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QHFHVVLWj SRWUHEEH HVVHUH VXSHUDWD FRQ OD FRSHUWXUD GHL SRVWL PHGLDQWH L FRQFRUVLVRSUDFLWDWL /HULVRUVHILQDQ]LDULH ,OGRFXPHQWRSUHYLVLRQDOHUHFHSLVFHOHQRYLWjLQWURGRWWHGDO'HFUHWRGHO0LQLVWHURGHOO (FRQRPLDH GHOOH)LQDQ]HGHOPDU]RDWWXDWLYRGHOODOHJJHGLULIRUPDGHOODFRQWDELOLWjSXEEOLFDQGHO HUHFDQWH´&ULWHULHPRGDOLWjGLSUHGLVSRVL]LRQHGHOEXGJHWHFRQRPLFRGHOOH$PPLQLVWUD]LRQLSXEEOLFKHLQFRQWDELOLWjFLYLOLVWLFDµHG qVWDWRLPSRVWDWRWHQHQGRFRQWRGLWXWWLLYLQFROLQRUPDWLYLHILQDQ]LDULVRSUDGHVFULWWL ,Q SDUWLFRODUH OH ULGX]LRQL GL VSHVD HIIHWWXDWH LQ RVVHTXLR DOOH PDQRYUH GL ILQDQ]D SXEEOLFD QRQ FRVWLWXLVFRQR ULVSDUPL H TXLQGL PDJJLRUL ULVRUVH GL FXL OD &DPHUD SXz GLVSRUUH SHU JOL LQWHUYHQWL VXO WHUULWRULR EHQVu UDSSUHVHQWDQR FRVWL GL IXQ]LRQDPHQWR H GHEERQR HVVHUH REEOLJDWRULDPHQWH YHUVDWH DOOR 6WDWR QHO FRUVR GHOO DQQR Consuntivo 2010 GESTIONE CORRENTE A) Proventi correnti 1) Diritto Annuale 2) Diritti di Segreteria Consuntivo 2011 Consuntivo 2012 Preconsuntivo 2013 Preventivo 2014 3.841.569,00 801.325,00 3.897.122,00 798.072,00 3.966.939,76 765.725,39 3.883.670,00 631.876,00 3.784.500,00 628.625,00 3) Contributi trasferimenti e altre entrate 91.672,00 84.502,00 1.125.116,90 1.078.842,00 230.267,00 4) Proventi da gestione di beni e servizi 13.128,00 57.830,00 71.742,60 27.562,00 25.000,00 (2.659,00) 9.037,00 (3.636,98) - - 5) Variazione delle rimanenze Totale proventi correnti (A) 4.745.035,00 4.846.563,00 5.925.887,67 5.621.950,00 4.668.392,00 (732.222,00) (1.385.732,00) (1.295.789,00) (854.450,00) (1.456.094,00) (1.727.061,00) (1.027.594,68)) (1.416.593,39) (2.171.269,30) (988.322,00) (926.780,00) (1.508.550,00) (1.500.543,00) (2.142.651,00) (1.308.640,00) (775.909,00) (929.481,00) (1.373.682,33) (1.104.460,00) (1.025.485,00) (4.189.652,00) (4.967.086,00) (5.989.139,70) (5.743.983,00) (4.761.448,00) 555.383,00 (120.523,00) (63.252,03) B) Oneri Correnti 6) Personale 7) Funzionamento 8) Interventi economici 9) Ammortamenti e accantonamenti Totale Oneri Correnti (B) Risultato della 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ƌĞĂ^ƚƌĂƚĞŐŝĐĂ ŶĂůŝƐŝĚĞŝďŝƐŽŐŶŝĞĚĞůůŽƐĐĞŶĂƌŝŽĚĂůƋƵĂůĞĞŵĞƌŐĞ ůΖŽƉƉŽƌƚƵŶŝƚăĚŝĚĞĨŝŶŝƌĞĞĂƐƐĞŐŶĂƌƐŝƵŶŽďŝĞƚƚŝǀŽ ƐƚƌĂƚĞŐŝĐŽ KďŝĞƚƚŝǀŽƐƚƌĂƚĞŐŝĐŽ ;ĞĨŝŶŝnjŝŽŶĞĚĞůůΖŽďŝĞƚƚŝǀŽĞĚĞůůĞĂnjŝŽŶŝĐŚĞƐŝ ǀŽŐůŝŽŶŽĂƚƚƵĂƌĞƉĞƌŝůƐƵŽĐŽŶƐĞŐƵŝŵĞŶƚŽͿ ^ŽƐƚĞŐŶŽĚĞůƐŝƐƚĞŵĂĞĐŽŶŽŵŝĐŽůŽĐĂůĞĞ ^ǀŝůƵƉƉŽĚĞůƚĞƌƌŝƚŽƌŝŽ >Ă ĂŵĞƌĂ Ěŝ ŽŵŵĞƌĐŝŽ ƉƵŶƚĂ ĂůůĂ ĚŝĨĨƵƐŝŽŶĞ͕ ƐŝĂ Ă ůŝǀĞůůŽ ůŽĐĂůĞ ĐŚĞ ŶĂnjŝŽŶĂůĞ͕ ĚĞůůĞ ĞĐĐĞůůĞŶnjĞ ŝŵƉƌĞŶĚŝƚŽƌŝĂůŝ ĂƚƚƌĂǀĞƌƐŽ ůĂ ǀĂůŽƌŝnjnjĂnjŝŽŶĞ ĚĞůů͛ĂůƚĂ ƋƵĂůŝƚă ůĞŐĂƚĂ Ăů ƚĞƌƌŝƚŽƌŝŽ͘ ^ŽƐƚĞŶĞƌĞ ůĂ ĨŽƌŵĂnjŝŽŶĞ Ěŝ ƐƉĞĐŝĨŝĐŚĞ ƉƌŽĨĞƐƐŝŽŶĂůŝƚă Ƶƚŝůŝ ĂůůŽ ƐǀŝůƵƉƉŽ ĚĞůůΖĞĐŽŶŽŵŝĂĚĞůƚĞƌƌŝƚŽƌŝŽ ZŝƐƵůƚĂƚŝĂƚƚĞƐŝ ;ƐŽŶŽĞƐƉůŝĐŝƚĂƚŝŝŶƚĞƌŵŝŶŝĚŝŽƵƚĐŽŵĞĞĚŝŽƵƚƉƵƚĞ ŝŶĚŝǀŝĚƵĂŶŽŝŶŵĂŶŝĞƌĂƐƉĞĐŝĨŝĐĂĞŝŶĞƋƵŝǀŽĐĂďŝůĞŝů ůŝǀĞůůŽĚŝŽďŝĞƚƚŝǀŽĚĂƌĂŐŐŝƵŶŐĞƌĞͿ /ŶĐƌĞŵĞŶƚĂƌĞ ŝů ŶƵŵĞƌŽ Ěŝ ůĂƵƌĞĂƚŝ Ğ ĚŝƉůŽŵĂƚŝ ŝŶ ĂŵďŝƚŽ ƚĞĐŶŝĐŽͲƐĐŝĞŶƚŝĨŝĐŽ ŶĞů ƚƌŝĞŶŶŝŽϮϬϭϰͲϮϬϭϲ;ĂůŵĞŶŽŶ͘ϮϭůĂƵƌĞĂƚŝŶĞů ƚƌŝĞŶŶŝŽͿ <W/ ;DĞƚƌŝĐŚĞĚĞĨŝŶŝƚĞƐƵůůĂďĂƐĞĚĞŝƌŝƐƵůƚĂƚŝĂƚƚĞƐŝ ŶĞĐĞƐƐĂƌŝĞƉĞƌŵŽŶŝƚŽƌĂƌĞůΖĂŶĚĂŵĞŶƚŽĚĞůůΖŽďŝĞƚƚŝǀŽͿ EƵŵĞƌŽĚŝůĂƵƌĞĂƚŝĞĚŝƉůŽŵĂƚŝŝŶĂŵďŝƚŽ ƚĞĐŶŝĐŽͲƐĐŝĞŶƚŝĨŝĐŽŶĞůƚƌŝĞŶŶŝŽϮϬϭϰͲϮϬϭϲ ϭͿ<W/ĚŝŵŽŶŝƚŽƌĂŐŐŝŽĞǀĂůƵƚĂnjŝŽŶĞ ƌĞĞŽƌŐĂŶŝnjnjĂƚŝǀĞĐŽŝŶǀŽůƚĞŶĞůůĂƌĞĂůŝnjnjĂnjŝŽŶĞ ƌĞĂ^ǀŝůƵƉƉŽ ^ĐŚĞĚĂĚŝWƌŽŐƌĂŵŵĂnjŝŽŶĞ^ƚƌĂƚĞŐŝĐĂ ƌĞĂ^ƚƌĂƚĞŐŝĐĂ ^ŽƐƚĞŐŶŽĚĞůƐŝƐƚĞŵĂĞĐŽŶŽŵŝĐŽůŽĐĂůĞĞ^ǀŝůƵƉƉŽ ĚĞůƚĞƌƌŝƚŽƌŝŽ >Ă ĂŵĞƌĂ Ěŝ ŽŵŵĞƌĐŝŽ ƉƵŶƚĂ ĂůůĂ ĚŝĨĨƵƐŝŽŶĞ͕ ƐŝĂ Ă ŶĂůŝƐŝĚĞŝďŝƐŽŐŶŝĞĚĞůůŽƐĐĞŶĂƌŝŽĚĂůƋƵĂůĞ ůŝǀĞůůŽ ůŽĐĂůĞ ĐŚĞ ŶĂnjŝŽŶĂůĞ͕ ĚĞůůĞ ĞĐĐĞůůĞŶnjĞ ĞŵĞƌŐĞůΖŽƉƉŽƌƚƵŶŝƚăĚŝĚĞĨŝŶŝƌĞĞ ŝŵƉƌĞŶĚŝƚŽƌŝĂůŝ ĂƚƚƌĂǀĞƌƐŽ ůĂ ǀĂůŽƌŝnjnjĂnjŝŽŶĞ ĚĞůů͛ĂůƚĂ ĂƐƐĞŐŶĂƌƐŝƵŶŽďŝĞƚƚŝǀŽƐƚƌĂƚĞŐŝĐŽ ƋƵĂůŝƚăůĞŐĂƚĂĂůƚĞƌƌŝƚŽƌŝŽ͘ KďŝĞƚƚŝǀŽƐƚƌĂƚĞŐŝĐŽ ;ĞĨŝŶŝnjŝŽŶĞĚĞůůΖŽďŝĞƚƚŝǀŽĞĚĞůůĞĂnjŝŽŶŝ ĐŚĞƐŝǀŽŐůŝŽŶŽĂƚƚƵĂƌĞƉĞƌŝůƐƵŽ ĐŽŶƐĞŐƵŝŵĞŶƚŽͿ ^ŽƐƚĞŶĞƌĞ Ğ ƌĂĨĨŽƌnjĂƌĞ ůĞ ŝŵƉƌĞƐĞ ůŽĐĂůŝ͕ ĨĂǀŽƌĞŶĚŽůΖĂĐĐĞƐƐŽĂůĐƌĞĚŝƚŽĂŐĞǀŽůĂƚŽ ZŝƐƵůƚĂƚŝĂƚƚĞƐŝ ;ƐŽŶŽĞƐƉůŝĐŝƚĂƚŝŝŶƚĞƌŵŝŶŝĚŝŽƵƚĐŽŵĞĞĚŝ ŽƵƚƉƵƚĞŝŶĚŝǀŝĚƵĂŶŽŝŶŵĂŶŝĞƌĂƐƉĞĐŝĨŝĐĂĞ ŝŶĞƋƵŝǀŽĐĂďŝůĞŝůůŝǀĞůůŽĚŝŽďŝĞƚƚŝǀŽĚĂ ƌĂŐŐŝƵŶŐĞƌĞͿ ƌŽŐĂƌĞ ŶĞů ƚƌŝĞŶŶŝŽ ϮϬϭϰͲϮϬϭϲ ƵŶ ĂŵŵŽŶƚĂƌĞ Ěŝ ƌŝƐŽƌƐĞ ĂůůĞ ŝŵƉƌĞƐĞ ƉĞƌ ƉƌŽŐƌĂŵŵŝ Ěŝ ƐŽƐƚĞŐŶŽ Ăů ĐƌĞĚŝƚŽŶĞůƚƌŝĞŶŶŝŽƉĞƌĂůŵĞŶŽΦϭ͘ϬϬϬ͘ϬϬϬ <W/ ;DĞƚƌŝĐŚĞĚĞĨŝŶŝƚĞƐƵůůĂďĂƐĞĚĞŝƌŝƐƵůƚĂƚŝ ĂƚƚĞƐŝŶĞĐĞƐƐĂƌŝĞƉĞƌŵŽŶŝƚŽƌĂƌĞ ůΖĂŶĚĂŵĞŶƚŽĚĞůůΖŽďŝĞƚƚŝǀŽͿ ϭͿ<W/ĚŝŵŽŶŝƚŽƌĂŐŐŝŽĞǀĂůƵƚĂnjŝŽŶĞ >ŝǀĞůůŽĚŝƌŝƐŽƌƐĞĞƌŽŐĂƚĞĂůůĞŝŵƉƌĞƐĞƉĞƌƉƌŽŐƌĂŵŵŝĚŝ ƐŽƐƚĞŐŶŽĂůĐƌĞĚŝƚŽϮϬϭϰ ƌĞĞŽƌŐĂŶŝnjnjĂƚŝǀĞĐŽŝŶǀŽůƚĞŶĞůůĂ ƌĞĂůŝnjnjĂnjŝŽŶĞ ƵĚŐĞƚƉƌĞǀŝƐƚŽ ;ŽƐƚŝĞƐƚĞƌŶŝͿ dĂƌŐĞƚ ƌĞĂ^ǀŝůƵƉƉŽ Φϭ͘ϬϬϬ͘ϬϬϬĂŶŶƵŝ ϮϬϭϰ͗ϯϱϬ͘ϬϬϬϮϬϭϱ͗ϯϱϬ͘ϬϬϬϮϬϭϲ͗ϯϬϬ͘ϬϬϬ ^ĐŚĞĚĂĚŝWƌŽŐƌĂŵŵĂnjŝŽŶĞ^ƚƌĂƚĞŐŝĐĂ ƌĞĂ^ƚƌĂƚĞŐŝĐĂ ŶĂůŝƐŝĚĞŝďŝƐŽŐŶŝĞĚĞůůŽƐĐĞŶĂƌŝŽĚĂůƋƵĂůĞ ĞŵĞƌŐĞůΖŽƉƉŽƌƚƵŶŝƚăĚŝĚĞĨŝŶŝƌĞĞĂƐƐĞŐŶĂƌƐŝƵŶ ŽďŝĞƚƚŝǀŽƐƚƌĂƚĞŐŝĐŽ KďŝĞƚƚŝǀŽƐƚƌĂƚĞŐŝĐŽ ;ĞĨŝŶŝnjŝŽŶĞĚĞůůΖŽďŝĞƚƚŝǀŽĞĚĞůůĞĂnjŝŽŶŝĐŚĞƐŝ ǀŽŐůŝŽŶŽĂƚƚƵĂƌĞƉĞƌŝůƐƵŽĐŽŶƐĞŐƵŝŵĞŶƚŽͿ ^ŽƐƚĞŐŶŽ ĚĞů ƐŝƐƚĞŵĂ ĞĐŽŶŽŵŝĐŽ ůŽĐĂůĞ Ğ ^ǀŝůƵƉƉŽĚĞůƚĞƌƌŝƚŽƌŝŽ >͛ŝŶŶŽǀĂnjŝŽŶĞ Ğ ůĂ ƋƵĂůŝƚă ĚĞŝ ƉƌŽĚŽƚƚŝ ĚĞů ƚĞƌƌŝƚŽƌŝŽƐŽŶŽůĂĐĂƌƚĂǀŝŶĐĞŶƚĞƉĞƌŵŝŐůŝŽƌĂƌĞĞ ĂŵƉůŝĂƌĞŝƌŝƐƵůƚĂƚŝƌĂŐŐŝƵŶƚŝĚĂůůĞŝŵƉƌĞƐĞĚĞůůĂ ŶŽƐƚƌĂĂƌĞĂŐĞŽŐƌĂĨŝĐĂ͘ WƌŽŵƵŽǀĞƌĞŝůƚĞƌƌŝƚŽƌŝŽĞůĞĞĐĐĞůůĞŶnjĞĚĞů &ĞƌŵĂŶŽ͕ŝŶ/ƚĂůŝĂĞĂůůΖĞƐƚĞƌŽ͕ĂƚƚƌĂǀĞƌƐŽůĂ ƉƌĞƐĞŶƚĂnjŝŽŶĞĚĞŝƉƌŽĚŽƚƚŝƚŝƉŝĐŝ ZŝƐƵůƚĂƚŝĂƚƚĞƐŝ 'ĂƌĂŶƚŝƌĞ ŶĞů ƚƌŝĞŶŶŝŽ ϮϬϭϰͲϮϬϭϲ ĂůŵĞŶŽ Ŷ͘ ϭϮ ;ƐŽŶŽĞƐƉůŝĐŝƚĂƚŽŝŶƚĞƌŵŝŶŝĚŝŽƵƚĐŽŵĞĞĚŝŽƵƚƉƵƚĞ ĂnjŝŽŶŝͬŝŶŝnjŝĂƚŝǀĞƉĞƌůĂƉƌĞƐĞŶƚĂnjŝŽŶĞĚŝƉƌŽĚŽƚƚŝ ŝŶĚŝǀŝĚƵĂŶŽŝŶŵĂŶŝĞƌĂƐƉĞĐŝĨŝĐĂĞŝŶĞƋƵŝǀŽĐĂďŝůĞŝů ƚŝƉŝĐŝ ůŝǀĞůůŽĚŝŽďŝĞƚƚŝǀŽĚĂƌĂŐŐŝƵŶŐĞƌĞͿ <W/ ;DĞƚƌŝĐŚĞĚĞĨŝŶŝƚĞƐƵůůĂďĂƐĞĚĞŝƌŝƐƵůƚĂƚŝĂƚƚĞƐŝ ŶĞĐĞƐƐĂƌŝĞƉĞƌŵŽŶŝƚŽƌĂƌĞůΖĂŶĚĂŵĞŶƚŽ ĚĞůůΖŽďŝĞƚƚŝǀŽͿ EƵŵĞƌŽĚĞůůĞĂnjŝŽŶŝͬŝŶŝnjŝĂƚŝǀĞƉĞƌůĂ ƉƌĞƐĞŶƚĂnjŝŽŶĞĚŝƉƌŽĚŽƚƚŝƚŝƉŝĐŝ ϭͿ<W/ĚŝŵŽŶŝƚŽƌĂŐŐŝŽĞǀĂůƵƚĂnjŝŽŶĞ ƌĞĞŽƌŐĂŶŝnjnjĂƚŝǀĞĐŽŝŶǀŽůƚĞŶĞůůĂƌĞĂůŝnjnjĂnjŝŽŶĞ ƌĞĂ^ǀŝůƵƉƉŽ ƵĚŐĞƚƉƌĞǀŝƐƚŽ ;ŽƐƚŝĞƐƚĞƌŶŝͿ ΦϱϬ͘ϬϬϬ dĂƌŐĞƚ ϮϬϭϰ͗ϰϮϬϭϱ͗ϰϮϬϭϲ͗ϰ 6HUYL]LDPPLQLVWUDWLYLDOOHLPSUHVHHUHJROD]LRQHGHOPHUFDWR ^ĐŚĞĚĂĚŝWƌŽŐƌĂŵŵĂnjŝŽŶĞ^ƚƌĂƚĞŐŝĐĂ ƌĞĂ^ƚƌĂƚĞŐŝĐĂ ^ĞƌǀŝnjŝĂŵŵŝŶŝƐƚƌĂƚŝǀŝĂůůĞŝŵƉƌĞƐĞĞZĞŐŽůĂnjŝŽŶĞĚĞů ŵĞƌĐĂƚŽ ŶĂůŝƐŝĚĞŝďŝƐŽŐŶŝĞĚĞůůŽƐĐĞŶĂƌŝŽ ĚĂůƋƵĂůĞĞŵĞƌŐĞůΖŽƉƉŽƌƚƵŶŝƚăĚŝ ĚĞĨŝŶŝƌĞĞĂƐƐĞŐŶĂƌƐŝƵŶŽďŝĞƚƚŝǀŽ ƐƚƌĂƚĞŐŝĐŽ WƵŶƚŝ Ěŝ ĨŽƌnjĂ͗ ĐŽŵƉĞƚĞŶnjĞ ĂĐƋƵŝƐŝƚĞ ƐƵŝ ƚĞŵŝ ĚĞůůĂ ƚĞůĞŵĂƚŝnjnjĂnjŝŽŶĞͬŝŶĨŽƌŵĂƚŝnjnjĂnjŝŽŶĞ ĚĞŝ ƐĞƌǀŝnjŝ͖ WƵŶƚŝ Ěŝ ĚĞďŽůĞnjnjĂ͗ ĐĂƌĞŶnjĂ Ěŝ ŽƌŐĂŶŝĐŽ ;ϭ &dͿ͖ DŝŶĂĐĐĞ͗ ŐĞƐƚŝŽŶĞ ĚĞů ƐĞƌǀŝnjŝŽ ĂĨĨŝĚĂƚĂ ŝŶ ŽƵƚƐŽƵƌĐŝŶŐ ĐŚĞ ŶŽŶ ŐĂƌĂŶƚŝƐĐĞ ŝů ĐŽŵƉůĞƚŽ ĐŽŶƚƌŽůůŽ ĚĞŝ ƉƌŽĐĞƐƐŝ͖ KƉƉŽƌƚƵŶŝƚă͗ ŵŝŐůŝŽƌĂŵĞŶƚŽ ĚĞůůĂ ƚĞŵƉĞƐƚŝǀŝƚă Ğ ĚĞůůĂ ƋƵĂůŝƚă ĚĞŝ ƐĞƌǀŝnjŝ ŽĨĨĞƌƚŝ ƚƌĂŵŝƚĞ ƉƌŽĐĞƐƐŝ Ěŝ ĨŽƌŵĂnjŝŽŶĞ ĚĞůůΖƵƚĞŶnjĂ ĞƐƚĞƌŶĂ Ğ ŝŶŶŽǀĂnjŝŽŶĞ ĚĞŝ ƉƌŽĐĞƐƐŝ ŝŶƚĞƌŶŝ͘ WZ/KZ/dΖ͗ ĂͿDŝŐůŝŽƌĂƌĞůĂĐŽŵƵŶŝĐĂnjŝŽŶĞĐŽŶůΖƵƚĞŶnjĂĂůĨŝŶĞĚŝŐĂƌĂŶƚŝƌĞ ƵŶĂ ŵŝŐůŝŽƌĞ ŐĞƐƚŝŽŶĞ ĚĞů ƐĞƌǀŝnjŝŽ͖ ďͿ &ĂǀŽƌŝƌĞ ůΖŝŶŶŽǀĂnjŝŽŶĞ ĚĞŝ ƉƌŽĐĞƐƐŝ ƉĞƌ ŐĂƌĂŶƚŝƌĞ ĐŽŶƚŝŶƵŽ ŵŝŐůŝŽƌĂŵĞŶƚŽĚĞŝƚĞŵƉŝĞĚĞůůĂƋƵĂůŝƚăĚĞŝƐĞƌǀŝnjŝ͘ DŝŐůŝŽƌĂƌĞ ůΖĞĨĨŝĐŝĞŶnjĂ ĚĞŝ ƐĞƌǀŝnjŝ ĂŵŵŝŶŝƐƚƌĂƚŝǀŝ ĂůůĞ KďŝĞƚƚŝǀŽƐƚƌĂƚĞŐŝĐŽ ŝŵƉƌĞƐĞ͕ ŐĂƌĂŶƚĞŶĚŽŝůƌŝƐƉĞƚƚŽ ĚĞŐůŝ ƐƚĂŶĚĂƌĚĚŝ ƋƵĂůŝƚă ;ĞĨŝŶŝnjŝŽŶĞĚĞůůΖŽďŝĞƚƚŝǀŽĞĚĞůůĞ ĂƚƚĞƐŝ ĚĂůůΖƵƚĞŶnjĂ Ğ ůΖĂĐĐƵƌĂƚĞnjnjĂ ĚĞŝ ĚĂƚŝ ƉƌĞƐĞŶƚŝ ŶĞůůĂ ĂnjŝŽŶŝĐŚĞƐŝǀŽŐůŝŽŶŽĂƚƚƵĂƌĞƉĞƌ ďĂŶĐĂ ĚĂƚŝ ĚĞů ZĞŐŝƐƚƌŽ /ŵƉƌĞƐĞ ŶŽŶĐŚĠ ĨĂǀŽƌĞŶĚŽ ŝ ŝůƐƵŽĐŽŶƐĞŐƵŝŵĞŶƚŽͿ ƉƌŽĐĞƐƐŝĚŝŝŶŶŽǀĂnjŝŽŶĞĚĞůůΖĂnjŝŽŶĞĂŵŵŝŶŝƐƚƌĂƚŝǀĂ ZŝƐƵůƚĂƚŝĂƚƚĞƐŝ ;ƐŽŶŽĞƐƉůŝĐŝƚĂƚŝŝŶƚĞƌŵŝŶŝĚŝ ŽƵƚĐŽŵĞĞĚŝŽƵƚƉƵƚĞŝŶĚŝǀŝĚƵĂŶŽŝŶ ŵĂŶŝĞƌĂƐƉĞĐŝĨŝĐĂĞŝŶĞƋƵŝǀŽĐĂďŝůĞŝů ůŝǀĞůůŽĚŝŽďŝĞƚƚŝǀŽĚĂƌĂŐŐŝƵŶŐĞƌĞͿ <W/ ;DĞƚƌŝĐŚĞĚĞĨŝŶŝƚĞƐƵůůĂďĂƐĞĚĞŝ ƌŝƐƵůƚĂƚŝĂƚƚĞƐŝŶĞĐĞƐƐĂƌŝĞƉĞƌ ŵŽŶŝƚŽƌĂƌĞůΖĂŶĚĂŵĞŶƚŽ ĚĞůůΖŽďŝĞƚƚŝǀŽͿ ϭͿ<W/ĚŝŵŽŶŝƚŽƌĂŐŐŝŽĞǀĂůƵƚĂnjŝŽŶĞ ϮͿ<W/ĚŝŵŽŶŝƚŽƌĂŐŐŝŽĞǀĂůƵƚĂnjŝŽŶĞ ϭͿǀǀŝĂƌĞůĞƉƌŽĐĞĚƵƌĞĚŝĐĂŶĐĞůůĂnjŝŽŶĞĚΖƵĨĨŝĐŝŽƉĞƌĂůŵĞŶŽŶ͘ ϱϬϬŝŵƉƌĞƐĞŶĞůƚƌŝĞŶŶŝŽϮϬϭϰͲϮϬϭϲ ϮͿZŝĚƵƌƌĞŝůƚĂƐƐŽĚŝƐŽƐƉĞŶƐŝŽŶĞĚĞůůĞƉƌĂƚŝĐŚĞŶĞůƚƌŝĞŶŶŝŽ ϮϬϭϰͲϮϬϭϲ;ƚĂƐƐŽĚŝƐŽƐƉĞŶƐŝŽŶĞϮϬϭϰхƚĂƐƐŽĚŝƐŽƐƉĞŶƐŝŽŶĞ ϮϬϭϱхƚĂƐƐŽĚŝƐŽƐƉĞŶƐŝŽŶĞϮϬϭϲͿ EƵŵĞƌŽƉƌŽĐĞĚƵƌĞĚŝĐĂŶĐĞůůĂnjŝŽŶĞĂǀǀŝĂƚĞŶĞůƚƌŝĞŶŶŝŽ dĂƐƐŽĚŝƐŽƐƉĞŶƐŝŽŶĞ ƌĞĞŽƌŐĂŶŝnjnjĂƚŝǀĞĐŽŝŶǀŽůƚĞŶĞůůĂ ƌĞĂůŝnjnjĂnjŝŽŶĞ ƵĚŐĞƚƉƌĞǀŝƐƚŽ ;ŽƐƚŝĞƐƚĞƌŶŝͿ ƌĞĂ^ǀŝůƵƉƉŽ dĂƌŐĞƚ ϭͿϮϬϭϰ͗ϮϬϬϮϬϭϱ͗ϮϬϬϮϬϭϲ͗ϭϬϬϮͿƚĂƐƐŽϮϬϭϰхϮϬϭϱхϮϬϭϲ ^ĐŚĞĚĂĚŝWƌŽŐƌĂŵŵĂnjŝŽŶĞ^ƚƌĂƚĞŐŝĐĂ ƌĞĂ^ƚƌĂƚĞŐŝĐĂ ^ĞƌǀŝnjŝĂŵŵŝŶŝƐƚƌĂƚŝǀŝĂůůĞŝŵƉƌĞƐĞĞZĞŐŽůĂnjŝŽŶĞĚĞůŵĞƌĐĂƚŽ >Ă ĐŽŵƉĞƚŝƚŝǀŝƚă ĚĞů ƚĞƌƌŝƚŽƌŝŽ ƐĞĐŽŶĚŽ ů͛ŶƚĞ ĐĂŵĞƌĂůĞ Ɛŝ ƉĞƌƐĞŐƵĞ ĂŶĐŚĞ ĂƚƚƌĂǀĞƌƐŽ ŝů ĐŽŶƚƌĂƐƚŽ Ăůů͛ŝŵƉŽƌƚĂnjŝŽŶĞ Ğ ĂůůĂ ĐŽŵŵĞƌĐŝĂůŝnjnjĂnjŝŽŶĞ Ěŝ ƉƌŽĚŽƚƚŝ ĐŽŶ ĨĂůƐĞ ŝŶĚŝĐĂnjŝŽŶŝ Ě͛ŽƌŝŐŝŶĞ͕ ĐŽŶ ĂƚƚĞŶnjŝŽŶĞ ƉĂƌƚŝĐŽůĂƌĞ ĂůůĞ ƉƌŽĐĞĚƵƌĞ ĚŽŐĂŶĂůŝ͘ >͛ĂƉĞƌƚƵƌĂ ĚĞŝ ŵĞƌĐĂƚŝ ŝŶƚĞƌŶĂnjŝŽŶĂůŝ ĐŚĞ ŚĂŶŶŽ ĐŽŶƐĞŶƚŝƚŽ ů͛ŝŶŐƌĞƐƐŽ ŝŶ /ƚĂůŝĂ Ěŝ ŶƵŽǀŝ Ğ ĂŐŐƵĞƌƌŝƚŝ ĐŽŶĐŽƌƌĞŶƚŝ ĞdžƚƌĂͲ ŶĂůŝƐŝĚĞŝďŝƐŽŐŶŝĞ ĞƵƌŽƉĞŝ͕ ŝŶ ŐƌĂĚŽ Ěŝ ĐŽŵƉĞƚĞƌĞ ŐƌĂnjŝĞ ƐŽƉƌĂƚƚƵƚƚŽ Ăŝ ďĂƐƐŝƐƐŝŵŝ ĐŽƐƚŝ Ěŝ ĚĞůůŽƐĐĞŶĂƌŝŽĚĂůƋƵĂůĞ ŵĂŶŽĚŽƉĞƌĂĞů͛ĂƐƐĞŶnjĂ͕ŶĞŝůŽƌŽWĂĞƐŝ͕ĚŝŽŶĞƌŝĚĂƉƌŽĐĞĚƵƌĞĚŝĐŽŶƚƌŽůůŽ ĞŵĞƌŐĞůΖŽƉƉŽƌƚƵŶŝƚăĚŝ ĚĞůůĂƋƵĂůŝƚăĞĚĞůůĂƐŝĐƵƌĞnjnjĂĚĞŝƉƌŽĚŽƚƚŝ͕ŚĂĐƌĞĂƚŽƉĞƌůĞĂnjŝĞŶĚĞŝƚĂůŝĂŶĞ͕ ĚĞĨŝŶŝƌĞĞĂƐƐĞŐŶĂƌƐŝƵŶ ŝŶ ƉĂƌƚŝĐŽůĂƌ ŵŽĚŽ ƉĞƌ ƋƵĞůůĞ ŵĂŶŝĨĂƚƚƵƌŝĞƌĞ ĐŚĞ ƚƌŽǀĂŶŽ ĚĂ ĂŶŶŝ ŽďŝĞƚƚŝǀŽƐƚƌĂƚĞŐŝĐŽ ĐŽŶƐŝƐƚĞŶƚĞ ƌĂƉƉƌĞƐĞŶƚĂŶnjĂ ŶĞůůĂ ŶŽƐƚƌĂ WƌŽǀŝŶĐŝĂ͕ ŶƵŽǀŝ Ğ ƉƌĞŽĐĐƵƉĂŶƚŝ ƉƌŽďůĞŵŝĚŝƐǀŝůƵƉƉŽĞĚŝƉĞŶĞƚƌĂnjŝŽŶĞĚŝŶƵŽǀŝŵĞƌĐĂƚŝ͘/ŶƋƵĞƐƚŽƋƵĂĚƌŽ Ɛ͛ŝŶƐĞƌŝƐĐĞ ů͛ŽƌŵĂŝ ĨĂŵŽƐĂ ǀŝĐĞŶĚĂ ĚĞů ͞DĂĚĞ ŝŶ /ƚĂůLJ͕͟ ŝŶƚĞƐŽ ĐŽŵĞ ĐŽŶĐƌĞƚŽ ǀĂůŽƌĞ ĂŐŐŝƵŶƚŽ ĚĞŝ ƉƌŽĚŽƚƚŝ ĚĞůůĞ ŶŽƐƚƌĞ ŝŵƉƌĞƐĞ͘ /Ŷ ƋƵĞƐƚŽ ƋƵĂĚƌŽ ůĂ ĂŵĞƌĂ Ěŝ ŽŵŵĞƌĐŝŽ ğ ŝŵƉĞŐŶĂƚĂ Ă ƌĂĨĨŽƌnjĂƌĞ ůĞ Ăƚƚŝǀŝƚă Ěŝ ĐŽŶƚƌŽůůŽ͘ KďŝĞƚƚŝǀŽƐƚƌĂƚĞŐŝĐŽ ;ĞĨŝŶŝnjŝŽŶĞ ĚĞůůΖŽďŝĞƚƚŝǀŽĞĚĞůůĞ ĂnjŝŽŶŝĐŚĞƐŝǀŽŐůŝŽŶŽ ĂƚƚƵĂƌĞƉĞƌŝůƐƵŽ ĐŽŶƐĞŐƵŝŵĞŶƚŽͿ 'ĂƌĂŶƚŝƌĞ ůĂ ƚƵƚĞůĂ ĚĞů ĐŽŶƐƵŵĂƚŽƌĞ ĂŶĐŚĞ ĂƚƚƌĂǀĞƌƐŽ ůΖŝŶƚĞŶƐŝĨŝĐĂnjŝŽŶĞ ĚĞůůΖĂƚƚŝǀŝƚăŝƐƉĞƚƚŝǀĂ ZŝƐƵůƚĂƚŝĂƚƚĞƐŝ ;ƐŽŶŽĞƐƉůŝĐŝƚĂƚŝŝŶ ƚĞƌŵŝŶŝĚŝŽƵƚĐŽŵĞĞĚŝ ŽƵƚƉƵƚĞŝŶĚŝǀŝĚƵĂŶŽŝŶ ŵĂŶŝĞƌĂƐƉĞĐŝĨŝĐĂĞ ŝŶĞƋƵŝǀŽĐĂďŝůĞŝůůŝǀĞůůŽĚŝ ŽďŝĞƚƚŝǀŽĚĂƌĂŐŐŝƵŶŐĞƌĞͿ <W/ ;DĞƚƌŝĐŚĞĚĞĨŝŶŝƚĞƐƵůůĂ ďĂƐĞĚĞŝƌŝƐƵůƚĂƚŝĂƚƚĞƐŝ ŶĞĐĞƐƐĂƌŝĞƉĞƌ ŵŽŶŝƚŽƌĂƌĞůΖĂŶĚĂŵĞŶƚŽ ĚĞůůΖŽďŝĞƚƚŝǀŽͿ DĂŶƚĞŶĞƌĞŶĞůƚƌŝĞŶŶŝŽϮϬϭϰͲϮϬϭϲůĂŵĞĚŝĂĚĞůůĞǀĞƌŝĨŝĐŚĞĞĨĨĞƚƚƵĂƚĞƐƵůůĂ ƐŝĐƵƌĞnjnjĂĚĞŝƉƌŽĚŽƚƚŝ͕ĂůŵĞŶŽĂůůŝǀĞůůŽĚĞůϮϬϭϯ ϭͿ<W/ĚŝŵŽŶŝƚŽƌĂŐŐŝŽĞ EƵŵĞƌŽǀĞƌŝĨŝĐŚĞĞĨĨĞƚƚƵĂƚĞͬƚŽƚĂůĞǀĞƌŝĨŝĐŚĞƌŝĐŚŝĞƐƚĞ ǀĂůƵƚĂnjŝŽŶĞ ƌĞĞŽƌŐĂŶŝnjnjĂƚŝǀĞ ĐŽŝŶǀŽůƚĞŶĞůůĂ ƌĞĂůŝnjnjĂnjŝŽŶĞ ƵĚŐĞƚƉƌĞǀŝƐƚŽ ;ŽƐƚŝĞƐƚĞƌŶŝͿ dĂƌŐĞƚ ƌĞĂ^ǀŝůƵƉƉŽ DĞĚŝĂǀĞƌŝĨŝĐŚĞϮϬϭϰͲϮϬϭϱͲϮϬϭϲхсϮϬϭϯ ^ĐŚĞĚĂĚŝWƌŽŐƌĂŵŵĂnjŝŽŶĞ^ƚƌĂƚĞŐŝĐĂ ƌĞĂ^ƚƌĂƚĞŐŝĐĂ ^ĞƌǀŝnjŝĂŵŵŝŶŝƐƚƌĂƚŝǀŝĂůůĞŝŵƉƌĞƐĞĞZĞŐŽůĂnjŝŽŶĞ ĚĞůŵĞƌĐĂƚŽ >ĂĐŽŵƉĞƚŝƚŝǀŝƚăĚĞůƚĞƌƌŝƚŽƌŝŽƐĞĐŽŶĚŽů͛ŶƚĞĐĂŵĞƌĂůĞ Ɛŝ ƉĞƌƐĞŐƵĞ ĂŶĐŚĞ ĂƚƚƌĂǀĞƌƐŽ ŝů ĐŽŶƚƌĂƐƚŽ Ăůů͛ŝŵƉŽƌƚĂnjŝŽŶĞ Ğ ĂůůĂ ĐŽŵŵĞƌĐŝĂůŝnjnjĂnjŝŽŶĞ Ěŝ ƉƌŽĚŽƚƚŝ ĐŽŶ ĨĂůƐĞ ŝŶĚŝĐĂnjŝŽŶŝ Ě͛ŽƌŝŐŝŶĞ͕ ĐŽŶ ĂƚƚĞŶnjŝŽŶĞ ƉĂƌƚŝĐŽůĂƌĞ ĂůůĞ ƉƌŽĐĞĚƵƌĞ ĚŽŐĂŶĂůŝ͘ >͛ĂƉĞƌƚƵƌĂ ĚĞŝ ŵĞƌĐĂƚŝ ŝŶƚĞƌŶĂnjŝŽŶĂůŝ ĐŚĞ ŚĂŶŶŽ ĐŽŶƐĞŶƚŝƚŽ ů͛ŝŶŐƌĞƐƐŽ ŝŶ /ƚĂůŝĂ Ěŝ ŶƵŽǀŝ Ğ ĂŐŐƵĞƌƌŝƚŝ ĐŽŶĐŽƌƌĞŶƚŝ ĞdžƚƌĂͲĞƵƌŽƉĞŝ͕ ŝŶ ŐƌĂĚŽ Ěŝ ĐŽŵƉĞƚĞƌĞ ŐƌĂnjŝĞ ƐŽƉƌĂƚƚƵƚƚŽ Ăŝ ďĂƐƐŝƐƐŝŵŝ ĐŽƐƚŝ Ěŝ ŶĂůŝƐŝĚĞŝďŝƐŽŐŶŝĞĚĞůůŽƐĐĞŶĂƌŝŽĚĂůƋƵĂůĞ ŵĂŶŽĚŽƉĞƌĂ Ğ ů͛ĂƐƐĞŶnjĂ͕ ŶĞŝ ůŽƌŽ WĂĞƐŝ͕ Ěŝ ŽŶĞƌŝ ĚĂ ĞŵĞƌŐĞůΖŽƉƉŽƌƚƵŶŝƚăĚŝĚĞĨŝŶŝƌĞĞĂƐƐĞŐŶĂƌƐŝ ƉƌŽĐĞĚƵƌĞ Ěŝ ĐŽŶƚƌŽůůŽ ĚĞůůĂ ƋƵĂůŝƚă Ğ ĚĞůůĂ ƐŝĐƵƌĞnjnjĂ ƵŶŽďŝĞƚƚŝǀŽƐƚƌĂƚĞŐŝĐŽ ĚĞŝ ƉƌŽĚŽƚƚŝ͕ ŚĂ ĐƌĞĂƚŽ ƉĞƌ ůĞ ĂnjŝĞŶĚĞ ŝƚĂůŝĂŶĞ͕ ŝŶ ƉĂƌƚŝĐŽůĂƌŵŽĚŽƉĞƌƋƵĞůůĞŵĂŶŝĨĂƚƚƵƌŝĞƌĞĐŚĞƚƌŽǀĂŶŽ ĚĂ ĂŶŶŝ ĐŽŶƐŝƐƚĞŶƚĞ ƌĂƉƉƌĞƐĞŶƚĂŶnjĂ ŶĞůůĂ ŶŽƐƚƌĂ WƌŽǀŝŶĐŝĂ͕ŶƵŽǀŝĞƉƌĞŽĐĐƵƉĂŶƚŝƉƌŽďůĞŵŝĚŝƐǀŝůƵƉƉŽĞ Ěŝ ƉĞŶĞƚƌĂnjŝŽŶĞ Ěŝ ŶƵŽǀŝ ŵĞƌĐĂƚŝ͘ /Ŷ ƋƵĞƐƚŽ ƋƵĂĚƌŽ Ɛ͛ŝŶƐĞƌŝƐĐĞů͛ŽƌŵĂŝĨĂŵŽƐĂǀŝĐĞŶĚĂĚĞů͞DĂĚĞŝŶ/ƚĂůLJ͕͟ ŝŶƚĞƐŽ ĐŽŵĞ ĐŽŶĐƌĞƚŽ ǀĂůŽƌĞ ĂŐŐŝƵŶƚŽ ĚĞŝ ƉƌŽĚŽƚƚŝ ĚĞůůĞ ŶŽƐƚƌĞ ŝŵƉƌĞƐĞ͘ /Ŷ ƋƵĞƐƚŽ ƋƵĂĚƌŽ ůĂ ĂŵĞƌĂ Ěŝ ŽŵŵĞƌĐŝŽ ğ ŝŵƉĞŐŶĂƚĂ Ă ƌĂĨĨŽƌnjĂƌĞ ůĞ Ăƚƚŝǀŝƚă Ěŝ ĐŽŶƚƌŽůůŽ͘ KďŝĞƚƚŝǀŽƐƚƌĂƚĞŐŝĐŽ ;ĞĨŝŶŝnjŝŽŶĞĚĞůůΖŽďŝĞƚƚŝǀŽĞĚĞůůĞĂnjŝŽŶŝ ĐŚĞƐŝǀŽŐůŝŽŶŽĂƚƚƵĂƌĞƉĞƌŝůƐƵŽ ĐŽŶƐĞŐƵŝŵĞŶƚŽͿ &ĂǀŽƌŝƌĞ ůĂ ƋƵĂůŝƚă Ğ ůĂ ƚƵƚĞůĂ ĚĞů DĂĚĞ ŝŶ /ƚĂůLJ ŵĞĚŝĂŶƚĞ ůΖŝŶƚĞŶƐŝĨŝĐĂnjŝŽŶĞ ĚĞůůĞ Ăƚƚŝǀŝƚă ĚĞů ƐĞƌǀŝnjŝŽDĂƌĐŚŝĞƌĞǀĞƚƚŝ ZŝƐƵůƚĂƚŝĂƚƚĞƐŝ ;ƐŽŶŽĞƐƉůŝĐŝƚĂƚŽŝŶƚĞƌŵŝŶŝĚŝŽƵƚĐŽŵĞĞĚŝ ŽƵƚƉƵƚĞŝŶĚŝǀŝĚƵĂŶŽŝŶŵĂŶŝĞƌĂƐƉĞĐŝĨŝĐĂĞ ŝŶĞƋƵŝǀŽĐĂďŝůĞŝůůŝǀĞůůŽĚŝŽďŝĞƚƚŝǀŽĚĂ ƌĂŐŐŝƵŶŐĞƌĞͿ DĂŶƚĞŶĞƌĞ ŶĞů ƚƌŝĞŶŶŝŽ ϮϬϭϰͲϮϬϭϲ ŝů ŶƵŵĞƌŽ ĚĞŝ ŵĂƌĐŚŝĞďƌĞǀĞƚƚŝĚĞƉŽƐŝƚĂƚŝŶĞůϮϬϭϯ <W/ ;DĞƚƌŝĐŚĞĚĞĨŝŶŝƚĞƐƵůůĂďĂƐĞĚĞŝƌŝƐƵůƚĂƚŝ ĂƚƚĞƐŝŶĞĐĞƐƐĂƌŝĞƉĞƌŵŽŶŝƚŽƌĂƌĞůΖĂŶĚĂŵĞŶƚŽ ĚĞůůΖŽďŝĞƚƚŝǀŽͿ ϭͿ<W/ĚŝŵŽŶŝƚŽƌĂŐŐŝŽĞǀĂůƵƚĂnjŝŽŶĞ EƵŵĞƌŽŵĂƌĐŚŝĞďƌĞǀĞƚƚŝĚĞƉŽƐŝƚĂƚŝ ƌĞĞŽƌŐĂŶŝnjnjĂƚŝǀĞĐŽŝŶǀŽůƚĞŶĞůůĂ ƌĞĂůŝnjnjĂnjŝŽŶĞ ƵĚŐĞƚƉƌĞǀŝƐƚŽ ;ŽƐƚŝĞƐƚĞƌŶŝͿ ƌĞĂ^ǀŝůƵƉƉŽ dĂƌŐĞƚ ϮϬϭϰͲϮϬϭϱͲϮϬϭϲхсϮϬϭϯ 2UJDQL]]D]LRQHHULVRUVH ^ĐŚĞĚĂĚŝWƌŽŐƌĂŵŵĂnjŝŽŶĞ^ƚƌĂƚĞŐŝĐĂ ƌĞĂ^ƚƌĂƚĞŐŝĐĂ ŶĂůŝƐŝĚĞŝďŝƐŽŐŶŝĞĚĞůůŽ ƐĐĞŶĂƌŝŽĚĂůƋƵĂůĞĞŵĞƌŐĞ ůΖŽƉƉŽƌƚƵŶŝƚăĚŝĚĞĨŝŶŝƌĞĞ ĂƐƐĞŐŶĂƌƐŝƵŶŽďŝĞƚƚŝǀŽ ƐƚƌĂƚĞŐŝĐŽ KďŝĞƚƚŝǀŽƐƚƌĂƚĞŐŝĐŽ ;ĞĨŝŶŝnjŝŽŶĞĚĞůůΖŽďŝĞƚƚŝǀŽĞ ĚĞůůĞĂnjŝŽŶŝĐŚĞƐŝǀŽŐůŝŽŶŽ ĂƚƚƵĂƌĞƉĞƌŝůƐƵŽ ĐŽŶƐĞŐƵŝŵĞŶƚŽͿ KƌŐĂŶŝnjnjĂnjŝŽŶĞĞƌŝƐŽƌƐĞ WƵŶƚŝ Ěŝ ĨŽƌnjĂ͗ ĐŽŵƉĞƚĞŶnjĞ Ğ ĐĂƉĂĐŝƚă ƉƌŽĨĞƐƐŝŽŶĂůŝ ŵĂƚƵƌĂƚĞ ŶĞůůĂ ŐĞƐƚŝŽŶĞ Ěŝ ĞŶƚŝ ĚĞů ƐŝƐƚĞŵĂ ĐĂŵĞƌĂůĞ͖ WƵŶƚŝ Ěŝ ĚĞďŽůĞnjnjĂ͗ ůĂ ĐĂƌĞŶnjĂ Ěŝ ƉĞƌƐŽŶĂůĞ ůŝŵŝƚĂ ůĞ ƉŽƚĞŶnjŝĂůŝƚă Ěŝ ĂƚƚƵĂnjŝŽŶĞ ŽƉĞƌĂƚŝǀĂ ĚĞůůĞ ŝŶŝnjŝĂƚŝǀĞ ƉƌŽƉŽƐƚĞ͖ DŝŶĂĐĐĞ͗ ƉƌŽďůĞŵĂƚŝĐŚĞ ĂůůΖŝŶƚĞƌŶŽ Ěŝ ƋƵĞƐƚĂ ƌĞĂ ^ƚƌĂƚĞŐŝĐĂ ƉŽƚƌĞďďĞƌŽŝŶĨŝĐŝĂƌĞŝůŝǀĞůůŝĚŝƋƵĂůŝƚăĚĞŝƐĞƌǀŝnjŝĞĚĞůůĞĂƚƚŝǀŝƚăƐǀŽůƚĞ ŝŶ ĂůƚƌĞ ƌĞĞ͖ KƉƉŽƌƚƵŶŝƚă͗ůĂƌĞĐĞŶƚĞĨŽƌŵĂnjŝŽŶĞĚĞůůΖŶƚĞŐĂƌĂŶƚŝƐĐĞĂŵƉŝƐƉĂnjŝĚŝ ŵŝŐůŝŽƌĂŵĞŶƚŽ͕ ŽĨĨƌĞŶĚŽ ĐŽŶĐƌĞƚĞ ŽƉƉŽƌƚƵŶŝƚă Ěŝ ŝŵƉůĞŵĞŶƚĂnjŝŽŶŝ͘ WƌŝŽƌŝƚă͗ĂƐƐƵŶnjŝŽŶĞĚŝƉĞƌƐŽŶĂůĞĂƚĞŵƉŽŝŶĚĞƚĞƌŵŝŶĂƚŽƉĞƌĐŽƉƌŝƌĞ ůĂĐĂƌĞŶnjĂĚŝĚŽƚĂnjŝŽŶĞŽƌŐĂŶŝĐĂ͘ ƉƉůŝĐĂƌĞ Őůŝ ĂĚĞŵƉŝŵĞŶƚŝ ĚĞů ŝĐůŽ Ěŝ ŐĞƐƚŝŽŶĞ ĚĞůůĂ WĞƌĨŽƌŵĂŶĐĞ͕ĂƚƚƵĂƌĞŐůŝŽďďůŝŐŚŝĚŝƚƌĂƐƉĂƌĞŶnjĂŶŽŶĐŚĠƋƵĞůůŝ ƉƌĞǀŝƐƚŝ ŝŶ ŵĂƚĞƌŝĂ Ěŝ ƉƌĞǀĞŶnjŝŽŶĞ ĚĞůůĂ ĐŽƌƌƵnjŝŽŶĞ͕ ŝŶ ŵŽĚŽ ĐŽĞƌĞŶƚĞ ĞĚ ĂĚĞŐƵĂƚŽ ĐŽŶ ůĞ ǀŝŐĞŶƚŝ ĚŝƐƉŽƐŝnjŝŽŶŝ ŶŽƌŵĂƚŝǀĞ͕ ĐŽŶůĞƌĞĐĞŶƚŝŝŶĚŝĐĂnjŝŽŶŝ/s/dͬEĞĚhE/KEDZ ZŝƐƵůƚĂƚŝĂƚƚĞƐŝ ;ƐŽŶŽĞƐƉůŝĐŝƚĂƚŝŝŶƚĞƌŵŝŶŝĚŝ ŽƵƚĐŽŵĞĞĚŝŽƵƚƉƵƚĞ ŝŶĚŝǀŝĚƵĂŶŽŝŶŵĂŶŝĞƌĂ ƐƉĞĐŝĨŝĐĂĞŝŶĞƋƵŝǀŽĐĂďŝůĞŝů ůŝǀĞůůŽĚŝŽďŝĞƚƚŝǀŽĚĂ ƌĂŐŐŝƵŶŐĞƌĞͿ <W/ ;DĞƚƌŝĐŚĞĚĞĨŝŶŝƚĞƐƵůůĂďĂƐĞ ĚĞŝƌŝƐƵůƚĂƚŝĂƚƚĞƐŝŶĞĐĞƐƐĂƌŝĞ ƉĞƌŵŽŶŝƚŽƌĂƌĞůΖĂŶĚĂŵĞŶƚŽ ĚĞůůΖŽďŝĞƚƚŝǀŽͿ ϭͿ<W/ĚŝŵŽŶŝƚŽƌĂŐŐŝŽĞ ǀĂůƵƚĂnjŝŽŶĞ ϮͿ<W/ĚŝŵŽŶŝƚŽƌĂŐŐŝŽĞ ǀĂůƵƚĂnjŝŽŶĞ ϭͿĚŽnjŝŽŶĞĚĞůWŝĂŶŽĚĞůůĂWĞƌĨŽƌŵĂŶĐĞϮϬϭϰͲϮϬϭϲ͕ĚĞůWƌŽŐƌĂŵŵĂ ƚƌŝĞŶŶĂůĞƉĞƌůĂdƌĂƐƉĂƌĞŶnjĂĞůΖ/ŶƚĞŐƌŝƚăϮϬϭϰͲϮϬϭϲŶŽŶĐŚĠĚĞůWŝĂŶŽ ĚŝƉƌĞǀĞŶnjŝŽŶĞĚĞůůĂĐŽƌƌƵnjŝŽŶĞĞŶƚƌŽŐĞŶŶĂŝŽϮϬϭϰĞĚƉƉƌŽǀĂnjŝŽŶĞ ĚĞůůĂ ZĞůĂnjŝŽŶĞ ƐƵůůĂ WĞƌĨŽƌŵĂŶĐĞ ϮϬϭϯ ĞŶƚƌŽ ŐŝƵŐŶŽ ϮϬϭϰ͖ ϮͿ ZĂŐŐŝƵŶŐŝŵĞŶƚŽ Ěŝ ƵŶ ůŝǀĞůůŽ Ěŝ ƉĞƌĨŽƌŵĂŶĐĞ ĚĞůůΖŶƚĞ Ěŝ ĂůŵĞŶŽ ůΖϴϬйŶĞůƚƌŝĞŶŶŝŽϮϬϭϰͲϮϬϭϲ͘ ĚŽnjŝŽŶĞͬƉƉƌŽǀĂnjŝŽŶĞĚĞŝĚŽĐƵŵĞŶƚŝŶĞŝƚĞƌŵŝŶŝƉƌĞǀŝƐƚŝ;^/ͬEKͿ >ŝǀĞůůŽĚŝƉĞƌĨŽƌŵĂŶĐĞĚĞůůΖŶƚĞ ƵĚŐĞƚƉƌĞǀŝƐƚŽ ;ŽƐƚŝĞƐƚĞƌŶŝͿ dƵƚƚĞůĞĂƌĞĞ ΦϭϬ͘ϬϬϬ dĂƌŐĞƚ ϮϬϭϰͲϮϬϭϱͲϮϬϭϲ͗хсϴϬй ƌĞĞŽƌŐĂŶŝnjnjĂƚŝǀĞĐŽŝŶǀŽůƚĞ ŶĞůůĂƌĞĂůŝnjnjĂnjŝŽŶĞ ^ĐŚĞĚĂĚŝWƌŽŐƌĂŵŵĂnjŝŽŶĞ^ƚƌĂƚĞŐŝĐĂ ƌĞĂ^ƚƌĂƚĞŐŝĐĂ KƌŐĂŶŝnjnjĂnjŝŽŶĞĞƌŝƐŽƌƐĞ WƵŶƚŝĚŝĨŽƌnjĂ͗ĐŽŵƉĞƚĞŶnjĞĞĐĂƉĂĐŝƚăƉƌŽĨĞƐƐŝŽŶĂůŝŵĂƚƵƌĂƚĞ ŶĞůůĂ ŐĞƐƚŝŽŶĞ Ěŝ ĞŶƚŝ ĚĞů ƐŝƐƚĞŵĂ ĐĂŵĞƌĂůĞ͖ WƵŶƚŝ Ěŝ ĚĞďŽůĞnjnjĂ͗ ůĂ ĐĂƌĞŶnjĂ Ěŝ ƉĞƌƐŽŶĂůĞ ůŝŵŝƚĂ ůĞ ƉŽƚĞŶnjŝĂůŝƚăĚŝĂƚƚƵĂnjŝŽŶĞŽƉĞƌĂƚŝǀĂĚĞůůĞŝŶŝnjŝĂƚŝǀĞƉƌŽƉŽƐƚĞ͖ DŝŶĂĐĐĞ͗ƉƌŽďůĞŵĂƚŝĐŚĞĂůůΖŝŶƚĞƌŶŽĚŝƋƵĞƐƚĂƌĞĂ^ƚƌĂƚĞŐŝĐĂ ŶĂůŝƐŝĚĞŝďŝƐŽŐŶŝĞĚĞůůŽƐĐĞŶĂƌŝŽĚĂů ƉŽƚƌĞďďĞƌŽ ŝŶĨŝĐŝĂƌĞ ŝ ůŝǀĞůůŝ Ěŝ ƋƵĂůŝƚă ĚĞŝ ƐĞƌǀŝnjŝ Ğ ĚĞůůĞ ƋƵĂůĞĞŵĞƌŐĞůΖŽƉƉŽƌƚƵŶŝƚăĚŝĚĞĨŝŶŝƌĞ Ăƚƚŝǀŝƚă ƐǀŽůƚĞ ŝŶ ĂůƚƌĞ ƌĞĞ͖ ĞĂƐƐĞŐŶĂƌƐŝƵŶŽďŝĞƚƚŝǀŽƐƚƌĂƚĞŐŝĐŽ KƉƉŽƌƚƵŶŝƚă͗ůĂƌĞĐĞŶƚĞĨŽƌŵĂnjŝŽŶĞĚĞůůΖŶƚĞŐĂƌĂŶƚŝƐĐĞĂŵƉŝ ƐƉĂnjŝ Ěŝ ŵŝŐůŝŽƌĂŵĞŶƚŽ͕ ŽĨĨƌĞŶĚŽ ĐŽŶĐƌĞƚĞ ŽƉƉŽƌƚƵŶŝƚă Ěŝ ŝŵƉůĞŵĞŶƚĂnjŝŽŶŝ͘ WƌŝŽƌŝƚă͗ĂƐƐƵŶnjŝŽŶĞĚŝƉĞƌƐŽŶĂůĞĂƚĞŵƉŽŝŶĚĞƚĞƌŵŝŶĂƚŽƉĞƌ ĐŽƉƌŝƌĞůĂĐĂƌĞŶnjĂĚŝĚŽƚĂnjŝŽŶĞŽƌŐĂŶŝĐĂ͘ KďŝĞƚƚŝǀŽƐƚƌĂƚĞŐŝĐŽ ;ĞĨŝŶŝnjŝŽŶĞĚĞůůΖŽďŝĞƚƚŝǀŽĞĚĞůůĞ ĂnjŝŽŶŝĐŚĞƐŝǀŽŐůŝŽŶŽĂƚƚƵĂƌĞƉĞƌŝů ƐƵŽĐŽŶƐĞŐƵŝŵĞŶƚŽͿ 'ĂƌĂŶƚŝƌĞ ƵŶΖĞƋƵŝůŝďƌĂƚĂ ŐĞƐƚŝŽŶĞ ĞĐŽŶŽŵŝĐŽͲ ĨŝŶĂŶnjŝĂƌŝĂ͕ ĂŶĐŚĞ ŶĞůůΖŽƚƚŝĐĂ Ěŝ ĚĞƐƚŝŶĂƌĞ ŵĂŐŐŝŽƌŝ ƌŝƐŽƌƐĞĂůůĞŝŵƉƌĞƐĞ͕ŶŽŶĐŚĠƵŶƐŽĚĚŝƐĨĂĐĞŶƚĞůŝǀĞůůŽĚŝ ƐŽůŝĚŝƚăĞĐŽŶŽŵŝĐŽͲƉĂƚƌŝŵŽŶŝĂůĞ ϭͿ ŝŵĞŶƐŝŽŶĂŵĞŶƚŽ ĚĞů ƉĞƌƐŽŶĂůĞ ;E͘ ƉĞƌƐŽŶĂůĞ ĚĂů ϭ͘ϭ Ăů ϯϭ͘ϭϮΎϭϬϬϬͬŶ͘ ŝŵƉƌĞƐĞ ĂƚƚŝǀĞ Ͳ WĂƌĞƚŽ ^ϭͿ ф ϭ ϮͿ /ŶĚŝĐĞ Ěŝ ŝŵƉĂƚƚŽ ƐƵů ƚĞƌƌŝƚŽƌŝŽ ;ƉƌŽǀĞŶƚŝ ĚŝƌŝƚƚŽ ĂŶŶƵĂůĞͬŝŶƚĞƌǀĞŶƚŝ ĞĐŽŶŽŵŝĐŝͿ х ϯϱй ZŝƐƵůƚĂƚŝĂƚƚĞƐŝ ϯͿ /ŶĐŝĚĞŶnjĂ ĐŽƐƚŝ ƐƚƌƵƚƚƵƌĂůŝ ;KŶĞƌŝ ĐŽƌƌĞŶƚŝ Ͳ/ŶƚĞƌǀĞŶƚŝ ;ƐŽŶŽĞƐƉůŝĐŝƚĂƚŝŝŶƚĞƌŵŝŶŝĚŝŽƵƚĐŽŵĞĞ ĞĐŽŶŽŵŝĐŝͬWƌŽǀĞŶƚŝ ĐŽƌƌĞŶƚŝ ;WĂƌĞƚŽ ϰͿ ф ϳϬй ĚŝŽƵƚƉƵƚĞŝŶĚŝǀŝĚƵĂŶŽŝŶŵĂŶŝĞƌĂ ϰͿ DĂƌŐŝŶĞ Ěŝ ƐƚƌƵƚƚƵƌĂ ;WĂƌĞƚŽ ϱ͗ ƐƉĞĐŝĨŝĐĂĞŝŶĞƋƵŝǀŽĐĂďŝůĞŝůůŝǀĞůůŽĚŝ /ŵŵŽďŝůŝnjnjĂnjŝŽŶŝͬWĂƚƌŝŵŽŶŝŽ ŶĞƚƚŽ ф ϭϬϬй ŶĞů ĐŽƌƐŽ ĚĞů ŽďŝĞƚƚŝǀŽĚĂƌĂŐŐŝƵŶŐĞƌĞͿ ƚƌŝĞŶŶŝŽ ϱͿ^ŽůŝĚŝƚăĨŝŶĂŶnjŝĂƌŝĂ;WĂƌĞƚŽϲ͗WĂƚƌŝŵŽŶŝŽŶĞƚƚŽͬdŽƚĂůĞ ŐĞŶĞƌĂůĞ ƉĂƐƐŝǀŽͿ х ϱϬй ŶĞů ĐŽƌƐŽ ĚĞů ƚƌŝĞŶŶŝŽ ϲͿ ŽŶƐŽůŝĚĂŵĞŶƚŽ ĚĞů ůŝǀĞůůŽ Ěŝ ƌŝƐĐŽƐƐŝŽŶĞ ĚĞů ĚŝƌŝƚƚŽ ĂŶŶƵĂůĞŶĞůƚƌŝĞŶŶŝŽĂůŵĞŶŽŶĞůůĂŵŝƐƵƌĂĚĞůϳϬй <W/ ;DĞƚƌŝĐŚĞĚĞĨŝŶŝƚĞƐƵůůĂďĂƐĞĚĞŝ ƌŝƐƵůƚĂƚŝĂƚƚĞƐŝŶĞĐĞƐƐĂƌŝĞƉĞƌ ŵŽŶŝƚŽƌĂƌĞůΖĂŶĚĂŵĞŶƚŽĚĞůůΖŽďŝĞƚƚŝǀŽͿ ϭͿ<W/ĚŝŵŽŶŝƚŽƌĂŐŐŝŽĞǀĂůƵƚĂnjŝŽŶĞ WĂƌĞƚŽ^ϭ ϮͿ<W/ĚŝŵŽŶŝƚŽƌĂŐŐŝŽĞǀĂůƵƚĂnjŝŽŶĞ /ŶĚŝĐĞĚŝŝŵƉĂƚƚŽƐƵůƚĞƌƌŝƚŽƌŝŽ ϯͿ<W/ĚŝŵŽŶŝƚŽƌĂŐŐŝŽĞǀĂůƵƚĂnjŝŽŶĞ WĂƌĞƚŽϰ ϰͿ<W/ĚŝŵŽŶŝƚŽƌĂŐŐŝŽĞǀĂůƵƚĂnjŝŽŶĞ WĂƌĞƚŽϱ ϱͿ<W/ĚŝŵŽŶŝƚŽƌĂŐŐŝŽĞǀĂůƵƚĂnjŝŽŶĞ WĂƌĞƚŽϲ ϲͿ<W/ĚŝŵŽŶŝƚŽƌĂŐŐŝŽĞǀĂůƵƚĂnjŝŽŶĞ ZŝƐĐŽƐƐŝŽŶĞĚŝƌŝƚƚŽĂŶŶƵĂůĞƚƌŝĞŶŶŝŽ ƌĞĞŽƌŐĂŶŝnjnjĂƚŝǀĞĐŽŝŶǀŽůƚĞŶĞůůĂ ƌĞĂůŝnjnjĂnjŝŽŶĞ dƵƚƚĞůĞĂƌĞĞ ƵĚŐĞƚƉƌĞǀŝƐƚŽ ;ŽƐƚŝĞƐƚĞƌŶŝͿ EŽƚĞ ^ĐŚĞĚĂĚŝWƌŽŐƌĂŵŵĂnjŝŽŶĞ^ƚƌĂƚĞŐŝĐĂ ƌĞĂ^ƚƌĂƚĞŐŝĐĂ ŶĂůŝƐŝĚĞŝďŝƐŽŐŶŝĞĚĞůůŽ ƐĐĞŶĂƌŝŽĚĂůƋƵĂůĞĞŵĞƌŐĞ ůΖŽƉƉŽƌƚƵŶŝƚăĚŝĚĞĨŝŶŝƌĞĞ ĂƐƐĞŐŶĂƌƐŝƵŶŽďŝĞƚƚŝǀŽ ƐƚƌĂƚĞŐŝĐŽ KƌŐĂŶŝnjnjĂnjŝŽŶĞĞƌŝƐŽƌƐĞ WƵŶƚŝ Ěŝ ĨŽƌnjĂ͗ ĐŽŵƉĞƚĞŶnjĞ Ğ ĐĂƉĂĐŝƚă ƉƌŽĨĞƐƐŝŽŶĂůŝ ŵĂƚƵƌĂƚĞ ŶĞůůĂ ŐĞƐƚŝŽŶĞ Ěŝ ĞŶƚŝ ĚĞů ƐŝƐƚĞŵĂ ĐĂŵĞƌĂůĞ͖ WƵŶƚŝ Ěŝ ĚĞďŽůĞnjnjĂ͗ ůĂ ĐĂƌĞŶnjĂ Ěŝ ƉĞƌƐŽŶĂůĞ ůŝŵŝƚĂ ůĞ ƉŽƚĞŶnjŝĂůŝƚă Ěŝ ĂƚƚƵĂnjŝŽŶĞ ŽƉĞƌĂƚŝǀĂ ĚĞůůĞ ŝŶŝnjŝĂƚŝǀĞ ƉƌŽƉŽƐƚĞ͖ DŝŶĂĐĐĞ͗ ƉƌŽďůĞŵĂƚŝĐŚĞ ĂůůΖŝŶƚĞƌŶŽ Ěŝ ƋƵĞƐƚĂ ƌĞĂ ^ƚƌĂƚĞŐŝĐĂ ƉŽƚƌĞďďĞƌŽŝŶĨŝĐŝĂƌĞŝůŝǀĞůůŝĚŝƋƵĂůŝƚăĚĞŝƐĞƌǀŝnjŝĞĚĞůůĞĂƚƚŝǀŝƚăƐǀŽůƚĞ ŝŶ ĂůƚƌĞ ƌĞĞ͖ KƉƉŽƌƚƵŶŝƚă͗ůĂƌĞĐĞŶƚĞĨŽƌŵĂnjŝŽŶĞĚĞůůΖŶƚĞŐĂƌĂŶƚŝƐĐĞĂŵƉŝƐƉĂnjŝĚŝ ŵŝŐůŝŽƌĂŵĞŶƚŽ͕ ŽĨĨƌĞŶĚŽ ĐŽŶĐƌĞƚĞ ŽƉƉŽƌƚƵŶŝƚă Ěŝ ŝŵƉůĞŵĞŶƚĂnjŝŽŶŝ͘ WƌŝŽƌŝƚă͗ĂƐƐƵŶnjŝŽŶĞĚŝƉĞƌƐŽŶĂůĞĂƚĞŵƉŽŝŶĚĞƚĞƌŵŝŶĂƚŽƉĞƌĐŽƉƌŝƌĞ ůĂĐĂƌĞŶnjĂĚŝĚŽƚĂnjŝŽŶĞŽƌŐĂŶŝĐĂ͘ KďŝĞƚƚŝǀŽƐƚƌĂƚĞŐŝĐŽ ;ĞĨŝŶŝnjŝŽŶĞĚĞůůΖŽďŝĞƚƚŝǀŽĞ 'ĞƐƚŝƌĞ ĐŽŶ ĞĨĨŝĐĂĐŝĂ ůĞ ƌŝƐŽƌƐĞ ƵŵĂŶĞ ŶĞů ƌŝƐƉĞƚƚŽ ĚĞŝ ǀŝŐĞŶƚŝ ĚĞůůĞĂnjŝŽŶŝĐŚĞƐŝǀŽŐůŝŽŶŽ ǀŝŶĐŽůŝ ŶŽƌŵĂƚŝǀŝ͕ ŵĞĚŝĂŶƚĞ ŝů ĐŽŵƉůĞƚĂŵĞŶƚŽ ĚĞůůĞ ĨĂƐŝ ĂƚƚƵĂƌĞƉĞƌŝůƐƵŽ ŶĞĐĞƐƐĂƌŝĞƉĞƌƐŽĚĚŝƐĨĂƌĞŝůĨĂďďŝƐŽŐŶŽŽĐĐƵƉĂnjŝŽŶĂůĞ ĐŽŶƐĞŐƵŝŵĞŶƚŽͿ ZŝƐƵůƚĂƚŝĂƚƚĞƐŝ ;ƐŽŶŽĞƐƉůŝĐŝƚĂƚŝŝŶƚĞƌŵŝŶŝĚŝ ŽƵƚĐŽŵĞĞĚŝŽƵƚƉƵƚĞ 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Žƚƚ͘ŽŵĞŶŝĐŽdŝĚĞŝ njŝŽŶŝ ƌĞĂnjŝŽŶĞĚŝƵŶΖĂĚĞŐƵĂƚĂŝŶĨŽƌŵĂƚŝnjnjĂnjŝŽŶĞĚĞůůĞŝŵƉƌĞƐĞ ZŝƐƵůƚĂƚŝĂƚƚĞƐŝ ůŵĞŶŽŶ͘ϭϬŝŵƉƌĞƐĞĐŽŝŶǀŽůƚĞ ƵĚŐĞƚ ZŝƐŽƌƐĞƵŵĂŶĞ ĐŽŝŶǀŽůƚĞ Φϴϯ͘ϬϬϬ 'ŝƵůŝĞƚƚŝŶŶĂŐƌĞƚĂ ϭͿ<W/ĚŝŵŽŶŝƚŽƌĂŐŐŝŽ EƵŵĞƌŽŝŵƉƌĞƐĞĐŽŝŶǀŽůƚĞŶĞůůŽƐǀŝůƵƉƉŽĚĞůůΖĞͲĐŽŵŵĞƌĐĞ ĞǀĂůƵƚĂnjŝŽŶĞ KďŝĞƚƚŝǀŽŽƉĞƌĂƚŝǀŽ &ĂǀŽƌŝƌĞůĂĐŽŵƉĞƚŝƚŝǀŝƚăĚĞůůĞƉŝĐĐŽůĞŝŵƉƌĞƐĞ͕ƐĞŶƐŝďŝůŝnjnjĂŶĚŽůĞƐƵůůĂ ƚĞŵĂƚŝĐĂĚĞůůĞΗƌĞƚŝĚΖŝŵƉƌĞƐĂΗ ĞƐĐƌŝnjŝŽŶĞ ŽŶƚƌŝďƵŝƌĞĂůůŽƐǀŝůƵƉƉŽĚĞůƚĞƌƌŝƚŽƌŝŽĂƚƚƌĂǀĞƌƐŽůĂĚŝĨĨƵƐŝŽŶĞĚĞůĐŽŶĐĞƚƚŽĚŝ ΗƌĞƚŝĚŝŝŵƉƌĞƐĞΗ hŶŝƚăŽƉĞƌĂƚŝǀĂĚŝ ƌŝĨĞƌŝŵĞŶƚŽ ZĞƐƉŽŶƐĂďŝůĞ ƌĞĂ^ǀŝůƵƉƉŽͲhKWƌŽŵŽnjŝŽŶĞ Žƚƚ͘ŽŵĞŶŝĐŽdŝĚĞŝ njŝŽŶĞ ZĞĂůŝnjnjĂnjŝŽŶĞĚŝĞǀĞŶƚŝĨŽƌŵĂƚŝǀŝĞĚŝŶĨŽƌŵĂƚŝǀŝƐƵůƚĞŵĂĚĞůůĞƌĞƚŝĚŝŝŵƉƌĞƐĞ ZŝƐƵůƚĂƚŝĂƚƚĞƐŝ &ĂǀŽƌŝƌĞůĂĐŽƐƚŝƚƵnjŝŽŶĞĚŝĂůŵĞŶŽϭƌĞƚĞĚŝŝŵƉƌĞƐĂŶĞůĚŝƐƚƌĞƚƚŽ ƵĚŐĞƚ ZŝƐŽƌƐĞƵŵĂŶĞ ĐŽŝŶǀŽůƚĞ ΦϵϬ͘ϬϬϬ 'ŝƵůŝĞƚƚŝŶŶĂŐƌĞƚĂ ϭͿ<W/ĚŝŵŽŶŝƚŽƌĂŐŐŝŽ EƵŵĞƌŽĚŝƌĞƚŝĚŝŝŵƉƌĞƐĂĐŽƐƚŝƚƵŝƚĞŶĞůĚŝƐƚƌĞƚƚŽ ĞǀĂůƵƚĂnjŝŽŶĞ ^ĐŚĞĚĂĚŝWƌŽŐƌĂŵŵĂnjŝŽŶĞKƉĞƌĂƚŝǀĂ KďŝĞƚƚŝǀŽƐƚƌĂƚĞŐŝĐŽ ĞŶŽŵŝŶĂnjŝŽŶĞ ^ŽƐƚĞŶĞƌĞ ůĂ ĨŽƌŵĂnjŝŽŶĞ Ěŝ ƐƉĞĐŝĨŝĐŚĞ ƉƌŽĨĞƐƐŝŽŶĂůŝƚă Ƶƚŝůŝ ĂůůŽ 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njŝŽŶŝ ƌŽŐĂnjŝŽŶĞĐŽŶƚƌŝďƵƚŝĞĐŽŶŽŵŝĐŝĂŝŽŶƐŽƌnjŝĨŝĚŝ ZŝƐƵůƚĂƚŝĂƚƚĞƐŝ ƵĚŐĞƚ ZŝƐŽƌƐĞƵŵĂŶĞĐŽŝŶǀŽůƚĞ ^ŽƐƚĞŶĞƌĞĐŽŶĐŽŶƚƌŝďƵƚŝĞĐŽŶŽŵŝĐŝĂůŵĞŶŽŶ͘ϰŽŶƐŽƌnjŝĨŝĚŝ Žƚƚ͘ŽŵĞŶŝĐŽdŝĚĞŝ ϭͿ<W/ĚŝŵŽŶŝƚŽƌĂŐŐŝŽĞ ǀĂůƵƚĂnjŝŽŶĞ EƵŵĞƌŽĐŽŶƐŽƌnjŝĨŝĚŝĨŝŶĂŶnjŝĂƚŝ ^ĐŚĞĚĂĚŝWƌŽŐƌĂŵŵĂnjŝŽŶĞKƉĞƌĂƚŝǀĂ KďŝĞƚƚŝǀŽƐƚƌĂƚĞŐŝĐŽ ĞŶŽŵŝŶĂnjŝŽŶĞ WƌŽŵƵŽǀĞƌĞŝůƚĞƌƌŝƚŽƌŝŽĞůĞĞĐĐĞůůĞŶnjĞĚĞů&ĞƌŵĂŶŽ͕ŝŶ/ƚĂůŝĂĞ ĂůůΖĞƐƚĞƌŽ͕ĂƚƚƌĂǀĞƌƐŽůĂƉƌĞƐĞŶƚĂnjŝŽŶĞĚĞŝƉƌŽĚŽƚƚŝƚŝƉŝĐŝ KďŝĞƚƚŝǀŽŽƉĞƌĂƚŝǀŽ DŝŐůŝŽƌĂŵĞŶƚŽ ĚĞůůĂ ĐŽŶŽƐĐĞŶnjĂ ĚĞů ƚĞƌƌŝƚŽƌŝŽ ĂƚƚƌĂǀĞƌƐŽ ůĂ ĚŝĨĨƵƐŝŽŶĞĚĞůůΖŝŶĨŽƌŵĂnjŝŽŶĞĞĐŽŶŽŵŝĐŽͲƐƚĂƚŝƐƚŝĐĂ ŽŶƐŽůŝĚĂŵĞŶƚŽĞƌĂĨĨŽƌnjĂŵĞŶƚŽĚĞůůΖĂƚƚŝǀŝƚăĚŝƌŝĐĞƌĐĂĞĂŶĂůŝƐŝǀŽůƚĂ Ă ŵŝŐůŝŽƌĂƌĞ ůĂ ĐŽŶŽƐĐĞŶnjĂ ĚĞů ƚĞƌƌŝƚŽƌŝŽ͘ dĂůŝ ŝŶŝnjŝĂƚŝǀĞ ĚŽǀƌĂŶŶŽ ĐŽŶĨůƵŝƌĞ ŶĞůůĂ ƌĞĚĂnjŝŽŶĞ Ğ ƉƵďďůŝĐĂnjŝŽŶĞ Ěŝ ĚŽĐƵŵĞŶƚŝ ĞͬŽ ŝŶĚĂŐŝŶŝ ƐƵůůĞ ƉƌŝŶĐŝƉĂůŝ ŐƌĂŶĚĞnjnjĞ ƐƚĂƚŝƐƚŝĐŽͲĞĐŽŶŽŵŝĐŚĞ ŵŝƌĂƚĞ Ă ŐƵŝĚĂƌĞ ůĞ ƐĐĞůƚĞ ƐƚƌĂƚĞŐŝĐŚĞ ĚĞŐůŝ ŝŵƉƌĞŶĚŝƚŽƌŝ ůŽĐĂůŝ Ğ ĚĞŐůŝ ŝŶǀĞƐƚŝƚŽƌŝ ĞƐĐƌŝnjŝŽŶĞ ŝŶƚĞƌĞƐƐĂƚŝĂůůĞƌĞĂůƚăŽƉĞƌĂŶƚŝƐƵůƚĞƌƌŝƚŽƌŝŽĚĞůůĂWƌŽǀŝŶĐŝĂĚŝ&ĞƌŵŽ͘ hŶŝƚăŽƉĞƌĂƚŝǀĂĚŝƌŝĨĞƌŝŵĞŶƚŽ ƌĞĂ^ǀŝůƵƉƉŽͲhKWƌŽŵŽnjŝŽŶĞ ZĞƐƉŽŶƐĂďŝůĞ Žƚƚ͘ŽŵĞŶŝĐŽdŝĚĞŝ ZĞĚĂnjŝŽŶĞ Ğ ƉƵďďůŝĐĂnjŝŽŶĞ Ěŝ ĚŽĐƵŵĞŶƚŝ Ěŝ ƌŝůĞǀĂŶnjĂ ĞĐŽŶŽŵŝĐŽͲ njŝŽŶŝ ƐƚĂƚŝƐƚŝĐĂ ZŝƐƵůƚĂƚŝĂƚƚĞƐŝ ƵĚŐĞƚ ZŝƐŽƌƐĞƵŵĂŶĞĐŽŝŶǀŽůƚĞ ůŵĞŶŽ ϰ ƉƵďďůŝĐĂnjŝŽŶŝ ƐƵ ƉĞƌŝŽĚŝĐŝ ůŽĐĂůŝ Ğ ŶĂnjŝŽŶĂůŝ Ğ ƐƵŝ Ɛŝƚŝ ŝƐƚŝƚƵnjŝŽŶĂůŝ ŚŝĂƌĂĂŵďŝŽƚƚŝ ϭͿ<W/ĚŝŵŽŶŝƚŽƌĂŐŐŝŽĞ ǀĂůƵƚĂnjŝŽŶĞ EƵŵĞƌŽ ĚĞůůĞ ƉƵďďůŝĐĂnjŝŽŶŝ ƐƵ ƉĞƌŝŽĚŝĐŝ ůŽĐĂůŝ Ğ ŶĂnjŝŽŶĂůŝ Ğ ƐƵŝ Ɛŝƚŝ ŝƐƚŝƚƵnjŝŽŶĂůŝ KďŝĞƚƚŝǀŽŽƉĞƌĂƚŝǀŽ ^ǀŝůƵƉƉĂƌĞ ůĂ ƋƵĂůŝĨŝĐĂnjŝŽŶĞ ĚĞůůΖŽĨĨĞƌƚĂ ƚƵƌŝƐƚŝĐĂ ĂƚƚƌĂǀĞƌƐŽ ůĞ ĐĞƌƚŝĨŝĐĂnjŝŽŶŝĚŝƋƵĂůŝƚă ĞƐĐƌŝnjŝŽŶĞ YƵĂůŝĨŝĐĂƌĞ ůΖŽĨĨĞƌƚĂ ĂƚƚƌĂǀĞƌƐŽ ĨŽƌŵĂnjŝŽŶĞ ŵŝƌĂƚĂ Ă ŐĂƌĂŶƚŝƌĞ ŝů ƉĞƌƐĞŐƵŝŵĞŶƚŽ Ěŝ ĐĞƌƚŝĨŝĐĂnjŝŽŶŝ Ěŝ ƋƵĂůŝƚă ŝŶ ŐƌĂĚŽ Ěŝ ƐƵƉƉŽƌƚĂƌĞ ŝů ĐŽŶƐŽůŝĚĂŵĞŶƚŽĞůŽƐǀŝůƵƉƉŽĚĞůƐĞƚƚŽƌĞĚĞůƚƵƌŝƐŵŽ͘ hŶŝƚăŽƉĞƌĂƚŝǀĂĚŝƌŝĨĞƌŝŵĞŶƚŽ ƌĞĂ^ǀŝůƵƉƉŽ ZĞƐƉŽŶƐĂďŝůĞ Žƚƚ͘ŽŵĞŶŝĐŽdŝĚĞŝ ZĞĂůŝnjnjĂnjŝŽŶĞ Ěŝ ŝŶŝnjŝĂƚŝǀĞ Ğ ƉƌŽŐƌĂŵŵŝ ĐĂŵĞƌĂůŝ ŵŝƌĂƚŝ Ă ƋƵĂůŝĨŝĐĂƌĞ njŝŽŶŝ ůΖŽĨĨĞƌƚĂĚĞůƚĞƌƌŝƚŽƌŝŽ ZŝƐƵůƚĂƚŝĂƚƚĞƐŝ ƵĚŐĞƚ ZŝƐŽƌƐĞƵŵĂŶĞĐŽŝŶǀŽůƚĞ ϭͿ<W/ĚŝŵŽŶŝƚŽƌĂŐŐŝŽĞ ǀĂůƵƚĂnjŝŽŶĞ 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dŽƚĂůĞŝŶĐŽŶƚƌŝĨŽƌŵĂƚŝǀŝĂůůΖƵƚĞŶnjĂ KďŝĞƚƚŝǀŽŽƉĞƌĂƚŝǀŽ DŝŐůŝŽƌĂƌĞ ůĂ ƋƵĂůŝƚă ĚĞů ZĞŐŝƐƚƌŽ /ŵƉƌĞƐĞ͕ ĂƚƚƌĂǀĞƌƐŽ ůΖŝŶĚŝǀŝĚƵĂnjŝŽŶĞĚĞůůĞƉŽƐŝnjŝŽŶŝƐŽŐŐĞƚƚĞĂĐĂŶĐĞůůĂnjŝŽŶĞ DŝŐůŝŽƌĂƌĞůĂƋƵĂůŝƚăĞůΖĂĐĐƵƌĂƚĞnjnjĂĚĞŝĚĂƚŝƉƌĞƐĞŶƚŝŶĞůůĂďĂŶĐĂĚĂƚŝ ĚĞůZĞŐŝƐƚƌŽ/ŵƉƌĞƐĞĂƚƚƌĂǀĞƌƐŽůΖŝŶĚŝǀŝĚƵĂnjŝŽŶĞĚĞůůĞƉŽƐŝnjŝŽŶŝ ƐŽŐŐĞƚƚĞĂĐĂŶĐĞůůĂnjŝŽŶĞ ĞƐĐƌŝnjŝŽŶĞ hŶŝƚăŽƉĞƌĂƚŝǀĂĚŝƌŝĨĞƌŝŵĞŶƚŽ ƌĞĂ^ǀŝůƵƉƉŽ ZĞƐƉŽŶƐĂďŝůĞ Žƚƚ͘ŽŵĞŶŝĐŽdŝĚĞŝ njŝŽŶŝ ZŝƐƵůƚĂƚŝĂƚƚĞƐŝ ƵĚŐĞƚ ZŝƐŽƌƐĞƵŵĂŶĞĐŽŝŶǀŽůƚĞ ϭͿ<W/ĚŝŵŽŶŝƚŽƌĂŐŐŝŽĞ ǀĂůƵƚĂnjŝŽŶĞ KďŝĞƚƚŝǀŝŽƉĞƌĂƚŝǀŽ Ͳ/ŶĚŝǀŝĚƵĂnjŝŽŶĞĚĞůůĞƉŽƐŝnjŝŽŶŝƐŽŐŐĞƚƚĞĂĐĂŶĐĞůůĂnjŝŽŶĞ ͲǀǀŝŽĚĞůůĞĐĂŶĐĞůůĂnjŝŽŶŝ ǀǀŝĂƌĞŶĞůϮϬϭϰůĞƉƌŽĐĞĚƵƌĞĚŝĐĂŶĐĞůůĂnjŝŽŶĞƉĞƌŝůϮϬйĚĞůůĞ ƉŽƐŝnjŝŽŶŝƐŽŐŐĞƚƚĞĂĐĂŶĐĞůůĂnjŝŽŶĞ DĂƌĐŽ>ŽƌŝĂ dŽƚĂůĞƉƌŽĐĞĚƵƌĞĂǀǀŝĂƚĞͬƚŽƚĂůĞŝŵƉƌĞƐĞƐŽŐŐĞƚƚĞ DŝŐůŝŽƌĂŵĞŶƚŽ ĚĞůůŽ ƐƚĂŶĚĂƌĚ Ěŝ ĞǀĂƐŝŽŶĞ ĚĞůůĞ ƉƌĂƚŝĐŚĞ ĚĞů ZĞŐŝƐƚƌŽ/ŵƉƌĞƐĞƌŝƐƉĞƚƚŽĂůϮϬϭϯ ǀĂƐŝŽŶĞĚĞůůĞƉƌĂƚŝĐŚĞƚĞůĞŵĂƚŝĐŚĞĐŽƌƌĞƚƚĞĞŶƚƌŽŝƚĞƌŵŝŶŝĚŝůĞŐŐĞ ĞƐĐƌŝnjŝŽŶĞ ŵŝŐůŝŽƌĂŶĚŽůŽƐƚĂŶĚĂƌĚĚĞůůΖĂŶŶŽƉƌĞĐĞĚĞŶƚĞ hŶŝƚăŽƉĞƌĂƚŝǀĂĚŝƌŝĨĞƌŝŵĞŶƚŽ ƌĞĂ^ǀŝůƵƉƉŽ ZĞƐƉŽŶƐĂďŝůĞ Žƚƚ͘ŽŵĞŶŝĐŽdŝĚĞŝ njŝŽŶŝ DŝŐůŝŽƌĂƌĞĚĞůϭϬйƌŝƐƉĞƚƚŽĂůϮϬϭϯůĞƉƌĂƚŝĐŚĞĞǀĂƐĞĞŶƚƌŽŝƚĞƌŵŝŶŝĚŝ ZŝƐƵůƚĂƚŝĂƚƚĞƐŝ ůĞŐŐĞ ƵĚŐĞƚ ZŝƐŽƌƐĞƵŵĂŶĞĐŽŝŶǀŽůƚĞ ZĞŐŝƐƚƌŽŝŵƉƌĞƐĞ ϭͿ<W/ĚŝŵŽŶŝƚŽƌĂŐŐŝŽĞ dĞŵƉŝŵĞĚŝĚŝůĂǀŽƌĂnjŝŽŶĞĚĞůůĞƉƌĂƚŝĐŚĞĚĞůZĞŐŝƐƚƌŽ/ŵƉƌĞƐĞ ǀĂůƵƚĂnjŝŽŶĞ KďŝĞƚƚŝǀŽŽƉĞƌĂƚŝǀŽ ĞƐĐƌŝnjŝŽŶĞ ƉƉůŝĐĂƌĞůĂŝƌĞƚƚŝǀĂƐĞƌǀŝnjŝƉĞƌŐůŝĂŐĞŶƚŝĞƌĂƉƉƌĞƐĞŶƚĂŶƚŝ͕Őůŝ ĂŐĞŶƚŝĚŝĂĨĨĂƌŝŝŶŵĞĚŝĂnjŝŽŶĞĞŐůŝƐƉĞĚŝnjŝŽŶŝĞƌŝ ƉƉůŝĐĂnjŝŽŶĞĚĞůůĂŝƌĞƚƚŝǀĂƐĞƌǀŝnjŝƉĞƌŐůŝĂŐĞŶƚŝĞƌĂƉƉƌĞƐĞŶƚĂŶƚŝ͕Őůŝ ĂŐĞŶƚŝĚŝĂĨĨĂƌŝŝŶŵĞĚŝĂnjŝŽŶĞĞŐůŝƐƉĞĚŝnjŝŽŶŝĞƌŝ hŶŝƚăŽƉĞƌĂƚŝǀĂĚŝƌŝĨĞƌŝŵĞŶƚŽ ƌĞĂ^ǀŝůƵƉƉŽ Žƚƚ͘ŽŵĞŶŝĐŽdŝĚĞŝ ZĞƐƉŽŶƐĂďŝůĞ njŝŽŶŝ ZŝƐƵůƚĂƚŝĂƚƚĞƐŝ ƵĚŐĞƚ ZŝƐŽƌƐĞƵŵĂŶĞĐŽŝŶǀŽůƚĞ ϭͿ<W/ĚŝŵŽŶŝƚŽƌĂŐŐŝŽĞ ǀĂůƵƚĂnjŝŽŶĞ ^ŽůůĞĐŝƚĂƌĞŐůŝŝŶĂĚĞŵƉŝĞŶƚŝĞĚĞǀĞŶƚƵĂůŵĞŶƚĞƐŽƐƉĞŶĚĞƌĞůΖĂƚƚŝǀŝƚă ƉĞƌĐŽůŽƌŽĐŚĞŶŽŶƐŝƌĞŐŽůĂƌŝnjnjĂŶŽ ŽŶĐůƵĚĞƌĞůĞĂƚƚŝǀŝƚăƉƌĞǀŝƐƚĞĞŶƚƌŽŝůϯϭͬϭϮͬϮϬϭϰ 'ŝŽǀĂŶŶŝŶĂWĂĐŝŽŶŝ ŽŶĐůƵƐŝŽŶĞĂƚƚŝǀŝƚăƉƌĞǀŝƐƚĞĞŶƚƌŽŝůϯϭͬϭϮͬϮϬϭϰ;^/ͬEKͿ ^ĐŚĞĚĂĚŝWƌŽŐƌĂŵŵĂnjŝŽŶĞKƉĞƌĂƚŝǀĂ KďŝĞƚƚŝǀŽƐƚƌĂƚĞŐŝĐŽ ĞŶŽŵŝŶĂnjŝŽŶĞ 'ĂƌĂŶƚŝƌĞ ůĂ ƚƵƚĞůĂ ĚĞů ĐŽŶƐƵŵĂƚŽƌĞ ĂŶĐŚĞ ĂƚƚƌĂǀĞƌƐŽ ůΖŝŶƚĞŶƐŝĨŝĐĂnjŝŽŶĞĚĞůůΖĂƚƚŝǀŝƚăŝƐƉĞƚƚŝǀĂ 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&ƵŶnjŝŽŶĂƌŝĚŝĐĂƚĞŐŽƌŝĂ ϭͿ<W/Ěŝ ŵŽŶŝƚŽƌĂŐŐŝŽĞ ǀĂůƵƚĂnjŝŽŶĞ ĚŽnjŝŽŶĞ ĚĞů ŽĚŝĐĞ Ěŝ ŽŵƉŽƌƚĂŵĞŶƚŽ ĚĞŝ ĚŝƉĞŶĚĞŶƚŝ ƉƵďďůŝĐŝ ĚĞůůĂ / Ěŝ &ĞƌŵŽĞŶƚƌŽŝůƚĞƌŵŝŶĞƉƌĞǀŝƐƚŽ;^/ͬEKͿ EŽƚĞ ^ĐŚĞĚĂĚŝWƌŽŐƌĂŵŵĂnjŝŽŶĞKƉĞƌĂƚŝǀĂ KďŝĞƚƚŝǀŽƐƚƌĂƚĞŐŝĐŽ ĞŶŽŵŝŶĂnjŝŽŶĞ KďŝĞƚƚŝǀŽŽƉĞƌĂƚŝǀŽ ĞƐĐƌŝnjŝŽŶĞ 'ĂƌĂŶƚŝƌĞƵŶΖĞƋƵŝůŝďƌĂƚĂŐĞƐƚŝŽŶĞĞĐŽŶŽŵŝĐŽͲĨŝŶĂŶnjŝĂƌŝĂ͕ĂŶĐŚĞ ŶĞůůΖŽƚƚŝĐĂĚŝĚĞƐƚŝŶĂƌĞŵĂŐŐŝŽƌŝƌŝƐŽƌƐĞĂůůĞŝŵƉƌĞƐĞŶŽŶĐŚĠƵŶ ƐŽĚĚŝƐĨĂĐĞŶƚĞůŝǀĞůůŽĚŝƐŽůŝĚŝƚăĞĐŽŶŽŵŝĐŽͲƉĂƚƌŝŵŽŶŝĂůĞ DŝŐůŝŽƌĂƌĞ ůĂ ƌŝƐĐŽƐƐŝŽŶĞ ĚĞů ĚŝƌŝƚƚŽ ĂŶŶƵĂůĞ ƚƌĂŵŝƚĞ ůΖĞŵŝƐƐŝŽŶĞĚĞŝƌƵŽůŝĞƐĂƚƚŽƌŝĂůŝ >ΖŶƚĞ Ɛŝ ƉƌŽƉŽŶĞ Ěŝ ŝŶĐƌĞŵĞŶƚĂƌĞ ůĂ ƉƌŽƉƌŝĂ ĐĂƉĂĐŝƚă Ěŝ ƌŝƐĐŽƐƐŝŽŶĞ ĚĞů ĚŝƌŝƚƚŽ ĂŶŶƵĂůĞ ĂƚƚƌĂǀĞƌƐŽ ůΖĂƚƚŝǀĂnjŝŽŶĞ ĚĞů ƉƌŽĐĞĚŝŵĞŶƚŽ ƐĂŶnjŝŽŶĂƚŽƌŝŽƉƌĞǀŝƐƚŽĚĂůDϱϰͬϮϬϬϱ hŶŝƚăŽƉĞƌĂƚŝǀĂĚŝƌŝĨĞƌŝŵĞŶƚŽ ƌĞĂKƌŐĂŶŝnjnjĂnjŝŽŶĞ ZĞƐƉŽŶƐĂďŝůĞ ^ĞŐƌĞƚĂƌŝŽ'ĞŶĞƌĂůĞ njŝŽŶŝ ZŝƐƵůƚĂƚŝĂƚƚĞƐŝ ƵĚŐĞƚ ZŝƐŽƌƐĞƵŵĂŶĞĐŽŝŶǀŽůƚĞ ϭͿ<W/ĚŝŵŽŶŝƚŽƌĂŐŐŝŽĞ ǀĂůƵƚĂnjŝŽŶĞ KďŝĞƚƚŝǀŽŽƉĞƌĂƚŝǀŽ &ŽƌŶŝƚƵƌĂ Ěŝ ĚĂƚŝ ĂĚ /ŶĨŽĐĂŵĞƌĞ ƐƵŝ ƌƵŽůŝ ĞƐĂƚƚŽƌŝĂůŝ Ăů ĨŝŶĞ ĚĞůůΖĞŵŝƐƐŝŽŶĞ ŵŝƐƐŝŽŶĞƌƵŽůŽĞƐĂƚƚŽƌŝĂůĞϮϬϬϵĞŶƚƌŽĂƉƌŝůĞϮϬϭϰ ^ĞďĂƐƚŝĂŶŝ^ĂďƌŝŶĂͲZŽŵĂŐŶŽůŝD͘>ƵŝƐĂ ŵŝƐƐŝŽŶĞƌƵŽůŽĞƐĂƚƚŽƌŝĂůĞ ŐŐŝŽƌŶĂŵĞŶƚŽ ĐŽƐƚĂŶƚĞ ĚĞůůĂ ĐŽŶƚĂďŝůŝƚă ĞĐŽŶŽŵŝĐŽͲ ĨŝŶĂŶnjŝĂƌŝĂ ŐŐŝŽƌŶĂŵĞŶƚŽ ĐŽƐƚĂŶƚĞ ĚĞůůĂ ĐŽŶƚĂďŝůŝƚă ĞĐŽŶŽŵŝĐŽ ĨŝŶĂŶnjŝĂƌŝĂ ŵĞĚŝĂŶƚĞ ůĂ ƌĞŐŝƐƚƌĂnjŝŽŶĞ ƚĞŵƉĞƐƚŝǀĂ ĚĞůůĞ ƐĐƌŝƚƚƵƌĞ ĐŽŶƚĂďŝůŝ Ğ ůĂ ƌĞŐŽůĂƌŝnjnjĂnjŝŽŶĞƚĞŵƉĞƐƚŝǀĂĚĞŝŵŽǀŝŵĞŶƚŝĨŝŶĂŶnjŝĂƌŝ ĞƐĐƌŝnjŝŽŶĞ hŶŝƚăŽƉĞƌĂƚŝǀĂĚŝƌŝĨĞƌŝŵĞŶƚŽ ƌĞĂKƌŐĂŶŝnjnjĂnjŝŽŶĞ ZĞƐƉŽŶƐĂďŝůĞ Žƚƚ͘ƐƐĂDĂŶĐŝŶŝ ZŝƐƵůƚĂƚŝĂƚƚĞƐŝ ƵĚŐĞƚ ZŝƐŽƌƐĞƵŵĂŶĞĐŽŝŶǀŽůƚĞ DŝŐůŝŽƌĂŵĞŶƚŽĚĞŝƉƌŽĐĞƐƐŝĐŽŶƚĂďŝůŝĚŝƌĞŐŝƐƚƌĂnjŝŽŶĞĚĞůůĞŽƉĞƌĂnjŝŽŶŝ ƉĂƐƐŝǀĞĞĚŝĞŵŝƐƐŝŽŶĞĚĞůůĞƌĞǀĞƌƐĂůŝĚΖŝŶĐĂƐƐŽ ĂͿKƉĞƌĂnjŝŽŶŝƉĂƐƐŝǀĞƌĞŐŝƐƚƌĂƚĞĞŶƚƌŽϯϬŐŐĚĂůůĂƉƌŽƚŽĐŽůůĂnjŝŽŶĞхс ϵϬйŽƉĞƌĂnjŝŽŶŝƉĂƐƐŝǀĞďͿZĞǀĞƌƐĂůŝĞŵĞƐƐĞ ĞŶƚƌŽŝůŵĞƐĞƐƵĐĐĞƐƐŝǀŽхсϵϬйƉƌŽǀǀŝƐŽƌŝĚŝĞŶƚƌĂƚĂƚŽƚĂůŝ 'ŝƵůŝĞƚƚŝƌĞŶĚĂ ϭͿ<W/ĚŝŵŽŶŝƚŽƌĂŐŐŝŽĞ ǀĂůƵƚĂnjŝŽŶĞ KƉĞƌĂnjŝŽŶŝ ƉĂƐƐŝǀĞ ƌĞŐŝƐƚƌĂƚĞ ĞŶƚƌŽ ϯϬ ŐŐ ĚĂůůĂ ƉƌŽƚŽĐŽůůĂnjŝŽŶĞ ͬ KƉĞƌĂnjŝŽŶŝƉĂƐƐŝǀĞƚŽƚĂůŝ njŝŽŶŝ ϮͿ<W/ĚŝŵŽŶŝƚŽƌĂŐŐŝŽĞ ǀĂůƵƚĂnjŝŽŶĞ ZĞǀĞƌƐĂůŝĞŵĞƐƐĞĞŶƚƌŽŝůŵĞƐĞƐƵĐĐĞƐƐŝǀŽĂůůĂĚĂƚĂĚĞůƉƌŽǀǀŝƐŽƌŝŽĚŝ ĞŶƚƌĂƚĂͬƚŽƚĂůĞƉƌŽǀǀŝƐŽƌŝĚŝĞŶƚƌĂƚĂ KďŝĞƚƚŝǀŽŽƉĞƌĂƚŝǀŽ 'ĂƌĂŶƚŝƌĞĞĨĨŝĐŝĞŶnjĂŶĞŝƉĂŐĂŵĞŶƚŝĂŝĨŽƌŶŝƚŽƌŝĚŝďĞŶŝĞƐĞƌǀŝnjŝ 'ĂƌĂŶƚŝƌĞĞĨĨŝĐŝĞŶnjĂŶĞŝƉĂŐĂŵĞŶƚŝĂŝĨŽƌŶŝƚŽƌŝĂƚƚƌĂǀĞƌƐŽůĂƌŝĚƵnjŝŽŶĞ ĚĞŝƚĞŵƉŝŵĞĚŝĚŝƉĂŐĂŵĞŶƚŽĚĞůůĞĨĂƚƚƵƌĞƌĞůĂƚŝǀĞ ĞƐĐƌŝnjŝŽŶĞ hŶŝƚăŽƉĞƌĂƚŝǀĂĚŝƌŝĨĞƌŝŵĞŶƚŽ ƌĞĂKƌŐĂŶŝnjnjĂnjŝŽŶĞ Žƚƚ͘ƐƐĂDĂŶĐŝŶŝ ZĞƐƉŽŶƐĂďŝůĞ DŝŐůŝŽƌĂŵĞŶƚŽ ĚĞŝ ƉƌŽĐĞƐƐŝ ĐŽŶƚĂďŝůŝ Ěŝ ƉĂŐĂŵĞŶƚŽ ĚĞŝ ĨŽƌŶŝƚŽƌŝ Ěŝ ďĞŶŝĞƐĞƌǀŝnjŝ njŝŽŶŝ ZŝĚƵƌƌĞ ŝ ƚĞŵƉŝ ŵĞĚŝ Ěŝ ƉĂŐĂŵĞŶƚŽ ĚĞůůĞ ĨĂƚƚƵƌĞ ĞŶƚƌŽ ŝϯϬ ŐŐ ĚĂůůĂ ĚĂƚĂ Ěŝ ƌĞŐŝƐƚƌĂnjŝŽŶĞ͕ ŶĞů ƌŝƐƉĞƚƚŽ ĚĞůůĂ ƌĞŐŽůĂƌŝƚă ĚĞůůĂ ZŝƐƵůƚĂƚŝĂƚƚĞƐŝ ĚŽĐƵŵĞŶƚĂnjŝŽŶĞ ƵĚŐĞƚ 'ŝƵůŝĞƚƚŝƌĞŶĚĂ ZŝƐŽƌƐĞƵŵĂŶĞĐŽŝŶǀŽůƚĞ ϭͿ<W/ĚŝŵŽŶŝƚŽƌĂŐŐŝŽĞ dĞŵƉŽŵĞĚŝŽĚŝƉĂŐĂŵĞŶƚŽĚĞůůĞĨĂƚƚƵƌĞ ǀĂůƵƚĂnjŝŽŶĞ ^ĐŚĞĚĂĚŝWƌŽŐƌĂŵŵĂnjŝŽŶĞKƉĞƌĂƚŝǀĂ 'ĞƐƚŝƌĞ ĐŽŶ ĞĨĨŝĐĂĐŝĂ ůĞ ƌŝƐŽƌƐĞ ƵŵĂŶĞ ŶĞů ƌŝƐƉĞƚƚŽ ĚĞŝ ǀŝŐĞŶƚŝ ǀŝŶĐŽůŝ ŶŽƌŵĂƚŝǀŝ͕ ŵĞĚŝĂŶƚĞ ŝů ĐŽŵƉůĞƚĂŵĞŶƚŽ ĚĞůůĞ ĨĂƐŝ ŶĞĐĞƐƐĂƌŝĞƉĞƌƐŽĚĚŝƐĨĂƌĞŝůĨĂďďŝƐŽŐŶŽŽĐĐƵƉĂnjŝŽŶĂůĞ KďŝĞƚƚŝǀŽƐƚƌĂƚĞŐŝĐŽ ĞŶŽŵŝŶĂnjŝŽŶĞ KďŝĞƚƚŝǀŽŽƉĞƌĂƚŝǀŽ ƚƚƵĂnjŝŽŶĞĚĞůƉŝĂŶŽĂŶŶƵĂůĞĚĞŝĨĂďďŝƐŽŐŶŝ ĞƐĐƌŝnjŝŽŶĞ ů ĨŝŶĞ Ěŝ ĂƚƚƵĂƌĞ ŝů ƉŝĂŶŽ ĂŶŶƵĂůĞ ĚĞŝ ĨĂďďŝƐŽŐŶŝ͕ Ɛŝ ƉƌŽƉŽŶĞ Ěŝ ĐŽŵƉůĞƚĂƌĞŝůƉŝĂŶŽŽĐĐƵƉĂnjŝŽŶĂůĞĂƉƉƌŽǀĂƚŽĚĂůůĂ'ŝƵŶƚĂ hŶŝƚăŽƉĞƌĂƚŝǀĂĚŝƌŝĨĞƌŝŵĞŶƚŽ ZĞƐƉŽŶƐĂďŝůĞ ƌĞĂŽƌŐĂŶŝnjnjĂnjŝŽŶĞ ^ĞŐƌĞƚĂƌŝŽ'ĞŶĞƌĂůĞ njŝŽŶŝ dĞŵƉĞƐƚŝǀĂĂƚƚŝǀĂnjŝŽŶĞĚĞŝĐŽŶƚƌĂƚƚŝĐŽŶƐĞŐƵĞŶƚŝĂůůĞƐĞůĞnjŝŽŶŝƉĞƌůĞ ĨŝŐƵƌĞĚŝĐĂƚĞŐŽƌŝĂ ZŝƐƵůƚĂƚŝĂƚƚĞƐŝ ƵĚŐĞƚ ZŝƐŽƌƐĞƵŵĂŶĞĐŽŝŶǀŽůƚĞ ƚƚŝǀĂnjŝŽŶĞĐŽŶƚƌĂƚƚŝĞŶƚƌŽϯϭͬϭϮͬϮϬϭϰ ^ĂďƌŝŶĂ^ĞďĂƐƚŝĂŶŝ ϭͿ<W/ĚŝŵŽŶŝƚŽƌĂŐŐŝŽĞ ǀĂůƵƚĂnjŝŽŶĞ ZŝƐƉĞƚƚŽ ĚĞŝ ƚĞŵƉŝ Ěŝ ĂƚƚŝǀĂnjŝŽŶĞ ĚĞŝ ĐŽŶƚƌĂƚƚŝ ĐŽŶƐĞŐƵĞŶƚŝ ĂůůĞ ƐĞůĞnjŝŽŶŝ;^/ͬEKͿ EŽƚĞ
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