The Diffusion of New Institutions: Evidence from the
Renaissance Venice’s Patent System
Stefano Comino, Alberto Galasso and Clara Graziano
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Wklv lpsolhv wkdw rxu uhvxowv rq sdwhqwlqj e| jxlog phpehuv duh urexvw wr dvvxplqj d pruh
jhqhudo uhodwlrqvkls ehwzhhq uhqw0vkdulqj dqg 1
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g 3 lv wkdw m +,m +, /
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wkh olfhqvlqj qhjrwldwlrqv dqg wkdw lw dssursuldwhv wkh zkroh vxusoxv ri wkh lqqrydwlrq +zkloh wkh
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wkh fdvh ri lqqrydwlrq e| d jxlog phpehu1 E| sdwhqwlqj/ wkh lqqrydwru rewdlqv
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surwdeoh li
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64
&ŝŐƵƌĞϭ͘sĞŶĞƚŝĂŶ^ƚĂƚĞŽƵŶĚĂƌLJ
(Source: Knapton, 2013)
dĂďůĞϭ͘^ƵŵŵĂƌLJƐƚĂƚŝƐƚŝĐƐ
KďƐ͘
DĞĂŶ
^ƚĚ͘Ğǀ͘
DŝŶ
DĂdž
WĂƚĞŶƚƐ
^ƚƌŽŶŐŝŶƚĞƌŶĂůƌĞŐƵůĂƚŝŽŶ
ŝƐƚĂŶĐĞƚŽsĞŶŝĐĞ;ŬŵͿ
ϯϰϬ
ϯϰϬ
ϯϰϬ
ϭ͘ϰϳ
Ϭ͘Ϯϭ
ϱϲ͘ϯϱ
ϱ͘ϭϬ
Ϭ͘ϰϬ
ϳϮ͘ϰϴ
Ϭ
Ϭ
Ϭ
ϰϮ
ϭ
ϰϳϱ
dƌĂĚĞŐƵŝůĚ
'ƵŝůĚŵĞŵďĞƌƐ
ϯϰϬ
ϭϲϵ
Ϭ͘ϰϲ
ϭϲϰ͘Ϭϲ
Ϭ͘ϰϵ
ϯϵϮ͘Ϯϳ
Ϭ
Ϯ
ϭ
ϯϯϵϬ
DĂŝŶŝƚŝĞƐ
sĞŶŝĐĞ
sĞƌŽŶĂ
WĂĚŽǀĂ
ƌĞƐĐŝĂ
dƌĞǀŝƐŽ
hĚŝŶĞ
KƚŚĞƌƐ
ϭϲϭ
ϱϰ
ϯϵ
ϯϭ
ϭϲ
ϭϯ
Ϯϲ
EKd^͗ hŶŝƚ ŽĨ ŽďƐĞƌǀĂƚŝŽŶ ŝƐ Ă ŐƵŝůĚ͘ WĂƚĞŶƚƐ ŝƐ ƚŚĞ ƚŽƚĂů ŶƵŵďĞƌ ŽĨ ƉĂƚĞŶƚƐ ŐƌĂŶƚĞĚ ĨƌŽŵ ϭϰϳϰ ƚŽ
ϭϱϱϬ ŝŶ ƚŚĞ ƚĞĐŚŶŽůŽŐLJ ƐĞĐƚŽƌ ŽĨ ƚŚĞ ŐƵŝůĚ͘ ^ƚƌŽŶŐ ŝŶƚĞƌŶĂů ƌĞŐƵůĂƚŝŽŶ сϭ ŝĨ ŐƵŝůĚ ŚĂƐ ŝŶƚĞƌŶĂů ƌƵůĞƐ
ǁŚŝĐŚ ƌĞƐƚƌŝĐƚ ĐŽŵƉĞƚŝƚŝŽŶ͕ ŐƌĂŶƚ ƉƌŝǀŝůĞŐĞƐ ƚŽ ƐŽŶƐ ŽĨ ŵĞŵďĞƌƐ͕ ĂŶĚ ƌĞƐƚƌŝĐƚ ƌŝŐŚƚƐ ŽĨ ĨŽƌĞŝŐŶ
ŵĞŵďĞƌƐ͘ dƌĂĚĞ ŐƵŝůĚ ŝƐ ĞƋƵĂů ƚŽ ŽŶĞ ŝĨ ƚŚĞ ŐƵŝůĚ ŝƐ ŶŽƚ ŝŶǀŽůǀĞĚ ŝŶ ŵĂŶƵĨĂĐƚƵƌŝŶŐ͘ 'ƵŝůĚ ŵĞŵďĞƌƐ
сŶƵŵďĞƌŽĨƌĞŐŝƐƚĞƌĞĚŵĞŵďĞƌƐĂƐƌĞƉŽƌƚĞĚŝŶƚŚĞΗ/ƐƚŝƚƵnjŝŽŶŝŽŽƉĞƌĂƚŝǀĞΗĚĂƚĂ͘
dĂďůĞϮ͘'ƵŝůĚŝŶƚĞƌŶĂůƌĞŐƵůĂƚŝŽŶĂŶĚƉĂƚĞŶƚŝŶŐ
ĞƉĞŶĚĞŶƚsĂƌŝĂďůĞ
^ƚƌŽŶŐŝŶƚĞƌŶĂůƌĞŐƵůĂƚŝŽŶ
;ϭͿ
;ϮͿ
;ϯͿ
;ϰͿ
WĂƚĞŶƚƐ
WĂƚĞŶƚƐ
WĂƚĞŶƚƐ
WĂƚĞŶƚƐ
ͲϬ͘ϳϱϬΎΎΎ
;Ϭ͘ϭϱϭͿ
ͲϬ͘ϵϴϭΎΎΎ
;Ϭ͘ϭϬϭͿ
Ͳϭ͘ϭϯϯΎΎΎ
;Ϭ͘ϰϯϵͿ
Ͳϭ͘ϳϭϳΎΎΎ
;Ϭ͘ϲϭϬͿ
ůŽŐ;ŝƐƚĂŶĐĞͿ
Ϭ͘ϮϮϱΎΎΎ
;Ϭ͘ϬϮϲͿ
ůŽŐ;'ƵŝůĚŵĞŵďĞƌƐͿ
Ϭ͘Ϯϱϲ
;Ϭ͘ϭϵϭͿ
dƌĂĚĞŐƵŝůĚ
Ͳϰ͘ϱϯϱΎΎΎ
;Ϭ͘ϳϭϬͿ
Ͳϰ͘ϯϱϳΎΎΎ
;Ϭ͘ϳϬϴͿ
Ͳϰ͘ϯϱϱΎΎΎ
;Ϭ͘ϴϰϴͿ
Ͳϱ͘ϮϲϴΎΎΎ
;ϭ͘ϬϰϮͿ
ŝƚLJĨĨĞĐƚƐ
EŽ
EŽ
zĞƐ
zĞƐ
KďƐĞƌǀĂƚŝŽŶƐ
ϯϰϬ
ϯϰϬ
ϯϰϬ
ϭϲϵ
EKd^͗ WŽŝƐƐŽŶ ĞƐƚŝŵĂƚŝŽŶ ǁŝƚŚ ƌŽďƵƐƚ ƐƚĂŶĚĂƌĚ ĞƌƌŽƌƐ͘ Ύ ƐŝŐŶŝĨŝĐĂŶƚ Ăƚ ϭϬ ƉĞƌĐĞŶƚ͕ ΎΎ ƐŝŐŶŝĨŝĐĂŶƚ Ăƚ ϱ
ƉĞƌĐĞŶƚ ĂŶĚ ΎΎΎ ƐŝŐŶŝĨŝĐĂŶƚ Ăƚ ϭ ƉĞƌĐĞŶƚ͘ ^ƚƌŽŶŐ ŝŶƚĞƌŶĂů ƌĞŐƵůĂƚŝŽŶ сϭ ŝĨ ŐƵŝůĚ ŚĂƐ ŝŶƚĞƌŶĂů ƌƵůĞƐ ǁŚŝĐŚ
ƌĞƐƚƌŝĐƚĐŽŵƉĞƚŝƚŝŽŶ͕ŐƌĂŶƚƉƌŝǀŝůĞŐĞƐƚŽƐŽŶƐŽĨŵĞŵďĞƌƐ͕ĂŶĚƌĞƐƚƌŝĐƚƌŝŐŚƚƐŽĨĨŽƌĞŝŐŶŵĞŵďĞƌƐ͘dƌĂĚĞŐƵŝůĚ
ŝƐ ĞƋƵĂů ƚŽ ŽŶĞ ŝĨ ƚŚĞ ŐƵŝůĚ ŝƐ ŶŽƚ ŝŶǀŽůǀĞĚ ŝŶ ŵĂŶƵĨĂĐƚƵƌŝŶŐ͘ ŝƐƚĂŶĐĞс ĚŝƐƚĂŶĐĞ ĨƌŽŵ sĞŶŝĐĞ ŝŶ <ŵ͘ 'ƵŝůĚ
ŵĞŵďĞƌƐсŶƵŵďĞƌŽĨƌĞŐŝƐƚĞƌĞĚŵĞŵďĞƌƐĂƐƌĞƉŽƌƚĞĚŝŶƚŚĞΗ/ƐƚŝƚƵnjŝŽŶŝŽŽƉĞƌĂƚŝǀĞΗĚĂƚĂ͘
dĂďůĞϯ͘/ŶǀĞŶƚŽƌƐΖŽƌŝŐŝŶĂŶĚĂůƚĞƌŶĂƚŝǀĞƉĂƚĞŶƚĚĂƚĂ
;ϭͿ
;ϮͿ
;ϯͿ
;ϰͿ
;ϱͿ
;ϲͿ
WĂƚĞŶƚƐ
>ŽĐĂů
WĂƚĞŶƚƐ
>ŽĐĂů
WĂƚĞŶƚƐ
&ŽƌĞŝŐŶĞƌƐ
WĂƚĞŶƚƐ
&ŽƌĞŝŐŶĞƌƐ
WĂƚĞŶƚƐ
DĂŶĚŝĐŚ
WĂƚĞŶƚƐ
DĂŶĚŝĐŚ
^ƚƌŽŶŐŝŶƚĞƌŶĂůƌĞŐƵůĂƚŝŽŶ
ͲϬ͘ϵϰϲΎΎΎ
;Ϭ͘ϬϵϱͿ
Ͳϭ͘ϬϵϴΎΎ
;Ϭ͘ϰϮϵͿ
ͲϬ͘ϬϮϵΎΎ
;Ϭ͘ϬϭϮͿ
ͲϬ͘ϬϯϰΎ
;Ϭ͘ϬϮϬͿ
Ͳϭ͘ϯϲϯΎΎΎ
;Ϭ͘ϯϭϯͿ
Ͳϭ͘ϮϲϲΎΎ
;Ϭ͘ϲϭϲͿ
ůŽŐ;ŝƐƚĂŶĐĞͿ
Ϭ͘ϮϭϵΎΎΎ
;Ϭ͘ϬϮϱͿ
ĞƉĞŶĚĞŶƚsĂƌŝĂďůĞ
Ϭ͘ϬϬϲΎΎΎ
;Ϭ͘ϬϬϭͿ
Ϭ͘ϭϳϬΎΎΎ
;Ϭ͘ϬϯϲͿ
ŝƚLJĨĨĞĐƚƐ
EŽ
zĞƐ
EŽ
zĞƐ
EŽ
zĞƐ
KďƐĞƌǀĂƚŝŽŶƐ
ϯϰϬ
ϯϰϬ
ϯϰϬ
ϯϰϬ
ϯϰϬ
ϯϰϬ
EKd^͗ WŽŝƐƐŽŶ ĞƐƚŝŵĂƚŝŽŶ ǁŝƚŚ ƌŽďƵƐƚ ƐƚĂŶĚĂƌĚ ĞƌƌŽƌƐ͘ Ύ ƐŝŐŶŝĨŝĐĂŶƚ Ăƚ ϭϬ ƉĞƌĐĞŶƚ͕ ΎΎ ƐŝŐŶŝĨŝĐĂŶƚ Ăƚ ϱ ƉĞƌĐĞŶƚ ĂŶĚ ΎΎΎ
ƐŝŐŶŝĨŝĐĂŶƚ Ăƚ ϭ ƉĞƌĐĞŶƚ͘ ůů ƌĞŐƌĞƐƐŝŽŶƐ ŝŶĐůƵĚĞ Ă ĚƵŵŵLJ ĨŽƌ dƌĂĚĞ ŐƵŝůĚƐ͘ ^ƚƌŽŶŐ ŝŶƚĞƌŶĂů ƌĞŐƵůĂƚŝŽŶ сϭ ŝĨ ŐƵŝůĚ ŚĂƐ ŝŶƚĞƌŶĂů
ƌƵůĞƐ ǁŚŝĐŚ ƌĞƐƚƌŝĐƚ ĐŽŵƉĞƚŝƚŝŽŶ͕ ŐƌĂŶƚ ƉƌŝǀŝůĞŐĞƐ ƚŽ ƐŽŶƐ ŽĨ ŵĞŵďĞƌƐ͕ ĂŶĚ ƌĞƐƚƌŝĐƚ ƌŝŐŚƚƐ ŽĨ ĨŽƌĞŝŐŶ ŵĞŵďĞƌƐ͘ ŝƐƚĂŶĐĞс
ĚŝƐƚĂŶĐĞ ĨƌŽŵ sĞŶŝĐĞ ŝŶ <ŵ͘ >ŽĐĂů ƉĂƚĞŶƚƐ с ƉĂƚĞŶƚƐ ŐƌĂŶƚĞĚ ƚŽ /ƚĂůŝĂŶ ŝŶǀĞŶƚŽƌƐ͘ &ŽƌĞŝŐŶ ƉĂƚĞŶƚƐ с ƉĂƚĞŶƚƐ ŐƌĂŶƚĞĚ ƚŽ ŶŽŶͲ
/ƚĂůŝĂŶ ŝŶǀĞŶƚŽƌƐ͘ ŽůƵŵŶƐ ϭͲϰ ĞdžƉůŽŝƚ ƉĂƚĞŶƚ ĚĂƚĂ ĨƌŽŵ ĞƌǀĞŐůŝĞƌŝ ;ϭϵϵϱ͕ ϭϵϵϵͿ ĐŽůƵŵŶƐ ϱͲϲ ĞdžƉůŽŝƚ ƉĂƚĞŶƚ ĚĂƚĂ ĨƌŽŵ
DĂŶĚŝĐŚ;ϭϵϯϲͿ͘
dĂďůĞϰ͘EŽďůĞĨĂŵŝůŝĞƐĂŶĚƉĂƚĞŶƚŝŶŐ
;ϭͿ
;ϮͿ
;ϯͿ
WĂƚĞŶƚƐ
WĂƚĞŶƚƐ
WĂƚĞŶƚƐ
^ƚƌŽŶŐŝŶƚĞƌŶĂůƌĞŐƵůĂƚŝŽŶ
Ͳϭ͘ϭϰϯΎΎΎ
;Ϭ͘ϭϮϬͿ
Ͳϭ͘ϮϬϯΎΎΎ
;Ϭ͘ϭϮϱͿ
Ͳϭ͘ϮϴϯΎΎΎ
;Ϭ͘ϭϯϬͿ
ůŽŐ;ŝƐƚĂŶĐĞͿ
Ϭ͘ϯϮϲΎΎΎ
;Ϭ͘ϬϮϵͿ
Ϭ͘ϯϰϬΎΎΎ
;Ϭ͘ϬϮϮͿ
Ϭ͘ϮϲϰΎΎ
;Ϭ͘ϭϭϴͿ
ůŽŐ;EŽďůĞ&ĂŵŝůŝĞƐͿ
Ϭ͘ϭϬϯΎΎΎ
;Ϭ͘ϬϮϳͿ
Ϭ͘ϰϭϵΎΎΎ
;Ϭ͘ϬϵϯͿ
Ϭ͘ϰϱϲΎΎΎ
;Ϭ͘ϬϵϴͿ
ůŽŐ;WŽƉƵůĂƚŝŽŶϭϱϬϬͿ
Ϭ͘ϭϲϳ
;Ϭ͘ϭϭϲͿ
Ϭ͘ϬϮϳ
;Ϭ͘ϬϳϮͿ
Ϭ͘ϬϴϬ
;Ϭ͘ϭϬϳͿ
Ͳϭ͘ϯϯϯΎΎΎ
Ͳϭ͘ϱϬϬΎΎΎ
;Ϭ͘ϯϱϭͿ
;Ϭ͘ϯϵϴͿ
ĞƉĞŶĚĞŶƚsĂƌŝĂďůĞ
WŽůŝƚŝĐĂůůLJŽŶŶĞĐƚĞĚ
&ĂŵŝůŝĞƐ
ŝƚLJĨĨĞĐƚƐ
ƌŽƉsĞŶŝĐĞ
EŽ
EŽ
EŽ
EŽ
EŽ
zĞƐ
KďƐĞƌǀĂƚŝŽŶƐ
ϯϯϰ
ϯϯϰ
ϭϳϯ
EKd^͗ WŽŝƐƐŽŶ ĞƐƚŝŵĂƚŝŽŶ ǁŝƚŚ ƌŽďƵƐƚ ƐƚĂŶĚĂƌĚ ĞƌƌŽƌƐ͘ Ύ ƐŝŐŶŝĨŝĐĂŶƚ Ăƚ ϭϬ
ƉĞƌĐĞŶƚ͕ ΎΎ ƐŝŐŶŝĨŝĐĂŶƚ Ăƚ ϱ ƉĞƌĐĞŶƚ ĂŶĚ ΎΎΎ ƐŝŐŶŝĨŝĐĂŶƚ Ăƚ ϭ ƉĞƌĐĞŶƚ͘ ůů
ƌĞŐƌĞƐƐŝŽŶƐ ŝŶĐůƵĚĞ Ă ĚƵŵŵLJ ĨŽƌ dƌĂĚĞ ŐƵŝůĚƐ͘ ^ƚƌŽŶŐ ŝŶƚĞƌŶĂů ƌĞŐƵůĂƚŝŽŶ
сϭ ŝĨ ŐƵŝůĚ ŚĂƐ ŝŶƚĞƌŶĂů ƌƵůĞƐ ǁŚŝĐŚ ƌĞƐƚƌŝĐƚ ĐŽŵƉĞƚŝƚŝŽŶ͕ ŐƌĂŶƚ ƉƌŝǀŝůĞŐĞƐ ƚŽ
ƐŽŶƐ ŽĨ ŵĞŵďĞƌƐ͕ ĂŶĚ ƌĞƐƚƌŝĐƚ ƌŝŐŚƚƐ ŽĨ ĨŽƌĞŝŐŶ ŵĞŵďĞƌƐ͘ ŝƐƚĂŶĐĞс
ĚŝƐƚĂŶĐĞ ĨƌŽŵ sĞŶŝĐĞ ŝŶ <ŵ͘ EŽďůĞ ĨĂŵŝůŝĞƐ с ŶƵŵďĞƌ ŽĨ ŶŽďůĞ ĨĂŵŝůŝĞƐ ŝŶ
ƚŚĞ ĐŝƚLJ ĂƐ ƌĞŐŝƐƚĞƌĞĚ ďLJ ^ĐŚƌŽĞĚĞƌ ;ϭϴϯϬͿ͘ WŽƉƵůĂƚŝŽŶс ŝŶŚĂďŝƚĂŶƚƐ ŝŶ ϭϱϬϬ
ĂƐ ĞƐƚŝŵĂƚĞĚ ďLJ DĂůĂŶŝŵĂ ;ϭϵϵϴͿ͘ WŽůŝƚŝĐĂůůLJ ĐŽŶŶĞĐƚĞĚ ĨĂŵŝůŝĞƐсϭ ŝĨ ƚŚĞƌĞ
ŝƐ Ăƚ ůĞĂƐƚ ŽŶĞ ĨĂŵŝůLJ ŝŶ ƚŚĞ ĐŝƚLJ ǁŚŝĐŚ ďĞůŽŶŐƐ ƚŽ ƚŚĞ 'ƌĞĂƚ ŽƵŶĐŝů Žƌ ŝƐ
ůŝŶŬĞĚƚŚƌŽƵŐŚŵĂƌƌŝĂŐĞƐƚŽĂĨĂŵŝůLJŝŶƚŚĞ'ƌĞĂƚŽƵŶĐŝů͘
dĂďůĞϱ͘ZĞůŝŐŝŽƵƐĐŽŶĨƌĂƚĞƌŶŝƚŝĞƐĂŶĚŐƵŝůĚŝŶƚĞƌŶĂůƐƚƌĞŶŐƚŚ
ĞƉĞŶĚĞŶƚsĂƌŝĂďůĞ
ƐƚŝŵĂƚŝŽŶ
ZĞůŝŐŝŽƵƐĐŽŶĨƌĂƚĞƌŶŝƚLJ
;ϭͿ
;ϮͿ
;ϯͿ
^ƚƌŽŶŐŐƵŝůĚ
K>^
WĂƚĞŶƚƐ
K>^
WĂƚĞŶƚƐ
Ϯ^>^
Ͳϭ͘ϵϱϴΎΎ
Ͳϰ͘ϭϴϯΎ
;Ϭ͘ϴϲϭͿ
;Ϯ͘ϳϮϬͿ
zĞƐ
ϯϰϬ
zĞƐ
ϯϰϬ
Ϭ͘ϭϱϬΎΎΎ
;Ϭ͘ϬϰϱͿ
^ƚƌŽŶŐŝŶƚĞƌŶĂůƌĞŐƵůĂƚŝŽŶ
;ŝŶƐƚƌƵŵĞŶƚĞĚͿ
ŝƚLJĨĨĞĐƚƐ
KďƐĞƌǀĂƚŝŽŶƐ
&ŝƌƐƚƐƚĂŐĞ&ͲƚĞƐƚ
zĞƐ
ϯϰϬ
ϳ͘ϴϱ
EKd^͗ K>^ ĞƐƚŝŵĂƚŝŽŶ ǁŝƚŚ ƌŽďƵƐƚ ƐƚĂŶĚĂƌĚ ĞƌƌŽƌƐ͘ Ύ ƐŝŐŶŝĨŝĐĂŶƚ Ăƚ ϭϬ ƉĞƌĐĞŶƚ͕ ΎΎ
ƐŝŐŶŝĨŝĐĂŶƚ Ăƚ ϱ ƉĞƌĐĞŶƚ ĂŶĚ ΎΎΎ ƐŝŐŶŝĨŝĐĂŶƚ Ăƚ ϭ ƉĞƌĐĞŶƚ͘ ůů ƌĞŐƌĞƐƐŝŽŶƐ ŝŶĐůƵĚĞ Ă ĚƵŵŵLJ
ĨŽƌ dƌĂĚĞ ŐƵŝůĚƐ͘ ^ƚƌŽŶŐ ŝŶƚĞƌŶĂů ƌĞŐƵůĂƚŝŽŶ сϭ ŝĨ ŐƵŝůĚ ŚĂƐ ŝŶƚĞƌŶĂů ƌƵůĞƐ ǁŚŝĐŚ ƌĞƐƚƌŝĐƚ
ĐŽŵƉĞƚŝƚŝŽŶ͕ ŐƌĂŶƚ ƉƌŝǀŝůĞŐĞƐ ƚŽ ƐŽŶƐ ŽĨ ŵĞŵďĞƌƐ͕ ĂŶĚ ƌĞƐƚƌŝĐƚ ƌŝŐŚƚƐ ŽĨ ĨŽƌĞŝŐŶ ŵĞŵďĞƌƐ͘
ZĞůŝŐŝŽƵƐĐŽŶĨƌĂƚĞƌŶŝƚLJсϭŝĨŐƵŝůĚŝƐůŝŶŬĞĚƚŽĂƌĞůŝŐŝŽƵƐŝŶƐƚŝƚƵƚŝŽŶ͘
dĂďůĞϭ͘WĂƚĞŶƚƐďLJƚĞĐŚŶŽůŽŐLJƐĞĐƚŽƌ
ϭϰϳϰͲϭϱϱϬ
DŝůůƐ
ĐĞƌĞĂůƐ
ŵĞƚĂůƐ
ƚĞdžƚŝůĞƐ
ǁŽŽĚƐĂǁƐ
ŵƵůƚŝƉůĞƵƐĂŐĞ
&ĂďƌŝĐƐ
WĂŝŶƚ
ƌĞĂĚĂŶĚĨŽŽĚ
WŽƚƚĞƌLJĂŶĚWŽƌĐĞůĂŝŶsĂƐĞƐ
ŐƌŝĐƵůƚƵƌĂůŵĂĐŚŝŶĞƐ
ƌĂŝŶĂŐĞ͕ŵƵĚƌĞŵŽǀĂů
,LJĚƌĂƵůŝĐƉƵŵƉƐ
'ƵŶƐ
ƌƐĞŶĂů
DŝŶŝŶŐ
WĞƌƉĞƚƵĂůDŽƚŝŽŶ
DŝƐĐĞůůĂŶĞŽƵƐ
ϴ
ϰ
ϭ
ϭ
ϰ
ϮϬ
ϭϭ
ϳ
ϯ
ϯ
ϯ
ϭϵ
dŽƚĂů
ϭϲϵ
^ŽƵƌĐĞ͗ĞƌǀĞŐůŝĞƌŝ;ϭϵϵϱͿ
ϰϮ
ϲ
ϵ
ϲ
ϮϮ
dĂďůĞϮ͘ZŽďƵƐƚŶĞƐƐ
ĞƉĞŶĚĞŶƚsĂƌŝĂďůĞ
^ƚƌŽŶŐŝŶƚĞƌŶĂůƌĞŐƵůĂƚŝŽŶ
;ϭͿ
;ϮͿ
WĂƚĞŶƚƐ
WĂƚĞŶƚƐ
Ͳϭ͘ϬϭϮΎΎΎ
;Ϭ͘ϭϬϭͿ
ͲϬ͘ϵϰϴΎΎ
;Ϭ͘ϰϯϭͿ
;ϯͿ
;ϰͿ
WĂƚĞŶƚƐ
WĂƚĞŶƚƐƵƉ
^ĞĐƚŽƌϭΘϮ
ƚŽϭϲϬϬ
ͲϬ͘ϵϰϬΎΎΎ
;Ϭ͘ϯϬϳͿ
WĂƚĞŶƚƐ
Ͳϭ͘ϯϬϳΎΎΎ
;Ϭ͘ϰϴϲͿ
Ϭ͘ϮϳϰΎΎΎ
;Ϭ͘ϬϳϰͿ
Ϭ͘Ϭϯϴ
;Ϭ͘ϰϳϭͿ
ůŽŐ;WŽƉƵůĂƚŝŽŶϭϰϬϬͿ
Ϭ͘ϭϴϴ
;Ϭ͘ϳϴϰͿ
ůŽŐ;WŽƉƵůĂƚŝŽŶϭϯϬϬͿ
ͲϬ͘ϬϳϮ
;Ϭ͘ϯϴϯͿ
ƉƉƌĞŶƚŝĐĞƐŚŝƉ
Ϭ͘ϭϮϬ
;Ϭ͘ϯϬϳͿ
ůŽŐ;ŐĞͿ
Ϭ͘Ϭϰϳ
;Ϭ͘ϭϲϰͿ
KďƐĞƌǀĂƚŝŽŶƐ
WĂƚĞŶƚƐ
Ϭ͘ϮϴϮ
;Ϭ͘ϯϵϰͿ
ůŽŐ;WŽƉƵůĂƚŝŽŶϭϱϬϬͿ
ŝƚLJĞĨĨĞĐƚƐ
/ŶĚƵƐƚƌLJĞĨĨĞĐƚƐ
ƌŽƉŐƵŝůĚƐǁŝƚŚĐŚĂŶŐĞŝŶ
ƐƚĂƚƵƚĞ
;ϲͿ
ͲϬ͘ϳϮϴΎΎ
;Ϭ͘ϯϭϴͿ
ĞƚĂŝůĞĚƐƚĂƚƵƚĞƉůĂĐĞďŽ
ůŽŐ;ŝƐƚĂŶĐĞͿ
;ϱͿ
EŽ
EŽ
zĞƐ
zĞƐ
zĞƐ
EŽ
zĞƐ
EŽ
zĞƐ
EŽ
zĞƐ
EŽ
EŽ
EŽ
EŽ
EŽ
EŽ
zĞƐ
ϯϰϬ
ϯϰϬ
ϯϰϬ
ϯϰϬ
ϯϰϬ
Ϯϳϱ
EKd^͗ WŽŝƐƐŽŶ ĞƐƚŝŵĂƚŝŽŶ ǁŝƚŚ ƌŽďƵƐƚ ƐƚĂŶĚĂƌĚ ĞƌƌŽƌƐ͘ Ύ ƐŝŐŶŝĨŝĐĂŶƚ Ăƚ ϭϬ ƉĞƌĐĞŶƚ͕ ΎΎ ƐŝŐŶŝĨŝĐĂŶƚ Ăƚ ϱ ƉĞƌĐĞŶƚ ĂŶĚ ΎΎΎ
ƐŝŐŶŝĨŝĐĂŶƚ Ăƚ ϭ ƉĞƌĐĞŶƚ͘ ZĞŐƌĞƐƐŝŽŶƐ ŝŶĐůƵĚĞ ĚƵŵŵLJ ĨŽƌ dƌĂĚĞ ŐƵŝůĚƐ͘ ^ƚƌŽŶŐ ŝŶƚĞƌŶĂů ƌĞŐƵůĂƚŝŽŶ сϭ ŝĨ ŐƵŝůĚ ŚĂƐ ŝŶƚĞƌŶĂů
ƌƵůĞƐ ǁŚŝĐŚ ƌĞƐƚƌŝĐƚ ĐŽŵƉĞƚŝƚŝŽŶ͕ ŐƌĂŶƚ ƉƌŝǀŝůĞŐĞƐ ƚŽ ƐŽŶƐ ŽĨ ŵĞŵďĞƌƐ͕ ĂŶĚ ƌĞƐƚƌŝĐƚ ƌŝŐŚƚƐ ŽĨ ĨŽƌĞŝŐŶ ŵĞŵďĞƌƐ͘ dƌĂĚĞ ŐƵŝůĚ
ŝƐ ĞƋƵĂů ƚŽ ŽŶĞ ŝĨ ƚŚĞ ŐƵŝůĚ ŝƐ ŶŽƚ ŝŶǀŽůǀĞĚ ŝŶ ŵĂŶƵĨĂĐƚƵƌŝŶŐ͘ ŝƐƚĂŶĐĞс ĚŝƐƚĂŶĐĞ ĨƌŽŵ sĞŶŝĐĞ ŝŶ <ŵ͘ WŽƉƵůĂƚŝŽŶ ĚĂƚĂ ĂƌĞ
ĨƌŽŵ DĂůĂŶŝŵĂ ;ϭϵϵϴͿ͘ ƉƉƌĞŶƚŝĐĞƐŚŝƉсϭ ŝĨ ƚŚĞ Η/ƐƚŝƚƵnjŝŽŶŝ ŽƌƉŽƌĂƚŝǀĞΗ ĚĂƚĂďĂƐĞ ĚŽĐƵŵĞŶƚƐ ĂŶ ĂƉƉƌĞŶƚŝĐĞƐŚŝƉ
ƌĞƋƵŝƌĞŵĞŶƚ͘ ŐĞс ĂŐĞ ŽĨ ƚŚĞ ŐƵŝůĚ ŝŶ ϭϱϬϬ͘ /ŶĚƵƐƚƌLJ ĞĨĨĞĐƚƐ ĂƌĞ ĚƵŵŵŝĞƐ ĨŽƌ ŐƵŝůĚƐ ŝŶ ĂŐƌŝĐŽůƚƵƌĞ͕ ƚĞdžƚŝůĞ ĂŶĚ
ĐŽŶƐƚƌƵĐƚŝŽŶ͘ ĞƚĂŝůĞĚ ƐƚĂƚƵƚĞ ƉůĂĐĞďŽсϭ ŝĨ ƚŚĞ ƐƚĂƚƵƚĞ ŝŶĐůƵĚĞƐ͗ ;ŝͿ Ă ůŝƐƚ ŽĨ ŵĂŶƵĨĂĐƚƵƌŝŶŐ ĂĐƚŝǀŝƚŝĞƐ ƉƌĞĐůƵĚĞĚ ƚŽ ǁŽŵĞŶ͕
;ŝŝͿ ƚŚĞ ŶĂŵĞ ŽĨ ƚŚĞ ŐƵŝůĚΖƐ ƉĂƚƌŽŶ ƐĂŝŶƚ ĂŶĚ ;ŝŝŝͿ Ă ĚĞƐĐƌŝƉƚŝŽŶ ŽĨ ƚŚĞ ŚŝĞƌĂƌĐŚŝĐĂů ƐƚƌƵĐƚƵƌĞ ŽĨ ƚŚĞ ŐƵŝůĚ͘ ŽůƵŵŶ ;ϲͿ ĚƌŽƉƐ
ŐƵŝůĚƐǁŝƚŚĐŚĂŶŐĞƐŝŶƐƚĂƚƵƚĞŝŶƚŚĞƉĞƌŝŽĚϭϰϳϰͲϭϱϱϬ͘
dĂďůĞϯ͘džŽŐĞŶĞŝƚLJŽĨƌĞůŝŐŝŽƵƐůŝŶŬĂŐĞƐ
;ϭͿ
ĞƉĞŶĚĞŶƚsĂƌŝĂďůĞ
ŐĞ
ŐĞ
Ϯ
ƉƉƌĞŶƚƐŚŝƉ
EƵŵďĞƌŽĨƐƚĂƚƵƚŽƌLJĐŚĂŶŐĞƐϭϰϳϰͲϭϱϱϬ
;ϮͿ
;ϯͿ
ZĞůŝŐŝŽƵƐ
ZĞůŝŐŝŽƵƐ
ZĞůŝŐŝŽƵƐ
ĐŽŶĨƌĂƚĞƌŶŝƚLJ ĐŽŶĨƌĂƚĞƌŶŝƚLJ ĐŽŶĨƌĂƚĞƌŶŝƚLJ
;ϰͿ
ZĞůŝŐŝŽƵƐ
ĐŽŶĨƌĂƚĞƌŶŝƚLJ
Ϭ͘ϬϬϭ
;Ϭ͘ϬϬϭͿ
Ϭ͘ϬϬϭ
;Ϭ͘ϬϬϭͿ
ͲϬ͘ϬϬϭ
;Ϭ͘ϬϬϭͿ
ͲϬ͘ϬϬϭ
;Ϭ͘ϬϬϭͿ
Ϭ͘Ϭϰϲ
;Ϭ͘ϬϰϮͿ
Ϭ͘ϬϰϮ
;Ϭ͘ϬϰϮͿ
Ϭ͘ϬϮϮ
;Ϭ͘ϬϰϰͿ
Ϭ͘Ϭϯϵ
;Ϭ͘ϬϰϰͿ
EKd^͗ K>^ ƌĞŐƌĞƐƐŝŽŶ ǁŝƚŚ ƌŽďƵƐƚ ƐƚĂŶĚĂƌĚ ĞƌƌŽƌƐ͘ Ύ ƐŝŐŶŝĨŝĐĂŶƚ Ăƚ ϭϬ ƉĞƌĐĞŶƚ͕ ΎΎ ƐŝŐŶŝĨŝĐĂŶƚ Ăƚ ϱ ƉĞƌĐĞŶƚ ĂŶĚ ΎΎΎ
ƐŝŐŶŝĨŝĐĂŶƚ Ăƚ ϭ ƉĞƌĐĞŶƚ͘ dŚĞ ĚĞƉĞŶĚĞŶƚ ǀĂƌŝĂďůĞ ŝƐ ĨŝůƚĞƌĞĚ ǁŝƚŚ ĐŝƚLJ ĞĨĨĞĐƚƐ ĂŶĚ Ă ĚƵŵŵLJ ĨŽƌ ƚƌĂĚĞ ŐƵŝůĚƐ͘
ƉƉƌĞŶƚŝĐĞƐŚŝƉсϭ ŝĨ ƚŚĞ Η/ƐƚŝƚƵnjŝŽŶŝ ŽƌƉŽƌĂƚŝǀĞΗ ĚĂƚĂďĂƐĞ ĚŽĐƵŵĞŶƚƐ ĂŶ ĂƉƉƌĞŶƚŝĐĞƐŚŝƉ ƌĞƋƵŝƌĞŵĞŶƚ͘ ŐĞс ĂŐĞ ŽĨ ƚŚĞ
ŐƵŝůĚŝŶϭϱϬϬ͘