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you will use the copy only for the purposes of research or private study you will recognise the author's right to be identified as the author of the thesis and due acknowledgement will be made to the author where appropriate you will obtain the author's permission before publishing any material from the thesis. DĂŶŝƉƵůĂƚŝŶŐƉůĂŶƚĚĞĨĞŶĐĞƐĨŽƌŝŵƉƌŽǀĞĚĐŽŶƚƌŽůŽĨ
ĚŝƐĞĂƐĞƐĐĂƵƐĞĚďLJƉůĂƐŵŽĚŝŽƉŚŽƌŝĚƐ
ƚŚĞƐŝƐ
ƐƵďŵŝƚƚĞĚŝŶƉĂƌƚŝĂůĨƵůĨŝůŵĞŶƚ
ŽĨƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌƚŚĞĞŐƌĞĞŽĨ
ŽĐƚŽƌŽĨWŚŝůŽƐŽƉŚLJ
Ăƚ
>ŝŶĐŽůŶhŶŝǀĞƌƐŝƚLJ
ďLJ
D͘>͘,ĞƌŶĂŶĚĞnjDĂůĚŽŶĂĚŽ
>ŝŶĐŽůŶhŶŝǀĞƌƐŝƚLJ
ϮϬϭϮ
ŝ
ďƐƚƌĂĐƚŽĨĂƚŚĞƐŝƐƐƵďŵŝƚƚĞĚŝŶƉĂƌƚŝĂůĨƵůĨŝůŵĞŶƚŽĨƚŚĞ
ƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌƚŚĞĞŐƌĞĞŽĨŽĐƚŽƌŽĨWŚLJůŽƐŽƉŚLJ
DĂŶŝƉƵůĂƚŝŶŐƉůĂŶƚĚĞĨĞŶĐĞƐĨŽƌŝŵƉƌŽǀĞĚĐŽŶƚƌŽůŽĨ
ĚŝƐĞĂƐĞƐĐĂƵƐĞĚďLJƉůĂƐŵŽĚŝŽƉŚŽƌŝĚƐ
ďLJ
D͘>͘,ĞƌŶĂŶĚĞnjDĂůĚŽŶĂĚŽ
ϮϬϭϮ
dŚĞƉŽƚĂƚŽĚŝƐĞĂƐĞƉŽǁĚĞƌLJƐĐĂď;ĐĂƵƐĞĚďLJ^ƉŽŶŐŽƐƉŽƌĂƐƵďƚĞƌƌĂŶĞĂͿĚĂŵĂŐĞƐƋƵĂůŝƚLJŽĨ
ƉŽƚĂƚŽ ƚƵďĞƌƐ͘ dŚĞ ƉĂƚŚŽŐĞŶĂůƐŽŚĂƌŵƐ ŚŽƐƚ ŐƌŽǁƚŚ ĂŶĚLJŝĞůĚƚŚƌŽƵŐŚ ŝŶĨĞĐƚŝŽŶŽĨƌŽŽƚƐ͕
ĂŶĚƚƌĂŶƐŵŝƚƐWŽƚĂƚŽŵŽƉƚŽƉǀŝƌƵƐ͕ĂŶĚŝƐĞĐŽŶŽŵŝĐĂůůLJŝŵƉŽƌƚĂŶƚƚŚƌŽƵŐŚŽƵƚƚŚĞǁŽƌůĚ͘
ŚĞŵŝĐĂůůLJ ŝŶĚƵĐĞĚ ƌĞƐŝƐƚĂŶĐĞ ƚŽ ƉůĂŶƚ ƉĂƚŚŽŐĞŶƐ ŝƐ Ă ŐƌŽǁŝŶŐ ĂƌĞĂ ŽĨ ƌĞƐĞĂƌĐŚ͕
ǁŚĞƌĞĞdžŽŐĞŶŽƵƐůLJĂƉƉůŝĞĚĐŽŵƉŽƵŶĚƐĂĐƚŝǀĂƚĞƉůĂŶƚĚĞĨĞŶĐĞƐĂŐĂŝŶƐƚƉĂƚŚŽŐĞŶĂƚƚĂĐŬ͘/Ŷ
ƚŚŝƐƐƚƵĚLJ͕ƚŚĞĞĨĨŝĐĂĐLJŽĨɴͲĂŵŝŶŽďƵƚLJƌŝĐĂĐŝĚ;ͿǁĂƐĂƐƐĞƐƐĞĚĨŽƌŝŶĚƵĐŝŶŐĚĞĨĞŶĐĞŝŶ
ƉŽƚĂƚŽ ĂŐĂŝŶƐƚ ^͘ ƐƵďƚĞƌƌĂŶĞĂ͕ ĂŶĚ ƚƌĂŶƐĐƌŝƉƚŝŽŶ ŽĨ ŐĞŶĞƐ ƚŚĂƚ ŵĂLJ ďĞ ŝŶǀŽůǀĞĚ ŝŶ ƚŚĞ
ŵĞĐŚĂŶŝƐŵŽĨĚĞĨĞŶĐĞĚĞǀĞůŽƉŵĞŶƚǁĂƐĂŶĂůLJƐĞĚ͘
dŚĞ ĨŝƌƐƚ ƉĂƌƚ ŽĨ ƚŚĞ ƐƚƵĚLJ ĂƐƐĞƐƐĞĚ ƚŚĞ ƵƐĞ ŽĨ ƋWZ ƚŽ ƋƵĂŶƚŝĨLJ ^͘ ƐƵďƚĞƌƌĂŶĞĂ
ŝŶĨĞĐƚŝŽŶ ŝŶ ƉŽƚĂƚŽ ƌŽŽƚ ƚŝƐƐƵĞ͘ ŐůĂƐƐŚŽƵƐĞ ĞdžƉĞƌŝŵĞŶƚ ĂƐƐĞƐƐĞĚ ĚĞǀĞůŽƉŵĞŶƚ ŽĨ ƚŚĞ
ƉĂƚŚŽŐĞŶ ŝŶ ƌŽŽƚƐ ŽĨ ƚǁŽ ƉŽƚĂƚŽ ĐƵůƚŝǀĂƌƐ͕ ͚/ǁĂ͛ ;ƐƵƐĐĞƉƚŝďůĞ ƚŽ ƚƵďĞƌ ƉŽǁĚĞƌLJ ƐĐĂďͿ ĂŶĚ
͚'ůĂĚŝĂƚŽƌ͛ ;ƌĞƐŝƐƚĂŶƚͿ͘ /ŶƚĞŶƐŝƚLJ ŽĨ ƌŽŽƚ ŝŶĨĞĐƚŝŽŶ ďLJ ƚŚĞ ƉĂƚŚŽŐĞŶ ǁĂƐ ĂůƐŽ ĂƐƐĞƐƐĞĚ ƵƐŝŶŐ
ŵŝĐƌŽƐĐŽƉLJ ĂŶĚ ĐŽƵŶƚŝŶŐ ŽĨ ƌŽŽƚ ŐĂůůƐ͘ dŚĞ ƌĞƐŝƐƚĂŶƚ ĐƵůƚŝǀĂƌ ŚĂĚ ŚĂůĨ ŽĨ ƚŚĞ ĂŵŽƵŶƚ ŽĨ ^͘
ŝŝ
ƐƵďƚĞƌƌĂŶĞĂŝŶƌŽŽƚƐĐŽŵƉĂƌĞĚǁŝƚŚƚŚĞƐƵƐĐĞƉƚŝďůĞĐƵůƚŝǀĂƌ͘ƋWZƉƌŽǀŝĚĞĚǀĞƌLJƐĞŶƐŝƚŝǀĞ͕
ƌĂƉŝĚĂŶĚĐŽŶƐŝƐƚĞŶƚĚĞƚĞĐƚŝŽŶŽĨ^͘ƐƵďƚĞƌƌĂŶĞĂŝŶƉŽƚĂƚŽƌŽŽƚƐ͘
dŚĞƐĞĐŽŶĚƉĂƌƚŽĨƚŚĞƐƚƵĚLJĨŽĐƵƐĞĚŽŶͲŝŶĚƵĐĞĚƌĞƐŝƐƚĂŶĐĞƚŽ^͘ƐƵďƚĞƌƌĂŶĞĂ͘
dǁŽ ĞdžƉĞƌŝŵĞŶƚƐ ǁĞƌĞ ĐĂƌƌŝĞĚ ŽƵƚ͘ /Ŷ ƚŚĞ ĨŝƌƐƚ ͕ ƉŽƚĂƚŽ ƉůĂŶƚƐ ŽĨ ƐƵƐĐĞƉƚŝďůĞ ͚/ǁĂ͛ ĂŶĚ
ƌĞƐŝƐƚĂŶƚ ͚'ůĂĚŝĂƚŽƌ͛ ǁĞƌĞ ŐƌŽǁŶ ĨŽƌ Ϯ ǁĞĞŬƐ͕ ĂŶĚ ƚŚĞŶ ƚŚƌĞĞ ĚŝĨĨĞƌĞŶƚ ĐŽŶĐĞŶƚƌĂƚŝŽŶƐ ŽĨ
;ƐŝŶŐůĞ ĂƉƉůŝĐĂƚŝŽŶƐ ŽĨ ϭ͕ Ϯ Žƌ ϰŵDͿ ǁĞƌĞ ƚĞƐƚĞĚ ĨŽƌ ĞĨĨĞĐƚƐ ŽŶ ^͘ ƐƵďƚĞƌƌĂŶĞĂ
ŝŶĨĞĐƚŝŽŶ͕ĂƐƐĞƐƐĞĚƵƐŝŶŐƋWZ͘ZĞƐƵůƚƐǁĞƌĞŝŶĐŽŶƐŝƐƚĞŶƚ͕ƐŚŽǁŝŶŐŚŝŐŚŝŶĨĞĐƚŝŽŶĂƚϲǁĞĞŬƐ͕
ĂŶĚƉůĂŶƚƐĂůƐŽƉƌĞƐĞŶƚĞĚƉŚLJƚŽƚŽdžŝĐŝƚLJĞĨĨĞĐƚƐŽĨƚŚĞĐŚĞŵŝĐĂů͘/ŶƚŚĞƐĞĐŽŶĚĞdžƉĞƌŝŵĞŶƚ͕^͘
ƐƵďƚĞƌƌĂŶĞĂͲƐƵƐĐĞƉƚŝďůĞ ƉůĂŶƚƐ ǁĞƌĞ ŐƌŽǁŶ ĨŽƌ ϰ ǁĞĞŬƐ ďĞĨŽƌĞ ĂƉƉůLJŝŶŐ ƚƌĞĂƚŵĞŶƚƐ
;ϭ͕ Ϯ͕ Žƌ ϰ ŵDͿ͕ ĂŶĚ ƚŚĞ ƉůĂŶƚƐ ǁĞƌĞ ƚŚĞŶ ŝŶŽĐƵůĂƚĞĚ ǁŝƚŚ ƚŚĞ ƉĂƚŚŽŐĞŶ͘ /ŶĨĞĐƚŝŽŶ ǁĂƐ
ĂƐƐĞƐƐĞĚ;ƵƐŝŶŐƋWZĂŶĚŐĂůůĐŽƵŶƚŝŶŐͿĂƚϮ͕ϰĂŶĚϲǁĞĞŬƐƉŽƐƚŝŶŽĐƵůĂƚŝŽŶ͘ǁĂƐĂůƐŽ
ƌĞͲĂƉƉůŝĞĚ ĂĨƚĞƌ ĞĂĐŚ ŽĨ ƚŚĞƐĞ ƚŝŵĞ ƉĞƌŝŽĚƐ͘ /ŶĨĞĐƚŝŽŶ ǁĂƐ ĚĞĐƌĞĂƐĞĚ ǁŝƚŚ ŐƌĞĂƚĞƌ
ĐŽŶĐĞŶƚƌĂƚŝŽŶƐ ŽĨ ĐŽŵƉĂƌĞĚ ƚŽ ŶŽŶͲƚƌĞĂƚĞĚ ƉůĂŶƚƐ͘ DƵůƚŝƉůĞ ƚƌĞĂƚŵĞŶƚƐ ;ǁŝƚŚ Ϯ Žƌ
ϰŵD Ϳ ŽĨ ŵĂƚƵƌĞ ƉůĂŶƚƐ ;ϰ ǁĞĞŬƐ ƉŽƐƚ ƉůĂŶƚŝŶŐ ĂŶĚ ŽůĚĞƌͿ ĂůŵŽƐƚ ĐŽŵƉůĞƚĞůLJ
ƉƌĞǀĞŶƚĞĚŝŶĨĞĐƚŝŽŶ͘
dŚĞĨŝŶĂůƉĂƌƚŽĨƚŚĞƐƚƵĚLJĂŶĂůLJƐĞĚƚƌĂŶƐĐƌŝƉƚŝŽŶŽĨŐĞŶĞƐƐƵƐƉĞĐƚĞĚƚŽďĞŝŶǀŽůǀĞĚ
ŝŶ ƚŚĞ ĚĞǀĞůŽƉŵĞŶƚ ŽĨ ͲŝŶĚƵĐĞĚ ƌĞƐŝƐƚĂŶĐĞ ŝŶ ƉŽƚĂƚŽ͘ ŝŐŚƚĞĞŶ ŐĞŶĞƐ ǁĞƌĞ ƐĞůĞĐƚĞĚ
ĨƌŽŵ ƉŽƚĂƚŽ ŐĞŶŽŵĞ ĚĂƚĂ ĂŶĚ ƉƌŝŵĞƌƐ ǁĞƌĞ ĚĞƐŝŐŶĞĚ ĨŽƌ ĞĂĐŚ͘ WůĂŶƚƐ ǁĞƌĞ ŐƌŽǁŶ ĨŽƌ ϰ
ǁĞĞŬƐ ĂŶĚ ƚŚĞŶ ƚƌĞĂƚĞĚ ǁŝƚŚ ƚŚƌĞĞ ƌĂƚĞƐ ŽĨ ;ϭ͕ Ϯ Žƌ ϰ ŵDͿ͘ ,ĂůĨ ŽĨ ƚŚĞ ƉůĂŶƚƐ ǁĞƌĞ
ƚŚĞŶŚĂƌǀĞƐƚĞĚĂƚϮϰ͕ϰϴĂŶĚϳϮŚƉŽƐƚƚƌĞĂƚŵĞŶƚ͕ĂŶĚƚŚĞƌĞŵĂŝŶŝŶŐƉůĂŶƚƐǁĞƌĞŝŶŽĐƵůĂƚĞĚ
ǁŝƚŚ ^͘ ƐƵďƚĞƌƌĂŶĞĂ ;ǁŝƚŚ ƵŶŝŶŽĐƵůĂƚĞĚ ĞdžƉĞƌŝŵĞŶƚĂů ĐŽŶƚƌŽůƐ ŝŶĐůƵĚĞĚͿ ĂŶĚ ŚĂƌǀĞƐƚĞĚ ϭϬ
ĚĂLJƐƉŽƐƚŝŶŽĐƵůĂƚŝŽŶ͘^ŽŵĞŐĞŶĞƐŝŶĐƌĞĂƐĞĚƚƌĂŶƐĐƌŝƉƚŝŽŶŝŶƚŚĞĨŝƌƐƚϳϮŚ͕ĂŶĚƚŚŝƐŝŶĐƌĞĂƐĞ
ǁĂƐ ĚĞƉĞŶĚĞŶƚ ŽŶ ĐŽŶĐĞŶƚƌĂƚŝŽŶ͘ EŽ ŵĂũŽƌ ĐŚĂŶŐĞƐ ǁĞƌĞ ŽďƐĞƌǀĞĚ ǁŝƚŚ ƉĂƚŚŽŐĞŶ
ŝŶĨĞĐƚŝŽŶ͘dƌĂŶƐĐƌŝƉƚŝŽŶŽĨŐĞŶĞƐƐƵŐŐĞƐƚĞĚƚŚĂƚŝŶĚƵĐĞĚƐLJƐƚĞŵŝĐĂĐƋƵŝƌĞĚƌĞƐŝƐƚĂŶĐĞ͕
ĂƐ ŵŽƐƚ ŐĞŶĞƐ ƉƌĞǀŝŽƵƐůLJ ƌĞůĂƚĞĚ ƚŽ ƚŚŝƐ ƉĂƚŚǁĂLJ ƐŚŽǁĞĚ ŐƌĞĂƚůLJ ŝŶĐƌĞĂƐĞĚ ƚƌĂŶƐĐƌŝƉƚŝŽŶ
ĂĨƚĞƌĂƉƉůŝĐĂƚŝŽŶ͘dŚĞĐůĂƐƐ/ĐŚŝƚŝŶĂƐĞ;ϭͿ͕WZϭďĂŶĚWZϰŐĞŶĞƐǁĞƌĞŐŽŽĚĐĂŶĚŝĚĂƚĞƐ
ĨŽƌŵĂƌŬĞƌƐŽĨʹŝŶĚƵĐĞĚƌĞƐŝƐƚĂŶĐĞŝŶƉŽƚĂƚŽ͘
dŚŝƐƐƚƵĚLJŚĂƐĚĞŵŽŶƐƚƌĂƚĞĚƚŚĂƚŚĂƐƉŽƚĞŶƚŝĂůĂƐĂŶĂůƚĞƌŶĂƚŝǀĞĨŽƌĐŽŶƚƌŽůŽĨ
^͘ƐƵďƚĞƌƌĂŶĞĂŝŶĨĞĐƚŝŽŶŽĨƉŽƚĂƚŽ͘dŚŝƐƉŽƚĞŶƚŝĂůƐŚŽƵůĚďĞǀĞƌŝĨŝĞĚŝŶĨŝĞůĚĞǀĂůƵĂƚŝŽŶƐ͘
ŝŝŝ
<ĞLJǁŽƌĚƐ
ɴͲĂŵŝŶŽďƵƚLJƌŝĐĂĐŝĚ
ůŝĐŝƚŽƌƐŽĨĚĞĨĞŶĐĞ
'ĞŶĞƚƌĂŶƐĐƌŝƉƚŝŽŶ
/ŶĚƵĐĞĚƌĞƐŝƐƚĂŶĐĞ
WůĂŶƚĚĞĨĞŶĐĞ
WůĂƐŵŽĚŝŽƉŚŽƌŝĚƐ
WŽƚĂƚŽ
WŽǁĚĞƌLJƐĐĂď
ƋWZ
YƵĂŶƚŝƚĂƚŝǀĞWZ
^ƉŽŶŐŽƐƉŽƌĂƐƵďƚĞƌƌĂŶĞĂ
ZŽŽƚŐĂůůƐ
ŝǀ
WƌĞĨĂĐĞ
dŚŝƐƚŚĞƐŝƐŝƐƉƌĞƐĞŶƚĞĚŝŶĨŝǀĞĐŚĂƉƚĞƌƐ͕ƉƌĞƉĂƌĞĚĂƐĨŝǀĞƉĂƉĞƌƐ͘
ŚĂƉƚĞƌϭŝƐĂƌĞǀŝĞǁŽĨůŝƚĞƌĂƚƵƌĞƌĞůĞǀĂŶƚƚŽƚŚĞƚŽƉŝĐŽĨƌĞƐĞĂƌĐŚ͘
ŚĂƉƚĞƌ Ϯ ĚĞƐĐƌŝďĞƐ ĂŶ ĞdžƉĞƌŝŵĞŶƚ ĚĞƐŝŐŶĞĚ ƚŽ ƚĞƐƚ ƋƵĂŶƚŝƚĂƚŝǀĞ WZ ĂƐ Ă ƚŽŽů ĨŽƌ
ĚĞƚĞĐƚŝŽŶŽĨƉĂƚŚŽŐĞŶEŝŶŚŽƐƚƉůĂŶƚƐĂŶĚƚŽƵƐĞƚŚŝƐƚŽƐƚƵĚLJƚĞŵƉŽƌĂůĚĞǀĞůŽƉŵĞŶƚŽĨ
ƚŚĞ ƉĂƚŚŽŐĞŶ ŝŶ ƋƵĞƐƚŝŽŶ ŝŶ ŚŽƐƚ ƌŽŽƚƐ͘ dŚŝƐ ƉĂƉĞƌ ǁĂƐ ƉƵďůŝƐŚĞĚ ŝŶ ƚŚĞ ũŽƵƌŶĂů WůĂŶƚ
WĂƚŚŽůŽŐLJ͘
ŚĂƉƚĞƌ ϯ ĚĞƐĐƌŝďĞƐ ĞdžƉĞƌŝŵĞŶƚƐ ƚŽ ŵĞĂƐƵƌĞ ŝŶĚƵĐƚŝŽŶ ŽĨ ŚŽƐƚ ƌĞƐŝƐƚĂŶĐĞ ďLJ ƚŚĞ
ĐŚĞŵŝĐĂů ĞůŝĐŝƚŽƌ ͘ dŚŝƐ ĐŚĂƉƚĞƌ ǁŝůů ďĞ ƐƵďŵŝƚƚĞĚ ĨŽƌ ƉƵďůŝĐĂƚŝŽŶ ŝŶ ĂŶ ŝŶƚĞƌŶĂƚŝŽŶĂů
ũŽƵƌŶĂů͘
ŚĂƉƚĞƌ ϰ ĚĞƐĐƌŝďĞƐ ĂŶ ĞdžƉĞƌŝŵĞŶƚ ƚŽ ŵĞĂƐƵƌĞ ƚƌĂŶƐĐƌŝƉƚŝŽŶ ŽĨ ƐĞůĞĐƚĞĚ ŐĞŶĞƐ ŝŶ
ƉŽƚĂƚŽ ƌŽŽƚƐ ǁŚĞŶ ƚŚĞ ĞůŝĐŝƚŽƌ ŝƐ ĂƉƉůŝĞĚ ŝŶ ŽƌĚĞƌ ƚŽ ĨŝŶĚ ŵĂƌŬĞƌƐ ĨŽƌ ƚŚŝƐ ĚĞĨĞŶĐĞ
ƉĂƚŚǁĂLJ͘dŚŝƐĐŚĂƉƚĞƌǁŝůůĂůƐŽďĞƐƵďŵŝƚƚĞĚĨŽƌƉƵďůŝĐĂƚŝŽŶŝŶĂŶŝŶƚĞƌŶĂƚŝŽŶĂůũŽƵƌŶĂů͘
ŚĂƉƚĞƌ ϱ ŝƐ Ă ŐĞŶĞƌĂů ĚŝƐĐƵƐƐŝŽŶ ŽĨ ƚŚĞ ƌĞƐĞĂƌĐŚ ĨŝŶĚŝŶŐƐ ŝŶ ƚŚŝƐ ƐƚƵĚLJ͕ ĂŶĚ ƐŽŵĞ
ŐĞŶĞƌĂůĐŽŶĐůƵƐŝŽŶƐĂƌĞŚŝŐŚůŝŐŚƚĞĚ͘
dŚĞ ƉƉĞŶĚŝdž ĐŽŶƚĂŝŶƐ ĂďƐƚƌĂĐƚƐ ĂŶĚ ƉŽƐƚĞƌƐ ŽĨ ƉĂƉĞƌƐ ƉƌĞƐĞŶƚĞĚ Ăƚ ĐŽŶĨĞƌĞŶĐĞƐ͕
ĚĞƐĐƌŝďŝŶŐĂƐƉĞĐƚƐŽĨƚŚĞƌĞƐĞĂƌĐŚ͘
ǀ
ĐŬŶŽǁůĞĚŐĞŵĞŶƚƐ
/ ǁŽƵůĚ ůŝŬĞ ƚŽ ƚŚĂŶŬ Ăůů ƚŚĞ ƉĞŽƉůĞ ƚŚĂƚ ƐƵƉƉŽƌƚĞĚ ŵĞ ĚƵƌŝŶŐ ƚŚĞ ƚŝŵĞ ŽĨ ŵLJ ƐƚƵĚŝĞƐ͕
ĞƐƉĞĐŝĂůůLJŵLJĨĂŵŝůLJĨƌŝĞŶĚƐĂŶĚŶĞǁĨƌŝĞŶĚƐƚŚĂƚǁĞƌĞƚŚĞƌĞĨŽƌŵĞŝŶŐŽŽĚĂŶĚďĂĚƚŝŵĞƐ͘/
ǁĂŶƚƚŽƚŚĂŶŬŵLJƐƵƉĞƌǀŝƐŽƌƐZŝĐŚĂƌĚ&ĂůůŽŽŶ͕^ŝŵŽŶƵůŵĂŶĂŶĚdŽŶLJŽŶŶĞƌĨŽƌĂůůƚŚĞŝƌ
ŚĞůƉ͕ ƐƵƉƉŽƌƚ ĂŶĚ Ăůů ƚŚĞ ŐƵŝĚĂŶĐĞ ĚƵƌŝŶŐ ƚŚĞƐĞ ƐƚƵĚŝĞƐ͕ ƚŚĂŶŬƐ ƚŽ ƚŚĞŵ ŶŽƚ ŽŶůLJ ŵLJ
ŬŶŽǁůĞĚŐĞĂďŽƵƚƉůĂŶƚƉĂƚŚŽůŽŐLJĂŶĚŵŽůĞĐƵůĂƌďŝŽůŽŐLJŝŶĐƌĞĂƐĞĚĐŽŶƐŝĚĞƌĂďůLJ͕ďƵƚĂůƐŽŝƚ
ŵĂĚĞŵĞůŽǀĞƚŚŝƐƐƵďũĞĐƚŵŽƌĞĂŶĚŵŽƌĞĚĂLJĂĨƚĞƌĚĂLJ͘/ĞƐƉĞĐŝĂůůLJƚŚĂŶŬWƌŽĨĞƐƐŽƌZŝĐŚĂƌĚ
&ĂůůŽŽŶĨŽƌŚŝƐƐƉĞĐŝĂůŚĞůƉ͕ĨŽƌŚŝƐƉĂƚŝĞŶĐĞŝŶŚĞůƉŝŶŐŵĞŝŵƉƌŽǀĞŵLJŶŐůŝƐŚĂŶĚƐĐŝĞŶƚŝĨŝĐ
ǁƌŝƚŝŶŐ͕ ĂŶĚ ĨŽƌ ƚƌĂŶƐŵŝƚƚŝŶŐ Ăůů ŚŝƐ ůŽǀĞ ĨŽƌ ƉůĂŶƚ ƉĂƚŚŽůŽŐLJ͕ ĞƐƉĞĐŝĂůůLJ ĨŽƌ ƉŽƚĂƚŽ ĂŶĚ
^ƉŽŶŐŽƐƉŽƌĂƐƵďƚĞƌƌĂŶĞĂƌĞƐĞĂƌĐŚ͘/ĂůƐŽǁĂŶƚƚŽƚŚĂŶŬdŚĞEĞǁĞĂůĂŶĚ/ŶƐƚŝƚƵƚĞĨŽƌWůĂŶƚ
ĂŶĚ &ŽŽĚ ZĞƐĞĂƌĐŚ >ŝŶĐŽůŶ ĨŽƌ ƉƌŽǀŝĚŝŶŐ ŵĞ ƚŚĞŝƌ ĨĂĐŝůŝƚŝĞƐ ƚŽ ĐĂƌƌLJ ŽƵƚ ŵLJ WŚ ǁŽƌŬ ĂŶĚ
ĂůƐŽƚŽƚŚĞŝƌƉĞŽƉůĞĨŽƌĂĐĐĞƉƚŝŶŐŵĞĂƐŽŶĞŽĨƚŚĞŵ͕ŵĂŬŝŶŐŵĞĨĞĞůůŝŬĞŚŽŵĞ͘/ŶĂĚĚŝƚŝŽŶ͕
/ƚŚĂŶŬĂůůƚŚĞƉĞŽƉůĞĨƌŽŵWůĂŶƚĂŶĚ&ŽŽĚZĞƐĞĂƌĐŚƚŚĂƚƉƌŽǀŝĚĞĚŵĞƚĞĐŚŶŝĐĂůƐƵƉƉŽƌƚĂŶĚ
ĂĚǀŝĐĞ ƚŽ ŚĞůƉ ŵĞ ůĞĂƌŶ ŶĞǁ ƚĞĐŚŶŝƋƵĞƐ͕ ƐƚĂƌƚŝŶŐ ĨŽƌ ƉůĂŶƚ ŐƌŽǁƚŚ ƵŶƚŝů Ăůů ƚŚĞ ŵŽůĞĐƵůĂƌ
ƉƌŽĐĞƐƐĞƐĂŶĚĂŶĂůLJƐĞƐƚŚĂƚŵĂĚĞƚŚŝƐWŚƉŽƐƐŝďůĞ͘&ŝŶĂůůLJ/ƚŚĂŶŬƚŚĞDŝŶŝƐƚƌLJĨŽƌ^ĐŝĞŶĐĞ
ĂŶĚ /ŶŶŽǀĂƚŝŽŶ ĐŽƐLJƐƚĞŵƐ ŝŽƉƌŽƚĞĐƚŝŽŶ ƉƌŽŐƌĂŵŵĞ ;>/Ey ϬϴϬϰͿ͕ ĂŶĚ ,ŽƌƚŝĐƵůƚƵƌĞ EĞǁ
ĞĂůĂŶĚĨŽƌƉƌŽǀŝĚŝŶŐĨŝŶĂŶĐŝĂůƐƵƉƉŽƌƚĨŽƌƚŚŝƐƉƌŽũĞĐƚ͘
ǀŝ
KƵƚƉƵƚƐĨƌŽŵƚŚŝƐƌĞƐĞĂƌĐŚ;ƐĞĞƉƉĞŶĚŝdžͿ
,ĞƌŶĂŶĚĞnj D>͕ &ĂůůŽŽŶ Z͕ ƵůŵĂŶ ^Z͕ ŽŶŶĞƌ : ĂŶĚ ƵƚůĞƌ Z ;ϮϬϭϭͿ͘ /ŶƚĞŶƐŝƚLJ ŽĨ
^ƉŽŶŐŽƐƉŽƌĂ ƐƵďƚĞƌƌĂŶĞĂ ŝŶĨĞĐƚŝŽŶ ŽĨ ƉŽƚĂƚŽ ƌŽŽƚƐ ŵĞĂƐƵƌĞĚ ďLJ ƋƵĂŶƚŝƚĂƚŝǀĞ WZ
;ƋWZͿ͘ KƌĂů ƉƌĞƐĞŶƚĂƚŝŽŶ Ăƚ ƚŚĞ WW^ WW WŽƚĂƚŽ ŝƐĞĂƐĞƐ tŽƌŬƐŚŽƉ͕ ĂƌǁŝŶ͕
ƵƐƚƌĂůŝĂ͕ϮϲƉƌŝůϮϬϭϭ͘
,ĞƌŶĂŶĚĞnj D>͕ &ĂůůŽŽŶ Z͕ ƵůŵĂŶ ^Z͕ ŽŶŶĞƌ : ĂŶĚ ƵƚůĞƌ Z ;ϮϬϭϭͿ͘ /ŶƚĞŶƐŝƚLJ ŽĨ
^ƉŽŶŐŽƐƉŽƌĂ ƐƵďƚĞƌƌĂŶĞĂ ŝŶĨĞĐƚŝŽŶ ŽĨ ƉŽƚĂƚŽ ƌŽŽƚƐ ŵĞĂƐƵƌĞĚ ďLJ ƋƵĂŶƚŝƚĂƚŝǀĞ WZ
;ƋWZͿ͘WŽƐƚĞƌƉĂƉĞƌƉƌĞƐĞŶƚĞĚĂƚƚŚĞWW^WWŽŶĨĞƌĞŶĐĞ͕ĂƌǁŝŶ͕ƵƐƚƌĂůŝĂ͕ϮϲͲ
ϮϵƉƌŝůϮϬϭϭ͘
,ĞƌŶĂŶĚĞnj D>͕ ƵƚůĞƌ Z͕ ŽŶŶĞƌ :͕ &ĂůůŽŽŶ Z ĂŶĚ ƵůŵĂŶ ^Z ;ϮϬϭϭͿ͘ hƐŝŶŐ
ĞŶǀŝƌŽŶŵĞŶƚĂůůLJĨƌŝĞŶĚůLJĐŚĞŵŝĐĂůƐƚŽŝŶĚƵĐĞƉůĂŶƚĚĞĨĞŶĐĞĂŐĂŝŶƐƚƉŽǁĚĞƌLJƐĐĂďŽĨ
ƉŽƚĂƚŽ͘WŽƐƚĞƌĂƚƚŚĞ,ŽƌƚEŽŶĨĞƌĞŶĐĞ͕Ϯϳ:ƵůLJϮϬϭϭ͕ZŽƚŽƌƵĂ͕EĞǁĞĂůĂŶĚ͘
,ĞƌŶĂŶĚĞnjͲDĂůĚŽŶĂĚŽ D>͕ &ĂůůŽŽŶ Z͕ ƵůŵĂŶ ^Z͕ ŽŶŶĞƌ : ĂŶĚ ƵƚůĞƌ Z ;ϮϬϭϭͿ͘ ɴͲ
ŵŝŶŽďƵƚŝƌŝĐ ĂĐŝĚ ;Ϳ ŝŶĚƵĐĞĚ ƌĞƐŝƐƚĂŶĐĞ ĂŐĂŝŶƐƚ ^ƉŽŶŐŽƐƉŽƌĂ ƐƵďƚĞƌƌĂŶĞĂ ŝŶ
ƉŽƚĂƚŽ͘ WƌĞƐĞŶƚĂƚŝŽŶ Ăƚ ƚŚĞ EWW ^LJŵƉŽƐŝƵŵ ͚hƚŝůŝƐŝŶŐ WůĂŶƚ ĞĨĞŶĐĞ ĨŽƌ WĞƐƚ
ŽŶƚƌŽů͕͛ϴƵŐƵƐƚϮϬϭϭ͕ZŽƚŽƌƵĂ͕EĞǁĞĂůĂŶĚ͘
,ĞƌŶĂŶĚĞnjDĂůĚŽŶĂĚŽD>͕&ĂůůŽŽŶZ͕ƵƚůĞƌZ͕ŽŶŶĞƌ:͕ƵůŵĂŶ^Z͕ϮϬϭϮ͘^ƉŽŶŐŽƐƉŽƌĂ
ƐƵďƚĞƌƌĂŶĞĂƌŽŽƚŝŶĨĞĐƚŝŽŶĂƐƐĞƐƐĞĚŝŶƚǁŽƉŽƚĂƚŽĐƵůƚŝǀĂƌƐĚŝĨĨĞƌŝŶŐŝŶƐƵƐĐĞƉƚŝďŝůŝƚLJ
ƚŽƚƵďĞƌƉŽǁĚĞƌLJƐĐĂď͘WůĂŶƚWĂƚŚŽůŽŐLJ͕K/͗ϭϬ͘ϭϭϭϭͬƉƉĂ͘ϭϮϬϭϱ͘
,ĞƌŶĂŶĚĞnjͲDĂůĚŽŶĂĚŽ D>͕ &ĂůůŽŽŶ Z͕ ƵůŵĂŶ ^Z͕ ƵƚůĞƌ Z͕ ŽŶŶĞƌ :͕ ;ŝŶ ƉƌĞƉĂƌĂƚŝŽŶͿ͘
ZĞƐŝƐƚĂŶĐĞ ƚŽ ^ƉŽŶŐŽƐƉŽƌĂ ƐƵďƚĞƌƌĂŶĞĂ ŝŶĚƵĐĞĚ ŝŶ ƉŽƚĂƚŽ ďLJ ƚŚĞ ĞůŝĐŝƚŽƌ ɴͲ
ĂŵŝŶŽďƵƚLJƌŝĐĂĐŝĚ͘
,ĞƌŶĂŶĚĞnjͲDĂůĚŽŶĂĚŽ D>͕ &ĂůůŽŽŶ Z͕ ƵůŵĂŶ ^Z͕ ƵƚůĞƌ Z͕ ŽŶŶĞƌ :͕ ;ŝŶ ƉƌĞƉĂƌĂƚŝŽŶͿ͘
'ĞŶĞ ƚƌĂŶƐĐƌŝƉƚŝŽŶ ŽĨ ƉŽƚĂƚŽ ƌŽŽƚƐ ĂĨƚĞƌ ƚƌĞĂƚŵĞŶƚ ĂŐĂŝŶƐƚ ^ƉŽŶŐŽƐƉŽƌĂ
ƐƵďƚĞƌƌĂŶĞĂ΀ŝŽͲWƌŽƚĞĐƚŝŽŶZĞƐĞĂƌĐŚĞŶƚƌĞǁƌŝƚƚŝŶŐƐĐŚŽůĂƌƐŚŝƉĂǁĂƌĚĞĚ΁͘
ǀŝŝ
ŽŶƚĞŶƚƐ
WĂŐĞ
ďƐƚƌĂĐƚ
ŝŝ
<ĞLJǁŽƌĚƐ
ŝǀ
WƌĞĨĂĐĞ
ǀ
ĐŬŶŽǁůĞĚŐĞŵĞŶƚƐ
ǀŝ
KƵƚƉƵƚƐĨƌŽŵƚŚŝƐƌĞƐĞĂƌĐŚ
ǀŝŝ
ŽŶƚĞŶƚƐ
ǀŝŝŝ
>ŝƐƚŽĨdĂďůĞƐ
džŝŝ
>ŝƐƚŽĨ&ŝŐƵƌĞƐ
džŝŝŝ
ϭ͘,WdZϭ͘>/dZdhZZs/t
ϭ
ϭ͘ϭWůĂŶƚŝŵŵƵŶĞƐLJƐƚĞŵƐ
ϭ
ϭ͘ϭ͘ϭ^LJƐƚĞŵŝĐƌĞƐŝƐƚĂŶĐĞ
ϯ
ϭ͘ϭ͘Ϯ^LJƐƚĞŵŝĐĂĐƋƵŝƌĞĚƌĞƐŝƐƚĂŶĐĞ
ϰ
ϭ͘ϭ͘ϯ/ŶĚƵĐĞĚƐLJƐƚĞŵŝĐƌĞƐŝƐƚĂŶĐĞ
ϱ
ϭ͘ϭ͘ϰŚĞŵŝĐĂůĂŶĚŵŝĐƌŽďŝĂůŝŶĚƵĐƚŝŽŶŽĨƌĞƐŝƐƚĂŶĐĞ
ϲ
ϭ͘Ϯ&ĂĐƚŽƌƐŝŶǀŽůǀĞĚŝŶƚŚĞƐƵĐĐĞƐƐŽĨŝŶĚƵĐĞĚƌĞƐŝƐƚĂŶĐĞ
ϴ
ϭ͘ϯ^ƉŽŶŐŽƐƉŽƌĂƐƵďƚĞƌƌĂŶĞĂ
ϭϬ
ϭ͘ϯ͘ϭWůĂƐŵŽĚŝŽƉŚŽƌŝĚůŝĨĞĐLJĐůĞ
ϭϬ
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ϭϯ
ϭ͘ϯ͘ϯƵƌƌĞŶƚŵĞƚŚŽĚƐĨŽƌĐŽŶƚƌŽůŽĨ^ƉŽŶŐŽƐƉŽƌĂƐƵďƚĞƌƌĂŶĞĂ
ϭϲ
ϭ͘ϯ͘ϰƵƌƌĞŶƚŵĞƚŚŽĚƐĨŽƌĂƐƐĞƐƐŵĞŶƚĂŶĚŵĞĂƐƵƌĞŵĞŶƚŽĨ
^͘ƐƵďƚĞƌƌĂŶĞĂŝŶĨĞĐƚŝŽŶ
ϭϳ
ϭ͘ϰWůĂƐŵŽĚŝŽƉŚŽƌŝĚŝŶƚĞƌĂĐƚŝŽŶƐǁŝƚŚƉůĂŶƚĐĞůůƐ
ϭϳ
ϭ͘ϱ/ŶĚƵĐĞĚƌĞƐŝƐƚĂŶĐĞĂŐĂŝŶƐƚƉůĂƐŵŽĚŝŽƉŚŽƌŝĚƐ
ϭϵ
ϭ͘ϲŝŵƐŽĨƚŚĞƉƌĞƐĞŶƚƐƚƵĚLJ
ϮϬ
ϭ͘ϳZĞĨĞƌĞŶĐĞƐ
ϮϬ
Ϯ͘,WdZϮ͘^WKE'K^WKZ^hdZZEZKKd/E&d/KE^^^^/E
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Ϯ͘Ϯ/ŶƚƌŽĚƵĐƚŝŽŶ
ϯϱ
Ϯ͘ϯDĂƚĞƌŝĂůƐĂŶĚŵĞƚŚŽĚƐ
ϯϳ
Ϯ͘ϯ͘ϭWůĂŶƚŐƌŽǁƚŚ
ϯϳ
Ϯ͘ϯ͘ϮĂŝůLJǁĂƚĞƌƵƐĞďLJƉůĂŶƚƐ
ϯϳ
Ϯ͘ϯ͘ϯ/ŶŽĐƵůĂƚŝŽŶǁŝƚŚ^ƉŽŶŐŽƐƉŽƌĂƐƵďƚĞƌƌĂŶĞĂ
ϯϴ
Ϯ͘ϯ͘ϰ,ĂƌǀĞƐƚŽĨƉůĂŶƚƐ
ϯϴ
Ϯ͘ϯ͘ϱ^ĞǀĞƌŝƚLJŽĨƌŽŽƚŝŶĨĞĐƚŝŽŶďLJ^ƉŽŶŐŽƐƉŽƌĂƐƵďƚĞƌƌĂŶĞĂ
ϯϴ
Ϯ͘ϯ͘ϱ͘ϭ/ŶƚĞŶƐŝƚLJŽĨnjŽŽƐƉŽƌĂŶŐŝƵŵĚĞǀĞůŽƉŵĞŶƚŝŶƌŽŽƚƐ
ϯϴ
Ϯ͘ϯ͘ϱ͘ϮdžƉĞƌŝŵĞŶƚĂůĚĞƐŝŐŶ
ϯϵ
Ϯ͘ϯ͘ϱ͘ϯ^ĞǀĞƌŝƚLJŽĨƌŽŽƚŐĂůůŝŶŐ
ϯϵ
Ϯ͘ϯ͘ϲŵŽƵŶƚƐŽĨ^ƉŽŶŐŽƐƉŽƌĂƐƵďƚĞƌƌĂŶĞĂEŝŶƌŽŽƚƐ͕ŵĞĂƐƵƌĞĚ
ƵƐŝŶŐƋWZ
ϯϵ
Ϯ͘ϯ͘ϲ͘ϭEĞdžƚƌĂĐƚŝŽŶ
ϯϵ
Ϯ͘ϯ͘ϲ͘ϮYƵĂŶƚŝƚĂƚŝǀĞWZ
ϯϵ
Ϯ͘ϯ͘ϳ^ƚĂƚŝƐƚŝĐĂůĂŶĂůLJƐĞƐ
Ϯ͘ϰZĞƐƵůƚƐ
ϰϬ
ϰϭ
Ϯ͘ϰ͘ϭtĂƚĞƌƵƐĞ
ϰϭ
Ϯ͘ϰ͘ϮWůĂŶƚƉĂƌĂŵĞƚĞƌƐ
ϰϭ
Ϯ͘ϰ͘ϯZŽŽƚŝŶĨĞĐƚŝŽŶďLJ^ƉŽŶŐŽƐƉŽƌĂƐƵďƚĞƌƌĂŶĞĂ
ϰϭ
Ϯ͘ϰ͘ϯ͘ϭ/ŶƚĞŶƐŝƚLJŽĨnjŽŽƐƉŽƌĂŶŐŝƵŵŝŶĨĞĐƚŝŽŶ
ϰϭ
Ϯ͘ϰ͘ϯ͘ϮEƵŵďĞƌƐŽĨƌŽŽƚŐĂůůƐ
ϰϰ
Ϯ͘ϰ͘ϯ͘ϯŵŽƵŶƚƐŽĨ^͘ƐƵďƚĞƌƌĂŶĞĂĚĞƚĞĐƚĞĚǁŝƚŚƋWZ
ϰϰ
Ϯ͘ϱŝƐĐƵƐƐŝŽŶ
ϰϳ
Ϯ͘ϲZĞĨĞƌĞŶĐĞƐ
ϱϭ
ϯ͘,WdZϯ͘Z^/^dEdK^WKE'K^WKZ^hdZZE
/Eh/EWKddKzd,>//dKZȲͲD/EKhdzZ//
ϱϱ
ϯ͘ϭďƐƚƌĂĐƚ
ϱϱ
ϯ͘Ϯ/ŶƚƌŽĚƵĐƚŝŽŶ
ϱϲ
ϯ͘ϯDĂƚĞƌŝĂůƐĂŶĚŵĞƚŚŽĚƐ
ϱϴ
ϯ͘ϯ͘ϭWůĂŶƚŐƌŽǁƚŚ
ϱϴ
ϯ͘ϯ͘ϮWůĂŶƚƚƌĞĂƚŵĞŶƚĂŶĚŝŶŽĐƵůĂƚŝŽŶ
ϱϴ
ŝdž
ϯ͘ϯ͘ϯƐƐĞƐƐŵĞŶƚŽĨƌŽŽƚŝŶĨĞĐƚŝŽŶďLJ^ƉŽŶŐŽƐƉŽƌĂƐƵďƚĞƌƌĂŶĞĂ
ϱϴ
ϯ͘ϯ͘ϰDĞĂƐƵƌĞŵĞŶƚŽĨĂŵŽƵŶƚƐŽĨ^ƉŽŶŐŽƐƉŽƌĂƐƵďƚĞƌƌĂŶĞĂ
EŝŶƌŽŽƚƐƵƐŝŶŐƋWZ
ϯ͘ϯ͘ϰ͘ϭEĞdžƚƌĂĐƚŝŽŶĂŶĚƋƵĂŶƚŝƚĂƚŝǀĞWZ
ϯ͘ϯ͘ϱ'ůĂƐƐŚŽƵƐĞĞdžƉĞƌŝŵĞŶƚƐ
ϱϵ
ϱϵ
ϲϬ
ϯ͘ϯ͘ϱ͘ϭdžƉĞƌŝŵĞŶƚϭ
ϲϬ
ϯ͘ϯ͘ϱ͘ϮdžƉĞƌŝŵĞŶƚϮ
ϲϬ
ϯ͘ϯ͘ϲ^ƚĂƚŝƐƚŝĐĂůĂŶĂůLJƐĞƐ
ϲϭ
ϯ͘ϰZĞƐƵůƚƐ
ϯ͘ϰ͘ϭdžƉĞƌŝŵĞŶƚϭ
ϲϭ
ϲϭ
ϯ͘ϰ͘ϭ͘ϭ^͘ƐƵďƚĞƌƌĂŶĞĂůĞǀĞůƐŝŶƌŽŽƚƐ
ϲϭ
ϯ͘ϰ͘ϭ͘ϮĨĨĞĐƚŽĨŝŶƉůĂŶƚŐƌŽǁƚŚ
ϲϮ
ϯ͘ϰ͘ϮdžƉĞƌŝŵĞŶƚϮ
ϲϯ
ϯ͘ϰ͘Ϯ͘ϭZŽŽƚǁĞŝŐŚƚƐĂŶĚŶƵŵďĞƌƐŽĨŐĂůůƐ
ϲϯ
ϯ͘ϰ͘Ϯ͘ϮƐƚŝŵĂƚĞĚ^ƉŽŶŐŽƐƉŽƌĂEŝŶƐĂŵƉůĞƐ
ϲϰ
ϯ͘ϱŝƐĐƵƐƐŝŽŶ
ϲϲ
ϯ͘ϲZĞĨĞƌĞŶĐĞƐ
ϳϬ
ϰ͘,WdZϰ͘'EyWZ^^/KEK&WKddKZKKd^&dZdZdDEd
E^WKE'K^WKZ^hdZZE/E&d/KE
ϳϳ
ϰ͘ϭďƐƚƌĂĐƚ
ϳϳ
ϰ͘Ϯ/ŶƚƌŽĚƵĐƚŝŽŶ
ϳϴ
ϰ͘ϯDĂƚĞƌŝĂůƐĂŶĚŵĞƚŚŽĚƐ
ϴϭ
ϰ͘ϯ͘ϭWůĂŶƚŐƌŽǁƚŚ͕ƚƌĞĂƚŵĞŶƚƐĂŶĚŚĂƌǀĞƐƚƐ
ϴϭ
ϰ͘ϯ͘ϮZEĞdžƚƌĂĐƚŝŽŶĂŶĚŐĞŶĞƚƌĂŶƐĐƌŝƉƚŝŽŶŝŶƌŽŽƚƐ
ϴϮ
ϰ͘ϯ͘Ϯ͘ϭZEĞdžƚƌĂĐƚŝŽŶĂŶĚĐEƐLJŶƚŚĞƐŝƐ
ϴϮ
ϰ͘ϯ͘Ϯ͘Ϯ'ĞŶĞƐĞůĞĐƚŝŽŶ͕ƉƌŝŵĞƌĚĞƐŝŐŶĂŶĚƉƌŝŵĞƌƚĞƐƚƐ
ϴϮ
ϰ͘ϯ͘Ϯ͘ϯ'ĞŶĞƚƌĂŶƐĐƌŝƉƚŝŽŶŵĞĂƐƵƌĞŵĞŶƚďLJƋWZ
ϴϲ
ϰ͘ϯ͘Ϯ͘ϰdƌĂŶƐĐƌŝƉƚŝŽŶĂŶĚĨŽůĚĐŚĂŶŐĞĐĂůĐƵůĂƚŝŽŶƐ
ϴϳ
ϰ͘ϯ͘ϯ^ƚĂƚŝƐƚŝĐĂůĂŶĂůLJƐĞƐ
ϰ͘ϰZĞƐƵůƚƐ
ϴϳ
ϴϴ
ϰ͘ϰ͘ϭ/ŶŝƚŝĂůƐĐƌĞĞŶŝŶŐŽĨƉƌŝŵĞƌƐĂŐĂŝŶƐƚĂŶĚĐŽŶƚƌŽůƐĂŵƉůĞƐ
dž
ďLJƋWZ
ϴϴ
ϰ͘ϰ͘ϮĞƚĂŝůĞĚƋWZĂŶĂůLJƐĞƐ
ϵϬ
ϰ͘ϰ͘ϯ&ŽůĚĐŚĂŶŐĞƐŽŶƚƌĂŶƐĐƌŝƉƚŝŽŶ
ϵϭ
ϰ͘ϱŝƐĐƵƐƐŝŽŶ
ϵϯ
ϰ͘ϱ͘ϭ^ƵŵŵĂƌLJŽĨĂŶĂůLJƐŝƐŽĨƚƌĂŶƐĐƌŝƉƚŽŵĞƐƚƵĚLJ
ϵϯ
ϰ͘ϱ͘ϮKǀĞƌĂůůƉĂƚƚĞƌŶŽĨƚƌĂŶƐĐƌŝƉƚŝŽŶ
ϵϰ
ϰ͘ϱ͘ϯWĂƚŚǁĂLJƐĂŶĚŐĞŶĞĨƵŶĐƚŝŽŶƐ
ϵϱ
ϰ͘ϱ͘ϰƉƉůŝĐĂďŝůŝƚLJŽĨŝŶƉŽƚĂƚŽ
ϵϵ
ϰ͘ϱ͘ϱŽŶĐůƵƐŝŽŶ
ϭϬϬ
ϰ͘ϲZĞĨĞƌĞŶĐĞƐ
ϭϬϬ
ϱ͘,WdZϱ͘/^h^^/KE
ϭϬϵ
ϱ͘ϭƐƐĞƐƐŵĞŶƚŽĨƉŽƚĂƚŽƌŽŽƚŝŶĨĞĐƚŝŽŶƵƐŝŶŐƋWZ
ϭϬϵ
ϱ͘ϮŚĞŵŝĐĂůĞůŝĐŝƚĂƚŝŽŶŽĨŝŶĚƵĐĞĚƌĞƐŝƐƚĂŶĐĞ
ϭϭϭ
ϱ͘ϯ'ĞŶĞƚƌĂŶƐĐƌŝƉƚŝŽŶĂŶĚĞůŝĐŝƚĂƚŝŽŶŽĨŚŽƐƚƌĞƐŝƐƚĂŶĐĞ
ϭϭϯ
ϱ͘ϰŽŶĐůƵƐŝŽŶƐ
ϭϭϲ
ϱ͘ϱWŽƚĞŶƚŝĂůƚŽĂƉƉůLJƚŽƉŽƚĂƚŽĞƐŝŶƚŚĞĨŝĞůĚ
ϭϭϳ
ϱ͘ϲZĞĨĞƌĞŶĐĞƐ
ϭϭϴ
ƉƉĞŶĚŝĐĞƐ
ϭϮϮ
ƉƉĞŶĚŝdžϭ͘ďƐƚƌĂĐƚ͗/ŶƚĞŶƐŝƚLJŽĨ^ƉŽŶŐŽƐƉŽƌĂƐƵďƚĞƌƌĂŶĞĂŝŶĨĞĐƚŝŽŶŽĨ
ƉŽƚĂƚŽƌŽŽƚƐŵĞĂƐƵƌĞĚďLJƋƵĂŶƚŝƚĂƚŝǀĞWZ;ƋWZͿ
ϭϮϯ
ƉƉĞŶĚŝdžϮ͘WŽƐƚĞƌ͗/ŶƚĞŶƐŝƚLJŽĨ^ƉŽŶŐŽƐƉŽƌĂƐƵďƚĞƌƌĂŶĞĂŝŶĨĞĐƚŝŽŶŽĨ
ƉŽƚĂƚŽƌŽŽƚƐŵĞĂƐƵƌĞĚďLJƋƵĂŶƚŝƚĂƚŝǀĞWZ;ƋWZͿ
ϭϮϰ
ƉƉĞŶĚŝdžϯ͘WŽƐƚĞƌ͗hƐŝŶŐĞŶǀŝƌŽŶŵĞŶƚĂůůLJĨƌŝĞŶĚůLJĐŚĞŵŝĐĂůƐƚŽŝŶĚƵĐĞ
ƉůĂŶƚĚĞĨĞŶĐĞĂŐĂŝŶƐƚƉŽǁĚĞƌLJƐĐĂďŽĨƉŽƚĂƚŽ
ϭϮϱ
ƉƉĞŶĚŝdžϰ͘ďƐƚƌĂĐƚ͗ɴͲĂŵŝŶŽďƵƚLJƌŝĐĂĐŝĚŝŶĚƵĐĞƐƌĞƐŝƐƚĂŶĐĞƚŽ^ƉŽŶŐŽƐƉŽƌĂ
ƐƵďƚĞƌƌĂŶĞĂŝŶĨĞĐƚŝŽŶŽĨƉŽƚĂƚŽ
ϭϮϲ
ƉƉĞŶĚŝdžϱ͘WĂƉĞƌ͗^ƉŽŶŐŽƐƉŽƌĂƐƵďƚĞƌƌĂŶĞĂƌŽŽƚŝŶĨĞĐƚŝŽŶĂƐƐĞƐĞĚ
ŝŶƚǁŽƉŽƚĂƚŽĐƵůƚŝǀĂƌƐĚŝĨĨĞƌŝŶŐŝŶƐƵƐĐĞƉƚŝďŝůŝƚLJƚŽƚƵďĞƌƉŽǁĚĞƌLJƐĐĂď
ϭϮϳ
džŝ
>ŝƐƚŽĨdĂďůĞƐ
dĂďůĞ
WĂŐĞ
ŚĂƉƚĞƌϰ͕dĂďůĞϭ͘dƌĂŶƐĐƌŝƉƚŝŽŶŽĨƉŽƚĂƚŽŐĞŶĞƐĐŚŽƐĞŶĨŽƌƉƌŝŵĞƌĚĞƐŝŐŶ
ϴϰ
ŚĂƉƚĞƌϰ͕dĂďůĞϮ͘WƌŝŵĞƌƐĚĞƐŝŐŶĞĚĨŽƌƋWZ
ϴϱ
ŚĂƉƚĞƌϰ͕dĂďůĞϯ͘ŽŵƉĂƌŝƐŽŶŽĨĨŽůĚĐŚĂŶŐĞƐĨŽƌƉŽƚĂƚŽŐĞŶĞƐ
ĨŽůůŽǁŝŶŐĂƉƉůŝĐĂƚŝŽŶ
ϵϮ
džŝŝ
>ŝƐƚŽĨ&ŝŐƵƌĞƐ
&ŝŐƵƌĞ
WĂŐĞ
ŚĂƉƚĞƌϭ͕&ŝŐƵƌĞϭ͘dŚĞůŝĨĞͲĐLJĐůĞŽĨWůĂƐŵŽĚŝŽƉŚŽƌĂďƌĂƐƐŝĐĂĞ
ϭϮ
ŚĂƉƚĞƌϭ͕&ŝŐƵƌĞϮ͘/ŶĨĞĐƚŝŽŶŝŶƉŽƚĂƚŽƌŽŽƚƐĂŶĚƚƵďĞƌƐďLJ^͘ƐƵďƚĞƌƌĂŶĞĂ
ϭϱ
ŚĂƉƚĞƌϮ͕&ŝŐƵƌĞϭ͘DĞĂŶnjŽŽƐƉŽƌĂŶŐŝƵŵŝŶƚĞŶƐŝƚLJƐĐŽƌĞƐ
ϰϮ
ŚĂƉƚĞƌϮ͕&ŝŐƵƌĞϮ͘DŝĐƌŽŐƌĂƉŚƐŽĨnjŽŽƐƉŽƌĂŶŐŝĂŝŶƐƚĂŝŶĞĚƌŽŽƚƐŽĨ
ƉŽƚĂƚŽƉůĂŶƚƐ
ϰϯ
Ͳϭ
ŚĂƉƚĞƌϮ͕&ŝŐƵƌĞϯ͘DĞĂŶŶƵŵďĞƌƐŽĨƌŽŽƚŐĂůůƐĂŶĚƌŽŽƚŐĂůůƐŐ ƌŽŽƚ
ĚƌLJǁĞŝŐŚƚŽĨƉŽƚĂƚŽ
ϰϱ
ŚĂƉƚĞƌϮ͕&ŝŐƵƌĞϰ͘DĞĂŶĂŵŽƵŶƚƐŽĨ^͘ƐƵďƚĞƌƌĂŶĞĂEŝŶƌŽŽƚƐ
ϰϲ
ŚĂƉƚĞƌϯ͕&ŝŐƵƌĞϭ͘^͘ƐƵďƚĞƌƌĂŶĞĂͬ&ϭɲEƌĂƚŝŽƐ͕džƉĞƌŝŵĞŶƚϭ
ϲϮ
ŚĂƉƚĞƌϯ͕&ŝŐƵƌĞϮ͘WŽƚĂƚŽƉůĂŶƚůĞƚƐĨƌŽŵĞdžƉĞƌŝŵĞŶƚϭƚƌĞĂƚĞĚǁŝƚŚ
ĚŝĨĨĞƌĞŶƚƌĂƚĞƐŽĨ
ϲϯ
Ͳϭ
ŚĂƉƚĞƌϯ͕&ŝŐƵƌĞϯ͘DĞĂŶƌŽŽƚĚƌLJǁĞŝŐŚƚƐĂŶĚŶƵŵďĞƌƐŽĨŐĂůůƐŐ ƌŽŽƚ
ĚƌLJǁĞŝŐŚƚ͕džƉĞƌŝŵĞŶƚϮ
ϲϰ
ŚĂƉƚĞƌϯ͕&ŝŐƵƌĞϰ͘^͘ƐƵďƚĞƌƌĂŶĞĂͬ&ϭɲEƌĂƚŝŽƐ͕džƉĞƌŝŵĞŶƚϮ
ϲϱ
ŚĂƉƚĞƌϯ͕&ŝŐƵƌĞϱ͘ƚǀĂůƵĞƐĨŽƌ^ƉŽŶŐŽƐƉŽƌĂƋƵĂŶƚŝĨŝĐĂƚŝŽŶ͕džƉĞƌŝŵĞŶƚϮ
ϲϲ
ŚĂƉƚĞƌϰ͕&ŝŐƵƌĞϭ͘'ĞŶĞƚƌĂŶƐĐƌŝƉƚŝŽŶĨƌŽŵƐŝŶŐůĞƐĂŵƉůĞƐ
ϴϵ
ŚĂƉƚĞƌϰ͕&ŝŐƵƌĞϮ͘'ĞŶĞƚƌĂŶƐĐƌŝƉƚŝŽŶĨƌŽŵϭϬϱƉůĂŶƚƐŽĨƉŽƚĂƚŽ
ϵϭ
džŝŝŝ
,WdZϭ͘>/dZdhZZs/t
dŚĞ ƵƐĞ ŽĨ ŝŶĚƵĐĞĚ ŚŽƐƚ ƌĞƐŝƐƚĂŶĐĞ ;/ZͿ ĨŽƌ ŵĂŶĂŐĞŵĞŶƚ ŽĨ ƉůĂŶƚ ĚŝƐĞĂƐĞ ŝƐ Ă ƌĂƉŝĚůLJ
ĞdžƉĂŶĚŝŶŐ ĂƌĞĂ ŽĨ ƌĞƐĞĂƌĐŚ͘ dŚĞ ƉƌĞƐĞŶƚ ƐƚƵĚLJ ŚĂƐ ĞdžĂŵŝŶĞĚ ƚŚĞ ĞĨĨĞĐƚ ŽĨ /Z ŝŶ ƚŚĞ
ŝŶƚĞƌĂĐƚŝŽŶďĞƚǁĞĞŶƚŚĞƉƌŽƚŝƐƚƉůĂŶƚƉĂƚŚŽŐĞŶ^ƉŽŶŐŽƐƉŽƌĂƐƵďƚĞƌƌĂŶĞĂĂŶĚƚŚĞŚŽƐƚ
ƉůĂŶƚƉŽƚĂƚŽ;^ŽůĂŶƵŵƚƵďĞƌŽƐƵŵͿ͘dŽƵŶĚĞƌƐƚĂŶĚƚŚĞďĂĐŬŐƌŽƵŶĚƚŽƚŚŝƐƉƌŽũĞĐƚ͕ŝƚŝƐ
ŶĞĐĞƐƐĂƌLJƚŽĞdžĂŵŝŶĞƚŚĞďŝŽĐŚĞŵŝƐƚƌLJŽĨƉůĂŶƚĚĞĨĞŶĐĞƐĂƐǁĞůůĂƐƚŚĞŶĂƚƵƌĞŽĨŚŽƐƚ
ŝŶĨĞĐƚŝŽŶďLJ^͘ƐƵďƚĞƌƌĂŶĞĂ͘,ĞƌĞ͕ƚŚĞŝŵŵƵŶĞƐLJƐƚĞŵŽĨƉůĂŶƚƐŝƐĨŝƌƐƚĚŝƐĐƵƐƐĞĚ͕ĂŶĚ
ƚŚĞŶƚŚĞďŝŽůŽŐLJŽĨ^͘ƐƵďƚĞƌƌĂŶĞĂĂƐĂƉĂƚŚŽŐĞŶŽĨƉŽƚĂƚŽŝƐŽƵƚůŝŶĞĚ͘
ϭ͘ϭWůĂŶƚŝŵŵƵŶĞƐLJƐƚĞŵƐ
dŽĚĞĨĞŶĚƚŚĞŵƐĞůǀĞƐĨƌŽŵĂƚƚĂĐŬďLJƉĂƚŚŽŐĞŶƐ͕ƉůĂŶƚƐĚŽŶŽƚƉŽƐƐĞƐƐŵŽďŝůĞĚĞĨĞŶĐĞ
ĐĞůůƐ͕ ĂƐ ĚŽ ŵĂŵŵĂůƐ͘ /ŶƐƚĞĂĚ͕ ƉůĂŶƚ ĚĞĨĞŶĐĞ ƐƚƌĂƚĞŐŝĞƐ ĚĞƉĞŶĚ ŽŶ ŝŶŶĂƚĞ ŝŵŵƵŶŝƚLJ
ĂŶĚƐLJƐƚĞŵŝĐƐŝŐŶĂůƐŽƌŝŐŝŶĂƚŝŶŐĨƌŽŵƚŚĞŝŶĨĞĐƚĞĚnjŽŶĞƐ;:ŽŶĞƐΘĂŶŐů͕ϮϬϬϲͿ͘
/ŶŽƌĚĞƌƚŽŝŶĨĞĐƚƉůĂŶƚƐ͕ƉĂƚŚŽŐĞŶƐŵƵƐƚŽǀĞƌĐŽŵĞƐĞǀĞƌĂůůĂLJĞƌƐŽĨĚĞĨĞŶĐĞ͘
tŚĞŶ ƚŚĞ ƉĂƚŚŽŐĞŶ ŚĂƐ ďĞĞŶ ƐƵĐĐĞƐƐĨƵůůLJ ĚĞƚĞĐƚĞĚ ďLJ ƚŚĞ ƉůĂŶƚ͕ ƌĂƉŝĚ ůŽĐĂů ŐĞŶĞ
ĂĐƚŝǀĂƚŝŽŶŽĐĐƵƌƐ;<ŽŵďƌŝŶŬΘ^ĐŚŵĞůnjĞƌ͕ϮϬϬϭͿ͕ůĞĂĚŝŶŐƚŽĂƐĞƌŝĞƐŽĨƌĞĂĐƚŝŽŶƐǁŚŝĐŚ
ƐƚŽƉƚŚĞƉƌŽŐƌĞƐƐŽĨƉĂƚŚŽŐĞŶŝŶǀĂƐŝŽŶ͘dŚĞƐĞďĞŐŝŶĂƐůŽĐĂůƌĞƐƉŽŶƐĞƐ͕ǁŚĞƌĞĐĞůůǁĂůů
ĨŽƌƚŝĨŝĐĂƚŝŽŶ ĂƐ Ă ƉŚLJƐŝĐĂů ďĂƌƌŝĞƌ ŝƐ ŽŶĞ ŽĨ ƚŚĞ ŵŽƐƚ ĐŽŵŵŽŶ ƌĞĂĐƚŝŽŶƐ͘dŚŝƐ ŝŶĐůƵĚĞƐ
ĐĂůůŽƐĞĚĞƉŽƐŝƚŝŽŶĂƚ ƚŚĞƐŝƚĞ ŽĨƉĂƚŚŽŐĞŶƉĞŶĞƚƌĂƚŝŽŶ ;<ŽŵďƌŝŶŬΘ^ĐŚŵĞůnjĞƌ͕ϮϬϬϭ͖
ŚŝƐŚŽůŵĞƚĂů͕͘ϮϬϬϲͿ͘KƚŚĞƌƌĞĂĐƚŝŽŶƐŝŶĐůƵĚĞƚŚĞĨŽƌŵĂƚŝŽŶŽĨƐĞĐŽŶĚĂƌLJŵĞƚĂďŽůŝƚĞƐ
ƐƵĐŚĂƐƚĞƌƉĞŶĞƐ͕ƉŚĞŶŽůŝĐƐ͕ĂŶĚŶŝƚƌŽŐĞŶͲĂŶĚƐƵůƉŚƵƌͲĐŽŶƚĂŝŶŝŶŐĐŽŵƉŽƵŶĚƐ͕ǁŚŝĐŚ
ĂƌĞ ƚŚŽƵŐŚƚ ƚŽ ďĞ ƚŽdžŝĐ ƚŽ͕ ĂŶĚ ƌĞƉĞů͕ ŝŶǀĂĚŝŶŐ ƉĂƚŚŽŐĞŶƐ ;DĂnjŝĚ Ğƚ Ăů͕͘ ϮϬϭϭͿ͘ dŚĞ
ĂĐĐƵŵƵůĂƚŝŽŶŽĨƉĂƚŚŽŐĞŶĞƐŝƐͲƌĞůĂƚĞĚ;WZͿƉƌŽƚĞŝŶƐŝƐĂŶŽƚŚĞƌƐLJƐƚĞŵďLJǁŚŝĐŚƉůĂŶƚƐ
ĚĞĨĞŶĚ ĂŐĂŝŶƐƚ ƉĂƚŚŽŐĞŶƐ ;ǀĂŶ ĚĞƌ Ŷƚ Ğƚ Ăů͕͘ ϮϬϬϵͿ͘ dŚĞƐĞ ƉƌŽƚĞŝŶƐ ŚĂǀĞ ĚŝǀĞƌƐĞ
ŽĐĐƵƌƌĞŶĐĞ ŝŶ ĐŽŶĚŝƚŝŽŶƐ ďĞƐŝĚĞƐ ƉůĂŶƚ ĚĞĨĞŶĐĞ͕ ǁŚŝĐŚ ƐƵŐŐĞƐƚƐ ƚŚĂƚ ƚŚĞLJ ŵĂLJ ƐĞƌǀĞ
ĞƐƐĞŶƚŝĂů ĨƵŶĐƚŝŽŶƐ ŝŶ ƉůĂŶƚ ůŝĨĞ ;ǀĂŶ >ŽŽŶ Ğƚ Ăů͕͘ ϮϬϬϲͿ͘ ŶŽƚŚĞƌ ƌĞƐƉŽŶƐĞ ŝƐ ƚŚĞ
ĨŽƌŵĂƚŝŽŶ ŽĨ ƌĞĂĐƚŝǀĞ ŽdžLJŐĞŶ ƐƉĞĐŝĞƐ ;ZK^Ϳ ŬŶŽǁŶ ĂƐ ƚŚĞ ͚ŽdžŝĚĂƚŝǀĞ ďƵƌƐƚ͛ ;dŽƌƌĞƐ Ğƚ
Ăů͕͘ϮϬϬϲ͖ƵƌďƌŝŐŐĞŶĞƚĂů͕͘ϮϬϭϬͿ͘dŚŝƐĐĂŶůĞĂĚĞŝƚŚĞƌƚŽƚŚĞĚĞĂƚŚŽĨƚŚĞƉĂƚŚŽŐĞŶ͕
ĂŶĚͬŽƌĚĞĂƚŚŽĨŚŽƐƚĐĞůůƐ͕ĂŶĚŝƐƐŽŵĞƚŝŵĞƐĨŽůůŽǁĞĚďLJƉƌŽŐƌĂŵŵĞĚĐĞůůĚĞĂƚŚĂƚƚŚĞ
ƐŝƚĞ ŽĨ ŝŶĨĞĐƚŝŽŶ͕ ƌĞĂĐƚŝŽŶƐ ĐŽŵŵŽŶůLJ ŬŶŽǁŶ ĂƐ ŚLJƉĞƌƐĞŶƐŝƚŝǀĞ ƌĞƐƉŽŶƐĞƐ ;,ZͿ
ϭ
;<ŽŵďƌŝŶŬ Θ ^ĐŚŵĞůnjĞƌ͕ ϮϬϬϭ͖ ŚŝƐŚŽůŵ Ğƚ Ăů͕͘ ϮϬϬϲͿ͘ ^ŽŵĞƚŝŵĞƐ͕ ďŽƚŚ ƉĂƚŚŽŐĞŶ
ĚĞĂƚŚĂŶĚ,ZŽĐĐƵƌƚŽŐĞƚŚĞƌ;ƵƌďƌŝŐŐĞŶĞƚĂů͕͘ϮϬϭϬͿ͘/ƚŝƐƚŚŽƵŐŚƚƚŚĂƚZK^ĂƌĞĂůƐŽ
ŝŶǀŽůǀĞĚ ĂƐ ŵŽďŝůĞ ƐŝŐŶĂůƐ ƚŽ ŝŶĚƵĐĞ ƌĞƐƉŽŶƐĞ ŝŶ ŶĞŝŐŚďŽƵƌŝŶŐ ĐĞůůƐ ;<ŽŵďƌŝŶŬ Θ
^ĐŚŵĞůnjĞƌ͕ ϮϬϬϭͿ͕ ĂŶĚ ƚŚĂƚ ƚŚĞƐĞ ĐĂŶ ĂůƐŽ ŽƉĞƌĂƚĞ ŝŶ ĐŽŶũƵŶĐƚŝŽŶ ǁŝƚŚ ŽƚŚĞƌ ƉůĂŶƚ
ƐŝŐŶĂůůŝŶŐŵŽůĞĐƵůĞƐƐƵĐŚĂƐƐĂůŝĐLJůŝĐĂĐŝĚ;^ͿĂŶĚŶŝƚƌŝĐŽdžŝĚĞ;dŽƌƌĞƐĞƚĂů͕͘ϮϬϬϲͿ͘^
ŝƐĂƉŚĞŶŽůŝĐƉŚLJƚŽŚŽƌŵŽŶĞďŝŽƐLJŶƚŚĞƐŝƐĞĚďLJƉůĂŶƚƐ͕ǁŚŝĐŚƉůĂLJƐĂŶŝŵƉŽƌƚĂŶƚƌŽůĞŝŶ
ĚĞǀĞůŽƉŵĞŶƚŽĨůŽĐĂůĂŶĚƐLJƐƚĞŵŝĐĚĞĨĞŶĐĞ͘&Ƶ ĞƚĂů͘;ϮϬϭϮͿƐŚŽǁĞĚƚŚĂƚ^ĐŽŶƚƌŽůƐ
ƚŚĞ ŵŽǀĞŵĞŶƚ ŽĨ ƚŚĞ ŶŽŶͲĞdžƉƌĞƐƐĞƌ ŽĨ ƉĂƚŚŽŐĞŶĞƐŝƐͲƌĞůĂƚĞĚ ŐĞŶĞƐ ϭ ƉƌŽƚĞŝŶ ;EWZϭͿ
ĨƌŽŵ ƚŚĞ ĐLJƚŽƉůĂƐŵ ƚŽ ƚŚĞ ŶƵĐůĞƵƐ͕ ƚŽ ƌĞŐƵůĂƚĞ ĞdžƉƌĞƐƐŝŽŶ ŽĨ ĚĞĨĞŶƐĞ ŐĞŶĞƐ͕ ĂŶĚ
ƐƵƉƉƌĞƐƐůŽĐĂůƌĞƐƉŽŶƐĞƐƐƵĐŚĂƐƉƌŽŐƌĂŵŵĞĚĐĞůůĚĞĂƚŚ;WͿĂŶĚĞĨĨĞĐƚŽƌͲƚƌŝŐŐĞƌĞĚ
ŝŵŵƵŶŝƚLJ;d/Ϳ͘tŚĞŶ^ŝƐĂƚŚŝŐŚĐŽŶĐĞŶƚƌĂƚŝŽŶĂƚƚŚĞƐŝƚĞŽĨŝŶĨĞĐƚŝŽŶ͕ŝƚďŝŶĚƐƚŽƚŚĞ
ƌĞĐĞƉƚŽƌŶŽŶͲĞdžƉƌĞƐƐĞƌŽĨƉĂƚŚŽŐĞŶĞƐŝƐͲƌĞůĂƚĞĚŐĞŶĞƐϯ;EWZϯͿ͘dŚŝƐƌĞĐĞƉƚŽƌŚĂƐůŽǁ
ĂĨĨŝŶŝƚLJƚŽ^ĂŶĚǁŚĞŶŝƚŝƐďŽƵŶĚ͕ŝƚŵĞĚŝĂƚĞƐĚĞŐƌĂĚĂƚŝŽŶŽĨEWZϭĨĂǀŽƵƌŝŶŐd/ĂŶĚ
W͘ƚƐŝƚĞƐĨĂƌĨƌŽŵƚŚĞƐŝƚĞŽĨŝŶĨĞĐƚŝŽŶ͕^ĐŽŶĐĞŶƚƌĂƚŝŽŶƐĂƌĞŵƵĐŚůĞƐƐ͕ĚĞĐƌĞĂƐŝŶŐ
ďŝŶĚŝŶŐƚŽEWZϯ͕ƐŽƚŚĞĐŽŵƉŽƵŶĚďŝŶĚƐƚŽƚŚĞŶŽŶͲĞdžƉƌĞƐƐĞƌŽĨƉĂƚŚŽŐĞŶĞƐŝƐͲƌĞůĂƚĞĚ
ŐĞŶĞƐϰ;EWZϰͿ͘dŚŝƐƌĞĐĞƉƚŽƌŚĂƐŚŝŐŚĂĨĨŝŶŝƚLJƚŽ^͕ĂŶĚǁŚĞŶďŽƵŶĚŝƚďůŽĐŬƐEWZϭ
ĚĞŐƌĂĚĂƚŝŽŶ͕ ĨĂǀŽƵƌŝŶŐ ĐĞůů ƐƵƌǀŝǀĂů ĂůŽŶŐ ǁŝƚŚ ƚŚĞ ĞdžƉƌĞƐƐŝŽŶ ŽĨ ŐĞŶĞƐ ƌĞůĂƚĞĚ ƚŽ
ƐLJƐƚĞŵŝĐŝŵŵƵŶŝƚLJ;&ƵĞƚĂů͕͘ϮϬϭϮͿ͘
dŚĞƌĞ ĂƌĞ ƚǁŽ ŐĞŶĞƌĂů ĐŽŵƉŽŶĞŶƚƐ ŽĨ ƚŚĞ ƉůĂŶƚ ŝŶŶĂƚĞ ŝŵŵƵŶĞ ƐLJƐƚĞŵ͘ dŚĞ
ĨŝƌƐƚŝƐďĂƐĞĚŽŶƚƌĂŶƐŵĞŵďƌĂŶĞƉĂƚƚĞƌŶƌĞĐŽŐŶŝƚŝŽŶƌĞĐĞƉƚŽƌƐ;WZZƐͿƚŚĂƚƌĞƐƉŽŶĚƚŽ
ƐůŽǁͲĞǀŽůǀŝŶŐƉĂƚŚŽŐĞŶͲĂƐƐŽĐŝĂƚĞĚŵŽůĞĐƵůĂƌƉĂƚƚĞƌŶƐ;WDWƐͿ;:ŽŶĞƐΘĂŶŐů͕ϮϬϬϲ͖
ŚŝƐŚŽůŵĞƚĂů͕͘ϮϬϬϲͿ͘ŶĞdžĂŵƉůĞŽĨĂWDWŝƐĨůĂŐĞůůŝŶ͕ƚŚĞƉƌŝŶĐŝƉĂůĐŽŵƉŽŶĞŶƚŽĨ
ďĂĐƚĞƌŝĂů ĂŶĚ ƉƌŽƚŽnjŽĂŶ ĨůĂŐĞůůĂ ;:ŽŶĞƐ Θ ĂŶŐů͕ ϮϬϬϲ͖ ŚŝƐŚŽůŵ Ğƚ Ăů͕͘ ϮϬϬϲͿ͘ KƚŚĞƌ
WDWƐ ĂƌĞ ůŝƉŽƉŽůLJƐĂĐĐŚĂƌŝĚĞƐ͕ ĐĞůů ƐƵƌĨĂĐĞ ĐŽŵƉŽŶĞŶƚƐ ŽĨ 'ƌĂŵ ŶĞŐĂƚŝǀĞ ďĂĐƚĞƌŝĂ͕
ĂŶĚ ĐŚŝƚŝŶ ĂŶĚ ĞƌŐŽƐƚĞƌŽů ǁŚŝĐŚ ĂƌĞĐŽŶƐƚŝƚƵĞŶƚƐ ŽĨĨƵŶŐĂů ĐĞůů ǁĂůůƐ ;ŚŝƐŚŽůŵ Ğƚ Ăů͕͘
ϮϬϬϲͿ͘ dŚŝƐ ĚĞĨĞŶĐĞ ƌĞƐƉŽŶƐĞ ŝƐ ƚŚĞ ĨŝƌƐƚ ƐƚĂŐĞ ŽĨ ďĂƐĂů ŝŵŵƵŶŝƚLJ ;'Ğ Ğƚ Ăů͕͘ ϮϬϬϳ͖
,ŽƵƚĞƌŵĂŶĞƚĂů͕͘ϮϬϬϴͿ͘
dŚĞ ƐĞĐŽŶĚ ĚĞĨĞŶĐĞ ĐŽŵƉŽŶĞŶƚ ĂĐƚƐ ǁŝƚŚŝŶ ĐĞůůƐ͕ ƵƚŝůŝƐŝŶŐ ŝŶƚƌĂĐĞůůƵůĂƌ
ŶƵĐůĞŽƚŝĚĞďŝŶĚŝŶŐͲůĞƵĐŝŶĞͲƌŝĐŚƌĞƉĞĂƚ;EͲ>ZZͿƌĞƐŝƐƚĂŶĐĞƉƌŽƚĞŝŶƐ͕ĞŶĐŽĚĞĚďLJŵŽƐƚ
ƌĞƐŝƐƚĂŶĐĞ ŐĞŶĞƐ ;ZͿ ;:ŽŶĞƐ Θ ĂŶŐů͕ ϮϬϬϲ͖ DĐ,ĂůĞ Ğƚ Ăů͕͘ ϮϬϬϲͿ͘ dŚĞŶ͕ ŵŝĐƌŽďŝĂů
Ϯ
ƉƌŽƚĞŝŶƐ ;ĞĨĨĞĐƚŽƌƐͿ ĂƌĞ ƌĞĐŽŐŶŝƐĞĚ ďLJ ƚŚĞƐĞ ƉƌŽƚĞŝŶƐ͕ ůĞĂĚŝŶŐ ƚŽ ƚŚĞ ĂĐƚŝǀĂƚŝŽŶ ŽĨ Ă
ĚĞĨĞŶƐŝǀĞƌĞƐƉŽŶƐĞ;:ŽŶĞƐΘĂŶŐů͕ϮϬϬϲ͖'ůĂnjĞďƌŽŽŬ͕ϮϬϬϱ͖DĐ,ĂůĞĞƚĂů͕͘ϮϬϬϲͿ͘dŚŝƐ
ƵƐƵĂůůLJ ƌĞƐƵůƚƐ ŝŶ ƉƌŽŐƌĂŵŵĞĚ ĐĞůů ĚĞĂƚŚ Ăƚ ƚŚĞ ƐŝƚĞ ŽĨ ŝŶĨĞĐƚŝŽŶ ŬŶŽǁŶ ĂƐ ƚŚĞ
ŚLJƉĞƌƐĞŶƐŝƚŝǀĞƌĞƐƉŽŶƐĞ;,ZͿ͕ǁŚŝĐŚůĞĂĚƐƚŽƚŚĞŝŶĚƵĐƚŝŽŶŽĨĂƐLJƐƚĞŵŝĐƌĞƐƉŽŶƐĞ͕ƚŚĞ
ƐLJƐƚĞŵŝĐĂĐƋƵŝƌĞĚƌĞƐŝƐƚĂŶĐĞ;^ZͿ;:ŽŶĞƐΘĂŶŐů͕ϮϬϬϲ͖'ůĂnjĞďƌŽŽŬ͕ϮϬϬϱͿ͘
dŚĞ ƉůĂŶƚ ŝŵŵƵŶĞ ƐLJƐƚĞŵ ŚĂƐ ďĞĞŶ ĚĞƐĐƌŝďĞĚ ĂƐ Ă ƐĞĞͲƐĂǁŝŶŐ͕ ĞǀŽůǀŝŶŐ
ŝŶƚĞƌĂĐƚŝŽŶďĞƚǁĞĞŶƉĂƚŚŽŐĞŶƐĂŶĚƚŚĞŚŽƐƚƐ͘ĐĐŽƌĚŝŶŐƚŽŚŝƐŚŽůŵĞƚĂů͘;ϮϬϬϲͿĂŶĚ
:ŽŶĞƐ Θ ĂŶŐů ;ϮϬϬϲͿ͕ ƚŚŝƐ ŝŶƚĞƌĂĐƚŝŽŶ ƉƌĞƐĞŶƚƐ ƐĞǀĞƌĂů ƉŚĂƐĞƐ͗ /Ŷ ƚŚĞ ĨŝƌƐƚ ƉŚĂƐĞ͕
WDWƐĂƌĞ ƌĞĐŽŐŶŝƐĞĚ ďLJWZZƐ͕ ǁŚŝĐŚƌĞƐƵůƚƐŝŶ WDWͲƚƌŝŐŐĞƌĞĚŝŵŵƵŶŝƚLJ;Wd/Ϳ͘dŚŝƐ
ĂĐƚŝŽŶĐĂŶŚĂůƚĐŽůŽŶŝnjĂƚŝŽŶ͘/ŶƉŚĂƐĞϮ͕ƐŽŵĞƉĂƚŚŽŐĞŶƐŚĂǀĞĞǀŽůǀĞĚƚŽƐƵƉƉƌĞƐƐWd/͕
ĂŶĚ ŝŶ ƚŚŝƐ ŵĂŶŶĞƌ͕ ƚŚĞLJ ƐƵĐĐĞƐƐĨƵůůLJ ĐŽůŽŶŝƐĞ ƚŚĞŝƌ ŚŽƐƚƐ͕ ƌĞƐƵůƚŝŶŐ ŝŶ ĞĨĨĞĐƚŽƌͲ
ƚƌŝŐŐĞƌĞĚƐƵƐĐĞƉƚŝďŝůŝƚLJ;d^Ϳ͘dŚŝƐĐĂŶŽĐĐƵƌďLJŝŶƚĞƌĨĞƌŝŶŐǁŝƚŚŵĞŵďƌĂŶĞƌĞĐŽŐŶŝƚŝŽŶ
Žƌ ďLJ ƐĞĐƌĞƚŝŶŐ ĞĨĨĞĐƚŽƌ ƉƌŽƚĞŝŶƐ͘ dŚĞƐĞ ĞĨĨĞĐƚŽƌƐ ŝŶƚĞƌĂĐƚ ǁŝƚŚ ŚŽƐƚ ƉƌŽƚĞŝŶƐ ƚŽ
ĞŶŚĂŶĐĞƉĂƚŚŽŐĞŶǀŝƌƵůĞŶĐĞ͘dŚĞLJĂƌĞƐĞĐƌĞƚĞĚŝŶƚŽƚŚĞĐLJƚŽƐŽůŽĨƉůĂŶƚĐĞůůƐƚŽĚŝƐƚƵƌď
Wd/͕ ƉƌŽďĂďůLJ ďLJ ĂůƚĞƌŝŶŐ ƌĞƐŝƐƚĂŶĐĞ ƐŝŐŶĂůůŝŶŐ ƉĂƚŚǁĂLJƐ Žƌ ŽƚŚĞƌ ŵĂŶŝĨĞƐƚĂƚŝŽŶƐ ŽĨ
ƌĞƐŝƐƚĂŶĐĞƌĞƐƉŽŶƐĞƐ͘ƐĂƌĞƐƉŽŶƐĞƚŽƚŚŝƐĂƚƚĂĐŬƐƚƌĂƚĞŐLJĨƌŽŵƉĂƚŚŽŐĞŶƐ͕ƉůĂŶƚƐĂůƐŽ
ĞǀŽůǀĞĚ ƚŽ ĚĞǀĞůŽƉ ŵŽƌĞ ƐƉĞĐŝĂůŝƐĞĚ ŵĞĐŚĂŶŝƐŵƐ ƚŽ ĚĞƚĞĐƚ ŵŝĐƌŽďĞƐ͘ dŚŝƐ ĚĞĨĞŶĐĞ
ŵĞĐŚĂŶŝƐŵ ŝŶǀŽůǀĞƐ ƚŚĞ ƌĞĐŽŐŶŝƚŝŽŶ ŽĨ ƚŚĞ ŵŝĐƌŽďŝĂů ƉƌŽƚĞŝŶƐ ƵƐĞĚ ƚŽ ĚŝƐƌƵƉƚ Wd/ ďLJ
ƉůĂŶƚ EͲ>ZZ ƌĞƐŝƐƚĂŶĐĞ ƉƌŽƚĞŝŶƐ͘ dŚŝƐ ŵĞĐŚĂŶŝƐŵ ŚĂƐ ďĞĞŶ ĚĞƐŝŐŶĂƚĞĚ ĂƐ ĞĨĨĞĐƚŽƌͲ
ƚƌŝŐŐĞƌĞĚ ŝŵŵƵŶŝƚLJ ;d/Ϳ͘ d/ ŝƐ Ă ƐƚƌŽŶŐ ĂŶĚ ƌĂƉŝĚ Wd/ ƌĞƐƉŽŶƐĞ͕ ƚƌŝŐŐĞƌŝŶŐ ĐĞůů ĚĞĂƚŚ
;,ZͿĂŶĚƌĞƐŝƐƚĂŶĐĞĂŐĂŝŶƐƚƉĂƚŚŽŐĞŶƐ͘/ŶƚŚĞůĂƐƚƉŚĂƐĞ͕ƐŽŵĞƉĂƚŚŽŐĞŶƐĂƌĞĐĂƉĂďůĞ
ŽĨ ĂǀŽŝĚŝŶŐ ƚŚĞ d/ ƌĞƐƉŽŶƐĞ͕ ďLJ ĚŝǀĞƌƐŝĨLJŝŶŐ Žƌ ƐŚĞĚĚŝŶŐ ĞĨĨĞĐƚŽƌ ŐĞŶĞƐ ƚŚĂƚ ĂƌĞ
ƌĞĐŽŐŶŝƐĞĚ͕ŽƌĂĐƋƵŝƌŝŶŐŶĞǁĞĨĨĞĐƚŽƌƐ͘dŚŝƐŶĂƚƵƌĂůƐĞůĞĐƚŝŽŶƌĞƐƵůƚƐŝŶŶĞǁƌĞƐŝƐƚĂŶĐĞ
ƐƉĞĐŝĨŝĐŝƚŝĞƐ ŝŶ ƚŚĞ ŶĞǁ ĞĨĨĞĐƚŽƌƐ͕ ǁŚŝĐŚ ĐĂŶ ďĞ ƌĞĐŽŐŶŝƐĞĚ ďLJ ƚŚĞ ŶĞǁ ƌĞƐŝƐƚĂŶĐĞ
ƉƌŽƚĞŝŶƉƌŽĚƵĐƚƐŽĨĞǀŽůƵƚŝŽŶŽĨƉůĂŶƚŚŽƐƚƐ͕ĂŶĚƚŚĞŶ͕d/ĐĂŶĂŐĂŝŶďĞƚƌŝŐŐĞƌĞĚ͘
ϭ͘ϭ͘ϭ^LJƐƚĞŵŝĐƌĞƐŝƐƚĂŶĐĞ
Ɛ ǁĞůů ĂƐ ƌĞƐƉŽŶĚŝŶŐ Ăƚ ƚŚĞ ƐŝƚĞƐ ŽĨ ƉĂƚŚŽŐĞŶ ĂƚƚĂĐŬ͕ ƉůĂŶƚƐ ĂůƐŽ ĚŝƐƉůĂLJ Ă ƌĂŶŐĞ ŽĨ
ƐLJƐƚĞŵŝĐ ƌĞƐƉŽŶƐĞƐ͘ >ŽŶŐͲĚŝƐƚĂŶĐĞ ƐŝŐŶĂůƐ ĨƌŽŵ ŝŶĨĞĐƚŝŽŶ ƐŝƚĞƐ ƚŽ ŶŽŶͲŝŶĨĞĐƚĞĚ ĂƌĞĂƐ
ĂƌĞ ƌĞůĞĂƐĞĚ ŝŶĚƵĐŝŶŐ ǁŝĚĞƐƉƌĞĂĚ ƌĞƐŝƐƚĂŶĐĞ ĂŐĂŝŶƐƚ ƚŚĞ ƉĂƚŚŽŐĞŶ͘ dŚĞƐĞ ƐŝŐŶĂůƐ ĂƌĞ
ĞŵŝƚƚĞĚ ĂƐ Ă ƌĞƐƵůƚ ŽĨ ĚŝǀĞƌƐĞ ŝŶƚĞƌĂĐƚŝŽŶƐ ďĞƚǁĞĞŶ ƚŚĞ ŚŽƐƚ ƉůĂŶƚ ĂŶĚ ŝƚƐ ƉĂƚŚŽŐĞŶ
ϯ
;ƌĂŵƉƚŽŶĞƚĂů͕͘ϮϬϬϵ͖sůŽƚĞƚĂů͕͘ϮϬϬϴ͖^ĂŶnjͲůĨĞƌĞnjĞƚĂů͕͘ϮϬϬϴ͖ŶĂŶĚĞƚĂů͕͘ϮϬϬϴͿ͘
dŚĞ ŵŽƐƚ ƐƚƵĚŝĞĚ ĂŶĚ ǁŝĚĞůLJ ŬŶŽǁŶ ƐLJƐƚĞŵŝĐ ƌĞƐƉŽŶƐĞƐ ĂƌĞ ƐLJƐƚĞŵŝĐ ĂĐƋƵŝƌĞĚ
ƌĞƐŝƐƚĂŶĐĞ;^ZͿĂŶĚŝŶĚƵĐĞĚƐLJƐƚĞŵŝĐƌĞƐŝƐƚĂŶĐĞ;/^ZͿ͘
ϭ͘ϭ͘Ϯ^LJƐƚĞŵŝĐĂĐƋƵŝƌĞĚƌĞƐŝƐƚĂŶĐĞ
^Z ŝƐ ĐŚĂƌĂĐƚĞƌŝƐĞĚ ďLJ ůŽŶŐͲůĂƐƚŝŶŐ͕ ďƌŽĂĚ ƐƉĞĐƚƌƵŵ ĚŝƐĞĂƐĞ ƌĞƐŝƐƚĂŶĐĞ ǁŚŝĐŚ ŝƐ
ƵƐƵĂůůLJ͕ ďƵƚ ŶŽƚ ĂůǁĂLJƐ͕ ŝŶĚƵĐĞĚ ŝŶ ĚŝƐƚĂů ƚŝƐƐƵĞƐ ŽĨ ƉůĂŶƚƐ ƚŚĂƚ ŚĂǀĞ ŝŶĚƵĐĞĚ ,Z ŝŶ
ƌĞƐƉŽŶƐĞ ƚŽ ƉĂƚŚŽŐĞŶ ĂƚƚĂĐŬ ;ZLJĂůƐ Ğƚ Ăů͕͘ ϭϵϵϲ͖ sůŽƚ Ğƚ Ăů͕͘ ϮϬϬϴ͖ WŽƚůĂŬĂLJĂůĂ Ğƚ Ăů͕͘
ϮϬϬϳ͖ĂŽĞƚĂů͕͘ϭϵϵϳ͖^ĂŶnjͲůĨĞƌĞnjĞƚĂů͕͘ϮϬϬϴ͖'ůĂnjĞďƌŽŽŬ͕ϮϬϬϱͿ͘'ĞŶĞƌĂůůLJ͕^ZŝƐ
ĂĐƚŝǀĂƚĞĚ ďLJ ďŝŽƚƌŽƉŚŝĐ ƉĂƚŚŽŐĞŶƐ ;tĂůƚĞƌƐ Θ ,Ğŝů͕ ϮϬϬϳ͖ 'ůĂnjĞďƌŽŽŬ͕ ϮϬϬϱ͖ ǀĂŶ ĚĞƌ
ŶƚĞƚĂů͕͘ϮϬϬϵͿ͘WDWƐ͕ŝŶĐůƵĚŝŶŐƚŚĞĂĐƚŝǀĞĞƉŝƚŽƉĞŽĨĨůĂŐĞůůŝŶ;ĨůŐϮϮͿ͕ĐĂŶƐŽŵĞƚŝŵĞƐ
ŝŶĚƵĐĞ^Z;sůŽƚĞƚĂů͕͘ϮϬϬϴͿ͘^ZƐŝŐŶĂůŐĞŶĞƌĂƚŝŽŶƌĞƋƵŝƌĞƐƚŚĞĂĐĐƵŵƵůĂƚŝŽŶŽĨ^͘
dŚĞĞdžĂĐƚƌŽůĞŽĨ^ŝŶƚŚŝƐƌĞƐŝƐƚĂŶĐĞŝƐƐƚŝůůĚĞďĂƚĞĚ͘'ƌĂŶƚΘ>Ăŵď;ϮϬϬϲͿĞƐƚĂďůŝƐŚĞĚ
ƚŚĂƚ ^ZƌĞƋƵŝƌĞƐ ďŽƚŚ ƐLJƐƚĞŵŝĐĂŶĚůŽĐĂůĂĐĐƵŵƵůĂƚŝŽŶŽĨ^ĂŶĚ ƚŚĞŝŶĚƵĐƚŝŽŶŽĨĂ
ƐƵďĚŝǀŝƐŝŽŶ ŽĨ ƉĂƚŚŽŐĞŶĞƐŝƐͲƌĞůĂƚĞĚ ;WZͿ ŐĞŶĞƐ͘KŶ ƚŚĞ ŽƚŚĞƌ ŚĂŶĚ͕ sůŽƚ Ğƚ Ăů͘ ;ϮϬϬϴͿ
ƉŽŝŶƚĞĚ ŽƵƚ ƚŚĂƚ ^ ŝƐ ƌĞƋƵŝƌĞĚ͕ ďƵƚ ŽŶůLJ ŝŶ ƚŚĞ ƐŝŐŶĂůͲƉĞƌĐĞŝǀŝŶŐ ƐLJƐƚĞŵŝĐ ƚŝƐƐƵĞ͘
EŽŶĞƚŚĞůĞƐƐ͕ ďŽƚŚ ĂƵƚŚŽƌƐ ĂŐƌĞĞĚ ƚŚĂƚ ^ ŝƐ ŶŽƚ ƚŚĞ ŵŽůĞĐƵůĞ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ
ŵŽďŝůŝƐŝŶŐƚŚĞƐŝŐŶĂůƚŚƌŽƵŐŚŽƵƚĂĨĨĞĐƚĞĚƉůĂŶƚƐ͘^ŽŵĞƐƚƵĚŝĞƐŚĂǀĞƉƌŽǀŝĚĞĚĞǀŝĚĞŶĐĞ
ƚŚĂƚ ĂnjĞůĂŝĐ ĂĐŝĚ ŝƐ Ă ŵŽďŝůĞ ƐŝŐŶĂů ĨŽƌ ^Z ŝŶ ƌĂďŝĚŽƉƐŝƐ ƉůĂŶƚƐ ;:ƵŶŐ Ğƚ Ăů͕͘ ϮϬϬϵͿ͘
KƚŚĞƌƐ ŚĂǀĞ ƐŚŽǁŶ ƚŚĞ ŝŵƉŽƌƚĂŶĐĞ ŽĨ ŵĞƚŚLJůĂƚĞĚ ƐĂůŝĐLJůŝĐ ĂĐŝĚ ;DĞ^Ϳ ŝŶ ^Z
ƐŝŐŶĂůůŝŶŐ ŝŶ ƚŽďĂĐĐŽ ƉůĂŶƚƐ ;WĂƌŬ Ğƚ Ăů͕͘ ϮϬϬϳͿ͘ /Ŷ ƌĂďŝĚŽƉƐŝƐ ƚŚĂůŝĂŶĂ͕ ŝƚ ŚĂƐ ďĞĞŶ
ƉƌŽƉŽƐĞĚƚŚĂƚ^ZŝƐƐŽŵĞƚŝŵĞƐĂĐƚŝǀĂƚĞĚǀŝĂĂŶŝŶƚĞƌĂĐƚŝŽŶďĞƚǁĞĞŶDĞ^ĂŶĚĂůŝƉŝĚ
ďĂƐĞĚͬƌĞůĂƚĞĚŵŽůĞĐƵůĞ;>ŝƵĞƚĂů͕͘ϮϬϭϭͿ͘dŚĞůŝƉŝĚŵŽůĞĐƵůĞŐůLJĐĞƌŽůͲϯͲƉŚŽƐƉŚĂƚĞŚĂƐ
ďĞĞŶ ƐŚŽǁŶ ĂƐ ĂŶŽƚŚĞƌ ŵŽďŝůĞ ƐŝŐŶĂů ĨŽƌ ^Z ŝŶ ƌĂďŝĚŽƉƐŝƐ ;ŚĂŶĚĂ Ğƚ Ăů͕͘ ϮϬϭϭͿ͘
dŚĞƌĞŝƐƐƚŝůůŶŽĐŽŶƐĞŶƐƵƐĂďŽƵƚƚŚĞĞdžĂĐƚŝĚĞŶƚŝƚŝĞƐĂŶĚĨŽƌŵƐŽĨŵŽůĞĐƵůĞƐƚŚĂƚĂĐƚĂƐ
ƚŚĞ ŵŽďŝůĞ ƐŝŐŶĂůƐ͘ dŚĞ ŶĂƚƵƌĞ ŽĨ ƚŚĞ ƐLJƐƚĞŵŝĐ ƐŝŐŶĂůůŝŶŐ ŝŶ ^Z ƌĞŵĂŝŶƐ ĂŶ ĂƌĞĂ ŽĨ
ĂĐƚŝǀĞƌĞƐĞĂƌĐŚ͘
dŚĞ ŝŶŝƚŝĂƚŝŽŶ ŽĨ ^Z ĂŶĚ ŽƚŚĞƌ ƚLJƉĞƐ ŽĨ /Z ĐĂŶ ďĞ ĚĞƚĞĐƚĞĚ ďLJ ƚƌĂŶƐĐƌŝƉƚŝŽŶ
ĐŚĂŶŐĞƐŽĨĐĞƌƚĂŝŶŐĞŶĞƐŝŶǀŽůǀĞĚŝŶƚŚĞƐĞƐŝŐŶĂůůŝŶŐƉĂƚŚǁĂLJƐ͘DŽƐƚƌĞƐĞĂƌĐŚŽŶƐƵĐŚ
ĚĞĨĞŶĐĞ ŵĂƌŬĞƌƐ ŚĂƐ ďĞĞŶ ĐĂƌƌŝĞĚ ŽƵƚ ŝŶ ƚŚĞ ŵŽĚĞů ƉůĂŶƚ ƌĂďŝĚŽƉƐŝƐ ƚŚĂůŝĂŶĂ͘ dŚĞ
ŵŽƐƚ ĐŽŵŵŽŶůLJ ƵƐĞĚ ŐĞŶĞ ŵĂƌŬĞƌ ĨŽƌ ^Z ŝŶ ƌĂďŝĚŽƉƐŝƐ ŝƐ WZϭ ;dŝƌLJĂŬŝ͕ ϮϬϬϰͿ͘ dŚŝƐ
ϰ
ŵĂƌŬĞƌ ĞŶĐŽĚĞƐ Ă ƉĂƚŚŽŐĞŶĞƐŝƐͲƌĞůĂƚĞĚ ;WZͿ ƉƌŽƚĞŝŶ ƚŚĂƚ ĂĐĐƵŵƵůĂƚĞƐ ůŽĐĂůůLJ ĂŶĚ
ƐLJƐƚĞŵŝĐĂůůLJĚƵƌŝŶŐ^ͲŝŶĚƵĐĞĚƌĞƐŝƐƚĂŶĐĞ͘WZϭĞdžƉƌĞƐƐŝŽŶŝƐŵŽƐƚůLJĂƐƐŽĐŝĂƚĞĚƚŽ^Z
ƌĞƐŝƐƚĂŶĐĞŝŶŵŽƐƚƉůĂŶƚƐ;<ĞƐƐŵĂŶŶĞƚĂů͕͘ϭϵϵϰͿ͘ĞƐƉŝƚĞWZϭďĞŝŶŐƚŚĞŵŽƐƚǁŝĚĞůLJ
ƵƐĞĚŵĂƌŬĞƌĨŽƌ^Z͕ ƚŚĞĞdžĂĐƚĨƵŶĐƚŝŽŶŽĨƚŚŝƐ ƉƌŽƚĞŝŶŝƐ ŶŽƚŬŶŽǁŶ͕ĂůƚŚŽƵŐŚƐŽŵĞ
ƐƚƵĚŝĞƐŚĂǀĞƐŚŽǁŶƐŽŵĞĂŶƚŝĨƵŶŐĂůƉƌŽƉĞƌƚŝĞƐ;ǀĂŶ>ŽŽŶĞƚĂů͕͘ϮϬϬϲͿ͘dŚĞĞdžƉƌĞƐƐŝŽŶ
ĂŶĚĂĐĐƵŵƵůĂƚŝŽŶŽĨWZŐĞŶĞƐƐƵĐŚĂƐWZϭŽĐĐƵƌƐŝŶƚŚĞůĂƚĞƌƐƚĂŐĞƐŽĨƚŚĞ^ZƐŝŐŶĂů
ƉĂƚŚǁĂLJƐ ;^ŚĂŚ Ğƚ Ăů͕͘ ϮϬϬϭͿ͘ ůƚŚŽƵŐŚ ƌĂďŝĚŽƉƐŝƐ ŝƐ Ă ŐŽŽĚ ƐŽƵƌĐĞ ŽĨ ŝŶĨŽƌŵĂƚŝŽŶ͕
ƐŝŐŶĂůůŝŶŐ ƉĂƚŚǁĂLJƐ ĚŝĨĨĞƌ ĨƌŽŵ ŽŶĞ ƉůĂŶƚ ƚŽ ĂŶŽƚŚĞƌ͖ ƚŚĞ ƐĞƚƐ ŽĨ ŐĞŶĞƐ ƚŚĂƚ ĂƌĞ
ŝŶĚƵĐĞĚŝŶ^ZŵĂLJǀĂƌLJďĞƚǁĞĞŶƐƉĞĐŝĞƐĂŶĚďĞƚǁĞĞŶĞůŝĐŝƚŽƌƐ͘/ŶƚŽŵĂƚŽ͕^ͲďŝŶĚŝŶŐ
ƉƌŽƚĞŝŶϮ;^WϮͿĂŶĚWZϭĂƌĞŐĞŶĞƐƚŚĂƚŚĂǀĞďĞĞŶƵƐĞĚĂƐŵĂƌŬĞƌƐĨŽƌ^ͲŝŶĚƵĐĞĚ
ƌĞƐŝƐƚĂŶĐĞ ;WĂƌŬ Ğƚ Ăů͕͘ ϮϬϬϳͿ͘ /Ŷ ƉŽƚĂƚŽ͕ ƚŚĞ ŐĞŶĞ ŵĂƌŬĞƌ WZϭ ŝƐ ĞdžƉƌĞƐƐĞĚ
ĐŽŶƐƚŝƚƵƚŝǀĞůLJŝŶƚŚĞĂďƐĞŶĐĞŽĨĞůŝĐŝƚĂƚŝŽŶ͘dŚŝƐŝƐĚƵĞƚŽƚŚĞŚŝŐŚďĂƐĂůůĞǀĞůƐŽĨ^ŝŶ
ƉŽƚĂƚŽ͕ǁŚŝĐŚĂƌĞĂƉƉƌŽdžŝŵĂƚĞůLJϭϬϬͲĨŽůĚŐƌĞĂƚĞƌƚŚĂŶƚŚĞхϱϬŶŐͬŐĨƌĞƐŚǁĞŝŐŚƚƐĞĞŶ
ŝŶƌĂďŝĚŽƉƐŝƐ;EĂǀĂƌƌĞĞƚĂů͕͘ϮϬϬϯ͖sĂƐLJƵŬŽǀĂΘKnjĞƌĞƚƐŬŽǀƐŬĂLJĂ͕ϮϬϬϳͿ͘>ĞǀĞůƐŽĨ^
ŝŶƉŽƚĂƚŽƌŽŽƚƐĂƌĞůĞƐƐƚŚĂŶŝŶůĞĂǀĞƐ͕ďƵƚ^ŝƐƐƚŝůůƉƌĞƐĞŶƚŝŶŚŝŐŚĂŵŽƵŶƚƐ;EĂǀĂƌƌĞ
ΘDĂLJŽ͕ϮϬϬϰͿ͘^ŚĂƐďĞĞŶƐŚŽǁŶƚŽďĞƌĞƋƵŝƌĞĚĨŽƌŝŶĚƵĐƚŝŽŶŽĨ^ZŝŶƉŽƚĂƚŽ͕ďƵƚ
ƚŚĞŵĞĐŚĂŶŝƐŵŽĨƚŚŝƐŝŶĚƵĐƚŝŽŶŝƐƵŶĐůĞĂƌŐŝǀĞŶƚŚĞŚŝŐŚďĂƐĂůůĞǀĞůƐŽĨ^;EĂǀĂƌƌĞΘ
DĂLJŽ͕ϮϬϬϰͿ͘ĞĐƌĞĂƐĞĚWŚLJƚŽƉŚƚŚŽƌĂŝŶĨĞƐƚĂŶƐŝŶĨĞĐƚŝŽŶŝŶƉŽƚĂƚŽĞƐƚƌĞĂƚĞĚǁŝƚŚƚŚĞ
^ZĞůŝĐŝƚŽƌƐϮ͕ϲͲĚŝĐŚůŽƌŽͲŝƐŽŶŝĐŽƚŝŶŝĐĂĐŝĚĂŶĚĂƌĂĐŚŝĚŽŶŝĐĂĐŝĚ͕ǁĂƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚ^
ĂĐĐƵŵƵůĂƚŝŽŶ ;ŽƋƵŽnj Ğƚ Ăů͕͘ ϭϵϵϰ͖ zƵ Ğƚ Ăů͕͘ ϭϵϵϳ͖ ,Ăůŝŵ Ğƚ Ăů͕͘ ϮϬϬϳͿ͘ /Ŷ ƉůĂŶƚƐ
ŝŶĐĂƉĂďůĞ ŽĨ ĂĐĐƵŵƵůĂƚŝŶŐ ^͕ ɴͲĂŵŝŶŽďƵƚLJƌŝĐ ĂĐŝĚ ;Ϳ ƚƌĞĂƚŵĞŶƚ ŶŽ ůŽŶŐĞƌ
ĂĐƚŝǀĂƚĞĚĂĚĞĨĞŶĐĞƌĞƐƉŽŶƐĞĂŐĂŝŶƐƚW͘ŝŶĨĞƐƚĂŶƐ͘dƌĞĂƚŵĞŶƚŽĨƚŚĞƐĞƉůĂŶƚƐǁŝƚŚϮ͕ϲͲ
ĚŝĐŚůŽƌŽͲŝƐŽŶŝĐŽƚŝŶŝĐ ĂĐŝĚ͕ Ă ^ ĂŶĂůŽŐƵĞ͕ ĂĐƚŝǀĂƚĞĚ ƚŚĞ ĚĞĨĞŶĐĞ ƌĞƐƉŽŶƐĞ ;ƐĐŚĞŶͲ
>ŝƉƉŽůĚ Ğƚ Ăů͕͘ ϮϬϭϬͿ͘ dŚĞƐĞ ƌĞƐƵůƚƐ ƐƵŐŐĞƐƚ ƚŚĂƚ ĚĞƐƉŝƚĞ ŚŝŐŚ ďĂƐĂů ůĞǀĞůƐ ŽĨ ^͕ ƚŚŝƐ
ŵŽůĞĐƵůĞ ŝƐ ĞƐƐĞŶƚŝĂů ĨŽƌ ƚŚĞ ĚĞǀĞůŽƉŵĞŶƚ ŽĨ Ă ĚĞĨĞŶĐĞ ƌĞƐƉŽŶƐĞ ƚŚĂƚ ůĞĂĚƐ ƚŽ ƚŚĞ
ĂĐƚŝǀĂƚŝŽŶŽĨ^Z͘
ϭ͘ϭ͘ϯ/ŶĚƵĐĞĚƐLJƐƚĞŵŝĐƌĞƐŝƐƚĂŶĐĞ
/ŶĚƵĐĞĚ ƐLJƐƚĞŵŝĐ ƌĞƐŝƐƚĂŶĐĞ ;/^ZͿ ŝƐ ĂŶŽƚŚĞƌ ĨŽƌŵ ŽĨ ƐLJƐƚĞŵŝĐ ƌĞƐŝƐƚĂŶĐĞ ƚŚĂƚ ŝƐ
ƉŚĞŶŽƚŝƉŝĐĂůůLJ ƐŝŵŝůĂƌ ƚŽ ^Z ďƵƚ ĂƉƉĞĂƌƐ ƚŽ ďĞ ĞĨĨĞĐƚŝǀĞ ĂŐĂŝŶƐƚ Ă ƐŵĂůůĞƌ ǀĂƌŝĞƚLJ ŽĨ
ϱ
ƉĂƚŚŽŐĞŶƐ͘ 'ĞŶĞƌĂůůLJ͕ /^Z ŝƐ ĂĐƚŝǀĂƚĞĚ ďLJ ŶĞĐƌŽƚƌŽƉŚŝĐ ƉĂƚŚŽŐĞŶƐ ĂŶĚ ŚĞƌďŝǀŽƌŽƵƐ
ŝŶƐĞĐƚƐ;tĂůƚĞƌƐΘ,Ğŝů͕ϮϬϬϳ͖'ůĂnjĞďƌŽŽŬ͕ϮϬϬϱ͖ǀĂŶĚĞƌŶƚĞƚĂů͕͘ϮϬϬϵͿ͘
/ŶƐƚĞĂĚŽĨƐĂůŝĐLJůŝĐĂĐŝĚ͕/^ZƌĞƋƵŝƌĞƐũĂƐŵŽŶŝĐĂĐŝĚ;:ͿĂŶĚĞƚŚLJůĞŶĞƉĂƚŚǁĂLJƐ
ƚŽďĞŝŶĚƵĐĞĚ;'ƌĂŶƚΘ>Ăŵď͕ϮϬϬϲ͖ƌĂŵƉƚŽŶĞƚĂů͕͘ϮϬϬϵ͖sĂůůĂĚΘ'ŽŽĚŵĂŶ͕ϮϬϬϰͿ͘
/^Z ŝƐ ĂůƐŽ ŝŶĚƵĐĞĚ ďLJ ŵĞƚŚLJů ũĂƐŵŽŶĂƚĞ ;DĞ:Ϳ ;>ƵnjnjĂƚƚŽ Ğƚ Ăů͕͘ ϮϬϬϳͿ͕ ƐĞǀĞƌĂů
ĨůƵŽƌĞƐĐĞŶƚ WƐĞƵĚŽŵŽŶĂƐ ƐƉĞĐŝĞƐ ĂŶĚ ǀĂƌŝŽƵƐ ƐƉĞĐŝĞƐ ŽĨ ĂĐŝůůƵƐ͘ &ƵƌƚŚĞƌŵŽƌĞ͕ /^Z ŝƐ
ƐŽŵĞƚŝŵĞƐ ŝŶĚƵĐĞĚ ďLJ ƉůĂŶƚ ŐƌŽǁƚŚͲƉƌŽŵŽƚŝŶŐ ƌŚŝnjŽďĂĐƚĞƌŝĂ ;W'WZͿ͕ ǁŚŝĐŚ ĐŽůŽŶŝƐĞ
ƉůĂŶƚƌŽŽƚƐĂŶĚƉƌŽŵŽƚĞŐƌŽǁƚŚ;sĂůůĂĚΘ'ŽŽĚŵĂŶ͕ϮϬϬϰͿ͘hŶůŝŬĞ^Z͕/^ZĚŽĞƐŶŽƚ
ŝŶǀŽůǀĞĂĐĐƵŵƵůĂƚŝŽŶŽĨƉĂƚŚŽŐĞŶĞƐŝƐͲƌĞůĂƚĞĚƉƌŽƚĞŝŶƐ;sĂůůĂĚΘ'ŽŽĚŵĂŶ͕ϮϬϬϰ͖ǀĂŶ
ĚĞƌŶƚĞƚĂů͕͘ϮϬϬϵ͖ŽŶƌĂƚŚ͕ϮϬϬϵͿ͘^ƚƵĚŝĞƐŚĂǀĞƐŚŽǁŶƚŚĂƚƚŚĞƐŝŐŶĂůůŝŶŐƉĂƚŚǁĂLJƐ
ŽĨ ^ZĂŶĚ/^ZĂƌĞ ŶŽƚŝŶĚĞƉĞŶĚĞŶƚ͕ ďƵƚ ƚŚĞLJŝŶƚĞƌĂĐƚŝŶĂĐŽŵƉůĞdžĨĂƐŚŝŽŶ͘DŽƐƚŽĨ
ƚŚŝƐĐƌŽƐƐƚĂůŬĐŽŶƐŝƐƚƐŽĨŵƵƚƵĂůƌĞƉƌĞƐƐŝŽŶ͕ĂůƚŚŽƵŐŚŝƚŚĂƐďĞĞŶŽďƐĞƌǀĞĚƚŚĂƚƐŽŵĞ
ŐĞŶĞƐ ĨƌŽŵ ďŽƚŚ ƉĂƚŚǁĂLJƐ ĐĂŶ ďĞ ĞdžƉƌĞƐƐĞĚ ǁŚĞŶ ĞůŝĐŝƚŽƌƐ ĂƌĞ ĂĚĚĞĚ ĞdžŽŐĞŶŽƵƐůLJ
;'ůĂnjĞďƌŽŽŬ͕ϮϬϬϱ͖dŚĂůĞƌĞƚĂů͕͘ϮϬϭϮͿ͘/ŶƚŚĞĐĂƐĞŽĨ/^Z͕ƚǁŽŽĨƚŚĞŵŽƐƚĐŽŵŵŽŶůLJ
ƵƚŝůŝƐĞĚŐĞŶĞŵĂƌŬĞƌƐĂƌĞƉůĂŶƚĚĞĨĞŶƐŝŶϭ͘Ϯ;W&ϭ͘ϮͿ;DĂƵĐŚͲDĂŶŝΘDĞƚƌĂƵdž͕ϭϵϵϴ͖
dŝƌLJĂŬŝ͕ϮϬϬϰ͖ǀĂŶĚĞƌŶƚĞƚĂů͕͘ϮϬϬϵͿĂŶĚƚŚŝŽŶŝŶϮ͘ϭ;d,/Ϯ͘ϭͿ;ŽŚůŵĂŶŶĞƚĂů͕͘ϭϵϵϴ͖
DĂƵĐŚͲDĂŶŝ Θ DĞƚƌĂƵdž͕ ϭϵϵϴ͖ ǀĂŶ ĚĞƌ Ŷƚ Ğƚ Ăů͕͘ ϮϬϬϵͿ͘ ŽƚŚ ŵĂƌŬĞƌ ŐĞŶĞƐ ĂƌĞ
ŝŶĚƵĐĞĚƐLJƐƚĞŵŝĐĂůůLJĂŶĚůŽĐĂůůLJ͘
ϭ͘ϭ͘ϰŚĞŵŝĐĂůĂŶĚŵŝĐƌŽďŝĂůŝŶĚƵĐƚŝŽŶŽĨƌĞƐŝƐƚĂŶĐĞ
^LJƐƚĞŵŝĐ ƌĞƐŝƐƚĂŶĐĞ ĐĂŶ ďĞ ŝŶĚƵĐĞĚ ďLJ ŝŶƚĞƌĂĐƚŝŽŶ ǁŝƚŚ ŵŝĐƌŽďĞƐ Žƌ ďLJ ƚŚĞ ĞdžƚĞƌŶĂů
ĂƉƉůŝĐĂƚŝŽŶŽĨĐŚĞŵŝĐĂůƐ;ƌĂŵƉƚŽŶĞƚĂů͕͘ϮϬϬϵ͖ZLJĂůƐĞƚĂů͕͘ϭϵϵϲ͖^ĂŶnjͲůĨĞƌĞnjĞƚĂů͕͘
ϮϬϬϴͿ͘ dŚŝƐ ŚĂƐ ůĞĚ ƚŽ ƚŚĞ ƵƐĞ ŽĨ ĐŚĞŵŝĐĂůƐ ƚŽ ŝŶĚƵĐĞ ŶĂƚƵƌĂů ƉůĂŶƚ ĚĞĨĞŶĐĞƐ ĂŐĂŝŶƐƚ
ŵĂŶLJ ĞĐŽŶŽŵŝĐĂůůLJ ŝŵƉŽƌƚĂŶƚ ƉůĂŶƚ ƉĂƚŚŽŐĞŶƐ ;tĂůƚĞƌƐ Ğƚ Ăů͕͘ ϮϬϬϱ͖ tĂůůŝŶŐ͕ ϮϬϬϭͿ͘
dŚŝƐ ŝƐ ĂŶ ĂĐƚŝǀĞ ĂƌĞĂ ŽĨ ŝŶǀĞƐƚŝŐĂƚŝŽŶ͕ ĂŶĚ ŝĨ ƐƵĐĐĞƐƐĨƵů ŝŶ ĨŝĞůĚ ĞŶǀŝƌŽŶŵĞŶƚƐ͕ ƚŚĞƐĞ
ĐŚĞŵŝĐĂůƐ ĐŽƵůĚďĞƐƵďƐƚŝƚƵƚĞƐĨŽƌƐLJŶƚŚĞƚŝĐĐŚĞŵŝĐĂůƉĞƐƚŝĐŝĚĞƐ;ZĞŐůŝŶƐŬŝΘtĂůƚĞƌƐ͕
ϮϬϬϵͿ͘
^ĂůŝĐLJůŝĐ ĂĐŝĚ ;^Ϳ ŚĂƐ ďĞĞŶ ƚŚĞ ŵŽƐƚ ǁŝĚĞůLJ ƵƐĞĚ ƐƵďƐƚĂŶĐĞ ĨŽƌ ŝŶĚƵĐŝŶŐ ^Z
;ĞŵƉƐĞLJ Ğƚ Ăů͕͘ ϭϵϵϵ͖ DĞƚƌĂƵdž͕ ϮϬϬϭͿ͘ dŚĞ ƐLJŶƚŚĞƚŝĐ ^ ĂŶĂůŽŐƐ ďĞŶnjŽ ;ϭ͕Ϯ͕ϯͿ
ƚŚŝĂĚŝĂnjŽůĞͲϳͲĐĂƌďŽƚŚŝŽŝĐĂĐŝĚ^ͲŵĞƚŚLJůĞƐƚĞƌ;d,Ϳ͕^ͲŵĞƚŚLJůďĞŶnjŽ΀ϭ͕Ϯ͕ϯ΁ƚŚŝĚŝĂnjŽůĞͲ
ϲ
ϳͲĐĂƌďŽƚŚŝĂƚĞ ;ĂĐŝďĞŶnjŽůĂƌͲ^ͲŵĞƚŚLJůͿ ;^DͿ ĂŶĚ Ϯ͕ϲͲĚŝĐŚůŽƌŽͲŝƐŽŶŝĐŽƚŝŶŝĐ ĂĐŝĚ ;/EͿ
ŚĂǀĞ ĂůƐŽ ďĞĞŶ ĚĞŵŽŶƐƚƌĂƚĞĚ ĂƐ ƉŽǁĞƌĨƵů ^Z ĂĐƚŝǀĂƚŽƌƐ ;sĂůůĂĚ Θ 'ŽŽĚŵĂŶ͕ ϮϬϬϰ͖
ZLJĂůƐ Ğƚ Ăů͕͘ ϭϵϵϲ͖ tĂůƚĞƌƐ Ğƚ Ăů͕͘ ϮϬϬϱ͖ tĂůƚĞƌƐ͕ ϮϬϬϵ͖ ^ĂŶnjͲůĨĞƌĞnj Ğƚ Ăů͕͘ ϮϬϬϴͿ͘
WƌŽďĞŶĂnjŽůĞ ŝƐ ĂŶŽƚŚĞƌ ĐŚĞŵŝĐĂů ƚŚĂƚ ĐĂŶ ŝŶĚƵĐĞ ^Z͕ ƚƌŝŐŐĞƌŝŶŐ ƐŝŐŶĂůůŝŶŐ Ăƚ Ă ƉŽŝŶƚ
ƵƉƐƚƌĞĂŵŽĨƐĂůŝĐLJůŝĐĂĐŝĚĂĐĐƵŵƵůĂƚŝŽŶ;tĂůƚĞƌƐĞƚĂů͕͘ϮϬϬϱͿ͘/ŶƚŚĞĐĂƐĞŽĨ/^Z͕ŵĞƚŚLJů
ũĂƐŵŽŶĂƚĞ;DĞ:Ϳ͕ĞƚŚĂŶŽůĂŶĚũĂƐŵŽŶŝĐĂĐŝĚŚĂǀĞďĞĞŶƵƐĞĚĨŽƌĞdžŽŐĞŶŝĐĂĐƚŝǀĂƚŝŽŶ͘
dŚĞŶŽŶͲƉƌŽƚĞŝŶĂŵŝŶŽĂĐŝĚŚĂƐĂůƐŽďĞĞŶƐŚŽǁŶƚŽďĞĂƉŽǁĞƌĨƵůĞůŝĐŝƚŽƌ
ŽĨ ƐLJƐƚĞŵŝĐ ƌĞƐŝƐƚĂŶĐĞ ŝŶ ŶƵŵĞƌŽƵƐ ƉůĂŶƚ ƐƉĞĐŝĞƐ͘ dŚŝƐ ĐŽŵƉŽƵŶĚ ŝƐ ĂĐƚŝǀĞ ĂŐĂŝŶƐƚ Ă
ůĂƌŐĞŶƵŵďĞƌŽĨƉĂƚŚŽŐĞŶƐĂŶĚŝŶƐĞĐƚƐ͕ĂƐ ǁĞůůĂƐĂŐĂŝŶƐƚĂďŝŽƚŝĐƐƚƌĞƐƐ ;:ĂŬĂďĞƚĂů͕͘
ϮϬϬϭ͖ŽŚĞŶ͕ϮϬϬϮ͖ŽŶƌĂƚŚ͕ϮϬϬϵͿ͘ůƚŚŽƵŐŚƚŚĞŵŽůĞĐƵůĞŝƐƌĂƌĞůLJĨŽƵŶĚŝŶŶĂƚƵƌĞͲ
ƚŚĞ ŽŶůLJ ŬŶŽǁŶ ƌĞƉŽƌƚ ŽĨ ŝƚƐ ŶĂƚƵƌĂů ŽĐĐƵƌƌĞŶĐĞ ŝŶ ƉůĂŶƚƐ ǁĂƐ ŝŶ ƌŽŽƚ ĞdžƵĚĂƚĞƐ ŽĨ
ƚŽŵĂƚŽ ƉůĂŶƚƐ ŐƌŽǁŶ ŝŶ ƐŽůĂƌŝƐĞĚ ƐŽŝů ;'ĂŵůŝĞů Θ <ĂƚĂŶ͕ ϭϵϵϮͿ Ͳ ŝƚƐ ƵƐĞ ŝŶ ŝŶĚƵĐŝŶŐ
ƌĞƐŝƐƚĂŶĐĞŝƐďĞĐŽŵŝŶŐƉŽƉƵůĂƌ͘dŚĞŵĞĐŚĂŶŝƐŵŽĨŝŶĚƵĐĞĚƌĞƐŝƐƚĂŶĐĞ;Ͳ/ZͿ͕
ĂŶĚ ƚŚĞ ƐŝŐŶĂů ƉĂƚŚǁĂLJ ŝŶǀŽůǀĞĚ͕ ĂƌĞ ŶŽƚ ĐŽŵƉůĞƚĞůLJ ƵŶĚĞƌƐƚŽŽĚ ;>ŝ Ğƚ Ăů͕͘ ϮϬϬϵ͖ ^ŝͲ
ŵŵŽƵƌ Ğƚ Ăů͕͘ ϮϬϬϯͿ͘ ŝǀĞƌƐĞ ƐƚƵĚŝĞƐ ŚĂǀĞ ƐŚŽǁŶ ƚŚĂƚ ƚŚĞ Ͳ/Z ƌĞƐƉŽŶƐĞ ĂĐƚƐ
ĂŐĂŝŶƐƚǀĂƌŝŽƵƐƚLJƉĞƐŽĨƉĂƚŚŽŐĞŶƐ͕ŝŶĐůƵĚŝŶŐŶĞĐƌŽƚƌŽƉŚŝĐ;dŽŶΘDĂƵĐŚͲDĂŶŝ͕ϮϬϬϰͿ
ĂŶĚ ďŝŽƚƌŽƉŚŝĐ ŽƌŐĂŶŝƐŵƐ ;tĂůnj Θ ^ŝŵŽŶ͕ ϮϬϬϵͿ͘ dŚŝƐ ďƌŽĂĚ ƐƉĞĐƚƌƵŵ ŽĨ ĞĨĨŝĐĂĐLJ ŝƐ
ƉŽƐƐŝďůLJ ĚƵĞ ƚŽ ƌĞĐƌƵŝƚŵĞŶƚ ŽĨ ĚŝƐƚŝŶĐƚ ƐŝŐŶĂůůŝŶŐ ƉĂƚŚǁĂLJƐ ;ǀĂŶ ĚĞƌ Ŷƚ Ğƚ Ăů͕͘ ϮϬϬϵ͖
ŽŶƌĂƚŚ͕ϮϬϬϵͿ͘^ŽŵĞƐƚƵĚŝĞƐŚĂǀĞĨŽƵŶĚƚŚĂƚͲ/ZƌĞƋƵŝƌĞƐƚŚĞ^ƐŝŐŶĂůƉĂƚŚǁĂLJ
;ŝŵŵĞƌůŝ Ğƚ Ăů͕͘ ϮϬϬϬͿ͕ ǁŚŝůĞ ŽƚŚĞƌƐ ƐŚŽǁĞĚ ƚŚĂƚ ƚŚĞ : ƉĂƚŚǁĂLJ ǁĂƐ ƌĞƋƵŝƌĞĚ ;>ŝ Ğƚ
Ăů͕͘ϮϬϬϵ͖ŝŵŵĞƌůŝĞƚĂů͕͘ϮϬϬϭͿ͘KŶƚŚĞŽƚŚĞƌŚĂŶĚ͕ĨƵůůLJƉƌŽƚĞĐƚĞĚƌĂďŝĚŽƉƐŝƐ
ĂŐĂŝŶƐƚ ƚŚĞ ŽŽŵLJĐĞƚĞ WĞƌŽŶŽƐƉŽƌĂ ƉĂƌĂƐŝƚŝĐĂ ŝŶ ƉůĂŶƚƐ ŝŵƉĂŝƌĞĚ ŝŶ ƚŚĞ ^͕ :͕ ĂŶĚ
ĞƚŚLJůĞŶĞ ƐŝŐŶĂůůŝŶŐ ƉĂƚŚǁĂLJƐ͘ dŚŝƐ ƉƌŽƚĞĐƚŝŽŶ ǁĂƐ ƚŚƌŽƵŐŚ ĂĐƚŝǀĂƚŝŽŶ ŽĨ ĐĂůůŽƐĞ
ĚĞƉŽƐŝƚŝŽŶ͕ ĂŶ ,Z ĂŶĚ ĨŽƌŵĂƚŝŽŶ ŽĨ ƚƌĂŝůŝŶŐ ŶĞĐƌŽƐĞƐ͕ ďƵƚ ŶĞŝƚŚĞƌ ^Z ;WZϭͿ ŶŽƌ /^Z
;W&ϭ͘ϮͿ ŵĂƌŬĞƌƐ ǁĞƌĞ ĞdžƉƌĞƐƐĞĚ ;ŝŵŵĞƌůŝ Ğƚ Ăů͕͘ ϮϬϬϬͿ͘ /Ŷ ƚŚĞ ƐĂŵĞ ƐƚƵĚLJ͕ ŶŽƌŵĂů
ƌĂďŝĚŽƉƐŝƐ ƉůĂŶƚƐ ƚƌĞĂƚĞĚ ǁŝƚŚ ĂŶĚ ŝŶŽĐƵůĂƚĞĚ ǁŝƚŚ ƚŚĞ ƉĂƚŚŽŐĞŶŝĐ ďĂĐƚĞƌŝƵŵ
WƐĞƵĚŽŵŽŶĂƐƐLJƌŝŶŐĂĞƉǀ͘ƚŽŵĂƚŽϯϬϬϬ͕ĞdžŚŝďŝƚĞĚĂŵŽƌĞƌĂƉŝĚƚƌĂŶƐĐƌŝƉƚŝŽŶŽĨƚŚĞ
WZͲϭ ŐĞŶĞ ĂĨƚĞƌ ĐŚĂůůĞŶŐĞ ǁŝƚŚ ƚŚĞ ƉĂƚŚŽŐĞŶ ƚŚĂŶ ƵŶƚƌĞĂƚĞĚ ƉůĂŶƚƐ ;ŝŵŵĞƌůŝ Ğƚ Ăů͕͘
ϮϬϬϬͿ͘dŚĞƐĞĨŝŶĚŝŶŐƐŚĂǀĞůĞĂĚƚŽƐĞǀĞƌĂůĐŽŶĐůƵƐŝŽŶƐ͖ŽŶĞŝƐƚŚĂƚͲ/ZĐŽƵůĚďĞĂ
ƐĞƉĂƌĂƚĞĨŽƌŵŽĨŝŶĚƵĐĞĚƌĞƐŝƐƚĂŶĐĞ;tĂůƚĞƌƐ͕ϮϬϬϵͿ͕ǁŚŝůĞĂŶŽƚŚĞƌŝƐƚŚĂƚĚŽĞƐ
ŶŽƚĂĐƚŝǀĂƚĞƉůĂŶƚĚĞĨĞŶĐĞƐĚŝƌĞĐƚůLJ͕ďƵƚƉƌŝŵĞƐŚŽƐƚƉůĂŶƚƐ͘WƌŝŵŝŶŐŝƐƚŚĞƉŚLJƐŝŽůŽŐŝĐĂů
ϳ
ĐŽŶĚŝƚŝŽŶŝŶǁŚŝĐŚƉůĂŶƚƐĂƌĞĂďůĞƚŽďĞƚƚĞƌ͕ŽƌŵŽƌĞƌĂƉŝĚůLJ͕ŵŽƵŶƚĚĞĨĞŶĐĞƌĞƐƉŽŶƐĞƐ
ƚŽďŝŽƚŝĐŽƌĂďŝŽƚŝĐƐƚƌĞƐƐ;ŽŶƌĂƚŚĞƚĂů͕͘ϮϬϬϲ͖ŝŵŵĞƌůŝĞƚĂů͕͘ϮϬϬϬ͖dŽŶĞƚĂů͕͘ϮϬϬϱͿ͘
/ƚŚĂƐďĞĞŶƉƌŽǀĞĚƚŚĂƚĚŽĞƐŶŽƚŚĂǀĞƚŽdžŝĐĞĨĨĞĐƚƐŽŶŵŝĐƌŽŽƌŐĂŶŝƐŵƐŽƌ
ĂŶƚŝͲĂŶƚŝŵŝĐƌŽďŝĂů ƉƌŽƉĞƌƚŝĞƐ ǁŚĞŶ ƚĞƐƚĞĚ ĂŐĂŝŶƐƚ ƐĞǀĞƌĂů ƉĂƚŚŽŐĞŶƐ ;ŽŚĞŶ͕ ϭϵϵϰ͖
ŽŚĞŶĞƚĂů͕͘ϭϵϵϰ͖:ĂŬĂďĞƚĂů͕͘ϮϬϬϭ͖ŝŵŵĞƌůŝĞƚĂů͕͘ϮϬϬϬͿ͘dŚĞƐĞƌĞƐƵůƚƐŝŶĚŝĐĂƚĞƚŚĂƚ
ŝƐĂĚĞĨĞŶĐĞĞůŝĐŝƚŽƌƌĂƚŚĞƌƚŚĂŶĂĐŽŶǀĞŶƚŝŽŶĂůĂŶƚŝŵŝĐƌŽďŝĂůƉĞƐƚŝĐŝĚĞ͘
ϭ͘Ϯ&ĂĐƚŽƌƐŝŶǀŽůǀĞĚŝŶƚŚĞƐƵĐĐĞƐƐŽĨŝŶĚƵĐĞĚƌĞƐŝƐƚĂŶĐĞ
dŽĚĂƚĞ͕ƐƚƵĚŝĞƐǁŝƚŚĐŚĞŵŝĐĂůĞůŝĐŝƚŽƌƐŚĂǀĞƐŚŽǁŶƚŚĞƐĞĐŽŵƉŽƵŶĚƐƚŽďĞĞĨĨĞĐƚŝǀĞŝŶ
ĚŝĐŽƚLJůĞĚĞŶŽƵƐ ƉůĂŶƚƐ ĂŶĚ ŵŽĚĞů ŵŽŶŽĐŽƚLJůĞĚĞŶŽƵƐ ƉůĂŶƚƐ͕ ĂŐĂŝŶƐƚ ďĂĐƚĞƌŝĂů͕ ĨƵŶŐĂů
ĂŶĚ ǀŝƌĂů ƉĂƚŚŽŐĞŶƐ ŝŶ ŐůĂƐƐŚŽƵƐĞ ĐŽŶĚŝƚŝŽŶƐ ;>ƵnjnjĂƚƚŽ Ğƚ Ăů͕͘ ϮϬϬϳ͖ ^ĐŚƌĞŝďĞƌ Θ
ĞƐǀĞĂƵdž͕ϮϬϬϴ͖<ŽŶĞĞƚĂů͕͘ϮϬϬϵ͖DĂƌĐƵĐĐŝĞƚĂů͕͘ϮϬϭϬ͖ZĞŐůŝŶƐŬŝĞƚĂů͕͘ϮϬϭϬͿ͘tŚŝůĞ
ŵĂŶLJ ĨŝĞůĚ ƐƚƵĚŝĞƐ ŚĂǀĞ ƐŚŽǁŶ ƚŚĂƚ ƉůĂŶƚ ƉƌŽƚĞĐƚŝŽŶ ŝƐ ůĞƐƐ ƐƵĐĐĞƐƐĨƵů ƚŚĂŶ ŝŶ
ŐůĂƐƐŚŽƵƐĞĐŽŶĚŝƚŝŽŶƐ͕ƐŽŵĞŚĂǀĞĚĞŵŽŶƐƚƌĂƚĞĚƐŝŵŝůĂƌůĞǀĞůƐŽĨƉĂƚŚŽŐĞŶĐŽŶƚƌŽůĂƐ
ƚŚŽƐĞŽďƚĂŝŶĞĚǁŝƚŚƉĞƐƚŝĐŝĚĞƐ͘^ŝŵŝůŝĂƌĚŝƐĞĂƐĞƌĞĚƵĐƚŝŽŶǁĂƐŽďƐĞƌǀĞĚŝŶĨŝĞůĚͲŐƌŽǁŶ
ŐƌĂƉĞǀŝŶĞƐ ƚƌĞĂƚĞĚ ǁŝƚŚ ĂƐ ǁŝƚŚ Ă ŵŝdžƚƵƌĞ ŽĨ ĚŝŵĞƚŚŽŵŽƌƉŚͲŵĂŶĐŽnjĞď Žƌ
ŵĞƚĂůĂdžLJůͲĐŽƉƉĞƌ͘/ƚǁĂƐĂůƐŽƐŚŽǁŶƚŚĂƚǁĂƐĞƋƵĂůůLJĞĨĨĞĐƚŝǀĞǁŚĞŶŵŝdžĞĚǁŝƚŚ
ƌĞĚƵĐĞĚ ĂŵŽƵŶƚƐ ŽĨ ƉĞƐƚŝĐŝĚĞƐ Žƌ ĨƵŶŐŝĐŝĚĞƐ ;ZĞƵǀĞŶŝ Ğƚ Ăů͕͘ ϮϬϬϭͿ͘ dŚĞ ƐƵĐĐĞƐƐĨƵů
ĐŽŵďŝŶĂƚŝŽŶ ŽĨ ĞůŝĐŝƚŽƌƐ ǁŝƚŚ ƌĞĚƵĐĞĚ ĂŵŽƵŶƚƐ ŽĨ ƉĞƐƚŝĐŝĚĞƐ ĨŽƌ ƉĞƐƚ ĐŽŶƚƌŽů ŝŶ ƚŚĞ
ĨŝĞůĚŚĂƐĂůƐŽďĞĞŶĚĞŵŽŶƐƚƌĂƚĞĚŝŶŽƚŚĞƌƐƚƵĚŝĞƐ;>ŝůũĞƌŽƚŚĞƚĂů͕͘ϮϬϭϬ͖tĂůƚĞƌƐĞƚĂů͕͘
ϮϬϬϱͿ͘
dŚĞ ĞĨĨŝĐŝĞŶĐLJ ŽĨ ĞůŝĐŝƚŽƌƐ ŝŶ ĂĐƚŝǀĂƚŝŶŐ ƐLJƐƚĞŵŝĐ ĚĞĨĞŶĐĞ ĚĞƉĞŶĚƐ ŽŶ ƐĞǀĞƌĂů
ĨĂĐƚŽƌƐ͕ ŝŶĐůƵĚŝŶŐ ƚŚĞ ƚLJƉĞ ŽĨ ƉůĂŶƚ ĂŶĚ ŝƚƐ ŐĞŶŽƚLJƉĞ ;tĂůƚĞƌƐ Ğƚ Ăů͕͘ ϮϬϭϭĂͿ͘ /ƚ ĂůƐŽ
ĚĞƉĞŶĚƐ ŽŶ ƚŚĞ ƉĂƚŚŽŐĞŶ ǁŚŝĐŚ ĂƚƚĂĐŬƐ ƚŚĞ ƉůĂŶƚ͕ ĂŶĚ ŽƚŚĞƌ ďŝŽƚŝĐ ;Ğ͘Ő͘ ŽƚŚĞƌ
ƉĂƚŚŽŐĞŶƐ͕ ŵLJĐŽƌƌŚŝnjĂů ĨƵŶŐŝ͕ ƌŚŝnjŽƉŚĞƌĞ ŵŝĐƌŽŽƌŐĂŶŝƐŵƐͿ ĂŶĚ ĂďŝŽƚŝĐ ĨĂĐƚŽƌƐ ;Ğ͘Ő͘
ǁĂƚĞƌ ƐƚƌĞƐƐ͕ ŵŝŶĞƌĂů ŶƵƚƌŝƚŝŽŶͿ ;tĂůƚĞƌƐ Θ ,Ğŝů͕ ϮϬϬϳ͖ tĂůƚĞƌƐ Ğƚ Ăů͕͘ ϮϬϬϱ͖ sĂůůĂĚ Θ
'ŽŽĚŵĂŶ͕ ϮϬϬϰͿ͘ d, ĂŶĚ ŚĂǀĞ ďĞĞŶ ƵƐĞĚ ĂƐ ĞůŝĐŝƚŽƌƐ ƚŽ ƌĞƐƉĞĐƚŝǀĞůLJ ƚƌĞĂƚ
ƌĂďŝĚŽƉƐŝƐ ƉůĂŶƚƐ ĂŐĂŝŶƐƚ WŚLJƚŽƉŚƚŚŽƌĂ ďƌĂƐƐŝĐĂĞ ĂŶĚ ƉŽƚĂƚŽ ƉůĂŶƚƐ ĂŐĂŝŶƐƚ W͘
ŝŶĨĞƐƚĂŶƐ ;^ŝͲŵŵŽƵƌ Ğƚ Ăů͕͘ ϮϬϬϯͿ͘ ůŝĐŝƚŽƌ ĞĨĨŝĐŝĞŶĐLJ ǁĂƐ ŵĞĂƐƵƌĞĚ ǀŝĂ '&W
ĨůƵŽƌĞƐĐĞŶĐĞ ŝŶ ŝŶĨĞĐƚĞĚ ůĞĂǀĞƐ ŽĨ '&WͲĞdžƉƌĞƐƐŝŶŐ WŚLJƚŽƉŚƚŚŽƌĂ ƐƚƌĂŝŶƐ͘ d, ǁĂƐ ŶŽƚ
ϴ
ĞĨĨĞĐƚŝǀĞ ŝŶ ŝŶĚƵĐŝŶŐ ƌĞƐŝƐƚĂŶĐĞ ŝŶ ĞŝƚŚĞƌ ƌĂďŝĚŽƉƐŝƐ Žƌ ƉŽƚĂƚŽ͘ /Ŷ ĐŽŶƚƌĂƐƚ͕ ĂĐƚŝǀĂƚĞĚƐLJƐƚĞŵŝĐŝŵŵƵŶŝƚLJŝŶďŽƚŚƉůĂŶƚͬƉĂƚŚŽŐĞŶƐĐŽŵďŝŶĂƚŝŽŶƐ;^ŝͲŵŵŽƵƌĞƚĂů͕͘
ϮϬϬϯͿ͘KƚŚĞƌĨĂĐƚŽƌƐĂĨĨĞĐƚŝŶŐƚŚĞĞĨĨŝĐŝĞŶĐLJŽĨĞůŝĐŝƚŽƌƐǁĞƌĞƌĞǀĞĂůĞĚŝŶƚŚĞƐƚƵĚLJŽĨ
^ĂŶnjͲůĨĞƌĞnj Ğƚ Ăů͘;ϮϬϬϴͿ͘dŚĞLJŽďƐĞƌǀĞĚWZŐĞŶĞĞdžƉƌĞƐƐŝŽŶǁŚĞŶ ^Z ĞůŝĐŝƚŽƌƐd,
ĂŶĚ/EǁĞƌĞĂƉƉůŝĞĚƚŽƚŽŵĂƚŽůĞĂǀĞƐŽƌƌŽŽƚƐ͘dŚĞƉůĂŶƚƐǁĞƌĞůĂƚĞƌŝŶŽĐƵůĂƚĞĚǁŝƚŚ
ƚŚĞ ďŝŽƚƌŽƉŚŝĐ ŶĞŵĂƚŽĚĞ DĞůŽŝĚŽŐLJŶĞ ũĂǀĂŶŝĐĂ͘ dŚĞLJ ĨŽƵŶĚ ƚŚĂƚ ĂĨƚĞƌ ĞůŝĐŝƚŽƌ
ĂƉƉůŝĐĂƚŝŽŶ͕ ƚŚĞ WZϭď ĂŶĚ WZϮ ŐĞŶĞƐ ǁĞƌĞ ƵƉͲƌĞŐƵůĂƚĞĚ ŽŶůLJ ŝŶ ƌŽŽƚƐ ŽĨ /EͲƚƌĞĂƚĞĚ
ƉůĂŶƚƐ͕ ǁŚĞƌĞĂƐ WZϮ ŐĞŶĞ ǁĂƐ ƵƉͲƌĞŐƵůĂƚĞĚ ŽŶůLJ ŝŶ d,ͲƚƌĞĂƚĞĚ ůĞĂǀĞƐ͘ hƉŽŶ
ŶĞŵĂƚŽĚĞ ŝŶĨĞĐƚŝŽŶ͕ ŵĂƌŬĞƌ ŐĞŶĞ ƚƌĂŶƐĐƌŝƉƚŝŽŶ ǁĂƐ ƐƵƉƉƌĞƐƐĞĚ ŝŶ ůĞĂĨ ĂŶĚ ƌŽŽƚ
ƐĂŵƉůĞƐ ďŽƚŚ ŝŶ ƚƌĞĂƚĞĚ ĂŶĚ ƵŶƚƌĞĂƚĞĚ ƉůĂŶƚƐ͘ /ƚ ƐĞĞŵƐ ƚŚĞ ŶĞŵĂƚŽĚĞ ǁĂƐ ĂďůĞ ƚŽ
ŽǀĞƌĐŽŵĞ ^Z ŝŶĚƵĐƚŝŽŶ͕ ƐŝůĞŶĐŝŶŐ ƚŚĞ ŐĞŶĞƐ ƉƌĞǀŝŽƵƐůLJ ƵƉͲƌĞŐƵůĂƚĞĚ ďLJ ƚŚĞƐĞ
ĐŚĞŵŝĐĂůĞůŝĐŝƚŽƌƐ͘dŚŝƐŐĞŶĞƐŝůĞŶĐŝŶŐďLJƚŚĞƌŽŽƚͲŬŶŽƚŶĞŵĂƚŽĚĞƌĞĚƵĐĞĚƚŚĞĞĨĨŝĐĂĐLJ
ŽĨďŽƚŚĞůŝĐŝƚŽƌƐƚŽƉƌŽƚĞĐƚƚŽŵĂƚŽ͘
/ƚŝƐŝŵƉŽƌƚĂŶƚƚŽŝĚĞŶƚŝĨLJƚŚĞƐƉĞĐŝĨŝĐĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐŽĨŝŶƚĞƌĂĐƚŝŽŶƐďĞƚǁĞĞŶĂ
ƉůĂŶƚ ĂŶĚ Ă ƉĂƌƚŝĐƵůĂƌ ƉĂƚŚŽŐĞŶ͕ ŝŶ ŽƌĚĞƌ ƚŽ ŝŵƉůĞŵĞŶƚ ŝŶĚƵĐĞĚ ƌĞƐŝƐƚĂŶĐĞ ŝŶ ĐƌŽƉ
ƉƌŽƚĞĐƚŝŽŶ ƉƌŽŐƌĂŵŵĞƐ ;tĂůƚĞƌƐ Ğƚ Ăů͕͘ ϮϬϬϱͿ͘ /ƚ ŝƐ ĂůƐŽ ĞƐƐĞŶƚŝĂů ƚŽ ĚĞƚĞƌŵŝŶĞ ƚŚĞ
ĂƉƉƌŽƉƌŝĂƚĞ ƚŝŵŝŶŐ ĨŽƌ ĂƉƉůŝĐĂƚŝŽŶ ŽĨ ĞůŝĐŝƚŽƌƐ ĂŶĚ ƚŚĞŝƌ ĐŽŵďŝŶĂƚŝŽŶ ǁŝƚŚ ƉĞƐƚŝĐŝĚĞƐ
;tĂůƚĞƌƐ Ğƚ Ăů͕͘ ϮϬϭϭďͿ͘ /ŶǀĞƐƚŝŐĂƚŝŽŶƐ ŚĂǀĞ ƐŚŽǁŶ ƚŚĂƚ ĞůŝĐŝƚŽƌƐ ŐŝǀĞ ďĞƚƚĞƌ ĚŝƐĞĂƐĞ
ĐŽŶƚƌŽů ƌĞƐƵůƚƐ ǁŚĞŶ ŵŝdžĞĚ ƚŚĂŶ ǁŚĞŶ ĂƉƉůŝĞĚ ĂůŽŶĞ ;tĂůƚĞƌƐ Ğƚ Ăů͕͘ ϮϬϭϭďͿ͘ dŚĞ
ĐŽŵďŝŶĂƚŝŽŶ ŽĨ ĞůŝĐŝƚŽƌƐ ǁŝƚŚ ůŽǁ ƌĂƚĞƐ ŽĨ ƉĞƐƚŝĐŝĚĞƐ ĂůƐŽ ƉƌŽǀŝĚĞĚ ƉŽƐŝƚŝǀĞ ƌĞƐƵůƚƐ͕
ǁŚŝĐŚǁĞƌĞĞƋƵĂůƚŽ͕ŽƌďĞƚƚĞƌƚŚĂŶ͕ƚŚĞƌĞƐƵůƚƐŽďƐĞƌǀĞĚǁŚĞŶƉůĂŶƚƐĂƌĞƚƌĞĂƚĞĚǁŝƚŚ
ƉĞƐƚŝĐŝĚĞƐ Žƌ ĞůŝĐŝƚŽƌƐ ŽŶůLJ͕ Žƌ ǁŚĞŶ Ă ŵŝdžƚƵƌĞ ŽĨ ƉĞƐƚŝĐŝĚĞƐ ǁĂƐ ƵƐĞĚ͘ dŚŝƐ ƐƚƌĂƚĞŐLJ
ǁŽƵůĚ ŚĞůƉ ďŽƚŚ ƚŽ ĚĞĐƌĞĂƐĞ ůĞǀĞůƐ ŽĨ ƉĞƐƚŝĐŝĚĞƐ ƵƐĞĚ͕ ĂŶĚ ƚŽ ƉƌŽƚĞĐƚ ƉůĂŶƚƐ ĂŐĂŝŶƐƚ
ƉĂƚŚŽŐĞŶƐƚŚĂƚŚĂǀĞĂĐƋƵŝƌĞĚƌĞƐŝƐƚĂŶĐĞĂŐĂŝŶƐƚƉĞƐƚŝĐŝĚĞƐͬĨƵŶŐŝĐŝĚĞƐ;KŽƐƚĞŶĚŽƌƉĞƚ
Ăů͕͘ϮϬϬϭ͖ZĞƵǀĞŶŝĞƚĂů͕͘ϮϬϬϭͿ͘
ǀĞŶƚŚŽƵŐŚƚŚĞƐĞ/ZƐƚƵĚŝĞƐŚĂǀĞƐŚŽǁŶƉƌŽŵŝƐĞ͕ĂŶŝŵƉŽƌƚĂŶƚŝƐƐƵĞŚĂƐďĞĞŶ
ƚŚĂƚĞdžƉĞƌŝŵĞŶƚĂůƌĞƐƵůƚƐƐŽŵĞƚŝŵĞƐĚŝĨĨĞƌďĞƚǁĞĞŶŐƌĞĞŶŚŽƵƐĞĂŶĚĨŝĞůĚĐŽŶĚŝƚŝŽŶƐ͘
džƉĞƌŝŵĞŶƚƐ ĐĂƌƌŝĞĚ ŽƵƚ ŝŶ ŐƌĞĞŶŚŽƵƐĞƐ ĚŽ ŶŽƚ ƉƌŽǀŝĚĞ ƚŚĞ ĨƵůů ĞŶǀŝƌŽŶŵĞŶƚĂů
ĐŽŶĚŝƚŝŽŶƐƚŚĂƚƉůĂŶƚƐǁŽƵůĚĞdžƉĞƌŝĞŶĐĞŝŶƚŚĞĨŝĞůĚ͘/ƚŚĂƐďĞĞŶƐƵŐŐĞƐƚĞĚƚŚĂƚƉůĂŶƚƐ
ŝŶƚŚĞĨŝĞůĚŵĂLJĂůƌĞĂĚLJďĞĞdžƉƌĞƐƐŝŶŐŝŶĚƵĐĞĚƌĞƐŝƐƚĂŶĐĞĚƵĞƚŽŝŶƚĞƌĂĐƚŝŽŶƐǁŝƚŚƚŚĞ
ϵ
ďŝŽƚŝĐ ĂŶĚ ĂďŝŽƚŝĐ ĞŶǀŝƌŽŶŵĞŶƚ ;tĂůƚĞƌƐ͕ ϮϬϬϵͿ͘ dŚĞ ĐŽŶƐĞƋƵĞŶĐĞ ŽĨ ƚŚŝƐ ĞdžŝƐƚŝŶŐ
ŝŶĚƵĐƚŝŽŶǁŽƵůĚďĞƌĞĚƵĐĞĚĞĨĨĞĐƚŝǀĞŶĞƐƐŽĨĐŚĞŵŝĐĂůĞůŝĐŝƚŽƌ/ZŝŶƚŚĞĨŝĞůĚƌĞůĂƚŝǀĞƚŽ
ƚŚĂƚŽďƐĞƌǀĞĚŝŶĐŽŶƚƌŽůůĞĚůĂďŽƌĂƚŽƌLJŽƌŐůĂƐƐŚŽƵƐĞƐƚƵĚŝĞƐ͘
ϭ͘ϯ^ƉŽŶŐŽƐƉŽƌĂƐƵďƚĞƌƌĂŶĞĂ
dŚĞŽƌŐĂŶŝƐŵĐŚŽƐĞŶĨŽƌƚŚŝƐƉƌŽũĞĐƚǁĂƐ^ƉŽŶŐŽƐƉŽƌĂƐƵďƚĞƌƌĂŶĞĂ͕ǁŚŝĐŚďĞůŽŶŐƐƚŽ
ƚŚĞ ƉƌŽƚŝƐƚĂŶ ŽƌĚĞƌ WůĂƐŵŽĚŝŽƉŚŽƌŝĚĂ ĂŶĚ ƚŽ ƚŚĞ ƉŚLJůƵŵ ĞƌĐŽnjŽĂ ;ƵůŵĂŶ Ğƚ Ăů͕͘
ϮϬϬϭ͖ ƌĐŚŝďĂůĚ Θ <ĞĞůŝŶŐ͕ ϮϬϬϰ͖ ĂƐƐ Ğƚ Ăů͕͘ ϮϬϬϱͿ͘ /ŶŝƚŝĂůůLJ ƉůĂƐŵŽĚŝŽƉŚŽƌŝĚƐ ǁĞƌĞ
ƚƌĞĂƚĞĚ ĂƐ ĨƵŶŐŝ͕ ďƵƚ ƉŚLJůŽŐĞŶĞƚŝĐ ƐƚƵĚŝĞƐ ƌĞũĞĐƚĞĚ ƚŚĂƚ ƚŚĞŽƌLJ ;ƵůŵĂŶ Ğƚ Ăů͕͘ ϮϬϬϭͿ͕
ƐŚŽǁŝŶŐ ƚŚĂƚ ĂƐ ƉƌŽƚŝƐƚ͕ ƚŚĞLJ ĂƌĞ ŵŽƌĞ ĐůŽƐĞůLJ ƌĞůĂƚĞĚ ƚŽ ŽƚŚĞƌ ƉƌŽƚŝƐƚƐ ƐƵĐŚ ĂƐ
ŽŽŵLJĐĞƚĞƐƚŚĂŶƚŽĨƵŶŐŝ;ƵůŵĂŶĞƚĂů͕͘ϮϬϬϭͿ͘
ϭ͘ϯ͘ϭWůĂƐŵŽĚŝŽƉŚŽƌŝĚůŝĨĞĐLJĐůĞ
WůĂƐŵŽĚŝŽƉŚŽƌŝĚƐ ĂƌĞ ŽďůŝŐĂƚĞ ĞŶĚŽƉĂƌĂƐŝƚĞƐ͘ ůƚŚŽƵŐŚ ƚŚĞLJ ŝŶĨĞĐƚ ǀĞƌLJ ĚŝĨĨĞƌĞŶƚ
ŚŽƐƚƐ͕ ƚŚĞLJ ƐŚĂƌĞ ďĂƐŝĐ ĞůĞŵĞŶƚƐ ŽĨ ƚŚĞŝƌ ůŝĨĞĐLJĐůĞ͕ ƚŚĂƚ ƐĞƌǀĞƐ ĂƐ Ă ĨŽƵŶĚĂƚŝŽŶ ƚŽ
ƵŶĚĞƌƐƚĂŶĚŝŶŐ ƚŚĞ ƐƉĞĐŝĨŝĐ ůŝĨĞĐLJĐůĞ ŽĨ ĞĂĐŚ ƉĂƚŚŽŐĞŶ ;ƌĂƐĞůƚŽŶ͕ ϭϵϵϱ͖ ƌĂƐĞůƚŽŶ͕
ϮϬϬϭ͖>ƵĚǁŝŐͲDƵůůĞƌΘ^ĐŚƵůůĞƌ͕ϮϬϬϴͿ͘dŚŝƐůŝĨĞĐLJĐůĞĐŽŶƐŝƐƚƐŽĨƚǁŽƉŚĂƐĞƐ͗ĂƉƌŝŵĂƌLJ
ƉŚĂƐĞ͕ƚŚĂƚŽĐĐƵƌƐŝŶƌŽŽƚĞƉŝĚĞƌŵŝƐĐĞůůƐŽĨŚŽƐƚƉůĂŶƚƐĂŶĚĂƐĞĐŽŶĚĂƌLJƉŚĂƐĞ͕ǁŚŝĐŚ
ƚĂŬĞƐ ƉůĂĐĞ ŝŶ ƚŚĞ ƌŽŽƚ ĐŽƌƚĞdž͘ dŚĞ ůŝĨĞĐLJĐůĞ ĚĞƐĐƌŝďĞĚ ďĞůŽǁ ŝƐ Ă ĐŽŵƉŝůĂƚŝŽŶ ĨƌŽŵ
ĚĞƐĐƌŝƉƚŝŽŶƐŝŶƐĞǀĞƌĂůƉƵďůŝĐĂƚŝŽŶƐ͗;dŽŵŵĞƌƵƉΘ/ŶŐƌĂŵ͕ϭϵϳϭ͖ƵĐnjĂĐŬŝĞƚĂů͕͘ϭϵϴϯ͖
ƌĂƐĞůƚŽŶ͕ ϭϵϵϱ͖ ƌĂƐĞůƚŽŶ͕ ϮϬϬϭ͖ >ƵĚǁŝŐͲDƵůůĞƌ Θ ^ĐŚƵůůĞƌ͕ ϮϬϬϴ͖ DĞƌnj͕ ϭϵϵϳ͖ DĞƌnj͕
ϮϬϬϴ͖<ĂŐĞLJĂŵĂΘƐĂŶŽ͕ϮϬϬϵͿ͘
dŚĞŵĂŝŶƐƚĞƉƐŝŶƚŚĞůŝĨĞĐLJĐůĞĂƌĞ;&ŝŐƵƌĞϭ͘Ϳ͗
ϭͿdŚĞŚĂƉůŽŝĚƌĞƐƚŝŶŐƐƉŽƌĞƐŐĞƌŵŝŶĂƚĞŝŶƚŚĞƐŽŝů͘
ϮͿdŚĞƌĞƐƚŝŶŐƐƉŽƌĞƐĞĂĐŚůŝďĞƌĂƚĞĂƵŶŝŶƵĐůĞĂƚĞďŝĨůĂŐĞůůĂƚĞƉƌŝŵĂƌLJnjŽŽƐƉŽƌĞ͘dŚĞƐĞ
ĞŶĐLJƐƚŽŶƌŽŽƚĞƉŝĚĞƌŵŝƐĐĞůůƐ͕ŝŶŝƚŝĂƚŝŶŐƚŚĞƉƌŝŵĂƌLJŝŶĨĞĐƚŝŽŶƉŚĂƐĞ͘
ϯͿdŚĞĞŶĐLJƐƚĞĚnjŽŽƐƉŽƌĞƐĞĂĐŚĚĞǀĞůŽƉĂŶĂĚŚĞƐŽƌŝƵŵĂŶĚƉĞŶĞƚƌĂƚĞŚŽƐƚĐĞůůƐǁŝƚŚ
ƚŚĞŚĞůƉŽĨĂŶĂƉƉĂƌĂƚƵƐƵŶŝƋƵĞŝŶƚŚĞWůĂƐŵŽĚŝŽƉŚŽƌŝĚƐ͕ĐĂůůĞĚĂ͚ƌŽŚƌ͛ĂŶĚ͚ƐƚĂĐŚĞů͛
ϭϬ
;DĞƌnj͕ ϭϵϵϳͿ͘ dŚĞ ƉƌŽƚŽƉůĂƐƚ ŽĨ ƚŚĞ njŽŽƐƉŽƌĞ ŝƐ ŝŶũĞĐƚĞĚ ŝŶƚŽ ƚŚĞ ŚŽƐƚ ĐĞůů͕ ǁŚĞƌĞ ŝƚ
ĂƉƉĞĂƌƐĂƐĂŶĂŵŽĞďŽŝĚƐƚƌƵĐƚƵƌĞ͘
ϰͿ ƉƌŝŵĂƌLJ ŵƵůƚŝŶƵĐůĞĂƚĞĚ ƉůĂƐŵŽĚŝƵŵ ŝƐ ĨŽƌŵĞĚ ďLJ ƐĞǀĞƌĂů ƐLJŶĐŚƌŽŶŽƵƐ ŶƵĐůĞĂƌ
ĚŝǀŝƐŝŽŶƐ ŽĨ ƚŚĞ ĂŵŽĞďŽŝĚ ƉůĂƐŵŽĚŝƵŵ͘ dŚĞ ŶƵĐůĞĂƌ ĚŝǀŝƐŝŽŶƐ ĂƌĞ ĐƌƵĐŝĨŽƌŵ͕ Ă
ĚŝƐƚŝŶĐƚŝǀĞĨĞĂƚƵƌĞŽĨƉůĂƐŵŽĚŝŽƉŚŽƌŝĚƐ͘
ϱͿ ůĞĂǀĂŐĞ ŽĨ ƚŚĞ ƉƌŝŵĂƌLJ ŵƵůƚŝŶƵĐůĞĂƚĞĚ ƉůĂƐŵŽĚŝƵŵ ŽĐĐƵƌƐ ƚŽ ĨŽƌŵ Ă
ŵƵůƚŝŶƵĐůĞĂƚĞĚ njŽŽƐƉŽƌĂŶŐŝƵŵ͘ dŚĞ ĨŝƌƐƚ ƉŚĂƐĞ ŽĨ ƚŚĞ ĐLJĐůĞ ŝƐ ĐŽŶĐůƵĚĞĚ ǁŝƚŚ ƚŚĞ
ƌĞůĞĂƐĞŽĨŚĂƉůŽŝĚ͕ƵŶŝŶƵĐůĞĂƚĞďŝĨůĂŐĞůůĂƚĞnjŽŽƐƉŽƌĞƐƚŽƚŚĞĞdžƚĞƌŝŽƌ͘
ϲͿ/ƚ ŝƐ ƐƉĞĐƵůĂƚĞĚ ƚŚĂƚ ƚǁŽ njŽŽƐƉŽƌĞƐ ŵĂLJ ĐŽŵĞ ƚŽŐĞƚŚĞƌ ĂŶĚ ƵŶĚĞƌŐŽ ƉůĂƐŵŽŐĂŵLJ
;ĨƵƐŝŽŶŽĨƚǁŽƉƌŽƚŽƉůĂƐƚƐͿ͘
ϳͿŽŽƐƉŽƌĞƐ;ƉŽƚĞŶƚŝĂůůLJďŝŶƵĐůĞĂƚĞ͕ŝĨĨƵƐŝŽŶŚĂƐŽĐĐƵƌƌĞĚͿƉĞŶĞƚƌĂƚĞƚŚĞĐŽƌƚĞdžŽĨƚŚĞ
ƌŽŽƚƐ͕ƐƚĂƌƚŝŶŐƚŚĞƐĞĐŽŶĚĂƌLJŝŶĨĞĐƚŝŽŶƐ͘ĞůůƚŽĐĞůůŵLJdžĂŵŽĞďŽŝĚŵŽǀĞŵĞŶƚŚĂƐďĞĞŶ
ƉƌŽƉŽƐĞĚ ĂƐ ĂŶ ĂůƚĞƌŶĂƚŝǀĞ ŵĞĐŚĂŶŝƐŵ ĨŽƌ ŝŶŝƚŝĂƚŝŶŐ ƐĞĐŽŶĚĂƌLJ ŝŶĨĞĐƚŝŽŶ ĂŶĚ ƚŚĞ
ĚŝƐƐĞŵŝŶĂƚŝŽŶ ŽĨ ƐĞĐŽŶĚĂƌLJ ƉůĂƐŵŽĚŝĂ ƚŚƌŽƵŐŚŽƵƚ ƌŽŽƚ ĂŶĚ ŚLJƉŽĐŽƚLJů ƚŝƐƐƵĞƐ ŝŶ
ƌĂďŝĚŽƉƐŝƐ;DŝƚŚĞŶΘDĂŐƌĂƚŚ͕ϭϵϵϮͿ͘ůĂdžƚŽŶĞƚĂů͘;ϭϵϵϲͿƉƌŽǀŝĚĞĚĞǀŝĚĞŶĐĞŽĨĐĞůů
ƚŽ ĐĞůů ŵŽǀĞŵĞŶƚ ŽĨ ƵŶŝŶƵĐůĞĂƚĞ ŵLJdžĂŵŽĞďĂĞ ŝŶ ^ƉŽŶŐŽƐƉŽƌĂ͘ ŶĂƐƚƵƌƚŝŝ͕ ƉŽƐƐŝďůLJ
ŵĞĚŝĂƚĞĚ ďLJ ĞŶnjLJŵĂƚŝĐ ĚĞŐƌĂĚĂƚŝŽŶ ŽĨ ŚŽƐƚ ĐĞůů ǁĂůůƐ͘ dŚĞ ƉĂƚŚŽŐĞŶ ŝƐ ĚŝƐƚƌŝďƵƚĞĚ ŝŶ
ƚŚĞĨŽƌŵŽĨďŝŶƵĐůĞĂƚĞƐĞĐŽŶĚĂƌLJƉůĂƐŵŽĚŝĂǁŝƚŚŝŶŚŽƐƚƚŝƐƐƵĞ͘
ϴͿ dŚĞ ďŝŶƵĐůĞĂƚĞ ƐĞĐŽŶĚĂƌLJ ƉůĂƐŵŽĚŝƵŵ ĞŶůĂƌŐĞƐ ĂŶĚ ƵŶĚĞƌŐŽĞƐ ƐĞǀĞƌĂů ŵŝƚŽƚŝĐ
ĚŝǀŝƐŝŽŶƐƚŽĨŽƌŵƚŚĞŵƵůƚŝŶƵĐůĞĂƚĞƐĞĐŽŶĚĂƌLJƉůĂƐŵŽĚŝƵŵ͘ƚƚŚŝƐƐƚĂŐĞƚŚĞŚŽƐƚĐĞůůƐ
ďĞĐŽŵĞƐ ŚLJƉĞƌƚƌŽƉŚŝĐ ĂƐ Ă ĐŽŶƐĞƋƵĞŶĐĞ ŽĨ ƚŚĞ ůĂƌŐĞ ǀŽůƵŵĞ ŽĨ ƉůĂƐŵŽĚŝĂ͕ ĂŶĚ
ĐŚĂŶŐĞƐŝŶƉůĂŶƚŐƌŽǁƚŚƌĞŐƵůĂƚŽƌƐ͘dŚĞŚLJƉĞƌƚƌŽƉŚLJŽĨŚŽƐƚĐĞůůƐĚŽĞƐŶŽƚŽĐĐƵƌŝŶĂůů
ƉůĂƐŵŽĚŝŽƉŚŽƌŝĚŝŶĨĞĐƚŝŽŶƐ͕ƐƵĐŚĂƐƚŚŽƐĞďLJƐƉĞĐŝĞƐŽĨWŽůLJŵLJdžĂ͘,LJƉĞƌƚŚŽƉŚLJŝƐƉĂƌƚ
ŽĨ^͘ƐƵďƚĞƌƌĂŶĞĂŝŶĨĞĐƚŝŽŶƉƌŽĐĞƐƐ͘
ϵͿ^ĞǀĞƌĂůĐůĞĂǀĂŐĞƐŽĨ ƚŚĞ ƉůĂƐŵŽĚŝƵŵƚĂŬĞƉůĂĐĞ͕ ǁŚŝĐŚƌĞƐƵůƚƐŝŶ ƚŚĞ ĨŽƌŵĂƚŝŽŶŽĨ
ŶƵŵĞƌŽƵƐ ƌĞƐƚŝŶŐ ƐƉŽƌĞƐ͘ dŚĞƐĞ ƐƉŽƌĞƐ͕ ŽŶĐĞ ůŝďĞƌĂƚĞĚ ƚŽ ƚŚĞ ƐŽŝů͕ ĐĂŶ ƐƵƌǀŝǀĞ ĨŽƌ
ƐĞǀĞƌĂůLJĞĂƌƐ͘/Ŷ^ƉŽŶŐŽƐƉŽƌĂ͕ƌĞƐƚŝŶŐƐƉŽƌĞƐĂƌĞĂŐŐƌĞŐĂƚĞĚŝŶƐƉŽƌŽƐŽƌŝ͕ǁŚŝĐŚĞĂĐŚ
ĐŽŶƚĂŝŶŵĂŶLJƌĞƐƚŝŶŐƐƉŽƌĞƐ͘
ϭϭ
&ŝŐƵƌĞ ϭ͘ dŚĞ ůŝĨĞͲĐLJĐůĞ ŽĨ WůĂƐŵŽĚŝŽƉŚŽƌĂ ďƌĂƐƐŝĐĂĞ ;ƚLJƉŝĐĂů ŽĨ Ăůů ƉůĂƐŵŽĚŝƉŚŽƌŝĚƐͿ͕
ŝůůƵƐƚƌĂƚĞĚ ďLJ ŵŝĐƌŽŐƌĂƉŚƐ ŽĨ ĐŚĂƌĂĐƚĞƌŝƐƚŝĐ ĚĞǀĞůŽƉŵĞŶƚĂů ƐƚĂŐĞƐ ŽĨ ƚŚĞ ƉĂƚŚŽŐĞŶ ;ƌŝŐŚƚ
ƉĂŶĞůͿĂŶĚĂŵĂƚƵƌĞƌŽŽƚŐĂůůŽĨĂƌĂƐƐŝĐĂŚŽƐƚƉůĂŶƚ͘ďďƌĞǀŝĂƚŝŽŶƐĂƐƚŚĞLJĂƉƉĞĂƌĨƌŽŵƚŚĞ
ƚŽƉŽĨƌŝŐŚƚƉĂŶĞů͗^njŽŽƐƉŽƌĞ;ĂƌƌŽǁͿ͕Z,ƌŽŽƚŚĂŝƌ͕WWŵƵůƚŝŶƵĐůĞĂƚĞƉƌŝŵĂƌLJƉůĂƐŵŽĚŝƵŵ͕
W ďŝŶƵĐůĞĂƚĞ ƐĞĐŽŶĚĂƌLJ ƉůĂƐŵŽĚŝƵŵ ;ŵLJdžĂŵŽĞďĂͿ͕ E ŚŽƐƚ ŶƵĐůĞƵƐ͕ W> ŵƵůƚŝŶƵĐůĞĂƚĞ
ƐĞĐŽŶĚĂƌLJƉůĂƐŵŽĚŝƵŵ͕^WƐƉŽƌƵůĂƚŝŶŐƉůĂƐŵŽĚŝƵŵ͕Z^ƌĞƐƚŝŶŐƐƉŽƌĞƐ;ĨƌŽŵ>ƵĚǁŝŐͲDƵůůĞƌ
Θ^ĐŚƵůůĞƌ͕ϮϬϬϴͿ͘
^ŽŵĞƐƚĂŐĞƐŽĨƚŚĞůŝĨĞĐLJĐůĞƐƚŝůůƌĞŵĂŝŶƵŶĐĞƌƚĂŝŶ͘dŚŝƐŝƐďĞĐĂƵƐĞ͕ĂƐŽďůŝŐĂƚĞ
ŝŶƚƌĂĐĞůůƵůĂƌ ƉĂƌĂƐŝƚĞƐ͕ ƚŚĞ ƉůĂƐŵŽĚŝŽƉŚŽƌŝĚƐ ĂƌĞ ǀĞƌLJ ĚŝĨĨŝĐƵůƚ ƚŽ ǁŽƌŬ ǁŝƚŚ ŝŶ ƚŚĞ
ůĂďŽƌĂƚŽƌLJ͘EŽŵĞŵďĞƌŽĨƉůĂƐŵŽĚŝŽƉŚŽƌŝĚƐŚĂƐďĞĞŶƐŚŽǁŶƚŽĐŽŵƉůĞƚĞĂůŝĨĞĐLJĐůĞŝŶ
ϭϮ
ĐƵůƚƵƌĞ ĨƌĞĞ ŽĨ ŚŽƐƚ ĐĞůůƐ͘ dŚĞ ŽŶůLJ ǁĂLJ ƚŽ ŽďƚĂŝŶ ƐƵĐĐĞƐƐĨƵů ŝŶ ǀŝƚƌŽ ŐƌŽǁƚŚ ŽĨ
ƉůĂƐŵŽĚŝŽƉŚŽƌŝĚƐ ŚĂƐ ďĞĞŶ ĐŽͲĐƵůƚƵƌĞƐ ǁŝƚŚ ŚŽƐƚ ƚŝƐƐƵĞ ;ƌĂƐĞůƚŽŶ͕ ϮϬϬϭ͖ >ƵĚǁŝŐͲ
DƵůůĞƌ͕ϭϵϵϵ͖^ŝĞŵĞŶƐĞƚĂů͕͘ϮϬϬϵͿ͘ƵůŵĂŶĞƚĂů͘;ϮϬϭϭͿ ƐƵĐĐĞƐƐĨƵůůLJŝŵƉůĞŵĞŶƚĞĚĂŶ
ŝŶǀŝƚƌŽĚƵĂůĐƵůƚƵƌĞƐLJƐƚĞŵŽĨĐĂůůƵƐŐƌŽǁƚŚĨŽƌ W͘ďƌĂƐƐŝĐĂĞĂŶĚ^͘ƐƵďƚĞƌƌĂŶĞĂĨƌŽŵ
ŐĂůůƐ ŽďƚĂŝŶĞĚ ĨƌŽŵ ƚŚĞŝƌ ƉůĂŶƚ ŚŽƐƚƐ͕ ƌĂƐƐŝĐĂ ƌĂƉĂ ĂŶĚ ^ŽůĂŶƵŵ ƚƵďĞƌŽƐƵŵ
ƌĞƐƉĞĐƚŝǀĞůLJ͘tŚĞŶƉŽƚĂƚŽƉůĂŶƚƐǁĞƌĞƚƌĞĂƚĞĚǁŝƚŚƌĞŚLJĚƌĂƚĞĚĚƌŝĞĚĐĂůůƵƐĐŽŶƚĂŝŶŝŶŐ
^͘ ƐƵďƚĞƌƌĂŶĞĂ ƐƉŽƌŽƐŽƌŝ͕ ƉůĂŶƚƐ ǁĞƌĞ ŝŶĨĞĐƚĞĚ͕ ƉƌŽǀŝŶŐ ƚŚĂƚ ƚŚĞ ƉĂƚŚŽŐĞŶ ƌĞŵĂŝŶĞĚ
ŝŶĨĞĐƚŝŽƵƐĂĨƚĞƌϭLJĞĂƌŽĨĐĂůůƵƐƐƵďͲĐƵůƚƵƌŝŶŐ͘ ϭ͘ϯ͘Ϯ^ƉŽŶŐŽƐƉŽƌĂƐƵďƚĞƌƌĂŶĞĂ
^ƉŽŶŐŽƐƉŽƌĂƐƵďƚĞƌƌĂŶĞĂĐĂƵƐĞƐƉŽǁĚĞƌLJƐĐĂďŝŶƉŽƚĂƚŽ͕ŝŶĨĞĐƚŝŶŐƉůĂŶƚƌŽŽƚƐ;&ŝŐƵƌĞ
ϮĂͿ͕ ƐƚĞŵƐ ĂŶĚ ƐƚŽůŽŶƐ ĂŶĚ ŐĞŶĞƌĂƚŝŶŐ ǁĂƌƚͲůŝŬĞ ŐĂůůƐ ǁŚŝĐŚ ĐŽŶƚĂŝŶ ŵĂŶLJ ƐƉŽƌŽƐŽƌŝ
ĂŶĚ ƌĞƐƚŝŶŐ ƐƉŽƌĞƐ ;&ŝŐƵƌĞ ϭďͿ͘ dŚĞ ƉƌŝŶĐŝƉĂů ĞĐŽŶŽŵŝĐĂůůLJ ŝŵƉŽƌƚĂŶƚ ŚŽƐƚ ŽĨ ƚŚŝƐ
ƉĂƚŚŽŐĞŶŝƐƉŽƚĂƚŽ͕ďƵƚƚŚĞŽƌŐĂŶŝƐŵĐĂŶĂůƐŽŝŶĨĞĐƚƚŽŵĂƚŽ;>LJĐŽƉĞƌƐŝĐŽŶĞƐĐƵůĞŶƚƵŵͿ
ĂŶĚ ŽƚŚĞƌ ŵĞŵďĞƌƐ ŽĨ ƚŚĞ ^ŽůĂŶĂĐĞĂĞ ;,ĂƌƌŝƐŽŶ Ğƚ Ăů͕͘ ϭϵϵϳ͖ <ĂƌůŝŶŐ͕ ϭϵϲϴ͖ DĞƌnj͕
ϮϬϬϴ͕&ĂůůŽŽŶ͕ϮϬϬϴ͕DĞƌnjΘ&ĂůůŽŽŶ͕ϮϬϬϵ͖^ƚĞǀĞŶƐŽŶ͕ϮϬϬϭͿ͘
WŽǁĚĞƌLJ ƐĐĂď ŝƐ ĂŶ ŝŵƉŽƌƚĂŶƚ ĚŝƐĞĂƐĞ ŝŶ ŵŽƐƚ ƉŽƚĂƚŽͲƉƌŽĚƵĐŝŶŐ ƌĞŐŝŽŶƐ ǁŝƚŚ
ĐŽŽůͬƚĞŵƉĞƌĂƚĞǁĞĂƚŚĞƌ͕ďƵƚŝƚŚĂƐďĞĞŶŽďƐĞƌǀĞĚƚŽĂůƐŽŽĐĐƵƌŝŶŚŽƚĂŶĚĚƌLJĂƌĞĂƐ
ǁŚĞƌĞ ŝƌƌŝŐĂƚŝŽŶ ŝƐ ƵƐĞĚ ;,ĂƌƌŝƐŽŶ Ğƚ Ăů͕͘ ϭϵϵϳ͖ DĞƌnj Θ &ĂůůŽŽŶ͕ ϮϬϬϵ͖ &ĂůůŽŽŶ͕ ϮϬϬϴͿ͘
&Žƌ ƚŚĞƐĞ ƌĞĂƐŽŶƐ͕ ƉŽǁĚĞƌLJ ƐĐĂď ŽĐĐƵƌƐ ŝŶ ŵŽƐƚ ĐŽƵŶƚƌŝĞƐ ǁŚĞƌĞ ƉŽƚĂƚŽ ĐƌŽƉƐ ĂƌĞ
ŐƌŽǁŶ͘ dŚĞ ĚŝƐĞĂƐĞ ŝƐ Ă ŵĂũŽƌ ŝƐƐƵĞ ŝŶ ƉŽƚĂƚŽ ƉƌŽĚƵĐƚŝŽŶ ŝŶ ŵĂŶLJ ĐŽƵŶƚƌŝĞƐ͕ ĂŶĚ ŝƚƐ
ŝŵƉŽƌƚĂŶĐĞŚĂƐďĞĞŶŝŶĐƌĞĂƐŝŶŐ͕ŝŶĐůƵĚŝŶŐŝŶEĞǁĞĂůĂŶĚ;&ĂůůŽŽŶ͕ϮϬϬϴ͖,ĂƌƌŝƐŽŶĞƚ
Ăů͕͘ ϭϵϵϳ͖ DĞƌnj͕ ϮϬϬϴ͖DĞƌnj Θ &ĂůůŽŽŶ͕ ϮϬϬϵͿ͘^ŽŵĞ ĨĂĐƚŽƌƐ ƚŚĂƚ ŚĂǀĞ ĐŽŶƚƌŝďƵƚĞĚ ƚŽ
ƚŚĞ ŝŶĐƌĞĂƐĞ ŽĨ ƚŚŝƐ ĚŝƐĞĂƐĞ ŝŶĐůƵĚĞ ŐƌĞĂƚĞƌ ƵƐĞ ŽĨ ŝƌƌŝŐĂƚŝŽŶ ƚŚĂƚ ĨĂǀŽƵƌƐ ƚŚĞ ƌĂƉŝĚ
ƐƉƌĞĂĚ ŽĨ ƚŚĞ ĚŝƐĞĂƐĞ ŝŶ ƐŽŝů͕ ƚŚĞ ƵƐĞ ŽĨ ŝŶĨĞĐƚĞĚ ƐĞĞĚ ƚƵďĞƌƐ͕ ƌĞƉĞĂƚ ĐƌŽƉƉŝŶŐ͕ Žƌ
ƌĞĚƵĐŝŶŐůĞŶŐƚŚƐŽĨĐƌŽƉƌŽƚĂƚŝŽŶƐ;,ĂƌƌŝƐŽŶĞƚĂů͕͘ϭϵϵϳͿ͘
dŚĞ ŵĂũŽƌ ĐŽŶƐĞƋƵĞŶĐĞ ŽĨ ƉŽǁĚĞƌLJ ƐĐĂď ŝƐ ƌĞĚƵĐĞĚ ƋƵĂůŝƚLJ ŽĨ ƉŽƚĂƚŽ ƚƵďĞƌƐ
ĐĂƵƐĞĚďLJƐƵƌĨĂĐĞůĞƐŝŽŶƐ;&ŝŐƵƌĞϮďͿ͘ dŚĞƐĞůĞƐŝŽŶƐĐĂŶĞĂƐŝůLJďĞƌĞŵŽǀĞĚďLJŵĂŶƵĂů
ƉĞĞůŝŶŐ͕ďƵƚƌĞŵŽǀŝŶŐůĞƐŝŽŶƐŝŶƉŽƚĂƚŽƉƌŽĐĞƐƐŝŶŐŽƉĞƌĂƚŝŽŶƐŝƐĚŝĨĨŝĐƵůƚ͘^ƉŽŶŐŽƐƉŽƌĂ
ƐƵďƚĞƌƌĂŶĞĂŝƐ ŶŽƚŽŶůLJŝŵƉŽƌƚĂŶƚĂƐĂƉĂƚŚŽŐĞŶ͕ ďƵƚĂůƐŽ ďĞĐĂƵƐĞŝƚŝƐ ƚŚĞǀĞĐƚŽƌŽĨ
ϭϯ
ƚŚĞWŽƚĂƚŽŵŽƉͲƚŽƉǀŝƌƵƐ;WDdsͿ͕ǁŚŝĐŚĐĂƵƐĞƐ͞ƐƉƌĂŝŶŐ͟ŝŶƉŽƚĂƚŽƚƵďĞƌƐ;<ŝƌŬ͕ϮϬϬϴͿ͘
dŚŝƐ ĚŝƐĞĂƐĞ ƌĞƐƵůƚƐ ŝŶ ƐĞǀĞƌĞ ĞdžƚĞƌŶĂů ĂŶĚ ŝŶƚĞƌŶĂů ĚĂŵĂŐĞ ŝŶ ƚƵďĞƌƐ͕ ŵĂŬŝŶŐ ƚŚĞŵ
ƵŶƐƵŝƚĂďůĞ ĨŽƌ ŵĂƌŬĞƚ͘ dŚĞ ƌĞƐƚŝŶŐ ƐƉŽƌĞƐ ŽĨ ^͘ ƐƵďƚĞƌƌĂŶĞĂ ĐŽŶƚĂŝŶŝŶŐ WDds ĐĂŶ
ƐƵƌǀŝǀĞ ŝŶ ƐŽŝů ĨŽƌ ŵŽƌĞ ƚŚĂŶ ϭϬ LJĞĂƌƐ͘ ^ƉŽŶŐŽƐƉŽƌĂ ŝŶĨĞĐƚŝŽŶ ĐĂŶ ĂůƐŽ ůĞĂĚ ƚŽ
ĚĞĐƌĞĂƐĞĚ ĐƌŽƉ LJŝĞůĚƐ͕ ĞƐƉĞĐŝĂůůLJ ŝŶ ŚŝŐŚůLJ ŝŶĨĞĐƚĞĚ ĐƌŽƉƐ͕ ĂŶĚ ĐĂŶ ĐĂƵƐĞ ƐĞǀĞƌĞ
ĞĐŽŶŽŵŝĐůŽƐƐĞƐĨŽƌƉŽƚĂƚŽŐƌŽǁĞƌƐ;,ĂƌƌŝƐŽŶĞƚĂů͕͘ϭϵϵϳ͖&ĂůůŽŽŶ͕ϮϬϬϴ͖&ĂůůŽŽŶĞƚĂů͕͘
ϭϵϵϲͿ͘
ϭϰ
&ŝŐƵƌĞ Ϯ͘ Ă͘ ZŽŽƚ ŝŶĨĞĐƚŝŽŶ ŽĨ Ă ƉŽƚĂƚŽ ƉůĂŶƚ͕ ĐĂƵƐĞĚ ďLJ ^͘ ƐƵďƚĞƌƌĂŶĞĂ ƌĞƐƵůƚŝŶŐ ŝŶ ƐĞǀĞƌĞ
ĨŽƌŵĂƚŝŽŶŽĨŐĂůůƐ͘ď͘^ƉŽŶŐŽƐƉŽƌĂƐƵďƚĞƌƌĂŶĞĂŝŶĨĞĐƚŝŽŶŝŶƉŽƚĂƚŽƚƵďĞƌƐ;ŚĞĂůƚŚLJƚƵďĞƌƐŽŶ
ƚŚĞůĞĨƚͿ͘;WŚŽƚŽƐ͗ZŽďĞƌƚ>ĂŵďĞƌƚƐͿ
ϭϱ
ϭ͘ϯ͘ϯƵƌƌĞŶƚŵĞƚŚŽĚƐĨŽƌĐŽŶƚƌŽůŽĨ^ƉŽŶŐŽƐƉŽƌĂƐƵďƚĞƌƌĂŶĞĂ
dŽ ĚĂƚĞ͕ ŵĞƚŚŽĚƐ ĨŽƌ ĐŽŶƚƌŽů ĨŽƌ ƚŚĞ ĚŝƐĞĂƐĞƐ ĐĂƵƐĞĚ ďLJ ^͘ ƐƵďƚĞƌƌĂŶĞĂ ŚĂǀĞ
ĐŽŶĐĞŶƚƌĂƚĞĚŽŶƚŚĞƌĞƐƚŝŶŐƐƉŽƌĞƐƚĂŐĞĂŶĚŽŶƉƌĞǀĞŶƚŝŶŐƌŽŽƚŝŶĨĞĐƚŝŽŶďLJnjŽŽƐƉŽƌĞƐ
;&ĂůůŽŽŶ͕ ϮϬϬϴͿ͘ KŶĞ ƐƚƌĂƚĞŐLJ ŝƐ ĐƌŽƉ ƌŽƚĂƚŝŽŶ ĂŶĚ ĨŝĞůĚ ĐŚŽŝĐĞ͘ Ɛ ƌĞƐƚŝŶŐ ƐƉŽƌĞƐ ĐĂŶ
ƐƵƌǀŝǀĞŝŶĨŝĞůĚƐŽŝůĨŽƌŵĂŶLJLJĞĂƌƐ͕ŝƚŝƐŝŵƉŽƌƚĂŶƚƚŽƉĞƌĨŽƌŵůŽŶŐƌŽƚĂƚŝŽŶƐŝŶŽƌĚĞƌƚŽ
ƌĞĚƵĐĞ ƚŚĞ ƉŽƐƐŝďŝůŝƚLJ ŽĨ ƐƵƌǀŝǀĂů ŽĨ ƚŚĞ ƉĂƚŚŽŐĞŶ ďĞƚǁĞĞŶ ƉŽƚĂƚŽ ĐƌŽƉƐ͘ /Ŷ ĂĚĚŝƚŝŽŶ͕
ƚŚĞŐƌŽǁƚŚŽĨĂůƚĞƌŶĂƚŝǀĞŚŽƐƚƐĨŽƌƚŚĞƉĂƚŚŽŐĞŶŝŶƚŚĞŝŶƚĞƌŝŵŐƌŽǁŝŶŐƐĞĂƐŽŶƐ͕ƐƵĐŚ
ĂƐ ƐŽŵĞ ƐƉĞĐŝĞƐ ŽĨ ǁĞĞĚƐ͕ ƐŚŽƵůĚ ďĞ ĂǀŽŝĚĞĚ ;,ĂƌƌŝƐŽŶ Ğƚ Ăů͕͘ ϭϵϵϳ͖ &ĂůůŽŽŶ͕ ϮϬϬϴ͖
<ĂƌůŝŶŐ͕ϭϵϲϴ͖^ŚĂŚĞƚĂů͕͘ϮϬϭϬͿ͘ĚĞƋƵĂƚĞƐŽŝůĚƌĂŝŶĂŐĞŝƐĂŶŽƚŚĞƌŝƐƐƵĞƚŚĂƚŵƵƐƚďĞ
ĐŽŶƐŝĚĞƌĞĚ͘ &ƌĞĞͲĚƌĂŝŶŝŶŐ ĨŝĞůĚƐ ĂƌĞ ůĞƐƐ ůŝŬĞůLJ ƚŽ ƉƌŽŵŽƚĞ ĚŝƐĞĂƐĞƐ ĐĂƵƐĞĚ ďLJ
ƉůĂƐŵŽĚŝŽƉŚŽƌŝĚ ƉĂƚŚŽŐĞŶƐ ƚŚĂŶ ĨŝĞůĚƐ ǁŝƚŚ ŚŝŐŚ ǁĂƚĞƌ ƌĞƚĞŶƚŝŽŶ͕ ƉƌŽďĂďůLJ ďĞĐĂƵƐĞ
njŽŽƐƉŽƌĞƐƌĞƋƵŝƌĞŵŽŝƐƚƐŽŝůƐĨŽƌŵŽƚŝůŝƚLJ;&ĂůůŽŽŶ͕ϮϬϬϴ͖,ĂƌƌŝƐŽŶĞƚĂů͕͘ϭϵϵϳ͖DĞƌnjΘ
&ĂůůŽŽŶ͕ϮϬϬϵͿ͘
ŶŽƚŚĞƌ ŵĞƚŚŽĚ ŽĨ ĐŽŶƚƌŽů ŝƐ ƐĞĞĚ ƚƵďĞƌ ĚŝƐŝŶĨĞĐƚŝŽŶ ĂŶĚ ƚŚĞ ƵƐĞ ŽĨ
ƐLJŵƉƚŽŵůĞƐƐƐĞĞĚƚƵďĞƌƐ͘WŽƚĂƚŽƐĞĞĚƚƵďĞƌƐĐĂŶĐĂƌƌLJ^͘ƐƵďƚĞƌƌĂŶĞĂƌĞƐƚŝŶŐƐƉŽƌĞƐ
ĂŶĚ ƚŚĞ ƵƐĞ ŽĨ ĐŚĞŵŝĐĂů ƚƌĞĂƚŵĞŶƚƐ ŽĨ ƐĞĞĚ ƚƵďĞƌƐ͕ Žƌ ĐĞƌƚŝĨŝĞĚ ŶŽŶͲŝŶĨĞĐƚĞĚ ƐĞĞĚ
ƚƵďĞƌƐ͕ ĐĂŶ ƉƌĞǀĞŶƚ ƚŚĞ ƚƌĂŶƐŵŝƐƐŝŽŶ ŽĨ ƚŚĞ ƉĂƚŚŽŐĞŶƐ ƚŽ ŶŽŶͲŝŶĨĞƐƚĞĚ ƐŽŝůƐ ;&ĂůůŽŽŶ͕
ϮϬϬϴͿ͘
KŶĐĞ Ă ĨŝĞůĚ ŝƐ ŬŶŽǁŶ ƚŽ ďĞ ĐŽŶƚĂŵŝŶĂƚĞĚ ǁŝƚŚ ^͘ ƐƵďƚĞƌƌĂŶĞĂ͕ ƚŚĞƌĞ ĂƌĞ Ă
ůŝŵŝƚĞĚ ƌĂŶŐĞ ŽĨ ŽƉƚŝŽŶƐ ĨŽƌ ĚŝƐĞĂƐĞ ĐŽŶƚƌŽů͘ dŚĞƐĞ ŝŶĐůƵĚĞ ƚŚĞ ƚƌĞĂƚŵĞŶƚ ŽĨ ƚŚĞ ƐŽŝů
ǁŝƚŚ ƉĞƐƚŝĐŝĚĞ ĐŚĞŵŝĐĂůƐ ;Ğ͘Ő͘ ĨůƵĂnjŝŶĂŵ͕ ĨůƵƐƵůĨĂŵŝĚĞͿ͘ ^ŽŵĞ ĐŚĞŵŝĐĂůƐ ƚĞƐƚĞĚ ĨŽƌ
ƉůĂƐŵŽĚŝŽƉŚŽƌŝĚ ĐŽŶƚƌŽů ǁĞƌĞ ŽƌŝŐŝŶĂůůLJ ƵƐĞĚ ĂŐĂŝŶƐƚ ĨƵŶŐĂů Žƌ ŽŽŵLJĐĞƚĞ ƉĂƚŚŽŐĞŶƐ͕
ĂŶĚĂƌĞ ŽĨƚĞŶŶŽƚĞĨĨĞĐƚŝǀĞĂŐĂŝŶƐƚƉůĂƐŵŽĚŝŽƉŚŽƌŝĚƐ͘KƚŚĞƌƚƌĞĂƚŵĞŶƚƐ ƐŚŽǁŶ ƚŽďĞ
ĞĨĨĞĐƚŝǀĞ ĂƌĞ ƐŽŝů ƐƚĞƌŝůŝnjĂƚŝŽŶ ǁŝƚŚ ƉƌŽĚƵĐƚƐ ůŝŬĞ ĨŽƌŵĂůĚĞŚLJĚĞ͕ Žƌ ƚŚĞ ĂƉƉůŝĐĂƚŝŽŶ ŽĨ
ĐĂůĐŝƵŵ Žƌ ďŽƌŽŶ ƚŽ ƚŚĞ ƐŽŝů͘ ^Žŝů ůŝŵŝŶŐ ŚĂƐ ďĞĞŶ ƐŚŽǁŶ ƚŽ ďĞ ĞĨĨĞĐƚŝǀĞ ĂŐĂŝŶƐƚ
WůĂƐŵŽĚŝŽƉŚŽƌĂďƌĂƐƐŝĐĂĞ;ĞůĞĐĞƚĂů͕͘ϮϬϬϰͿ͕ďƵƚŝƐŶŽƚĞĨĨĞĐƚŝǀĞĂŐĂŝŶƐƚ^ƉŽŶŐŽƐƉŽƌĂ͖
ŝƚŚĂƐďĞĞŶŽďƐĞƌǀĞĚƚŚĂƚĞůĞǀĂƚĞĚƐŽŝůƉ,;ƚŚĞŵŽĚĞŽĨĐŽŶƚƌŽůĨŽƌW͘ďƌĂƐƐŝĐĂĞͿĐĂŶ
ŝŶĐƌĞĂƐĞƌĂƚŚĞƌƚŚĂŶĚĞĐƌĞĂƐĞƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨƉŽǁĚĞƌLJƐĐĂď;&ĂůůŽŽŶ͕ϮϬϬϴͿ͘
ϭϲ
dŚĞƵƐĞŽĨƌĞƐŝƐƚĂŶƚĐƵůƚŝǀĂƌƐŝƐĂŶŝŵƉŽƌƚĂŶƚĂŶĚĞĨĨĞĐƚŝǀĞŵĞƚŚŽĚƚŽƉƌĞǀĞŶƚ
ƉůĂƐŵŽĚŝŽƉŚŽƌŝĚĚŝƐĞĂƐĞƐ͘dŚĞƌĞĂƌĞƐĞǀĞƌĂůĐƵůƚŝǀĂƌƐƌĞƐŝƐƚĂŶƚƚŽƚƵďĞƌƉŽǁĚĞƌLJƐĐĂď
ĂǀĂŝůĂďůĞƚŚƌŽƵŐŚŽƵƚƚŚĞǁŽƌůĚ;&ĂůůŽŽŶĞƚĂů͕͘ϮϬϬϯͿ͘ZĞƐŝƐƚĂŶĐĞŽĨĐƵůƚŝǀĂƌƐŝƐǁŝĚĞůLJ
ĐŽŶƐĞƌǀĞĚ ĂŶĚ ĞŶǀŝƌŽŶŵĞŶƚĂů ĨĂĐƚŽƌƐ Žƌ ƐŽŝů ŝŶŽĐƵůƵŵ ĚŽ ŶŽƚ ĂĨĨĞĐƚ ƚŚĞŝƌ ƌĞƐŝƐƚĂŶĐĞ
;DĞƌnjĞƚĂů͕͘ϮϬϭϮͿ͘dŚĞƉƌŽďůĞŵǁŝƚŚ ƚŚĞƵƐĞŽĨƌĞƐŝƐƚĂŶƚĐƵůƚŝǀĂƌƐƚŽƚƵďĞƌƉŽǁĚĞƌLJ
ƐĐĂďŝƐƚŚĂƚŶŽƚĂůůƐƵĐŚĐƵůƚŝǀĂƌƐĂƌĞĂůƐŽƌĞƐŝƐƚĂŶƚƚŽƌŽŽƚŝŶĨĞĐƚŝŽŶďLJ^͘ƐƵďƚĞƌƌĂŶĞĂ͘
ƵůƚŝǀĂƌƐ ƚŚĂƚ ĂƌĞ ƐƵƐĐĞƉƚŝďůĞ ƚŽ ƌŽŽƚ ŝŶĨĞĐƚŝŽŶ ǁŝůů ŝŶĐƌĞĂƐĞ ƚŚĞ ĂŵŽƵŶƚ ŽĨ ƚŚĞ
ƉĂƚŚŽŐĞŶŝŶƚŚĞƐŽŝů;&ĂůůŽŽŶĞƚĂů͕͘ϮϬϬϯͿ͘
ϭ͘ϯ͘ϰƵƌƌĞŶƚŵĞƚŚŽĚƐĨŽƌĂƐƐĞƐƐŵĞŶƚĂŶĚŵĞĂƐƵƌĞŵĞŶƚŽĨ^͘ƐƵďƚĞƌƌĂŶĞĂŝŶĨĞĐƚŝŽŶ
dƌĂĚŝƚŝŽŶĂůůLJ͕ ŝŶƚĞŶƐŝƚLJ ŽĨ ^͘ ƐƵďƚĞƌƌĂŶĞĂ ƌŽŽƚ ŝŶĨĞĐƚŝŽŶ ŚĂƐ ďĞĞŶ ĂƐƐĞƐƐĞĚ ďLJ
ŵŝĐƌŽƐĐŽƉŝĐ ŽďƐĞƌǀĂƚŝŽŶ ŽĨ njŽŽƐƉŽƌĂŶŐŝĂ ŝŶ ƐŵĂůů ƌŽŽƚ ƐĂŵƉůĞƐ͕ ĂŶĚͬŽƌ ďLJ ĂƐƐĞƐƐŝŶŐ
ŝŶƚĞŶƐŝƚLJŽĨƌŽŽƚŐĂůůĨŽƌŵĂƚŝŽŶ͘dŚĞĚŝƐĂĚǀĂŶƚĂŐĞƐŽĨƚŚĞƐĞŵĞƚŚŽĚƐĂƌĞƚŚĂƚƚŚĞLJĂƌĞ
ƚŝŵĞ ĚĞŵĂŶĚŝŶŐ͕ ĞƐƉĞĐŝĂůůLJ ĨŽƌ ŵŝĐƌŽƐĐŽƉŝĐ ĂƐƐĞƐƐŵĞŶƚ͕ ĂŶĚ ƌĞůLJ ŽŶ ƉĞƌƐŽŶĂů
ũƵĚŐĞŵĞŶƚ ĂŶĚ ĞdžƉĞƌƚŝƐĞ ŽĨ ƚŚĞ ŽďƐĞƌǀĞƌ͘ dƵďĞƌ ŝŶĨĞĐƚŝŽŶ ŚĂƐ ďĞĞŶ ĂƐƐĞƐƐĞĚ ƵƐŝŶŐ
ƐƚĂŶĚĂƌĚ ĚŝƐĞĂƐĞ ƐĞǀĞƌŝƚLJ ŬĞLJƐ ;&ĂůůŽŽŶ Ğƚ Ăů͕͘ ϮϬϬϯͿ͘ DŽůĞĐƵůĂƌ ƚĞĐŚŶŽůŽŐŝĞƐ ƐƵĐŚ ĂƐ
WZ ĂŶĚ ƋƵĂŶƚŝƚĂƚŝǀĞ WZ ;ƋWZͿ ŚĂǀĞ ďĞĞŶ ƵƐĞĚ ĨŽƌ ĂƉƉƌŽdžŝŵĂƚĞůLJ ϮϬ LJĞĂƌƐ ƚŽ
ŝĚĞŶƚŝĨLJ ĂŶĚͬŽƌ ƋƵĂŶƚŝĨLJ ^͘ ƐƵďƚĞƌƌĂŶĞĂ͕ ĞƐƉĞĐŝĂůůLJ ŝŶ ƐŽŝů ;YƵ Ğƚ Ăů͕͘ ϮϬϬϲ͖ ƌŝĞƌůĞLJĞƚ
Ăů͕͘ϮϬϬϵ͖ĞůůĞƚĂů͕͘ϭϵϵϵͿ͕ƚƵďĞƌƐ;ƵůŵĂŶΘDĂƌƐŚĂůů͕ϭϵϵϴ͖>ĞĞƐĞƚĂů͕͘ϮϬϬϴ͖YƵĞƚ
Ăů͕͘ϮϬϭϭͿ͕ĂŶĚƌŽŽƚƐ;YƵĞƚĂů͕͘ϮϬϬϲ͖EĂŬĂLJĂŵĂĞƚĂů͕͘ϮϬϬϳ͖ǀĂŶĚĞ'ƌĂĂĨĞƚĂů͕͘ϮϬϬϳͿ͘
DŽůĞĐƵůĂƌ ƚĞĐŚŶŝƋƵĞƐ ĂƌĞ ůŝŬĞůLJ ƚŽ ƉƌŽǀŝĚĞ ŵŽƌĞ ƌĂƉŝĚ ĂŶĚ ŵŽƌĞ ƐĞŶƐŝƚŝǀĞ ƌĞƐƵůƚƐ ĨŽƌ
ĞǀĂůƵĂƚŝŶŐ ƚŚĞ ƉƌĞƐĞŶĐĞ ŽĨ ^͘ ƐƵďƚĞƌƌĂŶĞĂ ĂŶĚ ƚŚĞ ŝŶƚĞŶƐŝƚLJ ŽĨ ŝŶĨĞĐƚŝŽŶ ;>ĞĞƐ Ğƚ Ăů͕͘
ϮϬϬϴ͖ǀĂŶĚĞ'ƌĂĂĨĞƚĂů͕͘ϮϬϬϯͿ͘
ϭ͘ϰWůĂƐŵŽĚŝŽƉŚŽƌŝĚŝŶƚĞƌĂĐƚŝŽŶƐǁŝƚŚƉůĂŶƚĐĞůůƐ
ƚƉƌŝŵĂƌLJŝŶĨĞĐƚŝŽŶ;ŝŶƌŽŽƚĞƉŝĚĞƌŵŝƐĐĞůůƐͿƚŚĞƉůĂƐŵŽĚŝŽƉŚŽƌŝĚƐW͘ďƌĂƐƐŝĐĂĞĂŶĚ^͘
ƐƵďƚĞƌƌĂŶĞĂƉƌŽĚƵĐĞĨĞǁŽďǀŝŽƵƐĐŚĂŶŐĞƐŝŶƉůĂŶƚĐĞůůƐ͘/ŶƐĞĐŽŶĚĂƌLJŝŶĨĞĐƚŝŽŶ;ĐŽƌƚĞdž
ŝŶĨĞĐƚŝŽŶͿ͕ ƚŚĞ ƉĂƚŚŽŐĞŶƐ ĐĂƵƐĞ ĐĞůůƐ ƚŽ ĞůŽŶŐĂƚĞ ĂŶĚ ƉƌŽůŝĨĞƌĂƚĞ͕ ůĞĂĚŝŶŐ ƚŽ ƌŽŽƚ
ƐǁĞůůŝŶŐ ĂŶĚ ŐĂůů ĨŽƌŵĂƚŝŽŶ ;ŚLJƉĞƌƚƌŽƉŚLJͿ͘ >ŝŬĞ ŽƚŚĞƌ ďŝŽƚƌŽƉŚŝĐ ƉĂƚŚŽŐĞŶƐ͕
ƉůĂƐŵŽĚŝŽƉŚŽƌŝĚƐƉƌŽďĂďůLJƌĞůĞĂƐĞƉƌŽƚĞŝŶƐŝŶƚŽŚŽƐƚĐĞůůƐŝŶŽƌĚĞƌƚŽŵŽĚŝĨLJĐĞůůƵůĂƌ
ĚĞĨĞŶĐĞƐ ĂŶĚ ĐĞůů ƐƚƌƵĐƚƵƌĞ ;^ŝĞŵĞŶƐ Ğƚ Ăů͕͘ ϮϬϬϵͿ͘ dŚĞƐĞ ƉĂƚŚŽŐĞŶƐ ĂůƐŽ ƌĞƋƵŝƌĞ
ϭϳ
ŶƵƚƌŝĞŶƚƐ ĨƌŽŵ ƚŚĞŝƌ ŚŽƐƚƐ͕ ƐƵĐŚ ĂƐ ĐĂƌLJĚƌĂƚĞƐ͕ ĂŵŝŶŽ ĂĐŝĚƐ ĂŶĚ ůŝƉŝĚƐ ;>ƵĚǁŝŐͲ
DƵůůĞƌĞƚĂů͕͘ϮϬϬϵͿ͘/ƚŚĂƐďĞĞŶĨŽƵŶĚŝŶƌĂďŝĚŽƉƐŝƐƚŚĂƚĞdžƚƌĂĐĞůůƵůĂƌŝŶǀĞƌƚĂƐĞƐƉůĂLJ
ĂŶŝŵƉŽƌƚĂŶƚƌŽůĞŝŶƐƵƉƉůLJŝŶŐƐƵŐĂƌƐĨŽƌW͘ďƌĂƐƐŝĐĂĞŐƌŽǁƚŚ;^ŝĞŵĞŶƐĞƚĂů͕͘ϮϬϭϭͿ͘/ƚ
ŚĂƐ ĂůƐŽ ďĞĞŶ ŽďƐĞƌǀĞĚ ƚŚĂƚ W͘ ďƌĂƐƐŝĐĂĞ ĂůƚĞƌƐ ŚŽƐƚ ƉƌŝŵĂƌLJ ĂŶĚ ƐĞĐŽŶĚĂƌLJ
ŵĞƚĂďŽůŝƐŵĂŶĚƉůĂŶƚŐƌŽǁƚŚƌĞŐƵůĂƚŽƌƐ͘^ŽŵĞŽĨƚŚĞƉůĂŶƚŐƌŽǁƚŚƌĞŐƵůĂƚŽƌƐĂůƚĞƌĞĚ
ŝŶƚŚŝƐƉƌŽĐĞƐƐĂƌĞĐLJƚŽŬŝŶŝŶƐĂŶĚĂƵdžŝŶƐ͕ǁŚŝĐŚĂƌĞŝŵƉŽƌƚĂŶƚŝŶĐĞůůĚŝǀŝƐŝŽŶĂŶĚĐĞůů
ŐƌŽǁƚŚ ƌĞƐƉĞĐƚŝǀĞůLJ͘ /Ŷ ƚŚĞ ĨŝƌƐƚ Ϯϭ ĚĂLJƐ ĂĨƚĞƌ ŝŶĨĞĐƚŝŽŶ ŽĨ ŚŝŶĞƐĞ ĐĂďďĂŐĞ ǁŝƚŚ W͘
ďƌĂƐƐŝĐĂĞ ƚŚĞ ƉŽŽů ŽĨ ĂƵdžŝŶƐ ŝŶĐƌĞĂƐĞĚ ĐŽŵƉĂƌĞĚ ƚŽ ŶŽŶͲŝŶĨĞĐƚĞĚ ĐŽŶƚƌŽůƐ͘ dŚŝƐ ǁĂƐ
ĂƐƐŽĐŝĂƚĞĚ
ǁŝƚŚ
ŝŶĐƌĞĂƐĞĚ
ĂĐƚŝǀŝƚLJ
ŽĨ
ƚŚĞ
ĞdžƉĂŶƐŝŶ
džLJůŽŐůƵĐĂŶ
ĞŶĚŽ
ƚƌĂŶƐŐůƵĐŽƐLJůĂƐĞͬŚLJĚƌŽůĂƐĞůĞĂĚŝŶŐƚŽƚŚĞĞŶůĂƌŐĞŵĞŶƚĂŶĚĞĂƌůLJŐƌŽǁƚŚƉƌŽŵŽƚŝŽŶŽĨ
ĐĞůůƐ;ĞǀŽƐĞƚĂů͕͘ϮϬϬϱͿ͘džƉƌĞƐƐŝŽŶŽĨĐĞƌƚĂŝŶĐLJƚŽŬŝŶŝŶƐƐƵĐŚĂƐnjĞĂƚŝŶƌŝďŽƐŝĚĞǁĂƐ
ĂůǁĂLJƐŐƌĞĂƚĞƌŝŶŝŶĨĞĐƚĞĚƌŽŽƚƐ͕ĂŶĚŝƐŽƉĞŶƚĞŶLJůĂĚĞŶŝŶĞŝŶĐƌĞĂƐĞĚŝŶĐůƵďƌŽŽƚƐŽŶůLJĂƚ
Ϯϭ ĚĂLJƐ ĂĨƚĞƌ ŝŶĨĞĐƚŝŽŶ ;ĞǀŽƐ Ğƚ Ăů͕͘ ϮϬϬϱ͖>ƵĚǁŝŐͲDƵůůĞƌ Θ ^ĐŚƵůůĞƌ͕ ϮϬϬϴͿ͘/ƚ ŝƐ ŶŽƚ
ĐůĞĂƌ ŝĨ W͘ ďƌĂƐƐŝĐĂĞ ŝƐ ĐĂƉĂďůĞ ŽĨ ƉƌŽĚƵĐŝŶŐ ĂƵdžŝŶƐ͕ ďƵƚ ŝƚ ŚĂƐ ďĞĞŶ ƐŚŽǁŶ ƚŚĂƚ ƚŚĞ
ƉůĂƐŵŽĚŝĂƉƌŽĚƵĐĞƐƐŵĂůůĂŵŽƵŶƚƐŽĨĐLJƚŽŬŝŶŝŶƐ;^ŝĞŵĞŶƐĞƚĂů͕͘ϮϬϬϲ͖>ƵĚǁŝŐͲDƵůůĞƌ
ĞƚĂů͕͘ϮϬϬϵͿ͘džƉƌĞƐƐŝŽŶŽĨĐLJƚŽŬŝŶŝŶŽdžŝĚĂƐĞͬĚĞŚLJĚƌŽŐĞŶĂƐĞŐĞŶĞƐ͕ǁŚŝĐŚĨƵŶĐƚŝŽŶƚŽ
ĚĞŐƌĂĚĞ ĐLJƚŽŬŝŶŝŶƐ͕ ŝƐ ĚŽǁŶͲƌĞŐƵůĂƚĞĚ͕ ĞƐƉĞĐŝĂůůLJ ĚƵƌŝŶŐ ƌŽŽƚ ŐĂůů ĚĞǀĞůŽƉŵĞŶƚ͘ dŚŝƐ
ĚŽǁŶͲƌĞŐƵůĂƚŝŽŶ͕ ĂůŽŶŐ ǁŝƚŚ ƚŚĞ ĐĂƉĂďŝůŝƚLJ ŽĨ ƚŚĞ ƉĂƚŚŽŐĞŶ ƚŽ ƉƌŽĚƵĐĞ ĐLJƚŽŬŝŶŝŶƐ͕
ƚƵƌŶƐ ŝŶĨĞĐƚĞĚ ĐĞůůƐ ŝŶƚŽ Ă ƐƚƌŽŶŐůLJ ĚŝǀŝĚŝŶŐ ƚŝƐƐƵĞ͕ ǁŚŝĐŚ ĐĂƵƐĞƐ ŐĂůů ĨŽƌŵĂƚŝŽŶ
;^ŝĞŵĞŶƐ Ğƚ Ăů͕͘ ϮϬϬϲͿ͘ ,ŽǁĞǀĞƌ͕ ƌĞƐƵůƚƐ ŽĨ ƐƚƵĚŝĞƐ ŽĨ ƉůĂƐŵŽĚŝŽƉŚŽƌŝĚƐ ĂŶĚ ƚŚĞŝƌ
ďŝŽĐŚĞŵŝĐĂů ŝŶƚĞƌĂĐƚŝŽŶƐ ŝŶ ƚŚĞ ĐĞůůƐ ŝƐ ĨƌĂŐŵĞŶƚĞĚ ĂŶĚ ƉŽŽƌůLJ ĚĞǀĞůŽƉĞĚ ĂŶĚ ŵŽƌĞ
ƌĞƐĞĂƌĐŚ ŝƐ ŶĞĐĞƐƐĂƌLJ͕ ƚŽ ďĞ ĂďůĞ ƚŽ ƉƵƚ Ăůů ƚŚĞƐĞ ƉŝĞĐĞƐ ƚŽŐĞƚŚĞƌ ĂŶĚ ĚĞůŝǀĞƌ ƚŚĞ
ĐŽŵƉůĞƚĞĞdžƉůĂŶĂƚŝŽŶŽĨƚŚĞďŝŽĐŚĞŵŝƐƚƌLJŽĨƚŚŝƐƉůĂŶƚͬƉĂƚŚŽŐĞŶŝŶƚĞƌĂĐƚŝŽŶ͘
^ŝĞŵĞŶƐ Ğƚ Ăů͘ ;ϮϬϬϲͿ ƐƚƵĚŝĞĚ ŐĞŶĞ ĞdžƉƌĞƐƐŝŽŶ ŝŶ ƉƌŝŵĂƌLJ ĂŶĚ ƐĞĐŽŶĚĂƌLJ
ŝŶĨĞĐƚŝŽŶŽĨƌĂďŝĚŽƉƐŝƐďLJW͘ďƌĂƐƐŝĐĂĞ͘dŚĞLJĨŽƵŶĚƚŚĂƚŝŶƉƌŝŵĂƌLJŝŶĨĞĐƚŝŽŶŽŶůLJĂĨĞǁ
ŐĞŶĞƐ ǁĞƌĞ ĚŝĨĨĞƌĞŶƚŝĂůůLJ ƌĞŐƵůĂƚĞĚ͕ ŝŶĐůƵĚŝŶŐ ƚŚŽƐĞ ŝŶǀŽůǀĞĚ ŝŶ ƐƚĂƌĐŚ ĂŶĚ ƐƵůƉŚƵƌ
ŵĞƚĂďŽůŝƐŵ͘ >ĂƚĞƌ͕ ŝŶ ƐĞĐŽŶĚĂƌLJ ŝŶĨĞĐƚŝŽŶ͕ ƚŚĞ ƉŚŽƚŽƐLJŶƚŚĞƚŝĐ ĂƉƉĂƌĂƚƵƐ ǁĂƐ
ĐŽŶƐŝĚĞƌĂďůLJ ŝŶĚƵĐĞĚ͘ /ŶĨŽƌŵĂƚŝŽŶ ŽŶ ƚŚĞ ƉĂƌƚŝĐŝƉĂƚŝŽŶ ŽĨ ĐŚůŽƌŽƉůĂƐƚƐ ŝŶ ƉĂƚŚŽŐĞŶ
ƌĞƐƉŽŶƐĞ ŝƐ ŝŶĐƌĞĂƐŝŶŐ Ğ͘Ő͘ ĂƐ ƐŚŽǁŶ ďLJ ĞůŚĂũ Ğƚ Ăů͘ ;ϮϬϬϵͿ͘ ŚůŽƌŽƉůĂƐƚƐ ƉƌŽĚƵĐĞ
ƌĞĂĐƚŝǀĞ ŽdžLJŐĞŶ ƐƉĞĐŝĞƐ͕ ǁŚŝĐŚ ĐĂŶ ĐĂƵƐĞ ŽdžŝĚĂƚŝǀĞ ĚĂŵĂŐĞ ĂŶĚ ƐƵďƐĞƋƵĞŶƚůLJ͕ ĐĞůů
ĚĞĂƚŚ ;^ŚĂƌŵĂ Ğƚ Ăů͕͘ ϮϬϭϮ͖ ƵƌďƌŝŐŐĞŶ Ğƚ Ăů͕͘ ϮϬϭϬͿ͘ ^ƚĂƌĐŚ͕ ůŝƉŝĚ ĂŶĚ ƐĞĐŽŶĚĂƌLJ
ϭϴ
ŵĞƚĂďŽůŝƐŵƉĂƚŚǁĂLJƐ;Ğ͘Ő͘ĨůĂǀŽŶŽŝĚƐͿǁĞƌĞĂůƐŽƵƉͲƌĞŐƵůĂƚĞĚ͘^ĞǀĞƌĂůŵĂũŽƌƚƌĂŶƐƉŽƌƚ
ƉƌŽĐĞƐƐĞƐǁĞƌĞŝŶĐƌĞĂƐĞĚŝŶƐĞĐŽŶĚĂƌLJŝŶĨĞĐƚŝŽŶĐŽŵƉĂƌĞĚƚŽƉƌŝŵĂƌLJŝŶĨĞĐƚŝŽŶ͘^ŽŵĞ
ŽĨ ƚŚĞƐĞ ǁĞƌĞ ƚŚĞ ƚƌĂŶƐƉŽƌƚ ƐLJƐƚĞŵƐ ĨŽƌ ƐƵŐĂƌ͕ ůŝƉŝĚ͕ ŝŽŶƐ͕ ĂŶĚ ŶƵƚƌŝĞŶƚƐ ;ŶŝƚƌŽŐĞŶ͕
ƐƵůƉŚƵƌ ĂŶĚ ƉŽƚĂƐƐŝƵŵͿ͘ dŚŝƐ ŝŶĚŝĐĂƚĞĚ ƚŚĂƚ ƚŚĞƌĞ ǁĂƐ ŚŝŐŚ ƌĞƐĞƌǀĞͲĂĐĐƵŵƵůĂƚŝŽŶ
ŽĐĐƵƌƌŝŶŐ ŝŶ ŝŶĨĞĐƚĞĚ ƌŽŽƚƐ͘ KƚŚĞƌ ƵƉͲƌĞŐƵůĂƚĞĚ ŐĞŶĞƐ ŝŶ ƐĞĐŽŶĚĂƌLJ ŝŶĨĞĐƚŝŽŶ ǁĞƌĞ
ƚŚŽƐĞŝŶǀŽůǀĞĚŝŶĐĞůůŐƌŽǁƚŚĂŶĚƚŚĞĐĞůůĐLJĐůĞ͘DŽƐƚŽĨƚŚĞŐĞŶĞĚŽǁŶͲƌĞŐƵůĂƚŝŽŶĂůƐŽ
ƚŽŽŬƉůĂĐĞĚƵƌŝŶŐƐĞĐŽŶĚĂƌLJŝŶĨĞĐƚŝŽŶ͕ŝŶĐůƵĚŝŶŐŽĨƐĞǀĞƌĂůŐĞŶĞƐƚŚĂƚĞŶĐŽĚĞĚĞĨĞŶĐĞͲ
ƌĞůĂƚĞĚƉƌŽƚĞŝŶƐ͘dŚĞŵĞĐŚĂŶŝƐŵŽĨĚŽǁŶͲƌĞŐƵůĂƚŝŽŶ ďLJƚŚĞƉĂƚŚŽŐĞŶŝƐƵŶĐĞƌƚĂŝŶ͘/ƚ
ŚĂƐďĞĞŶƐŚŽǁŶƚŚĂƚŝŶ W͘ďƌĂƐƐŝĐĂĞŝŶĨĞĐƚŝŽŶ͕^ ĂŶĚDĞ^ůĞǀĞůƐ ŝŶƌĂďŝĚŽƉƐŝƐĂƌĞ
ŐƌĞĂƚůLJ ŵŽĚŝĨŝĞĚ͕ ƐƵŐŐĞƐƚŝŶŐ Ă ĚĞƚŽdžŝĨŝĐĂƚŝŽŶ ŽĨ ƉůĂŶƚ ĚĞĨĞŶĐĞ ƐŝŐŶĂůůŝŶŐ ďLJ ƚŚĞ
ƉĂƚŚŽŐĞŶ ;^ŝŵŽŶ ƵůŵĂŶ͕ ƉĞƌƐŽŶĂů ĐŽŵŵƵŶŝĐĂƚŝŽŶͿ͘ dŽ ĚĂƚĞ͕ ƚŚĞƌĞ ŚĂǀĞ ďĞĞŶ ŶŽ
ŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞƐƚƵĚŝĞƐŽĨŐĞŶĞĞdžƉƌĞƐƐŝŽŶĚƵƌŝŶŐƉůĂƐŵŽĚŝŽƉŚŽƌŝĚŝŶĨĞĐƚŝŽŶĂŶĚ
ŶŽƐƚƵĚŝĞƐŚĂǀĞďĞĞŶĐĂƌƌŝĞĚŽƵƚǁŝƚŚ^͘ƐƵďƚĞƌƌĂŶĞĂ͘ƚƌĂŶƐĐƌŝƉƚŽŵĞĂŶĂůLJƐŝƐĐĂƌƌŝĞĚ
ŽƵƚďLJƵƌŬŝĞƚĂů;ϮϬϭϬͿŐĞŶĞƌĂƚĞĚůĂƌŐĞdžƉƌĞƐƐĞĚ^ĞƋƵĞŶĐĞdĂŐ;^dͿĚĂƚĂƐĞƚƐĨŽƌ^͘
ƐƵďƚĞƌƌĂŶĞĂĂŶĚW͘ďƌĂƐƐŝĐĂĞ͕ǁŚŝĐŚĐĂŶďĞƵƐĞĚĨŽƌĨƵƚƵƌĞƐƚƵĚŝĞƐŽĨŐĞŶĞĞdžƉƌĞƐƐŝŽŶ
ĚƵƌŝŶŐŝŶĨĞĐƚŝŽŶĨŽƌƚŚĞƐĞƉĂƚŚŽŐĞŶƐ͘
ϭ͘ϱ/ŶĚƵĐĞĚƌĞƐŝƐƚĂŶĐĞĂŐĂŝŶƐƚƉůĂƐŵŽĚŝŽƉŚŽƌŝĚƐ
dŚĞƌĞ ŚĂƐ ďĞĞŶ ĂůŵŽƐƚ ŶŽ ƌĞƐĞĂƌĐŚ ŝŶƚŽ ŝŶĚƵĐƚŝŽŶ ŽĨ ƌĞƐŝƐƚĂŶĐĞ ƚŽ ĂŶLJ ŽĨ ƚŚĞ
ƉůĂƐŵŽĚŝŽƉŚŽƌŝĚƐ͘ /Ŷ ƉĞƌŚĂƉƐ ƚŚĞ ŽŶůLJ ƉƌĞǀŝŽƵƐ ƐƚƵĚLJ ƌĞůĂƚŝŶŐ ƚŽ ƚŚĞƐĞ ƉĂƚŚŽŐĞŶƐ͕
ŐĂƌǁĂů Ğƚ Ăů͘ ;ϮϬϭϭͿ ŐĂŝŶĞĚ ƉƌĞůŝŵŝŶĂƌLJ ĞǀŝĚĞŶĐĞ ƚŚĂƚ ĂƉƉůŝĐĂƚŝŽŶ ŽĨ ^ ĂĨĨĞĐƚĞĚ
ĐůƵďƌŽŽƚ ŝŶ ďƌĂƐƐŝĐĂƐ͘ dŚĞLJ ŽďƐĞƌǀĞĚ ƚŚĂƚ ϱϬ ĚĂLJƐ ĂĨƚĞƌ ŝŶŽĐƵůĂƚŝŽŶ ǁŝƚŚ W͘ ďƌĂƐƐŝĐĂĞ͕
ƌĂďŝĚŽƉƐŝƐƉůĂŶƚƐƚƌĞĂƚĞĚǁŝƚŚ^ŚĂĚůŽǁĞƌĚŝƐĞĂƐĞŝŶĚŝĐĞƐƚŚĂŶƵŶƚƌĞĂƚĞĚƉůĂŶƚƐ͘
dŚĞŵĞĐŚĂŶŝƐŵďLJǁŚŝĐŚĐŽƵůĚŝŶĚƵĐĞƌĞƐŝƐƚĂŶĐĞĂŐĂŝŶƐƚ^͘ƐƵďƚĞƌƌĂŶĞĂ
ŝŶƉŽƚĂƚŽŝƐƵŶŬŶŽǁŶ͘ŝƐŬŶŽǁŶƚŽďĞĂǀĞƌƐĂƚŝůĞĞůŝĐŝƚŽƌ͕ǁŽƌŬŝŶŐĂŐĂŝŶƐƚĂǁŝĚĞ
ƌĂŶŐĞ ŽĨ ƉĂƚŚŽŐĞŶƐ ;ŽŚĞŶ͕ ϮϬϬϮ͖ ŽŶƌĂƚŚ͕ ϮϬϬϵͿ͕ ĂŶĚ ŝƚ ŚĂƐ ďĞĞŶ ƐŚŽǁŶ ƚŽ ďĞ
ĞĨĨĞĐƚŝǀĞĂŐĂŝŶƐƚŽƚŚĞƌƉŽƚĂƚŽƉĂƚŚŽŐĞŶƐ͕ĂƉƉůŝĞĚǀŝĂĨŽůŝĂƌƐƉƌĂLJƐ;KůŝǀŝĞƌŝĞƚĂů͕͘ϮϬϬϵͿ
Žƌ ƐŽŝů ĚƌĞŶĐŚŝŶŐ ;ƐĐŚĞŶͲ>ŝƉƉŽůĚ Ğƚ Ăů͕͘ ϮϬϭϬͿ͘ dŚĞ ŐĞŶĞƌĂů ŵĞĐŚĂŶŝƐŵ ŽĨ ŝŶ
ƉŽƚĂƚŽ ŝƐ Ɛƚŝůů ƵŶŬŶŽǁŶ͕ ďƵƚ ƐƚƵĚŝĞƐ ŽĨ ƚŚĞ ƚƌĞĂƚŵĞŶƚƐ ŽŶ ƉŽƚĂƚŽ ůĞĂǀĞƐ ŚĂǀĞ
ƉƌŽǀŝĚĞĚĞǀŝĚĞŶĐĞŽĨŐĞŶĞƚƌĂŶƐĐƌŝƉƚŝŽŶĂĨƚĞƌƚŚŝƐĞůŝĐŝƚŽƌŝƐĂƉƉůŝĞĚ;DĂƐƐĂĞƚĂů͕͘ϮϬϭϭ͖
ϭϵ
d͘W͘'͘^͕͘ϮϬϭϭͿ͘ĞĐĂƵƐĞŽĨƚŚŝƐ͕ŝƚŝƐůŝŬĞůLJƚŚĂƚŝƐĂŐŽŽĚĐĂŶĚŝĚĂƚĞĨŽƌƚĞƐƚŝŶŐ
ĨŽƌŝŶĚƵĐĞĚƌĞƐŝƐƚĂŶĐĞĂŐĂŝŶƐƚ^͘ƐƵďƚĞƌƌĂŶĞĂŽŶƉŽƚĂƚŽƌŽŽƚƐ͘
ϭ͘ϲŝŵƐŽĨƚŚĞƉƌĞƐĞŶƚƐƚƵĚLJ
dŚĞ ŽǀĞƌĂůů ŽďũĞĐƚŝǀĞ ŽĨ ƚŚĞ ƉƌĞƐĞŶƚ ƐƚƵĚLJ ǁĂƐ ƚŽ ƚĞƐƚ ƚŚĞ ĞĨĨĞĐƚŝǀĞŶĞƐƐ ŽĨ ƚŽ
ŝŶĚƵĐĞ ƌĞƐŝƐƚĂŶĐĞ ŝŶ ƉŽƚĂƚŽ ĂŐĂŝŶƐƚ ^͘ ƐƵďƚĞƌƌĂŶĞĂ͕ ĂŶĚ ƚŽ ĚĞǀĞůŽƉ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ŽĨ
ƚŚĞ ŵĞĐŚĂŶŝƐŵ;ƐͿ ŝŶǀŽůǀĞĚ ŝŶ ƚŚŝƐ ƉƌŽĐĞƐƐ͘ dŚŝƐ ŚĂƐ ďĞĞŶ ƐƚƵĚŝĞĚ ǁŝƚŚ ƚŚĞ ĨŽůůŽǁŝŶŐ
ĂŝŵƐ͗
ϭͿĞǀĞůŽƉŵĞƚŚŽĚƐĨŽƌŵĞĂƐƵƌŝŶŐ^͘ƐƵďƚĞƌƌĂŶĞĂŝŶĨĞĐƚŝŽŶŝŶƉŽƚĂƚŽƌŽŽƚƐƵƐŝŶŐƋWZ͘
ϮͿĂƌƌLJŽƵƚĞdžƉĞƌŝŵĞŶƚƐƚŽƚĞƐƚǁŚĞƚŚĞƌƌĞƐŝƐƚĂŶĐĞĐĂŶďĞŝŶĚƵĐĞĚŝŶƉŽƚĂƚŽĂŐĂŝŶƐƚ^͘
ƐƵďƚĞƌƌĂŶĞĂƵƐŝŶŐƚŚĞĞůŝĐŝƚŽƌ͘
ϯͿ/ĚĞŶƚŝĨLJƉŽƚĂƚŽŐĞŶĞƐůŝŬĞůLJƚŽďĞŝŶǀŽůǀĞĚŝŶƌĞƐƉŽŶƐĞƚŽƚŚĞĞůŝĐŝƚŽƌŝŶƉŽƚĂƚŽ
ƌŽŽƚƐ͕ĂŶĚĚĞƐŝŐŶƉƌŝŵĞƌƐĨŽƌƚŚĞŝƌƋWZŵĞĂƐƵƌĞŵĞŶƚ͘
ϰͿŶĂůLJƐĞƚƌĂŶƐĐƌŝƉƚŝŽŶŽĨƚŚĞƐĞůĞĐƚĞĚŐĞŶĞƐŝŶƉŽƚĂƚŽƌŽŽƚƐƚƌĞĂƚĞĚǁŝƚŚ͘
ϱͿ ĞƚĞƌŵŝŶĞ ŝĨ ŝŶĚƵĐƚŝŽŶ ŽĨ ƌĞƐŝƐƚĂŶĐĞ ƵƐŝŶŐ ĐŚĞŵŝĐĂů ĞůŝĐŝƚŽƌƐ ŚĂƐ ƉŽƚĞŶƚŝĂů ĨŽƌ
ŵĂŶĂŐĞŵĞŶƚŽĨĚŝƐĞĂƐĞƐĐĂƵƐĞĚďLJ^͘ƐƵďƚĞƌƌĂŶĞĂ͘
ϭ͘ϳZĞĨĞƌĞŶĐĞƐ
ŐĂƌǁĂů͕<ĂƵůs͕&ĂŐŐŝĂŶZ͕ZŽŽŬĞƐ:͕>ƵĚǁŝŐͲDƵĞůůĞƌ:͕ĂŚŝůůD͕ϮϬϭϭ͘ŶĂůLJƐŝƐŽĨ
ŐůŽďĂů ŚŽƐƚ ŐĞŶĞ ĞdžƉƌĞƐƐŝŽŶ ĚƵƌŝŶŐ ƚŚĞ ƉƌŝŵĂƌLJ ƉŚĂƐĞ ŽĨ ƚŚĞ ƌĂďŝĚŽƉƐŝƐ
ƚŚĂůŝĂŶĂͲWůĂƐŵŽĚŝŽƉŚŽƌĂ ďƌĂƐƐŝĐĂĞ ŝŶƚĞƌĂĐƚŝŽŶ͘ &ƵŶĐƚŝŽŶĂů WůĂŶƚ ŝŽůŽŐLJ ϯϴ͕
ϰϲϮͲϳϴ͘
ŶĂŶĚ͕hƉƉĂůĂƉĂƚŝ^Z͕ZLJƵD͕ůůĞŶ^E͕<ĂŶŐ>͕dĂŶŐz,͕DLJƐŽƌĞ<^͕ϮϬϬϴ͘^ĂůŝĐLJůŝĐ
ĂĐŝĚ ĂŶĚ ƐLJƐƚĞŵŝĐ ĂĐƋƵŝƌĞĚ ƌĞƐŝƐƚĂŶĐĞ ƉůĂLJ Ă ƌŽůĞ ŝŶ ĂƚƚĞŶƵĂƚŝŶŐ ĐƌŽǁŶ ŐĂůů
ĚŝƐĞĂƐĞĐĂƵƐĞĚďLJŐƌŽďĂĐƚĞƌŝƵŵƚƵŵĞĨĂĐŝĞŶƐ͘WůĂŶƚWŚLJƐŝŽůŽŐLJϭϰϲ͕ϳϬϯͲϭϱ͘
ϮϬ
ƌĐŚŝďĂůĚ :D͕ <ĞĞůŝŶŐ W:͕ ϮϬϬϰ͘ ĐƚŝŶ ĂŶĚ hďŝƋƵŝƚŝŶ WƌŽƚĞŝŶ ^ĞƋƵĞŶĐĞƐ ^ƵƉƉŽƌƚ Ă
ĞƌĐŽnjŽĂŶͬ&ŽƌĂŵŝŶŝĨĞƌĂŶ ŶĐĞƐƚƌLJ ĨŽƌ ƚŚĞ WůĂƐŵŽĚŝŽƉŚŽƌŝĚ WůĂŶƚ WĂƚŚŽŐĞŶƐ͘
dŚĞ:ŽƵƌŶĂůŽĨƵŬĂƌLJŽƚŝĐDŝĐƌŽďŝŽůŽŐLJϱϭ͕ϭϭϯͲϴ͘
ĂƐƐ ͕ DŽƌĞŝƌĂ ͕ >ŽƉĞnjͲ'ĂƌĐŝĂ W͕ WŽůĞƚ ^͕ ŚĂŽ ͕ ǀŽŶ ĚĞƌ ,ĞLJĚĞŶ ^͕ WĂǁůŽǁƐŬŝ :͕
ĂǀĂůŝĞƌͲ^ŵŝƚŚd͕ϮϬϬϱ͘WŽůLJƵďŝƋƵŝƚŝŶŝŶƐĞƌƚŝŽŶƐĂŶĚƚŚĞƉŚLJůŽŐĞŶLJŽĨĞƌĐŽnjŽĂ
ĂŶĚZŚŝnjĂƌŝĂ͘WƌŽƚŝƐƚϭϱϲ͕ϭϰϵͲϲϭ͘
ĞůĞĐ ͕ dƌĞŵďůĂLJ E͕ ŽƵůŽŵďĞ :͕ ϮϬϬϰ͘ >ŝŵŝŶŐ ĂŶĚ ĐĂůĐŝƵŵ ĐLJĂŶĂŵŝĚ ĨŽƌ ĐůƵďƌŽŽƚ
ĐŽŶƚƌŽůŝŶĐĂƵůŝĨůŽǁĞƌ͘/Ŷ͗sĂŶĂĐŚƚĞƌ ͕ĞĚ͘ DĂŶĂŐŝŶŐ^ŽŝůͲŽƌŶĞWĂƚŚŽŐĞŶƐ͗
^ŽƵŶĚ ZŚŝnjŽƐƉŚĞƌĞ ƚŽ /ŵƉƌŽǀĞ WƌŽĚƵĐƚŝǀŝƚLJ ŝŶ /ŶƚĞŶƐŝǀĞ ,ŽƌƚŝĐƵůƚƵƌĂů ^LJƐƚĞŵƐ͘
ϰϭͲϲ͘;ĐƚĂ,ŽƌƚŝĐƵůƚƵƌĂĞ͖ǀŽů͘Ϳ
ĞůŚĂũ <͕ >ŝŶ Y͕ DĂƵĐŚ &͕ ϮϬϬϵ͘ dŚĞ ĐŚůŽƌŽƉůĂƐƚ ƉƌŽƚĞŝŶ ZW,ϭ ƉůĂLJƐ Ă ƌŽůĞ ŝŶ ƚŚĞ
ŝŵŵƵŶĞ ƌĞƐƉŽŶƐĞ ŽĨ ƌĂďŝĚŽƉƐŝƐ ƚŽ WŚLJƚŽƉŚƚŚŽƌĂ ďƌĂƐƐŝĐĂĞ͘ WůĂŶƚ :ŽƵƌŶĂů ϱϴ͕
ϮϴϳͲϵϴKŶͲůŝŶĞϭϬ͘ϭϭϭϭͬũ͘ϭϯϲϱͲϯϭϯy͘ϮϬϬϴ͘Ϭϯϳϳϵ͘dž͘
Ğůů<^͕ZŽďĞƌƚƐ:͕sĞƌƌĂůů^͕ƵůůĞŶt͕tŝůůŝĂŵƐE͕,ĂƌƌŝƐŽŶ:'͕dŽƚŚ/<͕ŽŽŬĞ>͕
ƵŶĐĂŶ:D͕ůĂdžƚŽŶ:Z͕ϭϵϵϵ͘ĞƚĞĐƚŝŽŶĂŶĚƋƵĂŶƚŝĨŝĐĂƚŝŽŶŽĨ^ƉŽŶŐŽƐƉŽƌĂ
ƐƵďƚĞƌƌĂŶĞĂĨ͘ƐƉƐƵďƚĞƌƌĂŶĞĂŝŶƐŽŝůƐĂŶĚŽŶƚƵďĞƌƐƵƐŝŶŐƐƉĞĐŝĨŝĐWZƉƌŝŵĞƌƐ͘
ƵƌŽƉĞĂŶ:ŽƵƌŶĂůŽĨWůĂŶƚWĂƚŚŽůŽŐLJϭϬϱ͕ϵϬϱͲϭϱ͘
ŽŚůŵĂŶŶ,͕sŝŐŶƵƚĞůůŝ͕,ŝůƉĞƌƚ͕DŝĞƌƐĐŚK͕tĂƐƚĞƌŶĂĐŬ͕ƉĞů<͕ϭϵϵϴ͘tŽƵŶĚŝŶŐ
ĂŶĚ ĐŚĞŵŝĐĂůƐ ŝŶĚƵĐĞ ĞdžƉƌĞƐƐŝŽŶ ŽĨ ƚŚĞ ƌĂďŝĚŽƉƐŝƐ ƚŚĂůŝĂŶĂ ŐĞŶĞ dŚŝϮ͘ϭ͕
ĞŶĐŽĚŝŶŐĂĨƵŶŐĂůĚĞĨĞŶƐĞƚŚŝŽŶŝŶ͕ǀŝĂƚŚĞŽĐƚĂĚĞĐĂŶŽŝĚƉĂƚŚǁĂLJ͘&ĞďƐ>ĞƚƚĞƌƐ
ϰϯϳ͕ϮϴϭͲϲ͘
ƌĂƐĞůƚŽŶ :W͕ ϭϵϵϱ͘ ƵƌƌĞŶƚ ƐƚĂƚƵƐ ŽĨ ƚŚĞ ƉůĂƐŵŽĚŝŽƉŚŽƌŝĚƐ͘ ƌŝƚŝĐĂů ZĞǀŝĞǁƐ ŝŶ
DŝĐƌŽďŝŽůŽŐLJϮϭ͕ϮϲϯͲϳϱ͘
ƌĂƐĞůƚŽŶ:W͕ϮϬϬϭ͘WůĂƐŵŽĚŝŽƉŚŽƌŽŵLJĐŽƚĂ͘DLJĐŽƚĂsŝŝ͗^LJƐƚĞŵĂƚŝĐƐĂŶĚǀŽůƵƚŝŽŶ͕Wƚ
ϳ͕ϴϭͲϵϭ͘
ƌŝĞƌůĞLJ:>͕^ƚĞǁĂƌƚ:͕>ĞĞƐ<͕ϮϬϬϵ͘YƵĂŶƚŝĨLJŝŶŐƉŽƚĂƚŽƉĂƚŚŽŐĞŶEŝŶƐŽŝů͘
ƉƉůŝĞĚ^ŽŝůĐŽůŽŐLJϰϭ͕ϮϯϰͲϴKŶͲůŝŶĞϭϬ͘ϭϬϭϲͬũ͘ĂƉƐŽŝů͘ϮϬϬϴ͘ϭϭ͘ϬϬϰ͘
Ϯϭ
ƵĐnjĂĐŬŝ ^͕ >ĂŶŐĞ >͕ KůƐŽŶ >t͕ Ăƌƌ :^͕ ^ŚĂǁ ^͕ ,ĞŶĚƌŝdž &&:ƌ͕ ĂŵƉďĞůů t͕ ƌƵŝŶ
'͕ ĚŐŝŶŐƚŽŶ >s͕ dĞĂŬůĞ ^͕ DŝůůĞƌ ͕ LJůĞǁƐŬŝ W͕ ŝĐŬ Dt͕ ϭϵϴϯ͘
ŽŽƐƉŽƌŝĐƉůĂŶƚƉĂƚŚŽŐĞŶƐ͗ĂŵŽĚĞƌŶƉĞƌƐƉĞĐƚŝǀĞ͘ŽŽƐƉŽƌŝĐƉůĂŶƚƉĂƚŚŽŐĞŶƐ͗Ă
ŵŽĚĞƌŶƉĞƌƐƉĞĐƚŝǀĞ͕͘džнϯϱϮƉƉ͘
ƵůŵĂŶ^Z͕DĂƌƐŚĂůů:t͕ϭϵϵϴ͘ĞƚĞĐƚŝŽŶŽĨ^ƉŽŶŐŽƐƉŽƌĂƐƵďƚĞƌƌĂŶĞĂŝŶƉŽƚĂƚŽƚƵďĞƌ
ůĞƐŝŽŶƐƵƐŝŶŐƚŚĞƉŽůLJŵĞƌĂƐĞĐŚĂŝŶƌĞĂĐƚŝŽŶ;WZͿ͘WůĂŶƚWĂƚŚŽůŽŐLJϰϳ͕ϳϱϵͲϲϲ͘
ƵůŵĂŶ^Z͕<ƵŚŶ^&͕DĂƌƐŚĂůů:t͕^ĐŚŶĞƉĨ͕ϮϬϬϭ͘ƉŚLJůŽŐĞŶĞƚŝĐĂŶĂůLJƐŝƐŽĨƚŚĞ^^h
ƌZE ĨƌŽŵ ŵĞŵďĞƌƐ ŽĨ ƚŚĞ ƉůĂƐŵŽĚŝŽƉŚŽƌŝĚĂ ĂŶĚ ƉŚĂŐŽŵLJdžŝĚĂ͘ WƌŽƚŝƐƚ ϭϱϮ͕
ϰϯͲϱϭ͘
ƵůŵĂŶ ^͕ ĂŶĚLJ :D͕ &ŝĞƌƐ D͕ >ŝƐƚĞƌ Z͕ ŽŶŶĞƌ :͕ ĂĚLJ ͕ ϮϬϭϭ͘ 'ĞŶŽŵŝĐƐ ŽĨ
ďŝŽƚƌŽƉŚŝĐ͕ƉůĂŶƚͲŝŶĨĞĐƚŝŶŐƉůĂƐŵŽĚŝŽƉŚŽƌŝĚƐƵƐŝŶŐŝŶǀŝƚƌŽĚƵĂůĐƵůƚƵƌĞƐ͘WƌŽƚŝƐƚ
ϭϲϮ͕ϰϰϵͲϲϭKŶͲůŝŶĞϭϬ͘ϭϬϭϲͬũ͘ƉƌŽƚŝƐ͘ϮϬϭϬ͘Ϭϵ͘ϬϬϰ͘
ƵƌŬŝ&͕<ƵĚƌLJĂǀƚƐĞǀ͕DĂƚnjD͕ŐůLJĂŵŽǀĂ'͕ƵůŵĂŶ^͕&ŝĞƌƐD͕<ĞĞůŝŶŐW͕WĂǁůŽǁƐŬŝ
:͕ ϮϬϭϬ͘ ǀŽůƵƚŝŽŶ ŽĨ ZŚŝnjĂƌŝĂ͗ ŶĞǁ ŝŶƐŝŐŚƚƐ ĨƌŽŵ ƉŚLJůŽŐĞŶŽŵŝĐ ĂŶĂůLJƐŝƐ ŽĨ
ƵŶĐƵůƚŝǀĂƚĞĚƉƌŽƚŝƐƚƐ͘DǀŽůƵƚŝŽŶĂƌLJŝŽůŽŐLJϭϬ͕ϯϳϳ͘
ĂŽ ,͕ 'ůĂnjĞďƌŽŽŬ :͕ ůĂƌŬĞ :͕ sŽůŬŽ ^͕ ŽŶŐ yE͕ ϭϵϵϳ͘ dŚĞ ƌĂďŝĚŽƉƐŝƐ EWZϭ ŐĞŶĞ
ƚŚĂƚ ĐŽŶƚƌŽůƐƐLJƐƚĞŵŝĐĂĐƋƵŝƌĞĚƌĞƐŝƐƚĂŶĐĞĞŶĐŽĚĞƐ ĂŶŽǀĞů ƉƌŽƚĞŝŶ ĐŽŶƚĂŝŶŝŶŐ
ĂŶŬLJƌŝŶƌĞƉĞĂƚƐ͘Ğůůϴϴ͕ϱϳͲϲϯ͘
ůĂdžƚŽŶ :Z͕ WŽƚƚĞƌ h:͕ ůĂŬĞƐůĞLJ ͕ ůĂƌŬƐŽŶ :D͕ ϭϵϵϲ͘ Ŷ ƵůƚƌĂƐƚƌƵĐƚƵƌĂů ƐƚƵĚLJ ŽĨ ƚŚĞ
ŝŶƚĞƌĂĐƚŝŽŶ ďĞƚǁĞĞŶ ^ƉŽŶŐŽƐƉŽƌĂ ƐƵďƚĞƌƌĂŶĞĂ Ĩ ƐƉ ŶĂƐƚƵƌƚŝŝ ĂŶĚ ǁĂƚĞƌĐƌĞƐƐ
ƌŽŽƚƐ͘DLJĐŽůŽŐŝĐĂůZĞƐĞĂƌĐŚϭϬϬ͕ϭϰϯϭͲϵ͘
ŽŚĞŶz͕ϭϵϵϰĂ͘ϯͲŵŝŶŽďƵƚLJƌŝĐĂĐŝĚŝŶĚƵĐĞƐƐLJƐƚĞŵŝĐƌĞƐŝƐƚĂŶĐĞĂŐĂŝŶƐƚƉĞƌŽŶŽƐƉŽƌĞ
ƚĂďĂĐŝŶĂ͘WŚLJƐŝŽůŽŐŝĐĂůĂŶĚDŽůĞĐƵůĂƌWůĂŶƚWĂƚŚŽůŽŐLJϰϰ͕ϮϳϯͲϴϴ͘
ŽŚĞŶz͕EŝĚĞƌŵĂŶd͕DŽƐŝŶŐĞƌ͕&ůƵŚƌZ͕ϭϵϵϰď͘ĞƚĂͲĂŵŝŶŽďƵƚLJƌŝĐĂĐŝĚŝŶĚƵĐĞƐƚŚĞ
ĂĐĐƵŵƵůĂƚŝŽŶ ŽĨ ƉĂƚŚŽŐĞŶĞƐŝƐͲƌĞůĂƚĞĚ ƉƌŽƚĞŝŶƐ ŝŶ ƚŽŵĂƚŽ ;>LJĐŽƉĞƌƐŝĐŽŶͲ
ĞƐĐƵůĞŶƚƵŵ >͘Ϳ ƉůĂŶƚƐ ĂŶĚ ƌĞƐŝƐƚĂŶĐĞ ƚŽ ůĂƚĞ ďůŝŐŚƚ ŝŶĨĞĐƚŝŽŶ ĐĂƵƐĞĚ ďLJ
WŚLJƚŽƉŚƚŚŽƌĂͲŝŶĨĞƐƚĂŶƐ͘WůĂŶƚWŚLJƐŝŽůŽŐLJϭϬϰ͕ϱϵͲϲϲ͘
ϮϮ
ŽŚĞŶ zZ͕ ϮϬϬϮ͘ ĞƚĂͲĂŵŝŶŽďƵƚLJƌŝĐ ĂĐŝĚͲŝŶĚƵĐĞĚ ƌĞƐŝƐƚĂŶĐĞ ĂŐĂŝŶƐƚ ƉůĂŶƚ ƉĂƚŚŽŐĞŶƐ͘
WůĂŶƚŝƐĞĂƐĞϴϲ͕ϰϰϴͲϱϳ͘
ŽŶƌĂƚŚh͕ϮϬϬϵ͘WƌŝŵŝŶŐŽĨ/ŶĚƵĐĞĚWůĂŶƚĞĨĞŶƐĞZĞƐƉŽŶƐĞƐ͗ sĂŶůŽŽŶ>͕ĞĚ͘ WůĂŶƚ
/ŶŶĂƚĞ/ŵŵƵŶŝƚLJ͘ϯϲϭͲϵϱ͘;ĚǀĂŶĐĞƐŝŶŽƚĂŶŝĐĂůZĞƐĞĂƌĐŚ͖ǀŽů͘ϱϭ͘Ϳ
ŽŶƌĂƚŚ h͕ ĞĐŬĞƌƐ ':D͕ &ůŽƌƐ s͕ 'ĂƌĐŝĂͲŐƵƐƚŝŶ W͕ :ĂŬĂď '͕ DĂƵĐŚ &͕ EĞǁŵĂŶ D͕
WŝĞƚĞƌƐĞD:͕WŽŝŶƐƐŽƚ͕WŽnjŽD:͘WƵŐŝŶ͕^ĐŚĂĨĨƌĂƚŚh͕dŽŶ:͕tĞŶĚĞŚĞŶŶĞ
͕ ŝŵŵĞƌůŝ >͕ DĂƵĐŚͲDĂŶŝ ͕ ϮϬϬϲ͘ WƌŝŵŝŶŐ͗ 'ĞƚƚŝŶŐ ƌĞĂĚLJ ĨŽƌ ďĂƚƚůĞ͘
DŽůĞĐƵůĂƌWůĂŶƚͲDŝĐƌŽďĞ/ŶƚĞƌĂĐƚŝŽŶƐϭϵ͕ϭϬϲϮͲϳϭ͘
ŽƋƵŽnj :>͕ ƵĐŚĂůĂ :͕ DĞƵǁůLJ W͕ ϭϵϵϰ͘ ^ĂůŝĐLJůŝĐ ĂĐŝĚ͗ Ă ƐŝŐŶĂů ƐƵďƐƚĂŶĐĞ ƉƌŽĚƵĐĞĚ
ƵƉŽŶĞůŝĐŝƚŝŶŐƉŽƚĂƚŽůĞĂǀĞƐǁŝƚŚĂƌĂĐŚŝĚŽŶŝĐĂĐŝĚ͘ĐƚĂ,ŽƌƚŝĐƵůƚƵƌĂĞ͕ϯϳϵͲϴϮ͘
ƌĂŵƉƚŽŶ'͕,ĞŝŶ/͕ĞƌŐĞƌ<͕ϮϬϬϵ͘^ĂůŝĐLJůŝĐĂĐŝĚĐŽŶĨĞƌƐƌĞƐŝƐƚĂŶĐĞƚŽĂďŝŽƚƌŽƉŚŝĐ
ƌƵƐƚ ƉĂƚŚŽŐĞŶ͕ WƵĐĐŝŶŝĂ ƐƵďƐƚƌŝĂƚĂ͕ ŝŶ ƉĞĂƌů ŵŝůůĞƚ ;WĞŶŶŝƐĞƚƵŵ ŐůĂƵĐƵŵͿ͘
DŽůĞĐƵůĂƌWůĂŶƚWĂƚŚŽůŽŐLJϭϬ͕ϮϵϭͲϯϬϰ͘
ŚĂŶĚĂ͕yŝĂz͕DĂŶĚĂůD<͕zƵ<^͕^ĞŬŝŶĞ<d͕'ĂŽYD͕^ĞůŽƚĞ͕,Ƶz>͕^ƚƌŽŵďĞƌŐ͕
EĂǀĂƌƌĞ ͕ <ĂĐŚƌŽŽ ͕ <ĂĐŚƌŽŽ W͕ ϮϬϭϭ͘ 'ůLJĐĞƌŽůͲϯͲƉŚŽƐƉŚĂƚĞ ŝƐ Ă ĐƌŝƚŝĐĂů
ŵŽďŝůĞŝŶĚƵĐĞƌŽĨƐLJƐƚĞŵŝĐŝŵŵƵŶŝƚLJŝŶƉůĂŶƚƐ͘EĂƚƵƌĞ'ĞŶĞƚŝĐƐϰϯ͕ϰϮϭͲϮϵ͘
ŚŝƐŚŽůŵ^d͕ŽĂŬĞƌ'͕ĂLJ͕^ƚĂƐŬĂǁŝĐnj:͕ϮϬϬϲ͘,ŽƐƚͲŵŝĐƌŽďĞŝŶƚĞƌĂĐƚŝŽŶƐ͗^ŚĂƉŝŶŐ
ƚŚĞĞǀŽůƵƚŝŽŶŽĨƚŚĞƉůĂŶƚŝŵŵƵŶĞƌĞƐƉŽŶƐĞ͘ĞůůϭϮϰ͕ϴϬϯͲϭϰ͘
ĞŵƉƐĞLJ ͕ ^ŚĂŚ :͕ <ůĞƐƐŝŐ &͕ ϭϵϵϵ͘ ^ĂůŝĐLJůŝĐ ĂĐŝĚ ĂŶĚ ĚŝƐĞĂƐĞ ƌĞƐŝƐƚĂŶĐĞ ŝŶ ƉůĂŶƚƐ͘
ƌŝƚŝĐĂůZĞǀŝĞǁƐŝŶWůĂŶƚ^ĐŝĞŶĐĞƐϭϴ͕ϱϰϳͲϳϱ͘
ĞǀŽƐ^͕sŝƐƐĞŶďĞƌŐ<͕ sĞƌďĞůĞŶ:W͕WƌŝŶƐĞŶ͕ ϮϬϬϱ͘/ŶĨĞĐƚŝŽŶŽĨŚŝŶĞƐĞĐĂďďĂŐĞďLJ
WůĂƐŵŽĚŝŽƉŚŽƌĂ ďƌĂƐƐŝĐĂĞ ůĞĂĚƐ ƚŽ Ă ƐƚŝŵƵůĂƚŝŽŶ ŽĨ ƉůĂŶƚ ŐƌŽǁƚŚ͗ ŝŵƉĂĐƚƐ ŽŶ
ĐĞůů ǁĂůů ŵĞƚĂďŽůŝƐŵ ĂŶĚ ŚŽƌŵŽŶĞ ďĂůĂŶĐĞ͘ EĞǁ WŚLJƚŽůŽŐŝƐƚ ϭϲϲ͕ ϮϰϭͲϱϬ KŶͲ
ůŝŶĞϭϬ͘ϭϭϭϭͬũ͘ϭϰϲϵͲϴϭϯϳ͘ϮϬϬϰ͘ϬϭϯϬϰ͘dž͘
ƐĐŚĞŶͲ>ŝƉƉŽůĚ >͕ ůƚŵĂŶŶ ^͕ ZŽƐĂŚů ^͕ ϮϬϭϬ͘ >ͲďĞƚĂͲŵŝŶŽďƵƚLJƌŝĐ ĂĐŝĚͲŝŶĚƵĐĞĚ
ƌĞƐŝƐƚĂŶĐĞ ŽĨ ƉŽƚĂƚŽ ĂŐĂŝŶƐƚ WŚLJƚŽƉŚƚŚŽƌĂ ŝŶĨĞƐƚĂŶƐ ƌĞƋƵŝƌĞƐ ƐĂůŝĐLJůŝĐ ĂĐŝĚ ďƵƚ
Ϯϯ
ŶŽƚ ŽdžLJůŝƉŝŶƐ͘ DŽůĞĐƵůĂƌ WůĂŶƚͲDŝĐƌŽďĞ /ŶƚĞƌĂĐƚŝŽŶƐ Ϯϯ͕ ϱϴϱͲϵϮ KŶͲůŝŶĞ
ϭϬ͘ϭϬϵϰͬŵƉŵŝͲϮϯͲϱͲϬϱϴϱ͘
&ĂůůŽŽŶ Z͕ ϮϬϬϴ͘ ŽŶƚƌŽů ŽĨ ƉŽǁĚĞƌLJ ƐĐĂď ŽĨ ƉŽƚĂƚŽ͗ dŽǁĂƌĚƐ ŝŶƚĞŐƌĂƚĞĚ ĚŝƐĞĂƐĞ
ŵĂŶĂŐĞŵĞŶƚ͘ŵĞƌŝĐĂŶ:ŽƵƌŶĂůŽĨWŽƚĂƚŽZĞƐĞĂƌĐŚϴϱ͕ϮϱϯͲϲϬ͘
&ĂůůŽŽŶZ͕'ĞŶĞƚZ͕ tĂůůĂĐĞZ͕ƵƚůĞƌZ͕ϮϬϬϯ͘^ƵƐĐĞƉƚŝďŝůŝƚLJŽĨƉŽƚĂƚŽ;^ŽůĂŶƵŵ
ƚƵďĞƌŽƐƵŵͿĐƵůƚŝǀĂƌƐƚŽƉŽǁĚĞƌLJƐĐĂď;ĐĂƵƐĞĚďLJ^ƉŽŶŐŽƐƉŽƌĂƐƵďƚĞƌƌĂŶĞĂĨƐƉ
ƐƵďƚĞƌƌĂŶĞĂͿ͕ĂŶĚƌĞůĂƚŝŽŶƐŚŝƉƐďĞƚǁĞĞŶƚƵďĞƌĂŶĚƌŽŽƚŝŶĨĞĐƚŝŽŶ͘ƵƐƚƌĂůĂƐŝĂŶ
WůĂŶƚWĂƚŚŽůŽŐLJϯϮ͕ϯϳϳͲϴϱ͘
&ĂůůŽŽŶ Z͕ tĂůůĂĐĞ Z͕ ƌĂŝƚŚǁĂŝƚĞ D͕ 'ĞŶĞƚ Z͕ EŽƚƚ ,D͕ &ůĞƚĐŚĞƌ :͕ ƌĂĂŵ t&͕
ϭϵϵϲ͘ƐƐĞƐƐŵĞŶƚŽĨƐĞĞĚƚƵďĞƌ͕ŝŶͲĨƵƌƌŽǁ͕ĂŶĚĨŽůŝĂƌĐŚĞŵŝĐĂůƚƌĞĂƚŵĞŶƚƐĨŽƌ
ĐŽŶƚƌŽůŽĨƉŽǁĚĞƌLJƐĐĂď;^ƉŽŶŐŽƐƉŽƌĂƐƵďƚĞƌƌĂŶĞĂĨƐƉƐƵďƚĞƌƌĂŶĞĂͿŽĨƉŽƚĂƚŽ͘
EĞǁĞĂůĂŶĚ:ŽƵƌŶĂůŽĨƌŽƉĂŶĚ,ŽƌƚŝĐƵůƚƵƌĂů^ĐŝĞŶĐĞϮϰ͕ϯϰϭͲϱϯ͘
&Ƶ ͕ zĂŶ ^͕ ^ĂůĞŚ ͕ tĂŶŐ t͕ ZƵďůĞ :͕ KŬĂ E͕ DŽŚĂŶ Z͕ ^ƉŽĞů ^,͕ dĂĚĂ z͕ ŚĞŶŐ E͕
ŽŶŐ y͕ ϮϬϭϮ͘ EWZϯ ĂŶĚ EWZϰ ĂƌĞ ƌĞĐĞƉƚŽƌƐ ĨŽƌ ƚŚĞ ŝŵŵƵŶĞ ƐŝŐŶĂů ƐĂůŝĐLJůŝĐ
ĂĐŝĚŝŶƉůĂŶƚƐ͘EĂƚƵƌĞϰϴϲ͕ϮϮϴͲϯϮ͘
'ĂŵůŝĞů ͕ <ĂƚĂŶ :͕ ϭϵϵϮ͘ /ŶĨůƵĞŶĐĞ ŽĨ ƐĞĞĚ ĂŶĚ ƌŽŽƚ ĞdžƵĚĂƚĞƐ ŽŶ ĨůƵŽƌĞƐĐĞŶƚ
WƐĞƵĚŽŵŽŶĂĚƐĂŶĚ&ƵŶŐŝŝŶƐŽůĂƌŝnjĞĚƐŽŝů͘WŚLJƚŽƉĂƚŚŽůŽŐLJϴϮ͕ϯϮϬͲϳ͘
'Ğ y͕ >ŝ ':͕ tĂŶŐ ^͕ ŚƵ ,&͕ ŚƵ d͕ tĂŶŐ y͕ yŝĂ z:͕ ϮϬϬϳ͘ ƚEhdϳ͕ Ă ŶĞŐĂƚŝǀĞ
ƌĞŐƵůĂƚŽƌ ŽĨ ďĂƐĂů ŝŵŵƵŶŝƚLJ ŝŶ ƌĂďŝĚŽƉƐŝƐ͕ ŵŽĚƵůĂƚĞƐ ƚǁŽ ĚŝƐƚŝŶĐƚ ĚĞĨĞŶƐĞ
ƌĞƐƉŽŶƐĞ ƉĂƚŚǁĂLJƐ ĂŶĚ ŝƐ ŝŶǀŽůǀĞĚ ŝŶ ŵĂŝŶƚĂŝŶŝŶŐ ƌĞĚŽdž ŚŽŵĞŽƐƚĂƐŝƐ͘ WůĂŶƚ
WŚLJƐŝŽůŽŐLJϭϰϱ͕ϮϬϰͲϭϱ͘
'ůĂnjĞďƌŽŽŬ :͕ ϮϬϬϱ͘ ŽŶƚƌĂƐƚŝŶŐ ŵĞĐŚĂŶŝƐŵƐ ŽĨ ĚĞĨĞŶƐĞ ĂŐĂŝŶƐƚ ďŝŽƚƌŽƉŚŝĐ ĂŶĚ
ŶĞĐƌŽƚƌŽƉŚŝĐƉĂƚŚŽŐĞŶƐ͘ŶŶƵĂůZĞǀŝĞǁŽĨWŚLJƚŽƉĂƚŚŽůŽŐLJϰϯ͕ϮϬϱͲϮϳ͘
'ƌĂŶƚD͕>Ăŵď͕ϮϬϬϲ͘^LJƐƚĞŵŝĐŝŵŵƵŶŝƚLJ͘ƵƌƌĞŶƚKƉŝŶŝŽŶŝŶWůĂŶƚŝŽůŽŐLJϵ͕ϰϭϰͲϮϬ͘
Ϯϰ
,Ăůŝŵ s͕ ƐĐŚĞŶͲ>ŝƉƉŽůĚ >͕ ůƚŵĂŶŶ ^͕ ŝƌƐĐŚǁŝůŬƐ D͕ ^ĐŚĞĞů ͕ ZŽƐĂŚů ^͕ ϮϬϬϳ͘
^ĂůŝĐLJůŝĐ ĂĐŝĚ ŝƐ ŝŵƉŽƌƚĂŶƚ ĨŽƌ ďĂƐĂů ĚĞĨĞŶƐĞ ŽĨ ƐŽůĂŶƵŵ ƚƵďĞƌŽƐƵŵ ĂŐĂŝŶƐƚ
WŚLJƚŽƉŚƚŚŽƌĂŝŶĨĞƐƚĂŶƐ͘DŽůĞĐƵůĂƌWůĂŶƚͲDŝĐƌŽďĞ/ŶƚĞƌĂĐƚŝŽŶƐϮϬ͕ϭϯϰϲͲϱϮKŶͲ
ůŝŶĞϭϬ͘ϭϬϵϰͬŵƉŵŝͲϮϬͲϭϭͲϭϯϰϲ͘
,ĂƌƌŝƐŽŶ:'͕^ĞĂƌůĞZ:͕tŝůůŝĂŵƐE͕ϭϵϵϳ͘WŽǁĚĞƌLJƐĐĂďĚŝƐĞĂƐĞŽĨƉŽƚĂƚŽͲƌĞǀŝĞǁ͘
WůĂŶƚWĂƚŚŽůŽŐLJϰϲ͕ϭͲϮϱ͘
,ŽƵƚĞƌŵĂŶWD͕ŽƌŶĞůŝƐƐĞŶ:͕ZĞƉ D͕ϮϬϬϴ͘^ƵƉƉƌĞƐƐŝŽŶŽĨƉůĂŶƚƌĞƐŝƐƚĂŶĐĞŐĞŶĞͲ
ďĂƐĞĚŝŵŵƵŶŝƚLJďLJĂĨƵŶŐĂůĞĨĨĞĐƚŽƌ͘WůŽƐWĂƚŚŽŐĞŶƐϰ͘
:ĂŬĂď '͕ ŽƚƚŝĞƌ s͕ dŽƋƵŝŶ s͕ ZŝŐŽůŝ '͕ ŝŵŵĞƌůŝ >͕ DĞƚƌĂƵdž :W͕ DĂƵĐŚͲDĂŶŝ ͕ ϮϬϬϭ͘
ĞƚĂͲŵŝŶŽďƵƚLJƌŝĐĂĐŝĚͲŝŶĚƵĐĞĚƌĞƐŝƐƚĂŶĐĞŝŶƉůĂŶƚƐ͘ƵƌŽƉĞĂŶ:ŽƵƌŶĂůŽĨWůĂŶƚ
WĂƚŚŽůŽŐLJϭϬϳ͕ϮϵͲϯϳ͘
:ŽŶĞƐ:'͕ĂŶŐů:>͕ϮϬϬϲ͘dŚĞƉůĂŶƚŝŵŵƵŶĞƐLJƐƚĞŵ͘EĂƚƵƌĞϰϰϰ͕ϯϮϯͲϵ͘
:ƵŶŐ ,t͕ dƐĐŚĂƉůŝŶƐŬŝ d:͕ tĂŶŐ >͕ 'ůĂnjĞďƌŽŽŬ :͕ 'ƌĞĞŶďĞƌŐ :d͕ ϮϬϬϵ͘ WƌŝŵŝŶŐ ŝŶ
ƐLJƐƚĞŵŝĐƉůĂŶƚŝŵŵƵŶŝƚLJ͘^ĐŝĞŶĐĞϯϮϰ͕ϴϵͲϵϭ͘
<ĂŐĞLJĂŵĂ <͕ ƐĂŶŽ d͕ ϮϬϬϵ͘ >ŝĨĞ LJĐůĞ ŽĨWůĂƐŵŽĚŝŽƉŚŽƌĂ ďƌĂƐƐŝĐĂĞ͘ :ŽƵƌŶĂů ŽĨ WůĂŶƚ
'ƌŽǁƚŚZĞŐƵůĂƚŝŽŶϮϴ͕ϮϬϯͲϭϭ͘
<ĂƌůŝŶŐ :͕ ϭϵϲϴ͘ dŚĞ ƉůĂƐŵŽĚŝŽƉŚŽƌĂůĞƐ͘ ,ĂĨŶĞƌ ƉƵďůŝƐŚŝŶŐ ĐŽŵƉĂŶLJ͕ EĞǁ zŽƌŬ ĂŶĚ
>ŽŶĚŽŶ͘ϮŶĚĐŽŵƉůĞƚĞůLJƌĞǀŝƐĞĚĞĚŝƚŝŽŶ͘ŚĂƉƚĞƌs/͕ϭϱϰͲϭϳϵ͘ŚĂƉƚĞƌs//͕ϭϴϳͲ
ϭϵϬ͘
<ĞƐƐŵĂŶŶ,͕^ƚĂƵďd͕,ŽĨŵĂŶŶ͕DĂĞƚnjŬĞd͕,ĞƌnjŽŐ:͕tĂƌĚ͕hŬŶĞƐ^͕ZLJĂůƐ:͕ϭϵϵϰ͘
/ŶĚƵĐƚŝŽŶ ŽĨ ƐLJƐƚĞŵŝĐ ĂĐƋƵŝƌĞĚ ĚŝƐĞĂƐĞ ƌĞƐŝƐƚĂŶĐĞ ŝŶ ƉůĂŶƚƐ ďLJ ĐŚĞŵŝĐĂůƐ͘
ŶŶƵĂůZĞǀŝĞǁŽĨWŚLJƚŽƉĂƚŚŽůŽŐLJϯϮ͕ϰϯϵͲϱϵ͘
<ŝƌŬ ,'͕ ϮϬϬϴ͘ DŽƉͲƚŽƉ ǀŝƌƵƐ͕ ƌĞůĂƚŝŽŶƐŚŝƉ ƚŽ ŝƚƐ ǀĞĐƚŽƌ͘ ŵĞƌŝĐĂŶ :ŽƵƌŶĂů ŽĨ WŽƚĂƚŽ
ZĞƐĞĂƌĐŚϴϱ͕ϮϲϭͲϱ͘
Ϯϱ
<ŽŵďƌŝŶŬ͕^ĐŚŵĞůnjĞƌ ͕ϮϬϬϭ͘dŚĞŚLJƉĞƌƐĞŶƐŝƚŝǀĞƌĞƐƉŽŶƐĞĂŶĚŝƚƐƌŽůĞŝŶůŽĐĂůĂŶĚ
ƐLJƐƚĞŵŝĐĚŝƐĞĂƐĞƌĞƐŝƐƚĂŶĐĞ͘ƵƌŽƉĞĂŶ:ŽƵƌŶĂůŽĨWůĂŶƚWĂƚŚŽůŽŐLJϭϬϳ͕ϲϵͲϳϴ͘
<ŽŶĞ ͕ ƐŝŶŽƐ ^͕ :ĂĐŬƐŽŶ <>͕ :ŝ Z͕ ϮϬϬϵ͘ ǀĂůƵĂƚŝŽŶ ŽĨ ƐLJƐƚĞŵŝĐ ĂĐƋƵŝƌĞĚ ƌĞƐŝƐƚĂŶĐĞ
ŝŶĚƵĐĞƌƐ ĨŽƌ ĐŽŶƚƌŽů ŽĨ WŚLJƚŽƉŚƚŚŽƌĂ ĐĂƉƐŝĐŝ ŽŶ ƐƋƵĂƐŚ͘ ƌŽƉ WƌŽƚĞĐƚŝŽŶ Ϯϴ͕
ϱϯϯͲϴ͘
>ĞĞƐ <͕ sĂŶ Ğ 'ƌĂĂĨ W͕ tĂůĞ ^͕ ϮϬϬϴ͘ dŚĞ ŝĚĞŶƚŝĨŝĐĂƚŝŽŶ ĂŶĚ ĚĞƚĞĐƚŝŽŶ ŽĨ
^ƉŽŶŐŽƐƉŽƌĂƐƵďƚĞƌƌĂŶĞĂĂŶĚĨĂĐƚŽƌƐĂĨĨĞĐƚŝŶŐŝŶĨĞĐƚŝŽŶĂŶĚĚŝƐĞĂƐĞ͘ŵĞƌŝĐĂŶ
:ŽƵƌŶĂůŽĨWŽƚĂƚŽZĞƐĞĂƌĐŚϴϱ͕ϮϰϳͲϱϮ͘
>ŝz:͕dŝĂŶ͕>ŝƵ:͕yŝĞ,͕ϮϬϬϵ͘ŽŵƉĂƌĂƚŝǀĞĐEͲ&>WĂŶĂůLJƐŝƐƌĞǀĞĂůƐƚŚĂƚĚůͲďĞƚĂͲ
ĂŵŝŶŽͲďƵƚLJƌŝĐ ĂĐŝĚ ŝŶĚƵĐĞƐ ƌĞƐŝƐƚĂŶĐĞ ƚŚƌŽƵŐŚ ĞĂƌůLJ ĂĐƚŝǀĂƚŝŽŶ ŽĨ ƚŚĞ ŚŽƐƚͲ
ĚĞĨĞŶƐĞŐĞŶĞƐŝŶƉŽƚĂƚŽ͘WŚLJƐŝŽůŽŐŝĂWůĂŶƚĂƌƵŵϭϯϲ͕ϭϵͲϮϵ͘
>ŝůũĞƌŽƚŚ ͕ ĞŶŐƚƐƐŽŶ d͕ tŝŝŬ >͕ ŶĚƌĞĂƐƐŽŶ ͕ ϮϬϭϬ͘ /ŶĚƵĐĞĚ ƌĞƐŝƐƚĂŶĐĞ ŝŶ ƉŽƚĂƚŽ ƚŽ
WŚLJƚƉŚƚŚŽƌĂ ŝŶĨĞƐƚĂŶƐͲĞĨĨĞĐƚƐ ŽĨ ŝŶ ŐƌĞĞŶŚŽƵƐĞ ĂŶĚ ĨŝĞůĚ ƚĞƐƚƐ ǁŝƚŚ
ĚŝĨĨĞƌĞŶƚƉŽƚĂƚŽǀĂƌŝĞƚŝĞƐ͘ƵƌŽƉĞĂŶ:ŽƵƌŶĂůŽĨWůĂŶƚWĂƚŚŽůŽŐLJϭϮϳ͕ϭϳϭͲϴϯ͘
>ŝƵ WW͕ sŽŶ ĂŚů ͕ WĂƌŬ ^Ͳt͕ <ůĞƐƐŝŐ &͕ ϮϬϭϭ͘ /ŶƚĞƌĐŽŶŶĞĐƚŝŽŶ ďĞƚǁĞĞŶ DĞƚŚLJů
^ĂůŝĐLJůĂƚĞ ĂŶĚ >ŝƉŝĚͲĂƐĞĚ >ŽŶŐͲŝƐƚĂŶĐĞ ^ŝŐŶĂůŝŶŐ ĚƵƌŝŶŐ ƚŚĞ ĞǀĞůŽƉŵĞŶƚ ŽĨ
^LJƐƚĞŵŝĐ ĐƋƵŝƌĞĚ ZĞƐŝƐƚĂŶĐĞ ŝŶ ƌĂďŝĚŽƉƐŝƐ ĂŶĚ dŽďĂĐĐŽ͘ WůĂŶƚ WŚLJƐŝŽůŽŐLJ
ϭϱϱ͕ϭϳϲϮͲϴ͘
>ƵĚǁŝŐͲDƵůůĞƌ:͕WƌŝŶƐĞŶ͕ZŽůĨĞ^͕^ĐŚŽůĞƐ:͕ϮϬϬϵ͘DĞƚĂďŽůŝƐŵĂŶĚƉůĂŶƚŚŽƌŵŽŶĞ
ĂĐƚŝŽŶĚƵƌŝŶŐĐůƵďƌŽŽƚĚŝƐĞĂƐĞ͘:ŽƵƌŶĂůŽĨWůĂŶƚ'ƌŽǁƚŚZĞŐƵůĂƚŝŽŶϮϴ͕ϮϮϵͲϰϰ͘
>ƵĚǁŝŐͲDƵůůĞƌ :͕ ^ĐŚƵůůĞƌ ͕ ϮϬϬϴ͘ tŚĂƚ ĐĂŶ ǁĞ ůĞĂƌŶ ĨƌŽŵ ĐůƵďƌŽŽƚƐ͗ ĂůƚĞƌĂƚŝŽŶƐ ŝŶ
ŚŽƐƚ ƌŽŽƚƐ ĂŶĚ ŚŽƌŵŽŶĞ ŚŽŵĞŽƐƚĂƐŝƐ ĐĂƵƐĞĚ ďLJ WůĂƐŵŽĚŝŽƉŚŽƌĂ ďƌĂƐƐŝĐĂĞ͘
ƵƌŽƉĞĂŶ:ŽƵƌŶĂůŽĨWůĂŶƚWĂƚŚŽůŽŐLJϭϮϭ͕ϮϵϭͲϯϬϮ͘
>ƵnjnjĂƚƚŽd͕zŝƐŚĂLJD͕>ŝƉƐŬLJ͕/ŽŶ͕ĞůĂƵƐŽǀ͕zĞĚŝĚŝĂ/͕ϮϬϬϳ͘ĨĨŝĐŝĞŶƚ͕ůŽŶŐͲůĂƐƚŝŶŐ
ƌĞƐŝƐƚĂŶĐĞĂŐĂŝŶƐƚ ƚŚĞƐŽĨƚƌŽƚďĂĐƚĞƌŝƵŵWĞĐƚŽďĂĐƚĞƌŝƵŵĐĂƌŽƚŽǀŽƌƵŵ ŝŶĐĂůůĂ
ůŝůLJƉƌŽǀŝĚĞĚďLJƚŚĞƉůĂŶƚĂĐƚŝǀĂƚŽƌŵĞƚŚLJůũĂƐŵŽŶĂƚĞ͘WůĂŶƚWĂƚŚŽůŽŐLJϱϲ͕ϲϵϮͲ
ϳϬϭ͘
Ϯϲ
DĂƌĐƵĐĐŝ ͕ ůĞĂŶĚƌŝ DW͕ ŚŝůŽƐŝ '͕ DĂŐƌŽ W͕ ϮϬϭϬ͘ /ŶĚƵĐĞĚ ƌĞƐŝƐƚĂŶĐĞ ďLJ ďĞƚĂͲ
ĂŵŝŶŽďƵƚLJƌŝĐ ĂĐŝĚ ŝŶ ĂƌƚŝĐŚŽŬĞ ĂŐĂŝŶƐƚ ǁŚŝƚĞ ŵŽƵůĚ ĐĂƵƐĞĚ ďLJ ^ĐůĞƌŽƚŝŶŝĂ
ƐĐůĞƌŽƚŝŽƌƵŵ͘:ŽƵƌŶĂůŽĨWŚLJƚŽƉĂƚŚŽůŽŐLJϭϱϴ͕ϲϱϵͲϲϳ͘
DĂƐƐĂE͕ŚŝůĚƐ<>͕>ŝŶ,͕ƌLJĂŶ':͕'ŝƵůŝĂŶŽ'͕ƵĞůůZ͕ϮϬϭϭ͘dŚĞƚƌĂŶƐĐƌŝƉƚŽŵĞŽĨ
ƚŚĞƌĞĨĞƌĞŶĐĞƉŽƚĂƚŽŐĞŶŽŵĞ^ŽůĂŶƵŵƚƵďĞƌŽƐƵŵŐƌŽƵƉWŚƵƌĞũĂĐůŽŶĞDϭͲϯ
ϱϭϲZϰϰ͘W>Ž^KEϲ͕ĞϮϲϴϬϭKŶͲůŝŶĞϭϬ͘ϭϯϳϭͬũŽƵƌŶĂů͘ƉŽŶĞ͘ϬϬϮϲϴϬϭ͘
DĂƵĐŚͲDĂŶŝ ͕ DĞƚƌĂƵdž :W͕ ϭϵϵϴ͘ ^ĂůŝĐLJůŝĐ ĂĐŝĚ ĂŶĚ ƐLJƐƚĞŵŝĐ ĂĐƋƵŝƌĞĚ ƌĞƐŝƐƚĂŶĐĞ ƚŽ
ƉĂƚŚŽŐĞŶĂƚƚĂĐŬ͘ŶŶĂůƐŽĨŽƚĂŶLJϴϮ͕ϱϯϱͲϰϬ͘
DĂnjŝĚ D͕ <ŚĂŶ d͕ DŽŚĂŵŵĂĚ &͕ ϮϬϭϭ͘ ZŽůĞ ŽĨ ƐĞĐŽŶĚĂƌLJ ŵĞƚĂďŽůŝƚĞƐ ŝŶ ĚĞĨĞŶƐĞ
ŵĞĐŚĂŶŝƐŵƐŽĨƉůĂŶƚƐ͘ŝŽůŽŐLJĂŶĚDĞĚŝĐŝŶĞϯ͕ϮϯϮʹϮϰϵ͘
DĐŚĂůĞ>͕dĂŶyW͕<ŽĞŚůW͕DŝĐŚĞůŵŽƌĞZt͕ϮϬϬϲ͘WůĂŶƚE^Ͳ>ZZƉƌŽƚĞŝŶƐ͗ĂĚĂƉƚĂďůĞ
ŐƵĂƌĚƐ͘'ĞŶŽŵĞŝŽůŽŐLJϳ͘
DĞƌnj h͕ ϭϵϵϳ͘ DŝĐƌŽƐĐŽƉŝĐĂů ŽďƐĞƌǀĂƚŝŽŶƐ ŽĨ ƚŚĞ ƉƌŝŵĂƌLJ njŽŽƐƉŽƌĞƐ ŽĨ ^ƉŽŶŐŽƐƉŽƌĂ
ƐƵďƚĞƌƌĂŶĞĂĨƐƉƐƵďƚĞƌƌĂŶĞĂ͘WůĂŶƚWĂƚŚŽůŽŐLJϰϲ͕ϲϳϬͲϰ͘
DĞƌnj h͕ ϮϬϬϴ͘ WŽǁĚĞƌLJ ƐĐĂď ŽĨ ƉŽƚĂƚŽ Ͳ KĐĐƵƌƌĞŶĐĞ͕ ůŝĨĞ ĐLJĐůĞ ĂŶĚ ĞƉŝĚĞŵŝŽůŽŐLJ͘
ŵĞƌŝĐĂŶ:ŽƵƌŶĂůŽĨWŽƚĂƚŽZĞƐĞĂƌĐŚϴϱ͕ϮϰϭͲϲ͘
DĞƌnj h͕ &ĂůůŽŽŶ Z͕ ϮϬϬϵ͘ ZĞǀŝĞǁ͗ ƉŽǁĚĞƌLJ ƐĐĂď ŽĨ ƉŽƚĂƚŽ Ͳ ŝŶĐƌĞĂƐĞĚ ŬŶŽǁůĞĚŐĞ ŽĨ
ƉĂƚŚŽŐĞŶďŝŽůŽŐLJĂŶĚĚŝƐĞĂƐĞĞƉŝĚĞŵŝŽůŽŐLJĨŽƌĞĨĨĞĐƚŝǀĞĚŝƐĞĂƐĞŵĂŶĂŐĞŵĞŶƚ͘
WŽƚĂƚŽZĞƐĞĂƌĐŚϱϮ͕ϭϳͲϯϳ͘
DĞƌnj h͕ >ĞĞƐ <͕ ^ƵůůŝǀĂŶ >͕ ^ĐŚǁĂƌnjĞů Z͕ ,ĞďĞŝƐĞŶ d͕ <ŝƌŬ ,'͕ ŽƵĐŚĞŬͲDĞĐŚŝĐŚĞ <͕
,ŽĨĨĞƌďĞƌƚ ,Z͕ ϮϬϭϮ͘ WŽǁĚĞƌLJ ƐĐĂď ƌĞƐŝƐƚĂŶĐĞ ŝŶ ^ŽůĂŶƵŵ ƚƵďĞƌŽƐƵŵ͗ ĂŶ
ĂƐƐĞƐƐŵĞŶƚŽĨĐƵůƚŝǀĂƌdžĞŶǀŝƌŽŶŵĞŶƚĞĨĨĞĐƚ͘WůĂŶƚWĂƚŚŽůŽŐLJϲϭ͕ϮϵͲϯϲ͘
DĞƚƌĂƵdž :W͕ ϮϬϬϭ͘ ^LJƐƚĞŵŝĐ ĂĐƋƵŝƌĞĚ ƌĞƐŝƐƚĂŶĐĞ ĂŶĚ ƐĂůŝĐLJůŝĐ ĂĐŝĚ͗ ĐƵƌƌĞŶƚ ƐƚĂƚĞ ŽĨ
ŬŶŽǁůĞĚŐĞ͘ƵƌŽƉĞĂŶ:ŽƵƌŶĂůŽĨWůĂŶƚWĂƚŚŽůŽŐLJϭϬϳ͕ϭϯͲϴ͘
Ϯϳ
DŝƚŚĞŶ Z͕ DĂŐƌĂƚŚ Z͕ ϭϵϵϮ͘ ĐŽŶƚƌŝďƵƚŝŽŶ ƚŽ ƚŚĞ ůŝĨĞ ŚŝƐƚŽƌLJ ŽĨ WůĂƐŵŽĚŝŽƉŚŽƌĂ
ďƌĂƐƐŝĐĂĞ͗ ƐĞĐŽŶĚĂƌLJ ƉůĂƐŵŽĚŝĂ ĚĞǀĞůŽƉŵĞŶƚ ŝŶ ƌŽŽƚ ŐĂůůƐ ŽĨ ƌĂďŝĚŽƉƐŝƐ
ƚŚĂůŝĂŶĂ͘DLJĐŽůŽŐŝĐĂůZĞƐĞĂƌĐŚϵϲ͕ϴϳϳͲϴϱ͘
EĂŬĂLJĂŵĂ d͕ ,ŽƌŝƚĂ D͕ ^ŚŝŵĂŶƵŬŝ d͕ ϮϬϬϳ͘ ^ƉŽŶŐŽƐƉŽƌĂ ƐƵďƚĞƌƌĂŶĞĂ ƐŽŝů
ĐŽŶƚĂŵŝŶĂƚŝŽŶ ĂŶĚ ŝƚƐ ƌĞůĂƚŝŽŶƐŚŝƉ ƚŽ ƐĞǀĞƌŝƚLJ ŽĨ ƉŽǁĚĞƌLJ ƐĐĂď ŽŶ ƉŽƚĂƚŽĞƐ͘
:ŽƵƌŶĂů ŽĨ 'ĞŶĞƌĂů WůĂŶƚ WĂƚŚŽůŽŐLJ ϳϯ͕ ϮϮϵͲϯϰ KŶͲůŝŶĞ ϭϬ͘ϭϬϬϳͬƐϭϬϯϮϳͲϬϬϳͲ
ϬϬϬϴͲdž͘
EĂǀĂƌƌĞ :͕ dŚŽŵĂƐ W͕ ƌŽǁŶ ͕ <ĂĐŚƌŽŽ W͕ ϮϬϬϯ͘ ^LJƐƚĞŵŝĐ ĂĐƋƵŝƌĞĚ ƌĞƐŝƐƚĂŶĐĞ ŝŶ
ƉŽƚĂƚŽ͘ WŽƚĂƚŽĞƐ Ͳ ,ĞĂůƚŚLJ &ŽŽĚ ĨŽƌ ,ƵŵĂŶŝƚLJ͗ /ŶƚĞƌŶĂƚŝŽŶĂů ĞǀĞůŽƉŵĞŶƚƐ ŝŶ
ƌĞĞĚŝŶŐ͕WƌŽĚƵĐƚŝŽŶ͕WƌŽƚĞĐƚŝŽŶĂŶĚhƚŝůŝnjĂƚŝŽŶ͕ϭϳϳͲϴϭ͘
EĂǀĂƌƌĞ ͕ DĂLJŽ ͕ ϮϬϬϰ͘ ŝĨĨĞƌĞŶƚŝĂů ĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐ ŽĨ ƐĂůŝĐLJůŝĐ ĂĐŝĚͲŵĞĚŝĂƚĞĚ
ƐŝŐŶĂůŝŶŐŝŶƉŽƚĂƚŽ͘WŚLJƐŝŽůŽŐŝĐĂůĂŶĚDŽůĞĐƵůĂƌWůĂŶƚWĂƚŚŽůŽŐLJϲϰ͕ϭϳϵͲϴϴ͘
KůŝǀŝĞƌŝ&W͕>ŽďĂƚŽD͕ůƚĂŵŝƌĂŶĚĂ͕ĂůĞŽ'Z͕,ƵĂƌƚĞD͕'ƵĞǀĂƌĂD'͕ŶĚƌĞƵ͕
ϮϬϬϵ͘ ĞĨĨĞĐƚƐ ŽŶ ƚŚĞ ďĞŚĂǀŝŽƵƌ ŽĨ ƉŽƚĂƚŽ ĐƵůƚŝǀĂƌƐ ŝŶĨĞĐƚĞĚ ďLJ
WŚLJƚŽƉŚƚŚŽƌĂ ŝŶĨĞƐƚĂŶƐ ĂŶĚ &ƵƐĂƌŝƵŵ ƐŽůĂŶŝ͘ ƵƌŽƉĞĂŶ :ŽƵƌŶĂů ŽĨ WůĂŶƚ
WĂƚŚŽůŽŐLJϭϮϯ͕ϰϳͲϱϲ͘
KŽƐƚĞŶĚŽƌƉD͕<ƵŶnjt͕ŝĞƚƌŝĐŚ͕^ƚĂƵďd͕ϮϬϬϭ͘/ŶĚƵĐĞĚĚŝƐĞĂƐĞƌĞƐŝƐƚĂŶĐĞŝŶƉůĂŶƚƐ
ďLJĐŚĞŵŝĐĂůƐ͘ƵƌŽƉĞĂŶ:ŽƵƌŶĂůŽĨWůĂŶƚWĂƚŚŽůŽŐLJϭϬϳ͕ϭϵͲϮϴ͘
WĂƌŬ^t͕<ĂŝŵŽLJŽ͕<ƵŵĂƌ͕DŽƐŚĞƌ^͕<ůĞƐƐŝŐ&͕ϮϬϬϳ͘DĞƚŚLJůƐĂůŝĐLJůĂƚĞŝƐĂĐƌŝƚŝĐĂů
ŵŽďŝůĞƐŝŐŶĂůĨŽƌƉůĂŶƚƐLJƐƚĞŵŝĐĂĐƋƵŝƌĞĚƌĞƐŝƐƚĂŶĐĞ͘^ĐŝĞŶĐĞϯϭϴ͕ϭϭϯͲϲ͘
WŽƚůĂŬĂLJĂůĂ^͕ZĞĞĚt͕ŽǀĞůůŽW^͕&ŽďĞƌƚWZ͕ϮϬϬϳ͘^LJƐƚĞŵŝĐĂĐƋƵŝƌĞĚƌĞƐŝƐƚĂŶĐĞŝŶ
ĐĂŶŽůĂ ŝƐ ůŝŶŬĞĚ ǁŝƚŚ ƉĂƚŚŽŐĞŶĞƐŝƐͲƌĞůĂƚĞĚ ŐĞŶĞ ĞdžƉƌĞƐƐŝŽŶ ĂŶĚ ƌĞƋƵŝƌĞƐ
ƐĂůŝĐLJůŝĐĂĐŝĚ͘WŚLJƚŽƉĂƚŚŽůŽŐLJϵϳ͕ϳϵϰͲϴϬϮ͘
YƵy^͕<ĂǀĂŶĂŐŚ:͕ŐĂŶ͕ŚƌŝƐƚ:͕ϮϬϬϲ͘ĞƚĞĐƚŝŽŶĂŶĚƋƵĂŶƚŝĨŝĐĂƚŝŽŶŽĨ
^ƉŽŶŐŽƐƉŽƌĂƐƵďƚĞƌƌĂŶĞĂĨ͘ƐƉƐƵďƚĞƌƌĂŶĞĂďLJWZŝŶŚŽƐƚƚŝƐƐƵĞĂŶĚŶĂƚƵƌĂůůLJ
ŝŶĨĞƐƚĞĚƐŽŝůƐ͘ŵĞƌŝĐĂŶ:ŽƵƌŶĂůŽĨWŽƚĂƚŽZĞƐĞĂƌĐŚϴϯ͕ϮϭͲϯϬ͘
Ϯϴ
YƵ y^͕ tĂŶŶĞƌ >͕ ŚƌŝƐƚ :͕ ϮϬϭϭ͘ DƵůƚŝƉůĞdž ƌĞĂůͲƚŝŵĞ WZ ;dĂƋDĂŶͿ ĂƐƐĂLJ ĨŽƌ ƚŚĞ
ƐŝŵƵůƚĂŶĞŽƵƐ ĚĞƚĞĐƚŝŽŶ ĂŶĚ ĚŝƐĐƌŝŵŝŶĂƚŝŽŶ ŽĨ ƉŽƚĂƚŽ ƉŽǁĚĞƌLJ ĂŶĚ ĐŽŵŵŽŶ
ƐĐĂďĚŝƐĞĂƐĞƐĂŶĚƉĂƚŚŽŐĞŶƐ͘:ŽƵƌŶĂůŽĨƉƉůŝĞĚDŝĐƌŽďŝŽůŽŐLJϭϭϬ͕ϳϲϵͲϳϳKŶͲ
ůŝŶĞϭϬ͘ϭϭϭϭͬũ͘ϭϯϲϱͲϮϲϳϮ͘ϮϬϭϬ͘ϬϰϵϯϬ͘dž͘
ZĞŐůŝŶƐŬŝ d͕ tĂůƚĞƌƐ ͕ ϮϬϬϵ͘ /ŶĚƵĐĞĚ ƌĞƐŝƐƚĂŶĐĞ ĨŽƌ ƉůĂŶƚ ĚŝƐĞĂƐĞ ĐŽŶƚƌŽů͘ ŝƐĞĂƐĞ
ĐŽŶƚƌŽůŝŶĐƌŽƉƐ͘tŝůĞLJͲůĂĐŬǁĞůů͕ϲϮͲϵϮ͘
ZĞŐůŝŶƐŬŝ d͕ ůŵĞƌ W'͕ dĂLJůŽƌ :d͕ tŽŽĚ WE͕ ,ŽLJƚĞ ^D͕ ϮϬϭϬ͘ /ŶŚŝďŝƚŝŽŶ ŽĨ ŽƚƌLJƚŝƐ
ĐŝŶĞƌĞĂŐƌŽǁƚŚĂŶĚƐƵƉƉƌĞƐƐŝŽŶŽĨďŽƚƌLJƚŝƐďƵŶĐŚƌŽƚŝŶŐƌĂƉĞƐƵƐŝŶŐĐŚŝƚŽƐĂŶ͘
WůĂŶƚWĂƚŚŽůŽŐLJϱϵ͕ϴϴϮͲϵϬ͘
ZĞƵǀĞŶŝD͕ĂŚĂǀŝd͕ŽŚĞŶz͕ϮϬϬϭ͘ŽŶƚƌŽůůŝŶŐĚŽǁŶLJŵŝůĚĞǁ;WůĂƐŵŽƉĂƌĂǀŝƚŝĐŽůĂͿŝŶ
ĨŝĞůĚͲŐƌŽǁŶŐƌĂƉĞǀŝŶĞǁŝƚŚďĞƚĂͲĂŵŝŶŽďƵƚLJƌŝĐĂĐŝĚ;Ϳ͘WŚLJƚŽƉĂƌĂƐŝƚŝĐĂϮϵ͕
ϭϮϱͲϯϯ͘
ZLJĂůƐ :͕ EĞƵĞŶƐĐŚǁĂŶĚĞƌ h,͕ tŝůůŝƚƐ D'͕ DŽůŝŶĂ ͕ ^ƚĞŝŶĞƌ ,z͕ ,ƵŶƚ D͕ ϭϵϵϲ͘
^LJƐƚĞŵŝĐĂĐƋƵŝƌĞĚƌĞƐŝƐƚĂŶĐĞ͘WůĂŶƚĞůůϴ͕ϭϴϬϵͲϭϵ͘
^ĂŶnjͲůĨĞƌĞnj^͕DĂƚĞŽƐ͕ůǀĂƌĂĚŽZ͕^ĂŶĐŚĞnjD͕ϮϬϬϴ͘^ZŝŶĚƵĐƚŝŽŶŝŶƚŽŵĂƚŽƉůĂŶƚƐ
ŝƐŶŽƚĞĨĨĞĐƚŝǀĞĂŐĂŝŶƐƚƌŽŽƚͲŬŶŽƚŶĞŵĂƚŽĚĞŝŶĨĞĐƚŝŽŶ͘ƵƌŽƉĞĂŶ:ŽƵƌŶĂůŽĨWůĂŶƚ
WĂƚŚŽůŽŐLJϭϮϬ͕ϰϭϳͲϮϱ͘
^ĐŚƌĞŝďĞƌ <͕ ĞƐǀĞĂƵdž ͕ ϮϬϬϴ͘ DĞƐƐĂŐĞ ŝŶ Ă ďŽƚƚůĞ͗ ŚĞŵŝĐĂů ďŝŽůŽŐLJ ŽĨ ŝŶĚƵĐĞĚ
ĚŝƐĞĂƐĞƌĞƐŝƐƚĂŶĐĞŝŶƉůĂŶƚƐ͘WůĂŶƚWĂƚŚŽůŽŐLJ:ŽƵƌŶĂůϮϰ͕ϮϰϱͲϲϴ͘
^ŚĂŚ &͕ &ĂůůŽŽŶ Z͕ ƵůŵĂŶ ^͕ ϮϬϭϬ͘ EŝŐŚƚƐŚĂĚĞ ǁĞĞĚƐ ;^ŽůĂŶƵŵ ƐƉƉ͘Ϳ ĐŽŶĨŝƌŵĞĚ ĂƐ
ŚŽƐƚƐ ŽĨ ƚŚĞ ƉŽƚĂƚŽ ƉĂƚŚŽŐĞŶƐ DĞůŽŝĚŽŐLJŶĞ ĨĂůůĂdž ĂŶĚ ^ƉŽŶŐŽƐƉŽƌĂ
ƐƵďƚĞƌƌĂŶĞĂĨƐƉƐƵďƚĞƌƌĂŶĞĂ͘ƵƐƚƌĂůĂƐŝĂŶWůĂŶƚWĂƚŚŽůŽŐLJϯϵ͕ϰϵϮͲϴ͘
^ŚĂŚ:͕<ĂĐŚƌŽŽW͕EĂŶĚŝ͕<ůĞƐƐŝŐ&͕ϮϬϬϭ͘ƌĞĐĞƐƐŝǀĞŵƵƚĂƚŝŽŶŝŶƚŚĞƌĂďŝĚŽƉƐŝƐ
^^/Ϯ ŐĞŶĞ ĐŽŶĨĞƌƐ ^ ĂŶĚ EWZϭͲŝŶĚĞƉĞŶĚĞŶƚ ĞdžƉƌĞƐƐŝŽŶ ŽĨ WZ ŐĞŶĞƐ ĂŶĚ
ƌĞƐŝƐƚĂŶĐĞ ĂŐĂŝŶƐƚ ďĂĐƚĞƌŝĂů ĂŶĚ ŽŽŵLJĐĞƚĞ ƉĂƚŚŽŐĞŶƐ͘ dŚĞ WůĂŶƚ :ŽƵƌŶĂů Ϯϱ͕
ϱϲϯͲϳϰ͘
Ϯϵ
^ŚĂƌŵĂ W͕ ŚƵƐŚĂŶ :ŚĂ ͕ ƵďĞLJ Z^͕ WĞƐƐĂƌĂŬůŝ D͕ ϮϬϭϮ͘ ZĞĂĐƚŝǀĞ ŽdžLJŐĞŶ ƐƉĞĐŝĞƐ͕
ŽdžŝĚĂƚŝǀĞ ĚĂŵĂŐĞ͕ ĂŶĚ ĂŶƚŝŽdžŝĚĂƚŝǀĞ ĚĞĨĞŶƐĞ ŵĞĐŚĂŶŝƐŵ ŝŶ ƉůĂŶƚƐ ƵŶĚĞƌ
ƐƚƌĞƐƐĨƵůĐŽŶĚŝƚŝŽŶƐ͘:ŽƵƌŶĂůŽĨŽƚĂŶLJϮϬϭϮ͕Ϯϲ͘
^ŝͲŵŵŽƵƌ ͕ DĂƵĐŚͲDĂŶŝ ͕ DĂƵĐŚ &͕ ϮϬϬϯ͘ YƵĂŶƚŝĨŝĐĂƚŝŽŶ ŽĨ ŝŶĚƵĐĞĚ ƌĞƐŝƐƚĂŶĐĞ
ĂŐĂŝŶƐƚ WŚLJƚŽƉŚƚŚŽƌĂ ƐƉĞĐŝĞƐ ĞdžƉƌĞƐƐŝŶŐ '&W ĂƐ Ă ǀŝƚĂů ŵĂƌŬĞƌ͗ ďĞƚĂͲ
ĂŵŝŶŽďƵƚLJƌŝĐĂĐŝĚďƵƚŶŽƚd,ƉƌŽƚĞĐƚƐƉŽƚĂƚŽĂŶĚƌĂďŝĚŽƉƐŝƐĨƌŽŵŝŶĨĞĐƚŝŽŶ͘
DŽůĞĐƵůĂƌWůĂŶƚWĂƚŚŽůŽŐLJϰ͕ϮϯϳͲϰϴ͘
^ŝĞŵĞŶƐ:͕ƵůŵĂŶ^͕ZĞŚŶ&͕^ƵŶĚĞůŝŶd͕ϮϬϬϵ͘DŽůĞĐƵůĂƌŝŽůŽŐLJŽĨ WůĂƐŵŽĚŝŽƉŚŽƌĂ
ďƌĂƐƐŝĐĂĞ͘:ŽƵƌŶĂůŽĨWůĂŶƚ'ƌŽǁƚŚZĞŐƵůĂƚŝŽŶϮϴ͕ϮϰϱͲϱϭ͘
^ŝĞŵĞŶƐ :͕ 'ŽŶnjĂůĞnj D͕ tŽůĨ ^͕ ,ŽĨŵĂŶŶ ͕ 'ƌĞŝŶĞƌ ^͕ Ƶ z:͕ ZĂƵƐĐŚ d͕ ZŽŝƚƐĐŚ d͕
>ƵĚǁŝŐͲDƵůůĞƌ :͕ ϮϬϭϭ͘ džƚƌĂĐĞůůƵůĂƌ ŝŶǀĞƌƚĂƐĞ ŝƐ ŝŶǀŽůǀĞĚ ŝŶ ƚŚĞ ƌĞŐƵůĂƚŝŽŶ ŽĨ
ĐůƵďƌŽŽƚĚŝƐĞĂƐĞŝŶƌĂďŝĚŽƉƐŝƐƚŚĂůŝĂŶĂ͘DŽůĞĐƵůĂƌWůĂŶƚWĂƚŚŽůŽŐLJϭϮ͕ϮϰϳͲϲϮ͘
^ŝĞŵĞŶƐ :͕ <ĞůůĞƌ /͕ ^Ăƌdž :͕ <ƵŶnj ^͕ ^ĐŚƵůůĞƌ ͕ EĂŐĞů t͕ ^ĐŚŵƵůůŝŶŐ d͕ WĂƌŶŝƐŬĞ D͕
>ƵĚǁŝŐͲDƵůůĞƌ:͕ϮϬϬϲ͘dƌĂŶƐĐƌŝƉƚŽŵĞĂŶĂůLJƐŝƐŽĨƌĂďŝĚŽƉƐŝƐĐůƵďƌŽŽƚƐŝŶĚŝĐĂƚĞ
Ă ŬĞLJ ƌŽůĞ ĨŽƌ ĐLJƚŽŬŝŶŝŶƐ ŝŶ ĚŝƐĞĂƐĞ ĚĞǀĞůŽƉŵĞŶƚ͘ DŽůĞĐƵůĂƌ WůĂŶƚͲDŝĐƌŽďĞ
/ŶƚĞƌĂĐƚŝŽŶƐϭϵ͕ϰϴϬͲϵϰ͘
^ƚĞǀĞŶƐŽŶ tZ͕ >ŽƌŝĂ Z͕ &ƌĂŶĐ ' ĂŶĚ tĞŝŶŐĂƌƚŶĞƌ W͕ ϮϬϬϭ͘ ŽŵƉĞŶĚŝƵŵ ŽĨ WŽƚĂƚŽ
ŝƐĞĂƐĞƐ͘W^WƌĞƐƐ͕^ƚ͘WĂƵůƐ͕DE͕ϭϰϰ͘
dŚĂůĞƌ :^͕ ,ƵŵƉŚƌĞLJ Wd͕ tŚŝƚĞŵĂŶ E<͕ ϮϬϭϮ͘ ǀŽůƵƚŝŽŶ ŽĨ ũĂƐŵŽŶĂƚĞ ĂŶĚ ƐĂůŝĐLJůĂƚĞ
ƐŝŐŶĂůĐƌŽƐƐƚĂůŬ͘dƌĞŶĚƐŝŶƉůĂŶƚƐĐŝĞŶĐĞϭϳ͕ϮϲϬͲϳϬ͘
dŚĞ WŽƚĂƚŽ 'ĞŶŽŵĞ ^ĞƋƵĞŶĐŝŶŐ ŽŶƐŽƌƚŝƵŵ ;dW'^Ϳ͕ ϮϬϭϭ͘ 'ĞŶŽŵĞ ƐĞƋƵĞŶĐĞ ĂŶĚ
ĂŶĂůLJƐŝƐŽĨƚŚĞƚƵďĞƌĐƌŽƉƉŽƚĂƚŽ͘EĂƚƵƌĞϰϳϱ͕ϭϴϵͲϵϱ͘
dŝƌLJĂŬŝ /͕ dƵŶĂnj ,͕ ϮϬϬϰ͘ ^LJƐƚĞŵŝĐ ĂĐƋƵŝƌĞĚ ƌĞƐŝƐƚĂŶĐĞ͗ ŚĂƌĂĐƚĞƌŝnjĂƚŝŽŶ ŽĨ ŐĞŶĞƐ
ĂƐƐŽĐŝĂƚĞĚǁŝƚŚƉůĂŶƚĚĞĨĞŶĐĞƌĞƐƉŽŶƐĞ͘ :ŽƵƌŶĂůŽĨĐĞůůĂŶĚŵŽůĞĐƵůĂƌďŝŽůŽŐLJ͘
ϯ͕ϵͲϭϰ͘
ϯϬ
dŽŵŵĞƌƵƉ /͕ /ŶŐƌĂŵ ^͕ ϭϵϳϭ͘ ƚŚĞ ůŝĨĞͲĐLJĐůĞ ŽĨ WůĂƐŵŽĚŝŽƉŚŽƌĂ ďƌĂƐƐŝĐĂĞ ǁŽƌŽŶ͘ ŝŶ
ďƌĂƐƐŝĐĂƚŝƐƐƵĞĐƵůƚƵƌĞƐĂŶĚŝŶŝŶƚĂĐƚƌŽŽƚƐ͘EĞǁWŚLJƚŽůŽŐŝƐƚϳϬ͕ϯϮϳͲϯϮ͘
dŽŶ:͕:ĂŬĂď'͕dŽƋƵŝŶs͕&ůŽƌƐs͕/ĂǀŝĐŽůŝ͕DĂĞĚĞƌDE͕DĞƚƌĂƵdž:W͕DĂƵĐŚͲDĂŶŝ͕
ϮϬϬϱ͘ ŝƐƐĞĐƚŝŶŐ ƚŚĞ ďĞƚĂͲĂŵŝŶŽďƵƚLJƌŝĐ ĂĐŝĚͲŝŶĚƵĐĞĚ ƉƌŝŵŝŶŐ ƉŚĞŶŽŵĞŶŽŶ ŝŶ
ƌĂďŝĚŽƉƐŝƐ͘WůĂŶƚĞůůϭϳ͕ϵϴϳͲϵϵ͘
dŽŶ :͕ DĂƵĐŚͲDĂŶŝ ͕ ϮϬϬϰ͘ ďĞƚĂͲĂŵŝŶŽͲďƵƚLJƌŝĐ ĂĐŝĚͲŝŶĚƵĐĞĚ ƌĞƐŝƐƚĂŶĐĞ ĂŐĂŝŶƐƚ
ŶĞĐƌŽƚƌŽƉŚŝĐƉĂƚŚŽŐĞŶƐ ŝƐďĂƐĞĚŽŶͲĚĞƉĞŶĚĞŶƚ ƉƌŝŵŝŶŐĨŽƌĐĂůůŽƐĞ͘WůĂŶƚ
:ŽƵƌŶĂůϯϴ͕ϭϭϵͲϯϬ͘
dŽƌƌĞƐD͕:ŽŶĞƐ:'͕ĂŶŐů:>͕ϮϬϬϲ͘ZĞĂĐƚŝǀĞŽdžLJŐĞŶƐƉĞĐŝĞƐƐŝŐŶĂůŝŶŐŝŶƌĞƐƉŽŶƐĞƚŽ
ƉĂƚŚŽŐĞŶƐ͘WůĂŶƚWŚLJƐŝŽůŽŐLJϭϰϭ͕ϯϳϯͲϴKŶͲůŝŶĞϭϬ͘ϭϭϬϰͬƉƉ͘ϭϬϲ͘Ϭϳϵϰϲϳ͘
sĂůůĂĚ '͕ 'ŽŽĚŵĂŶ ZD͕ ϮϬϬϰ͘ ^LJƐƚĞŵŝĐ ĂĐƋƵŝƌĞĚ ƌĞƐŝƐƚĂŶĐĞ ĂŶĚ ŝŶĚƵĐĞĚ ƐLJƐƚĞŵŝĐ
ƌĞƐŝƐƚĂŶĐĞŝŶĐŽŶǀĞŶƚŝŽŶĂůĂŐƌŝĐƵůƚƵƌĞ͘ƌŽƉ^ĐŝĞŶĐĞϰϰ͕ϭϵϮϬͲϯϰ͘
sĂŶĞ'ƌĂĂĨW͕>ĞĞƐ<͕ƵůůĞŶt͕ƵŶĐĂŶ:D͕ϮϬϬϯ͘ĞƚĞĐƚŝŽŶĂŶĚƋƵĂŶƚŝĨŝĐĂƚŝŽŶŽĨ
^ƉŽŶŐŽƐƉŽƌĂƐƵďƚĞƌƌĂŶĞĂŝŶƐŽŝů͕ǁĂƚĞƌĂŶĚƉůĂŶƚƚŝƐƐƵĞƐĂŵƉůĞƐƵƐŝŶŐƌĞĂůͲƚŝŵĞ
WZ͘ƵƌŽƉĞĂŶ:ŽƵƌŶĂůŽĨWůĂŶƚWĂƚŚŽůŽŐLJϭϬϵ͕ϱϴϵͲϵϳ͘
sĂŶĚĞ'ƌĂĂĨW͕tĂůĞ^:͕>ĞĞƐ<͕ϮϬϬϳ͘&ĂĐƚŽƌƐĂĨĨĞĐƚŝŶŐƚŚĞŝŶĐŝĚĞŶĐĞĂŶĚƐĞǀĞƌŝƚLJŽĨ
^ƉŽŶŐŽƐƉŽƌĂƐƵďƚĞƌƌĂŶĞĂŝŶĨĞĐƚŝŽŶĂŶĚŐĂůůŝŶŐŝŶƉŽƚĂƚŽƌŽŽƚƐ͘WůĂŶƚWĂƚŚŽůŽŐLJ
ϱϲ͕ϭϬϬϱͲϭϯKŶͲůŝŶĞϭϬ͘ϭϭϭϭͬũ͘ϭϯϲϱͲϯϬϱϵ͘ϮϬϬϳ͘Ϭϭϲϴϲ͘dž͘
sĂŶ Ğƌ Ŷƚ ^͕ <ŽŽƌŶŶĞĞĨ ͕ dŽŶ :͕ WŝĞƚĞƌƐĞ D:͕ ϮϬϬϵ͘ /ŶĚƵĐĞĚ ƌĞƐŝƐƚĂŶĐĞ ʹ
KƌĐŚĞƐƚƌĂƚŝŶŐ ĚĞĨĞŶĐĞ ŵĞĐŚĂŶŝƐŵƐ ƚŚƌŽƵŐŚ ĐƌŽƐƐƚĂůŬ ĂŶĚ ƉƌŝŵŝŶŐ͘ /Ŷ͘ ŶŶƵĂů
WůĂŶƚZĞǀŝĞǁƐsŽůƵŵĞϯϰ͗DŽůĞĐƵůĂƌƐƉĞĐƚƐŽĨWůĂŶƚŝƐĞĂƐĞZĞƐŝƐƚĂŶĐĞ͘tŝůĞLJͲ
ůĂĐŬǁĞůů͕ϯϯϰͲϳϬ͘
sĂŶ >ŽŽŶ >͕ ZĞƉ D͕ WŝĞƚĞƌƐĞ D:͕ ϮϬϬϲ͘ ^ŝŐŶŝĨŝĐĂŶĐĞ ŽĨ ŝŶĚƵĐŝďůĞ ĚĞĨĞŶƐĞͲƌĞůĂƚĞĚ
ƉƌŽƚĞŝŶƐ ŝŶ ŝŶĨĞĐƚĞĚ ƉůĂŶƚƐ͘ /Ŷ͘ ŶŶƵĂů ZĞǀŝĞǁ ŽĨ WŚLJƚŽƉĂƚŚŽůŽŐLJ͘ WĂůŽ ůƚŽ͗
ŶŶƵĂůZĞǀŝĞǁƐ͕͘ŶŶƵĂůZĞǀŝĞǁŽĨWŚLJƚŽƉĂƚŚŽůŽŐLJϰϰ͕ϭϯϱͲϲϮ͘
ϯϭ
sĂƐLJƵŬŽǀĂE/͕KnjĞƌĞƚƐŬŽǀƐŬĂLJĂK>͕ϮϬϬϳ͘/ŶĚƵĐĞĚƉůĂŶƚƌĞƐŝƐƚĂŶĐĞĂŶĚƐĂůŝĐLJůŝĐĂĐŝĚ͗
ƌĞǀŝĞǁ͘ƉƉůŝĞĚŝŽĐŚĞŵŝƐƚƌLJĂŶĚDŝĐƌŽďŝŽůŽŐLJϰϯ͕ϯϲϳͲϳϯ͘
sůŽƚ͕<ůĞƐƐŝŐ&͕WĂƌŬ^t͕ϮϬϬϴ͘^LJƐƚĞŵŝĐĂĐƋƵŝƌĞĚƌĞƐŝƐƚĂŶĐĞ͗ƚŚĞĞůƵƐŝǀĞƐŝŐŶĂů;ƐͿ͘
ƵƌƌĞŶƚKƉŝŶŝŽŶŝŶWůĂŶƚŝŽůŽŐLJϭϭ͕ϰϯϲͲϰϮ͘
tĂůƚĞƌƐ ͕ ,Ğŝů D͕ ϮϬϬϳ͘ ŽƐƚƐ ĂŶĚ ƚƌĂĚĞͲŽĨĨƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ŝŶĚƵĐĞĚ ƌĞƐŝƐƚĂŶĐĞ͘
WŚLJƐŝŽůŽŐŝĐĂůĂŶĚDŽůĞĐƵůĂƌWůĂŶƚWĂƚŚŽůŽŐLJϳϭ͕ϯͲϭϳ͘
tĂůƚĞƌƐ ͕ tĂůƐŚ ͕ EĞǁƚŽŶ ͕ >LJŽŶ '͕ ϮϬϬϱ͘ /ŶĚƵĐĞĚ ƌĞƐŝƐƚĂŶĐĞ ĨŽƌ ƉůĂŶƚ ĚŝƐĞĂƐĞ
ĐŽŶƚƌŽů͗ DĂdžŝŵŝnjŝŶŐ ƚŚĞ ĞĨĨŝĐĂĐLJ ŽĨ ƌĞƐŝƐƚĂŶĐĞ ĞůŝĐŝƚŽƌƐ͘ WŚLJƚŽƉĂƚŚŽůŽŐLJ ϵϱ͕
ϭϯϲϴͲϳϯ͘
tĂůƚĞƌƐ Z͕ ϮϬϬϵ͘ ƌĞ ƉůĂŶƚƐ ŝŶ ƚŚĞ ĨŝĞůĚ ĂůƌĞĂĚLJ ŝŶĚƵĐĞĚ͍ /ŵƉůŝĐĂƚŝŽŶƐ ĨŽƌ ƉƌĂĐƚŝĐĂů
ĚŝƐĞĂƐĞĐŽŶƚƌŽů͘ƌŽƉWƌŽƚĞĐƚŝŽŶϮϴ͕ϰϱϵͲϲϱ͘
tĂůƚĞƌƐ Z͕ ,ĂǀŝƐ E͕ WĂƚĞƌƐŽŶ >͕ dĂLJůŽƌ :͕ tĂůƐŚ :͕ ϮϬϭϭĂ͘ ƵůƚŝǀĂƌ ĞĨĨĞĐƚƐ ŽŶ ƚŚĞ
ĞdžƉƌĞƐƐŝŽŶŽĨŝŶĚƵĐĞĚƌĞƐŝƐƚĂŶĐĞŝŶƐƉƌŝŶŐďĂƌůĞLJ͘WůĂŶƚŝƐĞĂƐĞϵϱ͕ϱϵϱͲϲϬϬ͘
tĂůƚĞƌƐ Z͕ ,ĂǀŝƐ E͕ ^ĂďůŽƵ ͕ tĂůƐŚ :͕ ϮϬϭϭď͘ WŽƐƐŝďůĞ ƚƌĂĚĞͲŽĨĨ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ
ƚŚĞ ƵƐĞ ŽĨ Ă ĐŽŵďŝŶĂƚŝŽŶ ŽĨ ƌĞƐŝƐƚĂŶĐĞ ĞůŝĐŝƚŽƌƐ͘ WŚLJƐŝŽůŽŐŝĐĂů ĂŶĚ DŽůĞĐƵůĂƌ
WůĂŶƚWĂƚŚŽůŽŐLJϳϱ͕ϭϴϴͲϵϮ͘
tĂůnj ͕ ^ŝŵŽŶ K͕ ϮϬϬϵ͘ ɴͲŵŝŶŽďƵƚLJƌŝĐ ĂĐŝĚͲŝŶĚƵĐĞĚ ƌĞƐŝƐƚĂŶĐĞ ŝŶ ĐƵĐƵŵďĞƌ ĂŐĂŝŶƐƚ
ďŝŽƚƌŽƉŚŝĐĂŶĚŶĞĐƌŽƚƌŽƉŚŝĐƉĂƚŚŽŐĞŶƐ͘:ŽƵƌŶĂůŽĨWŚLJƚŽƉĂƚŚŽůŽŐLJϭϱϳ͕ϯϱϲͲϲϭ͘
tĂůůŝŶŐ >>͕ ϮϬϬϭ͘ /ŶĚƵĐĞĚ ƌĞƐŝƐƚĂŶĐĞ͗ ĨƌŽŵ ƚŚĞ ďĂƐŝĐ ƚŽ ƚŚĞ ĂƉƉůŝĞĚ͘ dƌĞŶĚƐ ŝŶ ƉůĂŶƚ
ƐĐŝĞŶĐĞϲ͕ϰϰϱͲϳ͘
zƵY͕>ŝƵz͕&ĂŶ&͕<ůĞƐƐŝŐ&͕ŚĞŶy͕ϭϵϵϳ͘/ƐƚŚĞŚŝŐŚďĂƐĂůůĞǀĞůŽĨƐĂůŝĐLJůŝĐĂĐŝĚ
ŝŵƉŽƌƚĂŶƚĨŽƌĚŝƐĞĂƐĞƌĞƐŝƐƚĂŶĐĞŝŶƉŽƚĂƚŽ͍WůĂŶƚWŚLJƐŝŽůŽŐLJϭϭϱ͕ϯϰϯͲϵ͘
ŝŵŵĞƌůŝ >͕ :ĂŬĂď ͕ DĞƚƌĂƵdž :W͕ DĂƵĐŚͲDĂŶŝ ͕ ϮϬϬϬ͘ WŽƚĞŶƚŝĂƚŝŽŶ ŽĨ ƉĂƚŚŽŐĞŶͲ
ƐƉĞĐŝĨŝĐ ĚĞĨĞŶƐĞ ŵĞĐŚĂŶŝƐŵƐ ŝŶ ƌĂďŝĚŽƉƐŝƐ ďLJ ďĞƚĂͲĂŵŝŶŽďƵƚLJƌŝĐ ĂĐŝĚ͘
ϯϮ
WƌŽĐĞĞĚŝŶŐƐ ŽĨ ƚŚĞ EĂƚŝŽŶĂů ĐĂĚĞŵLJ ŽĨ ^ĐŝĞŶĐĞƐ ŽĨ ƚŚĞ hŶŝƚĞĚ ^ƚĂƚĞƐ ŽĨ
ŵĞƌŝĐĂϵϳ͕ϭϮϵϮϬͲϱ͘
ŝŵŵĞƌůŝ >͕ DĞƚƌĂƵdž :W͕ DĂƵĐŚͲDĂŶŝ ͕ ϮϬϬϭ͘ ďĞƚĂͲĂŵŝŶŽďƵƚLJƌŝĐ ĂĐŝĚͲŝŶĚƵĐĞĚ
ƉƌŽƚĞĐƚŝŽŶ ŽĨ ƌĂďŝĚŽƉƐŝƐ ĂŐĂŝŶƐƚ ƚŚĞ ŶĞĐƌŽƚƌŽƉŚŝĐ ĨƵŶŐƵƐ ŽƚƌLJƚŝƐ ĐŝŶĞƌĞĂ͘
WůĂŶƚWŚLJƐŝŽůŽŐLJϭϮϲ͕ϱϭϳͲϮϯ͘
ƵƌďƌŝŐŐĞŶD͕ĂƌƌŝůůŽE͕,ĂũŝƌĞnjĂĞŝDZ͘ZK^ƐŝŐŶĂůŝŶŐŝŶƚŚĞŚLJƉĞƌƐĞŶƐŝƚŝǀĞƌĞƐƉŽŶƐĞ͗
ǁŚĞŶ͕ǁŚĞƌĞĂŶĚǁŚĂƚĨŽƌ͍WůĂŶƚ^ŝŐŶĂůĞŚĂǀ͕ϮϬϭϬƉr; 5(4):393-6.
ϯϯ
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/ŶĨĞĐƚŝŽŶ ďLJ ^ƉŽŶŐŽƐƉŽƌĂ ƐƵďƚĞƌƌĂŶĞĂ ŽĨ ƌŽŽƚƐ ŽĨ ƚǁŽ ƉŽƚĂƚŽ ;^ŽůĂŶƵŵ ƚƵďĞƌŽƐƵŵͿ
ĐƵůƚŝǀĂƌƐ͕ ƌĞƐƉĞĐƚŝǀĞůLJ ǀĞƌLJ ƌĞƐŝƐƚĂŶƚ ĂŶĚ ǀĞƌLJ ƐƵƐĐĞƉƚŝďůĞ ƚŽ ƉŽǁĚĞƌLJ ƐĐĂď ŽŶ ƚŚĞŝƌ
ƚƵďĞƌƐ͕ǁĂƐƐƚƵĚŝĞĚŝŶĂŐůĂƐƐŚŽƵƐĞĞdžƉĞƌŝŵĞŶƚ͘WůĂŶƚƐŐƌŽǁŶŝŶƐĂŶĚͬŶƵƚƌŝĞŶƚƐŽůƵƚŝŽŶ
ĐƵůƚƵƌĞ ǁĞƌĞ ŝŶŽĐƵůĂƚĞĚ ǁŝƚŚ ^͘ ƐƵďƚĞƌƌĂŶĞĂ ƐƉŽƌŽƐŽƌŝ Ϯ ǁĞĞŬƐ ĂĨƚĞƌ ƉůĂŶƚŝŶŐ͘ WůĂŶƚ
ƉĂƌĂŵĞƚĞƌƐ͕ ƚŚĞ ŝŶƚĞŶƐŝƚLJ ŽĨ njŽŽƐƉŽƌĂŶŐŝƵŵ ŝŶĨĞĐƚŝŽŶ ŝŶ ƌŽŽƚƐ͕ ŶƵŵďĞƌƐ ŽĨ
^ƉŽŶŐŽƐƉŽƌĂ ƌŽŽƚ ŐĂůůƐ ĂŶĚ ĂŵŽƵŶƚƐ ŽĨ ^ƉŽŶŐŽƐƉŽƌĂ E ŝŶ ƌŽŽƚƐ ;ŵĞĂƐƵƌĞĚ ƵƐŝŶŐ
ƋƵĂŶƚŝƚĂƚŝǀĞ WZ ;ƋWZͿͿ ǁĞƌĞ ĂƐƐĞƐƐĞĚ Ăƚ ƐĞƋƵĞŶƚŝĂů ŚĂƌǀĞƐƚƐ͘ /ŶŽĐƵůĂƚŝŽŶ ǁŝƚŚ ^͘
ƐƵďƚĞƌƌĂŶĞĂƌĞĚƵĐĞĚǁĂƚĞƌƵƐĞ;ϱϲĚĂĨƚĞƌƉůĂŶƚŝŶŐͿŝŶƚŚĞƚƵďĞƌƌĞƐŝƐƚĂŶƚĐƵůƚŝǀĂƌďLJ
Ϯϲй ĐŽŵƉĂƌĞĚ ǁŝƚŚ ƵŶŝŶŽĐƵůĂƚĞĚ ƉůĂŶƚƐ͕ ĂŶĚ ďLJ ϲϬй ŝŶ ƚŚĞ ƐƵƐĐĞƉƚŝďůĞ ĐƵůƚŝǀĂƌ͘
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ƐƵƐĐĞƉƚŝďůĞ ĐƵůƚŝǀĂƌ͕ ďƵƚ ĐĂƵƐĞĚ Ă ϯϴй ƌĞĚƵĐƚŝŽŶ ŝŶ ƌŽŽƚ ŵĂƐƐ ŽĨ ƚŚĞ ƐƵƐĐĞƉƚŝďůĞ
ĐƵůƚŝǀĂƌ͘dŚĞŝŶƚĞŶƐŝƚŝĞƐŽĨnjŽŽƐƉŽƌĂŶŐŝƵŵĚĞǀĞůŽƉŵĞŶƚŝŶďŽƚŚĐƵůƚŝǀĂƌƐǁĞƌĞƐŝŵŝůĂƌ͘
dŚĞƐƵƐĐĞƉƚŝďůĞĐƵůƚŝǀĂƌ ŚĂĚĂƉƉƌŽdž͘ĨŽƵƌƚŝŵĞƐ ŵŽƌĞ^ƉŽŶŐŽƐƉŽƌĂƌŽŽƚ ŐĂůůƐŐͲϭƌŽŽƚ
ŵĂƐƐ ƚŚĂŶ ƚŚĞ ƌĞƐŝƐƚĂŶƚ ĐƵůƚŝǀĂƌ͘ YƵĂŶƚŝƚĂƚŝǀĞ WZ ĚĞƚĞĐƚĞĚ ^͘ ƐƵďƚĞƌƌĂŶĞĂ E ŝŶ
ƌŽŽƚƐϭǁĞĞŬĂĨƚĞƌŝŶŽĐƵůĂƚŝŽŶ͕ĂŶĚŝŶĚŝĐĂƚĞĚĂƚǁŽͲĨŽůĚŐƌĞĂƚĞƌĂŵŽƵŶƚŽĨƉĂƚŚŽŐĞŶ
EŝŶƌŽŽƚƐŽĨƚŚĞƐƵƐĐĞƉƚŝďůĞƚŚĂŶƚŚĞƌĞƐŝƐƚĂŶƚĐƵůƚŝǀĂƌ͘dŚŝƐƐƚƵĚLJƐƵŐŐĞƐƚƐƚŚĂƚƚŚĞ
^͘ ƐƵďƚĞƌƌĂŶĞĂ njŽŽƐƉŽƌĂŶŐŝƵŵ ƐƚĂŐĞ ŝŶ ŚŽƐƚ ƌŽŽƚƐ ŝƐ ĂĨĨĞĐƚĞĚ ĚŝĨĨĞƌĞŶƚůLJ ďLJ ŚŽƐƚ
ƌĞƐŝƐƚĂŶĐĞĨĂĐƚŽƌƐƚŚĂŶƚŚĞƐƉŽƌŽƐŽƌƵƐ;ƌŽŽƚŐĂůůĂŶĚƚƵďĞƌƐĐĂďͿƐƚĂŐĞƐ͘dŚĞƐƚƵĚLJŚĂƐ
ĂůƐŽĚĞŵŽŶƐƚƌĂƚĞĚƚŚĞƵƐĞĨƵůŶĞƐƐŽĨƋWZĨŽƌƐĞŶƐŝƚŝǀĞĂŶĚĐŽŶƐŝƐƚĞŶƚĚĞƚĞĐƚŝŽŶŽĨ^͘
ƐƵďƚĞƌƌĂŶĞĂĂĐƌŽƐƐƚŚĞĚƵƌĂƚŝŽŶŽĨƉŽƚĂƚŽƌŽŽƚŝŶĨĞĐƚŝŽŶ͘
ϯϰ
Ϯ͘Ϯ/ŶƚƌŽĚƵĐƚŝŽŶ
WŽǁĚĞƌLJ ƐĐĂď ŽĨ ƉŽƚĂƚŽ ;^ŽůĂŶƵŵ ƚƵďĞƌŽƐƵŵͿ ŝƐ ĐĂƵƐĞĚ ďLJ ƚŚĞ ƉůĂƐŵŽĚŝŽƉŚŽƌŝĚ
;ĐĞƌĐŽnjŽĂŶͿ ƉĂƚŚŽŐĞŶ ^ƉŽŶŐŽƐƉŽƌĂ ƐƵďƚĞƌƌĂŶĞĂ Ĩ͘ ƐƉ͘ ƐƵďƚĞƌƌĂŶĞĂ͘ dŚŝƐ ĚŝƐĞĂƐĞ ŚĂƐ
ƉƌĞǀŝŽƵƐůLJďĞĞŶĐŽŶƐŝĚĞƌĞĚƚŽďĞŵĂŝŶůLJŚĂƌŵĨƵůƚŽƉŽƚĂƚŽƚƵďĞƌƋƵĂůŝƚLJ;<ŽůĞ͕ϭϵϱϰ͖
,ĂƌƌŝƐŽŶĞƚĂů͕͘ϭϵϵϳͿ͕ďĞĐĂƵƐĞƐƵƌĨĂĐĞůĞƐŝŽŶƐŽŶƚƵďĞƌƐŵĂŬĞƚŚĞŵƵŶĂĐĐĞƉƚĂďůĞĨŽƌ
ĨƌĞƐŚ ƐƵƉĞƌŵĂƌŬĞƚ ƐĂůĞ͕ ƉĂƌƚŝĐƵůĂƌůLJ ĂƐ ǁĂƐŚĞĚ ƉŽƚĂƚŽĞƐ͘ /Ŷ ƉŽƚĂƚŽĞƐ ŐƌŽǁŶ ĨŽƌ
ƉƌŽĐĞƐƐŝŶŐ͕ƉŽǁĚĞƌLJƐĐĂďͲŝŶĨĞĐƚĞĚƚƵďĞƌƐƌĞƋƵŝƌĞĞdžƚƌĂƐŬŝŶƌĞŵŽǀĂůŽƉĞƌĂƚŝŽŶƐ͘^ĞĞĚ
ƉŽƚĂƚŽ ůŝŶĞƐ ǁŝƚŚ ƉŽǁĚĞƌLJ ƐĐĂď ĂƌĞ ĚŽǁŶŐƌĂĚĞĚ Žƌ ƌĞũĞĐƚĞĚ ďLJ ŐƌŽǁĞƌƐ ĨŽƌ
ĞƐƚĂďůŝƐŚŵĞŶƚŽĨŶĞǁĐƌŽƉƐ͘^ƉŽŶŐŽƐƉŽƌĂƐƵďƚĞƌƌĂŶĞĂŝƐĂůƐŽƚŚĞǀĞĐƚŽƌŽĨƚŚĞWŽƚĂƚŽ
ŵŽƉͲƚŽƉǀŝƌƵƐ;<ŝƌŬ͕ϮϬϬϴͿ͕ǁŚŝĐŚĐĂƵƐĞƐŝŶƚĞƌŶĂůĚĂŵĂŐĞŝŶƚƵďĞƌƐ;͞ƐƉƌĂŝŶŐ͟Ϳ͕ŵĂŬŝŶŐ
ƚŚĞŵ ƵŶŵĂƌŬĞƚĂďůĞ͘ &ƵƌƚŚĞƌŵŽƌĞ͕ ƚŚĞ ƉĂƚŚŽŐĞŶ ĐĂŶ ĂůƐŽ ŚĂƌŵ ƉŽƚĂƚŽ ƉůĂŶƚ ŐƌŽǁƚŚ
ĂŶĚ ƉƌŽĚƵĐƚŝǀŝƚLJ ;&ĂůůŽŽŶ Ğƚ Ăů͕͘ ϭϵϵϲ͖ ϮϬϬϰ͖ >ŝƐƚĞƌ Ğƚ Ăů͕͘ ϮϬϬϰ͖ ,ŽƵƐĞƌ Θ ĂǀŝĚƐŽŶ͕
ϮϬϭϬͿ͘WŽǁĚĞƌLJƐĐĂďĂŶĚ^͘ƐƵďƚĞƌƌĂŶĞĂŚĂǀĞŝŶĐƌĞĂƐĞĚŝŶŝŵƉŽƌƚĂŶĐĞƚŚƌŽƵŐŚŽƵƚƚŚĞ
ǁŽƌůĚ ǁŚĞƌĞ ŝŶƚĞŶƐŝǀĞ ƉƌŽĚƵĐƚŝŽŶ ƐLJƐƚĞŵƐ ĂƌĞ ƵƐĞĚ ƚŽ ŐƌŽǁ ƉŽƚĂƚŽ ĐƌŽƉƐ ;DĞƌnj Θ
&ĂůůŽŽŶ͕ϮϬϬϵͿ͘
dŚĞ ^͘ ƐƵďƚĞƌƌĂŶĞĂ ůŝĨĞ ĐLJĐůĞ ŽŶ ƉŽƚĂƚŽ ƉůĂŶƚƐ ďĞŐŝŶƐ ǁŚĞŶ njŽŽƐƉŽƌĞƐ ŝŶĨĞĐƚ
ƌŽŽƚ Žƌ ƐƚŽůŽŶ ĞƉŝĚĞƌŵŝƐ ĐĞůůƐ ;,ĂƌƌŝƐŽŶ Ğƚ Ăů͕͘ ϭϵϵϳ͖ DĞƌnj͕ ϭϵϵϳ͖ DĞƌnj͕ ϮϬϬϴͿ͘
ŽŽƐƉŽƌĂŶŐŝĂ ŽĨ ƚŚĞ ƉĂƚŚŽŐĞŶ ƚŚĞŶ ĚĞǀĞůŽƉ ďĞĨŽƌĞ ƚŚĞ ƌĞůĞĂƐĞ ŽĨ ŶĞǁ njŽŽƐƉŽƌĞƐ
ǁŚŝĐŚĐĂƵƐĞĨƵƌƚŚĞƌƌŽŽƚĂŶĚƐƚŽůŽŶŝŶĨĞĐƚŝŽŶƐ͘dŚĞƐĞŝŶĨĞĐƚŝŽŶƐĚĞǀĞůŽƉŝŶƚŽĐƌĞĂŵLJͲ
ǁŚŝƚĞ ƌŽŽƚ ŐĂůůƐ͕ ǁŚŝĐŚ ůĂƚĞƌ ďĞĐŽŵĞ ďƌŽǁŶ ĂŶĚ ĨŝůůĞĚ ǁŝƚŚ ŵĂŶLJ ƐƉŽƌŽƐŽƌŝ͕ ĞĂĐŚ ŽĨ
ǁŚŝĐŚ ĐŽŶƚĂŝŶƐ ŵĂŶLJ ƌĞƐƚŝŶŐ ƐƉŽƌĞƐ ŽĨ ƚŚĞ ƉĂƚŚŽŐĞŶ͘ ƐŝŵŝůĂƌ ƉƌŽĐĞƐƐ ŽĐĐƵƌƐ ŽŶ
ƉŽƚĂƚŽƚƵďĞƌƐ;ŵŽĚŝĨŝĞĚƐƚŽůŽŶƐͿ͕ǁŚĞƌĞƐƉŽƌŽƐŽƌŝĨŝůůƉŽǁĚĞƌLJƐĐĂďůĞƐŝŽŶƐŽŶƚƵďĞƌƐ͘
^ƉŽƌŽƐŽƌŝ ĂŶĚ ƚŚĞ ƌĞƐƚŝŶŐ ƐƉŽƌĞƐ ƚŚĞLJ ĐŽŶƚĂŝŶ ĂƌĞ ƚŚĞ ƉĞƌĞŶŶĂƚŝŽŶ ƐƚĂŐĞ ŽĨ ƚŚĞ
ƉĂƚŚŽŐĞŶ ůŝĨĞ ĐLJĐůĞ͕ ĂŶĚ ƚŚĞƐĞ ĐĂŶ ƐƵƌǀŝǀĞ ŝŶ ƐŽŝů ĨŽƌ ŵĂŶLJ LJĞĂƌƐ͘ dŚĞ ůŝĨĞ ĐLJĐůĞ
ĐŽŵƉůĞƚĞƐǁŚĞŶnjŽŽƐƉŽƌĞƐĂƌĞƌĞůĞĂƐĞĚĨƌŽŵƌĞƐƚŝŶŐƐƉŽƌĞƐƚŽŝŶĨĞĐƚŚŽƐƚƌŽŽƚĐĞůůƐ͘
dŚĞƌŽŽƚƐƚĂŐĞŽĨŝŶĨĞĐƚŝŽŶďLJ ^͘ƐƵďƚĞƌƌĂŶĞĂŚĂƐďĞĞŶƌĞůĂƚŝǀĞůLJůŝƚƚůĞƐƚƵĚŝĞĚ
ĐŽŵƉĂƌĞĚǁŝƚŚƚƵďĞƌŝŶĨĞĐƚŝŽŶ͘ZŽŽƚŝŶĨĞĐƚŝŽŶŚĂƐďĞĞŶĂƐƐŽĐŝĂƚĞĚǁŝƚŚƌĞĚƵĐĞĚǁĂƚĞƌ
ƵƐĞĂŶĚŶƵƚƌŝĞŶƚƵƉƚĂŬĞ͕ƉƌŽďĂďůLJƚŚƌŽƵŐŚnjŽŽƐƉŽƌĂŶŐŝƵŵĚĞǀĞůŽƉŵĞŶƚĂŶĚnjŽŽƐƉŽƌĞ
ƌĞůĞĂƐĞĚŝƐƌƵƉƚŝŶŐŵĞŵďƌĂŶĞƐĞůĞĐƚŝǀŝƚLJŝŶŚŽƐƚĞƉŝĚĞƌŵŝƐĐĞůůƐ;&ĂůůŽŽŶ Ğƚ Ăů͕͘ϮϬϬϰͿ͘
dŚĞƌŽŽƚŝŶĨĞĐƚŝŽŶƐƚĂŐĞŝƐĂůƐŽǀĞƌLJŝŵƉŽƌƚĂŶƚĨŽƌŵƵůƚŝƉůŝĐĂƚŝŽŶŽĨƚŚĞƉĂƚŚŽŐĞŶ͕ďŽƚŚ
ϯϱ
ĨƌŽŵ ŚĞĂǀLJ ŝŶĨĞƐƚĂƚŝŽŶƐ ŽĨ ƌŽŽƚ ĐĞůůƐ ďLJ njŽŽƐƉŽƌĂŶŐŝĂ ĂŶĚ ƚŚƌŽƵŐŚ ƌŽŽƚ ŐĂůů
ĚĞǀĞůŽƉŵĞŶƚ͕ ǁŚŝĐŚ ĐĂŶ ƉƌŽĚƵĐĞ ůĂƌŐĞ ĂŵŽƵŶƚƐ ŽĨ ƌĞƐƚŝŶŐ ƐƉŽƌĞ ;ƐƉŽƌŽƐŽƌƵƐͿ
ŝŶŽĐƵůƵŵƚŽďĞƌĞůĞĂƐĞĚŝŶƚŽƐŽŝů͘dŚƵƐ͕ƚŚĞƌŽŽƚŝŶĨĞĐƚŝŽŶƐƚĂŐĞƐŽĨƚŚĞƉĂƚŚŽŐĞŶĂƌĞ
ŝŵƉŽƌƚĂŶƚ͕ ďŽƚŚ ĨŽƌ ĞĨĨĞĐƚƐ ŽŶ ƉůĂŶƚ ƉƌŽĚƵĐƚŝǀŝƚLJ ĂŶĚ ƚŽ ŝŶĐƌĞĂƐĞ ƐŽŝů ŝŶŽĐƵůƵŵ ĨŽƌ
ĚĞǀĞůŽƉŵĞŶƚŽĨƉŽǁĚĞƌLJƐĐĂď;ƚƵďĞƌĚŝƐĞĂƐĞͿĞƉŝĚĞŵŝĐƐ͘
dŚĞƵƐĞŽĨƉŽƚĂƚŽĐƵůƚŝǀĂƌƐǁŝƚŚƌĞƐŝƐƚĂŶĐĞƚŽƉŽǁĚĞƌLJƐĐĂďŝƐůŝŬĞůLJƚŽďĞƚŚĞ
ŵŽƐƚĞĨĨĞĐƚŝǀĞĂŶĚƐƵƐƚĂŝŶĂďůĞŵĞƚŚŽĚĨŽƌŵĂŶĂŐŝŶŐƚŚĞĚŝƐĞĂƐĞ;&ĂůůŽŽŶĞƚĂů͕͘ϮϬϬϯ͖
&ĂůůŽŽŶ͕ϮϬϬϴ͖DĞƌnjΘ&ĂůůŽŽŶ͕ϮϬϬϵͿ͘dŽĚĂƚĞ͕ŶŽĐƵůƚŝǀĂƌŝƐŬŶŽǁŶƚŽďĞĐŽŵƉůĞƚĞůLJ
ƌĞƐŝƐƚĂŶƚ ƚŽ ƉŽǁĚĞƌLJ ƐĐĂď ŽŶ ƚƵďĞƌƐ͘ &ƵƌƚŚĞƌŵŽƌĞ͕ ƉůĂŶƚ ƌĞƐŝƐƚĂŶĐĞ ŝƐ ŶŽƚ ƐŝŵŝůĂƌůLJ
ĞdžƉƌĞƐƐĞĚ ŝŶ ƉŽƚĂƚŽ ƌŽŽƚƐ ĂŶĚ ƚƵďĞƌƐ ;,ŽƵƐĞƌ Θ ĂǀŝĚƐŽŶ͕ ϮϬϭϬ͖ DĞƌnj Ğƚ Ăů͕͘ ϮϬϭϮͿ͕
ƐƵŐŐĞƐƚŝŶŐ ƚŚĂƚ ƌĞƐŝƐƚĂŶĐĞ ŝŶ ƚŚĞƐĞ ƚŝƐƐƵĞƐ ŝŶǀŽůǀĞƐ ĚŝĨĨĞƌĞŶƚ ŵĞĐŚĂŶŝƐŵƐ ƵŶĚĞƌ
ĚŝĨĨĞƌĞŶƚŐĞŶĞƚŝĐĐŽŶƚƌŽůƐ;,ĂƌƌŝƐŽŶĞƚĂů͕͘ϭϵϵϳ͖&ĂůůŽŽŶĞƚĂů͕͘ϮϬϬϯͿ͘dŚĞĨƵůůƐƉĞĐƚƌƵŵ
ŽĨ ^͘ ƐƵďƚĞƌƌĂŶĞĂ ŝŶĨĞĐƚŝŽŶ ŝŶ ƌĞƐŝƐƚĂŶƚ ĐŽŵƉĂƌĞĚ ǁŝƚŚ ƐƵƐĐĞƉƚŝďůĞ ƉŽƚĂƚŽ ĐƵůƚŝǀĂƌƐ ŝƐ
ŶŽƚ ǁĞůů ƵŶĚĞƌƐƚŽŽĚ͕ ǁŝƚŚ ĚŝƐĞĂƐĞ ůĞǀĞůƐ ƚLJƉŝĐĂůůLJ ĂƐƐĞƐƐĞĚ ďĂƐĞĚ ŽŶ ƚƵďĞƌ ƉŽǁĚĞƌLJ
ƐĐĂďŽƌ;ůĞƐƐĨƌĞƋƵĞŶƚůLJͿĂƐŝŶƚĞŶƐŝƚLJŽĨƌŽŽƚŐĂůůĨŽƌŵĂƚŝŽŶ͘
ƐƐĞƐƐŵĞŶƚŽĨ^͘ƐƵďƚĞƌƌĂŶĞĂƌŽŽƚŝŶĨĞĐƚŝŽŶŚĂƐďĞĞŶĂĐŚŝĞǀĞĚďLJŵŝĐƌŽƐĐŽƉŝĐ
ŽďƐĞƌǀĂƚŝŽŶ ĂŶĚ ƐĐŽƌŝŶŐ ŽĨ njŽŽƐƉŽƌĂŶŐŝƵŵ ŝŶĨĞĐƚŝŽŶ ŝŶ ĞƉŝĚĞƌŵŝƐ ĐĞůůƐ͕ ĂŶĚ ďLJ ǀŝƐƵĂů
ĂƐƐĞƐƐŵĞŶƚ;ƐĐŽƌŝŶŐŽƌĞŶƵŵĞƌĂƚŝŽŶͿŽĨƌŽŽƚŐĂůůƐ͘ŶŝŶƚĞŶƐŝƚLJƐĐĂůĞĨŽƌŵŝĐƌŽƐĐŽƉLJŽĨ
njŽŽƐƉŽƌĂŶŐŝƵŵ ŝŶĨĞĐƚŝŽŶ ǁĂƐ ƉƌĞƐĞŶƚĞĚ ďLJ DĞƌnj ;ϭϵϴϵͿ͕ ĂŶĚ Ă ƌŽŽƚ ŐĂůů ƐĞǀĞƌŝƚLJ
ƐĐŽƌŝŶŐƐĐĂůĞŚĂƐĂůƐŽďĞĞŶŽƵƚůŝŶĞĚ
;ŚƚƚƉ͗ͬͬǁǁǁ͘ƐƉŽŶŐŽƐƉŽƌĂ͘ĞƚŚnj͘ĐŚͬ>Ă&ƌĞƚĂnjͬƐĐŽƌŝŶŐƚĂďůĞŐĂůůƐ͘ŚƚŵͿ͘
ůƚŚŽƵŐŚ
ďŽƚŚ
ŵĞƚŚŽĚƐĞĨĨĞĐƚŝǀĞůLJŵĞĂƐƵƌĞŝŶƚĞŶƐŝƚLJŽĨ^͘ƐƵďƚĞƌƌĂŶĞĂŝŶĨĞĐƚŝŽŶ͕ƚŚĞƐĞŵĞƚŚŽĚƐĂƌĞ
ůŝŬĞůLJ ƚŽ ďĞ ƐƵďũĞĐƚŝǀĞ ĂŶĚ ĚĞƉĞŶĚĞŶƚ ŽŶ ŽďƐĞƌǀĞƌ ĐĂƉĂďŝůŝƚLJ͘ Ɛ ŝŶ ŽƚŚĞƌ ƉůĂŶƚ
ƉĂƚŚŽůŽŐLJƐƚƵĚŝĞƐ͕ŵŽƌĞŽďũĞĐƚŝǀĞŵĞƚŚŽĚƐĐŽƵůĚďĞ ďĂƐĞĚŽŶŵŽůĞĐƵůĂƌƚĞĐŚŶŽůŽŐLJ͘
YƵ Ğƚ Ăů͘ ;ϮϬϬϲͿ ĂŶĚ EĂŬĂLJĂŵĂ Ğƚ Ăů͘ ;ϮϬϬϳͿ ƵƐĞĚ ƉŽůLJŵĞƌĂƐĞ ĐŚĂŝŶ ƌĞĂĐƚŝŽŶ ;WZͿ
ƚĞĐŚŶŝƋƵĞƐƚŽƋƵĂŶƚŝĨLJ^͘ƐƵďƚĞƌƌĂŶĞĂŝŶĨĞĐƚŝŽŶŝŶƌŽŽƚƐ͕ĚĞŵŽŶƐƚƌĂƚŝŶŐĂĚǀĂŶƚĂŐĞƐŽĨ
ŝŶĐƌĞĂƐĞĚƐĞŶƐŝƚŝǀŝƚLJĂŶĚƌĂƉŝĚŝƚLJĨŽƌWZƌĞůĂƚŝǀĞƚŽĚŝƌĞĐƚĂƐƐĞƐƐŵĞŶƚŵĞƚŚŽĚƐ͘
dŚĞ ƉƌĞƐĞŶƚ ƉĂƉĞƌ ƌĞƉŽƌƚƐ ĂŶ ĞdžƉĞƌŝŵĞŶƚ ǁŚĞƌĞ ƚǁŽ ƉŽƚĂƚŽ ĐƵůƚŝǀĂƌƐ ǁŝƚŚ
ŵĂƌŬĞĚůLJ ĚŝĨĨĞƌĞŶƚ ƐƵƐĐĞƉƚŝďŝůŝƚŝĞƐ ƚŽ ƉŽǁĚĞƌLJ ƐĐĂď ŽŶ ƚƵďĞƌƐ ǁĞƌĞ ŐƌŽǁŶ ƵŶĚĞƌ
ĐŽŶƚƌŽůůĞĚ ŐůĂƐƐŚŽƵƐĞ ĐŽŶĚŝƚŝŽŶƐ͕ ĂŶĚ ^͘ ƐƵďƚĞƌƌĂŶĞĂ ŝŶĨĞĐƚŝŽŶ ŽĨ ƚŚĞŝƌ ƌŽŽƚƐ ǁĂƐ
ϯϲ
ŵĞĂƐƵƌĞĚ ƵƐŝŶŐ ĚŝƌĞĐƚ ŽďƐĞƌǀĂƚŝŽŶ ĂŶĚ ƋƵĂŶƚŝƚĂƚŝǀĞ WZ ;ƋWZͿ ƚĞĐŚŶŽůŽŐLJ͘ dŚĞ
ĞdžƉĞƌŝŵĞŶƚĂŝŵĞĚĨŝƌƐƚůLJƚŽƋƵĂŶƚŝĨLJƚŚĞƉƌŽŐƌĞƐƐŝŽŶŽĨ^͘ƐƵďƚĞƌƌĂŶĞĂƚŚƌŽƵŐŚŽƵƚƌŽŽƚ
ŝŶĨĞĐƚŝŽŶ͘ ^ĞĐŽŶĚůLJ͕ ǁĞ ĂŝŵĞĚ ƚŽ ŵĞĂƐƵƌĞ ĂŶĚ ƋƵĂŶƚŝĨLJ ƚŚĞ ƌĞůĂƚŝǀĞ ƐƵƐĐĞƉƚŝďŝůŝƚLJ ŽĨ
ƚŚĞƚǁŽĐƵůƚŝǀĂƌƐƚŽƌŽŽƚŝŶĨĞĐƚŝŽŶďLJƚŚĞƉĂƚŚŽŐĞŶ͘ƚŚŝƌĚŽďũĞĐƚŝǀĞǁĂƐƚŽĂƐƐĞƐƐƚŚĞ
ǀĂůŝĚŝƚLJŽĨƵƐŝŶŐƋWZĨŽƌĚĞƚĞĐƚŝŽŶĂŶĚŵŽŶŝƚŽƌŝŶŐŽĨƚŚĞĞĂƌůLJƐƚĂŐĞƐŽĨŚŽƐƚŝŶĨĞĐƚŝŽŶ
ďLJƚŚĞƉĂƚŚŽŐĞŶ͘
Ϯ͘ϯDĂƚĞƌŝĂůƐĂŶĚŵĞƚŚŽĚƐ
Ϯ͘ϯ͘ϭWůĂŶƚŐƌŽǁƚŚ
dǁŽͲǁĞĞŬͲŽůĚ ƚŝƐƐƵĞ ĐƵůƚƵƌĞĚ ƉůĂŶƚůĞƚƐ ŽĨ ƚŚĞ ^͘ ƚƵďĞƌŽƐƵŵ ĐƵůƚŝǀĂƌƐ ͚'ůĂĚŝĂƚŽƌ͛ ;ǀĞƌLJ
ƌĞƐŝƐƚĂŶƚƚŽƚƵďĞƌƉŽǁĚĞƌLJƐĐĂďͿĂŶĚ͚/ǁĂ͛;ǀĞƌLJƐƵƐĐĞƉƚŝďůĞͿ;&ĂůůŽŽŶĞƚĂů͕͘ϮϬϬϯͿǁĞƌĞ
ƉůĂŶƚĞĚŝŶƚŽĐŽĂƌƐĞƌŝǀĞƌƐĂŶĚ;ϭͲϮŵŵŐƌĂĚĞͿŝŶϲϴϬŵůĐĂƉĂĐŝƚLJƉůĂƐƚŝĐƉŽƚƐǁŝƚŚŽƵƚ
ĚƌĂŝŶĂŐĞ ŚŽůĞƐ͘ dŚĞ ƉŽƚƐ ǁĞƌĞ ƉůĂĐĞĚ ŝŶ Ă ŐƌĞĞŶŚŽƵƐĞ ĐŽŵƉĂƌƚŵĞŶƚ ǁŚĞƌĞ
ƚĞŵƉĞƌĂƚƵƌĞ ǁĂƐ ŵĂŝŶƚĂŝŶĞĚ Ăƚ ϭϴǑ ;ц ϮǑͿ͕ ǁŝƚŚ ƐƵƉƉůĞŵĞŶƚĂƌLJ ůŝŐŚƚŝŶŐ ;ŵĞƌĐƵƌLJ
ůĂŵƉƐͿƚŽŐŝǀĞĚĂŝůLJĐLJĐůĞƐŽĨϭϲŚůŝŐŚƚĂŶĚϴŚĚĂƌŬ͘dŚĞƐĂŶĚŝŶƚŚĞƉŽƚƐǁĂƐŝƌƌŝŐĂƚĞĚ
;ďLJǁĞŝŐŚƚͿƚŽϵϬйŽĨƉŽƚǁĂƚĞƌŚŽůĚŝŶŐĐĂƉĂĐŝƚLJǁŝƚŚŶƵƚƌŝĞŶƚƐŽůƵƚŝŽŶ;&ĂůůŽŽŶĞƚĂů͕͘
ϮϬϬϯͿ ĂŶĚ ƚŚĞŶ ŝƌƌŝŐĂƚĞĚ ƚŽ ƚŚŝƐ ĂŵŽƵŶƚ ďĞƚǁĞĞŶ ϬϴϬϬ ĂŶĚ ϬϵϬϬ Ś ĞĂĐŚ DŽŶĚĂLJ͕
tĞĚŶĞƐĚĂLJĂŶĚ&ƌŝĚĂLJĨŽƌƚŚĞϱϲĚĚƵƌĂƚŝŽŶŽĨƚŚĞĞdžƉĞƌŝŵĞŶƚ͘WŽƚƐǁĞƌĞƚĂŬĞŶƚŽĂ
ƐĞƉĂƌĂƚĞďĞŶĐŚĂƌĞĂŝŶƚŚĞŐƌĞĞŶŚŽƵƐĞĐŽŵƉĂƌƚŵĞŶƚĨŽƌǁĞŝŐŚŝŶŐĂŶĚŝƌƌŝŐĂƚŝŽŶ͘WŽƚƐ
ĐŽŶƚĂŝŶŝŶŐƐĂŶĚďƵƚǁŝƚŚŽƵƚƉůĂŶƚƐǁĞƌĞŝŶĐůƵĚĞĚŝŶƚŚĞĞdžƉĞƌŝŵĞŶƚĂůĚĞƐŝŐŶĂŶĚĂůƐŽ
ŝƌƌŝŐĂƚĞĚ ƚŽ ϵϬй ƉŽƚ ǁĂƚĞƌ ŚŽůĚŝŶŐ ĐĂƉĂĐŝƚLJ Ăƚ ĞĂĐŚ ŝƌƌŝŐĂƚŝŽŶ ƚŝŵĞ͘ dŚĞƐĞ ǁĞƌĞ ƵƐĞĚ
ĨŽƌĚĞƚĞƌŵŝŶĂƚŝŽŶŽĨĂŵŽƵŶƚƐŽĨŶƵƚƌŝĞŶƚƐŽůƵƚŝŽŶƵƐĞĚ;͞ǁĂƚĞƌƵƐĞ͟ͿďLJƚŚĞƉůĂŶƚƐ͘
Ϯ͘ϯ͘ϮĂŝůLJǁĂƚĞƌƵƐĞďLJƉůĂŶƚƐ
tĂƚĞƌ ƵƐĞ ĨŽƌ ĞĂĐŚ ƉůĂŶƚ ǁĂƐ ĚĞƚĞƌŵŝŶĞĚ Ăƚ ĞĂĐŚ ŝƌƌŝŐĂƚŝŽŶ ďLJ ƐƵďƚƌĂĐƚŝŽŶ ŽĨ ƚŚĞ
ǁĞŝŐŚƚ ŽĨ ƉŽƚƐ ǁŝƚŚŽƵƚ ƉůĂŶƚƐ ĨƌŽŵ ƚŚĂƚ ĨŽƌ ƉŽƚƐ ǁŝƚŚ ƉůĂŶƚƐ͘ dŚŝƐ ǁĂƐ ĐŽŶǀĞƌƚĞĚ ƚŽ
͞ǁĂƚĞƌ ƵƐĞ͟ ;Ő ĚĂLJͲϭͿ ƵƐŝŶŐ ƚŚĞ ŶƵŵďĞƌƐ ŽĨ ĚĂLJƐ ďĞƚǁĞĞŶ ƚŚĞ ƌĞƐƉĞĐƚŝǀĞ ŝƌƌŝŐĂƚŝŽŶƐ͘
dŽƚĂů ƉŽƚ ǁĞŝŐŚƚƐ ǁĞƌĞ ĂĚũƵƐƚĞĚ ĂĨƚĞƌ ĞĂĐŚ ŚĂƌǀĞƐƚ ;ďĞůŽǁͿ ƚŽ ĂůůŽǁ ĨŽƌ ƉůĂŶƚ ĨƌĞƐŚ
ǁĞŝŐŚƚƐ͘
ϯϳ
Ϯ͘ϯ͘ϯ/ŶŽĐƵůĂƚŝŽŶǁŝƚŚ^ƉŽŶŐŽƐƉŽƌĂƐƵďƚĞƌƌĂŶĞĂ
WůĂŶƚƐ ǁĞƌĞ ŐƌŽǁŶ ĨŽƌ Ϯ ǁĞĞŬƐ͘ ,ĂůĨ ŽĨ ƚŚĞŵ ǁĞƌĞ ƚŚĞŶ ŝŶŽĐƵůĂƚĞĚ ǁŝƚŚ ϭϬ ŵů ŽĨ Ă
ƐƚĂŶĚĂƌĚŝƐĞĚƐƵƐƉĞŶƐŝŽŶŽĨ^͘ƐƵďƚĞƌƌĂŶĞĂƐƉŽƌŽƐŽƌŝŝŶŶƵƚƌŝĞŶƚƐŽůƵƚŝŽŶ͘dŚŝƐĂƉƉůŝĞĚ
ϮϬ͕ϬϬϬ ƐƉŽƌŽƐŽƌŝ ƉĞƌ ƉůĂŶƚ ;ĐĂůĐƵůĂƚĞĚ ĂƐ ĞƋƵŝǀĂůĞŶƚ ƚŽ ϵ͘ϰ п ϭϬϲ ƌĞƐƚŝŶŐ ƐƉŽƌĞƐ ƉĞƌ
ƉůĂŶƚ;&ĂůůŽŽŶĞƚĂů͕͘ϮϬϭϭͿ͘dŚĞƐƉŽƌŽƐŽƌŝǁĞƌĞŽďƚĂŝŶĞĚďLJƐĐƌĂƉŝŶŐĚƌLJƉŽǁĚĞƌLJƐĐĂď
ůĞƐŝŽŶƐĨƌŽŵĨŝĞůĚͲŐƌŽǁŶƚƵďĞƌƐŽĨ͚ŐƌŝĂ͛ƉŽƚĂƚŽĂŶĚĐŽůůĞĐƚŝŶŐƐƉŽƌŽƐŽƌŝĂĨƚĞƌƉĂƐƐĂŐĞ
ƚŚƌŽƵŐŚĂƐŝĞǀĞ;ϴϬʅŵŵĞƐŚͿ͘
Ϯ͘ϯ͘ϰ,ĂƌǀĞƐƚŽĨƉůĂŶƚƐ
WƌĞͲĚĞƐŝŐŶĂƚĞĚƉůĂŶƚƐŝŶƚŚĞĞdžƉĞƌŝŵĞŶƚǁĞƌĞŚĂƌǀĞƐƚĞĚŽŶƐŝdžŽĐĐĂƐŝŽŶƐ͕ĂƚϬ͕ϭ͕Ϯ͕ϯ͕
ϰĂŶĚϲǁĞĞŬƐĂĨƚĞƌŝŶŽĐƵůĂƚŝŽŶ͘ZŽŽƚƐĂŶĚƐŚŽŽƚƐŽĨĞĂĐŚƉůĂŶƚǁĞƌĞƐĞƉĂƌĂƚĞĚĂƚƚŚĞ
ƐĂŶĚƐƵƌĨĂĐĞůĞǀĞů͕ĂŶĚĨƌĞƐŚĂŶĚĚƌLJǁĞŝŐŚƚƐǁĞƌĞĚĞƚĞƌŵŝŶĞĚ͘
Ϯ͘ϯ͘ϱ^ĞǀĞƌŝƚLJŽĨƌŽŽƚŝŶĨĞĐƚŝŽŶďLJ^ƉŽŶŐŽƐƉŽƌĂƐƵďƚĞƌƌĂŶĞĂ
Ϯ͘ϯ͘ϱ͘ϭ/ŶƚĞŶƐŝƚLJŽĨnjŽŽƐƉŽƌĂŶŐŝƵŵĚĞǀĞůŽƉŵĞŶƚŝŶƌŽŽƚƐ
ƐŵĂůůƐĂŵƉůĞ;ĂƉƉƌŽdž͘Ϭ͘ϭŐͿŽĨĨƌĞƐŚƌŽŽƚƐǁĂƐƐƚĂŝŶĞĚĨŽƌϮŵŝŶŝŶϬ͘ϭйdƌLJƉĂŶďůƵĞ
ŝŶ ůĂĐƚŽƉŚĞŶŽů ;tĂůůĞƌ Ğƚ Ăů͕͘ ϮϬϬϮͿ ĂŶĚ ƚŚĞŶ ƐƚŽƌĞĚ ŝŶ ƐƚĞƌŝůĞ ƌĞǀĞƌƐĞ ŽƐŵŽƐŝƐ ;ZKͿ
ǁĂƚĞƌ͘ ƐƐĞƐƐŵĞŶƚ ŽĨ ^͘ ƐƵďƚĞƌƌĂŶĞĂ njŽŽƐƉŽƌĂŶŐŝƵŵ ŝŶĨĞĐƚŝŽŶ ŽĨ ƌŽŽƚ ĞƉŝĚĞƌŵŝƐ
;ŝŶĐůƵĚŝŶŐ ƌŽŽƚ ŚĂŝƌͿ ĐĞůůƐ ǁĂƐ ĐĂƌƌŝĞĚ ŽƵƚ ĨŽƌ ƐĂŵƉůĞƐ ŽĨ ƚĞŶ ƌŽŽƚ ƐĞŐŵĞŶƚƐ ;ĞĂĐŚ
ĂƉƉƌŽdž͘ ϭϬ ŵŵ ůŽŶŐͿ ĨƌŽŵ ĞĂĐŚ ƉůĂŶƚ͕ ƵƐŝŶŐ Ă ĐŽŵƉŽƵŶĚ ŵŝĐƌŽƐĐŽƉĞ ;пϮϬϬ
ŵĂŐŶŝĨŝĐĂƚŝŽŶ͕ĂŶĚĐŽŶĨŝƌŵĂƚŝŽŶŽĨŝŶĨĞĐƚŝŽŶĂƚпϰϬϬŽƌпϭϬϬϬŵĂŐŶŝĨŝĐĂƚŝŽŶͿ͘/ŶƚĞŶƐŝƚLJ
ŽĨnjŽŽƐƉŽƌĂŶŐŝƵŵŝŶĨĞĐƚŝŽŶŝŶĞĂĐŚƌŽŽƚƐĞŐŵĞŶƚǁĂƐĂƐƐĞƐƐĞĚƵƐŝŶŐƚŚĞĨŽůůŽǁŝŶŐƐŝdž
ƉŽŝŶƚƐĐŽƌĞ͗ϬсŶŽnjŽŽƐƉŽƌĂŶŐŝĂ͖ϭсфϭϬйƌŽŽƚŚĂŝƌĐĞůůƐĐŽŶƚĂŝŶŝŶŐnjŽŽƐƉŽƌĂŶŐŝĂ͖Ϯс
ϭϬͲϮϬйŽĨƌŽŽƚŚĂŝƌƐŝŶĨĞĐƚĞĚ͖ϯсϮϬͲϰϬйŽĨƌŽŽƚŚĂŝƌƐŝŶĨĞĐƚĞĚ͖ϰсϰϬͲϲϬйŽĨƌŽŽƚ
ŚĂŝƌƐŝŶĨĞĐƚĞĚ͖ĂŶĚϱсхϲϬйŽĨĐĞůůƐŝŶĨĞĐƚĞĚ͘^ĐŽƌĞƐǁĞƌĞĂƉƉůŝĞĚďLJĐŽŵƉĂƌŝƐŽŶǁŝƚŚ
ŵŝĐƌŽŐƌĂƉŚƐ;пϮϬϬŵĂŐŶŝĨŝĐĂƚŝŽŶͿŽĨϬ͘ϵŵŵůĞŶŐƚŚƐŽĨƌŽŽƚƐƌĞƉƌĞƐĞŶƚŝŶŐĞĂĐŚŽĨƚŚĞ
ƐŝdžƐĐŽƌĞƐ͘
ϯϴ
Ϯ͘ϯ͘ϱ͘ϮdžƉĞƌŝŵĞŶƚĂůĚĞƐŝŐŶ
/Ŷ ƚŽƚĂů͕ Ϯϰ ƚƌĞĂƚŵĞŶƚ ĐŽŵďŝŶĂƚŝŽŶƐ ǁĞƌĞ ĂƉƉůŝĞĚ ŝŶ ƚŚĞ ĞdžƉĞƌŝŵĞŶƚ͕ ĐŽŵƉƌŝƐŝŶŐ ƚŚĞ
ƚǁŽ ƉŽƚĂƚŽ ĐƵůƚŝǀĂƌƐ͕ ƚǁŽ ^͘ ƐƵďƚĞƌƌĂŶĞĂ ƐƉŽƌŽƐŽƌƵƐ ŝŶŽĐƵůĂƚŝŽŶ ƚƌĞĂƚŵĞŶƚƐ
;ƵŶŝŶŽĐƵůĂƚĞĚ Žƌ ŝŶŽĐƵůĂƚĞĚͿ͕ ĂŶĚ ƚŚĞ Ɛŝdž ŚĂƌǀĞƐƚƐ͘ &ŝǀĞ ƌĞƉůŝĐĂƚĞƐ ŽĨ ƚŚĞƐĞ
ĐŽŵďŝŶĂƚŝŽŶƐ ǁĞƌĞ ůĂŝĚ ŽƵƚ ŝŶ Ă ϱ п Ϯϰ ŐƌŝĚ ĂĐƌŽƐƐ ƚǁŽ ĂĚũĂĐĞŶƚ ďĞŶĐŚĞƐ ŝŶ ƚŚĞ
ŐƌĞĞŶŚŽƵƐĞĐŽŵƉĂƌƚŵĞŶƚ͕ƵƐŝŶŐĂƌĂŶĚŽŵŝƐĞĚďůŽĐŬĚĞƐŝŐŶ͕ǁŚĞƌĞŽŶĞƌŽǁŽĨϮϰƉŽƚƐ
ǁĂƐĂƌĞƉůŝĐĂƚĞ͘dǁŽƉŽƚƐǁŝƚŚŽƵƚƉůĂŶƚƐǁĞƌĞŝŶĐůƵĚĞĚǁŝƚŚŝŶĞĂĐŚƌĞƉůŝĐĂƚĞĨŽƌǁĂƚĞƌ
ƵƐĞĚĞƚĞƌŵŝŶĂƚŝŽŶ;ĂďŽǀĞͿ͘
Ϯ͘ϯ͘ϱ͘ϯ^ĞǀĞƌŝƚLJŽĨƌŽŽƚŐĂůůŝŶŐ
dŚĞ ƚŽƚĂů ŶƵŵďĞƌƐ ŽĨ ^͘ ƐƵďƚĞƌƌĂŶĞĂ ƌŽŽƚ ŐĂůůƐ ŽŶ ĞĂĐŚ ƉůĂŶƚ ǁĞƌĞ ĐŽƵŶƚĞĚ Ăƚ ĞĂĐŚ
ŚĂƌǀĞƐƚ͘EƵŵďĞƌƐŽĨƌŽŽƚŐĂůůƐŐͲϭƌŽŽƚĚƌLJǁĞŝŐŚƚǁĞƌĞĂůƐŽĚĞƚĞƌŵŝŶĞĚ͕ƚŽĂĐĐŽƵŶƚĨŽƌ
ĚŝĨĨĞƌĞŶĐĞƐŝŶƌŽŽƚŵĂƐƐďĞƚǁĞĞŶƚŚĞƚǁŽĐƵůƚŝǀĂƌƐ͘
Ϯ͘ϯ͘ϲŵŽƵŶƚƐŽĨ^ƉŽŶŐŽƐƉŽƌĂƐƵďƚĞƌƌĂŶĞĂEŝŶƌŽŽƚƐ͕ŵĞĂƐƵƌĞĚƵƐŝŶŐƋWZ
Ϯ͘ϯ͘ϲ͘ϭEĞdžƚƌĂĐƚŝŽŶ
dŚĞƌŽŽƚƐLJƐƚĞŵŽĨĞĂĐŚƉůĂŶƚǁĂƐĨƌĞĞnjĞĚƌŝĞĚ͕ƚŚĞŶĐƵƚŝŶƚŽƐŵĂůůƉŝĞĐĞƐĂŶĚŵŝdžĞĚ
ƚŽŽďƚĂŝŶĂŚŽŵŽŐĞŶŝƐĞĚƐĂŵƉůĞ͘ƉƉƌŽdžŝŵĂƚĞůLJϭϬŵŐŽĨĞĂĐŚƐĂŵƉůĞǁĂƐĚŝƐƌƵƉƚĞĚ
ǁŝƚŚ ƐƚĞĞů ďĞĂĚƐ ĂŶĚ E ǁĂƐ ĞdžƚƌĂĐƚĞĚ ƵƐŝŶŐ Ă d ŵĞƚŚŽĚ ;ZƵƐƐĞůů Θ ƵůŵĂŶ͕
ϮϬϬϱͿ͘ E ƐĂŵƉůĞƐ ǁĞƌĞ ƌĞͲƐƵƐƉĞŶĚĞĚ ǁŝƚŚ ϭϬŵD dƌŝƐͲ,ů ĞůƵƚŝŽŶ ďƵĨĨĞƌ ;Ɖ, ϴ͘ϱͿ͘
dŚĞƋƵĂŶƚŝƚLJĂŶĚƋƵĂůŝƚLJŽĨEǁĂƐĐŚĞĐŬĞĚďLJŐĞůĞůĞĐƚƌŽƉŚŽƌĞƐŝƐ͘
Ϯ͘ϯ͘ϲ͘ϮYƵĂŶƚŝƚĂƚŝǀĞWZ
ƌŝďŽƐŽŵĂů ŝŶƚĞƌŶĂů ƚƌĂŶƐĐƌŝďĞĚ ƐƉĂĐĞƌ ;/d^Ϳ ƉƌŽďĞͬƉƌŝŵĞƌ ƐĞƚ͕ ƉƌŝŵĞƌƐ ^WKϭϬ ;ϱ͛Ͳ
''d''dd''dd'Ͳϯ͛ͿĂŶĚ^WKϭϭ;ϱ͛Ͳ'''d''dd''Ͳϯ͛Ϳ͕dĂƋDĂŶΠ
ƉƌŽďĞ ^WKWZKϭ ;ϱ͛ &DͲ''d'''ddd''ddͲ,Y ϯ͛Ϳ͕ ǁĂƐ ƵƐĞĚ ƚŽ ĚĞƚĞĐƚ ^͘
ƐƵďƚĞƌƌĂŶĞĂ͘dŚĞƉƌŝŵĞƌͬƉƌŽďĞƐĞƚǁĂƐĚĞƐŝŐŶĞĚƵƐŝŶŐWƌŝŵĞƌdžƉƌĞƐƐǀϯ͘ϬƐŽĨƚǁĂƌĞ
;ƉƉůŝĞĚŝŽƐLJƐƚĞŵƐͿ͘ƋWZƌĞĂĐƚŝŽŶƐ;ϭµůŽĨEŝŶϮϬµůŽĨƌĞĂĐƚŝŽŶͿǁĞƌĞĐŽŵƉůĞƚĞĚ
ŝŶĂŶ/͞^ƚĞƉKŶĞWůƵƐ͟ŵĂĐŚŝŶĞ͘zŝĞůĚƐŽĨEĂƉƉĞĂƌĞĚĐŽŶƐŝƐƚĞŶƚǁŚĞŶŵĞĂƐƵƌĞĚ
ďLJŐĞůĞůĞĐƚƌŽƉŚŽƌĞƐŝƐ;ŶŽƚƐŚŽǁŶͿ͘dƌŝƉůŝĐĂƚĞƌĞĂĐƚŝŽŶƐǁĞƌĞƵƐĞĚĨŽƌĂůůƐĂŵƉůĞƐĂŶĚ
ϯϵ
ƐƚĂŶĚĂƌĚƐ͘ ŶŽŶ ƚĞŵƉůĂƚĞ ĐŽŶƚƌŽů ;EdͿ ǁĂƐ ĂĚĚĞĚ ƚŽ ĞĂĐŚ ƉůĂƚĞ͘ ƋWZ ǁĂƐ ĐĂƌƌŝĞĚ
ŽƵƚŝŶĂϰϬĐLJĐůĞƌƵŶ;ϵϱΣĨŽƌϭϱƐ͕ϲϬΣĨŽƌϮϬƐĂŶĚϳϮΣĨŽƌϮϬƐͿ͘dŽĨƵƌƚŚĞƌƚĞƐƚƚŚĞ
ĂĐĐƵƌĂĐLJŽĨŽƵƌŵĞĂƐƵƌĞŵĞŶƚƐ͕ĨŽƵƌĐŽŵƉůĞƚĞƐĞƚƐŽĨƋWZƌĞƉĞĂƚƐǁĞƌĞĐĂƌƌŝĞĚŽƵƚ
ĨŽƌĞĂĐŚƐĂŵƉůĞ;ŝ͘Ğ͘ĂƚŽƚĂůŽĨϭϮƌĞƉůŝĐĂƚĞƐƉĞƌƐĂŵƉůĞͿ͘
ŵŽƵŶƚƐ ŽĨ ^ƉŽŶŐŽƐƉŽƌĂ E ŝŶ ƐĂŵƉůĞƐ ǁĞƌĞ ĐĂůĐƵůĂƚĞĚ ďLJ ĂŶ ĂďƐŽůƵƚĞ
ƋƵĂŶƚŝĨŝĐĂƚŝŽŶ ƚĞĐŚŶŝƋƵĞ͕ ƵƐŝŶŐ Ă ƐƚĂŶĚĂƌĚ ĐƵƌǀĞ ĐŽŶƐƚƌƵĐƚĞĚ ĨƌŽŵ ƉůĂƐŵŝĚ E
ĐŽŶƚĂŝŶŝŶŐ ƚŚĞ ^ ƐƵďƚĞƌƌĂŶĞĂ /d^ ŐĞŶĞ͘ dŽ ŽďƚĂŝŶ ƚŚĞ ƉůĂƐŵŝĚ͕ Ă ĐŽƉLJ ŽĨ ƚŚĞ ^͘
ƐƵďƚĞƌƌĂŶĞĂ/d^ŐĞŶĞǁĂƐĂŵƉůŝĨŝĞĚďLJWZ͕ƵƐŝŶŐƚŚĞƐƉĞĐŝĨŝĐƉƌŝŵĞƌƐ/d^ϱĂŶĚ/d^Ϯϲ
;ƵůŵĂŶΘDĂƌƐŚĂůů͕ϭϵϵϴͿ͕ƚŚĞŶĐůŽŶĞĚƵƐŝŶŐƚŚĞdKWKΠdůŽŶŝŶŐΠ<ŝƚ;/ŶǀŝƚƌŽŐĞŶͿ͘
dŚĞ ĐŽƌƌĞĐƚ ŝŶƐĞƌƚ ǁĂƐ ŝĚĞŶƚŝĨŝĞĚ ďLJ WZ ĂŶĚ E ƐĞƋƵĞŶĐŝŶŐ͕ ƚŚĞŶ ƉůĂƐŵŝĚ ǁĂƐ
ƉƵƌŝĨŝĞĚƵƐŝŶŐƚŚĞWůĂƐŵŝĚDŝŶŝ<ŝƚ;YŝĂŐĞŶΠͿ͘
ƐƚĂŶĚĂƌĚĐƵƌǀĞǁĂƐĐŽŶƐƚƌƵĐƚĞĚĨƌŽŵƚĞŶĨŽůĚĚŝůƵƚŝŽŶƐŽĨƚŚĞƉůĂƐŵŝĚ͕ƌĂŶŐŝŶŐ
ĨƌŽŵĂĐŽŶĐĞŶƚƌĂƚŝŽŶŽĨϰ͘ϳdžϭϬͲϱŶŐͬµ>ƚŽϰ͘ϳdžϭϬͲϭŶŐͬµ>͘&ƌŽŵƚŚĞƐĞƌĞŐƌĞƐƐŝŽŶƐ͕
ƚŚĞĞĨĨŝĐŝĞŶĐLJĨĂĐƚŽƌ;ĨĨͿǁĂƐĐĂůĐƵůĂƚĞĚĂƐĨĨсϭϬͲϭͬ^ůŽƉĞ͘/ƚǁĂƐĨŽƵŶĚƚŽƌĂŶŐĞĨƌŽŵ
ϭ͘ϴϯƚŽϮ͘Ϭϰ͘
Ϯ͘ϯ͘ϳ^ƚĂƚŝƐƚŝĐĂůĂŶĂůLJƐĞƐ
tĂƚĞƌƵƐĞŽǀĞƌƚŝŵĞǁĂƐĨŝƌƐƚĞdžƉůŽƌĞĚŐƌĂƉŚŝĐĂůůLJ͕ĂŶĚĨŽƌŵĂůĂŶĂůLJƐĞƐŽĨǁĂƚĞƌƵƐĞ
ǁĞƌĞĐĂƌƌŝĞĚŽƵƚĨŽƌƚŚĞĚĂƚĂĂƚϱϲĚĂLJƐ͘ŵĞĂŶnjŽŽƐƉŽƌĂŶŐŝƵŵƐĐŽƌĞǁĂƐĐĂůĐƵůĂƚĞĚ
ĨŽƌ ĞĂĐŚ ƉůĂŶƚ͘ tŚĞŶ ƌŽŽƚ ŐĂůůƐ ǁĞƌĞ ŶŽƚ ŽďƐĞƌǀĞĚ Ăƚ ŝŶĚŝǀŝĚƵĂů ŚĂƌǀĞƐƚƐ͕ ƚŚĞƐĞ ĚĂƚĂ
ǁĞƌĞ ĞdžĐůƵĚĞĚ ĨƌŽŵ ƚŚĞ ƐƚĂƚŝƐƚŝĐĂů ĂŶĂůLJƐĞƐ ƚŽ ĂǀŽŝĚ ƵŶĚĞƌͲĞƐƚŝŵĂƚŝŶŐ ǀĂƌŝĂƚŝŽŶ͘ dŽ
ƐƚĂďŝůŝƐĞ ƚŚĞ ǀĂƌŝĂŶĐĞƐ͕ ŶƵŵďĞƌƐ ŽĨ ƌŽŽƚ ŐĂůůƐ ĂŶĚ ŶƵŵďĞƌƐ ŽĨ ƌŽŽƚ ŐĂůůƐ ŐͲϭ ƌŽŽƚ ĚƌLJ
ǁĞŝŐŚƚ ǁĞƌĞ ƐƋƵĂƌĞ ƌŽŽƚ ƚƌĂŶƐĨŽƌŵĞĚ͕ ĂŶĚ ĞƐƚŝŵĂƚĞĚ E ƋƵĂŶƚŝƚŝĞƐ ǁĞƌĞ ůŽŐ
ƚƌĂŶƐĨŽƌŵĞĚ ďĞĨŽƌĞ ĂŶĂůLJƐŝƐ͘ ĂƚĂ ǁĞƌĞ ĂŶĂůLJƐĞĚ ǁŝƚŚ ĂŶĂůLJƐŝƐ ŽĨ ǀĂƌŝĂŶĐĞ͕ ŝŶĐůƵĚŝŶŐ
ĐŽŶƚƌĂƐƚƐ ƚŽ ĐŽŵƉĂƌĞ ďĞƚǁĞĞŶ ĐƵůƚŝǀĂƌƐ͕ ŝŶŽĐƵůĂƚŝŽŶ ƚƌĞĂƚŵĞŶƚƐ͕ ŚĂƌǀĞƐƚƐ ;ĞdžĐĞƉƚ ĨŽƌ
ǁĂƚĞƌƵƐĞͿĂŶĚŝŶƚĞƌĂĐƚŝŽŶƐďĞƚǁĞĞŶƚŚĞƐĞĨĂĐƚŽƌƐ͘ůůƐƚĂƚŝƐƚŝĐĂůĂŶĂůLJƐĞƐǁĞƌĞĐĂƌƌŝĞĚ
ŽƵƚǁŝƚŚ'ĞŶ^ƚĂƚ;'ĞŶ^ƚĂƚŽŵŵŝƚƚĞĞ͕ϮϬϭϬͿ͘
ϰϬ
Ϯ͘ϰZĞƐƵůƚƐ
Ϯ͘ϰ͘ϭtĂƚĞƌƵƐĞ
ƚϱϲĚĂĨƚĞƌƉůĂŶƚŝŶŐ͕͚'ůĂĚŝĂƚŽƌ͛ƉůĂŶƚƐǁĞƌĞƵƐŝŶŐĂƉƉƌŽdž͘ĨŽƵƌƚŝŵĞƐƚŚĞĂŵŽƵŶƚŽĨ
ǁĂƚĞƌ ;ŵĞĂŶ с ϴ͘Ϯϯ Ő ĚͲϭͿ ŽĨ ͚/ǁĂ͛ ƉůĂŶƚƐ ;Ϯ͘ϱϮ Ő ĚͲϭ͖ W с Ϭ͘ϬϬϭͿ͘ tĂƚĞƌ ƵƐĞ ďLJ ƉůĂŶƚƐ
ŝŶŽĐƵůĂƚĞĚǁŝƚŚ^͘ƐƵďƚĞƌƌĂŶĞĂǁĂƐůĞƐƐƚŚĂŶĨŽƌƵŶŝŶŽĐƵůĂƚĞĚƉůĂŶƚƐ;WсϬ͘ϬϴϴͿ͘DĞĂŶ
ǁĂƚĞƌƵƐĞďLJƵŶŝŶŽĐƵůĂƚĞĚ͚'ůĂĚŝĂƚŽƌ͛ƉůĂŶƚƐĂƚƚŚĞĞŶĚŽĨƚŚĞĞdžƉĞƌŝŵĞŶƚǁĂƐϵ͘ϰϳŐĚͲ
ϭ
͕ ǁŚŝůĞ ƚŚĂƚ ĨŽƌ ƚŚĞ ŝŶŽĐƵůĂƚĞĚ ƉůĂŶƚƐ ;ϰϮ Ě ĂĨƚĞƌ ŝŶŽĐƵůĂƚŝŽŶͿ ǁĂƐ ϲ͘ϵϴ Ő ĚĂLJͲϭ ;Ϯϲй
ƌĞĚƵĐƚŝŽŶ ĚƵĞ ƚŽ ŝŶŽĐƵůĂƚŝŽŶͿ͘ DĞĂŶ ǁĂƚĞƌ ƵƐĞ ďLJ ƵŶŝŶŽĐƵůĂƚĞĚ ͚/ǁĂ͛ ƉůĂŶƚƐ Ăƚ ƚŚĞ
ƐĂŵĞƚŝŵĞǁĂƐϯ͘ϱϵŐĚͲϭ͕ĂŶĚĨŽƌŝŶŽĐƵůĂƚĞĚƉůĂŶƚƐǁĂƐϭ͘ϰϱŐĚͲϭ;ϲϬйƌĞĚƵĐƚŝŽŶĚƵĞ
ƚŽŝŶŽĐƵůĂƚŝŽŶͿ͘
Ϯ͘ϰ͘ϮWůĂŶƚƉĂƌĂŵĞƚĞƌƐ
DĞĂŶ ƐŚŽŽƚ ĚƌLJ ǁĞŝŐŚƚƐ ŝŶĐƌĞĂƐĞĚ ƚŚƌŽƵŐŚ ƚŚĞ ƐĞƋƵĞŶƚŝĂů ŚĂƌǀĞƐƚƐ ;W ф Ϭ͘ϬϬϭͿ͕ ĂƐ
ĞdžƉĞĐƚĞĚ͘ DĞĂŶ ƐŚŽŽƚ ĚƌLJ ǁĞŝŐŚƚ ŽĨ ĞĂĐŚ ĐƵůƚŝǀĂƌ ǁĂƐ ƐŝŵŝůĂƌ ĨŽƌ ƵŶŝŶŽĐƵůĂƚĞĚ ĂŶĚ
ŝŶŽĐƵůĂƚĞĚƉůĂŶƚƐ;WхϬ͘ϭϬͿ͘^ŚŽŽƚĚƌLJǁĞŝŐŚƚǁĂƐŐƌĞĂƚĞƌĨŽƌ͚'ůĂĚŝĂƚŽƌ͛ƚŚĂŶĨŽƌ͚/ǁĂ͛
;WсϬ͘ϬϮϭͿ͘DĞĂŶƌŽŽƚĚƌLJǁĞŝŐŚƚƐĂůƐŽŝŶĐƌĞĂƐĞĚƚŚƌŽƵŐŚƚŚĞƐĞƋƵĞŶƚŝĂůŚĂƌǀĞƐƚƐ;Wф
Ϭ͘ϬϬϭͿ͕ĂŶĚǁĞƌĞƐŝŵŝůĂƌĨŽƌďŽƚŚĐƵůƚŝǀĂƌƐĂŶĚĨŽƌƚŚĞƚǁŽ^͘ƐƵďƚĞƌƌĂŶĞĂŝŶŽĐƵůĂƚŝŽŶ
ƚƌĞĂƚŵĞŶƚƐ Ăƚ Ăůů ŚĂƌǀĞƐƚƐ ;ƉхϬ͘ϭͿ͘ ƚ ƚŚĞ ĨŝŶĂů ŚĂƌǀĞƐƚ͕ ŚŽǁĞǀĞƌ͕ ĂŶ ĞĨĨĞĐƚ ŽĨ
ŝŶŽĐƵůĂƚŝŽŶŽŶ͚/ǁĂ͛ƉůĂŶƚƐǁĂƐŝŶĚŝĐĂƚĞĚ͘dŚĞŝŶŽĐƵůĂƚĞĚ ƉůĂŶƚƐŚĂĚĂŵĞĂŶƌŽŽƚĚƌLJ
ǁĞŝŐŚƚŽĨϬ͘ϱϲŐ͕ĐŽŵƉĂƌĞĚǁŝƚŚƚŚĂƚŽĨϬ͘ϵϭŐĨŽƌƵŶŝŶŽĐƵůĂƚĞĚƉůĂŶƚƐ͘
Ϯ͘ϰ͘ϯZŽŽƚŝŶĨĞĐƚŝŽŶďLJ^ƉŽŶŐŽƐƉŽƌĂƐƵďƚĞƌƌĂŶĞĂ
Ϯ͘ϰ͘ϯ͘ϭ/ŶƚĞŶƐŝƚLJŽĨnjŽŽƐƉŽƌĂŶŐŝƵŵŝŶĨĞĐƚŝŽŶ
>Žǁ ŝŶĐŝĚĞŶĐĞƐ ŽĨ njŽŽƐƉŽƌĂŶŐŝƵŵ ŝŶĨĞĐƚŝŽŶƐ ǁĞƌĞ ŽďƐĞƌǀĞĚ ŝŶ Ă ĨĞǁ ƵŶŝŶŽĐƵůĂƚĞĚ
ƉůĂŶƚƐĂƚϰĂŶĚϲǁĞĞŬƐĨŽƌ͚'ůĂĚŝĂƚŽƌ͕͛ĂŶĚϯ͕ϰ͕ĂŶĚϲǁĞĞŬƐĨŽƌ͚/ǁĂ͛;&ŝŐ͘ϭͿ͘
&Žƌ ƉůĂŶƚƐ ŝŶŽĐƵůĂƚĞĚ ǁŝƚŚ ^͘ ƐƵďƚĞƌƌĂŶĞĂ͕ njŽŽƐƉŽƌĂŶŐŝĂ ǁĞƌĞ ĨŝƌƐƚ ŽďƐĞƌǀĞĚ ŝŶ
ƉůĂŶƚƐ ϭ ǁĞĞŬ ĂĨƚĞƌ ŝŶŽĐƵůĂƚŝŽŶ͕ ďƵƚ ŝŶĨĞĐƚŝŽŶ ǁĂƐ ƌĂƌĞ Ăƚ ƚŚŝƐ ƐƚĂŐĞ͘ DĞĂŶ
njŽŽƐƉŽƌĂŶŐŝƵŵ ƐĐŽƌĞƐ ǁĞƌĞ ǀĞƌLJ ƐŝŵŝůĂƌ ŝŶ ďŽƚŚ ĐƵůƚŝǀĂƌƐ͕ ƌĞĂĐŚŝŶŐ Ă ŵĂdžŝŵƵŵ Ăƚ ϯ
ϰϭ
ǁĞĞŬƐĂĨƚĞƌŝŶŽĐƵůĂƚŝŽŶ;&ŝŐ͘ϭͿ͘ŽŽƐƉŽƌĂŶŐŝƵŵŶƵŵďĞƌƐĚĞĐƌĞĂƐĞĚŝŶďŽƚŚĐƵůƚŝǀĂƌƐĂƚ
ůĂƚĞƌŚĂƌǀĞƐƚƐ͕ϰĂŶĚϲǁĞĞŬƐĂĨƚĞƌŝŶŽĐƵůĂƚŝŽŶĨŽƌ͚'ůĂĚŝĂƚŽƌ͛ĂŶĚϲǁĞĞŬƐĨŽƌ͚/ǁĂ͛͘
ŽŽƐƉŽƌĂŶŐŝĂ ǁĞƌĞ ŽďǀŝŽƵƐ ŝŶ ƌŽŽƚ ĞƉŝĚĞƌŵŝƐ ĐĞůůƐ ;&ŝŐ ϮĂ͕ ďͿ ĂƐ ŵƵůƚŝͲĐĞůůĞĚ
ƐƚƌƵĐƚƵƌĞƐ͘hŶĚĞƌŚŝŐŚŵĂŐŶŝĨŝĐĂƚŝŽŶ͕ƚĞƚƌĂĚƐŽĨŚĞĂǀŝůLJƐƚĂŝŶĞĚƐƵďƵŶŝƚƐǁĞƌĞŽďǀŝŽƵƐ
ǁŝƚŚŝŶŝŶĚŝǀŝĚƵĂůƵŶŝƚƐŝŶnjŽŽƐƉŽƌĂŶŐŝĂ;&ŝŐ͘ϮďͿ͘dŚĞƐĞƚĞƚƌĂĚƐŚĂǀĞďĞĞŶƐŚŽǁŶƚŽďĞ
ĨŽƵƌnjŽŽƐƉŽƌĞƐ;ůĂLJΘtĂůƐŚ͕ϭϵϵϬͿ͘ƚƚŚĞůĂƚĞƌŚĂƌǀĞƐƚƐ͕ŵĂŶLJƌŽŽƚĞƉŝĚĞƌŵŝƐĐĞůůƐŝŶ
ƚŚĞƐĞ ƉůĂŶƚƐ ĐŽŶƚĂŝŶĞĚ njŽŽƐƉŽƌĂŶŐŝĂ ;ǁŝƚŚ njŽŽƐƉŽƌĞƐͿ ;&ŝŐ͘ Ϯď͕ Đ͕ Ě͕ ĞͿ͕ ďƵƚ ƐŽŵĞ
njŽŽƐƉŽƌĂŶŐŝĂ ǁĞƌĞ ĨƌĞĞŽĨĐĞůů ĐŽŶƚĞŶƚƐ ;&ŝŐ͘ ϮĨ͕ Ő͕ ŚͿ͕ ŝŶĚŝĐĂƚŝŶŐ ƚŚĂƚ ƚŚĞŝƌ njŽŽƐƉŽƌĞƐ
ŚĂĚďĞĞŶƌĞůĞĂƐĞĚ͘KĐĐƵƌƌĞŶĐĞŽĨĞŵƉƚLJnjŽŽƐƉŽƌĂŶŐŝĂǁĂƐĂĐĐŽŵƉĂŶŝĞĚďLJƌĞĚƵĐƚŝŽŶ
ŝŶŵĞĂŶƐĞǀĞƌŝƚLJƐĐŽƌĞ;&ŝŐ͘ϭͿĂƚƚŚĞůĂƚĞƌŚĂƌǀĞƐƚƐ͕ϰĂŶĚϲǁĞĞŬƐĂĨƚĞƌŝŶŽĐƵůĂƚŝŽŶ͘
Mean Score
2.0
1.5
1.0
0.5
0.0
1
2
3
4
6
Time (weeks)
Iwa uninoculated
Iwa inoculated
Gladiator uninoculated
Gladiator inoculated
&ŝŐƵƌĞ ϭ͘DĞĂŶnjŽŽƐƉŽƌĂŶŐŝƵŵ ŝŶƚĞŶƐŝƚLJ ƐĐŽƌĞƐ;ϬͲϱ ƐĐĂůĞͿĨŽƌƌŽŽƚƐ ŽĨƚŚĞƉŽƚĂƚŽĐƵůƚŝǀĂƌƐ
͚'ůĂĚŝĂƚŽƌ͛ ĂŶĚ ͚/ǁĂ͕͛ ǁŚŝĐŚ ǁĞƌĞ ĞŝƚŚĞƌ ƵŶŝŶŽĐƵůĂƚĞĚ Žƌ ŝŶŽĐƵůĂƚĞĚ ǁŝƚŚ ƐƉŽƌŽƐŽƌŝ ŽĨ
^ƉŽŶŐŽƐƉŽƌĂƐƵďƚĞƌƌĂŶĞĂĂŶĚŚĂƌǀĞƐƚĞĚĂƚϭǁĞĞŬŝŶƚĞƌǀĂůƐƵƉƚŽϲǁĞĞŬƐĂĨƚĞƌŝŶŽĐƵůĂƚŝŽŶ͘
ĂƌƐŝŶĚŝĐĂƚĞ >^Ɛ;WсϬ͘Ϭϱ͕ĚĨсϱϰͿ͖ƵƉƉĞƌďĂƌƚŽĐŽŵƉĂƌĞ ŶŽŶͲnjĞƌŽŵĞĂŶƐ͕ůŽǁĞƌďĂƌƚŽ
ĐŽŵƉĂƌĞnjĞƌŽǁŝƚŚŶŽŶͲnjĞƌŽŵĞĂŶƐ͘
ϰϮ
&ŝŐƵƌĞ Ϯ͘ DŝĐƌŽŐƌĂƉŚƐ ŽĨ njŽŽƐƉŽƌĂŶŐŝĂ ŝŶ ƐƚĂŝŶĞĚ ƌŽŽƚƐ ŽĨ ƉŽƚĂƚŽ ƉůĂŶƚƐ ;Ζ/ǁĂΖͿ͕ ŐƌŽǁŶ ŝŶ
ƐĂŶĚͬŶƵƚƌŝĞŶƚƐŽůƵƚŝŽŶĂŶĚŝŶŽĐƵůĂƚĞĚǁŝƚŚ^ƉŽŶŐŽƐƉŽƌĂƐƵďƚĞƌƌĂŶĞĂƐƉŽƌŽƐŽƌŝ͘ĂͿZŽŽƚǁŝƚŚ
ŚĞĂǀŝůLJ ŝŶĨĞĐƚĞĚ ƌŽŽƚ ŚĂŝƌƐ ;ƐĞǀĞƌŝƚLJ ƐĐŽƌĞ ϰ͖ ƐĞĞ ƚĞdžƚͿ͕ ϰ ǁĞĞŬƐ ĂĨƚĞƌ ŝŶŽĐƵůĂƚŝŽŶ͘ ďͿ ZŽŽƚ
ƐƵƌĨĂĐĞĐĞůůƐǁŝƚŚnjŽŽƐƉŽƌĂŶŐŝĂ͕ϰǁĞĞŬƐĂĨƚĞƌŝŶŽĐƵůĂƚŝŽŶ͘ĐͿZŽŽƚŚĂŝƌǁŝƚŚnjŽŽƐƉŽƌĂŶŐŝƵŵ͕
ϰ ǁĞĞŬƐ ĂĨƚĞƌ ŝŶŽĐƵůĂƚŝŽŶ͘ ĚͿ ĂŶĚ ĞͿ ZŽŽƚ ĞƉŝĚĞƌŵŝƐ ĐĞůůƐ ǁŝƚŚ njŽŽƐƉŽƌĂŶŐŝĂ ƚŚĂƚ ŚĂǀĞ
ƌĞůĞĂƐĞĚnjŽŽƐƉŽƌĞƐ͕ϲǁĞĞŬƐĂĨƚĞƌŝŶŽĐƵůĂƚŝŽŶ͘
ϰϯ
Ϯ͘ϰ͘ϯ͘ϮEƵŵďĞƌƐŽĨƌŽŽƚŐĂůůƐ
EŽƌŽŽƚŐĂůůƐǁĞƌĞŽďƐĞƌǀĞĚŽŶĂŶLJŽĨƚŚĞƵŶŝŶŽĐƵůĂƚĞĚƉůĂŶƚƐĂƚĂŶLJŚĂƌǀĞƐƚ;&ŝŐ͘ϯͿ͘
&Žƌ͚/ǁĂ͕͛ŐĂůůƐǁĞƌĞŽďƐĞƌǀĞĚŽŶƌŽŽƚƐŽĨƚŚĞ^͘ƐƵďƚĞƌƌĂŶĞĂŝŶŽĐƵůĂƚĞĚƉůĂŶƚƐĂĨƚĞƌϯ
ǁĞĞŬƐƉŽƐƚŝŶŽĐƵůĂƚŝŽŶ͕ĂŶĚĨŽƌ͚'ůĂĚŝĂƚŽƌ͕͛ĂĨƚĞƌϰǁĞĞŬƐƉŽƐƚŝŶŽĐƵůĂƚŝŽŶ͘ƚƚŚĞůĂƚĞƌ
ŚĂƌǀĞƐƚƐ;ϯƚŽϲǁĞĞŬƐĂĨƚĞƌŝŶŽĐƵůĂƚŝŽŶͿ͕͚/ǁĂ͛ŚĂĚĂƉƉƌŽdžŝŵĂƚĞůLJĨŽƵƌƚŝŵĞƐŵŽƌĞƌŽŽƚ
ŐĂůůƐŐͲϭƌŽŽƚĚƌLJǁĞŝŐŚƚƚŚĂŶ͚'ůĂĚŝĂƚŽƌ͛;WфϬ͘ϬϬϭ͕&ŝŐ͘ϯďͿ͘
Ϯ͘ϰ͘ϯ͘ϯŵŽƵŶƚƐŽĨ^͘ƐƵďƚĞƌƌĂŶĞĂĚĞƚĞĐƚĞĚǁŝƚŚƋWZ
YƵĂŶƚŝƚĂƚŝǀĞ WZ ĚĞƚĞĐƚĞĚ ƐŵĂůů ĂŵŽƵŶƚƐ ŽĨ ^͘ ƐƵďƚĞƌƌĂŶĞĂ E ŝŶ ƌŽŽƚƐ Ăƚ ϭ ǁĞĞŬ
ĂĨƚĞƌŝŶŽĐƵůĂƚŝŽŶ;&ŝŐ͘ϰͿ͘ŵŽƵŶƚƐŽĨEŝŶĐƌĞĂƐĞĚǁŝƚŚŚĂƌǀĞƐƚƚŝŵĞĨŽƌĂůůƉůĂŶƚƐ;W
ф Ϭ͘ϬϬϭ ĨŽƌ ƚŚĞ ŽǀĞƌĂůů ĞĨĨĞĐƚƐ ŽĨ ŚĂƌǀĞƐƚƐͿ͕ ďƵƚ ƚŚĞ ĂŵŽƵŶƚ ŽĨ E ŝŶ ƌŽŽƚƐ ŽĨ ƚŚĞ
ƵŶŝŶŽĐƵůĂƚĞĚ ƉůĂŶƚƐ ǁĂƐ ƐƵďƐƚĂŶƚŝĂůůLJ ůĞƐƐ ;W ф Ϭ͘ϬϬϭͿ ƚŚĂŶ ŝŶ ƚŚĞ ƉůĂŶƚƐ ŝŶŽĐƵůĂƚĞĚ
ǁŝƚŚ^͘ƐƵďƚĞƌƌĂŶĞĂƐƉŽƌŽƐŽƌŝƚŚƌŽƵŐŚŽƵƚƚŚĞĞdžƉĞƌŝŵĞŶƚ͘ŵŽƵŶƚƐŽĨƉĂƚŚŽŐĞŶE
ƌĞĂĐŚĞĚ ŵĂdžŝŵĂ ŝŶ ďŽƚŚ ĐƵůƚŝǀĂƌƐ Ăƚ ϰ ǁĞĞŬƐ ĂŶĚ ƚŚĞŶ ƐůŝŐŚƚůLJ ĚĞĐƌĞĂƐĞĚ Ăƚ ϲ ǁĞĞŬƐ
ĂĨƚĞƌŝŶŽĐƵůĂƚŝŽŶ͚͘/ǁĂ͛ŚĂĚĂƉƉƌŽdžŝŵĂƚĞůLJƚǁŝĐĞƚŚĞĂŵŽƵŶƚŽĨ^͘ƐƵďƚĞƌƌĂŶĞĂEŝŶ
ƌŽŽƚƐ ĐŽŵƉĂƌĞĚ ǁŝƚŚ ͚'ůĂĚŝĂƚŽƌ͛ Ăƚ ϯ͕ ϰ ĂŶĚ ϲ ǁĞĞŬƐ ĂĨƚĞƌ ŝŶŽĐƵůĂƚŝŽŶ ;&ŝŐ͘ ϰďͿ͘
ŝĨĨĞƌĞŶĐĞƐďĞƚǁĞĞŶĐƵůƚŝǀĂƌƐǁĞƌĞŶŽƚƐƚĂƚŝƐƚŝĐĂůůLJƐŝŐŶŝĨŝĐĂŶƚ͕ŚŽǁĞǀĞƌ;WсϬ͘ϴϱϴͿ͘
ϰϰ
100
10
8
50
6
25
4
10
5
2
0
0
0
Mean number (back-transformed)
12
250
1
2
b)
3
4
Mean number (square-root scale)
a)
6
Time (weeks)
16
200
14
150
12
100
10
8
50
6
25
4
10
5
2
0
0
0
1
2
3
4
Mean number (square-root scale)
Mean number (back-transformed)
150
6
Time (weeks)
Iwa uninoculated
Iwa inoculated
Gladiator uninoculated
Gladiator inoculated
&ŝŐƵƌĞϯ͘ĂͿDĞĂŶŶƵŵďĞƌƐŽĨƌŽŽƚŐĂůůƐƉĞƌƉůĂŶƚ͕ĂŶĚďͿŵĞĂŶŶƵŵďĞƌƐŽĨƌŽŽƚŐĂůůƐŐͲϭƌŽŽƚ
ĚƌLJǁĞŝŐŚƚ͕ĨŽƌƉŽƚĂƚŽƉůĂŶƚƐŽĨ͚'ůĂĚŝĂƚŽƌ͛ĂŶĚ͚/ǁĂ͕͛ĞŝƚŚĞƌƵŶŝŶŽĐƵůĂƚĞĚŽĨŝŶŽĐƵůĂƚĞĚǁŝƚŚ
^ƉŽŶŐŽƐƉŽƌĂƐƵďƚĞƌƌĂŶĞĂĂŶĚŚĂƌǀĞƐƚĞĚĂƚϭǁĞĞŬŝŶƚĞƌǀĂůƐƵƉƚŽϲǁĞĞŬƐĂĨƚĞƌŝŶŽĐƵůĂƚŝŽŶ͘
ĂƌƐŝŶĚŝĐĂƚĞ>^Ɛ;WсϬ͘Ϭϱ͕ĚĨсϭϲͿ͕ůŽǁĞƌďĂƌƵŶŝŶŽĐƵůĂƚĞĚ͕ƵƉƉĞƌďĂƌŝŶŽĐƵůĂƚĞĚ͘
ϰϱ
-1
Mean DNA amounts (log10 ng µL )
0
a)
-1
-2
-3
-4
-5
-6
0
Back-transformed means
2.0
1
2
3
4
6
Time (weeks)
b)
1.5
1.0
0.5
0.0
0
1
2
3
4
6
Time (weeks)
Iwa uninoculated
Iwa inoculated
Gladiator uninoculated
Gladiator inoculated
Ͳϭ
&ŝŐƵƌĞϰ͘DĞĂŶĂŵŽƵŶƚƐ;ŶŐµ
µ> ͿŽĨ^ƉŽŶŐŽƐƉŽƌĂƐƵďƚĞƌƌĂŶĞĂEĚĞƚĞĐƚĞĚƵƐŝŶŐƋWZŝŶ
ƌŽŽƚƐ ŽĨ ͚'ůĂĚŝĂƚŽƌ͛ ĂŶĚ ͚/ǁĂ͕͛ ǁŚŝĐŚ ǁĞƌĞ ĞŝƚŚĞƌ ƵŶŝŶŽĐƵůĂƚĞĚ Žƌ ǁĞƌĞ ŝŶŽĐƵůĂƚĞĚ ǁŝƚŚ
ƐƉŽƌŽƐŽƌŝŽĨ^ƉŽŶŐŽƐƉŽƌĂƐƵďƚĞƌƌĂŶĞĂĂŶĚŚĂƌǀĞƐƚĞĚĂƚϭǁĞĞŬŝŶƚĞƌǀĂůƐƵƉƚŽϲǁĞĞŬƐĂĨƚĞƌ
ŝŶŽĐƵůĂƚŝŽŶ͘ ĂͿ ůŽŐϭϬ ƚƌĂŶƐĨŽƌŵĞĚ ŵĞĂŶƐ͖ ďĂƌ ŝŶĚŝĐĂƚĞƐ >^ ;W с Ϭ͘Ϭϱ͕ ĚĨ с ϵϮͿ͘ ďͿ ďĂĐŬͲ
ƚƌĂŶƐĨŽƌŵĞĚŵĞĂŶƐ͘
ϰϲ
Ϯ͘ϱŝƐĐƵƐƐŝŽŶ
dŚŝƐƐƚƵĚLJŚĂƐƵƐĞĚĐŽŶǀĞŶƚŝŽŶĂůĂŶĚŵŽůĞĐƵůĂƌŵĞƚŚŽĚƐĨŽƌĚĞƚĞƌŵŝŶŝŶŐŝŶƚĞŶƐŝƚLJŽĨ
^͘ ƐƵďƚĞƌƌĂŶĞĂ ŝŶĨĞĐƚŝŽŶ ŽĨ ƚǁŽ ƉŽƚĂƚŽ ĐƵůƚŝǀĂƌƐ͘ dŚĞ ĐƵůƚŝǀĂƌƐ ǁĞƌĞ ĐŚŽƐĞŶ ƚŽ
ƌĞƉƌĞƐĞŶƚŽƉƉŽƐŝƚĞĞŶĚƐŽĨƚŚĞƐƉĞĐƚƌƵŵŽĨƐƵƐĐĞƉƚŝďŝůŝƚLJƚŽƉŽǁĚĞƌLJƐĐĂďŽŶƚƵďĞƌƐ͘
/ŶŽĐƵůĂƚŝŽŶǁŝƚŚ^͘ƐƵďƚĞƌƌĂŶĞĂĐĂƵƐĞĚƌĞĚƵĐĞĚǁĂƚĞƌƵƉƚĂŬĞŝŶďŽƚŚĐƵůƚŝǀĂƌƐ͕ďƵƚƚŚŝƐ
ĞĨĨĞĐƚǁĂƐŐƌĞĂƚĞƌĨŽƌ͚/ǁĂ͛;ǀĞƌLJƐƵƐĐĞƉƚŝďůĞƚŽƚƵďĞƌĚŝƐĞĂƐĞͿƚŚĂŶĨŽƌ͚'ůĂĚŝĂƚŽƌ͛;ǀĞƌLJ
ƌĞƐŝƐƚĂŶƚͿ͘ dŚŝƐ ƐƵŐŐĞƐƚƐ ƚŚĂƚ ŝŶƚĞŶƐŝƚLJ ŽĨ ƌŽŽƚ ŝŶĨĞĐƚŝŽŶ ;ǁŚŝĐŚ ĐĂƵƐĞƐ ƌĞĚƵĐĞĚ ƌŽŽƚ
ĨƵŶĐƚŝŽŶͿ ŵĂLJ ŶŽƚ ďĞ ĚŝƌĞĐƚůLJ ƌĞůĂƚĞĚ ƚŽ ƚƵďĞƌ ŝŶĨĞĐƚŝŽŶ͕ ^ŚĂŚ Ğƚ Ăů͘ ;ϮϬϭϮͿ ƌĞĐĞŶƚůLJ
ĚĞŵŽŶƐƚƌĂƚĞĚ ƚŚĂƚ ƌĞĚƵĐĞĚ ǁĂƚĞƌ ƵƐĞ ďLJ ͚/ǁĂ͛ ǁĂƐ ƌĞůĂƚĞĚ ƚŽ ƚŚĞ ĂŵŽƵŶƚ ŽĨ
^ƉŽŶŐŽƐƉŽƌĂ ŝŶŽĐƵůƵŵ ŝŶ ƐŽŝů͘ KƚŚĞƌ ƉůĂŶƚ ĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐ ŵĂLJ ĂĨĨĞĐƚ ƌŽŽƚ ĨƵŶĐƚŝŽŶ
ĚƵƌŝŶŐ^͘ƐƵďƚĞƌƌĂŶĞĂŝŶĨĞĐƚŝŽŶ͕ŝŶĐůƵĚŝŶŐƌŽŽƚĨŽƌŵ͕ŵĂƐƐŽƌĂďƐŽƌƉƚŝǀĞĐĂƉĂĐŝƚLJ͘
YƵĂŶƚŝƚĂƚŝǀĞ WZ ŚĂƐ ďĞĞŶ ƵƐĞĚ ƋƵŝƚĞ ǁŝĚĞůLJ ĨŽƌ ƚŚĞ ƋƵĂŶƚŝĨŝĐĂƚŝŽŶ ŽĨ ^͘
ƐƵďƚĞƌƌĂŶĞĂŝŶƐŽŝů;ǀĂŶĚĞ'ƌĂĂĨĞƚĂů͕͘ϮϬϬϯ͖ƌŝĞƌůĞLJĞƚĂů͕͘ϮϬϬϵͿ͕ďƵƚŽŶůLJƌĂƌĞůLJƚŽ
ƚƌĂĐŬ^͘ƐƵďƚĞƌƌĂŶĞĂŝŶĨĞĐƚŝŽŶŝŶƉůĂŶƚƐ;ǀĂŶĚĞ'ƌĂĂĨĞƚĂů͕͘ϮϬϬϳͿ͘/ŶƚŚĞƉƌĞƐĞŶƚƐƚƵĚLJ͕
ƋWZ ĚĞƚĞĐƚĞĚ E ŽĨ ƚŚĞ ƉĂƚŚŽŐĞŶ ŝŶ ƌŽŽƚƐ ϭ ǁĞĞŬ ĂĨƚĞƌ ŝŶŽĐƵůĂƚŝŽŶ͕ ĂŶĚ ƐŵĂůů
ŶƵŵďĞƌƐ ŽĨ njŽŽƐƉŽƌĂŶŐŝĂ ǁĞƌĞ ƐƵďƐĞƋƵĞŶƚůLJ ĚŝƌĞĐƚůLJ ŽďƐĞƌǀĞĚ ŝŶ ƐĂŵƉůĞƐ ĨƌŽŵ ƚŚĞ
ƐĂŵĞ ƚŝŵĞ ƉŽŝŶƚƐ͘ DĞƌnj ;ϭϵϵϳͿ ƌĞƉŽƌƚĞĚ ƚŚĂƚ ƚŽŵĂƚŽ ;^ŽůĂŶƵŵ ůLJĐŽƉĞƌƐŝĐƵŵͿ ƌŽŽƚƐ
ĞdžƉŽƐĞĚ ƚŽ ^͘ ƐƵďƚĞƌƌĂŶĞĂ ƐƉŽƌŽƐŽƌƵƐ ŝŶŽĐƵůƵŵ ŝŶ Ă ůĂďŽƌĂƚŽƌLJ ďŝŽĂƐƐĂLJ ďĞĐĂŵĞ
ŝŶĨĞĐƚĞĚ ďLJ njŽŽƐƉŽƌĞƐ ǁŝƚŚŝŶ ϱ Ś ŽĨ ĞdžƉŽƐƵƌĞ͕ ĚĞŵŽŶƐƚƌĂƚŝŶŐ ƚŚĂƚ ƚŚĞ ĨŝƌƐƚ ƐƚĂŐĞƐ ŽĨ
ŝŶĨĞĐƚŝŽŶĐĂŶŽĐĐƵƌǀĞƌLJƋƵŝĐŬůLJŝŶƐƵŝƚĂďůĞĐŽŶĚŝƚŝŽŶƐ͘/ŶĂƐŝŵŝůĂƌďŝŽĂƐƐĂLJ͕YƵ ĞƚĂů͘
;ϮϬϬϲͿ͕ ĚĞƚĞĐƚĞĚ ^͘ ƐƵďƚĞƌƌĂŶĞĂ ďLJ WZ ŝŶ ƚŽŵĂƚŽ ĂŶĚ ƚŽďĂĐĐŽ ;EŝĐŽƚŝĂŶĂ ĚĞďŶĞLJŝͿ
ƌŽŽƚƐĂƚϮ ĚĂLJƐĂĨƚĞƌŝŶŽĐƵůĂƚŝŽŶ͘dŚĞƉƌĞƐĞŶƚƐƚƵĚLJĨƵƌƚŚĞƌĞŵƉŚĂƐŝƐĞƐ ƚŚĞĂďŝůŝƚLJŽĨ
ƚŚĞ ƉĂƚŚŽŐĞŶ ƚŽ ĚĞǀĞůŽƉ ƌĂƉŝĚůLJ ĂŶĚ ŵƵůƚŝƉůLJ ŝŶ ŚŽƐƚ ƌŽŽƚ ĞƉŝĚĞƌŵŝƐ ĐĞůůƐ ĂƐ ƚŚĞ
njŽŽƐƉŽƌĂŶŐŝƵŵƐƚĂŐĞ͘
dŚĞ ƚǁŽ ĐƵůƚŝǀĂƌƐ ŝŶ ƚŚŝƐ ĞdžƉĞƌŝŵĞŶƚ ŚĂĚ ƐŝŵŝůĂƌ ĂŵŽƵŶƚƐ ŽĨ ^͘ ƐƵďƚĞƌƌĂŶĞĂ
njŽŽƐƉŽƌĂŶŐŝƵŵ ĚĞǀĞůŽƉŵĞŶƚ ŝŶ ƌŽŽƚ ĞƉŝĚĞƌŵŝƐ ĐĞůůƐ͕ ĂƐ ŝŶĚŝĐĂƚĞĚ ďLJ njŽŽƐƉŽƌĂŶŐŝƵŵ
ƐĞǀĞƌŝƚLJƐĐŽƌĞƐ͘/ŶƚĞŶƐŝƚLJŽĨnjŽŽƐƉŽƌĂŶŐŝƵŵŝŶĨĞĐƚŝŽŶŝŶĐƌĞĂƐĞĚƚŽĂŵĂdžŝŵƵŵĂƚϯƚŽϰ
ǁĞĞŬƐ ĂĨƚĞƌ ŝŶŽĐƵůĂƚŝŽŶ ŝŶ ďŽƚŚ ĐƵůƚŝǀĂƌƐ͕ ŝŶĚŝĐĂƚŝŶŐ ƚŚĂƚ ƚŚĞ ƉĂƚŚŽŐĞŶ ǁĂƐ ƉƌŽďĂďůLJ
ĐŽŵƉůĞƚŝŶŐƐĞĐŽŶĚĂƌLJĐLJĐůĞƐŽĨŝŶĨĞĐƚŝŽŶ͕ĨƌŽŵnjŽŽƐƉŽƌĞƐƌĞůĞĂƐĞĚĨƌŽŵnjŽŽƐƉŽƌĂŶŐŝĂ͘
ŽŽƐƉŽƌĂŶŐŝƵŵŝŶĨĞĐƚŝŽŶŝŶƚŚĞƚǁŽĐƵůƚŝǀĂƌƐĐŽŶƚƌĂƐƚƐƚŽƚŚĞŝƌƌĞůĂƚŝǀĞƐƵƐĐĞƉƚŝďŝůŝƚŝĞƐ
ϰϳ
ƚŽ ƚƵďĞƌ ƉŽǁĚĞƌLJ ƐĐĂď͘ &ƵƌƚŚĞƌŵŽƌĞ͕ &ĂůůŽŽŶ Ğƚ Ăů͕͘ ;ϮϬϬϯͿ ĚĞƚĞĐƚĞĚ Ă ŵƵĐŚ ŐƌĞĂƚĞƌ
ĚŝĨĨĞƌĞŶĐĞ ŝŶ ŶƵŵďĞƌƐ ŽĨ njŽŽƐƉŽƌĂŶŐŝĂ ŝŶ ƌŽŽƚƐ ŽĨ ƚŚĞƐĞ ƚǁŽ ĐƵůƚŝǀĂƌƐ ƚŚĂŶ ǁĂƐ
ĚĞƚĞĐƚĞĚŝŶƚŚĞƉƌĞƐĞŶƚƐƚƵĚLJ͘dŚŝƐŝŶĚŝĐĂƚĞƐƚŚĂƚnjŽŽƐƉŽƌĂŶŐŝƵŵĐŽƵŶƚƐĂůŽŶĞŵĂLJŶŽƚ
ďĞ ƌĞůŝĂďůĞ ĨŽƌ ĚĞƚĞƌŵŝŶŝŶŐ ĐƵůƚŝǀĂƌ Žƌ ǀĂƌŝĞƚLJ ĚŝĨĨĞƌĞŶĐĞƐ ŝŶ ƐƵƐĐĞƉƚŝďŝůŝƚLJ ƚŽ ƚŚĞ
ƉĂƚŚŽŐĞŶ͘
/ŶĐŽŶƚƌĂƐƚ͕ĂŵŽƵŶƚƐŽĨ^͘ƐƵďƚĞƌƌĂŶĞĂEŵĞĂƐƵƌĞĚǁŝƚŚƋWZĂŶĚĐŽƵŶƚƐŽĨ
^ƉŽŶŐŽƐƉŽƌĂƌŽŽƚ ŐĂůůƐŽŶƌŽŽƚƐLJƐƚĞŵƐŝŶĚŝĐĂƚĞĚĂ ĚŝǀĞƌŐĞŶĐĞďĞƚǁĞĞŶƚŚĞĐƵůƚŝǀĂƌƐ
ǁŝƚŚ ŝŶĐƌĞĂƐŝŶŐ ƚŝŵĞ ĂĨƚĞƌ ŝŶŽĐƵůĂƚŝŽŶ͘ Ɛ ǁŝƚŚ ƚŚĞ njŽŽƐƉŽƌĂŶŐŝƵŵ ĂƐƐĞƐƐŵĞŶƚƐ͕ ŐĂůů
ĐŽƵŶƚƐĂŶĚƋWZĂůƐŽƐŚŽǁĞĚŵĂdžŝŵƵŵŝŶĨĞĐƚŝŽŶĂƚϯͲϰǁĞĞŬƐƉŽƐƚŝŶŽĐƵůĂƚŝŽŶ͘hŶůŝŬĞ
njŽŽƐƉŽƌĂŶŐŝƵŵ ƐĞǀĞƌŝƚLJ ĂƐƐĞƐƐŵĞŶƚƐ͕ ŚŽǁĞǀĞƌ͕ ŐĂůů ĐŽƵŶƚƐ ĂŶĚ ƋWZ ďŽƚŚ ŝŶĚŝĐĂƚĞĚ
ŐƌĞĂƚĞƌŝŶĨĞĐƚŝŽŶŝŶ͚/ǁĂ͛ƚŚĂŶŝŶ͚'ůĂĚŝĂƚŽƌ͛͘dŚĞĚŝĨĨĞƌĞŶĐĞǁĂƐĞƐƉĞĐŝĂůůLJƉƌŽŶŽƵŶĐĞĚ
ĨŽƌŶƵŵďĞƌƐŽĨƌŽŽƚŐĂůůƐ͕ǁŝƚŚŐĂůůĨŽƌŵĂƚŝŽŶŽĐĐƵƌƌŝŶŐůĂƚĞƌ͕ĂŶĚƌĞĂĐŚŝŶŐŽŶůLJĂďŽƵƚ
ϮϬй ŽĨ ƚŚĞ ŶƵŵďĞƌƐ ŝŶ ͚'ůĂĚŝĂƚŽƌ͛ ĐŽŵƉĂƌĞĚ ǁŝƚŚ ͚/ǁĂ͛͘ YƵĂŶƚŝƚĂƚŝǀĞ WZ
ĚĞŵŽŶƐƚƌĂƚĞĚ ƚŚĂƚ ƚŚĞƌĞ ǁĂƐ ĂƉƉƌŽdžŝŵĂƚĞůLJ ƚǁŝĐĞ ƚŚĞ ĂŵŽƵŶƚ ŽĨ ^ƉŽŶŐŽƐƉŽƌĂ E
ƉƌĞƐĞŶƚ ŝŶ ƌŽŽƚƐ ŽĨ ͚/ǁĂ͛ ƚŚĂŶ ŝŶ ͚'ůĂĚŝĂƚŽƌ͛͘ dŚƵƐ͕ ƚŚĞ ŵĞĂƐƵƌĞĚ ĂŵŽƵŶƚƐ ŽĨ E
ĂƉƉĞĂƌĞĚ ƚŽ ŝŶĐƌĞĂƐĞ ŝŶ ĐŽŶĐĞƌƚ͕ ďŽƚŚ ǁŝƚŚ ŝŶĐƌĞĂƐŝŶŐ ĚĞŶƐŝƚLJ ŽĨ njŽŽƐƉŽƌĂŶŐŝƵŵ
ŝŶĨĞĐƚŝŽŶŽĨƌŽŽƚĞƉŝĚĞƌŵŝƐĐĞůůƐϮͲϯǁĞĞŬƐĂĨƚĞƌŝŶŽĐƵůĂƚŝŽŶ͕ĂŶĚǁŝƚŚůĂƚĞƌĨŽƌŵĂƚŝŽŶ
ŽĨƌŽŽƚŐĂůůƐ;ϯͲϰǁĞĞŬƐĂĨƚĞƌŝŶŽĐƵůĂƚŝŽŶͿ͘ŵŽƵŶƚƐŽĨEŝŶĐƌĞĂƐĞĚŵŽƐƚƐŚĂƌƉůLJĂƚ
ƚŚĞ ƚŝŵĞ ŽĨ ŐĂůů ĨŽƌŵĂƚŝŽŶ͕ ǁŚĞŶ ƚŚĞ ƚŽƚĂů ŶƵŵďĞƌƐ ŽĨ ^ƉŽŶŐŽƐƉŽƌĂ ĐĞůůƐ ǁŽƵůĚ ďĞ
ĞdžƉĞĐƚĞĚƚŽďĞŐƌĞĂƚĞƐƚ͘KǀĞƌĂůů͕ŝŶƚĞŐƌĂƚŝŽŶŽĨƋWZŝŶƚŽƚŚŝƐŐůĂƐƐŚŽƵƐĞĞdžƉĞƌŝŵĞŶƚ
ĂůůŽǁĞĚ ŝŵƉƌŽǀĞĚ ƚĞŵƉŽƌĂů ƚƌĂĐŬŝŶŐ ŽĨ ƚŽƚĂů ƉĂƚŚŽŐĞŶ ŝŶ ƌŽŽƚƐ͕ ĐŽŵƉĂƌĞĚ ǁŝƚŚ ƚŚĞ
ŵŽƌĞƚƌĂĚŝƚŝŽŶĂůƌŽŽƚŝŶĨĞĐƚŝŽŶĂƐƐĞƐƐŵĞŶƚƐƵƐŝŶŐnjŽŽƐƉŽƌĂŶŐŝƵŵĂŶĚŐĂůůĐŽƵŶƚƐ͘
KƵƌ ĞǀŝĚĞŶĐĞ ƉŽŝŶƚƐ ƚŽ ƐŝŵŝůĂƌ ĂŵŽƵŶƚƐ ŽĨ ƉƌŝŵĂƌLJ ŝŶĨĞĐƚŝŽŶ ;njŽŽƐƉŽƌĂŶŐŝƵŵ
ĚĞǀĞůŽƉŵĞŶƚͿ ŝŶ ƚŚĞ ƚǁŽ ĐƵůƚŝǀĂƌƐ͕ ďƵƚ Ă ĚŝǀĞƌŐĞŶĐĞ ďĞƚǁĞĞŶ ƚŚĞ ĐƵůƚŝǀĂƌƐ Ăƚ ůĂƚĞƌ
ƐƚĂŐĞƐ͕ƉŽƐƐŝďůLJĚƵƌŝŶŐƐĞĐŽŶĚĂƌLJŝŶĨĞĐƚŝŽŶĐLJĐůĞƐĂŶĚĚĞĨŝŶŝƚĞůLJĂƚƌŽŽƚŐĂůůĨŽƌŵĂƚŝŽŶ͘
͚'ůĂĚŝĂƚŽƌ͛ ǁĂƐ ĞĂƌůŝĞƌ ĐůĂƐƐŝĨŝĞĚ ĂƐ ͞ǀĞƌLJ ƌĞƐŝƐƚĂŶƚ͟ ƚŽ ƚƵďĞƌ ĚŝƐĞĂƐĞ ĂŶĚ ĂŵŽŶŐ ƚŚĞ
ŵŽƐƚƌĞƐŝƐƚĂŶƚƚŽƉŽǁĚĞƌLJƐĐĂďŽĨĂůĂƌŐĞŶƵŵďĞƌŽĨĐƵůƚŝǀĂƌƐĂƐƐĞƐƐĞĚ͕ǁŚŝůĞ͚/ǁĂ͛ǁĂƐ
ĐůĂƐƐŝĨŝĞĚ ĂƐ ͞ǀĞƌLJ ƐƵƐĐĞƉƚŝďůĞ͟ ĂŶĚ ĂŵŽŶŐ ƚŚĞ ŵŽƌĞ ƐƵƐĐĞƉƚŝďůĞ ŽĨ ƚŚĞ ĐƵůƚŝǀĂƌƐ
;&ĂůůŽŽŶ Ğƚ Ăů͘ ϮϬϬϯ͖ 'ĞŶĞƚ Ğƚ Ăů͘ ϮϬϭϭͿ͘ ZŽŽƚ ŐĂůůŝŶŐ ŝƐ Ă ƉƌĞĐƵƌƐŽƌ ƚŽ ƐƉŽƌŽƐŽƌƵƐ
ĚĞǀĞůŽƉŵĞŶƚŝŶ^͘ƐƵďƚĞƌƌĂŶĞĂ͕ĂŶĚŝƐƉƌŽďĂďůLJƐŝŵŝůĂƌƚŽƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨƉŽǁĚĞƌLJ
ϰϴ
ƐĐĂď ůĞƐŝŽŶƐ ŽŶ ƚƵďĞƌƐ͘ 'ĂůůƐ ĂƌĞ ŽĨƚĞŶ ŽďƐĞƌǀĞĚ ŝŶ ƚŚĞ ĞĂƌůLJ ƐƚĂŐĞƐ ŽĨ ƉĂƚŚŽŐĞŶ
ĚĞǀĞůŽƉŵĞŶƚ ŽŶ ƚƵďĞƌƐ ;ƐŽŵĞƚŝŵĞƐ ĚĞƐĐƌŝďĞĚ ĂƐ ƚŚĞ ͞ĐĂƵůŝĨůŽǁĞƌ͟ ƐLJŵƉƚŽŵͿ͘ /ƚ
ƚŚĞƌĞĨŽƌĞ ĨŽůůŽǁƐ ƚŚĂƚ ƌŽŽƚ ŐĂůůŝŶŐ ĂŶĚ ƚƵďĞƌ ƉŽǁĚĞƌLJ ƐĐĂď ŵĂLJ ďĞ ĐůŽƐĞůLJ ƌĞůĂƚĞĚ
ƐƚĂŐĞƐ ŽĨ ĚĞǀĞůŽƉŵĞŶƚ ŽĨ ƚŚĞ ƉĂƚŚŽŐĞŶ͕ ďƵƚ ŽĐĐƵƌƌŝŶŐ ŽŶ ĚŝĨĨĞƌĞŶƚ ƉůĂŶƚ ŽƌŐĂŶƐ͘
^ŝŵŝůĂƌ njŽŽƐƉŽƌĂŶŐŝƵŵ ŝŶĨĞĐƚŝŽŶ ŝŶ ƚŚĞ ƚǁŽ ĐƵůƚŝǀĂƌƐ ďƵƚ Ă ĚŝĨĨĞƌĞŶƚ ƚƌĂŶƐŝƚŝŽŶ ƚŽ ŐĂůů
ĨŽƌŵĂƚŝŽŶ ŝƐ ĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚ ƉƌŝŽƌ ƉůĂƐŵŽĚŝŽƉŚŽƌŝĚ ƌĞƐĞĂƌĐŚ ƐŚŽǁŝŶŐ ĂƉƉĂƌĞŶƚ ŽŶƐĞƚ
ŽĨƌĞƐŝƐƚĂŶĐĞĂƚƚŚŝƐƉŽŝŶƚŝŶƚŚĞƉĂƚŚŽŐĞŶĐLJĐůĞ͘&ŽƌĞdžĂŵƉůĞ͕ƐĞǀĞƌĂůƉůĂƐŵŽĚŝŽƉŚŽƌŝĚ
ƐƉĞĐŝĞƐĐĂŶƉĞƌĨŽƌŵƉƌŝŵĂƌLJŝŶĨĞĐƚŝŽŶŽĨƉůĂŶƚƐŽƚŚĞƌƚŚĂŶƚŚĞŝƌƵƐƵĂůŚŽƐƚƐ͕ďƵƚƚŚĞƐĞ
ŝŶĨĞĐƚŝŽŶƐ ĚŽ ŶŽƚ ƉƌŽĐĞĞĚ ƚŽ ĨƵůůͲƐĐĂůĞ ƐĞĐŽŶĚĂƌLJ ŝŶĨĞĐƚŝŽŶ ;ĞƐŽŝŐŶŝĞƐ Ğƚ Ăů͕͘ ϮϬϭϬ͖
>ƵĚǁŝŐͲDƵůůĞƌĞƚĂů͕͘ϭϵϵϵͿ͘/ŶƚŚĞĐĂƐĞŽĨ^͘ƐƵďƚĞƌƌĂŶĞĂ͕ƐŽŵĞĂƚLJƉŝĐĂůŚŽƐƚƐƐƵĐŚĂƐ
ƚŽŵĂƚŽƌĂƌĞůLJŽƌŶĞǀĞƌĚĞǀĞůŽƉƚŚĞƐƉŽƌŽƐŽƌƵƐ;ƌĞƐƚŝŶŐƐƉŽƌĞͿƐƚĂŐĞŽĨƚŚĞƉĂƚŚŽŐĞŶ͕
ďƵƚĐĂŶďĞĐŽŵĞŚĞĂǀŝůLJŝŶĨĞĐƚĞĚǁŝƚŚnjŽŽƐƉŽƌĂŶŐŝĂ;ŶĚĞƌƐĞŶĞƚĂů͕͘ϮϬϬϮ͖DĞƌnjϭϵϴϵ͖
YƵ Θ ŚƌŝƐƚ͕ ϮϬϬϲͿ͘ /ƚ ŝƐ ƉŽƐƐŝďůĞ ƚŚĂƚ ŝŶĨĞĐƚŝŶŐ ƉůĂƐŵŽĚŝŽƉŚŽƌŝĚƐ ďĞĐŽŵĞ ŵŽƌĞ
ĂĨĨĞĐƚĞĚďLJŚŽƐƚĚĞĨĞŶĐĞƐLJƐƚĞŵƐŝŶƚŚĞƚƌĂŶƐŝƚŝŽŶĨƌŽŵĞƉŝĚĞƌŵĂůƚŽĐŽƌƚŝĐĂůŝŶĨĞĐƚŝŽŶ͘
ůƚĞƌŶĂƚŝǀĞůLJ͕ ƉůĂƐŵŽĚŝŽƉŚŽƌŝĚƐ ŵĂLJ ŽŶůLJ ďĞ ĐĂƉĂďůĞ ŽĨ ƐƵĐĐĞƐƐĨƵůůLJ ƐƵďǀĞƌƚŝŶŐ ƚŚĞ
ŐƌŽǁƚŚ ƌĞŐƵůĂƚŽƌLJ ƐLJƐƚĞŵƐ ŽĨ ŚŽƐƚ ĐĞůůƐ ŝŶ ĐĞƌƚĂŝŶ ƉůĂŶƚͲƉůĂƐŵŽĚŝŽƉŚŽƌŝĚ
ĐŽŵďŝŶĂƚŝŽŶƐ͘ dŚĞƐĞ ĐŽŶƚŝŶƵĞ ƚŽ ďĞ ŵĂƚƚĞƌƐ ŽĨ ƐƉĞĐƵůĂƚŝŽŶ ǁŚŝůĞ ƐƚƵĚŝĞƐ ŽĨ ƚŚĞ
ƌĞƐŝƐƚĂŶĐĞŵĞĐŚĂŶŝƐŵƐŽĨƉŽƚĂƚŽĐƵůƚŝǀĂƌƐƚŽ^ƉŽŶŐŽƐƉŽƌĂƌĞŵĂŝŶĂƚĂǀĞƌLJĞĂƌůLJƐƚĂŐĞ
;ĂůĚǁŝŶĞƚĂů͕͘ϮϬϬϴͿ͘
,ĂǀŝŶŐ ŵĂĚĞ ƚŚĞ ĐĂƐĞ ƚŚĂƚ ƌŽŽƚ ŐĂůůŝŶŐ ĂŶĚ ƚƵďĞƌ ƉŽǁĚĞƌLJ ƐĐĂď ĨŽƌŵĂƚŝŽŶ ĂƌĞ
ƐŝŵŝůĂƌ ŝŶ ͚/ǁĂ͛ ĂŶĚ ͚'ůĂĚŝĂƚŽƌ͕͛ ŝŶ ƐŽŵĞ ƉŽƚĂƚŽ ĐƵůƚŝǀĂƌƐ ƚŚŝƐ ƌĞůĂƚŝŽŶƐŚŝƉ ŝƐ ƉŽŽƌ
;&ĂůůŽŽŶ Ğƚ Ăů͕͘ ϮϬϬϯ͕ DĞƌnj Ğƚ Ăů͕͘ ϮϬϭϮͿ͘ dŚĞ ŐĞŶĞƚŝĐƐ ŽĨ ŚŽƐƚ ƌĞƐŝƐƚĂŶĐĞ ƚŽ ^͘
ƐƵďƚĞƌƌĂŶĞĂ ŝƐ ƚŚĞƌĞĨŽƌĞ ůŝŬĞůLJ ƚŽ ďĞ ĐŽŵƉůĞdž͕ ĂŶĚ ŵĂLJ ďĞ ƵŶĚĞƌ ĚŝĨĨĞƌĞŶƚ ŐĞŶĞƚŝĐ
ĐŽŶƚƌŽůĨŽƌƚŚĞĚŝĨĨĞƌĞŶƚƉŚĂƐĞƐŽĨƚŚĞŝŶĨĞĐƚŝŽŶĂŶĚƉĂƚŚŽŐĞŶĚĞǀĞůŽƉŵĞŶƚ;njŽŽƐƉŽƌĞ
ƉĞŶĞƚƌĂƚŝŽŶ ŽĨ ƌŽŽƚ ĐĞůůƐ͕ njŽŽƐƉŽƌĂŶŐŝƵŵ ĚĞǀĞůŽƉŵĞŶƚ͕ ƌŽŽƚ ŐĂůů ĨŽƌŵĂƚŝŽŶ Žƌ ƚƵďĞƌ
ƉŽǁĚĞƌLJƐĐĂďͿ͘dŚĞĐĞůůƵůĂƌĂŶĚďŝŽĐŚĞŵŝĐĂůŵĞĐŚĂŶŝƐŵƐŽĨƐƉŽƌŽƐŽƌƵƐĨŽƌŵĂƚŝŽŶďLJ
ƉůĂƐŵŽĚŝŽƉŚŽƌŝĚƐƌĞŵĂŝŶƚŽďĞĞůƵĐŝĚĂƚĞĚ͘
/ŶƚŚĞƉƌĞƐĞŶƚƐƚƵĚLJ͕ƋWZƉƌŽǀŝĚĞĚĞĂƌůŝĞƌĚĞƚĞĐƚŝŽŶŽĨ^͘ƐƵďƚĞƌƌĂŶĞĂŝŶĨĞĐƚŝŽŶ
ƚŚĂŶ ŵŝĐƌŽƐĐŽƉŝĐ ĞdžĂŵŝŶĂƚŝŽŶ ŽĨ njŽŽƐƉŽƌĂŶŐŝĂ͕ ĂŶĚ ĂůƐŽ ĚĞƚĞĐƚĞĚ ůŽǁ ĂŵŽƵŶƚƐ ŽĨ
ŝŶĨĞĐƚŝŽŶ ŝŶ ƵŶŝŶŽĐƵůĂƚĞĚ ƉůĂŶƚƐ͕ ǁŚŝĐŚ ǁĂƐ ŽŶůLJ ůĂƚĞƌ ĐŽŶĨŝƌŵĞĚ ďLJ ĚĞƚĂŝůĞĚ
ϰϵ
ŵŝĐƌŽƐĐŽƉŝĐ ŽďƐĞƌǀĂƚŝŽŶƐ ŽĨ ƌŽŽƚƐ͘ dŚĞ ƵŶŝŶŽĐƵůĂƚĞĚ ƉůĂŶƚƐ ŚĂĚ ǀĞƌLJ ůŽǁ ŵĞĂŶ
njŽŽƐƉŽƌĂŶŐŝƵŵƐĞǀĞƌŝƚLJƐĐŽƌĞƐ͕ƐŵĂůůĂŵŽƵŶƚƐŽĨ^͘ƐƵďƚĞƌƌĂŶĞĂEĂŶĚŶŽƌŽŽƚŐĂůůƐ͕
ŝŶĚŝĐĂƚŝŶŐ ƚŚĂƚ ĐƌŽƐƐͲĐŽŶƚĂŵŝŶĂƚŝŽŶ ǁĂƐ ƐůŝŐŚƚ͘ ŶĞĐĚŽƚĂů ƌĞƉŽƌƚƐ ŝŶĚŝĐĂƚĞ ƚŚĂƚ ƐƵĐŚ
ĐŽŶƚĂŵŝŶĂƚŝŽŶ ŽĨ ƵŶŝŶŽĐƵůĂƚĞĚ ƉůĂŶƚƐ ŝƐ Ă ĨƌĞƋƵĞŶƚ ĂŶĚ ŽŶŐŽŝŶŐ ƉƌŽďůĞŵ ŝŶ
^ƉŽŶŐŽƐƉŽƌĂĞdžƉĞƌŝŵĞŶƚƐ͘dŚŝƐĐŽŶƚĂŵŝŶĂƚŝŽŶŽĐĐƵƌƌĞĚĚĞƐƉŝƚĞŽƵƌŐĞŶĞƌĂůƉƌŽƚŽĐŽůƐ
ĨŽƌ ĐĂƌƌLJŝŶŐ ŽƵƚ ƚŚĞ ŐůĂƐƐŚŽƵƐĞ ĞdžƉĞƌŝŵĞŶƚ ďĞŝŶŐ ĚĞƐŝŐŶĞĚ ƚŽ ƉƌĞǀĞŶƚ ĐƌŽƐƐ
ĐŽŶƚĂŵŝŶĂƚŝŽŶďĞƚǁĞĞŶƉůĂŶƚƐ͘/ĨƚŚĞĐŽŶƚĂŵŝŶĂƚŝŽŶĚĞƌŝǀĞĚĨƌŽŵĂĞƌŽƐŽůƐǁŝƚŚŝŶƚŚĞ
ŐůĂƐƐŚŽƵƐĞ͕ ƚŚĞŶ ĞůŝŵŝŶĂƚŝŽŶ ŽĨ ƚŚŝƐ ƉƌŽďůĞŵ ŵĂLJ ďĞ ĚŝĨĨŝĐƵůƚ ŝĨ ƵŶŝŶŽĐƵůĂƚĞĚ ƉŽƚƐ
ĐŽŶƚŝŶƵĞ ƚŽ ďĞ ƉůĂĐĞĚ ŝŶ ĐůŽƐĞ ƉƌŽdžŝŵŝƚLJ ƚŽ ŽƚŚĞƌ ƚƌĞĂƚŵĞŶƚƐ ďĞĐĂƵƐĞ ŽĨ ƚŚĞ
ƌĞƋƵŝƌĞŵĞŶƚƚŽƵƐĞƐƚĂƚŝƐƚŝĐĂůůLJǀĂůŝĚĞdžƉĞƌŝŵĞŶƚĂůĚĞƐŝŐŶƐ͘
dƌĂĚŝƚŝŽŶĂů ŵĞƚŚŽĚƐ ĨŽƌ ĂƐƐĞƐƐŝŶŐ ^ƉŽŶŐŽƐƉŽƌĂ ŝŶĨĞĐƚŝŽŶ͕ ƐƵĐŚ ĂƐ ŵŝĐƌŽƐĐŽƉŝĐ
ĞŶƵŵĞƌĂƚŝŽŶ ŽĨ njŽŽƐƉŽƌĂŶŐŝĂ ĂŶĚ ĐŽƵŶƚƐ ŽĨ ƌŽŽƚ ŐĂůůƐ͕ ĂƌĞ ůĂďŽƵƌ ŝŶƚĞŶƐŝǀĞ͕ ƌĞƋƵŝƌĞ
ƐŝŐŶŝĨŝĐĂŶƚĞdžƉĞƌŝĞŶĐĞ͕ĂŶĚĂƌĞůŝŬĞůLJƚŽďĞƐƵďũĞĐƚƚŽǀĂƌŝĂƚŝŽŶďĞƚǁĞĞŶƵƐĞƌƐ;ǀĂŶĚĞ
'ƌĂĂĨĞƚĂů͕͘ϮϬϬϯͿ͘YƵĂŶƚŝƚĂƚŝǀĞWZƌĞƋƵŝƌĞƐŶŽƐƉĞĐŝĨŝĐĞdžƉĞƌŝĞŶĐĞǁŝƚŚ^ƉŽŶŐŽƐƉŽƌĂ
ĂŶĚ ƌĞƐƵůƚƐͬƉƌŽƚŽĐŽůƐ ĂƌĞ ĐŽŵƉĂƌĂƚŝǀĞůLJ ĞĂƐLJ ƚŽ ďĞŶĐŚŵĂƌŬ ǁŝƚŚ ƚŚŽƐĞ ŽĨ ŽƚŚĞƌ
ůĂďŽƌĂƚŽƌŝĞƐ͘ dŚĞ ƉƌĞƐĞŶƚ ƐƚƵĚLJ ŚĂƐ ĚĞŵŽŶƐƚƌĂƚĞĚ ƐĞǀĞƌĂů ĂĚǀĂŶƚĂŐĞƐ ŽĨ ƋWZ
ŵĞĂƐƵƌĞŵĞŶƚƐ͕ŝŶĐůƵĚŝŶŐĂŶĂďŝůŝƚLJƚŽƵƐĞĂƐŝŶŐůĞƚĞĐŚŶŝƋƵĞĂĐƌŽƐƐƚŚĞĚƵƌĂƚŝŽŶŽĨƚŚĞ
ŝŶĨĞĐƚŝŽŶƉĞƌŝŽĚ͕ĂŶĚĚĞƚĞĐƚŝŽŶŽĨůŽǁĂŵŽƵŶƚƐŽĨŝŶĨĞĐƚŝŽŶ;ĂŶĚĐŽŶƚĂŵŝŶĂƚŝŽŶͿƚŚĂƚ
ŵŝŐŚƚŽƚŚĞƌǁŝƐĞŚĂǀĞŶŽƚďĞĞŶĚĞƚĞĐƚĞĚŝŶƵŶŝŶŽĐƵůĂƚĞĚƐĂŵƉůĞƐ͘dŽŽƵƌŬŶŽǁůĞĚŐĞ͕
ƚŚŝƐ ŝƐ ƚŚĞ ĨŝƌƐƚ ƵƐĞ ŽĨ ƋWZ ƚŽ ŵŽŶŝƚŽƌ ƚŚĞ ^ƉŽŶŐŽƐƉŽƌĂ ŝŶĨĞĐƚŝŽŶ ƉƌŽĐĞƐƐ ŝŶ ƉŽƚĂƚŽ
ĐƵůƚŝǀĂƌƐŽĨĚŝĨĨĞƌŝŶŐƌĞƐŝƐƚĂŶĐĞĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐ͘tĞƉƌĞƐĞŶƚŶĞǁ ƉƌŽĐĞƐƐĞƐĨŽƌƐĂŵƉůĞ
ƉƌĞƉĂƌĂƚŝŽŶ ĂŶĚ E ĞdžƚƌĂĐƚŝŽŶ ƚŚĂƚ ƉƌŽĚƵĐĞĚ ĐŽŶƐŝƐƚĞŶƚ ŵĞĂƐƵƌĞŵĞŶƚƐ ŽĨ
^ƉŽŶŐŽƐƉŽƌĂ ŝŶ ƉŽƚĂƚŽ ƌŽŽƚƐ͘ tŝƚŚ ĨƵƌƚŚĞƌ ŽƉƚŝŵŝƐĂƚŝŽŶ ĂŶĚ ƐƚƌĞĂŵůŝŶŝŶŐ͕ ƚŚĞƐĞ
ƚĞĐŚŶŝƋƵĞƐ ŵĂLJ ďĞ ŝŶƚĞŐƌĂƚĞĚ ŝŶƚŽ ǁŝĚĞƌ ƐĐƌĞĞŶŝŶŐƐ ŽĨ ƉŽƚĂƚŽ ďƌĞĞĚŝŶŐ ŵĂƚĞƌŝĂů͘
EĞǀĞƌƚŚĞůĞƐƐ͕ƚŚĞƚǁŽͲĨŽůĚĚŝĨĨĞƌĞŶĐĞŝŶĂŵŽƵŶƚƐŽĨ^͘ƐƵďƚĞƌƌĂŶĞĂEŝŶƌŽŽƚƐǁĂƐ
ŶŽƚ ƐƚĂƚŝƐƚŝĐĂůůLJ ƐŝŐŶŝĨŝĐĂŶƚ͘ /ƚ ŝƐ ŶŽƚĞǁŽƌƚŚLJ ƚŚĂƚ ŝƚ ŝƐ ŽĨƚĞŶ ĚŝĨĨŝĐƵůƚ ƚŽ ĚĞŵŽŶƐƚƌĂƚĞ Ă
ƚǁŽͲĨŽůĚ ĚŝĨĨĞƌĞŶĐĞ ŝŶ E ƵƐŝŶŐ ƋWZ͕ ĂŶĚ ŵĂŶLJ ƐƚƵĚŝĞƐ ƌĞůLJ ŽŶ ĚĞƚĞĐƚŝŽŶ ŽĨ ůĂƌŐĞƌ
ĨŽůĚ ĐŚĂŶŐĞƐ͘ DŽƌĞ ƌŝŐŽƌŽƵƐ ĞdžƉĞƌŝŵĞŶƚĂů ƚĞĐŚŶŝƋƵĞ ǁŝůů ďĞ ƌĞƋƵŝƌĞĚ ƚŽ ĞƐƚŝŵĂƚĞ
ŝŶĨĞĐƚŝŽŶŽĨĚŝĨĨĞƌĞŶƚƉŽƚĂƚŽĐƵůƚŝǀĂƌƐ͕ǁŚĞŶĚŝĨĨĞƌĞŶĐĞƐŝŶEĂŵŽƵŶƚƐĂƌĞƐŵĂůů͘
ϱϬ
Ϯ͘ϲZĞĨĞƌĞŶĐĞƐ
ŶĚĞƌƐĞŶ ͕ EŝĐŽůĂŝƐĞŶ D͕ EŝĞůƐĞŶ ^>͕ ϮϬϬϮ͘ ůƚĞƌŶĂƚŝǀĞ ŚŽƐƚƐ ĨŽƌ ƉŽƚĂƚŽ ŵŽƉͲƚŽƉ
ǀŝƌƵƐ͕ ŐĞŶƵƐ WŽŵŽǀŝƌƵƐ ĂŶĚ ŝƚƐ ǀĞĐƚŽƌ ^ƉŽŶŐŽƐƉŽƌĂ ƐƵďƚĞƌƌĂŶĞĂ Ĩ͘ƐƉ
ƐƵďƚĞƌƌĂŶĞĂ͘WŽƚĂƚŽZĞƐĞĂƌĐŚϰϱ͕ϯϳͲϰϯKŶͲůŝŶĞϭϬ͘ϭϬϬϳͬďĨϬϮϳϯϮϮϭϳ͘
ĂůĚǁŝŶ ^:͕ 'ĞŶĞƚ Z͕ ƵƚůĞƌ Z͕ :ĂĐŽďƐ :D͕ ϮϬϬϴ͘ ŐƌĞĞŶŚŽƵƐĞ ĂƐƐĂLJĨŽƌ ƉŽǁĚĞƌLJ
ƐĐĂď;^ƉŽŶŐŽƐƉŽƌĂƐƵďƚĞƌƌĂŶĞĂĨ͘ƐƉ͘ƐƵďƚĞƌƌĂŶĞĂͿƌĞƐŝƐƚĂŶĐĞŝŶƉŽƚĂƚŽ͘WŽƚĂƚŽ
ZĞƐĞĂƌĐŚϱϭ͕ϭϲϯͲϳϯKŶͲůŝŶĞϭϬ͘ϭϬϬϳͬƐϭϭϱϰϬͲϬϬϴͲϵϭϬϬͲϳ͘
ƵůŵĂŶ^Z͕DĂƌƐŚĂůů:t͕ϭϵϵϴ͘ĞƚĞĐƚŝŽŶŽĨ^ƉŽŶŐŽƐƉŽƌĂƐƵďƚĞƌƌĂŶĞĂŝŶƉŽƚĂƚŽƚƵďĞƌ
ůĞƐŝŽŶƐƵƐŝŶŐƚŚĞƉŽůLJŵĞƌĂƐĞĐŚĂŝŶƌĞĂĐƚŝŽŶ;WZͿ͘WůĂŶƚWĂƚŚŽůŽŐLJϰϳ͕ϳϱϵͲϲϲ͘
ƌŝĞƌůĞLJ :>͕ ^ƚĞǁĂƌƚ :͕ >ĞĞƐ <͕ ϮϬϬϵ͘ YƵĂŶƚŝĨLJŝŶŐ ƉŽƚĂƚŽ ƉĂƚŚŽŐĞŶ E ŝŶ ƐŽŝů͘
ƉƉůŝĞĚ^ŽŝůĐŽůŽŐLJϰϭ͕ϮϯϰͲϴKŶͲůŝŶĞϭϬ͘ϭϬϭϲͬũ͘ĂƉƐŽŝů͘ϮϬϬϴ͘ϭϭ͘ϬϬϰ͘
ůĂLJ D͕ tĂůƐŚ :͕ ϭϵϵϬ͘ hůƚƌĂƐƚƌƵĐƚƵƌĞ ŽĨ ƐƉŽƌĂŶŐŝĂů ĚĞǀĞůŽƉŵĞŶƚ ŝŶ ^ƉŽŶŐŽƐƉŽƌĂ
ƐƵďƚĞƌƌĂŶĞĂĨ͘ƐƉ͘ŶĂƐƚƵƌƚŝŝŝŶĨĞĐƚŝŶŐǁĂƚĞƌĐƌĞƐƐ͘DLJĐŽůŽŐŝĐĂůZĞƐĞĂƌĐŚϵϰ͕ϰϲϯͲ
ϳϭ͘
ĞƐŽŝŐŶŝĞƐE͕^ƚŽĐĐŽ͕ƌĂŐĂƌĚ͕>ĞŐƌĞǀĞ͕ϮϬϭϬ͘ƌĂďŝĚŽƉƐŝƐƚŚĂůŝĂŶĂ͕ĂŶĞǁƚŽŽůƚŽ
ŝŶǀĞƐƚŝŐĂƚĞ WŽůLJŵLJdžĂ ďĞƚĂĞͲŚŽƐƚ ŝŶƚĞƌĂĐƚŝŽŶƐ͘ ŽŵŵƵŶŝĐĂƚŝŽŶƐ ŝŶ ŐƌŝĐƵůƚƵƌĂů
ĂŶĚƉƉůŝĞĚŝŽůŽŐŝĐĂů^ĐŝĞŶĐĞƐϳϱ͕ϮϯͲϱ͘
&ĂůůŽŽŶ Z͕ ϮϬϬϴ͘ ŽŶƚƌŽů ŽĨ ƉŽǁĚĞƌLJ ƐĐĂď ŽĨ ƉŽƚĂƚŽ͗ dŽǁĂƌĚƐ ŝŶƚĞŐƌĂƚĞĚ ĚŝƐĞĂƐĞ
ŵĂŶĂŐĞŵĞŶƚ͘ ŵĞƌŝĐĂŶ :ŽƵƌŶĂů ŽĨ WŽƚĂƚŽ ZĞƐĞĂƌĐŚ ϴϱ͕ ϮϱϯͲϲϬ KŶͲůŝŶĞ
ϭϬ͘ϭϬϬϳͬƐϭϮϮϯϬͲϬϬϴͲϵϬϮϮͲϲ͘
&ĂůůŽŽŶ Z͕ ƵƌƚŝŶ ͕ >ŝƐƚĞƌ Z͕ ƵƚůĞƌ Z͕ ϮϬϬϰ͘ dŚĞ ŽďůŝŐĂƚĞ ƐŽŝůďŽƌŶĞ ƉĂƚŚŽŐĞŶ
^ƉŽŶŐŽƐƉŽƌĂ ƐƵďƚĞƌƌĂŶĞĂ ĂĨĨĞĐƚƐ ŚŽƐƚ ;^ŽůĂŶƵŵ ƚƵďĞƌŽƐƵŵͿ ƌŽŽƚ ĨƵŶĐƚŝŽŶ͘ /Ŷ͗
KƉŚĞů <ĞůůĞƌ <D͕ ,Ăůů ,͕ ĞĚƐ͘ WƌŽĐĞĞĚŝŶŐƐ ŽĨ ƚŚĞ ϯƌĚ ƵƐƚƌĂůĂƐŝĂŶ ^ŽŝůďŽƌŶĞ
ŝƐĞĂƐĞƐ ^LJŵƉŽƐŝƵŵ͘ ^ŽƵƚŚ ƵƐƚƌĂůŝĂŶ ZĞƐĞĂƌĐŚ ĂŶĚ ĞǀĞůŽƉŵĞŶƚ /ŶƐƚŝƚƵƚĞ͕
ĚĞůĂŝĚĞ͕ƵƐƚƌĂůŝĂ͕ϯϬͲϭ͘
ϱϭ
&ĂůůŽŽŶZ͕'ĞŶĞƚZ͕ tĂůůĂĐĞZ͕ƵƚůĞƌZ͕ϮϬϬϯ͘^ƵƐĐĞƉƚŝďŝůŝƚLJŽĨƉŽƚĂƚŽ;^ŽůĂŶƵŵ
ƚƵďĞƌŽƐƵŵͿ ĐƵůƚŝǀĂƌƐ ƚŽ ƉŽǁĚĞƌLJ ƐĐĂď ;ĐĂƵƐĞĚ ďLJ ^ƉŽŶŐŽƐƉŽƌĂ ƐƵďƚĞƌƌĂŶĞĂ Ĩ͘
ƐƉ͘ ƐƵďƚĞƌƌĂŶĞĂͿ͕ ĂŶĚ ƌĞůĂƚŝŽŶƐŚŝƉƐ ďĞƚǁĞĞŶ ƚƵďĞƌ ĂŶĚ ƌŽŽƚ ŝŶĨĞĐƚŝŽŶ͘
ƵƐƚƌĂůĂƐŝĂŶWůĂŶƚWĂƚŚŽůŽŐLJϯϮ͕ϯϳϳͲϴϱKŶͲůŝŶĞϭϬ͘ϭϬϳϭͬĂƉϬϯϬϰϬ͘
&ĂůůŽŽŶZ͕DĞƌnjh͕>ŝƐƚĞƌZ͕tĂůůĂĐĞZ͕,ĂLJĞƐ^W͕ϮϬϭϭ͘DŽƌƉŚŽůŽŐŝĐĂůĞŶƵŵĞƌĂƚŝŽŶ
ŽĨƌĞƐƚŝŶŐƐƉŽƌĞƐŝŶƐƉŽƌŽƐŽƌŝŽĨƚŚĞƉůĂŶƚƉĂƚŚŽŐĞŶ^ƉŽŶŐŽƐƉŽƌĂƐƵďƚĞƌƌĂŶĞĂ͘
ĐƚĂWƌŽƚŽnjŽŽůŽŐŝĐĂϱϬ͕ϭϮϭͲϯϮ͘
&ĂůůŽŽŶ Z͕ tĂůůĂĐĞ Z͕ ƌĂŝƚŚǁĂŝƚĞ D͕ 'ĞŶĞƚ Z͕ EŽƚƚ ,D͕ &ůĞƚĐŚĞƌ :͕ ƌĂĂŵ t&͕
ϭϵϵϲ͘ƐƐĞƐƐŵĞŶƚŽĨƐĞĞĚƚƵďĞƌ͕ŝŶͲĨƵƌƌŽǁ͕ĂŶĚĨŽůŝĂƌĐŚĞŵŝĐĂůƚƌĞĂƚŵĞŶƚƐĨŽƌ
ĐŽŶƚƌŽůŽĨƉŽǁĚĞƌLJƐĐĂď;^ƉŽŶŐŽƐƉŽƌĂƐƵďƚĞƌƌĂŶĞĂĨƐƉƐƵďƚĞƌƌĂŶĞĂͿŽĨƉŽƚĂƚŽ͘
EĞǁĞĂůĂŶĚ:ŽƵƌŶĂůŽĨƌŽƉĂŶĚ,ŽƌƚŝĐƵůƚƵƌĂů^ĐŝĞŶĐĞϮϰ͕ϯϰϭͲϱϯ͘
'ĞŶĞƚZ͕ ƌĂĂŵt&͕ tĂůůĂĐĞZ͕&ĂůůŽŽŶZ͕ ϮϬϭϭ͘^ƵƐĐĞƉƚŝďŝůŝƚLJŽĨƉŽƚĂƚŽĐƵůƚŝǀĂƌƐ
ĂŶĚŐĞƌŵƉůĂƐŵůŝŶĞƐƚŽƉŽǁĚĞƌLJƐĐĂďŝŶEĞǁĞĂůĂŶĚ͘WƌŽĐĞĞĚŝŶŐƐŽĨƚŚĞϮŶĚ
ƵƌŽƉĞĂŶWŽǁĚĞƌLJ^ĐĂďtŽƌŬƐŚŽƉ͘
ŚƚƚƉ͗ͬͬǁǁǁ͘ƐƉŽŶŐŽƐƉŽƌĂ͘ĞƚŚnj͘ĐŚͬƵƌŝĐŚͺϮϬϭϭͬƉĚĨƐͬďƐƚƌĂĐƚͺ&ĂůůŽŽŶͺƚƵďĞƌͺƌ
ĞƐŝƐƚĂŶĐĞ͘ƉĚĨ͘
'ĞŶ^ƚĂƚ ŽŵŵŝƚƚĞĞ͕ ϮϬϭϬ͘ dŚĞ ŐƵŝĚĞ ƚŽ 'ĞŶ^ƚĂƚ ZĞůĞĂƐĞ ϭϯ ʹ WĂƌƚƐ ϭͲϯ͘ s^E
/ŶƚĞƌŶĂƚŝŽŶĂů͕KdžĨŽƌĚ͕h<͘
,ĂƌƌŝƐŽŶ:'͕^ĞĂƌůĞZ:͕tŝůůŝĂŵƐE͕ϭϵϵϳ͘WŽǁĚĞƌLJƐĐĂďĚŝƐĞĂƐĞŽĨƉŽƚĂƚŽͲƌĞǀŝĞǁ͘
WůĂŶƚWĂƚŚŽůŽŐLJϰϲ͕ϭͲϮϱ͘
,ŽƵƐĞƌ:͕ĂǀŝĚƐŽŶZ͕ϮϬϭϬ͘ĞǀĞůŽƉŵĞŶƚŽĨĂŐƌĞĞŶŚŽƵƐĞĂƐƐĂLJƚŽĞǀĂůƵĂƚĞƉŽƚĂƚŽ
ŐĞƌŵƉůĂƐŵ ĨŽƌ ƐƵƐĐĞƉƚŝďŝůŝƚLJ ƚŽ ƉŽǁĚĞƌLJ ƐĐĂď͘ ŵĞƌŝĐĂŶ :ŽƵƌŶĂů ŽĨ WŽƚĂƚŽ
ZĞƐĞĂƌĐŚϴϳ͕ϮϴϱͲϵϴKŶͲůŝŶĞϭϬ͘ϭϬϬϳͬƐϭϮϮϯϬͲϬϭϬͲϵϭϯϲͲϱ͘
<ŝƌŬ ,'͕ ϮϬϬϴ͘ DŽƉͲƚŽƉ ǀŝƌƵƐ͕ ƌĞůĂƚŝŽŶƐŚŝƉ ƚŽ ŝƚƐ ǀĞĐƚŽƌ͘ ŵĞƌŝĐĂŶ :ŽƵƌŶĂů ŽĨ WŽƚĂƚŽ
ZĞƐĞĂƌĐŚϴϱ͕ϮϲϭͲϱKŶͲůŝŶĞϭϬ͘ϭϬϬϳͬƐϭϮϮϯϬͲϬϬϴͲϵϬϮϭͲϳ͘
ϱϮ
<ŽůĞ W͕ ϭϵϱϰ͘ ĐŽŶƚƌŝďƵƚŝŽŶ ƚŽ ƚŚĞ ŬŶŽǁůĞĚŐĞ ŽĨ ^ƉŽŶŐŽƐƉŽƌĂ ƐƵďƚĞƌƌĂŶĞĂ ;tĂůůƌ͘Ϳ
>ĂŐĞƌŚ͕͘ƚŚĞĐĂƵƐĞŽĨƉŽǁĚĞƌLJƐĐĂďŽĨƉŽƚĂƚŽĞƐ͘dŝũĚƐĐŚƚŝĨƚŽǀĞƌWůĂŶƚĞŶnjŝĞŬƚĞŶ
ϲϬ͕ϭͲϲϱ͘
>ŝƐƚĞƌZ͕&ĂůůŽŽŶZ͕ƵƌƚŝŶ͕ƵƚůĞƌZ͕ϮϬϬϰ͘^ƉŽŶŐŽƐƉŽƌĂƐƵďƚĞƌƌĂŶĞĂƌĞĚƵĐĞƐŚŽƐƚ
;^ŽůĂŶƵŵƚƵďĞƌŽƐƵŵͿŐƌŽǁƚŚ͘/Ŷ͗KƉŚĞů<ĞůůĞƌ<D͕,Ăůů,͕ĞĚƐ͘WƌŽĐĞĞĚŝŶŐƐŽĨ
ƚŚĞϯƌĚƵƐƚƌĂůĂƐŝĂŶ^ŽŝůďŽƌŶĞŝƐĞĂƐĞƐ^LJŵƉŽƐŝƵŵ͘^ŽƵƚŚƵƐƚƌĂůŝĂŶZĞƐĞĂƌĐŚ
ĂŶĚĞǀĞůŽƉŵĞŶƚ/ŶƐƚŝƚƵƚĞ͕ĚĞůĂŝĚĞ͕ƵƐƚƌĂůŝĂ͕ϭϯϱͲϲ͘
>ƵĚǁŝŐͲDƵůůĞƌ :͕ ĞŶŶĞƚƚ ZE͕ <ŝĚĚůĞ '͕ /ŚŵŝŐ ^͕ ZƵƉƉĞů D͕ ,ŝůŐĞŶďĞƌŐ t͕ ϭϵϵϵ͘ dŚĞ
ŚŽƐƚ ƌĂŶŐĞ ŽĨ WůĂƐŵŽĚŝŽƉŚŽƌĂ ďƌĂƐƐŝĐĂĞ ĂŶĚ ŝƚƐ ƌĞůĂƚŝŽŶƐŚŝƉ ƚŽ ĞŶĚŽŐĞŶŽƵƐ
ŐůƵĐŽƐŝŶŽůĂƚĞĐŽŶƚĞŶƚ͘EĞǁWŚLJƚŽůŽŐŝƐƚϭϰϭ͕ϰϰϯͲϱϴ͘
DĞƌnj h͕ ϭϵϴϵ͘ /ŶĨĞĐƚŝǀŝƚLJ͕ ŝŶŽĐƵůƵŵ ĚĞŶƐŝƚLJ ĂŶĚ ŐĞƌŵŝŶĂƚŝŽŶ ŽĨ ^ƉŽŶŐŽƐƉŽƌĂ
ƐƵďƚĞƌƌĂŶĞĂ ƌĞƐƚŝŶŐ ƐƉŽƌĞƐ͗ Ă ƐŽůƵƚŝŽŶͲĐƵůƚƵƌĞ ƚĞƐƚ ƐLJƐƚĞŵ͘ WWK ƵůůĞƚŝŶ ϭϵ͕
ϱϴϱͲϵϮ͘
DĞƌnj h͕ ϭϵϵϳ͘ DŝĐƌŽƐĐŽƉŝĐĂů ŽďƐĞƌǀĂƚŝŽŶƐ ŽĨ ƚŚĞ ƉƌŝŵĂƌLJ njŽŽƐƉŽƌĞƐ ŽĨ ^ƉŽŶŐŽƐƉŽƌĂ
ƐƵďƚĞƌƌĂŶĞĂĨ͘ƐƉ͘ƐƵďƚĞƌƌĂŶĞĂ͘WůĂŶƚWĂƚŚŽůŽŐLJϰϲ͕ϲϳϬͲϰ͘
DĞƌnj h͕ ϮϬϬϴ͘ WŽǁĚĞƌLJ ƐĐĂď ŽĨ ƉŽƚĂƚŽ Ͳ KĐĐƵƌƌĞŶĐĞ͕ ůŝĨĞ ĐLJĐůĞ ĂŶĚ ĞƉŝĚĞŵŝŽůŽŐLJ͘
ŵĞƌŝĐĂŶ :ŽƵƌŶĂů ŽĨ WŽƚĂƚŽ ZĞƐĞĂƌĐŚ ϴϱ͕ ϮϰϭͲϲ KŶͲůŝŶĞ ϭϬ͘ϭϬϬϳͬƐϭϮϮϯϬͲϬϬϴͲ
ϵϬϭϵͲϭ͘
DĞƌnj h͕ &ĂůůŽŽŶ Z͕ ϮϬϬϵ͘ ZĞǀŝĞǁ͗ ƉŽǁĚĞƌLJ ƐĐĂď ŽĨ ƉŽƚĂƚŽ Ͳ ŝŶĐƌĞĂƐĞĚ ŬŶŽǁůĞĚŐĞ ŽĨ
ƉĂƚŚŽŐĞŶďŝŽůŽŐLJĂŶĚĚŝƐĞĂƐĞĞƉŝĚĞŵŝŽůŽŐLJĨŽƌĞĨĨĞĐƚŝǀĞĚŝƐĞĂƐĞŵĂŶĂŐĞŵĞŶƚ͘
WŽƚĂƚŽZĞƐĞĂƌĐŚϱϮ͕ϭϳͲϯϳKŶͲůŝŶĞϭϬ͘ϭϬϬϳͬƐϭϭϱϰϬͲϬϬϴͲϵϭϬϱͲϮ͘
DĞƌnj h͕ >ĞĞƐ <͕ ^ƵůůŝǀĂŶ >͕ ^ĐŚǁĂƌnjĞů Z͕ ,ĞďĞŝƐĞŶ d͕ <ŝƌŬ ,'͕ ŽƵĐŚĞŬͲDĞĐŚŝĐŚĞ <͕
,ŽĨĨĞƌďĞƌƚ ,Z͕ ϮϬϭϮ͘ WŽǁĚĞƌLJ ƐĐĂď ƌĞƐŝƐƚĂŶĐĞ ŝŶ ^ŽůĂŶƵŵ ƚƵďĞƌŽƐƵŵ͗ ĂŶ
ĂƐƐĞƐƐŵĞŶƚŽĨĐƵůƚŝǀĂƌdžĞŶǀŝƌŽŶŵĞŶƚĞĨĨĞĐƚ͘WůĂŶƚWĂƚŚŽůŽŐLJϲϭ͕ϮϵͲϯϲKŶͲůŝŶĞ
ϭϬ͘ϭϭϭϭͬũ͘ϭϯϲϱͲϯϬϱϵ͘ϮϬϭϭ͘ϬϮϰϴϵ͘dž͘
EĂŬĂLJĂŵĂ d͕ ,ŽƌŝƚĂ D͕ ^ŚŝŵĂŶƵŬŝ d͕ ϮϬϬϳ͘ ^ƉŽŶŐŽƐƉŽƌĂ ƐƵďƚĞƌƌĂŶĞĂ ƐŽŝů
ĐŽŶƚĂŵŝŶĂƚŝŽŶ ĂŶĚ ŝƚƐ ƌĞůĂƚŝŽŶƐŚŝƉ ƚŽ ƐĞǀĞƌŝƚLJ ŽĨ ƉŽǁĚĞƌLJ ƐĐĂď ŽŶ ƉŽƚĂƚŽĞƐ͘
ϱϯ
:ŽƵƌŶĂů ŽĨ 'ĞŶĞƌĂů WůĂŶƚ WĂƚŚŽůŽŐLJ ϳϯ͕ ϮϮϵͲϯϰ KŶͲůŝŶĞ ϭϬ͘ϭϬϬϳͬƐϭϬϯϮϳͲϬϬϳͲ
ϬϬϬϴͲdž͘
YƵy^͕ŚƌŝƐƚ:͕ϮϬϬϲ͘dŚĞŚŽƐƚƌĂŶŐĞŽĨ^ƉŽŶŐŽƐƉŽƌĂƐƵďƚĞƌƌĂŶĞĂĨ͘ƐƉƐƵďƚĞƌƌĂŶĞĂŝŶ
ƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐ͘ŵĞƌŝĐĂŶ:ŽƵƌŶĂůŽĨWŽƚĂƚŽZĞƐĞĂƌĐŚϴϯ͕ϯϰϯͲϳ͘
YƵ y^͕ <ĂǀĂŶĂŐŚ :͕ ŐĂŶ ͕ ŚƌŝƐƚ :͕ ϮϬϬϲ͘ ĞƚĞĐƚŝŽŶ ĂŶĚ ƋƵĂŶƚŝĨŝĐĂƚŝŽŶ ŽĨ
^ƉŽŶŐŽƐƉŽƌĂƐƵďƚĞƌƌĂŶĞĂĨ͘ƐƉƐƵďƚĞƌƌĂŶĞĂďLJWZŝŶŚŽƐƚƚŝƐƐƵĞĂŶĚŶĂƚƵƌĂůůLJ
ŝŶĨĞƐƚĞĚƐŽŝůƐ͘ŵĞƌŝĐĂŶ:ŽƵƌŶĂůŽĨWŽƚĂƚŽZĞƐĞĂƌĐŚϴϯ͕ϮϭͲϯϬ͘
ZƵƐƐĞůů :͕ ƵůŵĂŶ ^͕ ϮϬϬϱ͘ dŚĞ ůŝǀĞƌǁŽƌƚ DĂƌĐŚĂŶƚŝĂ ĨŽůŝĂĐĞĂ ĨŽƌŵƐ Ă ƐƉĞĐŝĂůŝnjĞĚ
ƐLJŵďŝŽƐŝƐ ǁŝƚŚ ĂƌďƵƐĐƵůĂƌ ŵLJĐŽƌƌŚŝnjĂů ĨƵŶŐŝ ŝŶ ƚŚĞ ŐĞŶƵƐ 'ůŽŵƵƐ͘ EĞǁ
WŚLJƚŽůŽŐŝƐƚϭϲϱ͕ϱϲϳͲϳϵKŶͲůŝŶĞϭϬ͘ϭϭϭϭͬũ͘ϭϰϲϵͲϴϭϯϳ͘ϮϬϬϰ͘ϬϭϮϱϭ͘dž͘
^ŚĂŚ &͕ &ĂůůŽŽŶ Z͕ ƵƚůĞƌ Z͕ >ŝƐƚĞƌ Z͕ ϮϬϭϮ͘ >Žǁ ĂŵŽƵŶƚƐ ŽĨ ^ƉŽŶŐŽƐƉŽƌĂ
ƐƵďƚĞƌƌĂŶĞĂƐƉŽƌŽƐŽƌƵƐŝŶŽĐƵůƵŵĐĂƵƐĞƐĞǀĞƌĞƉŽǁĚĞƌLJƐĐĂď͕ƌŽŽƚŐĂůůŝŶŐĂŶĚ
ƌĞĚƵĐĞĚ ǁĂƚĞƌ ƵƐĞ ŝŶ ƉŽƚĂƚŽ ;^ŽůĂŶƵŵ ƚƵďĞƌŽƐƵŵͿ͘ ƵƐƚƌĂůĂƐŝĂŶ WůĂŶƚ
WĂƚŚŽůŽŐLJϰϭ͕ϮϭϵͲϮϮϴ͘
ǀĂŶĚĞ'ƌĂĂĨW͕>ĞĞƐ<͕ƵůůĞŶt͕ƵŶĐĂŶ:D͕ϮϬϬϯ͘ĞƚĞĐƚŝŽŶĂŶĚƋƵĂŶƚŝĨŝĐĂƚŝŽŶŽĨ
^ƉŽŶŐŽƐƉŽƌĂƐƵďƚĞƌƌĂŶĞĂŝŶƐŽŝů͕ǁĂƚĞƌĂŶĚƉůĂŶƚƚŝƐƐƵĞƐĂŵƉůĞƐƵƐŝŶŐƌĞĂůͲƚŝŵĞ
WZ͘ƵƌŽƉĞĂŶ:ŽƵƌŶĂůŽĨWůĂŶƚWĂƚŚŽůŽŐLJϭϬϵ͕ϱϴϵͲϵϳ͘
ǀĂŶĚĞ'ƌĂĂĨW͕tĂůĞ^:͕>ĞĞƐ<͕ϮϬϬϳ͘&ĂĐƚŽƌƐĂĨĨĞĐƚŝŶŐƚŚĞŝŶĐŝĚĞŶĐĞĂŶĚƐĞǀĞƌŝƚLJŽĨ
^ƉŽŶŐŽƐƉŽƌĂƐƵďƚĞƌƌĂŶĞĂŝŶĨĞĐƚŝŽŶĂŶĚŐĂůůŝŶŐŝŶƉŽƚĂƚŽƌŽŽƚƐ͘WůĂŶƚWĂƚŚŽůŽŐLJ
ϱϲ͕ϭϬϬϱͲϭϯ͘
tĂůůĞƌ:D͕>ĞŶŶĠ:D͕tĂůůĞƌ^:͕ϮϬϬϮ͘WůĂŶƚWĂƚŚŽůŽŐŝƐƚ͛ƐWŽĐŬĞƚŬ͘/WƵďůŝƐŚŝŶŐ͕
tĂůůŝŶŐĨŽƌĚ͕h<͕ϰϮϮͲϯ͘
ϱϰ
,WdZϯ͘Z^/^dEdK^WKE'K^WKZ^hdZZE/Eh/EWKddKz
d,>//dKZȲͲD/EKhdzZ//
ϯ͘ϭďƐƚƌĂĐƚ
/ŶĚƵĐƚŝŽŶŽĨƌĞƐŝƐƚĂŶĐĞŝŶƉŽƚĂƚŽƚŽŝŶĨĞĐƚŝŽŶďLJƚŚĞĐĞƌĐŽnjŽĂŶƉĂƚŚŽŐĞŶ^ƉŽŶŐŽƐƉŽƌĂ
ƐƵďƚĞƌƌĂŶĞĂ ;ƚŚĞ ĐĂƵƐĞ ŽĨ ƉŽǁĚĞƌLJ ƐĐĂď ŽĨ ƉŽƚĂƚŽ ƚƵďĞƌƐͿ ǁĂƐ ƐƚƵĚŝĞĚ ŝŶ ĐŽŶƚƌŽůůĞĚ
ŐůĂƐƐŚŽƵƐĞ ĞdžƉĞƌŝŵĞŶƚƐ͘ dŚĞ ƌĞƐŝƐƚĂŶĐĞ ĞůŝĐŝƚŽƌ ɴͲĂŵŝŶŽďƵƚLJƌŝĐ ĂĐŝĚ ;Ϳ ǁĂƐ
ĂƉƉůŝĞĚ Ăƚ ĚŝĨĨĞƌĞŶƚ ĐŽŶĐĞŶƚƌĂƚŝŽŶƐ ;ϭ ŵD͕ Ϯ ŵD Žƌ ϰ ŵDͿ ƚŽ ƉŽƚĂƚŽ ƉůĂŶƚƐ ǁŚŝĐŚ
ǁĞƌĞƚŚĞŶŝŶŽĐƵůĂƚĞĚϯ ĚĂLJƐůĂƚĞƌǁŝƚŚ^͘ƐƵďƚĞƌƌĂŶĞĂ͘YƵĂŶƚŝƚĂƚŝǀĞWZǁĂƐƵƐĞĚƚŽ
ŵĞĂƐƵƌĞ ĂŵŽƵŶƚƐ ŽĨ ƚŚĞ ƉĂƚŚŽŐĞŶ ŝŶ ƉůĂŶƚ ƌŽŽƚƐ͕ ĂŶĚ ŝŶƚĞŶƐŝƚLJ ŽĨ ƌŽŽƚ ŐĂůůŝŶŐ ǁĂƐ
ĂƐƐĞƐƐĞĚ͘/ŶĨĞĐƚŝŽŶǁĂƐŵĞĂƐƵƌĞĚĂƚĚŝĨĨĞƌĞŶƚƚŝŵĞƉŽŝŶƚƐĚƵƌŝŶŐƉůĂŶƚŐƌŽǁƚŚ͖ŝŶƚŚĞ
ĨŝƌƐƚĞdžƉĞƌŝŵĞŶƚĂƚϯŽƌϲǁĞĞŬƐĂĨƚĞƌŝŶŽĐƵůĂƚŝŽŶ͕ĂŶĚŝŶƚŚĞƐĞĐŽŶĚĞdžƉĞƌŝŵĞŶƚ͕Ăƚϭ͕
Ϯ͕ ϰ Žƌ ϲ ǁĞĞŬƐ ĂĨƚĞƌ ŝŶŽĐƵůĂƚŝŽŶ͘ /Ŷ ĞdžƉĞƌŝŵĞŶƚ ϭ͕ LJŽƵŶŐ ƉůĂŶƚƐ ƚƌĞĂƚĞĚ ǁŝƚŚ ƐŚŽǁĞĚ ƉŚLJƚŽƚŽdžŝĐŝƚLJ ǁŚŝĐŚ ǁĂƐ ƌĞĨůĞĐƚĞĚ ŝŶ ĚĞĐƌĞĂƐĞĚ ŐƌŽǁƚŚ ǁŝƚŚ ŝŶĐƌĞĂƐŝŶŐ
ĐŽŶĐĞŶƚƌĂƚŝŽŶƐ ŽĨ ͘ dŚĞƐĞ ƉůĂŶƚƐ ŚĂĚ ŚŝŐŚ ůĞǀĞůƐ ŽĨ ^͘ ƐƵďƚĞƌƌĂŶĞĂ ŝŶĨĞĐƚŝŽŶ͘ /Ŷ
ĞdžƉĞƌŝŵĞŶƚ Ϯ͕ Ăƚ Ϯ ǁĞĞŬƐ ĂĨƚĞƌ ŝŶŽĐƵůĂƚŝŽŶ͕ ƉůĂŶƚƐ ƚƌĞĂƚĞĚ ǁŝƚŚ ŚĂĚ ůĞƐƐ ^͘
ƐƵďƚĞƌƌĂŶĞĂŝŶƚŚĞŝƌƌŽŽƚƐĂŶĚĨĞǁĞƌƌŽŽƚŐĂůůƐĐŽŵƉĂƌĞĚǁŝƚŚ ŶŽŶͲƚƌĞĂƚĞĚƉůĂŶƚƐ͘ƚ
ƚŚĞ ƚŚŝƌĚ ŚĂƌǀĞƐƚ ;ϲ ǁĞĞŬƐ ĂĨƚĞƌ ŝŶŽĐƵůĂƚŝŽŶͿ͕ ƉůĂŶƚƐ ƚƌĞĂƚĞĚ ǁŝƚŚ ƚŚĞ ůŽǁĞƌ
ĐŽŶĐĞŶƚƌĂƚŝŽŶŽĨŚĂĚĚĞǀĞůŽƉĞĚ^͘ƐƵďƚĞƌƌĂŶĞĂŝŶĨĞĐƚŝŽŶ͕ĂůŵŽƐƚƚŽƚŚĞůĞǀĞůŽĨ
ŶŽŶͲƚƌĞĂƚĞĚ ƉůĂŶƚƐ͘ /Ŷ ĐŽŶƚƌĂƐƚ͕ ƚŚĞ ϮŵD ĂŶĚ ϰŵD ƚƌĞĂƚŵĞŶƚƐ ŐƌĞĂƚůLJ
ĚĞĐƌĞĂƐĞĚ ƚŚĞ ĂŵŽƵŶƚ ŽĨ ^ƉŽŶŐŽƐƉŽƌĂ ŝŶ ƌŽŽƚƐ ĂŶĚ ŶƵŵďĞƌƐ ŽĨ ƌŽŽƚ ŐĂůůƐ͘ ůŝĐŝƚŽƌ
ĐŽŶĐĞŶƚƌĂƚŝŽŶ ĂƐ ǁĞůů ĂƐ ŵƵůƚŝƉůĞ ĞůŝĐŝƚŽƌ ĂƉƉůŝĐĂƚŝŽŶƐ ŝŶĐƌĞĂƐĞĚ ƚŚĞ ĞĨĨĞĐƚŝǀĞŶĞƐƐ ŽĨ
ĂŐĂŝŶƐƚƚŚŝƐƉĂƚŚŽŐĞŶ͘dŚŝƐƐƚƵĚLJŚĂƐĚĞŵŽŶƐƚƌĂƚĞĚƚŚĂƚŚĂƐƉŽƚĞŶƚŝĂůĂƐĂ
ƉŽƐƐŝďůĞŵĂŶĂŐĞŵĞŶƚƚŽŽůĨŽƌŝŵƉŽƌƚĂŶƚĚŝƐĞĂƐĞƐĐĂƵƐĞĚďLJ^͘ƐƵďƚĞƌƌĂŶĞĂŽŶƉŽƚĂƚŽ͘
ϱϱ
ϯ͘Ϯ/ŶƚƌŽĚƵĐƚŝŽŶ
WŽǁĚĞƌLJ ƐĐĂď ŽĨ ƉŽƚĂƚŽ ;^ŽůĂŶƵŵ ƚƵďĞƌŽƐƵŵͿ ŝƐ ĐĂƵƐĞĚ ďLJ ƚŚĞ ƉůĂƐŵŽĚŝŽƉŚŽƌŝĚ
;ĐĞƌĐŽnjŽĂŶͿ ƉĂƚŚŽŐĞŶ ^ƉŽŶŐŽƐƉŽƌĂ ƐƵďƚĞƌƌĂŶĞĂ͘ dŚŝƐ ƉĂƚŚŽŐĞŶ ĐĂƵƐĞƐ ůĞƐŝŽŶƐ ŽŶ
ƉŽƚĂƚŽ ƚƵďĞƌƐ ;ƉŽǁĚĞƌLJ ƐĐĂďͿ͕ ƐĞǀĞƌĞůLJ ŚĂƌŵŝŶŐ ƚŚĞŝƌ ƋƵĂůŝƚLJ ĂŶĚ ŵĂŬŝŶŐ ƚŚĞŵ ůĞƐƐ
ŵĂƌŬĞƚĂďůĞĂƐƐĞĞĚƉŽƚĂƚŽĞƐ͕ĨŽƌƐƵƉĞƌŵĂƌŬĞƚƐĂůĞŽƌĨŽƌƉƌŽĐĞƐƐŝŶŐ;DĞƌnjΘ&ĂůůŽŽŶ͕
ϮϬϬϵ͖,ĂƌƌŝƐŽŶĞƚĂů͕͘ϭϵϵϳͿ͘^ƉŽŶŐŽƐƉŽƌĂƐƵďƚĞƌƌĂŶĞĂĂůƐŽŝŶĨĞĐƚƐƉŽƚĂƚŽƌŽŽƚƐ͕ǁŚĞƌĞ
ƐƉŽƌŽƐŽƌŝͲĨŝůůĞĚ ŐĂůůƐ ĂƌĞ ĨŽƌŵĞĚ͕ ůĞĂĚŝŶŐ ƚŽ ŝŶĐƌĞĂƐĞĚ ŝŶŽĐƵůƵŵ ŝŶ ƚŚĞ ƐŽŝů͘ ZŽŽƚ
ŝŶĨĞĐƚŝŽŶŚĂƐďĞĞŶĂƐƐŽĐŝĂƚĞĚǁŝƚŚƌĞĚƵĐƚŝŽŶƐŝŶƉůĂŶƚƉƌŽĚƵĐƚŝǀŝƚLJ;^ŚĂŚĞƚĂů͕͘ϮϬϭϮ͖
&ĂůůŽŽŶĞƚĂů͕͘ϭϵϵϲ͖DĞƌnj͕ϮϬϬϴ͖&ĂůůŽŽŶĞƚĂů͕͘ϮϬϬϯͿ
ŽŶƚƌŽů ŵĞƚŚŽĚƐ ĨŽƌ ĚŝƐĞĂƐĞƐ ĐĂƵƐĞĚ ďLJ ĞĐŽŶŽŵŝĐĂůůLJ ŝŵƉŽƌƚĂŶƚ
ƉůĂƐŵŽĚŝŽƉŚŽƌŝĚƉĂƚŚŽŐĞŶƐƐƵĐŚĂƐ^͘ƐƵďƚĞƌƌĂŶĞĂĂŶĚWůĂƐŵŽĚŝŽƉŚŽƌĂďƌĂƐƐŝĐĂĞĂƌĞ
ůŝŵŝƚĞĚ͘ dŚĞƐĞ ŝŶĐůƵĚĞ ǀĞƌLJ ůŽŶŐ ĐƌŽƉ ƌŽƚĂƚŝŽŶƐ Žƌ ƚŚĞ ƵƐĞ ŽĨ Ă ŶĞǁ ĂŶĚ ͞ƉĂƚŚŽŐĞŶͲ
ĨƌĞĞ͟ůĂŶĚ͕ĂƐ ƚŚĞƐĞŽƌŐĂŶŝƐŵƐĐĂŶƐƵƌǀŝǀĞŝŶ ƚŚĞƐŽŝůĨŽƌŵĂŶLJLJĞĂƌƐ;&ĂůůŽŽŶ͕ϮϬϬϴͿ͘
dŚĞƵƐĞŽĨƌĞƐŝƐƚĂŶƚĐƵůƚŝǀĂƌƐĂŶĚĐĞƌƚŝĨŝĞĚĐůĞĂŶƉƌŽƉĂŐĂƚŝŽŶŵĂƚĞƌŝĂů;ŝŶĐůƵĚŝŶŐƐĞĞĚ
ƚƵďĞƌƐͿ ĂƌĞ ĨƵƌƚŚĞƌ ŝŵƉŽƌƚĂŶƚ ĐŽŶƚƌŽů ŵĞƚŚŽĚƐ͘ ůŝŵŝƚĞĚ ŶƵŵďĞƌ ŽĨ ĐŚĞŵŝĐĂůƐ͕
ŝŶĐůƵĚŝŶŐĨůƵĂnjŝŶĂŵĂŶĚĨůƵƐƵůĨĂŵŝĚĞ͕ĂƌĞƌĞŐŝƐƚĞƌĞĚĨŽƌƵƐĞĂŐĂŝŶƐƚƉůĂƐŵŽĚŝŽƉŚŽƌŝĚƐ
;&ĂůůŽŽŶ͕ ϮϬϬϴ͖ DĞƌnj Θ &ĂůůŽŽŶ͕ ϮϬϬϵͿ͘ dŚĞ ĞĨĨĞĐƚŝǀĞŶĞƐƐ ŽĨ ĂǀĂŝůĂďůĞ ĐŚĞŵŝĐĂůƐ ŝƐ
ůŝŵŝƚĞĚ͕ ŚŽǁĞǀĞƌ͕ ĂŶĚ ŶŽŶͲƉĞƐƚŝĐŝĚĞ ŽƉƚŝŽŶƐ ĂƌĞ ĚĞƐŝƌĂďůĞ͘ ĨƵƌƚŚĞƌ ƉƌŽďůĞŵ ŝƐ ƚŚĂƚ
ŶŽŶĞ ŽĨ ƚŚĞƐĞ ĐŽŶƚƌŽů ŵĞƚŚŽĚƐ ŝƐ ĐŽŵƉůĞƚĞůLJ ĞĨĨĞĐƚŝǀĞ ĂŶĚ ĐŽŵďŝŶĂƚŝŽŶƐ ŽĨ ĚŝƐĞĂƐĞ
ŵĂŶĂŐĞŵĞŶƚ ƐƚƌĂƚĞŐŝĞƐ ĂƌĞ ŶĞĞĚĞĚ͕ ŝŶĐƌĞĂƐŝŶŐ ƚŚĞ ĐŽƐƚ ĨŽƌ ŐƌŽǁĞƌƐ ;&ĂůůŽŽŶ͕ ϮϬϬϴ͖
DĞƌnjΘ&ĂůůŽŽŶ͕ϮϬϬϵ͖,ĂƌƌŝƐŽŶĞƚĂů͕͘ϭϵϵϳͿ͘
/ŶĚƵĐĞĚ ƌĞƐŝƐƚĂŶĐĞ ;/ZͿ ŝƐ ĂŶ ĂĐƚŝǀĞ ĂƌĞĂ ŽĨ ŝŶǀĞƐƚŝŐĂƚŝŽŶ ĨŽƌ ĐŽŶƚƌŽů ŽĨ ŵĂŶLJ
ŝŵƉŽƌƚĂŶƚ ƉůĂŶƚ ƉĂƚŚŽŐĞŶƐ ;tĂůƚĞƌƐ Ğƚ Ăů͕͘ ϮϬϬϱ͖ tĂůůŝŶŐ͕ ϮϬϬϭͿ͘ dŚĞ ŵŽƐƚ ƐƚƵĚŝĞĚ
ĨŽƌŵƐŽĨ/ZĂƌĞƐLJƐƚĞŵŝĐĂĐƋƵŝƌĞĚƌĞƐŝƐƚĂŶĐĞ;^ZͿĂŶĚƚŚĞŝŶĚƵĐĞĚƐLJƐƚĞŵŝĐƌĞƐƉŽŶƐĞ
;/^ZͿ;ZLJĂůƐĞƚĂů͕͘ϭϵϵϲ͖sĂƐLJƵŬŽǀĂΘKnjĞƌĞƚƐŬŽǀƐŬĂLJĂ͕ϮϬϬϳ͖DĂƵĐŚͲDĂŶŝΘDĞƚƌĂƵdž͕
ϭϵϵϴ͖sĂůůĂĚΘ'ŽŽĚŵĂŶ͕ϮϬϬϰͿ͘dŚĞƵƐĞŽĨĐŚĞŵŝĐĂůƐĨŽƌŝŶĚƵĐŝŶŐƉůĂŶƚĚĞĨĞŶĐĞƐŚĂƐ
ďĞĞŶ ƐŚŽǁŶ ƚŽ ďĞ ĞĨĨĞĐƚŝǀĞ ĂŐĂŝŶƐƚ Ă ďƌŽĂĚ ƐƉĞĐƚƌƵŵ ŽĨ ƉĂƚŚŽŐĞŶƐ ;^ĐŚƌĞŝďĞƌ Θ
ĞƐǀĞĂƵdž͕ϮϬϬϴͿ͘
ϱϲ
^ĂůŝĐLJůŝĐĂĐŝĚ;^Ϳ͕ĂŬĞLJƐŝŐŶĂůůŝŶŐŵŽůĞĐƵůĞŝŶƉůĂŶƚĚĞĨĞŶĐĞ͕ŝƐƚŚĞŵŽƐƚǁŝĚĞůLJ
ŝŶǀĞƐƚŝŐĂƚĞĚĐŚĞŵŝĐĂůĞůŝĐŝƚŽƌŽĨ^Z;ĞŵƉƐĞLJĞƚĂů͕͘ϭϵϵϵ͖DĞƚƌĂƵdž͕ϮϬϬϭ͖^ĐŚƌĞŝďĞƌ
Θ ĞƐǀĞĂƵdž͕ ϮϬϬϴ͖ ŽŶƌĂƚŚ͕ ϮϬϬϵ͖ ǀĂŶ ĚĞƌ Ŷƚ Ğƚ Ăů͕͘ ϮϬϬϵͿ͘ ^ĞǀĞƌĂů ƐƚƵĚŝĞƐ ŽĨ /Z ŝŶ
ƉŽƚĂƚŽ ŚĂǀĞ ĨŽĐƵƐĞĚ ŽŶ ^Z ƌĞƐƉŽŶƐĞƐ ŝŶĚƵĐĞĚ ďLJ ^ ;YƵŝŶƚĂŶŝůůĂ Θ ƌŝƐŚĂŵŵĂƌ͕
ϭϵϵϴ͖ EĂǀĂƌƌĞ Θ DĂLJŽ͕ ϮϬϬϰͿ͕ Žƌ ŝƚƐ ĂŶĂůŽŐƵĞƐ ƐƵĐŚ ĂƐ ďĞŶnjŽ ;ϭ͕Ϯ͕ϯͿ ƚŚŝĂĚŝĂnjŽůĞͲϳͲ
ĐĂƌďŽƚŚŝŽŝĐĂĐŝĚ^ͲŵĞƚŚLJůĞƐƚĞƌ;d,Ϳ;ŽůůŝŶƐĞƚĂů͕͘ϮϬϬϲ͖,ĂůŝŵĞƚĂů͕͘ϮϬϬϳ͖>ŽƉĞnjĞƚ
Ăů͕͘ ϮϬϬϭ͖ EĂǀĂƌƌĞ Θ DĂLJŽ͕ ϮϬϬϰͿ͘ dŚĞ ŶŽŶͲƉƌŽƚĞŝŶ ĂŵŝŶŽ ĂĐŝĚ ɴͲĂŵŝŶŽďƵƚLJƌŝĐ ĂĐŝĚ
;Ϳ ŚĂƐ ĂůƐŽ ďĞĞŶ ƐŚŽǁŶ ƚŽ ďĞ ĞĨĨĞĐƚŝǀĞ ĂƐ Ă ƐLJƐƚĞŵŝĐ ƌĞƐŝƐƚĂŶĐĞ ĞůŝĐŝƚŽƌ ŝŶ
ŶƵŵĞƌŽƵƐƉůĂŶƚƐƉĞĐŝĞƐĂŶĚĂŐĂŝŶƐƚĂůĂƌŐĞŶƵŵďĞƌŽĨƉĂƚŚŽŐĞŶƐ;:ĂŬĂďĞƚĂů͕͘ϮϬϬϭ͖
ŽŚĞŶ͕ ϮϬϬϮͿ͘ /Ŷ ƉŽƚĂƚŽ͕ ŚĂƐ ŵŽƐƚůLJ ďĞĞŶ ƐƚƵĚŝĞĚ ŝŶ ŝŶĚƵĐƚŝŽŶ ŽĨ ƌĞƐŝƐƚĂŶĐĞ ƚŽ
ƚŚĞ ůĂƚĞ ďůŝŐŚƚ ƉĂƚŚŽŐĞŶ WŚLJƚŽƉŚƚŚŽƌĂ ŝŶĨĞƐƚĂŶƐ ;KůŝǀŝĞƌŝ Ğƚ Ăů͕͘ ϮϬϬϵ͖ ůƚĂŵŝƌĂŶĚĂ Ğƚ
Ăů͕͘ϮϬϬϴ͖ƐĐŚĞŶͲ>ŝƉƉŽůĚĞƚĂů͕͘ϮϬϭϬ͖>ŝůũĞƌŽƚŚĞƚĂů͕͘ϮϬϭϬͿ͘KƚŚĞƌƐƚƵĚŝĞƐƵƐŝŶŐ
ƚƌĞĂƚŵĞŶƚ ĂŐĂŝŶƐƚ ƚŚĞ ŶĞĐƌŽƚƌŽƉŚŝĐ ƉŽƚĂƚŽ ƉĂƚŚŽŐĞŶƐ &ƵƐĂƌŝƵŵ ƐŽůĂŶŝ ĂŶĚ &͘
ƐƵůƉŚƵƌĞƵŵĚĞŵŽŶƐƚƌĂƚĞĚŝŶĚƵĐĞĚƌĞƐŝƐƚĂŶĐĞ;zŝŶĞƚĂů͕͘ϮϬϭϬ͖KůŝǀŝĞƌŝĞƚĂů͕͘ϮϬϬϵͿ͘
/ŶƚŚĞƉƌĞƐĞŶƚƐƚƵĚLJƚŚĞƵƐĞŽĨ/ZĞůŝĐŝƚŽƌƐǁĂƐĞdžĂŵŝŶĞĚĨŽƌƚŚĞĐŽŶƚƌŽůŽĨ^͘
ƐƵďƚĞƌƌĂŶĞĂ ŝŶĨĞĐƚŝŽŶ ŽĨ ƉŽƚĂƚŽ͘ dŚĞƌĞ ŝƐ ůŝƚƚůĞ ĚĞƚĂŝůĞĚ ŬŶŽǁůĞĚŐĞ ĂďŽƵƚ ƚŚĞ
ďŝŽĐŚĞŵŝĐĂůĂŶĚĐĞůůƵůĂƌŝŶƚĞƌĂĐƚŝŽŶŽĨƉůĂƐŵŽĚŝŽƉŚŽƌŝĚƐǁŝƚŚƚŚĞŝƌŚŽƐƚĐĞůůƐ͘ĞƐŝĚĞƐ
^͘ ƐƵďƚĞƌƌĂŶĞĂ͕ ƚŚĞ ŵŽƐƚ ƌĞĐŽŐŶŝƐĞĚ ƉĂƚŚŽŐĞŶ ŽĨ ƚŚŝƐ ŐƌŽƵƉ͕ ĂŶĚ ƚŚĞ ƐƉĞĐŝĞƐ ŵŽƐƚ
ƐƚƵĚŝĞĚ ŝƐ W͘ ďƌĂƐƐŝĐĂĞ͕ ǁŚŝĐŚ ĐĂƵƐĞƐ ĐůƵďƌŽŽƚ ŝŶ ĐƌƵĐŝĨĞƌŽƵƐ ƉůĂŶƚƐ ;ŝdžŽŶ͕ ϮϬϬϵ͖
>ƵĚǁŝŐͲDƵůůĞƌ Θ ^ĐŚƵůůĞƌ͕ ϮϬϬϴͿ͘ ĞƐƉŝƚĞ ƚŚĞ ŐƌŽǁŝŶŐ ǀŽůƵŵĞ ŽĨ ƌĞƐĞĂƌĐŚ ŽŶ ƚŚĞƐĞ
ƉĂƚŚŽŐĞŶƐ͕ƉĂƌƚƐŽĨƚŚĞŝƌůŝĨĞĐLJĐůĞƐĂŶĚƚŚĞďŝŽĐŚĞŵŝƐƚƌLJŽĨƚŚĞŝƌŝŶƚĞƌĂĐƚŝŽŶƐǁŝƚŚŚŽƐƚ
ƉůĂŶƚƐ ƌĞŵĂŝŶ ƵŶŬŶŽǁŶ ;^ŝĞŵĞŶƐ Ğƚ Ăů͕͘ ϮϬϬϵ͖ ŝdžŽŶ͕ ϮϬϬϵ͖ DĞƌnj Θ &ĂůůŽŽŶ͕ ϮϬϬϵ͖
ƌĂƐĞůƚŽŶ͕ ϮϬϬϭ͖ ,ĂƌƌŝƐŽŶ Ğƚ Ăů͕͘ ϭϵϵϳͿ͘ &Žƌ ƚŚĞƐĞ ƌĞĂƐŽŶƐ͕ ƚŚĞƌĞ ŝƐ ůŝƚƚůĞ ŝŶĨŽƌŵĂƚŝŽŶ
ĂǀĂŝůĂďůĞ ƚŽ ŝŶĨŽƌŵ ƌĞƐĞĂƌĐŚ ŽŶ ŝŶĚƵĐĞĚ ƌĞƐŝƐƚĂŶĐĞ ĂŐĂŝŶƐƚ ƉůĂƐŵŽĚŝŽƉŚŽƌŝĚƐ͕
ĞƐƉĞĐŝĂůůLJ^͘ƐƵďƚĞƌƌĂŶĞĂ͘dŚĞƌĞĂƌĞŶŽƌĞƉŽƌƚĞĚĞdžĂŵƉůĞƐŽĨƚŚĞƵƐĞŽĨĂŐĂŝŶƐƚ
ƚŚĞďŝŽƚƌŽƉŚŝĐƉŽƚĂƚŽƉĂƚŚŽŐĞŶ^͘ƐƵďƚĞƌƌĂŶĞĂ͘/ŶƚŚŝƐǁŽƌŬǁĞƋƵĂŶƚŝĨŝĞĚƚŚĞĞĨĨĞĐƚƐ
ŽĨƚŚŝƐǀĞƌƐĂƚŝůĞĞůŝĐŝƚŽƌ;ŽŶƌĂƚŚ͕ϮϬϭϭ͖ŽŚĞŶ͕ϮϬϬϮͿŽŶƉŽƚĂƚŽƌĞƐŝƐƚĂŶĐĞƚŽŝŶĨĞĐƚŝŽŶ
ďLJ^͘ƐƵďƚĞƌƌĂŶĞĂ͘
ϱϳ
ϯ͘ϯDĂƚĞƌŝĂůƐĂŶĚŵĞƚŚŽĚƐ
ϯ͘ϯ͘ϭWůĂŶƚŐƌŽǁƚŚ
WůĂŶƚůĞƚƐŽĨƚŚĞ^͘ƚƵďĞƌŽƐƵŵĐƵůƚŝǀĂƌƐ͚/ǁĂ͛ĂŶĚ͚'ůĂĚŝĂƚŽƌ͕͛ƌĂŝƐĞĚĨŽƌϮǁĞĞŬƐŝŶƚŝƐƐƵĞ
ĐƵůƚƵƌĞƐ͕ ǁĞƌĞ ŐƌŽǁŶ ŝŶ ƐĂŶĚͬŶƵƚƌŝĞŶƚ ƐŽůƵƚŝŽŶ ĐƵůƚƵƌĞ ĂƐ ĚĞƐĐƌŝďĞĚ ďLJ ,ĞƌŶĂŶĚĞnjͲ
DĂůĚŽŶĂĚŽ Ğƚ Ăů͘ ;ϮϬϭϮͿ͘ ^ĂŶĚ ǁĂƐ ĂƵƚŽĐůĂǀĞĚ ďĞĨŽƌĞ ƵƐĞ͘ WůĂŶƚƐ ǁĞƌĞ ƌĞŐƵůĂƌůLJ
ŝƌƌŝŐĂƚĞĚ;ƚŚƌĞĞƚŝŵĞƐĞĂĐŚǁĞĞŬͿǁŝƚŚŶƵƚƌŝĞŶƚƐŽůƵƚŝŽŶƚŚƌŽƵŐŚŽƵƚĞdžƉĞƌŝŵĞŶƚƐ͘
ϯ͘ϯ͘ϮWůĂŶƚƚƌĞĂƚŵĞŶƚĂŶĚŝŶŽĐƵůĂƚŝŽŶ
WůĂŶƚƐǁĞƌĞƚƌĞĂƚĞĚǁŝƚŚĚŝĨĨĞƌĞŶƚĐŽŶĐĞŶƚƌĂƚŝŽŶƐŽĨ;ϭ͕ϮŽƌϰŵDͿ͘dŚĞĐŚĞŵŝĐĂů
ǁĂƐĂƉƉůŝĞĚƚŽƚŚĞƐĂŶĚŝŶĞĂĐŚƉŽƚŝŶϰϬŵ>ŽĨŶƵƚƌŝĞŶƚƐŽůƵƚŝŽŶ͘džƉĞƌŝŵĞŶƚĂů
ĐŽŶƚƌŽůƉůĂŶƚƐƌĞĐĞŝǀĞĚŶƵƚƌŝĞŶƚƐŽůƵƚŝŽŶŽŶůLJ͘dŚƌĞĞĚĂLJƐůĂƚĞƌ͕ƉůĂŶƚƐǁĞƌĞŝŶŽĐƵůĂƚĞĚ
ǁŝƚŚϭϬŵ>ŽĨĂƐƚĂŶĚĂƌĚŝƐĞĚƐƵƐƉĞŶƐŝŽŶŽĨ^͘ƐƵďƚĞƌƌĂŶĞĂƐƉŽƌŽƐŽƌŝ;ϮϬ͕ϬϬϬƐƉŽƌŽƐŽƌŝ
ƉĞƌ ƉůĂŶƚͿ ŝŶ ŶƵƚƌŝĞŶƚ ƐŽůƵƚŝŽŶ ;&ĂůůŽŽŶ Ğƚ Ăů͕͘ ϮϬϭϭͿ͘ dŚĞ ƐƉŽƌŽƐŽƌŝ ǁĞƌĞ ŽďƚĂŝŶĞĚ ďLJ
ƐĐƌĂƉŝŶŐ ĚƌLJ ƉŽǁĚĞƌLJ ƐĐĂď ůĞƐŝŽŶƐ ĨƌŽŵ ĨŝĞůĚͲŐƌŽǁŶ ƚƵďĞƌƐ ŽĨ ƚŚĞ ƉŽƚĂƚŽ ĐƵůƚŝǀĂƌ
͚ŐƌŝĂ͛ĂŶĚƉĂƐƐĂŐĞŽĨƚŚĞƐĐƌĂƉĞĚŵĂƚĞƌŝĂůƚŚƌŽƵŐŚĂƐŝĞǀĞ;ϴϬʅŵŵĞƐŚͿ͘
ϯ͘ϯ͘ϯƐƐĞƐƐŵĞŶƚŽĨƌŽŽƚŝŶĨĞĐƚŝŽŶďLJ^ƉŽŶŐŽƐƉŽƌĂƐƵďƚĞƌƌĂŶĞĂ
/ŶƚĞŶƐŝƚLJ ŽĨ ŐĂůů ĨŽƌŵĂƚŝŽŶ ;ĞdžƉĞƌŝŵĞŶƚ Ϯ ďĞůŽǁͿ ŽŶ ĞĂĐŚ ƉůĂŶƚ ǁĂƐ ĂƐƐĞƐƐĞĚ ďLJ
ĐŽƵŶƚŝŶŐ ƚŚĞ ŶƵŵďĞƌ ŽĨ ŐĂůůƐ ŽŶ ƚŚĞ ƌŽŽƚƐ͘ EƵŵďĞƌƐ ŽĨ ƌŽŽƚ ŐĂůůƐ ŐͲϭ ƌŽŽƚ ĚƌLJ ǁĞŝŐŚƚ
ǁĞƌĞĐĂůĐƵůĂƚĞĚĂƐĂŵĞĂƐƵƌĞŽĨŝŶƚĞŶƐŝƚLJŽĨ^͘ƐƵďƚĞƌƌĂŶĞĂŝŶĨĞĐƚŝŽŶ͘
ϱϴ
ϯ͘ϯ͘ϰDĞĂƐƵƌĞŵĞŶƚŽĨĂŵŽƵŶƚƐŽĨ^ƉŽŶŐŽƐƉŽƌĂƐƵďƚĞƌƌĂŶĞĂEŝŶƌŽŽƚƐƵƐŝŶŐƋWZ
ϯ͘ϯ͘ϰ͘ϭEĞdžƚƌĂĐƚŝŽŶĂŶĚƋƵĂŶƚŝƚĂƚŝǀĞWZ
EĨƌŽŵƌŽŽƚƐǁĂƐĞdžƚƌĂĐƚĞĚĂƐĚĞƐĐƌŝďĞĚŝŶŚĂƉƚĞƌϭĂŶĚ,ĞƌŶĂŶĚĞnjͲDĂůĚŽŶĂĚŽĞƚ
Ăů͘;ϮϬϭϮͿ͘dŚĞƋƵĂŶƚŝƚLJĂŶĚƋƵĂůŝƚLJŽĨEǁĂƐĐŚĞĐŬĞĚďLJŐĞůĞůĞĐƚƌŽƉŚŽƌĞƐŝƐĂŶĚƚŚĞ
EĂŶŽĚƌŽƉϮϬϬϬ^ƉĞĐƚƌŽƉŚŽƚŽŵĞƚĞƌ;dŚĞƌŵŽ&ŝƐŚĞƌͿ͘dŚĞ͞^ƚĞƉKŶĞWůƵƐ͟ƌĞĂůͲƚŝŵĞWZ
ŵĂĐŚŝŶĞ ;ƉƉůŝĞĚ ŝŽƐLJƐƚĞŵƐͿ ĨŽƌ ĨůƵŽƌĞƐĐĞŶƚ WZ ǁĂƐ ƵƐĞĚ ƚŽ ĚĞƚĞĐƚ ^͘ ƐƵďƚĞƌƌĂŶĞĂ
EƵƐŝŶŐĂƌŝďŽƐŽŵĂůŝŶƚĞƌŶĂůƚƌĂŶƐĐƌŝďĞĚƐƉĂĐĞƌ;/d^ͿƉƌŽďĞͬƉƌŝŵĞƌƐĞƚ͕ĂƐĚĞƐĐƌŝďĞĚ
ďLJ,ĞƌŶĂŶĚĞnjͲDĂůĚŽŶĂĚŽĞƚĂů͘;ϮϬϭϮͿ͘dŚƌĞĞƚĞĐŚŶŝĐĂůƌĞƉůŝĐĂƚĞƐǁĞƌĞƵƐĞĚĨŽƌĞĂĐŚ
ƐĂŵƉůĞ ĂŶĚ ƐƚĂŶĚĂƌĚ͘ ƐĞƚ ŽĨ Ɛŝdž ĐĂůŝďƌĂƚŝŽŶ ƐƚĂŶĚĂƌĚƐ ŽĨ ^ƉŽŶŐŽƐƉŽƌĂ /d^ ƉůĂƐŵŝĚ
E;ϰ͘ϳŶŐµ>ͲϭƚŽϰ͘ϳпϭϬͲϱŶŐµ>ͲϭͿǁĂƐĂĚĚĞĚƚŽĞĂĐŚƉůĂƚĞ͘EŽŶƚĞŵƉůĂƚĞĐŽŶƚƌŽůƐ
;EdͿǁĞƌĞŝŶĐůƵĚĞĚ͘dŚĞĞůŽŶŐĂƚŝŽŶĨĂĐƚŽƌϭɲ;&ϭɲͿŐĞŶĞŽĨƉŽƚĂƚŽǁĂƐ ƵƐĞĚĂƐĂŶ
ŝŶƚĞƌŶĂůĐŽŶƚƌŽůƚŽŶŽƌŵĂůŝƐĞƚŚĞ^ƉŽŶŐŽƐƉŽƌĂŵĞĂƐƵƌĞŵĞŶƚƐ;EŝĐŽƚĞƚĂů͕͘ϮϬϬϱͿ͘dŚĞ
ƉƌŝŵĞƌ ƐĞƚ ;WŽƚͺ&ϭĂͺƋWϭ&͗ ϱ͛'''dd''''ddϯ͛ ĂŶĚ WŽƚͺ&ϭĂͺƋWϭZ͗
ϱ͛
'd'dddd''dϯ͛Ϳ ĂŶĚ ƚŚĞ dĂƋDĂŶΠ ƉƌŽďĞ ;WŽƚͺ&ϭĂͺƋWƌŽďĞϭ͗
ϱ͛
d'dd'd'ddddd'dϯ͛Ϳ͕ ůĂďĞůůĞĚ Ăƚ ƚŚĞ ϱ͛ ĞŶĚ ǁŝƚŚ &D ĂŶĚ
ŵŽĚŝĨŝĞĚĂƚƚŚĞϯ͛ĞŶĚǁŝƚŚƚŚĞƋƵĞŶĐŚĞƌĚLJĞ,YͲϭ͕ǁĞƌĞĚĞƐŝŐŶĞĚƵƐŝŶŐƚŚĞWƌŝŵĞƌ
džƉƌĞƐƐƉƌŽŐƌĂŵŵĞ;ƉƉůŝĞĚŝŽƐLJƐƚĞŵƐͿ͕ĨƌŽŵ'ĞŶĂŶŬĂĐĐĞƐƐŝŽŶϬϲϭϮϲϯ;EŝĐŽƚĞƚ
Ăů͕͘ ϮϬϬϱͿ͘ KƉƚŝŵĂů ĐŽŶĐĞŶƚƌĂƚŝŽŶƐ ŽĨ ϰϱϬŶD ĨŽƌ ƉƌŝŵĞƌƐ ĂŶĚ ϮϬϬŶD ĨŽƌ ƚŚĞ ƉƌŽďĞ
ǁĞƌĞĞƐƚĂďůŝƐŚĞĚ͘ƋWZǁĂƐĐĂƌƌŝĞĚŽƵƚŝŶĂϰϬĐLJĐůĞƌƵŶ;ϵϱΣdžϭϱƐ͕ϲϬΣdžϮϬƐĂŶĚ
ϳϮΣdžϮϬƐͿ͘ďƐŽůƵƚĞƋƵĂŶƚŝĨŝĐĂƚŝŽŶǁĂƐƉĞƌĨŽƌŵĞĚƵƐŝŶŐƐƚĂŶĚĂƌĚĐƵƌǀĞƐĐŽŶƐƚƌƵĐƚĞĚ
ĨƌŽŵƚĞŶͲĨŽůĚĚŝůƵƚŝŽŶƐĞƌŝĞƐŽĨƉůĂƐŵŝĚEƐĐŽŶƚĂŝŶŝŶŐƚŚĞ^ƉŽŶŐŽƐƉŽƌĂ/d^ĨƌĂŐŵĞŶƚ
ŽƌƚŚĞƉŽƚĂƚŽ&ϭɲŐĞŶĞ͘ŵŽƵŶƚƐŽĨ^ƉŽŶŐŽƐƉŽƌĂEŝŶĞĂĐŚƐĂŵƉůĞǁĞƌĞĂĚũƵƐƚĞĚ
ďLJƌĞĨĞƌĞŶĐĞƚŽƚŚĞƉŽƚĂƚŽ&ϭɲŵĞĂƐƵƌĞŵĞŶƚƐ͘
ϱϵ
ϯ͘ϯ͘ϱ'ůĂƐƐŚŽƵƐĞĞdžƉĞƌŝŵĞŶƚƐ
dǁŽŐůĂƐƐŚŽƵƐĞĞdžƉĞƌŝŵĞŶƚƐǁĞƌĞĐĂƌƌŝĞĚŽƵƚ͘
ϯ͘ϯ͘ϱ͘ϭdžƉĞƌŝŵĞŶƚϭ
ŝŐŚƚLJͲĨŽƵƌ ƉŽƚĂƚŽ ƉůĂŶƚůĞƚƐ ;ĨŽƵƌ ƚƌĞĂƚŵĞŶƚƐ͕ ƚǁŽ ŚĂƌǀĞƐƚƐ͕ ĨŽƵƌ ƌĞƉůŝĐĂƚĞƐ͕ ƉůƵƐ ĨŝǀĞ
ƌĞƉůŝĐĂƚĞŽĨƵŶƚƌĞĂƚĞĚĐŽŶƚƌŽůƐͿ͕ϰϮŽĨĐƵůƚŝǀĂƌ͚/ǁĂ͛;ǀĞƌLJƐƵƐĐĞƉƚŝďůĞƚŽƚƵďĞƌƉŽǁĚĞƌLJ
ƐĐĂďͿ ĂŶĚ ϰϮ ŽĨ ĐƵůƚŝǀĂƌ ͚'ůĂĚŝĂƚŽƌ͛ ;ǀĞƌLJ ƌĞƐŝƐƚĂŶƚͿ ;&ĂůůŽŽŶ Ğƚ Ăů͕͘ ϮϬϬϯͿ ǁĞƌĞ ĞĂĐŚ
ƉůĂŶƚĞĚ ƐŝŶŐůLJ ŝŶƚŽ ƉůĂƐƚŝĐ ƉŽƚƐ͕ ĂŶĚ ƚŚĞ ƉŽƐƚƐ ǁĞƌĞ ĂƌƌĂŶŐĞĚ ŽŶ Ă ďĞŶĐŚ ŝŶ Ă
ŐůĂƐƐŚŽƵƐĞ͕ ŝŶ Ă >ĂƚŝŶŝƐĞĚ ƌŽǁͲĐŽůƵŵŶ ĞdžƉĞƌŝŵĞŶƚĂů ĚĞƐŝŐŶ͘ dǁŽ ǁĞĞŬƐ ůĂƚĞƌ͕ ƉůĂŶƚƐ
ǁĞƌĞĞĂĐŚƚƌĞĂƚĞĚǁŝƚŚĂƐŝŶŐůĞĂƉƉůŝĐĂƚŝŽŶŽĨĚŝĨĨĞƌĞŶƚĐŽŶĐĞŶƚƌĂƚŝŽŶƐŽĨ;ϬŵD͕
ϭŵD͕ϮŵDŽƌϰŵDͿ͘džƉĞƌŝŵĞŶƚĂůĐŽŶƚƌŽůƚƌĞĂƚŵĞŶƚƐ͕ŝ͘Ğ͘ƉůĂŶƚƐŶŽƚŝŶŽĐƵůĂƚĞĚĂŶĚ
ŶŽƚƚƌĞĂƚĞĚǁŝƚŚ͕ǁĞƌĞŝŶĐůƵĚĞĚŝŶƚŚĞĞdžƉĞƌŝŵĞŶƚ͘ŽŶƚƌŽůƉůĂŶƚƐĞĂĐŚƌĞĐĞŝǀĞĚ
ϰϬ ŵ> ŽĨ ŶƵƚƌŝĞŶƚ ƐŽůƵƚŝŽŶ ǁŝƚŚŽƵƚ ͘ dŚƌĞĞ ĚĂLJƐ ĂĨƚĞƌ ƚƌĞĂƚŵĞŶƚ͕ ƉůĂŶƚƐ ǁĞƌĞ
ŝŶŽĐƵůĂƚĞĚ ǁŝƚŚ ^͘ ƐƵďƚĞƌƌĂŶĞĂ͘ WůĂŶƚƐ ǁĞƌĞ ŚĂƌǀĞƐƚĞĚ Ăƚ ϯ Žƌ ϲ ǁĞĞŬƐ ĂĨƚĞƌ
ŝŶŽĐƵůĂƚŝŽŶ͘ ƚ ĞĂĐŚ ŚĂƌǀĞƐƚ͕ ƌŽŽƚƐ ǁĞƌĞ ĨƌĞĞnjĞ ĚƌŝĞĚ ĂŶĚ E ǁĂƐ ĞdžƚƌĂĐƚĞĚ ĂŶĚ
ƋƵĂŶƚŝĨŝĞĚ͘
ϯ͘ϯ͘ϱ͘ϮdžƉĞƌŝŵĞŶƚϮ
&ŽƌƚLJͲĨŝǀĞ ƉŽƚĂƚŽ ƉůĂŶƚƐ ;͚/ǁĂ͛Ϳ ǁĞƌĞ ĞĂĐŚ ŐƌŽǁŶ ŝŶ ŝŶĚŝǀŝĚƵĂů ƉŽƚƐ ŝŶ Ă ŐůĂƐƐŚŽƵƐĞ͘
&ŝĨƚĞĞŶĚŝĨĨĞƌĞŶƚĞdžƉĞƌŝŵĞŶƚĂůƚƌĞĂƚŵĞŶƚƐǁĞƌĞĂƉƉůŝĞĚ͕ǁŝƚŚƚŚƌĞĞƌĞƉůŝĐĂƚĞƉůĂŶƚƐĨŽƌ
ĞĂĐŚƚƌĞĂƚŵĞŶƚ͘dŚĞƉůĂŶƚƐǁĞƌĞůĂŝĚŽƵƚŝŶĂϯпϭϱĂƌƌĂLJ͕ǁŝƚŚŽŶĞƌĞƉůŝĐĂƚĞĨƌŽŵĂůů
ƚƌĞĂƚŵĞŶƚƐŝŶĞĂĐŚƌŽǁŽĨϭϱƉŽƚƐ͘tŝƚŚŝŶƌŽǁƐ͕ƚŚĞƚƌĞĂƚŵĞŶƚƐǁĞƌĞƌĂŶĚŽŵŝƐĞĚĂƐ
ƚŚĞLJ ǁĞƌĞ ƐĞƚ ŽƵƚ͕ ŝŶ ĂŶ ĂƚƚĞŵƉƚ ƚŽ ďĂůĂŶĐĞ ĂŶLJ ƉŽƐƐŝďůĞ ƐƉĂƚŝĂů ĞĨĨĞĐƚƐ ŝŶ ƚŚĞ
ŐůĂƐƐŚŽƵƐĞ͘ &ŽƵƌ ǁĞĞŬƐ ĂĨƚĞƌ ƉůĂŶƚŝŶŐ͕ ƉůĂŶƚƐ ǁĞƌĞ ƚƌĞĂƚĞĚ ǁŝƚŚ ĚŝĨĨĞƌĞŶƚ
ĐŽŶĐĞŶƚƌĂƚŝŽŶƐ ŽĨ ;ϬŵD͕ ϭŵD͕ ϮŵD ĂŶĚ ϰŵDͿ͘ džƉĞƌŝŵĞŶƚĂů ĐŽŶƚƌŽů
ƚƌĞĂƚŵĞŶƚƐ͕ŝ͘Ğ͘ƉůĂŶƚƐŶŽƚŝŶŽĐƵůĂƚĞĚĂŶĚŶŽƚƚƌĞĂƚĞĚǁŝƚŚ͕ǁĞƌĞŝŶĐůƵĚĞĚŝŶƚŚĞ
ĞdžƉĞƌŝŵĞŶƚ͘ŽŶƚƌŽůƉůĂŶƚƐ͕ĂŶĚƚŚŽƐĞŝŶƚŚĞϬŵDƚƌĞĂƚŵĞŶƚ͕ĞĂĐŚƌĞĐĞŝǀĞĚϰϬ
ŵ>ŽĨŶƵƚƌŝĞŶƚ ƐŽůƵƚŝŽŶ ǁŝƚŚŽƵƚ͘dŚƌĞĞĚĂLJƐĂĨƚĞƌĚƌĞŶĐŚŝŶŐ͕ƉůĂŶƚƐǁĞƌĞ
ŝŶŽĐƵůĂƚĞĚ ǁŝƚŚ ^͘ ƐƵďƚĞƌƌĂŶĞĂ͘ WƌĞͲĚĞƐŝŐŶĂƚĞĚ ƉůĂŶƚƐ ǁĞƌĞ ŚĂƌǀĞƐƚĞĚ Ăƚ Ϯ͕ ϰ Žƌ ϲ
ǁĞĞŬƐĂĨƚĞƌŝŶŽĐƵůĂƚŝŽŶ͘ĨƚĞƌƚŚĞĨŝƌƐƚĂŶĚƐĞĐŽŶĚ ŚĂƌǀĞƐƚƐ͕ ƚŚĞĐŽƌƌĞƐƉŽŶĚŝŶŐ ϲϬ
ƚƌĞĂƚŵĞŶƚǁĂƐƌĞͲĂƉƉůŝĞĚƚŽĞĂĐŚŽĨƚŚĞƌĞŵĂŝŶŝŶŐƉůĂŶƚƐ͘ƚĞĂĐŚŚĂƌǀĞƐƚ͕ƌŽŽƚƐǁĞƌĞ
ĨƌĞĞnjĞĚƌŝĞĚĂŶĚEǁĂƐĞdžƚƌĂĐƚĞĚ͘
ϯ͘ϯ͘ϲ^ƚĂƚŝƐƚŝĐĂůĂŶĂůLJƐĞƐ
ĂƚĂǁĂƐƐƵďũĞĐƚƚŽĂŶĂůLJƐŝƐŽĨǀĂƌŝĂŶĐĞ͕ǁŚŝĐŚŝŶĐůƵĚĞĚĂĚũƵƐƚŵĞŶƚƐĨŽƌƚŚĞƌĞƉůŝĐĂƚĞƐ
ĂŶĚĐŽŶƚƌĂƐƚƐƚŽĐŽŵƉĂƌĞďĞƚǁĞĞŶůĞǀĞůƐŽĨĂƉƉůŝĞĚ͕ŝŶŽĐƵůĂƚŝŽŶ͕ŚĂƌǀĞƐƚƚŝŵĞƐ
ĂŶĚ ƚŚĞ ŝŶƚĞƌĂĐƚŝŽŶƐ ďĞƚǁĞĞŶ ƚŚĞƐĞ͘ ůů ƐƚĂƚŝƐƚŝĐĂů ĂŶĂůLJƐĞƐ ǁĞƌĞ ĐĂƌƌŝĞĚ ŽƵƚ ǁŝƚŚ
'ĞŶ^ƚĂƚ ;'ĞŶ^ƚĂƚ ŽŵŵŝƚƚĞĞ͕ ϮϬϭϬͿ͕ ĂŶĚ Ă ůĞǀĞů ŽĨ W с Ϭ͘Ϭϱ ǁĂƐ ƵƐĞĚ ƚŽ ĚĞƚĞƌŵŝŶĞ
ƐƚĂƚŝƐƚŝĐĂůƐŝŐŶŝĨŝĐĂŶĐĞ͘
ϯ͘ϰZĞƐƵůƚƐ
ϯ͘ϰ͘ϭdžƉĞƌŝŵĞŶƚϭ
ϯ͘ϰ͘ϭ͘ϭ^ƉŽŶŐŽƐƉŽƌĂƐƵďƚĞƌƌĂŶĞĂůĞǀĞůƐŝŶƌŽŽƚƐ
dŚĞĂŵŽƵŶƚƐŽĨ ƚŽƚĂůEĞdžƚƌĂĐƚĞĚĨƌŽŵƌŽŽƚƐǁĞƌĞƐŝŵŝůĂƌ ďĞƚǁĞĞŶƐĂŵƉůĞƐ͘dŚŝƐ
ǁĂƐ ĐŽƌƌŽďŽƌĂƚĞĚ ďLJ ƚŚĞ ƋWZ ĨŽƌ ƚŚĞ ƉŽƚĂƚŽ &ϭɲ ŐĞŶĞ͕ ǁŝƚŚ ƚ ǀĂůƵĞƐ ƌĂŶŐŝŶŐ
ďĞƚǁĞĞŶ ϭϳ͘Ϭ ĂŶĚ ϮϮ͘ϭ͘ ZĂƚŝŽƐ ŽĨ ^ƉŽŶŐŽƐƉŽƌĂͬ&ϭɲ E ĨŽƌ ƚŚĞ ƉŽǁĚĞƌLJ ƐĐĂďͲ
ƐƵƐĐĞƉƚŝďůĞĐƵůƚŝǀĂƌ͕͚/ǁĂ͛ǁĞƌĞŐƌĞĂƚĞƌƚŚĂŶƚŚŽƐĞĨŽƌƚŚĞƌĞƐŝƐƚĂŶƚĐƵůƚŝǀĂƌ͚'ůĂĚŝĂƚŽƌ͛
ĂĐƌŽƐƐĂůůƐĂŵƉůĞƐĂƚďŽƚŚŚĂƌǀĞƐƚƐ͘dŚĞƐĞĚŝĨĨĞƌĞŶĐĞƐǁĞƌĞ͕ŚŽǁĞǀĞƌ͕ŶŽƚƐƚĂƚŝƐƚŝĐĂůůLJ
ƐŝŐŶŝĨŝĐĂŶƚ͘ƚϯǁĞĞŬƐĂĨƚĞƌŝŶŽĐƵůĂƚŝŽŶ͕ƌĂƚŝŽƐŽĨ^ƉŽŶŐŽƐƉŽƌĂͬ&ϭɲEǁĞƌĞůĞƐƐŝŶ
ďŽƚŚ ĐƵůƚŝǀĂƌƐ ĨŽƌ ƚŚĞ ϰŵD ƚƌĞĂƚŵĞŶƚ ;W с Ϭ͘ϬϬϮͿ ƚŚĂŶ ĨŽƌ ůŽǁĞƌ ĐŽŶĐĞŶƚƌĂƚŝŽŶƐ ;&ŝŐƵƌĞ ϭĂͿ͘ ƚ ϲ ǁĞĞŬƐ ƉŽƐƚ ŝŶŽĐƵůĂƚŝŽŶ͕ ƚŚĞ ĂŵŽƵŶƚƐ ǁĞƌĞ ƌĞůĂƚŝǀĞůLJ
ƐŝŵŝůĂƌĨŽƌĂůůŝŶŽĐƵůĂƚĞĚƉŽƚƐ;&ŝŐƵƌĞϭĂ͕ϭďͿ͘ƚϲǁĞĞŬƐƚŚĞĂŵŽƵŶƚŽĨ^ƉŽŶŐŽƐƉŽƌĂ
EŚĂĚƐƵďƐƚĂŶƚŝĂůůLJŝŶĐƌĞĂƐĞĚŝŶĂůůƚƌĞĂƚŵĞŶƚƐ͘
ϲϭ
b) Ratio Spongospora/ EF1α DNA
a) Ratio Spongospora/ EF1α DNA
abc
600
2.5
Back-transformed mean
Mean DNA ratio (log10 scale)
3.0
2.0
1.5
1.0
0.5
0.0
G, Harvest 3 wk
G, Harvest 6 wk
I, Harvest 3 wk
I, Harvest 6 wk
-0.5
-1.0
C
0
1
2
500
400
300
200
100
0
4
C
0
1
2
4
BABA mM
BABA mM
&ŝŐƵƌĞ ϭ͗ DĞĂŶ ůŽŐϭϬ ŽĨ ^͘ ƐƵďƚĞƌƌĂŶĞĂͬ&ϭɲ E ƌĂƚŝŽƐ ;ĂͿ ĂŶĚ ďĂĐŬͲƚƌĂŶƐĨŽƌŵĞĚ ŵĞĂŶ
ƌĂƚŝŽƐ ;ďͿ ĨŽƌ ƚǁŽ ƉŽƚĂƚŽ ĐƵůƚŝǀĂƌƐ͕ ͚/ǁĂ͛ ;ƐƵƐĐĞƉƚŝďůĞͿ ĂŶĚ ͚'ůĂĚŝĂƚŽƌ͛ ;ŚŝŐŚůLJ ƌĞƐŝƐƚĂŶƚ ƚŽ
ƚƵďĞƌ ƉŽǁĚĞƌLJ ƐĐĂďͿ͕ Ăƚ ƚǁŽ ŚĂƌǀĞƐƚƐ͘ dŚĞ z ĂdžŝƐ ƐŚŽǁƐ ŵĞĂŶ ^͘ ^ƵďƚĞƌƌĂŶĞĂͬ&ϭɲ E
ƌĂƚŝŽƐ ĂŶĚ y ĂdžŝƐ ƌĞƉƌĞƐĞŶƚƐ ƚƌĞĂƚŵĞŶƚƐ͘ E ŵĞĂƐƵƌĞŵĞŶƚƐ ǁĞƌĞ ĐĂƌƌŝĞĚ ŽƵƚ ďLJ
ƋWZ͘ WůĂŶƚƐ ǁĞƌĞ ŝŶŽĐƵůĂƚĞĚ ǁŝƚŚ ^͘ ƐƵďƚĞƌƌĂŶĞĂ ĂŶĚ ƚƌĞĂƚĞĚ ǁŝƚŚ ĚŝĨĨĞƌĞŶƚ ĂŵŽƵŶƚƐ ŽĨ
;ƐŝŶŐůĞ ĂƉƉůŝĐĂƚŝŽŶƐͿ͘ Ŷ ƵŶŝŶŽĐƵůĂƚĞĚ͕ ŶŽŶͲƚƌĞĂƚĞĚ ŐƌŽƵƉ ;Ϳ ǁĂƐ ŝŶĐůƵĚĞĚ ĂƐ
ĞdžƉĞƌŝŵĞŶƚĂůĐŽŶƚƌŽůƐ͘ƌƌŽƌďĂƌƐĂƌĞ>^Ɛ;WфϬ͘ϬϱͿƚŽĐŽŵƉĂƌĞ͗Ă͗ĂŵŽŶŐƐƚŝŶŽĐƵůĂƚĞĚ͕ď͗
ĂŵŽŶŐƐƚƵŶŝŶŽĐƵůĂƚĞĚ͕ĂŶĚĐ͗ŝŶŽĐƵůĂƚĞĚǀƐƵŶŝŶŽĐƵůĂƚĞĚ͘
ϯ͘ϰ͘ϭ͘ϮĨĨĞĐƚŽĨŝŶƉůĂŶƚŐƌŽǁƚŚ
ŶŽƚŝĐĞĂďůĞĚŝĨĨĞƌĞŶĐĞŝŶƉůĂŶƚŐƌŽǁƚŚ͕ĚŝƌĞĐƚůLJƉƌŽƉŽƌƚŝŽŶĂůƚŽĐŽŶĐĞŶƚƌĂƚŝŽŶ͕
ǁĂƐ ŽďƐĞƌǀĞĚ ĂĨƚĞƌ ǁĂƐ ĂƉƉůŝĞĚ ƚŽ ƉůĂŶƚƐ Ϯ ǁĞĞŬƐ ĂĨƚĞƌ ƉůĂŶƚŝŶŐ ;&ŝŐƵƌĞ ϮͿ͘
WŚLJƚŽƚŽdžŝĐŝƚLJ ŽďƐĞƌǀĞĚ ŝŶ ƉůĂŶƚƐ ĨƌŽŵ ďŽƚŚ ĐƵůƚŝǀĂƌƐ ƌĞĚƵĐĞĚ ƐŚŽŽƚ ĂŶĚ ƌŽŽƚ ŵĂƐƐ
ĐŽŵƉĂƌĞĚƚŽĐŽŶƚƌŽůƉůĂŶƚƐ͘
ϲϮ
&ŝŐƵƌĞϮ͗WŽƚĂƚŽƉůĂŶƚůĞƚƐ;Đǀ͚͘'ůĂĚŝĂƚŽƌ͛ͿĨƌŽŵĞdžƉĞƌŝŵĞŶƚϭƚƌĞĂƚĞĚǁŝƚŚĚŝĨĨĞƌĞŶƚƌĂƚĞƐŽĨ
;ƐŝŶŐůĞĂƉƉůŝĐĂƚŝŽŶƐͿ͕ϮǁĞĞŬƐĂĨƚĞƌƚƌĞĂƚŵĞŶƚ͘ĂͿhŶƚƌĞĂƚĞĚĐŽŶƚƌŽů͕ďͿϭŵD͕ĐͿ
ϮŵD͕ĚͿϰŵD͘;WŚŽƚŽ͗ZŽďĞƌƚ>ĂŵďĞƌƚƐͿ͘
ϯ͘ϰ͘ϮdžƉĞƌŝŵĞŶƚϮ
ϯ͘ϰ͘Ϯ͘ϭZŽŽƚǁĞŝŐŚƚƐĂŶĚŶƵŵďĞƌƐŽĨŐĂůůƐ
/ŶƚŚŝƐĞdžƉĞƌŝŵĞŶƚ͕ŚĂĚĂƐŵĂůůĞĨĨĞĐƚŽŶƌŽŽƚǁĞŝŐŚƚ͕ĐŽŵƉĂƌĞĚƚŽĞdžƉĞƌŝŵĞŶƚϭ
;&ŝŐƵƌĞ ϯĂͿ͘ dŚĞ ƉůĂŶƚ ƐŝnjĞ ǁĂƐ ĂůƐŽ ĐŽŶƐŝĚĞƌĂďůLJ ůĂƌŐĞƌ ƚŚĂŶ ƉůĂŶƚƐ ŽĨ ĞdžƉĞƌŝŵĞŶƚ ϭ͕
ĂŶĚ ƚŚĞƌĞ ǁĂƐ ĂůƐŽ ůĞƐƐ ĚŝĨĨĞƌĞŶĐĞ ŝŶ ƐŝnjĞ ďĞƚǁĞĞŶ ƚŚĞ ĚŝĨĨĞƌĞŶƚ ĞdžƉĞƌŝŵĞŶƚĂů
ƚƌĞĂƚŵĞŶƚƐ͘ ZŽŽƚ ǁĞŝŐŚƚ ŵĞĂƐƵƌĞŵĞŶƚƐ ƐŚŽǁĞĚ ƚŚĂƚ ŝŶŽĐƵůĂƚĞĚ ƉůĂŶƚƐ ŚĂĚ ƐŵĂůůĞƌ
ƌŽŽƚƐ ƚŚĂŶ ƵŶŝŶŽĐƵůĂƚĞĚ ƉůĂŶƚƐ͘ dŚŝƐ ĞĨĨĞĐƚ ǁĂƐ ŽŶůLJ ĂƉƉĂƌĞŶƚ Ăƚ ϲ ǁĞĞŬƐ ƉŽƐƚ
ŝŶŽĐƵůĂƚŝŽŶ;&ŝŐƵƌĞϯĂͿ͘
hŶŝŶŽĐƵůĂƚĞĚĐŽŶƚƌŽůƉůĂŶƚƐĚŝĚŶŽƚŚĂǀĞĂŶLJƌŽŽƚŐĂůůƐĂƚĂŶLJŽĨƚŚĞŚĂƌǀĞƐƚƐ͘
ƚ Ϯ ǁĞĞŬƐ ƉŽƐƚ ŝŶŽĐƵůĂƚŝŽŶ͕ ŶŽ ^ƉŽŶŐŽƐƉŽƌĂ ƌŽŽƚ ŐĂůůƐ ǁĞƌĞ ŽďƐĞƌǀĞĚ͘ ƚ ϰ ǁĞĞŬƐ
ƉŽƐƚ ŝŶŽĐƵůĂƚŝŽŶ͕ Ă ƐŵĂůů ŶƵŵďĞƌ ŽĨ ŐĂůůƐ ǁĞƌĞ ĨŽƵŶĚ ŽŶ ƵŶƚƌĞĂƚĞĚ ŝŶŽĐƵůĂƚĞĚ ƉůĂŶƚƐ
ďƵƚŶŽƚŽŶĂŶLJƉůĂŶƚƐƚƌĞĂƚĞĚǁŝƚŚ͘ƚϲǁĞĞŬƐƉŽƐƚŝŶŽĐƵůĂƚŝŽŶ͕ƉůĂŶƚƐĨƌŽŵĂůů
ŝŶŽĐƵůĂƚĞĚ ƚƌĞĂƚŵĞŶƚƐ ƉƌĞƐĞŶƚĞĚ ŐĂůůƐ͘ ƚ ϲ ǁĞĞŬƐ͕ ŶƵŵďĞƌƐ ŽĨ ŐĂůů ŽŶ ƉůĂŶƚƐ
ĚĞĐƌĞĂƐĞĚǁŝƚŚŝŶĐƌĞĂƐŝŶŐƌĂƚĞƐŽĨ͕ĨƌŽŵĂŵĞĂŶŽĨϳϮƉĞƌƉůĂŶƚǁŝƚŚŶŽƚŽ
ůĞƐƐƚŚĂŶƚŚƌĞĞƉĞƌƉůĂŶƚĨƌŽŵƚƌĞĂƚŵĞŶƚƐǁŝƚŚϮŽƌϰŵD;&ŝŐƵƌĞϯďͿ͘
ϲϯ
b) Number of Galls
a) Root Dry Weight
2.0
Mean root dry weight (g)
1.8
1.6
1.4
1.2
1.0
0.8
70
Mean n° root galls g-1 dry weight
Harvest 2 wk
Harvest 4 wk
Harvest 6 wk
Harvest 2 wk
Harvest 4 wk
Harvest 6 wk
60
50
40
30
20
10
0
C
0
1
2
4
C
0
BABA mM
1
2
4
BABA mM
&ŝŐƵƌĞϯ͗DĞĂŶƌŽŽƚĚƌLJǁĞŝŐŚƚƐ;ĂͿĂŶĚŶƵŵďĞƌƐŽĨŐĂůůƐŐͲϭƌŽŽƚĚƌLJǁĞŝŐŚƚ;ďͿĨƌŽŵƚŚƌĞĞ
ŚĂƌǀĞƐƚƐ͕ ĨŽƌ ƉůĂŶƚƐ ĨƌŽŵ ĞdžƉĞƌŝŵĞŶƚ Ϯ͕ ƚƌĞĂƚĞĚ ǁŝƚŚ ĚŝĨĨĞƌĞŶƚ ĐŽŶĐĞŶƚƌĂƚŝŽŶƐ ŽĨ ;ŵƵůƚŝƉůĞ ĂƉƉůŝĐĂƚŝŽŶƐͿ ĂŶĚ ŝŶŽĐƵůĂƚĞĚ ǁŝƚŚ ^ƉŽŶŐŽƐƉŽƌĂ ƐƵďƚĞƌƌĂŶĞĂ͘ Ŷ ƵŶŝŶŽĐƵůĂƚĞĚ͕
ƵŶƚƌĞĂƚĞĚŐƌŽƵƉ;ͿǁĂƐŝŶĐůƵĚĞĚĂƐĞdžƉĞƌŝŵĞŶƚĂůĐŽŶƚƌŽůƐ͘ĂƌŝŶĚŝĐĂƚĞƐ>^;WсϬ͘ϬϱͿ͘
ϯ͘ϰ͘Ϯ͘ϮƐƚŝŵĂƚĞĚ^ƉŽŶŐŽƐƉŽƌĂEŝŶƐĂŵƉůĞƐ
dŚĞ ĂŵŽƵŶƚƐ ŽĨ ƚŽƚĂů E ĞdžƚƌĂĐƚĞĚ ĨƌŽŵ ƌŽŽƚƐ ǁĞƌĞ ƐŝŵŝůĂƌ ďĞƚǁĞĞŶ ƐĂŵƉůĞƐ͕ ĂƐ
ĞƐƚŝŵĂƚĞĚ ďLJ ŐĞů ĞůĞĐƚƌŽƉŚŽƌĞƐŝƐ͘ E ĐŽŶĐĞŶƚƌĂƚŝŽŶƐ ƌĂŶŐĞĚ ďĞƚǁĞĞŶ ϭϴϲ͘ϲϰ ĂŶĚ
ϰϵϲ͘ϳϵ ŶŐ ђ>Ͳϭ͕ ǁŝƚŚ Ă ƐƚĂŶĚĂƌĚ ĚĞǀŝĂƚŝŽŶ ŽĨ ц ϲϭ͘ϲ͘ dŚĞ ƋWZ ĨŽƌ ƉŽƚĂƚŽ &ϭɲ ŐĞŶĞ
ĐŽƌƌŽďŽƌĂƚĞĚƚŚĞƐĞŽďƐĞƌǀĂƚŝŽŶƐ͕ǁŝƚŚƚǀĂůƵĞƐƌĂŶŐŝŶŐďĞƚǁĞĞŶϭϳ͘ϰĂŶĚϮϬ͘ϰ͘dŚĞƐĞ
ƚǀĂůƵĞƐǁĞƌĞƐŝŵŝůĂƌƚŽƚŚŽƐĞŽďƐĞƌǀĞĚĂƚdžƉĞƌŝŵĞŶƚϭ͘
tĞŽďƐĞƌǀĞĚĂŐƌĂĚƵĂůŝŶĐƌĞĂƐĞŽĨƉĂƚŚŽŐĞŶEŝŶƌŽŽƚƐǁŝƚŚŝŶĐƌĞĂƐŝŶŐƚŝŵĞ
ĂĨƚĞƌ ŝŶŽĐƵůĂƚŝŽŶ ŝŶ ƚŚĞ Ϭ͕ ϭ ĂŶĚ ϮŵD ƚƌĞĂƚŵĞŶƚƐ ;&ŝŐƵƌĞ ϰĂ͕ ďͿ͘ ǀĞƌĂŐĞ E
ƌĂƚŝŽƐ Ăƚ ϲ ǁĞĞŬƐ ƉŽƐƚ ŝŶŽĐƵůĂƚŝŽŶ ĚŝĨĨĞƌĞĚ ŵĂƌŬĞĚůLJ ďĞƚǁĞĞŶ ƚŚĞ ƚƌĞĂƚŵĞŶƚƐ
ĂŶĚƚŚĞƐĞŵĞĂƐƵƌĞŵĞŶƚƐƉĂƌĂůůĞůĞĚĐŽƵŶƚƐŽĨ^ƉŽŶŐŽƐƉŽƌĂƌŽŽƚŐĂůůƐ͘/ŶƉůĂŶƚƐƚƌĞĂƚĞĚ
ǁŝƚŚ ϰŵD ͕ ƚŚĞ ƌĂƚŝŽ ŽĨ ^ƉŽŶŐŽƐƉŽƌĂͬ&ϭɲ E ǁĂƐ ůŽǁ ĂŶĚ ƌĞŵĂŝŶĞĚ ĂůŵŽƐƚ
ƚŚĞ ƐĂŵĞ ƚŚƌŽƵŐŚŽƵƚ ƚŚĞ ĞdžƉĞƌŝŵĞŶƚ͘ dŚĞ ƌĂƚŝŽ ŽĨ ƉĂƚŚŽŐĞŶ E ŝŶ ƉůĂŶƚƐ ƚƌĞĂƚĞĚ
ǁŝƚŚϮŵDĂůƐŽƌĞŵĂŝŶĞĚůĞƐƐƚŚĂŶŝŶŶŽŶͲƚƌĞĂƚĞĚƉůĂŶƚƐ͕ĂůƚŚŽƵŐŚŝƚǁĂƐŐƌĞĂƚĞƌ
ŝŶƚŚĞƐĞƉůĂŶƚƐƚŚĂŶŝŶƚŚŽƐĞƚƌĞĂƚĞĚǁŝƚŚϰŵDŽĨƚŚĞĐŽŵƉŽƵŶĚ͘&ŽƌƉůĂŶƚƐƚƌĞĂƚĞĚ
ǁŝƚŚ ϭŵD ͕ ůŽǁ ĂŵŽƵŶƚƐ ŽĨ ƉĂƚŚŽŐĞŶ E ǁĞƌĞ ĚĞƚĞĐƚĞĚ Ăƚ ƚŚĞ ĨŝƌƐƚ ƚǁŽ
ŚĂƌǀĞƐƚƐ͕ ďƵƚ ƚŚĞŶ Ă ůĂƌŐĞ ŝŶĐƌĞĂƐĞ ŽĐĐƵƌƌĞĚ ďĞƚǁĞĞŶ ƚŚĞ ƐĞĐŽŶĚ ĂŶĚ ƚŚŝƌĚ ŚĂƌǀĞƐƚƐ͘
ŝĨĨĞƌĞŶĐĞƐ ďĞƚǁĞĞŶ E ŵĞĂƐƵƌĞŵĞŶƚƐ ǁĞƌĞ ŶŽƚ ƐƚĂƚŝƐƚŝĐĂůůLJ ƐŝŐŶŝĨŝĐĂŶƚ ;W х Ϭ͘ϰͿ͘
dŚĞƐĞ ƐƚĂƚŝƐƚŝĐĂů ĚŝĨĨĞƌĞŶĐĞƐ ǁĞƌĞ ĂŶĂůLJƐĞĚ ĨŽƌ ƚŚĞ ĞĨĨĞĐƚ ŽĨ ĂŵŽƵŶƚƐ͕ ĂŶĚ ƚŚĞ
ĂŵŽƵŶƚ ďLJ ŚĂƌǀĞƐƚ ŝŶƚĞƌĂĐƚŝŽŶ ƚŚƌŽƵŐŚŽƵƚ ƚŚĞ ǁŚŽůĞ ĞdžƉĞƌŝŵĞŶƚ͕ ĂŶĚ ŶŽƚ Ăƚ
ϲϰ
ƐƉĞĐŝĨŝĐ ƉŽŝŶƚƐ Ğ͘Ő͘ Ăƚ ϲ ǁĞĞŬƐ ƉŽƐƚ ŝŶŽĐƵůĂƚŝŽŶ͕ ŝŶ ǁŚŝĐŚ ƚŚĞ ŐƌĞĂƚĞƐƚ ĚŝĨĨĞƌĞŶĐĞƐ ŽŶ
ƌĂƚŝŽƐďĞƚǁĞĞŶƚƌĞĂƚŵĞŶƚƐĂƌĞŽďƐĞƌǀĞĚ͘
b) Ratio Spongospora/ EF1α DNA
a) Ratio Spongospora/ EF1α DNA
1.5
Harvest 2 wk
Harvest 4 wk
Harvest 6 wk
0.5
0.0
-0.5
Harvest 2 wk
Harvest 4 wk
Harvest 6 wk
-1.0
-1.5
C
0
1
2
4
Back-transformed mean
Mean DNA ratio (log10 scale)
25
1.0
20
15
10
5
0
C
0
1
2
4
BABA mM
BABA mM
&ŝŐƵƌĞϰ͗DĞĂŶůŽŐϭϬŽĨ^͘ƐƵďƚĞƌƌĂŶĞĂͬ&ϭɲEƌĂƚŝŽƐ;ĂͿĂŶĚďĂĐŬͲƚƌĂŶƐĨŽƌŵĞĚŵĞĂŶƌĂƚŝŽƐ
;ďͿĨƌŽŵƚŚƌĞĞŚĂƌǀĞƐƚƐ͕ĨŽƌƉŽƚĂƚŽƉůĂŶƚƐŽĨĐǀ͚͘/ǁĂ͛;ƐƵƐĐĞƉƚŝďůĞƚŽƚƵďĞƌƉŽǁĚĞƌLJƐĐĂďͿ͘dŚĞ
z ĂdžŝƐ ƐŚŽǁƐ ŵĞĂŶ ^͘ ^ƵďƚĞƌƌĂŶĞĂͬ&ϭɲ E ƌĂƚŝŽƐ ĂŶĚ y ĂdžŝƐ ƌĞƉƌĞƐĞŶƚƐ ƌĂƚĞ
ƚƌĞĂƚŵĞŶƚƐ ;ŵƵůƚŝƉůĞ ĂƉƉůŝĐĂƚŝŽŶƐͿ͘ Ŷ ƵŶŝŶŽĐƵůĂƚĞĚ͕ ƵŶƚƌĞĂƚĞĚ ŐƌŽƵƉ ;Ϳ ǁĂƐ ŝŶĐůƵĚĞĚ ĂƐ
ĞdžƉĞƌŝŵĞŶƚĂů ĐŽŶƚƌŽůƐ͘ E ŵĞĂƐƵƌĞŵĞŶƚƐ ǁĞƌĞ ĐĂƌƌŝĞĚ ŽƵƚ ďLJ ƋWZ͘ ƌƌŽƌ ďĂƌ ŝƐ >^ ;W с
Ϭ͘ϬϱͿ͘
/Ŷ ŵŽƐƚ ƚƌĞĂƚŵĞŶƚƐ͕ ǀĂƌŝĂƚŝŽŶ ďĞƚǁĞĞŶ ƚŽƚĂů E ĂŵŽƵŶƚƐ ŽĨ ƉůĂŶƚ ƌŽŽƚƐ ǁĂƐ
ůŽǁ͕ďƵƚƚŚĞƌĞǁĂƐƐƚĂƚŝƐƚŝĐĂůůLJƐŝŐŶŝĨŝĐĂŶƚǀĂƌŝĂƚŝŽŶŽĨ^͘ƐƵďƚĞƌƌĂŶĞĂEďĞƚǁĞĞŶƚŚĞ
ƚŚƌĞĞƌĞƉůŝĐĂƚĞƉŽƚƐĨŽƌƚŚĞƵŶŝŶŽĐƵůĂƚĞĚ;ͿƉůĂŶƚƐĂƚĂůůƚŚƌĞĞŚĂƌǀĞƐƚƐ͘>ŽǁƚǀĂůƵĞƐ
ŝŶĚŝĐĂƚĞĚƚŚĂƚĚĞƐƉŝƚĞƉƌĞĐĂƵƚŝŽŶƐ͕ĐŽŶƚĂŵŝŶĂƚŝŶŐ^ƉŽŶŐŽƐƉŽƌĂŝŶĨĞĐƚŝŽŶŚĂĚŽĐĐƵƌƌĞĚ
ŝŶ ƚŚĞ ƵŶŝŶŽĐƵůĂƚĞĚ ƉŽƚƐ͘ /Ŷ Ăƚ ůĞĂƐƚ ŽŶĞ ŽĨ ƚŚĞ ƉŽƚƐ Ăƚ ĞĂĐŚ ŚĂƌǀĞƐƚ͕ Ă ĐŽŶƐŝĚĞƌĂďůĞ
ĂŵŽƵŶƚ ŽĨ ƚŚĞ ƉĂƚŚŽŐĞŶ ǁĂƐ ĨŽƵŶĚ ;&ŝŐƵƌĞ ϱͿ͘ LJ ƚŚĞ ĞŶĚ ŽĨ ƚŚĞ ĞdžƉĞƌŝŵĞŶƚ͕
^ƉŽŶŐŽƐƉŽƌĂǁĂƐĚĞƚĞĐƚĞĚŝŶƌŽŽƚƐŽĨĂůůŽĨƚŚĞƵŶŝŶŽĐƵůĂƚĞĚƉůĂŶƚƐ͕ďƵƚĂƚŵƵĐŚůŽǁĞƌ
ĂŵŽƵŶƚƐƚŚĂŶŝŶƚŚĞƉůĂŶƚƐƚŚĂƚŚĂĚďĞĞŶŝŶŽĐƵůĂƚĞĚǁŝƚŚ^͘ƐƵďƚĞƌƌĂŶĞĂ͘
ϲϱ
&ŝŐƵƌĞ ϱ͗ ƚ ǀĂůƵĞƐ ĨŽƌ ^ƉŽŶŐŽƐƉŽƌĂ ƋƵĂŶƚŝĨŝĐĂƚŝŽŶ ĨŽƌ ĞdžƉĞƌŝŵĞŶƚ Ϯ ƉŽƚĂƚŽ ƌŽŽƚ ƐĂŵƉůĞƐ͕
ůĂďĞůĞĚďLJŚĂƌǀĞƐƚ;Ă͕ď͕ĐͿ͕ƚƌĞĂƚŵĞŶƚ;͕Ϭ͕ϭ͕Ϯ͕ϰͿĂŶĚďŝŽůŽŐŝĐĂůƌĞƉůŝĐĂƚĞƐ;ϭ͕Ϯ͕ϯͿ͘ŽƚƐ
ƌĞƉƌĞƐĞŶƚƋWZƚĞĐŚŶŝĐĂůƌĞƉůŝĐĂƚĞƐ͘
ϯ͘ϱŝƐĐƵƐƐŝŽŶ
dŚĞ ĨŝƌƐƚ ĞdžƉĞƌŝŵĞŶƚ ŝŶ ƚŚŝƐ ƐƚƵĚLJ ƐŚŽǁĞĚ ƵŶĐůĞĂƌ ĞĨĨĞĐƚƐ ŽĨ ŽŶ ^͘ ƐƵďƚĞƌƌĂŶĞĂ
ŝŶĨĞĐƚŝŽŶ͕ďƵƚĚŝĚƐĞƌǀĞƚŽƉƌŽǀŝĚĞŵƵĐŚŝŶĨŽƌŵĂƚŝŽŶĨŽƌŽƵƌƐĞĐŽŶĚĞdžƉĞƌŝŵĞŶƚ͘/ŶƚŚĞ
ĨŝƌƐƚ ĞdžƉĞƌŝŵĞŶƚ͕ ǁŚĞŶ ͲƚƌĞĂƚĞĚ ƉůĂŶƚƐ ǁĞƌĞ ŚĂƌǀĞƐƚĞĚ Ăƚ ϲ ǁĞĞŬƐ ƉŽƐƚ
ŝŶŽĐƵůĂƚŝŽŶ͕ Ăůů ƉůĂŶƚƐ ŽĨ ďŽƚŚ ĐƵůƚŝǀĂƌƐ ŝŶŽĐƵůĂƚĞĚ ǁŝƚŚ ^͘ ƐƵďƚĞƌƌĂŶĞĂ ŚĂĚ ůĂƌŐĞ
ŶƵŵďĞƌƐ ŽĨ ƌŽŽƚ ŐĂůůƐ͘ tŚĞŶ ĐŽŵƉĂƌĞĚ ƚŽ ƚŚĞ ŐĂůů ŶƵŵďĞƌƐ ŽďƐĞƌǀĞĚ ŝŶ ŚĂƉƚĞƌ Ϯͬ
,ĞƌŶĂŶĚĞnjͲDĂůĚŽŶĂĚŽ Ğƚ Ăů͘ ;ϮϬϭϮͿ͕ ƚŚŝƐ ƌĞƐƵůƚ ƐƵŐŐĞƐƚĞĚ ƚŚĂƚ ƚƌĞĂƚŵĞŶƚƐ ĚŝĚ
ŶŽƚĐĂƵƐĞĂŶLJĞĨĨĞĐƚƐ͘ƋWZƌĞƐƵůƚƐŝŶĚŝĐĂƚĞĚƐŽŵĞĞĨĨĞĐƚŽĨƚŚĞŐƌĞĂƚĞƐƚĐŽŶĐĞŶƚƌĂƚŝŽŶ
ŽĨ ;ϰŵDͿ͕ĞƐƉĞĐŝĂůůLJŽŶƚŚĞƉŽǁĚĞƌLJƐĐĂďƌĞƐŝƐƚĂŶƚĐƵůƚŝǀĂƌďƵƚ ŶŽĞĨĨĞĐƚŽŶ^͘
ƐƵďƚĞƌƌĂŶĞĂ ŝŶĨĞĐƚŝŽŶ ŽĨ ƚŚĞ ƐƵƐĐĞƉƚŝďůĞ ĐƵůƚŝǀĂƌ͘ /Ŷ ƚŚŝƐ ĞdžƉĞƌŝŵĞŶƚ͕ ƉůĂŶƚƐ ƐŚŽǁĞĚ
ƌĞĚƵĐĞĚ ŐƌŽǁƚŚ ŝŶ ƌĞƐƉŽŶƐĞ ƚŽ ŝŶĐƌĞĂƐŝŶŐ ĐŽŶĐĞŶƚƌĂƚŝŽŶ͘ dŚŝƐ ǁĂƐ ƉƌŽďĂďůLJ
ƌĞůĂƚĞĚ ƚŽ ƚŚĞ LJŽƵŶŐ ĂŐĞ ŽĨ ƚŚĞ ƉůĂŶƚůĞƚƐ Ăƚ ƚŚĞ ƚŝŵĞ ǁŚĞŶ ǁĂƐ ĂƉƉůŝĞĚ͘ /ƚ ŚĂƐ
ďĞĞŶƐŚŽǁŶƚŚĂƚǁŚĞŶůŽǁĚŽƐĞƐŽĨǁĞƌĞĂƉƉůŝĞĚƚŽƌĂďŝĚŽƉƐŝƐƉůĂŶƚƐ͕ƉƌŝŵŝŶŐ
ƌĞĂĐƚŝŽŶƐ ŽĐĐƵƌƌĞĚ ƚŚĂƚ ĐĂƵƐĞĚ ŵŝŶŽƌ ƌĞĚƵĐƚŝŽŶƐ ŽĨ ŐƌŽǁƚŚ͕ ďƵƚ ǁŚĞŶ ŚŝŐŚ ĚŽƐĞƐ ŽĨ
ǁĞƌĞĂƉƉůŝĞĚ͕ƉůĂŶƚĚĞĨĞŶĐĞŵĞĐŚĂŶŝƐŵƐǁĞƌĞŝŵŵĞĚŝĂƚĞůLJŝŶĚƵĐĞĚƌĞƐƵůƚŝŶŐŝŶ
ƐƚƌŽŶŐ ŝŶŚŝďŝƚŽƌLJ ĞĨĨĞĐƚƐ ŽŶ ƉůĂŶƚ ŐƌŽǁƚŚ ;ǀĂŶ ,ƵůƚĞŶ Ğƚ Ăů͕͘ ϮϬϬϲͿ͘ ŽŵƉĞƚŝƚŝŽŶ
ďĞƚǁĞĞŶ ŵĞƚĂďŽůŝĐ ƉƌŽĐĞƐƐĞƐ ŽĨ ƉůĂŶƚ ŐƌŽǁƚŚ ĂŶĚ ƉůĂŶƚ ĚĞĨĞŶĐĞ ĂƌĞ ĐŽŶƐŝĚĞƌĞĚ ƚŽ
ŽĐĐƵƌ ǁŚĞŶ ĂŶ ĞůŝĐŝƚŽƌ ǁĂƐ ĂƉƉůŝĞĚ ;tĂůƚĞƌƐ Ğƚ Ăů͕͘ ϮϬϬϱͿ͘ dŚŝƐ ƐƚƵĚLJ ŝŶĚŝĐĂƚĞƐ ƚŚĂƚ
ŝƐ ƚŽdžŝĐ ƚŽ ǀĞƌLJ LJŽƵŶŐ ƉůĂŶƚƐ ĂŶĚ ƚŚĂƚ ŽůĚĞƌ ƉůĂŶƚƐ ĂƌĞ ůĞƐƐ ĂĨĨĞĐƚĞĚ ďLJ ƚŚĞ
ĐŽŵƉŽƵŶĚ͘
ϲϲ
/ŶƚŚĞĨŝƌƐƚĞdžƉĞƌŝŵĞŶƚ͕ƚŚĞĂŵŽƵŶƚŽĨ^ƉŽŶŐŽƐƉŽƌĂE͕ĂŶĚŚĞŶĐĞŝŶĨĞĐƚŝŽŶ͕ŝŶƚŚĞ
ƉůĂŶƚƐǁĂƐĂƉƉƌŽdžŝŵĂƚĞůLJϭϬĨŽůĚŵŽƌĞƚŚĂŶŵĞĂƐƵƌĞĚŝŶdžƉĞƌŝŵĞŶƚϮ͘dŚŝƐƐƵŐŐĞƐƚƐ
ƚŚĂƚLJŽƵŶŐƉůĂŶƚƐĂƌĞŵŽƌĞƐƵƐĐĞƉƚŝďůĞƚŽƚŚĞƉĂƚŚŽŐĞŶƚŚĂŶŽůĚĞƌƉůĂŶƚƐ͘
dŚĞĚƵƌĂƚŝŽŶŽĨĞĨĨĞĐƚƐŽĨĞůŝĐŝƚŽƌĂƉƉůŝĐĂƚŝŽŶƐĐŽƵůĚĂůƐŽŚĂǀĞďĞĞŶĂĨĂĐƚŽƌŝŶ
ƚŚĞ ŝŶĚƵĐƚŝŽŶ ŽĨ ƌĞƐŝƐƚĂŶĐĞ ĂŐĂŝŶƐƚ ^͘ ƐƵďƚĞƌƌĂŶĞĂ͘ ƚ ƚŚĞ ĨŝƌƐƚ ŚĂƌǀĞƐƚ͕ ǁĞ ŽďƐĞƌǀĞĚ
ƐůŝŐŚƚůLJ ƐŵĂůůĞƌ ĂŵŽƵŶƚƐ ŽĨ ^ƉŽŶŐŽƐƉŽƌĂ E ĨŽƌ ďŽƚŚ ĐƵůƚŝǀĂƌƐ ǁŚĞŶ ƉůĂŶƚƐ ǁĞƌĞ
ƚƌĞĂƚĞĚ ǁŝƚŚ ƚŚĞ ŐƌĞĂƚĞƐƚ ĂŵŽƵŶƚƐ ŽĨ ͘ ƚ ƚŚĞ ƐĞĐŽŶĚ ŚĂƌǀĞƐƚ͕ ŚŽǁĞǀĞƌ͕ ƚŚŝƐ
ƌĞƐƵůƚŽŶůLJŽĐĐƵƌƌĞĚĨŽƌƚŚĞƌĞƐŝƐƚĂŶƚĐƵůƚŝǀĂƌ͘dŚĞĞĨĨŝĐĂĐLJŽĨͲŝŶĚƵĐĞĚƌĞƐŝƐƚĂŶĐĞ
ŝŶƌĞƐƉŽŶƐĞƚŽƚŚĞŶƵŵďĞƌŽĨĂƉƉůŝĐĂƚŝŽŶƐǀĂƌŝĞƐĂŵŽŶŐƉůĂŶƚƐĂŶĚƉĂƚŚŽŐĞŶƐ;ŽŚĞŶ͕
ϮϬϬϮͿ͘ /ƚ ŚĂƐ ďĞĞŶ ŽďƐĞƌǀĞĚ ƚŚĂƚ ŝŶ ĨŝĞůĚ ĞdžƉĞƌŝŵĞŶƚƐ͕ ĂƉƉůŝĐĂƚŝŽŶ ŽĨ Ăƚ ϭϰͲĚĂLJ
ŝŶƚĞƌǀĂůƐ ƌĞƐƵůƚĞĚ ŝŶ ĂďŽƵƚ ϲϬй ĐŽŶƚƌŽů ŽĨ ůĂƚĞ ďůŝŐŚƚ ŝŶ ƉŽƚĂƚŽ ;ŽŚĞŶ͕ ϮϬϬϮͿ͘ Ɛ ^͘
ƐƵďƚĞƌƌĂŶĞĂƚĂŬĞƐĂƉƉƌŽdžŝŵĂƚĞůLJϱͲϲǁĞĞŬƐƚŽĐŽŵƉůĞƚĞŝƚƐůŝĨĞĐLJĐůĞŝŶƉŽƚĂƚŽ͕ŝƚǁĂƐ
ƉĞƌŚĂƉƐŶŽƚƐƵƌƉƌŝƐŝŶŐƚŚĂƚĂƐŝŶŐůĞƚƌĞĂƚŵĞŶƚǁŝƚŚǁĂƐŝŶƐƵĨĨŝĐŝĞŶƚƚŽƉƌŽǀŝĚĞĂ
ĐůĞĂƌ͕ůĂƚĞƐƚĂŐĞƌĞĚƵĐƚŝŽŶŝŶƉĂƚŚŽŐĞŶŝŶĨĞĐƚŝŽŶ͘
&Žƌ ƚŚĞ ƐĞĐŽŶĚ ĞdžƉĞƌŝŵĞŶƚ͕ Ă ŶƵŵďĞƌ ŽĨ ƉĂƌĂŵĞƚĞƌƐ ǁĞƌĞ ĂĚũƵƐƚĞĚ ƚŽ ŵŽƌĞ
ĐůŽƐĞůLJ ŽďƐĞƌǀĞ ĐŚĂŶŐĞƐ ĨŽůůŽǁŝŶŐ ĂƉƉůŝĐĂƚŝŽŶƐ͘ KŶůLJ ƚŚĞ ƐƵƐĐĞƉƚŝďůĞ ĐƵůƚŝǀĂƌ
͚/ǁĂ͛ǁĂƐƵƐĞĚƚŽĞdžĂŵŝŶĞĞĨĨĞĐƚƐŝŶĂŶŝŶƚĞŶƐĞĚŝƐĞĂƐĞƐŝƚƵĂƚŝŽŶ͘&ƵƌƚŚĞƌŵŽƌĞ͕
ƌĞƉĞĂƚĞĚ ĂƉƉůŝĐĂƚŝŽŶƐ ;Ăƚ Ϯ ǁĞĞŬƐ ŝŶƚĞƌǀĂůƐͿ ǁĞƌĞ ŵĂĚĞ ďĞĐĂƵƐĞ Ă ƐŝŶŐůĞ
ĂƉƉůŝĐĂƚŝŽŶ ŚĂĚ ďĞĞŶ ƐŚŽǁŶ ƚŽ ďĞ ŝŶĞĨĨĞĐƚŝǀĞ͕ ǁŝƚŚ ƚŚĞ ŝŶŝƚŝĂů ĂƉƉůŝĐĂƚŝŽŶ ŵĂĚĞ ƚŽ ϲͲ
ǁĞĞŬͲŽůĚƉůĂŶƚƐ;ϰǁĞĞŬƐƉŽƐƚƉůĂŶƚŝŶŐͿ͘dŚƌĞĞƐĞƋƵĞŶĐŝĂůŚĂƌǀĞƐƚƐǁĞƌĞĐĂƌƌŝĞĚŽƵƚƚŽ
ŽďƐĞƌǀĞƉƌŽŐƌĞƐƐŝŽŶŽĨĂŶĚ^ƉŽŶŐŽƐƉŽƌĂŝŶĨĞĐƚŝŽŶƌĞƐƉŽŶƐĞƐ͘
/Ŷ ƚŚŝƐ ĞdžƉĞƌŝŵĞŶƚ͕ ĂƉƉůŝĐĂƚŝŽŶƐ Ăƚ ϰ ǁĞĞŬƐ ĂĨƚĞƌ ƉůĂŶƚŝŶŐ ĚŝĚ ŶŽƚ
ƐŝŐŶŝĨŝĐĂŶƚůLJĂĨĨĞĐƚƉůĂŶƚŐƌŽǁƚŚ͘tŚĞŶǁĂƐĂƉƉůŝĞĚƚŽƉůĂŶƚƐĂŵĂƌŬĞĚƌĞĚƵĐƚŝŽŶ
ŝŶ ůĞǀĞůƐ ŽĨ ^͘ ƐƵďƚĞƌƌĂŶĞĂ ŝŶĨĞĐƚŝŽŶ ǁĞƌĞ ĚĞƚĞĐƚĞĚ͘ dŚĞ ŶƵŵďĞƌ ŽĨ ƌŽŽƚ ŐĂůůƐ ŽĨ
ƵŶƚƌĞĂƚĞĚƉůĂŶƚƐǁĂƐĂƉƉƌŽdžŝŵĂƚĞůLJƐĞǀĞŶƚŝŵĞƐŐƌĞĂƚĞƌƚŚĂŶĨŽƌƉůĂŶƚƐƚƌĞĂƚĞĚǁŝƚŚ
ƚŚĞŐƌĞĂƚĞƐƚƌĂƚĞŽĨ͕ĂŶĚŝŶĨĞĐƚŝŽŶŝŶƚĞŶƐŝƚLJƌĞŵĂŝŶĞĚůŽǁĨŽƌƚŚĞĚƵƌĂƚŝŽŶŽĨƚŚĞ
ĞdžƉĞƌŝŵĞŶƚ͘YƵĂŶƚŝƚŝĞƐŽĨ^ƉŽŶŐŽƐƉŽƌĂEŵĞĂƐƵƌĞĚďLJƋWZĨŽůůŽǁĞĚĂǀĞƌLJƐŝŵŝůĂƌ
ƉĂƚƚĞƌŶƚŽƚŚĞŶƵŵďĞƌƐŽĨƌŽŽƚŐĂůůƐ͕ǁŝƚŚĂŵŽƵŶƚƐŽĨ^ƉŽŶŐŽƐƉŽƌĂEĨƌŽŵƚŚĞŚŝŐŚ
ƌĂƚĞƚƌĞĂƚŵĞŶƚďĞŝŶŐĨŽƵƌƚŽĨŝǀĞƚŝŵĞƐůĞƐƐƚŚĂŶŝŶƚŚĞŶŝůƚƌĞĂƚĞĚƉůĂŶƚƐ͘
dŚĞ ĐůŽƐĞ ƐŝŵŝůĂƌŝƚLJ ŽĨ ďŽƚŚ ŝŶƚĞŶƐŝƚLJ ŽĨ ƌŽŽƚ ŐĂůůŝŶŐ ĂŶĚ ĂŵŽƵŶƚƐ ŽĨ ƉĂƚŚŽŐĞŶ E
ϲϳ
ĚĞƚĞĐƚĞĚƵƐŝŶŐƋWZŐĂǀĞĐŽŶĨŝĚĞŶĐĞƚŚĂƚƚŚĞĞĨĨĞĐƚƐŽĨĂƉƉůŝĐĂƚŝŽŶŽŶŝŶĨĞĐƚŝŽŶ
ǁĞƌĞƌĞĂůĂŶĚĐŽŶƐŝƐƚĞŶƚ͘
ĐůĞĂƌĚŝĨĨĞƌĞŶĐĞŝŶƚŚĞĚĞŐƌĞĞŽĨ^͘ƐƵďƚĞƌƌĂŶĞĂŝŶĨĞĐƚŝŽŶǁĂƐŽďƐĞƌǀĞĚǁŝƚŚ
ŝŶĐƌĞĂƐŝŶŐĐŽŶĐĞŶƚƌĂƚŝŽŶƐ͘ŽƚŚϮŵDĂŶĚϰŵDĐŽŶĐĞŶƚƌĂƚŝŽŶƐŽĨƚŚĞĐŽŵƉŽƵŶĚ
ŐƌĞĂƚůLJ ĚĞĐƌĞĂƐĞĚ ŝŶĨĞĐƚŝŽŶ͘ ƋWZ ŵĞĂƐƵƌĞŵĞŶƚƐ ƐƵŐŐĞƐƚĞĚ Ă ŐƌĞĂƚĞƌ ĚĞŐƌĞĞ ŽĨ
ŝŶĨĞĐƚŝŽŶ ŝŶ ƚŚĞ ϮŵD ƚƌĞĂƚŵĞŶƚ ďƵƚ ƚŚŝƐ ǁĂƐ ŶŽƚ ƌĞĨůĞĐƚĞĚ ŝŶ ŐĂůů ĐŽƵŶƚ ĚĂƚĂ͘ LJ
ĐŽŶƚƌĂƐƚ͕ŐƌĞĂƚĞƌŶƵŵďĞƌƐŽĨƌŽŽƚŐĂůůƐĂŶĚŐƌĞĂƚĞƌĂŵŽƵŶƚƐŽĨ^ƉŽŶŐŽƐƉŽƌĂEǁĞƌĞ
ŵĞĂƐƵƌĞĚ ŝŶ ƌŽŽƚƐ ŽĨ ƉůĂŶƚƐ ƚƌĞĂƚĞĚ ǁŝƚŚ ϭŵD ͘ dŚĞƐĞ ƉůĂŶƚƐ ŝŶŝƚŝĂůůLJ ƐŚŽǁĞĚ
ƌĞƐŝƐƚĂŶĐĞƚŽŝŶĨĞĐƚŝŽŶ͕ďƵƚďLJϲǁĞĞŬƐĂĨƚĞƌŝŶŽĐƵůĂƚŝŽŶ͕ƚŚŝƐƌĞƐŝƐƚĂŶĐĞŚĂĚĂƉƉĂƌĞŶƚůLJ
ďĞĞŶŽǀĞƌĐŽŵĞ͕ĂŶĚŝŶĨĞĐƚŝŽŶďLJƚŚĞƉĂƚŚŽŐĞŶŚĂĚƌĂƉŝĚůLJĂĐĐĞůĞƌĂƚĞĚ͘dŚŝƐƌĞǀĞĂůĞĚ
ƚŚĞ ŝŵƉŽƌƚĂŶĐĞ ŽĨ ĐŽŶĐĞŶƚƌĂƚŝŽŶ ĨŽƌ ĞĨĨĞĐƚŝǀĞ ŝŶĚƵĐĞĚ ƌĞƐŝƐƚĂŶĐĞ͘ /ƚ ŚĂƐ ďĞĞŶ
ƐŚŽǁŶ ƚŚĂƚ ŝŶĐƌĞĂƐŝŶŐ ĐŽŶĐĞŶƚƌĂƚŝŽŶƐ ŽĨ ŐŝǀĞ ŝŶĐƌĞĂƐĞĚ ƌĞĚƵĐƚŝŽŶƐ ŽĨ ŝŶĨĞĐƚŝŽŶ
ĂŐĂŝŶƐƚ ĚŝǀĞƌƐĞ ƉĂƚŚŽŐĞŶƐ ;>ŝ Ğƚ Ăů͕͘ ϮϬϬϵ͖ ŽŚĞŶ Ğƚ Ăů͕͘ ϭϵϵϰ͖ >ŝůũĞƌŽƚŚ Ğƚ Ăů͕͘ ϮϬϭϬͿ͘
ƐĐŚĞŶͲ>ŝƉƉŽůĚ Ğƚ Ăů͕͘ ;ϮϬϭϬͿ ŽďƐĞƌǀĞĚ ƚŚĂƚ ƐŽŝů ĚƌĞŶĐŚ ƚƌĞĂƚŵĞŶƚ ǁŝƚŚ ϭŵD ŝŶĚƵĐĞĚƌĞƐŝƐƚĂŶĐĞŝŶƉŽƚĂƚŽĂŐĂŝŶƐƚW͘ŝŶĨĞƐƚĂŶƐ͘ŽŵƉĂƌĞĚƚŽƌĞƐƵůƚƐƉƌĞƐĞŶƚĞĚŚĞƌĞ͕
Ă ĐŽŶĐĞŶƚƌĂƚŝŽŶ ŽĨ ϭŵD ǁĂƐ ŶŽƚ ĞŶŽƵŐŚ ĨŽƌ ĞĨĨĞĐƚŝǀĞ ƉƌŽƚĞĐƚŝŽŶ ĂŐĂŝŶƐƚ ^͘
ƐƵďƚĞƌƌĂŶĞĂ ǁŚĞŶ ƵƐŝŶŐ ƚŚŝƐ ŵŽĚĞ ŽĨ ĂƉƉůŝĐĂƚŝŽŶ͘ dŚŝƐ ŵĂLJ ďĞ ďĞĐĂƵƐĞ ƚŚĞ ĐƵůƚŝǀĂƌ
ĐŚŽƐĞŶ ĨŽƌ ƚŚĞ ƐĞĐŽŶĚ ĞdžƉĞƌŝŵĞŶƚ ;͚/ǁĂ͛Ϳ ŝƐ ǀĞƌLJ ƐƵƐĐĞƉƚŝďůĞ ƚŽ ƚŚĞ ƉĂƚŚŽŐĞŶ͕ ĂŶĚ
ŚŝŐŚĞƌĐŽŶĐĞŶƚƌĂƚŝŽŶƐŽĨƚŚĞĞůŝĐŝƚŽƌƐŵĂLJďĞƌĞƋƵŝƌĞĚŝŶƚŚŝƐĐƵůƚŝǀĂƌ͘
Ɛ ǁŝƚŚ ƉƌĞǀŝŽƵƐ ĞdžƉĞƌŝŵĞŶƚƐ ;ŚĂƉƚĞƌ Ϯͬ,ĞƌŶĂŶĚĞnjͲDĂůĚŽŶĂĚŽ Ğƚ Ăů͕͘ ϮϬϭϮͿ͕
ƚŚĞĚŝĨĨĞƌĞŶĐĞƐŝŶ^͘ƐƵďƚĞƌƌĂŶĞĂEďĞƚǁĞĞŶƚŚĞŐůŽďĂůƚƌĞĂƚŵĞŶƚƐŵĞĂƐƵƌĞĚ
ďLJƋWZǁĞƌĞŶŽƚƐƚĂƚŝƐƚŝĐĂůůLJƐŝŐŶŝĨŝĐĂŶƚ͘ƐĂŶĂĚĚŝƚŝŽŶĂůĞdžƉĞƌŝŵĞŶƚĂůĐŽŶƚƌŽůŝŶƚŚŝƐ
ĞdžƉĞƌŝŵĞŶƚ͕ĂŶŝŶƚĞƌŶĂůĐŽŶƚƌŽůƉŽƚĂƚŽŵĂƌŬĞƌǁĂƐŝŶĐůƵĚĞĚŝŶƚŚĞĂƐƐĂLJƐƚŽĞƋƵĂůŝƐĞ
ƚŚĞ ĂŵŽƵŶƚ ŽĨ E ƉĞƌ ƌĞĂĐƚŝŽŶ͘ ĚũƵƐƚŵĞŶƚ ŽĨ ƚŚĞ ^ƉŽŶŐŽƐƉŽƌĂ ŵĞĂƐƵƌĞŵĞŶƚƐ
ďĂƐĞĚŽŶƚŚĞƉŽƚĂƚŽŐĞŶĞƐŚŽǁĞĚƚŚĂƚƚŚĞĂŵŽƵŶƚŽĨEĂĚĚĞĚƉĞƌƌĞĂĐƚŝŽŶǁĂƐŶŽƚ
Ă ŵĂũŽƌ ƐŽƵƌĐĞ ŽĨ ǀĂƌŝĂďŝůŝƚLJ ŝŶ ƚŚĞ ĞdžƉĞƌŝŵĞŶƚƐ͘ KŶĞ ĐůĞĂƌ ƐŽƵƌĐĞ ŽĨ ǀĂƌŝĂďŝůŝƚLJ ůĂLJ
ǁŝƚŚŝŶƚŚĞŶŽŶͲŝŶĨĞĐƚĞĚĐŽŶƚƌŽůƐ;&ŝŐƵƌĞϱͿ͘ĞƐƉŝƚĞƚŚĞŵĞĂƐƵƌĞŽĨĂƵƚŽĐůĂǀŝŶŐƐĂŶĚƚŽ
ĂǀŽŝĚ ĐŽŶƚĂŵŝŶĂƚŝŽŶ͕ ƋWZ ƐŚŽǁĞĚ ƚŚĂƚ ƚŚĞ ƉĂƚŚŽŐĞŶ ǁĂƐ ƉƌĞƐĞŶƚ ŽŶ ƌŽŽƚƐ ŽĨ
ƵŶŝŶŽĐƵůĂƚĞĚ ƉůĂŶƚƐ͘ ĞƐƉŝƚĞ ƐĞĞŵŝŶŐůLJ ƐŝŐŶŝĨŝĐĂŶƚ ŝŶĨĞĐƚŝŽŶ ďĞŝŶŐ ĚĞƚĞĐƚĞĚ ŽŶ ƐŽŵĞ
ƉůĂŶƚƐĂƚŚĂƌǀĞƐƚƐϭĂŶĚϮ͕ŶŽƌŽŽƚŐĂůůƐǁĞƌĞŽďƐĞƌǀĞĚŽŶĂŶLJƵŶŝŶŽĐƵůĂƚĞĚƉůĂŶƚƐ͘tĞ
ϲϴ
ƉƌĞƐƵŵĞ ƚŚĂƚ ƚŚĞ ĐŽŶƚĂŵŝŶĂƚŝŽŶ ŽĨ ƚŚĞ ĐŽŶƚƌŽůƐ ĂƌŽƐĞ ĨƌŽŵ ĂĞƌŽƐŽůƐ ŝŶ ƚŚĞ ƉŽƚ
ƉƌĞƉĂƌĂƚŝŽŶĂƌĞĂŽƌŝŶƚŚĞŐůĂƐƐŚŽƵƐĞ͘EĞǁŵĞĂƐƵƌĞƐǁŝůůŶĞĞĚƚŽďĞƚĂŬĞŶŝŶĨƵƚƵƌĞ
ĞdžƉĞƌŝŵĞŶƚƐƚŽƌĞŵŽǀĞƚŚĞƐĞƉŽƐƐŝďůĞƌŽƵƚĞƐŽĨŝŶĨĞĐƚŝŽŶ͘ůƚŚŽƵŐŚƚŚĞƉĂƚŚŽŐĞŶǁĂƐ
ĚĞƚĞĐƚĞĚŝŶƵŶŝŶŽĐƵůĂƚĞĚƉůĂŶƚƐ͕ƚŚŝƐĚŝĚŶŽƚŚĂǀĞĂŵĂũŽƌŝŶĨůƵĞŶĐĞŽŶƌĞƐƵůƚƐ͕ŽƌƚŚĞ
ĐŽŶĐůƵƐŝŽŶƐĚƌĂǁŶ͕ĨƌŽŵƚŚĞĞdžƉĞƌŝŵĞŶƚ͘
ƵƌŝŶŐ ƚŚĞ ƐĞĐŽŶĚ ĞdžƉĞƌŝŵĞŶƚ ŽƵƚůŝŶĞĚ ŚĞƌĞ ƚƌĞĂƚŵĞŶƚƐ ǁĞƌĞ ƌĞƉĞĂƚĞĚ
ĞǀĞƌLJϮǁĞĞŬƐ͘/ŶƚŚĞĨŝƌƐƚĞdžƉĞƌŝŵĞŶƚ͕ůŝƚƚůĞĚŝĨĨĞƌĞŶĐĞǁĂƐŽďƐĞƌǀĞĚŝŶ^͘ƐƵďƚĞƌƌĂŶĞĂ
ŝŶĨĞĐƚŝŽŶ ƌĞƐƵůƚŝŶŐ ĨƌŽŵ Ă ƐŝŶŐůĞ ĂƉƉůŝĐĂƚŝŽŶ ŽĨ ͕ ƐƵŐŐĞƐƚŝŶŐ ƚŚĂƚ ƚŚŝƐ ǁĂƐ
ŝŶƐƵĨĨŝĐŝĞŶƚ ƚŽ ƉƌĞǀĞŶƚ ŝŶĨĞĐƚŝŽŶ ďLJ ƚŚĞ ƉĂƚŚŽŐĞŶ͘ /ƚ ŝƐ ŝŵƉŽƌƚĂŶƚ ƚŽ ŝĚĞŶƚŝĨLJ ƚŚĞ
ĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐ ŽĨ ŝŶƚĞƌĂĐƚŝŽŶƐ ďĞƚǁĞĞŶ ƉĂƌƚŝĐƵůĂƌ ƉůĂŶƚƐ ĂŶĚ ƉĂƚŚŽŐĞŶƐ͕ ŝŶ ŽƌĚĞƌ ƚŽ
ĞĨĨĞĐƚŝǀĞůLJ ŝŵƉůĞŵĞŶƚ ŝŶĚƵĐĞĚ ƌĞƐŝƐƚĂŶĐĞ ŝŶƚŽ ĐƌŽƉ ƉƌŽƚĞĐƚŝŽŶ ƉƌŽŐƌĂŵŵĞƐ ;tĂůƚĞƌƐ͕
ϮϬϬϱͿ͘ KƚŚĞƌ ƌĞƐĞĂƌĐŚĞƌƐ ŚĂǀĞ ƌĞƉŽƌƚĞĚ ƚŚĂƚ ŵƵůƚŝƉůĞ ĂƉƉůŝĐĂƚŝŽŶƐ ŽĨ ĞůŝĐŝƚŽƌƐ ůĞĚ ƚŽ
ŽƉƚŝŵĂůƉĂƚŚŽŐĞŶĐŽŶƚƌŽů;ŽŚĞŶ͕ϮϬϬϮ͖KŬĂĞƚĂů͕͘ϭϵϵϵͿ͘
dŚĞƉƌĞƐĞŶƚĞdžƉĞƌŝŵĞŶƚƐĞdžƚĞŶĚƚŚĞƉŽƚĞŶƚŝĂůƵƐĞŽĨĂƐĂĐƌŽƉƉƌŽƚĞĐƚĂŶƚ
ƚŽ ĂŶŽƚŚĞƌ ŐƌŽƵƉ ŽĨ ĞĐŽŶŽŵŝĐĂůůLJ ŝŵƉŽƌƚĂŶƚ ƐŽŝůďŽƌŶĞ ƉůĂŶƚ ƉĂƚŚŽŐĞŶƐ͘ WƌĞǀŝŽƵƐ
ƐƚƵĚŝĞƐǁŝƚŚŚĂǀĞƐŚŽǁŶƚŚĂƚƚŚĞĐŽŵƉŽƵŶĚŚĂƐĞĨĨŝĐĂĐLJĂŐĂŝŶƐƚĂƌĂŶŐĞŽĨƉůĂŶƚ
ƉĂƚŚŽŐĞŶƐ ;ŽŚĞŶ͕ ϭϵϵϰ͖ ŽŚĞŶ Ğƚ Ăů͕͘ ϭϵϵϰ͖ ,ĂŵŝĚƵnjnjĂŵĂŶ Ğƚ Ăů͕͘ ϮϬϬϱ͖ tĂůnj Θ
^ŝŵŽŶ͕ϮϬϬϵ͖^ŝĞŐƌŝƐƚĞƚĂů͕͘ϮϬϬϬ͕KŬĂĞƚĂů͕͘ϭϵϵϵ͖tĂůƚĞƌƐĞƚĂů͕͘ϮϬϭϭͿ͘ůůƉƌĞǀŝŽƵƐ
ƐƚƵĚŝĞƐ ǁŝƚŚ ŽŶ ƉŽƚĂƚŽ͕ ƚŚĂƚ ǁĞ ĂƌĞ ĂǁĂƌĞ ŽĨ͕ ŚĂǀĞ ďĞĞŶ ĐĂƌƌŝĞĚ ŽƵƚ ǁŝƚŚ ůĞĂĨ
ƉĂƚŚŽŐĞŶƐ͘/ŶƉŽƚĂƚŽ͕ŚĂƐƐƵĐĐĞƐƐĨƵůůLJŝŶĚƵĐĞĚƌĞƐŝƐƚĂŶĐĞĂŐĂŝŶƐƚW͘ŝŶĨĞƐƚĂŶƐ͕Ă
ŚĞŵŝďŝŽƚƌŽƉŚŝĐ ƉĂƚŚŽŐĞŶ͕ ĂŶĚ ƐŽŵĞ ŶĞĐƌŽƚƌŽƉŚŝĐ ƉĂƚŚŽŐĞŶƐ ƐƵĐŚ ĂƐ &͘ ƐŽůĂŶŝ ĂŶĚ &͘
ƐƵůƉŚƵƌĞƵŵ;ůƚĂŵŝƌĂŶĚĂĞƚĂů͕͘ϮϬϬϴ͖ƐĐŚĞŶͲ>ŝƉƉŽůĚĞƚĂů͕͘ϮϬϭϬ͖>ŝůũĞƌŽƚŚĞƚĂů͕͘ϮϬϭϬ͖
KůŝǀŝĞƌŝĞƚĂů͕͘ϮϬϬϵ͖zŝŶĞƚĂů͕͘ϮϬϭϬͿ͘ůƚŚŽƵŐŚƐƚƵĚŝĞƐŝŶƉŽƚĂƚŽŚĂǀĞŶŽƚďĞĞŶĂŐĂŝŶƐƚ
ŽďůŝŐĂƚĞŝŶƚƌĂĐĞůůƵůĂƌďŝŽƚƌŽƉŚƐůŝŬĞ^͘ƐƵďƚĞƌƌĂŶĞĂ͕ŽƵƌƌĞƐƵůƚƐƐƵŐŐĞƐƚƚŚĂƚƚŚŝƐĞůŝĐŝƚŽƌ
ŵŝŐŚƚďĞĞĨĨĞĐƚŝǀĞĂŐĂŝŶƐƚƚŚĞƉĂƚŚŽŐĞŶ͕ĂŶĚƌĞĨůĞĐƚƚŚĞƉƌĞǀŝŽƵƐůLJŝŶĚŝĐĂƚĞĚĞĨĨŝĐĂĐLJ
ĂŐĂŝŶƐƚWŚLJƚŽƉŚƚŚŽƌĂĂŶĚďŝŽƚƌŽƉŚŝĐƉĂƚŚŽŐĞŶƐŝŶŽƚŚĞƌƉůĂŶƚƐ;tĂůnjΘ^ŝŵŽŶ͕ϮϬϬϵ͖
ŝŵŵĞƌůŝĞƚĂů͕͘ϮϬϬϬͿ͘hŶƉƵďůŝƐŚĞĚƐƚƵĚŝĞƐŝŶĚŝĐĂƚĞƚŚĂƚ^ĐĂŶƌĞĚƵĐĞƚŚĞƐĞǀĞƌŝƚLJŽĨ
ĐůƵďƌŽŽƚ ĚŝƐĞĂƐĞ ŝŶ ďƌĂƐƐŝĐĂƐ ;ĂƌŽůŝŶĞ ŽŶĂůĚ͕ ƉĞƌƐŽŶĂů ĐŽŵŵƵŶŝĐĂƚŝŽŶͿ͕ ŝŶĚŝĐĂƚŝŶŐ
ƚŚĂƚĞůŝĐŝƚĂĐŝŽŶŽĨĚĞĨĞŶĐĞĂŐĂŝŶƐƚƉůĂƐŵŽĚŝŽƉŚŽƌŝĚƐŝƐƉŽƐƐŝďůĞ͘
ϲϵ
dŚĞŵĞĐŚĂŶŝƐŵŽĨͲŝŶĚƵĐĞĚƌĞƐŝƐƚĂŶĐĞ͕ĂŶĚƚŚĞƐŝŐŶĂůƉĂƚŚǁĂLJŝŶǀŽůǀĞĚŝŶ
ƚŚŝƐƌĞƐƉŽŶƐĞĂƌĞŶŽƚĐŽŵƉůĞƚĞůLJƵŶĚĞƌƐƚŽŽĚ͘/ƚŝƐƚŚŽƵŐŚƚƚŚĂƚƚŚĞďƌŽĂĚƐƉĞĐƚƌƵŵŽĨ
ĂĐƚŝǀŝƚLJŽĨƚŚĞĞůŝĐŝƚŽƌŝƐĚƵĞƚŽƌĞĐƌƵŝƚŵĞŶƚŽĨĚŝƐƚŝŶĐƚƐŝŐŶĂůůŝŶŐƉĂƚŚǁĂLJƐĂĐĐŽƌĚŝŶŐƚŽ
ƚŚĞŚŽƐƚͲƉĂƚŚŽŐĞŶŝŶƚĞƌĂĐƚŝŽŶƉƌĞƐĞŶƚĞĚ;ŽŶƌĂƚŚ͕ϮϬϬϵ͖ǀĂŶĚĞƌŶƚĞƚĂů͕͘ϮϬϬϵͿ͘/ŶĂ
ƌĞĐĞŶƚƐƚƵĚLJ͕ƚŚĞŵĞĐŚĂŶŝƐŵŽĨŚĂƐďĞĞŶŝŶǀĞƐƚŝŐĂƚĞĚďLJĂŐĞŶŽŵŝĐĂƉƉƌŽĂĐŚ͕ŝŶ
ǁŚŝĐŚŐĞŶĞƐƚƌĂŶƐĐƌŝƉƚŝŽŶŝŶƉŽƚĂƚŽĚĞƚĂĐŚĞĚůĞĂǀĞƐƚƌĞĂƚĞĚǁŝƚŚĂƚϮϬŵDǁĂƐ
ĚĞƚĞƌŵŝŶĞĚ ƵƐŝŶŐ ZE ƐĞƋƵĞŶĐŝŶŐ ;DĂƐƐĂ Ğƚ Ăů͕͘ ϮϬϭϭ͖ d͘W͘'͘^͕͘ ϮϬϭϭͿ͘ KƵƌ
ƉƌĞůŝŵŝŶĂƌLJ ĂŶĂůLJƐĞƐ ŽĨ ƚŚŝƐ ĚĂƚĂ ƐƵŐŐĞƐƚ ƚŚĂƚ ƐƚƌĞƐƐ ƌĞůĂƚĞĚ ĂŶĚ ƉĂƚŚŽŐĞŶ ƌĞƐƉŽŶƐĞ
ŐĞŶĞƐĂƌĞƵƉƌĞŐƵůĂƚĞĚďLJŝŶƚŚŝƐƉůĂŶƚƚŝƐƐƵĞ͘dŚĞƐĞĨŝŶĚŝŶŐƐǁŝůůƐĞƌǀĞĂƐĂďĂƐŝƐ
ĨŽƌ ŝŶǀĞƐƚŝŐĂƚŝŶŐ ƚŚĞ ŝŶƚĞƌĂĐƚŝŽŶ ďĞƚǁĞĞŶ ƉŽƚĂƚŽ ƌŽŽƚ ƚŝƐƐƵĞƐ ĂŶĚ ^͘ ƐƵďƚĞƌƌĂŶĞĂ͘ Ɛ
ƚŚĞƌĞ ĂƌĞ ŶŽ ƌĞƉŽƌƚĞĚ ƐƚƵĚŝĞƐ ŽŶ ŝŶĚƵĐĞĚ ƌĞƐŝƐƚĂŶĐĞ ŽĨ ĂŐĂŝŶƐƚ ƉŽƚĂƚŽ ƌŽŽƚͲ
ŝŶĨĞĐƚŝŶŐďŝŽƚƌŽƉŚƐůŝŬĞ^͘ƐƵďƚĞƌƌĂŶĞĂ͕ƚŚĞŵĞĐŚĂŶŝƐŵƐŽĨƌĞƐŝƐƚĂŶĐĞĞůŝĐŝƚĂƚŝŽŶďLJƚŚŝƐ
ĐŽŵƉŽƵŶĚŝŶƚŚŝƐƉůĂŶƚͬƉĂƚŚŽŐĞŶŝŶƚĞƌĂĐƚŝŽŶŚĂǀĞLJĞƚƚŽďĞĨƵůůLJĞůƵĐŝĚĂƚĞĚ͘
dŚĞƉƌĞƐĞŶƚƐƚƵĚLJĚŝĚŶŽƚŵĞĂƐƵƌĞĚŝƌĞĐƚĞĨĨĞĐƚƐŽĨŽŶ^ƉŽŶŐŽƐƉŽƌĂ͘dŚĞ
ĐŽŵƉŽƵŶĚ ŵĂLJ ďĞ ĚŝƌĞĐƚůLJ ƚŽdžŝĐ ƚŽ ƚŚĞ ƉĂƚŚŽŐĞŶ͕ ĂĨĨĞĐƚŝŶŐ Ăůů ƐƚĂŐĞƐ ŽĨ ƚŚĞ ůŝĨĞĐLJĐůĞ
ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ ŝŶ ŚŽƐƚ ƚŝƐƐƵĞ͘ &ƵƌƚŚĞƌ ĚĞƚĂŝůĞĚ ƐƚƵĚLJ ŝƐ ƌĞƋƵŝƌĞĚ ƚŽ ƐŚŽǁ ŝĨ ĚŝƌĞĐƚůLJĂĨĨĞĐƚƐƚŚĞƉĂƚŚŽŐĞŶ͕ďƵƚƉƌĞǀŝŽƵƐƐƚƵĚŝĞƐǁŝƚŚŽƚŚĞƌƉĂƚŚŽŐĞŶƐŝŶĚŝĐĂƚĞƚŚĂƚ
ƚŚŝƐ ŝƐ ƵŶůŝŬĞůLJ ;ŽŚĞŶ͕ ϭϵϵϰ͖ ŽŚĞŶ Ğƚ Ăů͕͘ ϭϵϵϰ͖ :ĂŬĂď Ğƚ Ăů͕͘ ϮϬϬϭ͖ ŝŵŵĞƌůŝ Ğƚ Ăů͕͘
ϮϬϬϬͿ͘
dŚĞ ĂƉƉůŝĐĂďŝůŝƚLJ ŽĨ ĨŽƌ ŵĂŶĂŐĞŵĞŶƚ ŽĨ ƉŽǁĚĞƌLJ ƐĐĂď ĂŶĚ ƌŽŽƚ ĚŝƐĞĂƐĞ
ĐĂƵƐĞĚďLJ^͘ƐƵďƚĞƌƌĂŶĞĂŝŶĨŝĞůĚͲŐƌŽǁŶƉŽƚĂƚŽĞƐǁŝůůƌĞƋƵŝƌĞĨƵƌƚŚĞƌƐƚƵĚŝĞƐƚŽĐŽŶĨŝƌŵ
ĐŽŶƚƌŽůůĞĚĞdžƉĞƌŝŵĞŶƚƌĞƐƵůƚƐƉƌĞƐĞŶƚĞĚŚĞƌĞ͘&ƵƚƵƌĞƐƚƵĚŝĞƐƐŚŽƵůĚƚĞƐƚƚŚĞƐĞĞĨĨĞĐƚƐ
ŝŶ ĨŝĞůĚ ĐƌŽƉƐ͕ ĂŶĚ ĂůƐŽ ĞdžĂŵŝŶĞ ƚŚĞ ŵĞĐŚĂŶŝƐŵƐ ŽĨ ŝŶĚƵĐƚŝŽŶ ŽĨ ƌĞƐŝƐƚĂŶĐĞ ƚŽ ƚŚŝƐ
ƉĂƚŚŽŐĞŶďLJƚŚĞĞůŝĐŝƚŽƌ͘
ϯ͘ϲZĞĨĞƌĞŶĐĞƐ
ůƚĂŵŝƌĂŶĚĂ '͕ ŶĚƌĞƵ ͕ ĂůĞŽ 'Z͕ KůŝǀŝĞƌŝ &W͕ ϮϬϬϴ͘ ĨĨĞĐƚ ŽĨ ďĞƚĂͲĂŵŝŶŽďƵƚLJƌŝĐ
ĂĐŝĚ ;Ϳ ŽŶ ƉƌŽƚĞĐƚŝŽŶ ĂŐĂŝŶƐƚ WŚLJƚŽƉŚƚŚŽƌĂ ŝŶĨĞƐƚĂŶƐ ƚŚƌŽƵŐŚŽƵƚ ƚŚĞ
ƉŽƚĂƚŽĐƌŽƉĐLJĐůĞ͘ƵƐƚƌĂůĂƐŝĂŶWůĂŶƚWĂƚŚŽůŽŐLJϯϳ͕ϰϮϭͲϳ͘
ϳϬ
ƌĂƐĞůƚŽŶ:W͕ϮϬϬϭ͘WůĂƐŵŽĚŝŽƉŚŽƌŽŵLJĐŽƚĂ͘DLJĐŽƚĂsŝŝ͗^LJƐƚĞŵĂƚŝĐƐĂŶĚǀŽůƵƚŝŽŶ͕Wƚ
ϳ͕ϴϭͲϵϭ͘
ŽŚĞŶ z͕ ϭϵϵϰ͘ ϯͲŵŝŶŽďƵƚLJƌŝĐĂĐŝĚ ŝŶĚƵĐĞƐ ƐLJƐƚĞŵŝĐ ƌĞƐŝƐƚĂŶĐĞ ĂŐĂŝŶƐƚƉĞƌŽŶŽƐƉŽƌĞ
ƚĂďĂĐŝŶĂ͘WŚLJƐŝŽůŽŐŝĐĂůĂŶĚDŽůĞĐƵůĂƌWůĂŶƚWĂƚŚŽůŽŐLJϰϰ͕ϮϳϯͲϴϴ͘
ŽŚĞŶz͕EŝĚĞƌŵĂŶd͕ DŽƐŝŶŐĞƌ͕&ůƵŚƌZ͕ ϭϵϵϰ͘ĞƚĂͲĂŵŝŶŽďƵƚLJƌŝĐĂĐŝĚŝŶĚƵĐĞƐƚŚĞ
ĂĐĐƵŵƵůĂƚŝŽŶ ŽĨ ƉĂƚŚŽŐĞŶĞƐŝƐͲƌĞůĂƚĞĚ ƉƌŽƚĞŝŶƐ ŝŶ ƚŽŵĂƚŽ ;>LJĐŽƉĞƌƐŝĐŽŶͲ
ĞƐĐƵůĞŶƚƵŵ >͘Ϳ ƉůĂŶƚƐ ĂŶĚ ƌĞƐŝƐƚĂŶĐĞ ƚŽ ůĂƚĞ ďůŝŐŚƚ ŝŶĨĞĐƚŝŽŶ ĐĂƵƐĞĚ ďLJ
WŚLJƚŽƉŚƚŚŽƌĂͲŝŶĨĞƐƚĂŶƐ͘WůĂŶƚWŚLJƐŝŽůŽŐLJϭϬϰ͕ϱϵͲϲϲ͘
ŽŚĞŶ zZ͕ ϮϬϬϮ͘ ďĞƚĂͲĂŵŝŶŽďƵƚLJƌŝĐ ĂĐŝĚͲŝŶĚƵĐĞĚ ƌĞƐŝƐƚĂŶĐĞ ĂŐĂŝŶƐƚ ƉůĂŶƚ ƉĂƚŚŽŐĞŶƐ͘
WůĂŶƚŝƐĞĂƐĞϴϲ͕ϰϰϴͲϱϳ͘
ŽůůŝŶƐ,W͕EĂǀĂƌĞ͕ZŝŐĂ͕WŝĞƌĐĞ&:͕ϮϬϬϲ͘ĨĨĞĐƚŽĨĨŽůŝĂƌĂƉƉůŝĞĚƉůĂŶƚĞůŝĐŝƚŽƌƐŽŶ
ŵŝĐƌŽďŝĂů ĂŶĚ ŶĞŵĂƚŽĚĞ ƉŽƉƵůĂƚŝŽŶƐ ŝŶ ƚŚĞ ƌŽŽƚ njŽŶĞ ŽĨ ƉŽƚĂƚŽ͘
ŽŵŵƵŶŝĐĂƚŝŽŶƐŝŶ^Žŝů^ĐŝĞŶĐĞĂŶĚWůĂŶƚŶĂůLJƐŝƐϯϳ͕ϭϳϰϳͲϱϵ͘
ŽŶƌĂƚŚh͕ϮϬϬϵ͘WƌŝŵŝŶŐŽĨŝŶĚƵĐĞĚƉůĂŶƚĚĞĨĞŶƐĞƌĞƐƉŽŶƐĞƐ͘/Ŷ͗sĂŶůŽŽŶ>͕ĞĚ͘WůĂŶƚ
/ŶŶĂƚĞ /ŵŵƵŶŝƚLJ͘ >ŽŶĚŽŶ͗ ĐĂĚĞŵŝĐ WƌĞƐƐ >ƚĚͲůƐĞǀŝĞƌ ^ĐŝĞŶĐĞ >ƚĚ͕ ϯϲϭͲϵϱ͘
;ĚǀĂŶĐĞƐŝŶŽƚĂŶŝĐĂůZĞƐĞĂƌĐŚ͖ǀŽů͘ϱϭ͘Ϳ
ŽŶƌĂƚŚ h͕ ϮϬϭϭ͘ DŽůĞĐƵůĂƌ ĂƐƉĞĐƚƐ ŽĨ ĚĞĨĞŶĐĞ ƉƌŝŵŝŶŐ͘ dƌĞŶĚƐ ŝŶ ƉůĂŶƚ ƐĐŝĞŶĐĞ ϭϲ͕
ϱϮϰͲϯϭ͘
ĞŵƉƐĞLJ ͕ ^ŚĂŚ :͕ <ůĞƐƐŝŐ &͕ ϭϵϵϵ͘ ^ĂůŝĐLJůŝĐ ĂĐŝĚ ĂŶĚ ĚŝƐĞĂƐĞ ƌĞƐŝƐƚĂŶĐĞ ŝŶ ƉůĂŶƚƐ͘
ƌŝƚŝĐĂůZĞǀŝĞǁƐŝŶWůĂŶƚ^ĐŝĞŶĐĞƐϭϴ͕ϱϰϳͲϳϱ͘
ŝdžŽŶ'Z͕ϮϬϬϵ͘WůĂƐŵŽĚŝŽƉŚŽƌĂďƌĂƐƐŝĐĂĞŝŶŝƚƐĞŶǀŝƌŽŶŵĞŶƚ͘:ŽƵƌŶĂůŽĨWůĂŶƚ'ƌŽǁƚŚ
ZĞŐƵůĂƚŝŽŶϮϴ͕ϮϭϮͲϮϴ͘
ƐĐŚĞŶͲ>ŝƉƉŽůĚ >͕ ůƚŵĂŶŶ ^͕ ZŽƐĂŚů ^͕ ϮϬϭϬ͘ >ͲďĞƚĂͲĂŵŝŶŽďƵƚLJƌŝĐ ĂĐŝĚͲŝŶĚƵĐĞĚ
ƌĞƐŝƐƚĂŶĐĞ ŽĨ ƉŽƚĂƚŽ ĂŐĂŝŶƐƚ WŚLJƚŽƉŚƚŚŽƌĂ ŝŶĨĞƐƚĂŶƐ ƌĞƋƵŝƌĞƐ ƐĂůŝĐLJůŝĐ ĂĐŝĚ ďƵƚ
ŶŽƚŽdžLJůŝƉŝŶƐ͘DŽůĞĐƵůĂƌWůĂŶƚͲDŝĐƌŽďĞ/ŶƚĞƌĂĐƚŝŽŶƐϮϯ͕ϱϴϱͲϵϮ͘
ϳϭ
&ĂůůŽŽŶ Z͕ ϮϬϬϴ͘ ŽŶƚƌŽů ŽĨ ƉŽǁĚĞƌLJ ƐĐĂď ŽĨ ƉŽƚĂƚŽ͗ dŽǁĂƌĚƐ ŝŶƚĞŐƌĂƚĞĚ ĚŝƐĞĂƐĞ
ŵĂŶĂŐĞŵĞŶƚ͘ŵĞƌŝĐĂŶ:ŽƵƌŶĂůŽĨWŽƚĂƚŽZĞƐĞĂƌĐŚϴϱ͕ϮϱϯͲϲϬ͘
&ĂůůŽŽŶZ͕'ĞŶĞƚZ͕ tĂůůĂĐĞZ͕ƵƚůĞƌZ͕ϮϬϬϯ͘^ƵƐĐĞƉƚŝďŝůŝƚLJŽĨƉŽƚĂƚŽ;^ŽůĂŶƵŵ
ƚƵďĞƌŽƐƵŵͿ ĐƵůƚŝǀĂƌƐ ƚŽ ƉŽǁĚĞƌLJ ƐĐĂď ;ĐĂƵƐĞĚ ďLJ ^ƉŽŶŐŽƐƉŽƌĂ ƐƵďƚĞƌƌĂŶĞĂ Ĩ͘
ƐƉ ƐƵďƚĞƌƌĂŶĞĂͿ͕ ĂŶĚ ƌĞůĂƚŝŽŶƐŚŝƉƐ ďĞƚǁĞĞŶ ƚƵďĞƌ ĂŶĚ ƌŽŽƚ ŝŶĨĞĐƚŝŽŶ͘
ƵƐƚƌĂůĂƐŝĂŶWůĂŶƚWĂƚŚŽůŽŐLJϯϮ͕ϯϳϳͲϴϱ͘
&ĂůůŽŽŶZ͕DĞƌnjh͕>ŝƐƚĞƌZ͕tĂůůĂĐĞZ͕,ĂLJĞƐ^W͕ϮϬϭϭ͘DŽƌƉŚŽůŽŐŝĐĂůĞŶƵŵĞƌĂƚŝŽŶ
ŽĨƌĞƐƚŝŶŐƐƉŽƌĞƐŝŶƐƉŽƌŽƐŽƌŝŽĨƚŚĞƉůĂŶƚƉĂƚŚŽŐĞŶ^ƉŽŶŐŽƐƉŽƌĂƐƵďƚĞƌƌĂŶĞĂ͘
ĐƚĂWƌŽƚŽnjŽŽůŽŐŝĐĂϱϬ͕ϭϮϭͲϯϮ͘
&ĂůůŽŽŶ Z͕ tĂůůĂĐĞ Z͕ ƌĂŝƚŚǁĂŝƚĞ D͕ 'ĞŶĞƚ Z͕ EŽƚƚ ,D͕ &ůĞƚĐŚĞƌ :͕ ƌĂĂŵ t&͕
ϭϵϵϲ͘ƐƐĞƐƐŵĞŶƚŽĨƐĞĞĚƚƵďĞƌ͕ŝŶͲĨƵƌƌŽǁ͕ĂŶĚĨŽůŝĂƌĐŚĞŵŝĐĂůƚƌĞĂƚŵĞŶƚƐĨŽƌ
ĐŽŶƚƌŽůŽĨƉŽǁĚĞƌLJƐĐĂď;^ƉŽŶŐŽƐƉŽƌĂƐƵďƚĞƌƌĂŶĞĂĨƐƉƐƵďƚĞƌƌĂŶĞĂͿŽĨƉŽƚĂƚŽ͘
EĞǁĞĂůĂŶĚ:ŽƵƌŶĂůŽĨƌŽƉĂŶĚ,ŽƌƚŝĐƵůƚƵƌĂů^ĐŝĞŶĐĞϮϰ͕ϯϰϭͲϱϯ͘
'ĞŶ^ƚĂƚ ŽŵŵŝƚƚĞĞ͕ ϮϬϭϬ͘ dŚĞ ŐƵŝĚĞ ƚŽ 'ĞŶ^ƚĂƚ ZĞůĞĂƐĞ ϭϯ ʹ WĂƌƚƐ ϭͲϯ͘ s^E
/ŶƚĞƌŶĂƚŝŽŶĂů͕KdžĨŽƌĚ͕h<͘
,Ăůŝŵ s͕ ƐĐŚĞŶͲ>ŝƉƉŽůĚ >͕ ůƚŵĂŶŶ ^͕ ŝƌƐĐŚǁŝůŬƐ D͕ ^ĐŚĞĞů ͕ ZŽƐĂŚů ^͕ ϮϬϬϳ͘
^ĂůŝĐLJůŝĐ ĂĐŝĚ ŝƐ ŝŵƉŽƌƚĂŶƚ ĨŽƌ ďĂƐĂů ĚĞĨĞŶƐĞ ŽĨ ƐŽůĂŶƵŵ ƚƵďĞƌŽƐƵŵ ĂŐĂŝŶƐƚ
WŚLJƚŽƉŚƚŚŽƌĂŝŶĨĞƐƚĂŶƐ͘DŽůĞĐƵůĂƌWůĂŶƚͲDŝĐƌŽďĞ/ŶƚĞƌĂĐƚŝŽŶƐϮϬ͕ϭϯϰϲͲϱϮ͘
,ĂŵŝĚƵnjnjĂŵĂŶ DD͕ :ĂŬĂď '͕ ĂƌŶĂǀŽŶ >͕ EĞƵŚĂƵƐ :D͕ DĂƵĐŚͲDĂŶŝ ͕ ϮϬϬϱ͘ ďĞƚĂͲ
ĂŵŝŶŽďƵƚLJƌŝĐ ĂĐŝĚͲŝŶĚƵĐĞĚ ƌĞƐŝƐƚĂŶĐĞ ĂŐĂŝŶƐƚ ĚŽǁŶLJ ŵŝůĚĞǁ ŝŶ ŐƌĂƉĞǀŝŶĞ ĂĐƚƐ
ƚŚƌŽƵŐŚ ƚŚĞ ƉŽƚĞŶƚŝĂƚŝŽŶ ŽĨ ĐĂůůŽƐĞ ĨŽƌŵĂƚŝŽŶ ĂŶĚ ũĂƐŵŽŶŝĐ ĂĐŝĚ ƐŝŐŶĂůŝŶŐ͘
DŽůĞĐƵůĂƌWůĂŶƚͲDŝĐƌŽďĞ/ŶƚĞƌĂĐƚŝŽŶƐϭϴ͕ϴϭϵͲϮϵ͘
,ĂƌƌŝƐŽŶ:'͕^ĞĂƌůĞZ:͕tŝůůŝĂŵƐE͕ϭϵϵϳ͘WŽǁĚĞƌLJƐĐĂďĚŝƐĞĂƐĞŽĨƉŽƚĂƚŽͲƌĞǀŝĞǁ͘
WůĂŶƚWĂƚŚŽůŽŐLJϰϲ͕ϭͲϮϱ͘
,ĞƌŶĂŶĚĞnj DĂůĚŽŶĂĚŽ D>͕ &ĂůůŽŽŶ Z͕ ƵƚůĞƌ Z͕ ŽŶŶĞƌ :͕ ƵůŵĂŶ ^Z͕ ϮϬϭϮ͘
^ƉŽŶŐŽƐƉŽƌĂ ƐƵďƚĞƌƌĂŶĞĂ ƌŽŽƚ ŝŶĨĞĐƚŝŽŶ ĂƐƐĞƐƐĞĚ ŝŶ ƚǁŽ ƉŽƚĂƚŽ ĐƵůƚŝǀĂƌƐ
ϳϮ
ĚŝĨĨĞƌŝŶŐ ŝŶ ƐƵƐĐĞƉƚŝďŝůŝƚLJ ƚŽ ƚƵďĞƌ ƉŽǁĚĞƌLJ ƐĐĂď͘ WůĂŶƚ WĂƚŚŽůŽŐLJ͕ K/͗
ϭϬ͘ϭϭϭϭͬƉƉĂ͘ϭϮϬϭϱ͘
:ĂŬĂď '͕ ŽƚƚŝĞƌ s͕ dŽƋƵŝŶ s͕ ZŝŐŽůŝ '͕ ŝŵŵĞƌůŝ >͕ DĞƚƌĂƵdž :W͕ DĂƵĐŚͲDĂŶŝ ͕ ϮϬϬϭ͘
ĞƚĂͲŵŝŶŽďƵƚLJƌŝĐĂĐŝĚͲŝŶĚƵĐĞĚƌĞƐŝƐƚĂŶĐĞŝŶƉůĂŶƚƐ͘ƵƌŽƉĞĂŶ:ŽƵƌŶĂůŽĨWůĂŶƚ
WĂƚŚŽůŽŐLJϭϬϳ͕ϮϵͲϯϳ͘
>ŝz:͕dŝĂŶ͕>ŝƵ:͕yŝĞ,͕ϮϬϬϵ͘ŽŵƉĂƌĂƚŝǀĞĐEͲ&>WĂŶĂůLJƐŝƐƌĞǀĞĂůƐƚŚĂƚĚůͲďĞƚĂͲ
ĂŵŝŶŽͲďƵƚLJƌŝĐ ĂĐŝĚ ŝŶĚƵĐĞƐ ƌĞƐŝƐƚĂŶĐĞ ƚŚƌŽƵŐŚ ĞĂƌůLJ ĂĐƚŝǀĂƚŝŽŶ ŽĨ ƚŚĞ ŚŽƐƚͲ
ĚĞĨĞŶƐĞŐĞŶĞƐŝŶƉŽƚĂƚŽ͘WŚLJƐŝŽůŽŐŝĂWůĂŶƚĂƌƵŵϭϯϲ͕ϭϵͲϮϵ͘
>ŝůũĞƌŽƚŚ ͕ ĞŶŐƚƐƐŽŶ d͕ tŝŝŬ >͕ ŶĚƌĞĂƐƐŽŶ ͕ ϮϬϭϬ͘ /ŶĚƵĐĞĚ ƌĞƐŝƐƚĂŶĐĞ ŝŶ ƉŽƚĂƚŽ ƚŽ
WŚLJƚƉŚƚŚŽƌĂ ŝŶĨĞƐƚĂŶƐͲĞĨĨĞĐƚƐ ŽĨ ŝŶ ŐƌĞĞŶŚŽƵƐĞ ĂŶĚ ĨŝĞůĚ ƚĞƐƚƐ ǁŝƚŚ
ĚŝĨĨĞƌĞŶƚƉŽƚĂƚŽǀĂƌŝĞƚŝĞƐ͘ƵƌŽƉĞĂŶ:ŽƵƌŶĂůŽĨWůĂŶƚWĂƚŚŽůŽŐLJϭϮϳ͕ϭϳϭͲϴϯ͘
>ŽƉĞnjDD͕>ŽƉĞnjͲ>ŽƉĞnjD:͕DĂƌƚŝZ͕ĂŵŽƌĂ:͕>ŽƉĞnjͲ^ĂŶĐŚĞnj:͕ĞůƚƌĂZ͕ϮϬϬϭ͘ĨĨĞĐƚ
ŽĨ ĂĐĞƚLJůƐĂůŝĐLJůŝĐ ĂĐŝĚ ŽŶ ƐŽĨƚ ƌŽƚ ƉƌŽĚƵĐĞĚ ďLJ ƌǁŝŶŝĂ ĐĂƌŽƚŽǀŽƌĂ ƐƵďƐƉ
ĐĂƌŽƚŽǀŽƌĂŝŶƉŽƚĂƚŽƚƵďĞƌƐƵŶĚĞƌŐƌĞĞŶŚŽƵƐĞĐŽŶĚŝƚŝŽŶƐ͘WŽƚĂƚŽZĞƐĞĂƌĐŚϰϰ͕
ϭϵϳͲϮϬϲ͘
>ƵĚǁŝŐͲDƵůůĞƌ :͕ ^ĐŚƵůůĞƌ ͕ ϮϬϬϴ͘ tŚĂƚ ĐĂŶ ǁĞ ůĞĂƌŶ ĨƌŽŵ ĐůƵďƌŽŽƚƐ͗ ĂůƚĞƌĂƚŝŽŶƐ ŝŶ
ŚŽƐƚ ƌŽŽƚƐ ĂŶĚ ŚŽƌŵŽŶĞ ŚŽŵĞŽƐƚĂƐŝƐ ĐĂƵƐĞĚ ďLJ WůĂƐŵŽĚŝŽƉŚŽƌĂ ďƌĂƐƐŝĐĂĞ͘
ƵƌŽƉĞĂŶ:ŽƵƌŶĂůŽĨWůĂŶƚWĂƚŚŽůŽŐLJϭϮϭ͕ϮϵϭͲϯϬϮ͘
DĂƐƐĂE͕ŚŝůĚƐ<>͕>ŝŶ,͕ƌLJĂŶ':͕'ŝƵůŝĂŶŽ'͕ƵĞůůZ͕ϮϬϭϭ͘dŚĞƚƌĂŶƐĐƌŝƉƚŽŵĞŽĨ
ƚŚĞƌĞĨĞƌĞŶĐĞƉŽƚĂƚŽŐĞŶŽŵĞ^ŽůĂŶƵŵƚƵďĞƌŽƐƵŵŐƌŽƵƉWŚƵƌĞũĂĐůŽŶĞDϭͲϯ
ϱϭϲZϰϰ͘W>Ž^KEϲ͕ĞϮϲϴϬϭ͘
DĂƵĐŚͲDĂŶŝ ͕ DĞƚƌĂƵdž :W͕ ϭϵϵϴ͘ ^ĂůŝĐLJůŝĐ ĂĐŝĚ ĂŶĚ ƐLJƐƚĞŵŝĐ ĂĐƋƵŝƌĞĚ ƌĞƐŝƐƚĂŶĐĞ ƚŽ
ƉĂƚŚŽŐĞŶĂƚƚĂĐŬ͘ŶŶĂůƐŽĨŽƚĂŶLJϴϮ͕ϱϯϱͲϰϬ͘
DĞƌnj h͕ ϮϬϬϴ͘ WŽǁĚĞƌLJ ƐĐĂď ŽĨ ƉŽƚĂƚŽ Ͳ KĐĐƵƌƌĞŶĐĞ͕ ůŝĨĞ ĐLJĐůĞ ĂŶĚ ĞƉŝĚĞŵŝŽůŽŐLJ͘
ŵĞƌŝĐĂŶ:ŽƵƌŶĂůŽĨWŽƚĂƚŽZĞƐĞĂƌĐŚϴϱ͕ϮϰϭͲϲ͘
ϳϯ
DĞƌnj h͕ &ĂůůŽŽŶ Z͕ ϮϬϬϵ͘ ZĞǀŝĞǁ͗ ƉŽǁĚĞƌLJ ƐĐĂď ŽĨ ƉŽƚĂƚŽ Ͳ ŝŶĐƌĞĂƐĞĚ ŬŶŽǁůĞĚŐĞ ŽĨ
ƉĂƚŚŽŐĞŶďŝŽůŽŐLJĂŶĚĚŝƐĞĂƐĞĞƉŝĚĞŵŝŽůŽŐLJĨŽƌĞĨĨĞĐƚŝǀĞĚŝƐĞĂƐĞŵĂŶĂŐĞŵĞŶƚ͘
WŽƚĂƚŽZĞƐĞĂƌĐŚϱϮ͕ϭϳͲϯϳ͘
DĞƚƌĂƵdž :W͕ ϮϬϬϭ͘ ^LJƐƚĞŵŝĐ ĂĐƋƵŝƌĞĚ ƌĞƐŝƐƚĂŶĐĞ ĂŶĚ ƐĂůŝĐLJůŝĐ ĂĐŝĚ͗ ĐƵƌƌĞŶƚ ƐƚĂƚĞ ŽĨ
ŬŶŽǁůĞĚŐĞ͘ƵƌŽƉĞĂŶ:ŽƵƌŶĂůŽĨWůĂŶƚWĂƚŚŽůŽŐLJϭϬϳ͕ϭϯͲϴ͘
EĂǀĂƌƌĞ ͕ DĂLJŽ ͕ ϮϬϬϰ͘ ŝĨĨĞƌĞŶƚŝĂů ĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐ ŽĨ ƐĂůŝĐLJůŝĐ ĂĐŝĚͲŵĞĚŝĂƚĞĚ
ƐŝŐŶĂůŝŶŐŝŶƉŽƚĂƚŽ͘WŚLJƐŝŽůŽŐŝĐĂůĂŶĚDŽůĞĐƵůĂƌWůĂŶƚWĂƚŚŽůŽŐLJϲϰ͕ϭϳϵͲϴϴ͘
EŝĐŽƚE͕,ĂƵƐŵĂŶ:&͕,ŽĨĨŵĂŶŶ>͕ǀĞƌƐ͕ϮϬϬϱ͘,ŽƵƐĞŬĞĞƉŝŶŐŐĞŶĞƐĞůĞĐƚŝŽŶĨŽƌƌĞĂůͲ
ƚŝŵĞZdͲWZŶŽƌŵĂůŝnjĂƚŝŽŶŝŶƉŽƚĂƚŽĚƵƌŝŶŐďŝŽƚŝĐĂŶĚĂďŝŽƚŝĐƐƚƌĞƐƐ͘:ŽƵƌŶĂůŽĨ
džƉĞƌŝŵĞŶƚĂůŽƚĂŶLJϱϲ͕ϮϵϬϳͲϭϰ͘
KŬĂz͕ŽŚĞŶz͕^ƉŝĞŐĞůz͕ϭϵϵϵ͘>ŽĐĂůĂŶĚƐLJƐƚĞŵŝĐŝŶĚƵĐĞĚƌĞƐŝƐƚĂŶĐĞƚŽƚŚĞƌŽŽƚͲŬŶŽƚ
ŶĞŵĂƚŽĚĞ ŝŶ ƚŽŵĂƚŽ ďLJ >ͲďĞƚĂͲŵŝŶŽͲŶͲďƵƚLJƌŝĐ ĂĐŝĚ͘ WŚLJƚŽƉĂƚŚŽůŽŐLJ ϴϵ͕
ϭϭϯϴͲϰϯ͘
KůŝǀŝĞƌŝ&W͕>ŽďĂƚŽD͕ůƚĂŵŝƌĂŶĚĂ͕ĂůĞŽ'Z͕,ƵĂƌƚĞD͕'ƵĞǀĂƌĂD'͕ŶĚƌĞƵ͕
ϮϬϬϵ͘ ĞĨĨĞĐƚƐ ŽŶ ƚŚĞ ďĞŚĂǀŝŽƵƌ ŽĨ ƉŽƚĂƚŽ ĐƵůƚŝǀĂƌƐ ŝŶĨĞĐƚĞĚ ďLJ
WŚLJƚŽƉŚƚŚŽƌĂ ŝŶĨĞƐƚĂŶƐ ĂŶĚ &ƵƐĂƌŝƵŵ ƐŽůĂŶŝ͘ ƵƌŽƉĞĂŶ :ŽƵƌŶĂů ŽĨ WůĂŶƚ
WĂƚŚŽůŽŐLJϭϮϯ͕ϰϳͲϱϲ͘
YƵŝŶƚĂŶŝůůĂW͕ƌŝƐŚĂŵŵĂƌ^͕ϭϵϵϴ͘^LJƐƚĞŵŝĐŝŶĚƵĐĞĚƌĞƐŝƐƚĂŶĐĞƚŽůĂƚĞďůŝŐŚƚŝŶƉŽƚĂƚŽ
ďLJƚƌĞĂƚŵĞŶƚ ǁŝƚŚƐĂůŝĐLJůŝĐ ĂĐŝĚĂŶĚWŚLJƚŽƉŚƚŚŽƌĂ ĐƌLJƉƚŽŐĞĂ͘WŽƚĂƚŽ ZĞƐĞĂƌĐŚ
ϰϭ͕ϭϯϱͲϰϮ͘
ZLJĂůƐ :͕ EĞƵĞŶƐĐŚǁĂŶĚĞƌ h,͕ tŝůůŝƚƐ D'͕ DŽůŝŶĂ ͕ ^ƚĞŝŶĞƌ ,z͕ ,ƵŶƚ D͕ ϭϵϵϲ͘
^LJƐƚĞŵŝĐĂĐƋƵŝƌĞĚƌĞƐŝƐƚĂŶĐĞ͘WůĂŶƚĞůůϴ͕ϭϴϬϵͲϭϵ͘
^ĐŚƌĞŝďĞƌ <͕ ĞƐǀĞĂƵdž ͕ ϮϬϬϴ͘ DĞƐƐĂŐĞ ŝŶ Ă ďŽƚƚůĞ͗ ŚĞŵŝĐĂů ďŝŽůŽŐLJ ŽĨ ŝŶĚƵĐĞĚ
ĚŝƐĞĂƐĞƌĞƐŝƐƚĂŶĐĞŝŶƉůĂŶƚƐ͘WůĂŶƚWĂƚŚŽůŽŐLJ:ŽƵƌŶĂůϮϰ͕ϮϰϱͲϲϴ͘
^ŚĂŚ &͕ &ĂůůŽŽŶ Z͕ ƵƚůĞƌ Z͕ >ŝƐƚĞƌ Z͕ ϮϬϭϮ͘ >Žǁ ĂŵŽƵŶƚƐ ŽĨ ^ƉŽŶŐŽƐƉŽƌĂ
ƐƵďƚĞƌƌĂŶĞĂƐƉŽƌŽƐŽƌƵƐŝŶŽĐƵůƵŵĐĂƵƐĞƐĞǀĞƌĞƉŽǁĚĞƌLJƐĐĂď͕ƌŽŽƚŐĂůůŝŶŐĂŶĚ
ϳϰ
ƌĞĚƵĐĞĚ ǁĂƚĞƌ ƵƐĞ ŝŶ ƉŽƚĂƚŽ ;^ŽůĂŶƵŵ ƚƵďĞƌŽƐƵŵͿ͘ ƵƐƚƌĂůĂƐŝĂŶ WůĂŶƚ
WĂƚŚŽůŽŐLJϰϭ͕ϮϭϵͲϮϴ͘
^ŝĞŐƌŝƐƚ :͕ KƌŽďĞƌ D͕ ƵĐŚĞŶĂƵĞƌ ,͕ ϮϬϬϬ͘ ďĞƚĂͲĂŵŝŶŽďƵƚLJƌŝĐ ĂĐŝĚͲŵĞĚŝĂƚĞĚ
ĞŶŚĂŶĐĞŵĞŶƚŽĨƌĞƐŝƐƚĂŶĐĞŝŶƚŽďĂĐĐŽƚŽƚŽďĂĐĐŽŵŽƐĂŝĐǀŝƌƵƐĚĞƉĞŶĚƐŽŶƚŚĞ
ĂĐĐƵŵƵůĂƚŝŽŶŽĨƐĂůŝĐLJůŝĐĂĐŝĚ͘WŚLJƐŝŽůŽŐŝĐĂůĂŶĚDŽůĞĐƵůĂƌWůĂŶƚWĂƚŚŽůŽŐLJϱϲ͕
ϵϱͲϭϬϲ͘
^ŝĞŵĞŶƐ:͕ƵůŵĂŶ^͕ZĞŚŶ&͕^ƵŶĚĞůŝŶd͕ϮϬϬϵ͘DŽůĞĐƵůĂƌďŝŽůŽŐLJŽĨWůĂƐŵŽĚŝŽƉŚŽƌĂ
ďƌĂƐƐŝĐĂĞ͘:ŽƵƌŶĂůŽĨWůĂŶƚ'ƌŽǁƚŚZĞŐƵůĂƚŝŽŶϮϴ͕ϮϰϱͲϱϭ͘
dŚĞWŽƚĂƚŽ'ĞŶŽŵĞ^ĞƋƵĞŶĐŝŶŐŽŶƐŽƌƚŝƵŵ͕ϮϬϭϭ͘'ĞŶŽŵĞƐĞƋƵĞŶĐĞĂŶĚĂŶĂůLJƐŝƐŽĨ
ƚŚĞƚƵďĞƌĐƌŽƉƉŽƚĂƚŽ͘EĂƚƵƌĞϰϳϱ͕ϭϴϵͲϵϱ͘
sĂůůĂĚ '͕ 'ŽŽĚŵĂŶ ZD͕ ϮϬϬϰ͘ ^LJƐƚĞŵŝĐ ĂĐƋƵŝƌĞĚ ƌĞƐŝƐƚĂŶĐĞ ĂŶĚ ŝŶĚƵĐĞĚ ƐLJƐƚĞŵŝĐ
ƌĞƐŝƐƚĂŶĐĞŝŶĐŽŶǀĞŶƚŝŽŶĂůĂŐƌŝĐƵůƚƵƌĞ͘ƌŽƉ^ĐŝĞŶĐĞϰϰ͕ϭϵϮϬͲϯϰ͘
sĂŶ Ğƌ Ŷƚ ^͕ <ŽŽƌŶŶĞĞĨ ͕ dŽŶ :͕ WŝĞƚĞƌƐĞ D:͕ ϮϬϬϵ͘ /ŶĚƵĐĞĚ ƌĞƐŝƐƚĂŶĐĞ ʹ
KƌĐŚĞƐƚƌĂƚŝŶŐĚĞĨĞŶĐĞŵĞĐŚĂŶŝƐŵƐƚŚƌŽƵŐŚĐƌŽƐƐƚĂůŬĂŶĚƉƌŝŵŝŶŐ͘ŶŶƵĂůWůĂŶƚ
ZĞǀŝĞǁƐ sŽůƵŵĞ ϯϰ͗ DŽůĞĐƵůĂƌ ƐƉĞĐƚƐ ŽĨ WůĂŶƚ ŝƐĞĂƐĞ ZĞƐŝƐƚĂŶĐĞ͘ tŝůĞLJͲ
ůĂĐŬǁĞůů͕ϯϯϰͲϳϬ͘
sĂŶ,ƵůƚĞŶD͕WĞůƐĞƌD͕sĂŶ>ŽŽŶ>͕WŝĞƚĞƌƐĞD:͕dŽŶ:͕ϮϬϬϲ͘ŽƐƚƐĂŶĚďĞŶĞĨŝƚƐŽĨ
ƉƌŝŵŝŶŐ ĨŽƌ ĚĞĨĞŶƐĞ ŝŶ ƌĂďŝĚŽƉƐŝƐ͘ WƌŽĐĞĞĚŝŶŐƐ ŽĨ ƚŚĞ EĂƚŝŽŶĂů ĐĂĚĞŵLJ ŽĨ
^ĐŝĞŶĐĞƐŽĨƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐŽĨŵĞƌŝĐĂϭϬϯ͕ϱϲϬϮͲϳ͘
sĂƐLJƵŬŽǀĂE/͕KnjĞƌĞƚƐŬŽǀƐŬĂLJĂK>͕ϮϬϬϳ͘/ŶĚƵĐĞĚƉůĂŶƚƌĞƐŝƐƚĂŶĐĞĂŶĚƐĂůŝĐLJůŝĐĂĐŝĚ͗
ƌĞǀŝĞǁ͘ƉƉůŝĞĚŝŽĐŚĞŵŝƐƚƌLJĂŶĚDŝĐƌŽďŝŽůŽŐLJϰϯ͕ϯϲϳͲϳϯ͘
tĂůƚĞƌƐ ͕ tĂůƐŚ ͕ EĞǁƚŽŶ ͕ >LJŽŶ '͕ ϮϬϬϱ͘ /ŶĚƵĐĞĚ ƌĞƐŝƐƚĂŶĐĞ ĨŽƌ ƉůĂŶƚ ĚŝƐĞĂƐĞ
ĐŽŶƚƌŽů͗ DĂdžŝŵŝnjŝŶŐ ƚŚĞ ĞĨĨŝĐĂĐLJ ŽĨ ƌĞƐŝƐƚĂŶĐĞ ĞůŝĐŝƚŽƌƐ͘ WŚLJƚŽƉĂƚŚŽůŽŐLJ ϵϱ͕
ϭϯϲϴͲϳϯ͘
ϳϱ
tĂůƚĞƌƐZ͕,ĂǀŝƐE͕^ĂďůŽƵ͕tĂůƐŚ:͕ϮϬϭϭ͘WŽƐƐŝďůĞƚƌĂĚĞͲŽĨĨĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞ
ƵƐĞŽĨĂĐŽŵďŝŶĂƚŝŽŶŽĨƌĞƐŝƐƚĂŶĐĞĞůŝĐŝƚŽƌƐ͘ WŚLJƐŝŽůŽŐŝĐĂůĂŶĚDŽůĞĐƵůĂƌWůĂŶƚ
WĂƚŚŽůŽŐLJϳϱ͕ϭϴϴͲϵϮ͘
tĂůnj ͕ ^ŝŵŽŶ K͕ ϮϬϬϵ͘ ɴͲĂŵŝŶŽďƵƚLJƌŝĐ ĂĐŝĚͲŝŶĚƵĐĞĚ ƌĞƐŝƐƚĂŶĐĞ ŝŶ ĐƵĐƵŵďĞƌ ĂŐĂŝŶƐƚ
ďŝŽƚƌŽƉŚŝĐĂŶĚŶĞĐƌŽƚƌŽƉŚŝĐƉĂƚŚŽŐĞŶƐ͘:ŽƵƌŶĂůŽĨWŚLJƚŽƉĂƚŚŽůŽŐLJϭϱϳ͕ϯϱϲͲϲϭ͘
tĂůůŝŶŐ >>͕ ϮϬϬϭ͘ /ŶĚƵĐĞĚ ƌĞƐŝƐƚĂŶĐĞ͗ ĨƌŽŵ ƚŚĞ ďĂƐŝĐ ƚŽ ƚŚĞ ĂƉƉůŝĞĚ͘ dƌĞŶĚƐ ŝŶ ƉůĂŶƚ
ƐĐŝĞŶĐĞϲ͕ϰϰϱͲϳ͘
zŝŶz͕>ŝz͕ŝz͕ŚĞŶ^:͕zƵĂŶ>͕tĂŶŐz͕tĂŶŐ͕ϮϬϭϬ͘WŽƐƚŚĂƌǀĞƐƚƚƌĞĂƚŵĞŶƚǁŝƚŚ
ďĞƚĂͲĂŵŝŶŽďƵƚLJƌŝĐ ĂĐŝĚ ŝŶĚƵĐĞƐ ƌĞƐŝƐƚĂŶĐĞ ĂŐĂŝŶƐƚ ĚƌLJ ƌŽƚ ĐĂƵƐĞĚ ďLJ&ƵƐĂƌŝƵŵ
ƐƵůƉŚƵƌĞƵŵŝŶƉŽƚĂƚŽƚƵďĞƌ͘ŐƌŝĐƵůƚƵƌĂů^ĐŝĞŶĐĞƐŝŶŚŝŶĂϵ͕ϭϯϳϮͲϴϬ͘
ŝŵŵĞƌůŝ >͕ :ĂŬĂď ͕ DĞƚƌĂƵdž :W͕ DĂƵĐŚͲDĂŶŝ ͕ ϮϬϬϬ͘ WŽƚĞŶƚŝĂƚŝŽŶ ŽĨ ƉĂƚŚŽŐĞŶͲ
ƐƉĞĐŝĨŝĐ ĚĞĨĞŶƐĞ ŵĞĐŚĂŶŝƐŵƐ ŝŶ ƌĂďŝĚŽƉƐŝƐ ďLJ ďĞƚĂͲĂŵŝŶŽďƵƚLJƌŝĐ ĂĐŝĚ͘
WƌŽĐĞĞĚŝŶŐƐ ŽĨ ƚŚĞ EĂƚŝŽŶĂů ĐĂĚĞŵLJ ŽĨ ^ĐŝĞŶĐĞƐ ŽĨ ƚŚĞ hŶŝƚĞĚ ^ƚĂƚĞƐ ŽĨ
ŵĞƌŝĐĂϵϳ͕ϭϮϵϮϬͲϱ͘
ϳϲ
,WdZ ϰ͘ 'E yWZ^^/KE K& WKddK ZKKd^ &dZ dZdDEd E
^WKE'K^WKZ^hdZZE/E&d/KE
ϰ͘ϭďƐƚƌĂĐƚ
ɴͲĂŵŝŶŽďƵƚLJƌŝĐĂĐŝĚ;ͿŝƐĂĐŚĞŵŝĐĂůĞůŝĐŝƚŽƌŽĨŝŶĚƵĐĞĚƌĞƐŝƐƚĂŶĐĞ;/ZͿŝŶƉůĂŶƚƐ͘/ƚ
ŝƐŽŶĞŽĨƚŚĞŵŽƐƚǁŝĚĞůLJƐƚƵĚŝĞĚĞůŝĐŝƚŽƌƐĨŽƌƉŽƚĂƚŽ/ZĂůƚŚŽƵŐŚŝƚƐŵŽĚĞŽĨĂĐƚŝŽŶŝƐ
ŶŽƚǁĞůůƵŶĚĞƌƐƚŽŽĚ͘/ŶĂƉƌĞǀŝŽƵƐƐƚƵĚLJ͕;ŚĂƉƚĞƌϯͿǁĂƐƐŚŽǁŶƚŽďĞĞĨĨĞĐƚŝǀĞ
ĨŽƌ ƌĞĚƵĐŝŶŐ ŝŶĨĞĐƚŝŽŶ ďLJ ƚŚĞ ƉŽƚĂƚŽ ƌŽŽƚ ƉĂƚŚŽŐĞŶ ^ƉŽŶŐŽƐƉŽƌĂ ƐƵďƚĞƌƌĂŶĞĂ͘ dŚĞ
ƉƌĞƐĞŶƚ ƐƚƵĚLJ ƐŽƵŐŚƚ ƚŽ ĚĞƚĞƌŵŝŶĞ ĞdžƉƌĞƐƐŝŽŶ ŽĨ ŐĞŶĞ ƚƌĂŶƐĐƌŝƉƚƐ ŝŶ ƉŽƚĂƚŽ ƌŽŽƚƐ
ĨŽůůŽǁŝŶŐĂƉƉůŝĐĂƚŝŽŶĂŶĚ^͘ƐƵďƚĞƌƌĂŶĞĂŝŶĨĞĐƚŝŽŶ͕ĂŶĚƚŽĞƐƚĂďůŝƐŚƌĞůŝĂďůĞŐĞŶĞ
ŵĂƌŬĞƌƐĨŽƌ/ZŝŶƉŽƚĂƚŽ͘dŚĞĞdžƉƌĞƐƐŝŽŶŽĨƚƌĂŶƐĐƌŝƉƚƐŽĨϭϴŐĞŶĞƐǁĂƐĂŶĂůLJƐĞĚ
ďLJƋƵĂŶƚŝƚĂƚŝǀĞWZ;ƋWZͿŝŶƚŚĞƉŽƚĂƚŽĐƵůƚŝǀĂƌ͚/ǁĂ͛͘dŚĞŐĞŶĞƐǁĞƌĞƐĞůĞĐƚĞĚďĂƐĞĚ
ŽŶ ƚƌĂŶƐĐƌŝƉƚŝŽŶ ĚĂƚĂ ĨƌŽŵ ƉƌĞǀŝŽƵƐ ƌĞƐĞĂƌĐŚ͕ ĂŶĚ ǁĞƌĞ ŵŽƐƚůLJ ƵƉͲƌĞŐƵůĂƚĞĚ
ƉĂƚŚŽŐĞŶĞŶƐŝƐͲƌĞůĂƚĞĚ ;WZͿ ŐĞŶĞƐ͘ ƐĞůĞĐƚŝŽŶ ŽĨ ŽƚŚĞƌ ŬŶŽǁŶ ŵĂƌŬĞƌƐ ĨƌŽŵ ƉůĂŶƚ
ĚĞĨĞŶĐĞƉĂƚŚǁĂLJƐǁĞƌĞĂůƐŽĐŚŽƐĞŶ͘WůĂŶƚƐǁĞƌĞƚƌĞĂƚĞĚǁŝƚŚĂŶĚŚĂƌǀĞƐƚĞĚĂƚ
Ϯϰ͕ϰϴĂŶĚϳϮŚƉŽƐƚƚƌĞĂƚŵĞŶƚ͘ƚϳϮŚ͕ŚĂůĨŽĨƚŚĞƌĞŵĂŝŶŝŶŐƉůĂŶƚƐǁĞƌĞŝŶŽĐƵůĂƚĞĚ
ǁŝƚŚ ^͘ ƐƵďƚĞƌƌĂŶĞĂ ĂŶĚ ŚĂƌǀĞƐƚĞĚ ϳ ĚĂLJƐ ůĂƚĞƌ͘ dŚĞƌĞ ǁĂƐ ŝŶĐƌĞĂƐĞĚ ƚƌĂŶƐĐƌŝƉƚŝŽŶ ŽĨ
ƐĞǀĞƌĂů ŐĞŶĞƐ ŝŶ ƌĞƐƉŽŶƐĞ ƚŽ ĂƉƉůŝĐĂƚŝŽŶ ǁŚŝĐŚ ǁĂƐ ŵŽƐƚůLJ ĚŽƐĞ ĚĞƉĞŶĚĞŶƚ͖
ϰŵD ƚƌĞĂƚŵĞŶƚƐ LJŝĞůĚĞĚ ƚŚĞ ŐƌĞĂƚĞƐƚ ƚƌĂŶƐĐƌŝƉƚŝŽŶĂů ƌĞƐƉŽŶƐĞƐ͘ ŝĨĨĞƌĞŶĐĞƐ ŝŶ
ƚƌĂŶƐĐƌŝƉƚŝŽŶ ǁĞƌĞ ƉƌŽŶŽƵŶĐĞĚ Ăƚ Ϯϰ Ś ĂĨƚĞƌ ƚƌĞĂƚŵĞŶƚ͕ ĂŶĚ ƚŚĞƐĞ ĚŝĨĨĞƌĞŶĐĞƐ ǁĞƌĞ
ŐĞŶĞƌĂůůLJƐƚŝůůĂƉƉĂƌĞŶƚ ĂƚϳϮŚ͘,ŽǁĞǀĞƌ͕ŝŶƚŚĞϭŵD ƚƌĞĂƚŵĞŶƚƐ͕ƐŽŵĞŐĞŶĞƐ
ƌĞƚƵƌŶĞĚ ƚŽ ƉƌĞͲƚƌĞĂƚŵĞŶƚ ůĞǀĞůƐ ŽĨ ƚƌĂŶƐĐƌŝƉƚŝŽŶ ĂĨƚĞƌ ϰϴ Ś͕ ǁŚĞƌĞĂƐ ƚƌĂŶƐĐƌŝƉƚŝŽŶ
ƌĞŵĂŝŶĞĚ ĞůĞǀĂƚĞĚ ĨŽƌ ƚŚĞ ŐƌĞĂƚĞƌ ĐŽŶĐĞŶƚƌĂƚŝŽŶ ƚƌĞĂƚŵĞŶƚƐ͘ DŽƐƚ ŽĨ ƚŚĞ ŐĞŶĞƐ
ƉƌĞǀŝŽƵƐůLJ ƐŚŽǁŶ ƚŽ ŝŶĐƌĞĂƐĞ ƚƌĂŶƐĐƌŝƉƚŝŽŶ ĂĨƚĞƌ ƚƌĞĂƚŵĞŶƚ ĂůƐŽ ƐŚŽǁĞĚ
ŝŶĐƌĞĂƐĞƐŝŶƚŚĞƉƌĞƐĞŶƚƐƚƵĚLJ͘ƚϭϬĚĂLJƐĂĨƚĞƌƚƌĞĂƚŵĞŶƚ͕ƚƌĂŶƐĐƌŝƉƚŝŽŶŽĨŵŽƐƚ
ŐĞŶĞƐŚĂĚƌĞƚƵƌŶĞĚƚŽƉƌĞͲƚƌĞĂƚŵĞŶƚůĞǀĞůƐ͘/ŶŽĐƵůĂƚŝŽŶŽĨƉůĂŶƚƐǁŝƚŚ^͘ƐƵďƚĞƌƌĂŶĞĂ
ŚĂĚůŝƚƚůĞĞĨĨĞĐƚŽŶƚƌĂŶƐĐƌŝƉƚŝŽŶŽĨƚŚŝƐŐƌŽƵƉŽĨŐĞŶĞƐ͘dŚĞĐůĂƐƐ/ĐŚŝƚŝŶĂƐĞ;ϭͿ͕WZϭď
ĂŶĚ WZϰ ŐĞŶĞƐ ƐŚŽǁĞĚ ŐƌĞĂƚůLJ ŝŶĐƌĞĂƐĞĚ ƚƌĂŶƐĐƌŝƉƚŝŽŶ ŝŶ ƚŚĞ ĨŝƌƐƚ ϳϮ Ś ĂĨƚĞƌ ƚƌĞĂƚŵĞŶƚ͘ ĂƐĞĚ ŽŶ ƚŚŝƐ ǁŽƌŬ͕ ǁĞ ƌĞĐŽŵŵĞŶĚ ƚŚĞƐĞ ƚŚƌĞĞ ŐĞŶĞƐ ĂƐ ĂƉƉƌŽƉƌŝĂƚĞ
ŵĂƌŬĞƌƐĨŽƌͲ/ZŝŶƉŽƚĂƚŽŝŶƌŽŽƚƐ͘
ϳϳ
ϰ͘Ϯ/ŶƚƌŽĚƵĐƚŝŽŶ
tŚĞŶĂƚƚĂĐŬĞĚďLJƉĂƚŚŽŐĞŶƐ͕ƉůĂŶƚƐĚĞǀĞůŽƉŝŵŵƵŶĞƌĞƐƉŽŶƐĞƐĂƚƚŚĞƐŝƚĞŽĨĂƚƚĂĐŬ
ƚŚĂƚ ůĞĂĚƐ ƚŽ Ă ƐĞƌŝĞƐ ŽĨ ƌĞĂĐƚŝŽŶƐ ƚŽ ƐƚŽƉ ƉĂƚŚŽŐĞŶ ŝŶǀĂƐŝŽŶ͕ ĂƐ ǁĞůů ĂƐ Ă ƌĂŶŐĞ ŽĨ
ƐLJƐƚĞŵŝĐƌĞƐƉŽŶƐĞƐƚŚĂƚƌĞƐƵůƚŝŶŵŽƌĞǁŝĚĞƐƉƌĞĂĚƌĞƐŝƐƚĂŶĐĞĂŐĂŝŶƐƚƉĂƚŚŽŐĞŶƐ;:ŽŶĞƐ
Θ ĂŶŐů͕ ϮϬϬϲͿ͘ dŚĞ ƉůĂŶƚ ŝŵŵƵŶĞ ƐLJƐƚĞŵ ŚĂƐ ďĞĞŶ ĚĞƐĐƌŝďĞĚ ĂƐ ĂŶ ĞǀŽůǀŝŶŐ
ŝŶƚĞƌĂĐƚŝŽŶďĞƚǁĞĞŶƉĂƚŚŽŐĞŶƐĂŶĚŚŽƐƚƐƚŚĂƚŝŶǀŽůǀĞƐƐĞǀĞƌĂůƉŚĂƐĞƐ;ŚŝƐŚŽůŵĞƚĂů͕͘
ϮϬϬϲ͖:ŽŶĞƐΘĂŶŐů͕ϮϬϬϲͿ͘^ĞĐŽŶĚĂƌLJŵĞƚĂďŽůŝƚĞƐĂŶĚŽƚŚĞƌĐŽŵƉŽƵŶĚƐĂƌĞĨŽƌŵĞĚ
ĂŶĚĂĐĐƵŵƵůĂƚĞĚŝŶƉůĂŶƚƚŝƐƐƵĞƐĂƐĂƌĞƐƵůƚŽĨƚŚĞƐĞŝŶƚĞƌĂĐƚŝŽŶƐ͕Ğ͘Ő͘ƌĞĂĐƚŝǀĞŽdžLJŐĞŶ
ƐƉĞĐŝĞƐ͕ ƚĞƌƉĞŶĞƐ͕ ƉŚĞŶŽůŝĐƐ ĂŶĚ ƉĂƚŚŽŐĞŶĞƐŝƐͲƌĞůĂƚĞĚ ;WZͿ ƉƌŽƚĞŝŶƐ͘ ^ŽŵĞ ŽĨ ƚŚĞƐĞ
ƐƵďƐƚĂŶĐĞƐ ĂƌĞ ƚŽdžŝĐ ĂŶĚ ĂĐƚ ĚŝƌĞĐƚůLJ ĂŐĂŝŶƐƚ ƉĂƚŚŽŐĞŶƐ͕ ǁŚŝůĞ ŽƚŚĞƌƐ ĂĐƚŝǀĂƚĞ ƉůĂŶƚ
ƌĞĂĐƚŝŽŶƐ ƐƵĐŚ ĂƐ ƚŚĞ ŚLJƉĞƌƐĞŶƐŝƚŝǀĞ ƌĞƐƉŽŶƐĞ ;,ZͿ ĂŶĚ ƚŚĞ ĂĐƚŝǀĂƚŝŽŶ ŽĨ ƐLJƐƚĞŵŝĐ
ƌĞƐƉŽŶƐĞƐ;ŚŝƐŚŽůŵĞƚĂů͕͘ϮϬϬϲ͖<ŽŵďƌŝŶŬΘ^ĐŚŵĞůnjĞƌ͕ϮϬϬϭ͖DĂnjŝĚĞƚĂů͕͘ϮϬϭϭ͖ǀĂŶ
ĚĞƌŶƚĞƚĂů͕͘ϮϬϬϵͿ͘dŚĞŵŽƐƚǁŝĚĞůLJŬŶŽǁŶƐLJƐƚĞŵŝĐƌĞƐƉŽŶƐĞƐĂƌĞƐLJƐƚĞŵŝĐĂĐƋƵŝƌĞĚ
ƌĞƐŝƐƚĂŶĐĞ ;^ZͿ ĂŶĚ ŝŶĚƵĐĞĚ ƐLJƐƚĞŵŝĐ ƌĞƐŝƐƚĂŶĐĞ ;/^ZͿ ;'ƌĂŶƚ Θ >Ăŵď͕ ϮϬϬϲͿ͘ ^Z
ƌĞƋƵŝƌĞƐ ĂĐĐƵŵƵůĂƚŝŽŶ ŽĨ ƐĂůŝĐLJůŝĐ ĂĐŝĚ ;^Ϳ ĂŶĚ ůĞĂĚƐ ƚŽ ƚŚĞ ĞdžƉƌĞƐƐŝŽŶ ŽĨ WZ ŐĞŶĞƐ
;'ƌĂŶƚ Θ >Ăŵď͕ ϮϬϬϲ͖ ǀĂŶ ĚĞƌ Ŷƚ Ğƚ Ăů͕͘ ϮϬϬϵ͖ ŽŶƌĂƚŚ͕ ϮϬϬϵ͖ ZLJĂůƐ Ğƚ Ăů͕͘ ϭϵϵϲͿ͘ /Ŷ
ƌĂďŝĚŽƉƐŝƐ͕ ŝŶĐƌĞĂƐĞĚ ƚƌĂŶƐĐƌŝƉƚŝŽŶ ŽĨ ƚŚĞ WZϭ ŐĞŶĞ ŝƐ Ă ƌĞĐŽŐŶŝƐĞĚ ŵĂƌŬĞƌ ĨŽƌ ^Z
ŝŶĚƵĐƚŝŽŶ;dŝƌLJĂŬŝ͕ϮϬϬϰͿ͘^ZĂĐƚŝǀĂƚŝŽŶŵĂLJďĞƌĞůĂƚĞĚƚŽƉƌŽŐƌĂŵŵĞĚĐĞůůĚĞĂƚŚĂƚ
ƚŚĞƐŝƚĞŽĨƉĂƚŚŽŐĞŶĂƚƚĂĐŬ͕ŬŶŽǁŶĂƐƚŚĞ,Z;^ĐŚƌĞŝďĞƌΘĞƐǀĞĂƵdž͕ϮϬϬϴͿ͕ďƵƚ,ZŝƐ
ŶŽƚŵĂŶĚĂƚŽƌLJĨŽƌ^ZĚĞǀĞůŽƉŵĞŶƚ;sůŽƚĞƚĂů͕͘ϮϬϬϴͿ͘/^ZĐĂŶďĞĂĐƚŝǀĂƚĞĚďLJƉůĂŶƚ
ŐƌŽǁƚŚͲƉƌŽŵŽƚŝŶŐ ƌŚŝnjŽďĂĐƚĞƌŝĂ ĂŶĚ ŝƐ ŶŽƚ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ WZ ŐĞŶĞ ĞdžƉƌĞƐƐŝŽŶ Žƌ ^
ĂĐĐƵŵƵůĂƚŝŽŶ͕ ďĞĐĂƵƐĞ /^Z ĐĂŶ ƌĞƋƵŝƌĞ ĂĐĐƵŵƵůĂƚŝŽŶ ŽĨ ũĂƐŵŽŶŝĐ ĂĐŝĚ ;:Ϳ ĂŶĚͬŽƌ
ĞƚŚLJůĞŶĞ ;ŽŶƌĂƚŚ͕ ϮϬϬϵ͖ ŚĂŽ Θ Yŝ͕ ϮϬϬϴ͖ 'ůĂnjĞďƌŽŽŬ͕ ϮϬϬϱ͖ sĂůůĂĚ Θ 'ŽŽĚŵĂŶ͕
ϮϬϬϰͿ͘ dŚĞƐĞ ƐLJƐƚĞŵŝĐ ƌĞƐƉŽŶƐĞƐ ĂƌĞ ĂĐƚŝǀĂƚĞĚ ĂŐĂŝŶƐƚ ƉĂƚŚŽŐĞŶƐ ǁŝƚŚ ĐĞƌƚĂŝŶ
ĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐ͖ ďŝŽƚƌŽƉŚŝĐ ƉĂƚŚŽŐĞŶƐ ĂƌĞ ƵƐƵĂůůLJ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ĂĐƚŝǀĂƚŝŽŶ ŽĨ ^Z
ƌĞƐƉŽŶƐĞƉĂƚŚǁĂLJƐǁŚŝůĞŶĞĐƌŽƚƌŽƉŚŝĐƉĂƚŚŽŐĞŶƐŽĨƚĞŶƚƌŝŐŐĞƌ/^Z;ǀĂŶĚĞƌŶƚĞƚĂů͕͘
ϮϬϬϵ͖'ůĂnjĞďƌŽŽŬ͕ϮϬϬϱͿ͘
^LJƐƚĞŵŝĐ ĚĞĨĞŶĐĞƐ ŝŶ ƉůĂŶƚƐ ĐĂŶ ďĞ ĂĐƚŝǀĂƚĞĚ ĂĨƚĞƌ ƉĂƚŚŽŐĞŶ ŝŶĨĞĐƚŝŽŶ Žƌ ďLJ
ĂƉƉůŝĐĂƚŝŽŶŽĨĐŚĞŵŝĐĂůƐ;ƌĂŵƉƚŽŶ͕ϮϬϬϵ͖ZLJĂůƐĞƚĂů͕͘ϭϵϵϲ͖^ĂŶnjͲůĨĠƌĞnj͕ϮϬϬϴͿ͕ŝŶĂ
ƉƌŽĐĞƐƐŬŶŽǁŶĂƐŝŶĚƵĐĞĚƌĞƐŝƐƚĂŶĐĞ;/ZͿ;ǀĂŶĚĞƌŶƚĞƚĂů͕͘ϮϬϬϵͿ͘dŚĞĂƐƐĞƐƐŵĞŶƚŽĨ
ϳϴ
ĐŚĞŵŝĐĂůƐ ĨŽƌ /Z ŝƐ Ă ŐƌŽǁŝŶŐ ĂƌĞĂ ŽĨ ƌĞƐĞĂƌĐŚ ĨŽƌ ƉŽƚĞŶƚŝĂů ĐŽŶƚƌŽů ŽĨ ŵĂŶLJ
ĂŐƌŝĐƵůƚƵƌĂůůLJŝŵƉŽƌƚĂŶƚƉůĂŶƚƉĂƚŚŽŐĞŶƐ;tĂůƚĞƌƐĞƚĂů͕͘ϮϬϬϱ͖tĂůůŝŶŐ͕ϮϬϬϭͿ͘ĞƐŝĚĞƐ
^͕ ƐLJŶƚŚĞƚŝĐ ^ ĂŶĂůŽŐƐ ƐƵĐŚ ĂƐ ďĞŶnjŽ ;ϭ͕ Ϯ͕ ϯͿ ƚŚŝĂĚŝĂnjŽůĞ ͲϳͲ ĐĂƌďŽƚŚŝŽŝĐ ĂĐŝĚ ^Ͳ
ŵĞƚŚLJů ĞƐƚĞƌ ;d,Ϳ ŚĂƐ ĂůƐŽ ďĞĞŶ ƵƐĞĚ ŝŶ ƐƚƵĚŝĞƐ ŽĨ /Z͕ ĨŽĐƵƐĞĚ ŽŶ ƚŚĞ ^Z ĚĞĨĞŶĐĞ
ƌĞƐƉŽŶƐĞ;sĂůůĂĚΘ'ŽŽĚŵĂŶ͕ϮϬϬϰ͖ZLJĂůƐ ĞƚĂů͕͘ϭϵϵϲ͖tĂůƚĞƌƐ͕ϮϬϬϱ͖tĂůƚĞƌƐ͕ϮϬϬϵ͖
^ĂŶnjͲůĨĠƌĞnj͕ ϮϬϬϴͿ͘ /Ŷ ƚŚĞ ĐĂƐĞ ŽĨ /^Z͕ ƚŚĞ ŵŽƐƚ ĐŽŵŵŽŶůLJ ƵƐĞĚ ĐŚĞŵŝĐĂůƐ ĨŽƌ
ĞdžŽŐĞŶŝĐ ĂĐƚŝǀĂƚŝŽŶ ŝŶ /Z ƐƚƵĚŝĞƐ ĂƌĞ ŵĞƚŚLJů ũĂƐŵŽŶĂƚĞ ;DĞ:Ϳ͕ ĞƚŚLJůĞŶĞ͕ : ĂŶĚ ĐŝƐͲ
ũĂƐŵŽŶĞ;tĂůƚĞƌƐĞƚĂů͕͘ϮϬϭϭ͖>ƵnjnjĂƚƚŽĞƚĂů͕͘ϮϬϬϳͿ͘
dŚĞ ŶŽŶͲƉƌŽƚĞŝŶ ĂŵŝŶŽ ĂĐŝĚ ɴͲĂŵŝŶŽďƵƚLJƌŝĐ ĂĐŝĚ ;Ϳ ŝƐ ĂŶŽƚŚĞƌ ƉŽƚĞŶƚ
ĂĐƚŝǀĂƚŽƌ ŽĨ /Z ĂŐĂŝŶƐƚ Ă ůĂƌŐĞ ƐƉĞĐƚƌƵŵ ŽĨ ƉĂƚŚŽŐĞŶƐ͕ ĂŶĚ ĂŐĂŝŶƐƚ ĂďŝŽƚŝĐ ƐƚƌĞƐƐ͕ ŝŶ
ĚŝǀĞƌƐĞ ƉůĂŶƚ ƐƉĞĐŝĞƐ ;:ĂŬĂď Ğƚ Ăů͕͘ ϮϬϬϭ͖ ŽŚĞŶ͕ ϮϬϬϮ͖ ŽŶƌĂƚŚ͕ ϮϬϬϵͿ͘ WƌĞǀŝŽƵƐ
ƌĞƐĞĂƌĐŚ ;ŚĂƉƚĞƌ ϯͿ ĞdžĂŵŝŶĞĚ ƚŚĞ ĞĨĨĞĐƚ ŽĨ ŽŶ ŝŶĨĞĐƚŝŽŶ ŽĨ ƉŽƚĂƚŽ ďLJ
^ƉŽŶŐŽƐƉŽƌĂƐƵďƚĞƌƌĂŶĞĂ͘dŚŝƐŽƌŐĂŶŝƐŵŝƐĂĐĞƌĐŽnjŽĂŶďŝŽƚƌŽƉŚŝĐƌŽŽƚƉĂƚŚŽŐĞŶƚŚĂƚ
ĐĂƵƐĞƐ ƉŽǁĚĞƌLJ ƐĐĂď ŝŶ ƉŽƚĂƚŽ͘ dŚĞ ƉĂƚŚŽŐĞŶ ŝŶĨĞĐƚƐ ƉůĂŶƚ ƌŽŽƚƐ͕ ƐƚĞŵƐ ĂŶĚ ƐƚŽůŽŶƐ
ĂŶĚ ĨŽƌŵƐ ǁĂƌƚͲůŝŬĞ ŐĂůůƐ ƚŚĂƚ ĐŽŶƚĂŝŶ ƐƉŽƌŽƐŽƌŝ ĂŶĚ ƌĞƐƚŝŶŐ ƐƉŽƌĞƐ ;&ĂůůŽŽŶ͕ ϮϬϬϴ͖
,ĂƌƌŝƐŽŶĞƚĂů͕͘ϭϵϵϳ͖DĞƌnj͕ϮϬϬϴ͖DĞƌnjΘ&ĂůůŽŽŶ͕ϮϬϬϵͿ͘WŽǁĚĞƌLJƐĐĂďŝƐĂŵĂũŽƌŝƐƐƵĞ
ĨŽƌ ƉŽƚĂƚŽ ƉƌŽĚƵĐƚŝŽŶ ĂŶĚ ŝƚƐ ŝŵƉŽƌƚĂŶĐĞ ŚĂƐ ďĞĞŶ ŝŶĐƌĞĂƐŝŶŐ ǁŽƌůĚǁŝĚĞ ;&ĂůůŽŽŶ͕
ϮϬϬϴ͖,ĂƌƌŝƐŽŶĞƚĂů͕͘ϭϵϵϳ͖DĞƌnj͕ϮϬϬϴ͖DĞƌnjΘ&ĂůůŽŽŶ͕ϮϬϬϵͿ͘ZĞƉĞĂƚĞĚĂƉƉůŝĐĂƚŝŽŶƐ
ŽĨ;ŚĂƉƚĞƌϯͿĐŽŶƐŝĚĞƌĂďůLJƌĞĚƵĐĞĚŝŶĨĞĐƚŝŽŶŽĨĂƐƵƐĐĞƉƚŝďůĞƉŽƚĂƚŽĐƵůƚŝǀĂƌďLJ
^͘ ƐƵďƚĞƌƌĂŶĞĂ͘ dŚĞ ŵĞĐŚĂŶŝƐŵ ďLJ ǁŚŝĐŚ ŝŶĚƵĐĞƐ ƌĞƐŝƐƚĂŶĐĞ ĂŐĂŝŶƐƚ ƚŚŝƐ
ƉĂƚŚŽŐĞŶ ŝƐ ƵŶŬŶŽǁŶ͘ WŽƚĂƚŽ ŐĞŶĞ ƚƌĂŶƐĐƌŝƉƚŝŽŶ ŝŶ ƌĞƐƉŽŶƐĞ ƚŽ ŚĂƐ ŶŽƚ ďĞĞŶ
ĞdžƚĞŶƐŝǀĞůLJŝŶǀĞƐƚŝŐĂƚĞĚ͕ĞƐƉĞĐŝĂůůLJŝŶƉůĂŶƚƌŽŽƚƐ͘
ƉƌŽďĂďůLJ ƌĞĐƌƵŝƚƐ ĚŝƐƚŝŶĐƚ ƐŝŐŶĂůůŝŶŐ ƉĂƚŚǁĂLJƐ ĚĞƉĞŶĚŝŶŐ ŽŶ ƚŚĞ
ƉĂƚŚŽŐĞŶͲŚŽƐƚĐŽŵďŝŶĂƚŝŽŶŝŶǀŽůǀĞĚ;^ĐŚƌĞŝďĞƌΘĞƐǀĞĂƵdž͕ϮϬϬϴ͖ŽŚĞŶ͕ϮϬϬϮ͖:ĂŬĂď
ĞƚĂů͕͘ϮϬϬϭ͖ŽŶƌĂƚŚ͕ϮϬϬϵ͖ǀĂŶĚĞƌŶƚĞƚĂů͕͘ϮϬϬϵͿ͘^ƚƵĚŝĞƐĐĂƌƌŝĞĚŽƵƚǁŝƚŚdŽďĂĐĐŽ
ŵŽƐĂŝĐǀŝƌƵƐ;dDsͿŝŶƚŽďĂĐĐŽĂŶĚƚŚĞďĂĐƚĞƌŝƵŵWƐĞƵĚŽŵŽŶĂƐƐLJƌŝŶŐĞƉǀ͘ƚŽŵĂƚŽŝŶ
ƌĂďŝĚŽƉƐŝƐ ĨŽƵŶĚ ƚŚĂƚ ĞŶŚĂŶĐĞŵĞŶƚ ŽĨ ƌĞƐŝƐƚĂŶĐĞ ǁĂƐ ĚĞƉĞŶĚĞŶƚ ŽŶ ƚŚĞ
ƐĂůŝĐLJůŝĐ ĂĐŝĚͲŵĞĚŝĂƚĞĚ ^Z ƐŝŐŶĂůůŝŶŐ ƉĂƚŚǁĂLJ ;^ŝĞŐƌŝƐƚ Ğƚ Ăů͕͘ ϮϬϬϬ͖ ŝŵŵĞƌůŝ Ğƚ Ăů͕͘
ϮϬϬϬͿ͘,ŽǁĞǀĞƌ͕ŶĞŝƚŚĞƌ^ZŶŽƌ/^ZƐŝŐŶĂůůŝŶŐǁĂƐƌĞƋƵŝƌĞĚŝŶƌĂďŝĚŽƉƐŝƐĨŽƌͲ/Z
ĂŐĂŝŶƐƚ ƚŚĞ ŽŽŵLJĐĞƚĞ WĞƌŽŶŽƐƉŽƌĂ ƉĂƌĂƐŝƚŝĐĂ͖ ŝŶ ƚŚŝƐ ĐĂƐĞ͕ ĂĐƚŝǀĂƚŝŽŶ ŽĨ ĚĞĨĞŶĐĞ ǁĂƐ
ϳϵ
ďĂƐĞĚŽŶĐĂůůŽƐĞĚĞƉŽƐŝƚŝŽŶ͕Ă,ZĂŶĚĨŽƌŵĂƚŝŽŶŽĨ ƚƌĂŝůŝŶŐŶĞĐƌŽƐĞƐ;ŝŵŵĞƌůŝĞƚĂů͕͘
ϮϬϬϬͿ͘^ƚƵĚŝĞƐŝŶƌĂďŝĚŽƉƐŝƐƚŚĂůŝĂŶĂĂŶĚĐƵĐƵŵďĞƌĂůƐŽƐŚŽǁĞĚƚŚĞŝŶǀŽůǀĞŵĞŶƚŽĨ
ĐĂůůŽƐĞ ĚĞƉŽƐŝƚŝŽŶ ŝŶ /Z ;dŽŶ Θ DĂƵĐŚͲDĂŶŝ͕ ϮϬϬϰ͖ tĂůnj Θ ^ŝŵŽŶ͕ ϮϬϬϵͿ͘
ƌĂďŝĚŽƉƐŝƐ ŝŶĨĞĐƚŝŽŶ ǁŝƚŚ ƚŚĞ ŶĞĐƌŽƚƌŽƉŚ ŽƚƌLJƚŝƐ ĐŝŶĞƌĞĂ ŝƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ :Ͳ
ĚĞƉĞŶĚĂŶƚ ĚĞĨĞŶĐĞ ƌĞƐƉŽŶƐĞƐ͕ ďƵƚ ǁĂƐ ĨŽƵŶĚ ƚŽ ƉƌŽƚĞĐƚ ƉůĂŶƚƐ ŝŶ Ă ^ ĂŶĚ
EWZϭͲĚĞƉĞŶĚĞŶƚ ŵĂŶŶĞƌ ;ŝŵŵĞƌůŝ Ğƚ Ăů͕͘ ϮϬϬϭͿ͘ /Ŷ ĂĚĚŝƚŝŽŶ ƚŽ ĚŝƌĞĐƚ ĂĐƚŝǀĂƚŝŽŶ ŽĨ
ƐŽŵĞ ŐĞŶĞƐ͕ ŚĂƐ ĂůƐŽ ďĞĞŶ ƐŚŽǁŶ ƚŽ ƉƌŝŵĞ ƉůĂŶƚ ĚĞĨĞŶĐĞƐ ;ǀĂŶ ĚĞƌ Ŷƚ Ğƚ Ăů͕͘
ϮϬϬϵ͖dŽŶĞƚĂů͕͘ϮϬϬϱ͖ŽŶƌĂƚŚĞƚĂů͕͘ϮϬϬϲ͖dŽŶΘDĂƵĐŚͲDĂŶŝ͕ϮϬϬϰͿ͘WƌŝŵŝŶŐŝƐƚŚĞ
ƉŚLJƐŝŽůŽŐŝĐĂů ĐŽŶĚŝƚŝŽŶ ŝŶ ǁŚŝĐŚ ƉůĂŶƚƐ ŵŽƵŶƚ ŐƌĞĂƚĞƌ͕ ĂŶĚ ŵŽƌĞ ƌĂƉŝĚ͕ ĚĞĨĞŶĐĞ
ƌĞƐƉŽŶƐĞƐƚŚĂŶ ŶŽƌŵĂů ;ŽŶƌĂƚŚ ĞƚĂů͕͘ϮϬϬϲ͖ŝŵŵĞƌůŝĞƚĂů͕͘ϮϬϬϬ͖dŽŶĞƚĂů͕͘ϮϬϬϱͿ͘
dŚĞŵŽůĞĐƵůĂƌĂƐƉĞĐƚƐŽĨƉƌŝŵŝŶŐĂƌĞƉŽŽƌůLJƵŶĚĞƌƐƚŽŽĚ͘KŶĞƚŚĞŽƌLJƐƵŐŐĞƐƚƐƚŚĂƚƚŚŝƐ
ŝŶǀŽůǀĞƐ ƚŚĞ ĂĐĐƵŵƵůĂƚŝŽŶ ŽĨ ĐĞůůƵůĂƌ ƉƌŽƚĞŝŶƐ ƚŚĂƚ ƌĞŵĂŝŶ ŝŶĂĐƚŝǀĞ ƵŶƚŝů ƚŚĞLJ ĂƌĞ
ƐƚŝŵƵůĂƚĞĚ ďLJ Ă ƉĂƚŚŽŐĞŶ Žƌ ƐƚƌĞƐƐ͕ ĂŵƉůŝĨLJŝŶŐ ƚŚĞ ƌĞƐƉŽŶƐĞ ƐŝŐŶĂů ŵŽƌĞ ƚŚĂŶ ŶŽŶͲ
ƉƌŝŵĞĚƉůĂŶƚƐ;ŽŶƌĂƚŚ͕ ϮϬϭϭͿ͘/ŶĂ ƐƚƵĚLJŽĨƚŚĞƌŵŽƚŽůĞƌĂŶĐĞ͕ŝŵŵĞƌůŝĞƚ Ăů͘;ϮϬϬϴͿ
ƐŚŽǁĞĚ ƚŚĂƚ ƉƌŝŵĞĚ ƌĂďŝĚŽƉƐŝƐ ƉůĂŶƚƐ ŝŶ ĂŶ ĂďƐĐŝƐŝĐ ĂĐŝĚͲĚĞƉĞŶĚĞŶƚ ďƵƚ ^Ͳ
ĂŶĚĞƚŚLJůĞŶĞͲŝŶĚĞƉĞŶĚĞŶƚŵĂŶŶĞƌ͘/ƚŚĂƐďĞĞŶĨŽƵŶĚŝŶƌĂďŝĚŽƉƐŝƐƚŚĂƚĂĐĐƵŵƵůĂƚŝŽŶ
ŽĨ ƌĞŐƵůĂƚŽƌƐ ŽĨ ĚĞĨĞŶĐĞ ƐƵĐŚ ĂƐ DW<ϯ ĂŶĚ DW<ϲ ĂƌĞ ĐƌŝƚŝĐĂů ĨŽƌ ƉƌŝŵŝŶŐ
ƌĞƐƉŽŶƐĞƐ;^ŝŶŐŚĞƚĂů͕͘ϮϬϭϮͿ͘/ƚŝƐĂůƐŽƉƌŽƉŽƐĞĚƚŚĂƚƚŚĞ>ͲƚLJƉĞůĞĐƚŝŶƌĞĐĞƉƚŽƌŬŝŶĂƐĞͲ
s/͘Ϯ;>ĞĐZ<Ͳs/͘ϮͿŝƐĂŬĞLJŵĞĚŝĂƚŽƌŽĨƉƌŝŵŝŶŐĂŶĚͲ/Z͕ĂƐƵƉͲƌĞŐƵůĂƚĞƐ
ƚŚŝƐŐĞŶĞ͕ĂŶĚƚŚĞŵƵƚĂŶƚůĞĐƌŬͲs/͘ϮͲϭŐĂǀĞĂĚĞĨĞĐƚŝǀĞƌĞƐƉŽŶƐĞƚŽĂŐĂŝŶƐƚƚŚĞ
ŚĞŵŝďŝŽƚƌŽƉŚŝĐ ďĂĐƚĞƌŝƵŵ WƐĞƵĚŽŵŽŶĂƐ ƐLJƌŝŶŐĂĞ ĂŶĚ ƚŚĞ ŶĞĐƌŽƚƌŽƉŚŝĐ ďĂĐƚĞƌŝƵŵ
WĞĐƚŽďĂĐƚĞƌŝƵŵĐĂƌŽƚŽǀŽƌƵŵ;^ŝŶŐŚĞƚĂů͕͘ϮϬϭϮͿ͘
dŚĞŵŽůĞĐƵůĂƌƌĞƐƉŽŶƐĞƐŽĨƉŽƚĂƚŽƉůĂŶƚƐƚŽĞůŝĐŝƚŽƌƚƌĞĂƚŵĞŶƚƐŚĂǀĞďĞĞŶůĞƐƐ
ƐƚƵĚŝĞĚƚŚĂŶŝŶƚŚĞŵŽĚĞůƉůĂŶƚ͕ƌĂďŝĚŽƉƐŝƐ͘ŶĚŽŐĞŶŽƵƐůĞǀĞůƐŽĨ^ŵĂLJĐŽŵƉůŝĐĂƚĞ
ŝŶĚƵĐĞĚ ƌĞƐŝƐƚĂŶĐĞ ƐƚƵĚŝĞƐ ŝŶ ƉŽƚĂƚŽ͕ ĞƐƉĞĐŝĂůůLJǁŚĞŶ ^ Žƌ ĂŶĂůŽŐƵĞƐ ĂƌĞ ĂƉƉůŝĞĚ ĂƐ
ĞůŝĐŝƚŽƌƐ͘WŽƚĂƚŽƉŽƐƐĞƐƐĞƐŚŝŐŚďĂƐĂůůĞǀĞůƐŽĨ^͕ĂƉƉƌŽdžŝŵĂƚĞůLJϭϬϬͲĨŽůĚŐƌĞĂƚĞƌƚŚĂŶ
ŝŶƌĂďŝĚŽƉƐŝƐ;EĂǀĂƌƌĞĞƚĂů͕͘ϮϬϬϯ͖sĂƐLJƵŬŽǀĂΘKnjĞƌĞƚƐŬŽǀƐŬĂLJĂ͕ϮϬϬϳͿ͘^ŚĂƐďĞĞŶ
ƐŚŽǁŶ ƚŽ ďĞ ƌĞƋƵŝƌĞĚ ĨŽƌ ^Z ĂĐƚŝǀĂƚŝŽŶ ŝŶ ƉŽƚĂƚŽ͕ ďƵƚ ƚŚĞ ŵĞĐŚĂŶŝƐŵ ŽĨ ĂĐƚŝŽŶ
ƌĞŵĂŝŶƐ ƵŶĐůĞĂƌ ďĞĐĂƵƐĞ ŽĨ ƚŚĞ ŚŝŐŚ ďĂƐĂů ůĞǀĞůƐ ŽĨ ^ ;EĂǀĂƌƌĞ Θ DĂLJŽ͕ ϮϬϬϰͿ͘ dŚĞ
ŵĂũŽƌŝƚLJŽĨƉŽƚĂƚŽ/ZƐƚƵĚŝĞƐŚĂǀĞďĞĞŶĐĂƌƌŝĞĚŽƵƚĂŐĂŝŶƐƚƚŚĞƉĂƚŚŽŐĞŶWŚLJƚŽƉŚƚŚŽƌĂ
ŝŶĨĞƐƚĂŶƐ ĂŶĚ ƵƐŝŶŐ ĂƐ ƚŚĞ ĞůŝĐŝƚŽƌ ŽĨ ƌĞƐŝƐƚĂŶĐĞ ;KůŝǀŝĞƌŝ Ğƚ Ăů͕͘ ϮϬϬϵ͕ ƐĐŚĞŶͲ
ϴϬ
>ŝƉƉŽůĚ Ğƚ Ăů͕͘ ϮϬϭϬ͕ >ŝůũĞƌŽƚŚ Ğƚ Ăů͕͘ ϮϬϭϬͿ͕ ĂŶĚ ŝƚ ǁĂƐ ĚĞŵŽŶƐƚƌĂƚĞĚ ƚŚĂƚ ^ ǁĂƐ
ĞƐƐĞŶƚŝĂů ĨŽƌ ƚŚĞ ĚĞǀĞůŽƉŵĞŶƚ ŽĨ Ͳ/Z ĂŐĂŝŶƐƚ W͘ ŝŶĨĞƐƚĂŶƐ ŝŶ ƉŽƚĂƚŽ ;ƐĐŚĞŶͲ
>ŝƉƉŽůĚĞƚĂů͕͘ϮϬϭϬͿ͘
/Ŷ ƚŚĞ ƉƌĞƐĞŶƚ ƐƚƵĚLJ͕ ƚƌĂŶƐĐƌŝƉƚŝŽŶ ŽĨ ƐĞůĞĐƚĞĚ ŐĞŶĞƐ ǁĂƐ ĞdžĂŵŝŶĞĚ ŝŶ ƉŽƚĂƚŽ
ƌŽŽƚƐ ŝŶ ƌĞƐƉŽŶƐĞ ƚŽ ĂƉƉůŝĐĂƚŝŽŶ͘ dŚĞ Ăŝŵ ǁĂƐ ƚŽ ŝŶĐƌĞĂƐĞ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ŽĨ
ĞǀĞŶƚƐƚŚĂƚŵŝŐŚƚůĞĂĚƚŽ^͘ƐƵďƚĞƌƌĂŶĞĂƌĞƐŝƐƚĂŶĐĞ͕ĂŶĚƚŽĚĞǀĞůŽƉŐĞŶĞŵĂƌŬĞƌƐĨŽƌ
ŝŶĚƵĐƚŝŽŶŽĨƌĞƐŝƐƚĂŶĐĞŝŶƉŽƚĂƚŽ͘ƵƌƌĞŶƚůLJ͕ ƚŚĞƌĞŝƐŶŽǁĞůůͲƌĞĐŽŐŶŝƐĞĚŵĂƌŬĞƌ
ĨŽƌ ŝŶĚƵĐƚŝŽŶ ŝŶ ƚŚŝƐ ŚŽƐƚ͕ ĂůƚŚŽƵŐŚ WZϭ ƚƌĂŶƐĐƌŝƉƚŝŽŶĂů ƵƉͲƌĞŐƵůĂƚŝŽŶ ŚĂƐ ďĞĞŶ
ĞdžĂŵŝŶĞĚŝŶĂŶƵŵďĞƌŽĨƐƚƵĚŝĞƐ;EĂǀĂƌƌĞΘDĂLJŽ͕ϮϬϬϰ͖ƐĐŚĞŶͲ>ŝƉƉŽůĚĞƚĂů͕͘ϮϬϭϬ͖
,ĂůŝŵĞƚ Ăů͕͘ϮϬϬϳ͖ ^ĂŶĐŚĞnjĞƚĂů͕͘ϮϬϭϬͿ͘ZĞĐĞŶƚůLJ͕ƚŚĞƉŽƚĂƚŽŐĞŶŽŵĞƐĞƋƵĞŶĐĞǁĂƐ
ƉƵďůŝƐŚĞĚ͕ƚŽŐĞƚŚĞƌǁŝƚŚƐĞǀĞƌĂůƚƌĂŶƐĐƌŝƉƚŽŵŝĐĂŶĂůLJƐĞƐ;DĂƐƐĂĞƚĂů͕͘ϮϬϭϭ͖d͘W͘'͘^͕͘
ϮϬϭϭͿ͘ dŚĞƐĞ ƐƚƵĚŝĞƐ ƉƌŽǀŝĚĞĚ Ă ƐƚĂƌƚŝŶŐ ƉŽŝŶƚ ĨŽƌ ƚŚĞ ƉƌĞƐĞŶƚ ĞdžĂŵŝŶĂƚŝŽŶ ŽĨ ŝŶĚƵĐĞĚŐĞŶĞƚƌĂŶƐĐƌŝƉƚŝŽŶĐŚĂŶŐĞƐŝŶƉŽƚĂƚŽƌŽŽƚƐ͘dƌĂŶƐĐƌŝƉƚŝŽŶŽĨŐĞŶĞƐĨƌŽŵƉŽƚĂƚŽ
ƌŽŽƚƐ ĂĨƚĞƌ ƚƌĞĂƚŵĞŶƚ ŚĂƐ ďĞĞŶ ĂŶĂůLJƐĞĚ ďĞĨŽƌĞ ĂŶĚ ĂĨƚĞƌ ^͘ ƐƵďƚĞƌƌĂŶĞĂ
ŝŶŽĐƵůĂƚŝŽŶ͕ ƚŽ ŽďƚĂŝŶ Ă ďĞƚƚĞƌ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ŽĨ Ͳ/Z ŝŶ ƉŽƚĂƚŽ ƌŽŽƚƐ ĂŶĚ ƚŽ ĨŝŶĚ
ƉŽƐƐŝďůĞŵĂƌŬĞƌƐĨŽƌƚŚŝƐĚĞĨĞŶĐĞƌĞƐƉŽŶƐĞ͘
ϰ͘ϯDĂƚĞƌŝĂůƐĂŶĚŵĞƚŚŽĚƐ
ϰ͘ϯ͘ϭWůĂŶƚŐƌŽǁƚŚ͕ƚƌĞĂƚŵĞŶƚƐĂŶĚŚĂƌǀĞƐƚƐ
dŝƐƐƵĞͲĐƵůƚƵƌĞĚ ƉůĂŶƚůĞƚƐ ;ϭϬϱͿ ŽĨ ^͘ ƚƵďĞƌŽƐƵŵ Đǀ͘ ͚/ǁĂ͛ ;ǀĞƌLJ ƐƵƐĐĞƉƚŝďůĞ ƚŽ ƚƵďĞƌ
ƉŽǁĚĞƌLJƐĐĂďͿ͕ǁĞƌĞƚƌĂŶƐƉůĂŶƚĞĚŝŶƚŽƉŽƚƐĐŽŶƚĂŝŶŝŶŐƐĂŶĚ;ƚǁŝĐĞĂƵƚŽĐůĂǀĞĚďĞĨŽƌĞ
ƵƐĞͿ͕ĂŶĚǁĞƌĞŝƌƌŝŐĂƚĞĚƚŚƌĞĞƚŝŵĞƐƉĞƌǁĞĞŬǁŝƚŚŶƵƚƌŝĞŶƚƐŽůƵƚŝŽŶ͕ŵĂŝŶƚĂŝŶŝŶŐϵϬй
ƉŽƚ ǁĂƚĞƌ ŚŽůĚŝŶŐ ĐĂƉĂĐŝƚLJ ;ďLJ ǁĞŝŐŚƚͿ͘ ĞƚĂŝůƐ ŽĨ ŶƵƚƌŝĞŶƚ ƐŽůƵƚŝŽŶ ĨŽƌŵƵůĂ ĂŶĚ
ĞdžƉĞƌŝŵĞŶƚĂů ĐŽŶĚŝƚŝŽŶƐ ǁĞƌĞ ĚĞƐĐƌŝďĞĚ ŝŶ ŚĂƉƚĞƌ Ϯͬ,ĞƌŶĂŶĚĞnj Ğƚ Ăů͘ ;ϮϬϭϮͿ͘ WŽƚƐ
ǁĞƌĞĂƌƌĂŶŐĞĚŝŶĂ>ĂƚŝŶŝƐĞĚƌŽǁͲĐŽůƵŵŶĚĞƐŝŐŶ͕ǁŝƚŚĨŝǀĞƌĞƉůŝĐĂƚĞƐƉĞƌƚƌĞĂƚŵĞŶƚ͘
&ŽƵƌǁĞĞŬƐĂĨƚĞƌƉůĂŶƚŝŶŐ͕ĨŝǀĞƉůĂŶƚƐǁĞƌĞŚĂƌǀĞƐƚĞĚĨŽƌĂƚŝŵĞсϬĚĂƚĂƉŽŝŶƚ͘
dŚĞ ƌĞŵĂŝŶŝŶŐ ƉůĂŶƚƐ ǁĞƌĞ ƚƌĞĂƚĞĚ ǁŝƚŚ ĚŝĨĨĞƌĞŶƚ ĐŽŶĐĞŶƚƌĂƚŝŽŶƐ ŽĨ ;ϭ͕ Ϯ Žƌ
ϰŵDͿ͕ ĂƉƉůŝĞĚ ƚŽ ĞĂĐŚ ŝŶ ϰϬŵ> ŽĨ ƐŽůƵƚŝŽŶ͘ džƉĞƌŝŵĞŶƚĂů ĐŽŶƚƌŽů ƉůĂŶƚƐ ƌĞĐĞŝǀĞĚ
ŶƵƚƌŝĞŶƚƐŽůƵƚŝŽŶŽŶůLJ͘
ϴϭ
&ŝǀĞƉůĂŶƚƐ ƉĞƌƚƌĞĂƚŵĞŶƚ ƉůƵƐĨŝǀĞĐŽŶƚƌŽůƉůĂŶƚƐ ǁĞƌĞŚĂƌǀĞƐƚĞĚĂƚϮϰ͕ϰϴŽƌ
ϳϮŚƉŽƐƚƚƌĞĂƚŵĞŶƚ͘,ĂůĨŽĨƚŚĞƌĞŵĂŝŶŝŶŐƉůĂŶƚƐǁĞƌĞŝŶŽĐƵůĂƚĞĚǁŝƚŚϮϬŵůŽĨ
Ă ƐƚĂŶĚĂƌĚŝƐĞĚ ƐƵƐƉĞŶƐŝŽŶ ŽĨ ^͘ ƐƵďƚĞƌƌĂŶĞĂ ƐƉŽƌŽƐŽƌŝ ŝŶ ŶƵƚƌŝĞŶƚ ƐŽůƵƚŝŽŶ͕ ĂƐ
ĚĞƐĐƌŝďĞĚƉƌĞǀŝŽƵƐůLJ;ŚĂƉƚĞƌϮͬ,ĞƌŶĂŶĚĞnjĞƚĂů͘;ϮϬϭϮͿͿ͕ǁŚŝůĞƚŚĞŽƚŚĞƌŚĂůĨƌĞĐĞŝǀĞĚ
ŽŶůLJŶƵƚƌŝĞŶƚƐŽůƵƚŝŽŶ͘WůĂŶƚƐǁĞƌĞƚŚĞŶŚĂƌǀĞƐƚĞĚϭǁĞĞŬĂĨƚĞƌŝŶŽĐƵůĂƚŝŽŶ͕ĨŽůůŽǁŝŶŐ
ƚŚĞƐĂŵĞƉƌŽƚŽĐŽůĂƐƚŚĞƉƌĞǀŝŽƵƐŚĂƌǀĞƐƚƐ͘
ϰ͘ϯ͘ϮZEĞdžƚƌĂĐƚŝŽŶĂŶĚŐĞŶĞƚƌĂŶƐĐƌŝƉƚŝŽŶŝŶƌŽŽƚƐ
ϰ͘ϯ͘Ϯ͘ϭZEĞdžƚƌĂĐƚŝŽŶĂŶĚĐEƐLJŶƚŚĞƐŝƐ
ZŽŽƚ ƐĂŵƉůĞƐ ;ϱϬ ŵŐ ĂƉƉƌŽdž͘Ϳ ǁĞƌĞ ŝŵŵĞƌƐĞĚ ŝŶ Z>d WůƵƐ ďƵĨĨĞƌ ;YŝĂŐĞŶͿ͕ ĂŶĚ ƚŚĞŶ
ƐƚŽƌĞĚĂƚͲϴϬΣƵŶƚŝůĞdžƚƌĂĐƚŝŽŶ͘^ĂŵƉůĞƐǁĞƌĞĚŝƐƌƵƉƚĞĚďLJďĞĂĚďĞĂƚŝŶŐĨŽƌϮŵŝŶŝŶ
ĨŽƵƌ ϯϬ Ɛ ŝŶƚĞƌǀĂůƐ͕ ƚŚĞŶ ĞdžƚƌĂĐƚĞĚ ƵƐŝŶŐ ƚŚĞ ZEĞĂƐLJ WůƵƐ ŵŝŶŝ Ŭŝƚ ;YŝĂŐĞŶͿ͘ dŚŝƐ Ŭŝƚ
ŝŶĐůƵĚĞƐĂƐƚĞƉƚŚĂƚƵƐĞƐŐEĞůŝŵŝŶĂƚŽƌƐƉŝŶĐŽůƵŵŶƐƚŽƌĞŵŽǀĞĂŶLJEĐŽŶƚĂŝŶĞĚ
ŝŶ ƚŚĞ ƐĂŵƉůĞƐ͘ YƵĂůŝƚLJ ŽĨ ZE ǁĂƐ ĐŚĞĐŬĞĚ ďLJ ŐĞů ĞůĞĐƚƌŽƉŚŽƌĞƐŝƐ ĂŶĚ Ă EĂŶŽĚƌŽƉ
ϮϬϬϬƐƉĞĐƚƌŽƉŚŽƚŽŵĞƚĞƌ;dŚĞƌŵŽ&ŝƐŚĞƌͿ͘,ŝŐŚůLJƉƵƌĞZEǁĂƐŝŶĚŝĐĂƚĞĚďLJĂϮϲϬͬϮϴϬ
ŶŵĂďƐŽƌďĂŶĐĞƌĂƚŝŽŽĨϭ͘ϴƚŽϮ͘Ϭ͘ĐEǁĂƐƐLJŶƚŚĞƐŝƐĞĚƵƐŝŶŐϱµ>ŽĨZEǁŝƚŚƚŚĞ
Ƌ^ĐƌŝƉƚΡĐE^LJŶƚŚĞƐŝƐ<ŝƚ;YƵĂŶƚĂŝŽ^ĐŝĞŶĐĞƐ͕/ŶĐͿ͘
ϰ͘ϯ͘Ϯ͘Ϯ'ĞŶĞƐĞůĞĐƚŝŽŶ͕ƉƌŝŵĞƌĚĞƐŝŐŶĂŶĚƉƌŝŵĞƌƚĞƐƚƐ
ĂŶĚŝĚĂƚĞƉŽƚĂƚŽŐĞŶĞƐƚŚĂƚĐŽƵůĚďĞĂĨĨĞĐƚĞĚďLJǁĞƌĞĐŚŽƐĞŶďĂƐĞĚŽŶƉŽƚĂƚŽ
ƚƌĂŶƐĐƌŝƉƚŝŽŶ ĚĂƚĂ ;DĂƐƐĂ Ğƚ Ăů͕͘ ϮϬϭϭ͖ d͘W͘'͘^͕͘ ϮϬϭϭͿ͘ dŚĞƐĞ ĚĂƚĂ ǁĞƌĞ ŐĞŶĞƌĂƚĞĚ
ĨƌŽŵ ƉŽŽůĞĚ ůĞĂǀĞƐ ĨƌŽŵ ĚŽƵďůĞ ŵŽŶŽƉůŽŝĚ ^͘ ƚƵďĞƌŽƐƵŵ ŐƌŽƵƉ WŚƵƌĞũĂ DϭͲϯ ϱϭϲ
Zϰϰ ƉůĂŶƚƐ ŚĂƌǀĞƐƚĞĚ Ăƚ Ϯϰ͕ ϰϴ ĂŶĚ ϳϮ Ś ĂĨƚĞƌ ĂƉƉůŝĐĂƚŝŽŶ ŽĨ ϮϬŵD ͘ dŚŝƐ
ŝŶĨŽƌŵĂƚŝŽŶǁĂƐĐŽŵƉĂƌĞĚǁŝƚŚĚĂƚĂĨƌŽŵůĞĂǀĞƐŽĨĐŽŶƚƌŽůƉůĂŶƚƐ;dĂďůĞϭͿ͘EŝŶĞƚĞĞŶ
ŐĞŶĞƐƚŚĂƚĞŝƚŚĞƌƐŚŽǁĞĚůĂƌŐĞĐŚĂŶŐĞƐŝŶƚƌĂŶƐĐƌŝƉƚŝŽŶĂĨƚĞƌƚƌĞĂƚŵĞŶƚ͕ŽƌǁĞƌĞ
ŬŶŽǁŶŽƌƉŽƚĞŶƚŝĂůŚŽŵŽůŽŐƵĞƐŽĨǁĞůůͲŬŶŽǁŶƉůĂŶƚĚĞĨĞŶĐĞŵĂƌŬĞƌƐ͕ǁĞƌĞƐĞůĞĐƚĞĚ
ĨŽƌƐƚƵĚLJ͘'ĞŶĞƐĞƋƵĞŶĐĞƐǁĞƌĞŽďƚĂŝŶĞĚĨƌŽŵ
ŚƚƚƉ͗ͬͬƐŽůĂŶĂĐĞĂĞ͘ƉůĂŶƚďŝŽůŽŐLJ͘ŵƐƵ͘ĞĚƵͬĐŐŝͲďŝŶͬŐďƌŽǁƐĞͬƉŐƐĐͲƉŽƚĂƚŽͲĚŵͬ͘
WƌŝŵĞƌƐ;dĂďůĞϮͿǁĞƌĞĚĞƐŝŐŶĞĚƵƐŝŶŐƚŚĞWƌŝŵĞƌϯƉƌŽŐƌĂŵ;ZŽnjĞŶΘ^ŬĂůĞƚƐŬLJ͕
ϮϬϬϬͿ͕ ǁŝƚŚ ŵĞůƚŝŶŐ ƚĞŵƉĞƌĂƚƵƌĞƐ ĐůŽƐĞ ƚŽ ϱϱΣ ĂŶĚ 'ͬ ĐŽŶƚĞŶƚ ŽĨ ϰϬͲϲϬй͘
ϴϮ
ŵƉůŝĨŝĐĂƚŝŽŶ ŽĨ ƚĂƌŐĞƚĞĚ ŐĞŶĞƐ ǁĂƐ ĐŽŶĨŝƌŵĞĚ ďLJ WZ ĂŶĚ ŐĞů ĞůĞĐƚƌŽƉŚŽƌĞƐŝƐ͕ ĨŝƌƐƚ
ƵƐŝŶŐ ƉŽƚĂƚŽ ŐE ĂŶĚ ƚŚĞŶ ĐE ĨƌŽŵ ƉŽƚĂƚŽ ƌŽŽƚƐ ĨƌŽŵ ƚŚŝƐ ĞdžƉĞƌŝŵĞŶƚ ĂƐ
ƚĞŵƉůĂƚĞƐ͘ WZƐ ǁĞƌĞ ĐĂƌƌŝĞĚ ŽƵƚ ŝŶ ϮϬ ђ> ƌĞĂĐƚŝŽŶƐ ǁŝƚŚ &/ZWŽůΠ E WŽůLJŵĞƌĂƐĞ
;^ŽůŝƐŝŽLJŶĞͿ͘ZĞĂĐƚŝŽŶƐĐŽŶƚĂŝŶĞĚϮ͘ϱŵDDŐů Ϯ͕Ϭ͘ϱŵDĚEdW͕Ϭ͘ϱhŽĨƉŽůLJŵĞƌĂƐĞ͕
Ϭ͘ϮϱђDŽĨĞĂĐŚƉƌŝŵĞƌĂŶĚϭђ>ŽĨƚĞŵƉůĂƚĞ͘WZƐǁĞƌĞĐĂƌƌŝĞĚŽƵƚǁŝƚŚĂƚŽƵĐŚĚŽǁŶ
ĂŵƉůŝĨŝĐĂƚŝŽŶ ƉƌŽƚŽĐŽů ǁŝƚŚ ϯϱ ĐLJĐůĞƐ ĂŶĚ ĂŶŶĞĂůŝŶŐ ƚĞŵƉĞƌĂƚƵƌĞƐ ďĞŐŝŶŶŝŶŐ Ăƚ ϲϱΣ
ĂŶĚ ĚĞĐƌĞĂƐŝŶŐ ƚŽ ϱϬΣ͘ dŚĞ ŝŶŝƚŝĂů ĚĞŶĂƚƵƌĂƚŝŽŶ ǁĂƐ ϵϰΣ dž ϭϮ ŵŝŶ ĂŶĚ ĞdžƚĞŶƐŝŽŶƐ
ǁĞƌĞĨŽƌϭŵŝŶ͘WZƐŝŶĐůƵĚĞĚŵŝŶƵƐZdƌĞĂĐƚŝŽŶƐ͕ǁŚŝĐŚƐŚŽǁĞĚŶŽĂŵƉůŝĨŝĐĂƚŝŽŶŽŶ
ĂŐĂƌŽƐĞŐĞůƐ͘
ϴϯ
ϭ
Ϯ
ϯ
ϰ
ϱ
ϲ
ϳ
ϴ
ϵ
ϭϬ
ϭϭ
ϭϮ
ϭϯ
ϭϰ
ϭϱ
ϭϲ
ϭϳ
ϭϴ
ϭϵ
ϮϬ
W'^ϬϬϬϯD'ϰϬϬϬϭϬϮϴϯ
W'^ϬϬϬϯD'ϰϬϬϬϮϬϲϵϴ
W'^ϬϬϬϯD'ϰϬϬϬϭϱϮϲϳ
W'^ϬϬϬϯD'ϰϬϬϬϭϮϱϴϵ
W'^ϬϬϬϯD'ϰϬϬϬϮϱϰϴϳ
W'^ϬϬϬϯD'ϰϬϬϬϬϮϬϮϳ
W'^ϬϬϬϯD'ϰϬϬϬϮϴϭϴϮ
W'^ϬϬϬϯD'ϰϬϬϬϮϮϯϰϮ
W'^ϬϬϬϯD'ϰϬϬϬϭϱϮϭϵ
W'^ϬϬϬϯD'ϰϬϬϬϮϱϭϳϭ
W'^ϬϬϬϯD'ϰϬϬϬϬϴϬϬϰ
W'^ϬϬϬϯD'ϰϬϬϬϭϵϰϯϳ
W'^ϬϬϬϯD'ϰϬϬϬϬϱϭϭϯ
W'^ϬϬϬϯD'ϰϬϮϬϬϭϰϵϰ
W'^ϬϬϬϯD'ϰϬϬϬϬϱϭϭϭ
W'^ϬϬϬϯD'ϰϬϬϬϬϱϭϭϱ
W'^ϬϬϬϯD'ϰϬϬϬϬϴϵϭϳ
W'^ϬϬϬϯD'ϰϬϬϬϬϴϭϲϬ
W'^ϬϬϬϯD'ϰϬϬϬϭϱϭϯϬ
W'^ϬϬϬϯD'ϰϬϬϬϮϯϮϳϬ
'ĞŶĞĚĞƐŝŐŶĂƚŝŽŶ
Eŝů
dƌĂŶƐĐƌŝƉƚŝŽŶŝŶ
WƵƚĂƚŝǀĞŐĞŶĞĨƵŶĐƚŝŽŶ
dƌĂŶƐĐƌŝƉƚŝŽŶ ͲƚƌĞĂƚĞĚ>ĞĂǀĞƐ
ϭ͕ϲϭϵϮϳ
ϯϵϲ͕Ϭϳϵ
ůĂƐƐ/ĐŚŝƚŝŶĂƐĞ;ŚŝϭͿ
ϵ͕ϮϮϱϬϯ
ϯϬϲ͕ϭϮϯ
ůĂƐƐ/ĐŚŝƚŝŶĂƐĞ;ŚŝϮͿ
Ϯϵϯ͕ϳϮϴ
ϳϰϱϳ͕ϱϳ
<ƵŶŝƚnjͲƚLJƉĞƉƌŽƚĞĂƐĞŝŶŚŝďŝƚŽƌ;<W/Ϳ
ϴϰ͕ϭϳϲϳ
ϮϬϵϱ͕ϭϰ
ĂƚŝŽŶŝĐƉĞƌŽdžŝĚĂƐĞ
ϯϱ͕ϵϱϱϳ
ϲϲϬ͕ϬϮϴ
/ƐŽĐŝƚƌĂƚĞůLJĂƐĞ
ϭϰϴϯ͕ϭϯ
ϮϲϳϬϵ͕ϴ
LJƚŽƉůĂƐŵŝĐƐŵĂůůŚĞĂƚƐŚŽĐŬƉƌŽƚĞŝŶĐůĂƐƐ/;WZϭďͿ
Ϯϳ͕ϴϯϳϴ
ϰϰϴ͕ϭϲϱ
ƋƵĂƉŽƌŝŶd/Wϭ͖ϯ
ϯϲϯ͕ϬϮ
ϯϯϰϱ͕ϯϯ
^ƵďĞƌŝnjĂƚŝŽŶͲĂƐƐŽĐŝĂƚĞĚĂŶŝŽŶŝĐƉĞƌŽdžŝĚĂƐĞ;^WͿ
ϵϬϰ͕ϯϲϳ
ϳϮϵϰ͕ϳϯ
DŝƌĂĐƵůŝŶ
ϴϬ͕ϱϯϵϵ
ϰϴϯ͕ϭϮϴ
^ŽƌďŝƚŽůƚƌĂŶƐƉŽƌƚĞƌ
ϴϴ͕ϰϳϲϭ
ϱϬϮ͕ϭϮϯ
LJƐƚĞŝŶĞƉƌŽƚĞĂƐĞ
ϱϮϱϮ͕ϳϮ
ϭϵϬϬϮ͕ϴ
WĂƚŚŽŐĞŶͲĂŶĚǁŽƵŶĚͲŝŶĚƵĐŝďůĞĂŶƚŝĨƵŶŐĂůƉƌŽƚĞŝŶWϮϬͬWZϰͲƚLJƉĞƉƌŽƚĞŝŶ;WZϰͿ
ϭϱ͕ϬϴϬϮ
ϱϬ͕ϯϰϰϲ
WZϭƉƌŽƚĞŝŶ;WZϭϯͿ
Ϯϲϲϴ͕Ϯϱ
ϳϴϱϳ͕ϳϴ
WZϭϬ
ϭϮϵϱ͕ϵϳ
Ϯϳϯϰ͕Ϯϴ
WZϭƉƌŽƚĞŝŶ;WZϭϭͿ
ϱϲ͕ϳϭϴϲ
ϭϬϲ͕ϲϭϴ
WZϭƉƌŽƚĞŝŶ;WZϭϮͿ
ϯϲϯϯ͕Ϯϳ
ϰϯϯϳ͕Ϯϴ
,ĞĂƚƐŚŽĐŬƉƌŽƚĞŝŶϳϬ;,^WϳϬͿ
ϭ͕ϵϴϬϲϵ
Ϯ͕ϭϳϯϯϭ
KWͬEWZϭͬE/DϭͲůŝŬĞƌĞŐƵůĂƚŽƌLJƉƌŽƚĞŝŶ;EWZϭͿ
ϰϯϰ͕ϬϮϳ
ϲϳ͕ϲϮϱϲ
ĞĨĞŶƐŝŶWϯϮϮ
ϱϰϱ͕ϯϱϴ
ϰϯϰ͕Ϯϯϴ
ůŽŶŐĂƚŝŽŶĨĂĐƚŽƌϭͲĂůƉŚĂ;&ϭĂͿ
dĂďůĞϭ͗dƌĂŶƐĐƌŝƉƚŝŽŶŽĨƉŽƚĂƚŽŐĞŶĞƐĐŚŽƐĞŶĨŽƌƉƌŝŵĞƌĚĞƐŝŐŶ͕ĨƌŽŵƚƌĂŶƐĐƌŝƉƚŽŵĞĚĂƚĂŽĨƚŚĞWŽƚĂƚŽ'ĞŶŽŵĞƉƌŽũĞĐƚ;d͘W͘'͘^͕͘ϮϬϭϭͿ͘
ϴϰ
dĂďůĞϮ͗WƌŝŵĞƌƐĚĞƐŝŐŶĞĚĨŽƌƋWZŽĨƚŚĞŐĞŶĞƐŝŶdĂďůĞϭ͘
WƌŝŵĞƌŶĂŵĞƐ
ϭ
WŽƚƐŚĞĂƚƐŚĐ/&Ƌ
WŽƚƐŚĞĂƚƐŚĐ/ZƋ
WƌŝŵĞƌƐĞƋƵĞŶĐĞƐ
dddd'd'd'
'd'dddd''
WŽƚWǁŝĂŶƚŝĨWϮϬ&Ƌ
d'dd'd'
WŽƚWǁŝĂŶƚŝĨWϮϬZƋ
d'dd'''
WŽƚWZϭϬ&Ƌ
d'd''dd'd''d
''ddd''dd'
'ĞŶĞ
LJƚŽƉůĂƐŵŝĐƐŵĂůůŚĞĂƚƐŚŽĐŬ
ƉƌŽƚĞŝŶĐůĂƐƐ/;WZϭďͿ
Ϯ
WĂƚŚŽŐĞŶͲĂŶĚǁŽƵŶĚͲŝŶĚƵĐŝďůĞ
ĂŶƚŝĨƵŶŐĂůƉƌŽƚĞŝŶWϮϬͮͮWZϰͲ
ƚLJƉĞƉƌŽƚĞŝŶ;WZϰͿ
ϯ
WŽƚWZϭϬZƋ
WZϭϬ
ϰ
WŽƚ<ƵŶƚLJƉƌŝŶŚ&Ƌ
WŽƚ<ƵŶƚLJƉƌŝŶŚZƋ
ddd'd
dd''''''''dd
<ƵŶŝƚnjͲƚLJƉĞƉƌŽƚĞĂƐĞŝŶŚŝďŝƚŽƌ
ϱ
WŽƚDŝƌĂĐ&Ƌ
WŽƚDŝƌĂĐZƋ
d'''d'd
'ddd'''d
DŝƌĂĐƵůŝŶ
ϲ
WŽƚŚĞĂƚƐŚŽĐŬϳϬ&Ƌ
WŽƚŚĞĂƚƐŚŽĐŬϳϬZƋ
'd'''d'
d'd'd'ddd
,ĞĂƚƐŚŽĐŬƉƌŽƚĞŝŶϳϬ
ϳ
WŽƚƐƵďĂƐƐĂŶƉĞƌŽdž&Ƌ
WŽƚƐƵďĂƐƐĂŶƉĞƌŽdžZƋ
ddd'ddd
d''''''
^ƵďĞƌŝnjĂƚŝŽŶͲĂƐƐŽĐŝĂƚĞĚĂŶŝŽŶŝĐ
ƉĞƌŽdžŝĚĂƐĞ
ϴ
WŽƚWZϭ&Ƌ
WŽƚWZϭZƋ
d''d'd'd''d'd''d
'dd'''dd'ddd
WZϭƉƌŽƚĞŝŶ;ϭͿ
ϵ
WŽƚĂƚƉĞƌŽdž&Ƌ
WŽƚĂƚƉĞƌŽdžZƋ
''d'''d''
'''d'd'dd''dd
ĂƚŝŽŶŝĐƉĞƌŽdžŝĚĂƐĞ
ϭϬ
WŽƚ/ƐŽĐŝƚƌůLJĂƐĞ&Ƌ
WŽƚ/ƐŽĐŝƚƌůLJĂƐĞZƋ
'''d'd''d''d'
'd''d''dddd
/ƐŽĐŝƚƌĂƚĞůLJĂƐĞ
ϴϱ
WƌŝŵĞƌŶĂŵĞƐ
ϭϭ
ϭϮ
ϭϯ
ϭϰ
ϭϱ
ϭϲ
ϭϳ
ϭϴ
WŽƚŝƐƉƌŽƚ&Ƌ
WŽƚŝƐƉƌŽƚZƋ
WŽƚ^ŽƌďƚƌĂŶƐƉ&Ƌ
WŽƚ^ŽƌďƚƌĂŶƐƉZƋ
WŽƚƋƵĂƉd/Wϭ&Ƌ
WŽƚƋƵĂƉd/WϭZƋ
WŽƚůĂƐƐ/ĐŚŝƚŝŶ&Ƌ
WŽƚůĂƐƐ/ĐŚŝƚŝŶZƋ
WŽƚůĂƐƐ/ĐŚŝƚŝŶď&Ƌ
WŽƚůĂƐƐ/ĐŚŝƚŝŶďZƋ
WŽƚWZϭď&Ƌ
WŽƚWZϭďZƋ
WŽƚĞĨƉϯϮϮ&Ƌ
WŽƚĞĨƉϯϮϮZƋ
WŽƚWZϭĐ&Ƌ
WŽƚWZϭĐZƋ
WŽƚƌĞŐƉƌŽƚEWZϭ&Ƌ
ϭϵ WŽƚƌĞŐƉƌŽƚEWZϭZƋ
WƌŝŵĞƌƐĞƋƵĞŶĐĞƐ
dd''d'd''''d
''dd'd'''dddd'
'd'''dd'ddd''d
dd'd'd''d'd
'd''d'dd'''
d''''ddddd'''
d''
'd''d'
''d'd'dddd'd
''dd
''dd''''d''d
''d'''dd'
''ddd''''
dd'''d
d''d'd'd''d'd''
'd'dd'dd'
'''dd'dd'd'
'''d'ddd'd
'ĞŶĞ
LJƐƚĞŝŶĞƉƌŽƚĞĂƐĞ
^ŽƌďŝƚŽůƚƌĂŶƐƉŽƌƚĞƌ
ƋƵĂƉŽƌŝŶd/Wϭ
ůĂƐƐ/ĐŚŝƚŝŶĂƐĞ;ϭͿ
ůĂƐƐ/ĐŚŝƚŝŶĂƐĞ;ϮͿ
WZϭƉƌŽƚĞŝŶ;ϮͿ
ĞĨĞŶƐŝŶWϯϮϮ
WZϭƉƌŽƚĞŝŶ;ϯͿ
KWͬEWZϭͬE/DϭͲůŝŬĞƌĞŐƵůĂƚŽƌLJ
ƉƌŽƚĞŝŶ
ϰ͘ϯ͘Ϯ͘ϯ'ĞŶĞƚƌĂŶƐĐƌŝƉƚŝŽŶŵĞĂƐƵƌĞŵĞŶƚďLJƋWZ
^ƚĞƉKŶĞWůƵƐΡZĞĂůͲdŝŵĞWZ^LJƐƚĞŵ;ƉƉůŝĞĚŝŽƐLJƐƚĞŵƐΡͿŵĂĐŚŝŶĞǁĂƐƵƐĞĚĨŽƌƋWZ͘
WƌŝŵĞƌƐĨŽƌƚŚĞĞůŽŶŐĂƚŝŽŶĨĂĐƚŽƌϭɲ;&ϭɲͿŐĞŶĞŽĨƉŽƚĂƚŽǁĞƌĞƵƐĞĚĂƐĂŶŝŶƚĞƌŶĂůĐŽŶƚƌŽů
ƚŽ ŶŽƌŵĂůŝƐĞ ƚŚĞ ƚƌĂŶƐĐƌŝƉƚŝŽŶ ŵĞĂƐƵƌĞŵĞŶƚƐ ;ŚĂƉƚĞƌ ϯͿ͘ dŚŝƐ ŐĞŶĞ ĚŝĚ ŶŽƚ ƐŚŽǁ ůĂƌŐĞ
ĐŚĂŶŐĞƐ;ůĞƐƐƚŚĂŶϭĨŽůĚͿŝŶƚŚĞƚƌĂŶƐĐƌŝƉƚŽŵĞĚĂƚĂƐĞƚĨƌŽŵƚƌĞĂƚĞĚĚĞƚĂĐŚĞĚƉŽƚĂƚŽ
ůĞĂǀĞƐ ;d͘W͘'͘^͕͘͘ ϮϬϭϭͿ͕ ĂŶĚ ǁĂƐ ĂůƐŽ ƐŚŽǁŶ ;EŝĐŽƚ Ğƚ Ăů͕͘ ϮϬϬϱͿ ƚŽ ďĞ ŚŝŐŚůLJ ƐƚĂďůĞ ŝŶ
ƉŽƚĂƚŽĞdžƉŽƐĞĚƚŽĚŝĨĨĞƌĞŶƚƐƚƌĞƐƐĨĂĐƚŽƌƐ͘ƋWZƐǁĞƌĞĐĂƌƌŝĞĚŽƵƚŝŶĂϰϬĐLJĐůĞƌƵŶ;ϵϱΣdžϯ
ŵŝŶ ;ϭyͲŚŽůĚͿ͕ ϵϱΣ dž ϭϱ Ɛ ĂŶĚ ϲϬΣ dž ϰϱ ƐͿ͕ ƵƐŝŶŐ ŝdĂƋdD ^zZΠ 'ƌĞĞŶ ^ƵƉĞƌŵŝdž ǁŝƚŚ ZKy
;ŝŽͲZĂĚͿĂŶĚĂĨŝŶĂůĐŽŶĐĞŶƚƌĂƚŝŽŶŽĨϱϬŶDĨŽƌĂůůƉƌŝŵĞƌƐ͘dƌŝƉůŝĐĂƚĞƌĞĂĐƚŝŽŶƐǁĞƌĞƌƵŶĨŽƌ
ĞĂĐŚ ƐĂŵƉůĞ͘ EŽŶ ƚĞŵƉůĂƚĞ ĐŽŶƚƌŽů ;EdͿ ǁĂƐ ŝŶĐůƵĚĞĚ ĨŽƌ ĞĂĐŚ ƉƌŝŵĞƌ͘ dŽ ĞdžĂŵŝŶĞ
ϴϲ
ĂŵƉůŝĨŝĐĂƚŝŽŶ ĞĨĨŝĐŝĞŶĐLJ͕ Ă ƐƚĂŶĚĂƌĚ ĐƵƌǀĞ ǁĂƐ ĐŽŶƐƚƌƵĐƚĞĚ ĨŽƌ ĞĂĐŚ ƉƌŝŵĞƌ ƐĞƚ ƵƐŝŶŐ Ă ϭϬͲ
ĨŽůĚ ĚŝůƵƚŝŽŶ ƐĞƌŝĞƐ͘ ƉŽƐƚͲĂŵƉůŝĨŝĐĂƚŝŽŶ ŵĞůƚŝŶŐ ƐƚĞƉ ǁĂƐ ŝŶĐůƵĚĞĚ ŽŶ ĞĂĐŚ ƋWZ ƌƵŶ ƚŽ
ĐŚĞĐŬƚŚĞŶĂƚƵƌĞŽĨƚŚĞƉƌŽĚƵĐƚƐ͘
ŶŝŶŝƚŝĂůƐĐƌĞĞŶŝŶŐǁĂƐĐĂƌƌŝĞĚŽƵƚĨŽƌŽŶĞƉůĂŶƚĨƌŽŵĞĂĐŚŽĨƚŚĞƚƌĞĂƚŵĞŶƚƐ͕
ƚŝŵĞƉŽŝŶƚƐ͕ĂŶĚĨŽƌĞĂĐŚ^ƉŽŶŐŽƐƉŽƌĂƚƌĞĂƚŵĞŶƚ;ƵŶŝŶŽĐƵůĂƚĞĚŽƌŝŶŽĐƵůĂƚĞĚͿ;ϮϭƉůĂŶƚƐͿƚŽ
ŽďƐĞƌǀĞƚƌĂŶƐĐƌŝƉƚŝŽŶŽĨ ƚŚĞϭϵĐĂŶĚŝĚĂƚĞ ŐĞŶĞƐ͘ĂƐĞĚŽŶƚŚĞƐĞƌĞƐƵůƚƐ͕ƚŚĞƌĞŵĂŝŶŝŶŐϴϰ
ƉůĂŶƚƐǁĞƌĞĂƐƐĞƐƐĞĚĨŽƌƚƌĂŶƐĐƌŝƉƚŝŽŶŽĨĨŽƵƌŐĞŶĞƐ;ƐĞĞZĞƐƵůƚƐďĞůŽǁͿ͘
ϰ͘ϯ͘Ϯ͘ϰdƌĂŶƐĐƌŝƉƚŝŽŶĂŶĚ&ŽůĚĐŚĂŶŐĞĐĂůĐƵůĂƚŝŽŶƐ
dŽĂŶĂůLJƐĞŐĞŶĞƚƌĂŶƐĐƌŝƉƚŝŽŶĚĂƚĂ͕ŵĞĂŶƚƐ;ƚŚƌĞƐŚŽůĚĐLJĐůĞƐͿǁĞƌĞĐĂůĐƵůĂƚĞĚ͕ƚŚĞŶȴƚ͛Ɛ
;ƚ ƚĂƌŐĞƚ ŐĞŶĞʹ ƚ ŚŽƵƐĞŬĞĞƉŝŶŐ ŐĞŶĞͿ ǁĞƌĞ ŶŽƌŵĂůŝƐĞĚ ĨŽƌ ĞĂĐŚ ƚĂƌŐĞƚ ŐĞŶĞ ďLJ ƌĞĨĞƌĞŶĐĞ ƚŽ ƚŚĞ
ƉŽƚĂƚŽ&ϭɲŐĞŶĞ;>ŝǀĂŬΘ^ĐŚŵŝƚƚŐĞŶ͕ϮϬϬϭͿ͘dƌĂŶƐĐƌŝƉƚŝŽŶĨŽůĚĐŚĂŶŐĞƐǁĞƌĞĐĂůĐƵůĂƚĞĚĂƐ
ĨŽůůŽǁƐ͗&ŝƌƐƚůLJ͕ȴȴƚ͛Ɛ΀;ƚ ƚĂƌŐĞƚʹƚ ŚŽƵƐĞŬĞĞƉŝŶŐͿ džͲ;ƚ ƚĂƌŐĞƚʹƚ ŚŽƵƐĞŬĞĞƉŝŶŐͿĐŽŶƚƌŽů΁ďĞƚǁĞĞŶ
ĐŽŶƚƌŽů ƉůĂŶƚƐ ĂŶĚ ϰŵD ƚƌĞĂƚŵĞŶƚƐ Ăƚ ĞĂĐŚ ŚĂƌǀĞƐƚ ǁĂƐ ĐĂůĐƵůĂƚĞĚ͘ ^ĞĐŽŶĚůLJ͕ ĂŶ ŽǀĞƌĂůů
ĂǀĞƌĂŐĞȴȴƚǀĂůƵĞĨƌŽŵƉůĂŶƚƐƚƌĞĂƚĞĚǁŝƚŚϰŵDĂƚϮϰ͕ϰϴĂŶĚϳϮŚǁĂƐĐĂůĐƵůĂƚĞĚ
ƉĞƌŐĞŶĞ͘&ŽůĚĐŚĂŶŐĞƐǁĞƌĞƚŚĞŶĐĂůĐƵůĂƚĞĚĨƌŽŵƚŚĞȴȴƚĂǀĞƌĂŐĞƐƵƐŝŶŐƚŚĞϮͲѐѐƚĨŽƌŵƵůĂ
;>ŝǀĂŬΘ^ĐŚŵŝƚƚŐĞŶ͕ϮϬϬϭͿ͘
ϰ͘ϯ͘ϯ^ƚĂƚŝƐƚŝĐĂůĂŶĂůLJƐĞƐ
&Žƌ ƚŚĞ ĚĞƚĂŝůĞĚ ĂŶĂůLJƐŝƐ ŽĨ ŐĞŶĞ ƚƌĂŶƐĐƌŝƉƚŝŽŶ ŵĞĂƐƵŵĞŶƚ ;ϭϬϱ ƉůĂŶƚƐͿ͕ ȴƚ͛Ɛ ŽĨ ƐĂŵƉůĞƐ
ǁĞƌĞĂŶĂůLJƐĞĚǁŝƚŚĂŶĂůLJƐŝƐŽĨǀĂƌŝĂŶĐĞĨŽƌƚŚĞƌĞƉůŝĐĂƚĞƐ;ĂƐŝŶƚŚĞůĂLJŽƵƚŽĨƚŚĞŐůĂƐƐŚŽƵƐĞ
ĞdžƉĞƌŝŵĞŶƚͿ͘ZĞƐƵůƚƐǁĞƌĞĂĚũƵƐƚĞĚĨŽƌĚŝĨĨĞƌĞŶĐĞƐďĞƚǁĞĞŶƚŚĞƋWZƌƵŶƐ;ŶĂŝǀĞĂŶĂůLJƐĞƐͿ͘
dŚĞ ŶĂŝǀĞ ĂŶĂůLJƐŝƐ ŵĞƚŚŽĚ ĂůůŽǁƐ ĨĂĐƚŽƌƐ ƚŚĂƚ ŝŶĐƌĞĂƐĞ ǀĂƌŝĂďŝůŝƚLJ ǁŝƚŚŝŶ ƚŚĞ ĚĂƚĂ ƚŽ ďĞ
ĂĚũƵƐƚĞĚ;WĂLJŶĞĞƚĂů͕͘ϮϬϭϭͿ͘dŚĞƐĞŝŶĐůƵĚĞĚďŝŽůŽŐŝĐĂůƌĞƉůŝĐĂƚĞƐ͕ƋWZƌƵŶƐ͕ƐĂŵƉůĞƐŽĨƚŚĞ
ƐĂŵĞƚƌĞĂƚŵĞŶƚ͕ĂŶĚƋWZƚĞĐŚŶŝĐĂůƌĞƉůŝĐĂƚĞƐ͘ůůƐƚĂƚŝƐƚŝĐĂůĂŶĂůLJƐĞƐǁĞƌĞĐĂƌƌŝĞĚŽƵƚǁŝƚŚ
'ĞŶ^ƚĂƚ;'ĞŶ^ƚĂƚŽŵŵŝƚƚĞĞ͕ϮϬϭϭͿ͘
ϴϳ
ϰ͘ϰZĞƐƵůƚƐ
ϰ͘ϰ͘ϭ/ŶŝƚŝĂůƐĐƌĞĞŶŝŶŐŽĨƉƌŝŵĞƌƐĂŐĂŝŶƐƚĂŶĚĐŽŶƚƌŽůƐĂŵƉůĞƐďLJƋWZ
ůůďƵƚŽŶĞŽĨƚŚĞϭϵWZƉƌŝŵĞƌƉĂŝƌƐLJŝĞůĚĞĚĂŵƉůŝĨŝĐĂƚŝŽŶƉƌŽĚƵĐƚƐ͕ĨƌŽŵďŽƚŚŐEĂŶĚ
ĐE͘ dŚĞ WZϭ ;ϭͿ ƉƌŝŵĞƌƐ ;dĂďůĞ ϭͿ ǁĞƌĞ ĚŝƐĐĂƌĚĞĚ ďĞĐĂƵƐĞ ƚŚĞLJ ŐĞŶĞƌĂƚĞĚ ŶŽ WZ
ƉƌŽĚƵĐƚƐ͘
/Ŷ ƚŚĞ ĨŝƌƐƚ ƌŽƵŶĚ ŽĨ ƋZdͲWZ ĂŶĂůLJƐĞƐ͕ ĂŵƉůŝĨŝĐĂƚŝŽŶ ǁĂƐ ĐĂƌƌŝĞĚ ŽƵƚ ĂŐĂŝŶƐƚ ŽŶĞ
ĐE ƐĂŵƉůĞ ĨƌŽŵ ĞĂĐŚ ƚŝŵĞ ƉŽŝŶƚ ĂŶĚ ƚƌĞĂƚŵĞŶƚ͘ ZĞƐƵůƚƐ ŽĨ ƚŚĞ ȴƚ ĂŶĂůLJƐĞƐ ĨŽƌ ŐĞŶĞƐ
ƚŚĂƚ ǁĞƌĞ ĂŶĂůLJƐĞĚ ǁŝƚŚ ŽŶůLJ ŽŶĞ ƐĂŵƉůĞ ĂƌĞ ƐŚŽǁŶ ŝŶ &ŝŐƵƌĞ ϭ͘ DĂŶLJ ŐĞŶĞƐ ƐŚŽǁĞĚ
ŝŶĐƌĞĂƐĞĚƚƌĂŶƐĐƌŝƉƚŝŽŶŝŶƌĞƐƉŽŶƐĞƚŽƚƌĞĂƚŵĞŶƚ͘dŚĞŐĞŶĞƐƚŚĂƚƐŚŽǁĞĚƚŚĞŐƌĞĂƚĞƐƚ
ŝŶĐƌĞĂƐĞǁŚĞŶĐŽŵƉĂƌĞĚǁŝƚŚƵŶƚƌĞĂƚĞĚƐĂŵƉůĞƐŝŶƚŚĞĨŝƌƐƚϳϮŚǁĞƌĞWZϭď͕ƚŚĞƉĂƚŚŽŐĞŶͲ
ĂŶĚ ǁŽƵŶĚͲŝŶĚƵĐŝďůĞ ĂŶƚŝĨƵŶŐĂů ƉƌŽƚĞŝŶ WϮϬͬWZϰͲƚLJƉĞ ŐĞŶĞ ;WZϰͿ͕ WZϭ ϯ͕ ƚŚĞ ĐůĂƐƐ /
ĐŚŝƚŝŶĂƐĞ ϭ ;Śŝ ϭͿ͕ DŝƌĂĐƵůŝŶ͕ ĂƚŝŽŶŝĐ ƉĞƌŽdžŝĚĂƐĞ ĂŶĚ ƚŚĞ <ƵŶŝƚnjͲƚLJƉĞ ƉƌŽƚĞŝŶĂƐĞ ŝŶŚŝďŝƚŽƌ
;<W/Ϳ͕ ƚŚĞ ůĂƚƚĞƌ ĞƐƉĞĐŝĂůůLJ ǁŚĞŶ ƚƌĞĂƚĞĚ ǁŝƚŚ Ϯ ĂŶĚ ϰŵD ͘ 'ĞŶĞƐ ƚŚĂƚ ĚŝĚ ŶŽƚ ƐŚŽǁ
ŵĂƌŬĞĚŝŶĐƌĞĂƐĞƐŝŶƚƌĂŶƐĐƌŝƉƚŝŽŶĂĨƚĞƌƚƌĞĂƚŵĞŶƚǁĞƌĞĞĨĞŶƐŝŶƉϯϮϮ͕/ƐŽĐŝƚƌĂƚĞůLJĂƐĞ
ĂŶĚƚŚĞKWͬEWZϭͬE/DϭͲůŝŬĞƌĞŐƵůĂƚŽƌLJƉƌŽƚĞŝŶ;EWZϭͿ͘
/ŶŵĂŶLJĐĂƐĞƐƚƌĂŶƐĐƌŝƉƚŝŽŶǁĂƐĚĞƉĞŶĚĞŶƚŽŶĐŽŶĐĞŶƚƌĂƚŝŽŶ͕ŝ͘Ğ͘ŐƌĞĂƚĞƌ
ĐŽŶĐĞŶƚƌĂƚŝŽŶƐŽĨŐĂǀĞŝŶĐƌĞĂƐĞĚƚƌĂŶƐĐƌŝƉƚŝŽŶ͘dŚĞŐƌĞĂƚĞƐƚŝŶĐƌĞĂƐĞƐǁĞƌĞŽďƐĞƌǀĞĚ
ŝŶϰŵDƚƌĞĂƚĞĚƐĂŵƉůĞƐ;Ğ͘Ő͘Śŝϭ͕WZϭď͕^ƵďĞƌŝnjĂƚŝŽŶͲĂƐƐŽĐŝĂƚĞĚĂŶŝŽŶŝĐƉĞƌŽdžŝĚĂƐĞ
;^WͿĂŶĚDŝƌĂĐƵůŝŶͿ͘/ŶƐŽŵĞĐĂƐĞƐ͕ϭŵDĚŝĚŶŽƚŐŝǀĞůĂƌŐĞƚƌĂŶƐĐƌŝƉƚŝŽŶĂůĐŚĂŶŐĞƐ
ǁŚĞƌĞĂƐƚŚĞƐĞŽĐĐƵƌƌĞĚǁŝƚŚϮĂŶĚϰŵDƚƌĞĂƚŵĞŶƚƐ;Ğ͘Ő͘ĨŽƌDŝƌĂĐƵůŝŶ͕WZϭď͕^WĂŶĚ<W/
ŐĞŶĞƐͿ͘&ŽƌƐŽŵĞŐĞŶĞƐ͕ƚƌĂŶƐĐƌŝƉƚŝŽŶůĞǀĞůƐŝŶϭŵDƚƌĞĂƚŵĞŶƚƐŝŶŝƚŝĂůůLJŝŶĐƌĞĂƐĞĚĂƚ
ϮϰŚďƵƚƋƵŝĐŬůLJƌĞƚƵƌŶĞĚƚŽƉƌĞͲƚƌĞĂƚŵĞŶƚůĞǀĞůƐŽƌĞǀĞŶƚŽůŽǁĞƌůĞǀĞůƐŽĨƚƌĂŶƐĐƌŝƉƚŝŽŶ
ƚŚĂŶĐŽŶƚƌŽůƐ͕ǁŚĞƌĞĂƐƚƌĞĂƚŵĞŶƚƐǁŝƚŚŚŝŐŚĞƌĐŽŶĐĞŶƚƌĂƚŝŽŶƐŽĨŐĂǀĞƉƌŽůŽŶŐĞĚ
ĞůĞǀĂƚŝŽŶŽĨƚƌĂŶƐĐƌŝƉƚŝŽŶ͘dŚŝƐǁĂƐŵŽƐƚƉƌŽŶŽƵŶĐĞĚĨŽƌƚŚĞLJƐƚĞŝŶĞƉƌŽƚĞĂƐĞĂŶĚ
DŝƌĂĐƵůŝŶŐĞŶĞƐ͕ĂŶĚƚŽĂůĞƐƐĞƌĞdžƚĞŶƚĨŽƌƚŚĞ<W/ĂŶĚĂƚŝŽŶŝĐƉĞƌŽdžŝĚĂƐĞŐĞŶĞƐ͘
ĨƚĞƌ ϭϬ ĚĂLJƐ͕ ƚƌĂŶƐĐƌŝƉƚŝŽŶ ůĞǀĞůƐ ŚĂĚ ŵŽƐƚůLJ ƌĞƚƵƌŶĞĚ ƚŽ ƉƌĞͲ ĂƉƉůŝĐĂƚŝŽŶ
ůĞǀĞůƐ͘,ŽǁĞǀĞƌ͕ƚƌĂŶƐĐƌŝƉƚŝŽŶǁĂƐƐƚŝůůĞůĞǀĂƚĞĚŝŶƐŽŵĞϰŵDƚƌĞĂƚĞĚƐĂŵƉůĞƐĞ͘Ő͘ĨŽƌ<W/͕
DŝƌĂĐƵůŝŶ͕ ^W ĂŶĚ Śŝ ϭ ŐĞŶĞƐ͘ /ŶŽĐƵůĂƚŝŽŶ ǁŝƚŚ ^͘ ƐƵďƚĞƌƌĂŶĞĂ ƌĞƐƵůƚĞĚ ŝŶ ĨĞǁ ŽďǀŝŽƵƐ
ϴϴ
ĐŚĂŶŐĞƐĨŽƌƚŚĞƐĞŐĞŶĞƐ͖ƚƌĂŶƐĐƌŝƉƚŝŽŶůĞǀĞůƐŝŶƚŚĞŝŶĨĞĐƚĞĚƐĂŵƉůĞƐĐůŽƐĞůLJŵĂƚĐŚĞĚƚŚŽƐĞ
ŝŶϭϬĚĂLJƐƉŽƐƚƚƌĞĂƚŵĞŶƚƐĂŵƉůĞƐ͘
&ŝŐƵƌĞϭ͗'ĞŶĞƚƌĂŶƐĐƌŝƉƚŝŽŶ;ϭϰŐĞŶĞƐͿĨƌŽŵƐŝŶŐůĞ ƐĂŵƉůĞƐŽĨƉŽƚĂƚŽĐǀ͚͘/ǁĂ͛ƌŽŽƚƐĂƚĚŝĨĨĞƌĞŶƚ
ƚŝŵĞƉŽŝŶƚƐ;yͲĂdžŝƐͿĂĨƚĞƌĂƉƉůŝĐĂƚŝŽŶŽĨĚŝĨĨĞƌĞŶƚƌĂƚĞƐŽĨ͘h͗ƵŶŝŶŽĐƵůĂƚĞĚ͕/͗ŝŶŽĐƵůĂƚĞĚǁŝƚŚ
^ƉŽŶŐŽƐƉŽƌĂƐƵďƚĞƌƌĂŶĞĂ͘zĂdžŝƐƌĞƉƌĞƐĞŶƚƐĚŝĨĨĞƌĞŶĐĞƐŝŶƚďĞƚǁĞĞŶƚĂƌŐĞƚŐĞŶĞƐĂŶĚƚŚĞ&ϭĂ
ŐĞŶĞŽĨƉŽƚĂƚŽ;ȴƚͿ͘ŽŶƚƌŽůƉůĂŶƚƐ;ŶŽŶͲƚƌĞĂƚĞĚͿǁĞƌĞĂĚĚĞĚĂƚĞĂĐŚƚŝŵĞƉŽŝŶƚ͘'ƌĞĂƚĞƌǀĂůƵĞƐ
ŽĨȴƚŝŶĚŝĐĂƚĞůŽǁĞƌŐĞŶĞƚƌĂŶƐĐƌŝƉƚŝŽŶ͘
ϴϵ
&ŝŐƵƌĞϭ;ĐŽŶƚŝŶƵĞĚͿ͗'ĞŶĞƚƌĂŶƐĐƌŝƉƚŝŽŶ;ϭϰŐĞŶĞƐͿĨƌŽŵƐŝŶŐůĞƐĂŵƉůĞƐŽĨƉŽƚĂƚŽĐǀ͚͘/ǁĂ͛ƌŽŽƚƐĂƚ
ĚŝĨĨĞƌĞŶƚ ƚŝŵĞ ƉŽŝŶƚƐ ;y ĂdžŝƐͿ ĂĨƚĞƌ ĂƉƉůŝĐĂƚŝŽŶ ŽĨ ĚŝĨĨĞƌĞŶƚ ƌĂƚĞƐ ŽĨ ͘ h͗ ƵŶŝŶŽĐƵůĂƚĞĚ͕ /͗
ŝŶŽĐƵůĂƚĞĚ ǁŝƚŚ ^ƉŽŶŐŽƐƉŽƌĂ ƐƵďƚĞƌƌĂŶĞĂ͘ z ĂdžŝƐ ƌĞƉƌĞƐĞŶƚƐ ĚŝĨĨĞƌĞŶĐĞƐ ŝŶ ƚ ďĞƚǁĞĞŶ ƚĂƌŐĞƚ
ŐĞŶĞƐ ĂŶĚ ƚŚĞ &ϭĂ ŐĞŶĞ ŽĨ ƉŽƚĂƚŽ ;ȴƚͿ͘ ŽŶƚƌŽů ƉůĂŶƚƐ ;ŶŽŶͲƚƌĞĂƚĞĚͿ ǁĞƌĞ ĂĚĚĞĚ Ăƚ ĞĂĐŚ ƚŝŵĞ
ƉŽŝŶƚ͘'ƌĞĂƚĞƌǀĂůƵĞƐŽĨȴƚŝŶĚŝĐĂƚĞůŽǁĞƌŐĞŶĞƚƌĂŶƐĐƌŝƉƚŝŽŶ͘
ϰ͘ϰ͘ϮĞƚĂŝůĞĚƋWZĂŶĂůLJƐĞƐ
&ŽƵƌ ŐĞŶĞƐ ;WZϭ ;ϯͿ͕ ĚĞĨĞŶƐŝŶ ƉϯϮϮ͕ Śŝ ϭ ĂŶĚ Śŝ ϮͿ ǁĞƌĞ ƐĞůĞĐƚĞĚ ĨŽƌ ŝŶ ĚĞƉƚŚ ƋWZ
ĂŶĂůLJƐĞƐĨƌŽŵĂůůĨŝǀĞƐĂŵƉůĞƐƉůĂŶƚĂƚĂůůƚŝŵĞƉŽŝŶƚƐĂĨƚĞƌĂƉƉůŝĐĂƚŝŽŶ͘
ZĞƐƵůƚƐĨŽƌƚŚĞƐĞĂŶĂůLJƐĞƐƐŚŽǁĞĚŝŶĐƌĞĂƐĞĚƚƌĂŶƐĐƌŝƉƚŝŽŶǁŝƚŚĂƉƉůŝĐĂƚŝŽŶĨŽƌ
WZϭ;ϯͿĂŶĚŚŝϭ͕ďƵƚŶŽĐůĞĂƌĞĨĨĞĐƚŽĨŽŶŚŝϮĂŶĚĚĞĨĞŶƐŝŶƉϯϮϮƚƌĂŶƐĐƌŝƉƚŝŽŶ͘&Žƌ
WZϭ;ϯͿ͕ƚƌĂŶƐĐƌŝƉƚŝŽŶǁĂƐŐƌĞĂƚĞƌĂƚϮϰŚŝŶƉůĂŶƚƐƚƌĞĂƚĞĚǁŝƚŚƚŚĂŶŝŶĐŽŶƚƌŽůƉůĂŶƚƐ͕
ĂŶĚ ƚŚŝƐ ǁĂƐ ŵĂŝŶƚĂŝŶĞĚ ŽǀĞƌ ƚŚĞ ĨŝƌƐƚ ϳϮ Ś ;ƉфϬ͘ϬϬϮ ĨŽƌ ĂůůͿ͘ Śŝ ϭ ĂůƐŽ ƐŚŽǁĞĚ Ă ƐŝŵŝůĂƌ͕
ϵϬ
ƚŚŽƵŐŚ ŵŽƌĞ ƉƌŽŶŽƵŶĐĞĚ ƉĂƚƚĞƌŶ͕ ǁŝƚŚ ŚŝŐŚ ƚƌĂŶƐĐƌŝƉƚŝŽŶ ĐŽŶƐĞƌǀĞĚ ĚƵƌŝŶŐ ƚŚĞ ĨŝƌƐƚ ϳϮ Ś͘
dƌĂŶƐĐƌŝƉƚŝŽŶŝŶĐƌĞĂƐĞĚǁŝƚŚŝŶĐƌĞĂƐŝŶŐůĞǀĞůƐŽĨĨŽƌĂůůƚŝŵĞƉŽŝŶƚƐŝŶŚŝϭ;ƉфϬ͘ϬϬϭ
ĨŽƌĂůůͿ͕ĂŶĚĨŽƌWZϭ;ϯͿ͘ůƚŚŽƵŐŚŐĂǀĞůŝƚƚůĞĞĨĨĞĐƚŽŶƚƌĂŶƐĐƌŝƉƚŝŽŶŽĨŚŝϮĂƚĞĂƌůŝĞƌ
ƚŝŵĞƉŽŝŶƚƐ͕ĂƚϭϬĚĂLJƐƉŽƐƚƚƌĞĂƚŵĞŶƚƚŚĞƌĞǁĂƐĞǀŝĚĞŶĐĞŽĨŝŶĐƌĞĂƐĞĚƚƌĂŶƐĐƌŝƉƚŝŽŶ
ŝŶ ϰŵD ƚƌĞĂƚĞĚ ƉůĂŶƚƐ ƌĞůĂƚŝǀĞ ƚŽ ĐŽŶƚƌŽůƐ͘ dŚĞƌĞ ǁĂƐ ŶŽ ĐůĞĂƌ ĞĨĨĞĐƚ ŽĨ ŝŶŽĐƵůĂƚŝŽŶ
ǁŝƚŚ^͘ƐƵďƚĞƌƌĂŶĞĂĨŽƌĂůůƚƌĞĂƚŵĞŶƚƐĨŽƌĂŶLJŽĨƚŚĞƐĞŐĞŶĞƐ͘
&ŝŐƵƌĞ Ϯ͗ 'ĞŶĞ ƚƌĂŶƐĐƌŝƉƚŝŽŶ ;ĨŽƵƌ ĐŚŽƐĞŶ ŐĞŶĞƐͿ ĨƌŽŵ ϭϬϱ ƉůĂŶƚƐ ŽĨ ƉŽƚĂƚŽ Đǀ͘ ͚/ǁĂ͛ ƌŽŽƚƐ Ăƚ
ĚŝĨĨĞƌĞŶƚ ƚŝŵĞ ƉŽŝŶƚƐ ;y ĂdžŝƐͿ ĂĨƚĞƌ ĂƉƉůŝĐĂƚŝŽŶ ŽĨ ĚŝĨĨĞƌĞŶƚ ƌĂƚĞƐ ŽĨ ͘ h͗ ƵŶͲŝŶŽĐƵůĂƚĞĚ͕ /͗
ŝŶŽĐƵůĂƚĞĚ ǁŝƚŚ ^ƉŽŶŐŽƐƉŽƌĂ ƐƵďƚĞƌƌĂŶĞĂ͘ z ĂdžŝƐ ƌĞƉƌĞƐĞŶƚƐ ĚŝĨĨĞƌĞŶĐĞƐ ŝŶ ƚ ďĞƚǁĞĞŶ ƚĂƌŐĞƚ
ŐĞŶĞƐ ĂŶĚ ƚŚĞ &ϭĂ ŐĞŶĞ ŽĨ ƉŽƚĂƚŽ ;ȴƚͿ͘ ŽŶƚƌŽů ƉůĂŶƚƐ ;ŶŽŶͲƚƌĞĂƚĞĚͿ ǁĞƌĞ ĂĚĚĞĚ Ăƚ ĞĂĐŚ ƚŝŵĞ
ƉŽŝŶƚ͘'ƌĞĂƚĞƌǀĂůƵĞƐŽĨȴƚŝŶĚŝĐĂƚĞůŽǁĞƌŐĞŶĞƚƌĂŶƐĐƌŝƉƚŝŽŶ͘
ϰ͘ϰ͘ϯ&ŽůĚĐŚĂŶŐĞƐŽŶƚƌĂŶƐĐƌŝƉƚŝŽŶ
'ĞŶĞƐ ƚŚĂƚ ƐŚŽǁĞĚ ƚŚĞ ŐƌĞĂƚĞƐƚ ĨŽůĚ ĐŚĂŶŐĞƐ ŝŶ ƚƌĂŶƐĐƌŝƉƚŝŽŶ ǁĞƌĞ Śŝ ϭ͕ WZϭď͕ ĂŶĚ WZϰ
;dĂďůĞ ϯͿ͘ dŚĞ ĐŚĂŶŐĞƐ ĨŽƌ ƚŚĞƐĞ ƚŚƌĞĞ ŐĞŶĞƐ ǁĞƌĞ ŵƵĐŚ ŐƌĞĂƚĞƌ ƚŚĂŶ ĨƌŽŵ ƚŚĞ ĞĂƌůŝĞƌ
ƚƌĂŶƐĐƌŝƉƚŽŵĞƐƚƵĚLJŽĨDĂƐƐĂĞƚĂů͕͘ϮϬϭϭ͖d͘W͘'͘^͕͘ϮϬϭϭͿ͕ǁŝƚŚƚŚĞWZϭďĂŶĚWZϰŐĞŶĞƐŝŶ
ƉĂƌƚŝĐƵůĂƌƐŚŽǁŝŶŐŵƵĐŚŐƌĞĂƚĞƌĨŽůĚĐŚĂŶŐĞƐƚŚĂŶǁĞƌĞƌĞĐŽƌĚĞĚŝŶůĞĂǀĞƐ͘ƋƵĂƉŽƌŝŶ͕Śŝ
ϮĂŶĚŝƐŽĐŝƚƌĂƚĞůLJĂƐĞĂůůŐĂǀĞƐƵďƐƚĂŶƚŝĂůůLJƐŵĂůůĞƌŝŶĐƌĞĂƐĞƐŝŶƚƌĂŶƐĐƌŝƉƚŝŽŶƚŚĂŶƐƵŐŐĞƐƚĞĚ
ďLJƚŚĞƉƌĞǀŝŽƵƐƚƌĂŶƐĐƌŝƉƚŽŵĞƐƚƵĚLJ͘KƚŚĞƌŐĞŶĞƐŐĞŶĞƌĂůůLJƐŚŽǁĞĚĐŚĂŶŐĞƐŝŶƚƌĂŶƐĐƌŝƉƚŝŽŶ
ϵϭ
ŽĨ ĐŽŵƉĂƌĂďůĞ ŵĂŐŶŝƚƵĚĞ ĂŶĚ ĚŝƌĞĐƚŝŽŶ ĂƐ ƐĞĞŶ ĞĂƌůŝĞƌ͕ ĂůƚŚŽƵŐŚ ĚĞĨĞŶƐŝŶ ƉϯϮϮ ĚŝĚ ŶŽƚ
ƐŚŽǁƚŚĞƐĂŵĞůĞǀĞůŽĨĚĞĐƌĞĂƐĞĂƐƐƵŐŐĞƐƚĞĚŝŶƚŚĞDĂƐƐĂĞƚĂů͘;ϮϬϭϭͿƐƚƵĚLJ͘
dĂďůĞ ϯ͗ ŽŵƉĂƌŝƐŽŶ ŽĨ ĨŽůĚ ĐŚĂŶŐĞƐ ĨŽƌ ƉŽƚĂƚŽ ŐĞŶĞƐ ĨŽůůŽǁŝŶŐ ĂƉƉůŝĐĂƚŝŽŶ͘ &ŽůĚ ĐŚĂŶŐĞƐ
ďĞƚǁĞĞŶ ĂƉƉůŝĐĂƚŝŽŶƐ ĂŶĚ ĐŽŶƚƌŽů ƉůĂŶƚƐ ĨŽƌ ůĞĂǀĞƐ ;DĂƐƐĂ Ğƚ Ăů͕͘ ϮϬϭϭͿ ĂŶĚ ƌŽŽƚƐ ƚƌĞĂƚĞĚ
ǁŝƚŚϰŵD;ƉƌĞƐĞŶƚƐƚƵĚLJͿĂƐƐĂLJĞĚĂƚϮϰŚĂĨƚĞƌƚƌĞĂƚŵĞŶƚ͘
'ĞŶĞ
>ĞĂǀĞƐʹƚƌĂŶƐĐƌŝƉƚŽŵĞ
ZŽŽƚƐʹƋWZ
ϭ
Śŝ;ϭͿ
Ϯϰϰ͘ϲ
ϳϭϰ͘ϭ
Ϯ
Śŝ;ϮͿ
ϯϯ͘Ϯ
ϭ͘Ϯ
ϯ
<W/
Ϯϱ͘ϰ
ϭϲ͘ϰ
ϰ
ĂƚŝŽŶŝĐƉĞƌŽdžŝĚĂƐĞ
Ϯϰ͘ϵ
Ϯϵ͘ϳ
ϱ
/ƐŽĐŝƚƌĂƚĞůLJĂƐĞ
ϭϴ͘ϰ
Ϯ͘ϲ
ϲ
WZϭď
ϭϴ͘Ϭ
ϲϲϭ͘ϳ
ϳ
ƋƵĂƉŽƌŝŶd/Wϭ͖ϯ
ϭϲ͘ϭ
ϭ͘ϭ
ϴ
^W
ϵ͘Ϯ
ϴ͘ϵ
ϵ
DŝƌĂĐƵůŝŶ
ϴ͘ϭ
Ϯϭ͘ϵ
ϭϬ
^ŽƌďŝƚŽůƚƌĂŶƐƉŽƌƚĞƌ
ϲ͘Ϭ
ϯ͘ϴ
ϭϭ
LJƐƚĞŝŶĞƉƌŽƚĞĂƐĞ
ϱ͘ϳ
ϱ͘ϲ
ϭϮ
WZϰ
ϯ͘ϲ
ϮϮϳ͘ϱ
ϭϯ
WZϭ;ϯͿ
ϯ͘ϯ
ϯ͘ϵ
ϭϰ
WZϭϬ
Ϯ͘ϵ
ϱ͘ϳ
ϭϱ
WZϭ;ϭͿ
Ϯ͘ϭ
ŶŽƚŵĞĂƐƵƌĞĚ
ϭϲ
WZϭ;ϮͿ
ϭ͘ϵ
ϭϬ͘ϲ
ϭϳ
,^WϳϬ
ϭ͘Ϯ
ϭ͘Ϯ
ϭϴ
EWZϭ
ϭ͘ϭ
Ͳϯ͘ϯ
ĞĨĞŶƐŝŶWϯϮϮ
Ͳϱ
Ͳϭ͘ϭ
ϭϵ
ϵϮ
ϰ͘ϱŝƐĐƵƐƐŝŽŶ
ϰ͘ϱ͘ϭ^ƵŵŵĂƌLJŽĨĂŶĂůLJƐŝƐŽĨƚƌĂŶƐĐƌŝƉƚŽŵĞƐƚƵĚLJ
dŚĞĂŝŵƐŽĨƚŚŝƐƐƚƵĚLJǁĞƌĞƚŽŐĂŝŶƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨƚŚĞŵĞĐŚĂŶŝƐŵŽĨ/ZŝŶƉŽƚĂƚŽ͕
ĂŶĚƚŽŝĚĞŶƚŝĨLJƐƵŝƚĂďůĞŐĞŶĞŵĂƌŬĞƌƐĨŽƌŝŶĚƵĐƚŝŽŶ͘dŚĞƐĞůĞĐƚŝŽŶŽĨϭϵƉŽƚĂƚŽŐĞŶĞƐ
ĨŽƌŝŶǀĞƐƚŝŐĂƚŝŽŶǁĂƐďĂƐĞĚŽŶƉƵďůŝƐŚĞĚƉŽƚĂƚŽƚƌĂŶƐĐƌŝƉƚŝŽŶĚĂƚĂĨƌŽŵůĞĂǀĞƐƚƌĞĂƚĞĚǁŝƚŚ
;DĂƐƐĂ Ğƚ Ăů͕͘ ϮϬϭϭ͖ d͘W͘'͘^͕͘ ϮϬϭϭͿ͘ ůĂƌŐĞ ƉƌŽƉŽƌƚŝŽŶ ƚŚĞ ƵƉͲƌĞŐƵůĂƚĞĚ ŐĞŶĞƐ
ŽďƐĞƌǀĞĚ ŝŶ ƚŚĞ ĚĂƚĂƐĞƚ ŽĨ DĂƐƐĂ Ğƚ Ăů ;ϮϬϭϭͿ ǁĞƌĞ WZ ŐĞŶĞƐ͘ dŚŝƐ ŐĞŶĞ ƚLJƉĞ ŚĂƐ ďĞĞŶ
ŽďƐĞƌǀĞĚƚŽŝŶĐƌĞĂƐĞƵƉŽŶŝŶĚƵĐƚŝŽŶŝŶƌĂďŝĚŽƉƐŝƐ;ŝŵŵĞƌůŝĞƚĂů͕͘ϮϬϬϬͿ͘/ŶĂĚĚŝƚŝŽŶ
ƚŽƚŚĞŐĞŶĞƐƚŚĂƚƐŚŽǁĞĚůĂƌŐĞĐŚĂŶŐĞƐŝŶƚƌĂŶƐĐƌŝƉƚŝŽŶ͕ŽƚŚĞƌWZϭŐĞŶĞƐǁĞƌĞĐŚŽƐĞŶĨŽƌ
ĐŽŵƉĂƌŝƐŽŶ͘'ĞŶĞƐƌĞƐƉŽŶƐŝǀĞƚŽ:ĂƌĞŐĞŶĞƌĂůůLJĚŽǁŶͲƌĞŐƵůĂƚĞĚŝŶƌĂďŝĚŽƉƐŝƐĂĨƚĞƌ
ƚƌĞĂƚŵĞŶƚ;dƐĂŝĞƚĂů͕ϮϬϭϭͿ͘ĞĨĞŶƐŝŶŐĞŶĞƐĂƌĞ ĂƐƐŽĐŝĂƚĞĚǁŝƚŚ ƚŚĞ/^Z ƉĂƚŚǁĂLJ͕ĂŶĚ ƚŚĞ
ďĞƐƚ ŬŶŽǁŶ ŵĂƌŬĞƌƐ ŝŶ ƌĂďŝĚŽƉƐŝƐ ĂƌĞ W& ϭ͘Ϯ ĂŶĚ ƚŚŝŽŶŝŶ Ϯ͘ϭ ;ŽŚůŵĂŶŶ Ğƚ Ăů͕͘ ϭϵϵϴ͖
dŝƌLJĂŬŝ͕ϮϬϬϰ͖DĂƵĐŚͲDĂŶŝΘDĞƚƌĂƵdž͕ϭϵϵϴ͖ǀĂŶĚĞƌŶƚĞƚĂů͕͘ϮϬϬϵͿ͘EĞŝƚŚĞƌŽĨƚŚĞƐĞƚǁŽ
ŐĞŶĞƐǁĂƐůŝƐƚĞĚŝŶƚŚĞƉŽƚĂƚŽŐĞŶŽŵĞƉƵďůŝĐĂƚŝŽŶĂŶĚǁĞǁĞƌĞƵŶĂďůĞƚŽĨŝŶĚĐŽŶǀŝŶĐŝŶŐ
ŚŽŵŽůŽŐƐ ŽĨ ƚŚĞƐĞ ŐĞŶĞƐ ďLJ ƐŝŵŝůĂƌŝƚLJ ƐĞĂƌĐŚŝŶŐ͘ ^ƵƌǀĞLJƐ ŽĨ ůŝƚĞƌĂƚƵƌĞ ;Ğ͘Ő͘ ŚĂŶ Ğƚ Ăů͕͘
;ϮϬϬϱͿ ĂůƐŽ ŝŵƉůŝĞĚ ƚŚĂƚ ƚŚŝŽŶŝŶ Ϯ͘ϭ ŝƐ ŶŽƚ ƉƌĞƐĞŶƚ ŝŶ ƚŽŵĂƚŽ͘ ƌĞĐŽŐŶŝƐĞĚ /^Z ŵĂƌŬĞƌĨŽƌ
ƉŽƚĂƚŽŝƐƚŚĞĚĞĨĞŶƐŝŶƉϯϮϮŐĞŶĞ;^ƚŝĞŬĞŵĂĞƚĂů͕͘ϭϵϴϴͿ͘dŚŝƐŐĞŶĞƐŚŽǁĞĚƚƌĂŶƐĐƌŝƉƚŝŽŶŝŶ
ůĞĂǀĞƐ ƚƌĞĂƚĞĚ ǁŝƚŚ ͕ ǁŝƚŚ ĂŶ ĂƉƉƌŽdžŝŵĂƚĞůLJ ĨŝǀĞͲĨŽůĚ ĚŽǁŶͲƌĞŐƵůĂƚŝŽŶ ĐŽŵƉĂƌĞĚ ƚŽ
ĐŽŶƚƌŽů ƉůĂŶƚƐ͘ ŶŽƚŚĞƌ ĚĞĨĞŶƐŝŶ ŐĞŶĞ͕ ĚĞĨĞŶƐŝŶ :ϭͲϮ͕ ĂůƐŽ ƐŚŽǁĞĚ ƚƌĂŶƐĐƌŝƉƚŝŽŶ ŝŶ ůĞĂǀĞƐ
ǁŝƚŚ ƚƌĞĂƚŵĞŶƚ͘ dŚŝƐ ŐĞŶĞ ǁĂƐ ƵƉͲƌĞŐƵůĂƚĞĚ ĚƵƌŝŶŐ ƌŝƉĞŶŝŶŐ ĂŶĚ ƵƉŽŶ ǁŽƵŶĚŝŶŐ ŝŶ
ďĞůů ƉĞƉƉĞƌ ;DĞLJĞƌ Ğƚ Ăů͕͘ ϭϵϵϲͿ͘ ĞĨĞŶƐŝŶ :ϭͲϮ ǁĂƐ ŶŽƚ ĞdžĂŵŝŶĞĚ ďĞĐĂƵƐĞ ŝƚ ŚĂĚ ůŽǁĞƌ
ƚƌĂŶƐĐƌŝƉƚŝŽŶ ǁŚĞŶ ĐŽŵƉĂƌĞĚ ƚŽ ƉϯϮϮ͕ ďƵƚ ƚŚŝƐ ŐĞŶĞ ĐŽƵůĚ ďĞ ŝŶĐůƵĚĞĚ ŝŶ ĨƵƌƚŚĞƌ ƐƚƵĚŝĞƐ
;d͘W͘'͘^͕͘͘ϮϬϭϭͿ͘
ϵϯ
ϰ͘ϱ͘ϮKǀĞƌĂůůƉĂƚƚĞƌŶŽĨƚƌĂŶƐĐƌŝƉƚŝŽŶ
,ĂǀŝŶŐ ŝĚĞŶƚŝĨŝĞĚ ĐĂŶĚŝĚĂƚĞ ŐĞŶĞ ŵĂƌŬĞƌƐ͕ Ă ƌĞƉůŝĐĂƚĞĚ ƉŽƚ ƚƌŝĂů ǁĂƐ ĐĂƌƌŝĞĚ ŽƵƚ ƚŽ ĐůŽƐĞůLJ
ĞdžĂŵŝŶĞ ͲŝŶĚƵĐĞĚ ƚƌĂŶƐĐƌŝƉƚŝŽŶ ŝŶ ƉŽƚĂƚŽ ƌŽŽƚƐ͘ DƵůƚŝƉůĞ ƚŝŵĞ ƉŽŝŶƚƐ ĂĨƚĞƌ ĂƉƉůŝĐĂƚŝŽŶ͕ ĂŶĚ ĚŝĨĨĞƌĞŶƚ ƚƌĞĂƚŵĞŶƚ ĐŽŶĐĞŶƚƌĂƚŝŽŶƐ ǁĞƌĞ ĞdžĂŵŝŶĞĚ ƚŽ ŐĂŝŶ ŵŽƌĞ ĚĞƚĂŝůĞĚ
ŝŶĨŽƌŵĂƚŝŽŶ ƚŚĂŶ ƚŚĂƚ ŽďƚĂŝŶĞĚ ĨƌŽŵ ƐŽŵĞ ƉƌĞǀŝŽƵƐ ƐƚƵĚŝĞƐ ;Ğ͘Ő͘ d͘W͘'͘^͕͘͘ ϮϬϭϭͿ͘ ŝŶĐƌĞĂƐĞĚ ƚƌĂŶƐĐƌŝƉƚŝŽŶ ŽĨ ŵŽƐƚ ŐĞŶĞƐ ŝŶ ƉŽƚĂƚŽ ƌŽŽƚƐ͘ dŚĞƐĞ ǁĞƌĞ ĐŚŽƐĞŶ ďĞĐĂƵƐĞ ƚŚĞLJ
ǁĞƌĞƵƉͲƌĞŐƵůĂƚĞĚŝŶDĂƐƐĂĞƚĂů;ϮϬϭϭͿ͕ǁŚĞƌĞϮϬŵDĨŽůŝĂƌĂƉƉůŝĐĂƚŝŽŶŽĨǁĂƐƵƐĞĚ͘
ŽŶĐĞŶƚƌĂƚŝŽŶŽĨƵƐĞĚĨŽƌƐŽŝůĚƌĞŶĐŚĞƐĂƌĞŐĞŶĞƌĂůůLJϭϬƚŽϭϮ͘ϱƚŝŵĞƐůĞƐƐƚŚĂŶĨŽůŝĂƌ
ƐƉƌĂLJƐ͕ ƐŽ ƚŚĞ ĐŽŶĐĞŶƚƌĂƚŝŽŶƐ ƵƐĞĚ ŝŶ ƚŚĞ ƉƌĞǀŝŽƵƐ ĂŶĚ ƉƌĞƐĞŶƚ ƐƚƵĚŝĞƐ ĂƌĞ ĐŽŵƉĂƌĂďůĞ
;ŽŚĞŶ͕ϮϬϬϮͿ͘
dŚĞ ŵĂũŽƌŝƚLJ ŽĨ ŐĞŶĞƐ ƐŚŽǁĞĚ ŐƌĞĂƚĞƌ ƚƌĂŶƐĐƌŝƉƚŝŽŶ ǁŝƚŚ ŝŶĐƌĞĂƐŝŶŐ ĐŽŶĐĞŶƚƌĂƚŝŽŶƐ
ŽĨ͘dŚŝƐĂŐƌĞĞƐǁŝƚŚƚŚĞƐƚƵĚLJŽĨ>ŝĞƚĂů͕͘;ϮϬϬϵͿĐĂƌƌŝĞĚŽƵƚŝŶƉŽƚĂƚŽůĞĂǀĞƐ͘/ŶƉŽƚĂƚŽ͕
ŐƌĞĂƚĞƌĐŽŶĐĞŶƚƌĂƚŝŽŶƐŽĨĨŽůŝĂƌƐƉƌĂLJƐ͕ƵƉƚŽĂƉƉƌŽdžŝŵĂƚĞůLJϮϬŵD͕ĚĞĐƌĞĂƐĞĚƚŚĞƐŝnjĞ
ŽĨůĞƐŝŽŶĐĂƵƐĞĚďLJWŚLJƚŚŽƉƚŚŽƌĂŝŶĨĞƐƚĂŶƐ;>ŝůũĞƌŽƚŚĞƚĂů͕͘ϮϬϭϬͿ͘&ŽƌĂůŵŽƐƚĂůůŽĨƚŚĞŐĞŶĞƐ
ĞdžĂŵŝŶĞĚŝŶƚŚĞƉƌĞƐĞŶƚƐƚƵĚLJƚŚĂƚƐŚŽǁĞĚŐƌĞĂƚĞƐƚƚƌĂŶƐĐƌŝƉƚŝŽŶĐŚĂŶŐĞƐ͕ƚŚŝƐĞĨĨĞĐƚǁĂƐ
ĞǀŝĚĞŶƚ Ϯϰ Ś ĂĨƚĞƌ ĂƉƉůŝĐĂƚŝŽŶ ĂŶĚ ƉĞƌƐŝƐƚĞĚ ĨŽƌ Ăƚ ůĞĂƐƚ ϳϮ Ś͕ ďƵƚ ŐĞŶĞƌĂůůLJ
ĚŝƐĂƉƉĞĂƌĞĚĂĨƚĞƌϭϬĚ͘dŚŝƐƐƵŐŐĞƐƚƐƚŚĂƚƚŚĞƌĞǁĂƐĂĚŝƌĞĐƚĞĨĨĞĐƚŽĨŽŶƚƌĂŶƐĐƌŝƉƚŝŽŶ
ĂŶĚ ƚŚĂƚ ƚŚŝƐ ĞĨĨĞĐƚ ĚĞĐƌĞĂƐĞĚ ĂĨƚĞƌ ϭϬ Ě͘ ƐƚƵĚLJ ŽŶ ƉŽƚĂƚŽ ůĞĂǀĞƐ ƚƌĞĂƚĞĚ ǁŝƚŚ ďLJ
ĨŽůŝĂƌ ƐƉƌĂLJ ĂŶĚ ƚŚĞŶ ŝŶŽĐƵůĂƚĞĚ ǁŝƚŚ W͘ ŝŶĨĞƐƚĂŶƐ Ăƚ ĚŝĨĨĞƌĞŶƚ ƚŝŵĞ ƉŽŝŶƚƐ ƵŶƚŝů ϵϲ Ś
ĚĞŵŽŶƐƚƌĂƚĞĚ ƚŚĂƚ ƉůĂŶƚƐ ŝŶŽĐƵůĂƚĞĚ Ăƚ ϳϮ ĂŶĚ ϵϲ Ś ĂĨƚĞƌ ƚƌĞĂƚŵĞŶƚ ƐŚŽǁĞĚ ƚŚĞ
ŐƌĞĂƚĞƐƚ ĚĞĐƌĞĂƐĞ ŽĨ ŝŶĨĞĐƚŝŽŶ ;>ŝ Ğƚ Ăů͕͘ ϮϬϬϵͿ͘ dŚŝƐ ƐƵŐŐĞƐƚĞĚ ƚŚĂƚ ƚŚĞ ŵĂdžŝŵĂů ĞĨĨĞĐƚ ŽĨ
ŽĐĐƵƌƐ ďĞƚǁĞĞŶ ϳϮ ĂŶĚ ϵϲ Ś ƉŽƐƚ ƚƌĞĂƚŵĞŶƚ͘ /ƚ ŝƐ ǁĞůů ŬŶŽǁŶ ƚŚĂƚ ŚĂƐ ƚŽ ďĞ
ĂƉƉůŝĞĚƐĞǀĞƌĂůƚŝŵĞƐƚŚƌŽƵŐŚŽƵƚĐƌŽƉŐƌŽǁƚŚƚŽƐƵĐĐĞƐƐĨƵůůLJƌĞĚƵĐĞƉůĂŶƚŝŶĨĞĐƚŝŽŶ;ŽŚĞŶ͕
ϮϬϬϮͿ͘ dŚŝƐ ǁĂƐ ŽďƐĞƌǀĞĚ ŝŶ ŚĂƉƚĞƌ ϯ ŽĨ ƚŚĞ ƉƌĞƐĞŶƚ ƐƚƵĚLJ͕ ǁŚĞƌĞ ƉŽƚĂƚŽ ƉůĂŶƚƐ ƚƌĞĂƚĞĚ
ǁŝƚŚĞǀĞƌLJϮǁĞĞŬƐŝŶĂϲǁĞĞŬƐƉĞƌŝŽĚǁĞƌĞƉƌŽƚĞĐƚĞĚĨƌŽŵ^͘ƐƵďƚĞƌƌĂŶĞĂ͕ǁŚŝůĞĂ
ƐŝŶŐůĞĂƉƉůŝĐĂƚŝŽŶŽĨĚŝĚŶŽƚƉƌĞǀĞŶƚŝŶĨĞĐƚŝŽŶ͘
EŽ ƉƌĞǀŝŽƵƐ ŐĞŶĞ ŵĂƌŬĞƌƐ ĨŽƌ ŝŶĚƵĐƚŝŽŶ ŝŶ ƉŽƚĂƚŽ ŚĂǀĞ ďĞĞŶ ŝĚĞŶƚŝĨŝĞĚ͕
ĞƐƉĞĐŝĂůůLJ ŝŶ ƉŽƚĂƚŽ ƌŽŽƚƐ͘ KŶĞ ƌĞĂƐŽŶ ŽĨ ƚŚŝƐ ŵĂLJ ďĞ ƚŚĂƚ ƚŚĞƌĞ ŚĂǀĞ ďĞĞŶ ŶŽ ƉƌĞǀŝŽƵƐ
ƐƚƵĚŝĞƐŽĨƚƌĂŶƐĐƌŝƉƚŝŽŶŝŶƉŽƚĂƚŽƌŽŽƚƐĂĨƚĞƌƚƌĞĂƚŵĞŶƚ͘ŶŽƚŚĞƌĐŽƵůĚďĞƚŚĂƚ
ŵĂLJĂĐƚƚŚƌŽƵŐŚƉƌŝŵŝŶŐ͕ĂƐŚĂƐďĞĞŶŝŶĚŝĐĂƚĞĚŝŶƌĂďŝĚŽƉƐŝƐƉůĂŶƚƐ;dŽŶĞƚĂů͕͘ϮϬϬϱ͖dƐĂŝ
ϵϰ
Ğƚ Ăů͕ ϮϬϭϭͿ͘ dŚĞ ƉƌĞƐĞŶƚ ƐƚƵĚLJ ŚĂƐ ŝŶĚŝĐĂƚĞĚ ƚŚĂƚ ƚŚĞ ďĞƐƚ ĐĂŶĚŝĚĂƚĞ ŵĂƌŬĞƌ ĨŽƌ ƉŽƚĂƚŽ
/ZǁĂƐƚŚĞĐůĂƐƐ/ĐŚŝƚŝŶĂƐĞ;ϭͿŐĞŶĞ͘dƌĂŶƐĐƌŝƉƚŝŽŶŽĨƚŚŝƐŐĞŶĞĂůƐŽŝŶĐƌĞĂƐĞĚŝŶůĞĂǀĞƐ
ĂĨƚĞƌĂƉƉůŝĐĂƚŝŽŶ͕ŵĂŬŝŶŐŝƚĂŐŽŽĚĐĂŶĚŝĚĂƚĞŵĂƌŬĞƌƚŚƌŽƵŐŚŽƵƚƚŚĞƉůĂŶƚ;d͘W͘'͘^͕͘
ϮϬϭϭͿ͘KƚŚĞƌŐĞŶĞƐǁŝƚŚǀĞƌLJŚŝŐŚƚƌĂŶƐĐƌŝƉƚŝŽŶĂůĐŚĂŶŐĞƐĂŶĚƚŚƵƐĐĂŶĚŝĚĂƚĞŵĂƌŬĞƌƐĂƌĞ
ƚŚĞWZϭďĂŶĚWZϰŐĞŶĞƐ͘dŚĞWZϰŐĞŶĞŚĂƐĂƉƌĞĚŝĐƚĞĚĐŚŝƚŝŶďŝŶĚŝŶŐĚŽŵĂŝŶĂŶĚĐŚŝƚŝŶĂƐĞ
ĨƵŶĐƚŝŽŶ;ǀĂŶ>ŽŽŶĞƚĂů͕͘ϮϬϬϲͿ͘dŚĞWZϭďŐĞŶĞ;zϬϱϬϮϮϭ͘ϭͿŝƐǁĞůůƌĞĐŽŐŶŝƐĞĚĂƐĂŐĞŶĞ
ƚŚĂƚ ŵĂLJ ƐŚŽǁ ůĂƌŐĞ ĐŚĂŶŐĞƐ ŝŶ ƚƌĂŶƐĐƌŝƉƚŝŽŶ ĨŽůůŽǁŝŶŐ ƉĂƚŚŽŐĞŶ ĂƚƚĂĐŬ ;,ŽĞŐĞŶ Ğƚ Ăů͕͘
ϮϬϬϮͿ͘WZϭŐĞŶĞƐŚĂǀĞďĞĞŶĞdžĂŵŝŶĞĚĂƐŵĂƌŬĞƌƐĨŽƌŝŶĚƵĐƚŝŽŶ;dŽŶĞƚĂů͕͘ϮϬϬϱ͖dƐĂŝ
Ğƚ Ăů͕ ϮϬϭϭͿ͘ dŚĞ ƐƚƵĚLJ ŽĨ ƐĐŚĞŶͲ>ŝƉƉŽůĚ Ğƚ Ăů͘ ;ϮϬϭϬͿ ĚŝĚ ŶŽƚ ƌĞĐŽƌĚ ĂŶLJ ĐŚĂŶŐĞƐ ŽĨ
ĞdžƉƌĞƐƐŝŽŶ ŽĨ WZ ŐĞŶĞƐ ŝŶ ƉŽƚĂƚŽ ůĞĂǀĞƐ͕ ĚĞƐƉŝƚĞ ƚŚĞ ĞůĞǀĂƚĞĚ ƌĞƐŝƐƚĂŶĐĞ ŽďƐĞƌǀĞĚ ĂĨƚĞƌ
ƚƌĞĂƚŵĞŶƚĂŐĂŝŶƐƚW͘ŝŶĨĞƐƚĂŶƐ͘,ŽǁĞǀĞƌ͕ǁĞĚŽŶŽƚŚĂǀĞĐĞƌƚĂŝŶƚLJƚŚĂƚƚŚĞWZϭŐĞŶĞ
ĂŶĂůLJnjĞĚďLJƐĐŚĞŶͲ>ŝƉƉŽůĚĞƚĂů͘;ϮϬϭϬͿǁĂƐƚŚĞƐĂŵĞĂƐWZϭď͕ǁŚŝĐŚ ǁĂƐĂŶĂůLJƐĞĚŚĞƌĞ͘
&ŽƌĨŽƵƌƚĞĞŶŐĞŶĞƐ͕ŽŶůLJĂƐŝŶŐůĞƐĂŵƉůĞƉĞƌƚƌĞĂƚŵĞŶƚĂŶĚƚŝŵĞƉŽŝŶƚǁĂƐĞdžĂŵŝŶĞĚŚĞƌĞ͕
ďƵƚ ĐŽŶƐŝƐƚĞŶƚ ƚƌĞŶĚƐ ǁĞƌĞ ƐĞĞŶ ŝŶ ƚŚĞƐĞ ĚĂƚĂ͘ &Žƌ ĞdžĂŵƉůĞ͕ ĂůŵŽƐƚ Ăůů ŽĨ ƚŚĞ ƚƌĞĂƚŵĞŶƚƐ ƐŚŽǁĞĚ ĐŽŶƐŝƐƚĞŶƚ ƚƌĂŶƐĐƌŝƉƚŝŽŶ ƉƌŽĨŝůĞƐ ŝŶ ĐŽŵƉĂƌŝƐŽŶ ǁŝƚŚ ĐŽŶƚƌŽůƐ͕ ǁŝƚŚ ƚŚĞ
ĞĨĨĞĐƚŝŶĐƌĞĂƐŝŶŐǁŝƚŚŐƌĞĂƚĞƌĐŽŶĐĞŶƚƌĂƚŝŽŶƐ͘/ŶƚŚĞĨŽƵƌĐĂƐĞƐǁŚĞƌĞĂůůĨŝǀĞƐĂŵƉůĞƐ
ǁĞƌĞĂŶĂůLJƐĞĚĂƚĞĂĐŚƚŝŵĞƉŽŝŶƚĂŶĚĐŽŶĐĞŶƚƌĂƚŝŽŶ͕ƚŚĞŐĞŶĞƚƌĂŶƐĐƌŝƉƚŝŽŶĚĂƚĂǁĞƌĞ
ĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚ ƚŚĞ ĞĂƌůŝĞƌ ƐŝŶŐůĞ ƐĂŵƉůĞ ĚĂƚĂƐĞƚ͘ dŽŐĞƚŚĞƌ͕ ƚŚĞƐĞ ƚƌĞŶĚƐ ŐŝǀĞ ĐŽŶĨŝĚĞŶĐĞ
ƚŚĂƚƚŚĞŽďƐĞƌǀĞĚƚƌĂŶƐĐƌŝƉƚŝŽŶĂůĐŚĂŶŐĞƐǁĞƌĞƌĞĂů͘EĞǀĞƌƚŚĞůĞƐƐ͕ĐŽŵƉůĞƚŝŽŶŽĨƋWZĨŽƌ
ŵŽƌĞƐĂŵƉůĞƐŽƌƉŽƐƐŝďůLJĐŽŵďŝŶŝŶŐŽĨƐĂŵƉůĞƐĂƐŝŶƚŚĞƉŽƚĂƚŽŐĞŶŽŵĞƉƌŽũĞĐƚǁŽƵůĚďĞ
ĚĞƐŝƌĂďůĞ͘^ŝŶĐĞďŽƚŚƚŚĞWZϭďĂŶĚWZϰŐĞŶĞƐŚĂǀĞƐŽĨĂƌďĞĞŶĂŶĂůLJƐĞĚĨŽƌũƵƐƚŽŶĞƐĂŵƉůĞ
ĂƚĞĂĐŚƚŝŵĞƉŽŝŶƚ͕ĂŶĂůLJƐŝƐŽĨƚŚĞĨƵůůƐĞůĞĐƚŝŽŶŽĨƐĂŵƉůĞƐŝƐŶŽǁĂƉƌŝŽƌŝƚLJ͘
ϰ͘ϱ͘ϯWĂƚŚǁĂLJƐĂŶĚŐĞŶĞĨƵŶĐƚŝŽŶƐ
ZĞƐƵůƚƐĨƌŽŵƚŚĞƐĞĞdžƉĞƌŝŵĞŶƚƐĐŽŶĨŝƌŵĞĚƚŚĂƚƌĂƉŝĚůLJƵƉͲƌĞŐƵůĂƚĞƐƉŽƚĂƚŽƉĂƚŚŽŐĞŶ
ƌĞƐƉŽŶƐĞŐĞŶĞƐŝŶƚŚĞĂďƐĞŶĐĞŽĨƉĂƚŚŽŐĞŶƐ͘dŚĞƉŽƚĂƚŽƚƌĂŶƐĐƌŝƉƚŽŵĞĚĂƚĂĂůƐŽŝŶĚŝĐĂƚĞĚĂ
ŵĂƌŬĞĚ ƚƌĂŶƐĐƌŝƉƚŝŽŶĂů ƵƉͲƌĞŐƵůĂƚŝŽŶ ŽĨ ƚŚĞƐĞ ŐĞŶĞƐ ;DĂƐƐĂ Ğƚ Ăů͕͘ ϮϬϭϭ͖ d͘W͘'͘^͕͘ ϮϬϭϭͿ͘
tĞƐĂǁŵŽƌĞĞǀŝĚĞŶĐĞŽĨĚŝƌĞĐƚŝŶĚƵĐƚŝŽŶďLJƚŚĂŶŽĨƉƌŝŵŝŶŐ͘/ŶƐŽŵĞƉůĂŶƚƐƉĞĐŝĞƐ͕ŝƚ
ŚĂƐ ďĞĞŶ ƐƵŐŐĞƐƚĞĚ ƚŚĂƚ ĚŽĞƐ ŶŽƚ ĚŝƌĞĐƚůLJ ĂĐƚŝǀĂƚĞ ĚĞĨĞŶĐĞ ďƵƚ ĂĐƚƐ ǀŝĂ ƉƌŝŵŝŶŐ
;ŽŶƌĂƚŚ͕ϮϬϬϵͿ͘&ŽƌĞdžĂŵƉůĞ͕ŝŶƌĂďŝĚŽƉƐŝƐƚƌĞĂƚĞĚǁŝƚŚ͕ƚŚĞƌĞǁĂƐŶŽĂĐĐƵŵƵůĂƚŝŽŶ
ŽĨ ŵZE ĨŽƌ ŐĞŶĞƐ ŽĨ ƚŚĞ ^Z Žƌ /^Z ƉĂƚŚǁĂLJƐ͕ ďƵƚ ĞŶŚĂŶĐĞĚ ĂĐĐƵŵƵůĂƚŝŽŶ ŽĨ ŵZE ĨŽƌ
ϵϱ
WZϭŽŶĐĞƉůĂŶƚƐǁĞƌĞŝŶŽĐƵůĂƚĞĚǁŝƚŚ ǀŝƌƵůĞŶƚ ƉĂƚŚŽŐĞŶŝĐďĂĐƚĞƌŝĂ;ŝŵŵĞƌůŝĞƚĂů͕͘ϮϬϬϬͿ͘
dŚĞƌĞƐƵůƚƐŽĨƚŚĞƚƌĂŶƐĐƌŝƉƚŽŵĞƐƚƵĚLJ;DĂƐƐĂ ĞƚĂů͕͘ϮϬϭϭͿƐƵŐŐĞƐƚĞĚƚŚĂƚĂĐƚŝǀĂƚĞĚ
ƉŽƚĂƚŽ ĚĞĨĞŶĐĞƐ ĚŝƌĞĐƚůLJ ĂŶĚ ĚŝĚ ŶŽƚ ƉƌŝŵĞ ƚŚŝƐ ƉůĂŶƚ͘ ƐĐŚĞŶͲ>ŝƉƉŽůĚ Ğƚ Ăů͘ ;ϮϬϭϬͿ ĂůƐŽ
ƐŚŽǁĞĚ Ă ĚŝƌĞĐƚ ĂĐƚŝǀĂƚŝŽŶ ŽĨ ƉŽƚĂƚŽ ĚĞĨĞŶĐĞ ŐĞŶĞƐ ŝŶĐůƵĚŝŶŐ WZϭ͕ ŝŶ ůĞĂǀĞƐ ĂĨƚĞƌ ĂƉƉůŝĐĂƚŝŽŶƚŽƌŽŽƚƐ͘dŚĞŵĞĐŚĂŶŝƐŵŽĨ/ZŝŶǀŽůǀĞƐƚŚĞĂĐĐƵŵƵůĂƚŝŽŶŽĨƉĂƚŚŽŐĞŶĞƐŝƐͲ
ƌĞůĂƚĞĚ ;WZͿ ƉƌŽƚĞŝŶƐ ;:ĂŬĂď Ğƚ Ăů͘ ϮϬϬϭͿ͕ ĂďƐĐŝƐŝĐ ĂĐŝĚʹĚĞƉĞŶĚĞŶƚ ĐĂůůŽƐĞ ĚĞƉŽƐŝƚŝŽŶ ;dŽŶ
ĂŶĚ DĂƵĐŚͲDĂŶŝ ϮϬϬϰͿ͕ ĂŶĚ ũĂƐŵŽŶŝĐ ĂĐŝĚʹĚĞƉĞŶĚĞŶƚ ƵƉͲƌĞŐƵůĂƚŝŽŶ ŽĨ ƉŚĞŶLJůƉƌŽƉĂŶŽůͲ
ĚĞƌŝǀĞĚƉŚĞŶŽůŝĐĐŽŵƉŽƵŶĚƐ;,ĂŵŝĚƵnjnjĂŵĂŶĞƚĂů͘ϮϬϬϱͿ͘dŚĞĚĂƚĂĂŶĚƐŝŐŶĂůŝŶŐƉĂƚŚǁĂLJƐ
ĞŶŐĂŐĞĚŝŶƉƌŝŵŝŶŐĞĨĨĞĐƚƐŵĂLJĚĞƉĞŶĚŽŶƚŚĞƉĂƌƚŝĐƵůĂƌŚŽƐƚͬƉĂƚŚŽŐĞŶƐLJƐƚĞŵ͕ĂŶĚ
ŽŶƚŚĞĐŽŶĐĞŶƚƌĂƚŝŽŶƐĂŶĚƚŚĞŵĞƚŚŽĚŽĨĂƉƉůŝĐĂƚŝŽŶŽĨ͘
WĂƚŚŽŐĞŶĞƐŝƐͲƌĞůĂƚĞĚ;WZͿƉƌŽƚĞŝŶƐĂƌĞĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨĚĞĨĞŶĐĞ
ĂŐĂŝŶƐƚƉĂƚŚŽŐĞŶƐ;ǀĂŶĚĞƌŶƚĞƚĂů͕͘ϮϬϬϵͿ͘dŚĞĞdžƉƌĞƐƐŝŽŶĂŶĚĂĐĐƵŵƵůĂƚŝŽŶŽĨWZŐĞŶĞƐ͕
ƐƵĐŚĂƐWZϭ͕ŽĐĐƵƌƐŝŶƚŚĞůĂƚĞƌ ƐƚĂŐĞƐŽĨƚŚĞ^ZƐŝŐŶĂůƉĂƚŚǁĂLJƐ;^ŚĂŚ ĞƚĂů͕͘ϮϬϬϭͿ͕ĂŶĚ
ƚŚĞŐĞŶĞƐƉŽƐƐĞƐƐĚŝĨĨĞƌĞŶƚĨƵŶĐƚŝŽŶƐŝŶƉůĂŶƚƐ;ǀĂŶ>ŽŽŶĞƚĂů͕͘ϮϬϬϲͿ͘/ƚŚĂƐƉƌĞǀŝŽƵƐůLJďĞĞŶ
ŽďƐĞƌǀĞĚƚŚĂƚǁŚĞŶǁĂƐĂƉƉůŝĞĚƚŽƚŚĞƐŽůĂŶĂĐĞĂŽƵƐƉůĂŶƚƐƚŽŵĂƚŽĂŶĚƉĞƉƉĞƌ͕ƚŚĞƌĞ
ǁĂƐ ĂŶ ĂĐĐƵŵƵůĂƚŝŽŶ ŽĨ WZ ƉƌŽƚĞŝŶƐ ǁŝƚŚŽƵƚ ƚŚĞ ƉƌĞƐĞŶĐĞ ŽĨ Ă ƉĂƚŚŽŐĞŶ ;ŽŚĞŶ͕ ϮϬϬϮͿ͘
KƚŚĞƌ ƐƚƵĚŝĞƐ ĐĂƌƌŝĞĚ ŽƵƚ ǁŝƚŚ ƚŚŝƐ ŐƌŽƵƉ ŽĨ ŚŽƐƚƐ ƉůĂŶƚƐ ŚĂǀĞ ĂůƐŽ ƐŚŽǁŶ ƚŚĞ
ĂĐĐƵŵƵůĂƚŝŽŶŽĨWZƉƌŽƚĞŝŶƐ͕ĞƐƉĞĐŝĂůůLJWZϭ;^ŝĞŐƌŝƐƚĞƚĂů͕͘ϮϬϬϬ͖ŽŚĞŶ͕ϭϵϵϰ͖ŽŚĞŶĞƚĂů͕͘
ϭϵϵϰͿĂŶĚĐŚŝƚŝŶĂƐĞƐ;ŽŚĞŶĞƚĂů͕͘ϭϵϵϰ͖ůƚĂŵŝƌĂŶĚĂĞƚĂů͕͘ϮϬϬϴͿ͘/ŶƌĂďŝĚŽƉƐŝƐ͕ŝƐ
ŬŶŽǁŶ ƚŽ ƵƉͲƌĞŐƵůĂƚĞ ŶƵŵĞƌŽƵƐ ƐƚƌĞƐƐ ƌĞƐƉŽŶƐĞ ŐĞŶĞƐ ŝŶĐůƵĚŝŶŐ WZϭ ĂŶĚ WZϱ ;dƐĂŝ Ğƚ Ăů͕
ϮϬϭϭͿ͘dŚĞƐƚƵĚLJŽĨdŽŶĞƚĂů͕͘;ϮϬϬϱͿĂůƐŽŝŶĚŝĐĂƚĞĚƚŚĂƚ/ZŝŶƌĂďŝĚŽƉƐŝƐǁĂƐƉƌŝŵĞĚ
ĨŽƌƚŚĞĞdžƉƌĞƐƐŝŽŶŽĨƚŚĞ^ͲŝŶĚƵĐŝďůĞWZϭŐĞŶĞĂŐĂŝŶƐƚWƐĞƵĚŽŵŽŶĂƐƐLJƌŝŶŐĂĞ͘
dŚĞ WZϭď ŐĞŶĞ ;,ŽĞŐĞŶ Ğƚ Ăů͕͘ ϮϬϬϮͿ ŐĂǀĞ ƚŚĞ ŐƌĞĂƚĞƐƚ ƚƌĂŶƐĐƌŝƉƚŝŽŶ ŝŶ ƚŚĞ ƚƌĞĂƚĞĚ ƉŽƚĂƚŽĞƐ͕ ĂŶĚ Ă ŚŝŐŚ ůĞǀĞů ŽĨ ƚƌĂŶƐĐƌŝƉƚŝŽŶĂů ĐŚĂŶŐĞ ĐŽŵƉĂƌĞĚ ǁŝƚŚ ĞdžƉĞƌŝŵĞŶƚĂů
ĐŽŶƚƌŽůƐ͘dŚĞWZϭŐƌŽƵƉŽĨƉƌŽƚĞŝŶƐŚĂǀĞƵŶŬŶŽǁŶĨƵŶĐƚŝŽŶƐŝŶĚĞĨĞŶĐĞ͕ĂůƚŚŽƵŐŚƚŚĞLJŚĂǀĞ
ďĞĞŶ ŽďƐĞƌǀĞĚ ƚŽ ŚĂǀĞ ĂŶƚŝĨƵŶŐĂů ƉƌŽƉĞƌƚŝĞƐ ĂŐĂŝŶƐƚ ƐŽŵĞ ŽŽŵLJĐĞƚĞƐ ;ǀĂŶ >ŽŽŶ Ğƚ Ăů͕͘
ϮϬϬϲͿ͘ dŚĞ WZϭď ŐĞŶĞ ŽĨ ƉŽƚĂƚŽ ŝƐ Ă ƉƌŽďĂďůĞ ďĂƐŝĐ ŵĞŵďĞƌŽĨ ƚŚĞ WZϭ ĨĂŵŝůLJ ŽĨ ĚĞĨĞŶĐĞ
ƉƌŽƚĞŝŶƐ͕ ĂƐ ŝƚ ĞdžŚŝďŝƚĞĚ ƚŚĞ ŐƌĞĂƚĞƐƚ ƐĞƋƵĞŶĐĞ ƐŝŵŝůĂƌŝƚLJ ƚŽ ďĂƐŝĐ WZϭ ŝƐŽĨŽƌŵƐ ŽĨ ŽƚŚĞƌ
ƐŽůĂŶĂĐĞĂŽƵƐƉůĂŶƚƐ;,ŽĞŐĞŶĞƚĂů͕͘ϮϬϬϮͿ͘WZƐĂƌĞĐůĂƐƐŝĨŝĞĚŝŶƚŚĞƐĂŵĞĨĂŵŝůLJŽŶƚŚĞďĂƐŝƐ
ŽĨƐĞƋƵĞŶĐĞŚŽŵŽůŽŐLJ͕ƐŽƚŚĞLJĐĂŶŚĂǀĞĚŝĨĨĞƌĞŶƚƉƌŽƉĞƌƚŝĞƐ;Ğ͘ŐďĂƐŝĐŽƌĂĐŝĚŝĐͿ͕ĂŶĚƚŚĞLJ
ϵϲ
ŵĂLJĚŝĨĨĞƌŝŶďŝŽůŽŐŝĐĂůĂĐƚŝǀŝƚLJ͘dŚĞŽƚŚĞƌWZϭŐĞŶĞƐƐĞůĞĐƚĞĚŝŶƚŚĞƉƌĞƐĞŶƚƐƚƵĚLJ͕WZϭ;ϮͿ
ĂŶĚ ;ϯͿ͕ ĂƌĞ ĂůƐŽ ƉƌŽďĂďůĞ ďĂƐŝĐ ŝƐŽĨŽƌŵƐ ŽĨ ƚŚĞ WZϭ ƉƌŽƚĞŝŶ͕ ĂƐ ƚŚĞŝƌ ƐĞƋƵĞŶĐĞƐ ƐŚŽǁ ĂŶ
ϴϳйĂŶĚϵϭйŝĚĞŶƚŝƚLJƚŽƚŚĞƐĞƋƵĞŶĐĞŽĨĂďĂƐŝĐWZϭƉƌŽƚĞŝŶŽĨĂƉƐŝĐƵŵĂŶŶƵƵŵ͕ĂŶŽƚŚĞƌ
ƐŽůĂŶĂĐĞŽƵƐ ƉůĂŶƚ͘ tĞ ŽďƐĞƌǀĞĚ ƚŚƌĞĞͲ ĂŶĚ ƚĞŶͲĨŽůĚ ƚƌĂŶƐĐƌŝƉƚŝŽŶĂů ƵƉͲƌĞŐƵůĂƚŝŽŶ͕
ƌĞƐƉĞĐƚŝǀĞůLJ͕ĨŽƌƚŚĞWZϭ;ϯͿĂŶĚWZϭ;ϮͿŐĞŶĞƐ͘/ŶĨŽƌŵĂƚŝŽŶĂďŽƵƚƚŚĞƐĞƋƵĞŶĐĞŽĨƚŚĞWZϭ
ŐĞŶĞƐ ƵƐĞĚ ŝŶ ƚŚĞƐĞ ƐƚƵĚŝĞƐ ŝƐ ŶŽƚ ĂǀĂŝůĂďůĞ ĨƌŽŵ ŵŽƐƚ ŽĨ ƚŚĞ ƉƵďůŝĐĂƚŝŽŶƐ͕ Žƌ ŽŶůLJ ƉƌŝŵĞƌ
ƐĞƋƵĞŶĐĞƐŚĂǀĞďĞĞŶƌĞƉŽƌƚĞĚ͘dŚĞŽŶůLJĂǀĂŝůĂďůĞWZϭƐĞƋƵĞŶĐĞ;EĂǀĂƌƌĞΘDĂLJŽ͕ϮϬϬϰͿ͕
ĚŽĞƐŶŽƚŵĂƚĐŚƚŚĞWZϭŐĞŶĞƐĞƋƵĞŶĐĞƐĨƌŽŵƚŚĞƉƌĞƐĞŶƚƐƚƵĚLJ͘
Śŝ ϭ ĂůƐŽ ĚĞŵŽŶƐƚƌĂƚĞĚ ǀĞƌLJ ŚŝŐŚ ƚƌĂŶƐĐƌŝƉƚŝŽŶĂů ĂĐƚŝǀĂƚŝŽŶ ĂŶĚ ƚŚĞ ŐƌĞĂƚĞƐƚ ĨŽůĚ
ĐŚĂŶŐĞŽĨĂůůƚŚĞŐĞŶĞƐĞdžĂŵŝŶĞĚ͕ĐŽŝŶĐŝĚŝŶŐǁŝƚŚƌĞƐƵůƚƐŽďƐĞƌǀĞĚďLJDĂƐƐĂĞƚĂů͕;ϮϬϭϭͿ͘
dŚĞWZϰŐĞŶĞŚĂĚĂŚŝŐŚƚƌĂŶƐĐƌŝƉƚŝŽŶĨŽůĚĐŚĂŶŐĞƚŚĂƚǁĂƐƚŚŝƌĚŽŶůLJƚŽŚŝϭĂŶĚWZϭďŝŶ
ƚŚŝƐ ƐƚƵĚLJ͕ ƐŚŽǁŝŶŐ ŐƌĞĂƚĞƌ ƚƌĂŶƐĐƌŝƉƚŝŽŶ ƚŚĂŶ ƚŚĞ ƉŽƚĂƚŽ ŐĞŶŽŵĞ ƌĞƐĞĂƌĐŚ ;DĂƐƐĂ Ğƚ Ăů͕͘
ϮϬϭϭͿ͘dŚŝƐĚŝĨĨĞƌĞŶĐĞŝŶƚƌĂŶƐĐƌŝƉƚŝŽŶŵĂLJďĞĚƵĞƚŽƚŚĞƚŝƐƐƵĞŽĨƚŚĞƉůĂŶƚĞdžĂŵŝŶĞĚŚĞƌĞ͕
ĂƐƚŚĞƉŽƚĂƚŽ ŐĞŶŽŵĞƌĞƐĞĂƌĐŚĞdžĂŵŝŶĞĚƉŽƚĂƚŽůĞĂǀĞƐ͕ǁŚŝůĞƌŽŽƚƐǁĞƌĞĞdžĂŵŝŶĞĚŚĞƌĞ͘
ŚŝϮ͕ƵŶůŝŬĞŚŝϭ͕ĚŝĚŶŽƚƐŚŽǁĂŶŝŶĐƌĞĂƐĞŽĨƚƌĂŶƐĐƌŝƉƚŝŽŶŝŶƌŽŽƚƐĐŽŵƉĂƌĞĚƚŽĐŽŶƚƌŽů
ƉůĂŶƚƐ͘ dŚĞ ƌĞĂƐŽŶ ŽĨ ƚŚĞ ĚŝĨĨĞƌĞŶĐĞ ŽĨ ƚƌĂŶƐĐƌŝƉƚŝŽŶ ďĞƚǁĞĞŶ ƚŚĞƐĞ ƚǁŽ ĐŚŝƚŝŶĂƐĞƐ ŝƐ ŶŽƚ
ĐůĞĂƌ͘ ĐĐŽƌĚŝŶŐ ƚŽ ŽƵƌ ĚĂƚĂ͕ Śŝ ϭ ƐŚŽǁƐ ƐŝŵŝůĂƌŝƚLJ ƚŽ Ă ďĂƐŝĐ ĞŶĚŽĐŚŝƚŝŶĂƐĞ ď ĨƌŽŵ
ƌĂďŝĚŽƉƐŝƐ ǁŚĞƌĞĂƐ >^d ƐĞĂƌĐŚĞƐ ŽĨ ƚŚĞ Śŝ Ϯ ƐĞƋƵĞŶĐĞ ƐŚŽǁĞĚ ƐŝŵŝůĂƌŝƚLJ ƚŽ ĚŝǀĞƌƐĞ
ƚLJƉĞƐ ŽĨ ĐŚŝƚŝŶĂƐĞƐ͘ ŚŝƚŝŶĂƐĞƐ ĂƌĞ ĐŽŶƐŝĚĞƌĞĚ ƚŽ ďĞ Ă ƚLJƉĞ ŽĨ WZ ƉƌŽƚĞŝŶ ;'ƌŽǀĞƌ͕ ϮϬϭϮ͖
EĂƌƵƐĂŬĂĞƚ Ăů͕͘ϭϵϵϵ͖ǀĂŶ>ŽŽŶĞƚĂů͕͘ϮϬϬϲͿ͘WůĂŶƚĐŚŝƚŝŶĂƐĞƐĂƌĞĐůĂƐƐŝĨŝĞĚďĂƐĞĚŽŶ ƚŚĞŝƌ
ĂŵŝŶŽ ĂĐŝĚ ƐĞƋƵĞŶĐĞ ĂŶĚ ĐĞůůƵůĂƌ ůŽĐĂůŝnjĂƚŝŽŶ͘ ůĂƐƐ / ĐŚŝƚŝŶĂƐĞƐ͕ ƚŚĞ ŐƌŽƵƉ ƚŽ ǁŚŝĐŚ Śŝ ϭ
ĂŶĚŚŝϮďĞůŽŶŐ͕ĂƌĞďĂƐŝĐŝƐŽĨŽƌŵƐ͕ůŽĐĂůŝƐĞĚŝŶƚŚĞĐĞŶƚƌĂůǀĂĐƵŽůĞƐŽĨĐĞůůƐ͕ĐŽŶƚĂŝŶŝŶŐĂ
ĐĂƚĂůLJƚŝĐ ĚŽŵĂŝŶ ĂŶĚ Ă ĐLJƐƚĞŝŶĞͲƌŝĐŚ ĚŽŵĂŝŶ ƚŚĂƚ ŵĂLJ ƐĞƌǀĞ ĂƐ ĂŶ ŽůŝŐŽƐĂĐĐŚĂƌŝĚĞ ďŝŶĚŝŶŐ
ƐŝƚĞ ;ZĂŚŝŵŝ Ğƚ Ăů͕͘ ϭϵϵϴͿ͘ ůĂƐƐ / ĐŚŝƚŝŶĂƐĞƐ ŚĂǀĞ ďĞĞŶ ŬŶŽǁŶ ƚŽ ƉůĂLJ ĂŶ ŝŵƉŽƌƚĂŶƚ ƌŽůĞ ŝŶ
ĚĞĨĞŶĐĞ ƌĞƐƉŽŶƐĞƐ ŝŶ ƉůĂŶƚƐ ;ZĞŶŶĞƌ Θ ^ƉĞĐŚƚ͕ ϮϬϭϮͿ͘ ǀŝĚĞŶĐĞ ĨƌŽŵ ŽǀĞƌͲĞdžƉƌĞƐƐŝŽŶ ŽĨ
ĐŚŝƚŝŶĂƐĞ ŐĞŶĞƐ ŝŶ ƉůĂŶƚƐ ŚĂƐ ƐŚŽǁŶ ŵŝdžĞĚ ŝŶĚŝĐĂƚŝŽŶ ŽĨ ĚŝƌĞĐƚ ŝŶŚŝďŝƚŝŽŶ ŽĨ ŝŶĨĞĐƚŝŽŶ
ĂůƚŚŽƵŐŚ 'ƌŽǀĞƌ ;ϮϬϭϮͿ ƌĞƉŽƌƚĞĚ ƚŚĂƚ ŵŽƐƚ ŽĨ ƚŚĞ ƚƌĂŶƐŐĞŶŝĐ ƉůĂŶƚƐ ƉƌŽĚƵĐĞĚ ƚŚĂƚ ŽǀĞƌͲ
ĞdžƉƌĞƐƐĞĚ ĐŚŝƚŝŶĂƐĞƐ ƐŚŽǁĞĚ ĞŶŚĂŶĐĞĚ ƌĞƐŝƐƚĂŶĐĞ ƚŽ ďĂĐƚĞƌŝĂ ĂŶĚ ĨƵŶŐŝ͘ ŚŝƚŝŶĂƐĞƐ
ŚLJĚƌŽůLJnjĞ ĐŚŝƚŝŶ͕ ĐŚŝƚŽƐĂŶ͕ ůŝƉŽĐŚŝƚŽͲŽůŝŐŽƐĂĐĐŚĂƌŝĚĞƐ͕ ƉĞƉƚŝĚŽŐůLJĐĂŶ͕ ĂƌĂďŝŶŽŐĂůĂĐƚĂŶ ĂŶĚ
ŐůLJĐŽƉƌŽƚĞŝŶƐ ĐŽŶƚĂŝŶŝŶŐ EͲĂĐĞƚLJůŐůƵĐŽƐĂŵŝŶĞ ;'ƌŽǀĞƌ͕ ϮϬϭϮͿ͘ /ƚ ŚĂƐ ďĞĞŶ ƉƌŽƉŽƐĞĚ ƚŚĂƚ
ĞdžƚƌĂĐĞůůƵůĂƌ ĐŚŝƚŝŶĂƐĞƐ ĂƌĞ ƉĂƌƚ ŽĨ ĞĂƌůLJ ŝŶĚƵĐĞĚ ƌĞƐƉŽŶƐĞƐ͕ ĞƐƉĞĐŝĂůůLJ ĂŐĂŝŶƐƚ ĨƵŶŐŝ͘ dŚĞLJ
ϵϳ
ŵĂLJĂĐƚĚŝƌĞĐƚůLJƚŽďůŽĐŬĨƵŶŐĂůŐƌŽǁƚŚďLJĚĞŐƌĂĚŝŶŐĐŽŵƉŽŶĞŶƚƐŽĨƚŚĞĨƵŶŐĂůĐĞůůǁĂůůƐŽƌ
ŝŶĚŝƌĞĐƚůLJ ďLJ ƌĞůĞĂƐŝŶŐ ĨƵŶŐĂů ĞůŝĐŝƚŽƌƐ ƚŚĂƚ ŵĂLJ ŝŶĚƵĐĞ ĨƵƌƚŚĞƌ ĚĞĨĞŶĐĞ ƌĞĂĐƚŝŽŶƐ ŝŶ ŚŽƐƚ
ƉůĂŶƚƐ ;ŽůůŝŶŐĞ Ğƚ Ăů͕͘ ϭϵϵϯͿ͘ dŚĞ ĐĞůů ǁĂůůƐ ŽĨ ƚŚĞ ƌĞƐƚŝŶŐ ƐƉŽƌĞƐ ŽĨ ƉůĂƐŵŽĚŝŽƉŚŽƌŝĚƐ ĂƌĞ
ŬŶŽǁŶ ƚŽ ĐŽŶƚĂŝŶ ĐŚŝƚŝŶ ;ƵĐnjĂĐŬŝ Ğƚ Ăů͕͘ ϭϵϴϯͿ͘ hƉƌĞŐƵůĂƚĞĚ ĐŚŝƚŝŶĂƐĞƐ ŵĂLJ ĂĐƚ ĚŝƌĞĐƚůLJ
ĂŐĂŝŶƐƚƚŚĞƐĞŵŽůĞĐƵůĞƐŝŶƚŚĞ^͘ƐƵďƚĞƌƌĂŶĞĂĐĞůůƐ͕ƚŽŚĞůƉƉƌĞǀĞŶƚŝŶĨĞĐƚŝŽŶ͘
ƚϭϬĚĂLJƐĂĨƚĞƌƚƌĞĂƚŵĞŶƚƚŚĞƌĞǁĞƌĞŶŽĐůĞĂƌĐŚĂŶŐĞƐŝŶŐĞŶĞƚƌĂŶƐĐƌŝƉƚŝŽŶ
ŝŶĞŝƚŚĞƌ^͘ƐƵďƚĞƌƌĂŶĞĂŝŶŽĐƵůĂƚĞĚŽƌƵŶŝŶŽĐƵůĂƚĞĚƉůĂŶƚƐ͘/ƚŝƐƵŶĐůĞĂƌŝĨƚŚŝƐƌĞĨůĞĐƚĞĚĂůĂĐŬ
ŽĨŵĂũŽƌƚƌĂŶƐĐƌŝƉƚŝŽŶĂůĐŚĂŶŐĞƐĚƵƌŝŶŐƚŚŝƐƉĞƌŝŽĚŽĨŝŶĨĞĐƚŝŽŶĂŶĚͬŽƌŝĨƚŚŝƐŝŶĚŝĐĂƚĞƐĂůĂĐŬ
ŽĨƉƌŝŵŝŶŐďLJ͘/ŶƚŚĞĞĂƌůLJƐƚĂŐĞƐŽĨ^͘ƐƵďƚĞƌƌĂŶĞĂŝŶĨĞĐƚŝŽŶƚŚĞƌĞŝƐĂǀĞƌLJůŽǁůĞǀĞůŽĨ
ŝŶĨĞĐƚŝŶŐ ďŝŽŵĂƐƐ ;,ĞƌŶĂŶĚĞnjͲDĂůĚŽŶĂĚŽ Ğƚ Ăů͕͘ ϮϬϭϮͿ͕ ĂŶĚ ƉůĂŶƚƐ ƐŚŽǁ ůŝƚƚůĞ ǀŝƐŝďůĞ
ƌĞƐƉŽŶƐĞ ƚŽ ŝŶĨĞĐƚŝŽŶ͘ ^ŝĞŵĞŶƐ Ğƚ Ăů͘ ;ϮϬϬϲͿ ƐŚŽǁĞĚ ƚŚĂƚ ŝŶ ƚŚĞ ĨŝƌƐƚ ƉĞƌŝŽĚ ŽĨ
WůĂƐŵŽĚŝŽƉŚŽƌĂ ďƌĂƐƐŝĐĂĞ ŝŶĨĞĐƚŝŽŶ ŝŶ ƌĂďŝĚŽƉƐŝƐ ;ϭϬ ĚĂLJƐͿ͕ ǁŚĞŶ ƚŚĞ ƉĂƚŚŽŐĞŶ ĚŽĞƐ ŶŽƚ
ŵĂŬĞƐŝŐŶŝĨŝĐĂŶƚĐŚĂŶŐĞƐƚŽƉůĂŶƚĐĞůůƐ͕ũƵƐƚĂĨĞǁƉĂƚŚǁĂLJƐƐĞĞŵĞĚƚŽƌĞĂĐƚƚŽƚŚĞƉƌĞƐĞŶĐĞ
ŽĨƚŚĞƉĂƚŚŽŐĞŶ͘ŐĂƌǁĂůĞƚĂů͘;ϮϬϭϭͿƐŚŽǁĞĚƚŚĂƚƚŚĞƌĞǁĞƌĞĐŚĂŶŐĞƐŝŶĞdžƉƌĞƐƐŝŽŶŽĨϭϰϳ
ŐĞŶĞƐϰĚĂLJƐĂĨƚĞƌƌĂďŝĚŽƉƐŝƐŝŶŽĐƵůĂƚŝŽŶǁŝƚŚW͘ďƌĂƐƐŝĐĂĞ͕ĂŶĚƚŚŝƐŶƵŵďĞƌĚĞĐƌĞĂƐĞĚĂƚϳ
ĂŶĚ ϭϬ ĚĂLJƐ ƉŽƐƚ ŝŶŽĐƵůĂƚŝŽŶ͘ &Ğǁ ŽĨ ƚŚĞ ŐĞŶĞƐ ;ĞŝŐŚƚͿ ĞdžĂŵŝŶĞĚ ŚĞƌĞ ƐŚŽǁĞĚ ŵŽƌĞ ƚŚĂŶ
ĨŽƵƌĨŽůĚĐŚĂŶŐĞƐ͕ǁŝƚŚƚŚĞŐƌĞĂƚĞƐƚĚŝĨĨĞƌĞŶĐĞ;ϳ͘ϭĨŽůĚͿƐĞĞŶĨŽƌĂŐůLJĐŝŶĞƌŝĐŚƉƌŽƚĞŝŶ͕ĂŶĚ
ƚǁŽĐŚŝƚŝŶĂƐĞŐĞŶĞƐĂŶĚĂŶ,^WϳϬŐĞŶĞǁĞƌĞĚŽǁŶͲƌĞŐƵůĂƚĞĚĂƉƉƌŽdžŝŵĂƚĞůLJƚǁŽͲĨŽůĚ͘dŚĞ
ůĂĐŬ ŽĨ ŵĂũŽƌ ƚƌĂŶƐĐƌŝƉƚŝŽŶ ĐŚĂŶŐĞƐ ŵĂLJ ŚĂǀĞ ďĞĞŶ ĚƵĞ ƚŽ ƉŽŽƌ ŝŶĨĞĐƚŝŽŶ ƐƵĐĐĞƐƐ͕ ĂŶ
ĞdžƚĞŶĚĞĚŝŶĨĞĐƚŝŽŶƉĞƌŝŽĚĨŽƵŶĚǁŝƚŚ^͘ƐƵďƚĞƌƌĂŶĞĂ͕ŽƌƚŚĂƚƚŚĞƐĂŵƉůŝŶŐƉŽŝŶƚǁĂƐƚŽŽůĂƚĞ
ĂĨƚĞƌĨŝƌƐƚƉĂƚŚŽŐĞŶĞdžƉŽƐƵƌĞ͘WůĂŶƚƐǁĞƌĞŶŽƚƚĞƐƚĞĚĨŽƌŝŶĨĞĐƚŝŽŶůĞǀĞůƐ͕ďƵƚŝƚŝƐŝŶƚĞŶĚĞĚ
ƚŽ ƚĞƐƚ ZE ƐĂŵƉůĞƐ͕ ĞƐƉĞĐŝĂůůLJ ĨƌŽŵ ŶŽŶͲ ƚƌĞĂƚĞĚ ĐŽŶƚƌŽůƐ͕ ďLJ ƋWZ ĂƐ ŝŶ ƉƌĞǀŝŽƵƐ
ƐƚƵĚŝĞƐ ;ŚĂƉƚĞƌ Ϯ͖ ,ĞƌŶĂŶĚĞnjͲDĂůĚŽŶĂĚŽ Ğƚ Ăů͕͘ ϮϬϭϮͿ͘ /ƚ ǁŽƵůĚ ĂůƐŽ ďĞ ŝůůƵŵŝŶĂƚŝŶŐ ƚŽ
ƐƚƵĚLJ/ZĂƚůĂƚĞƌƚŝŵĞƉŽŝŶƚƐƚŽĚĞƚĞƌŵŝŶĞŝĨŝŶĨĞĐƚŝŽŶŝƐŽĐĐƵƌƌŝŶŐ͕ŽƌƚŽĞdžĂŵŝŶĞƚŚŝƐ
ƌĞƐƉŽŶƐĞŝŶƌŽŽƚƐƚŚĂƚĂƌĞĂůƌĞĂĚLJŝŶĨĞĐƚĞĚǁŝƚŚ^͘ƐƵďƚĞƌƌĂŶĞĂ͕ĂƐŝƚŚĂƐ ďĞĞŶƐŚŽǁŶƚŚĂƚ
͕ ŝŶ ĐŽŶƚƌĂƐƚ ƚŽ ŽƚŚĞƌ ĞůŝĐŝƚŽƌƐ͕ ĂůƐŽ ƉƌŽǀŝĚĞƐ ƉƌŽƚĞĐƚŝŽŶ ǁŚĞŶ ĂƉƉůŝĞĚ ƉŽƐƚͲŝŶĨĞĐƚŝŽŶ
;ŽŚĞŶ͕ϮϬϬϮ͖ŽŚĞŶĞƚĂů͕͘ϮϬϭϭͿ͘ĂƌůŝĞƌƚŝŵĞƉŽŝŶƚƐǁŽƵůĚďĞĂůƐŽĂŐŽŽĚŽƉƚŝŽŶƚŽďĞƚƚĞƌ
ĚĞƚĞĐƚĂŶLJƚƌĂŶƐĐƌŝƉƚŝŽŶĂůĐŚĂŶŐĞ͘
dŚĞƉƌĞƐĞŶƚƐƚƵĚLJĐŽŶƐŝĚĞƌĞĚŐĞŶĞƚƌĂŶƐĐƌŝƉƚŝŽŶŽŶůLJŝŶŽŶĞƉŽƚĂƚŽĐƵůƚŝǀĂƌ͕ŬŶŽǁŶ
ƚŽ ďĞ ǀĞƌLJ ƐƵƐĐĞƉƚŝďůĞ ƚŽ ^ƉŽŶŐŽƐƉŽƌĂ ŝŶĨĞĐƚŝŽŶ͘ WƌĞǀŝŽƵƐ ƐƚƵĚŝĞƐ ŚĂǀĞ ƐŚŽǁŶ ƚŚĂƚ ϵϴ
ŝŶĚƵĐĞĚƌĞƐŝƐƚĂŶĐĞŝƐŐƌĞĂƚĞƌŝŶƉŽƚĂƚŽƉůĂŶƚƐǁŝƚŚŐĞŶĞƚŝĐƌĞƐŝƐƚĂŶĐĞƚŽW͘ŝŶĨĞƐƚĂŶƐƚŚĂŶŝŶ
ƐƵƐĐĞƉƚŝďůĞƉůĂŶƚƐ;KůŝǀŝĞƌŝĞƚĂů͕͘ϮϬϬϵ͖ůƚĂŵŝƌĂŶĚĂĞƚĂů͕͘ϮϬϬϴͿ͘&ƵƚƵƌĞƐƚƵĚŝĞƐĞdžĂŵŝŶŝŶŐ
ǀĂƌŝĞƚŝĞƐ ǁŝƚŚ ĚŝĨĨĞƌĞŶƚ ůĞǀĞůƐ ŽĨ ƌĞƐŝƐƚĂŶĐĞ ƚŽ ^ƉŽŶŐŽƐƉŽƌĂ ŵĂLJ ĚĞƚĞĐƚ Ă ƐŝŵŝůĂƌ ĞĨĨĞĐƚ ŽŶ
ŐĞŶĞƚƌĂŶƐĐƌŝƉƚŝŽŶĂĨƚĞƌƚƌĞĂƚŵĞŶƚ͘
ϰ͘ϱ͘ϰƉƉůŝĐĂďŝůŝƚLJŽĨŝŶƉŽƚĂƚŽ
ŝƐĞĨĨĞĐƚŝǀĞĂŐĂŝŶƐƚǁŝĚĞůLJĚŝĨĨĞƌĞŶƚƉůĂŶƚͬƉĂƚŚŽŐĞŶŝŶƚĞƌĂĐƚŝŽŶƐ͘dŚŝƐǀĞƌƐĂƚŝůŝƚLJŵĂŬĞƐ
ƚŚĞĐŚĞŵŝĐĂůŽŶĞŽĨƚŚĞŵŽƐƚƐƵĐĐĞƐƐĨƵůĞůŝĐŝƚŽƌƐŽĨƉůĂŶƚĚĞĨĞŶĐĞ;ŽŚĞŶ͕ϮϬϬϮ͖:ĂŬĂďĞƚĂů͕͘
ϮϬϬϭ͖ŽŶƌĂƚŚ͕ϮϬϬϵͿ͘
/Ŷ ƚŚĞ ƉŽƚ ĞdžƉĞƌŝŵĞŶƚ ĐĂƌƌŝĞĚ ŽƵƚ ŝŶ ŚĂƉƚĞƌ ϯ͕ Ă ƐŝŶŐůĞ ĂƉƉůŝĐĂƚŝŽŶ ŽĨ ǁĂƐ
ŝŶƐƵĨĨŝĐŝĞŶƚƚŽŵĂŝŶƚĂŝŶĂĚĞĨĞŶĐĞƌĞƐƉŽŶƐĞĂŐĂŝŶƐƚ^͘ƐƵďƚĞƌƌĂŶĞĂǁŚĞƌĞĂƐƉůĂŶƚƐƚƌĞĂƚĞĚĂƚ
ϮǁĞĞŬůLJŝŶƚĞƌǀĂůƐƐŚŽǁĞĚĂĐůĞĂƌĚĞĐƌĞĂƐĞŽĨŝŶĨĞĐƚŝŽŶ͘dŚŝƐĐŽŝŶĐŝĚĞĚǁŝƚŚŽďƐĞƌǀĞĚŐĞŶĞ
ƚƌĂŶƐĐƌŝƉƚŝŽŶĐŚĂŶŐĞƐ͕ǁŚĞƌĞĞĨĨĞĐƚƐŽŶƚƌĂŶƐĐƌŝƉƚŝŽŶǁĞƌĞŵŽƐƚůLJƵŶĚĞƚĞĐƚĂďůĞĂĨƚĞƌ
ϭϬĚĂLJƐ͘dŚŝƐƐƵŐŐĞƐƚƐƚŚĂƚƚŚĞĞĨĨĞĐƚŽĨƚŚĞĞůŝĐŝƚŽƌĂŐĂŝŶƐƚ^͘ƐƵďƚĞƌƌĂŶĞĂǁŽƵůĚĂůƐŽŚĂǀĞ
ĚŝƐĂƉƉĞĂƌĞĚĂƚƚŚĂƚƚŝŵĞƉŽŝŶƚ͘>ŝůũĞƌŽƚŚĞƚĂů͕͘;ϮϬϭϬͿĨŽƵŶĚŝŶŐƌĞĞŶŚŽƵƐĞĞdžƉĞƌŝŵĞŶƚƐƚŚĂƚ
ƚŚĞ ĞĨĨĞĐƚ ŽĨ ĂŐĂŝŶƐƚ W͘ ŝŶĨĞƐƚĂŶƐ ǁĂƐ ĐůĞĂƌ ƵŶƚŝů ϰʹϱ ĚĂLJƐ ĂĨƚĞƌ ƚƌĞĂƚŵĞŶƚ͕ ĂŶĚ ƚŚĞŶ
ĚĞĐƌĞĂƐĞĚ͘ dŚĞŝƌ ƐƚƵĚLJ ĂůƐŽ ƐŚŽǁĞĚ ƚŚĂƚ ƚŚĞ ĞĨĨĞĐƚ ĂŐĂŝŶƐƚ ƚŚŝƐ ƉĂƚŚŽŐĞŶ ǁĂƐ ĐůĞĂƌĞƌ ŝŶ
ƉůĂŶƚƐ ƚƌĞĂƚĞĚ ǁŝƚŚ ĨŽůŝĂƌ ĂƉƉůŝĐĂƚŝŽŶ ƚŚĂŶ ǁŝƚŚ ƐŽŝů ĚƌĞŶĐŚŝŶŐ͘ /ƚ ŚĂƐ ƉƌĞǀŝŽƵƐůLJ ďĞĞŶ
ŽďƐĞƌǀĞĚ ƚŚĂƚ ŝƐ ŵŽƐƚ ĞĨĨĞĐƚŝǀĞ ŝŶ ŝŶĚƵĐŝŶŐ ƉůĂŶƚ ƌĞƐŝƐƚĂŶĐĞ ǁŚĞŶ ƚŚĞƌĞ ĂƌĞ ƐĞǀĞƌĂů
ĂƉƉůŝĐĂƚŝŽŶƐ ĚƵƌŝŶŐ ƉůĂŶƚ ŐƌŽǁƚŚ ;ŽŚĞŶ͕ ϮϬϬϮͿ͘ ƵƌĂƚŝŽŶ ŽĨ ƚŚĞ ĞĨĨĞĐƚ ŽĨ ƐĞĞŵƐ ƚŽ
ĚĞƉĞŶĚ ŽŶ ƚŚĞ ƉĂƚŚŽƐLJƐƚĞŵ͘ &Žƌ ĞdžĂŵƉůĞ͕ ŽŶĞ ĚŽƐĞ ŽĨ ůĂƐƚĞĚ ϭϮ ĚĂLJƐ ĂŐĂŝŶƐƚ W͘
ŝŶĨĞƐƚĂŶƐ ŝŶ ƚŽŵĂƚŽ͕ ǁŚŝůĞ ĂŶ ĞĨĨĞĐƚ ƵƉ ƚŽ ϯϬ ĚĂLJƐ ǁĂƐ ŽďƐĞƌǀĞĚ ĂŐĂŝŶƐƚ ^ĐůĞƌŽƐƉŽƌĂ
ŐƌĂŵŝŶŝĐŽůĂ ŽŶ ƉĞĂƌů ŵŝůůĞƚ ;ŽŚĞŶ͕ ϮϬϬϮͿ͘ /ƚ ŝƐ ƉŽƐƐŝďůĞ͕ ĂĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞ ƉƌĞƐĞŶƚ ƌĞƐƵůƚƐ͕
ƚŚĂƚĚƵƌĂƚŝŽŶŽĨƚŚĞĞĨĨĞĐƚŽĨŶŽƚŽŶůLJĚĞƉĞŶĚƐŽŶƚŚĞƉĂƚŚŽƐLJƐƚĞŵďƵƚŵŽƐƚůLJŽŶƚŚĞ
ŚŽƐƚƉůĂŶƚƚŚĂƚŝƐƚƌĞĂƚĞĚǁŝƚŚƚŚĞĞůŝĐŝƚŽƌ͘ŶŽƚŚĞƌƐŝŵŝůĂƌŝƚLJŽĨƌĞƐƵůƚƐƌĞƉŽƌƚĞĚŚĞƌĞǁŝƚŚ
ƚŚŽƐĞŽďƚĂŝŶĞĚŝŶŚĂƉƚĞƌϮͬ,ĞƌŶĂŶĚĞnjͲDĂůĚŽŶĂĚŽĞƚĂů͕͘ϮϬϭϮǁĂƐƚŚĂƚƚŚĞƚƌĂŶƐĐƌŝƉƚŝŽŶĂů
ĞĨĨĞĐƚƐŽĨϭŵDƚƌĞĂƚŵĞŶƚǁĞƌĞůĞƐƐƐƚƌŽŶŐĂŶĚŽĨƚĞŶůĞƐƐůŽŶŐͲůĂƐƚŝŶŐƚŚĂŶϮŵDĂŶĚ
ϰŵDƚƌĞĂƚŵĞŶƚƐ͘/ŶƉŽƚƚƌŝĂůƐ͕ϭŵDƚƌĞĂƚŵĞŶƚƐǁĞƌĞŶŽƚƐƵĨĨŝĐŝĞŶƚƚŽĐŽŶƚƌŽů
ŝŶĨĞĐƚŝŽŶ͕ǁŚĞƌĞĂƐƉůĂŶƚƐƚƌĞĂƚĞĚǁŝƚŚϮŵDĂŶĚϰŵDƐŚŽǁĞĚǀĞƌLJůŽǁĂŵŽƵŶƚƐŽĨ
ŝŶĨĞĐƚŝŽŶ͘
ϵϵ
ϰ͘ϱ͘ϱŽŶĐůƵƐŝŽŶ
ZĞƐƵůƚƐŽĨƚŚŝƐƐƚƵĚLJŚĞůƉƚŽĐůĂƌŝĨLJŚŽǁĂĐƚƐŝŶƉŽƚĂƚŽƌŽŽƚƐŝŶĞĂƌůLJĂŶĚůĂƚĞƌ
ƐƚĂŐĞƐ ƉŽƐƚ ƚƌĞĂƚŵĞŶƚ͘ &ƵƌƚŚĞƌŵŽƌĞ͕ ƚŚŝƐ ƐƚƵĚLJ ŚĂƐ ĞŵƉŚĂƐŝƐĞĚ ƚŚĞ ŝŵƉŽƌƚĂŶĐĞ ŽĨ ĞůŝĐŝƚŽƌ
ĐŽŶĐĞŶƚƌĂƚŝŽŶ ƚŽ ĂĐŚŝĞǀĞ ĞĨĨĞĐƚŝǀĞ ĂŶĚ ůŽŶŐͲůĂƐƚŝŶŐ ƉƌŽƚĞĐƚŝŽŶ ĂŐĂŝŶƐƚ ƉĂƚŚŽŐĞŶƐ͕ ĂƐ Ϯ Žƌ
ϰŵDŽĨǁĞƌĞƌĞƋƵŝƌĞĚƚŽƌĞĚƵĐĞ^ƉŽŶŐŽƐƉŽƌĂŝŶĨĞĐƚŝŽŶ͘
ϰ͘ϲZĞĨĞƌĞŶĐĞƐ
ŐĂƌǁĂů ͕ <ĂƵů s͕ &ĂŐŐŝĂŶ Z͕ ZŽŽŬĞƐ :͕ >ƵĚǁŝŐͲDƵĞůůĞƌ :͕ ĂŚŝůů D͕ ϮϬϭϭ͘ ŶĂůLJƐŝƐ ŽĨ
ŐůŽďĂů ŚŽƐƚ ŐĞŶĞ ĞdžƉƌĞƐƐŝŽŶ ĚƵƌŝŶŐ ƚŚĞ ƉƌŝŵĂƌLJ ƉŚĂƐĞ ŽĨ ƚŚĞ ƌĂďŝĚŽƉƐŝƐ ƚŚĂůŝĂŶĂͲ
WůĂƐŵŽĚŝŽƉŚŽƌĂďƌĂƐƐŝĐĂĞŝŶƚĞƌĂĐƚŝŽŶ͘&ƵŶĐƚŝŽŶĂůWůĂŶƚŝŽůŽŐLJϯϴ͕ϰϲϮͲϳϴ͘
ůƚĂŵŝƌĂŶĚĂĂ'͕ŶĚƌĞƵ͕ĂůĞŽ'Z͕ KůŝǀŝĞƌŝ &W͕ϮϬϬϴ͘ĨĨĞĐƚŽĨďĞƚĂͲĂŵŝŶŽďƵƚLJƌŝĐĂĐŝĚ
;Ϳ ŽŶ ƉƌŽƚĞĐƚŝŽŶ ĂŐĂŝŶƐƚ WŚLJƚŽƉŚƚŚŽƌĂ ŝŶĨĞƐƚĂŶƐ ƚŚƌŽƵŐŚŽƵƚ ƚŚĞ ƉŽƚĂƚŽ ĐƌŽƉ
ĐLJĐůĞ͘ƵƐƚƌĂůĂƐŝĂŶWůĂŶƚWĂƚŚŽůŽŐLJϯϳ͕ϰϮϭͲϳ͘
ŽŚůŵĂŶŶ,͕sŝŐŶƵƚĞůůŝ͕,ŝůƉĞƌƚ͕DŝĞƌƐĐŚK͕tĂƐƚĞƌŶĂĐŬ͕ƉĞů<͕ϭϵϵϴ͘tŽƵŶĚŝŶŐĂŶĚ
ĐŚĞŵŝĐĂůƐ ŝŶĚƵĐĞ ĞdžƉƌĞƐƐŝŽŶ ŽĨ ƚŚĞ ƌĂďŝĚŽƉƐŝƐ ƚŚĂůŝĂŶĂ ŐĞŶĞ dŚŝϮ͘ϭ͕ ĞŶĐŽĚŝŶŐ Ă
ĨƵŶŐĂůĚĞĨĞŶƐĞƚŚŝŽŶŝŶ͕ǀŝĂƚŚĞŽĐƚĂĚĞĐĂŶŽŝĚƉĂƚŚǁĂLJ͘&ĞďƐ>ĞƚƚĞƌƐϰϯϳ͕ϮϴϭͲϲ͘
ƵĐnjĂĐŬŝ^͕>ĂŶŐĞ>͕KůƐŽŶ>t͕Ăƌƌ:^͕ ^ŚĂǁ ^͕,ĞŶĚƌŝdž &&:ƌ͕ ĂŵƉďĞůůt͕ƌƵŝŶ'͕
ĚŐŝŶŐƚŽŶ >s͕ dĞĂŬůĞ ^͕ DŝůůĞƌ ͕ LJůĞǁƐŬŝ W͕ ŝĐŬ Dt͕ ϭϵϴϯ͘ ŽŽƐƉŽƌŝĐ ƉůĂŶƚ
ƉĂƚŚŽŐĞŶƐ͗ĂŵŽĚĞƌŶƉĞƌƐƉĞĐƚŝǀĞ͘ŽŽƐƉŽƌŝĐƉůĂŶƚƉĂƚŚŽŐĞŶƐ͗ĂŵŽĚĞƌŶƉĞƌƐƉĞĐƚŝǀĞ͕͘
džнϯϱϮƉƉ͘
ŚĂŶz>͕WƌĂƐĂĚs͕^ĂŶũĂLJĂ͕ŚĞŶ<,͕>ŝƵW͕ŚĂŶDd͕ŚĞŶŐW͕ϮϬϬϱ͘dƌĂŶƐŐĞŶŝĐƚŽŵĂƚŽ
ƉůĂŶƚƐ ĞdžƉƌĞƐƐŝŶŐ ĂŶ ƌĂďŝĚŽƉƐŝƐ ƚŚŝŽŶŝŶ ;dŚŝϮ͘ϭͿ ĚƌŝǀĞŶ ďLJ ĨƌƵŝƚͲŝŶĂĐƚŝǀĞ ƉƌŽŵŽƚĞƌ
ďĂƚƚůĞĂŐĂŝŶƐƚƉŚLJƚŽƉĂƚŚŽŐĞŶŝĐĂƚƚĂĐŬ͘WůĂŶƚĂϮϮϭ͕ϯϴϲͲϵϯ͘
ŚŝƐŚŽůŵ^d͕ŽĂŬĞƌ'͕ĂLJ͕^ƚĂƐŬĂǁŝĐnj:͕ϮϬϬϲ͘,ŽƐƚͲŵŝĐƌŽďĞŝŶƚĞƌĂĐƚŝŽŶƐ͗^ŚĂƉŝŶŐƚŚĞ
ĞǀŽůƵƚŝŽŶŽĨƚŚĞƉůĂŶƚŝŵŵƵŶĞƌĞƐƉŽŶƐĞ͘ĞůůϭϮϰ͕ϴϬϯͲϭϰ͘
ŽŚĞŶ zZ͕ϮϬϬϮ͘ĞƚĂͲĂŵŝŶŽďƵƚLJƌŝĐĂĐŝĚͲŝŶĚƵĐĞĚƌĞƐŝƐƚĂŶĐĞĂŐĂŝŶƐƚ ƉůĂŶƚ ƉĂƚŚŽŐĞŶƐ͘ WůĂŶƚ
ŝƐĞĂƐĞϴϲ͕ϰϰϴͲϱϳ͘
ϭϬϬ
ŽŚĞŶ z͕ ϭϵϵϰ͘ ϯͲŵŝŶŽďƵƚLJƌŝĐ ĂĐŝĚ ŝŶĚƵĐĞƐ ƐLJƐƚĞŵŝĐ ƌĞƐŝƐƚĂŶĐĞ ĂŐĂŝŶƐƚ WĞƌŽŶŽƐƉŽƌĞ
ƚĂďĂĐŝŶĂ͘WŚLJƐŝŽůŽŐŝĐĂůĂŶĚDŽůĞĐƵůĂƌWůĂŶƚWĂƚŚŽůŽŐLJϰϰ͕ϮϳϯͲϴϴ͘
ŽŚĞŶ z͕ EŝĚĞƌŵĂŶ d͕ DŽƐŝŶŐĞƌ ͕ &ůƵŚƌ Z͕ ϭϵϵϰ͘ ĞƚĂͲĂŵŝŶŽďƵƚLJƌŝĐ ĂĐŝĚ ŝŶĚƵĐĞƐ ƚŚĞ
ĂĐĐƵŵƵůĂƚŝŽŶ ŽĨ ƉĂƚŚŽŐĞŶĞƐŝƐͲƌĞůĂƚĞĚ ƉƌŽƚĞŝŶƐ ŝŶ ƚŽŵĂƚŽ ;>LJĐŽƉĞƌƐŝĐŽŶͲĞƐĐƵůĞŶƚƵŵ
>͘Ϳ ƉůĂŶƚƐ ĂŶĚ ƌĞƐŝƐƚĂŶĐĞ ƚŽ ůĂƚĞ ďůŝŐŚƚ ŝŶĨĞĐƚŝŽŶ ĐĂƵƐĞĚ ďLJ WŚLJƚŽƉŚƚŚŽƌĂͲŝŶĨĞƐƚĂŶƐ͘
WůĂŶƚWŚLJƐŝŽůŽŐLJϭϬϰ͕ϱϵͲϲϲ͘
ŽŚĞŶ z͕ ZƵďŝŶ ͕ sĂŬŶŝŶ D͕ ϮϬϭϭ͘ WŽƐƚ ŝŶĨĞĐƚŝŽŶ ĂƉƉůŝĐĂƚŝŽŶ ŽĨ >ͲϯͲĂŵŝŶŽͲďƵƚLJƌŝĐ ĂĐŝĚ
;Ϳ ŝŶĚƵĐĞƐ ŵƵůƚŝƉůĞ ĨŽƌŵƐ ŽĨ ƌĞƐŝƐƚĂŶĐĞ ĂŐĂŝŶƐƚ ƌĞŵŝĂ ůĂĐƚƵĐĂĞ ŝŶ ůĞƚƚƵĐĞ͘
ƵƌŽƉĞĂŶ:ŽƵƌŶĂůŽĨWůĂŶƚWĂƚŚŽůŽŐLJϭϯϬ͕ϭϯͲϮϳ͘
ŽůůŝŶŐĞ ͕ <ƌĂŐŚ <D͕ DŝŬŬĞůƐĞŶ :͕ EŝĞůƐĞŶ <<͕ ZĂƐŵƵƐƐĞŶ h͕ sĂĚ <͕ ϭϵϵϯ͘ WůĂŶƚ
ĐŚŝƚŝŶĂƐĞƐ͘dŚĞWůĂŶƚ:ŽƵƌŶĂůϯ͕ϯϭͲϰϬ͘
ŽŶƌĂƚŚh͕ϮϬϭϭ͘DŽůĞĐƵůĂƌĂƐƉĞĐƚƐŽĨĚĞĨĞŶĐĞƉƌŝŵŝŶŐ͘dƌĞŶĚƐŝŶƉůĂŶƚƐĐŝĞŶĐĞϭϲ͕ϱϮϰͲϯϭ͘
ŽŶƌĂƚŚ h͕ ϮϬϬϵ͘ WƌŝŵŝŶŐ ŽĨ ŝŶĚƵĐĞĚ ƉůĂŶƚ ĚĞĨĞŶƐĞ ƌĞƐƉŽŶƐĞƐ͘ /Ŷ͗ sĂŶůŽŽŶ >͕ ĞĚ͘ WůĂŶƚ
/ŶŶĂƚĞ/ŵŵƵŶŝƚLJ͘ϯϲϭͲϵϱ͘ĚǀĂŶĐĞƐŝŶŽƚĂŶŝĐĂůZĞƐĞĂƌĐŚ͖ǀŽů͘ϱϭ͘
ŽŶƌĂƚŚh͕ĞĐŬĞƌƐ':D͕&ůŽƌƐs͕'ĂƌĐŝĂͲŐƵƐƚŝŶW͕:ĂŬĂď'͕DĂƵĐŚ&͕EĞǁŵĂŶD͕WŝĞƚĞƌƐĞ
D:͕WŽŝŶƐƐŽƚ͕WŽnjŽD:͘WƵŐŝŶ͕^ĐŚĂĨĨƌĂƚŚh͕dŽŶ:͕tĞŶĚĞŚĞŶŶĞ͕ŝŵŵĞƌůŝ>͕
DĂƵĐŚͲDĂŶŝ ͕ ϮϬϬϲ͘ WƌŝŵŝŶŐ͗ 'ĞƚƚŝŶŐ ƌĞĂĚLJ ĨŽƌ ďĂƚƚůĞ͘ DŽůĞĐƵůĂƌ WůĂŶƚͲDŝĐƌŽďĞ
/ŶƚĞƌĂĐƚŝŽŶƐϭϵ͕ϭϬϲϮͲϳϭ͘
ƌĂŵƉƚŽŶ'͕,ĞŝŶ/͕ĞƌŐĞƌ<͕ϮϬϬϵ͘^ĂůŝĐLJůŝĐĂĐŝĚĐŽŶĨĞƌƐƌĞƐŝƐƚĂŶĐĞƚŽĂďŝŽƚƌŽƉŚŝĐƌƵƐƚ
ƉĂƚŚŽŐĞŶ͕WƵĐĐŝŶŝĂƐƵďƐƚƌŝĂƚĂ͕ŝŶƉĞĂƌůŵŝůůĞƚ;WĞŶŶŝƐĞƚƵŵŐůĂƵĐƵŵͿ͘DŽůĞĐƵůĂƌWůĂŶƚ
WĂƚŚŽůŽŐLJϭϬ͕ϮϵϭͲϯϬϰ͘
ƐĐŚĞŶͲ>ŝƉƉŽůĚ>͕ůƚŵĂŶŶ^͕ZŽƐĂŚů^͕ϮϬϭϬ͘>ͲďĞƚĂͲĂŵŝŶŽďƵƚLJƌŝĐĂĐŝĚͲŝŶĚƵĐĞĚƌĞƐŝƐƚĂŶĐĞ
ŽĨ ƉŽƚĂƚŽ ĂŐĂŝŶƐƚ WŚLJƚŽƉŚƚŚŽƌĂ ŝŶĨĞƐƚĂŶƐ ƌĞƋƵŝƌĞƐ ƐĂůŝĐLJůŝĐ ĂĐŝĚ ďƵƚ ŶŽƚ ŽdžLJůŝƉŝŶƐ͘
DŽůĞĐƵůĂƌWůĂŶƚͲDŝĐƌŽďĞ/ŶƚĞƌĂĐƚŝŽŶƐϮϯ͕ϱϴϱͲϵϮ͘
&ĂůůŽŽŶ Z͕ ϮϬϬϴ͘ ŽŶƚƌŽů ŽĨ ƉŽǁĚĞƌLJ ƐĐĂď ŽĨ ƉŽƚĂƚŽ͗ dŽǁĂƌĚƐ ŝŶƚĞŐƌĂƚĞĚ ĚŝƐĞĂƐĞ
ŵĂŶĂŐĞŵĞŶƚ͘ŵĞƌŝĐĂŶ:ŽƵƌŶĂůŽĨWŽƚĂƚŽZĞƐĞĂƌĐŚϴϱ͕ϮϱϯͲϲϬ͘
ϭϬϭ
'ĞŶ^ƚĂƚŽŵŵŝƚƚĞĞ͕ϮϬϭϬ͘dŚĞŐƵŝĚĞƚŽ'ĞŶ^ƚĂƚZĞůĞĂƐĞϭϯʹWĂƌƚƐϭͲϯ͘s^E/ŶƚĞƌŶĂƚŝŽŶĂů͕
KdžĨŽƌĚ͕h<͘
'ůĂnjĞďƌŽŽŬ:͕ϮϬϬϱ͘ŽŶƚƌĂƐƚŝŶŐŵĞĐŚĂŶŝƐŵƐŽĨĚĞĨĞŶƐĞĂŐĂŝŶƐƚďŝŽƚƌŽƉŚŝĐĂŶĚŶĞĐƌŽƚƌŽƉŚŝĐ
ƉĂƚŚŽŐĞŶƐ͘ŶŶƵĂůZĞǀŝĞǁŽĨWŚLJƚŽƉĂƚŚŽůŽŐLJϰϯ͕ϮϬϱͲϮϳ͘
'ƌĂŶƚD͕>Ăŵď͕ϮϬϬϲ͘^LJƐƚĞŵŝĐŝŵŵƵŶŝƚLJ͘ƵƌƌĞŶƚKƉŝŶŝŽŶŝŶWůĂŶƚŝŽůŽŐLJϵ͕ϰϭϰͲϮϬ͘
'ƌŽǀĞƌ͕ϮϬϭϮ͘WůĂŶƚĐŚŝƚŝŶĂƐĞƐ͗ŐĞŶĞƚŝĐĚŝǀĞƌƐŝƚLJĂŶĚƉŚLJƐŝŽůŽŐŝĐĂůƌŽůĞƐ͘ƌŝƚŝĐĂůZĞǀŝĞǁƐŝŶ
WůĂŶƚ^ĐŝĞŶĐĞƐϯϭ͕ϱϳͲϳϯ͘
,Ăůŝŵs͕ƐĐŚĞŶͲ>ŝƉƉŽůĚ>͕ůƚŵĂŶŶ^͕ŝƌƐĐŚǁŝůŬƐD͕^ĐŚĞĞů͕ZŽƐĂŚů^͕ϮϬϬϳ͘^ĂůŝĐLJůŝĐĂĐŝĚ
ŝƐ ŝŵƉŽƌƚĂŶƚ ĨŽƌ ďĂƐĂů ĚĞĨĞŶƐĞ ŽĨ ^ŽůĂŶƵŵ ƚƵďĞƌŽƐƵŵ ĂŐĂŝŶƐƚ WŚLJƚŽƉŚƚŚŽƌĂ
ŝŶĨĞƐƚĂŶƐ͘DŽůĞĐƵůĂƌWůĂŶƚͲDŝĐƌŽďĞ/ŶƚĞƌĂĐƚŝŽŶƐϮϬ͕ϭϯϰϲͲϱϮ͘
,ĂƌƌŝƐŽŶ:'͕^ĞĂƌůĞZ:͕tŝůůŝĂŵƐE͕ϭϵϵϳ͘WŽǁĚĞƌLJƐĐĂďĚŝƐĞĂƐĞŽĨƉŽƚĂƚŽͲƌĞǀŝĞǁ͘WůĂŶƚ
WĂƚŚŽůŽŐLJϰϲ͕ϭͲϮϱ͘
,ĂŵŝĚƵnjnjĂŵĂŶ DD͕ :ĂŬĂď '͕ ĂƌŶĂǀŽŶ >͕ EĞƵŚĂƵƐ :D͕ DĂƵĐŚͲDĂŶŝ ͕ ϮϬϬϱ͘ ďĞƚĂͲ
ĂŵŝŶŽďƵƚLJƌŝĐ ĂĐŝĚͲŝŶĚƵĐĞĚ ƌĞƐŝƐƚĂŶĐĞ ĂŐĂŝŶƐƚ ĚŽǁŶLJ ŵŝůĚĞǁ ŝŶ ŐƌĂƉĞǀŝŶĞ ĂĐƚƐ
ƚŚƌŽƵŐŚƚŚĞƉŽƚĞŶƚŝĂƚŝŽŶŽĨĐĂůůŽƐĞĨŽƌŵĂƚŝŽŶĂŶĚũĂƐŵŽŶŝĐĂĐŝĚƐŝŐŶĂůŝŶŐ͘DŽůĞĐƵůĂƌ
WůĂŶƚͲDŝĐƌŽďĞ/ŶƚĞƌĂĐƚŝŽŶƐϭϴ͕ϴϭϵͲϮϵ͘
,ĞƌŶĂŶĚĞnjDĂůĚŽŶĂĚŽD>͕&ĂůůŽŽŶZ͕ƵƚůĞƌZ͕ŽŶŶĞƌ:͕ƵůŵĂŶ^Z͕ϮϬϭϮ͘^ƉŽŶŐŽƐƉŽƌĂ
ƐƵďƚĞƌƌĂŶĞĂƌŽŽƚŝŶĨĞĐƚŝŽŶĂƐƐĞƐƐĞĚŝŶƚǁŽƉŽƚĂƚŽĐƵůƚŝǀĂƌƐĚŝĨĨĞƌŝŶŐŝŶƐƵƐĐĞƉƚŝďŝůŝƚLJ
ƚŽƚƵďĞƌƉŽǁĚĞƌLJƐĐĂď͘WůĂŶƚWĂƚŚŽůŽŐLJ͕K/͗ϭϬ͘ϭϭϭϭͬƉƉĂ͘ϭϮϬϭϱ͘
,ŽĞŐĞŶ͕^ƚƌŽŵďĞƌŐ͕WŝŚůŐƌĞŶh͕<ŽŵďƌŝŶŬ͕ϮϬϬϮ͘WƌŝŵĂƌLJƐƚƌƵĐƚƵƌĞĂŶĚƚŝƐƐƵĞͲƐƉĞĐŝĨŝĐ
ĞdžƉƌĞƐƐŝŽŶ ŽĨ ƚŚĞ ƉĂƚŚŽŐĞŶĞƐŝƐͲƌĞůĂƚĞĚ ƉƌŽƚĞŝŶ WZͲϭď ŝŶ ƉŽƚĂƚŽĚĂŐŐĞƌ͘ DŽů WůĂŶƚ
WĂƚŚŽůϯ͕ϯϮϵͲϰϱ͘
:ĂŬĂď '͕ ŽƚƚŝĞƌ s͕dŽƋƵŝŶs͕ZŝŐŽůŝ'͕ ŝŵŵĞƌůŝ>͕DĞƚƌĂƵdž:W͕DĂƵĐŚͲDĂŶŝ͕ϮϬϬϭ͘ĞƚĂͲ
ĂŵŝŶŽďƵƚLJƌŝĐĂĐŝĚͲŝŶĚƵĐĞĚƌĞƐŝƐƚĂŶĐĞŝŶƉůĂŶƚƐ͘ƵƌŽƉĞĂŶ:ŽƵƌŶĂůŽĨWůĂŶƚWĂƚŚŽůŽŐLJ
ϭϬϳ͕ϮϵͲϯϳ͘
ϭϬϮ
:ŽŶĞƐ:'͕ĂŶŐů:>͕ϮϬϬϲ͘dŚĞƉůĂŶƚŝŵŵƵŶĞƐLJƐƚĞŵ͘EĂƚƵƌĞϰϰϰ͕ϯϮϯͲϵ͘
<ŽŵďƌŝŶŬ ͕ ^ĐŚŵĞůnjĞƌ ͕ ϮϬϬϭ͘ dŚĞ ŚLJƉĞƌƐĞŶƐŝƚŝǀĞ ƌĞƐƉŽŶƐĞ ĂŶĚ ŝƚƐ ƌŽůĞ ŝŶ ůŽĐĂů ĂŶĚ
ƐLJƐƚĞŵŝĐĚŝƐĞĂƐĞƌĞƐŝƐƚĂŶĐĞ͘ƵƌŽƉĞĂŶ:ŽƵƌŶĂůŽĨWůĂŶƚWĂƚŚŽůŽŐLJϭϬϳ͕ϲϵͲϳϴ͘
>ŝ z:͕ dŝĂŶ ͕ >ŝƵ :͕ yŝĞ ,͕ ϮϬϬϵ͘ ŽŵƉĂƌĂƚŝǀĞ ĐEͲ&>W ĂŶĂůLJƐŝƐ ƌĞǀĞĂůƐ ƚŚĂƚ ĚůͲďĞƚĂͲ
ĂŵŝŶŽͲďƵƚLJƌŝĐ ĂĐŝĚ ŝŶĚƵĐĞƐ ƌĞƐŝƐƚĂŶĐĞ ƚŚƌŽƵŐŚ ĞĂƌůLJ ĂĐƚŝǀĂƚŝŽŶ ŽĨ ƚŚĞ ŚŽƐƚͲĚĞĨĞŶƐĞ
ŐĞŶĞƐŝŶƉŽƚĂƚŽ͘WŚLJƐŝŽůŽŐŝĂWůĂŶƚĂƌƵŵϭϯϲ͕ϭϵͲϮϵ͘
>ŝůũĞƌŽƚŚ ͕ ĞŶŐƚƐƐŽŶ d͕ tŝŝŬ >͕ ŶĚƌĞĂƐƐŽŶ ͕ ϮϬϭϬ͘ /ŶĚƵĐĞĚ ƌĞƐŝƐƚĂŶĐĞ ŝŶ ƉŽƚĂƚŽ ƚŽ
WŚLJƚƉŚƚŚŽƌĂ ŝŶĨĞƐƚĂŶƐͲĞĨĨĞĐƚƐ ŽĨ ŝŶ ŐƌĞĞŶŚŽƵƐĞ ĂŶĚ ĨŝĞůĚ ƚĞƐƚƐ ǁŝƚŚ ĚŝĨĨĞƌĞŶƚ
ƉŽƚĂƚŽǀĂƌŝĞƚŝĞƐ͘ƵƌŽƉĞĂŶ:ŽƵƌŶĂůŽĨWůĂŶƚWĂƚŚŽůŽŐLJϭϮϳ͕ϭϳϭͲϴϯ͘
>ŝǀĂŬ <:͕ ^ĐŚŵŝƚƚŐĞŶ d͕ ϮϬϬϭ͘ ŶĂůLJƐŝƐ ŽĨ ƌĞůĂƚŝǀĞ ŐĞŶĞ ĞdžƉƌĞƐƐŝŽŶ ĚĂƚĂ ƵƐŝŶŐ ƌĞĂůͲƚŝŵĞ
ƋƵĂŶƚŝƚĂƚŝǀĞWZĂŶĚƚŚĞϮ;dͿ;ͲĞůƚĂĞůƚĂͿŵĞƚŚŽĚ͘DĞƚŚŽĚƐϮϱ͕ϰϬϮͲϴ͘
>ƵnjnjĂƚƚŽ d͕ zŝƐŚĂLJ D͕ >ŝƉƐŬLJ ͕ /ŽŶ ͕ ĞůĂƵƐŽǀ ͕ zĞĚŝĚŝĂ /͕ ϮϬϬϳ͘ ĨĨŝĐŝĞŶƚ͕ ůŽŶŐͲůĂƐƚŝŶŐ
ƌĞƐŝƐƚĂŶĐĞ ĂŐĂŝŶƐƚ ƚŚĞ ƐŽĨƚ ƌŽƚ ďĂĐƚĞƌŝƵŵ WĞĐƚŽďĂĐƚĞƌŝƵŵ ĐĂƌŽƚŽǀŽƌƵŵ ŝŶ ĐĂůůĂ ůŝůLJ
ƉƌŽǀŝĚĞĚďLJƚŚĞƉůĂŶƚĂĐƚŝǀĂƚŽƌŵĞƚŚLJůũĂƐŵŽŶĂƚĞ͘WůĂŶƚWĂƚŚŽůŽŐLJϱϲ͕ϲϵϮͲϳϬϭ͘
DĂƐƐĂE͕ŚŝůĚƐ<>͕>ŝŶ,͕ƌLJĂŶ':͕'ŝƵůŝĂŶŽ'͕ƵĞůůZ͕ϮϬϭϭ͘dŚĞdƌĂŶƐĐƌŝƉƚŽŵĞŽĨƚŚĞ
ZĞĨĞƌĞŶĐĞWŽƚĂƚŽ'ĞŶŽŵĞ^ŽůĂŶƵŵƚƵďĞƌŽƐƵŵ'ƌŽƵƉWŚƵƌĞũĂůŽŶĞDϭͲϯϱϭϲZϰϰ͘
W>Ž^KEϲ͕ĞϮϲϴϬϭ͘
DĂƵĐŚͲDĂŶŝ ͕ DĞƚƌĂƵdž :W͕ ϭϵϵϴ͘ ^ĂůŝĐLJůŝĐ ĂĐŝĚ ĂŶĚ ƐLJƐƚĞŵŝĐ ĂĐƋƵŝƌĞĚ ƌĞƐŝƐƚĂŶĐĞ ƚŽ
ƉĂƚŚŽŐĞŶĂƚƚĂĐŬ͘ŶŶĂůƐŽĨŽƚĂŶLJϴϮ͕ϱϯϱͲϰϬ͘
DĂnjŝĚ D͕ <ŚĂŶ d͕ DŽŚĂŵŵĂĚ &͕ ϮϬϭϭ͘ ZŽůĞ ŽĨ ƐĞĐŽŶĚĂƌLJ ŵĞƚĂďŽůŝƚĞƐ ŝŶ ĚĞĨĞŶƐĞ
ŵĞĐŚĂŶŝƐŵƐŽĨƉůĂŶƚƐ͘ŝŽůŽŐLJĂŶĚDĞĚŝĐŝŶĞϯ͕ϮϯϮʹϮϰϵ͘
DĞƌnjh͕ϮϬϬϴ͘WŽǁĚĞƌLJƐĐĂďŽĨƉŽƚĂƚŽͲKĐĐƵƌƌĞŶĐĞ͕ůŝĨĞĐLJĐůĞĂŶĚĞƉŝĚĞŵŝŽůŽŐLJ͘ŵĞƌŝĐĂŶ
:ŽƵƌŶĂůŽĨWŽƚĂƚŽZĞƐĞĂƌĐŚϴϱ͕ϮϰϭͲϲ͘
ϭϬϯ
DĞƌnj h͕ &ĂůůŽŽŶ Z͕ ϮϬϬϵ͘ ZĞǀŝĞǁ͗ ƉŽǁĚĞƌLJ ƐĐĂď ŽĨ ƉŽƚĂƚŽ Ͳ ŝŶĐƌĞĂƐĞĚ ŬŶŽǁůĞĚŐĞ ŽĨ
ƉĂƚŚŽŐĞŶ ďŝŽůŽŐLJ ĂŶĚ ĚŝƐĞĂƐĞ ĞƉŝĚĞŵŝŽůŽŐLJ ĨŽƌ ĞĨĨĞĐƚŝǀĞ ĚŝƐĞĂƐĞ ŵĂŶĂŐĞŵĞŶƚ͘
WŽƚĂƚŽZĞƐĞĂƌĐŚϱϮ͕ϭϳͲϯϳ͘
DĞLJĞƌ ͕ ,ŽƵůŶĞ '͕ WŽnjƵĞƚĂͲZŽŵĞƌŽ :͕ ^ĐŚĂŶƚnj D>͕ ^ĐŚĂŶƚnj Z͕ ϭϵϵϲ͘ &ƌƵŝƚͲƐƉĞĐŝĨŝĐ
ĞdžƉƌĞƐƐŝŽŶ ŽĨ Ă ĚĞĨĞŶƐŝŶͲƚLJƉĞ ŐĞŶĞ ĨĂŵŝůLJ ŝŶ ďĞůů ƉĞƉƉĞƌ͘ hƉƌĞŐƵůĂƚŝŽŶ ĚƵƌŝŶŐ
ƌŝƉĞŶŝŶŐĂŶĚƵƉŽŶǁŽƵŶĚŝŶŐ͘WůĂŶƚWŚLJƐŝŽůϭϭϮ͕ϲϭϱͲϮϮ͘
EĂƌƵƐĂŬĂz͕EĂƌƵƐĂŬĂD͕,ŽƌŝŽd͕/ƐŚŝŝ,͕ϭϵϵϵ͘ŽŵƉĂƌŝƐŽŶŽĨůŽĐĂůĂŶĚƐLJƐƚĞŵŝĐŝŶĚƵĐƚŝŽŶ
ŽĨĂĐƋƵŝƌĞĚĚŝƐĞĂƐĞƌĞƐŝƐƚĂŶĐĞŝŶĐƵĐƵŵďĞƌƉůĂŶƚƐƚƌĞĂƚĞĚǁŝƚŚďĞŶnjŽƚŚŝĂĚŝĂnjŽůĞƐŽƌ
ƐĂůŝĐLJůŝĐĂĐŝĚ͘WůĂŶƚĂŶĚĞůůWŚLJƐŝŽůŽŐLJϰϬ͕ϯϴϴͲϵϱ͘
EĂǀĂƌƌĞ͕DĂLJŽ͕ϮϬϬϰ͘ŝĨĨĞƌĞŶƚŝĂůĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐŽĨƐĂůŝĐLJůŝĐĂĐŝĚͲŵĞĚŝĂƚĞĚƐŝŐŶĂůŝŶŐŝŶ
ƉŽƚĂƚŽ͘WŚLJƐŝŽůŽŐŝĐĂůĂŶĚDŽůĞĐƵůĂƌWůĂŶƚWĂƚŚŽůŽŐLJϲϰ͕ϭϳϵͲϴϴ͘
EĂǀĂƌƌĞ :͕ dŚŽŵĂƐ W͕ ƌŽǁŶ ͕ <ĂĐŚƌŽŽ W͕ ϮϬϬϯ͘ ^LJƐƚĞŵŝĐ ĂĐƋƵŝƌĞĚ ƌĞƐŝƐƚĂŶĐĞ ŝŶ ƉŽƚĂƚŽ͘
WŽƚĂƚŽĞƐ Ͳ ,ĞĂůƚŚLJ &ŽŽĚ ĨŽƌ ,ƵŵĂŶŝƚLJ͗ /ŶƚĞƌŶĂƚŝŽŶĂů ĞǀĞůŽƉŵĞŶƚƐ ŝŶ ƌĞĞĚŝŶŐ͕
WƌŽĚƵĐƚŝŽŶ͕WƌŽƚĞĐƚŝŽŶĂŶĚhƚŝůŝnjĂƚŝŽŶ͕ϭϳϳͲϴϭ͘
EŝĐŽƚE͕,ĂƵƐŵĂŶ:&͕,ŽĨĨŵĂŶŶ>͕ǀĞƌƐ͕ϮϬϬϱ͘,ŽƵƐĞŬĞĞƉŝŶŐŐĞŶĞƐĞůĞĐƚŝŽŶĨŽƌƌĞĂůͲƚŝŵĞ
ZdͲWZ ŶŽƌŵĂůŝnjĂƚŝŽŶ ŝŶ ƉŽƚĂƚŽ ĚƵƌŝŶŐ ďŝŽƚŝĐ ĂŶĚ ĂďŝŽƚŝĐ ƐƚƌĞƐƐ͘ :ŽƵƌŶĂů ŽĨ
džƉĞƌŝŵĞŶƚĂůŽƚĂŶLJϱϲ͕ϮϵϬϳͲϭϰ͘
KůŝǀŝĞƌŝ&W͕>ŽďĂƚŽD͕ůƚĂŵŝƌĂŶĚĂ͕ĂůĞŽ'Z͕,ƵĂƌƚĞD͕'ƵĞǀĂƌĂD'͕ŶĚƌĞƵ͕ϮϬϬϵ͘
ĞĨĨĞĐƚƐŽŶƚŚĞďĞŚĂǀŝŽƵƌŽĨƉŽƚĂƚŽĐƵůƚŝǀĂƌƐŝŶĨĞĐƚĞĚďLJWŚLJƚŽƉŚƚŚŽƌĂŝŶĨĞƐƚĂŶƐ
ĂŶĚ&ƵƐĂƌŝƵŵƐŽůĂŶŝ͘ƵƌŽƉĞĂŶ:ŽƵƌŶĂůŽĨWůĂŶƚWĂƚŚŽůŽŐLJϭϮϯ͕ϰϳͲϱϲ͘
WĂLJŶĞZ͕tĞůŚĂŵ^͕,ĂƌĚŝŶŐ^͕ϮϬϭϭ͘'ƵŝĚĞƚŽZD>ŝŶ'ĞŶ^ƚĂƚ͘s^E/ŶƚĞƌŶĂƚŝŽŶĂů͕KdžĨŽƌĚ͕
WƉϵϯ͘
ZĂŚŝŵŝ^͕tƌŝŐŚƚ:͕WĞƌƌLJZE͕ϭϵϵϴ͘/ĚĞŶƚŝĨŝĐĂƚŝŽŶĂŶĚůŽĐĂůŝƐĂƚŝŽŶŽĨĐŚŝƚŝŶĂƐĞƐŝŶĚƵĐĞĚŝŶ
ƚŚĞƌŽŽƚƐŽĨƉŽƚĂƚŽƉůĂŶƚƐŝŶĨĞĐƚĞĚǁŝƚŚƚŚĞƉŽƚĂƚŽĐLJƐƚŶĞŵĂƚŽĚĞ'ůŽďŽĚĞƌĂƉĂůůŝĚĂ͘
&ƵŶĚĂŵĞŶƚĂůĂŶĚƉƉůŝĞĚEĞŵĂƚŽůŽŐLJϮϭ͕ϳϬϱͲϭϯ͘
ϭϬϰ
ZĞŶŶĞƌd͕^ƉĞĐŚƚ͕ϮϬϭϮ͘DŽůĞĐƵůĂƌĂŶĚĨƵŶĐƚŝŽŶĂůĞǀŽůƵƚŝŽŶŽĨĐůĂƐƐ/ĐŚŝƚŝŶĂƐĞƐĨŽƌƉůĂŶƚ
ĐĂƌŶŝǀŽƌLJ ŝŶ ƚŚĞ ĂƌLJŽƉŚLJůůĂůĞƐ͘ DŽůĞĐƵůĂƌ ŝŽůŽŐLJ ĂŶĚ ǀŽůƵƚŝŽŶ͘ K/͗
ϭϬ͘ϭϬϵϯͬŵŽůďĞǀͬŵƐƐϭϬϲ͘
ZŽnjĞŶ ^͕ ^ŬĂůĞƚƐŬLJ ,:͕ ;ϮϬϬϬͿ WƌŝŵĞƌϯ ŽŶ ƚŚĞ ttt ĨŽƌ ŐĞŶĞƌĂů ƵƐĞƌƐ ĂŶĚ ĨŽƌ ďŝŽůŽŐŝƐƚ
ƉƌŽŐƌĂŵŵĞƌƐ͘/Ŷ͗<ƌĂǁĞƚnj^͕DŝƐĞŶĞƌ^;ĞĚƐͿŝŽŝŶĨŽƌŵĂƚŝĐƐDĞƚŚŽĚƐĂŶĚWƌŽƚŽĐŽůƐ͗
DĞƚŚŽĚƐ ŝŶ DŽůĞĐƵůĂƌ ŝŽůŽŐLJ͘ ,ƵŵĂŶĂ WƌĞƐƐ͕ dŽƚŽǁĂ͕ E:͕ ϯϲϱͲϯϴϲ͘ ^ŽƵƌĐĞ ĐŽĚĞ
ĂǀĂŝůĂďůĞĂƚŚƚƚƉ͗ͬͬĨŽŬŬĞƌ͘ǁŝ͘ŵŝƚ͘ĞĚƵͬƉƌŝŵĞƌϯͬ͘
ZLJĂůƐ:͕EĞƵĞŶƐĐŚǁĂŶĚĞƌh,͕tŝůůŝƚƐD'͕DŽůŝŶĂ͕^ƚĞŝŶĞƌ,z͕,ƵŶƚD͕ϭϵϵϲ͘^LJƐƚĞŵŝĐ
ĂĐƋƵŝƌĞĚƌĞƐŝƐƚĂŶĐĞ͘WůĂŶƚĞůůϴ͕ϭϴϬϵͲϭϵ͘
^ĂŶĐŚĞnj '͕ 'ĞƌŚĂƌĚƚ E͕ ^ŝĐŝůŝĂŶŽ &͕ sŽũŶŽǀ ͕ DĂůĐƵŝƚ /͕ DĂƌĂŶŽ DZ͕ ϮϬϭϬ͘ ^ĂůŝĐLJůŝĐ ĂĐŝĚ ŝƐ
ŝŶǀŽůǀĞĚ ŝŶ ƚŚĞ EͲŵĞĚŝĂƚĞĚ ĚĞĨĞŶƐĞ ƌĞƐƉŽŶƐĞƐ ƚŽ ƉŽƚĂƚŽ ǀŝƌƵƐ y ŝŶ ^ŽůĂŶƵŵ
ƚƵďĞƌŽƐƵŵ͘DŽůĞĐƵůĂƌWůĂŶƚͲDŝĐƌŽďĞ/ŶƚĞƌĂĐƚŝŽŶƐϮϯ͕ϯϵϰͲϰϬϱ͘
^ĂŶnjͲůĨĞƌĞnj ^͕ DĂƚĞŽƐ ͕ ůǀĂƌĂĚŽ Z͕ ^ĂŶĐŚĞnj D͕ ϮϬϬϴ͘ ^Z ŝŶĚƵĐƚŝŽŶ ŝŶ ƚŽŵĂƚŽ ƉůĂŶƚƐ ŝƐ
ŶŽƚ ĞĨĨĞĐƚŝǀĞ ĂŐĂŝŶƐƚ ƌŽŽƚͲŬŶŽƚ ŶĞŵĂƚŽĚĞ ŝŶĨĞĐƚŝŽŶ͘ ƵƌŽƉĞĂŶ :ŽƵƌŶĂů ŽĨ WůĂŶƚ
WĂƚŚŽůŽŐLJϭϮϬ͕ϰϭϳͲϮϱ͘
^ĐŚƌĞŝďĞƌ <͕ ĞƐǀĞĂƵdž ͕ ϮϬϬϴ͘ DĞƐƐĂŐĞ ŝŶ Ă ďŽƚƚůĞ͗ ŚĞŵŝĐĂů ďŝŽůŽŐLJ ŽĨ ŝŶĚƵĐĞĚ ĚŝƐĞĂƐĞ
ƌĞƐŝƐƚĂŶĐĞŝŶƉůĂŶƚƐ͘WůĂŶƚWĂƚŚŽůŽŐLJ:ŽƵƌŶĂůϮϰ͕ϮϰϱͲϲϴ͘
^ŚĂŚ:͕<ĂĐŚƌŽŽW͕EĂŶĚŝ͕<ůĞƐƐŝŐ&͕ϮϬϬϭ͘ƌĞĐĞƐƐŝǀĞŵƵƚĂƚŝŽŶŝŶƚŚĞƌĂďŝĚŽƉƐŝƐ^^/Ϯ
ŐĞŶĞ ĐŽŶĨĞƌƐ ^Ͳ ĂŶĚ EWZϭͲŝŶĚĞƉĞŶĚĞŶƚ ĞdžƉƌĞƐƐŝŽŶ ŽĨ WZ ŐĞŶĞƐ ĂŶĚ ƌĞƐŝƐƚĂŶĐĞ
ĂŐĂŝŶƐƚďĂĐƚĞƌŝĂůĂŶĚŽŽŵLJĐĞƚĞƉĂƚŚŽŐĞŶƐ͘dŚĞWůĂŶƚ:ŽƵƌŶĂůϮϱ͕ϱϲϯͲϳϰ͘
^ŝĞŐƌŝƐƚ :͕ KƌŽďĞƌ D͕ ƵĐŚĞŶĂƵĞƌ ,͕ ϮϬϬϬ͘ ĞƚĂͲĂŵŝŶŽďƵƚLJƌŝĐ ĂĐŝĚͲŵĞĚŝĂƚĞĚ ĞŶŚĂŶĐĞŵĞŶƚ
ŽĨ ƌĞƐŝƐƚĂŶĐĞ ŝŶ ƚŽďĂĐĐŽ ƚŽ ƚŽďĂĐĐŽ ŵŽƐĂŝĐ ǀŝƌƵƐ ĚĞƉĞŶĚƐ ŽŶ ƚŚĞ ĂĐĐƵŵƵůĂƚŝŽŶ ŽĨ
ƐĂůŝĐLJůŝĐĂĐŝĚ͘WŚLJƐŝŽůŽŐŝĐĂůĂŶĚDŽůĞĐƵůĂƌWůĂŶƚWĂƚŚŽůŽŐLJϱϲ͕ϵϱͲϭϬϲ͘
^ŝĞŵĞŶƐ :͕ <ĞůůĞƌ /͕ ^Ăƌdž :͕ <ƵŶnj ^͕ ^ĐŚƵůůĞƌ ͕ EĂŐĞů t͕ ^ĐŚŵƵůůŝŶŐ d͕ WĂƌŶŝƐŬĞ D͕ >ƵĚǁŝŐͲ
DƵůůĞƌ :͕ ϮϬϬϲ͘ dƌĂŶƐĐƌŝƉƚŽŵĞ ĂŶĂůLJƐŝƐ ŽĨ ƌĂďŝĚŽƉƐŝƐ ĐůƵďƌŽŽƚƐ ŝŶĚŝĐĂƚĞ Ă ŬĞLJ ƌŽůĞ
ϭϬϱ
ĨŽƌĐLJƚŽŬŝŶŝŶƐŝŶĚŝƐĞĂƐĞĚĞǀĞůŽƉŵĞŶƚ͘DŽůĞĐƵůĂƌWůĂŶƚͲDŝĐƌŽďĞ/ŶƚĞƌĂĐƚŝŽŶƐϭϵ͕ϰϴϬͲ
ϵϰ͘
^ŝŶŐŚ W͕ <ƵŽ z͕ DŝƐŚƌĂ ^͕ dƐĂŝ ,͕ ŚŝĞŶ ͕ ŚĞŶ t͕ ĞƐĐůŽƐͲdŚĞǀĞŶŝĂƵ D͕ ŚƵ Wt͕
^ĐŚƵůnjĞ͕ŚŝŶĐŚŝůůĂ͕ŽůůĞƌd͕ŝŵŵĞƌůŝ>͕ϮϬϭϮ͘dŚĞůĞĐƚŝŶƌĞĐĞƉƚŽƌŬŝŶĂƐĞͲs/͘ϮŝƐ
ƌĞƋƵŝƌĞĚ ĨŽƌ ƉƌŝŵŝŶŐ ĂŶĚ ƉŽƐŝƚŝǀĞůLJ ƌĞŐƵůĂƚĞƐ ƌĂďŝĚŽƉƐŝƐ ƉĂƚƚĞƌŶͲƚƌŝŐŐĞƌĞĚ
ŝŵŵƵŶŝƚLJ͘WůĂŶƚĞůůϮϰ͕ϭϮϱϲͲϳϬ͘
^ƚŝĞŬĞŵĂt:͕,ĞŝĚĞŬĂŵƉ&͕ŝƌŬƐĞt'͕sĂŶďĞĐŬƵŵ:͕ĞŚĂĂŶW͕dĞŶďŽƐĐŚ͕>ŽƵǁĞƌƐĞ:͕
ϭϵϴϴ͘ DŽůĞĐƵůĂƌͲůŽŶŝŶŐ ĂŶĚ ŶĂůLJƐŝƐ ŽĨ ϰ WŽƚĂƚŽͲdƵďĞƌ DĞƐƐĞŶŐĞƌͲZŶĂƐ͘ WůĂŶƚ
DŽůĞĐƵůĂƌŝŽůŽŐLJϭϭ͕ϮϱϱͲϲϵ͘
dŚĞWŽƚĂƚŽ'ĞŶŽŵĞ^ĞƋƵĞŶĐŝŶŐŽŶƐŽƌƚŝƵŵ;ϮϬϭϭͿ͘Η'ĞŶŽŵĞƐĞƋƵĞŶĐĞĂŶĚĂŶĂůLJƐŝƐŽĨƚŚĞ
ƚƵďĞƌĐƌŽƉƉŽƚĂƚŽ͘ΗEĂƚƵƌĞϰϳϱ;ϳϯϱϱͿ͗ϭϴϵͲϭϵϱ͘
dŝƌLJĂŬŝ/͕dƵŶĂnj,͕ϮϬϬϰ͘^LJƐƚĞŵŝĐĂĐƋƵŝƌĞĚƌĞƐŝƐƚĂŶĐĞ͗ŚĂƌĂĐƚĞƌŝnjĂƚŝŽŶŽĨŐĞŶĞƐĂƐƐŽĐŝĂƚĞĚ
ǁŝƚŚƉůĂŶƚĚĞĨĞŶĐĞƌĞƐƉŽŶƐĞ͘:ŽƵƌŶĂůŽĨĐĞůůĂŶĚŵŽůĞĐƵůĂƌďŝŽůŽŐLJ͘ϯ͕ϵͲϭϰ͘
dŽŶ:͕:ĂŬĂď'͕dŽƋƵŝŶs͕&ůŽƌƐs͕/ĂǀŝĐŽůŝ͕DĂĞĚĞƌDE͕DĞƚƌĂƵdž:W͕DĂƵĐŚͲDĂŶŝ͕ϮϬϬϱ͘
ŝƐƐĞĐƚŝŶŐƚŚĞďĞƚĂͲĂŵŝŶŽďƵƚLJƌŝĐĂĐŝĚͲŝŶĚƵĐĞĚƉƌŝŵŝŶŐƉŚĞŶŽŵĞŶŽŶŝŶƌĂďŝĚŽƉƐŝƐ͘
WůĂŶƚĞůůϭϳ͕ϵϴϳͲϵϵ͘
dŽŶ :͕ DĂƵĐŚͲDĂŶŝ ͕ ϮϬϬϰ͘ ĞƚĂͲĂŵŝŶŽͲďƵƚLJƌŝĐ ĂĐŝĚͲŝŶĚƵĐĞĚ ƌĞƐŝƐƚĂŶĐĞ ĂŐĂŝŶƐƚ
ŶĞĐƌŽƚƌŽƉŚŝĐ ƉĂƚŚŽŐĞŶƐ ŝƐ ďĂƐĞĚ ŽŶ ͲĚĞƉĞŶĚĞŶƚ ƉƌŝŵŝŶŐ ĨŽƌ ĐĂůůŽƐĞ͘ WůĂŶƚ
:ŽƵƌŶĂůϯϴ͕ϭϭϵͲϯϬ͘
dƐĂŝ,͕^ŝŶŐŚW͕ŚĞŶt͕dŚŽŵĂƐ:͕tĞďĞƌ:͕DĂƵĐŚͲDĂŶŝ͕ŝŵŵĞƌůŝ>͕ϮϬϭϭ͘WƌŝŵŝŶŐĨŽƌ
ĞŶŚĂŶĐĞĚ ĚĞĨĞŶĐĞ ƌĞƐƉŽŶƐĞƐ ďLJ ƐƉĞĐŝĨŝĐ ŝŶŚŝďŝƚŝŽŶ ŽĨ ƚŚĞ ƌĂďŝĚŽƉƐŝƐ ƌĞƐƉŽŶƐĞ ƚŽ
ĐŽƌŽŶĂƚŝŶĞ͘WůĂŶƚ:ŽƵƌŶĂůϲϱ͕ϰϲϵͲϳϵ͘
sĂůůĂĚ '͕ 'ŽŽĚŵĂŶ ZD͕ ϮϬϬϰ͘ ^LJƐƚĞŵŝĐ ĂĐƋƵŝƌĞĚ ƌĞƐŝƐƚĂŶĐĞ ĂŶĚ ŝŶĚƵĐĞĚ ƐLJƐƚĞŵŝĐ
ƌĞƐŝƐƚĂŶĐĞŝŶĐŽŶǀĞŶƚŝŽŶĂůĂŐƌŝĐƵůƚƵƌĞ͘ƌŽƉ^ĐŝĞŶĐĞϰϰ͕ϭϵϮϬͲϯϰ͘
ϭϬϲ
sĂŶĚĞƌŶƚ^͕<ŽŽƌŶŶĞĞĨ͕dŽŶ:͕WŝĞƚĞƌƐĞD:͕ϮϬϬϵ͘/ŶĚƵĐĞĚZĞƐŝƐƚĂŶĐĞʹKƌĐŚĞƐƚƌĂƚŝŶŐ
ĞĨĞŶĐĞ DĞĐŚĂŶŝƐŵƐ ƚŚƌŽƵŐŚ ƌŽƐƐƚĂůŬ ĂŶĚ WƌŝŵŝŶŐ͘ /Ŷ͘ ŶŶƵĂů WůĂŶƚ ZĞǀŝĞǁƐ
sŽůƵŵĞϯϰ͗DŽůĞĐƵůĂƌƐƉĞĐƚƐŽĨWůĂŶƚŝƐĞĂƐĞZĞƐŝƐƚĂŶĐĞ͘tŝůĞLJͲůĂĐŬǁĞůů͕ϯϯϰͲϳϬ͘
sĂŶ>ŽŽŶ>͕ZĞƉD͕WŝĞƚĞƌƐĞD:͕ϮϬϬϲ͘^ŝŐŶŝĨŝĐĂŶĐĞŽĨŝŶĚƵĐŝďůĞĚĞĨĞŶƐĞͲƌĞůĂƚĞĚƉƌŽƚĞŝŶƐ
ŝŶŝŶĨĞĐƚĞĚƉůĂŶƚƐ͘/Ŷ͘ŶŶƵĂůZĞǀŝĞǁŽĨWŚLJƚŽƉĂƚŚŽůŽŐLJ͘WĂůŽůƚŽ͗ŶŶƵĂůZĞǀŝĞǁƐ͘
ŶŶƵĂůZĞǀŝĞǁŽĨWŚLJƚŽƉĂƚŚŽůŽŐLJ͖ϰϰ͘ϭϯϱͲϲϮ
sĂƐLJƵŬŽǀĂ E/͕ KnjĞƌĞƚƐŬŽǀƐŬĂLJĂ K>͕ ϮϬϬϳ͘ /ŶĚƵĐĞĚ ƉůĂŶƚ ƌĞƐŝƐƚĂŶĐĞ ĂŶĚ ƐĂůŝĐLJůŝĐ ĂĐŝĚ͗ ƌĞǀŝĞǁ͘ƉƉůŝĞĚŝŽĐŚĞŵŝƐƚƌLJĂŶĚDŝĐƌŽďŝŽůŽŐLJϰϯ͕ϯϲϳͲϳϯ͘
sůŽƚ ͕ <ůĞƐƐŝŐ &͕ WĂƌŬ ^t͕ ϮϬϬϴ͘ ^LJƐƚĞŵŝĐ ĂĐƋƵŝƌĞĚ ƌĞƐŝƐƚĂŶĐĞ͗ ƚŚĞ ĞůƵƐŝǀĞ ƐŝŐŶĂů;ƐͿ͘
ƵƌƌĞŶƚKƉŝŶŝŽŶŝŶWůĂŶƚŝŽůŽŐLJϭϭ͕ϰϯϲͲϰϮ͘
tĂůƚĞƌƐ͕tĂůƐŚ͕EĞǁƚŽŶ͕>LJŽŶ'͕ϮϬϬϱ͘/ŶĚƵĐĞĚƌĞƐŝƐƚĂŶĐĞĨŽƌƉůĂŶƚĚŝƐĞĂƐĞĐŽŶƚƌŽů͗
DĂdžŝŵŝnjŝŶŐƚŚĞĞĨĨŝĐĂĐLJŽĨƌĞƐŝƐƚĂŶĐĞĞůŝĐŝƚŽƌƐ͘WŚLJƚŽƉĂƚŚŽůŽŐLJϵϱ͕ϭϯϲϴͲϳϯ͘
tĂůƚĞƌƐZ͕ϮϬϬϵ͘ƌĞƉůĂŶƚƐŝŶƚŚĞĨŝĞůĚĂůƌĞĂĚLJŝŶĚƵĐĞĚ͍/ŵƉůŝĐĂƚŝŽŶƐĨŽƌƉƌĂĐƚŝĐĂůĚŝƐĞĂƐĞ
ĐŽŶƚƌŽů͘ƌŽƉWƌŽƚĞĐƚŝŽŶϮϴ͕ϰϱϵͲϲϱ͘
tĂůƚĞƌƐZ͕,ĂǀŝƐE͕^ĂďůŽƵ͕tĂůƐŚ:͕ϮϬϭϭ͘WŽƐƐŝďůĞƚƌĂĚĞͲŽĨĨĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞƵƐĞ
ŽĨĂĐŽŵďŝŶĂƚŝŽŶŽĨƌĞƐŝƐƚĂŶĐĞĞůŝĐŝƚŽƌƐ͘WŚLJƐŝŽůŽŐŝĐĂůĂŶĚDŽůĞĐƵůĂƌWůĂŶƚWĂƚŚŽůŽŐLJ
ϳϱ͕ϭϴϴͲϵϮ͘
tĂůůŝŶŐ>>͕ϮϬϬϭ͘/ŶĚƵĐĞĚƌĞƐŝƐƚĂŶĐĞ͗ĨƌŽŵƚŚĞďĂƐŝĐƚŽƚŚĞĂƉƉůŝĞĚ͘dƌĞŶĚƐŝŶƉůĂŶƚƐĐŝĞŶĐĞϲ͕
ϰϰϱͲϳ͘
tĂůnj ͕ ^ŝŵŽŶ K͕ ϮϬϬϵ͘ ɴͲŵŝŶŽďƵƚLJƌŝĐ ĐŝĚͲŝŶĚƵĐĞĚ ZĞƐŝƐƚĂŶĐĞ ŝŶ ƵĐƵŵďĞƌ ĂŐĂŝŶƐƚ
ŝŽƚƌŽƉŚŝĐĂŶĚEĞĐƌŽƚƌŽƉŚŝĐWĂƚŚŽŐĞŶƐ͘:ŽƵƌŶĂůŽĨWŚLJƚŽƉĂƚŚŽůŽŐLJϭϱϳ͕ϯϱϲͲϲϭ͘
ŚĂŽ ^͕ Yŝ yY͕ ϮϬϬϴ͘ ^ŝŐŶĂůŝŶŐ ŝŶ ƉůĂŶƚ ĚŝƐĞĂƐĞ ƌĞƐŝƐƚĂŶĐĞ ĂŶĚ ƐLJŵďŝŽƐŝƐ͘ :ŽƵƌŶĂů ŽĨ
/ŶƚĞŐƌĂƚŝǀĞWůĂŶƚŝŽůŽŐLJϱϬ͕ϳϵϵͲϴϬϳ͘
ϭϬϳ
ŝŵŵĞƌůŝ >͕ ,ŽƵ ,͕ dƐĂŝ ,͕ :ĂŬĂď '͕ DĂƵĐŚͲDĂŶŝ ͕ ^ŽŵĞƌǀŝůůĞ ^͕ ϮϬϬϴ͘ dŚĞ džĞŶŽďŝŽƚŝĐ
ďĞƚĂͲĂŵŝŶŽďƵƚLJƌŝĐĂĐŝĚĞŶŚĂŶĐĞƐƌĂďŝĚŽƉƐŝƐƚŚĞƌŵŽƚŽůĞƌĂŶĐĞ͘dŚĞWůĂŶƚ:ŽƵƌŶĂůϱϯ͕
ϭϰϰͲϱϲ͘
ŝŵŵĞƌůŝ >͕ :ĂŬĂď ͕ DĞƚƌĂƵdž :W͕ DĂƵĐŚͲDĂŶŝ ͕ ϮϬϬϬ͘ WŽƚĞŶƚŝĂƚŝŽŶ ŽĨ ƉĂƚŚŽŐĞŶͲƐƉĞĐŝĨŝĐ
ĚĞĨĞŶƐĞ ŵĞĐŚĂŶŝƐŵƐ ŝŶ ƌĂďŝĚŽƉƐŝƐ ďLJ ďĞƚĂͲĂŵŝŶŽďƵƚLJƌŝĐ ĂĐŝĚ͘ WƌŽĐĞĞĚŝŶŐƐ ŽĨ ƚŚĞ
EĂƚŝŽŶĂůĐĂĚĞŵLJŽĨ^ĐŝĞŶĐĞƐŽĨƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐŽĨŵĞƌŝĐĂϵϳ͕ϭϮϵϮϬͲϱ͘
ŝŵŵĞƌůŝ>͕DĞƚƌĂƵdž:W͕DĂƵĐŚͲDĂŶŝ͕ϮϬϬϭ͘ďĞƚĂͲĂŵŝŶŽďƵƚLJƌŝĐĂĐŝĚͲŝŶĚƵĐĞĚƉƌŽƚĞĐƚŝŽŶŽĨ
ƌĂďŝĚŽƉƐŝƐ ĂŐĂŝŶƐƚ ƚŚĞ ŶĞĐƌŽƚƌŽƉŚŝĐ ĨƵŶŐƵƐ ŽƚƌLJƚŝƐ ĐŝŶĞƌĞĂ͘ WůĂŶƚ WŚLJƐŝŽůŽŐLJ ϭϮϲ͕
ϱϭϳͲϮϯ͘
ϭϬϴ
,WdZϱ͘'EZ>/^h^^/KE
^ƚƵĚŝĞƐ ŽŶ ŝŶĚƵĐĞĚ ƌĞƐŝƐƚĂŶĐĞ ;/ZͿ ďLJ ĐŚĞŵŝĐĂůƐ ĂƌĞ ŝŶĐƌĞĂƐŝŶŐůLJ ĐŽŵŵŽŶ ;^ĐŚƌĞŝďĞƌ Θ
ĞƐǀĞĂƵdž͕ϮϬϬϴ͖KŽƐƚĞŶĚŽƌƉĞƚĂů͕͘ϮϬϬϭͿ͘/ĚĞŶƚŝĨLJŝŶŐǁĂLJƐƚŽĂĐƚŝǀĂƚĞƉůĂŶƚĚĞĨĞŶĐĞƐƵƐŝŶŐ
ŶŽŶͲƚŽdžŝĐĂŶĚďŝŽĚĞŐƌĂĚĂďůĞĐŚĞŵŝĐĂůƐŝƐŝŵƉŽƌƚĂŶƚ͕ĂƐƚŚĞƐĞŚĂǀĞĐŽŶƐŝĚĞƌĂďůĞƉŽƚĞŶƚŝĂůĂƐ
ƐƵďƐƚŝƚƵƚĞƐŽĨƐLJŶƚŚĞƚŝĐƉĞƐƚŝĐŝĚĞƐĨŽƌĚŝƐĞĂƐĞŵĂŶĂŐĞŵĞŶƚ;ZĞŐůŝŶƐŬŝĞƚĂů͕͘ϮϬϭϬͿ͘
dŚĞ ŽǀĞƌĂůů Ăŝŵ ŽĨ ƚŚĞ ƌĞƐĞĂƌĐŚ ƉƌĞƐĞŶƚĞĚ ŝŶ ƚŚŝƐ ƚŚĞƐŝƐ ŚĂƐ ďĞĞŶ ƚŽ ĞdžƉĂŶĚ
ŬŶŽǁůĞĚŐĞ ŽŶ ŝŶĚƵĐĞĚ ƌĞƐŝƐƚĂŶĐĞ ĂŐĂŝŶƐƚ ƉůĂƐŵŽĚŝŽƉŚŽƌŝĚ ƉĂƚŚŽŐĞŶƐ͘ ZĞƐĞĂƌĐŚ ǁĂƐ
ƌĞƚĂƌŐĞƚĞĚ Ăƚ ƚŚĞ ƉůĂƐŵŽĚŝŽƉŚŽƌŝĚ ƉŽƚĂƚŽ ƉĂƚŚŽŐĞŶ ^ƉŽŶŐŽƐƉŽƌĂ ƐƵďƚĞƌƌĂŶĞĂ͘ ǁĞůů
ƵŶĚĞƌƐƚŽŽĚ ŐůĂƐƐŚŽƵƐĞ ŝŶĨĞĐƚŝŽŶ ƐLJƐƚĞŵ ǁĂƐ ĂǀĂŝůĂďůĞ ĨŽƌ ƚŚŝƐ ŽƌŐĂŶŝƐŵ ;&ĂůůŽŽŶ Ğƚ Ăů͕͘
ϮϬϬϯͿ͘
ϱ͘ϭƐƐĞƐƐŵĞŶƚŽĨƉŽƚĂƚŽƌŽŽƚŝŶĨĞĐƚŝŽŶƵƐŝŶŐƋWZ
dŚĞ ĨŝƌƐƚ ƉĂƌƚ ŽĨ ƚŚĞ ƐƚƵĚLJ ƵƐĞĚ ƚŚĞ ŐůĂƐƐŚŽƵƐĞ ƐLJƐƚĞŵ ŝŶ ĂŶ ĞdžƉĞƌŝŵĞŶƚ ƚŚĂƚ ĂŝŵĞĚ ƚŽ
ŝŶǀĞƐƚŝŐĂƚĞ ĚĞǀĞůŽƉŵĞŶƚŽĨ^͘ƐƵďƚĞƌƌĂŶĞĂŝŶŚŽƐƚƌŽŽƚƐ͕ĚĞǀĞůŽƉŵŽůĞĐƵůĂƌƚĞĐŚŶŝƋƵĞƐĨŽƌ
ĞdžƚƌĂĐƚŝŶŐ E ĨƌŽŵ ƉŽƚĂƚŽ ƌŽŽƚƐ͕ ĂŶĚ ƚŽ ƵƐĞ ƋWZ ƚŽ ĂĐĐƵƌĂƚĞůLJ ŵĞĂƐƵƌĞ ƌŽŽƚ ŝŶĨĞĐƚŝŽŶ͘
dŚŝƐĂƉƉƌŽĂĐŚǁĂƐƚĞƐƚĞĚďĞĐĂƵƐĞƉƌĞǀŝŽƵƐŵĞƚŚŽĚƐĨŽƌĂƐƐĞƐƐŝŶŐƌŽŽƚŝŶĨĞĐƚŝŽŶǁŽƵůĚŶŽƚ
ĂůůŽǁ ĂĐĐƵƌĂƚĞ ƋƵĂŶƚŝĨŝĐĂƚŝŽŶ ŽĨ ^ƉŽŶŐŽƐƉŽƌĂ ŝŶ ƌŽŽƚƐ͘ /ŶĐƌĞĂƐĞĚ ƉƌĞĐŝƐŝŽŶ ŝŶ ƚŚĞƐĞ
ŵĞĂƐƵƌĞŵĞŶƚƐǁĂƐƌĞƋƵŝƌĞĚĨŽƌƚŚĞůĂƚĞƌƐƚĂŐĞƐŽĨƚŚĞƐƚƵĚLJ͕ǁŚĞƌĞĂĐĐƵƌĂƚĞŵĞĂƐƵƌĞŵĞŶƚ
ǁĂƐ ĞƐƐĞŶƚŝĂů ƚŽ ĚĞƚĞƌŵŝŶĞ ĞĨĨĞĐƚƐ ŽĨ Ă ĐŚĞŵŝĐĂů ĞůŝĐŝƚŽƌ ŽŶ ŝŶĨĞĐƚŝŽŶ ŽĨ ƉŽƚĂƚŽ ďLJ ^͘
ƐƵďƚĞƌƌĂŶĞĂ͘ DŽůĞĐƵůĂƌ ŵĞƚŚŽĚƐ ĚĞǀĞůŽƉĞĚ ĨŽƌ ^͘ ƐƵďƚĞƌƌĂŶĞĂ ŚĂǀĞ ƉƌĞǀŝŽƵƐůLJ
ĐŽŶĐĞŶƚƌĂƚĞĚ ŽŶ ĚĞƚĞĐƚŝŶŐ ĂŶĚ ƋƵĂŶƚŝĨLJŝŶŐ ƚŚĞ ƉĂƚŚŽŐĞŶ ŝŶ ƐŽŝů͕ ĂŶĚ ƌĞůĂƚŝŶŐ ƚŚŝƐ
ŝŶĨŽƌŵĂƚŝŽŶƚŽƉŽǁĚĞƌLJƐĐĂďŽŶƚƵďĞƌƐĂŶĚŽŶĂůĞƐƐĞƌĚĞŐƌĞĞƚŽƉŽƚĂƚŽƌŽŽƚŝŶĨĞĐƚŝŽŶ;>ĞĞƐ
ĞƚĂů͕͘ϮϬϬϴ͖ YƵĞƚĂů͕͘ϮϬϭϭ͖tĂƌĚĞƚĂů͕͘ϮϬϬϰͿ͘YƵĂŶƚŝĨŝĐĂƚŝŽŶŽĨ^ƉŽŶŐŽƐƉŽƌĂƐƵďƚĞƌƌĂŶĞĂ
ŝŶĨĞĐƚŝŽŶŝŶƉŽƚĂƚŽƌŽŽƚƐŚĂƐďĞĞŶĐĂƌƌŝĞĚŽƵƚŝŶŽŶůLJƚǁŽƉƌĞǀŝŽƵƐƐƚƵĚŝĞƐ;ǀĂŶĚĞ'ƌĂĂĨĞƚ
Ăů͕͘ϮϬϬϳ͖>ĞĞƐĞƚĂů͕͘ϮϬϬϴͿ͘
dŚĞ ƋWZ ƚĞĐŚŶŝƋƵĞ ĚĞǀĞůŽƉĞĚ ŝŶ ƚŚŝƐ ĞdžƉĞƌŝŵĞŶƚ͕ ƉƌŽǀŝĚĞĚ Ă ƌĂƉŝĚ ĂŶĚ ĂĐĐƵƌĂƚĞ
ŵĞĂŶƐ ĨŽƌ ƋƵĂŶƚŝĨLJŝŶŐ ^͘ ƐƵďƚĞƌƌĂŶĞĂ ƌŽŽƚ ŝŶĨĞĐƚŝŽŶ͕ ĞƐƉĞĐŝĂůůLJ ĨŽƌ ĚĞƚĞĐƚŝŶŐ ƚŚĞ ƉĂƚŚŽŐĞŶ
ĚƵƌŝŶŐƚŚĞĞĂƌůLJƐƚĂŐĞƐŽĨƌŽŽƚŝŶĨĞĐƚŝŽŶ͕ǁŚĞŶnjŽŽƐƉŽƌĞƐŝŶĨĞĐƚƌŽŽƚĞƉŝĚĞƌŵŝƐĐĞůůƐ;ĚƵƌŝŶŐ
ƚŚĞ ĨŝƌƐƚ ϯ ǁĞĞŬƐ ĂĨƚĞƌ ŝŶŽĐƵůĂƚŝŽŶͿ͘ džƚĞŶƐŝǀĞ ŵŝĐƌŽƐĐŽƉŝĐ ĞdžĂŵŝŶĂƚŝŽŶ ŽĨ ƐƚĂŝŶĞĚ ƌŽŽƚ
ϭϬϵ
ƐĂŵƉůĞƐ ŝƐ ŶĞĐĞƐƐĂƌLJ ƚŽ ĚĞƚĞĐƚ ƚŚŝƐ ĞĂƌůLJ ƌŽŽƚ ŝŶĨĞĐƚŝŽŶ͘ dŚĞ ƌĞƐƵůƚƐ ŽĨ ƚŚĞ ŵŽůĞĐƵůĂƌ
ƋƵĂŶƚŝĨŝĐĂƚŝŽŶ ŽĨ ^͘ ƐƵďƚĞƌƌĂŶĞĂ ŝŶ ƌŽŽƚƐ ĐŽŝŶĐŝĚĞĚ ĐůŽƐĞůLJ ǁŝƚŚ ƚŚĞ ŽǀĞƌĂůů ƐĞǀĞƌŝƚLJ ƐĐŽƌĞƐ
ĚĞƚĞƌŵŝŶĞĚďLJŵŝĐƌŽƐĐŽƉŝĐƐĐŽƌŝŶŐŽĨƚŚĞŝŶƚĞŶƐŝƚLJŽĨnjŽŽƐƉŽƌĂŶŐŝƵŵŝŶĨĞĐƚŝŽŶŝŶƌŽŽƚŚĂŝƌƐ͕
ĂŶĚƐĞǀĞƌŝƚLJŽĨƌŽŽƚŐĂůůŝŶŐĂƚůĂƚĞƌƐƚĂŐĞƐŽĨƉĂƚŚŽŐĞŶĚĞǀĞůŽƉŵĞŶƚ͘͘dŚŝƐƐŚŽǁĞĚƚŚĂƚƚŚĞ
ƋWZƚĞĐŚŶŝƋƵĞŐĂǀĞĂĐĐƵƌĂƚĞĚĞƚĞƌŵŝŶĂƚŝŽŶŽĨ^͘ƐƵďƚĞƌƌĂŶĞĂŝŶĨĞĐƚŝŽŶŝŶƌŽŽƚƐ͘dŚĞƋWZ
ŵĞƚŚŽĚ ĞůŝŵŝŶĂƚĞĚ ƚŚĞ ͞ŚƵŵĂŶ ĨĂĐƚŽƌ͟ ƚŚĂƚ ĐŽƵůĚ ŝŶĨůƵĞŶĐĞ ƌĞƐƵůƚƐ ŽĨ ǀŝƐƵĂů ĂƐƐĞƐƐŵĞŶƚƐ͘
ZŽŽƚŐĂůůĐŽƵŶƚŝŶŐƌĞƋƵŝƌĞƐĞdžƉĞƌƚŝƐĞƚŽĚĞƚĞĐƚĞĂƌůLJƐƚĂŐĞƐŽĨŐĂůůĨŽƌŵĂƚŝŽŶĂŶĚƚŽŵĂŝŶƚĂŝŶ
ĐŽŶƐŝƐƚĞŶĐLJďĞƚǁĞĞŶĞdžƉĞƌŝŵĞŶƚƐ͘/ŶŽŶĞĞĂƌůLJĞdžƉĞƌŝŵĞŶƚ͕ĚŝĨĨĞƌĞŶĐĞƐŝŶŐĂůůĐŽƵŶƚƐŵĂĚĞ
ďLJĚŝĨĨĞƌĞŶƚƌĞƐĞĂƌĐŚĞƌƐǁĞƌĞŶŽƚĞĚ͘KŶƚŚĞŽƚŚĞƌŚĂŶĚ͕ƋWZƉĞƌĨŽƌŵĞĚĐŽƌƌĞĐƚůLJƐŚŽƵůĚ
ŐŝǀĞ ǀĞƌLJ ĂĐĐƵƌĂƚĞ ƌĞƐƵůƚƐ͕ ĂŶĚ ŝƐ ůŝŬĞůLJ ƚŽ ďĞ Ă ŵŽƌĞ ƉƌĞĐŝƐĞ ŵĞƚŚŽĚ ĨŽƌ ĚĞƚĞƌŵŝŶŝŶŐ
ŝŶƚĞŶƐŝƚLJŽĨŚŽƐƚŝŶĨĞĐƚŝŽŶďLJƚŚĞƉĂƚŚŽŐĞŶ͘
YƵĂŶƚŝƚĂƚŝǀĞWZĂůƐŽĂůůŽǁĞĚďĞƚƚĞƌƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨƚŚĞƚŝŵŝŶŐĂŶĚĞdžƚĞŶƚŽĨƚŚĞ
ŚŽƐƚ ƌŽŽƚ ŝŶĨĞĐƚŝŽŶ ƐƚĂŐĞƐ ŽĨ ƚŚĞ ^͘ ƐƵďƚĞƌƌĂŶĞĂ ůŝĨĞ ĐLJĐůĞ͘ ůĂƌŐĞ ŝŶĐƌĞĂƐĞ ŝŶ ƉĂƚŚŽŐĞŶ
ĐŽŶƚĞŶƚŝŶƌŽŽƚƐǁĂƐŽďƐĞƌǀĞĚďĞƚǁĞĞŶƚŚĞϮŶĚĂŶĚϯƌĚǁĞĞŬĂĨƚĞƌŝŶŽĐƵůĂƚŝŽŶ͕ĂŶĚĐŽŶƚĞŶƚ
ƉůĂƚĞĂƵĞĚ Ăƚ ƚŚĞ ϰƚŚ ǁĞĞŬ͘ dŚŝƐ ĐŽŝŶĐŝĚĞƐ ǁŝƚŚ ƚŚĞ ůŝĨĞ ĐLJĐůĞ ƐƚĂŐĞ ǁŚĞŶ ƚŚĞ ƉĂƚŚŽŐĞŶ
ŵƵůƚŝƉůŝĞƐ ŝŶƐŝĚĞ ƌŽŽƚ ĐĞůůƐ͕ ĂŶĚ ƚŚĞŶ ƌĞůĞĂƐĞƐ ƐĞĐŽŶĚĂƌLJ njŽŽƐƉŽƌĞƐ ƚŽ ŝŶŝƚŝĂƚĞ ƐĞĐŽŶĚĂƌLJ
ŝŶĨĞĐƚŝŽŶƐ͕ ĂŶĚ ;ůĂƚĞƌͿ ƚŚĞ ĨŽƌŵĂƚŝŽŶ ŽĨ ƌŽŽƚ ŐĂůůƐ ;DĞƌnj͕ ϮϬϬϴͿ͘ ĨƚĞƌ ƚŚĂƚ͕ ĂŵŽƵŶƚƐ ŽĨ ^͘
ƐƵďƚĞƌƌĂŶĞĂ ŝŶ ƌŽŽƚƐ ĚĞĐƌĞĂƐĞĚ͕ ǁŚŝĐŚ ŝƐ ůŝŬĞůLJ ƚŽ ĐŽƌƌĞƐƉŽŶĚ ƚŽ ƚŚĞ ƐƚĂŐĞ ŽĨ ƐƉŽƌŽƐŽƌƵƐ
ĨŽƌŵĂƚŝŽŶ ŝŶ ƌŽŽƚ ŐĂůůƐ ĂŶĚ ƌĞůĞĂƐĞ ŝŶƚŽ ƚŚĞ ƐŽŝů ;DĞƌnj͕ ϮϬϬϴͿ͘ DŝĐƌŽƐĐŽƉŝĐ ĂƐƐĞƐƐŵĞŶƚ
ƐŚŽǁĞĚ Ă ůĂƌŐĞ ŶƵŵďĞƌ ŽĨ ĞŵƉƚLJ njŽŽƐƉŽƌĂŶŐŝĂ ŝŶ ƌŽŽƚƐ͕ ǁŚŝĐŚ ĐŽŶĨŝƌŵƐ ƚŚĞ ƌĞůĞĂƐĞ ŽĨ
ƐĞĐŽŶĚĂƌLJ njŽŽƐƉŽƌĞƐ ĨƌŽŵ ƌŽŽƚƐ͘ DŽƌĞ ƌĞƐĞĂƌĐŚ ǁŽƵůĚ ďĞ ŶĞĞĚĞĚ Ăƚ ƚŚŝƐ ƚŝŵĞ ƉŽŝŶƚ ĂƐ
ůĂƌŐĞƌ ĚŝĨĨĞƌĞŶĐĞƐ ďĞƚǁĞĞŶ ƚŚĞ ƌĞƐŝƐƚĂŶƚ ĂŶĚ ƚŚĞ ƐƵƐĐĞƉƚŝďůĞ ĐƵůƚŝǀĂƌƐ ǁĞƌĞ ĚŝĨĨŝĐƵůƚ ƚŽ
ĐŽŶĨŝƌŵ͘
Ŷ ŝŵƉŽƌƚĂŶƚ ĨŝŶĚŝŶŐ ĨƌŽŵ ƚŚŝƐ ƐƚƵĚLJ ǁĂƐ ƚŚĞ ĚŝĨĨĞƌĞŶĐĞ ŝŶ ŝŶĨĞĐƚŝŽŶ ďĞƚǁĞĞŶ ƚŚĞ
ƚƵďĞƌͲƐƵƐĐĞƉƚŝďůĞ ĐƵůƚŝǀĂƌ͚/ǁĂ͛ĂŶĚƚŚĞǀĞƌLJƚƵďĞƌͲƌĞƐŝƐƚĂŶƚĐƵůƚŝǀĂƌ ͚'ůĂĚŝĂƚŽƌ͛͘dŚĞ ƚƵďĞƌͲ
ƌĞƐŝƐƚĂŶƚ ĐƵůƚŝǀĂƌ ƐŚŽǁĞĚ ŚĂůĨ ƚŚĞ ĂŵŽƵŶƚ ŽĨ ^͘ ƐƵďƚĞƌƌĂŶĞĂ ŝŶĨĞĐƚŝŽŶ ŝŶ ƌŽŽƚƐ ĐŽŵƉĂƌĞĚ
ǁŝƚŚƚŚĞ ƚƵďĞƌͲƐƵƐĐĞƉƚŝďůĞ ĐƵůƚŝǀĂƌ͕ĂŶĚ ƚŚŝƐĚŝĨĨĞƌĞŶĐĞǁĂƐĐůĞĂƌůLJĚĞƚĞĐƚĞĚĨƌŽŵƌŽŽƚŐĂůů
ĐŽƵŶƚƐĂŶĚƋWZ͘,ŽǁĞǀĞƌ͕ĂƐƐĞƐƐŵĞŶƚŽĨŝŶƚĞŶƐŝƚLJŽĨnjŽŽƐƉŽƌĂŶŐŝƵŵŝŶĨĞĐƚŝŽŶŝŶƚŚĞƚǁŽ
ĐƵůƚŝǀĂƌƐĚŝĚŶŽƚƐŚŽǁŵĂũŽƌĚŝĨĨĞƌĞŶĐĞƐ͘&ƵƌƚŚĞƌ͕ ƋWZƉĂƌƚŝĂůůLJĂŶƐǁĞƌĞĚƚŚĞ ƋƵĞƐƚŝŽŶŽĨ
ǁŚĂƚ ŚĂƉƉĞŶƐ ŝŶ ƌĞƐŝƐƚĂŶƚ ĐƵůƚŝǀĂƌƐ ŝŶ ƌĞůĂƚŝŽŶ ƚŽ ƚŚĞŝƌ ƐƵƐĐĞƉƚŝďŝůŝƚLJ ƚŽ ƌŽŽƚ ŝŶĨĞĐƚŝŽŶ͘ dŚĞ
ϭϭϬ
ŽŶƐĞƚŽĨƌĞƐŝƐƚĂŶĐĞŝŶƉŽƚĂƚŽĂŐĂŝŶƐƚ^͘ƐƵďƚĞƌƌĂŶĞĂŝŶĨĞĐƚŝŽŶŝŶƌŽŽƚƐŵĂLJďĞĂƚƚŚĞƐƚĂŐĞŽĨ
ƚŚĞ ƉĂƚŚŽŐĞŶ ůŝĨĞ ĐLJĐůĞ ǁŚĞƌĞ ƚŚĞ ƚƌĂŶƐŝƚŝŽŶ ƚŽ ŐĂůů ĨŽƌŵĂƚŝŽŶ ŽĐĐƵƌƐ ;ƐƉŽƌŽƐƵŽƌƵƐ ĂŶĚ
ƌĞƐƚŝŶŐƐƉŽƌĞĚĞǀĞůŽƉŵĞŶƚͿ͘/ƚŚĂƐďĞĞŶƉƌĞǀŝŽƵƐůLJƐŚŽǁŶƚŚĂƚƚŚĞnjŽŽƐƉŽƌĂŶŐŝƵŵƉŚĂƐĞŽĨ
ƚŚĞ^ƉŽŶŐŽƐƉŽƌĂůŝĨĞĐLJĐůĞŽĐĐƵƌƐǁŝĚĞůLJŝŶƌŽŽƚƐŽĨŽƚŚĞƌƐŽůĂŶĂĐĞŽƵƐŚŽƐƚƐƐƵĐŚĂƐƚŽŵĂƚŽ͕
ďƵƚƚŚĂƚŽŶůLJƐŽŵĞŚŽƐƚƐĂůůŽǁƚŚĞƉĂƚŚŽŐĞŶƚŽƉƌŽĚƵĐĞƐƉŽƌŽƐŽƌŝŝŶŽƌĚĞƌƚŽĐŽŵƉůĞƚĞƚŚĞ
ůŝĨĞĐLJĐůĞ͘dŚŝƐŝŶǀŽůǀĞƐĨŽƌŵĂƚŝŽŶŽĨƌŽŽƚŐĂůůƐ;ŝŶƐĞǀĞƌĂů^ŽůĂŶƵŵƐƉƉ͘ͿĂŶĚƚƵďĞƌůĞƐŝŽŶƐ;ŝŶ
ƉŽƚĂƚŽͿ͕ ǁŚŝĐŚ ĚĞǀĞůŽƉ ƚŽ ĐŽŶƚĂŝŶ ƌĞƐƚŝŶŐ ƐƉŽƌĞƐ ŝŶ ƐƉŽƌŽƐŽƌŝ͕ ĂŶĚ ƚŚƵƐ ĐŽŵƉůĞƚĞ ƚŚĞ
ƉĂƚŚŽŐĞŶůŝĨĞĐLJĐůĞ;DĞƌnjΘ&ĂůůŽŽŶ͕ϮϬϬϵͿ͘dŚĞƚƵďĞƌͲƌĞƐŝƐƚĂŶƚĐƵůƚŝǀĂƌŝŶƚŚĞƉƌĞƐĞŶƚƐƚƵĚLJ
ĨŽƌŵĞĚ ĨĞǁĞƌ ƌŽŽƚ ŐĂůůƐ ƚŚĂŶ ƚŚĞ ƐƵƐĐĞƉƚŝďůĞ ĐƵůƚŝǀĂƌ͕ ǁŚŝĐŚ ƐƵŐŐĞƐƚƐ ƚŚĂƚ ƚŚĞ ƌĞƐŝƐƚĂŶĐĞ
ŵĞĐŚĂŶŝƐŵ ŝŵƉĞĚĞƐ ƉƌŽĚƵĐƚŝŽŶ ŽĨ ƚŚĞ ƉĞƌĞŶŶĂƚŝŽŶ ;ůŽŶŐͲƚĞƌŵ ƐƵƌǀŝǀĂůͿ ƐƚĂŐĞ ŽĨ ƚŚĞ
ƉĂƚŚŽŐĞŶ͘ dŚŝƐ ŝƐ ĞǀŝĚĞŶĐĞ ƚŚĂƚ ƌĞƐŝƐƚĂŶĐĞ ŽĨ ƉŽƚĂƚŽ ƚŽ ƚŚĞ ƚǁŽ ƐƚĂŐĞƐ ŽĨ ƌŽŽƚ ŝŶĨĞĐƚŝŽŶ
;njŽŽƐƉŽƌĂŶŐŝƵŵ ĂŶĚ ƐƉŽƌŽƐƌƵƐ ĚĞǀĞůŽƉŵĞŶƚͿ ĂƌĞ ůŝŬĞůLJ ƚŽ ďĞ ƌĞƐƉĞĐƚŝǀĞůLJ ƵŶĚĞƌ ĚŝĨĨĞƌĞŶƚ
ŐĞŶĞƚŝĐĐŽŶƚƌŽůƐ͘ZĞƐŝƐƚĂŶƚĐƵůƚŝǀĂƌƐĂƌĞŶŽƚĐŽŵƉůĞƚĞůLJŝŵŵƵŶĞƚŽƚƵďĞƌŽƌƌŽŽƚŝŶĨĞĐƚŝŽŶďLJ
^͘ƐƵďƚĞƌƌĂŶĞĂ;&ĂůůŽŽŶĞƚĂů͕͘ϮϬϬϯͿ͕ǁŚŝĐŚǁĂƐĐůĞĂƌůLJŽďƐĞƌǀĞĚŝŶƚŚĞƉƌĞƐĞŶƚƐƚƵĚLJ͘
dŚĞƐĞƌĞƐƵůƚƐĂƌĞŝŵƉŽƌƚĂŶƚƚŽŝŶĚŝĐĂƚĞǁŚĞƌĞŝŶƚŚĞƉĂƚŚŽŐĞŶůŝĨĞĐLJĐůĞƚŚĞŽŶƐĞƚŽĨ
ƌĞƐŝƐƚĂŶĐĞ ŝƐ ůŽĐĂƚĞĚ͘ dŚŝƐ ǁŝůů ĂůůŽǁ ĨŽĐƵƐ ŽĨ ĨƵƚƵƌĞ ƌĞƐĞĂƌĐŚ ŽŶ ƌĞƐŝƐƚĂŶĐĞ ĂŐĂŝŶƐƚ ^͘
ƐƵďƚĞƌƌĂŶĞĂ ŝŶ ƌŽŽƚƐ͘ /Ĩ ƚŚĞ ŵĞĐŚĂŶŝƐŵ ŽĨ ƌĞƐŝƐƚĂŶĐĞ ĐĂŶ ďĞ ĞůƵĐŝĚĂƚĞĚ͕ ďƌĞĞĚŝŶŐ
ƉƌŽŐƌĂŵŵĞƐ ĐŽƵůĚ ĐƌĞĂƚĞ ŶĞǁ ĐƵůƚŝǀĂƌƐ ƚŚĂƚ ƉŽƐƐĞƐƐ ŐƌĞĂƚĞƌ ŚŝŐŚĞƌ Žƌ ŵŽƌĞ ĐŽŵƉůĞƚĞ
ƌĞƐŝƐƚĂŶĐĞƚŽ^͘ƐƵďƚĞƌƌĂŶĞĂ͘dŚĞƐĞƌĞƐƵůƚƐĂůƐŽĚĞŵŽŶƐƚƌĂƚĞƚŚĂƚƋWZĐŽƵůĚďĞŝŶƚĞŐƌĂƚĞĚ
ŝŶƚŽ ďƌĞĞĚŝŶŐ ƉƌŽŐƌĂŵŵĞƐ ƚŽ ƐĐƌĞĞŶ ĚŝĨĨĞƌĞŶƚ ƉŽƚĂƚŽ ŐĞƌŵƉůĂƐŵ͕ ƉƌŽǀŝĚŝŶŐ ƉƌĞĐŝƐĞ ĂŶĚ
ƌĞƉĞĂƚĂďůĞŵĞĂƐƵƌĞƐŽĨĐƵůƚŝǀĂƌƌĞƐŝƐƚĂŶĐĞ͘
ϱ͘ϮŚĞŵŝĐĂůĞůŝĐŝƚĂƚŝŽŶŽĨŝŶĚƵĐĞĚƌĞƐŝƐƚĂŶĐĞ
dŚĞŵĂŝŶĨŽĐƵƐŽĨƚŚŝƐƌĞƐĞĂƌĐŚǁĂƐƚŽƚĞƐƚďĞƚĂͲĂŵŝŶŽďƵƚLJƌŝĐĂĐŝĚ;ͿĂƐĂŶĞůŝĐŝƚŽƌŽĨ
ƉŽƚĂƚŽͲ/ZƌŽŽƚƐĂŐĂŝŶƐƚ^͘ƐƵďƚĞƌƌĂŶĞĂŝŶĨĞĐƚŝŽŶ͘ŚĂƐďĞĞŶƐŚŽǁŶƚŽĞůŝĐŝƚĚĞĨĞŶĐĞŝŶ
ĚŝĨĨĞƌĞŶƚƉůĂŶƚƐĂŶĚĂŐĂŝŶƐƚĚŝĨĨĞƌĞŶƚƉĂƚŚŽŐĞŶƐ;:ĂŬĂďĞƚĂů͕͘ϮϬϬϭ͖ŽŚĞŶ͕ϮϬϬϮͿ͘
dŚĞ ĨŝƌƐƚ /Z ĞdžƉĞƌŝŵĞŶƚ ƐŚŽǁĞĚ ƚŚĂƚ ǁŚĞŶ Ă ƐŝŶŐůĞ ĂƉƉůŝĐĂƚŝŽŶ ŽĨ ƚŚĞ
ĐŽŵƉŽƵŶĚǁĂƐŵĂĚĞƚŽLJŽƵŶŐƉůĂŶƚƐ͕ƉŚLJƚŽƚŽdžŝĐŝƚLJŽĐĐƵƌƌĞĚ͘WůĂŶƚŐƌŽǁƚŚǁĂƐŝŶĐƌĞĂƐŝŶŐůLJ
ƌĞƐƚƌŝĐƚĞĚǁŝƚŚŐƌĞĂƚĞƌĐŽŶĐĞŶƚƌĂƚŝŽŶƐŽĨ͘&ŽƌƚŚŝƐƌĞĂƐŽŶ͕ƚŚĞŶĞdžƚĞdžƉĞƌŝŵĞŶƚĂƉƉůŝĞĚ
ƚŽ ŽůĚĞƌ ƉůĂŶƚƐ͕ ǁŚĞƌĞ ŶŽ ƐŝŐŶƐ ŽĨ ƉŚLJƚŽƚŽdžŝĐŝƚLJ ǁĞƌĞ ŽďƐĞƌǀĞĚ͘ ZĞƐƵůƚƐ ŝŶ ƚŚĞ ĨŝƌƐƚ
ϭϭϭ
ĞdžƉĞƌŝŵĞŶƚ ǁĞƌĞ ƵŶĐůĞĂƌ ĂŶĚ ƚĞŶƵŽƵƐ͕ ĚƵĞ ƉĂƌƚůLJ ƚŽ ƚŚŝƐ ƉŚLJƚŽƚŽdžŝĐŝƚLJ͕ ďƵƚ ƌĞƐƵůƚƐ
ƐƵŐŐĞƐƚĞĚ ƚŚĂƚ ĂƉƉůŝĐĂƚŝŽŶ ƚŽ Ă ^͘ ƐƵďƚĞƌƌĂŶĞĂͲƌĞƐŝƐƚĂŶƚ ĐƵůƚŝǀĂƌ ǁĂƐ ŵŽƌĞ ĞĨĨĞĐƚŝǀĞ
ƚŚĂŶ ŽŶ ƚŚĞ ƐƵƐĐĞƉƚŝďůĞ ĐƵůƚŝǀĂƌ͘ KƚŚĞƌ ƐƚƵĚŝĞƐ ŽĨ ŝŶ ƉŽƚĂƚŽ ĐƵůƚŝǀĂƌƐ͕ ǁŚĞƌĞ ƚŚĞ
ĐŚĞŵŝĐĂů ǁĂƐ ƚĞƐƚĞĚ ĂŐĂŝŶƐƚ W͘ ŝŶĨĞƐƚĂŶƐ ĂƉƉůŝĞĚ ƚŽ ůĞĂǀĞƐ ŚĂǀĞ ƐŚŽǁŶ ƚŚĂƚ ĞĨĨŝĐĂĐLJ ǁĂƐ
ĚŝƌĞĐƚůLJƌĞůĂƚĞĚƚŽƚŚĞŽƌŝŐŝŶĂůƌĞƐŝƐƚĂŶĐĞŽĨƚŚĞƉŽƚĂƚŽĐƵůƚŝǀĂƌƚŽƚŚĞƉĂƚŚŽŐĞŶ;KůŝǀŝĞƌŝĞƚ
Ăů͕͘ ϮϬϬϵ͖ ůƚĂŵŝƌĂŶĚĂ Ğƚ Ăů͕͘ ϮϬϬϴͿ͘ dŚŝƐ ŝŶĚŝĐĂƚĞƐ ƚŚĂƚ ŝŶ ƐŝŵŝůĂƌ ĐŽŶĚŝƚŝŽŶƐ͕ ŽƌŝŐŝŶĂů
ƌĞƐŝƐƚĂŶĐĞŽĨƉŽƚĂƚŽĐƵůƚŝǀĂƌƐŝƐůŝŬĞůLJƚŽƉůĂLJĂĨƵŶĚĂŵĞŶƚĂůƌŽůĞŝŶƚŚĞĚĞŐƌĞĞŽĨƐƵĐĐĞƐƐŽĨ
/Z͘ dŚĞ ĐƵůƚŝǀĂƌ ͚/ǁĂ͛ ǁĂƐ ƵƐĞĚ ĨŽƌ ƚŚĞ ƐĞĐŽŶĚ ĞdžƉĞƌŝŵĞŶƚ ŽŶ ƚŚĞ ĂƐƐƵŵƉƚŝŽŶ ƚŚĂƚ ĂŶLJ
ĚŝĨĨĞƌĞŶĐĞ ďƌŽƵŐŚƚ ĂďŽƵƚ ďLJ ĂƉƉůŝĐĂƚŝŽŶƐ ǁŽƵůĚ ďĞ ŵŽƌĞ ŽďǀŝŽƵƐ ŝŶ ƚŚĞ ƐƵƐĐĞƉƚŝďůĞ
ďĂĐŬŐƌŽƵŶĚ͕ĂŶĚƚŚĂƚĂƐƐĞƐƐŵĞŶƚŝŶĂŚŝŐŚĚŝƐĞĂƐĞŝŶƚĞŶƐŝƚLJƐŝƚƵĂƚŝŽŶǁŽƵůĚƐƚƌŝŶŐĞŶƚůLJƚĞƐƚ
ƉƌŽƚĞĐƚŝŽŶĂŐĂŝŶƐƚ^͘ƐƵďƚĞƌƌĂŶĞĂ͘
/ŶƚŚĞƐĞĐŽŶĚĞdžƉĞƌŝŵĞŶƚ͕ǁĂƐĂƉƉůŝĞĚƚŚƌĞĞƚŝŵĞƐ͕ĂƚϮǁĞĞŬŝŶƚĞƌǀĂůƐ͘/ŶƚŚŝƐ
ĐĂƐĞ͕ ĚĞǀĞůŽƉŵĞŶƚ ŽĨ ƉůĂŶƚ ĚĞĨĞŶĐĞ ŝŶ ƌŽŽƚƐ ǁĂƐ ĞĨĨĞĐƚŝǀĞ͘ ĚĞĐƌĞĂƐĞ ŽĨ ^͘ ƐƵďƚĞƌƌĂŶĞĂ
ŝŶĨĞĐƚŝŽŶǁŝƚŚĂƉƉůŝĐĂƚŝŽŶƐǁĂƐĚĞƚĞĐƚĞĚ͕ĂŶĚŵŽƌĞƚŚĂŶŽŶĞĂƉƉůŝĐĂƚŝŽŶŽĨƚŚĞĞůŝĐŝƚŽƌ
ǁĂƐ ŶĞĞĚĞĚ ƚŽ ĚĞĐƌĞĂƐĞ ŝŶĨĞĐƚŝŽŶ͘ dŚĞ ĨŝƌƐƚ ĞdžƉĞƌŝŵĞŶƚ ĚŝĚ ŶŽƚ ƐƵĐĐĞƐƐĨƵůůLJ ĂĐƚŝǀĂƚĞ ĂŶ
ĞĨĨĞĐƚŝǀĞ ĚĞĨĞŶĐĞ ƌĞƐƉŽŶƐĞ ǁŝƚŚ Ă ƐŝŶŐůĞ ĂƉƉůŝĐĂƚŝŽŶ ŽĨ ͘ /ƚ ŚĂƐ ďĞĞŶ ŽďƐĞƌǀĞĚ ŝŶ
ƉƌĞǀŝŽƵƐ ƐƚƵĚŝĞƐ ƚŚĂƚ ŵŽƌĞ ƚŚĂŶ ŽŶĞ ĂƉƉůŝĐĂƚŝŽŶ ŽĨ ŝƐ ŶĞĐĞƐƐĂƌLJ ĨŽƌ Ă ŐŽŽĚ ŝŶĚƵĐĞĚ
ƌĞƐŝƐƚĂŶĐĞƌĞƐƉŽŶƐĞ;ŽŚĞŶ͕ϮϬϬϮ͖KůŝǀŝĞƌŝĞƚĂů͕͘ϮϬϬϵͿ͘
dŚŝƐ ƐĞĐŽŶĚ ĞdžƉĞƌŝŵĞŶƚ ĂůƐŽ ƐŚŽǁĞĚ Ă ĚĞĐƌĞĂƐĞ ŽĨ ŝŶĨĞĐƚŝŽŶ ǁŝƚŚ ŚŝŐŚĞƌ
ĐŽŶĐĞŶƚƌĂƚŝŽŶƐŽĨ͘dŚŝƐŚĂƐĂůƐŽďĞĞŶŽďƐĞƌǀĞĚŝŶŽƚŚĞƌƐƚƵĚŝĞƐĐĂƌƌŝĞĚŽƵƚŝŶƚŽŵĂƚŽ
;ŽŚĞŶ͕ϭϵϵϰͿĂŶĚƉŽƚĂƚŽ;>ŝĞƚĂů͕͘ϮϬϬϵ͖>ŝůũĞƌŽƚŚĞƚĂů͕͘ϮϬϭϬͿ͘/ŶƉƌĞǀŝŽƵƐƐƚƵĚŝĞƐĐĂƌƌŝĞĚ
ŽƵƚ ŝŶ ƉŽƚĂƚŽ͕ ǁĂƐ ĂƉƉůŝĞĚ ĂƐ ĨŽůŝĂƌ ĂƉƉůŝĐĂƚŝŽŶ͕ ŝŶ ǁŚŝĐŚ ŚŝŐŚĞƌ ĐŽŶĐĞŶƚƌĂƚŝŽŶƐ͕
ƌĞĂĐŚŝŶŐϰŵD;>ŝĞƚĂů͕͘ϮϬϬϵͿĂŶĚĂƉƉƌŽdž͘ϮŵD;>ŝůũĞƌŽƚŚĞƚĂů͕͘ϮϬϭϬͿǁĞƌĞŵŽƌĞƐƵĐĐĞƐƐĨƵů
ŝŶĚĞĐƌĞĂƐŝŶŐůĞƐŝŽŶƐŝnjĞŽŶůĞĂǀĞƐŝŶŽĐƵůĂƚĞĚǁŝƚŚWŚLJƚŚŽƉƚŚŽƌĂŝŶĨĞƐƚĂŶƐ͘/ŶƐŽŝůĚƌĞŶĐŚŝŶŐ
ĂƉƉůŝĐĂƚŝŽŶƐ͕ ĐŽŶĐĞŶƚƌĂƚŝŽŶƐ ŽĨ ŚĂǀĞ ŐĞŶĞƌĂůůLJ ďĞĞŶ ůŽǁĞƌ ƚŚĂŶ ĨŽƌ ĨŽůŝĂƌ ƐƉƌĂLJƐ
;ŽŚĞŶ͕ ϮϬϬϮͿ͘ /Ŷ ƚŚĞ ƉƌĞƐĞŶƚ ƐƚƵĚLJ͕ ϭŵD ǁĂƐ ĞĨĨĞĐƚŝǀĞ ŽŶůLJ Ăƚ ĞĂƌůLJ ƐƚĂŐĞƐ ŽĨ
ŝŶĨĞĐƚŝŽŶ͘ƚƚŚĞůĂƐƚŚĂƌǀĞƐƚ͕ŝŶĨĞĐƚŝŽŶŝŶƚŚĞƐĞ ƉůĂŶƚƐǁĂƐƐŝŵŝůĂƌƚŽŶŽŶͲƚƌĞĂƚĞĚĐŽŶƚƌŽůƐ͘
dŚŝƐŵĂLJďĞĚƵĞƚŽƚŚĞƐƵƐĐĞƉƚŝďŝůŝƚLJŽĨƚŚĞĐƵůƚŝǀĂƌ͕ĂŶĚƚŚĂƚĂůŽǁĐŽŶĐĞŶƚƌĂƚŝŽŶŽĨ
ǁĂƐŶŽƚƐƵĨĨŝĐŝĞŶƚƚŽŵĂŝŶƚĂŝŶĂƉŽǁĞƌĨƵůŽƌůŽŶŐͲůĂƐƚŝŶŐƌĞƐƉŽŶƐĞĂŐĂŝŶƐƚ^͘ƐƵďƚĞƌƌĂŶĞĂ͘/ƚ
ŚĂƐ ĂůƐŽ ďĞĞŶ ƉƌĞǀŝŽƵƐůLJ ŽďƐĞƌǀĞĚ ƚŚĂƚ ůŽǁ ĐŽŶĐĞŶƚƌĂƚŝŽŶƐ ŽĨ ĂƌĞ ůĞƐƐ ĞĨĨĞĐƚŝǀĞ ĨŽƌ
ϭϭϮ
ĐƵůƚŝǀĂƌƐƐƵƐĐĞƉƚŝďůĞƚŽW͘ŝŶĨĞƐƚĂŶƐƚŚĂŶƉĂƌƚŝĂůůLJƐƵƐĐĞƉƚŝďůĞĐƵůƚŝǀĂƌƐǁŚĞŶƚŚĞĐŽŵƉŽƵŶĚ
ǁĂƐĂƉƉůŝĞĚďLJĨŽůŝĂƌƐƉƌĂLJ;>ŝůũĞƌŽƚŚĞƚĂů͕͘ϮϬϭϬͿ͘
dŚĞ ƉƌĞƐĞŶƚ ƐƚƵĚLJ ŚĂƐ ĚĞƚĞƌŵŝŶĞĚ ƚŚĂƚ Ă ĐĂŶ ŝŶĚƵĐĞ ƌĞƐŝƐƚĂŶĐĞ ŝŶ ƉŽƚĂƚŽ
ĂŐĂŝŶƐƚ ^͘ ƐƵďƚĞƌƌĂŶĞĂ͘ dŚƵƐ͕ ƚŚĞƌĞ ŝƐ ƉŽƚĞŶƚŝĂů ĨŽƌ ƚŚŝƐ ĐŽŵƉŽƵŶĚ ƚŽ ďĞ ƵƐĞĚ ĂƐ Ă ĨƵƚƵƌĞ
ĐŽŶƚƌŽůŵĞƚŚŽĚĂŐĂŝŶƐƚĚŝƐĞĂƐĞƐĐĂƵƐĞĚďLJƚŚŝƐƉĂƚŚŽŐĞŶ͘
ϱ͘ϯ'ĞŶĞƚƌĂŶƐĐƌŝƉƚŝŽŶĂŶĚĞůŝĐŝƚĂƚŝŽŶŽĨŚŽƐƚƌĞƐŝƐƚĂŶĐĞ
dŚĞĨŝŶĂůƉĂƌƚŽĨƚŚŝƐƐƚƵĚLJĞdžĂŵŝŶĞĚƚƌĂŶƐĐƌŝƉƚŝŽŶŽĨŐĞŶĞƐƚŚĂƚĂƌĞƉŽƚĞŶƚŝĂůůLJŝŶǀŽůǀĞĚŝŶ
ƚŚĞ ĚĞǀĞůŽƉŵĞŶƚ ŽĨ ŝŶĚƵĐĞĚ ƌĞƐŝƐƚĂŶĐĞ ŝŶ ƉŽƚĂƚŽ͘ dŚŝƐ ĐŽƵůĚ ŝŶĚŝĐĂƚĞ ǁŚŝĐŚ ďŝŽĐŚĞŵŝĐĂů
ƉĂƚŚǁĂLJ ŵĂLJ ŝŶĚƵĐĞ ǁŚĞŶ ĂƉƉůŝĞĚ ŝŶ ƉŽƚĂƚŽ ƌŽŽƚƐ ĂŶĚ ĂŐĂŝŶƐƚ ^͘ ƐƵďƚĞƌƌĂŶĞĂ
ŝŶĨĞĐƚŝŽŶ͘ dŚĞ ƐƚƵĚLJ ĂůƐŽ ĂŝŵĞĚ ƚŽ ŝĚĞŶƚŝĨLJ ĂƉƉƌŽƉƌŝĂƚĞ ŐĞŶĞƐ ĂƐ ŵĂƌŬĞƌƐ ĨŽƌ ƚŚŝƐ ƐƉĞĐŝĨŝĐ
ƉůĂŶƚͲĞůŝĐŝƚŽƌ ƐLJƐƚĞŵ͘ ŝŐŚƚĞĞŶ ƉŽƚĂƚŽ ŐĞŶĞƐ ǁĞƌĞ ƐĞůĞĐƚĞĚ ĨŽƌ ĂŶĂůLJƐŝƐ ĂĨƚĞƌ ƚƌĞĂƚŵĞŶƚ ŽĨ ƉŽƚĂƚŽ ƉůĂŶƚ ƌŽŽƚƐ͘ dŚĞƐĞ ǁĞƌĞ ĂůƐŽ ŵĞĂƐƵƌĞĚ ϭ ǁĞĞŬ ĂĨƚĞƌ ^͘ ƐƵďƚĞƌƌĂŶĞĂ
ŝŶĨĞĐƚŝŽŶ͕ƚŽĚĞƚĞĐƚƉŽƐƐŝďůĞĐŚĂŶŐĞƐŝŶƚŚĞŝƌƚƌĂŶƐĐƌŝƉƚŝŽŶĚƵĞƚŽƚŚĞƉĂƚŚŽŐĞŶ͘dŚĞŐĞŶĞƐ
ĨŽƌ ƐƚƵĚLJ ǁĞƌĞ ĐŚŽƐĞŶ ĂĨƚĞƌ ĐŽŶƐŝĚĞƌĂƚŝŽŶ ŽĨ ƚŚĞ ƌĞĐĞŶƚůLJ ƉƵďůŝƐŚĞĚ ƉŽƚĂƚŽ ŐĞŶŽŵĞ
;d͘W͘'͘^͕͘͘ϮϬϭϭͿ͘dŚŝƐŝŶĐůƵĚĞĚƚƌĂŶƐĐƌŝƉƚŝŽŶĚĂƚĂĨƌŽŵƉůĂŶƚůĞĂǀĞƐĂĨƚĞƌƚƌĞĂƚŵĞŶƚ
;DĂƐƐĂ Ğƚ Ăů͕͘ ϮϬϭϭͿ͘ dŚĞ ĐƌŝƚĞƌŝĂ ĨŽƌ ĐŚŽŽƐŝŶŐ ƚŚĞ ϭϴ ŐĞŶĞƐ ǁĂƐ͕ ĨŝƌƐƚ͕ ƚŚĂƚ ƚŚĞ ƐĞůĞĐƚĞĚ
ŐĞŶĞƐƐŚŽǁĞĚĂƌĞĂƐŽŶĂďůLJŚŝŐŚƚƌĂŶƐĐƌŝƉƚŝŽŶĂĨƚĞƌƚƌĞĂƚŵĞŶƚŝŶĐŽŵƉĂƌŝƐŽŶƚŽŶŽŶͲ
ƚƌĞĂƚĞĚůĞĂǀĞƐ͕ĂŶĚƐĞĐŽŶĚ͕ƚŚĂƚƚŚĞLJǁĞƌĞƌĞĐŽŐŶŝƐĞĚĚĞĨĞŶĐĞĂŶĚƐƚƌĞƐƐŵĂƌŬĞƌƐ͕ƐƵĐŚĂƐ
WZ ŐĞŶĞƐ͕ ĚĞĨĞŶƐŝŶ ƉϯϮϮ͕ EWZϭ ĂŶĚ ŚĞĂƚ ƐŚŽĐŬ ƉƌŽƚĞŝŶƐ͕ ĞǀĞŶ ŝĨ ƚŚĞLJ ƐŚŽǁĞĚ ůŽǁĞƌ
ƚƌĂƐĐƌŝƉƚŝŽŶƌĂƚĞƐ͘
^ŽŵĞ ĚĞĨĞŶĐĞ ŐĞŶĞƐ ƚŚĂƚ ǁĞƌĞ ƉƌĞƐĞŶƚ ŝŶ ƉŽƚĂƚŽ ƐŚŽǁĞĚ ŶŽ ƚƌĂŶƐĐƌŝƉƚŝŽŶ ĂĨƚĞƌ
ƚƌĞĂƚŵĞŶƚ͕ĂŶĚƚŚĞƐĞǁĞƌĞĚŝƐĐĂƌĚĞĚĨŽƌƵƐĞŝŶƚŚŝƐƐƚƵĚLJ͘&ƵƌƚŚĞƌ͕ƚŚĞƉƌĞƐĞŶƚƐƚƵĚLJ
ĞdžĂŵŝŶĞĚƉŽƚĂƚŽƌŽŽƚƐ͕ǁŚŝůĞƚŚĞƉŽƚĂƚŽŐĞŶŽŵĞĚĂƚĂǁĞƌĞďĂƐĞĚŽŶůĞĂǀĞƐ͘dŚĞƌĞĨŽƌĞ͕ƚŚĞ
ĞĂƌůŝĞƌ ƉƵďůŝƐŚĞĚ ĚĂƚĂ ǁĞƌĞ ƵƐĞĚ ĂƐ Ă ƌĞĨĞƌĞŶĐĞ ƚŽ ŐƵŝĚĞ ƚŚĞ ĐŚŽŝĐĞ ŽĨ ŐĞŶĞƐ ĨŽƌ
ĐŽŶƐŝĚĞƌĂƚŝŽŶŝŶƚŚĞƉƌĞƐĞŶƚƐƚƵĚLJ͘
^ŽŵĞ ŽĨ ƚŚĞ ƐĞůĞĐƚĞĚ ŐĞŶĞƐ ƐŚŽǁĞĚ ŝŶĐƌĞĂƐĞĚ ƚƌĂŶƐĐƌŝƉƚŝŽŶ ĨŽůůŽǁŝŶŐ ƚƌĞĂƚŵĞŶƚƐĂƚϮϰŚĂĨƚĞƌĂƉƉůŝĐĂƚŝŽŶ͕ǁŚŝůĞŽƚŚĞƌƐƐŚŽǁĞĚŶŽĐůĞĂƌĐŚĂŶŐĞƐ͘DŽƐƚŽĨ
ƚŚĞ ŐĞŶĞƐ ƚŚĂƚ ƐŚŽǁĞĚ ŚŝŐŚ ƚƌĂŶƐĐƌŝƉƚŝŽŶ ƌĞƉŽƌƚĞĚ ďLJ DĂƐƐĂ Ğƚ Ăů͘ ;ϮϬϭϭͿ ǁĞƌĞ ĂůƐŽ ƵƉͲ
ϭϭϯ
ƌĞŐƵůĂƚĞĚ ŝŶ ƚŚĞ ƉƌĞƐĞŶƚ ĞdžƉĞƌŝŵĞŶƚƐ͘ 'ƌĞĂƚĞƌ ĐŽŶĐĞŶƚƌĂƚŝŽŶƐ ŽĨ ĐĂƵƐĞĚ ŐƌĞĂƚĞƌ
ƚƌĂŶƐĐƌŝƉƚŝŽŶŽĨŵŽƐƚŽĨƚŚĞŐĞŶĞƐƐƚƵĚŝĞĚ͘&ŽƌĂĨĞǁŐĞŶĞƐ͕ƉůĂŶƚƐƚƌĞĂƚĞĚǁŝƚŚϭŵD
ƵƐƵĂůůLJƐŚŽǁĞĚŝŶĐƌĞĂƐĞĚƚƌĂŶƐĐƌŝƉƚŝŽŶŝŶƚŚĞĨŝƌƐƚϮϰŚ͕ĨŽůůŽǁĞĚďLJĚĞĐƌĞĂƐĞĚƚƌĂŶƐĐƌŝƉƚŝŽŶ
ĂŶĚƌĞƚƵƌŶŝŶŐƚŽƚƌĂŶƐĐƌŝƉƚŝŽŶůĞǀĞůƐƐŝŵŝůĂƌƚŽƚŚĞŶŽŶͲƚƌĞĂƚĞĚƉůĂŶƚƐ͘ĨƚĞƌϭǁĞĞŬƉŽƐƚ^͘
ƐƵďƚĞƌƌĂŶĞĂ ŝŶŽĐƵůĂƚŝŽŶ ;ϭϬ ĚĂLJƐ ƉŽƐƚ ƚƌĞĂƚŵĞŶƚͿ͕ ƚƌĂŶƐĐƌŝƉƚŝŽŶ ŵŽƐƚůLJ ƌĞƚƵƌŶĞĚ ƚŽ
ƚŚĞƉƌĞͲƚƌĞĂƚŵĞŶƚƐƚĂƚƵƐ͘dŚŝƐƚƌĂŶƐĐƌŝƉƚŝŽŶƌĞŵĂŝŶĞĚĐŽŶĐĞŶƚƌĂƚŝŽŶͲĚĞƉĞŶĚĞŶƚ͕ǁŝƚŚ
ƉůĂŶƚƐƚƌĞĂƚĞĚǁŝƚŚϰŵDƐŚŽǁŝŶŐƐŽŵĞĞǀŝĚĞŶĐĞŽĨĞŶŚĂŶĐĞĚƚƌĂŶƐĐƌŝƉƚŝŽŶ͘ZĞƐƵůƚƐ
ŽĨƚŚĞĨŝƌƐƚϳϮŚĐŽŶĨŝƌŵƚŚĂƚŐƌĞĂƚĞƌĐŽŶĐĞŶƚƌĂƚŝŽŶƐŽĨƉƌŽǀŝĚĞŐƌĞĂƚĞƌĂĐƚŝǀĂƚŝŽŶŽĨ
ƌĞƐƉŽŶƐĞƚŽ ƉĂƚŚŽŐĞŶ ĂƚƚĂĐŬ͘dŚŝƐĂůƐŽ ĐŽƌƌĞůĂƚĞƐǁŝƚŚ ĞĂƌůŝĞƌƌĞƐƵůƚƐŝŶ ƚŚĞ ƉƌĞƐĞŶƚ ƐƚƵĚLJ͕
ǁŚĞƌĞ^͘ƐƵďƚĞƌƌĂŶĞĂŝŶĨĞĐƚŝŽŶǁĂƐůĞƐƐĂĨƚĞƌƚƌĞĂƚŵĞŶƚ ǁŝƚŚŚŝŐŚĐŽŶĐĞŶƚƌĂƚŝŽŶƐŽĨ
ďƵƚ ƚƌĞĂƚŵĞŶƚ ǁŝƚŚ ϭŵD ǁĂƐ ŶŽƚ ĞŶŽƵŐŚ ƚŽ ƉƌŽǀŝĚĞ ƐƚƌŽŶŐ͕ ůŽŶŐͲůĂƐƚŝŶŐ ĚĞĨĞŶĐĞ
;ŚĂƉƚĞƌϯͿ͘>ŝĞƚĂů͘;ϮϬϬϵͿƐŚŽǁĞĚƚŚĂƚŚŝŐŚĐŽŶĐĞŶƚƌĂƚŝŽŶƐŽĨ;ϮĂŶĚϰŵDͿ͕ƐŝŵŝůĂƌ
ƚŽ ƚŚŽƐĞ ƵƐĞĚ ŚĞƌĞ͕ ďƵƚ ĂƉƉůŝĞĚ ĂƐ ĨŽůŝĂƌ ƐƉƌĂLJƐ͕ ƉƌŽǀŝĚĞĚ ƐŝŐŶŝĨŝĐĂŶƚůLJ ŐƌĞĂƚĞƌ ƌĞƐŝƐƚĂŶĐĞ
ĂŐĂŝŶƐƚW͘ŝŶĨĞƐƚĂŶƐŝŶƉŽƚĂƚŽƚŚĂŶůŽǁĞƌĐŽŶĐĞŶƚƌĂƚŝŽŶƐŽĨƚŚĞĞůŝĐŝƚŽƌ͘
dŚĞƐĞ ƌĞƐĞĂƌĐŚĞƌƐ ĂůƐŽ ƐŚŽǁĞĚ ƚŚĂƚ ͲŝŶĚƵĐĞĚ ƚƌĂŶƐĐƌŝƉƚŝŽŶĂů ĂĐƚŝǀĂƚŝŽŶ
ĚĞĐƌĞĂƐĞĚĐŽŶƐŝĚĞƌĂďůLJďĞƚǁĞĞŶϯĂŶĚϭϬĚĂLJƐĂĨƚĞƌƚƌĞĂƚŵĞŶƚ͕ĐŽŶĨŝƌŵŝŶŐƚŚĞŽďƐĞƌǀĂƚŝŽŶ
ŵĂĚĞ ŝŶ ƚŚĞ ƐĞĐŽŶĚ ƐĞƚ ŽĨ ĞdžƉĞƌŝŵĞŶƚƐ ŽĨ ƚŚĞ ƉƌĞƐĞŶƚ ƐƚƵĚLJ͘ DƵůƚŝƉůĞ ĂƉƉůŝĐĂƚŝŽŶƐ ŽĨ ƚŚĞ
ĞůŝĐŝƚŽƌǁĞƌĞƌĞƋƵŝƌĞĚƚŽŝŶĚƵĐĞĐŽŵƉůĞƚĞĂŶĚůŽŶŐͲůĂƐƚŝŶŐĚĞĨĞŶĐĞƌĞƐƉŽŶƐĞƐ͘
WůĂŶƚƐ ŝŶŽĐƵůĂƚĞĚ ǁŝƚŚ ^͘ ƐƵďƚĞƌƌĂŶĞĂ ĚŝĚ ŶŽƚ ƐŚŽǁ ŽďǀŝŽƵƐ ĚŝĨĨĞƌĞŶĐĞƐ ŝŶ
ƚƌĂŶƐĐƌŝƉƚŝŽŶ ůĞǀĞůƐ Ăƚ ϭ ǁĞĞŬ ƉŽƐƚ ŝŶŽĐƵůĂƚŝŽŶ ǁŚĞŶ ĐŽŵƉĂƌĞĚ ǁŝƚŚ ƚŚĞ ŶŽŶͲŝŶŽĐƵůĂƚĞĚ
ƉůĂŶƚƐ͘tŚĞƚŚĞƌƉůĂŶƚƐǁĞƌĞƐƵĐĐĞƐƐĨƵůůLJŝŶĨĞĐƚĞĚĂƚƚŚĞƚŝŵĞƚŚĂƚƌŽŽƚƐǁĞƌĞŚĂƌǀĞƐƚĞĚĨŽƌ
ĂŶĂůLJƐĞƐ ǁĂƐ ŶŽƚ ƚĞƐƚĞĚ͘ dŚĞ ŝŶŽĐƵůĂƚŝŽŶ ƉƌŽĐĞƐƐ ǁĂƐ ĐĂƌƌŝĞĚ ŽƵƚ ĂƐ ŝŶ ƉƌĞǀŝŽƵƐ
ĞdžƉĞƌŝŵĞŶƚƐ͕ďŽƚŚŝŶƚŚŝƐĂŶĚƉƌĞǀŝŽƵƐƐƚƵĚŝĞƐ͘,ŽǁĞǀĞƌ͕ĨƵƚƵƌĞĞdžƉĞƌŝŵĞŶƚƐƐŚŽƵůĚŝŶĐůƵĚĞ
ĨŽƌŵĂů ƉĂƚŚŽŐĞŶ ĚĞƚĞĐƚŝŽŶ ŵĞƚŚŽĚƐ ;Ğ͘Ő͘ ƋWZͿ ƌƵŶƐ ŽŶ ƚŚĞ ƐĂŵƉůĞƐ ƚŽ ĚĞƚĞĐƚ ^͘
ƐƵďƚĞƌƌĂŶĞĂŝŶƌŽŽƚƐ͘dŚŝƐǁŽƵůĚĐŽŶĨŝƌŵƚŚĞůĂĐŬŽĨƚƌĂŶƐĐƌŝƉƚŝŽŶĚƵĞƚŽŝŶĨĞĐƚŝŽŶ͘
/Ŷ ŐĞŶĞƌĂů͕ ƚƌĂŶƐĐƌŝƉƚŝŽŶ ŽĨ ƚŚĞ ƐĞůĞĐƚĞĚ ŐĞŶĞƐ ǁĂƐ ƐŝŵŝůĂƌ ƚŽ ƚŚĂƚ ƉƌĞƐĞŶƚĞĚ ŝŶ ďLJ
DĂƐƐĂ Ğƚ Ăů͕͘ ;ϮϬϭϭͿ͘ ŶĂůLJƐĞƐ ǁĞƌĞ ĐĂƌƌŝĞĚ ŽƵƚ ŝŶ ĚŝĨĨĞƌĞŶƚ ƉĂƌƚƐ ŽĨ ƚŚĞ ƉůĂŶƚƐ ;ĚĞƚĂĐŚĞĚ
ůĞĂǀĞƐ ǀƐ ƌŽŽƚƐͿ͕ ǁŚĞƌĞ ĚŝĨĨĞƌĞŶĐĞƐ ŚĂǀĞ ďĞĞŶ ĚĞŵŽŶƐƚƌĂƚĞĚ ;DĂƐƐĂ Ğƚ Ăů͕ ϮϬϭϭͿ͕ ĂŶĚ
ĚŝĨĨĞƌĞŶƚ ƉŽƚĂƚŽ ƉůĂŶƚƐ ;ĚŽƵďůĞ ŚĂƉůŽŝĚ ǀƐ ͚/ǁĂ͛Ϳ͘ sĂƌŝĂƚŝŽŶ ŝŶ ƚƌĂŶƐĐƌŝƉƚŽŵĞ ƌĞƐƉŽŶƐĞƐ ĂƌĞ
ĞdžƉĞĐƚĞĚ ŝŶ ŽƚŚĞƌ ƉŽƚĂƚŽ ƐƉĞĐŝĞƐ͕ ǁŚŝůĞ ƚŚĞ ĚŽƵďůĞĚ ŚĂƉůŽŝĚ ƉŽƚĂƚŽ ƉůĂŶƚƐ ĐĂŶ ƉƌŽǀŝĚĞ
ϭϭϰ
ďĂƐĞůŝŶĞ ŝŶĨŽƌŵĂƚŝŽŶ ŽĨ ƚŚĞ ƉŽƚĂƚŽ ƚƌĂŶƐĐƌŝƉƚŽŵĞ ǁŚŝĐŚ ĐĂŶ ĨĂĐŝůŝƚĂƚĞ ƐƚƵĚŝĞƐ ŽĨ ƚŚĞ
ƉŚLJƐŝŽůŽŐŝĐĂůĂŶĚďŝŽĐŚĞŵŝĐĂůŵĞĐŚĂŶŝƐŵƐŽĨƐƚƌĞƐƐƌĞƐƉŽŶƐĞƐ;DĂƐƐĂĞƚĂů͕ϮϬϭϭͿ͘
dŚĞ ƉƌĞƐĞŶƚ ƐƚƵĚLJ ƐĞƚ ƵƉ Ă ůĂƌŐĞ ĞdžƉĞƌŝŵĞŶƚ͕ ĐŽŶƐŝƐƚŝŶŐ ŽĨ ϭϬϱ ƉůĂŶƚƐ ǁŝƚŚ ĨŝǀĞ
ƌĞƉůŝĐĂƚĞƐƉĞƌƚƌĞĂƚŵĞŶƚƉĞƌƚŝŵĞƉŽŝŶƚ͘KƚŚĞƌƐƚƵĚŝĞƐŝŶŐĞŶĞƚƌĂŶƐĐƌŝƉƚŝŽŶŚĂǀĞŽŶůLJƵƐĞĚ
ƚŚƌĞĞ ďŝŽůŽŐŝĐĂů ƌĞƉĞĂƚƐ ƉĞƌ ƚƌĞĂƚŵĞŶƚ ;KƌůŽǁƐŬĂ Ğƚ Ăů͕͘ ϮϬϭϮͿ͘/Ŷ ƚŚĞ ƐƚƵĚLJ ĐĂƌƌŝĞĚ ŽƵƚ ďLJ
DĂƐƐĂĞƚĂů;ϮϬϭϭͿ͕ƚŚĞŶƵŵďĞƌŽĨƉůĂŶƚƐŽƌďŝŽůŽŐŝĐĂůƌĞƉůŝĐĂƚĞƐƵƐĞĚǁĂƐŶŽƚƐƉĞĐŝĨŝĞĚ͘KƵƌ
ƐĂŵƉůĞƐǁĞƌĞĂůƐŽĂŶĂůLJƐĞĚƐĞƉĂƌĂƚĞůLJƉĞƌƉůĂŶƚĂŶĚƉĞƌƚŝŵĞƉŽŝŶƚ͕ǁŚŝůĞŝŶƚŚĞƐƚƵĚLJďLJ
DĂƐƐĂĞƚĂů͘;ϮϬϭϭͿĂŶĂůLJƐĞƐǁĞƌĞĐĂƌƌŝĞĚŽƵƚŽŶƉŽŽůĞĚƐĂŵƉůĞƐŽĨƉŽƚĂƚŽůĞĂǀĞƐĂƚϮϰ͕ϰϴ
ĂŶĚϳϮŚƉŽƐƚƚƌĞĂƚŵĞŶƚ͘ĚŽƵďůĞŵŽŶŽƉůŽŝĚ;DͿƉŽƚĂƚŽǁĂƐƵƐĞĚ͕ǁŚŝĐŚĐŽŶƚĂŝŶĞĚ
ƚǁŽŝĚĞŶƚŝĐĂůŐĞŶĞƐĞƚƐ͕ƉƌŽǀŝĚŝŶŐĂƐŝŵƉůĞǁĂLJƚŽĂŶĂůLJƐĞŐĞŶĞƚƌĂŶƐĐƌŝƉƚŝŽŶĚĂƚĂ͘sĂƌŝĂƚŝŽŶ
ŝŶ ƚƌĂŶƐĐƌŝƉƚŽŵĞ ƌĞƐƉŽŶƐĞƐ ĂƌĞ ĞdžƉĞĐƚĞĚ ŝŶ ŽƚŚĞƌ ƉŽƚĂƚŽ ƐƉĞĐŝĞƐ ǁŚŝůĞ D ƚƌĂŶƐĐƌŝƉƚŽŵĞ
ƉƌŽĨŝůĞƐĐĂŶƉƌŽǀŝĚĞĂďĂƐĞůŝŶĞĂƐƐĞƐƐŵĞŶƚŽĨƚŚĞƉŽƚĂƚŽƚƌĂŶƐĐƌŝƉƚŽŵĞ;DĂƐƐĂĞƚĂů͕ϮϬϭϭͿ͘
/Ŷ ƚŚĞ ƉƌĞƐĞŶƚ ƐƚƵĚLJ͕ ŐĞŶĞ ƚƌĂŶƐĐƌŝƉƚŝŽŶ ĚĂƚĂ ǁĞƌĞ ĂŶĂůLJƐĞĚ ĨƌŽŵ ƌŽŽƚƐ ŽĨ ƚŚĞ ƉŽƚĂƚŽ
ĐƵůƚŝǀĂƌ͚/ǁĂ͛͘ZŽŽƚƐĂƌĞƚŚĞŽŶůLJƉĂƌƚŽĨƉŽƚĂƚŽƉůĂŶƚƐǁŚŝĐŚƉƌĞƐĞŶƚŽĐƚŽƉůŽŝĚLJ͕ĂƐŽďƐĞƌǀĞĚ
ďLJ ĨůŽǁ ĐLJƚŽŵĞƚƌLJ ĂŶĂůLJƐĞƐ ĐĂƌƌŝĞĚ ŽƵƚ ŝŶ Ă ƐƵƉƉůĞŵĞŶƚĂƌLJ ƉƌŽũĞĐƚ ƚŽ ƚŚĞ ƉƌĞƐĞŶƚ ƐƚƵĚLJ
;ĚĂƚĂ ŶŽƚ ƐŚŽǁŶͿ͘ EĞǀĞƌƚŚĞůĞƐƐ͕ ƚŚĞ ƉƌĞƐĞŶƚ ƐƚƵĚLJ ŚĂƐ ŐŝǀĞŶ ŶĞǁ ŝŶƐŝŐŚƚ ŝŶƚŽ ŐĞŶĞ
ƚƌĂŶƐĐƌŝƉƚŝŽŶŝŶƉŽƚĂƚŽƌŽŽƚƐĂĨƚĞƌĂƉƉůŝĐĂƚŝŽŶ͕ĂŶĚƐƵŐŐĞƐƚƚŚĂƚƚŚĞĐůĂƐƐ/ĐŚŝƚŝŶĂƐĞ;ϭͿ
ŐĞŶĞǁŽƵůĚďĞĂŐŽŽĚŵĂƌŬĞƌĨŽƌ/ZƌĞƐŝƐƚĂŶĐĞŽĨƉŽƚĂƚŽ͘
ĞĨĞŶĐĞͲƌĞůĂƚĞĚŐĞŶĞƐ͕ĂŶĚŵŽƌĞƐƉĞĐŝĨŝĐĂůůLJƚŚŽƐĞƌĞůĂƚĞĚƚŽƚŚĞƐLJƐƚĞŵŝĐĂĐƋƵŝƌĞĚ
ƌĞƐŝƐƚĂŶĐĞ ;^ZͿ ƉĂƚŚǁĂLJ ŽĨ ĚĞĨĞŶĐĞ͕ ƐŚŽǁĞĚ ƚƌĂŶƐĐƌŝƉƚŝŽŶ Ăƚ ŵƵĐŚ ŚŝŐŚĞƌ ůĞǀĞůƐ ƚŚĂŶ ŝŶ
ŶŽŶͲƚƌĞĂƚĞĚƉůĂŶƚƐŝŶƚŚĞĨŝƌƐƚϳϮŚ͕ĞƐƉĞĐŝĂůůLJĂƚϮϰŚ͘dŚŝƐǁĂƐĞƐƉĞĐŝĂůůLJƚŚĞĐĂƐĞĨŽƌƚŚĞ
ĐůĂƐƐ / ĐŚŝƚŝŶĂƐĞ ;ϭͿ͘ dŚŝƐ ƐŚŽǁƐ ƚŚĂƚ ƉƌŽďĂďůLJ ĚŝƌĞĐƚůLJ ŝŶĚƵĐĞĚ Ă ŐĞŶĞƌĂůŝƐĞĚ ƐƚƌĞƐƐ
ƌĞƐƉŽŶƐĞ͘ &ƵƌƚŚĞƌŵŽƌĞ͕ ƚŚĞƐĞ ƌĞƐƵůƚƐ ĂůƐŽ ƐƵŐŐĞƐƚ ƚŚĂƚ ƚŚĞ ƌĞƐƉŽŶƐĞ ƚŚĂƚ ŝŶĚƵĐĞƐ ŝŶ
ƉŽƚĂƚŽƉƌŝŽƌƚŽƉĂƚŚŽŐĞŶŝŶĨĞĐƚŝŽŶŝƐĂ^ZͲůŝŬĞƌĞƐƉŽŶƐĞ͘/ŶĂŐƌĞĞŵĞŶƚǁŝƚŚƚŚĞƐĞƌĞƐƵůƚƐ͕
ƐĐŚĞŶͲ>ŝƉƉŽůĚ Ğƚ Ăů͘ ;ϮϬϭϬͿ ĚĞŵŽŶƐƚƌĂƚĞĚ Ă ͞ŶŽŶͲƉƌŝŵĞĚ͟ ĂĐƚŝǀĂƚŝŽŶ ŽĨ ĚĞĨĞŶĐĞ ŐĞŶĞƐ ŽĨ
ƚŚĞ ^Z ƉĂƚŚǁĂLJ ĂŐĂŝŶƐƚ W͘ ŝŶĨĞƐƚĂŶƐ ŝŶ ůĞĂǀĞƐ ŽĨ ƉŽƚĂƚŽ ƉůĂŶƚƐ ƚƌĞĂƚĞĚ ǁŝƚŚ ďLJ ƐŽŝů
ĚƌĞŶĐŚŝŶŐ͘
dŽĐŽŶĨŝƌŵƌĞƐƵůƚƐŽĨƚŚĞƉƌĞƐĞŶƚƐƚƵĚLJ͕ĨƵƚƵƌĞƐƚƵĚŝĞƐŵĂLJďĞĨŽĐƵƐĞĚŽŶĚĞƚĞĐƚŝŽŶ
ŽĨƚƌĂŶƐĐƌŝƉƚŝŽŶĐŚĂŶŐĞƐŽĨŽƚŚĞƌŐĞŶĞƐŝŶǀŽůǀĞĚŝŶƚŚĞ^ZƉĂƚŚǁĂLJ͕ŝŶŽƌĚĞƌƚŽĐŽŶĨŝƌŵŝĨ
ƚŚŝƐ ƉĂƚŚǁĂLJ ŝƐ ŝŶǀŽůǀĞĚ ŝŶ /Z ŝŶ ƉŽƚĂƚŽ͘ WZ ŐĞŶĞƐ ĂƌĞ ůĂƚĞ ŐĞŶĞ ŵĂƌŬĞƌƐ ŽĨ ƚŚĞ ^Z
ϭϭϱ
ƉĂƚŚǁĂLJ͕ĂŶĚĂŶĂůLJƐŝƐŽĨĞĂƌůŝĞƌŵĂƌŬĞƌƐ;Ğ͘ŐĂtZ<zƚƌĂŶƐĐƌŝƉƚŝŽŶĨĂĐƚŽƌ;KƌůŽǁƐŬĂĞƚĂů͕͘
ϮϬϭϮͿͿ ŵĂLJ ďĞ Ă ŐŽŽĚ ŽƉƚŝŽŶ͘ ^ĞůĞĐƚŝŽŶ ĂŶĚ ĚĞƐŝŐŶ ŽĨ ŶĞǁ ƉƌŝŵĞƌƐ ĨŽƌ ŐĞŶĞƐ ŽƚŚĞƌ ƚŚĂŶ
ƚŚŽƐĞ ĐŽŶƐŝĚĞƌĞĚ ŝŶ ƚŚĞ ƉƌĞƐĞŶƚ ƐƚƵĚLJ͕ ƐƵĐŚ ĂƐ ƚŚŽƐĞ ŝŶǀŽůǀĞĚ Ăƚ ĞĂƌůŝĞƌ ƐƚĂŐĞƐ ŽĨ ^Z
ĚĞǀĞůŽƉŵĞŶƚ͕ŵĂLJŐŝǀĞŐƌĞĂƚĞƌƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨƚŚĞďŝŽĐŚĞŵŝƐƚƌLJŽĨƚŚĞĚŝƐĞĂƐĞ͕ĂŶĚƉůĂŶƚ
ƌĞƐŝƐƚĂŶĐĞŝŶĚƵĐĞĚďLJ͘ůƚŚŽƵŐŚƚŚĞƌĞƐƵůƚƐŽĨƚŚĞƉƌĞƐĞŶƚƐƚƵĚŝĞƐǁĞƌĞĐŽŶƐŝƐƚĞŶƚĂŶĚ
ĂŐƌĞĞĚǁŝƚŚƚŚŽƐĞĨƌŽŵDĂƐƐĂĞƚĂů͘;ϮϬϭϭͿ͕ƌĞƉĞĂƚƐŽĨƚŚĞĞdžƉĞƌŝŵĞŶƚŵĂLJďĞŶĞĐĞƐƐĂƌLJ͘/ƚ
ƌĞŵĂŝŶƐƵŶŬŶŽǁŶǁŚĂƚŽĐĐƵƌƐŝŶƉůĂŶƚƚƌĂŶƐĐƌŝƉƚŝŽŶĂƚůĂƚĞƌƐƚĂŐĞƐŽĨŝŶĨĞĐƚŝŽŶŽĨƉŽƚĂƚŽďLJ
^͘ ƐƵďƚĞƌƌĂŶĞĂ͕ ŝŶĐůƵĚŝŶŐ ƚŚĞ ƌŽŽƚ ŐĂůůŝŶŐ ĂŶĚ ƚƵďĞƌ ŝŶĨĞĐƚŝŽŶ ƐƚĂŐĞƐ͘ ^ƚƵĚŝĞƐ ŚĂǀĞ
ĚĞŵŽŶƐƚƌĂƚĞĚ ƚŚĂƚ ĨŽƌ WůĂƐŵŽĚŝŽƉŚŽƌĂ ďƌĂƐƐŝĐĂĞ ŝŶĨĞĐƚŝŽŶ ŝŶ ƌĂďŝĚŽƉƐŝƐ͕ ƚŚĞ ŐƌĞĂƚĞƐƚ
ĐŚĂŶŐĞƐŝŶŐĞŶĞƚƌĂŶƐĐƌŝƉƚŝŽŶŽĐĐƵƌĂƚϰĚĂLJƐĂĨƚĞƌŝŶŽĐƵůĂƚŝŽŶ;ŐĂƌǁĂůĞƚĂů͕͘ϮϬϭϭͿ͘&ŽƌƚŚĞ
^ƉŽŶŐŽƐƉŽƌĂͲƉŽƚĂƚŽ ƐLJƐƚĞŵ͕ ĞǀĞŶ ŝĨ ƚŚĞ ŝŶĨĞĐƚŝŽŶ ĐLJĐůĞ ŝƐ ůŽŶŐĞƌ ƚŚĂŶ ĨŽƌ W͘ ďƌĂƐƐŝĐĂĞ ŝŶ
ƌĂďŝĚŽƉƐŝƐ͕ Ă ƚŝŵĞ ƉŽŝŶƚ ĞĂƌůŝĞƌ ƚŚĂŶ ϳ ĚĂLJƐ ĂĨƚĞƌ ŝŶŽĐƵůĂƚŝŽŶ ƐŚŽƵůĚ ďĞ ŝŶǀĞƐƚŝŐĂƚĞĚ͕ ƚŽ
ĚĞƚĞƌŵŝŶĞ ŝĨ ƚŚĞƌĞ ŝƐ Ă ĐŚĂŶŐĞ ŝŶ ŐĞŶĞ ƚƌĂŶƐĐƌŝƉƚŝŽŶ Žƌ ŝƚ ƌĞŵĂŝŶƐ ƚŚĞ ƐĂŵĞ ĂƐ Ăƚ ϳ ĚĂLJƐ͘
'ĞŶĞƚƌĂŶƐĐƌŝƉƚŝŽŶƐƚƵĚŝĞƐĚƵƌŝŶŐƚŚĞŵŽƌĞĚĂŵĂŐŝŶŐƐƚĂŐĞƐŽĨ^ƉŽŶŐŽƐƉŽƌĂŝŶĨĞĐƚŝŽŶ͕ƐƵĐŚ
ĂƐ Ăƚ ϯͲϰ ǁĞĞŬƐ ĂĨƚĞƌ ŝŶŽĐƵůĂƚŝŽŶ͕ ǁŚĞŶ ŐĂůů ĨŽƌŵĂƚŝŽŶ ŝƐ ƚĂŬŝŶŐ ƉůĂĐĞ͕ ŵĂLJ ĂůƐŽ ĂƌĞ ďĞ
ƌĞƋƵŝƌĞĚ ƚŽ ĨƵůůLJ ĚĞƚĞƌŵŝŶĞ ƚŚĞ ĞĨĨĞĐƚƐ ŽĨ ĂƐ Ă ĚĞĨĞŶĐĞ ĞůŝĐŝƚŽƌ ŝŶ ƚŚĞ ^ƉŽŶŐŽƉƐŽƌĂͲ
ƉŽƚĂƚŽ ƉĂƚŚŽƐLJƐƚĞŵ͘ dŚĞƐĞ ĂŶĂůLJƐĞƐ ŵĂLJ ďĞ ĂůƐŽ ĐĂƌƌŝĞĚ ŽƵƚ ŝŶ ŝŶĨĞĐƚĞĚ ƉůĂŶƚƐ͕ ŶŽƚ
ƉƌĞǀŝŽƵƐůLJ ƚƌĞĂƚĞĚ ǁŝƚŚ ͕ ĂƐ ƉŽƚĂƚŽ ƉůĂŶƚƐ ƚƌĞĂƚĞĚ ǁŝƚŚ ŚŝŐŚ ĐŽŶĐĞŶƚƌĂƚŝŽŶƐ ŽĨ ƐŚŽǁůŽǁŝŶĨĞĐƚŝŽŶĂŶĚƌĂƌĞůLJƉƌĞƐĞŶƚŐĂůůĨŽƌŵĂƚŝŽŶ͕ĂƐŽďƐĞƌǀĞĚŝŶŚĂƉƚĞƌϯ͘
ϱ͘ϰŽŶĐůƵƐŝŽŶƐ
^ƚƵĚŝĞƐĚĞƐĐƌŝďĞĚŝŶŚĂƉƚĞƌϮŽĨƚŚŝƐƚŚĞƐŝƐŚĞůƉĞĚƚŽĚĞǀĞůŽƉĂƐŽƵŶĚŵŽůĞĐƵůĂƌŵĞƚŚŽĚ
ĨŽƌĂĐĐƵƌĂƚĞ͕ƐŝŵƉůĞĂŶĚƌĂƉŝĚĚĞƚĞĐƚŝŽŶĂŶĚƋƵĂŶƚŝĨŝĐĂƚŝŽŶŽĨ^͘ƐƵďƚĞƌƌĂŶĞĂŝŶƉŽƚĂƚŽƌŽŽƚƐ
ĨƌŽŵ ĞĂƌůLJ ƐƚĂŐĞƐ ŽĨ ŝŶĨĞĐƚŝŽŶ͘ /ŶĐƌĞĂƐĞĚ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ŽĨ ƚŚĞ ^ƉŽŶŐŽƐƉŽƌĂ ůŝĨĞĐLJĐůĞ ĂŶĚ
ŝŶƚĞƌĂĐƚŝŽŶƐ ŽĨ ƚŚĞ ƉĂƚŚŽŐĞŶ ǁŝƚŚ ĐƵůƚŝǀĂƌƐ ƉŽƐƐĞƐƐŝŶŐ ĚŝĨĨĞƌĞŶƚ ƐƵƐĐĞƉƚŝďŝůŝƚŝĞƐ ǁĞƌĞ ĂůƐŽ
ŽďƚĂŝŶĞĚ͘ dŚĞ ƐƚƵĚŝĞƐ ŽƵƚůŝŶĞĚ ŝŶ ŚĂƉƚĞƌ ϯ ĚĞŵŽŶƐƚƌĂƚĞĚ ĞĨĨŝĐĂĐLJ ŽĨ ĨŽƌ ĂĐƚŝǀĂƚŝŶŐ
ƉŽƚĂƚŽ ĚĞĨĞŶĐĞ ĂŐĂŝŶƐƚ ƚŚŝƐ ƉĂƚŚŽŐĞŶ͘ dŚĞƐĞ ƌĞƐƵůƚƐ ŝŶĚŝĐĂƚĞ ƚŚĂƚ ƚŚĞ ƵƐĞ ŽĨ ŶŽŶͲƚŽdžŝĐ
ĐŽŶƚƌŽůŵĞƚŚŽĚƐ͕ǁŚŝĐŚŝŶĚƵĐĞƌĞƐŝƐƚĂŶĐĞ͕ŚĂǀĞƉŽƚĞŶƚŝĂůƚŽƉƌŽǀŝĚĞĞĨĨĞĐƚŝǀĞŵĂŶĂŐĞŵĞŶƚ
ŵĞƚŚŽĚƐĨŽƌĂŶĞĐŽŶŽŵŝĐĂůůLJĂŶĚŐůŽďĂůůLJŝŵƉŽƌƚĂŶƚƉŽƚĂƚŽĚŝƐĞĂƐĞ͘dŚĞƌĞƐĞĂƌĐŚĚĞƐĐƌŝďĞĚ
ŝŶŚĂƉƚĞƌϰŵĞĂƐƵƌĞĚƚƌĂŶƐĐƌŝƉƚŝŽŶŽĨϭϴŐĞŶĞƐ͘ĨƚĞƌĚĞƐŝŐŶŝŶŐƉƌŝŵĞƌƐĨŽƌĞĂĐŚĂŶĚƵƐŝŶŐ
ƋWZ ĂŶĂůLJƐŝƐ͕ ƚƌĂŶƐĐƌŝƉƚŝŽŶ ŽĨ ƐŽŵĞ ŽĨ ƚŚĞƐĞ ŐĞŶĞƐ ǁĂƐ ƐŚŽǁŶ ƚŽ ďĞ ĂĨĨĞĐƚĞĚ ďLJ ϭϭϲ
ƚƌĞĂƚŵĞŶƚƐ͕ĂŶĚƚŚĞŝŵƉĂĐƚŽĨ ĐŽŶĐĞŶƚƌĂƚŝŽŶŽŶ ƚƌĂŶƐĐƌŝƉƚŝŽŶ ǁĂƐ ĚĞŵŽŶƐƚƌĂƚĞĚ͘ƚ
ůĞĂƐƚŽŶĞŐĞŶĞ;ĐůĂƐƐ/ĐŚŝƚŝŶĂƐĞϭͿŚĂƐƉŽƚĞŶƚŝĂůĨŽƌƵƐĞĂƐĂŵĂƌŬĞƌĨŽƌƚƌĂŶƐĐƌŝƉƚŝŽŶŝŶ
ƉŽƚĂƚŽ͘ ĐůĞĂƌ ĞĨĨĞĐƚ ŽŶ ƚƌĂŶƐĐƌŝƉƚŝŽŶ ŝŶ ƉůĂŶƚƐ ŝŶŽĐƵůĂƚĞĚ ǁŝƚŚ ^͘ ƐƵďƚĞƌƌĂŶĞĂ ǁĂƐ ŶŽƚ
ĚĞŵŽŶƐƚƌĂƚĞĚ͕ŚŽǁĞǀĞƌ͕ĂŶĚĨƵƌƚŚĞƌƌĞƐĞĂƌĐŚǁŝůůďĞŶĞĐĞƐƐĂƌLJƚŽĞůƵĐŝĚĂƚĞƚŚĞƐĞĞĨĨĞĐƚƐ͘
ϱ͘ϱWŽƚĞŶƚŝĂůƚŽĂƉƉůLJƚŽƉŽƚĂƚŽĞƐŝŶƚŚĞĨŝĞůĚ
dŚĞƌĞ ĂƌĞ ƐĞǀĞƌĂů ƉŽƚĞŶƚŝĂů ĂƌĞĂƐ ŽĨ ĨƵƚƵƌĞ ƐƚƵĚLJ ƌĞůĂƚŝŶŐ ƚŽ ƚŚĞ ƵƐĞ ŽĨ ĂŐĂŝŶƐƚ ^͘
ƐƵďƚĞƌƌĂŶĞĂŝŶĨĞĐƚŝŽŶŽĨƉŽƚĂƚŽ͘dŚĞĞĨĨŝĐŝĞŶĐLJŽĨƚŽƌĞĚƵĐĞƚŚĞƌŽŽƚŝŶĨĞĐƚŝŽŶƐƚĂŐĞŽĨ
ƚŚĞ ƉĂƚŚŽŐĞŶ ĐLJĐůĞ ŚĂƐ ďĞĞŶ ĚĞŵŽŶƐƚƌĂƚĞĚ ŽŶůLJ ŝŶ ŐůĂƐƐŚŽƵƐĞ ĞdžƉĞƌŝŵĞŶƚƐ͕ ŝŶ ĐŽŶƚƌŽůůĞĚ
ĐŽŶĚŝƚŝŽŶƐ͘ dŽ ƉƌŽǀŝĚĞ ƐƚƌŽŶŐ ĞǀŝĚĞŶĐĞ ĨŽƌ ƵƐĞ ŽĨ ĂƐ ĂŶ ĞĨĨĞĐƚŝǀĞ ĐŽŶƚƌŽů ŵĞƚŚŽĚ
ĂŐĂŝŶƐƚ ƚŚĞ ƉĂƚŚŽŐĞŶ ĂŶĚ ƚŚĞ ĚŝƐĞĂƐĞƐ ŝƚ ĐĂƵƐĞƐ͕ ĨŝĞůĚ ƚĞƐƚŝŶŐ ŝƐ ƌĞƋƵŝƌĞĚ͘ ĞƐŝĚĞƐ ƌŽŽƚ
ŝŶĨĞĐƚŝŽŶ͕ĞĨĨĞĐƚƐŽĨƚŚĞĞůŝĐŝƚŽƌŽŶƚƵďĞƌŝŶĨĞĐƚŝŽŶŵƵƐƚĂůƐŽďĞĞdžĂŵŝŶĞĚ͘&ŝĞůĚƐƚƵĚŝĞƐƚŚĂƚ
ĐŽŶƐŝĚĞƌďŽƚŚƐƚĂŐĞƐŽĨƚŚĞƉĂƚŚŽŐĞŶůŝĨĞĐLJĐůĞĂƌĞŶĞĐĞƐƐĂƌLJĨŽƌƐƵĐĐĞƐƐĨƵůŝŵƉůĞŵĞŶƚĂƚŝŽŶ
ŽĨƚŚŝƐĚĞĨĞŶĐĞĞůŝĐŝƚŽƌĂƐĂĚŝƐĞĂƐĞŵĂŶĂŐĞŵĞŶƚƚŽŽů͘/ƚǁŝůůďĞŶĞĐĞƐƐĂƌLJƚŽƚĞƐƚĚŝĨĨĞƌĞŶƚ
ĐŽŶĐĞŶƚƌĂƚŝŽŶƐŽĨƚŚĞĞůŝĐŝƚŽƌ͕ĂŶĚĚŝĨĨĞƌĞŶƚƚŝŵŝŶŐƐĂŶĚĨŽƌŵƐŽĨĂƉƉůŝĐĂƚŝŽŶ͕ƚŽĂĚĞƋƵĂƚĞůLJ
ƚĞƐƚƚŚĞƵƐĞŽĨƚŚĞĐŚĞŵŝĐĂů͘ĨĨĞĐƚƐŽĨŽŶƉŽƚĂƚŽƉůĂŶƚŐƌŽǁƚŚĂŶĚĐƌŽƉLJŝĞůĚƐŚŽƵůĚ
ĂůƐŽ ďĞ ĂƐƐĞƐƐĞĚ͘ ^ƚƵĚŝĞƐ ŚĂǀĞ ƐŚŽǁŶ ƚŚĂƚ ƚǁŽ ĂƉƉůŝĐĂƚŝŽŶƐ ŽĨ ŽŶ ůĞĂǀĞƐ Ăƚ ĞĂƌůŝĞƌ
ƐƚĂŐĞƐ ŽĨ ƉŽƚĂƚŽ ŐƌŽǁƚŚ ĂŶĚ ĨŽƵƌ ĂƉƉůŝĐĂƚŝŽŶƐ ƚŚƌŽƵŐŚŽƵƚ Ăůů ƉůĂŶƚ ŐƌŽǁƚŚ͕ ƐƚĂƌƚŝŶŐ Ăƚ ƚŚĞ
ďĞŐŝŶŶŝŶŐŽĨƚƵďĞƌŝƐĂƚŝŽŶ͕ŝŶĐƌĞĂƐĞĚƚŚĞLJŝĞůĚĂŶĚǁĞŝŐŚƚŽĨŚĂƌǀĞƐƚĞĚƚƵďĞƌƐŝŶĂĚĚŝƚŝŽŶƚŽ
ĂŶ ŝŶĐƌĞĂƐĞĚ ƌĞƐŝƐƚĂŶĐĞ ĂŐĂŝŶƐƚ ƉĂƚŚŽŐĞŶƐ ;KůŝǀŝĞƌŝ Ğƚ Ăů͕͘ ϮϬϬϵͿ͘ /Ĩ ĨŝĞůĚ ƚĞƐƚƐ ƐŚŽǁĞĚ ƚŚĂƚ
ƚƵďĞƌĂŶĚƌŽŽƚŝŶĨĞĐƚŝŽŶƐďLJ^͘ƐƵďƚĞƌƌĂŶĞĂĂƌĞƌĞĚƵĐĞĚďLJ͕ƚŚŝƐĐŽƵůĚƉƌŽǀŝĚĞŐƌŽǁĞƌƐ
ǁŝƚŚĂŶĞǁƐƚƌĂƚĞŐLJĨŽƌĐƵůƚŝǀĂƚŝŽŶŽĨƐƵƐĐĞƉƚŝďůĞĐƵůƚŝǀĂƌƐ͕ĂĚĚŝŶŐƚŽƚŚĞƐƵŝƚĞŽĨƉŽƚĞŶƚŝĂů
ƐƚƌĂƚĞŐŝĞƐ ĨŽƌ ͞ŝŶƚĞŐƌĂƚĞĚ͟ ŵĂŶĂŐĞŵĞŶƚ ŽĨ ƉŽǁĚĞƌLJ ƐĐĂď ;&ĂůůŽŽŶ͕ ϮϬϬϴͿ͘ dŚŝƐ ĐŽƵůĚ ƚŽ
ƌĞĚƵĐĞƌĞůŝĂŶĐĞŽŶƐĞĞĚƚƵďĞƌĂŶĚƐŽŝůƉĞƐƚŝĐŝĚĞƚƌĞĂƚŵĞŶƚƐĨŽƌŵĂŶĂŐĞŵĞŶƚŽĨƚŚĞĚŝƐĞĂƐĞ͘
Ɛ ŝƐ ŬŶŽǁŶ ĂƐ Ă ǀĞƌƐĂƚŝůĞ ĂĐƚŝǀĂƚŽƌ ŽĨ ĚĞĨĞŶĐĞ ŵĞĐŚĂŶŝƐŵƐ͕ ƚŚĞ ĞůŝĐŝƚŽƌ ĐŽƵůĚ ďĞ
ĂƉƉůŝĞĚ ŶŽƚ ŽŶůLJ ĨŽƌ ƉƌŽƚĞĐƚŝŽŶ ĂŐĂŝŶƐƚ ^͘ ƐƵďƚĞƌƌĂŶĞĂ͕ ďƵƚ ĂůƐŽ ĨŽƌ ƉƌŽƚĞĐƚŝŽŶ ĨƌŽŵ ŽƚŚĞƌ
ŝŵƉŽƌƚĂŶƚ ĚŝƐĞĂƐĞͲĐĂƵƐŝŶŐ ƉĂƚŚŽŐĞŶƐ͕ ƐƵĐŚ ĂƐ W͘ ŝŶĨĞƐƚĂŶƐ ĂŶĚ &ƵƐĂƌŝƵŵ ƐŽůĂŶŝ ;KůŝǀŝĞƌŝ Ğƚ
Ăů͕͘ϮϬϬϵͿ͘
KƵƌ ƌĞƐƵůƚƐ ŝŶĚŝĐĂƚĞ ƉƌŽŵŝƐĞ ĨŽƌ ƚŚĞ ĨƵƚƵƌĞ ƵƐĞ ŽĨ ĂƐ Ă ĐŽŶƚƌŽů ŵĞƚŚŽĚ ĨŽƌ
ƉŽǁĚĞƌLJ ƐĐĂď ŽĨ ƉŽƚĂƚŽ͘ ,ŽǁĞǀĞƌ͕ ƚŚŝƐ ĐŽŵƉŽƵŶĚ ŚĂƐ LJĞƚ ƚŽ ďĞ ĚĞǀĞůŽƉĞĚ ĨŽƌ ƉƌĂĐƚŝĐĂů
ĚŝƐĞĂƐĞ ŵĂŶĂŐĞŵĞŶƚ ŝŶ ƉŽƚĂƚŽ ĐƌŽƉƉŝŶŐ͘ &ƵƌƚŚĞƌ ƐƚƵĚŝĞƐ ĂƌĞ ƌĞƋƵŝƌĞĚ͕ ĞƐƉĞĐŝĂůůLJ ƚŽ
ϭϭϳ
ŝŶǀĞƐƚŝŐĂƚĞĨŝĞůĚƵƐĞŽĨƚŚĞĞůŝĐŝƚŽƌ͘KŶĞĂĚǀĂŶƚĂŐĞŽĨƚŚĞƵƐĞŽĨŝƐƚŚĂƚƚŚŝƐĞůŝĐŝƚŽƌŝƐ
ǀĞƌƐĂƚŝůĞ͕ ƐŽ ŝƚ ŵĂLJ ŝŶĚƵĐĞ ƌĞƐŝƐƚĂŶĐĞ ŝŶ ƉŽƚĂƚŽ ŶŽƚ ŽŶůLJ ĂŐĂŝŶƐƚ ^ƉŽŶŐŽƐƉŽƌĂ ďƵƚ ĂŐĂŝŶƐƚ
ŽƚŚĞƌ ƉĂƚŚŽŐĞŶƐ Ăƚ ƚŚĞ ƐĂŵĞ ƚŝŵĞ͘ DŽƐƚ ƐƚƵĚŝĞƐ ŽĨ ŝŶ ƉŽƚĂƚŽ ŚĂǀĞ ŝŶǀĞƐƚŝŐĂƚĞĚ ƵƐĞ
ĂŐĂŝŶƐƚW͘ŝŶĨĞƐƚĂŶƐ͘/ŶĚƵĐĞĚƌĞƐŝƐƚĂŶĐĞĨƌŽŵƚŽĂƌĂŶŐĞŽĨƉĂƚŚŽŐĞŶƐǁŽƵůĚůŝŬĞůLJďĞ
ǀĞƌLJ ǁŽƌƚŚǁŚŝůĞ ĨŽƌ ƉƌĂĐƚŝĐĂů ƉŽƚĂƚŽ ƉƌŽĚƵĐƚŝŽŶ͘ /ƚ ŚĂƐ ďĞĞŶ ŽďƐĞƌǀĞĚ ƚŚĂƚ ŵŝdžƚƵƌĞƐ ŽĨ
ĞůŝĐŝƚŽƌƐ ŽĨ ƉůĂŶƚƐ ĚĞĨĞŶĐĞƐ͕ Žƌ ŵŝdžƚƵƌĞƐ ŽĨ ĞůŝĐŝƚŽƌƐ ǁŝƚŚ ůŽǁ ĂŵŽƵŶƚƐ ŽĨ ƉĞƐƚŝĐŝĚĞƐ͕ ŐŝǀĞ
ƐŝŵŝůĂƌŽƌďĞƚƚĞƌĚŝƐĞĂƐĞĐŽŶƚƌŽůƚŚĂŶǁŝƚŚƉĞƐƚŝĐŝĚĞƐĂůŽŶĞ;ZĞƵǀĞŶŝĞƚĂů͕͘ϮϬϬϭ͖>ŝůũĞƌŽƚŚĞƚ
Ăů͕͘ ϮϬϭϬ͖ tĂůƚĞƌƐ Ğƚ Ăů͕͘ ϮϬϭϭͿ͘ dŚĞ ƐƵĐĐĞƐƐ ŽĨ ŝŶĚƵĐŝŶŐ ƌĞƐŝƐƚĂŶĐĞ ĚĞƉĞŶĚƐ ŽŶ ƐĞǀĞƌĂů
ĨĂĐƚŽƌƐ͕ ŝŶĐůƵĚŝŶŐ ƚŚĞ ŚŽƐƚ ĂŶĚ ƉĂƚŚŽŐĞŶ ƐLJƐƚĞŵ ŝŶǀŽůǀĞĚ͕ ĞůŝĐŝƚŽƌ ĐŽŶĐĞŶƚƌĂƚŝŽŶ͕ ĂŶĚ
ŵĞƚŚŽĚƐ͕ŶƵŵďĞƌĂŶĚƚŝŵŝŶŐŽĨĂƉƉůŝĐĂƚŝŽŶƐ͘/ĨƚŚĞƐĞĨĂĐƚŽƌƐĂƌĞŽƉƚŝŵŝƐĞĚ͕ĞƐƉĞĐŝĂůůLJƵŶĚĞƌ
ĨŝĞůĚ ĐŽŶĚŝƚŝŽŶƐ͕ ƚŚĞ ƵƐĞ ŽĨ ƚŚĞƐĞ ĞůŝĐŝƚŽƌƐ ĐŽƵůĚ ƌĞƉůĂĐĞ Žƌ ƌĞĚƵĐĞ ƚŚĞ ƵƐĞ ŽĨ ƐLJŶƚŚĞƚŝĐ
ƉĞƐƚŝĐŝĚĞĐŚĞŵŝĐĂůƐ;ZĞŐůŝŶƐŬŝĞƚĂů͕͘ϮϬϭϬͿ͘
ϱ͘ϲZĞĨĞƌĞŶĐĞƐ
ŐĂƌǁĂů ͕ <ĂƵů s͕ &ĂŐŐŝĂŶ Z͕ ZŽŽŬĞƐ :͕ >ƵĚǁŝŐͲDƵĞůůĞƌ :͕ ĂŚŝůů D͕ ϮϬϭϭ͘ ŶĂůLJƐŝƐ ŽĨ
ŐůŽďĂů ŚŽƐƚ ŐĞŶĞ ĞdžƉƌĞƐƐŝŽŶ ĚƵƌŝŶŐ ƚŚĞ ƉƌŝŵĂƌLJ ƉŚĂƐĞ ŽĨ ƚŚĞ ƌĂďŝĚŽƉƐŝƐ ƚŚĂůŝĂŶĂͲ
WůĂƐŵŽĚŝŽƉŚŽƌĂ ďƌĂƐƐŝĐĂĞ ŝŶƚĞƌĂĐƚŝŽŶ͘ &ƵŶĐƚŝŽŶĂů WůĂŶƚ ŝŽůŽŐLJ ϯϴ͕ ϰϲϮͲϳϴ KŶͲůŝŶĞ
ϭϬ͘ϭϬϳϭͬĨƉϭϭϬϮϲ͘
ůƚĂŵŝƌĂŶĚĂ '͕ ŶĚƌĞƵ ͕ ĂůĞŽ 'Z͕ KůŝǀŝĞƌŝ &W͕ ϮϬϬϴ͘ ĨĨĞĐƚ ŽĨ ďĞƚĂͲĂŵŝŶŽďƵƚLJƌŝĐ ĂĐŝĚ
;Ϳ ŽŶ ƉƌŽƚĞĐƚŝŽŶ ĂŐĂŝŶƐƚ WŚLJƚŽƉŚƚŚŽƌĂ ŝŶĨĞƐƚĂŶƐ ƚŚƌŽƵŐŚŽƵƚ ƚŚĞ ƉŽƚĂƚŽ ĐƌŽƉ
ĐLJĐůĞ͘ƵƐƚƌĂůĂƐŝĂŶWůĂŶƚWĂƚŚŽůŽŐLJϯϳ͕ϰϮϭͲϳ͘
ŽŚĞŶ z͕ ϭϵϵϰ͘ ϯͲŵŝŶŽďƵƚLJƌŝĐ ĂĐŝĚ ŝŶĚƵĐĞƐ ƐLJƐƚĞŵŝĐ ƌĞƐŝƐƚĂŶĐĞ ĂŐĂŝŶƐƚ WĞƌŽŶŽƐƉŽƌĞ
ƚĂďĂĐŝŶĂ͘ WŚLJƐŝŽůŽŐŝĐĂů ĂŶĚ DŽůĞĐƵůĂƌ WůĂŶƚ WĂƚŚŽůŽŐLJ ϰϰ͕ ϮϳϯͲϴϴ KŶͲůŝŶĞ Žŝ͗
ϭϬ͘ϭϬϭϲͬƐϬϴϴϱͲϱϳϲϱ;ϬϱͿϴϬϬϯϬͲdž͘
ŽŚĞŶ zZ͕ϮϬϬϮ͘ĞƚĂͲĂŵŝŶŽďƵƚLJƌŝĐĂĐŝĚͲŝŶĚƵĐĞĚƌĞƐŝƐƚĂŶĐĞĂŐĂŝŶƐƚ ƉůĂŶƚ ƉĂƚŚŽŐĞŶƐ͘ WůĂŶƚ
ŝƐĞĂƐĞϴϲ͕ϰϰϴͲϱϳ͘
ŽŶƌĂƚŚ h͕ ϮϬϬϵ͘ WƌŝŵŝŶŐ ŽĨ ŝŶĚƵĐĞĚ ƉůĂŶƚ ĚĞĨĞŶƐĞ ƌĞƐƉŽŶƐĞƐ͘ /Ŷ͗ sĂŶůŽŽŶ >͕ ĞĚ͘ WůĂŶƚ
/ŶŶĂƚĞ/ŵŵƵŶŝƚLJ͘ĚǀĂŶĐĞƐŝŶŽƚĂŶŝĐĂůZĞƐĞĂƌĐŚϱϭ͕ϯϲϭͲϵϱ͘
ϭϭϴ
ƐĐŚĞŶͲ>ŝƉƉŽůĚ>͕ůƚŵĂŶŶ^͕ZŽƐĂŚů^͕ϮϬϭϬ͘>ͲďĞƚĂͲĂŵŝŶŽďƵƚLJƌŝĐĂĐŝĚͲŝŶĚƵĐĞĚƌĞƐŝƐƚĂŶĐĞ
ŽĨ ƉŽƚĂƚŽ ĂŐĂŝŶƐƚ WŚLJƚŽƉŚƚŚŽƌĂ ŝŶĨĞƐƚĂŶƐ ƌĞƋƵŝƌĞƐ ƐĂůŝĐLJůŝĐ ĂĐŝĚ ďƵƚ ŶŽƚ ŽdžLJůŝƉŝŶƐ͘
DŽůĞĐƵůĂƌWůĂŶƚͲDŝĐƌŽďĞ/ŶƚĞƌĂĐƚŝŽŶƐϮϯ͕ϱϴϱͲϵϮ͘
&ĂůůŽŽŶ Z͕ ϮϬϬϴ͘ ŽŶƚƌŽů ŽĨ ƉŽǁĚĞƌLJ ƐĐĂď ŽĨ ƉŽƚĂƚŽ͗ ƚŽǁĂƌĚƐ ŝŶƚĞŐƌĂƚĞĚ ĚŝƐĞĂƐĞ
ŵĂŶĂŐĞŵĞŶƚ͘ŵĞƌŝĐĂŶ:ŽƵƌŶĂůŽĨWŽƚĂƚŽZĞƐĞĂƌĐŚϴϱ͕ϮϱϯͲϲϬ
&ĂůůŽŽŶ Z͕ 'ĞŶĞƚ Z͕ tĂůůĂĐĞ Z͕ ƵƚůĞƌ Z͕ ϮϬϬϯ͘ ^ƵƐĐĞƉƚŝďŝůŝƚLJ ŽĨ ƉŽƚĂƚŽ ;^ŽůĂŶƵŵ
ƚƵďĞƌŽƐƵŵͿ ĐƵůƚŝǀĂƌƐ ƚŽ ƉŽǁĚĞƌLJ ƐĐĂď ;ĐĂƵƐĞĚ ďLJ ^ƉŽŶŐŽƐƉŽƌĂ ƐƵďƚĞƌƌĂŶĞĂ Ĩ͘ ƐƉ
ƐƵďƚĞƌƌĂŶĞĂͿ͕ĂŶĚƌĞůĂƚŝŽŶƐŚŝƉƐďĞƚǁĞĞŶƚƵďĞƌĂŶĚƌŽŽƚŝŶĨĞĐƚŝŽŶ͘ƵƐƚƌĂůĂƐŝĂŶWůĂŶƚ
WĂƚŚŽůŽŐLJϯϮ͕ϯϳϳͲϴϱKŶͲůŝŶĞϭϬ͘ϭϬϳϭͬĂƉϬϯϬϰϬ͘
:ĂŬĂď '͕ ŽƚƚŝĞƌ s͕dŽƋƵŝŶs͕ZŝŐŽůŝ'͕ ŝŵŵĞƌůŝ>͕DĞƚƌĂƵdž:W͕DĂƵĐŚͲDĂŶŝ͕ϮϬϬϭ͘ĞƚĂͲ
ŵŝŶŽďƵƚLJƌŝĐĂĐŝĚͲŝŶĚƵĐĞĚƌĞƐŝƐƚĂŶĐĞŝŶƉůĂŶƚƐ͘ƵƌŽƉĞĂŶ:ŽƵƌŶĂůŽĨWůĂŶƚWĂƚŚŽůŽŐLJ
ϭϬϳ͕ϮϵͲϯϳ͘
>ĞĞƐ <͕ sĂŶ Ğ 'ƌĂĂĨ W͕ tĂůĞ ^͕ ϮϬϬϴ͘ dŚĞ ŝĚĞŶƚŝĨŝĐĂƚŝŽŶ ĂŶĚ ĚĞƚĞĐƚŝŽŶ ŽĨ ^ƉŽŶŐŽƐƉŽƌĂ
ƐƵďƚĞƌƌĂŶĞĂĂŶĚĨĂĐƚŽƌƐĂĨĨĞĐƚŝŶŐŝŶĨĞĐƚŝŽŶĂŶĚĚŝƐĞĂƐĞ͘ŵĞƌŝĐĂŶ:ŽƵƌŶĂůŽĨWŽƚĂƚŽ
ZĞƐĞĂƌĐŚϴϱ͕ϮϰϳͲϱϮ͘
>ŝ z:͕ dŝĂŶ ͕ >ŝƵ :͕ yŝĞ ,͕ ϮϬϬϵ͘ ŽŵƉĂƌĂƚŝǀĞ ĐEͲ&>W ĂŶĂůLJƐŝƐ ƌĞǀĞĂůƐ ƚŚĂƚ ĚůͲďĞƚĂͲ
ĂŵŝŶŽͲďƵƚLJƌŝĐ ĂĐŝĚ ŝŶĚƵĐĞƐ ƌĞƐŝƐƚĂŶĐĞ ƚŚƌŽƵŐŚ ĞĂƌůLJ ĂĐƚŝǀĂƚŝŽŶ ŽĨ ƚŚĞ ŚŽƐƚͲĚĞĨĞŶƐĞ
ŐĞŶĞƐ ŝŶ ƉŽƚĂƚŽ͘ WŚLJƐŝŽůŽŐŝĂ WůĂŶƚĂƌƵŵ ϭϯϲ͕ ϭϵͲϮϵ KŶͲůŝŶĞ ϭϬ͘ϭϭϭϭͬũ͘ϭϯϵϵͲ
ϯϬϱϰ͘ϮϬϬϵ͘ϬϭϮϬϵ͘dž͘
>ŝůũĞƌŽƚŚ ͕ ĞŶŐƚƐƐŽŶ d͕ tŝŝŬ >͕ ŶĚƌĞĂƐƐŽŶ ͕ ϮϬϭϬ͘ /ŶĚƵĐĞĚ ƌĞƐŝƐƚĂŶĐĞ ŝŶ ƉŽƚĂƚŽ ƚŽ
WŚLJƚƉŚƚŚŽƌĂ ŝŶĨĞƐƚĂŶƐͲĞĨĨĞĐƚƐ ŽĨ ŝŶ ŐƌĞĞŶŚŽƵƐĞ ĂŶĚ ĨŝĞůĚ ƚĞƐƚƐ ǁŝƚŚ ĚŝĨĨĞƌĞŶƚ
ƉŽƚĂƚŽ ǀĂƌŝĞƚŝĞƐ͘ ƵƌŽƉĞĂŶ :ŽƵƌŶĂů ŽĨ WůĂŶƚ WĂƚŚŽůŽŐLJ ϭϮϳ͕ ϭϳϭͲϴϯ KŶͲůŝŶĞ
ϭϬ͘ϭϬϬϳͬƐϭϬϲϱϴͲϬϭϬͲϵϱϴϮͲϰ͘
DĂƐƐĂE͕ŚŝůĚƐ<>͕>ŝŶ,͕ƌLJĂŶ':͕'ŝƵůŝĂŶŽ'͕ƵĞůůZ͕ϮϬϭϭ͘dŚĞƚƌĂŶƐĐƌŝƉƚŽŵĞŽĨƚŚĞ
ƌĞĨĞƌĞŶĐĞƉŽƚĂƚŽŐĞŶŽŵĞ^ŽůĂŶƵŵƚƵďĞƌŽƐƵŵŐƌŽƵƉWŚƵƌĞũĂĐůŽŶĞDϭͲϯϱϭϲZϰϰ͘
W>Ž^KEϲ͕ĞϮϲϴϬϭKŶͲůŝŶĞϭϬ͘ϭϯϳϭͬũŽƵƌŶĂů͘ƉŽŶĞ͘ϬϬϮϲϴϬϭ͘
ϭϭϵ
DĞƌnjh͕ϮϬϬϴ͘WŽǁĚĞƌLJƐĐĂďŽĨƉŽƚĂƚŽͲKĐĐƵƌƌĞŶĐĞ͕ůŝĨĞĐLJĐůĞĂŶĚĞƉŝĚĞŵŝŽůŽŐLJ͘ŵĞƌŝĐĂŶ
:ŽƵƌŶĂůŽĨWŽƚĂƚŽZĞƐĞĂƌĐŚϴϱ͕ϮϰϭͲϲ͘
DĞƌnj h͕ &ĂůůŽŽŶ Z͕ ϮϬϬϵ͘ ZĞǀŝĞǁ͗ ƉŽǁĚĞƌLJ ƐĐĂď ŽĨ ƉŽƚĂƚŽ Ͳ ŝŶĐƌĞĂƐĞĚ ŬŶŽǁůĞĚŐĞ ŽĨ
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INTENSITY OF SPONGOSPORA SUBTERRANEA INFECTION OF POTATO ROOTS MEASURED BY
QUANTITATIVE PCR (qPCR)
M. Loreto Hernandez MaldonadoA,B, Richard E. FalloonA,B, Simon R. BulmanA, Anthony J. ConnerA,B and Ruth C. ButlerA
A
The New Zealand Institute for Plant & Food Research Limited, PB 4704, Christchurch 8140, New Zealand
B
Bio-Protection Research Centre, PO Box 84, Lincoln University, Lincoln 7647, New Zealand
microscopy. This technique detected very low levels of
infection, even in uninoculated plants. We have also shown
that the pathogen develops similarly in two cultivars with
very different susceptibilities to tuber powdery scab, and
that the pathogen reaches maximum infection in host roots
at about 3 weeks post-inoculation. Quantitative PCR is
likely to provide a valuable tool for studying Spongospora
disease epidemiology.
a
2.0
1.5
Score
INTRODUCTION
Spongospora subterranea is a soilborne biotrophic
Cercozoan which causes powdery scab of potato tubers and
infects host roots. These diseases severely harm tuber
quality and reduce crop yields, making this an
economically important pathogen.
Spongospora subterranea has two phases in host
tissues. These are the zoosporangium stage (initiated from
zoospores) in host roots, and sporosori in root galls and
tuber lesions [1]. It is likely that the zoosporangium stage
causes reduced plant growth by harming root function [2].
Potato cultivars differ in susceptibility to both life cycle
stages [3].
The present study aimed to determine if quantitative
PCR (qPCR) can provide robust, reproducible
quantification of S. subterranea infection in potato roots,
and to apply the method to cultivars with different
susceptibilities to the pathogen. Molecular technology was
compared with direct observation of pathogen development
in host roots.
1.0
0.5
0.0
RESULTS AND DISCUSSION
Microscopic examination of roots (Fig. 1a) showed that
intensity of zoosporangium infection increased to a
maximum at 3 weeks after inoculation in both cultivars,
then decreased at 4 and 6 weeks. Infection was similar in
both cultivars, except that ‘Gladiator’ had fewer
zoosporangia than ‘Iwa’ at 4 weeks after inoculation. Slight
zoosporangium infection occurred in uninoculated plants of
both cultivars at 3, 4 and 6 week harvests, probably from
cross-contamination.
Quantitative PCR detected S. subterranea DNA in
roots 1 week after inoculation (Fig. 1b). Amounts of DNA
increased with increasing time, to a maximum at 3 weeks,
and were very similar in both cultivars. Pathogen DNA was
detected in uninoculated plants 1 week after inoculation.
These plants had 100 to 1000 fold less DNA than
inoculated plants across all subsequent harvests.
This study has demonstrated that qPCR can provide
highly sensitive detection of S. subterranea infection in
host roots at least 1 week earlier than observed with
0
b
-1
log10 DNA (ng/µl)
MATERIALS AND METHODS
Tissue-cultured plantlets of potato cultivars ‘Gladiator’
(very resistant to tuber powdery scab) and ‘Iwa’ (very
susceptible) were planted singly into sand in plastic pots,
and irrigated with nutrient solution [3]. Two weeks after
planting, plants were either inoculated with S. subterranea
(30,000 sporosori/pot) or left uninoculated. The experiment
was carried out in a glasshouse compartment (17°C ± 2°C:
16 h light, 8 h dark). Plants were sequentially harvested at
0, 1, 2, 3, 4 or 6 weeks after inoculation. Five replicates
were used, laid out in a randomised block design. At each
harvest, root samples were stained for microscopic
examination, and rated for zoosporangium infection (0 = no
sporangia, 5 = heavy infection). DNA was extracted from
freeze-dried root tissue (10 mg sample). The ABI
“StepOnePlus” PCR machine was used to quantify S.
subterranea DNA, using a ribosomal internal transcribed
spacer (ITS) probe/primer set (sequences available on
request). For quantification, a standard curve was
constructed with plasmid DNA containing the ITS gene.
-2
-3
-4
Iwa uninoculated
Iwa inoculated
Gladiator uninoculated
Gladiator inoculated
-5
-6
0
1
2
3
4
5
6
Weeks after Inoculation
Figure 1. Mean S. subterranea zoosporangium scores (a)
and mean amounts of plasmid DNA (b) in roots of two
potato cultivars, from plants either uninoculated or
inoculated with S. subterranea. Bars are least significant
differences (P = 0.05) between: (a) top bar, two means;
bottom bar, a mean and zero; (b) two means.
ACKNOWLEDGEMENTS
This research was funded by the Ministry of Science and
Innovation and Horticulture New Zealand, and was assisted
by Dr Farhat Shah.
REFERENCES
1. Merz, U. (2008) Powdery scab of potato - Occurrence,
life cycle and epidemiology. American Journal of
Potato Research 85: 241-246.
2. Merz, U. and R.E. Falloon (2009) Review: powdery
scab of potato - increased knowledge of pathogen
biology and disease epidemiology for effective disease
management. Potato Research 52: 17-37.
3. Falloon, R.E., et al. (2003) Susceptibility of potato
(Solanum tuberosum) cultivars to powdery scab
(caused by Spongospora subterranea f. sp.
subterranea), and relationships between tuber and root
infection. Australasian Plant Pathology 32: 377-385.
DMG_04/11_1340
Loreto Hernandez1,2
Richard Falloon1,2, Simon Bulman1,
Tony Conner1,2 and Ruth Butler1
loreto.hernandez@plantandfood.co.nz
1
Intensity of Spongospora subterranea infection of
potato roots measured by quantitative PCR (qPCR)
2
The New Zealand Institute for Plant & Food Research Ltd,
PB 4704, Christchurch 8140, New Zealand
Bio-Protection Research Centre, P.O Box 84,
Lincoln University, Lincoln 7647, New Zealand
www.plantandfood.co.nz
THE NEW ZEALAND INSTITUTE FOR PLANT & FOOD RESEARCH LIMITED
Introduction
t
Results
Spongospora subterranea causes powdery scab of
potato. This disease severely harms tuber quality
(Figure 1) and reduces crop yields [1]
t
The pathogen has two life cycle stages:
– Zoosporangia in roots, initiated from zoospores
– Sporosori in root galls and tuber lesions [2]
t
Potato cultivars differ in susceptibility to both
stages [3]
t
We used qPCR to measure Spongospora infection
in roots of cultivars with different susceptibilities to
tuber powdery scab. Results were compared with
direct observation of pathogen development
t
Microscopic examination of roots (Figure 4a):
– Zoosporangium infection increased to a
maximum at 3 weeks after inoculation in
both cultivars, and then decreased
– Infection was similar in both cultivars,
except at 4 weeks after inoculation
– Slight infection in some uninoculated plants
was observed at 2 weeks after inoculation
t
qPCR (Figure 4b):
– Spongospora DNA was detected 1 week
after inoculation
– Amounts of DNA increased to a maximum
at 4 weeks after inoculation, and were
similar in both cultivars
– Small amounts of pathogen DNA were
detected in uninoculated plants. These
plants had 100 to 1000 fold less DNA than
inoculated plants
Figure 1: Severe powdery scab.
Methods
Tissue-cultured plantlets of cv. ‘Gladiator’ (very
resistant to tuber powdery scab) and cv. ‘Iwa’
(very susceptible) were planted into sand/nutrient
solution [3] (Figure 2), and grown in a glasshouse.
t
Plants were either inoculated with S. subterranea
(30,000 sporosori/plant) or left uninoculated, then
harvested at 0, 1, 2, 3, 4 or 6 weeks after inoculation.
The experiment was of randomised block design
with five replicates.
t
Microscopy
2.0
1.5
Root samples were stained, and rated microscopically
for zoosporangium infection (0 = no sporangia, 5 =
heavy infection; Figure 3).
1.0
50 µm
DNA was extracted from freeze dried root tissue (10
mg samples). qPCR was performed using an ITS
probe/primer set (SPO10 GGTCGGTCCATGGCTTGA,
SPO11 GGCACGCCAATGGTTAGAGA, SPOPRO1
CCGGTGCGCGTCTCTGGCTT). Spongospora DNA
was quantified using a standard curve constructed
with plasmid DNA containing the ITS gene.
0.5
0.0
b
0
qPCR
-1
log 10 DNA (ng/ ml)
t
a
Score
t
-2
-3
-4
Iwa uninoculated
Iwa inoculated
Gladiator uninoculated
Gladiator inoculated
-5
-6
0
20 µm
1
2
3
4
5
6
Weeks after Inoculation
Figure 4: Mean Spongospora subterranea zoosporangium scores (a)
and mean amounts of plasmid DNA (b) in roots of two potato cultivars,
from plants either uninoculated or inoculated with S. subterranea.
Bars are LSDs (P = 0.05) between (a) top bar, two means; bottom bar,
a mean and 0: (b) two means.
Conclusions
Figure 2: Glasshouse-grown potato plant.
t
qPCR provided highly sensitive detection of
S. subterranea infection, at least 1 week earlier
than microscopy. qPCR detected very low
levels of infection
t
The pathogen reached maximum infection in
host roots about 3-4 weeks post-inoculation
t
Levels of Spongospora subterranea were
similar in two cultivars with very different
susceptibilities to tuber powdery scab. ‘Iwa’
had approximately twice the amount of
pathogen DNA than ‘Gladiator’
t
qPCR is likely to be useful for studying
epidemiology of diseases caused by S.
subterranea
20 µm
Figure 3: Potato roots with heavy Spongospora subterranea zoosporangium
infection.
References
1. Merz, U. and R.E. Falloon (2009) Potato Research, 52: 17-37.
2. Merz, U. (2008). American Journal of Potato Research 85: 241-246.
3. Falloon, R.E., et al.(2003). Australasian Plant Pathology 32: 377-385.
DMG_07/11_1528
Loreto Hernandez1,2
Ruth Butler1, Tony Conner1,2, Richard Falloon1,2
and Simon Bulman1
loreto.hernandez@plantandfood.co.nz
1
Using environmentally friendly chemicals to induce
plant defence against powdery scab of potato
2
The New Zealand Institute for Plant & Food Research Ltd,
PB 4704, Christchurch 8140, New Zealand
Bio-Protection Research Centre, P.O Box 84,
Lincoln University, Lincoln 7647, New Zealand
www.plantandfood.co.nz
THE NEW ZEALAND INSTITUTE FOR PLANT & FOOD RESEARCH LIMITED
t
t
Spongospora subterranea (powdery scab) severely
harms potato quality and reduces crop yields.
Control methods are costly and rely on soil-applied
pesticides. Natural methods are desired to reduce
effects of this disease.
t
Induced resistance (IR) is part of a plant’s natural
defence system. Studies worldwide aim at utilising
IR to protect plants against diseases.
t
There has been no research done on IR against
powdery scab.
t
We are using quantitative PCR (qPCR) and direct
observation to measure Spongospora in potato
plants treated with !-Aminobutyric acid (BABA),
a chemical that is used for IR.
Severe powdery scab.
Methods
t
Plants of cv. ‘Iwa’ (very susceptible to tuber powdery scab) were grown in a glasshouse.
t
They were treated with different concentrations of BABA, and then inoculated with S. subterranea. Plants
were harvested at 2, 4 or 6 weeks after inoculation. BABA treatments were repeated after each harvest.
t
At harvest, the number of root galls was counted, and root samples were stained for microscopic examination.
t
A new qPCR protocol developed during this PhD was used to measure the quantity of Spongospora in roots.
Potato pot trial.
Potato root galls.
Potato roots with heavy Spongospora subterranea zoosporangium infection.
A molecular detection test has been developed.
Results and discussion
Acknowledgements:
This research is carried out under the Ministry for Science and Innovation
Ecosystems Bioprotection programme. The programme involves
collaboration between Plant & Food Research and The Bio-Protection
Research Centre. Research by Loreto Hernandez is partly supported
by Horticulture New Zealand.
t
BABA decreased Spongospora infection by
more than 50% after 4 weeks.
t
Infection decreased with higher concentrations
of BABA.
t
Efficacy of BABA was dependent on repeated
applications.
t
Our qPCR technique is highly sensitive and
reproducible for measuring plant infection.
t
Further studies will aim to test the effectiveness
of BABA in the field, as an environmentallyfriendly method for control of soilborne diseases.
0.4
Quantity of S. subterranea in roots (ug/uL)
Introduction
0.3
Control
No BABA
BABA 1mM
BABA 2mM
BABA 4mM
0.2
0.1
0.0
2 weeks
4 weeks
Weeks after inoculation
Quantity of Spongospora in roots after BABA treatment.
6 weeks
ȕ-aminobutyric acid induces resistance to Spongospora subterranea infection of potato
M. L. Hernandez-Maldonado1,2, R. E. Falloon1,2, S. R. Bulman1, T. J. Conner1,2 and R. C. Butler1
New Zealand Institute for Plant and Food Research Ltd, PB 4704, Christchurch, New Zealand
2
Bio-Protection Research Centre, P.O Box 84, Lincoln University, Canterbury, New Zealand
Corresponding author: Loreto.Hernandez@plantandfood.co.nz
MATERIALS AND METHODS
Plants of cv. ‘Iwa’ (very susceptible to tuber
infection) were grown in a glasshouse and treated
with different concentrations of BABA. Plants were
inoculated with S. subterranea, and harvested at 2, 4
or 6 weeks after inoculation. In harvested plants,
numbers of root galls were counted. BABA was reapplied to remaining plants at each harvest.
Spongospora DNA in roots was measured using
quantitative PCR, based on a ribosomal internal
transcribed spacer gene (ITS). The EF1Į gene of
potato was also measured as an internal control.
RESULTS AND DISCUSSION
Numbers of root galls were greatly reduced after 6
weeks in plants treated with BABA compared with
untreated plants (Figure 1a). Spongospora DNA in
roots (Figure 1b) decreased in plants treated with
the two greatest BABA concentrations at 4 and 6
weeks after inoculation, with the greatest effect
from the 4mM BABA concentration. The amount
of Spongospora in plants treated with BABA 1mM
greatly increased at 6 weeks after inoculation.
This research demonstrates that BABA can
stimulate resistance to S. subterranea in potato.
Furthermore, our results indicate that induced
resistance in host plants may be a useful as a
method for controlling diseases caused by
plasmodiophorid pathogens. Further studies will
aim to find the mechanisms involved. Practical use
of this phenomenon will require verification in
field experiments.
ACKNOWLEDGEMENTS
This research was funded by the Ministry of Science
and Innovation and Horticulture New Zealand
Ă
Back-transformed mean
INTRODUCTION
Spongospora subterranea is a soilborne biotrophic
cercozoan pathogen, which causes powdery scab of
potato tubers and infects host roots. This disease
harms tuber quality and reduces crop yields,
making it economically important (Merz and
Falloon 2009). Induced resistance (IR) is an active
area of investigation for control of many plant
pathogens (Walling 2001; Walters, et al. 2005).
The non-protein amino acid ȕ-aminobutyric acid
(BABA) elicits systemic resistance in numerous
plants against many pathogens (Jakab et al. 2001;
Cohen 2002). We have investigated effects of
BABA on Spongospora infection of potato, using
quantitative PCR.
2 weeks
4 weeks
6 weeks
1500
1000
500
0
70
ď
Bars are Lsd's 5%
Upper bar for non-zero
comparisons
60
50
Mean
1
40
30
20
10
0
C
0
1
2
4
BABA mM
Figure 1 Mean amounts of Spongospora DNA (a;
back-transformed) and numbers of galls (b) in roots
of potato plants, inoculated with S. subterranea,
then harvested at different intervals, and treated
with different concentrations of BABA.
REFERENCES
Cohen YR. 2002. "beta-aminobutyric acid-induced
resistance against plant pathogens." Plant
Disease 86: 448-457.
Jakab G, V Cottier et al. 2001. "beta-Aminobutyric
acid-induced resistance in plants." European
Journal of Plant Pathology 107: 29-37.
Merz U and RE Falloon 2009. "Review: powdery
scab of potato - increased knowledge of
pathogen biology and disease epidemiology for
effective disease management." Potato Research
52: 17-37.
Walling LL. 2001. "Induced resistance: from the
basic to the applied." Trends in plant science 6:
445-447.
Walters D, D Walsh et al. 2005. "Induced
resistance for plant disease control: Maximizing
the
efficacy
of
resistance
elicitors."
Phytopathology 95: 1368-1373.
Plant Pathology (2012)
Doi: 10.1111/ppa.12015
Spongospora subterranea root infection assessed in two
potato cultivars differing in susceptibility to tuber powdery
scab
M. L. Hernandez Maldonadoab, R. E. Falloonab*, R. C. Butlera, A. J. Connerc and
S. R. Bulmana
a
The New Zealand Institute for Plant & Food Research Limited, Private Bag 4704, Christchurch, 8140; bBio-Protection Research Centre,
Lincoln University, PO Box 84, Lincoln, 7647; and cAgResearch Limited, Private Bag 4749, Christchurch, 8140, New Zealand
Infection by Spongospora subterranea of roots of two potato (Solanum tuberosum) cultivars, either very resistant or
very susceptible to powdery scab on their tubers, was studied in a glasshouse experiment. Plants grown in sand/nutrient
solution culture were inoculated with S. subterranea sporosori 2 weeks after planting. Plant parameters, the intensity
of zoosporangium infection in roots, numbers of Spongospora root galls and amounts of Spongospora DNA in roots,
measured using quantitative PCR (qPCR), were assessed at sequential harvests. Inoculation with S. subterranea reduced
water use (56 days after planting) by 26% in the tuber resistant cultivar compared with uninoculated plants, and by
60% in the susceptible cultivar. Inoculation did not affect growth of the resistant cultivar, nor shoot mass of the susceptible cultivar, but caused a 38% reduction in root mass of the susceptible cultivar. The intensities of zoosporangium
development in both cultivars were similar. The susceptible cultivar had approximately four times more Spongospora
root galls g!1 root mass than the resistant cultivar. Quantitative PCR detected S. subterranea DNA in roots 1 week
after inoculation, and indicated a twofold greater amount of pathogen DNA in roots of the susceptible than the resistant cultivar. This study suggests that the S. subterranea zoosporangium stage in host roots is affected differently by
host resistance factors than the sporosorus (root gall and tuber scab) stages. The study has also demonstrated the usefulness of qPCR for sensitive and consistent detection of S. subterranea across the duration of potato root infection.
Keywords: microscopy, plant growth, quantitative PCR, root galls, water use, zoosporangia
Introduction
Powdery scab of potato (Solanum tuberosum) is caused
by the plasmodiophorid (cercozoan) pathogen Spongospora subterranea f. sp. subterranea. This disease has previously been considered to be harmful mainly to potato
tuber quality (Kole, 1954; Harrison et al., 1997),
because surface lesions on tubers make them unacceptable for fresh supermarket sale, particularly as washed
potatoes. In potatoes grown for processing, powdery
scab-infected tubers require extra skin removal operations. Seed potato lines with powdery scab are downgraded or rejected by growers for establishment of new
crops. Spongospora subterranea is also the vector of the
Potato mop-top virus (Kirk, 2008), which causes internal
damage in tubers (‘spraing’), making them unmarketable.
Furthermore, the pathogen can also harm potato plant
growth and productivity (Falloon et al., 1996, 2004; Lister et al., 2004; Houser & Davidson, 2010). Powdery
scab and S. subterranea have increased in importance
throughout the world where intensive production systems
are used to grow potato crops (Merz & Falloon, 2009).
*E-mail: richard.falloon@plantandfood.co.nz
ª 2012 British Society for Plant Pathology
The S. subterranea life cycle on potato plants begins
when zoospores infect root or stolon epidermal cells
(Harrison et al., 1997; Merz, 1997, 2008). Zoosporangia
of the pathogen then develop before the release of new
zoospores which cause further root and stolon infections.
These infections develop into creamy-white root galls,
which later become brown and filled with many sporosori, each of which contains many resting spores of the
pathogen. A similar process occurs on potato tubers
(modified stolons), where sporosori fill powdery scab
lesions on tubers. Sporosori and the resting spores they
contain are the perennation stage of the pathogen life
cycle, and these can survive in soil for many years. The
life cycle completes when zoospores are released from
resting spores to infect host root cells.
The root stage of infection by S. subterranea has been
relatively little studied compared with tuber infection.
Root infection has been associated with reduced water
use and nutrient uptake, probably through zoosporangium development and zoospore release disrupting membrane selectivity in host epidermal cells (Falloon et al.,
2004). The root infection stage is also very important for
multiplication of the pathogen, both from heavy infestations of root cells by zoosporangia and through root gall
development, which can produce large amounts of rest-
1
2
M. L. Hernandez Maldonado et al.
ing spore (sporosorus) inoculum to be released into soil.
Thus, the root infection stages of the pathogen are
important, both for effects on plant productivity and to
increase soil inoculum for development of powdery scab
(tuber disease) epidemics.
The use of potato cultivars with resistance to powdery
scab is likely to be the most effective and sustainable
method for managing the disease (Falloon et al., 2003;
Falloon, 2008; Merz & Falloon, 2009). To date, no cultivar is known to be completely resistant to powdery
scab on tubers. Furthermore, plant resistance is not similarly expressed in potato roots and tubers (Houser &
Davidson, 2010; Merz et al., 2012), suggesting that resistance in these tissues involves different mechanisms
under different genetic controls (Harrison et al., 1997;
Falloon et al., 2003). The full spectrum of S. subterranea
infection in resistant compared with susceptible potato
cultivars is not well understood, with disease levels typically assessed based on tuber powdery scab or (less frequently) on intensity of root gall formation.
Assessment of S. subterranea root infection has been
achieved by microscopic observation and scoring of zoosporangium infection in epidermal cells, and by visual
assessment (scoring or enumeration) of root galls. An
intensity scale for microscopy of zoosporangium infection was presented by Merz (1989), and a root gall
severity scoring scale has also been outlined (http://www.
spongospora.ethz.ch/LaFretaz/scoringtablegalls.htm). Although both methods effectively measure intensity of
S. subterranea infection, these methods are likely to be
subjective and dependent on observer capability. As in
other plant pathology studies, more objective methods
could be based on molecular technology. Qu et al.
(2006) and Nakayama et al. (2007) used PCR techniques
to quantify S. subterranea infection in roots, demonstrating advantages of increased sensitivity and rapidity for
PCR relative to direct assessment methods.
The present paper reports an experiment where two
potato cultivars with markedly different susceptibilities
to powdery scab on tubers were grown under controlled
glasshouse conditions, and S. subterranea infection of
their roots was measured using direct observation and
quantitative PCR (qPCR) technology. The experiment
aimed to: (i) quantify the progression of S. subterranea
throughout root infection, (ii) measure and quantify the
relative susceptibility of the two cultivars to root infection by the pathogen, and (iii) assess the validity of using
qPCR for detection and monitoring of the early stages of
host infection by the pathogen.
Materials and methods
partment where temperature was maintained at 18°C (" 2°C),
with supplementary lighting (mercury lamps) to give daily cycles
of 16 h light and 8 h dark. The sand in the pots was irrigated
(by weight) to 90% of pot water holding capacity with nutrient
solution (Falloon et al., 2003) and then irrigated to this amount
between 08#00 and 09#00 h each Monday, Wednesday and Friday for the 56-day duration of the experiment. Pots were taken
to a separate bench area in the greenhouse compartment for
weighing and irrigation. Pots containing sand but without plants
were included in the experimental design and also irrigated to
90% pot water holding capacity at each irrigation time. These
were used for determination of amounts of nutrient solution
used (‘water use’) by the plants.
Daily water use by plants
Water use for each plant was determined at each irrigation by
subtraction of the weight of pots without plants from that for
pots with plants. This was converted to ‘water use’ (g per day)
using the numbers of days between the respective irrigations.
Total pot weights were adjusted after each harvest (below) to
allow for plant fresh weights.
Inoculation with Spongospora subterranea
Plants were grown for 2 weeks. Half of them were then inoculated with 10 mL of a standardized suspension of S. subterranea
sporosori in nutrient solution. This applied 20 000 sporosori per
plant, calculated as equivalent to 9#4 9 106 resting spores per
plant (Falloon et al., 2011). The sporosori were obtained by
scraping dry powdery scab lesions from field-grown tubers of
cv. Agria potato and collecting sporosori after passage through
a sieve (80 lm mesh).
Harvest of plants
Predesignated plants in the experiment were harvested on six
occasions, at 0, 1, 2, 3, 4 and 6 weeks after inoculation. Roots
and shoots of each plant were separated at the sand surface
level, and fresh and dry weights were determined.
Experimental design
In total, 24 treatment combinations were applied in the experiment, comprising the two potato cultivars, two S. subterranea
sporosorus inoculation treatments (uninoculated or inoculated),
and the six harvests. Five replicates of these combinations were
laid out in a 5 9 24 grid across two adjacent benches in the
greenhouse compartment, using a randomized block design,
where one row of 24 pots was a replicate. Two pots without
plants were included within each replicate for water use determination (above).
Severity of root infection by Spongospora subterranea
Intensity of zoosporangium infection
Plant growth
Two-week-old tissue cultured plantlets of the S. tuberosum cultivars Gladiator (very resistant to tuber powdery scab) and Iwa
(very susceptible; Falloon et al., 2003) were planted into coarse
river sand (1–2 mm grade) in 680 mL capacity plastic pots without drainage holes. The pots were placed in a greenhouse com-
A small sample (c. 0#1 g) of fresh roots was stained for 2 min in
0#1% trypan blue in lactophenol (Waller et al., 2002) and then
stored in sterile reverse osmosis (RO) water. Assessment of
S. subterranea zoosporangium infection of root epidermal
(including root hair) cells was carried out for samples of 10 root
segments (each c. 10 mm long) from each plant, using a compound microscope (9 200 magnification, and confirmation of
Plant Pathology (2012)
Spongospora in potato roots
infection at 9 400 or 9 1000 magnification). Intensity of zoosporangium infection in each root segment was assessed using
the following six point score: 0 = no zoosporangia; 1 < 10%
root hair cells containing zoosporangia; 2 = 10–20% of root
hairs infected; 3 = 21–40% of root hairs infected; 4 = 41–60%
of root hairs infected; and 5 $ 60% of cells infected. Scores
were applied by comparison with micrographs (9 200 magnification) of 0#9 mm lengths of roots representing each of the six
scores.
Severity of root galling
The total numbers of S. subterranea root galls on each plant
were counted at each harvest. Numbers of root galls g!1 root
dry weight were also determined, to account for differences in
root mass between the two cultivars.
Spongospora subterranea DNA quantification in roots
DNA extraction
The root system of each plant was freeze-dried, then cut into
small pieces and mixed to obtain a homogenized sample.
Approximately 10 mg of each sample was disrupted with steel
beads and DNA was extracted using a CTAB method (Russell
& Bulman, 2005). DNA samples were resuspended with 10 mM
Tris-HCl elution buffer (pH 8#5). The quantity and quality of
DNA was checked by gel electrophoresis.
Quantitative PCR
A ribosomal internal transcribed spacer (ITS) probe/primer
set, primers SPO10 (5′- GGTCGGTCCATGGCTTGA-3′) and
SPO11 (5′- GGCACGCCAATGGTTAGAGA-3′), TaqMan probe
SPOPRO1 (5′ FAM-CCGGTGCGCGTCTCTGGCTT-BHQ 3′),
was used to detect S. subterranea. The primer/probe set was
designed using PRIMER EXPRESS v. 3.0 (Applied Biosystems). qPCR
reactions (1 lL of DNA in 20 lL of reaction) were completed
in an ABI StepOnePlus machine. Yields of DNA appeared
consistent when measured by gel electrophoresis (not shown).
Triplicate reactions were used for all samples and standards. A
non-template control (NTC) was added to each plate. qPCR
was carried out in a 40 cycle run (95°C for 15 s, 60°C for 20 s
and 72°C for 20 s). To further test the accuracy of the measurements, four complete sets of qPCR repeats were carried out for
each sample (i.e. a total of 12 replicates per sample).
Amounts of Spongospora DNA in samples were calculated by
an absolute quantification technique, using a standard curve
constructed from plasmid DNA containing the S. subterranea
ITS gene. To obtain the plasmid, a copy of the S. subterranea
ITS gene was amplified by PCR, using the primers ITS5 and
ITS26 (Bulman & Marshall, 1998), then cloned using the TOPO
TA Cloning Kit (Invitrogen). The correct insert was identified by
PCR and DNA sequencing, then the plasmid was purified using
the Plasmid Mini Kit (QIAGEN).
A standard curve was constructed from tenfold dilutions of
the plasmid, ranging from a concentration of 4#7 9 10!5 to
4#7 9 10!1 ng lL!1. From these regressions, the efficiency factor (Eff) was calculated as Eff = 10!1/slope. It was found to
range from 1#83 to 2#04.
Statistical analysis
Water use over time was first explored graphically, and formal
analysis of water use was carried out for the data at 56 days.
A mean zoosporangium score was calculated for each plant.
Plant Pathology (2012)
3
When root galls were not observed at individual harvests,
these data were excluded from the statistical analysis to avoid
underestimating variation. To stabilize the variances, numbers
of root galls and numbers of root galls g!1 root dry weight
were square root transformed, and estimated DNA quantities
were log transformed before analysis. Data were analysed with
analysis of variance, including contrasts to compare between
cultivars, inoculation treatments, harvests (except for water
use) and interactions between these factors. All statistical analyses were carried out with GENSTAT (GenStat Committee,
2010).
Results
Water use
At 56 days after planting, cv. Gladiator plants were
using approximately four times the amount of water
(mean = 8#23 g per day) of cv. Iwa plants (2#52 g per
day; P = 0#001). Water use by plants inoculated with
S. subterranea was less than for uninoculated plants
(P = 0#088). Mean water use by uninoculated Gladiator
plants at the end of the experiment was 9#47 g per day,
while that for the inoculated plants (42 days after inoculation) was 6#98 g per day (26% reduction due to inoculation). Mean water use by uninoculated Iwa plants at
the same time was 3#59 g per day, and for inoculated
plants was 1#45 g per day (60% reduction due to inoculation).
Plant parameters
Mean shoot dry weights increased through the sequential
harvests (P < 0#001), as expected. Mean shoot dry
weight of each cultivar was similar for uninoculated and
inoculated plants (P > 0#10). Shoot dry weight was
greater for Gladiator than for Iwa (P = 0#021). Mean
root dry weights also increased through the sequential
harvests (P < 0#001), and were similar for both cultivars
and for the two S. subterranea inoculation treatments at
all harvests (P > 0#1). However, at the final harvest an
effect of inoculation on Iwa plants was indicated. The
inoculated plants had a mean root dry weight of 0#56 g,
compared with that of 0#91 g for uninoculated plants.
Root infection by Spongospora subterranea
Intensity of zoosporangium infection
Low incidences of zoosporangium infections were
observed in a few uninoculated plants at 4 and 6 weeks
for Gladiator, and 3, 4, and 6 weeks for Iwa (Fig. 1).
For plants inoculated with S. subterranea, zoosporangia were first observed in plants 1 week after inoculation, but infection was rare at this stage. Mean
zoosporangium scores were very similar in both cultivars,
reaching a maximum at 3 weeks after inoculation
(Fig. 1). Zoosporangium numbers decreased in both cultivars at later harvests, 4 and 6 weeks after inoculation
for Gladiator and 6 weeks for Iwa.
M. L. Hernandez Maldonado et al.
4
Zoosporangia were obvious in root epidermal cells as
multicelled structures (Fig. 2a,b). Under high magnification, tetrads of heavily stained subunits were obvious
within individual units in zoosporangia (Fig. 2b). These
tetrads have been shown to be four zoospores (Clay &
Walsh, 1990). At the later harvests, many root epidermal cells in these plants contained zoosporangia (with
zoospores; Fig. 2b,c), but some zoosporangia were free
of cell contents (Fig. 2d,e), indicating that their zoospores had been released. Occurrence of empty zoosporangia was accompanied by reduction in mean severity
score (Fig. 1) at the later harvests, 4 and 6 weeks after
inoculation.
Numbers of root galls
No root galls were observed on any of the uninoculated
plants at any harvest (Fig. 3). For Iwa, galls were
observed on roots of the S. subterranea inoculated plants
3 weeks post-inoculation, and for Gladiator, 4 weeks
post-inoculation. At the later harvests (3 to 6 weeks post
inoculation), Iwa had approximately four times more
root galls g!1 root dry weight than Gladiator
(P < 0#001, Fig. 3b).
Quantification of S. subterranea DNA using qPCR
Quantitative PCR detected small amounts of S. subterranea DNA in roots at 1 week after inoculation (Fig. 4).
Amounts of DNA increased with harvest time for all
plants (P < 0#001 for the overall effects of harvests), but
the amount of DNA in roots of the uninoculated plants
was substantially less (P < 0#001) than in the plants inoculated with S. subterranea sporosori throughout the
experiment. Amounts of pathogen DNA reached maxima
in both cultivars at 4 weeks and then slightly decreased
Mean score
2·0
1·5
1·0
0·5
0·0
1
2
3
4
6
Time (weeks)
Iwa uninoculated
Iwa inoculated
Gladiator uninoculated
Gladiator inoculated
Figure 1 Mean zoosporangium intensity scores for roots of the potato
cultivars Gladiator and Iwa, which were either uninoculated or
inoculated with sporosori of Spongospora subterranea and harvested
at 1 week intervals up to 6 weeks after inoculation. Bars indicate LSDs
(P = 0#05, d.f. = 54); upper bar to compare non-zero means, lower bar
to compare zero with non-zero means.
at 6 weeks after inoculation. Iwa had approximately
twice the amount of S. subterranea DNA in roots compared with Gladiator at 3, 4 and 6 weeks after inoculation (Fig. 4b). However, differences between cultivars
were not statistically significant (P = 0#858).
Discussion
This study has used conventional and molecular methods
for determining intensity of S. subterranea infection of
two potato cultivars. The cultivars were chosen to represent opposite ends of the spectrum of susceptibility to
powdery scab on tubers. Inoculation with S. subterranea
caused reduced water uptake in both cultivars, but this
effect was greater for cv. Iwa (very susceptible to tuber
disease) than for cv. Gladiator (very resistant). This suggests that intensity of root infection (which causes
reduced root function) may not be directly related to
tuber infection. Shah et al. (2012) recently demonstrated
that reduced water use by Iwa was related to the amount
of Spongospora inoculum in soil. Other plant characteristics may affect root function during S. subterranea
infection, including root form, mass or absorptive capacity.
Quantitative PCR has been used quite widely for the
quantification of S. subterranea in soil (van de Graaf
et al., 2003; Brierley et al., 2009), but only rarely to
track S. subterranea infection in plants (van de Graaf
et al., 2007). In the present study, qPCR detected DNA
of the pathogen in roots 1 week after inoculation, and
small numbers of zoosporangia were subsequently
directly observed in samples from the same time points.
Merz (1997) reported that tomato (Solanum lycopersicum) roots exposed to S. subterranea sporosorus inoculum in a laboratory bioassay became infected by
zoospores within 5 h of exposure, demonstrating that
the first stages of infection can occur very quickly in suitable conditions. In a similar bioassay, Qu et al. (2006)
detected S. subterranea by PCR in tomato and tobacco
(Nicotiana debneyi) roots at 2 days after inoculation.
The present study further emphasizes the ability of the
pathogen to develop rapidly and multiply in host root
epidermal cells at the zoosporangium stage.
The two cultivars in this experiment had similar
amounts of S. subterranea zoosporangium development
in root epidermal cells, as indicated by zoosporangium
severity scores. Intensity of zoosporangium infection
increased to a maximum at 3 to 4 weeks after inoculation in both cultivars, indicating that the pathogen was
probably completing secondary cycles of infection, from
zoospores released from zoosporangia. Zoosporangium
infection in the two cultivars contrasts to their relative
susceptibilities to tuber powdery scab. Furthermore, Falloon et al. (2003) detected a much greater difference in
numbers of zoosporangia in roots of these two cultivars
than was detected in the present study. This indicates
that zoosporangium counts alone may not be reliable for
determining cultivar or variety differences in susceptibility to the pathogen.
Plant Pathology (2012)
Spongospora in potato roots
5
(a)
(b)
(c)
(e)
(d)
Figure 2 Micrographs of zoosporangia in stained roots of potato plants (cv. Iwa), grown in sand/nutrient solution and inoculated with Spongospora
subterranea sporosori. (a) Root with heavily infected root hairs (severity score 4; see text), 4 weeks after inoculation; (b) root surface cells with
zoosporangia, 4 weeks after inoculation; (c) root hair with zoosporangium, 4 weeks after inoculation; (d) and (e) root epidermal cells with
zoosporangia that have released zoospores, 6 weeks after inoculation.
In contrast, amounts of S. subterranea DNA measured
with qPCR and counts of Spongospora root galls on root
systems indicated a divergence between the cultivars with
increasing time after inoculation. As with the zoosporangium assessments, gall counts and qPCR also showed
maximum infection at 3–4 weeks post-inoculation. However, unlike zoosporangium severity assessments, gall
counts and qPCR both indicated greater infection in Iwa
than in Gladiator. The difference was especially pronounced for numbers of root galls, with gall formation
occurring later, and reaching only about 20% of the
numbers in Gladiator compared with Iwa. Quantitative
PCR demonstrated that there was approximately twice
the amount of Spongospora DNA present in roots of Iwa
than in Gladiator. Thus, the measured amounts of DNA
appeared to increase in concert, both with increasing
density of zoosporangium infection of root epidermal
cells 2–3 weeks after inoculation, and with later formation of root galls 3–4 weeks after inoculation. Amounts
of DNA increased most sharply at the time of gall formation, when the total numbers of Spongospora cells
would be expected to be greatest. Overall, integration of
qPCR into this glasshouse experiment allowed improved
Plant Pathology (2012)
temporal tracking of total pathogen in roots, compared
with the more traditional root infection assessments
using zoosporangium and gall counts.
The evidence here points to similar amounts of primary infection (zoosporangium development) in the
two cultivars, but a divergence between the cultivars at
later stages, possibly during secondary infection cycles
and definitely at root gall formation. Gladiator was
earlier classified as ‘very resistant’ to tuber disease and
among the most resistant to powdery scab of a large
number of cultivars assessed, while Iwa was classified
as ‘very susceptible’ and among the more susceptible
of the cultivars (Falloon et al., 2003; Genet et al.,
2011). Root galling is a precursor to sporosorus development in S. subterranea, and is probably similar to
the development of powdery scab lesions on tubers.
Galls are often observed in the early stages of pathogen development on tubers (sometimes described as the
‘cauliflower’ symptom). It therefore follows that root
galling and tuber powdery scab may be closely related
stages of development of the pathogen, but occurring
on different plant organs. Similar zoosporangium infection in the two cultivars but a different transition to
10
100
8
50
6
25
4
10
5
2
0
0
0
1
2
3
4
Mean DNA amounts (log10 ng µL–1)
12
(a)
0
(a)
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–2
–3
–4
–5
–6
6
0
16
(b)
200
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150
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100
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25
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Time (weeks)
Iwa uninoculated
Iwa inoculated
2·0
Back-transformed means
250
Mean number of galls (transformed)
Mean number of galls (back-transformed) Mean number of galls (back-transformed)
150
Mean number of galls (transformed)
M. L. Hernandez Maldonado et al.
6
Figure 3 (a) Mean numbers of root galls per plant, and (b) mean
numbers of root galls g!1 root dry weight, for potato plants of cvs
Gladiator and Iwa, either uninoculated or inoculated with Spongospora
subterranea and harvested at 1 week intervals up to 6 weeks after
inoculation. Bars indicate LSDs (P = 0#05, d.f. = 16), lower bar
uninoculated, upper bar inoculated.
gall formation is consistent with prior plasmodiophorid
research showing apparent onset of resistance at this
point in the pathogen cycle. For example, several plasmodiophorid species can perform primary infection of
plants other than their usual hosts, but these infections
do not proceed to full-scale secondary infection (Ludwig-Muller et al., 1999; Desoignies et al., 2010). In the
case of S. subterranea, some atypical hosts such as
tomato rarely or never develop the sporosorus (resting
spore) stage of the pathogen, but can become heavily
infected with zoosporangia (Merz, 1989; Andersen
et al., 2002; Qu & Christ, 2006). It is possible that
infecting plasmodiophorids become more affected by
host defence systems in the transition from epidermal
to cortical infection. Alternatively, plasmodiophorids
may only be capable of successfully subverting the
growth regulatory systems of host cells in certain plant
–plasmodiophorid combinations. These continue to be
matters of speculation while studies of the resistance
mechanisms of potato cultivars to Spongospora remain
at a very early stage (Baldwin et al., 2008).
Having made the case that root galling and tuber powdery scab formation are similar in Iwa and Gladiator, in
2
3
4
6
1·5
1·0
0·5
0·0
0
Gladiator uninoculated
Gladiator inoculated
1
(b)
1
2
3
4
6
Time (weeks)
Iwa uninoculated
Iwa inoculated
Gladiator uninoculated
Gladiator inoculated
Figure 4 Mean amounts (ng lL!1) of Spongospora subterranea DNA
detected using qPCR in roots of cvs Gladiator and Iwa, which were
either uninoculated or inoculated with sporosori of Spongospora
subterranea and harvested at 1 week intervals up to 6 weeks after
inoculation. (a) Log10 transformed means; bar indicates LSD (P = 0#05,
d.f. = 92); (b) back-transformed means.
some potato cultivars this relationship is poor (Falloon
et al., 2003; Merz et al., 2012). The genetics of host
resistance to S. subterranea is therefore likely to be complex, and may be under different genetic control for the
different phases of the infection and pathogen development (zoospore penetration of root cells, zoosporangium
development, root gall formation or tuber powdery
scab). The cellular and biochemical mechanisms of sporosorus formation by plasmodiophorids remain to be elucidated.
In the present study, qPCR provided earlier detection
of S. subterranea infection than microscopic examination
of zoosporangia, and also detected low amounts of infection in uninoculated plants, which was only later confirmed by detailed microscopic observations of roots.
The uninoculated plants had very low mean zoosporangium severity scores, small amounts of S. subterranea
DNA and no root galls, indicating that cross-contamination was slight. Anecdotal reports indicate that such contamination of uninoculated plants is a frequent and
ongoing problem in Spongospora experiments. This contamination occurred despite the general protocols for
Plant Pathology (2012)
Spongospora in potato roots
carrying out the glasshouse experiment being designed to
prevent cross-contamination between plants. If the contamination derived from aerosols within the glasshouse,
then elimination of this problem may be difficult if uninoculated pots continue to be placed in close proximity to
other treatments because of the requirement to use statistically valid experimental designs.
Traditional methods for assessing Spongospora infection, such as microscopic enumeration of zoosporangia
and counts of root galls, are labour intensive, require
significant experience, and are likely to be subject to
variation between users (van de Graaf et al., 2003).
Quantitative PCR requires no specific experience with
Spongospora and results/protocols are comparatively
easy to benchmark with those of other laboratories.
The present study has demonstrated several advantages
of qPCR measurements, including an ability to use a
single technique across the duration of the infection
period, and detection of low amounts of infection (and
contamination) that might otherwise have not been
detected in uninoculated samples. To the authors’
knowledge, this is the first use of qPCR to monitor
the Spongospora infection process in potato cultivars
of differing resistance characteristics. New processes
are presented for sample preparation and DNA extraction that produce consistent measurements of Spongospora in potato roots. With further optimization and
streamlining, these techniques may be integrated into
wider screenings of potato breeding material. Nevertheless, the two-fold difference in amounts of S. subterranea DNA in roots was not statistically significant. It is
noteworthy that it is often difficult to demonstrate a
two-fold difference in DNA using qPCR, and many
studies rely on detection of larger fold changes. More
rigorous experimental technique will be required to
estimate infection of different potato cultivars, when
differences in DNA amounts are small.
Acknowledgements
Discussion with Dr Alison Lees helped to initiate this
study. The research was carried out with financial support from the Ministry of Science and Innovation (Programme LINX0804), and Horticulture New Zealand. Dr
Farhat Shah provided assistance in this study. The
authors declare no conflict of interest.
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