–Š‡…Ž‘•—”‡’ŽƒǤ…‘’›‘ˆ–Š‡…Ž‘•—”‡…‘•–
‡•–‹ƒ–‡—•–„‡’Žƒ…‡†‹–Š‹•ˆ‹Ž‡Ǥ
ϭϭ͘ϵ͘ϮWŽƐƚͲůŽƐƵƌĞŽƐƚƐƚŝŵĂƚĞƐ
ƒ……‘”†ƒ…‡™‹–Šͳͷͳ͵Ǥͳ͸ʹͺȋ…ȌȋͳȌǡ—„‡”Žƒ†‘—–›—•–Šƒ˜‡ƒ†‡–ƒ‹Ž‡†™”‹––‡
‡•–‹ƒ–‡ǡ‹…—””‡–†‘ŽŽƒ”•ǡ‘ˆ–Š‡…‘•–‘ˆŠ‹”‹‰ƒ–Š‹”†’ƒ”–›–‘…‘†—…–’‘•–Ǧ…Ž‘•—”‡…ƒ”‡ˆ‘”–Š‡
 —‹–‹…‘’Ž‹ƒ…‡™‹–Š–Š‡’‘•–Ǧ…Ž‘•—”‡’ŽƒǤŠ‡’‘•–Ǧ…Ž‘•—”‡†‡–ƒ‹Ž‡†™”‹––‡…‘•–‡•–‹ƒ–‡
—•–„‡‹…Ž—†‡†‹–Š‹•ˆ‹Ž‡Ǥ
ϭϭ͘ϵ͘ϯŽƌƌĞĐƚŝǀĞĐƚŝŽŶŽƐƚƐƚŝŵĂƚĞƐ
ƒ……‘”†ƒ…‡™‹–Šͳͷͳ͵Ǥͳ͸ʹͺȋ†ȌȋͳȌǡ‹ˆ—„‡”Žƒ†‘—–›‹•‡˜‡””‡“—‹”‡†–‘—†‡”–ƒ‡
…‘””‡…–‹˜‡ƒ…–‹‘‹–—•–Šƒ˜‡ƒ†‡–ƒ‹Ž‡†™”‹––‡‡•–‹ƒ–‡ǡ‹…—””‡–†‘ŽŽƒ”•ǡ‘ˆ–Š‡…‘•–‘ˆŠ‹”‹‰ƒ
–Š‹”†’ƒ”–›–‘…‘†—…–…‘””‡…–‹˜‡ƒ…–‹‘Ǥ
ƒ……‘”†ƒ…‡™‹–Š‘”–Šƒ”‘Ž‹ƒ
‡‡”ƒŽ–ƒ–—–‡ͳ͵ͲǦʹͻͷǤʹȋŠȌǡ–Š‡‘—–›•ŠƒŽŽ‡‡––Š‡ˆ‹ƒ…‹ƒŽ
ƒ••—”ƒ…‡”‡“—‹”‡‡–•ˆ‘”–Š‡—„–‹–Ž‡Žƒ†ˆ‹ŽŽ„›†‡‘•–”ƒ–‹‰ˆ‹ƒ…‹ƒŽƒ••—”ƒ…‡•—ˆˆ‹…‹‡––‘
…‘˜‡”ƒ‹‹—‘ˆ̈́ʹǡͲͲͲǡͲͲͲ‹…‘•–•ˆ‘”’‘–‡–‹ƒŽƒ••‡••‡–ƒ†…‘””‡…–‹˜‡ƒ…–‹‘ȋȌƒ––Š‡
ˆƒ…‹Ž‹–›ǤƒŽ‡––‡”ˆ”‘”Ǥ†—••Ž‡”†ƒ–‡†—‰—•–ͳʹǡʹͲͳ͵ǡƒ‘—–•†‘‘–”‡“—‹”‡ƒ…‘•–
‡•–‹ƒ–‡„—–—•–’”‡•‡–ƒ‹‹—‘ˆ–™‘‹ŽŽ‹‘†‘ŽŽƒ”•ˆ‘”–Š‡ˆƒ…‹Ž‹–›Ǥ
ˆ…‘””‡…–‹˜‡ƒ…–‹‘‹•”‡“—‹”‡†–‘„‡—†‡”–ƒ‡ǡ–Š‡…‘””‡…–‹˜‡ƒ…–‹‘…‘•–‡•–‹ƒ–‡—•–„‡‹…Ž—†‡†
‹–Š‹•ˆ‹Ž‡Ǥ


ϭϮͲϭ
^ĞĐƚŝŽŶϭϮ 
^ƉƌĞĂĚŝŶŐĂŶĚŽŵƉĂĐƚŝŶŐŽĨtĂƐƚĞ
ϭϮ͘ϭ^ŽůŝĚtĂƐƚĞtŽƌŬŝŶŐƌĞĂ
ƒ……‘”†ƒ…‡™‹–Šͳͷͳ͵Ǥͳ͸ʹ͸ȋͳͳȌȋƒȌǡ‘’‡”ƒ–‘”••ŠƒŽŽ”‡•–”‹…–•‘Ž‹†™ƒ•–‡™‹–Š‹ 
—‹–•–‘–Š‡•ƒŽŽ‡•–ƒ”‡ƒˆ‡ƒ•‹„Ž‡ǤŠ‡™‘”‹‰ˆƒ…‡‹•†‡ˆ‹‡†ƒ•™Š‡”‡™ƒ•–‡‹•—Ž‘ƒ†‡†ǡ‹•’‡…–‡†ǡ
•’”‡ƒ†ǡ…‘’ƒ…–‡†ǡƒ†—Ž–‹ƒ–‡Ž›…‘˜‡”‡†™‹–Š…‘˜‡”ƒ–‡”‹ƒŽǤŠ‡™‘”‹‰ˆƒ…‡•ŠƒŽŽ„‡™‹†‡
‡‘—‰Š–‘’”‡˜‡–ƒ„ƒ…Ž‘‰‘ˆ˜‡Š‹…Ž‡•™ƒ‹–‹‰–‘—Ž‘ƒ†ƒ†–‘ƒŽŽ‘™ƒ†‡“—ƒ–‡™‘”‹‰•’ƒ…‡ˆ‘”
Žƒ†ˆ‹ŽŽ‡“—‹’‡–Ǥ–ƒƒš‹—ǡ–Š‡™‹†–Š‘ˆ–Š‡™‘”‹‰ˆƒ…‡•ŠƒŽŽ‘–‡š…‡‡†ͳͲͲˆ‡‡–Ǥ
ϭϮ͘Ϯ^ŽůŝĚtĂƐƚĞŽŵƉĂĐƚŝŽŶ
ƒ……‘”†ƒ…‡™‹–Šͳͷͳ͵Ǥͳ͸ʹ͸ȋͳͳȌȋ„Ȍǡ•‘Ž‹†™ƒ•–‡•ŠƒŽŽ„‡…‘’ƒ…–‡†ƒ•†‡•‡Ž›ƒ•
’”ƒ…–‹…ƒŽ‹–‘…‡ŽŽ•Ǥˆ–‡”•‘Ž‹†™ƒ•–‡‹•†‹•…Šƒ”‰‡†ˆ”‘˜‡Š‹…Ž‡•ǡ‹–•ŠƒŽŽ„‡‹•’‡…–‡†ˆ‘”—ƒ……‡’–ƒ„Ž‡
‹–‡•ƒ†•—„•‡“—‡–Ž›•’”‡ƒ†‘–Š‡™‘”‹‰ˆƒ…‡‘–•–‡‡’‡”–Šƒˆ‘—”ˆ‡‡–Š‘”‹œ‘–ƒŽ–‘‘‡ˆ‘‘–
˜‡”–‹…ƒŽȋͶǣͳȌ‹Žƒ›‡”•‘––‘‡š…‡‡†–™‘ˆ‡‡–‹–Š‹…‡••Ǥƒ…ŠŽƒ›‡”•ŠƒŽŽ„‡…‘’ƒ…–‡†„›ƒ–Ž‡ƒ•–
ˆ‘—”’ƒ••‡•‘ˆƒͺͲǡͲͲͲ’‘—†…‘’ƒ…–‘”‹‘”†‡”–‘ƒ…Š‹‡˜‡ƒ‹‹—†‡•‹–›‘ˆƒ’’”‘š‹ƒ–‡Ž›
ͳǡͲͲͲ’‘—†•’‡”…—„‹…›ƒ”†Ǥ
ϭϮ͘ϯŽŶƚƌŽůůŝŶŐtŝŶĚůŽǁŶDĂƚĞƌŝĂů
ƒ……‘”†ƒ…‡™‹–Šͳͷͳ͵Ǥͳ͸ʹ͸ȋͳͳȌȋ…Ȍǡƒ’’”‘’”‹ƒ–‡‡–Š‘†••—…Šƒ•ˆ‡…‹‰ƒ††‹‹‰•ŠƒŽŽ
„‡’”‘˜‹†‡†ƒ•‡‡†‡†™‹–Š‹–Š‡Žƒ†ˆ‹ŽŽƒ”‡ƒ–‘…‘ˆ‹‡•‘Ž‹†™ƒ•–‡•—„Œ‡…––‘„‡„Ž‘™„›–Š‡™‹†Ǥ
‘”–ƒ„Ž‡Ž‹––‡”•…”‡‡••ŠƒŽŽ„‡’Žƒ…‡††‘™™‹†‘ˆ–Š‡™‘”‹‰ˆƒ…‡ƒ•‡‡†‡†ǤŠ‡•…”‡‡••ŠƒŽŽ„‡
‡’–ƒ•…Ž‘•‡–‘–Š‡™‘”‹‰ƒ”‡ƒƒ•’‘••‹„Ž‡™‹–Š‘—–—†—Ž›‹–‡”ˆ‡”‹‰™‹–ŠŽƒ†ˆ‹ŽŽ‘’‡”ƒ–‹‘•ǤŠ‡
•…”‡‡••ŠƒŽŽ„‡‘˜‡†’”‘’–Ž›™Š‡”‡“—‹”‡†„›…Šƒ‰‡‹™‹††‹”‡…–‹‘‘”’”‘‰”‡••‘ˆ–Š‡ˆ‹ŽŽǤ
††‹–‹‘ƒŽ•…”‡‡•‘”ƒŽ–‡”ƒ–‹˜‡‡ƒ•—”‡•ƒ›„‡”‡“—‹”‡†–‘’”‡˜‡–„Ž‘™‹‰Ž‹––‡”ˆ”‘‡•…ƒ’‹‰
–Š‡™‘”‹‰ƒ”‡ƒǤ‡”‹‘†‹…ƒŽŽ›ǡ™‹†„Ž‘™ƒ–‡”‹ƒŽƒ––Š‡Žƒ†ˆ‹ŽŽ•‹–‡‹•…‘ŽŽ‡…–‡†ƒ†”‡–—”‡†–‘–Š‡
™‘”‹‰ˆƒ…‡Ǥ




ϭϯͲϭ
^ĞĐƚŝŽŶϭϯ 
>ĞĂĐŚĂƚĞDĂŶĂŐĞŵĞŶƚWůĂŶ
ƒ……‘”†ƒ…‡™‹–Š—Ž‡Ǥͳ͸ʹ͸ȋͳʹȌǡƒ —‹–†‡•‹‰‡†™‹–ŠƒŽ‡ƒ…Šƒ–‡…‘ŽŽ‡…–‹‘•›•–‡—•–
‡•–ƒ„Ž‹•Šƒ†ƒ‹–ƒ‹ƒŽ‡ƒ…Šƒ–‡ƒƒ‰‡‡–’Žƒ™Š‹…Š‹…Ž—†‡•–Š‡ˆ‘ŽŽ‘™‹‰ǣ
ƒ‡”‹‘†‹…ƒ‹–‡ƒ…‡‘ˆ–Š‡Ž‡ƒ…Šƒ–‡…‘ŽŽ‡…–‹‘•›•–‡Ǣ
ƒƒ‹–ƒ‹‹‰”‡…‘”†•ˆ‘”–Š‡ƒ‘—–•‘ˆŽ‡ƒ…Šƒ–‡‰‡‡”ƒ–‡†Ǣ
ƒ‡‹Ǧƒ—ƒŽŽ‡ƒ…Šƒ–‡“—ƒŽ‹–›•ƒ’Ž‹‰Ǣ
ƒ’’”‘˜ƒŽˆ‘”ˆ‹ƒŽŽ‡ƒ…Šƒ–‡†‹•’‘•ƒŽǢƒ†
ƒ…‘–‹‰‡…›’Žƒˆ‘”‡š–”‡‡‘’‡”ƒ–‹‘ƒŽ…‘†‹–‹‘•Ǥ
ϭϯ͘ϭDĂŝŶƚĞŶĂŶĐĞŽĨƚŚĞ>ĞĂĐŚĂƚĞŽůůĞĐƚŝŽŶ^LJƐƚĞŵ
ϭϯ͘ϭ͘ϭ^LJƐƚĞŵĞƐŝŐŶ
Š‡Ž‡ƒ…Šƒ–‡…‘ŽŽ‡…–‹‘ƒ††‹•’‘•ƒŽ•›•–‡Šƒ•„‡‡†‡•‹‰‡†–‘”‡“—‹”‡‹‹ƒŽƒ––‡–‹‘ˆ”‘
‘’‡”ƒ–‘”•ˆ‘”ƒ‹–‡ƒ…‡ǤŠ‡Ž‡ƒ…Šƒ–‡…‘ŽŽ‡…–‹‘’‹’‡•™‹–Š‹–Š‡‡š‹•–‹‰Šƒ•‡•–Š”‘—‰Šƒ†
’”‘’‘•‡†Šƒ•‡†‹•’‘•ƒŽƒ”‡ƒ•…‘˜‡›…‘ŽŽ‡…–‡†Ž‡ƒ…Šƒ–‡„›‰”ƒ˜‹–›–‘’‹’‡•‘—–•‹†‡‡ƒ…Š†‹•’‘•ƒŽ
—‹––Šƒ–”‘—–‡ˆŽ‘™–‘‘‡‘ˆ–™‘’—’•–ƒ–‹‘•Ǥƒ…Š’—’•–ƒ–‹‘‹…Ž—†‡•–™‘’—’•™‹–Š–Š‡ʹ†
’—’•‡”˜‹‰ƒ•‡š–”ƒ…ƒ’ƒ…‹–›‹ˆ–Š‡DzŠ‹‰ŠŽ‡˜‡Ždz•‡•‘”‹•–”‹’’‡†ǡƒ†ƒŽ–‡”ƒ–‹‰™‹–Š–Š‡‘–Š‡”
’—’•‘–Šƒ–‘‡’—’‹•‘–ƒŽ™ƒ›•†‘‹‰ƒŽŽ‘ˆ–Š‡™‘”ǤŽ‡ƒ‘—–”‹•‡”•ƒ”‡Ž‘…ƒ–‡†ƒ–‡ƒ…Š‡†‘ˆ
–Š‡…‘ŽŽ‡…–‹‘’‹’‡•ǤŠ‡Šƒ•‡Ž‡ƒ…Šƒ–‡…‘ŽŽ‡…–‹‘•›•–‡…‘•‹•–•‘ˆ’‡”ˆ‘”ƒ–‡†ͺǦ‹…Š
…‘ŽŽ‡…–‹‘’‹’‡ƒ†•‘Ž‹†ͳͲǦ‹…ŠŠ‡ƒ†‡”’‹’‡ǤŠ‡ͳͲǦ‹…ŠŠ‡ƒ†‡”’‹’‡•–Šƒ–…‘˜‡›Ž‡ƒ…Šƒ–‡–‘–Š‡
’—’•–ƒ–‹‘•…ƒ„‡ƒ……‡••‡†ˆ‘”…Ž‡ƒ‹‰ˆ”‘–Š‡ƒŠ‘Ž‡•Ž‘…ƒ–‡†ƒ–‡ƒ…ŠŽƒ†ˆ‹ŽŽ‘—–Ž‡–’‘‹–Ǥ
”‘–Š‡’—’•–ƒ–‹‘•ǡŽ‡ƒ…Šƒ–‡‹•’—’‡†–‘–Š‡ͻͲͲǡͲͲͲΪ‰ƒŽŽ‘Ž‡ƒ…Šƒ–‡•–‘”ƒ‰‡’‘†ƒ†Œƒ…‡––‘
–Š‡•‘—–Š•‹†‡‘ˆ–Š‡—„–‹–Ž‡Žƒ†ˆ‹ŽŽǤ’‘††‹•…Šƒ”‰‡’‹’‡…ƒ””‹‡•Ž‡ƒ…Šƒ–‡–Š”‘—‰ŠƒˆŽ‘™
‡–‡”‹‰˜ƒ—Ž–ƒ†–Š‡–‘ƒ‡š‹•–‹‰‰”ƒ˜‹–›•‡™‡”Ž‹‡–”ƒ˜‡”•‹‰–Š‡•‹–‡ǤŠ‡’‘†•‡”˜‡•ƒ•ƒ
‡“—ƒŽ‹œƒ–‹‘„ƒ•‹–‘Šƒ†Ž‡’‡ƒˆŽ‘™•…‘‹‰ˆ”‘–Š‡’—’•–ƒ–‹‘•ǤŽŽŽ‡ƒ…Šƒ–‡ˆŽ‘™–‘–Š‡•‡™‡”
•›•–‡‹•”‡…‘”†‡†—•‹‰ƒˆŽ‘™‡–‡”ǤŠ‡‡š‹•–‹‰•‡™‡”Ž‹‡”‘—–‡•Ž‡ƒ…Šƒ–‡ˆŽ‘™–‘–Š‡”‘••”‡‡
ƒ–‡”‡…Žƒƒ–‹‘ ƒ…‹Ž‹–›‘™‡†ƒ†‘’‡”ƒ–‡†„›–Š‡ ƒ›‡––‡˜‹ŽŽ‡—„Ž‹…‘”•‘‹••‹‘ȋȌǤ
ϭϯ͘ϭ͘Ϯ^ƚŽƌĂŐĞWŽŶĚDĂŝŶƚĞŶĂŶĐĞ
‘—–‹‡‹•’‡…–‹‘‘ˆ–Š‡•–‘”ƒ‰‡’‘†ƒ”‡ƒ™‹ŽŽ„‡ƒ†‡‘ƒ™‡‡Ž›„ƒ•‹•„›‘—–›•–ƒˆˆǡ™Š‹Ž‡ƒ
‘”‡…‘’”‡Š‡•‹˜‡‹•’‡…–‹‘‘ˆ–Š‡‡–‹”‡’‘†•—”ˆƒ…‡™‹ŽŽ„‡ƒ†‡‘ƒƒ—ƒŽ„ƒ•‹•„›‘—–›
•–ƒˆˆǤ ‘”–Š‡ƒ—ƒŽ‹•’‡…–‹‘ǡƒ›•–‘”‡†Ž‡ƒ…Šƒ–‡ƒ†•‡†‹‡–‹–Š‡’‘†—•–„‡”‡‘˜‡†•‘
–Šƒ––Š‡’‘†„‘––‘‹•˜‹•‹„Ž‡ǤŠ‡‹•’‡…–‘”•Š‘—Ž†˜‡”‹ˆ›–Šƒ–ˆŽ‘™•ˆ”‘–Š‡’—’•–ƒ–‹‘•ƒ”‡‘–
‹’‡†‡†„›‹•’‡…–‹‰ˆŽ‘™•ƒ––Š‡‘—–Ž‡–‘ˆ–Š‡ˆ‘”…‡ƒ‹•Ǥ…‡ˆŽ‘™‹•˜‡”‹ˆ‹‡†ǡ–Š‡˜ƒŽ˜‡
…‘–”‘ŽŽ‹‰Ž‡ƒ…Šƒ–‡ˆŽ‘™–‘–Š‡’‘†•Š‘—Ž†„‡…Ž‘•‡†ǤŠ‡ǡ–Š‡‹•’‡…–‘”•Š‘—Ž†’‡”ˆ‘”ƒ–Š‘”‘—‰Š
™ƒŽ‘˜‡”‘ˆ–Š‡’‘†„‘––‘ǡ•—”˜‡›‹‰–Š‡’”‘–‡…–‹˜‡Žƒ›‡”ˆ‘”ƒ›•‹‰•‘ˆ†ƒƒ‰‡ǡ•—…Šƒ•…”ƒ…•ǡ
–‡ƒ”•ǡ‰‘—‰‡•ǡ—’Ž‹ˆ–ǡ‘”•‘ˆ–•’‘–•Ǥ„•‡”˜ƒ–‹‘••Š‘—Ž†„‡”‡…‘”†‡†‹–Š‡‘’‡”ƒ–‹‰”‡…‘”†ƒ†
’Š‘–‘‰”ƒ’Š••Š‘—Ž†„‡–ƒ‡‘ˆ–Š‡ƒ”‡ƒ•‘ˆ…‘…‡”ƒ†ƒŽ•‘’Žƒ…‡†‹–Š‡‘’‡”ƒ–‹‰”‡…‘”†Ǥ
^ĞĐƚŝŽŶϭϯ•>ĞĂĐŚĂƚĞDĂŶĂŐĞŵĞŶƚWůĂŶ

ϭϯͲϮ
ϭϯ͘ϭ͘ϯDĂŝŶƚĞŶĂŶĐĞŽĨƚŚĞ>ĞĂĐŚĂƚĞŽůůĞĐƚŝŽŶ^LJƐƚĞŵ
Š‡’‡”ˆ‘”ƒ–‡†Ž‡ƒ…Šƒ–‡…‘ŽŽ‡…–‹‘’‹’‹‰™‹ŽŽ„‡’”‡••—”‡…Ž‡ƒ‡†ƒ†ˆŽ—•Š‡†‡˜‡”›–™‘›‡ƒ”•–‘
”‡‘˜‡ƒ›ƒ……——Žƒ–‹‘‘ˆ†‡„”‹•ǡ•‡†‹‡–ǡ‘”‘”‰ƒ‹…‰”‘™–Šƒ•ˆ‘—†‡…‡••ƒ”›ˆ‘”’”‘’‡”
ˆ—…–‹‘‹‰ƒ†–‘ƒ††”‡••„—‹Ž†—’‘ˆŽ‡ƒ…Šƒ–‡‘˜‡”–Š‡Ž‹‡”ǤŠ‹•…ƒ„‡ƒ…Š‹‡˜‡†„›‹•‡”–‹‰ƒ•‡ŽˆǦ
’”‘’‡ŽŽ‡†ǡŠ‹‰Š’”‡••—”‡Œ‡––‹‰•›•–‡‹–‘–Š‡…‘ŽŽ‡…–‹‘’‹’‡•„›™ƒ›‘ˆ–Š‡…Ž‡ƒ‘—–”‹•‡”•ǤŠ‡
’‹’‡•‘—–•‹†‡–Š‡Ž‹‡†ƒ”‡ƒ…ƒ„‡ƒ……‡••‡†–Š”‘—‰Š–Š‡’—’•–ƒ–‹‘•ƒ†–Š‡Š‡ƒ†‡”’‹’‡ƒŠ‘Ž‡•Ǥ
‡‘–‡…ƒ‡”ƒ‹•’‡…–‹‘•‘ˆ–Š‡Ž‡ƒ…Šƒ–‡…‘ŽŽ‡…–‹‘Ž‹‡••ŠƒŽŽ‘……—”ƒ–Ž‡ƒ•–‘…‡‡˜‡”›ˆ‹˜‡›‡ƒ”•ǡ
ƒ†—’‘…‘’Ž‡–‹‘‘ˆˆ—–—”‡Žƒ†ˆ‹ŽŽ’Šƒ•‡…‘•–”—…–‹‘Ǥ
Š‡ˆŽ‘™‡–‡”‹•…ƒŽ‹„”ƒ–‡†•‡‹Ǧƒ—ƒŽŽ›ǤŠ‡Ž‡ƒ…Šƒ–‡•›•–‡…—””‡–Ž›—–‹Ž‹œ‡•ˆ‘—”͵ǦŠ’‘ƒ
’—’•Ǥƒ…ŠŽ‡ƒ…Šƒ–‡’—’ȋƒ†‡…Šƒ‹…ƒŽƒ‡”ƒ–‘”™Š‡‹•–ƒŽŽ‡†Ȍ•Š‘—Ž†„‡”‡‘˜‡†ˆ‘”
˜‹•—ƒŽ‹•’‡…–‹‘ƒ†‘‹Ž”‡’Žƒ…‡‡–‡˜‡”›͸‘–Š•‘”‹ƒ……‘”†ƒ…‡™‹–Š–Š‡ƒ—ˆƒ…–—”‡”•̵
”‡…‘‡†ƒ–‹‘•Ǥ‹Ž”‡’Žƒ…‡‡–‘–‘Ž›‡•—”‡•‰‘‘†“—ƒŽ‹–›Ž—„”‹…ƒ–™‹–Š‹–Š‡—‹–•ˆ‘”
•‘‘–Š‘’‡”ƒ–‹‘ǡ„—–‹•ƒŽ•‘ƒ‰‘‘†‘‹–‘”ˆ‘”‘‹ŽŽ‡ƒ•ƒ†Ȁ‘”™ƒ–‡”‹–”—•‹‘Ǥƒ…Š˜ƒŽ˜‡•ŠƒŽŽ„‡
ƒ—ƒŽŽ›‘’‡”ƒ–‡†–‘…Š‡…ˆ‘”’”‘’‡”‘’‡”ƒ–‹‘ǡƒ†…‘–”‘Žƒ†‹•–”—‡–ƒ–‹‘’‡”ˆ‘”ƒ…‡
‘‹–‘”‡†”‡‰—Žƒ”Ž›ǤŠ‡…‘–”‘Ž’ƒ‡Ž••ŠƒŽŽ„‡ˆ—ŽŽ›‹•’‡…–‡†ƒ––Š‡•ƒ‡–‹‡ǡ–‘‡•—”‡’”‘’‡”
ƒŽƒ”‘’‡”ƒ–‹‘•ǡ”‡•‡–ˆ—…–‹‘•ǡƒ†‘”ƒŽ‘’‡”ƒ–‹‘•’‡”ˆ‘”ƒ…‡Ǥ
ϭϯ͘Ϯ>ĞĂĐŚĂƚĞ'ĞŶĞƌĂƚŝŽŶZĞĐŽƌĚƐ
Š‡Ž‡ƒ…Šƒ–‡’‹’‡ˆ”‘–Š‡•–‘”ƒ‰‡’‘†–‘–Š‡•‡™‡”•›•–‡Šƒ•ƒˆŽ‘™‡–‡”–‘‡ƒ•—”‡–Š‡ƒ‘—–
‘ˆŽ‡ƒ…Šƒ–‡„‡‹‰‰‡‡”ƒ–‡†ƒ––Š‡Žƒ†ˆ‹ŽŽǤŠ‡‘’‡”ƒ–‘”•ŠƒŽŽ”‡ƒ†ƒ†”‡‰‹•–‡”–Š‡Ž‡ƒ…Šƒ–‡ˆŽ‘™•
†—”‹‰‡ƒ…Š„ƒ–…Š†‹•…Šƒ”‰‡‘ˆŽ‡ƒ…Šƒ–‡–‘–Š‡•ƒ‹–ƒ”›•‡™‡”•›•–‡ǤŠ‡‹ˆ‘”ƒ–‹‘–‘„‡…‘ŽŽ‡…–‡†
•ŠƒŽŽ‹…Ž—†‡–Š‡†ƒ–‡ǡ–‹‡ǡŽ‡ƒ…Šƒ–‡“—ƒ–‹–›ȋ‹‰ƒŽŽ‘•Ȍǡƒ†–Š‡ƒ‡‘ˆ–Š‡’‡”•‘–ƒ‹‰
‡ƒ•—”‡‡–•ǤŠ‡”‡…‘”†•ƒ”‡ƒ‹–ƒ‹‡†ƒ––Š‡Žƒ†ˆ‹ŽŽ„›–Š‡‘’‡”ƒ–‘”ƒ†™‹ŽŽ„‡ƒ†‡ƒ˜ƒ‹Žƒ„Ž‡
–‘‘Ž‹†ƒ•–‡‡…–‹‘’‡”•‘‡Žˆ‘”‹•’‡…–‹‘™Š‡”‡“—‡•–‡†Ǥ•ƒ’Ž‡ˆ‘”–‘„‡—•‡†ˆ‘”
”‡…‘”†‹‰Ž‡ƒ…Šƒ–‡ˆŽ‘™•‹•ƒ––ƒ…Š‡†ƒ•ƒ„Ž‡ͳ͵ǦͳǤ
ϭϯ͘ϯ>ĞĂĐŚĂƚĞYƵĂůŝƚLJ^ĂŵƉůŝŶŐ
Š‡‘—–›•ŠƒŽŽ‘„–ƒ‹ƒŽ‡ƒ…Šƒ–‡•ƒ’Ž‡ƒ•”‡“—‹”‡†„›–Š‡”‘••”‡‡ƒ–‡”‡…Žƒƒ–‹‘ ƒ…‹Ž‹–›
‹–Š‡‹”†—•–”‹ƒŽ”‡–”‡ƒ–‡–’‡”‹–ǤŠ‡•ƒ’Ž‡•ŠƒŽŽ„‡’ƒ…ƒ‰‡†‹ƒ™ƒ–‡”–‹‰Š–…‘–ƒ‹‡”ǡ
’Žƒ…‡†‹ƒ‹•—Žƒ–‹‰•–‘”ƒ‰‡„‘šǡƒ†’ƒ…‡†™‹–Š‹…‡ǤŠ‡’ƒ…ƒ‰‡•ŠƒŽŽ„‡‡š’”‡••†‡Ž‹˜‡”‡†–‘ƒ
…‡”–‹ˆ‹‡†Žƒ„‘”ƒ–‘”›–‘’‡”ˆ‘”–Š‡”‡“—‹”‡†ƒƒŽ›–‹…ƒŽ–‡•–•ǤŠ‡”‡•—Ž–•‘ˆ–Š‡Žƒ„ƒƒŽ›•‡••ŠƒŽŽ„‡
‡’–‹–Š‡Žƒ†ˆ‹ŽŽ‘’‡”ƒ–‹‰”‡…‘”†•ƒ†ƒ†‡ƒ˜ƒ‹Žƒ„Ž‡–‘–Š‡”‘••”‡‡ƒ–‡”‡…Žƒƒ–‹‘
ƒ…‹Ž‹–›•–ƒˆˆƒ•™‡ŽŽƒ•–ƒ–‡”‡‰—Žƒ–‘”›’‡”•‘‡Žˆ‘”–Š‡‹”‹•’‡…–‹‘ǤŠ‡‘—–›Žƒ†ˆ‹ŽŽ‘’‡”ƒ–‹‰
•–ƒˆˆ™‹ŽŽ•ƒ’Ž‡‘ƒ“—ƒ”–‡”Ž›„ƒ•‹•ǡ™Š‹…Šƒ›„‡…‘‡–Š‡”‡“—‹”‡†•ƒ’Ž‹‰ˆ”‡“—‡…›ˆ‘”–Š‡
‘—–›ˆ‘”ƒŽŽ’ƒ”ƒ‡–‡”•ǡƒˆ–‡”ƒ’‡”‹‘†‘ˆ–‹‡†—”‹‰™Š‹…Š–Š‡Ž‡ƒ…Šƒ–‡“—ƒŽ‹–›•–ƒ„‹Ž‹œ‡•ǤŠ‡
”‡•—Ž–•‘ˆƒ›ƒ††‹–‹‘ƒŽŽƒ„ƒƒŽ›•‡••ŠƒŽŽƒŽ•‘„‡‡’–‹–Š‡Žƒ†ˆ‹ŽŽ‘’‡”ƒ–‹‰”‡…‘”†•Ǥ
‘’‘•‹–‡‘”‰”ƒ„•ƒ’Ž‡••ŠƒŽŽ„‡‘„–ƒ‹‡†ƒ––Š‡Ž‡ƒ…Šƒ–‡•–‘”ƒ‰‡’‘†Ǥƒ††‹–‹‘ǡ–Š‡‘’‡”ƒ–‘”
•ŠƒŽŽ…‘ŽŽ‡…–•ƒ’Ž‡•‘ƒ•‡‹Ǧƒ—ƒŽ„ƒ•‹•ǡ‘”‘”‡‘ˆ–‡‹ˆ†‡•‹”‡†ǡ‘ˆ–Š‡”ƒ™Ž‡ƒ…Šƒ–‡ǡŒ—•–ƒ•‹–
‡’–‹‡•‹–‘–Š‡Ž‡ƒ…Šƒ–‡’‘†ǡ‘”ˆ”‘–Š‡’—’•–ƒ–‹‘™‡–™‡ŽŽ•ǡ‹‘”†‡”–‘‘„–ƒ‹ƒƒŽ›•‡•‘ˆ–Š‡
ƒ…–—ƒŽŽ‡ƒ…Šƒ–‡…Šƒ”ƒ…–‡”‹•–‹…•ƒ•‹–‡‡”‰‡•ˆ”‘–Š‡„‘––‘‘ˆ–Š‡Ž‹‡†Žƒ†ˆ‹ŽŽǤŠ‡”ƒ™Ž‡ƒ…Šƒ–‡
™‹ŽŽ„‡•ƒ’Ž‡†ƒ†ƒƒŽ›œ‡†ˆ‘”’’‡†‹š…‘•–‹–—‡–•ǡ’ǡ•’‡…‹ˆ‹……‘†—…–ƒ…‡ǡǡǡ
‹–”ƒ–‡•ǡ•—Žˆƒ–‡•ǡƒ†’Š‘•’Šƒ–‡•ǤŠ‡•ƒ’Ž‹‰‘ˆŽ‡ƒ…Šƒ–‡™‹ŽŽ…‘‹…‹†‡™‹–ŠƒŽŽ•…Š‡†—Ž‡†™ƒ–‡”
“—ƒŽ‹–›•ƒ’Ž‹‰‡˜‡–•Ǥ
^ĞĐƚŝŽŶϭϯ•>ĞĂĐŚĂƚĞDĂŶĂŐĞŵĞŶƚWůĂŶ

ϭϯͲϯ
ϭϯ͘ϰ>ĞĂĐŚĂƚĞŝƐƉŽƐĂůƉƉƌŽǀĂů
‡ƒ…Šƒ–‡‹•†‹•…Šƒ”‰‡†ˆ”‘–Š‡•–‘”ƒ‰‡’‘†–‘–Š‡‡š‹•–‹‰͵ͲǦ‹…Š•ƒ‹–ƒ”›•‡™‡”‘•‹–‡ǡ—Ž–‹ƒ–‡Ž›
„‡‹‰–”‡ƒ–‡†ƒ––Š‡”‘••”‡‡ƒ–‡”‡…Žƒƒ–‹‘ ƒ…‹Ž‹–›Ǥ‹–›‘ˆ ƒ›‡––‡˜‹ŽŽ‡’‡”‹––‘†‹•…Šƒ”‰‡
™ƒ•–‡™ƒ–‡”–‘–Š‡”‘••”‡‡ ƒ…‹Ž‹–›‹•‹…Ž—†‡†‹’’‡†‹š
Ǥ
ϭϯ͘ϱ>ĞĂĐŚĂƚĞDĂŶĂŐĞŵĞŶƚŽŶƚŝŶŐĞŶĐLJWůĂŶ
—”‹‰’‡”‹‘†•™Š‡ƒ…‘’‘‡–‘ˆ–Š‡Ž‡ƒ…Šƒ–‡•›•–‡‹•‹‘’‡”ƒ–‹˜‡‘”†‘™ˆ‘”ƒ‹–‡ƒ…‡ǡ‘”
™Š‡•–‘”ˆŽ‘™•ƒ”‡‡š–”‡‡Ž›Š‹‰Šǡ‡š…‡••‹˜‡Ž‡ƒ…Šƒ–‡™‹ŽŽ„‡†‡ƒŽ–™‹–Š—•‹‰‡‹–Š‡”‘ˆ–™‘
…‘–‹‰‡…›’Žƒ•Ǥ
Š‡•–‘”ƒ‰‡…ƒ’ƒ…‹–›‘ˆ–Š‡Ž‡ƒ…Šƒ–‡•–‘”ƒ‰‡’‘†‹•ƒ’’”‘š‹ƒ–‡Ž›ͻͳͶǡͲͲͲ‰ƒŽŽ‘•ǡ™Š‡…‘’Ž‡–‡Ž›
ˆ—ŽŽ–‘™‹–Š‹ͳʹ‹…Š‡•‘ˆ–Š‡–‘’‘ˆ’‘†ǤŠ‹•™‹ŽŽ’”‘˜‹†‡—’–‘͵ͳ†ƒ›•‘ˆ•–‘”ƒ‰‡†—”‹‰’‡ƒ
Ž‡ƒ…Šƒ–‡ˆŽ‘™’‡”‹‘†•ǡƒ†ƒ„‘—–͸ͳ†ƒ›••–‘”ƒ‰‡ˆ‘”ƒ˜‡”ƒ‰‡ƒ—ƒŽ†ƒ‹Ž›ˆŽ‘™•Ǥˆ•—”ˆƒ…‡
‡˜ƒ’‘”ƒ–‹‘”ƒ–‡•ƒ”‡…‘•‹†‡”‡†ǡ‡˜‡Ž‘‰‡”•–‘”ƒ‰‡’‡”‹‘†•…ƒ„‡ƒ…Š‹‡˜‡†ǤŠ‹•˜‘Ž—‡‹•ƒŽ•‘
ƒ†‡“—ƒ–‡–‘…ƒ’–—”‡–Š‡Ž‡ƒ…Šƒ–‡ˆ”‘–Š‡’‡ƒ”ƒ‹ˆƒŽŽ‡˜‡–ˆ”‘–Š‡ˆ‹˜‡›‡ƒ”•‘ˆ”ƒ‹ˆƒŽŽ†ƒ–ƒ—•‡†
‹–Š‡‘†‡ŽŽ‡ƒ…Šƒ–‡’”‘Œ‡…–‹‘•ȋƒ••—‹‰•‡˜‡”ƒŽƒ…”‡•‘ˆ‘’‡…‡ŽŽƒ”‡ƒ™‹–Š‘Ž›–Š‡ˆ‹”•–
•‘Ž‹†™ƒ•–‡Ž‹ˆ–‹•–ƒŽŽ‡†Ȍƒ†•–‹ŽŽŠƒ˜‡”‡•‡”˜‡…ƒ’ƒ…‹–›ˆ‘”ƒƒ††‹–‹‘ƒŽ‘–Š‘ˆƒ˜‡”ƒ‰‡†ƒ‹Ž›ˆŽ‘™•Ǥ
Š‡”‡ˆ‘”‡ǡ…‘•‹†‡”ƒ„Ž‡•–‘”ƒ‰‡…ƒ’ƒ„‹Ž‹–›‹•’”‘˜‹†‡†„›–Š‡Ž‡ƒ…Šƒ–‡’‘†ˆ‘”’‡”‹‘†•‘ˆ——•—ƒŽŽ›
Š‹‰Š’”‡…‹’‹–ƒ–‹‘‘”——•—ƒŽ‘’‡”ƒ–‹‰…‘†‹–‹‘•Ǥ
Š‘—Ž†ƒ’‡”‹‘†‘ˆ——•—ƒŽŽ›Š‹‰Š”ƒ‹ˆƒŽŽ’‡”•‹•–ǡƒ†–Š‡Ž‡ƒ…Šƒ–‡’‘†ƒ’’”‘ƒ…Šˆ—ŽŽ•–ƒ‰‡ǡ–Š‡–™‘
’—’‹‰•–ƒ–‹‘•…ƒ„‡–—”‡†‘ˆˆǤŠ‡Ž‡ƒ…Šƒ–‡™‘—Ž†„‡–‡’‘”ƒ”‹Ž›•–‘”‡†‹–Š‡†‹•’‘•ƒŽ…‡ŽŽ•
—–‹Ž–Š‡Ž‡˜‡Ž‹–Š‡’‘†™ƒ•ƒ†‡“—ƒ–‡Ž›”‡†—…‡†ǤŠ‡…‡ŽŽ•™‘—Ž†„‡…ƒ”‡ˆ—ŽŽ›‘‹–‘”‡†–‘‡•—”‡
–Šƒ–‘˜‡”ˆŽ‘™†‘‡•‘–‘……—”Ǥ‘™‡˜‡”ǡƒ•ƒ„ƒ…—’ǡ•Š‘—Ž†–Š‡™ƒ–‡”Ž‡˜‡Ž•‹–Š‡’—’•–ƒ–‹‘™‡–
™‡ŽŽ•”‡ƒ…Š–Š‡‡Ž‡˜ƒ–‹‘‘ˆ–Š‡ˆ‘”…‡ƒ‹’‹’‹‰ǡŽ‡ƒ…Šƒ–‡™‹ŽŽ„‡ƒ„Ž‡–‘ˆŽ‘™„›‰”ƒ˜‹–›ȋƒ–ƒ˜‡”›
Ž‘™”ƒ–‡Ȍ–‘–Š‡•–‘”ƒ‰‡’‘†–Š”‘—‰Š–Š‡ˆ‘”…‡ƒ‹•Ǥˆ–Š‡•–‘”ƒ‰‡’‘†‰‡–•–‘‘ˆ—ŽŽǡ–Š‡˜ƒŽ˜‡‹
–Š‡‡–‡”˜ƒ—Ž–‘–Š‡Ž‹‡–‘–Š‡•‡™‡”•›•–‡…‘—Ž†„‡‘’‡‡†‘”‡ǡ–‘†‹•…Šƒ”‰‡ˆŽ‘™ƒ–ƒŠ‹‰Š‡”
”ƒ–‡Ǥ††‹–‹‘ƒŽŽ›ǡ–Š‡‘—–›…ƒ™‘”™‹–Š–‘ƒ……‘‘†ƒ–‡Žƒ”‰‡˜‘Ž—‡•‘ˆŽ‡ƒ…Šƒ–‡ǤŠ‡
Ž‡ƒ…Šƒ–‡’‘†‹•‘—–•‹†‡‘ˆ–Š‡ ͳͲͲǦ›‡ƒ”ˆŽ‘‘†’Žƒ‹–Š‡”‡ˆ‘”‡ƒŽŽ‡ƒ•—”‡•Ž‹•–‡†ƒ„‘˜‡ƒ”‡
•—ˆˆ‹…‹‡––‘ƒƒ‰‡Ž‡ƒ…Šƒ–‡•–‘”ƒ‰‡‹–Š‡‡˜‡–‘ˆƒͳͲͲǦ›‡ƒ”ˆŽ‘‘†Ǥ
^ĞĐƚŝŽŶϭϯ•>ĞĂĐŚĂƚĞDĂŶĂŐĞŵĞŶƚWůĂŶ

ϭϯͲϰ
dĂďůĞϭϯͲϭ͘^ĂŵƉůĞ>ĞĂĐŚĂƚĞ&ůŽǁZĞĐŽƌĚ


ϭϰͲϭ
^ĞĐƚŝŽŶϭϰ 
&ŝůůŝŶŐ^ĞƋƵĞŶĐĞĂŶĚKƉĞƌĂƚŝŽŶ
ϭϰ͘ϭŝƐƉŽƐĂůƌĞĂŽŵƉŽŶĞŶƚƐ
‘”†‡”ˆ‘”‘’‡”ƒ–‘”•–‘’”‘’‡”Ž›…‘†—…–ˆ‹ŽŽ‹‰‘’‡”ƒ–‹‘•‹ƒ—„–‹–Ž‡Žƒ†ˆ‹ŽŽǡ‹–‹•‹’‡”ƒ–‹˜‡
–Šƒ––Š‡›ˆ—ŽŽ›—†‡”•–ƒ†–Š‡…‘’‘‡–•–Šƒ–…‘’”‹•‡ƒ—„–‹–Ž‡Žƒ†ˆ‹ŽŽǤŠ‡‘’‡”ƒ–‘”••Š‘—Ž†
„‡ˆƒ‹Ž‹ƒ”™‹–Š–Š‡ˆ‘ŽŽ‘™‹‰–‡”•ǣ
ϭϰ͘ϭ͘ϭŝƐƉŽƐĂůhŶŝƚ
†‹•’‘•ƒŽ—‹–‹•†‡ˆ‹‡†ƒ•ƒ†‹•…”‡–‡ƒ”‡ƒ‘ˆŽƒ†–Šƒ–Šƒ•„‡‡†‡˜‡Ž‘’‡†ȋ‹‡Ǥ‰”ƒ†‡†ǡŽ‹‡”•›•–‡
ƒ†Ž‡ƒ…Šƒ–‡…‘ŽŽ‡…–‹‘•›•–‡‹•–ƒŽŽ‡†ǡ‡–…ǤȌ–‘”‡…‡‹˜‡•‘Ž‹†™ƒ•–‡Ǥ
ϭϰ͘ϭ͘ϮĞůů
…‡ŽŽ‹•†‡ˆ‹‡†ƒ•ƒ•—„Ǧƒ”‡ƒ™‹–Š‹ƒ†‹•’‘•ƒŽ—‹––Šƒ–†”ƒ‹•‹–‘ƒ•‹‰Ž‡Ž‡ƒ…Šƒ–‡…‘ŽŽ‡…–‹‘Ž‹‡Ǥ
‡ŽŽ„‘—†ƒ”‹‡•‰‡‡”ƒŽŽ›…‘•‹•–‘ˆ”‹†‰‡Ž‹‡•ƒ†Ȁ‘”•‹†‡•Ž‘’‡•Ǥ
ϭϰ͘ϭ͘ϯtŽƌŬŝŶŐ&ĂĐĞ
Š‡™‘”‹‰ˆƒ…‡‹•†‡ˆ‹‡†ƒ•–Š‡ƒ”‡ƒ™Š‡”‡™ƒ•–‡‹•…—””‡–Ž›„‡‹‰†‹•’‘•‡†ǤŠ‡Š‡‹‰Š–‘ˆ–Š‡
™‘”‹‰ˆƒ…‡‹•–Š‡Š‡‹‰Š–‘ˆ–Š‡Ž‹ˆ–—†‡”…‘•–”—…–‹‘ǤŠ‡™‹†–Š‘ˆ–Š‡™‘”‹‰ˆƒ…‡‹•—•—ƒŽŽ›ͷͲ–‘
ͳͲͲˆ‡‡–™‹†‡Ǥ
ϭϰ͘ϭ͘ϰ>ŝĨƚ
Ž‹ˆ–‹•†‡ˆ‹‡†ƒ•ƒ—‹–‘ˆ•‘Ž‹†™ƒ•–‡–›’‹…ƒŽŽ›ͳͲ–‘ͳͷˆ‡‡–Š‹‰Š–Šƒ–‡š–‡†•‘˜‡”–Š‡ƒ”‡ƒ‘ˆƒ…‡ŽŽǤ
Ž‹ˆ–‹•…‘•–”—…–‡†„›•’”‡ƒ†‹‰ƒ†…‘’ƒ…–‹‰•‘Ž‹†™ƒ•–‡ƒ––Š‡™‘”‹‰ˆƒ…‡–‘ƒ•’‡…‹ˆ‹‡†Š‡‹‰Š–
ƒ†™‹†–Š‹ƒƒ‡”–Šƒ–™ƒ•–‡ˆ‹ŽŽ‹‰’”‘‰”‡••‡•ˆ”‘‘‡‡†‘ˆƒ…‡ŽŽ–‘–Š‡‘–Š‡”ǤŠ‡’‘••‹„Ž‡ǡ
’”‘‰”‡••‹˜‡Ž‹ˆ–••Š‘—Ž†„‡‰‹ƒ––Š‡Š‹‰Š‡†‘ˆ–Š‡…‡ŽŽ–‘ƒ˜‘‹†’‘†‹‰™ƒ–‡”‡ƒ”–Š‡™‘”‹‰ˆƒ…‡Ǥ
Š‡’‡”ƒ–‹‘Žƒ†”ƒ™‹‰•’”‘˜‹†‡ƒ†‹ƒ‰”ƒ‘ˆƒ–›’‹…ƒŽ™‘”‹‰ˆƒ…‡ƒ†Ž‹ˆ–Ǥ
ϭϰ͘ϮdžŝƐƚŝŶŐŽŶĚŝƚŝŽŶƐ
ϭϰ͘Ϯ͘ϭƵĨĨĞƌƌĞĂƐ
—ˆˆ‡”ƒ”‡ƒ•”‡“—‹”‡†ˆ‘”–Š‡•‹–‡‹…Ž—†‡ƒ͵ͲͲǦˆ‘‘–„—ˆˆ‡”œ‘‡„‡–™‡‡–Š‡’”‘’‡”–›Ž‹‡ƒ†–Š‡
™ƒ•–‡†‹•’‘•ƒŽŽ‹‹–•ǡƒ†ƒ˜‘‹†ƒ…‡‘ˆƒ…–‹˜‹–›‹–Š‡†‡•‹‰ƒ–‡†™‡–Žƒ†•ƒ†ͳͲͲǦ›‡ƒ”ˆŽ‘‘†’Žƒ‹
ƒ”‡ƒ•Ǥ
ϭϰ͘ϯWƌŽŐƌĞƐƐŝŽŶŽĨŽŶƐƚƌƵĐƚŝŶŐĞůůƐ
Š‡–”‡‡–—„–‹–Ž‡ƒ†ˆ‹ŽŽ‹•†‹˜‹†‡†‹–‘ͳͲ…‡ŽŽ•ƒ••Š‘™‘–Š‡’‡”ƒ–‹‘Žƒ†”ƒ™‹‰•Ǥ
Š‡…‡ŽŽ•ƒ”‡†‡•‹‰ƒ–‡†ƒ……‘”†‹‰–‘–Š‡‹”‘”†‡”‘ˆ…‘•–”—…–‹‘ǤŠƒ•‡…‘•‹•–•‘ˆ‡ŽŽ•ͳǦͷǤŠƒ•‡
ƒ†ƒ”‡…‘’”‹•‡†‘ˆ‡ŽŽ•͸Ǧͺǡƒ†Šƒ•‡‹…Ž—†‡•‡ŽŽ•ͻƒ†ͳͲǤ
ϭϰ͘ϰWƌŽŐƌĞƐƐŝŽŶŽĨKƉĞƌĂƚŝŽŶ
Š‡‹‹–‹ƒŽŽ‹ˆ–•‘ˆ‡ƒ…Š…‡ŽŽ™‹ŽŽ„‡…‘•–”—…–‡††‹”‡…–Ž›‘–Š‡†”ƒ‹ƒ‰‡Žƒ›‡”Ǥ—„•‡“—‡–Ž‹ˆ–•ƒ”‡
…‘•–”—…–‡††‹”‡…–Ž›‘˜‡”–Š‡’”‡˜‹‘—•Ž‹ˆ–—–‹Ž–Š‡ƒ”‡ƒ‹•ˆ‹ŽŽ‡†–‘‹–•ƒš‹—’‡”‹––‡†Š‡‹‰Š–Ǥ
^ĞĐƚŝŽŶϭϰ•&ŝůůŝŶŐ^ĞƋƵĞŶĐĞĂŶĚKƉĞƌĂƚŝŽŶ

ϭϰͲϮ
Š‡•‡“—‡…‡‘ˆˆ‹ŽŽ‹‰—•–„‡–Š‘—‰Š–‘—–„‡ˆ‘”‡–Š‡†‹•’‘•ƒŽ‘’‡”ƒ–‹‘„‡‰‹•Ǥ’‡”ƒ–‘”•™‹ŽŽ™‘”
‘”‡‡ˆˆ‹…‹‡–Ž›ƒ†ˆ—–—”‡’”‘„Ž‡•…ƒ„‡ƒ˜‘‹†‡†—•‹‰ƒ’”‡†‡–‡”‹‡†ˆ‹ŽŽ‹‰•…Š‡‡Ǥ…ƒ”‡ˆ—ŽŽ›
’Žƒ‡†ˆ‹ŽŽ‹‰•‡“—‡…‡™‹ŽŽǣ
ƒ‹’”‘˜‡•–‘”™ƒ–‡”…‘–”‘Žǡ
ƒ‹‹‹œ‡Ž‡ƒ…Šƒ–‡’”‘†—…–‹‘ǡ
ƒƒš‹‹œ‡…ƒ’ƒ…‹–›ǡ
ƒ‹‹‹œ‡…‘˜‡”ƒ–‡”‹ƒŽ”‡“—‹”‡‡–•ǡ
ƒ’”‘–‡…––Š‡„ƒ•‡Ž‹‡”•›•–‡ǡƒ†
ƒƒ‹–ƒ‹‰‘‘†ƒ……‡••–‘–Š‡™‘”‹‰ˆƒ…‡Ǥ
ϭϰ͘ϰ͘ϭ/ŶŝƚŝĂů>ŝĨƚWůĂĐĞŵĞŶƚ
Š‡‹‹–‹ƒŽŽ‹ˆ–…‘•–”—…–‹‘‹•–‘’”‘…‡‡†ˆ”‘–Š‡Ž‘™‡†‘ˆ–Š‡…‡ŽŽ–‘™ƒ”†–Š‡Š‹‰Š’‘‹–‘ˆ–Š‡…‡ŽŽǤ
Š‡”‡–Š‡…‡ŽŽŠƒ•–™‘Ž‘™‡†•ȋ‹Ǥ‡ǤŠ‹‰Š’‘‹–‹•Ž‘…ƒ–‡†ƒ„‘—–‹†Ǧ…‡ŽŽȌǡ™ƒ•–‡†‹•’‘•ƒŽ™‹ŽŽ„‡‰‹ƒ–
‘‡Ž‘™‡†ƒ†’”‘…‡‡†–‘™ƒ”†•–Š‡Š‹‰Š’‘‹–Ǥ’‘”‡ƒ…Š‹‰–Š‡Š‹‰Š’‘‹–ǡ†‹•’‘•ƒŽƒ…–‹˜‹–‹‡•™‹ŽŽ
‘˜‡–‘–Š‡Ž‘™‡†‘–Š‡‘’’‘•‹–‡•‹†‡‘ˆ–Š‡…‡ŽŽǤ‘”†‡”–‘’”‡˜‡–†ƒƒ‰‡–‘–Š‡„ƒ•‡Ž‹‡”
•›•–‡ǡ‘…‘’ƒ…–‹‰‘”•’”‡ƒ†‹‰‡“—‹’‡–™‹ŽŽ„‡’‡”‹––‡†–‘‘’‡”ƒ–‡†‹”‡…–Ž›‘–Š‡†”ƒ‹ƒ‰‡
Žƒ›‡”Ǥ͵Ǧˆ‘‘–‹‹—’”‘–‡…–‹˜‡Žƒ›‡”‘ˆ•‡Ž‡…–”‡ˆ—•‡ȋ‘Žƒ”‰‡‹–‡•–Šƒ–ƒ›’‡‡–”ƒ–‡–Š‡
†”ƒ‹ƒ‰‡Žƒ›‡”ƒ††ƒƒ‰‡–Š‡Ž‹‡”Ȍ™‹ŽŽ„‡’Žƒ…‡†‘˜‡”–Š‡†”ƒ‹ƒ‰‡Žƒ›‡”’”‹‘”–‘‘’‡”ƒ–‹‘‘ˆ
…‘’ƒ…–‹‘‡“—‹’‡–Ǥ‡ˆ—•‡™‹ŽŽ„‡—Ž‘ƒ†‡†ˆ”‘–Š‡Šƒ—Ž‹‰˜‡Š‹…Ž‡ƒ†ƒ„—ŽŽ†‘œ‡”™‹ŽŽ„‡—•‡†
ƒ•–Š‡’”‹ƒ”›•’”‡ƒ†‹‰ƒ†…‘’ƒ…–‹‰ƒ…Š‹‡—–‹Ž–Š‡ˆ‹”•–͵ˆ‘‘–ˆ‹ŽŽŠ‡‹‰Š–‘˜‡”–Š‡•ƒ†
†”ƒ‹ƒ‰‡Žƒ›‡”‹•…‘’Ž‡–‡†Ǥ‘„—Ž›™ƒ•–‡™‹ŽŽ„‡Žƒ†ˆ‹ŽŽ‡†—–‹Žͷˆ‡‡–‘ˆ™ƒ•–‡Šƒ•„‡‡
‡•–ƒ„Ž‹•Š‡†‘–Š‡†”ƒ‹ƒ‰‡Žƒ›‡”Ǥ‡’‡†‹‰‘–Š‡”ƒ–‡–Šƒ––Š‡™‘”‹‰ˆƒ…‡‹•ƒ†˜ƒ…‹‰ǡ–Š‡
‘’‡”ƒ–‘”—•–ƒ‡ƒ†‡…‹•‹‘”‡‰ƒ”†‹‰–Š‡’Žƒ…‡‡–‘ˆ‹–‡”‡†‹ƒ–‡…‘˜‡”Ǥˆ–Š‡™‘”‹‰ˆƒ…‡‹•
ƒ†˜ƒ…‹‰•Ž‘™Ž›ƒ†–Š‡Ž‹ˆ–™‹ŽŽ„‡‡š’‘•‡†–‘’”‡…‹’‹–ƒ–‹‘ˆ‘”ƒŽ‘‰’‡”‹‘†‘ˆ–‹‡ǡ–Š‡‘’‡”ƒ–‘”
•Š‘—Ž†’Žƒ…‡‹–‡”‡†‹ƒ–‡…‘˜‡”•‘–Šƒ–•–‘”™ƒ–‡”‹•†‹˜‡”–‡†ƒ†Ž‡ƒ…Šƒ–‡‰‡‡”ƒ–‹‘‹•‹‹‹œ‡†Ǥ
‘””ƒ’‹†Ž›ƒ†˜ƒ…‹‰™‘”‹‰ˆƒ…‡•‹™Š‹…Š–Š‡•—„•‡“—‡–Ž‹ˆ–™‹ŽŽ„‡‰‹‹ƒ•Š‘”–’‡”‹‘†ǡ–Š‡
‘’‡”ƒ–‘”ƒ›‡Ž‡…––‘ˆ‘”‰‘’Žƒ…‹‰‹–‡”‡†‹ƒ–‡…‘˜‡”Ǥ‘™‡˜‡”ǡ‹–—•–„‡‘–‡†–Šƒ–ƒ……‘”†‹‰–‘
–Š‡—Ž‡Ǥͳ͸ʹ͸ȋʹȌȋ„Ȍǡ‹–‡”‡†‹ƒ–‡…‘˜‡”‹•”‡“—‹”‡†ˆ‘”ƒ”‡ƒ•™Š‹…Š™‹ŽŽ‘–Šƒ˜‡™ƒ•–‡’Žƒ…‡†‘
–Š‡ˆ‘”ͳʹ‘–Š•‘”Ž‘‰‡”Ǥ
ϭϰ͘ϰ͘Ϯ^ƵďƐĞƋƵĞŶƚ>ŝĨƚWůĂĐĞŵĞŶƚ
’‡”ƒ–‹‰–Š‡•‡…‘†Ž‹ˆ–”‡“—‹”‡•–Š‡…‡ŽŽ…‘•–”—…–‹‘–‘„‡‰‹ƒ––Š‡Š‹‰Š‡†‘ˆ–Š‡…‡ŽŽƒ†’”‘…‡‡†
–‘™ƒ”†–Š‡Ž‘™’‘‹–‘ˆ–Š‡…‡ŽŽǤˆ‹–‡”‡†‹ƒ–‡…‘˜‡”‹•’”‡•‡–‘–Š‡’”‡˜‹‘—•Ž‹ˆ–ǡ–Š‡‘’‡”ƒ–‘”
•Š‘—Ž†”‡‘˜‡ƒ•—…Š‘ˆ–Š‡…‘˜‡”ƒ–‡”‹ƒŽƒ•’‘••‹„Ž‡™‹–Š‘—–†‹•–—”„‹‰–Š‡‹Ǧ’Žƒ…‡•‘Ž‹†™ƒ•–‡Ǥ
‡‘˜‹‰–Š‡‹–‡”‡†‹ƒ–‡…‘˜‡”•ƒ˜‡•†‹•’‘•ƒŽ…ƒ’ƒ…‹–›ǡ’”‡˜‡–•„Ž‘…ƒ‰‡‘ˆ˜‡”–‹…ƒŽ‹‰”ƒ–‹‘‘ˆ
Ž‡ƒ…Šƒ–‡ǡƒ†ƒŽŽ‘™•”‡—•‡‘ˆ–Š‡”‡…Žƒ‹‡†•‘‹ŽǤ‘Ž‹†™ƒ•–‡™‹ŽŽ„‡•’”‡ƒ†‹–‘—‹ˆ‘”Žƒ›‡”•ƒ†
…‘’ƒ…–‡†–‘‹–••ƒŽŽ‡•–’”ƒ…–‹…ƒŽ˜‘Ž—‡Ǥ‹ˆ‘”Žƒ›‡”••ŠƒŽŽ‘–‡š…‡‡†ʹˆ‡‡–‹–Š‹…‡••Ǥ
‘’ƒ…–‹‘•ŠƒŽŽ…‘•‹•–‘ˆ–Š”‡‡–‘ˆ‘—”’ƒ••‡•™‹–Šƒ…‘’ƒ…–‘”Ǥ
ϭϰ͘ϱ>ĞĂĐŚĂƚĞĂŶĚ^ƚŽƌŵǁĂƚĞƌŽŶƚƌŽůƐ
–‹•‹’‘”–ƒ–ˆ‘”–Š‡Žƒ†ˆ‹ŽŽ‘’‡”ƒ–‘”–‘—†‡”•–ƒ†–Š‡†‹ˆˆ‡”‡…‡„‡–™‡‡Ž‡ƒ…Šƒ–‡ƒ†•–‘”
™ƒ–‡”‹‘”†‡”–‘‹‹‹œ‡–Š‡’”‘†—…–‹‘‘ˆŽ‡ƒ…Šƒ–‡ˆ‘”ƒŽŽ’Šƒ•‡•‘ˆ–Š‡Žƒ†ˆ‹ŽŽ’”‘Œ‡…–Ǥ
^ĞĐƚŝŽŶϭϰ•&ŝůůŝŶŐ^ĞƋƵĞŶĐĞĂŶĚKƉĞƌĂƚŝŽŶ

ϭϰͲϯ
•†‡ˆ‹‡†„›–Š‡‘Ž‹†ƒ•–‡—Ž‡•ǡŽ‡ƒ…Šƒ–‡‡ƒ•ƒ›Ž‹“—‹†ǡ‹…Ž—†‹‰ƒ›•—•’‡†‡†…‘’‘‡–•
‹Ž‹“—‹†–Šƒ–Šƒ•’‡”…‘Žƒ–‡†–Š”‘—‰Š‘”†”ƒ‹‡†ˆ”‘•‘Ž‹†™ƒ•–‡Ǥ
–‘”™ƒ–‡”‹•†‡ˆ‹‡†ƒ•”ƒ‹‘”‘–Š‡”ˆ‘”•‘ˆ’”‡…‹’‹–ƒ–‹‘™Š‹…Š†‘‡•‘–…‘–ƒ…–•‘Ž‹†™ƒ•–‡Ǥ
‡šƒ’Ž‡‘ˆ•–‘”™ƒ–‡”‹•”ƒ‹™ƒ–‡”™Š‹…Š”—•‘ˆˆ‘ˆ–Š‡•—”ˆƒ…‡‘ˆ–Š‡Žƒ†ˆ‹ŽŽƒˆ–‡”͸̶‘”‘”‡‘ˆ
…‘˜‡”ƒ–‡”‹ƒŽŠƒ•„‡‡’Žƒ…‡†‘˜‡”•‘Ž‹†™ƒ•–‡Ǥ
‹…‡Ž‡ƒ…Šƒ–‡Šƒ•–‘„‡…‘ŽŽ‡…–‡†ƒ†–”‡ƒ–‡†ƒ–ƒ…‘•–ǡ–Š‡‘’‡”ƒ–‘”…ƒ”‡†—…‡‘’‡”ƒ–‹‘…‘•–•„›
‹‹‹œ‹‰–Š‡ƒ‘—–‘ˆ•–‘”™ƒ–‡”–Šƒ–…‘‡•‹…‘–ƒ…–™‹–Š™ƒ•–‡‘”‡š‹•–‹‰Ž‡ƒ…Šƒ–‡Ǥ‘”†‡”
–‘’”‡˜‡–Žƒ”‰‡“—ƒ–‹–‹‡•‘ˆ•–‘”™ƒ–‡”ˆ”‘„‡‹‰…‘ŽŽ‡…–‡†ƒ†—Ž–‹ƒ–‡Ž›„‡‹‰–”‡ƒ–‡†ƒ•
Ž‡ƒ…Šƒ–‡ǡ–Š‡‘’‡”ƒ–‘”•ŠƒŽŽ…‘•–”—…–†‹˜‡”•‹‘„‡”•–‘•—„†‹˜‹†‡–Š‡…‡ŽŽ‹–‘•‡’ƒ”ƒ–‡™ƒ–‡”
…‘ŽŽ‡…–‹‘œ‘‡•Ǥ—„‡”‘ˆ–Š‡†‹˜‡”•‹‘„‡”•™‹ŽŽŠƒ˜‡–‘„‡…‘•–”—…–‡†ƒŠ‡ƒ†‘ˆ–Š‡™‘”‹‰
ˆƒ…‡ȋƒ”‡ƒ™Š‡”‡–Š‡Ž‹ˆ–‹•’”‘‰”‡••‹‰–‘™ƒ”†ȌǤŠ‡„‡”•Š‘—Ž†‹‹‹œ‡–Š‡ƒ”‡ƒ™Š‡”‡Ž‡ƒ…Šƒ–‡‹•
…‘ŽŽ‡…–‡†™Š‹Ž‡ƒ––Š‡•ƒ‡–‹‡‘–‹–‡”ˆ‡”‹‰™‹–ŠŽƒ†ˆ‹ŽŽ‡“—‹’‡–‘’‡”ƒ–‹‘•Ǥ‘”†‡”–‘
†‡–‡”‹‡–Š‡†‹•–ƒ…‡‹ˆ”‘–‘ˆ–Š‡™‘”‹‰ˆƒ…‡–‘…‘•–”—…––Š‡•–‘”™ƒ–‡”†‹˜‡”•‹‘„‡”ǡ–Š‡
‘’‡”ƒ–‘”•Š‘—Ž†—–‹Ž‹œ‡–Š‡ˆ‘ŽŽ‘™‹‰…ƒŽ…—Žƒ–‹‘™‹–Šƒ…–—ƒŽ‘’‡”ƒ–‹‰†ƒ–ƒˆ‹ŽŽ‡†‹–Š‡—†‡”Ž‹‡†
ƒ”‡ƒ•ǣ

‹˜‡ǣ
ƒƒ‹Ž›ƒ•–‡‹•’‘•‡†α͵͸ͷ–‘•’‡”†ƒ›
ƒ͓‘ˆ‘’‡”ƒ–‹‰α͸†ƒ›•Ȁ™‡‡
ƒƒ•–‡†‡•‹–›αͳǡ͵ͲͲŽ„Ȁ›†͵
ƒ‹ˆ–‡‹‰Š–αͳͲˆ‡‡–
‘’—–‡–Š‡ˆ‘ŽŽ‘™‹‰ǣ
‘•‘ˆ™ƒ•–‡†‹•’‘•‡†‹ƒ™‡‡
͵͸ͷ–‘•Ȁ†ƒ›š͸†ƒ›•Ȁ™‡‡αʹǡͳͻͲ–‘•Ȁ™‡‡
‘˜‡”––‘•‘ˆ™ƒ•–‡–‘’‘—†•‘ˆ™ƒ•–‡
ʹǡͳͻͲ–‘•Ȁ™‡‡šʹǡͲͲͲŽ„Ȁ–‘αͶǡ͵ͺͲǡͲͲͲŽ„•Ȁ™‡‡
‘˜‡”–’‘—†•‘ˆ™ƒ•–‡–‘…—„‹…›ƒ”†•‘ˆ™ƒ•–‡
Ͷǡ͵ͺͲǡͲͲͲŽ„•Ȁ™‡‡ίͳǡ͵ͲͲŽ„Ȁ›†͵α͵ǡ͵͸ͻ›†͵Ȁ™‡‡
‘˜‡”–…—„‹…›ƒ”†•‘ˆ™ƒ•–‡–‘…—„‹…ˆ‡‡–‘ˆ™ƒ•–‡
͵ǡ͵͸ͻ›†͵šʹ͹ˆ–͵Ȁ›†αͻͲǡͻ͸ͻˆ–͵ȋ‹”•’ƒ…‡”‡“—‹”‡†ˆ‘”ͳ™‡‡‘ˆ†‹•’‘•ƒŽȌ
‘’—–‡‹‹ƒŽŽ‡‰–Š„‡–™‡‡™‘”‹‰ˆƒ…‡ƒ†„‡”
ͻͲǡͻ͸ͻˆ–͵ίʹͲͲˆ‡‡–ίͳͲˆ‡‡–αͶͷˆ‡‡–̱ͷͲˆ‡‡–
^ĞĐƚŝŽŶϭϰ•&ŝůůŝŶŐ^ĞƋƵĞŶĐĞĂŶĚKƉĞƌĂƚŝŽŶ

ϭϰͲϰ
Š‡™‘”‹‰ˆƒ…‡‹•‡•–‹ƒ–‡†–‘’”‘‰”‡••„‡–™‡‡Ͷͷƒ†ͷͲˆ‡‡–†—”‹‰‘‡™‡‡‘ˆ‘’‡”ƒ–‹‘Ǥ
‹…‡–Š‡†‹˜‡”•‹‘„‡”™‹ŽŽ„‡…‘•–”—…–‡†‘…‡ƒ™‡‡ǡ–Š‡•–‘”™ƒ–‡”†‹˜‡”•‹‘„‡”™‹ŽŽ‡‡†–‘
„‡ƒ’’”‘š‹ƒ–‡Ž›ͷͲˆ‡‡–‹ˆ”‘–‘ˆ–Š‡™‘”‹‰ˆƒ…‡‰‹˜‡–Š‡–‘ƒ‰‡•ƒ••—‡†ƒ„‘˜‡Ǥ
Š‡•‡…ƒŽ…—Žƒ–‹‘•ƒ”‡‘Ž›ƒ‡šƒ’Ž‡–‘’”‘˜‹†‡–Š‡‘’‡”ƒ–‘”ƒ‡ƒ•‘ˆ†‡–‡”‹‹‰–Š‡†‹•–ƒ…‡–‘
’Žƒ…‡–Š‡—’’‡”†‹˜‡”•‹‘„‡”ˆ”‘–Š‡™‘”‹‰ˆƒ…‡ƒ––Š‡‡†‘ˆ–Š‡™‡‡ǯ•‘’‡”ƒ–‹‘‹–Š‡‹‹–‹ƒŽ
Ž‹ˆ–ƒ†–Š‡†‹•–ƒ…‡–‘’Žƒ…‡–Š‡—’’‡”ƒ†Ž‘™‡”†‹˜‡”•‹‘„‡”•ƒ’ƒ”–‹•—„•‡“—‡–Ž‹ˆ–•Ǥ…‡–Š‡
‘’‡”ƒ–‘”„‡‰‹•‘’‡”ƒ–‹‘‹–Š‡‡™ˆƒ…‹Ž‹–›ǡŠ‡™‹ŽŽ„‡ƒ„Ž‡–‘Šƒ˜‡ƒ„‡––‡”—†‡”•–ƒ†‹‰‘ˆŠ‘™ˆƒ”
ƒ’ƒ”––‘’Žƒ…‡–Š‡•–‘”™ƒ–‡”†‹˜‡”•‹‘•Ǥ
ϭϰ͘ϱ͘ϭ/ŶŝƚŝĂů>ŝĨƚ^ƚŽƌŵǁĂƚĞƌŽŶƚƌŽůƐ
—”‹‰–Š‡†‡˜‡Ž‘’‡–‘ˆ–Š‡‹‹–‹ƒŽŽ‹ˆ–‹‡ƒ…Š…‡ŽŽǡƒ†‹˜‡”•‹‘„‡”•Š‘—Ž†„‡—•‡†–‘•—„†‹˜‹†‡–Š‡
…‡ŽŽ‹–‘–™‘•‡’ƒ”ƒ–‡œ‘‡•‹‘”†‡”–‘‹‹‹œ‡Ž‡ƒ…Šƒ–‡‰‡‡”ƒ–‹‘Ǥ–‹•‡•’‡…‹ƒŽŽ›…”—…‹ƒŽ–‘ˆ‘ŽŽ‘™
…‘””‡…–‘’‡”ƒ–‹‰’”‘…‡†—”‡•–‘‹‹‹œ‡Ž‡ƒ…Šƒ–‡’”‘†—…–‹‘ˆ‘”–Š‡‹‹–‹ƒŽŽ‹ˆ–•‹…‡ƒš‹—
Ž‡ƒ…Šƒ–‡’”‘†—…–‹‘™‹ŽŽ‘……—”†—”‹‰–Š‹•’Šƒ•‡‘ˆ‡ƒ…Š…‡ŽŽǤ„‡”™‹ŽŽ„‡—•‡†–‘•‡’ƒ”ƒ–‡•–‘”
™ƒ–‡”™Š‹…ŠŠƒ•…‘‡‹–‘…‘–ƒ…–™‹–Š—…‘˜‡”‡†™ƒ•–‡ȋŽ‡ƒ…Šƒ–‡Ȍˆ”‘…Ž‡ƒ•–‘”™ƒ–‡”Ǥ„‡”
•Š‘—Ž†„‡…‘•–”—…–‡†ƒ…”‘••–Š‡‡–‹”‡…‡ŽŽƒ†—’‰”ƒ†‹‡–‘ˆ–Š‡™‘”‹‰ˆƒ…‡Ǥ”‡…‹’‹–ƒ–‹‘–Šƒ–
ˆƒŽŽ•‹–‘–Š‡̶—’’‡”•–‘”™ƒ–‡”œ‘‡̶‹•†‡ˆ‹‡†ƒ••–‘”™ƒ–‡”ȋ•‡‡’‡”ƒ–‹‘Žƒ†”ƒ™‹‰•ȌǤŠ‡
•–‘”™ƒ–‡”…‘ŽŽ‡…–‡†‹–Š‡—’’‡”•–‘”™ƒ–‡”œ‘‡™‹ŽŽ„‡†‹˜‡”–‡†‹–‘ƒƒ†Œƒ…‡–—ˆ‹ŽŽ‡†…‡ŽŽ‘”
–‘ƒ†”ƒ‹ƒ‰‡†‹–…ŠƒŽ‘‰–Š‡ƒ……‡••”‘ƒ†„›ƒ’—’‹•–ƒŽŽ‡†‘–Š‡—’Ǧ‰”ƒ†‹‡–•‹†‡‘ˆ–Š‡—’’‡”
„‡”Ǥ
Š‡ƒ”‡ƒ„‡–™‡‡–Š‡„‡”ƒ†–Š‡™‘”‹‰ˆƒ…‡‹•†‡ˆ‹‡†ƒ•–Š‡̶Ž‡ƒ…Šƒ–‡…‘ŽŽ‡…–‹‘œ‘‡̶ȋ‡‡
’‡”ƒ–‹‘Žƒ†”ƒ™‹‰•ȌǤŽŽ”—‘ˆˆ…‘ŽŽ‡…–‡†„‡–™‡‡–Š‡•–‘”™ƒ–‡”„‡”ƒ†–Š‡™‘”‹‰ˆƒ…‡
™‹ŽŽ„‡†‡ˆ‹‡†ƒ•Ž‡ƒ…Šƒ–‡•‹…‡–Š‡•–‘”™ƒ–‡”‹–Š‹•ƒ”‡ƒ™‹ŽŽ…‘‡‹–‘…‘–ƒ…–™‹–Š—…‘˜‡”‡†
•‘Ž‹†™ƒ•–‡ǤŠ‡Ž‡ƒ…Šƒ–‡…‘ŽŽ‡…–‹‘•›•–‡™‹ŽŽ…‘ŽŽ‡…–ƒ†…‘˜‡›–Š‡Ž‡ƒ…Šƒ–‡–‘–Š‡Ž‡ƒ…Šƒ–‡’‘†Ǥ
ϭϰ͘ϱ͘Ϯ^ƵďƐĞƋƵĞŶƚ>ŝĨƚ
—”‹‰–Š‡†‡˜‡Ž‘’‡–‘ˆ–Š‡•—„•‡“—‡–Ž‹ˆ–•‹‡ƒ…Š…‡ŽŽǡƒ–Ž‡ƒ•––™‘„‡”••Š‘—Ž†„‡—•‡†–‘
•—„†‹˜‹†‡–Š‡…‡ŽŽ‹–‘–Š”‡‡•‡’ƒ”ƒ–‡œ‘‡•‹‘”†‡”–‘‹‹‹œ‡Ž‡ƒ…Šƒ–‡‰‡‡”ƒ–‹‘Ǥ•„‡ˆ‘”‡ǡ–Š‡
„‡”•™‹ŽŽ„‡—•‡†–‘•‡’ƒ”ƒ–‡•–‘”™ƒ–‡”–Šƒ–Šƒ•…‘‡‹–‘…‘–ƒ…–™‹–Š—…‘˜‡”‡†™ƒ•–‡
ȋŽ‡ƒ…Šƒ–‡Ȍˆ”‘…Ž‡ƒ•–‘”™ƒ–‡”ǤŠ‡•–‘”™ƒ–‡”„‡”••Š‘—Ž†„‡…‘•–”—…–‡†ƒ…”‘••–Š‡‡–‹”‡
…‡ŽŽƒ†—’Ǧ‰”ƒ†‹‡–ƒ††‘™Ǧ‰”ƒ†‹‡–‘ˆ–Š‡™‘”‹‰ˆƒ…‡ƒ••Š‘™‘–Š‡’‡”ƒ–‹‘Žƒ†”ƒ™‹‰•Ǥ
Š‡ƒ”‡ƒ„‡–™‡‡–Š‡Š‹‰Š‡•–‡†‘ˆ–Š‡…‡ŽŽƒ†–Š‡—’’‡”†‹˜‡”•‹‘„‡”‹•†‡ˆ‹‡†ƒ•–Š‡̶—’’‡”
•–‘”™ƒ–‡”œ‘‡̶Ǥ”‡…‹’‹–ƒ–‹‘–Šƒ–ˆƒŽŽ•‹–‘–Š‡—’’‡”•–‘”™ƒ–‡”œ‘‡‹•†‡ˆ‹‡†ƒ••–‘”™ƒ–‡”Ǥ
Š‡•–‘”™ƒ–‡”…‘ŽŽ‡…–‡†‹–Š‡—’’‡”•–‘”™ƒ–‡”œ‘‡™‹ŽŽ„‡†‹˜‡”–‡†‹–‘ƒƒ†Œƒ…‡–—ˆ‹ŽŽ‡†…‡ŽŽǡ
ƒ…‡ŽŽ™‹–Š͸̶‘ˆ…‘˜‡”ǡ‘”–‘ƒ†”ƒ‹ƒ‰‡†‹–…ŠƒŽ‘‰–Š‡’‡”‹‡–‡”ƒ……‡••”‘ƒ†Ǥ
Š‡ƒ”‡ƒ„‡–™‡‡–Š‡Ž‘™‡”†‹˜‡”•‹‘„‡”ƒ†–Š‡Ž‘™‡•–‡†‘ˆ–Š‡…‡ŽŽ‹•†‡ˆ‹‡†ƒ•–Š‡̶Ž‘™‡”
•–‘”™ƒ–‡”œ‘‡̶ȋ‡‡’‡”ƒ–‹‘Žƒ†”ƒ™‹‰•ȌǤ”‡…‹’‹–ƒ–‹‘–Šƒ–ˆƒŽŽ•‘–Š‡Ž‘™‡”•–‘”™ƒ–‡”
œ‘‡‹•ƒŽ•‘†‡ˆ‹‡†ƒ••–‘”™ƒ–‡”ǤŠ‡•–‘”™ƒ–‡”…‘ŽŽ‡…–‡†‹–Š‡Ž‘™‡”•–‘”™ƒ–‡”œ‘‡™‹ŽŽ
•Š‡‡–ˆŽ‘™‘˜‡”–Š‡†ƒ‹Ž›…‘˜‡”‘ˆ–Š‡…—””‡–Ž‹ˆ–—–‹Ž†‹˜‡”–‡†‹–‘ƒƒ†Œƒ…‡–—ˆ‹ŽŽ‡†…‡ŽŽǡƒ…‡ŽŽ™‹–Š
͸̶‘ˆ…‘˜‡”ǡ‘”–‘ƒ†”ƒ‹ƒ‰‡†‹–…ŠƒŽ‘‰–Š‡’‡”‹‡–‡”ƒ……‡••”‘ƒ†ǤŠ‡ƒ”‡ƒ„‡–™‡‡–Š‡—’’‡”ƒ†
Ž‘™‡”•–‘”™ƒ–‡”†‹˜‡”•‹‘„‡”•‹•†‡ˆ‹‡†ƒ•–Š‡̶Ž‡ƒ…Šƒ–‡…‘ŽŽ‡…–‹‘œ‘‡̶ȋ‡‡’‡”ƒ–‹‘Žƒ
†”ƒ™‹‰•ȌǤŽŽ’”‡…‹’‹–ƒ–‹‘…‘ŽŽ‡…–‡†„‡–™‡‡–Š‡†‹˜‡”•‹‘„‡”•™‹ŽŽ„‡†‡ˆ‹‡†ƒ•Ž‡ƒ…Šƒ–‡•‹…‡
–Š‡•–‘”™ƒ–‡”‹–Š‹•ƒ”‡ƒ™‹ŽŽ…‘‡‹–‘…‘–ƒ…–™‹–Š—…‘˜‡”‡†•‘Ž‹†™ƒ•–‡ǤŠ‡’”‡…‹’‹–ƒ–‹‘
^ĞĐƚŝŽŶϭϰ•&ŝůůŝŶŐ^ĞƋƵĞŶĐĞĂŶĚKƉĞƌĂƚŝŽŶ

ϭϰͲϱ
…‘ŽŽ‡…–‡†‹–Š‡Ž‡ƒ…Šƒ–‡…‘ŽŽ‡…–‹‘œ‘‡™‹ŽŽ„‡…‘ŽŽ‡…–‡†‹–Š‡Ž‡ƒ…Šƒ–‡…‘ŽŽ‡…–‹‘•›•–‡ƒ†™‹ŽŽ„‡
…‘˜‡›‡†‹–‘–Š‡Ž‡ƒ…Šƒ–‡…‘ŽŽ‡…–‹‘’‘†Ǥ
ϭϰ͘ϱ͘ϯKƉĞŶĞůůƐ
”‡…‹’‹–ƒ–‹‘™Š‹…ŠˆƒŽŽ•‹–‘ƒ‘’‡…‡ŽŽȋ‹‡Ǥ‘‡–Šƒ–Šƒ•‘–›‡–”‡…‡‹˜‡†•‘Ž‹†™ƒ•–‡Ȍƒ†…‘ŽŽ‡…–•ƒ–
–Š‡Ž‘™‡†‘ˆ–Š‡…‡ŽŽ™‹ŽŽ„‡”‡‘˜‡†„›’—’‹‰Ǥ‡‡’‡”ƒ–‹‘Žƒ†”ƒ™‹‰•ˆ‘”ƒ‡šƒ’Ž‡‘ˆƒ
‹ƒ…–‹˜‡…‡ŽŽǤŠ‡…‡ŽŽ™‹ŽŽ„‡’—’‡†„›‹•‡”–‹‰ƒ’—’ȋ‘”‹–ƒ‡Š‘•‡‘ˆƒ’—’Ȍ‹–‘–Š‡Ž‡ƒ…Šƒ–‡
…‘ŽŽ‡…–‹‘Ž‹‡…Ž‡ƒ‘—–ǤŠ‡•–‘”™ƒ–‡”’—’‡†‘—–‘ˆ–Š‡…Ž‡ƒ‘—–™‹ŽŽ„‡†‹•…Šƒ”‰‡†‹–‘–Š‡
’‡”‹‡–‡”ƒ……‡••”‘ƒ††”ƒ‹ƒ‰‡†‹–…ŠǤ





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KƉĞƌĂƚŝŽŶWůĂŶƌĂǁŝŶŐƐ
AW
PHASE IV - YEAR 1 OP-3 PERMIT SET
©

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CU
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PHASE IV - YEAR 2 OP-4 PERMIT SET
©

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9
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3
2
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3
5
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0
NC

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2
5
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A
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A
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AN
N

S
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T

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E

D

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A
N
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F
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L
CU
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PHASE IV - YEAR 3 OP-5 PERMIT SET
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PHASE IV - YEAR 4 OP-6 PERMIT SET
©

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PHASE IV - YEAR 5 OP-7 PERMIT SET
©

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ƉƉĞŶĚŝdž
tĂƐƚĞ^ĐƌĞĞŶŝŶŐWůĂŶ

ŝ
dĂďůĞŽĨŽŶƚĞŶƚƐ

‡…–‹‘ͳ –”‘†—…–‹‘
‡…–‹‘ʹ ˜‡”˜‹‡™‘ˆƒ•–‡…”‡‡‹‰Žƒ
‡…–‹‘͵ ‡‰—Žƒ–‘”›ƒ…‰”‘—†
͵Ǥͳ ‡†‡”ƒŽƒ†–ƒ–‡‡‰—Žƒ–‘”›ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͵Ǧͳ
͵Ǥʹƒ–‡”‹ƒŽ•”‘Š‹„‹–‡†ˆ”‘ƒ†ˆ‹ŽŽ‹‰ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͵Ǧͳ
͵Ǥ͵‘—–›‡‰—Žƒ–‹‘•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͵Ǧͳ
‡…–‹‘Ͷ ’’Ž‹…ƒ„‹Ž‹–›
‡…–‹‘ͷ ‘”–Šƒ”‘Ž‹ƒ‘Ž‹†ƒ•–‡‡–‡”‹ƒ–‹‘”‘…‡••
‡…–‹‘͸ ”ƒ‹‹‰
‡…–‹‘͹ ‡•‹‰ƒ–‡†”‡ƒˆ‘”ƒ•–‡…”‡‡‹‰
‡…–‹‘ͺ †‡–‹ˆ›‹‰—•’‹…‹‘—•ƒ•–‡‘ƒ†•‹ƒ–ƒ†ƒ”†ƒ†ˆ‹ŽŽ’‡”ƒ–‹‘
‡…–‹‘ͻ ƒ†‘•’‡…–‹‘•‘ˆ…‘‹‰‘ƒ†•
ͻǤͳ‡Ž‡…–‹‰‘ƒ†•ˆ‘”ƒ’Ž‹‰ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͻǦͳ
ͻǤʹ…”‡‡‹‰–Š‡ƒ•–‡‘ƒ†•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͻǦʹ
ͻǤ͵”‘…‡†—”‡•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͻǦʹ
‡…–‹‘ͳͲ‡…‘”†•‘ˆ•’‡…–‹‘•
‡…–‹‘ͳͳ‘–‹‰‡…›Žƒ
‡…–‹‘ͳʹ‘–‹ˆ‹…ƒ–‹‘
‡…–‹‘ͳ͵‡•’‘•‹„Ž‡ƒ”–›
‡…–‹‘ͳͶ ‹‡•ƒ†‡ƒŽ–‹‡•












ϭͲϭ
^ĞĐƚŝŽŶϭ 
/ŶƚƌŽĚƵĐƚŝŽŶ
Š‹•ƒ•–‡…”‡‡‹‰Žƒ•‡–•ˆ‘”–Š–Š‡’”‘‰”ƒ•ƒ†’”‘…‡†—”‡•‹’Ž‡‡–‡†„›–Š‡•‘Ž‹†™ƒ•–‡
ƒƒ‰‡‡–•–ƒˆˆ‘ˆ—„‡”Žƒ†‘—–›ȋ‘—–›Ȍ–‘‹†‡–‹ˆ›ƒ†•ƒˆ‡Ž›†‹•’‘•‡‘ˆ—ƒ—–Š‘”‹œ‡†
™ƒ•–‡•„”‘—‰Š––‘–”‡‡–—„–‹–Ž‡Žƒ†ˆ‹ŽŽǤ‘•–”—…–‹‘ƒ†‡‘Ž‹–‹‘ȋƬȌ™ƒ•–‡™‹ŽŽ„‡
†‹•’‘•‡†‘ˆ‹–Š‡ƬŽƒ†ˆ‹ŽŽǤ
Š‡‘—–›ƒƒ‰‡•–Š‡•–‘”ƒ‰‡ǡ…‘ŽŽ‡…–‹‘ǡƒ††‹•’‘•ƒŽ‘ˆ•‘Ž‹†™ƒ•–‡•‹ƒ……‘”†ƒ…‡™‹–Š•–ƒ–‡ƒ†
ˆ‡†‡”ƒŽ”‡‰—Žƒ–‹‘•ƒ†‹ƒƒ‡”–Šƒ–’”‘–‡…–•–Š‡’—„Ž‹…Š‡ƒŽ–Šǡ•ƒˆ‡–›ǡƒ†™‡Žˆƒ”‡‘ˆ–Š‡”‡•‹†‡–•
‘ˆ–Š‡‘—–›Ǥ‘‡‘ˆ–Š‡•–ƒ†ƒ”†‘’‡”ƒ–‹‰’”‘…‡†—”‡•ƒ––Š‡Žƒ†ˆ‹ŽŽƒ”‡†‡•‹‰‡†–‘‹•—”‡–Šƒ–
—ƒ—–Š‘”‹œ‡†™ƒ•–‡•ǡƒ•†‡ˆ‹‡†„›•–ƒ–‡ƒ†ˆ‡†‡”ƒŽ”‡‰—Žƒ–‹‘•ǡƒ”‡‘–Žƒ†ˆ‹ŽŽ‡†Ǥ
—””‡–‘—–›’”‘…‡†—”‡•ˆ—Žˆ‹ŽŽ•‘‡•–ƒ–‡ƒ†ˆ‡†‡”ƒŽ”‡‰—Žƒ–‹‘•ˆ‘”™ƒ•–‡•…”‡‡‹‰–‘†‡–‡…–‘”
’”‡˜‡–Žƒ†ˆ‹ŽŽ‹‰‘ˆ’”‘Š‹„‹–‡†‘”—ƒ—–Š‘”‹œ‡†•‘Ž‹†™ƒ•–‡•Ǥ‘‡‘ˆ–Š‡•‡’”‘‰”ƒ•ƒ†ˆƒ…‹Ž‹–‹‡•
‹…Ž—†‡ǣ
ƒͶͲŠ‘—”Šƒœƒ”†‘—•™ƒ•–‡ƒ†Š‘—•‡Š‘Ž†Šƒœƒ”†‘—•™ƒ•–‡ƒ™ƒ”‡‡••…‡”–‹ˆ‹…ƒ–‹‘
–”ƒ‹‹‰ˆ‘”ƒŽŽŽƒ†ˆ‹ŽŽ•–ƒˆˆ
ƒƒ•–‡…”‡‡‹‰’”‘‰”ƒ
ƒ–”ƒ‹‹‰ˆ‘”Žƒ†ˆ‹ŽŽ‘’‡”ƒ–‹‘•
ƒ‘—–›‘™‡†ƒ†‘’‡”ƒ–‡††”‘’Ǧ‘ˆˆˆƒ…‹Ž‹–‹‡•ˆ‘”Ž‡ƒ†ƒ…‹†„ƒ––‡”‹‡•ǡ›ƒ”†™ƒ•–‡ǡ™Š‹–‡‰‘‘†•ǡ
ƒ†™Š‘Ž‡•…”ƒ’–‹”‡•
ƒ‘—–›‘™‡†ƒ†‘’‡”ƒ–‡†’”‡Ǧ‡š–”ƒ…–‹‘ƒ”‡ƒˆ‘”‡–ƒŽ•ǡ…ƒ”’‡–‹‰ǡƒ†™‘‘†™ƒ•–‡Ǥ

ϮͲϭ
^ĞĐƚŝŽŶϮ 
KǀĞƌǀŝĞǁŽĨtĂƐƚĞ^ĐƌĞĞŶŝŶŐWůĂŶ
Š‹•ƒ•–‡…”‡‡‹‰Žƒ’”‡•‡–•–Š‡•–ƒ†ƒ”†‘’‡”ƒ–‹‰’”‘…‡†—”‡•ƒ––Š‡—„‡”Žƒ†‘—–›
—„–‹–Ž‡ƒ†ˆ‹ŽŽǤ–’”‡•‡–•–Š‡’”‘…‡†—”‡•ƒ†…‘–‹‰‡…›’Žƒ–Šƒ––Š‡‘—–›Šƒ•‹’Ž‡‡–‡†
–‘…‘’Ž›™‹–Šƒ’’Ž‹…ƒ„Ž‡–ƒ–‡ƒ† ‡†‡”ƒŽ”‡‰—Žƒ–‹‘•Ǥ
Š‹•ƒ•–‡…”‡‡‹‰Žƒǣ
ƒ‹†‡–‹ˆ‹‡•–Š‡ˆ‡†‡”ƒŽƒ†•–ƒ–‡”‡‰—Žƒ–‘”›ƒ—–Š‘”‹–›ˆ‘”’”‘Š‹„‹–‹‰–Š‡Žƒ†ˆ‹ŽŽ‹‰‘ˆ…‡”–ƒ‹
…ƒ–‡‰‘”‹‡•‘ˆ•‘Ž‹†™ƒ•–‡Ǣ
ƒ‹†‡–‹ˆ‹‡•ƒ††‡ˆ‹‡•–Š‡™ƒ•–‡•–‘™Š‹…Š™ƒ•–‡•…”‡‡‹‰ƒ’’Ž‹‡•Ǣ
ƒ†‡•…”‹„‡•–Š‡”‡“—‹”‡†–”ƒ‹‹‰ˆ‘”ˆƒ…‹Ž‹–›’‡”•‘‡ŽǢƒ†ǡ†‡•…”‹„‡•–Š‡†‡•‹‰ƒ–‡†ƒ”‡ƒ–‘„‡
—•‡†–‘•…”‡‡™ƒ•–‡Ž‘ƒ†•Ǣ
ƒ’”‡•‡–•–Š‡’”‘…‡†—”‡•ǡ†‡…‹•‹‘•ǡƒ†ƒ…–‹‘•™Š‹…Š™‹ŽŽ„‡–ƒ‡‹ˆƒ™ƒ•–‡Ž‘ƒ†‹••—•’‡…–‡†
‘ˆ…‘–ƒ‹‹‰ƒ™ƒ•–‡…‘˜‡”‡†„›–Š‹•’Žƒ‘”‹•ˆ‘—†–‘…‘–ƒ‹•—…Šƒ™ƒ•–‡Ǣ
ƒ‡š’Žƒ‹•Š‘™”‡…‘”†•‘ˆ‹•’‡…–‹‘•™‹ŽŽ„‡‡’–ƒ†Š‘™‘–‹ˆ‹…ƒ–‹‘‘ˆ–Š‡’”‘’‡”ƒ—–Š‘”‹–‹‡•
™‹ŽŽ–ƒ‡’Žƒ…‡‹ˆ’”‘Š‹„‹–‡†™ƒ•–‡‹•†‹•…‘˜‡”‡†Ǣ
ƒ…Žƒ”‹ˆ‹‡•–Š‡ˆ‹ƒ…‹ƒŽƒ†Ž‡‰ƒŽ”‡•’‘•‹„‹Ž‹–›‘ˆ–Š‡‘—–›ƒ†–Š‡™ƒ•–‡Šƒ—Ž‡”™Š‘„”‹‰•–Š‡
’”‘Š‹„‹–‡†™ƒ•–‡–‘–Š‡Žƒ†ˆ‹ŽŽ•Ǥ



ϯͲϭ
^ĞĐƚŝŽŶϯ 
ZĞŐƵůĂƚŽƌLJĂĐŬŐƌŽƵŶĚ
‡†‡”ƒŽǡ•–ƒ–‡ǡƒ†…‘—–›”‡‰—Žƒ–‹‘•‡ƒ…Š’”‘Š‹„‹–…‡”–ƒ‹…ƒ–‡‰‘”‹‡•‘ˆ™ƒ•–‡ˆ”‘„‡‹‰Žƒ†ˆ‹ŽŽ‡†Ǥ
Š‹••‡…–‹‘’”‡•‡–•–Š‡”‡‰—Žƒ–‘”›ƒ—–Š‘”‹–›’”‘Š‹„‹–‹‰…‡”–ƒ‹…ƒ–‡‰‘”‹‡•‘ˆ™ƒ•–‡ˆ”‘„‡‹‰
Žƒ†ˆ‹ŽŽ‡†ƒ†–Š‡”‡“—‹”‡‡–ˆ‘”™ƒ•–‡•…”‡‡‹‰Ǥ
ϯ͘ϭ&ĞĚĞƌĂůĂŶĚ^ƚĂƚĞZĞŐƵůĂƚŽƌLJ
—„–‹–Ž‡ǡ—„’ƒ”–’‡”ƒ–‹‰”‹–‡”‹ƒǡͶͲ ‡…–‹‘ʹͷͺǤʹͲȋ”‘…‡†—”‡•ˆ‘”š…Ž—†‹‰–Š‡
‡…‡‹’–‘ˆƒœƒ”†‘—•ƒ•–‡Ȍƒ†‘”–Šƒ”‘Ž‹ƒ–ƒ–‡‘Ž‹†ƒ•–‡ƒƒ‰‡‡–—Ž‡•‹–Ž‡ͳͷͳ͵
Ǥͳ͸ʹ͸ȋͳȌȋˆȌ”‡“—‹”‡–Šƒ–‘™‡”•‘”‘’‡”ƒ–‘”•‘ˆƒŽŽ—‹…‹’ƒŽ•‘Ž‹†™ƒ•–‡Žƒ†ˆ‹ŽŽȋ Ȍ—‹–•–‘
‹’Ž‡‡–ƒ’”‘‰”ƒƒ––Š‡ˆƒ…‹Ž‹–›ˆ‘”†‡–‡…–‹‰ƒ†’”‡˜‡–‹‰–Š‡†‹•’‘•ƒŽ‘ˆŠƒœƒ”†‘—•ƒ†Ž‹“—‹†
™ƒ•–‡•ǤŠ‹•’”‘‰”ƒ—•–‹…Ž—†‡ǡ‹ƒ……‘”†ƒ…‡™‹–ŠͶͲ ʹͷͺǤʹͲǣ
ƒ”ƒ†‘‹•’‡…–‹‘•‘ˆ‹…‘‹‰Ž‘ƒ†•Ǣ
ƒ”‡…‘”†•‘ˆƒ›‹•’‡…–‹‘•Ǣ
ƒ–”ƒ‹‹‰‘ˆˆƒ…‹Ž‹–›’‡”•‘‡Ž–‘”‡…‘‰‹œ‡Šƒœƒ”†‘—•ƒ†Ž‹“—‹†™ƒ•–‡•Ǣƒ†
ƒƒ…‘–‹‰‡…›’Žƒ–‘’”‘’‡”Ž›ƒƒ‰‡ƒ›‹†‡–‹ˆ‹‡†Šƒœƒ”†‘—•ƒ†Ž‹“—‹†™ƒ•–‡•ǤŠ‡’Žƒ
—•–ƒ††”‡••‹†‡–‹ˆ‹…ƒ–‹‘ǡ”‡‘˜ƒŽǡ•–‘”ƒ‰‡ƒ†ˆ‹ƒŽ†‹•’‘•‹–‹‘‘ˆ–Š‡™ƒ•–‡Ǥ
ϯ͘ϮDĂƚĞƌŝĂůƐWƌŽŚŝďŝƚĞĚĨƌŽŵD^t>ĂŶĚĨŝůůŝŶŐ
›‘”–Šƒ”‘Ž‹ƒƒ†ˆ‡†‡”ƒŽ”‡‰—Žƒ–‹‘•ǡƒ •ŠƒŽŽ‘Ž›ƒ……‡’–ˆ‘”Žƒ†ˆ‹ŽŽ‹‰–Š‘•‡•‘Ž‹†™ƒ•–‡•
™Š‹…Š‹–‹•’‡”‹––‡†–‘”‡…‡‹˜‡Ǥ……‘”†‹‰–‘—Ž‡Ǥͳ͸ʹ͸ȋͳȌȋ„Ȍ–Š‡ˆ‘ŽŽ‘™‹‰™ƒ•–‡•ƒ”‡’”‘Š‹„‹–‡†
ˆ”‘†‹•’‘•ƒŽƒ–ƒ —‹–ǣ
ƒƒœƒ”†‘—•™ƒ•–‡ƒ•†‡ˆ‹‡†™‹–Š‹ͳͷͳ͵ǡ‹…Ž—†‹‰Šƒœƒ”†‘—•™ƒ•–‡ˆ”‘
…‘†‹–‹‘ƒŽŽ›‡š‡’–•ƒŽŽ“—ƒ–‹–›‰‡‡”ƒ–‘”•Ǥ
ƒ‘Ž›…ŠŽ‘”‹ƒ–‡†„‹’Š‡›Ž•ȋȌ™ƒ•–‡•ƒ•†‡ˆ‹‡†‹ͶͲ ͹͸ͳǤ
ƒ‹“—‹†™ƒ•–‡•—Ž‡••–Š‡›ƒ”‡ƒƒ‰‡†‹ƒ……‘”†ƒ…‡™‹–Š—Ž‡Ǥͳ͸ʹȋͻȌǤ
ϯ͘ϯŽƵŶƚLJZĞŐƵůĂƚŝŽŶƐ
Š‡‘—–›‘Ž›ƒ……‡’–•ƒ–‡”‹ƒŽ•ˆ‘”Žƒ†ˆ‹ŽŽ–Šƒ–‹–‹•’‡”‹––‡†–‘”‡…‡‹˜‡„›–Š‡…‘†‹–‹‘•‘ˆ–Š‡
•–ƒ–‡•‘Ž‹†™ƒ•–‡’‡”‹–ǤŠ‹•‹•Ž‹‹–‡†–‘ƒ–‡”‹ƒŽ•™Š‹…Š…‘’Ž›™‹–Šˆ‡†‡”ƒŽƒ†•–ƒ–‡”‡‰—Žƒ–‹‘•
ƒ•ƒ……‡’–ƒ„Ž‡ˆ‘”Žƒ†ˆ‹ŽŽ‹‰Ǥ’‡…‹ƒŽ™ƒ•–‡•™Š‹…Š”‡…‡‹˜‡•–ƒ–‡ƒ’’”‘˜ƒŽƒ•†‡•…”‹„‡†‹‡…–‹‘
ͷ‘ˆ–Š‹•’Žƒƒ”‡ƒ……‡’–‡†Ǥ
Š‡‘—–›”‡•‡”˜‡•–Š‡”‹‰Š––‘–—”ƒ™ƒ›ƒ›™ƒ•–‡Šƒ—Ž‹‰˜‡Š‹…Ž‡…‘–ƒ‹‹‰ƒ–‡”‹ƒŽ•‹–‹•‘–
’‡”‹––‡†–‘ƒ……‡’–„ƒ•‡†‘ˆ‡†‡”ƒŽ‘”•–ƒ–‡”‡‰—Žƒ–‹‘•ƒ†™Š‹…Š‹‹–•Œ—†‰‡‡–”‡“—‹”‡•’‡…‹ƒŽ
Šƒ†Ž‹‰ƒ†…ƒ‘–•ƒˆ‡Ž›„‡ƒƒ‰‡†„›–Š‡‘’‡”ƒ–‹‰•–ƒˆˆ‘ˆ–Š‡—„‡”Žƒ†‘—–›–”‡‡–
—„–‹–Ž‡ƒ†ˆ‹ŽŽǤ


ϰͲϭ
^ĞĐƚŝŽŶϰ 
ƉƉůŝĐĂďŝůŝƚLJ
Š‹•ƒ•–‡…”‡‡‹‰Žƒƒ†”‡Žƒ–‡†’”‘‰”ƒ•ƒ’’Ž›–‘ƒŽŽ™ƒ•–‡•”‡‰—Žƒ–‡†ƒ•Šƒœƒ”†‘—•™ƒ•–‡ƒ•
†‡ˆ‹‡†„›—„’ƒ”–‘ˆͶͲ‘†‡‘ˆ ‡†‡”ƒŽ‡‰‹•–‡”ȋ Ȍƒ”–ʹ͸ͳǢ™ƒ•–‡•™Š‹…Š‡šŠ‹„‹–Šƒœƒ”†‘—•
…Šƒ”ƒ…–‡”‹•–‹…•ȋ‹…Ž—†‹‰‹‰‹–ƒ„‹Ž‹–›ǡ…‘””‘•‹˜‹–›ǡ”‡ƒ…–‹˜‹–›ǡƒ†–‘š‹…‹–›Ȍƒ•†‡ˆ‹‡†‹—„’ƒ”–‘ˆͶͲ
 ʹ͸ͳǢ™ƒ•–‡•™Š‹…Šƒ”‡ƒ‹š–—”‡‘ˆŠƒœƒ”†‘—•ƒ†‘ǦŠƒœƒ”†‘—•™ƒ•–‡•Ǣƒ†™ƒ•–‡•ƒ•
†‡ˆ‹‡†„›ͶͲ ‡…–‹‘͹͸ͳǤ͸ͲǤ
Š‹•’Žƒ†‘‡•‘–ƒ††”‡••ǣ”‡•‹†‡–‹ƒŽ•‘Ž‹†™ƒ•–‡Ǣ™ƒ•–‡–Šƒ–‹•‡š‡’–ƒ•ƒ…‘†‹–‹‘ƒŽ•ƒŽŽ
“—ƒ–‹–›ƒ•†‡ˆ‹‡†„›ͶͲ ‡…–‹‘ʹ͸ͳǤͶȋ„Ȍƒ†ʹ͸ͳǤͷǢ‘”ǡ•ƒŽŽ“—ƒ–‹–‹‡•‘ˆ̵•ˆ‘—†‹‹–‡•
•—…Šƒ•ˆŽ—‘”‡•…‡–„ƒŽŽƒ•–•ƒ†•ƒŽŽ…ƒ’ƒ…‹–‘”•–›’‹…ƒŽŽ›ˆ‘—†‹…‘•—‡”‡Ž‡…–”‹…ƒ’’Ž‹ƒ…‡•ǤŠ‹•
’Žƒ†‘‡•‘–ƒ’’Ž›–‘›ƒ”†™ƒ•–‡ƒ†•…”ƒ’–‹”‡•™Š‹…Šƒ”‡’”‘Š‹„‹–‡†ˆ”‘Žƒ†ˆ‹ŽŽ‹‰’”‹ƒ”‹Ž›ˆ‘”
”‡…›…Ž‹‰ƒ†™ƒ•–‡”‡†—…–‹‘”‡ƒ•‘•ǤŠ‹•’Žƒ†‘‡•‘–ƒ’’Ž›–‘™ƒ•–‡•–Šƒ–Šƒ˜‡„‡‡
…‘†‹–‹‘ƒŽŽ›ƒ’’”‘˜‡†ˆ‘”Žƒ†ˆ‹ŽŽ‹‰„›—„‡”Žƒ†‘—–›„ƒ•‡†‘ƒ’’”‘˜ƒŽ„›‘”–Šƒ”‘Ž‹ƒ
‡’ƒ”–‡–‘ˆ˜‹”‘‡–ƒ†ƒ–—”ƒŽ‡•‘—”…‡•ȋȌ–Š”‘—‰Š–Š‡̶™ƒ•–‡†‡–‡”‹ƒ–‹‘̶
’”‘…‡••ƒ•†‡•…”‹„‡†‹‡…–‹‘ͷ‘ˆ–Š‹•’ŽƒǤ


ϱͲϭ
^ĞĐƚŝŽŶϱ 
EŽƌƚŚĂƌŽůŝŶĂ^ŽůŝĚtĂƐƚĞĞƚĞƌŵŝŶĂƚŝŽŶWƌŽĐĞƐƐ
‘‡‹†—•–”‹ƒŽƒ†ƒ—ˆƒ…–—”‹‰•‘Ž‹†™ƒ•–‡•–Šƒ–ƒ›ǡ„›†‡ˆ‹‹–‹‘ǡ„‡”‡‰—Žƒ–‡†ƒ†’”‘Š‹„‹–‡†
ˆ”‘„‡‹‰Žƒ†ˆ‹ŽŽ‡†…ƒ„‡ƒ……‡’–‡†ˆ‘”Žƒ†ˆ‹ŽŽ‹‰„›–Š‡‘—–›‹ˆ†‡–‡”‹‡†„›–Š‡–‘„‡
•ƒˆ‡Ǥ̶ƒ•–‡‡–‡”‹ƒ–‹‘ ‘”̶ǡ–‘‰‡–Š‡”™‹–Š–Š‡ƒ’’”‘’”‹ƒ–‡Žƒ„‘”ƒ–‘”›ƒƒŽ›•‹•Ǣ—•–„‡
…‘’Ž‡–‡†„›–Š‡‰‡‡”ƒ–‘”ǡƒ’’”‘˜‡†„›ǡƒ†”‡–—”‡†–‘–Š‡‘—–›–‘”‡…‡‹˜‡–Š‹•
…‘†‹–‹‘ƒŽƒ’’”‘˜ƒŽˆ‘”Žƒ†ˆ‹ŽŽ‹‰ǤŠ‡–Š‹•™ƒ•–‡‹•Šƒ—Ž‡†–‘–Š‡Žƒ†ˆ‹ŽŽǡ–Š‡Šƒ—Ž‡”—•–’”‘˜‹†‡
ƒŽ‡––‡”˜‡”‹ˆ›‹‰–Šƒ––Š‡‘—–›Šƒ•ƒ‰”‡‡†–‘ƒ……‡’––Š‡™ƒ•–‡Ǥ
ˆ–Š‹•Ž‡––‡”ȋ‘—–›̶’‡…‹ƒŽƒ•–‡—–Š‘”‹œƒ–‹‘̶Ȍ‹•‘–’”‘†—…‡†–Š‡™ƒ•–‡Ž‘ƒ†™‹ŽŽ„‡…‘•‹†‡”‡†
Šƒœƒ”†‘—•ƒ†–—”‡†ƒ™ƒ›‘””‡ˆ—•‡†ƒ––Š‡Žƒ†ˆ‹ŽŽǤˆ–Š‡™ƒ•–‡Šƒ•„‡‡—Ž‘ƒ†‡†ƒ––Š‡Žƒ†ˆ‹ŽŽǡ‹–
™‹ŽŽ„‡ƒƒ‰‡†„ƒ•‡†‘–Š‡’”‘…‡†—”‡•‹†‡–‹ˆ‹‡†‹–Š‹•™ƒ•–‡•…”‡‡‹‰’ŽƒǤŠ‡Šƒ—Ž‡”™‹ŽŽ„‡
”‡•’‘•‹„Ž‡ˆ‘”ƒŽŽ…‘•–•ƒ†ˆ‹‡•ƒ••‘…‹ƒ–‡†™‹–Š”‡‘˜‹‰–Š‡™ƒ•–‡ˆ”‘–Š‡—„–‹–Ž‡Žƒ†ˆ‹ŽŽǤ


ϲͲϭ
^ĞĐƚŝŽŶϲ 
dƌĂŝŶŝŶŐ
Š‡—„‡”Žƒ†‘—–›Žƒ†ˆ‹ŽŽ‘Ž‹†ƒ•–‡•’‡…–‘”•ƒ”‡”‡“—‹”‡†„›–Š‡‘—–›–‘•ƒ–‹•ˆƒ…–‘”‹Ž›
…‘’Ž‡–‡–Š‡ͶͲŠ‘—”–”ƒ‹‹‰ȋƒœ‘’‡”ȌǤŽŽ‘—–›•‘Ž‹†™ƒ•–‡ƒƒ‰‡‡–•–ƒˆˆƒ”‡ƒŽ•‘
‡…‘—”ƒ‰‡†–‘…‘’Ž‡–‡–Š‹•–”ƒ‹‹‰Ǥ—„‡”Žƒ†‘—–›Šƒ•’‡”•‘‡Ž–”ƒ‹‡†ƒ†…‡”–‹ˆ‹‡†‹–Š‡
ƒ•–‡…”‡‡‹‰”‘‰”ƒǣ
Š‡‘Ž‹†ƒ•–‡•’‡…–‘”•Šƒ˜‡„‡‡‹•–”—…–‡†‹–Š‡’”‘…‡†—”‡•ǡƒ•†‡•…”‹„‡†‹–Š‹•’Žƒǡ–‘ˆ‘ŽŽ‘™
‹ˆŠƒœƒ”†‘—•‘””‡‰—Žƒ–‡†™ƒ•–‡‹•‹†‡–‹ˆ‹‡†‘”•—•’‡…–‡†‹ƒ™ƒ•–‡Ž‘ƒ†”‡…‡‹˜‡†ƒ––Š‡Žƒ†ˆ‹ŽŽǤ


ϳͲϭ
^ĞĐƚŝŽŶϳ 
ĞƐŝŐŶĂƚĞĚƌĞĂĨŽƌtĂƐƚĞ^ĐƌĞĞŶŝŶŐ
•’‡…‹ƒŽƒ”‡ƒ™‹ŽŽ„‡†‡•‹‰ƒ–‡†ƒ•–Š‡™ƒ•–‡•…”‡‡‹‰ƒ”‡ƒǤŠ‡†‡•‹‰ƒ–‡†ƒ”‡ƒ™‹ŽŽ„‡ǣ
ƒ‹•‹†‡–Š‡Žƒ†ˆ‹ŽŽ•‹–‡‘’”‘’‡”–›‘™‡†ƒ†ƒƒ‰‡†„›–Š‡‘—–›Ǣ
ƒƒ–Ž‡ƒ•–ͳͲͲˆ‡‡–ˆ”‘–Š‡™‘”‹‰ˆƒ…‡‘ˆ–Š‡Žƒ†ˆ‹ŽŽƒ†‡ƒ•‹Ž›ƒ……‡••‹„Ž‡–‘–”—…–”ƒˆˆ‹…Ǣ
ƒ‘Ž‡˜‡Ž‡†‰”‘—†™‹–Šƒ•—”ˆƒ…‡‘ˆ…‘’ƒ…–‡†•‘‹Ž•‹‹Žƒ”–‘–Š‡•‘‹Ž–Š”‘—‰Š‘—––Š‡Žƒ†ˆ‹ŽŽǢ
ƒ†ǡ
ƒ‹ƒ‘’‡ƒ”‡ƒ™Š‡”‡‹–‹•’”‘–‡…–‡†‘”•…”‡‡‡†ˆ”‘–‘Š‹‰Š™‹†•ȋ•—…Šƒ•ƒ––Š‡„‘––‘‘ˆƒ
Š‹ŽŽȌ
ƒ•–‡Ž‘ƒ†••‡Ž‡…–‡†ˆ‘””ƒ†‘•…”‡‡‹‰ƒ†•—•’‹…‹‘—•™ƒ•–‡Ž‘ƒ†•™‹ŽŽ„‡–ƒ‡–‘–Š‹•†‡•‹‰ƒ–‡†
ƒ”‡ƒˆ‘”•…”‡‡‹‰Ǥˆ–Š‡Ž‘ƒ†‹•†—’‡†‘”—Ž‘ƒ†‡†‘–‘–Š‡‰”‘—†‹–Š‡†‡•‹‰ƒ–‡†ƒ”‡ƒǡƒ†‹•
ˆ‘—†–‘…‘–ƒ‹Šƒœƒ”†‘—•‘”‘–Š‡”™ƒ•–‡•’”‘Š‹„‹–‡†ˆ”‘„‡‹‰Žƒ†ˆ‹ŽŽ‡†ǡ–Š‡’ƒ”–›™Š‘„”‘—‰Š–
–Š‡™ƒ•–‡–‘–Š‡Žƒ†ˆ‹ŽŽ™‹ŽŽ„‡”‡“—‹”‡†–‘…‘˜‡”ƒŽŽ…‘•–•ƒ••‘…‹ƒ–‡†™‹–Š”‡‘˜ƒŽǡ–”‡ƒ–‡–ǡƒ†•ƒˆ‡
†‹•’‘•ƒŽ‘ˆ–Šƒ–™ƒ•–‡Ž‘ƒ†ƒ•™‡ŽŽƒ•ƒ›…‘–ƒ‹ƒ–‡†•‘‹Žƒ†•—””‘—†‹‰ƒ–—”ƒŽˆ‡ƒ–—”‡•™Š‹…Š
‘……—””‡†„‡…ƒ—•‡‘ˆ–Š‡—Ž‘ƒ†‹‰‘ˆ–Š‡’”‘Š‹„‹–‡†™ƒ•–‡ƒ––Š‡†‡•‹‰ƒ–‡†ƒ”‡ƒǤ‡”‹ˆ‹…ƒ–‹‘‘ˆ
’”‘’‡”†‹•’‘•ƒŽ‘ˆ–Š‡™ƒ•–‡ƒ†ƒ›ƒ††‹–‹‘ƒŽƒ†”‡ƒ•‘ƒ„Ž‡–‡•–‹‰‘ˆ–Š‡•‘‹Žƒ†™ƒ–‡”‹–Š‡
†‡•‹‰ƒ–‡†ƒ”‡ƒǡ‡…‡••ƒ”›–‘‹•—”‡–Šƒ–‘…‘–ƒ‹ƒ–‹‘”‡ƒ‹•ƒ”‡–Š‡Ž‡‰ƒŽƒ†ˆ‹ƒ…‹ƒŽ
”‡•’‘•‹„‹Ž‹–›‘ˆ–Š‡’ƒ”–›™Š‘„”‘—‰Š––Š‡™ƒ•–‡–‘–Š‡Žƒ†ˆ‹ŽŽǤ


  ϴͲϭ
^ĞĐƚŝŽŶϴ 
/ĚĞŶƚŝĨLJŝŶŐ^ƵƐƉŝĐŝŽƵƐtĂƐƚĞ>ŽĂĚƐsŝĂ^ƚĂŶĚĂƌĚ
>ĂŶĚĨŝůůKƉĞƌĂƚŝŽŶ
•’ƒ”–‘ˆ–Š‡•–ƒ†ƒ”†‘’‡”ƒ–‹‰’”‘…‡†—”‡•ƒ––Š‡—„–‹–Ž‡ƒ†ˆ‹ŽŽǡƒŽŽ†”‹˜‡”•‘ˆ‹…‘‹‰Ž‘ƒ†•
ƒ”‡“—‡•–‹‘‡†ƒ„‘—––Š‡…‘–‡–ƒ†•‘—”…‡‘ˆ–Š‡‹”™ƒ•–‡Ž‘ƒ†Ǥ…ƒŽ‡Š‘—•‡‘’‡”ƒ–‘”•ƒ†Žƒ†ˆ‹ŽŽ
•–ƒˆˆǡ–”ƒ‹‡†ƒ•’‡”‡…–‹‘͸–‘”‡…‘‰‹œ‡Šƒœƒ”†‘—•™ƒ•–‡ƒ†™ƒ•–‡•’”‘Š‹„‹–‡†ˆ”‘„‡‹‰
Žƒ†ˆ‹ŽŽ‡†ǡŠƒ˜‡–Š‡ƒ—–Š‘”‹–›–‘ǣ
ƒ†‡–ƒ‹ƒ™ƒ•–‡Ž‘ƒ†ˆ”‘„‡‹‰—Ž‘ƒ†‡†ƒ––Š‡™‘”‹‰ˆƒ…‡‘ˆ–Š‡Žƒ†ˆ‹ŽŽǡ
ƒ”‡“—‡•–ƒ††‹–‹‘ƒŽ‹ˆ‘”ƒ–‹‘ˆ”‘–Š‡†”‹˜‡”ƒ„‘—––Š‡™ƒ•–‡Ž‘ƒ†ǡ
ƒ†‹˜‡”––Š‡†”‹˜‡”–‘–Š‡†‡•‹‰ƒ–‡†™ƒ•–‡•…”‡‡‹‰ƒ”‡ƒǡ
ƒ–‡’‘”ƒ”‹Ž›’”‘Š‹„‹––Š‡™ƒ•–‡Ž‘ƒ†ˆ”‘„‡‹‰†‡’‘•‹–‡†ƒ––Š‡™‘”‹‰ˆƒ…‡ǡƒ†
ƒ…‘–ƒ…––Š‡Žƒ†ˆ‹ŽŽ•—’‡”˜‹•‘”™Š‘Šƒ•–Š‡ƒ—–Š‘”‹–›–‘”‡Œ‡…––Š‡™ƒ•–‡Ž‘ƒ†Ǥ
‹‰—”‡ͺǦͳ’”‡•‡–•ƒˆŽ‘™…Šƒ”–Ȁ†‡…‹•‹‘–”‡‡•—ƒ”‹œ‹‰–Š‡’‘‹–•ƒ–™Š‹…ŠƒŽƒ†ˆ‹ŽŽ•–ƒˆˆ…ƒ•–‘’
ƒ–”—…ǡ™Š‹…Š–Š‡›„‡Ž‹‡˜‡–‘…‘–ƒ‹’”‘Š‹„‹–‡†™ƒ•–‡•ǡˆ‘”ˆ—”–Š‡”‹•’‡…–‹‘ǤŠ‡’”‘…‡†—”‡„‡‰‹•
™‹–Šƒ˜‹•—ƒŽ‘„•‡”˜ƒ–‹‘„›Žƒ†ˆ‹ŽŽ•–ƒˆˆƒ†ƒ“—‡•–‹‘‹‰‘ˆ–Š‡†”‹˜‡”ƒ•–‘–Š‡…‘–‡–•‘ˆ–Š‡
™ƒ•–‡Ž‘ƒ†Ǥ”‹˜‡”•‘ˆ•—•’‹…‹‘—•Ž‘ƒ†•ƒ”‡ƒ•‡†‹ˆ–Š‡›Šƒ˜‡ƒƒ’’”‘˜‡†ƒ•–‡‡–‡”‹ƒ–‹‘ ‘”
‘”ƒ‘—–›̶’‡…‹ƒŽƒ•–‡—–Š‘”‹œƒ–‹‘̶Ž‡––‡”Ǥ ‹Ž‡•ƒ”‡•‡ƒ”…Š‡†–‘˜‡”‹ˆ›™Š‡–Š‡”‘”‘––Š‹•
Ž‡––‡”‡š‹•–•ˆ‘”–Š‡Ž‘ƒ†‹“—‡•–‹‘Ǥ‡’‡†‹‰‘–Š‡•ƒ–‹•ˆƒ…–‘”›ƒ•™‡”‹‰‘ˆ–Š‡•‡“—‡•–‹‘•ƒ†
–Š‡Œ—†‰‡‡–‘ˆ–Š‡Žƒ†ˆ‹ŽŽ•–ƒˆˆǡ‡‹–Š‡”–Š‡Ž‘ƒ†‹•†‹•’‘•‡†‘ˆƒ––Š‡™‘”‹‰ˆƒ…‡Ǣ‘”–Š‡Žƒ†ˆ‹ŽŽ
•—’‡”˜‹•‘”‹•…‘–ƒ…–‡†ǡƒ™ƒ•–‡•…”‡‡‹‰ˆ‘”Ȁ”‡…‘”†‘ˆ‹•’‡…–‹‘‹•…‘’Ž‡–‡†ǡƒ†ƒˆ—”–Š‡”
•…”‡‡‹‰‘ˆ–Š‡™ƒ•–‡Ž‘ƒ†–ƒ‡•’Žƒ…‡Ǥˆƒ™ƒ•–‡Ž‘ƒ†‹••—•’‡…–‡†‘ˆ…‘–ƒ‹‹‰Šƒœƒ”†‘—•‘”
’”‘Š‹„‹–‡†ƒ–‡”‹ƒŽ•…‘˜‡”‡†„›–Š‹•’Žƒǡ–Š‡™ƒ•–‡Šƒ—Ž‡”ƒ†–Š‡—„‡”Žƒ†‘—–›‘Ž‹†ƒ•–‡
•’‡…–‘”ƒ”‡‹‡†‹ƒ–‡Ž›…‘–ƒ…–‡†„›–‡Ž‡’Š‘‡ƒ†”‡“—‡•–‡†–‘•‡†ƒƒ—–Š‘”‹œ‡†
”‡’”‡•‡–ƒ–‹˜‡–‘–Š‡•‹–‡‘ˆ–Š‡™ƒ•–‡Ž‘ƒ†ǤŠ‡†”‹˜‡”ƒ†–”—…ƒ”‡”‡Ž‡ƒ•‡†ƒ••‘‘ƒ•–Š‡›Šƒ˜‡
ƒ†‡“—ƒ–‡Ž›…‘’Ž‡–‡†–Š‡‹”•‡…–‹‘•‘–Š‡™ƒ•–‡•…”‡‡‹‰ˆ‘”ƒ†–Š‡™ƒ•–‡Šƒ—Ž‡”Šƒ•„‡‡
”‡ƒ…Š‡†Ǥˆ–Š‡™ƒ•–‡Ž‘ƒ†™ƒ•†‡’‘•‹–‡†ƒ––Š‡™‘”‹‰ˆƒ…‡ǡ–Š‡™ƒ•–‡Ž‘ƒ†‹•‘–‘˜‡†‘”ƒŽ–‡”‡†Ǥ
ƒ†ˆ‹ŽŽ‘’‡”ƒ–‹‘•™‹ŽŽ„‡‘˜‡†ƒ™ƒ›ˆ”‘–Š‡Ž‘ƒ†—–‹Žƒˆ‹ƒŽ†‹•’‘•‹–‹‘…ƒ–ƒ‡’Žƒ…‡Ǥƒ•‡†‘
–Š‡†‹•…”‡–‹‘‘ˆ–Š‡Žƒ†ˆ‹ŽŽ•—’‡”˜‹•‘”ƒ†–Š‡‘—–›̵•‘Ž‹†ƒ•–‡•’‡…–‘”ǡ—„‡”Žƒ†‘—–›
‡”‰‡…›ƒƒ‰‡‡–ȋȌ‹•…‘–ƒ…–‡†–‘…‘‡–‘–Š‡•‹–‡ƒ††‡–‡”‹‡‹ˆ–Š‡ƒ–‡”‹ƒŽ•ƒ”‡
Šƒœƒ”†‘—•‘”’”‘Š‹„‹–‡†™ƒ•–‡Ǥ
ˆ–Š‡™ƒ•–‡‹•†‡–‡”‹‡†–‘„‡‘ǦŠƒœƒ”†‘—•ƒ†‹•’‡”‹––‡†ˆ‘”Žƒ†ˆ‹ŽŽ‹‰—†‡”•–ƒ–‡ǡˆ‡†‡”ƒŽǡ
ƒ†…‘—–›Žƒ™•ǡ–Š‡‘—–›ƒ„•‘”„•–Š‡…‘•–ˆ‘”–Š‡–‡•–‹‰„›Ǥˆ–Š‡™ƒ•–‡‹•ˆ‘—†–‘„‡
Šƒœƒ”†‘—•‘”’”‘Š‹„‹–‡†ǡ–Š‡Šƒ—Ž‡”™‹ŽŽ„‡„‹ŽŽ‡†ˆ‘”–Š‡–‡•–‹‰„›ƒ†„‡”‡“—‹”‡†–‘
‹‡†‹ƒ–‡Ž›”‡‘˜‡–Š‡™ƒ•–‡ƒ††‡‘•–”ƒ–‡–‘–Š‡‘—–›ƒ†–Š‡–ƒ–‡–Šƒ–‹–™ƒ•†‹•’‘•‡†‘ˆ
’”‘’‡”Ž›ǤŠ‡Šƒ—Ž‡”™‹ŽŽƒŽ•‘„‡”‡“—‹”‡†–‘…‘˜‡”ƒŽŽ…‘•–•ƒ••‘…‹ƒ–‡†™‹–Š•‹–‡…Ž‡ƒǦ—’ƒ†
˜‡”‹ˆ‹…ƒ–‹‘–Šƒ––Š‡•‹–‡‹••ƒˆ‡Ǥˆ–Š‡™ƒ•–‡‹•‘–”‡‘˜‡†™‹–Š‹ʹͶŠ‘—”•ƒ•”‡“—‹”‡†ǡ–Š‡‘—–›
^ĞĐƚŝŽŶϴ•/ĚĞŶƚŝĨLJŝŶŐ^ƵƐƉŝĐŝŽƵƐtĂƐƚĞ>ŽĂĚƐsŝĂ^ƚĂŶĚĂƌĚ>ĂŶĚĨŝůůKƉĞƌĂƚŝŽŶ

  ϴͲϮ
•ŠƒŽŽŠƒ˜‡–Š‡™ƒ•–‡”‡‘˜‡†ƒ††‹•’‘•‡†‘ˆ’”‘’‡”Ž›ƒ†„‹ŽŽ–Š‡™ƒ•–‡Šƒ—Ž‡”ˆ‘”ƒŽŽ–Š‡…‘•–•
ƒ••‘…‹ƒ–‡†™‹–Š‹–•”‡‘˜ƒŽƒ†•‹–‡…Ž‡ƒ—’ƒ†”‡’ƒ‹”Ǥ
‹–Š‹‘‡„—•‹‡••†ƒ›ǡ–Š‡‘—–›™‹ŽŽ…‘ˆ‹”‹™”‹–‹‰˜‹ƒ…‡”–‹ˆ‹‡†ƒ‹Ž–‘–Š‡ƒ†–Š‡
™ƒ•–‡Šƒ—Ž‡”ǡ–Š‡ƒ––‡’–‡†‹ŽŽ‡‰ƒŽ†‹•’‘•ƒŽ‘ˆ’”‘Š‹„‹–‡†™ƒ•–‡ǡ–Š‡ƒ…–‹‘•–ƒ‡„›–Š‡‘—–›ǡƒ†
–Š‡†‹•’‘•‹–‹‘‘ˆ–Š‡™ƒ•–‡ǤŽŽˆ—–—”‡™ƒ•–‡Ž‘ƒ†•ˆ”‘ƒŠƒ—Ž‡”ˆ‘—†–‘„‡‹˜‹‘Žƒ–‹‘„›
ƒ––‡’–‹‰–‘†‹•’‘•‡‘ˆŠƒœƒ”†‘—•ƒ†’”‘Š‹„‹–‡†ƒ–‡”‹ƒŽ•‹–Š‡—„‡”Žƒ†‘—–›–”‡‡–
—„–‹–Ž‡ƒ†ˆ‹ŽŽǡƒ›„‡•—„Œ‡…––‘ƒ††‹–‹‘ƒŽ™ƒ•–‡•…”‡‡‹‰ǤŠ‹•ƒ††‹–‹‘ƒŽ•…”‡‡‹‰ƒ›
‹…Ž—†‡•…”‡‡‹‰‡˜‡”›Ž‘ƒ†‘ˆ–Š‡Šƒ—Ž‡”™Š‘Šƒ•„‡‡’”‡˜‹‘—•Ž›ˆ‘—†–‘„‡‹˜‹‘Žƒ–‹‘

^ĞĐƚŝŽŶϴ•/ĚĞŶƚŝĨLJŝŶŐ^ƵƐƉŝĐŝŽƵƐtĂƐƚĞ>ŽĂĚƐsŝĂ^ƚĂŶĚĂƌĚ>ĂŶĚĨŝůůKƉĞƌĂƚŝŽŶ

  ϴͲϯ




























  ϵͲϭ
^ĞĐƚŝŽŶϵ 
ZĂŶĚŽŵ/ŶƐƉĞĐƚŝŽŶƐŽĨ/ŶĐŽŵŝŶŐ>ŽĂĚƐ
Š‹Ž‡ƒŽŽŽ‘ƒ†•‡–‡”‹‰–Š‡Žƒ†ˆ‹ŽŽƒ”‡˜‹•—ƒŽŽ›•…”‡‡‡†„›Žƒ†ˆ‹ŽŽ•–ƒˆˆǡ–Š‡›ƒ”‡‰‡‡”ƒŽŽ›‘–
‹•’‡…–‡†‹†‡–ƒ‹ŽǤŠ‡”‡ˆ‘”‡”ƒ†‘‹•’‡…–‹‘•ƒ”‡—•‡†–‘’”‘˜‹†‡ƒ”‡ƒ•‘ƒ„Ž‡‡ƒ•–‘
ƒ†‡“—ƒ–‡Ž›…‘–”‘Ž–Š‡”‡…‡‹’–‘ˆ’”‘Š‹„‹–‡†™ƒ•–‡•Ǥ
ϵ͘ϭ^ĞůĞĐƚŝŶŐ>ŽĂĚƐĨŽƌ^ĂŵƉůŝŶŐ
ƒ•–‡Ž‘ƒ†•™‹ŽŽ„‡•‡Ž‡…–‡†ˆ‘”•…”‡‡‹‰„ƒ•‡†‘•‘‡‘ˆ–Š‡‰‡‡”ƒŽ’”‹…‹’ƒŽ•‘ˆ•–ƒ–‹•–‹…ƒŽ
”ƒ†‘•ƒ’Ž‹‰Ǥ•‡Ž‡…–‹‰ƒ•–ƒ–‹•–‹…ƒŽŽ›”ƒ†‘•ƒ’Ž‡ǡ‹–‹•‡…‡••ƒ”›–‘ˆ‹”•–‹†‡–‹ˆ›‘”†‡ˆ‹‡
–Š‡‡–‹”‡’‘’—Žƒ–‹‘ˆ”‘™Š‹…Š–Š‡•ƒ’Ž‡…‘—Ž†„‡•‡Ž‡…–‡†ǤŠ‡‹–‹•‡…‡••ƒ”›–‘‰‹˜‡‡ƒ…Š
‹†‹˜‹†—ƒŽ‡„‡”‘ˆ–Šƒ–’‘’—Žƒ–‹‘ƒ‡“—ƒŽ…Šƒ…‡‘ˆ„‡‹‰•‡Ž‡…–‡†ƒ•ƒ•ƒ’Ž‡Ǥ–‹•ƒŽ•‘
‹’‘”–ƒ––‘Šƒ˜‡ƒ’’”‘š‹ƒ–‡Ž›ͺͲ–‘ͳͲͲ—•ƒ„Ž‡•ƒ’Ž‡•ƒ•–Š‡„ƒ•‹•ˆ‘”ƒ›…‘…Ž—•‹‘•ƒ†‡
ƒ„‘—––Š‡‡–‹”‡’‘’—Žƒ–‹‘ǤŠ‹Ž‡–Š‡”‡‹•‘Ž‡‰ƒŽ”‡“—‹”‡‡––Šƒ––Š‡™ƒ•–‡Ž‘ƒ†••‡Ž‡…–‡†ˆ‘”
•…”‡‡‹‰„‡̶ƒ”ƒ†‘̶•ƒ’Ž‡ǡ‹–‹•‹’‘”–ƒ––‘–Š‡‘˜‡”ƒŽŽ˜ƒŽ‹†‹–›‘ˆ–Š‡’”‘‰”ƒ–Šƒ––Š‡–‹‡
ƒ†‘‡›•’‡–„›–Š‡‘—–›ˆ‘”–Š‹•ƒ†ƒ–‡†•…”‡‡‹‰’”‘‰”ƒ„‡…‘•–‡ˆˆ‡…–‹˜‡Ǥ
ƒ•‡†‘•‹š‘’‡”ƒ–‹‰†ƒ›•’‡”™‡‡ǡƒ‡•–‹ƒ–‡†ʹͷͲ™ƒ•–‡Šƒ—Ž‹‰˜‡Š‹…Ž‡•’‡”†ƒ›…ƒ””›‹‰
ƒ’’”‘š‹ƒ–‡Ž›ͶͷͲ–‘•‘ˆ™ƒ•–‡’‡”†ƒ›‡–‡”–Š‡–”‡‡–—„–‹–Ž‡ƒ†ˆ‹ŽŽǤŠ‡•‡˜‡Š‹…Ž‡•…ƒ””›
™ƒ•–‡ˆ”‘ƒ‹š‘ˆ„—•‹‡••‡•ǡ‹†—•–”‹‡•ǡ”‡•‹†‡–•ǡƒ’ƒ”–‡–…‘’Ž‡š‡•ǡƒ†…‘‡”…‹ƒŽ
‡•–ƒ„Ž‹•Š‡–•ǤŽŽ‘ˆ–Š‡•‡˜‡Š‹…Ž‡•ƒ”‡’‘–‡–‹ƒŽ•‘—”…‡•‘ˆŠƒœƒ”†‘—•ƒ†’”‘Š‹„‹–‡†™ƒ•–‡•Ǥ
ƒ†‘™ƒ•–‡•…”‡‡‹‰‘ˆ”‡•‹†‡–‹ƒŽ•‘Ž‹†™ƒ•–‡‹•‘–”‡“—‹”‡†„›•–ƒ–‡‘”ˆ‡†‡”ƒŽ”‡‰—Žƒ–‹‘•Ǥ
ƒ•‡†‘Žƒ†ˆ‹ŽŽ”‡…‘”†•‹–‹•‡•–‹ƒ–‡†–Šƒ–‘”‡–ŠƒŠƒŽˆ‘ˆ–Š‡˜‡Š‹…Ž‡•‡–‡”‹‰–Š‡Žƒ†ˆ‹ŽŽƒ”‡
…ƒ””›‹‰™ƒ•–‡ˆ”‘”‡•‹†‡–‹ƒŽ•‘—”…‡•Ǥˆ”‡•‹†‡–‹ƒŽ™ƒ•–‡•…‘–ƒ‹‡ƒ•—”ƒ„Ž‡“—ƒ–‹–‹‡•‘ˆ
Šƒœƒ”†‘—•‘”’”‘Š‹„‹–‡†™ƒ•–‡•‹–‹•ƒ••—‡†–Šƒ––Š‡•‡™‹ŽŽ„‡†‹•…‘˜‡”‡†ƒ†‹†‡–‹ˆ‹‡†ƒ•ƒ
•—•’‹…‹‘—•Ž‘ƒ†–Š”‘—‰Š–Š‡•–ƒ†ƒ”†Žƒ†ˆ‹ŽŽ‘’‡”ƒ–‹‰’”‘…‡†—”‡•Ǥ
–‹•–›’‹…ƒŽ–Šƒ–™ƒ•–‡‹•…‘ŽŽ‡…–‡†ˆ”‘‘•–…‘‡”…‹ƒŽǡ‹†—•–”‹ƒŽǡƒ—ˆƒ…–—”‹‰ǡƒ†‹•–‹–—–‹‘•
‘ƒ™‡‡Ž›„ƒ•‹•ǡ–Š‡”‡ˆ‘”‡‹–‹•’”‘„ƒ„Ž‡–Šƒ–‹ˆƒŽŽ™ƒ•–‡Ž‘ƒ†•ˆ‘”ƒ›‘‡™‡‡™‡”‡•ƒ’Ž‡†ǡ‡ƒ…Š
Ž‘ƒ†™‘—Ž†Šƒ˜‡ƒ‡“—ƒŽ…Šƒ…‡‘ˆ„‡‹‰•‡Ž‡…–‡†Ǥ‘™‡˜‡”ǡ–Š‡…‘’‘•‹–‹‘‘ˆ™ƒ•–‡Ž‘ƒ†•˜ƒ”›
–Š”‘—‰Š‘—––Š‡›‡ƒ”ƒ†–Š‡”‡ˆ‘”‡•ƒ’Ž‹‰•Š‘—Ž†‘……—”–Š”‘—‰Š‘—––Š‡›‡ƒ”Ǥ
ƒ•‡†‘–Š‡•‡ƒ••—’–‹‘•ǡ–Š‡ˆ‘ŽŽ‘™‹‰ƒ—ƒŽ•…Š‡†—Ž‡’”‘˜‹†‡•ƒ„ƒ•‹…ˆ‘”ƒ–ˆ‘”•‡Ž‡…–‹‰™ƒ•–‡
Ž‘ƒ†•ˆ‘””ƒ†‘•…”‡‡‹‰ǤŠ‹••…Š‡†—Ž‡‹•‘Ž›”‡…‘‡†‡†ƒ†ƒ›„‡˜ƒ”‹‡†ǣ
ƒͻ͸™ƒ•–‡Ž‘ƒ†•™‹ŽŽ„‡•…”‡‡‡†‘˜‡”ƒͳʹ‘–Š’‡”‹‘†Ǣ‡“—ƒŽŽ›•’ƒ…‡†–‘ƒ……‘—–ˆ‘”•‡ƒ•‘ƒŽ
˜ƒ”‹ƒ–‹‘Ǣ
ƒͺ™ƒ•–‡Ž‘ƒ†•’‡”†ƒ›™‹ŽŽ„‡”ƒ†‘Ž›•‡Ž‡…–‡†‘˜‡”ƒ–Š”‡‡†ƒ›’‡”‹‘†‹‡ƒ…Š‘ˆˆ‘—”•‡ƒ•‘•Ǣ
ƒ†—”‹‰–Š‡ͳʹ‘–Š’‡”‹‘†‡ƒ…Š‘ˆ–Š‡•‹š†ƒ›•–Šƒ––Š‡Žƒ†ˆ‹ŽŽ‹•‘’‡ˆ‘”‘’‡”ƒ–‹‘™‹ŽŽ„‡ƒ
•ƒ’Ž‹‰†ƒ›ƒ–Ž‡ƒ•––™‹…‡‡š…‡’–ˆ‘”ƒ–—”†ƒ›™Š‹…Š‘Ž›‡‡†•–‘„‡ƒ•ƒ’Ž‹‰†ƒ›ƒ–Ž‡ƒ•–
‘…‡†—”‹‰–Š‡›‡ƒ”Ǣ
ƒ‘ˆ–Š‡ͻ͸Ž‘ƒ†–‘–ƒŽǡƒ‹‹—‘ˆʹͲ™‹ŽŽ„‡‹†—•–”‹ƒŽ™ƒ•–‡Ž‘ƒ†•ǡƒ‹‹—‘ˆʹͲ
ƒ—ˆƒ…–—”‹‰™ƒ•–‡Ž‘ƒ†•ǡƒ†ƒ‹‹—‘ˆʹͲ™‹ŽŽ„‡„—•‹‡••‘”…‘‡”…‹ƒŽŽ‘ƒ†•Ǣ
^ĞĐƚŝŽŶϵ•ZĂŶĚŽŵ/ŶƐƉĞĐƚŝŽŶƐŽĨ/ŶĐŽŵŝŶŐ>ŽĂĚƐ

  ϵͲϮ
ƒ–Š‡‡šƒ…–†ƒ›•ƒ†Ž‘ƒ†•–‘„‡•ƒ’Ž‡†™‹ŽŽ”‡ƒ‹”ƒ†‘–‘”‡†—…‡ƒ›ƒ––‡’–•–‘ƒ˜‘‹†
„‡‹‰•ƒ’Ž‡†Ǥ
ϵ͘Ϯ^ĐƌĞĞŶŝŶŐƚŚĞtĂƐƚĞ>ŽĂĚƐ
ƒ•–‡Ž‘ƒ†••‡Ž‡…–‡†ˆ‘””ƒ†‘•…”‡‡‹‰™‹ŽŽ„‡†‹˜‡”–‡†–‘–Š‡†‡•‹‰ƒ–‡†™ƒ•–‡•…”‡‡‹‰ƒ”‡ƒ
™Š‡”‡–Š‡†”‹˜‡”™‹ŽŽ„‡“—‡•–‹‘‡†ƒ„‘—––Š‡Ž‘ƒ†•…‘–‡–•„‡ˆ‘”‡‹–‹•†‡’‘•‹–‡†‘–‘–Š‡•…”‡‡‹‰
ƒ”‡ƒǤŠ‡™ƒ•–‡•…”‡‡‹‰ˆ‘”™‹ŽŽ„‡…‘’Ž‡–‡†ˆ‘”ƒŽŽŽ‘ƒ†••‡Ž‡…–‡†ˆ‘”•…”‡‡‹‰Ǥ’‘
ƒ•™‡”‹‰–Š‡‡…‡••ƒ”›“—‡•–‹‘•ˆ‘”–Š‡™ƒ•–‡•…”‡‡‹‰ˆ‘”ƒ†—Ž‘ƒ†‹‰–Š‡™ƒ•–‡Ž‘ƒ†ǡ–Š‡
†”‹˜‡”ƒ†–”—…ƒ›„‡”‡Ž‡ƒ•‡†Ǥ‡…ƒ—•‡–Š‹•Ž‘ƒ†Šƒ•„‡‡”ƒ†‘Ž›•‡Ž‡…–‡†ˆ‘”™ƒ•–‡•…”‡‡‹‰ǡ
–Š‹•”‡Ž‡ƒ•‡‘ˆ–Š‡†”‹˜‡”ƒ†˜‡Š‹…Ž‡‹•‘–‹–‡†‡†–‘‹’Ž›–Šƒ––Š‡‘—–›ƒ……‡’–•–Š‡™ƒ•–‡Ž‘ƒ†Ǥ
Š‡™ƒ•–‡™‹ŽŽ„‡•’”‡ƒ†‘˜‡”–Š‡ƒ”‡ƒˆ‘”‡ƒ•›˜‹•—ƒŽ‘„•‡”˜ƒ–‹‘—•‹‰ƒˆ”‘–‡†Ž‘ƒ†‡”‘”•‹‹Žƒ”
’‹‡…‡‘ˆ‡“—‹’‡–Ǥƒ”‡•Š‘—Ž†„‡—•‡†‘––‘„”‡ƒ‘’‡ƒ›…‘–ƒ‹‡”•‘”†”—•Ǥ‘–ƒ‹‡”•ƒ†
†”—•–Šƒ–ƒ”‡‘–‡ƒ•‹Ž›‹†‡–‹ˆ‹ƒ„Ž‡‘”™Š‘•‡…‘–‡–•…ƒ‘–„‡•‡‡•Š‘—Ž†„‡‘’‡‡†„›’”‘’‡”Ž›
–”ƒ‹‡†™ƒ•–‡•…”‡‡‹‰’‡”•‘‡ŽǤŽ›–”ƒ‹‡†™ƒ•–‡•…”‡‡‹‰’‡”•‘‡Žǡ™‡ƒ”‹‰’”‘–‡…–‹˜‡•ƒˆ‡–›
‡“—‹’‡–•Š‘—Ž†…‘‡‹’Š›•‹…ƒŽ…‘–ƒ…–™‹–Š–Š‡™ƒ•–‡…‘–ƒ‹‡†‹–Š‡Ž‘ƒ†•‡Ž‡…–‡†ˆ‘”
•…”‡‡‹‰Ǥ
ϵ͘ϯWƌŽĐĞĚƵƌĞƐ
‹‰—”‡ͻǦͳ’”‡•‡–•ƒˆŽ‘™…Šƒ”–Ȁ†‡…‹•‹‘–”‡‡•—ƒ”‹œ‹‰–Š‡’”‘…‡†—”‡•–Šƒ–™‹ŽŽ„‡ˆ‘ŽŽ‘™‡†ˆ‘”
–Š‡™ƒ•–‡•…”‡‡‹‰ƒ†’”‘…‡†—”‡•–‘„‡ˆ‘ŽŽ‘™‡†‹ˆ’”‘Š‹„‹–‡†™ƒ•–‡•ƒ”‡‹†‡–‹ˆ‹‡†Ǥˆƒ™ƒ•–‡Ž‘ƒ†‹•
•—•’‡…–‡†‘ˆ…‘–ƒ‹‹‰ƒ–‡”‹ƒŽ•…‘˜‡”‡†„›–Š‹•’Žƒǡ–Š‡™ƒ•–‡Šƒ—Ž‡”ƒ†‘—–›‘Ž‹†ƒ•–‡
•’‡…–‘”ƒ”‡‹‡†‹ƒ–‡Ž›–‘„‡…‘–ƒ…–‡†„›–‡Ž‡’Š‘‡ƒ†”‡“—‡•–‡†–‘•‡†ƒƒ—–Š‘”‹œ‡†
”‡’”‡•‡–ƒ–‹˜‡–‘–Š‡•‹–‡‘ˆ–Š‡™ƒ•–‡Ž‘ƒ†ǤŠ‡†”‹˜‡”ƒ†–”—…ƒ”‡”‡Ž‡ƒ•‡†ƒ••‘‘ƒ•–Š‡›Šƒ˜‡
ƒ†‡“—ƒ–‡Ž›…‘’Ž‡–‡†–Š‡‹”•‡…–‹‘•‘–Š‡™ƒ•–‡•…”‡‡‹‰ˆ‘”ƒ†–Š‡™ƒ•–‡Šƒ—Ž‡”Šƒ•„‡‡
”‡ƒ…Š‡†Ǥƒ•‡†‘–Š‡†‹•…”‡–‹‘‘ˆ–Š‡Žƒ†ˆ‹ŽŽ•—’‡”˜‹•‘”ƒ†–Š‡‘—–›‘Ž‹†ƒ•–‡•’‡…–‘”ǡ
—„‡”Žƒ†‘—–›‡”‰‡…›ƒƒ‰‡‡–‹•…‘–ƒ…–‡†–‘…‘‡–‘–Š‡•‹–‡ƒ††‡–‡”‹‡‹ˆ–Š‡
ƒ–‡”‹ƒŽ•ƒ”‡Šƒœƒ”†‘—•‘”’”‘Š‹„‹–‡†™ƒ•–‡•Ǥ
ˆ–Š‡™ƒ•–‡•ƒ”‡†‡–‡”‹‡†–‘„‡‘ǦŠƒœƒ”†‘—•ƒ†ƒ”‡’‡”‹––‡†ˆ‘”Žƒ†ˆ‹ŽŽ‹‰—†‡”•–ƒ–‡ǡ
ˆ‡†‡”ƒŽǡƒ†…‘—–›Žƒ™•ǡ–Š‡‘—–›ƒ„•‘”„•–Š‡…‘•–ˆ‘”–Š‡–‡•–‹‰Ǥˆ–Š‡™ƒ•–‡•ƒ”‡ˆ‘—†–‘„‡
Šƒœƒ”†‘—•‘”’”‘Š‹„‹–‡†ǡ–Š‡Šƒ—Ž‡”™‹ŽŽ„‡„‹ŽŽ‡†ˆ‘”–Š‡–‡•–‹‰ƒ†„‡”‡“—‹”‡†–‘‹‡†‹ƒ–‡Ž›
”‡‘˜‡–Š‡™ƒ•–‡•ƒ††‡‘•–”ƒ–‡–‘–Š‡‘—–›ƒ†–Š‡–ƒ–‡–Šƒ––Š‡›™‡”‡†‹•’‘•‡†‘ˆ’”‘’‡”Ž›Ǥ
Š‡Šƒ—Ž‡”™‹ŽŽƒŽ•‘„‡”‡“—‹”‡†–‘…‘˜‡”ƒŽŽ…‘•–•ƒ••‘…‹ƒ–‡†™‹–Š•‹–‡…Ž‡ƒǦ—’ƒ†˜‡”‹ˆ‹…ƒ–‹‘–Šƒ–
–Š‡•‹–‡‹••ƒˆ‡Ǥˆ–Š‡™ƒ•–‡•ƒ”‡‘–”‡‘˜‡†™‹–Š‹ʹͶŠ‘—”•ǡƒ•”‡“—‹”‡†„›–Š‡‘—–›ǤŠ‡‘—–›
•ŠƒŽŽŠƒ˜‡–Š‡™ƒ•–‡•”‡‘˜‡†ƒ††‹•’‘•‡†‘ˆ’”‘’‡”Ž›ƒ†„‹ŽŽ–Š‡™ƒ•–‡Šƒ—Ž‡”ˆ‘”ƒŽŽ–Š‡…‘•–•
ƒ••‘…‹ƒ–‡†™‹–Š–Š‡‹””‡‘˜ƒŽƒ†•‹–‡…Ž‡ƒ—’ƒ†”‡’ƒ‹”Ǥ
‹–Š‹‘‡„—•‹‡••†ƒ›–Š‡‘—–›™‹ŽŽ…‘ˆ‹”‹™”‹–‹‰˜‹ƒ…‡”–‹ˆ‹‡†ƒ‹Ž–‘–Š‡ƒ†–Š‡
™ƒ•–‡Šƒ—Ž‡”ǡ–Š‡ƒ––‡’–‡†‹ŽŽ‡‰ƒŽ†‹•’‘•ƒŽ‘ˆ’”‘Š‹„‹–‡†™ƒ•–‡ǡ–Š‡ƒ…–‹‘•–ƒ‡„›–Š‡‘—–›ǡƒ†
–Š‡†‹•’‘•‹–‹‘‘ˆ–Š‡™ƒ•–‡ǤˆƒŠƒ—Ž‡”‹•ˆ‘—†–‘Šƒ˜‡ƒ––‡’–‡†–‘†‹•’‘•‡‘ˆŠƒœƒ”†‘—•‘”
’”‘Š‹„‹–‡†ƒ–‡”‹ƒŽ•‹–Š‡—„‡”Žƒ†‘—–›–”‡‡–—„–‹–Ž‡ƒ†ˆ‹ŽŽǡˆ—–—”‡ƒ††‹–‹‘ƒŽ™ƒ•–‡
•…”‡‡‹‰ˆ‘”–Šƒ–Šƒ—Ž‡”ƒ›„‡”‡“—‹”‡†ǤŠ‹•ƒ††‹–‹‘ƒŽ•…”‡‡‹‰…‘—Ž†‹…Ž—†‡•…”‡‡‹‰‡˜‡”›
Ž‘ƒ†‘ˆ–Š‡Šƒ—Ž‡”™Š‘Šƒ•„‡‡’”‡˜‹‘—•Ž›ˆ‘—†–‘„‡‹˜‹‘Žƒ–‹‘ǤŠ‡‘—–›ƒŽ•‘”‡•‡”˜‡•–Š‡”‹‰Š–
–‘”‡ˆ—•‡ƒŽŽˆ—–—”‡™ƒ•–‡Ž‘ƒ†•ˆ”‘ƒŠƒ—Ž‡”ˆ‘—†–‘„‡‹˜‹‘Žƒ–‹‘
^ĞĐƚŝŽŶϵ•ZĂŶĚŽŵ/ŶƐƉĞĐƚŝŽŶƐŽĨ/ŶĐŽŵŝŶŐ>ŽĂĚƐ

  ϵͲϯ





















Ǥ
&ŝŐƵƌĞϵͲϭ͘ZĂŶĚŽŵ/ŶƐƉĞĐƚŝŽŶƐ


  ϭϬͲϭ
^ĞĐƚŝŽŶϭϬ
ZĞĐŽƌĚƐŽĨ/ŶƐƉĞĐƚŝŽŶƐ
‹‰—”‡ͳͲǦͳ’”‡•‡–•ƒ•ƒ’Ž‡™ƒ•–‡•…”‡‡‹‰‹•’‡…–‹‘ˆ‘”Ǥ–™‹ŽŽ„‡…‘’Ž‡–‡†ˆ‘”‡˜‡”›™ƒ•–‡
Ž‘ƒ†•…”‡‡‡†–Š”‘—‰Š–Š‡”ƒ†‘‹•’‡…–‹‘’”‘‰”ƒƒ†ˆ‘”‡˜‡”›‹…‹†‡–™Š‡”‡Žƒ†ˆ‹ŽŽ•–ƒˆˆ
•—•’‡…–ƒ™ƒ•–‡Ž‘ƒ†…‘–ƒ‹•’”‘Š‹„‹–‡†‘”Šƒœƒ”†‘—•™ƒ•–‡ƒ†–Š‡†”‹˜‡”…ƒ‘–˜‡”‹ˆ›–Šƒ––Š‡•‡
•—•’‹…‹‘•ƒ”‡ˆƒŽ•‡ǤŠ‡ˆ‘”™‹ŽŽ„‡…‘’Ž‡–‡†„›Žƒ†ˆ‹ŽŽ•–ƒˆˆǡ™ƒ•–‡•…”‡‡‹‰•–ƒˆˆǡƒ†‹ˆ
ƒ’’”‘’”‹ƒ–‡•‹‰‡†„›–Š‡™ƒ•–‡†”‹˜‡”Ǥ‡…‘’›™‹ŽŽ„‡‡’–‘ˆ‹Ž‡ƒ––Š‡Žƒ†ˆ‹ŽŽ™Š‡”‡–Š‡™ƒ•–‡
Ž‘ƒ†™ƒ•”‡…‡‹˜‡†Ǥ‡™‹ŽŽ„‡‡’–‘ˆ‹Ž‡ƒ•‘’‡’—„Ž‹…”‡…‘”†ƒ––Š‡—„‡”Žƒ†‘—–›ƒƒ‰‡”̵•
ˆˆ‹…‡ǤŠ‹•…‘’›‘”ƒ’‡”ƒ‡–”‡…‘”†‘ˆ‹–™‹ŽŽ”‡ƒ‹‘ˆ‹Ž‡ˆ‘”ƒ‹‹—‘ˆ͵Ͳ›‡ƒ”•Ǥˆ–Š‡
™ƒ•–‡Ž‘ƒ†‹•ˆ‘—†–‘…‘–ƒ‹ƒ–‡”‹ƒŽ•–Šƒ–ƒ”‡’”‘Š‹„‹–‡†‘”Šƒœƒ”†‘—•„ƒ•‡†‘–Š‹•’Žƒǡ…‘’‹‡•‘ˆ
–Š‡ˆ‘”™‹ŽŽ„‡•‡––‘–Š‡ƒ†–Š‡™ƒ•–‡Šƒ—Ž‡”Ǥ
^ĞĐƚŝŽŶϭϬ•ZĞĐŽƌĚƐŽĨ/ŶƐƉĞĐƚŝŽŶƐ

  ϭϬͲϮ




























  ϭϭͲϭ
^ĞĐƚŝŽŶϭϭ
ŽŶƚŝŶŐĞŶĐLJWůĂŶ
ˆ†—”‹‰ƒ”ƒ†‘™ƒ•–‡•…”‡‡‹‰‘”†—”‹‰”‡‰—Žƒ”‘’‡”ƒ–‹‘•‘ˆ–Š‡Žƒ†ˆ‹ŽŽǡŠƒœƒ”†‘—•ƒ–‡”‹ƒŽ•
‘”ƒ–‡”‹ƒŽ•†‡ˆ‹‡†„›–Š‹•™ƒ•–‡•…”‡‡‹‰’Žƒƒ•†ƒ‰‡”‘—•ƒ”‡†‹•…‘˜‡”‡†ƒ––Š‡Žƒ†ˆ‹ŽŽǡ–Š‡
Žƒ†ˆ‹ŽŽ•—’‡”˜‹•‘”‘†—–›Šƒ•–Š‡ƒ—–Š‘”‹–›–‘…‘–ƒ…–ƒ’’”‘’”‹ƒ–‡‡‡”‰‡…›’‡”•‘‡ŽȋͻͳͳȌƒ†
”‡“—‡•––Š‡‹”‹‡†‹ƒ–‡ƒ…–‹‘–‘”‡‘˜‡ƒ†•ƒˆ‡Ž›†‹•’‘•‡‘ˆ–Š‡’”‘Š‹„‹–‡†™ƒ•–‡ǤŽŽ–‡Ž‡’Š‘‡
ƒ†™”‹––‡‘–‹ˆ‹…ƒ–‹‘™‹ŽŽ–ƒ‡’Žƒ…‡™‹–Š‹–Š‡ˆ‹”•–„—•‹‡••†ƒ›‘ˆ–Š‡†‹•…‘˜‡”›‘ˆ•—…Šƒ–‡”‹ƒŽ•Ǥ
…‘’Ž‡–‡†™ƒ•–‡•…”‡‡‹‰ˆ‘”ǡŽ‡––‡”•‘ˆ‘–‹ˆ‹…ƒ–‹‘ǡƒ†–‡•–”‡•—Ž–•™‹ŽŽ„‡ˆ‹Ž‡†ƒ•”‡“—‹”‡†‹
‡…–‹‘ͳͲ

  ϭϮͲϭ
^ĞĐƚŝŽŶϭϮ
EŽƚŝĨŝĐĂƚŝŽŶ
‹–Š‹–Š‡‡š–„—•‹‡••†ƒ›ƒˆ–‡”˜‡”‹ˆ‹…ƒ–‹‘–Šƒ–ƒŠƒœƒ”†‘—•‘”’”‘Š‹„‹–‡†™ƒ•–‡Šƒ•„‡‡
‹†‡–‹ˆ‹‡†ƒ––Š‡Žƒ†ˆ‹ŽŽ•‹–‡ǡ–Š‡‘—–›‘Ž‹†ƒ•–‡•–ƒˆˆ™‹ŽŽ•‡†™”‹––‡‘–‹ˆ‹…ƒ–‹‘–‘–Š‡
ƒ—–Š‘”‹œ‡†•–ƒ–‡‘”—„–‹–Ž‡ƒ†‹‹•–”ƒ–‘”ǡ–Š‡‘—–›ƒƒ‰‡”ǡ–Š‡ƒƒ‰‡”‘ˆŽƒ†ˆ‹ŽŽ
‘’‡”ƒ–‹‘•ƒ†–Š‡™ƒ•–‡Šƒ—Ž‡”–Šƒ–†‡Ž‹˜‡”‡†–Š‡™ƒ•–‡–‘–Š‡Žƒ†ˆ‹ŽŽǤ

  ϭϯͲϭ
^ĞĐƚŝŽŶϭϯ
ZĞƐƉŽŶƐŝďůĞWĂƌƚLJ
‡‰ƒŽ”‡•’‘•‹„‹Ž‹–›ˆ‘”ƒŽŽ™ƒ•–‡‡–‡”‹‰–Š‡Žƒ†ˆ‹ŽŽ”‡ƒ‹•™‹–Š–Š‡™ƒ•–‡Šƒ—Ž‡”—–‹Žƒ–•—…Šƒ
–‹‡–Šƒ––Š‡™ƒ•–‡‹•†‡–‡”‹‡†–‘„‡’‡”‹––‡†•‘Ž‹†™ƒ•–‡ƒ†‹•ƒ……‡’–‡†„›–Š‡‘—–›ǤŠ‡
‘—–›†‘‡•‘–ƒ……‡’––Š‡Ž‡‰ƒŽ”‡•’‘•‹„‹Ž‹–›ˆ‘”™ƒ•–‡™Š‹…Š‹•’”‘Š‹„‹–‡†ˆ”‘„‡‹‰Žƒ†ˆ‹ŽŽ‡†‹ƒ
—„–‹–Ž‡Žƒ†ˆ‹ŽŽǤŠ‡Šƒ—Ž‡”‹•†‡ˆ‹‡†ƒ•–Š‡”‡•’‘•‹„Ž‡’ƒ”–›™Š‘ƒ––‡’–‡†–‘ǡ‡‹–Š‡”‘™‹‰Ž›
‘”—‘™‹‰Ž›ǡ‹ŽŽ‡‰ƒŽŽ›†‡’‘•‹––Š‡’”‘Š‹„‹–‡†™ƒ•–‡‹–Š‡Žƒ†ˆ‹ŽŽǤŠ‡Šƒ—Ž‡”•ŠƒŽŽ„‡„‹ŽŽ‡†„›–Š‡
‘—–›ˆ‘”ƒŽŽ…‘•–•ƒ••‘…‹ƒ–‡†™‹–Š‹ŽŽ‡‰ƒŽ†‹•’‘•ƒŽ‘ˆ‘Ǧƒ……‡’–ƒ„Ž‡•‘Ž‹†™ƒ•–‡ǤŠ‹•‹…Ž—†‡•ǡ„—–‹•
‘–Ž‹‹–‡†–‘ǡ…‘•–•‹–‡•–‹‰–Š‡™ƒ•–‡ǡ”‡‘˜‹‰–Š‡™ƒ•–‡ˆ”‘–Š‡—„–‹–Ž‡Žƒ†ˆ‹ŽŽǡˆ‘”–Š‡…‘•–‘ˆ
–”ƒ•’‘”–‹‰–Š‡™ƒ•–‡–‘ƒƒ’’”‘’”‹ƒ–‡™ƒ•–‡ƒƒ‰‡‡–ˆƒ…‹Ž‹–›ǡˆ‘”–Š‡†‹•’‘•ƒŽˆ‡‡ǡƒ†ˆ‘”ƒŽŽ
‡…‡••ƒ”›ƒ†”‡Žƒ–‡†•‹–‡…Ž‡ƒǦ—’ƒ†–‡•–‹‰Ǥ
ˆ…‘’Ž‡–‡†–‡•–•‘ˆ–Š‡™ƒ•–‡ǡ…‘†—…–‡†„›–Š‡—„‡”Žƒ†‘—–›‡”‰‡…›ƒƒ‰‡‡–
ȋȌ‘”–Š‡‘—–›̵•ƒ—–Š‘”‹œ‡†…‘–”ƒ…–‘”ƒ––Š‡Žƒ†ˆ‹ŽŽǡ‹†‹…ƒ–‡–Š‡™ƒ•–‡Ž‘ƒ†‹•ˆ‘—†–‘„‡
ƒ–‡”‹ƒŽ•™Š‹…Š…ƒŽ‡‰ƒŽŽ›„‡Žƒ†ˆ‹ŽŽ‡†ǡ–Š‡‘—–›™‹ŽŽƒ……‡’–Ž‡‰ƒŽ”‡•’‘•‹„‹Ž‹–›ˆ‘”‹–ǤŠ‡‘—–›
‘”–Š‡‹”…‘–”ƒ…–‘”ȋƒ•’‡”…‘–”ƒ…–ƒ‰”‡‡‡–Ȍ™‹ŽŽƒ„•‘”„ƒŽŽ…‘•–•ˆ‘”–‡•–‹‰ƒ†”‡‘˜ƒŽ‘”
†‹•’‘•ƒŽ‘ˆ–Š‡™ƒ•–‡Ǥ
ˆ‘”–Š‡‘—–›̵•ƒ—–Š‘”‹œ‡†…‘–”ƒ…–‘”†‡–‡”‹‡•–Šƒ––Š‡™ƒ•–‡Ž‘ƒ†…‘–ƒ‹•Šƒœƒ”†‘—•‘”
”‡‰—Žƒ–‡†ƒ–‡”‹ƒŽ•–Šƒ–•Š‘—Ž†‘–„‡Žƒ†ˆ‹ŽŽ‡†ǡ–Š‡‘—–›™‹ŽŽ‘–ƒ„•‘”„–Š‡…‘•–•ˆ‘”ƒ›ˆ—”–Š‡”
–‡•–‹‰‡‹–Š‡”ƒ––Š‡Žƒ†ˆ‹ŽŽ‘”ƒ–ƒ‘–Š‡”Žƒ„‘”ƒ–‘”›Ǥˆˆ—”–Š‡”–‡•–‹‰„›‘–Š‡”Žƒ„‘”ƒ–‘”‹‡•‹†‹…ƒ–‡
–Š‡ƒ–‡”‹ƒŽ•…‘—Ž†Ž‡‰ƒŽŽ›„‡Žƒ†ˆ‹ŽŽ‡†ǡ–Š‡‘—–›™‹ŽŽ„‡ƒ••—‡†–‘Šƒ˜‡̶ƒ…–‡†‹‰‘‘†ˆƒ‹–Š̶–‘
’”‘–‡…––Š‡’—„Ž‹…Š‡ƒŽ–Šƒ†•ƒˆ‡–›„›”‡ˆ—•‹‰–‘Žƒ†ˆ‹ŽŽ–Š‡™ƒ•–‡ǤŠ‡‘—–›™‹ŽŽ‘–”‡‹„—”•‡
ƒ›…‘•–ƒ••‘…‹ƒ–‡†™‹–Š”‡‘˜ƒŽ‘ˆ–Š‡ƒ–‡”‹ƒŽ•ˆ”‘–Š‡Žƒ†ˆ‹ŽŽ•‹–‡‘”‹–••—„•‡“—‡––‡•–‹‰‘”
†‹•’‘•ƒŽ

  ϭϰͲϭ
^ĞĐƚŝŽŶϭϰ
&ŝŶĞƐĂŶĚWĞŶĂůƚŝĞƐ
—„‡”Žƒ†‘—–›”‡•‡”˜‡•–Š‡”‹‰Š––‘‹•–‹–—–‡ˆ‹‡•ƒ†’‡ƒŽ–‹‡•–‘ƒ›’‡”•‘ˆ‘—†–‘Šƒ˜‡
ƒ––‡’–‡†–‘Žƒ†ˆ‹ŽŽ™ƒ•–‡’”‘Š‹„‹–‡†ˆ”‘„‡‹‰Žƒ†ˆ‹ŽŽ‡†„›•–ƒ–‡‘”ˆ‡†‡”ƒŽ”‡‰—Žƒ–‹‘•ǤŠ‡•‡
ˆ‹‡•ƒ†’‡ƒŽ–‹‡•ƒ”‡‹ƒ††‹–‹‘–‘–Š‡…‘•–•‹†‡–‹ˆ‹‡†‹‡…–‹‘ͳ͵ƒ„‘˜‡Ǥ



ƉƉĞŶĚŝdž
WĞƌŵŝƚĨŽƌ^ŚŝŶŐůĞƐ;:ŽŚŶƐŽŶƌŽƚŚĞƌƐ/ŶĐ͘Ϳ


ƉƉĞŶĚŝdž
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Table of Contents.docx
Table of Contents

Section 1 Introduction ........................................................................................................................................... 1-1
1.1 Purpose .............................................................................................................................................................. 1-1
1.2 General Characteristics of LFG and Methane Generation ............................................................. 1-1
1.2.1 Decomposition Rate and Volume ............................................................................................... 1-1
1.2.2 LFG Migration ..................................................................................................................................... 1-2
Section 2 Regulatory Background ..................................................................................................................... 2-1
2.1 Introduction ..................................................................................................................................................... 2-1
2.2 Subtitle D and North Carolina Regulations ......................................................................................... 2-1
Section 3 Gas Monitoring Plan ............................................................................................................................ 3-1
3.1 Summary of Recommendations .............................................................................................................. 3-1
3.2.1 Well Design and Depth ................................................................................................................... 3-1
3.2 Monitoring Equipment Needed ............................................................................................................... 3-2
3.3 Frequency of Routine Monitoring .......................................................................................................... 3-2
3.4 Staffing ................................................................................................................................................................ 3-2
3.5 Monitoring Procedures ............................................................................................................................... 3-2
3.5.1 Monitoring Times .............................................................................................................................. 3-3
3.5.2 Sampling Procedures ....................................................................................................................... 3-3
3.6 Record Keeping............................................................................................................................................... 3-4
Section 4 Detection Plan ....................................................................................................................................... 4-1
4.1 Actions if Regulatory Limits Detected in Structures ...................................................................... 4-1
4.2 Actions if Regulatory Limits Detected at Monitoring Wells ........................................................ 4-1
4.3 Compliance Action Plan .............................................................................................................................. 4-2
4.3.1 Immediate Action .............................................................................................................................. 4-2
4.3.2 Actions Within Seven Days ........................................................................................................... 4-2
4.3.3 Actions Within Sixty Days ............................................................................................................. 4-3
4.4 Public Relations and Information ........................................................................................................... 4-3

Sheets
Sheet 1 Monitoring Well Locations................................................................................................................ 3-5

Figures
Figure 3-1 Typical Landfill Gas Monitoring Well Detail ....................................................................... 3-6

1-1
Section 1.docx
Section 1
Introduction
Landfill gas (LFG) is a natural by-product of the anaerobic decomposition of landfilled bio-degradable
waste. LFG can present a danger to human health and the environment and therefore must be monitored.
For these reasons, LFG is regulated by Federal and North Carolina state legislation. This Plan describes the
systems and programs needed to fulfill federal and state regulations concerning LFG. In addition, this Plan
describes the characteristics of LFG and its migration patterns; and provides alternative methods to control
and destroy its harmful components.
1.1 Purpose
This Plan fulfills the requirements set forth in Rule .1626(4) for monitoring and controlling LFG. This Plan:
ƒDescribes the necessary LFG monitoring systems,
ƒSets forth the monitoring procedures and programs, and
ƒIdentifies the actions needed if levels of methane exceed regulatory limits.
1.2 General Characteristics of LFG and Methane Generation
LFG can be an energy resource as well as a source of environmental pollution. The methane content is
what makes LFG valuable as an energy resource. LFG is composed of approximately 50 percent methane in
contrast to natural gas which consists of approximately 95 percent methane. LFG programs which focus on
recovering gas as an energy resource include collection and extraction systems used to maximize its
recovery. What makes LFG a source of environmental pollution is its odor, its potentially explosive
properties, and its contribution to global warming. LFG programs which focus on the environmental
hazards of landfill gas include collection systems to monitor the migration of gas and control or neutralize
its environmental impacts.
LFG is composed of 50 to 55 percent methane (CH4); 45 to 50 percent carbon dioxide (CO2); and, less than
one percent non-methane organic compounds (NMOC). These individual gases remain co-mingled and do
not naturally separate.
1.2.1 Decomposition Rate and Volume
The decomposition of biodegradable waste begins with aerobic decomposition that typically lasts three to
18 months until the oxygen in the landfill is depleted. Following this, the anaerobic phase begins which
results in LFG production. This anaerobic phase continues until all of the carbon-based materials are
broken down or oxygen is reintroduced. Some historical LFG production generation models suggest that
LFG generation continues for as long as 20 years. However, recent LFG recovery projects have
demonstrated that production may continue beyond these 20 year estimates.
A reintroduction of oxygen does not stop the production of LFG, it just retards it. The volume of LFG
generated over the life of a landfill is a function of the total volume of organic waste in the landfill as
Influenced by age, moisture, compaction, and pH.
Section 1 x Introduction
1-2
Section 1.docx
1.2.2 LFG Migration
The production of LFG creates a positive pressure within the landfill that forces the gas to migrate. LFG is
lighter than air and moves upward unless there is a barrier. LFG will move laterally along the path of least
resistance or lowest pressure. LFG migration is a function of soil conditions, hydrogeologic conditions, and
weather conditions. LFG moves through porous soils, along underground pipes, and through trenches. In
some cases the LFG migration path can be observed at the surface through observations of stressed
vegetation. In these instances, LFG replaces the oxygen in root structures and eventually destroys the
plants.
If tightly capped, LFG will move downward or laterally. Unless LFG is collected, it may migrate laterally, off
the landfill site. If the landfill does not have an impermeable cover cap, LFG may migrate upward, through
the landfill surface and cause odor and air quality problems. The lining and capping of a landfill does not
affect the production of gas, it only improves the potential to collect and control it.

2-1
Section 2.docx
Section 2
Regulatory Background
2.1 Introduction
Because of the real and potential dangers from LFG and the methane in landfill gas, to the public health
and safety and to the environment, existing and pending federal and state regulations require owners of
municipal solid waste landfills (MSWLFs) to monitor and control it. The regulations are contained in Title
15A NCAC Subchapter 13 B Section .1626 (4).
2.2 Subtitle D and North Carolina Regulations
Methane gas is explosive when present within the range of five percent to 15 percent by volume in air.
When present in concentrations greater than 15 percent, the mixture will not explode. The five percentage
mixture is referred to as the Lower Explosive Limit (LEL) while the 15 percentage concentration is referred
to as the Upper Explosive Limit (UEL). The State of North Carolina, through its 15A NCAC 13B .1626 (4) (a)
requires owners of operating MSWLFs to ensure that the facility:
ƒdoes not exceed 25 percent of the lower explosive limit for methane in facility structures; and
ƒdoes not exceed the lower explosive limit at the facility property boundary.
The lower explosive limit means the lowest percent by volume of a mixture of explosive gases in air that
will promulgate a flame at 25° C and atmospheric pressure.
Paragraph (4)(b) of Section .1626 of the North Carolina regulations require that a routine methane
monitoring program be implemented to insure that these standards are met. A methane monitoring
program typically involves sampling LFG emissions, using a specially designed meter, through a system of
strategically located and specifically designed monitoring wells on a regularly scheduled basis. The time
and frequency of monitoring must be determined based on soil conditions, hydrogeologic conditions and
hydraulic conditions surrounding the facility, and locations of structures and property boundaries.
However, compliance with Subtitle D requires that the minimum frequency of monitoring be quarterly.
Cumberland County has been conducting an on-going methane monitoring program for both the unlined
and Subtitle D Landfills. The County has been monitoring methane concentrations in on-site structures and
a network of monitoring wells along the perimeter of the landfill property. The County currently conducts
the quarterly monitoring with a GEM 2000 landfill gas meter.
Part (4)(c) of Section .1626 of the North Carolina regulations require that if methane levels exceed the
specified limits, the owner or operator must:
ƒimmediately take all necessary steps to ensure the protection of human health;
ƒimmediately notify the State (it is assumed that this will be the DWM Compliance officer);
ƒwithin seven days of detection, place in the operating record the methane gas levels detected;
Section 2 x Regulatory Background
2-2
Section 2.docx
ƒwithin seven days of detection, provide a description of the steps taken to protect human health;
ƒwithin 60 days of detection, implement a remediation plan for the methane gas release; the plan
shall describe the nature and extent of the problem and the proposed remedy;
ƒwithin 60 days of detection, place a copy of the plan in the operating record of the landfill; and
ƒwithin 60 days of detection, notify the State that the plan has been implemented.

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ĐŽŶĐĞŶƚƌĂƚŝŽŶƐ͘/ƚŝƐƌĞĐŽŵŵĞŶĚĞĚƚŚĂƚƚŚĞŽƵŶƚLJΖƐĐƵƌƌĞŶƚƋƵĂƌƚĞƌůLJŵĞƚŚĂŶĞŵŽŶŝƚŽƌŝŶŐƉƌŽŐƌĂŵ
ĐŽŶƚŝŶƵĞĨŽƌŽƉĞƌĂƚŝŽŶƐŝŶƚŚĞĞůůϵĂŶĚϭϬĂƌĞĂ͘DŽŶƚŚůLJŽƌŵŽƌĞĨƌĞƋƵĞŶƚŵŽŶŝƚŽƌŝŶŐŵĂLJďĞĐŽŵĞ
ŶĞĐĞƐƐĂƌLJŝĨůĞǀĞůƐĂƌĞĐůŽƐĞƚŽƚŚĞƌĞŐƵůĂƚŽƌLJůĞǀĞůƐŽƌĚĞŵŽŶƐƚƌĂƚĞĂƉĂƚƚĞƌŶǁŚŝĐŚŝƐĂƉƉƌŽĂĐŚŝŶŐƚŚŝƐ
ůŝŵŝƚ͘
ϯ͘ϰ^ƚĂĨĨŝŶŐ
DŽŶŝƚŽƌŝŶŐƐŚŽƵůĚĐŽŶƐŝƐƚŽĨŚĂǀŝŶŐĂƚƌĂŝŶĞĚƚĞĐŚŶŝĐŝĂŶƵƐĞĐĂůŝďƌĂƚĞĚĞƋƵŝƉŵĞŶƚĚĞƐŝŐŶĞĚƚŽĚĞƚĞƌŵŝŶĞ
ƚŚĞůĞǀĞůŽĨŵĞƚŚĂŶĞĞƐĐĂƉŝŶŐƚŚĞůĂŶĚĨŝůůƚŚƌŽƵŐŚŵŽŶŝƚŽƌŝŶŐǁĞůůƐĂŶĚŝŶƐŝĚĞƐƚƌƵĐƚƵƌĞƐŽŶƚŚĞůĂŶĚĨŝůů
ƐŝƚĞ͘dŚĞũŽďŽĨŵŽŶŝƚŽƌŝŶŐƚŚĞŵĞƚŚĂŶĞůĞǀĞůƐǁŝůůƌĞƋƵŝƌĞĂƚƌĂŝŶĞĚƐƚĂĨĨƉĞƌƐŽŶ͘ǀĂŝůĂďůĞŽƉƚŝŽŶƐŝŶĐůƵĚĞ
ƚƌĂŝŶŝŶŐĂŶĞdžŝƐƚŝŶŐƐƚĂĨĨƉĞƌƐŽŶ͕ŚŝƌŝŶŐĂƐƉĞĐŝĂůĐŽŶƚƌĂĐƚŽƌ͕ŽƌŚŝƌŝŶŐƉĂƌƚͲƚŝŵĞƐƚĂĨĨƚŽƉĞƌĨŽƌŵƚŚŝƐƚĂƐŬ͘
ϯ͘ϱDŽŶŝƚŽƌŝŶŐWƌŽĐĞĚƵƌĞƐ
ĂĐŚƌĞŐƵůĂƌƋƵĂƌƚĞƌůLJŵŽŶŝƚŽƌŝŶŐƉƌŽĐĞĚƵƌĞƐŚŽƵůĚďĞŐŝŶďLJĐŚĞĐŬŝŶŐŵĞƚŚĂŶĞůĞǀĞůƐŝŶƚŚĞƐĐĂůĞͲŚŽƵƐĞ
ĂŶĚĂŶLJŽĐĐƵƉŝĞĚƐƚƌƵĐƚƵƌĞŽŶƚŚĞůĂŶĚĨŝůůƐŝƚĞ͘EĞdžƚ͕ƚŚĞŶŽŶͲŽĐĐƵƉŝĞĚďƵŝůĚŝŶŐƐĂƚƚŚĞůĂŶĚĨŝůůƐŚŽƵůĚďĞ
ĐŚĞĐŬĞĚ͘&ŝŶĂůůLJ͕ŵŽŶŝƚŽƌŝŶŐǁĞůůƐĂƚƚŚĞĨĂĐŝůŝƚLJƉƌŽƉĞƌƚLJďŽƵŶĚĂƌLJƐŚŽƵůĚďĞĐŚĞĐŬĞĚ͘
dŚĞĨŽůůŽǁŝŶŐŵŽŶŝƚŽƌŝŶŐƉƌŽĐĞĚƵƌĞƐĂƌĞƚĂŬĞŶĨƌŽŵƚŚĞ^ŽůŝĚtĂƐƚĞ^ĞĐƚŝŽŶ'ƵŝĚĂŶĐĞŽĐƵŵĞŶƚĂƚŝŽŶĨŽƌ
ůĂŶĚĨŝůůŐĂƐŵŽŶŝƚŽƌŝŶŐĂŶĚƐŚĂůůďĞĨŽůůŽǁĞĚ͗
dŚĞƉĞƌƐŽŶƵƐŝŶŐƚŚĞůĂŶĚĨŝůůŐĂƐŵŽŶŝƚŽƌŝŶŐŝŶƐƚƌƵŵĞŶƚŵƵƐƚƵŶĚĞƌƐƚĂŶĚƚŚĞƉƌŝŶĐŝƉůĞƐŽĨŽƉĞƌĂƚŝŽŶĂŶĚ
ĨŽůůŽǁƚŚĞŵĂŶƵĨĂĐƚƵƌĞƌΖƐŝŶƐƚƌƵĐƚŝŽŶƐ͘dŚŝƐŝŶĐůƵĚĞƐĐĂůŝďƌĂƚŝŶŐƚŚĞŝŶƐƚƌƵŵĞŶƚĂĐĐŽƌĚŝŶŐƚŽƚŚĞ
ŵĂŶƵĨĂĐƚƵƌĞƌ͛ƐƐƉĞĐŝĨŝĐĂƚŝŽŶƐ͘/ŶĐůƵĚĞƚŚĞĨŽůůŽǁŝŶŐŽŶƚŚĞƚŽƉƉŽƌƚŝŽŶŽĨƚŚĞůĂŶĚĨŝůůŐĂƐŵŽŶŝƚŽƌŝŶŐĨŽƌŵ͗
ĨĂĐŝůŝƚLJŶĂŵĞ͕ƉĞƌŵŝƚŶƵŵďĞƌ͕ƚLJƉĞĂŶĚƐĞƌŝĂůŶƵŵďĞƌŽĨŐĂƐŵŽŶŝƚŽƌŝŶŐŝŶƐƚƌƵŵĞŶƚ͕ĐĂůŝďƌĂƚŝŽŶĚĂƚĞŽĨƚŚĞ
ŝŶƐƚƌƵŵĞŶƚ͕ĚĂƚĞĂŶĚƚŝŵĞŽĨĨŝĞůĚĐĂůŝďƌĂƚŝŽŶ͕ƚLJƉĞŽĨŐĂƐƵƐĞĚĨŽƌĨŝĞůĚĐĂůŝďƌĂƚŝŽŶ;ϭϱͬϭϱŽƌϯϱͬϱϬͿ͕
ĞdžƉŝƌĂƚŝŽŶĚĂƚĞŽĨĨŝĞůĚĐĂůŝďƌĂƚŝŽŶŐĂƐĐĂŶŝƐƚĞƌ͕ĚĂƚĞŽĨůĂŶĚĨŝůůŐĂƐŵŽŶŝƚŽƌŝŶŐĞǀĞŶƚ͕ŶĂŵĞĂŶĚƉŽƐŝƚŝŽŶŽĨ
ƐĂŵƉůĞĐŽůůĞĐƚŽƌ͕ƉƵŵƉƌĂƚĞŽĨŝŶƐƚƌƵŵĞŶƚďĞŝŶŐƵƐĞĚ͕ĂŵďŝĞŶƚĂŝƌƚĞŵƉĞƌĂƚƵƌĞ͕ĂŶĚŐĞŶĞƌĂůǁĞĂƚŚĞƌ
ĐŽŶĚŝƚŝŽŶƐ͘sĞƌŝĨŝĐĂƚŝŽŶƚŚĂƚƚŚĞĞƋƵŝƉŵĞŶƚǁĂƐĐĂůŝďƌĂƚĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞŵĂŶƵĨĂĐƚƵƌĞƌ͛Ɛ
ƐƉĞĐŝĨŝĐĂƚŝŽŶƐŝƐĂůƐŽƌĞƋƵŝƌĞĚ͘tŚĞŶĚĞƚĞƌŵŝŶŝŶŐǁŚŝĐŚĨŝĞůĚĐĂůŝďƌĂƚŝŽŶŐĂƐƚŽƵƐĞ͕ƚĂŬĞŝŶƚŽĐŽŶƐŝĚĞƌĂƚŝŽŶ
ƚŚĞĞdžƉĞĐƚĞĚůĞǀĞůƐŽĨŵĞƚŚĂŶĞŝŶƚŚĞůĂŶĚĨŝůůŐĂƐŵŽŶŝƚŽƌŝŶŐǁĞůůƐ͘/ĨƚŚĞŵĞƚŚĂŶĞůĞǀĞůƐĂƌĞĞdžƉĞĐƚĞĚƚŽ
ďĞůŽǁ͕ƵƐĞƚŚĞϭϱͬϭϱŐĂƐĐĂŶŝƐƚĞƌ;ϭϱйKϮͬϭϱй,ϰͿ͘/ĨƚŚĞŵĞƚŚĂŶĞůĞǀĞůƐĂƌĞĞdžƉĞĐƚĞĚƚŽďĞŚŝŐŚ͕ƵƐĞ
ƚŚĞϯϱͬϱϬŐĂƐĐĂŶŝƐƚĞƌ;ϯϱйKϮͬϱϬй,ϰͿ͘
&ŽƌĞǀĞƌLJůĂŶĚĨŝůůŐĂƐŵŽŶŝƚŽƌŝŶŐǁĞůů͕ǀĞƌŝĨLJƐĂŵƉůĞƚƵďĞƉƵƌŐĞƉƌŝŽƌƚŽĞĂĐŚƐĂŵƉůĞƚĂŬĞŶ;ƐŚŽƵůĚďĞŽŶĞ
ŵŝŶƵƚĞͿ͕ƚŚĞƚŝŵĞƉƵŵƉĞĚŝŶƐĞĐŽŶĚƐ;ƐŚŽƵůĚďĞĂƚůĞĂƐƚŽŶĞŵŝŶƵƚĞͿ͕ďĂƌŽŵĞƚƌŝĐƉƌĞƐƐƵƌĞ͕ƚŝŵĞƐƚĂďŝůŝnjĞĚ
ƌĞĂĚŝŶŐĐŽůůĞĐƚĞĚ͕ƉĞƌĐĞŶƚůŽǁĞƌĞdžƉůŽƐŝǀĞůŝŵŝƚ͕ƉĞƌĐĞŶƚŵĞƚŚĂŶĞďLJǀŽůƵŵĞ͕ƉĞƌĐĞŶƚŽdžLJŐĞŶ͕ƉĞƌĐĞŶƚ
ĐĂƌďŽŶĚŝŽdžŝĚĞ͕ĂŶĚĂŶLJŽďƐĞƌǀĂƚŝŽŶƐŽƌĐŽŵŵĞŶƚƐ͘
^ĞĐƚŝŽŶϯ•'ĂƐDŽŶŝƚŽƌŝŶŐWůĂŶ
ϯͲϯ
^ĞĐƚŝŽŶϯ͘ĚŽĐdž
dŚĞůĂŶĚĨŝůůŐĂƐŵŽŶŝƚŽƌŝŶŐĚĂƚĂĨŽƌŵĂŶĚƌĞƐƵůƚƐƐŚŽƵůĚďĞƌĞƚĂŝŶĞĚŝŶƚŚĞŽƉĞƌĂƚŝŶŐƌĞĐŽƌĚƵŶůĞƐƐĂŶ
ĞdžĐĞĞĚĂŶĐĞŚĂƐŽĐĐƵƌƌĞĚĂŶĚͬŽƌŝƐƌĞƋƵĞƐƚĞĚďLJƚŚĞ^ŽůŝĚtĂƐƚĞ^ĞĐƚŝŽŶ͘
ϯ͘ϱ͘ϭDŽŶŝƚŽƌŝŶŐdŝŵĞƐ
DŽŶŝƚŽƌŝŶŐƚŝŵĞƐĂƌĞĂůƐŽŝŵƉŽƌƚĂŶƚǁŚĞŶĐŽŶĚƵĐƚŝŶŐůĂŶĚĨŝůůŐĂƐŵŽŶŝƚŽƌŝŶŐ͘WƌŽƉĞƌůĂŶĚĨŝůůŐĂƐ
ŵŽŶŝƚŽƌŝŶŐƐŚŽƵůĚŝŶĐůƵĚĞƐĂŵƉůŝŶŐĚƵƌŝŶŐƚŝŵĞƐǁŚĞŶůĂŶĚĨŝůůŐĂƐŝƐŵŽƐƚůŝŬĞůLJƚŽŵŝŐƌĂƚĞ͘>ĂŶĚĨŝůůŐĂƐĐĂŶ
ŵŝŐƌĂƚĞĂŶĚĂĐĐƵŵƵůĂƚĞŶŽƚŽŶůLJŝŶůĂŶĚĨŝůůŐĂƐŵŽŶŝƚŽƌŝŶŐǁĞůůƐ͖ŝƚĐĂŶĂůƐŽŵŝŐƌĂƚĞĂŶĚĂĐĐƵŵƵůĂƚĞŝŶ
ďƵŝůĚŝŶŐƐĂŶĚŽƚŚĞƌƐƚƌƵĐƚƵƌĞƐ͘ĞĐĂƵƐĞƐƵďƐƵƌĨĂĐĞŐĂƐƉƌĞƐƐƵƌĞƐĂƌĞĐŽŶƐŝĚĞƌĞĚƚŽďĞĂƚĂŵĂdžŝŵƵŵ
ĚƵƌŝŶŐƚŚĞĂĨƚĞƌŶŽŽŶŚŽƵƌƐ͕ŵŽŶŝƚŽƌŝŶŐƐŚŽƵůĚďĞĐŽŶĚƵĐƚĞĚŝŶƚŚĞĂĨƚĞƌŶŽŽŶŽƌǁŚĞŶĞǀĞƌƚŚĞďĂƌŽŵĞƚƌŝĐ
ƉƌĞƐƐƵƌĞŝƐůŽǁ͘
^ĐŝĞŶƚŝĨŝĐĞǀŝĚĞŶĐĞĂůƐŽŝŶĚŝĐĂƚĞƐƚŚĂƚǁĞĂƚŚĞƌĂŶĚƐŽŝůĐŽŶĚŝƚŝŽŶƐŝŶĨůƵĞŶĐĞƚŚĞŵŝŐƌĂƚŝŽŶŽĨůĂŶĚĨŝůůŐĂƐ͘
ĂƌŽŵĞƚƌŝĐƉƌĞƐƐƵƌĞĂŶĚƉƌĞĐŝƉŝƚĂƚŝŽŶŚĂǀĞƐŝŐŶŝĨŝĐĂŶƚĞĨĨĞĐƚƐŽŶůĂŶĚĨŝůůŐĂƐŵŝŐƌĂƚŝŽŶ͘/ŶĐƌĞĂƐĞĚ
ďĂƌŽŵĞƚƌŝĐƉƌĞƐƐƵƌĞŐĞŶĞƌĂƚĞƐĚĞĐƌĞĂƐĞĚůĂŶĚĨŝůůŐĂƐǀĞŶƚŝŶŐĨƌŽŵƚŚĞƐƵďƐƵƌĨĂĐĞ͕ƵŶƚŝůƚŚĞƉƌĞƐƐƵƌĞǁŝƚŚŝŶ
ƚŚĞƐƵďƐƵƌĨĂĐĞŝƐŐƌĞĂƚĞƌƚŚĂŶƚŚĞĂƚŵŽƐƉŚĞƌŝĐ;ďĂƌŽŵĞƚƌŝĐͿƉƌĞƐƐƵƌĞ͘KŶƚŚĞŽƚŚĞƌŚĂŶĚ͕ǁŚĞŶƚŚĞ
ďĂƌŽŵĞƚƌŝĐƉƌĞƐƐƵƌĞĚĞĐƌĞĂƐĞƐ͕ƚŚĞůĂŶĚĨŝůůǁŝůůǀĞŶƚƚŚĞƐƚŽƌĞĚŐĂƐƵŶƚŝůĂƉƌĞƐƐƵƌĞĞƋƵŝůŝďƌŝƵŵŝƐƌĞĂĐŚĞĚ͘
ĂƉƉŝŶŐŽĨĂůĂŶĚĨŝůůĐĂŶŝŶĨůƵĞŶĐĞƚŚĞĞĨĨĞĐƚŽĨďĂƌŽŵĞƚƌŝĐƉƌĞƐƐƵƌĞŽŶůĂŶĚĨŝůůŐĂƐŵŝŐƌĂƚŝŽŶ͘'ĞŶĞƌĂůůLJ͕Ă
ŵŽƌĞƉĞƌŵĞĂďůĞůĂŶĚĨŝůůĐĂƉǁŝůůĂůůŽǁŐƌĞĂƚĞƌŝŶĨůƵĞŶĐĞďLJďĂƌŽŵĞƚƌŝĐƉƌĞƐƐƵƌĞƚŚĂŶĂůĞƐƐƉĞƌŵĞĂďůĞ
ůĂŶĚĨŝůůĐĂƉ͘ƐĂƌĞƐƵůƚ͕ůĂŶĚĨŝůůŐĂƐŵŽŶŝƚŽƌŝŶŐƐŚŽƵůĚďĞĐŽŶĚƵĐƚĞĚǁŚĞŶƚŚĞďĂƌŽŵĞƚƌŝĐƉƌĞƐƐƵƌĞŝƐůŽǁ
ĂŶĚƐŽŝůƐĂƌĞƐĂƚƵƌĂƚĞĚ͘ƵƌŝŶŐƚŚĞǁŝŶƚĞƌƐĞĂƐŽŶǁŚĞŶƐŶŽǁĐŽǀĞƌŝƐũƵƐƚďĞŐŝŶŶŝŶŐƚŽŵĞůƚŽƌǁŚĞŶƚŚĞ
ŐƌŽƵŶĚŝƐĨƌŽnjĞŶŽƌŝĐĞĐŽǀĞƌĞĚ͕ůĂŶĚĨŝůůŐĂƐŵŽŶŝƚŽƌŝŶŐƐŚŽƵůĚďĞĐŽŶĚƵĐƚĞĚǁŚĞŶƚŚĞďĂƌŽŵĞƚƌŝĐƉƌĞƐƐƵƌĞ
ŝƐůŽǁ͘
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TypicalLandfillGasMonitoringWellDetail
16
NC Division of Waste Management - Solid Waste Section
Landfill Gas Monitoring Data Form
Notice:This form and any information attached to it are "Public Records" as defined in NC General Statute 132-1. As such,
these documents are available for inspection and examination by any person upon request (NC General Statute 132-6).
Facility Name: ______________________________________________ Permit Number: ____________________________
Date of Sampling: ___________________ NC Landfill Rule (.0500 or .1600): _____________________________________
Name and Position of Sample Collector: _________________________________________
Type and Serial Number of Gas Meter: _______________________________ Calibration Date of Gas Meter: ___________
Date and Time of Field Calibration: _____________________
Type of Field Calibration Gas (15/15 or 35/50): ____________ Expiration Date of Field Calibration Gas Canister: ________
Pump Rate of Gas Meter: _____________
Ambient Air Temperature: __________ Barometric Pressure: ______________ General Weather Conditions: _____________
Instructions: Under “Location or LFG Well” identify the monitoring wells or describe the location for other tests (e.g., inside
buildings). A drawing showing the location of test must be attached. Report methane readings in both % LEL and % methane
by volume. A reading in percent methane by volume can be converted to % LEL as follows: % methane by volume = %
LEL/20
If your facility has more gas monitoring locations than there is room on this form, please attach additional sheets listing the
same information as contained on this form.
Certification
To the best of my knowledge, the information reported and statements made on this data submittal and attachments
are true and correct. I am aware that there are significant penalties for making any false statement, representation, or
certification including the possibility of a fine and imprisonment.
_________________________________________ _________________________________________
SIGNATURE TITLE

4-1
Section 4.docx
Section 4
Detection Plan
Both Subtitle D and the North Carolina Solid Waste Management Rules require a contingency plan for
action if methane levels exceed the regulatory concentration limits. The plan for action includes the
specific step by step actions needed should regulatory limits be detected.
4.1 Actions if Regulatory Limits Detected in Structures
If any structures on the landfill property have detections of methane equal to or greater than 25 percent of
the LEL the following actions should be taken:
ƒthe building should be immediately evacuated,
ƒthe landfill supervisor should be immediately contacted,
ƒall individuals in and around the structure should be ordered to immediately stop smoking,
ƒall space heaters and similar appliances should be immediately disconnected from their power
source,
ƒall doors and windows in the structure which gave the reading should be opened to permit the
methane to escape,
ƒas a precautionary measure, the landfill operator will open doors and windows in all structures on
the landfill property,
ƒequipment used to take the readings should be tested immediately to verify it was giving accurate
readings.
The technician will then proceed to take readings at all methane monitoring wells at the landfill. All levels
should be verified and recorded on the methane monitoring log form. This information, including the
verification that the equipment is providing accurate readings, the current readings, and the levels at all
monitoring locations for the previous three quarters should be provided to the County's landfill supervisor.
The Cumberland County landfill supervisor will make the decision to return to business as usual;
temporarily evacuate the site; or follow the plan proposed in Section 4.3.
4.2 Actions if Regulatory Limits Detected at Monitoring Wells
If any of the methane monitoring wells measure a level equal to or more than the 100 % lower explosive
limit (5% methane) as defined by Subtitle D, the technician should:
ƒimmediately contact the landfill supervisor,
ƒrecheck the methane levels inside the facility structures. (If levels are close to or exceed 25 percent
of the lower explosive level the actions in Section 4.1 should be followed.)
Section 4 x Detection Plan
4-2
Section 4.docx
Once it is verified that levels inside the buildings are safe, the technician should check and record readings
at all remaining methane monitoring wells on the site. In addition, the equipment used to take the readings
should be tested to verify it is giving accurate readings.
This information, the current readings, and the levels for the previous three quarters should be provided to
the Cumberland County landfill supervisor who will make the decision to: return to business as usual;
temporarily evacuate the site; or, follow the plan proposed in Section 4.3.
4.3 Compliance Action Plan
If upon verification as described in Sections 4.1 and 4.2, the methane monitoring levels are equal to or
exceed the regulatory limits as defined by Solid Waste Rule .1626(4)(a), the following actions are proposed
to both comply with the regulations as well as protect the health and safety of the individuals at or near
the landfill site.
4.3.1 Immediate Action
If methane levels exceed the specified limits, the landfill operator or the landfill supervisor will take
immediate action to ensure the protection of human health and safety. This will include:
ƒevacuate all buildings on the site;
ƒopen all doors and windows in buildings on the landfill site;
ƒnotify the Cumberland County Manager Office's about the concentration levels;
ƒif warranted by the degree of intensity of the methane concentration, check the methane levels in
structures near the landfill yet outside the facility boundary;
ƒif warranted by the degree of intensity of the methane concentration, evacuate the landfill area or
evacuate the area adjacent to the landfill;
ƒnotify the State compliance program about the reading;
ƒbegin to identify or narrow down the source of the methane causing the readings exceeding the
regulatory limits (i.e. the path that the methane is taking to the monitoring location);
ƒbegin to identify the extent of the methane problem;
ƒas appropriate, begin to take corrective action to control the methane levels in building at the
landfill site, at the boundaries to the landfill, and at the landfill site.
4.3.2 Actions Within Seven Days
If methane levels exceed the regulatory limits, in order to comply with the Solid Waste rules, the County
must take the following actions within seven days:
ƒplace in the operating records of the landfill, the gas levels detected; and,
ƒprovide a description to the Solid Waste Section of the steps taken to protect human health.
It is also suggested that at this time, the operator begin to develop a plan which:
Section 4 x Detection Plan
4-3
Section 4.docx
ƒdescribes the nature and extent of the problem, and
ƒproposes the remedy for the problem.
4.3.3 Actions Within Sixty Days
If methane levels exceed the specified limits, the County must take the following actions within 60 days:
ƒimplement a remediation plan for the methane gas release;
ƒplace a copy of the plan in the operating record of the landfill;
ƒnotify the appropriate Solid Waste Section official that the plan has been implemented.
4.4 Public Relations and Information
As with any potentially dangerous situation, it is important to keep the public, public service agencies, and
the media informed. False information, inaccurate information, or the lack of information concerning
potential explosions at a public facility could create panic.
If the County Manager determines that a potentially dangerous situation exists, it is recommended that a
one page explanation of the situation be written and distributed to all homes and businesses within a one-
half mile radius of the landfill. This should be done within the first two to four hours of making the
determination that a potential danger to human health and safety exists. It is recommended that the
County Manager appoint one individual to provide information to; the media; the police authorities with
jurisdiction in the area; and area medical facilities. Area hospitals and police departments may receive calls
once the local media releases the story. Centralizing the flow of information will avoid conflicting
information and inaccurate information. Providing detailed and honest facts about the situation being
under control is critical.


ƉƉĞŶĚŝdž&
&ŝƌĞKĐĐƵƌƌĞŶĐĞEŽƚŝĨŝĐĂƚŝŽŶ&Žƌŵ
SOLID WASTE MANAGEMENT FACILITY
FIRE OCCURRENCE NOTIFICATION
NC DENR Division of Waste Management
Solid Waste Section
Notify the Section verbally within 24 hours and submit written notification within 15 days of the occurrence.
(If additional space is needed, use back of this form.)
NAME OF FACILITY:PERMIT #
DATE AND TIME OF FIRE:@
HOW WAS THE FIRE REPORTED AND BY WHOM:
LIST ACTIONS TAKEN:
WHAT WAS THE CAUSE OF THE FIRE:
DESCRIBE AREA, TYPE, AND AMOUNT OF WASTE INVOLVED:
WHAT COULD HAVE BEEN DONE TO PREVENT THIS FIRE:
DESCRIBE PLAN OF ACTIONS TO PREVENT FUTURE INCIDENTS:
NAME:TITLE:DATE:
***********************************************************************************************************
THIS SECTION TO BE COMPLETED BY SOLID WASTE SECTION REGIONAL STAFF
DATE RECEIVED _________________________________
List any factors not listed that might have contributed to the fire or that might prevent occurrence of future fires:
___________________________________________________________________________________________________________
FOLLOW-UP REQUIRED:
NO PHONE CALL SUBMITTAL MEETING RETURN VISIT BY:____________________ (DATE)
ACTIONS TAKEN OR REQUIRED:
Revised 6/8/09


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ϯ͘ϰ^ƵƌĨĂĐĞtĂƚĞƌYƵĂůŝƚLJDŽŶŝƚŽƌŝŶŐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲ
^ĞĐƚŝŽŶϰ^ĂŵƉůŝŶŐĂŶĚŶĂůLJƐŝƐWůĂŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲ
ϰ͘ϭ'ƌŽƵŶĚǁĂƚĞƌ^ĂŵƉůĞŽůůĞĐƚŝŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲ
ϰ͘ϭ͘ϭ^ƚĂƚŝĐtĂƚĞƌ>ĞǀĞůDĞĂƐƵƌĞŵĞŶƚƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲ
ϰ͘ϭ͘ϮĞƚĞĐƚŝŽŶŽĨ/ŵŵŝƐĐŝďůĞ>ĂLJĞƌƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳ
ϰ͘ϭ͘ϯDŽŶŝƚŽƌŝŶŐtĞůůǀĂĐƵĂƚŝŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳ
ϰ͘ϭ͘ϰ^ĂŵƉůĞŽůůĞĐƚŝŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴ
ϰ͘ϭ͘ϱĞĐŽŶƚĂŵŝŶĂƚŝŽŶWƌŽĐĞĚƵƌĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϵ
ϰ͘Ϯ^ĂŵƉůĞWƌĞƐĞƌǀĂƚŝŽŶĂŶĚ^ŚŝƉŵĞŶƚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϵ
ϰ͘ϯŶĂůLJƚŝĐĂůWƌŽĐĞĚƵƌĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϵ
ϰ͘ϰŚĂŝŶͲŽĨͲƵƐƚŽĚLJ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϬ
ϰ͘ϱYƵĂůŝƚLJƐƐƵƌĂŶĐĞͬYƵĂůŝƚLJŽŶƚƌŽů͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϭ
ϰ͘ϱ͘ϭ&ŝĞůĚƵƉůŝĐĂƚĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϭ
ϰ͘ϱ͘ϮƋƵŝƉŵĞŶƚZŝŶƐĂƚĞůĂŶŬƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϭ
ϰ͘ϱ͘ϯdƌŝƉůĂŶŬƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϭ
ϰ͘ϲZĞƐƵůƚƐͬZĞƉŽƌƚŝŶŐZĞƋƵŝƌĞŵĞŶƚƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϭ
ϰ͘ϳĞƚĞĐƚŝŽŶŽĨůĞǀĂƚĞĚŽŶƐƚŝƚƵĞŶƚ>ĞǀĞůƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϮ
^ĞĐƚŝŽŶϱZĞĨĞƌĞŶĐĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϮ

&ŝŐƵƌĞƐ
&ŝŐƵƌĞϭdLJƉŝĐĂůDŽŶŝƚŽƌŝŶŐtĞůů͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱ

dĂďůĞƐ

dĂďůĞϭDŽŶŝƚŽƌŝŶŐtĞůůŽŶƐƚƌƵĐƚŝŽŶ^ƵŵŵĂƌLJ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰ

^ŚĞĞƚƐ

^ŚĞĞƚϭDĂƉWŽĐŬĞƚ


ϭ
ZĞǀŝƐĞĚ&ĞďƌƵĂƌLJϮϬϭϲ
ƵŵďĞƌůĂŶĚŽƵŶƚLJ^ƵďƚŝƚůĞ>ĂŶĚĨŝůů
tĂƚĞƌYƵĂůŝƚLJDŽŶŝƚŽƌŝŶŐWůĂŶ
ϭWƵƌƉŽƐĞĂŶĚ^ĐŽƉĞ
dŚĞƉƵƌƉŽƐĞŽĨƚŚŝƐtĂƚĞƌYƵĂůŝƚLJDŽŶŝƚŽƌŝŶŐWůĂŶŝƐƚŽĂĚĚƌĞƐƐƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŝŶZƵůĞ
͘ϭϲϮϯ;ďͿ;ϯͿ;Ϳ͕ĂŶĚƚŽƉƌĞƐĞŶƚĂƉůĂŶĨŽƌŐƌŽƵŶĚǁĂƚĞƌĂŶĚƐƵƌĨĂĐĞǁĂƚĞƌŵŽŶŝƚŽƌŝŶŐĨŽƌƚŚĞƉƌŽƉŽƐĞĚ
ƵŵďĞƌůĂŶĚŽƵŶƚLJ^ƵďƚŝƚůĞ>ĂŶĚĨŝůůĞůůƐϵĂŶĚϭϬdžƉĂŶƐŝŽŶ͘dŚĞtĂƚĞƌYƵĂůŝƚLJDŽŶŝƚŽƌŝŶŐWůĂŶ
ŝŶĐůƵĚĞƐŝŶĨŽƌŵĂƚŝŽŶŽŶƚŚĞĞdžƉĂŶƐŝŽŶŽĨƚŚĞĞdžŝƐƚŝŶŐŐƌŽƵŶĚǁĂƚĞƌŵŽŶŝƚŽƌŝŶŐŶĞƚǁŽƌŬ͕ƐĂŵƉůŝŶŐĂŶĚ
ĂŶĂůLJƐŝƐƌĞƋƵŝƌĞŵĞŶƚƐ͕ĂŶĚĚĞƚĞĐƚŝŽŶŵŽŶŝƚŽƌŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐ͘dŚĞŐƌŽƵŶĚǁĂƚĞƌŵŽŶŝƚŽƌŝŶŐŶĞƚǁŽƌŬ
ǁĂƐĚĞƐŝŐŶĞĚďĂƐĞĚŽŶŝŶĨŽƌŵĂƚŝŽŶŽďƚĂŝŶĞĚĨƌŽŵƌĞĐĞŶƚĂŶĚƉƌĞǀŝŽƵƐƐƵďƐƵƌĨĂĐĞŝŶǀĞƐƚŝŐĂƚŝŽŶƐĂŶĚ
ĂƌĞǀŝĞǁŽĨůŝƚĞƌĂƚƵƌĞƉĞƌƚĂŝŶŝŶŐƚŽƌĞŐŝŽŶĂůŐĞŽůŽŐLJĂŶĚŐƌŽƵŶĚǁĂƚĞƌƌĞƐŽƵƌĐĞƐ͘ĚĞƚĂŝůĞĚĚŝƐĐƵƐƐŝŽŶ
ŽĨƚŚĞŐĞŽůŽŐŝĐĂůĂŶĚŚLJĚƌŽŐĞŽůŽŐŝĐĂůĐŽŶĚŝƚŝŽŶƐĂƚƚŚĞĞůůƐϵĂŶĚϭϬdžƉĂŶƐŝŽŶŝƐƉƌĞƐĞŶƚĞĚŝŶďŽƚŚ
ƚŚĞŝŶŝƚŝĂů^ŝƚĞWůĂŶƉƉůŝĐĂƚŝŽŶĂŶĚƚŚĞĞƐŝŐŶ,LJĚƌŽŐĞŽůŽŐŝĐZĞƉŽƌƚĨŽƌƚŚĞĞůůƐϵĂŶĚϭϬĂƌĞĂ͘
dŚĞtĂƚĞƌYƵĂůŝƚLJDŽŶŝƚŽƌŝŶŐWůĂŶŝŶĐůƵĚĞƐƚŚĞĨŽůůŽǁŝŶŐĞůĞŵĞŶƚƐ͕ŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚZƵůĞƐ͘ϭϲϯϬ
ƚŚƌŽƵŐŚ͘ϭϲϯϳŽĨƚŚĞEŽƌƚŚĂƌŽůŝŶĂĚŵŝŶŝƐƚƌĂƚŝǀĞŽĚĞ͗
ƒƒƒƒĞƐŝŐŶĂŶĚŝŶƐƚĂůůĂƚŝŽŶŽĨĂŐƌŽƵŶĚǁĂƚĞƌŵŽŶŝƚŽƌŝŶŐƐLJƐƚĞŵ͕ďĂƐĞĚŽŶƐŝƚĞͲƐƉĞĐŝĨŝĐŝŶĨŽƌŵĂƚŝŽŶ͕
ƚŽLJŝĞůĚŐƌŽƵŶĚǁĂƚĞƌƐĂŵƉůĞƐĨƌŽŵƚŚĞƵƉƉĞƌŵŽƐƚĂƋƵŝĨĞƌƚŚĂƚƌĞƉƌĞƐĞŶƚƐƚŚĞƋƵĂůŝƚLJŽĨƚŚĞ
ďĂĐŬŐƌŽƵŶĚŐƌŽƵŶĚǁĂƚĞƌƚŚĂƚŚĂƐŶŽƚďĞĞŶĂĨĨĞĐƚĞĚďLJůĂŶĚĨŝůůĂĐƚŝǀŝƚŝĞƐŽƌŽƚŚĞƌŵĂŶͲŵĂĚĞ
ĂĐƚŝǀŝƚŝĞƐ͘
ƒƒƒƒĞƐŝŐŶĂŶĚŝŶƐƚĂůůĂƚŝŽŶŽĨŐƌŽƵŶĚǁĂƚĞƌŵŽŶŝƚŽƌŝŶŐƐLJƐƚĞŵ͕ďĂƐĞĚŽŶƐŝƚĞͲƐƉĞĐŝĨŝĐŝŶĨŽƌŵĂƚŝŽŶ͕
ƚŽLJŝĞůĚŐƌŽƵŶĚǁĂƚĞƌƐĂŵƉůĞƐĨƌŽŵƚŚĞƵƉƉĞƌŵŽƐƚĂƋƵŝĨĞƌƚŚĂƚƌĞƉƌĞƐĞŶƚƚŚĞƋƵĂůŝƚLJŽĨ
ŐƌŽƵŶĚǁĂƚĞƌƉĂƐƐŝŶŐƚŚĞƌĞůĞǀĂŶƚƉŽŝŶƚŽĨĐŽŵƉůŝĂŶĐĞ͘
ƒƒƒƒDŽŶŝƚŽƌǁĞůůƐĚĞƐŝŐŶĞĚĂŶĚĐŽŶƐƚƌƵĐƚĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞĂƉƉůŝĐĂďůĞEŽƌƚŚĂƌŽůŝŶĂtĞůů
ŽŶƐƚƌƵĐƚŝŽŶ^ƚĂŶĚĂƌĚƐĂƐĨŽƵŶĚŝŶϭϱEϮ͘
ƒƒƒƒ^ĂŵƉůŝŶŐĂŶĚŶĂůLJƐŝƐWůĂŶƚŚĂƚŝŶĐůƵĚĞƐƉƌŽĐĞĚƵƌĞƐĂŶĚƚĞĐŚŶŝƋƵĞƐĨŽƌƐĂŵƉůĞĐŽůůĞĐƚŝŽŶ͕
ƐĂŵƉůĞƉƌĞƐĞƌǀĂƚŝŽŶĂŶĚƐŚŝƉŵĞŶƚ͕ĂŶĂůLJƚŝĐĂůƉƌŽĐĞĚƵƌĞƐ͕ĐŚĂŝŶͲŽĨͲĐƵƐƚŽĚLJƉƌŽĐĞĚƵƌĞƐ͕ĂŶĚ
ƋƵĂůŝƚLJĂƐƐƵƌĂŶĐĞͬƋƵĂůŝƚLJĐŽŶƚƌŽů͘
ƒƒƒƒĐĞƌƚŝĨŝĐĂƚŝŽŶŽĨĞĨĨĞĐƚŝǀĞŶĞƐƐŽĨƚŚĞǁĂƚĞƌƋƵĂůŝƚLJŵŽŶŝƚŽƌŝŶŐƉůĂŶŝƐƉƌŽǀŝĚĞĚ͘
Ϯ'ĞŽůŽŐLJĂŶĚ,LJĚƌŽŐĞŽůŽŐLJ
dŚĞƵŵďĞƌůĂŶĚŽƵŶƚLJ^ƵďƚŝƚůĞ>ĂŶĚĨŝůůƐŝƚĞŝƐůŽĐĂƚĞĚŝŶƚŚĞǁĞƐƚĞƌŶĨůĂŶŬŽĨƚŚĞEŽƌƚŚĂƌŽůŝŶĂ
ŽĂƐƚĂůWůĂŝŶWŚLJƐŝŽŐƌĂƉŚŝĐWƌŽǀŝŶĐĞ͘KďƐĞƌǀĂƚŝŽŶŽĨƚŚĞƐŝƚĞĐŽŶĚŝƚŝŽŶƐĂŶĚƐƵďƐƵƌĨĂĐĞůŽŐƐŝŶĚŝĐĂƚĞ
ƚŚĂƚĂƉƉƌŽdžŝŵĂƚĞůLJϴƚŽϯϵĨĞĞƚŽĨƐŚĂůůŽǁƐƵƌĨŝĐŝĂůƐŽŝůƐŽǀĞƌůLJƚŚĞĂƉĞ&ĞĂƌĐŽŶĨŝŶŝŶŐƵŶŝƚ͘dŚĞ
ĂůůƵǀŝĂůŽƌƐƵƌĨŝĐŝĂůƐŽŝůƐĐŽŶƐŝƐƚŽĨĨŝŶĞƚŽĐŽĂƌƐĞŐƌĂŝŶĞĚƐŝůƚLJƐĂŶĚƐǁŝƚŚŽĐĐĂƐŝŽŶĂůŐƌĂǀĞůĂŶĚƐŽŵĞ
ŝŶƚĞƌďĞĚĚĞĚĐůĂLJĞLJƐŝůƚƐĂŶĚƐŝůƚLJĐůĂLJƐ͘dŚĞĂƉĞ&ĞĂƌĐŽŶĨŝŶŝŶŐƵŶŝƚĐŽŶƐŝƐƚƐŽĨƐŝůƚƐŝŶƚĞƌďĞĚĚĞĚǁŝƚŚ
ŵĂũŽƌĐŽŶĐĞŶƚƌĂƚŝŽŶƐŽĨŝŵƉĞƌŵĞĂďůĞƐĂŶĚLJĐůĂLJ͘
ƵŵďĞƌůĂŶĚŽƵŶƚLJ^ƵďƚŝƚůĞ>ĂŶĚĨŝůů•tĂƚĞƌYƵĂůŝƚLJDŽŶŝƚŽƌŝŶŐWůĂŶ
Ϯ
ZĞǀŝƐĞĚ&ĞďƌƵĂƌLJϮϬϭϲ
ƚƚŚĞůĂŶĚĨŝůůƐŝƚĞ͕ŐƌŽƵŶĚǁĂƚĞƌƌĞƐŝĚĞƐŝŶƚŚĞƐŚĂůůŽǁ͕ŵŽƌĞƉŽƌŽƵƐĂŶĚƉĞƌŵĞĂďůĞƐŽŝůƐůLJŝŶŐĂďŽǀĞ
ƚŚĞĂƉĞ&ĞĂƌĐŽŶĨŝŶŝŶŐƵŶŝƚ͘dŚĞĚĞƉƚŚƚŽŐƌŽƵŶĚǁĂƚĞƌŐĞŶĞƌĂůůLJƌĂŶŐĞƐĨƌŽŵĂďŽƵƚϳƚŽϭϳĨĞĞƚ
ďĞůŽǁŐƌŽƵŶĚƐƵƌĨĂĐĞǁŝƚŚŐƌŽƵŶĚǁĂƚĞƌƚLJƉŝĐĂůůLJƐŚĂůůŽǁĞƌŝŶƚŚĞŶŽƌƚŚǁĞƐƚĂŶĚƐŽƵƚŚĞĂƐƚƉŽƌƚŝŽŶƐ
ŽĨƚŚĞƐŝƚĞ͘'ƌŽƵŶĚǁĂƚĞƌĨůŽǁŝŶƚŚĞĞůůƐϵĂŶĚϭϬĞdžƉĂŶƐŝŽŶĂƌĞĂŝƐŐĞŶĞƌĂůůLJĐŽŶǀĞƌŐĞŶƚĨƌŽŵƚŚĞ
ŶŽƌƚŚǁĞƐƚƚŽǁĂƌĚƚŚĞŶŽƌƚŚĞĂƐƚƚƌĞŶĚŝŶŐƉĂůĞŽͲĐŚĂŶŶĞůůŽĐĂƚĞĚŝŶƚŚĞĐĞŶƚƌĂůƉŽƌƚŝŽŶŽĨƚŚĞƐŝƚĞ͘dŚŝƐ
ƉĂůĞŽͲĐŚĂŶŶĞůŝƐƚŚĞŵĂũŽƌĐŽŶƚƌŽůĨŽƌŐƌŽƵŶĚǁĂƚĞƌĨůŽǁ͘ĚĚŝƚŝŽŶĂůŝŶĨŽƌŵĂƚŝŽŶŽŶƚŚĞŐĞŽůŽŐŝĐĂŶĚ
ŚLJĚƌŽŐĞŽůŽŐŝĐĐŽŶĚŝƚŝŽŶƐĂƚƚŚĞƐŝƚĞŝƐƉƌŽǀŝĚĞĚŝŶƚŚĞĞƐŝŐŶ,LJĚƌŽŐĞŽůŽŐŝĐZĞƉŽƌƚ͘
ϯWƌŽƉŽƐĞĚ'ƌŽƵŶĚǁĂƚĞƌDŽŶŝƚŽƌŝŶŐEĞƚǁŽƌŬ
dŚŝƐƐĞĐƚŝŽŶƉƌĞƐĞŶƚƐƚŚĞƉƌŽƉŽƐĞĚŐƌŽƵŶĚǁĂƚĞƌŵŽŶŝƚŽƌŝŶŐŶĞƚǁŽƌŬĨŽƌƚŚĞĞůůƐϵĂŶĚϭϬĞdžƉĂŶƐŝŽŶ
ĂƌĞĂ͘^ĞĐƚŝŽŶϯ͘ϭƉƌĞƐĞŶƚƐƉƌŽƉŽƐĞĚŵŽŶŝƚŽƌŝŶŐǁĞůůůŽĐĂƚŝŽŶƐ͕^ĞĐƚŝŽŶϯ͘ϮĚŝƐĐƵƐƐĞƐŵŽŶŝƚŽƌŝŶŐǁĞůů
ŝŶƐƚĂůůĂƚŝŽŶĂŶĚĐŽŶƐƚƌƵĐƚŝŽŶƐƉĞĐŝĨŝĐĂƚŝŽŶƐ͕^ĞĐƚŝŽŶϯ͘ϯĚŝƐĐƵƐƐĞƐŚLJĚƌĂƵůŝĐĐŽŶĚƵĐƚŝǀŝƚLJƚĞƐƚŝŶŐŽĨƚŚĞ
ŵŽŶŝƚŽƌŝŶŐǁĞůůƐ͘EŽĂĚĚŝƚŝŽŶĂůƐƵƌĨĂĐĞǁĂƚĞƌƐĂŵƉůŝŶŐůŽĐĂƚŝŽŶƐĂƌĞƉƌŽƉŽƐĞĚĨŽƌƚŚŝƐĞdžƉĂŶƐŝŽŶ͘
ϯ͘ϭDŽŶŝƚŽƌŝŶŐtĞůů>ŽĐĂƚŝŽŶƐ
dŚĞ^t^ƌĞŐƵůĂƚŝŽŶƐƌĞƋƵŝƌĞƚŚĂƚƵƉŐƌĂĚŝĞŶƚŵŽŶŝƚŽƌŝŶŐǁĞůů;ƐͿďĞůŽĐĂƚĞĚƐŽƚŚĂƚŐƌŽƵŶĚǁĂƚĞƌ
ƐĂŵƉůĞƐĐŽůůĞĐƚĞĚĨƌŽŵƚŚĞƵƉƉĞƌŵŽƐƚĂƋƵŝĨĞƌƉƌŽǀŝĚĞĂŶŝŶĚŝĐĂƚŝŽŶŽĨďĂĐŬŐƌŽƵŶĚŐƌŽƵŶĚǁĂƚĞƌ
ƋƵĂůŝƚLJ͘hƉŐƌĂĚŝĞŶƚǁĞůůDtͲǁĂƐŽƌŝŐŝŶĂůůLJŝŶƐƚĂůůĞĚƚŽŵŽŶŝƚŽƌďĂĐŬŐƌŽƵŶĚǁĂƚĞƌƋƵĂůŝƚLJ͖ŚŽǁĞǀĞƌ͕
ĚƵĞƚŽĐŽŶƚŝŶƵĞĚĚĞƚĞĐƚŝŽŶƐŽĨŽĨĨƐŝƚĞĐŽŶƚĂŵŝŶĂŶƚƐ͕DtͲǁĂƐƌĞƉůĂĐĞĚ͘DŽŶŝƚŽƌŝŶŐǁĞůůDtͲƌĞƉ
ŶŽǁƐĞƌǀĞƐĂƐƚŚĞďĂĐŬŐƌŽƵŶĚǁĞůůĨŽƌƚŚĞ^ƵďƚŝƚůĞůĂŶĚĨŝůů͘EŽĂĚĚŝƚŝŽŶĂůďĂĐŬŐƌŽƵŶĚǁĞůůƐĂƌĞ
ƉƌŽƉŽƐĞĚ͘dŚĞĚŽǁŶŐƌĂĚŝĞŶƚŵŽŶŝƚŽƌŝŶŐǁĞůůƐŵƵƐƚƌĞƉƌĞƐĞŶƚŐƌŽƵŶĚǁĂƚĞƌƋƵĂůŝƚLJĂƚƚŚĞƌĞůĞǀĂŶƚ
ƉŽŝŶƚŽĨĐŽŵƉůŝĂŶĐĞ͘dŚĞǁĞůůƐŵƵƐƚďĞůŽĐĂƚĞĚŝŶƐŝŵŝůĂƌŐĞŽůŽŐŝĐƵŶŝƚƐƐŽƚŚĂƚƵƉŐƌĂĚŝĞŶƚĂŶĚ
ĚŽǁŶŐƌĂĚŝĞŶƚŐƌŽƵŶĚǁĂƚĞƌƋƵĂůŝƚLJĚĂƚĂĐĂŶďĞĐŽŵƉĂƌĞĚ͘
dŚĞƉƌŽƉŽƐĞĚĞdžƉĂŶĚĞĚŐƌŽƵŶĚǁĂƚĞƌŵŽŶŝƚŽƌŝŶŐƐLJƐƚĞŵŝƐƐŚŽǁŶŽŶ^ŚĞĞƚϭ͘dŚŝƐƐŚĞĞƚƐŚŽǁƐƚŚĞ
ĞdžŝƐƚŝŶŐĞůůƐϭͲϴĂŶĚƉƌŽƉŽƐĞĚĞůůƐϵĂŶĚϭϬŽĨƚŚĞ^ƵďƚŝƚůĞůĂŶĚĨŝůůĂŶĚƚŚĞƌĞůĂƚŝŽŶƐŚŝƉŽĨƚŚĞ
ŵŽŶŝƚŽƌŝŶŐǁĞůůƐƚŽĞĂĐŚŽĨƚŚĞƐĞĐĞůůƐ͘ĞĐĂƵƐĞƐŝƚĞŚLJĚƌŽŐĞŽůŽŐŝĐĐŽŶĚŝƚŝŽŶƐĂƌĞŐĞŶĞƌĂůůLJǀĞƌLJ
ƉƌĞĚŝĐƚĂďůĞĂŶĚƋƵŝƚĞƚLJƉŝĐĂůŽĨĐŽĂƐƚĂůƉůĂŝŶĐŽŶĚŝƚŝŽŶƐƚŚƌŽƵŐŚŽƵƚEŽƌƚŚĂƌŽůŝŶĂ͕ŶŽŶĞƐƚĞĚ
ŵŽŶŝƚŽƌŝŶŐǁĞůůƐĂƌĞƉƌŽƉŽƐĞĚŝŶƚŚŝƐƉůĂŶ͘^ƉĞĐŝĨŝĐĂůůLJ͕ƚŚĞƐƵƌĨŝĐŝĂů͕ƐŝůƚLJͲƐĂŶĚƐǁŚŝĐŚŽǀĞƌůŝĞƚŚĞƚŽƉ
ŽĨƚŚĞůŽǁƉĞƌŵĞĂďŝůŝƚLJĐůĂLJƐŽĨƚŚĞĂƉĞ&ĞĂƌĐŽŶĨŝŶŝŶŐƵŶŝƚƉƌŽǀŝĚĞƚŚĞŽŶůLJĂǀĂŝůĂďůĞĂƋƵŝĨĞƌĂƚƚŚŝƐ
ƐŝƚĞ;ĞdžĐůƵĚŝŶŐĂŶLJƌĞŐŝŽŶĂůĂƋƵŝĨĞƌƐǁŚŝĐŚŵĂLJďĞƉƌĞƐĞŶƚƐĞǀĞƌĂůŚƵŶĚƌĞĚƐŽĨĨĞĞƚďĞůŽǁŐƌŽƵŶĚ
ƐƵƌĨĂĐĞďĞŶĞĂƚŚƚŚĞďŽƚƚŽŵŽĨƚŚĞĂƉĞ&ĞĂƌ&ŽƌŵĂƚŝŽŶͿ͘
ƵƌƌĞŶƚůLJ͕ƚŚĞƌĞĂƌĞĨŽƵƌŵŽŶŝƚŽƌŝŶŐǁĞůůƐ;DtͲƌĞƉ͕DtͲ&͕DtͲ/͕DtͲ:ͿŝŶƵƐĞĂƚƚŚĞĞdžŝƐƚŝŶŐ
ĨĂĐŝůŝƚLJ͘dŚĞƐĞǁĞůůƐŚĂǀĞďĞĞŶƐĂŵƉůĞĚŽŶĂƐĞŵŝͲĂŶŶƵĂůďĂƐŝƐƐŝŶĐĞŝŶƐƚĂůůĂƚŝŽŶ͘DtͲƌĞƉƐĞƌǀĞƐĂƐ
ƚŚĞďĂĐŬŐƌŽƵŶĚǁĞůůĨŽƌƚŚĞĨĂĐŝůŝƚLJ͕ĂŶĚǁŝůůĐŽŶƚŝŶƵĞƚŽĚŽƐŽ͘DtͲ&ŝƐůŽĐĂƚĞĚĚŽǁŶŐƌĂĚŝĞŶƚŽĨƚŚĞ
ůĞĂĐŚĂƚĞƉŽŶĚďĞƚǁĞĞŶƚŚĞƉŽŶĚĂŶĚƚŚĞůĂŶĚĨŝůů͘DtͲůĂŶĚDtͲ:ĂƌĞůŽĐĂƚĞĚĞĂƐƚŽĨĞůůϴĂŶĚ
ƉƌŽƉŽƐĞĚĞůůϵŝŶƚŚĞŶŽƌƚŚĞĂƐƚƚƌĞŶĚŝŶŐƉĂůĞŽͲĐŚĂŶŶĞů͘&ŽƌŵĞƌďĂĐŬŐƌŽƵŶĚǁĞůůDtͲŝƐƵƐĞĚƚŽ
ŵŽŶŝƚŽƌŝŶŐǁĂƚĞƌĞůĞǀĂƚŝŽŶƐŽŶůLJ͘dŚĞƉŽƚĞŶƚŝŽŵĞƚƌŝĐĐŽŶƚŽƵƌƐƉƌŽǀŝĚĞĚŽŶ^ŚĞĞƚϭ͕ƐŚŽǁƚŚĂƚĂůů
ŐƌŽƵŶĚǁĂƚĞƌĨůŽǁǁŝƚŚŝŶƚŚĞůĂŶĚĨŝůůďŽƵŶĚĂƌŝĞƐŝƐĐŽŶƚƌŽůůĞĚďLJƚŚŝƐĨĞĂƚƵƌĞ͘
/ŶĂĚĚŝƚŝŽŶƚŽƚŚĞĞdžŝƐƚŝŶŐǁĞůůƐ͕D^ŵŝƚŚŝƐƉƌŽƉŽƐŝŶŐƚŽŝŶƐƚĂůůŽŶĞĂĚĚŝƚŝŽŶĂůǁĞůůƚŽƚŚĞ
'ƌŽƵŶĚǁĂƚĞƌDŽŶŝƚŽƌŝŶŐEĞƚǁŽƌŬĨŽƌƚŚĞƵŵďĞƌůĂŶĚŽƵŶƚLJ^ƵďƚŝƚůĞ>ĂŶĚĨŝůů͘dŚĞĐƵƌƌĞŶƚ
ŵŽŶŝƚŽƌŝŶŐǁĞůůŶĞƚǁŽƌŬƐĞƌǀĞƐƚŽĂĐĐƵƌĂƚĞůLJŵŽŶŝƚŽƌƚŚĞĞdžŝƐƚŝŶŐůĂŶĚĨŝůů͘dŚĞŐƌŽƵŶĚǁĂƚĞƌĨůŽǁ
ƉĂƚƚĞƌŶŝŶĚŝĐĂƚĞƐƚŚĂƚƚŚĞĞĂƐƚĞƌŶƉŽƌƚŝŽŶŽĨŐƌŽƵŶĚǁĂƚĞƌĨůŽǁŝƐƚŽǁĂƌĚĞdžŝƐƚŝŶŐǁĞůůƐDtͲ/ĂŶĚ
ƵŵďĞƌůĂŶĚŽƵŶƚLJ^ƵďƚŝƚůĞ>ĂŶĚĨŝůů•tĂƚĞƌYƵĂůŝƚLJDŽŶŝƚŽƌŝŶŐWůĂŶ
ϯ
ZĞǀŝƐĞĚ&ĞďƌƵĂƌLJϮϬϭϲ
DtͲ:͘ĞĐĂƵƐĞƚŚĞƐƵƌĨŝĐŝĂůĂƋƵŝĨĞƌƚŚŝĐŬŶĞƐƐŝƐůĞƐƐƚŚĂŶϭϱĨĞĞƚŝŶŵŽƐƚĂƌĞĂƐ͕ƚŚĞĂƋƵŝĨĞƌĐĂŶďĞ
ŵŽŶŝƚŽƌĞĚǁŝƚŚĂƐŝŶŐůĞǁĞůů͘dŚĞƉĂůĞŽͲĐŚĂŶŶĞůĂĐƚƐĂƐĂƉƌĞĨĞƌĞŶƚŝĂůƉĂƚŚǁĂLJĨŽƌŐƌŽƵŶĚǁĂƚĞƌĨůŽǁ͘
ĂƐĞĚŽŶƚŚĞƌĞƐƵůƚƐŽĨƚŚĞĚĞƐŝŐŶŚLJĚƌŽŐĞŽůŽŐŝĐŝŶǀĞƐƚŝŐĂƚŝŽŶ͕ŽŶůLJϭĂĚĚŝƚŝŽŶĂůǁĞůůŝƐƌĞĐŽŵŵĞŶĚĞĚ
ĨŽƌƚŚĞƐŝƚĞ͘WŝĞnjŽŵĞƚĞƌWͲϮϬϱǁŝůůďĞĂďĂŶĚŽŶĞĚĂŶĚĂŶĞǁŵŽŶŝƚŽƌŝŶŐǁĞůůǁŝƚŚϭϱĨĞĞƚŽĨƐĐƌĞĞŶǁŝůů
ďĞŝŶƐƚĂůůĞĚŝŶŝƚƐƉůĂĐĞ͘
dŚĞĨŽůůŽǁŝŶŐŝƐĂďƌŝĞĨĚŝƐĐƵƐƐŝŽŶŽŶƚŚĞƉůĂĐĞŵĞŶƚ͕ƌĂƚŝŽŶĂůĞĂŶĚůŽĐĂƚŝŽŶĨŽƌƚŚĞŶĞǁŵŽŶŝƚŽƌŝŶŐ
ǁĞůůůŽĐĂƚŝŽŶ͗
DtͲ<ͲdŚŝƐǁĞůůǁŝůůďĞƐŝƚƵĂƚĞĚĚŽǁŶŐƌĂĚŝĞŶƚŽĨĞůůϭϬ͕ǁŝƚŚŝŶƚŚĞŶŽƌƚŚĞƌŶƉŽƌƚŝŽŶŽĨƚŚĞ
ŶŽƌƚŚĞĂƐƚͲƐŽƵƚŚǁĞƐƚƚƌĞŶĚŝŶŐůŝŶĞĂƌĨĞĂƚƵƌĞ͘>ŝŬĞDtͲ/ĂŶĚDtͲ:͕ƚŚŝƐǁĞůůǁŝůůďĞƉĞƌŵĂŶĞŶƚĂŶĚ
ŵŽŶŝƚŽƌĞĚĨŽƌƚŚĞůŝĨĞŽĨƚŚĞĨĂĐŝůŝƚLJ͘
dĂďůĞϭƉƌŽǀŝĚĞƐƚŚĞƐĐƌĞĞŶŝŶƚĞƌǀĂůĚĞƉƚŚƐĨŽƌƚŚĞŐƌŽƵŶĚǁĂƚĞƌŵŽŶŝƚŽƌŝŶŐǁĞůůƐĐƵƌƌĞŶƚůLJŝŶƐƚĂůůĞĚ
ĂƚƚŚĞƉƌŽƉŽƐĞĚƐŝƚĞ͕ĂŶĚĞƐƚŝŵĂƚĞĚƐĐƌĞĞŶĚĞƉƚŚƐĨŽƌƚŚĞŶĞǁǁĞůů͘^ŚĞĞƚϭƐŚŽǁƐƚŚĞĞdžŝƐƚŝŶŐǁĞůůƐ͕
ƉƌŽƉŽƐĞĚǁĞůůĂŶĚĞdžŝƐƚŝŶŐƐƵƌĨĂĐĞǁĂƚĞƌƐĂŵƉůŝŶŐůŽĐĂƚŝŽŶƐĨŽƌƚŚĞĞdžŝƐƚŝŶŐĂŶĚĞdžƉĂŶĚĞĚ^ƵďƚŝƚůĞ
ůĂŶĚĨŝůůƐŝƚĞ͘
ϯ͘ϮDŽŶŝƚŽƌtĞůů/ŶƐƚĂůůĂƚŝŽŶĂŶĚŽŶƐƚƌƵĐƚŝŽŶ
WƌŝŽƌƚŽŝŶƐƚĂůůĂƚŝŽŶ͕ĞdžŝƐƚŝŶŐƉŝĞnjŽŵĞƚĞƌǁŝůůďĞƉƌŽƉĞƌůLJĂďĂŶĚŽŶĞĚ͘DŽŶŝƚŽƌŝŶŐǁĞůůDtͲ<ǁŝůůďĞ
ĐŽŶƐƚƌƵĐƚĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƐƚĂŶĚĂƌĚŝŶĚƵƐƚƌLJƉƌŽĐĞĚƵƌĞƐĂŶĚǁŝůůŵĞĞƚƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨϭϱ
EϮ͘dŚĞǁĞůůĚĞƐŝŐŶĨŽƌŵŽŶŝƚŽƌŝŶŐǁĞůůDtͲ<ŝƐƐŚŽǁŶŽŶ&ŝŐƵƌĞϭ͘dŚĞŵŽŶŝƚŽƌŝŶŐǁĞůůǁŝůůďĞ
ŝŶƐƚĂůůĞĚďLJĂĚǀĂŶĐŝŶŐƚŚĞďŽƌĞŚŽůĞƚŚƌŽƵŐŚƚŚĞǁĂƚĞƌƚĂďůĞƵƐŝŶŐŚŽůůŽǁͲƐƚĞŵĂƵŐĞƌƚĞĐŚŶŝƋƵĞƐ͘/Ĩ
ƌƵŶŶŝŶŐƐĂŶĚƐƉƌĞƐĞŶƚĂƉƌŽďůĞŵĚƵƌŝŶŐĚƌŝůůŝŶŐ͕ŵƵĚƌŽƚĂƌLJƚĞĐŚŶŝƋƵĞƐǁŝůůďĞƵƐĞĚ͘^ŽŝůůŝƚŚŽůŽŐLJǁŝůů
ďĞĚĞƐĐƌŝďĞĚŝŶƚŚĞĨŝĞůĚďLJĂŶŽŶƐŝƚĞŐĞŽůŽŐŝƐƚƚŽĚĞǀĞůŽƉĂďŽƌĞŚŽůĞůŽŐ͘
dŚĞŵŽŶŝƚŽƌŝŶŐǁĞůůǁŝůůďĞĐŽŶƐƚƌƵĐƚĞĚƵƐŝŶŐϮͲŝŶĐŚ/WsǁĞůůĐĂƐŝŶŐǁŝƚŚƚŚƌĞĂĚĞĚĨůƵƐŚũŽŝŶƚƐ͘dŚĞ
ǁĞůůǁŝůůďĞĐŽŶƐƚƌƵĐƚĞĚǁŝƚŚϭϱĨĞĞƚŽĨϬ͘ϬϭϬͲŝŶĐŚƐůŽƚƐĐƌĞĞŶĂƚƚŚĞĞŶĚŽĨƚŚĞĐĂƐŝŶŐƐƚƌŝŶŐƉůĂĐĞĚƐŽ
ƚŚĂƚŝƚďƌĂĐŬĞƚƐƚŚĞǁĂƚĞƌƚĂďůĞ͘dŚĞWsĐĂƐŝŶŐƐƚƌŝŶŐǁŝůůĞdžƚĞŶĚĂƉƉƌŽdžŝŵĂƚĞůLJƚŚƌĞĞĨĞĞƚĂďŽǀĞ
ŐƌŽƵŶĚƐƵƌĨĂĐĞ͘ƐĂŶĚƉĂĐŬǁŝůůďĞƉůĂĐĞĚĂƌŽƵŶĚƚŚĞƐĐƌĞĞŶŝŶƚĞƌǀĂůƚŽĂŵĂdžŝŵƵŵŽĨƚǁŽĨĞĞƚ
ĂďŽǀĞƚŚĞƚŽƉŽĨƚŚĞƐĐƌĞĞŶ͘ƚǁŽĨŽŽƚƚŚŝĐŬďĞŶƚŽŶŝƚĞƐĞĂůĐŽŶƐŝƐƚŝŶŐŽĨŚLJĚƌĂƚĞĚďĞŶƚŽŶŝƚĞƉĞůůĞƚƐ
ǁŝůůďĞƉůĂĐĞĚŽŶƚŽƉŽĨƚŚĞƐĂŶĚƚŽŚLJĚƌĂƵůŝĐĂůůLJƐĞĂůƚŚĞĐŽŵƉůĞƚŝŽŶŝŶƚĞƌǀĂů͘dŚĞƌĞŵĂŝŶĚĞƌŽĨƚŚĞ
ĂŶŶƵůƵƐǁŝůůďĞƐĞĂůĞĚǁŝƚŚĂďĞŶƚŽŶŝƚĞͲWŽƌƚůĂŶĚĐĞŵĞŶƚŐƌŽƵƚƚŽŐƌŽƵŶĚƐƵƌĨĂĐĞ͘ƉƌŽƚĞĐƚŝǀĞŽƵƚĞƌ
ĐĂƐŝŶŐǁŝƚŚĂůŽĐŬĂďůĞĐĂƉǁŝůůďĞƉůĂĐĞĚŽǀĞƌƚŚĞWsĐĂƐŝŶŐĂŶĚŝŶƚŽƚŚĞŐƌŽƵƚ͕ĞdžƚĞŶĚŝŶŐϮ͘ϱƚŽϯ
ĨĞĞƚďĞůŽǁŐƌŽƵŶĚƐƵƌĨĂĐĞ͘
&ŽůůŽǁŝŶŐĐŽŵƉůĞƚŝŽŶ͕ƚŚĞŵŽŶŝƚŽƌǁĞůůǁŝůůďĞĚĞǀĞůŽƉĞĚƚŽƌĞŵŽǀĞƚŚĞƌĞƐŝĚƵĂůĞĨĨĞĐƚƐŽĨĚƌŝůůŝŶŐ͘
dŚĞǁĞůůǁŝůůďĞĚĞǀĞůŽƉĞĚƵƐŝŶŐĂĐŽŵďŝŶĂƚŝŽŶŽĨƐƵƌŐŝŶŐĂŶĚŽǀĞƌͲƉƵŵƉŝŶŐ͘ůůĚƌŝůůŝŶŐĂŶĚ
ĚŽǁŶŚŽůĞĞƋƵŝƉŵĞŶƚǁŝůůďĞĚĞĐŽŶƚĂŵŝŶĂƚĞĚďLJƐƚĞĂŵĐůĞĂŶŝŶŐƉƌŝŽƌƚŽƵƐĞ͘tĞůůĚĞǀĞůŽƉŵĞŶƚ
ĞƋƵŝƉŵĞŶƚǁŝůůďĞĚĞĐŽŶƚĂŵŝŶĂƚĞĚďLJǁĂƐŚŝŶŐŝŶĂŶŽŶͲƉŚŽƐƉŚĂƚĞĚĞƚĞƌŐĞŶƚƐŽůƵƚŝŽŶĨŽůůŽǁĞĚďLJĂ
ƉŽƚĂďůĞǁĂƚĞƌƌŝŶƐĞ͕ƚŚĞŶĂĚŝƐƚŝůůĞĚǁĂƚĞƌƌŝŶƐĞ͕ĂŶĚĂůůŽǁĞĚƚŽĂŝƌĚƌLJ͘
dŚĞŚŽƌŝnjŽŶƚĂůůŽĐĂƚŝŽŶŽĨƚŚĞŶĞǁŵŽŶŝƚŽƌǁĞůůǁŝůůďĞƐƵƌǀĞLJĞĚŝŶ^ƚĂƚĞWůĂŶĞŽŽƌĚŝŶĂƚĞƐďLJĂ
ZĞŐŝƐƚĞƌĞĚ>ĂŶĚ^ƵƌǀĞLJŽƌƚŽƚŚĞŶĞĂƌĞƐƚϬ͘ϭĨŽŽƚ͘dŚĞǀĞƌƚŝĐĂůĐŽŶƚƌŽůŽƌĞůĞǀĂƚŝŽŶŽĨƚŚĞƚŽƉŽĨWs
ĐĂƐŝŶŐ;ƚŚĞǁĞůůŵĞĂƐƵƌŝŶŐƉŽŝŶƚͿǁŝůůďĞƐƵƌǀĞLJĞĚƚŽƚŚĞŶĞĂƌĞƐƚϬ͘ϬϭĨŽŽƚĂĐĐƵƌĂĐLJƚŽŵĞĂŶƐĞĂůĞǀĞů
;ŵƐůͿ͘dŚĞŚĞŝŐŚƚŽĨƚŚĞǁĞůůŵĞĂƐƵƌŝŶŐƉŽŝŶƚĂďŽǀĞŐƌŽƵŶĚƐƵƌĨĂĐĞǁŝůůďĞŵĞĂƐƵƌĞĚ͘
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s
in
d
i
c
a
t
e
s
ab
a
n
d
o
n
e
d
mo
n
i
t
o
r
i
n
g
we
l
l
.
3.
Ve
r
t
i
c
a
l
Co
n
t
r
o
l
Ͳ

Na
t
i
o
n
a
l
Ge
o
d
e
t
i
c
Ve
r
t
i
c
a
l
Da
t
u
m
of
19
2
9
4.
Ho
r
i
z
o
n
t
a
l
Co
n
t
r
o
l
Ͳ

No
r
t
h
Am
e
r
i
c
a
n
Da
t
u
m
of
19
8
3
Ce
l
l
9 an
d
10
Ex
p
a
n
s
i
o
n
Pr
o
p
o
s
e
d
Mo
n
i
t
o
r
i
n
g
We
l
l
Ex
i
s
t
i
n
g
Mo
n
i
t
o
r
i
n
g
We
l
l
Ne
t
w
o
r
k
Pi
e
z
o
m
e
t
e
r
/
M
o
n
i
t
o
r
i
n
g

We
l
l
I.
D
.
To
p
of

Ca
s
i
n
g

El
e
v
a
t
i
o
n

(a
m
s
l
)
Gr
o
u
n
d

El
e
v
a
t
i
o
n

(a
m
s
l
)
Borehole Diameter (inches)Casing Diameter (inches)
In
s
t
a
l
l
a
t
i
o
n
Da
t
e
To
p
of

Sc
r
e
e
n

(f
e
e
t
am
s
l
)
Bo
t
t
o
m
of

Sc
r
e
e
n

(f
e
e
t
am
s
l
)
De
p
t
h
s
(f
e
e
t
be
l
o
w
gr
o
u
n
d
su
r
f
a
c
e
)
Table 1
LockingSteelProtectiveCover
WellExpansionPlug
FinishedGrade
2'x2'x6"ConcretePad
8"+/ͲBoreholeDiameter
2"Schedule40PVCBlankCasing
PortlandTypeICementGrout
2'BentoniteSeal
#2SilicaSandFilterPack
2"Schedule40PVC0.010inchSlottedWellScreen
Notes:
StickͲupwillextendbetween2.5and3feetabovefinishedgrade.
Silicasandfilterpackwillextendatleast2feetabovetopofscreenelevation.
WelldepthwillvarydependingonCapeFearconfiningunitelevation.
Anticipatedconstructiondepthto39Ͳfeetbelowlandsurfacewith15feetofscreen.
Figure1
CumberlandCountySubtitleDLandfill
TypicalMonitoringWellDetail
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ϲ
ZĞǀŝƐĞĚ&ĞďƌƵĂƌLJϮϬϭϲ
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ďĂƐĞĚŽŶĚĂƚĂĐŽůůĞĐƚĞĚĚƵƌŝŶŐƚŚĞĚĞƐŝŐŶŚLJĚƌŽŐĞŽůŽŐŝĐŝŶǀĞƐƚŝŐĂƚŝŽŶ͘
ϯ͘ϰ^ƵƌĨĂĐĞtĂƚĞƌYƵĂůŝƚLJDŽŶŝƚŽƌŝŶŐ
EŽĂĚĚŝƚŝŽŶĂůƐƵƌĨĂĐĞǁĂƚĞƌƐĂŵƉůŝŶŐůŽĐĂƚŝŽŶƐĂƌĞƉƌŽƉŽƐĞĚĨŽƌƚŚĞƐŝƚĞ͘džŝƐƚŝŶŐůŽĐĂƚŝŽŶƐ^tͲϰ͕^tͲ
ϱ͕ĂŶĚ^tͲϲĂƌĞƐŚŽǁŶŽŶ^ŚĞĞƚϭ͘
ϰ^ĂŵƉůŝŶŐĂŶĚŶĂůLJƐŝƐWůĂŶ
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ƉƌŽŐƌĂŵ͕ĂŐƌŽƵŶĚǁĂƚĞƌĂŶĚƐƵƌĨĂĐĞǁĂƚĞƌƐĂŵƉůŝŶŐĂŶĚĂŶĂůLJƐŝƐ;^ΘͿƉůĂŶ͘dŚĞ^ΘƉůĂŶƐŚŽƵůĚďĞ
ĚĞƐŝŐŶĞĚƚŽƉƌŽǀŝĚĞĂĐĐƵƌĂƚĞƌĞƐƵůƚƐŽĨŐƌŽƵŶĚǁĂƚĞƌƋƵĂůŝƚLJĂƚƚŚĞƵƉŐƌĂĚŝĞŶƚĂŶĚĚŽǁŶŐƌĂĚŝĞŶƚ
ƐĂŵƉůŝŶŐůŽĐĂƚŝŽŶƐ͘dŚĞ^ΘƉůĂŶǁŝůůĂĚĚƌĞƐƐƚŚĞĨŽůůŽǁŝŶŐƐƵďũĞĐƚƐ͗
ƒƒƒƒ'ƌŽƵŶĚǁĂƚĞƌƐĂŵƉůĞĐŽůůĞĐƚŝŽŶ
ƒƒƒƒ^ĂŵƉůĞƉƌĞƐĞƌǀĂƚŝŽŶĂŶĚƐŚŝƉŵĞŶƚ
ƒƒƒƒŶĂůLJƚŝĐĂůƉƌŽĐĞĚƵƌĞƐ
ƒƒƒƒŚĂŝŶͲŽĨͲĐƵƐƚŽĚLJ
ƒƒƒƒYƵĂůŝƚLJĂƐƐƵƌĂŶĐĞͬƋƵĂůŝƚLJĐŽŶƚƌŽů;YͬYͿ
ϰ͘ϭ'ƌŽƵŶĚǁĂƚĞƌ^ĂŵƉůĞŽůůĞĐƚŝŽŶ
hƉŽŶĐŽŵƉůĞƚŝŽŶŽĨǁĞůůĐŽŶƐƚƌƵĐƚŝŽŶ͕ĚĞǀĞůŽƉŵĞŶƚ͕ĂŶĚĂǁĞůůƐƚĂďŝůŝnjĂƚŝŽŶƉĞƌŝŽĚ͕ƚŚĞƐĂŵƉůŝŶŐƉůĂŶ
ǁŝůůďĞŝŶƐƚŝƚƵƚĞĚ͘dŚĞƉƌŽƉŽƐĞĚĨƌĞƋƵĞŶĐLJŽĨƐĂŵƉůŝŶŐǁŝůůŝŶĐůƵĚĞŽŶĞƐĂŵƉůĞƚŽďĞĐŽůůĞĐƚĞĚĨƌŽŵ
ƚŚĞŵŽŶŝƚŽƌŝŶŐǁĞůůƉƌŝŽƌƚŽƚŚĞĞůůϵĂŶĚϭϬĞdžƉĂŶƐŝŽŶƌĞĐĞŝǀŝŶŐǁĂƐƚĞĂŶĚƚŚƌĞĞĂĚĚŝƚŝŽŶĂůƐĂŵƉůĞƐ
ǁŝƚŚŝŶƐŝdžŵŽŶƚŚƐŽĨŝƐƐƵĂŶĐĞŽĨƚŚĞWĞƌŵŝƚdŽKƉĞƌĂƚĞĂƐƌĞƋƵŝƌĞĚďLJZƵůĞ͘ϭϲϯϯ;ďͿ͘dŚĞƐĞƐĂŵƉůĞƐ
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ďĞƐĂŵƉůĞĚŽŶĂƐĞŵŝͲĂŶŶƵĂůďĂƐŝƐ͕ĂůŽŶŐǁŝƚŚƚŚĞĞdžŝƐƚŝŶŐǁĞůůƐ͘
ϰ͘ϭ͘ϭ^ƚĂƚŝĐtĂƚĞƌ>ĞǀĞůDĞĂƐƵƌĞŵĞŶƚƐ
^ƚĂƚŝĐǁĂƚĞƌůĞǀĞůĞůĞǀĂƚŝŽŶƐǁŝůůďĞŵĞĂƐƵƌĞĚƉƌŝŽƌƚŽĂŶLJƉƵƌŐŝŶŐŽƌƐĂŵƉůŝŶŐĂĐƚŝǀŝƚŝĞƐ͘^ƚĂƚŝĐǁĂƚĞƌ
ůĞǀĞůĚĂƚĂǁŝůůďĞƵƐĞĚƚŽŵŽŶŝƚŽƌĐŚĂŶŐĞƐŝŶƐŝƚĞŚLJĚƌŽŐĞŽůŽŐŝĐĐŽŶĚŝƚŝŽŶƐ͘dŚĞĨŽůůŽǁŝŶŐ
ŵĞĂƐƵƌĞŵĞŶƚƐǁŝůůďĞƌĞĐŽƌĚĞĚŝŶĂĚĞĚŝĐĂƚĞĚĨŝĞůĚŬƉƌŝŽƌƚŽƐĂŵƉůĞĐŽůůĞĐƚŝŽŶ͗
ƒƒƒƒĞƉƚŚŽĨǁĂƚĞƌŝŶƚŚĞǁĞůůĨƌŽŵƚŚĞdKŵĞĂƐƵƌŝŶŐƉŽŝŶƚ;ƚŽƚŚĞŶĞĂƌĞƐƚϬ͘ϬϭĨŽŽƚͿ
ƒƒƒƒdŽƚĂůĚĞƉƚŚŽĨƚŚĞǁĞůů
ƒƒƒƒ,ĞŝŐŚƚŽĨƚŚĞǁĂƚĞƌĐŽůƵŵŶŝŶƚŚĞǁĞůůĐĂƐŝŶŐ͘
ŶĞůĞĐƚƌŽŶŝĐǁĂƚĞƌůĞǀĞůŝŶĚŝĐĂƚŽƌǁŝůůďĞƵƐĞĚƚŽĂĐĐƵƌĂƚĞůLJŵĞĂƐƵƌĞǁĂƚĞƌĞůĞǀĂƚŝŽŶƐƚŽǁŝƚŚŝŶϬ͘Ϭϭ
ĨŽŽƚ͘dŚĞǁĞůůǁŝůůŚĂǀĞĂƉĞƌŵĂŶĞŶƚ͕ĞĂƐŝůLJŝĚĞŶƚŝĨŝĞĚƌĞĨĞƌĞŶĐĞƉŽŝŶƚĨƌŽŵǁŚŝĐŚĂůůǁĂƚĞƌůĞǀĞů
ƵŵďĞƌůĂŶĚŽƵŶƚLJ^ƵďƚŝƚůĞ>ĂŶĚĨŝůů•tĂƚĞƌYƵĂůŝƚLJDŽŶŝƚŽƌŝŶŐWůĂŶ
ϳ
ZĞǀŝƐĞĚ&ĞďƌƵĂƌLJϮϬϭϲ
ŵĞĂƐƵƌĞŵĞŶƚƐǁŝůůďĞƚĂŬĞŶ͘dŚĞƌĞĨĞƌĞŶĐĞƉŽŝŶƚǁŝůůďĞŵĂƌŬĞĚĂŶĚƚŚĞĞůĞǀĂƚŝŽŶƐƵƌǀĞLJĞĚďLJĂ
EŽƌƚŚĂƌŽůŝŶĂZĞŐŝƐƚĞƌĞĚ>ĂŶĚ^ƵƌǀĞLJŽƌ͘
ϰ͘ϭ͘ϮĞƚĞĐƚŝŽŶŽĨ/ŵŵŝƐĐŝďůĞ>ĂLJĞƌƐ
h^WΖƐdĞĐŚŶŝĐĂůDĂŶƵĂůĨŽƌ^ŽůŝĚtĂƐƚĞŝƐƉŽƐĂů&ĂĐŝůŝƚLJƌŝƚĞƌŝĂŽƵƚůŝŶĞƐƐƉĞĐŝĨŝĐĂƚŝŽŶƐĨŽƌ
ŐƌŽƵŶĚǁĂƚĞƌƐĂŵƉůŝŶŐĂŶĚĂŶĂůLJƐŝƐ͘KŶĞŽĨƚŚĞƐĞƐƉĞĐŝĨŝĐĂƚŝŽŶƐŽƵƚůŝŶĞƐƚŚĞĞƐƚĂďůŝƐŚŵĞŶƚŽĨ
ƉƌŽǀŝƐŝŽŶƐĨŽƌĚĞƚĞĐƚŝŶŐŝŵŵŝƐĐŝďůĞĨůƵŝĚƐ͕ŝĨĂƉƉůŝĐĂďůĞ͘dLJƉŝĐĂůůLJ͕ŝŵŵŝƐĐŝďůĞĨůƵŝĚƐĂƌĞĐĂƚĞŐŽƌŝnjĞĚĂƐ
ĞŝƚŚĞƌ͕;ϭͿůŝŐŚƚ͕ŶŽŶͲĂƋƵĞŽƵƐƉŚĂƐĞůŝƋƵŝĚƐ;>ͲEW>ƐͿ͕Žƌ;ϮͿĚĞŶƐĞ͕ŶŽŶͲĂƋƵĞŽƵƐƉŚĂƐĞůŝƋƵŝĚƐ;Ͳ
EW>ƐͿ͘>ͲEW>ƐĂƌĞŵŽƌĞĐŽŵŵŽŶůLJƌĞĨĞƌƌĞĚƚŽĂƐΗĨůŽĂƚĞƌƐΗĚƵĞƚŽƚŚĞŝƌƌĞůĂƚŝǀĞůLJůŝŐŚƚĞƌƐƉĞĐŝĨŝĐ
ŐƌĂǀŝƚLJ͕ǁŚŝůĞͲEW>ƐĂƌĞƚLJƉŝĐĂůůLJƌĞĨĞƌƌĞĚƚŽĂƐΗƐŝŶŬĞƌƐΗĚƵĞƚŽƚŚĞŝƌƌĞůĂƚŝǀĞůLJĚĞŶƐĞƌƐƉĞĐŝĨŝĐ
ŐƌĂǀŝƚLJ͘
/ŶŵŽƐƚŝŶƐƚĂŶĐĞƐ͕ƚŚĞƉƌŽďĂďŝůŝƚLJŽĨŝŵŵŝƐĐŝďůĞĨůƵŝĚƐďĞŝŶŐƉƌĞƐĞŶƚĂŶĚƐƵďƐĞƋƵĞŶƚůLJĚĞƚĞĐƚĞĚŝŶ
ŐƌŽƵŶĚǁĂƚĞƌŵŽŶŝƚŽƌŝŶŐǁĞůůƐƐƵƌƌŽƵŶĚŝŶŐD^tůĂŶĚĨŝůůƐŝƐƐŽŵĞǁŚĂƚƌĞŵŽƚĞďĞĐĂƵƐĞĐŚĞŵŝĐĂů
ƉƌŽĚƵĐƚƐ;ƐƵĐŚĂƐŝŶĚƵƐƚƌŝĂůƐŽůǀĞŶƚƐͿĂƌĞŶŽƚĂĐĐĞƉƚĞĚĨŽƌƐƚŽƌĂŐĞŽƌĚŝƐƉŽƐĂůĂƚ^ƵďƚŝƚůĞƐŽůŝĚǁĂƐƚĞ
ŵĂŶĂŐĞŵĞŶƚĨĂĐŝůŝƚŝĞƐ͘,ŽǁĞǀĞƌ͕ĨŽƌƚŚŽƐĞƌĂƌĞŝŶƐƚĂŶĐĞƐǁŚĞƌĞĂƐĞƉĂƌĂƚĞŝŵŵŝƐĐŝďůĞƉŚĂƐĞŝƐ
ďĞůŝĞǀĞĚƚŽďĞƉƌĞƐĞŶƚ͕WƐƵŐŐĞƐƚƐƚŚĂƚƉƌŽǀŝƐŝŽŶƐĨŽƌĚĞƚĞĐƚŝŶŐƚŚĞƐĞƚLJƉĞƐŽĨĨůƵŝĚƐƐŚŽƵůĚďĞ
ĚĞǀĞůŽƉĞĚ͘
dŚĞĨŽůůŽǁŝŶŐƉƌŽĐĞĚƵƌĞŝƐƉƌŽƉŽƐĞĚƚŽĂĚĚƌĞƐƐƚŚĞƐĞĐŽŶĐĞƌŶƐŝŶƚŚĞĞǀĞŶƚƚŚĂƚƚŚĞ^t^ĞǀĞƌƌĞƋƵŝƌĞ
ƚŚŝƐƚĞƐƚƚŽďĞƉĞƌĨŽƌŵĞĚ͘/ŶƚŚŽƐĞŝŶƐƚĂŶĐĞƐǁŚĞƌĞƚŚĞŵŽŶŝƚŽƌŝŶŐǁĞůůΖƐƐĐƌĞĞŶĞĚŝŶƚĞƌǀĂů
ĞŶĐŽŵƉĂƐƐĞƐƚŚĞǁĂƚĞƌƚĂďůĞƐƵƌĨĂĐĞ͕ƚŚĞĂďŝůŝƚLJƚŽĚĞƚĞĐƚĂŶĚƐĂŵƉůĞůŝŐŚƚŶŽŶͲĂƋƵĞŽƵƐƉŚĂƐĞůŝƋƵŝĚƐ
;>EW>ƐͿƉƌŝŽƌƚŽŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨƌŽƵƚŝŶĞŐƌŽƵŶĚǁĂƚĞƌƐĂŵƉůŝŶŐĂĐƚŝǀŝƚŝĞƐŵĂLJĞdžŝƐƚ͘dŽĂĐĐŽŵƉůŝƐŚ
ƚŚŝƐŽďũĞĐƚŝǀĞ͕ĂƚƌĂŶƐƉĂƌĞŶƚƚĞĨůŽŶďĂŝůĞƌǁŝůůďĞůŽǁĞƌĞĚŝŶƚŽƚŚĞǁĞůůƚŽũƵƐƚďĞůŽǁƚŚĞǁĂƚĞƌƚĂďůĞ
ƐƵƌĨĂĐĞ͘dŚĞďĂŝůĞƌǁŝůůƚŚĞŶďĞƌĞŵŽǀĞĚĨƌŽŵƚŚĞǁĞůůĂŶĚƚŚĞĐŽŶƚĞŶƚƐĞdžĂŵŝŶĞĚƚŽŝĚĞŶƚŝĨLJŝĨĂŶLJ
ŝŵŵŝƐĐŝďůĞĨůƵŝĚƐĂƌĞƉƌĞƐĞŶƚ͘/ĨĂŶLJŝŵŵŝƐĐŝďůĞĨůƵŝĚƐĂƌĞĚĞƚĞƌŵŝŶĞĚƚŽďĞƉŽƚĞŶƚŝĂůůLJƉƌĞƐĞŶƚ͕ĂŶ
ŝŶƚĞƌĨĂĐĞƉƌŽďĞŝƐƉƌŽƉŽƐĞĚƚŽďĞƵƐĞĚ͘dŚĞĚĞƉƚŚŽĨƚŚĞůŝŐŚƚƉŚĂƐĞŝŵŵŝƐĐŝďůĞůĂLJĞƌ͕ĂƐĚĞƚĞƌŵŝŶĞĚ
ďLJƚŚĞŝŶƚĞƌĨĂĐĞƉƌŽďĞ͕ǁŝůůƚŚĞŶďĞƌĞĐŽƌĚĞĚŝŶĂĨŝĞůĚůŽŐŬ͘dŚĞŝŶƚĞƌĨĂĐĞƉƌŽďĞǁŝůůĐŽŶƚŝŶƵĞƚŽ
ďĞůŽǁĞƌĞĚƵŶƚŝůŝƚŝŶƚĞƌƐĞĐƚƐƚŚĞŐƌŽƵŶĚǁĂƚĞƌƚĂďůĞƐƵƌĨĂĐĞ͘dŚĞĚĞƉƚŚŽĨƚŚĞŽƌŐĂŶŝĐͬǁĂƚĞƌŝŶƚĞƌĨĂĐĞ
njŽŶĞĂůƐŽǁŝůůďĞƌĞĐŽƌĚĞĚ͘&ƌŽŵƚŚĞƐĞƚǁŽŵĞĂƐƵƌĞŵĞŶƚƐ͕ƚŚĞƚŚŝĐŬŶĞƐƐŽĨƚŚĞůŝŐŚƚƉŚĂƐĞŝŵŵŝƐĐŝďůĞ
ůĂLJĞƌĐĂŶďĞƌĞĂĚŝůLJĚĞƚĞƌŵŝŶĞĚ͘
dŚĞƉŽƚĞŶƚŝĂůƉƌĞƐĞŶĐĞŽĨĚĞŶƐĞƉŚĂƐĞŝŵŵŝƐĐŝďůĞůĂLJĞƌǁŝůůďĞĚĞƚĞƌŵŝŶĞĚďLJƚŚĞĞdžĂŵŝŶĂƚŝŽŶŽĨ
ůĂďŽƌĂƚŽƌLJĂŶĂůLJƚŝĐĂůƌĞƐƵůƚƐ͘ŶĂůLJƚŝĐĂůƌĞƐƵůƚƐĂďŽǀĞĂƉĞƌĐĞŶƚĂŐĞŽĨĂŐŝǀĞŶĐŚĞŵŝĐĂůƐƐŽůƵďŝůŝƚLJůŝŵŝƚ
ĐĂŶŝŶĚŝĐĂƚĞƚŚĞƉŽƚĞŶƚŝĂůƉƌĞƐĞŶĐĞŽĨEW>Ɛ͘
ƐŵĞŶƚŝŽŶĞĚĂďŽǀĞ͕ŵŽŶŝƚŽƌŝŶŐĨŽƌŝŵŵƐŝĐŝďůĞƉŚĂƐĞĨůƵŝĚƐŝƐŶŽƚĞŶǀŝƐŝŽŶĞĚƚŽďĞƉĞƌĨŽƌŵĞĚĚƵƌŝŶŐ
ƚLJƉŝĐĂůƐĂŵƉůŝŶŐĞǀĞŶƚƐ͕ďƵƚŝƐƉƌŽǀŝĚĞĚŚĞƌĞƚŽĚŽĐƵŵĞŶƚŚŽǁƚŚĞƚĞƐƚǁŝůůďĞƉĞƌĨŽƌŵĞĚŝĨƚŚĞ^t^
ƌĞƋƵŝƌĞŝƚĂƚĂĨƵƚƵƌĞĚĂƚĞ͘
ϰ͘ϭ͘ϯDŽŶŝƚŽƌŝŶŐtĞůůǀĂĐƵĂƚŝŽŶ
&ŽůůŽǁŝŶŐŵĞĂƐƵƌĞŵĞŶƚŽĨƚŚĞƐƚĂƚŝĐǁĂƚĞƌůĞǀĞůŝŶƚŚĞǁĞůů͕ƚŚĞǁĞůůǁŝůůďĞƉƵƌŐĞĚŽĨĂůůƐƚĂŐŶĂŶƚ
ǁĂƚĞƌ͘dŚĞƐƚĂŐŶĂŶƚǁĂƚĞƌ͕ǁŚŝĐŚŝƐŶŽƚƌĞƉƌĞƐĞŶƚĂƚŝǀĞŽĨƚƌƵĞĂƋƵŝĨĞƌĐŽŶĚŝƚŝŽŶƐ͕ǁŝůůďĞƌĞŵŽǀĞĚƚŽ
ĞŶƐƵƌĞƚŚĂƚĨƌĞƐŚĨŽƌŵĂƚŝŽŶǁĂƚĞƌĐĂŶďĞƐĂŵƉůĞĚ͘ŵŝŶŝŵƵŵŽĨƚŚƌĞĞǁĞůůĐĂƐŝŶŐǀŽůƵŵĞƐǁŝůůďĞ
ƌĞŵŽǀĞĚƉƌŝŽƌƚŽƐĂŵƉůŝŶŐƚŚĞǁĞůů͘dŚĞǁĞůůǀŽůƵŵĞĨŽƌϮͲŝŶĐŚĚŝĂŵĞƚĞƌǁĞůůƐǁŝůůďĞĐĂůĐƵůĂƚĞĚƵƐŝŶŐ
ƚŚĞĨŽůůŽǁŝŶŐĞƋƵĂƚŝŽŶ͗ŽŶĞǁĞůůǀŽůƵŵĞŝŶŐĂůůŽŶƐĞƋƵĂůƐƚŚĞŚĞŝŐŚƚŽĨƚŚĞǁĂƚĞƌĐŽůƵŵŶ;ŝŶĨĞĞƚͿ
ƵŵďĞƌůĂŶĚŽƵŶƚLJ^ƵďƚŝƚůĞ>ĂŶĚĨŝůů•tĂƚĞƌYƵĂůŝƚLJDŽŶŝƚŽƌŝŶŐWůĂŶ
ϴ
ZĞǀŝƐĞĚ&ĞďƌƵĂƌLJϮϬϭϲ
ƚŝŵĞƐϬ͘ϭϲϯϮ;ƐůŝŐŚƚůLJůĞƐƐƚŚĂŶϬ͘ϱŐĂůůŽŶƐƉĞƌĨŽŽƚǁĂƚĞƌĨŽƌϯĐĂƐŝŶŐǀŽůƵŵĞƐͿ͘ƵƌŝŶŐƚŚĞǁĞůů
ƉƵƌŐŝŶŐƉƌŽĐĞƐƐ͕ĨŝĞůĚŵĞĂƐƵƌĞŵĞŶƚƐ;Ɖ,͕ƚĞŵƉĞƌĂƚƵƌĞ͕ĚŝƐƐŽůǀĞĚŽdžLJŐĞŶ͕ŽdžŝĚĂƚŝŽŶͬƌĞĚƵĐƚŝŽŶ
ƉŽƚĞŶƚŝĂů͕ƚƵƌďŝĚŝƚLJĂŶĚƐƉĞĐŝĨŝĐĐŽŶĚƵĐƚĂŶĐĞͿǁŝůůďĞĐŽůůĞĐƚĞĚĂƚƌĞŐƵůĂƌŝŶƚĞƌǀĂůƐ͕ĂŶĚƌĞƉŽƌƚĞĚŝŶĂ
ƚĂďƵůĂƌĨŽƌŵĂƚ͘dŚĞǁĞůůǁŝůůďĞƉƵƌŐĞĚƵŶƚŝůĨŝĞůĚŵĞĂƐƵƌĞŵĞŶƚƐƐƚĂďŝůŝnjĞǁŝƚŚŝŶĂƉƉƌŽdžŝŵĂƚĞůLJϭϬ
ƉĞƌĐĞŶƚďĞƚǁĞĞŶƐƵďƐĞƋƵĞŶƚƌĞĂĚŝŶŐƐŽƌƵŶƚŝůƚŚĞǁĞůůŝƐĚƌLJ͘^ƚĂďŝůŝnjĂƚŝŽŶŽĨƚŚĞƐĞŵĞĂƐƵƌĞŵĞŶƚƐǁŝůů
ŝŶĚŝĐĂƚĞƚŚĂƚĨƌĞƐŚĨŽƌŵĂƚŝŽŶǁĂƚĞƌŝƐƉƌĞƐĞŶƚŝŶƚŚĞǁĞůů͘&ŝĞůĚŵĞĂƐƵƌĞŵĞŶƚƐǁŝůůďĞŽďƚĂŝŶĞĚďLJ
ƵƐŝŶŐĂz^/ϲϬϬͲƐĞƌŝĞƐDƵůƚŝƉĂƌĂŵĞƚĞƌtĂƚĞƌYƵĂůŝƚLJDĞƚĞƌŽƌĞƋƵŝǀĂůĞŶƚ͘
/ĨƚŚĞǁĞůůŝƐƉƵƌŐĞĚƚŽĚƌLJŶĞƐƐ͕ƚŚĞƐĂŵƉůĞƐǁŝůůďĞĐŽůůĞĐƚĞĚĂĨƚĞƌĂƐƵĨĨŝĐŝĞŶƚǀŽůƵŵĞŽĨǁĂƚĞƌŚĂƐ
ĞŶƚĞƌĞĚƚŚĞǁĞůůƚŽĂůůŽǁĐŽůůĞĐƚŝŽŶŽĨƚŚĞƐĂŵƉůĞ͘tĞůůƐǁŝůůďĞƉƵƌŐĞĚĂŶĚƐĂŵƉůĞĚƵƐŝŶŐĂĚĞĚŝĐĂƚĞĚ
ƐĂŵƉůŝŶŐƐLJƐƚĞŵ;tĞůůtŝnjĂƌĚΠͿǁŚŝĐŚǁŝůůďĞŝŶƐƚĂůůĞĚŝŶƚŚĞŶĞǁǁĞůů͘ĞĚŝĐĂƚĞĚƉƵŵƉƐĂƌĞ
ĐƵƌƌĞŶƚůLJƵƐĞĚŝŶƚŚĞĞdžŝƐƚŝŶŐǁĞůůƐĂƚƚŚĞĨĂĐŝůŝƚLJ͘&ŝĞůĚŵĞĂƐƵƌĞŵĞŶƚƐĐŽůůĞĐƚĞĚĚƵƌŝŶŐƉƵƌŐŝŶŐ
ĂĐƚŝǀŝƚŝĞƐǁŝůůďĞƌĞĐŽƌĚĞĚŝŶƚŚĞĨŝĞůĚůŽŐŬ͘
ϰ͘ϭ͘ϰ^ĂŵƉůĞŽůůĞĐƚŝŽŶ
ĨƚĞƌƉƵƌŐŝŶŐĂĐƚŝǀŝƚŝĞƐĂƌĞĐŽŵƉůĞƚĞ͕ŐƌŽƵŶĚǁĂƚĞƌƐĂŵƉůĞƐǁŝůůďĞĐŽůůĞĐƚĞĚĨŽƌůĂďŽƌĂƚŽƌLJĂŶĂůLJƐŝƐ͘
dŚĞǁĞůůǁŝůůďĞƐĂŵƉůĞĚƵƐŝŶŐƚŚĞĚĞĚŝĐĂƚĞĚďůĂĚĚĞƌƉƵŵƉƐŝŶƐƚĂůůĞĚǁŝƚŚŝŶĞĂĐŚǁĞůů͕ĨŽůůŽǁŝŶŐůŽǁͲ
ĨůŽǁƚĞĐŚŶŝƋƵĞƐ͘ůůƐĂŵƉůĞĐŽŶƚĂĐƚƉĂƌƚƐŽĨƚŚĞĚĞĚŝĐĂƚĞĚďůĂĚĚĞƌƉƵŵƉƐĂƌĞĐŽŶƐƚƌƵĐƚĞĚŽĨĞŝƚŚĞƌ
ƐƚĂŝŶůĞƐƐƐƚĞĞůŽƌdĞĨůŽŶ͘tĞůůƐǁŝůůďĞƉƵƌŐĞĚĂƚĂƌĂƚĞŽĨůĞƐƐƚŚĂŶϭůŝƚĞƌƉĞƌŵŝŶƵƚĞ͘ĐƚƵĂůƉƵƌŐŝŶŐ
ĂŶĚƐĂŵƉůŝŶŐĨůŽǁƌĂƚĞƐǁŝůůďĞĂĚũƵƐƚĞĚƚŽŵĂŝŶƚĂŝŶƚŚĞǁĂƚĞƌůĞǀĞůŝŶƚŚĞǁĞůůĂƚůĞƐƐƚŚĂŶϬ͘ϯĨƚ
ďĞůŽǁƚŚĞŝŶŝƚŝĂůƐƚĂƚŝĐǁĂƚĞƌůĞǀĞů͘KŶĐĞǁĂƚĞƌƋƵĂůŝƚLJƉĂƌĂŵĞƚĞƌƐŚĂǀĞƐƚĂďŝůŝnjĞĚ͕ŐƌŽƵŶĚǁĂƚĞƌ
ƐĂŵƉůĞƐǁŝůůďĞĐŽůůĞĐƚĞĚĚŝƌĞĐƚůLJĨƌŽŵƚŚĞƉƵŵƉĚŝƐĐŚĂƌŐĞ͘^ĂŵƉůĞǁĂƚĞƌǁŝůůďĞƉůĂĐĞĚĚŝƌĞĐƚůLJŝŶƚŽ
ƐĂŵƉůĞďŽƚƚůĞƐƉƌŽǀŝĚĞĚďLJƚŚĞĂŶĂůLJƚŝĐĂůůĂďŽƌĂƚŽƌLJ͕ƵƐŝŶŐƚŚĞĨŽůůŽǁŝŶŐŵĞƚŚŽĚƐ͗
ϭ͘ĚũƵƐƚƉƵŵƉƌĂƚĞƚŽϭϬϬŵůͬŵŝŶƵƚĞĂŶĚƐůŽǁůLJƚƌĂŶƐĨĞƌƐĂŵƉůĞǁĂƚĞƌƚŽƚŚĞĂƉƉƌŽƉƌŝĂƚĞ
ƐĂŵƉůĞĐŽŶƚĂŝŶĞƌ͘dŚĞƉƵŵƉĞƋƵŝƉŵĞŶƚ;ĚŝƐĐŚĂƌŐĞƚƵďŝŶŐͿƐŚŽƵůĚŶŽƚďĞĂůůŽǁĞĚƚŽƚŽƵĐŚ
ƚŚĞƐĂŵƉůĞĐŽŶƚĂŝŶĞƌ͘
Ϯ͘dŚĞƐĂŵƉůĞĐŽŶƚĂŝŶĞƌĨŽƌƚŚĞǀŽůĂƚŝůĞŽƌŐĂŶŝĐĐŽŵƉŽƵŶĚƐƐŚŽƵůĚďĞĨŝůůĞĚĨŝƌƐƚ͕ůĞĂǀŝŶŐŶŽ
ŚĞĂĚƐƉĂĐĞŽƌĂŝƌďƵďďůĞƐ͘dŚĞĐŽŶƚĂŝŶĞƌƐŚŽƵůĚƚŚĞŶďĞƚŝŐŚƚůLJƐĞĂůĞĚ͘dŚĞƐĂŵƉůĞ
ĐŽŶƚĂŝŶĞƌǁŝůůĐŽŵĞǁŝƚŚƉƌĞƐĞƌǀĂƚŝǀĞĂůƌĞĂĚLJĂĚĚĞĚďLJƚŚĞůĂďŽƌĂƚŽƌLJ͘
ϯ͘dŚĞƐĂŵƉůĞĐŽŶƚĂŝŶĞƌĨŽƌƚŚĞŵĞƚĂůƐƐŚŽƵůĚƚŚĞŶďĞĨŝůůĞĚ͘dŚŝƐĐŽŶƚĂŝŶĞƌǁŝůůĂůƐŽĐŽŵĞ
ǁŝƚŚƉƌĞƐĞƌǀĂƚŝǀĞĂĚĚĞĚďLJƚŚĞůĂďŽƌĂƚŽƌLJ͘dŚŝƐĐŽŶƚĂŝŶĞƌƐŚŽƵůĚďĞĨŝůůĞĚƚŽƚŚĞďŽƚƚůĞ
ƐŚŽƵůĚĞƌ͘
^ƵƌĨĂĐĞǁĂƚĞƌƐĂŵƉůĞƐǁŝůůďĞŽďƚĂŝŶĞĚĨƌŽŵĂƌĞĂƐŽĨŵŝŶŝŵĂůƚƵƌďƵůĞŶĐĞĂŶĚĂĞƌĂƚŝŽŶ͘dŚĞĨŽůůŽǁŝŶŐ
ƉƌŽĐĞĚƵƌĞǁŝůůďĞŝŵƉůĞŵĞŶƚĞĚƌĞŐĂƌĚŝŶŐƐĂŵƉůĞŽĨƐƵƌĨĂĐĞǁĂƚĞƌƐ͗
ϭ͘,ŽůĚƚŚĞďŽƚƚůĞŶĞĂƌƚŚĞďŽƚƚŽŵǁŝƚŚŽŶĞŚĂŶĚĂŶĚƌĞŵŽǀĞƚŚĞĐĂƉǁŝƚŚƚŚĞŽƚŚĞƌ͘
Ϯ͘WƵƐŚƚŚĞƐĂŵƉůĞĐŽŶƚĂŝŶĞĚƐůŽǁůLJŝŶƚŽƚŚĞǁĂƚĞƌĂŶĚƚŝůƚƵƉƚŽǁĂƌĚƐƚŚĞĐƵƌƌĞŶƚƚŽĨŝůů͘
ĚĞƉƚŚŽĨƐŝdžŝŶĐŚĞƐŝƐƐĂƚŝƐĨĂĐƚŽƌLJ͘ǀŽŝĚďƌĞĂĐŚŝŶŐƚŚĞƐƵƌĨĂĐĞǁŚŝůĞĨŝůůŝŶŐƚŚĞĐŽŶƚĂŝŶĞƌ͘
ϯ͘dŚĞĐŽŶƚĂŝŶĞƌƐŚŽƵůĚďĞŵŽǀĞĚƐůŽǁůLJ͕ŝŶĂůĂƚĞƌĂůĚŝƌĞĐƚŝŽŶ͕ŝĨƚŚĞƌĞŝƐůŝƚƚůĞĐƵƌƌĞŶƚ
ŵŽǀĞŵĞŶƚ͘
ƵŵďĞƌůĂŶĚŽƵŶƚLJ^ƵďƚŝƚůĞ>ĂŶĚĨŝůů•tĂƚĞƌYƵĂůŝƚLJDŽŶŝƚŽƌŝŶŐWůĂŶ
ϵ
ZĞǀŝƐĞĚ&ĞďƌƵĂƌLJϮϬϭϲ
ϰ͘/ĨƚŚĞƐƚƌĞĂŵĚĞƉƚŚƐĂƌĞƚŽŽƐŚĂůůŽǁƚŽĂůůŽǁƐƵďŵĞƌƐŝŽŶŽĨƚŚĞƐĂŵƉůĞĐŽŶƚĂŝŶĞƌ͕ĂƉŽŽů
ŵĂLJďĞƐĐŽŽƉĞĚŽƵƚŽĨƚŚĞĐŚĂŶŶĞůďŽƚƚŽŵĂŶĚĂůůŽǁĞĚƚŽĐůĞĂƌƉƌŝŽƌƚŽƐĂŵƉůŝŶŐ͘
ϱ͘>ŝĨƚƚŚĞĐŽŶƚĂŝŶĞƌĨƌŽŵƚŚĞǁĂƚĞƌĂŶĚƉůĂĐĞƚŚĞƵŶĐŽŶƚĂŵŝŶĂƚĞĚĐĂƉŽŶƚŚĞĐŽŶƚĂŝŶĞƌ͘
dŚĞŝŶĚŝǀŝĚƵĂůǁĂƚĞƌƐĂŵƉůĞƐǁŝůůďĞĐŽůůĞĐƚĞĚĂŶĚďŽƚƚůĞĚŝŶƚŚĞŽƌĚĞƌŽĨƉĂƌĂŵĞƚĞƌǀŽůĂƚŝůŝƚLJ͘dŚĞ
ĐŽůůĞĐƚŝŽŶŽƌĚĞƌĨŽƌƚŚĞƐĂŵƉůĞƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗
ƒƒƒƒsŽůĂƚŝůĞŽƌŐĂŶŝĐĐŽŵƉŽƵŶĚƐ;sKƐͿ
ƒƒƒƒdŽƚĂůŵĞƚĂůƐ͘
dŚĞƐĂŵƉůĞƐǁŝůůďĞƚƌĂŶƐĨĞƌƌĞĚĨƌŽŵƚŚĞƐĂŵƉůŝŶŐĞƋƵŝƉŵĞŶƚĚŝƌĞĐƚůLJŝŶƚŽĂƉƌĞƉĂƌĞĚƐĂŵƉůĞ
ĐŽŶƚĂŝŶĞƌƉƌŽǀŝĚĞĚďLJƚŚĞůĂďŽƌĂƚŽƌLJ͘&ŝĞůĚĨŝůƚĞƌŝŶŐŽĨƐĂŵƉůĞƐŝƐŶŽƚƉĞƌŵŝƚƚĞĚ͘dŚĞƌĞǁŝůůďĞĂ
ƐƉĞĐŝĨŝĐƐŝnjĞĂŶĚƚLJƉĞŽĨĐŽŶƚĂŝŶĞƌƉƌŽǀŝĚĞĚĨŽƌĞĂĐŚĐŽŶƐƚŝƚƵĞŶƚƚŽďĞĂŶĂůLJnjĞĚ͘&ŽƌsKĂŶĂůLJƐŝƐ͕ƚŚĞ
ĐŽŶƚĂŝŶĞƌƐƉƌŽǀŝĚĞĚǁŝůůďĞϰϬͲŵůŐůĂƐƐǀŝĂůƐ͘&ŽƌŵĞƚĂůƐĂŶĂůLJƐŝƐ͕ƚŚĞƐĂŵƉůĞƐǁŝůůďĞĐŽůůĞĐƚĞĚŝŶϬ͘ϱͲ
ůŝƚĞƌ,WďŽƚƚůĞƐ͘džƚƌĂĐŽŶƚĂŝŶĞƌƐǁŝůůďĞƉƌŽǀŝĚĞĚŝŶĐĂƐĞŽĨĂĐĐŝĚĞŶƚĂůďƌĞĂŬĂŐĞ͘ůůĨŝĞůĚƉĞƌƐŽŶŶĞů
ǁŝůůǁĞĂƌƉƌŽƚĞĐƚŝǀĞůĂƚĞdžŽƌŶŝƚƌŝůĞĚŝƐƉŽƐĂďůĞŐůŽǀĞƐŝŶŽƌĚĞƌƚŽƉƌĞǀĞŶƚĞdžƚƌŝŶƐŝĐĐŽŶƚĂŵŝŶĂƚŝŽŶĨƌŽŵ
ĐůŽƚŚŝŶŐ͕ďŽĚLJŽŝůƐ͕Ěŝƌƚ͕ĂŶĚŽƚŚĞƌǀĂƌŝŽƵƐĐŽŶƚĂŵŝŶĂŶƚƐ͘^ĂŵƉůĞĚŽĐƵŵĞŶƚĂƚŝŽŶƌĞƋƵŝƌĞŵĞŶƚƐƚŽ
ĞŶƐƵƌĞƐĂŵƉůĞŝŶƚĞŐƌŝƚLJ͕ǁŝůůŝŶĐůƵĚĞĚƐĂŵƉůĞůŽĐĂƚŝŽŶƐ͕ĚĂƚĞĂŶĚƚŝŵĞŽĨƐĂŵƉůĞĐŽůůĞĐƚŝŽŶ͕ƉƌŽƉĞƌ
ĂŶĂůLJƐŝƐ͕ĂŶĚƉƌĞƐĞƌǀĂƚŝǀĞ;ŝĨĂƉƉůŝĐĂďůĞͿ͘
ϰ͘ϭ͘ϱĞĐŽŶƚĂŵŝŶĂƚŝŽŶWƌŽĐĞĚƵƌĞƐ
ůůƐĂŵƉůŝŶŐĂŶĚƉƵƌŐŝŶŐĞƋƵŝƉŵĞŶƚƚŚĂƚǁŝůůĐŽŵĞŝŶĐŽŶƚĂĐƚǁŝƚŚƚŚĞǁĞůůĐĂƐŝŶŐĂŶĚǁĂƚĞƌǁŝůůďĞ
ĚĞĐŽŶƚĂŵŝŶĂƚĞĚƉĞƌƐƉĞĐŝĨŝĐĂƚŝŽŶƐŝŶƚŚĞEŽƌƚŚĂƌŽůŝŶĂtĂƚĞƌYƵĂůŝƚLJ'ƵŝĚĂŶĐĞŽĐƵŵĞŶƚĨŽƌ^ŽůŝĚ
tĂƐƚĞ&ĂĐŝůŝƚŝĞƐ͘ůůƐĂŵƉůŝŶŐĞƋƵŝƉŵĞŶƚǁŝůůďĞůĂďŽƌĂƚŽƌLJĐůĞĂŶĞĚ͘
ϰ͘Ϯ^ĂŵƉůĞWƌĞƐĞƌǀĂƚŝŽŶĂŶĚ^ŚŝƉŵĞŶƚ
/ŶŽƌĚĞƌƚŽĞŶƐƵƌĞƐĂŵƉůĞŝŶƚĞŐƌŝƚLJ͕ƉƌĞƐĞƌǀĂƚŝŽŶĂŶĚƐŚŝƉŵĞŶƚƉƌŽĐĞĚƵƌĞƐǁŝůůďĞĐĂƌĞĨƵůůLJ
ŵŽŶŝƚŽƌĞĚ͘'ĞŶĞƌĂůůLJ͕ŝĐĞĂŶĚĐŚĞŵŝĐĂůĂĚĚŝƚŝǀĞƐǁŝůůďĞƵƐĞĚĂƐƐĂŵƉůĞƉƌĞƐĞƌǀĂƚŝǀĞƐ͕ĂƐ
ƌĞĐŽŵŵĞŶĚĞĚďLJƚŚĞĐŽŵŵĞƌĐŝĂůůĂďŽƌĂƚŽƌLJ͘&ŽƌsKĂŶĂůLJƐŝƐ͕ŚLJĚƌŽĐŚůŽƌŝĐĂĐŝĚǁŝůůďĞƵƐĞĚĂƐƚŚĞ
ƉƌĞƐĞƌǀĂƚŝŽŶŵĞƚŚŽĚĂƐǁĞůůĂƐŵĂŝŶƚĂŝŶŝŶŐƚŚĞƐĂŵƉůĞƐĂƚĂƚĞŵƉĞƌĂƚƵƌĞŽĨϰΣ͘EŝƚƌŝĐĂĐŝĚǁŝůůďĞ
ƵƐĞĚĂƐƚŚĞƉƌĞƐĞƌǀĂƚŝǀĞĨŽƌƐĂŵƉůĞƐŶĞĞĚŝŶŐŵĞƚĂůƐĂŶĂůLJƐŝƐ͘^ĂŵƉůĞƐƐŚĂůůďĞƐŚŝƉƉĞĚǀŝĂĂϮϰͲŚŽƵƌ
ĚĞůŝǀĞƌLJƐĞƌǀŝĐĞƚŽĞŶƐƵƌĞŚŽůĚŝŶŐƚŝŵĞƐĂƌĞŶŽƚĞdžĐĞĞĚĞĚ͘^ŚŝƉŵĞŶƚŽĨƐĂŵƉůĞƐǁŝůůďĞĐŽŽƌĚŝŶĂƚĞĚ
ǁŝƚŚƚŚĞůĂďŽƌĂƚŽƌLJ͘
WƌŽƉĞƌƐƚŽƌĂŐĞĂŶĚƚƌĂŶƐƉŽƌƚĐŽŶĚŝƚŝŽŶƐŵƵƐƚďĞŵĂŝŶƚĂŝŶĞĚŝŶŽƌĚĞƌƚŽƉƌĞƐĞƌǀĞƚŚĞŝŶƚĞŐƌŝƚLJŽĨƚŚĞ
ƐĂŵƉůĞ͘KŶĐĞƚĂŬĞŶ͕ƐĂŵƉůĞƐǁŝůůďĞƉůĂĐĞĚŽŶŝĐĞĂŶĚĐŽŽůĞĚƚŽĂƚĞŵƉĞƌĂƚƵƌĞŽĨϰΣ͘^ĂŵƉůĞƐĂƌĞƚŽ
ďĞƉĂĐŬĞĚŝŶŝĐĞĚĐŽŽůĞƌƐƐŽĂƐƚŽŝŶŚŝďŝƚďƌĞĂŬĂŐĞŽƌĂĐĐŝĚĞŶƚĂůƐƉŝůůƐ͘ƵƐƚŽĚLJƐĞĂůƐǁŝůůďĞƉůĂĐĞĚŽŶ
ƚŚĞŽƵƚƐŝĚĞŽĨƚŚĞĐŽŽůĞƌ͕ŝŶĂŵĂŶŶĞƌƚŽĚĞƚĞĐƚƚĂŵƉĞƌŝŶŐŽĨƚŚĞƐĂŵƉůĞƐ͘dŚĞůĂďŽƌĂƚŽƌLJƐŚĂůů
ŝŵŵĞĚŝĂƚĞůLJŶŽƚŝĨLJƚŚĞŽǁŶĞƌͬŽƉĞƌĂƚŽƌŽĨĂŶLJƐĂŵƉůĞƐƚŚĂƚĂƌƌŝǀĞǁŝƚŚĐƵƐƚŽĚLJƐĞĂůƐďƌŽŬĞŶ͘
ϰ͘ϯŶĂůLJƚŝĐĂůWƌŽĐĞĚƵƌĞƐ
dŚĞƐĂŵƉůĞƐƚĂŬĞŶĨƌŽŵƚŚĞŶĞǁǁĞůůĂŶĚƚŚĞĞdžŝƐƚŝŶŐǁĞůůůŽĐĂƚŝŽŶƐǁŝůůďĞĂŶĂůLJnjĞĚĨŽƌƚŚĞ
ĐŽŶƐƚŝƚƵĞŶƚƐůŝƐƚĞĚŝŶϰϬ&ZWĂƌƚϮϱϴ͕ƉƉĞŶĚŝdžϭ͘dŚĞĂŶĂůLJƚŝĐĂůƉƌŽĐĞĚƵƌĞƐĨŽƌƚŚĞŝŶĚŝĐĂƚĞĚ
ƉĂƌĂŵĞƚĞƌƐǁŝůůďĞĐŽŶĚƵĐƚĞĚƵƐŝŶŐƚŚĞĨŽůůŽǁŝŶŐŵĞƚŚŽĚƐ͗
ƵŵďĞƌůĂŶĚŽƵŶƚLJ^ƵďƚŝƚůĞ>ĂŶĚĨŝůů•tĂƚĞƌYƵĂůŝƚLJDŽŶŝƚŽƌŝŶŐWůĂŶ
ϭϬ
ZĞǀŝƐĞĚ&ĞďƌƵĂƌLJϮϬϭϲ
ŶĂůLJƐŝƐWDĞƚŚŽĚEƵŵďĞƌ
sŽůĂƚŝůĞŽƌŐĂŶŝĐĐŽŵƉŽƵŶĚƐ ϴϮϲϬ
dŽƚĂůŵĞƚĂůƐ   /ŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ^t^ƉŽůŝĐLJĂƚƚŚĞƚŝŵĞŽĨƐĂŵƉůŝŶŐ͘
ϰ͘ϰŚĂŝŶͲŽĨͲƵƐƚŽĚLJ
/ƚŝƐŝŵƉĞƌĂƚŝǀĞƚŚĂƚĂŶĂĐĐƵƌĂƚĞƌĞĐŽƌĚŽĨƐĂŵƉůĞĐŽůůĞĐƚŝŽŶ͕ƚƌĂŶƐƉŽƌƚ͕ĂŶĂůLJƐŝƐ͕ĂŶĚĚŝƐƉŽƐĂůďĞ
ŵĂŝŶƚĂŝŶĞĚĂŶĚĚŽĐƵŵĞŶƚĞĚ͘dŚĞƌĞĨŽƌĞ͕ĐŚĂŝŶͲŽĨͲĐƵƐƚŽĚLJƉƌŽĐĞĚƵƌĞƐǁŝůůďĞŝŶƐƚŝƚƵƚĞĚĂŶĚĨŽůůŽǁĞĚ
ƚŚƌŽƵŐŚŽƵƚƚŚĞƐĂŵƉůŝŶŐƉƌŽŐƌĂŵ͘/ƚŝƐŶĞĐĞƐƐĂƌLJƚŽĞƐƚĂďůŝƐŚĚŽĐƵŵĞŶƚĂƚŝŽŶƚŽƚƌĂĐĞƐĂŵƉůĞ
ƉŽƐƐĞƐƐŝŽŶĨƌŽŵƚŚĞƚŝŵĞŽĨĐŽůůĞĐƚŝŽŶƵŶƚŝůĚŝƐƉŽƐĂů͘dŚĞĐŚĂŝŶͲŽĨͲĐƵƐƚŽĚLJƉƌŽŐƌĂŵƐŚĂůůŝŶĐůƵĚĞƚŚĞ
ĨŽůůŽǁŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐ͗
ƒƒƒƒ^ĂŵƉůĞƐƐŚĂůůďĞĂĐĐŽŵƉĂŶŝĞĚďLJĂĐŚĂŝŶͲŽĨͲĐƵƐƚŽĚLJƌĞĐŽƌĚƚŚĂƚŶŽƚĞƐƚŚĞĚĂƚĞĂŶĚƚŝŵĞŽĨ
ĐŽůůĞĐƚŝŽŶĂƐǁĞůůĂƐƐĂŵƉůŝŶŐƉĞƌƐŽŶŶĞů͘
ƒƒƒƒůůƐĂŵƉůĞƐƐŚĂůůďĞƉƌŽƉĞƌůLJůĂďĞůĞĚƚŽƉƌĞǀĞŶƚŵŝƐŝĚĞŶƚŝĨŝĐĂƚŝŽŶŽĨƐĂŵƉůĞƐ͘
ƒƒƒƒ&ŝĞůĚŶŽƚĞƐƐŚĂůůďĞŝŶĐůƵĚĞĚƚŽƉƌŽǀŝĚĞƉĞƌƚŝŶĞŶƚŝŶĨŽƌŵĂƚŝŽŶĂďŽƵƚĞĂĐŚƐĂŵƉůĞ͘
ƒƒƒƒƐĂŵƉůĞĂŶĂůLJƐŝƐƐŚĞĞƚƐŚĂůůĂĐĐŽŵƉĂŶLJĂůůƐĂŵƉůĞƐƚŽƚŚĞůĂďŽƌĂƚŽƌLJ͘
ƒƒƒƒ^ĂŵƉůĞĐƵƐƚŽĚLJƐĞĂůƐƐŚĂůůďĞƵƐĞĚƚŽŝŶĚŝĐĂƚĞĂŶLJƚĂŵƉĞƌŝŶŐŽĨƐĂŵƉůĞƐ͘
ƒƒƒƒůůƌĞĐŽƌĚƐƉĞƌƚĂŝŶŝŶŐƚŽƚŚĞƐŚŝƉŵĞŶƚŽĨĂƐĂŵƉůĞƐŚĂůůďĞƌĞƚĂŝŶĞĚ;ĨƌĞŝŐŚƚďŝůůƐ͕ƉŽƐƚŽĨĨŝĐĞ
ƌĞĐĞŝƉƚƐ͕ĂŶĚďŝůůƐŽĨůĂĚŝŶŐͿǤ
dŚĞůĂďŽƌĂƚŽƌLJƐŚĂůůŶŽƚĂĐĐĞƉƚƐĂŵƉůĞƐĨŽƌĂŶĂůLJƐŝƐǁŝƚŚŽƵƚĂĐŽƌƌĞĐƚůLJƉƌĞƉĂƌĞĚĐŚĂŝŶͲŽĨͲĐƵƐƚŽĚLJ
ĨŽƌŵ͘dŚĞůĂďŽƌĂƚŽƌLJƐŚĂůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌŵĂŝŶƚĂŝŶŝŶŐĐŚĂŝŶͲŽĨͲĐƵƐƚŽĚLJŽĨƚŚĞƐĂŵƉůĞ;ƐͿĨƌŽŵƚŝŵĞ
ŽĨƌĞĐĞŝƉƚƚŽĚŝƐƉŽƐĂů͘dŚĞĐŚĂŝŶͲŽĨͲĐƵƐƚŽĚLJĨŽƌŵƐŚĂůůďĞƐŝŐŶĞĚďLJĞĂĐŚŝŶĚŝǀŝĚƵĂůǁŚŽƉŽƐƐĞƐƐĞƐƚŚĞ
ƐĂŵƉůĞƐ͘
dŽƉƌĞǀĞŶƚƐĂŵƉůĞŵŝƐŝĚĞŶƚŝĨŝĐĂƚŝŽŶ͕ĂůĂďĞůǁŝůůďĞĂĨĨŝdžĞĚƚŽĞĂĐŚƐĂŵƉůĞĐŽŶƚĂŝŶĞƌŝŶĂŵĂŶŶĞƌĂƐƚŽ
ƉƌĞǀĞŶƚƚŚĞůĂďĞůĨƌŽŵďĞĐŽŵŝŶŐĚŝƐůŽĚŐĞĚĚƵƌŝŶŐƚƌĂŶƐƉŽƌƚǁŚŝĐŚǁŝůůĐŽŶƚĂŝŶƚŚĞĨŽůůŽǁŝŶŐ
ŝŶĨŽƌŵĂƚŝŽŶ͗
ƒƒƒƒ^ĂŵƉůĞŝĚĞŶƚŝĨŝĐĂƚŝŽŶŶƵŵďĞƌ͘
ƒƒƒƒEĂŵĞĂŶĚƐŝŐŶĂƚƵƌĞŽĨƐĂŵƉůĞĐŽůůĞĐƚŽƌ͘
ƒƒƒƒĂƚĞĂŶĚƚŝŵĞŽĨĐŽůůĞĐƚŝŽŶ͘
ƒƒƒƒWůĂĐĞŽĨĐŽůůĞĐƚŝŽŶ͘
ƒƒƒƒWĂƌĂŵĞƚĞƌƐƌĞƋƵĞƐƚĞĚ͘
ƒƒƒƒdLJƉĞŽĨƉƌĞƐĞƌǀĂƚŝǀ‡Ǥ
ƵŵďĞƌůĂŶĚŽƵŶƚLJ^ƵďƚŝƚůĞ>ĂŶĚĨŝůů•tĂƚĞƌYƵĂůŝƚLJDŽŶŝƚŽƌŝŶŐWůĂŶ
ϭϭ
ZĞǀŝƐĞĚ&ĞďƌƵĂƌLJϮϬϭϲ
ϰ͘ϱYƵĂůŝƚLJƐƐƵƌĂŶĐĞͬYƵĂůŝƚLJŽŶƚƌŽů
dŚĞƌĞůŝĂďŝůŝƚLJĂŶĚǀĂůŝĚŝƚLJŽĨƚŚĞĨŝĞůĚĂŶĚĂŶĂůLJƚŝĐĂůůĂďŽƌĂƚŽƌLJĚĂƚĂǁŝůůďĞŵŽŶŝƚŽƌĞĚĂƐƉĂƌƚŽĨƚŚĞ
YͬYƉƌŽŐƌĂŵƵƐĞĚŝŶƚŚĞůĂďŽƌĂƚŽƌLJ͘&ŝĞůĚĚƵƉůŝĐĂƚĞƐĂŶĚƐĂŵƉůĞďůĂŶŬƐǁŝůůďĞĐŽůůĞĐƚĞĚƚŽĐŚĞĐŬ
ƐĂŵƉůŝŶŐƉƌŽƚŽĐŽůĂŶĚƚŽĂĐĐŽƵŶƚĨŽƌĂŶLJĐŚĂŶŐĞƐƚŚĂƚŽĐĐƵƌĂĨƚĞƌƐĂŵƉůŝŶŐ͘dŚĞYͬYƉƌŽŐƌĂŵǁŝůů
ƐƚŝƉƵůĂƚĞƚŚĞƵƐĞŽĨƐƚĂŶĚĂƌĚƐ͕ůĂďŽƌĂƚŽƌLJďůĂŶŬƐ͕ĂŶĚĚƵƉůŝĐĂƚĞƐĨŽƌŝĚĞŶƚŝĨŝĐĂƚŝŽŶŽĨŵĂƚƌŝdž
ŝŶƚĞƌĨĞƌĞŶĐĞƐ͘dŚĞYͬYƉƌŽŐƌĂŵǁŝůůďĞƵƐĞĚĨŽƌďĂƐĞůŝŶĞƐĂŵƉůŝŶŐĂƚƚŚĞŶĞǁǁĞůůĂŶĚĨŽƌĂůůƐĞŵŝͲ
ĂŶŶƵĂůĞǀĞŶƚƐ͘
ϰ͘ϱ͘ϭ&ŝĞůĚƵƉůŝĐĂƚĞƐ
&ŝĞůĚĚƵƉůŝĐĂƚĞƐƉƌŽǀŝĚĞĂŵĞĂƐƵƌĞŽĨĨŝĞůĚĂŶĚůĂďŽƌĂƚŽƌLJƉƌĞĐŝƐŝŽŶ͘&ŝĞůĚĚƵƉůŝĐĂƚĞƐǁŝůůďĞĐŽůůĞĐƚĞĚ
ĨƌŽŵŝĚĞŶƚŝĐĂůůŽĐĂƚŝŽŶƐƵƐŝŶŐƉƌŽƉĞƌƐĂŵƉůŝŶŐƉƌŽĐĞĚƵƌĞƐ͘dŚĞĚƵƉůŝĐĂƚĞƐĂŵƉůĞƐǁŝůůďĞĐŽůůĞĐƚĞĚĂƚ
ĂĨƌĞƋƵĞŶĐLJŽĨŽŶĞƉĞƌĚĂLJƉĞƌƐĂŵƉůŝŶŐĞǀĞŶƚ͘
ϰ͘ϱ͘ϮƋƵŝƉŵĞŶƚZŝŶƐĂƚĞůĂŶŬƐ
dŽĞǀĂůƵĂƚĞƚŚĞĞĨĨĞĐƚŝǀĞŶĞƐƐŽĨƚŚĞƉƌŽĚƵĐƚĚĞĐŽŶƚĂŵŝŶĂƚŝŽŶ͕ĞƋƵŝƉŵĞŶƚƌŝŶƐĂƚĞďůĂŶŬƐǁŝůůďĞ
ĐŽůůĞĐƚĞĚ͘dŚĞƐĂŵƉůĞǁŝůůďĞĐŽůůĞĐƚĞĚďLJƉĂƐƐŝŶŐĚŝƐƚŝůůĞĚǁĂƚĞƌƚŚƌŽƵŐŚƚŚĞƐĂŵƉůŝŶŐĞƋƵŝƉŵĞŶƚ
ĂĨƚĞƌĚĞĐŽŶƚĂŵŝŶĂƚŝŽŶŚĂƐďĞĞŶĐŽŵƉůĞƚĞĚ͘ƋƵŝƉŵĞŶƚďůĂŶŬƐǁŝůůďĞĐŽůůĞĐƚĞĚĂƚĂŵŝŶŝŵƵŵŽĨŽŶĞ
ƉĞƌĚĂLJŽĨŐƌŽƵŶĚǁĂƚĞƌƐĂŵƉůŝŶŐĂĐƚŝǀŝƚŝĞƐ͘
ϰ͘ϱ͘ϯdƌŝƉůĂŶŬƐ
ƚƌŝƉďůĂŶŬƐŚĂůůďĞƉƌĞƉĂƌĞĚƚŽĂĐĐŽƵŶƚĨŽƌĂŶLJƐĂŵƉůĞĐŽŶƚĂŵŝŶĂƚŝŽŶƚŚĂƚŵĂLJŽĐĐƵƌĚƵƌŝŶŐ
ƚƌĂŶƐƉŽƌƚƚŽĂŶĚĨƌŽŵƚŚĞƐŝƚĞ͘dŚĞƐĂŵƉůĞǁŝůůďĞƉƌĞƉĂƌĞĚŝŶƚŚĞůĂďŽƌĂƚŽƌLJǁŝƚŚĚĞŝŽŶŝnjĞĚŽƌ
ĚŝƐƚŝůůĞĚǁĂƚĞƌĂŶĚƐŚĂůůĂĐĐŽŵƉĂŶLJƚŚĞƐĂŵƉůĞƐŚŝƉƉŝŶŐĐŽŶƚĂŝŶĞƌƚŽƚŚĞĨŝĞůĚ͘dŚĞƚƌŝƉďůĂŶŬƐŚĂůů
ƌĞŵĂŝŶƵŶŽƉĞŶĞĚƵŶƚŝůƌĞĐĞŝƉƚďLJƚŚĞůĂďĨŽƌĂŶĂůLJƐŝƐ͘KŶĞƚƌŝƉďůĂŶŬƉĞƌƐĂŵƉůŝŶŐĞǀĞŶƚǁŝůůďĞ
ĐŽůůĞĐƚĞĚ͘
ϰ͘ϲZĞƐƵůƚƐͬZĞƉŽƌƚŝŶŐZĞƋƵŝƌĞŵĞŶƚƐ
&ŽůůŽǁŝŶŐĂŶĂůLJƐŝƐĨŽƌƚŚĞĂŶĂůLJƚŝĐĂůĚĂƚĂĨƌŽŵŐƌŽƵŶĚǁĂƚĞƌĂŶĚƐƵƌĨĂĐĞǁĂƚĞƌƐĂŵƉůĞƐ͕ĂƌĞƉŽƌƚƐŚĂůů
ďĞƐƵďŵŝƚƚĞĚƚŽƚŚĞ^t^ǁŚŝĐŚŝŶĐůƵĚĞƐƚŚĞĨŽůůŽǁŝŶŐŝŶĨŽƌŵĂƚŝŽŶ͗
ƒƒƒƒ&ŝĞůĚŽďƐĞƌǀĂƚŝŽŶƐƌĞůĂƚĞĚƚŽƚŚĞĐŽŶĚŝƚŝŽŶŽĨƚŚĞŵŽŶŝƚŽƌŝŶŐǁĞůůƐ͕
ƒƒƒƒ&ŝĞůĚĚĂƚĂ͕
ƒƒƒƒ>ĂďŽƌĂƚŽƌLJĚĂƚĂ͕
ƒƒƒƒ^ĂŵƉůŝŶŐŵĞƚŚŽĚŽůŽŐŝĞƐ͕
ƒƒƒƒYƵĂůŝƚLJĂƐƐƵƌĂŶĐĞͬƋƵĂůŝƚLJĐŽŶƚƌŽůĚĂƚĂ͕
ƒƒƒƒ/ŶĨŽƌŵĂƚŝŽŶŽŶŐƌŽƵŶĚǁĂƚĞƌĨůŽǁ͕
ƒƒƒƒtĞůůƐǁŝƚŚĐŽŶƐƚŝƚƵĞŶƚƐĞdžĐĞĞĚŝŶŐŐƌŽƵŶĚǁĂƚĞƌƐƚĂŶĚĂƌĚƐ͕
ƒƒƒƒKƚŚĞƌƉĞƌƚŝŶĞŶƚŝŶĨŽƌŵĂƚŝŽŶ͕
ƒƒƒƒ^ŽůŝĚtĂƐƚĞ^ĞĐƚŝŽŶZĞƉŽƌƚŝŶŐ&Žƌŵ͕ĂŶĚ͕
ƵŵďĞƌůĂŶĚŽƵŶƚLJ^ƵďƚŝƚůĞ>ĂŶĚĨŝůů•tĂƚĞƌYƵĂůŝƚLJDŽŶŝƚŽƌŝŶŐWůĂŶ
ϭϮ
ZĞǀŝƐĞĚ&ĞďƌƵĂƌLJϮϬϭϲ
ƒƒƒƒůĞĐƚƌŽŶŝĐĂƚĂĞůŝǀĞƌĂďůĞŝŶƚŚĞĂƉƉƌŽǀĞĚ^t^ĨŽƌŵĂƚ͘
ϰ͘ϳĞƚĞĐƚŝŽŶŽĨůĞǀĂƚĞĚŽŶƐƚŝƚƵĞŶƚ>ĞǀĞůƐ
/ĨƵƉŽŶĐŽŵƉůĞƚŝŽŶŽĨƐĂŵƉůŝŶŐĂŶĚĚĂƚĂĂŶĂůLJƐŝƐ͕ƵŵďĞƌůĂŶĚŽƵŶƚLJĚĞƚĞƌŵŝŶĞƐƚŚĂƚĐŽŶĐĞŶƚƌĂƚŝŽŶƐ
ĂƌĞĞůĞǀĂƚĞĚĂďŽǀĞƚŚĞEŽƌƚŚĂƌŽůŝŶĂϮ>^ƚĂŶĚĂƌĚ;EϮ>ͿŽƌƉƌĂĐƚŝĐĂůƋƵĂŶƚŝĨŝĐĂƚŝŽŶůŝŵŝƚ;WY>ͿĨŽƌ
ĂŶLJǀŽůĂƚŝůĞŽƌŐĂŶŝĐĐŽŵƉŽƵŶĚ;sKͿůŝƐƚĞĚŝŶƉƉĞŶĚŝdžϭĂƚĂŶLJŵŽŶŝƚŽƌŝŶŐǁĞůůŽƌƐƵƌĨĂĐĞǁĂƚĞƌ
ƐĂŵƉůĞĂƚƚŚĞƐŝƚĞΖƐďŽƵŶĚĂƌLJ͕ƚŚĞŶ͗
ϭ͘dŚĞĐŽƵŶƚLJǁŝůůŶŽƚŝĨLJƚŚĞ^t^ǁŝƚŚŝŶϭϰĚĂLJƐŽĨƚŚŝƐĨŝŶĚŝŶŐ͕
Ϯ͘WůĂĐĞĂŶŽƚŝĐĞŝŶƚŚĞŽƉĞƌĂƚŝŶŐƌĞĐŽƌĚǁŝƚŚŝŶϭϰĚĂLJƐŽĨƚŚŝƐĨŝŶĚŝŶŐŝŶĚŝĐĂƚŝŶŐǁŚŝĐŚ
ĐŽŶƐƚŝƚƵĞŶƚ;ƐͿŚĂǀĞĚĞŵŽŶƐƚƌĂƚĞĚĞdžĐĞĞĚĞĚƚŚĞĂƉƉůŝĐĂďůĞůŝŵŝƚ͕
ϯ͘ĞŵŽŶƐƚƌĂƚĞƐƵĐĐĞƐƐĨƵůůLJƚŽƚŚĞ^t^;ƚŚƌŽƵŐŚĐĞƌƚŝĨŝĐĂƚŝŽŶďLJĂƋƵĂůŝĨŝĞĚŐƌŽƵŶĚǁĂƚĞƌ
ƐĐŝĞŶƚŝƐƚͿƚŚĂƚĂƐŽƵƌĐĞŽƚŚĞƌƚŚĂŶƚŚĞD^t>&ƵŶŝƚĐĂƵƐĞĚƚŚĞĐŽŶƚĂŵŝŶĂƚŝŽŶ͕ŽƌƚŚĂƚƚŚĞ
ĞdžĐĞĞĚĞŶĐĞƌĞƐƵůƚĞĚĨƌŽŵĞƌƌŽƌŝŶƐĂŵƉůŝŶŐ͕ĂŶĂůLJƐŝƐ͕ƐƚĂƚŝƐƚŝĐĂůĞǀĂůƵĂƚŝŽŶŽƌŶĂƚƵƌĂů
ǀĂƌŝĂƚŝŽŶŝŶŐƌŽƵŶĚǁĂƚĞƌƋƵĂůŝƚLJ͘
dŚĞĂĐƚŝŽŶƐŽƵƚůŝŶĞĚĂďŽǀĞĂƌĞƉƌŽƉŽƐĞĚƚŽďĞŝŵƉůĞŵĞŶƚĞĚŝĨĐŽŶƚĂŵŝŶĂŶƚƐĂƌĞĚĞƚĞĐƚĞĚ͘&ŝŶĂů
ĂĐƚŝŽŶƐǁŝůůďĞŵĂŶĚĂƚĞĚďLJĚŝƌĞĐƚŝŽŶŽĨƚŚĞEŽƌƚŚĂƌŽůŝŶĂ^t^͘
ϱZĞĨĞƌĞŶĐĞƐ
ƌŽǁŶ͕WŚŝůůŝƉD͕͘'ĞŽůŽŐŝĐDĂƉŽĨEŽƌƚŚĂƌŽůŝŶĂ͘ĞƉĂƌƚŵĞŶƚŽĨEĂƚƵƌĂůZĞƐŽƵƌĐĞƐĂŶĚŽŵŵƵŶŝƚLJ
ĞǀĞůŽƉŵĞŶƚ͕ϭϵϴϱ͘
ŽƵǁĞƌ͕,ĞƌŵĂŶ͘dŚĞŽƵǁĞƌĂŶĚZŝĐĞ^ůƵŐdĞƐƚͲŶhƉĚĂƚĞ͘'ƌŽƵŶĚǁĂƚĞƌ͕DĂLJͲ:ƵŶĞ͕ϭϵϴϵ͘
ĂŵƉƌĞƐƐĞƌΘDĐ<ĞĞ͕ŶŶ^ƚƌĞĞƚ>ĂŶĚĨŝůů^ƵďƚŝƚůĞdžƉĂŶƐŝŽŶWĞƌŵŝƚƚŽŽŶƐƚƌƵĐƚƉƉůŝĐĂƚŝŽŶ;ĞůůƐ
ϭͲϱͿ͕:ĂŶƵĂƌLJϭϵϵϱ͘
ĂŵƉƌĞƐƐĞƌΘDĐ<ĞĞ͕ŶŶ^ƚƌĞĞƚ>ĂŶĚĨŝůů^ƵďƚŝƚůĞdžƉĂŶƐŝŽŶWĞƌŵŝƚƚŽŽŶƐƚƌƵĐƚƉƉůŝĐĂƚŝŽŶ;ĞůůƐ
ϲͲϴͿ͕^ĞƉƚĞŵďĞƌϭϵϵϵ͘
,ĞĂƚŚ͕ZĂůƉŚ͘ĂƐŝĐůĞŵĞŶƚƐŽĨ'ƌŽƵŶĚͲtĂƚĞƌ,LJĚƌŽůŽŐLJǁŝƚŚZĞĨĞƌĞŶĐĞƐƚŽŽŶĚŝƚŝŽŶƐŝŶEŽƌƚŚ
ĂƌŽůŝŶĂ͘h^'^tĂƚĞƌZĞƐŽƵƌĐĞƐ/ŶǀĞƐƚŝŐĂƚŝŽŶKƉĞŶͲ&ŝůĞZĞƉŽƌƚϴϬͲϰϰ͕ϭϵϴϬ͘
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