econstor A Service of zbw Make Your Publications Visible. Leibniz-Informationszentrum Wirtschaft Leibniz Information Centre for Economics Bensch, Gunther; Peters, Jörg; Sievert, Maximiliane Working Paper The lighting transition in Africa: From kerosene to LED and the emerging dry-cell battery problem Ruhr Economic Papers, No. 579 Provided in Cooperation with: RWI - Leibniz-Institut für Wirtschaftsforschung, Essen Suggested Citation: Bensch, Gunther; Peters, Jörg; Sievert, Maximiliane (2015) : The lighting transition in Africa: From kerosene to LED and the emerging dry-cell battery problem, Ruhr Economic Papers, No. 579, ISBN 978-3-86788-669-7, http://dx.doi.org/10.4419/86788669 This Version is available at: http://hdl.handle.net/10419/119890 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden. 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RUHR ECONOMIC PAPERS Gunther Bensch Jörg Peters Maximiliane Sievert The Lighting Transition in Africa – From Kerosene to LED and the Emerging Dry-Cell Battery Problem #579 Imprint Ruhr Economic Papers Published by Ruhr-Universität Bochum (RUB), Department of Economics Universitätsstr. 150, 44801 Bochum, Germany Technische Universität Dortmund, Department of Economic and Social Sciences Vogelpothsweg 87, 44227 Dortmund, Germany Universität Duisburg-Essen, Department of Economics Universitätsstr. 12, 45117 Essen, Germany Rheinisch-Westfälisches Institut für Wirtschaftsforschung (RWI) Hohenzollernstr. 1-3, 45128 Essen, Germany Editors Prof. Dr. Thomas K. Bauer RUB, Department of Economics, Empirical Economics Phone: +49 (0) 234/3 22 83 41, e-mail: [email protected] Prof. Dr. Wolfgang Leininger Technische Universität Dortmund, Department of Economic and Social Sciences Economics – Microeconomics Phone: +49 (0) 231/7 55-3297, e-mail: [email protected] Prof. Dr. Volker Clausen University of Duisburg-Essen, Department of Economics International Economics Phone: +49 (0) 201/1 83-3655, e-mail: [email protected] Prof. Dr. Roland Döhrn, Prof. Dr. Manuel Frondel, Prof. Dr. Jochen Kluve RWI, Phone: +49 (0) 201/81 49 -213, e-mail: [email protected] Editorial Office Sabine Weiler RWI, Phone: +49 (0) 201/81 49 -213, e-mail: [email protected] Ruhr Economic Papers #579 Responsible Editor: Manuel Frondel All rights reserved. Bochum, Dortmund, Duisburg, Essen, Germany, 2015 ISSN 1864-4872 (online) – ISBN 978-3-86788-669-7 The working papers published in the Series constitute work in progress circulated to stimulate discussion and critical comments. Views expressed represent exclusively the authors’ own opinions and do not necessarily reflect those of the editors. Ruhr Economic Papers #579 Gunther Bensch, Jörg Peters, and Maximiliane Sievert The Lighting Transition in Africa – From Kerosene to LED and the Emerging Dry-Cell Battery Problem Bibliografische Informationen der Deutschen Nationalbibliothek Die Deutsche Bibliothek verzeichnet diese Publikation in der deutschen Nationalbibliografie; detaillierte bibliografische Daten sind im Internet über: http://dnb.d-nb.de abrufbar. http://dx.doi.org/10.4419/86788669 ISSN 1864-4872 (online) ISBN 978-3-86788-669-7 Gunther Bensch, Jörg Peters, and Maximiliane Sievert1 The Lighting Transition in Africa – From Kerosene to LED and the Emerging Dry-Cell Battery Problem Abstract Non-electrified people in Africa, still more than 500 million today, have been using kerosene and candles for their lighting purposes for decades. The lighting quality of these sources is low and in particular kerosene usage is associated with harmful soot emissions. Alleviating this grievance has always been a major goal of electrification programs. The present paper shows that in recent years a transition has taken place among the rural non-electrified population in Africa: without any external support from governmental or non-governmental organisations people have replaced kerosene lamps and candles through LED lamps, which are mostly powered by dry-cell batteries. LED lamps are available in rural shops virtually everywhere and provide brighter and cleaner lighting than traditional lamps. The downside of this massive increase of LED usage is a soaring consumption of dry-cell batteries. Because of the toxic content of many dry-cell batteries and since people dispose of discharged batteries inappropriately in latrines or the nature, harmful effects on the local environment are likely. We conclude by suggesting that rapid action is needed to put in place an effective waste management system. JEL Classification: O13, O33, Q53, Q56 Keywords: Electrification; energy access; technology adoption; off-grid energy usage; e-waste September 2015 1 Gunther Bensch, RWI; Jörg Peters, RWI and AMERU, University of the Witwatersrand, Johannesburg, South Africa; Maximiliane Sievert, RWI. – The data underlying this research was collected for impact evaluations commissioned by the Policy and Evaluation Department of the Ministry of Foreign Affairs of the Netherlands (IOB), the Netherlands’ Enterprise Agency (RVO), the Netherlands’ Development Bank (FMO), and Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ). Peters and Sievert gratefully acknowledge the support of a special grant (Sondertatbestand) from the German Federal Ministry for Economic Affairs and Energy and the Ministry of Innovation, Science, and Research of the State of North Rhine-Westphalia. – All correspondence to: Jörg Peters, RWI, Hohenzollernstr. 1-3, 45128 Essen, Germany, e-mail: [email protected] ŗǯ ȱ ȱȱǰȱȱśŖŖȱȱȱȱȱŞśȱƖȱȱȱȱȱȱ ȱȱ¢ȱǻȱȦȱŘŖŗśǼǯȱȱȱȱ¢ȱ¢ȱȱȱ ȱȱȱȱǰȱȱȱǰȱȱȱ¢ȱȱȱ¢ȱ ȱȬȱ¢ȱǯȱȱǰȱȱȱȱȱȱȱȱ ȱ ȱȱȱȱȱȱȱȱȱǯȱȱȱ ¢ȱȱȱȱȱȱȱȱȱ ȱȱȱȱȱȱ ȱ ȱ ȱ ȱ ȱ ǯȱ ȱ ȱ ǰȱ ȱ ȱ ȱ ȱ ȱȱȱ¢ȱȱ¢ȱȱȱȱȱȱȱȱȱ ȱȱȱȱȱ¢DZȱȬȱȱǻǼǯȱȱ ȱ ¢ȱ ¡ȱ ȱ ȱ ȱ ȱ Ȭȱ Ȭ ǰȱȱȱȬȱȱȱȱȱȱȱȱ ȱȱǰȱ¢ȱ ȱ¢ȱ¢ȬȱǯȱȱȱȬȱȬ ȱ ȱ ȱ ǰȱ ȱ Ȭȱ ȱ ȱ ȱ ¢ȱ ȱ ȱ ȱ ¢ǯȱȱȱȱȱȱȱȱȱ¢ȱȱ ȱ¢ȱȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ǰȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ǯȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ǯȱ ȱ ǰȱ ȱ ȱ ȱȱȱȱȱȱȱȱ¡ȱȱȱȱǻȱ ȱ ǯȱ ŘŖŗŘǰȱ ȱ ŘŖŗŘǼǯȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱȱȱ¢ȬȱȱȱȬȱǯȱ¢Ȭȱȱȱ ¢ȱȱȱȱȱȱ¢ȱȱȱ¢ǯȱȱȱ¡ȱȬ ȱȱ¡ȱȱȂȱȱȱȱȱȱȱ¢ȱǰȱ ȱȱȱȱȱȱ¢ȱ¢ȱȱȱȱȱȱǯȱ ȱȱȱȱȬȱȱȱȱȱȱȱ¢ȱȱ ¢ȱȱȱȱȱȱȱȱȱǯȱȱȱ ȱȱȱȱȱȱȱǰȱȱȱȱȱȱ ϰ ȱȱȱȱȱ¢Ȭȱ¢ȱȱȱȱȱȱǯŗȱȱȱ ȱȱȱȱȱȱȱ¢ȱ ȱȱȱǰȱȱȬ ǰȱ £ǰȱ ǰȱ ǰȱ £ǰȱ ȱ ȱ ȱ ŘŖŖŜȱ ȱ ŘŖŗŚǯȱ ȱ ¢ȱ ȱ ȱ ȱ ȱ 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dĂďůĞϮ͗>ŝŐŚƚŝŶŐĐŽŶƐƵŵƉƚŝŽŶŽĨƚŚĞŶŽŶͲĞůĞĐƚƌŝĨŝĞĚƉŽƉƵůĂƚŝŽŶŝŶŽƵƌƐƵƌǀĞLJƐĂŵƉůĞƐȱ ĞŶŝŶ ƵƌŬŝŶĂ&ĂƐŽ ϮϬϬϲ ϮϬϭϬ ϮϬϭϮ ϮϬϬϴ ϮϬϬϳͬϴ ϮϬϭϭ ϮϬϭϮ ϮϬϭϭ ϮϬϭϯ ϮϬϬϵ ϮϬϭϭ ϮϬϭϰ ϮϬϭϰ ϮϬϭϭ EŽŶͲ ĞůĞĐƚƌŝĨŝĞĚ ƉŽƉƵůĂƚŝŽŶ͕ ŝŶй ϱϰ ϲϳ ϰϵ ϱϭ ϲϳ ϭϬϬ ϱϴ ϵϳ ϲϮ ϱϴ ϳϴ ϳϵ ϲϰ ϱϯ DŽnjĂŵďŝƋƵĞ ZǁĂŶĚĂ/ ZǁĂŶĚĂ // ZǁĂŶĚĂ/// ^ĞŶĞŐĂů/ ^ĞŶĞŐĂů// ^ĞŶĞŐĂů/// dĂŶnjĂŶŝĂ ĂŵďŝĂ >ŝŐŚƚŝŶŐƵƐĂŐĞƌĂƚĞƐĂŵŽŶŐ ŶŽŶͲĞůĞĐƚƌŝĨŝĞĚŚŽƵƐĞŚŽůĚƐ͕ŝŶй ĐĂŶĚůĞƐ ŬĞƌŽƐĞŶĞ ďĂƚƚĞƌŝĞƐ ϭϮ Ϭ Ϭ ϴϳ ϭϭ Ϯϰ Ϯϯ Ϯϲ ϯϮ ϰϰ Ϯϭ Ϭ ϵ ϲϵ ϭϬϬ Ϯϵ ϭϬ ϱϳ ϴϭ ϱϳ ϰϱ ϲϱ ϯϵ ϭϴ ϵ ϭ ϲϭ ϭϳ ϵϴ ϭϬϬ ϵϵ ϴ ϭϱ ϱϬ ϰϰ Ϯϰ ϰϱ ϵϵ ϵϳ ϵϳ ϲϴ ϴϱ ^ŚĂƌĞŝŶƚŽƚĂůůŝŐŚƚŝŶŐ ŚŽƵƌƐ͕ŝŶй ĨƵĞůͲƌƵŶ ďĂƚƚĞƌLJͲƌƵŶ ůĂŵƉƐ ůĂŵƉƐ ϵϵ Ϭ ϯϮ ϲϯ ϮϮ ϳϲ ϵϵ Ϭ ϭϬϬ Ϭ ϲϯ ϯϲ ϱϴ ϰϮ ϴϮ ϭϱ ϳϯ Ϯϲ ϯϱ ϲϱ ϭϭ ϴϵ Ϯ ϵϱ ϰϳ ϱϮ ϱϲ ϰϯ ȱ ϴ ȱǰȱ ȱȱȱȱȱȱȱȱȱǯȱǰȱȱȱ ȱȱȱȱȱȱȱȬȱȱ ȱȱȱȱȬ ¢ȱȱ¢ȬȱȬȱǯȱȱȱřǰȱ ȱ ȱȱ¢ȱȱȱ ȱȱȱȱȱȱǰȱ¡ȱȱȱȱȱȱ ȱȱȱǯȱȱȱ ȱȱȱȱȱ¢DZȱȬ ȱ ȱ ǰȱ ¢Ȭȱ ¢Ȭȱ ȱ ǰȱ ȱ Ȭȱ ȱ ǯȱ¢Ȭȱȱȱȱ ¢ȱȱȱȱȱȱ¢ȱ¡ȱȱ ȱȱȱǯȱȱȱȱȱȱȱȱȱǰȱȱ ¡ǰȱȱ¢ȱȱȱ£ȱȱǯȱ ȬȱȱȱȱȬ ¢ȱȱ¢ȱȱȱǯȱȱȱ¢¢ȱȱȱ ȱȱȱȱ ȱ ȱ ¢Ȭȱ ȱ ȱ ȱ ȱ ȱ ȱ ¢Ȭȱ ǯȱ ȱ ǰȱ ȱ ¡ǰȱ ¢ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ¢ȱ ȱ ȱȱȱȱȱ ȱȱȱȱȱȱȱȱȱǯȱȱ ȱ řȱ ȱ ¢ȱ ȱȱ ȱ ȱ ȱ ¢ȱ Ȭ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ¡ǰȱ ȱ ȱ ǰȱ ȱ ȱȃȄȱȱȱȱǯȱȱȱȱȱȱȱȱȱȱȱ ȱ¢ȱ¢ȱ¢ǰȱ ȱȱȱȱȱȱȱȱ ȱȱȱȱ ȱ ȱ ȱ ȱ ¢Ȭȱ ǯȱ Ȭȱ ȱ ¢¢ȱ ȱ ȱ ȱȱ ȱȱȱȱ ȱ Ȭ¢ȱȱȱȱ¢ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱȱ ȱ ǰȱ ǯǯȱ ȱ ŗŖȱ ǯ ¢Ȭ ȱȱȱ ȱȱ£ȱȱ¡ȱȱȱȱ¢ȱȱȱȱ ȱśŖȱȱŗŖŖȱȱȱǯȱȱǰȱȱŗŘȱȱȱȱȱ ȱǻǼǰȱȱ¢ȱ¢ȱȱȱȱȱȱȱȱǰȱ ȱ ȱ ŜŖŖȱ ǯȱ ȱ ǰȱ ǰȱ ȱ ȱ ȱ ȱ Ȭ ȱ ǰȱ Ȭ ȱ ȱ ȱ ȱ ȱ ȱ ǰȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱȱȱȱȱȱȱ¢ȱǰȱ ȱȱȱȱȬ ȱȱǯȱȱȱȱ ȱ ϵ dĂďůĞϯ͗WƌŽĚƵĐƚƌĂŶŐĞŽĨƚLJƉŝĐĂůƉŽƌƚĂďůĞůŝŐŚƚŝŶŐĚĞǀŝĐĞƐȱ dŝŶǁŝĐŬ ůĂŵƉ 'ůĂƐƐĐŽǀĞƌ ŚƵƌƌŝĐĂŶĞ ůĂƚĞƌŶ ^ŝŶŐůĞŽƌ ŵƵůƚŝƉůĞ ĚŝŽĚĞŚĂŶĚͲ ĐƌĂĨƚĞĚƚŽƌĐŚ >&ůĂƐŚͲ ůŝŐŚƚ ZĞĂĚLJͲŵĂĚĞ WŝĐŽƐŽůĂƌ ďĂƚƚĞƌLJͲƌƵŶ ƉŚŽƚŽǀŽůƚĂŝĐƐ >ůĂŵƉ ƚĂƐŬůĂŵƉ ĞŶĞƌŐLJ ĐĂƌƌŝĞƌ ůƵŵŝŶŽƵƐ ĨůƵdž ;ŝŶůƵŵĞŶͿ ŬĞƌŽƐĞŶĞ ŬĞƌŽƐĞŶĞ ĚƌLJͲĐĞůů ďĂƚƚĞƌŝĞƐ ĚƌLJͲĐĞůů ďĂƚƚĞƌŝĞƐ ĚƌLJͲĐĞůů ďĂƚƚĞƌŝĞƐ ƐŽůĂƌ ϭϭ ϴͲϴϮ ΕϭϬ ϭϬͲϭϱϬ ϭϬͲϭϱϬ ϮϱͲϮϬϬ ^ŽƵƌĐĞƐ͗>ƵŵŝŶŽƵƐĨůƵdžĚĂƚĂĐŽŵĞƐĨƌŽŵK͛^ƵůůŝǀĂŶĂŶĚĂƌŶĞƐ;ϮϬϬϳͿ͕DŝůůƐ;ϮϬϬϯͿ͕ĚĞůŵĂŶŶ;ϮϬϭϰͿ͕'ƌŝŵŵĞƚĂů͘ ;ϮϬϭϱͿ͕>ŝŐŚƚŝŶŐ'ůŽďĂů;ϮϬϭϱͿĂŶĚŽǁŶŵĂƌŬĞƚƌĞƐĞĂƌĐŚ͘ ȱ řǯ ȱȱȱȱ ȱȱȱ ¢ȱȱȱȱȱȱ¢ȱȱ ¢ȱ¢ȱȱȱȱȱ ȱȱȱȱȱȱȱȱ¢ǯȱ¢ȱȱ ¢ȱ ¡ȱ ¡ȱ ȱ ȱ ȱ ¢ȱ ȱ ȱ ¢ȱ ȱ ȱȱȱȱȱȱǰȱȱȱȱȱ¢ȱȱ ¢ȱ ȱ DZȱ Ȭȱ ȱ ǻȱ ȱ ȱ ŘŖŗŖǼǰȱ ȱ ȱǻȱȱǯȱŘŖŗśǰȱ ȱȱ¢ȱŘŖŗŘǼǰȱ ȱȱǻȬ ȱȱǯȱŘŖŗŖǼǰȱȱ£ȱǻȱȱǯȱŘŖŗŗǼǰȱȱȱȱȱ ǯȱȱȬ ȱȱȱǰȱ ȱȱȱȱ¢ȱ ȱȱȱȬ Ȃȱǰȱȱȱ¢Ȭȱȱǯȱȱȱȱ¡ȱȱȱ ȱȱȱȱȱȱȱȱȱȱȱ¢ȱȱȱ ϭϬ ȱȱȱǰȱ¢ȱȱȱ ȱȱȱȱȱȬ £ȱ ¢ȱ ȱ ȱ Ȭǰȱ ¢ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱȱȱ¢ȱȱȱȱȱȱǯȱȱ ȱȱǰȱ ȱȱȱȱȱȱȱȱȱ ȱ ȱ ȱ ¢ǵȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ¢ȱȱȱȱȱȱ¢ȱȱȱȱȱȱǯśȱǰȱȱ ȱȱȱȱȱȱȱǰȱȱȱȱȱȱ ȱ ȱ ȱ ȱ řȱ ȱ ȱ ȱ ¢ȱ ȱ ȱ ȱ Ȭ ȱȱȱȱǯȱȱȱ ǰȱȱȱȱȱȱ ȱ¢ǯȱ¢ȱȱȱȱȱ ȱȱȱȱ ¢ȱ Ȭȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ Ǟȱ ǻȱ ȱȱǯȱŘŖŗśǼǯȱȱ¢ȱȱ¢ȱǰȱȱ¢ȱȱ ȱȱȬ Ȭȱ¢ȬȱȱȱȱȱȱŗȬŘȱǞȱȱȱ ȱȱȱȬ ȱǯȱ ǰȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ¡ȱ ȱ ȱ ȱ ǯȱȱȱ¢ȱȱ ȱȱȱȱ¢Ȭȱȱȱȱȱȱȱ ȱ ȱ ǰȱ ȱ ǻŘŖŗŚǼȱ ȱ ȱ ȱ ¢Ȭȱ ȱ ȱ ȱ ȱȱȱ¢ȱ ȱȱȱȱȱǞȱȱȱ ǻǼǰȱ ǯǯȱ ȱ ȱ ȱ ȱ ŗŖŖŖȱ ȱ ȱ ȱ ȱ ȱ ǯȱ ȱ ȱ ȱ ¢ȱ ȱ ȱ ȱ ¢ȱ ŘŖŗŖȱ ȱ ŘŖŗŚǰȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ¢ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ǻ ȱ ŖǯŖŘȱ ȱ ŖǯŖřśȱ Ǟȱ ȱ ȱ Ǽȱ ȱ ȱ ȱ ȱ ǻȱ ŖǯŖřȱ ȱ ŖǯŖŜȱ Ǟȱ Ǽǯȱ ȱ ǰȱ ȱ ȱ ȱ ȱȱȱȱȱȱȱ¢ȱȱȱȱȱȱ ȱ ȱ ǰȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ǯȱ ȱ ȱ ȱ ȱ ȱ ŘŚŖȱ ȱ ȱ ŘŖŖŖȱ ȱ ŘŖŗŘȱ ȱ ȱ ȱ ϱ /ŶŽƵƌƐƵƌǀĞLJƐ͕ĞůĞĐƚƌŝĐůŝŐŚƚŝŶŐŝƐďLJĨĂƌŵĞŶƚŝŽŶĞĚƚŚĞŵŽƐƚŝŵƉŽƌƚĂŶƚƌĞĂƐŽŶǁŚLJŚŽƵƐĞŚŽůĚƐǁĂŶƚĞůĞĐƚƌŝĐŝͲ ƚLJ͘dŚŝƐĐĂŶĂůƐŽďĞƐĞĞŶŝŶĞůĞĐƚƌŝĐŝƚLJĐŽŶƐƵŵƉƚŝŽŶƉĂƚƚĞƌŶƐŝŶŶĞǁůLJĞůĞĐƚƌŝĨŝĞĚĂƌĞĂƐǁŚĞƌĞŵĂŶLJŚŽƵƐĞŚŽůĚƐ ƵƐĞůŝƚƚůĞĞůĞĐƚƌŝĐŝƚLJĨŽƌĂŶLJƚŚŝŶŐĞůƐĞďƵƚůŝŐŚƚŝŶŐ;tŽƌůĚĂŶŬ/'ϮϬϬϴͿ͘ȱ ϭϭ ǰȱȱȱȱȱȱ¢ȱŖǯśŖȱǞȱȱȱȱŘŖŖŖȱȱȱŗǯŘŖȱǞȱ ȱ ȱ ȱ ŘŖŗŘǯȱ ȱ Ȭȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ŗǯŞŖȱ Ǟȱ ȱ ŘǯŗŖȱǞȱȱȱǻ ȱŘŖŗřǼǯȱȱ ȱ ȱ ȱ¢ȱ ȱ ǰȱ ȱ ȱ Ȭȱ ȱ ȱ ȱ ȱ ¢ȱ ȱ ȱ ȱ ȱ ǯȱ ȱ ȱ ȱ ȱ ǰȱ ȱ ȱ ȱ ¢ȱ ȱ ȱ ȱ ¢ȱ ȱ ǰȱ ȱȱȱȱȱȱȱȱ¢ǰȱ¢ǰȱȱȱ¢ǯŜȱ ȱ ȱ ȱ ¢ȱ ȱ ȱ ȃȄȱ ȱ ȃȬȄȱ ǻȱ ȱŘŖŗřǼǯȱȱǰȱȱȱȱǰȱȱȱȱȱȱȱȬ ǯȱȱ ȱȱȱȱ Śǯ ¢Ȭȱ¢ȱȱȱȱ£ȱ ȱ ǰȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ǯȱ ȱ ȱ ȱ ȱ ȬȬȱ ¢ȱ ȱ ȱ ¡ǰȱ ȱ ȱ ȱ ǰȱ ȱ ȱ £ȱ ǯȱȱȱȱȱȱȱǰȱȱȱ ȱȱȱ¢ȱ ȱ ȱ¢ȱȱȱȱȱǰȱǰȱȱȱȱȱȱȱ ¡ȱȱȱȱ¢ȱȱȱȱȱȱȱȱ ȱȱǰȱ ǰȱȱǯȱȱ ȱ¢Ȭȱ¢ȱȱ ȱ¢ȱ ȱȱȱȱȱȱ¢ȱ¢ȱȱ ȱȱ ȱȱȱ¢ȱȱȱȱǰȱ ȱȱȬ ȱȱȱȱȱ¢ȱȱŘŖŗŗǯȱǰȱȱȱȱȱȱȱ ȱȱȱȱȱ¢ǯȱȱǰȱȱȱȱȱȱȱ ȱ ȱȱ ȱȱȱȱȱȱȱȱȱȱȱȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ¢ȱ ȱ ȱ ȱ ǯȱ ȱ ȱ ȱȱȱȱȱȱȱȱȱǰȱȱȱ ϲ džƉŽƐƵƌĞƚŽŬĞƌŽƐĞŶĞůĂŵƉƐŵĂLJŝŶĨĂĐƚŝŵƉĂŝƌůƵŶŐĨƵŶĐƚŝŽŶĂŶĚŝŶĐƌĞĂƐĞŝŶĨĞĐƚŝŽƵƐŝůůŶĞƐƐĞƐůŝŬĞƚƵďĞƌĐƵůŽͲ ƐŝƐ͕ĂƐǁĞůůĂƐƚŚĞůŝŬĞůŝŚŽŽĚŽĨĂƐƚŚŵĂĂŶĚĐĂŶĐĞƌ;>ĂŵĞƚĂů͘ϮϬϭϮď͕ƉƐƚĞŝŶĞƚĂů͘ϮϬϭϯͿ͘ ϭϮ ¢Ȭȱ ȱ ȱ ȱ ȱ ¢ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ǰȱ ȱ ȱ ȱ ȱ ȱ ǻȱȱŘŖŗŗǼǯȱȱȱȱȱ ȱȱȱȱȱȱȱȬ ȱ ¢ǯȱ ȱ ȱ ¢ȱ ȱ ǰȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ Ȭ ȱ¢ȱȱȱȱǯȱȱǰȱȱȱȱȱȬ ȱ ȱ ȱ ǰȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ¡ȱ ȱȱ¢Ȭȱǯȱȱ¡ǰȱȱȱ ȱȱ¡ȱȱ¢ȱ ȱȱȱȱȱȱȱȱȱǯȱȱǰȱȬ ¢ȱȱȱȱȱȱ ȱȱ¢ǯȱ dĂďůĞϰ͗DŽĚĞŽĨĚŝƐƉŽƐĂůŽĨĚƌLJͲĐĞůůďĂƚƚĞƌŝĞƐȱ ƵƌŬŝŶĂ &ĂƐŽ WŽƉƵůĂƚŝŽŶ DŽĚĞŽĨĚƌLJͲĐĞůůďĂƚƚĞƌLJĚŝƐƉŽƐĂů͕ŝŶй DŽŶƚŚůLJĐŽŶƐƵŵƉƚŝŽŶ ,ŽƵƐĞͲ ŽĨďĂƚƚĞƌŝĞƐĂŵŽŶŐ ŚŽůĚ ĚĞŶƐŝƚLJŝŶ ŶĂƚƵƌĞ ŐĂƌďĂŐĞ ůĂƚƌŝŶĞƐ ŽƚŚĞƌ ďĂƚƚĞƌLJƵƐĞƌƐ ƐŝnjĞ ƐƵƌǀĞLJĂƌĞĂƐ͕ ;ŶŽŶͲ ŝŶƉĞŽƉůĞͬŬŵϮ ŶŽŶͲ ĞůĞĐƚƌŝĨŝĞĚ ŵĂŶĂŐĞĚͿ ĞůĞĐƚƌŝĨŝĞĚ ϮϬϭϮ ϲϭ ϯϯ ϲ Ϭ ϴ͘ϵ ϴ͘ϱ ϴ͘Ϭ ϱϬ ZǁĂŶĚĂ// ϮϬϭϮ ZǁĂŶĚĂ/// ϮϬϭϯ ^ĞŶĞŐĂů Ϯ ϭϬ ϯ ϳ ϴϲ ϴϮ ϵ ϭ ϰ͘ϯ ϲ͘ϰ ϯ͘ϳ ϱ͘ϱ ϱ͘ϭ ϱ͘ϭ ϰϱϬ ϰϱϬ ϮϬϭϰ dĂŶnjĂŶŝĂ ϮϬϭϰ ϲϰ Ϯϴ ϳ ϭ ϭϰ͘Ϯ ϭϰ͘ϲ ϭϰ͘ϱ ϭϱϬ ϭϱ ϲϵ ϭϰ Ϯ ϲ͘ϳ ϱ͘ϴ ϱ͘ϳ ϭϬ EŽƚĞ͗ KƚŚĞƌ ŵŽĚĞƐ ŽĨ ĚƌLJͲĐĞůů ďĂƚƚĞƌLJ ĚŝƐƉŽƐĂů ŽĨ ĂƌĞ ŵŽƐƚůLJ ƚŚƌŽǁŝŶŐ ƚŚĞ ďĂƚƚĞƌŝĞƐ ŝŶ ĚŝƚĐŚĞƐ Žƌ ŐŝǀŝŶŐ ƚŚĞŵ ƚŽ ĨƌŝĞŶĚƐŽƌĐŚŝůĚƌĞŶ͘ ^ŽƵƌĐĞƐ͗ WŽƉƵůĂƚŝŽŶ ĚĂƚĂ ŽŶ ĚŝƐƚƌŝĐƚ Žƌ ƉƌŽǀŝŶĐĞ ůĞǀĞů ƵƐĞĚ ƚŽ ĐĂůĐƵůĂƚĞ ƉŽƉƵůĂƚŝŽŶ ĚĞŶƐŝƚLJ ĨŝŐƵƌĞƐ ŚĂƐ ďĞĞŶ ƚĂŬĞŶ ĨƌŽŵƚŚĞŵŽƐƚƌĞĐĞŶƚĐĞŶƐƵƐĞƐŽĨƚŚĞĚŝĨĨĞƌĞŶƚĐŽƵŶƚƌŝĞƐ͘ȱ ȱ ȱȱȱȱȱȱȱȱȱȱȬȱȱȬ ȱǯȱȱȱȱǰȱǰȱȱȱȱ¢ȱȬ ȱ ȱȱ£ȱǰȱǰȱȱȱȱȱȱ ȱȱȱǻȱȱȱŗȱȱȱ¡Ǽǯȱȱ ȱȱȱȬ ¢ȱȱ¢ȱȱȱȱȱȱǯŝȱȱȱ¢ȱȱȱ ȱ ȱ ȱ ȱ ¢ǰȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱǯȱȱȱ ϳ dŚŝƐĐŽŶĐƵƌƌĞŶƚƵƐĞŽĨƚƌĂĚŝƚŝŽŶĂůĂŶĚŵŽĚĞƌŶĨƵĞůƐŝƐĂůƐŽŽďƐĞƌǀĞĚĨŽƌĐŽŽŬŝŶŐĨƵĞůƐǁŚĞƌĞŝƚŝƐƌĞĨĞƌƌĞĚƚŽĂƐ ĨƵĞůƐƚĂĐŬŝŶŐ;ƐĞĞDĂƐĞƌĂĞƚĂů͘ϮϬϬϬĂŶĚ,ŽƐŝĞƌϮϬϬϰͿ͘ ϭϯ ȱȱ¡ȱȱȱ¢Ȭȱ¢ȱȱȱȱ¡ȱ¢ȱ¡ȱȱ ȱȱȱȱ ǰȱȱ ȱ ȱȱȱȱȱȱȱȱ ȱ¢ǯȱȱȱ¢ȱȱȱȱȱŚȱȱȱȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ śȱ Ɩȱ ǻȱ ŘŖŗŚǰȱȱŘŖŗŚǼǰȱȱȱŜŝǰŖŖŖǰŖŖŖȱ¢Ȭȱȱȱȱȱȱȱȱ ȱ ȱ ȱ ¢ȱ ¢ȱ ¢ǯȱ ȱ ȱ ȱ ȱ ȱ ŘǰśŖŖȱ ¢Ȭȱ ȱȱȱǯȱȱ ȱ ȱ ȱ ¢ȱ ȱ ȱ ǻȱ Ǽǰȱ ȱ ȱ ȱ ȱ Ȭ ȱȱȱȱȱ¢ȱǰȱȱȱȱ ȱȱȱȱȱ ¢Ȭȱ ȱ ȱ ȱ ȱ ȱ ȱ Ȭȱ ȱ ȱ ¡ȱ Ȭ ǯȱȱ¢ǰȱȱ ȱȱ¢Ȭȱ¢ȱ¢ǰȱ£ȱȱȱǰȱ ȱ ǰȱ ȱ ȱ ¢ǰȱ ȱ ȱ ȱ ȱ £ȱ ȱ ȱȱȃȱȱȱȱȱȱȃȱǻ ȱŘŖŗśǼǯȱȱ ȱȱȱȱȱȱȱǻȱȱȱȱȱȱȱ ȱŘŖŖŜǼȱȱ£ȱȱǰȱȱȱȱȱȱǻȱȱǯȱŘŖŗŚǼǯȱ ȱȱȱȱȱȱ£ȱ¡ȱȱȱȱȱȱȱȬ ȱ ǯȱ ȱ ȱ ȱ ¡ȱ ¢ȱ ȱ ȱ ¢ǰȱ ȱ ǰȱ ȱ ¢ǰȱ ȱ ȱ ȱ ¢ȱ ǻ £ȱ ȱ ȱ ŘŖŖŝDzȱ ȱ ȱ ȱ ŘŖŗŗDzȱ ȱ ȱ ŘŖŗŗǼǯȱ ǰȱ ȱ ȱ Ȭ ȱ ȱ ȱ £ȱ ȱ ȱ ȱ ¡ǯȱ ȱ ȱ ¡Ȭ ȱȱȱ ȱȱ¢ȱȱȱǯȱ¢ȱȱ¢Ȭȱ ȱȱȱȱȱȱȱȱȱȱȱ ȱȱ ȱ ȱ ȱ ǰȱ ǰȱ ȱ ȱ £ȱ ȱ ȱ ǻȱ ȱ ǯȱ ŘŖŗŘǰȱ Ȭ ȱ ȱ ǯȱ ŘŖŗŚǼǯȱ ¢ǰȱ ¢ȱ ȱ ȱ £ȱ ȱ ¡ȱ ȱ ¢ȱ ȱȱȱ¢ȱȱȱȱȱȱ¢ǯȱȱ¢ȱȱ ȱȱȱȱ ȱȱȱȱȱȱȱȱ¢ǰȱȱȱ¢ȱ ȱȱȱȱȱǻȱȱǯȱŘŖŗŖǼǯȱȱ ϭϰ ȱǰȱȱ¡ȱȱ ȱ¢ȬȱȱȱȱȱȱȱȬ ¢ȱȱȱȱȱ¢ȱȱȱȱȱȱȱ¡ȱ¢ȱȱ ¢ȱǯȱȱȱ ȱȱȱȱȱ¢Ȭȱȱȱȱȱ ȱǯȱȱ ȱ śǯ ȱ ȱȱ ȱȱȱȱȱȱȱȱȬȱȱȱȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ¢Ȭȱ ¢ȱ ȱ ǯȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ¢ȱ ȱ ȱ¢ȱȱȱǰȱȱȱȱȱȱȱȱȱȱȱ ȱ ȱ ȱǯȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ Ȭ ȱȱȱȱ¢ǰȱȱȱȱ¢Ȭ ȱȱȱ¢ȱȱȬ ȱȱȱȬȱȱȱ¢ȱ¢ǯȱȱȱȱ ȱȱȱȱȱ ȱ ȱ ȱ Ȭȱ ȱ ȱ ȱ ǻȱ ȱ ŘŖŗŚǼǯȱ ȱ ǰȱ ȱȱȱȱȱȱ¢ȱ ȱǯȱ ȱȱ ȱȂȱǰȱȱȱȱȱȱȱȱȱ Ȭ ǰȱ ȱ ȱ ȱ ȱ ǰȱ ȱ ȱ ȱ ¢ȱ ȱ ȱ ȱ ȱ ȱ ǯȱ ȱ ȱ ȱ ¢ȱ ȱ ȱ ȱ ǰȱ ȱȱȱȱȱȱȱ¢ȱ ȱȱȱȱ ȱ ǯȱ ȱ ȱ ȱ ȱ ȱ ȱ ¢ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ Ȃȱ ǰȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ¡ȱ ȱ ȱȱȱȱȱȱȱ¢ȱȱȱȱȱȱȱȱǯȱ ȱȱȱ¢ȱȱȱȱ£ȱȱȱȱȱ¢ȱȱȬ ȱ ȱ ȱ ¢ȱ ȱ ǯȱ ȱ ȱ ǰȱ ȱ ȱ Ȭȱ Ȭ ǰȱȱ¢ȱȱȱȱȱȱȱȱǯȱ ǰȱȱȱȱȱȱȱȱ ȱȱ¢ȱ ȱ ¢Ȭȱǰȱ ȱ ȱ ¢ȱ ȱ ȱ ¢ȱ ȱ ȱ ȱ ȱ ȱ Ȭ ϭϱ ǯȱȱȱȱ¢ȱȱȱȱȱȱȱ ǰȱȱȱȱȱ ȱȱȱȱȱȱȱȱȱȱ ȱ Ȃȱ¢ȱ ȱȱȱȱȱǰȱȱȱȱ¢ȱȱǯȱȬ ȱȱȱȱ¡ȱȱ¡ȱȱȱ¢Ȭȱȱȱȱȱ ȱȱ¢ȱȱȱȱ¡ȱȱȱȱȱǯȱȱ ȱȱȱȱȱȱȱȱȱȱȱ¢Ȭ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ¡¢ȱȱȱȱȱǯȱȱ ȱ ȱȱȱǰȱȱ ȱȱȱ¡ȱȱ¢Ȭȱ¢ȱȱ ȱǯȱ¢ȱȱ¢ȱȱȱ¢ȱȱȱ ȱȱ ȱȱȱ¢ȱǯȱ ǰȱ ȱȱȱ ȱȱȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ǰȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ǯȱ ǰȱ ȱ ȱ ȱ ¢ȱ ȱ ¢ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ¢ȱ ȱ ȱ ǯȱ ȱ ȱȱȱȱȱȱȱȱȱȱ¢ȱȱȱȱ ȱ ¢ȱ ȱ ȱ ȱ Ȃȱ ¡ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ǯȱȱ ȱ ȱ ϭϲ ȱ ǰȱ ǯȱ ŘŖŗŚǯȱ ȱ ûȱ ȱ Ȭȱ £ȱ ȱ ȱ ǯȱȱȱȱȱȱȱǻǼǯȱ ¢ǰȱǯȱȱȱȱǯȱŘŖŗřǯȱ¢ȱ¢ȱȱȱȬȱDZȱ¡Ȭ ȱȱǯȱǰȱǯǯDZȱȱ¢ȱȱǻǼǯȱ ǰȱȱȱȱȱȱȱȱȱ·ǯȱŘŖŗŚǯȱȱ ··ȱ ȱ ȱ ȱ ȱ ȱ Ȃ ǰȱ ȱȂȱ ȱ ȱ Ȃȱ ǻ ȱ ŘŖŗřǼǯȱDZȱǯ ǰȱǯǰȱǯȱ¢ȱȱǯǯȱǯȱŘŖŗŖǯȱȱ ȱȱȱȱǵȱ ȱ ȱ ȱ ȱ ¡ȱ ȱ ǯȱ ȱ ȱ ǰȱ ŗŖŖȱ ǻśǼDZȱ ŘřŞřȬŘŚŗřǯȱ ǰȱ ǯǯǰȱǯȱǰȱǯȱǰȱǯȱ¢ǰȱȱǯǯȱǯȱŘŖŗŘǯȱȱȬ ȱȱ¢ȱȱȱȱȱȱȱȬȱȱȱȱ ¢ǰȱDZȱȱȱȱȱȱȱȱȱ ȱǯȱȱ ȱ ȱȱŘŖŜǰȱŚŗŚȬŚŘŖǯȱ ǰȱ ǯǰȱ ǯȱ ǰȱ ȱǯȱ ǯȱ ŘŖŗśǯȱ ¢ȱ ȱ ȱ ȱ ȱ ȱ ȱ¢ȱǵȱȱȱȱȱȱȱȱǯȱ ȱȱȱȱǭȱ£ȱŗŗŜDZȱŗŞŝȬŘŖśǯȱ ǰȱ ǯȱ ȱ ǯȱ ȱ ǻŘŖŗŖǼǰȱ ȱ ȱ ȱ Ȭǵȱ ȱ ȱ ȱ ȱȱ¡ǯȱ¢ȱȱȱǰȱŗŘśȱǻŗǼDZȱŗȬŚśǯȱ ǰȱǯǰȱǯȱǰȱȱǯȱȱǻŘŖŗŗǼǰȱȱȱȱȱ£DZȱȬ ȱȱ¢ǯȱȱȱ ǰȱŗŖŗȱǻŜǼDZȱŘřśŖȬŘřşŖǯȱ ǰȱ ǯǯǰȱ ǯǯȱ ǰȱ ǯǯȱ ǰȱ ǯȱ ǰȱ ǯǯȱ ǰȱ ȱ ǯǯȱ ǯȱ ŘŖŗřǯȱ ȱ ǰȱ ȱ ȱ ǰȱ ȱ ȱ ȱ ȱ DZȱ ȱ ȱ ȱ ȱ ǰȱ ǰȱ ȱ ǯȱ ȱ ȱ ȱ ¢ȱ ȱ Ȭ ȱ ȱŘŗŜȱǻśǼDZȱśŘřȬśřŘǯȱ ǰȱǯȱȱǯǯǯȱǯȱŘŖŖŜǯȱȱȱȱ¢ȱDZȱȱȱ ȱȱȱȱȱȱȱȱǻŗřŖŖȬŘŖŖŖǼǯȱȱ¢ȱȱŘŝȱǻŗǼDZȱŗřşȬ ŗŝŝǯȱ ϭϳ ǰȱǯȱȱǯǯȱǯȱŘŖŗŗǯȱ DZȱȱ¡ȱȱ¢ȱȬ ȱ ȱ ¢ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ¢ȱ Ȭ ǯȱȱȱȱȱȱ ¢ȱŞDZȱśŘŖȮśřŘǯȱ ǰȱǯȱŘŖŗřǯȱ ȱȱȱȱȱȱȱ¢ǯȱȱ¢ȱȬ ǯȱȱřŖǰȱŘŖŗřǯȱȱȱDZȦȦ¢ǯǯȦȦśŘŝǯȱ ǰȱǯȱǻŘŖŖŚǼȱ¢ȱȱȱȱǯȱ¢ȱȱ¢ȱȱ Řǯȱǯȱȱȱ ǰȱȱ¢ȱ¢ǯȱŘŖŗŚǯȱȱ¢ȱǯȱȱȱȱ¢ȱ ȱȱȬȱǯȱDZȱǯȱ ǰȱȱȱǯȱŘŖŗŗǯȱȱȬȱȱȱȱȬ ȱDZȱȱȱ¢ȱǯȱǰȱDZȱȱǯȱ ǰȱǯǰȱǯȱ ǰȱȱǯȱ¡ǯȱŘŖŗŖǯȱȱȱȱȬȱ ǯȱ¢ȱȱȱȱŗŘȱǯȱ¡ȱȱȱȬ ȱȱǛŗśǯȱ ȱDZȱȱȦȱȱǯȱȱ ǰȱǯǯǰȱǯȱǰȱǯȱ¢ǰȱǯȱǰȱǯȱǰȱǯǯȱǰȱǯǯȱ ǰȱ ǯǯȱ ǰȱ ǯȱ ǰȱ ǯǯȱ ǰȱ ȱ ǯǯȱ ǯȱ ŘŖŗŘǯȱ ȱ ȱ ȱȱ DZȱ ȱȱȱȱȱȱȱǯȱȬ ȱȱǭȱ¢ȱŚŜDZȱŗřśřŗƺŗřśřŞǯȱ ǰȱ ǯǯǰȱ ǯǯȱ ǰȱ ǯȱ ǰȱ ȱ ǯǯȱ ǯȱ ŘŖŗŘǯȱ DZȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ £ȱ ȱ Ȭȱ Ȭȱ ǯȱ ȱ ȱ ¡¢ȱȱȱ ǰȱȱǰȱŗśǻŜǼDZȱřşŜȬŚřŘǯȱ ǰȱǯǯȱȱǯǯȱ¢ǯȱŘŖŗŘǯȱȱȱȱȱȱǵȱȱ¢Ȭ ȱ ǯȱȱ ȱȱŗŘŖȱǻśǼDZȱŜřŝȬŜŚśǯȱ ȱǯȱŘŖŗřǯȱȱȱȱȱȱȱ¢ǯȱ ȱ ǯȱ ŘŖŗśǯȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ¢ȱ Ȭ ǯȱDZȦȦ ǯǯȦȦȱ ȱ ǯȱ ŘŖŗŗǯȱ ¢ȱ ¡¢ȱ ȱ ȱ ȱ ǯȱ ȱ ȱ ȱ ȱŗǯȱ ϭϴ ǰȱǯǯǰȱǯǯȱǰȱȱǯǯȱǯȱŘŖŖŖǯȱȱȱȱ ȱ ȱ ȱ ȱ DZȱ ȱ ȱ ȱ ȱ ȱ ȱ ¢ȱ ȱ ǯȱȱȱŘŞȱǻŗŘǼDZȱŘŖŞřȬŘŗŖřǯȱ ǰȱ ǯȱ ŘŖŖřǯȱ ȱ ȱ ȱ ȱ ¢ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ǯȱ ȱ ¢ȱȱ¢ǯȱ ȱǯȱŘŖŗŚǯȱȱȱȱǯȱ ǰȱ ȱ ȱ ȱ ȱ ȱ ǯȱ ŘŖŗŚǯȱ Śȱ ȱ DZȱ ȱ £ǰȱ ȱ ȱ ǯȱ ȱ ȱ DZȦȦǯǯ ȦȦŚȬȬȬȬ£ȬȬ Ȭǯȱ ȦȱǰȱȱȱȱȬȱȱȱȱȬ ȱ¢ȱ¢ǯȱŘŖŗŖǯȱ¢ȱȱȱ¢ǯȱȱȱ DZȦȦ ǯǯȦȦ Ȧ¢Ȧ¢ȏ¢ǯ ǯȱ ȂǰȱǯȱȱǯǯȱǯȱŘŖŖŝǯȱ¢ȱȱȱȱ ȱȬ ¢DZȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ Ȭ ǯȱȱȱȱȱǯȱşŖǯȱȱDZȱȱǯȱ ǰȱǯǰȱ ǯȱȱȱǯȱ¢ǯȱŘŖŗŚǯȱ¢ȱȱ¢ǰȱȱȱ ȱȱȱȱǯȱȱȱřŚȱǻŗǼDZȱŗśŜȬŗŜŗǯȱ £ǰȱǯǯȱȱǯǯȱ ǯȱŘŖŖŝǯȱȱȱȱȱȱDZȱȱȬ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ǰȱ ǰȱ ȱ ǯȱȱ ȱȱ¢¢ȱŗşȱǻŜǼDZȱŜŝŗȬŜşŘǯȱ ǰȱȱȱȱǯȱŘŖŗŘǯȱȱȱȱȱ ȱȱȬȱȱǯȱDZȱǯȱ Ȧǰȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ Ȭ ¢ǯȱ ŘŖŗśǯȱ ǯȱ ȱ Ȭȱ ȱ ǯȱ DZȦȦ ǯǯǯȦȦǯȱ Ȧǰȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ Ȭ ¢ǯȱ ŘŖŗřǯȱ Ȭȱ ¢ȱ ȱ ǯȱ ȱ ¢ȱ ȱ ¢ȱȱȱȱȱȱ ȱȱȱȱǯȱ ϭϵ ǰȱǯǰȱǯǯȱǰȱȱǯȱ ǯȱŘŖŗŖǯȱȱ¢ȱȱȱ¢Ȭ ȱ ȱ ȱ ȱ ¢Ȭȱ ȱ ȱ ȱ ǯȱ Ȭ ȱ ȱ DZȦȦ ǯǯȦȦȦȦȦȬŘśřȏȏ¢ȏŖȱ ǯȱȱ ǰȱ ȱ ȱ£ǯȱ ŘŖŗśǯȱ ȱ ȱ ȱ ȱȱ ȱ Ȭ ǯȱ ȱ ȱ DZȦȦ ǯ ǯȦȦȦȏȦȱ ȏȦȦȱȱ ȱȦȱǰȱȱȱȱȱȱ¢ȱ¢ǯȱŘŖŗśǯȱȱ ȱȱ¢ȱŘŖŗśǯȱȱȱ ȱǯȱȱȱ DZȦȦ ǯŚǯȦ ȬȦȦŘŖŗřȦŖşȦȬŘŗŖśȬȬǯǯȱ ȱ ȱ ǰȱ ȱ ȱ ǯȱ ŘŖŖŞǯȱ ȱ ȱ ȱ ȱ ȱ DZȱȱȱȱȱȱȱǯȱȱȱȱǯȱȬ ȱDZȱȱȱǯȱ ȱ ȱ ȱ ȱ ȱ ȱ ϮϬ ¡ȱ dĂďůĞϭ͗ĂƐŝĐůŝŐŚƚŝŶŐŝŶĨŽƌŵĂƚŝŽŶŽŶƚŚĞĞůĞĐƚƌŝĨŝĞĚƉŽƉƵůĂƚŝŽŶŝŶŽƵƌƐƵƌǀĞLJƐĂŵƉůĞƐȱ ĞŶŝŶ ϮϬϬϲ ƵƌŬŝŶĂ ϮϬϭϬ &ĂƐŽ ϮϬϭϮ DŽnjĂŵͲ ϮϬϬϴ ďŝƋƵĞ ZǁĂŶĚĂ/ ϮϬϬϳͬϴ ZǁĂŶĚĂ// ϮϬϭϭ ϮϬϭϮ ZǁĂŶĚĂ/// ϮϬϭϭ ϮϬϭϯ ^ĞŶĞŐĂů/ ϮϬϬϵ ^ĞŶĞŐĂů// ϮϬϭϭ ^ĞŶĞŐĂů/// ϮϬϭϰ dĂŶnjĂŶŝĂ ϮϬϭϰ ĂŵďŝĂ ϮϬϭϭ ůĞĐƚƌŝĐŝƚLJƐŽƵƌĐĞ ϯϭΎ Ϭ Ϯϲ ϰϱΎ ϯϯ Ϯϰ ϳ ϳ ϭϲ hƐĂŐĞƌĂƚĞƐĨŽƌůŝŐŚƚͲ ^ŚĂƌĞŝŶƚŽƚĂůůŝŐŚƚŝŶŐ ŝŶŐ͕ŝŶй ŚŽƵƌƐ͕ŝŶй ĐĂŶĚůĞƐ ŬĞƌŽͲ ďĂƚƚĞƌŝĞƐ ĨƵĞůͲƌƵŶ ďĂƚƚĞƌLJͲ ĞůĞĐƚƌŝĐ ƐĞŶĞ ůĂŵƉƐ ƌƵŶ ůĂŵƉƐ ůĂŵƉƐ ϵ ϴϰ ϵϯ ϳϯ Ϭ Ϯϳ Ϭ Ϯϰ ϵϵ Ϯϱ ϰϵ Ϯϲ Ϭ ϳ ϵϴ ϭϮ ϰϭ ϰϲ ϴϮ ϱϭ ϭϮ ϵϮ Ϭ ϴ ϯϬΎ ϯϰΎ Ϭ Ϭ Ϭ ϭ ϭ ϰϬΎ ϭϴ ϭϲ ϭϱ ϯϰ ϰϮΎ Ϯ Ϯ ϭϲ ϯ Ϯ Ϯ Ϯ ϱ ϱ ϭϬ ϭϳ ŐƌŝĚĞůĞĐͲ ƐŽůĂƌ ƉŝĐŽͲƉǀ ŽƚŚĞƌ ƚƌŝĐŝƚLJ ƉĂŶĞů ůĂŵƉ ϮϬ Ϯϰ ϭϱ Ϯϳ ϰϭ ϰϮ Ϯϯ Ϭ ϭϭ ϳϮ ϲϮ ϱϳ ϯϮ ϲϰ ϯϭ ϭϮ ϴ ϭ ϰϵ ϭϱ ϭϱ ϱϬ ϯϴ Ϯϰ ϯϯ ϵϵ ϵϳ ϵϲ ϲϰ ϵϭ ϳϬ ϲϯ ϯϰ ϴϭ ϰϳ Ϯϯ ϭϬ ϭ ϱϳ ϰϲ Ϭ ϯϲ ϯϬ ϭϱ ϭϲ ϰϬ ϳϵ ϳϯ ϭϭ ϯϮ ϯϬ Ϭ ϯϲ ϰ ϯϲ ϯϳ ϭϭ Ϯϱ ϯϮ ϮϮ EŽƚĞ͗ƐƚĞƌŝƐŬƐƌĞĨĞƌƚŽĞůĞĐƚƌŝĨŝĐĂƚŝŽŶƌĂƚĞĨŝŐƵƌĞƐƚŚĂƚŚĂǀĞďĞĞŶƐƚĞĚďLJĚŽŶŽƌͲĚƌŝǀĞŶŝŶƚĞƌǀĞŶƚŝŽŶƐ;ƐĞĞdĂďůĞ ϮͿ͘ ȱ ȱȱȱȱ ȱȱȱȱȱȱ¢ȱȱȱȱȱȱȱȬȱȱ ȱǰȱȱǰȱǰȱ£ǰȱ ǰȱ£ȱȱȱȮȱȱ ȱ ȱ ȱ ȱ ȱ ȱǰȱȱ ȱ ȱ ȱ ȱǯȱȱ ȱȱȱ ȱ ȱȱŘŖŖŜȱȱȱŘŖŗŚȱȱȱ ȱȱȱ £ȱ£ȱȱ¢ȱǯȱȱ¢ȱȱȱȱȱ¡ȱȱ ȱȱȱ¢ȱȱȱȱȱ¢ȱȱȱ ȱȱȱȱûȱȱȱǻǼȱȱȱȱ ¢ȱȱȱǯȱȱȱ¢¢ȱȱȱȱǯȱȱȱȱȱ ȱȱŘǰȱȱȱȱȱŗŗȱ¢ȱȱȱȱȱȱȱǯȱ ȱ¢ȱ ȱȱȱ¢ȱȱȱȱȱȱȱȱȱ ȱ¢ȱȱȱȱȱȱȱȱȱȱ¡ǯȱ ȱȱȱ¢ȱȱȱȱȱ ȱȱȱȱ ȱȬ ¢ȱ¢ȱȱȱȱ ǯȱȱȱȱ ȱ Ϯϭ ȱ dĂďůĞϮ͗ĂƐŝĐƐƵƌǀĞLJĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐ ĐŽƵŶƚƌLJ ĞŶŝŶ ƐƵƌǀĞLJĚĂƚĞ ƐĂŵƉůĞƐŝnjĞ ϭͲϮͬϮϬϬϳ ϰϭϵ ƵƌŬŝŶĂ&ĂƐŽ DŽnjĂŵďŝƋƵĞ ϭϭͬϮϬϭϬ ϭϬͲϭϭͬϮϬϭϮ ϭϮϬϬ ϵϮϮ ϳͬϮϬϬϴ ϭϰϬ ĞŶĞƌŐLJĂĐĐĞƐƐƚĞĐŚͲ ŶŽůŽŐLJ ĐĞŶƚƌĂůŐƌŝĚ ŶŽŶĞ;ďĂƐĞůŝŶĞͿ ƐŽůĂƌWs ŶŽŶĞ;ďĂƐĞůŝŶĞͿ ŐƌŝĚĞůĞĐƚƌŝĐŝƚLJ ZǁĂŶĚĂ// ZǁĂŶĚĂ/// ϭϮͬϮϬϭϭ ϲͬϮϬϭϮ ϰͲϱͬϮϬϭϭ ϱͲϴͬϮϬϭϯ ϯϬϳ ϯϬϳ ϭϰϴϲ ϭϯϭϴ ŶŽŶĞ;ďĂƐĞůŝŶĞͿ ƉŝĐŽƐŽůĂƌWs ŶŽŶĞ;ďĂƐĞůŝŶĞͿ ĐĞŶƚƌĂůŐƌŝĚ dĂŶnjĂŶŝĂ ĂŵďŝĂ ϳϵϳ ϰϴϮ ϯϵϬ ϭϭͲϭϮͬϮϬϭϰ ϭϬϬϬ ϱͬϮϬϭϭ ϭϴϬ ĞŶƐĐŚĞƚĂů͘;ϮϬϭϬͿ ϲϯϯ ϭϬͲϭϭͬϮϬϬϵ ϯͬϮϬϭϭ ϰͬϮϬϭϰ ĞŶƐĐŚĞƚĂů͘;ϮϬϭϯĂͿ ϮϬϬϳͬϬϴ ^ĞŶĞŐĂů/ ^ĞŶĞŐĂů// ^ĞŶĞŐĂů/// WĞƚĞƌƐ͕sĂŶĐĞĂŶĚ,ĂƌƐĚŽƌĨĨ;ϮϬϭϭ͕ϮϬϭϯͿ ZǁĂŶĚĂ/ ƌĞĨĞƌĞŶĐĞƐ ĞŶƐĐŚĂŶĚWĞƚĞƌƐ;ϮϬϭϬͿ͖ĞŶƐĐŚ͕WĞƚĞƌƐ ĂŶĚ<ůƵǀĞ;ϮϬϭϭͿ 'ƌŝŵŵĞƚĂů͘;ϮϬϭϰͿ 'ƌŝŵŵĞƚĂů͘;ϮϬϭϯͿ WĞƚĞƌƐĞƚĂů͘;ϮϬϭϰͿ >ĞŶnjĞƚĂů͘;ϮϬϭϱͿ ƐŽůĂƌWs ŶŽŶĞ;ďĂƐĞůŝŶĞͿ ŶŽŶĞ;ďĂƐĞůŝŶĞͿ ĞŶƐĐŚĞƚĂů͘;ϮϬϭϯďͿ ŶŽŶĞ;ďĂƐĞůŝŶĞͿ ŶŽŶĞ;ďĂƐĞůŝŶĞͿ EĞĞůƐĞŶĞƚĂů͘;ϮϬϭϭͿ ȱ ȱ ȱ ǰȱǯǰȱǯȱǰȱǯȱȱȱǯȱǯȱŘŖŗřǯȱȱȱȱȱ¢ȱȱȱ ȱ ȱ ȱ Ȭȱ ȱ ¢ǯȱ ȱ ȱ ȱ ǯȱ Ȭ ȱ ¢ȱ ȱȱ ȱ ȱ ¢ȱ ȱ ǯȱ ȱ ȱ ȱ ȱ ȱ ȱ¢ȱ ȱȱȱȱǻǼȱȱȱȱ¢ȱȱȱǯȱ ǰȱǯȱȱǯȱǯȱŘŖŗŖǯȱȬȱȱȱȱȱȱ ȱȮȱ ȱ¡ȬȱȱȱȱǯȱȱȱȱŜŖǯȱDZȱǯȱ ǰȱǯǰȱǯȱȱȱǯȱǯȱŘŖŗŗǯȱȱȱȱǯȱȱȱȱ ȱřȱǻŚǼDZȱśŜŝȬśŞŞǯȱ ǰȱǯǰȱǯȱȱȱǯȱǯȱŘŖŗŖǯȱ¢ȱȱȱȬȱȱȱ £ǯȱȱȱśŜǯȱDZȱǯȱ ǰȱǯǰȱǯȱȱȱǯȱǯȱŘŖŗřǯȱȱȱȱǵȱȮȱ ȱȱȱȱȬ ȱȱ¢ȱȱȱȱȱȱȱǯȱȱȱȱȱ ¢ȱȱŞȱǻŗǼDZȱŗȬŗşǯȱ ǰȱǯǰȱǯȱ¢ ǰȱǯȱȱȱǯȱǯȱŘŖŗŚǯȱȱȱȱȱȱ¢ȱȬ ǵȱ ȱȱȱȱȱ Ȃȱȱȱȱ ǯȱȱȱȱ ǯȱȱȱǯȱŞśşŚǯȱǰȱǯȱ ϮϮ ǰȱ ǯǰȱ ǯȱ ȱ ȱ ǯȱ ǯȱ ŘŖŗřǯȱ ȱ ȱ Ȭȱ ¢ȱ ȱ ȱ ȱ Ȭ £ȱȱȱȱȱǯȱȱȱȱȱȱȱ¢ȱȱ ȱ ȱ ȱ ǻǼȱ ȱ ȱ ȱ ¢ȱ ȱ ȱ ǯȱ ȱ ȱ DZȦȦ ǯȬǯȦȦȬȬȬ¢ȬȬ ȬȬȬȬȬǯȱ £ǰȱǯǰȱǯȱ¢ ǰȱǯȱȱȱǯȱǯȱŘŖŗśǯȱȱȱȱȱȬ ȱȱ¢ǵȱȱȱ Ȃȱ¢ȱȱȬȱǯȱȱ ȱȱǛśśśǯȱǯȱȱ ǰȱǯǰȱǯȱȱȱǯȱǯȱŘŖŗŗǯȱ ȱ¢ȱȱ¢ȱȱȱ ȱȬǰȱǯȱȱȱȱȱȱȱȱȱȱȱȱȬ ȱȱȱ£ȱǻǼǯȱ ǰȱǯǰȱǯȱǰȱǯȱ¢ ǰȱȱǯȱ£ǯȱŘŖŗŚǯȱȱȱȱȱ¢ȱȱ ȱȱȱ¢ȱȱȬȱǯȱȱȱȱȱȱȱ ¢ȱȱȱȱȱǻǼȱȱȱȱ¢ȱȱȱ ǯȱȱȱDZȦȦ ǯȬǯȦȱ ǰȱ ǯǰȱ ǯȱ ȱ ȱ ǯȱ ǯȱ ŘŖŗřǯȱ ȱ ȱ Ȭȱ ȱ ȱ DZȱ ȱ ¡Ȭȱ ȱ ǯȱ ¢ȱ ȱ ȱ ȱ ȱ ǻǼǰȱȱȱȱȱǻǼǰȱȱȱȱûȱȬ ȱ ȱ ǻǼǯȱ ȱ ȱ DZȦȦǯȦȦ Ȧȏ¢ȦƖŘŖ¢ȏƖŘŖ ¢ƖŘŖǯǯȱ ǰȱ ǯǰȱ ǯȱ ȱ ȱ ǯȱ ǯȱ ŘŖŗŗǯȱ ȱ ¡ȱ ȱ ȱ DZȱ Ȭ ȱȱȱȱǯȱȱȱřşȱǻśǼDZȱŝŝřȬŝŞřǯȱ Ϯϯ
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