2024-08-03 Diario Oficial
2024-08-03 Diario Oficial
2024-08-03 Diario Oficial
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De acordo com o Decreto nº 315 de 13 de dezembro de 2023, o valor do UFM para o ano de 2024 é de R$137,90
SEÇÃO I
CONTRATOS
36 20/07/2024 AMANDA SCUCUGLIA CEZAR PROFESSOR DE ENSINO FUNDAMENTAL 1 A 9 - EDUCAÇÃO FISICA 419
40 20/07/2024 LOIDE NUNES CARDOSO DOMINGUES PROFESSOR DE ENSINO FUNDAMENTAL 1 A 9 - INGLES 420
41 20/07/2024 LUANA CARLA DOS SANTOS PROFESSOR DE ENSINO FUNDAMENTAL 1 A 9 - INGLES 420
ATAS
social foi medida necessária para evitar desamparo a família. Quarto item da pauta Ofício
nº 347/2024 – SMAS o qual a Secretaria Municipal de Assistência solicita ao Aprovação da
Prestação de Contas de Demandas Fundo a Fundo – Emenda Parlamentar nº
202309448899 – Aquisição de Equipamentos Mobiliários/Materiais Permanentes para
Residência Inclusiva – Processo SMAS nº 14/2023, no valor de R$ 50.000,00 (cinquenta
mil reais) repassados pelo Fundo Estadual de Assistência Social, sendo aprovado por todos
os presentes. Quinto item da pauta: Solicitação ao conselho de autorização para alteração
na planilha de itens da Emenda Parlamentar n° 202181000789 – Plataforma SIGTV através
da Funcional Programática nº 082445031219G0001, Programação nº 354640520210002,
sendo GND 4 (Investimento), no valor de R$ 50.000,00 (cinquenta mil reais): sendo
Exclusão dos seguintes itens: - Atabaque (CRAS Estação); - HD Externo (CRAS Estação);
- Mesa de jogos (CRAS Estação); - Botijão de gás (CRAS Betinha); - Balcão/Bancada
(CRAS Betinha) e Incluir os seguintes itens: - Mais (+ 1 ) uma Televisão (CRAS Estação);
- 2 Microondas (CRAS Estação); - 1 Bebedouro (CRAS Estação); - Mais (+ 1 ) um Freezer
vertical (CRAS Betinha); - Mais (+ 1 ) uma Batedeira planetária (CRAS Betinha); - 2
Geladeiras (CRAS Estação). Os outros itens inicialmente aprovados irão manter. Aprovado
pelos presentes. Sexto e Último item da pauta Pareceres Certificação 2024, sendo:
Entidade: Associação dos Idosos de Santa Cruz do Rio Pardo, PARECER: Favorável à
Certificação do ano de 2024. Entidade: Associação dos Deficientes Físicos Santacruzenses
– ADEFIS, PARECER: Favorável à Certificação do ano de 2024. Entidade: Centro Social
São José, PARECER: Favorável à Certificação do ano de 2024. Entidade: Casa de Apoio à
Criança e ao Adolescente “Adelina Aloe”, PARECER: Favorável à Certificação do ano de
2024. Entidade: Lar São Vicente de Paulo, PARECER: Favorável à Certificação do ano de
2024. Entidade: Educandário “O Lar da Criança”, PARECER: Favorável à Certificação do
ano de 2024. PARECER: Favorável à Certificação do ano de 2024. Entidade: Associação
de Pais e Amigos dos Excepcionais de Santa Cruz do Rio Pardo – APAE, PARECER:
Favorável à Certificação do ano de 2024. Entidade: Residência Inclusiva Fonte de Amor –
RIFA, PARECER: Favorável à Certificação do ano de 2024. PARECER: Favorável à
Certificação do ano de 2024, PARECER: Favorável à Certificação do ano de 2024.
Entidade: Lar São Vicente de Paulo – “CENTRO DIA”, PARECER: Favorável à Certificação
do ano de 2024. Entidade: Associação Desportiva, Recreativa e Cultural Sport Sindical –
ADERESIND, PARECER: Suspenso à Certificação do ano de 2024, até a regularização,
faltaram itens da documentação, sendo assim não está totalmente em conformidade com
a Resolução para inscrição da certificação CMAS 2024, com isso a comissão sugere prazo
de 30 dias para OSC a apresentação integral dos documentos que faltaram. Após discussão
e exposição de alguns pontos observados pela comissão na visita foi deliberado pelo
conselho que serão encaminhados as OSCs que tiveram essas observações e pontuações
um ofício para informações e ciência das mesmas. Sendo esses pareceres aprovado por
todos os presentes. Nada mais havendo a se tratar na presente reunião eu, Renata Vitorino
Manoel, Presidente, lavrei a presente ata, que após lida e aprovada, foi assinada por todos
os presentes.
não ficando saldo algum. Processo SMAS nº 10/2024 - Educandário “O Lar da Criança”,
o valor repassado foi: Recurso Estadual: R$ 19.221,44 (dezenove mil e duzentos e vinte
e um reais e quarenta e quatro centavos), não houve rendimentos, despesas de R$
14.416,08 (quatorze mil e quatrocentos e dezesseis reais e oito centavos), ficando saldo
de R$ 4.805,36 (quatro mil e oitocentos e cinco reais e trinta e seis centavos). Processo
SMAS nº 11/2024 - Lar São Vicente de Paulo, o valor repassado foi: Recurso Municipal:
R$ 32.000,00 (trinta e dois mil reais), rendimentos de R$ 4,42 (quatro reais e quarenta e
dois centavos), despesas de R$ 24.004,30 (duzentos e quarenta mil e quatro reais e trinta
centavos), ficando saldo de R$ 8.000,12 (oito mil reais e doze centavos). Processo SMAS
nº 12/2024 - Lar São Vicente de Paulo, o valor repassado foi: Recurso Estadual: R$
22.966,40 (vinte e dois mil e novecentos e sessenta e seis reais e quarenta centavos),
rendimentos de R$ 4,36 (quatro reais e trinta e seis centavos), despesas de R$ 17.227,46
(dezessete mil e duzentos e vinte e sete reais e quarenta e seis centavos), ficando saldo
de R$ 5.743,30 (cinco mil e setecentos e quarenta e três reais e trinta centavos). Processo
SMAS nº 13/2024 - Lar São Vicente de Paulo, Recurso Federal: não houve repasses, não
houve rendimentos, não houve despesas e não ficando saldo algum. Processo SMAS nº
14/2024 - Lar São Vicente de Paulo – Centro dia, o valor repassado foi: Recurso Municipal:
R$ 45.760,00 (quarenta e cinco mil e setecentos e sessenta reais), rendimentos de R$
15,35 (quinze reais e trinta e cinco centavos), despesas de R$ 34.334,51 (trinta e quatro
mil e trezentos e trinta e quatro reais e cinquenta e um centavos), ficando saldo de R$
11.440,84 (onze mil e quatrocentos e quarenta reais e oitenta e quatro centavos).
Processo SMAS nº 15/2024 – Centro Social São José, o valor repassado foi: Recurso
Municipal: R$ 72.000,00 (setenta e dois mil reais), rendimentos de R$ 1,52 (um real e
cinquenta e dois centavos), despesas de R$ 54.000,00 (cinquenta e quatro mil reais),
ficando saldo de R$ 18.001,52 (dezoito mil e um reais e cinquenta e dois centavos).
Processo SMAS nº 16/2024 – Centro Social São José, Recurso Estadual: R$ 25.448,20
(vinte e cinco mil e quatrocentos e quarenta e oito reais e vinte centavos), rendimentos de
R$ 0,99 (noventa e nove centavos), despesas de R$ 19.086,15 (dezenove mil e oitenta e
seis reais e quinze centavos), ficando saldo de R$ 6.363,04 (seis mil e trezentos e
sessenta e três reais e quatro centavos). Processo SMAS nº 17/2024 – ADEFIS, Recurso
Estadual: R$ 15.877,00 (quinze mil e oitocentos e vinte e sete reais), rendimentos de R$
0,32 (trinta e dois centavos), despesas de R$ 11.870,32 (onze mil e oitocentos e setenta
reais e trinta e dois centavos), ficando saldo de R$ 3.957,00 (três mil e novecentos e
cinquenta e sete reais). Processo SMAS nº 18/2024 – CSSJ – Casa de Apoio à Criança e
1,53 (um real e cinquenta e três centavos), despesas R$ 5.638,88 (cinco mil e seiscentos
e trinta e oito reais e oitenta e oito centavos), não ficando saldo algum. Processo SMAS
nº 12/2023 - CSSJ – Lar São Vicente de Paulo, (ADITAMENTO), o valor repassado foi:
Recurso Federal: repasse de R$ 5.637,35 (cinco mil e seiscentos e trinta e sete reais e
trinta e cinco centavos), rendimentos de R$ 3,13 (três reais e treze centavos), despesas
R$ 5.640,48 (cinco mil e seiscentos e quarenta reais e quarenta e oito centavos), não
ficando saldo algum. Processo SMAS nº 01/2024- EMENDA PARLAMENTAR –
FOMENTO - APAE, o valor repassado foi: Recurso Federal: repasse de R$ 100.000,00
(cem mil reais), rendimentos de R$ 137,89 (cento e trinta e sete reais e oitenta e nove
centavos), não houve despesas, ficando saldo de R$ 100.137,89 (cem mil e cento e trinta
e sete reais e oitenta e nove centavos) logo após debate os conselheiros aprovaram por
unanimidade a prestação de contas referente ao primeiro quadrimestre (Janeiro,
Fevereiro, Março e Abril) de 2024. Segundo item da pauta Ofício nº 415/2024 -SMAS, ao
qual solicita aprovação deste Conselho da Prestação de Contas Estadual referente ao 1º
Semestre 2024, Processo SEDS nº 012.00001173/2024-37 com as seguintes
especificações: na Proteção Social Básica foram recebidos o total de 06 (seis) parcelas
no valor de R$ 6.362,05 (seis mil trezentos e sessenta e dois reais e cinco centavos),
totalizando o montante de R$ 38.172,30 (trinta e oito mil cento e setenta e dois reais e
trinta centavos), os quais foram repassados a entidade Centro Social São José o valor de
R$ 38.172,30 (trinta e oito mil cento e setenta e dois reais e trinta centavos), onde foram
gastos com pagamento de pessoal, restando o valor de R$ 118,73 (cento e dezoito reais
e setenta e três centavos), onde é referente a juros de aplicações financeiras. Na Proteção
Social Especial de Média Complexidade foram recebidos o total de 06 (seis) parcelas no
valor de R$ 9.787,45 (nove mil setecentos e oitenta e sete reais e quarenta e cinco
centavos), totalizando o montante de R$ 58.724,70 (cinquenta e oito mil setecentos e vinte
e quatro reais e setenta centavos), dos quais foram repassados os valores de R$
30.784,20 (trinta mil e setecentos e oitenta e quatro reais e vinte centavos) a entidade
Associação de Pais e Amigos dos Excepcionais de Santa Cruz do Rio Pardo – APAE, onde
foram gastos com pagamento de pessoal, R$ 23.740,50 (vinte e três mil e setecentos e
quarenta reais e cinquenta centavos) a entidade Associação dos Deficientes Físicos
Santacruzenses – ADEFIS, onde foram gastos com pagamento de pessoal e R$ 699,20
(seiscentos e noventa e nove reais e vinte centavos) para o Centro de Referência
Especializado de Assistência Social – CREAS onde foram gastos com material de
consumo, restando o valor de R$ 3.712,93 (três mil e setecentos e doze reais e noventa
e três centavos), onde R$ 212,13 (duzentos e doze reais e treze centavos) é referente a
juros de aplicação financeira. Já na Proteção Social Especial de Alta Complexidade foram
recebidos o total de 06 (seis) parcelas de R$ 17.151,92 (dezessete mil cento e cinquenta
e um reais e noventa e dois centavos), e um Crédito de Devolução das entidades Casa
de Apoio à Criança e ao Adolescente “Adelina Aloe” e Lar São Vicente de Paulo,
totalizando assim o montante de R$ 103.149,40 (cento e três mil e cento e quarenta e
nove reais e quarenta centavos), dos quais foram repassados os valores de R$ 34.449,60
(trinta e quatro mil e quatrocentos e quarenta e nove reais e sessenta centavos) a entidade
Lar São Vicente de Paulo, onde foram gastos com pagamento de pessoal, R$ 39.629,76
(trinta e nove mil e seiscentos e vinte e nove reais e setenta e seis centavos) a entidade
Casa de Apoio à Criança e ao Adolescente “Adelina Aloe” onde foram gastos com
pagamento de pessoal e o valor de R$ 28.832,16 (vinte e oito mil e oitocentos e trinta e
dois reais e dezesseis centavos) a entidade Educandário “O Lar da Criança” onde também
foram gastos com pagamento de pessoal e ainda a Devolução Residual ao Fundo
Estadual de Assistência Social de R$ 242,39 (duzentos e quarenta e dois reais e trinta e
nove centavos) restando o valor de R$ 276,08 (duzentos e setenta e seis reais e oito
centavos), onde R$ 280,59 (duzentos e oitenta reais e cinquenta e nove centavos) é
referente a juros de aplicação financeira. No Benefícios Eventuais foi recebido R$
15.564,89 (quinze mil e quinhentos e sessenta e quatro reais e oitenta e nove centavos),
restando o valor de R$ 15.582,95 (quinze mil e quinhentos e oitenta e dois reais e noventa
e cinco centavos) onde R$ 18,06 (dezoito reais e seis centavos) é referente a juros de
aplicações financeiras. No Frente Frias foi recebido R$ 30.000,00 (trinta mil reais),
restando o valor de R$ 30.052,31 (trinta mil e cinquenta e dois reais e trinta e um centavos)
onde R$ 52,31 (cinquenta e dois reais e trinta e um centavos) é referente a juros de
aplicações financeiras. Ressaltamos que todos os saldos restantes serão repassados no
2º semestre de 2024 e também que as três primeiras parcelas foram pagas de uma única
vez, sendo assim a Prestação de Contas referente ao 1º Semestre de 2024, foi aprovada
por todos os conselheiros presentes. Terceiro e último item da pauta Ofício nº 12/2024 –
ADEFIS, o qual solicita autorização da Secretaria Municipal de Assistência Social para
alteração do Plano de Trabalho, referente a execução do Serviço de Proteção Social
Especial para Pessoas com Deficiência, idosas e suas Famílias, para três dias semanais
ao invés de cinco, referente ao Termo de colaboração 17/2024 (Estadual), para ciência
desse conselho. Nada mais havendo a se tratar na presente reunião eu, Renata Vitorino
Manoel, Presidente, lavrei a presente ata, que após lida e aprovada, foi assinada por todos
os presentes.
Ata da Reunião Ordinária do Conselho Municipal do Idoso de Santa Cruz do Rio Pardo,
Estado de São Paulo/SP.
Aos (07) sete dias do mês de maio (05) do ano de dois mil e vinte e quatro (2024), reuniram-
cretaria Municipal de Assistência Social, localizada à Rua Oscar Rosa, nº 14 – Vila Popular.
Karla Andrade José, Viviane Cardoso Saito, Bruna Dias Sant´ana, Genessilda Gomes de Oli-
veira, Luana de Fátima Marsola, Laura Beatriz G. M. Viol Ladeia e Liciane de Fátima Retondo
Vaz. A Coordenadora dos Conselhos Municipais Sra. Bianca Caroline Santos Cunha, passou
a palavra a Presidente Sra Liciane de Fátima Retondo Vaz que iniciou a reunião agradecendo
a presença de todos e passou para o primeiro item pauta: Parecer Prestação de Contas Pro-
jetos CMI 2023: Entidade: Lar São Vicente de Paulo, Projeto: “REVITALIZAR PARA MELHOR
fevereiro de 2023 e conforme visita realizada em 22 de abril de 2024, verificou-se que o projeto
apresentado foi executado por completo; Entidade: Associação dos Idosos de Santa Cruz do
de contas todos os documentos solicitados foram entregues dentro do prazo e de acordo com
em 22 de abril de 2024, verificou-se que o projeto apresentado foi executado por completo;
acordo com o solicitado na Resolução CMI nº 02, de 02 de fevereiro de 2023 e conforme visita
realizada em 22 de abril de 2024, verificou-se que o projeto apresentado foi executado por
completo. Aprovado por todos os presentes. Segundo item da pauta os relatórios sociais re-
ferente as denúncias no conselho do idoso para ciência dos conselheiros presentes. Nada
mais havendo a se tratar na presente reunião, eu, Laura Beatriz G. M. Viol Ladeia, primeira
secretária, lavrei a presente ata, que após lida e aprovada, foi assinada por mim e por todos
os presentes.
Ata da Reunião Ordinária do Conselho Municipal do Idoso de Santa Cruz do Rio Pardo, Estado
de São Paulo/SP.
Aos (10) dez dias do mês de abril (04) do ano de dois mil e vinte e quatro (2024), reuniram-se em
Reunião Ordinária do Conselho Municipal do Idoso (CMI) na Sala de Reuniões da Secretaria Muni-
cipal de Assistência Social, localizada à Rua Oscar Rosa, nº 14 – Vila Popular. Estavam presentes
na reunião os seguintes conselheiros: Bianca Caroline Santos da Cunha, Karla Andrade José, Ema-
nuel Luiz Nishimura da Silva, Viviane Cardoso Saito, Bruna Dias Sant´ana, Débora O. de Sousa
Maximiano, Luana de Fátima Marsola, Laura Beatriz G. M. Viol Ladeia e Liciane de Fátima Retondo
Vaz. A Coordenadora dos Conselhos Municipais Sra. Bianca Caroline Santos Cunha, passou a
palavra a Presidente Sra Liciane de Fátima Retondo Vaz que iniciou a reunião agradecendo a pre-
sença de todos e passou para o primeiro item pauta: Resolução CMI nº 01: “Divulga calendário
anual das Reuniões do Conselho e dá outras providências” após os conselheiros lerem foi aprovada
por todos.. Segundo item da pauta os Pareceres referente a Certificação 2023: Entidade: Associa-
ção dos Idosos de Santa Cruz do Rio Pardo , PARECER: Favorável à Certificação do ano de 2023.
Certificação do ano de 2023. Entidade: Lar São Vicente de Paulo (Centro Dia), PARECER: Favo-
(Estação), CCI, Recanto Feliz), PARECER: Favorável à Certificação do ano de 2023. Entidade:
Associação Apoio ao Desenvolvimento de Santa Cruz do Rio Pardo, PARECER: Suspenso à Cer-
tificação do ano de 2023, até a regularização, pois faltou itens da documentação, sendo assim não
está totalmente em conformidade com a Resolução assim a comissão sugere a não inscrição do
Associação Apoio ao Desenvolvimento de Santa Cruz do Rio Pardo à certificação até apresentação
integral dos documentos que faltaram. Aprovado por todos os presentes. Terceiro item da pauta
eleição da vice presidente sendo eleita pela maioria dos presentes a Karla Andrade José. Quarto
item da pauta Ofício nº 30/2024 - Lar São Vicente de Paulo, o qual solicita a aquisição de um
bebedouro visando atender as necessidades dos idosos assistidos. A solicitação não foi aprovada
pelos conselheiros, porém sugeriram que seja comprado com o valor oriundo de doações de im-
posto de renda direcionado a OSC, o qual é um valor considerável e será disponibilizado através
de Resolução. Quinto e último item da pauta os relatórios sociais referente as denúncias no conse-
lho do idoso para ciência dos conselheiros presentes. Nada mais havendo a se tratar na presente
reunião, eu, Bianca Caroline Santos da Cunha, segunda secretária, lavrei a presente ata, que após
Ata da Reunião Ordinária do Conselho Municipal do Idoso de Santa Cruz do Rio Pardo, Es-
Aos (13) treze dias do mês de junho (06) do ano de dois mil e vinte e quatro (2024), reuniram-se
Municipal de Assistência Social, localizada à Rua Oscar Rosa, nº 14 – Vila Popular. Estavam pre-
sentes na reunião os seguintes conselheiros: Bianca Caroline Santos da Cunha, Karla Andrade
José, Emanuel Luiz Nishimura da Silva, Viviane Cardoso Saito, Bruna Dias Sant´ana, Débora O. de
Sousa Maximiano, Genessilda Gomes de Oliveira, Laura Beatriz G. M. Viol Ladeia, Célia Rita Bor-
ges da Silva. A Coordenadora dos Conselhos Municipais Sra. Bianca Caroline Santos Cunha, pas-
sou a palavra a vice-presidente Sra Karla Andrade José que iniciou a reunião agradecendo a pre-
sença de todos e passou para o primeiro item pauta: Resolução Conselho Municipal do Idoso nº
Fundo Municipal do Idoso (FMI), no exercício de 2024 relativos à arrecadação do ano de 2023 e dá
providências correlatas”, a qual foi lida e aprovada por unanimidade. Segundo item foi a Resolução
Conselho Municipal do Idoso nº 04/2024 -“Constitui comissão para análise da documentação en-
tregue pelas entidades, para Seleção de Projetos, monitoramento e avaliação, análise das presta-
ções de contas de repasses de recursos do Fundo Municipal do Idoso FMI”, a qual ficou formada
pelas conselheiras: Bianca Caroline Santos da Cunha (representante do Poder Público), Bruna Dias
Sant´ana (representante do Poder Público ); Viviane Cardoso Saito (representante do Poder Pú-
blico); Genessilda Gomes de Oliveira (representante da Sociedade Civil) e Laura Beatriz G. M. Viol
Ladeia (representante da Sociedade Civil). Terceiro item da pauta Apresentação do projeto da OSC
Lar São Vicente Paulo para aprovação do Conselho Municipal do Idoso, para que depois de apro-
vado a entidade possa apresentá-lo no Edital Itaú Viver Mais 2024, a fim de pleitear recursos. A
Sra. Célia Rita, representante da OSC, explicou o projeto que depois de discutido alguns pontos foi
aprovado por unanimidade. Quarto item da pauta Apresentação pela Secretaria Municipal de
Idosos, a ser custeado com recurso do Fundo Municipal do Idoso – FMI, o qual foi lido, discutido e
deliberado pelo conselho algumas questões a serem respondidas pela Secretaria Municipal de As-
solicitação. Quinto e último item da pauta os relatórios sociais referente as denúncias no conselho
do idoso para ciência dos conselheiros presentes. Nada mais havendo a se tratar na presente reu-
nião, eu, Bianca Caroline Santos da Cunha, segunda secretária, lavrei a presente ata, que após
Aos vinte e um do mês de fevereiro de dois mil e vinte e quatro, o Presidente Luiz Carlos Novaes Marques,
juntamente com os conselheiros: Daniela Silva Ferreira; Andrea de Fátima Mendes Nardo; Luiz Fernando
Gobbis Shirashi; Sirley de Lourdes B. Franciscon; Debora O. de Souza Maximiano; Cassia de Oliveira Izidio;
Luana de Fatima Marsola; reuniram-se em Reunião Presencial no prédio denominado Secretária Municipal
dos Direitos da Pessoa com Deficiência. Às 09h30 pontualmente, foi declarada aberta a sessão. 1º Tópico da
Pauta: Termo de Colaboração nº. 001/2023, com vigência de 01/01/2023 a 31/12/2023, celebrado com a
seguinte Organização da Sociedade Civil – OSC: Associação de Pais e Amigos dos Excepcionais de Santa
Cruz do Rio Pardo – APAE - CNPJ nº. 44.566.131/0001-06: Anexo RP 10 – REPASSES AO TERCEIRO
SETOR – DEMONSTRATIVO INTEGRAL DAS RECEITAS E DESPESAS – TERMO DE
COLABORAÇÃO – 4º Trimestre (outubro/2023 a dezembro/2023) – Saldo do Trimestre Anterior: R$
121.893,85 (cento e vinte e um mil e oitocentos e noventa e três reais e oitenta e cinco centavos), Valor
repassado no período: R$ 174.999,99 (cento e setenta e quatro mil e novecentos e noventa e nove reais e
noventa e nove centavos); Rendimento: R$ 1.371,89 (mil e trezentos e setenta e um reais e oitenta e nove
centavos); Saldo: R$ 0,00 (zero), após passadas todas as informações necessárias sobre a prestação de contas
aos Membros do Conselho Municipal presentes, foram sanadas todas as dúvidas, foi colocada em votação a
Prestação de Contas, sendo APROVADA POR UNANIMIDADE. 2º Tópico da Pauta: Termo de Fomento
nº. 014/2020, com vigência de 01/07/2023 a 31/12/2023 (7º Aditamento), celebrado com a seguinte
Organização da Sociedade Civil – OSC: Associação de Pais e Amigos dos Excepcionais de Santa Cruz do Rio
Pardo – APAE - CNPJ nº. 44.566.131/0001-06: Anexo RP 10 – REPASSES AO TERCEIRO SETOR –
DEMONSTRATIVO INTEGRAL DAS RECEITAS E DESPESAS – TERMO DE COLABORAÇÃO – 4º
Trimestre (outubro/2023 a dezembro/2023) - Saldo Anterior: R$ 9.274,52 (nove mil e duzentos e setenta
e quatro reais e cinquenta e dois centavos); Valor repassado no período: R$ 27.079,95 (vinte e sete mil e
setenta e nove reais e noventa e cinco centavos); Rendimento: R$ 49,68 (quarenta e nove reais e sessenta
e oito centavos); Despesa: R$ 36.404,15 (trinta e seis mil e quatrocentos e quatro reais e quinze centavos),
Saldo: R$ 0,00 (zero), após passadas todas as informações necessárias sobre a prestação de contas aos
Membros do Conselho Municipal presentes, foi colocada em votação a Prestação de Contas, sendo
APROVADA POR UNANIMIDADE. 3º Tópico da pauta: Requerimento destinado ao Presidente do
Conselho Municipal dos Direitos da Pessoa Com Deficiência, encaminhado por uma mãe de aluno com
deficiência (Autista grau III) solicitando providências do conselho. Conforme relatado pelo presidente, foi
recebido este documento, e após o mesmo receber orientações da assessoria jurídica da Câmara Municipal, foi
solicitado a abertura de uma comissão. Em UNANIMIDADE pelos conselheiros presentes, foi definido que
o caso será encaminhado via requerimento a Secretaria dos Direitos da Pessoa com Deficiência para apuração
e devidas providências, não sendo necessário a abertura de uma comissão. O referido requerimento será
apresentado na próxima reunião. 4º Tópico da pauta: Discussão da possibilidade de mudança de dia da
reunião deste Conselho, uma vez que os conselheiros não estão conseguindo conciliar a agenda. O presidente
se encarregou de discutir a possibilidade com Bianca, responsável pela sala dos conselhos deste Município.
Será discutido na próxima Reunião mensal. Nada mais havendo a tratar, foi encerrada a sessão às 10h20,
lavrando-se para constar, a presente ata, que vai assinada por mim, Presidente Luiz Carlos Novaes Marques, e
demais presentes, para que produza seus efeitos legais.
Aos vinte de março de dois mil e vinte e quatro, o Presidente Luiz Carlos Novaes Marques, juntamente com
os conselheiros: Daniela Silva Ferreira, Juliana da Silva Mendes, Luiz Fernando Gobbis Shirashi, Suelen C.
Rodrigues Hermini, Sirley de Lourdes B. Franciscon, Erika Cristina Lopes, Cássia de Oliveira Izidio, Luana
de Fátima Marsola, Thiago de Souza Silva e Luiz Carlos Novaes Marques reuniram-se em Reunião Presencial
no prédio denominado Secretária Municipal dos Direitos da Pessoa com Deficiência. Às 09h20 pontualmente,
foi declarada aberta a sessão. No 1º Tópico da Pauta: Leitura do Ofício enviado pela diretora da APAE
solicitando a alteração da data da reunião do conselho pois está coincidindo com a mesma data de atendimento
médico no Centro do Autismo. Foi sugerido pelos membros que as reuniões fossem na terceira sexta feira do
mês às 08h30min. Em unanimidade dos votos dos presentes, foi aprovada a mudança. 2º Tópico da Pauta:
Leitura da ata do mês de Fevereiro de 2024, no qual houve a discordância do presidente em relação a questão
do Requerimento destinado ao Presidente do Conselho Municipal dos Direitos da Pessoa Com Deficiência,
encaminhado por uma mãe de aluno com deficiência (Autista grau III) solicitando providências do conselho,
o qual em UNANIMIDADE ficou decidido pelos conselheiros presentes, que será encaminhado via do
requerimento a Secretaria dos Direitos da Pessoa com Deficiência para apuração e devidas providências, não
sendo necessário a abertura de uma comissão, o mesmo se recusou assinar ata pois não concordou com a
resolução do caso, mesmo a conselheira Luana explicando e colocando que o mesmo concordou com o fato na
reunião do mês anterior. 3ºTópico da Pauta: Aprovação da publicação do regimento interno já elaborado e
aprovado por unanimidade em janeiro de 2023, por 8 votos a favor 1 contra foi aprovado para publicação.
Cabe ressaltar que o presidente se recusou assinar o regimento já aprovado, uma vez que mencionou que não
concorda com algumas cláusulas, porém como a maioria deliberou pela aprovação o mesmo será publicado e
foi sugerido que caso tenha sugestões de alterações que seja colocado em pauta para uma nova discussão e
aprovação da alteração do regimento. 4º Tópico da Pauta: Leitura do ofício do presidente com base no artigo
17 do regimento interno, propondo indicar membros a abertura de uma comissão técnica para atender a
solicitação da mãe de autista para apuração dos fatos ocorridos. O Presidente indicou os membros para a
comissão, porém os conselheiros deliberaram por manter a decisão de que o caso será encaminhado a Secretaria
Municipal dos Direitos da Pessoa com Deficiência para as devidas providências, conforme já havia sido
definido em ATA no mês de fevereiro de 2024. 5º Tópico da Pauta: Breve relatório verbal dos conselheiros
representantes, Luiz Carlos e Daniela sobre a VI Conferência Estadual dos Direitos da Pessoa Com Deficiência
de São Paulo, onde foram levadas propostas a nível estadual e federal para discussão. Informados também aos
conselheiros que a Conselheira Daniela Silva Ferreira representará o Município de Santa Cruz do Rio Pardo
na Conferência Nacional dos Direitos da Pessoa com Deficiência no mês de Julho, com as despesas pagas pelo
CONADE. O presidente ressaltou sua estima pela participação e posicionamento da conselheira durante a
conferência. 6º Tópico da Pauta: Leitura de proposta de ofício solicitando respostas dos ofícios encaminhados
pelo CMDPD ao executivo que até o momento estão sem respostas. aprovado por unanimidade. 7º Tópico da
Pauta: Leitura de proposta de ofício ao setor de Obras, cobrando a identificação das rampas confeccionadas
com recursos do FID - Fundo de interesse Difuso no valor de R$808.722,13 e das rampas confeccionadas com
recursos do empréstimo da Caixa Econômica Federal no valor de R$244.794,88. Solicitar o mapa das rampas
com os endereços e identificação do contrato pelo qual a rampa foi confeccionada. por 4 votos a favor e 5
contra, foi reprovado a proposta. 8º Tópico da Pauta: Leitura da proposta de ofício cobrando o setor da
fiscalização sobre o que tem sido feito no sentido de cobrar os moradores do município para acessibilidade das
calçadas. Os membros propuseram que colocasse no ofício o prazo de 15 dias úteis a partir do recebimento das
respostas. Aprovado por unanimidade. Nada mais havendo a tratar, foi encerrada a sessão às 10h15, lavrando-
se para constar, a presente ata, que vai assinada por mim, Presidente Luiz Carlos Novaes Marques, e demais
presentes, para que produza seus efeitos legais.
COMUNICADOS
COMUNICADO
Instrumento de autorização de uso de bem imóvel Palácio da Cultura “Umberto Magnani
Netto” conforme o decreto N° 99/2024.
Fica concedida a Danielle de Paula Lima, CPF nº 21536069850, a permissão de uso a título
precário, no período de 17,18 e 19 de dezembro de 2024 as dependências do imóvel Palácio da
Cultura “Umberto Magnani Netto”, para realização do evento denominado “Caravana Poesia
Cantada”, sendo que o mesmo será disponibilizado gratuitamente as escolas das redes públicas
de ensino do município.
Secretária de Cultura
COMUNICADO
Instrumento de autorização de uso de bem imóvel Palácio da Cultura “Umberto Magnani
Netto” conforme o decreto N° 99/2024.
Fica concedida a Juliana Pereira Manfrin , CPF nº 34714343808, a permissão de uso a título
precário, no período de 10 de outubro de 2024 as dependências do imóvel Palácio da Cultura
“Umberto Magnani Netto”, para realização do evento denominado “Festival de Cinema Amador”,
sendo que o mesmo será disponibilizado gratuitamente à população mediante a troca de
ingressos pela doação de alimentos, em prol de pessoas em situação de vulnerabilidade social
que serão encaminhados posteriormente ao Fundo Social de Solidariedade do município.
Secretária de Cultura
COMUNICADO
Instrumento de autorização de uso de bem imóvel Palácio da Cultura “Umberto Magnani
Netto” conforme o decreto N° 99/2024.
Fica concedida a Keila Giovana Locali Dutra Pimentel , CPF nº 19153689879, a permissão de uso
a título precário, no período de 05 e 06 de dezembro de 2024 as dependências do imóvel Palácio
da Cultura “Umberto Magnani Netto”, para realização do evento denominado “Encerramento do
Ano Letivo” com atividades culturais, sendo que o mesmo será disponibilizado gratuitamente
aos pais dos alunos mediante a troca de ingressos pela doação de alimentos, em prol de pessoas
em situação de vulnerabilidade social que serão encaminhados posteriormente ao Fundo Social
de Solidariedade do município.
Secretária de Cultura
DECRETOS
ZdKEǑϭϱϬ͕ϭϭ:h>,KϮϬϮϰ͘
ŝƐƉƁĞƐŽďƌĞĂĂďĞƌƚƵƌĂĚĞƵŵĐƌĠĚŝƚŽĂĚŝĐŝŽŶĂůƐƵƉůĞŵĞŶƚĂƌ
ŶŽǀĂůŽƌĚĞZΨϭϬ͘ϬϬϬ͕ϬϬ͘
/'K,EZ/Yh^/E'K>E/K^d͕WƌĞĨĞŝƚŽĚĞ^ĂŶƚĂƌƵnjĚŽZŝŽWĂƌĚŽ͕ƐƚĂĚŽĚĞ
^ĆŽWĂƵůŽ͕ŶŽƵƐŽĚĞƐƵĂƐĂƚƌŝďƵŝĕƁĞƐůĞŐĂŝƐ͕ĞĚĞĂĐŽƌĚŽĐŽŵĂ>Ğŝϰ͘ϭϵϳĚĞϮϬĚĞĚĞnjĞŵďƌŽĚĞ
ϮϬϮϯ͘
KE^/ZEKĂŶĞĐĞƐƐŝĚĂĚĞĚĞƐƵƉůĞŵĞŶƚĂƌĚŽƚĂĕƁĞƐĚŽŽƌĕĂŵĞŶƚŽǀŝŐĞŶƚĞ͕ĐŽŵ
ŝŶƐƵĨŝĐŝġŶĐŝĂĚĞƐĂůĚŽƐƉĂƌĂĂďƌŝŐĂƌŶŽǀŽƐĞŵƉĞŶŚŽƐ͕
Zd͗
ƌƚŝŐŽ ϭǑ͘ Ͳ &ŝĐĂ ĂďĞƌƚŽ ŶŽ ĞƉĂƌƚĂŵĞŶƚŽ ĚĞ ŽŶƚĂďŝůŝĚĂĚĞ Ƶŵ ĐƌĠĚŝƚŽ ĂĚŝĐŝŽŶĂů
ƐƵƉůĞŵĞŶƚĂƌ ŶŽ ǀĂůŽƌĚĞ ZΨ ϭϬ͘ϬϬϬ͕ϬϬ ;ĚĞnj ŵŝů ƌĞĂŝƐͿ ƉĂƌĂ ĂƐ ƐĞŐƵŝŶƚĞƐ ĚŽƚĂĕƁĞƐ ĚŽŽƌĕĂŵĞŶƚŽ
ǀŝŐĞŶƚĞ͗
Ϭϯ͘ϬϬ͘ϬϬ–ƵƚĂƌƋƵŝĂŽĚĞƐĂŶ
Ϭϯ͘Ϭϭ͘ϬϬ–ŽĚĞƐĂŶ^ĞƌǀŝĕŽƐĞKďƌĂƐ
Ϭϯ͘Ϭϭ͘Ϭϭ–ŽĚĞƐĂŶ^ĞƌǀŝĕŽƐDƵŶŝĐŝƉĂŝƐ͕hƌďĂŶŽƐĞZƵƌĂŝƐ
Ϭϰ͘ϭϮϮ͘ϬϬϮϴ͘Ϯ͘Ϭϴϰ–KďƌĂƐĞ^ĞƌǀŝĕŽƐ
ϲϬϵ
ϰ͘ϰ͘ϵϬ͘ϱϮ͘ϬϬ–ƋƵŝƉĂŵĞŶƚŽƐĞDĂƚĞƌŝĂůWĞƌŵĂŶĞŶƚĞZΨϭϬ͘ϬϬϬ͕ϬϬ
dŽƚĂů͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ZΨϭϬ͘ϬϬϬ͕ϬϬ
ƌƚŝŐŽ ϮǑ͘ Ͳ KƐ ƌĞĐƵƌƐŽƐ ŶĞĐĞƐƐĄƌŝŽƐ ă ĐŽďĞƌƚƵƌĂ ĚŽ ƉƌĞƐĞŶƚĞ ĐƌĠĚŝƚŽ ĂĚŝĐŝŽŶĂů
ƐƵƉůĞŵĞŶƚĂƌĐŽƌƌĞƌĆŽƉŽƌĐŽŶƚĂĚĞĂŶƵůĂĕĆŽƉĂƌĐŝĂůĚĂƐĞŐƵŝŶƚĞĚŽƚĂĕĆŽĚŽŽƌĕĂŵĞŶƚŽǀŝŐĞŶƚĞ͕Ă
ƐĂďĞƌ͗
Ϭϯ͘ϬϬ͘ϬϬ–ƵƚĂƌƋƵŝĂŽĚĞƐĂŶ
Ϭϯ͘Ϭϭ͘ϬϬ–ŽĚĞƐĂŶ^ĞƌǀŝĕŽƐĞKďƌĂƐ
Ϭϯ͘Ϭϭ͘Ϭϭ–ŽĚĞƐĂŶ^ĞƌǀŝĕŽƐDƵŶŝĐŝƉĂŝƐ͕hƌďĂŶŽƐĞZƵƌĂŝƐ
Ϭϰ͘ϭϮϮ͘ϬϬϮϴ͘Ϯ͘Ϭϴϰ–KďƌĂƐĞ^ĞƌǀŝĕŽƐ
ϲϬϲ
ϯ͘ϯ͘ϵϬ͘ϯϬ͘ϬϬ–DĂƚĞƌŝĂůĚĞŽŶƐƵŵŽZΨ ϭϬ͘ϬϬϬ͕ϬϬ
dŽƚĂů͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ZΨϭϬ͘ϬϬϬ͕ϬϬ
ƌƚŝŐŽ ϯǑ͘ – ƐƚĞ ĚĞĐƌĞƚŽ ĞŶƚƌĂ Ğŵ ǀŝŐŽƌ ŶĂ ĚĂƚĂ ĚĞ ƐƵĂ ƉƵďůŝĐĂĕĆŽ͕ ƌĞǀŽŐĂĚĂƐ ĂƐ
ĚŝƐƉŽƐŝĕƁĞƐĞŵĐŽŶƚƌĄƌŝŽ͘
WƌĞĨĞŝƚƵƌĂĚĞ^ĂŶƚĂƌƵnjĚŽZŝŽWĂƌĚŽ͕ϭϭĚĞũƵůŚŽĚĞϮϬϮϰ͘
/'K,EZ/Yh^/E'K>E/K^d
WƌĞĨĞŝƚŽ
ZdKEǑϭϲϮ͕Ϯϰ:h>,KϮϬϮϰ͘
ŝƐƉƁĞƐŽďƌĞĂĂďĞƌƚƵƌĂĚĞƵŵĐƌĠĚŝƚŽĂĚŝĐŝŽŶĂůƐƵƉůĞŵĞŶƚĂƌ
ŶŽǀĂůŽƌĚĞZΨϮϬ͘ϬϬϬ͕ϬϬ͘
/'K,EZ/Yh^/E'K>E/K^d͕WƌĞĨĞŝƚŽĚĞ^ĂŶƚĂƌƵnjĚŽZŝŽWĂƌĚŽ͕ƐƚĂĚŽĚĞ
^ĆŽWĂƵůŽ͕ŶŽƵƐŽĚĞƐƵĂƐĂƚƌŝďƵŝĕƁĞƐůĞŐĂŝƐ͕ĞĚĞĂĐŽƌĚŽĐŽŵĂ>Ğŝϰ͘ϭϵϳĚĞϮϬĚĞĚĞnjĞŵďƌŽĚĞ
ϮϬϮϯ͘
KE^/ZEKĂŶĞĐĞƐƐŝĚĂĚĞĚĞƐƵƉůĞŵĞŶƚĂƌĚŽƚĂĕƁĞƐĚŽŽƌĕĂŵĞŶƚŽǀŝŐĞŶƚĞ͕ĐŽŵ
ŝŶƐƵĨŝĐŝġŶĐŝĂĚĞƐĂůĚŽƐƉĂƌĂĂďƌŝŐĂƌŶŽǀŽƐĞŵƉĞŶŚŽƐ͕
Zd͗
ƌƚŝŐŽ ϭǑ͘ Ͳ &ŝĐĂ ĂďĞƌƚŽ ŶŽ ĞƉĂƌƚĂŵĞŶƚŽ ĚĞ ŽŶƚĂďŝůŝĚĂĚĞ Ƶŵ ĐƌĠĚŝƚŽ ĂĚŝĐŝŽŶĂů
ƐƵƉůĞŵĞŶƚĂƌŶŽǀĂůŽƌĚĞZΨϮϬ͘ϬϬϬ͕ϬϬ;ǀŝŶƚĞŵŝůƌĞĂŝƐͿƉĂƌĂĂƐƐĞŐƵŝŶƚĞƐĚŽƚĂĕƁĞƐĚŽŽƌĕĂŵĞŶƚŽ
ǀŝŐĞŶƚĞ͗
Ϭϯ͘ϬϬ͘ϬϬ–ƵƚĂƌƋƵŝĂŽĚĞƐĂŶ
Ϭϯ͘Ϭϭ͘ϬϬ–ŽĚĞƐĂŶ^ĞƌǀŝĕŽƐĞKďƌĂƐ
Ϭϯ͘Ϭϭ͘Ϭϭ–ŽĚĞƐĂŶ^ĞƌǀŝĕŽƐDƵŶŝĐŝƉĂŝƐ͕hƌďĂŶŽƐĞZƵƌĂŝƐ
Ϭϰ͘ϭϮϮ͘ϬϬϮϴ͘Ϯ͘Ϭϴϯ–ĚŵŝŶŝƐƚƌĂĕĆŽĚĂŽĚĞƐĂŶĞ^ĞƌǀŝĕŽƐDƵŶŝĐŝƉĂŝƐ
ϲϬϭ
ϯ͘ϯ͘ϵϬ͘ϯϵ͘ϬϬ–KƵƚƌŽƐ^ĞƌǀŝĕŽƐĚĞdĞƌĐĞŝƌŽƐ–WĞƐƐŽĂ:ƵƌşĚŝĐĂZΨϮϬ͘ϬϬϬ͕ϬϬ
dŽƚĂů͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ZΨϮϬ͘ϬϬϬ͕ϬϬ
ƌƚŝŐŽ ϮǑ͘ Ͳ KƐ ƌĞĐƵƌƐŽƐ ŶĞĐĞƐƐĄƌŝŽƐ ă ĐŽďĞƌƚƵƌĂ ĚŽ ƉƌĞƐĞŶƚĞ ĐƌĠĚŝƚŽ ĂĚŝĐŝŽŶĂů
ƐƵƉůĞŵĞŶƚĂƌĐŽƌƌĞƌĆŽƉŽƌĐŽŶƚĂĚĞĂŶƵůĂĕĆŽƉĂƌĐŝĂůĚĂƐĞŐƵŝŶƚĞĚŽƚĂĕĆŽĚŽŽƌĕĂŵĞŶƚŽǀŝŐĞŶƚĞ͕Ă
ƐĂďĞƌ͗
Ϭϯ͘ϬϬ͘ϬϬ–ƵƚĂƌƋƵŝĂŽĚĞƐĂŶ
Ϭϯ͘Ϭϭ͘ϬϬ–ŽĚĞƐĂŶ^ĞƌǀŝĕŽƐĞKďƌĂƐ
Ϭϯ͘Ϭϭ͘Ϭϭ–ŽĚĞƐĂŶ^ĞƌǀŝĕŽƐDƵŶŝĐŝƉĂŝƐ͕hƌďĂŶŽƐĞZƵƌĂŝƐ
Ϭϰ͘ϭϮϮ͘ϬϬϮϴ͘Ϯ͘Ϭϴϯ–ĚŵŝŶŝƐƚƌĂĕĆŽĚĂŽĚĞƐĂŶĞ^ĞƌǀŝĕŽƐDƵŶŝĐŝƉĂŝƐ
ϲϬϬ
ϯ͘ϯ͘ϵϬ͘ϯϲ͘ϬϬ–KƵƚƌŽƐ^ĞƌǀŝĕŽƐĚĞdĞƌĐĞŝƌŽƐ–WĞƐƐŽĂ&şƐŝĐĂZΨϮϬ͘ϬϬϬ͕ϬϬ
dŽƚĂů͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ZΨϮϬ͘ϬϬϬ͕ϬϬ
ƌƚŝŐŽ ϯǑ͘ – ƐƚĞ ĚĞĐƌĞƚŽ ĞŶƚƌĂ Ğŵ ǀŝŐŽƌ ŶĂ ĚĂƚĂ ĚĞ ƐƵĂ ƉƵďůŝĐĂĕĆŽ͕ ƌĞǀŽŐĂĚĂƐ ĂƐ
ĚŝƐƉŽƐŝĕƁĞƐĞŵĐŽŶƚƌĄƌŝŽ͘
WƌĞĨĞŝƚƵƌĂĚĞ^ĂŶƚĂƌƵnjĚŽZŝŽWĂƌĚŽ͕ϮϰĚĞũƵůŚŽĚĞϮϬϮϰ͘
/'K,EZ/Yh^/E'K>E/K^d
WƌĞĨĞŝƚŽ
ZdKEǑϭϲϯ͕Ϯϲ:h>,KϮϬϮϰ͘
ŝƐƉƁĞƐŽďƌĞĂĂďĞƌƚƵƌĂĚĞƵŵĐƌĠĚŝƚŽĂĚŝĐŝŽŶĂůƐƵƉůĞŵĞŶƚĂƌŶŽ
ǀĂůŽƌĚĞZΨϭϱϴ͘ϯϯϳ͕ϱϳ͘
/'K,EZ/Yh^/E'K>E/K^d͕WƌĞĨĞŝƚŽĚĞ^ĂŶƚĂƌƵnjĚŽZŝŽWĂƌĚŽ͕ƐƚĂĚŽĚĞ^ĆŽ
WĂƵůŽ͕ŶŽƵƐŽĚĞƐƵĂƐĂƚƌŝďƵŝĕƁĞƐůĞŐĂŝƐ͕ĞĚĞĂĐŽƌĚŽĐŽŵĂ>Ğŝϰ͘ϭϵϳĚĞϮϬĚĞĚĞnjĞŵďƌŽĚĞϮϬϮϯ͘
Zd͗
ƌƚŝŐŽ ϭǑ͘ Ͳ &ŝĐĂ ĂďĞƌƚŽ ŶŽ ĞƉĂƌƚĂŵĞŶƚŽ ĚĞ ŽŶƚĂďŝůŝĚĂĚĞ Ƶŵ ĐƌĠĚŝƚŽ ĂĚŝĐŝŽŶĂů
ƐƵƉůĞŵĞŶƚĂƌŶŽǀĂůŽƌĚĞZΨϭϱϴ͘ϯϯϳ͕ϱϳ;ĐĞŶƚŽĞĐŝŶƋƵĞŶƚĂĞŽŝƚŽŵŝ͕ƚƌĞnjĞŶƚŽƐĞƚƌŝŶƚĂĞƐĞƚĞƌĞĂŝƐ
ĞĐŝŶƋƵĞŶƚĂĞƐĞƚĞĐĞŶƚĂǀŽƐͿƉĂƌĂĂƐƐĞŐƵŝŶƚĞƐĚŽƚĂĕƁĞƐĚŽŽƌĕĂŵĞŶƚŽǀŝŐĞŶƚĞ͗
ϬϮ͘ϬϬ͘ϬϬ–WŽĚĞƌdžĞĐƵƚŝǀŽ
ϬϮ͘Ϭϭ͘ϬϬ–'ĂďŝŶĞƚĞĚŽWƌĞĨĞŝƚŽ
ϬϮ͘Ϭϭ͘Ϭϭ–ŚĞĨŝĂĚŽ'ĂďŝŶĞƚĞ
Ϭϰ͘ϭϮϮ͘ϬϬϬϮ͘Ϯ͘ϬϬϭ
ϮϬ
ϯ͘ϯ͘ϵϬ͘ϯϬ͘ϬϬ–DĂƚĞƌŝĂůĚĞŽŶƐƵŵŽZΨϴ͘ϯϯϳ͕ϱϳ
ϬϮ͘ϭϳ͘ϬϬ–^ĞĐƌĞƚĂƌŝĂĚĞdƵƌŝƐŵŽ
ϬϮ͘ϭϳ͘ϬϮ–ĞƉĂƌƚĂŵĞŶƚŽĚĞsŝĂƐhƌďĂŶĂƐĞ/ůƵŵŝŶĂĕĆŽWƷďůŝĐĂ
Ϯϱ͘ϳϱϮ͘ϬϬϮϳ͘Ϯ͘ϬϲϬ
ϱϴϰ
ŽŶƚŝŶƵĂĕĆŽĚŽĞĐƌĞƚŽŶǑϭϲϯĚĞϮϱĚĞũƵůŚŽĚĞϮϬϮϰ͘
ϯ͘ϯ͘ϵϬ͘ϯϬ͘ϬϬ–DĂƚĞƌŝĂůĚĞŽŶƐƵŵŽZΨϭϱϬ͘ϬϬϬ͕ϬϬ
dŽƚĂů͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ZΨϭϱϴ͘ϯϯϳ͕ϱϳ
ƌƚŝŐŽ ϮǑ͘ Ͳ KƐ ƌĞĐƵƌƐŽƐ ŶĞĐĞƐƐĄƌŝŽƐ ă ĐŽďĞƌƚƵƌĂ ĚŽ ƉƌĞƐĞŶƚĞ ĐƌĠĚŝƚŽ ĂĚŝĐŝŽŶĂů
ƐƵƉůĞŵĞŶƚĂƌŶŽǀĂůŽƌĚĞZΨϭϱϬ͘ϬϬϬ͕ϬϬ;ĐĞŶƚŽĞĐŝŶƋƵĞŶƚĂŵŝůƌĞĂŝƐͿĐŽƌƌĞƌĆŽƉŽƌĐŽŶƚĂĚŽƐƵƉĞƌĄǀŝƚ
ĨŝŶĂŶĐĞŝƌŽǀĞƌŝĨŝĐĂĚŽŶŽĞdžĞƌĐşĐŝŽĞŶŽǀĂůŽƌĚĞZΨϴ͘ϯϯϳ͕ϱϳ;ŽŝƚŽŵŝů͕ƚƌĞnjĞŶƚŽƐĞƚƌŝŶƚĂĞƐĞƚĞƌĞĂŝƐĞ
ĐŝŶƋƵĞŶƚĂ Ğ ƐĞƚĞ ĐĞŶƚĂǀŽƐͿ ƐĞƌĆŽ ƉƌŽǀĞŶŝĞŶƚĞƐ ĚĞ ĂŶƵůĂĕĆŽ ƉĂƌĐŝĂů ĚĂ ƐĞŐƵŝŶƚĞ ĚŽƚĂĕĆŽ ĚŽ
ŽƌĕĂŵĞŶƚŽǀŝŐĞŶƚĞ͕ĂƐĂďĞƌ͗
ϬϮ͘ϬϬ͘ϬϬ–WŽĚĞƌdžĞĐƵƚŝǀŽ
ϬϮ͘Ϭϭ͘ϬϬ–'ĂďŝŶĞƚĞĚŽWƌĞĨĞŝƚŽ
ϬϮ͘Ϭϭ͘Ϭϭ–ŚĞĨŝĂĚŽ'ĂďŝŶĞƚĞ
Ϭϰ͘ϭϮϮ͘ϬϬϬϮ͘Ϯ͘ϬϬϭ
ϭϵ
ϯ͘ϭ͘ϵϬ͘ϭϯ͘ϬϬ–KďƌŝŐĂĕƁĞƐWĂƚƌŽŶĂŝƐZΨϴ͘ϯϯϳ͕ϱϳ
dŽƚĂů͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ZΨϴ͘ϯϯϳ͕ϱϳ
ƌƚŝŐŽ ϯǑ͘ – ƐƚĞ ĚĞĐƌĞƚŽ ĞŶƚƌĂ Ğŵ ǀŝŐŽƌ ŶĂ ĚĂƚĂ ĚĞ ƐƵĂ ƉƵďůŝĐĂĕĆŽ͕ ƌĞǀŽŐĂĚĂƐ ĂƐ
ĚŝƐƉŽƐŝĕƁĞƐĞŵĐŽŶƚƌĄƌŝŽ͘
WƌĞĨĞŝƚƵƌĂĚĞ^ĂŶƚĂƌƵnjĚŽZŝŽWĂƌĚŽ͕ϮϲĚĞũƵůŚŽĚĞϮϬϮϰ͘
/'K,EZ/Yh^/E'K>E/K^d
WƌĞĨĞŝƚŽ
ŽŶƚŝŶƵĂĕĆŽĚŽĞĐƌĞƚŽŶǑϭϲϯĚĞϮϲĚĞũƵůŚŽĚĞϮϬϮϰ͘
EyK/
DKE^dZd/sKK^hWZs/d
ƚŝǀŽ&ŝŶĂŶĐĞŝƌŽ Ϯϰ͘ϮϮϮ͘ϲϰϱ͕ϲϵ
;ͲͿWĂƐƐŝǀŽ&ŝŶĂŶĐĞŝƌŽϭϮ͘ϱϯϳ͘ϱϲϮ͕Ϭϲ
;сͿ^ƵƉĞƌĄǀŝƚ&ŝŶĂŶĐĞŝƌŽƉƵƌĂĚŽϭϭ͘ϳϬϱ͘ϲϱϱ͕ϳϯ
;ͲͿsĂůŽƌũĄƵƚŝůŝnjĂĚŽ;ĚĞĐƌĞƚŽϬϮĚĞϬϯͬϬϭͬϮϬϮϰͿ;ϲϵϭ͘ϲϯϱ͕ϵϰͿ
;ͲͿsĂůŽƌũĄƵƚŝůŝnjĂĚŽ;ĚĞĐƌĞƚŽϬϲĚĞϮϮͬϬϭͬϮϬϮϰͿ;ϱϬϬ͘ϬϬϬ͕ϬϬͿ
;ͲͿsĂůŽƌũĄƵƚŝůŝnjĂĚŽ;ĚĞĐƌĞƚŽϬϴĚĞϮϯͬϬϭͬϮϬϮϰͿ;ϭϴ͘ϰϵϲ͕ϮϱͿ
;ͲͿsĂůŽƌũĄƵƚŝůŝnjĂĚŽ;ĚĞĐƌĞƚŽϭϬĚĞϮϲͬϬϭͬϮϬϮϰͿ;ϵϰ͘ϯϲϰ͕ϮϵͿ
;ͲͿsĂůŽƌũĄƵƚŝůŝnjĂĚŽ;ĚĞĐƌĞƚŽϭϯĚĞϯϬͬϬϭͬϮϬϮϰͿ;ϴϱ͘ϬϬϬ͕ϬϬͿ
;ͲͿsĂůŽƌũĄƵƚŝůŝnjĂĚŽ;ĚĞĐƌĞƚŽϭϲĚĞϯϬͬϬϭͬϮϬϮϰͿ;ϭϵϵ͘ϯϰϯ͕ϵϰͿ
;ͲͿsĂůŽƌũĄƵƚŝůŝnjĂĚŽ;ĚĞĐƌĞƚŽϭϴĚĞϬϱͬϬϮͬϮϬϮϰͿ;ϯϮ͘ϬϬϬ͕ϬϬͿ
;ͲͿsĂůŽƌũĄƵƚŝůŝnjĂĚŽ;ĚĞĐƌĞƚŽϮϭĚĞϬϴͬϬϮͬϮϬϮϰͿ;ϰϭϲ͘ϯϬϵ͕ϵϳͿ
;ͲͿsĂůŽƌũĄƵƚŝůŝnjĂĚŽ;ĚĞĐƌĞƚŽϮϮĚĞϬϵͬϬϮͬϮϬϮϰͿ;ϮϮ͘ϬϬϬ͕ϬϬͿ
;ͲͿsĂůŽƌũĄƵƚŝůŝnjĂĚŽ;ĚĞĐƌĞƚŽϮϯĚĞϭϰͬϬϮͬϮϬϮϰͿ;ϴϱϯ͘ϰϲϭ͕ϭϲͿ
;ͲͿsĂůŽƌũĄƵƚŝůŝnjĂĚŽ;ĚĞĐƌĞƚŽϮϰĚĞϭϰͬϬϮͬϮϬϮϰͿ;ϱϰϯ͘ϯϮϲ͕ϭϭͿ
;ͲͿsĂůŽƌũĄƵƚŝůŝnjĂĚŽ;ĚĞĐƌĞƚŽϮϱĚĞϭϰͬϬϮͬϮϬϮϰͿ;ϱϱ͘ϴϰϵ͕ϰϬͿ
;ͲͿsĂůŽƌũĄƵƚŝůŝnjĂĚŽ;ĚĞĐƌĞƚŽϮϲĚĞϭϰͬϬϮͬϮϬϮϰͿ;ϮϲϬ͘ϳϵϭ͕ϲϳͿ
;ͲͿsĂůŽƌũĄƵƚŝůŝnjĂĚŽ;ĚĞĐƌĞƚŽϮϳĚĞϭϰͬϬϮͬϮϬϮϰͿ;ϭ͘ϴϵϮ͘ϬϬϬ͕ϬϬͿ
ŽŶƚŝŶƵĂĕĆŽĚŽĞĐƌĞƚŽŶǑϭϲϯĚĞϮϲĚĞũƵůŚŽĚĞϮϬϮϰ͘
;ͲͿsĂůŽƌũĄƵƚŝůŝnjĂĚŽ;ĚĞĐƌĞƚŽϮϵĚĞϭϰͬϬϮͬϮϬϮϰͿ;ϯϬϬ͕ϬϬͿ
;ͲͿsĂůŽƌũĄƵƚŝůŝnjĂĚŽ;ĚĞĐƌĞƚŽϯϳĚĞϮϮͬϬϮͬϮϬϮϰͿ;ϭ͘ϲϰϱ͕ϬϱͿ
;ͲͿsĂůŽƌũĄƵƚŝůŝnjĂĚŽ;ĚĞĐƌĞƚŽϰϬĚĞϮϲͬϬϮͬϮϬϮϰͿ;ϮϬϲ͘ϮϮϭ͕ϬϬͿ
;ͲͿsĂůŽƌũĄƵƚŝůŝnjĂĚŽ;ĚĞĐƌĞƚŽϰϰĚĞϮϳͬϬϮͬϮϬϮϰͿ;ϴϮ͘Ϭϱϲ͕ϯϭͿ
;ͲͿsĂůŽƌũĄƵƚŝůŝnjĂĚŽ;ĚĞĐƌĞƚŽϰϱĚĞϮϳͬϬϮͬϮϬϮϰͿ;ϱϬϴ͘ϰϬϭ͕ϰϯͿ
;ͲͿsĂůŽƌũĄƵƚŝůŝnjĂĚŽ;ĚĞĐƌĞƚŽϰϳĚĞϮϴͬϬϮͬϮϬϮϰͿ;ϭϯϰ͘ϴϬϭ͕ϬϬͿ
;ͲͿsĂůŽƌũĄƵƚŝůŝnjĂĚŽ;ĚĞĐƌĞƚŽϱϬĚĞϮϵͬϬϮͬϮϬϮϰͿ;ϯϮ͘ϬϬϬ͕ϬϬͿ
;ͲͿsĂůŽƌũĄƵƚŝůŝnjĂĚŽ;ĚĞĐƌĞƚŽϱϮĚĞϬϲͬϬϯͬϮϬϮϰͿ;ϳϯ͘Ϭϰϰ͕ϰϮͿ
;ͲͿsĂůŽƌũĄƵƚŝůŝnjĂĚŽ;ĚĞĐƌĞƚŽϲϴĚĞϬϮͬϬϰͬϮϬϮϰͿ;ϭϲϳ͘ϵϵϵ͕ϬϬͿ
;ͲͿsĂůŽƌũĄƵƚŝůŝnjĂĚŽ;ĚĞĐƌĞƚŽϳϳĚĞϭϬͬϬϰͬϮϬϮϰͿ;ϯϯϬ͘ϬϮϯ͕ϴϵͿ
;ͲͿsĂůŽƌũĄƵƚŝůŝnjĂĚŽ;ĚĞĐƌĞƚŽϳϴĚĞϭϮͬϬϰͬϮϬϮϰͿ;ϱ͘ϯϮϮ͕ϴϲͿ
;ͲͿsĂůŽƌũĄƵƚŝůŝnjĂĚŽ;ĚĞĐƌĞƚŽϵϮĚĞϮϰͬϬϰͬϮϬϮϰͿ;Ϯϯϵ͘ϳϯϲ͕ϯϲͿ
;ͲͿsĂůŽƌũĄƵƚŝůŝnjĂĚŽ;ĚĞĐƌĞƚŽϵϴĚĞϬϮͬϬϱͬϮϬϮϰͿ;ϭϰϳ͘ϬϬϬ͕ϬϬͿ
;ͲͿsĂůŽƌũĄƵƚŝůŝnjĂĚŽ;ĚĞĐƌĞƚŽϭϬϮĚĞϭϰͬϬϱͬϮϬϮϰͿ;ϭϲϯ͘ϱϰϴ͕ϯϲͿ
;ͲͿsĂůŽƌũĄƵƚŝůŝnjĂĚŽ;ĚĞĐƌĞƚŽϭϭϭĚĞϮϰͬϬϱͬϮϬϮϰͿ;ϯ͘ϬϬϬ͕ϬϬͿ
;ͲͿsĂůŽƌũĄƵƚŝůŝnjĂĚŽ;ĚĞĐƌĞƚŽϭϭϱĚĞϮϵͬϬϱͬϮϬϮϰͿ;Ϯϰ͘ϰϭϲ͕ϵϲͿ
;ͲͿsĂůŽƌũĄƵƚŝůŝnjĂĚŽ;ĚĞĐƌĞƚŽϭϭϴĚĞϬϰͬϬϲͬϮϬϮϰͿ;ϭϬϬ͘ϬϬϬ͕ϬϬͿ
;ͲͿsĂůŽƌũĄƵƚŝůŝnjĂĚŽ;ĚĞĐƌĞƚŽϭϮϯĚĞϬϳͬϬϲͬϮϬϮϰͿ;ϯϰϬ͘ϬϬϬ͕ϬϬͿ
;ͲͿsĂůŽƌũĄƵƚŝůŝnjĂĚŽ;ĚĞĐƌĞƚŽϭϮϴĚĞϭϮͬϬϲͬϮϬϮϰͿ;ϭϬ͘ϬϬϬ͕ϬϬͿ
ŽŶƚŝŶƵĂĕĆŽĚŽĞĐƌĞƚŽŶǑϭϲϯĚĞϮϲĚĞũƵůŚŽĚĞϮϬϮϰ͘
;ͲͿsĂůŽƌũĄƵƚŝůŝnjĂĚŽ;ĚĞĐƌĞƚŽϭϯϱĚĞϮϱͬϬϲͬϮϬϮϰͿ;ϭϬϬ͘ϬϬϬ͕ϬϬͿ
;ͲͿsĂůŽƌũĄƵƚŝůŝnjĂĚŽ;ĚĞĐƌĞƚŽϭϯϳĚĞϮϴͬϬϲͬϮϬϮϰͿ;ϳϬ͘ϲϭϲ͕ϬϬͿ
;ͲͿsĂůŽƌũĄƵƚŝůŝnjĂĚŽ;ĚĞĐƌĞƚŽϭϰϱĚĞϬϰͬϬϳͬϮϬϮϰͿ;ϮϬϬ͘ϬϬϬ͕ϬϬͿ
;ͲͿsĂůŽƌũĄƵƚŝůŝnjĂĚŽ;ĚĞĐƌĞƚŽϭϰϲĚĞϬϰͬϬϳͬϮϬϮϰͿ;ϲϬ͘ϬϬϬ͕ϬϬͿ
;ͲͿsĂůŽƌũĄƵƚŝůŝnjĂĚŽ;ĚĞĐƌĞƚŽϭϰϴĚĞϭϬͬϬϳͬϮϬϮϰͿ;ϰϴ͘ϵϮϮ͕ϲϲͿ
;ͲͿsĂůŽƌũĄƵƚŝůŝnjĂĚŽ;ĚĞĐƌĞƚŽϭϱϭĚĞϭϭͬϬϳͬϮϬϮϰͿ;Ϯ͘ϮϰϬ͕ϬϬͿ
;ͲͿsĂůŽƌƷƚŝů͘WƌĞƐĞŶƚĞƌĠĚŝƚŽĚŝĐŝŽŶĂů;ϭϱϬ͘ϬϬϬ͕ϬϬͿ
;сͿ^ĂůĚŽƌĞŵĂŶĞƐĐĞŶƚĞ^ƵƉĞƌĄǀŝƚ&ŝŶĂŶĐĞŝƌŽϮ͘ϴϯϵ͘ϳϴϭ͕ϳϬ
ZdKEǑϭϲϰ͕Ϯϵ:h>,KϮϬϮϰ͘
ŝƐƉƁĞƐŽďƌĞĂĂďĞƌƚƵƌĂĚĞƵŵĐƌĠĚŝƚŽĂĚŝĐŝŽŶĂůƐƵƉůĞŵĞŶƚĂƌ
ŶŽǀĂůŽƌĚĞZΨϭϱϬ͘ϬϬϬ͕ϬϬ͘
/'K,EZ/Yh^/E'K>E/K^d͕WƌĞĨĞŝƚŽĚĞ^ĂŶƚĂƌƵnjĚŽZŝŽWĂƌĚŽ͕ƐƚĂĚŽĚĞ
^ĆŽWĂƵůŽ͕ŶŽƵƐŽĚĞƐƵĂƐĂƚƌŝďƵŝĕƁĞƐůĞŐĂŝƐ͕ĞĚĞĂĐŽƌĚŽĐŽŵĂ>Ğŝϰ͘ϭϵϳĚĞϮϬĚĞĚĞnjĞŵďƌŽĚĞ
ϮϬϮϯ͘
KE^/ZEKĂŶĞĐĞƐƐŝĚĂĚĞĚĞƐƵƉůĞŵĞŶƚĂƌĚŽƚĂĕƁĞƐĚŽŽƌĕĂŵĞŶƚŽǀŝŐĞŶƚĞ͕ĐŽŵ
ŝŶƐƵĨŝĐŝġŶĐŝĂĚĞƐĂůĚŽƐƉĂƌĂĂďƌŝŐĂƌŶŽǀŽƐĞŵƉĞŶŚŽƐ͕
Zd͗
ƌƚŝŐŽ ϭǑ͘ Ͳ &ŝĐĂ ĂďĞƌƚŽ ŶŽ ĞƉĂƌƚĂŵĞŶƚŽ ĚĞ ŽŶƚĂďŝůŝĚĂĚĞ Ƶŵ ĐƌĠĚŝƚŽ ĂĚŝĐŝŽŶĂů
ƐƵƉůĞŵĞŶƚĂƌŶŽǀĂůŽƌĚĞZΨϭϱϬ͘ϬϬϬ͕ϬϬ;ĐĞŶƚŽĞĐŝŶƋƵĞŶƚĂŵŝůƌĞĂŝƐͿƉĂƌĂĂƐƐĞŐƵŝŶƚĞƐĚŽƚĂĕƁĞƐĚŽ
ŽƌĕĂŵĞŶƚŽǀŝŐĞŶƚĞ͗
Ϭϯ͘ϬϬ͘ϬϬ–ƵƚĂƌƋƵŝĂŽĚĞƐĂŶ
Ϭϯ͘Ϭϭ͘ϬϬ–ŽĚĞƐĂŶ^ĞƌǀŝĕŽƐĞKďƌĂƐ
Ϭϯ͘Ϭϭ͘Ϭϭ–ŽĚĞƐĂŶ^ĞƌǀŝĕŽƐDƵŶŝĐŝƉĂŝƐ͕hƌďĂŶŽƐĞZƵƌĂŝƐ
Ϭϰ͘ϭϮϮ͘ϬϬϮϴ͘Ϯ͘Ϭϴϰ–KďƌĂƐĞ^ĞƌǀŝĕŽƐ
ϲϬϴ
ϯ͘ϯ͘ϵϬ͘ϯϵ͘ϬϬ–KƵƚƌŽƐ^ĞƌǀŝĕŽƐĚĞdĞƌĐĞŝƌŽƐ–WĞƐƐŽĂ:ƵƌşĚŝĐĂZΨϭϱϬ͘ϬϬϬ͕ϬϬ
dŽƚĂů͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ZΨϭϱϬ͘ϬϬϬ͕ϬϬ
ƌƚŝŐŽ ϮǑ͘ Ͳ KƐ ƌĞĐƵƌƐŽƐ ŶĞĐĞƐƐĄƌŝŽƐ ă ĐŽďĞƌƚƵƌĂ ĚŽ ƉƌĞƐĞŶƚĞ ĐƌĠĚŝƚŽ ĂĚŝĐŝŽŶĂů
ƐƵƉůĞŵĞŶƚĂƌĐŽƌƌĞƌĆŽƉŽƌĐŽŶƚĂĚĞĂŶƵůĂĕĆŽƉĂƌĐŝĂůĚĂƐĞŐƵŝŶƚĞĚŽƚĂĕĆŽĚŽŽƌĕĂŵĞŶƚŽǀŝŐĞŶƚĞ͕Ă
ƐĂďĞƌ͗
ŽŶƚŝŶƵĂĕĆŽĚŽĞĐƌĞƚŽŶǑϭϲϰĚĞϮϵĚĞũƵůŚŽĚĞϮϬϮϰ͘
Ϭϯ͘ϬϬ͘ϬϬ–ƵƚĂƌƋƵŝĂŽĚĞƐĂŶ
Ϭϯ͘Ϭϭ͘ϬϬ–ŽĚĞƐĂŶ^ĞƌǀŝĕŽƐĞKďƌĂƐ
Ϭϯ͘Ϭϭ͘Ϭϭ–ŽĚĞƐĂŶ^ĞƌǀŝĕŽƐDƵŶŝĐŝƉĂŝƐ͕hƌďĂŶŽƐĞZƵƌĂŝƐ
Ϭϰ͘ϭϮϮ͘ϬϬϮϴ͘Ϯ͘Ϭϴϰ–KďƌĂƐĞ^ĞƌǀŝĕŽƐ
ϲϬϬ
ϯ͘ϯ͘ϵϬ͘ϯϬ͘ϬϬ–DĂƚĞƌŝĂůĚĞŽŶƐƵŵŽZΨϭϱϬ͘ϬϬϬ͕ϬϬ
dŽƚĂů͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ZΨϭϱϬ͘ϬϬϬ͕ϬϬ
ƌƚŝŐŽ ϯǑ͘ – ƐƚĞ ĚĞĐƌĞƚŽ ĞŶƚƌĂ Ğŵ ǀŝŐŽƌ ŶĂ ĚĂƚĂ ĚĞ ƐƵĂ ƉƵďůŝĐĂĕĆŽ͕ ƌĞǀŽŐĂĚĂƐ ĂƐ
ĚŝƐƉŽƐŝĕƁĞƐĞŵĐŽŶƚƌĄƌŝŽ͘
WƌĞĨĞŝƚƵƌĂĚĞ^ĂŶƚĂƌƵnjĚŽZŝŽWĂƌĚŽ͕ϮϵĚĞũƵůŚŽĚĞϮϬϮϰ͘
/'K,EZ/Yh^/E'K>E/K^d
WƌĞĨĞŝƚŽ
ZdKEǑϭϲϱ͕Ϯϵ:h>,KϮϬϮϰ͘
ŝƐƉƁĞƐŽďƌĞĂĂďĞƌƚƵƌĂĚĞƵŵĐƌĠĚŝƚŽĂĚŝĐŝŽŶĂůĞƐƉĞĐŝĂůŶŽ
ǀĂůŽƌĚĞZΨϮϰϯ͘ϳϱϬ͕ϬϬ͘
/'K,EZ/Yh^/E'K>E/K^d͕WƌĞĨĞŝƚŽĚĞ^ĂŶƚĂƌƵnjĚŽZŝŽWĂƌĚŽ͕
ƐƚĂĚŽĚĞ^ĆŽWĂƵůŽ͕ŶŽƵƐŽĚĞƐƵĂƐĂƚƌŝďƵŝĕƁĞƐůĞŐĂŝƐ͕ĞĚĞĂĐŽƌĚŽĐŽŵĂ>Ğŝ ŶǑϰ͘Ϯϳϳ͕ĚĞϮϱĚĞ
ũƵůŚŽĚĞϮϬϮϰ͘
KE^/ZEK Ă ŶĞĐĞƐƐŝĚĂĚĞ ĚĞ ƐƵƉůĞŵĞŶƚĂƌ ĚŽƚĂĕƁĞƐ ĚŽ ŽƌĕĂŵĞŶƚŽ
ǀŝŐĞŶƚĞ͕ĐŽŵŝŶƐƵĨŝĐŝġŶĐŝĂĚĞƐĂůĚŽƐƉĂƌĂĂďƌŝŐĂƌŶŽǀŽƐĞŵƉĞŶŚŽƐ͕
Zd͗
ƌƚŝŐŽϭǑ͘Ͳ&ŝĐĂĂďĞƌƚŽŶŽĞƉĂƌƚĂŵĞŶƚŽĚĞŽŶƚĂďŝůŝĚĂĚĞƵŵĐƌĠĚŝƚŽĂĚŝĐŝŽŶĂů
ĞƐƉĞĐŝĂůŶŽǀĂůŽƌĚĞZΨϮϰϯ͘ϳϱϬ͕ϬϬ;ĚƵnjĞŶƚŽƐĞƋƵĂƌĞŶƚĂĞƚƌġƐŵŝůĞƐĞƚĞĐĞŶƚŽƐĞĐŝŶƋƵĞŶƚĂƌĞĂŝƐͿ
ƉĂƌĂĂƐĞŐƵŝŶƚĞĚŽƚĂĕĆŽĚŽŽƌĕĂŵĞŶƚŽǀŝŐĞŶƚĞ͗
ϬϮ͘ϬϬ͘ϬϬ–WŽĚĞƌdžĞĐƵƚŝǀŽ
ϬϮ͘ϭϲ͘ϬϬ–^ĞĐƌĞƚĂƌŝĂĚĞƐƉŽƌƚĞĞ>ĂnjĞƌ
ϬϮ͘ϭϲ͘Ϭϭ–ĚŵŝŶŝƐƚƌĂĕĆŽĚĂ^ĞĐƌĞƚĂƌŝĂĚĞƐƉŽƌƚĞĞ>ĂnjĞƌ
Ϯϳ͘ϴϭϮ͘ϬϬϮϲ͘ϭ͘Ϭϯϯ
ϲϱϮ
ϰ͘ϰ͘ϱϬ͘ϱϭ͘ϬϬ–KďƌĂƐĞ/ŶƐƚĂůĂĕƁĞƐZΨϮϰϯ͘ϳϱϬ͕ϬϬ
dŽƚĂů͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ZΨϭϳϱ͘ϭϴϲ͕ϴϰ
ƌƚŝŐŽϮǑ͘ͲKƐƌĞĐƵƌƐŽƐŶĞĐĞƐƐĄƌŝŽƐăĐŽďĞƌƚƵƌĂĚŽƉƌĞƐĞŶƚĞĐƌĠĚŝƚŽĂĚŝĐŝŽŶĂůĞƐƉĞĐŝĂů
ĐŽƌƌĞƌĆŽƉŽƌĐŽŶƚĂĚĞĂŶƵůĂĕƁĞƐƚŽƚĂŝƐĚĂƐƐĞŐƵŝŶƚĞƐĚŽƚĂĕƁĞƐĚŽŽƌĕĂŵĞŶƚŽǀŝŐĞŶƚĞ͕ĂƐĂďĞƌ͗
ϬϮ͘ϬϬ͘ϬϬ–WŽĚĞƌdžĞĐƵƚŝǀŽ
ϬϮ͘Ϭϭ͘ϬϬ–'ĂďŝŶĞƚĞĚŽWƌĞĨĞŝƚŽ
ϬϮ͘Ϭϭ͘Ϭϭ–ŚĞĨŝĂĚŽ'ĂďŝŶĞƚĞ
Ϭϰ͘ϭϮϮ͘ϬϬϬϮ͘Ϯ͘ϬϬϭ
ϮϬ
ϯ͘ϯ͘ϵϬ͘ϯϬ͘ϬϬ–DĂƚĞƌŝĂůĚĞŽŶƐƵŵŽZΨϴ͘ϯϯϳ͕ϱϳ
ϬϮ͘ϭϬ͘ϬϬ–^ĞĐƌĞƚĂƌŝĂĚĞŐƌŝĐƵůƚƵƌĂ
ŽŶƚŝŶƵĂĕĆŽĚŽĞĐƌĞƚŽŶǑϭϲϱĚĞϮϵĚĞũƵůŚŽĚĞϮϬϮϰ͘
ϬϮ͘ϭϬ͘Ϭϭ–ĚŵŝŶŝƐƚƌĂĕĆŽĚĂ^ĞĐƌĞƚĂƌŝĂĚĞŐƌŝĐƵůƚƵƌĂ
Ϭϰ͘ϭϮϮ͘ϬϬϮϬ͘Ϯ͘ϬϮϬ
ϲϰϱ
ϯ͘ϯ͘ϳϭ͘ϳϬ͘ϬϬ–ZĂƚĞŝŽWĞůĂWĂƌƚŝĐŝƉĂĕĆŽĞŵŽŶƐſƌĐŝŽWƷďůŝĐŽZΨϭϬϬ͘ϬϬϬ͕ϬϬ
ϬϮ͘ϭϳ͘ϬϬ–^ĞĐƌĞƚĂƌŝĂĚĞdƵƌŝƐŵŽ
ϬϮ͘ϭϳ͘ϬϮ–ĞƉĂƌƚĂŵĞŶƚŽĚĞsŝĂƐhƌďĂŶĂƐĞ/ůƵŵŝŶĂĕĆŽWƷďůŝĐĂ
Ϯϱ͘ϳϱϮ͘ϬϬϮϳ͘ϭ͘Ϭϰϯ
ϱϴϮ
ϰ͘ϰ͘ϵϬ͘ϱϭ͘ϬϬ–KďƌĂƐĞ/ŶƐƚĂůĂĕƁĞƐZΨϳϯ͘ϭϰϰ͕ϰϮ
ϬϮ͘ϭϳ͘Ϭϯ–ĞƉĂƌƚĂŵĞŶƚŽDƵŶŝĐŝƉĂůĚĞdƌąŶƐŝƚŽ–ĞŵƵƚƌĂŶ
ϭϱ͘ϰϱϭ͘ϬϬϮϳ͘ϭ͘Ϭϰϱ
ϲϭϲ
ϰ͘ϰ͘ϵϭ͘ϱϭ͘ϬϬ–KďƌĂƐĞ/ŶƐƚĂůĂĕƁĞƐ–/ŶƚƌĂͲKƌĕĂŵĞŶƚĄƌŝŽZΨϲϮ͘Ϯϲϴ͕Ϭϭ
dŽƚĂů͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ZΨϮϰϯ͘ϳϱϬ͕ϬϬ
ƌƚŝŐŽ ϯǑ͘ – ƐƚĞ ĚĞĐƌĞƚŽ ĞŶƚƌĂ Ğŵ ǀŝŐŽƌ ŶĂ ĚĂƚĂ ĚĞ ƐƵĂ ƉƵďůŝĐĂĕĆŽ͕ ƌĞǀŽŐĂĚĂƐ ĂƐ
ĚŝƐƉŽƐŝĕƁĞƐĞŵĐŽŶƚƌĄƌŝŽ͘
WƌĞĨĞŝƚƵƌĂĚĞ^ĂŶƚĂƌƵnjĚŽZŝŽWĂƌĚŽ͕ϮϲĚĞũƵůŚŽĚĞϮϬϮϰ͘
/'K,EZ/Yh^/E'K>E/K^d
WƌĞĨĞŝƚŽ
ZdKEǑϭϲϲ͕Ϯϵ:h>,KϮϬϮϰ͘
ŝƐƉƁĞƐŽďƌĞĂĂďĞƌƚƵƌĂĚĞƵŵĐƌĠĚŝƚŽĂĚŝĐŝŽŶĂůĞƐƉĞĐŝĂůŶŽ
ǀĂůŽƌĚĞZΨϱϲϮ͘Ϯϰϲ͕ϱϬ͘
/'K,EZ/Yh^/E'K>E/K^d͕WƌĞĨĞŝƚŽĚĞ^ĂŶƚĂƌƵnjĚŽZŝŽWĂƌĚŽ͕
ƐƚĂĚŽĚĞ^ĆŽWĂƵůŽ͕ŶŽƵƐŽĚĞƐƵĂƐĂƚƌŝďƵŝĕƁĞƐůĞŐĂŝƐ͕ĞĚĞĂĐŽƌĚŽĐŽŵĂ>Ğŝ ŶǑϰ͘Ϯϳϴ͕ĚĞϮϱĚĞ
ũƵůŚŽĚĞϮϬϮϰ͘
KE^/ZEK Ă ŶĞĐĞƐƐŝĚĂĚĞ ĚĞ ƐƵƉůĞŵĞŶƚĂƌ ĚŽƚĂĕƁĞƐ ĚŽ ŽƌĕĂŵĞŶƚŽ
ǀŝŐĞŶƚĞ͕ĐŽŵŝŶƐƵĨŝĐŝġŶĐŝĂĚĞƐĂůĚŽƐƉĂƌĂĂďƌŝŐĂƌŶŽǀŽƐĞŵƉĞŶŚŽƐ͕
Zd͗
ƌƚŝŐŽϭǑ͘Ͳ&ŝĐĂĂďĞƌƚŽŶŽĞƉĂƌƚĂŵĞŶƚŽĚĞŽŶƚĂďŝůŝĚĂĚĞƵŵĐƌĠĚŝƚŽĂĚŝĐŝŽŶĂů
ĞƐƉĞĐŝĂůŶŽǀĂůŽƌĚĞZΨϱϲϮ͘Ϯϰϲ͕ϱϬ;ƋƵŝŶŚĞŶƚŽƐĞƐĞƐƐĞŶƚĂĞĚŽŝƐŵŝů͕ĚƵnjĞŶƚŽƐĞƋƵĂƌĞŶƚĂĞƐĞŝƐ
ƌĞĂŝƐĞĐŝŶƋƵĞŶƚĂĐĞŶƚĂǀŽƐͿƉĂƌĂĂƐƐĞŐƵŝŶƚĞƐĚŽƚĂĕƁĞƐĚŽŽƌĕĂŵĞŶƚŽǀŝŐĞŶƚĞ͗
ϬϮ͘ϬϬ͘ϬϬ–WŽĚĞƌdžĞĐƵƚŝǀŽ
ϬϮ͘ϭϳ͘ϬϬ–^ĞĐƌĞƚĂƌŝĂĚĞdƵƌŝƐŵŽ
ϬϮ͘ϭϳ͘Ϭϭ–ĚŵŝŶŝƐƚƌĂĕĆŽĚĂ^ĞĐƌĞƚĂƌŝĂĚĞdƵƌŝƐŵŽ
Ϯϯ͘ϲϵϱ͘ϬϬϮϳ͘ϭ͘Ϭϰϰ
ϲϱϯ
ϰ͘ϰ͘ϵϭ͘ϱϭ͘ϬϬ–KďƌĂƐĞ/ŶƐƚĂůĂĕƁĞƐ–/ŶƚƌĂͲKƌĕĂŵĞŶƚĄƌŝŽZΨϭϲϮ͘Ϯϰϲ͕ϱϬ
ϲϱϰ
ϰ͘ϰ͘ϵϭ͘ϱϭ͘ϬϬ–KďƌĂƐĞ/ŶƐƚĂůĂĕƁĞƐ–/ŶƚƌĂͲKƌĕĂŵĞŶƚĄƌŝŽZΨϰϬϬ͘ϬϬϬ͕ϬϬ
dŽƚĂů͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ZΨϱϲϮ͘Ϯϰϲ͕ϱϬ
ƌƚŝŐŽϮǑ͘ͲKƐƌĞĐƵƌƐŽƐŶĞĐĞƐƐĄƌŝŽƐăĐŽďĞƌƚƵƌĂĚŽƉƌĞƐĞŶƚĞĐƌĠĚŝƚŽĂĚŝĐŝŽŶĂůĞƐƉĞĐŝĂů
ĐŽƌƌĞƌĆŽƉŽƌĐŽŶƚĂĚĞĂŶƵůĂĕƁĞƐƉĂƌĐŝĂŝƐĞƚŽƚĂŝƐĚĂƐƐĞŐƵŝŶƚĞƐĚŽƚĂĕƁĞƐĚŽŽƌĕĂŵĞŶƚŽǀŝŐĞŶƚĞ͕Ă
ƐĂďĞƌ͗
ϬϮ͘ϬϬ͘ϬϬ–WŽĚĞƌdžĞĐƵƚŝǀŽ
ϬϮ͘ϭϳ͘ϬϬ–^ĞĐƌĞƚĂƌŝĂĚĞdƵƌŝƐŵŽ
ϬϮ͘ϭϳ͘Ϭϭ–ĚŵŝŶŝƐƚƌĂĕĆŽĚĂ^ĞĐƌĞƚĂƌŝĂĚĞdƵƌŝƐŵŽ
Ϯϯ͘ϲϵϱ͘ϬϬϮϳ͘ϭ͘Ϭϰϰ
ϱϴϬ
ŽŶƚŝŶƵĂĕĆŽĚŽĞĐƌĞƚŽŶǑϭϲϲĚĞϮϵĚĞũƵůŚŽĚĞϮϬϮϰ͘
ϰ͘ϰ͘ϵϬ͘ϱϭ͘ϬϬ–KďƌĂƐĞ/ŶƐƚĂůĂĕƁĞƐZΨϭϲϮ͘Ϯϰϲ͕ϱϬ
ϱϴϭ
ϰ͘ϰ͘ϵϬ͘ϱϭ͘ϬϬ–KďƌĂƐĞ/ŶƐƚĂůĂĕƁĞƐZΨϰϬϬ͘ϬϬϬ͕ϬϬ
dŽƚĂů͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ZΨϱϲϮ͘Ϯϰϲ͕ϱϬ
ƌƚŝŐŽ ϯǑ͘ – ƐƚĞ ĚĞĐƌĞƚŽ ĞŶƚƌĂ Ğŵ ǀŝŐŽƌ ŶĂ ĚĂƚĂ ĚĞ ƐƵĂ ƉƵďůŝĐĂĕĆŽ͕ ƌĞǀŽŐĂĚĂƐ ĂƐ
ĚŝƐƉŽƐŝĕƁĞƐĞŵĐŽŶƚƌĄƌŝŽ͘
WƌĞĨĞŝƚƵƌĂĚĞ^ĂŶƚĂƌƵnjĚŽZŝŽWĂƌĚŽ͕ϮϵĚĞũƵůŚŽĚĞϮϬϮϰ͘
/'K,EZ/Yh^/E'K>E/K^d
WƌĞĨĞŝƚŽ
ZdKEǑϭϲϳ͕Ϯϵ:h>,KϮϬϮϰ͘
ŝƐƉƁĞƐŽďƌĞĂĂďĞƌƚƵƌĂĚĞƵŵĐƌĠĚŝƚŽĂĚŝĐŝŽŶĂůƐƵƉůĞŵĞŶƚĂƌŶŽ
ǀĂůŽƌĚĞZΨϮ͘ϯϮϯ͘ϳϲϮ͘ϭϲ͘
/'K,EZ/Yh^/E'K>E/K^d͕WƌĞĨĞŝƚŽĚĞ^ĂŶƚĂƌƵnjĚŽZŝŽWĂƌĚŽ͕ƐƚĂĚŽĚĞ^ĆŽ
WĂƵůŽ͕ŶŽƵƐŽĚĞƐƵĂƐĂƚƌŝďƵŝĕƁĞƐůĞŐĂŝƐ͕ĞĚĞĂĐŽƌĚŽĐŽŵĂ>Ğŝϰ͘ϮϳϵĚĞϮϱĚĞũƵůŚŽĚĞϮϬϮϰ͘
KE^/ZEK Ă ŶĞĐĞƐƐŝĚĂĚĞ ĚĞ ƐƵƉůĞŵĞŶƚĂƌ ĚŽƚĂĕƁĞƐ ĚŽ ŽƌĕĂŵĞŶƚŽ ǀŝŐĞŶƚĞ͕ ĐŽŵ
ŝŶƐƵĨŝĐŝġŶĐŝĂĚĞƐĂůĚŽƐƉĂƌĂĂďƌŝŐĂƌŶŽǀŽƐĞŵƉĞŶŚŽƐ͕
Zd͗
ƌƚŝŐŽ ϭǑ͘ Ͳ &ŝĐĂ ĂďĞƌƚŽ ŶŽ ĞƉĂƌƚĂŵĞŶƚŽ ĚĞ ŽŶƚĂďŝůŝĚĂĚĞ Ƶŵ ĐƌĠĚŝƚŽ ĂĚŝĐŝŽŶĂů
ƐƵƉůĞŵĞŶƚĂƌŶŽǀĂůŽƌĚĞZΨϮ͘ϯϮϯ͘ϳϲϮ͕ϭϲ;ĚŽŝƐŵŝůŚƁĞƐ͕ƚƌĞnjĞŶƚŽƐĞǀŝŶƚĞĞƚƌġƐŵŝů͕ƐĞƚĞĐĞŶƚŽƐĞ
ƐĞƐƐĞŶƚĂĞĚŽŝƐƌĞĂŝƐĞĚĞnjĞƐƐĞŝƐĐĞŶƚĂǀŽƐͿƉĂƌĂĂƐƐĞŐƵŝŶƚĞƐĚŽƚĂĕƁĞƐĚŽŽƌĕĂŵĞŶƚŽǀŝŐĞŶƚĞ͗
ϬϮ͘ϬϬ͘ϬϬ–WŽĚĞƌdžĞĐƵƚŝǀŽ
ϬϮ͘Ϭϰ͘ϬϬ–^ĞĐƌĞƚĂƌŝĂĚĞ^ĂƷĚĞ
ϬϮ͘Ϭϰ͘Ϭϭ–&D^–ƚĞŶĕĆŽWƌŝŵĄƌŝĂ
ϭϬ͘ϯϬϭ͘ϬϬϬϱ͘Ϯ͘Ϭϲϲ
ϭϬϰ
ϯ͘ϯ͘ϵϬ͘ϯϬ͘ϬϬ–DĂƚĞƌŝĂůĚĞŽŶƐƵŵŽZΨϰϱ͘ϮϵϬ͕ϬϬ
ϭϬ͘ϯϬϭ͘ϬϬϬϱ͘Ϯ͘ϬϯϮ
ϲϮϯ
ϯ͘ϯ͘ϵϬ͘ϯϵ͘ϬϬ–KƵƚƌŽƐ^ĞƌǀŝĕŽƐĚĞdĞƌĐĞŝƌŽƐ–WĞƐƐŽĂ:ƵƌşĚŝĐĂZΨϭ͘ϬϱϬ͘ϬϬϬ͕ϬϬ
ϬϮ͘Ϭϰ͘Ϭϲ–&D^–/ŶǀĞƐƚŝŵĞŶƚŽƐ
ϭϬ͘ϯϬϭ͘ϬϬϭϬ͘ϭ͘Ϭϭϳ
ϭϳϭ
ϰ͘ϰ͘ϵϬ͘ϱϮ͘ϬϬ–ƋƵŝƉĂŵĞŶƚŽƐĞDĂƚĞƌŝĂůWĞƌŵĂŶĞŶƚĞZΨϲϰϵ͘ϵϬϬ͕ϬϬ
ϬϮ͘Ϭϰ͘ϬϮ–&D^–ƚĞŶĕĆŽŵďƵůĂƚŽƌŝĂůĞ,ŽƐƉŝƚĂůĂƌƐƉĞĐŝĂůŝĚĂĚĞ
ϭϬ͘ϯϬϮ͘ϬϬϬϲ͘Ϯ͘Ϭϲϳ
ϭϭϱ
ϯ͘ϯ͘ϱϬ͘ϯϵ͘Ϭϲ–ŽŶǀġŶŝŽZΨϮϬϬ͘ϬϬϬ͕ϬϬ
ϭϭϲ
ŽŶƚŝŶƵĂĕĆŽĚŽĞĐƌĞƚŽŶǑϭϲϳĚĞϮϵĚĞũƵůŚŽĚĞϮϬϮϰ͘
ϯ͘ϯ͘ϱϬ͘ϯϵ͘Ϭϲ–ŽŶǀġŶŝŽZΨϮϬϬ͘ϬϬϬ͕ϬϬ
ϭϬ͘ϯϬϮ͘ϬϬϬϲ͘Ϯ͘Ϭϲϴ
ϭϮϲ
ϯ͘ϯ͘ϱϬ͘ϯϵ͘Ϭϲ–ŽŶǀġŶŝŽZΨϮϬϬ͘ϬϬϬ͕ϬϬ
dŽƚĂů͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ZΨϮ͘ϯϮϯ͘ϳϲϮ͕ϭϲ
ƌƚŝŐŽ ϮǑ͘ Ͳ KƐ ƌĞĐƵƌƐŽƐ ŶĞĐĞƐƐĄƌŝŽƐ ă ĐŽďĞƌƚƵƌĂ ĚŽ ƉƌĞƐĞŶƚĞ ĐƌĠĚŝƚŽ ĂĚŝĐŝŽŶĂů
ƐƵƉůĞŵĞŶƚĂƌƐĞƌĆŽƉƌŽǀĞŶŝĞŶƚĞƐĚĞĞdžĐĞƐƐŽĚĞĂƌƌĞĐĂĚĂĕĆŽĚŽĞdžĞƌĐşĐŝŽ͘
ƌƚŝŐŽ ϯǑ͘ – ƐƚĞ ĚĞĐƌĞƚŽ ĞŶƚƌĂ Ğŵ ǀŝŐŽƌ ŶĂ ĚĂƚĂ ĚĞ ƐƵĂ ƉƵďůŝĐĂĕĆŽ͕ ƌĞǀŽŐĂĚĂƐ ĂƐ
ĚŝƐƉŽƐŝĕƁĞƐĞŵĐŽŶƚƌĄƌŝŽ͘
WƌĞĨĞŝƚƵƌĂĚĞ^ĂŶƚĂƌƵnjĚŽZŝŽWĂƌĚŽ͕ϮϵĚĞũƵůŚŽĚĞϮϬϮϰ͘
/'K,EZ/Yh^/E'K>E/K^d
WƌĞĨĞŝƚŽ
DECRETA
Art. 2º - A doação da área será formalizada por escritura pública a ser lavrada
com respaldo neste decreto, cujas despesas ficarão sob responsabilidade exclusiva do doador,
ao qual também caberá todas as despesas referentes ao desmembramento da área a ser doada
e as regularizações necessárias perante o registro imobiliário e os órgãos competentes.
DIEGO HENRIQUE SINGOLANI COSTA, Prefeito de Santa Cruz do Rio Pardo, Estado de
São Paulo, no uso de suas atribuições legais, e;
CONSIDERANDO a Lei Federal nº 14.133, de 1º de abril de 2021, artigo 12, inciso VII, da
Lei de Licitações e Contratos Administrativos, que trata sobre a exigência de elaboração de Plano de
Contratação para os entes federativos;
CONSIDERANDO a realização do planejamento de contratações públicas, visando o
exercício de 2024;
CONSIDERANDO o Decreto Municipal nº. 70, de 03 de abril de 2024 que aprova o Plano
(documento assinado eletronicamente.)
DECRETA:
Art. 1º Fica(m) atualizado(s) o(s) ANEXO(S) V do Decreto Municipal nº. 70, de 03 de abril
de 2024 que aprova o Plano Anual de Contratações Públicas (PACP) do Executivo Municipal, para o
Exercício de 2024.
Art. 2º . Este decreto entrará em vigor na data de sua publicação, retroagindo seus
efeitos a 01 de julho de 2024.
Página 1 de 1
W>EKKEdZdKEh>Ͳ^dKZ/>ͲEKZ&ZE/ϮϬϮϰ
EyKsͲ^ĞĐƌĞƚĂƌŝĂDƵŶŝĐŝƉĂůĚĞ'ĞƐƚĆŽĞŽŵƵŶŝĐĂĕĆŽ^ŽĐŝĂů
WƌĞĞdžŝƐƚġŶĐŝĂĚĂ
/ŶĚŝĐĂĕĆŽĚĞŵġƐƉĂƌĂ
hŶŝĚĂĚĞKƌĕĂŵĞŶƚĄƌŝĂ ^ƵďĞůĞŵĞŶƚŽĚĞĞƐƉĞƐĂ KďũĞƚŽĞ:ƵƐƚŝĨŝĐĂƚŝǀĂ ĞƐƉĞƐĂ;ŶŽǀĂŽƵ &ŽŶƚĞĚĞZĞĐƵƌƐŽ sĂůŽƌƐƚŝŵĂĚŽ
ŝŶşĐŝŽĚŽƉƌŽĐĞƐƐŽ
ĐŽŶƚŝŶƵĂĚĂͿ
>ŝĐŝƚĂĕĆŽĚŝĂŐƌĂŵĂĕĆŽĚŽ^ĞŵĂŶĄƌŝŽĞZĞǀŝƐƚĂ/ŶƐƚŝƚƵĐŝŽŶĂů͘
:h^d/&/d/s͗K^ĞŵĂŶĄƌŝŽKĨŝĐŝĂůůĞƚƌƀŶŝĐŽĚŽDƵŶŝĐşƉŝŽ͕
ŝŶƐƚŝƚƵşĚŽƉĞůĂ>ĞŝDƵŶŝĐŝƉĂůŶǑϯ͘ϭϲϰ͕ĚĞϬϴĚĞŵĂƌĕŽĚĞ
ϬϮ͘Ϭϴ͘ϬϬͲ^ĞĐƌĞƚĂƌŝĂĚĞ'ĞƐƚĆŽĞŽŵƵŶŝĐĂĕĆŽ^ŽĐŝĂů ϯϯϵϬϯϵϵϵͲKhdZK^^Zs/K^dZ/ZK^ͲW^^K:hZ1/ ϮϬϭϴ͕ǀŝƐĂƉƵďůŝĐĂƌĂƚŽƐĚĂĂĚŵŝŶŝƐƚƌĂĕĆŽƉƷďůŝĐĂĚŝƌĞƚĂŽƵ ŽŶƚŝŶƵĂĚĂ &ĞǀĞƌĞŝƌŽ &ŽŶƚĞϬϭͲdĞƐŽƵƌŽ ZΨϭϮ͘ϬϬϬ͕ϬϬ
ŝŶĚŝƌĞƚĂ͕ĐŽŵĐŽŶƚĞƷĚŽŝŶƐƚŝƚƵĐŝŽŶĂůĞĚĞŝŶƚĞƌĞƐƐĞƉƷďůŝĐŽĞ
ĂŝŶĚĂĂZĞǀŝƐƚĂƉĂƌĂĚŝǀƵůŐĂĕĆŽĚĞĞǀĞŶƚŽƐ͕ĐĂŵƉĂŶŚĂƐĞ
ĚĞŵĂŝƐĂƚŝǀŝĚĂĚĞƐĚŽDƵŶŝĐşƉŝŽ͘
>ŝĐŝƚĂĕĆŽĚĞĚĞƐŝŐŶ͕ƚƌĂƚĂŵĞŶƚŽĚĞŝŵĂŐĞŵ͕ƉƌŽĚƵĕĆŽŐƌĄĨŝĐĂ
ĞĨŝŶĂůŝnjĂĕĆŽĚĞƉĞĕĂƐ͘:h^d/&/d/s͗ĞŵǀŝƌƚƵĚĞĚĂ
ŶĞĐĞƐƐŝĚĂĚĞĚĞŽĨĞƌĞĐĞƌĂŵƉůĂĚŝǀƵůŐĂĕĆŽĚĂƐĐĂŵƉĂŶŚĂƐ
ϬϮ͘Ϭϴ͘ϬϬͲ^ĞĐƌĞƚĂƌŝĂĚĞ'ĞƐƚĆŽĞŽŵƵŶŝĐĂĕĆŽ^ŽĐŝĂů ϯϯϵϬϯϵϵϵͲKhdZK^^Zs/K^dZ/ZK^ͲW^^K:hZ1/ ŽŶƚŝŶƵĂĚĂ :ĂŶĞŝƌŽ &ŽŶƚĞϬϭͲdĞƐŽƵƌŽ ZΨϮϬ͘ϬϬϬ͕ϬϬ
ŝŶƐƚŝƚƵĐŝŽŶĂŝƐ͕ĞǀĞŶƚŽƐĞĚĞŵĂŝƐĂƚŝǀŝĚĂĚĞƐĚŽŵƵŶŝĐşƉŝŽ͕
ƐĞŶĚŽĞƐƚĂƐĚĞĐĂƌĄƚĞƌĞĚƵĐĂƚŝǀŽ͕ŝŶĨŽƌŵĂƚŝǀŽĞĚĞ
ŽƌŝĞŶƚĂĕĆŽƐŽĐŝĂů͘
>ŝĐŝƚĂĕĆŽƉƌŽƉĂŐĂŶĚĂǀŽůĂŶƚĞ͘:h^d/&/d/s͗ĂĐŽŶƚƌĂƚĂĕĆŽ
ĚĂƉƌĞƐƚĂĕĆŽĚĞƐĞƌǀŝĕŽƐƉĂƌĂĂŐŝůŝnjĂƌĞŽĨĞƌĞĐĞƌĐŽŵŵĂŝŽƌ
ĂŵƉůŝƚƵĚĞĂĚŝǀƵůŐĂĕĆŽĚŽƐĐŽŵƵŶŝĐĂĚŽƐ͕ĂƚŽƐŽĨŝĐŝĂŝƐ͕ĂǀŝƐŽƐ͕
ĐŽŶǀŽĐĂĕƁĞƐĚĞŝŶƚĞƌĞƐƐĞŐĞƌĂů͕ĞǀĞŶƚŽƐ;ƵŵĂǀĞnjƋƵĞŽ
ϬϮ͘Ϭϴ͘ϬϬͲ^ĞĐƌĞƚĂƌŝĂĚĞ'ĞƐƚĆŽĞŽŵƵŶŝĐĂĕĆŽ^ŽĐŝĂů ϯϯϵϬϯϵϵϵͲKhdZK^^Zs/K^dZ/ZK^ͲW^^K:hZ1/ Município é MIT – Município de Interesse Turístico), ŽŶƚŝŶƵĂĚĂ :ĂŶĞŝƌŽ &ŽŶƚĞϬϭͲdĞƐŽƵƌŽ ZΨϵ͘ϬϬϬ͕ϬϬ
ĂƚŝǀŝĚĂĚĞƐĞĐĂŵƉĂŶŚĂƐŝŶƐƚŝƚƵĐŝŽŶĂŝƐƉƌŽŵŽǀŝĚĂƐƉĞůĂƐ
ĚŝǀĞƌƐĂƐ^ĞĐƌĞƚĂƌŝĂƐDƵŶŝĐŝƉĂŝƐ͘^ĞŶĚŽĂƚŝǀŝĚĂĚĞƐŵƵŶŝĐŝƉĂŝƐ
ĞŵďĞŶĞĨşĐŝŽĚĂƐŽĐŝĞĚĂĚĞ͕ĞŵĐĂƌĄƚĞƌĞĚƵĐĂƚŝǀŽ͕
ŝŶĨŽƌŵĂƚŝǀŽ͕ĚĞŽƌŝĞŶƚĂĕĆŽƐŽĐŝĂůĞĚĞƵƚŝůŝĚĂĚĞƉƷďůŝĐĂ͘
>ŝĐŝƚĂĕĆŽĐŽŶĨĞĐĕĆŽĚĞĨĂŝdžĂƐ͕ďĂŶŶĞƌƐ͕ĂĚĞƐŝǀŽƐĞĞŵƉĞŶĂ͘
:h^d/&/d/s͗ĂĐŽŶƚƌĂƚĂĕĆŽĚĂƉƌĞƐƚĂĕĆŽĚĞƐĞƌǀŝĕŽƐƉĂƌĂ
ĂĚŝǀƵůŐĂĕĆŽĚŽƐĐŽŵƵŶŝĐĂĚŽƐ͕ĂƚŽƐŽĨŝĐŝĂŝƐ͕ĂǀŝƐŽƐ͕
ĐŽŶǀŽĐĂĕƁĞƐĚĞŝŶƚĞƌĞƐƐĞŐĞƌĂů͕ĞǀĞŶƚŽƐ͕ĂƚŝǀŝĚĂĚĞƐĞ
ϬϮ͘Ϭϴ͘ϬϬͲ^ĞĐƌĞƚĂƌŝĂĚĞ'ĞƐƚĆŽĞŽŵƵŶŝĐĂĕĆŽ^ŽĐŝĂů ϯϯϵϬϯϵϵϵͲKhdZK^^Zs/K^dZ/ZK^ͲW^^K:hZ1/ EŽǀĂ &ĞǀĞƌĞŝƌŽ &ŽŶƚĞϬϭͲdĞƐŽƵƌŽ ZΨϯϱ͘ϬϬϬ͕ϬϬ
ĐĂŵƉĂŶŚĂƐŝŶƐƚŝƚƵĐŝŽŶĂŝƐƉƌŽŵŽǀŝĚĂƐƉĞůĂƐĚŝǀĞƌƐĂƐ
^ĞĐƌĞƚĂƌŝĂƐDƵŶŝĐŝƉĂŝƐ͘^ĞŶĚŽĂƚŝǀŝĚĂĚĞƐŵƵŶŝĐŝƉĂŝƐĞŵ
ďĞŶĞĨşĐŝŽĚĂƐŽĐŝĞĚĂĚĞ͕ĞŵĐĂƌĄƚĞƌĞĚƵĐĂƚŝǀŽ͕ŝŶĨŽƌŵĂƚŝǀŽ͕
ĚĞŽƌŝĞŶƚĂĕĆŽƐŽĐŝĂůĞĚĞƵƚŝůŝĚĂĚĞƉƷďůŝĐĂ͘
,ŽƐƉĞĚĂŐĞŵĞŵĂŶƵƚĞŶĕĆŽĚŽƐŝƚĞ/ŶƐƚŝƚƵĐŝŽŶĂůĚŽDƵŶŝĐşƉŝŽ
ϬϮ͘Ϭϴ͘ϬϬͲ^ĞĐƌĞƚĂƌŝĂĚĞ'ĞƐƚĆŽĞŽŵƵŶŝĐĂĕĆŽ^ŽĐŝĂů ϯϯϵϬϯϵϵϵͲKhdZK^^Zs/K^dZ/ZK^ͲW^^K:hZ1/ ŽŶƚŝŶƵĂĚĂ &ĞǀĞƌĞŝƌŽ &ŽŶƚĞϬϭͲdĞƐŽƵƌŽ ZΨϳ͘ϬϬϬ͕ϬϬ
ĚĞ^ĂŶƚĂƌƵnj
>ŝĐŝƚĂĕĆŽĚĞŽŵďƵƐƚşǀĞů͘:h^d/&/d/s͗ĂƉƌĞƐƚĂĕĆŽĚĞ
ϬϮ͘Ϭϴ͘ϬϬͲ^ĞĐƌĞƚĂƌŝĂĚĞ'ĞƐƚĆŽĞŽŵƵŶŝĐĂĕĆŽ^ŽĐŝĂů ϯϯϵϬϯϵϵϵͲKhdZK^^Zs/K^dZ/ZK^ͲW^^K:hZ1/ ƐĞƌǀŝĕŽĚĞŐĞƌĞŶĐŝĂŵĞŶƚŽ͕ĐŽŶƚƌŽůĞĞĨŽƌŶĞĐŝŵĞŶƚŽĚĞ ŽŶƚŝŶƵĂĚĂ DĂƌĕŽ &ŽŶƚĞϬϭͲdĞƐŽƵƌŽ ZΨϱ͘ϴϰϭ͕ϰϱ
ĐŽŵďƵƐƚşǀĞů͕ǀŝƐĂŶĚŽĂŵĂŶƵƚĞŶĕĆŽĚŽǀĞşĐƵůŽĚĂ^ĞĐƌĞƚĂƌŝĂ͘
>ŝĐŝƚĂĕĆŽĂƋƵŝƐŝĕĆŽĚĞĄŐƵĂ͘:h^d/&/d/s͗ĂĂƋƵŝƐŝĕĆŽĚĞ
ϬϮ͘Ϭϴ͘ϬϬͲ^ĞĐƌĞƚĂƌŝĂĚĞ'ĞƐƚĆŽĞŽŵƵŶŝĐĂĕĆŽ^ŽĐŝĂů ϯϯϵϬϯϬϬϳͲ'EZK^>/DEdK ŽŶƚŝŶƵĂĚĂ :ƵŶŚŽ &ŽŶƚĞϬϭͲdĞƐŽƵƌŽ ZΨϳϯϱ͕ϲϬ
ĄŐƵĂŵŝŶĞƌĂů͕ƉŽƚĄǀĞů͕ƉĂƌĂŵĂŶƵƚĞŶĕĆŽĚĂ^ĞĐƌĞƚĂƌŝĂ͘
>ŝĐŝƚĂĕĆŽĚĞƐĞŐƵƌŽǀĞŝĐƵůĂƌ͘:h^d/&/d/s͗ĐŽŶƚƌĂƚĂĕĆŽ
ϬϮ͘Ϭϴ͘ϬϬͲ^ĞĐƌĞƚĂƌŝĂĚĞ'ĞƐƚĆŽĞŽŵƵŶŝĐĂĕĆŽ^ŽĐŝĂů ϯϯϵϬϯϵϲϵͲ^'hZK^D'Z> ŽŶƚŝŶƵĂĚĂ ďƌŝů &ŽŶƚĞϬϭͲdĞƐŽƵƌŽ ZΨϭ͘ϴϮϲ͕ϲϱ
ŐůŽďĂůĚĞĐŽďĞƌƚƵƌĂƐĞĐƵƌŝƚĄƌŝĂĚŽǀĞşĐƵůŽĚĂ^ĞĐƌĞƚĂƌŝĂ͘
>ŝĐŝƚĂĕĆŽƌĂƐƚƌĞĂŵĞŶƚŽ͘:h^d/&/d/s͗ĐŽŶƚƌĂƚĂĕĆŽĚĞ
ĞŵƉƌĞƐĂƉĂƌĂƉƌĞƐƚĂĕĆŽĚĞƐĞƌǀŝĕŽĚĞƌĂƐƚƌĞĂŵĞŶƚŽĞ
ϬϮ͘Ϭϴ͘ϬϬͲ^ĞĐƌĞƚĂƌŝĂĚĞ'ĞƐƚĆŽĞŽŵƵŶŝĐĂĕĆŽ^ŽĐŝĂů ϯϯϵϬϯϵϵϵͲKhdZK^^Zs/K^dZ/ZK^ͲW^^K:hZ1/ ŽŶƚŝŶƵĂĚĂ :ĂŶĞŝƌŽ &ŽŶƚĞϬϭͲdĞƐŽƵƌŽ ZΨϱϲϯ͕ϯϵ
ŵŽŶŝƚŽƌĂŵĞŶƚŽĚĞǀĞşĐƵůŽƐ͕ǀŝƐĂŶĚŽŽĐƵŝĚĂĚŽĞƐĞŐƵƌĂŶĕĂ
ĚŽǀĞşĐƵůŽĚĂ^ĞĐƌĞƚĂƌŝĂ͘
>ŝĐŝƚĂĕĆŽƉĞĚĄŐŝŽ͘:h^d/&/d/s͗ĐŽŶƚƌĂƚĂĕĆŽĚĞĞŵƉƌĞƐĂĚĞ
ƉƌĞƐƚĂĕĆŽĚĞƐĞƌǀŝĕŽĚĞƉĂƐƐĂŐĞŵĞdžƉƌĞƐƐĂĞŵƉĞĚĄŐŝŽƐĞ
ϬϮ͘Ϭϴ͘ϬϬͲ^ĞĐƌĞƚĂƌŝĂĚĞ'ĞƐƚĆŽĞŽŵƵŶŝĐĂĕĆŽ^ŽĐŝĂů ϯϯϵϬϯϯϬϴͲW'/K^ ĞƐƚĂĐŝŽŶĂŵĞŶƚŽƐƵƚŝůŝnjĂŶĚŽƚƌĂŶƐƉŽŶĚĞƌĚĞŝĚĞŶƚŝĨŝĐĂĕĆŽ ŽŶƚŝŶƵĂĚĂ ĞnjĞŵďƌŽ &ŽŶƚĞϬϭͲdĞƐŽƵƌŽ ZΨϯ͘ϭϰϭ͕ϲϬ
ǀĞşĐƵůĂƌ͕ǀŝƐĂŶĚŽŵĞůŚŽƌĂŐŝůŝĚĂĚĞŶŽĚĞƐůŽĐĂŵĞŶƚŽĚŽƐ
ƐĞƌǀŝĚŽƌŝƐĚŽDƵŶŝĐşƉŝŽ͘
DĂŶƵƚĞŶĕƁĞƐĞŵŐĞƌĂůĚŽǀĞşĐƵůŽĚĂ^ĞĐƌĞƚĂƌŝĂ͘
:h^d/&/d/s͗ǀŝƐĂŶĚŽĂƉƌĞƐĞƌǀĂĕĆŽĚŽƉĂƚƌŝŵƀŶŝŽƉƷďůŝĐŽ
ϬϮ͘Ϭϴ͘ϬϬͲ^ĞĐƌĞƚĂƌŝĂĚĞ'ĞƐƚĆŽĞŽŵƵŶŝĐĂĕĆŽ^ŽĐŝĂů ϯϯϵϬϯϬϯϵͲDdZ/>WZDEhdEKs1h>K^ ŽŶƚŝŶƵĂĚĂ :ƵŶŚŽ &ŽŶƚĞϬϭͲdĞƐŽƵƌŽ ZΨϭϮ͘ϬϬϬ͕ϬϬ
ĞĂƐĞŐƵƌĂŶĕĂĚŽƐĐŽůĂďŽƌĂĚŽƌĞƐƋƵĞŝƌĆŽŵĂŶƵƐĞĂƌŽ
ǀĞşĐƵůŽ͘
WůĂĐĂĚĞŝŶĂƵŐƵƌĂĕĆŽĞŵĂĕŽŝŶŽdž͘:h^d/&/d/s͗ƉĂƌĂ
ϬϮ͘Ϭϴ͘ϬϬͲ^ĞĐƌĞƚĂƌŝĂĚĞ'ĞƐƚĆŽĞŽŵƵŶŝĐĂĕĆŽ^ŽĐŝĂů ϯϯϵϬϯϬϰϰͲDdZ/>^/E>/Ks/^h>&/E^ ŽŶƚŝŶƵĂĚĂ :ƵŶŚŽ &ŽŶƚĞϬϭͲdĞƐŽƵƌŽ ZΨϱ͘ϳϭϭ͕ϰϯ
ŝĚĞŶƚŝĨŝĐĂĕĆŽĚŽƐƉƌĠĚŝŽƐƉƷďůŝĐŽƐ͘
W/E/^WZ/Ed/&/KKZ^͕KD^dZhdhZD^ZZ&K
ϬϮ͘Ϭϴ͘ϬϬͲ^ĞĐƌĞƚĂƌŝĂĚĞ'ĞƐƚĆŽĞŽŵƵŶŝĐĂĕĆŽ^ŽĐŝĂů ϯϯϵϬϯϬϰϰͲDdZ/>^/E>/Ks/^h>&/E^ h>/WdK,W'>sE/͕/ZK^WZ/E^d>K ŽŶƚŝŶƵĂĚĂ DĂƌĕŽ &ŽŶƚĞϬϭͲdĞƐŽƵƌŽ ZΨϯϬ͘ϬϬϬ͕ϬϬ
^h^dEdKͲW>1h>D/DWZ^^K/'/d>͘
WůĂĐĂƐĚĞŝĚĞŶƚŝĨŝĐĂĕĆŽĞDŽƵͬĞWs͘:h^d/&/d/s͗ƉĂƌĂ
ϬϮ͘Ϭϴ͘ϬϬͲ^ĞĐƌĞƚĂƌŝĂĚĞ'ĞƐƚĆŽĞŽŵƵŶŝĐĂĕĆŽ^ŽĐŝĂů ϯϯϵϬϯϬϰϰͲDdZ/>^/E>/Ks/^h>&/E^ ŝĚĞŶƚŝĨŝĐĂĕĆŽĞͬŽƵƐŝŶĂůŝnjĂĕĆŽǀŝƐƵĂůŝŶƚĞƌŶĂĚŽƐƐĞƚŽƌĞƐ͕ ŽŶƚŝŶƵĂĚĂ :ƵŶŚŽ &ŽŶƚĞϬϭͲdĞƐŽƵƌŽ ZΨϰ͘ϭϴϴ͕ϴϬ
ĚĞŵĂƌĐĂĕĆŽĚĞĞƐƉĂĕŽƐƉƷďůŝĐŽƐ͕ĞŶƚƌĞŽƵƚƌŽƐ͘
>ĂǀĂŐĞŵĚĞǀĞşĐƵůŽ͘:h^d/&/d/s͗ǀŝƐĂŶĚŽĂƉƌĞƐĞƌǀĂĕĆŽ
ϬϮ͘Ϭϴ͘ϬϬͲ^ĞĐƌĞƚĂƌŝĂĚĞ'ĞƐƚĆŽĞŽŵƵŶŝĐĂĕĆŽ^ŽĐŝĂů ϯϯϵϬϯϵϵϵͲKhdZK^^Zs/K^dZ/ZK^ͲW^^K:hZ1/ ŽŶƚŝŶƵĂĚĂ :ƵŶŚŽ &ŽŶƚĞϬϭͲdĞƐŽƵƌŽ ZΨϲϬϬ͕ϬϬ
ĚŽƉĂƚƌşŵŽŶŝŽƉƷďůŝĐŽĞŵĂŶƵƚĞŶĕĆŽĚŽǀĞşĐƵůŽ͘
ŶĐĂĚĞƌŶĂĕĆŽĚĂƐǀŝĂƐĨşƐŝĐĂƐĚŽ^ĞŵĂŶĄƌŝŽKĨŝĐŝĂůůĞƚƌƀŶŝĐŽ͘
ϬϮ͘Ϭϴ͘ϬϬͲ^ĞĐƌĞƚĂƌŝĂĚĞ'ĞƐƚĆŽĞŽŵƵŶŝĐĂĕĆŽ^ŽĐŝĂů ϯϯϵϬϯϵϲϯͲ^Zs/K^'Z&/K^/dKZ//^ :h^d/&/d/s͗ǀŝƐĂŶĚŽĂĐŽŶƐĞǀĂĕĆŽĚŽŵĂƚĞƌŝĂůĞƉĂƌĂĂ ŽŶƚŝŶƵĂĚĂ ŐŽƐƚŽ &ŽŶƚĞϬϭͲdĞƐŽƵƌŽ ZΨϮ͘ϬϬϬ͕ϬϬ
ŐƵĂƌĚĂŶŽĂĐĞƌǀŽĚĞĚŽĐƵŵĞŶƚŽƐĚĂŵƵŶŝĐŝƉĂůŝĚĂĚĞ͘
DĂŶƵƚĞŶĕĆŽĚŽĂƌĐŽŶĚŝĐŝŽŶĂĚŽ͘:h^d/&/d/s͗sŝƐĂŶĚŽĂ
ϬϮ͘Ϭϴ͘ϬϬͲ^ĞĐƌĞƚĂƌŝĂĚĞ'ĞƐƚĆŽĞŽŵƵŶŝĐĂĕĆŽ^ŽĐŝĂů ϯϯϵϬϯϵϵϵͲKhdZK^^Zs/K^dZ/ZK^ͲW^^K:hZ1/ ŚŝŐŝĞŶŝnjĂĕĆŽĚŽĂŵďŝĞŶƚĞ͕ĂĞĨŝĐŝġŶĐŝĂĚŽĂƉĂƌĞůŚŽĞĂƐĂƷĚĞ ŽŶƚŝŶƵĂĚĂ ďƌŝů &ŽŶƚĞϬϭͲdĞƐŽƵƌŽ ZΨϭ͘Ϭϰϳ͕ϮϬ
ĞďĞŵĞƐƚĂƌĚŽƐĐŽůĂďŽƌĂĚŽƌĞƐƋƵĞƵƚŝůŝnjĂŵĂƐĂůĂ͘
ŽŶƚƌĂƚĂĕĆŽĚĞĞůĞƚƌŝĐŝƐƚĂ͘:h^d/&/d/s͗ǀŝƐĂŶĚŽĂ
ŵĂŶƵƚĞŶĕĆŽĞůĠƚƌŝĐĂĚĂ^ĞĐƌĞƚĂƌŝĂĞŝŶƐƚĂůĂĕĆŽĚĞ
ϬϮ͘Ϭϴ͘ϬϬͲ^ĞĐƌĞƚĂƌŝĂĚĞ'ĞƐƚĆŽĞŽŵƵŶŝĐĂĕĆŽ^ŽĐŝĂů ϯϯϵϬϯϵϵϵͲKhdZK^^Zs/K^dZ/ZK^ͲW^^K:hZ1/ ŽŶƚŝŶƵĂĚĂ ďƌŝů &ŽŶƚĞϬϭͲdĞƐŽƵƌŽ ZΨϭ͘ϲϳϱ͕ϱϮ
ĞƋƵŝƉĂŵĞŶƚŽƐĞůĞƚƌƀŶŝĐŽƐ;ĐŽŵƉƵƚĂĚŽƌĞƐ͕ŝŵƉƌĞƐƐŽƌĂƐ͕
ƚĞůĞĨŽŶĞƐ͕ĞŶƚƌĞŽƵƚƌŽƐͿ͘
ƋƵŝƐŝĕĆŽĚĞŵĂƚĞƌŝĂŝƐƉĞƌŵĂŶĞŶƚĞƐƚĂŝƐĐŽŵŽ͗ŵĞƐĂ͕
ĐĂĚĞŝƌĂ͕ĐŽŵƉƵƚĂĚŽƌ͕ƚĞůĞĨŽŶĞ͕ĂƌŵĄƌŝŽ͕ǀĞŶƚŝůĂĚŽƌ͕
ďĞďĞĚŽƵƌŽ͕ĞŶƚƌĞŽƵƚƌŽƐ͘:h^d/&/d/s͗ǀŝƐĂŶĚŽĂ
ϬϮ͘Ϭϴ͘ϬϬͲ^ĞĐƌĞƚĂƌŝĂĚĞ'ĞƐƚĆŽĞŽŵƵŶŝĐĂĕĆŽ^ŽĐŝĂů ϰϰϵϬϱϮϴϳͲDdZ/>KE^hDKh^KhZKhZK ŽŶƚŝŶƵĂĚĂ :ƵŶŚŽ &ŽŶƚĞϬϭͲdĞƐŽƵƌŽ ZΨϭϱ͘ϳϬϴ͕ϬϬ
ĐŽŶƚƌĂƚĂĕĆŽĚĞƵŵŶŽǀŽĐŽůĂďŽƌĂĚŽƌŽƐĞƋƵŝƉĂŵĞŶƚŽƐƐĞƌĆŽ
ŶĞĐĞƐƐĄƌŝŽƐĞƚĂŵďĠŵĂŵĂŶƵƚĞŶĕĆŽĚŽĐŽƚŝĚŝĂŶŽĚĂ
^ĞĐƌĞƚĂƌŝĂ͘
>ŽĐĂĕĆŽĚĞƉĂŝŶĞůĚĞ>͘:h^d/&/d/s͗sŝƐĂŶĚŽĂƐ
ĨĞƐƚŝǀŝĚĂĚĞƐĚŽĂŶŝǀĞƌƐĄƌŝŽĚĂĐŝĚĂĚĞĞŽĨĞƌĞĐĞƌĐŽŵŵĂŝŽƌ
ĂŵƉůŝƚƵĚĞĂĚŝǀƵůŐĂĕĆŽĚŽƐĐŽŵƵŶŝĐĂĚŽƐ͕ĂƚŽƐŽĨŝĐŝĂŝƐ͕ĂǀŝƐŽƐ͕
ϬϮ͘Ϭϴ͘ϬϬͲ^ĞĐƌĞƚĂƌŝĂĚĞ'ĞƐƚĆŽĞŽŵƵŶŝĐĂĕĆŽ^ŽĐŝĂů ϯϯϵϬϯϵϵϵͲKhdZK^^Zs/K^dZ/ZK^ͲW^^K:hZ1/ ĐŽŶǀŽĐĂĕƁĞƐĚĞŝŶƚĞƌĞƐƐĞŐĞƌĂů͕ĞǀĞŶƚŽƐ;ƵŵĂǀĞnjƋƵĞŽ ŽŶƚŝŶƵĂĚĂ :ĂŶĞŝƌŽ &ŽŶƚĞϬϭͲdĞƐŽƵƌŽ ZΨϭϱ͘ϳϬϴ͕ϬϬ
Município é MIT – Município de Interesse Turístico),
ĂƚŝǀŝĚĂĚĞƐĞĐĂŵƉĂŶŚĂƐŝŶƐƚŝƚƵĐŝŽŶĂŝƐƉƌŽŵŽǀŝĚĂƐƉĞůĂƐ
ĚŝǀĞƌƐĂƐ^ĞĐƌĞƚĂƌŝĂƐDƵŶŝĐŝƉĂŝƐ͘
>ŽĐĂĕĆŽĚĞĞƋƵŝƉĂŵĞŶƚŽƐƉĂƌĂƌĞĂůŝnjĂĕĆŽĚĞĞǀĞŶƚŽƐ͕ƚĂŝƐ
ĐŽŵŽ͗ƚĞŶĚĂƐ͕ƉĂůĐŽƐ͕ƐŽŶŽƌŝnjĂĕĆŽĞŽƵƚƌŽƐĂĨŝŶƐ͘
:h^d/&/d/s͗ŽďĞƌƚƵƌĂĚĞĞǀĞŶƚŽƐ͕ĂƚŝǀŝĚĂĚĞƐĞ
ϬϮ͘Ϭϴ͘ϬϬͲ^ĞĐƌĞƚĂƌŝĂĚĞ'ĞƐƚĆŽĞŽŵƵŶŝĐĂĕĆŽ^ŽĐŝĂů ϯϯϵϬϯϵϵϵͲKhdZK^^Zs/K^dZ/ZK^ͲW^^K:hZ1/ ŽŶƚŝŶƵĂĚĂ ^ĞƚĞŵďƌŽ &ŽŶƚĞϬϭͲdĞƐŽƵƌŽ ZΨϯϰ͘ϬϬϬ͕ϬϬ
ĐĂŵƉĂŶŚĂƐŝŶƐƚŝƚƵĐŝŽŶĂŝƐĂďĞƌƚĂƐĂŽƉƷďůŝĐŽ͕ƉƌŽŵŽǀŝĚĂƐ
ƉĞůĂƐĚŝǀĞƌƐĂƐ^ĞĐƌĞƚĂƌŝĂƐDƵŶŝĐŝƉĂŝƐĞŵďĞŶĞĨşŝŽĚĂ
^ŽĐŝĞĚĂĚĞ͘
DĂƚĞƌŝĂŝƐĚĞŝŶĨŽƌŵĄƚŝĐĂͬĞƐĐƌŝƚſƌŝŽ͘:h^d/&/d/s͗sŝƐĂŶĚŽ
ϬϮ͘Ϭϴ͘ϬϬͲ^ĞĐƌĞƚĂƌŝĂĚĞ'ĞƐƚĆŽĞŽŵƵŶŝĐĂĕĆŽ^ŽĐŝĂů ϯϯϵϬϯϬϵϵͲKhdZK^DdZ//^KE^hDK ŽŶƚŝŶƵĂĚĂ DĂƌĕŽ &ŽŶƚĞϬϭͲdĞƐŽƵƌŽ ZΨϭ͘Ϭϰϳ͕ϮϬ
ĂŵĂŶƵƚĞŶĕĆŽĚĂ^ĞĐƌĞƚĂƌŝĂ͘
dKd> ZΨϴϭϬ͘ϰϲϮ͕ϴϰ
DIEGO HENRIQUE SINGOLANI COSTA, Prefeito Municipal de Santa Cruz do Rio Pardo,
Estado de São Paulo, no uso de suas atribuições legais estabelecidas nos termos do art. 75, VI, da Lei
Orgânica Município;
CONSIDERANDO as disposições dos arts. 108, inc. I, “g” e 119, caput e §3º a Lei
Orgânica do Município;
DECRETA:
Registre-se e publique-se.
Prefeito do Município
DECRETA:
Art. 1º - Ficam alterados os artigos 1º e 2º do Decreto nº 22, de 11 de fevereiro de 2019, que passam
a vigor com a seguinte redação:
“Art. 1º- Ficam alterados e fixados os seguintes pontos de táxi e vagas de veículos:
Parágrafo Único – A autorização deverá ser renovada anualmente nos termos do Decreto
nº 83, de 11 de maio de 2018”.
Art. 2º - Este Decreto entra em vigor na data da sua publicação, ficando revogado o Decreto Municipal
nº 161, de 23 de julho de 2024, bem como o Decreto Municipal nº 59, de 16 de abril de 2019 e mantidas
as demais disposições sobre a matéria.
Registre-se e publique-se.
ZdKEǑϭϳϱ͕Ϭϭ'K^dKϮϬϮϰ͘
ŝƐƉƁĞƐŽďƌĞĂĂďĞƌƚƵƌĂĚĞƵŵĐƌĠĚŝƚŽĂĚŝĐŝŽŶĂů
ĐŽŵƉůĞŵĞŶƚĂƌŶŽǀĂůŽƌĚĞZΨϮϬϬ͘ϬϬϬ͕ϬϬ͘
/'K,EZ/Yh^/E'K>E/K^d͕WƌĞĨĞŝƚŽĚĞ^ĂŶƚĂƌƵnjĚŽZŝŽWĂƌĚŽ͕
ƐƚĂĚŽĚĞ^ĆŽWĂƵůŽ͕ŶŽƵƐŽĚĞƐƵĂƐĂƚƌŝďƵŝĕƁĞƐůĞŐĂŝƐ͕ĞĚĞĂĐŽƌĚŽĐŽŵĂ>Ğŝ ŶǑϰ͘ϭϵϳ͕ĚĞϮϬĚĞ
ĚĞnjĞŵďƌŽĚĞϮϬϮϯ͘
KE^/ZEK Ă ŶĞĐĞƐƐŝĚĂĚĞ ĚĞ ƐƵƉůĞŵĞŶƚĂƌ ĚŽƚĂĕƁĞƐ ĚŽ ŽƌĕĂŵĞŶƚŽ
ǀŝŐĞŶƚĞ͕ĐŽŵŝŶƐƵĨŝĐŝġŶĐŝĂĚĞƐĂůĚŽƐƉĂƌĂĂďƌŝŐĂƌŶŽǀŽƐĞŵƉĞŶŚŽƐ͕
Zd͗
ƌƚŝŐŽϭǑ͘Ͳ&ŝĐĂĂďĞƌƚŽŶŽĞƉĂƌƚĂŵĞŶƚŽĚĞŽŶƚĂďŝůŝĚĂĚĞƵŵĐƌĠĚŝƚŽĂĚŝĐŝŽŶĂů
ĐŽŵƉůĞŵĞŶƚĂƌ ŶŽ ǀĂůŽƌ ĚĞ ZΨ ϮϬϬ͘ϬϬϬ͕ϬϬ ;ĚƵnjĞŶƚŽƐ ŵŝů ƌĞĂŝƐͿ ƉĂƌĂ ĂƐ ƐĞŐƵŝŶƚĞƐ ĚŽƚĂĕƁĞƐ ĚŽ
ŽƌĕĂŵĞŶƚŽǀŝŐĞŶƚĞ͗
Ϭϭ͘ϬϬ͘ϬϬ–WŽĚĞƌ>ĞŐŝƐůĂƚŝǀŽ
Ϭϭ͘Ϭϭ͘ϬϬ–ąŵĂƌĂDƵŶŝĐŝƉĂů
Ϭϭ͘Ϭϭ͘ϬϬ–ąŵĂƌĂDƵŶŝĐŝƉĂů
Ϭϭ͘Ϭϯϭ͘ϬϬϬϭ͘Ϯ͘Ϭϳϵ
ϬϬϲ
ϯ͘ϯ͘ϵϬ͘ϯϬ͘ϬϬ–DĂƚĞƌŝĂůĚĞŽŶƐƵŵŽZΨϯϬ͘ϬϬϬ͕ϬϬ
Ϭϭϭ
ϯ͘ϯ͘ϵϬ͘ϯϵ͘ϬϬ–KƵƚƌŽƐ^ĞƌǀŝĕŽƐĚĞdĞƌĐĞŝƌŽƐ–WĞƐƐŽĂ:ƵƌşĚŝĐĂZΨϭϮϬ͘ϬϬϬ͕ϬϬ
Ϭϭϳ
ϰ͘ϰ͘ϵϬ͘ϱϮ͘ϬϬ–ƋƵŝƉĂŵĞŶƚŽƐĞDĂƚĞƌŝĂůWĞƌŵĂŶĞŶƚĞZΨϱϬ͘ϬϬϬ͕ϬϬ
dŽƚĂů͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ZΨϮϬϬ͘ϬϬϬ͕ϬϬ
ƌƚŝŐŽ ϮǑ͘ Ͳ KƐ ƌĞĐƵƌƐŽƐ ŶĞĐĞƐƐĄƌŝŽƐ ă ĐŽďĞƌƚƵƌĂ ĚŽ ƉƌĞƐĞŶƚĞ ĐƌĠĚŝƚŽ ĂĚŝĐŝŽŶĂů
ĐŽŵƉůĞŵĞŶƚĂƌ ĐŽƌƌĞƌĆŽ ƉŽƌ ĐŽŶƚĂ ĚĞ ĂŶƵůĂĕƁĞƐ ƉĂƌĐŝĂŝƐ Ğ ƚŽƚĂŝƐ ĚĂƐ ƐĞŐƵŝŶƚĞƐ ĚŽƚĂĕƁĞƐ ĚŽ
ŽƌĕĂŵĞŶƚŽǀŝŐĞŶƚĞ͕ĂƐĂďĞƌ͗
Ϭϭ͘ϬϬ͘ϬϬ–WŽĚĞƌ>ĞŐŝƐůĂƚŝǀŽ
Ϭϭ͘Ϭϭ͘ϬϬ–ąŵĂƌĂDƵŶŝĐŝƉĂů
Ϭϭ͘Ϭϭ͘ϬϬ–ąŵĂƌĂDƵŶŝĐŝƉĂů
ŽŶƚŝŶƵĂĕĆŽĚŽĞĐƌĞƚŽŶǑϭϳϱĚĞϬϭĚĞĂŐŽƐƚŽĚĞϮϬϮϰ͘
Ϭϭ͘Ϭϯϭ͘ϬϬϬϭ͘Ϯ͘Ϭϳϵ
ϬϬϴ
ϯ͘ϯ͘ϵϬ͘ϯϱ͘ϬϬ–^ĞƌǀŝĕŽƐĚĞŽŶƐƵůƚŽƌŝĂZΨϳ͘ϬϬϬ͕ϬϬ
ϬϭϮ
ϯ͘ϯ͘ϵϬ͘ϯϵ͘ϰϮ–ƵdžŝůŝŽůŝŵĞŶƚĂĕĆŽZΨϭϭϰ͘ϬϬϬ͕ϬϬ
Ϭϭϱ
ϯ͘ϯ͘ϵϬ͘ϵϯ͘ϬϬ–/ŶĚĞŶŝnjĂĕƁĞƐĞZĞƐƚŝƚƵŝĕƁĞƐZΨϱ͘ϬϬϬ͕ϬϬ
Ϭϭϲ
ϰ͘ϰ͘ϵϬ͘ϱϭ͘ϬϬ–KďƌĂƐĞ/ŶƐƚĂůĂĕƁĞƐZΨϳϰ͘ϬϬϬ͕ϬϬ
dŽƚĂů͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ZΨϮϬϬ͘ϬϬϬ͕ϬϬ
ƌƚŝŐŽ ϯǑ͘ – ƐƚĞ ĚĞĐƌĞƚŽ ĞŶƚƌĂ Ğŵ ǀŝŐŽƌ ŶĂ ĚĂƚĂ ĚĞ ƐƵĂ ƉƵďůŝĐĂĕĆŽ͕ ƌĞǀŽŐĂĚĂƐ ĂƐ
ĚŝƐƉŽƐŝĕƁĞƐĞŵĐŽŶƚƌĄƌŝŽ͘
WƌĞĨĞŝƚƵƌĂĚĞ^ĂŶƚĂƌƵnjĚŽZŝŽWĂƌĚŽ͕ϬϭĚĞĂŐŽƐƚŽĚĞϮϬϮϰ͘
/'K,EZ/Yh^/E'K>E/K^d
WƌĞĨĞŝƚŽ
EDITAIS
WƌĞĨĞŝƚƵƌĂDƵŶŝĐŝƉĂůĚĞ ŽŶĐƵƌƐŽWƷďůŝĐŽEǑϬϭͬϮϬϮϰ
^EdZhKZ/KWZK /d>ĚĞZdhZĚĞ/E^Z/O^
WƌĞĨĞŝƚƵƌĂ DƵŶŝĐŝƉĂů ĚĞ ^Ed Zh K Z/K WZK͕ ƐƚĂĚŽ ĚĞ ^ĆŽ WĂƵůŽ͕ ƚŽƌŶĂ ƉƷďůŝĐŽ Ž /d> ZdhZ
/E^Z/O^WZKKEhZ^KWj>/KEǑϬϭͬϮϬϮϰ͕ǀŝƐĂŶĚŽĂŽƉƌŽǀŝŵĞŶƚŽĚĞǀĂŐĂƐĞĨĞƚŝǀĂƐƉĂƌĂĚŝǀĞƌƐŽƐĞŵƉƌĞŐŽƐ͕Ž
ƋƵĂůƐĞƉƌŽĐĞƐƐĂƌĄĚĞĂĐŽƌĚŽĐŽŵĂƐŝŶƐƚƌƵĕƁĞƐĐŽŶƐƚĂŶƚĞƐŶĞƐƚĞĚŝƚĂůĞŶĂůĞŐŝƐůĂĕĆŽĐŽŵƉůĞŵĞŶƚĂƌĐŽŶĐĞƌŶĞŶƚĞăŵĂƚĠƌŝĂ͘
ϭ͘K^DWZ'K^Ğs/'E/KKEhZ^KWj>/K
ϭ͘ϭ͘KƐĞŵƉƌĞŐŽƐ͕ĂƋƵĂŶƚŝĚĂĚĞĚĞǀĂŐĂƐ͕ĂĐĂƌŐĂŚŽƌĄƌŝĂ͕ŽǀĞŶĐŝŵĞŶƚŽďĄƐŝĐŽŵĞŶƐĂů͕ĂĞƐĐŽůĂƌŝĚĂĚĞŵşŶŝŵĂĞƌĞƋƵŝƐŝƚŽƐĚĞ
ĐŽŵƉĞƚġŶĐŝĂĞŽǀĂůŽƌĚĂƐŝŶƐĐƌŝĕƁĞƐƐĆŽŽƐƐĞŐƵŝŶƚĞƐ͗
EǑ Z' sE/DEdK ^K>Z/ZYh/^/dK^ s>KZĚĂ
DWZ'K
s'^ ,KZZ/ ^/K D1E/DK^KDWdE/
/E^Z/K
ƵƌƐŽ ^ƵƉĞƌŝŽƌ ŽŵƉůĞƚŽ Ğŵ ŝƌĞŝƚŽ Ğ
ϮϬŚŽƌĂƐ
ϭ ĚǀŽŐĂĚŽ Z ZΨϵ͘ϭϲϬ͕ϵϬ /ŶƐĐƌŝĕĆŽ ŶĂ KƌĚĞŵ ĚŽƐ ĚǀŽŐĂĚŽƐ ĚŽ ZΨϭϱ͕ϯϴ
ƐĞŵĂŶĂŝƐ
ƌĂƐŝů;KͿ͘
>ŝĐĞŶĐŝĂƚƵƌĂ WůĞŶĂ Ğŵ WĞĚĂŐŽŐŝĂ ĐŽŵ
ŚĂďŝůŝƚĂĕĆŽ Ğŵ 'ĞƐƚĆŽ ƐĐŽůĂƌ ŽƵ
ŽŽƌĚĞŶĂĚŽƌ ϰϬŚŽƌĂƐ >ŝĐĞŶĐŝĂƚƵƌĂ WůĞŶĂ Ğŵ WĞĚĂŐŽŐŝĂ Ğ ƉſƐ
Ϯ ϬϱнZ ZΨϱ͘ϲϱϲ͕ϳϵ ZΨϭϱ͕ϯϴ
WĞĚĂŐſŐŝĐŽ ƐĞŵĂŶĂŝƐ ŐƌĂĚƵĂĕĆŽ Ğŵ 'ĞƐƚĆŽ ƐĐŽůĂƌ͘ Ϭϯ ;ƚƌġƐͿ
ĂŶŽƐ ĚĞ ĞĨĞƚŝǀŽ ĞdžĞƌĐşĐŝŽ ŶŽ DĂŐŝƐƚĠƌŝŽ
ĚĂĚƵĐĂĕĆŽĄƐŝĐĂ͘
>ŝĐĞŶĐŝĂƚƵƌĂ WůĞŶĂ Ğŵ WĞĚĂŐŽŐŝĂ ĐŽŵ
ŚĂďŝůŝƚĂĕĆŽ Ğŵ 'ĞƐƚĆŽ ƐĐŽůĂƌ ŽƵ
ϰϬŚŽƌĂƐ >ŝĐĞŶĐŝĂƚƵƌĂ WůĞŶĂ Ğŵ WĞĚĂŐŽŐŝĂ Ğ ƉſƐ
ϯ ŝƌĞƚŽƌĚĞƐĐŽůĂ ϬϴнZ ZΨϲ͘ϮϮϮ͕ϲϬ ZΨϭϱ͕ϯϴ
ƐĞŵĂŶĂŝƐ ŐƌĂĚƵĂĕĆŽ Ğŵ 'ĞƐƚĆŽ ƐĐŽůĂƌ͘ Ϭϯ ;ƚƌġƐͿ
ĂŶŽƐ ĚĞ ĞĨĞƚŝǀŽ ĞdžĞƌĐşĐŝŽ ŶŽ DĂŐŝƐƚĠƌŝŽ
ĚĂĚƵĐĂĕĆŽĄƐŝĐĂ͘
ŶƐŝŶŽ^ƵƉĞƌŝŽƌŽŵƉůĞƚŽĞŵDĞĚŝĐŝŶĂĞ
ƐƉĞĐŝĂůŝnjĂĕĆŽ Ğŵ ZĞŐƵůĂĕĆŽ ĞͬŽƵ
DĠĚŝĐŽĚĞZĞŐƵůĂĕĆŽ͕
ϭϬŚŽƌĂƐ ƵĚŝƚŽƌŝĂ ŽƵ 'ĞƐƚĆŽ Ğŵ ^ĂƷĚĞ WƷďůŝĐĂ͕
ϰ ŽŶƚƌŽůĞ͕ǀĂůŝĂĕĆŽĞ Ϭϭ ZΨϱ͘ϯϱϯ͕ϱϬ ZΨϭϱ͕ϯϴ
ƐĞŵĂŶĂŝƐ ĐŽŵ ŶŽ ŵşŶŝŵŽ ϯϲϬ ŚŽƌĂƐ ƌĞĐŽŶŚĞĐŝĚŽ
ƵĚŝƚŽƌŝĂ
ƉĞůŽD͘ZĞŐŝƐƚƌŽŶŽŽŶƐĞůŚŽZĞŐŝŽŶĂů
ĚĞDĞĚŝĐŝŶĂ
ŶƐŝŶŽ ^ƵƉĞƌŝŽƌ ŽŵƉůĞƚŽ Ğŵ DĞĚŝĐŝŶĂ
ϭϬŚŽƌĂƐ
ϱ DĠĚŝĐŽ'ĞŶĞƌĂůŝƐƚĂ Z ZΨϯ͘ϴϮϯ͕ϵϯ ĐŽŵĞƐƉĞĐŝĂůŝnjĂĕĆŽŶĂĄƌĞĂĞŝŶƐĐƌŝĕĆŽŶŽ ZΨϭϱ͕ϯϴ
ƐĞŵĂŶĂŝƐ
ZD͘
ŶƐŝŶŽ ^ƵƉĞƌŝŽƌ Ğŵ DĞĚŝĐŝŶĂ ĐŽŵ
ϭϬŚŽƌĂƐ
ϲ DĠĚŝĐŽEĞƵƌŽůŽŐŝƐƚĂ ϬϭнZ ZΨϯ͘ϴϮϯ͕ϵϯ ĞƐƉĞĐŝĂůŝnjĂĕĆŽ ŶĂ ĄƌĞĂ Ğ ŝŶƐĐƌŝĕĆŽ ŶŽ ZΨϭϱ͕ϯϴ
ƐĞŵĂŶĂŝƐ
ZD͘
ŶƐŝŶŽ ^ƵƉĞƌŝŽƌ Ğŵ DĞĚŝĐŝŶĂ ĐŽŵ
ϭϬŚŽƌĂƐ
ϳ DĠĚŝĐŽKƌƚŽƉĞĚŝƐƚĂ ϬϭнZ ZΨϯ͘ϴϮϯ͕ϵϯ ĞƐƉĞĐŝĂůŝnjĂĕĆŽ ŶĂ ĄƌĞĂ Ğ ŝŶƐĐƌŝĕĆŽ ŶŽ ZΨϭϱ͕ϯϴ
ƐĞŵĂŶĂŝƐ
ZD͘
ŶƐŝŶŽ ^ƵƉĞƌŝŽƌ Ğŵ DĞĚŝĐŝŶĂ ĐŽŵ
ϭϬŚŽƌĂƐ
ϴ DĠĚŝĐŽWĞĚŝĂƚƌĂ ϬϭнZ ZΨϯ͘ϴϮϯ͕ϵϯ ĞƐƉĞĐŝĂůŝnjĂĕĆŽ ŶĂ ĄƌĞĂ Ğ ŝŶƐĐƌŝĕĆŽ ŶŽ ZΨϭϱ͕ϯϴ
ƐĞŵĂŶĂŝƐ
ZD͘
ŶƐŝŶŽ ^ƵƉĞƌŝŽƌ Ğŵ DĞĚŝĐŝŶĂ ĐŽŵ
ϰϬŚŽƌĂƐ
Ϭϵ DĠĚŝĐŽW^&ͬ^ϰϬŚ ZΨϭϳ͘ϵϬϳ͕ϭϭ ĞƐƉĞĐŝĂůŝnjĂĕĆŽ ŶĂ ĄƌĞĂ Ğ ŝŶƐĐƌŝĕĆŽ ŶŽ ZΨϭϱ͕ϯϴ
ϬϭнZ ƐĞŵĂŶĂŝƐ
ZD͘
ϮϬŚŽƌĂƐ ŶƐŝŶŽ ^ƵƉĞƌŝŽƌ ĐŽŵƉůĞƚŽ Ğŵ DĞĚŝĐŝŶĂ
ϭϬ DĠĚŝĐŽsĞƚĞƌŝŶĄƌŝŽ Z ZΨϱ͘ϲϰϴ͕ϬϬ ZΨϭϱ͕ϯϴ
ƐĞŵĂŶĂŝƐ sĞƚĞƌŝŶĄƌŝĂĞŝŶƐĐƌŝĕĆŽŶŽZDs͘
>ŝĐĞŶĐŝĂƚƵƌĂ WůĞŶĂ Ğŵ WĞĚĂŐŽŐŝĂ ĐŽŵ
ŚĂďŝůŝƚĂĕĆŽ Ğŵ 'ĞƐƚĆŽ ƐĐŽůĂƌ ŽƵ
ϰϬŚŽƌĂƐ >ŝĐĞŶĐŝĂƚƵƌĂ WůĞŶĂ Ğŵ WĞĚĂŐŽŐŝĂ Ğ ƉſƐ
ϭϭ ^ƵƉĞƌǀŝƐŽƌĚĞŶƐŝŶŽ ϬϭнZ ZΨϳ͘ϯϱϯ͕ϵϴ ZΨϭϱ͕ϯϴ
ƐĞŵĂŶĂŝƐ ŐƌĂĚƵĂĕĆŽ Ğŵ 'ĞƐƚĆŽ ƐĐŽůĂƌ͘ Ϭϯ ;ƚƌġƐͿ
ĂŶŽƐ ĚĞ ĞĨĞƚŝǀŽ ĞdžĞƌĐşĐŝŽ ŶŽ DĂŐŝƐƚĠƌŝŽ
ĚĂĚƵĐĂĕĆŽĄƐŝĐĂ͘
>ŝĐĞŶĐŝĂƚƵƌĂ WůĞŶĂ Ğŵ WĞĚĂŐŽŐŝĂ ĐŽŵ
ŚĂďŝůŝƚĂĕĆŽ Ğŵ 'ĞƐƚĆŽ ƐĐŽůĂƌ ŽƵ
ϰϬŚŽƌĂƐ >ŝĐĞŶĐŝĂƚƵƌĂ WůĞŶĂ Ğŵ WĞĚĂŐŽŐŝĂ Ğ ƉſƐ
ϭϮ sŝĐĞͲŝƌĞƚŽƌĚĞƐĐŽůĂ ϬϯнZ ZΨϱ͘ϲϱϲ͕ϳϵ ZΨϭϱ͕ϯϴ
ƐĞŵĂŶĂŝƐ ŐƌĂĚƵĂĕĆŽ Ğŵ 'ĞƐƚĆŽ ƐĐŽůĂƌ͘ Ϭϯ ;ƚƌġƐͿ
ĂŶŽƐ ĚĞ ĞĨĞƚŝǀŽ ĞdžĞƌĐşĐŝŽ ŶŽ DĂŐŝƐƚĠƌŝŽ
ĚĂĚƵĐĂĕĆŽĄƐŝĐĂ͘
1
WƌĞĨĞŝƚƵƌĂDƵŶŝĐŝƉĂůĚĞ ŽŶĐƵƌƐŽWƷďůŝĐŽEǑϬϭͬϮϬϮϰ
^EdZhKZ/KWZK /d>ĚĞZdhZĚĞ/E^Z/O^
;ϭͿ Z ;ĂĚĂƐƚƌŽ ZĞƐĞƌǀĂͿ͗ ŽƐ ĐĂŶĚŝĚĂƚŽƐ ĂƉƌŽǀĂĚŽƐ ŶĞƐƚĂƐ ĄƌĞĂƐ ƐĞƌĆŽ ĐŽŶǀŽĐĂĚŽƐ ƉĂƌĂ Ă ƉŽƐƐĞ ƉĂƌĂ ƉŽƐƚŽƐ ƋƵĞ ĂŝŶĚĂ
ĨŝĐĂƌĆŽ ǀĂŐŽƐ ŽƵ ƋƵĞ ƐĞƌĆŽ ĂďĞƌƚŽƐ ĚƵƌĂŶƚĞ Ă ǀĂůŝĚĂĚĞ ĚŽ ŽŶĐƵƌƐŽ WƷďůŝĐŽ͕ ŽďĞĚĞĐĞŶĚŽͲƐĞ Ă ĞƐƚƌŝƚĂ ŽƌĚĞŵ ĚĞ
ĐůĂƐƐŝĨŝĐĂĕĆŽ͘
;ϮͿ ƵdžşůŝŽͲůŝŵĞŶƚĂĕĆŽŶŽŝŵƉŽƌƚĞĚĞZΨϰϴϬ͕ϬϬ;ƋƵĂƚƌŽĐĞŶƚŽƐĞŽŝƚĞŶƚĂƌĞĂŝƐͿŶŽƐƚĞƌŵŽƐĚĂůĞŝDƵŶŝĐŝƉĂůŶǑϰ͘ϮϯϴͬϮϬϮϰ͘
ϭ͘Ϯ͘KKEhZ^KWj>/KEǑϬϭͬϮϬϮϰƚĞƌĄǀŝŐġŶĐŝĂĚĞ ϮĂŶŽƐ͕ĐŽŶƚĂĚŽƐĚĞƐƵĂŚŽŵŽůŽŐĂĕĆŽ͕ƉŽĚĞŶĚŽƐĞƌƉƌŽƌƌŽŐĄǀĞů͕
ƵŵĂǀĞnj͕ƉŽƌŝŐƵĂůƉĞƌşŽĚŽ͘
ϭ͘ϯ͘ ƵƌĂŶƚĞ Ă ǀŝŐġŶĐŝĂ ĚŽ ĐŽŶĐƵƌƐŽ ƉƷďůŝĐŽ͕ Ă WƌĞĨĞŝƚƵƌĂ DƵŶŝĐŝƉĂů ĚĞ ^Ed Zh K Z/K WZK ĞƐƚŝŵĂ ĐŽŶǀŽĐĂƌ Ă
quantidade de candidatos discriminada na coluna “EǑĚĞsĂŐĂƐ” do ŝƚĞŵϭ͘ϭĚĞƐƚĞĞĚŝƚĂů͘WŽĚĞƌĄ͕ĚƵƌĂŶƚĞĂ ƐƵĂ ǀŝŐġŶĐŝĂ͕
ĐŽŶǀŽĐĂƌ ĐĂŶĚŝĚĂƚŽƐ ĚĂ ůŝƐƚĂ ĚĞ ĐůĂƐƐŝĨŝĐĂĚŽƐ ƉĂƌĂ ƉƌŽǀŝŵĞŶƚŽ ĚĂƐ ǀĂŐĂƐ ƌĞŵĂŶĞƐĐĞŶƚĞƐ ũĄ ĞdžŝƐƚĞŶƚĞƐ ƉĂƌĂ ŽƐ ƌĞĨĞƌŝĚŽƐ
ĞŵƉƌĞŐŽƐŽƵƉĂƌĂƉƌŽǀŝŵĞŶƚŽĚĞǀĂŐĂƐƋƵĞǀĞŶŚĂŵĂƐĞƌĐƌŝĂĚĂƐƉĂƌĂĞƐƚĞƐĞŵƉƌĞŐŽƐŶŽƐĞƵƋƵĂĚƌŽĚĞƉĞƐƐŽĂů͕ĚĞĂĐŽƌĚŽ
ĐŽŵĂƐƐƵĂƐŶĞĐĞƐƐŝĚĂĚĞƐĂĚŵŝŶŝƐƚƌĂƚŝǀĂƐ͘
ϭ͘ϰ͘ƐĐŽŶƚƌĂƚĂĕƁĞƐƐĞƌĆŽƌĞŐŝĚĂƐƉĞůĂŽŶƐŽůŝĚĂĕĆŽĚĂƐ>ĞŝƐĚĞdƌĂďĂůŚŽ–>d͘
ϭ͘ϱ͘KĐĂŶĚŝĚĂƚŽŝŶǀĞƐƚŝĚŽŶŽĞŵƉƌĞŐŽƉƷďůŝĐŽƐŽŵĞŶƚĞĂĚƋƵŝƌŝƌĄĞƐƚĂďŝůŝĚĂĚĞĂƉſƐĞƐƚĄŐŝŽƉƌŽďĂƚſƌŝŽĚĞϯĂŶŽƐĚĞĞĨĞƚŝǀŽ
ĞdžĞƌĐşĐŝŽ͕ƉŽĚĞŶĚŽƐĞƌĞdžŽŶĞƌĂĚŽŶĂ ŽĐŽƌƌġŶĐŝĂĚĞƵŵĂ ĚĂƐŚŝƉſƚĞƐĞƐĚĞƋƵĞƚƌĂƚĂŽĂƌƚ͘ϰϭ͕ϭǑ͕ĚĂ ŽŶƐƚŝƚƵŝĕĆŽ&ĞĚĞƌĂů͕
ŽďƐĞƌǀĂĚĂĂŶŽƌŵĂƚŝnjĂĕĆŽŵƵŶŝĐŝƉĂůĂƌĞƐƉĞŝƚŽĚĂŵĂƚĠƌŝĂ͘
ϭ͘ϲ͘KEyK/ͲdZ/h/O^&hE/KE/^ĂƉƌĞƐĞŶƚĂĂƐĂƚŝǀŝĚĂĚĞƐĂƐĞƌĞŵĚĞƐĞŵƉĞŶŚĂĚĂƐƉĞůŽƐƐĞƌǀŝĚŽƌĞƐŶŽĞdžĞƌĐşĐŝŽ
ĚŽƐĐĂƌŐŽƐ͘
ϭ͘ϳ͘ ůĠŵ ĚĂ ĞƐĐŽůĂƌŝĚĂĚĞ ŵşŶŝŵĂ Ğ ĚŽƐ ƌĞƋƵŝƐŝƚŽƐ ĚĞ ĐŽŵƉĞƚġŶĐŝĂ ŝŶĚŝĐĂĚŽƐ ŶŽ ƋƵĂĚƌŽ ĚŽ ŝƚĞŵ ϭ͘ϭ͕ ƉĂƌĂ Ž ĐĂŶĚŝĚĂƚŽ
ƚŽŵĂƌ ƉŽƐƐĞ ŶŽ ĐĂƌŐŽ ĚĞǀĞƌĄ ĂƚĞŶĚĞƌ ăƐ ĞdžŝŐġŶĐŝĂƐ ĚŝƐĐƌŝŵŝŶĂĚĂƐ ŶŽ ŝƚĞŵ ϭϮ͘ϯ ĚĞƐƚĞ ĞĚŝƚĂů͕ Ă ƐĞƌĞŵ ĐŽŵƉƌŽǀĂĚĂƐ ƉŽƌ
ŽĐĂƐŝĆŽĚĂĐŽŶǀŽĐĂĕĆŽ͘
Ϯ͘^/E^Z/O^
Ϯ͘ϭ͘ ƐŝŶƐĐƌŝĕƁĞƐƐĞƌĆŽĞĨĞƚƵĂĚĂƐ ŶŽƉĞƌşŽĚŽĚĞ ϬϱĚĞ'K^dKĂϬϵĚĞ^dDZKĚĞϮϬϮϰ;ĂƚĠ ϭϲŚϬϬͿ͕ĞdžĐůƵƐŝǀĂŵĞŶƚĞ
ĂƚƌĂǀĠƐĚŽƐŝƚĞǁǁǁ͘ƉƵďůŝĐŽŶƐƵůƚ͘ĐŽŵ͘ďƌ͘
Ϯ͘Ϯ͘WĂƌĂƐĞŝŶƐĐƌĞǀĞƌ͕ŽŝŶƚĞƌĞƐƐĂĚŽĚĞǀĞƌĄĂĐĞƐƐĂƌŽW/E>KE/dK͕ƐĞůĞĐŝŽŶĂƌĂŐƵŝĂ :^Kh^dZKŽƵ
YhZK D ^dZZ Ͳ ŶĞƐƚĞ ƷůƚŝŵŽ ĐĂƐŽ͕ ĚĞǀĞƌĄ ƉƌĞĞŶĐŚĞƌ ŽƐ ĐĂŵƉŽƐ ƌĞůĂƚŝǀŽƐ ĂŽ ^dZDEdK ŶŽ ƐŝƚĞ͘ ŵ
ƐĞŐƵŝĚĂ͕ĚĞǀĞƌĄƐĞůĞĐŝŽŶĂƌŶĂŐƵŝĂ/E^Z/O^Zd^͕ŽŽŶĐƵƌƐŽWƷďůŝĐŽEǑϬϭͬϮϬϮϰĚĂWƌĞĨĞŝƚƵƌĂDƵŶŝĐŝƉĂůĚĞ^Ed
ZhKZ/KWZK͕ĞƐĐŽůŚĞƌŽDWZ'KƉĂƌĂĂƋƵĂůĚĞƐĞũĂƐĞŝŶƐĐƌĞǀĞƌ͕ƉƌĞĞŶĐŚĞƌĐŽƌƌĞƚĂŵĞŶƚĞŽƐĐĂŵƉŽƐƌĞůĂƚŝǀŽƐĂŽ
ĨŽƌŵƵůĄƌŝŽ ĚĞ /E^Z/K Ğ ĂƉſƐ ĨŝŶĂůŝnjĂĚŽ Ž ƉƌĞĞŶĐŚŝŵĞŶƚŽ ĚŽƐ ĚĂĚŽƐ͕ ĐůŝĐĂƌ ŶĂ ŐƵŝĂ 'ZZ K>dK ƉĂƌĂ ǀŝƐƵĂůŝnjĂƌ ŽƵ
ŝŵƉƌŝŵŝƌŽďŽůĞƚŽƌĞĨĞƌĞŶƚĞĂŽƉĂŐĂŵĞŶƚŽĚĂŝŶƐĐƌŝĕĆŽ͘
Ϯ͘ϯ͘ K ƉĂŐĂŵĞŶƚŽ ĚŽ ďŽůĞƚŽ ĚĞ ŝŶƐĐƌŝĕĆŽ ĚĞǀĞƌĄ ƐĞƌ ĞĨĞƚƵĂĚŽ ĂƚĠ ϭϬ ĚĞ ^dDZK ϮϬϮϰ Ğŵ ƋƵĂůƋƵĞƌ ĂŐġŶĐŝĂ ďĂŶĐĄƌŝĂ͕
ĂƚƌĂǀĠƐ ĚĞ ŝŶƚĞƌŶĞƚ ďĂŶŬŝŶŐ͕ ŽƵ Ğŵ ĞƐƚĂďĞůĞĐŝŵĞŶƚŽ ĂƵƚŽƌŝnjĂĚŽ Ă ƌĞĐĞďĞƌ ƉĂŐĂŵĞŶƚŽ ĚĞ ĚŽĐƵŵĞŶƚŽƐ ĚĞ ĐŽŵƉĞŶƐĂĕĆŽ
ďĂŶĐĄƌŝĂ ;ĐĂƐĂƐ ůŽƚĠƌŝĐĂƐ͕ ĐŽƌƌĞŝŽƐ ĞƚĐ͘Ϳ͕ ƌĞƐƉĞŝƚĂĚŽ Ž ŚŽƌĄƌŝŽ ĚĞ ĂƚĞŶĚŝŵĞŶƚŽ ĚŽƐ ŵĞƐŵŽƐ͘ K^͗͘ WM^ Z>/Z
/E^Z/K 'ZZ K K>dK͕ K E/dK s 'hZZ WZ &dhZ K W'DEdK EK / ^'h/Ed
WZd/Z ^ ϭϭŚϬϬ͘ ^ K K>dK &KZ 'ZK D &/E> ^DEͬ&Z/K͕ 'hZZ WZ &dhZ K
W'DEdKWZd/Z^ϭϭŚϬϬEKWZMy/DK/jd/>͘
Ϯ͘ϰ͘ĨĞƚƵĂĚĂĂŝŶƐĐƌŝĕĆŽ͕ŶĆŽƐĞƌĄƉĞƌŵŝƚŝĚĂĂĂůƚĞƌĂĕĆŽĚŽŵƉƌĞŐŽĞƐĐŽůŚŝĚŽŶĂĨŝĐŚĂĚĞŝŶƐĐƌŝĕĆŽ͕ƐĞũĂƋƵĂůĨŽƌŽŵŽƚŝǀŽ
ĂůĞŐĂĚŽ͘ĂƐŽƐĞũĂĞĨĞƚƵĂĚĂŝŶƐĐƌŝĕĆŽƉĂƌĂŵĂŝƐĚĞƵŵŵƉƌĞŐŽĐƵũĂƐƌĞƐƉĞĐƚŝǀĂƐƉƌŽǀĂƐŽďũĞƚŝǀĂƐƐĞũĂŵĐŽŶĐŽŵŝƚĂŶƚĞƐ͕Ž
ĐĂŶĚŝĚĂƚŽĚĞǀĞƌĄĨĂnjĞƌĂŽƉĕĆŽƉŽƌƵŵĂĚĞůĂƐ͕ĨŝĐĂŶĚŽĞůŝŵŝŶĂĚŽŶĂƐŽƵƚƌĂƐŽƉĕƁĞƐĞŵƋƵĞĐŽŶƐƚĂƌĐŽŵŽĂƵƐĞŶƚĞ͘ǀĞĚĂĚĂ
ĂĚĞǀŽůƵĕĆŽĚŽǀĂůŽƌĚĞŝŶƐĐƌŝĕĆŽŽƵĂƐƵĂƚƌĂŶƐĨĞƌġŶĐŝĂƉĂƌĂƚĞƌĐĞŝƌŽƐ͘
Ϯ͘ϱ͘ŽĐĂŶĚŝĚĂƚŽƐĞƌĄĂƚƌŝďƵşĚĂƚŽƚĂůƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞƉĞůŽĐŽƌƌĞƚŽƉƌĞĞŶĐŚŝŵĞŶƚŽĚŽĨŽƌŵƵůĄƌŝŽĚĞŝŶƐĐƌŝĕĆŽ͘ŵĐĂƐŽĚĞ
ĚƷǀŝĚĂ ƉĂƌĂ ĞĨĞƚŝǀĂƌ Ă ŝŶƐĐƌŝĕĆŽ͕ Ž ĐĂŶĚŝĚĂƚŽ ƉŽĚĞƌĄ ĞŶƚƌĂƌ Ğŵ ĐŽŶƚĂƚŽ ĐůŝĐĂŶĚŽ ŶŽ şĐŽŶĞ “Fale Conosco – ^ƵƉŽƌƚĞ ĂŽ
Candidato”ĚŽƐŝƚĞǁǁǁ͘ƉƵďůŝĐŽŶƐƵůƚ͘ĐŽŵ͘ďƌ͘
Ϯ͘ϲ͘ K ĚĞĨĞƌŝŵĞŶƚŽ ĚĂ ŝŶƐĐƌŝĕĆŽ ĞƐƚĂƌĄ ĐŽŶĚŝĐŝŽŶĂĚŽ ĂŽ ĐŽƌƌĞƚŽ ƉƌĞĞŶĐŚŝŵĞŶƚŽ ĚŽ ƌĞƋƵĞƌŝŵĞŶƚŽ Ğ ĂŽ ƉĂŐĂŵĞŶƚŽ Ğ
ĐŽŵƉĞŶƐĂĕĆŽĚŽǀĂůŽƌĚĂŝŶƐĐƌŝĕĆŽ͘EĆŽƐĞƌĄĂĐĞŝƚŽƉĂŐĂŵĞŶƚŽƉŽƌŽƵƚƌŽƐŵĞŝŽƐƋƵĞŶĆŽŽƉĂŐĂŵĞŶƚŽĚŽďŽůĞƚŽďĂŶĐĄƌŝŽ
ĞŵŝƚŝĚŽĞƐƉĞĐŝĨŝĐĂŵĞŶƚĞƉĂƌĂ ĐĂĚĂ ŝŶƐĐƌŝĕĆŽ͕ŶĞŵƉĂŐĂŵĞŶƚŽƐĐŽŶĚŝĐŝŽŶĂŝƐŽƵĞĨĞƚƵĂĚŽƐĨŽƌĂĚŽƉƌĂnjŽĚĞǀĞŶĐŝŵĞŶƚŽĚŽ
ďŽůĞƚŽ͘ ^ĞƌĆŽ ŝŶĚĞĨĞƌŝĚĂƐ ĂƐ ŝŶƐĐƌŝĕƁĞƐ ĐƵũŽƐ ƉĂŐĂŵĞŶƚŽƐ ŶĆŽ ǀĞŶŚĂŵ Ă ƐĞƌ ĐŽŵƉĞŶƐĂĚŽƐ ƉŽƌ ƋƵĂůƋƵĞƌ ŵŽƚŝǀŽ ;ĞƌƌŽ ĚĞ
ĚŝŐŝƚĂĕĆŽĚŽĐĂŶĚŝĚĂƚŽĞŵƉĂŐĂŵĞŶƚŽĞĨĞƚƵĂĚŽƉŽƌ ŝŶƚĞƌŶĞƚďĂŶŬŝŶŐ͕ĞƌƌŽĚĞƉƌŽĐĞƐƐĂŵĞŶƚŽŽƵĨĂůƚĂĚĞĐƵŵƉƌŝŵĞŶƚŽĚĂ
ƚƌĂŶƐĨĞƌġŶĐŝĂŶŽďĂŶĐŽĚĞŽƌŝŐĞŵĚŽƉĂŐĂŵĞŶƚŽ͕ƉĂŐĂŵĞŶƚŽĞĨĞƚƵĂĚŽĨŽƌĂĚŽƉƌĂnjŽĞƚĐ͘Ϳ͘
WƌĞĨĞŝƚƵƌĂDƵŶŝĐŝƉĂůĚĞ ŽŶĐƵƌƐŽWƷďůŝĐŽEǑϬϭͬϮϬϮϰ
^EdZhKZ/KWZK /d>ĚĞZdhZĚĞ/E^Z/O^
Ϯ͘ϳ͘ŶĐĞƌƌĂĚŽŽƉƌĂnjŽĚĂƐŝŶƐĐƌŝĕƁĞƐ͕ƐĞƌĄĚŝƐƉŽŶŝďŝůŝnjĂĚŽŶŽƐŝƚĞǁǁǁ͘ƉƵďůŝĐŽŶƐƵůƚ͘ĐŽŵ͘ďƌ͕Ž/d>&Z/DEdK
/E^Z/O^͕ĚĂƐĞŐƵŝŶƚĞĨŽƌŵĂ͗
ĂͿŶĞdžŽ/Ͳ/ŶƐĐƌŝĕƁĞƐĞĨĞƌŝĚĂƐ–'ĞƌĂů͖
ďͿŶĞdžŽ//Ͳ/ŶƐĐƌŝĕƁĞƐĞĨĞƌŝĚĂƐ–ĂŶĚŝĚĂƚŽƐĐŽŵĞĨŝĐŝġŶĐŝĂ͖
ĐͿŶĞdžŽ/// Ͳ/ŶƐĐƌŝĕƁĞƐ/ŶĚĞĨĞƌŝĚĂƐ;ĐĂŶĚŝĚĂƚŽƐƋƵĞƚŝǀĞƌĂŵĂƐŝŶƐĐƌŝĕƁĞƐŝŶĚĞĨĞƌŝĚĂƐƉŽƌŶĆŽĞĨĞƚƵĂƌĞŵŽƉĂŐĂŵĞŶƚŽĚĂ
ŝŶƐĐƌŝĕĆŽŽƵƉŽƌŽƵƚƌŽŵŽƚŝǀŽĞƐƉĞĐŝĨŝĐĂĚŽͿ͘
Ϯ͘ϴ͘ĂďĞĂŽĐĂŶĚŝĚĂƚŽǀĞƌŝĨŝĐĂƌŶŽ/d>&Z/DEdK/E^Z/O^ƐĞĂƐƵĂŝŶƐĐƌŝĕĆŽĨŽŝĐŽŶĨŝƌŵĂĚĂ͕ĞĐĂƐŽŶĆŽ
ƚĞŶŚĂƐŝĚŽ͕ƉŽĚĞƌĄ͕ĚĞŶƚƌŽĚŽƉƌĂnjŽĞƐƚĂďĞůĞĐŝĚŽŶŽŝƚĞŵϵ͘ϭĚŽĚŝƚĂů͕ŝŵƉĞƚƌĂƌƌĞĐƵƌƐŽĂĚŵŝŶŝƐƚƌĂƚŝǀŽ͕ĂƉƌĞƐĞŶƚĂŶĚŽƐƵĂƐ
ĂůĞŐĂĕƁĞƐĞĚŽĐƵŵĞŶƚĂĕĆŽĐŽŵƉƌŽďĂƚſƌŝĂĚĞƉĂŐĂŵĞŶƚŽ͕ƐĞĨŽƌŽĐĂƐŽ͘hŵĂǀĞnjĐŽŶĨŝƌŵĂĚĂĂŝŶƐĐƌŝĕĆŽĞŽƉĂŐĂŵĞŶƚŽ͕Ž
ƐĞƵŶŽŵĞƉĂƐƐĂƌĄĂĐŽŶƐƚĂƌŶŽ/d>&Z/DEdK/E^Z/O^–Zd/&/KĞĐŽŶƐĞƋƵĞŶƚĞŵĞŶƚĞĚŽ/d>
KEsKK͕ƌĞƚŝĨŝĐĂĚŽƐĞĨŽƌŽĐĂƐŽ͕ŶĂĨŽƌŵĂĚŽŝƚĞŵϲ͘ϯĚĞƐƚĞĚŝƚĂů͘ĂƐŽŽĐĂŶĚŝĚĂƚŽŶĆŽĞŶƚƌĞĐŽŵƌĞĐƵƌƐŽĐŽŶƚƌĂ
ŝŶƐĐƌŝĕĆŽŝŶĚĞĨĞƌŝĚĂĞƐĞƵŶŽŵĞŶĆŽĐŽŶƐƚĞĚŽĚŝƚĂůĚĞŽŶǀŽĐĂĕĆŽ͕EKƉŽĚĞƌĄƌĞĂůŝnjĂƌĂƉƌŽǀĂŽďũĞƚŝǀĂ͕ŶĆŽŚĂǀĞŶĚŽ
ĂůŽĐĂĕĆŽĚĞĐĂŶĚŝĚĂƚŽƐĞŵƐĂůĂĐƵũŽŶŽŵĞŶĆŽĐŽŶƐƚĞŶŽƌĞĨĞƌŝĚŽĚŝƚĂů͘
Ϯ͘ϵ͘ ŵƉĂƌĂĚŽƐ ƉĞůĂ >Ğŝ DƵŶŝĐŝƉĂů ŶǑ ϯ͘ϮϬϲͬϮϬϭϴ͕ ŽƐ ĐĂŶĚŝĚĂƚŽƐ ĚŽĂĚŽƌĞƐ ĐĂĚĂƐƚƌĂĚŽƐ ŶŽ ZĞŐŝƐƚƌŽ EĂĐŝŽŶĂů ĚĞ DĞĚƵůĂ
MƐƐĞĂ͕ƉŽĚĞƌĆŽƌĞƋƵĞƌĞƌĂŝƐĞŶĕĆŽĚĂƚĂdžĂĚĞŝŶƐĐƌŝĕĆŽ͕ŽďĞĚĞĐĞŶĚŽĂŽƐƐĞŐƵŝŶƚĞƐƉƌŽĐĞĚŝŵĞŶƚŽƐ͗
Ϯ͘ϵ͘ϭ͘KĐĂŶĚŝĚĂƚŽƋƵĞƐĞĞŶƋƵĂĚƌĞŶĂƐŝƚƵĂĕĆŽĚĞƐĐƌŝƚĂŶŽŝƚĞŵĂŶƚĞƌŝŽƌĞƋƵĞƋƵŝƐĞƌƌĞƋƵĞƌĞƌĂŝƐĞŶĕĆŽĚĂƚĂdžĂĚĞŝŶƐĐƌŝĕĆŽ
ĚŽŽŶĐƵƌƐŽWƷďůŝĐŽĚĞǀĞƌĄĞĨĞƚƵĂƌŶŽƌŵĂůŵĞŶƚĞƐƵĂŝŶƐĐƌŝĕĆŽŶŽ ƐŝƚĞǁǁǁ͘ƉƵďůŝĐŽŶƐƵůƚ͘ĐŽŵ͘ďƌ͕ŶĂĨŽƌŵĂĞƐƚĂďĞůĞĐŝĚĂ
ŶŽŝƚĞŵϮ͘ϮĚĞƐƚĞĚŝƚĂů͕ĚĞŝdžĂŶĚŽĂƉĞŶĂƐĚĞĞĨĞƚƵĂƌŽƉĂŐĂŵĞŶƚŽĚŽďŽůĞƚŽďĂŶĐĄƌŝŽ͘
Ϯ͘ϵ͘Ϯ͘ƐĞŐƵŝƌ͕ĚĞǀĞƌĄƉƌĞĞŶĐŚĞƌĐŽƌƌĞƚĂŵĞŶƚĞŽĨŽƌŵƵůĄƌŝŽĐŽŶƐƚĂŶƚĞĚŽEyK///–ZĞƋƵĞƌŝŵĞŶƚŽĚĞ/ƐĞŶĕĆŽĚĂdĂdžĂĚĞ
/ŶƐĐƌŝĕĆŽ͕ũƵŶƚĂŶĚŽŽƐƐĞŐƵŝŶƚĞƐĚŽĐƵŵĞŶƚŽƐ͗
ĂͿĐſƉŝĂĚŽZ'ĞW&͖
ďͿ ĐŽŵƉƌŽǀĂĕĆŽ ĚĂ ĚŽĂĕĆŽ ĚĞ ŵĞĚƵůĂ ſƐƐĞĂ ĂƚƌĂǀĠƐ ĚĞ ĂƚĞƐƚĂĚŽ ŽƵ ůĂƵĚŽ ŵĠĚŝĐŽ͕ ĐŽŶƚĞŶĚŽ ĚĞĐůĂƌĂĕĆŽ ƐƵďƐĐƌŝƚĂ ƉŽƌ
ŵĠĚŝĐŽƌĞŐƵůĂƌŵĞŶƚĞŝŶƐĐƌŝƚŽŶŽŽŶƐĞůŚŽZĞŐŝŽŶĂůĚĞDĞĚŝĐŝŶĂ͕ƌĞĂůŝnjĂĚĂŚĄŶĆŽŵĂŝƐƋƵĞϭϮŵĞƐĞƐ͘
ĐͿĚĞĐůĂƌĂĕĆŽĂƐƐŝŶĂĚĂ͕ŶŽƐŵŽůĚĞƐĚŽ EyK///–ZĞƋƵĞƌŝŵĞŶƚŽĚĞ/ƐĞŶĕĆŽĚĂdĂdžĂĚĞ/ŶƐĐƌŝĕĆŽ͕ĚĞƋƵĞĂƐŝŶĨŽƌŵĂĕƁĞƐ
ƉƌĞƐƚĂĚĂƐƐĆŽǀĞƌĚĂĚĞŝƌĂƐ͕ƐŽďƉĞŶĂĚĞƐŽĨƌĞƌĂƐƐĂŶĕƁĞƐĚŝƐƉŽƐƚĂƐŶĂůĞŐŝƐůĂĕĆŽĞŵǀŝŐŽƌ͘
Ϯ͘ϵ͘ϯ͘ K ΗZĞƋƵĞƌŝŵĞŶƚŽ ĚĞ /ƐĞŶĕĆŽ ĚĂ dĂdžĂ ĚĞ /ŶƐĐƌŝĕĆŽΗ͕ ŶŽƐ ŵŽůĚĞƐ ĚŽ ŶĞdžŽ /// ĚĞƐƚĞ ĚŝƚĂů͕ ũƵŶƚĂŵĞŶƚĞ ĐŽŵ Ă
ĚŽĐƵŵĞŶƚĂĕĆŽĐŽŵƉƌŽďĂƚſƌŝĂĚĞƋƵĞĂƚĞŶĚĞăƐĐŽŶĚŝĕƁĞƐĞƐƚĂďĞůĞĐŝĚĂƐĞŵůĞŝ͕ĚŝƐĐƌŝŵŝŶĂĚĂŶŽƐŝƚĞŶƐĂŶƚĞƌŝŽƌĞƐ͕ĚĞǀĞƌĆŽ
ƐĞƌĞŶǀŝĂĚŽƐĂƚĠŽĚŝĂϬϳĚĞ'K^dKĚĞϮϬϮϰƌĞŵĞƚĞƌĂƚƌĂǀĠƐĚĂd–ŵƉƌĞƐĂƌĂƐŝůĞŝƌĂĚĞŽƌƌĞŝŽƐĞdĞůĠŐƌĂĨŽƐ͕ƉŽƌ
^yŽƵĐĂƌƚĂĐŽŵZ;ǀŝƐŽĚĞZĞĐĞďŝŵĞŶƚŽͿ͕ƉĂƌĂĂĞŵƉƌĞƐĂWh>/KE^h>dWWW͕ƐĞŐƵŝŶĚŽŽŵŽĚĞůŽĚŽĞŶǀĞůŽƉĞ
ĂďĂŝdžŽ͗
^d/EdZ/K͗Wh>/KE^h>dWWW
ZƵĂDŝůƚŽŶDŽŶnjŽŶŝtĂŐŶĞƌ͕ϭϵϯͲWϭϴϬϰϳͲϲϯϰͲ^ŽƌŽĐĂďĂͬ^W
ZĞĨ͗͘ZĞƋƵĞƌŝŵĞŶƚŽĚĞ/ƐĞŶĕĆŽĚĂdĂdžĂĚĞ/ŶƐĐƌŝĕĆŽͲŽŶĐƵƌƐŽWƷďůŝĐŽŶǑϬϭͬϮϬϮϰͲWƌĞĨĞŝƚƵƌĂĚĞ^EdZhKZ/KWZK
EŽŵĞĐŽŵƉůĞƚŽ͗;ƉƌĞĞŶĐŚĞƌͿͬEǑĚĞ/ŶƐĐƌŝĕĆŽ͗;ƉƌĞĞŶĐŚĞƌͿͬŵƉƌĞŐŽ͗;ƉƌĞĞŶĐŚĞƌͿ
Ϯ͘ϵ͘ϰ͘EĆŽƐĞƌĆŽĐŽŶƐŝĚĞƌĂĚŽƐƉĞĚŝĚŽƐĚĞŝƐĞŶĕĆŽĚĞƉĂŐĂŵĞŶƚŽĚŽǀĂůŽƌĚĞŝŶƐĐƌŝĕĆŽƐŽůŝĐŝƚĂĚŽƐĨŽƌĂĚŽƉƌĂnjŽĞĚĂĨŽƌŵĂ
ĞƐƚĂďĞůĞĐŝĚĂ ŶŽ ŝƚĞŵ ĂŶƚĞƌŝŽƌ͖ ƚĂŵďĠŵ ŶĆŽ ƐĞƌĄ ĂĐĞŝƚĂ Ă ĞŶƚƌĞŐĂ ĐŽŶĚŝĐŝŽŶĂů ŽƵ ĐŽŵƉůĞŵĞŶƚĂĕĆŽ ĚĞ ĚŽĐƵŵĞŶƚŽƐ ŽƵ Ă
ƌĞƚŝƌĂĚĂĚĞĚŽĐƵŵĞŶƚŽƐĂƉſƐŽƉĞƌşŽĚŽĚĞŝŶƐĐƌŝĕĆŽ͘
Ϯ͘ϵ͘ϱ͘ĂƐŽŽĐĂŶĚŝĚĂƚŽƵƚŝůŝnjĞŽƵƚƌŽŵĞŝŽƋƵĞŶĆŽŽĞƐƚĂďĞůĞĐŝĚŽŶĞƐƚĞĚŝƚĂůƚĞƌĄŝŶĚĞĨĞƌŝĚŽƐĞƵƌĞƋƵĞƌŝŵĞŶƚŽĚĞŝƐĞŶĕĆŽ
ĚĂƚĂdžĂĚĞŝŶƐĐƌŝĕĆŽ͘
Ϯ͘ϵ͘ϲ͘ dŽĚĂƐ ĂƐ ŝŶĨŽƌŵĂĕƁĞƐ ƉƌĞƐƚĂĚĂƐ ŶŽ ŶĞdžŽ /// Ͳ ZĞƋƵĞƌŝŵĞŶƚŽ ĚĞ /ƐĞŶĕĆŽ ĚĂ dĂdžĂ ĚĞ /ŶƐĐƌŝĕĆŽ Ğ ŶĂƐ ĚĞĐůĂƌĂĕƁĞƐ
ĨŝƌŵĂĚĂƐƐĆŽĚĞŝŶƚĞŝƌĂƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞĚŽĐĂŶĚŝĚĂƚŽ͕ĂƐƐŝŵĐŽŵŽĂŝĚŽŶĞŝĚĂĚĞĚŽƐĚŽĐƵŵĞŶƚŽƐĞŶĐĂŵŝŶŚĂĚŽƐ͕ƚŽƌŶĂŶĚŽͲ
ƐĞŶƵůŽƐƚŽĚŽƐŽƐĂƚŽƐĚĞůĂƐĚĞĐŽƌƌĞŶƚĞƐĞŵĐĂƐŽĚĞŝƌƌĞŐƵůĂƌŝĚĂĚĞĐŽŶƐƚĂƚĂĚĂ͕ĂůĠŵĚĞƐƵũĞŝƚĂƌŽĐĂŶĚŝĚĂƚŽăƐƉĞŶĂůŝĚĂĚĞƐ
ƉƌĞǀŝƐƚĂƐĞŵůĞŝ͘
Ϯ͘ϵ͘ϳ͘ Ɛ ŝŶĨŽƌŵĂĕƁĞƐ ƉƌĞƐƚĂĚĂƐ Ğ Ă ĚŽĐƵŵĞŶƚĂĕĆŽ ũƵŶƚĂĚĂ ƐĞƌĆŽ ŽďũĞƚŽ ĚĞ ĂŶĄůŝƐĞ Ğ ĞǀĞŶƚƵĂů ĚŝůŝŐġŶĐŝĂ ƉŽƌ ƉĂƌƚĞ ĚĂ
WƌĞĨĞŝƚƵƌĂDƵŶŝĐŝƉĂůĚĞ^EdZhKZ/KWZKĞͬŽƵĚĂĞŵƉƌĞƐĂŽƌŐĂŶŝnjĂĚŽƌĂĚŽĐĞƌƚĂŵĞ͘
Ϯ͘ϵ͘ϴ͘KĐĂŶĚŝĚĂƚŽĚĞǀĞƌĄ͕ĂƉĂƌƚŝƌĚŽĚŝĂϮϭĚĞ'K^dKĚĞϮϬϮϰ͕ǀĞƌŝĨŝĐĂƌŶŽƐŝƚĞǁǁǁ͘ƉƵďůŝĐŽŶƐƵůƚ͘ĐŽŵ͘ďƌŽƌĞƐƵůƚĂĚŽĚŽ
ƌĞƋƵĞƌŝŵĞŶƚŽĚĂŝƐĞŶĕĆŽĚĂƚĂdžĂĚĞŝŶƐĐƌŝĕĆŽ͘
Ϯ͘ϵ͘ϵ͘KĐĂŶĚŝĚĂƚŽƋƵĞƚŝǀĞƌƐĞƵƉĞĚŝĚŽĚĞŝƐĞŶĕĆŽĚŽƉĂŐĂŵĞŶƚŽĚĂƚĂdžĂĚĞŝŶƐĐƌŝĕĆŽĚĞĨĞƌŝĚŽƚĞƌĄĂƵƚŽŵĂƚŝĐĂŵĞŶƚĞƐƵĂ
ŝŶƐĐƌŝĕĆŽĞĨĞƚŝǀĂĚĂ͕ŶĆŽŚĂǀĞŶĚŽŶĞĐĞƐƐŝĚĂĚĞĚĞƋƵĂůƋƵĞƌŽƵƚƌŽƉƌŽĐĞĚŝŵĞŶƚŽ͘
Ϯ͘ϵ͘ϭϬ͘KĐĂŶĚŝĚĂƚŽƋƵĞƚŝǀĞƌŽƌĞƋƵĞƌŝŵĞŶƚŽĚĞŝƐĞŶĕĆŽĚĞƉĂŐĂŵĞŶƚŽĚŽǀĂůŽƌĚĞŝŶƐĐƌŝĕĆŽŝŶĚĞĨĞƌŝĚŽ͕ĚĞǀĞƌĄĂĐĞƐƐĂƌŽ
W/E> K E/dK ŶŽ ƐŝƚĞ ǁǁǁ͘ƉƵďůŝĐŽŶƐƵůƚ͘ĐŽŵ͘ďƌ͕ ƐĞůĞĐŝŽŶĂƌ Ž ŽŶĐƵƌƐŽ WƷďůŝĐŽ ŶǑ ϬϭͬϮϬϮϰ ĚĂ WƌĞĨĞŝƚƵƌĂ
DƵŶŝĐŝƉĂů ĚĞ ^Ed Zh K Z/K WZK͕ ĐůŝĐĂƌ ŶĂ ŐƵŝĂ 'ZZ Ϯǐ s/ K K>dK Ğ ĞĨĞƚƵĂƌ Ž ƉĂŐĂŵĞŶƚŽ ĚŽ ďŽůĞƚŽ
ďĂŶĐĄƌŝŽƌĞĨĞƌĞŶƚĞĂŽǀĂůŽƌĚĂŝŶƐĐƌŝĕĆŽĂƚĠĚŝĂϭϬĚĞ^dDZKĚĞϮϬϮϰ͕ĚĞǀĞŶĚŽŽďƐĞƌǀĂƌŽĚŝƐƉŽƐƚŽŶŽŝƚĞŵϮ͘ϮĞƐĞƵƐ
ƐƵďŝƚĞŶƐ͘
Ϯ͘ϵ͘ϭϭ͘ ^ĞƌĄ ĞůŝŵŝŶĂĚŽ ĚŽ ŽŶĐƵƌƐŽ WƷďůŝĐŽ Ž ĐĂŶĚŝĚĂƚŽ ƋƵĞ ƵƐĂƌ ĚĞ ŵĄͲĨĠ ŶĂ ĂƉƌĞƐĞŶƚĂĕĆŽ ĚŽƐ ĚŽĐƵŵĞŶƚŽƐ
ĐŽŵƉƌŽďĂƚſƌŝŽƐ ƉĂƌĂ Ă ŝƐĞŶĕĆŽ͕ Ğ ƐĞ Ă ĐŽŵƉƌŽǀĂĕĆŽ ŵĞŶĐŝŽŶĂĚĂ ŽĐŽƌƌĞƌ ĂƉſƐ Ă ĐŽŶƚƌĂƚĂĕĆŽ͕ Ă ĚŵŝŶŝƐƚƌĂĕĆŽ WƷďůŝĐĂ
ĂĚŽƚĂƌĄĂƐƉƌŽǀŝĚġŶĐŝĂƐƋƵĞũƵůŐĂƌŶĞĐĞƐƐĄƌŝĂƐ͕ƐĞŵƉƌĞũƵşnjŽĚĂƐƐĂŶĕƁĞƐĐĂďşǀĞŝƐ͘
3
WƌĞĨĞŝƚƵƌĂDƵŶŝĐŝƉĂůĚĞ ŽŶĐƵƌƐŽWƷďůŝĐŽEǑϬϭͬϮϬϮϰ
^EdZhKZ/KWZK /d>ĚĞZdhZĚĞ/E^Z/O^
ϯ͘K^E/dK^ͲW^^KKD&//E/
ϯ͘ϭ͘ŽƐĐĂŶĚŝĚĂƚŽƐĐŽŵĚĞĨŝĐŝġŶĐŝĂ͕ĂƐƐŝŵĐŽŶƐŝĚĞƌĂĚŽƐĂƋƵĞůĞƐƋƵĞƐĞĞŶƋƵĂĚƌĂŵŶĂƐĐĂƚĞŐŽƌŝĂƐĚŝƐĐƌŝŵŝŶĂĚĂƐŶŽĂƌƚ͘ϰǑ
ĚŽĞĐƌĞƚŽ&ĞĚĞƌĂůŶǑϯ͘Ϯϵϴͬϵϵ͕ƐĞƌĆŽĚĞƐƚŝŶĂĚĂƐ ϱйĚĂƐǀĂŐĂƐĂƐĞƌĞŵƉƌŽǀŝĚĂƐĞŵĐĂĚĂĞŵƉƌĞŐŽ͕ĞdžĐĞƚŽƐĞĞƐƐĞĞdžŝŐŝƌ
ĂƉƚŝĚĆŽƉůĞŶĂĚŽĐĂŶĚŝĚĂƚŽŽƵƐĞƐƵĂƐĂƚƌŝďƵŝĕƁĞƐĨŽƌĞŵŝŶĐŽŵƉĂƚşǀĞŝƐĐŽŵĂĚĞĨŝĐŝġŶĐŝĂĂƉƌĞƐĞŶƚĂĚĂƉĞůŽĐĂŶĚŝĚĂƚŽ͘
ϯ͘Ϯ͘ K ĐĂŶĚŝĚĂƚŽ ĐŽŵ ĚĞĨŝĐŝġŶĐŝĂ ƋƵĞ ĚĞƐĞũĞ ƐĞ ŚĂďŝůŝƚĂƌ Ă ĐŽŶĐŽƌƌĞƌ ăƐ ǀĂŐĂƐ ĚĞƐƚĞ ŽŶĐƵƌƐŽ WƷďůŝĐŽ ĚĞǀĞƌĄ ĞĨĞƚƵĂƌ ƐƵĂ
ŝŶƐĐƌŝĕĆŽ ŶĂ ĨŽƌŵĂ ĚĞƚĞƌŵŝŶĂĚĂ ŶŽ ŝƚĞŵ Ϯ͘Ϯ͕ ĚĞĐůĂƌĂŶĚŽ ƐĞƌ ƉĞƐƐŽĂ ĐŽŵ ĚĞĨŝĐŝġŶĐŝĂ Ğ ĞƐƉĞĐŝĨŝĐĂŶĚŽ Ž ĐſĚŝŐŽ ĚĂ /
;ůĂƐƐŝĨŝĐĂĕĆŽ/ŶƚĞƌŶĂĐŝŽŶĂůĚĂŽĞŶĕĂͿŶŽƐĐĂŵƉŽƐĞƐƉĞĐşĨŝĐŽƐĚŽĨŽƌŵƵůĄƌŝŽĚĞŝŶƐĐƌŝĕĆŽ͘ƉſƐ͕ĚĞǀĞƌĄƌĞŵĞƚĞƌĂƚƌĂǀĠƐĚĂ
d–ŵƉƌĞƐĂƌĂƐŝůĞŝƌĂĚĞŽƌƌĞŝŽƐĞdĞůĠŐƌĂĨŽƐ͕ƉŽƌ^yŽƵĐĂƌƚĂĐŽŵZ;ǀŝƐŽĚĞZĞĐĞďŝŵĞŶƚŽͿ͕>hKD/K͕
ĞdžƉĞĚŝĚŽŶŽŵĄdžŝŵŽĂƚĠϲ;ƐĞŝƐͿŵĞƐĞƐĂŶƚĞƐĚĂĂďĞƌƚƵƌĂĚŽƉĞƌşŽĚŽĚĞŝŶƐĐƌŝĕƁĞƐ͕ĂƚĞƐƚĂŶĚŽĂĞƐƉĠĐŝĞ͕ŽŐƌĂƵĞŽŶşǀĞůĚĂ
ĚĞĨŝĐŝġŶĐŝĂ͕ĐŽŵĞdžƉƌĞƐƐĂƌĞĨĞƌġŶĐŝĂĂŽĐſĚŝŐŽ/ĐŽƌƌĞƐƉŽŶĚĞŶƚĞ͕ĂƚĠŽĚŝĂϬϮĚĞ^dDZKĚĞϮϬϮϰ͕ƐĞŐƵŝŶĚŽŽŵŽĚĞůŽ
ĚŽĞŶǀĞůŽƉĞĂďĂŝdžŽ͗
^d/EdZ/K͗Wh>/KE^h>dW>ƚĚĂ͘
ZƵĂDŝůƚŽŶDŽŶnjŽŶŝtĂŐŶĞƌ͕ϭϵϯͲWϭϴϬϰϳͲϲϯϰͲ^ŽƌŽĐĂďĂͬ^W
ZĞĨ͗͘ĂŶĚŝĚĂƚŽĐŽŵĞĨŝĐŝġŶĐŝĂͲ>ĂƵĚŽDĠĚŝĐŽ–ŽŶĐƵƌƐŽWƷďůŝĐŽEǑϬϭͬϮϬϮϰ–WƌĞĨĞŝƚƵƌĂĚĞ^EdZhKZ/KWZK
EŽŵĞĐŽŵƉůĞƚŽ͗;ƉƌĞĞŶĐŚĞƌͿͬEǑĚĞ/ŶƐĐƌŝĕĆŽ͗;ƉƌĞĞŶĐŚĞƌͿͬŵƉƌĞŐŽƉƌĞƚĞŶĚŝĚŽ͗;ƉƌĞĞŶĐŚĞƌͿ
ϯ͘ϯ͘ ^ĞƌĄ ŝŶĚĞĨĞƌŝĚŽ Ž ƉĞĚŝĚŽ ĚĞ ŝŶƐĐƌŝĕĆŽ ĚŽ ĐĂŶĚŝĚĂƚŽ ĐŽŵ ĚĞĨŝĐŝġŶĐŝĂ ƋƵĞ ŶĆŽ ŽďƐĞƌǀĂƌ ŽƐ ƉƌŽĐĞĚŝŵĞŶƚŽƐ Ğ ƉƌĂnjŽƐ
ĞƐƚĂďĞůĞĐŝĚŽƐŶĞƐƚĞĞĚŝƚĂů͕ǀĂůĞŶĚŽĐŽŵŽĐŽŵƉƌŽǀĂĕĆŽĚĞĞŶǀŝŽŶŽƉƌĂnjŽ͕ĂĚĂƚĂĚĞƉŽƐƚĂŐĞŵŶŽƐŽƌƌĞŝŽƐ͘EĆŽƐĞƌĄĂĐĞŝƚĂ
ĂĞŶƚƌĞŐĂƉĂƌĐŝĂůŽƵĐŽŵƉůĞŵĞŶƚĂĕĆŽĚĞĚŽĐƵŵĞŶƚŽƐ͕ŶĞŵƐĞƌĆŽĚĞǀŽůǀŝĚŽƐŽƐĚŽĐƵŵĞŶƚŽƐĂƉſƐŽƉĞƌşŽĚŽĚĞŝŶƐĐƌŝĕĆŽ͘
ϯ͘ϰ͘ K ĐĂŶĚŝĚĂƚŽ ĐŽŵ ĚĞĨŝĐŝġŶĐŝĂ ƋƵĞ ƚŝǀĞƌ Ž ƉĞĚŝĚŽ ĚĞ ŝŶƐĐƌŝĕĆŽ ŝŶĚĞĨĞƌŝĚŽ ĂŝŶĚĂ ƉŽĚĞƌĄ ƉĂƌƚŝĐŝƉĂƌ ĚŽ ŽŶĐƵƌƐŽ WƷďůŝĐŽ͕
ĚĞƐĚĞƋƵĞĞĨĞƚƵĞŽƉĂŐĂŵĞŶƚŽĚĂ ŝŶƐĐƌŝĕĆŽ͕ƉŽƌĠŵŶĆŽĐŽŶĐŽƌƌĞƌĄŶĂ ĐŽŶĚŝĕĆŽĚĞ ƉĞƐƐŽĂ ĐŽŵĚĞĨŝĐŝġŶĐŝĂ͕ŶĆŽƉŽĚĞŶĚŽ͕
ƉŽƐƚĞƌŝŽƌŵĞŶƚĞ͕ĂůĞŐĂƌƚĂůĐŽŶĚŝĕĆŽƉĂƌĂƌĞŝǀŝŶĚŝĐĂƌĂƐƉƌĞƌƌŽŐĂƚŝǀĂƐĐŽŶƐƚĂŶƚĞƐŶĞƐƚĞĞĚŝƚĂů͘
ϯ͘ϱ͘KĐĂŶĚŝĚĂƚŽĐŽŵĚĞĨŝĐŝġŶĐŝĂƋƵĞŶŽĂƚŽĚĂŝŶƐĐƌŝĕĆŽŶĆŽĚĞĐůĂƌĂƌĞƐƐĂĐŽŶĚŝĕĆŽ͕ŶĆŽƉŽĚĞƌĄŝŵƉĞƚƌĂƌƌĞĐƵƌƐŽĞŵĨĂǀŽƌ
ĚĞ ƐƵĂ ŝŶƐĐƌŝĕĆŽ͘ K ĐĂŶĚŝĚĂƚŽ ƋƵĞ ĚĞĐůĂƌĂƌ ĨĂůƐĂŵĞŶƚĞ Ă ĚĞĨŝĐŝġŶĐŝĂ ƐĞƌĄ ĞdžĐůƵşĚŽ ĚŽ ŽŶĐƵƌƐŽ WƷďůŝĐŽ͕ ƐĞ ĐŽŶĨŝƌŵĂĚĂ ƚĂů
ŽĐŽƌƌġŶĐŝĂĞŵƋƵĂůƋƵĞƌĨĂƐĞĚĞƐƚĞĐĞƌƚĂŵĞ͕ƐƵũĞŝƚĂŶĚŽͲƐĞăƐĐŽŶƐĞƋƵġŶĐŝĂƐůĞŐĂŝƐƉĞƌƚŝŶĞŶƚĞƐăŵĂƚĠƌŝĂ͘
ϯ͘ϲ͘EĂŽĐŽƌƌġŶĐŝĂĚĞĚĞƐŝƐƚġŶĐŝĂĚĂǀĂŐĂƉŽƌĐĂŶĚŝĚĂƚŽĐŽŵĚĞĨŝĐŝġŶĐŝĂĐůĂƐƐŝĨŝĐĂĚŽ͕ĂƌĞƐƉĞĐƚŝǀĂǀĂŐĂƐĞƌĄƉƌĞĞŶĐŚŝĚĂƉŽƌ
ŽƵƚƌŽ ĐĂŶĚŝĚĂƚŽ ĐŽŵ ĚĞĨŝĐŝġŶĐŝĂ͕ ƌĞƐƉĞŝƚĂĚĂ Ă ŽƌĚĞŵ ĚĞ ĐůĂƐƐŝĨŝĐĂĕĆŽ ĚĂ ůŝƐƚĂ ĞƐƉĞĐşĨŝĐĂ͘ ƐŐŽƚĂĚĂƐ ĂƐ ĂƚƌŝďƵŝĕƁĞƐ ĂŽƐ
ĐĂŶĚŝĚĂƚŽƐĐŽŵĚĞĨŝĐŝġŶĐŝĂĐůĂƐƐŝĨŝĐĂĚŽƐ͕ĂƐǀĂŐĂƐƌĞŵĂŶĞƐĐĞŶƚĞƐƐĞƌĆŽƌĞǀĞƌƚŝĚĂƐƉĂƌĂŽĐƀŵƉƵƚŽŐĞƌĂůĚĞǀĂŐĂƐŽĨĞƌĞĐŝĚĂƐ
ŶŽŽŶĐƵƌƐŽWƷďůŝĐŽ͕ƉŽĚĞŶĚŽƐĞƌƉƌĞĞŶĐŚŝĚĂƐƉĞůŽƐĚĞŵĂŝƐĐĂŶĚŝĚĂƚŽƐĂƉƌŽǀĂĚŽƐ͕ŽďĞĚĞĐŝĚĂĂŽƌĚĞŵĚĞĐůĂƐƐŝĨŝĐĂĕĆŽ͘
ϯ͘ϳ͘ WŽƌ ŽĐĂƐŝĆŽ ĚĂ ĐŽŶǀŽĐĂĕĆŽ ƉĂƌĂ ĐŽŶƚƌĂƚĂĕĆŽ͕ Ž ĐĂŶĚŝĚĂƚŽ ĐŽŵ ĚĞĨŝĐŝġŶĐŝĂ ƐĞƌĄ ƐƵďŵĞƚŝĚŽ ă ƉĞƌşĐŝĂ ŵĠĚŝĐĂ Ă Ĩŝŵ ĚĞ
ǀĞƌŝĨŝĐĂƌĂĐŽŵƉĂƚŝďŝůŝĚĂĚĞĚĂƐƵĂĚĞĨŝĐŝġŶĐŝĂĐŽŵŽĞdžĞƌĐşĐŝŽĚĂƐĂƚƌŝďƵŝĕƁĞƐĚŽĞŵƉƌĞŐŽ͕ĚĞǀĞŶĚŽĂƉƌĞƐĞŶƚĂƌŶĂ ŽĐĂƐŝĆŽ
ĞǀĞŶƚƵĂŝƐ ůĂƵĚŽƐ Ğ ĞdžĂŵĞƐ ƋƵĞ ĐŽŵƉƌŽǀĞŵ Ă ĚĞĨŝĐŝġŶĐŝĂ͘ ĂƐŽ ƐĞ ǀĞƌŝĨŝƋƵĞ Ă ŝŶĐŽŵƉĂƚŝďŝůŝĚĂĚĞ ĞŶƚƌĞ Ă ĚĞĨŝĐŝġŶĐŝĂ ĚŽ
ĐĂŶĚŝĚĂƚŽĞĂƐĂƚŝǀŝĚĂĚĞƐĂƐĞƌĞŵĞdžĞƌĐŝĚĂƐ͕ƉĞƌĚĞƌĄŽĚŝƌĞŝƚŽăŶŽŵĞĂĕĆŽ͘
ϯ͘ϴ͘džĐĞƚŽŶŽƋƵĞĐŽŶĐĞƌŶĞăƐĚŝƐƉŽƐŝĕƁĞƐƐƵƉƌĂƌĞĨĞƌŝĚĂƐ͕ŽĐĂŶĚŝĚĂƚŽĐŽŵĚĞĨŝĐŝġŶĐŝĂƉĂƌƚŝĐŝƉĂƌĄĚĞƐƚĞŽŶĐƵƌƐŽWƷďůŝĐŽ
ĞŵŝŐƵĂůĚĂĚĞĚĞĐŽŶĚŝĕƁĞƐĐŽŵŽƐĚĞŵĂŝƐĐĂŶĚŝĚĂƚŽƐ͕ĞŵĞƐƉĞĐŝĂůŶŽƋƵĞĐŽŶĐĞƌŶĞĂŽĐŽŶƚĞƷĚŽĚĂƐƉƌŽǀĂƐ͕ăĂǀĂůŝĂĕĆŽ͕
ĂŽƐĐƌŝƚĠƌŝŽƐĚĞĂƉƌŽǀĂĕĆŽ͕ăƉŽŶƚƵĂĕĆŽĞdžŝŐŝĚĂƉĂƌĂĐůĂƐƐŝĨŝĐĂĕĆŽ͕ĂŽŚŽƌĄƌŝŽĞůŽĐĂůĚĞĂƉůŝĐĂĕĆŽĚĂƐƉƌŽǀĂƐĞăƉŽŶƚƵĂĕĆŽ
ŵşŶŝŵĂĞdžŝŐŝĚĂƉĂƌĂĂĐůĂƐƐŝĨŝĐĂĕĆŽ͘
ϰ͘^K>//dKKE/O^^W//^WZZ>/KWZKsK:d/s
ϰ͘ϭ͘ K ĐĂŶĚŝĚĂƚŽ ƋƵĞ ŶĞĐĞƐƐŝƚĂƌ ĚĞ ƉƌŽǀĂ ĞƐƉĞĐŝĂů ŽƵ ƚƌĂƚĂŵĞŶƚŽ ĚŝĨĞƌĞŶĐŝĂĚŽ ŶŽ ĚŝĂ ĚĂ ƌĞĂůŝnjĂĕĆŽ ĚĂ ƉƌŽǀĂ ŽďũĞƚŝǀĂ
;ƚĞŵƉŽĂĚŝĐŝŽŶĂůƉĂƌĂƌĞĂůŝnjĂĕĆŽ͕ĨŽŶƚĞĂŵƉůŝĂĚĂ͕ƉƌŽǀĂĞŵƌĂŝůůĞ͕ŝŶƚĠƌƉƌĞƚĞĚĞ>/Z^͕ůĞĚŽƌ͕ƐĂůĂĐŽŵĐŽŶĚŝĕƁĞƐĞƐƉĞĐŝĂŝƐ
ĚĞƵƐŽŽƵĂĐĞƐƐŽĞƚĐ͘ͿĚĞǀĞƌĄĚĞĐůĂƌĂƌĞĞƐƉĞĐŝĨŝĐĂƌĞƐƚĂƐŶĞĐĞƐƐŝĚĂĚĞƐŶŽƐĐĂŵƉŽƐĚŽĨŽƌŵƵůĄƌŝŽĚĞŝŶƐĐƌŝĕĆŽ͕ĂŽĞĨĞƚƵĂƌ
ƐĞƵĐĂĚĂƐƚƌĂŵĞŶƚŽĞͬŽƵŝŶƐĐƌŝĕĆŽŶŽƐŝƚĞƉĂƌĂŽƌĞĨĞƌŝĚŽŽŶĐƵƌƐŽWƷďůŝĐŽ͘
ϰ͘Ϯ͘KĐĂŶĚŝĚĂƚŽĐŽŵĚĞĨŝĐŝġŶĐŝĂǀŝƐƵĂůĚĞǀĞƌĄĞƐƉĞĐŝĨŝĐĂƌ͕ŶŽĨŽƌŵƵůĄƌŝŽĚĞŝŶƐĐƌŝĕĆŽ͕ŽƉĞĚŝĚŽĚĞĐŽŶĨĞĐĕĆŽĚĞƉƌŽǀĂĞŵ
ƌĂŝůůĞͬ>ĞĚŽƌ͕ ƉƌŽǀĂ ĂŵƉůŝĂĚĂ͕ ĐŽŶĨŽƌŵĞ ƐƵĂ ŶĞĐĞƐƐŝĚĂĚĞ͘ KƐ ĐĂŶĚŝĚĂƚŽƐ ƋƵĞ ŽƉƚĂƌĞŵ ƉŽƌ ƌĞĂůŝnjĂƌ Ă ƉƌŽǀĂ Ğŵ ƌĂŝůůĞ
ĚĞǀĞƌĆŽ ĂƉƌĞƐĞŶƚĂƌ ŶŽ ƉƌĂnjŽ͕ ůĂƵĚŽ ĞƐƉĞĐşĨŝĐŽ Ğ ůĞǀĂƌ͕ ƉĂƌĂ ĞƐƐĞ Ĩŝŵ͕ ŶŽ ĚŝĂ ĚĂ ĂƉůŝĐĂĕĆŽ ĚĂ ƉƌŽǀĂ͕ ƌĞŐůĞƚĞ Ğ ƉƵŶĕĆŽ͕
ƉŽĚĞŶĚŽĂŝŶĚĂƵƚŝůŝnjĂƌͲƐĞĚĞ ƐŽƌŽďĂŶ͘ŽƐ ĚĞĨŝĐŝĞŶƚĞƐǀŝƐƵĂŝƐĂŵďůşŽƉĞƐƐĞƌĄŽĨĞƌĞĐŝĚĂ ƉƌŽǀĂ ĂŵƉůŝĂĚĂ ;ĨŽŶƚĞƌŝĂů –ϮϰͿ͘
&ŝĐĂŽĐĂŶĚŝĚĂƚŽĐŝĞŶƚĞĚĞƋƵĞĂŽƉĕĆŽƉĞůĂƉƌŽǀĂĞŵƌĂŝůůĞŶĆŽŐĂƌĂŶƚĞƐƵĂĚŝƐƉŽŶŝďŝůŝnjĂĕĆŽŶĂĚĂƚĂĚĂƉƌŽǀĂ͕ƉŽĚĞŶĚŽĂ
ĂŶĐĂdžĂŵŝŶĂĚŽƌĂĚŝƐƉŽŶŝďŝůŝnjĂƌ͕ĞŵƐƵďƐƚŝƚƵŝĕĆŽĂƉƌŽǀĂĞŵƌĂŝůůĞ͕ŽůĞĚŽƌ͕ĞŵƌĂnjĆŽĚĞĞǀĞŶƚƵĂůĐĂƐŽĨŽƌƚƵŝƚŽ͘
WƌĞĨĞŝƚƵƌĂDƵŶŝĐŝƉĂůĚĞ ŽŶĐƵƌƐŽWƷďůŝĐŽEǑϬϭͬϮϬϮϰ
^EdZhKZ/KWZK /d>ĚĞZdhZĚĞ/E^Z/O^
ϰ͘ϯ͘ K ĐĂŶĚŝĚĂƚŽ ĐŽŵ ĚĞĨŝĐŝġŶĐŝĂ ĂƵĚŝƚŝǀĂ ĚĞǀĞƌĄ ĞƐƉĞĐŝĨŝĐĂƌ͕ ŶŽ ĨŽƌŵƵůĄƌŝŽ ĚĞ ŝŶƐĐƌŝĕĆŽ͕ ƐĞ ŶĞĐĞƐƐŝƚĂƌĄ ĚĞ ŝŶƚĠƌƉƌĞƚĞ ĚĞ
>/Z^ Ͳ >şŶŐƵĂ ƌĂƐŝůĞŝƌĂ ĚĞ ^ŝŶĂŝƐ ŽƵ ƐŽůŝĐŝƚĂƌ ĂƵƚŽƌŝnjĂĕĆŽ ƉĂƌĂ ƵƚŝůŝnjĂĕĆŽ ĚĞ ĂƉĂƌĞůŚŽ ĂƵƌŝĐƵůĂƌ͘ ĂƐŽ Ž ĐĂŶĚŝĚĂƚŽ ƵƐĞ
ĂƉĂƌĞůŚŽĂƵĚŝƚŝǀŽ͕ĚĞǀĞƌĄĐŽŶƐƚĂƌĞƐƐĂƵƚŝůŝnjĂĕĆŽŶŽůĂƵĚŽŵĠĚŝĐŽĞŶĐĂŵŝŶŚĂĚŽŶĂĨŽƌŵĂĚŽŝƚĞŵϯ͘ϮĚĞƐƚĞĞĚŝƚĂů͘
ϰ͘ϰ͘KĐĂŶĚŝĚĂƚŽĐŽŵĚĞĨŝĐŝġŶĐŝĂŽƵƌĞƐƚƌŝĕĆŽĨşƐŝĐĂƚĞŵƉŽƌĄƌŝĂĚĞǀĞƌĄĞƐƉĞĐŝĨŝĐĂƌ͕ŶŽĨŽƌŵƵůĄƌŝŽĚĞŝŶƐĐƌŝĕĆŽ͕ƐĞŶĞĐĞƐƐŝƚĂƌĄ
ĚĞŵŽďŝůŝĄƌŝŽĂĚĂƉƚĂĚŽŽƵĚĞĂƵdžşůŝŽŶŽŵĂŶƵƐĞŝŽĚĂƉƌŽǀĂĞƚƌĂŶƐĐƌŝĕĆŽĚĞƌĞƐƉŽƐƚĂƐ͘
ϰ͘ϱ͘KĐĂŶĚŝĚĂƚŽĐŽŵĚĞĨŝĐŝġŶĐŝĂƋƵĞŶĞĐĞƐƐŝƚĂƌĚĞƚĞŵƉŽĂĚŝĐŝŽŶĂůĚĞǀĞƌĄĂƉƌĞƐĞŶƚĂƌ͕ŶŽĚŝĂĚĂƌĞĂůŝnjĂĕĆŽĚĂƉƌŽǀĂ͕ůĂƵĚŽ
ŵĠĚŝĐŽŽƵƉĂƌĞĐĞƌĞŵŝƚŝĚŽƉŽƌĞƐƉĞĐŝĂůŝƐƚĂĚĂĄƌĞĂĚĞƐƵĂĚĞĨŝĐŝġŶĐŝĂũƵƐƚŝĨŝĐĂŶĚŽĞƐƐĂŶĞĐĞƐƐŝĚĂĚĞ͕ĞdžƉĞĚŝĚŽŶŽŵĄdžŝŵŽϲ
;ƐĞŝƐͿ ŵĞƐĞƐ ĂŶƚĞƐ ĚĂ ĂďĞƌƚƵƌĂ ĚŽ ƉĞƌşŽĚŽ ĚĞ ŝŶƐĐƌŝĕƁĞƐ͕ ĚĞǀŝĚĂŵĞŶƚĞ ĂƐƐŝŶĂĚŽ ƐŽďƌĞ ĐĂƌŝŵďŽ ŝŶĚŝĐĂŶĚŽ Ž ŶƷŵĞƌŽ ĚĂ
ŝŶƐĐƌŝĕĆŽĚŽƉƌŽĨŝƐƐŝŽŶĂůŶŽĐŽŶƐĞůŚŽƉƌŽĨŝƐƐŝŽŶĂůĞƋƵŝǀĂůĞŶƚĞ͘KƚĞŵƉŽĂĚŝĐŝŽŶĂůĞǀĞŶƚƵĂůŵĞŶƚĞĐŽŶĐĞĚŝĚŽůŝŵŝƚĂƌͲƐĞͲĄĂϭ
;ƵŵĂͿŚŽƌĂ͘
ϰ͘ϲ͘ KĐĂŶĚŝĚĂƚŽƋƵĞŶĆŽƐŽůŝĐŝƚĂƌĂƉƌŽǀĂĞƐƉĞĐŝĂůŽƵĐŽŶĚŝĕƁĞƐĞƐƉĞĐŝĂŝƐƉĂƌĂƐƵĂƌĞĂůŝnjĂĕĆŽ ĂƚĠŽĨŝŶĂůĚŽƉĞƌşŽĚŽĚĞ
ŝŶƐĐƌŝĕƁĞƐ͕ŶĂĨŽƌŵĂŶŽŝƚĞŵϰ͘ϭ͕ŶĆŽƚĞƌĄĚŝƌĞŝƚŽĂƌĞĂůŝnjĂƌĂƉƌŽǀĂĂĚĂƉƚĂĚĂăƐƐƵĂƐĐŽŶĚŝĕƁĞƐ͕ƌĞƐĞƌǀĂŶĚŽͲƐĞŽĚŝƌĞŝƚŽĚĞ
ƌĞĂůŝnjĂƌĂƉƌŽǀĂƌĞŐƵůĂƌĂƉůŝĐĂĚĂĂŽƐĚĞŵĂŝƐĐĂŶĚŝĚĂƚŽƐ͕ŝŶĚĞƉĞŶĚĞŶƚĞĚŽŵŽƚŝǀŽĂůĞŐĂĚŽ͘
ϱ͘^&^^KKEhZ^KWj>/K
ϱ͘ϭ͘KŽŶĐƵƌƐŽWƷďůŝĐŽĐŽŶƐŝƐƚŝƌĄĚĂƐƐĞŐƵŝŶƚĞƐĨĂƐĞƐ͗
/ͲWZKsK:d/s͕ĚĞĐĂƌĄƚĞƌĞůŝŵŝŶĂƚſƌŝŽĞĐůĂƐƐŝĨŝĐĂƚſƌŝŽ͕ĂƐĞƌĂƉůŝĐĂĚĂƉĂƌĂƚŽĚŽƐŽƐĞŵƉƌĞŐŽƐ͘
//ͲWZKsd1dh>K^͕ĚĞĐĂƌĄƚĞƌĐůĂƐƐŝĨŝĐĂƚſƌŝŽ͕ĐƵũĂƉŽŶƚƵĂĕĆŽƐĞƌĄĂƚƌŝďƵşĚĂĂƚŽĚŽƐŽƐĐĂŶĚŝĚĂƚŽƐĂƉƌŽǀĂĚŽƐŶĂWƌŽǀĂ
KďũĞƚŝǀĂƉĂƌĂƚŽĚŽƐŽƐĞŵƉƌĞŐŽƐ͕ĐŽŶĨŽƌŵĞŝŶƐƚƌƵĕƁĞƐĚŽŝƚĞŵϴ͘ϮĚĞƐƚĞĚŝƚĂů͘
/// Ͳ s>/K W^/K>M'/͕ ĚĞ ĐĂƌĄƚĞƌ ĞůŝŵŝŶĂƚſƌŝŽ͕ Ă ƐĞƌ ĂƉůŝĐĂĚŽ ĂŽƐ ĐĂŶĚŝĚĂƚŽƐ ĐŽŶǀŽĐĂĚŽƐ ƉĂƌĂ ŽƐ ĞŵƉƌĞŐŽƐ ĚĂ
ĄƌĞĂĚĂhK͘ǀĂůŝĂĕĆŽƉƐŝĐŽůſŐŝĐĂǀŝƐĂĂǀĂůŝĂƌ͕ĂƚƌĂǀĠƐĚĞŝŶƐƚƌƵŵĞŶƚŽƐƉƌĞǀŝĂŵĞŶƚĞǀĂůŝĚĂĚŽƐƉĂƌĂĚĞƚĞƌŵŝŶĂĚĂ
ĨƵŶĕĆŽ͕ŽƐĚŝǀĞƌƐŽƐƉƌŽĐĞƐƐŽƐƉƐŝĐŽůſŐŝĐŽƐƋƵĞĐŽŵƉƁĞŽŝŶĚŝǀşĚƵŽ͕ƐĞŶĚŽŽƉƐŝĐſůŽŐŽŽƷŶŝĐŽƉƌŽĨŝƐƐŝŽŶĂůŚĂďŝůŝƚĂĚŽƉŽƌůĞŝ
ƉĂƌĂ ĞdžĞƌĐĞƌ ĞƐƚĂ ĨƵŶĕĆŽ͘ ǀĂůŝĂĕĆŽ WƐŝĐŽůſŐŝĐĂ ƐĞƌĄ ĚĞ ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞ ĚĂ WƌĞĨĞŝƚƵƌĂ DƵŶŝĐŝƉĂů ĚĞ ^ĂŶƚĂ ƌƵnj ĚŽ ZŝŽ
WĂƌĚŽ͘
ϲ͘d,KZZ/K^^d/DK^WZW>/KWZKsK:d/s
ϲ͘ϭ͘WƌŽǀĂKďũĞƚŝǀĂƐĞƌĄƌĞĂůŝnjĂĚĂŶŽŵƵŶŝĐşƉŝŽĚĞ ^EdZhKZ/KWZKͬ^W͕ĐŽŵĚĂƚĂƉƌĞǀŝƐƚĂƉĂƌĂŽ ĚŝĂϮϵĚĞ
^dDZKĚĞϮϬϮϰ;ĚŽŵŝŶŐŽͿ͕ŶŽƐƐĞŐƵŝŶƚĞƐŚŽƌĄƌŝŽƐ͗
,KZZ/K DWZ'K
ϬϵŚϬϬ ĚǀŽŐĂĚŽ͖ŝƌĞƚŽƌĚĞƐĐŽůĂ͖DĠĚŝĐŽW^&ͬ^ϰϬŚ͖^ƵƉĞƌǀŝƐŽƌĚĞŶƐŝŶŽ͘
ŽŽƌĚĞŶĂĚŽƌWĞĚĂŐſŐŝĐŽ͖DĠĚŝĐŽĚĞZĞŐƵůĂĕĆŽ͕ŽŶƚƌŽůĞ͕ǀĂůŝĂĕĆŽĞƵĚŝƚŽƌŝĂ͖DĠĚŝĐŽ'ĞŶĞƌĂůŝƐƚĂ͖DĠĚŝĐŽ
ϭϰŚϬϬ
EĞƵƌŽůŽŐŝƐƚĂ͖DĠĚŝĐŽKƌƚŽƉĞĚŝƐƚĂ͖DĠĚŝĐŽWĞĚŝĂƚƌĂ͖DĠĚŝĐŽsĞƚĞƌŝŶĄƌŝŽ͖sŝĐĞͲŝƌĞƚŽƌĚĞƐĐŽůĂ͘
ϲ͘Ϯ͘ĚĂƚĂƉƌĞǀŝƐƚĂƉŽĚĞƌĄƐĞƌĂůƚĞƌĂĚĂĞŵǀŝƌƚƵĚĞĚĂƋƵĂŶƚŝĚĂĚĞĚĞŝŶƐĐƌŝƚŽƐ͕ĚĂĚŝƐƉŽŶŝďŝůŝĚĂĚĞĚĞůŽĐĂŝƐƉĂƌĂĂƌĞĂůŝnjĂĕĆŽ
ĚĂ ƉƌŽǀĂ Ğ ĚĞ ŽƵƚƌŽƐ ĨĂƚŽƌĞƐ ƐƵƉĞƌǀĞŶŝĞŶƚĞƐ͕ ƉƌĞƐĞƌǀĂŶĚŽͲƐĞ͕ ŶŽ ĞŶƚĂŶƚŽ͕ ŽƐ ƉĞƌşŽĚŽƐ Ğ ŚŽƌĄƌŝŽƐ ŝŶĚŝĐĂĚŽƐ ƉĂƌĂ Ă ƐƵĂ
ĂƉůŝĐĂĕĆŽ͘
ϲ͘ϯ͘ ĐŽŶĨŝƌŵĂĕĆŽ ŽĨŝĐŝĂů ĂĐĞƌĐĂ ĚĂ ĚĂƚĂ͕ ŚŽƌĄƌŝŽ Ğ ůŽĐĂů ĚĞ ƌĞĂůŝnjĂĕĆŽ ĚĂ WƌŽǀĂ KďũĞƚŝǀĂ ĚĞƉĞŶĚĞƌĄ ĚĂ ƋƵĂŶƚŝĚĂĚĞ ĚĞ
ŝŶƐĐƌŝƚŽƐ Ğ ĚĞ ǀĂŐĂƐ ĚŝƐƉŽŶşǀĞŝƐ Ğ ŽĐŽƌƌĞƌĄ ĂƚƌĂǀĠƐ ĚĞ /d> KEsKK Ă ƐĞƌ ĚŝƐƉŽŶŝďŝůŝnjĂĚŽ ŶŽƐ ƐŝƚĞƐ
ǁǁǁ͘ƉƵďůŝĐŽŶƐƵůƚ͘ĐŽŵ͘ďƌĞǁǁǁ͘ƐĂŶƚĂĐƌƵnjĚŽƌŝŽƉĂƌĚŽ͘ƐƉ͘ŐŽǀ͘ďƌ͕ƐĞŶĚŽĂŝŶĚĂƉƵďůŝĐĂĚŽĚĞĨŽƌŵĂƌĞƐƵŵŝĚĂŶŽ^ĞŵĂŶĄƌŝŽ
KĨŝĐŝĂů ůĞƚƌƀŶŝĐŽ ĚŽ DƵŶŝĐşƉŝŽ ĚĞ ^ĂŶƚĂ ƌƵnj ĚŽ ZŝŽ WĂƌĚŽ ;ŚƚƚƉƐ͗ͬͬĚŝĂƌŝŽŽĨŝĐŝĂůŶŽǀŽ͘ũĞůĂƐƚŝĐ͘
ƐĂǀĞŝŶĐůŽƵĚ͘ŶĞƚͬƉĂŐŝŶĂƐͬƉƵďůŝĐͬĚŝĂƌŝŽͺĞdžƚĞƌŶŽ͘džŚƚŵů͍ŝĚŝĚĂĚĞсϰͿ͘
ϲ͘ϰ ^ĞƌĄ ĚĞ ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞ ĚŽ ĐĂŶĚŝĚĂƚŽ Ž ĂĐŽŵƉĂŶŚĂŵĞŶƚŽ ĚĂƐ ŝŶĨŽƌŵĂĕƁĞƐ ĂĐĞƌĐĂ ĚĂ ĚĂƚĂ͕ ŚŽƌĄƌŝŽ Ğ ůŽĐĂů ĚĞ
ĂƉůŝĐĂĕĆŽ ĚĂ ƉƌŽǀĂ ĂƚƌĂǀĠƐ ĚŽƐ ŵĞŝŽƐ ŽĨŝĐŝĂŝƐ ĚĞ ĚŝǀƵůŐĂĕĆŽ͘ KƐ ĐĂŶĚŝĚĂƚŽƐ ƋƵĞ ŝŶĨŽƌŵĂƌĞŵ ĞŶĚĞƌĞĕŽ ĞůĞƚƌƀŶŝĐŽ ;ĞͲŵĂŝůͿ
ƉŽƌ ŽĐĂƐŝĆŽ ĚĂƐ ŝŶƐĐƌŝĕƁĞƐ ƐĞƌĆŽ ƚĂŵďĠŵ ĐŽŵƵŶŝĐĂĚŽƐ ƉŽƌ ĞƐƚĞ ŵĞŝŽ͕ ŶĆŽ ƐĞ ƌĞƐƉŽŶƐĂďŝůŝnjĂŶĚŽ Ă ĞŵƉƌĞƐĂ ƉĞůŽ ŶĆŽ
ƌĞĐĞďŝŵĞŶƚŽĚŽĐŽƌƌĞŝŽĞůĞƚƌƀŶŝĐŽĞŵǀŝƌƚƵĚĞĚĞďůŽƋƵĞŝŽƐĚĞĂŶƚŝǀşƌƵƐ͕ĨŝƌĞǁĂůů͕ƐƉĂŵŽƵŽƵƚƌŽƐƉƌŽďůĞŵĂƐƌĞůĂĐŝŽŶĂĚŽƐĂ
ĐŽŶĨŝŐƵƌĂĕƁĞƐĚĞĐŽŵƉƵƚĂĚŽƌĞƐŽƵĂŽĨƵŶĐŝŽŶĂŵĞŶƚŽĚĂŝŶƚĞƌŶĞƚ͘
ϳ͘WZKsK:d/s
ϳ͘ϭ͘WZKsK:d/sǀŝƐĂĂǀĂůŝĂƌŽŐƌĂƵĚĞĐŽŶŚĞĐŝŵĞŶƚŽƚĞſƌŝĐŽĚŽĐĂŶĚŝĚĂƚŽŶĞĐĞƐƐĄƌŝŽĂŽĞdžĞƌĐşĐŝŽĚĂƐĂƚƌŝďƵŝĕƁĞƐĚŽ
ĞŵƉƌĞŐŽ Ğ ƐĞƌĄ ĐŽŵƉŽƐƚĂ ĚĞ ϯϱ ƋƵĞƐƚƁĞƐ ĚĞ ŵƷůƚŝƉůĂ ĞƐĐŽůŚĂ͕ ĂƐ ƋƵĂŝƐ ƐĞƌĆŽ ĞůĂďŽƌĂĚĂƐ ĚĞ ĂĐŽƌĚŽ ĐŽŵ Ž ĐŽŶƚĞƷĚŽ
ƉƌŽŐƌĂŵĄƚŝĐŽĐŽŶƐƚĂŶƚĞĚŽEyK//–ŽŶƚĞƷĚŽWƌŽŐƌĂŵĄƚŝĐŽ͕ƐĞŶĚŽĚŝƐƚƌŝďƵşĚĂƐĞƉŽŶƚƵĂĚĂƐŶĂƐĞŐƵŝŶƚĞĐŽŶĨŽƌŵŝĚĂĚĞ͗
5
WƌĞĨĞŝƚƵƌĂDƵŶŝĐŝƉĂůĚĞ ŽŶĐƵƌƐŽWƷďůŝĐŽEǑϬϭͬϮϬϮϰ
^EdZhKZ/KWZK /d>ĚĞZdhZĚĞ/E^Z/O^
sK'K
/^/W>/E^ EǑYh^dO^ W^K dKd>WKEdK^Wͬ/^/W>/E dKd>
ZĞĚĂĕĆŽKĨŝĐŝĂůĞdĠĐŶŝĐĂ>ĞŐŝƐůĂƚŝǀĂ ϱ Ϯ ϭϬ
ϭϬϬ
ŽŶŚĞĐŝŵĞŶƚŽƐƐƉĞĐşĨŝĐŽƐ ϯϬ ϯ ϵϬ
KKZEKZW'M'/K͖/ZdKZ^K>͖^hWZs/^KZE^/EK͖s/Ͳ/ZdKZ^K>͘
/^/W>/E^ EǑYh^dO^ W^K dKd>WKEdK^Wͬ/^/W>/E dKd>
>şŶŐƵĂWŽƌƚƵŐƵĞƐĂĞ/ŶƚĞƌƉƌĞƚĂĕĆŽĚĞdĞdžƚŽƐ ϴ Ϯ ϭϲ
>ĞŐŝƐůĂĕĆŽĚŽŶƐŝŶŽ ϱ Ϯ ϭϬ
ϭϬϬ
ŽŶŚĞĐŝŵĞŶƚŽƐWĞĚĂŐſŐŝĐŽƐ ϳ Ϯ ϭϰ
ŽŶŚĞĐŝŵĞŶƚŽƐƐƉĞĐşĨŝĐŽƐ ϭϱ ϰ ϲϬ
D/K͗ Z'h>K͕ KEdZK>͕ s>/K h/dKZ/͖ 'EZ>/^d͖ EhZK>K'/^d͖ W/dZ͖ W^&ͬ^
ϰϬ,͖KZdKW/^d͖sdZ/EZ/K͘
EǑ dKd>WKEdK^WKZ
/^/W>/E^ W^K dKd>
Yh^dO^ /^/W>/E
>şŶŐƵĂWŽƌƚƵŐƵĞƐĂĞ/ŶƚĞƌƉƌĞƚĂĕĆŽĚĞdĞdžƚŽƐ ϱ Ϯ ϭϬ
DĂƚĞŵĄƚŝĐĂĞZĂĐŝŽĐşŶŝŽ>ſŐŝĐŽYƵĂŶƚŝƚĂƚŝǀŽ ϱ Ϯ ϭϬ
ŽŶŚĞĐŝŵĞŶƚŽƐ'ĞƌĂŝƐĞƚƵĂůŝĚĂĚĞƐ ϱ ϭ ϱ ϭϬϬ
>ĞŐŝƐůĂĕĆŽĚĞ^ĂƷĚĞWƷďůŝĐĂ ϱ ϯ ϭϱ
ŽŶŚĞĐŝŵĞŶƚŽƐƐƉĞĐşĨŝĐŽƐ ϭϱ ϰ ϲϬ
ϳ͘Ϯ͘ ďŝďůŝŽŐƌĂĨŝĂ ƌĞĨĞƌĞŶĐŝĂů ŝŶĚŝĐĂĚĂ ŶŽ EyK // – ŽŶƚĞƷĚŽ WƌŽŐƌĂŵĄƚŝĐŽ ƐĞƌǀŝƌĄ ĐŽŵŽ ďĂƐĞ ƉĂƌĂ Ă ĞůĂďŽƌĂĕĆŽ ĚĂƐ
ƋƵĞƐƚƁĞƐĚĂƉƌŽǀĂŽďũĞƚŝǀĂĞĐŽŵŽƉĂƌąŵĞƚƌŽƉƌĞƉŽŶĚĞƌĂŶƚĞƉĂƌĂĚŝƌŝŵŝƌĞǀĞŶƚƵĂŝƐƌĞĐƵƌƐŽƐ͕ŶĆŽƐĞĂƚĞŶĚŽ͕ŶŽĞŶƚĂŶƚŽ͕Ă
ĞůĂďŽƌĂĕĆŽĚĂƐƋƵĞƐƚƁĞƐăďŝďůŝŽŐƌĂĨŝĂŝŶĚŝĐĂĚĂ͘ǀĞŶƚƵĂŝƐůŝŶŬƐĚĞƐŝƚĞƐĞƉŽƌƚĂŝƐĚĞĂĐĞƐƐŽăďŝďůŝŽŐƌĂĨŝĂƌĞĨĞƌĞŶĐŝĂůĂƚƌĂǀĠƐ
ĚĂ ŝŶƚĞƌŶĞƚ ƐĞƌĆŽ ŝŶĚŝĐĂĚŽƐ ĐŽŵŽ ŵĞƌĂ ĨŽƌŵĂ ĚĞ ĂƵdžŝůŝĂƌ Ž ĐĂŶĚŝĚĂƚŽ͕ ŶĆŽ ƐĞ ƌĞƐƉŽŶƐĂďŝůŝnjĂŶĚŽ Ă ĞŵƉƌĞƐĂ ƉĞůĂ ĞǀĞŶƚƵĂů
ƐƵƉƌĞƐƐĆŽĚŽĐŽŶƚĞƷĚŽƉŽƌƉĂƌƚĞĚŽƐŝƚĞ͕ĚĞǀĞŶĚŽŽĐĂŶĚŝĚĂƚŽďƵƐĐĂƌƐƵƉƌŝƌŽĂĐĞƐƐŽƉŽƌŽƵƚƌĂĨŽƌŵĂ͘
ϳ͘ϯ͘ EĂ ĚĂƚĂ ĚĞƚĞƌŵŝŶĂĚĂ ƉĂƌĂ Ă ƌĞĂůŝnjĂĕĆŽ ĚĂ ƉƌŽǀĂ ŽƐ ĐĂŶĚŝĚĂƚŽƐ ĚĞǀĞƌĆŽ ƐĞ ĂƉƌĞƐĞŶƚĂƌ ŶŽ ůŽĐĂů ĚĞƐŝŐŶĂĚŽ͕ ƐĞŶĚŽ
ĂĐŽŶƐĞůŚĄǀĞů ĂŶƚĞĐĞĚġŶĐŝĂ ĚĞ ϭ ;ƵŵĂͿ ŚŽƌĂ ĚŽ ŚŽƌĄƌŝŽ ĚĞƚĞƌŵŝŶĂĚŽ ƉĂƌĂ Ž ŝŶşĐŝŽ͘ KƐ ƉŽƌƚƁĞƐ ƐĞƌĆŽ ĨĞĐŚĂĚŽƐ
ŝŵƉƌĞƚĞƌŝǀĞůŵĞŶƚĞ ŶŽ ŚŽƌĄƌŝŽ ŝŶĚŝĐĂĚŽ ƉĂƌĂ ŝŶşĐŝŽ ĚĂ ƉƌŽǀĂ͕ ŝŶĚŝĐĂĚŽ ŶŽ ŝƚĞŵ ϲ͘ϭ ĚĞƐƚĞ ĞĚŝƚĂů ŽƵ ŶŽ /d>
KEsKK WZ ^ WZKs^ K:d/s^͕ ƉƌĞǀĂůĞĐĞŶĚŽ ĞƐƚĞ ƷůƚŝŵŽ Ğŵ ĐĂƐŽ ĚĞ ĂůƚĞƌĂĕĆŽ ĚŽƐ ŚŽƌĄƌŝŽƐ ƉŽƌ ŵŽƚŝǀŽƐ
ƐƵƉĞƌǀĞŶŝĞŶƚĞƐ͘ EĆŽ ƐĞƌĄ ĂĚŵŝƚŝĚŽ ŶŽ ůŽĐĂů ĚĞ ĂƉůŝĐĂĕĆŽ ĚĂ ƉƌŽǀĂ͕ Ğŵ ŶĞŶŚƵŵĂ ŚŝƉſƚĞƐĞ͕ ŽƐ ĐĂŶĚŝĚĂƚŽƐ ƋƵĞ ƐĞ
ĂƉƌĞƐĞŶƚĂƌĞŵĂƉſƐŽŚŽƌĄƌŝŽĞƐƚĂďĞůĞĐŝĚŽƉĂƌĂŽĨĞĐŚĂŵĞŶƚŽĚŽƐƉŽƌƚƁĞƐ͘
ϳ͘ϰ͘KŝŶŐƌĞƐƐŽĂŽůŽĐĂůĚĂƉƌŽǀĂƐĞƌĄƉĞƌŵŝƚŝĚŽĂƉĞŶĂƐĂŽƐĐĂŶĚŝĚĂƚŽƐƋƵĞĞƐƚŝǀĞƌĞŵŵƵŶŝĚŽƐĚĞĐĂŶĞƚĂĞƐĨĞƌŽŐƌĄĨŝĐĂĂnjƵů
ŽƵ ƉƌĞƚĂ Ğ ĚĞ ĚŽĐƵŵĞŶƚŽ ĚĞ ŝĚĞŶƚŝĚĂĚĞ ŽƌŝŐŝŶĂů ĐŽŵ ĨŽƚŽ͕ ŶĆŽ ƐĞŶĚŽ ĂĚŵŝƚŝĚŽ ŶŽ ƌĞĐŝŶƚŽ ĚĞ ƌĞĂůŝnjĂĕĆŽ ĚĂ ƉƌŽǀĂ Ž
ĐĂŶĚŝĚĂƚŽ ƋƵĞ ŶĆŽ Ž ĞƐƚŝǀĞƌ ƉŽƌƚĂŶĚŽ͘ EĆŽ ƐĞƌĆŽ ĂĐĞŝƚŽƐ͗ ĐſƉŝĂ ĚĞ ĚŽĐƵŵĞŶƚŽ ĚĞ ŝĚĞŶƚŝĚĂĚĞ͕ ĂŝŶĚĂ ƋƵĞ ĂƵƚĞŶƚŝĐĂĚĂ͖
ƉƌŽƚŽĐŽůŽ͖ ďŽůĞƚŝŵ ĚĞ ŽĐŽƌƌġŶĐŝĂ͖ ĚŽĐƵŵĞŶƚŽƐ ĐŽŵ ĚĂĚŽƐ ŽƵ ĨŽƚŽ ƌĂƐƵƌĂĚĂ ƋƵĞ ŶĆŽ ƉĞƌŵŝƚĂŵ ŝĚĞŶƚŝĨŝĐĂƌ Ž ƉŽƌƚĂĚŽƌ͖
ĚŽĐƵŵĞŶƚŽƐ ĐŽŵ ĨŽƚŽ ĚĞ ĐƌŝĂŶĕĂ͖ ŽƵ ƋƵĂŝƐƋƵĞƌ ŽƵƚƌŽƐ ĚŽĐƵŵĞŶƚŽƐ ŶĆŽ ƌĞůĂĐŝŽŶĂĚŽƐ͘ ŶƚĞŶĚĞͲƐĞ ƉŽƌ ĚŽĐƵŵĞŶƚŽ ĚĞ
ŝĚĞŶƚŝĚĂĚĞŽƌŝŐŝŶĂůĐŽŵĨŽƚŽ͗
ĂͿĠĚƵůĂĚĞ/ĚĞŶƚŝĚĂĚĞ;Z'ͿĞdžƉĞĚŝĚĂƉŽƌ^ĞĐƌĞƚĂƌŝĂƐĚĞ^ĞŐƵƌĂŶĕĂWƷďůŝĐĂ͕ƉĞůĂƐ&ŽƌĕĂƐƌŵĂĚĂƐ͕ƉĞůĂWŽůşĐŝĂDŝůŝƚĂƌ͕ƉĞůŽ
DŝŶŝƐƚĠƌŝŽĚĂƐZĞůĂĕƁĞƐdžƚĞƌŝŽƌĞƐĞƚĐ͖͘
ďͿĠĚƵůĂĚĞ/ĚĞŶƚŝĚĂĚĞƉĂƌĂƐƚƌĂŶŐĞŝƌŽƐ͖
ĐͿĠĚƵůĂĚĞ/ĚĞŶƚŝĚĂĚĞĨŽƌŶĞĐŝĚĂƉŽƌſƌŐĆŽŽƵĐŽŶƐĞůŚŽƐĚĞĐůĂƐƐĞƋƵĞ͕ƉŽƌĨŽƌĕĂĚĞ>Ğŝ&ĞĚĞƌĂů͕ǀĂůŚĂŵĐŽŵŽĚŽĐƵŵĞŶƚŽ
ĚĞŝĚĞŶƚŝĚĂĚĞ;K͕ZD͕Z͕ZĞƚĐ͘Ϳ͖
ĚͿĞƌƚŝĨŝĐĂĚŽĚĞZĞƐĞƌǀŝƐƚĂ͖
ĞͿWĂƐƐĂƉŽƌƚĞ͖
ĨͿĂƌƚĞŝƌĂĚĞdƌĂďĂůŚŽĞWƌĞǀŝĚġŶĐŝĂ^ŽĐŝĂů͖
ŐͿĂƌƚĞŝƌĂEĂĐŝŽŶĂůĚĞ,ĂďŝůŝƚĂĕĆŽŶĂĨŽƌŵĂĚŽſĚŝŐŽĚĞdƌąŶƐŝƚŽƌĂƐŝůĞŝƌŽ͖
ŚͿŽĐƵŵĞŶƚŽƐĚŝŐŝƚĂŝƐĐŽŵĨŽƚŽ;E,ŝŐŝƚĂů͕ĞͲdşƚƵůŽ͕E/͕ĞƚĐ͘ͿͲƐſƐĞƌĆŽĂĐĞŝƚŽƐĐĂƐŽĐŽŶƐŝŐĂŵƐĞƌǀĂůŝĚĂĚŽƐŶŽĂƚŽƉĞůŽƐ
ŵĞŝŽƐĚŝƐƉŽŶŝďŝůŝnjĂĚŽƐƉĂƌĂ ĂƵƚĞŶƚŝĐĂĕĆŽ;ĂƉůŝĐĂƚŝǀŽsŝŽĚŽ^ZWZK͕ ƐŝƚĞǁǁǁ͘ƚƐĞ͘ũƵƐ͘ďƌ͕ĞƚĐ͘Ϳ͕ŶĆŽƐĞƌĞƐƉŽŶƐĂďŝůŝnjĂŶĚŽĂ
WƌĞĨĞŝƚƵƌĂDƵŶŝĐŝƉĂůĚĞ ŽŶĐƵƌƐŽWƷďůŝĐŽEǑϬϭͬϮϬϮϰ
^EdZhKZ/KWZK /d>ĚĞZdhZĚĞ/E^Z/O^
ĞŵƉƌĞƐĂƉĞůĂŝŵƉŽƐƐŝďŝůŝĚĂĚĞĚĞǀĂůŝĚĂĕĆŽĞŵǀŝƌƚƵĚĞĚĞŽƐŝƚĞĞƐƚĂƌŽĨĨͲůŝŶĞ͕ƉŽƌĨĂůŚĂƐŶŽƐŐĞƐƚŽƌĞƐĚŽƐĂƉůŝĐĂƚŝǀŽƐŽƵƉŽƌ
ĨĂůƚĂĚĞƐŝŶĂůĚĂŝŶƚĞƌŶĞƚ͘
ϳ͘ϱ͘EĆŽƐĞƌĄĂĚŵŝƚŝĚŽŽƵĂůŽĐĂĚŽĞŵƐĂůĂŶŽĚŝĂĚĂƌĞĂůŝnjĂĕĆŽĚĂ ƉƌŽǀĂŽďũĞƚŝǀĂŽĐĂŶĚŝĚĂƚŽĐƵũŽŶŽŵĞŶĆŽĐŽŶƐƚĞŶŽ
/d>&Z/DEdK/E^Z/O^͕ŚĂũĂǀŝƐƚĂƚĞƌƐŝĚŽĚŝƐƉŽŶŝďŝůŝnjĂĚŽƉƌĂnjŽŚĄďŝů͕ŶĂĨŽƌŵĂĚĞƌĞĐƵƌƐŽĂĚŵŝŶŝƐƚƌĂƚŝǀŽ͕
ƉĂƌĂĞǀĞŶƚƵĂůƌĞƐŽůƵĕĆŽĚĞƉĞŶĚġŶĐŝĂƐƌĞůĂƚŝǀĂƐăŝŶƐĐƌŝĕĆŽŽƵĂŽƉĂŐĂŵĞŶƚŽĚŽďŽůĞƚŽĚĞŝŶƐĐƌŝĕĆŽ͕ŶĂĨŽƌŵĂĚŽ ŝƚĞŵϮ͘ϴ
ĚĞƐƚĞĞĚŝƚĂů͘
ϳ͘ϲ͘ŽŝŶŐƌĞƐƐĂƌŶŽůŽĐĂůĚĞƐŝŐŶĂĚŽƉĂƌĂĂƌĞĂůŝnjĂĕĆŽĚĂƉƌŽǀĂ͕ŽĐĂŶĚŝĚĂƚŽĚĞǀĞƌĄĂƐƐŝŶĂƌĂ>ŝƐƚĂĚĞWƌĞƐĞŶĕĂƋƵĞůŚĞƐĞƌĄ
ĂƉƌĞƐĞŶƚĂĚĂ͘ǀĞŶƚƵĂŝƐĞƌƌŽƐĚĞĚŝŐŝƚĂĕĆŽĚĞŶŽŵĞ͕ŶƷŵĞƌŽĚĞĚŽĐƵŵĞŶƚŽĚĞŝĚĞŶƚŝĚĂĚĞĞĚĂƚĂĚĞŶĂƐĐŝŵĞŶƚŽĚĞǀĞƌĆŽƐĞƌ
ĐŽŵƵŶŝĐĂĚŽƐĂŽ&ŝƐĐĂůĚĞWƌŽǀĂƉĂƌĂĐŽƌƌĞĕĆŽ͕ŽƋƵĂůůĂǀƌĂƌĄĂƐĂůƚĞƌĂĕƁĞƐŶĂƚĂĚĂWƌŽǀĂKďũĞƚŝǀĂ͘KĐĂŶĚŝĚĂƚŽƋƵĞŶĆŽ
ĂƐƐŝŶĂƌĂ>ŝƐƚĂĚĞWƌĞƐĞŶĕĂŽƵŶĆŽĂƉƌĞƐĞŶƚĂƌĂĚŽĐƵŵĞŶƚĂĕĆŽƌĞƋƵĞƌŝĚĂŶĆŽƉŽĚĞƌĄƌĞĂůŝnjĂƌĂƉƌŽǀĂĞĐŽŶƐĞƋƵĞŶƚĞŵĞŶƚĞ
ƐĞƌĄĚĞƐĐůĂƐƐŝĨŝĐĂĚŽ͘
ϳ͘ϳ͘ĚƵƌĂĕĆŽĚĂƉƌŽǀĂƐĞƌĄĚĞϯ;ƚƌġƐͿŚŽƌĂƐ͕ũĄŝŶĐůƵşĚŽŽƚĞŵƉŽĚĞƐƚŝŶĂĚŽĂŽƉƌĞĞŶĐŚŝŵĞŶƚŽĚŽ ĐĂƌƚĆŽĚĞƌĞƐƉŽƐƚĂƐ͘K
ĐĂŶĚŝĚĂƚŽƐŽŵĞŶƚĞƉŽĚĞƌĄĞŶƚƌĞŐĂƌĂƉƌŽǀĂĚĞƉŽŝƐĚĞϭ;ƵŵĂͿŚŽƌĂĚŽƐĞƵŝŶşĐŝŽ͘
ϳ͘ϴ͘ ŝŶǀŝŽůĂďŝůŝĚĂĚĞ ĚĂƐ ƉƌŽǀĂƐ ƐĞƌĄ ĐŽŵƉƌŽǀĂĚĂ ŶŽ ůŽĐĂů ĚĞ ƐƵĂ ƌĞĂůŝnjĂĕĆŽ͕ ƐĞŶĚŽ ĞƐĐŽůŚŝĚŽƐ Ϯ ;ĚŽŝƐͿ ĐĂŶĚŝĚĂƚŽƐ͕ ŶŽ
ŵşŶŝŵŽ͕ ƉĂƌĂ ƌŽŵƉŝŵĞŶƚŽ ĚŽ ůĂĐƌĞ ĚŽƐ ŵĂůŽƚĞƐ͕ Ğ ϭ ;ƵŵͿ ĐĂŶĚŝĚĂƚŽ ƉŽƌ ƐĂůĂ͕ ŶŽ ŵşŶŝŵŽ͕ ƉĂƌĂ ƌŽŵƉŝŵĞŶƚŽ ĚŽ ůĂĐƌĞ ĚŽƐ
ĞŶǀĞůŽƉĞƐĚĂƐƉƌŽǀĂƐ͕ŽƐƋƵĂŝƐůĂǀƌĂƌĆŽĚĞĐůĂƌĂĕĆŽŶĞƐƚĞƐĞŶƚŝĚŽŶŽƐƌĞƐƉĞĐƚŝǀŽƐƚĞƌŵŽƐĞĂƚĂƐ͘
ϳ͘ϵ͘ Ž ƌĞĐĞďĞƌ Ž ĂĚĞƌŶŽ ĚĞ YƵĞƐƚƁĞƐ͕ Ž ĐĂŶĚŝĚĂƚŽ ĚĞǀĞƌĄ ĞĨĞƚƵĂƌ ƐƵĂ ĐŽŶĨĞƌġŶĐŝĂ ĂŶƚĞƐ ĚĞ ĐŽŵĞĕĂƌ Ă ƌĞƐŽůƵĕĆŽ͕
ǀĞƌŝĨŝĐĂŶĚŽŶŽĐĂďĞĕĂůŚŽƐĞƚŽĚĂƐĂƐĨŽůŚĂƐĐŽƌƌĞƐƉŽŶĚĞŵĂŽĞŵƉƌĞŐŽƉĂƌĂĂƋƵĂůƐĞŝŶƐĐƌĞǀĞƵ͖ĂƐĞŐƵŝƌĚĞǀĞƌĄǀĞƌŝĨŝĐĂƌƐĞ
ĞůĞƉŽƐƐƵŝϯϱ;ƚƌŝŶƚĂĞĐŝŶĐŽͿƋƵĞƐƚƁĞƐŽďũĞƚŝǀĂƐĚĞŵƷůƚŝƉůĂĞƐĐŽůŚĂ͖ƉŽƌĨŝŵ͕ŽĐĂŶĚŝĚĂƚŽĚĞǀĞƌĄǀĞƌŝĨŝĐĂƌƐĞŶĆŽŚĄĨĂůŚĂĚĞ
ŝŵƉƌĞƐƐĆŽ ƋƵĞ ƉƌĞũƵĚŝƋƵĞ Ă ůĞŝƚƵƌĂ ĚŽ ƚĞdžƚŽ͕ ŐƌĄĨŝĐŽƐ ŽƵ ŝůƵƐƚƌĂĕƁĞƐ͘ ĂƐŽ Ž ĐĂĚĞƌŶŽ ĚĞ ƋƵĞƐƚƁĞƐ ĞƐƚĞũĂ ŝŶĐŽŵƉůĞƚŽ ŽƵ
ƉŽƐƐƵŝƌƋƵĂůƋƵĞƌĚĞĨĞŝƚŽ͕ŽƵĂƉƌŽǀĂŶĆŽƐĞũĂƌĞĨĞƌĞŶƚĞĂŽĞŵƉƌĞŐŽƉĂƌĂŽƋƵĂůƐĞŝŶƐĐƌĞǀĞƵ͕ŽĐĂŶĚŝĚĂƚŽĚĞǀĞƌĄƐŽůŝĐŝƚĂƌĂŽ
&ŝƐĐĂůĚĂWƌŽǀĂƋƵĞŽƐƵďƐƚŝƚƵĂ͕ŶĆŽĐĂďĞŶĚŽƌĞĐůĂŵĂĕƁĞƐƉŽƐƚĞƌŝŽƌĞƐŶĞƐƚĞƐĞŶƚŝĚŽ͘
ϳ͘ϭϬ͘ K ĐĂŶĚŝĚĂƚŽ ĚĞǀĞƌĄ͕ ĂŽ ƌĞĐĞďĞƌ Ž ĂƌƚĆŽ ĚĞ ZĞƐƉŽƐƚĂƐ͕ ĞĨĞƚƵĂƌ Ă ĐŽŶĨĞƌġŶĐŝĂ ĚŽƐ ƐĞƵƐ ĚĂĚŽƐ ŝŵƉƌĞƐƐŽƐ͘ ,ĂǀĞŶĚŽ
ĚŝǀĞƌŐġŶĐŝĂ͕ ĚĞǀĞƌĄ ƐŽůŝĐŝƚĂƌ Ă ƐƵďƐƚŝƚƵŝĕĆŽ ĂŽ &ŝƐĐĂů ĚĞ WƌŽǀĂ͕ ŶĆŽ ĐĂďĞŶĚŽ ƌĞĐůĂŵĂĕƁĞƐ ƉŽƐƚĞƌŝŽƌĞƐ ŶĞƐƚĞ ƐĞŶƚŝĚŽ͘ K
ĐĂŶĚŝĚĂƚŽƋƵĞƵƚŝůŝnjĂƌŽĂƌƚĆŽĚĞZĞƐƉŽƐƚĂƐĚĞŽƵƚƌŽĐĂŶĚŝĚĂƚŽƐĞƌĄĚĞƐĐůĂƐƐŝĨŝĐĂĚŽ͘
ϳ͘ϭϭ͘ K ĐĂŶĚŝĚĂƚŽ ĚĞǀĞƌĄ ƵƚŝůŝnjĂƌ Ž ƌĂƐĐƵŶŚŽ ĚŽ ĐĂƌƚĆŽ ĚĞ ƌĞƐƉŽƐƚĂƐ ŶŽ ǀĞƌƐŽ ĚĂ ƉĄŐŝŶĂ ĚĞ ŝŶƐƚƌƵĕƁĞƐ ĚŽ ĂĚĞƌŶŽ ĚĞ
YƵĞƐƚƁĞƐƉĂƌĂĂƐƐŝŶĂůĂƌĂƐƐƵĂƐƌĞƐƉŽƐƚĂƐĂŶƚĞƐĚĞƚƌĂŶƐĐƌĞǀġͲůĂƐƉĂƌĂŽĂƌƚĆŽĚĞZĞƐƉŽƐƚĂƐĚĞĨŽƌŵĂĚĞĨŝŶŝƚŝǀĂ͘
ϳ͘ϭϮ͘ƐƋƵĞƐƚƁĞƐĚĂƉƌŽǀĂŽďũĞƚŝǀĂĚĞǀĞƌĆŽƐĞƌƌĞƐƉŽŶĚŝĚĂƐŶŽĂƌƚĆŽĚĞZĞƐƉŽƐƚĂƐ͕ƉƌĞĞŶĐŚĞŶĚŽͲƐĞƚŽƚĂůŵĞŶƚĞŽĐĂŵƉŽ
ŝŶĚŝĐĂƚŝǀŽ ĚĂ ůĞƚƌĂ ĐŽƌƌĞƐƉŽŶĚĞŶƚĞ ă ŽƉĕĆŽ ĚĞ ƌĞƐƉŽƐƚĂ ĞƐĐŽůŚŝĚĂ ĐŽŵ ĐĂŶĞƚĂ ĞƐĨĞƌŽŐƌĄĨŝĐĂ ĂnjƵů ŽƵ ƉƌĞƚĂ͘ K ĂƌƚĆŽ ĚĞ
ZĞƐƉŽƐƚĂƐƐŽŵĞŶƚĞƚĞƌĄǀĂůŝĚĂĚĞƐĞĞƐƚŝǀĞƌĂƐƐŝŶĂĚŽƉĞůŽĐĂŶĚŝĚĂƚŽŶŽĐĂŵƉŽĞƐƉĞĐşĨŝĐŽƉĂƌĂĂƐƐŝŶĂƚƵƌĂ͕ĞŶĆŽƉŽĚĞƌĄƐĞƌ
ƌĂƐƵƌĂĚŽ͕ĂŵĂƐƐĂĚŽŽƵƉĞƌĨƵƌĂĚŽƉŽŝƐŶĞƐƚĞĐĂƐŽĂƐƌĞƐƉŽƐƚĂƐƐĞƌĆŽĂŶƵůĂĚĂƐ͘
ϳ͘ϭϯ͘ K ĐĂŶĚŝĚĂƚŽ ĚĞǀĞƌĄ ĞŶƚƌĞŐĂƌ͕ ĂŽ ĨŝŶĂů ĚĂ ƉƌŽǀĂ͕ Ž ĂĚĞƌŶŽ ĚĞ YƵĞƐƚƁĞƐ͕ ũƵŶƚĂŵĞŶƚĞ ĐŽŵ Ž ĂƌƚĆŽ ĚĞ ZĞƐƉŽƐƚĂƐ͕
ůĞǀĂŶĚŽ ĐŽŶƐŝŐŽ Ž ƌĂƐĐƵŶŚŽ ĚŽ ĐĂƌƚĆŽ ĚĞ ƌĞƐƉŽƐƚĂƐ ƉĂƌĂ ĞĨĞƚƵĂƌ Ă ĐŽŶĨĞƌġŶĐŝĂ ĐŽŵ Ž 'ĂďĂƌŝƚŽ ĚĂ WƌŽǀĂ KďũĞƚŝǀĂ͘ K
ĐĂŶĚŝĚĂƚŽƋƵĞ͕ĂŽĨŝŶĂů ĚĂ ƉƌŽǀĂ͕ŶĆŽĞŶƚƌĞŐĂƌŽ ĂĚĞƌŶŽĚĞYƵĞƐƚƁĞƐŽƵŽ ĂƌƚĆŽĚĞZĞƐƉŽƐƚĂƐĚĞǀŝĚĂŵĞŶƚĞĂƐƐŝŶĂĚŽ͕
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ϳ͘ϭϰ͘ƵƌĂŶƚĞĂƌĞĂůŝnjĂĕĆŽĚĂƉƌŽǀĂ͗
ĂͿ ŶĆŽ ƐĞƌĄ ĂĚŵŝƚŝĚĂ Ă ƉĞƌŵĂŶġŶĐŝĂ ĚĞ ĐĂŶĚŝĚĂƚŽƐ ƐĞŵ ĐĂŵŝƐĂ͕ ĐĂŵŝƐĞƚĂ ŽƵ ƐŝŵŝůĂƌ͕ ŶĞŵ Ă ƵƚŝůŝnjĂĕĆŽ ĚĞ ſĐƵůŽƐ ĞƐĐƵƌŽƐ͕
ďŽŶĠƐ͕ĐŚĂƉĠƵƐĞƐŝŵŝůĂƌĞƐ͖
ďͿŶĆŽƐĞƌĄƉĞƌŵŝƚŝĚĂŶĞŶŚƵŵĂĞƐƉĠĐŝĞĚĞĐŽŵƵŶŝĐĂĕĆŽĞŶƚƌĞŽƐĐĂŶĚŝĚĂƚŽƐ͕ŽƵŵĞƐŵŽŵĂŶŝĨĞƐƚĂĕƁĞƐŝƐŽůĂĚĂƐ͕ĞdžĐĞƚŽƉĂƌĂ
ĐŚĂŵĂƌŽ&ŝƐĐĂůĚĞWƌŽǀĂƋƵĂŶĚŽŶĞĐĞƐƐĄƌŝŽ͖
ĐͿŶĆŽƐĞƌĄƉĞƌŵŝƚŝĚŽŽƉŽƌƚĞŽƵĂĐŽŶƐƵůƚĂĚĞŶĞŶŚƵŵĂĞƐƉĠĐŝĞĚĞůŝǀƌŽ͕ƌĞǀŝƐƚĂ͕ĨŽůŚĞƚŽŽƵƋƵĂůƋƵĞƌĐŽŵƉġŶĚŝŽ͕ďĞŵĐŽŵŽ
ƋƵĂůƋƵĞƌĞƐƉĠĐŝĞĚĞĂŶŽƚĂĕĆŽŽƵĂƵƚŝůŝnjĂĕĆŽĚĞŽƵƚƌŽƐŵĞŝŽƐŝůşĐŝƚŽƐƉĂƌĂĂƌĞĂůŝnjĂĕĆŽĚĂƉƌŽǀĂ͕ŝŶĐůƵƐŝǀĞƚĞŶƚĂƌǀŝƐƵĂůŝnjĂƌĂ
ƉƌŽǀĂŽƵŽĂƌƚĆŽĚĞZĞƐƉŽƐƚĂƐĚĞŽƵƚƌŽĐĂŶĚŝĚĂƚŽ͖
ĚͿƐĞƌĄƉĞƌŵŝƚŝĚŽĞdžĐůƵƐŝǀĂŵĞŶƚĞŽƵƐŽĚĞĐĂŶĞƚĂĞƐĨĞƌŽŐƌĄĨŝĐĂĂnjƵůŽƵƉƌĞƚĂ͖
ĞͿŶĆŽƐĞƌĄƉĞƌŵŝƚŝĚŽŽƵƐŽĚĞůĄƉŝƐ͕ďŽƌƌĂĐŚĂ͕ƌĠŐƵĂ͕ĐŽŵƉĂƐƐŽ͕ƚƌĂŶƐĨĞƌŝĚŽƌ͕ĐĂůĐƵůĂĚŽƌĂ͕ŶŽƚĞŬ͕ƚĂďůĞƚ͕ƚĞůĞĨŽŶĞĐĞůƵůĂƌ͕
ĨŽŶĞ ĚĞ ŽƵǀŝĚŽ͕ ƌĞůſŐŝŽ ĚĞ ƉƵůƐŽ ŽƵ ĞƋƵŝƉĂŵĞŶƚŽƐ ƐŝŵŝůĂƌĞƐ Ă ĞƐƚĞƐ͕ ďĞŵ ĐŽŵŽ ŽƵƚƌŽƐ ƋƵĞ͕ Ă ũƵşnjŽ ĚŽ &ŝƐĐĂů ĚĞ WƌŽǀĂ͕
ƉŽƐƐĂŵĞŶƐĞũĂƌƉƌĞũƵşnjŽƐăŝƐŽŶŽŵŝĂĞŶƚƌĞŽƐĐĂŶĚŝĚĂƚŽƐ͖
ĨͿ ŽƐ ƚĞůĞĨŽŶĞƐ ĐĞůƵůĂƌĞƐ Ğ ƐŝŵŝůĂƌĞƐ ĚĞǀĞƌĆŽ ƚĞƌ Ă ďĂƚĞƌŝĂ ƌĞƚŝƌĂĚĂ ŽƵ ƐĞƌĞŵ ĚĞƐůŝŐĂĚŽƐ ;ŝŶĐůƵƐŝǀĞ ĚĞƐƉĞƌƚĂĚŽƌͿ͕
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ŚͿŶĆŽƐĞƌĄƉĞƌŵŝƚŝĚŽĂŽĐĂŶĚŝĚĂƚŽůĞǀĂŶƚĂƌͲƐĞ͕ĞdžĐĞƚŽŶŽŵŽŵĞŶƚŽĚĂĞŶƚƌĞŐĂĚĂƉƌŽǀĂ͖ĐĂƐŽŶĞĐĞƐƐŝƚĞƵƚŝůŝnjĂƌŽƐĂŶŝƚĄƌŝŽ͕
ĚĞǀĞƌĄ ƐŽůŝĐŝƚĂƌ ĂƵƚŽƌŝnjĂĕĆŽ ĂŽ &ŝƐĐĂů ĚĞ WƌŽǀĂ͕ ƋƵĞ ĚĞƐŝŐŶĂƌĄ Ƶŵ ƵdžŝůŝĂƌ ĚĞ ŽŽƌĚĞŶĂĕĆŽ ƉĂƌĂ ĂĐŽŵƉĂŶŚĄͲůŽ͕ ĚĞǀĞŶĚŽ
ĚƵƌĂŶƚĞŽƉĞƌĐƵƌƐŽŵĂŶƚĞƌͲƐĞĞŵƐŝůġŶĐŝŽ͕ƉŽĚĞŶĚŽĂŶƚĞƐĞĚĞƉŽŝƐĚĂĞŶƚƌĂĚĂŶŽƐĂŶŝƚĄƌŝŽƐŽĨƌĞƌƌĞǀŝƐƚĂ͖
ŝͿ Ă ĐĂŶĚŝĚĂƚĂ ƋƵĞ ĞƐƚŝǀĞƌ ĂŵĂŵĞŶƚĂŶĚŽ ĚĞǀĞƌĄ ůĞǀĂƌ ĂĐŽŵƉĂŶŚĂŶƚĞ ƌĞƐƉŽŶƐĄǀĞů ƉĞůĂ ŐƵĂƌĚĂ ĚĂ ĐƌŝĂŶĕĂ͕ ŶĆŽ ŚĂǀĞŶĚŽ
ƉƌŽƌƌŽŐĂĕĆŽĚĞŚŽƌĄƌŝŽĚĂĚƵƌĂĕĆŽĚĂƉƌŽǀĂƉĂƌĂĂĐĂŶĚŝĚĂƚĂŶĞƐƚĂƐŝƚƵĂĕĆŽ͖
ũͿ ĂƉſƐ ĞŶƚƌĞŐĂƌ Ă ƉƌŽǀĂ͕ Ž ĐĂŶĚŝĚĂƚŽ ĚĞǀĞƌĄ ƌĞƚŝƌĂƌͲƐĞ ŝŵĞĚŝĂƚĂŵĞŶƚĞ ĚŽ ƉƌĠĚŝŽ Ğŵ ƋƵĞ ĨŽŝ ƌĞĂůŝnjĂĚĂ͕ ŶĆŽ ƉŽĚĞŶĚŽ
ƉĞƌŵĂŶĞĐĞƌŶŽƉĄƚŝŽ͕ďĂŶŚĞŝƌŽ͕ĐŽƌƌĞĚŽƌĞƐŽƵƋƵĂůƋƵĞƌĄƌĞĂŝŶƚĞƌŶĂĚŽƌĞĐŝŶƚŽ͘
ϳ͘ϭϱ͘^ĞƌĄĞdžĐůƵşĚŽĚŽŽŶĐƵƌƐŽWƷďůŝĐŽĞ^>^^/&/KŽĐĂŶĚŝĚĂƚŽƋƵĞ͗
ĂͿƉƌĂƚŝĐĂƌƋƵĂůƋƵĞƌĚĂƐĐŽŶĚƵƚĂƐǀĞĚĂĚĂƐŶŽŝƚĞŵĂŶƚĞƌŝŽƌ͕ƐĞŶĚŽͲůŚĞƌĞƚŝƌĂĚĂĂƉƌŽǀĂĞͬŽƵůĂǀƌĂĚĂĂĐŝƌĐƵŶƐƚąŶĐŝĂĚĞƐƵĂ
ĚĞƐĐůĂƐƐŝĨŝĐĂĕĆŽŶĂƚĂĚĞWƌŽǀĂ͖
ďͿŶĆŽĐŽŵƉĂƌĞĐĞƌƉĂƌĂĂƌĞĂůŝnjĂĕĆŽĚĂƉƌŽǀĂ͕ĐŽŶĨŽƌŵĞĐŽŶǀŽĐĂĕĆŽŽĨŝĐŝĂů͕ƐĞũĂƋƵĂůĨŽƌŽŵŽƚŝǀŽĂůĞŐĂĚŽ͖
ĐͿĂƉƌĞƐĞŶƚĂƌͲƐĞĨŽƌĂĚĞůŽĐĂů͕ĚĂƚĂĞͬŽƵĚŽŚŽƌĄƌŝŽĞƐƚĂďĞůĞĐŝĚŽƐŶŽĚŝƚĂůĚĞŽŶǀŽĐĂĕĆŽ͖
ĚͿŶĆŽĂƉƌĞƐĞŶƚĂƌŽĚŽĐƵŵĞŶƚŽĚĞŝĚĞŶƚŝĨŝĐĂĕĆŽĐŽŶĨŽƌŵĞƉƌĞǀŝƐƚŽŶĞƐƚĞĞĚŝƚĂů͖
ĞͿŶĆŽĐƵŵƉƌŝƌĂƐŝŶƐƚƌƵĕƁĞƐĐŽŶƚŝĚĂƐŶŽĂĚĞƌŶŽĚĞYƵĞƐƚƁĞƐŽƵĚĞƚĞƌŵŝŶĂĚĂƐƉĞůŽ&ŝƐĐĂůĚĞWƌŽǀĂŽƵƉĞůŽŽŽƌĚĞŶĂĚŽƌ
'ĞƌĂů͖
ĨͿ ŶĆŽ ĚĞǀŽůǀĞƌ ĂŽ &ŝƐĐĂů ĚĞ WƌŽǀĂ͕ ƐĞŐƵŶĚŽ ĐƌŝƚĠƌŝŽƐ ĞƐƚĂďĞůĞĐŝĚŽƐ ŶĞƐƚĞ ĞĚŝƚĂů͕ Ž ĂĚĞƌŶŽ ĚĞ YƵĞƐƚƁĞƐ͕ Ž ĐĂƌƚĆŽ ĚĞ
ƌĞƐƉŽƐƚĂƐŽƵƋƵĂůƋƵĞƌŵĂƚĞƌŝĂůĚĞĂƉůŝĐĂĕĆŽĞĚĞĐŽƌƌĞĕĆŽĚĂƐƉƌŽǀĂƐ͖
ŐͿĂƵƐĞŶƚĂƌͲƐĞĚĂƐĂůĂĚĞƉƌŽǀĂƐ͕ĂƋƵĂůƋƵĞƌƚĞŵƉŽ͕ƉŽƌƚĂŶĚŽĂƐĨŽůŚĂƐĚĞƌĞƐƉŽƐƚĂƐĞͬŽƵĐĂĚĞƌŶŽƐĚĞƋƵĞƐƚƁĞƐ͖
ŚͿƉĞƌƚƵƌďĂƌ͕ĚĞƋƵĂůƋƵĞƌŵŽĚŽ͕ĂŽƌĚĞŵĚŽƐƚƌĂďĂůŚŽƐ͖
ŝͿ ƚƌĂƚĂƌ ĐŽŵ ĚĞƐĐŽƌƚĞƐŝĂ ŽƵ ĚĞ ĨŽƌŵĂ ǀŝŽůĞŶƚĂ ŽƐ ĚĞŵĂŝƐ ĐĂŶĚŝĚĂƚŽƐ ŽƵ ƋƵĂůƋƵĞƌ ŵĞŵďƌŽ ĚĂ ĞƋƵŝƉĞ ĞŶĐĂƌƌĞŐĂĚĂ ĚĂ
ĂƉůŝĐĂĕĆŽĚĂƉƌŽǀĂ͖
ũͿƵƚŝůŝnjĂƌŽƵƚĞŶƚĂƌƵƚŝůŝnjĂƌŵĞŝŽƐĨƌĂƵĚƵůĞŶƚŽƐŽƵŝůĞŐĂŝƐƉĂƌĂŽďƚĞƌĂƉƌŽǀĂĕĆŽƉƌſƉƌŝĂŽƵĚĞƚĞƌĐĞŝƌŽƐ͕ĞŵƋƵĂůƋƵĞƌĞƚĂƉĂĚŽ
ŽŶĐƵƌƐŽWƷďůŝĐŽ͖
ŬͿ ĨŽƌ ĐŽŶƐƚĂƚĂĚŽ͕ ĂƉſƐ ĂƐ ƉƌŽǀĂƐ͕ ƉŽƌ ŵĞŝŽ ĞůĞƚƌƀŶŝĐŽ͕ ĞƐƚĂƚşƐƚŝĐŽ͕ ǀŝƐƵĂů͕ ŐƌĂĨŽůſŐŝĐŽ ŽƵ ƉŽƌ ŝŶǀĞƐƚŝŐĂĕĆŽ ƉŽůŝĐŝĂů͕ ƚĞƌͲƐĞ
ƵƚŝůŝnjĂĚŽƉƌŽĐĞĚŝŵĞŶƚŽƐŝůşĐŝƚŽƐ͕ƐĞŶĚŽƐƵĂƐƉƌŽǀĂƐĂŶƵůĂĚĂƐĞĂƵƚŽŵĂƚŝĐĂŵĞŶƚĞĞůŝŵŝŶĂĚŽĚŽŽŶĐƵƌƐŽWƷďůŝĐŽ͘
ϳ͘ϭϲ͘ K ĐĂŶĚŝĚĂƚŽ ĚĞǀĞƌĄ ůĂǀƌĂƌ ŶĂ ƚĂ ĚĂ WƌŽǀĂ KďũĞƚŝǀĂ ĞǀĞŶƚƵĂů ĐŝƌĐƵŶƐƚąŶĐŝĂ ƋƵĞ ĐŽŶƐŝĚĞƌĞ ŝƌƌĞŐƵůĂƌ Ğŵ ƌĞůĂĕĆŽ ă
ĂƉůŝĐĂĕĆŽ ĚĂƐ ƉƌŽǀĂƐ͕ ƐĞŶĚŽ ĞƐƚĞ Ž ŝŶƐƚƌƵŵĞŶƚŽ ƉĂƌĂ ĂŶĄůŝƐĞ Ğ ĚĞůŝďĞƌĂĕĆŽ Ğŵ ƌĞůĂĕĆŽ ĂŽ ĨĂƚŽ͕ ŶĆŽ ƐĞŶĚŽ ĐŽŶƐŝĚĞƌĂĚŽ
ƉŽƐƚĞƌŝŽƌĐŽŶƚĞƐƚĂĕĆŽĐŽŶƚƌĂŽƐƉƌŽĐĞĚŝŵĞŶƚŽƐĚĞĂƉůŝĐĂĕĆŽĚĂƉƌŽǀĂŽďũĞƚŝǀĂƋƵĞŶĆŽƚŝǀĞƌƌĞƐƉĂůĚĂĚŽƉĞůĂƉƌĠǀŝĂůĂǀƌĂƚƵƌĂ
ĞŵĂƚĂ͘
ϳ͘ϭϳ͘ ĐŽŶĚŝĕĆŽ ĚĞ ƐĂƷĚĞ ĚŽ ĐĂŶĚŝĚĂƚŽ ŶŽ ĚŝĂ ĚĂ ĂƉůŝĐĂĕĆŽ ĚĂ ƉƌŽǀĂ ƐĞƌĄ ĚĞ ƐƵĂ ĞdžĐůƵƐŝǀĂ ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞ͘ KĐŽƌƌĞŶĚŽ
ĂůŐƵŵĂĞŵĞƌŐġŶĐŝĂ͕ĂƋƵŝƉĞĚĞŽŽƌĚĞŶĂĕĆŽ ƌĞƐƉŽŶƐĄǀĞůƉĞůĂĂƉůŝĐĂĕĆŽĚĂƐƉƌŽǀĂƐĂĐŝŽŶĂƌĄŽƐƐĞƌǀŝĕŽƐĚĞƐĂƷĚĞƉĂƌĂ Ž
ĞŶĐĂŵŝŶŚĂŵĞŶƚŽĚŽĐĂŶĚŝĚĂƚŽĂŽĂƚĞŶĚŝŵĞŶƚŽŵĠĚŝĐŽƉƷďůŝĐŽŽƵĂŽŵĠĚŝĐŽĚĞƐƵĂĐŽŶĨŝĂŶĕĂ͘ĂƐŽĞdžŝƐƚĂĂŶĞĐĞƐƐŝĚĂĚĞĚŽ
ĐĂŶĚŝĚĂƚŽƐĞĂƵƐĞŶƚĂƌƉĂƌĂĂƚĞŶĚŝŵĞŶƚŽŵĠĚŝĐŽŽƵŚŽƐƉŝƚĂůĂƌ͕ŶĆŽƉŽĚĞƌĄƌĞƚŽƌŶĂƌĂŽůŽĐĂůĚĞƐƵĂƉƌŽǀĂ͕ƐĞŶĚŽĞůŝŵŝŶĂĚŽ
ĚŽŽŶĐƵƌƐŽWƷďůŝĐŽ͘
ϳ͘ϭϴ͘KƐƷůƚŝŵŽƐĐĂŶĚŝĚĂƚŽƐĂĞŶĐĞƌƌĂƌĞŵĂƐƉƌŽǀĂƐĞŵĐĂĚĂƐĂůĂ;ĞŵƋƵĂŶƚŝĚĂĚĞŵşŶŝŵĂĚĞĚŽŝƐͿ͕ĚĞǀĞƌĆŽƉĞƌŵĂŶĞĐĞƌƉĂƌĂ
ĂƚĞƐƚĂƌŽĨĞĐŚĂŵĞŶƚŽĚŽĞŶǀĞůŽƉĞĐŽŶƚĞŶĚŽĂĚŽĐƵŵĞŶƚĂĕĆŽƌĞĨĞƌĞŶƚĞăƐƉƌŽǀĂƐ͕ĚĞǀĞŶĚŽ͗
ĂͿĐŽŶĨĞƌŝƌĂƋƵĂŶƚŝĚĂĚĞĚĞĐĂƌƚƁĞƐĚĞƌĞƐƉŽƐƚĂƐĐŽŵĂůŝƐƚĂĚĞƉƌĞƐĞŶĕĂ͖
b) verificar se todos os campos da lista de presença estão assinados ou contém a inscrição “ausente”, se for o caso;
ĐͿǀĞƌŝĨŝĐĂƌƐĞĂĂƚĂĚĂƉƌŽǀĂƌĞŐŝƐƚƌĂĂƋƵĂŶƚŝĚĂĚĞĐŽƌƌĞƚĂĚĞĐĂŶĚŝĚĂƚŽƐĂƵƐĞŶƚĞƐĞƉƌĞƐĞŶƚĞƐ͕ďĞŵĐŽŵŽŽƵƚƌĂƐŽĐŽƌƌġŶĐŝĂƐ
ůĂǀƌĂĚĂƐƉĞůŽ&ŝƐĐĂůĚĞWƌŽǀĂ͕ĂƐƐŝŶĂŶĚŽͲĂĞŵĐŽŶũƵŶƚŽĐŽŵĞƐƚĞ͖
ĚͿĂƐƐŝŶĂƌŽǀĞƌƐŽĚŽƐĐĂƌƚƁĞƐĚĞƌĞƐƉŽƐƚĂƐĚĞƚŽĚŽƐŽƐĐĂŶĚŝĚĂƚŽƐƉƌĞƐĞŶƚĞƐ͖
ĞͿĂƐƐŝŶĂƌŽǀĞƌƐŽĚŽƐĐĂƌƚƁĞƐĚĞƌĞƐƉŽƐƚĂƐĚŽƐĐĂŶĚŝĚĂƚŽƐĂƵƐĞŶƚĞƐ͕ĂƉſƐĂŝŶƵƚŝůŝnjĂĕĆŽĚŽƐĐĂŵƉŽƐĚĞƐƚŝŶĂĚŽƐĂŽƌĞŐŝƐƚƌŽ
ĚĂƐƌĞƐƉŽƐƚĂƐ͖
ĨͿǀĞƌŝĨŝĐĂƌĂŝŶƐĞƌĕĆŽŶŽĞŶǀĞůŽƉĞĚĞĨĞĐŚĂŵĞŶƚŽ͕ĚĂůŝƐƚĂĚĞƉƌĞƐĞŶĕĂ͕ĚŽƐĐĂƌƚƁĞƐĚĞƌĞƐƉŽƐƚĂƐĞĚĂĂƚĂĚĂƉƌŽǀĂ͕ĞĂƐƐŝŶĂƌ
ŽůĂĐƌĞĚŽĞŶǀĞůŽƉĞĐŽŵŽ&ŝƐĐĂůĚĞWƌŽǀĂ͘
ϳ͘ϭϴ͘ϭ͘ K ĐĂŶĚŝĚĂƚŽ ƋƵĞ ƐĞ ƌĞĐƵƐĂƌ Ă ƉĂƌƚŝĐŝƉĂƌ ĚŽƐ ƉƌŽĐĞĚŝŵĞŶƚŽƐ ĚĞ ůĂĐƌĂĕĆŽ ĚŽ ĞŶǀĞůŽƉĞ ĚĞ ƐƵĂ ƐĂůĂ͕ ƐĞƌĄ
^>^^/&/K ĚŽ ŽŶĐƵƌƐŽ WƷďůŝĐŽ͘ EĞƐƚĞ ĐĂƐŽ͕ Ž &ŝƐĐĂů ĚĞ WƌŽǀĂ ĐŚĂŵĂƌĄ Ž ŽŽƌĚĞŶĂĚŽƌ ĞͬŽƵ Ž ƵdžŝůŝĂƌ ĚĞ
ŽŽƌĚĞŶĂĕĆŽƉĂƌĂůĂǀƌĂƌŽĞǀĞŶƚŽŶĂƚĂĚĂWƌŽǀĂĞĞdžĞĐƵƚĂƌŽƐƉƌŽĐĞĚŝŵĞŶƚŽƐĚĞůĂĐƌĂĕĆŽĚŽĞŶǀĞůŽƉĞ͘
ϳ͘ϭϵ͘ǀĞŶƚƵĂŝƐĐĂƐŽƐŽŵŝƐƐŽƐ͕ƐŝƚƵĂĕƁĞƐĞĐŝƌĐƵŶƐƚąŶĐŝĂƐƐƵƉĞƌǀĞŶŝĞŶƚĞƐƌĞĨĞƌĞŶƚĞƐĂĂƉůŝĐĂĕĆŽĚĂƐƉƌŽǀĂƐƐĞƌĆŽĚŝƌŝŵŝĚĂƐ
ƉĞůŽ ŽŽƌĚĞŶĂĚŽƌ 'ĞƌĂů͕ ƋƵĞ Ġ Ă ĂƵƚŽƌŝĚĂĚĞ ĐŽŵƉĞƚĞŶƚĞ ŝŶ ůŽĐŽ ƉĂƌĂ ĞĨĞƚƵĂƌ ĂƐ ŐĞƐƚƁĞƐ ƋƵĞ ũƵůŐĂƌ ŶĞĐĞƐƐĄƌŝĂƐ ĂŽ ďŽŵ
ĂŶĚĂŵĞŶƚŽĚŽƐƉƌŽĐĞĚŝŵĞŶƚŽƐ͘
ϳ͘ϮϬ͘ ƉĂƌƚŝƌ ĚĂƐ ϮϬ ŚŽƌĂƐ ĚŽ ĚŝĂ ĚĂ ĂƉůŝĐĂĕĆŽ ĚĂƐ ƉƌŽǀĂƐ ŽďũĞƚŝǀĂƐ͕ Ž ĐĂŶĚŝĚĂƚŽ ƉŽĚĞƌĄ ĐŽŶƐƵůƚĂƌ Ž 'ĂďĂƌŝƚŽ ĚĂ WƌŽǀĂ
KďũĞƚŝǀĂĞŽĂĚĞƌŶŽĚĞYƵĞƐƚƁĞƐŶŽƐŝƚĞǁǁǁ͘ƉƵďůŝĐŽŶƐƵůƚ͘ĐŽŵ͘ďƌ͘KŐĂďĂƌŝƚŽƉŽĚĞƌĄƐĞƌĂĐĞƐƐĂĚŽĂƚƌĂǀĠƐĚŽWĂŝŶĞůĚŽ
ĂŶĚŝĚĂƚŽ͕ ŶĂ ĄƌĞĂ ĚĞ “EDITAIS E PUBLICAÇÕES” ĚŽ ƌĞƐƉĞĐƚŝǀŽ ŽŶĐƵƌƐŽ WƷďůŝĐŽ͘ K ĂĚĞƌŶŽ ĚĞ YƵĞƐƚƁĞƐ ƉŽĚĞƌĄ ƐĞƌ
ĂĐĞƐƐĂĚŽ ĂƚƌĂǀĠƐ ĚŽ WĂŝŶĞů ĚŽ ĂŶĚŝĚĂƚŽ, na área de “EyK^” do respectivo ŽŶĐƵƌƐŽ WƷďůŝĐŽ͕ Ğ ĨŝĐĂƌĄ ĚŝƐƉŽŶşǀĞů ƉĂƌĂ
WƌĞĨĞŝƚƵƌĂDƵŶŝĐŝƉĂůĚĞ ŽŶĐƵƌƐŽWƷďůŝĐŽEǑϬϭͬϮϬϮϰ
^EdZhKZ/KWZK /d>ĚĞZdhZĚĞ/E^Z/O^
ĐŽŶƐƵůƚĂ ĞdžĐůƵƐŝǀĂŵĞŶƚĞ ĚƵƌĂŶƚĞ Ž ƉƌĂnjŽ ĚĞ ŝŶƚĞƌƉŽƐŝĕĆŽ ĚĞ ƌĞĐƵƌƐŽƐ ĐŽŶƚƌĂ Ă ƉƌŽǀĂ ŽďũĞƚŝǀĂ͘ EĆŽ ƐĞƌĆŽ ŝŶĨŽƌŵĂĚŽƐ
ƌĞƐƵůƚĂĚŽƐƉŽƌƚĞůĞĨŽŶĞŽƵŽƵƚƌŽŵĞŝŽĚĞĐŽŵƵŶŝĐĂĕĆŽ͘
ϳ͘Ϯϭ͘ƉŽŶƚƵĂĕĆŽĚŽĐĂŶĚŝĚĂƚŽŶĂƉƌŽǀĂŽďũĞƚŝǀĂƐĞƌĄŽďƚŝĚĂĂƚƌĂǀĠƐĚŽƐŽŵĂƚſƌŝŽĚĂƐŶŽƚĂƐĞŵĐĂĚĂĚŝƐĐŝƉůŝŶĂĚĂƉƌŽǀĂ͖
ŽƐƉŽŶƚŽƐƌĞĨĞƌĞŶƚĞƐĂĐĂĚĂĚŝƐĐŝƉůŝŶĂƐĞƌĆŽŽďƚŝĚŽƐĂƚƌĂǀĠƐĚĂŵƵůƚŝƉůŝĐĂĕĆŽĚĂƋƵĂŶƚŝĚĂĚĞĚĞƌĞƐƉŽƐƚĂƐĐŽƌƌĞƚĂƐƉĞůŽƉĞƐŽ
ƌĞƐƉĞĐƚŝǀŽĚĂĚŝƐĐŝƉůŝŶĂ͕ĐŽŶĨŽƌŵĞŽŝƚĞŵϳ͘ϭĚĞƐƚĞĞĚŝƚĂů͘
ϳ͘ϮϮ͘^ĞƌĄĐŽŶƐŝĚĞƌĂĚŽ>^^/&/KŶĂƉƌŽǀĂŽďũĞƚŝǀĂ͕ŽĐĂŶĚŝĚĂƚŽƋƵĞŽďƚŝǀĞƌŶŽŵşŶŝŵŽϱϬƉŽŶƚŽƐ͘
ϳ͘Ϯϯ͘^ĞƌĄĐŽŶƐŝĚĞƌĂĚŽ^>^^/&/KŶĂƉƌŽǀĂŽďũĞƚŝǀĂ͕ŽĐĂŶĚŝĚĂƚŽ͗
ĂͿĂƵƐĞŶƚĞ͖
ďͿƋƵĞŽďƚŝǀĞƌŵĞŶŽƐƋƵĞϱϬƉŽŶƚŽƐ͖
ĐͿƋƵĞĨŽƌĞdžĐůƵşĚŽƉĞůŽ&ŝƐĐĂůĚĞ^ĂůĂƉĞůŽĚĞƐĐƵŵƉƌŝŵĞŶƚŽĚĂƐĚŝƐƉŽƐŝĕƁĞƐĚĞƐƚĞĞĚŝƚĂůŶŽĚŝĂĚĂƌĞĂůŝnjĂĕĆŽĚĂƉƌŽǀĂ͖
ĚͿ ƋƵĞ ĂƉƌĞƐĞŶƚĂƌ ŝŶĨŽƌŵĂĕĆŽ ŽƵ ĚŽĐƵŵĞŶƚĂĕĆŽ ĐŽŶƐŝĚĞƌĂĚĂ ƉĞůĂ ĂŶĐĂ džĂŵŝŶĂĚŽƌĂ ŽƵ ƉĞůĂ ŽŵŝƐƐĆŽ ĚĞ
ĐŽŵƉĂŶŚĂŵĞŶƚŽ ĐŽŵŽ ŝƌƌĞŐƵůĂƌ ƉĂƌĂ ĐŽŵƉƌŽǀĂĕĆŽ ĚĂ ŝŶƐĐƌŝĕĆŽ͕ ĐŽŵƉƌŽǀĂĕĆŽ ĚĞ ƌĞƋƵŝƐŝƚŽƐ ŽƵ ŝĚĞŶƚŝĨŝĐĂĕĆŽ ŶŽ ĚŝĂ ĚĂ
ƉƌŽǀĂ͘
ϴ͘WZKsd1dh>K^
ϴ͘ϭ͘WƌŽǀĂĚĞdşƚƵůŽƐ͕ĚĞĐĂƌĄƚĞƌĐůĂƐƐŝĨŝĐĂƚſƌŝŽ͕ƐĞƌĄĂƉůŝĐĂĚĂĞdžĐůƵƐŝǀĂŵĞŶƚĞĂŽƐĐĂŶĚŝĚĂƚŽƐĂƉƌŽǀĂĚŽƐŶĂWƌŽǀĂKďũĞƚŝǀĂ͕
ƉĂƌĂƚŽĚŽƐŽƐĞŵƉƌĞŐŽƐ͕ĞĐŽŶƐŝƐƚŝƌĄŶĂĂƉƌĞƐĞŶƚĂĕĆŽĚĞƚşƚƵůŽƐƌĞůĂĐŝŽŶĂĚŽƐăƌĞƐƉĞĐƚŝǀĂĄƌĞĂ͘
ϴ͘ϭ͘ϭ͘ dşƚƵůŽƐ ƋƵĞ ƐĆŽ ƌĞƋƵŝƐŝƚŽƐ ŵşŶŝŵŽƐ ƉĂƌĂ ŽƐ ĞŵƉƌĞŐŽƐ͕ ŽƵ ƐĞũĂ͕ ƌĞůĂĐŝŽŶĂĚŽƐ ă ĞƐƉĞĐŝĂůŝnjĂĕĆŽ ŶĞĐĞƐƐĄƌŝĂ͕ ŶĆŽ ƐĞƌĆŽ
ƉŽŶƚƵĂĚŽƐ͘
ϴ͘Ϯ͘KƐƚşƚƵůŽƐĚĞǀĞƌĆŽĂƉƌĞƐĞŶƚĂƌĚŝƌĞƚĂƌĞůĂĕĆŽĐŽŵĂƐĂƚƌŝďƵŝĕƁĞƐĚĂŵƉƌĞŐŽƉĂƌĂĂƋƵĂůƐĞŝŶƐĐƌĞǀĞƵŽĐĂŶĚŝĚĂƚŽ͕ƚĞƌĞŵ
ƐŝĚŽ ĞdžƉĞĚŝĚŽƐƉŽƌŝŶƐƚŝƚƵŝĕĆŽĚĞĞŶƐŝŶŽĂƵƚŽƌŝnjĂĚĂŽƵƌĞĐŽŶŚĞĐŝĚĂƉĞůŽDŝŶŝƐƚĠƌŝŽĚĂĚƵĐĂĕĆŽ͕ĐŽŶƐƚĂŶƚĞĚŽ ĂĚĂƐƚƌŽ
EĂĐŝŽŶĂůĚĞƵƌƐŽƐĞ/ŶƐƚŝƚƵŝĕƁĞƐĚĞĚƵĐĂĕĆŽ^ƵƉĞƌŝŽƌ;ŚƚƚƉ͗ͬͬĞŵĞĐ͘ŵĞĐ͘ŐŽǀ͘ďƌͬͿ͕ĞƐĞƌĆŽƉŽŶƚƵĂĚŽƐĚĂƐĞŐƵŝŶƚĞĨŽƌŵĂ͗
KDWZKsEdd/dh>K WKEdK^
Zd/&/K^W/>/KDE1s>WM^Ͳ'ZhK>dK^E^h;ĚĞǀŝĚĂŵĞŶƚĞƌĞŐŝƐƚƌĂĚŽƐ͕ĐŽŵ
ĐĂƌŐĂ ŚŽƌĄƌŝĂ ŵşŶŝŵĂ ĚĞ ϯϲϬ ŚŽƌĂƐ͕ ĐĂĚĂͿ͖ ŽƵ ĐĞƌƚŝĚĆŽͬĚĞĐůĂƌĂĕĆŽ ĐŽŵƉƌŽďĂƚſƌŝĂ ĚĂ ĐŽŶĐůƵƐĆŽ ĚŽ ĐƵƌƐŽ
ĐŽŶƚĞŶĚŽ Ă ĚĂƚĂ ĐŽŶĐůƵƐĆŽ͘ dĂŶƚŽ Ž ĐĞƌƚŝĨŝĐĂĚŽ ƋƵĂŶƚŽ Ă ĐĞƌƚŝĚĆŽͬĚĞĐůĂƌĂĕĆŽ ĚĞǀĞŵ ŵĞŶĐŝŽŶĂƌ Ă ĄƌĞĂ ĚĞ
ĐŽŶŚĞĐŝŵĞŶƚŽ ĚŽ ĐƵƌƐŽ Ğ ƐĞƌĞŵ ĂĐŽŵƉĂŶŚĂĚŽƐ ĚŽ ƌĞƐƉĞĐƚŝǀŽ ŚŝƐƚſƌŝĐŽ ĞƐĐŽůĂƌ͕ ĚŽ ƋƵĂů ĚĞǀĞ ĐŽŶƐƚĂƌ͕
Ϯ
ŽďƌŝŐĂƚŽƌŝĂŵĞŶƚĞ Ğ ĞdžƉůŝĐŝƚĂŵĞŶƚĞ͗ / Ͳ ĂƚŽ ůĞŐĂů ĚĞ ĐƌĞĚĞŶĐŝĂŵĞŶƚŽ ĚĂ ŝŶƐƚŝƚƵŝĕĆŽ͕ ŶŽƐ ƚĞƌŵŽƐ ĚŽ ĂƌƚŝŐŽ ϮǑ ĚĂ
ZĞƐŽůƵĕĆŽ͖//ͲŝĚĞŶƚŝĨŝĐĂĕĆŽĚŽĐƵƌƐŽ͕ƉĞƌşŽĚŽĚĞƌĞĂůŝnjĂĕĆŽ͕ĚƵƌĂĕĆŽƚŽƚĂů͕ĞƐƉĞĐŝĨŝĐĂĕĆŽĚĂĐĂƌŐĂŚŽƌĄƌŝĂĚĞĐĂĚĂ
ĂƚŝǀŝĚĂĚĞ ĂĐĂĚġŵŝĐĂ͖ /// Ͳ ĞůĞŶĐŽ ĚŽ ĐŽƌƉŽ ĚŽĐĞŶƚĞ ƋƵĞ ĞĨĞƚŝǀĂŵĞŶƚĞ ŵŝŶŝƐƚƌŽƵ Ž ĐƵƌƐŽ͕ ĐŽŵ ƐƵĂ ƌĞƐƉĞĐƚŝǀĂ
ƚŝƚƵůĂĕĆŽ͕ŶĂĨŽƌŵĂĚŽĂƌƚ͘ϴǑĚĂZĞƐŽůƵĕĆŽEͬ^ŶǑϭͬϮϬϭϴ;ŵĄdžŝŵŽͲϭƚşƚƵůŽͿ
/W>KDD^dZK;ĚĞǀŝĚĂŵĞŶƚĞƌĞŐŝƐƚƌĂĚŽͿŽƵĐĞƌƚŝĚĆŽͬĚĞĐůĂƌĂĕĆŽĐŽŵƉƌŽďĂƚſƌŝĂĚĂŽďƚĞŶĕĆŽĚŽƚşƚƵůŽ͕
ϰ
ĐŽŶƚĞŶĚŽĂĚĂƚĂĚĂŚŽŵŽůŽŐĂĕĆŽĚŽƚşƚƵůŽŽƵĚĂŚŽŵŽůŽŐĂĕĆŽĚĂĂƚĂĚĞĚĞĨĞƐĂ;ŵĄdžŝŵŽͲϭƚşƚƵůŽͿ
/W>KD KhdKZK ;ĚĞǀŝĚĂŵĞŶƚĞ ƌĞŐŝƐƚƌĂĚŽͿ ŽƵ ĐĞƌƚŝĚĆŽͬĚĞĐůĂƌĂĕĆŽ ĐŽŵƉƌŽďĂƚſƌŝĂ ĚĂ ŽďƚĞŶĕĆŽ ĚŽ
ϲ
ƚşƚƵůŽ͕ĐŽŶƚĞŶĚŽĂĚĂƚĂĚĂŚŽŵŽůŽŐĂĕĆŽĚŽƚşƚƵůŽŽƵĚĂŚŽŵŽůŽŐĂĕĆŽĚĂĂƚĂĚĞĚĞĨĞƐĂ;ŵĄdžŝŵŽͲϭƚşƚƵůŽͿ
ϴ͘ϯ͘KƐĐŽŵƉƌŽǀĂŶƚĞƐĚĂƚŝƚƵůĂĕĆŽ;ĐĞƌƚŝĨŝĐĂĚŽͬĚĞĐůĂƌĂĕĆŽĞŚŝƐƚſƌŝĐŽĞƐĐŽůĂƌͿ͕ ƐĞƌĆŽĞŶƚƌĞŐƵĞƐĞdžĐůƵƐŝǀĂŵĞŶƚĞĂŽĨŝŶĂůĚĂ
ƌĞĂůŝnjĂĕĆŽ ĚĂƐ ƉƌŽǀĂƐ ŽďũĞƚŝǀĂƐ͕ ƉĂƌĂ Ž ƌĞƐƉĞĐƚŝǀŽ &ŝƐĐĂů ĚĞ ^ĂůĂ͕ ĂƚƌĂǀĠƐ ĚĞ MW/ &ZEd Ğ sZ^K hdEd/ D
ZdMZ/K͘EĆŽƐĞƌĆŽĂĐĞŝƚŽƐĐĞƌƚŝĨŝĐĂĚŽƐĞŵƐĞƵŽƌŝŐŝŶĂů͘KƐĐŽŵƉƌŽǀĂŶƚĞƐĚĂƚŝƚƵůĂĕĆŽƐĞƌĆŽĞŶƚƌĞŐƵĞƐũƵŶƚĂŵĞŶƚĞĐŽŵŽ
ĨŽƌŵƵůĄƌŝŽĐŽŶƐƚĂŶƚĞĚŽEyK/sͲWƌŽƚŽĐŽůŽĚĞŶƚƌĞŐĂĚĞdşƚƵůŽƐ͕ĚĞǀŝĚĂŵĞŶƚĞƉƌĞĞŶĐŚŝĚŽĞĂƐƐŝŶĂĚŽ͘EĆŽƐĞƌĆŽĂĐĞŝƚŽƐ
ĐŽŵƉƌŽǀĂŶƚĞƐĚĂƚŝƚƵůĂĕĆŽĂƉƌĞƐĞŶƚĂĚŽƐĨŽƌĂĚĂĚĂƚĂĞĚŽƐŵŽůĚĞƐĂĐŝŵĂĞƐƚŝƉƵůĂĚŽƐ͕ŶĆŽĐĂďĞŶĚŽƌĞĐƵƌƐŽĂŽĐĂŶĚŝĚĂƚŽ͕
ŶĞƐƐĂŚŝƉſƚĞƐĞ͘
ϴ͘ϰ͘ KƐ ƚşƚƵůŽƐ ĂƉƌĞƐĞŶƚĂĚŽƐ ƐĞƌĆŽ ĂǀĂůŝĂĚŽƐ Ğ ŚŽŵŽůŽŐĂĚŽƐ ƉĞůĂ ĂŶĐĂ džĂŵŝŶĂĚŽƌĂ ĚŽ ŽŶĐƵƌƐŽ WƷďůŝĐŽ ŶǑ ϬϭͬϮϬϮϰ͕
ĐŽŽƌĚĞŶĂĚŽƉŽƌƉƌŽĨŝƐƐŝŽŶĂůĚĂĄƌĞĂĚĂĞĚƵĐĂĕĆŽĚĞƐŝŐŶĂĚŽƉĞůĂĞŵƉƌĞƐĂŽƌŐĂŶŝnjĂĚŽƌĂ͘ĂƐŽĚĞĨĞƌŝĚŽƐŽƐƚşƚƵůŽƐ͕ŽƐƉŽŶƚŽƐ
ĂƚƌŝďƵşĚŽƐƐĞƌĆŽƐŽŵĂĚŽƐăŶŽƚĂĚŽĐĂŶĚŝĚĂƚŽĐůĂƐƐŝĨŝĐĂĚŽŶĂWƌŽǀĂKďũĞƚŝǀĂ͘
ϴ͘ϱ͘^ĞƌĆŽĂŶĂůŝƐĂĚŽƐĞƉŽŶƚƵĂĚŽƐĂƉĞŶĂƐŽƐƚşƚƵůŽƐĂƉƌĞƐĞŶƚĂĚŽƐƉĞůŽƐĐĂŶĚŝĚĂƚŽƐĐůĂƐƐŝĨŝĐĂĚŽƐŶĂWƌŽǀĂKďũĞƚŝǀĂ͘
ϴ͘ϲ͘K /d>Z^h>dKE>/^d1dh>K^͕ ĐŽŶƚĞŶĚŽĂ ƉŽŶƚƵĂĕĆŽĚŽƐƚşƚƵůŽƐĚĞĨĞƌŝĚŽƐ͕ďĞŵĐŽŵŽŽƐƚşƚƵůŽƐ
ŝŶĚĞĨĞƌŝĚŽƐ ƉĞůĂ ĂŶĐĂ ĐŽŵ ĂƐ ƌĞƐƉĞĐƚŝǀĂƐ ũƵƐƚŝĨŝĐĂƚŝǀĂƐ͕ ƐĞƌĆŽ ĚŝǀƵůŐĂĚŽƐ ŶŽƐ ƐŝƚĞƐ ǁǁǁ͘ƉƵďůŝĐŽŶƐƵůƚ͘ĐŽŵ͘ďƌ Ğ
ǁǁǁ͘ƐĂŶƚĂĐƌƵnjĚŽƌŝŽƉĂƌĚŽ͘ƐƉ͘ŐŽǀ͘ďƌ͘
WƌĞĨĞŝƚƵƌĂDƵŶŝĐŝƉĂůĚĞ ŽŶĐƵƌƐŽWƷďůŝĐŽEǑϬϭͬϮϬϮϰ
^EdZhKZ/KWZK /d>ĚĞZdhZĚĞ/E^Z/O^
ϵ͘K^ZhZ^K^D/E/^dZd/sK^
ϵ͘ϭ͘ĂďĞƌĄƌĞĐƵƌƐŽĂĚŵŝŶŝƐƚƌĂƚŝǀŽ͕ŶŽƐĚŽŝƐĚŝĂƐƷƚĞŝƐƐĞŐƵŝŶƚĞƐăĚĂƚĂĚĂƐƌĞƐƉĞĐƚŝǀĂƐĚŝǀƵůŐĂĕƁĞƐ͕ĞŵƌĞůĂĕĆŽ͗
ĂͿĂŽ/d>ZdhZ/E^Z/O^͖
ďͿĂŽ/d>/E&Z/DEdK/E^Z/O^͖
ĐͿăWZKsK:d/s;YƵĞƐƚƁĞƐĞŐĂďĂƌŝƚŽͿ͖
ĚͿĂŽ/d>>^^/&/KWZKs/^MZ/;ŝŶĐůƵŝŶĚŽŽƌĞƐƵůƚĂĚŽĚĂĂŶĄůŝƐĞĚĞƚşƚƵůŽƐͿ͘
ϵ͘Ϯ͘ KƐ ƌĞĐƵƌƐŽƐ ĂĚŵŝŶŝƐƚƌĂƚŝǀŽƐ ĚĞǀĞƌĆŽ ƐĞƌ ĞĨĞƚƵĂĚŽƐ ĞdžĐůƵƐŝǀĂŵĞŶƚĞ ĂƚƌĂǀĠƐ ĚŽ ƐŝƚĞ ǁǁǁ͘ƉƵďůŝĐŽŶƐƵůƚ͘ĐŽŵ͘ďƌ͘ WĂƌĂ
ŝŶƚĞƌƉŽƐŝĕĆŽĚŽƌĞĐƵƌƐŽ͕ŽĐĂŶĚŝĚĂƚŽĚĞǀĞƌĄ͕ŶŽƐŝƚĞƌĞĨĞƌŝĚŽ͕ĂĐĞƐƐĂƌŽW/E>KE/dKŝŶĨŽƌŵĂŶĚŽƐĞƵW&ĞƐĞŶŚĂ͕
ƐĞůĞĐŝŽŶĂƌŽŽŶĐƵƌƐŽWƷďůŝĐŽEǑϬϭͬϮϬϮϰĚĂWƌĞĨĞŝƚƵƌĂĚĞ^EdZhKZ/KWZK͕ĞĂƉſƐĐůŝĐĂƌŶŽůŝŶŬĚŽZhZ^K
ƋƵĞƐĞƌĄĚŝƐƉŽŶŝďŝůŝnjĂĚŽƐŽŵĞŶƚĞĚƵƌĂŶƚĞŽƉƌĂnjŽĞƐƚĂďĞůĞĐŝĚŽŶŽŝƚĞŵϵ͘ϭ͘ƉĂƌƚŝƌĚĂş͕ƐĞƌĄĂďĞƌƚŽŽĨŽƌŵƵůĄƌŝŽĚĞƌĞĐƵƌƐŽ
ƋƵĞ ĚĞǀĞƌĄ ƐĞƌ ĐŽŵƉůĞƚĂĚŽ ĐŽŵ ŽƐ ĚĂĚŽƐ ƌĞƋƵŝƐŝƚĂĚŽƐ Ğ͕ ŶŽ ƋƵĂů ĚĞǀĞƌĆŽ ƐĞƌ ŽĨĞƌĞĐŝĚĂƐ ĂƐ ƌĂnjƁĞƐ ĚŽ ƌĞĐƵƌƐŽ͕ ĚĞ ĨŽƌŵĂ
ŽďũĞƚŝǀĂĞĚĞǀŝĚĂŵĞŶƚĞĞŵďĂƐĂĚĂƐ͘
ϵ͘ϯ͘KĞŵďĂƐĂŵĞŶƚŽƌĞĨĞƌĞŶƚĞĂŽƐƌĞĐƵƌƐŽƐĚĂWƌŽǀĂKďũĞƚŝǀĂĚĞǀĞƌĄƌĞĨĞƌĞŶĐŝĂƌĂďŝďůŝŽŐƌĂĨŝĂĞǀĞŶƚƵĂůŵĞŶƚĞƵƚŝůŝnjĂĚĂĚĞ
ĨŽƌŵĂ ĐŽŵƉůĞƚĂ ;ŽďƌĂ͕ ĂƵƚŽƌ͕ ƉĄŐŝŶĂƐͿ͕ ĚĞǀĞŶĚŽͲƐĞ͕ ƋƵĂŶĚŽ ƉŽƐƐşǀĞů͕ ĚŝƐƉŽŶŝďŝůŝnjĂƌ Ž ůŝŶŬ ƉĂƌĂ ĂĐĞƐƐŽ ĚĂƐ ŝŶĨŽƌŵĂĕƁĞƐ
ŽĨĞƌƚĂĚĂƐ͕ ŶĆŽ ƐĞŶĚŽ ƉŽƐƐşǀĞů͕ ŶŽ ĞŶƚĂŶƚŽ͕ ĂŶĞdžĂƌ ĂƌƋƵŝǀŽƐ ĚĞ ƋƵĂůƋƵĞƌ ĨŽƌŵĂƚŽ͘ WƌĞǀĂůĞĐĞƌĄ ŶĂ ĂŶĄůŝƐĞ ĚŽƐ ƌĞĐƵƌƐŽƐ Ă
ďŝďůŝŽŐƌĂĨŝĂ ƌĞĨĞƌĞŶĐŝĂů ŝŶĚŝĐĂĚĂ ŶŽ ĐŽŶƚĞƷĚŽ ƉƌŽŐƌĂŵĄƚŝĐŽ ĞͬŽƵ ŶŽ ĞŶƵŶĐŝĂĚŽ ĚĂ ƋƵĞƐƚĆŽ͕ Ğŵ ƌĞůĂĕĆŽ Ă ƋƵĂůƋƵĞƌ ŽƵƚƌĂ
ĂƉƌĞƐĞŶƚĂĚĂ͘ >ĂƉƐŽƐ ĚĞ ŝŶĚŝĐĂĕĆŽ ĚĞ ĚĂƚĂƐ͕ ŶƵŵĞƌĂĕĆŽ ĚĞ ŶŽƌŵĂƐ ŽƵ ĚĞ ƉĄŐŝŶĂƐ ĚĞ ŽďƌĂƐ ĚĞ ƌĞĨĞƌġŶĐŝĂ͕ ďĞŵ ĐŽŵŽ
ƉĞƋƵĞŶŽƐ ĞƌƌŽƐ ŽƌƚŽŐƌĄĨŝĐŽƐ ŽƵ ĚĞ ŝŵƉƌĞƐƐĆŽ͕ ŶĆŽ ƚĞƌĆŽ Ž ĐŽŶĚĆŽ ĚĞ ĂŶƵůĂƌ ƋƵĞƐƚƁĞƐ ĐƵũŽ ĐŽŶƚĞƷĚŽ ĞƐƚĞũĂ ĞůĂďŽƌĂĚŽ ĚĞ
ĨŽƌŵĂ Ă ŶĆŽ ƉƌĞũƵĚŝĐĂƌ Ž ĞŶƚĞŶĚŝŵĞŶƚŽ ŐĞƌĂů ĚŽƐ ĐĂŶĚŝĚĂƚŽƐ͘ dĂŝƐ ƐŝƚƵĂĕƁĞƐ ƐĞƌĆŽ ĞǀĞŶƚƵĂůŵĞŶƚĞ ĚĞůŝďĞƌĂĚĂƐ ƉĞůĂ ĂŶĐĂ
džĂŵŝŶĂĚŽƌĂĚŽŽŶĐƵƌƐŽWƷďůŝĐŽ͘
ϵ͘ϰ͘^ĞƌĆŽ/E&Z/K^ŽƐƌĞĐƵƌƐŽƐ͗
ĂͿƋƵĞ͕ƐĞŐƵŶĚŽĂŶĄůŝƐĞĚĂĂŶĐĂdžĂŵŝŶĂĚŽƌĂ͕ŶĆŽƚŝǀĞƌĞŵŽĐŽŶĚĆŽĚĞĂůƚĞƌĂƌĂƌĞƐƉŽƐƚĂĚŝǀƵůŐĂĚĂŶŽŐĂďĂƌŝƚŽ͖
ďͿŝŶƚĞƌƉŽƐƚŽƐĂƚƌĂǀĠƐĚĞĞͲŵĂŝů͕ĨĂdžŽƵƉŽƌŽƵƚƌĂƐĨŽƌŵĂƐ͕ŵĞŝŽƐĞƉƌĂnjŽƐŶĆŽĞƐƚŝƉƵůĂĚŽƐŶĞƐƚĞĞĚŝƚĂů͖
ĐͿƋƵĞŶĆŽƐĞƌĞĨĞƌŝƌĞŵăƋƵĞƐƚĆŽŝŶĚŝĐĂĚĂŶŽĨŽƌŵƵůĄƌŝŽĚŽƌĞĐƵƌƐŽ͖
ĚͿƋƵĞŶĆŽĂƉƌĞƐĞŶƚĂƌĞŵƌĞƋƵĞƌŝŵĞŶƚŽĞƐƉĞĐşĨŝĐŽ;ĂŶƵůĂĕĆŽŽƵŵƵĚĂŶĕĂĚĞĂůƚĞƌŶĂƚŝǀĂͿ͖
ĞͿƋƵĞŶĆŽĂƉƌĞƐĞŶƚĂƌĞŵĨƵŶĚĂŵĞŶƚĂĕĆŽĞͬŽƵĞŵďĂƐĂŵĞŶƚŽďŝďůŝŽŐƌĄĨŝĐŽ͖
ĨͿƋƵĞŶĆŽĐŽƌƌĞƐƉŽŶĚĞƌĞŵăĨĂƐĞƌĞĐƵƌƐĂůĞŵĐƵƌƐŽ͕ŶŽŵŽŵĞŶƚŽĚĂƐƵĂŝŶƚĞƌƉŽƐŝĕĆŽ͖
ŐͿƋƵĞƉůĞŝƚĞĂƌĞŵĂůƚĞƌŶĂƚŝǀĂĚĞƌĞƐƉŽƐƚĂŝŐƵĂůăĚŝǀƵůŐĂĚĂŶŽ'ĂďĂƌŝƚŽ͘
ϵ͘ϱ͘ K ƉƌŽǀŝŵĞŶƚŽ ĚĞ ƌĞĐƵƌƐŽƐ ŝŶƚĞƌƉŽƐƚŽƐ ĚĞŶƚƌŽ ĚĂƐ ĞƐƉĞĐŝĨŝĐĂĕƁĞƐ ƉŽĚĞƌĄ͕ ĞǀĞŶƚƵĂůŵĞŶƚĞ͕ ĂůƚĞƌĂƌ Ă ŶŽƚĂ ĞͬŽƵ
ĐůĂƐƐŝĨŝĐĂĕĆŽ ŝŶŝĐŝĂů ŽďƚŝĚĂ ƉĞůŽƐ ĐĂŶĚŝĚĂƚŽƐ ƉĂƌĂ ƵŵĂ ŶŽƚĂ ĞͬŽƵ ĐůĂƐƐŝĨŝĐĂĕĆŽ ƐƵƉĞƌŝŽƌ ŽƵ ŝŶĨĞƌŝŽƌ͖ ŽƵ ĂŝŶĚĂ ĂĐĂƌƌĞƚĂƌ Ă
ĐůĂƐƐŝĨŝĐĂĕĆŽ ĞͬŽƵ ĚĞƐĐůĂƐƐŝĨŝĐĂĕĆŽ ĚĞ ĐĂŶĚŝĚĂƚŽƐ Ğŵ ǀŝƌƚƵĚĞ ĚĂ ĂůƚĞƌĂĕĆŽ ĚĂƐ ƐƵĂƐ ŶŽƚĂƐ Ğŵ ƌĞůĂĕĆŽ ă ƉŽŶƚƵĂĕĆŽ ŵşŶŝŵĂ
ĞdžŝŐŝĚĂƉĂƌĂĂĐůĂƐƐŝĨŝĐĂĕĆŽ͘
ϵ͘ϲ͘ KƐ ƉŽŶƚŽƐ ƌĞůĂƚŝǀŽƐ ăƐ ƋƵĞƐƚƁĞƐ ĚĂƐ ƉƌŽǀĂƐ ŽďũĞƚŝǀĂƐ ĞǀĞŶƚƵĂůŵĞŶƚĞ ĂŶƵůĂĚĂƐ ƐĞƌĆŽ ĂƚƌŝďƵşĚŽƐ Ă ƚŽĚŽƐ ŽƐ ĐĂŶĚŝĚĂƚŽƐ
ƉƌĞƐĞŶƚĞƐ ă ƉƌŽǀĂ͘ Ɛ ƋƵĞƐƚƁĞƐ ƋƵĞ͕ Ğŵ ǀŝƌƚƵĚĞ ĚŽƐ ƌĞĐƵƌƐŽƐ ĂƉƌĞƐĞŶƚĂĚŽƐ͕ ƚŝǀĞƌĞŵ ƌĞƐƉŽƐƚĂ ĂůƚĞƌĂĚĂ͕ ĂĐĂƌƌĞƚĂƌĆŽ Ž
ƌĞƉƌŽĐĞƐƐĂŵĞŶƚŽĚŽƌĞƐƵůƚĂĚŽ͕ƉŽĚĞŶĚŽĂůƚĞƌĂƌĂŽƌĚĞŵĚĞĐůĂƐƐŝĨŝĐĂĕĆŽƉƌŽǀŝƐſƌŝĂĚŽƐĐĂŶĚŝĚĂƚŽƐ͘
ϵ͘ϳ͘K/d>Z^h>dKK^ZhZ^K^͕ĐŽŶƚĞŶĚŽĂƐĚĞůŝďĞƌĂĕƁĞƐĚĞĐŽƌƌĞŶƚĞƐĚŽƐƌĞĐƵƌƐŽƐŝŶƚĞƌƉŽƐƚŽƐĞŵĐĂĚĂĨĂƐĞ͕
ƐĞƌĄ ĚŝǀƵůŐĂĚŽ ŶŽƐ ƐŝƚĞƐ ǁǁǁ͘ƉƵďůŝĐŽŶƐƵůƚ͘ĐŽŵ͘ďƌ Ğ ǁǁǁ͘ƐĂŶƚĂĐƌƵnjĚŽƌŝŽƉĂƌĚŽ͘ƐƉ͘ŐŽǀ͘ďƌ ũƵŶƚĂŵĞŶƚĞ ĐŽŵ ŽƐ ĞĚŝƚĂŝƐ
ĐŽŶƚĞŶĚŽĞǀĞŶƚƵĂŝƐƌĞƚŝĨŝĐĂĕƁĞƐĚŽƐƌĞƐƵůƚĂĚŽƐŽƵĐůĂƐƐŝĨŝĐĂĕƁĞƐƌĞůĂƚŝǀŽƐĂĐĂĚĂ͕ĞŽ'Z/dKZd/&/K͕ƐĞĨŽƌŽĐĂƐŽ͘
ϵ͘ϴ͘ĂŶĄůŝƐĞĚĂĚĞůŝďĞƌĂĕĆŽĚĞĐĂĚĂƌĞĐƵƌƐŽƐĞƌĄĚŝƐƉŽŶŝďŝůŝnjĂĚĂĂŽƌĞĐŽƌƌĞŶƚĞŝŵƉĞƚƌĂŶƚĞŶĂĄƌĞĂĚĞZhZ^K^ĚŽWĂŝŶĞů
ĚŽ ĂŶĚŝĚĂƚŽ ŶŽ ƐŝƚĞ ǁǁǁ͘ƉƵďůŝĐŽŶƐƵůƚ͘ĐŽŵ͘ďƌ͘ K ƌĞůĂƚſƌŝŽ ĂŶĂůşƚŝĐŽ ĚŽƐ ƌĞĐƵƌƐŽƐ ĚĞ ĐĂĚĂ ĨĂƐĞ͕ ĐŽŶƚĞŶĚŽ ĂƐ ƌĂnjƁĞƐ ĚĂƐ
ĚĞůŝďĞƌĂĕƁĞƐ ĚĂ ĂŶĐĂ džĂŵŝŶĂĚŽƌĂ͕ ƐĞƌĄ ĂŶĞdžĂĚŽ ĂŽ ZĞůĂƚſƌŝŽ &ŝŶĂů ĚŽ ŽŶĐƵƌƐŽ WƷďůŝĐŽ ĞŶĐĂŵŝŶŚĂĚŽ ă WƌĞĨĞŝƚƵƌĂ
DƵŶŝĐŝƉĂůĚĞ^EdZhKZ/KWZK͘
ϭϬ͘WKEdhK͕>^^/&/KK^DWd
ϭϬ͘ϭ͘ WKEdhK ĚĂ WZKs K:d/s ƐĞƌĄ ĂƉƵƌĂĚĂ ĂƚƌĂǀĠƐ ĚŽ ƐŽŵĂƚſƌŝŽ ĚŽƐ ƉŽŶƚŽƐ ŽďƚŝĚŽƐ ƉĞůŽ ĐĂŶĚŝĚĂƚŽ Ğŵ ĐĂĚĂ
ĚŝƐĐŝƉůŝŶĂ ĚĂ ƉƌŽǀĂ͖ Ă ƉŽŶƚƵĂĕĆŽ ƌĞĨĞƌĞŶƚĞ Ă ĐĂĚĂ ĚŝƐĐŝƉůŝŶĂ ƐĞƌĄ ŽďƚŝĚĂ ƉĞůĂ ŵƵůƚŝƉůŝĐĂĕĆŽ ĚĂ ƋƵĂŶƚŝĚĂĚĞ ĚĞ ƌĞƐƉŽƐƚĂƐ
ĐŽƌƌĞƚĂƐƉĞůŽƉĞƐŽƌĞƐƉĞĐƚŝǀŽĚĂĚŝƐĐŝƉůŝŶĂ͕ĐŽŶĨŽƌŵĞŽ ŝƚĞŵϳ͘ϭĚĞƐƚĞĞĚŝƚĂů͕ƐĞŶĚŽ>^^/&/KŽĐĂŶĚŝĚĂƚŽƋƵĞŽďƚŝǀĞƌ
ƉŽŶƚƵĂĕĆŽĞƋƵŝǀĂůĞŶƚĞăƋƵĞůĂŝŶĚŝĐĂĚĂŶŽŝƚĞŵϳ͘ϮϮ͘
ϭϬ͘Ϯ͘ EŽ ĐĂƐŽ ĚĞ ĞŵƉĂƚĞ ŶĂ >^^/&/K ĚĂ WZKs K:d/s͕ ƐĞƌĄ ƉƌŽĐĞƐƐĂĚŽ Ž ^DWd ƚĞŶĚŽ ƉƌĞĨĞƌġŶĐŝĂ͕
ƐƵĐĞƐƐŝǀĂŵĞŶƚĞ͕ŽĐĂŶĚŝĚĂƚŽ͗
ĂͿĐŽŵŝĚĂĚĞŵĂŝƐĞůĞǀĂĚĂ͕ĚĞƐĚĞƋƵĞŝŐƵĂůŽƵƐƵƉĞƌŝŽƌĂϲϬĂŶŽƐ͕ĞŶƚƌĞĂƋƵĞůĞƐŶĂŵĞƐŵĂĨĂŝdžĂĞƚĄƌŝĂĞĨƌĞŶƚĞĂŽƐĚĞŵĂŝƐ
ĐĂŶĚŝĚĂƚŽƐ͕ŶŽƐƚĞƌŵŽƐĚĂ>Ğŝ&ĞĚĞƌĂůŶǑϭϬ͘ϳϰϭͬϮϬϬϯ͖
ďͿƋƵĞŽďƚŝǀĞƌŵĂŝŽƌƉŽŶƚƵĂĕĆŽŶĂWƌŽǀĂĚĞdşƚƵůŽƐ͕ƋƵĂŶĚŽĂƉůŝĐĄǀĞů͖
ĐͿƋƵĞŽďƚŝǀĞƌŵĂŝŽƌƉŽŶƚƵĂĕĆŽŶĂƐƋƵĞƐƚƁĞƐĚĞŽŶŚĞĐŝŵĞŶƚŽƐƐƉĞĐşĨŝĐŽƐ͖
10
WƌĞĨĞŝƚƵƌĂDƵŶŝĐŝƉĂůĚĞ ŽŶĐƵƌƐŽWƷďůŝĐŽEǑϬϭͬϮϬϮϰ
^EdZhKZ/KWZK /d>ĚĞZdhZĚĞ/E^Z/O^
ĚͿƋƵĞŽďƚŝǀĞƌĂŵĂŝŽƌƉŽŶƚƵĂĕĆŽŶĂƐƋƵĞƐƚƁĞƐĚĞ>ĞŐŝƐůĂĕĆŽĚĞ^ĂƷĚĞWƷďůŝĐĂ͕ƋƵĂŶĚŽĂƉůŝĐĄǀĞů͖
ĞͿƋƵĞŽďƚŝǀĞƌĂŵĂŝŽƌƉŽŶƚƵĂĕĆŽŶĂƐƋƵĞƐƚƁĞƐĚĞŽŶŚĞĐŝŵĞŶƚŽƐWĞĚĂŐſŐŝĐŽƐ͕ƋƵĂŶĚŽĂƉůŝĐĄǀĞů͖
ĨͿƋƵĞŽďƚŝǀĞƌĂŵĂŝŽƌƉŽŶƚƵĂĕĆŽŶĂƐƋƵĞƐƚƁĞƐĚĞ>şŶŐƵĂWŽƌƚƵŐƵĞƐĂĞ/ŶƚĞƌƉƌĞƚĂĕĆŽĚĞdĞdžƚŽƐ͖
ŐͿƋƵĞŽďƚŝǀĞƌĂŵĂŝŽƌƉŽŶƚƵĂĕĆŽŶĂƐƋƵĞƐƚƁĞƐĚĞDĂƚĞŵĄƚŝĐĂĞZĂĐŝŽĐşŶŝŽ>ſŐŝĐŽYƵĂŶƚŝƚĂƚŝǀŽ͕ƋƵĂŶĚŽĂƉůŝĐĄǀĞů͖
ŚͿŵĂŝƐŝĚŽƐŽĞŶƚƌĞĂƋƵĞůĞƐĐŽŵŝĚĂĚĞŝŶĨĞƌŝŽƌĂϲϬĂŶŽƐ͖
ŝͿǀĞŶĐĞĚŽƌĚĞƐŽƌƚĞŝŽƉƷďůŝĐŽĂƐĞƌƌĞĂůŝnjĂĚŽƉĞůĂŽŵŝƐƐĆŽ&ŝƐĐĂůŝnjĂĚŽƌĂĚŽŽŶĐƵƌƐŽWƷďůŝĐŽ͕ĐĂƐŽƉĞƌƐŝƐƚĂŽĞŵƉĂƚĞĂƉſƐ
ĂĂƉůŝĐĂĕĆŽĚŽƐĐƌŝƚĠƌŝŽƐƉƌĞĐĞĚĞŶƚĞƐ͘
ϭϬ͘ϯ͘ K /d> >^^/&/K WZKs/^MZ/ ĚĞ ĐĂĚĂ ĨĂƐĞ ĚŽ ŽŶĐƵƌƐŽ WƷďůŝĐŽ ƐĞƌĄ ĚŝǀƵůŐĂĚŽ ŶŽƐ ƐŝƚĞƐ
ǁǁǁ͘ƉƵďůŝĐŽŶƐƵůƚ͘ĐŽŵ͘ďƌĞǁǁǁ͘ƐĂŶƚĂĐƌƵnjĚŽƌŝŽƉĂƌĚŽ͘ƐƉ͘ŐŽǀ͘ďƌƐĞŶĚŽĂƉƌĞƐĞŶƚĂĚŽĚĂƐĞŐƵŝŶƚĞĨŽƌŵĂ͗
ĂͿŶĞdžŽ/ͲůĂƐƐŝĨŝĐĂĕĆŽWƌŽǀŝƐſƌŝĂͲ'ĞƌĂů͖
ďͿŶĞdžŽ//ͲůĂƐƐŝĨŝĐĂĕĆŽWƌŽǀŝƐſƌŝĂͲĂŶĚŝĚĂƚŽƐ–WĞƐƐŽĂĐŽŵĞĨŝĐŝġŶĐŝĂ͖
ĐͿ ŶĞdžŽ /// Ͳ ĂŶĚŝĚĂƚŽƐ EĆŽ ůĂƐƐŝĨŝĐĂĚŽƐ ;ĐŽŶƚĞŵƉůĂŶĚŽ ĂƉĞŶĂƐ Ž ŶƷŵĞƌŽ ĚĞ ŝŶƐĐƌŝĕĆŽ ĚŽƐ ĐĂŶĚŝĚĂƚŽƐ Ğ Ă ƌĞƐƉĞĐƚŝǀĂ
ƉŽŶƚƵĂĕĆŽͿ͘
ϭϬ͘ϰ͘ K /d> >^^/&/K &/E> ƐĞƌĄ ĚŝǀƵůŐĂĚŽ ŶŽƐ ƐŝƚĞƐ ǁǁǁ͘ƉƵďůŝĐŽŶƐƵůƚ͘ĐŽŵ͘ďƌ Ğ
ǁǁǁ͘ƐĂŶƚĂĐƌƵnjĚŽƌŝŽƉĂƌĚŽ͘ƐƉ͘ŐŽǀ͘ďƌ ƐĞŶĚŽ ĂŝŶĚĂ ƉƵďůŝĐĂĚŽ ĚĞ ĨŽƌŵĂ ƌĞƐƵŵŝĚĂ ŶŽ ^ĞŵĂŶĄƌŝŽ KĨŝĐŝĂů ůĞƚƌƀŶŝĐŽ ĚŽ
DƵŶŝĐşƉŝŽ ĚĞ ^ĂŶƚĂ ƌƵnj ĚŽ ZŝŽ WĂƌĚŽ ;ŚƚƚƉƐ͗ͬͬĚŝĂƌŝŽŽĨŝĐŝĂůŶŽǀŽ͘ũĞůĂƐƚŝĐ͘ ƐĂǀĞŝŶĐůŽƵĚ͘ŶĞƚͬƉĂŐŝŶĂƐͬƉƵďůŝĐͬĚŝĂƌŝŽͺ
ĞdžƚĞƌŶŽ͘džŚƚŵů͍ŝĚŝĚĂĚĞсϰͿ͕ũƵŶƚĂŵĞŶƚĞĐŽŵĂŚŽŵŽůŽŐĂĕĆŽĚŽŽŶĐƵƌƐŽWƷďůŝĐŽ͕ƐĞŶĚŽĂƉƌĞƐĞŶƚĂĚŽĚĂƐĞŐƵŝŶƚĞĨŽƌŵĂ͗
ĂͿŶĞdžŽ/ͲůĂƐƐŝĨŝĐĂĕĆŽ&ŝŶĂůͲ'ĞƌĂů͖
ďͿŶĞdžŽ//ͲůĂƐƐŝĨŝĐĂĕĆŽ&ŝŶĂůͲĂŶĚŝĚĂƚŽƐ–WĞƐƐŽĂĐŽŵĞĨŝĐŝġŶĐŝĂ͘
ϭϬ͘ϱ͘Ă>^^/&/K&/E>ŶĆŽĐĂďĞƌĄƌĞĐƵƌƐŽĂĚŵŝŶŝƐƚƌĂƚŝǀŽ͕ƉŽƌĠŵĂŵĞƐŵĂƉŽĚĞƌĄĞǀĞŶƚƵĂůŵĞŶƚĞƐĞƌĂůƚĞƌĂĚĂĐĂƐŽ
ƐĞǀĞƌŝĨŝƋƵĞĂ ŽĐŽƌƌġŶĐŝĂĚĞĂůŐƵŵůĂƉƐŽĞdžĐůƵƐŝǀĂŵĞŶƚĞĨŽƌŵĂůƋƵĞƚĞŶŚĂ ĂůƚĞƌĂĚŽĂĐŽƌƌĞƚĂĂůŽĐĂĕĆŽĚŽƐĐĂŶĚŝĚĂƚŽƐŶĂƐ
ůŝƐƚĂŐĞŶƐĐůĂƐƐŝĨŝĐĂƚſƌŝĂƐ͕ŽƋƵĞƐĞƌĄŽďũĞƚŽĚĞĚŝǀƵůŐĂĕĆŽ ĚĞ ĚŝƚĂůĚĞůĂƐƐŝĨŝĐĂĕĆŽ&ŝŶĂů ͲZĞƚŝĨŝĐĂĚŽĐŽŶƚĞŶĚŽĂƐĚĞǀŝĚĂƐ
ƌĂnjƁĞƐ͕ĂƉſƐĂŶƵġŶĐŝĂĚĂĂŶĐĂdžĂŵŝŶĂĚŽƌĂĞĚĂŽŵŝƐƐĆŽ&ŝƐĐĂůŝnjĂĚŽƌĂĚŽŽŶĐƵƌƐŽWƷďůŝĐŽ͕ĂƚƌĂǀĠƐĚŽƐŵĞƐŵŽƐŵĞŝŽƐ
ĚĞĚŝǀƵůŐĂĕĆŽĚŽƐĞĚŝƚĂŝƐĚĞĐůĂƐƐŝĨŝĐĂĕĆŽĨŝŶĂů͘
ϭϭ͘s>/KW^/K>M'/
ϭϭ͘ϭ͘ ĂǀĂůŝĂĕĆŽ WƐŝĐŽůſŐŝĐĂ ƐĞƌĄ ĂƉůŝĐĂĚĂ ĂŽƐ ƐĞŐƵŝŶƚĞƐ ĞŵƉƌĞŐŽƐ͗ ŽŽƌĚĞŶĂĚŽƌ WĞĚĂŐſŐŝĐŽ͖ ŝƌĞƚŽƌ ĚĞ ƐĐŽůĂ͖ sŝĐĞͲ
ŝƌĞƚŽƌĚĞƐĐŽůĂĞ^ƵƉĞƌǀŝƐŽƌĚĞŶƐŝŶŽ͘
ϭϭ͘Ϯ͘ƉſƐĂĨĂƐĞĂŶƚĞƌŝŽƌĚŽŽŶĐƵƌƐŽWƷďůŝĐŽ͕ŽƐĐĂŶĚŝĚĂƚŽƐĐůĂƐƐŝĨŝĐĂĚŽƐƐĞƌĆŽĐŽŶǀŽĐĂĚŽƐĞdžĐůƵƐŝǀĂŵĞŶƚĞƉĞůĂWƌĞĨĞŝƚƵƌĂ
DƵŶŝĐŝƉĂů ĚĞ^ĂŶƚĂƌƵnjĚŽ ZŝŽ WĂƌĚŽ͕ĚĞŶƚƌŽĚŽŶƷŵĞƌŽĚĞǀĂŐĂƐĞdžŝƐƚĞŶƚĞƐ͕ĂƚƌĂǀĠƐĚĞƉƵďůŝĐĂĕĆŽŶŽ^ĞŵĂŶĄƌŝŽKĨŝĐŝĂů
ůĞƚƌƀŶŝĐŽ ĚŽ DƵŶŝĐşƉŝŽ ĚĞ ^ĂŶƚĂ ƌƵnj ĚŽ ZŝŽ WĂƌĚŽ͕ ƉĂƌĂ ƉĂƌƚŝĐŝƉĂĕĆŽ ĚĂ ĨĂƐĞ ĚĞ ǀĂůŝĂĕĆŽ WƐŝĐŽůſŐŝĐĂ͕ ĚĞ ĐĂƌĄƚĞƌ
ĞdžĐůƵƐŝǀĂŵĞŶƚĞĞůŝŵŝŶĂƚſƌŝŽĞƋƵĞĨĂnjƉĂƌƚĞĚŽƉƌŽĐĞƐƐŽĚĞŶŽŵĞĂĕĆŽ͘
ϭϭ͘ϯ͘ĂǀĂůŝĂĕĆŽƉƐŝĐŽůſŐŝĐĂǀŝƐĂ ŝĚĞŶƚŝĨŝĐĂƌĐĂƌĂĐƚĞƌşƐƚŝĐĂƐĚĞƉĞƌƐŽŶĂůŝĚĂĚĞ͕ĂƉƚŝĚĆŽ͕ƉŽƚĞŶĐŝĂůĞĂĚĞƋƵĂĕĆŽĚŽĐĂŶĚŝĚĂƚŽ
ƉĂƌĂ Ž ĞdžĞƌĐşĐŝŽ ĚŽ ĞŵƉƌĞŐŽ͕ ĐŽŶƐŝĚĞƌĂŶĚŽ ĂƐ ŶĞĐĞƐƐŝĚĂĚĞƐ͕ ĞdžŝŐġŶĐŝĂƐ͕ ƉĞĐƵůŝĂƌŝĚĂĚĞƐ ĚĂ ĄƌĞĂ ĚĞ ĂƚƵĂĕĆŽ͕ ŝŶĐůƵŝŶĚŽ
ĐŽŶĚŝĕƁĞƐ ŶĞĐĞƐƐĄƌŝĂƐ ƉĂƌĂ Ž ĚĞƐĞŵƉĞŶŚŽ ĚĂ ĨƵŶĕĆŽ Ğ ƐĞƌĄ ƌĞĂůŝnjĂĚĂ ĐŽŵ ďĂƐĞ ŶĂ >Ğŝ ŶǑ ϰ͘ϭϭϵͬϲϮ ƋƵĞ ƌĞŐƵůĂŵĞŶƚĂ Ă
ƉƌŽĨŝƐƐĆŽ ĚĞ WƐŝĐſůŽŐŽ͕ ŶŽ ĞĐƌĞƚŽ ŶǑ ϱϯ͘ϰϲϰͬϲϰ ƋƵĞ ƌĞŐƵůĂŵĞŶƚĂ Ă >Ğŝ ŶǑ ϰ͘ϭϭϵͬϲϮ͕ ŶŽ ĂƌƚŝŐŽ ϰǑ ĞƐƚĂďĞůĞĐĞ ƋƵĂŝƐ ƐĆŽ ĂƐ
ĂƚƌŝďƵŝĕƁĞƐĚŽƉƌŽĨŝƐƐŝŽŶĂůĚĞƉƐŝĐŽůŽŐŝĂ͕ŶĂ>Ğŝ&ĞĚĞƌĂůŶǑϱ͘ϳϲϲͬϳϭƋƵĞĐƌŝĂŽŽŶƐĞůŚŽ&ĞĚĞƌĂůĞŽƐŽŶƐĞůŚŽƐZĞŐŝŽŶĂŝƐĚĞ
WƐŝĐŽůŽŐŝĂĞĚĄŽƵƚƌĂƐƉƌŽǀŝĚġŶĐŝĂƐ͕ŶĂƐZĞƐŽůƵĕƁĞƐ&WŶǑϬϭͬϬϮ͕&WŶǑϬϮͬϬϯ͕ĂůƚĞƌĂĚĂƉĞůĂĚĞŶǑϬϲͬϬϰ͘
ϭϭ͘ϰ͘KĐĂŶĚŝĚĂƚŽ͕ĂŽƚĞƌŵŝŶĂƌŽƐƚĞƐƚĞƐ͕ĞŶƚƌĞŐĂƌĄĂŽĂƉůŝĐĂĚŽƌƚŽĚŽŽƐĞƵŵĂƚĞƌŝĂůĚĞĞdžĂŵĞ͘EĞŶŚƵŵĐĂŶĚŝĚĂƚŽƉŽĚĞƌĄ
ƌĞƚŝƌĂƌͲƐĞĚŽůŽĐĂůĚĂĂǀĂůŝĂĕĆŽƉƐŝĐŽůſŐŝĐĂƐĞŵĂƵƚŽƌŝnjĂĕĆŽĞdžƉƌĞƐƐĂĚŽƌĞƐƉŽŶƐĄǀĞůƉĞůĂĂƉůŝĐĂĕĆŽ͘
ϭϭ͘ϱ͘ ǀĂůŝĂĕĆŽ WƐŝĐŽůſŐŝĐĂ ƐĞƌĄ ƌĞĂůŝnjĂĚĂ ƉŽƌ WƐŝĐſůŽŐŽƐ ĐƌĞĚĞŶĐŝĂĚŽƐ ŶŽ ŽŶƐĞůŚŽ ZĞŐŝŽŶĂů ĚĞ WƐŝĐŽůŽŐŝĂ͕ ĐŽŵ ƐƵƉŽƌƚĞ
ƚĠĐŶŝĐŽ ĚĂ WƌĞĨĞŝƚƵƌĂ DƵŶŝĐŝƉĂů ĚĞ ^ĂŶƚĂ ƌƵnj ĚŽ ZŝŽ WĂƌĚŽ Ğ ƚĞƌĄ ƉŽƌ ŽďũĞƚŝǀŽ ĂǀĂůŝĂƌ Ž ƉĞƌĨŝů ƉƐŝĐŽůſŐŝĐŽ ĚŽ ĐĂŶĚŝĚĂƚŽ͕
ǀĞƌŝĨŝĐĂŶĚŽĂƐĐĂƌĂĐƚĞƌşƐƚŝĐĂƐĚĞƉĞƌƐŽŶĂůŝĚĂĚĞŶĞĐĞƐƐĄƌŝĂƐĂŽĚĞƐĞŵƉĞŶŚŽĂĚĞƋƵĂĚŽĚĂƐĂƚŝǀŝĚĂĚĞƐŝŶĞƌĞŶƚĞƐ ĂŽĞŵƉƌĞŐŽ
ƉůĞŝƚĞĂĚŽ͘dĞŶĚŽĞƐƚĞĂƐĐĂƌĂĐƚĞƌşƐƚŝĐĂƐĞĚŝŵĞŶƐƁĞƐĐŽŵŽƐĞŐƵĞ͗
ĂͿƚĞŶĕĆŽĐŽŶĐĞŶƚƌĂĚĂ͖
ďͿƌŝĂƚŝǀŝĚĂĚĞ͖
ĐͿŽŵƉŽƌƚĂŵĞŶƚŽĠƚŝĐŽ͖
ĚͿŝƐƉŽŶŝďŝůŝĚĂĚĞĂĨĞƚŝǀĂ͖
ĞͿŵƉĂƚŝĂ͖
ĨͿ&ůĞdžŝďŝůŝĚĂĚĞ͖
ŐͿ/ŵƉŽƐŝĕĆŽĞĂĐĞŝƚĂĕĆŽĚĞůŝŵŝƚĞƐ͖
ŚͿ/ŶŝĐŝĂƚŝǀĂ͖
ŝͿ:ƵůŐĂŵĞŶƚŽ͖
ũͿ>ŝĚĞƌĂŶĕĂ͖
ŬͿDĞƚŝĐƵůŽƐŝĚĂĚĞ͖
11
WƌĞĨĞŝƚƵƌĂDƵŶŝĐŝƉĂůĚĞ ŽŶĐƵƌƐŽWƷďůŝĐŽEǑϬϭͬϮϬϮϰ
^EdZhKZ/KWZK /d>ĚĞZdhZĚĞ/E^Z/O^
ůͿKƌŐĂŶŝnjĂĕĆŽ͖
ŵͿWƌŽĂƚŝǀŝĚĂĚĞ͖
ŶͿZĂĐŝŽĐşŶŝŽůſŐŝĐŽ͖
ŽͿ^ĞŶƐŽĐƌşƚŝĐŽ͖
ƉͿdŽůĞƌąŶĐŝĂăĨƌƵƐƚƌĂĕĆŽ͖
ƋͿdƌĂďĂůŚŽĞŵĞƋƵŝƉĞ͖
ƌͿsŝƐĆŽƐŝƐƚġŵŝĐĂ͘
ϭϭ͘ϲ͘ǀĂůŝĂĕĆŽWƐŝĐŽůſŐŝĐĂƚĂŵďĠŵƚĞƌĄƉŽƌŽďũĞƚŝǀŽĂǀĂůŝĂƌŽƉĞƌĨŝůƉƐŝĐŽůſŐŝĐŽĚŽĐĂŶĚŝĚĂƚŽ͕ǀĞƌŝĨŝĐĂŶĚŽĂƐĐĂƌĂĐƚĞƌşƐƚŝĐĂƐ
ĚĞƉĞƌƐŽŶĂůŝĚĂĚĞ͕ďĞŵĐŽŵŽĂŽĚĞƐĞŵƉĞŶŚŽĞĨŝĐŝĞŶƚĞĂƐĂƚŝǀŝĚĂĚĞƐŝŶĞƌĞŶƚĞƐĂŽĞŵƉƌĞŐŽĚĞƐƚĞĚŝƚĂů͘
ϭϭ͘ϳ͘ K ĐĂŶĚŝĚĂƚŽ ĚĞǀĞƌĄ ĐŽŵƉĂƌĞĐĞƌ ĂŽ ůŽĐĂů ĚĞƐŝŐŶĂĚŽ ĐŽŵ ĂŶƚĞĐĞĚġŶĐŝĂ ŵşŶŝŵĂ ĚĞ ϯϬ ŵŝŶƵƚŽƐ ĚŽ ŚŽƌĄƌŝŽ ŵĂƌĐĂĚŽ͕
ŵƵŶŝĚŽ ĚĞ ĚŽĐƵŵĞŶƚŽ ĚĞ ŝĚĞŶƚŝĚĂĚĞ ŽĨŝĐŝĂů ĐŽŵ ĨŽƚŽ͕ ůĄƉŝƐ͕ ĐĂŶĞƚĂ Ğ ďŽƌƌĂĐŚĂ͘ EĆŽ ƐĞƌĄ ƉĞƌŵŝƚŝĚĂ͕ Ğŵ ŚŝƉſƚĞƐĞ ĂůŐƵŵĂ͕
ƌĞĂůŝnjĂĕĆŽĚĂƐƉƌŽǀĂƐĞŵŽƵƚƌŽĚŝĂ͕ŚŽƌĄƌŝŽŽƵĨŽƌĂĚŽůŽĐĂůĚĞƐŝŐŶĂĚŽ͘
ϭϭ͘ϴ͘ KƐ ƚĞƐƚĞƐ ƉƐŝĐŽůſŐŝĐŽƐ Ă ƐĞƌĞŵ ƵƚŝůŝnjĂĚŽƐ͕ ƐĆŽ ǀĂůŝĚĂĚŽƐ Ğŵ ŶşǀĞů ŶĂĐŝŽŶĂů Ğ ĂƉƌŽǀĂĚŽƐ ƉĞůŽ ŽŶƐĞůŚŽ &ĞĚĞƌĂů ĚĞ
WƐŝĐŽůŽŐŝĂ͕ĞƐƚĂƌĆŽĞŵďĂƐĂĚŽƐĞŵŶŽƌŵĂƐŽďƚŝĚĂƐƉŽƌŵĞŝŽĚĞƉƌŽĐĞĚŝŵĞŶƚŽƐƉƐŝĐŽůſŐŝĐŽƐƌĞĐŽŶŚĞĐŝĚŽƐƉĞůĂĐŽŵƵŶŝĚĂĚĞ
ĐŝĞŶƚşĨŝĐĂĐŽŵŽĂĚĞƋƵĂĚŽƐƉĂƌĂŝŶƐƚƌƵŵĞŶƚŽƐĚĞƐƐĂŶĂƚƵƌĞnjĂĞƉŽĚĞƌĆŽƐĞƌĂƉůŝĐĂĚŽƐƚĂŶƚŽŝŶĚŝǀŝĚƵĂŝƐĐŽŵŽĐŽůĞƚŝǀĂŵĞŶƚĞ͘
ϭϭ͘ϵ͘KƌĞƐƵůƚĂĚŽĚĂĂǀĂůŝĂĕĆŽƉƐŝĐŽůſŐŝĐĂƐĞƌĄĚĞĨŝŶŝĚŽƉŽƌŵĞŝŽĚŽƐĐŽŶĐĞŝƚŽƐWdKŽƵ/EWdK͕ĐŽŶĨŽƌŵĞĚĞƐĐƌŝĕĆŽ͗
Ͳ WdK͗ ƐŝŐŶŝĨŝĐĂ ƋƵĞ Ž ĐĂŶĚŝĚĂƚŽ ĂƉƌĞƐĞŶƚŽƵ ƉĞƌĨŝů ƉƐŝĐŽůſŐŝĐŽ ĐŽŵƉĂƚşǀĞů ĐŽŵ ĂƐ ĂƚƌŝďƵŝĕƁĞƐ Ğ ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞƐ ĚĂƐ
ĂƚŝǀŝĚĂĚĞƐĂƐĞƌĞŵƌĞĂůŝnjĂĚĂƐ͕ĚĞĂĐŽƌĚŽĐŽŵŽĐŽŶƐƚĂŶƚĞĚĞƐƚĞĚŝƚĂů͕
Ͳ/EWdK͗ƐŝŐŶŝĨŝĐĂƋƵĞŽĐĂŶĚŝĚĂƚŽŶĆŽĂƉƌĞƐĞŶƚŽƵŽƉĞƌĨŝůƉƐŝĐŽůſŐŝĐŽĐŽŵƉĂƚşǀĞůĐŽŵĂĚĞƐĐƌŝĕĆŽĚĂƐĂƚŝǀŝĚĂĚĞƐĐŽŶƐƚĂŶƚĞƐ
deste Edital. A “INAPTIDÃO” na avaliação psicológica não pressupõe a existência de transtornos mentais, tão somente, indica
ĂŝŶĂĚĞƋƵĂĕĆŽĚŽĐĂŶĚŝĚĂƚŽĂŽƉĞƌĨŝůƉƐŝĐŽůſŐŝĐŽĞdžŝŐŝĚŽƉĂƌĂŽĚĞƐĞŵƉĞŶŚŽĚŽĞŵƉƌĞŐŽ͘
ϭϭ͘ϭϬ͘Nenhum candidato “INAPTO” será submetido à nova avaliação dentro do presente Concurso Público.
ϭϭ͘ϭϭ͘ K ĐĂŶĚŝĚĂƚŽ͕ ƐĞ ũƵůŐĂƌ ŶĞĐĞƐƐĄƌŝŽ͕ ƉŽĚĞƌĄ ƐŽůŝĐŝƚĂƌ͕ ŵĞĚŝĂŶƚĞ ƌĞƋƵĞƌŝŵĞŶƚŽ ƉƌŽƚŽĐŽůĂĚŽ ŶĂ WƌĞĨĞŝƚƵƌĂ DƵŶŝĐŝƉĂů ĚĞ
^ĂŶƚĂ ƌƵnj ĚŽ ZŝŽ WĂƌĚŽ͕ Ž ƉƌŽĐĞĚŝŵĞŶƚŽ ĚĞŶŽŵŝŶĂĚŽ ŶƚƌĞǀŝƐƚĂ ĞǀŽůƵƚŝǀĂ ƉĂƌĂ ĐŽŶŚĞĐŝŵĞŶƚŽ ĚĂƐ ƌĂnjƁĞƐ ĚĞ ƐƵĂ
INAPTIDÃO, não invalidando a solicitação do recurso administrativo (Resolução CFP nº 01/02). O candidato “inapto” na
ĂǀĂůŝĂĕĆŽƉƐŝĐŽůſŐŝĐĂƐĞƌĄĞůŝŵŝŶĂĚŽĚŽŽŶĐƵƌƐŽWƷďůŝĐŽ͘
ϭϮ͘KEsKKKDWZKsKZYh/^/dK^WZKEdZdK
ϭϮ͘ϭ͘ KƐ ĐĂŶĚŝĚĂƚŽƐ ĐůĂƐƐŝĨŝĐĂĚŽƐ ƐĞƌĆŽ ĐŽŶǀŽĐĂĚŽƐ Ă ĐƌŝƚĠƌŝŽ ĚĂ ĚŵŝŶŝƐƚƌĂĕĆŽ͕ ĐŽŶĨŽƌŵĞ Ž ŶƷŵĞƌŽ ĚĞ ǀĂŐĂƐ ĞdžŝƐƚĞŶƚĞƐ͕
ƐĞŐƵŝŶĚŽ ƌŝŐŽƌŽƐĂŵĞŶƚĞ Ă ŽƌĚĞŵ ĚĞ ĐůĂƐƐŝĨŝĐĂĕĆŽ͕ ƌĞƐƉĞŝƚĂŶĚŽͲƐĞ Ž ůŝŵŝƚĞ ĚĂƐ ǀĂŐĂƐ ĚĞƐƚŝŶĂĚĂƐ ĂŽƐ ĐĂŶĚŝĚĂƚŽƐ ĐŽŵ
ĚĞĨŝĐŝġŶĐŝĂ͕ŶĂĨŽƌŵĂĚŽŝƚĞŵϯ͘ϭĚĞƐƚĞĞĚŝƚĂů͘
ϭϮ͘Ϯ͘ WĂƌĂ ĞĨĞŝƚŽ ĚĂ ĐŽŶƚƌĂƚĂĕĆŽ͕ ĨŝĐĂ Ž ĐĂŶĚŝĚĂƚŽ ƐƵũĞŝƚŽ ă ĂƉƌŽǀĂĕĆŽ Ğŵ ĞdžĂŵĞ ŵĠĚŝĐŽ͕ ƌĞĂůŝnjĂĚŽ ĞͬŽƵ ƌĞƋƵĞƌŝĚŽ ƉĞůĂ
DĞĚŝĐŝŶĂĚŽdƌĂďĂůŚŽĚĂWƌĞĨĞŝƚƵƌĂDƵŶŝĐŝƉĂůĚĞ^EdZhKZ/KWZK͕ƋƵĞĂǀĂůŝĂƌĄƐƵĂĂƉƚŝĚĆŽĨşƐŝĐĂĞŵĞŶƚĂů͘
ϭϮ͘ϯ͘KĐĂŶĚŝĚĂƚŽĐŽŶǀŽĐĂĚŽƐĞƌĄŶŽŵĞĂĚŽĂƉĞŶĂƐƐĞĂƚĞŶĚĞƌăƐƐĞŐƵŝŶƚĞƐĞdžŝŐġŶĐŝĂƐ͕ĂƐĞƌĞŵĐŽŵƉƌŽǀĂĚĂƐƉŽƌŽĐĂƐŝĆŽ
ĚĂĐŽŶƚƌĂƚĂĕĆŽ͗
ĂͿ ƐĞƌ ďƌĂƐŝůĞŝƌŽ ŶĂƚŽ ŽƵ ŶĂƚƵƌĂůŝnjĂĚŽ͖ ŽƵ ŐŽnjĂƌ ĚĂƐ ƉƌĞƌƌŽŐĂƚŝǀĂƐ ƉƌĞǀŝƐƚĂƐ ŶŽ ĂƌƚŝŐŽ ϭϮ ĚĂ ŽŶƐƚŝƚƵŝĕĆŽ &ĞĚĞƌĂů Ğ ĚĞŵĂŝƐ
ĚŝƐƉŽƐŝĕƁĞƐ ůĞŐĂŝƐ͕ ŶŽ ĐĂƐŽ ĚĞ ĞƐƚƌĂŶŐĞŝƌŽ ŽƵ ĐŝĚĂĚĆŽ ƉŽƌƚƵŐƵġƐ Ă ƋƵĞŵ ƚĞŶŚĂ ƐŝĚŽ ĚĞĨĞƌŝĚĂ Ă ŝŐƵĂůĚĂĚĞ ŶĂƐ ĐŽŶĚŝĕƁĞƐ
ƉƌĞǀŝƐƚĂƐƉĞůŽĞĐƌĞƚŽ&ĞĚĞƌĂůŶǑϳϬ͘ϰϯϲͬϳϮ͖
ďͿ ƚĞƌ ŝĚĂĚĞ ŵşŶŝŵĂ ĚĞ ϭϴ ĂŶŽƐ ĐŽŵƉůĞƚŽƐ͖ ĂƚĞŶĚĞƌ ĂƐ ĐŽŶĚŝĕƁĞƐ ĚĞ ĞƐĐŽůĂƌŝĚĂĚĞ Ğ ĚĞŵĂŝƐ ƌĞƋƵŝƐŝƚŽƐ ƉƌĞƐĐƌŝƚŽƐ ƉĂƌĂ Ž
ĞŵƉƌĞŐŽ͕ĚĞƚĞƌŵŝŶĂĚŽƐŶŽŝƚĞŵϭ͘ϭĚĞƐƚĞĞĚŝƚĂů͖
ĐͿ ŐŽnjĂƌ ĚĞ ƐĂƷĚĞ ĨşƐŝĐĂ Ğ ŵĞŶƚĂů ĐŽŵƉĂƚşǀĞŝƐ ĐŽŵ ĂƐ ĂƚŝǀŝĚĂĚĞƐ Ă ƐĞƌĞŵ ĚĞƐĞŵƉĞŶŚĂĚĂƐ ŶŽ ĞdžĞƌĐşĐŝŽ ĚŽ ĞŵƉƌĞŐŽ͕
ĐŽŵƉƌŽǀĂĚĂĞŵƉƌĠǀŝĂŝŶƐƉĞĕĆŽŵĠĚŝĐĂŽĨŝĐŝĂů͖
ĚͿĞƐƚĂƌƋƵŝƚĞĐŽŵŽ^ĞƌǀŝĕŽDŝůŝƚĂƌƐĞĨŽƌĚŽƐĞdžŽŵĂƐĐƵůŝŶŽ͖
ĞͿƐĞƌĞůĞŝƚŽƌĞĞƐƚĂƌƋƵŝƚĞĐŽŵĂ:ƵƐƚŝĕĂůĞŝƚŽƌĂů͖
ĨͿĞƐƚĂƌĐŽŵŽW&ƌĞŐƵůĂƌŝnjĂĚŽũƵŶƚŽăZĞĐĞŝƚĂ&ĞĚĞƌĂů͖
ŐͿĞƐƚĂƌŶŽŐŽnjŽĚŽƐĚŝƌĞŝƚŽƐĐŝǀŝƐĞƉŽůşƚŝĐŽƐ͖
ŚͿ ŶĆŽ ƌĞŐŝƐƚƌĂƌ ĂŶƚĞĐĞĚĞŶƚĞƐ ĐƌŝŵŝŶĂŝƐ Ğŵ ƋƵĞ ƚĞŶŚĂ ƐŝĚŽ ĐŽŶĚĞŶĂĚŽ ƉŽƌ ĐƌŝŵĞ ĚŽůŽƐŽ ŶĞŵ ĞƐƚĂƌ ĐƵŵƉƌŝŶĚŽ ƉĞŶĂ Ğŵ
ůŝďĞƌĚĂĚĞ͖
ŝͿ EĆŽ ƚĞƌ ƐŝĚŽ ĐŽŶĚĞŶĂĚŽ ƉŽƌ ĐƌŝŵĞ ĐŽŶƚƌĂ Ž ƉĂƚƌŝŵƀŶŝŽ ŽƵ Ă ĚŵŝŶŝƐƚƌĂĕĆŽ WƷďůŝĐĂ͕ ŶĞŵ ƚĞƌ ƐŝĚŽ ĚĞŵŝƚŝĚŽ ƉŽƌ ĂƚŽ ĚĞ
improbidade “a bem do serviço público” mediante decisão transitada em julgado em qualquer esfera governamental;
ũͿ EĆŽƉŽƐƐƵŝƌ ǀşŶĐƵůŽ ĐŽŵ ƋƵĂůƋƵĞƌ ſƌŐĆŽ ŽƵ ĞŶƚŝĚĂĚĞĚĂ ĚŵŝŶŝƐƚƌĂĕĆŽ WƷďůŝĐĂ ƋƵĞŝŵƉŽƐƐŝďŝůŝƚĞ ĂĐƵŵƵůĂĕĆŽ ĚĞĐĂƌŐŽƐ͕
empregos e funções, ressalvados os casos contidos nas alíneas “a”, “b” e “c”, inc. XVI, do art. 37, da Constituição Federal,
ŝŶĐůƵƐŝǀĞŶŽƋƵĞĐŽŶĐĞƌŶĞăĐŽŵƉĂƚŝďŝůŝĚĂĚĞĚĞŚŽƌĄƌŝŽƐ͖
12
WƌĞĨĞŝƚƵƌĂDƵŶŝĐŝƉĂůĚĞ ŽŶĐƵƌƐŽWƷďůŝĐŽEǑϬϭͬϮϬϮϰ
^EdZhKZ/KWZK /d>ĚĞZdhZĚĞ/E^Z/O^
ŬͿ ŶĆŽ ƐĞƌ ĂƉŽƐĞŶƚĂĚŽ ƉŽƌ ŝŶǀĂůŝĚĞnj͕ ŶĆŽ ĞƐƚĂƌ Ğŵ ŝĚĂĚĞ ĚĞ ĂƉŽƐĞŶƚĂĚŽƌŝĂ ĐŽŵƉƵůƐſƌŝĂ ;ϳϱ ĂŶŽƐ ŽƵ ŵĂŝƐͿ ŽƵ ƌĞĐĞďĞƌ
ƉƌŽǀĞŶƚŽƐ ĚĞ ĂƉŽƐĞŶƚĂĚŽƌŝĂ ĚĞĐŽƌƌĞŶƚĞƐ ĚŽƐ ĂƌƚŝŐŽƐ ϰϬ͕ ϰϮ Ğ ϭϰϮ͕ ƌĞƐƐĂůǀĂĚŽƐ ŽƐ ĐĂƐŽƐ ƋƵĞ ƉĞƌŵŝƚĂŵ Ă ĂĐƵŵƵůĂĕĆŽ ĚŽƐ
ƉƌŽǀĞŶƚŽƐĐŽŵĂƌĞŵƵŶĞƌĂĕĆŽĚĞĐĂƌŐŽƐ͕ĞŵƉƌĞŐŽƐ͕ĨƵŶĕƁĞƐ͕ĐĂƌŐŽƐĞůĞƚŝǀŽƐĞĐĂƌŐŽƐĞŵĐŽŵŝƐƐĆŽĚĞĐůĂƌĂĚŽƐĞŵůĞŝĚĞůŝǀƌĞ
ŶŽŵĞĂĕĆŽĞĞdžŽŶĞƌĂĕĆŽ͕ŶĂĨŽƌŵĂĚĂŽŶƐƚŝƚƵŝĕĆŽ&ĞĚĞƌĂů͘
ůͿĂĞdžƉĞƌŝġŶĐŝĂŵşŶŝŵĂ͕ƋƵĂŶĚŽĚĞƚĞƌŵŝŶĂĚĂĐŽŵŽƌĞƋƵŝƐŝƚŽĚĞĐŽŵƉĞƚġŶĐŝĂƉĂƌĂŽĚĞƐĞŵƉĞŶŚŽĚŽĞŵƉƌĞŐŽƉƷďůŝĐŽ;ǀŝĚĞ
ŝƚĞŵϭ͘ϭĚĞƐƚĞĚŝƚĂůͿ͕ƐĞƌĄĐŽŵƉƌŽǀĂĚĂŵĞĚŝĂŶƚĞĂŶŽƚĂĕĆŽĚĞƌĞŐŝƐƚƌŽĞŵĂƌƚĞŝƌĂĚĞdƌĂďĂůŚŽĞͬŽƵƉŽƌĐĞƌƚŝĚĆŽůĂǀƌĂĚĂ
ƉĞůŽſƌŐĆŽŽƵĞŶƚŝĚĂĚĞĚĂĚŵŝŶŝƐƚƌĂĕĆŽWƷďůŝĐĂĞŵƋƵĞŚŽƵǀĞƌĞdžĞƌĐŝĚŽĨƵŶĕƁĞƐŝŐƵĂŝƐŽƵƐŝŵŝůĂƌĞƐ͘
ϭϮ͘ϰ͘ĐŽŵƉƌŽǀĂĕĆŽĚŽƐƌĞĨĞƌŝĚŽƐƌĞƋƵŝƐŝƚŽƐĠĞƐƐĞŶĐŝĂůƉĂƌĂŽƉƌŽǀŝŵĞŶƚŽ͕ĚĞǀĞŶĚŽŽĐĂŶĚŝĚĂƚŽĐŽŶǀŽĐĂĚŽƐĞĂƉƌĞƐĞŶƚĂƌ
ŵƵŶŝĚŽ ĚŽƐ ĚŽĐƵŵĞŶƚŽƐ ŽƌŝŐŝŶĂŝƐ Ğ ƌĞƐƉĞĐƚŝǀĂƐ ĐſƉŝĂƐ ĞdžŝŐŝĚĂƐ ŶŽ ĂƚŽ ĚĂ ĐŽŶǀŽĐĂĕĆŽ͕ ďĞŵ ĐŽŵŽ ŽƵƚƌŽƐ ƋƵĞ ĨŽƌĞŵ
ĞǀĞŶƚƵĂůŵĞŶƚĞ ĞdžŝŐŝĚŽƐ ƉĞůŽ ^ĞƚŽƌ ĚĞ ZĞĐƵƌƐŽƐ ,ƵŵĂŶŽƐ ĚĂ WƌĞĨĞŝƚƵƌĂ DƵŶŝĐŝƉĂů ĚĞ ^Ed Zh K Z/K WZK͘ EĆŽ
ƐĞƌĆŽĂĐĞŝƚŽƐƉƌŽƚŽĐŽůŽƐĚŽƐĚŽĐƵŵĞŶƚŽƐĞdžŝŐŝĚŽƐ͕ŶĞŵĂĂƉƌĞƐĞŶƚĂĕĆŽĂƉĞŶĂƐĚĂƐƐƵĂƐĨŽƚŽĐſƉŝĂƐ͕ŵĞƐŵŽĂƵƚĞŶƚŝĐĂĚĂƐ͘
ϭϮ͘ϱ͘ŝŶĞdžĂƚŝĚĆŽĚĂƐŝŶĨŽƌŵĂĕƁĞƐŽƵŝƌƌĞŐƵůĂƌŝĚĂĚĞŶŽƐĚŽĐƵŵĞŶƚŽƐĂƉƌĞƐĞŶƚĂĚŽƐƉŽƌŽĐĂƐŝĆŽĚĂĐŽŶƚƌĂƚĂĕĆŽ͕ŵĞƐŵŽƋƵĞ
ĐŽŶƐƚĂƚĂĚĂƐƉŽƐƚĞƌŝŽƌŵĞŶƚĞ͕ĂĐĂƌƌĞƚĂƌĆŽƉƌŽĐĞƐƐŽĂĚŵŝŶŝƐƚƌĂƚŝǀŽǀŝƐĂŶĚŽăŶƵůŝĚĂĚĞĚĂĐŽŶƚƌĂƚĂĕĆŽ͕ƐĞŵƉƌĞũƵşnjŽĚĞŽƵƚƌĂƐ
ŵĞĚŝĚĂƐĚĞŽƌĚĞŵĂĚŵŝŶŝƐƚƌĂƚŝǀĂ͕ĐŝǀŝůĞĐƌŝŵŝŶĂůĐŽŶƚƌĂŽĐĂŶĚŝĚĂƚŽƋƵĞƉƌŽŵŽǀĞƌĂĨƌĂƵĚĞĚŽĐƵŵĞŶƚĂů͘
ϭϮ͘ϲ͘KƐĐĂŶĚŝĚĂƚŽƐƋƵĞĐŽŵƉƌŽǀĂƌĞŵŽƐƌĞƋƵŝƐŝƚŽƐĚŽĐƵŵĞŶƚĂŝƐƉĂƐƐĂƌĆŽƉŽƌĞdžĂŵĞŵĠĚŝĐŽĂĚŵŝƐƐŝŽŶĂůĂŶƚĞƐĚĂƉŽƐƐĞ͕
ǀŝƐĂŶĚŽ ĂĨĞƌŝƌ ĞǀĞŶƚƵĂŝƐ ŝŵƉĞĚŝŵĞŶƚŽƐ ƉĂƌĂ Ž ĞdžĞƌĐşĐŝŽ ĚĂƐ ĂƚŝǀŝĚĂĚĞƐ ĚŽ ĞŵƉƌĞŐŽ͕ ŝŶĐůƵƐŝǀĞ Ğŵ ƌĞůĂĕĆŽ ĂŽƐ ĐĂŶĚŝĚĂƚŽƐ
ƉŽƌƚĂĚŽƌĞƐ ĚĞ ĚĞĨŝĐŝġŶĐŝĂ͕ ƐĞŶĚŽ ^>^^/&/K ĚŽ ĐŽŶĐƵƌƐŽ ƉƷďůŝĐŽ Ž ĐĂŶĚŝĚĂƚŽ ƋƵĞ ŶĆŽ ůŽŐƌĂƌ ĐŽŵƉƌŽǀĂƌ ĐŽŶĚŝĕĆŽ
ĨşƐŝĐĂŽƵĚĞƐĂƷĚĞĂĚĞƋƵĂĚĂĂŽĚĞƐĞŵƉĞŶŚŽĚĂƐĂƚŝǀŝĚĂĚĞƐ͘
ϭϯ͘^/^WK^/O^'Z/^&/E/^
ϭϯ͘ϭ͘ŝŶƐĐƌŝĕĆŽĚŽĐĂŶĚŝĚĂƚŽŝŵƉůŝĐĂŶĂĂĐĞŝƚĂĕĆŽĚĞƚŽĚĂƐĂƐĚŝƐƉŽƐŝĕƁĞƐĞƐƚĂďĞůĞĐŝĚĂƐŶĞƐƚĞĞĚŝƚĂůĞĚĂůĞŐŝƐůĂĕĆŽǀŝŐĞŶƚĞ͕
ŶĆŽ ƉŽĚĞŶĚŽ ĂůĞŐĂƌ ĚĞƐĐŽŶŚĞĐŝŵĞŶƚŽ ĚĞ ƋƵĂůƋƵĞƌ ŶĂƚƵƌĞnjĂ͘ ĚĞ ŝŶƚĞŝƌĂ ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞĚŽ ĐĂŶĚŝĚĂƚŽ ĂĐŽŵƉĂŶŚĂƌĂ
ƉƵďůŝĐĂĕĆŽĚĞƚŽĚŽƐŽƐĂƚŽƐ͕ĞĚŝƚĂŝƐĞĐŽŵƵŶŝĐĂĚŽƐƌĞĨĞƌĞŶƚĞƐĂĞƐƚĞŽŶĐƵƌƐŽWƷďůŝĐŽ͘
ϭϯ͘Ϯ͘YƵĂůƋƵĞƌƌĞŐƌĂƉƌĞǀŝƐƚĂŶĞƐƚĞĞĚŝƚĂůƉŽĚĞƌĄƐĞƌĂůƚĞƌĂĚĂĂŶƚĞƐĚĂƌĞĂůŝnjĂĕĆŽĚĂƐƉƌŽǀĂƐ͕ŵĞĚŝĂŶƚĞĂĚŝǀƵůŐĂĕĆŽŽĨŝĐŝĂů
ĚŽ ŝƚĞŵ ĂƚƵĂůŝnjĂĚŽ͕ ĚŝǀƵůŐĂĕĆŽ ĚĞ ĚŝƚĂů ĚĞ ZĞƚŝĨŝĐĂĕĆŽ Ğ ƌĞƐƉĞĐƚŝǀĂ ĐŽŶƐŽůŝĚĂĕĆŽ͕ ŶŽƐ ƐŝƚĞƐ ǁǁǁ͘ƉƵďůŝĐŽŶƐƵůƚ͘ĐŽŵ͘ďƌ Ğ
ǁǁǁ͘ƐĂŶƚĂĐƌƵnjĚŽƌŝŽƉĂƌĚŽ͘ƐƉ͘ŐŽǀ͘ďƌ͘
ϭϯ͘ϯ͘ůĠŵĚĂĚŝǀƵůŐĂĕĆŽĂƚƌĂǀĠƐĚŽƐŵĞŝŽƐĞƐƉĞĐŝĨŝĐĂĚŽƐŶŽŝƚĞŵϭϯ͘Ϯ͕ƐĞƌĆŽƉƵďůŝĐĂĚŽƐŶŽ^ĞŵĂŶĄƌŝŽKĨŝĐŝĂůůĞƚƌƀŶŝĐŽĚŽ
DƵŶŝĐşƉŝŽ ĚĞ ^ĂŶƚĂ ƌƵnj ĚŽ ZŝŽ WĂƌĚŽ ;ŚƚƚƉƐ͗ͬͬĚŝĂƌŝŽŽĨŝĐŝĂůŶŽǀŽ͘ũĞůĂƐƚŝĐ͘ ƐĂǀĞŝŶĐůŽƵĚ͘ŶĞƚͬƉĂŐŝŶĂƐͬƉƵďůŝĐͬĚŝĂƌŝŽͺ
ĞdžƚĞƌŶŽ͘džŚƚŵů͍ŝĚŝĚĂĚĞсϰͿ͗
ĂͿKĚŝƚĂůĚĞďĞƌƚƵƌĂĚĞ/ŶƐĐƌŝĕƁĞƐͲZĞƐƵŵŝĚŽ͖
ďͿ ǀĞŶƚƵĂŝƐ ƌĞƚŝĨŝĐĂĕƁĞƐ ŶŽ ĚŝƚĂů ĚĞ ďĞƌƚƵƌĂ ĚĞ /ŶƐĐƌŝĕƁĞƐ ƋƵĞ ŝŵƉůŝƋƵĞŵ Ğŵ ĂůƚĞƌĂĕĆŽ ŶĂƐ ĐŽŶĚŝĕƁĞƐ ĚĞ ŝŶƐĐƌŝĕĆŽ͕
ƉƌĞƉĂƌĂĕĆŽ͕ ĂƉůŝĐĂĕĆŽ ŽƵ ƉĂƌƚŝĐŝƉĂĕĆŽ ŶĂƐ ƉƌŽǀĂƐ ƉŽƌ ƉĂƌƚĞ ĚŽƐ ĐĂŶĚŝĚĂƚŽƐ͕ ĂƐ ƋƵĂŝƐ ƐĞƌĆŽ ĚŝǀƵůŐĂĚĂƐ ĂƚƌĂǀĠƐ ĚĞ ĚŝƚĂů ĚĞ
ZĞƚŝĨŝĐĂĕĆŽ͖
ĐͿKƐĞĚŝƚĂŝƐƌĞƐƵŵŝĚŽƐĚĞĐŽŶǀŽĐĂĕĆŽĚŽƐĐĂŶĚŝĚĂƚŽƐƉĂƌĂĂƐĨĂƐĞƐĚŽŽŶĐƵƌƐŽWƷďůŝĐŽ͖
ĚͿKƐĞĚŝƚĂŝƐƌĞƐƵŵŝĚŽƐĚĞĐůĂƐƐŝĨŝĐĂĕĆŽ͖
ĞͿKĚŝƚĂůĚĞůĂƐƐŝĨŝĐĂĕĆŽ&ŝŶĂů͖
ĨͿŚŽŵŽůŽŐĂĕĆŽĚŽŽŶĐƵƌƐŽWƷďůŝĐŽƉŽƌƉĂƌƚĞĚĂĂƵƚŽƌŝĚĂĚĞĐŽŵƉĞƚĞŶƚĞ͘
ϭϯ͘ϰ͘ĞdžĞĐƵĕĆŽĚŽƐƐĞƌǀŝĕŽƐƚĠĐŶŝĐŽƐƌĞĨĞƌĞŶƚĞƐĂĞƐƚĞŽŶĐƵƌƐŽWƷďůŝĐŽ͕ŝŶĐůƵŝŶĚŽĂĞůĂďŽƌĂĕĆŽĚĂƐƉƌŽǀĂƐ͕ƐƵĂĂƉůŝĐĂĕĆŽĞ
ĐŽƌƌĞĕĆŽ͕ďĞŵĐŽŵŽĂĐůĂƐƐŝĨŝĐĂĕĆŽĚŽƐĐĂŶĚŝĚĂƚŽƐĂƉƌŽǀĂĚŽƐ͕ĨŝĐĂƌĄƐŽďƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞĚĂĞŵƉƌĞƐĂWƵďůŝĐŽŶƐƵůƚWWW͕
ĚĞǀŝĚĂŵĞŶƚĞĐŽŶƚƌĂƚĂĚĂƉĂƌĂƚĂůĨŝŵ͘
ϭϯ͘ϱ͘ KƐ ĐĂƐŽƐ ŽŵŝƐƐŽƐ ƐĞƌĆŽ ĚŝƌŝŵŝĚŽƐ ƉĞůĂ ŽŵŝƐƐĆŽ &ŝƐĐĂůŝnjĂĚŽƌĂ ĚŽ ŽŶĐƵƌƐŽ WƷďůŝĐŽ͕ ĂĚ ƌĞĨĞƌĞŶĚƵŵ ĚŽ WƌĞĨĞŝƚŽ ĚŽ
DƵŶŝĐşƉŝŽĚĞ^ĂŶƚĂƌƵnjĚŽZŝŽWĂƌĚŽ͘
ϭϯ͘ϲ͘ ŽŵƉĞƚĞ ĂŽ WƌĞĨĞŝƚŽ DƵŶŝĐŝƉĂů Ă ŚŽŵŽůŽŐĂĕĆŽ ĚŽ ŽŶĐƵƌƐŽ WƷďůŝĐŽ͕ ƋƵĞ ƐĞƌĄ ƉƵďůŝĐĂĚĂ ŶŽ ^ĞŵĂŶĄƌŝŽ KĨŝĐŝĂů
ůĞƚƌƀŶŝĐŽ ĚŽ DƵŶŝĐşƉŝŽ ĚĞ ^ĂŶƚĂ ƌƵnj ĚŽ ZŝŽ WĂƌĚŽ ;ŚƚƚƉƐ͗ͬͬĚŝĂƌŝŽŽĨŝĐŝĂůŶŽǀŽ͘ũĞůĂƐƚŝĐ͘
ƐĂǀĞŝŶĐůŽƵĚ͘ŶĞƚͬƉĂŐŝŶĂƐͬƉƵďůŝĐͬĚŝĂƌŝŽͺĞdžƚĞƌŶŽ͘džŚƚŵů͍ŝĚŝĚĂĚĞсϰͿ͘
ϭϯ͘ϳ͘ ǀĞƌƐĆŽ ŝŶƚĞŐƌĂů ĚŽ ƉƌĞƐĞŶƚĞ ĚŽ /d> ZdhZ /E^Z/O^ ĞƐƚĂƌĄ ĚŝƐƉŽŶşǀĞů ƉĂƌĂ ĐŽŶƐƵůƚĂ ŶŽƐ ƐŝƚĞƐ
ǁǁǁ͘ƉƵďůŝĐŽŶƐƵůƚ͘ĐŽŵ͘ďƌĞǁǁǁ͘ƐĂŶƚĂĐƌƵnjĚŽƌŝŽƉĂƌĚŽ͘ƐƉ͘ŐŽǀ͘ďƌƐĞŶĚŽĂŝŶĚĂƉƵďůŝĐĂĚŽĚĞĨŽƌŵĂƌĞƐƵŵŝĚĂŶŽ^ĞŵĂŶĄƌŝŽ
KĨŝĐŝĂů ůĞƚƌƀŶŝĐŽ ĚŽ DƵŶŝĐşƉŝŽ ĚĞ ^ĂŶƚĂ ƌƵnj ĚŽ ZŝŽ WĂƌĚŽ ;ŚƚƚƉƐ͗ͬͬĚŝĂƌŝŽŽĨŝĐŝĂůŶŽǀŽ͘ũĞůĂƐƚŝĐ͘
ƐĂǀĞŝŶĐůŽƵĚ͘ŶĞƚͬƉĂŐŝŶĂƐͬƉƵďůŝĐͬĚŝĂƌŝŽͺĞdžƚĞƌŶŽ͘džŚƚŵů͍ŝĚŝĚĂĚĞсϰͿ͘
^EdZhKZ/KWZK͕ϯϭĚĞ:h>,KĚĞϮϬϮϰ͘
/'K,EZ/Yh^/E'K>E/K^d
WƌĞĨĞŝƚŽDƵŶŝĐŝƉĂů
13
WƌĞĨĞŝƚƵƌĂDƵŶŝĐŝƉĂůĚĞ ŽŶĐƵƌƐŽWƷďůŝĐŽEǑϬϭͬϮϬϮϰ
^EdZhKZ/KWZK /d>ĚĞZdhZĚĞ/E^Z/O^
EyK/–dZ/h/O^&hE/KE/^
DWZ'K dZ/h/O^&hE/KE/^
/Ͳ&ŽƌŵƵůĂƌ͕ƉƌŽƉŽƌĞĐŽŽƌĚĞŶĂƌĂĞůĂďŽƌĂĕĆŽĚĞŶŽƌŵĂƐ͕ŵĠƚŽĚŽƐĞƉƌŽĐĞĚŝŵĞŶƚŽƐƉĂƌĂŽƌŝĞŶƚĂƌŽ
ƉůĂŶĞũĂŵĞŶƚŽ͕ĞdžĞĐƵĕĆŽĞĐŽŶƚƌŽůĞĚĂƐĂƚŝǀŝĚĂĚĞƐĚĞŶĂƚƵƌĞnjĂũƵƌşĚŝĐĂĚĂƐƵŶŝĚĂĚĞƐĂĚŵŝŶŝƐƚƌĂƚŝǀĂƐ
ĚĂĚŵŝŶŝƐƚƌĂĕĆŽDƵŶŝĐŝƉĂůŝƌĞƚĂĞͬŽƵ/ŶĚŝƌĞƚĂĞŽŶƐĞůŚŽƐDƵŶŝĐŝƉĂŝƐ͖
//ͲdžĞƌĐĞƌĂƐĨƵŶĕƁĞƐĚĞĐŽŶƐƵůƚŽƌŝĂĞĂƐƐŝƐƚġŶĐŝĂũƵƌşĚŝĐĂ͕ďĞŵĐŽŵŽŵĂŶŝĨĞƐƚĂƌͲƐĞƐŽďƌĞŽĂƐƉĞĐƚŽ
ũƵƌşĚŝĐŽ ĚĞ ƚŽĚŽƐ ŽƐ ĂƐƐƵŶƚŽƐ ƉĞƌƚŝŶĞŶƚĞƐ ăƐ ƵŶŝĚĂĚĞƐ ĂĚŵŝŶŝƐƚƌĂƚŝǀĂƐ ĚĂ ĚŵŝŶŝƐƚƌĂĕĆŽ DƵŶŝĐŝƉĂů
ŝƌĞƚĂĞͬŽƵ/ŶĚŝƌĞƚĂĞŽŶƐĞůŚŽƐDƵŶŝĐŝƉĂŝƐ͖
/// Ͳ ZĞƉƌĞƐĞŶƚĂƌ Ž DƵŶŝĐşƉŝŽ Ğŵ ĂƐƐƵŶƚŽƐ ƋƵĞ ĞŶǀŽůǀĂŵ ƐƵĂƐ ƵŶŝĚĂĚĞƐ ĂĚŵŝŶŝƐƚƌĂƚŝǀĂƐ ĚĂ
ĚŵŝŶŝƐƚƌĂĕĆŽ DƵŶŝĐŝƉĂů ŝƌĞƚĂ ĞͬŽƵ /ŶĚŝƌĞƚĂ Ğ ŽŶƐĞůŚŽƐ DƵŶŝĐŝƉĂŝƐ Ğŵ ƌĞƉĂƌƚŝĕƁĞƐ ƉƷďůŝĐĂƐ ĚĂ
ĞƐĨĞƌĂĨĞĚĞƌĂů͕ĞƐƚĂĚƵĂůŽƵŵƵŶŝĐŝƉĂů͕ďĞŵĐŽŵŽŶĂƐƌĞƉĂƌƚŝĕƁĞƐƉƌŝǀĂĚĂƐ͖
/sͲŵŝƚŝƌƉĂƌĞĐĞƌƚĠĐŶŝĐŽƌĞĨĞƌĞŶƚĞĂŽƐƉƌŽĐĞĚŝŵĞŶƚŽƐůŝĐŝƚĂƚſƌŝŽƐĚĂƐƵŶŝĚĂĚĞƐĂĚŵŝŶŝƐƚƌĂƚŝǀĂƐĚĂ
ĚŵŝŶŝƐƚƌĂĕĆŽDƵŶŝĐŝƉĂůŝƌĞƚĂĞͬŽƵ/ŶĚŝƌĞƚĂ͖
sͲŶĂůŝƐĂƌŽƐƉƌŽĐĞƐƐŽƐůŝĐŝƚĂƚſƌŝŽƐƉĂƌĂƋƵĞƐĞũĂǀĞƌŝĨŝĐĂĚŽŽĐƵŵƉƌŝŵĞŶƚŽĚŽƋƵĞĚĞƚĞƌŵŝŶĂĂ>Ğŝ
&ĞĚĞƌĂů ŶǑ͘ ϴ͘ϲϲϲͬϵϯ Ğ Ă >Ğŝ &ĞĚĞƌĂů ŶǑ͘ ϭϰ͘ϭϯϯͬϮϭ Ğ ƐƵĂƐ ĂůƚĞƌĂĕƁĞƐ ŽƵ ůĞŐŝƐůĂĕĆŽ ƋƵĞ ǀŝĞƌ Ă
ƐƵďƐƚŝƚƵŝͲůĂƐĐŽŵǀŝƐƚĂƐĂŽĨŝĞůĐƵŵƉƌŝŵĞŶƚŽĚĂůĞŐŝƐůĂĕĆŽĞŵƋƵĞƐƚĆŽ͖
s/ Ͳ ŵŝƚŝƌ ƉĂƌĞĐĞƌĞƐ͕ ƐŽď Ž ĞŶĨŽƋƵĞ ĐŽŶƐƚŝƚƵĐŝŽŶĂů Ğ ůĞŐĂů ƐŽďƌĞ ĂƐ ĂĕƁĞƐ ĚĂƐ ƵŶŝĚĂĚĞƐ
ĂĚŵŝŶŝƐƚƌĂƚŝǀĂƐĚĂĚŵŝŶŝƐƚƌĂĕĆŽDƵŶŝĐŝƉĂůŝƌĞƚĂĞͬŽƵ/ŶĚŝƌĞƚĂ͖
ĚǀŽŐĂĚŽ s// Ͳ KƌŝĞŶƚĂƌ͕ ĚŝƌĞƚĂŵĞŶƚĞ͕ ĂƐ ƵŶŝĚĂĚĞƐ ĂĚŵŝŶŝƐƚƌĂƚŝǀĂƐ ĚĂ ĚŵŝŶŝƐƚƌĂĕĆŽ DƵŶŝĐŝƉĂů ŝƌĞƚĂ ĞͬŽƵ
/ŶĚŝƌĞƚĂ͕ŽƵƋƵĂůƋƵĞƌĚĞƐĞƵƐŵĞŵďƌŽƐ͕ĞŽWƌĞĨĞŝƚŽDƵŶŝĐŝƉĂů͕ĞŵƚƵĚŽŽƋƵĞƐĞũĂƌĞůĂĐŝŽŶĂĚŽĐŽŵ
ŽƐĂƐƉĞĐƚŽƐůĞŐĂŝƐĞĐŽŶƐƚŝƚƵĐŝŽŶĂŝƐ͕ďĞŵĐŽŵŽŵĂŶƚġͲůŽƐŝŶĨŽƌŵĂĚŽƐƐŽďƌĞĂƐĂůƚĞƌĂĕƁĞƐůĞŐŝƐůĂƚŝǀĂ͖
s///ͲƐƐĞƐƐŽƌĂƌĂŽŵŝƐƐĆŽĚĞ>ŝĐŝƚĂĕƁĞƐĚĂƐƵŶŝĚĂĚĞƐĂĚŵŝŶŝƐƚƌĂƚŝǀĂƐĚĂĚŵŝŶŝƐƚƌĂĕĆŽDƵŶŝĐŝƉĂů
ŝƌĞƚĂĞͬŽƵ/ŶĚŝƌĞƚĂĐŽŵƌĞĨĞƌġŶĐŝĂĂŽƐƉƌŽĐĞƐƐŽƐĚĞĐŽŶƚƌĂƚĂĕĆŽĚĞƐĞƌǀŝĕŽƐĞŽďƌĂƐ͕Ă ĂƋƵŝƐŝĕĆŽ
ĞͬŽƵĂůŝĞŶĂĕĆŽĚĞŵĂƚĞƌŝĂŝƐĞĞƋƵŝƉĂŵĞŶƚŽƐ͖
/yͲDĂŶƚĞƌƐŽďƐƵĂŐƵĂƌĚĂĞƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞŽƌŝŐŝŶĂŝƐĚĞĚŽĐƵŵĞŶƚŽƐůĞŐĂŝƐďĄƐŝĐŽƐ͖
yͲůĂďŽƌĂƌŵŝŶƵƚĂƐĚĞĐŽŶƚƌĂƚŽƐ͕ŽƌĚĞŶƐĚĞĐŽŵƉƌĂ͕ĐŽŶǀġŶŝŽƐ͕ĂƵƚŽƌŝnjĂĕƁĞƐĚĞƐĞƌǀŝĕŽ͕ĂĐŽƌĚŽƐĞ
ĂũƵƐƚĞƐ͕ ďĞŵ ĐŽŵŽ ƋƵĂŝƐƋƵĞƌ ŝŶƐƚƌƵŵĞŶƚŽƐ ĐŽŶƚƌĂƚƵĂŝƐ ƉƌĞǀŝƐƚŽƐ Ğŵ ůĞŝ ĚĂƐ ƵŶŝĚĂĚĞƐ
ĂĚŵŝŶŝƐƚƌĂƚŝǀĂƐĚĂĚŵŝŶŝƐƚƌĂĕĆŽDƵŶŝĐŝƉĂůŝƌĞƚĂĞͬŽƵ/ŶĚŝƌĞƚĂ͖
y/ Ͳ ůĂďŽƌĂƌ dĞƌŵŽƐ ĚŝƚŝǀŽƐ Ğ ĚĞ ŶĐĞƌƌĂŵĞŶƚŽ ŽŶƚƌĂƚƵĂů ŶŽƐ ƉƌŽĐĞĚŝŵĞŶƚŽƐ ĚĂƐ ƵŶŝĚĂĚĞƐ
ĂĚŵŝŶŝƐƚƌĂƚŝǀĂƐĚĂĚŵŝŶŝƐƚƌĂĕĆŽDƵŶŝĐŝƉĂůŝƌĞƚĂĞͬŽƵ/ŶĚŝƌĞƚĂ͘
y//ͲŶĂůŝƐĂƌƉƌĞǀŝĂŵĞŶƚĞŽƐƉƌŽũĞƚŽƐĚĞůĞŝƋƵĞǀĞƌƐĞŵƐŽďƌĞĂĄƌĞĂĂƚƵĂŶƚĞƉĂƌĂĂƐĂŶĕĆŽŽƵǀĞƚŽ
ĚŽWƌĞĨĞŝƚŽDƵŶŝĐŝƉĂů͖
y/// Ͳ ůĂďŽƌĂƌ ƉƌŽũĞƚŽƐ ĚĞ ůĞŝ Ğ ƌĞŐƵůĂŵĞŶƚŽƐ ƋƵĞ ǀĞƌƐĞŵ ƐŽďƌĞ ĂƐ ĂĕƁĞƐ ƋƵĞ ĨŽƌ ƐŽůŝĐŝƚĂĚŽ ƉĞůĂƐ
ƵŶŝĚĂĚĞƐĂĚŵŝŶŝƐƚƌĂƚŝǀĂƐĚĂĚŵŝŶŝƐƚƌĂĕĆŽDƵŶŝĐŝƉĂůŝƌĞƚĂĞͬŽƵ/ŶĚŝƌĞƚĂ͘
y/sͲWƌĞƐƚĂƌĂƐƐĞƐƐŽƌŝĂũƵƌşĚŝĐĂăƐƵŶŝĚĂĚĞƐĂĚŵŝŶŝƐƚƌĂƚŝǀĂƐĚĂĚŵŝŶŝƐƚƌĂĕĆŽDƵŶŝĐŝƉĂůŝƌĞƚĂĞͬŽƵ
/ŶĚŝƌĞƚĂĞĞŵƐĞƵƐƉƌŽĐĞƐƐŽƐĂĚŵŝŶŝƐƚƌĂƚŝǀŽƐ͘
ĞƐĐƌŝĕĆŽ ƐŝŶƚĠƚŝĐĂ͗ ƚƵĂƌ ĐŽŵ ĂƐ ƐŝƚƵĂĕƁĞƐ ĞĚƵĐĂĐŝŽŶĂŝƐ Ğ ƉƌŽŵŽǀĞƌ ĞůŽƐ ĞŶƚƌĞ ŝŶƐƚŝƚƵŝĕĆŽ ĚĞ
ĞŶƐŝŶŽ͕ĨĂŵşůŝĂĞĞƐƚƵĚĂŶƚĞƐ͘
ƚƌŝďƵŝĕƁĞƐdşƉŝĐĂƐ͗
WĂƌƚŝĐŝƉĂƌ ĚŽ ƉƌŽũĞƚŽ ĞƐĐŽůĂƌ ĚĂ ƵŶŝĚĂĚĞ͕ ĐŽŽƌĚĞŶĂŶĚŽ ĂƐ ĂƚŝǀŝĚĂĚĞƐ ĚĞ ƉůĂŶĞũĂŵĞŶƚŽ ĐƵƌƌŝĐƵůĂƌ͕
ŽďƐĞƌǀĂŶĚŽĂƐĚŝĨĞƌĞŶƚĞƐƉƌŽƉŽƐƚĂƐĞĂƌƚŝĐƵůĂŶĚŽͲĂƐĐŽŶũƵŶƚĂŵĞŶƚĞ͘
ůĂďŽƌĂƌĂƉƌŽŐƌĂŵĂĕĆŽĚĂƐĂƚŝǀŝĚĂĚĞƐƉĞĚĂŐſŐŝĐĂƐ͕ĂƐƐĞŐƵƌĂŶĚŽĂƐƵĂĂƌƚŝĐƵůĂĕĆŽĐŽŵĂƐĚĞŵĂŝƐ
ƉƌŽŐƌĂŵĂĕƁĞƐĚĞĂƉŽŝŽĞĚƵĐĂĐŝŽŶĂů͘
ĐŽŵƉĂŶŚĂƌĞĂǀĂůŝĂƌŽĚĞƐĞŶǀŽůǀŝŵĞŶƚŽĚĂƉƌŽŐƌĂŵĂĕĆŽĚŽĐƵƌƌşĐƵůŽ͘
WƌĞƐƚĂƌ ĂƐƐŝƐƚġŶĐŝĂ ƚĠĐŶŝĐŽͲƉĞĚĂŐſŐŝĐĂ ĂŽƐ ƉƌŽĨĞƐƐŽƌĞƐ͕ ǀŝƐĂŶĚŽ ĂƐƐĞŐƵƌĂƌ ĞĨŝĐŝġŶĐŝĂ Ğ ĞĨŝĐĄĐŝĂ ĚŽ
ƉƌŽũĞƚŽĚĞĞŶƐŝŶŽĞĂŵĞůŚŽƌŝĂĚĂƋƵĂůŝĚĂĚĞĚĞĞŶƐŝŶŽ͘
ŽŽƌĚĞŶĂĚŽƌ WƌŽƉŽƌ ƚĠĐŶŝĐĂƐ Ğ ƉƌŽĐĞĚŝŵĞŶƚŽƐ͕ ƐĞůĞĐŝŽŶĂƌ Ğ ŽĨĞƌĞĐĞƌ ŵĂƚĞƌŝĂů ĚŝĚĄƚŝĐŽ ĂŽƐ ƉƌŽĨĞƐƐŽƌĞƐ͕
WĞĚĂŐſŐŝĐŽ ŽƌŐĂŶŝnjĂŶĚŽĂƚŝǀŝĚĂĚĞƐĞƉƌŽƉŽŶĚŽƐŝƐƚĞŵĄƚŝĐĂĚĞĂǀĂůŝĂĕĆŽŶĂƐĄƌĞĂƐĚĞĐŽŶŚĞĐŝŵĞŶƚŽ͘
KƌŐĂŶŝnjĂƌŽƐĞŶĐŽŶƚƌŽƐĚĞƚƌĂďĂůŚŽƉĞĚĂŐſŐŝĐŽĐŽŵƉƌŽĨĞƐƐŽƌĞƐ͘
'ĂƌĂŶƚŝƌ ŽƐ ƌĞŐŝƐƚƌŽƐ ĚĂ ĄƌĞĂ ƉĞĚĂŐſŐŝĐĂ͕ ĚĂŶĚŽ ĐŽŶƚŝŶƵŝĚĂĚĞ ĂŽ ƉƌŽĐĞƐƐŽ ĚĞ ĐŽŶƐƚƌƵĕĆŽ ĚŽ
ĐŽŶŚĞĐŝŵĞŶƚŽĞăƐĂƚŝǀŝĚĂĚĞƐĚĞĨŽƌŵĂĕĆŽ͘
ƐƐĞƐƐŽƌĂƌŽĚŝƌĞƚŽƌƋƵĂŶƚŽăƐĚĞĐŝƐƁĞƐƌĞůĂƚŝǀĂƐĂŵĂƚƌşĐƵůĂ͕ƚƌĂŶƐĨĞƌġŶĐŝĂ͕ĂŐƌƵƉĂŵĞŶƚŽĚĞĂůƵŶŽƐ͕
ŽƌŐĂŶŝnjĂĕĆŽĚĞŚŽƌĄƌŝŽƐĚĞĂƵůĂĞƵƚŝůŝnjĂĕĆŽĚĞƌĞĐƵƌƐŽƐĚŝĚĄƚŝĐŽƐĚĂĞƐĐŽůĂ͘
KƌŐĂŶŝnjĂƌ ƌĞƵŶŝƁĞƐ ĚĞ ƉĂŝƐ Ğ ŵĞƐƚƌĞƐ͕ ŝŶĨŽƌŵĂŶĚŽͲŽƐ ĚĂ ŽƌŐĂŶŝnjĂĕĆŽ ĚŝĚĄƚŝĐĂ ĚĂ ĞƐĐŽůĂ͕ ĚŽ
ƌĞŶĚŝŵĞŶƚŽ ĚŽƐ ĂůƵŶŽƐ͕ ĚŽƐ ĚŝƌĞŝƚŽƐͬĚĞǀĞƌĞƐ ĚŽƐ ĞŶǀŽůǀŝĚŽƐ ŶŽ ƉƌŽĐĞƐƐŽ ĚĞ ĂƉƌĞŶĚŝnjĂŐĞŵ ĞͬŽƵ
ŽƵƚƌŽƐƚĞŵĂƐƌĞůĞǀĂŶƚĞƐ͘
džĞĐƵƚĂƌ ŽƵƚƌĂƐ ĂƚƌŝďƵŝĕƁĞƐ ĐŽƌƌĞůĂƚĂƐ ăƐ ĂĐŝŵĂ ĚĞƐĐƌŝƚĂƐ͕ ĚĞ ĂĐŽƌĚŽ ĐŽŵ Ž ĞƐƚĂďĞůĞĐŝĚŽ ƉĞůĂ
^ĞĐƌĞƚĂƌŝĂDƵŶŝĐŝƉĂůĚĞĚƵĐĂĕĆŽ͘
14
WƌĞĨĞŝƚƵƌĂDƵŶŝĐŝƉĂůĚĞ ŽŶĐƵƌƐŽWƷďůŝĐŽEǑϬϭͬϮϬϮϰ
^EdZhKZ/KWZK /d>ĚĞZdhZĚĞ/E^Z/O^
ĞƐĐƌŝĕĆŽƐŝŶƚĠƚŝĐĂ͗>ŝĚĞƌĂƌ͕ĐŽŽƌĚĞŶĂƌĞĐŽŶĚƵnjŝƌŽƚƌĂďĂůŚŽĐŽůĞƚŝǀŽĞĐŽůĂďŽƌĂƚŝǀŽƉĂƌĂŐĂƌĂŶƚŝƌĂ
ƋƵĂůŝĚĂĚĞĚŽĞŶƐŝŶŽͲĂƉƌĞŶĚŝnjĂŐĞŵ͖ƉƌŽŵŽǀĞƌĂĂƌƚŝĐƵůĂĕĆŽĞŶƚƌĞĂĞƐĐŽůĂĞĂ^ĞĐƌĞƚĂƌŝĂDƵŶŝĐŝƉĂů
ĚĂĚƵĐĂĕĆŽ͖ ĐŽŶŚĞĐĞƌ ĂƐ ĐĂƌĂĐƚĞƌşƐƚŝĐĂƐ ƉƌſƉƌŝĂƐ ĚĂƐ ĞƚĂƉĂƐ Ğ ŵŽĚĂůŝĚĂĚĞƐ ĚĞ ĞŶƐŝŶŽ
ƋƵĞĂĞƐĐŽůĂŽĨĞƌĞĐĞ͘
ƚƌŝďƵŝĕƁĞƐdşƉŝĐĂƐ:
džĞƌĐĞƌĂŐĞƐƚĆŽĚĞŵŽĐƌĄƚŝĐĂĚĂƵŶŝĚĂĚĞĞƐĐŽůĂƌ͕ǀŝƐĂŶĚŽăĐŽŶƐĞĐƵĕĆŽĚŽƐŽďũĞƚŝǀŽƐƉƌŽƉŽƐƚŽƐ͘
ƐƚŝŵƵůĂƌĂŝŶŽǀĂĕĆŽĞŵĞůŚŽƌŝĂĚŽƉƌŽĐĞƐƐŽĞĚƵĐĂĐŝŽŶĂů͘
ĐŽŵƉĂŶŚĂƌ Ğ ƉĂƌƚŝĐŝƉĂƌ ĚĂ ĞůĂďŽƌĂĕĆŽ Ğ Ă ĞdžĞĐƵĕĆŽ ĚĂ WƌŽƉŽƐƚĂ WĞĚĂŐſŐŝĐĂ ĚĂ ƐĐŽůĂ Ğ ŽƵƚƌŽƐ
WƌŽũĞƚŽƐĚŽ'ŽǀĞƌŶŽ&ĞĚĞƌĂů͘
ĚŵŝŶŝƐƚƌĂƌ Ž ƉĞƐƐŽĂů͕ ŽƐ ƌĞĐƵƌƐŽƐ ŵĂƚĞƌŝĂŝƐ Ğ ĨŝŶĂŶĐĞŝƌŽƐ ĚĂ ĞƐĐŽůĂ͕ ƚĞŶĚŽ Ğŵ ǀŝƐƚĂ Ă ƉůĞŶĂ
ƌĞĂůŝnjĂĕĆŽĚĞƐĞƵƐŽďũĞƚŝǀŽƐƉĞĚĂŐſŐŝĐŽƐ͘
ƐƐĞŐƵƌĂƌŽĐƵŵƉƌŝŵĞŶƚŽĚŽƐĚŝĂƐůĞƚŝǀŽƐĞŚŽƌĂƐĂƵůĂĞƐƚĂďĞůĞĐŝĚĂƐ͘
ĞůĂƌƉĞůŽĐƵŵƉƌŝŵĞŶƚŽĚŽƉůĂŶŽĚĞƚƌĂďĂůŚŽĚĞĐĂĚĂĚŽĐĞŶƚĞ͘
WƌŽǀĞƌŵĞŝŽƐƉĂƌĂƌĞĐƵƉĞƌĂĕĆŽĚŽƐĂůƵŶŽƐĚĞŵĞŶŽƌƌĞŶĚŝŵĞŶƚŽ͘
WƌŽŵŽǀĞƌ Ă ĂƌƚŝĐƵůĂĕĆŽ ĐŽŵ ĂƐ ĨĂŵşůŝĂƐ Ğ Ă ĐŽŵƵŶŝĚĂĚĞ͕ ĐƌŝĂŶĚŽ ƉƌŽĐĞƐƐŽƐ ĚĞ ŝŶƚĞŐƌĂĕĆŽ ĚĂ
ƐŽĐŝĞĚĂĚĞĐŽŵĂĞƐĐŽůĂ͘
/ŶĨŽƌŵĂƌŽƐƉĂŝƐĞƌĞƐƉŽŶƐĄǀĞŝƐƐŽďƌĞĂĨƌĞƋƵġŶĐŝĂĞŽƌĞŶĚŝŵĞŶƚŽĚŽƐĂůƵŶŽƐ͕ďĞŵĐŽŵŽƐŽďƌĞĂ
ĞdžĞĐƵĕĆŽĚĂWƌŽƉŽƐƚĂWĞĚĂŐſŐŝĐĂĚĂƐĐŽůĂ͘
ĐŽŵƉĂŶŚĂƌ͕ ŶŽ ąŵďŝƚŽ ĚĂ ĞƐĐŽůĂ͕ ĂƐ ĂƚŝǀŝĚĂĚĞƐ ĚĞ ƉůĂŶĞũĂŵĞŶƚŽ͕ ĂǀĂůŝĂĕĆŽ Ğ ĚĞƐĞŶǀŽůǀŝŵĞŶƚŽ
ƉƌŽĨŝƐƐŝŽŶĂů͘
ĐŽŵƉĂŶŚĂƌ͕ ĐŽŵ Ž sŝĐĞͲĚŝƌĞƚŽƌ ĚĞ ƐĐŽůĂ͕ Ž ƉƌŽĐĞƐƐŽ ĚĞ ĚĞƐĞŶǀŽůǀŝŵĞŶƚŽ ĚŽƐ ĞƐƚƵĚĂŶƚĞƐ͕ Ğŵ
ĐŽůĂďŽƌĂĕĆŽĐŽŵŽƐĚŽĐĞŶƚĞƐĞĂƐĨĂŵşůŝĂƐ͘
ŝƌĞƚŽƌĚĞƐĐŽůĂ
ůĂďŽƌĂƌĞƐƚƵĚŽƐ͕ůĞǀĂŶƚĂŵĞŶƚŽƐƋƵĂůŝƚĂƚŝǀŽƐĞƋƵĂŶƚŝƚĂƚŝǀŽƐŝŶĚŝƐƉĞŶƐĄǀĞŝƐĂŽĚĞƐĞŶǀŽůǀŝŵĞŶƚŽĚŽ
^ŝƐƚĞŵĂDƵŶŝĐŝƉĂůĚĞŶƐŝŶŽĞĚĂĞƐĐŽůĂ͘
ĐŽŵƉĂŶŚĂƌ Ğ ƐƵƉĞƌǀŝƐŝŽŶĂƌ Ž ĨƵŶĐŝŽŶĂŵĞŶƚŽ ĚĂ ĞƐĐŽůĂ͕ njĞůĂŶĚŽ ƉĞůŽ ƉĂƚƌŝŵƀŶŝŽ͕ ƉĞůŽ
ĐƵŵƉƌŝŵĞŶƚŽĚĂůĞŐŝƐůĂĕĆŽĞŶŽƌŵĂƐĞĚƵĐĂĐŝŽŶĂŝƐĞƉĞůŽƉĂĚƌĆŽĚĞƋƵĂůŝĚĂĚĞĚĞĞŶƐŝŶŽ͘
DĂŶƚĞƌŽďŽŵƌĞůĂĐŝŽŶĂŵĞŶƚŽĞŶƚƌĞƐĞƌǀŝĚŽƌĞƐ͕ƉĂŝƐĞĂůƵŶŽƐ͘
WƌĞƐŝĚŝƌĞƌĞƐƉŽŶĚĞƌƉŽƌƚŽĚĂƐĂƐĂƚŝǀŝĚĂĚĞƐƉĞĚĂŐſŐŝĐĂƐĞĂĚŵŝŶŝƐƚƌĂƚŝǀĂƐŶŽąŵďŝƚŽĞƐĐŽůĂƌ͘
'ĂƌĂŶƚŝƌ Ă ĐŝƌĐƵůĂĕĆŽ Ğ Ž ĂĐĞƐƐŽ ĚĞ ƚŽĚĂ Ă ŝŶĨŽƌŵĂĕĆŽ ƉĞƌƚŝŶĞŶƚĞ ă ĞƋƵŝƉĞ ƉĞĚĂŐſŐŝĐĂ͕ ă ĞƋƵŝƉĞ
ĂĚŵŝŶŝƐƚƌĂƚŝǀĂ͕ĂŽĐŽƌƉŽĚŽĐĞŶƚĞ͕ĂŽĐŽƌƉŽĚŝƐĐĞŶƚĞĞăĐŽŵƵŶŝĚĂĚĞ͘
EŽƚŝĨŝĐĂƌŽŽŶƐĞůŚŽdƵƚĞůĂƌĚŽŵƵŶŝĐşƉŝŽĞĚĞŵĂŝƐſƌŐĆŽƐĐŽŵƉĞƚĞŶƚĞƐĞŵƌĞůĂĕĆŽĂŽƐĂůƵŶŽƐƋƵĞ
ĂƉƌĞƐĞŶƚĞŵ ŶƷŵĞƌŽ ĚĞ ĨĂůƚĂƐ ƐƵƉĞƌŝŽƌ ĂŽƐ ůŝŵŝƚĞƐ ƉƌĞǀŝƐƚŽƐ Ğŵ ůĞŐŝƐůĂĕĆŽ͕ ŽƵ ĂŝŶĚĂ͕ ƋƵĂŶĚŽ ŚĂũĂ
ƋƵĂůƋƵĞƌƐƵƐƉĞŝƚĂĚĞŶĞŐůŝŐġŶĐŝĂĨĂŵŝůŝĂƌ͘
/ŶĨŽƌŵĂƌƐŽďƌĞƉƌŽĐĞƐƐŽĚĞŵĂƚƌşĐƵůĂƐĞƚƌĂŶƐĨĞƌġŶĐŝĂƐĚĞĂůƵŶŽƐ͘
ĞůŝďĞƌĂƌƐŽďƌĞŽƐƉƌŽĐĞƐƐŽƐĚĞĐůĂƐƐŝĨŝĐĂĕĆŽĞƌĞĐůĂƐƐŝĨŝĐĂĕĆŽĚŽƐĂůƵŶŽƐŶŽƐƚĞƌŵŽƐĚĂƐŶŽƌŵĂƚŝǀĂƐ
ǀŝŐĞŶƚĞƐ͘
ZĞƐƉŽŶƐĂďŝůŝnjĂƌͲƐĞƉĞůĂďƵƐĐĂĂƚŝǀĂĚŽƐĂůƵŶŽƐĐŽŵďĂŝdžĂĨƌĞƋƵġŶĐŝĂ͘
ZĞƐƉŽŶƐĂďŝůŝnjĂƌͲƐĞƉŽƌƉƌŽŐƌĂŵĂƐĞƉĂƌĐĞƌŝĂƐĞƐƚĂďĞůĞĐŝĚĂƐƉĞůĂ^ĞĐƌĞƚĂƌŝĂ DƵŶŝĐŝƉĂůĚĞĚƵĐĂĕĆŽ
ĞͬŽƵƉĞůĂƵŶŝĚĂĚĞĞƐĐŽůĂƌũƵŶƚŽăƐŽĐŝĞĚĂĚĞĐŝǀŝů͕ĂŽƐƉƌŽŐƌĂŵĂƐĚĞĨŽŵĞŶƚŽĞĚƵĐĂĐŝŽŶĂůĞƐƚĂĚƵĂůĞ
ĨĞĚĞƌĂů͘
/ŶĐĞŶƚŝǀĂƌ ŽƐ ƉĂŝƐ͕ ƉƌŽĨĞƐƐŽƌĞƐ͕ ĂůƵŶŽƐ Ğ ĨƵŶĐŝŽŶĄƌŝŽƐ Ă ƉĂƌƚŝĐŝƉĂƌĞŵ ĚĞ ƉƌŽũĞƚŽƐ ƉƌŽƉŽƐƚŽƐ ƉĞůŽ
DƵŶŝĐşƉŝŽ͘
džĞĐƵƚĂƌ ŽƵƚƌĂƐ ĂƚƌŝďƵŝĕƁĞƐ ĐŽƌƌĞůĂƚĂƐ ăƐ ĂĐŝŵĂ ĚĞƐĐƌŝƚĂƐ͕ ĚĞ ĂĐŽƌĚŽ ĐŽŵ Ž ĞƐƚĂďĞůĞĐŝĚŽ ƉĞůĂ
^ĞĐƌĞƚĂƌŝĂDƵŶŝĐŝƉĂůĚĞĚƵĐĂĕĆŽƉŽƌŵĞŝŽĚĞĚĞĐƌĞƚŽ͘
ĞƐĐƌŝĕĆŽ^ŝŶƚĠƚŝĐĂ͗ƌĞƐƉŽŶƐĄǀĞůƉŽƌĞdžĞĐƵƚĂƌƐĞƌǀŝĕŽƐĚĞĂƵƚŽƌŝnjĂĕĆŽĞĂƵĚŝƚŽƌŝĂĞŵĐŽŶƐŽŶąŶĐŝĂ
ĐŽŵŽDĂŶƵĂů dĠĐŶŝĐŽKƉĞƌĂĐŝŽŶĂůĚĞ^ŝƐƚĞŵĂ ĚĞ/ŶĨŽƌŵĂĕĆŽŵďƵůĂƚŽƌŝĂů Ğ,ŽƐƉŝƚĂůĂƌ ĚŽ^h^ Ğ
ZĞƐŽůƵĕĆŽ ĚŽ &D Ŷǐ ϭϲϭϰͬϮϬϬϭ͕ ƋƵĞ ĚŝƐĐŝƉůŝŶĂ Ă ĨŝƐĐĂůŝnjĂĕĆŽ ƉƌĂƚŝĐĂĚĂ ŶŽƐ ĂƚŽƐ ŵĠĚŝĐŽƐ ƉĞůŽ
ƐĞƌǀŝĕŽĚĞƐĂƷĚĞ͘
ƚƌŝďƵŝĕƁĞƐdşƉŝĐĂƐ͗
džĞƌĐĞƌĂƌĞŐƵůĂĕĆŽŵĠĚŝĐĂĚŽ^ŝƐƚĞŵĂjŶŝĐŽĚĞ^ĂƷĚĞ͖ZĞĂůŝnjĂƌĐŽŶƚĂƚŽĐŽŵĂƌĞŐƵůĂĕĆŽƌĞŐŝŽŶĂů
ǀŝƐĂŶĚŽƌĞƐŽůƵƚŝǀŝĚĂĚĞĚĞĐĂƐŽƐ ĞdžĐĞƉĐŝŽŶĂŝƐ͖džĞĐƵƚĂƌZĞŐƵůĂĕĆŽĚĂƐ'ƵŝĂƐDĠĚŝĐĂƐŶĂƐhŶŝĚĂĚĞƐ
DĠĚŝĐŽĚĞ ĄƐŝĐĂƐ ĚĞ ^ĂƷĚĞ͖ ĞƐĞŶǀŽůǀĞƌ ĂĕƁĞƐ ĚĞ ĐŽŶƚƌŽůĞ͕ ĂǀĂůŝĂĕĆŽ Ğ ĂƵĚŝƚŽƌŝĂ ĚĂƐ ĂƚŝǀŝĚĂĚĞƐ ƌĞůĂƚŝǀĂƐ ă
ZĞŐƵůĂĕĆŽ͕ŽŶƚƌŽůĞ͕ ƉƌĞƐƚĂĕĆŽĚĞƐĞƌǀŝĕŽƐĚŽ^ŝƐƚĞŵĂjŶŝĐŽĚĞ^ĂƷĚĞ –^h^͘džĞĐƵƚĂƌĂƌĞǀŝƐĆŽƚĠĐŶŝĐĂĚĂƐĨĂƚƵƌĂƐĚŽƐ
ǀĂůŝĂĕĆŽĞƵĚŝƚŽƌŝĂ ƉƌĞƐƚĂĚŽƌĞƐĚĞƐĞƌǀŝĕŽƐŵĠĚŝĐŽƐƉƷďůŝĐŽƐ͕ƉƌŝǀĂĚŽƐĞͬŽƵĐŽŶǀĞŶŝĂĚŽƐĂŽ^h^͖ZĞĂůŝnjĂƌĂǀĂůŝĂĕĆŽĚŽƐ
ƉƌŽŶƚƵĄƌŝŽƐĞĂƵĚŝƚŽƌŝĂĚĂƐ/,–ƵƚŽƌŝnjĂĕĆŽĚĞ/ŶƚĞƌŶĂĕĆŽ,ŽƐƉŝƚĂůĂƌĚŽƐƉƌĞƐƚĂĚŽƌĞƐĚĞƐĞƌǀŝĕŽƐ
ŵĠĚŝĐŽƐĐŽŶǀĞŶŝĂĚŽƐĂŽ^h^͖ƵĚŝƚĂƌĞĂƚƵĂƌŶĂǀĞƌŝĨŝĐĂĕĆŽĚĂƌĞŐƵůĂƌŝĚĂĚĞĚŽƐĂƚŽƐƉƌĂƚŝĐĂĚŽƐƉŽƌ
ƉĞƐƐŽĂƐ ĨşƐŝĐĂƐ Ğ ũƵƌşĚŝĐĂƐ͕ ƉƌŽĚƵnjŝŶĚŽ ĂĕƁĞƐ ŽƌŝĞŶƚĂĚŽƌĂƐ Ğ ĐŽƌƌĞƚŝǀĂƐ ƋƵĂŶƚŽ ă ĂƉůŝĐĂĕĆŽ ĚĞ
ƌĞĐƵƌƐŽƐ ĚĞƐƚŝŶĂĚŽƐ ăƐ ĂĕƁĞƐ Ğ ƐĞƌǀŝĕŽƐ ĚĞ ƐĂƷĚĞ͕ ĂĚĞƋƵĂĕĆŽ͕ ƋƵĂůŝĚĂĚĞ Ğ ƌĞƐŽůƵƚŝǀŝĚĂĚĞ ĚŽƐ
ƉƌŽĚƵƚŽƐ Ğ ƐĞƌǀŝĕŽƐ ĚŝƐƉŽŶŝďŝůŝnjĂĚŽƐ ĂŽƐ ĐŝĚĂĚĆŽƐ͘ ƵĚŝƚĂƌ ĂƐ ĂĕƁĞƐ Ğ ƐĞƌǀŝĕŽƐ ĞƐƚĂďĞůĞĐŝĚŽƐ ŶŽ
ƉůĂŶŽ ŵƵŶŝĐŝƉĂů ĚĞ ƐĂƷĚĞ͘ džĂŵŝŶĂƌ ĨŝĐŚĂƐ ĐůşŶŝĐĂƐ͕ ƉƌŽŶƚƵĄƌŝŽƐ ŵĠĚŝĐŽƐ͕ ĞdžĂŵĞƐ Ğ ĚĞŵĂŝƐ
ĚŽĐƵŵĞŶƚĂĕƁĞƐ ĚŽ ƉĂĐŝĞŶƚĞ ƋƵĞ ĐŽŵƉƌŽǀĞŵ Ă ŶĞĐĞƐƐŝĚĂĚĞ Ğ ĞĨĞƚŝǀĂ ƌĞĂůŝnjĂĕĆŽ ĚŽ ƉƌŽĐĞĚŝŵĞŶƚŽ
15
WƌĞĨĞŝƚƵƌĂDƵŶŝĐŝƉĂůĚĞ ŽŶĐƵƌƐŽWƷďůŝĐŽEǑϬϭͬϮϬϮϰ
^EdZhKZ/KWZK /d>ĚĞZdhZĚĞ/E^Z/O^
ŵĠĚŝĐŽ ĐŽŶƐŽĂŶƚĞ ĐŽŵ ĂƐ ŶŽƌŵĂƐ ǀŝŐĞŶƚĞƐ ĚŽ ^h^͘ KƌŝĞŶƚĂƌ ƉƌŽĨŝƐƐŝŽŶĂŝƐ ĚĂ ĄƌĞĂ ĚĞ ƐĂƷĚĞ͘ ĞůĂƌ
ƉĞůŽ ƵƐŽ ĐŽƌƌĞƚŽ ĚŽƐ ƌĞĐƵƌƐŽƐ ĨŝŶĂŶĐĞŝƌŽƐ Ğ ŵĂƚĞƌŝĂŝƐ ƵƚŝůŝnjĂĚŽƐ͘ ZĞĂůŝnjĂƌ ƐĞƌǀŝĕŽƐ ĚĞ ĂƵĚŝƚŽƌŝĂ Ğ
ĂƵƚŽƌŝnjĂĕĆŽ ŶŽƐ ƚĞƌŵŽƐ ĚĂ ůĞŐŝƐůĂĕĆŽ ǀŝŐĞŶƚĞ͘ ŽŶŚĞĐĞƌ Ă ƌĞĚĞ ĚĞ ƐĞƌǀŝĕŽƐ Ğ ƉƌŽƚŽĐŽůŽƐ
ƌĞĨĞƌĞŶĐŝĂĚĂƐ ĂŽ DƵŶŝĐşƉŝŽ͖ DĂŶƚĞƌ ƵŵĂ ǀŝƐĆŽ ŐůŽďĂů Ğ ƉĞƌŵĂŶĞŶƚĞŵĞŶƚĞ ĂƚƵĂůŝnjĂĚĂ ĚŽƐ ŵĞŝŽƐ
ĚŝƐƉŽŶşǀĞŝƐƉĂƌĂŽĂƚĞŶĚŝŵĞŶƚŽ͘&ĂnjĞƌĐŽŶƚƌŽůĞĚĞƋƵĂůŝĚĂĚĞĚŽƐĞƌǀŝĕŽŶŽƐĂƐƉĞĐƚŽƐŝŶĞƌĞŶƚĞƐăƐƵĂ
ƉƌŽĨŝƐƐĆŽ͖KďĞĚĞĐĞƌăƐŶŽƌŵĂƐƚĠĐŶŝĐĂƐǀŝŐĞŶƚĞƐŶŽƐĞƌǀŝĕŽ͖WƌĞĞŶĐŚĞƌŽƐĚŽĐƵŵĞŶƚŽƐŝŶĞƌĞŶƚĞƐĂ
ĂƚŝǀŝĚĂĚĞĚŽŵĠĚŝĐŽƌĞŐƵůĂĚŽƌ͘KďĞĚĞĐĞƌĂŽĐſĚŝŐŽĚĞĠƚŝĐĂŵĠĚŝĐŽ͖ŶĂůŝƐĂƌĞĂƵĚŝƚĂƌĂƐĂĕƁĞƐĞ
ƐĞƌǀŝĕŽƐĚĞƐĞŶǀŽůǀŝĚŽƐƉŽƌĐŽŶƐſƌĐŝŽŝŶƚĞƌŵƵŶŝĐŝƉĂůĂŽƋƵĂůĞƐƚĞũĂŽDƵŶŝĐşƉŝŽĂƐƐŽĐŝĂĚŽ͖ĨĞƌŝƌĂ
ƉƌĞƐĞƌǀĂĕĆŽĚŽƐƉĂĚƌƁĞƐĞƐƚĂďĞůĞĐŝĚŽƐĞƉƌŽĐĞĚĞƌůĞǀĂŶƚĂŵĞŶƚŽĚĞĚĂĚŽƐƋƵĞƉĞƌŵŝƚĂŵĂhŶŝĚĂĚĞ
ĚĞ ǀĂůŝĂĕĆŽ Ğ ŽŶƚƌŽůĞ ĐŽŶŚĞĐĞƌ Ă ƋƵĂůŝĚĂĚĞ͕ Ă ƋƵĂŶƚŝĚĂĚĞ Ğ ĂƚĞŶĕĆŽ ă ƐĂƷĚĞ ĚĂ ƉŽƉƵůĂĕĆŽ͖
ƵĚŝƚĂƌ͕ ĂǀĂůŝĂƌ Ă ƋƵĂůŝĚĂĚĞ͕ Ă ƉƌŽƉƌŝĞĚĂĚĞ͕ Ă ĞĨŝĐŝġŶĐŝĂ͕ ĞĨŝĐĄĐŝĂ Ğ Ă ĞĨĞƚŝǀŝĚĂĚĞ ĚŽƐ ŵĠƚŽĚŽƐ͕
ƉƌĄƚŝĐĂƐ͕ ƉƌŽĐĞĚŝŵĞŶƚŽƐ ŽƉĞƌĂƚŝǀŽƐ Ğ ŐĞƌĞŶĐŝĂŝƐ ĚŽƐ ƐĞƌǀŝĕŽƐ ĚĞ ƐĂƷĚĞ ƉƌĞƐƚĂĚŽƐ ă ƉŽƉƵůĂĕĆŽ͕
ǀŝƐĂŶĚŽĂŵĞůŚŽƌŝĂƉƌŽŐƌĞƐƐŝǀĂĚĂĂƐƐŝƐƚġŶĐŝĂĚĞƐĂƷĚĞ͖ZĞĂůŝnjĂƌŽĐŽŶƚƌŽůĞĞĂǀĂůŝĂĕĆŽĚŽƐƌĞĐƵƌƐŽƐ
Ğ ƉƌŽĐĞĚŝŵĞŶƚŽƐ ĂĚŽƚĂĚŽƐ͕ ǀŝƐĂŶĚŽ ĐĞƌƚŝĨŝĐĂĕĆŽ ĚĞ ĐŽŶĐůƵƐĆŽ͕ ĚĞ ĂĚĞƋƵĂĕĆŽ͕ ĚĞ ƋƵĂůŝĚĂĚĞ͕ ĚĞ
ƌĞƐŽůƵďŝůŝĚĂĚĞĞĚĞŵĞůŚŽƌŝĂŶĂƋƵĂůŝĚĂĚĞĞŵƌĞůĂĕĆŽăƉƌĞƐƚĂĕĆŽĚĂƐĂĕƁĞƐĞƐĞƌǀŝĕŽƐĚĞŝŶƚĞƌĞƐƐĞ
ăƐĂƷĚĞĚĂƉŽƉƵůĂĕĆŽ͖ŶĂůŝƐĂƌŽƐƌĞůĂƚſƌŝŽƐĚŽ^ŝƐƚĞŵĂĚĞ/ŶĨŽƌŵĂĕĆŽŵďƵůĂƚŽƌŝĂůĞ,ŽƐƉŝƚĂůĂƌ͕ŽƐ
processos e os documentos, plano municipal de saúde e relatórios de gestão; Verificar “in loco” as
ƵŶŝĚĂĚĞƐƉƌĞƐƚĂĚŽƌĂƐĚĞƐĞƌǀŝĕŽƉƷďůŝĐĂƐĞͬŽƵƉƌŝǀĂĚĂƐ͕ĐŽŶƚƌĂƚĂĚĂƐĞĐŽŶǀĞŶŝĂĚĂƐĚŽ^h^͕ĂƚƌĂǀĠƐ
ĚĂ ĚŽĐƵŵĞŶƚĂĕĆŽ ĚĞ ĂƚĞŶĚŝŵĞŶƚŽ ĂŽƐ ƉĂĐŝĞŶƚĞƐ Ğ ƵƐƵĄƌŝŽƐ Ğ ĚŽƐ ĐŽŶƚƌŽůĞƐ ŝŶƚĞƌŶŽƐ͘ džĞĐƵƚĂƌ
ŽƵƚƌĂƐĂƚƌŝďƵŝĕƁĞƐĐŽƌƌĞůĂƚĂƐĂĨƵŶĕĆŽ͕ĂůĠŵĚĞƚĂƌĞĨĂƐĞƐĞƌǀŝĕŽƐĚĞƚĞƌŵŝŶĂĚŽƐĞĞdžĐĞƉĐŝŽŶĂŝƐ͕ĨŽƌĂ
ĚĂƐ ĂƚƌŝďƵŝĕƁĞƐ ŶŽƌŵĂŝƐ͕ ƉŽƌ ĨŽƌĕĂ ĚĂƐ ŶĞĐĞƐƐŝĚĂĚĞƐ ĐŝƌĐƵŶƐƚĂŶĐŝĂŝƐ Ğ ĚĞƚĞƌŵŝŶĂĚĂƐ ƉĞůĂ ĐŚĞĨŝĂ
ŝŵĞĚŝĂƚĂŽƵƉĞůŽ^ĞĐƌĞƚĄƌŝŽDƵŶŝĐŝƉĂůĚĞ^ĂƷĚĞ͘
ŽŽƌĚĞŶĂƌ Ğ ĞdžĞĐƵƚĂƌ ƉƌŽŐƌĂŵĂƐ͕ ƉƌŽũĞƚŽƐ Ğ ƐĞƌǀŝĕŽƐ ƐŽĐŝĂŝƐ ĚĞƐĞŶǀŽůǀŝĚŽƐ ƉĞůĂ ĂĚŵŝŶŝƐƚƌĂĕĆŽ
ƉƷďůŝĐĂ͕ĚŝƌĞƚĂ͕ŝŶĚŝƌĞƚĂ͕ĞŶƚŝĚĂĚĞƐĞŽƌŐĂŶŝnjĂĕƁĞƐƉŽƉƵůĂƌĞƐĚŽƐŵƵŶŝĐşƉŝŽƐ͕ĞŵĐŽŶĨŽƌŵŝĚĂĚĞĐŽŵ
^h^ĞŽŶƐĞůŚŽƐWƌŽĨŝƐƐŝŽŶĂŝƐĚĞDĞĚŝĐŝŶĂ͕ǀŝƐĂŶĚŽĂƉƌŽŵŽĕĆŽĚĂŵĞůŚŽƌŝĂĚĂƋƵĂůŝĚĂĚĞĚĞǀŝĚĂĚĂ
ƉŽƉƵůĂĕĆŽ͘ZĞĂůŝnjĂƌƉƌŽĐĞĚŝŵĞŶƚŽƚĠĐŶŝĐŽͲƉƌŽĨŝƐƐŝŽŶĂůĚŝƌŝŐŝĚŽƉĂƌĂĂƉƌĞǀĞŶĕĆŽƉƌŝŵĄƌŝĂ͕ĚĞĨŝŶŝĚĂ
ĐŽŵŽĂƉƌŽŵŽĕĆŽĚĂƐĂƷĚĞĞĂƉƌĞǀĞŶĕĆŽĚĂŽĐŽƌƌġŶĐŝĂĚĞĞŶĨĞƌŵŝĚĂĚĞƐŽƵƉƌŽĨŝůĂdžŝĂ͘ZĞĂůŝnjĂƌ
ƉƌŽĐĞĚŝŵĞŶƚŽƚĠĐŶŝĐŽͲƉƌŽĨŝƐƐŝŽŶĂůĚŝƌŝŐŝĚŽƉĂƌĂĂƉƌĞǀĞŶĕĆŽƚĞƌĐŝĄƌŝĂ͕ĚĞĨŝŶŝĚĂĐŽŵŽĂƉƌĞǀĞŶĕĆŽ
ĚĂ ŝŶǀĂůŝĚĞnj ŽƵ ƌĞĂďŝůŝƚĂĕĆŽ ĚŽƐ ĞŶĨĞƌŵŽƐ͘ ZĞĂůŝnjĂƌ ĐŽŶƐƵůƚĂƐ Ğ ĂƚĞŶĚŝŵĞŶƚŽ ŵĠĚŝĐŽ͕ ĞĨĞƚƵĂŶĚŽ Ă
ĂŶĂŵŶĞƐĞ͕ ĞdžĂŵĞ ĨşƐŝĐŽ͕ ďĞŵ ĐŽŵŽ ƌĞĂůŝnjĂƌ ƉƌŽƉĞĚġƵƚŝĐĂ ŝŶƐƚƌƵŵĞŶƚĂů Ğ ůĞǀĂŶƚĂƌ ŚŝƉſƚĞƐĞƐ
ĚŝĂŐŶſƐƚŝĐĂƐ͘^ŽůŝĐŝƚĂƌŝŶƚĞƌĐŽŶƐƵůƚĂƐĞĞŵŝƚŝƌĐŽŶƚƌĂͲƌĞĨĞƌĞŶĐŝĂƐĞƌĞĂůŝnjĂƌĂƚĞŶĚŝŵĞŶƚŽƐĚĞƵƌŐġŶĐŝĂ
ĞĞŵĞƌŐġŶĐŝĂ͕ďĞŵĐŽŵŽĂƚĞŶĚŝŵĞŶƚŽƐŚŽƐƉŝƚĂůĂƌĞƐĚĞĂĐŽƌĚŽĐŽŵƐƵĂĂƚƌŝďƵŝĕĆŽƚĠĐŶŝĐĂ͘ůĂďŽƌĂƌ
ĚŽĐƵŵĞŶƚŽƐ ŵĠĚŝĐŽƐ͕ ĂƚƵĂŶĚŽ ŶĂ ĞůĂďŽƌĂĕĆŽ ĚĞ ƉƌŽŶƚƵĄƌŝŽƐ͕ ĂƚĞƐƚĂĚŽƐ͕ ƌĞůĂƚſƌŝŽƐ͕ ƉĂƌĞĐĞƌĞƐ͕
ĚĞĐůĂƌĂĕƁĞƐ͕ ĨŽƌŵƵůĄƌŝŽƐ ĚĞ ŶŽƚŝĨŝĐĂĕĆŽ ĐŽŵƉƵůƐſƌŝĂ͕ ĚĞ ĂĐŽƌĚŽ ĐŽŵ ŽƐ ĚŝƚĂŵĞƐ ĐŽŵ ŽŶƐĞůŚŽ
&ĞĚĞƌĂů ĚĞ DĞĚŝĐŝŶĂ͘ WƌŽƉŝĐŝĂƌ Ă ƉůĞŶĂ ĂƚĞŶĕĆŽ ƉƌĞƐƚĂĚĂ ĂŽƐ ƵƐƵĄƌŝŽƐ͕ ŝŶƚĞŐƌĂŶĚŽ Ă ĞƋƵŝƉĞ
ŵƵůƚŝƉƌŽĨŝƐƐŝŽŶĂů ĚĞ ƐĂƷĚĞ͕ ĞŶĐĂŵŝŶŚĂŶĚŽ ƉĂĐŝĞŶƚĞƐ ƉĂƌĂ ĂƚĞŶĚŝŵĞŶƚŽ ĞƐƉĞĐŝĂůŝnjĂĚŽ͕ ƌĞƋƵĞƌĞŶĚŽ
ƉĂƌĞĐĞƌĞƐƚĠĐŶŝĐŽƐ;ĐŽŶƚƌĂ ͲƌĞĨĞƌġŶĐŝĂͿĞŽƵĞdžĂŵĞƐĐŽŵƉůĞŵĞŶƚĂƌĞƐ͕ĂŶĂůŝƐĂŶĚŽĞŝŶƚĞƌƉƌĞƚĂŶĚŽ
ĞdžĂŵĞƐ ĚŝǀĞƌƐŽƐ͕ ƉĂƌĂ ĞƐƚĂďĞůĞĐĞƌ Ž ĚŝĂŐŶſƐƚŝĐŽ͕ ƉƌŽŐŶſƐƚŝĐŽ Ğ ƉůĂŶŽ ĚĞ ƚƌĂƚĂŵĞŶƚŽ͕ Ğŵ
ĐŽŶĨŽƌŵŝĚĂĚĞĐŽŵŽƐĚŝƚĂŵĞƐĚŽĐſĚŝŐŽĚĞĠƚŝĐĂŵĠĚŝĐĂĚŽŽŶƐĞůŚŽ&ĞĚĞƌĂůĚĞDĞĚŝĐŝŶĂ͘ZĞĂůŝnjĂƌ
ĐŝƌƵƌŐŝĂƐ ĚĞ ƉĞƋƵĞŶŽ͕ ŵĠĚŝŽ Ğ ŐƌĂŶĚĞ ƉŽƌƚĞ͕ ĚĞ ĂĐŽƌĚŽ ĐŽŵ ƐƵĂ ĂƚƌŝďƵŝĕĆŽ ƚĠĐŶŝĐĂ͘ DĂŶƚĞƌ Ž
ƌĞŐŝƐƚƌŽ ĚŽƐ ƵƐƵĄƌŝŽƐ ĂƚĞŶĚŝĚŽƐ͕ ŝŶĐůƵŝŶĚŽ Ă ĐŽŶĐůƵƐĆŽ ĚŝĂŐŶſƐƚŝĐĂ͕ ƚƌĂƚĂŵĞŶƚŽ͕ ĞǀŽůƵĕĆŽ͕
ƉƌŽĐĞĚŝŵĞŶƚŽƐƚŽŵĂĚŽƐ͕Ă ĨŝŵĚĞ ĞĨĞƚƵĂƌĂ ŽƌŝĞŶƚĂĕĆŽƚĞƌĂƉġƵƚŝĐĂ ĂĚĞƋƵĂĚĂ͘ŵŝƚŝƌĂƚĞƐƚĂĚŽƐĚĞ
DĠĚŝĐŽ'ĞŶĞƌĂůŝƐƚĂ
ƐĂƷĚĞ͕ĂƉƚŝĚĆŽĨşƐŝĐĂĞŵĞŶƚĂů͕ſďŝƚŽĞŽƵƚƌŽƐĞŵĂĐŽƌĚŽĐŽŵƐƵĂĂƚƌŝďƵŝĕĆŽƚĠĐŶŝĐĂĐŽŵĂĨŝŶĂůŝĚĂĚĞ
ĚĞĂƚĞŶĚĞƌĚĞƚĞƌŵŝŶĂĕƁĞƐůĞŐĂŝƐ͘ŝĨƵŶĚŝƌĐŽŶŚĞĐŝŵĞŶƚŽƐŵĠĚŝĐŽƐĞŶƚƌĞƉƌŽĨŝƐƐŝŽŶĂŝƐĚĂĄƌĞĂĞĚĂ
ƉŽƉƵůĂĕĆŽ Ğŵ ŐĞƌĂů͕ ǀŝƐĂŶĚŽ ƉƌŽƉŽƌĐŝŽŶĂƌ ƚƌŽĐĂ ĚĞ ĐŽŶŚĞĐŝŵĞŶƚŽƐ͕ ĚŝǀƵůŐĂƌ ĨĂƚŽƌĞƐ ĚĞ ƌŝƐĐŽƐ Ğ
ŽƵƚƌŽƐ͕ƉĂƌƚŝĐŝƉĂŶĚŽĚŽƐŐƌƵƉŽƐĞͬŽƵƌĞƵŶŝƁĞƐĐŽŵƵŶŝƚĄƌŝĂƐ͘ŝĨƵŶĚŝƌŽƐĐŽŶŚĞĐŝŵĞŶƚŽƐŵĠĚŝĐŽƐ
ƉƌĞƉĂƌĂŶĚŽ ŵĂƚĞƌŝĂů ĚŝĚĄƚŝĐŽ͕ ƉƌŽŵŽǀĞŶĚŽ ĂƵůĂƐ͕ ƉĂůĞƐƚƌĂƐ ĚĞƐĞŶǀŽůǀĞŶĚŽ ƉĞƐƋƵŝƐĂƐ͕ ƌĞĚŝŐŝŶĚŽ
ƚƌĂďĂůŚŽƐĐŝĞŶƚşĨŝĐŽƐ͕ƉĂƌƚŝĐŝƉĂŶĚŽĚĞĞŶĐŽŶƚƌŽƐ͕ĐŽŶŐƌĞƐƐŽƐĞĚĞŵĂŝƐĞǀĞŶƚŽƐŶĂĄƌĞĂ͕ĞŶƚƌĞŽƵƚƌŽƐ͘
^ƵƉĞƌǀŝƐŝŽŶĂƌĞĂǀĂůŝĂƌĂƚŽƐŵĠĚŝĐŽƐ͕ĨŝƐĐĂůŝnjĂŶĚŽƚƌĞŝŶĂŵĞŶƚŽƐŵĠĚŝĐŽƐ͕ĞŶƚƌĞŽƵƚƌŽƐ͕ƋƵĂŶĚŽĞŵ
ĂƚƵĂĕĆŽ ĚŽĐĞŶƚĞ Ͳ ĂƐƐŝƐƚĞŶĐŝĂů͘ ŽůĂďŽƌĂƌ ĐŽŵ Ă ĨŽƌŵĂĕĆŽ Ğ ŶŽ ĂƉƌŝŵŽƌĂŵĞŶƚŽ ĚĞ ŽƵƚƌŽƐ
ƉƌŽĨŝƐƐŝŽŶĂŝƐĚĞƐĂƷĚĞ͕ƐƵƉĞƌǀŝƐŝŽŶĂŶĚŽĞŽƌŝĞŶƚĂŶĚŽĂĕƁĞƐ͕ĞƐƚĄŐŝŽƐĞƉĂƌƚŝĐŝƉĂŶĚŽĚĞƉƌŽŐƌĂŵĂƐ
ĚĞ ƚƌĞŝŶĂŵĞŶƚŽ Ğŵ ƐĞƌǀŝĕŽ͘ WƌĞƉĂƌĂƌ ŝŶĨŽƌŵĞƐ Ğ ĚŽĐƵŵĞŶƚŽƐ ĚĞ ĂƐƐƵŶƚŽƐ Ğŵ ŵĞĚŝĐŝŶĂ͕ Ă Ĩŝŵ ĚĞ
ƉŽƐƐŝďŝůŝƚĂƌƐƵďƐşĚŝŽƐƉĂƌĂĞůĂďŽƌĂĕĆŽĚĞŽƌĚĞŶƐĚĞƐĞƌǀŝĕŽƐ͕ƉŽƌƚĂƌŝĂƐ͕ƉĂƌĞĐĞƌĞƐĞŽƵƚƌŽƐ͘ZĞĂůŝnjĂƌ
ŝŶƐƉĞĕƁĞƐŵĠĚŝĐĂƐƉĂƌĂĞĨĞŝƚŽĚĞƉŽƐƐĞĞŵĐĂƌŐŽƉƷďůŝĐŽ͖ƌĞĂĚĂƉƚĂĕĆŽ͖ƌĞǀĞƌƐĆŽ͖ĂƉƌŽǀĞŝƚĂŵĞŶƚŽ͖
ůŝĐĞŶĕĂ ƉŽƌ ŵŽƚŝǀŽ ĚĞ ĚŽĞŶĕĂ Ğŵ ƉĞƐƐŽĂ ĚĂ ĨĂŵşůŝĂ͖ ĂƉŽƐĞŶƚĂĚŽƌŝĂ͕ ĂƵdžşůŝŽͲĚŽĞŶĕĂ ͖ ƐĂůĄƌŝŽ
ŵĂƚĞƌŶŝĚĂĚĞ͖ƌĞǀŝƐĆŽĚĞĂƉŽƐĞŶƚĂĚŽƌŝĂ͖ ĂƵdžşůŝŽĂŽĨŝůŚŽĞdžĐĞƉĐŝŽŶĂů͕ůŝĐĞŶĕĂĂĐŝĚĞŶƚĞĚĞƚƌĂďĂůŚŽ͕
ŝƐĞŶĕĆŽĚĞŝŵƉŽƐƚŽĚĞƌĞŶĚĂĚĞƐĞƌǀŝĚŽƌĞƐĂƉŽƐĞŶƚĂĚŽƐ͕ĞŶƚƌĞŽƵƚƌŽƐ͕ǀŝƐĂŶĚŽŽĐƵŵƉƌŝŵĞŶƚŽĚĂ
ůĞŐŝƐůĂĕĆŽ͘ ZĞĂůŝnjĂƌ ŽƵƚƌĂƐ ŝŶƐƉĞĕƁĞƐ ŵĠĚŝĐĂƐ ĚĞ ĐĂƌĄƚĞƌ ĞůƵĐŝĚĂƚŝǀŽ ŽƵ ĂƉŽŝŽ ƌĞůĂƚŝǀŽ Ă ĐĂƐŽƐ
ƐƵũĞŝƚŽƐ ă ƉĞƌşĐŝĂ͕ ĐŽŶĨŽƌŵĞ ƐŽůŝĐŝƚĂĕĆŽ͕ ďĞŵ ĐŽŵŽ ĞdžƉĞĚŝƌ ůĂƵĚŽ ĚĞ ůŝĐĞŶĕĂ ƉĂƌĂ ƚƌĞŝŶĂŵĞŶƚŽ ĚĞ
ƐĂƷĚĞĚŽƐƐĞƌǀŝĚŽƌĞƐ͕ĞĨĞƚƵĂŶĚŽƉĞƌşĐŝĂƐ͕ĐŽŶĨŽƌŵĞƐŽůŝĐŝƚĂĕĆŽ͕ďĞŵĐŽŵŽĞdžƉĞĚŝƌůĂƵĚŽĚĞůŝĐĞŶĕĂ
ƉĂƌĂ ƚƌĂƚĂŵĞŶƚŽ ĚĞ ƐĂƷĚĞ ĚŽƐ ƐĞƌǀŝĚŽƌĞƐ͕ ĞĨĞƚƵĂŶĚŽ ƉĞƌşĐŝĂƐ ĚŽŵŝĐŝůŝĂƌĞƐ ŽƵ ŚŽƐƉŝƚĂůĂƌĞƐ͕ ŶĂ
ŝŵƉŽƐƐŝďŝůŝĚĂĚĞĚĞĐŽŵƉĂƌĞĐŝŵĞŶƚŽĚĞƐƚĞƐĂŽůŽĐĂůĚĂƉĞƌşĐŝĂ͘ŽŵƉŽƌĂ:ƵŶƚĂDĠĚŝĐĂƉĂƌĂƌĞǀŝƐĆŽ
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WƌĞĨĞŝƚƵƌĂDƵŶŝĐŝƉĂůĚĞ ŽŶĐƵƌƐŽWƷďůŝĐŽEǑϬϭͬϮϬϮϰ
^EdZhKZ/KWZK /d>ĚĞZdhZĚĞ/E^Z/O^
ĚŽƐ ůĂƵĚŽƐ ŵĠĚŝĐŽƐ Ğ ĂƉƌĞĐŝĂĕĆŽ ĚŽƐ ƉĞĚŝĚŽƐ ĚĞ ƌĞĐŽŶƐŝĚĞƌĂĕĆŽ͕ ƋƵĂŶĚŽ ŶĞĐĞƐƐĄƌŝŽ Ğͬ ŽƵ
ƐŽůŝĐŝƚĂĕĆŽ͕ ďĞŵ ĐŽŵŽ ĂƵdžŝůŝĂƌ ŶŽƐ ŝŶƋƵĠƌŝƚŽƐ ĂĚŵŝŶŝƐƚƌĂƚŝǀŽƐ Ğͬ ŽƵ ũƵĚŝĐŝĂŝƐ Ğ ĨŝŐƵƌĂƌ ĐŽŵŽ
ĂƐƐŝƐƚĞŶƚĞ ƚĠĐŶŝĐŽ ŶĂƐ ƉĞƌşĐŝĂƐ ũƵĚŝĐŝĂŝƐ ĚĞƐŝŐŶĂĚĂƐ͕ ĨŽƌŵƵůĂŶĚŽ ƋƵĞƐŝƚŽƐ͘ ^ŽůŝĐŝƚĂƌ͕ ƋƵĂŶĚŽ
ŶĞĐĞƐƐĄƌŝŽ͕ĞdžĂŵĞƐĐŽŵƉůĞŵĞŶƚĂƌĞƐĞƉĂƌĞĐĞƌĞƐĚĞ ĞƐƉĞĐŝĂůŝƐƚĂƐƉĂƌĂ ŵĞůŚŽƌĞůƵĐŝĚĂĕĆŽĚŽĐĂƐŽ͘
ŽŶƐƚŝƚƵŝƌ ĐŽŵŝƐƐƁĞƐ ŵĠĚŝĐŽͲŚŽƐƉŝƚĂůĂƌĞƐ͕ ĚŝƌĞƚŽƌŝĂƐ ĚĞ ĂƐƐŽĐŝĂĕƁĞƐ Ğ ĞŶƚŝĚĂĚĞƐ ĚĞ ĐůĂƐƐĞ͕
ĂƚĞŶĚĞŶĚŽăƐĚŝǀĞƌƐĂƐƵŶŝĚĂĚĞƐĚĂWƌĞĨĞŝƚƵƌĂƐŽďƌĞĂƐƐƵŶƚŽƐĞĞdžŝŐġŶĐŝĂƐĚĞƐƵĂĨŽƌŵĂĕĆŽƚĠĐŶŝĐĂ͘
ĨĞƚƵĂƌƉĞƌşĐŝĂƐ͕ĂƵĚŝƚŽƌŝĂƐĞƐŝŶĚŝĐąŶĐŝĂƐŵĠĚŝĐĂƐƋƵĂŶĚŽĚĞǀŝĚĂŵĞŶƚĞĞŶĐĂƌƌĞŐĂĚŽĚĞƐƚĂĨƵŶĕĆŽ͘
ZĞĂůŝnjĂƌŽƵƚƌĂƐĂƚƌŝďƵŝĕƁĞƐĐŽŵƉĂƚşǀĞŝƐĐŽŵƐƵĂĨŽƌŵĂĕĆŽͬĞƐƉĞĐŝĂůŝnjĂĕĆŽƉƌŽĨŝƐƐŝŽŶĂů͘
ŽŽƌĚĞŶĂƌ Ğ ĞdžĞĐƵƚĂƌ ƉƌŽŐƌĂŵĂƐ͕ ƉƌŽũĞƚŽƐ Ğ ƐĞƌǀŝĕŽƐ ƐŽĐŝĂŝƐ ĚĞƐĞŶǀŽůǀŝĚŽƐ ƉĞůĂ ĂĚŵŝŶŝƐƚƌĂĕĆŽ
ƉƷďůŝĐĂ͕ĚŝƌĞƚĂ͕ŝŶĚŝƌĞƚĂ͕ĞŶƚŝĚĂĚĞƐĞŽƌŐĂŶŝnjĂĕƁĞƐƉŽƉƵůĂƌĞƐĚŽƐŵƵŶŝĐşƉŝŽƐ͕ĞŵĐŽŶĨŽƌŵŝĚĂĚĞĐŽŵ
^h^ĞŽŶƐĞůŚŽƐWƌŽĨŝƐƐŝŽŶĂŝƐĚĞDĞĚŝĐŝŶĂ͕ǀŝƐĂŶĚŽĂƉƌŽŵŽĕĆŽĚĂŵĞůŚŽƌŝĂĚĂƋƵĂůŝĚĂĚĞĚĞǀŝĚĂĚĂ
ƉŽƉƵůĂĕĆŽ͖ƌĞĂůŝnjĂƌƉƌŽĐĞĚŝŵĞŶƚŽƚĠĐŶŝĐŽͲƉƌŽĨŝƐƐŝŽŶĂůĚŝƌŝŐŝĚŽƉĂƌĂĂƉƌĞǀĞŶĕĆŽƉƌŝŵĄƌŝĂ͕ĚĞĨŝŶŝĚĂ
ĐŽŵŽ Ă ƉƌŽŵŽĕĆŽ ĚĂ ƐĂƷĚĞ Ğ Ă ƉƌĞǀĞŶĕĆŽ ĚĂ ŽĐŽƌƌġŶĐŝĂ ĚĞ ĞŶĨĞƌŵŝĚĂĚĞƐ ŽƵ ƉƌŽĨŝůĂdžŝĂ͖ ƌĞĂůŝnjĂƌ
ƉƌŽĐĞĚŝŵĞŶƚŽƚĠĐŶŝĐŽͲƉƌŽĨŝƐƐŝŽŶĂůĚŝƌŝŐŝĚŽƉĂƌĂĂƉƌĞǀĞŶĕĆŽƚĞƌĐŝĄƌŝĂ͕ĚĞĨŝŶŝĚĂĐŽŵŽĂƉƌĞǀĞŶĕĆŽ
ĚĂ ŝŶǀĂůŝĚĞnj ŽƵ ƌĞĂďŝůŝƚĂĕĆŽ ĚŽƐ ĞŶĨĞƌŵŽƐ͖ ƌĞĂůŝnjĂƌ ĐŽŶƐƵůƚĂƐ Ğ ĂƚĞŶĚŝŵĞŶƚŽ ŵĠĚŝĐŽ͕ ĞĨĞƚƵĂŶĚŽ Ă
ĂŶĂŵŶĞƐĞ͕ ĞdžĂŵĞ ĨşƐŝĐŽ͕ ďĞŵ ĐŽŵŽ ƌĞĂůŝnjĂƌ ƉƌŽƉĞĚġƵƚŝĐĂ ŝŶƐƚƌƵŵĞŶƚĂů Ğ ůĞǀĂŶƚĂƌ ŚŝƉſƚĞƐĞƐ
ĚŝĂŐŶſƐƚŝĐĂƐ͖ƐŽůŝĐŝƚĂƌŝŶƚĞƌĐŽŶƐƵůƚĂƐĞĞŵŝƚŝƌĐŽŶƚƌĂƌƌĞĨĞƌġŶĐŝĂƐĞƌĞĂůŝnjĂƌĂƚĞŶĚŝŵĞŶƚŽƐĚĞƵƌŐġŶĐŝĂ
ĞĞŵĞƌŐġŶĐŝĂ͕ďĞŵĐŽŵŽĂƚĞŶĚŝŵĞŶƚŽƐŚŽƐƉŝƚĂůĂƌĞƐĚĞĂĐŽƌĚŽĐŽŵƐƵĂĂƚƌŝďƵŝĕĆŽƚĠĐŶŝĐĂ͖ĞůĂďŽƌĂƌ
ĚŽĐƵŵĞŶƚŽƐ ŵĠĚŝĐŽƐ͕ ĂƚƵĂŶĚŽ ŶĂ ĞůĂďŽƌĂĕĆŽ ĚĞ ƉƌŽŶƚƵĄƌŝŽƐ͕ ĂƚĞƐƚĂĚŽƐ͕ ƌĞůĂƚſƌŝŽƐ͕ ƉĂƌĞĐĞƌĞƐ͕
ĚĞĐůĂƌĂĕƁĞƐ͕ ĨŽƌŵƵůĄƌŝŽƐ ĚĞ ŶŽƚŝĨŝĐĂĕĆŽ ĐŽŵƉƵůƐſƌŝĂ͕ ĚĞ ĂĐŽƌĚŽ ĐŽŵ ŽƐ ĚŝƚĂŵĞƐ ĐŽŵ ŽŶƐĞůŚŽ
&ĞĚĞƌĂů ĚĞ DĞĚŝĐŝŶĂ͖ ƉƌŽƉŝĐŝĂƌ Ă ƉůĞŶĂ ĂƚĞŶĕĆŽ ƉƌĞƐƚĂĚĂ ĂŽƐ ƵƐƵĄƌŝŽƐ͕ ŝŶƚĞŐƌĂŶĚŽ Ă ĞƋƵŝƉĞ
ŵƵůƚŝƉƌŽĨŝƐƐŝŽŶĂů ĚĞ ƐĂƷĚĞ͕ ĞŶĐĂŵŝŶŚĂŶĚŽ ƉĂĐŝĞŶƚĞƐ ƉĂƌĂ ĂƚĞŶĚŝŵĞŶƚŽ ĞƐƉĞĐŝĂůŝnjĂĚŽ͕ ƌĞƋƵĞƌĞŶĚŽ
ƉĂƌĞĐĞƌĞƐ ƚĠĐŶŝĐŽƐ ;ĐŽŶƚƌĂƌƌĞĨĞƌġŶĐŝĂͿ ĞͬŽƵ ĞdžĂŵĞƐ ĐŽŵƉůĞŵĞŶƚĂƌĞƐ͕ ĂŶĂůŝƐĂŶĚŽ Ğ ŝŶƚĞƌƉƌĞƚĂŶĚŽ
ĞdžĂŵĞƐ ĚŝǀĞƌƐŽƐ͕ ƉĂƌĂ ĞƐƚĂďĞůĞĐĞƌ Ž ĚŝĂŐŶſƐƚŝĐŽ͕ ƉƌŽŐŶſƐƚŝĐŽ Ğ ƉůĂŶŽ ĚĞ ƚƌĂƚĂŵĞŶƚŽ͕ Ğŵ
ĐŽŶĨŽƌŵŝĚĂĚĞĐŽŵŽƐĚŝƚĂŵĞƐĚŽĐſĚŝŐŽĚĞĠƚŝĐĂŵĠĚŝĐĂĚŽŽŶƐĞůŚŽ&ĞĚĞƌĂůĚĞDĞĚŝĐŝŶĂ͖ƌĞĂůŝnjĂƌ
ĐŝƌƵƌŐŝĂƐ ĚĞ ƉĞƋƵĞŶŽ͕ ŵĠĚŝŽ Ğ ŐƌĂŶĚĞ ƉŽƌƚĞ͕ ĚĞ ĂĐŽƌĚŽ ĐŽŵ ƐƵĂ ĂƚƌŝďƵŝĕĆŽ ƚĠĐŶŝĐĂ͖ ŵĂŶƚĞƌ Ž
ƌĞŐŝƐƚƌŽ ĚŽƐ ƵƐƵĄƌŝŽ ĂƚĞŶĚŝĚŽƐ͕ ŝŶĐůƵŝŶĚŽ Ă ĐŽŶĐůƵƐĆŽ ĚŝĂŐŶſƐƚŝĐĂ͕ ƚƌĂƚĂŵĞŶƚŽ͕ ĞǀŽůƵĕĆŽ͕
ƉƌŽĐĞĚŝŵĞŶƚŽƐƚŽŵĂĚŽƐ͕Ă ĨŝŵĚĞĞĨĞƚƵĂƌĂ ŽƌŝĞŶƚĂĕĆŽƚĞƌĂƉġƵƚŝĐĂ ĂĚĞƋƵĂĚĂ͖ĞŵŝƚŝƌĂƚĞƐƚĂĚŽƐĚĞ
ƐĂƷĚĞ͕ĂƉƚŝĚĆŽĨşƐŝĐĂĞŵĞŶƚĂů͕ſďŝƚŽĞŽƵƚƌŽƐĞŵĂĐŽƌĚŽĐŽŵƐƵĂĂƚƌŝďƵŝĕĆŽƚĠĐŶŝĐĂĐŽŵĂĨŝŶĂůŝĚĂĚĞ
ĚĞĂƚĞŶĚĞƌĚĞƚĞƌŵŝŶĂĕƁĞƐůĞŐĂŝƐ͖ĚŝĨƵŶĚŝƌĐŽŶŚĞĐŝŵĞŶƚŽƐŵĠĚŝĐŽƐĞŶƚƌĞƉƌŽĨŝƐƐŝŽŶĂŝƐĚĂĄƌĞĂĞĚĂ
ƉŽƉƵůĂĕĆŽ Ğŵ ŐĞƌĂů͕ ǀŝƐĂŶĚŽ ƉƌŽƉŽƌĐŝŽŶĂƌ ƚƌŽĐĂ ĚĞ ĐŽŶŚĞĐŝŵĞŶƚŽƐ͕ ĚŝǀƵůŐĂƌ ĨĂƚŽƌĞƐ ĚĞ ƌŝƐĐŽƐ Ğ
ŽƵƚƌŽƐ͕ ƉĂƌƚŝĐŝƉĂŶĚŽ ĚŽƐ ŐƌƵƉŽƐ ĞͬŽƵ ƌĞƵŶŝƁĞƐ ĐŽŵƵŶŝƚĄƌŝĂƐ͖ ĚŝĨƵŶĚŝƌ ŽƐ ĐŽŶŚĞĐŝŵĞŶƚŽƐ ŵĠĚŝĐŽƐ
DĠĚŝĐŽEĞƵƌŽůŽŐŝƐƚĂ
ƉƌĞƉĂƌĂŶĚŽ ŵĂƚĞƌŝĂů ĚŝĚĄƚŝĐŽ͕ ƉƌŽŵŽǀĞŶĚŽ ĂƵůĂƐ͕ ƉĂůĞƐƚƌĂƐ ĚĞƐĞŶǀŽůǀĞŶĚŽ ƉĞƐƋƵŝƐĂƐ͕ ƌĞĚŝŐŝŶĚŽ
ƚƌĂďĂůŚŽƐĐŝĞŶƚşĨŝĐŽƐ͕ƉĂƌƚŝĐŝƉĂŶĚŽĚĞĞŶĐŽŶƚƌŽƐ͕ĐŽŶŐƌĞƐƐŽƐĞĚĞŵĂŝƐĞǀĞŶƚŽƐŶĂĄƌĞĂ͕ĞŶƚƌĞŽƵƚƌŽƐ͖
ƐƵƉĞƌǀŝƐŝŽŶĂƌĞĂǀĂůŝĂƌĂƚŽƐŵĠĚŝĐŽƐ͕ĨŝƐĐĂůŝnjĂŶĚŽƚƌĞŝŶĂŵĞŶƚŽƐŵĠĚŝĐŽƐ͕ĞŶƚƌĞŽƵƚƌŽƐ͕ƋƵĂŶĚŽĞŵ
ĂƚƵĂĕĆŽ ĚŽĐĞŶƚĞ – ĂƐƐŝƐƚĞŶĐŝĂů͖ ĐŽůĂďŽƌĂƌ ĐŽŵ Ă ĨŽƌŵĂĕĆŽ Ğ ŶŽ ĂƉƌŝŵŽƌĂŵĞŶƚŽ ĚĞ ŽƵƚƌŽƐ
ƉƌŽĨŝƐƐŝŽŶĂŝƐĚĞƐĂƷĚĞ͕ƐƵƉĞƌǀŝƐŝŽŶĂŶĚŽĞŽƌŝĞŶƚĂŶĚŽĂĕƁĞƐ͕ĞƐƚĄŐŝŽƐĞƉĂƌƚŝĐŝƉĂŶĚŽĚĞƉƌŽŐƌĂŵĂƐ
ĚĞ ƚƌĞŝŶĂŵĞŶƚŽ Ğŵ ƐĞƌǀŝĕŽ͖ ƉƌĞƉĂƌĂƌ ŝŶĨŽƌŵĞƐ Ğ ĚŽĐƵŵĞŶƚŽƐ ĚĞ ĂƐƐƵŶƚŽƐ Ğŵ ŵĞĚŝĐŝŶĂ͕ Ă Ĩŝŵ ĚĞ
ƉŽƐƐŝďŝůŝƚĂƌƐƵďƐşĚŝŽƐƉĂƌĂĞůĂďŽƌĂĕĆŽĚĞŽƌĚĞŶƐĚĞƐĞƌǀŝĕŽƐ͕ƉŽƌƚĂƌŝĂƐ͕ƉĂƌĞĐĞƌĞƐĞŽƵƚƌŽƐ͖ƌĞĂůŝnjĂƌ
ŝŶƐƉĞĕƁĞƐŵĠĚŝĐĂƐƉĂƌĂĞĨĞŝƚŽĚĞƉŽƐƐĞĞŵĐĂƌŐŽƉƷďůŝĐŽ͖ƌĞĂĚĂƉƚĂĕĆŽ͖ƌĞǀĞƌƐĆŽ͖ĂƉƌŽǀĞŝƚĂŵĞŶƚŽ͖
ůŝĐĞŶĕĂ ƉŽƌ ŵŽƚŝǀŽ ĚĞ ĚŽĞŶĕĂ Ğŵ ƉĞƐƐŽĂ ĚĂ ĨĂŵşůŝĂ͖ ĂƉŽƐĞŶƚĂĚŽƌŝĂ͕ ĂƵdžşůŝŽͲĚŽĞŶĕĂ͖ ƐĂůĄƌŝŽ
ŵĂƚĞƌŶŝĚĂĚĞ͖ ƌĞǀŝƐĆŽ ĚĞ ĂƉŽƐĞŶƚĂĚŽƌŝĂ͖ ĂƵdžŝůŝŽ ĂŽ ĨŝůŚŽ ĞdžĐĞƉĐŝŽŶĂů͕ ůŝĐĞŶĕĂ ĂĐŝĚĞŶƚĞ ĚĞ ƚƌĂďĂůŚŽ͕
ŝƐĞŶĕĆŽĚĞŝŵƉŽƐƚŽĚĞƌĞŶĚĂĚĞƐĞƌǀŝĚŽƌĞƐĂƉŽƐĞŶƚĂĚŽƐ͕ĞŶƚƌĞŽƵƚƌŽƐ͕ǀŝƐĂŶĚŽŽĐƵŵƉƌŝŵĞŶƚŽĚĂ
ůĞŐŝƐůĂĕĆŽ͖ƌĞĂůŝnjĂƌŽƵƚƌĂƐŝŶƐƉĞĕƁĞƐŵĠĚŝĐĂƐĚĞĐĂƌĄƚĞƌĞůƵĐŝĚĂƚŝǀŽŽƵĂƉŽŝŽƌĞůĂƚŝǀŽĂĐĂƐŽƐƐƵũĞŝƚŽƐ
ăƉĞƌşĐŝĂ͕ĐŽŶĨŽƌŵĞƐŽůŝĐŝƚĂĕĆŽ͕ďĞŵĐŽŵŽĞdžƉĞĚŝƌůĂƵĚŽĚĞůŝĐĞŶĕĂƉĂƌĂƚƌĞŝŶĂŵĞŶƚŽĚĞƐĂƷĚĞĚŽƐ
ƐĞƌǀŝĚŽƌĞƐ͕ ĞĨĞƚƵĂŶĚŽ ƉĞƌşĐŝĂƐ͕ ĐŽŶĨŽƌŵĞ ƐŽůŝĐŝƚĂĕĆŽ͕ ďĞŵ ĐŽŵŽ ĞdžƉĞĚŝƌ ůĂƵĚŽ ĚĞ ůŝĐĞŶĕĂ ƉĂƌĂ
ƚƌĂƚĂŵĞŶƚŽ ĚĞ ƐĂƷĚĞ ĚŽƐ ƐĞƌǀŝĚŽƌĞƐ͕ ĞĨĞƚƵĂŶĚŽ ƉĞƌşĐŝĂƐ ĚŽŵŝĐŝůŝĂƌĞƐ ŽƵ ŚŽƐƉŝƚĂůĂƌĞƐ͕ ŶĂ
ŝŵƉŽƐƐŝďŝůŝĚĂĚĞĚĞĐŽŵƉĂƌĞĐŝŵĞŶƚŽĚĞƐƚĞƐĂŽůŽĐĂůĚĂƉĞƌşĐŝĂ͖ĐŽŵƉŽƌĂ:ƵŶƚĂDĠĚŝĐĂƉĂƌĂƌĞǀŝƐĆŽ
ĚŽƐ ůĂƵĚŽƐ ŵĠĚŝĐŽƐ Ğ ĂƉƌĞĐŝĂĕĆŽ ĚŽƐ ƉĞĚŝĚŽƐ ĚĞ ƌĞĐŽŶƐŝĚĞƌĂĕĆŽ͕ ƋƵĂŶĚŽ ŶĞĐĞƐƐĄƌŝŽ ĞͬŽƵ
ƐŽůŝĐŝƚĂĕĆŽ͕ďĞŵĐŽŵŽĂƵdžŝůŝĂƌŶŽƐŝŶƋƵĠƌŝƚŽƐĂĚŵŝŶŝƐƚƌĂƚŝǀŽƐĞͬŽƵũƵĚŝĐŝĂŝƐĞĨŝŐƵƌĂƌĐŽŵŽĂƐƐŝƐƚĞŶƚĞ
ƚĠĐŶŝĐŽŶĂƐƉĞƌşĐŝĂƐũƵĚŝĐŝĂŝƐĚĞƐŝŐŶĂĚĂƐ͕ĨŽƌŵƵůĂŶĚŽƋƵĞƐŝƚŽƐ͖ƐŽůŝĐŝƚĂƌ͕ƋƵĂŶĚŽŶĞĐĞƐƐĄƌŝŽ͕ĞdžĂŵĞƐ
ĐŽŵƉůĞŵĞŶƚĂƌ Ğ ƉĂƌĞĐĞƌĞƐ ĚĞ ĞƐƉĞĐŝĂůŝƐƚĂƐ ƉĂƌĂ ŵĞůŚŽƌ ĞůƵĐŝĚĂĕĆŽ ĚŽ ĐĂƐŽ͖ ĐŽŶƐƚŝƚƵŝƌ ĐŽŵŝƐƐƁĞƐ
ŵĠĚŝĐŽͲŚŽƐƉŝƚĂůĂƌĞƐ͕ ĚŝƌĞƚŽƌŝĂƐ ĚĞ ĂƐƐŽĐŝĂĕƁĞƐ Ğ ĞŶƚŝĚĂĚĞƐ ĚĞ ĐůĂƐƐĞ͕ ĂƚĞŶĚĞŶĚŽ ăƐ ĚŝǀĞƌƐĂƐ
ƵŶŝĚĂĚĞƐ ĚĂ WƌĞĨĞŝƚƵƌĂ ƐŽďƌĞ ĂƐƐƵŶƚŽƐ Ğ ĞdžŝŐġŶĐŝĂƐ ĚĞ ƐƵĂ ĨŽƌŵĂĕĆŽ ƚĠĐŶŝĐĂ͖ ĞĨĞƚƵĂƌ ƉĞƌşĐŝĂƐ͕
ĂƵĚŝƚŽƌŝĂƐ Ğ ƐŝŶĚŝĐąŶĐŝĂƐ ŵĠĚŝĐĂƐ ƋƵĂŶĚŽ ĚĞǀŝĚĂŵĞŶƚĞ ĞŶĐĂƌƌĞŐĂĚŽ ĚĞƐƚĂ ĨƵŶĕĆŽ͖ ƌĞĂůŝnjĂƌ ŽƵƚƌĂƐ
ĂƚƌŝďƵŝĕƁĞƐĐŽŵƉĂƚşǀĞŝƐĐŽŵƐƵĂĨŽƌŵĂĕĆŽͬĞƐƉĞĐŝĂůŝnjĂĕĆŽƉƌŽĨŝƐƐŝŽŶĂů͘
ŽŽƌĚĞŶĂƌ Ğ ĞdžĞĐƵƚĂƌ ƉƌŽŐƌĂŵĂƐ͕ ƉƌŽũĞƚŽƐ Ğ ƐĞƌǀŝĕŽƐ ƐŽĐŝĂŝƐ ĚĞƐĞŶǀŽůǀŝĚŽƐ ƉĞůĂ ĂĚŵŝŶŝƐƚƌĂĕĆŽ
ƉƷďůŝĐĂ͕ĚŝƌĞƚĂ͕ŝŶĚŝƌĞƚĂ͕ĞŶƚŝĚĂĚĞƐĞŽƌŐĂŶŝnjĂĕƁĞƐƉŽƉƵůĂƌĞƐĚŽƐŵƵŶŝĐşƉŝŽƐ͕ĞŵĐŽŶĨŽƌŵŝĚĂĚĞĐŽŵ
^h^ĞŽŶƐĞůŚŽƐWƌŽĨŝƐƐŝŽŶĂŝƐĚĞDĞĚŝĐŝŶĂ͕ǀŝƐĂŶĚŽĂƉƌŽŵŽĕĆŽĚĂŵĞůŚŽƌŝĂĚĂƋƵĂůŝĚĂĚĞĚĞǀŝĚĂĚĂ
DĠĚŝĐŽKƌƚŽƉĞĚŝƐƚĂ
ƉŽƉƵůĂĕĆŽ͖ƌĞĂůŝnjĂƌƉƌŽĐĞĚŝŵĞŶƚŽƚĠĐŶŝĐŽͲƉƌŽĨŝƐƐŝŽŶĂůĚŝƌŝŐŝĚŽƉĂƌĂĂƉƌĞǀĞŶĕĆŽƉƌŝŵĄƌŝĂ͕ĚĞĨŝŶŝĚĂ
ĐŽŵŽ Ă ƉƌŽŵŽĕĆŽ ĚĂ ƐĂƷĚĞ Ğ Ă ƉƌĞǀĞŶĕĆŽ ĚĂ ŽĐŽƌƌġŶĐŝĂ ĚĞ ĞŶĨĞƌŵŝĚĂĚĞƐ ŽƵ ƉƌŽĨŝůĂdžŝĂ͖ ƌĞĂůŝnjĂƌ
ƉƌŽĐĞĚŝŵĞŶƚŽƚĠĐŶŝĐŽͲƉƌŽĨŝƐƐŝŽŶĂůĚŝƌŝŐŝĚŽƉĂƌĂĂƉƌĞǀĞŶĕĆŽƚĞƌĐŝĄƌŝĂ͕ĚĞĨŝŶŝĚĂĐŽŵŽĂƉƌĞǀĞŶĕĆŽ
17
WƌĞĨĞŝƚƵƌĂDƵŶŝĐŝƉĂůĚĞ ŽŶĐƵƌƐŽWƷďůŝĐŽEǑϬϭͬϮϬϮϰ
^EdZhKZ/KWZK /d>ĚĞZdhZĚĞ/E^Z/O^
ĚĂ ŝŶǀĂůŝĚĞnj ŽƵ ƌĞĂďŝůŝƚĂĕĆŽ ĚŽƐ ĞŶĨĞƌŵŽƐ͖ ƌĞĂůŝnjĂƌ ĐŽŶƐƵůƚĂƐ Ğ ĂƚĞŶĚŝŵĞŶƚŽ ŵĠĚŝĐŽ͕ ĞĨĞƚƵĂŶĚŽ Ă
ĂŶĂŵŶĞƐĞ͕ ĞdžĂŵĞ ĨşƐŝĐŽ͕ ďĞŵ ĐŽŵŽ ƌĞĂůŝnjĂƌ ƉƌŽƉĞĚġƵƚŝĐĂ ŝŶƐƚƌƵŵĞŶƚĂů Ğ ůĞǀĂŶƚĂƌ ŚŝƉſƚĞƐĞƐ
ĚŝĂŐŶſƐƚŝĐĂƐ͖ƐŽůŝĐŝƚĂƌŝŶƚĞƌĐŽŶƐƵůƚĂƐĞĞŵŝƚŝƌĐŽŶƚƌĂƌƌĞĨĞƌġŶĐŝĂƐĞƌĞĂůŝnjĂƌĂƚĞŶĚŝŵĞŶƚŽƐĚĞƵƌŐġŶĐŝĂ
ĞĞŵĞƌŐġŶĐŝĂ͕ďĞŵĐŽŵŽĂƚĞŶĚŝŵĞŶƚŽƐŚŽƐƉŝƚĂůĂƌĞƐĚĞĂĐŽƌĚŽĐŽŵƐƵĂĂƚƌŝďƵŝĕĆŽƚĠĐŶŝĐĂ͖ĞůĂďŽƌĂƌ
ĚŽĐƵŵĞŶƚŽƐ ŵĠĚŝĐŽƐ͕ ĂƚƵĂŶĚŽ ŶĂ ĞůĂďŽƌĂĕĆŽ ĚĞ ƉƌŽŶƚƵĄƌŝŽƐ͕ ĂƚĞƐƚĂĚŽƐ͕ ƌĞůĂƚſƌŝŽƐ͕ ƉĂƌĞĐĞƌĞƐ͕
ĚĞĐůĂƌĂĕƁĞƐ͕ ĨŽƌŵƵůĄƌŝŽƐ ĚĞ ŶŽƚŝĨŝĐĂĕĆŽ ĐŽŵƉƵůƐſƌŝĂ͕ ĚĞ ĂĐŽƌĚŽ ĐŽŵ ŽƐ ĚŝƚĂŵĞƐ ĐŽŵ ŽŶƐĞůŚŽ
&ĞĚĞƌĂů ĚĞ DĞĚŝĐŝŶĂ͖ ƉƌŽƉŝĐŝĂƌ Ă ƉůĞŶĂ ĂƚĞŶĕĆŽ ƉƌĞƐƚĂĚĂ ĂŽƐ ƵƐƵĄƌŝŽƐ͕ ŝŶƚĞŐƌĂŶĚŽ Ă ĞƋƵŝƉĞ
ŵƵůƚŝƉƌŽĨŝƐƐŝŽŶĂů ĚĞ ƐĂƷĚĞ͕ ĞŶĐĂŵŝŶŚĂŶĚŽ ƉĂĐŝĞŶƚĞƐ ƉĂƌĂ ĂƚĞŶĚŝŵĞŶƚŽ ĞƐƉĞĐŝĂůŝnjĂĚŽ͕ ƌĞƋƵĞƌĞŶĚŽ
ƉĂƌĞĐĞƌĞƐ ƚĠĐŶŝĐŽƐ ;ĐŽŶƚƌĂƌƌĞĨĞƌġŶĐŝĂͿ ĞͬŽƵ ĞdžĂŵĞƐ ĐŽŵƉůĞŵĞŶƚĂƌĞƐ͕ ĂŶĂůŝƐĂŶĚŽ Ğ ŝŶƚĞƌƉƌĞƚĂŶĚŽ
ĞdžĂŵĞƐ ĚŝǀĞƌƐŽƐ͕ ƉĂƌĂ ĞƐƚĂďĞůĞĐĞƌ Ž ĚŝĂŐŶſƐƚŝĐŽ͕ ƉƌŽŐŶſƐƚŝĐŽ Ğ ƉůĂŶŽ ĚĞ ƚƌĂƚĂŵĞŶƚŽ͕ Ğŵ
ĐŽŶĨŽƌŵŝĚĂĚĞĐŽŵŽƐĚŝƚĂŵĞƐĚŽĐſĚŝŐŽĚĞĠƚŝĐĂŵĠĚŝĐĂĚŽŽŶƐĞůŚŽ&ĞĚĞƌĂůĚĞDĞĚŝĐŝŶĂ͖ƌĞĂůŝnjĂƌ
ĐŝƌƵƌŐŝĂƐ ĚĞ ƉĞƋƵĞŶŽ͕ ŵĠĚŝŽ Ğ ŐƌĂŶĚĞ ƉŽƌƚĞ͕ ĚĞ ĂĐŽƌĚŽ ĐŽŵ ƐƵĂ ĂƚƌŝďƵŝĕĆŽ ƚĠĐŶŝĐĂ͖ ŵĂŶƚĞƌ Ž
ƌĞŐŝƐƚƌŽ ĚŽƐ ƵƐƵĄƌŝŽ ĂƚĞŶĚŝĚŽƐ͕ ŝŶĐůƵŝŶĚŽ Ă ĐŽŶĐůƵƐĆŽ ĚŝĂŐŶſƐƚŝĐĂ͕ ƚƌĂƚĂŵĞŶƚŽ͕ ĞǀŽůƵĕĆŽ͕
ƉƌŽĐĞĚŝŵĞŶƚŽƐƚŽŵĂĚŽƐ͕Ă ĨŝŵĚĞĞĨĞƚƵĂƌĂ ŽƌŝĞŶƚĂĕĆŽƚĞƌĂƉġƵƚŝĐĂ ĂĚĞƋƵĂĚĂ͖ĞŵŝƚŝƌĂƚĞƐƚĂĚŽƐĚĞ
ƐĂƷĚĞ͕ĂƉƚŝĚĆŽĨşƐŝĐĂĞŵĞŶƚĂů͕ſďŝƚŽĞŽƵƚƌŽƐĞŵĂĐŽƌĚŽĐŽŵƐƵĂĂƚƌŝďƵŝĕĆŽƚĠĐŶŝĐĂĐŽŵĂĨŝŶĂůŝĚĂĚĞ
ĚĞĂƚĞŶĚĞƌĚĞƚĞƌŵŝŶĂĕƁĞƐůĞŐĂŝƐ͖ĚŝĨƵŶĚŝƌĐŽŶŚĞĐŝŵĞŶƚŽƐŵĠĚŝĐŽƐĞŶƚƌĞƉƌŽĨŝƐƐŝŽŶĂŝƐĚĂĄƌĞĂĞĚĂ
ƉŽƉƵůĂĕĆŽ Ğŵ ŐĞƌĂů͕ ǀŝƐĂŶĚŽ ƉƌŽƉŽƌĐŝŽŶĂƌ ƚƌŽĐĂ ĚĞ ĐŽŶŚĞĐŝŵĞŶƚŽƐ͕ ĚŝǀƵůŐĂƌ ĨĂƚŽƌĞƐ ĚĞ ƌŝƐĐŽƐ Ğ
ŽƵƚƌŽƐ͕ ƉĂƌƚŝĐŝƉĂŶĚŽ ĚŽƐ ŐƌƵƉŽƐ ĞͬŽƵ ƌĞƵŶŝƁĞƐ ĐŽŵƵŶŝƚĄƌŝĂƐ͖ ĚŝĨƵŶĚŝƌ ŽƐ ĐŽŶŚĞĐŝŵĞŶƚŽƐ ŵĠĚŝĐŽƐ
ƉƌĞƉĂƌĂŶĚŽ ŵĂƚĞƌŝĂů ĚŝĚĄƚŝĐŽ͕ ƉƌŽŵŽǀĞŶĚŽ ĂƵůĂƐ͕ ƉĂůĞƐƚƌĂƐ ĚĞƐĞŶǀŽůǀĞŶĚŽ ƉĞƐƋƵŝƐĂƐ͕ ƌĞĚŝŐŝŶĚŽ
ƚƌĂďĂůŚŽƐĐŝĞŶƚşĨŝĐŽƐ͕ƉĂƌƚŝĐŝƉĂŶĚŽĚĞĞŶĐŽŶƚƌŽƐ͕ĐŽŶŐƌĞƐƐŽƐĞĚĞŵĂŝƐĞǀĞŶƚŽƐŶĂĄƌĞĂ͕ĞŶƚƌĞŽƵƚƌŽƐ͖
ƐƵƉĞƌǀŝƐŝŽŶĂƌĞĂǀĂůŝĂƌĂƚŽƐŵĠĚŝĐŽƐ͕ĨŝƐĐĂůŝnjĂŶĚŽƚƌĞŝŶĂŵĞŶƚŽƐŵĠĚŝĐŽƐ͕ĞŶƚƌĞŽƵƚƌŽƐ͕ƋƵĂŶĚŽĞŵ
ĂƚƵĂĕĆŽ ĚŽĐĞŶƚĞ – ĂƐƐŝƐƚĞŶĐŝĂů͖ ĐŽůĂďŽƌĂƌ ĐŽŵ Ă ĨŽƌŵĂĕĆŽ Ğ ŶŽ ĂƉƌŝŵŽƌĂŵĞŶƚŽ ĚĞ ŽƵƚƌŽƐ
ƉƌŽĨŝƐƐŝŽŶĂŝƐĚĞƐĂƷĚĞ͕ƐƵƉĞƌǀŝƐŝŽŶĂŶĚŽĞŽƌŝĞŶƚĂŶĚŽĂĕƁĞƐ͕ĞƐƚĄŐŝŽƐĞƉĂƌƚŝĐŝƉĂŶĚŽĚĞƉƌŽŐƌĂŵĂƐ
ĚĞ ƚƌĞŝŶĂŵĞŶƚŽ Ğŵ ƐĞƌǀŝĕŽ͖ ƉƌĞƉĂƌĂƌ ŝŶĨŽƌŵĞƐ Ğ ĚŽĐƵŵĞŶƚŽƐ ĚĞ ĂƐƐƵŶƚŽƐ Ğŵ ŵĞĚŝĐŝŶĂ͕ Ă Ĩŝŵ ĚĞ
ƉŽƐƐŝďŝůŝƚĂƌƐƵďƐşĚŝŽƐƉĂƌĂĞůĂďŽƌĂĕĆŽĚĞŽƌĚĞŶƐĚĞƐĞƌǀŝĕŽƐ͕ƉŽƌƚĂƌŝĂƐ͕ƉĂƌĞĐĞƌĞƐĞŽƵƚƌŽƐ͖ƌĞĂůŝnjĂƌ
ŝŶƐƉĞĕƁĞƐŵĠĚŝĐĂƐƉĂƌĂĞĨĞŝƚŽĚĞƉŽƐƐĞĞŵĐĂƌŐŽƉƷďůŝĐŽ͖ƌĞĂĚĂƉƚĂĕĆŽ͖ƌĞǀĞƌƐĆŽ͖ĂƉƌŽǀĞŝƚĂŵĞŶƚŽ͖
ůŝĐĞŶĕĂ ƉŽƌ ŵŽƚŝǀŽ ĚĞ ĚŽĞŶĕĂ Ğŵ ƉĞƐƐŽĂ ĚĂ ĨĂŵşůŝĂ͖ ĂƉŽƐĞŶƚĂĚŽƌŝĂ͕ ĂƵdžşůŝŽͲĚŽĞŶĕĂ͖ ƐĂůĄƌŝŽ
ŵĂƚĞƌŶŝĚĂĚĞ͖ ƌĞǀŝƐĆŽ ĚĞ ĂƉŽƐĞŶƚĂĚŽƌŝĂ͖ ĂƵdžŝůŝŽ ĂŽ ĨŝůŚŽ ĞdžĐĞƉĐŝŽŶĂů͕ ůŝĐĞŶĕĂ ĂĐŝĚĞŶƚĞ ĚĞ ƚƌĂďĂůŚŽ͕
ŝƐĞŶĕĆŽĚĞŝŵƉŽƐƚŽĚĞƌĞŶĚĂĚĞƐĞƌǀŝĚŽƌĞƐĂƉŽƐĞŶƚĂĚŽƐ͕ĞŶƚƌĞŽƵƚƌŽƐ͕ǀŝƐĂŶĚŽŽĐƵŵƉƌŝŵĞŶƚŽĚĂ
ůĞŐŝƐůĂĕĆŽ͖ƌĞĂůŝnjĂƌŽƵƚƌĂƐŝŶƐƉĞĕƁĞƐŵĠĚŝĐĂƐĚĞĐĂƌĄƚĞƌĞůƵĐŝĚĂƚŝǀŽŽƵĂƉŽŝŽƌĞůĂƚŝǀŽĂĐĂƐŽƐƐƵũĞŝƚŽƐ
ăƉĞƌşĐŝĂ͕ĐŽŶĨŽƌŵĞƐŽůŝĐŝƚĂĕĆŽ͕ďĞŵĐŽŵŽĞdžƉĞĚŝƌůĂƵĚŽĚĞůŝĐĞŶĕĂƉĂƌĂƚƌĞŝŶĂŵĞŶƚŽĚĞƐĂƷĚĞĚŽƐ
ƐĞƌǀŝĚŽƌĞƐ͕ ĞĨĞƚƵĂŶĚŽ ƉĞƌşĐŝĂƐ͕ ĐŽŶĨŽƌŵĞ ƐŽůŝĐŝƚĂĕĆŽ͕ ďĞŵ ĐŽŵŽ ĞdžƉĞĚŝƌ ůĂƵĚŽ ĚĞ ůŝĐĞŶĕĂ ƉĂƌĂ
ƚƌĂƚĂŵĞŶƚŽ ĚĞ ƐĂƷĚĞ ĚŽƐ ƐĞƌǀŝĚŽƌĞƐ͕ ĞĨĞƚƵĂŶĚŽ ƉĞƌşĐŝĂƐ ĚŽŵŝĐŝůŝĂƌĞƐ ŽƵ ŚŽƐƉŝƚĂůĂƌĞƐ͕ ŶĂ
ŝŵƉŽƐƐŝďŝůŝĚĂĚĞĚĞĐŽŵƉĂƌĞĐŝŵĞŶƚŽĚĞƐƚĞƐĂŽůŽĐĂůĚĂƉĞƌşĐŝĂ͖ĐŽŵƉŽƌĂ:ƵŶƚĂDĠĚŝĐĂƉĂƌĂƌĞǀŝƐĆŽ
ĚŽƐ ůĂƵĚŽƐ ŵĠĚŝĐŽƐ Ğ ĂƉƌĞĐŝĂĕĆŽ ĚŽƐ ƉĞĚŝĚŽƐ ĚĞ ƌĞĐŽŶƐŝĚĞƌĂĕĆŽ͕ ƋƵĂŶĚŽ ŶĞĐĞƐƐĄƌŝŽ ĞͬŽƵ
ƐŽůŝĐŝƚĂĕĆŽ͕ďĞŵĐŽŵŽĂƵdžŝůŝĂƌŶŽƐŝŶƋƵĠƌŝƚŽƐĂĚŵŝŶŝƐƚƌĂƚŝǀŽƐĞͬŽƵũƵĚŝĐŝĂŝƐĞĨŝŐƵƌĂƌĐŽŵŽĂƐƐŝƐƚĞŶƚĞ
ƚĠĐŶŝĐŽŶĂƐƉĞƌşĐŝĂƐũƵĚŝĐŝĂŝƐĚĞƐŝŐŶĂĚĂƐ͕ĨŽƌŵƵůĂŶĚŽƋƵĞƐŝƚŽƐ͖ƐŽůŝĐŝƚĂƌ͕ƋƵĂŶĚŽŶĞĐĞƐƐĄƌŝŽ͕ĞdžĂŵĞƐ
ĐŽŵƉůĞŵĞŶƚĂƌ Ğ ƉĂƌĞĐĞƌĞƐ ĚĞ ĞƐƉĞĐŝĂůŝƐƚĂƐ ƉĂƌĂ ŵĞůŚŽƌ ĞůƵĐŝĚĂĕĆŽ ĚŽ ĐĂƐŽ͖ ĐŽŶƐƚŝƚƵŝƌ ĐŽŵŝƐƐƁĞƐ
ŵĠĚŝĐŽͲŚŽƐƉŝƚĂůĂƌĞƐ͕ ĚŝƌĞƚŽƌŝĂƐ ĚĞ ĂƐƐŽĐŝĂĕƁĞƐ Ğ ĞŶƚŝĚĂĚĞƐ ĚĞ ĐůĂƐƐĞ͕ ĂƚĞŶĚĞŶĚŽ ăƐ ĚŝǀĞƌƐĂƐ
ƵŶŝĚĂĚĞƐ ĚĂ WƌĞĨĞŝƚƵƌĂ ƐŽďƌĞ ĂƐƐƵŶƚŽƐ Ğ ĞdžŝŐġŶĐŝĂƐ ĚĞ ƐƵĂ ĨŽƌŵĂĕĆŽ ƚĠĐŶŝĐĂ͖ ĞĨĞƚƵĂƌ ƉĞƌşĐŝĂƐ͕
ĂƵĚŝƚŽƌŝĂƐ Ğ ƐŝŶĚŝĐąŶĐŝĂƐ ŵĠĚŝĐĂƐ ƋƵĂŶĚŽ ĚĞǀŝĚĂŵĞŶƚĞ ĞŶĐĂƌƌĞŐĂĚŽ ĚĞƐƚĂ ĨƵŶĕĆŽ͖ ƌĞĂůŝnjĂƌ ŽƵƚƌĂƐ
ĂƚƌŝďƵŝĕƁĞƐĐŽŵƉĂƚşǀĞŝƐĐŽŵƐƵĂĨŽƌŵĂĕĆŽͬĞƐƉĞĐŝĂůŝnjĂĕĆŽƉƌŽĨŝƐƐŝŽŶĂů͘
ŽŽƌĚĞŶĂƌ Ğ ĞdžĞĐƵƚĂƌ ƉƌŽŐƌĂŵĂƐ͕ ƉƌŽũĞƚŽƐ Ğ ƐĞƌǀŝĕŽƐ ƐŽĐŝĂŝƐ ĚĞƐĞŶǀŽůǀŝĚŽƐ ƉĞůĂ ĂĚŵŝŶŝƐƚƌĂĕĆŽ
ƉƷďůŝĐĂ͕ĚŝƌĞƚĂ͕ŝŶĚŝƌĞƚĂ͕ĞŶƚŝĚĂĚĞƐĞŽƌŐĂŶŝnjĂĕƁĞƐƉŽƉƵůĂƌĞƐĚŽƐŵƵŶŝĐşƉŝŽƐ͕ĞŵĐŽŶĨŽƌŵŝĚĂĚĞĐŽŵ
^h^ĞŽŶƐĞůŚŽƐWƌŽĨŝƐƐŝŽŶĂŝƐĚĞDĞĚŝĐŝŶĂ͕ǀŝƐĂŶĚŽĂƉƌŽŵŽĕĆŽĚĂŵĞůŚŽƌŝĂĚĂƋƵĂůŝĚĂĚĞĚĞǀŝĚĂĚĂ
ƉŽƉƵůĂĕĆŽ͖ƌĞĂůŝnjĂƌƉƌŽĐĞĚŝŵĞŶƚŽƚĠĐŶŝĐŽͲƉƌŽĨŝƐƐŝŽŶĂůĚŝƌŝŐŝĚŽƉĂƌĂĂƉƌĞǀĞŶĕĆŽƉƌŝŵĄƌŝĂ͕ĚĞĨŝŶŝĚĂ
ĐŽŵŽ Ă ƉƌŽŵŽĕĆŽ ĚĂ ƐĂƷĚĞ Ğ Ă ƉƌĞǀĞŶĕĆŽ ĚĂ ŽĐŽƌƌġŶĐŝĂ ĚĞ ĞŶĨĞƌŵŝĚĂĚĞƐ ŽƵ ƉƌŽĨŝůĂdžŝĂ͖ ƌĞĂůŝnjĂƌ
ƉƌŽĐĞĚŝŵĞŶƚŽƚĠĐŶŝĐŽͲƉƌŽĨŝƐƐŝŽŶĂůĚŝƌŝŐŝĚŽƉĂƌĂĂƉƌĞǀĞŶĕĆŽƚĞƌĐŝĄƌŝĂ͕ĚĞĨŝŶŝĚĂĐŽŵŽĂƉƌĞǀĞŶĕĆŽ
ĚĂ ŝŶǀĂůŝĚĞnj ŽƵ ƌĞĂďŝůŝƚĂĕĆŽ ĚŽƐ ĞŶĨĞƌŵŽƐ͖ ƌĞĂůŝnjĂƌ ĐŽŶƐƵůƚĂƐ Ğ ĂƚĞŶĚŝŵĞŶƚŽ ŵĠĚŝĐŽ͕ ĞĨĞƚƵĂŶĚŽ Ă
ĂŶĂŵŶĞƐĞ͕ ĞdžĂŵĞ ĨşƐŝĐŽ͕ ďĞŵ ĐŽŵŽ ƌĞĂůŝnjĂƌ ƉƌŽƉĞĚġƵƚŝĐĂ ŝŶƐƚƌƵŵĞŶƚĂů Ğ ůĞǀĂŶƚĂƌ ŚŝƉſƚĞƐĞƐ
ĚŝĂŐŶſƐƚŝĐĂƐ͖ƐŽůŝĐŝƚĂƌŝŶƚĞƌĐŽŶƐƵůƚĂƐĞĞŵŝƚŝƌĐŽŶƚƌĂƌƌĞĨĞƌġŶĐŝĂƐĞƌĞĂůŝnjĂƌĂƚĞŶĚŝŵĞŶƚŽƐĚĞƵƌŐġŶĐŝĂ
ĞĞŵĞƌŐġŶĐŝĂ͕ďĞŵĐŽŵŽĂƚĞŶĚŝŵĞŶƚŽƐŚŽƐƉŝƚĂůĂƌĞƐĚĞĂĐŽƌĚŽĐŽŵƐƵĂĂƚƌŝďƵŝĕĆŽƚĠĐŶŝĐĂ͖ĞůĂďŽƌĂƌ
DĠĚŝĐŽWĞĚŝĂƚƌĂ
ĚŽĐƵŵĞŶƚŽƐ ŵĠĚŝĐŽƐ͕ ĂƚƵĂŶĚŽ ŶĂ ĞůĂďŽƌĂĕĆŽ ĚĞ ƉƌŽŶƚƵĄƌŝŽƐ͕ ĂƚĞƐƚĂĚŽƐ͕ ƌĞůĂƚſƌŝŽƐ͕ ƉĂƌĞĐĞƌĞƐ͕
ĚĞĐůĂƌĂĕƁĞƐ͕ ĨŽƌŵƵůĄƌŝŽƐ ĚĞ ŶŽƚŝĨŝĐĂĕĆŽ ĐŽŵƉƵůƐſƌŝĂ͕ ĚĞ ĂĐŽƌĚŽ ĐŽŵ ŽƐ ĚŝƚĂŵĞƐ ĐŽŵ ŽŶƐĞůŚŽ
&ĞĚĞƌĂů ĚĞ DĞĚŝĐŝŶĂ͖ ƉƌŽƉŝĐŝĂƌ Ă ƉůĞŶĂ ĂƚĞŶĕĆŽ ƉƌĞƐƚĂĚĂ ĂŽƐ ƵƐƵĄƌŝŽƐ͕ ŝŶƚĞŐƌĂŶĚŽ Ă ĞƋƵŝƉĞ
ŵƵůƚŝƉƌŽĨŝƐƐŝŽŶĂů ĚĞ ƐĂƷĚĞ͕ ĞŶĐĂŵŝŶŚĂŶĚŽ ƉĂĐŝĞŶƚĞƐ ƉĂƌĂ ĂƚĞŶĚŝŵĞŶƚŽ ĞƐƉĞĐŝĂůŝnjĂĚŽ͕ ƌĞƋƵĞƌĞŶĚŽ
ƉĂƌĞĐĞƌĞƐ ƚĠĐŶŝĐŽƐ ;ĐŽŶƚƌĂƌƌĞĨĞƌġŶĐŝĂͿ ĞͬŽƵ ĞdžĂŵĞƐ ĐŽŵƉůĞŵĞŶƚĂƌĞƐ͕ ĂŶĂůŝƐĂŶĚŽ Ğ ŝŶƚĞƌƉƌĞƚĂŶĚŽ
ĞdžĂŵĞƐ ĚŝǀĞƌƐŽƐ͕ ƉĂƌĂ ĞƐƚĂďĞůĞĐĞƌ Ž ĚŝĂŐŶſƐƚŝĐŽ͕ ƉƌŽŐŶſƐƚŝĐŽ Ğ ƉůĂŶŽ ĚĞ ƚƌĂƚĂŵĞŶƚŽ͕ Ğŵ
ĐŽŶĨŽƌŵŝĚĂĚĞĐŽŵŽƐĚŝƚĂŵĞƐĚŽĐſĚŝŐŽĚĞĠƚŝĐĂŵĠĚŝĐĂĚŽŽŶƐĞůŚŽ&ĞĚĞƌĂůĚĞDĞĚŝĐŝŶĂ͖ƌĞĂůŝnjĂƌ
ĐŝƌƵƌŐŝĂƐ ĚĞ ƉĞƋƵĞŶŽ͕ ŵĠĚŝŽ Ğ ŐƌĂŶĚĞ ƉŽƌƚĞ͕ ĚĞ ĂĐŽƌĚŽ ĐŽŵ ƐƵĂ ĂƚƌŝďƵŝĕĆŽ ƚĠĐŶŝĐĂ͖ ŵĂŶƚĞƌ Ž
ƌĞŐŝƐƚƌŽ ĚŽƐ ƵƐƵĄƌŝŽ ĂƚĞŶĚŝĚŽƐ͕ ŝŶĐůƵŝŶĚŽ Ă ĐŽŶĐůƵƐĆŽ ĚŝĂŐŶſƐƚŝĐĂ͕ ƚƌĂƚĂŵĞŶƚŽ͕ ĞǀŽůƵĕĆŽ͕
ƉƌŽĐĞĚŝŵĞŶƚŽƐƚŽŵĂĚŽƐ͕Ă ĨŝŵĚĞĞĨĞƚƵĂƌĂ ŽƌŝĞŶƚĂĕĆŽƚĞƌĂƉġƵƚŝĐĂ ĂĚĞƋƵĂĚĂ͖ĞŵŝƚŝƌĂƚĞƐƚĂĚŽƐĚĞ
18
WƌĞĨĞŝƚƵƌĂDƵŶŝĐŝƉĂůĚĞ ŽŶĐƵƌƐŽWƷďůŝĐŽEǑϬϭͬϮϬϮϰ
^EdZhKZ/KWZK /d>ĚĞZdhZĚĞ/E^Z/O^
ƐĂƷĚĞ͕ĂƉƚŝĚĆŽĨşƐŝĐĂĞŵĞŶƚĂů͕ſďŝƚŽĞŽƵƚƌŽƐĞŵĂĐŽƌĚŽĐŽŵƐƵĂĂƚƌŝďƵŝĕĆŽƚĠĐŶŝĐĂĐŽŵĂĨŝŶĂůŝĚĂĚĞ
ĚĞĂƚĞŶĚĞƌĚĞƚĞƌŵŝŶĂĕƁĞƐůĞŐĂŝƐ͖ĚŝĨƵŶĚŝƌĐŽŶŚĞĐŝŵĞŶƚŽƐŵĠĚŝĐŽƐĞŶƚƌĞƉƌŽĨŝƐƐŝŽŶĂŝƐĚĂĄƌĞĂĞĚĂ
ƉŽƉƵůĂĕĆŽ Ğŵ ŐĞƌĂů͕ ǀŝƐĂŶĚŽ ƉƌŽƉŽƌĐŝŽŶĂƌ ƚƌŽĐĂ ĚĞ ĐŽŶŚĞĐŝŵĞŶƚŽƐ͕ ĚŝǀƵůŐĂƌ ĨĂƚŽƌĞƐ ĚĞ ƌŝƐĐŽƐ Ğ
ŽƵƚƌŽƐ͕ ƉĂƌƚŝĐŝƉĂŶĚŽ ĚŽƐ ŐƌƵƉŽƐ ĞͬŽƵ ƌĞƵŶŝƁĞƐ ĐŽŵƵŶŝƚĄƌŝĂƐ͖ ĚŝĨƵŶĚŝƌ ŽƐ ĐŽŶŚĞĐŝŵĞŶƚŽƐ ŵĠĚŝĐŽƐ
ƉƌĞƉĂƌĂŶĚŽ ŵĂƚĞƌŝĂů ĚŝĚĄƚŝĐŽ͕ ƉƌŽŵŽǀĞŶĚŽ ĂƵůĂƐ͕ ƉĂůĞƐƚƌĂƐ ĚĞƐĞŶǀŽůǀĞŶĚŽ ƉĞƐƋƵŝƐĂƐ͕ ƌĞĚŝŐŝŶĚŽ
ƚƌĂďĂůŚŽƐĐŝĞŶƚşĨŝĐŽƐ͕ƉĂƌƚŝĐŝƉĂŶĚŽĚĞĞŶĐŽŶƚƌŽƐ͕ĐŽŶŐƌĞƐƐŽƐĞĚĞŵĂŝƐĞǀĞŶƚŽƐŶĂĄƌĞĂ͕ĞŶƚƌĞŽƵƚƌŽƐ͖
ƐƵƉĞƌǀŝƐŝŽŶĂƌĞĂǀĂůŝĂƌĂƚŽƐŵĠĚŝĐŽƐ͕ĨŝƐĐĂůŝnjĂŶĚŽƚƌĞŝŶĂŵĞŶƚŽƐŵĠĚŝĐŽƐ͕ĞŶƚƌĞŽƵƚƌŽƐ͕ƋƵĂŶĚŽĞŵ
ĂƚƵĂĕĆŽ ĚŽĐĞŶƚĞ – ĂƐƐŝƐƚĞŶĐŝĂů͖ ĐŽůĂďŽƌĂƌ ĐŽŵ Ă ĨŽƌŵĂĕĆŽ Ğ ŶŽ ĂƉƌŝŵŽƌĂŵĞŶƚŽ ĚĞ ŽƵƚƌŽƐ
ƉƌŽĨŝƐƐŝŽŶĂŝƐĚĞƐĂƷĚĞ͕ƐƵƉĞƌǀŝƐŝŽŶĂŶĚŽĞŽƌŝĞŶƚĂŶĚŽĂĕƁĞƐ͕ĞƐƚĄŐŝŽƐĞƉĂƌƚŝĐŝƉĂŶĚŽĚĞƉƌŽŐƌĂŵĂƐ
ĚĞ ƚƌĞŝŶĂŵĞŶƚŽ Ğŵ ƐĞƌǀŝĕŽ͖ ƉƌĞƉĂƌĂƌ ŝŶĨŽƌŵĞƐ Ğ ĚŽĐƵŵĞŶƚŽƐ ĚĞ ĂƐƐƵŶƚŽƐ Ğŵ ŵĞĚŝĐŝŶĂ͕ Ă Ĩŝŵ ĚĞ
ƉŽƐƐŝďŝůŝƚĂƌƐƵďƐşĚŝŽƐƉĂƌĂĞůĂďŽƌĂĕĆŽĚĞŽƌĚĞŶƐĚĞƐĞƌǀŝĕŽƐ͕ƉŽƌƚĂƌŝĂƐ͕ƉĂƌĞĐĞƌĞƐĞŽƵƚƌŽƐ͖ƌĞĂůŝnjĂƌ
ŝŶƐƉĞĕƁĞƐŵĠĚŝĐĂƐƉĂƌĂĞĨĞŝƚŽĚĞƉŽƐƐĞĞŵĐĂƌŐŽƉƷďůŝĐŽ͖ƌĞĂĚĂƉƚĂĕĆŽ͖ƌĞǀĞƌƐĆŽ͖ĂƉƌŽǀĞŝƚĂŵĞŶƚŽ͖
ůŝĐĞŶĕĂ ƉŽƌ ŵŽƚŝǀŽ ĚĞ ĚŽĞŶĕĂ Ğŵ ƉĞƐƐŽĂ ĚĂ ĨĂŵşůŝĂ͖ ĂƉŽƐĞŶƚĂĚŽƌŝĂ͕ ĂƵdžşůŝŽͲĚŽĞŶĕĂ͖ ƐĂůĄƌŝŽ
ŵĂƚĞƌŶŝĚĂĚĞ͖ ƌĞǀŝƐĆŽ ĚĞ ĂƉŽƐĞŶƚĂĚŽƌŝĂ͖ ĂƵdžŝůŝŽ ĂŽ ĨŝůŚŽ ĞdžĐĞƉĐŝŽŶĂů͕ ůŝĐĞŶĕĂ ĂĐŝĚĞŶƚĞ ĚĞ ƚƌĂďĂůŚŽ͕
ŝƐĞŶĕĆŽĚĞŝŵƉŽƐƚŽĚĞƌĞŶĚĂĚĞƐĞƌǀŝĚŽƌĞƐĂƉŽƐĞŶƚĂĚŽƐ͕ĞŶƚƌĞŽƵƚƌŽƐ͕ǀŝƐĂŶĚŽŽĐƵŵƉƌŝŵĞŶƚŽĚĂ
ůĞŐŝƐůĂĕĆŽ͖ƌĞĂůŝnjĂƌŽƵƚƌĂƐŝŶƐƉĞĕƁĞƐŵĠĚŝĐĂƐĚĞĐĂƌĄƚĞƌĞůƵĐŝĚĂƚŝǀŽŽƵĂƉŽŝŽƌĞůĂƚŝǀŽĂĐĂƐŽƐƐƵũĞŝƚŽƐ
ăƉĞƌşĐŝĂ͕ĐŽŶĨŽƌŵĞƐŽůŝĐŝƚĂĕĆŽ͕ďĞŵĐŽŵŽĞdžƉĞĚŝƌůĂƵĚŽĚĞůŝĐĞŶĕĂƉĂƌĂƚƌĞŝŶĂŵĞŶƚŽĚĞƐĂƷĚĞĚŽƐ
ƐĞƌǀŝĚŽƌĞƐ͕ ĞĨĞƚƵĂŶĚŽ ƉĞƌşĐŝĂƐ͕ ĐŽŶĨŽƌŵĞ ƐŽůŝĐŝƚĂĕĆŽ͕ ďĞŵ ĐŽŵŽ ĞdžƉĞĚŝƌ ůĂƵĚŽ ĚĞ ůŝĐĞŶĕĂ ƉĂƌĂ
ƚƌĂƚĂŵĞŶƚŽ ĚĞ ƐĂƷĚĞ ĚŽƐ ƐĞƌǀŝĚŽƌĞƐ͕ ĞĨĞƚƵĂŶĚŽ ƉĞƌşĐŝĂƐ ĚŽŵŝĐŝůŝĂƌĞƐ ŽƵ ŚŽƐƉŝƚĂůĂƌĞƐ͕ ŶĂ
ŝŵƉŽƐƐŝďŝůŝĚĂĚĞĚĞĐŽŵƉĂƌĞĐŝŵĞŶƚŽĚĞƐƚĞƐĂŽůŽĐĂůĚĂƉĞƌşĐŝĂ͖ĐŽŵƉŽƌĂ:ƵŶƚĂDĠĚŝĐĂƉĂƌĂƌĞǀŝƐĆŽ
ĚŽƐ ůĂƵĚŽƐ ŵĠĚŝĐŽƐ Ğ ĂƉƌĞĐŝĂĕĆŽ ĚŽƐ ƉĞĚŝĚŽƐ ĚĞ ƌĞĐŽŶƐŝĚĞƌĂĕĆŽ͕ ƋƵĂŶĚŽ ŶĞĐĞƐƐĄƌŝŽ ĞͬŽƵ
ƐŽůŝĐŝƚĂĕĆŽ͕ďĞŵĐŽŵŽĂƵdžŝůŝĂƌŶŽƐŝŶƋƵĠƌŝƚŽƐĂĚŵŝŶŝƐƚƌĂƚŝǀŽƐĞͬŽƵũƵĚŝĐŝĂŝƐĞĨŝŐƵƌĂƌĐŽŵŽĂƐƐŝƐƚĞŶƚĞ
ƚĠĐŶŝĐŽŶĂƐƉĞƌşĐŝĂƐũƵĚŝĐŝĂŝƐĚĞƐŝŐŶĂĚĂƐ͕ĨŽƌŵƵůĂŶĚŽƋƵĞƐŝƚŽƐ͖ƐŽůŝĐŝƚĂƌ͕ƋƵĂŶĚŽŶĞĐĞƐƐĄƌŝŽ͕ĞdžĂŵĞƐ
ĐŽŵƉůĞŵĞŶƚĂƌ Ğ ƉĂƌĞĐĞƌĞƐ ĚĞ ĞƐƉĞĐŝĂůŝƐƚĂƐ ƉĂƌĂ ŵĞůŚŽƌ ĞůƵĐŝĚĂĕĆŽ ĚŽ ĐĂƐŽ͖ ĐŽŶƐƚŝƚƵŝƌ ĐŽŵŝƐƐƁĞƐ
ŵĠĚŝĐŽͲŚŽƐƉŝƚĂůĂƌĞƐ͕ ĚŝƌĞƚŽƌŝĂƐ ĚĞ ĂƐƐŽĐŝĂĕƁĞƐ Ğ ĞŶƚŝĚĂĚĞƐ ĚĞ ĐůĂƐƐĞ͕ ĂƚĞŶĚĞŶĚŽ ăƐ ĚŝǀĞƌƐĂƐ
ƵŶŝĚĂĚĞƐ ĚĂ WƌĞĨĞŝƚƵƌĂ ƐŽďƌĞ ĂƐƐƵŶƚŽƐ Ğ ĞdžŝŐġŶĐŝĂƐ ĚĞ ƐƵĂ ĨŽƌŵĂĕĆŽ ƚĠĐŶŝĐĂ͖ ĞĨĞƚƵĂƌ ƉĞƌşĐŝĂƐ͕
ĂƵĚŝƚŽƌŝĂƐ Ğ ƐŝŶĚŝĐąŶĐŝĂƐ ŵĠĚŝĐĂƐ ƋƵĂŶĚŽ ĚĞǀŝĚĂŵĞŶƚĞ ĞŶĐĂƌƌĞŐĂĚŽ ĚĞƐƚĂ ĨƵŶĕĆŽ͖ ƌĞĂůŝnjĂƌ ŽƵƚƌĂƐ
ĂƚƌŝďƵŝĕƁĞƐĐŽŵƉĂƚşǀĞŝƐĐŽŵƐƵĂĨŽƌŵĂĕĆŽͬĞƐƉĞĐŝĂůŝnjĂĕĆŽƉƌŽĨŝƐƐŝŽŶĂů͘
ŽŽƌĚĞŶĂƌ Ğ ĞdžĞĐƵƚĂƌ ƉƌŽŐƌĂŵĂƐ͕ ƉƌŽũĞƚŽƐ Ğ ƐĞƌǀŝĕŽƐ ƐŽĐŝĂŝƐ ĚĞƐĞŶǀŽůǀŝĚŽƐ ƉĞůĂ ĂĚŵŝŶŝƐƚƌĂĕĆŽ
ƉƷďůŝĐĂ͕ĚŝƌĞƚĂ͕ŝŶĚŝƌĞƚĂ͕ĞŶƚŝĚĂĚĞƐĞŽƌŐĂŶŝnjĂĕƁĞƐƉŽƉƵůĂƌĞƐĚŽƐŵƵŶŝĐşƉŝŽƐ͕ĞŵĐŽŶĨŽƌŵŝĚĂĚĞĐŽŵ
^h^ĞŽŶƐĞůŚŽƐWƌŽĨŝƐƐŝŽŶĂŝƐĚĞDĞĚŝĐŝŶĂ͕ǀŝƐĂŶĚŽĂƉƌŽŵŽĕĆŽĚĂŵĞůŚŽƌŝĂĚĂƋƵĂůŝĚĂĚĞĚĞǀŝĚĂĚĂ
ƉŽƉƵůĂĕĆŽ͘ZĞĂůŝnjĂƌƉƌŽĐĞĚŝŵĞŶƚŽƚĠĐŶŝĐŽͲƉƌŽĨŝƐƐŝŽŶĂůĚŝƌŝŐŝĚŽƉĂƌĂĂƉƌĞǀĞŶĕĆŽƉƌŝŵĄƌŝĂ͕ĚĞĨŝŶŝĚĂ
ĐŽŵŽ Ă ƉƌŽŵŽĕĆŽ ĚĂ ƐĂƷĚĞ Ğ Ă ƉƌĞǀĞŶĕĆŽ ĚĂ ŽĐŽƌƌġŶĐŝĂ ĚĞ ĞŶĨĞƌŵŝĚĂĚĞƐ ŽƵ ƉƌŽĨŝůĂdžŝĂ͘ ZĞĂůŝnjĂƌ
ƉƌŽĐĞĚŝŵĞŶƚŽƚĠĐŶŝĐŽͲƉƌŽĨŝƐƐŝŽŶĂůĚŝƌŝŐŝĚŽƉĂƌĂĂƉƌĞǀĞŶĕĆŽƚĞƌĐŝĄƌŝĂ͕ĚĞĨŝŶŝĚĂĐŽŵŽĂƉƌĞǀĞŶĕĆŽ
ĚĂ ŝŶǀĂůŝĚĞnj ŽƵ ƌĞĂďŝůŝƚĂĕĆŽ ĚŽƐ ĞŶĨĞƌŵŽƐ͘ ZĞĂůŝnjĂƌ ĐŽŶƐƵůƚĂƐ Ğ ĂƚĞŶĚŝŵĞŶƚŽ ŵĠĚŝĐŽ͕ ĞĨĞƚƵĂŶĚŽ Ă
ĂŶĂŵŶĞƐĞ͕ ĞdžĂŵĞ ĨşƐŝĐŽ͕ ďĞŵ ĐŽŵŽ ƌĞĂůŝnjĂƌ ƉƌŽƉĞĚġƵƚŝĐĂ ŝŶƐƚƌƵŵĞŶƚĂů Ğ ůĞǀĂŶƚĂƌ ŚŝƉſƚĞƐĞƐ
ĚŝĂŐŶſƐƚŝĐĂƐ͘^ŽůŝĐŝƚĂƌŝŶƚĞƌĐŽŶƐƵůƚĂƐĞĞŵŝƚŝƌĐŽŶƚƌĂͲƌĞĨĞƌĞŶĐŝĂƐĞƌĞĂůŝnjĂƌĂƚĞŶĚŝŵĞŶƚŽƐĚĞƵƌŐġŶĐŝĂ
ĞĞŵĞƌŐġŶĐŝĂ͕ďĞŵĐŽŵŽĂƚĞŶĚŝŵĞŶƚŽƐŚŽƐƉŝƚĂůĂƌĞƐĚĞĂĐŽƌĚŽĐŽŵƐƵĂĂƚƌŝďƵŝĕĆŽƚĠĐŶŝĐĂ͘ůĂďŽƌĂƌ
ĚŽĐƵŵĞŶƚŽƐ ŵĠĚŝĐŽƐ͕ ĂƚƵĂŶĚŽ ŶĂ ĞůĂďŽƌĂĕĆŽ ĚĞ ƉƌŽŶƚƵĄƌŝŽƐ͕ ĂƚĞƐƚĂĚŽƐ͕ ƌĞůĂƚſƌŝŽƐ͕ ƉĂƌĞĐĞƌĞƐ͕
ĚĞĐůĂƌĂĕƁĞƐ͕ ĨŽƌŵƵůĄƌŝŽƐ ĚĞ ŶŽƚŝĨŝĐĂĕĆŽ ĐŽŵƉƵůƐſƌŝĂ͕ ĚĞ ĂĐŽƌĚŽ ĐŽŵ ŽƐ ĚŝƚĂŵĞƐ ĐŽŵ ŽŶƐĞůŚŽ
&ĞĚĞƌĂů ĚĞ DĞĚŝĐŝŶĂ͘ WƌŽƉŝĐŝĂƌ Ă ƉůĞŶĂ ĂƚĞŶĕĆŽ ƉƌĞƐƚĂĚĂ ĂŽƐ ƵƐƵĄƌŝŽƐ͕ ŝŶƚĞŐƌĂŶĚŽ Ă ĞƋƵŝƉĞ
ŵƵůƚŝƉƌŽĨŝƐƐŝŽŶĂů ĚĞ ƐĂƷĚĞ͕ ĞŶĐĂŵŝŶŚĂŶĚŽ ƉĂĐŝĞŶƚĞƐ ƉĂƌĂ ĂƚĞŶĚŝŵĞŶƚŽ ĞƐƉĞĐŝĂůŝnjĂĚŽ͕ ƌĞƋƵĞƌĞŶĚŽ
ƉĂƌĞĐĞƌĞƐƚĠĐŶŝĐŽƐ;ĐŽŶƚƌĂ ͲƌĞĨĞƌġŶĐŝĂͿĞŽƵĞdžĂŵĞƐĐŽŵƉůĞŵĞŶƚĂƌĞƐ͕ĂŶĂůŝƐĂŶĚŽĞŝŶƚĞƌƉƌĞƚĂŶĚŽ
ĞdžĂŵĞƐ ĚŝǀĞƌƐŽƐ͕ ƉĂƌĂ ĞƐƚĂďĞůĞĐĞƌ Ž ĚŝĂŐŶſƐƚŝĐŽ͕ ƉƌŽŐŶſƐƚŝĐŽ Ğ ƉůĂŶŽ ĚĞ ƚƌĂƚĂŵĞŶƚŽ͕ Ğŵ
ĐŽŶĨŽƌŵŝĚĂĚĞĐŽŵŽƐĚŝƚĂŵĞƐĚŽĐſĚŝŐŽĚĞĠƚŝĐĂŵĠĚŝĐĂĚŽŽŶƐĞůŚŽ&ĞĚĞƌĂůĚĞDĞĚŝĐŝŶĂ͘ZĞĂůŝnjĂƌ
DĠĚŝĐŽW^&ͬ^ϰϬŚ
ĐŝƌƵƌŐŝĂƐ ĚĞ ƉĞƋƵĞŶŽ͕ ŵĠĚŝŽ Ğ ŐƌĂŶĚĞ ƉŽƌƚĞ͕ ĚĞ ĂĐŽƌĚŽ ĐŽŵ ƐƵĂ ĂƚƌŝďƵŝĕĆŽ ƚĠĐŶŝĐĂ͘ DĂŶƚĞƌ Ž
ƌĞŐŝƐƚƌŽ ĚŽƐ ƵƐƵĄƌŝŽƐ ĂƚĞŶĚŝĚŽƐ͕ ŝŶĐůƵŝŶĚŽ Ă ĐŽŶĐůƵƐĆŽ ĚŝĂŐŶſƐƚŝĐĂ͕ ƚƌĂƚĂŵĞŶƚŽ͕ ĞǀŽůƵĕĆŽ͕
ƉƌŽĐĞĚŝŵĞŶƚŽƐƚŽŵĂĚŽƐ͕Ă ĨŝŵĚĞ ĞĨĞƚƵĂƌĂ ŽƌŝĞŶƚĂĕĆŽƚĞƌĂƉġƵƚŝĐĂ ĂĚĞƋƵĂĚĂ͘ŵŝƚŝƌĂƚĞƐƚĂĚŽƐĚĞ
ƐĂƷĚĞ͕ĂƉƚŝĚĆŽĨşƐŝĐĂĞŵĞŶƚĂů͕ſďŝƚŽĞŽƵƚƌŽƐĞŵĂĐŽƌĚŽĐŽŵƐƵĂĂƚƌŝďƵŝĕĆŽƚĠĐŶŝĐĂĐŽŵĂĨŝŶĂůŝĚĂĚĞ
ĚĞĂƚĞŶĚĞƌĚĞƚĞƌŵŝŶĂĕƁĞƐůĞŐĂŝƐ͘ŝĨƵŶĚŝƌĐŽŶŚĞĐŝŵĞŶƚŽƐŵĠĚŝĐŽƐĞŶƚƌĞƉƌŽĨŝƐƐŝŽŶĂŝƐĚĂĄƌĞĂĞĚĂ
ƉŽƉƵůĂĕĆŽ Ğŵ ŐĞƌĂů͕ ǀŝƐĂŶĚŽ ƉƌŽƉŽƌĐŝŽŶĂƌ ƚƌŽĐĂ ĚĞ ĐŽŶŚĞĐŝŵĞŶƚŽƐ͕ ĚŝǀƵůŐĂƌ ĨĂƚŽƌĞƐ ĚĞ ƌŝƐĐŽƐ Ğ
ŽƵƚƌŽƐ͕ƉĂƌƚŝĐŝƉĂŶĚŽĚŽƐŐƌƵƉŽƐĞͬŽƵƌĞƵŶŝƁĞƐĐŽŵƵŶŝƚĄƌŝĂƐ͘ŝĨƵŶĚŝƌŽƐĐŽŶŚĞĐŝŵĞŶƚŽƐŵĠĚŝĐŽƐ
ƉƌĞƉĂƌĂŶĚŽ ŵĂƚĞƌŝĂů ĚŝĚĄƚŝĐŽ͕ ƉƌŽŵŽǀĞŶĚŽ ĂƵůĂƐ͕ ƉĂůĞƐƚƌĂƐ ĚĞƐĞŶǀŽůǀĞŶĚŽ ƉĞƐƋƵŝƐĂƐ͕ ƌĞĚŝŐŝŶĚŽ
ƚƌĂďĂůŚŽƐĐŝĞŶƚşĨŝĐŽƐ͕ƉĂƌƚŝĐŝƉĂŶĚŽĚĞĞŶĐŽŶƚƌŽƐ͕ĐŽŶŐƌĞƐƐŽƐĞĚĞŵĂŝƐĞǀĞŶƚŽƐŶĂĄƌĞĂ͕ĞŶƚƌĞŽƵƚƌŽƐ͘
^ƵƉĞƌǀŝƐŝŽŶĂƌĞĂǀĂůŝĂƌĂƚŽƐŵĠĚŝĐŽƐ͕ĨŝƐĐĂůŝnjĂŶĚŽƚƌĞŝŶĂŵĞŶƚŽƐŵĠĚŝĐŽƐ͕ĞŶƚƌĞŽƵƚƌŽƐ͕ƋƵĂŶĚŽĞŵ
ĂƚƵĂĕĆŽ ĚŽĐĞŶƚĞ Ͳ ĂƐƐŝƐƚĞŶĐŝĂů͘ ŽůĂďŽƌĂƌ ĐŽŵ Ă ĨŽƌŵĂĕĆŽ Ğ ŶŽ ĂƉƌŝŵŽƌĂŵĞŶƚŽ ĚĞ ŽƵƚƌŽƐ
ƉƌŽĨŝƐƐŝŽŶĂŝƐĚĞƐĂƷĚĞ͕ƐƵƉĞƌǀŝƐŝŽŶĂŶĚŽĞŽƌŝĞŶƚĂŶĚŽĂĕƁĞƐ͕ĞƐƚĄŐŝŽƐĞƉĂƌƚŝĐŝƉĂŶĚŽĚĞƉƌŽŐƌĂŵĂƐ
ĚĞ ƚƌĞŝŶĂŵĞŶƚŽ Ğŵ ƐĞƌǀŝĕŽ͘ WƌĞƉĂƌĂƌ ŝŶĨŽƌŵĞƐ Ğ ĚŽĐƵŵĞŶƚŽƐ ĚĞ ĂƐƐƵŶƚŽƐ Ğŵ ŵĞĚŝĐŝŶĂ͕ Ă Ĩŝŵ ĚĞ
ƉŽƐƐŝďŝůŝƚĂƌƐƵďƐşĚŝŽƐƉĂƌĂĞůĂďŽƌĂĕĆŽĚĞŽƌĚĞŶƐĚĞƐĞƌǀŝĕŽƐ͕ƉŽƌƚĂƌŝĂƐ͕ƉĂƌĞĐĞƌĞƐĞŽƵƚƌŽƐ͘ZĞĂůŝnjĂƌ
ŝŶƐƉĞĕƁĞƐŵĠĚŝĐĂƐƉĂƌĂĞĨĞŝƚŽĚĞƉŽƐƐĞĞŵĐĂƌŐŽƉƷďůŝĐŽ͖ƌĞĂĚĂƉƚĂĕĆŽ͖ƌĞǀĞƌƐĆŽ͖ĂƉƌŽǀĞŝƚĂŵĞŶƚŽ͖
ůŝĐĞŶĕĂ ƉŽƌ ŵŽƚŝǀŽ ĚĞ ĚŽĞŶĕĂ Ğŵ ƉĞƐƐŽĂ ĚĂ ĨĂŵşůŝĂ͖ ĂƉŽƐĞŶƚĂĚŽƌŝĂ͕ ĂƵdžşůŝŽͲĚŽĞŶĕĂ ͖ ƐĂůĄƌŝŽ
ŵĂƚĞƌŶŝĚĂĚĞ͖ƌĞǀŝƐĆŽĚĞĂƉŽƐĞŶƚĂĚŽƌŝĂ͖ ĂƵdžşůŝŽĂŽĨŝůŚŽĞdžĐĞƉĐŝŽŶĂů͕ůŝĐĞŶĕĂĂĐŝĚĞŶƚĞĚĞƚƌĂďĂůŚŽ͕
19
WƌĞĨĞŝƚƵƌĂDƵŶŝĐŝƉĂůĚĞ ŽŶĐƵƌƐŽWƷďůŝĐŽEǑϬϭͬϮϬϮϰ
^EdZhKZ/KWZK /d>ĚĞZdhZĚĞ/E^Z/O^
ŝƐĞŶĕĆŽĚĞŝŵƉŽƐƚŽĚĞƌĞŶĚĂĚĞƐĞƌǀŝĚŽƌĞƐĂƉŽƐĞŶƚĂĚŽƐ͕ĞŶƚƌĞŽƵƚƌŽƐ͕ǀŝƐĂŶĚŽŽĐƵŵƉƌŝŵĞŶƚŽĚĂ
ůĞŐŝƐůĂĕĆŽ͘ ZĞĂůŝnjĂƌ ŽƵƚƌĂƐ ŝŶƐƉĞĕƁĞƐ ŵĠĚŝĐĂƐ ĚĞ ĐĂƌĄƚĞƌ ĞůƵĐŝĚĂƚŝǀŽ ŽƵ ĂƉŽŝŽ ƌĞůĂƚŝǀŽ Ă ĐĂƐŽƐ
ƐƵũĞŝƚŽƐ ă ƉĞƌşĐŝĂ͕ ĐŽŶĨŽƌŵĞ ƐŽůŝĐŝƚĂĕĆŽ͕ ďĞŵ ĐŽŵŽ ĞdžƉĞĚŝƌ ůĂƵĚŽ ĚĞ ůŝĐĞŶĕĂ ƉĂƌĂ ƚƌĞŝŶĂŵĞŶƚŽ ĚĞ
ƐĂƷĚĞĚŽƐƐĞƌǀŝĚŽƌĞƐ͕ĞĨĞƚƵĂŶĚŽƉĞƌşĐŝĂƐ͕ĐŽŶĨŽƌŵĞƐŽůŝĐŝƚĂĕĆŽ͕ďĞŵĐŽŵŽĞdžƉĞĚŝƌůĂƵĚŽĚĞůŝĐĞŶĕĂ
ƉĂƌĂ ƚƌĂƚĂŵĞŶƚŽ ĚĞ ƐĂƷĚĞ ĚŽƐ ƐĞƌǀŝĚŽƌĞƐ͕ ĞĨĞƚƵĂŶĚŽ ƉĞƌşĐŝĂƐ ĚŽŵŝĐŝůŝĂƌĞƐ ŽƵ ŚŽƐƉŝƚĂůĂƌĞƐ͕ ŶĂ
ŝŵƉŽƐƐŝďŝůŝĚĂĚĞĚĞĐŽŵƉĂƌĞĐŝŵĞŶƚŽĚĞƐƚĞƐĂŽůŽĐĂůĚĂƉĞƌşĐŝĂ͘ŽŵƉŽƌĂ:ƵŶƚĂDĠĚŝĐĂƉĂƌĂƌĞǀŝƐĆŽ
ĚŽƐ ůĂƵĚŽƐ ŵĠĚŝĐŽƐ Ğ ĂƉƌĞĐŝĂĕĆŽ ĚŽƐ ƉĞĚŝĚŽƐ ĚĞ ƌĞĐŽŶƐŝĚĞƌĂĕĆŽ͕ ƋƵĂŶĚŽ ŶĞĐĞƐƐĄƌŝŽ Ğͬ ŽƵ
ƐŽůŝĐŝƚĂĕĆŽ͕ ďĞŵ ĐŽŵŽ ĂƵdžŝůŝĂƌ ŶŽƐ ŝŶƋƵĠƌŝƚŽƐ ĂĚŵŝŶŝƐƚƌĂƚŝǀŽƐ Ğͬ ŽƵ ũƵĚŝĐŝĂŝƐ Ğ ĨŝŐƵƌĂƌ ĐŽŵŽ
ĂƐƐŝƐƚĞŶƚĞ ƚĠĐŶŝĐŽ ŶĂƐ ƉĞƌşĐŝĂƐ ũƵĚŝĐŝĂŝƐ ĚĞƐŝŐŶĂĚĂƐ͕ ĨŽƌŵƵůĂŶĚŽ ƋƵĞƐŝƚŽƐ͘ ^ŽůŝĐŝƚĂƌ͕ ƋƵĂŶĚŽ
ŶĞĐĞƐƐĄƌŝŽ͕ĞdžĂŵĞƐĐŽŵƉůĞŵĞŶƚĂƌĞƐĞƉĂƌĞĐĞƌĞƐĚĞ ĞƐƉĞĐŝĂůŝƐƚĂƐƉĂƌĂ ŵĞůŚŽƌĞůƵĐŝĚĂĕĆŽĚŽĐĂƐŽ͘
ŽŶƐƚŝƚƵŝƌ ĐŽŵŝƐƐƁĞƐ ŵĠĚŝĐŽͲŚŽƐƉŝƚĂůĂƌĞƐ͕ ĚŝƌĞƚŽƌŝĂƐ ĚĞ ĂƐƐŽĐŝĂĕƁĞƐ Ğ ĞŶƚŝĚĂĚĞƐ ĚĞ ĐůĂƐƐĞ͕
ĂƚĞŶĚĞŶĚŽăƐĚŝǀĞƌƐĂƐƵŶŝĚĂĚĞƐĚĂWƌĞĨĞŝƚƵƌĂƐŽďƌĞĂƐƐƵŶƚŽƐĞĞdžŝŐġŶĐŝĂƐĚĞƐƵĂĨŽƌŵĂĕĆŽƚĠĐŶŝĐĂ͘
ĨĞƚƵĂƌƉĞƌşĐŝĂƐ͕ĂƵĚŝƚŽƌŝĂƐĞƐŝŶĚŝĐąŶĐŝĂƐŵĠĚŝĐĂƐƋƵĂŶĚŽĚĞǀŝĚĂŵĞŶƚĞĞŶĐĂƌƌĞŐĂĚŽĚĞƐƚĂĨƵŶĕĆŽ͘
ZĞĂůŝnjĂƌŽƵƚƌĂƐĂƚƌŝďƵŝĕƁĞƐĐŽŵƉĂƚşǀĞŝƐĐŽŵƐƵĂĨŽƌŵĂĕĆŽͬĞƐƉĞĐŝĂůŝnjĂĕĆŽƉƌŽĨŝƐƐŝŽŶĂů͘
ŽŽƌĚĞŶĂƌ Ğ ĞdžĞĐƵƚĂƌ ƉƌŽŐƌĂŵĂƐ͕ ƉƌŽũĞƚŽƐ Ğ ƉŽůşƚŝĐĂƐ ƐŽĐŝĂŝƐ ĚĞƐĞŶǀŽůǀŝĚŽƐ ƉĞůĂ ĂĚŵŝŶŝƐƚƌĂĕĆŽ
ƉƷďůŝĐĂ͕ ĚŝƌĞƚĂ͕ ŝŶĚŝƌĞƚĂ ĐŽŵ ŽƐ ŽŶƐĞůŚŽƐ WƌŽĨŝƐƐŝŽŶĂŝƐ ĚĞ DĞĚŝĐŝŶĂ sĞƚĞƌŝŶĄƌŝĂ͘ ZĞĂůŝnjĂƌ
ĂƚĞŶĚŝŵĞŶƚŽ ĐůşŶŝĐŽ Ğŵ ĂŶŝŵĂŝƐ͘ ZĞĂůŝnjĂƌ Ă ƉƌŽĨŝůĂdžŝĂ͕ ĚŝĂŐŶſƐƚŝĐŽ Ğ ƚƌĂƚĂŵĞŶƚŽ ĚĞ ĚŽĞŶĕĂƐ ĚŽƐ
ĂŶŝŵĂŝƐ͕ ĂƚƌĂǀĠƐ ĚĞ ĞdžĂŵĞƐ ĐůşŶŝĐŽƐ Ğ ůĂďŽƌĂƚŽƌŝĂŝƐ͕ ĐŽůŚĞŶĚŽ ŵĂƚĞƌŝĂů Ğͬ ŽƵƉƌŽĐĞĚĞŶĚŽă ĂŶĄůŝƐĞ
ĂŶĂƚŽŵŽƉĂƚŽůſŐŝĐĂ͕ ŚŝƐƚŽƉĂƚŽůſŐŝĐĂ͕ ŚĞŵĂƚŽůſŐŝĐĂ Ğ ŝŵƵŶŽůſŐŝĐĂ͕ ĞƐƚĂďĞůĞĐĞŶĚŽ Ž ĚŝĂŐŶſƐƚŝĐŽ Ğ Ă
ƚĞƌĂƉġƵƚŝĐĂ ĂƉƌŽƉƌŝĂĚĂ͕ Ă Ĩŝŵ ĚĞ ĂƐƐĞŐƵƌĂƌ Ă ƐĂŶŝĚĂĚĞ ŝŶĚŝǀŝĚƵĂů Ğ ĐŽůĞƚŝǀĂ ĚĞƐƐĞƐ ĂŶŝŵĂŝƐ͘
ŽŶƚƌŝďƵŝƌ͕ĐŽŵĐŽŶŚĞĐŝŵĞŶƚŽƐĚĂĄƌĞĂĚĞDĞĚŝĐŝŶĂsĞƚĞƌŝŶĄƌŝĂĞĂĨŝŶƐ͕ƉĂƌĂŽĚĞƐĞŶǀŽůǀŝŵĞŶƚŽĚĞ
ƚĞĐŶŽůŽŐŝĂƐ ĂƉƌŽƉƌŝĂĚĂƐ ƉĂƌĂ Ă ƉůĞŶĂ ĂƐƐŝƐƚġŶĐŝĂ ă ƐĂƷĚĞ͘ ZĞĐĞďĞƌ Ğ ŝŶǀĞƐƚŝŐĂƌ ĚĞŶƷŶĐŝĂƐ
ƌĞůĂĐŝŽŶĂĚĂƐăǀŝŐŝůąŶĐŝĂƐĂŶŝƚĄƌŝĂ͕ĞŵŝƚŝŶĚŽůĂƵĚŽƐ͕ĂĐŝŽŶĂŶĚŽĂǀŝŐŝůąŶĐŝĂƐĂŶŝƚĄƌŝĂĞĚĞŵĂŝƐſƌŐĆŽƐ
ĐŽŵƉĞƚĞŶƚĞƐ͕ Ă Ĩŝŵ ĚĞ ĂƐƐĞŐƵƌĂƌ Ă ƌĞŐƵůĂƌŝnjĂĕĆŽ ĚĂƐ ĐŽŶĚŝĕƁĞƐ ĚĞ ŚŝŐŝĞŶĞ Ğ ƐĂƷĚĞ͘ ƚƵĂƌ ŶĂ
ƉƌĞǀĞŶĕĆŽ ĚĞ ƌŝƐĐŽƐ ĚĞ ĂŐƌĂǀŽƐ ă ƐĂƷĚĞ ĚĂ ƉŽƉƵůĂĕĆŽ͕ ĂƚƌĂǀĠƐ ĚĞ ǀŝƐŝƚĂƐ ŝŶ ůŽĐŽ͕ ǀĞƌŝĨŝĐĂŶĚŽ͕
ŽƌŝĞŶƚĂŶĚŽ Ğ ƌĞĂůŝnjĂŶĚŽ ĚĞŶƷŶĐŝĂƐ͕ ďĞŵ ĐŽŵŽ ƉƌĞƐƚĂƌ ŝŶĨŽƌŵĂĕƁĞƐ Ğ ŽƌŝĞŶƚĂĕƁĞƐ ă ƉŽƉƵůĂĕĆŽ͕
ĚŝǀƵůŐĂƌĨĂƚŽƌĞƐĚĞƌŝƐĐŽƐĞŽƵƚƌŽƐ͕ƉĂƌƚŝĐŝƉĂŶĚŽĚŽƐŐƌƵƉŽƐĞͬŽƵƌĞƵŶŝƁĞƐĐŽŵƵŶŝƚĄƌŝĂƐ͘ĚŽƚĂƌĞ
ĐƵŵƉƌŝƌ ƉƌŽĐĞĚŝŵĞŶƚŽƐ Ğ ͬ ŽƵ ŝŶƐƚƌƵĕƁĞƐ ĞůĂďŽƌĂĚĂƐ ƉĞůŽƐ ƉƌŽĨŝƐƐŝŽŶĂŝƐ ĚĂ ĞƋƵŝƉĞ ƚĠĐŶŝĐĂ ĚĂ
^ĞĐƌĞƚĂƌŝĂ Ğŵ ƋƵĞ ĞƐƚĄ ůŽƚĂĚŽ͕ ƌĞĨĞƌĞŶƚĞƐ ă ƐƵĂ ĄƌĞĂ ĚĞ ĂƚƵĂĕĆŽ͕ ĨŽƌŶĞĐĞŶĚŽ ƐƵďƐşĚŝŽƐ ƉĂƌĂ Ž
ƉůĂŶĞũĂŵĞŶƚŽĞĞdžĞĐƵĕĆŽĚĂƐWŽůşƚŝĐĂƐĚĞWƌŽŵŽĕĆŽĞWƌĞǀĞŶĕĆŽĞŵ^ĂƷĚĞ͘ƌƚŝĐƵůĂƌŝŶĨŽƌŵĂĕƁĞƐ͕
ũƵŶƚĂŵĞŶƚĞ ĐŽŵ ƉƌŽĨŝƐƐŝŽŶĂŝƐ ĚĞ ŽƵƚƌĂƐ ĄƌĞĂƐ Ğ ŝŶƐƚŝƚƵŝĕƁĞƐ͕ ƉƷďůŝĐĂƐ ŽƵ ƉƌŝǀĂĚĂƐ͕ ƉƌĞƉĂƌĂŶĚŽ
DĠĚŝĐŽsĞƚĞƌŝŶĄƌŝŽ ŝŶĨŽƌŵĞƐ͕ĂƚĞƐƚĂĚŽƐ͕ůĂƵĚŽƐ͕ƉĂƌĞĐĞƌĞƐĞĚĞŵĂŝƐĚŽĐƵŵĞŶƚŽƐ͕ĂĨŝŵĚĞƉŽƐƐŝďŝůŝƚĂƌŽĞŶƚĞŶĚŝŵĞŶƚŽ
ŐůŽďĂů ĚĂƐ ĂĕƁĞƐ ƌĞĨĞƌĞŶƚĞƐ ă ƐƵĂ ĂƚƌŝďƵŝĕĆŽ ƚĠĐŶŝĐĂ͘ ƚĞŶĚĞƌ ĂƐ ĚŝǀĞƌƐĂƐ ƵŶŝĚĂĚĞƐ ĚŽ DƵŶŝĐşƉŝŽ
ƐŽďƌĞ ĂƐƐƵŶƚŽƐ Ğ ĞdžŝŐġŶĐŝĂƐ ƚĠĐŶŝĐĂƐ͕ ďĞŵ ĐŽŵŽ ƉĂƌƚŝĐŝƉĂƌ ĚĞ ĐŽŵŝƐƐƁĞƐ͘ dƌĂďĂůŚĂƌ ƐĞŐƵŝŶĚŽ ŽƐ
ƉƌĞĐĞŝƚŽƐĠƚŝĐŽƐ͕ƐŽďĂĠŐŝĚĞĚŽƐŝŐŝůŽ͕ĐŽŶĨŝĚĞŶĐŝĂůŝĚĂĚĞĞĚĞƌĞƐƉĞŝƚŽĂŽŝŶĚŝǀşĚƵŽĞĐŽŵƵŶŝĚĂĚĞ͘
ƵĚŝƚĂƌ ŽƐ ĂƚĞŶĚŝŵĞŶƚŽƐ Ğ ƉƌŽĐĞĚŝŵĞŶƚŽƐ ǀĞƚĞƌŝŶĄƌŝŽƐ ƌĞĂůŝnjĂĚŽƐ ƉŽƌ ŵĞŝŽ ĚĞ ĐůşŶŝĐĂƐ Ğ ŵĠĚŝĐŽƐ
ǀĞƚĞƌŝŶĄƌŝŽƐĐŽŶƚƌĂƚĂĚŽƐ͕ŵĞĚŝĂŶƚĞĂĚĞƐĆŽĞĐƌĞĚĞŶĐŝĂŵĞŶƚŽũƵŶƚŽĂŽDƵŶŝĐşƉŝŽ͕ĚĞǀĞŶĚŽƐĞŐƵŝƌŽƐ
ĐƌŝƚĠƌŝŽƐ ĞƐƚĂďĞůĞĐŝĚŽƐ ŶĂ >Ğŝ ϰ͘ϮϬϮ͕ ĚĞ ϮϬ ĚĞ ĚĞnjĞŵďƌŽ ĚĞ ϮϬϮϯ Ğ ĚĞŵĂŝƐ ůĞŐŝƐůĂĕƁĞƐ ǀŝŐĞŶƚĞƐ Ğ
ŶŽƌŵĂƐƌĞŐƵůĂŵĞŶƚĂĚŽƌĂƐ͕ƉĂƌĂƉƌĞƐƚĂĕĆŽĚĞƐĞƌǀŝĕŽƐũƵŶƚŽĂŽƐƉƌŽŐƌĂŵĂƐĚĞƉƌŽƚĞĕĆŽĞďĞŵĞƐƚĂƌ
ĂŶŝŵĂů Ğ ƐŝŵŝůĂƌĞƐ͕ ĂƵĚŝƚĂŶĚŽ ŽƐ ĞƐƉĂĕŽƐ ĨşƐŝĐŽƐ ĚĂƐ ĐůşŶŝĐĂƐ ǀĞƚĞƌŝŶĄƌŝĂƐ͕ ĐĂƉĂĐŝĚĂĚĞ ƚĠĐŶŝĐĂ Ğ
ŽƉĞƌĂĐŝŽŶĂů ĚŽƐ ƉƌŽĨŝƐƐŝŽŶĂŝƐ͕ ŝĚĞŶƚŝĨŝĐĂĕĆŽ ĚĞ ĐŽŶĚƵƚĂƐ ƋƵĞ ƉŽƐƐĂŵ ǀŝŽůĂƌ Ž ſĚŝŐŽ ĚĞ ƚŝĐĂ ĚĂ
ƉƌŽĨŝƐƐĆŽ Ğ ŶŽƌŵĂƚŝǀĂƐ ĚŽ &Ds; ŽŶƐĞůŚŽ &ĞĚĞƌĂů ĚĞ DĞĚŝĐŝŶĂ sĞƚĞƌŝŶĄƌŝĂͿ Ğ ZDs ;ŽŶƐĞůŚŽ
ZĞŐŝŽŶĂů ĚĞ DĞĚŝĐŝŶĂ sĞƚĞƌŝŶĄƌŝĂͿ ĞŶƚƌĞ ŽƵƚƌĂƐ ƋƵĞ ƉŽƐƐĂŵ ŝŶĨůƵĞŶĐŝĂƌ ŶĂ ƋƵĂůŝĚĂĚĞ ĚŽ
ĂƚĞŶĚŝŵĞŶƚŽ ƉƌĞƐƚĂĚŽ ĂŽƐ ĂŶŝŵĂŝƐ͘ ZĞĂůŝnjĂƌ Ă ĂĨĞƌŝĕĆŽ ĚŽĐƵŵĞŶƚĂů Ğ ƉƌŽĐĞĚŝŵĞŶƚĂů͕ ĂŶĂůŝƐĂŶĚŽ
ƉƌŽĐĞƐƐŽƐ Ğ ƌĞĐƵƌƐŽƐ ŝŶƐƚĂƵƌĂĚŽƐ͕ ĚĞǀĞŶĚŽ Ğŵŝƚŝƌ ƐĞŵƉƌĞ ƋƵĞ ŶĞĐĞƐƐĄƌŝŽ͕ ůĂƵĚŽƐ ĐŽŶĐůƵƐŝǀŽƐ Ğ
ƉĂƌĞĐĞƌ ĞůƵĐŝĚĂƚŝǀŽ ĂĐĞƌĐĂ ĚĞ ƉƌŽĐĞĚŝŵĞŶƚŽƐ Ğ ĂƚĞŶĚŝŵĞŶƚŽƐ ƌĞĂůŝnjĂĚŽƐ ƉĞůŽƐ ƉƌŽĨŝƐƐŝŽŶĂŝƐ
ĐƌĞĚĞŶĐŝĂĚŽƐ ĂŽ DƵŶŝĐşƉŝŽ͕ ĚĞǀĞŶĚŽ ƉĂƌƚŝĐŝƉĂƌ ĐŽŵŽ ĂƐƐŝƐƚĞŶƚĞ ƚĠĐŶŝĐŽ Ğŵ ƉƌŽĐĞƐƐŽƐ
ĂĚŵŝŶŝƐƚƌĂƚŝǀŽƐ Ğ ũƵĚŝĐŝĂŝƐ͘ ƚƵĂƌ ŶŽƐ ĐĂƐŽƐ ĚĞ ĚĞŶƷŶĐŝĂƐ ĚĞ ŵĂƵƐ ƚƌĂƚŽƐ Ğ ƐĞ ŶĞĐĞƐƐĄƌŝŽ͕ Ğŵŝƚŝƌ
ůĂƵĚŽƐĐŽŵƉƌŽǀĂŶĚŽŽĂƚŽ͘ZĞĂůŝnjĂƌŽƵƚƌĂƐĂƚƌŝďƵŝĕƁĞƐĐŽŵƉĂƚşǀĞŝƐĐŽŵƐƵĂĨƵŶĕĆŽƉƌŽĨŝƐƐŝŽŶĂů͘
ĞƐĐƌŝĕĆŽƐŝŶƚĠƚŝĐĂ͗ŽůĂďŽƌĂƌŶĂƐĂƚŝǀŝĚĂĚĞƐƌĞůĂƚŝǀĂƐĂŽƉůĂŶĞũĂŵĞŶƚŽĞŽƌŐĂŶŝnjĂĕĆŽƉĞĚĂŐſŐŝĐĂ͕ă
ŵĂŶƵƚĞŶĕĆŽ Ğ ĐŽŶƐĞƌǀĂĕĆŽ ĚŽ ƉƌĠĚŝŽ͕ ĚŽ ŵŽďŝůŝĄƌŝŽ͕ ĚĂ ĂůŝŵĞŶƚĂĕĆŽ Ğ ĚŽ ƚƌĂŶƐƉŽƌƚĞ ĞƐĐŽůĂƌ͘
ƐƐĞƐƐŽƌĂƌĞͬŽƵƐƵďƐƚŝƚƵŝƌĂŝƌĞĕĆŽĚĂhŶŝĚĂĚĞĚƵĐĂĐŝŽŶĂů͘
ƚƌŝďƵŝĕƁĞƐdşƉŝĐĂƐ:
ZĞĂůŝnjĂƌ ĂƚŝǀŝĚĂĚĞƐ ĚĞ ƐƵƉŽƌƚĞ ƉĞĚĂŐſŐŝĐŽ ĚŝƌĞƚŽ ă ĚŽĐġŶĐŝĂ ƉĂƌĂ ŽƌŝĞŶƚĂƌ Ž ƉůĂŶĞũĂŵĞŶƚŽ͕
ĂĚŵŝŶŝƐƚƌĂĕĆŽĞŽƌŝĞŶƚĂĕĆŽĚŽƐĚŽĐĞŶƚĞƐ͘
sŝĐĞͲŝƌĞƚŽƌĚĞ
ZĞƐƉŽŶĚĞƌƉĞůĂŝƌĞĕĆŽĚĂƐĐŽůĂŶŽŚŽƌĄƌŝŽƋƵĞůŚĞĠĐŽŶĨŝĂĚŽ͘
ƐĐŽůĂ
^ƵďƐƚŝƚƵŝƌ Ž ŝƌĞƚŽƌ ĚĞ ƐĐŽůĂ Ğŵ ƐƵĂƐ ĂƵƐġŶĐŝĂƐ Ğ ŝŵƉĞĚŝŵĞŶƚŽƐ͕ ŽďĞĚĞĐĞŶĚŽ ĂŽ ƐĞƵ ƌŽů ĚĞ
ĂƚŝǀŝĚĂĚĞƐ͘
ƐƐĞƐƐŽƌĂƌŽŝƌĞƚŽƌĚĞƐĐŽůĂŶŽĚĞƐĞŵƉĞŶŚŽĚĂƐĂƚƌŝďƵŝĕƁĞƐƋƵĞůŚĞƐĆŽƉƌſƉƌŝĂƐ͘
ŽůĂďŽƌĂƌŶĂƐĂƚŝǀŝĚĂĚĞƐƌĞůĂƚŝǀĂƐĂŽƐĞƚŽƌƉĞĚĂŐſŐŝĐŽ͘
ZĞƐƉŽŶƐĂďŝůŝnjĂƌͲƐĞĚŝƌĞƚĂŽƵŝŶĚŝƌĞƚĂŵĞŶƚĞĞŵƋƵĞƐƚƁĞƐƌĞĨĞƌĞŶƚĞƐăŵĂŶƵƚĞŶĕĆŽĞĐŽŶƐĞƌǀĂĕĆŽĚŽ
ƉƌĠĚŝŽĞŵŽďŝůŝĄƌŝŽĞƐĐŽůĂƌ͘
20
WƌĞĨĞŝƚƵƌĂDƵŶŝĐŝƉĂůĚĞ ŽŶĐƵƌƐŽWƷďůŝĐŽEǑϬϭͬϮϬϮϰ
^EdZhKZ/KWZK /d>ĚĞZdhZĚĞ/E^Z/O^
^ƵƉĞƌǀŝƐŝŽŶĂƌ Ž ĐŽŶƚƌŽůĞ͕ ƌĞĐĞďŝŵĞŶƚŽ Ğ ĚŝƐƚƌŝďƵŝĕĆŽ ĚĂ ŵĞƌĞŶĚĂ ĞƐĐŽůĂƌ͕ ŵĂƚĞƌŝĂŝƐ ƉĞĚĂŐſŐŝĐŽƐ͕
ůŝŵƉĞnjĂĞŽƵƚƌŽƐ͘
WĂƌƚŝĐŝƉĂƌĚĞĞƐƚƵĚŽƐĞĚĞůŝďĞƌĂĕƁĞƐƋƵĞĂĨĞƚĞŵŽƉƌŽĐĞƐƐŽĞĚƵĐĂĐŝŽŶĂů͘
ŽůĂďŽƌĂƌ ĐŽŵ Ž ŝƌĞƚŽƌ ĚĞ ƐĐŽůĂ ŶŽ ĐƵŵƉƌŝŵĞŶƚŽ ĚŽƐ ŚŽƌĄƌŝŽƐ ĚŽƐ ĚŽĐĞŶƚĞƐ͕ ĚŝƐĐĞŶƚĞƐ Ğ
ĨƵŶĐŝŽŶĄƌŝŽƐ͘
ĐŽŵƉĂŶŚĂƌ Ğ ƐƵƉĞƌǀŝƐŝŽŶĂƌ Ž ĨƵŶĐŝŽŶĂŵĞŶƚŽ ĚĂ ĞƐĐŽůĂ͕ njĞůĂŶĚŽ ƉĞůŽ ƉĂƚƌŝŵƀŶŝŽ͕ ƉĞůŽ
ĐƵŵƉƌŝŵĞŶƚŽĚĂůĞŐŝƐůĂĕĆŽĞŶŽƌŵĂƐĞĚƵĐĂĐŝŽŶĂŝƐĞƉĞůŽƉĂĚƌĆŽĚĞƋƵĂůŝĚĂĚĞĚĞĞŶƐŝŶŽ͘
ĐŽŵƉĂŶŚĂƌĞƉĂƌƚŝĐŝƉĂƌĚĂĞůĂďŽƌĂĕĆŽĞĂĞdžĞĐƵĕĆŽĚĂWƌŽƉŽƐƚĂWĞĚĂŐſŐŝĐĂĚĂƐĐŽůĂ͘
ƐƚŝŵƵůĂƌĂŝŶŽǀĂĕĆŽĞŵĞůŚŽƌŝĂĚŽƉƌŽĐĞƐƐŽĞĚƵĐĂĐŝŽŶĂů͘
ĐŽŵƉĂŶŚĂƌ͕ ĐŽŵ Ž ŝƌĞƚŽƌ ĚĞ ƐĐŽůĂ͕ Ž ƉƌŽĐĞƐƐŽ ĚĞ ĚĞƐĞŶǀŽůǀŝŵĞŶƚŽ ĚŽƐ ĞƐƚƵĚĂŶƚĞƐ͕ Ğŵ
ĐŽůĂďŽƌĂĕĆŽĐŽŵŽƐĚŽĐĞŶƚĞƐĞĂƐĨĂŵşůŝĂƐ͘
ƐƐĞƐƐŽƌĂƌĂĚŝƌĞĕĆŽƐŽďƌĞŽƐƉƌŽĐĞƐƐŽƐĚĞĐůĂƐƐŝĨŝĐĂĕĆŽĞƌĞĐůĂƐƐŝĨŝĐĂĕĆŽĚŽƐĂůƵŶŽƐŶŽƐƚĞƌŵŽƐĚĂƐ
ŶŽƌŵĂƚŝǀĂƐǀŝŐĞŶƚĞƐ͘
ZĞƐƉŽŶƐĂďŝůŝnjĂƌͲƐĞ͕ũƵŶƚŽĐŽŵŽĚŝƌĞƚŽƌ͕ƉĞůĂďƵƐĐĂĂƚŝǀĂĚŽƐĂůƵŶŽƐĐŽŵďĂŝdžĂĨƌĞƋƵġŶĐŝĂ͘
/ŶĐĞŶƚŝǀĂƌ ŽƐ ƉĂŝƐ͕ ƉƌŽĨĞƐƐŽƌĞƐ͕ ĂůƵŶŽƐ Ğ ĨƵŶĐŝŽŶĄƌŝŽƐ Ă ƉĂƌƚŝĐŝƉĂƌĞŵ ĚĞ ƉƌŽũĞƚŽƐ ƉƌŽƉŽƐƚŽƐ ƉĞůŽ
DƵŶŝĐşƉŝŽ͘
džĞĐƵƚĂƌ ŽƵƚƌĂƐ ĂƚƌŝďƵŝĕƁĞƐ ĐŽƌƌĞůĂƚĂƐ ăƐ ĂĐŝŵĂ ĚĞƐĐƌŝƚĂƐ͕ ĚĞ ĂĐŽƌĚŽ ĐŽŵ Ž ĞƐƚĂďĞůĞĐŝĚŽ ƉĞůĂ
^ĞĐƌĞƚĂƌŝĂDƵŶŝĐŝƉĂůĚĞĚƵĐĂĕĆŽĞͬŽƵĂĐƌŝƚĠƌŝŽĚĞƐĞƵƐƵƉĞƌŝŽƌŝŵĞĚŝĂƚŽƉŽƌŵĞŝŽĚĞĚĞĐƌĞƚŽ͘
ĞƐĐƌŝĕĆŽ ƐŝŶƚĠƚŝĐĂ͗ ƐƐĞƐƐŽƌĂƌ͕ ŽƌŝĞŶƚĂƌ͕ ŵŽŶŝƚŽƌĂƌ͕ ĂĐŽŵƉĂŶŚĂƌ͕ ĂǀĂůŝĂƌ Ğ ƐƵďƐŝĚŝĂƌ Ă ĞƋƵŝƉĞ
ĞƐĐŽůĂƌŶŽĚĞƐĞŶǀŽůǀŝŵĞŶƚŽĚĞĐĂƉĂĐŝĚĂĚĞƐĞĂƚŝƚƵĚĞƐŶĞĐĞƐƐĄƌŝĂƐƉĂƌĂĂƉƌŽŵŽĕĆŽĚĂƋƵĂůŝĚĂĚĞĚĂ
ĞĚƵĐĂĕĆŽĞŶŽĐŽŵƉƌŽŵĞƚŝŵĞŶƚŽĐŽŵĂƐĂƉƌĞŶĚŝnjĂŐĞŶƐĚŽƐĞƐƚƵĚĂŶƚĞƐ͘
ƚƌŝďƵŝĕƁĞƐ dşƉŝĐĂƐ͗ ĞƐĞŶǀŽůǀĞƌ ĂƚŝǀŝĚĂĚĞƐ ĚĞ ƐƵƉŽƌƚĞ ƉĞĚĂŐſŐŝĐŽ ǀŽůƚĂĚĂƐ ƉĂƌĂ ƐƵƉĞƌǀŝƐĆŽ͕
ĂƐƐĞƐƐŽƌĂŵĞŶƚŽ͕ŽƌŝĞŶƚĂĕĆŽ͕ĂĐŽŵƉĂŶŚĂŵĞŶƚŽĞŝŶƐƉĞĕĆŽĞƐĐŽůĂƌ͘
WƌŽŵŽǀĞƌŽĂĐŽŵƉĂŶŚĂŵĞŶƚŽ͕ŽĐŽŶƚƌŽůĞĞĂ ĂǀĂůŝĂĕĆŽĚĂƐWƌŽƉŽƐƚĂƐWĞĚĂŐſŐŝĐĂƐĚĂƐƐĐŽůĂƐĚŽ
^ŝƐƚĞŵĂDƵŶŝĐŝƉĂůĚĞŶƐŝŶŽ͘
ƐƐĞŐƵƌĂƌ Ă ĐŽŶƐƚĂŶƚĞ ƌĞƚƌŽ ŝŶĨŽƌŵĂĕĆŽ ăƐ WƌŽƉŽƐƚĂƐ WĞĚĂŐſŐŝĐĂƐ ĚĂƐ ƐĐŽůĂƐ ĚĞ ƐƵĂ ĄƌĞĂ ĚĞ
ĂƚƵĂĕĆŽ͘
ƐƐĞƐƐŽƌĂƌ͕ ƚĞĐŶŝĐĂŵĞŶƚĞ͕ ŽƐ ĚŝƌĞƚŽƌĞƐ ƐŽďƌĞ Ă ĞůĂďŽƌĂĕĆŽ͕ ĞdžĞĐƵĕĆŽ Ğ ĂǀĂůŝĂĕĆŽ ĚĂƐ WƌŽƉŽƐƚĂƐ
WĞĚĂŐſŐŝĐĂƐĞƉƌŽũĞƚŽƐƌĞĨĞƌĞŶƚĞƐăƐƐƵĂƐƵŶŝĚĂĚĞƐĞƐĐŽůĂƌĞƐ͘
ŽŵƉĂƚŝďŝůŝnjĂƌŽƐƉƌŽũĞƚŽƐĚĂĄƌĞĂĂĚŵŝŶŝƐƚƌĂƚŝǀĂĞƚĠĐŶŝĐŽͲƉĞĚĂŐſŐŝĐŽƐ͕ĂŶşǀĞůŝŶƚĞƌĞƐĐŽůĂƌ͕ĐŽŵĂ
^ĞĐƌĞƚĂƌŝĂDƵŶŝĐŝƉĂůĚĞĚƵĐĂĕĆŽ͘
ƵŝĚĂƌ ƉĂƌĂ ƋƵĞ Ă ƉƌŽƉŽƐƚĂ ĞĚƵĐĂĐŝŽŶĂů ĚĂ ZĞĚĞ DƵŶŝĐŝƉĂů ƐĞũĂ ƐĞŐƵŝĚĂ͕ ƌĞƐƉĞŝƚĂŶĚŽ ĂƐ
ƉĞĐƵůŝĂƌŝĚĂĚĞƐĚĞĐĂĚĂƵŶŝĚĂĚĞĞƐĐŽůĂƌ͘
ƐƚŝŵƵůĂƌĂŝŶŽǀĂĕĆŽĞŵĞůŚŽƌŝĂĚŽƉƌŽĐĞƐƐŽĞĚƵĐĂĐŝŽŶĂů͘
ŶĂůŝƐĂƌŽƐĚĂĚŽƐƌĞůĂƚŝǀŽƐăƐĞƐĐŽůĂƐƋƵĞŝŶƚĞŐƌĂŵĂ^ĞĐƌĞƚĂƌŝĂDƵŶŝĐŝƉĂůĚĞĚƵĐĂĕĆŽĞĞůĂďŽƌĂƌ
ĂůƚĞƌŶĂƚŝǀĂƐĚĞƐŽůƵĕĆŽƉĂƌĂŽƐƉƌŽďůĞŵĂƐĞƐƉĞĐşĨŝĐŽƐĚĞĐĂĚĂŶşǀĞůĞŵŽĚĂůŝĚĂĚĞĚĞĞŶƐŝŶŽ͘
ƵŵƉƌŝƌ Ğ ĨĂnjĞƌ ĐƵŵƉƌŝƌ ĂƐ ĚŝƐƉŽƐŝĕƁĞƐ ůĞŐĂŝƐ ƌĞůĂƚŝǀĂƐ ă ŽƌŐĂŶŝnjĂĕĆŽ ƉĞĚĂŐſŐŝĐĂ Ğ ĂĚŵŝŶŝƐƚƌĂƚŝǀĂ
ĚĂƐĞƐĐŽůĂƐ͕ďĞŵĐŽŵŽĂƐŶŽƌŵĂƐĞĚŝƌĞƚƌŝnjĞƐĞŵĂŶĂĚĂƐĚĞſƌŐĆŽƐƐƵƉĞƌŝŽƌĞƐ͘
^ƵƉĞƌǀŝƐŽƌĚĞŶƐŝŶŽ 'ĂƌĂŶƚŝƌŽĨůƵdžŽƌĞĐşƉƌŽĐŽĚĂƐŝŶĨŽƌŵĂĕƁĞƐĞŶƚƌĞĂƐƵŶŝĚĂĚĞƐĞƐĐŽůĂƌĞƐĞĂ^ĞĐƌĞƚĂƌŝĂDƵŶŝĐŝƉĂůĚĞ
ĚƵĐĂĕĆŽ͕ĂƚƌĂǀĠƐĚĞǀŝƐŝƚĂƐƌĞŐƵůĂƌĞƐĞĚĞƌĞƵŶŝƁĞƐĐŽŵƐĞƵƐĚŝƌĞƚŽƌĞƐĞƉƌŽĨĞƐƐŽƌĞƐ͘
ŝĂŐŶŽƐƚŝĐĂƌĂŶĞĐĞƐƐŝĚĂĚĞĚĞŽĨĞƌƚĂĚĞĐƵƌƐŽƐĚĞĂƉĞƌĨĞŝĕŽĂŵĞŶƚŽĞĂƚƵĂůŝnjĂĕĆŽĚŽƐƉƌŽĨĞƐƐŽƌĞƐĞ
ƐƵŐĞƌŝƌŵĞĚŝĚĂƐƉĂƌĂĂƚĞŶĚġͲůĂƐ͘
ůĂďŽƌĂƌƉĂƌĞĐĞƌĞƐ͕ƌĞĂůŝnjĂƌĞƐƚƵĚŽƐĞĚĞƐĞŶǀŽůǀĞƌĂƚŝǀŝĚĂĚĞƐƌĞůĂĐŝŽŶĂĚĂƐăƐƵƉĞƌǀŝƐĆŽĚĞĞŶƐŝŶŽ͘
ŽůĂďŽƌĂƌŶĂĚŝĨƵƐĆŽĞŝŵƉůĞŵĞŶƚĂĕĆŽĚĞƉƌŽũĞƚŽƐĞƉƌŽŐƌĂŵĂƐĞůĂďŽƌĂĚŽƐƉĞůŽƐſƌŐĆŽƐƐƵƉĞƌŝŽƌĞƐ͘
ƉůŝĐĂƌŝŶƐƚƌƵŵĞŶƚŽƐĚĞĂŶĄůŝƐĞƉĂƌĂĂǀĂůŝĂƌŽĚĞƐĞŵƉĞŶŚŽŐůŽďĂůĚŽ^ŝƐƚĞŵĂDƵŶŝĐŝƉĂůĚĞŶƐŝŶŽ
ĞŵƐĞƵƐƚƌĂďĂůŚŽƐĂĚŵŝŶŝƐƚƌĂƚŝǀŽƐĞƉĞĚĂŐſŐŝĐŽƐ͘
ƐƐĞƐƐŽƌĂƌ Ă ^ĞĐƌĞƚĂƌŝĂ DƵŶŝĐŝƉĂů ĚĞ ĚƵĐĂĕĆŽ Ğŵ ƐƵĂ ƉƌŽŐƌĂŵĂĕĆŽ ŐůŽďĂů Ğ ŶĂƐ ƐƵĂƐ ƚĂƌĞĨĂƐ
ĂĚŵŝŶŝƐƚƌĂƚŝǀĂƐĞƉĞĚĂŐſŐŝĐĂƐ͘
sĞƌŝĨŝĐĂƌĂƐĐŽŶĚŝĕƁĞƐƉĂƌĂŽĨƵŶĐŝŽŶĂŵĞŶƚŽĚŽƐĞƐƚĂďĞůĞĐŝŵĞŶƚŽƐŵƵŶŝĐŝƉĂŝƐĚĞĚƵĐĂĕĆŽĄƐŝĐĂĞ
ĂƐ ĐŽŶĚŝĕƁĞƐ ƉĂƌĂ ĂƵƚŽƌŝnjĂĕĆŽ Ğ ĨƵŶĐŝŽŶĂŵĞŶƚŽ ĚŽƐ ĞƐƚĂďĞůĞĐŝŵĞŶƚŽƐ ƉĂƌƚŝĐƵůĂƌĞƐ ĚĞ ĚƵĐĂĕĆŽ
/ŶĨĂŶƚŝů͘
džĂŵŝŶĂƌ Ğ ǀŝƐƚĂƌ ĚŽĐƵŵĞŶƚŽƐ ĚŽƐ ƐĞƌǀŝĚŽƌĞƐ Ğ ĚĂ ǀŝĚĂ ĞƐĐŽůĂƌ ĚŽ ĂůƵŶŽ͕ ďĞŵ ĐŽŵŽ ŽƐ ůŝǀƌŽƐ Ğ
ƌĞŐŝƐƚƌŽƐĚŽĞƐƚĂďĞůĞĐŝŵĞŶƚŽĚĞĞŶƐŝŶŽ͘
^ƵŐĞƌŝƌŵĞĚŝĚĂƐƉĂƌĂŽďŽŵĨƵŶĐŝŽŶĂŵĞŶƚŽĚĂƐĞƐĐŽůĂƐƐŽďƐƵĂƐƵƉĞƌǀŝƐĆŽ͘
WƌĞƐƚĂƌĂƚĞŶĚŝŵĞŶƚŽŶŽ ^ĞƚŽƌĚĞ^ƵƉĞƌǀŝƐĆŽĚĞŶƐŝŶŽ͕ĂŽƐŵƵŶşĐŝƉĞƐ͕ĂŽƐŽŶƐĞůŚŽƐdƵƚĞůĂƌĞƐ͕ ă
WƌŽŵŽƚŽƌŝĂ ĚĂ /ŶĨąŶĐŝĂ Ğ :ƵǀĞŶƚƵĚĞ Ğ ĂŽ WŽĚĞƌ :ƵĚŝĐŝĄƌŝŽ Ͳ sĂƌĂ ĚĂ /ŶĨąŶĐŝĂ Ğ :ƵǀĞŶƚƵĚĞ Ğŵ ƐƵĂƐ
ĚĞŵĂŶĚĂƐ͘
džĞĐƵƚĂƌ ŽƵƚƌĂƐ ĂƚƌŝďƵŝĕƁĞƐ ĐŽƌƌĞůĂƚĂƐ ăƐ ĂĐŝŵĂ ĚĞƐĐƌŝƚĂƐ͕ ĚĞ ĂĐŽƌĚŽ ĐŽŵ Ž ĞƐƚĂďĞůĞĐŝĚŽ ƉĞůĂ
^ĞĐƌĞƚĂƌŝĂDƵŶŝĐŝƉĂůĚĞĚƵĐĂĕĆŽƉŽƌŵĞŝŽĚĞĚĞĐƌĞƚŽ
21
WƌĞĨĞŝƚƵƌĂDƵŶŝĐŝƉĂůĚĞ ŽŶĐƵƌƐŽWƷďůŝĐŽEǑϬϭͬϮϬϮϰ
^EdZhKZ/KWZK /d>ĚĞZdhZĚĞ/E^Z/O^
EyK//–KEdjKWZK'ZDd/K
➔/^/W>/E^W>/K'Z>͗
Ͳ>1E'hWKZdh'h^/EdZWZdKdydK^;WZdKK^K^DWZ'K^͕ydKsK'KͿ͗
>ĞŝƚƵƌĂ Ğ ŝŶƚĞƌƉƌĞƚĂĕĆŽ ĚĞ ƚĞdžƚŽƐ ůŝƚĞƌĄƌŝŽƐ Ğ ŶĆŽ ůŝƚĞƌĄƌŝŽƐ – ĚĞƐĐƌŝĕĆŽ͕ ŶĂƌƌĂĕĆŽ͕ ĚŝƐƐĞƌƚĂĕĆŽ͕ ŝŶũƵŶĕĆŽ ĞƚĐ͘ 'ƌĂŵĄƚŝĐĂ Ğ
KƌƚŽŐƌĂĨŝĂ͗ EŽǀŽ ĂĐŽƌĚŽ ŽƌƚŽŐƌĄĨŝĐŽ ĚĂ >şŶŐƵĂ WŽƌƚƵŐƵĞƐĂ͘ &ŽŶĠƚŝĐĂ͗ ŶĐŽŶƚƌŽƐ ǀŽĐĄůŝĐŽƐ – ĚŝƚŽŶŐŽ͕ ƚƌŝƚŽŶŐŽ͕ ŚŝĂƚŽ͘
ŶĐŽŶƚƌŽƐ ĐŽŶƐŽŶĂŶƚĂŝƐ͘ şŐƌĂĨŽƐ͘ ůĂƐƐŝĨŝĐĂĕĆŽ ĚĂƐ ƉĂůĂǀƌĂƐ ƋƵĂŶƚŽ ĂŽ ŶƷŵĞƌŽ ĚĞ ƐşůĂďĂƐ Ͳ ŵŽŶŽƐƐşůĂďĂƐ͕ ĚŝƐƐşůĂďĂƐ͕
ƚƌŝƐƐşůĂďĂƐ͕ ƉŽůŝƐƐşůĂďĂƐ͘ ŝǀŝƐĆŽ ƐŝůĄďŝĐĂ͘ ^şůĂďĂ ƚƀŶŝĐĂ͘ ůĂƐƐŝĨŝĐĂĕĆŽ ĚĂƐ ƉĂůĂǀƌĂƐ ƋƵĂŶƚŽ ĂŽ ĂĐĞŶƚŽ ƚƀŶŝĐŽ Ͳ ŽdžşƚŽŶĂƐ͕
ƉĂƌŽdžşƚŽŶĂƐ͕ƉƌŽƉĂƌŽdžşƚŽŶĂƐ͘KƌƚŽĞƉŝĂ͘WƌŽƐſĚŝĂ͘KƌƚŽŐƌĂĨŝĂ͘ĐĞŶƚƵĂĕĆŽ'ƌĄĨŝĐĂ͘ƌĂƐĞ͘EŽƚĂĕƁĞƐůĠdžŝĐĂƐ͘ďƌĞǀŝĂƚƵƌĂ͕ƐŝŐůĂƐ
ĞƐşŵďŽůŽƐ͘DŽƌĨŽůŽŐŝĂ͗ƐƚƌƵƚƵƌĂĚĂƐƉĂůĂǀƌĂƐ–ƌĂŝnj͕ƌĂĚŝĐĂů͕ƉĂůĂǀƌĂƐƉƌŝŵŝƚŝǀĂƐĞĚĞƌŝǀĂĚĂƐ͕ƉĂůĂǀƌĂƐƐŝŵƉůĞƐĞĐŽŵƉŽƐƚĂƐ͘
&ŽƌŵĂĕĆŽĚĂƐƉĂůĂǀƌĂƐ–ĚĞƌŝǀĂĕĆŽ͕ĐŽŵƉŽƐŝĕĆŽ͕ƌĞĚƵĕĆŽ͕ŚŝďƌŝĚŝƐŵŽƐ͘^ƵĨŝdžŽƐ͘WƌĞĨŝdžŽƐ͘ZĂĚŝĐĂŝƐ͘ůĂƐƐŝĨŝĐĂĕĆŽĞĨůĞdžĆŽĚĂƐ
ƉĂůĂǀƌĂƐ Ͳ ƐƵďƐƚĂŶƚŝǀŽ͕ ĂƌƚŝŐŽ͕ ĂĚũĞƚŝǀŽ͕ ŶƵŵĞƌĂů͕ ƉƌŽŶŽŵĞ͕ ǀĞƌďŽ͕ ĂĚǀĠƌďŝŽ͕ ƉƌĞƉŽƐŝĕĆŽ͕ ĐŽŶũƵŶĕĆŽ͕ ŝŶƚĞƌũĞŝĕĆŽ ĞƚĐ͘
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ĚĂ KƌĂĕĆŽ Ͳ ƐƵũĞŝƚŽ͕ ƉƌĞĚŝĐĂĚŽ͘ dĞƌŵŽƐ ŝŶƚĞŐƌĂŶƚĞƐ Ğ ĂĐĞƐƐſƌŝŽƐ ĚĂ ŽƌĂĕĆŽ Ͳ ŽďũĞƚŽ ĚŝƌĞƚŽ͕ ŽďũĞƚŽ ŝŶĚŝƌĞƚŽ͕ ĐŽŵƉůĞŵĞŶƚŽ
ŶŽŵŝŶĂů͕ĂŐĞŶƚĞĚĂƉĂƐƐŝǀĂ͕ĂĚũƵŶƚŽĂĚŶŽŵŝŶĂů͕ĂĚũƵŶƚŽĂĚǀĞƌďŝĂů͕ĂƉŽƐƚŽ͕ǀŽĐĂƚŝǀŽĞƚĐ͘ůĂƐƐŝĨŝĐĂĕĆŽĚĂƐŽƌĂĕƁĞƐ͗ƉƌŝŶĐŝƉĂů͕
ĐŽŽƌĚĞŶĂĚĂƐ͕ƐƵďŽƌĚŝŶĂĚĂƐ͕ƌĞĚƵnjŝĚĂƐĞƚĐ͘^ŝŶĂŝƐĚĞWŽŶƚƵĂĕĆŽ͗ǀşƌŐƵůĂ͕ƉŽŶƚŽͲĞͲǀşƌŐƵůĂ͕ĚŽŝƐͲƉŽŶƚŽƐ͕ƉŽŶƚŽĨŝŶĂů͕ƉŽŶƚŽĚĞ
ŝŶƚĞƌƌŽŐĂĕĆŽ͕ ƉŽŶƚŽ ĚĞ ĞdžĐůĂŵĂĕĆŽ͕ ƌĞƚŝĐġŶĐŝĂƐ͕ ƉĂƌġŶƚĞƐĞƐ͕ ƚƌĂǀĞƐƐĆŽ͕ ĂƐƉĂƐ͕ ĐŽůĐŚĞƚĞƐ͕ ĂƐƚĞƌŝƐĐŽ͕ ƉĂƌĄŐƌĂĨŽ͘ ^ŝŶƚĂdžĞ ĚĞ
ĐŽŶĐŽƌĚąŶĐŝĂ – ŶŽŵŝŶĂů Ğ ǀĞƌďĂů͘ ZĞŐġŶĐŝĂ ŶŽŵŝŶĂů Ğ ǀĞƌďĂů͘ ^ŝŶƚĂdžĞ ĚĞ ĐŽůŽĐĂĕĆŽ͘ DŽĚŽƐ Ğ ƚĞŵƉŽƐ ǀĞƌďĂŝƐ͕ ŝŶĨŝŶŝƚŝǀŽ͕
ŐĞƌƷŶĚŝŽĞƉĂƌƚŝĐşƉŝŽ͘
/>/K'Z&/Z&ZE/>
>ŝǀƌŽƐ͕ŽŵƉġŶĚŝŽƐĞWƵďůŝĐĂĕƁĞƐ/ŶƐƚŝƚƵĐŝŽŶĂŝƐ͗
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'>>͕ŽŵŝŶŐŽƐWĂƐĐŚŽĂů͘EŽǀşƐƐŝŵĂ'ƌĂŵĄƚŝĐĂĚĂ>şŶŐƵĂWŽƌƚƵŐƵĞƐĂ͘ϱϲǐĞĚ͘ŽŵƉĂŶŚŝĂĚŝƚŽƌĂEĂĐŝŽŶĂů͕ϮϬϬϳ͘
,Kh/^^͕ŶƚŽŶŝŽ͘ŝĐŝŽŶĄƌŝŽ,ŽƵĂŝƐƐĚĞ^ŝŶƀŶŝŵŽƐĞŶƚƀŶŝŵŽƐ͘ϭǐĞĚ͘WƵďůŝĨŽůŚĂ͕ϮϬϭϭ͘
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^EK&Z>͘ĐŽƌĚŽKƌƚŽŐƌĄĨŝĐŽĚĂ>şŶŐƵĂWŽƌƚƵŐƵĞƐĂ͘ϮǐĞĚ͘^Wͬd͕ϮϬϭϰ
;ŚƚƚƉ͗ͬͬǁǁǁϮ͘ƐĞŶĂĚŽ͘ůĞŐ͘ďƌͬďĚƐĨͬŝƚĞŵͬŝĚͬϱϬϴϭϰϱͿ͘
tĞďƐŝƚĞƐĞWŽƌƚĂŝƐ͗
ƌĂƐŝůƐĐŽůĂ;ŚƚƚƉƐ͗ͬͬďƌĂƐŝůĞƐĐŽůĂ͘ƵŽů͘ĐŽŵ͘ďƌͬƉŽƌƚƵŐƵĞƐͿ͘
ŽŶũƵŐĂĕĆŽ;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ĐŽŶũƵŐĂĐĂŽ͘ĐŽŵ͘ďƌͬͿ͘
ŝĐŝŽŶĄƌŝŽĚĞŶƚƀŶŝŵŽƐKŶůŝŶĞ;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ĂŶƚŽŶŝŵŽƐ͘ĐŽŵ͘ďƌͬͿ͘
ŝĐŝŽŶĄƌŝŽĚĞ^ŝŶƀŶŝŵŽƐKŶůŝŶĞ;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ƐŝŶŽŶŝŵŽƐ͘ĐŽŵ͘ďƌͬͿ͘
'ƌĂŵĂƚŝĐĂŶĚŽ;ŚƚƚƉ͗ͬͬǁǁǁ͘ďůŽŐĚŽŐƌĂŵĂƚŝĐĂŶĚŽ͘ĐŽŵͬͿ͘
/ŶĨŽƐĐŽůĂ;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ŝŶĨŽĞƐĐŽůĂ͘ĐŽŵͬͿ͘
DŝĐŚĂĞůŝƐŝĐŝŽŶĄƌŝŽƌĂƐŝůĞŝƌŽĚĂ>şŶŐƵĂWŽƌƚƵŐƵĞƐĂ;ŚƚƚƉ͗ͬͬŵŝĐŚĂĞůŝƐ͘ƵŽů͘ĐŽŵ͘ďƌͿ͘
WŽƌƚĂůĚĂ>şŶŐƵĂWŽƌƚƵŐƵĞƐĂ;ŚƚƚƉ͗ͬͬǁǁǁ͘ƉŽƌƚĂůĚĂůŝŶŐƵĂƉŽƌƚƵŐƵĞƐĂ͘ŽƌŐͬŵĂŝŶ͘ŚƚŵůͿ͘
WŽƌƚƵŐƵġƐͲZϳ;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ƉŽƌƚƵŐƵĞƐ͘ĐŽŵ͘ďƌͬͿ͘
WŽƌƚƵŐƵġƐͲhK>;ŚƚƚƉƐ͗ͬͬƉŽƌƚƵŐƵĞƐ͘ƵŽů͘ĐŽŵ͘ďƌͬͿ͘
^şůĂďĂƐ͘ĐŽŵ͘ďƌ;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ƐŝůĂďĂƐ͘ĐŽŵ͘ďƌͬͿ͘
^ſWŽƌƚƵŐƵġƐ;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ƐŽƉŽƌƚƵŐƵĞƐ͘ĐŽŵ͘ďƌͬͿ͘
dŽĚĂDĂƚĠƌŝĂ;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ƚŽĚĂŵĂƚĞƌŝĂ͘ĐŽŵ͘ďƌͬͿ͘
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DĂƚĞŵĄƚŝĐĂ 'ĞƌĂů͗ EƷŵĞƌŽƐ ŝŶƚĞŝƌŽƐ͗ ŽƉĞƌĂĕƁĞƐ Ğ ƉƌŽƉƌŝĞĚĂĚĞƐ͘ EƷŵĞƌŽƐ ƌĂĐŝŽŶĂŝƐ͕ ƌĞƉƌĞƐĞŶƚĂĕĆŽ ĨƌĂĐŝŽŶĄƌŝĂ Ğ ĚĞĐŝŵĂů͗
ŽƉĞƌĂĕƁĞƐĞƉƌŽƉƌŝĞĚĂĚĞƐ͘ZĂnjĆŽ͕ƉƌŽƉŽƌĕĆŽĞƉƌŽŐƌĞƐƐƁĞƐ͘WŽƌĐĞŶƚĂŐĞŵ͘ZĞŐƌĂĚĞƚƌġƐƐŝŵƉůĞƐĞĐŽŵƉŽƐƚĂ͘ƋƵĂĕĆŽĚŽϭ͘Ǒ
ŐƌĂƵ͘ DĠĚŝĂ͕ ŵĞĚŝĂŶĂ Ğ ŵŽĚĂ͘ ^ŝƐƚĞŵĂ ŵĠƚƌŝĐŽ͗ ŵĞĚŝĚĂƐ ĚĞ ƚĞŵƉŽ͕ ĐŽŵƉƌŝŵĞŶƚŽ͕ ƐƵƉĞƌĨşĐŝĞ Ğ ĐĂƉĂĐŝĚĂĚĞ͘ ZĞůĂĕĆŽ ĞŶƚƌĞ
ŐƌĂŶĚĞnjĂƐ͗ ƚĂďĞůĂƐ Ğ ŐƌĄĨŝĐŽƐ͘ ŽůĞƚĂ͕ ŽƌŐĂŶŝnjĂĕĆŽ Ğ ĂƉƌĞƐĞŶƚĂĕĆŽ ĚĞ ĚĂĚŽƐ͘ ŶĄůŝƐĞ ĐŽŵďŝŶĂƚſƌŝĂ͗ ĐŽŶƚĂŐĞŵ͕ ĨĂƚŽƌŝĂů͕
ƉĞƌŵƵƚĂĕƁĞƐ͕ĂƌƌĂŶũŽ͕ĐŽŵďŝŶĂĕĆŽ͘WƌŽďĂďŝůŝĚĂĚĞ͘'ĞŽŵĞƚƌŝĂƉůĂŶĂ͗ƉŽŶƚŽ͕ƌĞƚĂ͕ƉŽƐŝĕĆŽƌĞůĂƚŝǀĂĞŶƚƌĞĚƵĂƐƌĞƚĂƐ͕ĚŝƐƚąŶĐŝĂ
ĞŶƚƌĞƉŽŶƚŽĞƌĞƚĂ͖ŝŶĞƋƵĂĕƁĞƐĚŽϭǑŐƌĂƵ͖ĄƌĞĂĚĞƚƌŝąŶŐƵůŽƐ͘ZĂĐŝŽĐşŶŝŽůſŐŝĐŽ͗ZĞĐŽŶŚĞĐŝŵĞŶƚŽĚĞƐĞƋƵġŶĐŝĂƐĞƉĂĚƌƁĞƐ͘
ŽŵƉƌĞĞŶƐĆŽĚĞĞƐƚƌƵƚƵƌĂƐůſŐŝĐĂƐ͘ĞĚƵĕĆŽ͘ŽŶĐůƵƐĆŽ͘WƌŝŶĐşƉŝŽƐĚĞĐŽŶƚĂŐĞŵĞƉƌŽďĂďŝůŝĚĂĚĞ͘sĞƌŝĨŝĐĂĕĆŽĚĂǀĞƌĚĂĚĞĚŽƐ
ĂƌŐƵŵĞŶƚŽƐ͘
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>ŝǀƌŽƐ͕ŽŵƉġŶĚŝŽƐĞWƵďůŝĐĂĕƁĞƐ/ŶƐƚŝƚƵĐŝŽŶĂŝƐ͗
'/KsEE/͕:ŽƐĠZƵLJ͖'/KsEE/:Z͕:ŽƐĠZƵLJ͘DĂƚĞŵĄƚŝĐĂŽŵƉůĞƚĂ͘ϭǐĞĚ͘&d͕ϮϬϬϭ͘
'zhZ/^͕'LJŽƌŐLJ>ĂƐnjůŽ͘>ſŐŝĐĂĚĞƌŐƵŵĞŶƚĂĕĆŽ͘ϭǐĞĚ͘zĂůŝƐĚŝƚŽƌĂ͕ϮϬϬϲ͘
//͕'ĞůƐŽŶĞƚĂů͘DĂƚĞŵĄƚŝĐĂͲsŽůƵŵĞjŶŝĐŽͲŶƐŝŶŽDĠĚŝŽ͘ϭǐĞĚ͘ƚƵĂů͕ϮϬϭϭ͘
DKZ'K͕ƵŐƵƐƚŽ͕^Z͕ĞŶũĂŵŝŵ͘ZĂĐŝŽĐşŶŝŽ>ſŐŝĐŽͲYƵĂŶƚŝƚĂƚŝǀŽ͘ϰǐĞĚ͘ĂŵƉƵƐůƐĞǀŝĞƌ͕ϮϬϭϬ͘
tĞďƐŝƚĞƐĞWŽƌƚĂŝƐ͗
ƌĂƐŝůƐĐŽůĂ–DĂƚĞŵĄƚŝĐĂ;ŚƚƚƉƐ͗ͬͬďƌĂƐŝůĞƐĐŽůĂ͘ƵŽů͘ĐŽŵ͘ďƌͬŵĂƚĞŵĂƚŝĐĂͿ
/ŶĨŽƐĐŽůĂ–DĂƚĞŵĄƚŝĐĂ;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ŝŶĨŽĞƐĐŽůĂ͘ĐŽŵͬŵĂƚĞŵĂƚŝĐĂͬͿ
22
WƌĞĨĞŝƚƵƌĂDƵŶŝĐŝƉĂůĚĞ ŽŶĐƵƌƐŽWƷďůŝĐŽEǑϬϭͬϮϬϮϰ
^EdZhKZ/KWZK /d>ĚĞZdhZĚĞ/E^Z/O^
^ſDĂƚĞŵĄƚŝĐĂ;ǁǁǁ͘ƐŽŵĂƚĞŵĂƚŝĐĂ͘ĐŽŵ͘ďƌͿ
dŽĚĂDĂƚĠƌŝĂ–DĂƚĞŵĄƚŝĐĂ;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ƚŽĚĂŵĂƚĞƌŝĂ͘ĐŽŵ͘ďƌͬŵĂƚĞŵĂƚŝĐĂͬͿ͘
ͲKE,/DEdK^'Z/^dh>/^;WZK^DWZ'K^D/K^–dK^^^W/>/^Ϳ͗
YƵĞƐƚƁĞƐĚĞĐŽŶŚĞĐŝŵĞŶƚŽƐŐĞƌĂŝƐƌĞůĂĐŝŽŶĂĚĂƐăWŽůşƚŝĐĂ͕ĐŽŶŽŵŝĂ͕^ŽĐŝĞĚĂĚĞ͕^ĂƷĚĞĞEƵƚƌŝĕĆŽ͕ŝġŶĐŝĂƐĞdĞĐŶŽůŽŐŝĂ͕
DĞŝŽŵďŝĞŶƚĞ͕ĚƵĐĂĕĆŽ͕ƵůƚƵƌĂ͕ƐƉŽƌƚĞ͕ZĞůŝŐŝĆŽ͕,ŝƐƚſƌŝĂ;ƌĂƐŝůĞDƵŶĚŽͿ͕'ĞŽŐƌĂĨŝĂ;ƌĂƐŝůĞDƵŶĚŽͿĞĞǀĞŶƚŽƐ
ĐŽŶƚĞŵƉŽƌąŶĞŽƐĚŝǀƵůŐĂĚŽƐŶĂŵşĚŝĂůŽĐĂů͕ŶĂĐŝŽŶĂůĞŝŶƚĞƌŶĂĐŝŽŶĂů͘
/>/K'Z&/Z&ZE/>
>ŝǀƌŽƐ͕:ŽƌŶĂŝƐĞZĞǀŝƐƚĂƐ͗
ůŵĂŶĂƋƵĞďƌŝů–ϮϬϭϯ͘ĂƌƚĂĂƉŝƚĂů͘ƉŽĐĂ͘ƐƚĂĚĆŽ͘džĂŵĞ͘&ŽůŚĂĚĞ^ĆŽWĂƵůŽ͘K'ůŽďŽ͘/ƐƚŽ͘sĞũĂ͘KƵƚƌŽƐũŽƌŶĂŝƐĞ
ƌĞǀŝƐƚĂƐĚĞŶŽƚşĐŝĂƐĞĂƚƵĂůŝĚĂĚĞƐ͘
tĞďƐŝƚĞƐĞWŽƌƚĂŝƐ͗
ŐġŶĐŝĂƌĂƐŝů;ŚƚƚƉƐ͗ͬͬĂŐĞŶĐŝĂďƌĂƐŝů͘ĞďĐ͘ĐŽŵ͘ďƌͬͿ
ĂŶĚ;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ďĂŶĚ͘ƵŽů͘ĐŽŵ͘ďƌͬͿ
K>;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ďŽů͘ƵŽů͘ĐŽŵ͘ďƌͬͿ
ůWĂşƐͲƌĂƐŝů;ŚƚƚƉƐ͗ͬͬďƌĂƐŝů͘ĞůƉĂŝƐ͘ĐŽŵͬͿ
ĂƌƚĂĂƉŝƚĂů;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ĐĂƌƚĂĐĂƉŝƚĂů͘ĐŽŵ͘ďƌͬͿ
EEƌĂƐŝů;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ĐŶŶďƌĂƐŝů͘ĐŽŵ͘ďƌͬͿ
ŽƌƌĞŝŽƌĂƐŝůŝĞŶƐĞ;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ĐŽƌƌĞŝŽďƌĂnjŝůŝĞŶƐĞ͘ĐŽŵ͘ďƌͬͿ
ƉŽĐĂ;ŚƚƚƉƐ͗ͬͬĞƉŽĐĂ͘ŐůŽďŽ͘ĐŽŵͬͿ
ƐƚĂĚĆŽ;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ĞƐƚĂĚĂŽ͘ĐŽŵ͘ďƌͬͿ
džĂŵĞ;ǁǁǁ͘ĞdžĂŵĞ͘ĐŽŵͿ
&ŽůŚĂ;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ĨŽůŚĂ͘ƵŽů͘ĐŽŵ͘ďƌͬͿ
'ůŽďŽ'ϭ;ŚƚƚƉƐ͗ͬͬŐϭ͘ŐůŽďŽ͘ĐŽŵͬͿ
'ƵŝĂĚŽƐƚƵĚĂŶƚĞďƌŝů–ƚƵĂůŝĚĂĚĞƐ;ŚƚƚƉƐ͗ͬͬŐƵŝĂĚŽĞƐƚƵĚĂŶƚĞ͘Ăďƌŝů͘ĐŽŵ͘ďƌͬĂƚƵĂůŝĚĂĚĞƐͬͿ
',;ŚƚƚƉƐ͗ͬͬŐĂƵĐŚĂnjŚ͘ĐůŝĐƌďƐ͘ĐŽŵ͘ďƌͬͿ
/';ŚƚƚƉƐ͗ͬͬǁǁǁ͘ŝŐ͘ĐŽŵ͘ďƌͬηŚŽŵĞͿ
:WEĞǁƐ;ŚƚƚƉƐ͗ͬͬũŽǀĞŵƉĂŶ͘ĐŽŵ͘ďƌͬͿ
K'ůŽďŽ;ŚƚƚƉƐ͗ͬͬŽŐůŽďŽ͘ŐůŽďŽ͘ĐŽŵͬͿ
ZϳͲEŽƚşĐŝĂƐ;ŚƚƚƉƐ͗ͬͬŶŽƚŝĐŝĂƐ͘ƌϳ͘ĐŽŵͬͿ
dĞƌƌĂͲEŽƚşĐŝĂƐ;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ƚĞƌƌĂ͘ĐŽŵ͘ďƌͬŶŽƚŝĐŝĂƐͬͿ
hK>ͲEŽƚşĐŝĂƐ;ŚƚƚƉƐ͗ͬͬŶŽƚŝĐŝĂƐ͘ƵŽů͘ĐŽŵ͘ďƌͬͿ
sĞũĂ;ŚƚƚƉƐ͗ͬͬǀĞũĂ͘Ăďƌŝů͘ĐŽŵ͘ďƌͬͿ
zĂŚŽŽͲEŽƚşĐŝĂƐ;ŚƚƚƉƐ͗ͬͬďƌ͘ŶŽƚŝĐŝĂƐ͘LJĂŚŽŽ͘ĐŽŵͬͿ
KƵƚƌŽƐǁĞďƐŝƚĞƐĞƉŽƌƚĂŝƐĚĞŶŽƚşĐŝĂƐĞĂƚƵĂůŝĚĂĚĞƐ͘
ͲZKK&//>;WZKDWZ'KsK'KͿ
ƐƉĞĐƚŽƐ'ĞƌĂŝƐĚĂ ZĞĚĂĕĆŽKĨŝĐŝĂů͖ƚƌŝďƵƚŽƐĚĂ ƌĞĚĂĕĆŽŽĨŝĐŝĂů͖ƐŽŵƵŶŝĐĂĕƁĞƐKĨŝĐŝĂŝƐ͖KWĂĚƌĆŽKĨşĐŝŽ͖ůĞŵĞŶƚŽƐĚĞ
KƌƚŽŐƌĂĨŝĂĞ'ƌĂŵĄƚŝĐĂ͖WƌŽŶŽŵĞƐĚĞdƌĂƚĂŵĞŶƚŽ͖&ƵŶĚĂŵĞŶƚŽƐĚĂůĂďŽƌĂĕĆŽEŽƌŵĂƚŝǀĂ͘
/>/K'Z&/Z&ZE/>͗
Z^/>͘DĂŶƵĂůĚĞZĞĚĂĕĆŽĚĂWƌĞƐŝĚġŶĐŝĂĚĂZĞƉƷďůŝĐĂ͕ϯǐĚ͘ϮϬϭϴ
;ŚƚƚƉƐ͗ͬͬǁǁǁϰ͘ƉůĂŶĂůƚŽ͘ŐŽǀ͘ďƌͬĐĞŶƚƌŽĚĞĞƐƚƵĚŽƐͬĂƐƐƵŶƚŽƐͬŵĂŶƵĂůͲĚĞͲƌĞĚĂĐĂŽͲĚĂͲƉƌĞƐŝĚĞŶĐŝĂͲĚĂͲƌĞƉƵďůŝĐĂͬŵĂŶƵĂůͲĚĞͲ
ƌĞĚĂĐĂŽ͘ƉĚĨͿ
WE͕^ĠƌŐŝŽ&͘WĚĞK͕͘D/>͕ůŝĂŶĞ͘͘ĚĞ͘dĠĐŶŝĐĂ>ĞŐŝƐůĂƚŝǀĂ͗KƌŝĞŶƚĂĕĆŽƉĂƌĂĂƉĂĚƌŽŶŝnjĂĕĆŽĚĞƚƌĂďĂůŚŽƐ͘^ĞŶĂĚŽ
&ĞĚĞƌĂů͕ϮϬϬϮ;ŚƚƚƉƐ͗ͬͬǁǁǁϭϮ͘ƐĞŶĂĚŽ͘ůĞŐ͘ďƌͬŝŶƐƚŝƚƵĐŝŽŶĂůͬĞƐƚƌƵƚƵƌĂͬ^&ͬK^ͬKE>'ͬĂƌƋƵŝǀŽƐͬŵĂŶƵĂŝƐͬƚĞĐŶŝĐĂͲůĞŐŝƐůĂƚŝǀĂͿ
Ͳ>'/^>KKE^/EK;WZK^DWZ'K^hKͿ͗
Z^/>͘ŽŶƐƚŝƚƵŝĕĆŽ&ĞĚĞƌĂůͲƌƚŝŐŽƐϮϬϱĂϮϭϰ;ŚƚƚƉ͗ͬͬǁǁǁ͘ƉůĂŶĂůƚŽ͘ŐŽǀ͘ďƌͬĐĐŝǀŝůͺϬϯͬŽŶƐƚŝƚƵŝĐĂŽͬŽŶƐƚŝƚƵŝĐĂŽ͘ŚƚŵͿ͘
Z^/>͘ĞĐƌĞƚŽŶǑϭϬ͘ϲϱϲͬϮϬϮϭͲZĞŐƵůĂŵĞŶƚĂĂ>ĞŝŶǑϭϰ͘ϭϭϯ͕ĚĞϮϱĚĞĚĞnjĞŵďƌŽĚĞϮϬϮϬ͕ƋƵĞĚŝƐƉƁĞƐŽďƌĞŽ&ƵŶĚŽĚĞ
DĂŶƵƚĞŶĕĆŽĞĞƐĞŶǀŽůǀŝŵĞŶƚŽĚĂĚƵĐĂĕĆŽĄƐŝĐĂĞĚĞsĂůŽƌŝnjĂĕĆŽĚŽƐWƌŽĨŝƐƐŝŽŶĂŝƐĚĂĚƵĐĂĕĆŽ
;ŚƚƚƉ͗ͬͬǁǁǁ͘ƉůĂŶĂůƚŽ͘ŐŽǀ͘ďƌͬĐĐŝǀŝůͺϬϯͬͺƚŽϮϬϭϵͲϮϬϮϮͬϮϬϮϭͬĞĐƌĞƚŽͬϭϬϲϱϲ͘ŚƚŵͿ
Z^/>͘>Ğŝ&ĞĚĞƌĂůŶǑϴ͘ϬϲϵͬϭϵϵϬͲƐƚĂƚƵƚŽĚĂƌŝĂŶĕĂĞĚŽĚŽůĞƐĐĞŶƚĞ͕ĂƌƚƐ͘ϭǑͲϲǑ͕ϱϯͲϱϵ͕ϴϯͲϴϱ͕ϮϬϴ͕Ϯϰϱ͘
;ŚƚƚƉ͗ͬͬǁǁǁ͘ƉůĂŶĂůƚŽ͘ŐŽǀ͘ďƌͬĐĐŝǀŝůͺϬϯͬůĞŝƐͬůϴϬϲϵ͘ŚƚŵͿ͘
Z^/>͘>Ğŝ&ĞĚĞƌĂůŶǑϵ͘ϯϵϰͬϭϵϵϲͲ>ĞŝĚĞŝƌĞƚƌŝnjĞƐĞĂƐĞƐĚĂĚƵĐĂĕĆŽEĂĐŝŽŶĂů
;ŚƚƚƉ͗ͬͬǁǁǁ͘ƉůĂŶĂůƚŽ͘ŐŽǀ͘ďƌͬĐĐŝǀŝůͺϬϯͬůĞŝƐͬůϵϯϵϰ͘ŚƚŵͿ͘
Z^/>͘>Ğŝ&ĞĚĞƌĂůŶǑϭϰ͘ϭϭϯͬϮϬϮϬͲZĞŐƵůĂŵĞŶƚĂŽ&ƵŶĚŽĚĞDĂŶƵƚĞŶĕĆŽĞĞƐĞŶǀŽůǀŝŵĞŶƚŽĚĂĚƵĐĂĕĆŽĄƐŝĐĂĞĚĞ
sĂůŽƌŝnjĂĕĆŽĚŽƐWƌŽĨŝƐƐŝŽŶĂŝƐĚĂĚƵĐĂĕĆŽͲ&hE
;ŚƚƚƉ͗ͬͬǁǁǁ͘ƉůĂŶĂůƚŽ͘ŐŽǀ͘ďƌͬĐĐŝǀŝůͺϬϯͬͺƚŽϮϬϭϵͲϮϬϮϮͬϮϬϮϬͬ>Ğŝͬ>ϭϰϭϭϯ͘ŚƚŵͿ͘
Z^/>͘ZĞƐŽůƵĕĆŽEͬŶǑϰͬϮϬϭϬͲŝƌĞƚƌŝnjĞƐƵƌƌŝĐƵůĂƌĞƐEĂĐŝŽŶĂŝƐ'ĞƌĂŝƐƉĂƌĂĂĚƵĐĂĕĆŽĄƐŝĐĂ
;ŚƚƚƉ͗ͬͬƉŽƌƚĂů͘ŵĞĐ͘ŐŽǀ͘ďƌͬĚŵĚŽĐƵŵĞŶƚƐͬƌĐĞďϬϬϰͺϭϬ͘ƉĚĨͿ͘
Z^/>͘ZĞƐŽůƵĕĆŽEͬŶǑϱͬϮϬϬϵͲŝƌĞƚƌŝnjĞƐƵƌƌŝĐƵůĂƌĞƐEĂĐŝŽŶĂŝƐƉĂƌĂĂĚƵĐĂĕĆŽ/ŶĨĂŶƚŝů
;ŚƚƚƉ͗ͬͬǁǁǁ͘ƐĞĚƵĐ͘ƌŽ͘ŐŽǀ͘ďƌͬƉŽƌƚĂůͬůĞŐŝƐůĂĐĂŽͬZ^EϬϬϱͺϮϬϬϵ͘ƉĚĨͿ͘
23
WƌĞĨĞŝƚƵƌĂDƵŶŝĐŝƉĂůĚĞ ŽŶĐƵƌƐŽWƷďůŝĐŽEǑϬϭͬϮϬϮϰ
^EdZhKZ/KWZK /d>ĚĞZdhZĚĞ/E^Z/O^
Z^/>͘ZĞƐŽůƵĕĆŽEͬŶǑϳͬϮϬϭϬͲŝƌĞƚƌŝnjĞƐƵƌƌŝĐƵůĂƌĞƐEĂĐŝŽŶĂŝƐƉĂƌĂŽŶƐŝŶŽ&ƵŶĚĂŵĞŶƚĂůĚĞϵĂŶŽƐ
;ŚƚƚƉ͗ͬͬƉŽƌƚĂů͘ŵĞĐ͘ŐŽǀ͘ďƌͬĚŵĚŽĐƵŵĞŶƚƐͬƌĐĞďϬϬϳͺϭϬ͘ƉĚĨͿ͘
DhE/1W/K^EdZhKZ/KWZK–>ĞŝŽŵƉůĞŵĞŶƚĂƌŶǑϯϰϰͬϮϬϬϳĞƐƵĂƐĂůƚĞƌĂĕƁĞƐ–ƐƚĂƚƵƚŽ͕WůĂŶŽĚĞĂƌƌĞŝƌĂ
ĞZĞŵƵŶĞƌĂĕĆŽĚŽDĂŐŝƐƚĠƌŝŽĚŽDƵŶŝĐşƉŝŽĚĞ^ĂŶƚĂƌƵƐĚŽZŝŽWĂƌĚŽ͘
;ŚƚƚƉƐ͗ͬͬůĞŝƐŵƵŶŝĐŝƉĂŝƐ͘ĐŽŵ͘ďƌͬĂͬƐƉͬƐͬƐĂŶƚĂͲĐƌƵnjͲĚŽͲƌŝŽͲƉĂƌĚŽͬůĞŝͲĐŽŵƉůĞŵĞŶƚĂƌͬϮϬϬϳͬϯϱͬϯϰϰͬůĞŝͲĐŽŵƉůĞŵĞŶƚĂƌͲŶͲϯϰϰͲ
ϮϬϬϳͲĚŝƐƉŽĞͲƐŽďƌĞͲŽͲĞƐƚĂƚƵƚŽͲĞͲŽͲƉůĂŶŽͲĚĞͲĐĂƌƌĞŝƌĂƐͲĞͲƌĞŵƵŶĞƌĂĐĂŽͲĚŽͲŵĂŐŝƐƚĞƌŝŽͲƉƵďůŝĐŽͲŵƵŶŝĐŝƉĂůͲĚĞͲƐĂŶƚĂͲĐƌƵnjͲĚŽͲƌŝŽͲ
ƉĂƌĚŽͲĞƐƚĂďĞůĞĐĞͲŶŽƌŵĂƐͲĚĞͲĞŶƋƵĂĚƌĂŵĞŶƚŽͲĞͲĚŝƌĞƚƌŝnjĞƐͲƉĂƌĂͲĂͲĂǀĂůŝĂĐĂŽͲĚĞͲĚĞƐĞŵƉĞŶŚŽͲŝŶƐƚŝƚƵŝͲƚĂďĞůĂƐͲĚĞͲ
ǀĞŶĐŝŵĞŶƚŽƐͲĞͲĚĂͲŽƵƚƌĂƐͲƉƌŽǀŝĚĞŶĐŝĂƐͿ
DhE/1W/K^EdZhKZ/KWZK͘>ĞŝŶǑϮ͘ϴϴϱͬϮϬϭϱĞƐƵĂƐĂůƚĞƌĂĕƁĞƐͲWůĂŶŽDƵŶŝĐŝƉĂůĚĞĚƵĐĂĕĆŽĚŽDƵŶŝĐşƉŝŽ
ĚĞ^ĂŶƚĂƌƵnjĚŽZŝŽWĂƌĚŽ͘
;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ƐĂŶƚĂĐƌƵnjĚŽƌŝŽƉĂƌĚŽ͘ƐƉ͘ŐŽǀ͘ďƌͬĂƐƐĞƚƐͬƵƉůŽĂĚƐͬĨŝůĞƐͬWůĂŶŽйϮϬDƵŶŝĐŝƉĂůйϮϬĚĞйϮϬĚƵĐĂйϯйϳйϯйϯŽйϮ
Ϭ>/йϮϬϮϴϴϱйϮϬϮϬϭϱ͘ƉĚĨͿ
ͲKE,/DEdK^W'M'/K^;WZK^DWZ'K^hKͿ͗
ĨŽƌŵĂĕĆŽƐŽĐŝĂůĚĂŵĞŶƚĞ͘ƐŝŶƚĞůŝŐġŶĐŝĂƐŵƷůƚŝƉůĂƐĞƐĞƵƐĞƐƚşŵƵůŽƐ͗ƌĞůĂĕĆŽĞŶƚƌĞŝŶƚĞůŝŐġŶĐŝĂĞĂƉƌĞŶĚŝnjĂŐĞŵ͘ƉƌĄƚŝĐĂ
ĞĚƵĐĂƚŝǀĂ – ƵŶŝĚĂĚĞƐ ĚĞ ĂŶĄůŝƐĞ͖ Ă ĨƵŶĕĆŽ ƐŽĐŝĂů ĚŽ ĞŶƐŝŶŽ Ğ Ă ĐŽŶĐĞƉĕĆŽ ƐŽďƌĞ ŽƐ ƉƌŽĐĞƐƐŽƐ ĚĞ ĂƉƌĞŶĚŝnjĂŐĞŵ –
ŝŶƐƚƌƵŵĞŶƚŽƐ ĚĞ ĂŶĄůŝƐĞ͖ ĂƐƐĞƋƵġŶĐŝĂƐ ĚŝĚĄƚŝĐĂƐ ĞĂƐƐĞƋƵġŶĐŝĂƐ ĚĞ ĐŽŶƚĞƷĚŽ͖ ĂƐ ƌĞůĂĕƁĞƐ ŝŶƚĞƌĂƚŝǀĂƐ Ğŵ ƐĂůĂ ĚĞ ĂƵůĂ – Ž
ƉĂƉĞůĚŽƐƉƌŽĨĞƐƐŽƌĞƐĞĚŽƐĂůƵŶŽƐ͖ĂŽƌŐĂŶŝnjĂĕĆŽƐŽĐŝĂůĚĂĐůĂƐƐĞ͖ĂŽƌŐĂŶŝnjĂĕĆŽĚŽƐĐŽŶƚĞƷĚŽƐ͖ŽƐŵĂƚĞƌŝĂŝƐĐƵƌƌŝĐƵůĂƌĞƐĞ
ŽƵƚƌŽƐ ƌĞĐƵƌƐŽƐ ĚŝĚĄƚŝĐŽƐ͖ Ă ĂǀĂůŝĂĕĆŽ͘ ǀĂůŝĂĕĆŽ ĚĂ ĂƉƌĞŶĚŝnjĂŐĞŵ ĞƐĐŽůĂƌ͘ ƵůůLJŝŶŐ ŶŽ ĂŵďŝĞŶƚĞ ĞƐĐŽůĂƌ͘ ŽŵƉĞƚġŶĐŝĂƐ
ƉƌŽĨŝƐƐŝŽŶĂŝƐ ƉĂƌĂ ĞŶƐŝŶĂƌ͗ ĐŽŵƉĞƚġŶĐŝĂƐ ƋƵĞ ƐĞ ƉƌĞƚĞŶĚĞŵ ŶŽƐ ĂůƵŶŽƐ Ğ ƉƌŽĨĞƐƐŽƌĞƐ Ğ ĐŽŵŽ ĚĞƐĞŶǀŽůǀġͲůĂƐ͘ ŝĚĄƚŝĐĂ͗
ƉƌĄƚŝĐĂĞĚƵĐĂƚŝǀĂ͖ƉĞĚĂŐŽŐŝĂĞĚŝĚĄƚŝĐĂ͖ĚŝĚĄƚŝĐĂĞĚĞŵŽĐƌĂƚŝnjĂĕĆŽĚŽĞŶƐŝŶŽ͖ƚĞŽƌŝĂĚĂŝŶƐƚƌƵĕĆŽĞĚŽĞŶƐŝŶŽ͖ŽƉƌŽĐĞƐƐŽĚĞ
ĞŶƐŝŶŽŶĂĞƐĐŽůĂ͖ŽƉƌŽĐĞƐƐŽĚĞĞŶƐŝŶŽĞŽĞƐƚƵĚŽĂƚŝǀŽ͖ŽƐŽďũĞƚŝǀŽƐĞĐŽŶƚĞƷĚŽĚĞĞŶƐŝŶŽ͖ŽƐŵĠƚŽĚŽƐĚĞĞŶƐŝŶŽ͖ĂĂƵůĂ
ĐŽŵŽ ĨŽƌŵĂ ĚĞ ŽƌŐĂŶŝnjĂĕĆŽ ĚŽ ĞŶƐŝŶŽ͖ Ž ƉůĂŶĞũĂŵĞŶƚŽ ĞƐĐŽůĂƌ͖ ƌĞůĂĕƁĞƐ ƉƌŽĨĞƐƐŽƌͲĂůƵŶŽ ŶĂ ƐĂůĂ ĚĞ ĂƵůĂ͘ ŝƐĐŝƉůŝŶĂ Ğ
/ŶĚŝƐĐŝƉůŝŶĂĚĂƐĐŽůĂ͘ŶƐŝŶŽĞĂƉƌĞŶĚŝnjĂŐĞŵ͘/ŶĐůƵƐĆŽĞƐĐŽůĂƌ͘>ĞƌĞĞƐĐƌĞǀĞƌŶĂĞƐĐŽůĂ͘KƐƉŝůĂƌĞƐĚĂĞĚƵĐĂĕĆŽ͘ĚƵĐĂĕĆŽĂŽ
ůŽŶŐŽĚĂǀŝĚĂ͘^ĂďĞƌĞƐŶĞĐĞƐƐĄƌŝŽƐăĞĚƵĐĂĕĆŽĚŽĨƵƚƵƌŽ͘^ĂďĞƌĞƐŶĞĐĞƐƐĄƌŝŽƐăƉƌĄƚŝĐĂƉĞĚĂŐſŐŝĐĂ͘dĞŽƌŝĂƐƉƐŝĐŽŐĞŶĠƚŝĐĂƐ͘
dĞƌŵŝŶŽůŽŐŝĂĐƵƌƌŝĐƵůĂƌ͘
/>/K'Z&/Z&ZE/>͗
>ŝǀƌŽƐĞĂƌƚŝŐŽƐ͗
D/K͕DĂƐƐŝŶŽ͘ZDZ͕ZƵƚŚ͘'ůŽƐƐĄƌŝŽĚĞdĞƌŵŝŶŽůŽŐŝĂƵƌƌŝĐƵůĂƌ͘hE^KͲ/͕ϮϬϭϲ͘
EdhE^͕ĞůƐŽ͘ƐŝŶƚĞůŝŐġŶĐŝĂƐŵƷůƚŝƉůĂƐĞƐĞƵƐĞƐƚşŵƵůŽƐ͘WĂƉŝƌƵƐ͕ϭϯǐĞĚ͘
EdhE^͕ĞůƐŽ͘ĂǀĂůŝĂĕĆŽĚĂĂƉƌĞŶĚŝnjĂŐĞŵĞƐĐŽůĂƌ͘sŽnjĞƐ͕ϭϬǐĞĚ͘
EdhE^͕ĞůƐŽ͘ŽŵŽĚĞƐĞŶǀŽůǀĞƌĂƐĐŽŵƉĞƚġŶĐŝĂƐĞŵƐĂůĂĚĞĂƵůĂ͘sŽnjĞƐ͕ϳǐĞĚ͘
Yh/EK͕:ƵůŝŽ'ƌŽƉƉĂ;ŽƌŐ͘Ϳ͘/ŶĚŝƐĐŝƉůŝŶĂŶĂƐĐŽůĂ͗ůƚĞƌŶĂƚŝǀĂƐdĞſƌŝĐĂƐĞWƌĄƚŝĐĂƐ͘^ƵŵŵƵƐ͕ϰǐĞĚ͘
>KZ^͕:ĂĐƋƵĞƐĞƚ͘Ăů͘ĚƵĐĂĕĆŽ͗ƵŵƚĞƐŽƵƌŽĂĚĞƐĐŽďƌŝƌ͘hE^K͕ϮϬϭϬ͘
,K&&DEE͕:ƵƐƐĂƌĂD͘>͘ǀĂůŝĂĕĆŽDĞĚŝĂĚŽƌĂ͗ƵŵĂƉƌĄƚŝĐĂĞŵĐŽŶƐƚƌƵĕĆŽĚĂƉƌĠͲĞƐĐŽůĂăƵŶŝǀĞƌƐŝĚĂĚĞ͘DĞĚŝĂĕĆŽ͕ϯϰǐĞĚ͘
DEdKE͕DĂƌŝĂdĞƌĞƐĂŐůĠƌ͘/ŶĐůƵƐĆŽĞƐĐŽůĂƌ͗ƉŽŶƚŽƐĞĐŽŶƚƌĂƉŽŶƚŽƐ͘^ƵŵŵƵƐ͕ϳǐĞĚ͘
&Z/Z͕WĂƵůŽ͘WĞĚĂŐŽŐŝĂĚĂƵƚŽŶŽŵŝĂ͗ƐĂďĞƌĞƐŶĞĐĞƐƐĄƌŝŽƐăƉƌĄƚŝĐĂĞĚƵĐĂƚŝǀĂ͘WĂnjĞdĞƌƌĂ͕ϱϮǐĞĚ͘
>d/>>͕zǀĞƐĚĞĞƚĂů͘dĞŽƌŝĂƐWƐŝĐŽŐĞŶĠƚŝĐĂƐĞŵĚŝƐĐƵƐƐĆŽ͘ϮϭǐĞĚ͘
>ZEZ͕ĞůŝĂ͘>ĞƌĞĞƐĐƌĞǀĞƌŶĂĞƐĐŽůĂ͘ƌƚŵĞĚ͕ƌĞŝŵƉƌĞƐƐĆŽϮϬϬϳ͘
>/EK͕:ŽƐĠĂƌůŽƐ͘ŝĚĄƚŝĐĂ͘ŽƌƚĞnj͕ϮǐĞĚ͘
>h<^/͕ŝƉƌŝĂŶŽ͘ǀĂůŝĂĕĆŽĚĂĂƉƌĞŶĚŝnjĂŐĞŵĞƐĐŽůĂƌ͘ŽƌƚĞnj͕ϭϬǐĞĚ͘
DKZ/E͕ĚŐĂƌ͘KƐƐĞƚĞƐĂďĞƌĞƐŶĞĐĞƐƐĄƌŝŽƐăĚƵĐĂĕĆŽĚŽ&ƵƚƵƌŽ͘ŽƌƚĞnj͕ϰǐĞĚ͘
WZZEKh͕WŚŝůŝƉƉĞ͘ϭϬŶŽǀĂƐĐŽŵƉĞƚġŶĐŝĂƐƉĂƌĂĞŶƐŝŶĂƌ͘ƌƚŵĞĚ͕ϮϬϬϬ͘
^/>s͕ŶĂĞĂƚƌŝnjĂƌďŽƐĂ͘ƵůůLJŝŶŐ͗ŵĞŶƚĞƐƉĞƌŝŐŽƐĂƐŶĂĞƐĐŽůĂ͘WƌŝŶĐŝƉŝƵŵ͕ϮǐĞĚ͘
sz'K^d^<z͕>͘^͘ĨŽƌŵĂĕĆŽƐŽĐŝĂůĚĂŵĞŶƚĞ͘DĂƌƚŝŶƐ&ŽŶƚĞƐ͕ϲǐĞĚ͘
t/^͕dĞůŵĂ͘KĚŝĄůŽŐŽĞŶƚƌĞŽĞŶƐŝŶŽĞĂĂƉƌĞŶĚŝnjĂŐĞŵ͘ƚŝĐĂ͕ϮǐĞĚ͘
>͕ŶƚŽŶŝ͘ƉƌĄƚŝĐĂĞĚƵĐĂƚŝǀĂ͖ĐŽŵŽĞŶƐŝŶĂƌ͘WĞŶƐŽ͕ϭǐĞĚ͘
Ͳ>'/^>K^jWj>/;WZK^DWZ'K^D/K^–dK^^^W/>/^Ϳ͗
Z^/>͘ŽŶƐƚŝƚƵŝĕĆŽĚĂZĞƉƷďůŝĐĂ&ĞĚĞƌĂƚŝǀĂĚŽƌĂƐŝů͕Ăƌƚ͘ϭϵϲͲϮϬϬ
;ŚƚƚƉ͗ͬͬǁǁǁ͘ƉůĂŶĂůƚŽ͘ŐŽǀ͘ďƌͬĐĐŝǀŝůͺϬϯͬĐŽŶƐƚŝƚƵŝĐĂŽͬĐŽŶƐƚŝƚƵŝĐĂŽ͘ŚƚŵͿ͘
Z^/>͘ĞĐƌĞƚŽŶǑϳ͘ϱϬϴͬϮϬϭϭͲZĞŐƵůĂŵĞŶƚĂĂ>ĞŝŶŽϴ͘ϬϴϬ͕ĚĞϭϵĚĞƐĞƚĞŵďƌŽĚĞϭϵϵϬ͕ƉĂƌĂĚŝƐƉŽƌƐŽďƌĞĂŽƌŐĂŶŝnjĂĕĆŽĚŽ
^ŝƐƚĞŵĂjŶŝĐŽĚĞ^ĂƷĚĞͲ^h^͕ŽƉůĂŶĞũĂŵĞŶƚŽĚĂƐĂƷĚĞ͕ĂĂƐƐŝƐƚġŶĐŝĂăƐĂƷĚĞĞĂĂƌƚŝĐƵůĂĕĆŽ/ŶƚĞƌĨĞĚĞƌĂƚŝǀĂ͕ĞĚĄŽƵƚƌĂƐ
ƉƌŽǀŝĚġŶĐŝĂƐ;ŚƚƚƉ͗ͬͬǁǁǁ͘ƉůĂŶĂůƚŽ͘ŐŽǀ͘ďƌͬĐĐŝǀŝůͺϬϯͬͺĂƚŽϮϬϭϭͲϮϬϭϰͬϮϬϭϭͬĚĞĐƌĞƚŽͬĚϳϱϬϴ͘ŚƚŵͿ͘
Z^/>͘>ĞŝŶǑϴ͘ϬϴϬͬϭϵϵϬͲŝƐƉƁĞƐŽďƌĞĂƐĐŽŶĚŝĕƁĞƐƉĂƌĂĂƉƌŽŵŽĕĆŽ͕ƉƌŽƚĞĕĆŽĞƌĞĐƵƉĞƌĂĕĆŽĚĂƐĂƷĚĞ͕ĂŽƌŐĂŶŝnjĂĕĆŽĞŽ
ĨƵŶĐŝŽŶĂŵĞŶƚŽĚŽƐƐĞƌǀŝĕŽƐĐŽƌƌĞƐƉŽŶĚĞŶƚĞƐĞĚĄŽƵƚƌĂƐƉƌŽǀŝĚġŶĐŝĂƐ;ŚƚƚƉ͗ͬͬǁǁǁ͘ƉůĂŶĂůƚŽ͘ŐŽǀ͘ďƌͬĐĐŝǀŝůͺϬϯͬůĞŝƐͬůϴϬϴϬ͘ŚƚŵͿ͘
Z^/>͘>ĞŝŶǑϴ͘ϭϰϮͬϭϵϵϬͲŝƐƉƁĞƐŽďƌĞĂƉĂƌƚŝĐŝƉĂĕĆŽĚĂĐŽŵƵŶŝĚĂĚĞŶĂŐĞƐƚĆŽĚŽ^ŝƐƚĞŵĂjŶŝĐŽĚĞ^ĂƷĚĞ;^h^ͿĞƐŽďƌĞ
ĂƐƚƌĂŶƐĨĞƌġŶĐŝĂƐŝŶƚĞƌŐŽǀĞƌŶĂŵĞŶƚĂŝƐĚĞƌĞĐƵƌƐŽƐĨŝŶĂŶĐĞŝƌŽƐŶĂĄƌĞĂĚĂƐĂƷĚĞĞĚĄŽƵƚƌĂƐƉƌŽǀŝĚġŶĐŝĂƐ
;ŚƚƚƉ͗ͬͬǁǁǁ͘ƉůĂŶĂůƚŽ͘ŐŽǀ͘ďƌͬĐĐŝǀŝůͺϬϯͬůĞŝƐͬůϴϭϰϮ͘ŚƚŵͿ͘
Z^/>͘>ĞŝŽŵƉůĞŵĞŶƚĂƌŶǑϭϰϭͬϮϬϭϮͲŝƐƉƁĞƐŽďƌĞŽƐǀĂůŽƌĞƐŵşŶŝŵŽƐĂƐĞƌĞŵĂƉůŝĐĂĚŽƐĂŶƵĂůŵĞŶƚĞƉĞůĂhŶŝĆŽ͕
ƐƚĂĚŽƐ͕ŝƐƚƌŝƚŽ&ĞĚĞƌĂůĞDƵŶŝĐşƉŝŽƐĞŵĂĕƁĞƐĞƐĞƌǀŝĕŽƐƉƷďůŝĐŽƐĚĞƐĂƷĚĞ͖ĞƐƚĂďĞůĞĐĞŽƐĐƌŝƚĠƌŝŽƐĚĞƌĂƚĞŝŽĚŽƐƌĞĐƵƌƐŽƐĚĞ
24
WƌĞĨĞŝƚƵƌĂDƵŶŝĐŝƉĂůĚĞ ŽŶĐƵƌƐŽWƷďůŝĐŽEǑϬϭͬϮϬϮϰ
^EdZhKZ/KWZK /d>ĚĞZdhZĚĞ/E^Z/O^
ƚƌĂŶƐĨĞƌġŶĐŝĂƐƉĂƌĂĂƐĂƷĚĞĞĂƐŶŽƌŵĂƐĚĞĨŝƐĐĂůŝnjĂĕĆŽ͕ĂǀĂůŝĂĕĆŽĞĐŽŶƚƌŽůĞĚĂƐĚĞƐƉĞƐĂƐĐŽŵƐĂƷĚĞŶĂƐϯĞƐĨĞƌĂƐĚĞ
ŐŽǀĞƌŶŽ͘;ŚƚƚƉ͗ͬͬǁǁǁ͘ƉůĂŶĂůƚŽ͘ŐŽǀ͘ďƌͬĐĐŝǀŝůͺϬϯͬůĞŝƐͬ>Wͬ>ĐƉϭϰϭ͘ŚƚŵͿ͘
Z^/>͘D^͘WŽƌƚĂƌŝĂŶǑϰ͘ϮϳϵͬϮϬϭϬͲƐƚĂďĞůĞĐĞĚŝƌĞƚƌŝnjĞƐƉĂƌĂĂŽƌŐĂŶŝnjĂĕĆŽĚĂZĞĚĞĚĞƚĞŶĕĆŽă^ĂƷĚĞŶŽąŵďŝƚŽĚŽ
^ŝƐƚĞŵĂjŶŝĐŽĚĞ^ĂƷĚĞ;ŚƚƚƉ͗ͬͬďǀƐŵƐ͘ƐĂƵĚĞ͘ŐŽǀ͘ďƌͬďǀƐͬƐĂƵĚĞůĞŐŝƐͬŐŵͬϮϬϭϬͬƉƌƚϰϮϳϵͺϯϬͺϭϮͺϮϬϭϬ͘ŚƚŵůͿ͘
Z^/>͘D^͘WŽƌƚĂƌŝĂŶǑϮ͘ϰϯϲͬϮϬϭϳͲƉƌŽǀĂĂWŽůşƚŝĐĂEĂĐŝŽŶĂůĚĞƚĞŶĕĆŽĄƐŝĐĂ͕ĞƐƚĂďĞůĞĐĞŶĚŽĂƌĞǀŝƐĆŽĚĞĚŝƌĞƚƌŝnjĞƐƉĂƌĂ
ĂŽƌŐĂŶŝnjĂĕĆŽĚĂƚĞŶĕĆŽĄƐŝĐĂ͕ŶŽąŵďŝƚŽĚŽ^ŝƐƚĞŵĂjŶŝĐŽĚĞ^ĂƷĚĞ
;ŚƚƚƉ͗ͬͬďǀƐŵƐ͘ƐĂƵĚĞ͘ŐŽǀ͘ďƌͬďǀƐͬƐĂƵĚĞůĞŐŝƐͬŐŵͬϮϬϭϳͬƉƌƚϮϰϯϲͺϮϮͺϬϵͺϮϬϭϳ͘ŚƚŵůͿ
Z^/>͘D^͘WŽƌƚĂƌŝĂĚĞĐŽŶƐŽůŝĚĂĕĆŽŶǑϭͬϮϬϭϳͲŽŶƐŽůŝĚĂĕĆŽĚĂƐŶŽƌŵĂƐƐŽďƌĞŽƐĚŝƌĞŝƚŽƐĞĚĞǀĞƌĞƐĚŽƐƵƐƵĄƌŝŽƐĚĂ
ƐĂƷĚĞ͕ĂŽƌŐĂŶŝnjĂĕĆŽĞŽĨƵŶĐŝŽŶĂŵĞŶƚŽĚŽ^ŝƐƚĞŵĂjŶŝĐŽĚĞ^ĂƷĚĞ
;ŚƚƚƉƐ͗ͬͬďǀƐŵƐ͘ƐĂƵĚĞ͘ŐŽǀ͘ďƌͬďǀƐͬƐĂƵĚĞůĞŐŝƐͬŐŵͬϮϬϭϳͬƉƌĐϬϬϬϭͺϬϯͺϭϬͺϮϬϭϳ͘ŚƚŵůͿ
Z^/>͘D^͘WŽƌƚĂƌŝĂĚĞŽŶƐŽůŝĚĂĕĆŽŶǑϮͬϮϬϭϳͲŽŶƐŽůŝĚĂĕĆŽĚĂƐŶŽƌŵĂƐƐŽďƌĞĂƐƉŽůşƚŝĐĂƐŶĂĐŝŽŶĂŝƐĚĞƐĂƷĚĞĚŽ^ŝƐƚĞŵĂ
jŶŝĐŽĚĞ^ĂƷĚĞ;ŚƚƚƉ͗ͬͬďǀƐŵƐ͘ƐĂƵĚĞ͘ŐŽǀ͘ďƌͬďǀƐͬƐĂƵĚĞůĞŐŝƐͬŐŵͬϮϬϭϳͬƉƌĐϬϬϬϮͺϬϯͺϭϬͺϮϬϭϳ͘ŚƚŵůͿ
Z^/>͘D^͘WŽƌƚĂƌŝĂĚĞŽŶƐŽůŝĚĂĕĆŽŶǑϯͬϮϬϭϳͲŽŶƐŽůŝĚĂĕĆŽĚĂƐŶŽƌŵĂƐƐŽďƌĞĂƐƌĞĚĞƐĚŽ^ŝƐƚĞŵĂjŶŝĐŽĚĞ^ĂƷĚĞ
;ŚƚƚƉƐ͗ͬͬďǀƐŵƐ͘ƐĂƵĚĞ͘ŐŽǀ͘ďƌͬďǀƐͬƐĂƵĚĞůĞŐŝƐͬŐŵͬϮϬϭϳͬƉƌĐϬϬϬϯͺϬϯͺϭϬͺϮϬϭϳ͘ŚƚŵůͿ
Z^/>͘D^͘WŽƌƚĂƌŝĂĚĞŽŶƐŽůŝĚĂĕĆŽŶǑϰͬϮϬϭϳͲŽŶƐŽůŝĚĂĕĆŽĚĂƐŶŽƌŵĂƐƐŽďƌĞŽƐƐŝƐƚĞŵĂƐĞŽƐƐƵďƐŝƐƚĞŵĂƐĚŽ^ŝƐƚĞŵĂ
jŶŝĐŽĚĞ^ĂƷĚĞͲŶĞdžŽsͲ^ŝƐƚĞŵĂEĂĐŝŽŶĂůĚĞsŝŐŝůąŶĐŝĂƉŝĚĞŵŝŽůſŐŝĐĂͲĂƉşƚƵůŽ/ͲĂůŝƐƚĂŶĂĐŝŽŶĂůĚĞŶŽƚŝĨŝĐĂĕĆŽ
ĐŽŵƉƵůƐſƌŝĂĚĞĚŽĞŶĕĂƐ͕ĂŐƌĂǀŽƐĞĞǀĞŶƚŽƐĚĞƐĂƷĚĞƉƷďůŝĐĂ͗^ĞĕƁĞƐ/Ğ//͖ŶĞdžŽϭĚŽŶĞdžŽsͲ>ŝƐƚĂŶĂĐŝŽŶĂůĚĞŶŽƚŝĨŝĐĂĕĆŽ
ĐŽŵƉƵůƐſƌŝĂĚĞĚŽĞŶĕĂƐ͕ĂŐƌĂǀŽƐĞĞǀĞŶƚŽƐĚĞƐĂƷĚĞƉƷďůŝĐĂ
;ŚƚƚƉƐ͗ͬͬďǀƐŵƐ͘ƐĂƵĚĞ͘ŐŽǀ͘ďƌͬďǀƐͬƐĂƵĚĞůĞŐŝƐͬŐŵͬϮϬϭϳͬƉƌĐϬϬϬϰͺϬϯͺϭϬͺϮϬϭϳ͘ŚƚŵůͿ
Z^/>͘D^͘WŽƌƚĂƌŝĂĚĞŽŶƐŽůŝĚĂĕĆŽŶǑϱͬϮϬϭϳͲŽŶƐŽůŝĚĂĕĆŽĚĂƐŶŽƌŵĂƐƐŽďƌĞĂƐĂĕƁĞƐĞŽƐƐĞƌǀŝĕŽƐĚĞƐĂƷĚĞĚŽ^ŝƐƚĞŵĂ
jŶŝĐŽĚĞ^ĂƷĚĞ;ŚƚƚƉ͗ͬͬďǀƐŵƐ͘ƐĂƵĚĞ͘ŐŽǀ͘ďƌͬďǀƐͬƐĂƵĚĞůĞŐŝƐͬŐŵͬϮϬϭϳͬƉƌĐϬϬϬϱͺϬϯͺϭϬͺϮϬϭϳ͘ŚƚŵůͿ
Z^/>͘D^͘WŽƌƚĂƌŝĂĚĞŽŶƐŽůŝĚĂĕĆŽŶǑϲͬϮϬϭϳͲŽŶƐŽůŝĚĂĕĆŽĚĂƐŶŽƌŵĂƐƐŽďƌĞŽĨŝŶĂŶĐŝĂŵĞŶƚŽĞĂƚƌĂŶƐĨĞƌġŶĐŝĂĚŽƐ
ƌĞĐƵƌƐŽƐĨĞĚĞƌĂŝƐƉĂƌĂĂƐĂĕƁĞƐĞŽƐƐĞƌǀŝĕŽƐĚĞƐĂƷĚĞĚŽ^ŝƐƚĞŵĂjŶŝĐŽĚĞ^ĂƷĚĞ
;ŚƚƚƉƐ͗ͬͬďǀƐŵƐ͘ƐĂƵĚĞ͘ŐŽǀ͘ďƌͬďǀƐͬƐĂƵĚĞůĞŐŝƐͬŐŵͬϮϬϭϳͬƉƌĐϬϬϬϲͺϬϯͺϭϬͺϮϬϭϳ͘Śƚŵů
Z^/>͘D^͘ZĞƐŽůƵĕĆŽŶǑϰϱϯͬϮϬϭϮͲŝƌĞƚƌŝnjĞƐƉĂƌĂŝŶƐƚŝƚƵŝĕĆŽ͕ƌĞĨŽƌŵƵůĂĕĆŽ͕ƌĞĞƐƚƌƵƚƵƌĂĕĆŽĞĨƵŶĐŝŽŶĂŵĞŶƚŽĚŽƐ
ŽŶƐĞůŚŽƐĚĞ^ĂƷĚĞ;ŚƚƚƉ͗ͬͬďǀƐŵƐ͘ƐĂƵĚĞ͘ŐŽǀ͘ďƌͬďǀƐͬƐĂƵĚĞůĞŐŝƐͬĐŶƐͬϮϬϭϮͬƌĞƐϬϰϱϯͺϭϬͺϬϱͺϮϬϭϮ͘ŚƚŵůͿ
Z^/>͘Dd͘EZϯϮͲ^ĞŐƵƌĂŶĕĂĞƐĂƷĚĞŶŽƚƌĂďĂůŚŽĞŵƐĞƌǀŝĕŽƐĚĞƐĂƷĚĞ;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ŐŽǀ͘ďƌͬƚƌĂďĂůŚŽͲĞͲĞŵƉƌĞŐŽͬƉƚͲ
ďƌͬĂĐĞƐƐŽͲĂͲŝŶĨŽƌŵĂĐĂŽͬƉĂƌƚŝĐŝƉĂĐĂŽͲƐŽĐŝĂůͬĐŽŶƐĞůŚŽƐͲĞͲŽƌŐĂŽƐͲĐŽůĞŐŝĂĚŽƐͬĐŽŵŝƐƐĂŽͲƚƌŝƉĂƌƚŝƚĞͲƉĂƌƚŝƚĂƌŝĂͲ
ƉĞƌŵĂŶĞŶƚĞͬĂƌƋƵŝǀŽƐͬŶŽƌŵĂƐͲƌĞŐƵůĂŵĞŶƚĂĚŽƌĂƐͬŶƌͲϯϮͲĂƚƵĂůŝnjĂĚĂͲϮϬϮϮͲϮ͘ƉĚĨ
➔ KE,/DEdK^^W1&/K^
sK'K
Ͳ>'/^>KDhE//W>͗
ϭ͘ ŝƐƉŽƐŝĕƁĞƐ ƐŽďƌĞ Ž WůĂŶŽĚĞ ĂƌŐŽƐ͕ ĂƌƌĞŝƌĂ Ğ sĞŶĐŝŵĞŶƚŽ ĚŽƐ ^ĞƌǀŝĚŽƌĞƐ DƵŶŝĐŝƉĂŝƐ ĚĞ ^ĂŶƚĂ ƌƵnj ĚŽ ZŝŽ WĂƌĚŽ ;>Ğŝ
ŽŵƉůĞŵĞŶƚĂƌϱϵϬͬϮϬϮϯͲŝƐƉƁĞƐŽďƌĞŽWůĂŶŽĚĞĂƌŐŽƐ͕ĂƌƌĞŝƌĂĞsĞŶĐŝŵĞŶƚŽĚŽƐ^ĞƌǀŝĚŽƌĞƐͿĞƐƵĂƐĂůƚĞƌĂĕƁĞƐ͘
;ŚƚƚƉƐ͗ͬͬůĞŝƐŵƵŶŝĐŝƉĂŝƐ͘ĐŽŵ͘ďƌͬĂͬƐƉͬƐͬƐĂŶƚĂͲĐƌƵnjͲĚŽͲƌŝŽͲƉĂƌĚŽͬůĞŝͲŽƌĚŝŶĂƌŝĂͬϭϵϳϯͬϱϵͬϱϵϬͬůĞŝͲŽƌĚŝŶĂƌŝĂͲŶͲϱϵϬͲϭϵϳϯͲĚŝƐƉŽĞͲ
ƐŽďƌĞͲŽͲĞƐƚĂƚƵƚŽͲĚŽƐͲƐĞƌǀŝĚŽƌĞƐͲƉƵďůŝĐŽƐͲĚŽͲŵƵŶŝĐŝƉŝŽͲĚĞͲƐƚĂͲĐƌƵnjͲĚŽͲƌŝŽͲƉĂƌĚŽ
>ĞŝŽŵƉůĞŵĞŶƚĂƌŶǑϳϱϮͬϮϬϮϮĞƐƵĂƐĂůƚĞƌĂĕƁĞƐ
;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ĐĂŵĂƌĂƐĂŶƚĂĐƌƵnjĚŽƌŝŽƉĂƌĚŽ͘ƐƉ͘ŐŽǀ͘ďƌͬƉƵďůŝĐͬĂĚŵŝŶͬŐůŽďĂůĂƌƋͬůĞŐŝƐůĂĐĂŽͬĂƌƋƵŝǀŽͬKϭƋƚϯϳϲW͘ƉĚĨͿ
Ϯ͘>ĞŝKƌŐąŶŝĐĂĚŽDƵŶŝĐşƉŝŽĚĞ^EdZhKZ/KWZK͘
Ͳ/Z/dKKE^d/dh/KE>
ϭ͘KE/dK͕ƐĞŶƚŝĚŽĞĐůĂƐƐŝĨŝĐĂĕĆŽĚĂƐŽŶƐƚŝƚƵŝĕƁĞƐ͘WŽĚĞƌĐŽŶƐƚŝƚƵŝŶƚĞ͘WŽĚĞƌƌĞĨŽƌŵĂĚŽƌĞƐƵĂƐůŝŵŝƚĂĕƁĞƐ͖ĞŵĞŶĚĂƐă
ŽŶƐƚŝƚƵŝĕĆŽ͘DƵƚĂĕƁĞƐĐŽŶƐƚŝƚƵĐŝŽŶĂŝƐ͘
Ϯ͘^dK͘KƌŝŐĞŵ͘&ŽƌŵĂĕĆŽ͘ŽŶĐĞŝƚŽĞĞůĞŵĞŶƚŽƐ͘
ϯ͘ /Z/dK WZK^^h> KE^d/dh/KE>͘ ŽŶƐƚŝƚƵŝĕĆŽ Ğ ƉƌŽĐĞƐƐŽ͘ ŝƌĞŝƚŽ ĐŽŶƐƚŝƚƵĐŝŽŶĂů ƉƌŽĐĞƐƐƵĂů͘ ^ŝƐƚĞŵĂ :ƵƌşĚŝĐŽ͘
^ƵƉƌĞŵĂĐŝĂŽŶƐƚŝƚƵĐŝŽŶĂů͘EƵůŝĚĂĚĞ͘ŽŶĐĞŝƚŽĚĞŽŶƐƚŝƚƵĐŝŽŶĂůŝĚĂĚĞ͘ŽŶƚƌŽůĞĚĞŽŶƐƚŝƚƵĐŝŽŶĂůŝĚĂĚĞ͘ŽŶĐĞŝƚŽ͕ZĞƋƵŝƐŝƚŽƐ
Ğ ƐƉĠĐŝĞƐ ĚĞ ŽŶƚƌŽůĞ ĚĞ ŽŶƐƚŝƚƵĐŝŽŶĂůŝĚĂĚĞ͘ ŽŶƚƌŽůĞ ŝĨƵƐŽ͘ /ŶĐŝĚĞŶƚĞ ĚĞ ƌŐƵŝĕĆŽ ĚĞ /ŶĐŽŶƐƚŝƚƵĐŝŽŶĂůŝĚĂĚĞ͘ ^ƷŵƵůĂ
sŝŶĐƵůĂŶƚĞ͘ ZĞƉĞƌĐƵƐƐĆŽ 'ĞƌĂů͘ ŽŶƚƌŽůĞ ŽŶĐĞŶƚƌĂĚŽ͘ ĕĆŽ ŝƌĞƚĂ ĚĞ /ŶĐŽŶƐƚŝƚƵĐŝŽŶĂůŝĚĂĚĞ͘ ĕĆŽ ĚĞĐůĂƌĂƚſƌŝĂ ĚĞ
ĐŽŶƐƚŝƚƵĐŝŽŶĂůŝĚĂĚĞ͘ ĕĆŽ ĚĞĐůĂƌĂƚſƌŝĂ ĚĞ ŝŶĐŽŶƐƚŝƚƵĐŝŽŶĂůŝĚĂĚĞ ƉŽƌ ŽŵŝƐƐĆŽ͘ ĕĆŽ ĚŝƌĞƚĂ ĚĞ ŝŶĐŽŶƐƚŝƚƵĐŝŽŶĂůŝĚĂĚĞ
ŝŶƚĞƌǀĞŶƚŝǀĂ͘ ƌŐƵŝĕĆŽ ĚĞ ĚĞƐĐƵŵƉƌŝŵĞŶƚŽ ĚĞ ƉƌĞĐĞŝƚŽ ĨƵŶĚĂŵĞŶƚĂů͘ ŽŶƚƌŽůĞ ĚĞ ŽŶƐƚŝƚƵĐŝŽŶĂůŝĚĂĚĞ ŶŽ ąŵďŝƚŽ ĞƐƚĂĚƵĂů͘
tZ/d^ KE^d/dh/KE/^͘ ,ĂďĞĂƐ ĐŽƌƉƵƐ͘ ,ĂďĞĂƐ ĚĂƚĂ͘ DĂŶĚĂĚŽ ĚĞ ŝŶũƵŶĕĆŽ͘ DĂŶĚĂĚŽ ĚĞ ƐĞŐƵƌĂŶĕĂ͘ ĕƁĞƐ
ŽŶƐƚŝƚƵĐŝŽŶĂŝƐ͘
ϰ͘&//W>//>/^EKZD^KE^d/dh/KE/^͘
ϱ͘ KZ'E/K K ^dK K WKZ͘ &ĞĚĞƌĂĕĆŽ ƌĂƐŝůĞŝƌĂ͘ hŶŝĆŽ͘ ŽŵƉĞƚġŶĐŝĂ ĚĂ hŶŝĆŽ͘ ƐƚĂĚŽƐͲŵĞŵďƌŽƐ͘
ŽŵƉĞƚġŶĐŝĂĚŽƐƐƚĂĚŽƐͲŵĞŵďƌŽƐ͘ZĞŐŝƁĞƐDĞƚƌŽƉŽůŝƚĂŶĂƐ͕ĂŐůŽŵĞƌĂĕƁĞƐƵƌďĂŶĂƐĞŵŝĐƌŽƌƌĞŐŝƁĞƐ͘DƵŶŝĐşƉŝŽƐ͘&ŽƌŵĂĕĆŽ
ĚŽƐDƵŶŝĐşƉŝŽƐ͘ŽŵƉĞƚġŶĐŝĂĚŽƐDƵŶŝĐşƉŝŽƐ͘ZĞƉĂƌƚŝĕĆŽĚĂƐŽŵƉĞƚġŶĐŝĂƐ͘/ŶƚĞƌǀĞŶĕĆŽ͘/ŶƚĞƌǀĞŶĕĆŽ&ĞĚĞƌĂů͘/ŶƚĞƌǀĞŶĕĆŽ
ƐƚĂĚƵĂů͘
ϲ͘WKZ>'/^>d/sK͘ƐƚƌƵƚƵƌĂĚŽWŽĚĞƌ>ĞŐŝƐůĂƚŝǀŽ͘ĂƐƌĞƵŶŝƁĞƐĚĂƐĂƐĂƐ>ĞŐŝƐůĂƚŝǀĂƐ͘^ĞƐƐĆŽ>ĞŐŝƐůĂƚŝǀĂ͘ĂƐĐŽŵŝƐƐƁĞƐ͘
25
WƌĞĨĞŝƚƵƌĂDƵŶŝĐŝƉĂůĚĞ ŽŶĐƵƌƐŽWƷďůŝĐŽEǑϬϭͬϮϬϮϰ
^EdZhKZ/KWZK /d>ĚĞZdhZĚĞ/E^Z/O^
ϳ͘WZK^^K>'/^>d/sK͘dŝƉŽƐĞƐƉĠĐŝĞƐ͘&ƵŶĕĆŽĨŝƐĐĂůŝnjĂƚſƌŝĂĞdžĞƌĐŝĚĂƉĞůŽ>ĞŐŝƐůĂƚŝǀŽĞƉĞůŽdƌŝďƵŶĂůĚĞŽŶƚĂƐ͘WŽĚĞƌĞƐ
ĚŽƐdƌŝďƵŶĂŝƐĚĞŽŶƚĂƐ͘ŽŵƉŽƐŝĕĆŽ͕ĐĂƌĂĐƚĞƌşƐƚŝĐĂƐĞĂƚƌŝďƵŝĕƁĞƐĚŽƐdƌŝďƵŶĂŝƐĚĞŽŶƚĂƐ͘dƌŝďƵŶĂŝƐĚĞŽŶƚĂƐDƵŶŝĐŝƉĂŝƐ͘
DŝŶŝƐƚĠƌŝŽWƷďůŝĐŽĚĞŽŶƚĂƐ͘
ϴ͘ WKZ yhd/sK͘ K ĞdžĞƌĐşĐŝŽ ĚŽ WŽĚĞƌ džĞĐƵƚŝǀŽ ŶŽ ąŵďŝƚŽ ĞƐƚĂĚƵĂů Ğ ŵƵŶŝĐŝƉĂů͘ ƚƌŝďƵŝĕƁĞƐ͘ WŽƐƐĞ Ğ DĂŶĚĂƚŽ͘
sĂĐąŶĐŝĂĞŝŵƉĞĚŝŵĞŶƚŽƐĚŽƐĐĂƌŐŽƐ͘DŝŶŝƐƚƌŽƐĚĞƐƚĂĚŽ͘ƌŝŵĞƐĚĞZĞƐƉŽŶƐĂďŝůŝĚĂĚĞ͘ƌŝŵĞƐŽŵƵŶƐ͘WƌŝƐĆŽ͘/ŵƵŶŝĚĂĚĞ
&ŽƌŵĂů͘
ϵ͘ /Z/dK^ 'ZEd/^ &hEDEd/^͘ ǀŽůƵĕĆŽ͘ ĂƌĂĐƚĞƌşƐƚŝĐĂƐ͘ ƉůŝĐĂďŝůŝĚĂĚĞ͘ ŝƌĞŝƚŽƐ ,ƵŵĂŶŽƐ͘ ŝƌĞŝƚŽƐ
&ƵŶĚĂŵĞŶƚĂŝƐĞdžƉůşĐŝƚŽƐĞŝŵƉůşĐŝƚŽƐ͘ŽŶǀĞŶĕƁĞƐĞdƌĂƚĂĚŽƐ/ŶƚĞƌŶĂĐŝŽŶĂŝƐƐŽďƌĞŝƌĞŝƚŽƐ,ƵŵĂŶŽƐ͘ŽŶĨůŝƚŽĞŶƚƌĞŝƌĞŝƚŽƐ
&ƵŶĚĂŵĞŶƚĂŝƐ͘ŝƌĞŝƚŽƐ/ŶĚŝǀŝĚƵĂŝƐĞŽůĞƚŝǀŽƐ͘ŝƌĞŝƚŽƐ^ŽĐŝĂŝƐ͘ŝƌĞŝƚŽƐĚĂEĂĐŝŽŶĂůŝĚĂĚĞ͘ŝƌĞŝƚŽƐWŽůşƚŝĐŽƐ͘/ŶĞůĞŐŝďŝůŝĚĂĚĞƐ͘
&ŝĐŚĂ >ŝŵƉĂ͘ WĂƌƚŝĚŽƐ WŽůşƚŝĐŽƐ͘ KƐ ŵĞĐĂŶŝƐŵŽƐ ĚĞ ƉĂƌƚŝĐŝƉĂĕĆŽ ĚŽ ĐŝĚĂĚĆŽ͕ ĚŽ ƉŽǀŽ Ğ ĚĂ ƐŽĐŝĞĚĂĚĞ ŶĂ ǀŝĚĂ ƉŽůşƚŝĐĂ Ğ
ĂĚŵŝŶŝƐƚƌĂƚŝǀĂďƌĂƐŝůĞŝƌĂ͘
ϭϬ͘ KZD ^K/>͘ ^ĞŐƵƌŝĚĂĚĞ ^ŽĐŝĂů͘ ĚƵĐĂĕĆŽ͘ ƵůƚƵƌĂ͘ ĞƐƉŽƌƚŽ͘ ŝġŶĐŝĂ Ğ dĞĐŶŽůŽŐŝĂ͘ ŽŵƵŶŝĐĂĕĆŽ ^ŽĐŝĂů͘ DĞŝŽ
ŵďŝĞŶƚĞ͘&ĂŵşůŝĂ͕ƌŝĂŶĕĂ͕ĚŽůĞƐĐĞŶƚĞĞ/ĚŽƐŽ͘ŝƌĞŝƚŽăWƌŽƚĞĕĆŽƐƉĞĐŝĂů͘1ŶĚŝŽƐ͘
ϭϭ͘ KZD KEND/ &/EE/Z͘ WƌŝŶĐşƉŝŽƐ ĚĂ KƌĚĞŵ ĐŽŶƀŵŝĐĂ͘ ^ŝƐƚĞŵĂ &ŝŶĂŶĐĞŝƌŽ EĂĐŝŽŶĂů͘ /ŶƚĞƌǀĞŶĕĆŽ ĚŽ
ƐƚĂĚŽ͘ĂƉŽůşƚŝĐĂƵƌďĂŶĂ͘ĂƉŽůşƚŝĐĂĂŐƌşĐŽůĂ͘
ϭϮ͘ D/E/^dZK Wj>/͘ WƌŝŶĐşƉŝŽƐ ĐŽŶƐƚŝƚƵĐŝŽŶĂŝƐ͘ ^ĞƌǀŝĚŽƌ WƷďůŝĐŽ͘ >ŝĐŝƚĂĕĆŽ͘ /ŵƉƌŽďŝĚĂĚĞ ĚŵŝŶŝƐƚƌĂƚŝǀĂ͘
^ĞƌǀŝĚŽƌƉƷďůŝĐŽĞŵĂŶĚĂƚŽĞůĞƚŝǀŽ͘^ŝƐƚĞŵĂZĞŵƵŶĞƌĂƚſƌŝŽ͘WƌĞǀŝĚġŶĐŝĂĞĞƐƚĂďŝůŝĚĂĚĞĚŽƐĞƌǀŝĚŽƌƉƷďůŝĐŽ͘
ϭϯ͘^ƷŵƵůĂƐĚŽƐdƌŝďƵŶĂŝƐ^ƵƉĞƌŝŽƌĞƐ;^d:Ğ^d&Ϳ͘
ϭϰ͘ŽŶƐƚŝƚƵŝĕĆŽĚĂZĞƉƷďůŝĐĂ&ĞĚĞƌĂƚŝǀĂĚŽƌĂƐŝůĚĞϭϵϴϴ
Ͳ/Z/dKD/E/^dZd/sK
ϭ͘ŽŶĐĞŝƚŽĚĞĚŝƌĞŝƚŽĂĚŵŝŶŝƐƚƌĂƚŝǀŽ͘ZĞŐŝŵĞũƵƌşĚŝĐŽĂĚŵŝŶŝƐƚƌĂƚŝǀŽ͘&ƵŶĕĆŽƉƷďůŝĐĂ͘&ƵŶĕĆŽĂĚŵŝŶŝƐƚƌĂƚŝǀĂ͘&ƵŶĕĆŽƉŽůşƚŝĐĂ
ŽƵ ĚĞ ŐŽǀĞƌŶŽ͘ ŽŶĐĞŝƚŽ ĚĞ ŝŶƚĞƌĞƐƐĞ ƉƷďůŝĐŽ͘ /ŶƚĞƌĞƐƐĞ ƉƌŝŵĄƌŝŽ Ğ ƐĞĐƵŶĚĄƌŝŽ͘ ZĞŐŝŵĞ ũƵƌşĚŝĐŽͲĂĚŵŝŶŝƐƚƌĂƚŝǀŽ͘ WƌŝŶĐşƉŝŽƐ
ĐŽŶƐƚŝƚƵĐŝŽŶĂŝƐĚŽĚŝƌĞŝƚŽĂĚŵŝŶŝƐƚƌĂƚŝǀŽĞdžƉƌĞƐƐŽƐĞŝŵƉůşĐŝƚŽƐ͘
Ϯ͘ KƌŐĂŶŝnjĂĕĆŽ ĂĚŵŝŶŝƐƚƌĂƚŝǀĂ͘ MƌŐĆŽƐ ƉƷďůŝĐŽƐ͘ ŽŵƉĞƚġŶĐŝĂƐ ĂĚŵŝŶŝƐƚƌĂƚŝǀĂƐ͘ ŽŵƉĞƚġŶĐŝĂƐ ĚŝƐĐƌŝĐŝŽŶĄƌŝĂƐ Ğ ǀŝŶĐƵůĂĚĂƐ͗
ŽŶĐĞŝƚŽ͕ĨƵŶĚĂŵĞŶƚŽƐĞůŝŵŝƚĞƐĚĂĚŝƐĐƌŝĐŝŽŶĂƌŝĞĚĂĚĞ͕ŵĠƌŝƚŽĚŽĂƚŽĂĚŵŝŶŝƐƚƌĂƚŝǀŽ͕ĚŝƐĐƌŝĐŝŽŶĂƌŝĞĚĂĚĞƚĠĐŶŝĐĂ͕ĐŽŶƚƌŽůĞĚĂ
ĚŝƐĐƌŝĐŝŽŶĂƌŝĞĚĂĚĞ͘ĞŶƚƌĂůŝnjĂĕĆŽĞĚĞƐĐĞŶƚƌĂůŝnjĂĕĆŽĂĚŵŝŶŝƐƚƌĂƚŝǀĂ͘ĞƐĐŽŶĐĞŶƚƌĂĕĆŽ͘,ŝĞƌĂƌƋƵŝĂĂĚŵŝŶŝƐƚƌĂƚŝǀĂ͘ĞůĞŐĂĕĆŽĞ
ĂǀŽĐĂĕĆŽĚĞĐŽŵƉĞƚġŶĐŝĂ͘
ϯ͘ ĚŵŝŶŝƐƚƌĂĕĆŽ ŝŶĚŝƌĞƚĂ͘ ŽŶĐĞŝƚŽ͘ ŽŶƚƌŽůĞ ĚĂ ĚŵŝŶŝƐƚƌĂĕĆŽ ŝŶĚŝƌĞƚĂ͘ ƵƚĂƌƋƵŝĂƐ͘ ƵƚĂƌƋƵŝĂƐ ĞƐƉĞĐŝĂŝƐ͘ ŐġŶĐŝĂƐ
ĞdžĞĐƵƚŝǀĂƐ͘ ŐġŶĐŝĂƐ ƌĞŐƵůĂĚŽƌĂƐ͘ &ƵŶĚĂĕƁĞƐ ƉƷďůŝĐĂƐ͘ &ƵŶĚĂĕƁĞƐ ŵƵŶŝĐŝƉĂŝƐ͘ ŵƉƌĞƐĂƐ ĞƐƚĂƚĂŝƐ͗ ĞŵƉƌĞƐĂƐ ƉƷďůŝĐĂƐ Ğ
ƐŽĐŝĞĚĂĚĞƐĚĞĞĐŽŶŽŵŝĂ ŵŝƐƚĂ͘>Ğŝ&ĞĚĞƌĂůŶǑ͘ϭϯ͘ϯϬϯͬϮϬϭϲ͘^ŽĐŝĞĚĂĚĞƐƉŽƌĕƁĞƐ Ͳ>Ğŝ&ĞĚĞƌĂůŶǑϲ͘ϰϬϰͬϭϵϳϲ͘ŽŶƐſƌĐŝŽƐ
ƉƷďůŝĐŽƐ͘ ŽŶƚƌĂƚŽ ĚĞ ƌĂƚĞŝŽ Ğ ĚĞ ƉƌŽŐƌĂŵĂ͘ >Ğŝ &ĞĚĞƌĂů ŶǑ ϭϭ͘ϭϬϳͬϬϱ Ğ ĞĐƌĞƚŽ &ĞĚĞƌĂů ŶǑ ϲ͘ϬϭϳͬϬϳ͘ ŽŶǀġŶŝŽƐ ĞŶƚƌĞ
ĞŶƚŝĚĂĚĞƐĨĞĚĞƌĂƚŝǀĂƐ͘ĐŽƌĚŽƐĚĞĐŽŽƉĞƌĂĕĆŽ͘
ϰ͘ dĞƌĐĞŝƌŽ ƐĞƚŽƌ͘ ŽŶĐĞŝƚŽ͘ ŶƚĞƐ ƉĂƌĂĞƐƚĂƚĂŝƐ͘ ^ĞƌǀŝĕŽƐ ƐŽĐŝĂŝƐ ĂƵƚƀŶŽŵŽƐ͘ KƌŐĂŶŝnjĂĕƁĞƐ ƐŽĐŝĂŝƐ͘ ŽŶƚƌĂƚŽ ĚĞ ŐĞƐƚĆŽ͘ >Ğŝ
&ĞĚĞƌĂů ŶǑ ϵ͘ϲϯϳͬϵϴ͘ KƌŐĂŶŝnjĂĕƁĞƐ ĚĞ ƐŽĐŝĞĚĂĚĞ Đŝǀŝů ĚĞ ŝŶƚĞƌĞƐƐĞ ƉƷďůŝĐŽ͘ dĞƌŵŽ ĚĞ ƉĂƌĐĞƌŝĂ͘ >Ğŝ &ĞĚĞƌĂů ŶǑ ϵ͘ϳϵϬͬϵϵ͘
K^/W^͘>Ğŝ&ĞĚĞƌĂůŶǑϭϯ͘Ϭϭϵͬϭϰ͘
ϱ͘ ^ĞƌǀŝĚŽƌĞƐ ƉƷďůŝĐŽƐ͗ ŽŶĐĞŝƚŽ͕ ĐůĂƐƐŝĨŝĐĂĕĆŽ Ğ ƌĞŐŝŵĞ ũƵƌşĚŝĐŽ͘ ZĞŵƵŶĞƌĂĕĆŽ ĚŽƐ ƐĞƌǀŝĚŽƌĞƐ ƉƷďůŝĐŽƐ͘ ĐĞƐƐŝďŝůŝĚĂĚĞ ĂŽƐ
ĐĂƌŐŽƐ ƉƷďůŝĐŽƐ͘ ŽŶĐƵƌƐŽ ƉƷďůŝĐŽ͘ WƌŽĐĞƐƐŽ ƐĞůĞƚŝǀŽ ƉƷďůŝĐŽ͘ ŽŶƚƌĂƚĂĕĆŽ ƚĞŵƉŽƌĄƌŝĂ͘ dĞƌĐĞŝƌŝnjĂĕĆŽ͘ ŝƌĞŝƚŽ ĚĞ ŐƌĞǀĞ Ğ
ƐŝŶĚŝĐĂůŝnjĂĕĆŽ ĚŽƐ ƐĞƌǀŝĚŽƐ ƉƷďůŝĐŽƐ͘ ĂƌŐŽƐ ƉƷďůŝĐŽƐ͘ ƐƚĄŐŝŽ ƉƌŽďĂƚſƌŝŽ͘ ƐƚĂďŝůŝĚĂĚĞ͘ WƌŽǀŝŵĞŶƚŽ͘ ZĞŵŽĕĆŽ͘ ĞƐƐĆŽ ĚĞ
ƐĞƌǀŝĚŽƌĞƐ͘ ŶƋƵĂĚƌĂŵĞŶƚŽ͘ ZĞĚŝƐƚƌŝďƵŝĕĆŽ͘ ŝƌĞŝƚŽƐ ĚŽƐ ƐĞƌǀŝĚŽƌĞƐ ŵƵŶŝĐŝƉĂŝƐ͘ ƉŽƐĞŶƚĂĚŽƌŝĂ ĚŽƐ ƐĞƌǀŝĚŽƌĞƐ ƉƷďůŝĐŽƐ͘
ZĞŐŝŵĞƉƌſƉƌŝŽĞƉƌĞǀŝĚġŶĐŝĂĐŽŵƉůĞŵĞŶƚĂƌ͘ĞǀĞƌĞƐĞƉƌŽŝďŝĕƁĞƐĚŽƐƐĞƌǀŝĚŽƐƉƷďůŝĐŽƐ͘ZĞŐŝŵĞĚŝƐĐŝƉůŝŶĂƌĚŽƐƐĞƌǀŝĚŽƌĞƐ
ƉƷďůŝĐŽƐ͘ ^ĂŶĕƁĞƐ ĚŝƐĐŝƉůŝŶĂƌĞƐ͘ WƌŽĐĞƐƐŽ ĂĚŵŝŶŝƐƚƌĂƚŝǀŽ ĚŝƐĐŝƉůŝŶĂƌ͗ ĂƉƵƌĂĕĆŽ ƉƌĞůŝŵŝŶĂƌ͕ ƐŝŶĚŝĐąŶĐŝĂ͕ ƉƌŽĐĞƐƐŽ ƐƵŵĄƌŝŽ͕
ƉƌŽĐĞĚŝŵĞŶƚŽ ƐƵŵĄƌŝŽ͕ ŝŶƋƵĠƌŝƚŽ ĂĚŵŝŶŝƐƚƌĂƚŝǀŽ͕ ŝŶƋƵĠƌŝƚŽ ĂĚŵŝŶŝƐƚƌĂƚŝǀŽ ĞƐƉĞĐŝĂů͕ ĞdžŽŶĞƌĂĕĆŽ ĚĞ ƐĞƌǀŝĚŽƌ Ğŵ ĞƐƚĄŐŝŽ
ƉƌŽďĂƚſƌŝŽ͘ZĞƐƉŽŶƐĂďŝůŝĚĂĚĞĐŝǀŝůĚŽƐƐĞƌǀŝĚŽƌĞƐƉƷďůŝĐŽƐ͘
ϲ͘ ƚŽƐ ĂĚŵŝŶŝƐƚƌĂƚŝǀŽƐ͘ ƚŽ ĂĚŵŝŶŝƐƚƌĂƚŝǀŽ Ğ ĨĂƚŽ ĂĚŵŝŶŝƐƚƌĂƚŝǀŽ͘ ŽŶĐĞŝƚŽ͕ ĐůĂƐƐŝĨŝĐĂĕĆŽ͕ ĞƐƉĠĐŝĞƐ ĚĞ ĂƚŽ ĂĚŵŝŶŝƐƚƌĂƚŝǀŽ͘
>ŝĐĞŶĕĂƐ Ğ ĂƵƚŽƌŝnjĂĕƁĞƐ ĂĚŵŝŶŝƐƚƌĂƚŝǀĂƐ͘ džŝƐƚġŶĐŝĂ͕ ǀĂůŝĚĂĚĞ Ğ ĞĨŝĐĄĐŝĂ ĚŽ ĂƚŽ ĂĚŵŝŶŝƐƚƌĂƚŝǀŽ͘ ůĞŵĞŶƚŽƐ Ğ ƉƌĞƐƐƵƉŽƐƚŽƐ͘
ďƵƐŽĚĞƉŽĚĞƌ͕ĞdžĐĞƐƐŽĚĞƉŽĚĞƌĞĚĞƐǀŝŽĚĞƉŽĚĞƌ͘ƚƌŝďƵƚŽƐ͘džƚŝŶĕĆŽĞŵŽĚŝĨŝĐĂĕĆŽĚŽĂƚŽĂĚŵŝŶŝƐƚƌĂƚŝǀŽ͘ZĞǀŽŐĂĕĆŽ͘
ZĞƚŝĨŝĐĂĕĆŽĞŝŶǀĂůŝĚĂĕĆŽ͘ŽŶǀĂůŝĚĂĕĆŽ͘ĨĞŝƚŽƐĚŽƐǀşĐŝŽƐ͘
ϳ͘WƌŽĐĞƐƐŽĂĚŵŝŶŝƐƚƌĂƚŝǀŽ͗ĐŽŶĐĞŝƚŽ͕ƌĞƋƵŝƐŝƚŽƐ͕ŽďũĞƚŝǀŽƐ͕ĨĂƐĞƐ͕ĞƐƉĠĐŝĞƐ͕ƉƌŝŶĐşƉŝŽƐĚŽƉƌŽĐĞƐƐŽĂĚŵŝŶŝƐƚƌĂƚŝǀŽ͘ƵĚŝġŶĐŝĂƐ
ĞĐŽŶƐƵůƚĂƐƉƷďůŝĐĂƐ͘ŽŝƐĂũƵůŐĂĚĂĂĚŵŝŶŝƐƚƌĂƚŝǀĂ͘>Ğŝ&ĞĚĞƌĂůŶǑϵ͘ϳϴϰͬϵϵ͘
ϴ͘>ŝĐŝƚĂĕƁĞƐƉƷďůŝĐĂƐ͘>Ğŝ&ĞĚĞƌĂůŶǑϭϰ͘ϭϯϯͬϮϭ͘ĞǀĞƌĚĞůŝĐŝƚĂƌ͕ŝŶĞdžŝŐŝďŝůŝĚĂĚĞĞĚŝƐƉĞŶƐĂĚĞůŝĐŝƚĂĕĆŽ͘WƌŝŶĐşƉŝŽƐĚĂůŝĐŝƚĂĕĆŽ͘
>Ğŝ&ĞĚĞƌĂůŶǑϭϮ͘ϮϯϮͬϮϬϭϬ͘DŽĚĂůŝĚĂĚĞƐůŝĐŝƚĂƚſƌŝĂƐ͘WƌŽĐĞƐƐŽůŝĐŝƚĂƚſƌŝŽ͘ZĞŐŝƐƚƌŽƐĐĂĚĂƐƚƌĂŝƐ͘ZĞŐŝƐƚƌŽĚĞƉƌĞĕŽƐ͘>Ğŝ&ĞĚĞƌĂů
ŶǑ͘ϭϯ͘ϯϬϯͬϮϬϭϲ͘ZĞŐƵůĂŵĞŶƚŽĚĞ>ŝĐŝƚĂĕƁĞƐĞŽŶƚƌĂƚŽƐĚĂ^'͘
ϵ͘ŽŶƚƌĂƚŽƐĂĚŵŝŶŝƐƚƌĂƚŝǀŽƐ͘ŽŶĐĞŝƚŽ͕ŶĂƚƵƌĞnjĂũƵƌşĚŝĐĂ͘WĞĐƵůŝĂƌŝĚĂĚĞĞĐĂƌĂĐƚĞƌşƐƚŝĐĂƐĚŽƐĐŽŶƚƌĂƚŽƐĂĚŵŝŶŝƐƚƌĂƚŝǀŽƐ͘WƌĂnjŽ
Ğ ƉƌŽƌƌŽŐĂĕĆŽ ĚŽ ĐŽŶƚƌĂƚŽ͘ &ŽƌŵĂůŝĚĂĚĞƐ͕ ŝŶƐƚƌƵŵĞŶƚŽ ĐŽŶƚƌĂƚƵĂů͘ ĨŝĐĄĐŝĂ͘ džƚŝŶĕĆŽ͘ ŽŶƚƌĂƚŽƐ ĂĚŵŝŶŝƐƚƌĂƚŝǀŽƐ Ğ ƌĞŐŝŵĞ
ĚŝĨĞƌĞŶĐŝĂĚŽ ĚĞ ĐŽŶƚƌĂƚĂĕƁĞƐ ;ZͿ͘ ŝǀĞƌƐĂƐ ĞƐƉĠĐŝĞƐ ĚĞ ĐŽŶƚƌĂƚŽƐ ĂĚŵŝŶŝƐƚƌĂƚŝǀŽƐ͘ ĚŵŝŶŝƐƚƌĂĕĆŽ ƉƷďůŝĐĂ ůŽĐĂĚŽƌĂ Ğ
ůŽĐĂƚĄƌŝĂ͘ŽŶǀġŶŝŽƐĂĚŵŝŶŝƐƚƌĂƚŝǀŽƐ͘
ϭϬ͘ ^ĞƌǀŝĕŽƐ ƉƷďůŝĐŽƐ͘ ŽŶĐĞŝƚŽ͕ ƉƌĞƐƐƵƉŽƐƚŽƐ ĐŽŶƐƚŝƚƵĐŝŽŶĂŝƐ͕ ƌĞŐŝŵĞ ũƵƌşĚŝĐŽ͕ ƉƌŝŶĐşƉŝŽƐ ĚŽ ƐĞƌǀŝĕŽ ƉƷďůŝĐŽ͕ ƵƐƵĄƌŝŽ͕
ƚŝƚƵůĂƌŝĚĂĚĞ͘ ^ĞƌǀŝĕŽƐ ĚĞ ŝŶƚĞƌĞƐƐĞ ůŽĐĂů͘ ^ĞƌǀŝĕŽ ƉƷďůŝĐŽ ĚĞ ĞĚƵĐĂĕĆŽ͘ >Ğŝ &ĞĚĞƌĂů ŶǑ ϵ͘ϯϵϰͬϵϲ͘ ^ĞƌǀŝĕŽ ĚĞ ƐĂƷĚĞ Ğ ĚŝƌĞŝƚŽ
ƐĂŶŝƚĄƌŝŽ͘^ŝƐƚĞŵĂjŶŝĐŽĚĞ^ĂƷĚĞ͘>Ğŝ&ĞĚĞƌĂůŶǑϴ͘ϬϴϬͬϵϬ͘
ϭϭ͘ ŽŶĐĞƐƐĆŽ ĚĞ ƐĞƌǀŝĕŽ ƉƷďůŝĐŽ͘ ŽŶĐĞŝƚŽ͕ ŶĂƚƵƌĞnjĂ ũƵƌşĚŝĐĂ͕ ƌĞŵƵŶĞƌĂĕĆŽ ĚŽ ĐŽŶĐĞƐƐŝŽŶĄƌŝŽ͘ >ŝĐŝƚĂĕĆŽ ĚĂƐ ĐŽŶĐĞƐƐƁĞƐ͘
ŽŶƚƌĂƚŽ ĚĞ ĐŽŶĐĞƐƐĆŽ͘ ŝƌĞŝƚŽƐ͕ ĚĞǀĞƌĞƐ Ğ ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞ ĚĂ ĐŽŶĐĞƐƐŝŽŶĄƌŝĂ Ğ ĚŽ ƉŽĚĞƌ ĐŽŶĐĞĚĞŶƚĞ͘ >Ğŝ &ĞĚĞƌĂů ŶǑ
26
WƌĞĨĞŝƚƵƌĂDƵŶŝĐŝƉĂůĚĞ ŽŶĐƵƌƐŽWƷďůŝĐŽEǑϬϭͬϮϬϮϰ
^EdZhKZ/KWZK /d>ĚĞZdhZĚĞ/E^Z/O^
ϴ͘ϵϴϳͬϵϱ͘ WĞƌŵŝƐƐĆŽ Ğ ƵƚŽƌŝnjĂĕĆŽ ĚĞ ƐĞƌǀŝĕŽ ƉƷďůŝĐŽ͘ WĂƌĐĞƌŝĂƐ WƷďůŝĐŽͲWƌŝǀĂĚĂƐ͘ ŽŶĐĞƐƐĆŽ ĂĚŵŝŶŝƐƚƌĂƚŝǀĂ͘ >ŝĐŝƚĂĕĆŽ ĚĂƐ
ƉĂƌĐĞƌŝĂƐ͘ZĞŐŝŵĞĚĞŐĂƌĂŶƚŝĂƐ͘ZĞŐŝŵĞƐĚĞĞŵƉƌĞŝƚĂĚĂ͘ZĞƐƉŽŶƐĂďŝůŝĚĂĚĞĚŽĐŽŶƐƚƌƵƚŽƌĞĚĂĚŵŝŶŝƐƚƌĂĕĆŽ͘
ϭϮ͘/ŶƚĞƌǀĞŶĕĆŽĚŽƐƚĂĚŽŶŽĚŽŵşŶŝŽĞĐŽŶƀŵŝĐŽ͘/ŶĨƌĂĕƁĞƐĂĚŵŝŶŝƐƚƌĂƚŝǀĂƐăŽƌĚĞŵĞĐŽŶƀŵŝĐĂ͘ZĞŐƵůĂĕĆŽĂĚŵŝŶŝƐƚƌĂƚŝǀĂ͘
džƉůŽƌĂĕĆŽĚĞĂƚŝǀŝĚĂĚĞĞĐŽŶƀŵŝĐĂƉĞůŽƐƚĂĚŽ͘ƚŝǀŝĚĂĚĞƐƉƌŝǀĂĚĂƐƐŽďƌĞŐŝŵĞĞƐƉĞĐŝĂů͘
ϭϯ͘ /ŶĨƌĂĕƁĞƐ Ğ ƐĂŶĕƁĞƐ ĂĚŵŝŶŝƐƚƌĂƚŝǀĂƐ͘ WƌŽǀŝĚġŶĐŝĂƐ ĂĐĂƵƚĞůĂƚſƌŝĂƐ͘ DƵůƚĂƐ ĂĚŵŝŶŝƐƚƌĂƚŝǀĂƐ͘ WŽĚĞƌ ĚĞ ƉŽůşĐŝĂ͘ KƌĚĞŶĂĕĆŽ
ĂĚŵŝŶŝƐƚƌĂƚŝǀĂ͘ZĞůĂĕĆŽŐĞƌĂůĞĞƐƉĞĐŝĂůĚĞƐƵũĞŝĕĆŽ͘ZĞƐƉŽŶƐĂďŝůŝĚĂĚĞĚĂƐƉĞƐƐŽĂƐũƵƌşĚŝĐĂƐ͘>Ğŝ&ĞĚĞƌĂůŶǑϭϮ͘ϴϰϲͬϭϯ͘
ϭϰ͘&ƵŶĕĆŽƐŽĐŝĂůĚĂƉŽƐƐĞĞĚĂƉƌŽƉƌŝĞĚĂĚĞ͘ĞƐĂƉƌŽƉƌŝĂĕĆŽ͘ĞĐůĂƌĂĕĆŽĚĞƵƚŝůŝĚĂĚĞƉƷďůŝĐĂ͘WƌŽĐĞƐƐŽĚĞĚĞƐĂƉƌŽƉƌŝĂĕĆŽ͘
ĞƐĂƉƌŽƉƌŝĂĕĆŽ ŝŶĚŝƌĞƚĂ͘ ZĞƚƌŽĐĞƐƐĆŽ͘ ĞƐĂƉƌŽƉƌŝĂĕĆŽ ĚĞ ďĞŶƐ ƉƷďůŝĐŽƐ͘ WĞƌĚŝŵĞŶƚŽ ĚĞ ďĞŶƐ͘ ZĞƋƵŝƐŝĕĆŽ͘ ^ĞƌǀŝĚĆŽ
ĂĚŵŝŶŝƐƚƌĂƚŝǀĂ͘dŽŵďĂŵĞŶƚŽ͘
ϭϱ͘ ĞŶƐ ƉƷďůŝĐŽƐ͘ ŽŶĐĞŝƚŽ͕ ĐůĂƐƐŝĨŝĐĂĕĆŽ͕ ĂĨĞƚĂĕĆŽ Ğ ĚĞƐĂĨĞƚĂĕĆŽ͕ ƌĞŐŝŵĞ ũƵƌşĚŝĐŽ͘ 'ĞƐƚĆŽ ĚĞ ďĞŶƐ ƉƷďůŝĐŽƐ͘ ůŝĞŶĂĕĆŽ ĚĞ
ďĞŶƐƉƷďůŝĐŽƐ͘
ϭϲ͘ŽŶƚƌŽůĞĚĂĚŵŝŶŝƐƚƌĂĕĆŽ͘ŽŶƚƌŽůĞŝŶƚĞƌŶŽĞĞdžƚĞƌŶŽ͘ŽŶƚƌŽůĞƉĂƌůĂŵĞŶƚĂƌ͘ŽŶƚƌŽůĞĚŽdƌŝďƵŶĂůĚĞŽŶƚĂƐ͘^ƵƐƚĂĕĆŽ
ĚĞĂƚŽƐĞĐŽŶƚƌĂƚŽƐĂĚŵŝŶŝƐƚƌĂƚŝǀŽƐ͘ŽŶƚƌŽůĞũƵƌŝƐĚŝĐŝŽŶĂů͘ŽŶƚƌŽůĞƉĞůŽĐŝĚĂĚĆŽĞƉĞůŽDŝŶŝƐƚĠƌŝŽWƷďůŝĐŽ͘
ϭϳ͘ ZĞƐƉŽŶƐĂďŝůŝĚĂĚĞ džƚƌĂĐŽŶƚƌĂƚƵĂů ĚŽ ƐƚĂĚŽ͘ /ŶĚĞŶŝnjĂĕĆŽ Ğ ƌĞƐƐĂƌĐŝŵĞŶƚŽ͘ ZĞƐƉŽŶƐĂďŝůŝĚĂĚĞ ĞƐƚĂƚĂů ƉŽƌ ĂƚŽƐ ůşĐŝƚŽƐ Ğ
ŝůşĐŝƚŽƐ͘ ZĞƐƉŽŶƐĂďŝůŝĚĂĚĞ ĞƐƚĂƚĂů ĐŽŵŝƐƐŝǀĂ Ğ ŽŵŝƐƐŝǀĂ͘ džĐůƵĚĞŶƚĞƐ ĚĞ ŶĞdžŽ ĐĂƵƐĂů Ğ ĚĞ ŝŵƉƵƚĂĕĆŽ͘ ĂŶŽ ŝŶĚĞŶŝnjĄǀĞů͘
ZĞƐƉŽŶƐĂďŝůŝĚĂĚĞĐŝǀŝůƉĞƐƐŽĂůĚŽƐĂŐĞŶƚĞƐƉƷďůŝĐŽƐ͘ZĞƐƉŽŶƐĂďŝůŝnjĂĕĆŽĂĚŵŝŶŝƐƚƌĂƚŝǀĂĞũƵƌŝƐĚŝĐŝŽŶĂů͘
ϭϴ͘/ŵƉƌŽďŝĚĂĚĞĚŵŝŶŝƐƚƌĂƚŝǀĂ–>Ğŝ&ĞĚĞƌĂůŶǑϴ͘ϰϮϵͬϵϮĞ>Ğŝ&ĞĚĞƌĂůŶǑϭϰ͘ϮϯϬͬϮϭ͘
ϭϵ͘>ĞŝĚĞZĞƐƉŽŶƐĂďŝůŝĚĂĚĞ&ŝƐĐĂů–>ĞŝŽŵƉůĞŵĞŶƚĂƌŶǑϭϬϭͬϬϬ͘
ϮϬ͘>ĞŝĚĞĐĞƐƐŽă/ŶĨŽƌŵĂĕĆŽ–>Ğŝ&ĞĚĞƌĂůŶǑϭϮ͘ϱϮϳͬϭϭ͘
Ϯϭ͘ZĞƐƉŽŶƐĂďŝůŝĚĂĚĞĚŽƐWƌĞĨĞŝƚŽƐ–ĞĐƌĞƚŽͲ>ĞŝŶǑϮϬϭͬϲϳ͘
ϮϮ͘^ƷŵƵůĂƐĚŽƐdƌŝďƵŶĂŝƐ^ƵƉĞƌŝŽƌĞƐ;^d:Ğ^d&Ϳ͘
>ŝǀƌŽƐĞŽŵƉġŶĚŝŽƐ͗
/W/dZK͕DĂƌŝĂ^LJůǀŝĂĂŶĞůůĂ͘ŝƌĞŝƚŽĚŵŝŶŝƐƚƌĂƚŝǀŽ͘&ŽƌĞŶƐĞ͕ϯϱǐĞĚ͕͘ϮϬϮϮ͘
:h^dE&/>,K͕DĂƌĕĂů͘ŽŵĞŶƚĄƌŝŽƐă>ĞŝĚĞ>ŝĐŝƚĂĕƁĞƐĞŽŶƚƌĂƚĂĕƁĞƐĚŵŝŶŝƐƚƌĂƚŝǀŽƐ͗>Ğŝϭϰ͘ϭϯϯͬϮϬϮϭ͘ZĞǀŝƐƚĂĚŽƐ
dƌŝďƵŶĂŝƐ͕ϭǐĞĚ͕͘ϮϬϮϭ͘
d^W͘^ƷŵƵůĂƐĚĞ:ƵƌŝƐƉƌƵĚġŶĐŝĂ;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ƚĐĞ͘ƐƉ͘ŐŽǀ͘ďƌͬďŽůĞƚŝŵͲĚĞͲũƵƌŝƐƉƌƵĚĞŶĐŝĂͬƐƵŵƵůĂƐͿ
Ͳ/Z/dK/s/>
ϭ͘>ĞŝĚĞ/ŶƚƌŽĚƵĕĆŽăƐEŽƌŵĂƐĚŽŝƌĞŝƚŽƌĂƐŝůĞŝƌŽ͗ǀŝŐġŶĐŝĂ͕ĂƉůŝĐĂĕĆŽ͕ŝŶƚĞƌƉƌĞƚĂĕĆŽĞŝŶƚĞŐƌĂĕĆŽĚĂƐůĞŝƐ͖ĐŽŶĨůŝƚŽĚĂƐ ůĞŝƐ
ŶŽƚĞŵƉŽ͖ĞĨŝĐĄĐŝĂĚĂůĞŝŶŽĞƐƉĂĕŽ͘
Ϯ͘>ĞŝŽŵƉůĞŵĞŶƚĂƌŶǑϵϱͬϵϴ͘
ϯ͘ĂƉĂĐŝĚĂĚĞĐŝǀŝůĞĚŝƌĞŝƚŽƐŝŶĞƌĞŶƚĞƐăƉĞƌƐŽŶĂůŝĚĂĚĞ͘
ϰ͘ dĞŽƌŝĂƐ Ğ ĂƉůŝĐĂĕĆŽ ĚŽ ĨĂƚŽ͕ ĂƚŽ Ğ ŶĞŐſĐŝŽ ũƵƌşĚŝĐŽ͕ ŝŶĐůƵƐŝǀĞ ĞůĞŵĞŶƚŽƐ ŝŶĐŝĚĞŶƚĂŝƐ͕ ĚĞĨĞŝƚŽƐ Ğ ŝŶǀĂůŝĚĂĚĞ ĚŽ ŶĞŐſĐŝŽ
ũƵƌşĚŝĐŽ͘EƵůŝĚĂĚĞĞĂŶƵůĂďŝůŝĚĂĚĞĚŽŶĞŐſĐŝŽũƵƌşĚŝĐŽ͘
ϱ͘ƚŽƐũƵƌşĚŝĐŽƐůşĐŝƚŽƐĞŝůşĐŝƚŽƐ͘dĞŽƌŝĂƐƐŽďƌĞŽĚĂŶŽŵŽƌĂů͕ĚĂŶŽĞƐƚĠƚŝĐŽ͕ĚĂŶŽĐŽůĞƚŝǀŽĞĚĂŶŽƐŽĐŝĂů͘
ϲ͘WƌĞƐĐƌŝĕĆŽĞĚĞĐĂĚġŶĐŝĂ͘
ϳ͘WƌŽǀĂ͗ƚĞŽƌŝĂŐĞƌĂůĞŵĞŝŽƐĚĞƉƌŽǀĂ͘
ϴ͘ŝƌĞŝƚŽĚĂƐŽďƌŝŐĂĕƁĞƐ͘
ϵ͘ ŽŶƚƌĂƚŽƐ͗ ĚŝƐƉŽƐŝĕƁĞƐ ŐĞƌĂŝƐ ĚŽ ſĚŝŐŽ ŝǀŝů ĚĞ ϮϬϬϮ͕ ĞdžƚŝŶĕĆŽ ĚŽ ĐŽŶƚƌĂƚŽ͘ ůĂƐƐŝĨŝĐĂĕĆŽ ĚŽƐ ĐŽŶƚƌĂƚŽƐ͘ ŽŶƚƌĂƚŽƐ
ƉƌĞůŝŵŝŶĂƌĞƐĞĚĞĨŝŶŝƚŝǀŽƐ͘ŽŶƚƌĂƚŽƐƚşƉŝĐŽƐĚŝƐƉŽƐƚŽƐŶŽſĚŝŐŽŝǀŝůĚĞϮϬϬϮ͗ĐŽŵƉƌĂĞǀĞŶĚĂ͕ƚƌŽĐĂ͕ĐŽŶƚƌĂƚŽĞƐƚŝŵĂƚſƌŝŽ͕
ĚŽĂĕĆŽ͕ ůŽĐĂĕĆŽ͕ ĐŽŵŽĚĂƚŽ͕ ƉƌĞƐƚĂĕĆŽ ĚĞ ƐĞƌǀŝĕŽƐ͕ ĞŵƉƌĞŝƚĂĚĂ͕ ŵĂŶĚĂƚŽ͕ ƚƌĂŶƐƉŽƌƚĞ͕ ƐĞŐƵƌŽ͕ ĨŝĂŶĕĂ͕ ƚƌĂŶƐĂĕĆŽ Ğ
ĐŽŵƉƌŽŵŝƐƐŽ͘
ϭϬ͘/ŶƐƚŝƚƵƚŽƐĚĂƐƵƉƌĞƐƐŝŽĞĚŽĐŽŵƉŽƌƚĂŵĞŶƚŽĐŽŶƚƌĂĚŝƚſƌŝŽ;ǀĞŶŝƌĞĐŽŶƚƌĂĨĂĐƚƵŵƉƌŽƉƌŝƵŵͿ͘
ϭϭ͘ƚŽƐƵŶŝůĂƚĞƌĂŝƐ͗ƉĂŐĂŵĞŶƚŽŝŶĚĞǀŝĚŽĞĞŶƌŝƋƵĞĐŝŵĞŶƚŽƐĞŵĐĂƵƐĂ͘
ϭϮ͘ ZĞƐƉŽŶƐĂďŝůŝĚĂĚĞ Đŝǀŝů ĚĞ ŝŶĚĞŶŝnjĂƌ ;ĞdžƚƌĂĐŽŶƚƌĂƚƵĂů͕ ƉƌĠͲĐŽŶƚƌĂƚƵĂů͕ ĐŽŶƚƌĂƚƵĂů Ğ ƉſƐͲĐŽŶƚƌĂƚƵĂůͿ͘ dĞŽƌŝĂ ĚĂ
ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞĐŝǀŝůŽďũĞƚŝǀĂ͘
ϭϯ͘ŝƌĞŝƚŽƐƌĞĂŝƐĚĞƐƵƉĞƌĨşĐŝĞ͕ƐĞƌǀŝĚƁĞƐ͕ƵƐƵĨƌƵƚŽ͕ƵƐŽ͕ƉĞŶŚŽƌ͕ŚŝƉŽƚĞĐĂ͕ĐŽŶĐĞƐƐĆŽĚĞƵƐŽĞƐƉĞĐŝĂůƉĂƌĂĨŝŶƐĚĞŵŽƌĂĚŝĂ Ğ
ĐŽŶĐĞƐƐĆŽĚĞĚŝƌĞŝƚŽƌĞĂůĚĞƵƐŽ͘
ϭϰ͘WƌŽƉƌŝĞĚĂĚĞ͘&ƵŶĕĆŽƐŽĐŝĂůĚĂƉƌŽƉƌŝĞĚĂĚĞ͘
ϭϱ͘WĂƌĐĞůĂŵĞŶƚŽĚŽƐŽůŽƵƌďĂŶŽ͘
ϭϲ͘>ŽƚĞĂŵĞŶƚŽ͘
ϭϳ͘ŽŶĚŽŵşŶŝŽƐ–>ĞŝŶǑϰ͘ϱϵϭͬϲϰ͘
ϭϴ͘ZĞŐŝƐƚƌŽƐƉƷďůŝĐŽƐĞƌĞŐŝƐƚƌŽƐĚĞŝŵſǀĞŝƐ͘>ĞŝŶǑϲ͘Ϭϭϱͬϳϯ͘>ĞŝŶǑϴ͘Ϯϰϱͬϵϭ͘
ϭϵ͘^ƷŵƵůĂƐĚŽƐdƌŝďƵŶĂŝƐ^ƵƉĞƌŝŽƌĞƐ;^d:Ğ^d&Ϳ͘
ϮϬ͘ſĚŝŐŽŝǀŝů͘
;ϯͿͲ/Z/dKWZK^^h>/s/>
ϭ͘WƌŝŶĐşƉŝŽƐŐĞƌĂŝƐĚŽƉƌŽĐĞƐƐŽĐŝǀŝů͘&ŽŶƚĞƐ͘>ĞŝƉƌŽĐĞƐƐƵĂůĐŝǀŝů͘ĨŝĐĄĐŝĂ͘ƉůŝĐĂĕĆŽ͘ŝƌĞŝƚŽWƌŽĐĞƐƐƵĂů/ŶƚĞƌƚĞŵƉŽƌĂů͘
Ϯ͘WƌŽĐĞƐƐŽ͗ŶŽĕƁĞƐŐĞƌĂŝƐ͘WƌĞƐƐƵƉŽƐƚŽƐWƌŽĐĞƐƐƵĂŝƐ͘WƌŽĐĞƐƐŽĞƉƌŽĐĞĚŝŵĞŶƚŽ͘ƐƉĠĐŝĞƐĚĞƉƌŽĐĞƐƐŽƐĞĚĞƉƌŽĐĞĚŝŵĞŶƚŽƐ͘
KďũĞƚŽĚŽƉƌŽĐĞƐƐŽ͘DĠƌŝƚŽ͘YƵĞƐƚĆŽƉƌŝŶĐŝƉĂů͕ƋƵĞƐƚƁĞƐƉƌĞůŝŵŝŶĂƌĞƐĞƉƌĞũƵĚŝĐŝĂŝƐ͘
ϯ͘&ĂƚŽƐĞĂƚŽƐƉƌŽĐĞƐƐƵĂŝƐ͘&ŽƌŵĂ͘dĞŵƉŽ͘>ƵŐĂƌ͘WƌĂnjŽƐ͘ŽŵƵŶŝĐĂĕƁĞƐ͘EƵůŝĚĂĚĞƐ͘
ϰ͘ WƌŽĐĞĚŝŵĞŶƚŽ ŽŵƵŵ͘ &ĂƐĞƐ͘ WĞƚŝĕĆŽ ŝŶŝĐŝĂů͘ ZĞƋƵŝƐŝƚŽƐ͘ /ŶĚĞĨĞƌŝŵĞŶƚŽ ĚĂ ƉĞƚŝĕĆŽ ŝŶŝĐŝĂů͘ /ŵƉƌŽĐĞĚġŶĐŝĂ ůŝŵŝŶĂƌ ĚŽ
ƉĞĚŝĚŽ͘ ZĞƐƉŽƐƚĂ ĚŽ ƌĠƵ͘ /ŵƉƵůƐŽ ƉƌŽĐĞƐƐƵĂů͘ WƌĂnjŽƐ Ğ ƉƌĞĐůƵƐĆŽ͘ WƌĞƐĐƌŝĕĆŽ͘ /ŶĠƌĐŝĂ ƉƌŽĐĞƐƐƵĂů͗ ĐŽŶƚƵŵĄĐŝĂ Ğ ƌĞǀĞůŝĂ͘
&ŽƌŵĂĕĆŽ͕ƐƵƐƉĞŶƐĆŽĞĞdžƚŝŶĕĆŽĚŽƉƌŽĐĞƐƐŽ͘
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WƌĞĨĞŝƚƵƌĂDƵŶŝĐŝƉĂůĚĞ ŽŶĐƵƌƐŽWƷďůŝĐŽEǑϬϭͬϮϬϮϰ
^EdZhKZ/KWZK /d>ĚĞZdhZĚĞ/E^Z/O^
ϱ͘ZĞƐƉŽƐƚĂĚŽZĠƵ͘ŽŶƚĞƐƚĂĕĆŽ͘džĐĞĕƁĞƐ͘ZĞĐŽŶǀĞŶĕĆŽ͘ĕĆŽĚĞĐůĂƌĂƚſƌŝĂŝŶĐŝĚĞŶƚĂů͘/ŶĐŝĚĞŶƚĞƐƉƌŽĐĞƐƐƵĂŝƐ͘
ϲ͘ WƌŽǀŝĚġŶĐŝĂƐ ƉƌĞůŝŵŝŶĂƌĞƐ͘ :ƵůŐĂŵĞŶƚŽ ĐŽŶĨŽƌŵĞ Ž ĞƐƚĂĚŽ ĚŽ ƉƌŽĐĞƐƐŽ͘ WƌŽǀĂƐ͘ KďũĞƚŽ͕ ĨŽŶƚĞ Ğ ŵĞŝŽƐ͘ WƌŽǀĂ ĂƚşƉŝĐĂ Ğ
ƉƌŽǀĂŝůşĐŝƚĂ͘NŶƵƐĚĂƉƌŽǀĂ͘WƌŽǀĂƐĞŵĞƐƉĠĐŝĞĞƐƵĂƉƌŽĚƵĕĆŽ͘ƵĚŝġŶĐŝĂĚĞŝŶƐƚƌƵĕĆŽĞũƵůŐĂŵĞŶƚŽ͘
ϳ͘dƵƚĞůĂƉƌŽǀŝƐſƌŝĂ͘dƵƚĞůĂĚĞƵƌŐġŶĐŝĂ͗ŽƉƌŽĐĞĚŝŵĞŶƚŽĚĂƚƵƚĞůĂĂŶƚĞĐŝƉĂĚĂƌĞƋƵĞƌŝĚĂĞŵĐĂƌĄƚĞƌĂŶƚĞĐĞĚĞŶƚĞ͘ĂƚƵƚĞůĂ
ĚĂĞǀŝĚġŶĐŝĂ͘WŽĚĞƌ'ĞƌĂůĚĞĂƵƚĞůĂ͘/ŶĐŝĚĞŶƚĞĚĞĚĞƐĐŽŶƐŝĚĞƌĂĕĆŽĚĂƉĞƌƐŽŶĂůŝĚĂĚĞũƵƌşĚŝĐĂ͘
ϴ͘DĞĚŝĚĂƐĚĞĐŽŶƚƌĂĐĂƵƚĞůĂ͘^ƵƐƉĞŶƐĆŽĚĞƐĞŐƵƌĂŶĕĂ͕ĚĞůŝŵŝŶĂƌĞĚĞĂŶƚĞĐŝƉĂĕĆŽĚĞƚƵƚĞůĂ͘ZĞƐƚƌŝĕƁĞƐůĞŐĂŝƐăĐŽŶĐĞƐƐĆŽ
ĚĞůŝŵŝŶĂƌĞƐĞĚĞĂŶƚĞĐŝƉĂĕĆŽĚĞƚƵƚĞůĂĐŽŶƚƌĂŽWŽĚĞƌWƷďůŝĐŽ͘
ϵ͘^ĞŶƚĞŶĕĂ͘ŽŶĐĞŝƚŽ͘ůĂƐƐŝĨŝĐĂĕƁĞƐ͘ZĞƋƵŝƐŝƚŽƐ͘ĨĞŝƚŽƐ͘WƵďůŝĐĂĕĆŽ͕ŝŶƚŝŵĂĕĆŽ͕ĐŽƌƌĞĕĆŽĞŝŶƚĞŐƌĂĕĆŽĚĂƐĞŶƚĞŶĕĂ͘džĞĐƵĕĆŽ
ƉƌŽǀŝƐſƌŝĂ͘ŽŝƐĂũƵůŐĂĚĂ͘ŽŶĐĞŝƚŽ͘ƐƉĠĐŝĞƐ͘>ŝŵŝƚĞƐ͘
ϭϬ͘ ZĞŵĞƐƐĂ KĨŝĐŝĂů͘ DĞŝŽƐ ĚĞ ŝŵƉƵŐŶĂĕĆŽ ă ƐĞŶƚĞŶĕĂ͘ ĕĆŽ ƌĞƐĐŝƐſƌŝĂ͘ ZĞĐƵƌƐŽƐ͘ ŝƐƉŽƐŝĕƁĞƐ 'ĞƌĂŝƐ͘ ƉĞůĂĕĆŽ͘ ŐƌĂǀŽƐ͘
ŵďĂƌŐŽƐĚĞĞĐůĂƌĂĕĆŽ͘ŵďĂƌŐŽƐ/ŶĨƌŝŶŐĞŶƚĞƐ͘ZĞĐƵƌƐŽKƌĚŝŶĄƌŝŽ͘ZĞĐƵƌƐŽƐƉĞĐŝĂů͘ZĞĐƵƌƐŽdžƚƌĂŽƌĚŝŶĄƌŝŽ͘ZĞĐƵƌƐŽƐŶŽƐ
dƌŝďƵŶĂŝƐ^ƵƉĞƌŝŽƌĞƐ͘ZĞĐůĂŵĂĕĆŽĞĐŽƌƌĞŝĕĆŽ͘
ϭϭ͘ĕĆŽWŽƉƵůĂƌ͘ĕĆŽŝǀŝůWƷďůŝĐĂ͘ƐƉĞĐƚŽƐƉƌŽĐĞƐƐƵĂŝƐ͘
ϭϮ͘DĂŶĚĂĚŽĚĞ^ĞŐƵƌĂŶĕĂ͘DĂŶĚĂĚŽĚĞ/ŶũƵŶĕĆŽ͘DĂŶĚĂĚŽĚĞ^ĞŐƵƌĂŶĕĂŽůĞƚŝǀŽ͘,ĂďĞĂƐĂƚĂ͘
ϭϯ͘^ƷŵƵůĂƐĚŽƐdƌŝďƵŶĂŝƐ^ƵƉĞƌŝŽƌĞƐ;^d:Ğ^d&Ϳ͘
ϭϰ͘ſĚŝŐŽĚĞWƌŽĐĞƐƐŽŝǀŝů͘
Ͳ/Z/dKdZ/hdZ/K
ϭ͘ ^ŝƐƚĞŵĂ dƌŝďƵƚĄƌŝŽ EĂĐŝŽŶĂů͗ dŝƚƵůĂƌĞƐ ĚŽ WŽĚĞƌ ĚĞ dƌŝďƵƚĂƌ͘ WƌŝŶĐşƉŝŽƐ 'ĞƌĂŝƐ͘ >Ğŝ ĐŽŵƉůĞŵĞŶƚĂƌ Ğŵ ŵĂƚĠƌŝĂ ƚƌŝďƵƚĄƌŝĂ͘
>ŝŵŝƚĂĕƁĞƐ ĂŽ WŽĚĞƌ ĚĞ dƌŝďƵƚĂƌ ;WƌŝŶĐşƉŝŽƐ :ƵƌşĚŝĐŽƐ ĚĂ dƌŝďƵƚĂĕĆŽͿ͘ /ŵƵŶŝĚĂĚĞƐ 'ĞŶĠƌŝĐĂƐ Ğ ƐƉĞĐşĨŝĐĂƐ͘ ŽŵƉĞƚġŶĐŝĂ
dƌŝďƵƚĄƌŝĂ͗ /ŵƉŽƐƚŽƐ ĚĂ hŶŝĆŽ͕ ƐƚĂĚŽƐ͕ ŝƐƚƌŝƚŽ &ĞĚĞƌĂů Ğ DƵŶŝĐşƉŝŽƐ͘ ŵƉƌĠƐƚŝŵŽƐ ŽŵƉƵůƐſƌŝŽƐ͘ ŽŶƚƌŝďƵŝĕƁĞƐ ƐŽĐŝĂŝƐ Ğ
ŽƵƚƌĂƐĐŽŶƚƌŝďƵŝĕƁĞƐ͘ZĞƉĂƌƚŝĕĆŽĚĂƐZĞĐĞŝƚĂƐdƌŝďƵƚĄƌŝĂƐ͘
Ϯ͘ ſĚŝŐŽ dƌŝďƵƚĄƌŝŽ EĂĐŝŽŶĂů͗ ĐŽŶĐĞŝƚŽ Ğ ŶĂƚƵƌĞnjĂ ũƵƌşĚŝĐĂ ĚŽƚƌŝďƵƚŽ͘ /ŵƉŽƐƚŽƐ͕ ƚĂdžĂƐ͕ĐŽŶƚƌŝďƵŝĕƁĞƐ ĚĞ ŵĞůŚŽƌŝĂ͘ EŽƌŵĂƐ
'ĞƌĂŝƐĚĞŝƌĞŝƚŽdƌŝďƵƚĄƌŝŽ͗ůĞŐŝƐůĂĕĆŽƚƌŝďƵƚĄƌŝĂ͕ĨŽŶƚĞƐƉƌŝŶĐŝƉĂŝƐĞƐĞĐƵŶĚĄƌŝĂƐĚŽŝƌĞŝƚŽdƌŝďƵƚĄƌŝŽ͕ǀŝŐġŶĐŝĂĚĂůĞŐŝƐůĂĕĆŽ
ƚƌŝďƵƚĄƌŝĂ͕ĂƉůŝĐĂĕĆŽĚĂůĞŐŝƐůĂĕĆŽƚƌŝďƵƚĄƌŝĂ͖ŝŶƚĞƌƉƌĞƚĂĕĆŽĞŝŶƚĞŐƌĂĕĆŽĚĂůĞŐŝƐůĂĕĆŽƚƌŝďƵƚĄƌŝĂ͘KďƌŝŐĂĕĆŽdƌŝďƵƚĄƌŝĂ͗ƚŝƉŽƐĞ
ŽďũĞƚŽƐ͕ ĨĂƚŽ ŐĞƌĂĚŽƌ͕ ƐƵũĞŝƚŽ ĂƚŝǀŽ͕ ƐƵũĞŝƚŽ ƉĂƐƐŝǀŽ͕ ƐŽůŝĚĂƌŝĞĚĂĚĞ͕ ĐĂƉĂĐŝĚĂĚĞ ƚƌŝďƵƚĄƌŝĂ͕ ĚŽŵŝĐşůŝŽ ƚƌŝďƵƚĄƌŝŽ͖
ZĞƐƉŽŶƐĂďŝůŝĚĂĚĞdƌŝďƵƚĄƌŝĂ͕ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞĚŽƐƐƵĐĞƐƐŽƌĞƐ͕ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞĚĞƚĞƌĐĞŝƌŽƐ͕ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞƉŽƌŝŶĨƌĂĕƁĞƐ͘
ƌĠĚŝƚŽ dƌŝďƵƚĄƌŝŽ͗ ůĂŶĕĂŵĞŶƚŽ ƚƌŝďƵƚĄƌŝŽ͕ ŵŽĚĂůŝĚĂĚĞƐ ĚĞ ůĂŶĕĂŵĞŶƚŽƐ͖ ƐƵƐƉĞŶƐĆŽ ĚĂ ĞdžŝŐŝďŝůŝĚĂĚĞ ĚŽ ĐƌĠĚŝƚŽ ƚƌŝďƵƚĄƌŝŽ –
ŵŽĚĂůŝĚĂĚĞƐ͖ ĞdžƚŝŶĕĆŽ ĚĂ ĞdžŝŐŝďŝůŝĚĂĚĞ ĚŽ ĐƌĠĚŝƚŽ ƚƌŝďƵƚĄƌŝŽ – ŵŽĚĂůŝĚĂĚĞƐ͖ ĞdžĐůƵƐĆŽ ĚŽ ĐƌĠĚŝƚŽ ƚƌŝďƵƚĄƌŝŽ – ŵŽĚĂůŝĚĂĚĞƐ͘
'ĂƌĂŶƚŝĂƐ Ğ WƌŝǀŝůĠŐŝŽƐ ĚŽ ƌĠĚŝƚŽ dƌŝďƵƚĄƌŝŽ͕ ƉƌĞĨĞƌġŶĐŝĂƐ͘ ĚŵŝŶŝƐƚƌĂĕĆŽ dƌŝďƵƚĄƌŝĂ͗ &ŝƐĐĂůŝnjĂĕĆŽ͖ şǀŝĚĂ ƚŝǀĂ͖ ĞƌƚŝĚƁĞƐ
ŶĞŐĂƚŝǀĂƐĞƉŽƐŝƚŝǀĂƐ͘
ϯ͘džĞĐƵĕĆŽ&ŝƐĐĂů͘DĞĚŝĚĂĂƵƚĞůĂƌ&ŝƐĐĂů͘ĕĆŽŶƵůĂƚſƌŝĂĚĞ>ĂŶĕĂŵĞŶƚŽdƌŝďƵƚĄƌŝŽ͘ĕĆŽĞĐůĂƌĂƚſƌŝĂĚĞ/ŶĞdžŝƐƚġŶĐŝĂĚĞ
ZĞůĂĕĆŽ :ƵƌşĚŝĐŽͲƚƌŝďƵƚĄƌŝĂ͘ ĕĆŽ ĚĞ ZĞƉĞƚŝĕĆŽ ĚĞ /ŶĚĠďŝƚŽ͘ ĕĆŽ ŽŶƐŝŐŶĂƚſƌŝĂ Ğŵ ŵĂƚĠƌŝĂ ƚƌŝďƵƚĄƌŝĂ͘ DĂŶĚĂĚŽ ĚĞ
^ĞŐƵƌĂŶĕĂ͘
ϰ͘ƌŝŵĞƐĐŽŶƚƌĂĂŽƌĚĞŵƚƌŝďƵƚĄƌŝĂ͘
ϱ͘/ŵƉŽƐƚŽƐĚŽƐŵƵŶŝĐşƉŝŽƐ͗ŝŵƉŽƐƚŽƐŽďƌĞĂƉƌŽƉƌŝĞĚĂĚĞƉƌĞĚŝĂůĞƚĞƌƌŝƚŽƌŝĂůƵƌďĂŶĂ͖ŝŵƉŽƐƚŽƐŽďƌĞƚƌĂŶƐŵŝƐƐĆŽŝŶƚĞƌǀŝǀŽƐ͕Ă
ƋƵĂůƋƵĞƌƚşƚƵůŽ͕ƉŽƌĂƚŽŽŶĞƌŽƐŽ͕ĚĞďĞŶƐŝŵſǀĞŝƐ͕ƉŽƌŶĂƚƵƌĞnjĂŽƵĂĐĞƐƐĆŽĨşƐŝĐĂ͕ĞĚĞĚŝƌĞŝƚŽƐƌĞĂŝƐƐŽďƌĞŝŵſǀĞŝƐ͕ĞdžĐĞƚŽ ŽƐ
ĚĞŐĂƌĂŶƚŝĂ͕ďĞŵĐŽŵŽĐĞƐƐĆŽĚĞĚŝƌĞŝƚŽƐĂƐƵĂĂƋƵŝƐŝĕĆŽ͖ŝŵƉŽƐƚŽƐŽďƌĞƐĞƌǀŝĕŽƐĚĞƋƵĂůƋƵĞƌŶĂƚƵƌĞnjĂ͘
ϲ͘>Ğŝ&ĞĚĞƌĂůŶǑϲ͘ϴϯϬͬϴϬ͗ŝƐƉƁĞƐŽďƌĞĂĐŽďƌĂŶĕĂũƵĚŝĐŝĂůĚĂşǀŝĚĂƚŝǀĂĚĂ&ĂnjĞŶĚĂWƷďůŝĐĂ͕ĞĚĄŽƵƚƌĂƐƉƌŽǀŝĚġŶĐŝĂƐ͘
ϳ͘ >Ğŝ &ĞĚĞƌĂů ŶǑ ϭϮ͘ϭϱϯͬϮϬϬϵ͗ :ƵŝnjĂĚŽƐ ƐƉĞĐŝĂŝƐ ĚĂ &ĂnjĞŶĚĂ WƷďůŝĐĂ ŶŽ ąŵďŝƚŽ ĚŽƐ ƐƚĂĚŽƐ͕ ĚŽ ŝƐƚƌŝƚŽ &ĞĚĞƌĂů͕ ĚŽƐ
dĞƌƌŝƚſƌŝŽƐĞĚŽƐDƵŶŝĐşƉŝŽƐ͘
ϴ͘^ƷŵƵůĂƐĞ:ƵƌŝƐƉƌƵĚġŶĐŝĂƐĞŵŵĂƚĠƌŝĂƚƌŝďƵƚĄƌŝĂ͘
Ͳ/Z/dK&/EE/ZK
ϭ͘ Ž WůĂŶĞũĂŵĞŶƚŽ͘ Ž WůĂŶŽ WůƵƌŝĂŶƵĂů͘ Ă >Ğŝ ĚĞ ŝƌĞƚƌŝnjĞƐ KƌĕĂŵĞŶƚĄƌŝĂƐ͘ Ă >Ğŝ KƌĕĂŵĞŶƚĄƌŝĂ ŶƵĂů͘ Ă džĞĐƵĕĆŽ
KƌĕĂŵĞŶƚĄƌŝĂĞĚŽƵŵƉƌŝŵĞŶƚŽĚĂƐDĞƚĂƐ͘ĂZĞĐĞŝƚĂWƷďůŝĐĂ͘ĂWƌĞǀŝƐĆŽĞĚĂƌƌĞĐĂĚĂĕĆŽ͘ĂZĞŶƷŶĐŝĂĚĞZĞĐĞŝƚĂ͘Ă
ĞƐƉĞƐĂ WƷďůŝĐĂ͘ Ă 'ĞƌĂĕĆŽ ĚĂ ĞƐƉĞƐĂ͘ Ă ĞƐƉĞƐĂ KďƌŝŐĂƚſƌŝĂ ĚĞ ĂƌĄƚĞƌ ŽŶƚŝŶƵĂĚŽ͘ ĂƐ ĞƐƉĞƐĂƐ ĐŽŵ WĞƐƐŽĂů͘ Ž
ŽŶƚƌŽůĞ ĚĂ ĞƐƉĞƐĂ dŽƚĂů ĐŽŵ WĞƐƐŽĂů͘ ĂƐ ĞƐƉĞƐĂƐ ĐŽŵ Ă ^ĞŐƵƌŝĚĂĚĞ ^ŽĐŝĂů͘ ĂƐ dƌĂŶƐĨĞƌġŶĐŝĂƐ sŽůƵŶƚĄƌŝĂƐ͘ Ă
ĞƐƚŝŶĂĕĆŽĚŽƐZĞĐƵƌƐŽƐWƷďůŝĐŽƐƉĂƌĂŽ^ĞƚŽƌWƌŝǀĂĚŽ͘ĂşǀŝĚĂĞĚŽŶĚŝǀŝĚĂŵĞŶƚŽ͘ŽƐ>ŝŵŝƚĞƐĚĂşǀŝĚĂWƷďůŝĐĂĞĚĂƐ
KƉĞƌĂĕƁĞƐĚĞƌĠĚŝƚŽ͘ĂZĞĐŽŶĚƵĕĆŽĚĂşǀŝĚĂĂŽƐ>ŝŵŝƚĞƐ͘ĂƐKƉĞƌĂĕƁĞƐĚĞƌĠĚŝƚŽ͘ĂŽŶƚƌĂƚĂĕĆŽ͘ĂƐsĞĚĂĕƁĞƐ͘ĂƐ
KƉĞƌĂĕƁĞƐĚĞƌĠĚŝƚŽƉŽƌŶƚĞĐŝƉĂĕĆŽĚĞZĞĐĞŝƚĂKƌĕĂŵĞŶƚĄƌŝĂ͘ĂƐKƉĞƌĂĕƁĞƐĐŽŵŽĂŶĐŽĞŶƚƌĂůĚŽƌĂƐŝů͘Ă'ĂƌĂŶƚŝĂĞ
ĚĂŽŶƚƌĂŐĂƌĂŶƚŝĂ͘ŽƐZĞƐƚŽƐĂWĂŐĂƌ͘Ă'ĞƐƚĆŽWĂƚƌŝŵŽŶŝĂů͘ĂƐŝƐƉŽŶŝďŝůŝĚĂĚĞƐĚĞĂŝdžĂ͘ĂWƌĞƐĞƌǀĂĕĆŽĚŽWĂƚƌŝŵƀŶŝŽ
WƷďůŝĐŽ͘ ĂƐ ŵƉƌĞƐĂƐ ŽŶƚƌŽůĂĚĂƐ ƉĞůŽ ^ĞƚŽƌ WƷďůŝĐŽ͘ Ă dƌĂŶƐƉĂƌġŶĐŝĂ͕ ŽŶƚƌŽůĞ Ğ &ŝƐĐĂůŝnjĂĕĆŽ͘ Ă ƐĐƌŝƚƵƌĂĕĆŽ Ğ
ŽŶƐŽůŝĚĂĕĆŽĚĂƐŽŶƚĂƐ͘ŽZĞůĂƚſƌŝŽZĞƐƵŵŝĚŽĚĂdžĞĐƵĕĆŽKƌĕĂŵĞŶƚĄƌŝĂ͘ŽZĞůĂƚſƌŝŽĚĞ'ĞƐƚĆŽ&ŝƐĐĂů͘ĂƐWƌĞƐƚĂĕƁĞƐ
ĚĞŽŶƚĂƐ͘Ă&ŝƐĐĂůŝnjĂĕĆŽĚĂ'ĞƐƚĆŽ&ŝƐĐĂů͘Ă>ĞŝĚĞKƌĕĂŵĞŶƚŽ͘ĂZĞĐĞŝƚĂ͘ĂĞƐƉĞƐĂ͘ĞƐƉĞƐĂƐŽƌƌĞŶƚĞƐ͘ĞƐƉĞƐĂƐĚĞ
ĂƉŝƚĂů͘ĂWƌŽƉŽƐƚĂKƌĕĂŵĞŶƚĄƌŝĂ͘ŽŶƚĞƷĚŽĞ&ŽƌŵĂĚĂWƌŽƉŽƐƚĂKƌĕĂŵĞŶƚĄƌŝĂ͘ĂůĂďŽƌĂĕĆŽĚĂWƌŽƉŽƐƚĂKƌĕĂŵĞŶƚĄƌŝĂ͘
ĂƐWƌĞǀŝƐƁĞƐWůƵƌŝĂŶƵĂŝƐ͘ĂƐWƌĞǀŝƐƁĞƐŶƵĂŝƐ͘ĂĞůĂďŽƌĂĕĆŽĚĂ>ĞŝĚĞKƌĕĂŵĞŶƚŽ͘ŽdžĞƌĐşĐŝŽ&ŝŶĂŶĐĞŝƌŽ͘ŽƐƌĠĚŝƚŽƐ
ĚŝĐŝŽŶĂŝƐ͘ Ă džĞĐƵĕĆŽ ĚŽ KƌĕĂŵĞŶƚŽ͘ Ă WƌŽŐƌĂŵĂĕĆŽ ĚĂ ĞƐƉĞƐĂ͘ Ă ĞƐƉĞƐĂ͘ ŽƐ &ƵŶĚŽƐ ƐƉĞĐŝĂŝƐ͘ Ž ŽŶƚƌŽůĞ ĚĂ
džĞĐƵĕĆŽ KƌĕĂŵĞŶƚĄƌŝĂ͘ Ž ŽŶƚƌŽůĞ /ŶƚĞƌŶŽ Ğ džƚĞƌŶŽ͘ Ă ŽŶƚĂďŝůŝĚĂĚĞ KƌĕĂŵĞŶƚĄƌŝĂ Ğ &ŝŶĂŶĐĞŝƌĂ͘ Ă ŽŶƚĂďŝůŝĚĂĚĞ
WĂƚƌŝŵŽŶŝĂůĞ/ŶĚƵƐƚƌŝĂů͘ŽƐĂůĂŶĕŽƐ͘ĂƐƵƚĂƌƋƵŝĂƐĞKƵƚƌĂƐŶƚŝĚĂĚĞƐ͘
Ϯ͘>ĞŝŶǑϰϯϮϬͬϭϵϲϰĞĂůƚĞƌĂĕƁĞƐͲƐƚĂƚƵŝEŽƌŵĂƐ'ĞƌĂŝƐĚĞŝƌĞŝƚŽ&ŝŶĂŶĐĞŝƌŽƉĂƌĂĞůĂďŽƌĂĕĆŽĞĐŽŶƚƌŽůĞĚŽƐŽƌĕĂŵĞŶƚŽƐĞ
ďĂůĂŶĕŽƐĚĂhŶŝĆŽ͕ĚŽƐƐƚĂĚŽƐ͕ĚŽƐDƵŶŝĐşƉŝŽƐĞĚŽŝƐƚƌŝƚŽ&ĞĚĞƌĂů͘
ϯ͘>ĞŝŽŵƉůĞŵĞŶƚĂƌŶǑϭϬϭͬϮϬϬϬĞĂůƚĞƌĂĕƁĞƐͲƐƚĂďĞůĞĐĞŶŽƌŵĂƐĚĞĨŝŶĂŶĕĂƐƉƷďůŝĐĂƐǀŽůƚĂĚĂƐƉĂƌĂĂƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞŶĂ
ŐĞƐƚĆŽĨŝƐĐĂůĞĚĄŽƵƚƌĂƐƉƌŽǀŝĚġŶĐŝĂƐ͘
28
WƌĞĨĞŝƚƵƌĂDƵŶŝĐŝƉĂůĚĞ ŽŶĐƵƌƐŽWƷďůŝĐŽEǑϬϭͬϮϬϮϰ
^EdZhKZ/KWZK /d>ĚĞZdhZĚĞ/E^Z/O^
KKZEKZW'M'/K
ŝƌĞƚƌŝnjĞƐ ƵƌƌŝĐƵůĂƌĞƐ EĂĐŝŽŶĂŝƐ 'ĞƌĂŝƐ ƉĂƌĂ Ă ĚƵĐĂĕĆŽ ĄƐŝĐĂ͘ ŝƌĞƚƌŝnjĞƐ ƵƌƌŝĐƵůĂƌĞƐ EĂĐŝŽŶĂŝƐ ƉĂƌĂ Ă ĚƵĐĂĕĆŽ /ŶĨĂŶƚŝů͘
ŝƌĞƚƌŝnjĞƐ ƵƌƌŝĐƵůĂƌĞƐ EĂĐŝŽŶĂŝƐ ƉĂƌĂ Ž ŶƐŝŶŽ &ƵŶĚĂŵĞŶƚĂů ĚĞ ϵ ĂŶŽƐ͘ ĂƐĞ EĂĐŝŽŶĂů ŽŵƵŵ ƵƌƌŝĐƵůĂƌ – ŽŵƉĞƚġŶĐŝĂƐ
ŐĞƌĂŝƐ ĚĂ ĚƵĐĂĕĆŽ ĄƐŝĐĂ͖ ŽƐ ŵĂƌĐŽƐ ůĞŐĂŝƐ ƋƵĞ ĞŵďĂƐĂŵ Ă E͖ ŽƐ ĨƵŶĚĂŵĞŶƚŽƐ ƉĞĚĂŐſŐŝĐŽƐ ĚĂ E͖ Ž ƉĂĐƚŽ /ŶƚĞƌ
ĨĞĚĞƌĂƚŝǀŽ Ğ Ă ŝŵƉůĞŵĞŶƚĂĕĆŽ ĚĂ E͖ ƐƚƌƵƚƵƌĂ ĚĂ E͖ ĞƚĂƉĂ ĚĂ ĚƵĐĂĕĆŽ /ŶĨĂŶƚŝů͗ ĚƵĐĂĕĆŽ /ŶĨĂŶƚŝů ŶĂ ĂƐĞ
EĂĐŝŽŶĂů ŽŵƵŵ ƵƌƌŝĐƵůĂƌ͖ ĚƵĐĂĕĆŽ /ŶĨĂŶƚŝů ŶŽ ĐŽŶƚĞdžƚŽ ĚĂ ĚƵĐĂĕĆŽ ĄƐŝĐĂ͖ ŝƌĞŝƚŽƐ ĚĞ ĂƉƌĞŶĚŝnjĂŐĞŵ Ğ
ĚĞƐĞŶǀŽůǀŝŵĞŶƚŽŶĂĚƵĐĂĕĆŽ/ŶĨĂŶƚŝů͖KƐĐĂŵƉŽƐĚĞĞdžƉĞƌŝġŶĐŝĂƐ͖KƐŽďũĞƚŝǀŽƐĚĞĂƉƌĞŶĚŝnjĂŐĞŵĞĚĞƐĞŶǀŽůǀŝŵĞŶƚŽƉĂƌĂĂ
ĚƵĐĂĕĆŽ /ŶĨĂŶƚŝů͖ ƚƌĂŶƐŝĕĆŽ ĚĂ ĚƵĐĂĕĆŽ /ŶĨĂŶƚŝů ƉĂƌĂ Ž ŶƐŝŶŽ &ƵŶĚĂŵĞŶƚĂů͘ ŶŽƐ /ŶŝĐŝĂŝƐ Ğ ŶŽƐ &ŝŶĂŝƐ͗ ŽŵƉĞƚġŶĐŝĂƐ
ĞƐƉĞĐşĨŝĐĂƐ͕ƵŶŝĚĂĚĞƐƚĞŵĄƚŝĐĂƐ͕ŽďũĞƚŽƐĚĞĐŽŶŚĞĐŝŵĞŶƚŽĞŚĂďŝůŝĚĂĚĞƐŶĂƐĄƌĞĂƐĚĞ>ŝŶŐƵĂŐĞŶƐ͕DĂƚĞŵĄƚŝĐĂ͕ŝġŶĐŝĂƐĚĂ
EĂƚƵƌĞnjĂ͕ ŝġŶĐŝĂƐ ,ƵŵĂŶĂƐĞ ŶƐŝŶŽ ZĞůŝŐŝŽƐŽ͘ ůĂďŽƌĂĕĆŽ ĚŽ WůĂŶŽ DƵŶŝĐŝƉĂů ĚĞ ĚƵĐĂĕĆŽ͘ 'ĞƐƚĆŽ ĚĂ ĚƵĐĂĕĆŽƐĐŽůĂƌ͘
'ĞƐƚĆŽĞŵŽĐƌĄƚŝĐĂŶŽƐƐŝƐƚĞŵĂƐĞŶĂĞƐĐŽůĂ͘ĚĞWƌŽŐƌĂŵĂƐŐŽǀĞƌŶĂŵĞŶƚĂŝƐƉĂƌĂŽƐDƵŶŝĐşƉŝŽƐ͘/ŶĚŝĐĂĚŽƌĞƐĚĂƋƵĂůŝĚĂĚĞ
ŶĂĞĚƵĐĂĕĆŽ͘/ŶĚŝĐĂĚŽƌĞƐĚĂƋƵĂůŝĚĂĚĞŶĂĞĚƵĐĂĕĆŽŝŶĨĂŶƚŝů͘DĞŵŽƌŝĂůĚĂ'ĞƐƚĆŽĚĂƐĐŽůĂDƵŶŝĐŝƉĂů͘WŽůşƚŝĐĂEĂĐŝŽŶĂůĚĞ
ĚƵĐĂĕĆŽ ƐƉĞĐŝĂů ŶĂ WĞƌƐƉĞĐƚŝǀĂ ĚĂ ĚƵĐĂĕĆŽ /ŶĐůƵƐŝǀĂ͘ ^ƵďƐşĚŝŽƐ ƉĂƌĂ Ž WůĂŶĞũĂŵĞŶƚŽ ĚĞ ŽŶĨĞƌġŶĐŝĂ DƵŶŝĐŝƉĂů ĚĞ
ĚƵĐĂĕĆŽ͘dƌĂďĂůŚŽƐĐŽůĂƌĞdĞŽƌŝĂƐĚŵŝŶŝƐƚƌĂƚŝǀĂƐ͘ƉƌĞŶĚĞƌĞĞŶƐŝŶĂƌŶĂĞĚƵĐĂĕĆŽŝŶĨĂŶƚŝů͘DƷƐŝĐĂŶĂĚƵĐĂĕĆŽ/ŶĨĂŶƚŝů͘
ƐĐƌĞǀĞƌ Ğ ůĞƌ͗ ĐŽŵŽ ĂƐ ĐƌŝĂŶĕĂƐ ĂƉƌĞŶĚĞŵ Ğ ĐŽŵŽ Ž ƉƌŽĨĞƐƐŽƌ ƉŽĚĞ ĞŶƐŝŶĄͲůĂƐ Ă ĞƐĐƌĞǀĞƌ Ğ ůĞƌ͘ KƐ ĨĂnjĞƌĞƐ ŶĂ ĞĚƵĐĂĕĆŽ
ŝŶĨĂŶƚŝů͘'ĞƐƚĆŽĚĞŵŽĐƌĄƚŝĐĂĚĂĞĚƵĐĂĕĆŽ͘KĐŽŽƌĚĞŶĂĚŽƌƉĞĚĂŐſŐŝĐŽĞĂĞĚƵĐĂĕĆŽĐŽŶƚŝŶƵĂĚĂ͘ǀĂůŝĂĕĆŽŶĂƉƌĠͲĞƐĐŽůĂ͘>Ğƌ
ĞĞƐĐƌĞǀĞƌŶĂĞƐĐŽůĂ͘ŝĚĄƚŝĐĂ͘ŐĞƐƚĆŽƉĂƌƚŝĐŝƉĂƚŝǀĂŶĂĞƐĐŽůĂ͘ŽŶĐĞƉĕƁĞƐĞƉƌŽĐĞƐƐŽƐĚĞŵŽĐƌĄƚŝĐŽƐĚĞŐĞƐƚĆŽĞĚƵĐĂĐŝŽŶĂů͘
ĕĆŽ ŝŶƚĞŐƌĂĚĂ͗ ĚŵŝŶŝƐƚƌĂĕĆŽ͕ ƐƵƉĞƌǀŝƐĆŽ Ğ ŽƌŝĞŶƚĂĕĆŽ ĞĚƵĐĂĐŝŽŶĂů͘ ĞƐĐŽůĂ ĐŽŵŽ ƐŝƐƚĞŵĂ Ğ Ă ĚŝǀŝƐĆŽ ĚĞ ƚƌĂďĂůŚŽ͘
ƋƵĞƐƚĆŽ ĚĂ ŝŶƚĞŐƌĂĕĆŽ͘ K ƉƌŽĐĞƐƐŽ ĚĞ ĐŽŶƐƵůƚŽƌŝĂ͘ 'ĞƐƚĆŽ ĚĂ ĐƵůƚƵƌĂ Ğ ĚŽ ĐůŝŵĂ ŽƌŐĂŶŝnjĂĐŝŽŶĂů ĚĂ ĞƐĐŽůĂ͘ K ĞƐƉĂĕŽ
ƐŽĐŝŽĐƵůƚƵƌĂů ĚĂ ĞƐĐŽůĂ Ğ ƐĞƵ ĐŽƚŝĚŝĂŶŽ͘ 'ĞƐƚĆŽ ĚƵĐĂĐŝŽŶĂů͘ Ɛ ĚŝĨĞƌĞŶĕĂƐ ĞŶƚƌĞ Ă ĂĚŵŝŶŝƐƚƌĂĕĆŽ Ğ Ă ŐĞƐƚĆŽ ĞĚƵĐĂĐŝŽŶĂů͘
>ŝĚĞƌĂŶĕĂĞŵŐĞƐƚĆŽĞƐĐŽůĂƌ͘ dĞŽƌŝĂƐƐŽďƌĞůŝĚĞƌĂŶĕĂ͘ŽŵƉĞƚġŶĐŝĂƐƉĂƌĂĞŶƐŝŶĂƌ͘KĐŽŽƌĚĞŶĂĚŽƌƉĞĚĂŐſŐŝĐŽĞŽĐŽƚŝĚŝĂŶŽ
ĚĂ ĞƐĐŽůĂ͘ K ĐŽŽƌĚĞŶĂĚŽƌƉĞĚĂŐſŐŝĐŽ Ğ Ă ĨŽƌŵĂĕĆŽ ĚŽĐĞŶƚĞ͘ &ŽƌŵĂĕĆŽ ĐŽŶƚŝŶƵĂĚĂ ĚĞ ĞĚƵĐĂĚŽƌĞƐ ŶĂ ĞƐĐŽůĂ͘ ZĞƵŶŝƁĞƐ ŶĂ
ĞƐĐŽůĂ͗ŽƉŽƌƚƵŶŝĚĂĚĞĚĞĐŽŵƵŶŝĐĂĕĆŽĞƐĂďĞƌ͘KĐŽŽƌĚĞŶĂĚŽƌƉĞĚĂŐſŐŝĐŽĞŽĚĞƐĂĨŝŽĚĂƐŶŽǀĂƐƚĞĐŶŽůŽŐŝĂƐ͘KĐŽŽƌĚĞŶĂĚŽƌ
ƉĞĚĂŐſŐŝĐŽĞĂƐƌĞĨŽƌŵĂƐƉĞĚĂŐſŐŝĐĂƐ͘KĞŶƐŝŶŽĞĂĂƉƌĞŶĚŝnjĂŐĞŵ͘&ƵŶĕƁĞƐĚŽĐŽŽƌĚĞŶĂĚŽƌƉĞĚĂŐſŐŝĐŽ͘
/>/K'Z&/Z&ZE/>
EŽƌŵĂƐĞƉƵďůŝĐĂĕƁĞƐŝŶƐƚŝƚƵĐŝŽŶĂŝƐ͗
DhE/1W/K^EdZhKZ/KWZK–>ĞŝŽŵƉůĞŵĞŶƚĂƌŶǑϯϰϰͬϮϬϬϳĞƐƵĂƐĂůƚĞƌĂĕƁĞƐ–ƐƚĂƚƵƚŽ͕WůĂŶŽĚĞĂƌƌĞŝƌĂ
ĞZĞŵƵŶĞƌĂĕĆŽĚŽDĂŐŝƐƚĠƌŝŽĚŽDƵŶŝĐşƉŝŽĚĞ^ĂŶƚĂƌƵƐĚŽZŝŽWĂƌĚŽ͘
;ŚƚƚƉƐ͗ͬͬůĞŝƐŵƵŶŝĐŝƉĂŝƐ͘ĐŽŵ͘ďƌͬĂͬƐƉͬƐͬƐĂŶƚĂͲĐƌƵnjͲĚŽͲƌŝŽͲƉĂƌĚŽͬůĞŝͲĐŽŵƉůĞŵĞŶƚĂƌͬϮϬϬϳͬϯϱͬϯϰϰͬůĞŝͲĐŽŵƉůĞŵĞŶƚĂƌͲŶͲϯϰϰͲ
ϮϬϬϳͲĚŝƐƉŽĞͲƐŽďƌĞͲŽͲĞƐƚĂƚƵƚŽͲĞͲŽͲƉůĂŶŽͲĚĞͲĐĂƌƌĞŝƌĂƐͲĞͲƌĞŵƵŶĞƌĂĐĂŽͲĚŽͲŵĂŐŝƐƚĞƌŝŽͲƉƵďůŝĐŽͲŵƵŶŝĐŝƉĂůͲĚĞͲƐĂŶƚĂͲĐƌƵnjͲĚŽͲƌŝŽͲ
ƉĂƌĚŽͲĞƐƚĂďĞůĞĐĞͲŶŽƌŵĂƐͲĚĞͲĞŶƋƵĂĚƌĂŵĞŶƚŽͲĞͲĚŝƌĞƚƌŝnjĞƐͲƉĂƌĂͲĂͲĂǀĂůŝĂĐĂŽͲĚĞͲĚĞƐĞŵƉĞŶŚŽͲŝŶƐƚŝƚƵŝͲƚĂďĞůĂƐͲĚĞͲ
ǀĞŶĐŝŵĞŶƚŽƐͲĞͲĚĂͲŽƵƚƌĂƐͲƉƌŽǀŝĚĞŶĐŝĂƐͿ͘
ZĞƐŽůƵĕĆŽEͬŶǑϰͬϮϬϭϬͲĞĨŝŶĞŝƌĞƚƌŝnjĞƐƵƌƌŝĐƵůĂƌĞƐEĂĐŝŽŶĂŝƐ'ĞƌĂŝƐƉĂƌĂĂĚƵĐĂĕĆŽĄƐŝĐĂ
;ŚƚƚƉ͗ͬͬƉŽƌƚĂů͘ŵĞĐ͘ŐŽǀ͘ďƌͬĚŵĚŽĐƵŵĞŶƚƐͬƌĐĞďϬϬϰͺϭϬ͘ƉĚĨͿ͘
ZĞƐŽůƵĕĆŽEͬŶǑϱͬϮϬϬϵͲŝƌĞƚƌŝnjĞƐƵƌƌŝĐƵůĂƌĞƐEĂĐŝŽŶĂŝƐƉĂƌĂĂĚƵĐĂĕĆŽ/ŶĨĂŶƚŝů
ŚƚƚƉ͗ͬͬǁǁǁ͘ƐĞĚƵĐ͘ƌŽ͘ŐŽǀ͘ďƌͬƉŽƌƚĂůͬůĞŐŝƐůĂĐĂŽͬZ^EϬϬϱͺϮϬϬϵ͘ƉĚĨ
ZĞƐŽůƵĕĆŽEͬŶǑϳͬϮϬϭϬͲŝƌĞƚƌŝnjĞƐƵƌƌŝĐƵůĂƌĞƐEĂĐŝŽŶĂŝƐƉĂƌĂŽŶƐŝŶŽ&ƵŶĚĂŵĞŶƚĂůĚĞϵĂŶŽƐ
;ŚƚƚƉ͗ͬͬƉŽƌƚĂů͘ŵĞĐ͘ŐŽǀ͘ďƌͬĚŵĚŽĐƵŵĞŶƚƐͬƌĐĞďϬϬϳͺϭϬ͘ƉĚĨͿ͘
ŽĐƵŵĞŶƚŽEŽƌƚĞĂĚŽƌƉĂƌĂĂůĂďŽƌĂĕĆŽĚŽWůĂŶŽDƵŶŝĐŝƉĂůĚĞĚƵĐĂĕĆŽ͘
'ĞƐƚĆŽĚĂĚƵĐĂĕĆŽƐĐŽůĂƌ͘
'ĞƐƚĆŽĞŵŽĐƌĄƚŝĐĂŶŽƐƐŝƐƚĞŵĂƐĞŶĂĞƐĐŽůĂ͘
'ƵŝĂĚĞWƌŽŐƌĂŵĂƐƉĂƌĂŽƐDƵŶŝĐşƉŝŽƐ͘
/ŶĚŝĐĂĚŽƌĞƐĚĂƋƵĂůŝĚĂĚĞŶĂĞĚƵĐĂĕĆŽ͘
/ŶĚŝĐĂĚŽƌĞƐĚĂƋƵĂůŝĚĂĚĞŶĂĞĚƵĐĂĕĆŽŝŶĨĂŶƚŝů͘
DĞŵŽƌŝĂůĚĂ'ĞƐƚĆŽĚĂƐĐŽůĂDƵŶŝĐŝƉĂů͘
WŽůşƚŝĐĂEĂĐŝŽŶĂůĚĞĚƵĐĂĕĆŽƐƉĞĐŝĂůŶĂWĞƌƐƉĞĐƚŝǀĂĚĂĚƵĐĂĕĆŽ/ŶĐůƵƐŝǀĂ͘
^ƵďƐşĚŝŽƐƉĂƌĂŽWůĂŶĞũĂŵĞŶƚŽĚĞŽŶĨĞƌġŶĐŝĂDƵŶŝĐŝƉĂůĚĞĚƵĐĂĕĆŽ͘
dƌĂďĂůŚŽƐĐŽůĂƌĞdĞŽƌŝĂƐĚŵŝŶŝƐƚƌĂƚŝǀĂƐ;ĂĐĞƐƐşǀĞŝƐĞŵŚƚƚƉ͗ͬͬƉŽƌƚĂů͘ŵĞĐ͘ŐŽǀ͘ďƌͿ͘
>ŝǀƌŽƐĞĂƌƚŝŐŽƐ͗
^^^͕ƵůĄůŝĂ;KƌŐ͘Ϳ͘ƉƌĞŶĚĞƌĞĞŶƐŝŶĂƌŶĂĞĚƵĐĂĕĆŽŝŶĨĂŶƚŝů͘WŽƌƚŽůĞŐƌĞ͗ƌƚŵĞĚ͕ϮϬϭϭ͘
Z/dK͘dĞĐĂůĞŶĐĂƌĚĞ͘DƷƐŝĐĂŶĂĚƵĐĂĕĆŽ/ŶĨĂŶƚŝů͘^ĆŽWĂƵůŽ͗Ě͘WĞŝƌſƉŽůŝƐ͕ϮϬϬϯ͘
hZdK͕>͘D͖͘DhZ/>>K͕D͘D͖͘d/y/M͕DD͘ƐĐƌĞǀĞƌĞůĞƌ͗ĐŽŵŽĂƐĐƌŝĂŶĕĂƐĂƉƌĞŶĚĞŵĞĐŽŵŽŽƉƌŽĨĞƐƐŽƌƉŽĚĞĞŶƐŝŶĄͲůĂƐ
ĂĞƐĐƌĞǀĞƌĞůĞƌͲsŽůƵŵĞ/͘ƌƚŵĞĚ͕ϮϬϬϬ͘
&ZZ/Z͕DĂƌŝĂůŽƚŝůĚĞZŽƐƐĞƚƚŝ;ŽƌŐ͘Ϳ͘KƐĨĂnjĞƌĞƐŶĂĞĚƵĐĂĕĆŽŝŶĨĂŶƚŝů͘^ĆŽWĂƵůŽ͗ŽƌƚĞnj͕ϮϬϭϭ͘
&ZZ/Z͕EĂƵƌĂ^͘ĂƌĂƉĞƚŽ&ĞƌƌĞŝƌĂ;ŽƌŐ͘Ϳ͘'ĞƐƚĆŽĚĞŵŽĐƌĄƚŝĐĂĚĂĞĚƵĐĂĕĆŽ;ŽƌƚĞnj͕ϴǐĞĚ͘ϮϬϭϯ͘
'h/DZ^͕ŶĂƌĐŚĂŶŐĞůŽ͘KĐŽŽƌĚĞŶĂĚŽƌƉĞĚĂŐſŐŝĐŽĞĂĞĚƵĐĂĕĆŽĐŽŶƚŝŶƵĂĚĂ;>ŽLJŽůĂ͕ϭϮǐĞĚ͘ϮϬϬϵͿ͘
,K&&DEE͕:ƵƐƐĂƌĂDĂƌŝĂ>ĞƌĐŬ͘ǀĂůŝĂĕĆŽŶĂƉƌĠͲĞƐĐŽůĂ͗ƵŵŽůŚĂƌƐĞŶƐşǀĞůĞƌĞĨůĞdžŝǀŽƐŽďƌĞĂĐƌŝĂŶĕĂ͘WŽƌƚŽůĞŐƌĞ͗
DĞĚŝĂĕĆŽ͕ϮϬϭϱ͘
>ZEZ͕ĞůŝĂ͘>ĞƌĞĞƐĐƌĞǀĞƌŶĂĞƐĐŽůĂ;ƌƚŵĞĚ͕ϮϬϬϳͿ͘
>/EK͕:ŽƐĠĂƌůŽƐ͘ŝĚĄƚŝĐĂ;ŽƌƚĞnj͕ϮϬϭϯͿ͘
>h<͕,ĞůŽŝƐĂ͘'ĞƐƚĆŽĚĂĐƵůƚƵƌĂĞĚŽĐůŝŵĂŽƌŐĂŶŝnjĂĐŝŽŶĂůĚĂĞƐĐŽůĂ;sŽnjĞƐ͕ϮǐĞĚ͘ϮϬϭϬͿ͘
>h<͕,ĞůŽŝƐĂ͘ŐĞƐƚĆŽƉĂƌƚŝĐŝƉĂƚŝǀĂŶĂĞƐĐŽůĂ;sŽnjĞƐ͕ϭϭǐĞĚ͘ϮϬϭϳͿ͘
29
WƌĞĨĞŝƚƵƌĂDƵŶŝĐŝƉĂůĚĞ ŽŶĐƵƌƐŽWƷďůŝĐŽEǑϬϭͬϮϬϮϰ
^EdZhKZ/KWZK /d>ĚĞZdhZĚĞ/E^Z/O^
>h<͕,ĞůŽŝƐĂ͘ŽŶĐĞƉĕƁĞƐĞƉƌŽĐĞƐƐŽƐĚĞŵŽĐƌĄƚŝĐŽƐĚĞŐĞƐƚĆŽĞĚƵĐĂĐŝŽŶĂů;sŽnjĞƐ͕ϳǐĞĚ͘ϮϬϬϲͿ͘
>h<͕,ĞůŽŝƐĂ͘ĕĆŽŝŶƚĞŐƌĂĚĂ͗ĚŵŝŶŝƐƚƌĂĕĆŽ͕ƐƵƉĞƌǀŝƐĆŽĞŽƌŝĞŶƚĂĕĆŽĞĚƵĐĂĐŝŽŶĂů;sŽnjĞƐ͕ϮϵǐĞĚ͘ϮϬϭϯͿ͘
>h<͕,ĞůŽŝƐĂ͘'ĞƐƚĆŽĚƵĐĂĐŝŽŶĂů͗ƵŵĂƋƵĞƐƚĆŽƉĂƌĂĚŝŐŵĄƚŝĐĂ;sŽnjĞƐ͕ϭϮǐĞĚ͘ϮϬϭϱͿ͘
>h<͕,ĞůŽŝƐĂ͘>ŝĚĞƌĂŶĕĂĞŵŐĞƐƚĆŽĞƐĐŽůĂƌ;sŽnjĞƐ͕ϵǐĞĚ͘ϮϬϭϰͿ͘
WZZEKh͕WŚŝůŝƉƉĞ͘ĞnjŶŽǀĂƐĐŽŵƉĞƚġŶĐŝĂƐƉĂƌĂĞŶƐŝŶĂƌ͘
W>K͕sĞƌĂDĂƌŝĂEŝŐƌŽĚĞ^ŽƵnjĂĞƚĂů͘;ŽƌŐ͘Ϳ͘KĐŽŽƌĚĞŶĂĚŽƌƉĞĚĂŐſŐŝĐŽĞŽĐŽƚŝĚŝĂŶŽĚĂĞƐĐŽůĂ;>ŽLJŽůĂ͕ϵǐĞĚ͘ϮϬϭϮͿ͘
W>K͕sĞƌĂDĂƌŝĂEŝŐƌŽĚĞ^ŽƵnjĂĞƚĂů͘;ĐŽŵƉͿ͘KĐŽŽƌĚĞŶĂĚŽƌƉĞĚĂŐſŐŝĐŽĞĂĨŽƌŵĂĕĆŽĚŽĐĞŶƚĞ;>ŽLJŽůĂ͕ϭϯǐĞĚ͘ϮϬϬϬͿ͘
t/^͕dĞůŵĂ͘KĚŝĄůŽŐŽĞŶƚƌĞŽĞŶƐŝŶŽĞĂĂƉƌĞŶĚŝnjĂŐĞŵ;ƚŝĐĂ͕ϮǐĞĚ͘ϮϬϬϵͿ͘
/ZdKZ^K>
ŝƌĞƚƌŝnjĞƐ ƵƌƌŝĐƵůĂƌĞƐ EĂĐŝŽŶĂŝƐ 'ĞƌĂŝƐ ƉĂƌĂ Ă ĚƵĐĂĕĆŽ ĄƐŝĐĂ͘ ŝƌĞƚƌŝnjĞƐ ƵƌƌŝĐƵůĂƌĞƐ EĂĐŝŽŶĂŝƐ ƉĂƌĂ Ă ĚƵĐĂĕĆŽ /ŶĨĂŶƚŝů͘
ŝƌĞƚƌŝnjĞƐ ƵƌƌŝĐƵůĂƌĞƐ EĂĐŝŽŶĂŝƐ ƉĂƌĂ Ž ŶƐŝŶŽ &ƵŶĚĂŵĞŶƚĂů ĚĞ ϵ ĂŶŽƐ͘ ĂƐĞ EĂĐŝŽŶĂů ŽŵƵŵ ƵƌƌŝĐƵůĂƌ – ŽŵƉĞƚġŶĐŝĂƐ
ŐĞƌĂŝƐ ĚĂ ĚƵĐĂĕĆŽ ĄƐŝĐĂ͖ ŽƐ ŵĂƌĐŽƐ ůĞŐĂŝƐ ƋƵĞ ĞŵďĂƐĂŵ Ă E͖ ŽƐ ĨƵŶĚĂŵĞŶƚŽƐ ƉĞĚĂŐſŐŝĐŽƐ ĚĂ E͖ Ž ƉĂĐƚŽ /ŶƚĞƌ
ĨĞĚĞƌĂƚŝǀŽ Ğ Ă ŝŵƉůĞŵĞŶƚĂĕĆŽ ĚĂ E͖ ƐƚƌƵƚƵƌĂ ĚĂ E͖ ĞƚĂƉĂ ĚĂ ĚƵĐĂĕĆŽ /ŶĨĂŶƚŝů͗ ĚƵĐĂĕĆŽ /ŶĨĂŶƚŝů ŶĂ ĂƐĞ
EĂĐŝŽŶĂů ŽŵƵŵ ƵƌƌŝĐƵůĂƌ͖ ĚƵĐĂĕĆŽ /ŶĨĂŶƚŝů ŶŽ ĐŽŶƚĞdžƚŽ ĚĂ ĚƵĐĂĕĆŽ ĄƐŝĐĂ͖ ŝƌĞŝƚŽƐ ĚĞ ĂƉƌĞŶĚŝnjĂŐĞŵ Ğ
ĚĞƐĞŶǀŽůǀŝŵĞŶƚŽŶĂĚƵĐĂĕĆŽ/ŶĨĂŶƚŝů͖KƐĐĂŵƉŽƐĚĞĞdžƉĞƌŝġŶĐŝĂƐ͖KƐŽďũĞƚŝǀŽƐĚĞĂƉƌĞŶĚŝnjĂŐĞŵĞĚĞƐĞŶǀŽůǀŝŵĞŶƚŽƉĂƌĂĂ
ĚƵĐĂĕĆŽ /ŶĨĂŶƚŝů͖ ƚƌĂŶƐŝĕĆŽ ĚĂ ĚƵĐĂĕĆŽ /ŶĨĂŶƚŝů ƉĂƌĂ Ž ŶƐŝŶŽ &ƵŶĚĂŵĞŶƚĂů͘ ŶŽƐ /ŶŝĐŝĂŝƐ Ğ ŶŽƐ &ŝŶĂŝƐ͗ ŽŵƉĞƚġŶĐŝĂƐ
ĞƐƉĞĐşĨŝĐĂƐ͕ƵŶŝĚĂĚĞƐƚĞŵĄƚŝĐĂƐ͕ŽďũĞƚŽƐĚĞĐŽŶŚĞĐŝŵĞŶƚŽĞŚĂďŝůŝĚĂĚĞƐŶĂƐĄƌĞĂƐĚĞ>ŝŶŐƵĂŐĞŶƐ͕DĂƚĞŵĄƚŝĐĂ͕ŝġŶĐŝĂƐĚĂ
EĂƚƵƌĞnjĂ͕ ŝġŶĐŝĂƐ ,ƵŵĂŶĂƐĞ ŶƐŝŶŽ ZĞůŝŐŝŽƐŽ͘ ůĂďŽƌĂĕĆŽ ĚŽ WůĂŶŽ DƵŶŝĐŝƉĂů ĚĞ ĚƵĐĂĕĆŽ͘ 'ĞƐƚĆŽ ĚĂ ĚƵĐĂĕĆŽƐĐŽůĂƌ͘
'ĞƐƚĆŽĞŵŽĐƌĄƚŝĐĂŶŽƐƐŝƐƚĞŵĂƐĞŶĂĞƐĐŽůĂ͘WƌŽŐƌĂŵĂƐŐŽǀĞƌŶĂŵĞŶƚĂŝƐƉĂƌĂŽƐDƵŶŝĐşƉŝŽƐ͘/ŶĚŝĐĂĚŽƌĞƐĚĂƋƵĂůŝĚĂĚĞŶĂ
ĞĚƵĐĂĕĆŽ͘ /ŶĚŝĐĂĚŽƌĞƐ ĚĂ ƋƵĂůŝĚĂĚĞ ŶĂ ĞĚƵĐĂĕĆŽ ŝŶĨĂŶƚŝů͘ DĞŵŽƌŝĂů ĚĂ 'ĞƐƚĆŽ ĚĂ ƐĐŽůĂ DƵŶŝĐŝƉĂů͘ WŽůşƚŝĐĂ EĂĐŝŽŶĂů ĚĞ
ĚƵĐĂĕĆŽ ƐƉĞĐŝĂů ŶĂ WĞƌƐƉĞĐƚŝǀĂ ĚĂ ĚƵĐĂĕĆŽ /ŶĐůƵƐŝǀĂ͘ ^ƵďƐşĚŝŽƐ ƉĂƌĂ Ž WůĂŶĞũĂŵĞŶƚŽ ĚĞ ŽŶĨĞƌġŶĐŝĂ DƵŶŝĐŝƉĂů ĚĞ
ĚƵĐĂĕĆŽ͘dƌĂďĂůŚŽƐĐŽůĂƌĞdĞŽƌŝĂƐĚŵŝŶŝƐƚƌĂƚŝǀĂƐ͘KĞƐƉĂĕŽĞƐĐŽůĂƌ͘'ĞƐƚĆŽĚĞŵŽĐƌĄƚŝĐĂĚĂĞĚƵĐĂĕĆŽ͘>ĞƌĞĞƐĐƌĞǀĞƌŶĂ
ĞƐĐŽůĂ͘ĕĆŽŝŶƚĞŐƌĂĚĂ͗ĚŵŝŶŝƐƚƌĂĕĆŽ͕ƐƵƉĞƌǀŝƐĆŽĞŽƌŝĞŶƚĂĕĆŽĞĚƵĐĂĐŝŽŶĂů͘ĞƐĐŽůĂĐŽŵŽƐŝƐƚĞŵĂĞĂĚŝǀŝƐĆŽĚĞƚƌĂďĂůŚŽ͘
ƋƵĞƐƚĆŽĚĂŝŶƚĞŐƌĂĕĆŽ͘KƉƌŽĐĞƐƐŽĚĞĐŽŶƐƵůƚŽƌŝĂ͘ŐĞƐƚĆŽƉĂƌƚŝĐŝƉĂƚŝǀĂŶĂĞƐĐŽůĂ͘ǀĂůŝĂĕĆŽĞŵŽŶŝƚŽƌĂŵĞŶƚŽĚŽƚƌĂďĂůŚŽ
ĞĚƵĐĂĐŝŽŶĂů͘ ŽŶĐĞƉĕƁĞƐĞƉƌŽĐĞƐƐŽƐĚĞŵŽĐƌĄƚŝĐŽƐĚĞŐĞƐƚĆŽĞĚƵĐĂĐŝŽŶĂů͘ 'ĞƐƚĆŽĚĂ ĐƵůƚƵƌĂĞĚŽĐůŝŵĂ ŽƌŐĂŶŝnjĂĐŝŽŶĂůĚĂ
ĞƐĐŽůĂ͘KĞƐƉĂĕŽƐŽĐŝŽĐƵůƚƵƌĂůĚĂĞƐĐŽůĂĞƐĞƵĐŽƚŝĚŝĂŶŽ͘'ĞƐƚĆŽĚƵĐĂĐŝŽŶĂů͘ƐĚŝĨĞƌĞŶĕĂƐĞŶƚƌĞĂĂĚŵŝŶŝƐƚƌĂĕĆŽĞĂŐĞƐƚĆŽ
ĞĚƵĐĂĐŝŽŶĂů͘>ŝĚĞƌĂŶĕĂĞŵŐĞƐƚĆŽĞƐĐŽůĂƌ͘dĞŽƌŝĂƐƐŽďƌĞůŝĚĞƌĂŶĕĂ͘
/>/K'Z&/Z&ZE/>
EŽƌŵĂƐĞƉƵďůŝĐĂĕƁĞƐŝŶƐƚŝƚƵĐŝŽŶĂŝƐ͗
DhE/1W/K^EdZhKZ/KWZK–>ĞŝŽŵƉůĞŵĞŶƚĂƌŶǑϯϰϰͬϮϬϬϳĞƐƵĂƐĂůƚĞƌĂĕƁĞƐ–ƐƚĂƚƵƚŽ͕WůĂŶŽĚĞĂƌƌĞŝƌĂ
ĞZĞŵƵŶĞƌĂĕĆŽĚŽDĂŐŝƐƚĠƌŝŽĚŽDƵŶŝĐşƉŝŽĚĞ^ĂŶƚĂƌƵƐĚŽZŝŽWĂƌĚŽ͘
;ŚƚƚƉƐ͗ͬͬůĞŝƐŵƵŶŝĐŝƉĂŝƐ͘ĐŽŵ͘ďƌͬĂͬƐƉͬƐͬƐĂŶƚĂͲĐƌƵnjͲĚŽͲƌŝŽͲƉĂƌĚŽͬůĞŝͲĐŽŵƉůĞŵĞŶƚĂƌͬϮϬϬϳͬϯϱͬϯϰϰͬůĞŝͲĐŽŵƉůĞŵĞŶƚĂƌͲŶͲϯϰϰͲ
ϮϬϬϳͲĚŝƐƉŽĞͲƐŽďƌĞͲŽͲĞƐƚĂƚƵƚŽͲĞͲŽͲƉůĂŶŽͲĚĞͲĐĂƌƌĞŝƌĂƐͲĞͲƌĞŵƵŶĞƌĂĐĂŽͲĚŽͲŵĂŐŝƐƚĞƌŝŽͲƉƵďůŝĐŽͲŵƵŶŝĐŝƉĂůͲĚĞͲƐĂŶƚĂͲĐƌƵnjͲĚŽͲƌŝŽͲ
ƉĂƌĚŽͲĞƐƚĂďĞůĞĐĞͲŶŽƌŵĂƐͲĚĞͲĞŶƋƵĂĚƌĂŵĞŶƚŽͲĞͲĚŝƌĞƚƌŝnjĞƐͲƉĂƌĂͲĂͲĂǀĂůŝĂĐĂŽͲĚĞͲĚĞƐĞŵƉĞŶŚŽͲŝŶƐƚŝƚƵŝͲƚĂďĞůĂƐͲĚĞͲ
ǀĞŶĐŝŵĞŶƚŽƐͲĞͲĚĂͲŽƵƚƌĂƐͲƉƌŽǀŝĚĞŶĐŝĂƐͿ
ZĞƐŽůƵĕĆŽEͬŶǑϱͬϮϬϬϵͲŝƌĞƚƌŝnjĞƐƵƌƌŝĐƵůĂƌĞƐEĂĐŝŽŶĂŝƐƉĂƌĂĂĚƵĐĂĕĆŽ/ŶĨĂŶƚŝů
ŚƚƚƉ͗ͬͬǁǁǁ͘ƐĞĚƵĐ͘ƌŽ͘ŐŽǀ͘ďƌͬƉŽƌƚĂůͬůĞŐŝƐůĂĐĂŽͬZ^EϬϬϱͺϮϬϬϵ͘ƉĚĨ
ZĞƐŽůƵĕĆŽEͬŶǑϰͬϮϬϭϬͲĞĨŝŶĞŝƌĞƚƌŝnjĞƐƵƌƌŝĐƵůĂƌĞƐEĂĐŝŽŶĂŝƐ'ĞƌĂŝƐƉĂƌĂĂĚƵĐĂĕĆŽĄƐŝĐĂ
;ŚƚƚƉ͗ͬͬƉŽƌƚĂů͘ŵĞĐ͘ŐŽǀ͘ďƌͬĚŵĚŽĐƵŵĞŶƚƐͬƌĐĞďϬϬϰͺϭϬ͘ƉĚĨͿ͘
ZĞƐŽůƵĕĆŽEͬŶǑϳͬϮϬϭϬͲŝƌĞƚƌŝnjĞƐƵƌƌŝĐƵůĂƌĞƐEĂĐŝŽŶĂŝƐƉĂƌĂŽŶƐŝŶŽ&ƵŶĚĂŵĞŶƚĂůĚĞϵĂŶŽƐ
;ŚƚƚƉ͗ͬͬƉŽƌƚĂů͘ŵĞĐ͘ŐŽǀ͘ďƌͬĚŵĚŽĐƵŵĞŶƚƐͬƌĐĞďϬϬϳͺϭϬ͘ƉĚĨͿ͘
ĂƐĞEĂĐŝŽŶĂůŽŵƵŵƵƌƌŝĐƵůĂƌ
ŚƚƚƉ͗ͬͬďĂƐĞŶĂĐŝŽŶĂůĐŽŵƵŵ͘ŵĞĐ͘ŐŽǀ͘ďƌͬ
ŽĐƵŵĞŶƚŽEŽƌƚĞĂĚŽƌƉĂƌĂĂůĂďŽƌĂĕĆŽĚŽWůĂŶŽDƵŶŝĐŝƉĂůĚĞĚƵĐĂĕĆŽ͘
'ĞƐƚĆŽĚĂĚƵĐĂĕĆŽƐĐŽůĂƌ͘
'ĞƐƚĆŽĞŵŽĐƌĄƚŝĐĂŶŽƐƐŝƐƚĞŵĂƐĞŶĂĞƐĐŽůĂ͘
'ƵŝĂĚĞWƌŽŐƌĂŵĂƐƉĂƌĂŽƐDƵŶŝĐşƉŝŽƐ͘
/ŶĚŝĐĂĚŽƌĞƐĚĂƋƵĂůŝĚĂĚĞŶĂĞĚƵĐĂĕĆŽ͘
/ŶĚŝĐĂĚŽƌĞƐĚĂƋƵĂůŝĚĂĚĞŶĂĞĚƵĐĂĕĆŽŝŶĨĂŶƚŝů͘
DĞŵŽƌŝĂůĚĂ'ĞƐƚĆŽĚĂƐĐŽůĂDƵŶŝĐŝƉĂů͘
WŽůşƚŝĐĂEĂĐŝŽŶĂůĚĞĚƵĐĂĕĆŽƐƉĞĐŝĂůŶĂWĞƌƐƉĞĐƚŝǀĂĚĂĚƵĐĂĕĆŽ/ŶĐůƵƐŝǀĂ͘
^ƵďƐşĚŝŽƐƉĂƌĂŽWůĂŶĞũĂŵĞŶƚŽĚĞŽŶĨĞƌġŶĐŝĂDƵŶŝĐŝƉĂůĚĞĚƵĐĂĕĆŽ͘
dƌĂďĂůŚŽƐĐŽůĂƌĞdĞŽƌŝĂƐĚŵŝŶŝƐƚƌĂƚŝǀĂƐ;ĂĐĞƐƐşǀĞŝƐĞŵŚƚƚƉ͗ͬͬƉŽƌƚĂů͘ŵĞĐ͘ŐŽǀ͘ďƌͿ͘
>ŝǀƌŽƐĞĂƌƚŝŐŽƐ͗
͕ŽŵƵŶŝĚĂĚĞĚƵĐĂƚŝǀĂ͘KƋƵĞƌĞǀĞůĂŽĞƐƉĂĕŽĞƐĐŽůĂƌ͍ͲhŵůŝǀƌŽƉĂƌĂĚŝƌĞƚŽƌĞƐĚĞĞƐĐŽůĂ;DŽĚĞƌŶĂ͕ϭǐĞĚ͘ϮϬϭϯͿ
&ZZ/Z͕EĂƵƌĂ^͘ĂƌĂƉĞƚŽ&ĞƌƌĞŝƌĂ;ŽƌŐ͘Ϳ͘'ĞƐƚĆŽĚĞŵŽĐƌĄƚŝĐĂĚĂĞĚƵĐĂĕĆŽ;ŽƌƚĞnj͕ϴǐĞĚ͘ϮϬϭϯ͘
>ZEZ͕ĞůŝĂ͘>ĞƌĞĞƐĐƌĞǀĞƌŶĂĞƐĐŽůĂ;ƌƚŵĞĚ͕ϮϬϬϳͿ͘
>h<͕,ĞůŽŝƐĂ͘ĕĆŽŝŶƚĞŐƌĂĚĂ͗ĚŵŝŶŝƐƚƌĂĕĆŽ͕ƐƵƉĞƌǀŝƐĆŽĞŽƌŝĞŶƚĂĕĆŽĞĚƵĐĂĐŝŽŶĂů;sŽnjĞƐ͕ϮϵǐĞĚ͘ϮϬϭϯͿ͘
>h<͕,ĞůŽŝƐĂ͘ŐĞƐƚĆŽƉĂƌƚŝĐŝƉĂƚŝǀĂŶĂĞƐĐŽůĂ;sŽnjĞƐ͕ϭϭǐĞĚ͘ϮϬϭϳͿ͘
>h<͕,ĞůŽŝƐĂ͘ǀĂůŝĂĕĆŽĞŵŽŶŝƚŽƌĂŵĞŶƚŽĚŽƚƌĂďĂůŚŽĞĚƵĐĂĐŝŽŶĂů;sŽnjĞƐ͕ϭǐĞĚ͘ϮϬϭϯͿ
>h<͕,ĞůŽŝƐĂ͘ŽŶĐĞƉĕƁĞƐĞƉƌŽĐĞƐƐŽƐĚĞŵŽĐƌĄƚŝĐŽƐĚĞŐĞƐƚĆŽĞĚƵĐĂĐŝŽŶĂů;sŽnjĞƐ͕ϳǐĞĚ͘ϮϬϬϲͿ͘
30
WƌĞĨĞŝƚƵƌĂDƵŶŝĐŝƉĂůĚĞ ŽŶĐƵƌƐŽWƷďůŝĐŽEǑϬϭͬϮϬϮϰ
^EdZhKZ/KWZK /d>ĚĞZdhZĚĞ/E^Z/O^
>h<͕,ĞůŽŝƐĂ͘'ĞƐƚĆŽĚĂĐƵůƚƵƌĂĞĚŽĐůŝŵĂŽƌŐĂŶŝnjĂĐŝŽŶĂůĚĂĞƐĐŽůĂ;sŽnjĞƐ͕ϮǐĞĚ͘ϮϬϭϬͿ͘
>h<͕,ĞůŽŝƐĂ͘'ĞƐƚĆŽĚƵĐĂĐŝŽŶĂů͗ƵŵĂƋƵĞƐƚĆŽƉĂƌĂĚŝŐŵĄƚŝĐĂ;sŽnjĞƐ͕ϭϮǐĞĚ͘ϮϬϭϱͿ͘
>h<͕,ĞůŽŝƐĂ͘>ŝĚĞƌĂŶĕĂĞŵŐĞƐƚĆŽĞƐĐŽůĂƌ;sŽnjĞƐ͕ϵǐĞĚ͘ϮϬϭϰͿ͘
D/KZ'h>K͕KEdZK>͕s>/Kh/dKZ/
WŽůşƚŝĐĂ EĂĐŝŽŶĂů ĚĞ ,ƵŵĂŶŝnjĂĕĆŽ – ,ƵŵĂŶŝnjĂ ^h^͘ ƚŝĐĂ WƌŽĨŝƐƐŝŽŶĂů͘ WƌŽĐĞƐƐŽ ƚŝĐŽ WƌŽĨŝƐƐŝŽŶĂů͘ ƉůŝĐĂĕĆŽ ĚĞ ƌĞĐƵƌƐŽƐ
ƉƷďůŝĐŽƐŶŽąŵďŝƚŽĚŽ^h^͘ WŽůşƚŝĐĂEĂĐŝŽŶĂů ĚĞ ZĞŐƵůĂĕĆŽĚŽ^h^͘ WƌŝŶĐşƉŝŽƐ͕ĚŝƌĞƚƌŝnjĞƐĞƌĞŐƌĂƐĚĞĂƵĚŝƚŽƌŝĂ ĚŽ^h^͗ĚŽƐ
ƉƌŝŶĐşƉŝŽƐĠƚŝĐŽƐĞƉƌŽĨŝƐƐŝŽŶĂŝƐ͕ĚĂƐĂƚƌŝďƵŝĕƁĞƐ͕ĚĂĂƵĚŝƚŽƌŝĂ͘KƌŐĂŶŝnjĂĕĆŽďĄƐŝĐĂĚŽ^E–^ŝƐƚĞŵĂEĂĐŝŽŶĂůĚĞƵĚŝƚŽƌŝĂƐĚĂ
ƌĞĂ ĚĂ ^ĂƷĚĞ͘ ĞƐĐƌŝƚŝǀŽƐ ĚĂƐ ĂƚŝǀŝĚĂĚĞƐ ĚŽ ^E͘ ƵĚŝƚŽƌŝĂ͘ ŽŶƚƌŽůĞ͘ ǀĂůŝĂĕĆŽ͘ &ŝƐĐĂůŝnjĂĕĆŽ͘ /ŶƐƉĞĕĆŽ͘ ^ƵƉĞƌǀŝƐĆŽ͘
ĐŽŵƉĂŶŚĂŵĞŶƚŽ͘&ŝŶĂůŝĚĂĚĞƐĚĂƵĚŝƚŽƌŝĂ͘ƌĞĂƐĚĞĂƚƵĂĕĆŽ͘EşǀĞŝƐĚĞĞdžĞĐƵĕĆŽ͘WƌŝŶĐşƉŝŽƐďĄƐŝĐŽƐĚĂƵĚŝƚŽƌŝĂ͗ZĞůĂƚŝǀŽƐ
ă WĞƐƐŽĂ ĚŽƵĚŝƚŽƌ͕ZĞůĂƚŝǀŽƐă džĞĐƵĕĆŽĚŽƐdƌĂďĂůŚŽƐĚĞƵĚŝƚŽƌŝĂ͕ZĞůĂƚŝǀŽƐă ŽŽƌĚĞŶĂĕĆŽĚŽƐdƌĂďĂůŚŽƐ͕ZĞůĂƚŝǀŽƐă
KďƚĞŶĕĆŽ ĚĞ ǀŝĚġŶĐŝĂƐ͕ ZĞůĂƚŝǀŽƐ ăƐ /ŵƉƌŽƉƌŝĞĚĂĚĞƐ Ğ /ƌƌĞŐƵůĂƌŝĚĂĚĞƐ͘ Ž ZĞƐƵůƚĂĚŽ ĚĂ ƵĚŝƚŽƌŝĂ͘ &ŽƌŵĂůŝnjĂĕĆŽ ĚŽ
WƌŽĐĞƐƐŽ͘ ĞƐƉĞƐĂƐ ĞůĞƚŝǀĂƐ Ğ ĚĞƐƉĞƐĂƐ ŝŵƉƌſƉƌŝĂƐ͘ Ă >ĞŐŝƚŝŵŝĚĂĚĞ ĚŽ ƚŽ ĚĞ 'ůŽƐĂ͘ ƉůŝĐĂĕĆŽ ĚĂ 'ůŽƐĂ͘ ŽĐƵŵĞŶƚŽƐ
ŽŵƉƌŽďĂƚſƌŝŽƐ EĞĐĞƐƐĄƌŝŽƐ ƉĂƌĂ &ƵŶĚĂŵĞŶƚĂƌ Ă 'ůŽƐĂ͘ ƚĞŶĚŝŵĞŶƚŽ ,ŽƐƉŝƚĂůĂƌ – ^/,͘ ƚĞŶĚŝŵĞŶƚŽ ŵďƵůĂƚŽƌŝĂů – ^/ Ğ
WƌŽŐƌĂŵĂƐĚĞ^ĂƷĚĞ͘&ƵŶĚĂŵĞŶƚĂĕĆŽ>ĞŐĂů͘DŽƚŝǀŽƐĚĞ'ůŽƐĂ͘WƌĞƐƚĂĕĆŽĚĞ^ĞƌǀŝĕŽƐ͘ƉŝĚĞŵŝŽůŽŐŝĂĞŽŶƚƌŽůĞĚĞŽĞŶĕĂƐͲ
͘ WƌŽŐƌĂŵĂ ĚĞ ^ĂƷĚĞ ĚĂ &ĂŵşůŝĂͲW^& ^ĂƷĚĞ ƵĐĂů͘ WƌŽŐƌĂŵĂ ĚĞ ŐĞŶƚĞ ŽŵƵŶŝƚĄƌŝŽ ĚĞ ^ĂƷĚĞ – W^͘ WƌŽŐƌĂŵĂ ĚĞ
ƐƐŝƐƚġŶĐŝĂ &ĂƌŵĂĐġƵƚŝĐĂ ĄƐŝĐĂ͘ Ă ƉůŝĐĂĕĆŽ ĚĞ ZĞĐƵƌƐŽƐ &ŝŶĂŶĐĞŝƌŽƐ ĚŽ ^h^͕ ƚƌĂŶƐĨĞƌŝĚŽƐ ƉĞůŽ DŝŶŝƐƚĠƌŝŽ ĚĂ ^ĂƷĚĞ͘ Ă
ƉůŝĐĂĕĆŽĚĞZĞĐƵƌƐŽƐͬŽŶǀġŶŝŽƐ͘ĂƉůŝĐĂĕĆŽĚĞZĞĐƵƌƐŽƐŽŶƐƚŝƚƵĐŝŽŶĂŝƐ͘ĂƉůŝĐĂĕĆŽĚĞZĞĐƵƌƐŽƐĚĂƚĞŶĕĆŽĄƐŝĐĂ͘Ă
ƉůŝĐĂĕĆŽ ĚĞ ZĞĐƵƌƐŽƐ ͬ >ŝĐŝƚĂĕƁĞƐ͘ ŽƐ ŽŶƚƌĂƚŽƐ ĚĞ WƌĞƐƚĂĕƁĞƐ ĚĞ ^ĞƌǀŝĕŽƐ͘ sŝŐŝůąŶĐŝĂ ĞƉŝĚĞŵŝŽůſŐŝĐĂ͘ /ŶǀĞƐƚŝŐĂĕĆŽ
ĞƉŝĚĞŵŝŽůſŐŝĐĂ ĚĞ ĐĂƐŽƐ Ğ ĞƉŝĚĞŵŝĂƐ͘ ^ŝƐƚĞŵĂƐ ĚĞ ŝŶĨŽƌŵĂĕĆŽ Ğŵ ƐĂƷĚĞ Ğ ǀŝŐŝůąŶĐŝĂ ĞƉŝĚĞŵŝŽůſŐŝĐĂ͘ ^ŝƐƚĞŵĂ ĚĞ ǀŝŐŝůąŶĐŝĂ
ĞƉŝĚĞŵŝŽůſŐŝĐĂĚĞĞǀĞŶƚŽƐĂĚǀĞƌƐŽƐƉſƐͲǀĂĐŝŶĂŝƐ͘
/>/K'Z&/>'/^>KZ&ZE/>͗
>ĞŝƐĞŶŽƌŵĂƐ͗
Z^/>͘ĞĐƌĞƚŽŶǑϭ͘ϲϱϭͬϭϵϵϱͲZĞŐƵůĂŵĞŶƚĂŽ^ŝƐƚĞŵĂEĂĐŝŽŶĂůĚĞƵĚŝƚŽƌŝĂŶŽąŵďŝƚŽĚŽ^ŝƐƚĞŵĂjŶŝĐŽĚĞ^ĂƷĚĞ
;ŚƚƚƉ͗ͬͬǁǁǁ͘ƉůĂŶĂůƚŽ͘ŐŽǀ͘ďƌͬĐĐŝǀŝůͺϬϯͬĚĞĐƌĞƚŽͬϭϵϵϱͬĚϭϲϱϭ͘ŚƚŵͿ
Z^/>͘>ĞŝŽŵƉůĞŵĞŶƚĂƌŶǑϭϰϭͬϮϬϭϮͲŝƐƉƁĞƐŽďƌĞŽƐǀĂůŽƌĞƐŵşŶŝŵŽƐĂƐĞƌĞŵĂƉůŝĐĂĚŽƐĂŶƵĂůŵĞŶƚĞƉĞůĂhŶŝĆŽ͕
ƐƚĂĚŽƐ͕ŝƐƚƌŝƚŽ&ĞĚĞƌĂůĞDƵŶŝĐşƉŝŽƐĞŵĂĕƁĞƐĞƐĞƌǀŝĕŽƐƉƷďůŝĐŽƐĚĞƐĂƷĚĞ͖ĞƐƚĂďĞůĞĐĞŽƐĐƌŝƚĠƌŝŽƐĚĞƌĂƚĞŝŽĚŽƐƌĞĐƵƌƐŽƐĚĞ
ƚƌĂŶƐĨĞƌġŶĐŝĂƐƉĂƌĂĂƐĂƷĚĞĞĂƐŶŽƌŵĂƐĚĞĨŝƐĐĂůŝnjĂĕĆŽ͕ĂǀĂůŝĂĕĆŽĞĐŽŶƚƌŽůĞĚĂƐĚĞƐƉĞƐĂƐĐŽŵƐĂƷĚĞŶĂƐϯĞƐĨĞƌĂƐĚĞ
ŐŽǀĞƌŶŽ;ŚƚƚƉ͗ͬͬǁǁǁ͘ƉůĂŶĂůƚŽ͘ŐŽǀ͘ďƌͬĐĐŝǀŝůͺϬϯͬůĞŝƐͬ>Wͬ>ĐƉϭϰϭ͘ŚƚŵͿ͘
Z^/>ͬD^͘WŽƌƚĂƌŝĂĚĞŽŶƐŽůŝĚĂĕĆŽŶǑϮͬϮϬϭϳͲŽŶƐŽůŝĚĂĕĆŽĚĂƐŶŽƌŵĂƐƐŽďƌĞĂƐƉŽůşƚŝĐĂƐŶĂĐŝŽŶĂŝƐĚĞƐĂƷĚĞĚŽ^ŝƐƚĞŵĂ
jŶŝĐŽĚĞ^ĂƷĚĞ;ŚƚƚƉ͗ͬͬďǀƐŵƐ͘ƐĂƵĚĞ͘ŐŽǀ͘ďƌͬďǀƐͬƐĂƵĚĞůĞŐŝƐͬŐŵͬϮϬϭϳͬƉƌĐϬϬϬϮͺϬϯͺϭϬͺϮϬϭϳ͘ŚƚŵůͿͲĂƉşƚƵůŽ//͕ĚŽŶĞdžŽ
yys/–WŽůşƚŝĐĂEĂĐŝŽŶĂůĚĞZĞŐƵůĂĕĆŽĚŽ^h^͘
Z^/>ͬD^͘WŽƌƚĂƌŝĂŶǑϭϭϯͬϭϵϵϳ–ŝƐƉƁĞƐŽďƌĞĂ/,
;ŚƚƚƉƐ͗ͬͬďǀƐŵƐ͘ƐĂƵĚĞ͘ŐŽǀ͘ďƌͬďǀƐͬƐĂƵĚĞůĞŐŝƐͬƐĂƐͬϭϵϵϳͬƉƌƚϬϭϭϯͺϬϰͺϬϵͺϭϵϵϳ͘ŚƚŵůͿ
&D͘ZĞƐŽůƵĕĆŽEǑϮ͘ϮϭϳͬϮϬϭϴͲſĚŝŐŽĚĞƚŝĐĂDĠĚŝĐĂ;ŚƚƚƉƐ͗ͬͬĐĞŵ͘ĐĨŵ͘ŽƌŐ͘ďƌͬͿ
&D͘ZĞƐŽůƵĕĆŽEǑϮ͘ϯϬϲͬϮϬϮϮͲſĚŝŐŽĚĞWƌŽĐĞƐƐŽƚŝĐŽWƌŽĨŝƐƐŝŽŶĂů;ŚƚƚƉƐ͗ͬͬƉŽƌƚĂů͘ĐĨŵ͘ŽƌŐ͘ďƌͬĞƚŝĐĂͲŵĞĚŝĐĂͬĐŽĚŝŐŽͲĚĞͲ
ƉƌŽĐĞƐƐŽͲĞƚŝĐŽͲƉƌŽĨŝƐƐŝŽŶĂůͲĂƚƵĂůͬͿ
>ŝǀƌŽƐ͕ĐŽŵƉġŶĚŝŽƐĞƉƵďůŝĐĂĕƁĞƐŝŶƐƚŝƚƵĐŝŽŶĂŝƐ͗
Z^/>ͬD^͘'ƵŝĂĚĞsŝŐŝůąŶĐŝĂĞŵ^ĂƷĚĞ͕ǀŽůƵŵĞƐϭ͕ϮĞϯ͘ϲǐĞĚŝĕĆŽƌĞǀŝƐĂĚĂ͕ϮϬϮϰ;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ŐŽǀ͘ďƌͬƐĂƵĚĞͬƉƚͲ
ďƌͬĐĞŶƚƌĂŝƐͲĚĞͲĐŽŶƚĞƵĚŽͬƉƵďůŝĐĂĐŽĞƐͬͿ
Z^/>ͬD^͘WŽůşƚŝĐĂEĂĐŝŽŶĂůĚĞ,ƵŵĂŶŝnjĂĕĆŽ–,ƵŵĂŶŝnjĂ^h^͗'ůŽƐƐĄƌŝŽWE,;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ŐŽǀ͘ďƌͬƐĂƵĚĞͬƉƚͲďƌͬĂĐĞƐƐŽͲĂͲ
ŝŶĨŽƌŵĂĐĂŽͬĂĐŽĞƐͲĞͲƉƌŽŐƌĂŵĂƐͬŚƵŵĂŶŝnjĂƐƵƐͬŐůŽƐƐĂƌŝŽͲƉŶŚͿ͖KďũĞƚŝǀŽƐ;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ŐŽǀ͘ďƌͬƐĂƵĚĞͬƉƚͲďƌͬĂĐĞƐƐŽͲĂͲ
ŝŶĨŽƌŵĂĐĂŽͬĂĐŽĞƐͲĞͲƉƌŽŐƌĂŵĂƐͬŚƵŵĂŶŝnjĂƐƵƐͬŽďũĞƚŝǀŽƐͲĚŽͲŚƵŵĂŶŝnjĂƐƵƐͿ͖WƌŝŶĐşƉŝŽƐ;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ŐŽǀ͘ďƌͬƐĂƵĚĞͬƉƚͲ
ďƌͬĂĐĞƐƐŽͲĂͲŝŶĨŽƌŵĂĐĂŽͬĂĐŽĞƐͲĞͲƉƌŽŐƌĂŵĂƐͬŚƵŵĂŶŝnjĂƐƵƐͬƉƌŝŶĐŝƉŝŽƐͲĚŽͲŚƵŵĂŶŝnjĂƐƵƐͿ͖DĠƚŽĚŽĞĚŝƐƉŽƐŝƚŝǀŽƐĚĂWE,
;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ŐŽǀ͘ďƌͬƐĂƵĚĞͬƉƚͲďƌͬĂĐĞƐƐŽͲĂͲŝŶĨŽƌŵĂĐĂŽͬĂĐŽĞƐͲĞͲƉƌŽŐƌĂŵĂƐͬŚƵŵĂŶŝnjĂƐƵƐͬŵĞƚŽĚŽͲĞͲĚŝƐƉŽƐŝƚŝǀŽƐͲĚĂͲƉŶŚͿ͘
Z^/>͘D^ͬĞŶĂ^h^͘ƵĚŝƚŽƌŝĂ/ŶƚĞƌŶĂĚŽ^ŝƐƚĞŵĂjŶŝĐŽĚĞ^ĂƷĚĞ͗ŽŶĐĞŝƚŽƐĞWƌĞƐƐƵƉŽƐƚŽƐ͕ϮϬϮϰ
;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ŐŽǀ͘ďƌͬƐĂƵĚĞͬƉƚͲďƌͬĐŽŵƉŽƐŝĐĂŽͬĚĞŶĂƐƵƐͬƉƵďůŝĐĂĐŽĞƐͬĂƵĚŝƚŽƌŝĂͲŝŶƚĞƌŶĂͲĚŽͲƐŝƐƚĞŵĂͲƵŶŝĐŽͲĚĞͲƐĂƵĚĞ͘ƉĚĨͬǀŝĞǁͿ
Z^/>͘D^ͬĞŶĂ^h^͘ŽŵƉġŶĚŝŽĚĞKƌŝĞŶƚĂĕƁĞƐdĠĐŶŝĐĂƐĚŽĞŶĂ^h^͕ϮϬϮϯ;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ŐŽǀ͘ďƌͬƐĂƵĚĞͬƉƚͲ
ďƌͬĐŽŵƉŽƐŝĐĂŽͬĚĞŶĂƐƵƐͬƉƵďůŝĐĂĐŽĞƐͬĐŽŵƉĞŶĚŝŽͲĚĞͲŽƌŝĞŶƚĂĐŽĞƐͲƚĞĐŶŝĐĂƐͲĚŽͲĚĞŶĂƐƵƐ͘ƉĚĨͬǀŝĞǁͿ
Z^/>͘D^ͬĞŶĂ^h^͘'ůŽƐƐĄƌŝŽĚĞdĞƌŵŽƐdĠĐŶŝĐŽƐhƚŝůŝnjĂĚŽƐŶŽ^ŝƐƚĞŵĂEĂĐŝŽŶĂůĚĞƵĚŝƚŽƌŝĂĚŽ^h^–^E͕ϮϬϮϯ
;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ŐŽǀ͘ďƌͬƐĂƵĚĞͬƉƚͲďƌͬĐŽŵƉŽƐŝĐĂŽͬĚĞŶĂƐƵƐͬƉƵďůŝĐĂĐŽĞƐͬŐůŽƐƐĂƌŝŽͲĚĞͲƚĞƌŵŽƐͲƚĞĐŶŝĐŽƐͲĚĂͲĂƵĚŝƚŽƌŝĂͲŝŶƚĞƌŶĂͲĚŽͲ
ƐƵƐ͘ƉĚĨͬǀŝĞǁͿ
Z^/>͘D^ͬĞŶĂ^h^͘DĂŶƵĂůĚĞŽŶĚƵƚĂƚŝĐĂĚŽWƌŽĨŝƐƐŝŽŶĂůĚĂƵĚŝƚŽƌŝĂĚŽ^ŝƐƚĞŵĂjŶŝĐŽĚĞ^ĂƷĚĞ͕ϮϬϮϮ
;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ŐŽǀ͘ďƌͬƐĂƵĚĞͬƉƚͲďƌͬĐŽŵƉŽƐŝĐĂŽͬĚĞŶĂƐƵƐͬƉƵďůŝĐĂĐŽĞƐͬŵĂŶƵĂůͲĚĞͲĐŽŶĚƵƚĂͲĞƚŝĐĂͲĚŽͲƉƌŽĨŝƐƐŝŽŶĂůͲĚĂͲĂƵĚŝƚŽƌŝĂͲ
ĚŽͲƐƵƐͬǀŝĞǁͿ
Z^/>͘D^ͬĞŶĂ^h^͘DĂŶƵĂůĚĞWƌŝŶĐşƉŝŽƐŝƌĞƚƌŝnjĞƐĞZĞŐƌĂƐĚĞƵĚŝƚŽƌŝĂĚŽ^h^͕ϮϬϭϳ;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ŐŽǀ͘ďƌͬƐĂƵĚĞͬƉƚͲ
ďƌͬĐŽŵƉŽƐŝĐĂŽͬĚĞŶĂƐƵƐͬƉƵďůŝĐĂĐŽĞƐͬŵĂŶƵĂůͲĚĞͲƉƌŝŶĐŝƉŝŽƐͲĚŝƌĞƚƌŝnjĞƐͲĞͲƌĞŐƌĂƐͲĚĞͲĂƵĚŝƚŽƌŝĂͲĚŽͲƐƵƐ͘ƉĚĨͬǀŝĞǁͿ
Z^/>͘D^ͬĞŶĂ^h^͘KƌŝĞŶƚĂĕƁĞƐdĠĐŶŝĐĂƐƐŽďƌĞƉůŝĐĂĕĆŽĚĞ'ůŽƐĂƐĞŵƵĚŝƚŽƌŝĂŶŽ^h^͕ϮϬϬϱ
;ŚƚƚƉƐ͗ͬͬďǀƐŵƐ͘ƐĂƵĚĞ͘ŐŽǀ͘ďƌͬďǀƐͬƉƵďůŝĐĂĐŽĞƐͬĂƉůŝĐĂĐĂŽͺŐůŽƐĂƐͺĂƵĚŝƚŽƌŝĂ͘ƉĚĨͿ
Z^/>ͬD^͘ZĞŐƵůĂĕĆŽŶŽ^ŝƐƚĞŵĂjŶŝĐŽĚĞ^ĂƷĚĞ;ŚƚƚƉƐ͗ͬͬǁŝŬŝ͘ƐĂƵĚĞ͘ŐŽǀ͘ďƌͬƌĞŐƵůĂĐĂŽͬŝŶĚĞdž͘ƉŚƉͬWйϯйϭŐŝŶĂͺƉƌŝŶĐŝƉĂůͿ
31
WƌĞĨĞŝƚƵƌĂDƵŶŝĐŝƉĂůĚĞ ŽŶĐƵƌƐŽWƷďůŝĐŽEǑϬϭͬϮϬϮϰ
^EdZhKZ/KWZK /d>ĚĞZdhZĚĞ/E^Z/O^
D/K'EZ>/^d
WŽůşƚŝĐĂ EĂĐŝŽŶĂů ĚĞ ,ƵŵĂŶŝnjĂĕĆŽ – ,ƵŵĂŶŝnjĂ ^h^͘ ƚŝĐĂ WƌŽĨŝƐƐŝŽŶĂů͘ WƌŽĐĞƐƐŽ ƚŝĐŽ WƌŽĨŝƐƐŝŽŶĂů͘ WŽůşƚŝĐĂ EĂĐŝŽŶĂů ĚĞ
ƚĞŶĕĆŽ ĄƐŝĐĂ͘ ^& Ͳ ƐƚƌĂƚĠŐŝĂ ^ĂƷĚĞ ĚĂ &ĂŵşůŝĂ͘ ŽŶƚƌŽůĞ ĚĂ dƵďĞƌĐƵůŽƐĞ͘ ,ŝƉĞƌƚĞŶƐĆŽ ƐŝƐƚġŵŝĐĂ Ğ ŝĂďĞƚĞƐ DĞůůŝƚƵƐ –
ƉƌŽƚŽĐŽůŽ͘sŝŽůġŶĐŝĂŝŶƚƌĂĨĂŵŝůŝĂƌ–ŽƌŝĞŶƚĂĕƁĞƐƉĂƌĂĂƉƌĄƚŝĐĂĞŵƐĞƌǀŝĕŽ͘ĞƌŵĂƚŽůŽŐŝĂŶĂĂƚĞŶĕĆŽďĄƐŝĐĂĚĂƐĂƷĚĞ͘ŽŶƚƌŽůĞ
ĚĂ ŚĂŶƐĞŶşĂƐĞ͘ ^ĂƷĚĞ ĚĂ ĐƌŝĂŶĕĂ͗ ĂĐŽŵƉĂŶŚĂŵĞŶƚŽ ĚŽ ĐƌĞƐĐŝŵĞŶƚŽ Ğ ĚŽ ĚĞƐĞŶǀŽůǀŝŵĞŶƚŽ ŝŶĨĂŶƚŝů͕ ŶƵƚƌŝĕĆŽ͕ ĂůĞŝƚĂŵĞŶƚŽ
ŵĂƚĞƌŶŽĞĂůŝŵĞŶƚĂĕĆŽĐŽŵƉůĞŵĞŶƚĂƌ͘KďĞƐŝĚĂĚĞ͘ŽŶƚƌŽůĞĚŽƐĐąŶĐĞƌĞƐĚĞĐŽůŽĚŽƷƚĞƌŽĞĚĂŵĂŵĂ͘WƌĞǀĞŶĕĆŽĐůşŶŝĐĂĚĞ
ĚŽĞŶĕĂ ĐĂƌĚŝŽǀĂƐĐƵůĂƌ͕ ĐĞƌĞďƌŽǀĂƐĐƵůĂƌ Ğ ƌĞŶĂů ĐƌƀŶŝĐĂ͘ ,ŝƉĞƌƚĞŶƐĆŽ ĂƌƚĞƌŝĂů ƐŝƐƚġŵŝĐĂ͘ ŝĂďĞƚĞƐ DĞůůŝƚƵƐ͘ ^ĂƷĚĞ ƵĐĂů͘
,/sͬ/^͕ ŚĞƉĂƚŝƚĞƐ Ğ ŽƵƚƌĂƐ ^d͘ ŶǀĞůŚĞĐŝŵĞŶƚŽ Ğ ƐĂƷĚĞ ĚĂ ƉĞƐƐŽĂ ŝĚŽƐĂ͘ ĂƌġŶĐŝĂ ĚĞ ŵŝĐƌŽŶƵƚƌŝĞŶƚĞƐ͘ sŝŐŝůąŶĐŝĂ Ğŵ
ƐĂƷĚĞ͗ ĚĞŶŐƵĞ͕ ĞƐƋƵŝƐƚŽƐƐŽŵŽƐĞ͕ ŚĂŶƐĞŶşĂƐĞ͕ ŵĂůĄƌŝĂ͕ ƚƌĂĐŽŵĂ Ğ ƚƵďĞƌĐƵůŽƐĞ͘ ŽŽŶŽƐĞƐ͘ ^ĂƷĚĞ ŶĂ ĞƐĐŽůĂ͘ ŽĞŶĕĂƐ
ƌĞƐƉŝƌĂƚſƌŝĂƐ ĐƌƀŶŝĐĂƐ͘ ^ĂƷĚĞ ƐĞdžƵĂů Ğ ƐĂƷĚĞ ƌĞƉƌŽĚƵƚŝǀĂ͘ ƚĞŶĕĆŽ ă ĚĞŵĂŶĚĂ ĞƐƉŽŶƚąŶĞĂ ŶĂ W^͘ ZĂƐƚƌĞĂŵĞŶƚŽ͘
WƌŽĐĞĚŝŵĞŶƚŽƐ͘WƌĄƚŝĐĂƐŝŶƚĞŐƌĂƚŝǀĂƐĞĐŽŵƉůĞŵĞŶƚĂƌĞƐ͘ƚĞŶĕĆŽĂŽƉƌĠͲŶĂƚĂůĚĞďĂŝdžŽƌŝƐĐŽ͘ƉŝĚĞŵŝŽůŽŐŝĂ͕ĨŝƐŝŽƉĂƚŽůŽŐŝĂ͕
ĚŝĂŐŶſƐƚŝĐŽ͕ ĐůşŶŝĐĂ͕ ƚƌĂƚĂŵĞŶƚŽ Ğ ƉƌĞǀĞŶĕĆŽ ĚĂƐ ĚŽĞŶĕĂƐ ĐĂƌĚŝŽǀĂƐĐƵůĂƌĞƐ͕ ƉƵůŵŽŶĂƌĞƐ͕ ĚŽ ƐŝƐƚĞŵĂ ĚŝŐĞƐƚŝǀŽ͕ ƌĞŶĂŝƐ͕
ŵĞƚĂďſůŝĐĂƐĞĚŽƐŝƐƚĞŵĂĞŶĚſĐƌŝŶŽ͕ŚĞŵĂƚŽůſŐŝĐĂƐ͕ƌĞƵŵĂƚŽůſŐŝĐĂƐ͕ŶĞƵƌŽůſŐŝĐĂƐ͕ƉƐŝƋƵŝĄƚƌŝĐĂƐ͕ŝŶĨĞĐĐŝŽƐĂƐĞƚƌĂŶƐŵŝƐƐşǀĞŝƐ͕
ŐŝŶĞĐŽůſŐŝĐĂƐ ^ŝƚƵĂĕĆŽ ĚĞ ǀŝŽůġŶĐŝĂ ;ŝĚĞŶƚŝĨŝĐĂĕĆŽ Ğ ƉƌŽĐĞĚŝŵĞŶƚŽƐͿ͘ ŽƌŽŶĂǀşƌƵƐ ϮϬϭϵ ;Ks/ͲϭϵͿ͗ ĞƐĐƌŝĕĆŽ͖ ŐĞŶƚĞ
ĞƚŝŽůſŐŝĐŽ͖ ZĞƐĞƌǀĂƚſƌŝŽ͖ DŽĚŽ ĚĞ ƚƌĂŶƐŵŝƐƐĆŽ͖ WĞƌşŽĚŽ ĚĞ ŝŶĐƵďĂĕĆŽ͖ WĞƌşŽĚŽ ĚĞ ƚƌĂŶƐŵŝƐƐŝďŝůŝĚĂĚĞ͖ ^ƵƐĐĞƚŝďŝůŝĚĂĚĞ Ğ
ŝŵƵŶŝĚĂĚĞ͖DĂŶŝĨĞƐƚĂĕƁĞƐĐůşŶŝĐĂƐ͖ŽŵƉůŝĐĂĕƁĞƐ͖ŝĂŐŶſƐƚŝĐŽ͖ŝĂŐŶſƐƚŝĐŽĐůşŶŝĐŽ͖ŝĂŐŶſƐƚŝĐŽůĂďŽƌĂƚŽƌŝĂů͖ŝĂŐŶſƐƚŝĐŽƉŽƌ
ŝŵĂŐĞŵ͖ ƚĞŶĚŝŵĞŶƚŽ Ğ ƚƌĂƚĂŵĞŶƚŽ͖ &ĂƚŽƌĞƐ ĚĞ ƌŝƐĐŽ͖ ĞĨŝŶŝĕƁĞƐ KƉĞƌĂĐŝŽŶĂŝƐ͗ ĂƐŽƐ ƐƵƐƉĞŝƚŽƐ͕ ĐĂƐŽƐ ĐŽŶĨŝƌŵĂĚŽƐ͕
ŶŽƚŝĨŝĐĂĕĆŽĞƌĞŐŝƐƚƌŽ͘
/>/K'Z&/Z&ZE/>͗
>ĞŝƐĞŶŽƌŵĂƐ͗
&D͘ZĞƐŽůƵĕĆŽEǑϮ͘ϮϭϳͬϮϬϭϴͲſĚŝŐŽĚĞƚŝĐĂDĠĚŝĐĂ;ŚƚƚƉƐ͗ͬͬĐĞŵ͘ĐĨŵ͘ŽƌŐ͘ďƌͬͿ
&D͘ZĞƐŽůƵĕĆŽEǑϮ͘ϯϬϲͬϮϬϮϮͲſĚŝŐŽĚĞWƌŽĐĞƐƐŽƚŝĐŽWƌŽĨŝƐƐŝŽŶĂů
;ŚƚƚƉƐ͗ͬͬƉŽƌƚĂů͘ĐĨŵ͘ŽƌŐ͘ďƌͬĞƚŝĐĂͲŵĞĚŝĐĂͬĐŽĚŝŐŽͲĚĞͲƉƌŽĐĞƐƐŽͲĞƚŝĐŽͲƉƌŽĨŝƐƐŝŽŶĂůͲĂƚƵĂůͬͿ
>ŝǀƌŽƐ͕ĐŽŵƉġŶĚŝŽƐĞƉƵďůŝĐĂĕƁĞƐŝŶƐƚŝƚƵĐŝŽŶĂŝƐ͗
D–^^K/KD/Z^/>/ZͲWƌŽũĞƚŽŝƌĞƚƌŝnjĞƐ͗ůşŶŝĐĂDĠĚŝĐĂĞŝƌĞƚƌŝnjĞƐĐůşŶŝĐĂƐŶĂƐĂƷĚĞƐƵƉůĞŵĞŶƚĂƌ
;ŚƚƚƉƐ͗ͬͬĂŵď͘ŽƌŐ͘ďƌͬƉƌŽũĞƚŽͲĚŝƌĞƚƌŝnjĞƐ͖ͬŚƚƚƉƐ͗ͬͬĂŵď͘ŽƌŐ͘ďƌͬƉƌŽũĞƚŽͲĚŝƌĞƚƌŝnjĞƐͬͿ͘
Z^/>͕D^͘ĂĚĞƌŶŽƐĚĞƚĞŶĕĆŽĄƐŝĐĂ;ŚƚƚƉƐ͗ͬͬĂƉƐ͘ƐĂƵĚĞ͘ŐŽǀ͘ďƌͬďŝďůŝŽƚĞĐĂͬŝŶĚĞdžͿ͗EǑϭϯͲŽŶƚƌŽůĞĚŽƐĐąŶĐĞƌĞƐĚĞĐŽůŽ
ĚŽƷƚĞƌŽĞĚĂŵĂŵĂ͖EǑϭϰͲWƌĞǀĞŶĕĆŽůşŶŝĐĂĚĞŽĞŶĕĂĂƌĚŝŽǀĂƐĐƵůĂƌ͕ĐĞƌĞďƌŽǀĂƐĐƵůĂƌĞƌĞŶĂůĐƌƀŶŝĐĂ͖EǑϭϵͲ
ŶǀĞůŚĞĐŝŵĞŶƚŽĞ^ĂƷĚĞĚĂWĞƐƐŽĂ/ĚŽƐĂ͖EǑϮϬͲĂƌġŶĐŝĂĚĞDŝĐƌŽŶƵƚƌŝĞŶƚĞƐ͖EǑϮϭͲsŝŐŝůąŶĐŝĂĞŵ^ĂƷĚĞ͗ĞŶŐƵĞ͕
ĞƐƋƵŝƐƚŽƐƐŽŵŽƐĞƐ͕ĞƚĐ͖͘EǑϮϮͲsŝŐŝůąŶĐŝĂĞŵ^ĂƷĚĞ͗ŽŽŶŽƐĞƐ͖EǑϮϯͲ^ĂƷĚĞĚĂƌŝĂŶĕĂ͗EƵƚƌŝĕĆŽ/ŶĨĂŶƚŝů͖EǑϮϱͲŽĞŶĕĂƐ
ƌĞƐƉŝƌĂƚſƌŝĂƐĐƌƀŶŝĐĂƐ͖EǑϮϲͲ^ĂƷĚĞƐĞdžƵĂůĞƐĂƷĚĞƌĞƉƌŽĚƵƚŝǀĂ͖EǑϮϴͲƚĞŶĕĆŽăĚĞŵĂŶĚĂĞƐƉŽŶƚąŶĞĂŶĂW^͖EǑϯϬͲ
WƌŽĐĞĚŝŵĞŶƚŽƐ͖EǑϯϯͲ^ĂƷĚĞĚĂƌŝĂŶĕĂƌĞƐĐŝŵĞŶƚŽĞĚĞƐĞŶǀŽůǀŝŵĞŶƚŽ͖EǑϯϱͲƐƚƌĂƚĠŐŝĂƉĂƌĂŽĐƵŝĚĂĚŽĚĂƉĞƐƐŽĂĐŽŵ
ĚŽĞŶĕĂĐƌƀŶŝĐĂ͖EǑϯϲͲŝĂďĞƚĞƐDĞůůŝƚƵƐ͖EǑϯϳͲ,ŝƉĞƌƚĞŶƐĆŽƌƚĞƌŝĂů^ŝƐƚġŵŝĐĂ͖EǑϯϴͲƐƚƌĂƚĠŐŝĂƉĂƌĂŽĐƵŝĚĂĚŽĚĂƉĞƐƐŽĂ
ĐŽŵĚŽĞŶĕĂĐƌƀŶŝĐĂ͗KďĞƐŝĚĂĚĞ͖EǑϰϬͲƐƚƌĂƚĠŐŝĂƉĂƌĂŽĐƵŝĚĂĚŽĚĂƉĞƐƐŽĂĐŽŵĚŽĞŶĕĂĐƌƀŶŝĐĂ͗KĐƵŝĚĂĚŽĚĂWĞƐƐŽĂ
dĂďĂŐŝƐƚĂ͖EǑϰϭͲ^ĂƷĚĞĚŽdƌĂďĂůŚĂĚŽƌĞĚĂdƌĂďĂůŚĂĚŽƌĂ͘
Z^/>ͬD^͘'ƵŝĂĚĞsŝŐŝůąŶĐŝĂĞŵ^ĂƷĚĞ͕ǀŽůƵŵĞƐϭ͕ϮĞϯ͘ϲǐĞĚŝĕĆŽƌĞǀŝƐĂĚĂ͕ϮϬϮϰ;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ŐŽǀ͘ďƌͬƐĂƵĚĞͬƉƚͲ
ďƌͬĐĞŶƚƌĂŝƐͲĚĞͲĐŽŶƚĞƵĚŽͬƉƵďůŝĐĂĐŽĞƐͬͿ
Z^/>͕ D^͘ 'ƵŝĂ ĚĞ sŝŐŝůąŶĐŝĂ ƉŝĚĞŵŝŽůſŐŝĐĂ Ͳ ŵĞƌŐġŶĐŝĂ ĚĞ ^ĂƷĚĞ WƷďůŝĐĂ ĚĞ /ŵƉŽƌƚąŶĐŝĂ EĂĐŝŽŶĂů ƉĞůĂ ŽĞŶĕĂ ƉĞůŽ
ŽƌŽŶĂǀşƌƵƐϮϬϭϵͲsŝŐŝůąŶĐŝĂĚĞ^şŶĚƌŽŵĞƐZĞƐƉŝƌĂƚſƌŝĂƐŐƵĚĂƐKs/Ͳϭϵ
;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ŐŽǀ͘ďƌͬƐĂƵĚĞͬƉƚͲďƌͬĐŽƌŽŶĂǀŝƌƵƐͬƉƵďůŝĐĂĐŽĞƐͲƚĞĐŶŝĐĂƐͬŐƵŝĂƐͲĞͲƉůĂŶŽƐͿ
Z^/>ͬD^͘WŽůşƚŝĐĂEĂĐŝŽŶĂůĚĞ,ƵŵĂŶŝnjĂĕĆŽ–,ƵŵĂŶŝnjĂ^h^͗'ůŽƐƐĄƌŝŽWE,;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ŐŽǀ͘ďƌͬƐĂƵĚĞͬƉƚͲďƌͬĂĐĞƐƐŽͲĂͲ
ŝŶĨŽƌŵĂĐĂŽͬĂĐŽĞƐͲĞͲƉƌŽŐƌĂŵĂƐͬŚƵŵĂŶŝnjĂƐƵƐͬŐůŽƐƐĂƌŝŽͲƉŶŚͿ͖KďũĞƚŝǀŽƐ;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ŐŽǀ͘ďƌͬƐĂƵĚĞͬƉƚͲďƌͬĂĐĞƐƐŽͲĂͲ
ŝŶĨŽƌŵĂĐĂŽͬĂĐŽĞƐͲĞͲƉƌŽŐƌĂŵĂƐͬŚƵŵĂŶŝnjĂƐƵƐͬŽďũĞƚŝǀŽƐͲĚŽͲŚƵŵĂŶŝnjĂƐƵƐͿ͖WƌŝŶĐşƉŝŽƐ;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ŐŽǀ͘ďƌͬƐĂƵĚĞͬƉƚͲ
ďƌͬĂĐĞƐƐŽͲĂͲŝŶĨŽƌŵĂĐĂŽͬĂĐŽĞƐͲĞͲƉƌŽŐƌĂŵĂƐͬŚƵŵĂŶŝnjĂƐƵƐͬƉƌŝŶĐŝƉŝŽƐͲĚŽͲŚƵŵĂŶŝnjĂƐƵƐͿ͖DĠƚŽĚŽĞĚŝƐƉŽƐŝƚŝǀŽƐĚĂWE,
;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ŐŽǀ͘ďƌͬƐĂƵĚĞͬƉƚͲďƌͬĂĐĞƐƐŽͲĂͲŝŶĨŽƌŵĂĐĂŽͬĂĐŽĞƐͲĞͲƉƌŽŐƌĂŵĂƐͬŚƵŵĂŶŝnjĂƐƵƐͬŵĞƚŽĚŽͲĞͲĚŝƐƉŽƐŝƚŝǀŽƐͲĚĂͲƉŶŚͿ͘
ZhEt>͕ƵŐĞŶĞĞƚĂů͘,ZZ/^KE͘DĞĚŝĐŝŶĂ/ŶƚĞƌŶĂ͘DĐ'ƌĂǁ,ŝůů͕ϭϱǐĞĚ͕͘ϮϬϬϮ͘
D^͘DĂŶƵĂůD^͘sĞƌƐĆŽƉĂƌĂƉƌŽĨŝƐƐŝŽŶĂŝƐĚĞ^ĂƷĚĞ͘ƐƐƵŶƚŽƐDĠĚŝĐŽƐ
Z//ZK͕͘͘D͘ĞƚĂů͘^/–ůşŶŝĐĂDĠĚŝĐĂ͘DĞĚĐĞů͕ϮϬϭϬ͘
D/KEhZK>K'/^d
WŽůşƚŝĐĂEĂĐŝŽŶĂůĚĞ,ƵŵĂŶŝnjĂĕĆŽ–,ƵŵĂŶŝnjĂ^h^͘ƚŝĐĂWƌŽĨŝƐƐŝŽŶĂů͘WƌŽĐĞƐƐŽƚŝĐŽWƌŽĨŝƐƐŝŽŶĂů͘EĞƵƌŽďŝŽůŽŐŝĂĚĂƐĚŽĞŶĕĂƐ͘
ďŽƌĚĂŐĞŵ ĂŽ ƉĂĐŝĞŶƚĞ ĐŽŵ ĚŽĞŶĕĂ ŶĞƵƌŽůſŐŝĐĂ͕ ƚĞƐƚĞƐ ĞůĞƚƌŽĨŝƐŝŽůſŐŝĐŽƐ ĚŽ ƐŝƐƚĞŵĂ ŶĞƌǀŽƐŽ ĐĞŶƚƌĂů Ğ ƉĞƌŝĨĠƌŝĐŽ͘ EĞƵƌŽ
ŝŵĂŐĞĂŵĞŶƚŽ ŶŽƐ ĚŝƐƚƷƌďŝŽƐ ŶĞƵƌŽůſŐŝĐŽƐ͘ ŝĂŐŶſƐƚŝĐŽ ŵŽůĞĐƵůĂƌ ĚŽƐ ĚŝƐƚƷƌďŝŽƐ ŶĞƵƌŽůſŐŝĐŽƐ͘ ŽŶǀƵůƐƁĞƐ Ğ ĞƉŝůĞƉƐŝĂ͘
ŽĞŶĕĂƐĐĞƌĞďƌŽǀĂƐĐƵůĂƌĞƐ͘ĐŝĚĞŶƚĞǀĂƐĐƵůĂƌĐĞƌĞďƌĂů͘ĞĨĂůĞŝĂ͘ŽĞŶĕĂĚĞůnjŚĞŝŵĞƌĞŽƵƚƌĂƐĚĞŵġŶĐŝĂƐƉƌŝŵĄƌŝĂƐ͘ŽĞŶĕĂ
ĚĞ WĂƌŬŝŶƐŽŶ Ğ ŽƵƚƌŽƐ ĚŝƐƚƷƌďŝŽƐ ĞdžƚƌĂƉŝƌĂŵŝĚĂŝƐ͘ ŝƐƚƷƌďŝŽƐ ĂƚĄdžŝĐŽƐ͘ ƐĐůĞƌŽƐĞ ůĂƚĞƌĂů ĂŵŝŽƚƌſĨŝĐĂ Ğ ŽƵƚƌĂƐ ĚŽĞŶĕĂƐ ĚŽ
ŶĞƵƌƀŶŝŽ ŵŽƚŽƌ͘ ŝƐƚƷƌďŝŽƐ ĚŽ ƐŝƐƚĞŵĂ ŶĞƌǀŽƐŽ ĂƵƚƀŶŝŵŽ͘ ŝƐƚƷƌďŝŽƐ ĐŽŵƵŶƐ ĚŽƐ ŶĞƌǀŽƐ ĐƌĂŶŝĂŶŽƐ͘ ŽĞŶĕĂƐ ĚĂ ŵĞĚƵůĂ
ĞƐƉŝŶŚĂů͘ dƌĂƵŵĂƚŝƐŵŽƐ ĐƌĂŶŝĂŶŽƐ Ğ ƌĂƋƵŝŵĞĚƵůĂƌĞƐ͘ dƵŵŽƌĞƐ ƉƌŝŵĄƌŝŽƐ Ğ ŵĞƚĂƐƚĄƚŝĐŽƐ ĚŽ ƐŝƐƚĞŵĂ ŶĞƌǀŽƐŽ͘ ƐĐůĞƌŽƐĞ
ŵƷůƚŝƉůĂ Ğ ŽƵƚƌĂƐ ĚŽĞŶĕĂƐ ĚĞƐŵŝĞůŝŶŝnjĂŶƚĞƐ͘ ƉĂƌĂůŝƐŝĂ ĨůĄĐŝĚĂ ĂŐƵĚĂ͘ DĞŶŝŶŐŝƚĞ ďĂĐƚĞƌŝĂŶĂ Ğ ŽƵƚƌĂƐ ŝŶĨĞĐĕƁĞƐ ƐƵƉƵƌĂƚŝǀĂƐ͘
DĞŶŝŶŐŝƚĞ Ğ ĞŶĐĞĨĂůŝƚĞ ǀŝƌĂů͘ DĞŶŝŶŐŝƚĞ ĐƌƀŶŝĐĂ Ğ ƌĞĐŽƌƌĞŶƚĞ͘ ŽĞŶĕĂƐ ĚĞǀŝĚĂƐ Ă ƉƌşŽŶƐ͘ EĞƵƌŽůŽŐŝĂ Ğŵ ƚĞƌĂƉŝĂ ŝŶƚĞŶƐŝǀĂ͘
ŽŵĂ͘ ďŽƌĚĂŐĞŵ ĂŽ ƉĂĐŝĞŶƚĞ ĐŽŵ ŶĞƵƌŽƉĂƚŝĂ ƉĞƌŝĨĠƌŝĐĂ͘ ^şŶĚƌŽŵĞ ĚĞ 'ƵŝůůĂŝŶͲĂƌƌĠ Ğ ŽƵƚƌĂƐ ŶĞƵƌŽƉĂƚŝĂƐ ŵĞĚŝĂĚĂƐ
ŝŵƵŶŽůŽŐŝĐĂŵĞŶƚĞ͘ ŽĞŶĕĂ ĚĞ ŚĂƌĐŽƚͲDĂƌŝĞͲŽƚŚ Ğ ŽƵƚƌĂƐ ŶĞƵƌŽƉĂƚŝĂƐ ĂĚƋƵŝƌŝĚĂƐ͘ DŝĂƐƚĞŶŝĂ ŐƌĂǀŝƐ Ğ ŽƵƚƌĂƐ ĚŽĞŶĕĂƐ ĚĂ
32
WƌĞĨĞŝƚƵƌĂDƵŶŝĐŝƉĂůĚĞ ŽŶĐƵƌƐŽWƷďůŝĐŽEǑϬϭͬϮϬϮϰ
^EdZhKZ/KWZK /d>ĚĞZdhZĚĞ/E^Z/O^
ũƵŶĕĆŽŶĞƵƌŽŵƵƐĐƵůĂƌ͘ǀĂůŝĂĕĆŽĚŽĚŽĞŶƚĞĐŽŵĚŽĞŶĕĂŵƵƐĐƵůĂƌ͘WŽůŝŵŝŽƐŝƚĞ͕ĚĞƌŵĂƚŽŵŝŽƐŝƚĞĞŵŝŽƐŝƚĞĐŽŵĐŽƌƉƷƐĐƵůŽƐ
ĚĞ ŝŶĐůƵƐĆŽ͘ ŝƐƚƌŽĨŝĂƐ ŵƵƐĐƵůĂƌĞƐ Ğ ŽƵƚƌĂƐ ĚŽĞŶĕĂƐ ŵƵƐĐƵůĂƌĞƐ͘ dƵŵŽƌĞƐ ĚŽ ƐŝƐƚĞŵĂ ŶĞƌǀŽƐŽ ĐĞŶƚƌĂů͘ ŽƌŽŶĂǀşƌƵƐ ϮϬϭϵ
;Ks/ͲϭϵͿ͗ ĞƐĐƌŝĕĆŽ͖ ŐĞŶƚĞ ĞƚŝŽůſŐŝĐŽ͖ ZĞƐĞƌǀĂƚſƌŝŽ͖ DŽĚŽ ĚĞ ƚƌĂŶƐŵŝƐƐĆŽ͖ WĞƌşŽĚŽ ĚĞ ŝŶĐƵďĂĕĆŽ͖ WĞƌşŽĚŽ ĚĞ
ƚƌĂŶƐŵŝƐƐŝďŝůŝĚĂĚĞ͖ ^ƵƐĐĞƚŝďŝůŝĚĂĚĞ Ğ ŝŵƵŶŝĚĂĚĞ͖ DĂŶŝĨĞƐƚĂĕƁĞƐ ĐůşŶŝĐĂƐ͖ ŽŵƉůŝĐĂĕƁĞƐ͖ ŝĂŐŶſƐƚŝĐŽ͖ ŝĂŐŶſƐƚŝĐŽ ĐůşŶŝĐŽ͖
ŝĂŐŶſƐƚŝĐŽ ůĂďŽƌĂƚŽƌŝĂů͖ ŝĂŐŶſƐƚŝĐŽ ƉŽƌ ŝŵĂŐĞŵ͖ ƚĞŶĚŝŵĞŶƚŽ Ğ ƚƌĂƚĂŵĞŶƚŽ͖ &ĂƚŽƌĞƐ ĚĞ ƌŝƐĐŽ͖ ĞĨŝŶŝĕƁĞƐ KƉĞƌĂĐŝŽŶĂŝƐ͗
ĂƐŽƐƐƵƐƉĞŝƚŽƐ͕ĐĂƐŽƐĐŽŶĨŝƌŵĂĚŽƐ͕ŶŽƚŝĨŝĐĂĕĆŽĞƌĞŐŝƐƚƌŽ͘
/>/K'Z&/Z&ZE/>͗
>ĞŝƐĞEŽƌŵĂƐ͗
&D͘ZĞƐŽůƵĕĆŽEǑϮ͘ϮϭϳͬϮϬϭϴͲſĚŝŐŽĚĞƚŝĐĂDĠĚŝĐĂ;ŚƚƚƉƐ͗ͬͬĐĞŵ͘ĐĨŵ͘ŽƌŐ͘ďƌͬͿ͘
&D͘ZĞƐŽůƵĕĆŽEǑϮ͘ϯϬϲͬϮϬϮϮͲſĚŝŐŽĚĞWƌŽĐĞƐƐŽƚŝĐŽWƌŽĨŝƐƐŝŽŶĂů;ſĚŝŐŽĚĞWƌŽĐĞƐƐŽƚŝĐŽͲWƌŽĨŝƐƐŝŽŶĂů;ƚƵĂůͿ
;ĐĨŵ͘ŽƌŐ͘ďƌͿͿ͘
>ŝǀƌŽƐ͕ŽŵƉġŶĚŝŽƐĞWƵďůŝĐĂĕƁĞƐ/ŶƐƚŝƚƵĐŝŽŶĂŝƐ͗
D–^^K/KD/Z^/>/ZͲWƌŽũĞƚŽŝƌĞƚƌŝnjĞƐ͗EĞƵƌŽĨŝƐŝŽůŽŐŝĂĐůşŶŝĐĂ;ŚƚƚƉƐ͗ͬͬĂŵď͘ŽƌŐ͘ďƌͬƉƌŽũĞƚŽͲĚŝƌĞƚƌŝnjĞƐͬͿ͘
Z^/>͕D^͘ĂĚĞƌŶŽƐĚĞƚĞŶĕĆŽĄƐŝĐĂ;ŚƚƚƉƐ͗ͬͬĂƉƐ͘ƐĂƵĚĞ͘ŐŽǀ͘ďƌͬďŝďůŝŽƚĞĐĂͬŝŶĚĞdžͿ͗EǑϭϰͲWƌĞǀĞŶĕĆŽůşŶŝĐĂĚĞŽĞŶĕĂ
ĂƌĚŝŽǀĂƐĐƵůĂƌ͕ĐĞƌĞďƌŽǀĂƐĐƵůĂƌĞƌĞŶĂůĐƌƀŶŝĐĂ͘
Z^/>ͬD^͘'ƵŝĂĚĞsŝŐŝůąŶĐŝĂĞŵ^ĂƷĚĞ͕ǀŽůƵŵĞƐϭ͕ϮĞϯ͘ϲǐĞĚŝĕĆŽƌĞǀŝƐĂĚĂ͕ϮϬϮϰ;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ŐŽǀ͘ďƌͬƐĂƵĚĞͬƉƚͲ
ďƌͬĐĞŶƚƌĂŝƐͲĚĞͲĐŽŶƚĞƵĚŽͬƉƵďůŝĐĂĐŽĞƐͬͿ
Z^/>ͬD^͘WŽůşƚŝĐĂEĂĐŝŽŶĂůĚĞ,ƵŵĂŶŝnjĂĕĆŽ–,ƵŵĂŶŝnjĂ^h^͗'ůŽƐƐĄƌŝŽWE,;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ŐŽǀ͘ďƌͬƐĂƵĚĞͬƉƚͲďƌͬĂĐĞƐƐŽͲĂͲ
ŝŶĨŽƌŵĂĐĂŽͬĂĐŽĞƐͲĞͲƉƌŽŐƌĂŵĂƐͬŚƵŵĂŶŝnjĂƐƵƐͬŐůŽƐƐĂƌŝŽͲƉŶŚͿ͖KďũĞƚŝǀŽƐ;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ŐŽǀ͘ďƌͬƐĂƵĚĞͬƉƚͲďƌͬĂĐĞƐƐŽͲĂͲ
ŝŶĨŽƌŵĂĐĂŽͬĂĐŽĞƐͲĞͲƉƌŽŐƌĂŵĂƐͬŚƵŵĂŶŝnjĂƐƵƐͬŽďũĞƚŝǀŽƐͲĚŽͲŚƵŵĂŶŝnjĂƐƵƐͿ͖WƌŝŶĐşƉŝŽƐ;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ŐŽǀ͘ďƌͬƐĂƵĚĞͬƉƚͲ
ďƌͬĂĐĞƐƐŽͲĂͲŝŶĨŽƌŵĂĐĂŽͬĂĐŽĞƐͲĞͲƉƌŽŐƌĂŵĂƐͬŚƵŵĂŶŝnjĂƐƵƐͬƉƌŝŶĐŝƉŝŽƐͲĚŽͲŚƵŵĂŶŝnjĂƐƵƐͿ͖DĠƚŽĚŽĞĚŝƐƉŽƐŝƚŝǀŽƐĚĂWE,
;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ŐŽǀ͘ďƌͬƐĂƵĚĞͬƉƚͲďƌͬĂĐĞƐƐŽͲĂͲŝŶĨŽƌŵĂĐĂŽͬĂĐŽĞƐͲĞͲƉƌŽŐƌĂŵĂƐͬŚƵŵĂŶŝnjĂƐƵƐͬŵĞƚŽĚŽͲĞͲĚŝƐƉŽƐŝƚŝǀŽƐͲĚĂͲƉŶŚͿ͘
ZhEt>͕ƵŐĞŶĞĞƚĂů͘,ZZ/^KE͘DĞĚŝĐŝŶĂ/ŶƚĞƌŶĂ͘DĐ'ƌĂǁ,ŝůů͕ϭϱǐĞĚ͕͘ϮϬϬϮ͘;sŽůƵŵĞϭͲWĂƌƚĞϭϰ͗ŝƐƚƷƌďŝŽƐ
EĞƵƌŽůſŐŝĐŽƐͿ͘
D^͘DĂŶƵĂůD^͘sĞƌƐĆŽƉĂƌĂƉƌŽĨŝƐƐŝŽŶĂŝƐĚĞ^ĂƷĚĞ͘ƐƐƵŶƚŽƐDĠĚŝĐŽƐ͘;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ŵƐĚŵĂŶƵĂůƐ͘ĐŽŵͬƉƚͲ
ďƌͬƉƌŽĨŝƐƐŝŽŶĂůͿ
Z//ZK͕͘͘D͘ĞƚĂů͘^/–ůşŶŝĐĂDĠĚŝĐĂ͘DĞĚĐĞů͕ϮϬϭϬ͘
D/KKZdKW/^d
WŽůşƚŝĐĂ EĂĐŝŽŶĂů ĚĞ ,ƵŵĂŶŝnjĂĕĆŽ – ,ƵŵĂŶŝnjĂ ^h^͘ ƚŝĐĂ WƌŽĨŝƐƐŝŽŶĂů͘ WƌŽĐĞƐƐŽ ƚŝĐŽ WƌŽĨŝƐƐŝŽŶĂů͘ džĂŵĞ ĨşƐŝĐŽ ŽƌƚŽƉĠĚŝĐŽ͘
ǀĂůŝĂĕĆŽ ƉŽƌ ŝŵĂŐĞŵ͗ ƌĂĚŝŽůŽŐŝĂ͖ ƚŽŵŽŐƌĂĨŝĂ ĐŽŵƉƵƚĂĚŽƌŝnjĂĚĂ͖ ƌĞƐƐŽŶąŶĐŝĂ ŵĂŐŶĠƚŝĐĂ͖ ƵůƚƌĂƐƐŽŶŽŐƌĂĨŝĂ ĚŽ ƐŝƐƚĞŵĂ
ĞƐƋƵĞůĠƚŝĐŽ͖ ĐŝŶƚŝůŽŐƌĂĨŝĂ͘ ǀĂůŝĂĕĆŽ ŐƌĄĨŝĐĂ͗ ĚĞŶƐŝƚŽŵĞƚƌŝĂ ſƐƐĞĂ͖ ĞůĞƚƌŽŶĞƵƌŽŵŝŽŐƌĂĨŝĂ͘ WĂƚŽůŽŐŝĂƐ ĚĂ ĐŽůƵŶĂ ǀĞƌƚĞďƌĂů͗
ŵĂůĨŽƌŵĂĕƁĞƐ ĐŽŶŐġŶŝƚĂƐ͖ ĞƐĐŽůŝŽƐĞ ŝĚŝŽƉĄƚŝĐĂ͖ ĚŽƌƐŽ ĐƵƌǀŽ͖ ĞƐƉŽŶĚŝůŽůŝƐƚĞƐĞ͖ ĚŽĞŶĕĂƐ ĚŽ ĚŝƐĐŽ ŝŶƚĞƌǀĞƌƚĞďƌĂů͖ ƚƵŵŽƌĞƐ ĚĂ
ĐŽůƵŶĂ ǀĞƌƚĞďƌĂů͖ ŝŶĨĞĐĕƁĞƐ ŶĂ ĐŽůƵŶĂ ǀĞƌƚĞďƌĂů͖ ĚŽĞŶĕĂƐ ĚĞŐĞŶĞƌĂƚŝǀĂƐ ŶĂ ĐŽůƵŶĂ ǀĞƌƚĞďƌĂů͘ WĂƚŽůŽŐŝĂƐ ĚŽƐ ŵĞŵďƌŽƐ
ƐƵƉĞƌŝŽƌĞƐ͗ ƌƵƉƚƵƌĂ ĚŽ ŵĂŶŐƵŝƚŽ ƌŽƚĂĚŽƌ͖ ĐĂƉƐƵůŝƚĞ ĂĚĞƐŝǀĂ ĚŽ ŽŵďƌŽ͖ ƚĞŶĚŝŶŝƚĞ ĐĂůĐĄƌŝĂ͖ ĂƌƚƌŽƐĞ ŐůĞŶŽƵŵĞƌĂů͖ ůƵdžĂĕĆŽ
ƌĞĐŝĚŝǀĂŶƚĞ ĚŽ ŽŵďƌŽ͖ ĞƉŝĐŽŶĚŝůŝƚĞ ůĂƚĞƌĂů͖ ƐşŶĚƌŽŵĞƐ ĐŽŵƉƌĞƐƐŝǀĂƐ͖ ƚĞŶŽƐƐŝŶŽǀŝƚĞ ĞƐƚĞŶŽƐĂŶƚĞ ĚĞ YƵĞƌǀĂŝŶ͖ ŝŶĨĞĐĕƁĞƐ ŶĂ
ŵĆŽ͘ WĂƚŽůŽŐŝĂƐ ĚŽƐ ŵĞŵďƌŽƐ ŝŶĨĞƌŝŽƌĞƐ͗ ĚŝƐƉůĂƐŝĂ ĚŽ ĚĞƐĞŶǀŽůǀŝŵĞŶƚŽ ĚŽ ƋƵĂĚƌŝů͖ ĚĞƐůŝnjĂŵĞŶƚŽ ĞƉŝĨŝƐĄƌŝŽ ƉƌŽdžŝŵĂů ĚŽ
ĨġŵƵƌ͖ĚŽĞŶĕĂĚĞ>ĞŐŐͲĂůǀĠͲWĞƌƚŚĞƐ͖ƐŝŶŽǀŝƚĞƚƌĂŶƐŝƚſƌŝĂĚŽƋƵĂĚƌŝů͖ĂƌƚƌŝƚĞƐĠƉƚŝĐĂĚŽƋƵĂĚƌŝůŶĂĐƌŝĂŶĕĂ͖ŽƐƚĞŽŶĞĐƌŽƐĞĚĂ
ĐĂďĞĕĂ ĨĞŵŽƌĂů͖ ďƵƌƐŝƚĞ ƚƌŽĐĂŶƚĠƌŝĐĂ͖ ŝŵƉĂĐƚŽ ĨĞŵŽƌŽĂĐĞƚĂďƵůĂƌ͖ ĚŝƐƉůĂƐŝĂ ĚŽ ƋƵĂĚƌŝů ĂĚƵůƚŽ͖ ĂƌƚƌŽƐĞ ĚŽ ƋƵĂĚƌŝů͖
ĚĞĨŽƌŵŝĚĂĚĞƐ Ğ ĞdžƚĞŶƐĆŽ Ğ ĨůĞdžĆŽ ĚŽ ũŽĞůŚŽ͖ ĚŽĞŶĕĂ ĚĞ ůŽƵŶƚ͖ ŝŶƐƚĂďŝůŝĚĂĚĞ ĨĞŵŽƌŽƉĂƚĞůĂƌ͖ ůĞƐĆŽ ĐƌƀŶŝĐĂ ĚŽ ůŝŐĂŵĞŶƚŽ
ĐƌƵnjĂĚŽ ĂŶƚĞƌŝŽƌ͖ ŵĞŶŝƐĐŽƉĂƚŝĂƐ͖ ŽƐƚĞŽŶĞĐƌŽƐĞ ĚŽ ũŽĞůŚŽ͖ ŽƐƚĞŽĂƌƚƌŽƐĞ ĚŽ ũŽĞůŚŽ͖ ƚĞŶĚŝŶŽƉĂƚŝĂƐ ĂŽ ŶşǀĞů ĚŽ ũŽĞůŚŽ Ğ
ƚŽƌŶŽnjĞůŽ͖ ƉĠ ƚŽƌƚŽ ĐŽŶŐġŶŝƚŽ͖ ƉĠ ŵĞƚĂƚĂƌƐŽ ǀĂƌŽ͖ ƉĠ ƉůĂŶŽǀĂůŐŽ͖ ƉĠ ƚĂůŽ ǀĞƌƚŝĐĂů ĐŽŶŐġŶŝƚŽ͖ ĐŽĂůŝnjƁĞƐ ƚĂƌƐĂŝƐ͖ ƚĂůĂůŐŝĂƐ͖
ŶĞƵƌŽŵĂ ĚĞ DŽƌƚŽŶ͖ ŵĞƚĂƚĂƌƐĂůŐŝĂƐ͖ ƉĠ ƌĞƵŵĂƚŽŝĚĞ͖ ƉĠ ĚŝĂďĠƚŝĐŽ͘ dƵŵŽƌĞƐ ſƐƐĞŽƐ Ğ ůĞƐƁĞƐ ƉƐĞƵĚŽƚƵŵŽƌĂŝƐ͘ /ŶĨĞĐĕƁĞƐ
ŵƵƐĐƵůŽĞƐƋƵĞůĠƚŝĐĂƐ͘ WƌŽĐĞƐƐŽƐ ƌĞƵŵĄƚŝĐŽƐ͘ ůĂƵĚŝĐĂĕĆŽ ŶĂ ĐƌŝĂŶĕĂ͘ ĂƵƐĂƐ ĚĞ ĚŽƌ Ğŵ ŽƌƚŽƉĞĚŝĂ͘ KƌƚŽƉĞĚŝĂ ĂĚƵůƚŽ͗
ŽƐƚĞŽƉŽƌŽƐĞ͕ůŽŵďĂůŐŝĂĞůŽŵďŽĐŝĂƚĂůŐŝĂ͕ĐĂƉƐƵůŝƚĞĂĚĞƐŝǀĂ͕ŽƐƚĞŽĂƌƚƌŽƐĞĚŽƋƵĂĚƌŝů͕ŽƐƚĞŽŶĞĐƌŽƐĞĚĂĐĂďĞĕĂĨĞŵŽƌĂů͕ůĞƐƁĞƐ
ĚŽũŽĞůŚŽ͕ĞŶƚŽƌƐĞĚĞƚŽƌŶŽnjĞůŽ͕ĞƉŝĐŽŶĚŝůŝƚĞůĂƚĞƌĂůĚŽĐŽƚŽǀĞůŽ͕ůĞƐĆŽĚŽůŝŐĂŵĞŶƚŽĐƌƵnjĂĚŽĂŶƚĞƌŝŽƌ͕ůĞƐĆŽŵĞŶŝƐĐĂů͕ůĞƐƁĞƐ
ƚƌĂƵŵĄƚŝĐĂƐĚĂĐŽůƵŶĂĐĞƌǀŝĐĂů͕ůĞƐƁĞƐƚƌĂƵŵĄƚŝĐĂƐĚĂĐŽůƵŶĂƚŽƌĄĐŝĐĂ͘&ƌĂƚƵƌĂƐŶŽĂĚƵůƚŽ͗ĨƌĂƚƵƌĂƐĚŽĂŶĞůƉĠůǀŝĐŽ͕ĨƌĂƚƵƌĂ ĚĂ
ĐůĂǀşĐƵůĂ͕ ůƵdžĂĕĆŽ ĚŽ ŽŵďƌŽ͕ ůƵdžĂĕĆŽ ĂŶƚĞƌŝŽƌ͕ ůƵdžĂĕĆŽ ƉŽƐƚĞƌŝŽƌ͕ ĨƌĂƚƵƌĂ ĚŽ ĂŶƚĞďƌĂĕŽ͕ ĨƌĂƚƵƌĂ ĚŽ ƌĄĚŝŽ ĚŝƐƚĂů͕ ĨƌĂƚƵƌĂƐ ĚŽ
ĨġŵƵƌ ƉƌŽdžŝŵĂů͕ ĨƌĂƚƵƌĂƐ ƚƌĂŶƐ ƚƌŽĐĂŶƚĞƌŝĂŶĂƐ͕ ĨƌĂƚƵƌĂƐ ƐƵďƚƌŽĐĂŶƚĠƌŝĐĂ͕ ůƵdžĂĕĆŽ ĚŽ ũŽĞůŚŽ͕ ĨƌĂƚƵƌĂ ĚŝĂĨŝƐĄƌŝĂ ĚŽƐ ŽƐƐŽƐ ĚĂ
ƉĞƌŶĂ͕ ĨƌĂƚƵƌĂ ĚĂ ĚŝĄĨŝƐĞ ĚŽ ƷŵĞƌŽ͕ ĨƌĂƚƵƌĂ ĚĂ ƉĂƚĞůĂ͕ ĨƌĂƚƵƌĂ ŝŶƚƌĂͲĂƌƚŝĐƵůĂƌ ĚŽ ĐĂůĐąŶĞŽ͕ ĨƌĂƚƵƌĂƐ ĚŽ ƚŽƌŶŽnjĞůŽ͕ ĨƌĂƚƵƌĂƐ
ĞdžƉŽƐƚĂƐ͕ ĐůĂƐƐŝĨŝĐĂĕĆŽ 'ƵƐƚŝůůŽ Ğ ŶĚĞƌƐŽŶ͕ ĂƚĞŶĚŝŵĞŶƚŽ ŝŶŝĐŝĂů ĚĞ ĞŵĞƌŐġŶĐŝĂ͕ ĐŽŵƉůŝĐĂĕƁĞƐ ĚĂƐ ĨƌĂƚƵƌĂƐ͘ &ƌĂƚƵƌĂƐ Ğŵ
ĐƌŝĂŶĕĂƐ͗ ƚŝƉŽƐ͕ ŽƐƐŝĨŝĐĂĕĆŽ͕ ĐůĂƐƐŝĨŝĐĂĕĆŽ ĚĂƐ ĨƌĂƚƵƌĂƐ ĚĂ ĨŝƐĞ ;^ĂůƚĞƌ Ğ ,ĂƌƌŝƐͿ͕ ƚƌĂƚĂŵĞŶƚŽ ĚĂƐ ĨƌĂƚƵƌĂƐ͕ ĨƌĂƚƵƌĂ ĚŝĂĨŝƐĄƌŝĂ
ŝƐŽůĂĚĂĚŽĨġŵƵƌŶĂĐƌŝĂŶĕĂ͕ĨƌĂƚƵƌĂƐĚŽƚĞƌĕŽĚŝƐƚĂůĚŽĂŶƚĞďƌĂĕŽ͘dĠĐŶŝĐĂĚĞŝŵŽďŝůŝnjĂĕƁĞƐ͘
/>/K'Z&/Z&ZE/>
>ĞŝƐĞŶŽƌŵĂƐ͗
&D͘ZĞƐŽůƵĕĆŽEǑϮ͘ϮϭϳͬϮϬϭϴͲſĚŝŐŽĚĞƚŝĐĂDĠĚŝĐĂ;ŚƚƚƉƐ͗ͬͬĐĞŵ͘ĐĨŵ͘ŽƌŐ͘ďƌͬͿ͘
&D͘ZĞƐŽůƵĕĆŽEǑϮ͘ϯϬϲͬϮϬϮϮͲſĚŝŐŽĚĞWƌŽĐĞƐƐŽƚŝĐŽWƌŽĨŝƐƐŝŽŶĂů;ſĚŝŐŽĚĞWƌŽĐĞƐƐŽƚŝĐŽͲWƌŽĨŝƐƐŝŽŶĂů;ƚƵĂůͿ
;ĐĨŵ͘ŽƌŐ͘ďƌͿͿ͘
>ŝǀƌŽƐ͕ŽŵƉġŶĚŝŽƐĞWƵďůŝĐĂĕƁĞƐ/ŶƐƚŝƚƵĐŝŽŶĂŝƐ͗
D–^^K/KD/Z^/>/ZͲWƌŽũĞƚŽŝƌĞƚƌŝnjĞƐ͗KƌƚŽƉĞĚŝĂĞƚƌĂƵŵĂƚŽůŽŐŝĂ;;ŚƚƚƉƐ͗ͬͬĂŵď͘ŽƌŐ͘ďƌͬƉƌŽũĞƚŽͲ
ĚŝƌĞƚƌŝnjĞƐͬͿ͘
Z^/>͕D^͘ĂĚĞƌŶŽƐĚĂƚĞŶĕĆŽĄƐŝĐĂ;ŚƚƚƉƐ͗ͬͬĂƉƐ͘ƐĂƵĚĞ͘ŐŽǀ͘ďƌͬďŝďůŝŽƚĞĐĂͬŝŶĚĞdžͿ͗
33
WƌĞĨĞŝƚƵƌĂDƵŶŝĐŝƉĂůĚĞ ŽŶĐƵƌƐŽWƷďůŝĐŽEǑϬϭͬϮϬϮϰ
^EdZhKZ/KWZK /d>ĚĞZdhZĚĞ/E^Z/O^
EǑϭϵͲŶǀĞůŚĞĐŝŵĞŶƚŽĞ^ĂƷĚĞĚĂWĞƐƐŽĂ/ĚŽƐĂ͖EǑϯϯͲ^ĂƷĚĞĚĂƌŝĂŶĕĂͲƌĞƐĐŝŵĞŶƚŽĞĚĞƐĞŶǀŽůǀŝŵĞŶƚŽ͘
Z^/>ͬD^͘'ƵŝĂĚĞsŝŐŝůąŶĐŝĂĞŵ^ĂƷĚĞ͕ǀŽůƵŵĞƐϭ͕ϮĞϯ͘ϲǐĞĚŝĕĆŽƌĞǀŝƐĂĚĂ͕ϮϬϮϰ;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ŐŽǀ͘ďƌͬƐĂƵĚĞͬƉƚͲ
ďƌͬĐĞŶƚƌĂŝƐͲĚĞͲĐŽŶƚĞƵĚŽͬƉƵďůŝĐĂĐŽĞƐͬͿ
Z^/>ͬD^͘WŽůşƚŝĐĂEĂĐŝŽŶĂůĚĞ,ƵŵĂŶŝnjĂĕĆŽ–,ƵŵĂŶŝnjĂ^h^͗'ůŽƐƐĄƌŝŽWE,;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ŐŽǀ͘ďƌͬƐĂƵĚĞͬƉƚͲďƌͬĂĐĞƐƐŽͲĂͲ
ŝŶĨŽƌŵĂĐĂŽͬĂĐŽĞƐͲĞͲƉƌŽŐƌĂŵĂƐͬŚƵŵĂŶŝnjĂƐƵƐͬŐůŽƐƐĂƌŝŽͲƉŶŚͿ͖KďũĞƚŝǀŽƐ;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ŐŽǀ͘ďƌͬƐĂƵĚĞͬƉƚͲďƌͬĂĐĞƐƐŽͲĂͲ
ŝŶĨŽƌŵĂĐĂŽͬĂĐŽĞƐͲĞͲƉƌŽŐƌĂŵĂƐͬŚƵŵĂŶŝnjĂƐƵƐͬŽďũĞƚŝǀŽƐͲĚŽͲŚƵŵĂŶŝnjĂƐƵƐͿ͖WƌŝŶĐşƉŝŽƐ;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ŐŽǀ͘ďƌͬƐĂƵĚĞͬƉƚͲ
ďƌͬĂĐĞƐƐŽͲĂͲŝŶĨŽƌŵĂĐĂŽͬĂĐŽĞƐͲĞͲƉƌŽŐƌĂŵĂƐͬŚƵŵĂŶŝnjĂƐƵƐͬƉƌŝŶĐŝƉŝŽƐͲĚŽͲŚƵŵĂŶŝnjĂƐƵƐͿ͖DĠƚŽĚŽĞĚŝƐƉŽƐŝƚŝǀŽƐĚĂWE,
;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ŐŽǀ͘ďƌͬƐĂƵĚĞͬƉƚͲďƌͬĂĐĞƐƐŽͲĂͲŝŶĨŽƌŵĂĐĂŽͬĂĐŽĞƐͲĞͲƉƌŽŐƌĂŵĂƐͬŚƵŵĂŶŝnjĂƐƵƐͬŵĞƚŽĚŽͲĞͲĚŝƐƉŽƐŝƚŝǀŽƐͲĚĂͲƉŶŚͿ͘
ZhEt>͕ƵŐĞŶĞĞƚĂů͘,ZZ/^KE͘DĞĚŝĐŝŶĂ/ŶƚĞƌŶĂ͘DĐ'ƌĂǁ,ŝůů͕ϭϱǐĞĚ͕͘ϮϬϬϮ͘;sŽůƵŵĞϮ͕WĂƌƚĞϭϮ–^ĞĕĆŽϯ͗
ŝƐƚƷƌďŝŽƐĚĂƐƌƚŝĐƵůĂĕƁĞƐͿ͘
,Zd͕^ŝnjşŶĞŽ͘KƌƚŽƉĞĚŝĂ–džĂŵĞƐĞŝĂŐŶſƐƚŝĐŽ͘ƌƚŵĞĚ͕ϮϬϭϲ͘
D^͘DĂŶƵĂůD^͘sĞƌƐĆŽƉĂƌĂƉƌŽĨŝƐƐŝŽŶĂŝƐĚĞ^ĂƷĚĞ͘ƐƐƵŶƚŽƐDĠĚŝĐŽƐ͘;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ŵƐĚŵĂŶƵĂůƐ͘ĐŽŵͬƉƚͲ
ďƌͬƉƌŽĨŝƐƐŝŽŶĂůͿ͘
K>/s/Z͕DĞĚƌĞ,ĞŶƌŝƋƵĞƌĂƷũŽĚĞ͘dĠĐŶŝĐĂĚĞŝŵŽďŝůŝnjĂĕĆŽŽƌƚŽƉĠĚŝĐĂĚĞƐƚŝŶĂĚŽĂƉƌŽĨŝƐƐŝŽŶĂŝƐĚĂĄƌĞĂĚĂƐĂƷĚĞ
;ŚƚƚƉƐ͗ͬͬƚĞĚĞ͘ƵĨĂŵ͘ĞĚƵ͘ďƌͬŚĂŶĚůĞͬƚĞĚĞͬϳϵϵϬͿ͘
Z//ZK͕͘͘D͘ĞƚĂů͘^/–ůşŶŝĐĂDĠĚŝĐĂ͘DĞĚĐĞů͕ϮϬϭϬ͘
^Kd͘DĂŶƵĂůĚĞdƌĂƵŵĂKƌƚŽƉĠĚŝĐŽ͕ϮϬϭϭ;ŚƚƚƉƐ͗ͬͬƐďŽƚ͘ŽƌŐ͘ďƌͬŵĂŶƵĂůͲĚŽͲƚƌĂƵŵĂͲŽƌƚŽƉĞĚŝĐŽͬͿ
^ZW͘DĂŶƵĂůĚĞ^ŽĐŽƌƌŝƐŵŽͲĂƉşƚƵůŽs///–dĠĐŶŝĐĂƐĚĞ/ŵŽďŝůŝnjĂĕĆŽ
;ŚƚƚƉƐ͗ͬͬĞĚŝƐĐŝƉůŝŶĂƐ͘ƵƐƉ͘ďƌͬƉůƵŐŝŶĨŝůĞ͘ƉŚƉͬϰϲϴϯϬϭϯͬŵŽĚͺĨŽůĚĞƌͬĐŽŶƚĞŶƚͬϬͬdĞййϴϭĐŶŝĐĂƐйϮϬĚĞйϮϬ/ŵŽďŝůŝnjĂĐййϳĂ
ййϴϯŽ͘ƉĚĨ͍ĨŽƌĐĞĚŽǁŶůŽĂĚсϭͿ
D/KW/dZ
WŽůşƚŝĐĂ EĂĐŝŽŶĂů ĚĞ ,ƵŵĂŶŝnjĂĕĆŽ – ,ƵŵĂŶŝnjĂ ^h^͘ ƚŝĐĂ WƌŽĨŝƐƐŝŽŶĂů͘ WƌŽĐĞƐƐŽ ƚŝĐŽ WƌŽĨŝƐƐŝŽŶĂů͘ WƵĞƌŝĐƵůƚƵƌĂ ŶŽ
ĂŵďƵůĂƚſƌŝŽ͗ĂůŝŵĞŶƚĂĕĆŽ͕ǀĂĐŝŶĂĕĆŽ͕ĐƵŝĚĂĚŽƐƉƌŝŵĄƌŝŽƐ͕ĂƐƐŝƐƚġŶĐŝĂĞǀŽůƵƚŝǀĂ͘WĞĐƵůŝĂƌŝĚĂĚĞƐĚŽĞdžĂŵĞĚŽƌĞĐĠŵͲŶĂƐĐŝĚŽ͘
ZĞĐĠŵͲŶĂƐĐŝĚŽ ĚĞ ĂůƚŽ ƌŝƐĐŽ͘ WƌĞŵĂƚƵƌŝĚĂĚĞ͘ /ĐƚĞƌşĐŝĂƐ ŶĞŽŶĂƚĂŝƐ͘ ŶĞŵŝĂƐ ĚŽ ƌĞĐĠŵͲŶĂƐĐŝĚŽ͘ ŝĂƌƌĞŝĂ ĐƌƀŶŝĐĂ͘ ZĞĐĠŵͲ
ŶĂƐĐŝĚŽĚĞŵĆĞĚŝĂďĠƚŝĐĂ͘/ŶĨĞĐĕƁĞƐŶŽƌĞĐĠŵͲŶĂƐĐŝĚŽ͘ƚƌĞƐŝĂĚŽĞƐƀĨĂŐŽ͘sƀŵŝƚŽƐĚŽƌĞĐĠŵͲŶĂƐĐŝĚŽ͘ĐƌŝĂŶĕĂĐŽŵďĂŝdžĂ
ĞƐƚĂƚƵƌĂ͘ ƌĞƐĐŝŵĞŶƚŽ ĞdžĐĞƐƐŝǀŽ ;ŐŝŐĂŶƚŝƐŵŽͿ͘ ĞƐĞŶǀŽůǀŝŵĞŶƚŽ ŵŽƚŽƌ ĂƚƌĂƐĂĚŽ͘ ŝƐƚƷƌďŝŽƐ ŐƌĂǀĞƐ ĚŽ ĚĞƐĞŶǀŽůǀŝŵĞŶƚŽ͘
ŚŽƌŽ ƉĞƌƐŝƐƚĞŶƚĞ ĚŽ ďĞďġ͘ ŝƐƚƷƌďŝŽ ĚŽ ĂƉĞƚŝƚĞ͘ ŝƐƚƷƌďŝŽƐ ĚŽ ƐŽŶŽ͘ ŝƐƚƷƌďŝŽƐ ĚĂ ĨĂůĂ Ğ ĚĂ ůŝŶŐƵĂŐĞŵ͘ ŝƐƚƷƌďŝŽƐ ĚĂ
ĐŽŵƵŶŝĐĂĕĆŽ͘ ŝƐƚƷƌďŝŽƐ ĚŽ ĂƉƌĞŶĚŝnjĂĚŽ͘ ĠĨŝĐŝƚ ĚĞ ĂƚĞŶĕĆŽͬŚŝƉĞƌĂƚŝǀŝĚĂĚĞ͘ DŝĐƌŽƉġŶŝƐ ŶŽ ďĞďġ͘ WƌŽďůĞŵĂƐ ĚŽ
ĚĞƐĞŶǀŽůǀŝŵĞŶƚŽ ĚŽƐ ƉĞůŽƐ ƐĞdžƵĂŝƐ͘ WƌŽďůĞŵĂƐ ĚŽ ĚĞƐĞŶǀŽůǀŝŵĞŶƚŽ ŵĂŵĄƌŝŽ͘ WƵďĞƌĚĂĚĞ ƉƌĞĐŽĐĞ͘ WƵďĞƌĚĂĚĞ ĂƚƌĂƐĂĚĂ͘
ĐƌŝĂŶĕĂ ĐŽŵ ĐĂďĞĕĂ ŐƌĂŶĚĞ͗ ŵĂĐƌŽĐƌĂŶŝĂ Ğ ŚŝĚƌŽĐĞĨĂůŝĂ͘ ĐƌŝĂŶĕĂ ĐŽŵ ĐĂďĞĕĂ ƉĞƋƵĞŶĂ ŽƵ ĚĞĨŽƌŵĂĚĂ͘ ƚĂdžŝĂ ĐĞƌĞďĞůĂƌ͘
sĞƌƚŝŐĞŵ͘ ŽĞŶĕĂƐ ĐŽŵƵŶƐ ĚĂƐ ƉĄůƉĞďƌĂƐ͗ ďůĞĨĂƚŝƚĞ͕ ŚŽƌĚĠŽůŽ͕ ĐĂůĄnjŝŽ͕ ďůĞĨĂƌŽƉƚŽƐĞ͕ ĞƉŝĐĂŶƚŽ͕ ĐŽůŽďŽŵĂ͘ ŽŶũƵŶƚŝǀŝƚĞ ŶŽ
ƌĞĐĠŵͲŶĂƐĐŝĚŽ͘ŽŶũƵŶƚŝǀŝƚĞŶĂŝŶĨąŶĐŝĂ͘KĨƵŶĚŽĚĞŽůŚŽĞŵĚŽĞŶĕĂƐƐŝƐƚġŵŝĐĂƐ͘ŽŶĐĞŝƚŽƐŽĨƚĂůŵŽůſŐŝĐŽƐƉĂƌĂŽƉĞĚŝĂƚƌĂ
ŐĞƌĂů͘ KƚŝƚĞ ĞdžƚĞƌŶĂ͘ KƚŝƚĞ ŵĠĚŝĂ ƐĞĐƌĞƚŽƌĂ͘ ZŝŶŝƚĞ ĂůĠƌŐŝĐĂ͘ &ĂƌŝŶŐŽĂŵŝŐĚĂůŝƚĞƐ Ğ ůĂƌŝŶŐŝƚĞƐ͘ ŵŝŐĚĂůŝƚĞƐ ĚĞ ƌĞƉĞƚŝĕĆŽ͗
ĂĚĞŶŽĂŵŝŐĚĂůĞĐƚŽŵŝĂ͘ ſĐŝŽ͘ WƌŽďůĞŵĂƐ ĐĂƌĚŝŽůſŐŝĐŽƐ Ğ ĚĞ ŚŝƉĞƌƚĞŶƐĆŽ͗ ŶŽĕƁĞƐ ďĄƐŝĐĂƐ͘ ƌŝĂŶĕĂ ĐŽŵ ƐŽƉƌŽ͘ ƌŝĂŶĕĂ ĐŽŵ
ĐŝĂŶŽƐĞ͘ ĂƌĚŝŽƉĂƚŝĂƐ ĐŽŶŐġŶŝƚĂƐ ĂĐŝĂŶſƚŝĐĂƐ͘ ƐƚƌŝĚŽƌ ůĂƌşŶŐĞŽ ĐŽŶŐġŶŝƚŽ͘ ƐşŶĚƌŽŵĞ ĚŽ ĐƌƵƉĞ͗ ƌŽƵƋƵŝĚĆŽ Ğ ƚŽƐƐĞ͘ dŽƐƐĞ
ĞƐƉĂƐŵſĚŝĐĂ – ĐŽƋƵĞůƵĐŚĞ ;ƉĞƌƚƵƐƐŝƐͿ͘ dŽƐƐĞ ƉĞƌƐŝƐƚĞŶƚĞ ŽƵ ĐƌƀŶŝĐĂ͘ &ŝďƌŽƐĞ ĐşƐƚŝĐĂ ;ŵƵĐŽǀŝƐĐŝĚŽƐĞͿ͘ K ďĞďġ ĐŽŵ ĐŚŝĂĚŽ
ĂŐƵĚŽ͘ K ďĞďġ ĐŚŝĂĚŽƌ͘ K ĐŚŝĂĚŽ Ğŵ ĐƌŝƐĞƐ ƌĞĐŽƌƌĞŶƚĞƐ͗ ĂƐŵĂ͘ ƚĞůĞĐƚĂƐŝĂ͘ ŶĨŝƐĞŵĂ͘ ŶĨŝƐĞŵĂ ůŽŵďĂƌ ĐŽŶŐġŶŝƚŽ͘
/ŶƚŽůĞƌąŶĐŝĂͬĂůĞƌŐŝĂĂůŝŵĞŶƚĂƌ͘ŽŶƐƚŝƉĂĕĆŽŝŶƚĞƐƚŝŶĂů ĐƌƀŶŝĐĂ͘ĐƌŝĂŶĕĂĐŽŵĚŽƌĂďĚŽŵŝŶĂů͘ ,ĞƉĂƚŽƉĂƚŝĂƐ͘,ĞƉĂƚŽŵĞŐĂůŝĂ͘
/ĐƚĞƌşĐŝĂ ŶĂ ŝŶĨąŶĐŝĂ͘ ,ĞŵĂƚƷƌŝĂ ŶĂ ŝŶĨąŶĐŝĂ͘ WƌŽƚĞŝŶƷƌŝĂ ĂƐƐŝŶƚŽŵĄƚŝĐĂ͘ /ŶĨĞĐĕĆŽ ĚŽ ƚƌĂƚŽ ƵƌŝŶĄƌŝŽ͘ ŝĂďĞƚĞƐ ŵĞůůŝƚƵƐ͘
ĞƌŵĂƚŽůŽŐŝĂ͗ ŝŶĨĞĐĕĆŽ ĚĂƐ ůĞƐƁĞƐ͕ ĨƵŶĚĂŵĞŶƚŽƐ ƉĂƌĂ Ă ƚĞƌĂƉŝĂ ĞdžƚĞƌŶĂ ;ƚſƉŝĐĂͿ͕ ĞƌƵƉĕƁĞƐ ĞƌŝƚĞŵĂƚŽƐĂƐ͕ ƉŝŽĚĞƌŵŝƚĞƐ͕
ƌĞĂĕƁĞƐ ĂŶŽƌŵĂŝƐ ĚĂ ƉĞůĞ ă ůƵnj ƐŽůĂƌ͕ ĚŝƐƚƷƌďŝŽƐ ĚĂ ƚƌĂŶƐƉŝƌĂĕĆŽ͕ ĚŝƐƚƷƌďŝŽƐ ;ƉĞƌĚĂͿ ĚĞ ĐĂďĞůŽƐ͘ ĐƌŝĂŶĕĂ ƋƵĞ ŵĂŶĐĂ –
ĐůĂƵĚŝĐĂĕĆŽ͘ĐƌŝĂŶĕĂĐŽŵĚŽƌŶĂƐƉĞƌŶĂƐ͘ZĂƋƵŝƚŝƐŵŽ͘ĐƌŝĂŶĕĂĐŽŵƌĞƵŵĂƚŝƐŵŽ͗ĐůşŶŝĐĂ͕ůĂďŽƌĂƚſƌŝŽ͕ƚƌŝĂŐĞŵĞƚƌĂƚĂŵĞŶƚŽ
ŵĞĚŝĐĂŵĞŶƚŽƐŽ͘ >ƷƉƵƐ ĞƌŝƚĞŵĂƚŽƐŽ ƐŝƐƚġŵŝĐŽ ŶĂ ŝŶĨąŶĐŝĂ͘ ŶĞŵŝĂ͗ ĐĂƌĞŶĐŝĂŝƐ͕ ĂƉůĄƐƚŝĐĂ͕ ŚĞŵŽůşƚŝĐĂƐ ;ĂŶĞŵŝĂ͕ ŝĐƚĞƌşĐŝĂ͕
ĞƐƉůĞŶŽŵĞŐĂůŝĂͿ͕ ĞƐĨĞƌŽĐşƚŝĐĂ ŚĞƌĞĚŝƚĄƌŝĂ ;ĚŽĞŶĕĂ ĚĞ DŝŶŬŽǁƐŬŝͲŚĂƵĨĨĂƌĚͿ͘ ƌŝĂŶĕĂ ĐŽŵ ĨĞďƌĞ ĂŐƵĚĂ͕ ƉƌŽůŽŶŐĂĚĂ͕
ƌĞĐŽƌƌĞŶƚĞ͘DĂŶĞũŽĚĂ ĨĞďƌĞ͘KƐĂŐĞŶƚĞƐŝŶĨĞĐĐŝŽƐŽƐ͘^ĞƉƐĞĞ ĐŚŽƋƵĞƐĠƉƚŝĐŽ͘ dƵďĞƌĐƵůŽƐĞ͘,ĂŶƐĞŶşĂƐĞ͘ĞŶŐƵĞ͘/ŶĨůƵĞŶnjĂ
;ŐƌŝƉĞͿ͘>ĞƵĐĞŵŝĂƐĂŐƵĚĂƐŶĂŝŶĨąŶĐŝĂ͘ŽĞŶĕĂĚĞ,ŽĚŐŬŝŶ͘
/>/K'Z&/Z&ZE/>͗
>ĞŝƐĞEŽƌŵĂƐ͗
&D͘ZĞƐŽůƵĕĆŽEǑϮ͘ϮϭϳͬϮϬϭϴͲſĚŝŐŽĚĞƚŝĐĂDĠĚŝĐĂ;ŚƚƚƉƐ͗ͬͬĐĞŵ͘ĐĨŵ͘ŽƌŐ͘ďƌͬͿ͘
&D͘ZĞƐŽůƵĕĆŽEǑϮ͘ϯϬϲͬϮϬϮϮͲſĚŝŐŽĚĞWƌŽĐĞƐƐŽƚŝĐŽWƌŽĨŝƐƐŝŽŶĂů;ſĚŝŐŽĚĞWƌŽĐĞƐƐŽƚŝĐŽͲWƌŽĨŝƐƐŝŽŶĂů;ƚƵĂůͿ
;ĐĨŵ͘ŽƌŐ͘ďƌͿͿ͘
>ŝǀƌŽƐ͕ŽŵƉġŶĚŝŽƐĞWƵďůŝĐĂĕƁĞƐ/ŶƐƚŝƚƵĐŝŽŶĂŝƐ͗
D–^^K/KD/Z^/>/ZͲWƌŽũĞƚŽŝƌĞƚƌŝnjĞƐ͗WĞĚŝĂƚƌŝĂ;ŚƚƚƉƐ͗ͬͬĂŵď͘ŽƌŐ͘ďƌͬƉƌŽũĞƚŽͲĚŝƌĞƚƌŝnjĞƐ͖ͬ
ŚƚƚƉ͗ͬͬǁǁǁ͘ƉƌŽũĞƚŽĚŝƌĞƚƌŝnjĞƐ͘ŽƌŐ͘ďƌͬŶŽǀĂƐͺĚŝƌĞƚƌŝnjĞƐͺƐŽĐŝĞĚĂĚĞƐ͘ƉŚƉͿ
Z^/>͕D^͘ĂĚĞƌŶŽƐĚĞƚĞŶĕĆŽĄƐŝĐĂ;ŚƚƚƉƐ͗ͬͬĂƉƐ͘ƐĂƵĚĞ͘ŐŽǀ͘ďƌͬͿ͗EǑϮϬͲĂƌġŶĐŝĂĚĞDŝĐƌŽŶƵƚƌŝĞŶƚĞƐ͖EǑϮϯͲ^ĂƷĚĞĚĂ
ƌŝĂŶĕĂ͗EƵƚƌŝĕĆŽ/ŶĨĂŶƚŝů͖EǑϮϰ–^ĂƷĚĞŶĂƐĐŽůĂ͖EǑϯϮ–ƚĞŶĕĆŽĂŽWƌĠͲEĂƚĂůĚĞĂŝdžŽZŝƐĐŽ͖EǑϯϯͲ^ĂƷĚĞĚĂƌŝĂŶĕĂ
ƌĞƐĐŝŵĞŶƚŽĞĚĞƐĞŶǀŽůǀŝŵĞŶƚŽ͘
Z^/>ͬD^͘'ƵŝĂĚĞsŝŐŝůąŶĐŝĂĞŵ^ĂƷĚĞ͕ǀŽůƵŵĞƐϭ͕ϮĞϯ͘ϲǐĞĚŝĕĆŽƌĞǀŝƐĂĚĂ͕ϮϬϮϰ;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ŐŽǀ͘ďƌͬƐĂƵĚĞͬƉƚͲ
ďƌͬĐĞŶƚƌĂŝƐͲĚĞͲĐŽŶƚĞƵĚŽͬƉƵďůŝĐĂĐŽĞƐͬͿ
Z^/>ͬD^͘WŽůşƚŝĐĂEĂĐŝŽŶĂůĚĞ,ƵŵĂŶŝnjĂĕĆŽ–,ƵŵĂŶŝnjĂ^h^͗'ůŽƐƐĄƌŝŽWE,;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ŐŽǀ͘ďƌͬƐĂƵĚĞͬƉƚͲďƌͬĂĐĞƐƐŽͲĂͲ
ŝŶĨŽƌŵĂĐĂŽͬĂĐŽĞƐͲĞͲƉƌŽŐƌĂŵĂƐͬŚƵŵĂŶŝnjĂƐƵƐͬŐůŽƐƐĂƌŝŽͲƉŶŚͿ͖KďũĞƚŝǀŽƐ;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ŐŽǀ͘ďƌͬƐĂƵĚĞͬƉƚͲďƌͬĂĐĞƐƐŽͲĂͲ
34
WƌĞĨĞŝƚƵƌĂDƵŶŝĐŝƉĂůĚĞ ŽŶĐƵƌƐŽWƷďůŝĐŽEǑϬϭͬϮϬϮϰ
^EdZhKZ/KWZK /d>ĚĞZdhZĚĞ/E^Z/O^
ŝŶĨŽƌŵĂĐĂŽͬĂĐŽĞƐͲĞͲƉƌŽŐƌĂŵĂƐͬŚƵŵĂŶŝnjĂƐƵƐͬŽďũĞƚŝǀŽƐͲĚŽͲŚƵŵĂŶŝnjĂƐƵƐͿ͖WƌŝŶĐşƉŝŽƐ;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ŐŽǀ͘ďƌͬƐĂƵĚĞͬƉƚͲ
ďƌͬĂĐĞƐƐŽͲĂͲŝŶĨŽƌŵĂĐĂŽͬĂĐŽĞƐͲĞͲƉƌŽŐƌĂŵĂƐͬŚƵŵĂŶŝnjĂƐƵƐͬƉƌŝŶĐŝƉŝŽƐͲĚŽͲŚƵŵĂŶŝnjĂƐƵƐͿ͖DĠƚŽĚŽĞĚŝƐƉŽƐŝƚŝǀŽƐĚĂWE,
;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ŐŽǀ͘ďƌͬƐĂƵĚĞͬƉƚͲďƌͬĂĐĞƐƐŽͲĂͲŝŶĨŽƌŵĂĐĂŽͬĂĐŽĞƐͲĞͲƉƌŽŐƌĂŵĂƐͬŚƵŵĂŶŝnjĂƐƵƐͬŵĞƚŽĚŽͲĞͲĚŝƐƉŽƐŝƚŝǀŽƐͲĚĂͲƉŶŚͿ͘
ZhEt>͕ƵŐĞŶĞĞƚĂů͘,ZZ/^KE͘DĞĚŝĐŝŶĂ/ŶƚĞƌŶĂ͘DĐ'ƌĂǁ,ŝůů͕ϭϱǐĞĚ͕͘ϮϬϬϮ
D^͘DĂŶƵĂůD^͘sĞƌƐĆŽƉĂƌĂƉƌŽĨŝƐƐŝŽŶĂŝƐĚĞ^ĂƷĚĞ͘ƐƐƵŶƚŽƐDĠĚŝĐŽƐ͘;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ŵƐĚŵĂŶƵĂůƐ͘ĐŽŵͬƉƚͲ
ďƌͬƉƌŽĨŝƐƐŝŽŶĂůͿ
DhZ,Ks^,/͕:ĂLJŵĞ͘WĞĚŝĂƚƌŝĂ͗ŝĂŐŶſƐƚŝĐŽĞdƌĂƚĂŵĞŶƚŽ͘^ĂƌǀŝĞƌ͕ϭϵϴϳ͘
Z//ZK͕͘͘D͘ĞƚĂů͘^/–ůşŶŝĐĂDĠĚŝĐĂ͘DĞĚĐĞů͕ϮϬϭϬ͘
D/KW^&ͬ^ϰϬ,
WŽůşƚŝĐĂEĂĐŝŽŶĂůĚĞ,ƵŵĂŶŝnjĂĕĆŽ–,ƵŵĂŶŝnjĂ^h^͘ƚŝĐĂWƌŽĨŝƐƐŝŽŶĂů͘WƌŽĐĞƐƐŽƚŝĐŽWƌŽĨŝƐƐŝŽŶĂů͘ŝŵƉůĂŶƚĂĕĆŽĚĂƵŶŝĚĂĚĞ
ĚĞ ƐĂƷĚĞ ĚĂ ĨĂŵşůŝĂ͘ dƌĞŝŶĂŵĞŶƚŽ /ŶƚƌŽĚƵƚſƌŝŽ͘ ĚƵĐĂĕĆŽ WĞƌŵĂŶĞŶƚĞ͘ ^ĂƷĚĞ ĚŽ dƌĂďĂůŚĂĚŽƌ͘ ŽŶƚƌŽůĞ ĚĂ dƵďĞƌĐƵůŽƐĞ͘
,ŝƉĞƌƚĞŶƐĆŽ ƐŝƐƚġŵŝĐĂ Ğ ŝĂďĞƚĞƐ DĞůůŝƚƵƐ – ƉƌŽƚŽĐŽůŽ͘ sŝŽůġŶĐŝĂ ŝŶƚƌĂĨĂŵŝůŝĂƌ – ŽƌŝĞŶƚĂĕƁĞƐ ƉĂƌĂ Ă ƉƌĄƚŝĐĂ Ğŵ ƐĞƌǀŝĕŽ͘
ĞƌŵĂƚŽůŽŐŝĂŶĂĂƚĞŶĕĆŽďĄƐŝĐĂĚĂƐĂƷĚĞ͘ŽŶƚƌŽůĞĚĂŚĂŶƐĞŶşĂƐĞ͘^ĂƷĚĞĚĂĐƌŝĂŶĕĂ͗ĂĐŽŵƉĂŶŚĂŵĞŶƚŽĚŽĐƌĞƐĐŝŵĞŶƚŽĞĚŽ
ĚĞƐĞŶǀŽůǀŝŵĞŶƚŽŝŶĨĂŶƚŝů͕ŶƵƚƌŝĕĆŽ͕ĂůĞŝƚĂŵĞŶƚŽŵĂƚĞƌŶŽĞĂůŝŵĞŶƚĂĕĆŽĐŽŵƉůĞŵĞŶƚĂƌ͘KďĞƐŝĚĂĚĞ͘ŽŶƚƌŽůĞĚŽƐĐąŶĐĞƌĞƐĚĞ
ĐŽůŽĚŽƷƚĞƌŽĞĚĂŵĂŵĂ͘WƌĞǀĞŶĕĆŽĐůşŶŝĐĂĚĞĚŽĞŶĕĂĐĂƌĚŝŽǀĂƐĐƵůĂƌ͕ĐĞƌĞďƌŽǀĂƐĐƵůĂƌĞƌĞŶĂůĐƌƀŶŝĐĂ͘,ŝƉĞƌƚĞŶƐĆŽĂƌƚĞƌŝĂů
ƐŝƐƚġŵŝĐĂ͘ ŝĂďĞƚĞƐ DĞůůŝƚƵƐ͘ ^ĂƷĚĞ ƵĐĂů͘ ,/sͬ/^͕ ŚĞƉĂƚŝƚĞƐ Ğ ŽƵƚƌĂƐ ^d͘ ŶǀĞůŚĞĐŝŵĞŶƚŽ Ğ ƐĂƷĚĞ ĚĂ ƉĞƐƐŽĂ ŝĚŽƐĂ͘
ĂƌġŶĐŝĂ ĚĞ ŵŝĐƌŽŶƵƚƌŝĞŶƚĞƐ͘ sŝŐŝůąŶĐŝĂ Ğŵ ƐĂƷĚĞ͗ ĚĞŶŐƵĞ͕ ĞƐƋƵŝƐƚŽƐƐŽŵŽƐĞ͕ ŚĂŶƐĞŶşĂƐĞ͕ ŵĂůĄƌŝĂ͕ ƚƌĂĐŽŵĂ Ğ ƚƵďĞƌĐƵůŽƐĞ͘
ŽŽŶŽƐĞƐ͘ ^ĂƷĚĞ ŶĂ ĞƐĐŽůĂ͘ ŽĞŶĕĂƐ ƌĞƐƉŝƌĂƚſƌŝĂƐ ĐƌƀŶŝĐĂƐ͘ ^ĂƷĚĞ ƐĞdžƵĂů Ğ ƐĂƷĚĞ ƌĞƉƌŽĚƵƚŝǀĂ͘ ƚĞŶĕĆŽ ă ĚĞŵĂŶĚĂ
ĞƐƉŽŶƚąŶĞĂŶĂW^͘ZĂƐƚƌĞĂŵĞŶƚŽ͘WƌŽĐĞĚŝŵĞŶƚŽƐ͘WƌĄƚŝĐĂƐŝŶƚĞŐƌĂƚŝǀĂƐĞĐŽŵƉůĞŵĞŶƚĂƌĞƐ͘ƚĞŶĕĆŽĂŽƉƌĠͲŶĂƚĂůĚĞďĂŝdžŽ
ƌŝƐĐŽ͘ƉŝĚĞŵŝŽůŽŐŝĂ͕ĨŝƐŝŽƉĂƚŽůŽŐŝĂ͕ĚŝĂŐŶſƐƚŝĐŽ͕ĐůşŶŝĐĂ͕ƚƌĂƚĂŵĞŶƚŽĞƉƌĞǀĞŶĕĆŽĚĂƐĚŽĞŶĕĂƐĐĂƌĚŝŽǀĂƐĐƵůĂƌĞƐ͕ƉƵůŵŽŶĂƌĞƐ͕
ĚŽƐŝƐƚĞŵĂĚŝŐĞƐƚŝǀŽ͕ƌĞŶĂŝƐ͕ŵĞƚĂďſůŝĐĂƐĞĚŽƐŝƐƚĞŵĂĞŶĚſĐƌŝŶŽ͕ŚĞŵĂƚŽůſŐŝĐĂƐ͕ƌĞƵŵĂƚŽůſŐŝĐĂƐ͕ŶĞƵƌŽůſŐŝĐĂƐ͕ƉƐŝƋƵŝĄƚƌŝĐĂƐ͕
ŝŶĨĞĐĐŝŽƐĂƐ Ğ ƚƌĂŶƐŵŝƐƐşǀĞŝƐ͕ ŐŝŶĞĐŽůſŐŝĐĂƐ ^ŝƚƵĂĕĆŽ ĚĞ ǀŝŽůġŶĐŝĂ ;ŝĚĞŶƚŝĨŝĐĂĕĆŽ Ğ ƉƌŽĐĞĚŝŵĞŶƚŽƐͿ͘ EŽƌŵĂƐ Ğ ŝƌĞƚƌŝnjĞƐ ĚŽ
WƌŽŐƌĂŵĂĚĞ^ĂƷĚĞĚĂ&ĂŵşůŝĂ–W^&͘
/>/K'Z&/Z&ZE/>͗
>ĞŝƐĞŶŽƌŵĂƐ͗
&D͘ZĞƐŽůƵĕĆŽEǑϮ͘ϮϭϳͬϮϬϭϴͲſĚŝŐŽĚĞƚŝĐĂDĠĚŝĐĂ;ŚƚƚƉƐ͗ͬͬĐĞŵ͘ĐĨŵ͘ŽƌŐ͘ďƌͬͿ͘
&D͘ZĞƐŽůƵĕĆŽEǑϮ͘ϯϬϲͬϮϬϮϮͲſĚŝŐŽĚĞWƌŽĐĞƐƐŽƚŝĐŽWƌŽĨŝƐƐŝŽŶĂů;ſĚŝŐŽĚĞWƌŽĐĞƐƐŽƚŝĐŽͲWƌŽĨŝƐƐŝŽŶĂů;ƚƵĂůͿ
;ĐĨŵ͘ŽƌŐ͘ďƌͿͿ͘
>ŝǀƌŽƐ͕ĐŽŵƉġŶĚŝŽƐĞƉƵďůŝĐĂĕƁĞƐŝŶƐƚŝƚƵĐŝŽŶĂŝƐ͗
D–^^K/KD/Z^/>/ZͲWƌŽũĞƚŽŝƌĞƚƌŝnjĞƐ͗DĞĚŝĐŝŶĂĚĂ&ĂŵşůŝĂĞŽŵƵŶŝĚĂĚĞ
;ŚƚƚƉƐ͗ͬͬĂŵď͘ŽƌŐ͘ďƌͬƉƌŽũĞƚŽͲĚŝƌĞƚƌŝnjĞƐ͖ͬŚƚƚƉ͗ͬͬǁǁǁ͘ƉƌŽũĞƚŽĚŝƌĞƚƌŝnjĞƐ͘ŽƌŐ͘ďƌͬŶŽǀĂƐͺĚŝƌĞƚƌŝnjĞƐͺƐŽĐŝĞĚĂĚĞƐ͘ƉŚƉͿ
Z^/>͕D^͘ĂĚĞƌŶŽƐĚĞƚĞŶĕĆŽĄƐŝĐĂ;ŚƚƚƉƐ͗ͬͬĂƉƐ͘ƐĂƵĚĞ͘ŐŽǀ͘ďƌͬďŝďůŝŽƚĞĐĂͬŝŶĚĞdžͿ͗EǑϭϯͲŽŶƚƌŽůĞĚŽƐĐąŶĐĞƌĞƐĚĞĐŽůŽ
ĚŽ ƷƚĞƌŽ Ğ ĚĂ ŵĂŵĂ͖ EǑ ϭϰ Ͳ WƌĞǀĞŶĕĆŽ ůşŶŝĐĂ ĚĞ ŽĞŶĕĂ ĂƌĚŝŽǀĂƐĐƵůĂƌ͕ ĐĞƌĞďƌŽǀĂƐĐƵůĂƌ Ğ ƌĞŶĂů ĐƌƀŶŝĐĂ͖ EǑ ϭϵ Ͳ
ŶǀĞůŚĞĐŝŵĞŶƚŽ Ğ ^ĂƷĚĞ ĚĂ WĞƐƐŽĂ /ĚŽƐĂ͖ EǑ ϮϬ Ͳ ĂƌġŶĐŝĂ ĚĞ DŝĐƌŽŶƵƚƌŝĞŶƚĞƐ͖ EǑ Ϯϭ Ͳ sŝŐŝůąŶĐŝĂ Ğŵ ^ĂƷĚĞ͗ ĞŶŐƵĞ͕
ĞƐƋƵŝƐƚŽƐƐŽŵŽƐĞƐ͕ĞƚĐ͖͘EǑϮϮͲsŝŐŝůąŶĐŝĂĞŵ^ĂƷĚĞ͗ŽŽŶŽƐĞƐ͖EǑϮϯͲ^ĂƷĚĞĚĂƌŝĂŶĕĂ͗EƵƚƌŝĕĆŽ/ŶĨĂŶƚŝů͖EǑϮϱͲŽĞŶĕĂƐ
ƌĞƐƉŝƌĂƚſƌŝĂƐĐƌƀŶŝĐĂƐ͖EǑϮϲ Ͳ^ĂƷĚĞƐĞdžƵĂů ĞƐĂƷĚĞƌĞƉƌŽĚƵƚŝǀĂ͖EǑϮϴ ͲƚĞŶĕĆŽă ĚĞŵĂŶĚĂ ĞƐƉŽŶƚąŶĞĂ ŶĂ W^͖EǑϯϬ Ͳ
WƌŽĐĞĚŝŵĞŶƚŽƐ͖EǑϯϯͲ^ĂƷĚĞĚĂƌŝĂŶĕĂƌĞƐĐŝŵĞŶƚŽĞĚĞƐĞŶǀŽůǀŝŵĞŶƚŽ͖EǑϯϱͲƐƚƌĂƚĠŐŝĂƉĂƌĂŽĐƵŝĚĂĚŽĚĂƉĞƐƐŽĂĐŽŵ
ĚŽĞŶĕĂĐƌƀŶŝĐĂ͖EǑϯϲͲŝĂďĞƚĞƐDĞůůŝƚƵƐ͖EǑϯϳͲ,ŝƉĞƌƚĞŶƐĆŽƌƚĞƌŝĂů^ŝƐƚġŵŝĐĂ͖EǑϯϴͲƐƚƌĂƚĠŐŝĂƉĂƌĂŽĐƵŝĚĂĚŽĚĂƉĞƐƐŽĂ
ĐŽŵ ĚŽĞŶĕĂ ĐƌƀŶŝĐĂ͗ KďĞƐŝĚĂĚĞ͖ EǑ ϰϬ Ͳ ƐƚƌĂƚĠŐŝĂ ƉĂƌĂ Ž ĐƵŝĚĂĚŽ ĚĂ ƉĞƐƐŽĂ ĐŽŵ ĚŽĞŶĕĂ ĐƌƀŶŝĐĂ͗ K ĐƵŝĚĂĚŽ ĚĂ WĞƐƐŽĂ
dĂďĂŐŝƐƚĂ͖EǑϰϭͲ^ĂƷĚĞĚŽdƌĂďĂůŚĂĚŽƌĞĚĂdƌĂďĂůŚĂĚŽƌĂ͘
Z^/>ͬD^͘'ƵŝĂĚĞsŝŐŝůąŶĐŝĂĞŵ^ĂƷĚĞ͕ǀŽůƵŵĞƐϭ͕ϮĞϯ͘ϲǐĞĚŝĕĆŽƌĞǀŝƐĂĚĂ͕ϮϬϮϰ;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ŐŽǀ͘ďƌͬƐĂƵĚĞͬƉƚͲ
ďƌͬĐĞŶƚƌĂŝƐͲĚĞͲĐŽŶƚĞƵĚŽͬƉƵďůŝĐĂĐŽĞƐͬͿ
Z^/>ͬD^͘WŽůşƚŝĐĂEĂĐŝŽŶĂůĚĞ,ƵŵĂŶŝnjĂĕĆŽ–,ƵŵĂŶŝnjĂ^h^͗'ůŽƐƐĄƌŝŽWE,;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ŐŽǀ͘ďƌͬƐĂƵĚĞͬƉƚͲďƌͬĂĐĞƐƐŽͲĂͲ
ŝŶĨŽƌŵĂĐĂŽͬĂĐŽĞƐͲĞͲƉƌŽŐƌĂŵĂƐͬŚƵŵĂŶŝnjĂƐƵƐͬŐůŽƐƐĂƌŝŽͲƉŶŚͿ͖KďũĞƚŝǀŽƐ;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ŐŽǀ͘ďƌͬƐĂƵĚĞͬƉƚͲďƌͬĂĐĞƐƐŽͲĂͲ
ŝŶĨŽƌŵĂĐĂŽͬĂĐŽĞƐͲĞͲƉƌŽŐƌĂŵĂƐͬŚƵŵĂŶŝnjĂƐƵƐͬŽďũĞƚŝǀŽƐͲĚŽͲŚƵŵĂŶŝnjĂƐƵƐͿ͖WƌŝŶĐşƉŝŽƐ;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ŐŽǀ͘ďƌͬƐĂƵĚĞͬƉƚͲ
ďƌͬĂĐĞƐƐŽͲĂͲŝŶĨŽƌŵĂĐĂŽͬĂĐŽĞƐͲĞͲƉƌŽŐƌĂŵĂƐͬŚƵŵĂŶŝnjĂƐƵƐͬƉƌŝŶĐŝƉŝŽƐͲĚŽͲŚƵŵĂŶŝnjĂƐƵƐͿ͖DĠƚŽĚŽĞĚŝƐƉŽƐŝƚŝǀŽƐĚĂWE,
;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ŐŽǀ͘ďƌͬƐĂƵĚĞͬƉƚͲďƌͬĂĐĞƐƐŽͲĂͲŝŶĨŽƌŵĂĐĂŽͬĂĐŽĞƐͲĞͲƉƌŽŐƌĂŵĂƐͬŚƵŵĂŶŝnjĂƐƵƐͬŵĞƚŽĚŽͲĞͲĚŝƐƉŽƐŝƚŝǀŽƐͲĚĂͲƉŶŚͿ͘
ZhEt>ĞƚĂů͘,ĂƌƌŝƐŽŶ͗DĞĚŝĐŝŶĂ/ŶƚĞƌŶĂ͘
hEE͘ƌƵĐĞ͘DĞĚŝĐŝŶĂŵďƵůĂƚŽƌŝĂů–ŽŶĚƵƚĂƐĚĞƚĞŶĕĆŽWƌŝŵĄƌŝĂĂƐĞĂĚĂĞŵǀŝĚġŶĐŝĂƐ;Ě͘ƌƚŵĞĚͿ͘
'h^^K͕'ƵƐƚĂǀŽ͘dƌĂƚĂĚŽĚĞDĞĚŝĐŝŶĂĚĞ&ĂŵşůŝĂĞŽŵƵŶŝĚĂĚĞ;Ě͘ƌƚŵĞĚͿ͘
D^͘DĂŶƵĂůD^͘sĞƌƐĆŽƉĂƌĂƉƌŽĨŝƐƐŝŽŶĂŝƐĚĞ^ĂƷĚĞ͘ƐƐƵŶƚŽƐDĠĚŝĐŽƐ͘;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ŵƐĚŵĂŶƵĂůƐ͘ĐŽŵͬƉƚͲ
ďƌͬƉƌŽĨŝƐƐŝŽŶĂůͿ
Z//ZK͕͘͘D͘ĞƚĂů͘^/–ůşŶŝĐĂDĠĚŝĐĂ͘DĞĚĐĞů͕ϮϬϭϬ͘
D/KsdZ/EZ/K
WƌŝŶĐşƉŝŽƐ ďĄƐŝĐŽƐ ĚĞ ĂĚŵŝŶŝƐƚƌĂĕĆŽ ƉƷďůŝĐĂ Ğ ƐĞƌǀŝĚŽƌĞƐ ƉƷďůŝĐŽƐ͘ ^ŝƐƚĞŵĂ ^ĂŶŐƵşŶĞŽ͕ >ŝŶĨĄƚŝĐŽ Ğ ĂƌĚŝŽǀĂƐĐƵůĂƌ͘ ^ŝƐƚĞŵĂ
ŝŐĞƐƚŝǀŽ͘ ^ŝƐƚĞŵĂ ŶĚſĐƌŝŶŽ͘ KůŚŽ Ğ KƵǀŝĚŽ͘ ĨĞĐĕƁĞƐ 'ĞŶĞƌĂůŝnjĂĚĂƐ͘ ^ŝƐƚĞŵĂ /ŵƵŶĞ͘ ŝƐƚƷƌďŝŽƐ DĞƚĂďſůŝĐŽƐ͘ ^ŝƐƚĞŵĂ
DƵƐĐƵůŽĞƐƋƵĞůĠƚŝĐŽ͘^ŝƐƚĞŵĂEĞƌǀŽƐŽ͘/ŶĨůƵġŶĐŝĂƐ&şƐŝĐĂƐ͘^ŝƐƚĞŵĂZĞƉƌŽĚƵƚŝǀŽ͘^ŝƐƚĞŵĂZĞƐƉŝƌĂƚſƌŝŽ͘WĞůĞ͘^ŝƐƚĞŵĂhƌŝŶĄƌŝŽ͘
ŽŵƉŽƌƚĂŵĞŶƚŽ͘ sĂůŽƌĞƐ Ğ WƌŽĐĞĚŝŵĞŶƚŽƐ ůşŶŝĐŽƐ͘ ŶŝŵĂŝƐ ^ŝůǀĞƐƚƌĞƐ Ğ ĚĞ >ĂďŽƌĂƚſƌŝŽ͘ DĂŶĞũŽ͕ ƌŝĂĕĆŽ Ğ EƵƚƌŝĕĆŽ͘
&ĂƌŵĂĐŽůŽŐŝĂ͘ŽĞŶĕĂƐǀŝĄƌŝĂƐ͘dŽdžŝĐŽůŽŐŝĂ͘ŽŽŶŽƐĞ͘sŝŐŝůąŶĐŝĂƐĂŶŝƚĄƌŝĂĞĞƉŝĚĞŵŝŽůſŐŝĐĂĚĞĂůŝŵĞŶƚŽƐ͗/ŶƚŽdžŝĐĂĕƁĞƐĞƚŽdžŝͲ
ŝŶĨĞĐĕƁĞƐĚĞŽƌŝŐĞŵĂůŝŵĞŶƚĂƌ͘WƌŽĨŝůĂdžŝĂĚĂƐŝŶƚŽdžŝĐĂĕƁĞƐĞƚŽdžŝͲŝŶĨĞĐĕƁĞƐĂůŝŵĞŶƚĂƌĞƐ͘ /ŶǀĞƐƚŝŐĂĕĆŽĚĞƐƵƌƚŽƐ͘ŽůŚĞŝƚĂĚĞ
35
WƌĞĨĞŝƚƵƌĂDƵŶŝĐŝƉĂůĚĞ ŽŶĐƵƌƐŽWƷďůŝĐŽEǑϬϭͬϮϬϮϰ
^EdZhKZ/KWZK /d>ĚĞZdhZĚĞ/E^Z/O^
ŵŽƐƚƌĂƐ͘ƉŝĚĞŵŝŽůŽŐŝĂ͗ƉŝĚĞŵŝŽůŽŐŝĂŐĞƌĂůĞĂƉůŝĐĂĚĂ–ƉƌŝŶĐşƉŝŽƐŐĞƌĂŝƐ͕ĚĞĨŝŶŝĕĆŽĞĐůĂƐƐŝĨŝĐĂĕĆŽ͘ĂĚĞŝĂĞƉŝĚĞŵŝŽůſŐŝĐĂĞ
ƚƌĂŶƐŵŝƐƐĆŽ͘DĠƚŽĚŽƐĞƉŝĚĞŵŝŽůſŐŝĐŽƐĂƉůŝĐĂĚŽƐăǀŝŐŝůąŶĐŝĂƐĂŶŝƚĄƌŝĂ͘ƐƚĂƚşƐƚŝĐĂǀŝƚĂů͗ĞĨŝŶŝĕƁĞƐĞĐŽŶĐĞŝƚŽƐ͘>ĞǀĂŶƚĂŵĞŶƚŽ
ĚĞĚĂĚŽƐ͘ƐƚĂƚşƐƚŝĐĂĚĞŵŽƌďŝĚĂĚĞ͘WƌĞǀĂůġŶĐŝĂ͘/ŶĐŝĚġŶĐŝĂ͘WƌŽƉŽƌĕƁĞƐ͕ĐŽĞĨŝĐŝĞŶƚĞƐ͕şŶĚŝĐĞƐƵƚŝůŝnjĂĚŽƐĞŵĞƐƚƵĚŽĚĞƐĂƷĚĞ͘
ŽĞĨŝĐŝĞŶƚĞŽƵƚĂdžĂƐĚĞŵŽƌƚĂůŝĚĂĚĞ͕ŵŽƌďŝĚĂĚĞĞůĞƚĂůŝĚĂĚĞ͘'ĞƌĂŝƐ͘ƐƉĞĐşĨŝĐĂƐ͘ŽĞŶĕĂƐŝŶĨĞĐƚŽĐŽŶƚĂŐŝŽƐĂƐĚĞŝŵƉŽƌƚąŶĐŝĂ
Ğŵ ^ĂƷĚĞ WƷďůŝĐĂ sĞƚĞƌŝŶĄƌŝĂ͗ ĞƚĞƌŵŝŶĂĚĂ ƉŽƌ ďĂĐƚĠƌŝĂƐ͘ dƵďĞƌĐƵůŽƐĞ͘ ƌƵĐĞůŽƐĞ͘ >ĞƉƚŽƐƉŝƌŽƐĞ͘ ^ĂůŵŽŶĞůŽƐĞƐ͘
ƐƚƌĞƉƚŽĐŽĐĐŝĂƐĞƐ͘ ƐƚĂĨŝůŽĐŽĐĐŝĂƐĞƐ͘ ĞƚĞƌŵŝŶĂĚĂƐ ƉŽƌ ǀşƌƵƐ͘ ZĂŝǀĂ͘ ŶĐĞĨĂůŝƚĞƐ ĞƋƵŝŶĂƐ͘ ĞƚĞƌŵŝŶĂĚĂƐ ƉŽƌ ƉƌŽƚŽnjŽĄƌŝŽƐ͘
>ĞŝƐŚŵĂŶŝŽƐĞ͘ dŽdžŽƉůĂƐŵŽƐĞ͘ ĞƚĞƌŵŝŶĂĚĂƐ ƉŽƌ ŶĞŵĂƚŽŝĚĞƐ͘ ƐĐĂƌŝĚşĂƐĞ͘ ŶĐŝůŽƐƚŽŵşĂƐĞ͘ ĞƚĞƌŵŝŶĂĚĂƐ ƉŽƌ ĐĞƐƚŽŝĚĞƐ͘
dĞŶşĂƐĞƐ͘ŝƐƚŝĐĞƌĐŽƐĞƐ͘ƋƵŝŶŽĐŽĐŽƐĞƐ͘ŽŽŶŽƐĞƐ͗ŽŶĐĞŝƚƵĂĕĆŽĞĐůĂƐƐŝĨŝĐĂĕĆŽĚĞnjŽŽŶŽƐĞƐ͘ŽŶƚƌŽůĞĚĂƌĂŝǀĂ͘ŽŶƚƌŽůĞĚĞ
ƌŽĞĚŽƌĞƐ͘ ŽŶƚƌŽůĞ ĚĞ ǀĞƚŽƌĞƐ͗ WĞƐƋƵŝƐĂ ĚĞ ĐĂŵƉŽ͕ ǀŝƐŝƚĂƐ ĚŽŵŝĐŝůŝĂƌĞƐ Ğ ŽƵƚƌĂƐ͖ ŶŽĕƁĞƐ ĚĞ ĐŽŶƚƌŽůĞ ĚĞ ƉƌŽůŝĨĞƌĂĕĆŽ Ğ
ĚĞƐĞŶǀŽůǀŝŵĞŶƚŽ ĚŽ ŵŽƐƋƵŝƚŽ͖ ŶŽĕƁĞƐ ƐŽďƌĞ Ă ĚĞŶŐƵĞ͖ ďŝŽůŽŐŝĂ ĚŽƐ ǀĞƚŽƌĞƐ͖ ŽƌŐĂŶŝnjĂĕĆŽ ĚĂƐ ŽƉĞƌĂĕƁĞƐ ĚĞ ĐĂŵƉŽ͖
ƌĞĐŽŶŚĞĐŝŵĞŶƚŽŐĞŽŐƌĄĨŝĐŽ͖ǀŝƐŝƚĂĚŽŵŝĐŝůŝĂƌ͖ĐƌŝĂĚŽƵƌŽƐ͖ƉĞƐƋƵŝƐĂĞŶƚŽŵŽůſŐŝĐĂ͖ƚƌĂƚĂŵĞŶƚŽ͖ƉƌŽĐĞĚŝŵĞŶƚŽƐĚĞƐĞŐƵƌĂŶĕĂ͘
YƵŝƌſƉƚĞƌŽƐ͘ŽĞŶĕĂƐŝŶĨĞĐƚŽĐŽŶƚĂŐŝŽƐĂƐĚŽƐĂŶŝŵĂŝƐĚŽŵĠƐƚŝĐŽƐ͘&ĂƌŵĂĐŽůŽŐŝĂĞƚĞƌĂƉġƵƚŝĐĂŵĠĚŝĐŽͲǀĞƚĞƌŝŶĄƌŝĂ͘&ŝƐŝŽůŽŐŝĂ
ĚŽƐ ĂŶŝŵĂŝƐ ĚŽŵĠƐƚŝĐŽƐ͘ /ŶƐƉĞĕĆŽ Ğ ƚĞĐŶŽůŽŐŝĂ ĚĞ ƉƌŽĚƵƚŽƐ ĚĞ ŽƌŝŐĞŵ ĂŶŝŵĂů͘ EƵƚƌŝĕĆŽ ĂŶŝŵĂů͘ WĂƌĂƐŝƚŽůŽŐŝĂ ŵĠĚŝĐŽͲ
ǀĞƚĞƌŝŶĄƌŝĂ͘WĂƚŽůŽŐŝĂŵĠĚŝĐŽͲǀĞƚĞƌŝŶĄƌŝĂ͘ZĞƉƌŽĚƵĕĆŽĞĨŝƐŝŽůŽŐŝĂĚĂƌĞƉƌŽĚƵĕĆŽĂŶŝŵĂů͘dŽdžŝĐŽůŽŐŝĂ͘ŽŽƚĠĐŶŝĐĂ͘,ŝŐŝĞŶĞĞ
ŚŝŐŝĞŶŝnjĂĕĆŽĚĞĞƐƚĂďĞůĞĐŝŵĞŶƚŽƐĞĚĞĂůŝŵĞŶƚŽƐ͘DĞĚŝĚĂƐĚĞĐŽŶƚƌŽůĞƵƌďĂŶŽĚĞĂŶŝŵĂŝƐĚĞĨĂƵŶĂƐŝŶĂŶƚƌſƉŝĐĂ͘DĞĚŝĚĂƐĚĞ
ĐŽŶƚƌŽůĞƵƌďĂŶŽĚĞĂŶŝŵĂŝƐĚŽŵĠƐƚŝĐŽƐ͘WůĂŶĞũĂŵĞŶƚŽĞĚŵŝŶŝƐƚƌĂĕĆŽĞŵ^ĂƷĚĞWƷďůŝĐĂ͘sŝŐŝůąŶĐŝĂƉŝĚĞŵŝŽůſŐŝĐĂ͘KƵƚƌŽƐ
ĐŽŶŚĞĐŝŵĞŶƚŽƐ ĞƐƉĞĐşĨŝĐŽƐ ĞdžŝŐŝĚŽƐ ƉĂƌĂ ĚĞƐĞŵƉĞŶŚŽ ĚĂ ĨƵŶĕĆŽ͘ /ŶĨŽƌŵĂĕƁĞƐ ƉŝĚĞŵŝŽůſŐŝĐĂƐ͘ ĂůĞŶĚĄƌŝŽ ĚĞ sĂĐŝŶĂĕĆŽ͘
ZĂƐƚƌĞĂďŝůŝĚĂĚĞ͘ ůŝŵĞŶƚĂĕĆŽ ŶŝŵĂů͘ ĞŵͲĞƐƚĂƌ ĂŶŝŵĂů͘ EŽƚŝĨŝĐĂĕĆŽ ĐŽŵƉƵůƐſƌŝĂ ĚĞ ĚŽĞŶĕĂƐ Ğ ĂŐƌĂǀŽƐ ĚĞ ƐĂƷĚĞ ƉƷďůŝĐĂ͘
ƚŝĐĂWƌŽĨŝƐƐŝŽŶĂů͘
/>/K'Z&/Z&ZE/>͗
>ĞŝƐĞŶŽƌŵĂƐ͗
Z^/>͘ĞĐƌĞƚŽEǑϵ͘ϬϭϯͬϮϬϭϳͲZĞŐƵůĂŵĞŶƚĂĂ>ĞŝŶǑϭ͘Ϯϴϯ͕ĚĞϭϴĚĞĚĞnjĞŵďƌŽĚĞϭϵϱϬ͕ĞĂ>ĞŝŶǑϳ͘ϴϴϵ͕ĚĞϮϯĚĞ
ŶŽǀĞŵďƌŽĚĞϭϵϴϵ͕ƋƵĞĚŝƐƉƁĞŵƐŽďƌĞĂŝŶƐƉĞĕĆŽŝŶĚƵƐƚƌŝĂůĞƐĂŶŝƚĄƌŝĂĚĞƉƌŽĚƵƚŽƐĚĞŽƌŝŐĞŵĂŶŝŵĂů
;ŚƚƚƉ͗ͬͬǁǁǁ͘ƉůĂŶĂůƚŽ͘ŐŽǀ͘ďƌͬĐĐŝǀŝůͺϬϯͬͺƚŽϮϬϭϱͲϮϬϭϴͬϮϬϭϳͬĞĐƌĞƚŽͬϵϬϭϯ͘ŚƚŵͿ͘
Z^/>͘>ĞŝEǑϭ͘ϮϴϯͬϭϵϱϬĞĂƚƵĂůŝnjĂĕƁĞƐ–ŝƐƉƁĞƐŽďƌĞĂŝŶƐƉĞĕĆŽŝŶĚƵƐƚƌŝĂůĞƐĂŶŝƚĄƌŝĂĚŽƐƉƌŽĚƵƚŽƐĚĞŽƌŝŐĞŵĂŶŝŵĂů
;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ƉůĂŶĂůƚŽ͘ŐŽǀ͘ďƌͬĐĐŝǀŝůͺϬϯͬ>/^ͬ>ϭϮϴϯ͘ŚƚŵͿ
Z^/>͘>ĞŝEǑϱ͘ϱϭϳͬϭϵϲϴͲŝƐƉƁĞƐŽďƌĞŽĞdžĞƌĐşĐŝŽĚĂƉƌŽĨŝƐƐĆŽĚĞŵĠĚŝĐŽͲǀĞƚĞƌŝŶĄƌŝŽĞĐƌŝĂŽƐŽŶƐĞůŚŽƐ&ĞĚĞƌĂůĞ
ZĞŐŝŽŶĂŝƐĚĞDĞĚŝĐŝŶĂsĞƚĞƌŝŶĄƌŝĂ;ŚƚƚƉ͗ͬͬǁǁǁ͘ƉůĂŶĂůƚŽ͘ŐŽǀ͘ďƌͬĐĐŝǀŝůͺϬϯͬůĞŝƐͬůϱϱϭϳ͘ŚƚŵͿ͘
Z^/>͘>ĞŝEǑϴ͘ϭϳϭͬϭϵϵϭĞĂƚƵĂůŝnjĂĕƁĞƐͲŝƐƉƁĞƐŽďƌĞĂƉŽůşƚŝĐĂĂŐƌşĐŽůĂͲĂƉşƚƵůŽs//ͲĂĚĞĨĞƐĂ
ĂŐƌŽƉĞĐƵĄƌŝĂ;ŚƚƚƉ͗ͬͬǁǁǁ͘ƉůĂŶĂůƚŽ͘ŐŽǀ͘ďƌͬĐĐŝǀŝůͺϬϯͬůĞŝƐͬůϴϭϳϭ͘ŚƚŵͿ͘
Z^/>͘>ĞŝEǑϵ͘ϲϬϱͬϭϵϵϴĞĂƚƵĂůŝnjĂĕƁĞƐͲŝƐƉƁĞƐŽďƌĞĂƐƐĂŶĕƁĞƐƉĞŶĂŝƐĞĂĚŵŝŶŝƐƚƌĂƚŝǀĂƐĚĞƌŝǀĂĚĂƐĚĞĐŽŶĚƵƚĂƐĞ
ĂƚŝǀŝĚĂĚĞƐůĞƐŝǀĂƐĂŽŵĞŝŽĂŵďŝĞŶƚĞ͕ĞĚĄŽƵƚƌĂƐƉƌŽǀŝĚġŶĐŝĂƐ;ŚƚƚƉ͗ͬͬǁǁǁ͘ƉůĂŶĂůƚŽ͘ŐŽǀ͘ďƌͬĐĐŝǀŝůͺϬϯͬ>ĞŝƐͬ>ϵϲϬϱ͘ŚƚŵͿ͘
Z^/>͘>ĞŝEǑϭϬ͘ϱϭϵͬϮϬϬϮͲŝƐƉƁĞƐŽďƌĞĂƉƌŽŵŽĕĆŽĞĂĨŝƐĐĂůŝnjĂĕĆŽĚĂĚĞĨĞƐĂƐĂŶŝƚĄƌŝĂĂŶŝŵĂůƋƵĂŶĚŽĚĂƌĞĂůŝnjĂĕĆŽĚĞ
ƌŽĚĞŝŽĞĚĄŽƵƚƌĂƐƉƌŽǀŝĚġŶĐŝĂƐ;ŚƚƚƉ͗ͬͬǁǁǁ͘ƉůĂŶĂůƚŽ͘ŐŽǀ͘ďƌͬĐĐŝǀŝůͺϬϯͬůĞŝƐͬϮϬϬϮͬůϭϬϱϭϵ͘ŚƚŵͿ͘
Z^/>͘>ĞŝEǑϭϯ͘ϰϮϲͬϮϬϭϳͲŝƐƉƁĞƐŽďƌĞĂƉŽůşƚŝĐĂĚĞĐŽŶƚƌŽůĞĚĂŶĂƚĂůŝĚĂĚĞĚĞĐĆĞƐĞŐĂƚŽƐĞĚĄŽƵƚƌĂƐƉƌŽǀŝĚġŶĐŝĂƐ
;ŚƚƚƉ͗ͬͬǁǁǁ͘ƉůĂŶĂůƚŽ͘ŐŽǀ͘ďƌͬĐĐŝǀŝůͺϬϯͬͺĂƚŽϮϬϭϱͲϮϬϭϴͬϮϬϭϳͬůĞŝͬ>ϭϯϰϮϲ͘ŚƚŵͿ͘
&Ds͘ZĞƐŽůƵĕĆŽEǑϭ͘ϭϯϴͬϮϬϭϲ͘ƉƌŽǀĂŽĐſĚŝŐŽĚĞĠƚŝĐĂĚŽDĠĚŝĐŽsĞƚĞƌŝŶĄƌŝŽ
;ŚƚƚƉ͗ͬͬƉŽƌƚĂů͘ĐĨŵǀ͘ŐŽǀ͘ďƌͬƵƉůŽĂĚƐͬZ^KйϮϬϭϭϯϴͺϮϬϭϲйϮϬйϯйϯĚŝŐŽйϮϬĚĞйϮϬйϯйϴϵƚŝĐĂйϮϬĚŽйϮϬDйϯйϵĚŝĐŽ
йϮϬsĞƚĞƌŝŶйϯйϭƌŝŽ͘ƉĚĨͿ͘
^KWh>K͘ZĞƐŽůƵĕĆŽEǑϭϭϯϴͬϮϬϭϲ–ĞĐƌĞƚŽƐƚĂĚƵĂůEǑϰϬ͘ϰϬϬͬϭϵϵϱ–ƉƌŽǀĂŶŽƌŵĂƚĠĐŶŝĐĂĞƐƉĞĐŝĂůƌĞůĂƚŝǀĂă
ŝŶƐƚĂůĂĕĆŽĚĞĞƐƚĂďĞůĞĐŝŵĞŶƚŽƐǀĞƚĞƌŝŶĄƌŝŽƐ;ŚƚƚƉƐ͗ͬͬǁǁǁ͘Ăů͘ƐƉ͘ŐŽǀ͘ďƌͬƌĞƉŽƐŝƚŽƌŝŽͬůĞŐŝƐůĂĐĂŽͬĚĞĐƌĞƚŽͬϭϵϵϱͬĚĞĐƌĞƚŽͲϰϬϰϬϬͲ
Ϯϰ͘ϭϬ͘ϭϵϵϱ͘ŚƚŵůͿ͘
^KWh>K͘ĞĐƌĞƚŽƐƚĂĚƵĂůEǑϰϬ͘ϲϰϲͬϭϵϵϲͲůƚĞƌĂĂƌĞĚĂĕĆŽĚŽĂƌƚŝŐŽϭϬ͕ĚĂEŽƌŵĂdĠĐŶŝĐĂƐƉĞĐŝĂů͕ĂƉƌŽǀĂĚĂƉĞůŽ
ĞĐƌĞƚŽŶΣϰϬ͘ϰϬϬ͕ĚĞϮϰĚĞŽƵƚƵďƌŽĚĞϭϵϵϱ;ŚƚƚƉƐ͗ͬͬǁǁǁ͘Ăů͘ƐƉ͘ŐŽǀ͘ďƌͬƌĞƉŽƐŝƚŽƌŝŽͬůĞŐŝƐůĂĐĂŽͬĚĞĐƌĞƚŽͬϭϵϵϲͬĚĞĐƌĞƚŽͲϰϬϲϰϲͲ
ϬϮ͘ϬϮ͘ϭϵϵϲ͘ŚƚŵůͿ͘
>ŝǀƌŽƐ͕ĐŽŵƉġŶĚŝŽƐĞƉƵďůŝĐĂĕƁĞƐŝŶƐƚŝƚƵĐŝŽŶĂŝƐ͗
Z^/>ͬD^͘'ƵŝĂĚĞsŝŐŝůąŶĐŝĂĞŵ^ĂƷĚĞ͕ǀŽůƵŵĞƐϭ͕ϮĞϯ͘ϲǐĞĚŝĕĆŽƌĞǀŝƐĂĚĂ͕ϮϬϮϰͲĂƉşƚƵůŽƐϳĂϭϭ͘
;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ŐŽǀ͘ďƌͬƐĂƵĚĞͬƉƚͲďƌͬĐĞŶƚƌĂŝƐͲĚĞͲĐŽŶƚĞƵĚŽͬƉƵďůŝĐĂĐŽĞƐͬͿ
ZDs^W͘DĂŶƵĂůĚĞZĞƐƉŽŶƐĂďŝůŝĚĂĚĞdĠĐŶŝĐĂĞ>ĞŐŝƐůĂĕĆŽ͕ϰǐĞĚ͘ZĞǀŝƐĂĚĂ͕ϮϬϭϵ;ŚƚƚƉƐ͗ͬͬĐƌŵǀƐƉ͘ŐŽǀ͘ďƌͬǁƉͲ
ĐŽŶƚĞŶƚͬƵƉůŽĂĚƐͬϮϬϮϭͬϬϯͬDEh>ͺZdͺZDsͲ^W͘ƉĚĨͿ
>^s/ZD^^KE͘DĂŶƵĂůůƐĞǀŝĞƌĚĞsĞƚĞƌŝŶĄƌŝĂ͗ŝĂŐŶſƐƚŝĐŽĞƚƌĂƚĂŵĞŶƚŽĚĞĐĆĞƐ͕ŐĂƚŽƐĞĂŶŝŵĂŝƐĞdžſƚŝĐŽƐ͕ϳǐĞĚŝĕĆŽ
;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ƵĨƌď͘ĞĚƵ͘ďƌͬĐĐĂĂďͬŝŵĂŐĞƐͬWͬŝǀƵůŐĂйϯйϳйϯйϯŽͬ>/sZK^ͬDĂŶƵĂůͺůƐĞǀŝĞƌͺĚĞͺsĞƚĞƌŝŶйϯйϭƌŝĂͺ
ŝĂŐŶйϯйϯƐƚŝĐŽͺĞͺdƌĂƚĂŵĞŶƚŽͺĚĞͺйϯйϯĞƐͺ'ĂƚŽƐͺĞͺŶŝŵĂŝƐͺdžйϯйϯƚŝĐŽƐͺͲ
ͺϳйϮйͺĚŝйϯйϳйϯйϯŽͺͲͺZŽďĞƌƚͺDŽƌĂŝůůŽŶͺͲͺϮϬϭϯͲĐŽŵƉĂĐƚĂĚŽ͘ƉĚĨͿ
DWͬ^ͬ^͘WƌŽŐƌĂŵĂƐEĂĐŝŽŶĂŝƐĚĞ^ĂƷĚĞŶŝŵĂůŶŽƌĂƐŝů͕ϮϬϬϵŚƚƚƉƐ͗ͬͬǁǁǁ͘ŐŽǀ͘ďƌͬĂŐƌŝĐƵůƚƵƌĂͬƉƚͲ
;ďƌͬĂƐƐƵŶƚŽƐͬƐĂŶŝĚĂĚĞͲĂŶŝŵĂůͲĞͲǀĞŐĞƚĂůͬƐĂƵĚĞͲĂŶŝŵĂůͬĂƌƋƵŝǀŽƐͲĚĂƐͲƉƵďůŝĐĂĐŽĞƐͲĚĞͲƐĂƵĚĞͲĂŶŝŵĂůͬŵĂŶƵĂůͲĚĞͲůĞŐŝƐůĂĐĂŽͲ
ƐĂƵĚĞͲĂŶŝŵĂůͲůŽǁ͘ƉĚĨͬǀŝĞǁͿ
DZ<͘DĂŶƵĂůDĞƌĐŬĚĞsĞƚĞƌŝŶĄƌŝĂ͘ZŽĐĂ͕ϮϬϬϴ͘
D^ͬ&E^ͬ&hE^͘ŽŶƚƌŽůĞĚĞsĞƚŽƌĞƐ͗WƌŽĐĞĚŝŵĞŶƚŽƐĚĞ^ĞŐƵƌĂŶĕĂ͕ϮϬϬϭ
ŚƚƚƉ͗ͬͬďǀƐŵƐ͘ƐĂƵĚĞ͘ŐŽǀ͘ďƌͬďǀƐͬƉƵďůŝĐĂĐŽĞƐͬĨƵŶĂƐĂͬĐŽŶƚƌŽůĞͺǀĞƚŽƌĞƐ͘ƉĚĨͿ
36
WƌĞĨĞŝƚƵƌĂDƵŶŝĐŝƉĂůĚĞ ŽŶĐƵƌƐŽWƷďůŝĐŽEǑϬϭͬϮϬϮϰ
^EdZhKZ/KWZK /d>ĚĞZdhZĚĞ/E^Z/O^
^hWZs/^KZE^/EK
EŽĕƁĞƐ ĚĞ ĂƉŽŝŽ ƚĠĐŶŝĐŽ͕ ĂĚŵŝŶŝƐƚƌĂƚŝǀŽ Ğ ƉĞĚĂŐſŐŝĐŽ͘ ŝƌĞƚƌŝnjĞƐ ƵƌƌŝĐƵůĂƌĞƐ EĂĐŝŽŶĂŝƐ 'ĞƌĂŝƐ ƉĂƌĂ Ă ĚƵĐĂĕĆŽ ĄƐŝĐĂ͘
ŝƌĞƚƌŝnjĞƐƵƌƌŝĐƵůĂƌĞƐEĂĐŝŽŶĂŝƐƉĂƌĂĂĚƵĐĂĕĆŽ/ŶĨĂŶƚŝů͘ŝƌĞƚƌŝnjĞƐƵƌƌŝĐƵůĂƌĞƐEĂĐŝŽŶĂŝƐƉĂƌĂŽŶƐŝŶŽ&ƵŶĚĂŵĞŶƚĂůĚĞϵ
ĂŶŽƐ͘ĂƐĞEĂĐŝŽŶĂůŽŵƵŵƵƌƌŝĐƵůĂƌ–ŽŵƉĞƚġŶĐŝĂƐŐĞƌĂŝƐĚĂĚƵĐĂĕĆŽĄƐŝĐĂ͖ŽƐŵĂƌĐŽƐůĞŐĂŝƐƋƵĞĞŵďĂƐĂŵĂE͖ŽƐ
ĨƵŶĚĂŵĞŶƚŽƐ ƉĞĚĂŐſŐŝĐŽƐ ĚĂ E͖ Ž ƉĂĐƚŽ /ŶƚĞƌ ĨĞĚĞƌĂƚŝǀŽ Ğ Ă ŝŵƉůĞŵĞŶƚĂĕĆŽ ĚĂ E͖ ƐƚƌƵƚƵƌĂ ĚĂ E͖ ĞƚĂƉĂ ĚĂ
ĚƵĐĂĕĆŽ /ŶĨĂŶƚŝů͗ ĚƵĐĂĕĆŽ /ŶĨĂŶƚŝů ŶĂ ĂƐĞ EĂĐŝŽŶĂů ŽŵƵŵ ƵƌƌŝĐƵůĂƌ͖ ĚƵĐĂĕĆŽ /ŶĨĂŶƚŝů ŶŽ ĐŽŶƚĞdžƚŽ ĚĂ ĚƵĐĂĕĆŽ
ĄƐŝĐĂ͖ ŝƌĞŝƚŽƐ ĚĞ ĂƉƌĞŶĚŝnjĂŐĞŵ Ğ ĚĞƐĞŶǀŽůǀŝŵĞŶƚŽ ŶĂ ĚƵĐĂĕĆŽ /ŶĨĂŶƚŝů͖ KƐ ĐĂŵƉŽƐ ĚĞ ĞdžƉĞƌŝġŶĐŝĂƐ͖ KƐ ŽďũĞƚŝǀŽƐ ĚĞ
ĂƉƌĞŶĚŝnjĂŐĞŵĞĚĞƐĞŶǀŽůǀŝŵĞŶƚŽƉĂƌĂĂĚƵĐĂĕĆŽ/ŶĨĂŶƚŝů͖ƚƌĂŶƐŝĕĆŽĚĂĚƵĐĂĕĆŽ/ŶĨĂŶƚŝůƉĂƌĂŽŶƐŝŶŽ&ƵŶĚĂŵĞŶƚĂů͘ŶŽƐ
/ŶŝĐŝĂŝƐ Ğ ŶŽƐ &ŝŶĂŝƐ͗ ŽŵƉĞƚġŶĐŝĂƐ ĞƐƉĞĐşĨŝĐĂƐ͕ ƵŶŝĚĂĚĞƐ ƚĞŵĄƚŝĐĂƐ͕ ŽďũĞƚŽƐ ĚĞ ĐŽŶŚĞĐŝŵĞŶƚŽ Ğ ŚĂďŝůŝĚĂĚĞƐ ŶĂƐ ĄƌĞĂƐ ĚĞ
>ŝŶŐƵĂŐĞŶƐ͕ DĂƚĞŵĄƚŝĐĂ͕ ŝġŶĐŝĂƐ ĚĂ EĂƚƵƌĞnjĂ͕ ŝġŶĐŝĂƐ ,ƵŵĂŶĂƐ Ğ ŶƐŝŶŽ ZĞůŝŐŝŽƐŽ͘ ůĂďŽƌĂĕĆŽ ĚŽ WůĂŶŽ DƵŶŝĐŝƉĂů ĚĞ
ĚƵĐĂĕĆŽ͘ ƉƌĞŶĚĞƌ Ğ ĞŶƐŝŶĂƌ ŶĂ ĞĚƵĐĂĕĆŽ ŝŶĨĂŶƚŝů͘ ƐĐƌĞǀĞƌ Ğ ůĞƌ͗ ĐŽŵŽ ĂƐ ĐƌŝĂŶĕĂƐ ĂƉƌĞŶĚĞŵ Ğ ĐŽŵŽ Ž ƉƌŽĨĞƐƐŽƌ ƉŽĚĞ
ĞŶƐŝŶĄͲůĂƐĂĞƐĐƌĞǀĞƌĞůĞƌ͘KƐĨĂnjĞƌĞƐŶĂĞĚƵĐĂĕĆŽŝŶĨĂŶƚŝů͘'ĞƐƚĆŽĚĞŵŽĐƌĄƚŝĐĂĚĂĞĚƵĐĂĕĆŽ͘ǀĂůŝĂĕĆŽŶĂƉƌĠͲĞƐĐŽůĂ͘>ĞƌĞ
ĞƐĐƌĞǀĞƌ ŶĂ ĞƐĐŽůĂ͘ 'ĞƐƚĆŽ ƉĂƌƚŝĐŝƉĂƚŝǀĂ ŶĂ ĞƐĐŽůĂ͘ ŝĚĄƚŝĐĂ͘ ĕĆŽ ŝŶƚĞŐƌĂĚĂ͗ ĚŵŝŶŝƐƚƌĂĕĆŽ͕ ƐƵƉĞƌǀŝƐĆŽ Ğ ŽƌŝĞŶƚĂĕĆŽ
ĞĚƵĐĂĐŝŽŶĂů͘ĞƐĐŽůĂĐŽŵŽƐŝƐƚĞŵĂĞĂĚŝǀŝƐĆŽĚĞƚƌĂďĂůŚŽ͘ƋƵĞƐƚĆŽĚĂŝŶƚĞŐƌĂĕĆŽ͘KƉƌŽĐĞƐƐŽĚĞĐŽŶƐƵůƚŽƌŝĂ͘ǀĂůŝĂĕĆŽĞ
ŵŽŶŝƚŽƌĂŵĞŶƚŽ ĚŽ ƚƌĂďĂůŚŽ ĞĚƵĐĂĐŝŽŶĂů͘ ŽŶĐĞƉĕƁĞƐ Ğ ƉƌŽĐĞƐƐŽƐ ĚĞŵŽĐƌĄƚŝĐŽƐ ĚĞ ŐĞƐƚĆŽ ĞĚƵĐĂĐŝŽŶĂů͘ ǀĂůŝĂĕĆŽ
ŝŶƐƚŝƚƵĐŝŽŶĂůĚĂĞƐĐŽůĂ͘&ƵŶĚĂŵĞŶƚŽƐĚĂĂǀĂůŝĂĕĆŽŝŶƐƚŝƚƵĐŝŽŶĂů͘ŽŵƉĞƚġŶĐŝĂƐƉĂƌĂĞŶƐŝŶĂƌ͘^ƵƉĞƌǀŝƐĆŽƉĞĚĂŐſŐŝĐĂĂŵƉůŝĂĚĂ͘
^ƵƉĞƌǀŝƐĆŽĞŶĂƌƌĂƚŝǀĂŶŽĐŽƚŝĚŝĂŶŽĞƐĐŽůĂƌ͘^ƵƉĞƌǀŝƐĆŽĞŝŶĐůƵƐĆŽ͘ 'ĞƐƚĆŽĚĂĐƵůƚƵƌĂĞĚŽĐůŝŵĂŽƌŐĂŶŝnjĂĐŝŽŶĂůĚĂĞƐĐŽůĂ͘K
ĞƐƉĂĕŽ ƐŽĐŝŽĐƵůƚƵƌĂů ĚĂ ĞƐĐŽůĂ Ğ ƐĞƵ ĐŽƚŝĚŝĂŶŽ͘ 'ĞƐƚĆŽ ĚƵĐĂĐŝŽŶĂů͘ Ɛ ĚŝĨĞƌĞŶĕĂƐ ĞŶƚƌĞ Ă ĂĚŵŝŶŝƐƚƌĂĕĆŽ Ğ Ă ŐĞƐƚĆŽ
ĞĚƵĐĂĐŝŽŶĂů͘ >ŝĚĞƌĂŶĕĂ Ğŵ ŐĞƐƚĆŽ ĞƐĐŽůĂƌ͘ dĞŽƌŝĂƐ ƐŽďƌĞ ůŝĚĞƌĂŶĕĂ͘ KƌŝĞŶƚĂĕĆŽ Ğ ^ƵƉĞƌǀŝƐĆŽ ƐĐŽůĂƌ͘ K ƚƌĂďĂůŚŽ ĐŽŵŽ
ĞůĞŵĞŶƚŽĚĂƐŽĐŝĂůŝnjĂĕĆŽŚƵŵĂŶĂĞƐƵĂŝŶƚĞƌĂĕĆŽŶĂƉƌĄƚŝĐĂĞĚƵĐĂƚŝǀĂ͘ƚƌĂũĞƚſƌŝĂĚŽƐƉƌŽĨŝƐƐŝŽŶĂŝƐĚĂĞĚƵĐĂĕĆŽ͘KƚƌĂďĂůŚŽ
ĐŽůĞƚŝǀŽ͗ Ž ĐĂŵŝŶŚŽ ĚĂ ŐĞƐƚĆŽ ĞĚƵĐĂĐŝŽŶĂů͘ K ĞŶƐŝŶŽ Ğ Ă ĂƉƌĞŶĚŝnjĂŐĞŵ͘ &ƵŶĕƁĞƐ ĚŽ ƐƵƉĞƌǀŝƐŽƌ ĚŽ ĞŶƐŝŶŽ͘ 'ĞƐƚĆŽ
WĞĚĂŐſŐŝĐĂ͗ĞƐĞŵƉĞŶŚŽĞĞĨŝĐĄĐŝĂĚĂƐhŶŝĚĂĚĞƐƐĐŽůĂƌĞƐ͖KďũĞƚŝǀŽƐĞŵĞƚĂƐƉĂƌĂĂ ĞĚƵĐĂĕĆŽŶĂhŶŝĚĂĚĞƐĐŽůĂƌƚĞŶĚŽ
ƉŽƌ ƌĞĨĞƌġŶĐŝĂ Ă ůĞŐŝƐůĂĕĆŽ &ĞĚĞƌĂů Ğ DƵŶŝĐŝƉĂů͖ /ŶĚŝĐĂĚŽƌĞƐ ĚĞ ĚĞƐĞŵƉĞŶŚŽ ĞƐĐŽůĂƌ͖ ǀĂůŝĂĕĆŽ ŝŶƐƚŝƚƵĐŝŽŶĂů ĚĂ ĞƐĐŽůĂ͖
dĞŶĚġŶĐŝĂƐ Ğ ŝŶŽǀĂĕĆŽ Ğŵ ŐĞƐƚĆŽ ĞƐĐŽůĂƌ͘ K ƵƌƌşĐƵůŽ Ğ Ă &ŽƌŵĂĕĆŽ ĚĞ ĞĚƵĐĂĚŽƌĞƐ͖ ƐƚƵĚŽƐ ƵƌƌŝĐƵůĂƌĞƐ͗ ĂƐ ƚĞŽƌŝĂƐ ĚŽ
ĐƵƌƌşĐƵůŽ͖KƵƌƌşĐƵůŽŶĂƉƌĄƚŝĐĂĞƐĐŽůĂƌ͘'ĞƐƚĆŽƐĐŽůĂƌĞWƌŽũĞƚŽWŽůşƚŝĐŽͲWĞĚĂŐſŐŝĐŽ͘'ĞƐƚĆŽƐĐŽůĂƌĞĂƉŽůşƚŝĐĂĞĚƵĐĂĐŝŽŶĂů
ĂƚƵĂů͘ ƚƌĂũĞƚſƌŝĂ ĚĂ 'ĞƐƚĆŽ ƐĐŽůĂƌ͘ 'ĞƐƚĆŽ ĚƵĐĂĐŝŽŶĂů͗ ŝĂŐŶſƐƚŝĐŽ Ğ ĂŶĄůŝƐĞ ĚŽƐ ŝŶĚŝĐĂĚŽƌĞƐ ƐŽĐŝĂŝƐ͕ ĞĚƵĐĂĐŝŽŶĂŝƐ Ğ
ĐƵůƚƵƌĂŝƐ͖>ĞǀĂŶƚĂŵĞŶƚŽĚĂƐĨŽƌŵĂƐĚĞĂƚĞŶĚŝŵĞŶƚŽĂŶĞĐĞƐƐŝĚĂĚĞƐĞƐƉĞĐşĨŝĐĂƐ͖ĂƐĞƐůĞŐĂŝƐĚĞĂƉŽŝŽ͘ĞƐĞŶǀŽůǀŝŵĞŶƚŽĚĂ
ĚƵĐĂĕĆŽĞƐƚƌĂƚĠŐŝĂƐĚĞĕĆŽ͖/ŶĚŝĐĂĚŽƌĞƐĚĞŵŽŐƌĄĨŝĐŽƐĐŽŶƐŝĚĞƌĂĚŽƐŶŽŵĂƉĞĂŵĞŶƚŽĚĂĚĞŵĂŶĚĂĞƐĐŽůĂƌ͖ůĂďŽƌĂĕĆŽĚĞ
WůĂŶŽĚĞĕĆŽĐŽŵƉĂƌƚŝůŚĂĚŽƉŽƌƚŽĚŽƐĚĂĐŽŵƵŶŝĚĂĚĞĞƐĐŽůĂƌ͘
/>/K'Z&/Z&ZE/>͗
EŽƌŵĂƐĞƉƵďůŝĐĂĕƁĞƐŝŶƐƚŝƚƵĐŝŽŶĂŝƐ͗
DhE/1W/K^EdZhKZ/KWZK–>ĞŝŽŵƉůĞŵĞŶƚĂƌŶǑϯϰϰͬϮϬϬϳĞƐƵĂƐĂůƚĞƌĂĕƁĞƐ–ƐƚĂƚƵƚŽ͕WůĂŶŽĚĞĂƌƌĞŝƌĂ
ĞZĞŵƵŶĞƌĂĕĆŽĚŽDĂŐŝƐƚĠƌŝŽĚŽDƵŶŝĐşƉŝŽĚĞ^ĂŶƚĂƌƵƐĚŽZŝŽWĂƌĚŽ͘
;ŚƚƚƉƐ͗ͬͬůĞŝƐŵƵŶŝĐŝƉĂŝƐ͘ĐŽŵ͘ďƌͬĂͬƐƉͬƐͬƐĂŶƚĂͲĐƌƵnjͲĚŽͲƌŝŽͲƉĂƌĚŽͬůĞŝͲĐŽŵƉůĞŵĞŶƚĂƌͬϮϬϬϳͬϯϱͬϯϰϰͬůĞŝͲĐŽŵƉůĞŵĞŶƚĂƌͲŶͲϯϰϰͲ
ϮϬϬϳͲĚŝƐƉŽĞͲƐŽďƌĞͲŽͲĞƐƚĂƚƵƚŽͲĞͲŽͲƉůĂŶŽͲĚĞͲĐĂƌƌĞŝƌĂƐͲĞͲƌĞŵƵŶĞƌĂĐĂŽͲĚŽͲŵĂŐŝƐƚĞƌŝŽͲƉƵďůŝĐŽͲŵƵŶŝĐŝƉĂůͲĚĞͲƐĂŶƚĂͲĐƌƵnjͲĚŽͲƌŝŽͲ
ƉĂƌĚŽͲĞƐƚĂďĞůĞĐĞͲŶŽƌŵĂƐͲĚĞͲĞŶƋƵĂĚƌĂŵĞŶƚŽͲĞͲĚŝƌĞƚƌŝnjĞƐͲƉĂƌĂͲĂͲĂǀĂůŝĂĐĂŽͲĚĞͲĚĞƐĞŵƉĞŶŚŽͲŝŶƐƚŝƚƵŝͲƚĂďĞůĂƐͲĚĞͲ
ǀĞŶĐŝŵĞŶƚŽƐͲĞͲĚĂͲŽƵƚƌĂƐͲƉƌŽǀŝĚĞŶĐŝĂƐͿ
ZĞƐŽůƵĕĆŽEͬŶǑϰͬϮϬϭϬͲĞĨŝŶĞŝƌĞƚƌŝnjĞƐƵƌƌŝĐƵůĂƌĞƐEĂĐŝŽŶĂŝƐ'ĞƌĂŝƐƉĂƌĂĂĚƵĐĂĕĆŽĄƐŝĐĂ
;ŚƚƚƉ͗ͬͬƉŽƌƚĂů͘ŵĞĐ͘ŐŽǀ͘ďƌͬĚŵĚŽĐƵŵĞŶƚƐͬƌĐĞďϬϬϰͺϭϬ͘ƉĚĨͿ͘
ZĞƐŽůƵĕĆŽEͬŶǑϱͬϮϬϬϵͲŝƌĞƚƌŝnjĞƐƵƌƌŝĐƵůĂƌĞƐEĂĐŝŽŶĂŝƐƉĂƌĂĂĚƵĐĂĕĆŽ/ŶĨĂŶƚŝů
ŚƚƚƉ͗ͬͬǁǁǁ͘ƐĞĚƵĐ͘ƌŽ͘ŐŽǀ͘ďƌͬƉŽƌƚĂůͬůĞŐŝƐůĂĐĂŽͬZ^EϬϬϱͺϮϬϬϵ͘ƉĚĨ
ZĞƐŽůƵĕĆŽEͬŶǑϳͬϮϬϭϬͲŝƌĞƚƌŝnjĞƐƵƌƌŝĐƵůĂƌĞƐEĂĐŝŽŶĂŝƐƉĂƌĂŽŶƐŝŶŽ&ƵŶĚĂŵĞŶƚĂůĚĞϵĂŶŽƐ
;ŚƚƚƉ͗ͬͬƉŽƌƚĂů͘ŵĞĐ͘ŐŽǀ͘ďƌͬĚŵĚŽĐƵŵĞŶƚƐͬƌĐĞďϬϬϳͺϭϬ͘ƉĚĨͿ͘
ĂƐĞEĂĐŝŽŶĂůŽŵƵŵƵƌƌŝĐƵůĂƌ
ŚƚƚƉ͗ͬͬďĂƐĞŶĂĐŝŽŶĂůĐŽŵƵŵ͘ŵĞĐ͘ŐŽǀ͘ďƌͬ
ŽĐƵŵĞŶƚŽEŽƌƚĞĂĚŽƌƉĂƌĂĂůĂďŽƌĂĕĆŽĚŽWůĂŶŽDƵŶŝĐŝƉĂůĚĞĚƵĐĂĕĆŽ͘
'ĞƐƚĆŽĚĂĚƵĐĂĕĆŽƐĐŽůĂƌ͘
'ĞƐƚĆŽĞŵŽĐƌĄƚŝĐĂŶŽƐƐŝƐƚĞŵĂƐĞŶĂĞƐĐŽůĂ͘
'ƵŝĂĚĞWƌŽŐƌĂŵĂƐƉĂƌĂŽƐDƵŶŝĐşƉŝŽƐ͘
/ŶĚŝĐĂĚŽƌĞƐĚĂƋƵĂůŝĚĂĚĞŶĂĞĚƵĐĂĕĆŽ͘
/ŶĚŝĐĂĚŽƌĞƐĚĂƋƵĂůŝĚĂĚĞŶĂĞĚƵĐĂĕĆŽŝŶĨĂŶƚŝů͘
DĞŵŽƌŝĂůĚĂ'ĞƐƚĆŽĚĂƐĐŽůĂDƵŶŝĐŝƉĂů͘
WŽůşƚŝĐĂEĂĐŝŽŶĂůĚĞĚƵĐĂĕĆŽƐƉĞĐŝĂůŶĂWĞƌƐƉĞĐƚŝǀĂĚĂĚƵĐĂĕĆŽ/ŶĐůƵƐŝǀĂ͘
^ƵďƐşĚŝŽƐƉĂƌĂŽWůĂŶĞũĂŵĞŶƚŽĚĞŽŶĨĞƌġŶĐŝĂDƵŶŝĐŝƉĂůĚĞĚƵĐĂĕĆŽ͘
dƌĂďĂůŚŽƐĐŽůĂƌĞdĞŽƌŝĂƐĚŵŝŶŝƐƚƌĂƚŝǀĂƐ;ĂĐĞƐƐşǀĞŝƐĞŵŚƚƚƉ͗ͬͬƉŽƌƚĂů͘ŵĞĐ͘ŐŽǀ͘ďƌͿ͘
>ŝǀƌŽƐĞĂƌƚŝŐŽƐ͗
^^^͕ƵůĄůŝĂ;KƌŐ͘Ϳ͘ƉƌĞŶĚĞƌĞĞŶƐŝŶĂƌŶĂĞĚƵĐĂĕĆŽŝŶĨĂŶƚŝů͘WŽƌƚŽůĞŐƌĞ͗ƌƚŵĞĚ͕ϮϬϭϭ͘
hZdK͕>͘D͖͘DhZ/>>K͕D͘D͖͘d/y/M͕DD͘ƐĐƌĞǀĞƌĞůĞƌ͗ĐŽŵŽĂƐĐƌŝĂŶĕĂƐĂƉƌĞŶĚĞŵĞĐŽŵŽŽƉƌŽĨĞƐƐŽƌƉŽĚĞĞŶƐŝŶĄͲůĂƐ
ĂĞƐĐƌĞǀĞƌĞůĞƌͲsŽůƵŵĞ/͘ƌƚŵĞĚ͕ϮϬϬϬ͘
&ZZ/Z͕DĂƌŝĂůŽƚŝůĚĞZŽƐƐĞƚƚŝ;ŽƌŐ͘Ϳ͘KƐĨĂnjĞƌĞƐŶĂĞĚƵĐĂĕĆŽŝŶĨĂŶƚŝů͘^ĆŽWĂƵůŽ͗ŽƌƚĞnj͕ϮϬϭϭ͘
&ZZ/Z͕EĂƵƌĂ^͘ĂƌĂƉĞƚŽ&ĞƌƌĞŝƌĂ;ŽƌŐ͘Ϳ͘'ĞƐƚĆŽĚĞŵŽĐƌĄƚŝĐĂĚĂĞĚƵĐĂĕĆŽ;ŽƌƚĞnj͕ϴǐĞĚ͘ϮϬϭϯ͘
37
WƌĞĨĞŝƚƵƌĂDƵŶŝĐŝƉĂůĚĞ ŽŶĐƵƌƐŽWƷďůŝĐŽEǑϬϭͬϮϬϮϰ
^EdZhKZ/KWZK /d>ĚĞZdhZĚĞ/E^Z/O^
,K&&DEE͕:ƵƐƐĂƌĂDĂƌŝĂ>ĞƌĐŬ͘ǀĂůŝĂĕĆŽŶĂƉƌĠͲĞƐĐŽůĂ͗ƵŵŽůŚĂƌƐĞŶƐşǀĞůĞƌĞĨůĞdžŝǀŽƐŽďƌĞĂĐƌŝĂŶĕĂ͘WŽƌƚŽůĞŐƌĞ͗
DĞĚŝĂĕĆŽ͕ϮϬϭϱ͘
>ZEZ͕ĞůŝĂ͘>ĞƌĞĞƐĐƌĞǀĞƌŶĂĞƐĐŽůĂ;ƌƚŵĞĚ͕ϮϬϬϳͿ͘
>h<͕,ĞůŽŝƐĂ͘ŐĞƐƚĆŽƉĂƌƚŝĐŝƉĂƚŝǀĂŶĂĞƐĐŽůĂ;sŽnjĞƐ͕ϭϭǐĞĚ͘ϮϬϭϳͿ͘
>/EK͕:ŽƐĠĂƌůŽƐ͘ŝĚĄƚŝĐĂ;ŽƌƚĞnj͕ϮϬϭϯͿ͘
>h<͕,ĞůŽŝƐĂ͘ĕĆŽŝŶƚĞŐƌĂĚĂ͗ĚŵŝŶŝƐƚƌĂĕĆŽ͕ƐƵƉĞƌǀŝƐĆŽĞŽƌŝĞŶƚĂĕĆŽĞĚƵĐĂĐŝŽŶĂů;sŽnjĞƐ͕ϮϵǐĞĚ͘ϮϬϭϯͿ͘
>h<͕,ĞůŽŝƐĂ͘ǀĂůŝĂĕĆŽĞŵŽŶŝƚŽƌĂŵĞŶƚŽĚŽƚƌĂďĂůŚŽĞĚƵĐĂĐŝŽŶĂů;sŽnjĞƐ͕ϭǐĞĚ͘ϮϬϭϯͿ
>h<͕,ĞůŽŝƐĂ͘ŽŶĐĞƉĕƁĞƐĞƉƌŽĐĞƐƐŽƐĚĞŵŽĐƌĄƚŝĐŽƐĚĞŐĞƐƚĆŽĞĚƵĐĂĐŝŽŶĂů;sŽnjĞƐ͕ϳǐĞĚ͘ϮϬϬϲͿ͘
>h<͕,ĞůŽŝƐĂ͘'ĞƐƚĆŽĚĂĐƵůƚƵƌĂĞĚŽĐůŝŵĂŽƌŐĂŶŝnjĂĐŝŽŶĂůĚĂĞƐĐŽůĂ;sŽnjĞƐ͕ϮǐĞĚ͘ϮϬϭϬͿ͘
>h<͕,ĞůŽŝƐĂ͘'ĞƐƚĆŽĚƵĐĂĐŝŽŶĂů͗ƵŵĂƋƵĞƐƚĆŽƉĂƌĂĚŝŐŵĄƚŝĐĂ;sŽnjĞƐ͕ϭϮǐĞĚ͘ϮϬϭϱͿ͘
>h<͕,ĞůŽŝƐĂ͘>ŝĚĞƌĂŶĕĂĞŵŐĞƐƚĆŽĞƐĐŽůĂƌ;sŽnjĞƐ͕ϵǐĞĚ͘ϮϬϭϰͿ͘
>h<͕,ĞůŽŝƐĂ͘WĞƌƐƉĞĐƚŝǀĂƐĚĂĂǀĂůŝĂĕĆŽŝŶƐƚŝƚƵĐŝŽŶĂůĚĂĞƐĐŽůĂ;sŽnjĞƐ͕ϭǐĞĚ͘ϮϬϭϮͿ͘
WZZEKh͕WŚŝůŝƉƉĞ͘ĞnjŶŽǀĂƐĐŽŵƉĞƚġŶĐŝĂƐƉĂƌĂĞŶƐŝŶĂƌ͘
ZE'>͕DĂƌLJ͘^ƵƉĞƌǀŝƐĆŽƐĐŽůĂƌ͗ǀĂŶĕŽƐĚĞŽŶĐĞŝƚŽƐĞWƌŽĐĞƐƐŽƐ;tĂŬ͕ϭǐĞĚ͘ϮϬϭϬͿ
hZEd͕^ĂŶĚƌĂd͖͘^/>s͕^ŝŵŽŶĞ͘ĚĂ͘KƌŝĞŶƚĂĕĆŽĞ^ƵƉĞƌǀŝƐĆŽƐĐŽůĂƌ͗ĂŵŝŶŚŽƐĞƉĞƌƐƉĞĐƚŝǀĂƐ;/ŶƚĞƌƐĂďĞƌĞƐ͕ϭǐĞĚ͘
ϮϬϭϮͿ
t/^͕dĞůŵĂ͘KĚŝĄůŽŐŽĞŶƚƌĞŽĞŶƐŝŶŽĞĂĂƉƌĞŶĚŝnjĂŐĞŵ;ƚŝĐĂ͕ϮǐĞĚ͘ϮϬϬϵͿ͘
s/Ͳ/ZdKZ^K>
ŝƌĞƚƌŝnjĞƐ ƵƌƌŝĐƵůĂƌĞƐ EĂĐŝŽŶĂŝƐ 'ĞƌĂŝƐ ƉĂƌĂ Ă ĚƵĐĂĕĆŽ ĄƐŝĐĂ͘ ŝƌĞƚƌŝnjĞƐ ƵƌƌŝĐƵůĂƌĞƐ EĂĐŝŽŶĂŝƐ ƉĂƌĂ Ă ĚƵĐĂĕĆŽ /ŶĨĂŶƚŝů͘
ŝƌĞƚƌŝnjĞƐ ƵƌƌŝĐƵůĂƌĞƐ EĂĐŝŽŶĂŝƐ ƉĂƌĂ Ž ŶƐŝŶŽ &ƵŶĚĂŵĞŶƚĂů ĚĞ ϵ ĂŶŽƐ͘ ĂƐĞ EĂĐŝŽŶĂů ŽŵƵŵ ƵƌƌŝĐƵůĂƌ – ŽŵƉĞƚġŶĐŝĂƐ
ŐĞƌĂŝƐ ĚĂ ĚƵĐĂĕĆŽ ĄƐŝĐĂ͖ ŽƐ ŵĂƌĐŽƐ ůĞŐĂŝƐ ƋƵĞ ĞŵďĂƐĂŵ Ă E͖ ŽƐ ĨƵŶĚĂŵĞŶƚŽƐ ƉĞĚĂŐſŐŝĐŽƐ ĚĂ E͖ Ž ƉĂĐƚŽ /ŶƚĞƌ
ĨĞĚĞƌĂƚŝǀŽ Ğ Ă ŝŵƉůĞŵĞŶƚĂĕĆŽ ĚĂ E͖ ƐƚƌƵƚƵƌĂ ĚĂ E͖ ĞƚĂƉĂ ĚĂ ĚƵĐĂĕĆŽ /ŶĨĂŶƚŝů͗ ĚƵĐĂĕĆŽ /ŶĨĂŶƚŝů ŶĂ ĂƐĞ
EĂĐŝŽŶĂů ŽŵƵŵ ƵƌƌŝĐƵůĂƌ͖ ĚƵĐĂĕĆŽ /ŶĨĂŶƚŝů ŶŽ ĐŽŶƚĞdžƚŽ ĚĂ ĚƵĐĂĕĆŽ ĄƐŝĐĂ͖ ŝƌĞŝƚŽƐ ĚĞ ĂƉƌĞŶĚŝnjĂŐĞŵ Ğ
ĚĞƐĞŶǀŽůǀŝŵĞŶƚŽŶĂĚƵĐĂĕĆŽ/ŶĨĂŶƚŝů͖KƐĐĂŵƉŽƐĚĞĞdžƉĞƌŝġŶĐŝĂƐ͖KƐŽďũĞƚŝǀŽƐĚĞĂƉƌĞŶĚŝnjĂŐĞŵĞĚĞƐĞŶǀŽůǀŝŵĞŶƚŽƉĂƌĂĂ
ĚƵĐĂĕĆŽ /ŶĨĂŶƚŝů͖ ƚƌĂŶƐŝĕĆŽ ĚĂ ĚƵĐĂĕĆŽ /ŶĨĂŶƚŝů ƉĂƌĂ Ž ŶƐŝŶŽ &ƵŶĚĂŵĞŶƚĂů͘ ŶŽƐ /ŶŝĐŝĂŝƐ Ğ ŶŽƐ &ŝŶĂŝƐ͗ ŽŵƉĞƚġŶĐŝĂƐ
ĞƐƉĞĐşĨŝĐĂƐ͕ƵŶŝĚĂĚĞƐƚĞŵĄƚŝĐĂƐ͕ŽďũĞƚŽƐĚĞĐŽŶŚĞĐŝŵĞŶƚŽĞŚĂďŝůŝĚĂĚĞƐŶĂƐĄƌĞĂƐĚĞ>ŝŶŐƵĂŐĞŶƐ͕DĂƚĞŵĄƚŝĐĂ͕ŝġŶĐŝĂƐĚĂ
EĂƚƵƌĞnjĂ͕ ŝġŶĐŝĂƐ ,ƵŵĂŶĂƐĞ ŶƐŝŶŽ ZĞůŝŐŝŽƐŽ͘ ůĂďŽƌĂĕĆŽ ĚŽ WůĂŶŽ DƵŶŝĐŝƉĂů ĚĞ ĚƵĐĂĕĆŽ͘ 'ĞƐƚĆŽ ĚĂ ĚƵĐĂĕĆŽƐĐŽůĂƌ͘
'ĞƐƚĆŽĞŵŽĐƌĄƚŝĐĂŶŽƐƐŝƐƚĞŵĂƐĞŶĂĞƐĐŽůĂ͘WƌŽŐƌĂŵĂƐŐŽǀĞƌŶĂŵĞŶƚĂŝƐƉĂƌĂŽƐDƵŶŝĐşƉŝŽƐ͘/ŶĚŝĐĂĚŽƌĞƐĚĂƋƵĂůŝĚĂĚĞŶĂ
ĞĚƵĐĂĕĆŽ͘ /ŶĚŝĐĂĚŽƌĞƐ ĚĂ ƋƵĂůŝĚĂĚĞ ŶĂ ĞĚƵĐĂĕĆŽ ŝŶĨĂŶƚŝů͘ DĞŵŽƌŝĂů ĚĂ 'ĞƐƚĆŽ ĚĂ ƐĐŽůĂ DƵŶŝĐŝƉĂů͘ WŽůşƚŝĐĂ EĂĐŝŽŶĂů ĚĞ
ĚƵĐĂĕĆŽ ƐƉĞĐŝĂů ŶĂ WĞƌƐƉĞĐƚŝǀĂ ĚĂ ĚƵĐĂĕĆŽ /ŶĐůƵƐŝǀĂ͘ ^ƵďƐşĚŝŽƐ ƉĂƌĂ Ž WůĂŶĞũĂŵĞŶƚŽ ĚĞ ŽŶĨĞƌġŶĐŝĂ DƵŶŝĐŝƉĂů ĚĞ
ĚƵĐĂĕĆŽ͘dƌĂďĂůŚŽƐĐŽůĂƌĞdĞŽƌŝĂƐĚŵŝŶŝƐƚƌĂƚŝǀĂƐ͘KĞƐƉĂĕŽĞƐĐŽůĂƌ͘'ĞƐƚĆŽĚĞŵŽĐƌĄƚŝĐĂĚĂĞĚƵĐĂĕĆŽ͘>ĞƌĞĞƐĐƌĞǀĞƌŶĂ
ĞƐĐŽůĂ͘ĕĆŽŝŶƚĞŐƌĂĚĂ͗ĚŵŝŶŝƐƚƌĂĕĆŽ͕ƐƵƉĞƌǀŝƐĆŽĞŽƌŝĞŶƚĂĕĆŽĞĚƵĐĂĐŝŽŶĂů͘ĞƐĐŽůĂĐŽŵŽƐŝƐƚĞŵĂĞĂĚŝǀŝƐĆŽĚĞƚƌĂďĂůŚŽ͘
ƋƵĞƐƚĆŽĚĂŝŶƚĞŐƌĂĕĆŽ͘KƉƌŽĐĞƐƐŽĚĞĐŽŶƐƵůƚŽƌŝĂ͘ŐĞƐƚĆŽƉĂƌƚŝĐŝƉĂƚŝǀĂŶĂĞƐĐŽůĂ͘ǀĂůŝĂĕĆŽĞŵŽŶŝƚŽƌĂŵĞŶƚŽĚŽƚƌĂďĂůŚŽ
ĞĚƵĐĂĐŝŽŶĂů͘ ŽŶĐĞƉĕƁĞƐĞƉƌŽĐĞƐƐŽƐĚĞŵŽĐƌĄƚŝĐŽƐĚĞŐĞƐƚĆŽĞĚƵĐĂĐŝŽŶĂů͘ 'ĞƐƚĆŽĚĂ ĐƵůƚƵƌĂĞĚŽĐůŝŵĂ ŽƌŐĂŶŝnjĂĐŝŽŶĂůĚĂ
ĞƐĐŽůĂ͘KĞƐƉĂĕŽƐŽĐŝŽĐƵůƚƵƌĂůĚĂĞƐĐŽůĂĞƐĞƵĐŽƚŝĚŝĂŶŽ͘'ĞƐƚĆŽĚƵĐĂĐŝŽŶĂů͘ƐĚŝĨĞƌĞŶĕĂƐĞŶƚƌĞĂĂĚŵŝŶŝƐƚƌĂĕĆŽĞĂŐĞƐƚĆŽ
ĞĚƵĐĂĐŝŽŶĂů͘>ŝĚĞƌĂŶĕĂĞŵŐĞƐƚĆŽĞƐĐŽůĂƌ͘dĞŽƌŝĂƐƐŽďƌĞůŝĚĞƌĂŶĕĂ͘&ƵŶĕƁĞƐĚŽǀŝĐĞͲĚŝƌĞƚŽƌĚĞĞƐĐŽůĂ͘
/>/K'Z&/Z&ZE/>
EŽƌŵĂƐĞƉƵďůŝĐĂĕƁĞƐŝŶƐƚŝƚƵĐŝŽŶĂŝƐ͗
DhE/1W/K^EdZhKZ/KWZK–>ĞŝŽŵƉůĞŵĞŶƚĂƌŶǑϯϰϰͬϮϬϬϳĞƐƵĂƐĂůƚĞƌĂĕƁĞƐ–ƐƚĂƚƵƚŽ͕WůĂŶŽĚĞĂƌƌĞŝƌĂ
ĞZĞŵƵŶĞƌĂĕĆŽĚŽDĂŐŝƐƚĠƌŝŽĚŽDƵŶŝĐşƉŝŽĚĞ^ĂŶƚĂƌƵƐĚŽZŝŽWĂƌĚŽ͘
;ŚƚƚƉƐ͗ͬͬůĞŝƐŵƵŶŝĐŝƉĂŝƐ͘ĐŽŵ͘ďƌͬĂͬƐƉͬƐͬƐĂŶƚĂͲĐƌƵnjͲĚŽͲƌŝŽͲƉĂƌĚŽͬůĞŝͲĐŽŵƉůĞŵĞŶƚĂƌͬϮϬϬϳͬϯϱͬϯϰϰͬůĞŝͲĐŽŵƉůĞŵĞŶƚĂƌͲŶͲϯϰϰͲ
ϮϬϬϳͲĚŝƐƉŽĞͲƐŽďƌĞͲŽͲĞƐƚĂƚƵƚŽͲĞͲŽͲƉůĂŶŽͲĚĞͲĐĂƌƌĞŝƌĂƐͲĞͲƌĞŵƵŶĞƌĂĐĂŽͲĚŽͲŵĂŐŝƐƚĞƌŝŽͲƉƵďůŝĐŽͲŵƵŶŝĐŝƉĂůͲĚĞͲƐĂŶƚĂͲĐƌƵnjͲĚŽͲƌŝŽͲ
ƉĂƌĚŽͲĞƐƚĂďĞůĞĐĞͲŶŽƌŵĂƐͲĚĞͲĞŶƋƵĂĚƌĂŵĞŶƚŽͲĞͲĚŝƌĞƚƌŝnjĞƐͲƉĂƌĂͲĂͲĂǀĂůŝĂĐĂŽͲĚĞͲĚĞƐĞŵƉĞŶŚŽͲŝŶƐƚŝƚƵŝͲƚĂďĞůĂƐͲĚĞͲ
ǀĞŶĐŝŵĞŶƚŽƐͲĞͲĚĂͲŽƵƚƌĂƐͲƉƌŽǀŝĚĞŶĐŝĂƐͿ͘
ZĞƐŽůƵĕĆŽEͬŶǑϱͬϮϬϬϵͲŝƌĞƚƌŝnjĞƐƵƌƌŝĐƵůĂƌĞƐEĂĐŝŽŶĂŝƐƉĂƌĂĂĚƵĐĂĕĆŽ/ŶĨĂŶƚŝů
ŚƚƚƉ͗ͬͬǁǁǁ͘ƐĞĚƵĐ͘ƌŽ͘ŐŽǀ͘ďƌͬƉŽƌƚĂůͬůĞŐŝƐůĂĐĂŽͬZ^EϬϬϱͺϮϬϬϵ͘ƉĚĨ
ZĞƐŽůƵĕĆŽEͬŶǑϰͬϮϬϭϬͲĞĨŝŶĞŝƌĞƚƌŝnjĞƐƵƌƌŝĐƵůĂƌĞƐEĂĐŝŽŶĂŝƐ'ĞƌĂŝƐƉĂƌĂĂĚƵĐĂĕĆŽĄƐŝĐĂ
;ŚƚƚƉ͗ͬͬƉŽƌƚĂů͘ŵĞĐ͘ŐŽǀ͘ďƌͬĚŵĚŽĐƵŵĞŶƚƐͬƌĐĞďϬϬϰͺϭϬ͘ƉĚĨͿ͘
ZĞƐŽůƵĕĆŽEͬŶǑϳͬϮϬϭϬͲŝƌĞƚƌŝnjĞƐƵƌƌŝĐƵůĂƌĞƐEĂĐŝŽŶĂŝƐƉĂƌĂŽŶƐŝŶŽ&ƵŶĚĂŵĞŶƚĂůĚĞϵĂŶŽƐ
;ŚƚƚƉ͗ͬͬƉŽƌƚĂů͘ŵĞĐ͘ŐŽǀ͘ďƌͬĚŵĚŽĐƵŵĞŶƚƐͬƌĐĞďϬϬϳͺϭϬ͘ƉĚĨͿ͘
ĂƐĞEĂĐŝŽŶĂůŽŵƵŵƵƌƌŝĐƵůĂƌ
ŚƚƚƉ͗ͬͬďĂƐĞŶĂĐŝŽŶĂůĐŽŵƵŵ͘ŵĞĐ͘ŐŽǀ͘ďƌͬ
ŽĐƵŵĞŶƚŽEŽƌƚĞĂĚŽƌƉĂƌĂĂůĂďŽƌĂĕĆŽĚŽWůĂŶŽDƵŶŝĐŝƉĂůĚĞĚƵĐĂĕĆŽ͘
'ĞƐƚĆŽĚĂĚƵĐĂĕĆŽƐĐŽůĂƌ͘
'ĞƐƚĆŽĞŵŽĐƌĄƚŝĐĂŶŽƐƐŝƐƚĞŵĂƐĞŶĂĞƐĐŽůĂ͘
'ƵŝĂĚĞWƌŽŐƌĂŵĂƐƉĂƌĂŽƐDƵŶŝĐşƉŝŽƐ͘
/ŶĚŝĐĂĚŽƌĞƐĚĂƋƵĂůŝĚĂĚĞŶĂĞĚƵĐĂĕĆŽ͘
/ŶĚŝĐĂĚŽƌĞƐĚĂƋƵĂůŝĚĂĚĞŶĂĞĚƵĐĂĕĆŽŝŶĨĂŶƚŝů͘
DĞŵŽƌŝĂůĚĂ'ĞƐƚĆŽĚĂƐĐŽůĂDƵŶŝĐŝƉĂů͘
WŽůşƚŝĐĂEĂĐŝŽŶĂůĚĞĚƵĐĂĕĆŽƐƉĞĐŝĂůŶĂWĞƌƐƉĞĐƚŝǀĂĚĂĚƵĐĂĕĆŽ/ŶĐůƵƐŝǀĂ͘
^ƵďƐşĚŝŽƐƉĂƌĂŽWůĂŶĞũĂŵĞŶƚŽĚĞŽŶĨĞƌġŶĐŝĂDƵŶŝĐŝƉĂůĚĞĚƵĐĂĕĆŽ͘
38
WƌĞĨĞŝƚƵƌĂDƵŶŝĐŝƉĂůĚĞ ŽŶĐƵƌƐŽWƷďůŝĐŽEǑϬϭͬϮϬϮϰ
^EdZhKZ/KWZK /d>ĚĞZdhZĚĞ/E^Z/O^
dƌĂďĂůŚŽƐĐŽůĂƌĞdĞŽƌŝĂƐĚŵŝŶŝƐƚƌĂƚŝǀĂƐ;ĂĐĞƐƐşǀĞŝƐĞŵŚƚƚƉ͗ͬͬƉŽƌƚĂů͘ŵĞĐ͘ŐŽǀ͘ďƌͿ͘
>ŝǀƌŽƐĞĂƌƚŝŐŽƐ͗
͕ŽŵƵŶŝĚĂĚĞĚƵĐĂƚŝǀĂ͘KƋƵĞƌĞǀĞůĂŽĞƐƉĂĕŽĞƐĐŽůĂƌ͍ͲhŵůŝǀƌŽƉĂƌĂĚŝƌĞƚŽƌĞƐĚĞĞƐĐŽůĂ;DŽĚĞƌŶĂ͕ϭǐĞĚ͘ϮϬϭϯͿ
&ZZ/Z͕EĂƵƌĂ^͘ĂƌĂƉĞƚŽ&ĞƌƌĞŝƌĂ;ŽƌŐ͘Ϳ͘'ĞƐƚĆŽĚĞŵŽĐƌĄƚŝĐĂĚĂĞĚƵĐĂĕĆŽ;ŽƌƚĞnj͕ϴǐĞĚ͘ϮϬϭϯ͘
>ZEZ͕ĞůŝĂ͘>ĞƌĞĞƐĐƌĞǀĞƌŶĂĞƐĐŽůĂ;ƌƚŵĞĚ͕ϮϬϬϳͿ͘
>h<͕,ĞůŽŝƐĂ͘ĕĆŽŝŶƚĞŐƌĂĚĂ͗ĚŵŝŶŝƐƚƌĂĕĆŽ͕ƐƵƉĞƌǀŝƐĆŽĞŽƌŝĞŶƚĂĕĆŽĞĚƵĐĂĐŝŽŶĂů;sŽnjĞƐ͕ϮϵǐĞĚ͘ϮϬϭϯͿ͘
>h<͕,ĞůŽŝƐĂ͘ŐĞƐƚĆŽƉĂƌƚŝĐŝƉĂƚŝǀĂŶĂĞƐĐŽůĂ;sŽnjĞƐ͕ϭϭǐĞĚ͘ϮϬϭϳͿ͘
>h<͕,ĞůŽŝƐĂ͘ǀĂůŝĂĕĆŽĞŵŽŶŝƚŽƌĂŵĞŶƚŽĚŽƚƌĂďĂůŚŽĞĚƵĐĂĐŝŽŶĂů;sŽnjĞƐ͕ϭǐĞĚ͘ϮϬϭϯͿ
>h<͕,ĞůŽŝƐĂ͘ŽŶĐĞƉĕƁĞƐĞƉƌŽĐĞƐƐŽƐĚĞŵŽĐƌĄƚŝĐŽƐĚĞŐĞƐƚĆŽĞĚƵĐĂĐŝŽŶĂů;sŽnjĞƐ͕ϳǐĞĚ͘ϮϬϬϲͿ͘
>h<͕,ĞůŽŝƐĂ͘'ĞƐƚĆŽĚĂĐƵůƚƵƌĂĞĚŽĐůŝŵĂŽƌŐĂŶŝnjĂĐŝŽŶĂůĚĂĞƐĐŽůĂ;sŽnjĞƐ͕ϮǐĞĚ͘ϮϬϭϬͿ͘
>h<͕,ĞůŽŝƐĂ͘'ĞƐƚĆŽĚƵĐĂĐŝŽŶĂů͗ƵŵĂƋƵĞƐƚĆŽƉĂƌĂĚŝŐŵĄƚŝĐĂ;sŽnjĞƐ͕ϭϮǐĞĚ͘ϮϬϭϱͿ͘
>h<͕,ĞůŽŝƐĂ͘>ŝĚĞƌĂŶĕĂĞŵŐĞƐƚĆŽĞƐĐŽůĂƌ;sŽnjĞƐ͕ϵǐĞĚ͘ϮϬϭϰͿ͘
39
WƌĞĨĞŝƚƵƌĂDƵŶŝĐŝƉĂůĚĞ ŽŶĐƵƌƐŽWƷďůŝĐŽEǑϬϭͬϮϬϮϰ
^EdZhKZ/KWZK /d>ĚĞZdhZĚĞ/E^Z/O^
EyK///–ZYhZ/DEdK/^EKdy/E^Z/K
WƵďůŝĐŽŶƐƵůƚWWW–ŽŶĐƵƌƐŽWƷďůŝĐŽŶǑϬϭͬϮϬϮϰĚĂWƌĞĨĞŝƚƵƌĂDƵŶŝĐŝƉĂůĚĞ^EdZhKZ/KWZK
EŽŵĞ͗
Z'͗ W&͗
&ƵŶĕĆŽ͗
ŶĚĞƌĞĕŽŽŵƉůĞƚŽ͗
dĞůĞĨŽŶĞ͗ ͲŵĂŝů͗
ĂŶĚŝĚĂƚŽĐĂĚĂƐƚƌĂĚŽŶŽZĞŐŝƐƚƌŽEĂĐŝŽŶĂůĚĞŽĂĚŽƌĞƐsŽůƵŶƚĄƌŝŽƐĚĞDĞĚƵůĂMƐƐĞĂ͗
ĂͿĐſƉŝĂĚŽZ'ĞW&͖
ďͿĐŽŵƉƌŽǀĂĕĆŽĚĂĚŽĂĕĆŽĚĞŵĞĚƵůĂſƐƐĞĂĂƚƌĂǀĠƐĚĞĂƚĞƐƚĂĚŽŽƵůĂƵĚŽŵĠĚŝĐŽ͕ĐŽŶƚĞŶĚŽĚĞĐůĂƌĂĕĆŽƐƵďƐĐƌŝƚĂƉŽƌŵĠĚŝĐŽ
ƌĞŐƵůĂƌŵĞŶƚĞŝŶƐĐƌŝƚŽŶŽŽŶƐĞůŚŽZĞŐŝŽŶĂůĚĞDĞĚŝĐŝŶĂ͕ƌĞĂůŝnjĂĚĂŚĄŶĆŽŵĂŝƐƋƵĞϭϮŵĞƐĞƐ͘
ĐͿ ĚĞĐůĂƌĂĕĆŽ ĂƐƐŝŶĂĚĂ͕ ŶŽƐ ŵŽůĚĞƐ ĚŽ EyK /// – ZĞƋƵĞƌŝŵĞŶƚŽ ĚĞ /ƐĞŶĕĆŽ ĚĂ dĂdžĂ ĚĞ /ŶƐĐƌŝĕĆŽ͕ ĚĞ ƋƵĞ ĂƐ ŝŶĨŽƌŵĂĕƁĞƐ
ƉƌĞƐƚĂĚĂƐƐĆŽǀĞƌĚĂĚĞŝƌĂƐ͕ƐŽďƉĞŶĂĚĞƐŽĨƌĞƌĂƐƐĂŶĕƁĞƐĚŝƐƉŽƐƚĂƐŶĂůĞŐŝƐůĂĕĆŽĞŵǀŝŐŽƌ͘
>ZK ƋƵĞ ƚĞŶŚŽ ĐŽŶŚĞĐŝŵĞŶƚŽ ĚŽ ĚŝƚĂů ĚĞ ďĞƌƚƵƌĂ ĚĂƐ /ŶƐĐƌŝĕƁĞƐ ĚŽ ŽŶĐƵƌƐŽ WƷďůŝĐŽ ŶǑ ϬϭͬϮϬϮϰ ĚĂ WƌĞĨĞŝƚƵƌĂ
DƵŶŝĐŝƉĂůĚĞ^EdZhKZ/KWZK͕ĞĞŵĞƐƉĞĐŝĂůƋƵĞĚĞǀĞƌĞŝ͕ĂůĠŵĚĞĂƉƌĞƐĞŶƚĂƌĞƐƚĞƌĞƋƵĞƌŝŵĞŶƚŽ͕ĞĨĞƚƵĂƌĂŵŝŶŚĂ
ŝŶƐĐƌŝĕĆŽƉĂƌĂŽƌĞĨĞƌŝĚŽŽŶĐƵƌƐŽWƷďůŝĐŽŶŽƐŝƚĞǁǁǁ͘ƉƵďůŝĐŽŶƐƵůƚ͘ĐŽŵ͘ďƌ͘
>ZKƚĞƌĐŝġŶĐŝĂ ĚĞƋƵĞ Ă ŝƐĞŶĕĆŽƉůĞŝƚĞĂĚĂ ĚĞƉĞŶĚĞƌĄ ĚĂ ĂŶĄůŝƐĞĚŽƐĚŽĐƵŵĞŶƚŽƐĂŶĞdžĂĚŽƐĂŽƉƌĞƐĞŶƚĞƌĞƋƵĞƌŝŵĞŶƚŽ
ƉĂƌĂĐŽŵƉƌŽǀĂƌŵŝŶŚĂƐŝƚƵĂĕĆŽĚĞĞŶƋƵĂĚƌĂŵĞŶƚŽĞŵĨĂĐĞĚĂƐĚŝƐƉŽƐŝĕƁĞƐůĞŐĂŝƐ͘
>ZKƋƵĞĂƐŝŶĨŽƌŵĂĕƁĞƐƉŽƌŵŝŵƉƌĞƐƚĂĚĂƐƉĂƌĂĂŽďƚĞŶĕĆŽĚŽďĞŶĞĨşĐŝŽĚĞŝƐĞŶĕĆŽĚŽƉĂŐĂŵĞŶƚŽĚĞƚĂdžĂĚĞŝŶƐĐƌŝĕĆŽ
ŶŽƌĞĨĞƌŝĚŽŽŶĐƵƌƐŽWƷďůŝĐŽƐĆŽǀĞƌĚĂĚĞŝƌĂƐ͘
>ZK͕ƉŽƌĨŝŵ͕ĞƐƚĂƌĐŝĞŶƚĞĚŽƐƚĞƌŵŽƐĚĂ >ĞŝDƵŶŝĐŝƉĂůŶǑϯ͘ϮϬϲͬϮϬϭϴ͕ĞŵĞƐƉĞĐŝĂůĚĞƋƵĞƐĞƌĞŝĞůŝŵŝŶĂĚŽĚŽŽŶĐƵƌƐŽ
WƷďůŝĐŽĐĂƐŽƚĞŶŚĂŽďƚŝĚŽ͕ĐŽŵĞŵƉƌĞŐŽĚĞĨƌĂƵĚĞŽƵƋƵĂůƋƵĞƌŵĞŝŽƋƵĞĞǀŝĚĞŶĐŝĞŵĄĨĠ͕ĂŝƐĞŶĕĆŽĚĂƚĂdžĂĚĞŝŶƐĐƌŝĕĆŽ͕ŽƋƵĞ
ŝŵƉŽƌƚĂƌĄĂĂŶƵůĂĕĆŽĚĂŝŶƐĐƌŝĕĆŽĞĚŽƐĚĞŵĂŝƐĂƚŽƐƉŽƌŵŝŵƉƌĂƚŝĐĂĚŽƐŶŽąŵďŝƚŽĚŽƌĞĨĞƌŝĚŽŽŶĐƵƌƐŽWƷďůŝĐŽ͕ƐĞŵƉƌĞũƵşnjŽ
ĚĂĂƉůŝĐĂĕĆŽĚĞŽƵƚƌĂƐƐĂŶĕƁĞƐĐĂďşǀĞŝƐ͕ŵĞƐŵŽƋƵĞƚĂůƐĞũĂƉŽƐƚĞƌŝŽƌŵĞŶƚĞĐŽŵƉƌŽǀĂĚŽ͘
^EdZhKZ/KWZK͕ͺͺͺͺͺĚĞͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺĚĞϮϬϮϰ͘
ƐƐŝŶĂƚƵƌĂ͗
40
WƌĞĨĞŝƚƵƌĂDƵŶŝĐŝƉĂůĚĞ ŽŶĐƵƌƐŽWƷďůŝĐŽEǑϬϭͬϮϬϮϰ
^EdZhKZ/KWZK /d>ĚĞZdhZĚĞ/E^Z/O^
EyK/sͲWZKdKK>KEdZ'd1dh>K^
WZ&/dhZ^EdZhKZ/KWZK–KEhZ^KWj>/KEǑϬϭͬϮϬϮϰ
ĂŶĚŝĚĂƚŽ͗
EǑ/ŶƐĐƌŝĕĆŽ͗
&ƵŶĕĆŽ͗
WM^Ͳ'ZhK>dK^E^h;ůŝŵŝƚĂĚŽĂϭƚşƚƵůŽͿ
EǑ ^Z/K;ŶƚŝĚĂĚĞͬƵƌƐŽͿ
;ϭͿ
D^dZK;ůŝŵŝƚĂĚŽĂϭƚşƚƵůŽͿ
EǑ ^Z/K;ŶƚŝĚĂĚĞͬƵƌƐŽͿ
;ϭͿ
KhdKZK;ůŝŵŝƚĂĚŽĂϭƚşƚƵůŽͿ
EǑ ^Z/K;ŶƚŝĚĂĚĞͬƵƌƐŽͿ
;ϭͿ
✓ dEK͗ ^K K E/dK ^d: KEKZZEK D/^ hD &hEK͕ sZ WZE,Z hD
&KZDh>Z/KWZKdKK>Kd1dh>K^WZhDK^DWZ'K^EyZ^MW/^hdEd/^D
hD͘
✓ KƐ ƚşƚƵůŽƐ ĚĞǀĞƌĆŽ ƐĞƌ ĂƉƌĞƐĞŶƚĂĚŽƐ ĂƚƌĂǀĠƐ ĚĞ ĐſƉŝĂ ĨƌĞŶƚĞͲǀĞƌƐŽ ĂƵƚĞŶƚŝĐĂĚĂ Ğŵ ĐĂƌƚſƌŝŽ͕ ƐĞŶĚŽ ĂŶĞdžĂĚŽƐ Ă ĞƐƚĞ
ƉƌŽƚŽĐŽůŽĚĞĞŶƚƌĞŐĂƚşƚƵůŽƐ͕ĚĞǀŝĚĂŵĞŶƚĞƉƌĞĞŶĐŚŝĚŽĞĂƐƐŝŶĂĚŽ͘
✓ ƐƚĞ ĨŽƌŵƵůĄƌŝŽ ĚĞ ƉƌŽƚŽĐŽůŽ ĚĞ ƚşƚƵůŽƐ ĚĞǀĞƌĄ ƐĞƌ ĞŶƚƌĞŐƵĞ ĞdžĐůƵƐŝǀĂŵĞŶƚĞ ĂŽ ĨŝŶĂů ĚĂ ƌĞĂůŝnjĂĕĆŽ ĚĞ ĐĂĚĂ WƌŽǀĂ
KďũĞƚŝǀĂĚĞĐĂĚĂĐĂƌŐŽ͕ƉĂƌĂŽĨŝƐĐĂůĚĞƉƌŽǀĂ͘
✓ KƐ ĐŽŵƉƌŽǀĂŶƚĞƐ ĚĂ ƚŝƚƵůĂĕĆŽ ĚĞǀĞƌĆŽ ŝŶĚŝĐĂƌ Ă ĐĂƌŐĂ ŚŽƌĄƌŝĂ͕ ŚŝƐƚſƌŝĐŽ ĞƐĐŽůĂƌ Ğ ĂƉƌĞƐĞŶƚĂƌ ĚŝƌĞƚĂ ƌĞůĂĕĆŽ ĐŽŵ ĂƐ
ĂƚƌŝďƵŝĕƁĞƐĚĂĨƵŶĕĆŽƉĂƌĂŽƋƵĂůƐĞŝŶƐĐƌĞǀĞƵŽĐĂŶĚŝĚĂƚŽ͘
✓ EĆŽƐĞƌĆŽĂĐĞŝƚŽƐĐŽŵƉƌŽǀĂŶƚĞƐĚĂƚŝƚƵůĂĕĆŽĂƉƌĞƐĞŶƚĂĚŽƐĨŽƌĂĚĂĚĂƚĂĞĚŽƐŵŽůĚĞƐŽƌĂĞƐƚŝƉƵůĂĚŽƐ͕ŶĆŽĐĂďĞŶĚŽ
ƌĞĐƵƌƐŽĂŽĐĂŶĚŝĚĂƚŽ͕ŶĞƐƐĂŚŝƉſƚĞƐĞ͘
✓ KĐĂŶĚŝĚĂƚŽĚĞĐůĂƌĂͲƐĞĐŽŶŚĞĐĞĚŽƌĚĂƐĚŝƐƉŽƐŝĕƁĞƐĚŽŝƚĞŵϴĚŽĚŝƚĂůĚĞďĞƌƚƵƌĂĚĞ/ŶƐĐƌŝĕƁĞƐ͕ĞƐĞƌĞƐƉŽŶƐĂďŝůŝnjĂ
ŝŶƚĞŐƌĂůŵĞŶƚĞƉĞůŽƉƌĞĞŶĐŚŝŵĞŶƚŽĚĞƐƚĞĨŽƌŵƵůĄƌŝŽĞƉĞůĂĂƵƚĞŶƚŝĐŝĚĂĚĞĚŽƐƚşƚƵůŽƐũƵŶƚĂĚŽƐ͕ƐŽďĂƐƉĞŶĂƐĚĂůĞŝ͘
ƐƐŝŶĂƚƵƌĂĚŽĐĂŶĚŝĚĂƚŽ͗
;ǀŝĂĚĂĞŵƉƌĞƐĂͿ
ͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲ
WZ&/dhZDhE//W>^EdZhKZ/KWZK ϮϵͬϬϵ
KEhZ^KWj>/KEǑϬϭͬϮϬϮϰͲWZKdKK>KEdZ'd1dh>K^ ϮϬϮϰ
ĂŶĚŝĚĂƚŽ͗
/ŶƐĐƌŝĕĆŽ͗ &ƵŶĕĆŽ͗
YƵĂŶƚŝĚĂĚĞĚĞdşƚƵůŽƐŶƚƌĞŐƵĞƐ͗ͺͺͺͺͺͺͺͺ ;ͿWſƐͲ'ƌĂĚƵĂĕĆŽ;ͿDĞƐƚƌĂĚŽ;ͿŽƵƚŽƌĂĚŽ
;ǀŝĂĚŽĐĂŶĚŝĚĂƚŽͿ
ZĞĐĞďŝĚŽ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ
;EŽŵĞĐŽŵƉůĞƚŽĞĂƐƐŝŶĂƚƵƌĂĚŽ&ŝƐĐĂůĚĞ^ĂůĂͿ
41
WƌĞĨĞŝƚƵƌĂDƵŶŝĐŝƉĂůĚĞ ŽŶĐƵƌƐŽWƷďůŝĐŽEǑϬϭͬϮϬϮϰ
^EdZhKZ/KWZK /d>ĚĞZdhZĚĞ/E^Z/O^
ZKEK'ZD^d/DK
sEdK D/K d
^ĞŵĂŶĄƌŝŽKĨŝĐŝĂů ϬϯͬϬϴ;ƐĄďͿ
ŚƚƚƉƐ͗ͬͬĚŝĂƌŝŽŽĨŝĐŝĂůŶŽǀŽ͘ũĞůĂƐƚŝĐ͘
WƵďůŝĐĂĕĆŽͲĚŝƚĂůĚĞďĞƌƚƵƌĂĚĞ/ŶƐĐƌŝĕƁĞƐ ƐĂǀĞŝŶĐůŽƵĚ͘ŶĞƚͬƉĂŐŝŶĂƐͬƉƵďůŝĐͬĚŝĂƌŝŽͺ
ĞdžƚĞƌŶŽ͘džŚƚŵů͍ŝĚŝĚĂĚĞсϰ
^ŝƚĞƐĚĂWƵďůŝĐŽŶƐƵůƚĞĚĂWƌĞĨĞŝƚƵƌĂ
→
WĂŝŶĞůĚŽĐĂŶĚŝĚĂƚŽ→ ϬϱͬϬϴĂϬϵͬϬϵ;ϮǐͬϮǐͿ
/E^Z/O^
ǁǁǁ͘ƉƵďůŝĐŽŶƐƵůƚ͘ĐŽŵ͘ďƌ
ZĞĐƵƌƐŽƐĐŽŶƚƌĂŽĚŝƚĂůĚĞďĞƌƚƵƌĂĚĞ WĂŝŶĞůĚŽĐĂŶĚŝĚĂƚŽ→
→ ϬϲĞϬϳͬϬϴ;ϯǐͬϰǐͿ
/ŶƐĐƌŝĕƁĞƐ ǁǁǁ͘ƉƵďůŝĐŽŶƐƵůƚ͘ĐŽŵ͘ďƌ
jůƚŝŵŽĚŝĂƉĂƌĂĞŶǀŝŽĚĞZĞƋƵĞƌŝŵĞŶƚŽĚĞ WƵďůŝĐŽŶƐƵůƚ ϬϳͬϬϴ;ϰǑͿ
/ƐĞŶĕĆŽĚĂ/ŶƐĐƌŝĕĆŽ
ZĞƐƵůƚĂĚŽĚŽƌĞĐƵƌƐŽĂŽĚŝƚĂůĚĞďĞƌƚƵƌĂĚĞ ^ŝƚĞƐĚĂWƵďůŝĐŽŶƐƵůƚĞĚĂWƌĞĨĞŝƚƵƌĂ ϮϭͬϬϴ;ϰǐͿ
/ŶƐĐƌŝĕƁĞƐ
ĚŝƚĂůͲZĞƐƵůƚĂĚŽĚŽZĞƋƵĞƌŝŵĞŶƚŽĚĞ/ƐĞŶĕĆŽ ^ŝƚĞƐĚĂWƵďůŝĐŽŶƐƵůƚĞĚĂWƌĞĨĞŝƚƵƌĂ ϮϭͬϬϴ;ϰǐͿ
ĚĂ/ŶƐĐƌŝĕĆŽ
jůƚŝŵŽĚŝĂƉĂƌĂĞŶǀŝŽĚĞůĂƵĚŽƐ–W WƵďůŝĐŽŶƐƵůƚ ϬϮͬϬϵ;ϮǐͿ
jůƚŝŵŽĚŝĂͲWĂŐĂŵĞŶƚŽĚĂƐŝŶƐĐƌŝĕƁĞƐ ZĞĚĞĂŶĐĄƌŝĂ ϭϬͬϬϵ;ϯǐͿ
^ĞŵĂŶĄƌŝŽKĨŝĐŝĂůͬ^ŝƚĞƐĚĂWƵďůŝĐŽŶƐƵůƚĞ ϭϰͬϬϵ;^ĂďͿ
ĚŝƚĂůͲ/ŶƐĐƌŝĕƁĞƐĞĨĞƌŝĚĂƐ
ĚĂWƌĞĨĞŝƚƵƌĂ
→
WĂŝŶĞůĚŽĐĂŶĚŝĚĂƚŽ→ ϭϲĞϭϳͬϬϵ;ϮǑͬϯǐͿ
ZĞĐƵƌƐŽƐ–/ŶƐĐƌŝĕƁĞƐ/ŶĚĞĨĞƌŝĚĂƐ
ǁǁǁ͘ƉƵďůŝĐŽŶƐƵůƚ͘ĐŽŵ͘ďƌ
ĚŝƚĂůͲZĞƐƵůƚĂĚŽĚŽƐZĞĐƵƌƐŽƐ/ŶĚĞĨĞƌŝŵĞŶƚŽ ^ŝƚĞƐĚĂWƵďůŝĐŽŶƐƵůƚĞĚĂWƌĞĨĞŝƚƵƌĂ ϭϴͬϬϵ;ϰǐͿ
ĚĞ/ŶƐĐƌŝĕƁĞƐ
WƵďůŝĐĂĕĆŽͲĚŝƚĂůĚĞŽŶǀŽĐĂĕĆŽ–WƌŽǀĂ ^ĞŵĂŶĄƌŝŽKĨŝĐŝĂůͬ^ŝƚĞƐĚĂWƵďůŝĐŽŶƐƵůƚĞ ϮϭͬϬϵ;ƐĄďͿ
KďũĞƚŝǀĂ ĚĂWƌĞĨĞŝƚƵƌĂ
WZKsK:d/s >ŽĐĂŝƐĂƐĞƌĞŵĚŝǀƵůŐĂĚŽƐ ϮϵͬϬϵ;ĚŽŵͿ
'ĂďĂƌŝƚŽͲWƌŽǀĂKďũĞƚŝǀĂ ^ŝƚĞĚĂWƵďůŝĐŽŶƐƵůƚ ϮϵͬϬϵ;ĚŽŵͿ–ϮϬŚ
ŝǀƵůŐĂĕĆŽĚĞ'ĂďĂƌŝƚŽ ^ŝƚĞĚĂWƌĞĨĞŝƚƵƌĂ ϯϬͬϬϵ;ϮǑͿ
→
WĂŝŶĞůĚŽĐĂŶĚŝĚĂƚŽ→ ϬϭĞϬϮͬϭϬ;ϯǐͬϰǐͿ
ZĞĐƵƌƐŽƐͲWƌŽǀĂKďũĞƚŝǀĂ
ǁǁǁ͘ƉƵďůŝĐŽŶƐƵůƚ͘ĐŽŵ͘ďƌ
ĚŝƚĂůͲZĞƐƵůƚĂĚŽĚŽƐZĞĐƵƌƐŽƐͲWƌŽǀĂKďũĞƚŝǀĂ ^ŝƚĞƐĚĂWƵďůŝĐŽŶƐƵůƚĞĚĂWƌĞĨĞŝƚƵƌĂ ϭϲͬϭϬ;ϰǐͿ
ĚŝƚĂůͲůĂƐƐŝĨŝĐĂĕĆŽWƌŽǀŝƐſƌŝĂĞŶĄůŝƐĞĚĞ ^ĞŵĂŶĄƌŝŽKĨŝĐŝĂůͬ^ŝƚĞƐĚĂWƵďůŝĐŽŶƐƵůƚĞ ϭϵͬϭϬ;^ĂďͿ
dşƚƵůŽƐ ĚĂWƌĞĨĞŝƚƵƌĂ
ZĞĐƵƌƐŽƐͲůĂƐƐŝĨŝĐĂĕĆŽWƌŽǀŝƐſƌŝĂĞŶĄůŝƐĞĚĞ WĂŝŶĞůĚŽĐĂŶĚŝĚĂƚŽ→
→ ϮϭĞϮϮͬϭϬ;ϮǐͬϯǐͿ
dşƚƵůŽƐ ǁǁǁ͘ƉƵďůŝĐŽŶƐƵůƚ͘ĐŽŵ͘ďƌ
ĚŝƚĂůͲZĞƐƵůƚĂĚŽĚŽƐZĞĐƵƌƐŽƐĚĂůĂƐƐŝĨŝĐĂĕĆŽ ^ŝƚĞƐĚĂWƵďůŝĐŽŶƐƵůƚĞĚĂWƌĞĨĞŝƚƵƌĂ ϮϱͬϭϬ;ϲǐͿ
WƌŽǀŝƐſƌŝĂ
WƵďůŝĐĂĕĆŽŶĂŝŵƉƌĞŶƐĂͲĚŝƚĂůĚĞůĂƐƐŝĨŝĐĂĕĆŽ ^ĞŵĂŶĄƌŝŽKĨŝĐŝĂůͬ^ŝƚĞƐĚĂWƵďůŝĐŽŶƐƵůƚĞ ϮϲͬϭϬ;ƐĄďͿ
&ŝŶĂůнĞĐƌĞƚŽĚĞ,ŽŵŽůŽŐĂĕĆŽ ĚĂWƌĞĨĞŝƚƵƌĂ
42
EDITAL DE CONVOCAÇÃO
EDITAL DE CONVOCAÇÃO
EDITAL DE CONVOCAÇÃO
COMPARECIMENTO
LOCAL: Sala de Reuniões da Secretaria Municipal de Educação
ENDEREÇO: Rua Benjamim Constant, nº 49, piso superior, Centro, Santa Cruz do Rio Pardo
DATA: 07 de agosto de 2024
OS CLASSIFICADOS DEVERÃO COMPARECER NO SEGUINTE HORÁRIO: 10h00min
COMPARECIMENTO
LOCAL: Sala de Reuniões da Secretaria Municipal de Educação
ENDEREÇO: Rua Benjamim Constant, nº 49, piso superior, Centro, Santa Cruz do Rio Pardo
DATA: 07 de agosto de 2024
OS CLASSIFICADOS DEVERÃO COMPARECER NO SEGUINTE HORÁRIO: 10h30min
1. Fotocópia do RG;
2. Fotocópia do CPF;
3. Fotocópia do título de eleitor;
4. Carteira de Trabalho Digital – acessar o aplicativo da Carteira de Trabalho Digital – clicar em enviar carteira
de trabalho – selecionar todos os dados da carteira e clicar no campo PDF no canto inferior da tela e imprimir
5. Fotocópia do cadastro do PIS ou PASEP;
6. Fotocópia de comprovante de residência (conta de luz, água ou telefone emitido nos últimos 3 meses) no
próprio nome ou do esposo (a), imóvel alugado fazer declaração que reside no imóvel;
7. Uma foto 3x4 recente;
8. Fotocópia do Registro de Conselho de Classe Ativo (somente se o cargo exigir);
9. Documentos de escolaridade original para conferência (histórico escolar, certificado ou declaração de
conclusão da escolaridade exigida para o concurso, diploma);
10. Fotocópia da certidão de casamento ou do RG do(a) companheiro(a);
11. Fotocópia da certidão de nascimentos dos filhos menores de 14 anos;
12. Atestado de frequência escolar dos filhos menores de 14 anos;
13. Carteira de vacinação dos filhos com até 05 anos;
14. CPF dos dependentes
15. Comprovação das obrigações militares pela Carteira de Reservista até 45 anos;
16. Em caso de possuir acumulo legal de empregos públicos, apresentar declaração do órgão contendo emprego
ocupado e o horário de trabalho para verificação de compatibilidade de horários ou vedações
constitucionais;
17. Declaração de que não tenha sofrido penalidade administrativa no exercício da função pública, mediante
exibição de documentos originais ou autenticados, quando já tenha sido servidor em outro cargo ou
emprego de acumulação legal. (Declaração de todos os trabalhos concursados e prazos determinados -
poderá ser concedido prazo para a entrega desse item).
18. Certidão de Quitação Eleitoral (obtida no sitio eletrônico: www.tse.jus.br);
19. Certidões de Antecedentes Criminais emitidas pela Polícia Federal e pela Polícia Civil, expedidas no máximo
há três meses e referentes aos últimos dez anos:
*Polícia Federal usar o navegador Internet Explorer ou Mozilla (site: Emitir Certidão de Antecedentes
Criminais (www.gov.br)) e da
*Polícia Civil (site: http://www.ssp.sp.gov.br/servicos/atestado.aspx)
20. Certidão Negativa de Dívida Ativa no Município (Prefeitura Municipal de SCRPardo - site
https://santacruzdoriopardo.1doc.com.br/atendimento) – Selecionar a opção Protocolo - deverá ser feito um
cadastro - após concluído o cadastro, entrar com usuário/senha e no assunto selecionar a opção – Certidão
Negativa de Débitos Municipais – preencher o formulário que irá gerar, anexar cópia do CPF e protocolar, após
recebido pelo Departamento de Lançadoria, será gerado e encaminhado o boleto da taxa de serviço pelo
protocolo criado para pagamento, após a baixa no pagamento a certidão será enviada no mesmo protocolo
dentro do prazo de até 2 dias úteis – (Dúvidas e orientações entrar em contato pelo número 3332-2305 – Opção
4).
Conforme Art. 3° do Decreto nº 170/2024 a não apresentação dos documentos indicados acima
implicará a não contratação.
WƌĞĨĞŝƚƵƌĂDƵŶŝĐŝƉĂůĚĞ WƌŽĐĞƐƐŽ^ĞůĞƚŝǀŽEǑϬϮͬϮϬϮϰ
^EdZhKZ/KWZK /d>ĚĞZdhZĚĞ/E^Z/O^
WƌĞĨĞŝƚƵƌĂ DƵŶŝĐŝƉĂů ĚĞ ^Ed Zh K Z/K WZK͕ ƐƚĂĚŽ ĚĞ ^ĆŽ WĂƵůŽ͕ ƚŽƌŶĂ ƉƷďůŝĐŽ Ž /d> ZdhZ
/E^Z/O^WZKWZK^^K^>d/sKEǑ ϬϮͬϮϬϮϰǀŝƐĂŶĚŽăĨŽƌŵĂĕĆŽĚĞ ĂĚĂƐƚƌŽĚĞZĞƐĞƌǀĂƉĂƌĂĂĐŽŶƚƌĂƚĂĕĆŽĚĞ
ƐƚĂŐŝĄƌŝŽƐ͕ Ž ƋƵĂů ƐĞ ƉƌŽĐĞƐƐĂƌĄ ĚĞ ĂĐŽƌĚŽ ĐŽŵ ĂƐ ŝŶƐƚƌƵĕƁĞƐ ĐŽŶƐƚĂŶƚĞƐ ŶĞƐƚĞ ĚŝƚĂů Ğ ŶĂ ůĞŐŝƐůĂĕĆŽ ĐŽŵƉůĞŵĞŶƚĂƌ
ĐŽŶĐĞƌŶĞŶƚĞăŵĂƚĠƌŝĂ͘
ϭ͘^Z^^d'/KĞs/'E/KWZK^^K^>d/sK
ϭ͘ϭ͘ƐĄƌĞĂƐĚĞĞƐƚĄŐŝŽ͕ĂƋƵĂŶƚŝĚĂĚĞĚĞǀĂŐĂƐ͕ĂĐĂƌŐĂŚŽƌĄƌŝĂ͕ŽǀĂůŽƌŵĞŶƐĂůĚĂďŽůƐĂͲĞƐƚĄŐŝŽ͕ĂĞƐĐŽůĂƌŝĚĂĚĞĞƌĞƋƵŝƐŝƚŽƐ
ŵşŶŝŵŽƐĚĞĐŽŵƉĞƚġŶĐŝĂĞŽǀĂůŽƌĚĂƐŝŶƐĐƌŝĕƁĞƐƐĆŽŽƐƐĞŐƵŝŶƚĞƐ͗
EǑ Z' K>^Ͳ ^K>Z/ZYh/^/dK^ s>KZĚĂ
Z^^d'/K
s'^ ,KZZ/ ^d'/K;ϭͿ D1E/DK^KDWdE/
/E^Z/K
E1s>D/K
ƵƌƐĂŶĚŽ ŶƐŝŶŽ DĠĚŝŽ ŶŽ
ƉĞƌşŽĚŽĚĂƚĂƌĚĞŽƵŶŽŝƚĞĚĞƐĚĞ
ƐƚĂŐŝĄƌŝŽƐĚĞŶƐŝŶŽDĠĚŝŽ–
ϭ ͘Z͘ ϮϬŚͬƐĞŵĂŶĂŝƐ ZΨϰϳϮ͕Ϭϰ ĂĚĂƚĂĚĂĐŽŶƚƌĂƚĂĕĆŽĂƚĠƚŽĚŽŽ ZΨϳ͕ϳϬ
ƐƚĄŐŝŽŶŽWĞƌşŽĚŽĚĂDĂŶŚĆ
ƉĞƌşŽĚŽ ĚĞ ĞƐƚĄŐŝŽ͘ WŽƐƐƵŝƌ ϭϲ
ĂŶŽƐĐŽŵƉůĞƚŽƐ͘
ƵƌƐĂŶĚŽ ŶƐŝŶŽ DĠĚŝŽ ŶŽ
ƉĞƌşŽĚŽ ĚĂ ŵĂŶŚĆ ŽƵ ŶŽŝƚĞ
ƐƚĂŐŝĄƌŝŽƐĚĞŶƐŝŶŽDĠĚŝŽ–
Ϯ ͘Z͘ ϮϬŚͬƐĞŵĂŶĂŝƐ ZΨϰϳϮ͕Ϭϰ ĚĞƐĚĞĂĚĂƚĂĚĂĐŽŶƚƌĂƚĂĕĆŽĂƚĠ ZΨϳ͕ϳϬ
ƐƚĄŐŝŽŶŽWĞƌşŽĚŽĚĂdĂƌĚĞ
ƚŽĚŽ Ž ƉĞƌşŽĚŽ ĚĞ ĞƐƚĄŐŝŽ͘
WŽƐƐƵŝƌϭϲĂŶŽƐĐŽŵƉůĞƚŽƐ͘
E1s>dE/K
ƵƌƐĂŶĚŽĚŵŝŶŝƐƚƌĂĕĆŽĚĞƐĚĞĂ
ƐƚĂŐŝĄƌŝŽƐĚĞdĠĐŶŝĐŽĞŵ ĚĂƚĂ ĚĂ ĐŽŶƚƌĂƚĂĕĆŽ ĂƚĠ ƚŽĚŽ Ž
ϯ ͘Z͘ ϮϬŚͬƐĞŵĂŶĂŝƐ ZΨϰϳϮ͕Ϭϰ ZΨϳ͕ϳϬ
ĚŵŝŶŝƐƚƌĂĕĆŽ ƉĞƌşŽĚŽ ĚĞ ĞƐƚĄŐŝŽ͘ WŽƐƐƵŝƌ ϭϲ
ĂŶŽƐĐŽŵƉůĞƚŽƐ͘
ƵƌƐĂŶĚŽ Informática ĚĞƐĚĞ Ă
ƐƚĂŐŝĄƌŝŽƐĚĞdĠĐŶŝĐŽĞŵ ĚĂƚĂ ĚĂ ĐŽŶƚƌĂƚĂĕĆŽ ĂƚĠ ƚŽĚŽ Ž
ϰ ͘Z͘ ϮϬŚͬƐĞŵĂŶĂŝƐ ZΨϰϳϮ͕Ϭϰ ZΨϳ͕ϳϬ
/ŶĨŽƌŵĄƚŝĐĂ ƉĞƌşŽĚŽ ĚĞ ĞƐƚĄŐŝŽ͘ WŽƐƐƵŝƌ ϭϲ
ĂŶŽƐĐŽŵƉůĞƚŽƐ͘
ƵƌƐĂŶĚŽ Segurança do Trabalho
ƐƚĂŐŝĄƌŝŽƐĚĞdĠĐŶŝĐŽĚĞ ĚĞ Ă ĚĂƚĂ ĚĂ ĐŽŶƚƌĂƚĂĕĆŽ ĂƚĠ
ϱ ͘Z͘ ϮϬŚͬƐĞŵĂŶĂŝƐ ZΨϰϳϮ͕Ϭϰ ZΨϳ͕ϳϬ
^ĞŐƵƌĂŶĕĂĚŽdƌĂďĂůŚŽ ƚŽĚŽ Ž ƉĞƌşŽĚŽ ĚĞ ĞƐƚĄŐŝŽ͘
WŽƐƐƵŝƌϭϲĂŶŽƐĐŽŵƉůĞƚŽƐ͘
E1s>^hWZ/KZ
ƵƌƐĂŶĚŽ ^ƵƉĞƌŝŽƌ ĚĞ
ĚŵŝŶŝƐƚƌĂĕĆŽ ĚĞ ŵƉƌĞƐĂƐ
ϲ ƐƚĂŐŝĄƌŝŽƐĚĞĚŵŝŶŝƐƚƌĂĕĆŽ ͘Z͘ ϮϬŚͬƐĞŵĂŶĂŝƐ ZΨϰϳϮ͕Ϭϰ ĚĞƐĚĞĂĚĂƚĂĚĂĐŽŶƚƌĂƚĂĕĆŽĂƚĠ ZΨϳ͕ϳϬ
ƚŽĚŽ Ž ƉĞƌşŽĚŽ ĚĞ ĞƐƚĄŐŝŽ͘
WŽƐƐƵŝƌϭϲĂŶŽƐĐŽŵƉůĞƚŽƐ͘
ƵƌƐĂŶĚŽ ^ƵƉĞƌŝŽƌ ĚĞ
ƌƋƵŝƚĞƚƵƌĂ Ğ hƌďĂŶŝƐŵŽ ĚĞƐĚĞ
ϳ ƐƚĂŐŝĄƌŝŽƐĚĞƌƋƵŝƚĞƚƵƌĂ ͘Z͘ ϮϬŚͬƐĞŵĂŶĂŝƐ ZΨϰϳϮ͕Ϭϰ ĂĚĂƚĂĚĂĐŽŶƚƌĂƚĂĕĆŽĂƚĠƚŽĚŽŽ ZΨϳ͕ϳϬ
ƉĞƌşŽĚŽ ĚĞ ĞƐƚĄŐŝŽ͘ WŽƐƐƵŝƌ ϭϲ
ĂŶŽƐĐŽŵƉůĞƚŽƐ͘
ƵƌƐĂŶĚŽ ^ƵƉĞƌŝŽƌ ĚĞ ŝƌĞŝƚŽ
ĚĞƐĚĞĂĚĂƚĂĚĂĐŽŶƚƌĂƚĂĕĆŽĂƚĠ
ϴ ƐƚĂŐŝĄƌŝŽƐĚĞŝƌĞŝƚŽ ͘Z͘ ϮϬŚͬƐĞŵĂŶĂŝƐ ZΨϰϳϮ͕Ϭϰ ZΨϳ͕ϳϬ
ƚŽĚŽ Ž ƉĞƌşŽĚŽ ĚĞ ĞƐƚĄŐŝŽ͘
WŽƐƐƵŝƌϭϲĂŶŽƐĐŽŵƉůĞƚŽƐ͘
ƵƌƐĂŶĚŽ ^ƵƉĞƌŝŽƌ ĚĞ ĂĐŚĂƌĞů
ĞŵĚƵĐĂĕĆŽ&şƐŝĐĂĚĞƐĚĞĂĚĂƚĂ
ƐƚĂŐŝĄƌŝŽƐĚĞĚƵĐĂĕĆŽ&şƐŝĐĂ
ϵ ͘Z͘ ϮϬŚͬƐĞŵĂŶĂŝƐ ZΨϰϳϮ͕Ϭϰ ĚĂ ĐŽŶƚƌĂƚĂĕĆŽ ĂƚĠ ƚŽĚŽ Ž ZΨϳ͕ϳϬ
;ĂĐŚĂƌĞůĂĚŽͿ
ƉĞƌşŽĚŽ ĚĞ ĞƐƚĄŐŝŽ͘ WŽƐƐƵŝƌ ϭϲ
ĂŶŽƐĐŽŵƉůĞƚŽƐ͘
ƵƌƐĂŶĚŽ ^ƵƉĞƌŝŽƌ ĚĞ
ϭϬ ƐƚĂŐŝĄƌŝŽƐĚĞŶŐĞŶŚĂƌŝĂŝǀŝů ͘Z͘ ϮϬŚͬƐĞŵĂŶĂŝƐ ZΨϰϳϮ͕Ϭϰ ŶŐĞŶŚĂƌŝĂŝǀŝůĚĞƐĚĞĂĚĂƚĂĚĂ ZΨϳ͕ϳϬ
ĐŽŶƚƌĂƚĂĕĆŽ ĂƚĠ ƚŽĚŽ Ž ƉĞƌşŽĚŽ
WƌĞĨĞŝƚƵƌĂDƵŶŝĐŝƉĂůĚĞ WƌŽĐĞƐƐŽ^ĞůĞƚŝǀŽEǑϬϮͬϮϬϮϰ
^EdZhKZ/KWZK /d>ĚĞZdhZĚĞ/E^Z/O^
ĚĞ ĞƐƚĄŐŝŽ͘ WŽƐƐƵŝƌ ϭϲ ĂŶŽƐ
ĐŽŵƉůĞƚŽƐ͘
ƵƌƐĂŶĚŽ ^ƵƉĞƌŝŽƌ ĚĞ &ĂƌŵĄĐŝĂ
ĚĞƐĚĞĂĚĂƚĂĚĂĐŽŶƚƌĂƚĂĕĆŽĂƚĠ
ϭϭ ƐƚĂŐŝĄƌŝŽƐĚĞ&ĂƌŵĄĐŝĂ ͘Z͘ ϮϬŚͬƐĞŵĂŶĂŝƐ ZΨϰϳϮ͕Ϭϰ ZΨϳ͕ϳϬ
ƚŽĚŽ Ž ƉĞƌşŽĚŽ ĚĞ ĞƐƚĄŐŝŽ͘
WŽƐƐƵŝƌϭϲĂŶŽƐĐŽŵƉůĞƚŽƐ͘
ƵƌƐĂŶĚŽ^ƵƉĞƌŝŽƌĚĞ'ĞƐƚĆŽĚĞ
ZĞĐƵƌƐŽƐ,ƵŵĂŶŽƐĚĞƐĚĞĂĚĂƚĂ
ƐƚĂŐŝĄƌŝŽƐĚĞ'ĞƐƚĆŽĚĞ
ϭϮ ͘Z͘ ϮϬŚͬƐĞŵĂŶĂŝƐ ZΨϰϳϮ͕Ϭϰ ĚĂ ĐŽŶƚƌĂƚĂĕĆŽ ĂƚĠ ƚŽĚŽ Ž ZΨϳ͕ϳϬ
ZĞĐƵƌƐŽƐ,ƵŵĂŶŽƐ
ƉĞƌşŽĚŽ ĚĞ ĞƐƚĄŐŝŽ͘ WŽƐƐƵŝƌ ϭϲ
ĂŶŽƐĐŽŵƉůĞƚŽƐ͘
ƵƌƐĂŶĚŽ^ƵƉĞƌŝŽƌĚĞ:ŽƌŶĂůŝƐŵŽ
ŽƵ ŽŵƵŶŝĐĂĕĆŽ ^ŽĐŝĂů ĚĞƐĚĞ Ă
ƐƚĂŐŝĄƌŝŽƐĚĞ:ŽƌŶĂůŝƐŵŽͬ
ϭϯ ͘Z͘ ϮϬŚͬƐĞŵĂŶĂŝƐ ZΨϰϳϮ͕Ϭϰ ĚĂƚĂ ĚĂ ĐŽŶƚƌĂƚĂĕĆŽ ĂƚĠ ƚŽĚŽ Ž ZΨϳ͕ϳϬ
ŽŵƵŶŝĐĂĕĆŽ^ŽĐŝĂů
ƉĞƌşŽĚŽ ĚĞ ĞƐƚĄŐŝŽ͘ WŽƐƐƵŝƌ ϭϲ
ĂŶŽƐĐŽŵƉůĞƚŽƐ͘
ƵƌƐĂŶĚŽ^ƵƉĞƌŝŽƌĚĞWĞĚĂŐŽŐŝĂ
ƐƚĂŐŝĄƌŝŽƐĚĞ>ŝĐĞŶĐŝĂƚƵƌĂĞŵ ĚĞƐĚĞĂĚĂƚĂĚĂĐŽŶƚƌĂƚĂĕĆŽĂƚĠ
ϭϰ ͘Z͘ ϮϬŚͬƐĞŵĂŶĂŝƐ ZΨϰϳϮ͕Ϭϰ ZΨϳ͕ϳϬ
WĞĚĂŐŽŐŝĂ ƚŽĚŽ Ž ƉĞƌşŽĚŽ ĚĞ ĞƐƚĄŐŝŽ͘
WŽƐƐƵŝƌϭϲĂŶŽƐĐŽŵƉůĞƚŽƐ͘
ƵƌƐĂŶĚŽ ^ƵƉĞƌŝŽƌ Ğŵ
DĂƌŬĞƚŝŶŐ ĚĞƐĚĞ Ă ĚĂƚĂ ĚĂ
ϭϱ ƐƚĂŐŝĄƌŝŽƐĚĞDĂƌŬĞƚŝŶŐ ͘Z͘ ϮϬŚͬƐĞŵĂŶĂŝƐ ZΨϰϳϮ͕Ϭϰ ĐŽŶƚƌĂƚĂĕĆŽ ĂƚĠ ƚŽĚŽ Ž ƉĞƌşŽĚŽ ZΨϳ͕ϳϬ
ĚĞ ĞƐƚĄŐŝŽ͘ WŽƐƐƵŝƌ ϭϲ ĂŶŽƐ
ĐŽŵƉůĞƚŽƐ͘
ƵƌƐĂŶĚŽ ^ƵƉĞƌŝŽƌ ĚĞ WƐŝĐŽůŽŐŝĂ
ĚĞƐĚĞĂĚĂƚĂĚĂĐŽŶƚƌĂƚĂĕĆŽĂƚĠ
ϭϲ ƐƚĂŐŝĄƌŝŽƐĚĞWƐŝĐŽůŽŐŝĂ ͘Z͘ ϮϬŚͬƐĞŵĂŶĂŝƐ ZΨϰϳϮ͕Ϭϰ ZΨϳ͕ϳϬ
ƚŽĚŽ Ž ƉĞƌşŽĚŽ ĚĞ ĞƐƚĄŐŝŽ͘
WŽƐƐƵŝƌϭϲĂŶŽƐĐŽŵƉůĞƚŽƐ͘
ƵƌƐĂŶĚŽ ^ƵƉĞƌŝŽƌ ĚĞ
WƵďůŝĐŝĚĂĚĞWƌŽƉĂŐĂŶĚĂĚĞƐĚĞĂ
ƐƚĂŐŝĄƌŝŽƐĚĞWƵďůŝĐŝĚĂĚĞĞ
ϭϳ ͘Z͘ ϮϬŚͬƐĞŵĂŶĂŝƐ ZΨϰϳϮ͕Ϭϰ ĚĂƚĂ ĚĂ ĐŽŶƚƌĂƚĂĕĆŽ ĂƚĠ ƚŽĚŽ Ž ZΨϳ͕ϳϬ
WƌŽƉĂŐĂŶĚĂ
ƉĞƌşŽĚŽ ĚĞ ĞƐƚĄŐŝŽ͘ WŽƐƐƵŝƌ ϭϲ
ĂŶŽƐĐŽŵƉůĞƚŽƐ͘
ƵƌƐĂŶĚŽ ^ƵƉĞƌŝŽƌ ĚĞ ZĞůĂĕƁĞƐ
WƷďůŝĐĂƐ ĚĞƐĚĞ Ă ĚĂƚĂ ĚĂ
ƐƚĂŐŝĄƌŝŽƐĚĞZĞůĂĕƁĞƐ
ϭϴ ͘Z͘ ϮϬŚͬƐĞŵĂŶĂŝƐ ZΨϰϳϮ͕Ϭϰ ĐŽŶƚƌĂƚĂĕĆŽ ĂƚĠ ƚŽĚŽ Ž ƉĞƌşŽĚŽ ZΨϳ͕ϳϬ
WƷďůŝĐĂƐ
ĚĞ ĞƐƚĄŐŝŽ͘ WŽƐƐƵŝƌ ϭϲ ĂŶŽƐ
ĐŽŵƉůĞƚŽƐ͘
ƵƌƐĂŶĚŽ ^ƵƉĞƌŝŽƌ ĚĞ ^ĞƌǀŝĕŽ
^ŽĐŝĂů ĚĞƐĚĞ Ă ĚĂƚĂ ĚĂ
ϭϵ ƐƚĂŐŝĄƌŝŽƐĚĞ^ĞƌǀŝĕŽ^ŽĐŝĂů ͘Z͘ ϮϬŚͬƐĞŵĂŶĂŝƐ ZΨϰϳϮ͕Ϭϰ ĐŽŶƚƌĂƚĂĕĆŽ ĂƚĠ ƚŽĚŽ Ž ƉĞƌşŽĚŽ ZΨϳ͕ϳϬ
ĚĞ ĞƐƚĄŐŝŽ͘ WŽƐƐƵŝƌ ϭϲ ĂŶŽƐ
ĐŽŵƉůĞƚŽƐ͘
;ϭͿdĞƌĄĚŝƌĞŝƚŽăƵdžşůŝŽůŝŵĞŶƚĂĕĆŽŶŽǀĂůŽƌĚĞZΨϰϴϬ͕ϬϬ;ƋƵĂƚƌŽĐĞŶƚŽƐĞŽŝƚĞŶƚĂƌĞĂŝƐͿĐŽŶĨŽƌŵĞĞƐƚĂďĞůĞĐŝĚŽŶĂ>Ğŝ
DƵŶŝĐŝƉĂůŶǑϰ͘ϮϯϴͬϮϬϮϰ͘
ϭ͘Ϯ͘ K WZK^^K ^>d/sK EǑ ϬϮͬϮϬϮϰ ƚĞƌĄ ǀŝŐġŶĐŝĂ ĚĞ ϭϮ ;ĚŽnjĞͿ ŵĞƐĞƐ͕ Ɖodendo ser prorrogado pelo mesmo período
ĐŽŶĨŽƌŵĞĚĞĐŝƐĆŽĚĂĚŵŝŶŝƐƚƌĂĕĆŽĚĂWƌĞĨĞŝƚƵƌĂDƵŶŝĐŝƉĂůĚĞ^ĂŶƚĂƌƵnjĚŽZŝŽWĂƌĚŽ͘
ϭ͘ϯ͘WƌĞĨĞŝƚƵƌĂDƵŶŝĐŝƉĂůĚĞ^EdZhKZ/KWZK͕ĚƵƌĂŶƚĞĂǀŝŐġŶĐŝĂĚĞƐƚĞƉƌŽĐĞƐƐŽƐĞůĞƚŝǀŽ͕ĐŽŶǀŽĐĂƌĄĚĞĨŽƌŵĂ
ĚŝƌĞƚĂŽƵƉŽƌŵĞŝŽĚĞĞŵƉƌĞƐĂĚĞŝŶƚĞŐƌĂĕĆŽŽƐĐĂŶĚŝĚĂƚŽƐĐůĂƐƐŝĨŝĐĂĚŽƐŶĂŵĞĚŝĚĂĞŵƋƵĞŽĐŽƌƌĂŵĂƐŶĞĐĞƐƐŝĚĂĚĞƐ ĚĂ
ĚŵŝŶŝƐƚƌĂĕĆŽ͕ ŽďƐĞƌǀĂĚĂ Ă ĞƐƚƌŝƚĂ ŽƌĚĞŵ ĚĞ ĐůĂƐƐŝĨŝĐĂĕĆŽ͕ ŶĆŽ ŝŵƉůŝĐĂŶĚŽ Ă ĂƉƌŽǀĂĕĆŽ ĚŽ ĐĂŶĚŝĚĂƚŽ Ğŵ ŐĂƌĂŶƚŝĂ ĚĞ
ĐŽŶƚƌĂƚĂĕĆŽ ƉĂƌĂ Ž ĞƐƚĄŐŝŽ͕ ŵĞƐŵŽ ƋƵĞ ƉŽƌ ƚĞŵƉŽ ĚĞƚĞƌŵŝŶĂĚŽ͘ WŽĚĞƌĄ͕ ĚƵƌĂŶƚĞ Ă ƐƵĂ ǀŝŐġŶĐŝĂ͕ ĐŽŶǀŽĐĂƌ ĐĂŶĚŝĚĂƚŽƐ ĚĂ
ůŝƐƚĂĚĞĐůĂƐƐŝĨŝĐĂĚŽƐƉĂƌĂĐŽŶƚƌĂƚĂĕĆŽĚĞǀĂŐĂƐƌĞŵĂŶĞƐĐĞŶƚĞƐŽƵƉĂƌĂǀĂŐĂƐƋƵĞǀĞŶŚĂŵĂƐĞƌĐƌŝĂĚĂƐ͕ĚĞĂĐŽƌĚŽĐŽŵĂƐ
ƐƵĂƐŶĞĐĞƐƐŝĚĂĚĞƐĂĚŵŝŶŝƐƚƌĂƚŝǀĂƐ͘
ϭ͘ϰ͘ K ĂƚĞŶĚŝŵĞŶƚŽ ĚĂ ĞƐĐŽůĂƌŝĚĂĚĞ Ğ ĚŽƐ ƌĞƋƵŝƐŝƚŽƐ ŵşŶŝŵŽƐ ĞdžŝŐŝĚŽƐ ƐĞƌĄ ĂŶĂůŝƐĂĚŽ ƉŽƌ ŽĐĂƐŝĆŽ ĚĂƐ ĐŽŶƚƌĂƚĂĕƁĞƐ͕ ƉĞůĂ
Departamento de Recursos Humanos da Prefeitura dĞ^EdZhKZ/KWZK͕ũƵŶƚĂŵĞŶƚĞĐŽŵŽƐĚĞŵĂŝƐƌĞƋƵŝƐŝƚŽƐ
ƉĂƌĂĐŽŶƚƌĂƚĂĕĆŽĐŽŶƐƚĂŶƚĞƐĚŽŝƚĞŵϭϬ͘ϯĚĞƐƚĞĞĚŝƚĂů͘
2
WƌĞĨĞŝƚƵƌĂDƵŶŝĐŝƉĂůĚĞ WƌŽĐĞƐƐŽ^ĞůĞƚŝǀŽEǑϬϮͬϮϬϮϰ
^EdZhKZ/KWZK /d>ĚĞZdhZĚĞ/E^Z/O^
Ϯ͘^/E^Z/O^
Ϯ͘ϭ͘ƐŝŶƐĐƌŝĕƁĞƐƐĞƌĆŽĞĨĞƚƵĂĚĂƐŶŽƉĞƌşŽĚŽĚĞϬϱĂϯϬĚĞ'K^dKĚĞϮϬϮϰ;ĂƚĠĂƐϭϲ͗ϬϬŚŽƌĂƐͿ͕ĞdžĐůƵƐŝǀĂŵĞŶƚĞĂƚƌĂǀĠƐ
ĚŽƐŝƚĞǁǁǁ͘ƉƵďůŝĐŽŶƐƵůƚ͘ĐŽŵ͘ďƌ͘
Ϯ͘Ϯ͘WĂƌĂƐĞŝŶƐĐƌĞǀĞƌ͕ŽŝŶƚĞƌĞƐƐĂĚŽĚĞǀĞƌĄĂĐĞƐƐĂƌŽW/E>KE/dK͕ƐĞůĞĐŝŽŶĂƌĂŐƵŝĂ :^Kh^dZKŽƵ
YhZK D ^dZZ Ͳ ŶĞƐƚĞ ƷůƚŝŵŽ ĐĂƐŽ͕ ĚĞǀĞƌĄ ƉƌĞĞŶĐŚĞƌ ŽƐ ĐĂŵƉŽƐ ƌĞůĂƚŝǀŽƐ ĂŽ ^dZDEdK ŶŽ ƐŝƚĞ͘ ŵ
ƐĞŐƵŝĚĂ͕ĚĞǀĞƌĄƐĞůĞĐŝŽŶĂƌŶĂŐƵŝĂ/E^Z/O^Zd^͕ŽWƌŽĐĞƐƐŽ^ĞůĞƚŝǀŽEǑϬϮͬϮϬϮϰĚĂWƌĞĨĞŝƚƵƌĂDƵŶŝĐŝƉĂůĚĞ^Ed
Zh K Z/K WZK͕ ĞƐĐŽůŚĞƌ Ă Z ^d'/K ƉĂƌĂ Ă ƋƵĂů ĚĞƐĞũĂ ƐĞ ŝŶƐĐƌĞǀĞƌ͕ ƉƌĞĞŶĐŚĞƌ ĐŽƌƌĞƚĂŵĞŶƚĞ ŽƐ ĐĂŵƉŽƐ
ƌĞůĂƚŝǀŽƐ ĂŽ ĨŽƌŵƵůĄƌŝŽ ĚĞ /E^Z/K Ğ ĂƉſƐ ĨŝŶĂůŝnjĂĚŽ Ž ƉƌĞĞŶĐŚŝŵĞŶƚŽ ĚŽƐ ĚĂĚŽƐ͕ ĐůŝĐĂƌ ŶĂ ŐƵŝĂ 'ZZ K>dK ƉĂƌĂ
ǀŝƐƵĂůŝnjĂƌŽƵŝŵƉƌŝŵŝƌŽďŽůĞƚŽƌĞĨĞƌĞŶƚĞĂŽƉĂŐĂŵĞŶƚŽĚĂŝŶƐĐƌŝĕĆŽ͘
Ϯ͘ϯ͘KƉĂŐĂŵĞŶƚŽĚŽďŽůĞƚŽĚĞŝŶƐĐƌŝĕĆŽĚĞǀĞƌĄƐĞƌĞĨĞƚƵĂĚŽĂƚĠ ϬϮĚĞ^dDZKĚĞϮϬϮϰĞŵƋƵĂůƋƵĞƌĂŐġŶĐŝĂďĂŶĐĄƌŝĂ͕
ĂƚƌĂǀĠƐ ĚĞ ŝŶƚĞƌŶĞƚ ďĂŶŬŝŶŐ͕ ŽƵ Ğŵ ĞƐƚĂďĞůĞĐŝŵĞŶƚŽ ĂƵƚŽƌŝnjĂĚŽ Ă ƌĞĐĞďĞƌ ƉĂŐĂŵĞŶƚŽ ĚĞ ĚŽĐƵŵĞŶƚŽƐ ĚĞ ĐŽŵƉĞŶƐĂĕĆŽ
ďĂŶĐĄƌŝĂ ;ĐĂƐĂƐ ůŽƚĠƌŝĐĂƐ͕ ĐŽƌƌĞŝŽƐ ĞƚĐ͘Ϳ͕ ƌĞƐƉĞŝƚĂĚŽ Ž ŚŽƌĄƌŝŽ ĚĞ ĂƚĞŶĚŝŵĞŶƚŽ ĚŽƐ ŵĞƐŵŽƐ͘ K^͗͘ WM^ Z>/Z
/E^Z/K 'ZZ K K>dK͕ K E/dK s 'hZZ WZ &dhZ K W'DEdK EK / ^'h/Ed
WZd/Z ^ ϭϭŚϬϬ͘ ^ K K>dK &KZ 'ZK D &/E> ^DEͬ&Z/K͕ 'hZZ WZ &dhZ K
W'DEdKWZd/Z^ϭϭŚϬϬKWZMy/DK/jd/>͘
Ϯ͘ϰ͘ĨĞƚƵĂĚĂĂŝŶƐĐƌŝĕĆŽ͕ŶĆŽƐĞƌĄƉĞƌŵŝƚŝĚĂĂĂůƚĞƌĂĕĆŽĚĂĄƌĞĂĚĞĞƐƚĄŐŝŽĞƐĐŽůŚŝĚĂŶĂĨŝĐŚĂĚĞŝŶƐĐƌŝĕĆŽ͕ƐĞũĂƋƵĂůĨŽƌŽ
ŵŽƚŝǀŽ ĂůĞŐĂĚŽ͘ ĂƐŽ ƐĞũĂ ĞĨĞƚƵĂĚĂ ŝŶƐĐƌŝĕĆŽ ƉĂƌĂ ŵĂŝƐ ĚĞ ƵŵĂ ĄƌĞĂ ĚĞ ĞƐƚĄŐŝŽ ĐƵũĂƐ ƌĞƐƉĞĐƚŝǀĂƐ ƉƌŽǀĂƐ ŽďũĞƚŝǀĂƐ ƐĞũĂŵ
ĐŽŶĐŽŵŝƚĂŶƚĞƐ͕ŽĐĂŶĚŝĚĂƚŽĚĞǀĞƌĄĨĂnjĞƌĂŽƉĕĆŽƉŽƌƵŵĂĚĞůĂƐ͕ĨŝĐĂŶĚŽĞůŝŵŝŶĂĚŽŶĂƐŽƵƚƌĂƐŽƉĕƁĞƐĞŵƋƵĞĐŽŶƐƚĂƌĐŽŵŽ
ĂƵƐĞŶƚĞ͘ǀĞĚĂĚĂĂĚĞǀŽůƵĕĆŽĚŽǀĂůŽƌĚĞŝŶƐĐƌŝĕĆŽŽƵĂƐƵĂƚƌĂŶƐĨĞƌġŶĐŝĂƉĂƌĂƚĞƌĐĞŝƌŽƐ͘
Ϯ͘ϱ͘ŽĐĂŶĚŝĚĂƚŽƐĞƌĄĂƚƌŝďƵşĚĂƚŽƚĂůƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞƉĞůŽĐŽƌƌĞƚŽƉƌĞĞŶĐŚŝŵĞŶƚŽĚŽĨŽƌŵƵůĄƌŝŽĚĞŝŶƐĐƌŝĕĆŽ͘ŵĐĂƐŽĚĞ
ĚƷǀŝĚĂ ƉĂƌĂ ĞĨĞƚŝǀĂƌ Ă ŝŶƐĐƌŝĕĆŽ͕ Ž ĐĂŶĚŝĚĂƚŽ ƉŽĚĞƌĄ ĞŶƚƌĂƌ Ğŵ ĐŽŶƚĂƚŽ ĐůŝĐĂŶĚŽ ŶŽ şĐŽŶĞ “Fale Conosco – ^ƵƉŽƌƚĞ ĂŽ
Candidato”ĚŽƐŝƚĞǁǁǁ͘ƉƵďůŝĐŽŶƐƵůƚ͘ĐŽŵ͘ďƌ͘
Ϯ͘ϲ͘ K ĚĞĨĞƌŝŵĞŶƚŽ ĚĂ ŝŶƐĐƌŝĕĆŽ ĞƐƚĂƌĄ ĐŽŶĚŝĐŝŽŶĂĚŽ ĂŽ ĐŽƌƌĞƚŽ ƉƌĞĞŶĐŚŝŵĞŶƚŽ ĚŽ ƌĞƋƵĞƌŝŵĞŶƚŽ Ğ ĂŽ ƉĂŐĂŵĞŶƚŽ Ğ
ĐŽŵƉĞŶƐĂĕĆŽĚŽǀĂůŽƌĚĂŝŶƐĐƌŝĕĆŽ͘EĆŽƐĞƌĄĂĐĞŝƚŽƉĂŐĂŵĞŶƚŽƉŽƌŽƵƚƌŽƐŵĞŝŽƐƋƵĞŶĆŽŽƉĂŐĂŵĞŶƚŽĚŽďŽůĞƚŽďĂŶĐĄƌŝŽ
ĞŵŝƚŝĚŽĞƐƉĞĐŝĨŝĐĂŵĞŶƚĞƉĂƌĂ ĐĂĚĂ ŝŶƐĐƌŝĕĆŽ͕ŶĞŵƉĂŐĂŵĞŶƚŽƐĐŽŶĚŝĐŝŽŶĂŝƐŽƵĞĨĞƚƵĂĚŽƐĨŽƌĂĚŽƉƌĂnjŽĚĞǀĞŶĐŝŵĞŶƚŽĚŽ
ďŽůĞƚŽ͘ ^ĞƌĆŽ ŝŶĚĞĨĞƌŝĚĂƐ ĂƐ ŝŶƐĐƌŝĕƁĞƐ ĐƵũŽƐ ƉĂŐĂŵĞŶƚŽƐ ŶĆŽ ǀĞŶŚĂŵ Ă ƐĞƌ ĐŽŵƉĞŶƐĂĚŽƐ ƉŽƌ ƋƵĂůƋƵĞƌ ŵŽƚŝǀŽ ;ĞƌƌŽ ĚĞ
ĚŝŐŝƚĂĕĆŽĚŽĐĂŶĚŝĚĂƚŽĞŵƉĂŐĂŵĞŶƚŽĞĨĞƚƵĂĚŽƉŽƌ ŝŶƚĞƌŶĞƚďĂŶŬŝŶŐ͕ĞƌƌŽĚĞƉƌŽĐĞƐƐĂŵĞŶƚŽŽƵĨĂůƚĂĚĞĐƵŵƉƌŝŵĞŶƚŽĚĂ
ƚƌĂŶƐĨĞƌġŶĐŝĂŶŽďĂŶĐŽĚĞŽƌŝŐĞŵĚŽƉĂŐĂŵĞŶƚŽ͕ƉĂŐĂŵĞŶƚŽĞĨĞƚƵĂĚŽĨŽƌĂĚŽƉƌĂnjŽĞƚĐ͘Ϳ͘
Ϯ͘ϳ͘ŶĐĞƌƌĂĚŽŽƉƌĂnjŽĚĂƐŝŶƐĐƌŝĕƁĞƐ͕ƐĞƌĄĚŝƐƉŽŶŝďŝůŝnjĂĚŽŶŽƐŝƚĞǁǁǁ͘ƉƵďůŝĐŽŶƐƵůƚ͘ĐŽŵ͘ďƌ͕Ž/d>&Z/DEdK
/E^Z/O^͕ĚĂƐĞŐƵŝŶƚĞĨŽƌŵĂ͗
ĂͿŶĞdžŽ/Ͳ/ŶƐĐƌŝĕƁĞƐĞĨĞƌŝĚĂƐ–'ĞƌĂů͖
ďͿŶĞdžŽ//Ͳ/ŶƐĐƌŝĕƁĞƐĞĨĞƌŝĚĂƐ–ĂŶĚŝĚĂƚŽƐĐŽŵĞĨŝĐŝġŶĐŝĂ͖
ĐͿŶĞdžŽ/// Ͳ/ŶƐĐƌŝĕƁĞƐ/ŶĚĞĨĞƌŝĚĂƐ;ĐĂŶĚŝĚĂƚŽƐƋƵĞƚŝǀĞƌĂŵĂƐŝŶƐĐƌŝĕƁĞƐŝŶĚĞĨĞƌŝĚĂƐƉŽƌŶĆŽĞĨĞƚƵĂƌĞŵŽƉĂŐĂŵĞŶƚŽĚĂ
ŝŶƐĐƌŝĕĆŽŽƵƉŽƌŽƵƚƌŽŵŽƚŝǀŽĞƐƉĞĐŝĨŝĐĂĚŽͿ͘
Ϯ͘ϴ͘ĂďĞĂŽĐĂŶĚŝĚĂƚŽǀĞƌŝĨŝĐĂƌŶŽ/d>&Z/DEdK/E^Z/O^ƐĞĂƐƵĂŝŶƐĐƌŝĕĆŽĨŽŝĐŽŶĨŝƌŵĂĚĂ͕ĞĐĂƐŽŶĆŽ
ƚĞŶŚĂƐŝĚŽ͕ƉŽĚĞƌĄ͕ĚĞŶƚƌŽĚŽƉƌĂnjŽĞƐƚĂďĞůĞĐŝĚŽŶŽŝƚĞŵϴ͘ϭĚŽĚŝƚĂů͕ŝŵƉĞƚƌĂƌƌĞĐƵƌƐŽĂĚŵŝŶŝƐƚƌĂƚŝǀŽ͕ĂƉƌĞƐĞŶƚĂŶĚŽƐƵĂƐ
ĂůĞŐĂĕƁĞƐĞĚŽĐƵŵĞŶƚĂĕĆŽĐŽŵƉƌŽďĂƚſƌŝĂĚĞƉĂŐĂŵĞŶƚŽ͕ƐĞĨŽƌŽĐĂƐŽ͘hŵĂǀĞnjĐŽŶĨŝƌŵĂĚĂĂŝŶƐĐƌŝĕĆŽĞŽƉĂŐĂŵĞŶƚŽ͕Ž
ƐĞƵŶŽŵĞƉĂƐƐĂƌĄĂĐŽŶƐƚĂƌŶŽ/d>&Z/DEdK/E^Z/O^–Zd/&/KĞĐŽŶƐĞƋƵĞŶƚĞŵĞŶƚĞĚŽ/d>
KEsKK͕ƌĞƚŝĨŝĐĂĚŽƐĞĨŽƌŽĐĂƐŽ͕ŶĂĨŽƌŵĂĚŽŝƚĞŵϲ͘ϯĚĞƐƚĞĚŝƚĂů͘ĂƐŽŽĐĂŶĚŝĚĂƚŽŶĆŽĞŶƚƌĞĐŽŵƌĞĐƵƌƐŽĐŽŶƚƌĂ
ŝŶƐĐƌŝĕĆŽŝŶĚĞĨĞƌŝĚĂĞƐĞƵŶŽŵĞŶĆŽĐŽŶƐƚĞĚŽĚŝƚĂůĚĞŽŶǀŽĐĂĕĆŽ͕EKƉŽĚĞƌĄƌĞĂůŝnjĂƌĂƉƌŽǀĂŽďũĞƚŝǀĂ͕ŶĆŽŚĂǀĞŶĚŽ
ĂůŽĐĂĕĆŽĚĞĐĂŶĚŝĚĂƚŽƐĞŵƐĂůĂĐƵũŽŶŽŵĞŶĆŽĐŽŶƐƚĞŶŽƌĞĨĞƌŝĚŽĚŝƚĂů͘
Ϯ͘ϵ͘ ŵƉĂƌĂĚŽƐ ƉĞůĂ >Ğŝ DƵŶŝĐŝƉĂů ŶǑ ϯ͘ϮϬϲͬϮϬϭϴ͕ ŽƐ ĐĂŶĚŝĚĂƚŽƐ ĚŽĂĚŽƌĞƐ ĐĂĚĂƐƚƌĂĚŽƐ ŶŽ ZĞŐŝƐƚƌŽ EĂĐŝŽŶĂů ĚĞ DĞĚƵůĂ
MƐƐĞĂ͕ƉŽĚĞƌĆŽƌĞƋƵĞƌĞƌĂŝƐĞŶĕĆŽĚĂƚĂdžĂĚĞŝŶƐĐƌŝĕĆŽ͕ŽďĞĚĞĐĞŶĚŽĂŽƐƐĞŐƵŝŶƚĞƐƉƌŽĐĞĚŝŵĞŶƚŽƐ͗
Ϯ͘ϵ͘ϭ͘KĐĂŶĚŝĚĂƚŽƋƵĞƐĞĞŶƋƵĂĚƌĞŶĂƐŝƚƵĂĕĆŽĚĞƐĐƌŝƚĂŶŽŝƚĞŵĂŶƚĞƌŝŽƌĞƋƵĞƋƵŝƐĞƌƌĞƋƵĞƌĞƌĂŝƐĞŶĕĆŽĚĂƚĂdžĂĚĞŝŶƐĐƌŝĕĆŽ
ĚŽƉƌŽĐĞƐƐŽƐĞůĞƚŝǀŽĚĞǀĞƌĄĞĨĞƚƵĂƌŶŽƌŵĂůŵĞŶƚĞƐƵĂŝŶƐĐƌŝĕĆŽŶŽ ƐŝƚĞǁǁǁ͘ƉƵďůŝĐŽŶƐƵůƚ͘ĐŽŵ͘ďƌ͕ŶĂĨŽƌŵĂĞƐƚĂďĞůĞĐŝĚĂ
ŶŽŝƚĞŵϮ͘ϮĚĞƐƚĞĚŝƚĂů͕ĚĞŝdžĂŶĚŽĂƉĞŶĂƐĚĞĞĨĞƚƵĂƌŽƉĂŐĂŵĞŶƚŽĚŽďŽůĞƚŽďĂŶĐĄƌŝŽ͘
Ϯ͘ϵ͘Ϯ͘ƐĞŐƵŝƌ͕ĚĞǀĞƌĄƉƌĞĞŶĐŚĞƌĐŽƌƌĞƚĂŵĞŶƚĞŽĨŽƌŵƵůĄƌŝŽĐŽŶƐƚĂŶƚĞĚŽEyK//–ZĞƋƵĞƌŝŵĞŶƚŽĚĞ/ƐĞŶĕĆŽĚĂdĂdžĂĚĞ
/ŶƐĐƌŝĕĆŽ͕ũƵŶƚĂŶĚŽŽƐƐĞŐƵŝŶƚĞƐĚŽĐƵŵĞŶƚŽƐ͗
ĂͿĐſƉŝĂĚŽZ'ĞW&͖
ďͿ ĐŽŵƉƌŽǀĂĕĆŽ ĚĂ ĚŽĂĕĆŽ ĚĞ ŵĞĚƵůĂ ſƐƐĞĂ ĂƚƌĂǀĠƐ ĚĞ ĂƚĞƐƚĂĚŽ ŽƵ ůĂƵĚŽ ŵĠĚŝĐŽ͕ ĐŽŶƚĞŶĚŽ ĚĞĐůĂƌĂĕĆŽ ƐƵďƐĐƌŝƚĂ ƉŽƌ
ŵĠĚŝĐŽƌĞŐƵůĂƌŵĞŶƚĞŝŶƐĐƌŝƚŽŶŽŽŶƐĞůŚŽZĞŐŝŽŶĂůĚĞDĞĚŝĐŝŶĂ͕ƌĞĂůŝnjĂĚĂŚĄŶĆŽŵĂŝƐƋƵĞϭϮŵĞƐĞƐ͘
ĐͿĚĞĐůĂƌĂĕĆŽĂƐƐŝŶĂĚĂ͕ŶŽƐŵŽůĚĞƐĚŽ EyK// –ZĞƋƵĞƌŝŵĞŶƚŽĚĞ/ƐĞŶĕĆŽĚĂdĂdžĂĚĞ/ŶƐĐƌŝĕĆŽ͕ĚĞƋƵĞĂƐŝŶĨŽƌŵĂĕƁĞƐ
ƉƌĞƐƚĂĚĂƐƐĆŽǀĞƌĚĂĚĞŝƌĂƐ͕ƐŽďƉĞŶĂĚĞƐŽĨƌĞƌĂƐƐĂŶĕƁĞƐĚŝƐƉŽƐƚĂƐŶĂůĞŐŝƐůĂĕĆŽĞŵǀŝŐŽƌ͘
3
WƌĞĨĞŝƚƵƌĂDƵŶŝĐŝƉĂůĚĞ WƌŽĐĞƐƐŽ^ĞůĞƚŝǀŽEǑϬϮͬϮϬϮϰ
^EdZhKZ/KWZK /d>ĚĞZdhZĚĞ/E^Z/O^
Ϯ͘ϵ͘ϯ͘ K ΗZĞƋƵĞƌŝŵĞŶƚŽ ĚĞ /ƐĞŶĕĆŽ ĚĂ dĂdžĂ ĚĞ /ŶƐĐƌŝĕĆŽΗ͕ ŶŽƐ ŵŽůĚĞƐ ĚŽ ŶĞdžŽ /// ĚĞƐƚĞ ĚŝƚĂů͕ ũƵŶƚĂŵĞŶƚĞ ĐŽŵ Ă
ĚŽĐƵŵĞŶƚĂĕĆŽĐŽŵƉƌŽďĂƚſƌŝĂĚĞƋƵĞĂƚĞŶĚĞăƐĐŽŶĚŝĕƁĞƐĞƐƚĂďĞůĞĐŝĚĂƐĞŵůĞŝ͕ĚŝƐĐƌŝŵŝŶĂĚĂŶŽƐŝƚĞŶƐĂŶƚĞƌŝŽƌĞƐ͕ĚĞǀĞƌĆŽ
ƐĞƌĞŶǀŝĂĚŽƐĂƚĠŽĚŝĂϬϳĚĞ'K^dKĚĞϮϬϮϰƌĞŵĞƚĞƌĂƚƌĂǀĠƐĚĂd–ŵƉƌĞƐĂƌĂƐŝůĞŝƌĂĚĞŽƌƌĞŝŽƐĞdĞůĠŐƌĂĨŽƐ͕ƉŽƌ
^yŽƵĐĂƌƚĂĐŽŵZ;ǀŝƐŽĚĞZĞĐĞďŝŵĞŶƚŽͿ͕ƉĂƌĂĂĞŵƉƌĞƐĂWh>/KE^h>dWWW͕ƐĞŐƵŝŶĚŽŽŵŽĚĞůŽĚŽĞŶǀĞůŽƉĞ
ĂďĂŝdžŽ͗
^d/EdZ/K͗Wh>/KE^h>dWWW
ZƵĂDŝůƚŽŶDŽŶnjŽŶŝtĂŐŶĞƌ͕ϭϵϯͲWϭϴϬϰϳͲϲϯϰͲ^ŽƌŽĐĂďĂͬ^W
ZĞĨ͗͘ZĞƋƵĞƌŝŵĞŶƚŽĚĞ/ƐĞŶĕĆŽĚĂdĂdžĂĚĞ/ŶƐĐƌŝĕĆŽͲWƌŽĐĞƐƐŽ^ĞůĞƚŝǀŽŶǑϬϮͬϮϬϮϰ–WƌĞĨĞŝƚƵƌĂĚĞ^EdZhKZ/KWZK
EŽŵĞĐŽŵƉůĞƚŽ͗;ƉƌĞĞŶĐŚĞƌͿͬEǑĚĞ/ŶƐĐƌŝĕĆŽ͗;ƉƌĞĞŶĐŚĞƌͿͬƌĞĂĚĞĞƐƚĄŐŝŽ͗;ƉƌĞĞŶĐŚĞƌͿ
Ϯ͘ϵ͘ϰ͘EĆŽƐĞƌĆŽĐŽŶƐŝĚĞƌĂĚŽƐƉĞĚŝĚŽƐĚĞŝƐĞŶĕĆŽĚĞƉĂŐĂŵĞŶƚŽĚŽǀĂůŽƌĚĞŝŶƐĐƌŝĕĆŽƐŽůŝĐŝƚĂĚŽƐĨŽƌĂĚŽƉƌĂnjŽĞĚĂĨŽƌŵĂ
ĞƐƚĂďĞůĞĐŝĚĂ ŶŽ ŝƚĞŵ ĂŶƚĞƌŝŽƌ͖ ƚĂŵďĠŵ ŶĆŽ ƐĞƌĄ ĂĐĞŝƚĂ Ă ĞŶƚƌĞŐĂ ĐŽŶĚŝĐŝŽŶĂů ŽƵ ĐŽŵƉůĞŵĞŶƚĂĕĆŽ ĚĞ ĚŽĐƵŵĞŶƚŽƐ ŽƵ Ă
ƌĞƚŝƌĂĚĂĚĞĚŽĐƵŵĞŶƚŽƐĂƉſƐŽƉĞƌşŽĚŽĚĞŝŶƐĐƌŝĕĆŽ͘
Ϯ͘ϵ͘ϱ͘ĂƐŽŽĐĂŶĚŝĚĂƚŽƵƚŝůŝnjĞŽƵƚƌŽŵĞŝŽƋƵĞŶĆŽŽĞƐƚĂďĞůĞĐŝĚŽŶĞƐƚĞĚŝƚĂůƚĞƌĄŝŶĚĞĨĞƌŝĚŽƐĞƵƌĞƋƵĞƌŝŵĞŶƚŽĚĞŝƐĞŶĕĆŽ
ĚĂƚĂdžĂĚĞŝŶƐĐƌŝĕĆŽ͘
Ϯ͘ϵ͘ϲ͘ dŽĚĂƐ ĂƐ ŝŶĨŽƌŵĂĕƁĞƐ ƉƌĞƐƚĂĚĂƐ ŶŽ ŶĞdžŽ // Ͳ ZĞƋƵĞƌŝŵĞŶƚŽ ĚĞ /ƐĞŶĕĆŽ ĚĂ dĂdžĂ ĚĞ /ŶƐĐƌŝĕĆŽ Ğ ŶĂƐ ĚĞĐůĂƌĂĕƁĞƐ
ĨŝƌŵĂĚĂƐƐĆŽĚĞŝŶƚĞŝƌĂƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞĚŽĐĂŶĚŝĚĂƚŽ͕ĂƐƐŝŵĐŽŵŽĂŝĚŽŶĞŝĚĂĚĞĚŽƐĚŽĐƵŵĞŶƚŽƐĞŶĐĂŵŝŶŚĂĚŽƐ͕ƚŽƌŶĂŶĚŽͲ
ƐĞŶƵůŽƐƚŽĚŽƐŽƐĂƚŽƐĚĞůĂƐĚĞĐŽƌƌĞŶƚĞƐĞŵĐĂƐŽĚĞŝƌƌĞŐƵůĂƌŝĚĂĚĞĐŽŶƐƚĂƚĂĚĂ͕ĂůĠŵĚĞƐƵũĞŝƚĂƌŽĐĂŶĚŝĚĂƚŽăƐƉĞŶĂůŝĚĂĚĞƐ
ƉƌĞǀŝƐƚĂƐĞŵůĞŝ͘
Ϯ͘ϵ͘ϳ͘ Ɛ ŝŶĨŽƌŵĂĕƁĞƐ ƉƌĞƐƚĂĚĂƐ Ğ Ă ĚŽĐƵŵĞŶƚĂĕĆŽ ũƵŶƚĂĚĂ ƐĞƌĆŽ ŽďũĞƚŽ ĚĞ ĂŶĄůŝƐĞ Ğ ĞǀĞŶƚƵĂů ĚŝůŝŐġŶĐŝĂ ƉŽƌ ƉĂƌƚĞ ĚĂ
WƌĞĨĞŝƚƵƌĂDƵŶŝĐŝƉĂůĚĞ^EdZhKZ/KWZKĞͬŽƵĚĂĞŵƉƌĞƐĂŽƌŐĂŶŝnjĂĚŽƌĂĚŽĐĞƌƚĂŵĞ͘
Ϯ͘ϵ͘ϴ͘KĐĂŶĚŝĚĂƚŽĚĞǀĞƌĄ͕ĂƉĂƌƚŝƌĚŽĚŝĂϮϬĚĞ'K^dKĚĞϮϬϮϰ͕ǀĞƌŝĨŝĐĂƌŶŽƐŝƚĞǁǁǁ͘ƉƵďůŝĐŽŶƐƵůƚ͘ĐŽŵ͘ďƌŽƌĞƐƵůƚĂĚŽĚŽ
ƌĞƋƵĞƌŝŵĞŶƚŽĚĂŝƐĞŶĕĆŽĚĂƚĂdžĂĚĞŝŶƐĐƌŝĕĆŽ͘
Ϯ͘ϵ͘ϵ͘KĐĂŶĚŝĚĂƚŽƋƵĞƚŝǀĞƌƐĞƵƉĞĚŝĚŽĚĞŝƐĞŶĕĆŽĚŽƉĂŐĂŵĞŶƚŽĚĂƚĂdžĂĚĞŝŶƐĐƌŝĕĆŽĚĞĨĞƌŝĚŽƚĞƌĄĂƵƚŽŵĂƚŝĐĂŵĞŶƚĞƐƵĂ
ŝŶƐĐƌŝĕĆŽĞĨĞƚŝǀĂĚĂ͕ŶĆŽŚĂǀĞŶĚŽŶĞĐĞƐƐŝĚĂĚĞĚĞƋƵĂůƋƵĞƌŽƵƚƌŽƉƌŽĐĞĚŝŵĞŶƚŽ͘
Ϯ͘ϵ͘ϭϬ͘KĐĂŶĚŝĚĂƚŽƋƵĞƚŝǀĞƌŽƌĞƋƵĞƌŝŵĞŶƚŽĚĞŝƐĞŶĕĆŽĚĞƉĂŐĂŵĞŶƚŽĚŽǀĂůŽƌĚĞŝŶƐĐƌŝĕĆŽŝŶĚĞĨĞƌŝĚŽ͕ĚĞǀĞƌĄĂĐĞƐƐĂƌŽ
W/E> K E/dK ŶŽ ƐŝƚĞ ǁǁǁ͘ƉƵďůŝĐŽŶƐƵůƚ͘ĐŽŵ͘ďƌ͕ ƐĞůĞĐŝŽŶĂƌ Ž WƌŽĐĞƐƐŽ ^ĞůĞƚŝǀŽ ŶǑ ϬϮͬϮϬϮϰ ĚĂ WƌĞĨĞŝƚƵƌĂ
DƵŶŝĐŝƉĂů ĚĞ ^Ed Zh K Z/K WZK͕ ĐůŝĐĂƌ ŶĂ ŐƵŝĂ 'ZZ Ϯǐ s/ K K>dK Ğ ĞĨĞƚƵĂƌ Ž ƉĂŐĂŵĞŶƚŽ ĚŽ ďŽůĞƚŽ
ďĂŶĐĄƌŝŽ ƌĞĨĞƌĞŶƚĞ ĂŽ ǀĂůŽƌ ĚĂ ŝŶƐĐƌŝĕĆŽ ĂƚĠ ϬϮ ĚĞ ^dDZK ĚĞ ϮϬϮϰ͕ ĚĞǀĞŶĚŽ ŽďƐĞƌǀĂƌ Ž ĚŝƐƉŽƐƚŽ ŶŽ ŝƚĞŵ Ϯ͘Ϯ Ğ ƐĞƵƐ
ƐƵďŝƚĞŶƐ͘
Ϯ͘ϵ͘ϭϭ͘ ^ĞƌĄ ĞůŝŵŝŶĂĚŽ ĚŽ ƉƌŽĐĞƐƐŽ ƐĞůĞƚŝǀŽ Ž ĐĂŶĚŝĚĂƚŽ ƋƵĞ ƵƐĂƌ ĚĞ ŵĄͲĨĠ ŶĂ ĂƉƌĞƐĞŶƚĂĕĆŽ ĚŽƐ ĚŽĐƵŵĞŶƚŽƐ
ĐŽŵƉƌŽďĂƚſƌŝŽƐ ƉĂƌĂ Ă ŝƐĞŶĕĆŽ͕ Ğ ƐĞ Ă ĐŽŵƉƌŽǀĂĕĆŽ ŵĞŶĐŝŽŶĂĚĂ ŽĐŽƌƌĞƌ ĂƉſƐ Ă ĐŽŶƚƌĂƚĂĕĆŽ͕ Ă ĚŵŝŶŝƐƚƌĂĕĆŽ WƷďůŝĐĂ
ĂĚŽƚĂƌĄĂƐƉƌŽǀŝĚġŶĐŝĂƐƋƵĞũƵůŐĂƌŶĞĐĞƐƐĄƌŝĂƐ͕ƐĞŵƉƌĞũƵşnjŽĚĂƐƐĂŶĕƁĞƐĐĂďşǀĞŝƐ͘
ϯ͘K^E/dK^ͲW^^KKD&//E/
ϯ͘ϭ͘ŽƐĐĂŶĚŝĚĂƚŽƐĐŽŵĚĞĨŝĐŝġŶĐŝĂ͕ĂƐƐŝŵĐŽŶƐŝĚĞƌĂĚŽƐĂƋƵĞůĞƐƋƵĞƐĞĞŶƋƵĂĚƌĂŵŶĂƐĐĂƚĞŐŽƌŝĂƐĚŝƐĐƌŝŵŝŶĂĚĂƐŶŽĂƌƚ͘ϰǑ
ĚŽĞĐƌĞƚŽ&ĞĚĞƌĂůŶǑϯ͘Ϯϵϴͬϵϵ͕ƐĞƌĆŽĚĞƐƚŝŶĂĚĂƐ ϱйĚĂƐǀĂŐĂƐĂƐĞƌĞŵƉƌŽǀŝĚĂƐĞŵĐĂĚĂ ĄƌĞĂĚĞĞƐƚĄŐŝŽ͕ĞdžĐĞƚŽƐĞĞůĞ
ĞdžŝŐŝƌĂƉƚŝĚĆŽƉůĞŶĂĚŽĐĂŶĚŝĚĂƚŽŽƵƐĞƐƵĂƐĂƚƌŝďƵŝĕƁĞƐĨŽƌĞŵŝŶĐŽŵƉĂƚşǀĞŝƐĐŽŵĂĚĞĨŝĐŝġŶĐŝĂĂƉƌĞƐĞŶƚĂĚĂƉĞůŽĐĂŶĚŝĚĂƚŽ͘
ϯ͘Ϯ͘ K ĐĂŶĚŝĚĂƚŽ ĐŽŵ ĚĞĨŝĐŝġŶĐŝĂ ƋƵĞ ĚĞƐĞũĞ ƐĞ ŚĂďŝůŝƚĂƌ Ă ĐŽŶĐŽƌƌĞƌ ăƐ ǀĂŐĂƐ ĚĞƐƚĞ ƉƌŽĐĞƐƐŽ ƐĞůĞƚŝǀŽ ĚĞǀĞƌĄ ĞĨĞƚƵĂƌ ƐƵĂ
ŝŶƐĐƌŝĕĆŽ ŶĂ ĨŽƌŵĂ ĚĞƚĞƌŵŝŶĂĚĂ ŶŽ ŝƚĞŵ Ϯ͘Ϯ͕ ĚĞĐůĂƌĂŶĚŽ ƐĞƌ ƉĞƐƐŽĂ ĐŽŵ ĚĞĨŝĐŝġŶĐŝĂ Ğ ĞƐƉĞĐŝĨŝĐĂŶĚŽ Ž ĐſĚŝŐŽ ĚĂ /
;ůĂƐƐŝĨŝĐĂĕĆŽ/ŶƚĞƌŶĂĐŝŽŶĂůĚĂŽĞŶĕĂͿŶŽƐĐĂŵƉŽƐĞƐƉĞĐşĨŝĐŽƐĚŽĨŽƌŵƵůĄƌŝŽĚĞŝŶƐĐƌŝĕĆŽ͘ƉſƐ͕ĚĞǀĞƌĄƌĞŵĞƚĞƌĂƚƌĂǀĠƐĚĂ
d–ŵƉƌĞƐĂƌĂƐŝůĞŝƌĂĚĞŽƌƌĞŝŽƐĞdĞůĠŐƌĂĨŽƐ͕ƉŽƌ^yŽƵĐĂƌƚĂĐŽŵZ;ǀŝƐŽĚĞZĞĐĞďŝŵĞŶƚŽ>hKD/K͕
ĞdžƉĞĚŝĚŽŶŽŵĄdžŝŵŽĂƚĠϲ;ƐĞŝƐͿŵĞƐĞƐĂŶƚĞƐĚĂĂďĞƌƚƵƌĂĚŽƉĞƌşŽĚŽĚĞŝŶƐĐƌŝĕƁĞƐ͕ĂƚĞƐƚĂŶĚŽĂĞƐƉĠĐŝĞ͕ŽŐƌĂƵĞŽŶşǀĞůĚĂ
ĚĞĨŝĐŝġŶĐŝĂ͕ĐŽŵĞdžƉƌĞƐƐĂƌĞĨĞƌġŶĐŝĂĂŽĐſĚŝŐŽ/ĐŽƌƌĞƐƉŽŶĚĞŶƚĞ͕ĂƚĠŽĚŝĂϮϲĚĞ'K^dKĚĞϮϬϮϰ͕ƐĞŐƵŝŶĚŽŽŵŽĚĞůŽ
ĚŽĞŶǀĞůŽƉĞĂďĂŝdžŽ͗
^d/EdZ/K͗Wh>/KE^h>dW>ƚĚĂ͘
ZƵĂDŝůƚŽŶDŽŶnjŽŶŝtĂŐŶĞƌ͕ϭϵϯͲWϭϴϬϰϳͲϲϯϰͲ^ŽƌŽĐĂďĂͬ^W
ZĞĨ͗͘ĂŶĚŝĚĂƚŽĐŽŵĞĨŝĐŝġŶĐŝĂͲ>ĂƵĚŽDĠĚŝĐŽ–WƌŽĐĞƐƐŽ^ĞůĞƚŝǀŽEǑϬϮͬϮϬϮϰ–WƌĞĨĞŝƚƵƌĂĚĞ^EdZhKZ/KWZK
EŽŵĞĐŽŵƉůĞƚŽ͗;ƉƌĞĞŶĐŚĞƌͿͬEǑĚĞ/ŶƐĐƌŝĕĆŽ͗;ƉƌĞĞŶĐŚĞƌͿͬƌĞĂĚĞĞƐƚĄŐŝŽƉƌĞƚĞŶĚŝĚĂ͗;ƉƌĞĞŶĐŚĞƌͿ
ϯ͘ϯ͘ ^ĞƌĄ ŝŶĚĞĨĞƌŝĚŽ Ž ƉĞĚŝĚŽ ĚĞ ŝŶƐĐƌŝĕĆŽ ĚŽ ĐĂŶĚŝĚĂƚŽ ĐŽŵ ĚĞĨŝĐŝġŶĐŝĂ ƋƵĞ ŶĆŽ ŽďƐĞƌǀĂƌ ŽƐ ƉƌŽĐĞĚŝŵĞŶƚŽƐ Ğ ƉƌĂnjŽƐ
ĞƐƚĂďĞůĞĐŝĚŽƐŶĞƐƚĞĞĚŝƚĂů͕ǀĂůĞŶĚŽĐŽŵŽĐŽŵƉƌŽǀĂĕĆŽĚĞĞŶǀŝŽŶŽƉƌĂnjŽ͕ĂĚĂƚĂĚĞƉŽƐƚĂŐĞŵŶŽƐŽƌƌĞŝŽƐ͘EĆŽƐĞƌĄĂĐĞŝƚĂ
ĂĞŶƚƌĞŐĂƉĂƌĐŝĂůŽƵĐŽŵƉůĞŵĞŶƚĂĕĆŽĚĞĚŽĐƵŵĞŶƚŽƐ͕ŶĞŵƐĞƌĆŽĚĞǀŽůǀŝĚŽƐŽƐĚŽĐƵŵĞŶƚŽƐĂƉſƐŽƉĞƌşŽĚŽĚĞŝŶƐĐƌŝĕĆŽ͘
ϯ͘ϰ͘ K ĐĂŶĚŝĚĂƚŽ ĐŽŵ ĚĞĨŝĐŝġŶĐŝĂ ƋƵĞ ƚŝǀĞƌ Ž ƉĞĚŝĚŽ ĚĞ ŝŶƐĐƌŝĕĆŽ ŝŶĚĞĨĞƌŝĚŽ ĂŝŶĚĂ ƉŽĚĞƌĄ ƉĂƌƚŝĐŝƉĂƌ ĚŽ ƉƌŽĐĞƐƐŽ ƐĞůĞƚŝǀŽ͕
ĚĞƐĚĞƋƵĞĞĨĞƚƵĞŽƉĂŐĂŵĞŶƚŽĚĂ ŝŶƐĐƌŝĕĆŽ͕ƉŽƌĠŵŶĆŽĐŽŶĐŽƌƌĞƌĄŶĂ ĐŽŶĚŝĕĆŽĚĞ ƉĞƐƐŽĂ ĐŽŵĚĞĨŝĐŝġŶĐŝĂ͕ŶĆŽƉŽĚĞŶĚŽ͕
ƉŽƐƚĞƌŝŽƌŵĞŶƚĞ͕ĂůĞŐĂƌƚĂůĐŽŶĚŝĕĆŽƉĂƌĂƌĞŝǀŝŶĚŝĐĂƌĂƐƉƌĞƌƌŽŐĂƚŝǀĂƐĐŽŶƐƚĂŶƚĞƐŶĞƐƚĞĞĚŝƚĂů͘
4
WƌĞĨĞŝƚƵƌĂDƵŶŝĐŝƉĂůĚĞ WƌŽĐĞƐƐŽ^ĞůĞƚŝǀŽEǑϬϮͬϮϬϮϰ
^EdZhKZ/KWZK /d>ĚĞZdhZĚĞ/E^Z/O^
ϯ͘ϱ͘KĐĂŶĚŝĚĂƚŽĐŽŵĚĞĨŝĐŝġŶĐŝĂƋƵĞŶŽĂƚŽĚĂŝŶƐĐƌŝĕĆŽŶĆŽĚĞĐůĂƌĂƌĞƐƐĂĐŽŶĚŝĕĆŽ͕ŶĆŽƉŽĚĞƌĄŝŵƉĞƚƌĂƌƌĞĐƵƌƐŽĞŵĨĂǀŽƌ
ĚĞ ƐƵĂ ŝŶƐĐƌŝĕĆŽ͘ K ĐĂŶĚŝĚĂƚŽ ƋƵĞ ĚĞĐůĂƌĂƌ ĨĂůƐĂŵĞŶƚĞ Ă ĚĞĨŝĐŝġŶĐŝĂ ƐĞƌĄ ĞdžĐůƵşĚŽ ĚŽ ƉƌŽĐĞƐƐŽ ƐĞůĞƚŝǀŽ͕ ƐĞ ĐŽŶĨŝƌŵĂĚĂ ƚĂů
ŽĐŽƌƌġŶĐŝĂĞŵƋƵĂůƋƵĞƌĨĂƐĞĚĞƐƚĞĐĞƌƚĂŵĞ͕ƐƵũĞŝƚĂŶĚŽͲƐĞăƐĐŽŶƐĞƋƵġŶĐŝĂƐůĞŐĂŝƐƉĞƌƚŝŶĞŶƚĞƐăŵĂƚĠƌŝĂ͘
ϯ͘ϱ͘KĐĂŶĚŝĚĂƚŽĐŽŵĚĞĨŝĐŝġŶĐŝĂƋƵĞŶŽĂƚŽĚĂŝŶƐĐƌŝĕĆŽŶĆŽĚĞĐůĂƌĂƌĞƐƐĂĐŽŶĚŝĕĆŽ͕ŶĆŽƉŽĚĞƌĄŝŵƉĞƚƌĂƌƌĞĐƵƌƐŽĞŵĨĂǀŽƌ
ĚĞ ƐƵĂ ŝŶƐĐƌŝĕĆŽ͘ K ĐĂŶĚŝĚĂƚŽ ƋƵĞ ĚĞĐůĂƌĂƌ ĨĂůƐĂŵĞŶƚĞ Ă ĚĞĨŝĐŝġŶĐŝĂ ƐĞƌĄ ĞdžĐůƵşĚŽ ĚŽ ŽŶĐƵƌƐŽ WƷďůŝĐŽ͕ ƐĞ ĐŽŶĨŝƌŵĂĚĂ ƚĂů
ŽĐŽƌƌġŶĐŝĂĞŵƋƵĂůƋƵĞƌĨĂƐĞĚĞƐƚĞĐĞƌƚĂŵĞ͕ƐƵũĞŝƚĂŶĚŽͲƐĞăƐĐŽŶƐĞƋƵġŶĐŝĂƐůĞŐĂŝƐƉĞƌƚŝŶĞŶƚĞƐăŵĂƚĠƌŝĂ͘
ϯ͘ϲ͘EĂŽĐŽƌƌġŶĐŝĂĚĞĚĞƐŝƐƚġŶĐŝĂĚĂǀĂŐĂƉŽƌĐĂŶĚŝĚĂƚŽĐŽŵĚĞĨŝĐŝġŶĐŝĂĐůĂƐƐŝĨŝĐĂĚŽ͕ĂƌĞƐƉĞĐƚŝǀĂǀĂŐĂƐĞƌĄƉƌĞĞŶĐŚŝĚĂƉŽƌ
ŽƵƚƌŽ ĐĂŶĚŝĚĂƚŽ ĐŽŵ ĚĞĨŝĐŝġŶĐŝĂ͕ ƌĞƐƉĞŝƚĂĚĂ Ă ŽƌĚĞŵ ĚĞ ĐůĂƐƐŝĨŝĐĂĕĆŽ ĚĂ ůŝƐƚĂ ĞƐƉĞĐşĨŝĐĂ͘ ƐŐŽƚĂĚĂƐ ĂƐ ĂƚƌŝďƵŝĕƁĞƐ ĂŽƐ
ĐĂŶĚŝĚĂƚŽƐĐŽŵĚĞĨŝĐŝġŶĐŝĂĐůĂƐƐŝĨŝĐĂĚŽƐ͕ĂƐǀĂŐĂƐƌĞŵĂŶĞƐĐĞŶƚĞƐƐĞƌĆŽƌĞǀĞƌƚŝĚĂƐƉĂƌĂŽĐƀŵƉƵƚŽŐĞƌĂůĚĞǀĂŐĂƐŽĨĞƌĞĐŝĚĂƐ
ŶŽŽŶĐƵƌƐŽWƷďůŝĐŽ͕ƉŽĚĞŶĚŽƐĞƌƉƌĞĞŶĐŚŝĚĂƐƉĞůŽƐĚĞŵĂŝƐĐĂŶĚŝĚĂƚŽƐĂƉƌŽǀĂĚŽƐ͕ŽďĞĚĞĐŝĚĂĂŽƌĚĞŵĚĞĐůĂƐƐŝĨŝĐĂĕĆŽ͘
ϯ͘ϳ͘ WŽƌ ŽĐĂƐŝĆŽ ĚĂ ĐŽŶǀŽĐĂĕĆŽ ƉĂƌĂ ĐŽŶƚƌĂƚĂĕĆŽ͕ Ž ĐĂŶĚŝĚĂƚŽ ĐŽŵ ĚĞĨŝĐŝġŶĐŝĂ ƐĞƌĄ ƐƵďŵĞƚŝĚŽ ă ƉĞƌşĐŝĂ ŵĠĚŝĐĂ Ă Ĩŝŵ ĚĞ
ǀĞƌŝĨŝĐĂƌĂĐŽŵƉĂƚŝďŝůŝĚĂĚĞĚĂƐƵĂĚĞĨŝĐŝġŶĐŝĂĐŽŵŽĞdžĞƌĐşĐŝŽĚĂƐĂƚƌŝďƵŝĕƁĞƐĚŽ ĞŵƉƌĞŐŽ͕ĚĞǀĞŶĚŽĂƉƌĞƐĞŶƚĂƌŶĂ ŽĐĂƐŝĆŽ
ĞǀĞŶƚƵĂŝƐ ůĂƵĚŽƐ Ğ ĞdžĂŵĞƐ ƋƵĞ ĐŽŵƉƌŽǀĞŵ Ă ĚĞĨŝĐŝġŶĐŝĂ͘ ĂƐŽ ƐĞ ǀĞƌŝĨŝƋƵĞ Ă ŝŶĐŽŵƉĂƚŝďŝůŝĚĂĚĞ ĞŶƚƌĞ Ă ĚĞĨŝĐŝġŶĐŝĂ ĚŽ
ĐĂŶĚŝĚĂƚŽĞĂƐĂƚŝǀŝĚĂĚĞƐĂƐĞƌĞŵĞdžĞƌĐŝĚĂƐ͕ƉĞƌĚĞƌĄŽĚŝƌĞŝƚŽăŶŽŵĞĂĕĆŽ͘
ϯ͘ϴ͘džĐĞƚŽŶŽƋƵĞĐŽŶĐĞƌŶĞăƐĚŝƐƉŽƐŝĕƁĞƐƐƵƉƌĂƌĞĨĞƌŝĚĂƐ͕ŽĐĂŶĚŝĚĂƚŽĐŽŵĚĞĨŝĐŝġŶĐŝĂƉĂƌƚŝĐŝƉĂƌĄĚĞƐƚĞƉƌŽĐĞƐƐŽƐĞůĞƚŝǀŽ
ĞŵŝŐƵĂůĚĂĚĞĚĞĐŽŶĚŝĕƁĞƐĐŽŵŽƐĚĞŵĂŝƐĐĂŶĚŝĚĂƚŽƐ͕ĞŵĞƐƉĞĐŝĂůŶŽƋƵĞĐŽŶĐĞƌŶĞĂŽĐŽŶƚĞƷĚŽĚĂƐƉƌŽǀĂƐ͕ăĂǀĂůŝĂĕĆŽ͕
ĂŽƐĐƌŝƚĠƌŝŽƐĚĞĂƉƌŽǀĂĕĆŽ͕ăƉŽŶƚƵĂĕĆŽĞdžŝŐŝĚĂƉĂƌĂĐůĂƐƐŝĨŝĐĂĕĆŽ͕ĂŽŚŽƌĄƌŝŽĞůŽĐĂůĚĞĂƉůŝĐĂĕĆŽĚĂƐƉƌŽǀĂƐĞăƉŽŶƚƵĂĕĆŽ
ŵşŶŝŵĂĞdžŝŐŝĚĂƉĂƌĂĂĐůĂƐƐŝĨŝĐĂĕĆŽ͘
ϰ͘^K>//dKKE/O^^W//^WZZ>/KWZKsK:d/s
ϰ͘ϭ͘ K ĐĂŶĚŝĚĂƚŽ ƋƵĞ ŶĞĐĞƐƐŝƚĂƌ ĚĞ ƉƌŽǀĂ ĞƐƉĞĐŝĂů ŽƵ ƚƌĂƚĂŵĞŶƚŽ ĚŝĨĞƌĞŶĐŝĂĚŽ ŶŽ ĚŝĂ ĚĂ ƌĞĂůŝnjĂĕĆŽ ĚĂ ƉƌŽǀĂ ŽďũĞƚŝǀĂ
;ƚĞŵƉŽĂĚŝĐŝŽŶĂůƉĂƌĂƌĞĂůŝnjĂĕĆŽ͕ĨŽŶƚĞĂŵƉůŝĂĚĂ͕ƉƌŽǀĂĞŵƌĂŝůůĞ͕ŝŶƚĠƌƉƌĞƚĞĚĞ>/Z^͕ůĞĚŽƌ͕ƐĂůĂĐŽŵĐŽŶĚŝĕƁĞƐĞƐƉĞĐŝĂŝƐ
ĚĞƵƐŽŽƵĂĐĞƐƐŽĞƚĐ͘ͿĚĞǀĞƌĄĚĞĐůĂƌĂƌĞĞƐƉĞĐŝĨŝĐĂƌĞƐƚĂƐŶĞĐĞƐƐŝĚĂĚĞƐŶŽƐĐĂŵƉŽƐĚŽĨŽƌŵƵůĄƌŝŽĚĞŝŶƐĐƌŝĕĆŽ͕ĂŽĞĨĞƚƵĂƌ
ƐĞƵĐĂĚĂƐƚƌĂŵĞŶƚŽĞͬŽƵŝŶƐĐƌŝĕĆŽŶŽƐŝƚĞƉĂƌĂŽƌĞĨĞƌŝĚŽƉƌŽĐĞƐƐŽƐĞůĞƚŝǀŽ͘
ϰ͘Ϯ͘KĐĂŶĚŝĚĂƚŽĐŽŵĚĞĨŝĐŝġŶĐŝĂǀŝƐƵĂůĚĞǀĞƌĄĞƐƉĞĐŝĨŝĐĂƌ͕ŶŽĨŽƌŵƵůĄƌŝŽĚĞŝŶƐĐƌŝĕĆŽ͕ŽƉĞĚŝĚŽĚĞĐŽŶĨĞĐĕĆŽĚĞƉƌŽǀĂĞŵ
ƌĂŝůůĞͬ>ĞĚŽƌ͕ ƉƌŽǀĂ ĂŵƉůŝĂĚĂ͕ ĐŽŶĨŽƌŵĞ ƐƵĂ ŶĞĐĞƐƐŝĚĂĚĞ͘ KƐ ĐĂŶĚŝĚĂƚŽƐ ƋƵĞ ŽƉƚĂƌĞŵ ƉŽƌ ƌĞĂůŝnjĂƌ Ă ƉƌŽǀĂ Ğŵ ƌĂŝůůĞ
ĚĞǀĞƌĆŽ ĂƉƌĞƐĞŶƚĂƌ ŶŽ ƉƌĂnjŽ͕ ůĂƵĚŽ ĞƐƉĞĐşĨŝĐŽ Ğ ůĞǀĂƌ͕ ƉĂƌĂ ĞƐƐĞ Ĩŝŵ͕ ŶŽ ĚŝĂ ĚĂ ĂƉůŝĐĂĕĆŽ ĚĂ ƉƌŽǀĂ͕ ƌĞŐůĞƚĞ Ğ ƉƵŶĕĆŽ͕
ƉŽĚĞŶĚŽĂŝŶĚĂƵƚŝůŝnjĂƌͲƐĞĚĞ ƐŽƌŽďĂŶ͘ŽƐ ĚĞĨŝĐŝĞŶƚĞƐǀŝƐƵĂŝƐĂŵďůşŽƉĞƐƐĞƌĄŽĨĞƌĞĐŝĚĂ ƉƌŽǀĂ ĂŵƉůŝĂĚĂ ;ĨŽŶƚĞƌŝĂů –ϮϰͿ͘
&ŝĐĂŽĐĂŶĚŝĚĂƚŽĐŝĞŶƚĞĚĞƋƵĞĂŽƉĕĆŽƉĞůĂƉƌŽǀĂĞŵƌĂŝůůĞŶĆŽŐĂƌĂŶƚĞƐƵĂĚŝƐƉŽŶŝďŝůŝnjĂĕĆŽŶĂĚĂƚĂĚĂƉƌŽǀĂ͕ƉŽĚĞŶĚŽĂ
ĂŶĐĂdžĂŵŝŶĂĚŽƌĂĚŝƐƉŽŶŝďŝůŝnjĂƌ͕ĞŵƐƵďƐƚŝƚƵŝĕĆŽĂƉƌŽǀĂĞŵƌĂŝůůĞ͕ŽůĞĚŽƌ͕ĞŵƌĂnjĆŽĚĞĞǀĞŶƚƵĂůĐĂƐŽĨŽƌƚƵŝƚŽ͘
ϰ͘ϯ͘ K ĐĂŶĚŝĚĂƚŽ ĐŽŵ ĚĞĨŝĐŝġŶĐŝĂ ĂƵĚŝƚŝǀĂ ĚĞǀĞƌĄ ĞƐƉĞĐŝĨŝĐĂƌ͕ ŶŽ ĨŽƌŵƵůĄƌŝŽ ĚĞ ŝŶƐĐƌŝĕĆŽ͕ ƐĞ ŶĞĐĞƐƐŝƚĂƌĄ ĚĞ ŝŶƚĠƌƉƌĞƚĞ ĚĞ
>/Z^ Ͳ >şŶŐƵĂ ƌĂƐŝůĞŝƌĂ ĚĞ ^ŝŶĂŝƐ ŽƵ ƐŽůŝĐŝƚĂƌ ĂƵƚŽƌŝnjĂĕĆŽ ƉĂƌĂ ƵƚŝůŝnjĂĕĆŽ ĚĞ ĂƉĂƌĞůŚŽ ĂƵƌŝĐƵůĂƌ͘ ĂƐŽ Ž ĐĂŶĚŝĚĂƚŽ ƵƐĞ
ĂƉĂƌĞůŚŽĂƵĚŝƚŝǀŽ͕ĚĞǀĞƌĄĐŽŶƐƚĂƌĞƐƐĂƵƚŝůŝnjĂĕĆŽŶŽůĂƵĚŽŵĠĚŝĐŽĞŶĐĂŵŝŶŚĂĚŽŶĂĨŽƌŵĂĚŽŝƚĞŵϯ͘ϮĚĞƐƚĞĞĚŝƚĂů͘
ϰ͘ϰ͘KĐĂŶĚŝĚĂƚŽĐŽŵĚĞĨŝĐŝġŶĐŝĂŽƵƌĞƐƚƌŝĕĆŽĨşƐŝĐĂƚĞŵƉŽƌĄƌŝĂĚĞǀĞƌĄĞƐƉĞĐŝĨŝĐĂƌ͕ŶŽĨŽƌŵƵůĄƌŝŽĚĞŝŶƐĐƌŝĕĆŽ͕ƐĞŶĞĐĞƐƐŝƚĂƌĄ
ĚĞŵŽďŝůŝĄƌŝŽĂĚĂƉƚĂĚŽŽƵĚĞĂƵdžşůŝŽŶŽŵĂŶƵƐĞŝŽĚĂƉƌŽǀĂĞƚƌĂŶƐĐƌŝĕĆŽĚĞƌĞƐƉŽƐƚĂƐ͘
ϰ͘ϱ͘KĐĂŶĚŝĚĂƚŽĐŽŵĚĞĨŝĐŝġŶĐŝĂƋƵĞŶĞĐĞƐƐŝƚĂƌĚĞƚĞŵƉŽĂĚŝĐŝŽŶĂůĚĞǀĞƌĄĂƉƌĞƐĞŶƚĂƌ͕ŶŽĚŝĂĚĂƌĞĂůŝnjĂĕĆŽĚĂƉƌŽǀĂ͕ůĂƵĚŽ
ŵĠĚŝĐŽŽƵƉĂƌĞĐĞƌĞŵŝƚŝĚŽƉŽƌĞƐƉĞĐŝĂůŝƐƚĂĚĂĄƌĞĂĚĞƐƵĂĚĞĨŝĐŝġŶĐŝĂũƵƐƚŝĨŝĐĂŶĚŽĞƐƐĂŶĞĐĞƐƐŝĚĂĚĞ͕ĞdžƉĞĚŝĚŽŶŽŵĄdžŝŵŽϲ
;ƐĞŝƐͿ ŵĞƐĞƐ ĂŶƚĞƐ ĚĂ ĂďĞƌƚƵƌĂ ĚŽ ƉĞƌşŽĚŽ ĚĞ ŝŶƐĐƌŝĕƁĞƐ͕ ĚĞǀŝĚĂŵĞŶƚĞ ĂƐƐŝŶĂĚĂ ƐŽďƌĞ ĐĂƌŝŵďŽ ŝŶĚŝĐĂŶĚŽ Ž ŶƷŵĞƌŽ ĚĂ
ŝŶƐĐƌŝĕĆŽĚŽƉƌŽĨŝƐƐŝŽŶĂůŶŽĐŽŶƐĞůŚŽƉƌŽĨŝƐƐŝŽŶĂůĞƋƵŝǀĂůĞŶƚĞ͘KƚĞŵƉŽĂĚŝĐŝŽŶĂůĞǀĞŶƚƵĂůŵĞŶƚĞĐŽŶĐĞĚŝĚŽůŝŵŝƚĂƌͲƐĞͲĄĂϭ
;ƵŵĂͿŚŽƌĂ͘
ϰ͘ϲ͘ KĐĂŶĚŝĚĂƚŽƋƵĞŶĆŽƐŽůŝĐŝƚĂƌĂƉƌŽǀĂĞƐƉĞĐŝĂůŽƵĐŽŶĚŝĕƁĞƐĞƐƉĞĐŝĂŝƐƉĂƌĂƐƵĂƌĞĂůŝnjĂĕĆŽ ĂƚĠŽĨŝŶĂůĚŽƉĞƌşŽĚŽĚĞ
ŝŶƐĐƌŝĕƁĞƐ͕ŶĂĨŽƌŵĂŶŽŝƚĞŵϰ͘ϭ͕ŶĆŽƚĞƌĄĚŝƌĞŝƚŽĂƌĞĂůŝnjĂƌĂƉƌŽǀĂĂĚĂƉƚĂĚĂăƐƐƵĂƐĐŽŶĚŝĕƁĞƐ͕ƌĞƐĞƌǀĂŶĚŽͲƐĞŽĚŝƌĞŝƚŽĚĞ
ƌĞĂůŝnjĂƌĂƉƌŽǀĂƌĞŐƵůĂƌĂƉůŝĐĂĚĂĂŽƐĚĞŵĂŝƐĐĂŶĚŝĚĂƚŽƐ͕ŝŶĚĞƉĞŶĚĞŶƚĞĚŽŵŽƚŝǀŽĂůĞŐĂĚŽ͘
ϱ͘^&^^KWZK^^K^>d/sK
ϱ͘ϭ͘KƉƌŽĐĞƐƐŽƐĞůĞƚŝǀŽĐŽŶƐŝƐƚŝƌĄĞdžĐůƵƐŝǀĂŵĞŶƚĞĚĂĂƉůŝĐĂĕĆŽĚĞWZKsK:d/s͕ĚĞĐĂƌĄƚĞƌĐůĂƐƐŝĨŝĐĂƚſƌŝŽĞĞůŝŵŝŶĂƚſƌŝŽ͕
ƉĂƌĂƚŽĚĂƐĂƐĄƌĞĂƐĚĞĞƐƚĄŐŝŽ͘
ϲ͘d,KZZ/K^^d/DK^WZW>/KWZKsK:d/s
ϲ͘ϭ͘WƌŽǀĂKďũĞƚŝǀĂƐĞƌĄƌĞĂůŝnjĂĚĂŶŽŵƵŶŝĐşƉŝŽĚĞ ^EdZhKZ/KWZKͬ^W͕ĐŽŵĚĂƚĂƉƌĞǀŝƐƚĂƉĂƌĂ ŽĚŝĂϮϮĚĞ
^dDZKĚĞϮϬϮϰ;ĚŽŵŝŶŐŽͿ às 09h00.
WƌĞĨĞŝƚƵƌĂDƵŶŝĐŝƉĂůĚĞ WƌŽĐĞƐƐŽ^ĞůĞƚŝǀŽEǑϬϮͬϮϬϮϰ
^EdZhKZ/KWZK /d>ĚĞZdhZĚĞ/E^Z/O^
ϲ͘Ϯ͘ĚĂƚĂƉƌĞǀŝƐƚĂƉŽĚĞƌĄƐĞƌĂůƚĞƌĂĚĂĞŵǀŝƌƚƵĚĞĚĂƋƵĂŶƚŝĚĂĚĞĚĞŝŶƐĐƌŝƚŽƐ͕ĚĂĚŝƐƉŽŶŝďŝůŝĚĂĚĞĚĞůŽĐĂŝƐƉĂƌĂĂƌĞĂůŝnjĂĕĆŽ
ĚĂ ƉƌŽǀĂ Ğ ĚĞ ŽƵƚƌŽƐ ĨĂƚŽƌĞƐ ƐƵƉĞƌǀĞŶŝĞŶƚĞƐ͕ ƉƌĞƐĞƌǀĂŶĚŽͲƐĞ͕ ŶŽ ĞŶƚĂŶƚŽ͕ ŽƐ ƉĞƌşŽĚŽƐ Ğ ŚŽƌĄƌŝŽƐ ŝŶĚŝĐĂĚŽƐ ƉĂƌĂ Ă ƐƵĂ
ĂƉůŝĐĂĕĆŽ͘
ϲ͘ϯ͘ ĐŽŶĨŝƌŵĂĕĆŽ ŽĨŝĐŝĂů ĂĐĞƌĐĂ ĚĂ ĚĂƚĂ͕ ŚŽƌĄƌŝŽ Ğ ůŽĐĂů ĚĞ ƌĞĂůŝnjĂĕĆŽ ĚĂ WƌŽǀĂ KďũĞƚŝǀĂ ĚĞƉĞŶĚĞƌĄ ĚĂ ƋƵĂŶƚŝĚĂĚĞ ĚĞ
ŝŶƐĐƌŝƚŽƐ Ğ ĚĞ ǀĂŐĂƐ ĚŝƐƉŽŶşǀĞŝƐ Ğ ŽĐŽƌƌĞƌĄ ĂƚƌĂǀĠƐ ĚĞ /d> KEsKK Ă ƐĞƌ ĚŝƐƉŽŶŝďŝůŝnjĂĚŽ ŶŽƐ ƐŝƚĞƐ
ǁǁǁ͘ƉƵďůŝĐŽŶƐƵůƚ͘ĐŽŵ͘ďƌĞǁǁǁ͘ƐĂŶƚĂĐƌƵnjĚŽƌŝŽƉĂƌĚŽ͘ƐƉ͘ŐŽǀ͘ďƌƐĞŶĚŽĂŝŶĚĂƉƵďůŝĐĂĚŽĚĞĨŽƌŵĂƌĞƐƵŵŝĚĂŶŽ^ĞŵĂŶĄƌŝŽ
KĨŝĐŝĂů ůĞƚƌƀŶŝĐŽ ĚŽ DƵŶŝĐşƉŝŽ ĚĞ ^ĂŶƚĂ ƌƵnj ĚŽ ZŝŽ WĂƌĚŽ ;ŚƚƚƉƐ͗ͬͬĚŝĂƌŝŽŽĨŝĐŝĂůŶŽǀŽ͘ũĞůĂƐƚŝĐ͘
ƐĂǀĞŝŶĐůŽƵĚ͘ŶĞƚͬƉĂŐŝŶĂƐͬƉƵďůŝĐͬĚŝĂƌŝŽͺĞdžƚĞƌŶŽ͘džŚƚŵů͍ŝĚŝĚĂĚĞсϰͿ͘
ϲ͘ϰ ^ĞƌĄ ĚĞ ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞ ĚŽ ĐĂŶĚŝĚĂƚŽ Ž ĂĐŽŵƉĂŶŚĂŵĞŶƚŽ ĚĂƐ ŝŶĨŽƌŵĂĕƁĞƐ ĂĐĞƌĐĂ ĚĂ ĚĂƚĂ͕ ŚŽƌĄƌŝŽ Ğ ůŽĐĂů ĚĞ
ĂƉůŝĐĂĕĆŽ ĚĂ ƉƌŽǀĂ ĂƚƌĂǀĠƐ ĚŽƐ ŵĞŝŽƐ ŽĨŝĐŝĂŝƐ ĚĞ ĚŝǀƵůŐĂĕĆŽ͘ KƐ ĐĂŶĚŝĚĂƚŽƐ ƋƵĞ ŝŶĨŽƌŵĂƌĞŵ ĞŶĚĞƌĞĕŽ ĞůĞƚƌƀŶŝĐŽ ;ĞͲŵĂŝůͿ
ƉŽƌ ŽĐĂƐŝĆŽ ĚĂƐ ŝŶƐĐƌŝĕƁĞƐ ƐĞƌĆŽ ƚĂŵďĠŵ ĐŽŵƵŶŝĐĂĚŽƐ ƉŽƌ ĞƐƚĞ ŵĞŝŽ͕ ŶĆŽ ƐĞ ƌĞƐƉŽŶƐĂďŝůŝnjĂŶĚŽ Ă ĞŵƉƌĞƐĂ ƉĞůŽ ŶĆŽ
ƌĞĐĞďŝŵĞŶƚŽĚŽĐŽƌƌĞŝŽĞůĞƚƌƀŶŝĐŽĞŵǀŝƌƚƵĚĞĚĞďůŽƋƵĞŝŽƐĚĞĂŶƚŝǀşƌƵƐ͕ĨŝƌĞǁĂůů͕ƐƉĂŵŽƵŽƵƚƌŽƐƉƌŽďůĞŵĂƐƌĞůĂĐŝŽŶĂĚŽƐĂ
ĐŽŶĨŝŐƵƌĂĕƁĞƐĚĞĐŽŵƉƵƚĂĚŽƌĞƐŽƵĂŽĨƵŶĐŝŽŶĂŵĞŶƚŽĚĂŝŶƚĞƌŶĞƚ͘
ϳ͘WZKsK:d/s
ϳ͘ϭ͘WZKsK:d/sǀŝƐĂĂǀĂůŝĂƌŽŐƌĂƵĚĞĐŽŶŚĞĐŝŵĞŶƚŽƚĞſƌŝĐŽĚŽĐĂŶĚŝĚĂƚŽŶĞĐĞƐƐĄƌŝŽĂŽĞdžĞƌĐşĐŝŽĚĂƐĂƚƌŝďƵŝĕƁĞƐĚŽ
ĞƐƚĄŐŝŽ Ğ ƐĞƌĄ ĐŽŵƉŽƐƚĂ ĚĞ ϮϬ ƋƵĞƐƚƁĞƐ ĚĞ ŵƷůƚŝƉůĂ ĞƐĐŽůŚĂ͕ ĂƐ ƋƵĂŝƐ ƐĞƌĆŽ ĞůĂďŽƌĂĚĂƐ ĚĞ ĂĐŽƌĚŽ ĐŽŵ Ž ĐŽŶƚĞƷĚŽ
ƉƌŽŐƌĂŵĄƚŝĐŽĐŽŶƐƚĂŶƚĞĚŽEyK/–ŽŶƚĞƷĚŽWƌŽŐƌĂŵĄƚŝĐŽ͕ƐĞŶĚŽĚŝƐƚƌŝďƵşĚĂƐĞƉŽŶƚƵĂĚĂƐŶĂƐĞŐƵŝŶƚĞĐŽŶĨŽƌŵŝĚĂĚĞ͗
/^/W>/E^ EǑYh^dO^ W^K dKd>WKEdK^WKZ/^/W>/E dKd>
>şŶŐƵĂWŽƌƚƵŐƵĞƐĂĞ/ŶƚĞƌƉƌĞƚĂĕĆŽĚĞdĞdžƚŽƐ ϱ ϳ ϯϱ
DĂƚĞŵĄƚŝĐĂĞZĂĐŝŽĐşŶŝŽ>ſŐŝĐŽYƵĂŶƚŝƚĂƚŝǀŽ ϱ ϳ ϯϱ
ϭϬϬ
ŽŶŚĞĐŝŵĞŶƚŽƐ'ĞƌĂŝƐĞƚƵĂůŝĚĂĚĞƐ ϱ Ϯ ϭϬ
EŽĕƁĞƐĚĞ/ŶĨŽƌŵĄƚŝĐĂ ϱ ϰ ϮϬ
ϳ͘Ϯ͘ ďŝďůŝŽŐƌĂĨŝĂ ƌĞĨĞƌĞŶĐŝĂů ŝŶĚŝĐĂĚĂ ŶŽ EyK / – ŽŶƚĞƷĚŽ WƌŽŐƌĂŵĄƚŝĐŽ ƐĞƌǀŝƌĄ ĐŽŵŽ ďĂƐĞ ƉĂƌĂ Ă ĞůĂďŽƌĂĕĆŽ ĚĂƐ
ƋƵĞƐƚƁĞƐĚĂƉƌŽǀĂŽďũĞƚŝǀĂĞĐŽŵŽƉĂƌąŵĞƚƌŽƉƌĞƉŽŶĚĞƌĂŶƚĞƉĂƌĂĚŝƌŝŵŝƌĞǀĞŶƚƵĂŝƐƌĞĐƵƌƐŽƐ͕ŶĆŽƐĞĂƚĞŶĚŽ͕ŶŽĞŶƚĂŶƚŽ͕Ă
ĞůĂďŽƌĂĕĆŽĚĂƐƋƵĞƐƚƁĞƐăďŝďůŝŽŐƌĂĨŝĂŝŶĚŝĐĂĚĂ͘ǀĞŶƚƵĂŝƐůŝŶŬƐĚĞƐŝƚĞƐĞƉŽƌƚĂŝƐĚĞĂĐĞƐƐŽăďŝďůŝŽŐƌĂĨŝĂƌĞĨĞƌĞŶĐŝĂůĂƚƌĂǀĠƐ
ĚĂ ŝŶƚĞƌŶĞƚ ƐĞƌĆŽ ŝŶĚŝĐĂĚŽƐ ĐŽŵŽ ŵĞƌĂ ĨŽƌŵĂ ĚĞ ĂƵdžŝůŝĂƌ Ž ĐĂŶĚŝĚĂƚŽ͕ ŶĆŽ ƐĞ ƌĞƐƉŽŶƐĂďŝůŝnjĂŶĚŽ Ă ĞŵƉƌĞƐĂ ƉĞůĂ ĞǀĞŶƚƵĂů
ƐƵƉƌĞƐƐĆŽĚŽĐŽŶƚĞƷĚŽƉŽƌƉĂƌƚĞĚŽƐŝƚĞ͕ĚĞǀĞŶĚŽŽĐĂŶĚŝĚĂƚŽďƵƐĐĂƌƐƵƉƌŝƌŽĂĐĞƐƐŽƉŽƌŽƵƚƌĂĨŽƌŵĂ͘
ϳ͘ϯ͘ EĂ ĚĂƚĂ ĚĞƚĞƌŵŝŶĂĚĂ ƉĂƌĂ Ă ƌĞĂůŝnjĂĕĆŽ ĚĂ ƉƌŽǀĂ ŽƐ ĐĂŶĚŝĚĂƚŽƐ ĚĞǀĞƌĆŽ ƐĞ ĂƉƌĞƐĞŶƚĂƌ ŶŽ ůŽĐĂů ĚĞƐŝŐŶĂĚŽ͕ ƐĞŶĚŽ
ĂĐŽŶƐĞůŚĄǀĞů ĂŶƚĞĐĞĚġŶĐŝĂ ĚĞ ϭ ;ƵŵĂͿ ŚŽƌĂ ĚŽ ŚŽƌĄƌŝŽ ĚĞƚĞƌŵŝŶĂĚŽ ƉĂƌĂ Ž ŝŶşĐŝŽ͘ KƐ ƉŽƌƚƁĞƐ ƐĞƌĆŽ ĨĞĐŚĂĚŽƐ
ŝŵƉƌĞƚĞƌŝǀĞůŵĞŶƚĞ ŶŽ ŚŽƌĄƌŝŽ ŝŶĚŝĐĂĚŽ ƉĂƌĂ ŝŶşĐŝŽ ĚĂ ƉƌŽǀĂ͕ ŝŶĚŝĐĂĚŽ ŶŽ ŝƚĞŵ ϲ͘ϭ ĚĞƐƚĞ ĞĚŝƚĂů ŽƵ ŶŽ /d>
KEsKK WZ ^ WZKs^ K:d/s^͕ ƉƌĞǀĂůĞĐĞŶĚŽ ĞƐƚĞ ƷůƚŝŵŽ Ğŵ ĐĂƐŽ ĚĞ ĂůƚĞƌĂĕĆŽ ĚŽƐ ŚŽƌĄƌŝŽƐ ƉŽƌ ŵŽƚŝǀŽƐ
ƐƵƉĞƌǀĞŶŝĞŶƚĞƐ͘ EĆŽ ƐĞƌĄ ĂĚŵŝƚŝĚŽ ŶŽ ůŽĐĂů ĚĞ ĂƉůŝĐĂĕĆŽ ĚĂ ƉƌŽǀĂ͕ Ğŵ ŶĞŶŚƵŵĂ ŚŝƉſƚĞƐĞ͕ ŽƐ ĐĂŶĚŝĚĂƚŽƐ ƋƵĞ ƐĞ
ĂƉƌĞƐĞŶƚĂƌĞŵĂƉſƐŽŚŽƌĄƌŝŽĞƐƚĂďĞůĞĐŝĚŽƉĂƌĂŽĨĞĐŚĂŵĞŶƚŽĚŽƐƉŽƌƚƁĞƐ͘
ϳ͘ϰ͘KŝŶŐƌĞƐƐŽĂŽůŽĐĂůĚĂƉƌŽǀĂƐĞƌĄƉĞƌŵŝƚŝĚŽĂƉĞŶĂƐĂŽƐĐĂŶĚŝĚĂƚŽƐƋƵĞĞƐƚŝǀĞƌĞŵŵƵŶŝĚŽƐĚĞĐĂŶĞƚĂĞƐĨĞƌŽŐƌĄĨŝĐĂĂnjƵů
ŽƵ ƉƌĞƚĂ Ğ ĚĞ ĚŽĐƵŵĞŶƚŽ ĚĞ ŝĚĞŶƚŝĚĂĚĞ ŽƌŝŐŝŶĂů ĐŽŵ ĨŽƚŽ͕ ŶĆŽ ƐĞŶĚŽ ĂĚŵŝƚŝĚŽ ŶŽ ƌĞĐŝŶƚŽ ĚĞ ƌĞĂůŝnjĂĕĆŽ ĚĂ ƉƌŽǀĂ Ž
ĐĂŶĚŝĚĂƚŽ ƋƵĞ ŶĆŽ Ž ĞƐƚŝǀĞƌ ƉŽƌƚĂŶĚŽ͘ EĆŽ ƐĞƌĆŽ ĂĐĞŝƚŽƐ͗ ĐſƉŝĂ ĚĞ ĚŽĐƵŵĞŶƚŽ ĚĞ ŝĚĞŶƚŝĚĂĚĞ͕ ĂŝŶĚĂ ƋƵĞ ĂƵƚĞŶƚŝĐĂĚĂ͖
ƉƌŽƚŽĐŽůŽ͖ ďŽůĞƚŝŵ ĚĞ ŽĐŽƌƌġŶĐŝĂ͖ ĚŽĐƵŵĞŶƚŽƐ ĐŽŵ ĚĂĚŽƐ ŽƵ ĨŽƚŽ ƌĂƐƵƌĂĚĂ ƋƵĞ ŶĆŽ ƉĞƌŵŝƚĂŵ ŝĚĞŶƚŝĨŝĐĂƌ Ž ƉŽƌƚĂĚŽƌ͖
ĚŽĐƵŵĞŶƚŽƐ ĐŽŵ ĨŽƚŽ ĚĞ ĐƌŝĂŶĕĂ͖ ŽƵ ƋƵĂŝƐƋƵĞƌ ŽƵƚƌŽƐ ĚŽĐƵŵĞŶƚŽƐ ŶĆŽ ƌĞůĂĐŝŽŶĂĚŽƐ͘ ŶƚĞŶĚĞͲƐĞ ƉŽƌ ĚŽĐƵŵĞŶƚŽ ĚĞ
ŝĚĞŶƚŝĚĂĚĞŽƌŝŐŝŶĂůĐŽŵĨŽƚŽ͗
ĂͿĠĚƵůĂĚĞ/ĚĞŶƚŝĚĂĚĞ;Z'ͿĞdžƉĞĚŝĚĂƉŽƌ^ĞĐƌĞƚĂƌŝĂƐĚĞ^ĞŐƵƌĂŶĕĂWƷďůŝĐĂ͕ƉĞůĂƐ&ŽƌĕĂƐƌŵĂĚĂƐ͕ƉĞůĂWŽůşĐŝĂDŝůŝƚĂƌ͕ƉĞůŽ
DŝŶŝƐƚĠƌŝŽĚĂƐZĞůĂĕƁĞƐdžƚĞƌŝŽƌĞƐĞƚĐ͖͘
ďͿĠĚƵůĂĚĞ/ĚĞŶƚŝĚĂĚĞƉĂƌĂƐƚƌĂŶŐĞŝƌŽƐ͖
ĐͿĠĚƵůĂĚĞ/ĚĞŶƚŝĚĂĚĞĨŽƌŶĞĐŝĚĂƉŽƌſƌŐĆŽŽƵĐŽŶƐĞůŚŽƐĚĞĐůĂƐƐĞƋƵĞ͕ƉŽƌĨŽƌĕĂĚĞ>Ğŝ&ĞĚĞƌĂů͕ǀĂůŚĂŵĐŽŵŽĚŽĐƵŵĞŶƚŽ
ĚĞŝĚĞŶƚŝĚĂĚĞ;K͕ZD͕Z͕ZĞƚĐ͘Ϳ͖
ĚͿĞƌƚŝĨŝĐĂĚŽĚĞZĞƐĞƌǀŝƐƚĂ͖
ĞͿWĂƐƐĂƉŽƌƚĞ͖
ĨͿĂƌƚĞŝƌĂĚĞdƌĂďĂůŚŽĞWƌĞǀŝĚġŶĐŝĂ^ŽĐŝĂů͖
ŐͿĂƌƚĞŝƌĂEĂĐŝŽŶĂůĚĞ,ĂďŝůŝƚĂĕĆŽŶĂĨŽƌŵĂĚŽſĚŝŐŽĚĞdƌąŶƐŝƚŽƌĂƐŝůĞŝƌŽ͖
ŚͿŽĐƵŵĞŶƚŽƐĚŝŐŝƚĂŝƐĐŽŵĨŽƚŽ;E,ŝŐŝƚĂů͕ĞͲdşƚƵůŽ͕E/͕ĞƚĐ͘ͿͲƐſƐĞƌĆŽĂĐĞŝƚŽƐĐĂƐŽĐŽŶƐŝŐĂŵƐĞƌǀĂůŝĚĂĚŽƐŶŽĂƚŽƉĞůŽƐ
ŵĞŝŽƐĚŝƐƉŽŶŝďŝůŝnjĂĚŽƐƉĂƌĂ ĂƵƚĞŶƚŝĐĂĕĆŽ;ĂƉůŝĐĂƚŝǀŽsŝŽĚŽ^ZWZK͕ ƐŝƚĞǁǁǁ͘ƚƐĞ͘ũƵƐ͘ďƌ͕ĞƚĐ͘Ϳ͕ŶĆŽƐĞƌĞƐƉŽŶƐĂďŝůŝnjĂŶĚŽĂ
ĞŵƉƌĞƐĂƉĞůĂŝŵƉŽƐƐŝďŝůŝĚĂĚĞĚĞǀĂůŝĚĂĕĆŽĞŵǀŝƌƚƵĚĞĚĞŽƐŝƚĞĞƐƚĂƌŽĨĨͲůŝŶĞ͕ƉŽƌĨĂůŚĂƐŶŽƐŐĞƐƚŽƌĞƐĚŽƐĂƉůŝĐĂƚŝǀŽƐŽƵƉŽƌ
ĨĂůƚĂĚĞƐŝŶĂůĚĂŝŶƚĞƌŶĞƚ͘
6
WƌĞĨĞŝƚƵƌĂDƵŶŝĐŝƉĂůĚĞ WƌŽĐĞƐƐŽ^ĞůĞƚŝǀŽEǑϬϮͬϮϬϮϰ
^EdZhKZ/KWZK /d>ĚĞZdhZĚĞ/E^Z/O^
ϳ͘ϱ͘EĆŽƐĞƌĄĂĚŵŝƚŝĚŽŽƵĂůŽĐĂĚŽĞŵƐĂůĂŶŽĚŝĂĚĂƌĞĂůŝnjĂĕĆŽĚĂ ƉƌŽǀĂŽďũĞƚŝǀĂŽĐĂŶĚŝĚĂƚŽĐƵũŽŶŽŵĞŶĆŽĐŽŶƐƚĞŶŽ
/d>&Z/DEdK/E^Z/O^͕ŚĂũĂǀŝƐƚĂƚĞƌƐŝĚŽĚŝƐƉŽŶŝďŝůŝnjĂĚŽƉƌĂnjŽŚĄďŝů͕ŶĂĨŽƌŵĂĚĞƌĞĐƵƌƐŽĂĚŵŝŶŝƐƚƌĂƚŝǀŽ͕
ƉĂƌĂĞǀĞŶƚƵĂůƌĞƐŽůƵĕĆŽĚĞƉĞŶĚġŶĐŝĂƐƌĞůĂƚŝǀĂƐăŝŶƐĐƌŝĕĆŽŽƵĂŽƉĂŐĂŵĞŶƚŽĚŽďŽůĞƚŽĚĞŝŶƐĐƌŝĕĆŽ͕ŶĂĨŽƌŵĂĚŽ ŝƚĞŵϮ͘ϴ
ĚĞƐƚĞĞĚŝƚĂů͘
ϳ͘ϲ͘ŽŝŶŐƌĞƐƐĂƌŶŽůŽĐĂůĚĞƐŝŐŶĂĚŽƉĂƌĂĂƌĞĂůŝnjĂĕĆŽĚĂƉƌŽǀĂ͕ŽĐĂŶĚŝĚĂƚŽĚĞǀĞƌĄĂƐƐŝŶĂƌĂ>ŝƐƚĂĚĞWƌĞƐĞŶĕĂƋƵĞůŚĞƐĞƌĄ
ĂƉƌĞƐĞŶƚĂĚĂ͘ǀĞŶƚƵĂŝƐĞƌƌŽƐĚĞĚŝŐŝƚĂĕĆŽĚĞŶŽŵĞ͕ŶƷŵĞƌŽĚĞĚŽĐƵŵĞŶƚŽĚĞŝĚĞŶƚŝĚĂĚĞĞĚĂƚĂĚĞŶĂƐĐŝŵĞŶƚŽĚĞǀĞƌĆŽƐĞƌ
ĐŽŵƵŶŝĐĂĚŽƐĂŽ&ŝƐĐĂůĚĞWƌŽǀĂƉĂƌĂĐŽƌƌĞĕĆŽ͕ŽƋƵĂůůĂǀƌĂƌĄĂƐĂůƚĞƌĂĕƁĞƐŶĂƚĂĚĂWƌŽǀĂKďũĞƚŝǀĂ͘KĐĂŶĚŝĚĂƚŽƋƵĞŶĆŽ
ĂƐƐŝŶĂƌĂ>ŝƐƚĂĚĞWƌĞƐĞŶĕĂŽƵŶĆŽĂƉƌĞƐĞŶƚĂƌĂĚŽĐƵŵĞŶƚĂĕĆŽƌĞƋƵĞƌŝĚĂŶĆŽƉŽĚĞƌĄƌĞĂůŝnjĂƌĂƉƌŽǀĂĞĐŽŶƐĞƋƵĞŶƚĞŵĞŶƚĞ
ƐĞƌĄĚĞƐĐůĂƐƐŝĨŝĐĂĚŽ͘
ϳ͘ϳ͘ĚƵƌĂĕĆŽĚĂƉƌŽǀĂƐĞƌĄĚĞϮ;ĚƵĂƐͿŚŽƌĂƐ͕ũĄŝŶĐůƵşĚŽŽƚĞŵƉŽĚĞƐƚŝŶĂĚŽĂŽƉƌĞĞŶĐŚŝŵĞŶƚŽĚŽĐĂƌƚĆŽĚĞƌĞƐƉŽƐƚĂƐ͘K
ĐĂŶĚŝĚĂƚŽƐŽŵĞŶƚĞƉŽĚĞƌĄĞŶƚƌĞŐĂƌĂƉƌŽǀĂĚĞƉŽŝƐĚĞϭ;ƵŵĂͿŚŽƌĂĚŽƐĞƵŝŶşĐŝŽ͘
ϳ͘ϴ͘ ŝŶǀŝŽůĂďŝůŝĚĂĚĞ ĚĂƐ ƉƌŽǀĂƐ ƐĞƌĄ ĐŽŵƉƌŽǀĂĚĂ ŶŽ ůŽĐĂů ĚĞ ƐƵĂ ƌĞĂůŝnjĂĕĆŽ͕ ƐĞŶĚŽ ĞƐĐŽůŚŝĚŽƐ Ϯ ;ĚŽŝƐͿ ĐĂŶĚŝĚĂƚŽƐ͕ ŶŽ
ŵşŶŝŵŽ͕ ƉĂƌĂ ƌŽŵƉŝŵĞŶƚŽ ĚŽ ůĂĐƌĞ ĚŽƐ ŵĂůŽƚĞƐ͕ Ğ ϭ ;ƵŵͿ ĐĂŶĚŝĚĂƚŽ ƉŽƌ ƐĂůĂ͕ ŶŽ ŵşŶŝŵŽ͕ ƉĂƌĂ ƌŽŵƉŝŵĞŶƚŽ ĚŽ ůĂĐƌĞ ĚŽƐ
ĞŶǀĞůŽƉĞƐĚĂƐƉƌŽǀĂƐ͕ŽƐƋƵĂŝƐůĂǀƌĂƌĆŽĚĞĐůĂƌĂĕĆŽŶĞƐƚĞƐĞŶƚŝĚŽŶŽƐƌĞƐƉĞĐƚŝǀŽƐƚĞƌŵŽƐĞĂƚĂƐ͘
ϳ͘ϵ͘ Ž ƌĞĐĞďĞƌ Ž ĂĚĞƌŶŽ ĚĞ YƵĞƐƚƁĞƐ͕ Ž ĐĂŶĚŝĚĂƚŽ ĚĞǀĞƌĄ ĞĨĞƚƵĂƌ ƐƵĂ ĐŽŶĨĞƌġŶĐŝĂ ĂŶƚĞƐ ĚĞ ĐŽŵĞĕĂƌ Ă ƌĞƐŽůƵĕĆŽ͕
ǀĞƌŝĨŝĐĂŶĚŽ ŶŽ ĐĂďĞĕĂůŚŽ ƐĞ ƚŽĚĂƐ ĂƐ ĨŽůŚĂƐ ĐŽƌƌĞƐƉŽŶĚĞŵ ă ĄƌĞĂ ĚĞ ĞƐƚĄŐŝŽ ƉĂƌĂ Ă ƋƵĂů ƐĞ ŝŶƐĐƌĞǀĞƵ͖ Ă ƐĞŐƵŝƌ ĚĞǀĞƌĄ
ǀĞƌŝĨŝĐĂƌƐĞĞůĞƉŽƐƐƵŝϮϬ;ǀŝŶƚĞͿƋƵĞƐƚƁĞƐŽďũĞƚŝǀĂƐĚĞŵƷůƚŝƉůĂĞƐĐŽůŚĂ͖ƉŽƌĨŝŵ͕ŽĐĂŶĚŝĚĂƚŽĚĞǀĞƌĄǀĞƌŝĨŝĐĂƌƐĞŶĆŽŚĄĨĂůŚĂ
ĚĞŝŵƉƌĞƐƐĆŽƋƵĞƉƌĞũƵĚŝƋƵĞĂ ůĞŝƚƵƌĂĚŽƚĞdžƚŽ͕ŐƌĄĨŝĐŽƐŽƵŝůƵƐƚƌĂĕƁĞƐ͘ĂƐŽŽ ĐĂĚĞƌŶŽĚĞƋƵĞƐƚƁĞƐĞƐƚĞũĂŝŶĐŽŵƉůĞƚŽŽƵ
ƉŽƐƐƵŝƌ ƋƵĂůƋƵĞƌ ĚĞĨĞŝƚŽ͕ ŽƵ Ă ƉƌŽǀĂ ŶĆŽ ƐĞũĂ ƌĞĨĞƌĞŶƚĞ Ă ĄƌĞĂ ĚĞ ĞƐƚĄŐŝŽ ƉĂƌĂ Ă ƋƵĂů ƐĞ ŝŶƐĐƌĞǀĞƵ͕ Ž ĐĂŶĚŝĚĂƚŽ ĚĞǀĞƌĄ
ƐŽůŝĐŝƚĂƌĂŽ&ŝƐĐĂůĚĂWƌŽǀĂƋƵĞŽƐƵďƐƚŝƚƵĂ͕ŶĆŽĐĂďĞŶĚŽƌĞĐůĂŵĂĕƁĞƐƉŽƐƚĞƌŝŽƌĞƐŶĞƐƚĞƐĞŶƚŝĚŽ͘
ϳ͘ϭϬ͘ K ĐĂŶĚŝĚĂƚŽ ĚĞǀĞƌĄ͕ ĂŽ ƌĞĐĞďĞƌ Ž ĐĂƌƚĆŽ ĚĞ ƌĞƐƉŽƐƚĂƐ͕ ĞĨĞƚƵĂƌ Ă ĐŽŶĨĞƌġŶĐŝĂ ĚŽƐ ƐĞƵƐ ĚĂĚŽƐ ŝŵƉƌĞƐƐŽƐ͘ ,ĂǀĞŶĚŽ
ĚŝǀĞƌŐġŶĐŝĂ͕ ĚĞǀĞƌĄ ƐŽůŝĐŝƚĂƌ Ă ƐƵďƐƚŝƚƵŝĕĆŽ ĂŽ &ŝƐĐĂů ĚĞ WƌŽǀĂ͕ ŶĆŽ ĐĂďĞŶĚŽ ƌĞĐůĂŵĂĕƁĞƐ ƉŽƐƚĞƌŝŽƌĞƐ ŶĞƐƚĞ ƐĞŶƚŝĚŽ͘ K
ĐĂŶĚŝĚĂƚŽƋƵĞƵƚŝůŝnjĂƌŽĂƌƚĆŽĚĞZĞƐƉŽƐƚĂƐĚĞŽƵƚƌŽĐĂŶĚŝĚĂƚŽƐĞƌĄĚĞƐĐůĂƐƐŝĨŝĐĂĚŽ͘
ϳ͘ϭϭ͘ K ĐĂŶĚŝĚĂƚŽ ĚĞǀĞƌĄ ƵƚŝůŝnjĂƌ Ž ƌĂƐĐƵŶŚŽ ĚŽ ĐĂƌƚĆŽ ĚĞ ƌĞƐƉŽƐƚĂƐ ŶŽ ǀĞƌƐŽ ĚĂ ƉĄŐŝŶĂ ĚĞ ŝŶƐƚƌƵĕƁĞƐ ĚŽ ĂĚĞƌŶŽ ĚĞ
YƵĞƐƚƁĞƐƉĂƌĂĂƐƐŝŶĂůĂƌĂƐƐƵĂƐƌĞƐƉŽƐƚĂƐĂŶƚĞƐĚĞƚƌĂŶƐĐƌĞǀġͲůĂƐƉĂƌĂŽĂƌƚĆŽĚĞZĞƐƉŽƐƚĂƐĚĞĨŽƌŵĂĚĞĨŝŶŝƚŝǀĂ͘
ϳ͘ϭϮ͘ƐƋƵĞƐƚƁĞƐĚĂƉƌŽǀĂŽďũĞƚŝǀĂĚĞǀĞƌĆŽƐĞƌƌĞƐƉŽŶĚŝĚĂƐŶŽĂƌƚĆŽĚĞZĞƐƉŽƐƚĂƐ͕ƉƌĞĞŶĐŚĞŶĚŽͲƐĞƚŽƚĂůŵĞŶƚĞŽĐĂŵƉŽ
ŝŶĚŝĐĂƚŝǀŽ ĚĂ ůĞƚƌĂ ĐŽƌƌĞƐƉŽŶĚĞŶƚĞ ă ŽƉĕĆŽ ĚĞ ƌĞƐƉŽƐƚĂ ĞƐĐŽůŚŝĚĂ ĐŽŵ ĐĂŶĞƚĂ ĞƐĨĞƌŽŐƌĄĨŝĐĂ ĂnjƵů ŽƵ ƉƌĞƚĂ͘ K ĂƌƚĆŽ ĚĞ
ZĞƐƉŽƐƚĂƐƐŽŵĞŶƚĞƚĞƌĄǀĂůŝĚĂĚĞƐĞĞƐƚŝǀĞƌĂƐƐŝŶĂĚŽƉĞůŽĐĂŶĚŝĚĂƚŽŶŽĐĂŵƉŽĞƐƉĞĐşĨŝĐŽƉĂƌĂĂƐƐŝŶĂƚƵƌĂ͕ĞŶĆŽƉŽĚĞƌĄƐĞƌ
ƌĂƐƵƌĂĚŽ͕ĂŵĂƐƐĂĚŽŽƵƉĞƌĨƵƌĂĚŽ͕ƉŽŝƐŶĞƐƚĞĐĂƐŽĂƐƌĞƐƉŽƐƚĂƐƐĞƌĆŽĂŶƵůĂĚĂƐ͘
ϳ͘ϭϯ͘ K ĐĂŶĚŝĚĂƚŽ ĚĞǀĞƌĄ ĞŶƚƌĞŐĂƌ͕ ĂŽ ĨŝŶĂů ĚĂ ƉƌŽǀĂ͕ Ž ĂĚĞƌŶŽ ĚĞ YƵĞƐƚƁĞƐ͕ ũƵŶƚĂŵĞŶƚĞ ĐŽŵ Ž ĂƌƚĆŽ ĚĞ ZĞƐƉŽƐƚĂƐ͕
ůĞǀĂŶĚŽ ĐŽŶƐŝŐŽ Ž ƌĂƐĐƵŶŚŽ ĚŽ ĐĂƌƚĆŽ ĚĞ ƌĞƐƉŽƐƚĂƐ ƉĂƌĂ ĞĨĞƚƵĂƌ Ă ĐŽŶĨĞƌġŶĐŝĂ ĐŽŵ Ž 'ĂďĂƌŝƚŽ ĚĂ WƌŽǀĂ KďũĞƚŝǀĂ͘ K
ĐĂŶĚŝĚĂƚŽƋƵĞ͕ĂŽĨŝŶĂů ĚĂ ƉƌŽǀĂ͕ŶĆŽĞŶƚƌĞŐĂƌŽ ĂĚĞƌŶŽĚĞYƵĞƐƚƁĞƐŽƵŽ ĂƌƚĆŽĚĞZĞƐƉŽƐƚĂƐĚĞǀŝĚĂŵĞŶƚĞĂƐƐŝŶĂĚŽ͕
ƐĞƌĄ^>^^/&/K͘
ϳ͘ϭϰ͘ƵƌĂŶƚĞĂƌĞĂůŝnjĂĕĆŽĚĂƉƌŽǀĂ͗
ĂͿ ŶĆŽ ƐĞƌĄ ĂĚŵŝƚŝĚĂ Ă ƉĞƌŵĂŶġŶĐŝĂ ĚĞ ĐĂŶĚŝĚĂƚŽƐ ƐĞŵ ĐĂŵŝƐĂ͕ ĐĂŵŝƐĞƚĂ ŽƵ ƐŝŵŝůĂƌ͕ ŶĞŵ Ă ƵƚŝůŝnjĂĕĆŽ ĚĞ ſĐƵůŽƐ ĞƐĐƵƌŽƐ͕
ďŽŶĠƐ͕ĐŚĂƉĠƵƐĞƐŝŵŝůĂƌĞƐ͖
ďͿŶĆŽƐĞƌĄƉĞƌŵŝƚŝĚĂŶĞŶŚƵŵĂĞƐƉĠĐŝĞĚĞĐŽŵƵŶŝĐĂĕĆŽĞŶƚƌĞŽƐĐĂŶĚŝĚĂƚŽƐ͕ŽƵŵĞƐŵŽŵĂŶŝĨĞƐƚĂĕƁĞƐŝƐŽůĂĚĂƐ͕ĞdžĐĞƚŽƉĂƌĂ
ĐŚĂŵĂƌŽ&ŝƐĐĂůĚĞWƌŽǀĂƋƵĂŶĚŽŶĞĐĞƐƐĄƌŝŽ͖
ĐͿŶĆŽƐĞƌĄƉĞƌŵŝƚŝĚŽŽƉŽƌƚĞŽƵĂĐŽŶƐƵůƚĂĚĞŶĞŶŚƵŵĂĞƐƉĠĐŝĞĚĞůŝǀƌŽ͕ƌĞǀŝƐƚĂ͕ĨŽůŚĞƚŽŽƵƋƵĂůƋƵĞƌĐŽŵƉġŶĚŝŽ͕ďĞŵĐŽŵŽ
ƋƵĂůƋƵĞƌĞƐƉĠĐŝĞĚĞĂŶŽƚĂĕĆŽŽƵĂƵƚŝůŝnjĂĕĆŽĚĞŽƵƚƌŽƐŵĞŝŽƐŝůşĐŝƚŽƐƉĂƌĂĂƌĞĂůŝnjĂĕĆŽĚĂƉƌŽǀĂ͕ŝŶĐůƵƐŝǀĞƚĞŶƚĂƌǀŝƐƵĂůŝnjĂƌĂ
ƉƌŽǀĂŽƵŽĂƌƚĆŽĚĞZĞƐƉŽƐƚĂƐĚĞŽƵƚƌŽĐĂŶĚŝĚĂƚŽ͖
ĚͿƐĞƌĄƉĞƌŵŝƚŝĚŽĞdžĐůƵƐŝǀĂŵĞŶƚĞŽƵƐŽĚĞĐĂŶĞƚĂĞƐĨĞƌŽŐƌĄĨŝĐĂĂnjƵůŽƵƉƌĞƚĂ͖
ĞͿŶĆŽƐĞƌĄƉĞƌŵŝƚŝĚŽŽƵƐŽĚĞůĄƉŝƐ͕ďŽƌƌĂĐŚĂ͕ƌĠŐƵĂ͕ĐŽŵƉĂƐƐŽ͕ƚƌĂŶƐĨĞƌŝĚŽƌ͕ĐĂůĐƵůĂĚŽƌĂ͕ŶŽƚĞŬ͕ƚĂďůĞƚ͕ƚĞůĞĨŽŶĞĐĞůƵůĂƌ͕
ĨŽŶĞ ĚĞ ŽƵǀŝĚŽ͕ ƌĞůſŐŝŽ ĚĞ ƉƵůƐŽ ŽƵ ĞƋƵŝƉĂŵĞŶƚŽƐ ƐŝŵŝůĂƌĞƐ Ă ĞƐƚĞƐ͕ ďĞŵ ĐŽŵŽ ŽƵƚƌŽƐ ƋƵĞ͕ Ă ũƵşnjŽ ĚŽ &ŝƐĐĂů ĚĞ WƌŽǀĂ͕
ƉŽƐƐĂŵĞŶƐĞũĂƌƉƌĞũƵşnjŽƐăŝƐŽŶŽŵŝĂĞŶƚƌĞŽƐĐĂŶĚŝĚĂƚŽƐ͖
ĨͿ ŽƐ ƚĞůĞĨŽŶĞƐ ĐĞůƵůĂƌĞƐ Ğ ƐŝŵŝůĂƌĞƐ ĚĞǀĞƌĆŽ ƚĞƌ Ă ďĂƚĞƌŝĂ ƌĞƚŝƌĂĚĂ ŽƵ ƐĞƌĞŵ ĚĞƐůŝŐĂĚŽƐ ;ŝŶĐůƵƐŝǀĞ ĚĞƐƉĞƌƚĂĚŽƌͿ͕
ĂĐŽŶĚŝĐŝŽŶĂĚŽƐĞůĂĐƌĂĚŽƐŶŽŝŶǀſůƵĐƌŽĚĞƐĞŐƵƌĂŶĕĂƋƵĞƐĞƌĄĞŶƚƌĞŐƵĞƉĞůŽ&ŝƐĐĂůĚĞWƌŽǀĂ͖ŽƚĞůĞĨŽŶĞĐĞůƵůĂƌ͕ƌĞůſŐŝŽŽƵ
ĞƋƵŝƉĂŵĞŶƚŽƐ ƐŝŵŝůĂƌĞƐ ŶĆŽ ƉŽĚĞƌĆŽ Ğŵŝƚŝƌ ƋƵĂůƋƵĞƌ ƐŝŶĂů ƐŽŶŽƌŽ ĚƵƌĂŶƚĞ Ă ƌĞĂůŝnjĂĕĆŽ ĚĂ ƉƌŽǀĂ͖ ƐĞ ƚĂů ŽĐŽƌƌĞƌ͕ Ž
ĐĂŶĚŝĚĂƚŽƐĞƌĄŝŵĞĚŝĂƚĂŵĞŶƚĞĚĞƐĐůĂƐƐŝĨŝĐĂĚŽĞƌĞƚŝƌĂĚŽĚĂƐĂůĂ͖
ŐͿŶĆŽƐĞƌĄƉĞƌŵŝƚŝĚŽĂŽĐĂŶĚŝĚĂƚŽƉŽƌƚĂƌĂƌŵĂ͕ĨƵŵĂƌŽƵƵƚŝůŝnjĂƌͲƐĞĚĞďĞďŝĚĂĂůĐŽſůŝĐĂŽƵƐƵďƐƚąŶĐŝĂƐŝůĞŐĂŝƐ͖
ŚͿŶĆŽƐĞƌĄƉĞƌŵŝƚŝĚŽĂŽĐĂŶĚŝĚĂƚŽůĞǀĂŶƚĂƌͲƐĞ͕ĞdžĐĞƚŽŶŽŵŽŵĞŶƚŽĚĂĞŶƚƌĞŐĂĚĂƉƌŽǀĂ͖ĐĂƐŽŶĞĐĞƐƐŝƚĞƵƚŝůŝnjĂƌŽƐĂŶŝƚĄƌŝŽ͕
ĚĞǀĞƌĄ ƐŽůŝĐŝƚĂƌ ĂƵƚŽƌŝnjĂĕĆŽ ĂŽ &ŝƐĐĂů ĚĞ WƌŽǀĂ͕ ƋƵĞ ĚĞƐŝŐŶĂƌĄ Ƶŵ ƵdžŝůŝĂƌ ĚĞ ŽŽƌĚĞŶĂĕĆŽ ƉĂƌĂ ĂĐŽŵƉĂŶŚĄͲůŽ͕ ĚĞǀĞŶĚŽ
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WƌĞĨĞŝƚƵƌĂDƵŶŝĐŝƉĂůĚĞ WƌŽĐĞƐƐŽ^ĞůĞƚŝǀŽEǑϬϮͬϮϬϮϰ
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ŝͿ Ă ĐĂŶĚŝĚĂƚĂ ƋƵĞ ĞƐƚŝǀĞƌ ĂŵĂŵĞŶƚĂŶĚŽ ĚĞǀĞƌĄ ůĞǀĂƌ ĂĐŽŵƉĂŶŚĂŶƚĞ ƌĞƐƉŽŶƐĄǀĞů ƉĞůĂ ŐƵĂƌĚĂ ĚĂ ĐƌŝĂŶĕĂ͕ ŶĆŽ ŚĂǀĞŶĚŽ
ƉƌŽƌƌŽŐĂĕĆŽĚĞŚŽƌĄƌŝŽĚĂĚƵƌĂĕĆŽĚĂƉƌŽǀĂƉĂƌĂĂĐĂŶĚŝĚĂƚĂŶĞƐƚĂƐŝƚƵĂĕĆŽ͖
ũͿ ĂƉſƐ ĞŶƚƌĞŐĂƌ Ă ƉƌŽǀĂ͕ Ž ĐĂŶĚŝĚĂƚŽ ĚĞǀĞƌĄ ƌĞƚŝƌĂƌͲƐĞ ŝŵĞĚŝĂƚĂŵĞŶƚĞ ĚŽ ƉƌĠĚŝŽ Ğŵ ƋƵĞ ĨŽŝ ƌĞĂůŝnjĂĚĂ͕ ŶĆŽ ƉŽĚĞŶĚŽ
ƉĞƌŵĂŶĞĐĞƌŶŽƉĄƚŝŽ͕ďĂŶŚĞŝƌŽ͕ĐŽƌƌĞĚŽƌĞƐŽƵƋƵĂůƋƵĞƌĄƌĞĂŝŶƚĞƌŶĂĚŽƌĞĐŝŶƚŽ͘
ϳ͘ϭϱ͘^ĞƌĄĞdžĐůƵşĚŽĚŽƉƌŽĐĞƐƐŽƐĞůĞƚŝǀŽĞ^>^^/&/KŽĐĂŶĚŝĚĂƚŽƋƵĞ͗
ĂͿƉƌĂƚŝĐĂƌƋƵĂůƋƵĞƌĚĂƐĐŽŶĚƵƚĂƐǀĞĚĂĚĂƐŶŽŝƚĞŵĂŶƚĞƌŝŽƌ͕ƐĞŶĚŽͲůŚĞƌĞƚŝƌĂĚĂĂƉƌŽǀĂĞͬŽƵůĂǀƌĂĚĂĂĐŝƌĐƵŶƐƚąŶĐŝĂĚĞƐƵĂ
ĚĞƐĐůĂƐƐŝĨŝĐĂĕĆŽŶĂƚĂĚĞWƌŽǀĂ͖
ďͿŶĆŽĐŽŵƉĂƌĞĐĞƌƉĂƌĂĂƌĞĂůŝnjĂĕĆŽĚĂƉƌŽǀĂ͕ĐŽŶĨŽƌŵĞĐŽŶǀŽĐĂĕĆŽŽĨŝĐŝĂů͕ƐĞũĂƋƵĂůĨŽƌŽŵŽƚŝǀŽĂůĞŐĂĚŽ͖
ĐͿĂƉƌĞƐĞŶƚĂƌͲƐĞĨŽƌĂĚĞůŽĐĂů͕ĚĂƚĂĞͬŽƵĚŽŚŽƌĄƌŝŽĞƐƚĂďĞůĞĐŝĚŽƐŶŽĚŝƚĂůĚĞŽŶǀŽĐĂĕĆŽ͖
ĚͿŶĆŽĂƉƌĞƐĞŶƚĂƌŽĚŽĐƵŵĞŶƚŽĚĞŝĚĞŶƚŝĨŝĐĂĕĆŽĐŽŶĨŽƌŵĞƉƌĞǀŝƐƚŽŶĞƐƚĞĞĚŝƚĂů͖
ĞͿŶĆŽĐƵŵƉƌŝƌĂƐŝŶƐƚƌƵĕƁĞƐĐŽŶƚŝĚĂƐŶŽĂĚĞƌŶŽĚĞYƵĞƐƚƁĞƐŽƵĚĞƚĞƌŵŝŶĂĚĂƐƉĞůŽ&ŝƐĐĂůĚĞWƌŽǀĂŽƵƉĞůŽŽŽƌĚĞŶĂĚŽƌ
'ĞƌĂů͖
ĨͿ ŶĆŽ ĚĞǀŽůǀĞƌ ĂŽ &ŝƐĐĂů ĚĞ WƌŽǀĂ͕ ƐĞŐƵŶĚŽ ĐƌŝƚĠƌŝŽƐ ĞƐƚĂďĞůĞĐŝĚŽƐ ŶĞƐƚĞ ĞĚŝƚĂů͕ Ž ĂĚĞƌŶŽ ĚĞ YƵĞƐƚƁĞƐ͕ Ž ĐĂƌƚĆŽ ĚĞ
ƌĞƐƉŽƐƚĂƐŽƵƋƵĂůƋƵĞƌŵĂƚĞƌŝĂůĚĞĂƉůŝĐĂĕĆŽĞĚĞĐŽƌƌĞĕĆŽĚĂƐƉƌŽǀĂƐ͖
ŐͿĂƵƐĞŶƚĂƌͲƐĞĚĂƐĂůĂĚĞƉƌŽǀĂƐ͕ĂƋƵĂůƋƵĞƌƚĞŵƉŽ͕ƉŽƌƚĂŶĚŽĂƐĨŽůŚĂƐĚĞƌĞƐƉŽƐƚĂƐĞͬŽƵĐĂĚĞƌŶŽƐĚĞƋƵĞƐƚƁĞƐ͖
ŚͿƉĞƌƚƵƌďĂƌ͕ĚĞƋƵĂůƋƵĞƌŵŽĚŽ͕ĂŽƌĚĞŵĚŽƐƚƌĂďĂůŚŽƐ͖
ŝͿ ƚƌĂƚĂƌ ĐŽŵ ĚĞƐĐŽƌƚĞƐŝĂ ŽƵ ĚĞ ĨŽƌŵĂ ǀŝŽůĞŶƚĂ ŽƐ ĚĞŵĂŝƐ ĐĂŶĚŝĚĂƚŽƐ ŽƵ ƋƵĂůƋƵĞƌ ŵĞŵďƌŽ ĚĂ ĞƋƵŝƉĞ ĞŶĐĂƌƌĞŐĂĚĂ ĚĂ
ĂƉůŝĐĂĕĆŽĚĂƉƌŽǀĂ͖
ũͿƵƚŝůŝnjĂƌŽƵƚĞŶƚĂƌƵƚŝůŝnjĂƌŵĞŝŽƐĨƌĂƵĚƵůĞŶƚŽƐŽƵŝůĞŐĂŝƐƉĂƌĂŽďƚĞƌĂƉƌŽǀĂĕĆŽƉƌſƉƌŝĂŽƵĚĞƚĞƌĐĞŝƌŽƐ͕ĞŵƋƵĂůƋƵĞƌĞƚĂƉĂĚŽ
ƉƌŽĐĞƐƐŽƐĞůĞƚŝǀŽ͖
ŬͿ ĨŽƌ ĐŽŶƐƚĂƚĂĚŽ͕ ĂƉſƐ ĂƐ ƉƌŽǀĂƐ͕ ƉŽƌ ŵĞŝŽ ĞůĞƚƌƀŶŝĐŽ͕ ĞƐƚĂƚşƐƚŝĐŽ͕ ǀŝƐƵĂů͕ ŐƌĂĨŽůſŐŝĐŽ ŽƵ ƉŽƌ ŝŶǀĞƐƚŝŐĂĕĆŽ ƉŽůŝĐŝĂů͕ ƚĞƌͲƐĞ
ƵƚŝůŝnjĂĚŽƉƌŽĐĞĚŝŵĞŶƚŽƐŝůşĐŝƚŽƐ͕ƐĞŶĚŽƐƵĂƐƉƌŽǀĂƐĂŶƵůĂĚĂƐĞĂƵƚŽŵĂƚŝĐĂŵĞŶƚĞĞůŝŵŝŶĂĚŽĚŽƉƌŽĐĞƐƐŽƐĞůĞƚŝǀŽ͘
ϳ͘ϭϲ͘ K ĐĂŶĚŝĚĂƚŽ ĚĞǀĞƌĄ ůĂǀƌĂƌ ŶĂ ƚĂ ĚĂ WƌŽǀĂ KďũĞƚŝǀĂ ĞǀĞŶƚƵĂů ĐŝƌĐƵŶƐƚąŶĐŝĂ ƋƵĞ ĐŽŶƐŝĚĞƌĞ ŝƌƌĞŐƵůĂƌ Ğŵ ƌĞůĂĕĆŽ ă
ĂƉůŝĐĂĕĆŽ ĚĂƐ ƉƌŽǀĂƐ͕ ƐĞŶĚŽ ĞƐƚĞ Ž ŝŶƐƚƌƵŵĞŶƚŽ ƉĂƌĂ ĂŶĄůŝƐĞ Ğ ĚĞůŝďĞƌĂĕĆŽ Ğŵ ƌĞůĂĕĆŽ ĂŽ ĨĂƚŽ͕ ŶĆŽ ƐĞŶĚŽ ĐŽŶƐŝĚĞƌĂĚŽ
ƉŽƐƚĞƌŝŽƌĐŽŶƚĞƐƚĂĕĆŽĐŽŶƚƌĂŽƐƉƌŽĐĞĚŝŵĞŶƚŽƐĚĞĂƉůŝĐĂĕĆŽĚĂƉƌŽǀĂŽďũĞƚŝǀĂƋƵĞŶĆŽƚŝǀĞƌƌĞƐƉĂůĚĂĚŽƉĞůĂƉƌĠǀŝĂůĂǀƌĂƚƵƌĂ
ĞŵĂƚĂ͘
ϳ͘ϭϳ͘ ĐŽŶĚŝĕĆŽ ĚĞ ƐĂƷĚĞ ĚŽ ĐĂŶĚŝĚĂƚŽ ŶŽ ĚŝĂ ĚĂ ĂƉůŝĐĂĕĆŽ ĚĂ ƉƌŽǀĂ ƐĞƌĄ ĚĞ ƐƵĂ ĞdžĐůƵƐŝǀĂ ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞ͘ KĐŽƌƌĞŶĚŽ
ĂůŐƵŵĂĞŵĞƌŐġŶĐŝĂ͕ĂƋƵŝƉĞĚĞŽŽƌĚĞŶĂĕĆŽ ƌĞƐƉŽŶƐĄǀĞůƉĞůĂĂƉůŝĐĂĕĆŽĚĂƐƉƌŽǀĂƐĂĐŝŽŶĂƌĄŽƐƐĞƌǀŝĕŽƐĚĞƐĂƷĚĞƉĂƌĂŽ
ĞŶĐĂŵŝŶŚĂŵĞŶƚŽĚŽĐĂŶĚŝĚĂƚŽĂŽĂƚĞŶĚŝŵĞŶƚŽŵĠĚŝĐŽƉƷďůŝĐŽŽƵĂŽŵĠĚŝĐŽĚĞƐƵĂĐŽŶĨŝĂŶĕĂ͘ĂƐŽĞdžŝƐƚĂĂŶĞĐĞƐƐŝĚĂĚĞĚŽ
ĐĂŶĚŝĚĂƚŽƐĞĂƵƐĞŶƚĂƌƉĂƌĂĂƚĞŶĚŝŵĞŶƚŽŵĠĚŝĐŽŽƵŚŽƐƉŝƚĂůĂƌ͕ŶĆŽƉŽĚĞƌĄƌĞƚŽƌŶĂƌĂŽůŽĐĂůĚĞƐƵĂƉƌŽǀĂ͕ƐĞŶĚŽĞůŝŵŝŶĂĚŽ
ĚŽWƌŽĐĞƐƐŽ^ĞůĞƚŝǀŽ͘
ϳ͘ϭϴ͘KƐƷůƚŝŵŽƐĐĂŶĚŝĚĂƚŽƐĂĞŶĐĞƌƌĂƌĞŵĂƐƉƌŽǀĂƐĞŵĐĂĚĂƐĂůĂ;ĞŵƋƵĂŶƚŝĚĂĚĞŵşŶŝŵĂĚĞĚŽŝƐͿ͕ĚĞǀĞƌĆŽƉĞƌŵĂŶĞĐĞƌƉĂƌĂ
ĂƚĞƐƚĂƌŽĨĞĐŚĂŵĞŶƚŽĚŽĞŶǀĞůŽƉĞĐŽŶƚĞŶĚŽĂĚŽĐƵŵĞŶƚĂĕĆŽƌĞĨĞƌĞŶƚĞăƐƉƌŽǀĂƐ͕ĚĞǀĞŶĚŽ͗
ĂͿĐŽŶĨĞƌŝƌĂƋƵĂŶƚŝĚĂĚĞĚĞĐĂƌƚƁĞƐĚĞƌĞƐƉŽƐƚĂƐĐŽŵĂůŝƐƚĂĚĞƉƌĞƐĞŶĕĂ͖
b) verificar se todos os campos da lista de presença estão assinados ou contém a inscrição “ausente”, se for o caso;
ĐͿǀĞƌŝĨŝĐĂƌƐĞĂĂƚĂĚĂƉƌŽǀĂƌĞŐŝƐƚƌĂĂƋƵĂŶƚŝĚĂĚĞĐŽƌƌĞƚĂĚĞĐĂŶĚŝĚĂƚŽƐĂƵƐĞŶƚĞƐĞƉƌĞƐĞŶƚĞƐ͕ďĞŵĐŽŵŽŽƵƚƌĂƐŽĐŽƌƌġŶĐŝĂƐ
ůĂǀƌĂĚĂƐƉĞůŽ&ŝƐĐĂůĚĞWƌŽǀĂ͕ĂƐƐŝŶĂŶĚŽͲĂĞŵĐŽŶũƵŶƚŽĐŽŵĞƐƚĞ͖
ĚͿĂƐƐŝŶĂƌŽǀĞƌƐŽĚŽƐĐĂƌƚƁĞƐĚĞƌĞƐƉŽƐƚĂƐĚĞƚŽĚŽƐŽƐĐĂŶĚŝĚĂƚŽƐƉƌĞƐĞŶƚĞƐ͖
ĞͿĂƐƐŝŶĂƌŽǀĞƌƐŽĚŽƐĐĂƌƚƁĞƐĚĞƌĞƐƉŽƐƚĂƐĚŽƐĐĂŶĚŝĚĂƚŽƐĂƵƐĞŶƚĞƐ͕ĂƉſƐĂŝŶƵƚŝůŝnjĂĕĆŽĚŽƐĐĂŵƉŽƐĚĞƐƚŝŶĂĚŽƐĂŽƌĞŐŝƐƚƌŽ
ĚĂƐƌĞƐƉŽƐƚĂƐ͖
ĨͿǀĞƌŝĨŝĐĂƌĂŝŶƐĞƌĕĆŽŶŽĞŶǀĞůŽƉĞĚĞĨĞĐŚĂŵĞŶƚŽ͕ĚĂůŝƐƚĂĚĞƉƌĞƐĞŶĕĂ͕ĚŽƐĐĂƌƚƁĞƐĚĞƌĞƐƉŽƐƚĂƐĞĚĂĂƚĂĚĂƉƌŽǀĂ͕ĞĂƐƐŝŶĂƌ
ŽůĂĐƌĞĚŽĞŶǀĞůŽƉĞĐŽŵŽ&ŝƐĐĂůĚĞWƌŽǀĂ͘
ϳ͘ϭϴ͘ϭ͘ K ĐĂŶĚŝĚĂƚŽ ƋƵĞ ƐĞ ƌĞĐƵƐĂƌ Ă ƉĂƌƚŝĐŝƉĂƌ ĚŽƐ ƉƌŽĐĞĚŝŵĞŶƚŽƐ ĚĞ ůĂĐƌĂĕĆŽ ĚŽ ĞŶǀĞůŽƉĞ ĚĞ ƐƵĂ ƐĂůĂ͕ ƐĞƌĄ
^>^^/&/K ĚŽ ƉƌŽĐĞƐƐŽ ƐĞůĞƚŝǀŽ͘ EĞƐƚĞ ĐĂƐŽ͕ Ž &ŝƐĐĂů ĚĞ WƌŽǀĂ ĐŚĂŵĂƌĄ Ž ŽŽƌĚĞŶĂĚŽƌ ĞͬŽƵ Ž ƵdžŝůŝĂƌ ĚĞ
ŽŽƌĚĞŶĂĕĆŽƉĂƌĂůĂǀƌĂƌŽĞǀĞŶƚŽŶĂƚĂĚĂWƌŽǀĂĞĞdžĞĐƵƚĂƌŽƐƉƌŽĐĞĚŝŵĞŶƚŽƐĚĞůĂĐƌĂĕĆŽĚŽĞŶǀĞůŽƉĞ͘
ϳ͘ϭϵ͘ǀĞŶƚƵĂŝƐĐĂƐŽƐŽŵŝƐƐŽƐ͕ƐŝƚƵĂĕƁĞƐĞĐŝƌĐƵŶƐƚąŶĐŝĂƐƐƵƉĞƌǀĞŶŝĞŶƚĞƐƌĞĨĞƌĞŶƚĞƐĂĂƉůŝĐĂĕĆŽĚĂƐƉƌŽǀĂƐƐĞƌĆŽĚŝƌŝŵŝĚĂƐ
ƉĞůŽ ŽŽƌĚĞŶĂĚŽƌ 'ĞƌĂů͕ ƋƵĞ Ġ Ă ĂƵƚŽƌŝĚĂĚĞ ĐŽŵƉĞƚĞŶƚĞ ŝŶ ůŽĐŽ ƉĂƌĂ ĞĨĞƚƵĂƌ ĂƐ ŐĞƐƚƁĞƐ ƋƵĞ ũƵůŐĂƌ ŶĞĐĞƐƐĄƌŝĂƐ ĂŽ ďŽŵ
ĂŶĚĂŵĞŶƚŽĚŽƐƉƌŽĐĞĚŝŵĞŶƚŽƐ͘
ϳ͘ϮϬ͘ ƉĂƌƚŝƌ ĚĂƐ ϮϬ ŚŽƌĂƐ ĚŽ ĚŝĂ ĚĂ ĂƉůŝĐĂĕĆŽ ĚĂƐ ƉƌŽǀĂƐ ŽďũĞƚŝǀĂƐ͕ Ž ĐĂŶĚŝĚĂƚŽ ƉŽĚĞƌĄ ĐŽŶƐƵůƚĂƌ Ž 'ĂďĂƌŝƚŽ ĚĂ WƌŽǀĂ
KďũĞƚŝǀĂĞŽĂĚĞƌŶŽĚĞYƵĞƐƚƁĞƐŶŽƐŝƚĞǁǁǁ͘ƉƵďůŝĐŽŶƐƵůƚ͘ĐŽŵ͘ďƌ͘KŐĂďĂƌŝƚŽƉŽĚĞƌĄƐĞƌĂĐĞƐƐĂĚŽĂƚƌĂǀĠƐĚŽWĂŝŶĞůĚŽ
ĂŶĚŝĚĂƚŽ͕ ŶĂ ĄƌĞĂ ĚĞ “EDITAIS E PUBLICAÇÕES” ĚŽ ƌĞƐƉĞĐƚŝǀŽ ƉƌŽĐĞƐƐŽ ƐĞůĞƚŝǀŽ͘ K ĂĚĞƌŶŽ ĚĞ YƵĞƐƚƁĞƐ ƉŽĚĞƌĄ ƐĞƌ
ĂĐĞƐƐĂĚŽ ĂƚƌĂǀĠƐ ĚŽ WĂŝŶĞů ĚŽ ĂŶĚŝĚĂƚŽ, na área de “EyK^” do respectivo ƉƌŽĐĞƐƐŽ ƐĞůĞƚŝǀŽ͕ Ğ ĨŝĐĂƌĄ ĚŝƐƉŽŶşǀĞů ƉĂƌĂ
ĐŽŶƐƵůƚĂ ĞdžĐůƵƐŝǀĂŵĞŶƚĞ ĚƵƌĂŶƚĞ Ž ƉƌĂnjŽ ĚĞ ŝŶƚĞƌƉŽƐŝĕĆŽ ĚĞ ƌĞĐƵƌƐŽƐ ĐŽŶƚƌĂ Ă ƉƌŽǀĂ ŽďũĞƚŝǀĂ͘ EĆŽ ƐĞƌĆŽ ŝŶĨŽƌŵĂĚŽƐ
ƌĞƐƵůƚĂĚŽƐƉŽƌƚĞůĞĨŽŶĞŽƵŽƵƚƌŽŵĞŝŽĚĞĐŽŵƵŶŝĐĂĕĆŽ͘
WƌĞĨĞŝƚƵƌĂDƵŶŝĐŝƉĂůĚĞ WƌŽĐĞƐƐŽ^ĞůĞƚŝǀŽEǑϬϮͬϮϬϮϰ
^EdZhKZ/KWZK /d>ĚĞZdhZĚĞ/E^Z/O^
ϳ͘Ϯϭ͘ƉŽŶƚƵĂĕĆŽĚŽĐĂŶĚŝĚĂƚŽŶĂƉƌŽǀĂŽďũĞƚŝǀĂƐĞƌĄŽďƚŝĚĂĂƚƌĂǀĠƐĚŽƐŽŵĂƚſƌŝŽĚĂƐŶŽƚĂƐĞŵĐĂĚĂĚŝƐĐŝƉůŝŶĂĚĂƉƌŽǀĂ͖
ŽƐƉŽŶƚŽƐƌĞĨĞƌĞŶƚĞƐĂĐĂĚĂĚŝƐĐŝƉůŝŶĂƐĞƌĆŽŽďƚŝĚŽƐĂƚƌĂǀĠƐĚĂŵƵůƚŝƉůŝĐĂĕĆŽĚĂƋƵĂŶƚŝĚĂĚĞĚĞƌĞƐƉŽƐƚĂƐĐŽƌƌĞƚĂƐƉĞůŽƉĞƐŽ
ƌĞƐƉĞĐƚŝǀŽĚĂĚŝƐĐŝƉůŝŶĂ͕ĐŽŶĨŽƌŵĞŽŝƚĞŵϳ͘ϭĚĞƐƚĞĞĚŝƚĂů͘
ϳ͘ϮϮ͘^ĞƌĄĐŽŶƐŝĚĞƌĂĚŽ>^^/&/KŶĂƉƌŽǀĂŽďũĞƚŝǀĂ͕ŽĐĂŶĚŝĚĂƚŽƋƵĞŽďƚŝǀĞƌŶŽŵşŶŝŵŽϯϬƉŽŶƚŽƐ͘
ϳ͘Ϯϯ͘^ĞƌĄĐŽŶƐŝĚĞƌĂĚŽ^>^^/&/KŶĂƉƌŽǀĂŽďũĞƚŝǀĂ͕ŽĐĂŶĚŝĚĂƚŽ͗
ĂͿĂƵƐĞŶƚĞ͖
ďͿƋƵĞŽďƚŝǀĞƌŵĞŶŽƐƋƵĞϯϬƉŽŶƚŽƐ͖
ĐͿƋƵĞĨŽƌĞdžĐůƵşĚŽƉĞůŽ&ŝƐĐĂůĚĞ^ĂůĂƉĞůŽĚĞƐĐƵŵƉƌŝŵĞŶƚŽĚĂƐĚŝƐƉŽƐŝĕƁĞƐĚĞƐƚĞĞĚŝƚĂůŶŽĚŝĂĚĂƌĞĂůŝnjĂĕĆŽĚĂƉƌŽǀĂ͖
ĚͿ ƋƵĞ ĂƉƌĞƐĞŶƚĂƌ ŝŶĨŽƌŵĂĕĆŽ ŽƵ ĚŽĐƵŵĞŶƚĂĕĆŽ ĐŽŶƐŝĚĞƌĂĚĂ ƉĞůĂ ĂŶĐĂ džĂŵŝŶĂĚŽƌĂ ŽƵ ƉĞůĂ ŽŵŝƐƐĆŽ ĚĞ
ĐŽŵƉĂŶŚĂŵĞŶƚŽ ĐŽŵŽ ŝƌƌĞŐƵůĂƌ ƉĂƌĂ ĐŽŵƉƌŽǀĂĕĆŽ ĚĂ ŝŶƐĐƌŝĕĆŽ͕ ĐŽŵƉƌŽǀĂĕĆŽ ĚĞ ƌĞƋƵŝƐŝƚŽƐ ŽƵ ŝĚĞŶƚŝĨŝĐĂĕĆŽ ŶŽ ĚŝĂ ĚĂ
ƉƌŽǀĂ͘
ϴ͘K^ZhZ^K^D/E/^dZd/sK^
ϴ͘ϭ͘ĂďĞƌĄƌĞĐƵƌƐŽĂĚŵŝŶŝƐƚƌĂƚŝǀŽ͕ŶŽƐĚŽŝƐĚŝĂƐƷƚĞŝƐƐĞŐƵŝŶƚĞƐĚĂƚĂĚĂƐĚĂƐƌĞƐƉĞĐƚŝǀĂƐĚŝǀƵůŐĂĕƁĞƐ͕ĞŵƌĞůĂĕĆŽ͗
ĂͿĂŽ/d>ZdhZ/E^Z/O^͖
ďͿĂŽ/d>/E&Z/DEdK/E^Z/O^͖
ĐͿăWZKsK:d/s;YƵĞƐƚƁĞƐĞ'ĂďĂƌŝƚŽͿ͖
ĚͿĂŽ/d>>^^/&/KWZKs/^MZ/͘
ϴ͘Ϯ͘ KƐ ƌĞĐƵƌƐŽƐ ĂĚŵŝŶŝƐƚƌĂƚŝǀŽƐ ĚĞǀĞƌĆŽ ƐĞƌ ĞĨĞƚƵĂĚŽƐ ĞdžĐůƵƐŝǀĂŵĞŶƚĞ ĂƚƌĂǀĠƐ ĚŽ ƐŝƚĞ ǁǁǁ͘ƉƵďůŝĐŽŶƐƵůƚ͘ĐŽŵ͘ďƌ͘ WĂƌĂ
ŝŶƚĞƌƉŽƐŝĕĆŽĚŽƌĞĐƵƌƐŽ͕ŽĐĂŶĚŝĚĂƚŽĚĞǀĞƌĄ͕ŶŽƐŝƚĞƌĞĨĞƌŝĚŽ͕ĂĐĞƐƐĂƌŽW/E>KE/dKŝŶĨŽƌŵĂŶĚŽƐĞƵW&ĞƐĞŶŚĂ͕
ƐĞůĞĐŝŽŶĂƌŽWƌŽĐĞƐƐŽ^ĞůĞƚŝǀŽEǑϬϮͬϮϬϮϰĚĂWƌĞĨĞŝƚƵƌĂĚĞ^EdZhKZ/KWZK͕ĞĂƉſƐĐůŝĐĂƌŶŽůŝŶŬĚŽZhZ^K
ƋƵĞƐĞƌĄĚŝƐƉŽŶŝďŝůŝnjĂĚŽƐŽŵĞŶƚĞĚƵƌĂŶƚĞŽƉƌĂnjŽĞƐƚĂďĞůĞĐŝĚŽŶŽŝƚĞŵϴ͘ϭ͘ƉĂƌƚŝƌĚĂş͕ƐĞƌĄĂďĞƌƚŽŽĨŽƌŵƵůĄƌŝŽĚĞƌĞĐƵƌƐŽ
ƋƵĞ ĚĞǀĞƌĄ ƐĞƌ ĐŽŵƉůĞƚĂĚŽ ĐŽŵ ŽƐ ĚĂĚŽƐ ƌĞƋƵŝƐŝƚĂĚŽƐ Ğ͕ ŶŽ ƋƵĂů ĚĞǀĞƌĆŽ ƐĞƌ ŽĨĞƌĞĐŝĚĂƐ ĂƐ ƌĂnjƁĞƐ ĚŽ ƌĞĐƵƌƐŽ͕ ĚĞ ĨŽƌŵĂ
ŽďũĞƚŝǀĂĞĚĞǀŝĚĂŵĞŶƚĞĞŵďĂƐĂĚĂƐ͘
ϴ͘ϯ͘ K ĞŵďĂƐĂŵĞŶƚŽ ƌĞůĂƚŝǀŽ ĂŽƐ ƌĞĐƵƌƐŽƐ ĚĂ WƌŽǀĂ KďũĞƚŝǀĂ ĚĞǀĞƌĄ ƌĞĨĞƌĞŶĐŝĂƌ Ă ďŝďůŝŽŐƌĂĨŝĂ ĞǀĞŶƚƵĂůŵĞŶƚĞ ƵƚŝůŝnjĂĚĂ ĚĞ
ĨŽƌŵĂ ĐŽŵƉůĞƚĂ ;ŽďƌĂ͕ ĂƵƚŽƌ͕ ƉĄŐŝŶĂƐͿ͕ ĚĞǀĞŶĚŽͲƐĞ͕ ƋƵĂŶĚŽ ƉŽƐƐşǀĞů͕ ĚŝƐƉŽŶŝďŝůŝnjĂƌ Ž ůŝŶŬ ƉĂƌĂ ĂĐĞƐƐŽ ĚĂƐ ŝŶĨŽƌŵĂĕƁĞƐ
ŽĨĞƌƚĂĚĂƐ͕ ŶĆŽ ƐĞŶĚŽ ƉŽƐƐşǀĞů͕ ŶŽ ĞŶƚĂŶƚŽ͕ ĂŶĞdžĂƌ ĂƌƋƵŝǀŽƐ ĚĞ ƋƵĂůƋƵĞƌ ĨŽƌŵĂƚŽ͘ WƌĞǀĂůĞĐĞƌĄ ŶĂ ĂŶĄůŝƐĞ ĚŽƐ ƌĞĐƵƌƐŽƐ Ă
ďŝďůŝŽŐƌĂĨŝĂ ƌĞĨĞƌĞŶĐŝĂů ŝŶĚŝĐĂĚĂ ŶŽ ĐŽŶƚĞƷĚŽ ƉƌŽŐƌĂŵĄƚŝĐŽ ĞͬŽƵ ŶŽ ĞŶƵŶĐŝĂĚŽ ĚĂ ƋƵĞƐƚĆŽ͕ Ğŵ ƌĞůĂĕĆŽ Ă ƋƵĂůƋƵĞƌ ŽƵƚƌĂ
ĂƉƌĞƐĞŶƚĂĚĂ͘ >ĂƉƐŽƐ ĚĞ ŝŶĚŝĐĂĕĆŽ ĚĞ ĚĂƚĂƐ͕ ŶƵŵĞƌĂĕĆŽ ĚĞ ŶŽƌŵĂƐ ŽƵ ĚĞ ƉĄŐŝŶĂƐ ĚĞ ŽďƌĂƐ ĚĞ ƌĞĨĞƌġŶĐŝĂ͕ ďĞŵ ĐŽŵŽ
ƉĞƋƵĞŶŽƐ ĞƌƌŽƐ ŽƌƚŽŐƌĄĨŝĐŽƐ ŽƵ ĚĞ ŝŵƉƌĞƐƐĆŽ͕ ŶĆŽ ƚĞƌĆŽ Ž ĐŽŶĚĆŽ ĚĞ ĂŶƵůĂƌ ƋƵĞƐƚƁĞƐ ĐƵũŽ ĐŽŶƚĞƷĚŽ ĞƐƚĞũĂ ĞůĂďŽƌĂĚŽ ĚĞ
ĨŽƌŵĂ Ă ŶĆŽ ƉƌĞũƵĚŝĐĂƌ Ž ĞŶƚĞŶĚŝŵĞŶƚŽ ŐĞƌĂů ĚŽƐ ĐĂŶĚŝĚĂƚŽƐ͘ dĂŝƐ ƐŝƚƵĂĕƁĞƐ ƐĞƌĆŽ ĞǀĞŶƚƵĂůŵĞŶƚĞ ĚĞůŝďĞƌĂĚĂƐ ƉĞůĂ ĂŶĐĂ
džĂŵŝŶĂĚŽƌĂĚŽWƌŽĐĞƐƐŽ^ĞůĞƚŝǀŽ͘
ϴ͘ϰ͘^ĞƌĆŽ/E&Z/K^ŽƐƌĞĐƵƌƐŽƐ͗
ĂͿƋƵĞ͕ƐĞŐƵŶĚŽĂŶĄůŝƐĞĚĂĂŶĐĂdžĂŵŝŶĂĚŽƌĂ͕ŶĆŽƚŝǀĞƌĞŵŽĐŽŶĚĆŽĚĞĂůƚĞƌĂƌĂƌĞƐƉŽƐƚĂĚŝǀƵůŐĂĚĂŶŽŐĂďĂƌŝƚŽ͖
ďͿŝŶƚĞƌƉŽƐƚŽƐĂƚƌĂǀĠƐĚĞĞͲŵĂŝů͕ĨĂdžŽƵƉŽƌŽƵƚƌĂƐĨŽƌŵĂƐ͕ŵĞŝŽƐĞƉƌĂnjŽƐŶĆŽĞƐƚŝƉƵůĂĚŽƐŶĞƐƚĞĞĚŝƚĂů͖
ĐͿƋƵĞŶĆŽƐĞƌĞĨĞƌŝƌĞŵăƋƵĞƐƚĆŽŝŶĚŝĐĂĚĂŶŽĨŽƌŵƵůĄƌŝŽĚŽƌĞĐƵƌƐŽ͖
ĚͿƋƵĞŶĆŽĂƉƌĞƐĞŶƚĂƌĞŵƌĞƋƵĞƌŝŵĞŶƚŽĞƐƉĞĐşĨŝĐŽ;ĂŶƵůĂĕĆŽŽƵŵƵĚĂŶĕĂĚĞĂůƚĞƌŶĂƚŝǀĂͿ͖
ĞͿƋƵĞŶĆŽĂƉƌĞƐĞŶƚĂƌĞŵĨƵŶĚĂŵĞŶƚĂĕĆŽĞͬŽƵĞŵďĂƐĂŵĞŶƚŽďŝďůŝŽŐƌĄĨŝĐŽ͖
ĨͿƋƵĞŶĆŽĐŽƌƌĞƐƉŽŶĚĞƌĞŵăĨĂƐĞƌĞĐƵƌƐĂůĞŵĐƵƌƐŽ͕ŶŽŵŽŵĞŶƚŽĚĂƐƵĂŝŶƚĞƌƉŽƐŝĕĆŽ͖
ŐͿƋƵĞƉůĞŝƚĞĂƌĞŵĂůƚĞƌŶĂƚŝǀĂĚĞƌĞƐƉŽƐƚĂŝŐƵĂůăĚŝǀƵůŐĂĚĂŶŽ'ĂďĂƌŝƚŽ͘
ϴ͘ϱ͘ K ƉƌŽǀŝŵĞŶƚŽ ĚĞ ƌĞĐƵƌƐŽƐ ŝŶƚĞƌƉŽƐƚŽƐ ĚĞŶƚƌŽ ĚĂƐ ĞƐƉĞĐŝĨŝĐĂĕƁĞƐ ƉŽĚĞƌĄ͕ ĞǀĞŶƚƵĂůŵĞŶƚĞ͕ ĂůƚĞƌĂƌ Ă ŶŽƚĂ ĞͬŽƵ
ĐůĂƐƐŝĨŝĐĂĕĆŽ ŝŶŝĐŝĂů ŽďƚŝĚĂ ƉĞůŽƐ ĐĂŶĚŝĚĂƚŽƐ ƉĂƌĂ ƵŵĂ ŶŽƚĂ ĞͬŽƵ ĐůĂƐƐŝĨŝĐĂĕĆŽ ƐƵƉĞƌŝŽƌ ŽƵ ŝŶĨĞƌŝŽƌ͖ ŽƵ ĂŝŶĚĂ ĂĐĂƌƌĞƚĂƌ Ă
ĐůĂƐƐŝĨŝĐĂĕĆŽ ĞͬŽƵ ĚĞƐĐůĂƐƐŝĨŝĐĂĕĆŽ ĚĞ ĐĂŶĚŝĚĂƚŽƐ Ğŵ ǀŝƌƚƵĚĞ ĚĂ ĂůƚĞƌĂĕĆŽ ĚĂƐ ƐƵĂƐ ŶŽƚĂƐ Ğŵ ƌĞůĂĕĆŽ ă ƉŽŶƚƵĂĕĆŽ ŵşŶŝŵĂ
ĞdžŝŐŝĚĂƉĂƌĂĂĐůĂƐƐŝĨŝĐĂĕĆŽ͘
ϴ͘ϲ͘ KƐ ƉŽŶƚŽƐ ƌĞůĂƚŝǀŽƐ ăƐ ƋƵĞƐƚƁĞƐ ĚĂƐ ƉƌŽǀĂƐ ŽďũĞƚŝǀĂƐ ĞǀĞŶƚƵĂůŵĞŶƚĞ ĂŶƵůĂĚĂƐ ƐĞƌĆŽ ĂƚƌŝďƵşĚŽƐ Ă ƚŽĚŽƐ ŽƐ ĐĂŶĚŝĚĂƚŽƐ
ƉƌĞƐĞŶƚĞƐ ă ƉƌŽǀĂ͘ Ɛ ƋƵĞƐƚƁĞƐ ƋƵĞ͕ Ğŵ ǀŝƌƚƵĚĞ ĚŽƐ ƌĞĐƵƌƐŽƐ ĂƉƌĞƐĞŶƚĂĚŽƐ͕ ƚŝǀĞƌĞŵ ƌĞƐƉŽƐƚĂ ĂůƚĞƌĂĚĂ͕ ĂĐĂƌƌĞƚĂƌĆŽ Ž
ƌĞƉƌŽĐĞƐƐĂŵĞŶƚŽĚŽƌĞƐƵůƚĂĚŽ͕ƉŽĚĞŶĚŽĂůƚĞƌĂƌĂŽƌĚĞŵĚĞĐůĂƐƐŝĨŝĐĂĕĆŽƉƌŽǀŝƐſƌŝĂĚŽƐĐĂŶĚŝĚĂƚŽƐ͘
ϴ͘ϳ͘K/d>Z^h>dKK^ZhZ^K^͕ĐŽŶƚĞŶĚŽĂƐĚĞůŝďĞƌĂĕƁĞƐĚĞĐŽƌƌĞŶƚĞƐĚŽƐƌĞĐƵƌƐŽƐŝŶƚĞƌƉŽƐƚŽƐĞŵĐĂĚĂĨĂƐĞ͕
ƐĞƌĄ ĚŝǀƵůŐĂĚŽ ŶŽƐ ƐŝƚĞƐ ǁǁǁ͘ƉƵďůŝĐŽŶƐƵůƚ͘ĐŽŵ͘ďƌ Ğ ǁǁǁ͘ƐĂŶƚĂĐƌƵnjĚŽƌŝŽƉĂƌĚŽ͘ƐƉ͘ŐŽǀ͘ďƌ ũƵŶƚĂŵĞŶƚĞ ĐŽŵ ŽƐ ĞĚŝƚĂŝƐ
ĐŽŶƚĞŶĚŽĞǀĞŶƚƵĂŝƐƌĞƚŝĨŝĐĂĕƁĞƐĚŽƐƌĞƐƵůƚĂĚŽƐŽƵĐůĂƐƐŝĨŝĐĂĕƁĞƐƌĞůĂƚŝǀŽƐĂĐĂĚĂ͕ĞŽ'Z/dKZd/&/K͕ƐĞĨŽƌŽĐĂƐŽ͘
ϴ͘ϴ͘ĂŶĄůŝƐĞĚĂĚĞůŝďĞƌĂĕĆŽĚĞĐĂĚĂƌĞĐƵƌƐŽƐĞƌĄĚŝƐƉŽŶŝďŝůŝnjĂĚĂĂŽƌĞĐŽƌƌĞŶƚĞŝŵƉĞƚƌĂŶƚĞŶĂĄƌĞĂĚĞZhZ^K^ĚŽWĂŝŶĞů
ĚŽ ĂŶĚŝĚĂƚŽ ŶŽ ƐŝƚĞ ǁǁǁ͘ƉƵďůŝĐŽŶƐƵůƚ͘ĐŽŵ͘ďƌ͘ K ƌĞůĂƚſƌŝŽ ĂŶĂůşƚŝĐŽ ĚŽƐ ƌĞĐƵƌƐŽƐ ĚĞ ĐĂĚĂ ĨĂƐĞ͕ ĐŽŶƚĞŶĚŽ ĂƐ ƌĂnjƁĞƐ ĚĂƐ
WƌĞĨĞŝƚƵƌĂDƵŶŝĐŝƉĂůĚĞ WƌŽĐĞƐƐŽ^ĞůĞƚŝǀŽEǑϬϮͬϮϬϮϰ
^EdZhKZ/KWZK /d>ĚĞZdhZĚĞ/E^Z/O^
ĚĞůŝďĞƌĂĕƁĞƐ ĚĂ ĂŶĐĂ džĂŵŝŶĂĚŽƌĂ͕ ƐĞƌĄ ĂŶĞdžĂĚŽ ĂŽ ZĞůĂƚſƌŝŽ &ŝŶĂů ĚŽ WƌŽĐĞƐƐŽ ^ĞůĞƚŝǀŽ ĞŶĐĂŵŝŶŚĂĚŽ ă WƌĞĨĞŝƚƵƌĂ
DƵŶŝĐŝƉĂůĚĞ^EdZhKZ/KWZK͘
ϵ͘WKEdhK͕>^^/&/KK^DWd
ϵ͘ϭ͘ WKEdhK ĚĂ WZKs K:d/s ƐĞƌĄ ĂƉƵƌĂĚĂ ĂƚƌĂǀĠƐ ĚŽ ƐŽŵĂƚſƌŝŽ ĚŽƐ ƉŽŶƚŽƐ ŽďƚŝĚŽƐ ƉĞůŽ ĐĂŶĚŝĚĂƚŽ Ğŵ ĐĂĚĂ
ĚŝƐĐŝƉůŝŶĂ ĚĂ ƉƌŽǀĂ͖ Ă ƉŽŶƚƵĂĕĆŽ ƌĞĨĞƌĞŶƚĞ Ă ĐĂĚĂ ĚŝƐĐŝƉůŝŶĂ ƐĞƌĄ ŽďƚŝĚĂ ƉĞůĂ ŵƵůƚŝƉůŝĐĂĕĆŽ ĚĂ ƋƵĂŶƚŝĚĂĚĞ ĚĞ ƌĞƐƉŽƐƚĂƐ
ĐŽƌƌĞƚĂƐƉĞůŽƉĞƐŽƌĞƐƉĞĐƚŝǀŽĚĂĚŝƐĐŝƉůŝŶĂ͕ĐŽŶĨŽƌŵĞŽ ŝƚĞŵϳ͘ϭĚĞƐƚĞĞĚŝƚĂů͕ƐĞŶĚŽ>^^/&/KŽĐĂŶĚŝĚĂƚŽƋƵĞŽďƚŝǀĞƌ
ƉŽŶƚƵĂĕĆŽĞƋƵŝǀĂůĞŶƚĞăƋƵĞůĂŝŶĚŝĐĂĚĂŶŽŝƚĞŵϳ͘ϮϮ͘
ϵ͘Ϯ͘ EŽ ĐĂƐŽ ĚĞ ĞŵƉĂƚĞ ŶĂ >^^/&/K ĚĂ WZKs K:d/s͕ ƐĞƌĄ ƉƌŽĐĞƐƐĂĚŽ Ž ^DWd ƚĞŶĚŽ ƉƌĞĨĞƌġŶĐŝĂ͕
ƐƵĐĞƐƐŝǀĂŵĞŶƚĞ͕ŽĐĂŶĚŝĚĂƚŽ͗
ĂͿĐŽŵŝĚĂĚĞŵĂŝƐĞůĞǀĂĚĂ͕ĚĞƐĚĞƋƵĞŝŐƵĂůŽƵƐƵƉĞƌŝŽƌĂϲϬĂŶŽƐ͕ĞŶƚƌĞĂƋƵĞůĞƐŶĂŵĞƐŵĂĨĂŝdžĂĞƚĄƌŝĂĞĨƌĞŶƚĞĂŽƐĚĞŵĂŝƐ
ĐĂŶĚŝĚĂƚŽƐ͕ŶŽƐƚĞƌŵŽƐĚĂ>Ğŝ&ĞĚĞƌĂůŶǑϭϬ͘ϳϰϭͬϮϬϬϯ͖
ďͿƋƵĞŽďƚŝǀĞƌŵĂŝŽƌƉŽŶƚƵĂĕĆŽŶĂƐƋƵĞƐƚƁĞƐĚĞEŽĕƁĞƐĚĞ/ŶĨŽƌŵĄƚŝĐĂ͖
ĐͿƋƵĞŽďƚŝǀĞƌĂŵĂŝŽƌƉŽŶƚƵĂĕĆŽŶĂƐƋƵĞƐƚƁĞƐĚĞ>şŶŐƵĂWŽƌƚƵŐƵĞƐĂĞ/ŶƚĞƌƉƌĞƚĂĕĆŽĚĞdĞdžƚŽƐ͖
ĚͿƋƵĞŽďƚŝǀĞƌĂŵĂŝŽƌƉŽŶƚƵĂĕĆŽŶĂƐƋƵĞƐƚƁĞƐĚĞDĂƚĞŵĄƚŝĐĂĞZĂĐŝŽĐşŶŝŽ>ſŐŝĐŽYƵĂŶƚŝƚĂƚŝǀŽ͖
ĞͿŵĂŝƐŝĚŽƐŽĞŶƚƌĞĂƋƵĞůĞƐĐŽŵŝĚĂĚĞŝŶĨĞƌŝŽƌĂϲϬĂŶŽƐ͖
ĨͿǀĞŶĐĞĚŽƌĚĞƐŽƌƚĞŝŽƉƷďůŝĐŽĂƐĞƌƌĞĂůŝnjĂĚŽƉĞůĂŽŵŝƐƐĆŽ&ŝƐĐĂůŝnjĂĚŽƌĂĚŽWƌŽĐĞƐƐŽ^ĞůĞƚŝǀŽ͕ĐĂƐŽƉĞƌƐŝƐƚĂŽĞŵƉĂƚĞĂƉſƐ
ĂĂƉůŝĐĂĕĆŽĚŽƐĐƌŝƚĠƌŝŽƐƉƌĞĐĞĚĞŶƚĞƐ͘
ϵ͘ϯ͘ K /d> >^^/&/K WZKs/^MZ/ ĚĞ ĐĂĚĂ ĨĂƐĞ ĚŽ ƉƌŽĐĞƐƐŽ ƐĞůĞƚŝǀŽ ƐĞƌĄ ĚŝǀƵůŐĂĚŽ ŶŽƐ ƐŝƚĞƐ
ǁǁǁ͘ƉƵďůŝĐŽŶƐƵůƚ͘ĐŽŵ͘ďƌĞǁǁǁ͘ƐĂŶƚĂĐƌƵnjĚŽƌŝŽƉĂƌĚŽ͘ƐƉ͘ŐŽǀ͘ďƌƐĞŶĚŽĂƉƌĞƐĞŶƚĂĚŽĚĂƐĞŐƵŝŶƚĞĨŽƌŵĂ͗
ĂͿŶĞdžŽ/ͲůĂƐƐŝĨŝĐĂĕĆŽWƌŽǀŝƐſƌŝĂͲ'ĞƌĂů͖
ďͿŶĞdžŽ//ͲůĂƐƐŝĨŝĐĂĕĆŽWƌŽǀŝƐſƌŝĂͲĂŶĚŝĚĂƚŽƐ–WĞƐƐŽĂĐŽŵĞĨŝĐŝġŶĐŝĂ͖
ĐͿ ŶĞdžŽ /// Ͳ ĂŶĚŝĚĂƚŽƐ EĆŽ ůĂƐƐŝĨŝĐĂĚŽƐ ;ĐŽŶƚĞŵƉůĂŶĚŽ ĂƉĞŶĂƐ Ž ŶƷŵĞƌŽ ĚĞ ŝŶƐĐƌŝĕĆŽ ĚŽƐ ĐĂŶĚŝĚĂƚŽƐ Ğ Ă ƌĞƐƉĞĐƚŝǀĂ
ƉŽŶƚƵĂĕĆŽͿ͘
ϵ͘ϰ͘ K /d> >^^/&/K &/E> ƐĞƌĄ ĚŝǀƵůŐĂĚŽ ŶŽƐ ƐŝƚĞƐ ǁǁǁ͘ƉƵďůŝĐŽŶƐƵůƚ͘ĐŽŵ͘ďƌ͕
ǁǁǁ͘ƐĂŶƚĂĐƌƵnjĚŽƌŝŽƉĂƌĚŽ͘ƐƉ͘ŐŽǀ͘ďƌ Ğ ŶŽ ^ĞŵĂŶĄƌŝŽ KĨŝĐŝĂů ůĞƚƌƀŶŝĐŽ ĚŽ DƵŶŝĐşƉŝŽ ĚĞ ^ĂŶƚĂ ƌƵnj ĚŽ ZŝŽ WĂƌĚŽ
;ŚƚƚƉƐ͗ͬͬĚŝĂƌŝŽŽĨŝĐŝĂůŶŽǀŽ͘ũĞůĂƐƚŝĐ͘ ƐĂǀĞŝŶĐůŽƵĚ͘ŶĞƚͬƉĂŐŝŶĂƐͬƉƵďůŝĐͬĚŝĂƌŝŽͺ ĞdžƚĞƌŶŽ͘džŚƚŵů͍ŝĚŝĚĂĚĞсϰͿ͕ ũƵŶƚĂŵĞŶƚĞ ĐŽŵ Ă
ŚŽŵŽůŽŐĂĕĆŽĚŽƉƌŽĐĞƐƐŽƐĞůĞƚŝǀŽ͕ƐĞŶĚŽĂƉƌĞƐĞŶƚĂĚŽĚĂƐĞŐƵŝŶƚĞĨŽƌŵĂ͗
ĂͿŶĞdžŽ/ͲůĂƐƐŝĨŝĐĂĕĆŽ&ŝŶĂůͲ'ĞƌĂů͖
ďͿŶĞdžŽ//ͲůĂƐƐŝĨŝĐĂĕĆŽ&ŝŶĂůͲĂŶĚŝĚĂƚŽƐ–WĞƐƐŽĂĐŽŵĞĨŝĐŝġŶĐŝĂ͘
ϵ͘ϱ͘Ă>^^/&/K&/E>ŶĆŽĐĂďĞƌĄƌĞĐƵƌƐŽĂĚŵŝŶŝƐƚƌĂƚŝǀŽ͕ƉŽƌĠŵĂŵĞƐŵĂƉŽĚĞƌĄĞǀĞŶƚƵĂůŵĞŶƚĞƐĞƌĂůƚĞƌĂĚĂĐĂƐŽ
ƐĞǀĞƌŝĨŝƋƵĞĂ ŽĐŽƌƌġŶĐŝĂĚĞĂůŐƵŵůĂƉƐŽĞdžĐůƵƐŝǀĂŵĞŶƚĞĨŽƌŵĂůƋƵĞƚĞŶŚĂ ĂůƚĞƌĂĚŽĂĐŽƌƌĞƚĂĂůŽĐĂĕĆŽĚŽƐĐĂŶĚŝĚĂƚŽƐŶĂƐ
ůŝƐƚĂŐĞŶƐĐůĂƐƐŝĨŝĐĂƚſƌŝĂƐ͕ŽƋƵĞƐĞƌĄŽďũĞƚŽĚĞĚŝǀƵůŐĂĕĆŽ ĚĞ ĚŝƚĂůĚĞůĂƐƐŝĨŝĐĂĕĆŽ&ŝŶĂů ͲZĞƚŝĨŝĐĂĚŽĐŽŶƚĞŶĚŽĂƐĚĞǀŝĚĂƐ
ƌĂnjƁĞƐ͕ĂƉſƐĂŶƵġŶĐŝĂĚĂĂŶĐĂdžĂŵŝŶĂĚŽƌĂĞĚĂŽŵŝƐƐĆŽ&ŝƐĐĂůŝnjĂĚŽƌĂĚŽWƌŽĐĞƐƐŽ^ĞůĞƚŝǀŽ͕ĂƚƌĂǀĠƐĚŽƐŵĞƐŵŽƐŵĞŝŽƐ
ĚĞĚŝǀƵůŐĂĕĆŽĚŽƐĞĚŝƚĂŝƐĚĞĐůĂƐƐŝĨŝĐĂĕĆŽĨŝŶĂů͘
ϭϬ͘KEsKKKDWZKsKZYh/^/dK^WZKEdZdK
ϭϬ͘ϭ͘ KƐ ĐĂŶĚŝĚĂƚŽƐ ĐůĂƐƐŝĨŝĐĂĚŽƐ ƐĞƌĆŽ ĐŽŶǀŽĐĂĚŽƐ Ă ĐƌŝƚĠƌŝŽ ĚĂ ĚŵŝŶŝƐƚƌĂĕĆŽ͕ ĐŽŶĨŽƌŵĞ Ž ŶƷŵĞƌŽ ĚĞ ǀĂŐĂƐ ĞdžŝƐƚĞŶƚĞƐ͕
ƐĞŐƵŝŶĚŽ ƌŝŐŽƌŽƐĂŵĞŶƚĞ Ă ŽƌĚĞŵ ĚĞ ĐůĂƐƐŝĨŝĐĂĕĆŽ͕ ƌĞƐƉĞŝƚĂŶĚŽͲƐĞ Ž ůŝŵŝƚĞ ĚĂƐ ǀĂŐĂƐ ĚĞƐƚŝŶĂĚĂƐ ĂŽƐ ĐĂŶĚŝĚĂƚŽƐ ĐŽŵ
ĚĞĨŝĐŝġŶĐŝĂ͕ŶĂĨŽƌŵĂĚŽŝƚĞŵϯ͘ϭĚĞƐƚĞĞĚŝƚĂů͘
ϭϬ͘Ϯ͘ ĚĞ ŝŶƚĞŝƌĂ ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞ ĚŽ ĐĂŶĚŝĚĂƚŽ ŵĂŶƚĞƌͲƐĞ ŝŶĨŽƌŵĂĚŽ Ă ƌĞƐƉĞŝƚŽ ĚĂ ƉƵďůŝĐĂĕĆŽ ĚĞ ĞĚŝƚĂŝƐ ĚĞ ĐŽŶǀŽĐĂĕĆŽ
ƉĂƌĂ Ă ĐŽŶƚƌĂƚĂĕĆŽ ĚƵƌĂŶƚĞ ƚŽĚĂ Ă ǀŝŐġŶĐŝĂ ĚĞƐƚĞ WƌŽĐĞƐƐŽ ^ĞůĞƚŝǀŽ͕ Ž ƋƵĞ ŽĐŽƌƌĞƌĄ ŽĨŝĐŝĂůŵĞŶƚĞ ŶŽ ^ĞŵĂŶĄƌŝŽ KĨŝĐŝĂů
ůĞƚƌƀŶŝĐŽ ĚŽ DƵŶŝĐşƉŝŽ ĚĞ ^ĂŶƚĂ ƌƵnj ĚŽ ZŝŽ WĂƌĚŽ ;ŚƚƚƉƐ͗ͬͬĚŝĂƌŝŽŽĨŝĐŝĂůŶŽǀŽ͘ũĞůĂƐƚŝĐ͘
ƐĂǀĞŝŶĐůŽƵĚ͘ŶĞƚͬƉĂŐŝŶĂƐͬƉƵďůŝĐͬĚŝĂƌŝŽͺĞdžƚĞƌŶŽ͘džŚƚŵů͍ŝĚŝĚĂĚĞсϰͿ͘
ϭϬ͘ϯ͘KĐĂŶĚŝĚĂƚŽĐŽŶǀŽĐĂĚŽƐĞƌĄĐŽŶƚƌĂƚĂĚŽĂƉĞŶĂƐƐĞĂƚĞŶĚĞƌăƐƐĞŐƵŝŶƚĞƐĞdžŝŐġŶĐŝĂƐ͕ĂƐĞƌĞŵĐŽŵƉƌŽǀĂĚĂƐƉŽƌŽĐĂƐŝĆŽ
ĚĂĐŽŶƚƌĂƚĂĕĆŽ͕ƋƵĂŶĚŽĂƉůŝĐĄǀĞŝƐĞŵǀŝƌƚƵĚĞĚĂŝĚĂĚĞĚŽĐŽŶƚƌĂƚĂĚŽ͗
ĂͿ ƐĞƌ ďƌĂƐŝůĞŝƌŽ ŶĂƚŽ ŽƵ ŶĂƚƵƌĂůŝnjĂĚŽ͖ ŽƵ ŐŽnjĂƌ ĚĂƐ ƉƌĞƌƌŽŐĂƚŝǀĂƐ ƉƌĞǀŝƐƚĂƐ ŶŽ ĂƌƚŝŐŽ ϭϮ ĚĂ ŽŶƐƚŝƚƵŝĕĆŽ &ĞĚĞƌĂů Ğ ĚĞŵĂŝƐ
ĚŝƐƉŽƐŝĕƁĞƐ ůĞŐĂŝƐ͕ ŶŽ ĐĂƐŽ ĚĞ ĞƐƚƌĂŶŐĞŝƌŽ ŽƵ ĐŝĚĂĚĆŽ ƉŽƌƚƵŐƵġƐ Ă ƋƵĞŵ ƚĞŶŚĂ ƐŝĚŽ ĚĞĨĞƌŝĚĂ Ă ŝŐƵĂůĚĂĚĞ ŶĂƐ ĐŽŶĚŝĕƁĞƐ
ƉƌĞǀŝƐƚĂƐƉĞůŽĞĐƌĞƚŽ&ĞĚĞƌĂůŶǑϳϬ͘ϰϯϲͬϳϮ͖
ďͿ ƚĞƌ ŝĚĂĚĞ ŵşŶŝŵĂ ĚĞ ϭϲ ĂŶŽƐ ĐŽŵƉůĞƚŽƐ͖ ĂƚĞŶĚĞƌ ĂƐ ĐŽŶĚŝĕƁĞƐ ĚĞ ĞƐĐŽůĂƌŝĚĂĚĞ Ğ ĚĞŵĂŝƐ ƌĞƋƵŝƐŝƚŽƐ ƉƌĞƐĐƌŝƚŽƐ ƉĂƌĂ Ž
ĞƐƚĄŐŝŽ͕ĚĞƚĞƌŵŝŶĂĚŽƐŶŽŝƚĞŵϭ͘ϭĚĞƐƚĞĞĚŝƚĂů͖
ĐͿ ŐŽnjĂƌ ĚĞ ƐĂƷĚĞ ĨşƐŝĐĂ Ğ ŵĞŶƚĂů ĐŽŵƉĂƚşǀĞŝƐ ĐŽŵ ĂƐ ĂƚŝǀŝĚĂĚĞƐ Ă ƐĞƌĞŵ ĚĞƐĞŵƉĞŶŚĂĚĂƐ ŶŽ ĞdžĞƌĐşĐŝŽ ĚŽ ĞŵƉƌĞŐŽ͕
ĐŽŵƉƌŽǀĂĚĂĞŵƉƌĠǀŝĂŝŶƐƉĞĕĆŽŵĠĚŝĐĂŽĨŝĐŝĂů͖
ĚͿĞƐƚĂƌƋƵŝƚĞĐŽŵŽ^ĞƌǀŝĕŽDŝůŝƚĂƌƐĞĨŽƌĚŽƐĞdžŽŵĂƐĐƵůŝŶŽ͖
ĞͿƐĞƌĞůĞŝƚŽƌĞĞƐƚĂƌƋƵŝƚĞĐŽŵĂ:ƵƐƚŝĕĂůĞŝƚŽƌĂů͖
10
WƌĞĨĞŝƚƵƌĂDƵŶŝĐŝƉĂůĚĞ WƌŽĐĞƐƐŽ^ĞůĞƚŝǀŽEǑϬϮͬϮϬϮϰ
^EdZhKZ/KWZK /d>ĚĞZdhZĚĞ/E^Z/O^
ĨͿĞƐƚĂƌĐŽŵŽW&ƌĞŐƵůĂƌŝnjĂĚŽũƵŶƚŽăZĞĐĞŝƚĂ&ĞĚĞƌĂů͖
ŐͿĞƐƚĂƌŶŽŐŽnjŽĚŽƐĚŝƌĞŝƚŽƐĐŝǀŝƐĞƉŽůşƚŝĐŽƐ͖
ŚͿ ŶĆŽ ƌĞŐŝƐƚƌĂƌ ĂŶƚĞĐĞĚĞŶƚĞƐ ĐƌŝŵŝŶĂŝƐ Ğŵ ƋƵĞ ƚĞŶŚĂ ƐŝĚŽ ĐŽŶĚĞŶĂĚŽ ƉŽƌ ĐƌŝŵĞ ĚŽůŽƐŽ ŶĞŵ ĞƐƚĂƌ ĐƵŵƉƌŝŶĚŽ ƉĞŶĂ Ğŵ
ůŝďĞƌĚĂĚĞ͖
ŝͿ EĆŽ ƚĞƌ ƐŝĚŽ ĐŽŶĚĞŶĂĚŽ ƉŽƌ ĐƌŝŵĞ ĐŽŶƚƌĂ Ž ƉĂƚƌŝŵƀŶŝŽ ŽƵ Ă ĚŵŝŶŝƐƚƌĂĕĆŽ WƷďůŝĐĂ͕ ŶĞŵ ƚĞƌ ƐŝĚŽ ĚĞŵŝƚŝĚŽ ƉŽƌ ĂƚŽ ĚĞ
improbidade “a bem do serviço público” mediante decisão transitada em julgado em qualquer esfera governamental;
ũͿ EĆŽƉŽƐƐƵŝƌ ǀşŶĐƵůŽ ĐŽŵ ƋƵĂůƋƵĞƌ ſƌŐĆŽ ŽƵ ĞŶƚŝĚĂĚĞĚĂ ĚŵŝŶŝƐƚƌĂĕĆŽ WƷďůŝĐĂ ƋƵĞŝŵƉŽƐƐŝďŝůŝƚĞ ĂĐƵŵƵůĂĕĆŽ ĚĞĐĂƌŐŽƐ͕
empregos e funções, ressalvados os casos contidos nas alíneas “a”, “b” e “c”, inc. XVI, do art. 37, da Constituição Federal,
ŝŶĐůƵƐŝǀĞŶŽƋƵĞĐŽŶĐĞƌŶĞăĐŽŵƉĂƚŝďŝůŝĚĂĚĞĚĞŚŽƌĄƌŝŽƐ͖
ŬͿ ŶĆŽ ƐĞƌ ĂƉŽƐĞŶƚĂĚŽ ƉŽƌ ŝŶǀĂůŝĚĞnj͕ ŶĆŽ ĞƐƚĂƌ Ğŵ ŝĚĂĚĞ ĚĞ ĂƉŽƐĞŶƚĂĚŽƌŝĂ ĐŽŵƉƵůƐſƌŝĂ ;ϳϱ ĂŶŽƐ ŽƵ ŵĂŝƐͿ ŽƵ ƌĞĐĞďĞƌ
ƉƌŽǀĞŶƚŽƐ ĚĞ ĂƉŽƐĞŶƚĂĚŽƌŝĂ ĚĞĐŽƌƌĞŶƚĞƐ ĚŽƐ ĂƌƚŝŐŽƐ ϰϬ͕ ϰϮ Ğ ϭϰϮ͕ ƌĞƐƐĂůǀĂĚŽƐ ŽƐ ĐĂƐŽƐ ƋƵĞ ƉĞƌŵŝƚĂŵ Ă ĂĐƵŵƵůĂĕĆŽ ĚŽƐ
ƉƌŽǀĞŶƚŽƐĐŽŵĂƌĞŵƵŶĞƌĂĕĆŽĚĞĐĂƌŐŽƐ͕ĞŵƉƌĞŐŽƐ͕ĨƵŶĕƁĞƐ͕ĐĂƌŐŽƐĞůĞƚŝǀŽƐĞĐĂƌŐŽƐĞŵĐŽŵŝƐƐĆŽĚĞĐůĂƌĂĚŽƐĞŵůĞŝĚĞůŝǀƌĞ
ŶŽŵĞĂĕĆŽĞĞdžŽŶĞƌĂĕĆŽ͕ŶĂĨŽƌŵĂĚĂŽŶƐƚŝƚƵŝĕĆŽ&ĞĚĞƌĂů͘
ϭϬ͘ϰ͘ĐŽŵƉƌŽǀĂĕĆŽĚŽƐƌĞĨĞƌŝĚŽƐƌĞƋƵŝƐŝƚŽƐĠĞƐƐĞŶĐŝĂůƉĂƌĂĂĐŽŶƚƌĂƚĂĕĆŽ͕ĚĞǀĞŶĚŽŽĐĂŶĚŝĚĂƚŽĐŽŶǀŽĐĂĚŽƐĞĂƉƌĞƐĞŶƚĂƌ
ŵƵŶŝĚŽ ĚŽƐ ĚŽĐƵŵĞŶƚŽƐ ŽƌŝŐŝŶĂŝƐ Ğ ƌĞƐƉĞĐƚŝǀĂƐ ĐſƉŝĂƐ ĞdžŝŐŝĚĂƐ ŶŽ ĂƚŽ ĚĂ ĐŽŶǀŽĐĂĕĆŽ͕ ďĞŵ ĐŽŵŽ ŽƵƚƌŽƐ ƋƵĞ ĨŽƌĞŵ
ĞǀĞŶƚƵĂůŵĞŶƚĞ ĞdžŝŐŝĚŽƐ ƉĞůŽ ^ĞƚŽƌ ĚĞ ZĞĐƵƌƐŽƐ ,ƵŵĂŶŽƐ ĚĂ WƌĞĨĞŝƚƵƌĂ DƵŶŝĐŝƉĂů ĚĞ^Ed Zh K Z/K WZK͘ EĆŽ
ƐĞƌĆŽĂĐĞŝƚŽƐƉƌŽƚŽĐŽůŽƐĚŽƐĚŽĐƵŵĞŶƚŽƐĞdžŝŐŝĚŽƐ͕ŶĞŵĂĂƉƌĞƐĞŶƚĂĕĆŽĂƉĞŶĂƐĚĂƐƐƵĂƐĨŽƚŽĐſƉŝĂƐ͕ŵĞƐŵŽĂƵƚĞŶƚŝĐĂĚĂƐ͘
ϭϬ͘ϱ͘ŝŶĞdžĂƚŝĚĆŽĚĂƐŝŶĨŽƌŵĂĕƁĞƐŽƵŝƌƌĞŐƵůĂƌŝĚĂĚĞŶŽƐĚŽĐƵŵĞŶƚŽƐĂƉƌĞƐĞŶƚĂĚŽƐƉŽƌŽĐĂƐŝĆŽĚĂĐŽŶƚƌĂƚĂĕĆŽ͕ŵĞƐŵŽƋƵĞ
ĐŽŶƐƚĂƚĂĚĂƐƉŽƐƚĞƌŝŽƌŵĞŶƚĞ͕ĂĐĂƌƌĞƚĂƌĆŽƉƌŽĐĞƐƐŽĂĚŵŝŶŝƐƚƌĂƚŝǀŽǀŝƐĂŶĚŽăŶƵůŝĚĂĚĞĚĂĐŽŶƚƌĂƚĂĕĆŽ͕ƐĞŵƉƌĞũƵşnjŽĚĞŽƵƚƌĂƐ
ŵĞĚŝĚĂƐĚĞŽƌĚĞŵĂĚŵŝŶŝƐƚƌĂƚŝǀĂ͕ĐŝǀŝůĞĐƌŝŵŝŶĂůĐŽŶƚƌĂŽĐĂŶĚŝĚĂƚŽƋƵĞƉƌŽŵŽǀĞƌĂĨƌĂƵĚĞĚŽĐƵŵĞŶƚĂů͘
ϭϬ͘ϲ͘ KƐ ĐĂŶĚŝĚĂƚŽƐ ƋƵĞ ĐŽŵƉƌŽǀĂƌĞŵ ŽƐ ƌĞƋƵŝƐŝƚŽƐ ĚŽĐƵŵĞŶƚĂŝƐ ƉĂƐƐĂƌĆŽ ƉŽƌ ĞdžĂŵĞ ŵĠĚŝĐŽ ĂĚŵŝƐƐŝŽŶĂů ĂŶƚĞƐ ĚĂ
ĐŽŶƚƌĂƚĂĕĆŽ͕ǀŝƐĂŶĚŽĂĨĞƌŝƌĞǀĞŶƚƵĂŝƐŝŵƉĞĚŝŵĞŶƚŽƐƉĂƌĂŽĞdžĞƌĐşĐŝŽĚĂƐĂƚŝǀŝĚĂĚĞƐĂƐĞƌĞŵĞdžĞƌĐŝĚĂƐ͕ŝŶĐůƵƐŝǀĞĞŵƌĞůĂĕĆŽ
ĂŽƐ ĐĂŶĚŝĚĂƚŽƐ ƉŽƌƚĂĚŽƌĞƐ ĚĞ ĚĞĨŝĐŝġŶĐŝĂ͕ ƐĞŶĚŽ ^>^^/&/K ĚŽ ƉƌŽĐĞƐƐŽ ƐĞůĞƚŝǀŽ Ž ĐĂŶĚŝĚĂƚŽ ƋƵĞ ŶĆŽ ůŽŐƌĂƌ
ĐŽŵƉƌŽǀĂƌĐŽŶĚŝĕĆŽĨşƐŝĐĂŽƵĚĞƐĂƷĚĞŵĞŶƚĂůĂĚĞƋƵĂĚĂĂŽĚĞƐĞŵƉĞŶŚŽĚĂƐĂƚŝǀŝĚĂĚĞƐ͘
ϭϬ͘ϳ͘ Ž ƐĞƌ ĐŽŶƚƌĂƚĂĚŽ͕ Ž ĐĂŶĚŝĚĂƚŽ ĨŝĐĂƌĄ ƐƵũĞŝƚŽ ăƐ ĚŝƐƉŽƐŝĕƁĞƐ ĚĞƐƚĞ ĞĚŝƚĂů Ğ ĚŽ ĐŽŶƚƌĂƚŽ ĚĞ ĞƐƚĂŐŝĄƌŝŽ ĚĞ ŶĂƚƵƌĞnjĂ
ũƵƌşĚŝĐŽͲĂĚŵŝŶŝƐƚƌĂƚŝǀĂ Ă ƐĞƌ ƉĂĐƚƵĂĚŽ ĐŽŵ Ž DƵŶŝĐşƉŝŽ ĚĞ ^Ed Zh K Z/K WZK͕ ŽďƐĞƌǀĂŶĚŽͲƐĞ ĂƐ ĚŝƐƉŽƐŝĕƁĞƐ
ŶŽƌŵĂƚŝǀĂƐĐŽŵƉůĞŵĞŶƚĂƌĞƐƌĞůĂƚŝǀĂƐăĐŽŶƚƌĂƚĂĕĆŽĚĞĞƐƚĂŐŝĄƌŝŽƐ͘
ϭϭ͘^/^WK^/O^'Z/^&/E/^
ϭϭ͘ϭ͘ŝŶƐĐƌŝĕĆŽĚŽĐĂŶĚŝĚĂƚŽŝŵƉůŝĐĂŶĂĂĐĞŝƚĂĕĆŽĚĞƚŽĚĂƐĂƐĚŝƐƉŽƐŝĕƁĞƐĞƐƚĂďĞůĞĐŝĚĂƐŶĞƐƚĞĞĚŝƚĂůĞĚĂůĞŐŝƐůĂĕĆŽǀŝŐĞŶƚĞ͕
ŶĆŽ ƉŽĚĞŶĚŽ ĂůĞŐĂƌ ĚĞƐĐŽŶŚĞĐŝŵĞŶƚŽ ĚĞ ƋƵĂůƋƵĞƌ ŶĂƚƵƌĞnjĂ͘ ĚĞ ŝŶƚĞŝƌĂ ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞĚŽ ĐĂŶĚŝĚĂƚŽ ĂĐŽŵƉĂŶŚĂƌĂ
ƉƵďůŝĐĂĕĆŽĚĞƚŽĚŽƐŽƐĂƚŽƐ͕ĞĚŝƚĂŝƐĞĐŽŵƵŶŝĐĂĚŽƐƌĞĨĞƌĞŶƚĞƐĂĞƐƚĞƉƌŽĐĞƐƐŽƐĞůĞƚŝǀŽ͘
ϭϭ͘Ϯ͘YƵĂůƋƵĞƌƌĞŐƌĂƉƌĞǀŝƐƚĂŶĞƐƚĞĞĚŝƚĂůƉŽĚĞƌĄƐĞƌĂůƚĞƌĂĚĂĂŶƚĞƐĚĂƌĞĂůŝnjĂĕĆŽĚĂƐƉƌŽǀĂƐ͕ŵĞĚŝĂŶƚĞĂĚŝǀƵůŐĂĕĆŽŽĨŝĐŝĂů
ĚŽ ŝƚĞŵ ĂƚƵĂůŝnjĂĚŽ͕ ĚŝǀƵůŐĂĕĆŽ ĚĞ ĚŝƚĂů ĚĞ ZĞƚŝĨŝĐĂĕĆŽ Ğ ƌĞƐƉĞĐƚŝǀĂ ĐŽŶƐŽůŝĚĂĕĆŽ͕ ŶŽƐ ƐŝƚĞƐ ǁǁǁ͘ƉƵďůŝĐŽŶƐƵůƚ͘ĐŽŵ͘ďƌ Ğ
ǁǁǁ͘ƐĂŶƚĂĐƌƵnjĚŽƌŝŽƉĂƌĚŽ͘ƐƉ͘ŐŽǀ͘ďƌ͘
ϭϭ͘ϯ͘ůĠŵĚĂĚŝǀƵůŐĂĕĆŽĂƚƌĂǀĠƐĚŽƐŵĞŝŽƐĞƐƉĞĐŝĨŝĐĂĚŽƐŶŽŝƚĞŵϭϮ͘Ϯ͕ƐĞƌĆŽƉƵďůŝĐĂĚŽƐŶŽ^ĞŵĂŶĄƌŝŽKĨŝĐŝĂůůĞƚƌƀŶŝĐŽĚŽ
DƵŶŝĐşƉŝŽ ĚĞ ^ĂŶƚĂ ƌƵnj ĚŽ ZŝŽ WĂƌĚŽ ;ŚƚƚƉƐ͗ͬͬĚŝĂƌŝŽŽĨŝĐŝĂůŶŽǀŽ͘ũĞůĂƐƚŝĐ͘ ƐĂǀĞŝŶĐůŽƵĚ͘ŶĞƚͬƉĂŐŝŶĂƐͬƉƵďůŝĐͬĚŝĂƌŝŽͺ
ĞdžƚĞƌŶŽ͘džŚƚŵů͍ŝĚŝĚĂĚĞсϰͿͿ͗
ĂͿKĚŝƚĂůĚĞďĞƌƚƵƌĂĚĞ/ŶƐĐƌŝĕƁĞƐͲZĞƐƵŵŝĚŽ͖
ďͿ ǀĞŶƚƵĂŝƐ ƌĞƚŝĨŝĐĂĕƁĞƐ ŶŽ ĚŝƚĂů ĚĞ ďĞƌƚƵƌĂ ĚĞ /ŶƐĐƌŝĕƁĞƐ ƋƵĞ ŝŵƉůŝƋƵĞŵ Ğŵ ĂůƚĞƌĂĕĆŽ ŶĂƐ ĐŽŶĚŝĕƁĞƐ ĚĞ ŝŶƐĐƌŝĕĆŽ͕
ƉƌĞƉĂƌĂĕĆŽ͕ ĂƉůŝĐĂĕĆŽ ŽƵ ƉĂƌƚŝĐŝƉĂĕĆŽ ŶĂƐ ƉƌŽǀĂƐ ƉŽƌ ƉĂƌƚĞ ĚŽƐ ĐĂŶĚŝĚĂƚŽƐ͕ ĂƐ ƋƵĂŝƐ ƐĞƌĆŽ ĚŝǀƵůŐĂĚĂƐ ĂƚƌĂǀĠƐ ĚĞ ĚŝƚĂů ĚĞ
ZĞƚŝĨŝĐĂĕĆŽ͖
ĐͿKƐĞĚŝƚĂŝƐƌĞƐƵŵŝĚŽƐĚĞĐŽŶǀŽĐĂĕĆŽĚŽƐĐĂŶĚŝĚĂƚŽƐƉĂƌĂĂƐĨĂƐĞƐĚŽƉƌŽĐĞƐƐŽƐĞůĞƚŝǀŽ͖
ĐͿKĚŝƚĂůĚĞůĂƐƐŝĨŝĐĂĕĆŽ&ŝŶĂů͖
ĚͿŚŽŵŽůŽŐĂĕĆŽĚŽƉƌŽĐĞƐƐŽƐĞůĞƚŝǀŽƉŽƌƉĂƌƚĞĚĂĂƵƚŽƌŝĚĂĚĞĐŽŵƉĞƚĞŶƚĞ͘
ϭϭ͘ϰ͘ĞdžĞĐƵĕĆŽĚŽƐƐĞƌǀŝĕŽƐƚĠĐŶŝĐŽƐƌĞĨĞƌĞŶƚĞƐĂĞƐƚĞƉƌŽĐĞƐƐŽƐĞůĞƚŝǀŽ͕ŝŶĐůƵŝŶĚŽĂĞůĂďŽƌĂĕĆŽĚĂƐƉƌŽǀĂƐ͕ƐƵĂĂƉůŝĐĂĕĆŽĞ
ĐŽƌƌĞĕĆŽ͕ďĞŵĐŽŵŽĂĐůĂƐƐŝĨŝĐĂĕĆŽĚŽƐĐĂŶĚŝĚĂƚŽƐĂƉƌŽǀĂĚŽƐ͕ĨŝĐĂƌĄƐŽďƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞĚĂĞŵƉƌĞƐĂWƵďůŝĐŽŶƐƵůƚWWW͕
ĚĞǀŝĚĂŵĞŶƚĞĐŽŶƚƌĂƚĂĚĂƉĂƌĂƚĂůĨŝŵ͘
ϭϭ͘ϱ͘ KƐ ĐĂƐŽƐ ŽŵŝƐƐŽƐ ƐĞƌĆŽ ĚŝƌŝŵŝĚŽƐ ƉĞůĂ ŽŵŝƐƐĆŽ &ŝƐĐĂůŝnjĂĚŽƌĂ ĚŽ WƌŽĐĞƐƐŽ ^ĞůĞƚŝǀŽ͕ ĂĚ ƌĞĨĞƌĞŶĚƵŵ ĚŽ WƌĞĨĞŝƚŽ ĚŽ
DƵŶŝĐşƉŝŽĚĞ^ĂŶƚĂƌƵnjĚŽZŝŽWĂƌĚŽ͘
ϭϭ͘ϲ͘ ŽŵƉĞƚĞ ĂŽ WƌĞĨĞŝƚŽ DƵŶŝĐŝƉĂů Ă ŚŽŵŽůŽŐĂĕĆŽ ĚŽ ƉƌŽĐĞƐƐŽ ƐĞůĞƚŝǀŽ͕ ƋƵĞ ƐĞƌĄ ƉƵďůŝĐĂĚĂ ŶŽ ^ĞŵĂŶĄƌŝŽ KĨŝĐŝĂů
ůĞƚƌƀŶŝĐŽĚŽDƵŶŝĐşƉŝŽĚĞ^ĂŶƚĂƌƵnjĚŽZŝŽWĂƌĚŽ;ǁǁǁ͘ƐĂŶƚĂĐƌƵnjĚŽƌŝŽƉĂƌĚŽ͘ƐƉ͘ŐŽǀ͘ďƌͿ͘
11
WƌĞĨĞŝƚƵƌĂDƵŶŝĐŝƉĂůĚĞ WƌŽĐĞƐƐŽ^ĞůĞƚŝǀŽEǑϬϮͬϮϬϮϰ
^EdZhKZ/KWZK /d>ĚĞZdhZĚĞ/E^Z/O^
ϭϭ͘ϳ͘ ǀĞƌƐĆŽ ŝŶƚĞŐƌĂů ĚŽ ƉƌĞƐĞŶƚĞ ĚŽ /d> ZdhZ /E^Z/O^ ĞƐƚĂƌĄ ĚŝƐƉŽŶşǀĞů ƉĂƌĂ ĐŽŶƐƵůƚĂ ŶŽƐ ƐŝƚĞƐ
ǁǁǁ͘ƉƵďůŝĐŽŶƐƵůƚ͘ĐŽŵ͘ďƌ͕ǁǁǁ͘ƐĂŶƚĂĐƌƵnjĚŽƌŝŽƉĂƌĚŽ͘ƐƉ͘ŐŽǀ͘ďƌĞŶŽ^ĞŵĂŶĄƌŝŽKĨŝĐŝĂůůĞƚƌƀŶŝĐŽĚŽDƵŶŝĐşƉŝŽĚĞ^ĂŶƚĂ
ƌƵnjĚŽZŝŽWĂƌĚŽ;;ŚƚƚƉƐ͗ͬͬĚŝĂƌŝŽŽĨŝĐŝĂůŶŽǀŽ͘ũĞůĂƐƚŝĐ͘ƐĂǀĞŝŶĐůŽƵĚ͘ŶĞƚͬƉĂŐŝŶĂƐͬƉƵďůŝĐͬĚŝĂƌŝŽͺĞdžƚĞƌŶŽ͘džŚƚŵů͍ŝĚŝĚĂĚĞсϰͿ͘
^EdZhKZ/KWZK͕ϯϭĚĞ:h>,KĚĞϮϬϮϰ͘
/'K,EZ/Yh^/E'K>E/K^d
WƌĞĨĞŝƚŽDƵŶŝĐŝƉĂů
12
WƌĞĨĞŝƚƵƌĂDƵŶŝĐŝƉĂůĚĞ WƌŽĐĞƐƐŽ^ĞůĞƚŝǀŽEǑϬϮͬϮϬϮϰ
^EdZhKZ/KWZK /d>ĚĞZdhZĚĞ/E^Z/O^
EyK/–KEdjKWZK'ZDd/K
➔/^/W>/E^W>/K'Z>͗
Ͳ>1E'hWKZdh'h^/EdZWZdKdydK^͗
>ĞŝƚƵƌĂ Ğ ŝŶƚĞƌƉƌĞƚĂĕĆŽ ĚĞ ƚĞdžƚŽƐ ůŝƚĞƌĄƌŝŽƐ Ğ ŶĆŽ ůŝƚĞƌĄƌŝŽƐ – ĚĞƐĐƌŝĕĆŽ͕ ŶĂƌƌĂĕĆŽ͕ ĚŝƐƐĞƌƚĂĕĆŽ͕ ŝŶũƵŶĕĆŽ ĞƚĐ͘ 'ƌĂŵĄƚŝĐĂ Ğ
KƌƚŽŐƌĂĨŝĂ͗ EŽǀŽ ĂĐŽƌĚŽ ŽƌƚŽŐƌĄĨŝĐŽ ĚĂ >şŶŐƵĂ WŽƌƚƵŐƵĞƐĂ͘ &ŽŶĠƚŝĐĂ͗ ŶĐŽŶƚƌŽƐ ǀŽĐĄůŝĐŽƐ – ĚŝƚŽŶŐŽ͕ ƚƌŝƚŽŶŐŽ͕ ŚŝĂƚŽ͘
ŶĐŽŶƚƌŽƐ ĐŽŶƐŽŶĂŶƚĂŝƐ͘ şŐƌĂĨŽƐ͘ ůĂƐƐŝĨŝĐĂĕĆŽ ĚĂƐ ƉĂůĂǀƌĂƐ ƋƵĂŶƚŽ ĂŽ ŶƷŵĞƌŽ ĚĞ ƐşůĂďĂƐ Ͳ ŵŽŶŽƐƐşůĂďĂƐ͕ ĚŝƐƐşůĂďĂƐ͕
ƚƌŝƐƐşůĂďĂƐ͕ ƉŽůŝƐƐşůĂďĂƐ͘ ŝǀŝƐĆŽ ƐŝůĄďŝĐĂ͘ ^şůĂďĂ ƚƀŶŝĐĂ͘ ůĂƐƐŝĨŝĐĂĕĆŽ ĚĂƐ ƉĂůĂǀƌĂƐ ƋƵĂŶƚŽ ĂŽ ĂĐĞŶƚŽ ƚƀŶŝĐŽ Ͳ ŽdžşƚŽŶĂƐ͕
ƉĂƌŽdžşƚŽŶĂƐ͕ƉƌŽƉĂƌŽdžşƚŽŶĂƐ͘KƌƚŽĞƉŝĂ͘WƌŽƐſĚŝĂ͘KƌƚŽŐƌĂĨŝĂ͘ĐĞŶƚƵĂĕĆŽ'ƌĄĨŝĐĂ͘ƌĂƐĞ͘EŽƚĂĕƁĞƐůĠdžŝĐĂƐ͘ďƌĞǀŝĂƚƵƌĂ͕ƐŝŐůĂƐ
ĞƐşŵďŽůŽƐ͘DŽƌĨŽůŽŐŝĂ͗ƐƚƌƵƚƵƌĂĚĂƐƉĂůĂǀƌĂƐ–ƌĂŝnj͕ƌĂĚŝĐĂů͕ƉĂůĂǀƌĂƐƉƌŝŵŝƚŝǀĂƐĞĚĞƌŝǀĂĚĂƐ͕ƉĂůĂǀƌĂƐƐŝŵƉůĞƐĞĐŽŵƉŽƐƚĂƐ͘
&ŽƌŵĂĕĆŽĚĂƐƉĂůĂǀƌĂƐ–ĚĞƌŝǀĂĕĆŽ͕ĐŽŵƉŽƐŝĕĆŽ͕ƌĞĚƵĕĆŽ͕ŚŝďƌŝĚŝƐŵŽƐ͘^ƵĨŝdžŽƐ͘WƌĞĨŝdžŽƐ͘ZĂĚŝĐĂŝƐ͘ůĂƐƐŝĨŝĐĂĕĆŽĞĨůĞdžĆŽĚĂƐ
ƉĂůĂǀƌĂƐ Ͳ ƐƵďƐƚĂŶƚŝǀŽ͕ ĂƌƚŝŐŽ͕ ĂĚũĞƚŝǀŽ͕ ŶƵŵĞƌĂů͕ ƉƌŽŶŽŵĞ͕ ǀĞƌďŽ͕ ĂĚǀĠƌďŝŽ͕ ƉƌĞƉŽƐŝĕĆŽ͕ ĐŽŶũƵŶĕĆŽ͕ ŝŶƚĞƌũĞŝĕĆŽ ĞƚĐ͘
^ĞŵąŶƚŝĐĂ͗^ŝŐŶŝĨŝĐĂĕĆŽĚĂƐƉĂůĂǀƌĂƐ–ƐŝŶƀŶŝŵŽƐĞĂŶƚƀŶŝŵŽƐ͘ŶĄůŝƐĞƐŝŶƚĄƚŝĐĂͲĨƌĂƐĞ͕ŽƌĂĕĆŽĞƉĞƌşŽĚŽ͘dĞƌŵŽƐƐƐĞŶĐŝĂŝƐ
ĚĂ KƌĂĕĆŽ Ͳ ƐƵũĞŝƚŽ͕ ƉƌĞĚŝĐĂĚŽ͘ dĞƌŵŽƐ ŝŶƚĞŐƌĂŶƚĞƐ Ğ ĂĐĞƐƐſƌŝŽƐ ĚĂ ŽƌĂĕĆŽ Ͳ ŽďũĞƚŽ ĚŝƌĞƚŽ͕ ŽďũĞƚŽ ŝŶĚŝƌĞƚŽ͕ ĐŽŵƉůĞŵĞŶƚŽ
ŶŽŵŝŶĂů͕ĂŐĞŶƚĞĚĂƉĂƐƐŝǀĂ͕ĂĚũƵŶƚŽĂĚŶŽŵŝŶĂů͕ĂĚũƵŶƚŽĂĚǀĞƌďŝĂů͕ĂƉŽƐƚŽ͕ǀŽĐĂƚŝǀŽĞƚĐ͘ůĂƐƐŝĨŝĐĂĕĆŽĚĂƐŽƌĂĕƁĞƐ͗ƉƌŝŶĐŝƉĂů͕
ĐŽŽƌĚĞŶĂĚĂƐ͕ƐƵďŽƌĚŝŶĂĚĂƐ͕ƌĞĚƵnjŝĚĂƐĞƚĐ͘^ŝŶĂŝƐĚĞWŽŶƚƵĂĕĆŽ͗ǀşƌŐƵůĂ͕ƉŽŶƚŽͲĞͲǀşƌŐƵůĂ͕ĚŽŝƐͲƉŽŶƚŽƐ͕ƉŽŶƚŽĨŝŶĂů͕ƉŽŶƚŽĚĞ
ŝŶƚĞƌƌŽŐĂĕĆŽ͕ ƉŽŶƚŽ ĚĞ ĞdžĐůĂŵĂĕĆŽ͕ ƌĞƚŝĐġŶĐŝĂƐ͕ ƉĂƌġŶƚĞƐĞƐ͕ ƚƌĂǀĞƐƐĆŽ͕ ĂƐƉĂƐ͕ ĐŽůĐŚĞƚĞƐ͕ ĂƐƚĞƌŝƐĐŽ͕ ƉĂƌĄŐƌĂĨŽ͘ ^ŝŶƚĂdžĞ ĚĞ
ĐŽŶĐŽƌĚąŶĐŝĂ – ŶŽŵŝŶĂů Ğ ǀĞƌďĂů͘ ZĞŐġŶĐŝĂ ŶŽŵŝŶĂů Ğ ǀĞƌďĂů͘ ^ŝŶƚĂdžĞ ĚĞ ĐŽůŽĐĂĕĆŽ͘ DŽĚŽƐ Ğ ƚĞŵƉŽƐ ǀĞƌďĂŝƐ͕ ŝŶĨŝŶŝƚŝǀŽ͕
ŐĞƌƷŶĚŝŽĞƉĂƌƚŝĐşƉŝŽ͘
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>ŝǀƌŽƐ͕ŽŵƉġŶĚŝŽƐĞWƵďůŝĐĂĕƁĞƐ/ŶƐƚŝƚƵĐŝŽŶĂŝƐ͗
,Z͕ǀĂŶŝůĚŽ͘DŽĚĞƌŶĂ'ƌĂŵĄƚŝĐĂWŽƌƚƵŐƵĞƐĂ͘ϯϴǐĞĚ͘EŽǀĂ&ƌŽŶƚĞŝƌĂ͕ϮϬϭϱ͘
'>>͕ŽŵŝŶŐŽƐWĂƐĐŚŽĂů͘EŽǀşƐƐŝŵĂ'ƌĂŵĄƚŝĐĂĚĂ>şŶŐƵĂWŽƌƚƵŐƵĞƐĂ͘ϱϲǐĞĚ͘ŽŵƉĂŶŚŝĂĚŝƚŽƌĂEĂĐŝŽŶĂů͕ϮϬϬϳ͘
,Kh/^^͕ŶƚŽŶŝŽ͘ŝĐŝŽŶĄƌŝŽ,ŽƵĂŝƐƐĚĞ^ŝŶƀŶŝŵŽƐĞŶƚƀŶŝŵŽƐ͘ϭǐĞĚ͘WƵďůŝĨŽůŚĂ͕ϮϬϭϭ͘
ZK,>/D͘'ƌĂŵĄƚŝĐĂEŽƌŵĂƚŝǀĂĚĂ>şŶŐƵĂWŽƌƚƵŐƵĞƐĂ͘ϱϯǐĞĚ͘:ŽƐĠKůLJŵƉŝŽ͕ϮϬϭϳ͘
^EK&Z>͘ĐŽƌĚŽKƌƚŽŐƌĄĨŝĐŽĚĂ>şŶŐƵĂWŽƌƚƵŐƵĞƐĂ͘ϮǐĞĚ͘^Wͬd͕ϮϬϭϰ
;ŚƚƚƉ͗ͬͬǁǁǁϮ͘ƐĞŶĂĚŽ͘ůĞŐ͘ďƌͬďĚƐĨͬŝƚĞŵͬŝĚͬϱϬϴϭϰϱͿ͘
tĞďƐŝƚĞƐĞWŽƌƚĂŝƐ͗
ƌĂƐŝůƐĐŽůĂ;ŚƚƚƉƐ͗ͬͬďƌĂƐŝůĞƐĐŽůĂ͘ƵŽů͘ĐŽŵ͘ďƌͬƉŽƌƚƵŐƵĞƐͿ͘
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ŝĐŝŽŶĄƌŝŽĚĞŶƚƀŶŝŵŽƐKŶůŝŶĞ;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ĂŶƚŽŶŝŵŽƐ͘ĐŽŵ͘ďƌͬͿ͘
ŝĐŝŽŶĄƌŝŽĚĞ^ŝŶƀŶŝŵŽƐKŶůŝŶĞ;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ƐŝŶŽŶŝŵŽƐ͘ĐŽŵ͘ďƌͬͿ͘
ŝĐŝŽŶĄƌŝŽKŶůŝŶĞĚĞWŽƌƚƵŐƵġƐ;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ĚŝĐŝŽ͘ĐŽŵ͘ďƌͬͿ͘
'ƌĂŵĂƚŝĐĂŶĚŽ;ŚƚƚƉ͗ͬͬǁǁǁ͘ďůŽŐĚŽŐƌĂŵĂƚŝĐĂŶĚŽ͘ĐŽŵͬͿ͘
/ŶĨŽƐĐŽůĂ;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ŝŶĨŽĞƐĐŽůĂ͘ĐŽŵͬͿ͘
DŝĐŚĂĞůŝƐŝĐŝŽŶĄƌŝŽƌĂƐŝůĞŝƌŽĚĂ>şŶŐƵĂWŽƌƚƵŐƵĞƐĂ;ŚƚƚƉƐ͗ͬͬŵŝĐŚĂĞůŝƐ͘ƵŽů͘ĐŽŵ͘ďƌͬŵŽĚĞƌŶŽͲƉŽƌƚƵŐƵĞƐͬͿ
WŽƌƚĂůĚĂ>şŶŐƵĂWŽƌƚƵŐƵĞƐĂ;ŚƚƚƉ͗ͬͬǁǁǁ͘ƉŽƌƚĂůĚĂůŝŶŐƵĂƉŽƌƚƵŐƵĞƐĂ͘ŽƌŐͬŵĂŝŶ͘ŚƚŵůͿ͘
WŽƌƚƵŐƵġƐͲZϳ;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ƉŽƌƚƵŐƵĞƐ͘ĐŽŵ͘ďƌͬͿ͘
WŽƌƚƵŐƵġƐͲhK>;ŚƚƚƉƐ͗ͬͬƉŽƌƚƵŐƵĞƐ͘ƵŽů͘ĐŽŵ͘ďƌͬͿ͘
^şůĂďĂƐ͘ĐŽŵ͘ďƌ;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ƐŝůĂďĂƐ͘ĐŽŵ͘ďƌͬͿ͘
^ſWŽƌƚƵŐƵġƐ;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ƐŽƉŽƌƚƵŐƵĞƐ͘ĐŽŵ͘ďƌͬͿ͘
dŽĚĂDĂƚĠƌŝĂ;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ƚŽĚĂŵĂƚĞƌŝĂ͘ĐŽŵ͘ďƌͬͿ͘
ͲDdDd/Z/K1E/K>M'/KͲYhEd/dd/sK͗
DĂƚĞŵĄƚŝĐĂ 'ĞƌĂů͗ EƷŵĞƌŽƐ ŝŶƚĞŝƌŽƐ͗ ŽƉĞƌĂĕƁĞƐ Ğ ƉƌŽƉƌŝĞĚĂĚĞƐ͘ EƷŵĞƌŽƐ ƌĂĐŝŽŶĂŝƐ͕ ƌĞƉƌĞƐĞŶƚĂĕĆŽ ĨƌĂĐŝŽŶĄƌŝĂ Ğ ĚĞĐŝŵĂů͗
ŽƉĞƌĂĕƁĞƐĞƉƌŽƉƌŝĞĚĂĚĞƐ͘ZĂnjĆŽ͕ƉƌŽƉŽƌĕĆŽĞƉƌŽŐƌĞƐƐƁĞƐ͘WŽƌĐĞŶƚĂŐĞŵ͘ZĞŐƌĂĚĞƚƌġƐƐŝŵƉůĞƐĞĐŽŵƉŽƐƚĂ͘ƋƵĂĕĆŽĚŽϭ͘Ǒ
ŐƌĂƵ͘ DĠĚŝĂ͕ ŵĞĚŝĂŶĂ Ğ ŵŽĚĂ͘ ^ŝƐƚĞŵĂ ŵĠƚƌŝĐŽ͗ ŵĞĚŝĚĂƐ ĚĞ ƚĞŵƉŽ͕ ĐŽŵƉƌŝŵĞŶƚŽ͕ ƐƵƉĞƌĨşĐŝĞ Ğ ĐĂƉĂĐŝĚĂĚĞ͘ ZĞůĂĕĆŽ ĞŶƚƌĞ
ŐƌĂŶĚĞnjĂƐ͗ ƚĂďĞůĂƐ Ğ ŐƌĄĨŝĐŽƐ͘ ŽůĞƚĂ͕ ŽƌŐĂŶŝnjĂĕĆŽ Ğ ĂƉƌĞƐĞŶƚĂĕĆŽ ĚĞ ĚĂĚŽƐ͘ ŶĄůŝƐĞ ĐŽŵďŝŶĂƚſƌŝĂ͗ ĐŽŶƚĂŐĞŵ͕ ĨĂƚŽƌŝĂů͕
ƉĞƌŵƵƚĂĕƁĞƐ͕ĂƌƌĂŶũŽ͕ĐŽŵďŝŶĂĕĆŽ͘WƌŽďĂďŝůŝĚĂĚĞ͘'ĞŽŵĞƚƌŝĂƉůĂŶĂ͗ƉŽŶƚŽ͕ƌĞƚĂ͕ƉŽƐŝĕĆŽƌĞůĂƚŝǀĂĞŶƚƌĞĚƵĂƐƌĞƚĂƐ͕ĚŝƐƚąŶĐŝĂ
ĞŶƚƌĞƉŽŶƚŽĞƌĞƚĂ͖ŝŶĞƋƵĂĕƁĞƐĚŽϭǑŐƌĂƵ͖ĄƌĞĂĚĞƚƌŝąŶŐƵůŽƐ͘ZĂĐŝŽĐşŶŝŽůſŐŝĐŽ͗ZĞĐŽŶŚĞĐŝŵĞŶƚŽĚĞƐĞƋƵġŶĐŝĂƐĞƉĂĚƌƁĞƐ͘
ŽŵƉƌĞĞŶƐĆŽĚĞĞƐƚƌƵƚƵƌĂƐůſŐŝĐĂƐ͘ĞĚƵĕĆŽ͘ŽŶĐůƵƐĆŽ͘WƌŝŶĐşƉŝŽƐĚĞĐŽŶƚĂŐĞŵĞƉƌŽďĂďŝůŝĚĂĚĞ͘sĞƌŝĨŝĐĂĕĆŽĚĂǀĞƌĚĂĚĞĚŽƐ
ĂƌŐƵŵĞŶƚŽƐ͘
/>/K'Z&/Z&ZE/>
>ŝǀƌŽƐ͕ŽŵƉġŶĚŝŽƐĞWƵďůŝĐĂĕƁĞƐ/ŶƐƚŝƚƵĐŝŽŶĂŝƐ͗
'/KsEE/͕:ŽƐĠZƵLJ͖'/KsEE/:Z͕:ŽƐĠZƵLJ͘DĂƚĞŵĄƚŝĐĂŽŵƉůĞƚĂ͘ϭǐĞĚ͘&d͕ϮϬϬϭ͘
'zhZ/^͕'LJŽƌŐLJ>ĂƐnjůŽ͘>ſŐŝĐĂĚĞƌŐƵŵĞŶƚĂĕĆŽ͘ϭǐĞĚ͘zĂůŝƐĚŝƚŽƌĂ͕ϮϬϬϲ͘
//͕'ĞůƐŽŶĞƚĂů͘DĂƚĞŵĄƚŝĐĂͲsŽůƵŵĞjŶŝĐŽͲŶƐŝŶŽDĠĚŝŽ͘ϭǐĞĚ͘ƚƵĂů͕ϮϬϭϭ͘
DKZ'K͕ƵŐƵƐƚŽ͕^Z͕ĞŶũĂŵŝŵ͘ZĂĐŝŽĐşŶŝŽ>ſŐŝĐŽͲYƵĂŶƚŝƚĂƚŝǀŽ͘ϰǐĞĚ͘ĂŵƉƵƐůƐĞǀŝĞƌ͕ϮϬϭϬ͘
tĞďƐŝƚĞƐĞWŽƌƚĂŝƐ͗
ƌĂƐŝůƐĐŽůĂ–DĂƚĞŵĄƚŝĐĂ;ŚƚƚƉƐ͗ͬͬďƌĂƐŝůĞƐĐŽůĂ͘ƵŽů͘ĐŽŵ͘ďƌͬŵĂƚĞŵĂƚŝĐĂͿ
/ŶĨŽƐĐŽůĂ–DĂƚĞŵĄƚŝĐĂ;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ŝŶĨŽĞƐĐŽůĂ͘ĐŽŵͬŵĂƚĞŵĂƚŝĐĂͬͿ
13
WƌĞĨĞŝƚƵƌĂDƵŶŝĐŝƉĂůĚĞ WƌŽĐĞƐƐŽ^ĞůĞƚŝǀŽEǑϬϮͬϮϬϮϰ
^EdZhKZ/KWZK /d>ĚĞZdhZĚĞ/E^Z/O^
^ſDĂƚĞŵĄƚŝĐĂ;ǁǁǁ͘ƐŽŵĂƚĞŵĂƚŝĐĂ͘ĐŽŵ͘ďƌͿ
dŽĚĂDĂƚĠƌŝĂ–DĂƚĞŵĄƚŝĐĂ;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ƚŽĚĂŵĂƚĞƌŝĂ͘ĐŽŵ͘ďƌͬŵĂƚĞŵĂƚŝĐĂͬͿ͘
ͲKE,/DEdK^'Z/^dh>/^͗
YƵĞƐƚƁĞƐĚĞĐŽŶŚĞĐŝŵĞŶƚŽƐŐĞƌĂŝƐƌĞůĂĐŝŽŶĂĚĂƐăWŽůşƚŝĐĂ͕ĐŽŶŽŵŝĂ͕^ŽĐŝĞĚĂĚĞ͕^ĂƷĚĞĞEƵƚƌŝĕĆŽ͕ŝġŶĐŝĂƐĞdĞĐŶŽůŽŐŝĂ͕
DĞŝŽŵďŝĞŶƚĞ͕ĚƵĐĂĕĆŽ͕ƵůƚƵƌĂ͕ƐƉŽƌƚĞ͕ZĞůŝŐŝĆŽ͕,ŝƐƚſƌŝĂ;ƌĂƐŝůĞDƵŶĚŽͿ͕'ĞŽŐƌĂĨŝĂ;ƌĂƐŝůĞDƵŶĚŽͿĞĞǀĞŶƚŽƐ
ĐŽŶƚĞŵƉŽƌąŶĞŽƐĚŝǀƵůŐĂĚŽƐŶĂŵşĚŝĂůŽĐĂů͕ŶĂĐŝŽŶĂůĞŝŶƚĞƌŶĂĐŝŽŶĂů͘
/>/K'Z&/Z&ZE/>
>ŝǀƌŽƐ͕:ŽƌŶĂŝƐĞZĞǀŝƐƚĂƐ͗
ůŵĂŶĂƋƵĞďƌŝů–ϮϬϭϯ͘ĂƌƚĂĂƉŝƚĂů͘ƉŽĐĂ͘ƐƚĂĚĆŽ͘džĂŵĞ͘&ŽůŚĂĚĞ^ĆŽWĂƵůŽ͘K'ůŽďŽ͘/ƐƚŽ͘sĞũĂ͘KƵƚƌŽƐũŽƌŶĂŝƐĞ
ƌĞǀŝƐƚĂƐĚĞŶŽƚşĐŝĂƐĞĂƚƵĂůŝĚĂĚĞƐ͘
tĞďƐŝƚĞƐĞWŽƌƚĂŝƐ͗
ŐġŶĐŝĂƌĂƐŝů;ŚƚƚƉƐ͗ͬͬĂŐĞŶĐŝĂďƌĂƐŝů͘ĞďĐ͘ĐŽŵ͘ďƌͬͿ͘
ĂŶĚ;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ďĂŶĚ͘ƵŽů͘ĐŽŵ͘ďƌͬͿ
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ůWĂşƐͲƌĂƐŝů;ŚƚƚƉƐ͗ͬͬďƌĂƐŝů͘ĞůƉĂŝƐ͘ĐŽŵͬͿ
ĂƌƚĂĂƉŝƚĂů;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ĐĂƌƚĂĐĂƉŝƚĂů͘ĐŽŵ͘ďƌͬͿ
EEƌĂƐŝů;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ĐŶŶďƌĂƐŝů͘ĐŽŵ͘ďƌͬͿ
ŽƌƌĞŝŽƌĂƐŝůŝĞŶƐĞ;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ĐŽƌƌĞŝŽďƌĂnjŝůŝĞŶƐĞ͘ĐŽŵ͘ďƌͬͿ
ƉŽĐĂ;ŚƚƚƉƐ͗ͬͬĞƉŽĐĂ͘ŐůŽďŽ͘ĐŽŵͬͿ
ƐƚĂĚĆŽ;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ĞƐƚĂĚĂŽ͘ĐŽŵ͘ďƌͬͿ
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&ŽůŚĂ;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ĨŽůŚĂ͘ƵŽů͘ĐŽŵ͘ďƌͬͿ
'ůŽďŽ'ϭ;ŚƚƚƉƐ͗ͬͬŐϭ͘ŐůŽďŽ͘ĐŽŵͬͿ
'ƵŝĂĚŽƐƚƵĚĂŶƚĞďƌŝů–ƚƵĂůŝĚĂĚĞƐ;ŚƚƚƉƐ͗ͬͬŐƵŝĂĚŽĞƐƚƵĚĂŶƚĞ͘Ăďƌŝů͘ĐŽŵ͘ďƌͬĂƚƵĂůŝĚĂĚĞƐͬͿ
',;ŚƚƚƉƐ͗ͬͬŐĂƵĐŚĂnjŚ͘ĐůŝĐƌďƐ͘ĐŽŵ͘ďƌͬͿ
/';ŚƚƚƉƐ͗ͬͬǁǁǁ͘ŝŐ͘ĐŽŵ͘ďƌͬηŚŽŵĞͿ
:WEĞǁƐ;ŚƚƚƉƐ͗ͬͬũŽǀĞŵƉĂŶ͘ĐŽŵ͘ďƌͬͿ
K'ůŽďŽ;ŚƚƚƉƐ͗ͬͬŽŐůŽďŽ͘ŐůŽďŽ͘ĐŽŵͬͿ
ZϳͲEŽƚşĐŝĂƐ;ŚƚƚƉƐ͗ͬͬŶŽƚŝĐŝĂƐ͘ƌϳ͘ĐŽŵͬͿ
dĞƌƌĂͲEŽƚşĐŝĂƐ;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ƚĞƌƌĂ͘ĐŽŵ͘ďƌͬŶŽƚŝĐŝĂƐͬͿ
hK>ͲEŽƚşĐŝĂƐ;ŚƚƚƉƐ͗ͬͬŶŽƚŝĐŝĂƐ͘ƵŽů͘ĐŽŵ͘ďƌͬͿ
sĞũĂ;ŚƚƚƉƐ͗ͬͬǀĞũĂ͘Ăďƌŝů͘ĐŽŵ͘ďƌͬͿ
zĂŚŽŽͲEŽƚşĐŝĂƐ;ŚƚƚƉƐ͗ͬͬďƌ͘ŶŽƚŝĐŝĂƐ͘LJĂŚŽŽ͘ĐŽŵͬͿ
KƵƚƌŽƐǁĞďƐŝƚĞƐĞƉŽƌƚĂŝƐĚĞŶŽƚşĐŝĂƐĞĂƚƵĂůŝĚĂĚĞƐ͘
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ŽŶĐĞŝƚŽƐ ĄƐŝĐŽƐ ĚĞ /ŶĨŽƌŵĄƚŝĐĂ͗ ŚĂƌĚǁĂƌĞ͕ ƐŽĨƚǁĂƌĞ͕ ƉĞƌŝĨĠƌŝĐŽƐ͕ ƐŝƐƚĞŵĂ ŽƉĞƌĂĐŝŽŶĂů͕ ŶĂǀĞŐĂĚŽƌĞƐ͕ ĂƉůŝĐĂƚŝǀŽƐ͘ ŽƌƌĞŝŽ
ůĞƚƌƀŶŝĐŽ͗ƵƐŽĚĞĐŽƌƌĞŝŽĞůĞƚƌƀŶŝĐŽ͕ƉƌĞƉĂƌŽĞĞŶǀŝŽĚĞŵĞŶƐĂŐĞŶƐ͕ĂŶĞdžĂĕĆŽĚĞĂƌƋƵŝǀŽƐ͘/ŶƚĞƌŶĞƚ͗ŶĂǀĞŐĂĕĆŽŶĂ/ŶƚĞƌŶĞƚ͕
ůŝŶŬƐ͕ƐŝƚĞƐ͕ďƵƐĐĂĞŝŵƉƌĞƐƐĆŽĚĞƉĄŐŝŶĂƐĞƚĐ͘^ĞŐƵƌĂŶĕĂŶĂ/ŶƚĞƌŶĞƚ͘DŝĐƌŽƐŽĨƚtŝŶĚŽǁƐ;ǀĞƌƐĆŽϭϭĞŵĚŝĂŶƚĞͿ͗ĐŽŶĐĞŝƚŽĚĞ
ƉĂƐƚĂƐ͕ ĚŝƌĞƚſƌŝŽƐ͕ ĂƌƋƵŝǀŽƐ Ğ ĂƚĂůŚŽƐ͕ ĄƌĞĂ ĚĞ ƚƌĂďĂůŚŽ͕ ĄƌĞĂ ĚĞ ƚƌĂŶƐĨĞƌġŶĐŝĂ͕ ŵĂŶŝƉƵůĂĕĆŽ ĚĞ ĂƌƋƵŝǀŽƐ Ğ ƉĂƐƚĂƐ͕ ƵƐŽ ĚŽƐ
ŵĞŶƵƐ͕ ƉƌŽŐƌĂŵĂƐ Ğ ĂƉůŝĐĂƚŝǀŽƐ͕ ŝŶƚĞƌĂĕĆŽ ĐŽŵ Ž ĐŽŶũƵŶƚŽ ĚĞ ĂƉůŝĐĂƚŝǀŽƐ ĞƚĐ͘ DŝĐƌŽƐŽĨƚ KĨĨŝĐĞ͘ DŝĐƌŽƐŽĨƚ tŽƌĚ͗ ĞƐƚƌƵƚƵƌĂ
ďĄƐŝĐĂ ĚŽƐ ĚŽĐƵŵĞŶƚŽƐ͕ ĞĚŝĕĆŽ Ğ ĨŽƌŵĂƚĂĕĆŽ ĚĞ ƚĞdžƚŽƐ͕ ĐĂďĞĕĂůŚŽƐ͕ ƉĂƌĄŐƌĂĨŽƐ͕ ĨŽŶƚĞƐ͕ ĐŽůƵŶĂƐ͕ ŵĂƌĐĂĚŽƌĞƐ ƐŝŵďſůŝĐŽƐ Ğ
ŶƵŵĠƌŝĐŽƐ͕ƚĂďĞůĂƐ͕ŝŵƉƌĞƐƐĆŽ͕ĐŽŶƚƌŽůĞĚĞƋƵĞďƌĂƐĞŶƵŵĞƌĂĕĆŽĚĞƉĄŐŝŶĂƐ͕ůĞŐĞŶĚĂƐ͕şŶĚŝĐĞƐ͕ŝŶƐĞƌĕĆŽĚĞŽďũĞƚŽƐ͕ĐĂŵƉŽƐ
ƉƌĞĚĞĨŝŶŝĚŽƐ͕ĐĂŝdžĂƐĚĞƚĞdžƚŽĞƚĐ͘DŝĐƌŽƐŽĨƚdžĐĞů͗ĞƐƚƌƵƚƵƌĂďĄƐŝĐĂĚĂƐƉůĂŶŝůŚĂƐ͕ĐŽŶĐĞŝƚŽƐĚĞĐĠůƵůĂƐ͕ůŝŶŚĂƐ͕ĐŽůƵŶĂƐ͕ƉĂƐƚĂƐ
Ğ ŐƌĄĨŝĐŽƐ͕ ĞůĂďŽƌĂĕĆŽ ĚĞ ƚĂďĞůĂƐ Ğ ŐƌĄĨŝĐŽƐ͕ ƵƐŽ ĚĞ ĨſƌŵƵůĂƐ͕ ĨƵŶĕƁĞƐ Ğ ŵĂĐƌŽƐ͕ ŝŵƉƌĞƐƐĆŽ͕ ŝŶƐĞƌĕĆŽ ĚĞ ŽďũĞƚŽƐ͕ ĐĂŵƉŽƐ
ƉƌĞĚĞĨŝŶŝĚŽƐ͕ ĐŽŶƚƌŽůĞ ĚĞ ƋƵĞďƌĂƐ Ğ ŶƵŵĞƌĂĕĆŽ ĚĞ ƉĄŐŝŶĂƐ͕ ŽďƚĞŶĕĆŽ ĚĞ ĚĂĚŽƐ ĞdžƚĞƌŶŽƐ͕ ĐůĂƐƐŝĨŝĐĂĕĆŽ ĚĞ ĚĂĚŽƐ ĞƚĐ͘
DŝĐƌŽƐŽĨƚKƵƚůŽŽŬ͗ĂĚŝĐŝŽŶĂƌĐŽŶƚĂĚĞĞͲŵĂŝů͕ĐƌŝĂƌŵĞŶƐĂŐĞŵĚĞĞͲŵĂŝů͕ĞŶĐĂŵŝŶŚĂƌĞƌĞƐƉŽŶĚĞƌĞͲŵĂŝůƐ͕ĂĚŝĐŝŽŶĂƌ͕ĂďƌŝƌŽƵ
ƐĂůǀĂƌĂŶĞdžŽƐ͕ĂĚŝĐŝŽŶĂƌĂƐƐŝŶĂƚƵƌĂĚĞĞͲŵĂŝůăŵĞŶƐĂŐĞŵ͕ŝŵƉƌŝŵŝƌƵŵĂŵĞŶƐĂŐĞŵĚĞĞͲŵĂŝůĞƚĐ͘DŝĐƌŽƐŽĨƚWŽǁĞƌWŽŝŶƚ͗
ĐƌŝĂĕĆŽĞĨŽƌŵĂƚĂĕĆŽĚĞĂƉƌĞƐĞŶƚĂĕƁĞƐ͕ƌĞĐƵƌƐŽƐ͕ĨĞƌƌĂŵĞŶƚĂƐ͕ĐŽŵĂŶĚŽƐĞƚĐ͘
ŝďůŝŽŐƌĂĨŝĂƌĞĨĞƌĞŶĐŝĂůĞƐŝƚĞƐƉĂƌĂĞƐƚƵĚŽĚŽĐŽŶƚĞƷĚŽ͗
KD/d'^dKZ/EdZEdEKZ^/>͘ĂƌƚŝůŚĂĚĞ^ĞŐƵƌĂŶĕĂŶĂ/ŶƚĞƌŶĞƚ;ŚƚƚƉ͗ͬͬĐĂƌƚŝůŚĂ͘ĐĞƌƚ͘ďƌͿ͘
D/ZK^K&d͘dĂƌĞĨĂƐďĄƐŝĐĂƐŶŽKƵƚůŽŽŬͲǀĞƌƐĆŽϮϬϮϭĞŵĚŝĂŶƚĞ;ŚƚƚƉƐ͗ͬͬƐƵƉƉŽƌƚ͘ŵŝĐƌŽƐŽĨƚ͘ĐŽŵͬƉƚͲďƌͬŽĨĨŝĐĞͬƚĂƌĞĨĂƐͲ
ďйϯйϭƐŝĐĂƐͲŶŽͲŽƵƚůŽŽŬͲϭϵϮĞďϭϬϮͲϮĞĞϮͲϰϬϰϵͲďϳĨϱͲĂĂϬĞďϰϮϯϭĨďď͍ƵŝсƉƚͲďƌΘƌƐсƉƚͲďƌΘĂĚсďƌͿ͘
D/ZK^K&d͘ƚĂůŚŽƐĚĞƚĞĐůĂĚŽƐŶŽKƵƚůŽŽŬ–ǀĞƌƐĆŽϮϬϮϭĞŵĚŝĂŶƚĞ;ŚƚƚƉƐ͗ͬͬƐƵƉƉŽƌƚ͘ŽĨĨŝĐĞ͘ĐŽŵͬƉƚͲďƌͬĂƌƚŝĐůĞͬĂƚĂůŚŽƐͲĚŽͲ
ƚĞĐůĂĚŽͲƉĂƌĂͲŽͲŽƵƚůŽŽŬͲϯĐĚĞďϮϮϭͲϳĂĞϱͲϰĐϭĚͲϴĐϭĚͲϵĞϲϯϮϭϲĐϭĞĨĚηďŬŵŬͺƐĞĂƌĐŚͿ͘
D/ZK^K&d͘dĂƌĞĨĂƐďĄƐŝĐĂƐŶŽtŽƌĚ–ǀĞƌƐĆŽϮϬϮϭĞŵĚŝĂŶƚĞ;ŚƚƚƉƐ͗ͬͬƐƵƉƉŽƌƚ͘ŽĨĨŝĐĞ͘ĐŽŵͬƉƚͲďƌͬĂƌƚŝĐůĞͬƚĂƌĞĨĂƐͲ
ďйϯйϭƐŝĐĂƐͲŶŽͲǁŽƌĚͲϴϳďϯϮϰϯĐͲďϬďĨͲϰĂϮϵͲϴϮĂĂͲϬϵĂϲϴϭϵϵϵĨĚĐͿ͘
D/ZK^K&d͘ƚĂůŚŽƐĚĞƚĞĐůĂĚŽƐŶŽtŽƌĚ–ǀĞƌƐĆŽϮϬϮϭĞŵĚŝĂŶƚĞ;ŚƚƚƉƐ͗ͬͬƐƵƉƉŽƌƚ͘ŽĨĨŝĐĞ͘ĐŽŵͬƉƚͲƉƚͬĂƌƚŝĐůĞͬĂƚĂůŚŽƐͲĚĞͲ
ƚĞĐůĂĚŽͲĚŽͲŵŝĐƌŽƐŽĨƚͲǁŽƌĚͲŶŽͲǁŝŶĚŽǁƐͲϵϱĞĨϴϵĚĚͲϳϭϰϮͲϰďϱϬͲĂĨďϮͲĨϳϲϮĨϲϲϯĐĞďϮͿ͘
D/ZK^K&d͘dĂƌĞĨĂƐďĄƐŝĐĂƐŶŽdžĐĞů–ǀĞƌƐĆŽϮϬϮϭĞŵĚŝĂŶƚĞ;ŚƚƚƉƐ͗ͬͬƐƵƉƉŽƌƚ͘ŽĨĨŝĐĞ͘ĐŽŵͬƉƚͲďƌͬĂƌƚŝĐůĞͬƚĂƌĞĨĂƐͲ
ďйϯйϭƐŝĐĂƐͲŶŽͲĞdžĐĞůͲĚĐϳϳϱĚĚϭͲĨĂϱϮͲϰϯϬĨͲϵĐϯĐͲĚϵϵϴĚϭϳϯϱĨĐĂͿ͘
14
WƌĞĨĞŝƚƵƌĂDƵŶŝĐŝƉĂůĚĞ WƌŽĐĞƐƐŽ^ĞůĞƚŝǀŽEǑϬϮͬϮϬϮϰ
^EdZhKZ/KWZK /d>ĚĞZdhZĚĞ/E^Z/O^
D/ZK^K&d͘ƚĂůŚŽƐĚĞƚĞĐůĂĚŽŶŽdžĐĞů–ǀĞƌƐĆŽϮϬϮϭĞŵĚŝĂŶƚĞ;ŚƚƚƉƐ͗ͬͬƐƵƉƉŽƌƚ͘ŽĨĨŝĐĞ͘ĐŽŵͬƉƚͲďƌͬĂƌƚŝĐůĞͬĂƚĂůŚŽƐͲĚĞͲ
ƚĞĐůĂĚŽͲŶŽͲĞdžĐĞůͲƉĂƌĂͲǁŝŶĚŽǁƐͲϭϳϵϴĚϵĚϱͲϴϰϮĂͲϰϮďϴͲϵĐϵϵͲϵďϳϮϭϯĨϬϬϰϬĨηWŝĐŬdĂďсEĞǁĞƌͺǀĞƌƐŝŽŶƐͿ͘
D/ZK^K&d͘ƚĂůŚŽƐĚĞƚĞĐůĂĚŽŶŽWŽǁĞƌWŽŝŶƚǀĞƌƐĆŽϮϬϮϭĞŵĚŝĂŶƚĞ;ŚƚƚƉƐ͗ͬͬƐƵƉƉŽƌƚ͘ŵŝĐƌŽƐŽĨƚ͘ĐŽŵͬƉƚͲďƌͬŽĨĨŝĐĞͬƵƐĂƌͲ
ĂƚĂůŚŽƐͲĚĞͲƚĞĐůĂĚŽͲƉĂƌĂͲĐƌŝĂƌͲĂƉƌĞƐĞŶƚĂйϯйϳйϯйϱĞƐͲĚŽͲƉŽǁĞƌƉŽŝŶƚͲĞďďϯĚϮϬĞͲĚĐĚϰͲϰϰϰĨͲĂϯϴĞͲďďϱĐϱĞĚϭϴϬĨϰͿ
DK>/ZK͕DĂƌĐŽƐ͘EŽĕƁĞƐĄƐŝĐĂƐĚĞ/ŶĨŽƌŵĄƚŝĐĂ͘hŶŝǀĞƌƐŝĚĂĚĞĚŽWĂƌĂŶĄ͕ϮϬϭϭ
;ŚƚƚƉ͗ͬͬǁǁǁ͘ĚƌŚ͘ƵĞŵ͘ďƌͬƚĚĞͬEŽĐŽĞƐͺĂƐŝĐĂƐͺĚĞͺ/ŶĨŽƌŵĂƚŝĐĂͲdͲsĞƌϬϰ͘ϮϬϭϭ͘ƉĚĨͿ
h&W͘'ůŽƐƐĄƌŝŽ͗ŽŵƉƵƚĂĚŽƌͲ/ŶƚĞƌŶĞƚ;ŚƚƚƉƐ͗ͬͬĚŝĐĂƐ͘ƵĨƉĂ͘ďƌͬŶĞƚϭͬŝŶƚͲŐůŽ͘ŚƚŵͿ
s>>K^K͕&ĞƌŶĂŶĚŽ͘/ŶĨŽƌŵĄƚŝĐĂ–ŽŶĐĞŝƚŽƐďĄƐŝĐŽƐ͘ĂŵƉƵƐ͕ϵǐĞĚ͘ϮϬϭϰ͘
15
WƌĞĨĞŝƚƵƌĂDƵŶŝĐŝƉĂůĚĞ WƌŽĐĞƐƐŽ^ĞůĞƚŝǀŽEǑϬϮͬϮϬϮϰ
^EdZhKZ/KWZK /d>ĚĞZdhZĚĞ/E^Z/O^
EyK//–ZYhZ/DEdK/^EKdy/E^Z/K
WƵďůŝĐŽŶƐƵůƚWWW–WƌŽĐĞƐƐŽ^ĞůĞƚŝǀŽŶǑϬϮͬϮϬϮϰĚĂWƌĞĨĞŝƚƵƌĂDƵŶŝĐŝƉĂůĚĞ^EdZhKZ/KWZK
EŽŵĞ͗
Z'͗ W&͗
ƌĞĂĚĞƐƚĄŐŝŽ͗
ŶĚĞƌĞĕŽŽŵƉůĞƚŽ͗
dĞůĞĨŽŶĞ͗ ͲŵĂŝů͗
ĂŶĚŝĚĂƚŽĐĂĚĂƐƚƌĂĚŽŶŽZĞŐŝƐƚƌŽEĂĐŝŽŶĂůĚĞŽĂĚŽƌĞƐsŽůƵŶƚĄƌŝŽƐĚĞDĞĚƵůĂMƐƐĞĂ͗
ĂͿĐſƉŝĂĚŽZ'ĞW&͖
ďͿĐŽŵƉƌŽǀĂĕĆŽĚĂĚŽĂĕĆŽĚĞŵĞĚƵůĂſƐƐĞĂĂƚƌĂǀĠƐĚĞĂƚĞƐƚĂĚŽŽƵůĂƵĚŽŵĠĚŝĐŽ͕ĐŽŶƚĞŶĚŽĚĞĐůĂƌĂĕĆŽƐƵďƐĐƌŝƚĂƉŽƌŵĠĚŝĐŽ
ƌĞŐƵůĂƌŵĞŶƚĞŝŶƐĐƌŝƚŽŶŽŽŶƐĞůŚŽZĞŐŝŽŶĂůĚĞDĞĚŝĐŝŶĂ͕ƌĞĂůŝnjĂĚĂŚĄŶĆŽŵĂŝƐƋƵĞϭϮŵĞƐĞƐ͘
ĐͿ ĚĞĐůĂƌĂĕĆŽ ĂƐƐŝŶĂĚĂ͕ ŶŽƐ ŵŽůĚĞƐ ĚŽ EyK // – ZĞƋƵĞƌŝŵĞŶƚŽ ĚĞ /ƐĞŶĕĆŽ ĚĂ dĂdžĂ ĚĞ /ŶƐĐƌŝĕĆŽ͕ ĚĞ ƋƵĞ ĂƐ ŝŶĨŽƌŵĂĕƁĞƐ
ƉƌĞƐƚĂĚĂƐƐĆŽǀĞƌĚĂĚĞŝƌĂƐ͕ƐŽďƉĞŶĂĚĞƐŽĨƌĞƌĂƐƐĂŶĕƁĞƐĚŝƐƉŽƐƚĂƐŶĂůĞŐŝƐůĂĕĆŽĞŵǀŝŐŽƌ͘
>ZK ƋƵĞ ƚĞŶŚŽ ĐŽŶŚĞĐŝŵĞŶƚŽ ĚŽ ĚŝƚĂů ĚĞ ďĞƌƚƵƌĂ ĚĂƐ /ŶƐĐƌŝĕƁĞƐ ĚŽ WƌŽĐĞƐƐŽ ^ĞůĞƚŝǀŽ ŶǑ ϬϮͬϮϬϮϰ ĚĂ WƌĞĨĞŝƚƵƌĂ
DƵŶŝĐŝƉĂůĚĞ^EdZhKZ/KWZK͕ĞĞŵĞƐƉĞĐŝĂůƋƵĞĚĞǀĞƌĞŝ͕ĂůĠŵĚĞĂƉƌĞƐĞŶƚĂƌĞƐƚĞƌĞƋƵĞƌŝŵĞŶƚŽ͕ĞĨĞƚƵĂƌĂŵŝŶŚĂ
ŝŶƐĐƌŝĕĆŽƉĂƌĂŽƌĞĨĞƌŝĚŽWƌŽĐĞƐƐŽ^ĞůĞƚŝǀŽŶŽƐŝƚĞǁǁǁ͘ƉƵďůŝĐŽŶƐƵůƚ͘ĐŽŵ͘ďƌ͘
>ZKƚĞƌĐŝġŶĐŝĂ ĚĞƋƵĞ Ă ŝƐĞŶĕĆŽƉůĞŝƚĞĂĚĂ ĚĞƉĞŶĚĞƌĄ ĚĂ ĂŶĄůŝƐĞĚŽƐĚŽĐƵŵĞŶƚŽƐĂŶĞdžĂĚŽƐĂŽƉƌĞƐĞŶƚĞƌĞƋƵĞƌŝŵĞŶƚŽ
ƉĂƌĂĐŽŵƉƌŽǀĂƌŵŝŶŚĂƐŝƚƵĂĕĆŽĚĞĞŶƋƵĂĚƌĂŵĞŶƚŽĞŵĨĂĐĞĚĂƐĚŝƐƉŽƐŝĕƁĞƐůĞŐĂŝƐ͘
>ZKƋƵĞĂƐŝŶĨŽƌŵĂĕƁĞƐƉŽƌŵŝŵƉƌĞƐƚĂĚĂƐƉĂƌĂĂŽďƚĞŶĕĆŽĚŽďĞŶĞĨşĐŝŽĚĞŝƐĞŶĕĆŽĚŽƉĂŐĂŵĞŶƚŽĚĞƚĂdžĂĚĞŝŶƐĐƌŝĕĆŽ
ŶŽƌĞĨĞƌŝĚŽWƌŽĐĞƐƐŽ^ĞůĞƚŝǀŽƐĆŽǀĞƌĚĂĚĞŝƌĂƐ͘
>ZK͕ƉŽƌĨŝŵ͕ĞƐƚĂƌĐŝĞŶƚĞĚŽƐƚĞƌŵŽƐĚĂ >ĞŝDƵŶŝĐŝƉĂůŶǑϯ͘ϮϬϲͬϮϬϭϴ͕ĞŵĞƐƉĞĐŝĂůĚĞƋƵĞƐĞƌĞŝĞůŝŵŝŶĂĚŽĚŽ WƌŽĐĞƐƐŽ
^ĞůĞƚŝǀŽĐĂƐŽƚĞŶŚĂŽďƚŝĚŽ͕ĐŽŵĞŵƉƌĞŐŽĚĞĨƌĂƵĚĞŽƵƋƵĂůƋƵĞƌŵĞŝŽƋƵĞĞǀŝĚĞŶĐŝĞŵĄĨĠ͕ĂŝƐĞŶĕĆŽĚĂƚĂdžĂĚĞŝŶƐĐƌŝĕĆŽ͕Ž
ƋƵĞ ŝŵƉŽƌƚĂƌĄ Ă ĂŶƵůĂĕĆŽ ĚĂ ŝŶƐĐƌŝĕĆŽ Ğ ĚŽƐ ĚĞŵĂŝƐ ĂƚŽƐ ƉŽƌ ŵŝŵ ƉƌĂƚŝĐĂĚŽƐ ŶŽ ąŵďŝƚŽ ĚŽ ƌĞĨĞƌŝĚŽ ƉƌŽĐĞƐƐŽ ƐĞůĞƚŝǀŽ͕ ƐĞŵ
ƉƌĞũƵşnjŽĚĂĂƉůŝĐĂĕĆŽĚĞŽƵƚƌĂƐƐĂŶĕƁĞƐĐĂďşǀĞŝƐ͕ŵĞƐŵŽƋƵĞƚĂůƐĞũĂƉŽƐƚĞƌŝŽƌŵĞŶƚĞĐŽŵƉƌŽǀĂĚŽ͘
^EdZhKZ/KWZK͕ͺͺͺͺͺĚĞͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺĚĞϮϬϮϰ͘
ƐƐŝŶĂƚƵƌĂ͗
16
WƌĞĨĞŝƚƵƌĂDƵŶŝĐŝƉĂůĚĞ WƌŽĐĞƐƐŽ^ĞůĞƚŝǀŽEǑϬϮͬϮϬϮϰ
^EdZhKZ/KWZK /d>ĚĞZdhZĚĞ/E^Z/O^
ZKEK'ZD^d/DK
sEdK D/K d
^ĞŵĂŶĄƌŝŽKĨŝĐŝĂů
WƵďůŝĐĂĕĆŽͲĚŝƚĂůĚĞďĞƌƚƵƌĂĚĞ ŚƚƚƉƐ͗ͬͬĚŝĂƌŝŽŽĨŝĐŝĂůŶŽǀŽ͘ũĞůĂƐƚŝĐ͘ ϬϯͬϬϴ;ƐĄďͿ
/ŶƐĐƌŝĕƁĞƐ ƐĂǀĞŝŶĐůŽƵĚ͘ŶĞƚͬƉĂŐŝŶĂƐͬƉƵďůŝĐͬĚŝĂƌŝŽͺ
ĞdžƚĞƌŶŽ͘džŚƚŵů͍ŝĚŝĚĂĚĞсϰ
→
WĂŝŶĞůĚŽĐĂŶĚŝĚĂƚŽ→ ϬϱͬϬϴĂϯϬͬϬϴ;ϮǐͬϲǐͿ
/E^Z/O^
ǁǁǁ͘ƉƵďůŝĐŽŶƐƵůƚ͘ĐŽŵ͘ďƌ
ZĞĐƵƌƐŽƐĐŽŶƚƌĂŽĚŝƚĂůĚĞďĞƌƚƵƌĂĚĞ WĂŝŶĞůĚŽĐĂŶĚŝĚĂƚŽ→
→ ϬϲĞϬϳͬϬϴ;ϯǐͬϰǐͿ
/ŶƐĐƌŝĕƁĞƐ ǁǁǁ͘ƉƵďůŝĐŽŶƐƵůƚ͘ĐŽŵ͘ďƌ
jůƚŝŵŽĚŝĂƉĂƌĂĞŶǀŝŽĚĞZĞƋƵĞƌŝŵĞŶƚŽ WƵďůŝĐŽŶƐƵůƚ ϬϳͬϬϴ;ϰǑͿ
ĚĞ/ƐĞŶĕĆŽĚĂ/ŶƐĐƌŝĕĆŽ
ZĞƐƵůƚĂĚŽĚŽƌĞĐƵƌƐŽĂŽĚŝƚĂůĚĞ ^ŝƚĞƐĚĂWƵďůŝĐŽŶƐƵůƚĞĚĂWƌĞĨĞŝƚƵƌĂ ϭϰͬϬϴ;ϰǐͿ
ďĞƌƚƵƌĂĚĞ/ŶƐĐƌŝĕƁĞƐ
ĚŝƚĂůͲZĞƐƵůƚĂĚŽĚŽZĞƋƵĞƌŝŵĞŶƚŽĚĞ ^ŝƚĞƐĚĂWƵďůŝĐŽŶƐƵůƚĞĚĂWƌĞĨĞŝƚƵƌĂ ϮϬͬϬϴ;ϯǐͿ
/ƐĞŶĕĆŽĚĂ/ŶƐĐƌŝĕĆŽ
jůƚŝŵŽĚŝĂƉĂƌĂĞŶǀŝŽĚĞůĂƵĚŽƐ–W WƵďůŝĐŽŶƐƵůƚ ϮϲͬϬϴ;ϮǐͿ
jůƚŝŵŽĚŝĂͲWĂŐĂŵĞŶƚŽĚĂƐŝŶƐĐƌŝĕƁĞƐ ZĞĚĞĂŶĐĄƌŝĂ ϬϮͬϬϵ;ϮǐͿ
^ĞŵĂŶĄƌŝŽKĨŝĐŝĂůͬ^ŝƚĞƐĚĂWƵďůŝĐŽŶƐƵůƚĞ ϬϳͬϬϵ;ƐĄďͿ
ĚŝƚĂůͲ/ŶƐĐƌŝĕƁĞƐĞĨĞƌŝĚĂƐ
ĚĂWƌĞĨĞŝƚƵƌĂ
→
WĂŝŶĞůĚŽĐĂŶĚŝĚĂƚŽ→ ϬϵĞϭϬͬϬϵ;ϮǑͬϯǐͿ
ZĞĐƵƌƐŽƐ–/ŶƐĐƌŝĕƁĞƐ/ŶĚĞĨĞƌŝĚĂƐ
ǁǁǁ͘ƉƵďůŝĐŽŶƐƵůƚ͘ĐŽŵ͘ďƌ
ĚŝƚĂůͲZĞƐƵůƚĂĚŽĚŽƐZĞĐƵƌƐŽƐ ^ŝƚĞƐĚĂWƵďůŝĐŽŶƐƵůƚĞĚĂWƌĞĨĞŝƚƵƌĂ ϭϭͬϬϵ;ϰǐͿ
/ŶĚĞĨĞƌŝŵĞŶƚŽĚĞ/ŶƐĐƌŝĕƁĞƐ
WƵďůŝĐĂĕĆŽͲĚŝƚĂůĚĞŽŶǀŽĐĂĕĆŽ– ^ĞŵĂŶĄƌŝŽKĨŝĐŝĂůͬ^ŝƚĞƐĚĂWƵďůŝĐŽŶƐƵůƚĞ ϭϰͬϬϵ;ƐĂďͿ
WƌŽǀĂKďũĞƚŝǀĂ ĚĂWƌĞĨĞŝƚƵƌĂ
WZKsK:d/s >ŽĐĂŝƐĂƐĞƌĞŵĚŝǀƵůŐĂĚŽƐ ϮϮͬϬϵ;ĚŽŵͿ
'ĂďĂƌŝƚŽͲWƌŽǀĂKďũĞƚŝǀĂ ^ŝƚĞĚĂWƵďůŝĐŽŶƐƵůƚ ϮϮͬϬϵ;ĚŽŵͿ–ϮϬŚ
ŝǀƵůŐĂĕĆŽĚĞ'ĂďĂƌŝƚŽ ^ŝƚĞĚĂWƌĞĨĞŝƚƵƌĂ ϮϯͬϬϵ;ϮǑͿ
→
WĂŝŶĞůĚŽĐĂŶĚŝĚĂƚŽ→ ϮϰĞϮϱͬϬϵ;ϯǐͬϰǐͿ
ZĞĐƵƌƐŽƐͲWƌŽǀĂKďũĞƚŝǀĂ
ǁǁǁ͘ƉƵďůŝĐŽŶƐƵůƚ͘ĐŽŵ͘ďƌ
ĚŝƚĂůͲZĞƐƵůƚĂĚŽĚŽƐZĞĐƵƌƐŽƐͲWƌŽǀĂ ^ŝƚĞƐĚĂWƵďůŝĐŽŶƐƵůƚĞĚĂWƌĞĨĞŝƚƵƌĂ ϬϮͬϭϬ;ϰǐͿ
KďũĞƚŝǀĂ
^ĞŵĂŶĄƌŝŽKĨŝĐŝĂůͬ^ŝƚĞƐĚĂWƵďůŝĐŽŶƐƵůƚĞ ϬϱͬϭϬ;^ĄďͿ
ĚŝƚĂůͲůĂƐƐŝĨŝĐĂĕĆŽWƌŽǀŝƐſƌŝĂ
ĚĂWƌĞĨĞŝƚƵƌĂ
→
WĂŝŶĞůĚŽĐĂŶĚŝĚĂƚŽ→
ZĞĐƵƌƐŽƐͲůĂƐƐŝĨŝĐĂĕĆŽWƌŽǀŝƐſƌŝĂ ϬϳĞϬϴͬϭϬ;ϮǐͬϯǐͿ
ǁǁǁ͘ƉƵďůŝĐŽŶƐƵůƚ͘ĐŽŵ͘ďƌ
ĚŝƚĂůͲZĞƐƵůƚĂĚŽĚŽƐZĞĐƵƌƐŽƐĚĂ ^ŝƚĞƐĚĂWƵďůŝĐŽŶƐƵůƚĞĚĂWƌĞĨĞŝƚƵƌĂ
ůĂƐƐŝĨŝĐĂĕĆŽWƌŽǀŝƐſƌŝĂ ϭϭͬϭϬ;ϲǐͿ
WƵďůŝĐĂĕĆŽŶĂŝŵƉƌĞŶƐĂͲĚŝƚĂůĚĞ ^ĞŵĂŶĄƌŝŽKĨŝĐŝĂůͬ^ŝƚĞƐĚĂWƵďůŝĐŽŶƐƵůƚĞ
ůĂƐƐŝĨŝĐĂĕĆŽ&ŝŶĂůнĞĐƌĞƚŽĚĞ ĚĂWƌĞĨĞŝƚƵƌĂ ϭϮͬϭϬ;ƐĂďͿ
,ŽŵŽůŽŐĂĕĆŽ
17
O Município de Santa Cruz do Rio Pardo vem a público convidar Órgãos interessados
a participar de licitação em Sistema de Registro de Preços (SRP) para a ESCOLHA
DA PROPOSTA MAIS VANTAJOSA PARA FUTURA AQUISIÇÃO DE REFEIÇÃO
PRONTA, TIPO MARMITEX, PARA O CORPO DE BOMBEIROS, TIRO DE
GUERRA, SECRETARIA MUNICIPAL DE ASSISTÊNCIA SOCIAL E DEMAIS
SECRETARIAS MUNICIPAIS DO MUNICÍPIO DE SANTA CRUZ DO RIO
PARDO/SP, ATRAVÉS DE PROCESSO LICITATÓRIO, NA MODALIDADE PREGÃO,
NA FORMA ELETRÔNICA.
Aos Órgãos interessados em integrar a futura Ata, como participantes devem solicitar
a listagem dos itens a serem licitados, direcionada para o e-mail
assuntosjuridicos@santacruzdoriopardo.sp.gov.br.
Após, aos Órgãos interessados em integrar a futura Ata, como participantes, pede-se
a gentileza, com fundamento no art. 86 da Lei Federal nº 14.133/2021 e no Decreto
nº 11.462/2023, de encaminhar a este Município manifestação, contendo as seguintes
informações:
a) Estimativa de consumo (quantidade a ser registrada);
b) Endereço do local de instalação;
c) Concordância com o objeto a ser licitado;
d) Documento formal contendo aprovação da autoridade competente.
O prazo limite para envio da manifestação a este Município será de 08 (oito) dias
úteis a contar da publicação deste documento.
Por fim, informa-se que eventuais dúvidas poderão ser esclarecidas por e-mail
(assuntosjuridicos@santacruzdoriopardo.sp.gov.br) ou pelo telefone (14) 3332-2314.
Mediante solicitação, este Município poderá enviar ao interessado a minuta do termo
de referência que embasará a licitação.
O prazo limite para envio da manifestação a este Município será de 08 (oito) dias úteis a contar
da publicação deste documento.
Por fim, informa-se que eventuais dúvidas poderão ser esclarecidas por e-mail
(meioambiente@santacruzdoriopardo.sp.gov.br) ou pelo telefone (14) 3332-2310.
JUSTIFICATIVAS
^EdZhKZ/KWZK͕ϯϭ:h>,KϮϬϮϰ
:h^d/&/d/s^ͲK͘͘W
;ϭͿ&ŽƌŶĞĐĞĚŽƌŶĆŽĐŽŵƉĂƌĞĐĞƵƉĂƌĂƌĞĐĞďĞƌŽƐĞƌǀŝĕŽƉƌĞƐƚĂĚŽŽƵŵĞƌĐĂĚŽƌŝĂǀĞŶĚŝĚĂŶĂĚĂƚĂĞƐƚŝƉƵůĂĚĂƉĂƌĂǀĞŶĐŝŵĞŶƚŽ͘
;ϮͿŐƵĂƌĚĂŶĚŽůŝďĞƌĂĕĆŽĚĞƌĞĐƵƌƐŽƐƉĞůŽ'ŽǀĞƌŶŽƐƚĂĚƵĂů;ŽŶǀġŶŝŽͿ
;ϯͿĞǀŝĚŽĂŽƉƌŽďůĞŵĂŶŽƐŝƐƚĞŵĂďĂŶĐĄƌŝŽŶĆŽĨŽŝƉŽƐƐŝǀĞůĞĨĞƚƵĂƌŽƉĂŐĂŵĞŶƚŽŶĂĚĂƚĂĚŽǀĞŶĐŝŵĞŶƚŽ͘
;ϰͿ,ŽƵǀĞƵŵůĄƉƐŽŶŽĂƌƋƵŝǀĂŵĞŶƚŽĚŽĞŵƉĞŶŚŽ
;ϱͿEĆŽĨŽŝĂƐƐŝŶĂĚŽƉĞůŽŽƌĚĞŶĂĚŽƌĚĂĚĞƐƉĞƐĂĞŵƚĞŵƉŽŚĄďŝůƉĂƌĂƉĂŐĂŵĞŶƚŽ͘
;ϲͿWĂŐĂŵĞŶƚŽĂŶƚĞĐŝƉĂĚŽƉŽƌŵŽƚŝǀŽĚĞĨĞƌŝĂĚŽDƵŶŝĐŝƉĂůĐŽŶĨŽƌŵĞ>ĞŝDƵŶŝĐŝƉĂůŶǑϭϲϯϵĚĞϬϱͬϬϮͬϭϵϵϳ
;ϳͿ&ŽƌŶĞĐĞĚŽƌŶĆŽƉŽƐƐƵŝĐŽŶƚĂďĂŶĐĄƌŝĂƉĂƌĂĚĞƉſƐŝƚŽ͕ĞƐƚĂǀĂƌĞŐƵůĂƌŝnjĂŶĚŽ͘
;ϴͿWĂŐĂŵĞŶƚŽĞĨĞƚƵĂĚŽĂŶƚĞĐŝƉĂĚĂŵĞŶƚĞƉŽƌŵŽƚŝǀŽĚĞ&ĞƌŝĂĚŽƐƚĂĚƵĂů͕ĐŽŶĨŽƌŵĞ>ĞŝŶǑϭϳ͘ϮϲϰĚĞϮϮͬϬϱͬϮϬϮϬ
;ϵͿ>ĂƉƐŽŶĂŽďƐĞƌǀĂĕĆŽĚŽǀĞŶĐŝŵĞŶƚŽĚĞĚĞƐƉĞƐĂ
;ϭϬͿWĂŐĂŵĞŶƚŽĞĨĞƚƵĂĚŽĂŶƚĞĐŝƉĂĚĂŵĞŶƚĞƉŽƌŵŽƚŝǀŽĚĞĨĞƌŝĂĚŽĞͬŽƵƉŽŶƚŽĨĂĐƵůƚĂƚŝǀŽĐŽŶĨ͘ĞĐƌĞƚŽŶǑϬϯĚĞϬϴͬϬϭͬϮϬϮϰĞͬŽƵĞĐƌĞƚŽŶǑϬϴϬĚĞϭϱͬϬϰͬϮϬϮϰ
;ϭϭͿWĂŐĂŵĞŶƚŽŶĆŽĞĨĞƚƵĂĚŽƉŽƌŝŵƉŽƐƐŝďŝůŝĚĂĚĞƚĠĐŶŝĐĂ͕ŝƐƚŽĠ͕ĚĞǀŝĚŽĂƌĞŐƵůĂƌŝnjĂĕĆŽĚŽŽƌĚĞŶĂĚŽƌĚĞĚĞƐƉĞƐĂƐĞĂŶĞĐĞƐƐŝĚĂĚĞĚĞĞŵŝƐƐĆŽ
ĚĞĂƐƐŝŶĂƚƵƌĂĞůĞƚƌƀŶŝĐĂ
;ϭϮͿĞĂĐŽƌĚŽĐŽŵĂĚĞĐŝƐĆŽĚŽ^d&ƉƌŽŝďŝŶĚŽŽŵƵŶŝĐşƉŝŽĚĞĐŽďƌĂƌĂƚĂdžĂĚĞĐŽŵďĂƚĞĂŝŶĐġŶĚŝŽ͕ŽƐƉĂŐĂŵĞŶƚŽƐĚŽƐĨŽƌŶĞĐĞĚŽƌĞƐƚĂŵďĠŵ
ĨŽƌĂŵƐƵƐƉĞŶƐŽƐĂƚĠƋƵĞĨŽƐƐĞĚĞĐŝĚŝĚŽƐĞŽƐƉĂŐĂŵĞŶƚŽƐũĄĞŵƉĞŶŚĂĚŽƐŝƌŝĂŵƐĞƌƉĂŐŽƐĐŽŵĂĐŽŶƚĂďĂŶĐĄƌŝĂĚĂƚĂdžĂĚĞŝŶĐġŶĚŝŽ
;ϭϯͿĞǀŝĚŽĂĚĞŵĂŶĚĂĚĞŶŽƚĂƐĨŝƐĐĂŝƐƌĞĐĞďŝĚĂƐĞŵŶŽǀĞŵďƌŽͬĚĞnjĞŵďƌŽŚŽƵǀĞƵŵĂƌĞƉƌŽŐƌĂŵĂĕĆŽŶŽƐƉĂŐĂŵĞŶƚŽƐ
;ϭϰͿWĂŐĂŵĞŶƚŽĞĨĞƚƵĂĚŽĂŶƚĞĐŝƉĂĚĂŵĞŶƚĞĚĞǀŝĚŽĂŶĞĐĞƐƐŝĚĂĚĞĚĞnjĞƌĂƌĐŽŶƚĂďĂŶĐĄƌŝĂ
;ϭϱͿĞǀŝĚŽĂƵŵƉƌŽďůĞŵĂŶĂĐŽŶƚĂďĂŶĐĄƌŝĂŝŶĨŽƌŵĂĚĂƉĞůŽĨŽƌŶĞĐĞĚŽƌŶĂŶŽƚĂĨŝƐĐĂůŶĆŽĨŽŝƉŽƐƐşǀĞůĞĨĞƚƵĂƌŽƉĂŐĂŵĞŶƚŽŶĂĚĂƚĂĚŽǀĞŶĐŝŵĞŶƚŽ
;ϭϲͿĐŽŶƚĂďĂŶĐĄƌŝĂŝŶĨŽƌŵĂĚĂƉĞůŽĨŽƌŶĞĐĞĚŽƌĞƐƚĂǀĂĐŽŵŽŶŽŵĞĚŝĨĞƌĞŶƚĞĚĂƌĂnjĆŽƐŽĐŝĂů͕ĨŽŝŶĞĐĞƐƐĄƌŝŽĂŐƵĂƌĚĂƌŽĨŽƌŶĞĐĞĚŽƌƌĞŐƵůĂƌŝnjĂƌ
;ϭϳͿWĂŐĂŵĞŶƚŽĞĨĞƚƵĂĚŽĂŶƚĞĐŝƉĂĚĂŵĞŶƚĞƉĂƌĂƋƵĞŚŽƵǀĞƐƐĞƚĞŵƉŽŚĄďŝůƉĂƌĂĐƌĠĚŝƚŽĚŽĐĂƌƚĆŽŶŽŵĞƐŵŽĚŝĂĚŽĐƌĠĚŝƚŽĚĂĨŽůŚĂĚĞƉĂŐĂŵĞŶƚŽĂŽƐƐĞƌǀŝĚŽƌĞƐ
;ϭϴͿWĂŐĂŵĞŶƚŽĞĨĞƚƵĂĚŽĂŶƚĞĐŝƉĂĚĂŵĞŶƚĞƉĂƌĂĨĞĐŚĂŵĞŶƚŽĚŽĂŶŽ
;ϭϵͿKƵƚƌŽƐ
^ZdZ/DhE//W>D/KD/Ed
^^W/^EDEdK^/KK^dK^KWh>K ϱϵϭϴ^hϬϬϭ ZΨϰ͘ϳϯϵ͕ϯϱ ϮϱͬϬϲͬϮϬϮϰ ϭϵ
KDWE,/:'hZ/EZ'/^ ϱϬϳϮ^hϬϬϲ ZΨϮ͘Ϯϱϯ͕ϳϳ ϭϯͬϬϲͬϮϬϮϰ ϭϵ
^ED/Ed>/Z>/ ϰϱϲϵ^hϬϬϮ ZΨϮϭϲ͘ϱϮϳ͕ϱϲ ϮϴͬϬϲͬϮϬϮϰ ϭϵ
^ED/Ed>/Z>/ ϰϱϰϲ^hϬϬϮ ZΨϳϯ͘ϲϬϱ͕Ϭϯ ϮϴͬϬϲͬϮϬϮϰ ϭϵ
^^W/^EDEdK^/KK^dK^KWh>K ϱϬϱϱ^hϬϬϱ ZΨϱ͘ϲϵϳ͕ϴϱ ϮϱͬϬϲͬϮϬϮϰ ϭϵ
^^W/^EDEdK^/KK^dK^KWh>K ϱϬϱϰ^hϬϬϳ ZΨϮ͘ϳϰϬ͕ϴϭ ϮϱͬϬϲͬϮϬϮϰ ϭϵ
^^W/^EDEdK^/KK^dK^KWh>K ϱϬϱϰ^hϬϬϲ ZΨϳ͘ϳϭϰ͕ϱϭ ϮϱͬϬϲͬϮϬϮϰ ϭϵ
^ZdZ/DhE//W>hK
>Z/^>/DEdK^WW ϰϲϵϵ^hϬϬϯ ZΨϳ͘ϮϮϱ͕ϬϬ ϬϯͬϬϳͬϮϬϮϰ ϭϵ
KDWE,/:'hZ/EZ'/^ ϱϬϲϬ^hϬϬϮ ZΨϭϭ͘ϯϮϱ͕ϴϯ ϮϬͬϬϲͬϮϬϮϰ ϭϵ
ZWKDZ/KWZKhdK^>/DEd//K^>d ϰϲϴϲ^hϬϬϭ ZΨϱϱ͘ϰϱϬ͕ϬϬ ϮϵͬϬϲͬϮϬϮϰ ϭϵ
^ZdZ/DhE//W>dEK>K'/͕/Eh^dZ/KDZ/K
KDWE,/:'hZ/EZ'/^ ϯϮϱϬ^hϬϬϲ ZΨϯ͘Ϯϳϵ͕ϭϰ ϮϬͬϬϲͬϮϬϮϰ ϭϵ
^ZdZ/DhE//W>^^/^dE/^K/>
D/>&KZ''/W/dK ϰϱϲϳ^hϬϬϯ ZΨϱϬ͘ϵϰϰ͕ϵϱ ϮϴͬϬϲͬϮϬϮϰ ϭϵ
^^W/^EDEdK^/KK^dK^KWh>K ϱϬϱϯ^hϬϬϱ ZΨϲ͘Ϯϭϲ͕ϱϭ ϮϱͬϬϲͬϮϬϮϰ ϭϵ
^ZdZ/DhE//W>dhZ/^DK
KDWE,/:'hZ/EZ'/^ ϱϬϳϵ^hϬϬϱ ZΨϴϲϴ͕ϬϬ ϭϯͬϬϲͬϮϬϮϰ ϭϵ
KDWE,/:'hZ/EZ'/^ ϱϬϳϴ^hϬϬϯ ZΨϲ͘ϭϵϳ͕ϲϵ ϮϬͬϬϲͬϮϬϮϰ ϭϵ
:E/EWh>&ZZ/ZD,K'ZK ϱϮϭϱ^hϬϬϭ ZΨϯϰ͘ϳϴϬ͕ϬϬ ϮϰͬϬϲͬϮϬϮϰ ϭϵ
^ZdZ/DhE//W>D/E/^dZK
KDWE,/:'hZ/EZ'/^ ϱϬϱϳ^hϬϬϱ ZΨϰϮϳ͕ϳϳ ϮϲͬϬϲͬϮϬϮϰ ϭϵ
^^W/^EDEdK^/KK^dK^KWh>K ϰϴϴϳ^hϬϬϴ ZΨϮ͘ϴϬϬ͕ϵϲ ϮϱͬϬϲͬϮϬϮϰ ϭϵ
KDWE,/:'hZ/EZ'/^ ϱϬϱϳ^hϬϬϰ ZΨϳ͘ϭϯϳ͕ϬϬ ϮϬͬϬϲͬϮϬϮϰ ϭϵ
KDWE,/:'hZ/EZ'/^ ϰϯϲϵ^hϬϬϯ ZΨϮϯϳ͕ϵϮ ϬϱͬϬϳͬϮϬϮϰ ϭϵ
KDWE,/:'hZ/EZ'/^ ϱϬϱϳ^hϬϬϳ ZΨϮ͘ϬϬϱ͕Ϭϴ ϬϱͬϬϳͬϮϬϮϰ ϭϵ
KDWE,/:'hZ/EZ'/^ ϱϬϱϳ^hϬϬϲ ZΨϰϲϭ͕ϯϳ ϬϱͬϬϳͬϮϬϮϰ ϭϵ
^ZdZ/DhE//W>h>dhZ
^^W/^EDEdK^/KK^dK^KWh>K ϱϵϭϵ^hϬϬϭ ZΨϮ͘ϱϭϴ͕Ϯϳ ϮϱͬϬϲͬϮϬϮϰ ϭϵ
KDWE,/:'hZ/EZ'/^ ϰϯϳϱ^hϬϬϮ ZΨϭ͘ϭϴϬ͕ϲϮ ϭϯͬϬϲͬϮϬϮϰ ϭϵ
KDWE,/:'hZ/EZ'/^ ϰϯϳϱ^hϬϬϯ ZΨϭ͘ϱϯϮ͕ϭϯ ϬϱͬϬϳͬϮϬϮϰ ϭϵ
^ZdZ/DhE//W>^WKZd
KDWE,/:'hZ/EZ'/^ ϱϬϳϳ^hϬϭϭ ZΨϵϴϮ͕ϰϱ ϭϯͬϬϲͬϮϬϮϰ ϭϵ
^^W/^EDEdK^/KK^dK^KWh>K ϱϬϱϲ^hϬϬϮ ZΨϯ͘ϵϬϵ͕ϵϵ ϮϱͬϬϲͬϮϬϮϰ ϭϵ
^^W/^EDEdK^/KK^dK^KWh>K ϰϴϱϲ^hϬϬϴ ZΨϮ͘ϰϰϳ͕ϭϱ ϮϱͬϬϲͬϮϬϮϰ ϭϵ
KDWE,/:'hZ/EZ'/^ ϱϬϳϳ^hϬϭϯ ZΨϭϭ͘ϱϯϰ͕ϬϬ ϭϯͬϬϲͬϮϬϮϰ ϭϵ
KDWE,/:'hZ/EZ'/^ ϱϬϳϳ^hϬϭϲ ZΨϴϲϭ͕Ϭϱ ϬϱͬϬϳͬϮϬϮϰ ϭϵ
KDWE,/:'hZ/EZ'/^ ϱϬϳϳ^hϬϮϬ ZΨϱϳϭ͕ϯϮ ϬϱͬϬϳͬϮϬϮϰ ϭϵ
KDWE,/:'hZ/EZ'/^ ϱϬϳϳ^hϬϭϳ ZΨϲϮϮ͕ϳϰ ϬϱͬϬϳͬϮϬϮϰ ϭϵ
KDWE,/:'hZ/EZ'/^ ϱϬϳϳ^hϬϭϴ ZΨϱϲϵ͕ϱϴ ϬϱͬϬϳͬϮϬϮϰ ϭϵ
KDWE,/:'hZ/EZ'/^ ϱϬϳϳ^hϬϭϵ ZΨϰϰ͕ϭϭ ϬϱͬϬϳͬϮϬϮϰ ϭϵ
^ZdZ/DhE//W>^^hEdK^:hZ1/K^
KDWE,/:'hZ/EZ'/^ ϱϬϳϲ^hϬϬϭ ZΨϮ͘ϱϴϮ͕ϴϮ ϮϬͬϬϲͬϮϬϮϰ ϭϵ
^ZdZ/DhE//W>'Z/h>dhZ
KDWE,/:'hZ/EZ'/^ ϱϬϲϵ^hϬϬϵ ZΨϭ͘Ϭϭϲ͕ϰϱ ϬϱͬϬϳͬϮϬϮϰ ϭϵ
KDWE,/:'hZ/EZ'/^ ϱϬϲϵ^hϬϬϴ ZΨϰϳϱ͕ϰϵ ϬϱͬϬϳͬϮϬϮϰ ϭϵ
Z'/EK/E/ZsK>&ZE/^KE
Z^WKE^s>W>/ZKKWdK͘d^KhZZ/
WƌĞĨĞŝƚƵƌĂĚĞ^ĂŶƚĂƌƵnjĚŽZŝŽWĂƌĚŽƐƚĂĚŽĚĞ^ĆŽWĂƵůŽ
:ƵƐƚŝĨŝĐĂͲƐĞĂƋƵĞďƌĂĚĂKƌĚĞŵƌŽŶŽůſŐŝĐĂĚĞWĂŐĂŵĞŶƚŽ;K͘͘W͘ͿĚŽ;ƐͿĞŵƉĞŶŚŽ;ƐͿ͕ƐĞŶĚŽŽŵŽƚŝǀŽĚŽ
ŶĆŽƉĂŐĂŵĞŶƚŽĚŽĨŽƌŶĞĐĞĚŽƌŶŽƉƌĂnjŽĞƐƚŝƉƵůĂĚŽĚĞǀŝĚŽŽĨĂƚŽĚĞ͗
;ϭͿ&ŽƌŶĞĐĞĚŽƌŶĆŽĐŽŵƉĂƌĞĐĞƵƉĂƌĂƌĞĐĞďĞƌŽƐĞƌǀŝĕŽƉƌĞƐƚĂĚŽŽƵŵĞƌĐĂĚŽƌŝĂǀĞŶĚŝĚĂŶĂ
ĚĂƚĂĞƐƚŝƉƵůĂĚĂƉĂƌĂǀĞŶĐŝŵĞŶƚŽ͘
;ϮͿEĆŽŚĂǀŝĂĚŝŶŚĞŝƌŽŶĂĐŽŶƚĂďĂŶĐĄƌŝĂ;ƌĞĐƵƌƐŽͿĚĂƐĚŝǀĞƌƐĂƐĞƐĨĞƌĂƐ͘
;ϯͿEĆŽĨŽŝƉĂƐƐĂĚŽĞŵƚĞŵƉŽŚĄďŝůƉĂƌĂƉĂŐĂŵĞŶƚŽŶĂĚĂƚĂ͕ĚĞǀŝĚŽĂŽĨĂƚŽĚŽŽƌĚĞŶĂĚŽƌ
ĚĂĚĞƐƉĞƐĂŶĆŽƚĞƌĂƐƐŝŶĂĚŽŽĞŵƉĞŶŚŽ͘
;ϰͿEĆŽĨŽŝƉĂƐƐĂĚŽĞŵƚĞŵƉŽŚĄďŝůƉĂƌĂƉĂŐĂŵĞŶƚŽ͘
;ϱͿ&ŽŝĂƐƐŝŶĂĚŽƉĞůŽ;ĂͿŽƌĚĞŶĂĚŽƌ;ĂͿĚĂĚĞƐƉĞƐĂŶĂĚĂƚĂĚŽǀĞŶĐŝŵĞŶƚŽ͘
;ϲͿ/ŵƉŽƐƐŝďŝůŝĚĂĚĞĚĞƌĞƚĞŶĕĆŽĚŽĞŵƉĞŶŚŽĚƵƌĂŶƚĞŽĨĞĐŚĂŵĞŶƚŽŵĞŶƐĂů͘
;ϳͿ&ŽŝĂƐƐŝŶĂĚŽƉĞůŽ;ĂͿŽƌĚĞŶĂĚŽƌ;ĂͿĚĂĚĞƐƉĞƐĂĂƉſƐĂĚĂƚĂĚŽǀĞŶĐŝŵĞŶƚŽ͘
;ϴͿůƚĞƌĂĕĆŽĚĞƉƌŽũĞƚŽƉŽƌƉĂƌƚĞĚĂƐĞĐƌĞƚĂƌŝĂƌĞƐƉŽŶƐĄǀĞůƉĞůĂŽƌĚĞŶĂĕĆŽĚĂĚĞƐƉĞƐĂ͘
;ϵͿ/ŵƉŽƐƐŝďŝůŝĚĂĚĞĚĞƌĞƚĞŶĕĆŽŶŽƉƌŝŵĞŝƌŽĚŝĂĚŽŵġƐͲĨĞĐŚĂŵĞŶƚŽ
;ϭϬͿ>ĂƉƐŽŶŽƉƌĞĞŶĐŚŝŵĞŶƚŽĚĂĚĂƚĂĚĞǀĞŶĐŝŵĞŶƚŽƉŽƌƉĂƌƚĞĚŽĞƉĂƌƚĂŵĞŶƚŽĚĞŽŵƉƌĂƐ
;ϭϭͿ>ĂƉƐŽŶĂĚŝƐƚƌŝďƵŝĕĆŽĚŽďŽůĞƚŽďĂŶĐĄƌŝŽŶĂŽƌĚĞŵĚĞĨŽƌŶĞĐŝŵĞŶƚŽƉŽƌƉĂƌƚĞĞƉ͘ŽŵƉƌĂƐ
;ϭϮͿŶƚĞĐŝƉĂĕĆŽĚĞƉĂŐĂŵĞŶƚŽĂĨŽƌŶĞĐĞĚŽƌĚĞǀŝĚĂƵƌŐġŶĐŝĂĚĞĞŶƚƌĞŐĂĚĞŵĞƌĐĂĚŽƌŝĂƐͬƐĞƌǀŝĕŽƐ
;ϭϯͿ/ŵƉŽƐƐŝďŝůŝĚĂĚĞĚĞƉĂŐĂŵĞŶƚŽĚĞǀŝĚŽĨĞĐŚĂŵĞŶƚŽŵĞŶƐĂů
;ϭϰͿ&ĞƌŝĂĚŽ
;ϭϱͿKƵƚƌŽƐ
;ϭϲͿŶĄůŝƐĞĚŽĞƉĂƌƚĂŵĞŶƚŽĚĞ/^^ͬ/ZƉĂƌĂƌĞƚĞŶĕĆŽ
;ϭϳͿ>ĂƉƐŽŶŽĂƌƋƵŝǀĂŵĞŶƚŽĚŽĚŽĐƵŵĞŶƚŽ
;ϭϴͿ^ŝƐƚĞŵĂ/ŶŽƉĞƌĂŶƚĞ
;ϭϵͿĐŽŶƚƌĂƚĂĚĂĞŶƚƌĞŐŽƵĂĨĂƚƵƌĂĂƉſƐĂĚĂƚĂĚĞǀĞŶĐŝŵĞŶƚŽ͘
;ϮϬͿZĞƚĞŶĕĆŽĚĞ/E^^ĠĨĞŝƚŽĂƚĠŽĚŝĂϮϱĚĞĐĂĚĂŵġƐ͕ŶĆŽƉŽĚĞŶĚŽƐĞƌĨĞŝƚŽĂƉſƐĞƐƐĂĚĂƚĂ͕ƐŽŵĞŶƚĞ
ŶŽŵġƐƉŽƐƚĞƌŝŽƌ
;ϮϭͿŶŽƚĂĨŝƐĐĂůĐŚĞŐŽƵƉĂƌĂƉĂŐĂŵĞŶƚŽĂƉſƐĂĚĂƚĂĚĞǀĞŶĐŝŵĞŶƚŽ͘
;ϮϮͿZĞŐƵůĂƌŝnjĂĕĆŽĚĞŽŶƚƌĂƚŽ
WZKhZKZ/:hZ1/
&KZEKZ EǑDWE,K s>KZ d DKd/sK
͘͘ZZK^^/>s^^KZ/K^WZWW>Z/>/DW>d ϰϳϴϳͲϬϬϭ ZΨϰϱϮ͕ϳϱ ϬϴͬϬϳͬϮϬϮϰ ϭϰ
^ZdZ/D/E/^dZK
&KZEKZ EǑDWE,K s>KZ d DKd/sK
^^WͲ/^EDEdK^/KK^dK^KWh>K ϰϴϴϳͲϬϬϵ ZΨϭϰϱ͕ϱϱ ϬϭͬϬϳͬϮϬϮϰ Ϯϭ
^ZdZ/^j
&KZEKZ EǑDWE,K s>KZ d DKd/sK
/Zh>KZWZKhdK^/ZhZ'/K^ ϱϬϵϲͲϬϬϭ ZΨϲ͘ϵϵϱ͕ϬϬ ϬϲͬϬϳͬϮϬϮϰ ϭϰ
Z͘W͘ϰ͘/^dZ/h/KZD/DEdK^>d ϯϴϳϱͲϬϬϭ ZΨϰ͘Ϭϲϴ͕ϬϬ ϬϳͬϬϳͬϮϬϮϰ ϭϰ
hWdZ/,K^W/d>ZKDZ/K͕/DWKZdKyWKZdK>d ϯϳϵϭͲϬϬϯ ZΨϭ͘Ϯϱϭ͕ϲϬ ϬϳͬϬϳͬϮϬϮϰ ϭϰ
>hDZKD͘WZK͘&ZDhd/K^>d ϰϵϬϰͲϬϬϭ ZΨϰ͘ϴϭϴ͕ϲϬ ϬϳͬϬϳͬϮϬϮϰ ϭϰ
͘͘ZZK^^/>s^^KZ/K^WZWW>Z/>/DW>d ϯϮϳϱͲϬϬϮ ZΨϳϭϴ͕ϮϬ ϬϴͬϬϳͬϮϬϮϰ ϭϰ
^hE^Zs/K^/sZ^K^>dͲD ϱϭϬϭͲϬϬϭ ZΨϭϵ͘ϯϱϬ͕ϬϬ ϬϲͬϬϳͬϮϬϮϰ ϭϰ
DZK^K>hK^D^h^ͬ ϰϵϭϬͲϬϬϭ ZΨϭ͘ϳϳϯ͕ϳϮ ϬϵͬϬϳͬϮϬϮϰ ϭϰ
'/DsͲD/K^W'DEdK^/E&KZDO^>d ϭϴϰͲϬϬϲ ZΨϭϵϳ͕ϴϬ ϭϬͬϬϳͬϮϬϮϰ ϭϰ
'/DsͲD/K^W'DEdK^/E&KZDO^>d ϭϵϬͲϬϬϱ ZΨϲ͘ϭϵϱ͕ϭϴ ϭϬͬϬϳͬϮϬϮϰ ϭϰ
^ZdZ/hK
&KZEKZ EǑDWE,K s>KZ d DKd/sK
EdZK^dZE^Z/sK^>d ϰϱϴϰͲϬϬϯ ZΨϭϯ͘ϵϬϬ͕ϬϬ ϬϴͬϬϳͬϮϬϮϰ ϭϰ
&ZZKDZ/KZ/EYhK^hd/sK^/Z>/ ϮϭϯϰͲϬϬϭ ZΨϳϴϮ͕ϵϬ ϬϴͬϬϳͬϮϬϮϰ ϭϰ
d>&KE/Z^/>^͘͘ ϲϯϯͲϬϰϬ ZΨϱϰ͕ϯϯ ϬϲͬϬϳͬϮϬϮϰ ϭϰ
d>&KE/Z^/>^͘͘ ϲϯϯͲϬϯϴ ZΨϱϰ͕ϯϯ ϬϲͬϬϳͬϮϬϮϰ ϭϰ
d>&KE/Z^/>^͘͘ ϲϯϮͲϬϮϳ ZΨϱϴ͕ϲϯ ϬϲͬϬϳͬϮϬϮϰ ϭϰ
d>&KE/Z^/>^͘͘ ϲϯϮͲϬϯϬ ZΨϳϬ͕ϵϵ ϬϲͬϬϳͬϮϬϮϰ ϭϰ
d>&KE/Z^/>^͘͘ ϲϯϯͲϬϰϭ ZΨϲϵ͕ϳϵ ϬϲͬϬϳͬϮϬϮϰ ϭϰ
d>&KE/Z^/>^͘͘ ϲϯϯͲϬϰϮ ZΨϳϬ͕ϵϳ ϬϲͬϬϳͬϮϬϮϰ ϭϰ
d>&KE/Z^/>^͘͘ ϲϯϯͲϬϯϳ ZΨϲϬ͕Ϯϭ ϬϲͬϬϳͬϮϬϮϰ ϭϰ
d>&KE/Z^/>^͘͘ ϲϯϮͲϬϮϲ ZΨϮ͘ϯϭϯ͕Ϯϴ ϬϲͬϬϳͬϮϬϮϰ ϭϰ
d>&KE/Z^/>^͘͘ ϲϯϯͲϬϯϵ ZΨϱϰ͕ϯϯ ϬϲͬϬϳͬϮϬϮϰ ϭϰ
d>&KE/Z^/>^͘͘ ϲϯϮͲϬϮϴ ZΨϱϵ͕ϰϳ ϬϲͬϬϳͬϮϬϮϰ ϭϰ
d>&KE/Z^/>^͘͘ ϲϯϮͲϬϮϵ ZΨϱϰ͕ϯϯ ϬϲͬϬϳͬϮϬϮϰ ϭϰ
d>&KE/Z^/>^͘͘ ϲϯϮͲϬϯϮ ZΨϵϭ͕ϰϴ ϬϲͬϬϳͬϮϬϮϰ ϭϰ
/:'hZ/EZ'/^͘͘ ϱϬϲϮͲϬϬϲ ZΨϲϰϳ͕ϵϭ ϮϴͬϬϲͬϮϬϮϰ Ϯϭ
/:'hZ/EZ'/^͘͘ ϱϬϲϭͲϬϬϵ ZΨϲϯϱ͕ϭϳ ϮϭͬϬϲͬϮϬϮϰ Ϯϭ
/:'hZ/EZ'/^͘͘ ϱϬϲϯͲϬϬϵ ZΨϮϴϬ͕ϴϬ ϮϭͬϬϲͬϮϬϮϰ Ϯϭ
^ZdZ/'Z/h>dhZ
&KZEKZ EǑDWE,K s>KZ d DKd/sK
^^WͲ/^EDEdK^/KK^dK^KWh>K ϰϴϵϰͲϬϬϰ ZΨϯϯϯ͕ϱϮ ϬϭͬϬϳͬϮϬϮϰ Ϯϭ
^ZdZ/dEK>K'/͕/Eh^dZ/KDZ/K
&KZEKZ EǑDWE,K s>KZ d DKd/sK
/:'hZ/EZ'/^͘͘ ϯϮϱϬͲϬϬϳ ZΨϰϰ͕Ϭϭ ϮϬͬϬϲͬϮϬϮϰ Ϯϭ
^ZdZ/D/KD/Ed
&KZEKZ EǑDWE,K s>KZ d DKd/sK
^^WͲ/^EDEdK^/KK^dK^KWh>K ϱϬϳϮͲϬϭϬ ZΨϭ͘ϵϯϰ͕ϯϱ ϮϭͬϬϲͬϮϬϮϰ Ϯϭ
/:'hZ/EZ'/^͘͘ ϱϬϳϮͲϬϬϴ ZΨϴϱϴ͕Ϭϯ ϮϴͬϬϲͬϮϬϮϰ Ϯϭ
/:'hZ/EZ'/^͘͘ ϱϬϳϮͲϬϬϵ ZΨϭ͘ϮϮϰ͕ϭϱ ϮϬͬϬϲͬϮϬϮϰ Ϯϭ
/:'hZ/EZ'/^͘͘ ϰϯϴϬͲϬϬϯ ZΨϭϳϲ͕Ϭϴ ϮϰͬϬϲͬϮϬϮϰ Ϯϭ
^ZdZ/^^hEdK^:hZ1/K^
&KZEKZ EǑDWE,K s>KZ d DKd/sK
^dEdhE^KDZ/K^Zs/K^>d ϱϳϵϱͲϬϬϭ ZΨϱϲϭ͕ϯϮ ϬϱͬϬϳͬϮϬϮϰ ϱ
D͘D͘EZKKd>,KKE&O^ ϱϴϱϱͲϬϬϭ ZΨϰϲϵ͕ϮϬ ϭϬͬϬϳͬϮϬϮϰ ϱ
WƌĞĨĞŝƚƵƌĂĚĞ^ĂŶƚĂƌƵnjĚŽZŝŽWĂƌĚŽƐƚĂĚŽĚĞ^ĆŽWĂƵůŽ
^ZdZ/dhZ/^DK
&KZEKZ EǑDWE,K s>KZ d DKd/sK
/:'hZ/EZ'/^͘͘ ϱϬϳϴͲϬϬϱ ZΨϭϭϲ͕ϯϮ ϭϵͬϬϲͬϮϬϮϰ Ϯϭ
/:'hZ/EZ'/^͘͘ ϱϬϳϵͲϬϬϴ ZΨϭ͘ϴϲϳ͕ϭϴ ϮϭͬϬϲͬϮϬϮϰ Ϯϭ
/:'hZ/EZ'/^͘͘ ϱϬϳϵͲϬϬϵ ZΨϱϭϳ͕ϭϲ ϮϴͬϬϲͬϮϬϮϰ Ϯϭ
/:'hZ/EZ'/^͘͘ ϱϬϳϵͲϬϬϲ ZΨϴϲϴ͕ϬϬ ϭϯͬϬϲͬϮϬϮϰ Ϯϭ
/:'hZ/EZ'/^͘͘ ϱϬϳϴͲϬϬϰ ZΨϱϭϰ͕ϯϰ ϮϴͬϬϲͬϮϬϮϰ Ϯϭ
/:'hZ/EZ'/^͘͘ ϱϬϳϵͲϬϬϳ ZΨϯϭϭ͕ϰϴ ϭϵͬϬϲͬϮϬϮϰ Ϯϭ
/:'hZ/EZ'/^͘͘ ϭϳϬϲͲϬϮϴ ZΨϭϭϭ͕ϲϱ ϮϴͬϬϲͬϮϬϮϰ Ϯϭ
/:'hZ/EZ'/^͘͘ ϭϳϬϲͲϬϮϲ ZΨϯϵ͕ϰϬ ϮϬͬϬϲͬϮϬϮϰ Ϯϭ
/:'hZ/EZ'/^͘͘ ϭϳϬϲͲϬϮϳ ZΨϳϱ͕ϯϱ ϮϭͬϬϲͬϮϬϮϰ Ϯϭ
/:'hZ/EZ'/^͘͘ ϭϳϬϲͲϬϮϱ ZΨϭϮϲ͕ϰϱ ϭϵͬϬϲͬϮϬϮϰ Ϯϭ
DdZdDd͘WZKE^dZhK ϲϬϬϬͲϬϬϭ ZΨϱ͘ϮϱϬ͕ϬϬ ϬϳͬϬϳͬϮϬϮϰ ϳ
^ĂŶƚĂƌƵnjĚŽZŝŽWĂƌĚŽͬ^W͕ϬϭĚĞŐŽƐƚŽĚĞϮϬϮϰ͘
ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ
/ǀŽŶĞƉ͘ĚĞ^ĂůĞƐ&ĞƌƌĞŝƌĂWĞƌĞŝƌĂ
ŝƌĞƚŽƌĂĚĞŽŶƚĂďŝůŝĚĂĚĞ
LEIS
ZĞƉƵďůŝĐĂĕĆŽĚĂ>ĞŝŽŵƉůĞŵĞŶƚĂƌŶǑϴϰϱ͕ĚĞϮϱĚĞũƵůŚŽĚĞϮϬϮϰ͕ƉŽƌĞƌƌŽĚĞĚŝŐŝƚĂĕĆŽ
>/KDW>DEdZŶǑϴϰϱ͕Ϯϱ:h>,KϮϬϮϰ͘
“Dispõe sobre a ĐŽŶƚƌĂƚĂĕĆŽ ĚĂ ŵŽĚĂůŝĚĂĚĞ ĚĞ
ĐŽŶƚƌĂƚŽŝŶƚĞƌŵŝƚĞŶƚĞ͕ƉŽƌƉƌĂnjŽĚĞƚĞƌŵŝŶĂĚŽ͕ŶĂ
ĚŵŝŶŝƐƚƌĂĕĆŽŝƌĞƚĂĞĚĄŽƵƚƌĂƐƉƌŽǀŝĚġŶĐŝĂƐ”.
/'K,EZ/Yh^/E'K>E/K^d͕WƌĞĨĞŝƚŽĚĞ^ĂŶƚĂƌƵnjĚŽZŝŽWĂƌĚŽ͕ƐƚĂĚŽĚĞ^ĆŽ
WĂƵůŽ͕ĨĂnjƐĂďĞƌƋƵĞĂąŵĂƌĂDƵŶŝĐŝƉĂůĂƉƌŽǀŽƵĞĞůĞƐĂŶĐŝŽŶĂĞƉƌŽŵƵůŐĂĂƐĞŐƵŝŶƚĞ>/KDW>DEdZ͗
ƌƚ͘ϭǑ͘WĂƌĂƐƵƉƌŝƌĂĂƵƐġŶĐŝĂĚĞĚŽĐĞŶƚĞƐ͕ƉŽƌƉĞƌşŽĚŽŝŶĨĞƌŝŽƌĂϯϬ;ƚƌŝŶƚĂͿĚŝĂƐ͕ƉŽĚĞƌĄƐĞƌ
ĐŽŶƚƌĂƚĂĚŽƉƌŽĨĞƐƐŽƌŶĂŵŽĚĂůŝĚĂĚĞĚĞĐŽŶƚƌĂƚŽŝŶƚĞƌŵŝƚĞŶƚĞ͕ƉŽƌƉƌĂnjŽĚĞƚĞƌŵŝŶĂĚŽ͘
ƌƚ͘ ϮǑ͘ K ƌĞĐƌƵƚĂŵĞŶƚŽ ĚŽƐ ƉƌŽĨĞƐƐŽƌĞƐ ŶĂ ŵŽĚĂůŝĚĂĚĞ ĚĞ ĐŽŶƚƌĂƚŽ ŝŶƚĞƌŵŝƚĞŶƚĞ͕ ƉĂƌĂ
ƉƌĞƐƚĂĕĆŽ ĚĞ ĂƵůĂƐ ĞǀĞŶƚƵĂŝƐ͕ ƐĞƌĄ ĨĞŝƚŽ ƉƌŝŽƌŝƚĂƌŝĂŵĞŶƚĞ ƉĞůĂ ĐŽŶǀŽĐĂĕĆŽ ĚŽƐ ĐĂŶĚŝĚĂƚŽƐ ĂƉƌŽǀĂĚŽƐ Ğŵ
ĐŽŶĐƵƌƐŽƉƷďůŝĐŽǀŝŐĞŶƚĞĞŶĆŽŚĂǀĞŶĚŽ͕ĚĞǀĞƌĄƐĞƌĐŽŶǀŽĐĂĚŽŽĐĂŶĚŝĚĂƚŽĂƉƌŽǀĂĚŽĞŵƉƌŽĐĞƐƐŽƐĞůĞƚŝǀŽ
ĚĞĚŽĐĞŶƚĞƐƋƵĞĞƐƚĞũĂǀŝŐĞŶƚĞ͘
ƌƚ͘ϯǑ͘KĐĂŶĚŝĚĂƚŽƐĞƌĄĐŽŶǀŽĐĂĚŽƉŽƌŵĞŝŽĚĞƉƵďůŝĐĂĕĆŽŶŽſƌŐĆŽĚĞ/ŵƉƌĞŶƐĂKĨŝĐŝĂůĚŽ
DƵŶŝĐşƉŝŽƉĂƌĂĨŝƌŵĂƌĐŽŶƚƌĂƚŽƉŽƌƉƌĂnjŽĚĞƚĞƌŵŝŶĂĚŽ͕ŶĂŵŽĚĂůŝĚĂĚĞŝŶƚĞƌŵŝƚĞŶƚĞ͘
ƌƚ͘ϰǑ͘ĂƚƌŝďƵŝĕĆŽĚĞĂƵůĂƐƐĞƌĄĂƚƌĂǀĠƐĚĞĐŽŶǀŽĐĂĕĆŽƉŽƌŵĞŝŽĚĞĐŽŵƵŶŝĐĂĕĆŽĞĨŝĐĂnj͕
ĐŽŵŽĐŽŶƚĂƚŽƚĞůĞĨƀŶŝĐŽ͕ĞͲŵĂŝůŽƵĂƉůŝĐĂƚŝǀŽĚĞĐŽŶǀĞƌƐĂ͕ĚŽƋƵĂůŽĐŽŶƚƌĂƚĂĚŽƉŽĚĞƌĄĂĐĞŝƚĂƌŽƵƌĞĐƵƐĂƌĂ
ĐŽŶǀŽĐĂĕĆŽ͕ƉƌĞƐƵŵŝĚŽŶŽƐŝůġŶĐŝŽ͕ĂƌĞĐƵƐĂ͘
ƌƚ͘ ϱǑ͘ ƉſƐ Ă ĂĐĞŝƚĂĕĆŽ ĚĂ ĐŽŶǀŽĐĂĕĆŽ͕ Ă ƉĂƌƚĞ ƋƵĞ ĚĞƐĐƵŵƉƌŝƌ Ž ĂũƵƐƚĂĚŽ͕ ƐĞŵ ũƵƐƚŽ
ŵŽƚŝǀŽ͕ƉĂŐĂƌĄăŽƵƚƌĂƉĂƌƚĞ͕ŶŽƉƌĂnjŽĚĞƚƌŝŶƚĂĚŝĂƐ͕ŵƵůƚĂĚĞϱϬй;ĐŝŶƋƵĞŶƚĂĐĞŶƚĠƐŝŵŽƐͿĚĂƌĞŵƵŶĞƌĂĕĆŽ
ƋƵĞƐĞƌŝĂĚĞǀŝĚĂ͕ƉĞƌŵŝƚŝĚĂĂĐŽŵƉĞŶƐĂĕĆŽĞŵŝŐƵĂůƉƌĂnjŽ͘
ƌƚ͘ϲǑ͘KƉĞƌşŽĚŽĚĞŝŶĂƚŝǀŝĚĂĚĞŶĆŽƐĞƌĄĐŽŶƐŝĚĞƌĂĚŽƚĞŵƉŽăĚŝƐƉŽƐŝĕĆŽĚŽĞŵƉƌĞŐĂĚŽƌ͕
ƉŽĚĞŶĚŽŽƚƌĂďĂůŚĂĚŽƌƉƌĞƐƚĂƌƐĞƌǀŝĕŽƐĂŽƵƚƌŽƐĐŽŶƚƌĂƚĂŶƚĞƐ͕ŽďƐĞƌǀĂĚĂĂĂĐƵŵƵůĂĕĆŽůĞŐĂůƉƌĞǀŝƐƚĂ ĚŽ
ƌƚŝŐŽϯϳ͕ŝŶĐŝƐŽys/ĚĂŽŶƐƚŝƚƵŝĕĆŽĚĂZĞƉƷďůŝĐĂ&ĞĚĞƌĂƚŝǀĂĚŽƌĂƐŝůĚĞϭϵϴϴ͘
ƌƚ͘ ϳǑ͘K ĐĂŶĚŝĚĂƚŽ ĐŽŶǀŽĐĂĚŽ ƋƵĞ ĂƉƌĞƐĞŶƚĂƌ ĚĞĐůĂƌĂĕĆŽ ĚĞ ĂĐƷŵƵůŽ ĚĞ ĞŵƉƌĞŐŽƐ ĚŽƐ
ƋƵĂŝƐ͕ŶĆŽƐĞǀŝƐůƵŵďƌĞĚŝƐƉŽŶŝďŝůŝĚĂĚĞĚĞŚŽƌĄƌŝŽƉĂƌĂƉƌĞƐƚĂĕĆŽĚŽƐĞƌǀŝĕŽŶĆŽƉŽĚĞƌĄĨŝƌŵĂƌŽĐŽŶƚƌĂƚŽ͘
ƌƚ͘ ϴǑ͘ K ĐŽŶƚƌĂƚĂĚŽ ƉĂƌĂ ƉƌĞƐƚĂĕĆŽ ĚĞ ƚƌĂďĂůŚŽ ŝŶƚĞƌŵŝƚĞŶƚĞ ŶĆŽ ĨĂƌĄ ũƵƐ ĂŽ ďĞŶĞĨşĐŝŽ
ƉƌĞǀŝƐƚŽŶĂ>ĞŝDƵŶŝĐŝƉĂůŶǑϮ͘Ϯϲϯ͕ĚĞϬϮĚĞĂďƌŝůĚĞϮϬϬϴ͕>ĞŝDƵŶŝĐŝƉĂůŶǑϮ͘ϴϬϭ͕ĚĞϭϱĚĞũƵůŚŽĚĞϮϬϭϰĞ
>ĞŝDƵŶŝĐŝƉĂůŶǑϰ͘ϮϯϴĚĞϬϮĚĞĂďƌŝůĚĞϮϬϮϰƋƵĞƚƌĂƚĂĚĂĐŽŶĐĞƐƐĆŽĂƵdžşůŝŽĂůŝŵĞŶƚĂĕĆŽ͕ŽƵĂƋƵĞǀŝĞƌĂ
ƐƵďƐƚŝƚƵŝͲůĂ͘
ƌƚ͘ϵǑ͘WĂƌĂƐĞƌĐŽŶƚƌĂƚĂĚŽŽĐĂŶĚŝĚĂƚŽĚĞǀĞƌĄĂƚĞŶĚĞƌĂŽƐƌĞƋƵŝƐŝƚŽƐĐŽŶƐƚĂŶƚĞƐŶŽĞĚŝƚĂů
ĚŽĐŽŶĐƵƌƐŽƉƷďůŝĐŽͬƉƌŽĐĞƐƐŽƐĞůĞƚŝǀŽĞĚĞŵĂŝƐůĞŐŝƐůĂĕƁĞƐǀŝŐĞŶƚĞƐ͕ĂůĠŵĚĞ͗
/ͲĞƐƚĂƌĞŵŐŽnjŽĚĞďŽĂƐĂƷĚĞĨşƐŝĐĂĞŵĞŶƚĂů͖
// – ŶĆŽ ƐĞƌ ƉŽƌƚĂĚŽƌ ĚĞ ĚĞĨŝĐŝġŶĐŝĂ ŝŶĐŽŵƉĂƚşǀĞů ĐŽŵ Ž ĞdžĞƌĐşĐŝŽ ĚĂ ĂƚŝǀŝĚĂĚĞ Ă ƐĞƌ
ĚĞƐĞŵƉĞŶŚĂĚĂ͖
///–ƚĞƌďŽĂĐŽŶĚƵƚĂĞ͕
/sͲĂƉƌĞƐĞŶƚĂƌĂĚŽĐƵŵĞŶƚĂĕĆŽĞdžŝŐŝĚĂƉĞůŽĞƉĂƌƚĂŵĞŶƚŽĚĞZĞĐƵƌƐŽƐ,ƵŵĂŶŽƐ͕ƋƵĞƐĞƌĄ
ƌĞŐƵůĂŵĞŶƚĂĚĂĂƚƌĂǀĠƐĚĞĞĐƌĞƚŽĚŽWŽĚĞƌdžĞĐƵƚŝǀŽ͘
ƌƚ͘ ϭϬ͘ Ɛ ĐŽŶƚƌĂƚĂĕƁĞƐ ƉŽƌ ƉƌĂnjŽ ĚĞƚĞƌŵŝŶĂĚŽ ŶĂ ŵŽĚĂůŝĚĂĚĞ ŝŶƚĞƌŵŝƚĞŶƚĞ ĚĞǀĞŵ ƐĞƌ
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WƌĞĨĞŝƚŽĚŽDƵŶŝĐşƉŝŽ
LICITAÇÕES
_____________________________________
Maria Clara Pereira de Andrade Silva
Membro da Comissão Permanente de Licitações
____________________________
Maria Clara Pereira de Andrade Silva
Pregoeira
____________________________
Alessandro Alves de Melo
Pregoeiro
ADJUDICAÇÃO E HOMOLOGAÇÃO
NOTIFICAÇÕES
PREFEITURA MUNICIPAL DE SANTA CRUZ DO RIO PARDO através da DEMUTRAN - DEPARTAMENTO MUNICIPAL DE
TRÂNSITO divulga as NOTIFICAÇÕES DA AUTUAÇÃO expedidas nos termos do Art 13º da Resolução CONTRAN 619/2016
e Resolução CONTRAN 299/2008. NOTIFICA os proprietários dos veículos autuados, cujo as placas estão relacionadas, para
até a data término 09/08/2024, apresentarem Recurso de DEFESA DA AUTUAÇÃO.
PREFEITURA MUNICIPAL DE SANTA CRUZ DO RIO PARDO através da DEMUTRAN - DEPARTAMENTO MUNICIPAL DE
TRÂNSITO divulga as NOTIFICAÇÕES DA AUTUAÇÃO expedidas nos termos do Art 13º da Resolução CONTRAN 619/2016
e Resolução CONTRAN 299/2008. NOTIFICA os proprietários dos veículos autuados, cujo as placas estão relacionadas, para
até a data término 21/08/2024, apresentarem Recurso de DEFESA DA AUTUAÇÃO.
S062979-1 ARK5A85 26/06/2024 14:22 252. VI 736-62 DIRIGIR VEÍCULO UTILIZANDO-SE DE TELEFONE CELULAR
PREFEITURA MUNICIPAL DE SANTA CRUZ DO RIO PARDO através da DEMUTRAN - DEPARTAMENTO MUNICIPAL DE
TRÂNSITO divulga as NOTIFICAÇÕES DA AUTUAÇÃO expedidas nos termos do Art 13º da Resolução CONTRAN 619/2016
e Resolução CONTRAN 299/2008. NOTIFICA os proprietários dos veículos autuados, cujo as placas estão relacionadas, para
até a data término 30/08/2024, apresentarem Recurso de DEFESA DA AUTUAÇÃO.
S064453-1 FIL5A03 11/07/2024 14:58 252. ÚNI 763-32 DIRIGIR VEÍCULO MANUSEANDO TELEFONE CELULAR
PREFEITURA MUNICIPAL DE SANTA CRUZ DO RIO PARDO através da DEMUTRAN - DEPARTAMENTO MUNICIPAL DE
TRÂNSITO divulga as NOTIFICAÇÕES DA PENALIDADE expedidas nos termos do Art 13º da Resolução CONTRAN 619/2016
e Resolução CONTRAN 299/2008. NOTIFICA os proprietários dos veículos autuados, cujo as placas estão relacionadas, para
até a data de vencimento 15/08/2024 apresentarem Recurso em 01ª INSTÂNCIA para a JARI conforme instruções abaixo.
INFORMAÇÕES SOBRE INTERPOSIÇÃO DE RECURSO EM 01ª INSTANCIA À JARI A não concordância da
Autuação/Penalidade, facultará a Vossa Senhoria ou Condutor Infrator Interpor Recurso em 01ª Instância a JARI conforme
estabelecem as Resoluções CONTRAN 619/2016 e 299/2008. A Interposição de Recurso em 01ª Instância a JARI deverá ser
apresentada até a DATA de VENCIMENTO constante nesta notificação com os seguintes documentos para cada infração
recorrida:
- REQUERIMENTO endereçado a AUTORIDADE MUNICIPAL DE TRÂNSITO, com dados do REQUERENTE, do
PROPRIETÁRIO e do VEÍCULO, DATADO, ASSINADO, com a EXPOSIÇÃO dos FATOS e FUNDAMENTOS da DEFESA, e as
PROVAS que considerar necessário;
- Cópia da Notificação da Penalidade ou documento equivalente;
- Cópia CNH ou outro documento de identificação que comprove a assinatura do requerente (quando pessoa jurídica, documento
comprovando a representação);
- Cópia do CRLV (documento do veículo);
- Procuração quando for o caso.
Local para entrega do RECURSO EM 01ª INSTÂNCIA PARA JARI:
RUA CONSELHEIRO ANTONIO PRADO, 633, Bairro CENTRO, CEP 18900-017, SANTA CRUZ DO RIO PARDO/SP
HORÁRIO DE ATENDIMENTO AO PÚBLICO: 08:00 0HRS ÀS 11:00HRS-13:00HRS ÀS 16:00HRS
Valor da
Nº AIT Placas Data Hora Base legal Descrição da infração
multa
S063437-1 EEZ9D31 15/05/2024 09:25 736-62 130.16 DIRIGIR VEÍCULO UTILIZANDO-SE DE TELEFONE CELULAR
MULTA. POR NÃO IDENTIFICAÇÃO DO CONDUTOR INFRATOR.
Y062685-1 SSS5F27 18/05/2024 00:00 500-20 390.46
IMPOSTA À PESSOA JURÍDICA
A PREFEITURA MUNICIPAL DE SANTA CRUZ DO RIO PARDO através da DEMUTRAN - DEPARTAMENTO MUNICIPAL DE
TRÂNSITO divulga as NOTIFICAÇÕES DA PENALIDADE expedidas nos termos do Art 13º da Resolução CONTRAN 619/2016
e Resolução CONTRAN 299/2008. NOTIFICA os proprietários dos veículos autuados, cujo as placas estão relacionadas, para
até a data de vencimento 27/08/2024 apresentarem Recurso em 01ª INSTÂNCIA para a JARI conforme instruções acima
Base Valor da
Nº AIT Placas Data Hora Descrição da Infração
legal Multa
ESTACIONAR EM DESACORDO COM A REGULAMENTAÇÃO -
S063481-1 DTT7974 23/05/2024 10:08 554-12 195.23
ESTACIONAMENTO ROTATIVO
ESTACIONAR EM DESACORDO COM A REGULAMENTAÇÃO -
S062881-1 AGL4700 21/05/2024 15:00 554-12 195.23
ESTACIONAMENTO ROTATIVO
ESTACIONAR EM DESACORDO COM A REGULAMENTAÇÃO -
S063412-1 BZY6600 20/05/2024 10:18 554-12 195.23
ESTACIONAMENTO ROTATIVO
A PREFEITURA MUNICIPAL DE SANTA CRUZ DO RIO PARDO através da DEMUTRAN - DEPARTAMENTO MUNICIPAL DE
TRÂNSITO divulga as NOTIFICAÇÕES DA PENALIDADE expedidas nos termos do Art 13º da Resolução CONTRAN 619/2016
e Resolução CONTRAN 299/2008. NOTIFICA os proprietários dos veículos autuados, cujo as placas estão relacionadas, para
até a data de vencimento 03/09/2024 apresentarem Recurso em 01ª INSTÂNCIA para a JARI conforme instruções acima
Base Valor da
Nº AIT Placas Data Hora Descrição da Infração
legal Multa
S063475-1 FNU9J36 23/05/2024 14:16 763-32 293.47 DIRIGIR VEÍCULO MANUSEANDO TELEFONE CELULAR
S062921-1 FER3G28 28/05/2024 15:35 763-32 293.47 DIRIGIR VEÍCULO MANUSEANDO TELEFONE CELULAR
S062642-1 CYO1F51 22/05/2024 15:59 763-32 293.47 DIRIGIR VEÍCULO MANUSEANDO TELEFONE CELULAR
NOTIFICAÇÃO
Em observância ao disposto no Art. 2º., VI do Decreto do
Executivo nº. 380/2014 que dispõe sobre: “em até 15 (quinze) dias após o óbito, a
respectiva certidão deverá ser entregue à administração dos cemitérios”.
__________________________________
Caroline Ramos de Oliveira
Oficial Administrativo
Administração dos Cemitérios e Velórios Municipais
OUTUBRO DE 2023
FALECIDO(A) RESPONSÁVEL
ELDI CALISTO CABRAL NATALIA DA GLORIA CABRAL
MARÇO DE 2024
FALECIDO(A) RESPONSÁVEL
MARLY DRAGAUD MARTINS BEATRIZ DRAGAUD MARTINS
ARVALINO FERNANDES BALIEIRO MARCOS DOS SANTOS FERNANDES
ABRIL DE 2024
FALECIDO(A) RESPONSÁVEL
JOÃO TEODORO DA SILVA ALDIVINO PEREIRA DA SILVA
MAIO DE 2024
FALECIDO(A) RESPONSÁVEL
ANTONIO LINARES LAZARO JOSÉ EVALDO DE OLIVEIRA
MASSAI TAKANO CINTIA LUMY SAITO
AURORA CAMILOTI MAZINI OSMAR JOSÉ MAZINI
FERNANDO HENRIQUE DE PAULA ADILSON ROBERTO DE PAULA
MARIA LEONILDA DOS SANTOS GARCIA JANICE GARCIA
CARLOS AUGUSTO FREITAS ROSANGELA CAETANO GRILO
ALCREDO AZEVEDO DA SILVA CARINA DE FATIMA DA SILVA
JOSÉ BRUN JOSÉ BRUN JUNIOR
JUNHO DE 2024
FALECIDO(A) RESPONSÁVEL
ANTONIO CARLOS SOUZA FERREIRA
ANTONIO CARLOS SOUZA FERREIRA
JUNIOR
JOSÉ APARECIDO RAMOS MARCELO CAMPOS RAMOS
SEBASTIÃO BATISTA IGNACIO SUELI DE FATIMA FEITOSA
BENEDITO FERNANDO PINTO EDNA APARECIDA FERNANDES
JOAQUIM ANDRE DA SILVA ELZA SILVA CARVALHO
LETICIA PRISCILA SILVA DE SOUZA
REGISON GONÇALVES DE SOUZA
PEREIRA
ASSUNTA AMELIA MENEGAZZO ORTEGA LIANE ORTEGA GARCIA PICHININ
MARCIO CASTANHEIRO VANIA CONCEIÇÃO CARVALHO TURIM
LOURDES MARTELOZO SIMÃO THAINA BEATRIZ SALVADOR
JOÃO FERREIRA WAGNER NICOLETTO
JULHO DE 2024
FALECIDO(A) RESPONSÁVEL
JOSÉ GAMA JULIANA RODRIGUES
SEBASTIÃO DE OLIVEIRA NOEMI CLAUDINO ANTÔNIO
BENEDITO FERNANDO PINTO EDNA APARECIDA FERNANDES
BENEDITO EVANGELISTA DIAS ODETE DOS SANTOS EVANGELISTA DIAS
NOTIFICAÇÃO
Notificamos todos os responsáveis abaixo relacionados, sobre o
vencimento do prazo de 3 (três) anos dos sepultamentos realizados em GAVETA
COMUM – ASSISTENCIAL/TEMPORÁRIA.
Fica a Prefeitura de Santa Cruz do Rio Pardo – SP, a qualquer tempo
a partir desta publicação, AUTORIZADA a exumar e transferir os restos mortais dos
falecidos mencionados, para o Ossuário Municipal, caso não houver manifestação dos
familiares, conforme Termo de Ciência e Notificação assinados, com cobrança dos
preços públicos devidos posteriormente.
Santa Cruz do Rio Pardo, 01 de agosto de 2024.
__________________________________
Caroline Ramos de Oliveira
Oficial Administrativo
Administração dos Cemitérios e Velórios Municipais
PORTARIAS
RESOLVE:
Registre-se e Publique-se.
______________________________
Luciana Gomes Dalmati
Diretora de Recursos Humanos
RESOLVE:
Registre-se e Publique-se.
_____________________________
Luciana Gomes Dalmati
Diretora de Recursos Humanos
RESOLVE:
Registre-se e Publique-se.
_____________________________
Luciana Gomes Dalmati
Diretora de Recursos Humanos
RESOLVE:
Registre-se e Publique-se.
_____________________________
Luciana Gomes Dalmati
Diretora de Recursos Humanos
RESOLVE:
Registre-se e Publique-se.
_____________________________
Luciana Gomes Dalmati
Diretora de Recursos Humanos
RESOLVE:
Registre-se e Publique-se.
_____________________________
Luciana Gomes Dalmati
Diretora de Recursos Humanos
RESOLVE:
Registre-se e Publique-se.
_____________________________
Luciana Gomes Dalmati
Diretora de Recursos Humanos
RESOLVE:
Registre-se e Publique-se.
___________________________________
Luciana Gomes Dalmati
Diretora de Recursos Humanos
CODESAN
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SEÇÃO II
CÂMARA MUNICIPAL
Vereador José Carlos do Nascimento Camarinha
SANTA CRUZ DO RIO PARDO – ESTADO DE SÃO PAULO
CNPJ 49.879.919/0001-96
EXTRATO DE CONTRATO
Processo de Licitação nº. 055/2024
Dispensa de Licitação nº. 043/2024
Termo de Adesão às Cláusulas Gerais do Contrato Único de Prestação de
Serviços (Proposta 5598157).
Contratante: CÂMARA MUNICIPAL DE SANTA CRUZ DO RIO PARDO.
Contratado: BANCO DO BRASIL S/A.
Objeto: Contratação de instituição financeira pública para prestação de
serviços de controle das disponibilidades de caixa (conta-movimento / conta-
corrente) da Câmara Municipal de Santa Cruz do Rio Pardo, e serviços de
pagamento das remunerações; salários; pensões e similares, dos servidores e
agentes políticos da Câmara Municipal de Santa Cruz do Rio Pardo, mediante
crédito a ser efetuado em conta corrente ou assemelhada.
Prazo de Vigência: 12 (doze) meses.
Valor Total: R$ 6.000,00 (seis mil reais).
Avenida Cel. Clementino Gonçalves, n° 586 – Chácara Peixe - Caixa Postal nº 116 – Telefone / Fax (14) 3332-
4128 – WhatsApp (14) 99741 - 0859 - CEP 18.900-488 – SANTA CRUZ DO RIO PARDO – SP – E-mails:
camarascrpardo@tdkom.com.br / camarascrpardo@camarasantacruzdoriopardo.sp.gov.br