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*HVHQGHW                                                  0LWWZRFK-XQL
$Q                                                        :LHFN*LDQ
&F                                                        :DKDE]DGD)DUKDQMD *,= 
%HWUHII                                                   >(;7@5(:LQGHQHUJLH,QLWLDWLYHLQ1DPLELD
$QODJHQ                                                   ::B(;B:LQGLQLWLDWLYHB*KDQDB'(BUHYBBBSGI

.HQQ]HLFKQXQJ                                             =XU1DFKYHUIROJXQJ
.HQQ]HLFKQXQJVVWDWXV                                      *HNHQQ]HLFKQHW


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^ĞŚƌŐĞĞŚƌƚĞƌ,ĞƌƌtŝĞĐŬ͕

ĂŝĐŚŶŝĐŚƚƐŵĞŚƌǀŽŶ/ŚŶĞŶŐĞŚƂƌƚŚĂďĞ͕ŐĞŚĞŝĐŚĚĂǀŽŶĂƵƐ͕ĚĂƐƐƵŶƐĞƌWƌŽũĞŬƚĂƵĨŬĞŝŶ/ŶƚĞƌĞƐƐĞŝŶ/ŚƌĞŵ
DŝŶŝƐƚĞƌŝƵŵƐƚƂƐƐƚ͘/ĐŚĨŝŶĚĞĞƐƉĞƌƐƂŶůŝĐŚďĞĚĂƵĞƌůŝĐŚ͕ĚĂƐƐĚĞƌdƌĂŶƐĨĞƌǀŽŶŐƌƺŶĞƌdĞĐŚŶŽůŽŐŝĞŶĂĐŚĨƌŝŬĂŝŶ
ŶŽĐŚŶŝĐŚƚĞŝŶŵĂůŝŶ/ŚƌĞŵDŝŶŝƐƚĞƌŝƵŵǀŽƌŐĞƐƚĞůůƚǁĞƌĚĞŶŬĂŶŶ͘

/ŵŶŚĂŶŐĚĂƐĞdžĞĐƵƚŝǀĞƐƵŵŵĂƌLJnjƵĚĞŵWƌŽũĞŬƚĨƺƌ'ŚĂŶĂ͕ƉĂƐƐƚĂďĞƌƐŽĨĂƐƚŝŶũĞĚĞƐĂĨƌŝŬĂŶŝƐĐŚĞ>ĂŶĚ͕ĨĂůůƐ^ŝĞ
ĚŽĐŚŵĂůϱDŝŶƵƚĞŶĚĂĨƺƌŚĂďĞŶ͘/ĐŚǁĞƌĚĞ^ŝĞĂďũĞƚnjƚŶŝĐŚƚŵĞŚƌŬŽŶƚĂŬƚŝĞƌĞŶ͘

DŝƚĨƌĞƵŶĚůŝĐŚĞŶ'ƌƺƐƐĞŶ͕




t/Et/^'ŵď,

                                 
t/Et/^'ŵď,ͮ,ĂĨĞŶǁĞŐϰϲͲϰϴͮϰϴϭϱϱDƵĞŶƐƚĞƌͮ'ĞƌŵĂŶLJ



                                               

t/Et/^'ŵď,ͮ^ŝƚnjͬZĞŐ͘ŵƚƐŐĞƌŝĐŚƚDƺŶƐƚĞƌŬƚĞŶnjĞŝĐŚĞŶ͗,ZϭϱϰϴϰͮDĂŶĂŐŝŶŐĚŝƌĞĐƚŽƌƐ͗DĂƌŬƵƐĞĐŬĞƌ͕ĞŶŶŽ
^ĂŶĚŵĂŶŶ

dŚŝƐĞͲŵĂŝůĐŽŶƚĂŝŶƐĐŽŶĨŝĚĞŶƚŝĂůĂŶĚͬŽƌƉƌŝǀŝůĞŐĞĚŝŶĨŽƌŵĂƚŝŽŶ͘/ĨLJŽƵĂƌĞŶŽƚƚŚĞŝŶƚĞŶĚĞĚƌĞĐŝƉŝĞŶƚŽƌŚĂǀĞƌĞĐĞŝǀĞĚƚŚŝƐĞͲŵĂŝůŝŶĞƌƌŽƌƉůĞĂƐĞŶŽƚŝĨLJƚŚĞ
ƐĞŶĚĞƌŝŵŵĞĚŝĂƚĞůLJĂŶĚĚĞůĞƚĞƚŚŝƐĞͲŵĂŝů͘ŶLJƵŶĂƵƚŚŽƌŝƐĞĚĐŽƉLJŝŶŐ͕ĚŝƐĐůŽƐƵƌĞŽƌĚŝƐƚƌŝďƵƚŝŽŶŽĨƚŚĞŵĂƚĞƌŝĂůŝŶƚŚŝƐĞͲŵĂŝůŝƐƐƚƌŝĐƚůLJĨŽƌďŝĚĚĞŶ͘tĞĚŽŶŽƚ
ŐƵĂƌĂŶƚĞĞƚŚĞƐĞĐƵƌŝƚLJŽĨĞͲŵĂŝůƚƌĂŶƐŵŝƐƐŝŽŶƐ͘



&ƌŽŵ͗tŝĞĐŬ͕'ŝĂŶф'ŝĂŶ͘tŝĞĐŬΛďŵnj͘ďƵŶĚ͘ĚĞх
^ĞŶƚ͗DŽŶĚĂLJ͕DĂLJϭϲ͕ϮϬϮϮϭϱ͗ϭϴ
dŽ͗
Đ͗tĂŚĂďnjĂĚĂ͕&ĂƌŚĂŶũĂ;'/ͿфĨĂƌŚĂŶũĂ͘ǁĂŚĂďnjĂĚĂΛŐŝnj͘ĚĞх
^ƵďũĞĐƚ͗t͗tŝŶĚĞŶĞƌŐŝĞ/ŶŝƚŝĂƚŝǀĞŝŶEĂŵŝďŝĂ

                                                                                 




ĚĂŶŬĞĨƺƌ/ŚƌĞŶŶƌƵĨ͘'ĞƌŶĞǁƺƌĚĞŶǁŝƌƵŶƐŵŝƚ/ŚŶĞŶĂƵƐƚĂƵƐĐŚĞŶ͕Ƶŵ/Śƌ<ŽŶnjĞƉƚďĞƐƐĞƌnjƵǀĞƌƐƚĞŚĞŶƵŶĚnjƵ
ďĞƐƉƌĞĐŚĞŶ͘tŝƌǁƺƌĚĞŶƵŶƐĨƌĞƵĞŶ͕ǁĞŶŶ^ŝĞƵŶƐĚĂnjƵ/Śƌ<ŽŶnjĞƉƚŬƵƌnjƉƌćƐĞŶƚŝĞƌĞŶŬƂŶŶƚĞŶ͘/ŶĚĞŵZĂŚŵĞŶ
ŬƂŶŶĞŶǁŝƌ/ŚŶĞŶĂƵĐŚŐĞƌŶĞƵŶƐĞƌĞdćƚŝŐŬĞŝƚĞŶŝŵZĂŚŵĞŶĚĞƌhŶƚĞƌŶĞŚŵĞŶƐĂůůŝĂŶnjŶĞƌŐŝĞǀŽƌƐƚĞůůĞŶ͘

&ƌĂƵ&ĂƌŚĂŶũĂtĂŚĂďnjĂĚĂ;>ĞŝƚĞƌŝŶĚĞƐdĞĂŵƐĚĞƌhŶƚĞƌŶĞŚŵĞŶƐĂůůŝĂŶnjŶĞƌŐŝĞͿǁŝƌĚƐŝĐŚĚĂnjƵďĞŝ/ŚŶĞŶŵĞůĚĞŶ
ƵŶĚĞŝŶĞŶŐĞŵĞŝŶƐĂŵĞŶdĞƌŵŝŶǀĞƌĞŝŶďĂƌĞŶ͘

sŝĞůĞ'ƌƺƘĞ͕
'ŝĂŶtŝĞĐŬ

ͺͺ

'ŝĂŶtŝĞĐŬ
ZĞĨĞƌĂƚϭϭϭͲƵƐĂŵŵĞŶĂƌďĞŝƚŵŝƚĚĞƌtŝƌƚƐĐŚĂĨƚ
ƵŶĚĞƐŵŝŶŝƐƚĞƌŝƵŵĨƺƌǁŝƌƚƐĐŚĂĨƚůŝĐŚĞƵƐĂŵŵĞŶĂƌďĞŝƚƵŶĚŶƚǁŝĐŬůƵŶŐ;DͿ
^ƚƌĞƐĞŵĂŶŶƐƚƌĂƘĞϵϰ͕ϭϬϵϲϯĞƌůŝŶ

dнϰϵϯϬϭϴϱϯϱͲϮϮϳϮ
ŐŝĂŶ͘ǁŝĞĐŬΛďŵnj͘ďƵŶĚ͘ĚĞ

tǁǁǁ͘ďŵnj͘ĚĞͬƉƌŝǀĂƚǁŝƌƚƐĐŚĂĨƚ
tǁǁǁ͘ďŵnj͘ĚĞͬǁĂƐƐĞƌƐƚŽĨĨ

ƌďĞŝƚƐnjĞŝƚĞŶŝ͘Ě͘Z͘DŽͲŽ





                                                                         

sŽŶ͗tŝĞĐŬ͕'ŝĂŶ
'ĞƐĞŶĚĞƚ͗ŝĞŶƐƚĂŐ͕Ϯϲ͘ƉƌŝůϮϬϮϮϭϬ͗ϭϰ
Ŷ͗Ζ
Đ͗                                                                                                   

ĞƚƌĞĨĨ͗tŝŶĚĞŶĞƌŐŝĞ/ŶŝƚŝĂƚŝǀĞŝŶEĂŵŝďŝĂ

^ĞŚƌŐ

ŚĂďĞŶ^ŝĞǀŝĞůĞŶĂŶŬĨƺƌĚŝĞWƌćƐĞŶƚĂƚŝŽŶ/ŚƌĞƌtŝŶĚĞŶĞƌŐŝĞ/ŶŝƚŝĂƚŝǀĞŝŶEĂŵŝďŝĂ͘'ĞƌŶĞŵƂĐŚƚĞŝĐŚ/ŚŶĞŶŚŝĞƌnjƵ
ĨŽůŐĞŶĚĞ,ŝŶǁĞŝƐĞnjƵŵdŚĞŵĞŶĨĞůĚŐƌƺŶĞƌtĂƐƐĞƌƐƚŽĨĨŐĞďĞŶ͘

ĂƐƵŶĚĞƐŵŝŶŝƐƚĞƌŝƵŵĨƺƌǁŝƌƚƐĐŚĂĨƚůŝĐŚĞƵƐĂŵŵĞŶĂƌďĞŝƚƵŶĚŶƚǁŝĐŬůƵŶŐďĞŐƌƺƘƚĚĂƐŶŐĂŐĞŵĞŶƚĚĞƵƚƐĐŚĞƌ
hŶƚĞƌŶĞŚŵĞŶŝŶĨƌŝŬĂƐĞŚƌ͘ĂƐƉƌŝŵćƌĞŝĞůĚĞƐDďĞŝŵdŚĞŵĂŐƌƺŶĞƌtĂƐƐĞƌƐƚŽĨĨŝƐƚĞŝŶĞƐŽnjŝŽͲƂŬŽůŽŐŝƐĐŚĞ
tŝƌƚƐĐŚĂĨƚƐƚƌĂŶƐĨŽƌŵĂƚŝŽŶŝŶƵŶƐĞƌĞŶWĂƌƚŶĞƌůćŶĚĞƌŶnjƵƵŶƚĞƌƐƚƺƚnjĞŶ͘ĂďĞŝƐŽůůŶŝĐŚƚŶƵƌĞŝŶĞŝƚƌĂŐnjƵŵ
<ůŝŵĂƐĐŚƵƚnjŐĞůĞŝƐƚĞƚ͕ƐŽŶĚĞƌŶŐůĞŝĐŚnjĞŝƚŝŐĂƵĨŵƂŐůŝĐŚƐƚŶĂĐŚŚĂůƚŝŐĞƌƚƵŶĚtĞŝƐĞůŽŬĂůĞtĞƌƚƐĐŚƂƉĨƵŶŐĞƌnjĞƵŐƚ
ǁĞƌĚĞŶ͘hŶƚĞƌŬĞŝŶĞŶhŵƐƚćŶĚĞŶĚĂƌĨĚŝĞƌnjĞƵŐƵŶŐǀŽŶŐƌƺŶĞŵtĂƐƐĞƌƐƚŽĨĨĚĂďĞŝnjƵtĂƐƐĞƌͲŽĚĞƌ
ŶĞƌŐŝĞŬŶĂƉƉŚĞŝƚŝŶĚĞŶ>ćŶĚĞƌŶĨƺŚƌĞŶ͕ǁĞƐŚĂůďŝĐŚŵŝĐŚĨƺƌ/ŚƌĞŶŝŶŶŽǀĂƚŝǀĞŶŶƐĂƚnjďĞĚĂŶŬĞŶŵƂĐŚƚĞ͘


                                                         

'ůĞŝĐŚnjĞŝƚŝŐŝƐƚĚĞŵDĚŝĞĞŶŐĞ<ŽŽƉĞƌĂƚŝŽŶŵŝƚĚĞŵWƌŝǀĂƚƐĞŬƚŽƌĞŝŶďĞƐŽŶĚĞƌĞƐŶůŝĞŐĞŶ͕ƵŵƺďĞƌ
ƚĞĐŚŶŽůŽŐŝƐĐŚĞƵŶĚǁŝƌƚƐĐŚĂĨƚůŝĐŚĞŶƚǁŝĐŬůƵŶŐĞŶƐŽǁŝĞĚŝĞƉŽůŝƚŝƐĐŚĞŶƵŶĚƌĞŐƵůĂƚŽƌŝƐĐŚĞŶ,ĞƌĂƵƐĨŽƌĚĞƌƵŶŐĞŶĨƺƌ
ĞŝŶĞŶDĂƌŬƚŚŽĐŚůĂƵĨĚĞƐŐƌƺŶĞŶtĂƐƐĞƌƐƚŽĨĨƐŝŵŝůĚĞnjƵƐĞŝŶƵŶĚĚŝĞƐĞŶĂŬƚŝǀĨƂƌĚĞƌŶnjƵŬƂŶŶĞŶ͘

/ŶĚŝĞƐĞŵƵƐĂŵŵĞŶŚĂŶŐŵƂĐŚƚĞŝĐŚ^ŝĞƐĞŚƌŐĞƌŶĞĂŶƵŶƐĞƌĞ<ŽůůĞŐΎŝŶŶĞŶĚĞƌhŶƚĞƌŶĞŚŵĞŶƐĂůůŝĂŶnjŶĞƌŐŝĞ
;ǁĂƐƐĞƌƐƚŽĨĨΛŐŝnj͘ĚĞͿĂƵĨŵĞƌŬƐĂŵŵĂĐŚĞŶ͘ŝĞhŶƚĞƌŶĞŚŵĞŶƐĂůůŝĂŶnjďŝĞƚĞƚĞŝŶĞƵƐƚĂƵƐĐŚƉůĂƚƚĨŽƌŵnjƵŐƌƺŶĞŵ
tĂƐƐĞƌƐƚŽĨĨƵŶĚWƚyƵŶĚƐƚĞŚƚ/ŚŶĞŶũĞĚĞƌnjĞŝƚŐĞƌŶĞĨƺƌĞŝŶĞŶǀĞƌƚŝĞĨƚĞŶƵƐƚĂƵƐĐŚnjƵƌsĞƌĨƺŐƵŶŐ͘

ĂƌƺďĞƌŚŝŶĂƵƐŬƂŶŶĞŶ^ŝĞƐŝĐŚŐĞƌŶĞĨƺƌĞŝŶĞǁĞŝƚĞƌĨƺŚƌĞŶĚĞĞƌĂƚƵŶŐŚŝŶƐŝĐŚƚůŝĐŚĂůůŐĞŵĞŝŶĞƌ
&ƂƌĚĞƌŵƂŐůŝĐŚŬĞŝƚĞŶŝŵZĂŚŵĞŶĚĞƌŶƚǁŝĐŬůƵŶŐƐnjƵƐĂŵŵĞŶĂƌďĞŝƚĂŶĚŝĞŐĞŶƚƵƌĨƺƌtŝƌƚƐĐŚĂĨƚƵŶĚŶƚǁŝĐŬůƵŶŐ
;tͿǁĞŶĚĞŶ͗ŚƚƚƉƐ͗ͬͬǁǁǁ͘ǁŝƌƚƐĐŚĂĨƚͲĞŶƚǁŝĐŬůƵŶŐ͘ĚĞ͘ŝĞtďĞƌćƚŝŵƵĨƚƌĂŐĚĞƐDhŶƚĞƌŶĞŚŵĞŶ͕ĚŝĞŝŶ
ŶƚǁŝĐŬůƵŶŐƐͲƵŶĚ^ĐŚǁĞůůĞŶůćŶĚĞƌŶĂŬƚŝǀƐŝŶĚŽĚĞƌƐŝĐŚĚŽƌƚĞŶŐĂŐŝĞƌĞŶŵƂĐŚƚĞŶƵŶĚƐƚĞůůƚ/ŶĨŽƌŵĂƚŝŽŶĞŶnjƵĚĞŶ
ƵƐƐĐŚƌĞŝďĞǀĞƌĨĂŚƌĞŶĚĞƵƚƐĐŚĞƌƵŶĚŝŶƚĞƌŶĂƚŝŽŶĂůĞƌWƌŽũĞŬƚĞŝŶĚĞƌŶƚǁŝĐŬůƵŶŐƐnjƵƐĂŵŵĞŶĂƌďĞŝƚďĞƌĞŝƚ͘

&ƺƌ/ŚƌǁĞŝƚĞƌĞƐŶŐĂŐĞŵĞŶƚǁƺŶƐĐŚĞŝĐŚ/ŚŶĞŶǀŝĞůƌĨŽůŐ͘

DŝƚĨƌĞƵŶĚůŝĐŚĞŶ'ƌƺƘĞŶ͕

'ŝĂŶtŝĞĐŬ


ͺͺ

'ŝĂŶtŝĞĐŬ
ZĞĨĞƌĂƚϭϭϭͲƵƐĂŵŵĞŶĂƌďĞŝƚŵŝƚĚĞƌtŝƌƚƐĐŚĂĨƚ
ƵŶĚĞƐŵŝŶŝƐƚĞƌŝƵŵĨƺƌǁŝƌƚƐĐŚĂĨƚůŝĐŚĞƵƐĂŵŵĞŶĂƌďĞŝƚƵŶĚŶƚǁŝĐŬůƵŶŐ;DͿ
^ƚƌĞƐĞŵĂŶŶƐƚƌĂƘĞϵϰ͕ϭϬϵϲϯĞƌůŝŶ

dнϰϵϯϬϭϴϱϯϱͲϮϮϳϮ
ŐŝĂŶ͘ǁŝĞĐŬΛďŵnj͘ďƵŶĚ͘ĚĞ

tǁǁǁ͘ďŵnj͘ĚĞͬƉƌŝǀĂƚǁŝƌƚƐĐŚĂĨƚ
tǁǁǁ͘ďŵnj͘ĚĞͬǁĂƐƐĞƌƐƚŽĨĨ

ƌďĞŝƚƐnjĞŝƚĞŶŝ͘Ě͘Z͘DŽͲŽ





                                                                       

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