ϭϴ,ŽĚŐƐŽŶtĂLJ 'ŝůƐƚŽŶ,ĂƌůŽǁ ƐƐĞdž
'h/WZ/-άϱϳϱϬϬϬ
ďĞĂƵƟĨƵůůLJƉƌĞƐĞŶƚĞĚϰďĞĚƌŽŽŵĚĞƚĂĐŚĞĚĨĂŵŝůLJŚŽŵĞƐŝƚƵĂƚĞĚŝŶĂƉŽƉƵůĂƌĚĞǀĞůŽƉŵĞŶƚdŚĞŐĞŶĞƌŽƵƐĂŶĚŵŽĚĞƌŶůŝǀŝŶŐĂĐĐŽŵŵŽĚĂƟŽŶĐŽŶƐŝƐƚƐŽĨ
ĞŶƚƌĂŶĐĞŚĂůůǁĂLJƐƚƵĚLJůŝǀŝŶŐƌŽŽŵůĂƌŐĞŬŝƚĐŚĞŶĚŝŶŝŶŐƌŽŽŵƵƟůŝƚLJƌŽŽŵĂŶĚŐƌŽƵŶĚŇŽŽƌǁĐKŶƚŚĞĮƌƐƚŇŽŽƌĂƌĞϰĚŽƵďůĞďĞĚƌŽŽŵƐǁŝƚŚĞŶ-ƐƵŝƚĞ
ƐŚŽǁĞƌƌŽŽŵƚŽƚŚĞŵĂƐƚĞƌďĞĚƌŽŽŵĂŶĚƚŚĞĨĂŵŝůLJďĂƚŚƌŽŽŵtŝƚŚĂŐŽŽĚƐŝnjĞƌĞĂƌŐĂƌĚĞŶŐĂƌĂŐĞĂŶĚƉƌŝǀĂƚĞĚƌŝǀĞǁĂLJƚŽƚŚĞĨƌŽŶƚ
WĂƌƚŐůĂnjĞĚĨƌŽŶƚĚŽŽƌǁŝƚŚƉŽƌĐŚŽǀĞƌŝŶƚŽ ŶƚƌĂŶĐĞ,ĂůůǁĂLJ <ĂƌŶĚĞĂŶŇŽŽƌŝŶŐƵŶĚĞƌƐƚĂŝƌƐĐƵƉďŽĂƌĚƌĂĚŝĂƚŽƌĂŶĚϮĐĞŝůŝŶŐůŝŐŚƚƉŽŝŶƚƐ ĂƌƉĞƚĞĚƐƚĂŝƌƐƚŽĮƌƐƚŇŽŽƌĂĐĐŽŵŵŽĚĂƟŽŶĂŶĚĚŽŽƌŝŶƚŽ ^ƚƵĚLJ-ϭϬϱdžϲϭϬ;ϯϭϴŵdžϮϬϴŵͿ <ĂƌŶĚĞĂŶŇŽŽƌŝŶŐĚŽƵďůĞŐůĂnjĞĚǁŝŶĚŽǁƚŽĨƌŽŶƚƌĂĚŝĂƚŽƌĂŶĚĐĞŝůŝŶŐůŝŐŚƚƉŽŝŶƚ >ŝǀŝŶŐZŽŽŵ-ϭϲΖϭϭdžϭϭϭϬ;ϱϭϲŵdžϯϲϭŵͿ <ĂƌŶĚĞĂŶŇŽŽƌŝŶŐĚŽƵďůĞŐůĂnjĞĚďĂLJǁŝŶĚŽǁƚŽĨƌŽŶƚϮƌĂĚŝĂƚŽƌĂŶĚĐĞŝůŝŶŐůŝŐŚƚƉŽŝŶƚ
<ŝƚĐŚĞŶŝŶŝŶŐZŽŽŵ-Ϯϯϲdžϵϱ;ϳϭϲŵdžϮϴϳŵͿ
<ĂƌŶĚĞĂŶŇŽŽƌŝŶŐĂƌĂŶŐĞŽĨĞLJĞĂŶĚďĂƐĞůĞǀĞůƵŶŝƚƐǁŝƚŚĐŽŵƉůĞŵĞŶƚĂƌLJǁŽƌŬƐƵƌĨĂĐĞĂŶĚƐƚĂŝŶůĞƐƐƐƚĞĞůƐŝŶŬǁŝƚŚŵŝdžĞƌƚĂƉƵŝůƚ-ŝŶĚŽƵďůĞŽǀĞŶϰƌŝŶŐ
ŐĂƐŚŽďǁŝƚŚĞdžƚƌĂĐƚŽƌĨĂŶŽǀĞƌŝŶƚĞŐƌĂůĚŝƐŚǁĂƐŚĞƌĂŶĚĨƌŝĚŐĞĨƌĞĞnjĞƌŽƵďůĞŐůĂnjĞĚƉĂƟŽĚŽŽƌƐǁŝƚŚƐŝĚĞǁŝŶĚŽǁƐĂŶĚĨƵƌƚŚĞƌǁŝŶĚŽǁƚŽƚŚĞƌĞĂƌŐĂƌͲ
ĚĞŶƌĂĚŝĂƚŽƌƵŶĚĞƌůŝŐŚƟŶŐŝŶƐĞƚĚŽǁŶůŝŐŚƚĞƌƐĂŶĚĐĞŝůŝŶŐůŝŐŚƚƉŽŝŶƚƐŽŽƌŝŶƚŽ
hƟůŝƚLJZŽŽŵ
<ĂƌŶĚĞĂŶŇŽŽƌŝŶŐĞLJĞĂŶĚďĂƐĞůĞǀĞůƵŶŝƚƐǁŝƚŚǁŽƌŬƐƵƌĨĂĐĞǁŝƚŚŝŶƐĞƚƐŝŶŬ^ƉĂĐĞĨŽƌǁĂƐŚŝŶŐŵĂĐŚŝŶĞƉĂƌƚŐůĂnjĞĚĚŽŽƌƚŽƐŝĚĞǁĂůůŵŽƵŶƚĞĚďŽŝůĞƌ
ĞdžƚƌĂĐƟŽŶĨĂŶĂŶĚŝŶƐĞƚĚŽǁŶůŝŐŚƚĞƌƐ
ŽǁŶƐƚĂŝƌƐt
<ĂƌŶĚĞĂŶŇŽŽƌŝŶŐůŽǁůĞǀĞůǁĐǁĂƐŚŚĂŶĚďĂƐŝŶƌĂĚŝĂƚŽƌĞdžƚƌĂĐƟŽŶĨĂŶĂŶĚĐĞŝůŝŶŐůŝŐŚƚƉŽŝŶƚ
&ŝƌƐƚŇŽŽƌůĂŶĚŝŶŐĐĂƌƉĞƚĞĚĚŽƵďůĞŐůĂnjĞĚǁŝŶĚŽǁƚŽƐŝĚĞĂŝƌŝŶŐĐƵƉďŽĂƌĚůŽŌĂĐĐĞƐƐ;ůĂĚĚĞƌƉĂƌƚďŽĂƌĚĞĚͿĐĞŝůŝŶŐůŝŐŚƚƉŽŝŶƚŽŽƌƐŝŶƚŽ
DĂƐƚĞƌĞĚƌŽŽŵ-ϭϱϵdžϭϬϲ;ϰϴϬŵdžϯϮϬŵͿ
ĂƌƉĞƚĞĚĚŽƵďůĞŐůĂnjĞĚǁŝŶĚŽǁƚŽĨƌŽŶƚďƵŝůƚŝŶĚŽƵďůĞǁĂƌĚƌŽďĞƌĂĚŝĂƚŽƌĂŶĚĐĞŝůŝŶŐůŝŐŚƚƉŽŝŶƚŽŽƌŝŶƚŽ
Ŷ-ƐƵŝƚĞ^ŚŽǁĞƌZŽŽŵ
sŝŶLJůŇŽŽƌŝŶŐĚŽƵďůĞƐŚŽǁĞƌĐƵďŝĐůĞůŽǁůĞǀĞůǁĐǁĂƐŚŚĂŶĚďĂƐŝŶĚŽƵďůĞŐůĂnjĞĚŽƉĂƋƵĞǁŝŶĚŽǁƚŽĨƌŽŶƚƌĂĚŝĂƚŽƌĞdžƚƌĂĐƟŽŶĨĂŶĂŶĚŝŶƐĞƚĚŽǁŶ
ůŝŐŚƚĞƌƐ
ĞĚƌŽŽŵϮ-ϭϮϱdžϵϱ;ϯϳϴŵdžϮϴϳŵͿ
ĂƌƉĞƚĞĚĚŽƵďůĞŐůĂnjĞĚǁŝŶĚŽǁƚŽƌĞĂƌƌĂĚŝĂƚŽƌĂŶĚĐĞŝůŝŶŐůŝŐŚƚƉŽŝŶƚ
ĞĚƌŽŽŵϯ-ϭϬϵdžϵϴ;ϯϮϴŵdžϮϵϱŵͿ
ĂƌƉĞƚĞĚĚŽƵďůĞŐůĂnjĞĚǁŝŶĚŽǁƚŽƌĞĂƌƌĂĚŝĂƚŽƌĂŶĚĐĞŝůŝŶŐůŝŐŚƚƉŽŝŶƚ
ĞĚƌŽŽŵϰ-ϭϬϰdžϳϮ;ϯϭϱŵdžϮϭϴŵͿ
ĂƌƉĞƚĞĚĚŽƵďůĞŐůĂnjĞĚǁŝŶĚŽǁƚŽĨƌŽŶƚƌĂĚŝĂƚŽƌĂŶĚĐĞŝůŝŶŐůŝŐŚƚƉŽŝŶƚ
&ĂŵŝůLJĂƚŚƌŽŽŵ
sŝŶLJůŇŽŽƌŝŶŐƉĂŶĞůďĂƚŚǁŝƚŚƐŚŽǁĞƌĂƩĂĐŚŵĞŶƚŽǀĞƌůŽǁůĞǀĞůǁĐƉĞĚĞƐƚĂůǁĂƐŚŚĂŶĚďĂƐŝŶŽƵďůĞŐůĂnjĞĚŽƉĂƋƵĞǁŝŶĚŽǁƚŽƐŝĚĞŚĞĂƚĞĚ
ƚŽǁĞůƌĂŝůƉĂƌƚƟůĞĚǁĂůůƐĞdžƚƌĂĐƟŽŶĨĂŶĂŶĚĐĞŝůŝŶŐůŝŐŚƚƉŽŝŶƚ
KƵƚƐŝĚĞ
dŽƚŚĞƌĞĂƌƐƚĞƉŽƵƚƚŽĂƉĂǀĞĚƐƉĂĐĞĂĐƌŽƐƐƚŚĞďĂĐŬŽĨƚŚĞƉƌŽƉĞƌƚLJƚŚĞƌĞŵĂŝŶĚĞƌŝƐůĂŝĚƚŽůĂǁŶ'ĞŶĞƌŽƵƐĚĞĐŬĞĚƐƉĂĐĞĂĐƌŽƐƐƚŚĞƚŽƉŽĨƚŚĞ
ŐĂƌĚĞŶ'ĂƚĞĚƐŝĚĞĂĐĐĞƐƐĚŽŽƌŝŶƚŽŐĂƌĂŐĞŽƵƚƐŝĚĞůŝŐŚƟŶŐĂŶĚƚĂƉ
^/E'>'Z'-hƉΘKǀĞƌĚŽŽƌůŝŐŚƚĂŶĚƉŽǁĞƌ
dŽƚŚĞĨƌŽŶƚŚĂƌĚƐƚĂŶĚŝŶŐĚƌŝǀĞǁĂLJǁŝƚŚƐƉĂĐĞĨŽƌϮǀĞŚŝĐůĞƐ
ϭϴ,ŽĚŐƐŽŶtĂLJ'ŝůƐƚŽŶ,ĂƌůŽǁƐƐĞdžDϮϬϮ&Z 'ĂƐĮƌĞĚĐĞŶƚƌĂůŚĞĂƟŶŐDĂŝŶƐĞůĞĐƚƌŝĐŝƚLJǁĂƚĞƌĂŶĚĚƌĂŝŶĂŐĞ ĂƐƚ,ĞƌƚƐŝƐƚƌŝĐƚŽƵŶĐŝůtĂůůĮĞůĚƐWĞŐƐ>Ŷ,ĞƌƞŽƌĚ^'ϭϯϴY ĂŶĚ& ^ƚƌŝĐƚůLJďLJĂƉƉŽŝŶƚŵĞŶƚǁŝƚŚƚŚĞƐĞůůŝŶŐĂŐĞŶƚWĞƐƚĞůůΘŽ/ĨƚŚĞƌĞĂƌĞĂŶLJƉŽŝŶƚƐ ǁŚŝĐŚĂƌĞŽĨŝŵƉŽƌƚĂŶĐĞƚŽLJŽƵǁĞŝŶǀŝƚĞLJŽƵƚŽĚŝƐĐƵƐƐƚŚĞŵǁŝƚŚƵƐƉƌŝŽƌƚŽLJŽƵƚƌĂǀĞůůŝŶŐƚŽƚŚĞƉƌŽƉĞƌƚ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
'EZ>ZDZ<Θ ^d/Wh>d/KE^
&h>>Z^^
^Zs/^
>K>hd,KZ/dz
KhE/>dyE
s/t/E'
/DWKZdEdEKd/
Top Related