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Memorial Descritivo,
de Cálculo,
Orçamento
_____________________________________ Versão 6
Valnei José Beckhauser
Responsável Técnico
Projeto do SISTEMA DE ESGOTAMENTO SANITÁRIO do loteamento Master
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Plan e rua Carlos Roberto Schramm, Bairro Margem Esquerda/Gaspar-SC
ÍNDICE ANALÍTICO
1 CONSIDERAÇÕES INICIAIS ____________________________ _____________ 6
2 JUSTIFICATIVA DE IMPLANTAÇÃO DO EMPREENDIMENTO _________ 7
3 EMPREENDEDOR E RESPONSÁVEL TÉCNICO DO PROJETO __________ 8
3.1 IDENTIFICAÇÃO DO EMPREENDEDOR ___________________________ 8
3.2 IDENTIFICAÇÃO DO RESPONSÁVEL PELO PROJETO BÁSICO ______ 8
4 DADOS DO PROJETO _______________________________________________ 8
4.1 SOBRE O MUNICÍPIO DE GASPAR ________________________________ 8
4.2 ÁREA DE INTERVENÇÃO ________________________________________ 9
4.3 PERÍODO DE PROJETO_________________________________________ 10
4.4 POPULAÇÃO DE PROJETO______________________________________ 11
4.4.1 POPULAÇÃO BASE – ANO 2014 _______________________________ 11
4.4.2 POPULAÇÃOALCANCE DO PROJETO – ANO 2034 _______________ 12
5 PARÂMETROS DE PROJETO P/ SISTEMA DE COLETA E TRANSPORTE
DE ESGOTO SANITÁRIO _______________________________________________ 14
5.1.1 ÍNDICE DE ATENDIMENTO ___________________________________ 14
5.1.2 COEFICIENTE DE RETORNO (C)_______________________________ 14
5.1.3 CONSUMO MÉDIO PER CAPITA (Q) ___________________________ 14
5.1.4 COEFICIENTES DE VARIAÇÃO DE VAZÃO _____________________ 14
5.1.5 TAXA DE CONTRIBUIÇÃO DE INFILTRAÇÃO (TINF) ____________ 15
5.1.6 TAXA DE CONTRIBUIÇÃO LINEAR (TXI,F) _____________________ 15
5.1.7 VAZÃO MÍNIMA ____________________________________________ 15
5.1.8 DIÂMETRO MÍNIMO DE PROJETO _____________________________ 15
5.1.9 VELOCIDADE MÁXIMA/MÍNIMA DE RECALQUE _______________ 15
5.1.10 DECLIVIDADE MÍNIMA DO SISTEMA COLETOR ________________ 16
5.1.11 DECLIVIDADE MÁXIMA DO SISTEMA COLETOR _______________ 16
5.1.12 LÂMINA MÁXIMA ___________________________________________ 16
5.1.13 TEMPO DE DETENÇÃO MÁXIMO (EM ELEVATÓRIAS) __________ 16
5.1.14 INTERVALO MÍNIMO DE LIGAÇÕES DO CONJUNTO MOTO-BOMBA
____________________________________________________________ 16
5.1.15 PREMISSAS BÁSICAS ADOTADAS NO PROJETO _____________ ___ 17
6 PARÂMETROS DE PROJETO P/ SISTEMA DE TRATAMENTO DE
ESGOTO SANITÁRIO __________________________________________________ 18
7 CÁLCULO DAS VAZÕES DE ESGOTO ________________________________ 19
8 CONCEPÇÃO DO SISTEMA PROPOSTO _____________________________ 22
9 DIMENSIONAMENTO DO SISTEMA DE COLETA DE ESGOTO
SANITÁRIO ___________________________________________________________ 23
Projeto do SISTEMA DE ESGOTAMENTO SANITÁRIO do loteamento Master
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Plan e rua Carlos Roberto Schramm, Bairro Margem Esquerda/Gaspar-SC
ÍNDICE DE FIGURAS
ÍNDICE DE TABELAS
1 CONSIDERAÇÕES INICIAIS
Desde que foi concluído, foi iniciada a captação de recursos para a viabilização da
implantação.
Site: www.gaspar.sc.gov.br/
CEP: 88.075-500
e-mail: valnei.valnei@gmail.com
Responsável Técnico:
______________________________
Eng. Valnei José Beckhauser
CREA(SC) 17.277-8
sua proximidade são: Blumenau, a Oeste, distante 15km pela rodovia SC-470; e Brusque, a
Sudeste, distante 24 km pela rodovia SC-411.
Situado no Bairro Margem Esquerda, sendo que o loteamento Master Plan está ao
lado da BR 470, lado direito sentido Blumenau Gaspar e a rua Carlos Roberto Schramm
está entre o Loteamento Master Plan e a margem esquerda do Rio Itajaí Acú, o qual corta a
município de Gaspar.
O loteamento Master Plan foi iniciado no ano de 2010. Embora a obra não está
totalmente concluída do ponto de vista de toda infra-estrutura, as famílias a serem
Projeto do SISTEMA DE ESGOTAMENTO SANITÁRIO do loteamento Master
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Plan e rua Carlos Roberto Schramm, Bairro Margem Esquerda/Gaspar-SC
A rua Carlos Roberto Schramm, localizada entre o loteamento Master Plan e o rio
Itajaí Açu, também será atendida, desde a confluência com a BR 470, até 1.800 m no
sentido centro.
Figura 0.2 – Imagens da situação atual do Loteamento Master Plan ea rua Carlos Roberto Schramm
A população base (ano 2016) utilizada para as projeções futuras foi obtida
considerando os dados fornecidos pela Prefeitura Municipal de Gaspar, baseada nas
unidades edificadas e a serem executadas, nos módulos de apartamentos a serem
construídos, na unidade educacional que está sendo construída, todos no loteamento
Master Plan. A rua Carlos Roberto Schramm também será atendida contabilizando as
residências existentes e projeção futura.
O percapita aluno é de 30,0 L/aluno x dia. Como o percapita do projeto para a população é
de 150 L/hab.dia, o equivalente populacional de alunos será: Pop equivalente = 30/150 x
200 = 40 habitantes.
O equivalente populacional irá fazer parte da população do loteamento Master Plan, de
forma que o mesmo terá atualmente 280 + 40 = 320 habitantes.
A população futura (ano 2037) foi obtida considerando a ocupação das unidades
edificadas, das unidades a serem edificadas pertencentes ao loteamento Master Plan, os
alunos da unidade educacional e os moradores da rua Carlos Roberto Schramm,
considerando esta com duas vezes a população atual, em função de não haver dados
censitários exclusivos para a rua em questão.
Considerado como sendo a quantidade de água utilizada por dia, em média, por um
habitante, adotar-se-á neste projeto o consumo médio per capita igual a 150 l/habitante.dia.
Inicial Final
K 2 * Qméd .i K 1 * K 2 * Qméd . f
Txi = + Tinf Txf = + Tinf
Li Lf
A vazão mínima de dimensionamento de cada trecho de rede coletora será 1,50 L/s.
A declividade mínima a ser adotada deverá proporcionar uma tensão trativa não
inferior a 0,60 Pa, calculada para a vazão inicial de conformidade com a Norma NBR
14.486/2000. Esta Norma se refere a tubulação de PVC específica para esgotamento
sanitário prescrita pela Norma 7362-1
A declividade máxima admissível é aquela cuja velocidade, para final de plano, seja
inferior a 5,0 m/s.
Vc = 6 * g * Rh
onde:
Vc = Velocidade crítica
g = Aceleração da gravidade (m/s2)
Rh = Raio Hidráulico (m)
o afastamento máximo entre os PV's foi limitado pelo alcance dos equipamentos
de desobstrução, em torno de 100 metros.
Projeto do SISTEMA DE ESGOTAMENTO SANITÁRIO do loteamento Master
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Plan e rua Carlos Roberto Schramm, Bairro Margem Esquerda/Gaspar-SC
C * Pi * q i
Qméd ,i =
86.400
K 1 * K 2 * C * Pi * qi
Qmáx.h,i =
86.400
K 3 * C * Pi * q i
Qmín,i =
86.400
C * Pf * q f
Q méd , f =
86 .400
K 1 * C * Pf * q f
Q máx .d , f =
86 .400
K 1 * K 2 * C * Pf * q f
Q máx .d , f =
86 .400
K 3 * C * Pf * q f
Q mín , f =
86.400
Onde:
(hab) % (hab) l/s l/s l/s l/s l/s l/s l/s l/s l/s
m
TOTAL
2.014 572 100 572 0,79 0,40 0,95 1,43 3.496 0,35 1,14 0,75 1,30 1,78
2.034 1.292 100 1.292 1,79 0,90 2,15 3,23 3.496 0,35 2,14 1,25 2,50 3,58
2.014 147 100 147 0,20 0,10 0,25 0,37 1.522 0,15 0,36 0,25 0,40 0,52
2.034 294 100 294 0,41 0,20 0,49 0,74 1.522 0,15 0,56 0,36 0,64 0,89
Cada Bacia possuirá uma Estação Elevatória. A bacia B os esgotos gerados serão
lançados no trecho 001-001 da bacia A e os esgotos da bacia C serão lançados do trecho
009-001 também da bacia A, e a EE A irá recalcar todos os esgoto gerado para a ETE. A
EE-A será construído junto ao terreno da ETE.
O tratamento dos esgotos gerados serão tratados na ETE a ser construída em área
próximo ao loteamento Master Plan. A ETE será pré-fabricada, com vazão para atender a
demanda de toda a área. A mesma tratará o esgoto gerado na área por processo biológico
aeróbio. As etapas mínimas de tratamento serão:
o Chegada de esgoto;
o Gradeamento;
o Retenção de areia;
o Medição de esgoto;
o Aeração;
o Decantação secundária;
o Desinfecção;
o Desidratação do lodo; e
o Destino final dos esgotos tratados.
Projeto do SISTEMA DE ESGOTAMENTO SANITÁRIO do loteamento Master
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Plan e rua Carlos Roberto Schramm, Bairro Margem Esquerda/Gaspar-SC
K 2 * Q méd .i
T xi = + Tinf
Li
K 1 * K 2 * Qméd . f
Txf = + Tinf
Lf
Onde:
Txi;xf : vazão de esgoto doméstico em litros por segundo e por metro de coletor;
Anterior ao poço de sucção das bombas, esta sendo previsto poço destinado a
retenção de areia e retenção dos sólidos grosseiros. O material retido, quando das
atividades da rotina operacional da unidade, deverá ser retirado através de caminhão limpa
fossa, e transportado para local adequado.
9.3 FUNCIONAMENTO
As estações foram concebidas para operar com sensor de nível, sendo a bomba
acionada quando o nível do líquido atingir o nível máximo do poço de sucção e desligada
somente quando for atingido o nível mínimo. As bombas deverão ser trocadas
semanalmente para não haver problemas de travamento do rotor pela oxidação.
Projeto do SISTEMA DE ESGOTAMENTO SANITÁRIO do loteamento Master
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Plan e rua Carlos Roberto Schramm, Bairro Margem Esquerda/Gaspar-SC
D = 1,2 Q
,
sendo Q = 3,58 l/s = 0,00358 m³/s
D = 1,2 0,00358
D = 0,072 m
Tabela 9.3 – Perda de Carga no barrilete de recalque: Tubos e conexões em ferro galvanizado
H Hdistribuída = 1,04
γ * Q * Hm
P=
75 *η
Sendo:
Hm = 10,97 m.c.a.
Potência: 4,00 CV
Q xT
V = ,
4
0,22 x 10
V = = 0,54 m ³
4
c) Dimensões do poço
O poço será construído com anéis de concreto armado, tipo macho e fêmea, com
diâmetro interno de 1,5 m, altura útil de 0,50 m e volume útil de 0,88 m³.
Ve
Td =
Qm
Projeto do SISTEMA DE ESGOTAMENTO SANITÁRIO do loteamento Master
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Plan e rua Carlos Roberto Schramm, Bairro Margem Esquerda/Gaspar-SC
Sendo:
Qm = vazão média afluente à elevatória em 2016 (m³/min) = 1,65 l/s = 0,10 m³/min
e) Número de partidas
V V
T= +
Q Q − Qa
Sendo:
D = 1,2 Q
,
sendo Q = 1,67 l/s = 0,00167 m³/s
D = 1,2 0,00167
D = 0,049 m
Para garantir velocidade igual ou maior do que 0,60 m/s, o recalque da bomba
deverá ser de 0,00167 m³/s = 1,67 L/s.
Projeto do SISTEMA DE ESGOTAMENTO SANITÁRIO do loteamento Master
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Plan e rua Carlos Roberto Schramm, Bairro Margem Esquerda/Gaspar-SC
Tabela 9.7 – Perda de Carga no barrilete de recalque: Tubos e conexões em ferro galvanizado
H Hdistribuída = 8,14
γ * Q * Hm
P=
75 *η
Sendo:
Hm = 5,31 m.c.a.
Potência: 2,00 CV
Q xT
V = ,
4
0,10 x 10
V= = 0,25 m ³
4
• Dimensões do poço
O poço será construído com anéis de concreto armado, tipo macho e fêmea, com
diâmetro interno de 1,0 m, altura útil de 0,50 m e volume útil de 0,39 m³.
Projeto do SISTEMA DE ESGOTAMENTO SANITÁRIO do loteamento Master
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Plan e rua Carlos Roberto Schramm, Bairro Margem Esquerda/Gaspar-SC
Ve
Td =
Qm
Sendo:
Qm = vazão média afluente à elevatória em 2014 (m³/min) = 0,46 l/s = 0,03 m³/min
• Número de partidas
V V
T= +
Q Q − Qa
Sendo:
D = 1,2 Q
,
sendo Q = 1,67 l/s = 0,00167 m³/s
D = 1,2 0,00167
D = 0,049 m
Para garantir velocidade igual ou maior do que 0,60 m/s, o recalque da bomba
deverá ser de 0,00167 m³/s = 1,67 L/s.
Projeto do SISTEMA DE ESGOTAMENTO SANITÁRIO do loteamento Master
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Plan e rua Carlos Roberto Schramm, Bairro Margem Esquerda/Gaspar-SC
Tabela 9.11 – Perda de Carga no barrilete de recalque: Tubos e conexões em ferro galvanizado
H Hdistribuída = 1,22
Sendo:
Hm = 4,81 m.c.a.
n = eficiência do conjunto = 45 %
Potência: 1,50 CV
Q xT
V = ,
4
0,10 x 10
V= = 0,25 m ³
4
• Dimensões do poço
O poço será construído com anéis de concreto armado, tipo macho e fêmea, com
diâmetro interno de 1,0 m, altura útil de 0,50 m e volume útil de 0,39 m³.
Projeto do SISTEMA DE ESGOTAMENTO SANITÁRIO do loteamento Master
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Plan e rua Carlos Roberto Schramm, Bairro Margem Esquerda/Gaspar-SC
Ve
Td =
Qm
Sendo:
Qm = vazão média afluente à elevatória em 2014 (m³/min) = 0,21 l/s = 0,01 m³/min
• Número de partidas
V V
T= +
Q Q − Qa
Sendo:
A concepção proposta para a ETE foi definida visando à depuração dos esgotos de
origem exclusivamente doméstica, sendo previstos a implantação de Tanque de Pré-
Sedimentação, Remoção de Gordura e Equalização, seguido de Reator Aeróbio de Lodos
Ativados, Decantação Secundária e Desinfecção Final.
Esgoto TQ Pré-Sedimentação,
Remoção de Gordura e Tanque de Aeração Decantador Secundário
Bruto Equalização
Lodo
Esgoto
Rio Itajaí-Açu Desinfecção
Tratado
Para este projeto, em função de vazões pequenas, foi definido que a ETE a ser
implantada no empreendimento deverá ser ETE pré-fabricada, a qual deverá atender nas
Normas Brasileiras e as premissas deste projeto, e concepção descrita acima.
o Ntotal = 38 mg de N / Litro
o Ptotal = 10 m g de P/ Litro
o Temperatura do líquido = 25 graus Célcius
11 – EMISSÁRIO FINAL:
O efluente da ETE será lançado no rio Itajaí Açu, o qual tem vazão acima de
10.000 l/s, vazão esta muito superior da ETE que tem vazão de lançamento de 2,14
L/s, que somente com a mistura do esgoto no rio, em termo de DBO, não necessitaria
de tratamento em termos biológico, porém a legislação exige a tratamento, assim
sendo o esgoto tratado e lançado no rio Itajaí Açu não afetará a qualidade do mesmo.
Foi definido o lançamento no Rio Itajaí Açu pelos motivos elencados abaixo:
Dados:
13 REFERÊNCIA BIBLIOGRÁFICA
Google Earth. Fotos de satélite do município de Gaspar. Acesso em: 14 de abril de 2014.
Disponível em: <http://maps.google.com>.
METCALF & EDDY. Wastewater Engineering - Treatment and Reuse, 4th Edition. New
York: McGraw-Hill Companies, 2004.
Projeto do SISTEMA DE ESGOTAMENTO SANITÁRIO do loteamento Master
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Plan e rua Carlos Roberto Schramm, Bairro Margem Esquerda/Gaspar-SC
NETO, José M. de A. Manual de Hidráulica. 8ª Edição. São Paulo: Editora Blucher, 2002.
14 ANEXOS
Projeto do SISTEMA DE ESGOTAMENTO SANITÁRIO do loteamento Master
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Plan e rua Carlos Roberto Schramm, Bairro Margem Esquerda/Gaspar-SC
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_____________________________________ Versão
Valnei José Beckhauser
Responsável Técnico
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3URMHWRdo SISTEMA DE ESGOTAMENTO SANITÁRIO do loteamento Master
50
Plan e rua Carlos Roberto Schramm, Bairro Margem Esquerda/Gaspar-SC
4.2 - ANEXO II
SISTEMA SANCAD - PLANILHA DE DADOS FINAIS 01/05/2017
SISTEMA DE ESGOTAMENTO SANITÁRIO DE GASPAR
LOTEAMENTO MASTER PLAN
SUB BACIA A
D:\PROJETOS\ESGOTO\GASPAR\MARGEM ESQUERDA\PROJETO\VERSÃO 2017\DWG\BACIA A\REDE A.DBF
Trecho PVM PVJ Comp CTM CTJ CCM CCJ PRFM PRFJ Diam Decl Q Real Q Real Veloc Veloc Veloc Trativa H/D H/D Observ.
(m) (m) (m) (m) (m) (m) (m) (mm) (m/m) Ini (l/s) Fim (l/s) Ini (m/s) Fim (m/s)Crit (m/s) (Pa) Ini Fim
009-001 BA024 BA011 58.00 13.000 12.270 11.900 11.170 1.100 1.100 150 0.01260 0.346 0.667 0.72 0.72 2.39 1.91 0.18 0.18 TQ 1.364
008-001 BA021 BA022 35.00 12.850 12.690 11.750 11.590 1.100 1.100 150 0.00460 0.016 0.053 0.50 0.50 2.66 0.94 0.23 0.23
008-002 BA022 BA023 48.00 12.690 12.890 11.590 11.450 1.100 1.440 150 0.00290 0.037 0.125 0.43 0.43 2.80 0.60 0.25 0.25
008-003 BA023 BA008 66.00 12.890 12.850 11.450 11.260 1.440 1.600 150 0.00290 0.066 0.224 0.43 0.43 2.80 0.60 0.25 0.25 TQ 0.992
007-001 BA019 BA020 50.00 12.870 13.190 11.770 11.630 1.100 1.560 150 0.00290 0.022 0.075 0.42 0.42 2.81 0.60 0.25 0.25
007-002 BA020 BA007 66.00 13.190 12.940 11.630 11.440 1.560 1.510 150 0.00290 0.051 0.175 0.43 0.43 2.80 0.60 0.25 0.25 TQ 1.001
006-001 BA016 BA017 35.00 13.170 13.220 12.070 11.970 1.100 1.250 150 0.00290 0.016 0.053 0.43 0.43 2.80 0.60 0.25 0.25
006-002 BA017 BA018 49.00 13.220 13.190 11.970 11.830 1.250 1.360 150 0.00290 0.037 0.127 0.43 0.43 2.80 0.60 0.25 0.25
006-003 BA018 BA007 59.00 13.190 12.940 11.830 11.660 1.360 1.290 150 0.00290 0.063 0.215 0.43 0.43 2.80 0.60 0.25 0.25 TQ 1.219
005-001 BA015 BA006 37.00 12.900 13.080 11.800 11.690 1.100 1.390 150 0.00290 0.016 0.056 0.43 0.43 2.80 0.60 0.25 0.25 TQ 1.098
004-001 BA014 BA004 89.00 12.690 13.420 11.590 10.920 1.100 2.500 150 0.00760 0.039 0.134 0.60 0.60 2.53 1.28 0.20 0.20
003-001 BA012 BA013 56.00 13.440 13.370 12.340 12.180 1.100 1.200 150 0.00290 0.025 0.084 0.43 0.43 2.80 0.60 0.25 0.25
003-002 BA013 BA004 63.00 13.370 13.420 12.180 11.990 1.200 1.430 150 0.00290 0.053 0.179 0.43 0.43 2.80 0.60 0.25 0.25 TQ 1.076
002-001 BA001 BA003 90.00 12.460 12.890 11.360 11.100 1.100 1.790 150 0.00290 0.040 0.136 0.43 0.43 2.80 0.60 0.25 0.25
001-001 BA001 BA002 45.00 12.700 12.770 11.600 11.470 1.100 1.300 150 0.00290 0.540 0.958 0.43 0.43 2.80 0.60 0.25 0.25
001-002 BA002 BA003 97.00 12.770 12.890 11.470 11.100 1.300 1.790 150 0.00380 0.583 1.104 0.47 0.47 2.72 0.75 0.24 0.24
001-003 BA003 BA004 64.00 12.890 13.420 11.100 10.920 1.790 2.500 150 0.00290 0.651 1.336 0.43 0.43 2.80 0.60 0.25 0.25
001-004 BA004 BA005 55.00 13.420 13.320 10.920 10.760 2.500 2.560 150 0.00290 0.767 1.732 0.43 0.44 2.89 0.60 0.25 0.27
001-005 BA005 BA006 56.00 13.320 13.080 10.760 10.600 2.560 2.480 150 0.00290 0.792 1.816 0.43 0.45 2.92 0.60 0.25 0.28
001-006 BA006 BA007 55.00 13.080 12.940 10.600 10.440 2.480 2.510 150 0.00290 0.833 1.955 0.43 0.46 2.97 0.60 0.25 0.29
001-007 BA007 BA008 59.00 12.940 12.850 10.440 10.270 2.510 2.590 150 0.00290 0.973 2.434 0.43 0.49 3.11 0.60 0.25 0.32
001-008 BA008 BA009 26.00 12.850 12.540 10.270 10.190 2.590 2.350 150 0.00290 1.051 2.697 0.42 0.50 3.18 0.60 0.25 0.34
001-009 BA009 BA010 68.00 12.540 12.550 10.190 9.990 2.350 2.550 150 0.00290 1.081 2.800 0.43 0.51 3.20 0.60 0.25 0.35
Página: 1 Em destaque os trechos que não atendem a condição de lâmina d ´agua ou tensão trativa
Trecho PVM PVJ Comp CTM CTJ CCM CCJ PRFM PRFJ Diam Decl Q Real Q Real Veloc Veloc Veloc Trativa H/D H/D Observ.
(m) (m) (m) (m) (m) (m) (m) (mm) (m/m) Ini (l/s) Fim (l/s) Ini (m/s) Fim (m/s)Crit (m/s) (Pa) Ini Fim
001-010 BA010 BA011 66.00 12.550 12.270 9.990 9.800 2.550 2.460 150 0.00290 1.110 2.899 0.43 0.51 3.23 0.60 0.25 0.36
001-011 BA011 FIM 9.00 12.270 12.270 9.800 9.780 2.460 2.490 150 0.00290 1.460 3.580 0.43 0.54 3.37 0.60 0.25 0.40 FIM
Página: 2 Em destaque os trechos que não atendem a condição de lâmina d ´agua ou tensão trativa
SISTEMA SANCAD - PLANILHA DE DADOS FINAIS 01/05/2017
SISTEMA DE ESGOTAMENTO SANITÁRIO DE GASPAR
LOTEAMENTO MASTER PLAN
SUB BACIA B
D:\PROJETOS\ESGOTO\GASPAR\MARGEM ESQUERDA\PROJETO\VERSÃO 2017\DWG\BACIA B\REDE B.DBF
Trecho PVM PVJ Comp CTM CTJ CCM CCJ PRFM PRFJ Diam Decl Q Real Q Real Veloc Veloc Veloc Trativa H/D H/D Observ.
(m) (m) (m) (m) (m) (m) (m) (mm) (m/m) Ini (l/s) Fim (l/s) Ini (m/s) Fim (m/s)Crit (m/s) (Pa) Ini Fim
013-001 BB049 BB050 64.00 10.090 10.470 8.990 8.800 1.100 1.660 150 0.00290 0.022 0.044 0.43 0.43 2.80 0.60 0.25 0.25
013-002 BB050 BB051 91.00 10.470 10.510 8.800 8.540 1.660 1.970 150 0.00290 0.053 0.106 0.43 0.43 2.80 0.60 0.25 0.25
013-003 BB051 BB052 100.00 10.510 10.450 8.540 8.250 1.970 2.200 150 0.00290 0.088 0.175 0.43 0.43 2.80 0.60 0.25 0.25
013-004 BB052 BB053 75.00 10.450 10.370 8.250 8.040 2.200 2.330 150 0.00290 0.114 0.226 0.43 0.43 2.80 0.60 0.25 0.25
013-005 BB053 BB054 95.00 10.370 10.770 8.040 7.760 2.330 3.010 150 0.00290 0.146 0.291 0.43 0.43 2.80 0.60 0.25 0.25
013-006 BB054 BB048 70.00 10.770 10.560 7.760 7.560 3.010 3.010 150 0.00290 0.170 0.339 0.43 0.43 2.80 0.60 0.25 0.25
012-001 BB035 BB036 67.00 13.960 13.770 12.860 12.660 1.100 1.110 150 0.00290 0.023 0.046 0.43 0.43 2.80 0.60 0.25 0.25
012-002 BB036 BB037 64.00 13.770 13.850 12.660 12.480 1.110 1.370 150 0.00290 0.045 0.090 0.43 0.43 2.80 0.60 0.25 0.25
012-003 BB037 BB038 94.00 13.850 12.190 12.480 11.090 1.370 1.100 150 0.01480 0.077 0.154 0.76 0.76 2.34 2.16 0.17 0.17
012-004 BB038 BB039 70.00 12.190 11.200 11.090 10.090 1.100 1.110 150 0.01420 0.101 0.202 0.75 0.75 2.35 2.10 0.17 0.17
012-005 BB039 BB040 52.00 11.200 11.090 10.090 9.940 1.110 1.150 150 0.00290 0.119 0.238 0.42 0.42 2.81 0.60 0.25 0.25
012-006 BB040 BB041 99.00 11.090 11.240 9.940 9.650 1.150 1.580 150 0.00290 0.153 0.305 0.43 0.43 2.80 0.60 0.25 0.25
012-007 BB041 BB042 34.00 11.240 11.230 9.650 9.550 1.580 1.680 150 0.00290 0.165 0.329 0.42 0.42 2.81 0.60 0.25 0.25
012-008 BB042 BB043 15.00 11.230 11.250 9.550 9.510 1.680 1.740 150 0.00290 0.170 0.339 0.42 0.42 2.81 0.60 0.25 0.25
012-009 BB043 BB044 29.00 11.250 11.060 9.510 9.430 1.740 1.630 150 0.00290 0.180 0.359 0.43 0.43 2.80 0.60 0.25 0.25
012-010 BB044 BB045 56.00 11.060 10.990 9.430 9.270 1.630 1.730 150 0.00290 0.199 0.397 0.43 0.43 2.80 0.60 0.25 0.25
012-011 BB045 BB046 46.00 10.990 10.930 9.270 9.130 1.730 1.800 150 0.00290 0.215 0.429 0.43 0.43 2.80 0.60 0.25 0.25
012-012 BB046 BB047 43.00 10.930 11.020 9.130 9.010 1.800 2.010 150 0.00290 0.230 0.458 0.42 0.42 2.81 0.60 0.25 0.25
012-013 BB047 BB048 90.00 11.020 10.560 9.010 8.750 2.010 1.820 150 0.00290 0.261 0.520 0.43 0.43 2.80 0.60 0.25 0.25 TQ 1.190
012-014 BB048 FIM 3.00 10.560 10.560 7.560 7.550 3.010 3.010 150 0.00300 0.432 0.861 0.43 0.43 2.80 0.60 0.25 0.25 FIM
Página: 1 Em destaque os trechos que não atendem a condição de lâmina d ´agua ou tensão trativa
SISTEMA SANCAD - PLANILHA DE DADOS FINAIS 01/05/2017
SISTEMA DE ESGOTAMENTO SANITÁRIO DE GASPAR
LOTEAMENTO MASTER PLAN
SUB BACIA C
D:\PROJETOS\ESGOTO\GASPAR\MARGEM ESQUERDA\PROJETO\VERSÃO 2017\DWG\BACIA C\REDE C.DBF
Trecho PVM PVJ Comp CTM CTJ CCM CCJ PRFM PRFJ Diam Decl Q Real Q Real Veloc Veloc Veloc Trativa H/D H/D Observ.
(m) (m) (m) (m) (m) (m) (m) (mm) (m/m) Ini (l/s) Fim (l/s) Ini (m/s) Fim (m/s)Crit (m/s) (Pa) Ini Fim
011-001 BC032 BC033 62.00 14.010 12.510 12.910 11.410 1.100 1.110 150 0.02420 0.034 0.071 0.90 0.90 2.22 3.17 0.15 0.15
011-002 BC033 BC034 100.00 12.510 11.780 11.410 10.660 1.110 1.120 150 0.00740 0.089 0.184 0.59 0.59 2.53 1.27 0.20 0.20
011-003 BC034 BC031 85.00 11.780 11.780 10.660 10.290 1.120 1.500 150 0.00450 0.136 0.281 0.50 0.50 2.68 0.85 0.23 0.23
010-001 BC025 BC026 35.00 12.060 11.970 10.960 10.860 1.100 1.110 150 0.00290 0.019 0.040 0.43 0.43 2.80 0.60 0.25 0.25
010-002 BC026 BC027 14.00 11.970 11.960 10.860 10.820 1.110 1.140 150 0.00290 0.027 0.056 0.42 0.42 2.81 0.60 0.25 0.25
010-003 BC027 BC028 49.00 11.960 12.240 10.820 10.680 1.140 1.560 150 0.00290 0.054 0.112 0.43 0.43 2.80 0.60 0.25 0.25
010-004 BC028 BC029 45.00 12.240 12.160 10.680 10.550 1.560 1.610 150 0.00290 0.079 0.163 0.43 0.43 2.80 0.60 0.25 0.25
010-005 BC029 BC030 27.00 12.160 12.110 10.550 10.470 1.610 1.640 150 0.00290 0.094 0.193 0.43 0.43 2.80 0.60 0.25 0.25
010-006 BC030 BC031 64.00 12.110 11.780 10.470 10.290 1.640 1.500 150 0.00290 0.129 0.266 0.43 0.43 2.80 0.60 0.25 0.25
010-007 BC031 FIM 3.00 11.780 11.780 10.290 10.280 1.500 1.510 150 0.00300 0.267 0.551 0.43 0.43 2.80 0.60 0.25 0.25 FIM
Página: 1 Em destaque os trechos que não atendem a condição de lâmina d ´agua ou tensão trativa
3URMHWRdo SISTEMA DE ESGOTAMENTO SANITÁRIO do loteamento Master
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ĐĂƌŐĂ͕ĚĞƐĐĂƌŐĂĞƚƌĂŶƐƉŽƌƚĞĚŽƐŵĂƚĞƌŝĂŝƐƉƌŽǀĞŶŝĞŶƚĞƐĚĂƐĞƐĐĂǀĂĕƁĞƐƉĂƌĂĄƌĞĂƐĚĞĚĞƉſƐŝƚŽ
ŽƵ ĚĞ ďŽƚĂͲĨŽƌĂ͘ dŽĚŽƐ ŽƐ ƐĞƌǀŝĕŽƐ ĚĞǀĞƌĆŽ ƐĞƌ ĞdžĞĐƵƚĂĚŽƐ ĚĞ ĂĐŽƌĚŽ ĐŽŵ ŽƐ ĐƌŝƚĠƌŝŽƐ ĂƋƵŝ
ĚĞƚĞƌŵŝŶĂĚŽƐ͕ŽďĞĚĞĐĞŶĚŽͲƐĞăƐĐŽƚĂƐĞƉĞƌĨŝƐƉƌĞǀŝƐƚŽƐĞŵƉƌŽũĞƚŽ͘ĂďĞƌĄăKEdZdŽ
ĨŽƌŶĞĐŝŵĞŶƚŽ ĚĞ ƚŽĚŽƐ ŽƐ ĞƋƵŝƉĂŵĞŶƚŽƐ͕ ŵĄƋƵŝŶĂƐ͕ ĨĞƌƌĂŵĞŶƚĂƐ Ğ ŵĆŽ ĚĞ ŽďƌĂ ƋƵĂůŝĨŝĐĂĚĂ͕
ŶĞĐĞƐƐĄƌŝŽƐ ă ĞdžĞĐƵĕĆŽ ĚŽƐ ƐĞƌǀŝĕŽƐ ĂƋƵŝ ƌĞůĂĐŝŽŶĂĚŽƐ͕ ŵĞƐŵŽ ĚĂƋƵĞůĞƐ ƋƵĞ ŶĆŽ ĞƐƚŝǀĞƌĞŵ
ĚŝƐĐƌŝŵŝŶĂĚŽƐ ŶĞƐƚĂƐ ĞƐƉĞĐŝĨŝĐĂĕƁĞƐ͘ WĂƌĂ ĞĨĞŝƚŽ ĚŽƐ ƐĞƌǀŝĕŽƐ ĚĞ ŵŽǀŝŵĞŶƚŽ ĚĞ ƚĞƌƌĂ ƐĆŽ
ĐŽŶƐŝĚĞƌĂĚŽƐ ŽƐ ƐĞŐƵŝŶƚĞƐ ƚŝƉŽƐ ĚĞ ƐŽůŽƐ͗ ĂͿ ^ŽůŽƐŶĆŽ ƌŽĐŚŽƐŽƐ Ͳ ^ŽůŽ ĂƌĞŶŽƐŽ ͗ ŵĂƚĞƌŝĂů ĚĞ
ĂŐƌĞŐĂĕĆŽ ŶĂƚƵƌĂů͕ ƐŽůƚŽ͕ ƐĞŵ ĐŽĞƐĆŽ͕ ĐŽŵŽ ƉĞĚƌĞŐƵůŚŽƐ͕ ĂƌĞŝĂƐ͕ ƐŝůƚĞƐ͕ ĂƌŐŝůĂƐ͕ ƚƵƌĨĂƐ ŽƵ
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ĞŶdžĂĚĂƐ͕ ĞŶdžĂĚƁĞƐ ŽƵ ĐŽŵ ĞƋƵŝƉĂŵĞŶƚŽ ŵĞĐąŶŝĐŽ ĂĚĞƋƵĂĚŽ͘ Ͳ ^ŽůŽ ůĂŵĂĐĞŶƚŽ ͗ ŵĂƚĞƌŝĂů
ůŽĚŽƐŽ ĚĞ ĐŽŶƐŝƐƚġŶĐŝĂ ŵŽůĞ͕ ĐŽŶƐƚŝƚƵşĚŽ ĚĞ ƚĞƌƌĂ ƉĂŶƚĂŶŽƐĂ͕ ŵŝƐƚƵƌĂ ĚĞ ĂƌŐŝůĂ Ğ ĄŐƵĂ ŽƵ ĚĞ
ŵĂƚĠƌŝĂŽƌŐąŶŝĐĂĞŵĚĞĐŽŵƉŽƐŝĕĆŽ͘^ĞƌĄƌĞŵŽǀŝĚŽĐŽŵƉĄƐ͕ďĂůĚĞƐŽƵĞƋƵŝƉĂŵĞŶƚŽŵĞĐąŶŝĐŽ
ĂĚĞƋƵĂĚŽ͘ Ͳ ^ŽůŽ ĚĞ ƚĞƌƌĂ ĐŽŵƉĂĐƚĂ͗ ŵĂƚĞƌŝĂů ĐŽĞƐŽ ĐŽŶƐƚŝƚƵşĚŽ ĚĞ ĂƌŐŝůĂ ƌŝũĂ͕ ĐŽŵ ŽƵ ƐĞŵ
ŽĐŽƌƌġŶĐŝĂ ĚĞ ŵĂƚĞƌŝĂů ŽƌŐąŶŝĐŽ͕ ƉĞĚƌĞŐƵůŚŽƐ͕ ŐƌĆŽƐ ŵŝŶĞƌĂŝƐ͕ ƐĂŝďƌŽƐ͕ ΗƉĞĚƌĂƐͲďŽůĂΗ ĚĞ
ĚŝąŵĞƚƌŽĚĞĂƚĠϬ͕Ϯϱŵ͘^ĞƌĄĞƐĐĂǀĂĚŽĐŽŵƉŝĐĂƌĞƚĂƐ͕ƉĄƐ͕ĞŶdžĂĚƁĞƐ͕ĂůĂǀĂŶĐĂƐ͕ĐŽƌƚĂĚĞŝƌĂŽƵ
ĐŽŵĞƋƵŝƉĂŵĞŶƚŽŵĞĐąŶŝĐŽĂĚĞƋƵĂĚŽ͘Ͳ^ŽůŽĚĞŵŽůĞĚŽŽƵĐĂƐĐĂůŚŽ͗ŵĂƚĞƌŝĂůƋƵĞĂƉƌĞƐĞŶƚĂ
ĂůŐƵŵĂƌĞƐŝƐƚġŶĐŝĂĂŽĚĞƐĂŐƌĞŐĂŵĞŶƚŽ͕ĐŽŶƐƚŝƚƵşĚŽĚĞĂƌĞŶŝƚŽƐĐŽŵƉĂĐƚŽƐ͕ƌŽĐŚĂĞŵĂĚŝĂŶƚĂĚŽ
ĞƐƚĂĚŽĚĞĚĞĐŽŵƉŽƐŝĕĆŽ͕ƐĞŝdžŽƌŽůĂĚŽŽƵŝƌƌĞŐƵůĂƌ͕ŵĂƚĂĐƁĞƐ͕ΗƉĞĚƌĂƐͲďŽůĂΗĚĞĚŝąŵĞƚƌŽĚĞĂƚĠ
Ϭ͕ϱϬ ŵ͘ ^ĞƌĄ ĞƐĐĂǀĂĚŽ ĐŽŵ ƉŝĐĂƌĞƚĂƐ͕ ĐƵŶŚĂƐ͕ ĂůĂǀĂŶĐĂƐ ŽƵ ĐŽŵ ĞƋƵŝƉĂŵĞŶƚŽ ŵĞĐąŶŝĐŽ
ĂĚĞƋƵĂĚŽ͘ďͿ^ŽůŽƐƌŽĐŚŽƐŽƐ͘
Ͳ ^ŽůŽ ĚĞ ƌŽĐŚĂ ďƌĂŶĚĂ͗ ŵĂƚĞƌŝĂů ĐŽŵ ĂŐƌĞŐĂĕĆŽ ŶĂƚƵƌĂů ĚĞ ŐƌĆŽƐ ŵŝŶĞƌĂŝƐ͕ ůŝŐĂĚŽƐ ŵĞĚŝĂŶƚĞ
ĨŽƌĕĂƐĐŽĞƐŝǀĂƐƉĞƌŵĂŶĞŶƚĞƐ͕ĂƉƌĞƐĞŶƚĂŶĚŽŐƌĂŶĚĞƌĞƐŝƐƚġŶĐŝĂăĞƐĐĂǀĂĕĆŽŵĂŶƵĂů͘ŽŶƐƚŝƚƵşĚŽ
ĚĞƌŽĐŚĂĂůƚĞƌĂĚĂ͕ΗƉĞĚƌĂƐͲďŽůĂΗ͕ŵĂƚĂĐƁĞƐĞĨŽůŚĞůŚŽƐĐŽŵŽĐŽƌƌġŶĐŝĂĐŽŶƚşŶƵĂ͘^ĞƌĄĞƐĐĂǀĂĚŽ
ĐŽŵ ƌŽŵƉĞĚŽƌĞƐ͕ ƉŝĐĂƌĞƚĂƐ͕ ĂůĂǀĂŶĐĂƐ͕ ĐƵŶŚĂƐ͕ ƉŽŶƚĞŝƌĂƐ Ğ ƚĂůŚĂĚĞŝƌĂƐ͘ ǀĞŶƚƵĂůŵĞŶƚĞ ƐĆŽ
ƵƐĂĚŽƐ ĞdžƉůŽƐŝǀŽƐ ƉĂƌĂ ĨŽŐĂĐŚŽƐ͘ Ͳ ^ŽůŽ ĚĞ ƌŽĐŚĂ ĐŽŵƉĂĐƚĂ͗ ŵĂƚĞƌŝĂů ĂůƚĂŵĞŶƚĞ ĐŽĞƐŝǀŽ͕
ĐŽŶƐƚŝƚƵşĚŽĚĞƚŽĚŽƐŽƐƚŝƉŽƐĚĞƌŽĐŚĂǀŝǀĂĐŽŵŽŐƌĂŶŝƚŽ͕ďĂƐĂůƚŽ͕ŐŶĂŝƐƐĞ͕ĞƚĐ͘^ĞƌĄĞƐĐĂǀĂĚŽ
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ŽƉĞƌĂĕƁĞƐ ĚĞ ĚĞƐŵĂƚĂŵĞŶƚŽ Ğ ĚĞƐƚŽĐĂŵĞŶƚŽ͕ Ğ ĂŶƚĞƐ ĚŽ ŝŶŝĐŝŽ ĚŽƐ ƐĞƌǀŝĕŽƐ ĚĞ ĞƐĐĂǀĂĕĆŽ
ƉƌŽƉƌŝĂŵĞŶƚĞĚŝƚŽƐ͕ĐŽŶĨŽƌŵĞĞƐƉĞĐŝĨŝĐĂĚŽŶŽŐƌƵƉŽϬϯ͘KEdZdĚĞǀĞƌĄůĞǀĂƌĞŵĐŽŶƚĂ
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ƉĞĚĞƐƚƌĞƐ͘dŽĚŽĞƋƵĂůƋƵĞƌƀŶƵƐĚĞĐŽƌƌĞŶƚĞĚĞĚĂŶŽƐĐĂƵƐĂĚŽƐƉŽƌŝŵƉƌƵĚġŶĐŝĂŽƵŝŵƉĞƌşĐŝĂ
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ƉƌŽĨƵŶĚŝĚĂĚĞƐ͕ĞƐƉĂĕĂŵĞŶƚŽƐĞĚŝƐƉŽƐŝĕƁĞƐĚŽƐĨƵƌŽƐƉĂƌĂŽĚĞƐŵŽŶƚĞ͕ĂƐĐĂƌŐĂƐĞŽƐƚŝƉŽƐĚĞ
ĞdžƉůŽƐŝǀŽƐ͕ ĂƐ ůŝŐĂĕƁĞƐ ĚŽ ĐŽƌĚĞů͕ ŽƐ ƌĞƚĂƌĚĂĚŽƌĞƐ͕ ĂƐ ůŝŐĂĕƁĞƐ ĞůĠƚƌŝĐĂƐ ĚĂƐ ĞƐƉŽůĞƚĂƐ͕ ĐŽŵ Ž
ĐĄůĐƵůŽĚĂƌĞƐŝƐƚġŶĐŝĂƚŽƚĂůĚŽĐŝƌĐƵŝƚŽĞŽŵĠƚŽĚŽĚĞĚĞƚŽŶĂĕĆŽ͕ĞƐƉĞĐŝĨŝĐĂŶĚŽŶĆŽƐſĂĨŽŶƚĞ
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ĚŽ ΗĐĂďŽ ĚĞ ĨŽŐŽΗ ƐĞũĂ ĞŶƚƌĞŐƵĞ ă &/^>/K͘ &/^>/K ƉŽĚĞƌĄ ƌĞƋƵĞƌĞƌ ĚĂ
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KEdZdĐŽůĂďŽƌĂƌƉĂƌĂĂĞdžĞĐƵĕĆŽĚĂƐŵĞƐŵĂƐ͘KƐƌĞƐƵůƚĂĚŽƐŽďƚŝĚŽƐƐĞƌĆŽĂŶĂůŝƐĂĚŽƐ
ƉĞůĂ &/^>/K ƋƵĞ͕ Ğŵ ĨƵŶĕĆŽ ĚĞůĞƐ͕ ƉŽĚĞƌĄ ƐŽůŝĐŝƚĂƌ ă KEdZd Ă ĂůƚĞƌĂĕĆŽ ĚŽƐ
ƉůĂŶŽƐĚĞĨŽŐŽƉƌŽƉŽƐƚŽƐ͘ĂƉƌŽǀĂĕĆŽƉĞůĂ&/^>/KĚĞƵŵƉůĂŶŽĚĞĨŽŐŽŶĆŽĞdžŝŵĞĂ
KEdZdĚĞƋƵĂůƋƵĞƌĚĞƐƵĂƐƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞƐ͘
^ĞŵƉƌĞƋƵĞ͕ĚĞĂĐŽƌĚŽĐŽŵĂŝŶĚŝĐĂĕĆŽĚŽƉƌŽũĞƚŽŽƵƉŽƌĚĞƚĞƌŵŝŶĂĕĆŽĚĂ&/^>/K͕ĨŽƌ
ŶĞĐĞƐƐĄƌŝŽ ƉƌĞƐĞƌǀĂƌ Ă ĞƐƚĂďŝůŝĚĂĚĞ Ğ Ă ƌĞƐŝƐƚġŶĐŝĂ ŝŶĞƌĞŶƚĞƐ ĂŽƐ ƉĂƌąŵĞƚƌŽƐ ĚĞ ƚĂůƵĚĞƐ
ĞƐĐĂǀĂĚŽƐĞŵƌŽĐŚĂ͕ĞƐƚĞƐĚĞǀĞƌĆŽƐĞƌĐŽŶĨŽƌŵĂĚŽƐƵƚŝůŝnjĂŶĚŽͲƐĞƉƌĠͲĨŝƐƐƵƌĂŵĞŶƚŽ;ĚĞƚŽŶĂĕĆŽ
ĐŽŶƚƌŽůĂĚĂ ĚŽ ƉĞƌşŵĞƚƌŽ͕ ƌĞĂůŝnjĂĚĂ ĂŶƚĞƐ ĚĂ ĞƐĐĂǀĂĕĆŽͿ͕ ĨŽŐŽ ĐƵŝĚĂĚŽƐŽ Ͳ ĐƵƐŚŝŽŶ ďůĂƐƚŝŶŐ
;ĞƐĐĂǀĂĕĆŽ ĚŽ ƉĞƌşŵĞƚƌŽ Ă ĨŽŐŽ ĐŽŶƚƌŽůĂĚĂ͕ ƌĞĂůŝnjĂĚĂ ƐŝŵƵůƚĂŶĞĂŵĞŶƚĞ ĐŽŵ Ă ĞƐĐĂǀĂĕĆŽͿ ŽƵ
ƉĞƌĨƵƌĂĕĆŽ Ğŵ ůŝŶŚĂ͘ K ĚŝąŵĞƚƌŽ ĚŽƐ ĨƵƌŽƐ Ğ Ă ƚĠĐŶŝĐĂ ĚĞ ĚĞƚŽŶĂĕĆŽ Ă ƐĞƌ ƵƚŝůŝnjĂĚĂ ĨŝĐĂƌĆŽ
ƐƵďŽƌĚŝŶĂĚŽƐăĂƉƌŽǀĂĕĆŽĚĂ&/^>/K͘EŽĚĞĐŽƌƌĞƌĚŽƐƚƌĂďĂůŚŽƐĚĞĚĞƐŵŽŶƚĞĂĨŽŐŽ͕Ž
ĞƐĐŽƌĂŵĞŶƚŽ ĚĞǀĞƌĄ ƐĞƌ ƉĞƌŵĂŶĞŶƚĞŵĞŶƚĞ ŝŶƐƉĞĐŝŽŶĂĚŽ ƉĞůĂ KEdZd Ğ ƌĞƉĂƌĂĚŽ ƚĆŽ
ůŽŐŽ ŽĐŽƌƌĂ ĚĞ ƋƵĂůƋƵĞƌ ĚĂŶŽ͘ ĂƵƚŽƌŝnjĂĕĆŽ ĚŽ ſƌŐĆŽ ĐŽŵƉĞƚĞŶƚĞ ƉĂƌĂ ƚƌĂŶƐƉŽƌƚĞ͕
ĂƌŵĂnjĞŶĂŵĞŶƚŽĞƵƐŽĚŽƐĞdžƉůŽƐŝǀŽƐĚĞǀĞƌĄƐĞƌĞŶĐĂŵŝŶŚĂĚĂă&/^>/KĂŶƚĞƐĚŽŝŶşĐŝŽ
ĚĂƐ ĚĞƚŽŶĂĕƁĞƐ͘ KEdZd ĂƌĐĂƌĄ ĐŽŵ Ă ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞ Đŝǀŝů ƉŽƌ ĞǀĞŶƚƵĂŝƐ ĚĂŶŽƐ
ĐĂƵƐĂĚŽƐĂƚĞƌĐĞŝƌŽƐĞŵĚĞĐŽƌƌġŶĐŝĂĚŽƐĞƌǀŝĕŽĚĞĚĞƐŵŽŶƚĞĂĨŽŐŽ͘
ϭ͘Ϯ͘ϮĞƐŵŽŶƚĞĂĨƌŝŽ^ĞŵƉƌĞƋƵĞ͕ĂĐƌŝƚĠƌŝŽĚĂ&/^>/K͕ŽĞŵƉƌĞŐŽĚĞĞdžƉůŽƐŝǀŽƐƉĂƌĂŽ
ĚĞƐŵŽŶƚĞĂĨŽŐŽ͕ĨŽƌũƵůŐĂĚŽŝŶĐŽŶǀĞŶŝĞŶƚĞŽƵĚĞƐĂĐŽŶƐĞůŚĄǀĞůĚĞǀĞƌĄƐĞƌĨĞŝƚŽŽĚĞƐŵŽŶƚĞĂ
ĨƌŝŽ͕ ĞŵƉƌĞŐĂŶĚŽͲƐĞ Ž ƉƌŽĐĞƐƐŽ ŵĞĐąŶŝĐŽ ;ƌŽŵƉĞĚŽƌͿ͕ Ž ŵĂŶƵĂů͕ Ž ƉŶĞƵŵĄƚŝĐŽ ;ĐƵŶŚĂ
ŵĞƚĄůŝĐĂͿŽƵĐŽŵƵƚŝůŝnjĂĕĆŽĚĞĂƌŐĂŵĂƐƐĂĞdžƉĂŶƐŝǀĂ͘
ϰ͘ϭ͘ϯƐĐĂǀĂĕĆŽƐƵďŵĞƌƐĂ;ĚƌĂŐĂŐĞŵͿdŽĚĂĞƐĐĂǀĂĕĆŽƐƵďŵĞƌƐĂĚĞǀĞƌĄƐĞƌƌĞĂůŝnjĂĚĂĂƚƌĂǀĠƐ
ĚĞ ĚƌĂŐĂƐ͕ ũĂƚŽƐ ĚĞ Ăƌ͕ ĚƌĂŐͲůŝŶĞ ŽƵ ĐůĂŵͲƐŚĞůů͕ ŝŶĐůƵƐŝǀĞ ƉĂƌĂ Ă ƌĞŵŽĕĆŽ ĚĞ ƚŽĐŽƐ Ğ ŵĂƚĂĐƁĞƐ
ĐŽŵǀŽůƵŵĞŵĞŶŽƌŽƵŝŐƵĂůĂϬ͕ϱϬŵϹ͘
ϭ͘Ϯ͘ϯ Ͳ ƐĐĂǀĂĕĆŽ Ğŵ ũĂnjŝĚĂƐ ĚĞ ƐŽůŽ WĂƌĂ Ă ĞdžƉůŽƌĂĕĆŽ ĚĞ ũĂnjŝĚĂƐ͕ Ă KEdZd ĚĞǀĞƌĄ
ƐĞŐƵŝƌĞƐƚƌŝƚĂŵĞŶƚĞĂƐŶŽƌŵĂƐĞƌĞŐƵůĂŵĞŶƚĂĕƁĞƐĚŽƐſƌŐĆŽƐĐŽŵƉĞƚĞŶƚĞƐĞĚĞŵĂŝƐƌĞƋƵŝƐŝƚŽƐ
ƚĠĐŶŝĐŽƐ͕ĨŝĐĂŶĚŽƐŽďƐƵĂŝŶƚĞŝƌĂƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞĂƐƉƌŽǀŝĚġŶĐŝĂƐĂĚŵŝŶŝƐƚƌĂƚŝǀĂƐĞĨŝŶĂŶĐĞŝƌĂƐ
ĐĂďşǀĞŝƐ ;ŝŶĐůƵƐŝǀĞ ŝŶĚĞŶŝnjĂĕĆŽ ĚŽ ŵĂƚĞƌŝĂů ĞdžƉůŽƌĂĚŽͿ͘ KEdZd ĂƌĐĂƌĄ ĐŽŵ Ă
ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞĐŝǀŝůƉŽƌĚĂŶŽƐĐĂƵƐĂĚŽƐĂƚĞƌĐĞŝƌŽƐĞŵĚĞĐŽƌƌġŶĐŝĂĚĞƐƐĂĞdžƉůŽƌĂĕĆŽĞĚĞǀĞƌĄ
ŵĂŶƚĞƌ Ă ĄƌĞĂ ĐŽŶǀĞŶŝĞŶƚĞŵĞŶƚĞ ĚƌĞŶĂĚĂ Ğ ůŝŵƉĂ͘ Ͳ ZĞĐŽŵƉŽƐŝĕĆŽ ĚĂƐ ĄƌĞĂƐ ĞdžƉůŽƌĂĚĂƐ
dĞƌŵŝŶĂĚŽ Ž ƚƌĂďĂůŚŽ͕ ƐĂůǀŽ ĚĞƚĞƌŵŝŶĂĕĆŽ ĚĂ &/^>/K͕ ƚŽĚĂƐ ĂƐ ĄƌĞĂƐ ĚĞ ĞŵƉƌĠƐƚŝŵŽ
ƵƐĂĚĂƐƉĞůĂKEdZdĚĞǀĞƌĆŽƐĞƌƌĞŐƵůĂƌŝnjĂĚĂƐĚĞŵĂŶĞŝƌĂĂŵĂŶƚĞƌĂĂƉĂƌġŶĐŝĂŽƌŝŐŝŶĂů
ĚĂƉĂŝƐĂŐĞŵ͕ĚĞĂĐŽƌĚŽĐŽŵŽĚŝƐƉŽƐƚŽŶŽƉůĂŶŽĚĞĞdžƉůŽƌĂĕĆŽŽƵĐŽŵĂƐƌĞĐŽŵĞŶĚĂĕƁĞƐĚĂ
^E͘ Ɛ ĄƌĞĂƐ Ğŵ ƋƵĞ ŽĐŽƌƌĞƌ ĚĞƐƚƌƵŝĕĆŽ͕ ŵƵƚŝůĂĕĆŽ͕ ĚĂŶŽƐ ŽƵ ĚĞƐĨŝŐƵƌĂĕƁĞƐ͕ ĐŽŵŽ
ƌĞƐƵůƚĂĚŽƐĚĂƐŽƉĞƌĂĕƁĞƐĚĂKEdZd͕ĚĞǀĞŵƐĞƌƌĞŝŶƚĞŐƌĂĚĂƐăƉĂŝƐĂŐĞŵůŽĐĂů͕ĂƚƌĂǀĠƐĚĞ
ƌĞƉůĂŶƚŝŽ ŽƵ ĚĞ ƋƵĂůƋƵĞƌ ŽƵƚƌŽ ƚŝƉŽ ĚĞ ƌĞƉĂƌŽ ĐŽŶƐŝĚĞƌĂĚŽ ĂĚĞƋƵĂĚŽ ƉĞůĂ ^E͘ ĞǀĞƌĆŽ
ƚĂŵďĠŵƐĞƌƐĞŐƵŝĚĂƐĐƵƌǀĂƐĚĞŶşǀĞůŶŽƉůĂŶƚŝŽĚĂǀĞŐĞƚĂĕĆŽĚĞƉŽƌƚĞ͕ĐŽŵǀĂůĞƚĞĂŵĞŶƚŽƉĂƌĂ
ĐŽŶƚƌŽůĞĚĞĞƌŽƐĆŽ͘
ϭ͘ϯͲ^sKs>^͕WKK^s^͗
KƐ ĞƋƵŝƉĂŵĞŶƚŽƐ Ă ƐĞƌĞŵ ƵƚŝůŝnjĂĚŽƐ ĚĞǀĞƌĆŽ ƐĞƌ ĂĚĞƋƵĂĚŽƐ ĂŽƐ ƚŝƉŽƐ ĚĞ ĞƐĐĂǀĂĕĆŽ͘ WĂƌĂ Ă
ĞƐĐĂǀĂĕĆŽ ŵĞĐąŶŝĐĂ ĚĞ ǀĂůĂƐ͕ ƉŽĕŽƐ Ğ ĐĂǀĂƐ ĚĞ ƉƌŽĨƵŶĚŝĚĂĚĞ ĚĞ ĂƚĠ ϰ͕ϬϬ ŵ͕ ƐĞƌĆŽ ƵƚŝůŝnjĂĚĂƐ
ƌĞƚƌŽͲĞƐĐĂǀĂĚĞŝƌĂƐ͘ WĂƌĂ ĂĐĞƌƚŽ ĨŝŶĂů ĚĂ ǀĂůĂ͕ ƉŽĚĞͲƐĞ ƵƚŝůŝnjĂƌ ĞƐĐĂǀĂĕĆŽ ŵĂŶƵĂů͘ ĞƐĐĂǀĂĕĆŽ
ŵĞĐąŶŝĐĂ ĚĞ ǀĂůĂƐ͕ ƉŽĕŽƐ Ğ ĐĂǀĂƐ ĐŽŵ ƉƌŽĨƵŶĚŝĚĂĚĞ ƐƵƉĞƌŝŽƌ Ă ϰ͕ϬϬ ŵ ĚĞǀĞƌĄ ƐĞƌ ĨĞŝƚĂ ĐŽŵ
ĞƐĐĂǀĂĚĞŝƌĂ ŚŝĚƌĄƵůŝĐĂ ŽƵ Ă ĐĂďŽ͘ ^Ğ Ă KEdZd ŶĆŽ ĚŝƐƉƵƐĞƌ ĚĞ ƚĂů ĞƋƵŝƉĂŵĞŶƚŽ͕ Ă
&/^>/K ƉŽĚĞƌĄ ƉĞƌŵŝƚŝƌ Ž ƵƐŽ ĚĞ ƌĞƚƌŽͲĞƐĐĂǀĂĚĞŝƌĂ͘ EĞƐƐĞ ĐĂƐŽ͕ ŽƐ ƌĞĐƵƌƐŽƐ ƵƚŝůŝnjĂĚŽƐ
ƉĂƌĂƐĞĂƚŝŶŐŝƌĂƉƌŽĨƵŶĚŝĚĂĚĞĚĞƐĞũĂĚĂŶĆŽƐĞƌĆŽƌĞŵƵŶĞƌĂĚŽƐƉĞůĂ^E͘KƐƐĞƌǀŝĕŽƐƐĞƌĆŽ
ƌĞŵƵŶĞƌĂĚŽƐĐŽŵŽƐĞƚŝǀĞƐƐĞŵƐŝĚŽĞdžĞĐƵƚĂĚŽƐĐŽŵĞƐĐĂǀĂĚĞŝƌĂŚŝĚƌĄƵůŝĐĂĞĚĞĂĐŽƌĚŽĐŽŵĂƐ
ůĂƌŐƵƌĂƐ ĞƐƉĞĐŝĨŝĐĂĚĂƐ ŶĂƐ ƚĂďĞůĂƐ ĚĞ ϭ Ă ϱ͕ ĂƉƌĞƐĞŶƚĂĚĂƐ ĂĚŝĂŶƚĞ͘ ƵƌĂŶƚĞ Ă ĞdžĞĐƵĕĆŽ ĚŽƐ
ƐĞƌǀŝĕŽƐ͕Ă&/^>/KƉŽĚĞƌĄĞdžŝŐŝƌƌĞŵŽĕĆŽŽƵƐƵďƐƚŝƚƵŝĕĆŽĚĞƋƵĂůƋƵĞƌĞƋƵŝƉĂŵĞŶƚŽƋƵĞ
ŶĆŽĐŽƌƌĞƐƉŽŶĚĂăƉƌŽĚƵĕĆŽŝŶŝĐŝĂůŵĞŶƚĞƉƌŽƉŽƐƚĂ͕ŽƵ͕ƋƵĞŶĆŽƐĂƚŝƐĨĂĕĂĂƋƵĂůƋƵĞƌĞdžŝŐġŶĐŝĂ
ĚĞƐƚĂƐƐƉĞĐŝĨŝĐĂĕƁĞƐ͘ŶƚĞƐĚĞŝŶŝĐŝĂƌĂĞƐĐĂǀĂĕĆŽ͕ĂKEdZdĚĞǀĞƌĄĨĂnjĞƌƉĞƐƋƵŝƐĂƐĚĞ
ŝŶƚĞƌĨĞƌġŶĐŝĂƐ͕ƉĂƌĂƋƵĞŶĆŽƐĞũĂŵĚĂŶŝĨŝĐĂĚŽƐƋƵĂŝƐƋƵĞƌƚƵďŽƐ͕ĐĂŝdžĂƐ͕ĐĂďŽƐ͕ƉŽƐƚĞƐĞŽƵƚƌŽƐ
ĞůĞŵĞŶƚŽƐŽƵĞƐƚƌƵƚƵƌĂƐƋƵĞĞƐƚĞũĂŵŶĂĄƌĞĂĂƚŝŶŐŝĚĂƉĞůĂĞƐĐĂǀĂĕĆŽŽƵƉƌſdžŝŵŽƐăŵĞƐŵĂ͘^Ğ
ĂĞƐĐĂǀĂĕĆŽŝŶƚĞƌĨĞƌŝƌĞŵŐĂůĞƌŝĂƐŽƵƚƵďƵůĂĕƁĞƐ͕ĂKEdZdĞdžĞĐƵƚĂƌĄŽĞƐĐŽƌĂŵĞŶƚŽĞĂ
ƐƵƐƚĞŶƚĂĕĆŽ ĚĂƐ ŵĞƐŵĂƐ͘ :ƵŶƚŽ ăƐ ǀĂůĂƐ͕ Ă KEdZd ĚĞǀĞƌĄ ŵĂŶƚĞƌ ůŝǀƌĞƐ ĂƐ ŐƌĞůŚĂƐ͕
ƚĂŵƉƁĞƐ Ğ ďŽĐĂƐ ĚĞ ůŽďŽ ĚĂƐ ƌĞĚĞƐ ĚŽƐ ƐĞƌǀŝĕŽƐ ƉƷďůŝĐŽƐ͕ ĚĞ ŵŽĚŽ Ă ĞǀŝƚĂƌ ĚĂŶŽƐ Ğ
ĞŶƚƵƉŝŵĞŶƚŽƐ͘ DĞƐŵŽ ĂƵƚŽƌŝnjĂĚĂ Ă ĞƐĐĂǀĂĕĆŽ͕ ƚŽĚŽƐ ŽƐ ĚĂŶŽƐ ĐĂƵƐĂĚŽƐ Ă ƉƌŽƉƌŝĞĚĂĚĞƐ
ƉƷďůŝĐĂƐŽƵƉƌŝǀĂĚĂƐ͕ďĞŵĐŽŵŽĂĚĂŶŝĨŝĐĂĕĆŽŽƵƌĞŵŽĕĆŽĚĞƉĂǀŝŵĞŶƚŽƐĂůĠŵĚĂƐůĂƌŐƵƌĂƐ
ϭ͘ϰͲ>ĂƌŐƵƌĂĞƉƌŽĨƵŶĚŝĚĂĚĞĚĞǀĂůĂƐǀĂůĂƐĐŽŵƉƌŽĨƵŶĚŝĚĂĚĞƐƵƉĞƌŝŽƌĂϭ͕Ϯϱŵ;ƵŵŵĞƚƌŽĞ
ǀŝŶƚĞ Ğ ĐŝŶĐŽ ĐĞŶƚşŵĞƚƌŽͿ͕ ĚĞǀĞŵ ƚĞƌ ƐƵĂ ĞƐƚĂďŝůŝĚĂĚĞ ŐĂƌĂŶƚŝĚĂ ƉŽƌ ŵĞŝŽ ĚĞ ĞƐƚƌƵƚƵƌĂƐ
ĚŝŵĞŶƐŝŽŶĂĚĂƐƉĂƌĂĞƐƚĞĨŝŵĞĚŝƐƉŽƌĚĞĞƐĐĂĚĂƐŽƵƌĂŵƉĂƐĐŽůŽĐĂĚĂƐƉƌſdžŝŵĂƐĂŽƐůŽĐĂŝƐĚĞ
ƚƌĂďĂůŚŽĂĨŝŵĚĞƉĞƌŵŝƚŝƌ͕ĞŵĐĂƐŽĚĞĞŵĞƌŐġŶĐŝĂ͕ĂƐĂşĚĂƌĄƉŝĚĂĚŽƐĞŵƉƌĞŐĂĚŽƐ͘ŵƚŽĚŽƐ
ŽƐƐĞƌǀŝĕŽƐĚĞĞƐĐĂǀĂĕĆŽ͕ĂKEdZdĚĞǀĞƐĞŐƵŝƌ ĂƐŶŽƌŵĂƐĚĂ^E͕ĂƋƵŝƉƌĞƐĐƌŝƚĂƐ͕Ă
EZ ϵϲϬϭ ʹ ^ĞŐƵƌĂŶĕĂ ĚĞ ƐĐĂǀĂĕĆŽ Ă ĠƵ ďĞƌƚŽ͕ EŽƌŵĂ ZĞŐƵůĂŵĞŶƚĂĚŽƌĂ Ŷ͘Ǒ ϭϴ͕ ĚĞ Ϭϴ ĚĞ
ũƵŶŚŽ ĚĞ ϭϵϳϴ͕ ĚĂ WŽƌƚĂƌŝĂ Ŷ͘Ǒ ϯϮϭϰ͕ ĚŽ DŝŶŝƐƚĠƌŝŽĚŽ dƌĂďĂůŚŽ Ğ ƐƵĂƐ ĂůƚĞƌĂĕƁĞƐ͕ ĚĂ >Ğŝ Ŷ͘Ǒ
ϲϱϭϰ͕ĚĞϮϮĚĞĚĞnjĞŵďƌŽĚĞϭϵϳϳ͕ƋƵĞƌĞŐƵůĂŵĞŶƚĂŽĂƉşƚƵůŽsĚŽƚşƚƵůŽ//ĚĂ>d͘
DĂƚĞƌŝĂů ƉƌŽǀĞŶŝĞŶƚĞ ĚĂĞƐĐĂǀĂĕĆŽ K ŵĂƚĞƌŝĂů ĞƐĐĂǀĂĚŽ ƋƵĞ ĨŽƌ͕ Ă ĐƌŝƚĠƌŝŽ ĚĂ &/^>/K͕
ĂƉƌŽƉƌŝĂĚŽƉĂƌĂƵƚŝůŝnjĂĕĆŽŶŽĂƚĞƌƌŽͬƌĞĂƚĞƌƌŽ͕ƐĞƌĄĚĞƉŽƐŝƚĂĚŽĂŽůĂĚŽĚĂǀĂůĂ͕ƉŽĕŽƐŽƵĐĂǀĂƐ͕
Ă ƵŵĂ ĚŝƐƚąŶĐŝĂ ĞƋƵŝǀĂůĞŶƚĞ ă ƉƌŽĨƵŶĚŝĚĂĚĞ ĚĞ ĞƐĐĂǀĂĕĆŽ͘ EŽ ĐĂƐŽ ĐŽŶƚƌĄƌŝŽ͕ Ž ŵĂƚĞƌŝĂů
ĞƐĐĂǀĂĚŽƐĞƌĄƚƌĂŶƐƉŽƌƚĂĚŽƉĂƌĂĄƌĞĂĚĞĚĞƉſƐŝƚŽ͕ĂƐĞƌĚĞƐŝŐŶĂĚĂƉĞůĂ&/^>/K͘
ϭ͘ϰ Ͳ džĐĞƐƐŽ ĚĞ ĞƐĐĂǀĂĕĆŽ KEdZd ƐĞƌĄ ƌĞƐƉ ŽŶƐĄǀĞů ƉŽƌ ƋƵĂůƋƵĞƌ ĞdžĐĞƐƐŽ ĚĞ
ĞƐĐĂǀĂĕĆŽ͕ ĐŽŶƐŝĚĞƌĂŶĚŽͲƐĞ ĐŽŵŽ ƉĂĚƌĆŽ Ž ĞƐƚĂďĞůĞĐŝĚŽ ŶĂƐ ƚĂďĞůĂƐ ĚĞ ůĂƌŐƵƌĂ ĚĞ ǀĂůĂƐ
;ĐŽŶĨŽƌŵĞ dĂďĞůĂƐ ĚĞ ϭ Ă ϱͿ͘ dĂŵďĠŵ ƐĞƌĄ ĚĞ ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞ ĚĂ KEdZd ƚŽĚŽ Ğ
ƋƵĂůƋƵĞƌ ĚĞƐŵŽƌŽŶĂŵĞŶƚŽ͕ ƌƵƉƚƵƌĂ ŚŝĚƌĄƵůŝĐĂ ĚĞ ĨƵŶĚŽ ĚĂ ǀĂůĂ͕ ĐĂƵƐĂĚŽƐ ƉŽƌ ĚĞĨŝĐŝġŶĐŝĂ ĚĞ
ĞƐĐŽƌĂŵĞŶƚŽŽƵƉŽƌĨŝĐŚĂŝŶĂĚĞƋƵĂĚĂ͘
ϭ͘ϱͲdZZKͬZdZZKZ^
ϭ͘ϱ͘ϭͲŽŵƉĂĐƚĂĕĆŽŵĞĐąŶŝĐĂĐŽŵƉĂĐƚĂĕĆŽŵĞĐąŶŝĐĂĠƵŵƉƌŽĐĞƐƐŽĚĞĂĚĞŶƐĂŵĞŶƚŽĞŵ
ƋƵĞ ƐĞ ƌĞĚƵnjĞŵ ŽƐ ǀĂnjŝŽƐ ĚŽƐ ƐŽůŽƐ͕ ŵĞůŚŽƌĂŶĚŽ ƐƵĂ ĐĂƉĂĐŝĚĂĚĞ ĚĞ ƐƵƉŽƌƚĞ͕ ĚĞ ǀĂƌŝĂĕĆŽ
ǀŽůƵŵĠƚƌŝĐĂĞĚĞŝŵƉĞƌŵĞĂďŝůŝĚĂĚĞ͘ƐĞƋƺġŶĐŝĂŶŽƌŵĂůĚŽƐƐĞƌǀŝĕŽƐĚĞǀĞƌĄĂƚĞŶĚĞƌŽƐŝƚĞŶƐ
ĂďĂŝdžŽ͗ ͻ ůĂŶĕĂŵĞŶƚŽ Ğ ĞƐƉĂůŚĂŵĞŶƚŽ ĚŽ ŵĂƚĞƌŝĂů͕ ƉƌŽĐƵƌĂŶĚŽͲƐĞ ŽďƚĞƌ͕ ƉĞůŽ ŵĞŶŽƐ
ĂƉƌŽdžŝŵĂĚĂŵĞŶƚĞ͕ Ă ĞƐƉĞƐƐƵƌĂ ĞƐƉĞĐŝĨŝĐĂĚĂ ƉĂƌĂ Ž ƚŝƉŽ ĚĞ ĞƋƵŝƉĂŵĞŶƚŽ͖ ͻ ƌĞŐƵůĂƌŝnjĂĕĆŽ ĚĂ
ĐĂŵĂĚĂƐŽůƚĂĚĞ ƚĂůŵŽĚŽƋƵĞƐƵĂĞƐƉĞƐƐƵƌĂƐĞũĂĚĞϮϬĂϮϱйŵĂŝŽƌĚŽƋƵĞĂĂůƚƵƌĂ ĨŝŶĂůĚĂ
ĐĂŵĂĚĂ͕ĂƉſƐĂĐŽŵƉĂĐƚĂĕĆŽ͖ͻŚŽŵŽŐĞŶĞŝnjĂĕĆŽĚĂĐĂŵĂĚĂƉĞůĂƌĞŵŽĕĆŽŽƵĨƌĂŐŵĞŶƚĂĕĆŽĚĞ
ƚŽƌƌƁĞƐ ƐĞĐŽƐ͕ ŵĂƚĞƌŝĂů ĐŽŶŐůŽŵĞƌĂĚŽ͕ ďůŽĐŽƐ ŽƵ ŵĂƚĂĐƁĞƐ ĚĞ ƌŽĐŚĂ ĂůƚĞƌĂĚĂ͕ ĞƚĐ͖͘ ͻ
ĚĞƚĞƌŵŝŶĂĕĆŽ ĞdžƉĞĚŝƚĂ ĚĂ ƵŵŝĚĂĚĞ ĚŽ ƐŽůŽ͕ ƉĂƌĂ ĚĞĨŝŶŝƌ ƐĞ ŚĄ ŶĞĐĞƐƐŝĚĂĚĞ ĚĞ ĂĞƌĂĕĆŽ ŽƵ ĚĞ
ƵŵŝĚĞĐŝŵĞŶƚŽĚŽƐŽůŽ͖
ͻĐŽŵƉĂĐƚĂĕĆŽŽƵƌŽůĂŐĞŵ͕ĐŽŵĂƵƚŝůŝnjĂĕĆŽĚĞĞƋƵŝƉĂŵĞŶƚŽĂĚĞƋƵĂĚŽĂŽŶƷŵĞƌŽĚĞƉĂƐƐĂĚĂƐ
ƐƵĨŝĐŝĞŶƚĞƐƉĂƌĂƐĞĂƚŝŶŐŝƌ͕ĞŵƚŽĚĂĂĐĂŵĂĚĂ͕ŽŐƌĂƵĚĞĐŽŵƉĂĐƚĂĕĆŽĚĞƐĞũĂĚŽ͘KƐŵĂƚĞƌŝĂŝƐ
ĞŵƉƌĞŐĂĚŽƐŶŽƌŵĂůŵĞŶƚĞƐĞƌĆŽŽƐĚŽƉƌſƉƌŝŽƚĞƌƌĞŶŽ͕ƐĞŶĚŽƋƵĞ͕ŶŽĐĂƐŽĚĞƐƵďƐƚŝƚƵŝĕĆŽŽƵ
ĂĚŝĕĆŽĚĞŵĂƚĞƌŝĂů͕ĞƐƚĞƐĚĞǀĞƌĆŽƐĞƌƉƌŽǀĞŶŝĞŶƚĞƐĚĞũĂnjŝĚĂƐĂƉƌŽǀĂĚĂƐƉĞůĂ&/^>/K͘Ɛ
ŽďƌĂƐ ĚĞ ůĂŐŽĂƐ ĚĞ ƚƌĂƚĂŵĞŶƚŽ ĚĞ ĞƐŐŽƚŽƐ͕ ďĂƌƌĂŐĞŶƐ Ğ ŽƵƚƌĂƐ ĚĞ ƉŽƌƚĞ͕ ĚĞǀĞƌĆŽ
ŶĞĐĞƐƐĂƌŝĂŵĞŶƚĞ ƚĞƌ Ž ĂĐŽŵƉĂŶŚĂŵĞŶƚŽ ĚĞ ĐŽŶƚƌŽůĞ ƚĞĐŶŽůſŐŝĐŽ ĚĂ KEdZd ŽƵ ĚĞ
ĞŵƉƌĞƐĂŝŶĚŝĐĂĚĂƉĞůĂ&/^>/K͘
ϭ͘ϲͲdZZKͬZdZZKs>^
ƉſƐ Ă ƌĞĂůŝnjĂĕĆŽ ĚŽƐ ƚĞƐƚĞƐ ĚĞ ĞƐƚĂŶƋƵŝĚĂĚĞ ĐŽŵ ƚƵďƵůĂĕƁĞƐ ĚĞ ŵĂŶŝůŚĂ ĐĞƌąŵŝĐĂ ŽƵ ĚĞ
ĐŽŶĐƌĞƚŽ͕ƐĞƌĄĞdžĞĐƵƚĂĚŽŽĂƚĞƌƌŽͬƌĞĂƚĞƌƌŽĚĂƐǀĂůĂƐĂƚĠŽƌĞƐƚĂďĞůĞĐŝŵĞŶƚŽĚŽƐŶşǀĞŝƐŽƌŝŐŝŶĂŝƐ
ĚĂƐ ƐƵƉĞƌĨşĐŝĞƐ͕ ƉƌĞƐĞƌǀĂŶĚŽ ĂƐ ĞƐƚƌƵƚƵƌĂƐ Ğ ƚƵďƵůĂĕƁĞƐ͘ WĂƌĂ ŽƐ ĚĞŵĂŝƐ ƚŝƉŽƐ ĚĞ ƚƵďƵůĂĕĆŽ͕ Ġ
ŝŵƉƌĞƐĐŝŶĚşǀĞů Ž ĂƚĞƌƌŽͬƌĞĂƚĞƌƌŽ ĂŶƚĞƐ ĚĂ ƌĞĂůŝnjĂĕĆŽ ĚŽƐ ƚĞƐƚĞƐ͘ K ĂƚĞƌƌŽͬƌĞĂƚĞƌƌŽ ĚĞǀĞƌĄ ƐĞƌ
ƌĞĂůŝnjĂĚŽĞŵƉĂƌĂůĞůŽĐŽŵĂƌĞŵŽĕĆŽĚŽƐĞƐĐŽƌĂŵĞŶƚŽƐ͘ƌŽƚŝŶĂĚĞƚƌĂďĂůŚŽĚĞĐŽŵƉĂĐƚĂĕĆŽ
ƐĞƌĄ ĨŝdžĂĚĂ ƉŽƌ ŝŶƐƚƌƵĕĆŽ ĚĞ ĐĂŵƉŽ͕ ĞŵŝƚŝĚĂ ŽƉŽƌƚƵŶĂŵĞŶƚĞ ƉĞůĂ &/^>/K͘ EĆŽ ƐĞƌĄ
ƉĞƌŵŝƚŝĚĂĂĐŽŵƉĂĐƚĂĕĆŽĚĞǀĂůĂƐ͕ƉŽĕŽƐŽƵĐĂǀĂƐĐŽŵƉŶĞƵƐĚĞƌĞƚƌŽͲĞƐĐĂǀĂĚĞŝƌĂƐ͕ĐĂŵŝŶŚƁĞƐ͕
ĞƚĐ͘ ƉſƐ Ă ĞdžĞĐƵĕĆŽ ĚŽ ĂƚĞƌƌŽͬƌĞĂƚĞƌƌŽ͕ ƚŽĚŽ ĞdžĐĞƐƐŽ ĚĞ ŵĂƚĞƌŝĂů ƉƌŽǀĞŶŝĞŶƚĞ ĚĂ ĞƐĐĂǀĂĕĆŽ
ĚĞǀĞƌĄ ƐĞƌ ƚƌĂŶƐƉŽƌƚĂĚŽƉĂƌĂ ďŽƚĂͲĨŽƌĂ͘ Ğ ƋƵĂůƋƵĞƌ ĨŽƌŵĂ͕ ŽƐ ƐĞƌǀŝĕŽƐ ĚĞ ĂƚĞƌƌŽͬƌĞĂƚĞƌƌŽ Ɛſ
ƉŽĚĞƌĆŽ ƐĞƌ ŝŶŝĐŝĂĚŽƐ ĂƉſƐ ĂƵƚŽƌŝnjĂĕĆŽ͕ ĚĞ ĂĐŽƌĚŽ ĐŽŵ ŝŶĚŝĐĂĕĆŽ ĚĂ &/^>/K͘ ^ĞƌĆŽ ĚĞ
ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞĚĂKEdZdŽŶŝǀĞůĂŵĞŶƚŽĞŽĂĐĂďĂŵĞŶƚŽĨŝŶĂůĚĂƐƵƉĞƌĨşĐŝĞ͘
ϭ͘ϲ͘ϭ Ͳ ŽŵƉĂĐƚĂĕĆŽ ŵĂŶƵĂů ƐƐĞ ƚŝƉŽ ĚĞ ĐŽŵƉĂĐƚĂĕĆŽ ĐŽŵƉƌĞĞŶĚĞ ƚŽĚŽƐ ŽƐ ƐĞƌǀŝĕŽƐ
ĞdžĞĐƵƚĂĚŽƐ ĂƚƌĂǀĠƐ ĚĞ ƉƌŽĐĞƐƐŽƐ ŵĂŶƵĂŝƐ͕ ƌĞůĂƚŝǀŽƐĂŽ ƉƌĞĞŶĐŚŝŵĞŶƚŽ ĚĞ ǀĂůĂƐ͕ ƉŽĕŽƐ ŽƵ ĚĞ
ĐĂǀĂƐ͕ƌĞĂůŝnjĂĚŽĐŽŵŵĂƚĞƌŝĂůĚĂƉƌſƉƌŝĂĞƐĐĂǀĂĕĆŽ͕ŽƵĚĞũĂnjŝĚĂƐ͕ĚĞǀŝĚĂŵĞŶƚĞƐĞůĞĐŝŽŶĂĚŽĞ
ĞƐƚŽĐĂĚŽ͘ ƐƚĞƐ ƐĞƌǀŝĕŽƐ ƐĞƌĆŽ ĞdžĞĐƵƚĂĚŽƐ ĐŽŵ Ž ĂƵdžşůŝŽĚĞ ƐŽƋƵĞƚĞ ĚĞ ŵĂĚĞŝƌĂ ŽƵ ĚĞ ŵĞƚĂů
ĐŽŵƉĞƐŽĂƉƌŽdžŝŵĂĚŽĚĞϭϬŬŐ͕ĞŵǀĂůĂƐŶŽƉĂƐƐĞŝŽ͕ǀĂůĂƐĞŵĐĂŵƉŽĂďĞƌƚŽ͕ƉŽĕŽƐŽƵĐĂǀĂƐ͘K
ĞƐƉĂĕŽ ĞŶƚƌĞ Ă ďĂƐĞ ĚĞ ĂƐƐĞŶƚĂŵĞŶƚŽ Ğ Ă ƐƵƉĞƌĨşĐŝĞ ĚĞǀĞƌĄ ƐĞƌ ƉƌĞĞŶĐŚŝĚŽ ĐŽŵ ƐŽůŽ
ƐĞůĞĐŝŽŶĂĚŽ͕ Ğŵ ĐĂŵĂĚĂƐ ŶĆŽ ƐƵƉĞƌŝŽƌĞƐ Ă Ϭ͕ϮϬ ŵ͕ ĚĞ ŵĂŶĞŝƌĂ ƋƵĞ ƌĞƐƵůƚĞ Ğŵ ĚĞŶƐŝĚĂĚĞ
ĂƉƌŽdžŝŵĂĚĂŵĞŶƚĞŝŐƵĂůăĚŽƐŽůŽƋƵĞƐĞĂƉƌĞƐĞŶƚĂŶĂƐƉĂƌĞĚĞƐĚĂƐǀĂůĂƐ͘
ϭ͘ϲ͘Ϯ Ͳ ŽŵƉĂĐƚĂĕĆŽ ŵĞĐąŶŝĐĂ ƐĞŵ ĐŽŶƚƌŽůĞ ĚŽ ŐƌĂƵ ĚĞ ĐŽŵƉĂĐƚĂĕĆŽ dŽĚŽƐ ŽƐ ƐĞƌǀŝĕŽƐ
ƌĞůĂƚŝǀŽƐĂŽĨĞĐŚĂŵĞŶƚŽĚĞǀĂůĂƐ͕ƉŽĕŽƐŽƵĚĞĐĂǀĂƐ͕ĐŽŵŵĂƚĞƌŝĂůĚĂƉƌſƉƌŝĂĞƐĐĂǀĂĕĆŽŽƵĚĞ
ũĂnjŝĚĂƐ͕ĚĞǀŝĚĂŵĞŶƚĞƐĞůĞĐŝŽŶĂĚŽĞĞƐƚŽĐĂĚŽ͕ĞdžĞĐƵƚĂĚŽƐĂƚƌĂǀĠƐĚĞƉƌŽĐĞƐƐŽƐŵĞĐąŶŝĐŽƐ͕ƐĆŽ
ĂƋƵŝĚĞƐŝŐŶĂĚŽƐƐĞƌǀŝĕŽƐĚĞĐŽŵƉĂĐƚĂĕĆŽŵĞĐąŶŝĐĂƐĞŵĐŽŶƚƌŽůĞĚŽŐƌĂƵĚĞĐŽŵƉĂĐƚĂĕĆŽ͘
K ĞƐƉĂĕŽ ĞŶƚƌĞ Ă ďĂƐĞ ĚĞ ĂƐƐĞŶƚĂŵĞŶƚŽ Ğ Ă ĐŽƚĂ ĚĞĨŝŶŝĚĂ ƉĞůĂ ŐĞƌĂƚƌŝnj ĞdžƚĞƌŶĂ ƐƵƉĞƌŝŽƌ ĚŽ
ƚƵďŽ͕ ĂĐƌĞƐĐŝĚĂ ĚĞ Ϭ͕ϮϬ ŵ͕ ĚĞǀĞƌĄ ƐĞƌ ƉƌĞĞŶĐŚŝĚŽ ĐŽŵ ƐŽůŽ ƐĞůĞĐŝŽŶĂĚŽ͕ ĐŽŵƉĂĐƚĂĚŽ ĐŽŵ
ƐŽƋƵĞƚĞƐŵĂŶƵĂŝƐ͕ĞŵĐĂŵĂĚĂƐŶĆŽƐƵƉĞƌŝŽƌĞƐĂϬ͕ϮϬŵ͘
KƌĞƐƚĂŶƚĞĚŽĂƚĞƌƌŽͬƌĞĂƚĞƌƌŽĚĞǀĞƌĄƐĞƌĞdžĞĐƵƚĂĚŽĐŽŵƐŽůŽƐĞůĞĐŝŽŶĂĚŽ͕ƐĞŵƉƌĞĞŵĐĂŵĂĚĂƐ
ŶĆŽƐƵƉĞƌŝŽƌĞƐĂϬ͕ϮϬŵ͕ĞŵƉƌĞŐĂŶĚŽͲƐĞĐŽŵƉĂĐƚĂĚŽƌĞƐĚŽƚŝƉŽƐĂƉŽŽƵĚŽƚŝƉŽƉůĂĐĂ͘
ϭ͘ϲ͘Ϯ ͲŽŵƉĂĐƚĂĕĆŽ ŵĞĐąŶŝĐĂ ĐŽŵ ŐƌĂƵ ĚĞ ĐŽŵƉĂĐƚĂĕĆŽ хс ϵϱй ĚŽ WƌſĐƚŽƌ EŽƌŵĂů WĂƌĂ
ƚƵďƵůĂĕƁĞƐĂƐƐĞŶƚĂĚĂƐƐŽďǀŝĂĐĂƌƌŽĕĄǀĞů͕ĐƵũĂǀĂůĂĚĞǀĞƌĄƐĞƌƌĞĐŽŵƉŽƐƚĂĐŽŵƐŽůŽƐĐŽĞƐŝǀŽƐ͕Ž
ĞƐƉĂĕŽ ĐŽŵƉƌĞĞŶĚŝĚŽ ĞŶƚƌĞ Ă ďĂƐĞ ĚĞ ĂƐƐĞŶƚĂŵĞŶƚŽ Ğ Ă ĐŽƚĂ ĚĞĨŝŶŝĚĂ ƉĞůĂ ŐĞƌĂƚƌŝnj ĞdžƚĞƌŶĂ
ƐƵƉĞƌŝŽƌĚŽƚƵďŽ͕ĂĐƌĞƐĐŝĚĂĚĞƵŵĂĂůƚƵƌĂŝŶĚŝĐĂĚĂƉĞůĂ&/^>/K͕ĚĞǀĞƌĄƐĞƌƉƌĞĞŶĐŚŝĚŽ
ĐŽŵ ĂƚĞƌƌŽ ĐŽŵƉĂĐƚĂĚŽ ĐŽŵ ƐŽƋƵĞƚĞƐ ŵĂŶƵĂŝƐ͕ Ğŵ ĐĂŵĂĚĂƐ ŶĆŽ ƐƵƉĞƌŝŽƌĞƐ Ă Ϭ͕ϮϬ ŵ͘ EŽ
ƌĞƐƚĂŶƚĞĚŽĂƚĞƌƌŽĚĞǀĞƌĄƐĞƌĨĞŝƚĂĐŽŵƉĂĐƚĂĕĆŽŵĞĐąŶŝĐĂĂϵϱйĚŽWƌſĐƚŽƌEŽƌŵĂů͕ĐŽŵĚĞƐǀŝŽ
ĚĞƵŵŝĚĂĚĞĚĞŵĂŝƐŽƵŵĞŶŽƐϮй͘
K ŵĂƚĞƌŝĂů ĚŽ ĂƚĞƌƌŽͬƌĞĂƚĞƌƌŽ ĚĞǀĞƌĄ ƐĞƌ ŝƐĞŶƚŽ ĚĞ ƉĞĚƌĂƐ Ğ ĐŽƌƉŽƐ ĞƐƚƌĂŶŚŽƐ Ğ ƉŽĚĞƌĄ ƐĞƌ
ƉƌŽǀĞŶŝĞŶƚĞĚĂƉƌſƉƌŝĂĞƐĐĂǀĂĕĆŽŽƵĚĞũĂnjŝĚĂƐ͕ĂĐƌŝƚĠƌŝŽĚĂ&/^>/K͘
ĐŽŵƉĂĐƚĂĕĆŽ ŵĞĐąŶŝĐĂ Ă ϵϱй ĚŽ WƌſĐƚŽƌ EŽƌŵĂů ;DĠƚŽĚŽ ƌĂƐŝůĞŝƌŽ EZϳϭϮϮ ĚĂ EdͿ
ĚĞǀĞƌĄ ƐĞƌ ĞdžĞĐƵƚĂĚĂ ĐŽŵ ĞƋƵŝƉĂŵĞŶƚŽƐ ĂƉƌŽƉƌŝĂĚŽƐ͕ ĚĞǀĞŶĚŽ ƐƵĂ ĞdžĞĐƵĕĆŽ ƐĞƌ ĂƵƚŽƌŝnjĂĚĂ
ƉĞůĂ&/^>/K͕ƋƵĞƉƌŽǀŝĚĞŶĐŝĂƌĄĂŶĄůŝƐĞĚŽƐĞŶƐĂŝŽƐ͕ĨŽƌŶĞĐŝĚŽƐƉĞůĂKEdZd͕ƉĂƌĂ
ĚĞƚĞƌŵŝŶĂƌŽŐƌĂƵĚĞĐŽŵƉĂĐƚĂĕĆŽĞĚĞƐǀŝŽĚĞƵŵŝĚĂĚĞ͘
ĂƐŽ Ž ƌĞƐƵůƚĂĚŽ ĚŽƐ ĞŶƐĂŝŽƐ ǀĞŶŚĂ Ă ĂƉƌĞƐĞŶƚĂƌ ǀĂůŽƌĞƐ ŝŶĨĞƌŝŽƌĞƐ ĂŽƐ ĞƐƉĞĐŝĨŝĐĂĚŽƐ͕ ŽƐ
ƐĞƌǀŝĕŽƐ ĚĞǀĞƌĆŽ ƐĞƌ ƌĞĨĞŝƚŽƐ͕ ƐĞŵ ƀŶƵƐ ƉĂƌĂ Ă ^E͕ ĚĞǀĞŶĚŽ͕ ĚĂ ŵĞƐŵĂ ĨŽƌŵĂ͕ ƐĞƌĞŵ
ƌĞĨĞŝƚŽƐŽƐƐĞƌǀŝĕŽƐĚĞƌĞĐŽŵƉŽƐŝĕĆŽĚĞƉĂǀŝŵĞŶƚĂĕĆŽ͘
ϭ͘ϲ͘ϯ Ͳ ƚĞƌƌŽͬƌĞĂƚĞƌƌŽ Ğŵ ĐŽŶƚĂƚŽ ĐŽŵ ĞƐƚƌƵƚƵƌĂ ĚĞ ĐŽŶĐƌĞƚŽ ^ſ ƉŽĚĞƌĄ ƐĞƌ ŝŶŝĐŝĂĚŽ Ž
ĂƚĞƌƌŽͬƌĞĂƚĞƌƌŽ ũƵŶƚŽ ăƐ ĞƐƚƌƵƚƵƌĂƐ ĚĞ ĐŽŶĐƌĞƚŽ͕ ĂƉſƐ ĚĞĐŽƌƌŝĚŽ Ž ƉƌĂnjŽ ŶĞĐĞƐƐĄƌŝŽ ĂŽ
ĚĞƐĞŶǀŽůǀŝŵĞŶƚŽ ĚĂ ƌĞƐŝƐƚġŶĐŝĂ ĚŽ ĐŽŶĐƌĞƚŽ ĞƐƚƌƵƚƵƌĂů Ğ ƐĂƚŝƐĨĞŝƚĂƐ ĂƐ ŶĞĐĞƐƐŝĚĂĚĞƐ ĚĞ
ŝŵƉĞƌŵĞĂďŝůŝnjĂĕĆŽ͘ K ĂƚĞƌƌŽͬƌĞĂƚĞƌƌŽ ĚĞǀĞƌĄ ƐĞƌ Ğdž ĞĐƵƚĂĚŽ ĐŽŵ Ž ƐŽůŽ ŝƐĞŶƚŽ ĚĞ ƉĞĚƌĂƐ͕
ŵĂĚĞŝƌĂ͕ ĚĞƚƌŝƚŽƐ ŽƵ ŽƵƚƌŽƐ ŵĂƚĞƌŝĂŝƐ ƋƵĞ ƉŽƐƐĂŵ ĚĂŶŝĨŝĐĂƌ ĂƐ ƚƵďƵůĂĕƁĞƐ͕ ŽƵ ƋƵĂůƋƵĞƌ ŽƵƚƌŽ
ĞůĞŵĞŶƚŽ ŵŽŶƚĂĚŽ ŶŽ ŝŶƚĞƌŝŽƌ ĚĂ ǀĂůĂ͘ K ŵĂƚĞƌŝĂů ĚĞ ĂƚĞƌƌŽͬƌĞĂƚĞƌƌŽ ƐĞƌĄ ƉƌŽǀĞŶŝĞŶƚĞ ĚĂ
ƉƌſƉƌŝĂ ĞƐĐĂǀĂĕĆŽ ŽƵ ĚĞ ũĂnjŝĚĂƐ͕ Ă ĐƌŝƚĠƌŝŽ ĚĂ &/^>/K͘ ĐŽŵƉĂĐƚĂĕĆŽ ĚŽ ŵĂƚĞƌŝĂů ĚĞ
ĐĂĚĂĐĂŵĂĚĂĚĞĂƚĞƌƌŽͬƌĞĂƚĞƌƌŽĚĞǀĞƌĄƐĞƌĨĞŝƚĂĂƚĠƐĞŽďƚĞƌƵŵĂĚĞŶƐŝĚĂĚĞĂƉĂƌĞŶƚĞƐĞĐĂ͕ŶĆŽ
ŝŶĨĞƌŝŽƌĂϵϱйĚĂĚĞŶƐŝĚĂĚĞŵĄdžŝŵĂĞĚĞƐǀŝŽĚĞƵŵŝĚĂĚĞĚĞŵĂŝƐŽƵŵĞŶŽƐϮй͕ĚĞƚĞƌŵŝŶĂĚĂ
ŶŽƐĞŶƐĂŝŽƐĚĞĐŽŵƉĂĐƚĂĕĆŽ͕ĨŽƌŶĞĐŝĚŽƐƉĞůĂKEdZd͕ĚĞĐŽŶĨŽƌŵŝĚĂĚĞĐŽŵŽEZͲϳϭϮϮ͘
ϭ͘ϲ͘ϰ Ͳ ŽŶƚƌŽůĞ Ğ ŶƐĂŝŽ KƐ ĐŽŶƚƌŽůĞƐ Ğ ŽƐ ĞŶƐĂŝŽƐ ĚĞ ĐŽŵƉĂĐƚĂĕĆŽ ƐĞƌĆŽ ĞdžĞĐƵƚĂĚŽƐ ƉĞůĂ
KEdZd͕ ƐĞŵ ƀŶƵƐ ƉĂƌĂ Ă KdZdEd͕ ďĂƐĞĂŶĚŽͲƐĞ ŶŽƐ ĐƌŝƚĠƌŝŽƐ ĞƐƚĂďĞůĞĐŝĚŽƐ ƉĞůŽ
ŵĠƚŽĚŽ EZͲϳϭϮϮ͕ Ğ ĚĞ ĐŽŶĨŽƌŵŝĚĂĚĞ ĐŽŵ Ă &/^>/K͘ DĠƚŽĚŽƐ ĞdžƉĞĚŝƚŽƐ ƉŽĚĞƌĆŽ ƐĞƌ
ƵƐĂĚŽƐƉĂƌĂŽĐŽŶƚƌŽůĞĚĞƵŵŝĚĂĚĞŶŽĐĂŵƉŽ͕ƉĞƌŵŝƚŝŶĚŽŽĂǀĂŶĕŽĚĂŽďƌĂ͘ĂĐĞŝƚĂĕĆŽĚĞƐƐĞƐ
ŵĠƚŽĚŽƐ ƉŽƌ ƉĂƌƚĞ ĚĂ &/^>/K ĚĞƉĞŶĚĞƌĄ ĚĂ ĐŽŶĨŝƌŵĂĕĆŽ ĚŽƐ ƚĞƐƚĞƐ ĚĞ ůĂďŽƌĂƚſƌŝŽ͘ K
ƐĞƌǀŝĕŽ ƐĞƌĄ ƌĞĐƵƐĂĚŽ͕ ŶŽ ĐĂƐŽ ĚĞ ƐĞ ǀĞƌŝĨŝĐĂƌĞŵ ĚŝƐĐƌĞƉąŶĐŝĂƐ ƐƵƉĞƌŝŽƌĞƐ Ă Ϯй͘ ŶƚƌĞ ŽƐ
ŵĠƚŽĚŽƐĞdžƉĞĚŝƚŽƐĂƐĞƌĞŵƵƐĂĚŽƐ͕ŝŶĚŝĐĂŵͲƐĞ͗ĨƌŝŐŝĚĞŝƌĂƐ͕ĄůĐŽŽůĞƐƉĞĞĚLJ͘
ϭ͘ϲ͘ϱ Ͳ ZĞĐŽďƌŝŵĞŶƚŽ ƐƉĞĐŝĂů ƚƵďƵůĂĕĆŽ ĚĞ ĂĕŽ ƐŽůĚĂĚĂ ĚĞǀĞƌĄ ƐĞƌ ƉƌŽƚĞŐŝĚĂ ƉŽƌ Ƶŵ
ƌĞĐŽďƌŝŵĞŶƚŽ ĞƐƉĞĐŝĂů͕ Ă Ĩŝŵ ĚĞ ŐĂƌĂŶƚŝƌ ĂƐ ĐŽŶĚŝĕƁĞƐ ĞdžŝŐŝĚĂƐ ƉĞůŽ ƉƌŽũĞƚŽ͕ ĂĚŽƚĂĚĂƐ ŶĂ
ĚĞƚĞƌŵŝŶĂĕĆŽĚĂĞƐƉĞƐƐƵƌĂĚĂĐŚĂƉĂĚŽƐƚƵďŽƐĞƉĞĕĂƐĞƐƉĞĐŝĂŝƐĚĞĂĕŽ͘ƐƐĞƌĞĐŽďƌŝŵĞŶƚŽŽƵ
ĞŶǀŽůƚſƌŝĂ ĚĞǀĞƌĄ ƐĞƌ ĚĞ ĂƌĞŝĂ͕ ĚĞ ĐŝŵĞŶƚŽ Ğ ĂƌĞŝĂ ŽƵ ĚĞ ĐŽŶĐƌĞƚŽ ŵĂŐƌŽ͕ ĐŽŶĨŽƌŵĞ
ĚĞƚĞƌŵŝŶĂĕƁĞƐĚĂ^E͘ƉŽƐŝĕĆŽĞĚŝŵĞŶƐĆŽĚĂĞŶǀŽůƚſƌŝĂĚĞǀĞŵŽďĞĚĞĐĞƌƌŝŐŽƌŽƐĂŵĞŶƚĞ
ăƐŝŶĚŝĐĂĕƁĞƐĚŽƉƌŽũĞƚŽ͘ĐĂŵĂĚĂĚĂĞŶǀŽůƚſƌŝĂƐŝƚƵĂĚĂĞŶƚƌĞŽĨƵŶĚŽĐŽŶƐŽůŝĚĂĚŽĚĂǀĂůĂĞĂ
ŐĞƌĂƚƌŝnjĞdžƚĞƌŶĂŝŶĨĞƌŝŽƌĚŽƚƵďŽĞĂĐĂŵĂĚĂĂĐŝŵĂĚĂŐĞƌĂƚƌŝnjĞdžƚĞƌŶĂƐƵƉĞƌŝŽƌĚĞǀĞƌĆŽƚĞƌϬ͕ϭϱ
ŵĚĞĂůƚƵƌĂ͘KŵĞƐŵŽŵĂƚĞƌŝĂůĚĞǀĞƐĞƌƵƚŝůŝnjĂĚŽĞŵĂŵďĂƐĂƐĐĂŵĂĚĂƐ͘
KƐƚƵďŽƐĚĞǀĞƌĆŽƐĞƌůĂƐƚƌĞĂĚŽƐŽƵƚƌĂǀĂĚŽƐĚĞŵŽĚŽĂŝŵƉĞĚŝƌƐĞƵĚĞƐůŽĐĂŵĞŶƚŽĚƵƌĂŶƚĞĂ
ĞdžĞĐƵĕĆŽĚĂĞŶǀŽůƚſƌŝĂ͘
ĐŽŵƉĂĐƚĂĕĆŽĚĂĞŶǀŽůƚſƌŝĂƉŽĚĞƌĄƐĞƌŵĞĐąŶŝĐĂ͕ŚŝĚƌĄƵůŝĐĂŽƵƵŵĂĐŽŵďŝŶĂĕĆŽĚĞĂŵďŽƐŽƐ
ŵĠƚŽĚŽƐ͕ĂĐƌŝƚĠƌŝŽĚĂ^E͘
ĂƌĞŝĂ ĚĂ ĞŶǀŽůƚſƌŝĂ ĚĞǀĞƌĄ ƐĞƌ ůŝŵƉĂ ;ŝƐĞŶƚĂ ĚĞĚĞƚƌŝƚŽƐͿ͕ ĐŽŵ ŵĄdžŝŵŽ ĚĞ ϱй ĚĞ ŵĂƚĞƌŝĂů
ƉĂƐƐĂŶƚĞ ŶĂ ƉĞŶĞŝƌĂ ϭϬϬ Ğ ƉĞƌŵĞĂďŝůŝĚĂĚĞ ĚĂ ŽƌĚĞŵ ĚĞ ϭ y ϭϬͲϸ͕ ůĂŶĕĂĚĂ Ğŵ ĐĂŵĂĚĂƐ
ŚŽƌŝnjŽŶƚĂŝƐ ĚĞ ĞƐƉĞƐƐƵƌĂƐ ŶĆŽ ƐƵƉĞƌŝŽƌĞƐ Ă Ϭ͕ϱϬ ŵ Ğ ĐŽŵƉĂĐƚĂĚĂƐ ĚĞ ŵŽĚŽ Ă ŶĆŽ ĚĂŶŝĨŝĐĂƌ Ž
ƌĞǀĞƐƚŝŵĞŶƚŽĚĂƚƵďƵůĂĕĆŽ͘
ĐĂŵĂĚĂĚĂĞŶǀŽůƚſƌŝĂ͕ĂďĂŝdžŽĚĂƚƵďƵůĂĕĆŽ͕ĚĞǀĞƌĄƐĞƌůĂŶĕĂĚĂĂŶƚĞƐĚŽƉŽƐŝĐŝŽŶĂŵĞŶƚŽĚŽƐ
ƚƵďŽƐ͕ĞdžĐůƵşĚĂĂĞdžƚĞŶƐĆŽĚĂǀĂůĂĐŽƌƌĞƐƉŽŶĚĞŶƚĞĂŽĐŽŵƉƌŝŵĞŶƚŽĚŽƐĐĂĐŚŝŵďŽƐ͕ƋƵĞƐĞƌĆŽ
ůŝŵŝƚĂĚŽƐƉŽƌŵĞŝŽĚĞĨŽƌŵĂƐĚĞŵĂĚĞŝƌĂĐŽŵƵŵ͘
ĐŽŵƉĂĐŝĚĂĚĞƌĞůĂƚŝǀĂĚĂĂƌĞŝĂƐĞƌĄĚĞĨŝŶŝĚĂƉĞůŽĞŶƐĂŝŽĚĞĚĞƚĞƌŵŝŶĂĕĆŽĚŽşŶĚŝĐĞĚĞǀĂnjŝŽƐ
ŵşŶŝŵŽĚĞƐŽůŽƐĐŽĞƐŝǀŽƐ;ŶŽƌŵĂEdͲDϯϯϴϴͿ͕ĚĞǀĞŶĚŽ͕ĞŵƚŽĚŽƐŽƐƉŽŶƚŽƐĚĂĞŶǀŽůƚſƌŝĂ͕
ĂƚŝŶŐŝƌǀĂůŽƌĞƐƐƵƉĞƌŝŽƌĞƐĂϳϬй;ƐĞƚĞŶƚĂƉŽƌĐĞŶƚŽͿ͘
KŶĚĞ ŶĞĐĞƐƐĄƌŝŽ͕ Ă ĐƌŝƚĠƌŝŽ ĚĂ ^E͕ Ă ĞŶǀŽůƚſƌŝĂ ƉŽĚĞƌĄ ƐĞƌ ĞdžĞĐƵƚĂĚĂ Ğŵ ƐƵĂ ŵĞƚĂĚĞ
ŝŶĨĞƌŝŽƌ͕ĐŽŵƵŵĂŵŝƐƚƵƌĂĚĞĂƌĞŝĂĞĐŝŵĞŶƚŽ͕ĐŽŵϭϬϬŬŐĚĞĐŝŵĞŶƚŽĐŽŵƵŵƉŽƌŵĞƚƌŽĐƷďŝĐŽ
ĚĞĂƌĞŝĂ͕ƋƵĞĚĞǀĞƌĄƐĞƌůĂŶĕĂĚĂĞĂĚĞŶƐĂĚĂƉŽƌǀŝďƌĂĕĆŽ͘
ŵ ƉĞƋƵĞŶĂƐ ƉƌŽĨƵŶĚŝĚĂĚĞƐ Ğ Ă ĐƌŝƚĠƌŝŽ ĚĂ ^E͕ ƐĞƌĄ ƉĞƌŵŝƚŝĚŽ Ž ĞŶǀĞůŽƉĂŵĞŶƚŽ ĐŽŵ
ĐŽŶĐƌĞƚŽŵĂŐƌŽĐŽŵĐŽŶƐƵŵŽŵşŶŝŵŽĚĞϭϱϬŬŐĚĞĐŝŵĞŶƚŽƉŽƌŵĞƚƌŽĐƷďŝĐŽ͘
ĐŽŶƐƚƌƵĕĆŽĚĂĞŶǀŽůƚſƌŝĂ͕ĂƉſƐŽĂƐƐĞŶƚĂŵĞŶƚŽĚĂƚƵďƵůĂĕĆŽ͕ƐŽŵĞŶƚĞƉŽĚĞƌĄƐĞƌĨĞŝƚĂĐŽŵ
ĂƵƚŽƌŝnjĂĕĆŽĚĂ^EĞĂƉſƐĂĞdžĞĐƵĕĆŽĚŽƐƐĞŐƵŝŶƚĞƐƐĞƌǀŝĕŽƐ͗ͻƚĞƐƚĞƐĚĂƐũƵŶƚĂƐ͖ͻŝŶƐƚĂůĂĕĆŽ
ĚŽƐ ĞůĞŵĞŶƚŽƐ ĚŽ ƐŝƐƚĞŵĂ ĚĞ ƉƌŽƚĞĕĆŽ ĐĂƚſĚŝĐĂ ĂŶƚŝĐŽƌƌŽƐŝǀĂ͖ ͻ ƌĞǀĞƐƚŝŵĞŶƚŽ ĚĂƐ ũƵŶƚĂƐ͖ ͻ
ƌĞƉĂƌŽƐŶŽƌĞǀĞƐƚŝŵĞŶƚŽĚĂƚƵďƵůĂĕĆŽ͖ͻĐĂĚĂƐƚƌĂŵĞŶƚŽĚĞƚĂůŚĂĚŽ͘
ϭ͘ϳͲZ'͕dZE^WKZd^Z'
EŽƋƵĞƐĞƌĞĨĞƌĞăĐĂƌŐĂ͕ƚƌĂŶƐƉŽƌƚĞĞĚĞƐĐĂƌŐĂĚĞ ƐŽůŽƐ͕ƌŽĐŚĂƐŽƵĞŶƚƵůŚŽƐƉĂƌĂƵƚŝůŝnjĂĕĆŽĞŵ
ƐĞƌǀŝĕŽƐŽƵĐŽůŽĐĂĕĆŽĞŵďŽƚĂͲĨŽƌĂ͕ĂŽŝŶŝĐŝĂƌŽƐĞƌǀŝĕŽ͕ĂKEdZdĚĞǀĞƌĄĂƉƌĞƐĞŶƚĂƌ͗ͻ
ĚĞĨŝŶŝĕĆŽ ĚŽƐ ĞƋƵŝƉĂŵĞŶƚŽƐ ƉĂƌĂ ĐĂƌŐĂ͕ ƚƌĂŶƐƉŽƌƚĞ͕ ĚĞƐĐĂƌŐĂ Ğ ĞƐƉĂůŚĂŵĞŶƚŽ͕ ƋƵĂŶĚŽ
ŶĞĐĞƐƐĄƌŝŽ͕ĚŽƐŵĂƚĞƌŝĂŝƐƉƌŽǀĞŶŝĞŶƚĞƐĚĞĞƐĐĂǀĂĕĆŽĞͬŽƵĚĞŵŽůŝĕĆŽ;ĞŶƚƵůŚŽͿ͖ͻĚĞĨŝŶŝĕĆŽĚĂƐ
ĄƌĞĂƐĚĞĚĞƉſƐŝƚŽƐĚĞŵĂƚĞƌŝĂŝƐĞƐĐĂǀĂĚŽƐŽƵĚĞĞŶƚƵůŚŽƐĞďŽƚĂͲĨŽƌĂ͕ĐŽŵĂĨŝdžĂĕĆŽŶĆŽƐſĚŽƐ
ƚĂůƵĚĞƐ Ğ ǀŽůƵŵĞƐ Ă ƐĞƌĞŵ ĚĞƉŽƐŝƚĂĚŽƐ͕ ŵĂƐ ƚĂŵďĠŵ ĚŽƐ ĐĂŵŝŶŚŽƐ Ğ ĚĂƐ ĚŝƐƚąŶĐŝĂƐ ĚĞ
ƉĞƌĐƵƌƐŽ͘ ƵƌĂŶƚĞ Ă ĞdžĞĐƵĕĆŽ ĚŽƐ ƐĞƌǀŝĕŽƐ ƉŽĚĞƌĄ Ă &/^>/K ĞdžŝŐŝƌ Ă ƌĞŵŽĕĆŽ Ğ
ƐƵďƐƚŝƚƵŝĕĆŽĚĞƋƵĂůƋƵĞƌĞƋƵŝƉĂŵĞŶƚŽƋƵĞŶĆŽĐŽƌƌĞƐƉŽŶĚĂĂŽƐǀĂůŽƌĞƐĚĞƉƌŽĚƵĕĆŽƉƌŽƉŽƐƚŽ
ŝŶŝĐŝĂůŵĞŶƚĞ͘ KƐ ŵĂƚĞƌŝĂŝƐ ĂƉƌŽǀĞŝƚĄǀĞŝƐ ƐĞƌĆŽ ĂƌŵĂnjĞŶĂĚŽƐ Ğŵ ůŽĐĂů ĂƉƌŽƉƌŝĂĚŽ͕ ĚĞ ŵŽĚŽ Ă
ĞǀŝƚĂƌĂƐƵĂƐĞŐƌĞŐĂĕĆŽ͘YƵĂůƋƵĞƌƚŝƉŽĚĞŵĂƚĞƌŝĂůƌĞŵĂŶĞƐĐĞŶƚĞƐĞƌĄůĞǀĂĚŽĞĞƐƉĂůŚĂĚŽĞŵ
ďŽƚĂͲĨŽƌĂĞŵůŽĐĂůĂƵƚŽƌŝnjĂĚŽƉĞůĂ&/^>/K͘KEdZdƚŽŵĂƌĄƚŽĚĂƐĂƐƉƌĞĐĂƵĕƁĞƐ
ŶĞĐĞƐƐĄƌŝĂƐƉĂƌĂƋƵĞŽƐŵĂƚĞƌŝĂŝƐĞƐƚŽĐĂĚŽƐĞŵůŽĐĂůĂƉƌŽƉƌŝĂĚŽŽƵĞƐƉĂůŚĂĚŽƐĞŵďŽƚĂͲĨŽƌĂƐ͕
ŶĆŽ ĐĂƵƐĞŵ ĚĂŶŽƐ ăƐ ĄƌĞĂƐ ĞͬŽƵ ŽďƌĂƐ ĐŝƌĐƵŶǀŝnjŝŶŚĂƐ͕ ƉŽƌ ĚĞƐůŝnjĂŵĞŶƚŽƐ͕ ĞƌŽƐƁĞƐ͕ ĞƚĐ͘ WĂƌĂ
ƚĂŶƚŽ͕ ĚĞǀĞƌĄ Ă KEdZd ŵĂŶƚĞƌ ĂƐ ĄƌĞĂƐ ĚĞ ĞƐƚŽĐĂŐĞŵ ĐŽŶǀĞŶŝĞŶƚĞŵĞŶƚĞ ĚƌĞŶĂĚĂƐ Ğ
ůŝŵƉĂƐ͘ EĂ ĐŽŶĐůƵƐĆŽ ĚŽƐ ƚƌĂďĂůŚŽƐ͕ ƐĞ ĂŝŶĚĂ ƐŽďƌĂƌĞŵ ŵĂƚĞƌŝĂŝƐ ŶĂƐ ĄƌĞĂƐ ĚĞ ĚĞƉſƐŝƚŽ͕ Ă
ĐƌŝƚĠƌŝŽ ĚĂ &/^>/K͕ ĞƐƐĞƐ ĚĞƉſƐŝƚŽƐ ƉĂƐƐĂƌĆŽĂ ĨƵŶĐŝŽŶĂƌ ĐŽŵŽ ďŽƚĂĨŽƌĂƐ ŽƵ ĂƐ ƐŽďƌĂƐ
ƐĞƌĆŽůĞǀĂĚĂƐƉĞůĂKEdZdĞĞƐƉĂůŚĂĚĂƐŶŽƐďŽƚĂĨŽƌĂƐũĄĞdžŝƐƚĞŶƚĞƐ͘ƐƐƵƉĞƌĨşĐŝĞƐĨŝŶĂŝƐ
ĚŽƐĚĞƉſƐŝƚŽƐĚĞǀĞƌĆŽĂƉƌĞƐĞŶƚĂƌĞƐƚĂƌůŝŵƉĂƐ͕ĐŽŶǀĞŶŝĞŶƚĞŵĞŶƚĞĚƌĞŶĂĚĂƐĞĞŵďŽĂŽƌĚĞŵ͘
ϭ͘ϴ Ͳ WZKdK WZ ^DKEd KD h^K yW>K^/sK dŽĚĂ ǀĞnj ƋƵĞ ƐĞ ĨŝnjĞƌ ƵƐŽ ĚĞ
ĞdžƉůŽƐŝǀŽƐƉĂƌĂĚĞƐŵŽŶƚĞĚĞƌŽĐŚĂ͕ĞŵǀĂůĂƐŽƵĨŽƌĂĚĞůĂƐ͕ĚĞǀĞƌĄƐĞƌĂǀĂůŝĂĚŽŽŐƌĂƵĚĞƌŝƐĐŽ
ĚĞĐŽƌƌĞŶƚĞ͘EŽĐĂƐŽĚĞŚĂǀĞƌƉŽƐƐŝďŝůŝĚĂĚĞĚĞĚĂŶŽƐĂƉĞƐƐŽĂƐŽƵĂŽƉĂƚƌŝŵƀŶŝŽĚĞƚĞƌĐĞŝƌŽƐ͕
ĨĂnjͲƐĞ ŶĞĐĞƐƐĄƌŝŽ Ž ƵƐŽ ĚĞ ƉƌŽƚĞĕĆŽ ƉĂƌĂ ĚĞƐŵŽŶƚĞ͕ ƉŽĚĞŶĚŽ ƐĞƌ ƵƐĂĚŽ ƋƵĂůƋƵĞƌ Ƶŵ ĚŽƐ
ŵĠƚŽĚŽƐĂƐĞŐƵŝƌ͕ŽƵƵŵĂĐŽŶũƵŐĂĕĆŽĚĞĂŵďŽƐ͕ŶŽĐĂƐŽĚĞĂůƚŽƌŝƐĐŽ͘KƵƐŽĚĞƉƌŽƚĞĕĆŽŶĆŽ
ĚĞƐŽďƌŝŐĂĂĐŽŶƚƌĂƚĂĚĂĚĞĂůĞƌƚĂƌ ĂƉŽƉƵůĂĕĆŽĐŝƌĐƵŶǀŝnjŝŶŚĂ͕ĞŵĐŽŶũƵŶƚŽĐŽŵĂƐĂƵƚŽƌŝĚĂĚĞƐ
ĐŽŵƉĞƚĞŶƚĞƐ͘ϰ͘ϲ͘ϭWƌŽƚĞĕĆŽƉĂƌĂĚĞƐŵŽŶƚĞĐŽŵƌĞĚĞŵĞƚĄůŝĐĂdĞŵƉŽƌĨŝŶĂůŝĚĂĚĞĂƉƌŽƚĞĕĆŽ
ĐŽŶƚƌĂ Ă ƉƌŽũĞĕĆŽ͕ ƉĂƌĂ ĨŽƌĂ ĚĂƐ ǀĂůĂƐ ŽƵ ĐĂǀĂƐ͕ ĚĞ ĨƌĂŐŵĞŶƚŽƐ ĚĞ ƐŽůŽ ĚĞƐƉƌĞŶĚŝĚŽƐ ƉĞůĂ
ĚĞƚŽŶĂĕĆŽĚĞĞdžƉůŽƐŝǀŽƐ͘^ĞƌĄĞdžĞĐƵƚĂĚĂĐŽŵƌĞĚĞƐŝŵƉůĞƐŽƵĚƵƉůĂ͕ĐŽŶĨŽƌŵĞĂŶĞĐĞƐƐŝĚĂĚĞ͗Ă
ƌĞĚĞ ƐŝŵƉůĞƐ ĐŽŵ ĐĂďŽƐ ĚĞ Ъ͟ ŽƵ ϱͬϴ͟ ͕ Ğ Ă ƌĞĚĞ ĚƵƉůĂ ĐŽŵ ƵŵĂ ƌĞĚĞ ĚĞ ĐĂďŽƐ ĚĞ Ъ͟
ƐƵƉĞƌƉŽƐƚĂĂŽƵƚƌĂĚĞĐĂďŽƐĚĞϱͬϴ͘͟KƐĐĂďŽƐƐĞƌĆŽƚƌĂŶĕĂĚŽƐ͕ĨŽƌŵĂŶĚŽŵĂůŚĂƐĚĞϱĐŵƉĂƌĂ
ŽĚŝąŵĞƚƌŽĚĞЪ͟ĞĚĞϳĐŵƉĂƌĂŽĚŝąŵĞƚƌŽĚĞϱͬϴ͕͟ƐĞŶĚŽƚŽĚŽƐŽƐĐƌƵnjĂŵĞŶƚŽƐĚŽƐĐĂďŽƐ͕ŽƵ
ŶſƐĚĂƐŵĂůŚĂƐ͕ƐŽůĚĂĚŽƐ͘ƐĞdžƚƌĞŵŝĚĂĚĞƐĚŽƐĐĂďŽƐĚĞǀĞƌĆŽƵůƚƌĂƉĂƐƐĂƌĂƐďŽƌĚĂƐĚĂƌĞĚĞ͕ŶŽ
ŵşŶŝŵŽ ϭϬ Đŵ͕ Ğ ƚĞƌĆŽ ƚŽĚŽƐ ŽƐ ƚŽƉŽƐ ƐŽůĚĂĚŽƐ Ă Ĩŝŵ ĚĞ ĞǀŝƚĂƌ ĚĞƐĨŝĂŵĞŶƚŽ͘ K ĐŽŵƉƌŝŵĞŶƚŽ
ŵşŶŝŵŽ ĚĂ ƌĞĚĞ ĚĞ ƉƌŽƚĞĕĆŽ ŶĂ ĞƐĐĂǀĂĕĆŽ ĚĞ ǀĂůĂƐ ƐĞƌĄ ĚĞ Ϯ͕ϬϬ ŵ͘ Ɛ ďŽƌĚĂƐ ůĂƚĞƌĂŝƐ ƐĞƌĆŽ
ĂŵĂƌƌĂĚĂƐĞŵĞƐƚĂĐĂƐĚĞĂĕŽĐŽŵĚŝąŵĞƚƌŽŵşŶŝŵŽĚĞв͕͟ĐŽŵƉƌŝŵĞŶƚŽĚĞϭ͕ϬϬŵ͕ĐƌĂǀĂĚĂƐ
ĂŽůŽŶŐŽĚĂǀĂůĂ͕ĐŽŵŝŶƚĞƌǀĂůŽƐŵĄdžŝŵŽƐĚĞϭ͕ϬϬŵĞĚŝƐƚąŶĐŝĂŵşŶŝŵĂĚĞϰϬĐŵĚĂƉĂƌĞĚĞĚĂ
ǀĂůĂ ;ǀĞƌ ĚĞƐĞŶŚŽͿ͘ ϰ͘ϲ͘Ϯ WƌŽƚĞĕĆŽ ƉĂƌĂ ĚĞƐŵŽŶƚĞ ĐŽŵ ƚĞƌƌĂ EŽƐ ĚĞƐŵŽŶƚĞƐ ĚĞ ƌŽĐŚĂ ŽŶĚĞ
ŚŽƵǀĞƌƌŝƐĐŽƌĂnjŽĄǀĞů͕ĨĂƌͲƐĞͲĄƵƐŽĚĞƵŵĂĐŽďĞƌƚƵƌĂĚĞƚĞƌƌĂ͕ĐŽŵƉĂĐƚĂĚĂŵĞĐĂŶŝĐĂŵĞŶƚĞ͕ƐĞŵ
ĐŽŶƚƌŽůĞĚŽŐƌĂƵĚĞĐŽŵƉĂĐƚĂĕĆŽ͘ĞƐƉĞƐƐƵƌĂĚĂĐĂŵĂĚĂĚĞƚĞƌƌĂĚĞƉĞŶĚĞƌĄĚĂƋƵĂŶƚŝĚĂĚĞĚĞ
ĞdžƉůŽƐŝǀŽĂƐĞƌƵƚŝůŝnjĂĚĂ͕ĚĞǀĞŶĚŽĐŽŶƐƚĂƌĚŽƉůĂŶŽĚĞĨŽŐŽĂƐĞƌĂƉƌŽǀĂĚŽƉĞůĂĨŝƐĐĂůŝnjĂĕĆŽĚĂ
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ĚĞĐŝĚŝƌƐŽďƌĞĂĐŽŶǀĞŶŝġŶĐŝĂ͕ŽƵŶĆŽ͕ĚŽƌĞĂƉƌŽǀĞŝƚĂŵĞŶƚŽƐƵĐĞƐƐŝǀŽĚŽŵĂƚĞƌŝĂů͕ĨĂĐĞĂĨŽƌŵĂ
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ŽďƌŝŐĂƚſƌŝŽ Ž ĞƐĐŽƌĂŵĞŶƚŽ ƉĂƌĂ ǀĂůĂƐ ĚĞ ƉƌŽĨƵŶĚŝĚĂĚĞ ƐƵƉĞƌŝŽƌ Ă ϭ͕Ϯϱ ŵ͕ ĐŽŶĨŽƌŵĞ EZ͛Ɛ
ϵϬϲϭĞϭϮϮϲϲĞEŽƌŵĂZĞŐƵůĂŵĞŶƚĂĚŽƌĂŶ͘ǑϭϴĚĂWŽƌƚĂƌŝĂŶ͘ǑϯϮϭϰ͕ĚĞϬϳͬϬϲͬϳϴĚŽDŝŶŝƐƚĠƌŝŽ
ĚŽ dƌĂďĂůŚŽ Ğ >Ğŝ Ŷ͘Ǒ ϲϱϭϰ ĚĞ ϮϮͬϭϮͬϳϳ͘ ^ĞƌĄ ƵƚŝůŝnjĂĚŽ ĞƐĐŽƌĂŵĞŶƚŽ ƐĞŵƉƌĞ ƋƵĞ ĂƐ ƉĂƌĞĚĞƐ
ůĂƚĞƌĂŝƐĚĞǀĂůĂƐ͕ĐĂǀĂƐŽƵƉŽĕŽƐ͕ĨŽƌĞŵĐŽŶƐƚŝƚƵşĚĂƐĚĞƐŽůŽƉĂƐƐşǀĞůĚĞĚĞƐŵŽƌŽŶĂŵĞŶƚŽ͕ďĞŵ
ĐŽŵŽ ŶŽƐ ĐĂƐŽƐ Ğŵ ƋƵĞ͕ ĚĞǀŝĚŽ ĂŽƐ ƐĞƌǀŝĕŽƐ ĚĞ ĞƐĐĂǀĂĕĆŽ͕ ƐĞ ĐŽŶƐƚĂƚĞ Ă ƉŽƐƐŝďŝůŝĚĂĚĞ ĚĞ
ĂůƚĞƌĂĕĆŽ ĚĞ ĞƐƚĂďŝůŝĚĂĚĞ͘ K ƚŝƉŽ ĚĞ ĞƐĐŽƌĂŵĞŶƚŽ Ă ĞŵƉƌĞŐĂƌ͕ ĚĞƉĞŶĚĞƌĄ ĚĂ ƋƵĂůŝĚĂĚĞ ĚŽ
ƚĞƌƌĞŶŽ͕ ĚĂ ƉƌŽĨƵŶĚŝĚĂĚĞ ĚĂ ǀĂůĂ Ğ ĚĂƐ ĐŽŶĚŝĕƁĞƐ ůŽĐĂŝƐ͘ ĞǀĞƌĄ ŽďĞĚĞĐĞƌ ĂŽƐ ƉƌŽũĞƚŽƐ
ĞƐƉĞĐşĨŝĐŽƐ͕ Ğ ŶĂ ĨĂůƚĂ ĚĞƐƚĞƐ͕ ƐĞƌĄ ĚĞƚĞƌŵŝŶĂĚŽ ƉĞůĂ &/^>/K͘ EŽƐ ƚƌĞĐŚŽƐ Ğŵ ƋƵĞ ĨŽƌ
ƵƐĂĚŽĞƐĐŽƌĂŵĞŶƚŽĚĞŵĂĚĞŝƌĂ͕ĂĚŝƐƚąŶĐŝĂŵĄdžŝŵĂĞŶƚƌĞŽƷůƚŝŵŽƉŽŶƚŽĞƐĐŽƌĂĚŽĞĂĨƌĞŶƚĞĚĂ
ĞƐĐĂǀĂĕĆŽ͕ĚĞǀĞƌĄƐĞƌĚĞϮ͕ϬϬŵ͘ƌĞŵŽĕĆŽĚĞǀĞƐĞƌ ĨĞŝƚĂĐƵŝĚĂĚŽƐĂŵĞŶƚĞ͕ăŵĞĚŝĚĂƋƵĞĨŽƌ
ƐĞŶĚŽ ĨĞŝƚŽ Ž ĂƚĞƌƌŽͬƌĞĂƚĞƌƌŽ͘ EĂ ĞdžĞĐƵĕĆŽ ĚŽ ĞƐĐŽƌĂŵĞŶƚŽ ĚĞ ŵĂĚĞŝƌĂ͕ĚĞǀĞŵ ƐĞƌ ƵƚŝůŝnjĂĚŽƐ
ŵĂƚĞƌŝĂŝƐŝƐĞŶƚŽƐĚĞƚƌŝŶĐĂƐ͕ĨĂůŚĂƐŽƵŶſƐ͕ƋƵĞƉŽƐƐĂŵĐŽŵƉƌŽŵĞƚĞƌĂƌĞƐŝƐƚġŶĐŝĂĂŽƐĞƐĨŽƌĕŽƐ
ƋƵĞŝƌĆŽƐƵƉŽƌƚĂƌ͘ƐƚĄďƵĂƐ͕ƉƌĂŶĐŚĂƐĞůŽŶŐĂƌŝŶĂƐ͕ƐĞƌĆŽĚĞŵĂĚĞŝƌĂƐĚƵƌĂƐ͕ĐŽŵŽĐĂŶĂĨşƐƚƵůĂ͕
ƐƵĐƵƉŝƌĂ͕ĞƚĐ͘ƐĞƐƚƌŽŶĐĂƐƐĞƌĆŽĚĞĞƵĐĂůŝƉƚŽ͕ĐŽŵĚŝąŵĞƚƌŽŶĆŽŝŶĨĞƌŝŽƌĂϬ͕ϮϬŵ͘ĂƐŽŶĆŽ
ƐĞũĂ ƉŽƐƐşǀĞů ƵƚŝůŝnjĂƌ ĂƐ ďŝƚŽůĂƐ ĞƐƉĞĐŝĨŝĐĂĚĂƐ͕ ĞƐƚĂƐ ĚĞǀĞƌĆŽ ƐĞƌ ƐƵďƐƚŝƚƵşĚĂƐ ƉŽƌ ƉĞĕĂƐ ĐŽŵ
ƌĞƐŝƐƚġŶĐŝĂ ĞƋƵŝǀĂůĞŶƚĞ͘ ŵ ǀĂůĂƐ ƉƌŽĨƵŶĚĂƐ͕ Ă ĞƐƚƌƵƚƵƌĂ ĚŽ ĞƐĐŽƌĂŵĞŶƚŽ ƉŽĚĞƌĄ ƐĞƌǀŝƌ ĚĞ
ƐƵƉŽƌƚĞăƐƉůĂƚĂĨŽƌŵĂƐƉĂƌĂĐŽůŽĐĂĕĆŽĚĞƚĞƌƌĂĞƐĐĂǀĂĚĂ͘EĞƐƚĞĐĂƐŽ͕ĚĞǀĞͲƐĞƚŽŵĂƌĐƵŝĚĂĚŽƐ
ĞƐƉĞĐŝĂŝƐƉĂƌĂĞǀŝƚĂƌĞdžĐĞƐƐŽĚĞƉĞƐŽĂĚŝĐŝŽŶĂů͘KŵĂƚĞƌŝĂůĞƐĐĂǀĂĚŽĚĞǀĞƌĄƐĞƌĐŽůŽĐĂĚŽĂƵŵĂ
ĚŝƐƚąŶĐŝĂĚĂǀĂůĂ͕ĞƋƵŝǀĂůĞŶƚĞ͕ŶŽŵşŶŝŵŽ͕ăƐƵĂƉƌŽĨƵŶĚŝĚĂĚĞ͕ƉĂƌĂĞǀŝƚĂƌƐŽďƌĞĐĂƌŐĂŶĂƉĂƌĞĚĞ
ůĂƚĞƌĂů ĚĂ ǀĂůĂ͘ KEdZd ĚĞǀĞƌĄ ƚŽŵĂƌ ƚŽĚĂƐ ĂƐ ƉƌŽǀŝĚġŶĐŝĂƐ ŶĞĐĞƐƐĄƌŝĂƐ͕ ƉĂƌĂ ĞǀŝƚĂƌ
ĞŶƚƌĂĚĂ ŽƵ ƉĞƌĐŽůĂĕĆŽ ĚĞ ĄŐƵĂ ƉůƵǀŝĂŝƐ ŶŽ ŝŶƚĞƌŝŽƌĚĂ ǀĂůĂ͕ ƚĂŝƐ ĐŽŵŽ ŵƵƌĞƚĂ ĚĞ ĂůǀĞŶĂƌŝĂ͕
ǀĞĚĂĕĆŽĞŝŵƉĞƌŵĞĂďŝůŝnjĂĕĆŽĚĞƚƌŝŶĐĂƐůĂƚĞƌĂŝƐĐŽŵĂƐĨĂůƚŽ͘ĨŝĐŚĂĚŽĞƐĐŽƌĂŵĞŶƚŽĚĞǀĞƌĄƐĞƌ
ĚĞƚĞƌŵŝŶĂĚĂ Ğŵ ƉƌŽũĞƚŽ ŽƵ ŶĂ ĂƵƐġŶĐŝĂ ĚĞƐƚĞ͕ ƉĞůĂ &/^>/K͕ Ğŵ ĨƵŶĕĆŽ ĚŽ ƚŝƉŽ ĚĞ
ƚĞƌƌĞŶŽ͘ ^Ğ ƉŽƌ ĂůŐƵŵ ŵŽƚŝǀŽ͕ Ž ĞƐĐŽƌĂŵĞŶƚŽ ƚŝǀĞƌ ĚĞ ƐĞƌ ĚĞŝdžĂĚŽ ĚĞĨŝŶŝƚŝǀĂŵĞŶƚĞ ŶĂ ǀĂůĂ͕
ĚĞǀĞƌĄƐĞƌƌĞƚŝƌĂĚŽĚĂĐŽƌƚŝŶĂĚĞĞƐĐŽƌĂŵĞŶƚŽƵŵĂĨĂŝdžĂĚĞĂƉƌŽdžŝŵĂĚĂŵĞŶƚĞϬ͕ϵϬŵĂďĂŝdžŽ
ĚŽŶşǀĞůĚŽƉĂǀŝŵĞŶƚŽ͕ŽƵĚĂƐƵƉĞƌĨşĐŝĞĞdžŝƐƚĞŶƚĞ͘
(6&25$0(172'(0$'(,5$(09$/$6(&$9$6
ϯ͘ϭ Ͳ WŽŶƚĂůĞƚĞĂŵĞŶƚŽ ŽŶƐŝƐƚĞ Ğŵ ĞƐĐŽƌĂƌ Ă ƐƵƉĞƌĨşĐŝĞ ůĂƚĞƌĂů ĚĂƐ ǀĂůĂƐ ŽƵ ĐĂǀĂƐ͕ ĂƚƌĂǀĠƐ ĚĞ
ƚĄďƵĂƐĚĞŵĂĚĞŝƌĂĚĞůĞŝ͕ĐŽŵϬ͕ϬϮϳdžϬ͕ϯϬŵ͕ĚŝƐƉŽƐƚĂƐǀĞƌƚŝĐĂůŵĞŶƚĞĞƐƉĂĕĂĚĂƐĚĞϭ͕ϯϱŵ;ĞŝdžŽ
Ă ĞŝdžŽͿ Ğ ƚƌĂǀĂĚĂƐ ŚŽƌŝnjŽŶƚĂůŵĞŶƚĞ ƉŽƌ ĞƐƚƌŽŶĐĂƐ ĚĞ ĞƵĐĂůŝƉƚŽ͕ ĚŝąŵĞƚƌŽ ĚĞ Ϭ͕ϮϬŵ͕ ĞƐƉĂĕĂĚĂƐ
ǀĞƌƚŝĐĂůŵĞŶƚĞĚĞϭ͕ϬϬŵ͕ĐŽŶĨŽƌŵĞĚĞƐĞŶŚŽϬϭ͕ĞŵĂŶĞdžŽ͘
ϯ͘Ϯ Ͳ ƐĐŽƌĂŵĞŶƚŽ ĚĞƐĐŽŶƚşŶƵŽ ŽŶƐŝƐƚĞ Ğŵ ĞƐĐŽƌĂƌ Ă ƐƵƉĞƌĨşĐŝĞ ůĂƚĞƌĂů ĚĂƐ ǀĂůĂƐ ŽƵ ĐĂǀĂƐ͕
ĂƚƌĂǀĠƐ ĚĞ ƚĄďƵĂƐ ĚĞ ŵĂĚĞŝƌĂ ĚĞ ůĞŝ͕ ĐŽŵ Ϭ͕ϬϮϳ dž Ϭ͕ϯϬ ŵ͕ ĚŝƐƉŽƐƚĂƐ ǀĞƌƚŝĐĂůŵĞŶƚĞ ĞƐƉĂĕĂĚĂƐ Ă
ĐĂĚĂϬ͕ϲϬŵ;ĞŝdžŽĂĞŝdžŽͿ͕ƚƌĂǀĂĚĂƐŚŽƌŝnjŽŶƚĂůŵĞŶƚĞƉŽƌůŽŶŐĂƌŝŶĂƐĚĞϬ͕ϬϲdžϬ͕ϭϲŵ͕ĞŵƚŽĚĂĂ
ƐƵĂĞdžƚĞŶƐĆŽ͕ĞƐƉĂĕĂĚĂƐǀĞƌƚŝĐĂůŵĞŶƚĞĚĞϭ͕ϬϬŵĞĐŽŵĞƐƚƌŽŶĐĂƐĚĞĞƵĐĂůŝƉƚŽĚĞĚŝąŵĞƚƌŽϬ͕ϮϬ
ŵ͕ĞƐƉĂĕĂĚĂƐĚĞϭ͕ϯϱŵ͘ϭǐĞƐƚƌŽŶĐĂĚĞǀĞƌĄƐĞƌĐŽůŽĐĂĚĂĂϬ͕ϰϬŵĚĂĞdžƚƌĞŵŝĚĂĚĞĚĂůŽŶŐĂƌŝŶĂ͕
ĐŽŶĨŽƌŵĞĚĞƐĞŶŚŽϬϮ͕ĞŵĂŶĞdžŽ͘
ϯ͘ϯͲƐĐŽƌĂŵĞŶƚŽĐŽŶƚşŶƵŽŽŶƐŝƐƚĞĞŵĞƐĐŽƌĂƌĂ ƐƵƉĞƌĨşĐŝĞůĂƚĞƌĂůĚĂƐǀĂůĂƐŽƵĐĂǀĂƐ͕ĂƚƌĂǀĠƐ
ĚĞƚĄďƵĂƐĚĞŵĂĚĞŝƌĂĚĞůĞŝ͕ĐŽŵϬ͕ϬϮϳdžϬ͕ϯϬŵ͕ĚŝƐƉŽƐƚĂƐǀĞƌƚŝĐĂůŵĞŶƚĞ͕ĚĞŵŽĚŽĂĐŽďƌŝƌƚŽĚĂĂ
ĄƌĞĂĚĂƐƉĂƌĞĚĞƐ͕ĐŽŶƚŝĚĂƐƉŽƌůŽŶŐĂƌŝŶĂƐĚĞϬ͕Ϭϲ džϬ͕ϭϲŵ͕ĞŵƚŽĚĂĂƐƵĂĞdžƚĞŶƐĆŽ͕ĞƐƉĂĕĂĚĂƐ
ǀĞƌƚŝĐĂůŵĞŶƚĞĚĞϭ͕ϬϬŵ͕ĞĐŽŵĞƐƚƌŽŶĐĂƐĚĞĞƵĐĂůŝƉƚŽĚĞĚŝąŵĞƚƌŽϬ͕ϮϬŵ͕ĞƐƉĂĕĂĚĂƐĚĞϭ͕ϯϱŵ͘
ϭǐĞƐƚƌŽŶĐĂĚĞǀĞƌĄƐĞƌĐŽůŽĐĂĚĂĂϬ͕ϰϬŵĚĂĞdžƚƌĞŵŝĚĂĚĞĚĂůŽŶŐĂƌŝŶĂ͕ĐŽŶĨŽƌŵĞĚĞƐĞŶŚŽϬϯ͕
ĞŵĂŶĞdžŽ͘
ϯ͘ϰͲƐĐŽƌĂŵĞŶƚŽĞƐƉĞĐŝĂůŽŶƐŝƐƚĞĞŵĞƐĐŽƌĂƌĂƐƵƉĞƌĨşĐŝĞůĂƚĞƌĂůĚĂƐǀĂůĂƐŽƵĐĂǀĂƐ͕ĂƚƌĂǀĠƐĚĞ
ƉƌĂŶĐŚĂƐ ĚĞ ŵĂĚĞŝƌĂ ĚĞ ůĞŝ͕ ĐŽŵ Ϭ͕Ϭϲ dž Ϭ͕ϭϲ ŵ͕ ĐŽŵ ĞŶĐĂŝdžĞ ŵĂĐŚŽ Ğ ĨġŵĞĂ͕ ĚŝƐƉŽƐƚĂƐ
ǀĞƌƚŝĐĂůŵĞŶƚĞ͕ĚĞŵŽĚŽĂĐŽďƌŝƌƚŽĚĂĂĄƌĞĂĚĂƐƉĂƌĞĚĞƐ͕ĐŽŶƚŝĚĂƐƉŽƌůŽŶŐĂƌŝŶĂƐĚĞϬ͕ϬϴdžϬ͕ϭϴ
ŵ͕ĐŽůŽĐĂĚĂƐŚŽƌŝnjŽŶƚĂůŵĞŶƚĞĐŽŵĞƐƉĂĕĂŵĞŶƚŽƐǀĞƌƚŝĐĂŝƐĚĞϭ͕ϬϬŵĞƚƌĂǀĂĚĂƐƉŽƌĞƐƚƌŽŶĐĂƐĚĞ
ĞƵĐĂůŝƉƚŽĚĞĚŝąŵĞƚƌŽϬ͕ϮϬŵ͕ĞƐƉĂĕĂĚĂƐĂĐĂĚĂϭ͕ϯϱŵ͘ϭǐĞƐƚƌŽŶĐĂĚĞǀĞƌĄƐĞƌĐŽůŽĐĂĚĂĂϬ͕ϰϬ
ŵĚĂĞdžƚƌĞŵŝĚĂĚĞĚĂůŽŶŐĂƌŝŶĂ͕ĐŽŶĨŽƌŵĞĚĞƐĞŶŚŽϬϰ͕ĞŵĂŶĞdžŽ͘
(6&25$0(1720(7È/,&2(09$/$6&$9$6(32d26
ŽŶƐŝƐƚĞ Ğŵ ĞƐĐŽƌĂƌ Ă ƐƵƉĞƌĨşĐŝĞ ůĂƚĞƌĂů ĚĂƐ ǀĂůĂƐ͕ ĐĂǀĂƐ Ğ ƉŽĕŽƐ͕ ĐŽŵ ĐƌĂǀĂĕĆŽ ĚĞ ĞƐƚĂĐĂƐ
ƉƌĂŶĐŚĂƐ ŵĞƚĄůŝĐĂƐ ƚƌĂǀĂĚĂƐ ĐŽŵ ĞƐƚƌŽŶĐĂƐ ŵĞƚĄůŝĐĂƐ ŽƵ ĚĞ ĞƵĐĂůŝƉƚŽ ĚĞ ĚŝąŵĞƚƌŽ Ϭ͕ϮϬ ŵ Ğ
ůŽŶŐĂƌŝŶĂƐŵĞƚĄůŝĐĂƐ͘ĞƐĐŽůŚĂĚŽƚŝƉŽĞĚŝŵĞŶƐƁĞƐ ĚĂƐĞƐƚĂĐĂƐƉƌĂŶĐŚĂ͕ƐĞƌĆŽĚĞƚĞƌŵŝŶĂĚĂƐƉŽƌ
ƉƌŽũĞƚŽĞƐƉĞĐşĨŝĐŽ͕ŽƵŶĂĨĂůƚĂĚĞƐƚĞƉĞůĂ&/^>/ K͘ĞƐĐŽůŚĂĚŽƉƌŽĐĞƐƐŽĚĞĐƌĂǀĂĕĆŽƐĞƌĄ
ĚĞƚĞƌŵŝŶĂĚĂ ƉĞůĂ &/^>/K ƋƵĞ ĚĞǀĞƌĄ ŽƉƚĂƌ ƉĞůŽ ƐŝƐƚĞŵĂ ƋƵĞ ŽĨĞƌĞĕĂ ŵĞŶŽƌ ĚĂŶŽ ă
ĞƐƚĂďŝůŝĚĂĚĞĚŽƐŽůŽĞĂƐĞĚŝĨŝĐĂĕƁĞƐǀŝnjŝŶŚĂƐ͘
(6&25$0(1720,672(09$/$67,32+$0%Ò5*8(6
ŽŶƐŝƐƚĞ Ğŵ ĞƐĐŽƌĂƌ Ă ƐƵƉĞƌĨşĐŝĞ ůĂƚĞƌĂů ĚĂƐ ǀĂůĂƐ͕ ĐŽŵ ƉƌĂŶĐŚĂƐ ĚĞ ŵĂĚĞŝƌĂ͕ ĚĞ Ϭ͕Ϭϲ dž Ϭ͕ϭϲ ŵ͕
ĐŽŵĐŽŵƉƌŝŵĞŶƚŽƐŵĄdžŝŵŽĚĞϮ͕ϬϬŵ͕ĚŝƐƉŽƐƚĂƐŚŽƌŝnjŽŶƚĂůŵĞŶƚĞ͕ĞŶĐĂŝdžĂĚĂƐĞĞŶĐƵŶŚĂĚĂƐĞŵ
ƉĞƌĨŝƐŵĞƚĄůŝĐŽƐƚŝƉŽ͞/͟ĚĞϭϬ͕͟ĐƌĂǀĂĚŽƐĂĐĂĚĂϮ ͕ϬϬŵĞƚƌĂǀĂĚĂƐƉŽƌĞƐƚƌŽŶĐĂƐŵĞƚĄůŝĐĂƐƚŝƉŽ͞/͟
ĚĞ ϭϬ͕͟ ŽƵ ĞƐƚƌŽŶĐĂƐ ĚĞ ĞƵĐĂůŝƉƚŽ ĚĞ ĚŝąŵĞƚƌŽ Ϭ͕ϮϬ ŵ͕ ĐŽŶĨŽƌŵĞ ĚĞƐĞŶŚŽ Ϭϱ͕ Ğŵ ĂŶĞdžŽ͘ K
ĞŵƉƌĂŶĐŚĂŵĞŶƚŽĚĞǀĞĂĐŽŵƉĂŶŚĂƌĂĞƐĐĂǀĂĕĆŽ͕ŶĆŽƉŽĚĞŶĚŽŚĂǀĞƌǀĆŽƐƐĞŵƉƌĂŶĐŚĂƐĞŶƚƌĞŽƐ
ƉĞƌĨŝƐĐŽŵĂůƚƵƌĂƐƵƉĞƌŝŽƌĂϬ͕ϱϬŵĞŵƚĞƌƌĞŶŽŵŽůĞ͘EŽĐĂƐŽĚĞƵƚŝůŝnjĂĕĆŽĚĞůŽŶŐĂƌŝŶĂƐ͕ĞƐƚĂƐ
ƐĞƌĆŽ ŵĞƚĄůŝĐĂƐ ƚŝƉŽ ͞/͟ ĚĞ ϭϬ͕͟ ĚŝƐƉŽƐƚĂƐ ŚŽƌŝnjŽŶƚ ĂůŵĞŶƚĞ͘ ĂƐŽ Ž ƐŽůŽ ĂƉƌĞƐĞŶƚĞ͕
ĂůƚĞƌŶĂĚĂŵĞŶƚĞ͕ĐĂŵĂĚĂƐŵŽůĞƐĞƌşŐŝĚĂƐ͕ĂŵŽŶƚĂŐĞŵĚŽĞƐĐŽƌĂŵĞŶƚŽĚĞǀĞƌĄƐĞƌĨĞŝƚĂĂƚƌĂǀĠƐ
ĚĞ ĞƐƚƌŽŶĐĂƐ ƉƌŽǀŝƐſƌŝĂƐƉĂƌĂ ƉŽƐƐŝďŝůŝƚĂƌ Ă ĞƐĐĂƌ ŝĨŝĐĂĕĆŽ ĚŽŵĂƚĞƌŝĂů ƉŽƌŵĞŝŽ ĚĞ ĞƋƵŝƉĂŵĞŶƚŽ
ŝŶƚĞƌŶŽĂǀĂůĂ͘ĞdžƚĞŶƐĆŽĚĞǀĂůĂĞƐĐŽƌĂĚĂĐŽŵĞƐƚƌŽŶĐĂƉƌŽǀŝƐſƌŝĂ͕ŶĆŽĚĞǀĞƌĄĞdžĐĞĚĞƌĂϰϬ͘ϬϬ
ŵ͘ƌĞŵŽĕĆŽĚĂƐĞƐƚƌŽŶĐĂƐƉƌŽǀŝƐſƌŝĂƐĚĞǀĞƌĄƐĞƌĐŽŶƚşŶƵĂ͕ŝŵĞĚŝĂƚĂŵĞŶƚĞĂƉſƐĂĐŽůŽĐĂĕĆŽĚĂƐ
ĞƐƚƌŽŶĐĂƐ ĚĞĨŝŶŝƚŝǀĂƐ͘ ĞƐĐŽůŚĂ ĚŽ ƉƌŽĐĞƐƐŽ ĚĞ ĐƌĂ ǀĂĕĆŽ ƐĞƌĄ ĚĞƚĞƌŵŝŶĂĚĂ ƉĞůĂ &/^>/K
ƋƵĞ ĚĞǀĞƌĄ ŽƉƚĂƌ ƉĞůŽ ƐŝƐƚĞŵĂ ƋƵĞ ŽĨĞƌĞĕĂ ŵĞŶŽƌ ĚĂŶŽ ă ĞƐƚĂďŝůŝĚĂĚĞ ĚŽ ƐŽůŽ Ğ ĂƐ ĞĚŝĨŝĐĂĕƁĞƐ
ǀŝnjŝŶŚĂƐ͘
(6&25$0(1720(7È/,&20$'(,5$3$5$&$9$6(32d26
ŽŶƐŝƐƚĞĞŵĞƐĐŽƌĂƌĂƐƵƉĞƌĨşĐŝĞůĂƚĞƌĂůĚĂƐĐĂǀĂƐ ŽƵƉŽĕŽƐ͕ĐŽŵƉƌĂŶĐŚĂƐĚĞŵĂĚĞŝƌĂĚĞϬ͕Ϭϲdž
Ϭ͕ϭϲŵ͕ĐŽŵĐŽŵƉƌŝŵĞŶƚŽƐĚĞϮ͕ϬϬŵ͕ĚŝƐƉŽƐƚĂƐŚŽƌŝnjŽŶƚĂůŵĞŶƚĞ͕ĞŶĐĂŝdžĂĚĂƐĞĞŶĐƵŶŚĂĚĂƐĞŵ
ƉĞƌĨŝƐŵĞƚĄůŝĐŽƐƚŝƉŽ͞/͟ĚĞϭϬ͕͟ĐƌĂǀĂĚŽƐĂĐĂĚĂ Ϯ͕ϬϬŵĞƚƌĂǀĂĚĂƐƉŽƌůŽŶŐĂƌŝŶĂƐŵĞƚĄůŝĐĂƐƚŝƉŽ
͞/͟ĚĞϭϬ͕͟ĚŝƐƉŽƐƚĂƐŚŽƌŝnjŽŶƚĂůŵĞŶƚĞ͘
KĞŵƉƌĂŶĐŚĂŵĞŶƚŽĚĞǀĞĂĐŽŵƉĂŶŚĂƌĂĞƐĐĂǀĂĕĆŽ͕ŶĆŽƉŽĚĞŶĚŽŚĂǀĞƌǀĆŽƐƐĞŵƉƌĂŶĐŚĂƐĞŶƚƌĞ
ŽƐƉĞƌĨŝƐĐŽŵĂůƚƵƌĂƐƵƉĞƌŝŽƌĂϬ͕ϱϬŵĞŵƚĞƌƌĞŶŽŵŽůĞ͘ĂƐŽŽƐŽůŽĂƉƌĞƐĞŶƚĞ͕ĂůƚĞƌŶĂĚĂŵĞŶƚĞ͕
ĐĂŵĂĚĂƐ ŵŽůĞƐ Ğ ƌşŐŝĚĂƐ͕ Ă ŵŽŶƚĂŐĞŵ ĚŽ ĞƐĐŽƌĂŵĞŶƚŽ ĚĞǀĞƌĄ ƐĞƌ ĨĞŝƚĂ ĂƚƌĂǀĠƐ ĚĞ ĞƐƚƌŽŶĐĂƐ
ƉƌŽǀŝƐſƌŝĂƐƉĂƌĂƉŽƐƐŝďŝůŝƚĂƌĂĞƐĐĂƌŝĨŝĐĂĕĆŽĚŽŵ ĂƚĞƌŝĂůƉŽƌŵĞŝŽĚĞĞƋƵŝƉĂŵĞŶƚŽŝŶƚĞƌŶŽĂǀĂůĂ͘
ĞdžƚĞŶƐĆŽĚĞǀĂůĂĞƐĐŽƌĂĚĂĐŽŵĞƐƚƌŽŶĐĂƉƌŽǀŝƐſƌŝĂ͕ŶĆŽĚĞǀĞƌĄĞdžĐĞĚĞƌĂϰϬ͕ϬϬŵ͘ƌĞŵŽĕĆŽ
ĚĂƐ ĞƐƚƌŽŶĐĂƐ ƉƌŽǀŝƐſƌŝĂƐ ĚĞǀĞƌĄ ƐĞƌ ĐŽŶƚşŶƵĂ͕ ŝŵĞĚŝĂƚĂŵĞŶƚĞ ĂƉſƐ Ă ĐŽůŽĐĂĕĆŽ ĚĂƐ ĞƐƚƌŽŶĐĂƐ
ĚĞĨŝŶŝƚŝǀĂƐ͘ĞƐĐŽůŚĂĚŽƉƌŽĐĞƐƐŽĚĞĐƌĂǀĂĕĆŽƐĞƌĄĚĞƚĞƌŵŝŶĂĚĂƉĞůĂ&/^>/KƋƵĞĚĞǀĞƌĄ
ŽƉƚĂƌƉĞůŽƐŝƐƚĞŵĂƋƵĞŽĨĞƌĞĕĂŵĞŶŽƌĚĂŶŽăĞƐƚĂďŝůŝĚĂĚĞĚŽƐŽůŽĞĂƐĞĚŝĨŝĐĂĕƁĞƐǀŝnjŝŶŚĂƐ͘
5(02d2'((6&25$0(1720(7È/,&20$'(,5$
K ƉůĂŶŽ ĚĞ ƌĞƚŝƌĂĚĂ ĚĂƐ ƉĞĕĂƐ ĚĞǀĞƌĄ ƐĞƌ ŽďũĞƚŽ ĚĞ ƉƌŽŐƌĂŵĂ ƉƌĞǀŝĂŵĞŶƚĞ ĂƉƌŽǀĂĚŽ ƉĞůĂ
&/^>/K͘ ƌĞŵŽĕĆŽ ĚĂ ĐŽƌƚŝŶĂ ĚĞ ŵĂĚĞŝƌĂ ĚĞǀĞƌĄ ƐĞƌ ĞdžĞĐƵƚĂĚĂ Ă ŵĞĚŝĚĂ ƋƵĞ ĂǀĂŶĐĞ Ž
ĂƚĞƌƌŽĞĐŽŵƉĂĐƚĂĕĆŽ͕ĐŽŵĂƌĞƚŝƌĂĚĂƉƌŽŐƌĞƐƐŝǀĂĚĂƐĐƵŶŚĂƐ͕ĞƐĞŵƉƌĞƋƵĞƉŽƐƐşǀĞů͕ŶĂŵĞƐŵĂ
ũŽƌŶĂĚĂĚĞƚƌĂďĂůŚŽ͘ƚŝŶŐŝĚŽŽŶşǀĞůŝŶĨĞƌŝŽƌĚĂƷ ůƚŝŵĂĐĂŵĂĚĂĚĞĞƐƚƌŽŶĐĂƐ͕ƐĞƌĆŽĂĨƌŽƵdžĂĚĂƐĞ
ƌĞŵŽǀŝĚĂƐ ĂƐ ƉĞĕĂƐ ĚĞ ĐŽŶƚƌĂǀĞŶƚĂŵĞŶƚŽ ;ĞƐƚƌŽŶĐĂƐ Ğ ůŽŶŐĂƌŝŶĂƐͿ͕ ďĞŵ ĐŽŵŽ ŽƐ ĞůĞŵĞŶƚŽƐ
ĂƵdžŝůŝĂƌĞƐ ĚĞ ĨŝdžĂĕĆŽ͕ ƚĂŝƐ ĐŽŵŽ ĐƵŶŚĂƐ͕ ĐŽŶƐŽůŽƐ Ğ ƚƌĂǀĂŵĞŶƚŽƐ͖ ĚĂ ŵĞƐŵĂ ĨŽƌŵĂ͕ Ğ
ƐƵĐĞƐƐŝǀĂŵĞŶƚĞƐĞƌĆŽƌĞƚŝƌĂĚĂƐĂƐĚĞŵĂŝƐĐĂŵĂĚĂƐĚĞĐŽŶƚƌĂǀĞŶƚĂŵĞŶƚŽ͘ƐĞƐƚĂĐĂƐĞĞůĞŵĞŶƚŽƐ
ǀĞƌƚŝĐĂŝƐ ĚĞ ĞƐĐŽƌĂŵĞŶƚŽ ƐĞƌĆŽ ƌĞŵŽǀŝĚŽƐ ĐŽŵ Ă ƵƚŝůŝnjĂĕĆŽ ĚĞ ĚŝƐƉŽƐŝƚŝǀŽƐ ŚŝĚƌĄƵůŝĐŽƐ ŽƵ
ŵĞĐąŶŝĐŽƐ͕ĐŽŵŽƵƐĞŵǀŝďƌĂĕĆŽ͕ĞƌĞƚŝƌĂĚŽƐĐŽŵŽĂƵdžşůŝŽĚĞŐƵŝŶĚĂƐƚĞƐ͕ůŽŐŽƋƵĞŽĂƚĞƌƌŽĂƚŝŶũĂ
ƵŵŶşǀĞůƐƵĨŝĐŝĞŶƚĞ͕ƐĞŐƵŶĚŽĞƐƚĂďĞůĞĐŝĚŽŶŽƉůĂŶŽ ĚĞƌĞƚŝƌĂĚĂ͘KƐĨƵƌŽƐĚĞŝdžĂĚŽƐŶŽƚĞƌƌĞŶŽ͕ƉĞůĂ
ƌĞƚŝƌĂĚĂĚĞŵŽŶƚĂŶƚĞƐ͕ƉŽŶƚĂůĞƚĞƐŽƵĞƐƚĂĐĂƐ͕ĚĞǀĞƌĆŽƐĞƌƉƌĞĞŶĐŚŝĚŽƐĐŽŵĂƌĞŝĂĞĐŽŵƉĂĐƚĂĚŽƐ
ƉŽƌǀŝďƌĂĕĆŽŽƵƉŽƌƉĞƌĐŽůĂĕĆŽĚĞĄŐƵĂ͘
ϱͲ^^EdDEdK͗
ϱ͘ϭ ͲKE^/ZO^ 'Z/^ ĞdžĞĐƵĕĆŽ ĚĞ ƐĞƌǀŝĕŽƐ ƉĂƌĂ ƐŝƐƚĞŵĂƐ ůŝŶĞĂƌĞƐ ĚĞ ĄŐƵĂ Ğ ĞƐŐŽƚŽƐ
ĚĞǀĞƌĄĂƚĞŶĚĞƌŽƉƌŽũĞƚŽ͕ĂƐŶŽƌŵĂƐĚĂEdĞĂƐĚĞƚĞƌŵŝŶĂĕƁĞƐĚĂ&/^>/K͕ůĞǀĂŶĚŽͲƐĞ
ĞŵĐŽŶƚĂ Ž ĐƵŵƉƌŝŵĞŶƚŽ ĚŽ ĐƌŽŶŽŐƌĂŵĂ Ğ ƉƌŽŐƌĂŵĂĕĆŽ ĚŽ ƚƌĂďĂůŚŽ ƉƌĞĞƐƚĂďĞůĞĐŝĚŽ͘ dŽĚĂƐĂƐ
ĐŽŶĞdžƁĞƐ Ğ ƉĞĕĂƐ͕ ŝŶƐƚĂůĂĚĂƐ ĂŽ ůŽŶŐŽ ĚĂ ƌĞĚĞ͕ ƚĞƌĆŽ ƐĞƵƐ ĐƵƐƚŽƐ ĚŝůƵşĚŽƐ ŶŽ ĐƵƐƚŽ ĚŽ
ĂƐƐĞŶƚĂŵĞŶƚŽĚĂƚƵďƵůĂĕĆŽĞŶĆŽƐŽĨƌĞƌĆŽŵĞĚŝĕƁĞƐĞŵƐĞƉĂƌĂĚŽ͕ĞdžĐĞƚŽƉĂƌĂĂƐƚƵďƵůĂĕƁĞƐĞŵ
ĂĕŽƐŽůĚĂĚŽ͘KƚŝƉŽĚĞƚƵďŽĂƐĞƌƵƚŝůŝnjĂĚŽƐĞƌĄŽ ĚĞĨŝŶŝĚŽĞŵƉƌŽũĞƚŽ͘EĂĞdžĞĐƵĕĆŽĚŽƐƐĞƌǀŝĕŽƐ
ĚĞǀĞƌĆŽ ƐĞƌ ŽďƐĞƌǀĂĚĂƐ͕ ĂůĠŵ ĚĞƐƚĂƐ ĞƐƉĞĐŝĨŝĐĂĕƁĞƐ͕ ĂƐ ŝŶƐƚƌƵĕƁĞƐ ĚŽƐ ĨĂďƌŝĐĂŶƚĞƐ͕ ŶŽƌŵĂƐ ĚĂ
EdĞŽƵƚƌĂƐĂƉůŝĐĄǀĞŝƐ͘sŝƐƚŽƋƵĞĂŵĂŝŽƌŝĂĚĞƐƚĞ ƐƐĞƌǀŝĕŽƐƐĞƌĆŽĞdžĞĐƵƚĂĚŽƐĞŵĄƌĞĂƐƉƷďůŝĐĂ͕
ĚĞǀĞƌĆŽƐĞƌŽďƐĞƌǀĂĚŽƐŽƐĂƐƉĞĐƚŽƐƌĞůĂƚŝǀŽƐăƐĞŐƵƌĂŶĕĂĚŽƐƚƌĂŶƐĞƵŶƚĞƐĞǀĞşĐƵůŽƐ͖ďĞŵĐŽŵŽ
ŽƐ ůŽĐĂŝƐ ĚĞ ƚƌĂďĂůŚŽ͘ ƐƚĞƐ ƐĞƌĆŽ ƐŝŶĂůŝnjĂĚŽƐ͕ ĚĞ ŵŽĚŽ Ă ƉƌĞƐĞƌǀĂƌ Ă ŝŶƚĞŐƌŝĚĂĚĞ ĚŽƐ ƉƌſƉƌŝŽƐ
ŽƉĞƌĄƌŝŽƐ Ğ ĞƋƵŝƉĂŵĞŶƚŽƐ ƵƚŝůŝnjĂĚŽƐ͘ ĞǀĞƌĆŽ ƐĞƌ ĚĞ ĨŝŶŝĚŽƐ Ğ ŵĂŶƚŝĚŽƐ ĂĐĞƐƐŽƐ ĂůƚĞƌŶĂƚŝǀŽƐ͕
ĞǀŝƚĂŶĚŽͲƐĞĂƚŽƚĂůŽďƐƚƌƵĕĆŽĚĞƉĂƐƐĂŐĞŵĚĞƉĞĚĞƐƚƌĞƐĞͬŽƵǀĞşĐƵůŽƐ͘
ϱ͘ϮͲƵŝĚĂĚŽƐŶŽĂƐƐĞŶƚĂŵĞŶƚŽĚĞƚƵďŽƐ͕ƉĞĕĂƐĞĐŽŶĞdžƁĞƐͻdžĂŵĞĞůŝŵƉĞnjĂĚĂƐƚƵďƵůĂĕƁĞƐ͕
ƉĞĕĂƐ Ğ ĐŽŶĞdžƁĞƐ ŶƚĞƐ ĚĂ ĚĞƐĐŝĚĂ ĚĂƐ ƚƵďƵůĂĕƁĞƐ͕ ƉĞĕĂƐ Ğ ĐŽŶĞdžƁĞƐ ă ǀĂůĂ͕ ĞƐƚĂƐ ĚĞǀĞƌĆŽ ƐĞƌ
ĞdžĂŵŝŶĂĚĂƐ ƉĂƌĂ ǀĞƌŝĨŝĐĂƌ Ă ĞdžŝƐƚġŶĐŝĂ ĚĞ ĂůŐƵŵ ĚĞĨĞŝƚŽ͘ ĞǀĞƌĆŽ ĞƐƚĂƌ ůŝŵƉĂƐ ĚĞ ĂƌĞŝĂ͕ ƉĞĚƌĂƐ͕
ĚĞƚƌŝƚŽƐ͕ ŵĂƚĞƌŝĂŝƐ Ğ ĂƚĠ ŵĞƐŵŽ ĚĞ ĨĞƌƌĂŵĞŶƚĂƐ ĞƐƋƵĞĐŝĚĂƐ ƉĞůŽƐ ŽƉĞƌĄƌŝŽƐ͘ YƵĂůƋƵĞƌ ĚĞĨĞŝƚŽ
ĞŶĐŽŶƚƌĂĚŽĚĞǀĞƌĄƐĞƌĂƐƐŝŶĂůĂĚŽăƚŝŶƚĂ͕ĐŽŵŵĂƌĐĂĕĆŽďĞŵǀŝƐşǀĞůĞƐŽŵĞŶƚĞƐĞƌĄĂƉƌŽǀĞŝƚĂĚĂ
ƐĞĨŽƌƉŽƐƐşǀĞůŽƐĞƵƌĞƉĂƌŽŶŽůŽĐĂů͘^ĞŵƉƌĞƋƵĞŽ ƐƐĞƌǀŝĕŽƐĨŽƌĞŵŝŶƚĞƌƌŽŵƉŝĚŽƐ͕ŽƷůƚŝŵŽƚƵďŽ
ĂƐƐĞŶƚĂĚŽ ĚĞǀĞƌĄ ƐĞƌ ƚĂŵƉŽŶĂĚŽ͕ Ă Ĩŝŵ ĚĞ ĞǀŝƚĂƌ Ă ĞŶƚƌĂĚĂ ĚĞ ĞůĞŵĞŶƚŽƐ ĞƐƚƌĂŶŚŽƐ͘ ͻ
ůŝŶŚĂŵĞŶƚŽĞĂũƵƐƚĂŐĞŵĚĂƚƵďƵůĂĕĆŽĚĞƐĐŝĚĂĚŽƐ ƚƵďŽƐŶĂǀĂůĂĚĞǀĞƌĄƐĞƌůĞŶƚĂĞĐƵŝĚĂĚŽƐĂ͕
ĞdžĞĐƵƚĂĚĂ ŵĂŶƵĂůŵĞŶƚĞ ŽƵ ĐŽŵ ĂƵdžşůŝŽ ĚĞ ĞƋƵŝƉĂŵĞŶƚŽ Ɛ ŵĞĐąŶŝĐŽƐ͕ ƉĂƌĂ ĨĂĐŝůŝƚĂƌ ƐƵĂ
ŵŽǀŝŵĞŶƚĂĕĆŽĞŵĂŶƵƐĞŝŽŶĂŵŽŶƚĂŐĞŵ͕ĂůŝŶŚĂŵĞŶƚŽĞŶŝǀĞůĂŵĞŶƚŽĂƚƌĂǀĠƐĚĞƵŵĞŝdžŽĐŽŵƵŵ͕
ƐĞŐƵŶĚŽŽŐƌĞŝĚĞĚĂƚƵďƵůĂĕĆŽ͘
ŵĄdžŝŵĂƐ ĚĞ ůĂƌŐƵƌĂ ĚĂƐ ǀĂůĂƐ ;ĚĞĨŝŶŝĚĂƐ ŶŽ ŐƌƵƉŽ Ϭϰ Ͳ DŽǀŝŵĞŶƚŽ ĚĞ dĞƌƌĂͿ Ğ ƌĞĐŽďƌŝŵĞŶƚŽƐ
ĞdžŝŐŝĚŽƐ ƉĞůŽ ĨĂďƌŝĐĂŶƚĞ Ğ ƉĞůĂ &/^>/K͘ K ĨƵŶ ĚŽ ĚĂ ǀĂůĂ͕ Ğŵ ƚĞƌƌĞŶŽ ƐĞĐŽ ŽŶĚĞ ŶĆŽ ŚĂũĂ
ƌŽĐŚĂ͕ ĚĞǀĞƌĄ ƐĞƌ ƵŶŝĨŽƌŵŝnjĂĚŽ Ğ ƌĞďĂŝdžĂĚŽ Ă Ĩŝŵ ĚĞ ƋƵĞ ƚƵďƵůĂĕĆŽ ƐĞ ĂƐƐĞŶƚĞ Ğŵ ƚŽĚŽ Ž ƐĞƵ
ĐŽŵƉƌŝŵĞŶƚŽ͘ KƵƚƌŽƐ ƚŝƉŽƐ ĚĞ ƉƌĞƉĂƌŽ ĚĞ ďĂƐĞ ƉĂƌĂ Ă ƐƐĞŶƚĂŵĞŶƚŽ͕ ĂƐƐŝŵ ĐŽŵŽ͕ ŽƐ ƐŝƐƚĞŵĂ ĚĞ
ĂŶĐŽƌĂŐĞŶƐƐĞƌĆŽĐŽŶĨŽƌŵĞŽĞƐƉĞĐŝĨŝĐĂĚŽĞŵƉƌŽũĞƚŽ͕ŽƵĚĞĂĐŽƌĚŽĐŽŵĂ&/^>/K͘WĂƌĂ
ĂƐƐĞŶƚĂŵĞŶƚŽ ĚĞ ƚƵďŽƐ ĚĞ ĞƐŐŽƚŽ ƉŽĚĞƌĆŽ ƐĞƌ ƵƚŝůŝnjĂ ĚŽƐ͕ ŶŽ ŶŝǀĞůĂŵĞŶƚŽ͕ ŽƐ ƉƌŽĐĞƐƐŽƐ ĚĂƐ
ĐƌƵnjĞƚĂƐ͕ ŐĂďĂƌŝƚŽƐ ŽƵ ŵĠƚŽĚŽƐ ƚŽƉŽŐƌĄĨŝĐŽƐ͘ Ɛ ŝŶĨ ŽƌŵĂĕƁĞƐ ƋƵĞ ƐĞ ƐĞŐƵĞŵ ƉĂƌƚŝĐƵůĂƌŝnjĂŵ Ž
ĂƐƐĞŶƚĂŵĞŶƚŽĞŵĨƵŶĕĆŽĚŽŵĂƚĞƌŝĂůĞŽƌĞƐƉĞĐƚŝǀŽƚŝƉŽĚĞũƵŶƚĂ͕ƉĂƌĂƚƵďŽƐ͕ƉĞĕĂƐĞĐŽŶĞdžƁĞƐ͘
^ĆŽŝŶƐƚƌƵĕƁĞƐďĄƐŝĐĂƐƋƵĞ͕ĂĐƌŝƚĠƌŝŽĚĂ&/^>/ K͕ƉŽĚĞƌĆŽƐŽĨƌĞƌƉĞƋƵĞŶĂƐŵŽĚŝĨŝĐĂĕƁĞƐŶĂ
ĨŽƌŵĂĚĞĞdžĞĐƵĕĆŽ͘
ϱ͘ϯͲ^^EdDEdKdhK^͕W^KEyO^D& ZZK&hE/K
ϱ͘ϯ͘ϭͲdƵďŽƐ͕ƉĞĕĂƐĞĐŽŶĞdžƁĞƐĞŵĨĞƌƌŽĨƵŶĚŝĚŽ͕ũƵŶƚĂĚĞĐŚƵŵďŽĞǀĞƌĄƐĞƌƵƚŝůŝnjĂĚŽĐŚƵŵďŽĐŽŵ
ƉƵƌĞnjĂŵşŶŝŵĂĚĞϵϵ͕ϳϱйĞƐĞƌĞŵŽďƐĞƌǀĂĚŽƐŽƐƐĞŐƵŝŶƚĞƐƉƌŽĐĞĚŝŵĞŶƚŽƐ͗оĐĞŶƚƌĂƌĂƉŽŶƚĂĚŽƚƵďŽ
ĞŵƌĞůĂĕĆŽăďŽůƐĂ͕ƵƚŝůŝnjĂŶĚŽĐĂůĕŽƐĚĞŵĂĚĞŝƌĂ͕Ě ĞŵŽĚŽƋƵĞĂĚŝƐƚąŶĐŝĂĞŶƚƌĞĂƐƵƉĞƌĨşĐŝĞĞdžƚĞƌŶĂ
ĚĂƉŽŶƚĂĞĂŝŶƚĞƌŶĂĚĂďŽůƐĂĨŝƋƵĞƵŶŝĨŽƌŵĞ͘ĞŝdžĂ ƌƵŵĂĚŝƐƚąŶĐŝĂĚĞϭϬŵŵĞŶƚƌĞĂĞdžƚƌĞŵŝĚĂĚĞĚĂ
ƉŽŶƚĂĞŽĨƵŶĚŽĚĂďŽůƐĂ͕ƉĂƌĂƉĞƌŵŝƚŝƌĚĞĨŽƌŵĂĕƁĞƐ ůŽŶŐŝƚƵĚŝŶĂŝƐ͖
ϱ͘ϯ͘ϮͲdƵďŽƐ͕ƉĞĕĂƐĞĐŽŶĞdžƁĞƐĞŵĨĞƌƌŽĨƵŶĚŝĚŽ͕ ũƵŶƚĂĞůĄƐƚŝĐĂũƵŶƚĂĞůĄƐƚŝĐĂĠĐŽŶƐƚŝƚƵşĚĂƉĞůŽ
ĐŽŶũƵŶƚŽĨŽƌŵĂĚŽƉĞůĂƉŽŶƚĂĚĞƵŵƚƵďŽ͕ƉĞůĂďŽůƐĂ ĐŽŶƚşŐƵĂŶĂĞdžƚƌĞŵŝĚĂĚĞĚĂƚƵďƵůĂĕĆŽĞƉĞůŽ
ĂŶĞůĚĞďŽƌƌĂĐŚĂ͘
WĂƌĂƐƵĂŵŽŶƚĂŐĞŵ͕ŽďƐĞƌǀĂƌŽƐƐĞŐƵŝŶƚĞƐƉƌŽĐĞĚŝŵĞŶƚŽƐ͗оůŝŵƉĂƌĞĮĐŝĞŶƚĞŵĞŶƚĞŽĂůŽũĂŵĞŶƚŽĚŽ
ĂŶĞůĚĞďŽƌƌĂĐŚĂĞdžŝƐƚĞŶƚĞŶŽŝŶƚĞƌŝŽƌĚĂďŽůƐĂĚŽ ƚƵďŽŵŽŶƚĂĚŽĂŶƚĞƌŝŽƌŵĞŶƚĞ͕ĞĂƉŽŶƚĂĚŽƚƵďŽĂ
ƐĞƌ ĐŽŶĞĐƚĂĚŽ͘ hƚŝůŝnjĂƌ ĞƐĐŽǀĂ ĚĞ ĂĕŽ ŽƵ ƌĂƐƉĂĚŽƌ͕ ƌĞŵŽǀĞŶĚŽ͕ ƉŽƐƚĞƌŝŽƌŵĞŶƚĞ͕ ĐŽŵ ĂƵdžşůŝŽ ĚĞ Ƶŵ
ƉĂŶŽ ŽƵ ĞƐƚŽƉĂ͕ ƚŽĚŽ ŵĂƚĞƌŝĂů ĞƐƚƌĂŶŚŽ͘ ĂŵĞƐŵĂĨŽ ƌŵĂ͕ ĐŽŵ ĂƵdžşůŝŽ ĚĞ ĞƐƚŽƉĂ͕ ůŝŵƉĂƌ Ž ĂŶĞů ĚĞ
ďŽƌƌĂĐŚĂ͖оĐŽůŽĐĂƌŽĂŶĞůĚĞďŽƌƌĂĐŚĂĞŵƐĞƵĂůŽũĂŵĞŶƚŽŶĂďŽůƐĂĚŽƚƵďŽ͘ĨĂĐĞŵĂŝƐůĂƌŐĂĚŽĂŶĞů͕
ŽŶĚĞƐĞůŽĐĂůŝnjĂŵŽƐĨƵƌŽƐ͕ĚĞǀĞĨŝĐĂƌǀŽůƚĂĚĂƉĂƌĂ ŽĨƵŶĚŽĚĂďŽůƐĂĚŽƚƵďŽ͖оĚĞƐĐĞƌŽƚƵďŽŶĂǀĂůĂ͕
ĂůŝŶŚĂŶĚŽͲŽĞŶŝǀĞůĂŶĚŽͲŽƐĞƋƺĞŶĐŝĂůŵĞŶƚĞ͖оůƵďƌŝĮ ĐĂƌŽĂŶĞůĚĞďŽƌƌĂĐŚĂĞĂƉƌŽdžŝŵĂĚĂŵĞŶƚĞϬ͕ϭϬ
ŵ ŶĂ ƉŽŶƚĂ ĐŚĂŶĨƌĂĚĂ ĚŽ ƚƵďŽ͕ ƵƚŝůŝnjĂŶĚŽ Ž ůƵďƌŝĨŝĐ ĂŶƚĞ ƌĞĐŽŵĞŶĚĂĚŽ ƉĞůŽ ĨĂďƌŝĐĂŶƚĞ ŽƵ ŽƵƚƌŽ
ĂƉƌŽǀĂĚŽƉĞůĂ&/^>/K͘ǀĞĚĂĚŽŽƵƐŽĚĞſůĞŽ ŵŝŶĞƌĂůŽƵŐƌĂdžĂ͖оĐĞŶƚƌĂƌĐŽŶǀĞŶŝĞŶƚĞŵĞŶƚĞĂ
ƉŽŶƚĂ Ğ ŝŶƚƌŽĚƵnjŝͲůĂ Ă ƵŵĂ ĚŝƐƚĂŶĐŝĂĚĂ ĚĞ ϭϬ ŵŵ ĚŽ ĨƵŶĚŽ ĚĂ ďŽůƐĂ͕ ŵĂŶƚĞŶĚŽ Ž ĂůŝŶŚĂŵĞŶƚŽ Ğ
ŶŝǀĞůĂŵĞŶƚŽĚŽƚƵďŽ͘EĞƐƚĂŽƉĞƌĂĕĆŽƵƚŝůŝnjĂƌĂĂůĂǀ ĂŶĐĂƐŝŵƉůĞƐ;EϱϬĂϭϬϬͿ͖ƵŵĂƚĂůŚĂƚŝƉŽΗƚŝƌĨŽƌΗ
ĚĞϭ͘ϲϬϬŬŐĨ;EϭϱϬĂϯϬϬͿ͖ƵŵĂƚĂůŚĂĚŽƚŝƉŽΗƚŝƌĨŽƌΗĚĞϯ͘ϱϬϬŬŐĨ;EϰϬϬĂϲϬϬͿ͖ĚƵĂƐƚĂůŚĂƐƚŝƉŽ
ΗƚŝƌĨŽƌΗĚĞϯ͘ϱϬϬŬŐĨĐĂĚĂ;EϳϬϬĂϭ͘ϮϬϬͿ͖оĂƉſƐŽĞŶĐĂŝdžĞĚĂƉŽŶƚĂĚŽƚƵďŽ͕ǀĞƌŝĮĐĂƌƐĞŽĂŶĞůĚĞ
ďŽƌƌĂĐŚĂƉĞƌŵĂŶĞĐĞƵŶŽƐĞƵĂůŽũĂŵĞŶƚŽĞĐĂůĕĂƌŽƚƵďŽĐŽŵŵĂƚĞƌŝĂůĚĞƌĞĂƚĞƌƌŽ͘
ŵ ĐĂƐŽ ĚĞ ĐŽƌƚĞ ŶĂ ƚƵďƵůĂĕĆŽ͕ Ž ĐŚĂŶĨƌŽ ĚĞǀĞƌĄ ƐĞƌ ƌĞĐŽŵƉŽƐƚŽ ĚĞ ĂĐŽƌĚŽ ĐŽŵ ĂƐ ŶŽƌŵĂƐ ĚŽ
ĨĂďƌŝĐĂŶƚĞ͘
ϱ͘Ϯ͘ϰ Ͳϯ dƵďŽƐ͕ ƉĞĕĂƐ Ğ ĐŽŶĞdžƁĞƐ Ğŵ ĨĞƌƌŽ ĨƵŶĚŝĚŽ͕ ũƵŶƚĂ ĨůĂŶŐĞĂĚĂ EŽƌŵĂůŵĞŶƚĞ ŽƐ ƚƵďŽƐ ĐŽŵ
ĨůĂŶŐĞƐ ƐĆŽ ƵƚŝůŝnjĂĚŽƐ Ğŵ ƚƵďƵůĂĕƁĞƐ ŶĆŽ ĞŶƚĞƌƌĂĚĂƐ ͕ ĚĞ E ϱϬ Ă E ϭ͘ϬϬϬ͘ ũƵŶƚĂ ĚĞ ĨůĂŶŐĞƐ Ġ
ĐŽŶƐƚƌƵşĚĂ ƉŽƌ ĚŽŝƐ ĨůĂŶŐĞƐ͕ ƋƵĞ ĐŽŵƉƌŝŵĞŵ ƵŵĂ ĂƌƌƵ ĞůĂ ĚĞ ďŽƌƌĂĐŚĂ ŽƵ ĂŵŝĂŶƚŽ ŐƌĂĨŝƚĂĚŽ
;ĚĞƉĞŶĚĞŶĚŽĚĂĐůĂƐƐĞͿ͕ĂƚƌĂǀĠƐĚĞƉĂƌĂĨƵƐŽƐĐŽŵƉŽƌĐĂƐ͕ĞŵƋƵĂŶƚŝĚĂĚĞƋƵĞĚĞƉĞŶĚĞĚŽĚŝąŵĞƚƌŽ
ŶŽŵŝŶĂů ĚĂ ƚƵďƵůĂĕĆŽ Ğ ĚĂ ƉƌĞƐƐĆŽ ĚĞ ƐĞƌǀŝĕŽ͘ WĂƌĂ ƐƵĂ ŵŽŶƚĂŐĞŵ͕ ŽďƐĞƌǀĂƌ ŽƐ ƐĞŐƵŝŶƚĞƐ
ƉƌŽĐĞĚŝŵĞŶƚŽƐ͗оůŝŵƉĂƌĂƐĨĂĐĞƐĚŽƐŇĂŶŐĞƐ͕ĞůŝŵŝŶĂŶĚŽƚŽĚŽƐŽƐƌĞƐşĚƵŽƐ͖оĂůŝŶŚĂƌŽƐƚƵďŽƐĞĚŝƐƉŽƌ
ŽƐ ĨƵƌŽƐ ĚŽƐ ĨůĂŶŐĞƐ ƵŶƐ Ğŵ ĨƌĞŶƚĞ ĂŽƐ ŽƵƚƌŽƐ͕ ŶĆŽ ƐĞŶĚŽ ĂĚŵŝƚŝĚĂ ĚĞĨůĞdžĆŽ ĚĞ ŶĞŶŚƵŵĂ ŽƌĚĞŵ͖ о
ŝŶƚƌŽĚƵnjŝƌ Ă ĂƌƌƵĞůĂ ĚĞ ǀĞĚĂĕĆŽ ĞŶƚƌĞ ŽƐ ĨůĂŶŐĞƐ Ğ ĐŽůŽĐĂƌ ŽƐ ƉĂƌĂĨƵƐŽƐ ĐŽŵ ĂƐ ƉŽƌĐĂƐ͖ о ĂƉĞƌƚĂƌ
ƐƵĐĞƐƐŝǀĂŵĞŶƚĞŽƐƉĂƌĂĨƵƐŽƐĚŝĂŵĞƚƌĂůŵĞŶƚĞŽƉŽƐƚŽƐ͘
ϱ͘ϯͲ^^EdDEdKdhK^͕W^KEyO^DW s͕ZWs͕Wsͬ&Ǒ&Ǒ͕WZ&s͗
ϱ͘ϯ͘ϭͲdƵďŽ͕ƉĞĕĂƐĞĐŽŶĞdžƁĞƐĞŵWs͕ZWs͕Ws&Ǒ&Ǒ͕WZ&s͕ũƵŶƚĂĞůĄƐƚŝĐĂ
WĂƌĂ ƐƵĂŵŽŶƚĂŐĞŵ͕ ŽďƐĞƌǀĂƌ ŽƐ ƐĞŐƵŝŶƚĞƐ ƉƌŽĐĞĚŝŵĞŶƚŽƐ͗ о ůŝŵƉĂƌ ĐƵŝĚĂĚŽƐĂŵĞŶƚĞ ĐŽŵ ĞƐƚŽƉĂŽ
ŝŶƚĞƌŝŽƌĚĂďŽůƐĂĞŽĞdžƚĞƌŝŽƌĚĂƉŽŶƚĂ͖оŝŶƚƌŽĚƵnj ŝƌŽĂŶĞůĚĞďŽƌƌĂĐŚĂŶŽƐƵůĐŽĚĂďŽůƐĂ͖оĂƉůŝĐĂƌ Ž
ůƵďƌŝĨŝĐĂŶƚĞƌĞĐŽŵĞŶĚĂĚŽƉĞůŽĨĂďƌŝĐĂŶƚĞŽƵŽƵƚƌŽĂ ƉƌŽǀĂĚŽƉĞůĂ&/^>/K͕ŶŽĂŶĞůĚĞďŽƌƌĂĐŚĂ
Ğ ŶĂ ƐƵƉĞƌĨşĐŝĞ ĞdžƚĞƌŶĂ ĚĂ ƉŽŶƚĂ͘ ǀĞĚĂĚŽ Ž ƵƐŽ ĚĞ ſůĞŽ ŵŝŶĞƌĂů ŽƵ ŐƌĂdžĂ͖ о ĐĞŶƚƌĂƌ
ĐŽŶǀĞŶŝĞŶƚĞŵĞŶƚĞ Ă ƉŽŶƚĂ Ğ ŝŶƚƌŽĚƵnjŝͲůĂ Ă ƵŵĂ ĚŝƐƚą ŶĐŝĂ ŵĄdžŝŵĂ ĚĞ ϭϬ ŵŵ ĚŽ ĨƵŶĚŽ ĚĂ ďŽůƐĂ͕
ŵĂŶƚĞŶĚŽŽĂůŝŶŚĂŵĞŶƚŽĞŶŝǀĞůĂŵĞŶƚŽĚŽƚƵďŽ͘ŵĐ ĂƐŽĚĞĐŽƌƚĞŶĂƚƵďƵůĂĕĆŽ͕ŽĐŚĂŶĨƌŽĚĞǀĞƌĄƐĞƌ
ƌĞĐŽŵƉŽƐƚŽĚĞĂĐŽƌĚŽĐŽŵĂƐŶŽƌŵĂƐĚŽĨĂďƌŝĐĂŶƚĞ͘
ϱ͘ϰͲ^^EdDEdKdhK^KEyO^DW
KƐ ƚƵďŽƐ ĚĞ ƉŽůŝĞƚŝůĞŶŽ ĚĞ ĂůƚĂ ĚĞŶƐŝĚĂĚĞ ;WͿ Ɛ ĆŽ ƉƌŽĚƵnjŝĚŽƐ ĐŽŵ Ƶŵ ŵĂƚĞƌŝĂů ƋƵĞ ŶĆŽ ĂĐĞŝƚĂ
ŶĞŶŚƵŵƚŝƉŽĚĞĂĚĞƐŝǀŽƉůĄƐƚŝĐŽƉĂƌĂƐƵĂƐŽůĚĂŐĞŵ͕ ƐĞŶĚŽƐƵĂƐƵŶŝƁĞƐĞdžĞĐƵƚĂĚĂƐƉŽƌƐŽůĚĂŐĞŵĚĞ
ƚŽƉŽ͕ ĞůĞƚƌŽĨƵƐĆŽ ŽƵ ĂƚƌĂǀĠƐ ĚĞ ũƵŶƚĂƐ ŵĞĐąŶŝĐĂƐ͘ ĞǀĞͲƐĞ ƉƌŽƚĞŐĞƌ Ă ƌĞŐŝĆŽ Ă ƐĞƌ ƐŽůĚĂĚĂ ĐŽŶƚƌĂ
ŝŶƚĞŵƉĠƌŝĞƐ͘
ϱ͘ϰ͘ϭdƵďŽƐĞĐŽŶĞdžƁĞƐĞŵW͕ũƵŶƚĂĐŽŵƐŽůĚĂĚĞ ƚŽƉŽŽƉƌŽĐĞƐƐŽĚĞƐŽůĚĂƉŽƌƚĞƌŵŽĨƵƐĆŽŶŽ
ƋƵĂůĚƵĂƐĞdžƚƌĞŵŝĚĂĚĞƐĚĞƚƵďŽͬĐŽŶĞdžĆŽ͕ƐĆŽĂƋƵĞĐŝĚ ĂƐĂŽŵĞƐŵŽƚĞŵƉŽĞƉƌĞƐƐŝŽŶĂĚĂƐƵŵĂĐŽŶƚƌĂ
ĂŽƵƚƌĂ͘
K ĞƋƵŝƉĂŵĞŶƚŽ ƵƚŝůŝnjĂĚŽ ƉĂƌĂ Ă ƐŽůĚĂŐĞŵ Ġ ĐŽŶƐƚŝƚƵş ĚŽ ƉŽƌ ƚƌġƐ ĞůĞŵĞŶƚŽƐ͗ ƵŶŝĚĂĚĞ ĚĞ ĨŽƌĕĂ
;ŽŵƉŽƐƚĂĚĂƵŶŝĚĂĚĞŚŝĚƌĄƵůŝĐĂĞĂůŝŶŚĂĚŽͿ͕ĨĂĐĞĂĚ ŽĞƉůĂĐĂĚĞĂƋƵĞĐŝŵĞŶƚŽ͘ƐŽůĚĂĚĞƚŽƉŽŶĆŽ
ĚĞǀĞƐĞƌĨĞŝƚĂĞŵŵĂƚĞƌŝĂŝƐĚĞĚŝĨĞƌĞŶƚĞƐ^Z;ƋƵĞĠƵŵǀĂůŽƌĚŝŵĞŶƐŝŽŶĂůƋƵĞƌĞůĂĐŝŽŶĂŽĚŝąŵĞƚƌŽ
ĞdžƚĞƌŶŽŶŽŵŝŶĂůĞĂĞƐƉĞƐƐƵƌĂŵşŶŝŵĂĚĂƉĂƌĞĚĞĚŽƚ ƵďŽͿ͕ƉŽŝƐƵŵĚŽƐƉƌŝŶĐŝƉĂŝƐĨĂƚŽƌĞƐĚĂĐŽƌƌĞƚĂ
ƐŽůĚĂŐĞŵ Ġ Ž ĐŽŶƚĂƚŽ ƉĞƌĨĞŝƚŽ ĚĂƐ ĚƵĂƐ ĞdžƚƌĞŵŝĚĂĚĞƐ͘ WĂƌĂ ƐƵĂ ŵŽŶƚĂŐĞŵ͕ ŽďƐĞƌǀĂƌ ŽƐ ƐĞŐƵŝŶƚĞƐ
ƉƌŽĐĞĚŝŵĞŶƚŽƐ͗ о Ă ƉĂƌƟƌ ĚĞ ƵŵĂ ƚĂďĞůĂ ĨŽƌŶĞĐŝĚĂ ƉĞůŽ ĨĂďƌŝĐĂŶƚĞ͕ ǀĞƌŝĮĐĂƌ Ă ƉƌĞƐƐĆŽ ĚĞ ƐŽůĚĂ
ŶĞĐĞƐƐĄƌŝĂĞƐŽŵĂͲƐĞăƉƌĞƐƐĆŽŝŶŝĐŝĂůƉĂƌĂĚĞƐůŽĐĂŵĞŶƚŽĚŽĐŽŶũƵŶƚŽ;ŝŶĠƌĐŝĂĚĂŵĄƋƵŝŶĂĂĚŝĐŝŽŶĂĚĂ
ĂŽƉĞƐŽƉƌſƉƌŝŽĚŽƚƵďŽĂƐĞƌĚĞƐůŽĐĂĚŽͿ͖оǀĞƌŝĮĐĂ ƌŽƉĞƌĨĞŝƚŽĂůŝŶŚĂŵĞŶƚŽĚŽƐĚŽŝƐƚƵďŽƐ͖оĐŽŵŽ
ƵƐŽĚŽĨĂĐĞĂĚŽ͕ĂƉůĂŝŶĂƌĂƐƐƵƉĞƌĨşĐŝĞƐ͖оĂƉƌŽdžŝŵĂ ƌŽƐ ƚƵďŽƐĞǀĞƌŝĮĐĂƌŽĂůŝŶŚĂŵĞŶƚŽ͕ƌĞƉĞƟŶĚŽĂ
ŽƉĞƌĂĕĆŽĂƚĠĐŽŶƐĞŐƵŝƌŽƉƌĞĨĞŝƚŽĂůŝŶŚĂŵĞŶƚŽ͖оůŝŵƉĂƌĂƐƐƵƉĞƌİĐŝĞƐĐŽŵƵƐŽĚĞƐŽůƵĕĆŽĂďĂƐĞĚĞ
ĂĐĞƚŽŶĂ͕ĞĂƉĂƌƚŝƌĚĞƐƚĞŝŶƐƚĂŶƚĞŶĆŽƚŽĐĂƌĞŵŶĞŶŚƵŵĂŚŝƉſƚĞƐĞŶĂƌĞŐŝĆŽĂƐĞƌƐŽůĚĂĚĂ͖оƋƵĂŶĚŽĂ
ƚĞŵƉĞƌĂƚƵƌĂ ĚĂ ƉůĂĐĂ ĚĞ ĂƋƵĞĐŝŵĞŶƚŽ ĞƐƚŝǀĞƌ ŶŽ ǀĂůŽƌ ƌĞĐŽŵĞŶĚĂĚŽ ƉĞůŽ ĨĂďƌŝĐĂŶƚĞ ĚŽ ƚƵďŽ͕
ƉŽƐŝĐŝŽŶĞͲĂŵĂŶƚĞŶĚŽĂƉƌĞƐƐĆŽĚĞƐŽůĚĂĂƚĠĂĨŽƌŵĂ ĕĆŽĚĞƵŵĐŽƌĚĆŽŝŶŝĐŝĂůĞŶƚƌĞĂƉůĂĐĂĞŽƚƵďŽ;Ă
ƚĂďĞůĂ ĚŽ ĨĂďƌŝĐĂŶƚĞ ĚŽ ĞƋƵŝƉĂŵĞŶƚŽ ŝŶĚŝĐĂƌĄ Ă ůĂƌŐ ƵƌĂ ĚŽ ĐŽƌĚĆŽͿ͖ о ĨŽƌŵĂĚŽ Ž ĐŽƌĚĆŽ͕ ƌĞƚŝƌĞ Ă
ƉƌĞƐƐĆŽ ĚĞ ƐŽůĚĂ Ğ ŵĂŶƚĞŶŚĂ Ă ƉůĂĐĂ Ğŵ ĐŽŶƚĂƚŽ ĐŽŵ ŽƐ ƚƵďŽƐ ƉĞůŽ ƚĞŵƉŽ ƌĞĐŽŵĞŶĚĂĚŽ ƉĞůŽ
ĨĂďƌŝĐĂŶƚĞĚŽĞƋƵŝƉĂŵĞŶƚŽ͖оƌĞƟƌĞĂƉůĂĐĂĚĞĂƋƵĞĐŝŵĞŶƚŽĞĂƉƌŽdžŝŵĞŽƐƚƵďŽƐ͘KĐŽƌĚĆŽĚĞƐŽůĚĂ
ŝŶƐƚĂŶƚĂŶĞĂŵĞŶƚĞ ĂƵŵĞŶƚĂƌĄ ĚĞ ůĂƌŐƵƌĂ͘ ŐƵĂƌĚĞ Ž ƌĞƐĨƌŝĂŵĞŶƚŽ ƌĞĐŽŵĞŶĚĂĚŽ ƉĞůŽ ĨĂďƌŝĐĂŶƚĞ ĚŽ
ĞƋƵŝƉĂŵĞŶƚŽ͘ ^ŽŵĞŶƚĞ ĂƉſƐ Ž ƌĞƐĨƌŝĂŵĞŶƚŽ ƉŽĚĞͲƐĞ ŵĞ džĞƌ Ž ĞƋƵŝƉĂŵĞŶƚŽ͕ ƉƌĞƉĂƌĂŶĚŽͲŽ ƉĂƌĂ
ƉƌſdžŝŵĂ ƐŽůĚĂŐĞŵ͘ KďƐ͗͘WĂƌĂ ƐŽůĚĂŐĞŵ ĚĞ ĐŽŶĞdžƁĞƐ Ğŵ ƚƵďŽƐ͕ ƌĞƚŝƌĞ Ž ĨŝdžĂĚŽƌ ĚĞ ƵŵĂ ĚĂƐ
ĞdžƚƌĞŵŝĚĂĚĞƐĞĞdžĞĐƵƚĞĂƐŵĞƐŵĂƐŽƉĞƌĂĕƁĞƐĂŶƚĞƌŝŽƌĞƐ
ϱ͘ϰ͘ϮdƵďŽƐĞĐŽŶĞdžƁĞƐĞŵW͕ũƵŶƚĂĐŽŵƐŽůĚĂƉŽ ƌĞůĞƚƌŽĨƵƐĆŽŽƉƌŽĐĞƐƐŽĚĞƐŽůĚĂŶŽƋƵĂůƵŵĂ
ĐŽƌƌĞŶƚĞ ĞůĠƚƌŝĐĂ ĚĞ ŝŶƚĞŶƐŝĚĂĚĞ ĐŽŶƚƌŽůĂĚĂ͕ ƉĂƐƐĂŶĚŽ ƉŽƌ ƵŵĂ ƌĞƐŝƐƚġŶĐŝĂ ĞdžŝƐƚĞŶƚĞ ŶĂ ĐŽŶĞdžĆŽ͕ Ă
ĂƋƵĞĐĞĞƚƌĂŶƐĨĞƌĞĂŽƚƵďŽĞŶĞƌŐŝĂƐƵĨŝĐŝĞŶƚĞƉĂƌĂƋƵĞƐĞĨƵŶĚĂŵŽƐĚŽŝƐĞůĞŵĞŶƚŽƐ͘
ĞdžƚƌĞŵĂŵĞŶƚĞƐŝŵƉůĞƐĂƐƵĂĞdžĞĐƵĕĆŽ͕ƌĞĂůŝnjĂĚĂĂƉĂƌƚŝƌĚĞƵŵĞƋƵŝƉĂŵĞŶƚŽƋƵĞĐŽŶƚƌŽůĂĂƚĞŶƐĆŽ
ĨŽƌŶĞĐŝĚĂăĐŽŶĞdžĆŽĞŽƚĞŵƉŽŶĞĐĞƐƐĄƌŝŽƉĂƌĂƐĞĂƚŝŶŐŝƌĂƚĞŵƉĞƌĂƚƵƌĂĚĞĨƵƐĆŽĚŽƐĞůĞŵĞŶƚŽƐ͘
ƚƌĂǀĠƐĚĞƐƚĞƉƌŽĐĞƐƐŽĠƉŽƐƐşǀĞůƐŽůĚĂƌͲƐĞƚƵďŽƐ ĚĞ^ZĚŝĨĞƌĞŶƚĞƐ͕ǀŝƐƚŽƋƵĞŽƐĚŝąŵĞƚƌŽƐĞdžƚĞƌŶŽƐ
ĚŽƐƚƵďŽƐƐĆŽŽƐŵĞƐŵŽƐ͘
WĂƌĂ ŵŽŶƚĂŐĞŵ ĚĂ ƚƵďƵůĂĕĆŽ͕ ŽďƐĞƌǀĂƌ ŽƐ ƐĞŐƵŝŶƚĞƐ ƉƌŽĐĞĚŝŵĞŶƚŽƐ͗ о ŵĞĕĂ Ž ĐŽŵƉƌŝŵĞŶƚŽ ĚĂ
ĐŽŶĞdžĆŽ͕ƐĞŵƌĞƚŝƌĄͲůĂĚĂĞŵďĂůĂŐĞŵ͖оŵĂƌƋƵĞĐŽŵƵŵĂĐĂŶĞƚĂĞŵĐĂĚĂƵŵĚŽƐƚƵďŽƐŵĞƚĂĚĞĚŽ
ǀĂůŽƌŵĞĚŝĚŽ͖оƌĂƐƉĞƚŽĚĂĄƌĞĂĚĞĐŽŶƚĂƚŽĞŶƚƌĞŽƐƚƵďŽƐĞĂĐŽŶĞdžĆŽĐŽŵƵŵƌĂƐƉĂĚŽƌŵĂŶƵĂůŽƵ
ŵĞĐąŶŝĐŽ͖ о ůŝŵƉĞ ĐŽŵ ƵŵĂ ƐŽůƵĕĆŽ ă ďĂƐĞ ĚĞ ĂĐĞƚŽŶĂ ͕ Ă ƌĞŐŝĆŽ ƌĂƐƉĂĚĂ ŶŽƐ ƚƵďŽƐ͘ ƉĂƌƚŝƌ ĚĞƐƚĞ
ŝŶƐƚĂŶƚĞŶĆŽƚŽĐĂƌĞŵŶĞŶŚƵŵĂŚŝƉſƚĞƐĞŶĂƌĞŐŝĆŽĂ ƐĞƌƐŽůĚĂĚĂ͖оƌĞƟƌĞĂĐŽŶĞdžĆŽĚĂĞŵďĂůĂŐĞŵ͕
ƚŽŵĂŶĚŽĂƉƌĞĐĂƵĕĆŽĚĞŶĆŽƚŽĐĂƌŶĂƌĞŐŝĆŽŝŶƚĞƌŶĂĚĂƉĞĕĂŽŶĚĞĞƐƚĄĂƌĞƐŝƐƚġŶĐŝĂĞůĠƚƌŝĐĂ͕ĞĞŶĐĂŝdžĞ
ĂĐŽŶĞdžĆŽ͕ŽďƐĞƌǀĂŶĚŽĂŵĂƌĐĂĕĆŽĞĨĞƚƵĂĚĂ͕ƋƵĞŝŶĚŝĐĂƌĄĂƉƌŽĨƵŶĚŝĚĂĚĞĚĂďŽůƐĂĂƚĠƐĞĐŚĞŐĂƌĂŽ
ďĂƚĞŶƚĞ ĚĂ ĐŽŶĞdžĆŽ͖ о ŝŶƐƚĂůĞ Ž ĂůŝŶŚĂĚŽ͕ ĐŽŶĞĐƚĞ Ž ĐĂďŽ ĚĂ ŵĄƋƵŝŶĂ ŶŽƐ ƚĞƌŵŝŶĂŝƐ ĚĂ ĐŽŶĞdžĆŽ Ğ
ƉĂƐƐĞĂĐĂŶĞƚĂſƚŝĐĂƐŽďƌĞŽĐſĚŝŐŽĚĞďĂƌƌĂƐ͘džĞĐƵƚĞĂƐŽůĚĂŐĞŵĞĂŐƵĂƌĚĞŽƚĞŵƉŽĚĞƌĞƐĨƌŝĂŵĞŶƚŽ
ƌĞĐŽŵĞŶĚĂĚŽ ƉĞůŽ ĨĂďƌŝĐĂŶƚĞ͘ EĆŽ ƌĞƚŝƌĞ Ž ĂůŝŶŚĂĚŽ ĚƵƌĂŶƚĞ Ž ƚĞŵƉŽ ĚĞ ƌĞƐĨƌŝĂŵĞŶƚŽ Ğ ŶĞŵ
ŵŽǀŝŵĞŶƚĞŽĐŽŶũƵŶƚŽ͘WĂƌĂĂƐŽůĚĂŐĞŵĚĞdġ͕ŽďƐĞƌǀĂƌŽƐƐĞŐƵŝŶƚĞƐƉƌŽĐĞĚŝŵĞŶƚŽƐ͗оƌĞƟƌĞŽdġĚĂ
ĞŵďĂůĂŐĞŵ Ğ ŵĂƌƋƵĞ ĐŽŵ ƵŵĂ ĐĂŶĞƚĂ Ă ƌĞŐŝĆŽ ĚŽ ƚƵďŽ Ă ƐĞƌ ƐŽůĚĂĚĂ͘ ĞǀŽůǀĂ Ă ĐŽŶĞdžĆŽ ă
ĞŵďĂůĂŐĞŵĞƌĂƐƉĞŵĂŶƵĂůŵĞŶƚĞĂƌĞŐŝĆŽĚĞŵĂƌĐĂĚĂ͖оůŝŵƉĞĂƌĞŐŝĆŽƌĂƐƉĂĚĂĐŽŵƐŽůƵĕĆŽĂďĂƐĞ
ĚĞ ĂĐĞƚŽŶĂ͕ Ğ Ă ƉĂƌƚŝƌ ĚĞƐƚĞ ŝŶƐƚĂŶƚĞ ŶĆŽ ƚŽƋƵĞ ŵĂŝƐ Ă ƌĞŐŝĆŽ Ă ƐĞƌ ƐŽůĚĂĚĂ͖ о ƌĞƟƌĞ Ă ĐŽŶĞdžĆŽ ĚĂ
ĞŵďĂůĂŐĞŵĞ͕ĐŽŵĂƵdžşůŝŽĚŽƉĞĚĞƐƚĂů͕ƉŽƐŝĐŝŽŶĞͲĂŶ ĂƌĞŐŝĆŽĚĞŵĂƌĐĂĚĂ͖оƉĂƐƐĞĂĐĂŶĞƚĂſƟĐĂƐŽďƌĞ
ŽĐſĚŝŐŽĚĞďĂƌƌĂƐ͖оĐŽŶĞĐƚĞŽĐĂďŽĚĂŵĄƋƵŝŶĂŶŽƐ ƚĞƌŵŝŶĂŝƐĚŽdġĚĞƐĞƌǀŝĕŽĞĞdžĞĐƵƚĞĂƐŽůĚĂŐĞŵ͘
EĆŽ ƌĞŵŽǀĂ Ž ƉĞĚĞƐƚĂů ŶĞŵ ŵŽǀŝŵĞŶƚĞ Ž ĐŽŶũƵŶƚŽ ĂƚĠ Ž ĨŝŶĂů ĚŽ ƚĞŵƉŽ ĚĞ ƌĞƐĨƌŝĂŵĞŶƚŽ
ƌĞĐŽŵĞŶĚĂĚŽƉĞůŽĨĂďƌŝĐĂŶƚĞ͘
ϱ͘ϰ͘ϯdƵďŽƐĞĐŽŶĞdžƁĞƐĞŵW͕ũƵŶƚĂĚĞĐŽŵƉƌĞƐƐĆŽƐĐŽŶĞdžƁĞƐƐĆŽĐŽŵƉŽƐƚĂƐĚĞϮďŽůƐĂƐŶĂƐ
ĞdžƚƌĞŵŝĚĂĚĞƐ͕ ŶĂƐ ƋƵĂŝƐ ŽƐ ƚƵďŽƐ ƐĆŽ ĞŶĐĂŝdžĂĚŽƐ Ğ Ĩ ŝdžĂĚŽƐ ĂƚƌĂǀĠƐ ĚĞ Ƶŵ ĂŶĞů ŝŶƚĞƌŶŽ ĚĞ
ƉŽůŝĂĐĞƚĂů;ďƌĂŶĐŽͿ͕ ƋƵĞ ŝŵƉĞĚĞ ƐĞƵ ĚĞƐůŽĐĂŵĞŶƚŽ ůŽŶ ŐŝƚƵĚŝŶĂů͘ ĞƐƚĂŶƋƵŝĚĂĚĞ ĚŽ ƐŝƐƚĞŵĂ Ġ ŽďƚŝĚĂ
ĂƚƌĂǀĠƐĚĞĂŶĠŝƐĚĞďŽƌƌĂĐŚĂ;ƉƌĞƚŽͿ͘WĂƌĂƐƵĂŵŽŶƚĂŐĞŵ͕ŽďƐĞƌǀĂƌŽƐƐĞŐƵŝŶƚĞƐƉƌŽĐĞĚŝŵĞŶƚŽƐ͗о
ŵĞĕĂ Ă ƉƌŽĨƵŶĚŝĚĂĚĞ ĚĂ ďŽůƐĂ ĚĞ ĐŽŶĞdžĆŽ Ğ ŵĂƌƋƵĞ ŶŽ Ɛ ƚƵďŽƐ ĐŽŵ ƵŵĂ ĐĂŶĞƚĂ Ž ǀĂůŽƌ ŽďƚŝĚŽ͖ о
ŝŶƚƌŽĚƵnjĂĂƐƉŽƌĐĂƐĚĞĞdžƚƌĞŵŝĚĂĚĞƐŶŽƐƚƵďŽƐĞƉŽƐ ŝĐŝŽŶĞŽƐĂŶĠŝƐĚĞƉŽůŝĂĐĞƚĂů;ďƌĂŶĐŽƐͿŶĂƌĞŐŝĆŽ
ĚĞŵĂƌĐĂĚĂ͖ о ĂƉůŝĐĂƌ ƉĂƐƚĂ ůƵďƌŝĮĐĂŶƚĞ͕ ƌĞĐŽŵĞŶĚĂĚĂ ƉĞůŽ ĨĂďƌŝĐĂŶƚĞ͕ ŶŽƐ ĂŶĠŝƐ ĚĞ ǀĞĚĂĕĆŽ ĚĞ
ďŽƌƌĂĐŚĂ;ƉƌĞƚŽƐͿĞdžŝƐƚĞŶƚĞƐŶŽŝŶƚĞƌŝŽƌĚĂĐŽŶĞdžĆŽ͖оĞdžĞĐƵƚĞƵŵĐŚĂŶĨƌŽŶĂƐƉŽŶƚĂƐĚŽƐƚƵďŽƐ͘
ϱ͘ϲ^^EdDEdKdhK^DKEZdK
ϵ͘ϲ͘ϭ dƵďŽ Ğŵ ĐŽŶĐƌĞƚŽ͕ ũƵŶƚĂ ĞůĄƐƚŝĐĂ KƐ ƚƵďŽƐ Ɛ ĞƌĆŽ Ğŵ ĐŽŶĐƌĞƚŽ ĂƌŵĂĚŽ͕ ĚĞ ƐĞĕĆŽ ĐŝƌĐƵůĂƌ͕
ĚĞƐƚŝŶĂĚŽƐăĐŽŶĚƵĕĆŽĚĞĞƐŐŽƚŽƐƐĂŶŝƚĄƌŝŽƐ͕ƐŽďƉƌ ĞƐƐĆŽĂƚŵŽƐĨĠƌŝĐĂ͘WĂƌĂƐƵĂŵŽŶƚĂŐĞŵŽďƐĞƌǀĂƌ
ŽƐƐĞŐƵŝŶƚĞƐƉƌŽĐĞĚŝŵĞŶƚŽƐ͗оĂŶƚĞƐĚĞďĂŝdžĂƌŽƐƚƵďŽƐăǀĂůĂ͕ǀĞƌŝĨŝĐĄͲůŽƐĐƵŝĚĂĚŽƐĂŵĞŶƚĞƋƵĂŶƚŽă
ůŝŵƉĞnjĂ͕ ĚĞĨĞŝƚŽƐĞ ƚƌŝŶĐĂƐ͖ о ůŝŵƉĂƌĞĮĐŝĞŶƚĞŵĞŶƚĞŽ ĂůŽũĂŵĞŶƚŽ ĚŽ ĂŶĞů ĚĞďŽƌƌĂĐŚĂĞdžŝƐƚĞŶƚĞĞ Ă
ƉŽŶƚĂ ĚŽ ƚƵďŽ͕ Ă ƐĞƌ ĐŽŶĞĐƚĂĚŽ ŶĂ ďŽůƐĂ ŵŽŶƚĂĚĂ ĂŶƚ ĞƌŝŽƌŵĞŶƚĞ͕ ƵƚŝůŝnjĂŶĚŽ ĞƐĐŽǀĂ ŽƵ ĞƐƚŽƉĂ͕
ƌĞŵŽǀĞŶĚŽͲƐĞƚŽĚŽƐŽƐŵĂƚĞƌŝĂŝƐĞƐƚƌĂŶŚŽƐ͖оŝŶƚƌŽĚƵnjŝƌŽĂŶĞůĚĞďŽƌƌĂĐŚĂŶŽĂůŽũĂŵĞŶƚŽŶĂƉĂƌƚĞ
ĞdžƚĞƌŶĂ ĚĂ ƉŽŶƚĂ ĚŽ ƚƵďŽ͖ о ĂƉůŝĐĂƌ ƵŵĂ ĐĂŵĂĚĂ ĚĞ ů ƵďƌŝĮĐĂŶƚĞ͕ ƌĞĐŽŵĞŶĚĂĚŽ ƉĞůŽ ĨĂďƌŝĐĂŶƚĞ ŽƵ
ŽƵƚƌŽĂƉƌŽǀĂĚŽƉĞůĂ&/^>/K͕ĐŽŵƉŝŶĐĞůŽƵĞƐ ƚŽƉĂ͕ĞŵƚŽĚĂƌĞŐŝĆŽŝŶƚĞƌŶĂĚĂďŽůƐĂ͘ǀĞĚĂĚŽ
ŽƵƐŽĚĞſůĞŽŵŝŶĞƌĂůŽƵŐƌĂdžĂ͖оĐĞŶƚƌĂƌĐŽŶǀĞŶŝĞŶƚĞŵĞŶƚĞĂƉŽŶƚĂĞŝŶƚƌŽĚƵnjŝͲůĂ͕ĐŽŵŽĂƵdžŝůŝŽĚĞ
ƚĂůŚĂƐ͕ ƚŝƉŽ ΗƚŝƌĨŽƌΗ͕ ŶĂ ďŽůƐĂ ĚĞ ĞƐƉĞƌĂ͕ ĂƚĠ Ž ƚŽƚĂů ĂĐŽƉůĂŵĞŶƚŽ͕ ŵĂŶƚĞŶĚŽ Ž ĂůŝŶŚĂŵĞŶƚŽ Ğ
ŶŝǀĞůĂŵĞŶƚŽĚŽƚƵďŽ͖оĂƉſƐŽĞŶĐĂŝdžĞ͕ǀĞƌŝĮĐĂƌƐĞŽĂŶĞůĚĞďŽƌƌĂĐŚĂƉĞƌŵĂŶĞĐĞƵŶŽƐĞƵĂůŽũĂŵĞŶƚŽ
ĞĐĂůĕĂƌŽƚƵďŽĐŽŵŵĂƚĞƌŝĂůĚĞƌĞĂƚĞƌƌŽ͖оĂǀĂůŝĂƌŽŶŝǀĞůĂŵĞŶƚŽĚĂŐĞƌĂƚƌŝnjŝŶĨĞƌŝŽƌŝŶƚĞƌŶĂĚŽƐƚƵď ŽƐ͘
ϱ͘ϲ͘ϮdƵďŽĞŵĐŽŶĐƌĞƚŽ͕ũƵŶƚĂĂƌŐĂŵĂƐƐĂĚĂKƐƚƵďŽƐƐĞƌĆŽĞŵĐŽŶĐƌĞƚŽƐŝŵƉůĞƐŽƵĂƌŵĂĚŽ͕ĚĞƐĞĕĆŽ
ĐŝƌĐƵůĂƌ͕ƉŽŶƚĂďŽůƐĂŽƵŵĂĐŚŽĞĨġŵĞĂ͕ĚĞƐƚŝŶĂĚŽƐ ăĐŽŶĚƵĕĆŽĚĞĄŐƵĂƐƉůƵǀŝĂŝƐĞĚĞůşƋƵŝĚŽƐŶĆŽ
ĂŐƌĞƐƐŝǀŽƐ͕ƐŽďƉƌĞƐƐĆŽĂƚŵŽƐĨĠƌŝĐĂ͘
WĂƌĂƐƵĂŵŽŶƚĂŐĞŵŽďƐĞƌǀĂƌŽƐƐĞŐƵŝŶƚĞƐƉƌŽĐĞĚŝŵĞŶƚŽƐ͗оĂŶƚĞƐĚĞďĂŝdžĂƌŽƐƚƵďŽƐăǀĂůĂ͕ǀĞƌŝĨŝĐĄͲ
ůŽƐ ĐƵŝĚĂĚŽƐĂŵĞŶƚĞ ƋƵĂŶƚŽ ă ůŝŵƉĞnjĂ͕ ĚĞĨĞŝƚŽƐ Ğ ƚƌŝ ŶĐĂƐ͖ о ĐĞŶƚƌĂƌ Ğ ŝŶƚƌŽĚƵnjŝƌ Ă ƉŽŶƚĂ ĚŽ ƚƵďŽ ŶŽ
ĂůŽũĂŵĞŶƚŽĚĞĞƐƉĞƌĂĞĐŽůŽĐĂƌũƵƚĂŽƵĞƐƚŽƉĂĂůĐĂƚ ƌŽĂĚĂ͕ŶŽƐƚƵďŽƐƉŽŶƚĂďŽůƐĂ͖оĐŽŵĨĞƌƌĂŵĞŶƚĂ
ĂƉƌŽƉƌŝĂĚĂ;ĞƐƚŽƉĂĚŽƌͿĂũƵƐƚĂƌĂũƵƚĂŶŽĨƵŶĚŽĚĂď ŽůƐĂ͕ĚĞŵŽĚŽĂƉƌŽƉŽƌĐŝŽŶĂƌƵŵĞƐƉĂĕŽǀĂnjŝŽ͕Ğŵ
ĨƵŶĕĆŽĂŽĚŝąŵĞƚƌŽĚŽƚƵďŽ͕ĚĞϭϬĂϭϱŵŵĂĐŽŶƚĂƌĚĂĞdžƚƌĞŵŝĚĂĚĞĚĂďŽůƐĂ͖
о ĐŽůŽĐĂƌ ŶŽ ĂůŽũĂŵĞŶƚŽ ĚĞ ĞƐƉĞƌĂ͕ ĂƌŐĂŵĂƐƐĂ ĚĞ ĐŝŵĞŶƚŽ Ğ ĂƌĞŝĂ ůĂǀĂĚĂ͕ ŶŽ ƚƌĂĕŽ ϭ͗ϯ Ğŵ ǀŽůƵŵĞ͕
ĐĞŶƚƌĂŶĚŽ ƉĞƌĨĞŝƚĂŵĞŶƚĞ ĂƐ ĞdžƚƌĞŵŝĚĂĚĞƐ͕ ĂǀĂůŝĂŶĚŽ Ž ŶŝǀĞůĂŵĞŶƚŽ ĚĂ ŐĞƌĂƚƌŝnj ŝŶĨĞƌŝŽƌ ŝŶƚĞƌŶĂ ĚŽƐ
ƚƵďŽƐ͖оƌĞƐƉĂůĚĂƌĞdžƚĞƌŶĂŵĞŶƚĞĂĂƌŐĂŵĂƐƐĂĚĞŝdžĂŶĚŽƵŵĂŝŶĐůŝŶĂĕĆŽĚĞϰϱΣĞŵƌĞůĂĕĆŽăƐƵƉĞƌĨşĐŝĞ
ĚŽƚƵďŽ͕ĂƉĂƌƚŝƌĚĂĂƌĞƐƚĂĞdžƚĞƌŶĂĚĂĞdžƚƌĞŵŝĚĂĚĞĚĂďŽůƐĂ͘
EŽ ĐĂƐŽ ĚĞ ĂƐƐĞŶƚĂŵĞŶƚŽ͕ ŽŶĚĞ Ž ƐƵďƐŽůŽ ĐŽŶƚĠŵ ĄŐƵ Ă͕ ĂƐ ũƵŶƚĂƐ ĚĞǀĞƌĆŽ ƐĞƌ ŽďƌŝŐĂƚŽƌŝĂŵĞŶƚĞ
ƉƌŽƚĞŐŝĚĂƐƉŽƌƵŵĐĂƉĞĂŵĞŶƚŽĚĞĂƌŐĂŵĂƐƐĂĚĞĐŝŵĞŶƚŽĞĂƌĞŝĂ͕ŶŽƚƌĂĕŽϭ͗ϭĞŵǀŽůƵŵĞ͕ĐŽŶƚĞŶĚŽ
ŵĂƚĞƌŝĂůŝŵƉĞƌŵĞĂďŝůŝnjĂŶƚĞ͘
ϲͲ>/'O^WZ//^
ϲ͘ϭͲKE^/ZO^'Z/^
>ŝŐĂĕƁĞƐƉƌĞĚŝĂŝƐͲƚĞŵƉŽƌĨŝŶĂůŝĚĂĚĞĚĞƐĐƌĞǀĞƌŽƐƉƌŝŶĐŝƉĂŝƐƉƌŽĐĞĚŝŵĞŶƚŽƐĂƐĞƌĞŵŽďƐĞƌǀĂĚŽƐŶĂ
ĞdžĞĐƵĕĆŽ ĚŽƐ ƐĞƌǀŝĕŽƐ ƌĞĨĞƌĞŶƚĞƐ ăƐ ůŝŐĂĕƁĞƐ ƉƌĞĚŝĂŝƐ ĚĞ ĄŐƵĂ Ğ ĞƐŐŽƚŽƐ͕ Ğŵ ƌĞĚĞƐ ĞdžŝƐƚĞŶƚĞƐ ŽƵ Ă
ƐĞƌĞŵŝŵƉůĂŶƚĂĚĂƐ͘>ŝŐĂĕĆŽƉƌĞĚŝĂůĠŽĐŽŶũƵŶƚŽĨŽƌ ŵĂĚŽƉŽƌƚƵďŽƐ͕ƉĞĕĂƐĞĐŽŶĞdžƁĞƐ͕ƋƵĞŝŶƚĞƌůŝŐĂĂ
ƌĞĚĞ ƉƷďůŝĐĂ ă ŝŶƐƚĂůĂĕĆŽ ƉƌĞĚŝĂů ĚŽ ƵƐƵĄƌŝŽ͘ EĂ ůŝ ŐĂĕĆŽ ƉƌĞĚŝĂů ĚĞ ĄŐƵĂ ŚĂǀĞƌĄ ĂŝŶĚĂ Ž ŵĞĚŝĚŽƌ ĚĞ
ǀŽůƵŵĞ ĚĞ ĐŽŶƐƵŵŽ ;ŚŝĚƌƀŵĞƚƌŽͿ͘ ĞdžĞĐƵĕĆŽ ĚĞ ůŝŐĂĕ ƁĞƐ ƉƌĞĚŝĂŝƐ ĚĞ ĄŐƵĂ Ğ ĚĞ ĞƐŐŽƚŽƐ͕ ĚĞǀĞƌĆŽ
ŽďĞĚĞĐĞƌ ĂƐ ŶŽƌŵĂƐ Ğ ĞƐƉĞĐŝĨŝĐĂĕƁĞƐ͕ ƋƵĞ ĞƐƚŝǀĞƌĞŵ Ğŵ ǀŝŐŽƌ ŶĂ ^E͘ KEdZd ĚĞǀĞƌĄ
ĚŝƐƉŽƌ͕ ĚĞ ƚŽĚŽƐ ŽƐ ĞƋƵŝƉĂŵĞŶƚŽƐ͕ ĨĞƌƌĂŵĞŶƚĂƐ Ğ ŵĆŽ ĚĞ ŽďƌĂ ĞƐƉĞĐŝĂůŝnjĂĚĂ ŶĞĐĞƐƐĄƌŝĂƐ ƉĂƌĂ Ă
ĞdžĞĐƵĕĆŽ ĚŽƐ ƐĞƌǀŝĕŽƐ͕ ŵĞƐŵŽ ƋƵĞ ĞƐƚĞƐ ŶĆŽ ƚĞŶŚĂŵ ƐŝĚŽ ŵĞŶĐŝŽŶĂĚŽƐ ŶĞƐƚĂƐ ƐƉĞĐŝĨŝĐĂĕƁĞƐ͘
KEdZdŶĆŽƉŽĚĞƌĄŝŶŝĐŝĂƌŽƐƐĞƌǀŝĕŽƐ͕ƐĞŵƋƵĞĂŶƚĞƐƚĞŶŚĂƚŽŵĂĚŽĂƐŶĞĐĞƐƐĄƌŝĂƐƉƌŽǀŝĚġŶĐŝĂƐ
ŶŽ ƐĞŶƚŝĚŽ ĚĞ ƋƵĞ ƐĞũĂŵ ŵĂŶƚŝĚĂƐ ƚŽĚĂƐ ĂƐ ĐŽŶĚŝĕƁĞƐ ĚĞ ƐĞŐƵƌĂŶĕĂ ĂŽ ƐĞƵ ƉĞƐƐŽĂů ĚĞ ŽďƌĂ͕
ƚƌĂŶƐĞƵŶƚĞƐ Ğ ƉƌŽƉƌŝĞĚĂĚĞƐ͕ ƋƵĞƌ ƐĞũĂŵ ƉĂƌƚŝĐƵůĂƌĞƐ ŽƵ ĚĞ ƐĞƌǀŝĕŽƐ ĞƐƐĞŶĐŝĂŝƐ͘ ^Ğ͕ ŶĂ ĞdžĞĐƵĕĆŽ ĚĂ
ůŝŐĂĕĆŽ ŽĐŽƌƌĞƌ ŝŶƚĞƌĨĞƌġŶĐŝĂƐ͕ ŶĆŽ ƉƌĞǀŝƐƚĂ Ğŵ ƉƌŽũĞƚŽ͕ ĐŽŵ ŽƵƚƌĂ ĐŽŶĐĞƐƐŝŽŶĄƌŝĂ ƉƷďůŝĐĂ͕ Ă
KEdZdĞŶĐĂƌƌĞŐĂƌͲƐĞͲĄĚĞĐŽŶƚĂĐƚĂƌĂƌĞƐƉŽŶƐĄǀĞů͕ƉĂƌĂƋƵĞ͕ĞŵĐŽŶũƵŶƚŽ͕ǀĞŶŚĂŵƐŽůƵĐŝŽŶĂƌ
ŽƉƌŽďůĞŵĂ͘KEdZdĠƌĞƐƉŽŶƐĄǀĞůƉĞůŽƐƌĞƉĂƌŽƐƋƵĞƐĞĨŝnjĞƌĞŵŶĞĐĞƐƐĄƌŝŽƐ͕ƉƌŽǀĞŶŝĞŶƚĞĚĂ
ŵĄĞdžĞĐƵĕĆŽĚŽƐƐĞƌǀŝĕŽƐ͘
ϲ͘ϮͲϭ>/'O^WZ//^'h
ƐƚĞƐƐĞƌǀŝĕŽƐĐŽŶƐŝƐƚĞŵŶĂĞdžĞĐƵĕĆŽĚĞŝŶƚĞƌůŝŐĂĕĆŽĚŽĐĂǀĂůĞƚĞ͕ăƌĞĚĞƉƷďůŝĐĂĞƋƵĂŶĚŽŶĞĐĞƐƐĄƌŝŽ͕
ŝŶƐƚĂůĂĕĆŽĚŽŚŝĚƌƀŵĞƚƌŽŽƵƐƵďƐƚŝƚƵŝĕĆŽ͘ůŝŐĂĕĆŽ ĚĞĄŐƵĂ͕ĐŽŶĨŽƌŵĞƉĂĚƌƁĞƐĚĞĨŝŶŝĚŽƐƉĞůĂ^E͕
Ġ ĐŽŵƉŽƐƚĂ ĚĞ͗ ĂͿ dŽŵĂĚĂ ĚĞ ĄŐƵĂ Ͳ ĐŽŶĞdžƁĞƐ Ğ ƉĞĕĂƐ ĞƐƉĞĐŝĂŝƐ ŝŶƐƚĂůĂĚĂƐ ŶĂ ƌĞĚĞ ƉƷďůŝĐĂ ĚĞ
ĚŝƐƚƌŝďƵŝĕĆŽ͕ĚĞĨŽƌŵĂĂƉĞƌŵŝƚŝƌĂƉĂƐƐĂŐĞŵĚĞĄŐƵĂĚĞƐƚĂƉĂƌĂŽƌĂŵĂůƉƌĞĚŝĂů͖
ďͿZĂŵĂůƉƌĞĚŝĂůͲĐŽŶũƵŶƚŽĚĞƚƵďƵůĂĕƁĞƐĞƉĞĕĂƐĞ ƐƉĞĐŝĂŝƐƐŝƚƵĂĚŽĞŶƚƌĞƌĞĚĞƉƷďůŝĐĂĚĞĚŝƐƚƌŝďƵŝĕĆŽ
ĚĞĄŐƵĂĞŽĐĂǀĂůĞƚĞ͖ĐͿĂǀĂůĞƚĞͲƉĂƌƚĞĚŽƌĂŵĂůƉƌĞĚŝĂůĚĞĄŐƵĂůŽĐĂůŝnjĂĚĂŶĂƉƌŽƉƌŝĞĚĂĚĞƉĂƌƚŝĐƵůĂ ƌ͕
ƉƌŽũĞƚĂĚĂ ĚĞ ĨŽƌŵĂ Ă ƉĞƌŵŝƚŝƌ Ă ŝŶƐƚĂůĂĕĆŽ ĚŽ ŚŝĚƌƀ ŵĞƚƌŽ͘ Ɛ ůŝŐĂĕƁĞƐ ĚĞ ĄŐƵĂ ŐĞƌĂůŵĞŶƚĞ ƐĆŽ
ĞdžĞĐƵƚĂĚĂƐĐŽŵĂƌĞĚĞĞŵĐĂƌŐĂĞ͕ŶŽĐĂƐŽĚĞƌĞĚĞƐŶŽǀĂƐ͕ƐŽŵĞŶƚĞĂƉſƐĂƌĞĂůŝnjĂĕĆŽĚŽƐƚĞƐƚĞƐĚĞ
ǀĂnjĂŵĞŶƚŽ Ğ ƉŽƐƚĞƌŝŽƌ ĂƵƚŽƌŝnjĂĕĆŽ ĚĂ &/^>/K͘ dŽĚŽƐ ŽƐ ŵĂƚĞƌŝĂŝƐ Ă ƐĞƌĞŵ ĞŵƉƌĞŐĂĚŽƐ ŶĂ
ĞdžĞĐƵĕĆŽĚĂƐůŝŐĂĕƁĞƐĚĞǀĞƌĆŽƐĞƌĞƐƉĞĐŝĨŝĐĂĚŽƐĚĞĂĐŽƌĚŽĐŽŵĂEdĞͬŽƵŽƵƚƌĂƐĞdžŝŐŝĚĂƐƉĞůĂĄƌĞĂ
ƌĞƐƉŽŶƐĄǀĞů ĚĂ ^E͘ KƐ ĐĂǀĂůĞƚĞƐ ĚĞǀĞƌĆŽ ƐĞƌ ĞdžĞĐƵƚĂĚŽƐ ĚĞ ĨŽƌŵĂ ƋƵĞ Ž ŵĞĚŝĚŽƌ ĚĞ ĐŽŶƐƵŵŽ
ƚĞŶŚĂ Ž ĨůƵdžŽ ƐĞŵƉƌĞ ƉĞƌƉĞŶĚŝĐƵůĂƌ ă ƌĞĚĞ ĚĞ ĚŝƐƚƌŝďƵŝĕĆŽ Ğ ůŽĐĂůŝnjĂĚŽƐ ĚĞ ĂĐŽƌĚŽ ĐŽŵ ĂƐ
ĞƐƉĞĐŝĨŝĐĂĕƁĞƐĚĂ^E͘ǀĞĚĂĕĆŽĚĂƐƌŽƐĐĂƐƐĞƌĄĨĞŝƚĂŵĞĚŝĂŶƚĞĂĂƉůŝĐĂĕĆŽĚĞĨŝƚĂǀĞĚĂͲƌŽƐĐĂ͕ĚĞ
ƚĂů ĨŽƌŵĂ ƋƵĞ ƐĞ ŽďƚĞŶŚĂ Ă ƉĞƌĨĞŝƚĂ ĞƐƚĂŶƋƵŝĚĂĚĞ͘ K ŵĂƚĞƌŝĂů ǀĞĚĂŶƚĞ ĚĞǀĞƌĄ ƐĞƌ ĂƉƌŽǀĂĚŽ ƉĞůĂ
&ŝƐĐĂůŝnjĂĕĆŽ͘EĆŽƐĞƌĄƉĞƌŵŝƚŝĚĂĂĚŽďƌĂŐĞŵĚŽƚƵďŽ ͕ƋƵĞĐŽŵƉƁĞŽƌĂŵĂů͕ĨŽƌŵĂĚŽĐƵƌǀĂƚƵƌĂƐĐŽŵ
ƌĂŝŽ ŝŶĨĞƌŝŽƌ Ă Ϯϱ ǀĞnjĞƐ Ž ŶƷŵĞƌŽ ĐŽƌƌĞƐƉŽŶĚĞŶƚĞ ĂŽ E͘ K ƉƌŽĐĞƐƐŽ ĚĞ ĚŽďƌĂŐĞŵ͕ ĚĞŶƚƌŽ ĚĂ
ůŝŵŝƚĂĕĆŽ ĚĞƐĐƌŝƚĂ͕ ĚĞǀĞƌĄ ƐĞƌ ĨĞŝƚĂ Ă ƚĞŵƉĞƌĂƚƵƌĂ ĂŵďŝĞŶƚĞ͘ ĐŽŶĞdžĆŽ ƌĞĚĞ dž ůŝŐĂĕĆŽ ƐĞƌĄ ĨĞŝƚĂ
ŵĞĚŝĂŶƚĞŝŶƐƚĂůĂĕĆŽĚĞĐŽůĂƌĚĞƚŽŵĂĚĂĞƌĞŐŝƐƚƌŽďƌŽĐĂ͘ŝŶƐƚĂůĂĕĆŽĚŽĐŽůĂƌĚĞƚŽŵĂĚĂĚĞǀĞƌĄƐĞƌ
ĚĞƚĂůĨŽƌŵĂƋƵĞƉĞƌŵŝƚĂĂŝŶƐƚĂůĂĕĆŽĚŽƌĞŐŝƐƚƌŽďƌŽĐĂŶĂŶŽƌŵĂůăŐĞƌĂƚƌŝnjƐƵƉĞƌŝŽƌĚŽƚƵďŽĚĂƌĞĚĞ͘
ĨƵƌĂĕĆŽ ĚĂ ƌĞĚĞ ƉƷďůŝĐĂ ƐĞƌĄ ĨĞŝƚĂ ƉĞůĂ ďƌŽĐĂ ĚŽ ƌĞŐŝƐƚƌŽ͕ ĂĐŝŽŶĂĚĂ ƉŽƌ ĐŚĂǀĞ ƚŝƉŽ ΗƚĞΗ ĐŽŵ
ƌĞĨĞƌĞŶĐŝĂů ƋƵĞ ůŝŵŝƚĞ Ă ƉĞŶĞƚƌĂĕĆŽ ĚĂ ďƌŽĐĂ ĂŽ ĞƐƐĞŶĐŝĂů͘ EĆŽ ƐĞƌĄ ƉĞƌŵŝƚŝĚĂ Ă ƵƚŝůŝnjĂĕĆŽ ĚĞ
ĨĞƌƌĂŵĞŶƚĂ ƋƵĞ ŶĆŽ ƐĞũĂ ĂƋƵĞůĂ ƉĂĚƌŽŶŝnjĂĚĂ ƉĂƌĂ ĂĐŝŽŶĂŵĞŶƚŽ ĚĂ ďƌŽĐĂ͘ K ƚƵďŽ ĚĂ ůŝŐĂĕĆŽ ƉƌĞĚŝĂů
ƐĞƌĄ ĐŽŶĞĐƚĂĚŽ ĚŝƌĞƚĂŵĞŶƚĞ ŶĂ ĚĞƌŝǀĂĕĆŽ ůĂƚĞƌĂů ĚŽ ƌĞŐŝƐƚƌŽ ďƌŽĐĂ͕ ƋƵĞ ŝŶĐŽƌƉŽƌĂ Ă ƉĂƌƚĞ ĚŽ
ĂĚĂƉƚĂĚŽƌƉĂƌĂƚƵďŽ͘ůĂƌŐƵƌĂĚĂǀĂůĂƚƌĂŶƐǀĞƌƐĂů ĐŽƌƌĞƐƉŽŶĚĞŶƚĞĂůŝŐĂĕĆŽĚĞǀĞƌĄƐĞƌƚĆŽƌĞĚƵnjŝĚĂ
ƋƵĂŶƚŽƉŽƐƐşǀĞů͕ǀŝƐĂŶĚŽƌĞƐƚƌŝŶŐŝƌĂĂĕĆŽĚĞĐĂƌŐĂƐĂĐŝĚĞŶƚĂŝƐăƚƵďƵůĂĕĆŽ͘ĞƵŵĂŵĂŶĞŝƌĂŐĞƌĂůŶĆŽ
ĚĞǀĞƌĄĞdžĐĞĚĞƌĂϬ͕ϯϱŵŶŽůĞŝƚŽĐĂƌƌŽĕĄǀĞůĞϬ͕ϯϬŵŶŽƉĂƐƐĞŝŽ͘,ĂǀĞŶĚŽƉĂǀŝŵĞŶƚĂĕĆŽ͕ĂůĂƌŐƵƌĂ
ŵĄdžŝŵĂĚĂĨĂŝdžĂ͕ƚĂŶƚŽĚĞƌĞƚŝƌĂĚĂƋƵĂŶƚŽĚĂƌĞĐŽŵƉŽƐŝĕĆŽ͕ƐĞƌĄĂůĂƌŐƵƌĂĚĞĞƐĐĂǀĂĕĆŽĂĐƌĞƐĐŝĚĂĚĞ
Ϭ͕ϮϬŵŶŽƉĂƐƐĞŝŽĞϬ͕ϯϬŵŶŽůĞŝƚŽĐĂƌƌŽĕĄǀĞů͕ƌĞǀĞƐƚŝĚŽĐŽŵƉĂƌĂůĞůĞƉşƉĞĚŽ͕ďůŽĐŽĚĞĐŽŶĐƌĞƚŽŽƵ
ĂƐĨĂůƚŽ͘
ĐŽďĞƌƚƵƌĂĚĞĂƚĞƌƌŽƐŽďƌĞĂŐĞƌĂƚƌŝnjƐƵƉĞƌŝŽƌĚŽƌĂŵĂůƉƌĞĚŝĂůĠĚĞĐŽƌƌĞŶƚĞĚĂƉƌŽĨƵŶĚŝĚĂĚĞĚĂƌĞĚĞ
ĞŶĆŽĚĞǀĞƌĄƐĞƌŝŶĨĞƌŝŽƌĂϬ͕ϱϬŵƐŽďŽůĞŝƚŽĐĂƌƌŽĕĄǀĞůƉĂǀŝŵĞŶƚĂĚŽĞϬ͕ϳϬŵƋƵĂŶĚŽŶĆŽŚŽƵǀĞƌ
ƉĂǀŝŵĞŶƚĂĕĆŽ͘KƚƵďŽĚŽƌĂŵĂůƉƌĞĚŝĂůĚĞǀĞƌĄƐĞƌĂƐƐĞŶƚĂĚŽĚĞĨŽƌŵĂƐŝŶƵŽƐĂ͕ƉĂƌĂƋƵĞƐĞũĂĞǀŝƚĂĚŽ
ƚƌĂĕĆŽ ŶŽƐ ĞŶĐĂŝdžĞƐ ĚŽƐ ĂĚĂƉƚĂĚŽƌĞƐ͕ ĂƉƌŽǀĞŝƚĂŶĚŽ Ɛ ƵĂ ƉůĂƐƚŝĐŝĚĂĚĞ ƌĞůĂƚŝǀĂ͘ ŶƚĞƐ ĚĞ ƉƌŽĐĞĚĞƌ Ž
ĂƚĞƌƌŽĞĂŝŶƐƚĂůĂĕĆŽĚŽŚŝĚƌƀŵĞƚƌŽ͕ĚĂƌĚĞƐĐĂƌŐĂƉĞůŽĐĂǀĂůĞƚĞ͕ǀŝƐĂŶĚŽƌĞŵŽǀĞƌĐŽƌƉŽƐĞƐƚƌĂŶŚŽƐŶŽ
ŝŶƚĞƌŝŽƌĚĂƚƵďƵůĂĕĆŽ͘dĞƐƚĂƌĂĞƐƚĂŶƋƵŝĚĂĚĞĚŽƌĂŵ ĂůƉƌĞĚŝĂůĞůŝŐĂĕĆŽĚĂƚŽŵĂĚĂĚĞĄŐƵĂĂŶƚĞƐĚŽ
ĂƚĞƌƌŽ͘KĂƚĞƌƌŽĚŽƚƵďŽĚĞǀĞƌĄƐĞƌĨĞŝƚŽĞŵĐŽŶĨŽƌŵŝĚĂĚĞĂŽŐƌƵƉŽϬϰͲŵŽǀŝŵĞŶƚŽĚĞƚĞƌƌĂ͕ĚĞƐƚĞ
ŵĂŶƵĂů ĚĞ ƐƉĞĐŝĨŝĐĂĕƁĞƐ͘ KƐ ƌĂŵĂŝƐ ƉƌĞĚŝĂŝƐ ĚĞ ĄŐƵ Ă ĚĞǀĞƌĆŽ ƐĞƌ ƉĞƌƉĞŶĚŝĐƵůĂƌĞƐ ĂŽ ĂůŝŶŚĂŵĞŶƚŽ
ƉƌĞĚŝĂů͕ŶŽƉŽŶƚŽĚĞĐŽŶĞdžĆŽĐŽŵŽĐĂǀĂůĞƚĞĚĞƐĚĞĂ ĚĞƌŝǀĂĕĆŽĚĂƚŽŵĂĚĂĚĞĄŐƵĂ͘
ϲ͘ϯͲ>/'O^WZ//^^'KdK
ůŝŐĂĕĆŽĚĞĞƐŐŽƚŽ͕ĐŽŶĨŽƌŵĞƉĂĚƌƁĞƐĚĞĨŝŶŝĚŽƐƉĞůĂ^E͕ĠĐŽŵƉŽƐƚĂĚĞ͗ĂͿŽŶĞdžĆŽĚŽƌĂŵĂůă
ƌĞĚĞĚĞĞƐŐŽƚŽͲĐŽŶĞdžƁĞƐĞƉĞĕĂƐĞƐƉĞĐŝĂŝƐŝŶƐƚĂůĂĚĂƐŶĂƌĞĚĞĐŽůĞƚŽƌĂ͕ĚĞĨŽƌŵĂĂƉĞƌŵŝƚŝƌĂĞŶƚƌĂĚĂ
ĚĞĞƐŐŽƚŽƉƌŽǀĞŶŝĞŶƚĞĚŽƌĂŵĂůƉƌĞĚŝĂů͘ďͿZĂŵĂůƉƌ ĞĚŝĂůͲƚƵďƵůĂĕƁĞƐĐŽŵĐŽŶĞdžƁĞƐĐŽŵƉƌĞĞŶĚŝĚĂ
ĞŶƚƌĞ Ă ĐĂŝdžĂ ĚĞ ŝŶƐƉĞĕĆŽ ŽƵ ƉŽĕŽ ƚƵďƵůĂƌ Ğ Ă ƌĞĚĞ ĐŽůĞƚŽƌĂ͘ ĐͿ ĂŝdžĂ ĚĞ ŝŶƐƉĞĕĆŽ Ͳ ĞůĞŵĞŶƚŽƐ ĚĞ
ƚƌĂŶƐŝĕĆŽ͕ ĚĞƐƚŝŶĂĚŽ Ă ŝŶƚĞƌůŝŐĂƌ Ž ĞƐŐŽƚŽ ĚŽŵŝĐŝůŝ Ăƌ Ă ƌĞĚĞ ĐŽůĞƚŽƌĂ ƉƷďůŝĐĂ͘ Ɛ ůŝŐĂĕƁĞƐ ĚĞ ĞƐŐŽƚŽ
ƐĞƌĆŽ ĞdžĞĐƵƚĂĚĂƐ ŽďĞĚĞĐĞŶĚŽ ĂŽ ĂůŝŶŚĂŵĞŶƚŽ͕ Ğ ĚĞĐůŝǀŝĚĂĚĞ ĚĞ ŶŽ ŵşŶŝŵŽ Ϯй͘ KƐ ƐĞƌǀŝĕŽƐ ĚĞ
ĞƐĐĂǀĂĕĆŽ Ğ ĂƚĞƌƌŽ ĚĞǀĞƌĆŽ ŽďĞĚĞĐĞƌ ĂƐ ŝŶƐƚƌƵĕƁĞƐ ĐŽŶƐƚĂŶƚĞƐ ĚŽ ŐƌƵƉŽ Ϭϰ Ͳ ŵŽǀŝŵĞŶƚŽ ĚĞ ƚĞƌƌĂ͕
ĚĞƐƚĞ ŵĂŶƵĂů ĚĞ ƐƉĞĐŝĨŝĐĂĕƁĞƐ͘ KƐ ƐĞƌǀŝĕŽƐ ĚĞ ĞƐĐŽƌĂŵĞŶƚŽƐ ĚĞ ǀĂůĂƐ͕ ĐĂǀĂƐ Ğ ƉŽĕŽƐ ĚĞǀĞƌĆŽ
ŽďĞĚĞĐĞƌ ĂƐ ŝŶƐƚƌƵĕƁĞƐ ĐŽŶƐƚĂŶƚĞƐ ĚŽ ŐƌƵƉŽ Ϭϱ Ͳ ĞƐĐŽƌĂŵĞŶƚŽ͕ ĚĞƐƚĞ ŵĂŶƵĂů ĚĞ ƐƉĞĐŝĨŝĐĂĕƁĞƐ͘ KƐ
ƐĞƌǀŝĕŽƐĚĞƌĞŵŽĕĆŽĞƌĞĐŽŵƉŽƐŝĕĆŽĚĞƉĂǀŝŵĞŶƚĂĕĆŽ͕ĚĞǀĞƌĆŽŽďĞĚĞĐĞƌĂƐŝŶƐƚƌƵĕƁĞƐĐŽŶƐƚĂŶƚĞƐĚŽ
ŐƌƵƉŽϭϬͲƉĂǀŝŵĞŶƚĂĕĆŽ͕ĚĞƐƚĞŵĂŶƵĂůĚĞƐƉĞĐŝĨŝĐĂĕƁĞƐ͘
ϲ͘ϯ͘ϭͲ>ŝŐĂĕĆŽĞdžĞĐƵƚĂĚĂĞŵƌĞĚĞĐŽůĞƚŽƌĂŽƉĞƌĂŶĚŽŽƵĞŵĞdžĞĐƵĕĆŽĐŽŶĞdžĆŽĚĞůŝŐĂĕĆŽĐŽŵƌĞĚĞ
ĞŵEĂƚĠϯϬϬƐĞƌĄĨĞŝƚĂŵĞĚŝĂŶƚĞƐĞůŝŵϵϬΣͲ:ƵŶƚĂůĄƐƚŝĐĂ͕ĐŽŶĨŝŐƵƌĂŶĚŽŽƚŝƉŽŶŽƌŵĂů͘KƐƐĞůŝŶƐϵ ϬΣ
Ͳ :ƵŶƚĂ ůĄƐƚŝĐĂ͕ ĞƐƚĆŽ ƉĂĚƌŽŶŝnjĂĚŽƐ Ğŵ ĚŽŝƐ ƚŝƉŽƐ͗ ĂͿ WĂƌĂ ƌĞĚĞ Ws ƌşŐŝĚŽ E ĂƚĠ ϭϱϬ ^Ğůŝŵ ƚŝƉŽ
ĂďƌĂĕĂĚĞŝƌĂ͕ĐŽŵƚƌĂǀĂƐůĂƚĞƌĂŝƐ͕ƉĂƌĂŝŶƐƚĂůĂĕĆŽŶĂƌĞĚĞƉŽƌũƵƐƚĂƉŽƐŝĕĆŽ͖ďͿWĂƌĂƌĞĚĞWsƌşŐŝĚŽE
ϮϬϬĂϯϬϬ^ĞůŝŵƚŝƉŽĞŶĐĂŝdžĞĞŵĨƵƌĂĕĆŽŶĂƌĞĚĞ͘ ĨƵƌĂĕĆŽĚĂƌĞĚĞƐĞƌĄĨĞŝƚĂŵĞĚŝĂŶƚĞĂƵƚŝůŝnjĂĕĆŽ
ĚĞƐĞƌƌĂĐŽƉŽŽƉĞƌĂĚĂƉŽƌĨĞƌƌĂŵĞŶƚĂĂĚĞƋƵĂĚĂ͘ŝƐƚŝŶŐƵĞŵͲƐĞĚŽŝƐƚŝƉŽƐĚĞĨƵƌĂĕĆŽĐŽŶĨŽƌŵĞŽƚŝƉŽ
ĚŽ ƐĞůŝŵ͘ ĂͿ WĂƌĂ Ž ƐĞůŝŵ ƚŝƉŽ ĂďƌĂĕĂĚĞŝƌĂ͕ Ă ĨƵƌĂĕ ĆŽ ƐĞ ĨĂƌĄ ĐŽŵ ĞƐƚĞ ĨŝdžĂĚŽ ŶŽ ƉŽŶƚŽ ĚĞ ĐŽŶĞdžĆŽ͘
ĞƐƚĂĨŽƌŵĂĂƐƉĂƌĞĚĞƐŝŶƚĞƌŶĂƐĚŽƐĞůŝŵƐĞƌǀŝƌĆŽĚĞŐƵŝĂƐƉĂƌĂĂŽƉĞƌĂĕĆŽĚĂďƌŽĐĂ͘ďͿWĂƌĂŽƐĞůŝŵ
ƚŝƉŽ ĞŶĐĂŝdžĞ͕ Ă ĨƵƌĂĕĆŽ ĚŽ ƚƵďŽ ƐĞ ĨĂƌĄ ĐŽŵ Ă ƐĞƌƌĂ ĐŽƉŽ͕ ƐĞŵƉƌĞ ƉĞƌƉĞŶĚŝĐƵůĂƌ ĂŽ ĞŝdžŽ ĚĂ ƌĞĚĞ
ƉƷďůŝĐĂ͘ KďƐ͗͘ EĂ ŵŽŶƚĂŐĞŵ ĚŽƐ ƐĞůŝŶƐ ƉĂƌĂ ĚĞƌŝǀĂĕ ĆŽ ĚŽƐ ƌĂŵĂŝƐ ĚĞǀĞƌĆŽ ƐĞƌ ŽďƐĞƌǀĂĚĂƐ ĂƐ
ĞƐƉĞĐŝĨŝĐĂĕƁĞƐĞŽƐƉƌŽĐĞĚŝŵĞŶƚŽƐĚĞĐĂĚĂĨĂďƌŝĐĂŶƚĞ͘ůŝŐĂĕĆŽƉĂĚƌĆŽƐĞƌĄƉƌŽǀŝĚĂ͕ĚĞƉƌĞĨĞƌġŶĐŝĂ͕
ĚĞ ĚƵĂƐ ĐƵƌǀĂƐ ĚĞ ϰϱΣ Ğ ĐŽůƵŶĂ ƐƵĨŝĐŝĞŶƚĞ ƉĂƌĂ ƉĞƌŵŝƚŝƌ Ă ĐŽŶĐŽƌĚąŶĐŝĂ ĚĂ ůŝŐĂĕĆŽ ĐŽŵ Ă ƉŽŶƚĂ ĚŽ
ƌĂŵĂů ŝŶƚĞƌŶŽ ƐŽď Ă ƐŽůĞŝƌĂ͕ ŐĂƌĂŶƚŝŶĚŽ Ă ĚĞĐůŝǀŝĚĂ ĚĞ ŵşŶŝŵĂ ĚĞ Ϯй͘ ƐƚĂ ĐŽŶĐĞƉĕĆŽ Ġ ĨƵŶĕĆŽ ĚĂ
ƉƌŽĚƵƚŝǀŝĚĂĚĞĚŽĐŽůĞƚŽƌĞĚĞƐƵĂĚŝƐƚąŶĐŝĂăƐŽůĞŝ ƌĂ͘
YƵĂŶĚŽĂƐĐŽŶĚŝĕƁĞƐĚĞĚŝƐƚąŶĐŝĂĐŽůĞƚŽƌͲƐŽůĞŝƌĂĞ ͬŽƵƉƌŽĨƵŶĚŝĚĂĚĞĚĂƋƵĞůĞĨŽƌĞŵĐƌşƚŝĐĂƐ͕ŵĂŶƚŝĚĂĂ
ĚĞĐůŝǀŝĚĂĚĞ ŵşŶŝŵĂ ĚĞ Ϯй͕ ĂƐ ĐƵƌǀĂƐ ĚĞ ϰϱΣ ƉŽĚĞŵ ƐĞƌ ƐƵďƐƚŝƚƵşĚĂƐ ƉŽƌ ƵŵĂ ĐƵƌǀĂ ĚĞ ϵϬΣ͘ K
ĂƐƐĞŶƚĂŵĞŶƚŽĚŽƐƚƵďŽƐĚĂůŝŐĂĕĆŽƐĞĨĂƌĄĚĞĨŽƌŵĂ ĂƐĞŽďƚĞƌĂƉŽŝŽƚŽƚĂůĚĂŐĞƌĂƚƌŝnjŝŶĨĞƌŝŽƌŶŽĨƵŶĚ Ž
ĚĂ ǀĂůĂ͕ ƉƌĞǀĞŶĚŽͲƐĞ ĞƐĐĂǀĂĕĆŽ ĂĚŝĐŝŽŶĂů ƉĂƌĂ ĂďƐŽƌǀĞƌ Ă ƉƌŽũĞĕĆŽ ĚĂ ďŽůƐĂ͘ KƐ ƚƵďŽƐ ĚĞǀĞƌĆŽ ƐĞƌ
ĂƐƐĞŶƚĂĚŽƐĚĞĨŽƌŵĂƋƵĞŽĞŝdžŽĚĂƐƚƵďƵůĂĕƁĞƐƐĞũĂ ůŝŶĞĂƌ͘ƉŽŶƚĂĚŽƌĂŵĂůŝŶƚĞƌŶŽ͕ƐŽďĂƐŽůĞŝƌĂ͕
ĚĞǀĞƌĄƐĞƌĐŽŵƉĂƚşǀĞůĐŽŵĂƚƵďƵůĂĕĆŽĚĂůŝŐĂĕĆŽ͘
ϳͲ/E^d>O^WZKhK͗
ϳ͘ϭͲKE^/ZO^'Z/^
ĞdžĞĐƵĕĆŽĚĂŽďƌĂĚĞǀĞƌĄŽďĞĚĞĐĞƌŝŶƚĞŐƌĂůĞƌŝŐŽƌŽƐĂŵĞŶƚĞăƐŶŽƌŵĂƐĚĂƐƐŽĐŝĂĕĆŽƌĂƐŝůĞŝƌĂĚĞ
EŽƌŵĂƐ dĠĐŶŝĐĂƐ ;EdͿ ŶŽ ƋƵĞ ĐŽŶĐĞƌŶĞ ĂŽƐ ƉƌŽũĞƚŽƐ͕ ŵĞŵŽƌŝĂŝƐ͕ ĚĞƚĂůŚĞƐ ĨŽƌŶĞĐŝĚŽƐ Ğ ŶŽƌŵĂƐ͕
ĞƐƉĞĐŝĨŝĐĂĕƁĞƐĞŵĠƚŽĚŽƐĂƉƌŽǀĂĚŽƐ͕ƌĞůĂĐŝŽŶĂĚĂƐĚŝƌĞƚĂŽƵŝŶĚŝƌĞƚĂŵĞŶƚĞĐŽŵĂŽďƌĂ͘EĞƐƚĞĐĂƉşƚƵůŽ
ĨŝdžĂŵͲƐĞ Ğ ĞƐƚĂďĞůĞĐĞŵͲƐĞ ĂƐ ĐŽŶĚŝĕƁĞƐ Ğ ƌĞƋƵŝƐŝƚŽƐ ƚĠĐŶŝĐŽƐ ƋƵĞ ĚĞǀĞƌĆŽ ƐĞƌ ĐƵŵƉƌŝĚŽƐ ƉĞůĂ
KEdZdŶŽƚŽĐĂŶƚĞĂ͗͘ĞdžĞĐƵĕĆŽĚĞƐĞƌǀŝĕŽƐƉŽƌƐĞƵƐƉƌſƉƌŝŽƐŵĞŝŽƐ͖͘ĞdžĞĐƵĕĆŽĚĞƚƌĂďĂůŚŽƐ
ĞƐƉĞĐŝĂůŝnjĂĚŽƐ ƉŽƌ ƚĞƌĐĞŝƌŽƐ͕ ŵĞĚŝĂŶƚĞ ƉƌĠǀŝĂ ĂƉƌŽǀĂĕĆŽ ĚĂ &/^>/K͕ ƐƵƉĞƌǀŝƐĆŽ Ğ
ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞĚŝƌĞƚĂĚĂKEdZd͘
YƵĂŶĚŽ ŶĆŽ ĨŽƌ ĐƌŝĂĚĂ Ă ŶŽƌŵĂ Ă ƐĞƌ ƐĞŐƵŝĚĂ Ğ ŝŶĞdžŝ ƐƚŝƌĞŵ ŶŽƌŵĂƐ ďƌĂƐŝůĞŝƌĂƐ͕ ĨŝĐĂƌĄ Ă ĐƌŝƚĠƌŝŽ ĚĂ
&/^>/KĂƐƵĂŝŶĚŝĐĂĕĆŽ͘ĞƐƚŽĐĂŐĞŵĚŽƐŵĂƚĞƌŝĂŝƐŽƵĞƋƵŝƉĂŵĞŶƚŽƐĚĞǀĞƌĄƐĞƌĚĞƚĂůĨŽƌŵĂ
ƋƵĞĂƐƐƵƉĞƌĨşĐŝĞƐĚĞĂƉŽŝŽƐĞũĂŵĂƐŵĂŝŽƌĞƐƉŽƐƐşǀ ĞŝƐĞĐŽŝŶĐŝĚĂŵĐŽŵĂƐĄƌĞĂƐĚĞŵĂŝŽƌƌĞƐŝƐƚġŶĐŝĂ
ŵĞĐąŶŝĐĂ ăƐ ĚĞĨŽƌŵĂĕƁĞƐ͘ Ɛ ƉĂƌƚĞƐ ŶĆŽ ƌĞǀĞƐƚŝĚĂƐ ŶĆŽ ĚĞǀĞƌĆŽ ĞŶƚƌĂƌ Ğŵ ĐŽŶƚĂƚŽ ĐŽŵ Ž ƐŽůŽ͕
ƌĞĐŽŵĞŶĚĂŶĚŽͲƐĞ͕ƉĂƌĂƚĂů͕ĂĐŽŶƐƚƌƵĕĆŽĚĞďĞƌĕŽƐĚĞŵĂĚĞŝƌĂŽƵƐĂĐŽƐĚĞĂƌĞŝĂ͘ƵŝĚĂĚŽƐĞƐƉĞĐŝĂŝƐ
ĚĞǀĞƌĆŽ ƐĞƌ ƚŽŵĂĚŽƐ ƉĂƌĂ ŵĂŶƚĞƌ Ă ŝŶƚĞŐƌŝĚĂĚĞ ĚŽƐ ƌĞǀĞƐƚŝŵĞŶƚŽƐ͕ ƉŝŶƚƵƌĂƐ Ğ ĞůĞŵĞŶƚŽƐ ŶĆŽ
ŵĞƚĄůŝĐŽƐ͕ ƐĞŵƉƌĞ Ğŵ ĐŽŶƐŽŶąŶĐŝĂ ĐŽŵ ĂƐ ƌĞĐŽŵĞŶĚĂĕƁĞƐ ĚŽƐ ĨĂďƌŝĐĂŶƚĞƐ͘ dŽĚŽƐ ŽƐ ŵĂƚĞƌŝĂŝƐ Ğ
ĞƋƵŝƉĂŵĞŶƚŽƐ ĚĞǀĞƌĆŽ ƐĞƌ ƉƌŽƚĞŐŝĚŽƐ ĐŽŶƚƌĂ ĂƐ ŝŶƚĞŵƉĠƌŝĞƐ Ğ͕ ŐƵĂƌĚĂĚĂƐ ĂƐ ĚŝĨĞƌĞŶĕĂƐ ĐĂďşǀĞŝƐ͕ ŽƐ
ŵĞƐŵŽƐĐƵŝĚĂĚŽƐĚĞǀĞƌĆŽƐĞƌƚŽŵĂĚŽƐƉĂƌĂĂƐĞƐƚŽĐĂŐĞŶƐƚĞŵƉŽƌĄƌŝĂƐŶŽƐůŽĐĂŝƐĚĞŵŽŶƚĂŐĞŵ͘EĂ
ŵŽŶƚĂŐĞŵ͕ ŽƐ ĞƋƵŝƉĂŵĞŶƚŽƐ ĚĞǀĞƌĆŽ ƐĞƌ ĨŝdžĂĚŽƐ ƉƌŽǀŝƐŽƌŝĂŵĞŶƚĞ ʹ ƋƵĂŶĚŽ ŚŽƵǀĞƌ ƌŝƐĐŽ ĚĞ
ĚĞƐůŽĐĂŵĞŶƚŽƐĂĐŝĚĞŶƚĂŝƐʹĂƚĠĂŝŶƐƚĂůĂĕĆŽĚĞĨŝŶŝƚ ŝǀĂ͘ŽŵŽƌĞŐƌĂŐĞƌĂů͕ĚĞǀĞƌĆŽƐĞƌƌĞŵŽǀŝĚŽƐ͕ĂƉſƐ
Ă ĨŝdžĂĕĆŽ ŽƵ ĂĐŽƉůĂŵĞŶƚŽ ĚĞĨŝŶŝƚŝǀŽ͕ ƚŽĚĂƐ ĂƐ ƉĞĕĂƐ Ğ ĚŝƐƉŽƐŝƚŝǀŽƐ ĚĞ ĨŝdžĂĕĆŽ ƉƌŽǀŝƐſƌŝĂ͕ ƐĂůǀŽ
ĚŝƐƉŽƐŝĕĆŽ ĚĂ &/^>/K Ğŵ ĐŽŶƚƌĄƌŝŽ͘ &/^>/ K ƉŽĚĞƌĄ ŝŵƉƵŐŶĂƌ͕ Ă ƐĞƵ ĐƌŝƚĠƌŝŽ͕ ŽƐ
ĞƋƵŝƉĂŵĞŶƚŽƐ ŵĞĐąŶŝĐŽƐ ĚĂ KEdZd ƋƵĞ ƐĞũĂŵ ŝŶĂĚĞƋƵĂĚŽƐ Ğ ŝŵƉƌſƉƌŝŽƐ ăƐ ĐŽŶĚŝĕƁĞƐ ĚĞ
ŵŽŶƚĂŐĞŵ͘ ^ŽŵĞŶƚĞĞŵ ĐĂƐŽƐĞƐƉĞĐŝĂŝƐ ĞĐŽŵ Ă ĚĞǀŝĚĂ ĂƵƚŽƌŝnjĂĕĆŽ ƉŽĚĞƌĆŽƐĞƌ ƵƚŝůŝnjĂĚŽƐ ƉſƌƚŝĐŽƐ
ĐŽŵƚĂůŚĂƐ͕ƚƌŝƉĠƐĞŽƵƚƌŽƐĂĐĞƐƐſƌŝŽƐĚĞƐůŽĐĄǀĞŝƐŵĂŶƵĂůŵĞŶƚĞ͘
ϴͲDKEd'DDE/
ϴ͘ϭͲŽŶũƵŶƚŽŵŽƚŽͲďŽŵďĂ
ϴ͘ϭ͘ϭͲŽŵďĂƐĚĞĞŝdžŽŚŽƌŝnjŽŶƚĂůKĐŽŶũƵŶƚŽďŽŵďĂ ĞŵŽƚŽƌƐĞƌĄĨŽƌŶĞĐŝĚŽŵŽŶƚĂĚŽŶƵŵĂĞƐƚƌƵƚƵƌĂ
ĚĞĂĕŽƌşŐŝĚĂ͕ƋƵĞƐĞƌĄĨŝdžĂĚĂĂƵŵĂďĂƐĞĚĞĐŽŶĐƌĞƚŽĂƚƌĂǀĠƐĚĞĐŚƵŵďĂĚŽƌĞƐĐŽŵƉŽƌĐĂƐĞĂƌƌƵĞůĂƐ͘
ďĂƐĞ ĚĞǀĞƌĄ ŽĨĞƌĞĐĞƌ ĂƉŽŝŽ ƌşŐŝĚŽ Ğ ƉĞƌŵĂŶĞŶƚĞ͕ ĚĞ ŵŽĚŽ Ă ĂďƐŽƌǀĞƌ ǀŝďƌĂĕƁĞƐ ĚĞ ŝŶƚĞŶƐŝĚĂĚĞ
ŶŽƌŵĂů͕ ƋƵĞ ƐĞ ŵĂŶŝĨĞƐƚĂŵ ĚƵƌĂŶƚĞ Ă ŽƉĞƌĂĕĆŽ ĚĂ ďŽŵďĂ͘ WĂƌĂ Ă ĞdžĞĐƵĕĆŽ ĚĂ ďĂƐĞ ĚĞ ĐŽŶĐƌĞƚŽ
ĚĞǀĞƌĆŽ ƐĞƌ ŽďƐĞƌǀĂĚŽƐ͕ ƉĞůĂ KEdZd͕ƐƵĂ ůŽĐĂůŝnjĂĕĆŽ͕ ĚŝŵĞŶƐƁĞƐĞ ƉŽƐŝĐŝŽŶĂŵĞŶƚŽ ŝŶĚŝĐĂĚŽƐ
ŶŽƉƌŽũĞƚŽ͕ĂůĠŵĚŽƉůĂŶŽĚĞĨƵŶĚĂĕĆŽĨŽƌŶĞĐŝĚŽƉĞů ŽĨĂďƌŝĐĂŶƚĞĚŽĞƋƵŝƉĂŵĞŶƚŽ͘KĐŽŶĐƌĞƚŽĚĂďĂƐĞ
ĚĞǀĞƌĄĂƚĞŶĚĞƌăƌĞƐŝƐƚġŶĐŝĂĞƐƉĞĐŝĨŝĐĂĚĂĞŵƉƌŽũĞƚŽ͕ĞƐƵĂĞdžĞĐƵĕĆŽĚĞǀĞƌĄĞƐƚĂƌĞŵĐŽŶĐŽƌĚąŶĐŝĂ
ĐŽŵŽƋƵĞĨŽŝĞƐƉĞĐŝĨŝĐĂĚŽŶŽ'ƌƵƉŽϬϴ͘KƐĐŚƵŵďĂĚ ŽƌĞƐĂƐĞƌĞŵĞŵďƵƚŝĚŽƐŶĂďĂƐĞĚĞǀĞƌĆŽƐĞƌĚĞ
ĚŝŵĞŶƐƁĞƐ Ğ ĨŽƌŵĂƐ Ğŵ ĐŽŶĨŽƌŵŝĚĂĚĞ ŶĆŽ Ɛſ ĐŽŵ ĂƐ ŝŶ ĚŝĐĂĕƁĞƐ ĚĂĚĂƐ ƉĞůŽ ĨĂďƌŝĐĂŶƚĞ ĚŽ ĐŽŶũƵŶƚŽ
ŵĂƐƚĂŵďĠŵĐŽŵŽƉƌŽũĞƚŽ͘ůŽĐĂĕĆŽĚŽƐĐŚƵŵďĂĚŽƌĞ ƐĚĞǀĞƌĄƐĞƌĨĞŝƚĂĚĞĂĐŽƌĚŽĐŽŵŽƐĨƵƌŽƐĚĂ
ďĂƐĞŵĞƚĄůŝĐĂĞƐĞƌĨŽƌŶĞĐŝĚĂƉĞůŽĨĂďƌŝĐĂŶƚĞĂƚƌĂǀĠƐĚŽƉůĂŶŽĚĞĨƵŶĚĂĕĆŽŽƵĚŽĚĞƐĞŶŚŽĐĞƌƚŝĨŝĐĂĚŽ
ĚĞ ĚŝŵĞŶƐƁĞƐ͘ KƐ ĐŚƵŵďĂĚŽƌĞƐ ĚĞǀĞƌĆŽ ƐĞƌ ĐƵŝĚĂĚŽƐĂŵĞŶƚĞ ƉŽƐŝĐŝŽŶĂĚŽƐ Ğ͕ ƉĂƌĂ ŝƐƐŽ͕ ĚĞǀĞƌĄ ƐĞƌ
ƵƐĂĚĂƵŵĂĂƌŵĂĕĆŽĚĞŵĂĚĞŝƌĂ;ŐĂďĂƌŝƚŽͿƋƵĞŐĂƌĂŶƚŝƌĄƵŵĂƉĞƌĨĞŝƚĂůŽĐĂĕĆŽ͘ĞǀĞƌĆŽƐĞƌƚŽŵĂĚŽƐ
ĐƵŝĚĂĚŽƐ ƉĂƌĂ ƋƵĞ ŽƐ ĐŚƵŵďĂĚŽƌĞƐ ŶĆŽ ƐĂŝĂŵ ĚĂ ƉŽƐŝĕ ĆŽ ĚƵƌĂŶƚĞ Ă ĐŽŶĐƌĞƚĂŐĞŵ͘ ĂƐŽ ŚĂũĂ
ŶĞĐĞƐƐŝĚĂĚĞ ĚĞ ƐĞ ĐŽŶĐƌĞƚĂƌ Ă ďĂƐĞ ƐĞŵ ŽƐ ĐŚƵŵďĂĚŽƌĞƐ͕ ĚĞǀĞŵͲƐĞ ĚĞŝdžĂƌ͕ ŶĂ ďĂƐĞ ĚĞ ĐŽŶĐƌĞƚŽ͕
ĐĂǀŝĚĂĚĞƐ ĚŝŵĞŶƐŝŽŶĂĚĂƐ ĚĞ ŵŽĚŽ Ă ƚŽƌŶĂƌ ƉŽƐƐşǀĞů Ă ƉŽƐƚĞƌŝŽƌ ĐŽůŽĐĂĕĆŽ Ğ ĐŽŶĐƌĞƚĂŐĞŵ ĚĞƐƐĞƐ
ĐŚƵŵďĂĚŽƌĞƐ͘WĂƌĂŽƚƌĂŶƐƉŽƌƚĞĞůĞǀĂŶƚĂŵĞŶƚŽĚŽĐŽŶũƵŶƚŽďŽŵďĂĞĂĐŝŽŶĂĚŽƌ͕ĚĞǀĞƌĆŽƐĞƌƵƐĂĚŽƐ
ŽƐ ŽůŚĂŝƐ ŽƵ ĂƐ ŽƌĞůŚĂƐ ĚĞ ƐƵƐƉĞŶƐĆŽ ĚĞ ĐĂƌĐĂĕĂ ĚĂ ďŽŵďĂ͕ ŶĆŽ ƐĞŶĚŽ ƉĞƌŵŝƚŝĚŽ ƋƵĞ ŽƐ ĐĂďŽƐ ĚĞ
ƐƵƐƚĞŶƚĂĕĆŽƐĞũĂŵĂƚƌĞůĂĚŽƐăďĂƐĞŽƵĞŵǀŽůƚĂĚŽƐƉĞĚĞƐƚĂŝƐĚŽƐŵĂŶĐĂŝƐ͘
ŵŽƵƚƌĂƐ ĐŝƌĐƵŶƐƚąŶĐŝĂƐ͕ĚĞǀĞƌĆŽ ƐĞƌ ƐĞŐƵŝĚĂƐ ĂƐ ŝŶĚŝĐĂĕƁĞƐ ƋƵĞ ĂĐŽŵƉĂŶŚĂŵŽ ĞƋƵŝƉĂŵĞŶƚŽ͘ Ž
ĐŽůŽĐĂƌ Ž ĐŽŶũƵŶƚŽ ƐŽďƌĞ Ă ďĂƐĞ ĚĞ ĐŽŶĐƌĞƚŽ͕ Ž ĂĐŽƉ ůĂŵĞŶƚŽ ďŽŵďĂͬĂĐŝŽŶĂĚŽƌ ĚĞǀĞƌĄ ƐĞƌ
ĚĞƐĐŽŶĞĐƚĂĚŽ͘ WĂƌĂ Ă ĐŽůŽĐĂĕĆŽ ĚĞ ĂƌŐĂŵĂƐƐĂ ĚĞ ŐƌĂƵƚĞĂŵĞŶƚŽ͕ ĚĞǀĞͲƐĞ ĚĞŝdžĂƌ Ƶŵ ĞƐƉĂĕŽ ĚĞ ŶŽ
ŵşŶŝŵŽϯͬϰ͟ĞŶŽŵĄdžŝŵŽϭϭͬϮ͟ĞŶƚƌĞŽůĂĚŽŝŶĨĞƌŝŽ ƌĚĂďĂƐĞŵĞƚĄůŝĐĂĞŽƚŽƉŽĚĂďĂƐĞĚĞĐŽŶĐƌĞƚŽ͘
K ŶŝǀĞůĂŵĞŶƚŽ ĚĂ ďĂƐĞ ŵĞƚĄůŝĐĂ ĚĞǀĞƌĄ ƐĞƌ ĨĞŝƚŽ ĂƚƌĂǀĠƐ ĚĞ ĐĂůĕŽƐ ĚĞ ĂĕŽ͕ ƉĂƌĂůĞůŽƐ͕ ĚĞ ĚŝŵĞŶƐƁĞƐ
ǀĂƌŝĄǀĞŝƐ͕ĐŽůŽĐĂĚŽƐĞŵĄƌĞĂƐĂĚũĂĐĞŶƚĞƐŽƵĐŚƵŵďĂĚŽƌĞƐĞƐŽďƉĂƌƚĞƐĚĂďĂƐĞƋƵĞƐƵƉŽƌƚĂŵŵĂŝŽƌ
ƉĞƐŽ͘ KƐ ĐĂůĕŽƐ ĚĞ ĂƉŽŝŽ ĚĞǀĞƌĆŽ ƐĞƌ ĂũƵƐƚĂĚŽƐ ĂƚĠ ƋƵĞ Ž ĞŝdžŽ ĚĂ ďŽŵďĂ Ğ Ž ĂĐŝŽŶĂĚŽƌ ĞƐƚĞũĂŵ
ŶŝǀĞůĂĚŽƐĞ͕ĂŝŶĚĂ͕ĂƚĠƋƵĞŽƐĨůĂŶŐĞƐĚĞƐƵĐĕĆŽĞ ĚĞƐĐĂƌŐĂĞƐƚĞũĂŵĞŵƉŽƐŝĕĆŽǀĞƌƚŝĐĂůŽƵŚŽƌŝnjŽŶƚĂů͘
ƉſƐ Ă ĞdžĞĐƵĕĆŽ ĚŽ ŐƌĂƵƚĞĂŵĞŶƚŽ͕ ĚĞǀĞƌĄ ƐĞƌ ĨĞŝƚĂ ƵŵĂ ůŝŵƉĞnjĂ ĐŽŵƉůĞƚĂ ĚŽ ĞŝdžŽ ĚĂ ďŽŵďĂ͕ ĚŽ
ŵŽƚŽƌ Ğ ĚŽ ĂĐŽƉůĂŵĞŶƚŽ͘ ƉſƐ Ă ŽďƚĞŶĕĆŽ ĚĂ ƌĞƐŝƐƚġ ŶĐŝĂ ĞƐƉĞĐŝĨŝĐĂĚĂ ƉĂƌĂ Ž ŐƌĂƵƚĞ͕ ĚĞǀĞƌĆŽ ƐĞƌ
ĞdžĞĐƵƚĂĚŽƐŽĂƉĞƌƚŽĨŝŶĂůĚĂƐƉŽƌĐĂƐĚŽƐĐŚƵŵďĂĚŽƌĞ Ɛ͕ŽƌĞĂůŝŶŚĂŵĞŶƚŽĚŽĐŽŶũƵŶƚŽ͕ǀĞƌŝĨŝĐĂŶĚŽͲƐĞĂ
ĞdžĐĞŶƚƌŝĐŝĚĂĚĞʹŽĚĞƐůŽĐĂŵĞŶƚŽůĂƚĞƌĂůŽƵǀĞƌƚŝĐĂůʹƉŽƌŵĞŝŽĚĞƌĞůſŐŝŽĐŽŵƉĂƌĂĚŽƌ͖ĂŝŶĐůŝŶĂĕĆŽ͕ŽƵ
ƐĞũĂ͕ Ž ĚĞƐůŽĐĂŵĞŶƚŽ ĂŶŐƵůĂƌ͖ Ğ Ă ĚŝƐƚąŶĐŝĂ ĞŶƚƌĞ ĞŝdžŽƐ͕ ŝƐƚŽ Ġ͕ Ž ĚĞƐůŽĐĂŵĞŶƚŽ ĂdžŝĂů͘ Ɛ ƚŽůĞƌąŶĐŝĂƐ
ƉĂƌĂĐĂĚĂĐĂƐŽƐĞƌĆŽĨŽƌŶĞĐŝĚĂƐƉĞůŽĨĂďƌŝĐĂŶƚĞĚŽ ĞƋƵŝƉĂŵĞŶƚŽ͘KƉƌŽĐĞĚŝŵĞŶƚŽĂƐĞƌƵƚŝůŝnjĂĚŽƉĂƌĂ
ŵŽŶƚĂŐĞŵ ĚŽ ĐŽŶũƵŶƚŽ ŵŽƚŽͲďŽŵďĂ ŚŽƌŝnjŽŶƚĂů͕ Ġ Ž ƋƵĞ ƐĞ ƐĞŐƵĞ͗ ͘ ƌĞĂĐŽƉůĂƌ Ž ĐŽŶũƵŶƚŽ
ďŽŵďĂͬĂĐŝŽŶĂĚŽƌ͖͘ƐŽůƚĂƌĂƐƉƌĞŵĂĚĂŐĂdžĞƚĂƐĚĂďŽŵďĂ͖͘ůƵďƌŝĨŝĐĂƌĂƐƉĂƌƚĞƐƌŽĚĂŶƚĞƐĞŐŝƌĂƌŽƐ
ĞŝdžŽƐ ŵĂŶƵĂůŵĞŶƚĞ͖ ͘ ĐĞƌƚŝĨŝĐĂƌͲƐĞ ĚĞ ƋƵĞ ĂƐ ƚƵďƵůĂĕƁĞƐ ĞƐƚĆŽ ĐŽŵƉůĞƚĂŵĞŶƚĞ ůŝŵƉĂƐ͖ ͘ ĞdžĞĐƵƚĂƌ Ă
ĐŽŶĞdžĆŽĚĂďŽŵďĂăƐƚƵďƵůĂĕƁĞƐĚĞƐƵĐĕĆŽĞƌĞĐĂůƋƵĞ ƐĞŵƋƵĞƋƵĂůƋƵĞƌĞƐĨŽƌĕŽƐĞũĂƚƌĂŶƐŵŝƚŝĚŽă
ďŽŵďĂ͖͘ĞĨĞƚƵĂƌĂƐůŝŐĂĕƁĞƐĚĂĞƐĐŽƌǀĂŽƵƐĞůŽŚŝĚƌĄƵůŝĐŽ͕ƐĞŽĐŽŶũƵŶƚŽĂƐƐŝŵŽƌĞƋƵĞƌĞƌ͖͘ĞŵĐĂƐŽ
ĚĞŵĂŶĐĂŝƐůƵďƌŝĨŝĐĂĚŽƐĂĄŐƵĂ͕ĞdžĞĐƵƚĂƌĂƚƵďƵůĂĕĆ ŽĚĞĚƌĞŶĂŐĞŵĐŽŶĨŽƌŵĞĚĞƐĞŶŚŽƐŽƵŝŶĚŝĐĂĕĆŽ
ĚĂ&/^>/K͖͘ŝŶƐƚĂůĂƌŽƐŝŶƐƚƌƵŵĞŶƚŽƐƉƌĞǀŝƐƚ ŽƐŶŽƉƌŽũĞƚŽĚŽĐŽŶũƵŶƚŽ͖͘ůŝŐĂƌĂƉĂƌƚĞĞůĠƚƌŝĐĂ ĚŽ
ĂĐŝŽŶĂŵĞŶƚŽ͕ǀĞƌŝĨŝĐĂŶĚŽŽƐĞŶƚŝĚŽĚĞƌŽƚĂĕĆŽĚŽĞŝ džŽĂƚƌĂǀĠƐĚĞƵŵƚŽƋƵĞŶĂƉĂƌƚŝĚĂ͘
^ŽŵĞŶƚĞĂƉſƐĂĞdžĞĐƵĕĆŽĚŽĞƐƉĞĐŝĨŝĐĂĚŽ͕ŽĐŽŶũƵŶƚŽ ŵŽƚŽͲďŽŵďĂŚŽƌŝnjŽŶƚĂůĞƐƚĂƌĄĞŵĐŽŶĚŝĕƁĞƐĚĞ
ƐĞƌƚĞƐƚĂĚŽĞŵĐĂƌŐĂ͕ĐŽŶĨŽƌŵĞĂƐŽƌŝĞŶƚĂĕƁĞƐĚŽĨĂďƌŝĐĂŶƚĞĞĚĂ&/^>/K͘
ŽŵďĂƐ ƐƵďŵĞƌƐşǀĞŝƐ WĂƌĂ Ă ŵŽŶƚĂŐĞŵ ĚĂƐ ďŽŵďĂƐ ƐƵďŵĞƌƐşǀĞŝƐ ĐŽŵ ƉĞĚĞƐƚĂů Ğ ƚƵďŽ ŐƵŝĂ͕ Ă
KEdZdĚĞǀĞƌĄǀĞƌŝĨŝĐĂƌ͕ŝŶŝĐŝĂůŵĞŶƚĞ͕ĂƐĐŽŶĚŝĕƁĞƐĞŵƋƵĞƐĞƌĆŽĨŝdžĂĚŽƐŽƐƵƉŽƌƚĞƐƵƉĞƌŝŽƌĚŽ
ƚƵďŽŐƵŝĂ͕ŽƐƵƉŽƌƚĞĚŽƐĐĂďŽƐĞŽƉĞĚĞƐƚĂůŽƵĐŽŶĞ džĆŽĚĞĚĞƐĐĂƌŐĂ͘ĂůƚƵƌĂĚĂďĂƐĞĚĞĐŽŶĐƌĞƚŽĞŽ
ŐƌĂƵƚĞĂŵĞŶƚŽŽŶĚĞƐĞƌĄĨŝdžĂĚŽŽƉĞĚĞƐƚĂůŽƵĐŽŶĞdžĆŽ ĚĞĚĞƐĐĂƌŐĂĚĞǀĞƌĆŽŐĂƌĂŶƚŝƌĂĂůƚƵƌĂŵşŶŝŵĂ͕
ƌĞĐŽŵĞŶĚĂĚĂ ƉĞůŽ ĨĂďƌŝĐĂŶƚĞ͕ ĞŶƚƌĞ Ž ƉŝƐŽ Ğ Ă ďŽŵďĂ Ă ƐĞƌ ĂĐŽƉůĂĚĂ͘ 'ĂƌĂŶƚŝĚĂ Ă ĂůƚƵƌĂ ŵşŶŝŵĂ
ƌĞĐŽŵĞŶĚĂŵͲƐĞ ŽƐ ƐĞŐƵŝŶƚĞƐ ƉƌŽĐĞĚŝŵĞŶƚŽƐ͗ ͘ ĂůŝŶŚĂƌ Ž ƐƵƉŽƌƚĞ ƐƵƉĞƌŝŽƌ ĚŽ ƚƵďŽ ŐƵŝĂ ĐŽŵ Ž ƐĞƵ
ƌĞƐƉĞĐƚŝǀŽĞŶĐĂŝdžĞŶŽƉĞĚĞƐƚĂů͖ĚĞƉŽŝƐĚĞƉŽƐŝĐŝŽŶĂ ĚŽƐŽƉĞĚĞƐƚĂůĞŽƐƵƉŽƌƚĞĂƚƌĂǀĠƐĚĞĂůŝŶŚĂŵĞŶƚŽ
ĞŶŝǀĞůĂŵĞŶƚŽ͕ĐŽůŽĐĂƌŽƚƵďŽŐƵŝĂ͕ƋƵĞĚĞǀĞƌĄĨŝĐĂƌŶƵŵƉůĂŶŽǀĞƌƚŝĐĂůƉĂƌĂůĞůŽĂŽƉůĂŶŽĚŽĨůĂŶŐĞĚĞ
ĐŽŶĞdžĆŽĚĂďŽŵďĂ͖͘ĞdžĞĐƵƚĂƌŽŐƌĂƵƚĞĂŵĞŶƚŽ͖͘ĂƉſƐĂŽďƚĞŶĕĆŽĚĂƌĞƐŝƐƚġŶĐŝĂĞƐƉĞĐŝĨŝĐĂĚĂ͕ĂƉĞƌƚĂƌ
ĂƐƉŽƌĐĂƐĚŽƐĐŚƵŵďĂĚŽƌĞƐĚŽƐƵƉŽƌƚĞĞƉĞĚĞƐƚĂů͖͘ ĞdžĞĐƵƚĂƌĂƚƵďƵůĂĕĆŽĚĞƌĞĐĂůƋƵĞ͖͘ĨŝdžĂƌŽƐƵƉŽƌƚĞ
ĚŽƐ ĐĂďŽƐ͖ ͘ ŝŶƐƚĂůĂƌ ĂƐ ďſŝĂƐ ĚĞ ŶşǀĞů͖ ͘ ĨŝdžĂƌ Ă ĐŽƌƌĞŶƚĞ ĚĞ ŝĕĂŵĞŶƚŽ͖ ͘ ďĂŝdžĂƌĂ ďŽŵďĂ ĞƚĞƐƚĂƌƐĞƵ
ĞŶĐĂŝdžĞ ŶŽ ƉĞĚĞƐƚĂů͖ ͘ ǀĞƌŝĨŝĐĂƌ ŶşǀĞů ĚĞ ſůĞŽ͕ ƐĞŶƚŝĚŽ ĚĞ ƌŽƚĂĕĆŽ͕ ĐŽŶĚŝĕƁĞƐ ĚĞ ŝƐŽůĂĕĆŽ ĚŽ ŵŽƚŽƌ Ğ
ĐĂďŽƐ͕ ĂůĠŵ ĚŽ ƐŝƐƚĞŵĂ ĚĞ ĂƚĞƌƌĂŵĞŶƚŽ͘ KƐ ƚĞƐƚĞƐ Ğŵ ĐĂƌŐĂ ƐĞƌĆŽ ĞdžĞĐƵƚĂĚŽƐ ĚĞ ĂĐŽƌĚŽ ĐŽŵ ĂƐ
ŽƌŝĞŶƚĂĕƁĞƐĚŽĨĂďƌŝĐĂŶƚĞĞŶĂƉƌĞƐĞŶĕĂĚĂ&/^>/K͘
ŽŶĞdžƁĞƐ ĚĞ ũƵŶƚĂ ĞůĄƐƚŝĐĂ WĂƌĂ Ă ĐŽŶĞdžĆŽ ĚŽ ƚŝƉŽ ũƵŶƚĂ ĞůĄƐƚŝĐĂ ĚĞǀĞƌĆŽ ƐĞƌ ĨĞŝƚĂƐ ĂƐ ƐĞŐƵŝŶƚĞƐ
ǀĞƌŝĨŝĐĂĕƁĞƐƉƌĞůŝŵŝŶĂƌĞƐ͗ĂͿůŝŵƉĞnjĂĚĂďŽůƐĂĞƉŽ ŶƚĂĚŽƚƵďŽĂƐĞƌĞŵĐŽŶĞĐƚĂĚŽƐ͖ďͿĞdžŝƐƚġŶĐŝĂĚĞ
ĐŽƌƚĞƐ ŽƵ ĚĞ ĨŽƌŵĂĕƁĞƐ ƉĞƌŵĂŶĞŶƚĞƐ ŶŽ ĂŶĞů ĚĞ ďŽƌƌĂĐŚĂ͘ EĆŽ ŚĂǀĞŶĚŽ ƉƌŽďůĞŵĂƐ Ğŵ ƌĞůĂĕĆŽ Ă
ĞƐƐĞƐĂƐƉĞĐƚŽƐ͕ĚĞǀĞͲƐĞ͗͘ĐŽůŽĐĂƌŽĂŶĞůĚĞďŽƌƌĂĐŚĂŶŽĂůŽũĂŵĞŶƚŽŝŶƚĞƌŝŽƌĚĂďŽůƐĂ͕ŽďƐĞƌǀĂŶĚŽŽ
ƐĞƵ ůĂĚŽ ĐŽƌƌĞƚŽ͖ ͘ ĂƉůŝĐĂƌ͕ ŶĂ ƉŽŶƚĂ ĚŽ ƚƵďŽ͕ ŶƵŵ Ă ĞdžƚĞŶƐĆŽ ĚĞ ĂƉƌŽdžŝŵĂĚĂŵĞŶƚĞ ϭϬϬ ŵŵ͕ Ž
ůƵďƌŝĨŝĐĂŶƚĞ ƌĞĐŽŵĞŶĚĂĚŽ ƉĞůŽ ĨĂďƌŝĐĂŶƚĞ͖ ͘ ŵĂŶƚĞŶĚ Ž Ž ĂůŝŶŚĂŵĞŶƚŽ Ğ ŶŝǀĞůĂŵĞŶƚŽ͕ ŝŶƚƌŽĚƵnjŝƌ Ă
ƉŽŶƚĂĚŽƚƵďŽŶĂďŽůƐĂĚŽŽƵƚƌŽƚƵƵƉĞĕĂĂƚĠĞŶ ĐŽƐƚĂƌŶŽĂŶĞůĚĞďŽƌƌĂĐŚĂ͕ǀĞƌŝĨŝĐĂŶĚŽƐĞĂƉŽŶƚĂ
ĞƐƚĄ ďĞŵ ĐĞŶƚƌĂĚĂ͖ ͘ ĨŽƌĕĂƌ Ă ƉŽŶƚĂ ĚŽ ƚƵďŽ ŶĂ ďŽůƐ Ă ĂƚĠ ĂƚŝŶŐŝƌ ƵŵĂ ŵĂƌĐĂ ĨĞŝƚĂ ƉƌĞůŝŵŝŶĂƌŵĞŶƚĞ͕
ƋƵĞŐĂƌĂŶƚĂƵŵĂĨŽůŐĂĚĞϭϬŵŵĞŶƚƌĞĂƉŽŶƚĂĞŽĨƵŶĚŽĚĂďŽůƐĂ͘WĂƌĂƚƵďŽƐĐŽŵĂƚĠϭϬϬŵŵĚĞ
ĚŝąŵĞƚƌŽ ŽƐ ƐĞƌǀŝĕŽƐ ĚĞ ĐŽŶĞdžĆŽ ĚĞǀĞƌĆŽ ƐĞƌ ĞdžĞĐƵƚĂĚŽƐ ŵĂŶƵĂůŵĞŶƚĞ ŽƵ ĐŽŵ ĂƵdžşůŝŽ ĚĞ ƵŵĂ
ĂůĂǀĂŶĐĂ͘EŽƐĚŝąŵĞƚƌŽƐĚĞϭϱϬĂϯϬϬŵŵ͕ƵƚŝůŝnjĂƌͲƐĞͲĄƵŵĂĨĞƌƌĂŵĞŶƚĂƚŝƉŽƚŝƌĨŽƌĐŽŵĐĂƉĂĐŝĚĂĚĞĚĞ
ϭ͘ϲϬϬ<ŐĨ͘EŽƐƚƵďŽƐĐŽŵϯϱϬĂϲϬϬŵŵĚĞĚŝąŵĞƚƌŽ͕ƵƚŝůŝnjĂƌͲƐĞͲĄŽƚŝƌĨŽƌĐŽŵĐĂƉĂĐŝĚĂĚĞĚĞϯ͘ϱϬϬ
<ŐĨ͕ƐĞŶĚŽƋƵĞĂĐŝŵĂĚĞƐƐĞĚŝąŵĞƚƌŽĚĞǀĞƌĆŽƐĞƌƵƚŝůŝnjĂĚŽƐĚŽŝƐƚŝƌĨŽƌĐŽŵĐĂƉĂĐŝĚĂĚĞĚĞϯ͘ϱϬϬ<ŐĨ͘
WĂƌĂŽƐƐĞƌǀŝĕŽƐĚĞĐŽŶĞdžĆŽũƵŶƚĂĞůĄƐƚŝĐĂ͕ŶĆŽƐĞƌĄƉĞƌŵŝƚŝĚĂĂƵƚŝůŝnjĂĕĆŽĚĞĞƋƵŝƉĂŵĞŶƚŽƐĂĐŝŽŶĂĚŽƐ
ŵĞĐąŶŝĐĂŽƵĞůĞƚƌŝĐĂŵĞŶƚĞ͘džĞĐƵƚĂĚĂĂĐŽŶĞdžĆŽ͕ƐƵƉŽƌƚĞƐ͕ĂƉŽŝŽƐŽƵƚƌĂǀĂŵĞŶƚŽƐĚĞǀĞƌĆŽƐĞƌĨĞŝƚŽƐ
ŶŽƐƚƵďŽƐŽƵƉĞĕĂƐƉĂƌĂƋƵĞƐĞŵĂŶƚĞŶŚĂĂĐĞŶƚƌĂůŝnj ĂĕĆŽŐĂƌĂŶƚŝĚĂŝŶŝĐŝĂůŵĞŶƚĞ͘
ϴ͘Ϯ͘ϮͲŽŶĞdžƁĞƐĨůĂŶŐĞĂĚĂƐ
KƐ ĨůĂŶŐĞƐ͕ ƋƵĂŶĚŽ ǀĞƌƚŝĐĂŝƐ͕ ĚĞǀĞƌĆŽ ƐĞƌ ƉŽƐŝĐŝŽŶĂĚŽƐ ĚĞ ƚĂů ŵĂŶĞŝƌĂ ƋƵĞ ŽƐ ĚŽŝƐ ĞŝdžŽƐ ĚŽƐ ĨƵƌŽƐ
ƐƵƉĞƌŝŽƌĞƐĨŝƋƵĞŵŶŽŵĞƐŵŽƉůĂŶŽŚŽƌŝnjŽŶƚĂů͘
YƵĂŶĚŽŽƐĨůĂŶŐĞƐĨŽƌĞŵŝŶƐƚĂůĂĚŽƐŶĂƉŽƐŝĕĆŽŚŽƌŝ njŽŶƚĂů͕ŽƉůĂŶŽǀĞƌƚŝĐĂůƋƵĞĐŽŶƚĠŵŽĞŝdžŽĚŽƚƵďŽ
ďĂƐĞĚĞǀĞƌĄƉĂƐƐĂƌƉĞůŽĐĞŶƚƌŽĚŽĨůĂŶŐĞĞĂŝŐƵĂůĚŝƐƚąŶĐŝĂĚĞĚŽŝƐĨƵƌŽƐĐŽŶƐĞĐƵƚŝǀŽƐ͘
ŶƚĞƐĚĞĞdžĞĐƵƚĂƌĂĐŽŶĞdžĆŽ͕ĚĞǀĞƌĆŽƐĞƌŽďƐĞƌǀĂĚŽƐŽƐƐĞŐƵŝŶƚĞƐƉƌŽĐĞĚŝŵĞŶƚŽƐ͗
ĂͿůŝŵƉĂƌĞdžƚĞƌŶĂĞŝŶƚĞƌŶĂŵĞŶƚĞĂƐĨĂĐĞƐĚŽƐĨůĂŶŐĞƐĐŽŵƐŽůǀĞŶƚĞ͖
ďͿƌĞƚŝƌĂƌ͕ƉŽƌƉƌŽĐĞƐƐŽŵĂŶƵĂůŽƵŵĞĐąŶŝĐŽ͕ƋƵĂůƋƵ ĞƌƌĞƐşĚƵŽĞƐƚƌĂŶŚŽŽƵƉƌŽǀĞŶŝĞŶƚĞĚĞŽdžŝĚĂĕĆŽ
ƋƵĞĞƐƚĞũĂĚĞƉŽƐŝƚĂĚŽĞŶƚƌĞĂƐƌĂŶŚƵƌĂƐ͖
ĐͿǀĞƌŝĨŝĐĂƌƐĞĂƐĚŝŵĞŶƐƁĞƐĞŽƚŝƉŽĚĞŵĂƚĞƌŝĂůĚŽƐĂŶĠŝƐĚĞǀĞĚĂĕĆŽĞƐƚĆŽĞŵĐŽŶĨŽƌŵŝĚĂĚĞĐŽŵŽ
ƉƌŽũĞƚŽ͖
ĚͿǀĞƌŝĨŝĐĂƌƐĞĞdžŝƐƚĞŵĐŽƌƚĞƐŽƵĚĞĨŽƌŵĂĕƁĞƐƉĞƌŵĂŶĞŶƚĞƐŶŽĂŶĞů͖
ĞͿĨĂnjĞƌƵŵĞdžĂŵĞǀŝƐƵĂůĚŽƐĨŝůĞƚĞƐĚŽƉĂƌĂĨƵƐŽĞ ƉŽƌĐĂƐ͕ƉĂƌĂƐĞĐĞƌƚŝĨŝĐĂƌĚĞƋƵĞŶĆŽĞdžŝƐƚĞŵĂƚĞƌŝĂů
ĞƐƚƌĂŶŚŽĞŶƚƌĞĞůĞƐĞĚĞƋƵĞŶĆŽŚĄƋƵĂůƋƵĞƌĂŵĂƐƐĂŵĞŶƚŽŽƵƋƵĞďƌĂĚĂĐƌŝƐƚĂĚŽƐĨŝůĞƚĞƐ͖
ĨͿ ůƵďƌŝĨŝĐĂƌ ĐŽŵ ŐƌĂdžĂ ŐƌĂĨŝƚĂĚĂ Ğ ƚĞƐƚĂƌ ŵĂŶƵĂůŵĞŶƚĞ Ž ƌŽƐƋƵĞĂŵĞŶƚŽ ĚĞ ĐĂĚĂ ĐŽŶũƵŶƚŽ
ƉĂƌĂĨƵƐŽͬƉŽƌĐĂ͖
ŐͿƉĂƌĂŽƐĨůĂŶŐĞƐĞŵĨĞƌƌŽĨƵŶĚŝĚŽ͕ĚĞǀĞƌĄƐĞƌĨĞŝƚŽƵŵĞdžĂŵĞǀŝƐƵĂůĂĨŝŵĚĞĚĞƚĞĐƚĂƌĂĞdžŝƐƚġŶĐŝĂĚĞ
ƚƌŝŶĐĂƐ͘
ĐŽŶĞdžĆŽĚĞǀĞƚĞƌŝŶşĐŝŽĐŽŵĂĂƉƌŽdžŝŵĂĕĆŽĚŽƐĨů ĂŶŐĞƐĚĞƚĂůĨŽƌŵĂƋƵĞŽƐĨƵƌŽƐĨŝƋƵĞŵĂůŝŶŚĂĚŽƐĞ
ŚĂũĂ͕ĞŶƚƌĞĞůĞƐ͕ĞƐƉĂĕŽƐƵĨŝĐŝĞŶƚĞƉĂƌĂĂĐŽůŽĐĂĕĆŽĚŽĂŶĞůĚĞǀĞĚĂĕĆŽ͘
KƐ ƉĂƌĂĨƵƐŽƐ ƐĞƌĆŽ͕ ĞŶƚĆŽ͕ ĐŽůŽĐĂĚŽƐ Ğ Ă ĂƉƌŽdžŝŵĂĕĆŽ ĚŽƐ ĨůĂŶŐĞƐ ĞdžĞĐƵƚĂĚĂ ĂƚƌĂǀĠƐ ĚĂƐ ĂƌƌƵĞůĂƐ͕
ĐƵũŽĂƉĞƌƚŽŝŶŝĐŝĂůƐĞƌĄĂƉĞŶĂƐƉĂƌĂƋƵĞŽĂŶĞůĚĞ ǀĞĚĂĕĆŽƐĞĂĚĂƉƚĞăƐĨĂĐĞƐĚŽƐĨůĂŶŐĞƐ͕ŵŽůĚĂŶĚŽͲ
ƐĞĂƚŽĚĂƐĂƐŝŵƉĞƌĨĞŝĕƁĞƐŽƵŝƌƌĞŐƵůĂƌŝĚĂĚĞƐƋƵĞƉŽƐƐĂŵĞdžŝƐƚŝƌ͘
hŵ ƐĞŐƵŶĚŽ ĂƉĞƌƚŽ ĚĞǀĞ ƐĞƌ ĞdžĞĐƵƚĂĚŽ͕ Ğŵ ƉĂƌĂĨƵƐŽƐ ĚŝĂŵĞƚƌĂůŵĞŶƚĞ ŽƉŽƐƚŽƐ͕ ŐĂƌĂŶƚŝŶĚŽ Ă
ĐŽŶĞdžĆŽ Ğ Ă ƉŽƐŝĕĆŽ ĚĂƐ ƉĞĕĂƐ͘ EĞƐƚĞ ĐĂƐŽ ƌĞĐŽŵĞŶĚĂͲƐĞ ƋƵĞ Ă ŽƉĞƌĂĕĆŽ ƐĞũĂ ĨĞŝƚĂ ĂƚƌĂǀĠƐ ĚĞ
ƚŽƌƋƵşŵĞƚƌŽ͘
EŽƚĞƌĐĞŝƌŽĞƷůƚŝŵŽĂƉĞƌƚŽ͕ĚĞǀĞƌĄƐĞƌĂƉůŝĐĂĚĂƵŵĂƉƌĞƐƐĆŽŶŽƉĂƌĂĨƵƐŽ͕ĐŽƌƌĞƐƉŽŶĚĞŶƚĞĂϭЪǀĞnj
;ƵŵĂǀĞnjĞŵĞŝĂͿŽǀĂůŽƌĚĂƉƌĞƐƐĆŽŝŶƚĞƌŶĂĚĂƚƵďƵůĂĕĆŽĞŵŽƉĞƌĂĕĆŽ͕ĞǀŝƚĂŶĚŽͲƐĞĂƐƐŝŵƉŽƐƐşǀĞŝƐ
ǀĂnjĂŵĞŶƚŽƐ͘
sĄůǀƵůĂƐ Ğ ƌĞŐŝƐƚƌŽƐ ĨůĂŶŐĞĂĚŽƐ WĂƌĂ Ă ŵŽŶƚĂŐĞŵ ĚĞ ǀĄůǀƵůĂƐ ŽƵ ƌĞŐŝƐƚƌŽƐ ĨůĂŶŐĞĂĚŽƐ͕ ƐĞƌĆŽ
ǀĞƌŝĨŝĐĂĚŽƐ ƐĞƵ ƉŽƐŝĐŝŽŶĂŵĞŶƚŽ Ğ ƐƵĂ ůŽĐĂĕĆŽ͕ ƋƵĞ Ě ĞǀĞŵ ĞƐƚĂƌ ĚĞ ĂĐŽƌĚŽ ĐŽŵ Ž ƉƌŽũĞƚŽ͘ ĞǀĞͲƐĞ͕
ĂŝŶĚĂ͕ůĞǀĂƌĞŵĐŽŶƚĂĂĂĐĞƐƐŝďŝůŝĚĂĚĞĚŽƐĂĐŝŽŶĂŵĞ ŶƚŽƐĞŵŽƉĞƌĂĕĆŽŶŽƌŵĂůĞĂƐĐŽŶĚŝĕƁĞƐƉĂƌĂƐƵĂ
ŵĂŶƵƚĞŶĕĆŽŽƵĞǀĞŶƚƵĂůƚƌŽĐĂ͘ŶƚĞƐĚĂŵŽŶƚĂŐĞŵ͕ĚĞǀĞƌĄƐĞƌĨĞŝƚĂĂǀĞƌŝĨŝĐĂĕĆŽĚĂƐĐŽŶĚŝĕƁĞƐĚŽ
ĨůĂŶŐĞ ĨŝdžŽ͕ ŽŶĚĞ ƐĞƌĄ ĐŽůŽĐĂĚĂ Ă ǀĄůǀƵůĂ ŽƵ ƌĞŐŝƐƚ ƌŽ͕ ĐƵũĂ ĨĂĐĞ ĚĞǀĞƌĄ ĞƐƚĂƌ ŽďƌŝŐĂƚŽƌŝĂŵĞŶƚĞ
ƉĞƌƉĞŶĚŝĐƵůĂƌĂŽĞŝdžŽĚĂƚƵďƵůĂĕĆŽ͕ďĞŵĐŽŵŽĂƉŽƐŝ ĕĆŽĚŽƐĨƵƌŽƐĚŽĨůĂŶŐĞ͕ǀŝƐƚŽƋƵĞŽƉůĂŶŽǀĞƌƚŝĐĂů
ĚŽ ĞŝdžŽ ĚŽ ƚƵďŽ ĚĞǀĞƌĄ ƉĂƐƐĂƌ ƉĞůŽ ŵĞŝŽ ĚĂ ĚŝƐƚąŶĐŝ Ă ƋƵĞ ƐĞƉĂƌĂ ŽƐ ĚŽŝƐ ĨƵƌŽƐ ƐƵƉĞƌŝŽƌĞƐ͘ ƐƐĂ
ĐŽŶĚŝĕĆŽƉŽĚĞƌĄƐĞƌǀĞƌŝĨŝĐĂĚĂĐŽŵĂƵƚŝůŝnjĂĕĆŽĚĞ ŶşǀĞůĚĞďŽůŚĂĂƉůŝĐĂĚŽĂŽƐĚŽŝƐĨƵƌŽƐƐƵƉĞƌŝŽƌĞƐĚ Ž
ĨůĂŶŐĞ͘ Ɛ ĐŽŶĚŝĕƁĞƐ ĚĞƐĐƌŝƚĂƐ ƋƵĂŶƚŽ ĂŽ ĨůĂŶŐĞ ĚĞ ǀĞƌĆŽ ƐĞƌ ƌŝŐŽƌŽƐĂŵĞŶƚĞ ŽďĞĚĞĐŝĚĂƐ͕ ũĄ ƋƵĞ ŶĆŽ
ƐĞƌĆŽƉĞƌŵŝƚŝĚŽƐŶĞŵĂĂũƵƐƚĂŐĞŵƉŽƌĂĐƌĠƐĐŝŵŽĚĞĞůĞŵĞŶƚŽƐŵĞƚĄůŝĐŽƐĞŶƚƌĞĨůĂŶŐĞƐŶĞŵĚĞƐďĂƐƚĞƐ
Ğŵ ƐƵƉĞƌĨşĐŝĞƐ ƵƐŝŶĂĚĂƐ͕ ƋƵĞ ĚĞƐĐĂƌĂĐƚĞƌŝnjĂƌŝĂŵ ĂƐ ĞƐƉĞĐŝĨŝĐĂĕƁĞƐ ŽƌŝŐŝŶĂŝƐ ĚĞ ĨĂďƌŝĐĂĕĆŽ ĚĂƐ ƉĞĕĂƐ͘
dŽĚŽƐŽƐĂũƵƐƚĞƐƋƵĞƐĞƚŽƌŶĂƌĞŵŶĞĐĞƐƐĄƌŝŽƐƉŽƌĨĂůƚĂĚĞĂůŝŶŚĂŵĞŶƚŽŽƵŶŝǀĞůĂŵĞŶƚŽĚĞǀĞƌĆŽƐĞƌ
ĞdžĞĐƵƚĂĚŽƐŶŽƐƚƵďŽƐĂƚƌĂǀĠƐĚĞĐŽƌƚĞƐŽƵĚĞƐďĂƐƚĞƐ͕ĚĞƐĚĞƋƵĞĂƵƚŽƌŝnjĂĚŽƐƉĞůĂ&/^>/K͘
ŶƚĞƐ ĚŽ ĂƐƐĞŶƚĂŵĞŶƚŽ ĚĂ ǀĄůǀƵůĂ ŽƵ ƌĞŐŝƐƚƌŽ͕ Ă KEdZd ĚĞǀĞƌĄ ůŝŵƉĂƌ Ă ƉĞĕĂ͕ ůƵďƌŝĨŝĐĂƌ͕
ĂĐŝŽŶĂƌŽƐŝƐƚĞŵĂĚĞĂďĞƌƚƵƌĂĞĨĞĐŚĂŵĞŶƚŽ͕ǀĞƌŝĨŝĐĂƌĂƐĐŽŶĚŝĕƁĞƐĚĂƐƐĞĚĞƐĚĞǀĞĚĂĕĆŽĞĂƐƉƌſƉƌŝĂƐ
ǀĞĚĂĕƁĞƐ͘ƐƐĞƐĞƌǀŝĕŽĚĞǀĞƌĄƐĞƌĞdžĞĐƵƚĂĚŽĐŽŵŽĂĐŽŵƉĂŶŚĂŵĞŶƚŽĚĂ&/^>/K͘
Ɛ ũƵŶƚĂƐ ŽƵ ĂŶĠŝƐ ĚĞ ǀĞĚĂĕĆŽ Ă ƐĞƌĞŵ ƵƚŝůŝnjĂĚŽƐ Ě ĞǀĞƌĆŽ ĞƐƚĂƌ ĚĞ ĂĐŽƌĚŽ ĐŽŵ ĂƐ ŶŽƌŵĂƐ ĚĞ
ĨĂďƌŝĐĂĕĆŽĚŽƐĨůĂŶŐĞƐ͘^ƵĂƐĚŝŵĞŶƐƁĞƐĞĂĐŽŵƉŽƐŝĕ ĆŽĚŽŵĂƚĞƌŝĂůĚĞƋƵĞƐĆŽĨĞŝƚĂƐĚĞǀĞƌĆŽĞƐƚĂƌĚĞ
ĂĐŽƌĚŽĐŽŵŽƉƌŽũĞƚŽ͘
WĂƌĂĂŵŽŶƚĂŐĞŵĚĞǀĄůǀƵůĂƐ͕ĠŝŵƉŽƌƚĂŶƚĞƋƵĞƐĞŽďƐĞƌǀĞƉƌĞǀŝĂŵĞŶƚĞŽƐĞŶƚŝĚŽĚĞĨůƵdžŽ͕ĂĨŝŵĚĞ
ƐĞŽďƚĞƌĂĐŽŵƉĂƚŝďŝůŝĚĂĚĞĚŽƐƐŝƐƚĞŵĂƐĚĞŽƉĞƌĂĕĆŽ ĞǀĞĚĂĕĆŽƌĞĐŽŵĞŶĚĂĚŽƐƉĞůŽĨĂďƌŝĐĂŶƚĞ͘
KĂůŝŶŚĂŵĞŶƚŽĚĂǀĄůǀƵůĂŽƵƌĞŐŝƐƚƌŽĐŽŵĂƚƵďƵůĂĕ ĆŽĚĞǀĞƌĄƐĞƌĨĞŝƚŽĂƚƌĂǀĠƐĚĂƵŶŝĆŽĚŽƐĨůĂŶŐĞƐ
ƐĞŵƉƌĞĚĞŵŽŶƚĂŶƚĞƉĂƌĂũƵƐĂŶƚĞ͘KƉŽƐŝĐŝŽŶĂŵĞŶƚŽĚ ĞǀĞƌĄƐĞƌĨĞŝƚŽƉƌĞůŝŵŝŶĂƌŵĞŶƚĞƉŽƌŵĞŝŽĚĞ
ƉŝŶŽƐĚĞŵŽŶƚĂŐĞŵĞ͕ŽďƐĞƌǀĂĚĂƐĂƐĐŽŶĚŝĕƁĞƐĚĞŶŝǀ ĞůĂŵĞŶƚŽĞĂůŝŶŚĂŵĞŶƚŽ͕ŽƐƉŝŶŽƐĚĞǀĞƌĆŽƐĞƌ
ƐƵďƐƚŝƚƵşĚŽƐƵŵĂƵŵ͕ĂůƚĞƌŶĂĚĂŵĞŶƚĞ͕ƉĞůŽƐƉĂƌĂĨƵƐ ŽƐĚĂĐŽŶĞdžĆŽ͘
ŶƚĞƐĚĂĐŽŶĞdžĆŽ͕ĚĞǀĞƌĄƐĞƌĨĞŝƚŽƵŵƚĞƐƚĞĐŽŵŽƐƉĂƌĂĨƵƐŽƐĞƉŽƌĐĂƐǀĞƌŝĨŝĐĂŶĚŽĂƐĐŽŶĚŝĕƁĞƐĚĂƐ
ƌŽƐĐĂƐ͕ĚŽƌŽƐƋƵĞĂŵĞŶƚŽĞĚŽƐƌĞǀĞƐƚŝŵĞŶƚŽƐƐƵƉĞƌĨŝĐŝĂŝƐ͘ƐĂƌƌƵĞůĂƐĚĞǀĞƌĆŽƐĞƌĐŽŵƉĂƚşǀĞŝƐĐŽŵŽƐ
ƉĂƌĂĨƵƐŽƐĞŵƐƵĂƐĚŝŵĞŶƐƁĞƐ͕ĞŶĆŽƐĞƌĄƉĞƌŵŝƚŝĚĂƋƵĂůƋƵĞƌĐŽŶĞdžĆŽƐĞŵĞůĂƐ͘
WĂƌĂ Ž ƉŽƐŝĐŝŽŶĂŵĞŶƚŽ ĚĂ ǀĄůǀƵůĂ ŽƵ ƌĞŐŝƐƚƌŽ͕ ŶŽ Ɛ ĞƵ ůŽĐĂů ĚĞ ŵŽŶƚĂŐĞŵ͕ Ă KEdZd ĚĞǀĞƌĄ
ŽďƐĞƌǀĂƌĂƐŶŽƌŵĂƐŝŶĚŝĐĂĚĂƐƉĂƌĂůĞǀĂŶƚĂŵĞŶƚŽĞƚƌĂŶƐƉŽƌƚĞƉĞůŽĨĂďƌŝĐĂŶƚĞ͕ĞǀŝƚĂŶĚŽĂƐƐŝŵĚĂŶŽƐ
ĞŵƐĞĚĞƐĚĞǀĞĚĂĕĆŽ͕ǀĞĚĂĕƁĞƐ͕ĂĐŝŽŶĂŵĞŶƚŽƐ͕ƌĞǀĞƐƚŝŵĞŶƚŽƐĞŽƵƚƌŽƐ͘
Ɛ ǀĄůǀƵůĂƐ ŽƵ ƌĞŐŝƐƚƌŽƐ ĚĞǀĞƌĆŽ ƐĞƌ ŵŽŶƚĂĚŽƐ ƚŽƚĂůŵĞŶƚĞ ĂďĞƌƚŽƐ ŶĂƐ ůŝŶŚĂƐ ĚĞ ũƵŶƚĂƐ ƐŽůĚĂĚĂƐ Ğ
ƚŽƚĂůŵĞŶƚĞ ĨĞĐŚĂĚŽƐ ŶŽƐ ĚĞŵĂŝƐ ƚŝƉŽƐ ĚĞ ƚƵďƵůĂĕĆŽ͘ EŽ ĐĂƐŽ ĚĞ ŵŽŶƚĂŐĞŵ ƚŽƚĂůŵĞŶƚĞ ĂďĞƌƚĂ͕ ƐĞƵ
ĂĐŝŽŶĂŵĞŶƚŽƐŽŵĞŶƚĞĚĞǀĞƌĄƐĞƌĨĞŝƚŽĂƉſƐĂůŝŵƉĞnjĂĐŽŵƉůĞƚĂĚĂƚƵďƵůĂĕĆŽ͘
WĂƌĂĞǀŝƚĂƌƚĞŶƐƁĞƐĚŝĨĞƌĞŶĐŝĂĚĂƐŶŽƐĨůĂŶŐĞƐ͕ĚĂŶŽƐŶĂƐũƵŶƚĂƐĞĂƚŝŶŐŝƌŶşǀĞŝƐŝĚĞĂŝƐĚĞǀĞĚĂĕĆŽ͕Ž Ɛ
ƉĂƌĂĨƵƐŽƐ ĚĞǀĞƌĆŽ ƐĞƌ ĂƉĞƌƚĂĚŽƐ Ğŵ ƐĞƋƺġŶĐŝĂƐ ĚĞ ĚŽŝƐ ĚŝĂŵĞƚƌĂůŵĞŶƚĞ ŽƉŽƐƚŽƐ ĚĞ ĐĂĚĂ ǀĞnj͕
ŐƌĂĚƵĂŶĚŽͲƐĞ͕ĂƚƌĂǀĠƐĚĞƚŽƌƋƵşŵĞƚƌŽ͕ŽĂũƵƐƚĞĞŵƉĞůŽŵĞŶŽƐĚŽŝƐĐŝĐůŽƐĐŽŵƉůĞƚŽƐĂŶƚĞƐĚŽĂƉĞƌƚŽ
ĨŝŶĂů͘
ǀĄůǀƵůĂ͕ ĞƐƚĂŶĚŽ ŝŶƐƚĂůĂĚĂ͕ ůŝŵƉĂ Ğ ůƵďƌŝĨŝĐĂĚĂ͕ ƐĞƌĄ ĂĐŝŽŶĂĚĂ ƉĂƌĂ ŽďƐĞƌǀĂƌ ƐƵĂƐ ĐŽŶĚŝĕƁĞƐ
ŽƉĞƌĂĐŝŽŶĂŝƐ͘
ϵͲhZE/K͗
ϵ͘ϭͲKE^/ZO^'Z/^
K ŐƌƵƉŽ ϭϲ Ͳ ƵƌďĂŶŝnjĂĕĆŽ Ͳ ƚĞŵ ƉŽƌ ĨŝŶĂůŝĚĂĚĞ ĚĞĨŝŶ ŝƌ ŽƐ ĂƐƉĞĐƚŽƐ ƉƌŝŶĐŝƉĂŝƐ Ă ƐĞƌĞŵ ŽďƐĞƌǀĂĚŽƐ ŶĂ
ĞdžĞĐƵĕĆŽ ĚĞ ƐĞƌǀŝĕŽƐ ĚĞ ƉƌŽƚĞĕĆŽ ĚĞ ĄƌĞĂƐ͕ ƐŽůŽƐ Ğ ƉĂŝƐĂŐŝƐŵŽ͘ KƐ ƐĞƌǀŝĕŽƐ ĚĞ ƵƌďĂŶŝnjĂĕĆŽ ƐĞƌĆŽ
ĞdžĞĐƵƚĂĚŽƐ ĐŽŶĨŽƌŵĞ ƉƌŽũĞƚŽ ĞͬŽƵ ĚĞƚĞƌŵŝŶĂĕƁĞƐ ĚĂ &/^>/K͕ ůĞǀĂŶĚŽͲƐĞ Ğŵ ĐŽŶƚĂ Ă
ƉƌŽŐƌĂŵĂĕĆŽĚĂƐĨĂƐĞƐĚĞĞdžĞĐƵĕĆŽĚĞŽƵƚƌŽƐƐĞƌǀŝĕŽƐ͘
ϵ͘ϮͲWKZdK
KƐ ƉŽƌƚƁĞƐ ƐĞƌĆŽ ĞdžĞĐƵƚĂĚŽƐ ĐŽŵ ƚƵďŽƐ ĚĞ ĨĞƌƌŽ ŐĂůǀĂŶŝnjĂĚŽ͕ ĚĞ ϭ͘ϭͬϰ͟ Ğ ƚĞůĂ ƉƌĞŶƐĂĚĂ ĚĞ ĂƌĂŵĞ
ŐĂůǀĂŶŝnjĂĚŽ͕ŵĂůŚĂϮ͕͟ƐŽůĚĂĚĂƐĞŵƋƵĂĚƌŽƐĚĞĐĂŶƚŽ ŶĞŝƌĂĚĞĨĞƌƌŽ͕ĚĞϯͬϰ͟džϯͬϰ͟džϭͬϴ͕͟ĐŽŶĨŽƌŵĞ
ƉƌŽũĞƚŽ ƉĂĚƌĆŽ ĚĂ ^E͘ WĂƌĂ ĨŝdžĂĕĆŽ Ğ ƐƵƉŽƌƚĞ ĚĞǀĞƌĄ ƐĞƌ ĞdžĞĐƵƚĂĚŽ ƉŝůĂƌ ĚĞ Ϭ͕ϮϬ dž Ϭ͕ϮϬ ŵ ĚĞ
ĐŽŶĐƌĞƚŽĂƌŵĂĚŽ͕ĂƉŽŝĂĚŽƐŽďƌĞďůŽĐŽĐŽŵĚŝŵĞŶƐƁĞƐ ƚĂŝƐƋƵĞƉĞƌŵŝƚĂŵĂƐƵƐƚĞŶƚĂĕĆŽĂĚĞƋƵĂĚĂĚŽ
ƉŽƌƚĆŽ͘KƐƉŝůĂƌĞƐƋƵĞƐƵƐƚĞŶƚĂƌĞŵƉŽƌƚĆŽĚĞĚƵĂƐĨ ŽůŚĂƐ;ĞŶƚƌĂĚĂĚĞǀĞşĐƵůŽƐͿ͕ƐĞƌĆŽƵŶŝĚŽƐƉŽƌǀŝŐĂ
ďĂůĚƌĂŵĞ͘ KƐ ƉŝůĂƌĞƐ ĚĞǀĞƌĆŽ ƐĞƌ ƉŝŶƚĂĚŽƐ ĐŽŵ ƚŝŶƚĂ ůĄƚĞdž ƉĂƌĂ ĞdžƚĞƌŝŽƌ͘ Ɛ ƉĞĕĂƐ ĐŽŵƉŽŶĞŶƚĞƐ ĚŽ
ƉŽƌƚĆŽĚĞǀĞƌĆŽƐĞƌůŝdžĂĚĂƐĞůŝŵƉĂƐĐŽŵƐŽůǀĞŶƚĞƐĞƌĞĐĞďĞƌĚƵĂƐĚĞŵĆŽƐĚĞƉƌŝŵĞƌnjĂƌĐĆŽ͘ƉŝŶƚƵƌĂ
ĚĞĂĐĂďĂŵĞŶƚŽĚĞǀĞƌĄƐĞƌĐŽŵĚƵĂƐĚĞŵĆŽƐĚĞĞƐŵĂůƚĞƐŝŶƚĠƚŝĐŽ͘ƐĨĞƌƌĂŐĞŶƐƐĞƌĆŽĂƐĞƐƉĞĐŝĨŝĐĂĚĂƐ
ŶŽƉƌŽũĞƚŽƉĂĚƌĆŽ͕ŽƵĐŽŶĨŽƌŵĞŽƌŝĞŶƚĂĕĆŽĚĂ&/^> /K͘
ϵ͘ϯͲZ
ϭϲ͘Ϯ͘ϭĞƌĐĂĐŽŵŵŽƵƌƁĞƐĚĞĐŽŶĐƌĞƚŽKƐŵŽƵƌƁĞƐĚĞĐŽŶĐƌĞƚŽƉƌĠͲŵŽůĚĂĚŽƉŽĚĞƌĆŽƐĞƌƌĞƚŽƐŽƵ
ĐŽŵƉŽŶƚĂǀŝƌĂĚĂ͕ĐŽŵĂůƚƵƌĂƷƚŝůĚĞĨŝŶŝĚĂĞŵƉƌŽũĞ ƚŽ͕ĞƐĞƌĆŽĞŶƚĞƌƌĂĚŽƐŶĂƉƌŽĨƵŶĚŝĚĂĚĞŵşŶŝŵĂĚĞ
Ϭ͕ϱϬŵ͕ĞŵƐŽůŽƐƌĞƐŝƐƚĞŶƚĞƐĞϬ͕ϳϬŵĞŵƚĞƌƌĞŶŽƐƷŵŝĚŽƐĞŝŶƐƚĄǀĞŝƐ͕ĞƐƉĂĕĂĚŽƐŶŽŵĄdžŝŵŽϮ͕ϱϬŵ͕
ĨŝdžĂĚŽƐ ĂƚƌĂǀĠƐ ĚĞ ĞŶĐŚŝŵĞŶƚŽ ĚĞ ĐŽŶĐƌĞƚŽ ŶĆŽ ĞƐƚƌƵƚƵƌĂů͕ ĐŽŶƐƵŵŽ ŵşŶŝŵŽ ϭϱϬ ŬŐ ĐŝŵĞŶƚŽ ƉŽƌ
ŵĞƚƌŽĐƷďŝĐŽ͘
ǀĞĚĂĕĆŽƐĞƌĄĂƚƌĂǀĠƐĚĞĨŝŽƐĚĞĂƌĂŵĞĨĂƌƉĂĚŽŶĂďŝƚŽůĂĞƋƵĂŶƚŝĚĂĚĞƐĚĞĨŝŶŝĚĂĞŵƉƌŽũĞƚŽƉĂĚƌĆŽ͕
ĐŽŶǀĞŶŝĞŶƚĞŵĞŶƚĞ ĨŝdžĂĚŽƐ ŶŽƐ ŵŽƵƌƁĞƐ͘ EŽƐ ƉŽŶƚŽƐ Ě Ğ ŵƵĚĂŶĕĂ ĚĞ ĚŝƌĞĕĆŽ͕ ŝŶƚĞƌƌƵƉĕĆŽ Ğ
ŝŶƚĞƌŵĞĚŝĄƌŝŽƐ ĚĞ ƚƌĞĐŚŽƐ ůŽŶŐŽƐ͕ ;ŶŽ ŵĄdžŝŵŽ Ϯϱ͕ϬϬ ŵͿ ŽƐ ŵŽƵƌƁĞƐ ĚĞǀĞƌĆŽ ƐĞƌ ƌĞĨŽƌĕĂĚŽƐ ĐŽŵ
ĞƐĐŽƌĂƐĚĞĐŽŶĐƌĞƚŽĐŽůŽĐĂĚĂƐŝŶĐůŝŶĂĚĂƐĐŽŵƵŵąŶŐ ƵůŽĚĞϰϱǑ͘ĞǀĞƌĄƐĞƌŽďƐĞƌǀĂĚŽŽĂůŝŶŚĂŵĞŶƚŽ
ĞŶƚƌĞĂƐĨĂĐĞƐĚŽƐŵŽƵƌƁĞƐ͕ďĞŵĐŽŵŽ͕ĂƐƵĂǀĞƌƚŝĐĂůŝĚĂĚĞ͘ĞǀĞƌĆŽƐĞƌĚĞŝdžĂĚŽƐĞƐƚŝĐĂĚŽƌĞƐƉĂƌĂ
ƉŽƐƚĞƌŝŽƌ ƌĞŐƵůĂŐĞŵ ĚŽƐ ĨŝŽƐ͘ ĨŝdžĂĕĆŽ ĚŽ ĂƌĂŵĞ ĨĂƌƉĂĚŽ ŶŽƐ ŵŽƵƌƁĞƐ ƐĞ ĨĂƌĄ ĐŽŵ ĂƌĂŵĞ
ŐĂůǀĂŶŝnjĂĚŽ͕ ďŝƚŽůĂ ŵşŶŝŵĂ Ŷ͘Ǒ ϭϰ ďǁŐ͕ ĚĞ ŵŽĚŽ Ă ĞŶ ǀŽůǀĞƌ Ž ĐŽŶƚŽƌŶŽ ĚŽ ŵŽƵƌĆŽ Ğ ŝŵƉĞĚŝƌ Ž
ĚĞƐůŽĐĂŵĞŶƚŽƚƌĂŶƐǀĞƌƐĂůĚŽĨŝŽ͘dŽĚŽƐŽƐĨŝŽƐĚĞǀ ĞƌĆŽĨŝĐĂƌŝŐƵĂůŵĞŶƚĞƚƌĂĐŝŽŶĂĚŽƐ͘ƉŝŶƚƵƌĂĚŽƐ
ŵŽƵƌƁĞƐƐĞƌĄĞŵĐĂŝĂĕĆŽĐŽŵϯĚĞŵĆŽƐ͕ĞdžĞĐƵƚĂĚĂĐŽŶĨŽƌŵĞĞƐƉĞĐŝĨŝĐĂĕĆŽĚŽƉƌŽũĞƚŽƉĂĚƌĆŽ͘
ϵ͘ϯ Ͳ ĞƌĐĂ ĐŽŵ ŵŽƵƌƁĞƐ ĚĞ ŵĂĚĞŝƌĂ KƐ ŵŽƵƌƁĞƐ ƌŽůŝĕŽƐ ĚĞ ŵĂĚĞŝƌĂ ĚĞ ůĞŝ ;ĂƌŽĞŝƌĂ͕ ďƌĂƷŶĂ͕ ŝƉġ͕
ĐĂŶĚĞŝĂ͕ĂĐĂƉƷ͕ĞƚĐ͘Ϳ͕ĐŽŵĂůƚƵƌĂƷƚŝůĚĞĨŝŶŝĚĂĞŵ ƉƌŽũĞƚŽ͕ĚŝąŵĞƚƌŽĚĞϬ͕ϭϱĂϬ͕ϮϬŵ͕ƐĞƌĆŽĞŶƚĞƌƌĂĚŽƐ
ŶĂ ƉƌŽĨƵŶĚŝĚĂĚĞ ŵşŶŝŵĂ ĚĞ Ϭ͕ϳϬ ŵ͕ ĞƐƉĂĕĂĚŽƐ ŶŽ ŵĄdžŝ ŵŽ Ϯ͕ϱϬ ŵ Ğ ĨŝdžĂĚŽƐ ĂƚƌĂǀĠƐ ĚĞ ƐŽůŽ
ĐŽŵƉĂĐƚĂĚŽ͘KƚŽƉŽĚŽƐŵŽƵƌƁĞƐĚĞǀĞƌĆŽƐĞƌĐŚĂŶĨƌĂĚŽƐ͕ƉĂƌĂĞǀŝƚĂƌĂŝŶĨŝůƚƌĂĕĆŽĚĞĄŐƵĂ͘ǀĞĚĂĕĆŽ
ƐĞƌĄ ĂƚƌĂǀĠƐ ĚĞ ĨŝŽƐ ĚĞ ĂƌĂŵĞ ĨĂƌƉĂĚŽ ŐĂůǀĂŶŝnjĂĚŽ Ŷ͘Ǒ ϭϰ ďǁŐ͕ ŶĂ ƋƵĂŶƚŝĚĂĚĞ Ă ƐĞƌ ĚĞĨŝŶŝĚĂ Ğŵ
ƉƌŽũĞƚŽ͕ƋƵĞĚĞƉŽŝƐĚĞƚĞŶƐŝŽŶĂĚŽƐ͕ƐĞƌĆŽĨŝdžĂĚŽƐĂ ƚƌĂǀĠƐĚĞŐƌĂŵƉŽƐŐĂůǀĂŶŝnjĂĚŽƐŶŽƐĞŶƚŝĚŽŽďůşƋƵŽ
ĂŽƐĨŝŽƐĞĚĞĐŝŵĂƉĂƌĂďĂŝdžŽŶŽƐŵŽƵƌƁĞƐ͘
ϵ͘ϰͲ>DZK
KƐĂůĂŵďƌĂĚŽƐƐĞƌĆŽĞdžĞĐƵƚĂĚŽƐĐŽŵŵŽƵƌƁĞƐĚĞĐŽŶĐƌĞƚŽƉƌĠͲŵŽůĚĂĚŽƐĚĞƉŽŶƚĂǀŝƌĂĚĂ͕ĐŽŵĂůƚƵƌĂ
Ʒƚŝů ĚĞ Ϯ͕ϯϬ ŵ͕ ĞŶƚĞƌƌĂĚŽƐ ĐŽŵ ƉƌŽĨƵŶĚŝĚĂĚĞ ŵşŶŝŵĂ ĚĞ Ϭ͕ϱϬ ŵ͕ Ğŵ ƐŽůŽƐ ƌĞƐŝƐƚĞŶƚĞƐ Ğ Ϭ͕ϳϬ ŵ Ğŵ
ƚĞƌƌĞŶŽƐƷŵŝĚŽƐĞŝŶƐƚĄǀĞŝƐ͕ĞƐƉĂĕĂĚŽƐŶŽŵĄdžŝŵŽϮ͕ϱϬŵ͕ĨŝdžĂĚŽƐĂƚƌĂǀĠƐĚĞĞŶĐŚŝŵĞŶƚŽĚĞĐŽŶĐƌĞƚŽ
ŶĆŽĞƐƚƌƵƚƵƌĂů͕ĐŽŶƐƵŵŽŵşŶŝŵŽϭϱϬŬŐĚĞĐŝŵĞŶƚŽƉŽ ƌŵĞƚƌŽĐƷďŝĐŽ͘ǀĞĚĂĕĆŽƐĞƌĄĂƚƌĂǀĠƐĚĞƚĞůĂ
ĚĞĂƌĂŵĞŐĂůǀĂŶŝnjĂĚŽŽƵĐŽŵƌĞǀĞƐƚŝŵĞŶƚŽĚĞWs͕ĞƐƉĞĐŝĨŝĐĂĚĂĞŵƉƌŽũĞƚŽ͕ĚŽŶşǀĞůĚŽƚĞƌƌĞŶŽĂƚĠŽ
ŝŶşĐŝŽĚĂĚĞĨůĞdžĆŽĚŽŵŽƵƌĆŽ͕ĐŽŵƉůĞŵĞŶƚĂĚĂĐŽŵϮĨ ŝŽƐĚĞĂƌĂŵĞĨĂƌƉĂĚŽŐĂůǀĂŶŝnjĂĚŽ͕Ŷ͘ǑϭϰďǁŐ͕
ŶĂ ƉĂƌƚĞ ŝŶĐůŝŶĂĚĂ͕ ĐŽŶǀĞŶŝĞŶƚĞŵĞŶƚĞ ĨŝdžĂĚŽƐ ŶŽƐ ŵŽ ƵƌƁĞƐ͘ EŽƐ ƉŽŶƚŽƐ ĚĞ ŵƵĚĂŶĕĂ ĚĞ ĚŝƌĞĕĆŽ͕
ŝŶƚĞƌƌƵƉĕĆŽ Ğ ŝŶƚĞƌŵĞĚŝĄƌŝŽƐ ĚĞ ƚƌĞĐŚŽƐ ůŽŶŐŽƐ ;ŶŽ ŵĄdžŝŵŽ Ϯϱ͕ϬϬ ŵͿ͕ ŽƐ ŵŽƵƌƁĞƐ ĚĞǀĞƌĆŽ ƐĞƌ
ƌĞĨŽƌĕĂĚŽƐĐŽŵĞƐĐŽƌĂƐĚĞĐŽŶĐƌĞƚŽĐŽůŽĐĂĚĂƐŝŶĐůŝŶĂĚĂƐĐŽŵąŶŐƵůŽĚĞϰϱǑ͘
ϵ͘ϱͲͲW/^'/^DK
ϵ͘ϱ͘ϭͲWůĂŶƚŝŽĚĞŐƌĂŵĂŽŵƉƌĞĞŶĚĞŽƐƐĞƌǀŝĕŽƐĚĞůŝŵƉĞnjĂ͕ƌĞŐƵůĂƌŝnjĂĕĆŽĞƉƌĞƉĂƌŽĚĂƐƵƉĞƌĨşĐŝĞ͕
ĨŽƌŶĞĐŝŵĞŶƚŽĞĞƐƉĂůŚĂŵĞŶƚŽĚĞĐĂŵĂĚĂĚĞƚĞƌƌĂǀĞŐĞƚĂů͕ƋƵĂŶĚŽŶĞĐĞƐƐĄƌŝŽ͕ĐŽŵĞƐƉĞƐƐƵƌĂŵĠĚŝĂ
ĚĞϬ͕ϬϱŵĞƉůĂŶƚŝŽĚĞŐƌĂŵĂ͕ĞŵŵƵĚĂƐ͕ƉůĂĐĂƐŽƵůĞŝǀĂƐ͕ŝƐĞŶƚĂĚĞǀĞŐĞƚĂĕĆŽƉĂƌĂƐŝƚĄƌŝĂ͕ĐŽŶĨŽƌŵĞ
ĞƐƉĠĐŝĞ͕ĞƐƉĞĐŝĨŝĐĂĚŽĞŵƉƌŽũĞƚŽŽƵƉŽƌĚĞƚĞƌŵŝŶĂĕĆŽĚĂ&/^>/K͘YƵĂŶĚŽŶĞĐĞƐƐĄƌŝŽĚĞǀĞƌĄ
ƐĞƌĨĞŝƚĂĐŽƌƌĞĕĆŽĚŽƉŚĚŽƐŽůŽ͕ĐŽŵĂƉůŝĐĂĕĆŽĚŽ ĨĞƌƚŝůŝnjĂŶƚĞĂĚĞƋƵĂĚŽ͘ƐŵƵĚĂƐƐĞƌĆŽĂĨŝdžĂĚĂƐĂŽ
ƐŽůŽ͕ƉŽƌŝŶƚĞƌŵĠĚŝŽĚĞƉƌĞƐƐĆŽĚŽƐĚĞĚŽƐŶĂƚĞƌƌĂ ůĂƚĞƌĂůƉĂƌĂƋƵĞĂƐƌĂşnjĞƐĨŝƋƵĞŵĞŶǀŽůƚĂƐĞŵƚĞƌƌĂ
ĞĐŽŵƉŽƵĐŽƐǀĂnjŝŽƐĞŵƐƵĂǀŽůƚĂ͕ƐĞŶĚŽƋƵĞŽĞƐƉĂĕ ĂŵĞŶƚŽĞŶƚƌĞĂƐŵƵĚĂƐŶĆŽĚĞǀĞƌĄƐĞƌƐƵƉĞƌŝŽƌ
ĂϬ͕ϭϬŵ͘ƐƉůĂĐĂƐĚĞǀĞƌĆŽƌĞĐĞďĞƌƵŵĂĐŽŵƉĂĐƚĂĕĆŽĚŽƐĂĚĂƉĂƌĂƋƵĞĂƐƌĂşnjĞƐĚĂŐƌĂŵĂƚĞŶŚĂŵ
ĐŽŶƚĂƚŽŵĂŝƐşŶƚŝŵŽĐŽŵŽƐŽůŽ͖ĞǀĞŶƚƵĂůĐƌĂǀĂĕĆŽĚ ĞƉŝƋƵĞƚĞƐĞŵƚĂůƵĚĞƐ͖ƐĞƌĐŽůŽĐĂĚĂƐũƵƐƚĂƉŽƐƚĂƐ
ĐŽŵƉƌŝŵŝĚĂƐĞĨŝŶĂůŵĞŶƚĞ͕ůĂŶĕĂƌƵŵĂĐĂŵĂĚĂĚĞĐŽďĞƌƚƵƌĂĐŽŵƚĞƌƌĂǀĞŐĞƚĂůƉĞŶĞŝƌĂĚĂĚĞĨŽƌŵĂĂ
ƉƌĞĞŶĐŚĞƌ ŽƐ ĞǀĞŶƚƵĂŝƐ ǀĂnjŝŽƐ͘ ƉſƐ Ž ƉůĂŶƚŝŽ ĚĞ ŵ ƵĚĂƐ ŽƵ ƉůĂĐĂƐ͕ ƐĞƌĄ ƉƌŽǀŝĚĞŶĐŝĂĚĂ Ă ĂĚƵůĂĕĆŽ
ŽƌŐąŶŝĐĂ͕ŶĂƚƵƌĂůŽƵƋƵşŵŝĐĂ͖ƉƌŽƚĞĕĆŽ͖ƌĞŵŽĕĆŽĚŽ ŵĂƚĞƌŝĂůĞdžĐĞĚĞŶƚĞ͕ŵĂŶƵƚĞŶĕĆŽĞƌĞŐĂĐŽŶƐƚĂŶƚĞ
ĂƚĠƋƵĞĂƐŵƵĚĂƐŽƵƉůĂĐĂƐĨŝƋƵĞŵŚŽŵŽŐĞŶĞĂŵĞŶƚĞĂƌƌĂŝŐĂĚĂƐĂŽƚĞƌƌĞŶŽ͘KƐƐĞƌǀŝĕŽƐƌĞůĂƚŝǀŽƐĂŽ
ƉůĂŶƚŝŽĚĞŐƌĂŵĂĚĞǀĞƌĆŽƐĞƌĐŽŶĐůƵşĚŽƐĐŽŵĂŶƚĞĐĞĚġŶĐŝĂƐƵĨŝĐŝĞŶƚĞĂŽƚĠƌŵŝŶŽĚĂŽďƌĂ͕ƉĂƌĂƋƵĞŽ
ŐƌĂŵĂĚŽ ŶĆŽ ŶĞĐĞƐƐŝƚĞ ĚĞ ĐƵŝĚĂĚŽƐ ĞƐƉĞĐŝĂŝƐ ƉĂƌĂ ƐƵ Ă ĨŽƌŵĂĕĆŽ͘ KEdZd ƐĞƌĄ ƌĞƐƉŽŶƐĄǀĞů
ƉĞůĂ ƌĞĐƵƉĞƌĂĕĆŽ͕ ƌĞƉůĂŶƚŝŽ ŽƵ ƌĞƉĂƌĂĕĆŽ ĚŽ ŐƌĂŵĂĚŽ͕ Ğŵ ƚŽĚŽ ŽƵ ƉĂƌƚĞ͕ ƉŽƌ Ƶŵ ƉĞƌşŽĚŽ ĚĞ ϰϱ
;ƋƵĂƌĞŶƚĂĞĐŝŶĐŽͿĚŝĂƐĂĐŽŶƚĂƌĚŽƚĠƌŵŝŶŽĚŽƉůĂŶ ƚŝŽ͕ăƐƐƵĂƐĞdžƉĞŶƐĂƐĞƐĞŵĚŝƌĞŝƚŽĂŝŶĚĞŶŝnjĂĕĆŽ͕
ŶŽĐĂƐŽĚĞŵŽƌƚĞĚĞŵƵĚĂƐŽƵĚŽůŽƋƵĂŶĚŽĚĂĞdžĞĐƵĕĆ ŽĚŽƐƐĞƌǀŝĕŽƐ͘
3URMHWRdo SISTEMA DE ESGOTAMENTO SANITÁRIO do loteamento Master
52
Plan e rua Carlos Roberto Schramm, Bairro Margem Esquerda/Gaspar-SC
14.4 ANEXO IV:
Data:03/04/2017
Dados Construtivos: 5
2,00 30
Materiais: 1,00 20
Carcaça : A48CL35
Rotor : A48CL35 0,00 10
Eixo : AISI 420 0 2 4 6 8 10 12 14 16 18 20
Rendimento %
Luva Protetora Eixo : AISI 420 Q = m3/h
NPSHr
Anéis Desgaste : A48CL35
Data:03/04/2017
Dados Construtivos: 5
2,00 30
Materiais: 1,00 20
Carcaça : A48CL35
Rotor : A48CL35 0,00 10
Eixo : AISI 420 0 2 4 6 8 10 12 14 16 18 20
Rendimento %
Luva Protetora Eixo : AISI 420 Q = m3/h
NPSHr
Anéis Desgaste : A48CL35
3URMHWRdo SISTEMA DE ESGOTAMENTO SANITÁRIO do loteamento Master
53
Plan e rua Carlos Roberto Schramm, Bairro Margem Esquerda/Gaspar-SC
14.5 ANEXO V:
02'(/2'(3/$1,/+$'(&20326,d2'2%',2%5$6'(6$1($0(172
&RQIRUPH$FyUGmRQGR7&8H/HL
KDWK^/KK/
сD/E/^dZKEdZ> ϰ͘ϵϯй
^н'с^'hZKн'ZEd/^ Ϭ͘ϰϵй
ZсZ/^K^ ϭ͘ϯϵй
&с^W^^&/EE/Z^ Ϭ͘ϵϵй
>с>hZK ϴ͘Ϭϰй
/с/DWK^dK^Ύ ϲ͘ϲϱй
W/^ Ϭ͘ϲϱй
K&/E^ ϯ͘ϬϬй
/^^ ϯ͘ϬϬй
s>KZ/ Ϯϰ͘ϴϰй
ΎƐŽŵĂĚŽƐŝŵƉŽƐƚŽƐ;/^^͕W/^͕K&/E^ĞWZͿ
DĂƚĞƌŝĂŝƐĞĞƋƵŝƉĂŵĞŶƚŽƐƐĞƌĆŽƵƚŝůŝnjĂĚŽƐ/ĚĞϭϰ͕ϬϮй͕ĚĞĐŽŶĨŽƌŵŝĚĂĚĞĐŽŵŽĐƁƌĚĆŽ͘
K^͘&ŽƌĂŵƵƚŝůŝnjĂĚŽƐŽƐǀĂůŽƌĞƐŵĠĚŝŽƐĚŽĐſƌĚĆŽϮϲϮϮͬϮ ϬϭϯƉĂƌĂ͕^͕'͕&Ğ>͘
KǀĂůŽƌĚŽ/^^ǀĂƌŝĂĐŽŶĨŽƌŵĞĂůĞŐŝƐůĂĕĆŽƚƌŝďƵƚĄƌŝĂĚŽŵƵ ŶŝĐşƉŝŽ͘
KƐǀĂůŽƌĞƐĚŽW/^ĞKE&/E^ƐĆŽƌĞĨĞƌĞŶƚĞƐĂŽƌĞŐŝŵĞĚĞŝŶĐŝĚġŶĐŝĂĐƵŵƵůĂƚŝǀĂ͘
3URMHWRdo SISTEMA DE ESGOTAMENTO SANITÁRIO do loteamento Master
54
Plan e rua Carlos Roberto Schramm, Bairro Margem Esquerda/Gaspar-SC
14.6 ANEXO VI:
ORÇAMENTO
^D'^WZͲ^
^/^dD^'KdDEdK^E/dZ/KͲZhZ>K^Z͘^,ZDD>KdDEdKDZ'D^YhZͲ
'^WZͲ^
/ZZK͗DZ'D^YhZ
KZDEdK^d/Dd/sKKZ^/s1^DdZ//^
YhZKZ^hDK
YhZKZ^hDKͲϭǐWZd
/ƚĞŵ YƵĂĚƌŽZĞƐƵŵŽ
ƵƐƚŽƐ;ZΨͿ
YhZKZ^hDKͲϮǐWZd
ϭ d ϭ͘Ϭϳϲ͘ϱϵϵ͕ϱϬ ϭ͘Ϭϳϲ͘ϱϵϵ͕ϱϬ
dKd>'Z> Ϯ͘ϰϱϯ͘ϱϴϯ͕ϱϵ
s>E/:K^<,h^Z
Z;^Ϳϭϳ͘ϮϳϳͲϴ
^Zs/KhdNEKDKDhE//W>'h^'KdKͲ^D
'^WZͲ^EddZ/E
WZK:dKK^/^dD^'KdDEdK^E/dZ/KDZ'D^YhZ͕Z&ZEdK>KdDEdKD^dZW>EZhZ>K^ZKZdK^,ZDD͕EKDhE/1W/K
'^WZͲ^
W>E/>,KZDEdZ/
ZĞĨĞƌĞŶĐŝĂ͗ ^/EW/ :ĂŶͬϮϬϭϳ ^ĞŵĞƐŽŶĞƌĂĕĆŽ
KďƌĂƐŝǀŝƐ͗ / Ϯϰ͕ϴϰй
DĂƚĞƌŝĂŝƐ͗ / ϭϰ͕ϬϮй
WZK^DZ/^
ſĚŝŐŽƐ
/ƚĞŵ ĞƐĐƌŝĕĆŽ hŶŝĚ͘ YƚĚ͘ sĂůŽƌhŶŝƚĄƌŝŽ sĂůŽƌhŶŝƚĄƌŝŽ
'%, dŽƚĂů
;^Ğŵ/Ϳ ;Žŵ/Ϳ
W>E/>,KZDEdZ/ͲWZdϭ
Ϭϭ͘ϬϬ͘ϬϬ D/E/^dZKKZEd/ZKKZ
Ϭϭ͘Ϭϭ͘ϬϬ D/E/^dZKKZ
Ϭϭ͘Ϭϭ͘Ϭϭ ŶŐĞŶŚĞŝƌŽĚĞŽďƌĂƐŝǀŝůŽƵ^ĂŶŝƚĂƌŝƐƚĂĐŽŵϲϰŚŽƌ ĂƐŵġƐ͕ĨĂnjĞŶĚŽƉĂƌƚĞĞŶĐĂƌŐŽƐƐŽĐŝĂŝƐ Ś ϱϭϮ͕ϬϬ ϳϵ͕ϭϭ Ϭ͕ϬϬй ϳϵ͕ϭϭ ϰϬ͘ϱϬϰ͕ϯϮ ϵϬϳϳϳ^
Ϭϭ͘Ϭϭ͘ϬϮ ůŵŽdžĂƌŝĨĞϴŚŽƌĂƐĚŝĄƌŝĂ͕ĨĂnjĞŶĚŽƉĂƌƚĞĞŶĐĂƌŐŽƐƐŽĐŝĂŝƐ Ś ϭ͘ϳϲϬ͕ϬϬ ϭϵ͕ϯϬ Ϭ͕ϬϬй ϭϵ͕ϯϬ ϯϯ͘ϵϲϴ͕ϬϬ ϵϬϳϲϲ^
^ƵďƚŽƚĂů ϳϰ͘ϰϳϮ͕ϯϮ
ϬϮ͘ϬϬ͘ϬϬ Ed/ZKKZ
ϬϮ͘Ϭϭ͘Ϭϭ ĂŶŚĞŝƌŽƋƵşŵŝĐŽ;ĂůƚƵƌĂ͗Ϯ͕ϯϭϱŵ͕ůĂĂƌŐƵƌĂ͗ϭ͕ϭϱϲŵ͕ƉƌŽĨƵŶĚŝĚĂĚĞ͗ϭ͕ϮϬϲŵͿ͕ǀŽůƵŵĞĚŽƚĂŶƋƵĞ͗ϭϮϬ
ůŝƚƌŽƐ͕ƉĞƐŽϭϭϬŬŐ͕ƉƌŽĚƵƚŽƋƵşŵŝĐŽƉĂƌĂƵƚŝůŝnjĂĕĆ ŽĚĞϱƉĞƐƐŽĂƐ͕ĐŽŶƐŝĚĞƌĂŶĚŽůŝŵƉĞnjĂĚŽďĂŶŚĞŝƌŽ
ĂĐĂĚĂϭϱĚŝĂƐ͘&ŽŝĐŽŶƐŝĚĞƌĂĚŽϭƵŶŝĚ͘WĂƌĂ>Žƚ͘D ĂƌŐĞŵƐƋƵĞƌĚĂĞϭƵŶŝĚ͘ƉĂƌZĂƌůŽƐZ͘ /WWh:
^ĐŚƌĂŵŵ͘ ŵġƐ ϭϮ͕ϬϬ ϴϰϯ͕ϭϰ Ϯϰ͕ϴϰй ϭ͘ϬϱϮ͕ϱϴ ϭϮ͘ϲϯϬ͕ϵϲ ^ϭϬ͘ϳϮ͘ϭϵ͘ϯϬ͘ϬϬϱ
ϬϮ͘Ϭϭ͘ϬϮ džĞĐƵĕĆŽĚĞĞƐĐƌŝƚſƌŝŽĞŵĐĂŶƚĞŝƌŽĚĞŽďƌĂĞŵĐŚĂƉĂĚĞŵĂĚĞŝƌĂĐŽŵƉĞŶƐ
ŵϸ ϭϮ͕ϬϬ ϲϮϰ͕ϲϬ Ϯϰ͕ϴϰй ϳϳϵ͕ϳϱ ϵ͘ϯϱϳ͕ϬϬ ϵϯϮϬϳ^
ϬϮ͘Ϭϭ͘Ϭϯ džĞĐƵĕĆŽĚĞĂůŵŽdžĂƌŝĨĂĚŽĞŵĐĂŶƚĞŝƌŽĚĞŽďƌĂĞŵĐŚĂƉĂĚĞŵĂĚĞŝƌĂĐŽŵƉĞŶƐĂĚĂ͕ŝŶĐůƵƐŽ
ƉƌĂƚĞůĞŝƌĂƐ ŵϸ ϯϬ͕ϬϬ ϰϱϯ͕Ϯϲ Ϯϰ͕ϴϰй ϱϲϱ͕ϴϱ ϭϲ͘ϵϳϱ͕ϱϬ ϵϯϮϬϴ^
ϬϮ͘Ϭϭ͘Ϭϰ WůĂĐĂĚĞŽďƌĂĞŵĐŚĂƉĂŐĂůǀĂŶŝnjĂĚĂƉĂƌĂĐŽŶƐƚƌƵĕĆŽĐŝǀŝů͕ŝŶĐůƵŝŶĚŽŝŶƐƚĂůĂĕĆŽ͘ ŵϸ Ϯ͕ϱϬ ϯϱϳ͕ϰϴ Ϯϰ͕ϴϰй ϰϰϲ͕Ϯϴ ϭ͘ϭϭϱ͕ϳϬ ϳϰϮϬϵͬϬϬϭ^
^ƵďƚŽƚĂů ϰϬ͘Ϭϳϵ͕ϭϲ
dKd>D/E/^dZKEd/ZKKZ^ ϭϭϰ͘ϱϱϭ͕ϰϴ
Ϭϯ͘ϬϬ͘ϬϬ ZK>dKZͲKZ^/s/^
Ϭϯ͘Ϭϭ͘ϬϬ >KK
Ϭϯ͘Ϭϭ͘Ϭϭ >ŽĐĂĕĆŽĚĞƌĞĚĞƐĚĞĄŐƵĂŽƵĚĞĞƐŐŽƚŽ͕ŝŶĐůƵƐŝǀĞƚŽƉſŐƌĂĨŽ ŵ ϯ͘ϭϰϮ͕ϬϬ Ϭ͕ϵϴ Ϯϰ͕ϴϰй ϭ͕ϮϮ ϯ͘ϴϯϯ͕Ϯϰ ϳϯϲϭϬ^
Ϭϯ͘ϬϮ͘ϬϬ /E^d>KWZKdK^'hZE Ͳ Ͳ Ͳ
Ϭϯ͘ϬϮ͘Ϭϭ dĂƉƵŵĞĚĞĐŚĂƉĂĚĞŵĂĚĞŝƌĂĐŽŵƉĞŶƐĂĚĂ;ϲŵŵͿͲƉŝŶƚƵƌĂĂĐĂů ŵϸ ϲϬ͕ϬϬ ϰϴ͕ϵϯ Ϯϰ͕ϴϰй ϲϭ͕Ϭϴ ϯ͘ϲϲϰ͕ϴϬ ϳϰϮϮϬͬϬϬϭ^
Ϭϯ͘Ϭϯ͘ϬϬ DKs/DEdKdZZ Ͳ Ͳ
Ϭϯ͘Ϭϯ͘Ϭϭ ƐĐĂǀĂĕĆŽŵĞĐĂŶŝnjĂĚĂ Ͳ Ͳ
Ϭϯ͘Ϭϯ͘ϬϮ ƐĐĂǀĂĕĆŽŵĞĐĂŶŝnjĂĚĂĚĞǀĂůĂĐŽŵƉƌŽĨ͘ƚĠϭ͕ϱŵ;ŵĠĚŝĂĞŶƚƌĞŵŽŶƚĂŶƚĞĞũƵƐĂŶƚĞͬƵŵĂ
ĐŽŵƉŽƐŝĕĆŽƉŽƌƚƌĞĐŚŽͿ͕ĐŽŵƌĞƚƌŽĞƐĐĂǀĂĚĞŝƌĂ;Ϭ͕Ϯϲŵϯͬϴϴ,WͿ͕ůĂƌŐ͘DĞŶŽƌƋƵĞϬ͕ϴŵ͕ĞŵƐŽůŽĚĞ
ϭĂĐĂƚĞŐŽƌŝĂ͕ĞŵůŽĐĂŝƐĐŽŵďĂŝdžŽŶşǀĞůĚĞŝŶƚĞƌĨĞƌġŶĐŝĂ ŵϹ Ϯ͘ϵϬϬ͕ϳϯ ϭϯ͕ϲϬ Ϯϰ͕ϴϰй ϭϲ͕ϵϴ ϰϵ͘Ϯϱϰ͕ϯϲ ϵϬϭϬϱ^
&21$*8$
WZK^DZ/^
ſĚŝŐŽƐ
/ƚĞŵ ĞƐĐƌŝĕĆŽ hŶŝĚ͘ YƚĚ͘ sĂůŽƌhŶŝƚĄƌŝŽ sĂůŽƌhŶŝƚĄƌŝŽ
'%, dŽƚĂů
;^Ğŵ/Ϳ ;Žŵ/Ϳ
+
+
+ 56 $ %# / "& B +" 9" 1B
C? %56 % 3 1% 5
2 "' + ? %!2-- D3"
/ "- "
" ,
0 # E - " " ( ' "- * "+'
)+"-' ) ( ^
Ϭϯ͘Ϭϯ͘Ϭϰ ƐĐĂǀĂĕĆŽŵĂŶƵĂůĞŵǀĂůĂ͕ƋƵĂůƋƵĞƌƚŝƉŽĚĞƐŽůŽĞdžĐĞƚŽƌŽĐŚĂ͕ƉƌŽĨƵŶĚŝĚĂĚĞĂƚĠϭ͕ϱϬŵ ŵϹ ϭϬϭ͕ϮϮ ϲϮ͕ϯϰ Ϯϰ͕ϴϰй ϳϳ͕ϴϯ ϳ͘ϴϳϳ͕ϱϲ ϵϯϯϱϴ^
Ϭϯ͘Ϭϯ͘Ϭϱ ƐĐĂǀĂĕĆŽŵĂŶƵĂůĞŵǀĂůĂ͕ƋƵĂůƋƵĞƌƚŝƉŽĚĞƐŽůŽĞdžĐĞƚŽƌŽĐŚĂ͕ƉƌŽĨƵŶĚŝĚĂĚĞĚĞϭ͕ϱϬăϯ͕Ϭŵ ŵϹ ϭϭϲ͕ϲϰ ϲϮ͕ϯϰ Ϯϰ͕ϴϰй ϳϳ͕ϴϯ ϵ͘Ϭϳϴ͕Ϭϵ ϵϯϯϱϴ^
Ϭϯ͘Ϭϯ͘Ϭϴ ZĞĂƚĞƌƌŽŵĞĐĂŶŝnjĂĚŽĚĞǀĂůĂͬĐĂǀĂ͕ƵƚŝůŝnjĂŶĚŽĞƐĐĂǀĂĚĞŝƌĂŚŝĚƌĄƵůŝĐĂĞĐŽŵƉĂĐƚĂĚŽƌǀŝďƌĂƚſƌŝŽĂƚĠ
ϭ͕ϱϬŵĚĞƉƌŽĨ͕͘ƐͬƐƵďƐƚŝƚƵŝĕĆŽĚĞŵĂƚĞƌŝĂůĚĞϭǐĐĂƚĞŐŽƌŝĂĞŵůŽĐĂůĚĞďĂŝdžŽŶşǀĞůĚĞŝŶƚĞƌĨĞƌġŶĐŝĂ
ʹƌĞĂƉƌŽǀĞŝƚĂŵĞŶƚŽĚŽŵĂƚĞƌŝĂůĞƐĐĂǀĂĚŽ͘ ŵϹ ϳϮϬ͕ϱϮ ϭϰ͕ϰϲ Ϯϰ͕ϴϰй ϭϴ͕Ϭϱ ϭϯ͘ϬϬϱ͕ϯϭ ϵϯϯϲϳ^
Ϭϯ͘Ϭϯ͘Ϭϵ ƚĞƌƌŽŵĞĐĂŶŝnjĂĚŽĚĞǀĂůĂͬĐĂǀĂ͕ƵƚŝůŝnjĂŶĚŽĞƐĐĂǀĂĚĞŝƌĂŚŝĚƌĄƵůŝĐĂĞĐŽŵƉĂĐƚĂĚŽƌǀŝďƌĂƚſƌŝŽĂƚĠ
ϭ͕ϱϬŵĚĞƉƌŽĨ͕͘ĐŽŵŵĂƚĞƌŝĂůĚĞϭǐĐĂƚĞŐŽƌŝĂ͕ƐŽůŽĂƌŐŝůŽĂƌĞŶŽƐŽĞŵůŽĐĂůĚĞďĂŝdžŽŶşǀĞůĚĞ
ŝŶƚĞƌĨĞƌġŶĐŝĂ͘ ŵϹ Ϯ͘ϮϱϬ͕ϵϮ Ϯϳ͕ϬϬ Ϯϰ͕ϴϰй ϯϯ͕ϳϭ ϳϱ͘ϴϳϴ͕ϱϵ ϵϰϯϬϰ^
Ϭϯ͘Ϭϯ͘ϭϬ ƚĞƌƌŽŵĞĐĂŶŝnjĂĚŽĚĞǀĂůĂͬĐĂǀĂ͕ƵƚŝůŝnjĂŶĚŽĞƐĐĂǀĂĚĞŝƌĂŚŝĚƌĄƵůŝĐĂĞĐŽŵƉĂĐƚĂĚŽƌǀŝďƌĂƚſƌŝŽĚĞϭ͕ϱϬ
ŵăϯ͕ϬϬŵĚĞƉƌŽĨ͕͘ĐŽŵŵĂƚĞƌŝĂůĚĞϭǐĐĂƚĞŐŽƌŝĂ͕ƐŽůŽĂƌŐŝůŽĂƌĞŶŽƐŽĞŵůŽĐĂůĚĞďĂŝdžŽŶşǀĞůĚĞ
ŝŶƚĞƌĨĞƌġŶĐŝĂ͘ ŵϹ ϱϲϳ͕ϴϬ ϮϬ͕ϵϬ Ϯϰ͕ϴϰй Ϯϲ͕Ϭϵ ϭϰ͘ϴϭϯ͕ϵϱ ϵϰϯϬϲ^
Ϭϯ͘Ϭϯ͘ϭϮ ĂƌŐĂĞĚĞƐĐĂƌŐĂŵĞĐąŶŝĐĂĚĞƐŽůŽƵƚŝůŝnjĂŶĚŽĐĂŵŝŶŚĆŽďĂƐĐƵůĂŶƚĞϲ͕ϬŵϹ͕ƌĞĨĞƌĞŶƚĞũĂnjŝĚĂ ŵϹ Ϯ͘ϴϭϴ͕ϳϮ ϭ͕ϳϬ Ϯϰ͕ϴϰй Ϯ͕ϭϮ ϱ͘ϵϳϱ͕ϲϵ ϳϰϬϭϬͬϬϬϭ^
Ϭϯ͘Ϭϯ͘ϭϯ ĂƌŐĂĞĚĞƐĐĂƌŐĂŵĞĐąŶŝĐĂĚĞƐŽůŽďŽƚĂĨŽƌĂƵƚŝůŝnjĂŶĚŽĐĂŵŝŶŚĆŽďĂƐĐƵůĂŶƚĞϲ͕ϬŵϹ ŵϹ Ϯ͘ϴϴϯ͕ϰϴ ϭ͕ϳϬ Ϯϰ͕ϴϰй Ϯ͕ϭϮ ϲ͘ϭϭϮ͕ϵϵ ϳϰϬϭϬͬϬϬϭ^
Ϭϯ͘Ϭϯ͘ϭϱ dƌĂŶƐƉŽƌƚĞĐŽŵĞƌĐŝĂůĐŽŵĐĂŵŝŶŚĆŽďĂƐĐƵůĂŶƚĞϲŵϹͲŵĂƚĞƌŝĂůĚĞũĂnjŝĚĂϭǐĐĂƚĞŐŽƌŝĂƉĂƌĂĂƚĞƌƌŽĚĞ
ǀĂůĂ͕ĞŵƌŽĚŽǀŝĂƉĂǀŝŵĞŶƚĂĚĂͲDdсϭϱ͕ϰϱ<ŵ ŵϹdžŬŵ ϰϯ͘ϱϰϵ͕Ϯϵ Ϭ͕ϵϱ Ϯϰ͕ϴϰй ϭ͕ϭϵ ϱϭ͘ϴϮϯ͕ϲϱ ϳϮϴϰϭ^
Ϭϯ͘Ϭϯ͘ϭϲ dƌĂŶƐƉŽƌƚĞůŽĐĂůĐŽŵĐĂŵŝŶŚĆŽďĂƐĐƵůĂŶƚĞϲŵϹͲŵĂƚĞ ƌŝĂůĚĞďŽƚĂĨŽƌĂƌŽĚŽǀŝĂĐŽŵƌĞǀĞƐƚŝŵĞŶƚŽ
ƉƌŝŵĄƌŝŽ ŵϹdžŬŵ Ϯ͘ϯϬϲ͕ϳϵ ϭ͕ϭϰ Ϯϰ͕ϴϰй ϭ͕ϰϮ ϯ͘Ϯϳϱ͕ϲϰ ϳϮϴϴϲ^
Ϭϯ͘Ϭϯ͘ϭϴ ^KZDEdK^D/Z^Ds>^ Ͳ Ͳ
Ϭϯ͘Ϭϯ͘ϭϵ ƐĐŽƌĂŵĞŶƚŽĚĞǀĂůĂ͕ƚŝƉŽƉŽŶƚĂůĞƚĞĂŵĞŶƚŽ͕ĐŽŵƉƌŽĨƵŶĚŝĚĂĚĞĚĞϬĂϭ͕ϱD͕ůĂƌŐƵƌĂŵĞŶŽƌƋƵĞϭ͕ϱ
ŵ͕ĞŵůŽĐĂůĐŽŵŶşǀĞůďĂŝdžŽĚĞŝŶƚĞƌĨĞƌġŶĐŝĂ ŵϸ ϭ͘ϳϲϲ͕ϴϲ ϭϱ͕ϲϮ Ϯϰ͕ϴϰй ϭϵ͕ϱϬ ϯϰ͘ϰϱϯ͕ϳϳ ϵϰϬϰϯ^
Ϭϯ͘Ϭϯ͘Ϯϭ >ŽĐĂĕĆŽĚĞĞƐĐŽƌĂŵĞŶƚŽŵĞƚĄůŝĐŽĐŽŵďůŝŶĚĂŐĞŵ͕ĞƐƚƌŽŶĐĂĞĂĐĞƐƐſƌŝŽƐĞŵĂĕŽ͕ĐƌĂǀĂĚŽƐĞ
ŵŽǀŝŵĞŶƚĂĚŽƐƉŽƌĞƐĐĂǀĂĚĞŝƌĂƐŚŝĚƌĄƵůŝĐĂƐĐŽŵƉƌŽĨƵŶĚŝĚĂĚĞĂƚĠϯ͕ϬŵĞůĂƌŐƵƌĂĂƚĠϮ͕ϱŵͲ
ŝŶĐůƵƐŽŵĂŶƵƚĞŶĕĆŽĞƚƌĂŶƐƉŽƌƚĞ͘;WƌŽĨƵŶĚ͘DĠĚŝĂс Ϯ͕ϳϲŵͿ ŵϸ ϲ͘ϲϰϮ͕ϴϲ ϭϵ͕ϴϱ Ϯϰ͕ϴϰй Ϯϰ͕ϳϴ ϭϲϰ͘ϲϭϬ͕Ϭϳ ŽŵƉŽƐŝĕĆŽϭϱ
Ϭϯ͘Ϭϱ͘ϬϬ ^'KdDEdK^ Ͳ Ͳ
Ϭϯ͘Ϭϱ͘Ϭϭ ƐŐŽƚĂŵĞŶƚŽĚĞǀĂůĂĐͬŵŽƚŽͲďŽŵďĂ Ś ϯϲϬ͕ϬϬ ϲ͕ϯϬ Ϯϰ͕ϴϰй ϳ͕ϴϲ Ϯ͘ϴϮϵ͕ϲϬ ϳϯϴϵϭͬϬϬϭ^
Ϭϯ͘Ϭϲ͘ϬϬ ^^EdDEdKdhK^WsͲ:hEd>^d/ Ͳ Ͳ
Ϭϯ͘Ϭϲ͘Ϭϭ
ƐƐĞŶƚĂŵĞŶƚŽĚĞƚƵďŽĚĞƉǀĐĐŽƌƌƵŐĂĚŽĚĞĚƵƉůĂƉĂƌĞĚĞƉĂƌĂƌĞĚĞĐŽůĞƚŽƌĂĚĞĞƐŐŽƚŽ͕EϭϱϬŵŵ͕
ũƵŶƚĂĞůĄƐƚŝĐĂ͕ŝŶƐƚĂůĂĚŽĞŵůŽĐĂůĐŽŵŶşǀĞůďĂŝdžŽ ĚĞŝŶƚĞƌĨĞƌġŶĐŝĂƐ;ŶĆŽŝŶĐůƵŝĨŽƌŶĞĐŝŵĞŶƚŽͿ
ŵ ϯ͘ϭϰϮ͕ϬϬ ϱ͕ϱϯ Ϯϰ͕ϴϰй ϲ͕ϵϬ Ϯϭ͘ϲϳϵ͕ϴϬ ϵϬϳϰϬ^
Ϭϯ͘Ϭϳ͘ϬϬ ^Zs/K^^dZDEdK Ͳ Ͳ
Ϭϯ͘Ϭϳ͘Ϭϭ ĂĚĂƐƚƌŽĚĞƌĞĚĞƐ͕ŝŶĐůƵƐŝǀĞĚĞƐĞŶŚŝƐƚĂ ŵ ϯ͘ϭϰϮ͕ϬϬ ϭ͕Ϯϴ Ϯϰ͕ϴϰй ϭ͕ϲϬ ϱ͘ϬϮϳ͕ϮϬ ϳϯϲϴϮ^
Ϭϯ͘Ϭϴ͘ϬϬ WKK^s/^/d^ Ͳ Ͳ
Ϭϯ͘Ϭϴ͘Ϭϭ WŽĕŽĚĞǀŝƐŝƚĂƉĂƌĂƌĞĚĞĚĞĞƐŐŽƚŽƐĂŶŝƚĄƌŝŽ͕ĞŵĂŶĠŝƐĚĞĐŽŶĐƌĞƚŽ͕ĚŝąŵĞƚƌŽсϭϭϬĐŵ͕ƉƌŽĨсϯϱϬ
Đŵ͕ŝŶĐůƵŝŶĚŽĚĞŐƌĂƵ͕ĞdžĐůƵŝŶĚŽƚĂŵƉĆŽĨĞƌƌŽĨƵŶĚŝĚ Ž͘ ƵŶ ϯ͕ϬϬ ϭ͘ϳϭϲ͕ϬϮ Ϯϰ͕ϴϰй Ϯ͘ϭϰϮ͕Ϯϴ ϲ͘ϰϮϲ͕ϴϰ ϳϯϵϲϯͬϬϭϱ^
^ƵďƚŽƚĂů ϰϴϲ͘ϱϱϭ͕ϵϳ
&21$*8$
WZK^DZ/^
ſĚŝŐŽƐ
/ƚĞŵ ĞƐĐƌŝĕĆŽ hŶŝĚ͘ YƚĚ͘ sĂůŽƌhŶŝƚĄƌŝŽ sĂůŽƌhŶŝƚĄƌŝŽ
'%, dŽƚĂů
;^Ğŵ/Ϳ ;Žŵ/Ϳ
Ϭϯ͘Ϭϵ͘ϬϬ ZK>dKZͲDdZ//^
+
)
A
L" <" ' 1: (+'3 % A8 '+" "( "'* )"'-
&)+" )+ ^
Ϭϯ͘Ϭϵ͘ϬϮ dƵďŽĐŽůĞƚŽƌĚĞĞƐŐŽƚŽWs͕:/͕EϭϱϬŵŵ;EZϳϯϲϮͿƉĂƌĂͬd/>ƉĂƐƐ͕ŝŶŝĐŝĂůĞdYͿ ŵ ϳϭ͕ϬϬ ϯϴ͕ϵϮ ϭϰ͕ϬϮй ϰϰ͕ϯϴ ϯ͘ϭϱϬ͕ϵϴ ϰϭϵϯϬ^
Ϭϯ͘Ϭϵ͘Ϭϯ dƵďŽWsĐŽƌƌƵŐĂĚŽ͕ƉĂƌĞĚĞĚƵƉůĂ͕:EϭϱϬŵŵ͕ƌĞĚĞĐŽůĞƚŽƌĂĞƐŐŽƚŽ ŵ ϯ͘ϭϰϮ͕ϬϬ Ϯϴ͕ϱϲ ϭϰ͕ϬϮй ϯϮ͕ϱϲ ϭϬϮ͘ϯϬϯ͕ϱϮ ϯϴϬϯϮ^
Ϭϯ͘Ϭϵ͘Ϭϰ ƵƌǀĂWsϵϬǑŶďƌͲϭϬϱϲϵƉͬƌĞĚĞĐŽůĞƚŽƌĂĞƐŐŽƚŽW:EϭϱϬŵŵ ƵŶ ϭϲ͕ϬϬ ϭϬϴ͕ϵϴ ϭϰ͕ϬϮй ϭϮϰ͕Ϯϲ ϭ͘ϵϴϴ͕ϭϲ ϭϴϲϱ^
Ϭϯ͘Ϭϵ͘Ϭϱ >ƵǀĂĚĞĐŽƌƌĞƌƵŶŝǀĞƌƐĂů͕WsĞƐŐŽƚŽ͕ĐŽŵĂŶĞŝƐĚĞďŽƌƌĂĐŚĂ͕ƵŶŝǀĞƌƐĂů͕EϭϱϬŵŵ ƵŶ ϱ͕ϬϬ ϭϵ͕ϱϯ ϭϰ͕ϬϮй ϮϮ͕Ϯϳ ϭϭϭ͕ϯϱ ϯϴϯϱ^
Ϭϯ͘Ϭϵ͘Ϭϲ >ƵǀĂĚĞĐŽƌƌĞƌƵŶŝǀĞƌƐĂů͕WsĞƐŐŽƚŽ͕ĐŽŵĂŶĞŝƐĚĞďŽƌƌĂĐŚĂ͕ƵŶŝǀĞƌƐĂů͕EϮϬϬŵŵ ƵŶ ϭϭ͕ϬϬ ϱϬ͕ϱϭ ϭϰ͕ϬϮй ϱϳ͕ϱϵ ϲϯϯ͕ϰϵ ϯϴϯϲ^
Ϭϯ͘Ϭϵ͘Ϭϳ d/>ƚƵďŽƋƵĞĚĂ͕ĞŵƉǀĐ͕:͕͕EϭϱϬdžϭϱϬŵŵ͕ƉĂƌĂƌĞĚĞĐŽůĞƚŽƌĂĚĞĞƐŐŽƚŽ;EZϭϬϱϲϵͿ
ƵŶ ϱ͕ϬϬ ϭ͘Ϭϳϱ͕Ϯϭ ϭϰ͕ϬϮй ϭ͘ϮϮϱ͕ϵϱ ϲ͘ϭϮϵ͕ϳϱ ϭϭϲϲϱ^
Ϭϯ͘Ϭϵ͘Ϭϴ d/>WsƉĂƐƐĂŐĞŵƵŶŝǀĞƌƐĂůEZϭϬϱϲϵƉͬƌĞĚĞĐŽůĞƚŽƌĂĞƐŐŽƚŽ:͕ĐŽŵĂŶĠŝƐĚĞďŽƌƌĂĐŚĂ͕E
ϭϱϬdžϭϱϬŵŵ ƵŶ ϯϬ͕ϬϬ ϲϲϲ͕ϴϮ ϭϰ͕ϬϮй ϳϲϬ͕ϯϭ ϮϮ͘ϴϬϵ͕ϯϬ ϳϮϴϮ^
Ϭϯ͘Ϭϵ͘Ϭϵ d/>WsƌĂĚŝĂů͕EZϭϬϱϲϵƉͬƌĞĚĞĐŽůĞƚŽƌĂĞƐŐŽƚŽ:EϭϱϬdžϮϬϬŵŵ ƵŶ ϭϭ͕ϬϬ ϲϱϯ͕ϯϱ ϭϰ͕ϬϮй ϳϰϰ͕ϵϱ ϴ͘ϭϵϰ͕ϰϱ ϳϮϳϱ^
Ϭϯ͘Ϭϵ͘ϭϬ dĂŵƉĆŽWsƉͬd/>ͲϲϰϰƉͬƌĞĚĞĐŽůĞƚŽƌĂĞƐŐŽƚŽEϭϱϬŵŵ ƵŶ ϰϲ͕ϬϬ ϴϬ͕ϭϳ ϭϰ͕ϬϮй ϵϭ͕ϰϭ ϰ͘ϮϬϰ͕ϴϲ ϲϮϱϭ^
Ϭϯ͘Ϭϵ͘ϭϭ dĂŵƉĆŽWsƉͬd/>ͲϲϰϰƉͬƌĞĚĞĐŽůĞƚŽƌĂĞƐŐŽƚŽEϮϬϬŵŵ ƵŶ ϭϭ͕ϬϬ ϭϬϮ͕ϯϮ ϭϰ͕ϬϮй ϭϭϲ͕ϲϳ ϭ͘Ϯϴϯ͕ϯϳ ϲϮϱϮ^
^ƵďƚŽƚĂů ϭϱϮ͘ϰϬϮ͕ϲϳ
dKd>ZK>dKZ ϲϯϴ͘ϵϱϰ͕ϲϰ
Ϭϰ͘ϬϬ͘ϬϬ >/'O^KD//>/Z^ͲKZ^/s/^
Ϭϰ͘Ϭϭ͘ϬϬ yhK>/'O^KD//>/Z^
Ϭϰ͘Ϭϭ͘Ϭϭ ŽůĞƚŽƌƉƌĞĚŝĂůĚĞĞƐŐŽƚŽ͕ĚĂĐĂŝdžĂĂƚĠĂƌĞĚĞ;ĚŝƐƚąŶĐŝĂсϲŵ͕ůĂƌŐƵƌĂĚĂǀĂůĂсϬ͕ϲϱŵͿ͕ŝŶĐůƵŝŶĚŽ
ĞƐĐĂǀĂĕĆŽŵĂŶƵĂů͕ƉƌĞƉĂƌŽĚĞĨƵŶĚŽĚĞǀĂůĂĞƌĞĂƚĞƌƌŽŵĂŶƵĂůĐŽŵĐŽŵƉĂĐƚĂĕĆŽŵĞĐĂŶŝnjĂĚĂ͕ƚƵďŽ
WsƉͬƌĞĚĞĐŽůĞƚŽƌĂĞƐŐŽƚŽ:/EϭϬϬŵŵĞĐŽŶĞdžƁĞƐͲĨŽƌŶĞĐŝŵĞŶƚŽĞŝŶƐƚĂůĂĕĆŽ͕ŝŶĐůƵŝŶĚŽŵĆŽ
ĚĞŽďƌĂƉĂƌĂŝŶƐƚĂůĂĕĆŽĚŽd/>ĚĞůŝŐĂĕĆŽƉƌĞĚŝĂů͘ ƵŶ ϯϲϵ͕ϬϬ ϰϳϰ͕ϱϰ Ϯϰ͕ϴϰй ϱϵϮ͕ϰϮ Ϯϭϴ͘ϲϬϮ͕ϵϴ ϵϯϯϱϮ
Ϭϰ͘ϬϮ͘ϬϬ ^dZK>/'O^KD//>/Z^ Ͳ Ͳ
Ϭϰ͘ϬϮ͘Ϭϭ ĂĚĂƐƚƌŽĚĞůŝŐĂĕƁĞƐƉƌĞĚŝĂŝƐ͕ŝŶĐůƵƐŝǀĞĚĞƐĞŶŚŝƐƚĂ ƵŶ ϯϲϵ͕ϬϬ ϴ͕ϯϱ Ϯϰ͕ϴϰй ϭϬ͕ϰϮ ϯ͘ϴϰϰ͕ϵϴ ϳϯϲϳϳ^
^ƵďƚŽƚĂů Ͳ ϮϮϮ͘ϰϰϳ͕ϵϲ
Ͳ
Ϭϰ͘Ϭϯ͘ϬϬ >/'O^KD//>/Z^ͲDdZ//^ Ͳ
Ϭϰ͘Ϭϯ͘Ϭϭ ^ĞůŝŵWsϵϬŐĐͬƚƌĂǀĂƐEZϭϬϱϲϵƉͬƌĞĚĞĐŽůĞƚŽƌĂĞƐŐŽƚŽĚĞƉĂƌĞĚĞĚƵƉůĂͲEϭϱϬdžϭϬϬŵŵ ƵŶ ϯϲϵ͕ϬϬ ϯ͕ϰϮ ϭϰ͕ϬϮй ϯ͕ϵϬ ϭ͘ϰϯϵ͕ϭϬ ϲϭϬϲ^
Ϭϰ͘Ϭϯ͘ϬϮ d/>WsůŝŐĂĕĆŽƉƌĞĚŝĂůEZϭϬϱϲϵƉͬƌĞĚĞĐŽůĞƚŽƌĂĞƐŐŽƚŽ:͕EϭϬϬdžϭϬϬŵŵ ƵŶ ϯϲϵ͕ϬϬ Ϯϰ͕ϴϯ ϭϰ͕ϬϮй Ϯϴ͕ϯϭ ϭϬ͘ϰϰϲ͕ϯϵ ϳϮϳϰ^
Ϭϰ͘Ϭϯ͘Ϭϯ dĂŵƉĆŽWsƉͬd/>ĚĞůŝŐĂĕĆŽƉƌĞĚŝĂůĚĞĞƐŐ ŽƚŽĞƐŐŽƚŽEϭϬϬŵŵ ƵŶ ϯϲϵ͕ϬϬ ϱϮ͕Ϯϱ ϭϰ͕ϬϮй ϱϵ͕ϱϴ Ϯϭ͘ϵϴϱ͕ϬϮ ϲϮϰϵ^
^ƵďƚŽƚĂů ϯϯ͘ϴϳϬ͕ϱϭ
dKd>^>/'K^WZ/^ Ϯϱϲ͘ϯϭϴ͕ϰϳ
Ϭϱ͘ϬϬ͘ϬϬ ^dK>sdKZ/ͲKZ^/s/^
Ϭϱ͘Ϭϭ͘ϬϬ >KK
Ϭϱ͘Ϭϭ͘Ϭϭ >ŽĐĂĕĆŽĚĞŽďƌĂ͕ĐŽŵƵƐŽĚĞĞƋƵŝƉĂŵĞŶƚŽƚŽƉŽŐƌĄĨŝĐŽ͕ŝŶĐůƵƐŝǀĞƚŽƉſŐƌĂĨŽĞŶŝǀĞůĂĚŽƌ ŵϸ Ϯ͕ϭϲ ϮϬ͕ϲϴ Ϯϰ͕ϴϰй Ϯϱ͕ϴϮ ϱϱ͕ϴϱ ϳϯϲϴϲ^
Ϭϱ͘ϬϮ͘ϬϬ DKs/DEdKdZZ Ͳ Ͳ
Ϭϱ͘ϬϮ͘Ϭϭ ƐĐĂǀĂĕĆŽŵĞĐĂŶŝnjĂĚĂ Ͳ Ͳ
&21$*8$
WZK^DZ/^
ſĚŝŐŽƐ
/ƚĞŵ ĞƐĐƌŝĕĆŽ hŶŝĚ͘ YƚĚ͘ sĂůŽƌhŶŝƚĄƌŝŽ sĂůŽƌhŶŝƚĄƌŝŽ
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;^Ğŵ/Ϳ ;Žŵ/Ϳ
&
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B "& 1B C?
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Ϭϱ͘ϬϮ͘Ϭϯ ƐĐĂǀĂĕĆŽŵĞĐĂŶŝnjĂĚĂĚĞǀĂůĂĐŽŵƉƌŽĨ͘ĚĞϭ͕ϱŵăϯ͕ϬϬŵ;ŵĠĚŝĂĞŶƚƌĞŵŽŶƚĂŶƚĞũƵƐĂŶƚĞͬƵŵĂ
ĐŽŵƉŽƐŝĕĆŽƉŽƌƚƌĞĐŚŽͿ͕ĐŽŵĞƐĐĂǀĂĚĞŝƌĂŚŝĚƌĄƵůŝĐĂ;Ϭ͕ϴDϯͬϭϭϭŚƉͿ͕ůĂƌŐ͘Ğϭ͕ϱŵĂϮ͕ϱŵ͕ĞŵƐŽůŽ
ĚĞϭĂĐĂƚĞŐŽƌŝĂ͕ůŽĐĂŝƐĐŽŵĂŝdžŽŶşǀĞůĚĞŝŶƚĞƌĨĞƌġŶĐŝĂ ŵϹ ϭϮ͕ϱϭ ϱ͕ϯϰ Ϯϰ͕ϴϰй ϲ͕ϲϳ ϴϯ͕ϰϳ ϵϬϬϵϮ^
Ϭϱ͘ϬϮ͘Ϭϰ ƐĐĂǀĂĕĆŽŵĞĐĂŶŝnjĂĚĂĚĞǀĂůĂĐŽŵƉƌŽĨ͘Ğϯ͕ϬϬăϰ͕ϱϬŵ;ŵĠĚŝĂĞŶƚƌĞŵŽŶƚĂŶƚĞũƵƐĂŶƚĞͬƵŵĂ
ĐŽŵƉŽƐŝĕĆŽƉŽƌƚƌĞĐŚŽͿ͕ĐŽŵĞƐĐĂǀĂĚĞŝƌĂŚŝĚƌĄƵůŝĐĂ;Ϭ͕ϴDϯͬϭϭϭŚƉͿ͕ůĂƌŐ͘Ğϭ͕ϱŵĂϮ͕ϱŵ͕ĞŵƐŽůŽ
ĚĞϭĂĐĂƚĞŐŽƌŝĂ͕ůŽĐĂŝƐĐŽŵĂŝdžŽŶşǀĞůĚĞŝŶƚĞƌĨĞƌġŶĐŝĂ ŵϹ Ϭ͕ϵϮ ϯ͕ϵϵ Ϯϰ͕ϴϰй ϰ͕ϵϴ ϰ͕ϱϳ ϵϬϬϵϰ^
Ϭϱ͘ϬϮ͘Ϭϱ ƐĐĂǀĂĕĆŽŵĂŶƵĂůĞŵǀĂůĂ͕ƋƵĂůƋƵĞƌƚŝƉŽĚĞƐŽůŽĞdžĐĞƚŽƌŽĐŚĂ͕ƉƌŽĨƵŶĚŝĚĂĚĞĚĞϯ͕Ϭăϰ͕ϱϬŵ ŵϹ ϭ͕ϲϳ ϲϮ͕ϯϰ Ϯϰ͕ϴϰй ϳϳ͕ϴϯ ϭϮϵ͕ϴϲ ϵϯϯϱϴ^
Ϭϱ͘ϬϮ͘Ϭϲ ZĞĂƚĞƌƌŽŵĞĐĂŶŝnjĂĚŽĚĞǀĂůĂͬĐĂǀĂ͕ƵƚŝůŝnjĂŶĚŽĞƐĐĂǀĂĚĞŝƌĂŚŝĚƌĄƵůŝĐĂĞĐŽŵƉĂĐƚĂĚŽƌǀŝďƌĂƚſƌŝŽĂƚĠ
ϭ͕ϱϬŵĚĞƉƌŽĨ͕͘ƐͬƐƵďƐƚŝƚƵŝĕĆŽĚĞŵĂƚĞƌŝĂůĚĞϭǐĐĂƚĞŐŽƌŝĂĞŵůŽĐĂůĚĞďĂŝdžŽŶşǀĞůĚĞŝŶƚĞƌĨĞƌġŶĐŝĂ
ʹƌĞĂƉƌŽǀĞŝƚĂŵĞŶƚŽĚŽŵĂƚĞƌŝĂůĞƐĐĂǀĂĚŽ͘ ŵϹ ϭ͕ϴϱ ϭϰ͕ϰϲ Ϯϰ͕ϴϰй ϭϴ͕Ϭϱ ϯϯ͕ϰϲ ϵϯϯϲϳ^
Ϭϱ͘ϬϮ͘Ϭϳ ƚĞƌƌŽŵĞĐĂŶŝnjĂĚŽĚĞǀĂůĂͬĐĂǀĂ͕ƵƚŝůŝnjĂŶĚŽĞƐĐĂǀĂĚĞŝƌĂŚŝĚƌĄƵůŝĐĂĞĐŽŵƉĂĐƚĂĚŽƌǀŝďƌĂƚſƌŝŽĂƚĠ
ϭ͕ϱϬŵĚĞƉƌŽĨ͕͘ĐŽŵŵĂƚĞƌŝĂůĚĞϭǐĐĂƚĞŐŽƌŝĂ͕ƐŽůŽĂƌŐŝůŽĂƌĞŶŽƐŽĞŵůŽĐĂůĚĞďĂŝdžŽŶşǀĞůĚĞ
ŝŶƚĞƌĨĞƌġŶĐŝĂ͘ ŵϹ ϵ͕ϵϮ Ϯϳ͕ϬϬ Ϯϰ͕ϴϰй ϯϯ͕ϳϭ ϯϯϰ͕ϯϰ ϵϰϯϬϰ^
Ϭϱ͘ϬϮ͘Ϭϴ ƚĞƌƌŽŵĞĐĂŶŝnjĂĚŽĚĞǀĂůĂͬĐĂǀĂ͕ƵƚŝůŝnjĂŶĚŽĞƐĐĂǀĂĚĞŝƌĂŚŝĚƌĄƵůŝĐĂĞĐŽŵƉĂĐƚĂĚŽƌǀŝďƌĂƚſƌŝŽĚĞϭ͕ϱϬ
ŵĂƚĠϯ͕ϬϬŵĚĞƉƌŽĨ͕͘ĐŽŵŵĂƚĞƌŝĂůĚĞϭǐĐĂƚĞŐŽƌŝĂ͕ƐŽůŽĂƌŐŝůŽĂƌĞŶŽƐŽĞŵůŽĐĂůĚĞďĂŝdžŽŶşǀĞůĚĞ
ŝŶƚĞƌĨĞƌġŶĐŝĂ͘ ŵϹ ϵ͕Ϯϳ ϮϬ͕ϵϬ Ϯϰ͕ϴϰй Ϯϲ͕Ϭϵ Ϯϰϭ͕ϴϰ ϵϰϯϬϲ^
Ϭϱ͘ϬϮ͘Ϭϵ ƚĞƌƌŽŵĞĐĂŶŝnjĂĚŽĚĞǀĂůĂͬĐĂǀĂ͕ƵƚŝůŝnjĂŶĚŽĞƐĐĂǀĂĚĞŝƌĂŚŝĚƌĄƵůŝĐĂĞĐŽŵƉĂĐƚĂĚŽƌǀŝďƌĂƚſƌŝŽĚĞϯ͕ϬϬ
ŵăϰ͕ϱϬŵĚĞƉƌŽĨ͕͘ĐŽŵŵĂƚĞƌŝĂůĚĞϭǐĐĂƚĞŐŽƌŝĂ͕ƐŽůŽĂƌŐŝůŽĂƌĞŶŽƐŽĞŵůŽĐĂůĚĞďĂŝdžŽŶşǀĞůĚĞ
ŝŶƚĞƌĨĞƌġŶĐŝĂ͘ ŵϹ Ϭ͕Ϯϱ ϭϵ͕ϱϰ Ϯϰ͕ϴϰй Ϯϰ͕ϯϵ ϲ͕Ϭϯ ϵϰϯϬϴ^
Ϭϱ͘ϬϮ͘ϭϬ ĂƌŐĂĞĚĞƐĐĂƌŐĂŵĞĐąŶŝĐĂĚĞƐŽůŽƵƚŝůŝnjĂŶĚŽĐĂŵŝŶŚĆŽďĂƐĐƵůĂŶƚĞϲ͕ϬŵϹ͕ďŽƚĂĨŽƌĂ ŵϹ ϭϵ͕ϰϯ ϭ͕ϳϬ Ϯϰ͕ϴϰй Ϯ͕ϭϮ ϰϭ͕ϮϬ ϳϰϬϭϬͬϬϬϭ^
Ϭϱ͘ϬϮ͘ϭϭ dƌĂŶƐƉŽƌƚĞůŽĐĂůĐŽŵĐĂŵŝŶŚĆŽďĂƐĐƵůĂŶƚĞϲŵϹͲŵĂƚĞ ƌŝĂůĚĞďŽƚĂĨŽƌĂƌŽĚŽǀŝĂĐŽŵƌĞǀĞƐƚŝŵĞŶƚŽ
ƉƌŝŵĄƌŝŽ ŵϹdžŬŵ ϭϱ͕ϱϱ ϭ͕ϭϰ Ϯϰ͕ϴϰй ϭ͕ϰϮ ϮϮ͕Ϭϴ ϳϮϴϴϲ^
Ͳ
Ϭϱ͘Ϭϯ͘ϬϬ ^KZDEdK^D/Z^Ds>^ Ͳ Ͳ
Ϭϱ͘Ϭϯ͘Ϭϭ ƐĐŽƌĂŵĞŶƚŽĚĞǀĂůĂƐĐŽŵƉƌĂŶĐŚƁĞƐŵĞƚĄůŝĐŽƐʹĄƌĞĂŶĆŽĐƌĂǀĂĚĂ ŵϸ ϯϯ͕ϴϴ ϰϯ͕ϬϬ Ϯϰ͕ϴϰй ϱϯ͕ϲϴ ϭ͘ϴϭϴ͕ϴϭ ϳϯϴϳϳͬϬϬϮ^
Ϭϱ͘Ϭϰ͘ϬϬ ^'KdDEdK^ Ͳ Ͳ
Ϭϱ͘Ϭϰ͘Ϭϭ ƐŐŽƚĂŵĞŶƚŽĐŽŵďŽŵďĂƐ Ś ϰϱ͕ϬϬ ϲ͕ϯϬ Ϯϰ͕ϴϰй ϳ͕ϴϲ ϯϱϯ͕ϳϬ ϳϯϴϵϭͬϬϬϭ^
Ϭϱ͘Ϭϱ͘ϬϬ >^dZK^ Ͳ Ͳ
Ϭϱ͘Ϭϱ͘Ϭϭ >ĂƐƚƌŽĚĞďƌŝƚĂŶǑϭƉͬĐĂŝdžĂƐ͕ĂƉŝůŽĂĚĂͲ ŝŶĐůƵƐŽƚƌĂŶƐƉŽƌƚĞ ŵϹ Ϭ͕ϭϭ ϳϳ͕ϰϴ Ϯϰ͕ϴϰй ϵϲ͕ϳϯ ϭϬ͕ϱϭ ŽŵƉŽƐŝĕĆŽϭ
Ϭϱ͘Ϭϲ͘ϬϬ KEZdK Ͳ Ͳ
Ϭϱ͘Ϭϲ͘ϬϮ ŽŶĐƌĞƚŽ&<сϭϱŵƉĂ͕ƚƌĂĕŽϭ͗ϯ͕ϰ͗ϯ͕ϱ;ĐŝŵĞŶƚŽͬĂƌĞŝĂŵĠĚŝĂͬďƌŝƚĂϭͿŵϯͲƉƌĞƉĂƌŽŵĞĐąŶŝĐŽ
ĐŽŵďĞƚŽŶĞŝƌĂϰϬ ŵϹ Ϭ͕ϵϱ Ϯϵϲ͕Ϯϵ Ϯϰ͕ϴϰй ϯϲϵ͕ϴϵ ϯϱϮ͕Ϭϲ ϵϰϵϲϯ^
Ϭϱ͘Ϭϳ͘ϬϬ &KZD^ Ͳ Ͳ
Ϭϱ͘Ϭϳ͘Ϭϭ &ŽƌŵĂƚĄďƵĂƐƉĂƌĂĐŽŶĐƌĞƚŽĞŵĨƵŶĚĂĕĆŽ ŵϸ Ϭ͕ϱϴ ϯϰ͕ϭϵ Ϯϰ͕ϴϰй ϰϮ͕ϲϴ Ϯϰ͕ϵϯ ϱϲϱϭ^
Ϭϱ͘Ϭϳ͘ϬϮ DŽŶƚĂŐĞŵĞĚĞƐŵŽŶƚĂŐĞŵĚĞĨƀƌŵĂĚĞǀŝŐĂ͕ĞƐĐŽƌĂŵĞŶƚŽĐŽŵƉŽŶƚĂůĞƚĞĚĞŵĂĚĞŝƌĂ͕ƉĠͲĚŝƌĞŝƚŽ
ƐŝŵƉůĞƐ͕ĞŵŵĂĚĞŝƌĂƐĞƌƌĂĚĂ ŵϸ ϯ͕ϱϯ ϯϰ͕ϭϵ Ϯϰ͕ϴϰй ϰϮ͕ϲϴ ϭϱϬ͕ϳϳ ϵϮϰϴϬ^
Ϭϱ͘Ϭϴ͘ϬϬ ZDhZK Ͳ Ͳ
&21$*8$
WZK^DZ/^
ſĚŝŐŽƐ
/ƚĞŵ ĞƐĐƌŝĕĆŽ hŶŝĚ͘ YƚĚ͘ sĂůŽƌhŶŝƚĄƌŝŽ sĂůŽƌhŶŝƚĄƌŝŽ
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Ϭϱ͘Ϭϵ͘ϬϬ ^^EdDEdK Ͳ Ͳ
Ϭϱ͘Ϭϵ͘Ϭϭ ƐƐĞŶƚĂŵĞŶƚŽĚĞƚƵďŽƐĚĞĐŽŶĐƌĞƚŽĚŝąŵĞƚƌŽсϭϱϬϬŵŵ͕ƐŝŵƉůĞƐŽƵĂƌŵĂĚŽ͕ũƵŶƚĂĞŵĂƌŐĂŵĂƐƐĂ
ϭ͗ϯĐŝŵĞŶƚŽͬĂƌĞŝĂ ŵ ϰ͕ϬϬ ϰϱ͕ϵϯ Ϯϰ͕ϴϰй ϱϳ͕ϯϰ ϮϮϵ͕ϯϲ ϵϰϴϴϰ^
Ϭϱ͘ϭϬ͘ϬϬ /DWZD/>/O^Zs^d/DEdK^ Ͳ Ͳ
Ϭϱ͘ϭϬ͘Ϭϭ /ŵƉĞƌŵĞĂďŝůŝnjĂĕĆŽĚĞĞƐƚƌƵƚƵƌĂƐĞŶƚĞƌƌĂĚĂƐĐŽŵĐŝŵĞŶƚŽĐƌŝƐƚĂůŝnjĂŶƚĞĞĞŵƵůƐĆŽĂĚĞƐŝǀĂĂƚĠϳŵĚĞ
ƉƌŽĨƵŶĚŝĚĂĚĞ͘ ŵϸ ϭϵ͕ϭϮ ϱϵ͕ϳϯ Ϯϰ͕ϴϰй ϳϰ͕ϱϳ ϭ͘ϰϮϱ͕ϵϳ ϳϯϵϮϵͬϬϬϰ^
Ϭϱ͘ϭϬ͘ϬϮ ŵďŽĕŽŽƵŵĂƐƐĂƷŶŝĐĂĞŵĂƌŐĂŵĂƐƐĂƚƌĂĕŽϭ͗Ϯ͗ϴ͕ƉƌĞƉĂƌŽŵĂŶƵĂů͕ĂƉůŝĐĂĂŵĂŶƵĂůŵĞŶƚĞĞŵ
ƉĂŶŽƐĚĞĨĂĐŚĂĚĂĐŽŵƉƌĞƐĞŶĕĂĚĞǀĆŽƐ͕ĞƐƉĞƐƐƵƌĂĚĞϮϱŵŵ ŵϸ ϱ͕Ϯϭ ϰϯ͕Ϯϵ Ϯϰ͕ϴϰй ϱϰ͕Ϭϰ Ϯϴϭ͕ϲϴ ϴϳϳϳϳ^
Ϭϱ͘ϭϭ͘ϬϬ /E^d>O^DKEd'E^ Ͳ Ͳ
Ϭϱ͘ϭϭ͘Ϭϭ /ŶƐƚĂůĂĕĆŽĚĞĐŽŶũƵŶƚŽŵŽƚŽͲďŽŵďĂ͕ƐƵďŵĞƌƐş ǀĞů͕ƉŽƚġŶĐŝĂĂƚĠϭϬs ƵŶ Ϯ͕ϬϬ ϭϵϱ͕ϮϬ Ϯϰ͕ϴϰй Ϯϰϯ͕ϲϵ ϰϴϳ͕ϯϴ ϳϯϴϯϰͬϬϬϭ^
Ϭϱ͘ϭϭ͘ϬϮ ƐƐĞŶƚĂŵĞŶƚŽĚĞƉĞĕĂƐ͕ĐŽŶĞdžƁĞƐ͕ĂƉĂƌĞůŚŽƐĞĂĐĞƐƐſƌŝŽƐĚĞĨĞƌƌŽĨƵŶĚŝĚŽĚƷĐƚŝů͕
ũƵŶƚĂĞůĄƐƚŝĐĂ͕ŵĞĐąŶŝĐĂŽƵĨůĂŶŐĞĂĚĂ͕ĐŽŵĚŝąŵĞƚƌŽĚĞϱϬăϯϬϬŵŵ ŬŐ ϭϮϬ͕ϬϬ ϭ͕ϳϭ Ϯϰ͕ϴϰй Ϯ͕ϭϯ Ϯϱϱ͕ϲϬ ϴϯϳϮϰ^
Ϭϱ͘ϭϮ͘ϬϬ /DZDEdK Ͳ Ͳ
Ϭϱ͘ϭϮ͘Ϭϭ ŝŵďƌĂŵĞŶƚŽ ŵϹ Ϭ͕ϲϭ ϵ͕ϯϯ Ϯϰ͕ϴϰй ϭϭ͕ϲϱ ϳ͕ϭϰ ϳϯϯϬϭ^
Ϭϱ͘ϭϯ͘ϬϬ ^Zs/K^KDW>DEdZ^ Ͳ Ͳ
Ϭϱ͘ϭϯ͘Ϭϭ ^ĞƌǀŝĕŽƐĚĞůŝŵƉĞnjĂŐĞƌĂůĚĂĄƌĞĂĚĂĞůĞǀĂƚſƌŝĂ ŵϸ Ϯϱ͕ϬϬ Ϯ͕ϯϰ Ϯϰ͕ϴϰй Ϯ͕ϵϮ ϳϯ͕ϬϬ ϵϱϯϳ^
^ƵďƚŽƚĂů Ͳ ϳ͘ϯϲϳ͕ϰϳ
Ͳ
Ϭϱ͘ϭϰ͘ϬϬ ^dK>sdMZ/^'KdKͲͲͲDdZ//^ Ͳ
Ϭϱ͘ϭϰ͘Ϭϭ dƵďŽĐŽŶĐƌĞƚŽĂƌŵĂĚŽĐůĂƐƐĞWͲϯW:EZͲϴϴϵϬͬϮϬϬϳEϭϱϬϬŵŵƉͬĞƐŐŽƚŽƐĂŶŝƚĄƌŝŽ ŵ ϰ͕ϬϬ ϱϭϬ͕ϵϳ ϭϰ͕ϬϮй ϱϴϮ͕ϲϭ Ϯ͘ϯϯϬ͕ϰϰ ϭϮϱϳϱ^
Ϭϱ͘ϭϰ͘ϬϮ ŽŵďĂƐƵďŵĞƌƐşǀĞůƉĂƌĂĞƐŐŽƚŽ͕ĐŽŵĐŽƌƌĞŶƚĞ͕ĞĐĂďŽƐĞůĠƚƌŝĐŽƐ͕ƚĞŶƐĆŽϯϴϬǀŽůƚƐ͕ƚƌŝĨĄƐŝĐŽ͕ǀĂnjĆŽ
ϯ͕ϲϭ>ͬƐ͕ĂůƚƵƌĂŵĂŶŽŵĠƚƌŝĐĂĚĞϭϬ͘ϵϳŵ͘Đ͘Ă͕͘ƉŽƚġŶĐŝĂϰ͕Ϭs ƵŶ Ϯ͕ϬϬ ϵ͘ϳϵϲ͕ϱϬ ϭϰ͕ϬϮй ϭϭ͘ϭϲϵ͕ϵϳ ϮϮ͘ϯϯϵ͕ϵϰ KƌĕĂŵĞŶƚŽϬϯ
Ϭϱ͘ϭϰ͘Ϭϯ EŝƉĞůĨĞƌƌŽŐĂůǀĂŶŝnjĂĚŽ͕ĐŽŵƌŽƐĐĂƐ͕TϮΗ ƵŶ ϭϭ͕ϬϬ ϭϴ͕ϵϳ ϭϰ͕ϬϮй Ϯϭ͕ϲϯ Ϯϯϳ͕ϵϯ ϰϭϴϭ^
Ϭϱ͘ϭϰ͘Ϭϰ ŶŐĂƚĞƉĂƌĂŵĂŶŐƵĞŝƌĂdžŐĞƌƌŽŐĂůǀĂŶŝnjĂĚŽ͕TϮΗdžϮΗ ƵŶ ϰ͕ϬϬ ϱϯ͕ϰϭ ϭϰ͕ϬϮй ϲϬ͕ϵϬ Ϯϰϯ͕ϲϬ KƌĕĂŵĞŶƚŽϬϱ
Ϭϱ͘ϭϰ͘Ϭϱ hŶŝĆŽĐŽŵĂƐƐĞŶƚŽĐƀŶŝĐŽ͕ĨĞƌƌŽŐĂůǀĂŶŝnjĂĚŽ͕TϮΗ ƵŶ Ϯ͕ϬϬ ϴϵ͕ϳϭ ϭϰ͕ϬϮй ϭϬϮ͕Ϯϵ ϮϬϰ͕ϱϴ ϭϮϰϮϴ^
Ϭϱ͘ϭϰ͘Ϭϲ ZĞŐŝƐƚƌŽĚĞŐĂǀĞƚĂ͕ĐŽŵǀŽůĂŶƚĞ͕ĐŽŵƌŽƐĐĂƐŝŶƚĞƌŶĂƐ͕TϮΗ ƵŶ ϯ͕ϬϬ ϳϱ͕ϯϳ ϭϰ͕ϬϮй ϴϱ͕ϵϰ Ϯϱϳ͕ϴϮ ϲϬϮϴ^
Ϭϱ͘ϭϰ͘Ϭϳ sĄůǀƵůĂĚĞƌĞƚĞŶĕĆŽ͕ĐŽƌƉŽĞŵďƌŽŶnjĞ͕ƌŽƐĐĂƐŝŶƚĞƌŶĂƐ͕TϮΗ ƵŶ Ϯ͕ϬϬ ϭϲϬ͕ϯϵ ϭϰ͕ϬϮй ϭϴϮ͕ϴϴ ϯϲϱ͕ϳϲ ϭϬϰϬϴ^
Ϭϱ͘ϭϰ͘Ϭϴ dƵďŽĨĞƌƌŽŐĂůǀĂŶŝnjĂĚŽ͕ĐŽŵƌŽƐĐĂƐ͕TϮΗ͕ĐŽŵƉ͘сϬ͕ϯϬŵ ƵŶ ϯ͕ϬϬ ϮϮ͕Ϭϱ ϭϰ͕ϬϮй Ϯϱ͕ϭϰ ϳϱ͕ϰϮ ŽŵƉŽƐŝĕĆŽϬϳ
Ϭϱ͘ϭϰ͘Ϭϵ :ŽĞůŚŽĨĞƌƌŽŐĂůǀĂŶŝnjĂĚŽ͕ϵϬǑ͕ƌŽƐĐĂƐŝŶƚĞƌŶĂƐ͕TϮΗ ƵŶ ϲ͕ϬϬ Ϯϲ͕ϵϯ ϭϰ͕ϬϮй ϯϬ͕ϳϭ ϭϴϰ͕Ϯϲ ϯϰϳϭ^
Ϭϱ͘ϭϰ͘ϭϬ dĞĨĞƌƌŽŐĂůǀĂŶŝnjĂĚŽ͕ϵϬǑ͕ƌŽƐĐĂƐŝŶƚĞƌŶĂƐ͕TϮΗdžϮΗ ƵŶ Ϯ͕ϬϬ ϯϱ͕ϴϬ ϭϰ͕ϬϮй ϰϬ͕ϴϮ ϴϭ͕ϲϰ ϲϮϵϴ^
Ϭϱ͘ϭϰ͘ϭϭ ĚĂƉƚĂĚŽƌĐŽŵƉƌĞƐƐĆŽdžƌŽƐĐĂ;ĨġŵĞĂͿTϲϯŵŵdžϮΗͲWEϲ ƵŶ ϭ͕ϬϬ ϰϮ͕Ϯϱ ϭϰ͕ϬϮй ϰϴ͕ϭϳ ϰϴ͕ϭϳ KƌĕĂŵĞŶƚŽϬϭ
Ϭϱ͘ϭϰ͘ϭϮ ŽƚŽǀĞůŽĚĞĐŽŵƉƌĞƐƐĆŽ͕ϵϬǑ͕ϲϯŵŵ ƵŶ Ϯ͕ϬϬ Ϯϱ͕ϵϴ ϭϰ͕ϬϮй Ϯϵ͕ϲϮ ϱϵ͕Ϯϰ ϯϳϰϯϳ^
Ϭϱ͘ϭϰ͘ϭϯ dƵďŽĨĞƌƌŽŐĂůǀĞŶŝnjĂĚŽ͕ĐŽŵƌŽƐĐĂƐ͕TϮΗ͕ĐŽŵƉ͘сϬ͕ϳϬŵ ƵŶ ϭ͕ϬϬ ϯϱ͕ϭϳ ϭϰ͕ϬϮй ϰϬ͕ϭϬ ϰϬ͕ϭϬ ŽŵƉŽƐŝĕĆŽϬϲ
Ϭϱ͘ϭϰ͘ϭϰ dƵďŽĨĞƌƌŽŐĂůǀĞŶŝnjĂĚŽ͕ĐŽŵƌŽƐĐĂƐ͕TϮΗ͕ĐŽŵƉ͘сϬ͕Ϯϱŵ ƵŶ Ϯ͕ϬϬ ϮϬ͕ϰϭ ϭϰ͕ϬϮй Ϯϯ͕Ϯϳ ϰϲ͕ϱϰ ŽŵƉŽƐŝĕĆŽϬϴ
Ϭϱ͘ϭϰ͘ϭϱ DĂŶŐƵĞŝƌĂĚĞĂůƚĂƉƌĞƐƐĆŽ͕;ϱ͕ϬŬŐĨͬĐŵϸͿ͕TϮΗ͕ĐŽŵƉ͘сϰ͕Ϭŵ ƵŶ Ϯ͕ϬϬ Ϯϭϱ͕ϴϲ ϭϰ͕ϬϮй Ϯϰϲ͕ϭϮ ϰϵϮ͕Ϯϰ KƌĕĂŵĞŶƚŽϬϳ
Ϭϱ͘ϭϰ͘ϭϲ dƵďŽĨĞƌƌŽŐĂůǀĞŶŝnjĂĚŽ͕ĐŽŵƌŽƐĐĂƐ͕TϮΗ͕ĐŽŵƉ͘сϬ͕ϱϬŵ ƵŶ Ϯ͕ϬϬ Ϯϴ͕ϲϭ ϭϰ͕ϬϮй ϯϮ͕ϲϮ ϲϱ͕Ϯϰ ŽŵƉŽƐŝĕĆŽϬϱ
Ϭϱ͘ϭϰ͘ϭϳ dƵďŽĨĞƌƌŽŐĂůǀĞŶŝnjĂĚŽ͕ĐŽŵƌŽƐĐĂƐ͕TϮΗ͕ĐŽŵƉ͘сϬ͕ϭϱŵ ƵŶ ϭ͕ϬϬ ϭϳ͕ϭϯ ϭϰ͕ϬϮй ϭϵ͕ϱϯ ϭϵ͕ϱϯ ŽŵƉŽƐŝĕĆŽϬϯ
Ϭϱ͘ϭϰ͘ϭϴ dƵďŽW͕WϭϬϬ͕WEϴ͕ϲϯŵŵ ŵ ϮϬ͕ϬϬ ϭϴ͕ϰϮ ϭϰ͕ϬϮй Ϯϭ͕ϬϬ ϰϮϬ͕ϬϬ KƌĕĂŵĞŶƚŽϬϵ
Ϭϱ͘ϭϰ͘ϭϵ ďƌĂĕĂĚĞŝƌĂƚŝƉŽĨŝƚĂƉĞƌĨƵƌĂĚĂ͕ĂĕŽ͕ůĂƌŐƵƌĂϮϱŵŵ͕ĞƐƉϭ͕Ϯϭŵŵ͕ĨƵƌŽϳŵŵ͕ĐŽŵƉƌϭ͕ϱϬŵ ƵŶ Ϯ͕ϬϬ ϭ͕ϯϰ ϭϰ͕ϬϮй ϭ͕ϱϯ ϯ͕Ϭϲ ϯϵϲ^
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Ϭϱ͘ϭϰ͘Ϯϯ dĂŵƉĆŽ͕ĨĞƌƌŽĨƵŶĚŝĚŽ͕ĂƌƚŝĐƵůĂĚŽ͕ϯϳŬŐ͕ĐĂƌŐĂŵĄdžŝŵĂϭϮ͘ϱϬϬ<Ő͕ĚŝąŵĞƚƌŽĂďĞƌƚŽϲϭϬŵŵ͕ƉĂƌĂ
ƉŽĕŽĚĞǀŝƐŝƚĂĚĞƌĞĚĞĚĞĞƐŐŽƚŽ ƵŶ Ϯ͕ϬϬ ϯϯϱ͕ϳϯ ϭϰ͕ϬϮй ϯϴϮ͕ϴϬ ϳϲϱ͕ϲϬ ϭϭϯϬϭ^
Ϭϱ͘ϭϰ͘Ϯϰ dĞůĂĚĞĂĕŽŝŶŽdž͕ƚŝƉŽŵŽĞĚĂ͕ĚŝŵĞŶƐĆŽĚĞϱϰ͕ϬĐŵdžϴϬdžĐŵ͕ƌĞĨŽƌĕŽƐŶĂƐůĂƚĞƌĂŝƐĐŽŵĂĕŽĚĞ
ĐŽŶƐƚƌƵĕĆŽϭͬϮΗ͕ĞĐŽŵŚĂƐƚĞĚĞĂĕŽĚĞĐŽŶƐƚƌƵĕĆŽϭͬϮΗ͕ƐŽůĚĂĚĂŶĂŵĞƐŵĂƉĂƌĂŝĕĂŵĞŶƚŽ͕ĚĞ
ĐŽŶĨŽƌŵŝĚĂĚĞĐŽŵŽĚĞƐĞŶŚŽŶĂƉĞĕĂŐƌĄĨŝĐĂĚĂ͕ΗĚĞƚĂůŚĞƐΗ ƵŶ ϭ͕ϬϬ ϯϱϬ͕ϬϬ ϭϰ͕ϬϮй ϯϵϵ͕Ϭϳ ϯϵϵ͕Ϭϳ ŽƌĕĂŵĞŶƚŽ
Ϭϱ͘ϭϰ͘Ϯϱ dƵďŽW͕WϭϬϬ͕WEϲ͕ϲϯŵŵ͕ĐŽŵƉ͘сϰ͕Ϭŵ ŵ ϰ͕ϬϬ ϭϴ͕ϰϮ ϭϰ͕ϬϮй Ϯϭ͕ϬϬ ϴϰ͕ϬϬ KƌĕĂŵĞŶƚŽϬϵ
^ƵďƚŽƚĂů ϯϭ͘ϱϱϯ͕ϴϮ
dKd>^dK>sdMZ/Ͳ ϯϴ͘ϵϮϭ͕Ϯϵ
Ϭϲ͘ϬϬ͘ϬϬ ^dK>sdKZ/ͲͲKZ^/s/^
Ϭϲ͘Ϭϭ͘ϬϬ >KK
Ϭϲ͘Ϭϭ͘Ϭϭ >ŽĐĂĕĆŽĚĞŽďƌĂ͕ĐŽŵƵƐŽĚĞĞƋƵŝƉĂŵĞŶƚŽƚŽƉŽŐƌĄĨŝĐŽ ͕ŝŶĐůƵƐŝǀĞƚŽƉſŐƌĂĨŽĞŶŝǀĞůĂĚŽƌ ŵϸ ϭ͕Ϭϲ ϮϬ͕ϲϴ Ϯϰ͕ϴϰй Ϯϱ͕ϴϮ Ϯϳ͕Ϯϳ ϳϯϲϴϲ^
Ϭϲ͘ϬϮ͘ϬϬ DKs/DEdKdZZ Ͳ
Ϭϲ͘ϬϮ͘Ϭϭ ƐĐĂǀĂĕĆŽŵĞĐĂŶŝnjĂĚĂ Ͳ
Ϭϲ͘ϬϮ͘ϬϮ ƐĐĂǀĂĕĆŽŵĞĐĂŶŝnjĂĚĂĚĞǀĂůĂĐŽŵƉƌŽĨ͘ƚĠϭ͕ϱŵ;ŵĠĚŝĂĞŶƚƌĞŵŽŶƚĂŶƚĞũƵƐĂŶƚĞͬƵŵĂ
ĐŽŵƉŽƐŝĕĆŽƉŽƌƚƌĞĐŚŽͿ͕ĐŽŵĞƐĐĂǀĂĚĞŝƌĂŚŝĚƌĄƵůŝĐĂ;Ϭ͕ϴDϯͬϭϭϭŚƉͿ͕ůĂƌŐ͘Ğϭ͕ϱŵĂϮ͕ϱŵ͕ĞŵƐŽůŽ
ĚĞϭĂĐĂƚĞŐŽƌŝĂ͕ůŽĐĂŝƐĐŽŵĂŝdžŽŶşǀĞůĚĞŝŶƚĞƌĨĞƌġŶĐŝĂ ŵϹ ϴ͕ϵϳ ϲ͕ϬϮ Ϯϰ͕ϴϰй ϳ͕ϱϮ ϲϳ͕ϰϱ ϵϬϬϵϭ^
Ϭϲ͘ϬϮ͘Ϭϯ ƐĐĂǀĂĕĆŽŵĞĐĂŶŝnjĂĚĂĚĞǀĂůĂĐŽŵƉƌŽĨ͘ĚĞϭ͕ϱŵăϯ͕ϬϬŵ;ŵĠĚŝĂĞŶƚƌĞŵŽŶƚĂŶƚĞũƵƐĂŶƚĞͬƵŵĂ
ĐŽŵƉŽƐŝĕĆŽƉŽƌƚƌĞĐŚŽͿ͕ĐŽŵĞƐĐĂǀĂĚĞŝƌĂŚŝĚƌĄƵůŝĐĂ;Ϭ͕ϴDϯͬϭϭϭŚƉͿ͕ůĂƌŐ͘Ğϭ͕ϱŵĂϮ͕ϱŵ͕ĞŵƐŽůŽ
ĚĞϭĂĐĂƚĞŐŽƌŝĂ͕ůŽĐĂŝƐĐŽŵĂŝdžŽŶşǀĞůĚĞŝŶƚĞƌĨĞƌġŶĐŝĂ ŵϹ ϴ͕ϵϳ ϱ͕ϯϰ Ϯϰ͕ϴϰй ϲ͕ϲϳ ϱϵ͕ϴϯ ϵϬϬϵϮ^
Ϭϲ͘ϬϮ͘Ϭϰ ƐĐĂǀĂĕĆŽŵĞĐĂŶŝnjĂĚĂĚĞǀĂůĂĐŽŵƉƌŽĨ͘Ğϯ͕ϬϬăϰ͕ϱϬŵ;ŵĠĚŝĂĞŶƚƌĞŵŽŶƚĂŶƚĞũƵƐĂŶƚĞͬƵŵĂ
ĐŽŵƉŽƐŝĕĆŽƉŽƌƚƌĞĐŚŽͿ͕ĐŽŵĞƐĐĂǀĂĚĞŝƌĂŚŝĚƌĄƵůŝĐĂ;Ϭ͕ϴDϯͬϭϭϭŚƉͿ͕ůĂƌŐ͘Ğϭ͕ϱŵĂϮ͕ϱŵ͕ĞŵƐŽůŽ
ĚĞϭĂĐĂƚĞŐŽƌŝĂ͕ůŽĐĂŝƐĐŽŵĂŝdžŽŶşǀĞůĚĞŝŶƚĞƌĨĞƌġŶĐŝĂ ŵϹ ϭϭ͕ϵϲ ϯ͕ϵϵ Ϯϰ͕ϴϰй ϰ͕ϵϴ ϱϵ͕ϱϲ ϵϬϬϵϰ^
Ϭϲ͘ϬϮ͘Ϭϱ ƐĐĂǀĂĕĆŽŵĂŶƵĂůĞŵǀĂůĂ͕ƋƵĂůƋƵĞƌƚŝƉŽĚĞƐŽůŽĞdžĐĞƚŽƌŽĐŚĂ͕ƉƌŽĨƵŶĚŝĚĂĚĞĚĞϯ͕Ϭăϰ͕ϱϬŵ ŵϹ ϭ͕ϮϬ ϲϮ͕ϯϰ Ϯϰ͕ϴϰй ϳϳ͕ϴϯ ϵϯ͕Ϭϴ ϵϯϯϱϴ^
Ϭϲ͘ϬϮ͘Ϭϲ ZĞĂƚĞƌƌŽŵĞĐĂŶŝnjĂĚŽĚĞǀĂůĂͬĐĂǀĂ͕ƵƚŝůŝnjĂŶĚŽĞƐĐĂǀĂĚĞŝƌĂŚŝĚƌĄƵůŝĐĂĞĐŽŵƉĂĐƚĂĚŽƌǀŝďƌĂƚſƌŝŽĂƚĠ
ϭ͕ϱϬŵĚĞƉƌŽĨ͕͘ƐͬƐƵďƐƚŝƚƵŝĕĆŽĚĞŵĂƚĞƌŝĂůĚĞϭǐĐĂƚĞŐŽƌŝĂĞŵůŽĐĂůĚĞďĂŝdžŽŶşǀĞůĚĞŝŶƚĞƌĨĞƌġŶĐŝĂ
ʹƌĞĂƉƌŽǀĞŝƚĂŵĞŶƚŽĚŽŵĂƚĞƌŝĂůĞƐĐĂǀĂĚŽ͘ ŵϹ ϭ͕ϰϴ ϭϰ͕ϰϲ Ϯϰ͕ϴϰй ϭϴ͕Ϭϱ Ϯϲ͕ϲϲ ϵϯϯϲϳ^
Ϭϲ͘ϬϮ͘Ϭϳ ƚĞƌƌŽŵĞĐĂŶŝnjĂĚŽĚĞǀĂůĂͬĐĂǀĂ͕ƵƚŝůŝnjĂŶĚŽĞƐĐĂǀĂĚĞŝƌĂŚŝĚƌĄƵůŝĐĂĞĐŽŵƉĂĐƚĂĚŽƌǀŝďƌĂƚſƌŝŽĂƚĠ
ϭ͕ϱϬŵĚĞƉƌŽĨ͕͘ĐŽŵŵĂƚĞƌŝĂůĚĞϭǐĐĂƚĞŐŽƌŝĂ͕ƐŽůŽĂƌŐŝůŽĂƌĞŶŽƐŽĞŵůŽĐĂůĚĞďĂŝdžŽŶşǀĞůĚĞ
ŝŶƚĞƌĨĞƌġŶĐŝĂ͘ ŵϹ ϳ͕ϳϬ Ϯϳ͕ϬϬ Ϯϰ͕ϴϰй ϯϯ͕ϳϭ Ϯϱϵ͕ϲϰ ϵϰϯϬϰ^
Ϭϲ͘ϬϮ͘Ϭϴ ƚĞƌƌŽŵĞĐĂŶŝnjĂĚŽĚĞǀĂůĂͬĐĂǀĂ͕ƵƚŝůŝnjĂŶĚŽĞƐĐĂǀĂĚĞŝƌĂŚŝĚƌĄƵůŝĐĂĞĐŽŵƉĂĐƚĂĚŽƌǀŝďƌĂƚſƌŝŽĚĞϭ͕ϱϬ
ŵĂƚĠϯ͕ϬϬŵĚĞƉƌŽĨ͕͘ĐŽŵŵĂƚĞƌŝĂůĚĞϭǐĐĂƚĞŐŽƌŝĂ͕ƐŽůŽĂƌŐŝůŽĂƌĞŶŽƐŽĞŵůŽĐĂůĚĞďĂŝdžŽŶşǀĞůĚĞ
ŝŶƚĞƌĨĞƌġŶĐŝĂ͘ ŵϹ ϳ͕ϯϵ ϮϬ͕ϵϬ Ϯϰ͕ϴϰй Ϯϲ͕Ϭϵ ϭϵϮ͕ϲϴ ϵϰϯϬϲ^
Ϭϲ͘ϬϮ͘Ϭϵ ƚĞƌƌŽŵĞĐĂŶŝnjĂĚŽĚĞǀĂůĂͬĐĂǀĂ͕ƵƚŝůŝnjĂŶĚŽĞƐĐĂǀĂĚĞŝƌĂŚŝĚƌĄƵůŝĐĂĞĐŽŵƉĂĐƚĂĚŽƌǀŝďƌĂƚſƌŝŽĚĞϯ͕ϬϬ
ŵăϰ͕ϱϬŵĚĞƉƌŽĨ͕͘ĐŽŵŵĂƚĞƌŝĂůĚĞϭǐĐĂƚĞŐŽƌŝĂ͕ƐŽůŽĂƌŐŝůŽĂƌĞŶŽƐŽĞŵůŽĐĂůĚĞďĂŝdžŽŶşǀĞůĚĞ
ŝŶƚĞƌĨĞƌġŶĐŝĂ͘ ŵϹ ϭϬ͕ϭϰ ϭϵ͕ϱϰ Ϯϰ͕ϴϰй Ϯϰ͕ϯϵ Ϯϰϳ͕ϯϴ ϵϰϯϬϴ^
&21$*8$
WZK^DZ/^
ſĚŝŐŽƐ
/ƚĞŵ ĞƐĐƌŝĕĆŽ hŶŝĚ͘ YƚĚ͘ sĂůŽƌhŶŝƚĄƌŝŽ sĂůŽƌhŶŝƚĄƌŝŽ
'%, dŽƚĂů
;^Ğŵ/Ϳ ;Žŵ/Ϳ
'
I $ 6 " E" # E '&"'+ "( ' "- * '" ' &+" ) ( ? ^
Ϭϲ͘ϬϮ͘ϭϭ dƌĂŶƐƉŽƌƚĞůŽĐĂůĐŽŵĐĂŵŝŶŚĆŽďĂƐĐƵůĂŶƚĞϲŵϹͲŵĂƚĞ ƌŝĂůĚĞďŽƚĂĨŽƌĂƌŽĚŽǀŝĂĐŽŵƌĞǀĞƐƚŝŵĞŶƚŽ
ƉƌŝŵĄƌŝŽ ŵϹdžŬŵ ϮϬ͕ϭϴ ϭ͕ϭϰ Ϯϰ͕ϴϰй ϭ͕ϰϮ Ϯϴ͕ϲϲ ϳϮϴϴϲ^
Ͳ
Ϭϲ͘Ϭϯ͘ϬϬ ^KZDEdK^D/Z^Ds>^ Ͳ
Ϭϲ͘Ϭϯ͘Ϭϭ ƐĐŽƌĂŵĞŶƚŽĚĞǀĂůĂƐĐŽŵƉƌĂŶĐŚƁĞƐŵĞƚĄůŝĐŽƐʹĄƌĞĂŶĆŽĐƌĂǀĂĚĂ ŵϸ ϰϬ͕ϵϭ ϰϯ͕ϬϬ Ϯϰ͕ϴϰй ϱϯ͕ϲϴ Ϯ͘ϭϵϱ͕ϴϬ ϳϯϴϳϳͬϬϬϮ^
Ϭϲ͘Ϭϰ͘ϬϬ ^'KdDEdK^ Ͳ
Ϭϲ͘Ϭϰ͘Ϭϭ ƐŐŽƚĂŵĞŶƚŽĐŽŵďŽŵďĂƐ Ś ϰϱ͕ϬϬ ϲ͕ϯϬ Ϯϰ͕ϴϰй ϳ͕ϴϲ ϯϱϯ͕ϳϬ ϳϯϴϵϭͬϬϬϭ^
Ϭϲ͘Ϭϱ͘ϬϬ >^dZK^ Ͳ
Ϭϲ͘Ϭϱ͘Ϭϭ >ĂƐƚƌŽĚĞďƌŝƚĂŶǑϭƉͬĐĂŝdžĂƐ͕ĂƉŝůŽĂĚĂͲ ŝŶĐůƵƐŽƚƌĂŶƐƉŽƌƚĞ ŵϹ Ϭ͕Ϭϲ ϳϳ͕ϰϴ Ϯϰ͕ϴϰй ϵϲ͕ϳϯ ϱ͕ϱϰ ŽŵƉŽƐŝĕĆŽϭ
Ϭϲ͘Ϭϲ͘ϬϬ KEZdK Ͳ
Ϭϲ͘Ϭϲ͘Ϭϭ ŽŶĐƌĞƚŽ&<сϭϱŵƉĂ͕ƚƌĂĕŽϭ͗ϯ͕ϰ͗ϯ͕ϱ;ĐŝŵĞŶƚŽͬĂƌĞŝĂŵĠĚŝĂͬďƌŝƚĂϭͿŵϯͲƉƌĞƉĂƌŽŵĞĐąŶŝĐŽ
ĐŽŵďĞƚŽŶĞŝƌĂϰϬ ŵϹ Ϭ͕ϰϲ Ϯϵϲ͕Ϯϵ Ϯϰ͕ϴϰй ϯϲϵ͕ϴϵ ϭϳϭ͕ϵϭ ϵϰϵϲϯ^
Ϭϲ͘Ϭϳ͘ϬϬ &KZD^dh^ Ͳ
Ϭϲ͘Ϭϳ͘Ϭϭ DŽŶƚĂŐĞŵĞĚĞƐŵŽŶƚĂŐĞŵĚĞĨƀƌŵĂĚĞǀŝŐĂ͕ĞƐĐŽƌĂŵĞŶƚŽĐŽŵƉŽŶƚĂůĞƚĞĚĞŵĂĚĞŝƌĂ͕ƉĠͲĚŝƌĞŝƚŽ
ƐŝŵƉůĞƐ͕ĞŵŵĂĚĞŝƌĂƐĞƌƌĂĚĂ ŵϸ Ϭ͕ϲϯ ϱϳ͕ϭϲ Ϯϰ͕ϴϰй ϳϭ͕ϯϲ ϰϰ͕ϲϰ ϵϮϰϴϬ^
Ϭϲ͘Ϭϳ͘ϬϮ &ŽƌŵĂĚĞƚĄďƵĂƐƉĂƌĂĐŽŶĐƌĞƚŽĞŵĨƵŶĚĂĕĆŽ͕ŵŽŶƚĂŐĞŵ͕ĚĞƐŵŽŶƚĂŐĞ͕ĞƐĐŽƌĂŵĞŶƚŽ ŵϸ Ϭ͕ϰϮ ϯϰ͕ϭϵ Ϯϰ͕ϴϰй ϰϮ͕ϲϴ ϭϴ͕Ϭϵ ϱϲϱϭ^
Ϭϲ͘Ϭϴ͘ϬϬ ZDhZK Ͳ
Ϭϲ͘Ϭϴ͘Ϭϭ ƌŵĂĚƵƌĂĚĞĂĕŽ͕ĨŽƌŶĞĐŝŵĞŶƚŽĐŽŵĐŽƌƚĞĞƉĞƌĚĂĚĞϭϬй͕ĚŽďƌĂĞĐŽůŽĐĂĕĆŽ ŬŐ ϰϭ͕ϴϯ ϳ͕ϵϱ Ϯϰ͕ϴϰй ϵ͕ϵϮ ϰϭϰ͕ϵϱ ϵϮϳϲϮ^
Ϭϲ͘Ϭϵ͘ϬϬ ^^EdDEdK Ͳ
Ϭϲ͘Ϭϵ͘Ϭϭ ƐƐĞŶƚĂŵĞŶƚŽĚĞƚƵďŽƐĚĞĐŽŶĐƌĞƚŽĚŝąŵĞƚƌŽсϭϬϬϬŵŵ͕ƐŝŵƉůĞƐŽƵĂƌŵĂĚŽ͕ũƵŶƚĂĞŵĂƌŐĂŵĂƐƐĂ
ϭ͗ϯĐŝŵĞŶƚŽͬĂƌĞŝĂ ŵ ϰ͕ϬϬ ϯϵ͕ϴϵ Ϯϰ͕ϴϰй ϰϵ͕ϴϬ ϭϵϵ͕ϮϬ ϵϮϴϲϰ^
Ϭϲ͘ϭϬ͘ϬϬ /DWZD/>/O^Zs^d/DEdK^ Ͳ
Ϭϲ͘ϭϬ͘Ϭϭ /ŵƉĞƌŵĞĂďŝůŝnjĂĕĆŽĚĞĞƐƚƌƵƚƵƌĂƐĞŶƚĞƌƌĂĚĂƐĐŽŵĐŝŵĞŶƚŽĐƌŝƐƚĂůŝnjĂŶƚĞĞĞŵƵůƐĆŽĂĚĞƐŝǀĂĂƚĠϳŵĚĞ
ƉƌŽĨƵŶĚŝĚĂĚĞ͘ ŵϸ ϭϲ͕ϯϵ ϱϵ͕ϳϯ Ϯϰ͕ϴϰй ϳϰ͕ϱϳ ϭ͘ϮϮϮ͕Ϯϲ ϳϯϵϮϵͬϬϬϰ^
Ϭϲ͘ϭϬ͘ϬϮ ŵďŽĕŽŽƵŵĂƐƐĂƷŶŝĐĂĞŵĂƌŐĂŵĂƐƐĂƚƌĂĕŽϭ͗Ϯ͗ϴ͕ƉƌĞƉĂƌŽŵĂŶƵĂů͕ĂƉůŝĐĂĂŵĂŶƵĂůŵĞŶƚĞĞŵ
ƉĂŶŽƐĚĞĨĂĐŚĂĚĂĐŽŵƉƌĞƐĞŶĕĂĚĞǀĆŽƐ͕ĞƐƉĞƐƐƵƌĂĚĞϮϱŵŵ ŵϸ ϯ͕ϲϰ ϰϯ͕Ϯϵ Ϯϰ͕ϴϰй ϱϰ͕Ϭϰ ϭϵϲ͕ϴϰ ϴϳϳϳϳ^
Ϭϲ͘ϭϭ͘ϬϬ /E^d>O^DKEd'E^ Ͳ
Ϭϲ͘ϭϭ͘Ϭϭ /ŶƐƚĂůĂĕĆŽĚĞĐŽŶũƵŶƚŽŵŽƚŽͲďŽŵďĂ͕ƐƵďŵĞƌƐş ǀĞů͕ƉŽƚġŶĐŝĂĂƚĠϭϬs ƵŶ Ϯ͕ϬϬ ϭϵϱ͕ϮϬ Ϯϰ͕ϴϰй Ϯϰϯ͕ϲϵ ϰϴϳ͕ϯϴ ϳϯϴϯϰͬϬϬϭ^
Ϭϲ͘ϭϭ͘ϬϮ ƐƐĞŶƚĂŵĞŶƚŽĚĞƉĞĕĂƐ͕ĐŽŶĞdžƁĞƐ͕ĂƉĂƌĞůŚŽƐĞĂĐĞƐƐſƌŝŽƐĚĞĨĞƌƌŽĨƵŶĚŝĚŽĚƷĐƚŝů͕
ũƵŶƚĂĞůĄƐƚŝĐĂ͕ŵĞĐąŶŝĐĂŽƵĨůĂŶŐĞĂĚĂ͕ĐŽŵĚŝąŵĞƚƌŽĚĞϱϬăϯϬϬŵŵ ŬŐ ϵϱ͕ϬϬ ϭ͕ϳϭ Ϯϰ͕ϴϰй Ϯ͕ϭϯ ϮϬϮ͕ϯϱ ϴϯϳϮϰ^
Ϭϲ͘ϭϮ͘ϬϬ /DZDEdK Ͳ
Ϭϲ͘ϭϮ͘Ϭϭ ŝŵďƌĂŵĞŶƚŽ ŵϹ Ϭ͕ϲϭ ϵ͕ϯϯ Ϯϰ͕ϴϰй ϭϭ͕ϲϱ ϳ͕ϭϰ ϳϯϯϬϭ^
Ϭϲ͘ϭϯ͘ϬϬ ^Zs/K^KDW>DEdZ^ Ͳ Ͳ
Ϭϲ͘ϭϯ͘Ϭϭ ^ĞƌǀŝĕŽƐĚĞůŝŵƉĞnjĂŐĞƌĂůĚĂĄƌĞĂĚĂĞůĞǀĂƚſƌŝĂ ŵϸ Ϯϱ͕ϬϬ Ϯ͕ϯϰ Ϯϰ͕ϴϰй Ϯ͕ϵϮ ϳϯ͕ϬϬ ϵϱϯϳ^
^ƵďƚŽƚĂů ϲ͘ϳϬϴ͕ϱϬ
Ϭϲ͘ϭϰ͘ϬϬ ^dK>sdMZ/^'KdKͲͲͲDdZ//^
Ϭϲ͘ϭϰ͘Ϭϭ dƵďŽĐŽŶĐƌĞƚŽĂƌŵĂĚŽĐůĂƐƐĞĞĂͲϯW:ŶďƌͲϴϴϵϬͬϮϬϬϳEϭϬϬϬŵŵƉͬĞƐŐŽƚŽƐĂŶŝƚĄƌŝŽ ŵ ϰ͕ϬϬ ϯϳϬ͕ϬϮ ϭϰ͕ϬϮй ϰϮϭ͕ϵϬ ϭ͘ϲϴϳ͕ϲϬ ϳϳϯϱ^
&21$*8$
WZK^DZ/^
ſĚŝŐŽƐ
/ƚĞŵ ĞƐĐƌŝĕĆŽ hŶŝĚ͘ YƚĚ͘ sĂůŽƌhŶŝƚĄƌŝŽ sĂůŽƌhŶŝƚĄƌŝŽ
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Ϭϲ͘ϭϰ͘Ϭϰ ŶŐĂƚĞƉĂƌĂŵĂŶŐƵĞŝƌĂdžĨĞƌƌŽŐĂůǀĂŶŝnjĂĚŽ͕TϮΗdžϮΗ ƵŶ ϰ͕ϬϬ ϱϯ͕ϰϭ ϭϰ͕ϬϮй ϲϬ͕ϵϬ Ϯϰϯ͕ϲϬ KƌĕĂŵĞŶƚŽϬϱ
Ϭϲ͘ϭϰ͘Ϭϱ hŶŝĆŽĐŽŵĂƐƐĞŶƚŽĐƀŶŝĐŽ͕ĨĞƌƌŽŐĂůǀĂŶŝnjĂĚŽ͕TϮΗ ƵŶ Ϯ͕ϬϬ ϴϵ͕ϳϭ ϭϰ͕ϬϮй ϭϬϮ͕Ϯϵ ϮϬϰ͕ϱϴ ϭϮϰϮϴ^
Ϭϲ͘ϭϰ͘Ϭϲ ZĞŐŝƐƚƌŽĚĞŐĂǀĞƚĂ͕ĐŽŵǀŽůĂŶƚĞ͕ĐŽŵƌŽƐĐĂƐŝŶƚĞƌŶĂƐ͕TϮΗ ƵŶ ϯ͕ϬϬ ϳϱ͕ϯϳ ϭϰ͕ϬϮй ϴϱ͕ϵϰ Ϯϱϳ͕ϴϮ ϲϬϮϴ^
Ϭϲ͘ϭϰ͘Ϭϳ sĄůǀƵůĂĚĞƌĞƚĞŶĕĆŽ͕ĐŽƌƉŽĞŵďƌŽŶnjĞ͕ƌŽƐĐĂƐŝŶƚĞƌŶĂƐ͕TϮΗ ƵŶ Ϯ͕ϬϬ ϭϲϬ͕ϯϵ ϭϰ͕ϬϮй ϭϴϮ͕ϴϴ ϯϲϱ͕ϳϲ ϭϬϰϬϴ^
Ϭϲ͘ϭϰ͘Ϭϴ dƵďŽĨĞƌƌŽŐĂůǀĂŶŝnjĂĚŽ͕ĐŽŵƌŽƐĐĂƐ͕TϮΗ͕ĐŽŵƉ͘сϬ͕ϯϬŵ ƵŶ ϯ͕ϬϬ ϮϮ͕Ϭϱ ϭϰ͕ϬϮй Ϯϱ͕ϭϰ ϳϱ͕ϰϮ ŽŵƉŽƐŝĕĆŽϬϳ
Ϭϲ͘ϭϰ͘Ϭϵ :ŽĞůŚŽĨĞƌƌŽŐĂůǀĂŶŝnjĂĚŽ͕ϵϬǑ͕ƌŽƐĐĂƐŝŶƚĞƌŶĂƐ͕TϮΗ ƵŶ ϲ͕ϬϬ Ϯϲ͕ϵϯ ϭϰ͕ϬϮй ϯϬ͕ϳϭ ϭϴϰ͕Ϯϲ ϯϰϳϭ^
Ϭϲ͘ϭϰ͘ϭϬ dĞĨĞƌƌŽŐĂůǀĂŶŝnjĂĚŽ͕ϵϬǑ͕ƌŽƐĐĂƐŝŶƚĞƌŶĂƐ͕TϮΗdžϮΗ ƵŶ Ϯ͕ϬϬ ϯϱ͕ϴϬ ϭϰ͕ϬϮй ϰϬ͕ϴϮ ϴϭ͕ϲϰ ϲϮϵϴ^
Ϭϲ͘ϭϰ͘ϭϭ ĚĂƉƚĂĚŽƌĐŽŵƉƌĞƐƐĆŽdžƌŽƐĐĂ;ĨġŵĞĂͿTϲϯŵŵdžϮΗͲWEϲ ƵŶ ϭ͕ϬϬ ϰϮ͕Ϯϱ ϭϰ͕ϬϮй ϰϴ͕ϭϳ ϰϴ͕ϭϳ KƌĕĂŵĞŶƚŽϬϭ
Ϭϲ͘ϭϰ͘ϭϮ dƵďŽW͕WϭϬϬ͕WEϴ͕ϲϯŵŵ ŵ ϭ͕ϬϬ ϭϴ͕ϰϮ ϭϰ͕ϬϮй Ϯϭ͕ϬϬ Ϯϭ͕ϬϬ KƌĕĂŵĞŶƚŽϬϵ
Ϭϲ͘ϭϰ͘ϭϯ ŽƚŽǀĞůŽĚĞĐŽŵƉƌĞƐƐĆŽ͕ϵϬǑ͕ϲϯŵŵ ƵŶ Ϯ͕ϬϬ Ϯϱ͕ϵϴ ϭϰ͕ϬϮй Ϯϵ͕ϲϮ ϱϵ͕Ϯϰ ϯϳϰϯϳ^
Ϭϲ͘ϭϰ͘ϭϰ dƵďŽĨĞƌƌŽŐĂůǀĂŶŝnjĂĚŽ͕ĐŽŵƌŽƐĐĂƐ͕TϮΗ͕ĐŽŵƉ͘сϬ͕ϳϬŵ ƵŶ ϭ͕ϬϬ ϯϱ͕ϭϳ ϭϰ͕ϬϮй ϰϬ͕ϭϬ ϰϬ͕ϭϬ ŽŵƉŽƐŝĕĆŽϬϲ
Ϭϲ͘ϭϰ͘ϭϱ dƵďŽĨĞƌƌŽŐĂůǀĂŶŝnjĂĚŽ͕ĐŽŵƌŽƐĐĂƐ͕TϮΗ͕ĐŽŵƉ͘сϬ͕Ϯϱŵ ƵŶ Ϯ͕ϬϬ ϮϬ͕ϰϭ ϭϰ͕ϬϮй Ϯϯ͕Ϯϳ ϰϲ͕ϱϰ ŽŵƉŽƐŝĕĆŽϬϴ
Ϭϲ͘ϭϰ͘ϭϲ dƵďŽW͕WϭϬϬ͕WEϲ͕ϲϯŵŵ͕ĐŽŵƉ͘сϰ͕Ϭŵ ŵ ϰ͕ϬϬ ϭϴ͕ϰϮ ϭϰ͕ϬϮй Ϯϭ͕ϬϬ ϴϰ͕ϬϬ KƌĕĂŵĞŶƚŽϬϵ
Ϭϲ͘ϭϰ͘ϭϳ DĂŶŐƵĞŝƌĂĚĞĂůƚĂƉƌĞƐƐĆŽ͕;ϱ͕ϬŬŐĨͬĐŵϸͿ͕TϮΗ͕ĐŽŵƉ͘сϰ͕Ϭŵ ƵŶ Ϯ͕ϬϬ Ϯϭϱ͕ϴϲ ϭϰ͕ϬϮй Ϯϰϲ͕ϭϮ ϰϵϮ͕Ϯϰ KƌĕĂŵĞŶƚŽϬϳ
Ϭϲ͘ϭϰ͘ϭϴ dƵďŽĨĞƌƌŽŐĂůǀĂŶŝnjĂĚŽ͕ĐŽŵƌŽƐĐĂƐ͕TϮΗ͕ĐŽŵƉ͘сϬ͕ϱϬŵ ƵŶ Ϯ͕ϬϬ Ϯϴ͕ϲϭ ϭϰ͕ϬϮй ϯϮ͕ϲϮ ϲϱ͕Ϯϰ ŽŵƉŽƐŝĕĆŽϬϱ
Ϭϲ͘ϭϰ͘ϭϵ dƵďŽĨĞƌƌŽŐĂůǀĂŶŝnjĂĚŽ͕ĐŽŵƌŽƐĐĂƐ͕TϮΗ͕ĐŽŵƉ͘сϬ͕ϭϱŵ ƵŶ ϭ͕ϬϬ ϭϳ͕ϭϯ ϭϰ͕ϬϮй ϭϵ͕ϱϯ ϭϵ͕ϱϯ ŽŵƉŽƐŝĕĆŽϬϯ
Ϭϲ͘ϭϰ͘ϮϬ ZĞŐŝƐƚƌŽĚĞŐĂǀĞƚĂ͕ĐƵŶŚĂĞŵďŽƌƌĂĐŚĂĚĂ͕ĐŽŵĨůĂŶŐĞƐ͕ĐŽŵĐĂďĞĕŽƚĞ͕EϭϱϬŵŵ ƵŶ ϭ͕ϬϬ ϭ͘Ϭϱϯ͕ϴϯ ϭϰ͕ϬϮй ϭ͘ϮϬϭ͕ϱϳ ϭ͘ϮϬϭ͕ϱϳ KƌĕĂŵĞŶƚŽϬϴ
Ϭϲ͘ϭϰ͘Ϯϭ džƚƌĞŵŝĚĂĚĞĨŽĨŽ͕ĨůĂŶŐĞĞƉŽŶƚĂ͕EϭϱϬŵŵ ƵŶ ϭ͕ϬϬ ϵϴϭ͕ϰϭ ϭϰ͕ϬϮй ϭ͘ϭϭϵ͕ϬϬ ϭ͘ϭϭϵ͕ϬϬ KƌĕĂŵĞŶƚŽϭϬ
Ϭϲ͘ϭϰ͘ϮϮ ďƌĂĕĂĚĞŝƌĂƚŝƉŽĨŝƚĂƉĞƌĨƵƌĂĚĂ͕ĂĕŽ͕ůĂƌŐƵƌĂϮϱŵŵ͕ĞƐƉϭ͕Ϯϭŵŵ͕ĨƵƌŽϳŵŵ͕ĐŽŵƉƌϭ͕ϱϬŵ ƵŶ Ϯ͕ϬϬ ϭ͕ϯϰ ϭϰ͕ϬϮй ϭ͕ϱϯ ϯ͕Ϭϲ ϯϵϲ^
Ϭϲ͘ϭϰ͘Ϯϯ dĂŵƉĆŽ͕ĨĞƌƌŽĨƵŶĚŝĚŽ͕ĂƌƚŝĐƵůĂĚŽ͕ϴϯŬŐ͕ĐĂƌŐĂŵĄdžŝŵĂϯϬ͘ϬϬϬ<Ő͕ĚŝąŵĞƚƌŽĂďĞƌƚŽϲϭϬŵŵ͕ƉĂƌĂ
ƉŽĕŽĚĞǀŝƐŝƚĂĚĞƌĞĚĞĚĞĞƐŐŽƚŽ ƵŶ ϭ͕ϬϬ ϰϭϭ͕ϯϵ ϭϰ͕ϬϮй ϰϲϵ͕Ϭϳ ϰϲϵ͕Ϭϳ ϮϭϬϵϬ^
Ϭϲ͘ϭϰ͘Ϯϰ dĂŵƉĆŽ͕ĨĞƌƌŽĨƵŶĚŝĚŽ͕ĂƌƚŝĐƵůĂĚŽ͕ϯϳŬŐ͕ĐĂƌŐĂŵĄdžŝŵĂϭϮ͘ϱϬϬ<Ő͕ĚŝąŵĞƚƌŽĂďĞƌƚŽϲϭϬŵŵ͕ƉĂƌĂ
ƉŽĕŽĚĞǀŝƐŝƚĂĚĞƌĞĚĞĚĞĞƐŐŽƚŽ ƵŶ Ϯ͕ϬϬ ϯϯϱ͕ϳϯ ϭϰ͕ϬϮй ϯϴϮ͕ϴϬ ϳϲϱ͕ϲϬ ϭϭϯϬϭ^
Ϭϲ͘ϭϰ͘Ϯϱ dĞůĂĚĞĂĕŽŝŶŽdž͕ƚŝƉŽŵŽĞĚĂ͕ĚŝŵĞŶƐĆŽĚĞϱϰ͕ϬĐŵdžϴϬdžĐŵ͕ƌĞĨŽƌĕŽƐŶĂƐůĂƚĞƌĂŝƐĐŽŵĂĕŽĚĞ
ĐŽŶƐƚƌƵĕĆŽϭͬϮΗ͕ĞĐŽŵŚĂƐƚĞĚĞĂĕŽĚĞĐŽŶƐƚƌƵĕĆŽϭͬϮΗ͕ƐŽůĚĂĚĂŶĂŵĞƐŵĂƉĂƌĂŝĕĂŵĞŶƚŽ͕ĚĞ
ĐŽŶĨŽƌŵŝĚĂĚĞĐŽŵŽĚĞƐĞŶŚŽŶĂƉĞĕĂŐƌĄĨŝĐĂĚĂ͕ΗĚĞƚĂůŚĞƐΗ ƵŶ ϭ͕ϬϬ ϯϱϬ͕ϬϬ ϭϰ͕ϬϮй ϯϵϵ͕Ϭϳ ϯϵϵ͕Ϭϳ ŽƌĕĂŵĞŶƚŽ
^ƵďƚŽƚĂů Ϯϵ͘ϵϯϬ͕ϰϴ
dKd>^dK>sdMZ/Ͳ ϯϲ͘ϲϯϴ͕ϵϴ
Ϭϳ͘ϬϬ͘ϬϬ ^dK>sdKZ/ͲͲKZ^/s/^
Ϭϳ͘Ϭϭ͘Ϭϭ >KK
Ϭϳ͘Ϭϭ͘Ϭϭ >ŽĐĂĕĆŽĚĞŽďƌĂ͕ĐŽŵƵƐŽĚĞĞƋƵŝƉĂŵĞŶƚŽƚŽƉŽŐƌĄĨŝĐŽ͕ŝŶĐůƵƐŝǀĞƚŽƉſŐƌĂĨŽĞŶŝǀĞůĂĚŽƌ ŵϸ ϭ͕Ϭϲ ϮϬ͕ϲϴ Ϯϰ͕ϴϰй Ϯϱ͕ϴϮ Ϯϳ͕Ϯϳ ϳϯϲϴϲ^
Ϭϳ͘ϬϮ͘ϬϬ DKs/DEdKdZZ Ͳ
Ϭϳ͘ϬϮ͘Ϭϭ ƐĐĂǀĂĕĆŽŵĞĐĂŶŝnjĂĚĂ Ͳ
Ϭϳ͘ϬϮ͘ϬϮ ƐĐĂǀĂĕĆŽŵĞĐĂŶŝnjĂĚĂĚĞǀĂůĂĐŽŵƉƌŽĨ͘ƚĠϭ͕ϱŵ;ŵĠĚŝĂĞŶƚƌĞŵŽŶƚĂŶƚĞũƵƐĂŶƚĞͬƵŵĂ
ĐŽŵƉŽƐŝĕĆŽƉŽƌƚƌĞĐŚŽͿ͕ĐŽŵĞƐĐĂǀĂĚĞŝƌĂŚŝĚƌĄƵůŝĐĂ;Ϭ͕ϴDϯͬϭϭϭŚƉͿ͕ůĂƌŐ͘Ğϭ͕ϱŵĂϮ͕ϱŵ͕ĞŵƐŽůŽ
ĚĞϭĂĐĂƚĞŐŽƌŝĂ͕ůŽĐĂŝƐĐŽŵĂŝdžŽŶşǀĞůĚĞŝŶƚĞƌĨĞƌġŶĐŝĂ ŵϹ ϴ͕ϵϳ ϲ͕ϬϮ Ϯϰ͕ϴϰй ϳ͕ϱϮ ϲϳ͕ϰϱ ϵϬϬϵϭ^
&21$*8$
WZK^DZ/^
ſĚŝŐŽƐ
/ƚĞŵ ĞƐĐƌŝĕĆŽ hŶŝĚ͘ YƚĚ͘ sĂůŽƌhŶŝƚĄƌŝŽ sĂůŽƌhŶŝƚĄƌŝŽ
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Ϭϳ͘ϬϮ͘Ϭϰ ƐĐĂǀĂĕĆŽŵĞĐĂŶŝnjĂĚĂĚĞǀĂůĂĐŽŵƉƌŽĨ͘Ğϯ͕ϬϬăϰ͕ϱϬŵ;ŵĠĚŝĂĞŶƚƌĞŵŽŶƚĂŶƚĞũƵƐĂŶƚĞͬƵŵĂ
ĐŽŵƉŽƐŝĕĆŽƉŽƌƚƌĞĐŚŽͿ͕ĐŽŵĞƐĐĂǀĂĚĞŝƌĂŚŝĚƌĄƵůŝĐĂ;Ϭ͕ϴDϯͬϭϭϭŚƉͿ͕ůĂƌŐ͘Ğϭ͕ϱŵĂϮ͕ϱŵ͕ĞŵƐŽůŽ
ĚĞϭĂĐĂƚĞŐŽƌŝĂ͕ůŽĐĂŝƐĐŽŵĂŝdžŽŶşǀĞůĚĞŝŶƚĞƌĨĞƌġŶĐŝĂ ŵϹ ϴ͕ϵϳ ϯ͕ϵϵ Ϯϰ͕ϴϰй ϰ͕ϵϴ ϰϰ͕ϲϳ ϵϬϬϵϰ^
Ϭϳ͘ϬϮ͘Ϭϱ ƐĐĂǀĂĕĆŽŵĂŶƵĂůĞŵǀĂůĂ͕ƋƵĂůƋƵĞƌƚŝƉŽĚĞƐŽůŽĞdžĐĞƚŽƌŽĐŚĂ͕ƉƌŽĨƵŶĚŝĚĂĚĞĚĞϯ͕Ϭăϰ͕ϱϬŵ ŵϹ ϭ͕ϮϬ ϲϮ͕ϯϰ Ϯϰ͕ϴϰй ϳϳ͕ϴϯ ϵϯ͕Ϭϴ ϵϯϯϱϴ^
Ϭϳ͘ϬϮ͘Ϭϲ ZĞĂƚĞƌƌŽŵĞĐĂŶŝnjĂĚŽĚĞǀĂůĂͬĐĂǀĂ͕ƵƚŝůŝnjĂŶĚŽĞƐĐĂǀĂĚĞŝƌĂŚŝĚƌĄƵůŝĐĂĞĐŽŵƉĂĐƚĂĚŽƌǀŝďƌĂƚſƌŝŽĂƚĠ
ϭ͕ϱϬŵĚĞƉƌŽĨ͕͘ƐͬƐƵďƐƚŝƚƵŝĕĆŽĚĞŵĂƚĞƌŝĂůĚĞϭǐĐĂƚĞŐŽƌŝĂĞŵůŽĐĂůĚĞďĂŝdžŽŶşǀĞůĚĞŝŶƚĞƌĨĞƌġŶĐŝĂ
ʹƌĞĂƉƌŽǀĞŝƚĂŵĞŶƚŽĚŽŵĂƚĞƌŝĂůĞƐĐĂǀĂĚŽ͘ ŵϹ ϭ͕ϰϴ ϭϰ͕ϰϲ Ϯϰ͕ϴϰй ϭϴ͕Ϭϱ Ϯϲ͕ϲϲ ϵϯϯϲϳ^
Ϭϳ͘ϬϮ͘Ϭϳ ƚĞƌƌŽŵĞĐĂŶŝnjĂĚŽĚĞǀĂůĂͬĐĂǀĂ͕ƵƚŝůŝnjĂŶĚŽĞƐĐĂǀĂĚĞŝƌĂŚŝĚƌĄƵůŝĐĂĞĐŽŵƉĂĐƚĂĚŽƌǀŝďƌĂƚſƌŝŽĂƚĠ
ϭ͕ϱϬŵĚĞƉƌŽĨ͕͘ĐŽŵŵĂƚĞƌŝĂůĚĞϭǐĐĂƚĞŐŽƌŝĂ͕ƐŽůŽĂƌŐŝůŽĂƌĞŶŽƐŽĞŵůŽĐĂůĚĞďĂŝdžŽŶşǀĞůĚĞ
ŝŶƚĞƌĨĞƌġŶĐŝĂ͘ ŵϹ ϳ͕ϳϬ Ϯϳ͕ϬϬ Ϯϰ͕ϴϰй ϯϯ͕ϳϭ Ϯϱϵ͕ϲϰ ϵϰϯϬϰ^
Ϭϳ͘ϬϮ͘Ϭϴ ƚĞƌƌŽŵĞĐĂŶŝnjĂĚŽĚĞǀĂůĂͬĐĂǀĂ͕ƵƚŝůŝnjĂŶĚŽĞƐĐĂǀĂĚĞŝƌĂŚŝĚƌĄƵůŝĐĂĞĐŽŵƉĂĐƚĂĚŽƌǀŝďƌĂƚſƌŝŽĚĞϭ͕ϱϬ
ŵĂƚĠϯ͕ϬϬŵĚĞƉƌŽĨ͕͘ĐŽŵŵĂƚĞƌŝĂůĚĞϭǐĐĂƚĞŐŽƌŝĂ͕ƐŽůŽĂƌŐŝůŽĂƌĞŶŽƐŽĞŵůŽĐĂůĚĞďĂŝdžŽŶşǀĞůĚĞ
ŝŶƚĞƌĨĞƌġŶĐŝĂ͘ ŵϹ ϳ͕ϯϵ ϮϬ͕ϵϬ Ϯϰ͕ϴϰй Ϯϲ͕Ϭϵ ϭϵϮ͕ϲϴ ϵϰϯϬϲ^
Ϭϳ͘ϬϮ͘Ϭϵ ƚĞƌƌŽŵĞĐĂŶŝnjĂĚŽĚĞǀĂůĂͬĐĂǀĂ͕ƵƚŝůŝnjĂŶĚŽĞƐĐĂǀĂĚĞŝƌĂŚŝĚƌĄƵůŝĐĂĞĐŽŵƉĂĐƚĂĚŽƌǀŝďƌĂƚſƌŝŽĚĞϯ͕ϬϬ
ŵăϰ͕ϱϬŵĚĞƉƌŽĨ͕͘ĐŽŵŵĂƚĞƌŝĂůĚĞϭǐĐĂƚĞŐŽƌŝĂ͕ƐŽůŽĂƌŐŝůŽĂƌĞŶŽƐŽĞŵůŽĐĂůĚĞďĂŝdžŽŶşǀĞůĚĞ
ŝŶƚĞƌĨĞƌġŶĐŝĂ͘ ŵϹ ϴ͕ϱϱ ϭϵ͕ϱϰ Ϯϰ͕ϴϰй Ϯϰ͕ϯϵ ϮϬϴ͕ϰϳ ϵϰϯϬϴ^
Ϭϳ͘ϬϮ͘ϭϬ ĂƌŐĂĞĚĞƐĐĂƌŐĂŵĞĐąŶŝĐĂĚĞƐŽůŽƵƚŝůŝnjĂŶĚŽĐĂŵŝŶŚĆŽďĂƐĐƵůĂŶƚĞϲ͕ϬŵϹ͕ďŽƚĂĨŽƌĂ ŵϹ Ϯϯ͕ϲϯ ϭ͕ϳϬ Ϯϰ͕ϴϰй Ϯ͕ϭϮ ϱϬ͕ϭϭ ϳϰϬϭϬͬϬϬϭ^
Ϭϳ͘ϬϮ͘ϭϭ dƌĂŶƐƉŽƌƚĞůŽĐĂůĐŽŵĐĂŵŝŶŚĆŽďĂƐĐƵůĂŶƚĞϲŵϹͲŵĂƚĞ ƌŝĂůĚĞďŽƚĂĨŽƌĂƌŽĚŽǀŝĂĐŽŵƌĞǀĞƐƚŝŵĞŶƚŽ
ƉƌŝŵĄƌŝŽ ŵϹdžŬŵ ϭϴ͕ϵϭ ϭ͕ϭϰ Ϯϰ͕ϴϰй ϭ͕ϰϮ Ϯϲ͕ϴϱ ϳϮϴϴϲ^
Ͳ
Ϭϳ͘Ϭϯ͘ϬϬ ^KZDEdK^D/Z^Ds>^ Ͳ
Ϭϳ͘Ϭϯ͘Ϭϭ ƐĐŽƌĂŵĞŶƚŽĚĞǀĂůĂƐĐŽŵƉƌĂŶĐŚƁĞƐŵĞƚĄůŝĐŽƐʹĄƌĞĂŶĆŽĐƌĂǀĂĚĂ ŵϸ Ϯϵ͕ϰϳ ϰϯ͕ϬϬ Ϯϰ͕ϴϰй ϱϯ͕ϲϴ ϭ͘ϱϴϭ͕ϳϮ ϳϯϴϳϳͬϬϬϮ^
Ϭϳ͘Ϭϰ͘ϬϬ ^'KdDEdK^ Ͳ
Ϭϳ͘Ϭϰ͘Ϭϭ ƐŐŽƚĂŵĞŶƚŽĐŽŵďŽŵďĂƐ Ś ϰϱ͕ϬϬ ϲ͕ϯϬ Ϯϰ͕ϴϰй ϳ͕ϴϲ ϯϱϯ͕ϳϬ ϳϯϴϵϭͬϬϬϭ^
Ϭϳ͘Ϭϱ͘ϬϬ >^dZK^ Ͳ
Ϭϳ͘Ϭϱ͘Ϭϭ >ĂƐƚƌŽĚĞďƌŝƚĂŶǑϭƉͬĐĂŝdžĂƐ͕ĂƉŝůŽĂĚĂͲ ŝŶĐůƵƐŽƚƌĂŶƐƉŽƌƚĞ ŵϹ Ϭ͕Ϭϲ ϳϳ͕ϰϴ Ϯϰ͕ϴϰй ϵϲ͕ϳϯ ϱ͕ϲϮ ŽŵƉŽƐŝĕĆŽϭ
Ϭϳ͘Ϭϲ͘ϬϬ KEZdK Ͳ
Ϭϳ͘Ϭϲ͘Ϭϭ ŽŶĐƌĞƚŽ&<сϭϱŵƉĂ͕ƚƌĂĕŽϭ͗ϯ͕ϰ͗ϯ͕ϱ;ĐŝŵĞŶƚŽͬĂƌĞŝĂŵĠĚŝĂͬďƌŝƚĂϭͿŵϯͲƉƌĞƉĂƌŽŵĞĐąŶŝĐŽ
ĐŽŵďĞƚŽŶĞŝƌĂϰϬ ŵϹ Ϭ͕ϰϲ Ϯϵϲ͕Ϯϵ Ϯϰ͕ϴϰй ϯϲϵ͕ϴϵ ϭϳϭ͕ϵϭ ϵϰϵϲϯ^
Ϭϳ͘Ϭϳ͘ϬϬ &KZD^dh^ Ͳ
Ϭϳ͘Ϭϳ͘Ϭϭ DŽŶƚĂŐĞŵĞĚĞƐŵŽŶƚĂŐĞŵĚĞĨƀƌŵĂĚĞǀŝŐĂ͕ĞƐĐŽƌĂŵĞŶƚŽĐŽŵƉŽŶƚĂůĞƚĞĚĞŵĂĚĞŝƌĂ͕ƉĠͲĚŝƌĞŝƚŽ
ƐŝŵƉůĞƐ͕ĞŵŵĂĚĞŝƌĂƐĞƌƌĂĚĂ ŵϸ Ϭ͕ϳϵ ϱϳ͕ϭϲ Ϯϰ͕ϴϰй ϳϭ͕ϯϲ ϱϲ͕ϬϮ ϵϮϰϴϬ^
Ϭϳ͘Ϭϳ͘ϬϮ &ŽƌŵĂĚĞƚĄďƵĂƐƉĂƌĂĐŽŶĐƌĞƚŽĞŵĨƵŶĚĂĕĆŽ͕ŵŽŶƚĂŐĞŵ͕ĚĞƐŵŽŶƚĂŐĞ͕ĞƐĐŽƌĂŵĞŶƚŽ ŵϸ Ϭ͕ϰϯ ϯϰ͕ϭϵ Ϯϰ͕ϴϰй ϰϮ͕ϲϴ ϭϴ͕Ϯϯ ϱϲϱϭ^
Ϭϳ͘Ϭϴ͘ϬϬ ZDhZK Ͳ
Ϭϳ͘Ϭϴ͘Ϭϭ ƌŵĂĚƵƌĂĚĞĂĕŽ͕ĨŽƌŶĞĐŝŵĞŶƚŽĐŽŵĐŽƌƚĞĞƉĞƌĚĂĚĞϭϬй͕ĚŽďƌĂĞĐŽůŽĐĂĕĆŽ ŬŐ ϰϭ͕ϴϯ ϳ͕ϵϱ Ϯϰ͕ϴϰй ϵ͕ϵϮ ϰϭϰ͕ϵϱ ϵϮϳϲϮ^
Ϭϳ͘Ϭϵ͘ϬϬ ^^EdDEdK Ͳ
&21$*8$
WZK^DZ/^
ſĚŝŐŽƐ
/ƚĞŵ ĞƐĐƌŝĕĆŽ hŶŝĚ͘ YƚĚ͘ sĂůŽƌhŶŝƚĄƌŝŽ sĂůŽƌhŶŝƚĄƌŝŽ
'%, dŽƚĂů
;^Ğŵ/Ϳ ;Žŵ/Ϳ
(
)
I J " % " C
2+ ? " +)"-) ' "- * )"- ))"' )'- ^
Ϭϳ͘ϭϬ͘ϬϬ /DWZD/>/O^Zs^d/DEdK^ Ͳ
Ϭϳ͘ϭϬ͘Ϭϭ /ŵƉĞƌŵĞĂďŝůŝnjĂĕĆŽĚĞĞƐƚƌƵƚƵƌĂƐĞŶƚĞƌƌĂĚĂƐĐŽŵĐŝŵĞŶƚŽĐƌŝƐƚĂůŝnjĂŶƚĞĞĞŵƵůƐĆŽĂĚĞƐŝǀĂĂƚĠϳŵĚĞ
ƉƌŽĨƵŶĚŝĚĂĚĞ͘ ŵϸ ϭϮ͕Ϯϱ ϱϵ͕ϳϯ Ϯϰ͕ϴϰй ϳϰ͕ϱϳ ϵϭϯ͕ϭϴ ϳϯϵϮϵͬϬϬϰ^
Ϭϳ͘ϭϬ͘ϬϮ ŵďŽĕŽŽƵŵĂƐƐĂƷŶŝĐĂĞŵĂƌŐĂŵĂƐƐĂƚƌĂĕŽϭ͗Ϯ͗ϴ͕ƉƌĞƉĂƌŽŵĂŶƵĂů͕ĂƉůŝĐĂĂŵĂŶƵĂůŵĞŶƚĞĞŵ
ƉĂŶŽƐĚĞĨĂĐŚĂĚĂĐŽŵƉƌĞƐĞŶĕĂĚĞǀĆŽƐ͕ĞƐƉĞƐƐƵƌĂĚĞϮϱŵŵ ŵϸ ϯ͕ϲϰ ϰϯ͕Ϯϵ Ϯϰ͕ϴϰй ϱϰ͕Ϭϰ ϭϵϲ͕ϴϰ ϴϳϳϳϳ^
Ϭϳ͘ϭϭ͘ϬϬ /E^d>O^DKEd'E^ Ͳ
Ϭϳ͘ϭϭ͘Ϭϭ /ŶƐƚĂůĂĕĆŽĚĞĐŽŶũƵŶƚŽŵŽƚŽͲďŽŵďĂ͕ƐƵďŵĞƌƐş ǀĞů͕ƉŽƚġŶĐŝĂĂƚĠϭϬs ƵŶ Ϯ͕ϬϬ ϭϵϱ͕ϮϬ Ϯϰ͕ϴϰй Ϯϰϯ͕ϲϵ ϰϴϳ͕ϯϴ ϳϯϴϯϰͬϬϬϭ^
Ϭϳ͘ϭϭ͘ϬϮ ƐƐĞŶƚĂŵĞŶƚŽĚĞƉĞĕĂƐ͕ĐŽŶĞdžƁĞƐ͕ĂƉĂƌĞůŚŽƐĞĂĐĞƐƐſƌŝŽƐĚĞĨĞƌƌŽĨƵŶĚŝĚŽĚƷĐƚŝů͕
ũƵŶƚĂĞůĄƐƚŝĐĂ͕ŵĞĐąŶŝĐĂŽƵĨůĂŶŐĞĂĚĂ͕ĐŽŵĚŝąŵĞƚƌŽĚĞϱϬăϯϬϬŵŵ ŬŐ ϵϱ͕ϬϬ ϭ͕ϳϭ Ϯϰ͕ϴϰй Ϯ͕ϭϯ ϮϬϮ͕ϯϱ ϴϯϳϮϰ^
Ϭϳ͘ϭϮ͘ϬϬ /DZDEdK Ͳ
Ϭϳ͘ϭϮ͘Ϭϭ ŝŵďƌĂŵĞŶƚŽ ŵϹ Ϭ͕ϲϭ ϵ͕ϯϯ Ϯϰ͕ϴϰй ϭϭ͕ϲϱ ϳ͕ϭϰ ϳϯϯϬϭ^
Ϭϳ͘ϭϯ͘ϬϬ ^Zs/K^KDW>DEdZ^ Ͳ
Ϭϳ͘ϭϯ͘Ϭϭ ^ĞƌǀŝĕŽƐĚĞůŝŵƉĞnjĂŐĞƌĂůĚĂĄƌĞĂĚĂĞůĞǀĂƚſƌŝĂ ŵϸ Ϯϱ͕ϬϬ Ϯ͕ϯϰ Ϯϰ͕ϴϰй Ϯ͕ϵϮ ϳϯ͕ϬϬ ϵϱϯϳ^
^ƵďƚŽƚĂů ϱ͘ϳϯϳ͕ϵϱ
Ϭϳ͘ϭϰ͘ϬϬ ^dK>sdMZ/^'KdKͲͲͲDdZ//^
Ϭϳ͘ϭϰ͘Ϭϭ dƵďŽĐŽŶĐƌĞƚŽĂƌŵĂĚŽĐůĂƐƐĞĞĂͲϯW:ŶďƌͲϴϴϵϬͬϮϬϬϳEϭϬϬϬŵŵƉͬĞƐŐŽƚŽƐĂŶŝƚĄƌŝŽ ŵ ϰ͕ϬϬ ϯϳϬ͕ϬϮ ϭϰ͕ϬϮй ϰϮϭ͕ϵϬ ϭ͘ϲϴϳ͕ϲϬ ϳϳϯϱ^
Ϭϳ͘ϭϰ͘ϬϮ ŽŵďĂƐƵďŵĞƌƐşǀĞůƉĂƌĂĞƐŐŽƚŽ͕ƚŝƉŽƉŝƌĂŶŚĂ͕ĐŽŵŚĂƐƚĞ͕ĐŽƌƌĞŶƚĞ͕ĞĐĂďŽƐĞůĠƚƌŝĐŽƐ͕ƚĞŶĂŽϯϴϬ
ǀŽůƚƐ͕ƚƌŝĨĄƐŝĐŽ͕ǀĂnjĆŽϲ͕ϬϬŵϯͬŚ;ϭ͕ϲϲ>ͬƐͿ͕ĂůƚƵƌĂŵĂŶŽŵĠƚƌŝĐĂĚĞϰ͘ϴϭŵ͘Đ͘Ă͕͘ƉŽƚġŶĐŝĂϭ͕ϱϬs ƵŶ Ϯ͕ϬϬ ϭϬ͘ϱϴϰ͕ϬϬ ϭϰ͕ϬϮй ϭϮ͘Ϭϲϳ͕ϴϴ Ϯϰ͘ϭϯϱ͕ϳϲ KƌĕĂŵĞŶƚŽϬϰ
Ϭϳ͘ϭϰ͘Ϭϯ EŝƉĞůĨĞƌƌŽŐĂůǀĂŶŝnjĂĚŽ͕ĐŽŵƌŽƐĐĂƐ͕TϮΗ ƵŶ ϭϭ͕ϬϬ ϭϴ͕ϵϳ ϭϰ͕ϬϮй Ϯϭ͕ϲϯ Ϯϯϳ͕ϵϯ ϰϭϴϭ^
Ϭϳ͘ϭϰ͘Ϭϰ ŶŐĂƚĞƉĂƌĂŵĂŶŐƵĞŝƌĂdžĨĞƌƌŽŐĂůǀĂŶŝnjĂĚŽ͕TϮΗdžϮΗ ƵŶ ϰ͕ϬϬ ϱϯ͕ϰϭ ϭϰ͕ϬϮй ϲϬ͕ϵϬ Ϯϰϯ͕ϲϬ KƌĕĂŵĞŶƚŽϬϱ
Ϭϳ͘ϭϰ͘Ϭϱ hŶŝĆŽĐŽŵĂƐƐĞŶƚŽĐƀŶŝĐŽ͕ĨĞƌƌŽŐĂůǀĂŶŝnjĂĚŽ͕TϮΗ ƵŶ Ϯ͕ϬϬ ϴϵ͕ϳϭ ϭϰ͕ϬϮй ϭϬϮ͕Ϯϵ ϮϬϰ͕ϱϴ ϭϮϰϮϴ^
Ϭϳ͘ϭϰ͘Ϭϲ ZĞŐŝƐƚƌŽĚĞŐĂǀĞƚĂ͕ĐŽŵǀŽůĂŶƚĞ͕ĐŽŵƌŽƐĐĂƐŝŶƚĞƌŶĂƐ͕TϮΗ ƵŶ ϯ͕ϬϬ ϳϱ͕ϯϳ ϭϰ͕ϬϮй ϴϱ͕ϵϰ Ϯϱϳ͕ϴϮ ϲϬϮϴ^
Ϭϳ͘ϭϰ͘Ϭϳ sĄůǀƵůĂĚĞƌĞƚĞŶĕĆŽ͕ĐŽƌƉŽĞŵďƌŽŶnjĞ͕ƌŽƐĐĂƐŝŶƚĞƌŶĂƐ͕TϮΗ ƵŶ Ϯ͕ϬϬ ϭϲϬ͕ϯϵ ϭϰ͕ϬϮй ϭϴϮ͕ϴϴ ϯϲϱ͕ϳϲ ϭϬϰϬϴ^
Ϭϳ͘ϭϰ͘Ϭϴ dƵďŽĨĞƌƌŽŐĂůǀĂŶŝnjĂĚŽ͕ĐŽŵƌŽƐĐĂƐ͕TϮΗ͕ĐŽŵƉ͘сϬ͕ϯϬŵ ƵŶ ϯ͕ϬϬ ϮϮ͕Ϭϱ ϭϰ͕ϬϮй Ϯϱ͕ϭϰ ϳϱ͕ϰϮ ŽŵƉŽƐŝĕĆŽϬϳ
Ϭϳ͘ϭϰ͘Ϭϵ :ŽĞůŚŽĨĞƌƌŽŐĂůǀĂŶŝnjĂĚŽ͕ϵϬǑ͕ƌŽƐĐĂƐŝŶƚĞƌŶĂƐ͕TϮΗ ƵŶ ϲ͕ϬϬ Ϯϲ͕ϵϯ ϭϰ͕ϬϮй ϯϬ͕ϳϭ ϭϴϰ͕Ϯϲ ϯϰϳϭ^
Ϭϳ͘ϭϰ͘ϭϬ dĞĨĞƌƌŽŐĂůǀĂŶŝnjĂĚŽ͕ϵϬǑ͕ƌŽƐĐĂƐŝŶƚĞƌŶĂƐ͕TϮΗdžϮΗ ƵŶ Ϯ͕ϬϬ ϯϱ͕ϴϬ ϭϰ͕ϬϮй ϰϬ͕ϴϮ ϴϭ͕ϲϰ ϲϮϵϴ^
Ϭϳ͘ϭϰ͘ϭϭ ĚĂƉƚĂĚŽƌĐŽŵƉƌĞƐƐĆŽdžƌŽƐĐĂ;ĨġŵĞĂͿTϲϯŵŵdžϮΗͲWEϲ ƵŶ ϭ͕ϬϬ ϰϮ͕Ϯϱ ϭϰ͕ϬϮй ϰϴ͕ϭϳ ϰϴ͕ϭϳ KƌĕĂŵĞŶƚŽϭ
Ϭϳ͘ϭϰ͘ϭϮ dƵďŽW͕WϭϬϬ͕WEϴ͕ϲϯŵŵ ŵ ϭ͕ϬϬ ϭϴ͕ϰϮ ϭϰ͕ϬϮй Ϯϭ͕ϬϬ Ϯϭ͕ϬϬ KƌĕĂŵĞŶƚŽϬϵ
Ϭϳ͘ϭϰ͘ϭϯ ŽƚŽǀĞůŽĚĞĐŽŵƉƌĞƐƐĆŽ͕ϵϬǑ͕ϲϯŵŵ ƵŶ Ϯ͕ϬϬ Ϯϱ͕ϵϴ ϭϰ͕ϬϮй Ϯϵ͕ϲϮ ϱϵ͕Ϯϰ ϯϳϰϯϳ^
Ϭϳ͘ϭϰ͘ϭϰ DĂŶŐƵĞŝƌĂĚĞĂůƚĂƉƌĞƐƐĆŽ͕;ϱ͕ϬŬŐĨͬĐŵϸͿ͕TϮΗ͕ĐŽŵƉ͘сϰ͕Ϭŵ ƵŶ Ϯ͕ϬϬ Ϯϭϱ͕ϴϲ ϭϰ͕ϬϮй Ϯϰϲ͕ϭϮ ϰϵϮ͕Ϯϰ KƌĕĂŵĞŶƚŽϬϳ
Ϭϳ͘ϭϰ͘ϭϱ dƵďŽW͕WϭϬϬ͕WEϲ͕ϲϯŵŵ͕ĐŽŵƉ͘сϰ͕Ϭŵ ŵ ϰ͕ϬϬ ϭϴ͕ϰϮ ϭϰ͕ϬϮй Ϯϭ͕ϬϬ ϴϰ͕ϬϬ KƌĕĂŵĞŶƚŽϵ
Ϭϳ͘ϭϰ͘ϭϲ dƵďŽĨĞƌƌŽŐĂůǀĞŶŝnjĂĚŽ͕ĐŽŵƌŽƐĐĂƐ͕TϮΗ͕ĐŽŵƉ͘сϬ͕ϳϬŵ ƵŶ ϭ͕ϬϬ ϯϱ͕ϭϳ ϭϰ͕ϬϮй ϰϬ͕ϭϬ ϰϬ͕ϭϬ ŽŵƉŽƐŝĕĆŽϬϲ
Ϭϳ͘ϭϰ͘ϭϳ dƵďŽĨĞƌƌŽŐĂůǀĞŶŝnjĂĚŽ͕ĐŽŵƌŽƐĐĂƐ͕TϮΗ͕ĐŽŵƉ͘сϬ͕Ϯϱŵ ƵŶ Ϯ͕ϬϬ ϮϬ͕ϰϭ ϭϰ͕ϬϮй Ϯϯ͕Ϯϳ ϰϲ͕ϱϰ ŽŵƉŽƐŝĕĆŽϬϴ
Ϭϳ͘ϭϰ͘ϭϴ dƵďŽĨĞƌƌŽŐĂůǀĞŶŝnjĂĚŽ͕ĐŽŵƌŽƐĐĂƐ͕TϮΗ͕ĐŽŵƉ͘сϬ͕ϱϬŵ ƵŶ Ϯ͕ϬϬ Ϯϴ͕ϲϭ ϭϰ͕ϬϮй ϯϮ͕ϲϮ ϲϱ͕Ϯϰ ŽŵƉŽƐŝĕĆŽϬϱ
Ϭϳ͘ϭϰ͘ϭϵ dƵďŽĨĞƌƌŽŐĂůǀĞŶŝnjĂĚŽ͕ĐŽŵƌŽƐĐĂƐ͕TϮΗ͕ĐŽŵƉ͘сϬ͕ϭϱŵ ƵŶ ϭ͕ϬϬ ϭϳ͕ϭϯ ϭϰ͕ϬϮй ϭϵ͕ϱϯ ϭϵ͕ϱϯ ŽŵƉŽƐŝĕĆŽϬϯ
Ϭϳ͘ϭϰ͘ϮϬ ZĞŐŝƐƚƌŽĚĞŐĂǀĞƚĂ͕ĐƵŶŚĂĞŵďŽƌƌĂĐŚĂĚĂ͕ĐŽŵĨůĂŶŐĞƐ͕ĐŽŵĐĂďĞĕŽƚĞ͕EϭϱϬŵŵ ƵŶ ϭ͕ϬϬ ϭ͘Ϭϱϯ͕ϴϯ ϭϰ͕ϬϮй ϭ͘ϮϬϭ͕ϱϳ ϭ͘ϮϬϭ͕ϱϳ KƌĕĂŵĞŶƚŽϬϴ
&21$*8$
WZK^DZ/^
ſĚŝŐŽƐ
/ƚĞŵ ĞƐĐƌŝĕĆŽ hŶŝĚ͘ YƚĚ͘ sĂůŽƌhŶŝƚĄƌŝŽ sĂůŽƌhŶŝƚĄƌŝŽ
'%, dŽƚĂů
;^Ğŵ/Ϳ ;Žŵ/Ϳ
(
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(
'' 5 % # %#" 5"
'& " % "' " # ( " % "& '" "+ "'* "&+ +" +) ^
Ϭϳ͘ϭϰ͘Ϯϯ dĂŵƉĆŽ͕ĨĞƌƌŽĨƵŶĚŝĚŽ͕ĂƌƚŝĐƵůĂĚŽ͕ϴϯŬŐ͕ĐĂƌŐĂŵĄdžŝŵĂϯϬ͘ϬϬϬ<Ő͕ĚŝąŵĞƚƌŽĂďĞƌƚŽϲϭϬŵŵ͕ƉĂƌĂ
ƉŽĕŽĚĞǀŝƐŝƚĂĚĞƌĞĚĞĚĞĞƐŐŽƚŽ ƵŶ ϭ͕ϬϬ ϰϭϭ͕ϯϵ ϭϰ͕ϬϮй ϰϲϵ͕Ϭϳ ϰϲϵ͕Ϭϳ ϮϭϬϵϬ^
Ϭϳ͘ϭϰ͘Ϯϰ dĂŵƉĆŽ͕ĨĞƌƌŽĨƵŶĚŝĚŽ͕ĂƌƚŝĐƵůĂĚŽ͕ϯϳŬŐ͕ĐĂƌŐĂŵĄdžŝŵĂϭϮ͘ϱϬϬ<Ő͕ĚŝąŵĞƚƌŽĂďĞƌƚŽϲϭϬŵŵ͕ƉĂƌĂ
ƉŽĕŽĚĞǀŝƐŝƚĂĚĞƌĞĚĞĚĞĞƐŐŽƚŽ ƵŶ Ϯ͕ϬϬ ϯϯϱ͕ϳϯ ϭϰ͕ϬϮй ϯϴϮ͕ϴϬ ϳϲϱ͕ϲϬ ϭϭϯϬϭ^
Ϭϳ͘ϭϰ͘Ϯϱ dĞůĂĚĞĂĕŽŝŶŽdž͕ƚŝƉŽŵŽĞĚĂ͕ĚŝŵĞŶƐĆŽĚĞϱϰ͕ϬĐŵdžϴϬdžĐŵ͕ƌĞĨŽƌĕŽƐŶĂƐůĂƚĞƌĂŝƐĐŽŵĂĕŽĚĞ
ĐŽŶƐƚƌƵĕĆŽϭͬϮΗ͕ĞĐŽŵŚĂƐƚĞĚĞĂĕŽĚĞĐŽŶƐƚƌƵĕĆŽϭͬϮΗ͕ƐŽůĚĂĚĂŶĂŵĞƐŵĂƉĂƌĂŝĕĂŵĞŶƚŽ͕ĚĞ
ĐŽŶĨŽƌŵŝĚĂĚĞĐŽŵŽĚĞƐĞŶŚŽŶĂƉĞĕĂŐƌĄĨŝĐĂĚĂ͕ΗĚĞƚĂůŚĞƐΗ ƵŶ ϭ͕ϬϬ ϯϱϬ͕ϬϬ ϭϰ͕ϬϮй ϯϵϵ͕Ϭϳ ϯϵϵ͕Ϭϳ ŽƌĕĂŵĞŶƚŽ
^ƵďƚŽƚĂů ϯϮ͘ϯϬϳ͕ϴϬ
dKd>^dK>sdMZ/Ͳ ϯϴ͘Ϭϰϱ͕ϳϱ
Ϭϴ͘ϬϬ͘ϬϬ >/E,Z>YhͲKZ^/s/^ͲZ&ZEdĞ
Ϭϴ͘Ϭϭ͘ϬϬ >KK
Ϭϴ͘Ϭϭ͘Ϭϭ >ŽĐĂĕĆŽĚĞƌĞĚĞƐĚĞĄŐƵĂŽƵĚĞĞƐŐŽƚŽ͕ŝŶĐůƵƐŝǀĞƚŽƉſŐƌĂĨŽ ŵ ϳϱϭ͕ϬϬ Ϭ͕ϵϴ Ϯϰ͕ϴϰй ϭ͕ϮϮ ϵϭϲ͕ϮϮ ϳϯϲϭϬ^
Ϭϴ͘ϬϮ͘ϬϬ /E^d>KWZKdK^'hZE Ͳ Ͳ
Ϭϴ͘ϬϮ͘Ϭϭ dĂƉƵŵĞĚĞĐŚĂƉĂĚĞŵĂĚĞŝƌĂĐŽŵƉĞŶƐĂĚĂ;ϲŵŵͿͲƉŝŶƚƵƌĂĂĐĂů ŵϸ ϲ͕ϬϬ ϰϴ͕ϵϯ Ϯϰ͕ϴϰй ϲϭ͕Ϭϴ ϯϲϲ͕ϰϴ ϳϰϮϮϬͬϬϬϭ^
Ϭϴ͘Ϭϯ͘ϬϬ DKs/DEdKdZZ Ͳ
Ϭϴ͘Ϭϯ͘Ϭϭ ƐĐĂǀĂĕĆŽŵĞĐĂŶŝnjĂĚĂ Ͳ
Ϭϴ͘Ϭϯ͘ϬϮ ƐĐĂǀĂĕĆŽŵĞĐĂŶŝnjĂĚĂĚĞǀĂůĂĐŽŵƉƌŽĨ͘ƚĠϭ͕ϱŵ;ŵĠĚŝĂĞŶƚƌĞŵŽŶƚĂŶƚĞĞũƵƐĂŶƚĞͬƵŵĂ
ĐŽŵƉŽƐŝĕĆŽƉŽƌƚƌĞĐŚŽͿ͕ĐŽŵƌĞƚƌŽĞƐĐĂǀĂĚĞŝƌĂ;Ϭ͕Ϯϲŵϯͬϴϴ,WͿ͕ůĂƌŐ͘DĞŶŽƌƋƵĞϬ͕ϴŵ͕ĞŵƐŽůŽĚĞ
ϭĂĐĂƚĞŐŽƌŝĂ͕ĞŵůŽĐĂŝƐĐŽŵďĂŝdžŽŶşǀĞůĚĞŝŶƚĞƌĨĞƌġŶĐŝĂ ŵϹ ϯϴϯ͕Ϭϭ ϭϯ͕ϲϬ Ϯϰ͕ϴϰй ϭϲ͕ϵϴ ϲ͘ϱϬϯ͕ϱϭ ϵϬϭϬϱ^
Ϭϴ͘Ϭϯ͘Ϭϯ ZĞĂƚĞƌƌŽŵĞĐĂŶŝnjĂĚŽĚĞǀĂůĂͬĐĂǀĂ͕ƵƚŝůŝnjĂŶĚŽĞƐĐĂǀĂĚĞŝƌĂŚŝĚƌĄƵůŝĐĂĞĐŽŵƉĂĐƚĂĚŽƌǀŝďƌĂƚſƌŝŽĂƚĠ
ϭ͕ϱϬŵĚĞƉƌŽĨ͕͘ƐͬƐƵďƐƚŝƚƵŝĕĆŽĚĞŵĂƚĞƌŝĂůĚĞϭǐĐĂƚĞŐŽƌŝĂĞŵůŽĐĂůĚĞďĂŝdžŽŶşǀĞůĚĞŝŶƚĞƌĨĞƌġŶĐŝĂ
ʹƌĞĂƉƌŽǀĞŝƚĂŵĞŶƚŽĚŽŵĂƚĞƌŝĂůĞƐĐĂǀĂĚŽ͘ ŵϹ ϭϯϱ͕ϭϴ ϭϰ͕ϰϲ Ϯϰ͕ϴϰй ϭϴ͕Ϭϱ Ϯ͘ϰϰϬ͕ϬϬ ϵϯϯϲϳ^
Ϭϴ͘Ϭϯ͘Ϭϰ ƚĞƌƌŽŵĞĐĂŶŝnjĂĚŽĚĞǀĂůĂͬĐĂǀĂ͕ƵƚŝůŝnjĂŶĚŽĞƐĐĂǀĂĚĞŝƌĂŚŝĚƌĄƵůŝĐĂĞĐŽŵƉĂĐƚĂĚŽƌǀŝďƌĂƚſƌŝŽĂƚĠ
ϭ͕ϱϬŵĚĞƉƌŽĨ͕͘ĐŽŵŵĂƚĞƌŝĂůĚĞϭǐĐĂƚĞŐŽƌŝĂ͕ƐŽůŽĂƌŐŝůŽĂƌĞŶŽƐŽĞŵůŽĐĂůĚĞďĂŝdžŽŶşǀĞůĚĞ
ŝŶƚĞƌĨĞƌġŶĐŝĂ͘ ŵϹ Ϯϰϱ͕ϰϵ Ϯϳ͕ϬϬ Ϯϰ͕ϴϰй ϯϯ͕ϳϭ ϴ͘Ϯϳϱ͕ϰϯ ϵϰϯϬϰ^
Ϭϴ͘Ϭϯ͘Ϭϱ ĂƌŐĂĞĚĞƐĐĂƌŐĂŵĞĐąŶŝĐĂĚĞƐŽůŽƵƚŝůŝnjĂŶĚŽĐĂŵŝŶĆŽϲ͕ϬŵϯƉĂƌĂďŽƚĂĨŽƌĂ ŵϹ Ϯϰϳ͕ϴϯ ϭ͕ϳϬ Ϯϰ͕ϴϰй Ϯ͕ϭϮ ϱϮϱ͕ϰϬ ϳϰϬϭϬͬϬϬϭ^
Ϭϴ͘Ϭϯ͘Ϭϲ ĂƌŐĂĞĚĞƐĐĂƌŐĂŵĞĐąŶŝĐĂĚĞƐŽůŽĚĞũĂnjŝĚĂƵƚŝůŝnjĂŶĚŽĐĂŵŝŶĆŽϲ͕Ϭŵϯ ŵϹ Ϯϰϱ͕ϰϵ ϭ͕ϳϬ Ϯϰ͕ϴϰй Ϯ͕ϭϮ ϱϮϬ͕ϰϰ ϳϰϬϭϬͬϬϬϭ^
Ϭϴ͘Ϭϯ͘Ϭϳ dƌĂŶƐƉŽƌƚĞůŽĐĂůĐŽŵĐĂŵŝŶŚĆŽďĂƐĐƵůĂŶƚĞϲŵϹͲŵĂƚĞ ƌŝĂůĚĞďŽƚĂĨŽƌĂƌŽĚŽǀŝĂĐŽŵƌĞǀĞƐƚŝŵĞŶƚŽ
ƉƌŝŵĄƌŝŽ ŵϹ ϭϵϴ͕Ϯϲ ϭ͕ϭϰ Ϯϰ͕ϴϰй ϭ͕ϰϮ Ϯϴϭ͕ϱϯ ϳϮϴϴϲ^
Ϭϴ͘Ϭϯ͘Ϭϴ dƌĂŶƐƉŽƌƚĞĐŽŵĞƌĐŝĂůĐŽŵĐĂŵŝŶŚĆŽďĂƐĐƵůĂŶƚĞϲ͕ϬŵϹ͕ƌŽĚŽǀŝĂĞŵůĞŝƚŽŶĂƚƵƌĂů ŵϹdžŬŵ ϯ͘ϳϵϮ͕ϴϭ Ϭ͕ϵϱ Ϯϰ͕ϴϰй ϭ͕ϭϵ ϰ͘ϱϭϯ͕ϰϰ ϳϮϴϰϭ^
Ϭϴ͘Ϭϰ͘ϬϬ ^^EdDEdKdhK^WsͲ:hEd>^d/ Ͳ
Ϭϴ͘Ϭϰ͘Ϭϭ ƐƐĞŶƚĂŵĞŶƚŽĚĞƚƵďŽW͕WϭϬϬ͕WEϴ͕ϲϯĞϳϯŵŵ ŵ ϳϱϭ͕ϬϬ Ϯ͕Ϯϴ Ϯϰ͕ϴϰй Ϯ͕ϴϱ Ϯ͘ϭϰϬ͕ϯϱ ϳϯϴϴϴͬϬϬϮ^
Ϭϴ͘Ϭϱ͘ϬϬ ^Zs/K^^dZDEdK Ͳ
Ϭϴ͘Ϭϱ͘Ϭϭ ĂĚĂƐƚƌŽĚĞƌĞĚĞŝŶĐůƵƐŝǀĞĚĞƐĞŶŚŝƐƚĂ ŵ ϳϱϭ͕ϬϬ ϭ͕Ϯϴ Ϯϰ͕ϴϰй ϭ͕ϲϬ ϭ͘ϮϬϭ͕ϲϬ ϳϯϲϴϮ^
^ƵďƚŽƚĂů Ϯϳ͘ϲϴϰ͕ϰϬ
Ϭϴ͘Ϭϲ͘ϬϬ >/E,Z>Yh^'KdKĞͲDdZ//^
&21$*8$
WZK^DZ/^
ſĚŝŐŽƐ
/ƚĞŵ ĞƐĐƌŝĕĆŽ hŶŝĚ͘ YƚĚ͘ sĂůŽƌhŶŝƚĄƌŝŽ sĂůŽƌhŶŝƚĄƌŝŽ
'%, dŽƚĂů
;^Ğŵ/Ϳ ;Žŵ/Ϳ
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A % " " -" + " (& " -" ' "'* ' " &
(( " R5 )
-
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^ƵďƚŽƚĂů ϭϳ͘ϯϬϬ͕Ϭϭ
dKd>^>/E,^Z>Yh^ ϰϰ͘ϵϴϰ͕ϰϭ
Ϭϵ͘ϬϬ͘ϬϬ D/^^Z/K&/E>ͲKZ^/s/^
Ϭϵ͘Ϭϭ͘ϬϬ >KK
)
856 .
" %
# ''" ")- ' "- * "'' '-" (+ ^
Ϭϵ͘ϬϮ͘ϬϬ /E^d>KWZKdK^'hZE
Ϭϵ͘ϬϮ͘Ϭϭ dĂƉƵŵĞĚĞĐŚĂƉĂĚĞŵĂĚĞŝƌĂĐŽŵƉĞŶƐĂĚĂ;ϲŵŵͿͲƉŝŶƚƵƌĂĂĐĂů ŵϸ ϭϬ͕ϬϬ ϰϴ͕ϵϯ Ϯϰ͕ϴϰй ϲϭ͕Ϭϴ ϲϭϬ͕ϴϬ ϳϰϮϮϬͬϬϬϭ^
Ϭϵ͘Ϭϯ͘ϬϬ DKs/DEdKdZZ Ͳ
Ϭϵ͘Ϭϯ͘Ϭϭ ƐĐĂǀĂĕĆŽŵĞĐĂŶŝnjĂĚĂĚĞǀĂůĂĐŽŵƉƌŽĨ͘ƚĠϭ͕ϱŵ;ŵĠĚŝĂĞŶƚƌĞŵŽŶƚĂŶƚĞĞũƵƐĂŶƚĞͬƵŵĂ
ĐŽŵƉŽƐŝĕĆŽƉŽƌƚƌĞĐŚŽͿ͕ĐŽŵƌĞƚƌŽĞƐĐĂǀĂĚĞŝƌĂ;Ϭ͕Ϯϲŵϯͬϴϴ,WͿ͕ůĂƌŐ͘DĞŶŽƌƋƵĞϬ͕ϴŵ͕ĞŵƐŽůŽĚĞ
ϭĂĐĂƚĞŐŽƌŝĂ͕ĞŵůŽĐĂŝƐĐŽŵďĂŝdžŽŶşǀĞůĚĞŝŶƚĞƌĨĞƌġŶĐŝĂ ŵϹ ϭϭϮ͕ϮϬ ϭϯ͕ϲϬ Ϯϰ͕ϴϰй ϭϲ͕ϵϴ ϭ͘ϵϬϱ͕ϭϲ ϵϬϭϬϱ^
Ϭϵ͘Ϭϯ͘ϬϮ ZĞĂƚĞƌƌŽŵĞĐĂŶŝnjĂĚŽĚĞǀĂůĂͬĐĂǀĂ͕ƵƚŝůŝnjĂŶĚŽĞƐĐĂǀĂĚĞŝƌĂŚŝĚƌĄƵůŝĐĂĞĐŽŵƉĂĐƚĂĚŽƌǀŝďƌĂƚſƌŝŽĂƚĠ
ϭ͕ϱϬŵĚĞƉƌŽĨ͕͘ƐͬƐƵďƐƚŝƚƵŝĕĆŽĚĞŵĂƚĞƌŝĂůĚĞϭǐĐĂƚĞŐŽƌŝĂĞŵůŽĐĂůĚĞďĂŝdžŽŶşǀĞůĚĞŝŶƚĞƌĨĞƌġŶĐŝĂ
ʹƌĞĂƉƌŽǀĞŝƚĂŵĞŶƚŽĚŽŵĂƚĞƌŝĂůĞƐĐĂǀĂĚŽ͘ ŵϹ ϯϵ͕ϲϬ ϭϰ͕ϰϲ Ϯϰ͕ϴϰй ϭϴ͕Ϭϱ ϳϭϰ͕ϳϴ ϵϯϯϲϳ^
Ϭϵ͘Ϭϯ͘Ϭϯ ƚĞƌƌŽŵĞĐĂŶŝnjĂĚŽĚĞǀĂůĂͬĐĂǀĂ͕ƵƚŝůŝnjĂŶĚŽĞƐĐĂǀĂĚĞŝƌĂŚŝĚƌĄƵůŝĐĂĞĐŽŵƉĂĐƚĂĚŽƌǀŝďƌĂƚſƌŝŽĂƚĠ
ϭ͕ϱϬŵĚĞƉƌŽĨ͕͘ĐŽŵŵĂƚĞƌŝĂůĚĞϭǐĐĂƚĞŐŽƌŝĂ͕ƐŽůŽĂƌŐŝůŽĂƌĞŶŽƐŽĞŵůŽĐĂůĚĞďĂŝdžŽŶşǀĞůĚĞ
ŝŶƚĞƌĨĞƌġŶĐŝĂ͘ ŵϹ ϳϭ͕ϲϯ Ϯϳ͕ϬϬ Ϯϰ͕ϴϰй ϯϯ͕ϳϭ Ϯ͘ϰϭϰ͕ϱϴ ϵϰϯϬϰ^
Ϭϵ͘Ϭϯ͘Ϭϰ ĂƌŐĂĞĚĞƐĐĂƌŐĂŵĞĐąŶŝĐĂĚĞƐŽůŽƵƚŝůŝnjĂŶĚŽĐĂŵŝŶŚĆŽďĂƐĐƵůĂŶƚĞϲ͕ϬŵϹ ŵϹ ϳϮ͕ϲϬ ϭ͕ϳϬ Ϯϰ͕ϴϰй Ϯ͕ϭϮ ϭϱϯ͕ϵϭ ϳϰϬϭϬͬϬϬϭ^
Ϭϵ͘Ϭϯ͘Ϭϱ ĂƌŐĂĞĚĞƐĐĂƌŐĂŵĞĐąŶŝĐĂĚĞƐŽůŽĚĞũĂnjŝĚĂƵƚŝůŝnjĂŶĚŽĐĂŵŝŶŚĆŽďĂƐĐƵůĂŶƚĞϲ͕ϬŵϹ ŵϹ ϳϭ͕ϲϯ ϭ͕ϳϬ Ϯϰ͕ϴϰй Ϯ͕ϭϮ ϭϱϭ͕ϴϱ ϳϰϬϭϬͬϬϬϭ^
Ϭϵ͘Ϭϯ͘Ϭϲ dƌĂŶƐƉŽƌƚĞůŽĐĂůĐŽŵĐĂŵŝŶŚĆŽďĂƐĐƵůĂŶƚĞϲŵϹͲŵĂƚĞ ƌŝĂůĚĞďŽƚĂĨŽƌĂƌŽĚŽǀŝĂĐŽŵƌĞǀĞƐƚŝŵĞŶƚŽ
ƉƌŝŵĄƌŝŽ ŵϹdžŬŵ ϭϰϰ͕Ϯϯ ϭ͕ϭϰ Ϯϰ͕ϴϰй ϭ͕ϰϮ ϮϬϰ͕ϴϬ ϳϮϴϴϲ^
Ϭϵ͘Ϭϯ͘Ϭϳ dƌĂŶƐƉŽƌƚĞĐŽŵĞƌĐŝĂůĐŽŵĐĂŵŝŶŚĆŽďĂƐĐƵůĂŶƚĞϲŵϯ͕ƌŽĚŽǀŝĂĞŵůĞŝƚŽŶĂƚƵƌĂů͕ũĂnjŝĚĂ ŵϹdžŬŵ ϭ͘ϭϬϲ͕ϲϱ Ϭ͕ϵϱ Ϯϰ͕ϴϰй ϭ͕ϭϵ ϭ͘ϯϭϲ͕ϵϮ ϳϮϴϰϭ^
Ϭϵ͘Ϭϰ͘ϬϬ ^'KdDEdK^ Ͳ
Ϭϵ͘Ϭϰ͘Ϭϭ ƐŐŽƚĂŵĞŶƚŽĐŽŵďŽŵďĂƐĂƵƚŽĞƐĐŽƌǀĂŶƚĞ Ś ϭϱ͕ϬϬ ϲ͕ϯϬ Ϯϰ͕ϴϰй ϳ͕ϴϲ ϭϭϳ͕ϵϬ ϳϯϴϵϭͬϬϬϭ^
Ϭϵ͘Ϭϱ͘ϬϬ ^^EdDEdKdhK^WsͲ:hEd>^d/ Ͳ
Ϭϵ͘Ϭϱ͘Ϭϭ ƐƐĞŶƚĂŵĞŶƚŽĚĞƚƵďŽĚĞW͕WϴϬ͕ϳϱŵŵ͕ĐŽŵĐŽŶĞdžƁĞƐƌĞŽƐĐĄǀĞů ŵ ϮϮϬ͕ϬϬ Ϯ͕Ϯϴ Ϯϰ͕ϴϰй Ϯ͕ϴϱ ϲϮϳ͕ϬϬ ϳϯϴϴϴͬϬϬϮ^
Ϭϵ͘Ϭϲ͘ϬϬ ^Zs/K^^dZDEdK Ͳ
Ϭϵ͘Ϭϲ͘Ϭϭ ĂĚĂƐƚƌŽĚĞƌĞĚĞ͕ŝŶĐůƵƐŝǀĞĚĞƐĞŶŚŝƐƚĂ ŵ ϮϮϬ͕ϬϬ ϭ͕Ϯϴ Ϯϰ͕ϴϰй ϭ͕ϲϬ ϯϱϮ͕ϬϬ ϳϯϲϴϮ^
^ƵďƚŽƚĂů ϴ͘ϴϯϴ͕ϭϬ
Ϭϵ͘Ϭϳ͘ϬϬ D/^^Z/K&/E>ͲDdZ//^
Ϭϵ͘Ϭϳ͘Ϭϭ dƵďŽW͕WϴϬ͕WEϲ͕ĚĞϳϱŵŵ ŵ ϮϮϬ͕ϬϬ ϯϮ͕Ϯϳ ϭϰ͕ϬϮй ϯϲ͕ϳϵ ϴ͘Ϭϵϯ͕ϴϬ Ϯϱϴϴϲ^
Ϭϵ͘Ϭϳ͘ϬϮ ŵĞŶĚĂĚĞĐŽŵƉƌĞƐƐĆŽ͕ƉĂƌĂƚƵďŽWϳϱŵŵ ƵŶ ϱ͕ϬϬ ϭϰϵ͕ϬϬ ϭϰ͕ϬϮй ϭϲϵ͕ϴϵ ϴϰϵ͕ϰϱ KƌĕĂŵĞŶƚŽϭϵ
^ƵďƚŽƚĂů ϴ͘ϵϰϯ͕Ϯϱ
dKd>KD/^^Z/K&/E> ϭϳ͘ϳϴϭ͕ϯϱ
dKd>'Z>ͲϭǐdW ϭ͘ϭϴϲ͘ϭϵϲ͕ϯϳ
ϭϬ͘ϬϬ͘ϬϬ >dZ/K^^dK>sdKZ/ͲEdZWZd
&21$*8$
WZK^DZ/^
ſĚŝŐŽƐ
/ƚĞŵ ĞƐĐƌŝĕĆŽ hŶŝĚ͘ YƚĚ͘ sĂůŽƌhŶŝƚĄƌŝŽ sĂůŽƌhŶŝƚĄƌŝŽ
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;^Ğŵ/Ϳ ;Žŵ/Ϳ
ϭϬ͘Ϭϭ͘ϬϬ DdZ//^>dZ/K^DKKZ
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ϭϬ͘Ϭϭ͘Ϭϲ ƉƌŽƚĞƚŽƌĚĞƐƵƌƚŽĚƉƐƚƌŝĨĂƐŝĐŽ ƵŶ ϭ͕ϬϬ Ϯϭϯ͕ϯϬ ϭϰ͕ϬϮй Ϯϰϯ͕ϮϬ Ϯϰϯ͕ϮϬ KƌĕĂŵĞŶƚŽϮϳ
ϭϬ͘Ϭϭ͘Ϭϳ ĐŽŶũƵŶƚŽŐƌĞůŚĂĞĨŝůƚƌŽϭϯϬŵŵyϭϯϬŵŵ ƵŶ Ϯ͕ϬϬ ϯϱ͕ϮϬ ϭϰ͕ϬϮй ϰϬ͕ϭϰ ϴϬ͕Ϯϴ KƌĕĂŵĞŶƚŽϮϴ
ϭϬ͘Ϭϭ͘Ϭϴ ŝŶǀĞƌƐŽƌĚĞĨƌĞƋƵĞŶĐŝĂƚŝƉŽ^ϯϱϱϬ͕ϱĐǀĂϱ͕ϬĐǀ͕ϯϴϬsƚƌŝĨĄƐŝĐŽ͕ŽƵƐŝŵŝůĂƌ ƵŶ Ϯ͕ϬϬ Ϯ͘ϭϳϯ͕Ϯϴ ϭϰ͕ϬϮй Ϯ͘ϰϳϳ͕ϵϳ ϰ͘ϵϱϱ͕ϵϰ KƌĕĂŵĞŶƚŽϮϵ
ϭϬ͘Ϭϭ͘Ϭϵ 'LVMXQWRUWLSRGLQLHFPRQRSRODUGHDWHD ƵŶ ϯ͕ϬϬ ϭϬ͕ϰϮ ϭϰ͕ϬϮй ϭϭ͕ϴϴ ϯϱ͕ϲϰ ϯϰϲϱϯ^
ϭϬ͘Ϭϭ͘ϭϬ 'LVMXQWRUWLSRGLQLHFWULSRODUGHDWHD ƵŶ Ϯ͕ϬϬ ϳϯ͕ϮϬ ϭϰ͕ϬϮй ϴϯ͕ϰϲ ϭϲϲ͕ϵϮ ϯϰϳϬϵ^
ϭϬ͘Ϭϭ͘ϭϭ 'LVMXQWRUWLSRGLQLHFPRQRSRODUGHDWHD ƵŶ ϭ͕ϬϬ ϭϬ͕ϰϮ ϭϰ͕ϬϮй ϭϭ͕ϴϴ ϭϭ͕ϴϴ ϯϰϲϱϯ^
ϭϬ͘Ϭϭ͘ϭϮ 'LVMXQWRUWLSRGLQLHFWULSRODUGHDWHD ƵŶ ϭ͕ϬϬ ϳϯ͕ϮϬ ϭϰ͕ϬϮй ϴϯ͕ϰϲ ϴϯ͕ϰϲ ϯϰϳϬϵ^
ϭϬ͘Ϭϭ͘ϭϯ ƋƵĂĚƌŽĚĞĐŽŵĂŶĚŽϴϬϬdžϲϬϬdžϮϱϬŵŵ ƵŶ ϭ͕ϬϬ ϯϭϱ͕ϵϯ ϭϰ͕ϬϮй ϯϲϬ͕ϮϮ ϯϲϬ͕ϮϮ KƌĕĂŵĞŶƚŽϯϬ
ϭϬ͘Ϭϭ͘ϭϰ ƉŽƐƚĞĨŝŶĂů ƵŶ Ϯ͕ϬϬ ϱ͕ϭϳ ϭϰ͕ϬϮй ϱ͕ϴϵ ϭϭ͕ϳϴ KƌĕĂŵĞŶƚŽϯϭ
ϭϬ͘Ϭϭ͘ϭϱ ƌĞŐƵĂĚĞĚŝƐƚƌŝďƵŝĐĂŽƚƌŝĨĂƐŝĐĂϴϬĂ ƵŶ ϭ͕ϬϬ ϵϰ͕ϵϮ ϭϰ͕ϬϮй ϭϬϴ͕Ϯϯ ϭϬϴ͕Ϯϯ KƌĕĂŵĞŶƚŽϯϮ
ϭϬ͘Ϭϭ͘ϭϲ ƌĞůĞĂĐŽƉŽůĂƌĨŝŶĚĞƌƚLJƉĞϵϱ͘ϲϯĐŽŵďŽďŝŶĂϮϮϬǀ ƵŶ ϰ͕ϬϬ ϭϯϱ͕ϰϱ ϭϰ͕ϬϮй ϭϱϰ͕ϰϰ ϲϭϳ͕ϳϲ KƌĕĂŵĞŶƚŽϯϯ
ϭϬ͘Ϭϭ͘ϭϳ ƉƌŽƚĞƚŽƌĨĂůƚĂĚĞĨĂƐĞƌĨǁϯϴϬǀĐĂ͘Ŷ͕ŽƵƐŝŵŝůĂƌ ƵŶ ϭ͕ϬϬ ϭϭϲ͕ϱϳ ϭϰ͕ϬϮй ϭϯϮ͕ϵϭ ϭϯϮ͕ϵϭ KƌĕĂŵĞŶƚŽϯϰ
ϭϬ͘Ϭϭ͘ϭϴ ĐŽŶĞĐƚŽƌĚĞƉĂƐƐĂŐĞŶƐĂŬϮ͕ϱĞŶ ƵŶ ϴ͕ϬϬ ϯ͕ϱϲ ϭϰ͕ϬϮй ϰ͕Ϭϲ ϯϮ͕ϰϴ KƌĕĂŵĞŶƚŽϯϱ
ϭϬ͘Ϭϭ͘ϭϵ ĐŽŶĞĐƚŽƌĚĞƉĂƐƐĂŐĞŶƐĂŬϰ͕ϬĞŶ ƵŶ ϲ͕ϬϬ ϰ͕Ϯϯ ϭϰ͕ϬϮй ϰ͕ϴϮ Ϯϴ͕ϵϮ KƌĕĂŵĞŶƚŽϯϲ
ϭϬ͘Ϭϭ͘ϮϬ ĐŽŶĞĐƚŽƌĚĞƉĂƐƐĂŐĞŶƐĂŬϭϲĞŶ ƵŶ ϱ͕ϬϬ ϰϰ͕ϳϵ ϭϰ͕ϬϮй ϱϭ͕Ϭϳ Ϯϱϱ͕ϯϱ KƌĕĂŵĞŶƚŽϯϳ
ϭϬ͘Ϭϭ͘Ϯϭ ďŽƌŶĞƐĂŬƚĞƌƌĂϰ͕ϬŵŵǀĚͬĂŵ ƵŶ ϯ͕ϬϬ ϲ͕ϰϬ ϭϰ͕ϬϮй ϳ͕ϯϬ Ϯϭ͕ϵϬ KƌĕĂŵĞŶƚŽϯϴ
ϭϬ͘Ϭϭ͘ϮϮ ƚĞƌŵŽĞƐƚĂƚŽĐŽŵƉĂĐƚŽŶĂϬĂϲϬ ƵŶ ϭ͕ϬϬ ϭϮϳ͕ϵϵ ϭϰ͕ϬϮй ϭϰϱ͕ϵϯ ϭϰϱ͕ϵϯ KƌĕĂŵĞŶƚŽϯϵ
ϭϬ͘Ϭϭ͘Ϯϯ ƚƌŝůŚŽĚŝŶϯϱŵŵƉĞƌĨƵƌĂĚŽĞŵĂĕŽ ƵŶ ϯ͕ϬϬ ϭϵ͕ϮϬ ϭϰ͕ϬϮй Ϯϭ͕ϴϵ ϲϱ͕ϲϳ KƌĕĂŵĞŶƚŽϰϬ
ϭϬ͘Ϭϭ͘Ϯϰ ǀĞŶƚŝůĂĚŽƌ͕ϭϯϬdžϭϯϬŵŵϮϮϬǀ ƵŶ ϭ͕ϬϬ ϳϬ͕ϯϵ ϭϰ͕ϬϮй ϴϬ͕Ϯϲ ϴϬ͕Ϯϲ KƌĕĂŵĞŶƚŽϰϭ
ϭϬ͘Ϭϭ͘Ϯϱ dƌĂŶƐĚƵƚŽƌĚĞƉƌĞƐƐĆŽϬĂϭϬŵĐĂ͕ϰĂϮϬŵ͕ƚŝƉŽƉĞŶĚƵůŽƉĂƌĂĞƐŐŽƚŽ ƵŶ ϭ͕ϬϬ ϳϭϰ͕ϱϲ ϭϰ͕ϬϮй ϴϭϰ͕ϳϰ ϴϭϰ͕ϳϰ KƌĕĂŵĞŶƚŽϰϮ
ϭϬ͘Ϭϭ͘Ϯϲ ĐĂďŽŵƵůƚŝƉůĞdžĂĚŽŝƐŽůĂĚŽĐŽůŽƌŝĚŽϰdžϭϬŵŵϮ ƵŶ ϯϬ͕ϬϬ ϱ͕Ϭϱ ϭϰ͕ϬϮй ϱ͕ϳϲ ϭϳϮ͕ϴϬ KƌĕĂŵĞŶƚŽϰϯ
ϭϬ͘Ϭϭ͘Ϯϳ ĐŽŶĞĐƚŽƌƚŝƉŽĐƵŶŚĂƉĂƌĂĐĂďŽŵƵůƚŝƉůĞdžϮϬŵ ŵϮ ƵŶ ϴ͕ϬϬ ϯ͕ϰϱ ϭϰ͕ϬϮй ϯ͕ϵϯ ϯϭ͕ϰϰ KƌĕĂŵĞŶƚŽϰϰ
ϭϬ͘Ϭϭ͘Ϯϴ ,VRODGRUGHSRUFHODQDWLSRUROGDQDGLPHQVRHVGH
[
PPSDUDXVRHPEDL[DWHQVDR ƵŶ Ϯ͕ϬϬ Ϯ͕ϲϱ ϭϰ͕ϬϮй ϯ͕ϬϮ ϲ͕Ϭϰ ϯϯϵϴ^
ϭϬ͘Ϭϭ͘Ϯϵ ŬŝƚƉŽƐƚŝŶŚŽƉĂĚƌĂŽĐĞůĞƐĐϳŵĐŽŵƉůĞƚŽƚƌŝĨĂƐŝĐŽϱϬĐŽŵĚƉƐĞĂƚĞƌƌĂŵĞŶƚŽĞŶƚƌĂĚĂĂĞƌĞĂĞƐĂŝĚĂ
ƐƵďƚĞƌƌĂŶŝĂ ƵŶ ϭ͕ϬϬ Ϯ͘ϭϲϯ͕ϮϬ ϭϰ͕ϬϮй Ϯ͘ϰϲϲ͕ϰϴ Ϯ͘ϰϲϲ͕ϰϴ KƌĕĂŵĞŶƚŽϰϱ
ϭϬ͘Ϭϭ͘ϯϬ (OHWURGXWRSYFIOH[LYHOFRUUXJDGRFRUDPDUHODGHPP ŵ ϭϱ͕ϬϬ Ϯ͕Ϭϱ ϭϰ͕ϬϮй Ϯ͕ϯϰ ϯϱ͕ϭϬ ϮϲϵϬ^
ϭϬ͘Ϭϭ͘ϯϭ ĐŽŶĞĐƚŽƌďŽdžƌĞƚŽϭϭͬϰΗ ƵŶ ϲ͕ϬϬ ϱ͕ϳϵ ϭϰ͕ϬϮй ϲ͕ϲϬ ϯϵ͕ϲϬ KƌĕĂŵĞŶƚŽϰϲ
ϭϬ͘Ϭϭ͘ϯϮ &DERGHFREUHIOH[LYHOFODVVHRXLVRODFDRHPSYFDDQWLFKDPDEZIEFREHUWXUDSYFVW
DQWLFKDPDEZIEFRQGXWRUNYVHFDRQRPLQDOPPFRUEUDQFD ŵ ϭϬ͕ϬϬ ϱ͕ϭϲ ϭϰ͕ϬϮй ϱ͕ϴϴ ϱϴ͕ϴϬ ϭϬϮϬ^
ϭϬ͘Ϭϭ͘ϯϯ &DERGHFREUHIOH[LYHOFODVVHRXLVRODFDRHPSYFDDQWLFKDPDEZIEFREHUWXUDSYFVW
DQWLFKDPDEZIEFRQGXWRUNYVHFDRQRPLQDOPPFRUFLQ]D ŵ ϭϬ͕ϬϬ ϱ͕ϭϲ ϭϰ͕ϬϮй ϱ͕ϴϴ ϱϴ͕ϴϬ ϭϬϮϬ^
ϭϬ͘Ϭϭ͘ϯϰ &DERGHFREUHIOH[LYHOFODVVHRXLVRODFDRHPSYFDDQWLFKDPDEZIEFREHUWXUDSYFVW
DQWLFKDPDEZIEFRQGXWRUNYVHFDRQRPLQDOPPFRUYHUPHOKD ŵ ϭϬ͕ϬϬ ϱ͕ϭϲ ϭϰ͕ϬϮй ϱ͕ϴϴ ϱϴ͕ϴϬ ϭϬϮϬ^
ϭϬ͘Ϭϭ͘ϯϱ &DERGHFREUHIOH[LYHOFODVVHRXLVRODFDRHPSYFDDQWLFKDPDEZIEFREHUWXUDSYFVW
DQWLFKDPDEZIEFRQGXWRUNYVHFDRQRPLQDOPPFRUD]XO ŵ ϭϬ͕ϬϬ ϱ͕ϭϲ ϭϰ͕ϬϮй ϱ͕ϴϴ ϱϴ͕ϴϬ ϭϬϮϬ^
&21$*8$
WZK^DZ/^
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/ƚĞŵ ĞƐĐƌŝĕĆŽ hŶŝĚ͘ YƚĚ͘ sĂůŽƌhŶŝƚĄƌŝŽ sĂůŽƌhŶŝƚĄƌŝŽ
'%, dŽƚĂů
;^Ğŵ/Ϳ ;Žŵ/Ϳ
+ &DERGHFREUHIOH[LYHOFODVVHRXLVRODFDRHPSYFDDQWLFKDPDEZIEFREHUWXUDSYFVW
DQWLFKDPDEZIEFRQGXWRUNYVHFDRQRPLQDOPPFRUYHUGH " &" "'* &"-- &-"- ' ^
ϭϬ͘Ϭϭ͘ϯϳ &DERIOH[LYHOSYFYFRQGXWRUHVGHPP ŵ ϯϬ͕ϬϬ ϴ͕Ϯϰ ϭϰ͕ϬϮй ϵ͕ϰϬ ϮϴϮ͕ϬϬ ϯϰϲϮϳ^
ϭϬ͘Ϭϭ͘ϯϴ &DERIOH[LYHOSYFYFRQGXWRUHVGHPP ŵ ϯϬ͕ϬϬ Ϯ͕ϳϴ ϭϰ͕ϬϮй ϯ͕ϭϳ ϵϱ͕ϭϬ ϯϰϲϭϴ^
ϭϬ͘Ϭϭ͘ϯϵ $XWRPDWLFRGHERLDVXSHULRULQIHULRU
DY ƵŶ Ϯ͕ϬϬ ϯϯ͕ϵϱ ϭϰ͕ϬϮй ϯϴ͕ϳϭ ϳϳ͕ϰϮ ϳϱϴϴ^
ϭϬ͘Ϭϭ͘ϰϬ dĂŵƉĂĚĞĨĞƌƌŽĐĂŝdžĂĚĞƉĂƐƐĂŐĞŵϳϬdžϰϲĐŵ ƵŶ ϭ͕ϬϬ ϰϲϮ͕ϰϭ ϭϰ͕ϬϮй ϱϮϳ͕Ϯϰ ϱϮϳ͕Ϯϰ KƌĕĂŵĞŶƚŽϰϳ
ϭϬ͘Ϭϭ͘ϰϭ (OHWURGXWRWLSRNDQDOH[RXHTXLY ŵ ϭϬ͕ϬϬ ϵ͕Ϭϵ ϭϰ͕ϬϮй ϭϬ͕ϯϲ ϭϬϯ͕ϲϬ Ϯϰϰϲ^
ϭϬ͘Ϭϭ͘ϰϮ +DVWHGHDWHUUDPHQWRHPDFRFRPPGHFRPSULPHQWRHGQ UHYHVWLGDFRPEDL[D
FDPDGDGHFREUHVHPFRQHFWRU ƵŶ ϯ͕ϬϬ Ϯϴ͕ϵϰ ϭϰ͕ϬϮй ϯϯ͕ϬϬ ϵϵ͕ϬϬ ϯϯϳϵ^
ϭϬ͘Ϭϭ͘ϰϯ *UDPSRPHWDOLFRWLSRXSDUDKDVWHGHDWHUUDPHQWRGHDWH
ϭϭ͘ϬϬ͘ϬϬ >dZ/K^^dK>sdKZ/Ͳ
ϭϭ͘Ϭϭ͘ϬϬ DdZ//^>dZ/K^DKKZ
ϭϭ͘Ϭϭ͘Ϭϭ ĐĂůŚĂƉǀĐĐŝŶnjĂϱϬŵŵdžϱϬŵŵdžϮŵ ƵŶ ϯ͕ϬϬ ϭϭ͕ϭϬ ϭϰ͕ϬϮй ϭϮ͕ϲϲ ϯϳ͕ϵϴ KƌĕĂŵĞŶƚŽϮϯ
ϭϭ͘Ϭϭ͘ϬϮ ĐŽŵƵƚĂĚŽƌŵĂŶŽƉůĂĐƵƌƚĂ͕ϮƉŽƐŝĐŽĞƐĨŝdžĂƐ͕ϭŶĂ͕ƚŝƉŽdžďϱͲĂĚϮϭ͕ŽƵƐŝŵŝůĂƌ ƵŶ Ϯ͕ϬϬ ϯϱ͕ϵϯ ϭϰ͕ϬϮй ϰϬ͕ϵϳ ϴϭ͕ϵϰ KƌĕĂŵĞŶƚŽϮϰ
ϭϭ͘Ϭϭ͘Ϭϯ ĐŽŵƵƚĂĚŽƌŵĂŶŽƉůĂĐƵƌƚĂ͕ϯƉŽƐŝĐŽĞƐĨŝdžĂƐϮŶĂ͕ƚŝƉŽdžďϱͲĂĚϯϯ͕ŽƵƐŝŵŝůĂƌ ƵŶ ϭ͕ϬϬ ϯϱ͕ϵϯ ϭϰ͕ϬϮй ϰϬ͕ϵϳ ϰϬ͕ϵϳ KƌĕĂŵĞŶƚŽϮϱ
ϭϭ͘Ϭϭ͘Ϭϰ ďůŽĐŽĚĞĐŽŶƚĂĚŽĂƵdžŝůŝĂƌ͕ϭŶĂ͕ƚŝƉŽnjďĞͲ ϭϬϭ͕ŽƵƐŝŵŝůĂƌ ƵŶ ϭ͕ϬϬ Ϯϰ͕Ϯϵ ϭϰ͕ϬϮй Ϯϳ͕ϳϬ Ϯϳ͕ϳϬ KƌĕĂŵĞŶƚŽϮϲ
ϭϭ͘Ϭϭ͘Ϭϱ ŽŶƚĂƚŽƌƚƌŝƉŽůĂƌ͕ĐŽƌƌĞŶƚĞĚĞϭϮĂ͕ƚĞŶƐĂŽŶŽŵŝŶĂůĚĞΎϱϬϬΎǀ͕ĐĂƚĞŐŽƌŝĂĂĐͲϮĞĂĐͲϯ ƵŶ Ϯ͕ϬϬ ϭϮϮ͕ϭϭ ϭϰ͕ϬϮй ϭϯϵ͕Ϯϯ Ϯϳϴ͕ϰϲ ϭϲϮϯ^
ϭϭ͘Ϭϭ͘Ϭϲ ƉƌŽƚĞƚŽƌĚĞƐƵƌƚŽĚƉƐƚƌŝĨĂƐŝĐŽ ƵŶ ϭ͕ϬϬ Ϯϭϯ͕ϯϬ ϭϰ͕ϬϮй Ϯϰϯ͕ϮϬ Ϯϰϯ͕ϮϬ KƌĕĂŵĞŶƚŽϮϳ
ϭϭ͘Ϭϭ͘Ϭϳ ĐŽŶũƵŶƚŽŐƌĞůŚĂĞĨŝůƚƌŽϭϯϬŵŵyϭϯϬŵŵ ƵŶ Ϯ͕ϬϬ ϯϱ͕ϮϬ ϭϰ͕ϬϮй ϰϬ͕ϭϰ ϴϬ͕Ϯϴ KƌĕĂŵĞŶƚŽϮϴ
ϭϭ͘Ϭϭ͘Ϭϴ ŝŶǀĞƌƐŽƌĚĞĨƌĞƋƵĞŶĐŝĂƚŝƉŽ^ϯϱϱϬ͕ϱĐǀĂϱ͕ϬĐǀ͕ϯϴϬsƚƌŝĨĄƐŝĐŽ͕ŽƵƐŝŵŝůĂƌ ƵŶ Ϯ͕ϬϬ Ϯ͘ϭϳϯ͕Ϯϴ ϭϰ͕ϬϮй Ϯ͘ϰϳϳ͕ϵϳ ϰ͘ϵϱϱ͕ϵϰ KƌĕĂŵĞŶƚŽϮϵ
ϭϭ͘Ϭϭ͘Ϭϵ 'LVMXQWRUWLSRGLQLHFPRQRSRODUGHDWHD ƵŶ ϯ͕ϬϬ ϭϬ͕ϰϮ ϭϰ͕ϬϮй ϭϭ͕ϴϴ ϯϱ͕ϲϰ ϯϰϲϱϯ^
ϭϭ͘Ϭϭ͘ϭϬ 'LVMXQWRUWLSRGLQLHFWULSRODUGHDWHD ƵŶ Ϯ͕ϬϬ ϳϯ͕ϮϬ ϭϰ͕ϬϮй ϴϯ͕ϰϲ ϭϲϲ͕ϵϮ ϯϰϳϬϵ^
ϭϭ͘Ϭϭ͘ϭϭ 'LVMXQWRUWLSRGLQLHFPRQRSRODUGHDWHD ƵŶ ϭ͕ϬϬ ϭϬ͕ϰϮ ϭϰ͕ϬϮй ϭϭ͕ϴϴ ϭϭ͕ϴϴ ϯϰϲϱϯ^
ϭϭ͘Ϭϭ͘ϭϮ 'LVMXQWRUWLSRGLQLHFWULSRODUGHDWHD ƵŶ ϭ͕ϬϬ ϳϯ͕ϮϬ ϭϰ͕ϬϮй ϴϯ͕ϰϲ ϴϯ͕ϰϲ ϯϰϳϬϵ^
ϭϭ͘Ϭϭ͘ϭϯ ƋƵĂĚƌŽĚĞĐŽŵĂŶĚŽϴϬϬdžϲϬϬdžϮϱϬŵŵ ƵŶ ϭ͕ϬϬ ϯϭϱ͕ϵϯ ϭϰ͕ϬϮй ϯϲϬ͕ϮϮ ϯϲϬ͕ϮϮ KƌĕĂŵĞŶƚŽϯϬ
ϭϭ͘Ϭϭ͘ϭϰ ƉŽƐƚĞĨŝŶĂů ƵŶ Ϯ͕ϬϬ ϱ͕ϭϳ ϭϰ͕ϬϮй ϱ͕ϴϵ ϭϭ͕ϳϴ KƌĕĂŵĞŶƚŽϯϭ
ϭϭ͘Ϭϭ͘ϭϱ ƌĞŐƵĂĚĞĚŝƐƚƌŝďƵŝĐĂŽƚƌŝĨĂƐŝĐĂϴϬĂ ƵŶ ϭ͕ϬϬ ϵϰ͕ϵϮ ϭϰ͕ϬϮй ϭϬϴ͕Ϯϯ ϭϬϴ͕Ϯϯ KƌĕĂŵĞŶƚŽϯϮ
ϭϭ͘Ϭϭ͘ϭϲ ƌĞůĞĂĐŽƉŽůĂƌĨŝŶĚĞƌƚLJƉĞϵϱ͘ϲϯĐŽŵďŽďŝŶĂϮϮϬǀ ƵŶ ϰ͕ϬϬ ϭϯϱ͕ϰϱ ϭϰ͕ϬϮй ϭϱϰ͕ϰϰ ϲϭϳ͕ϳϲ KƌĕĂŵĞŶƚŽϯϯ
&21$*8$
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;^Ğŵ/Ϳ ;Žŵ/Ϳ
( % # # #X +-
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- %
4 '"& -" +"& "'* " +'" - R5 +&
) %
4 " -" "'+ "'* "-' +-"& R5 +
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4 &" "() "'* & "( '&&"+& R5 +(
' 4 " ? +" " "'* ("+ ' ") R5 +-
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' " +, + '' " ("+) "'* -"' -"' R5
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'( % % %, ' ' -" +" & "'* +")+ + " R5
'- ,VRODGRUGHSRUFHODQDWLSRUROGDQDGLPHQVRHVGH
[
PPSDUDXVRHPEDL[DWHQVDR '" '"& "'* +"' " ++)- ^
ϭϭ͘Ϭϭ͘Ϯϵ ŬŝƚƉŽƐƚŝŶŚŽƉĂĚƌĂŽĐĞůĞƐĐϳŵĐŽŵƉůĞƚŽƚƌŝĨĂƐŝĐŽϱϬĐŽŵĚƉƐĞĂƚĞƌƌĂŵĞŶƚŽĞŶƚƌĂĚĂĂĞƌĞĂĞƐĂŝĚĂ
ƐƵďƚĞƌƌĂŶŝĂ ƵŶ ϭ͕ϬϬ Ϯ͘ϭϲϯ͕ϮϬ ϭϰ͕ϬϮй Ϯ͘ϰϲϲ͕ϰϴ Ϯ͘ϰϲϲ͕ϰϴ KƌĕĂŵĞŶƚŽϰϱ
ϭϭ͘Ϭϭ͘ϯϬ (OHWURGXWRSYFIOH[LYHOFRUUXJDGRFRUDPDUHODGHPP ŵ ϭϱ͕ϬϬ Ϯ͕Ϭϱ ϭϰ͕ϬϮй Ϯ͕ϯϰ ϯϱ͕ϭϬ ϮϲϵϬ^
ϭϭ͘Ϭϭ͘ϯϭ ĐŽŶĞĐƚŽƌďŽdžƌĞƚŽϭϭͬϰΗ ƵŶ ϲ͕ϬϬ ϱ͕ϳϵ ϭϰ͕ϬϮй ϲ͕ϲϬ ϯϵ͕ϲϬ KƌĕĂŵĞŶƚŽϰϲ
ϭϭ͘Ϭϭ͘ϯϮ &DERGHFREUHIOH[LYHOFODVVHRXLVRODFDRHPSYFDDQWLFKDPDEZIEFREHUWXUDSYFVW
DQWLFKDPDEZIEFRQGXWRUNYVHFDRQRPLQDOPPFRUEUDQFD ŵ ϭϬ͕ϬϬ ϱ͕ϭϲ ϭϰ͕ϬϮй ϱ͕ϴϴ ϱϴ͕ϴϬ ϭϬϮϬ^
ϭϭ͘Ϭϭ͘ϯϯ &DERGHFREUHIOH[LYHOFODVVHRXLVRODFDRHPSYFDDQWLFKDPDEZIEFREHUWXUDSYFVW
DQWLFKDPDEZIEFRQGXWRUNYVHFDRQRPLQDOPPFRUFLQ]D ŵ ϭϬ͕ϬϬ ϱ͕ϭϲ ϭϰ͕ϬϮй ϱ͕ϴϴ ϱϴ͕ϴϬ ϭϬϮϬ^
ϭϭ͘Ϭϭ͘ϯϰ &DERGHFREUHIOH[LYHOFODVVHRXLVRODFDRHPSYFDDQWLFKDPDEZIEFREHUWXUDSYFVW
DQWLFKDPDEZIEFRQGXWRUNYVHFDRQRPLQDOPPFRUYHUPHOKD ŵ ϭϬ͕ϬϬ ϱ͕ϭϲ ϭϰ͕ϬϮй ϱ͕ϴϴ ϱϴ͕ϴϬ ϭϬϮϬ^
ϭϭ͘Ϭϭ͘ϯϱ &DERGHFREUHIOH[LYHOFODVVHRXLVRODFDRHPSYFDDQWLFKDPDEZIEFREHUWXUDSYFVW
DQWLFKDPDEZIEFRQGXWRUNYVHFDRQRPLQDOPPFRUD]XO ŵ ϭϬ͕ϬϬ ϱ͕ϭϲ ϭϰ͕ϬϮй ϱ͕ϴϴ ϱϴ͕ϴϬ ϭϬϮϬ^
ϭϭ͘Ϭϭ͘ϯϲ &DERGHFREUHIOH[LYHOFODVVHRXLVRODFDRHPSYFDDQWLFKDPDEZIEFREHUWXUDSYFVW
DQWLFKDPDEZIEFRQGXWRUNYVHFDRQRPLQDOPPFRUYHUGH ŵ ϭϬ͕ϬϬ ϱ͕ϭϲ ϭϰ͕ϬϮй ϱ͕ϴϴ ϱϴ͕ϴϬ ϭϬϮϬ^
ϭϭ͘Ϭϭ͘ϯϳ &DERIOH[LYHOSYFYFRQGXWRUHVGHPP ŵ ϯϬ͕ϬϬ ϴ͕Ϯϰ ϭϰ͕ϬϮй ϵ͕ϰϬ ϮϴϮ͕ϬϬ ϯϰϲϮϳ^
ϭϭ͘Ϭϭ͘ϯϴ &DERIOH[LYHOSYFYFRQGXWRUHVGHPP ŵ ϯϬ͕ϬϬ Ϯ͕ϳϴ ϭϰ͕ϬϮй ϯ͕ϭϳ ϵϱ͕ϭϬ ϯϰϲϭϴ^
ϭϭ͘Ϭϭ͘ϯϵ $XWRPDWLFRGHERLDVXSHULRULQIHULRU
DY ƵŶ Ϯ͕ϬϬ ϯϯ͕ϵϱ ϭϰ͕ϬϮй ϯϴ͕ϳϭ ϳϳ͕ϰϮ ϳϱϴϴ^
ϭϭ͘Ϭϭ͘ϰϬ dĂŵƉĂĚĞĨĞƌƌŽĐĂŝdžĂĚĞƉĂƐƐĂŐĞŵϳϬdžϰϲĐŵ͕ũƵŶƚĂƚŵĞŶƚĞĐŽŵĐĂŝdžĂĚĞƉĂƐƐĂŐĞŵĞŵĐŽŶĐƌĞƚŽ ƵŶ ϭ͕ϬϬ ϰϲϮ͕ϰϭ ϭϰ͕ϬϮй ϱϮϳ͕Ϯϰ ϱϮϳ͕Ϯϰ KƌĕĂŵĞŶƚŽϰϳ
ϭϭ͘Ϭϭ͘ϰϭ (OHWURGXWRWLSRNDQDOH[RXHTXLY ŵ ϭϬ͕ϬϬ ϵ͕Ϭϵ ϭϰ͕ϬϮй ϭϬ͕ϯϲ ϭϬϯ͕ϲϬ Ϯϰϰϲ^
ϭϭ͘Ϭϭ͘ϰϮ +DVWHGHDWHUUDPHQWRHPDFRFRPPGHFRPSULPHQWRHGQ UHYHVWLGDFRPEDL[D
FDPDGDGHFREUHVHPFRQHFWRU ƵŶ ϯ͕ϬϬ Ϯϴ͕ϵϰ ϭϰ͕ϬϮй ϯϯ͕ϬϬ ϵϵ͕ϬϬ ϯϯϳϵ^
ϭϭ͘Ϭϭ͘ϰϯ *UDPSRPHWDOLFRWLSRXSDUDKDVWHGHDWHUUDPHQWRGHDWH
&21$*8$
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/ƚĞŵ ĞƐĐƌŝĕĆŽ hŶŝĚ͘ YƚĚ͘ sĂůŽƌhŶŝƚĄƌŝŽ sĂůŽƌhŶŝƚĄƌŝŽ
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ϭϭ͘ϬϮ͘Ϭϯ ůǀĞŶĂƌŝĂĚĞƚŝũŽůŽĐĞƌąŵŝĐŽŵĂĐŝĕŽϱdžϭϬdžϮϬĐŵ;ĞƐƉĞƐƐƌĂϯϬĐŵ͕ĂƐƐĞŶƚĂĚŽĐŽŵĂƌŐĂŵĂƐƐĂƚƌĂĕŽ
ϭ͗Ϯ͗ϴ;ĐŝŵĞŶƚŽ͕ĐĂůĞĂƌĞŝĂͿ ŵϸ Ϯ͕ϯϬ ϮϭϮ͕Ϯϲ Ϯϰ͕ϴϰй Ϯϲϰ͕ϵϵ ϲϬϴ͕ϰϮ ϳϮϭϯϯ^
^ƵďƚŽƚĂů Ͳ ϭϴ͘ϲϱϴ͕ϴϳ
Ͳ
ϭϮ͘ϬϬ͘ϬϬ >dZ/K^^dW>sdKZ/Ͳ Ͳ
ϭϮ͘Ϭϭ͘ϬϬ DdZ//^>dZ/K^DKKZ Ͳ
ϭϮ͘Ϭϭ͘Ϭϭ ĐĂůŚĂƉǀĐĐŝŶnjĂϱϬŵŵdžϱϬŵŵdžϮŵ ƵŶ ϯ͕ϬϬ ϭϭ͕ϭϬ ϭϰ͕ϬϮй ϭϮ͕ϲϲ ϯϳ͕ϵϴ KƌĕĂŵĞŶƚŽϮϯ
ϭϮ͘Ϭϭ͘ϬϮ ĐŽŵƵƚĂĚŽƌŵĂŶŽƉůĂĐƵƌƚĂ͕ϮƉŽƐŝĐŽĞƐĨŝdžĂƐ͕ϭŶĂ͕ƚŝƉŽdžďϱͲĂĚϮϭ͕ŽƵƐŝŵŝůĂƌ ƵŶ Ϯ͕ϬϬ ϯϱ͕ϵϯ ϭϰ͕ϬϮй ϰϬ͕ϵϳ ϴϭ͕ϵϰ KƌĕĂŵĞŶƚŽϮϰ
ϭϮ͘Ϭϭ͘Ϭϯ ĐŽŵƵƚĂĚŽƌŵĂŶŽƉůĂĐƵƌƚĂ͕ϯƉŽƐŝĐŽĞƐĨŝdžĂƐϮŶĂ͕ƚŝƉŽdžďϱͲĂĚϯϯ͕ŽƵƐŝŵŝůĂƌ ƵŶ ϭ͕ϬϬ ϯϱ͕ϵϯ ϭϰ͕ϬϮй ϰϬ͕ϵϳ ϰϬ͕ϵϳ KƌĕĂŵĞŶƚŽϮϱ
ϭϮ͘Ϭϭ͘Ϭϰ ďůŽĐŽĚĞĐŽŶƚĂĚŽĂƵdžŝůŝĂƌ͕ϭŶĂ͕ƚŝƉŽnjďĞͲ ϭϬϭ͕ŽƵƐŝŵŝůĂƌ ƵŶ ϭ͕ϬϬ Ϯϰ͕Ϯϵ ϭϰ͕ϬϮй Ϯϳ͕ϳϬ Ϯϳ͕ϳϬ KƌĕĂŵĞŶƚŽϮϲ
ϭϮ͘Ϭϭ͘Ϭϱ ŽŶƚĂƚŽƌƚƌŝƉŽůĂƌ͕ĐŽƌƌĞŶƚĞĚĞϭϮĂ͕ƚĞŶƐĂŽŶŽŵŝŶĂůĚĞΎϱϬϬΎǀ͕ĐĂƚĞŐŽƌŝĂĂĐͲϮĞĂĐͲϯ ƵŶ Ϯ͕ϬϬ ϭϮϮ͕ϭϭ ϭϰ͕ϬϮй ϭϯϵ͕Ϯϯ Ϯϳϴ͕ϰϲ ϭϲϮϯ^
ϭϮ͘Ϭϭ͘Ϭϲ ƉƌŽƚĞƚŽƌĚĞƐƵƌƚŽĚƉƐƚƌŝĨĂƐŝĐŽ ƵŶ ϭ͕ϬϬ Ϯϭϯ͕ϯϬ ϭϰ͕ϬϮй Ϯϰϯ͕ϮϬ Ϯϰϯ͕ϮϬ KƌĕĂŵĞŶƚŽϮϳ
ϭϮ͘Ϭϭ͘Ϭϳ ĐŽŶũƵŶƚŽŐƌĞůŚĂĞĨŝůƚƌŽϭϯϬŵŵyϭϯϬŵŵ ƵŶ Ϯ͕ϬϬ ϯϱ͕ϮϬ ϭϰ͕ϬϮй ϰϬ͕ϭϰ ϴϬ͕Ϯϴ KƌĕĂŵĞŶƚŽϮϴ
ϭϮ͘Ϭϭ͘Ϭϴ ŝŶǀĞƌƐŽƌĚĞĨƌĞƋƵĞŶĐŝĂƚŝƉŽ^ϯϱϱϬ͕ϱĐǀĂϱ͕ϬĐǀ͕ϯϴϬsƚƌŝĨĄƐŝĐŽ͕ŽƵƐŝŵŝůĂƌ ƵŶ Ϯ͕ϬϬ Ϯ͘ϭϳϯ͕Ϯϴ ϭϰ͕ϬϮй Ϯ͘ϰϳϳ͕ϵϳ ϰ͘ϵϱϱ͕ϵϰ KƌĕĂŵĞŶƚŽϮϵ
ϭϮ͘Ϭϭ͘Ϭϵ 'LVMXQWRUWLSRGLQLHFPRQRSRODUGHDWHD ƵŶ ϯ͕ϬϬ ϭϬ͕ϰϮ ϭϰ͕ϬϮй ϭϭ͕ϴϴ ϯϱ͕ϲϰ ϯϰϲϱϯ^
ϭϮ͘Ϭϭ͘ϭϬ 'LVMXQWRUWLSRGLQLHFWULSRODUGHDWHD ƵŶ Ϯ͕ϬϬ ϳϯ͕ϮϬ ϭϰ͕ϬϮй ϴϯ͕ϰϲ ϭϲϲ͕ϵϮ ϯϰϳϬϵ^
ϭϮ͘Ϭϭ͘ϭϭ 'LVMXQWRUWLSRGLQLHFPRQRSRODUGHDWHD ƵŶ ϭ͕ϬϬ ϭϬ͕ϰϮ ϭϰ͕ϬϮй ϭϭ͕ϴϴ ϭϭ͕ϴϴ ϯϰϲϱϯ^
ϭϮ͘Ϭϭ͘ϭϮ 'LVMXQWRUWLSRGLQLHFWULSRODUGHDWHD ƵŶ ϭ͕ϬϬ ϳϯ͕ϮϬ ϭϰ͕ϬϮй ϴϯ͕ϰϲ ϴϯ͕ϰϲ ϯϰϳϬϵ^
ϭϮ͘Ϭϭ͘ϭϯ ƋƵĂĚƌŽĚĞĐŽŵĂŶĚŽϴϬϬdžϲϬϬdžϮϱϬŵŵ ƵŶ ϭ͕ϬϬ ϯϭϱ͕ϵϯ ϭϰ͕ϬϮй ϯϲϬ͕ϮϮ ϯϲϬ͕ϮϮ KƌĕĂŵĞŶƚŽϯϬ
ϭϮ͘Ϭϭ͘ϭϰ ƉŽƐƚĞĨŝŶĂů ƵŶ Ϯ͕ϬϬ ϱ͕ϭϳ ϭϰ͕ϬϮй ϱ͕ϴϵ ϭϭ͕ϳϴ KƌĕĂŵĞŶƚŽϯϭ
ϭϮ͘Ϭϭ͘ϭϱ ƌĞŐƵĂĚĞĚŝƐƚƌŝďƵŝĐĂŽƚƌŝĨĂƐŝĐĂϴϬĂ ƵŶ ϭ͕ϬϬ ϵϰ͕ϵϮ ϭϰ͕ϬϮй ϭϬϴ͕Ϯϯ ϭϬϴ͕Ϯϯ KƌĕĂŵĞŶƚŽϯϮ
ϭϮ͘Ϭϭ͘ϭϲ ƌĞůĞĂĐŽƉŽůĂƌĨŝŶĚĞƌƚLJƉĞϵϱ͘ϲϯĐŽŵďŽďŝŶĂϮϮϬǀ ƵŶ ϰ͕ϬϬ ϭϯϱ͕ϰϱ ϭϰ͕ϬϮй ϭϱϰ͕ϰϰ ϲϭϳ͕ϳϲ KƌĕĂŵĞŶƚŽϯϯ
ϭϮ͘Ϭϭ͘ϭϳ ƉƌŽƚĞƚŽƌĨĂůƚĂĚĞĨĂƐĞƌĨǁϯϴϬǀĐĂ͘Ŷ͕ŽƵƐŝŵŝůĂƌ ƵŶ ϭ͕ϬϬ ϭϭϲ͕ϱϳ ϭϰ͕ϬϮй ϭϯϮ͕ϵϭ ϭϯϮ͕ϵϭ KƌĕĂŵĞŶƚŽϯϰ
ϭϮ͘Ϭϭ͘ϭϴ ĐŽŶĞĐƚŽƌĚĞƉĂƐƐĂŐĞŶƐĂŬϮ͕ϱĞŶ ƵŶ ϴ͕ϬϬ ϯ͕ϱϲ ϭϰ͕ϬϮй ϰ͕Ϭϲ ϯϮ͕ϰϴ KƌĕĂŵĞŶƚŽϯϱ
ϭϮ͘Ϭϭ͘ϭϵ ĐŽŶĞĐƚŽƌĚĞƉĂƐƐĂŐĞŶƐĂŬϰ͕ϬĞŶ ƵŶ ϴ͕ϬϬ ϰ͕Ϯϯ ϭϰ͕ϬϮй ϰ͕ϴϮ ϯϴ͕ϱϲ KƌĕĂŵĞŶƚŽϯϲ
ϭϮ͘Ϭϭ͘ϮϬ ĐŽŶĞĐƚŽƌĚĞƉĂƐƐĂŐĞŶƐĂŬϭϲĞŶ ƵŶ ϱ͕ϬϬ ϰϰ͕ϳϵ ϭϰ͕ϬϮй ϱϭ͕Ϭϳ Ϯϱϱ͕ϯϱ KƌĕĂŵĞŶƚŽϯϳ
ϭϮ͘Ϭϭ͘Ϯϭ ďŽƌŶĞƐĂŬƚĞƌƌĂϰ͕ϬŵŵǀĚͬĂŵ ƵŶ ϯ͕ϬϬ ϲ͕ϰϬ ϭϰ͕ϬϮй ϳ͕ϯϬ Ϯϭ͕ϵϬ KƌĕĂŵĞŶƚŽϯϴ
ϭϮ͘Ϭϭ͘ϮϮ ƚĞƌŵŽĞƐƚĂƚŽĐŽŵƉĂĐƚŽŶĂϬĂϲϬ ƵŶ ϭ͕ϬϬ ϭϮϳ͕ϵϵ ϭϰ͕ϬϮй ϭϰϱ͕ϵϯ ϭϰϱ͕ϵϯ KƌĕĂŵĞŶƚŽϯϵ
ϭϮ͘Ϭϭ͘Ϯϯ ƚƌŝůŚŽĚŝŶϯϱŵŵƉĞƌĨƵƌĂĚŽĞŵĂĕŽ ƵŶ ϯ͕ϬϬ ϭϵ͕ϮϬ ϭϰ͕ϬϮй Ϯϭ͕ϴϵ ϲϱ͕ϲϳ KƌĕĂŵĞŶƚŽϰϬ
ϭϮ͘Ϭϭ͘Ϯϰ ǀĞŶƚŝůĂĚŽƌ͕ϭϯϬdžϭϯϬŵŵϮϮϬǀ ƵŶ ϭ͕ϬϬ ϳϬ͕ϯϵ ϭϰ͕ϬϮй ϴϬ͕Ϯϲ ϴϬ͕Ϯϲ KƌĕĂŵĞŶƚŽϰϭ
ϭϮ͘Ϭϭ͘Ϯϱ dƌĂŶƐĚƵƚŽƌĚĞƉƌĞƐƐĆŽϬĂϭϬŵĐĂ͕ϰĂϮϬŵ͕ƚŝƉŽƉĞŶĚƵůŽƉĂƌĂĞƐŐŽƚŽ ƵŶ ϭ͕ϬϬ ϳϭϰ͕ϱϲ ϭϰ͕ϬϮй ϴϭϰ͕ϳϰ ϴϭϰ͕ϳϰ KƌĕĂŵĞŶƚŽϰϮ
ϭϮ͘Ϭϭ͘Ϯϲ ĐĂďŽŵƵůƚŝƉůĞdžĂĚŽŝƐŽůĂĚŽĐŽůŽƌŝĚŽϰdžϭϬŵŵϮ ƵŶ ϯϬ͕ϬϬ ϱ͕Ϭϱ ϭϰ͕ϬϮй ϱ͕ϳϲ ϭϳϮ͕ϴϬ KƌĕĂŵĞŶƚŽϰϯ
ϭϮ͘Ϭϭ͘Ϯϳ ĐŽŶĞĐƚŽƌƚŝƉŽĐƵŶŚĂƉĂƌĂĐĂďŽŵƵůƚŝƉůĞdžϮϬŵ ŵϮ ƵŶ ϴ͕ϬϬ ϯ͕ϰϱ ϭϰ͕ϬϮй ϯ͕ϵϯ ϯϭ͕ϰϰ KƌĕĂŵĞŶƚŽϰϰ
ϭϮ͘Ϭϭ͘Ϯϴ ,VRODGRUGHSRUFHODQDWLSRUROGDQDGLPHQVRHVGH
[
PPSDUDXVRHPEDL[DWHQVDR ƵŶ Ϯ͕ϬϬ Ϯ͕ϲϱ ϭϰ͕ϬϮй ϯ͕ϬϮ ϲ͕Ϭϰ ϯϯϵϴ^
ϭϮ͘Ϭϭ͘Ϯϵ ŬŝƚƉŽƐƚŝŶŚŽƉĂĚƌĂŽĐĞůĞƐĐϳŵĐŽŵƉůĞƚŽƚƌŝĨĂƐŝĐŽϱϬĐŽŵĚƉƐĞĂƚĞƌƌĂŵĞŶƚŽĞŶƚƌĂĚĂĂĞƌĞĂĞƐĂŝĚĂ
ƐƵďƚĞƌƌĂŶŝĂ ƵŶ ϭ͕ϬϬ Ϯ͘ϭϲϯ͕ϮϬ ϭϰ͕ϬϮй Ϯ͘ϰϲϲ͕ϰϴ Ϯ͘ϰϲϲ͕ϰϴ KƌĕĂŵĞŶƚŽϰϱ
ϭϮ͘Ϭϭ͘ϯϬ (OHWURGXWRSYFIOH[LYHOFRUUXJDGRFRUDPDUHODGHPP ŵ ϭϱ͕ϬϬ Ϯ͕Ϭϱ ϭϰ͕ϬϮй Ϯ͕ϯϰ ϯϱ͕ϭϬ ϮϲϵϬ^
ϭϮ͘Ϭϭ͘ϯϭ ĐŽŶĞĐƚŽƌďŽdžƌĞƚŽϭϭͬϰΗ ƵŶ ϲ͕ϬϬ ϱ͕ϳϵ ϭϰ͕ϬϮй ϲ͕ϲϬ ϯϵ͕ϲϬ KƌĕĂŵĞŶƚŽϰϲ
&21$*8$
WZK^DZ/^
ſĚŝŐŽƐ
/ƚĞŵ ĞƐĐƌŝĕĆŽ hŶŝĚ͘ YƚĚ͘ sĂůŽƌhŶŝƚĄƌŝŽ sĂůŽƌhŶŝƚĄƌŝŽ
'%, dŽƚĂů
;^Ğŵ/Ϳ ;Žŵ/Ϳ
'
+' &DERGHFREUHIOH[LYHOFODVVHRXLVRODFDRHPSYFDDQWLFKDPDEZIEFREHUWXUDSYFVW
DQWLFKDPDEZIEFRQGXWRUNYVHFDRQRPLQDOPPFRUEUDQFD " &" "'* &"-- &-"- ' ^
ϭϮ͘Ϭϭ͘ϯϯ &DERGHFREUHIOH[LYHOFODVVHRXLVRODFDRHPSYFDDQWLFKDPDEZIEFREHUWXUDSYFVW
DQWLFKDPDEZIEFRQGXWRUNYVHFDRQRPLQDOPPFRUFLQ]D ŵ ϭϬ͕ϬϬ ϱ͕ϭϲ ϭϰ͕ϬϮй ϱ͕ϴϴ ϱϴ͕ϴϬ ϭϬϮϬ^
ϭϮ͘Ϭϭ͘ϯϰ &DERGHFREUHIOH[LYHOFODVVHRXLVRODFDRHPSYFDDQWLFKDPDEZIEFREHUWXUDSYFVW
DQWLFKDPDEZIEFRQGXWRUNYVHFDRQRPLQDOPPFRUYHUPHOKD ŵ ϭϬ͕ϬϬ ϱ͕ϭϲ ϭϰ͕ϬϮй ϱ͕ϴϴ ϱϴ͕ϴϬ ϭϬϮϮ^
ϭϮ͘Ϭϭ͘ϯϱ &DERGHFREUHIOH[LYHOFODVVHRXLVRODFDRHPSYFDDQWLFKDPDEZIEFREHUWXUDSYFVW
DQWLFKDPDEZIEFRQGXWRUNYVHFDRQRPLQDOPPFRUD]XO ŵ ϭϬ͕ϬϬ ϱ͕ϭϲ ϭϰ͕ϬϮй ϱ͕ϴϴ ϱϴ͕ϴϬ ϭϬϮϯ^
ϭϮ͘Ϭϭ͘ϯϲ &DERGHFREUHIOH[LYHOFODVVHRXLVRODFDRHPSYFDDQWLFKDPDEZIEFREHUWXUDSYFVW
DQWLFKDPDEZIEFRQGXWRUNYVHFDRQRPLQDOPPFRUYHUGH ŵ ϭϬ͕ϬϬ ϱ͕ϭϲ ϭϰ͕ϬϮй ϱ͕ϴϴ ϱϴ͕ϴϬ ϭϬϮϬ^
ϭϮ͘Ϭϭ͘ϯϳ &DERIOH[LYHOSYFYFRQGXWRUHVGHPP ŵ ϯϬ͕ϬϬ ϴ͕Ϯϰ ϭϰ͕ϬϮй ϵ͕ϰϬ ϮϴϮ͕ϬϬ ϯϰϲϮϳ^
ϭϮ͘Ϭϭ͘ϯϴ &DERIOH[LYHOSYFYFRQGXWRUHVGHPP ŵ ϯϬ͕ϬϬ Ϯ͕ϳϴ ϭϰ͕ϬϮй ϯ͕ϭϳ ϵϱ͕ϭϬ ϯϰϲϭϴ^
ϭϮ͘Ϭϭ͘ϯϵ $XWRPDWLFRGHERLDVXSHULRULQIHULRU
DY ƵŶ Ϯ͕ϬϬ ϯϯ͕ϵϱ ϭϰ͕ϬϮй ϯϴ͕ϳϭ ϳϳ͕ϰϮ ϳϱϴϴ^
ϭϮ͘Ϭϭ͘ϰϬ dĂŵƉĂĚĞĨĞƌƌŽĐĂŝdžĂĚĞƉĂƐƐĂŐĞŵϳϬdžϰϲĐŵ͕ũƵŶƚĂƚŵĞŶƚĞĐŽŵĐĂŝdžĂĚĞƉĂƐƐĂŐĞŵĞŵĐŽŶĐƌĞƚŽ ƵŶ ϭ͕ϬϬ ϰϲϮ͕ϰϭ ϭϰ͕ϬϮй ϱϮϳ͕Ϯϰ ϱϮϳ͕Ϯϰ KƌĕĂŵĞŶƚŽϰϳ
ϭϮ͘Ϭϭ͘ϰϭ (OHWURGXWRWLSRNDQDOH[RXHTXLY ŵ ϭϬ͕ϬϬ ϵ͕Ϭϵ ϭϰ͕ϬϮй ϭϬ͕ϯϲ ϭϬϯ͕ϲϬ Ϯϰϰϲ^
ϭϮ͘Ϭϭ͘ϰϮ +DVWHGHDWHUUDPHQWRHPDFRFRPPGHFRPSULPHQWRHGQ UHYHVWLGDFRPEDL[D
FDPDGDGHFREUHVHPFRQHFWRU ƵŶ ϯ͕ϬϬ Ϯϴ͕ϵϰ ϭϰ͕ϬϮй ϯϯ͕ϬϬ ϵϵ͕ϬϬ ϯϯϳϵ^
ϭϮ͘Ϭϭ͘ϰϯ *UDPSRPHWDOLFRWLSRXSDUDKDVWHGHDWHUUDPHQWRGHDWH
ϭϯ͘ϬϬ͘ϬϬ ^WZdWZͲ&Z/ͲKZ^/s/^
ϭϯ͘Ϭϭ͘ϬϬ >KK
ϭϯ͘Ϭϭ͘Ϭϭ >ŽĐĂĕĆŽĚĞŽďƌĂ͕ĐŽŵƵƐŽĚĞĞƋƵŝƉĂŵĞŶƚŽƚŽƉŽŐƌĄĨŝĐŽ͕ŝŶĐůƵƐŝǀĞƚŽƉſŐƌĂĨŽĞŶŝǀĞůĂĚŽƌ ŵϸ ϮϴϬ͕ϬϬ ϮϬ͕ϲϴ Ϯϰ͕ϴϰй Ϯϱ͕ϴϮ ϳ͘ϮϮϵ͕ϲϬ ϳϯϲϴϲ^
ϭϯ͘ϬϮ͘ϬϬ /E^d>KWZKdK^'hZE
ϭϯ͘ϬϮ͘Ϭϭ dĂƉƵŵĞĚĞĐŚĂƉĂĚĞŵĂĚĞŝƌĂĐŽŵƉĞŶƐĂĚĂ;ϲŵŵͿͲƉŝŶƚƵƌĂĂĐĂů ŵϸ ϭϮϬ͕ϬϬ ϰϴ͕ϵϯ Ϯϰ͕ϴϰй ϲϭ͕Ϭϴ ϳ͘ϯϮϵ͕ϲϬ ϳϰϮϮϬͬϬϬϭ^
ϭϯ͘Ϭϯ͘ϬϬ DKs/DEdKdZZ Ͳ
ϭϯ͘Ϭϯ͘Ϭϭ ƐĐĂǀĂĐĂŽŵĞĐĂŶŝĐĂ͕ĂĐĞƵĂďĞƌƚŽ͕ĞŵŵĂƚĞƌŝĂůĚĞϭĂĐĂƚĞŐŽƌŝĂ͕ĐŽŵĞƐĐĂǀĂĚĞŝƌĂŚŝĚƌĂƵůŝĐĂ ŵϹ ϮϰϬ͕ϬϬ Ϯ͕ϲϲ Ϯϰ͕ϴϰй ϯ͕ϯϮ ϳϵϲ͕ϴϬ ϴϯϯϯϴ^
ϭϯ͘Ϭϯ͘ϬϮ ĂƌŐĂĞĚĞƐĐĂƌŐĂŵĞĐąŶŝĐĂĚĞƐŽůŽďŽƚĂĨŽƌĂƵƚŝůŝnjĂŶĚŽĐĂŵŝŶŚĆŽďĂƐĐƵůĂŶƚĞϲ͕ϬŵϹ ŵϹ ϮϰϬ͕ϬϬ ϭ͕ϳϬ Ϯϰ͕ϴϰй Ϯ͕ϭϮ ϱϬϴ͕ϴϬ ϳϰϬϭϬͬϬϬϭ^
ϭϯ͘Ϭϯ͘Ϭϯ dƌĂŶƐƉŽƌƚĞůŽĐĂůĐŽŵĐĂŵŝŶŚĆŽďĂƐĐƵůĂŶƚĞϲŵϹͲŵĂƚĞ ƌŝĂůĚĞďŽƚĂĨŽƌĂƌŽĚŽǀŝĂĐŽŵƌĞǀĞƐƚŝŵĞŶƚŽ
ƉƌŝŵĄƌŝŽ ŵϹdžŬŵ ϭϵϮ͕ϬϬ ϭ͕ϭϰ Ϯϰ͕ϴϰй ϭ͕ϰϮ ϮϳϮ͕ϲϰ ϳϮϴϴϲ^
&21$*8$
WZK^DZ/^
ſĚŝŐŽƐ
/ƚĞŵ ĞƐĐƌŝĕĆŽ hŶŝĚ͘ YƚĚ͘ sĂůŽƌhŶŝƚĄƌŝŽ sĂůŽƌhŶŝƚĄƌŝŽ
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;^Ğŵ/Ϳ ;Žŵ/Ϳ
+
+
@ E '" -'"++ ' "- * '"(- '
)&"'- %56 '
+
+
& 8
' Ϲ '" ((" - ' "- * )"(+
'" ^ŽŵƉŽĚŝĕĆŽϬϭ
ϭϯ͘Ϭϯ͘Ϭϲ >ĂƐƚƌŽĚĞĐŽŶĐƌĞƚŽ͕ĞƐƉĞƐƐƵƌĂϱ͕ϬĐŵ ŵϹ ϭϰ͕ϬϬ ϯϲϮ͕Ϭϰ Ϯϰ͕ϴϰй ϰϱϭ͕ϵϳ ϲ͘ϯϮϳ͕ϱϴ ŽŵƉŽƐŝĕĆŽϮϮ
ϭϯ͘Ϭϯ͘Ϭϳ ŽŶĐƌĞƚŽĨĐŬϭϱ͕ĐŽŵůĂŶĕĂŵĞŶƚŽ͕ǀŝƌĂĚŽĞŵďĞƚŽŶĞŝƌĂĐŽŵůĂŶĕĂŵĞŶƚŽŶĂƐĨŽƌŵĂƐ͕ĚĞŶƐĂŵĞŶƚŽ͕
ĚĞƐĞŵƉĞŶŚŽ ŵϹ ϱϲ͕ϬϬ Ϯϵϲ͕Ϯϵ Ϯϰ͕ϴϰй ϯϲϵ͕ϴϵ ϮϬ͘ϳϭϯ͕ϴϰ ϵϰϵϲϯ^
ϭϯ͘Ϭϯ͘Ϭϴ ƌŵĂĚƵƌĂĚĞĂĕŽ͕ĨŽƌŶĞĐŝŵĞŶƚŽĐŽŵĐŽƌƚĞĞƉĞƌĚĂĚĞϭϬй͕ĚŽďƌĂĞĐŽůŽĐĂĕĆŽ ŬŐ ϱ͘ϬϰϬ͕ϬϬ ϳ͕ϵϱ Ϯϰ͕ϴϰй ϵ͕ϵϮ ϰϵ͘ϵϵϲ͕ϴϬ ϵϮϳϲϮ^
ϭϯ͘Ϭϯ͘Ϭϵ &ŽƌŵĂĚĞƚĄďƵĂƐƉĂƌĂĐŽŶĐƌĞƚŽĞŵĨƵŶĚĂĕĆŽ͕ŵŽŶƚĂŐĞŵ͕ĚĞƐŵŽŶƚĂŐĞ͕ĞƐĐŽƌĂŵĞŶƚŽ ŵϸ ϱϳ͕ϴϬ ϯϰ͕ϭϵ Ϯϰ͕ϴϰй ϰϮ͕ϲϴ Ϯ͘ϰϲϲ͕ϵϬ ϱϲϱϭ^
ϭϯ͘Ϭϰ͘ϬϬ ^'KdDEdK^ Ͳ
ϭϯ͘Ϭϰ͘Ϭϭ ƐŐŽƚĂŵĞŶƚŽĐŽŵďŽŵďĂƐĂƵƚŽĞƐĐŽƌǀĂŶƚĞ Ś ϭϱ͕ϬϬ ϲ͕ϯϬ Ϯϰ͕ϴϰй ϳ͕ϴϲ ϭϭϳ͕ϵϬ ϳϯϴϵϭͬϬϬϭ^
^ƵďƚŽƚĂů ϭϭϮ͘ϳϳϯ͕ϰϬ
dKd>^dWZͲ&Z/ ϭϭϮ͘ϳϳϯ͕ϰϬ
ϭϰ͘ϬϬ͘ϬϬ hZE/KͲKZ^/s/^
ϭϰ͘Ϭϭ͘ϬϬ ^sK^K>K
ϭϰ͘Ϭϭ͘Ϭϭ ƐĐĂǀĂĐĂŽŵĞĐĂŶŝĐĂ͕ĂĐĞƵĂďĞƌƚŽ͕ĞŵŵĂƚĞƌŝĂůĚĞϭĂĐĂƚĞŐŽƌŝĂ͕ĐŽŵĞƐĐĂǀĂĚĞŝƌĂŚŝĚƌĂƵůŝĐĂ ŵϹ Ϯϳ͕ϵϯ Ϯ͕ϲϲ Ϯϰ͕ϴϰй ϯ͕ϯϮ ϵϮ͕ϳϯ ϴϯϯϯϴ^
ϭϰ͘Ϭϭ͘ϬϮ ĂƌŐĂĞĚĞƐĐĂƌŐĂŵĞĐąŶŝĐĂĚĞƐŽůŽďŽƚĂĨŽƌĂƵƚŝůŝnjĂŶĚŽĐĂŵŝŶŚĆŽďĂƐĐƵůĂŶƚĞϲ͕ϬŵϹ ŵϹ ϯϭ͕ϲϴ ϭ͕ϳϬ Ϯϰ͕ϴϰй Ϯ͕ϭϮ ϲϳ͕ϭϲ ϳϰϬϭϬͬϬϬϭ^
ϭϰ͘Ϭϭ͘Ϭϯ dƌĂŶƐƉŽƌƚĞůŽĐĂůĐŽŵĐĂŵŝŶŚĆŽďĂƐĐƵůĂŶƚĞϲŵϹͲŵĂƚĞ ƌŝĂůĚĞďŽƚĂĨŽƌĂƌŽĚŽǀŝĂĐŽŵƌĞǀĞƐƚŝŵĞŶƚŽ
ƉƌŝŵĄƌŝŽ ŵϹdžŬŵ Ϯϱ͕ϯϰ ϭ͕ϭϰ Ϯϰ͕ϴϰй ϭ͕ϰϮ ϯϱ͕ϵϵ ϳϮϴϴϲ^
ϭϰ͘Ϭϭ͘Ϭϰ ƐĐĂǀĂĕĆŽŵĂŶƵĂůĞŵǀĂůĂ͕ƋƵĂůƋƵĞƌƚŝƉŽĚĞƐŽůŽĞdžĐĞƚŽƌŽĐŚĂ͕ƉƌŽĨƵŶĚŝĚĂĚĞĂƚĠϭ͕ϱϬŵ ŵϹ ϲ͕ϬϬ ϲϮ͕ϯϰ Ϯϰ͕ϴϰй ϳϳ͕ϴϯ ϰϲϲ͕ϵϴ ϵϯϯϱϴ^
ϭϰ͘ϬϮ͘ϬϬ KEZdKWZs/'Z Ͳ
ϭϰ͘ϬϮ͘Ϭϭ ŽŶĐƌĞƚŽĨĐŬϭϱ͕ĐŽŵůĂŶĕĂŵĞŶƚŽ͕ǀŝƌĂĚŽĞŵďĞƚŽŶĞŝƌĂĐŽŵůĂŶĕĂŵĞŶƚŽŶĂƐĨŽƌŵĂƐ͕ĚĞŶƐĂŵĞŶƚŽ͕
ĚĞƐĞŵƉĞŶŚŽ ŵϹ ϰ͕ϱϬ Ϯϵϲ͕Ϯϵ Ϯϰ͕ϴϰй ϯϲϵ͕ϴϵ ϭ͘ϲϲϰ͕ϱϭ ϵϰϵϲϯ^
ϭϰ͘Ϭϯ͘ϬϬ &KZDW>E^ Ͳ Ͳ
ϭϰ͘Ϭϯ͘Ϭϭ &ŽƌŵĂƚĄďƵĂƐƉĂƌĂĐŽŶĐƌĞƚŽĞŵĨƵŶĚĂĕĆŽ ŵϸ ϯϬ͕ϬϬ ϯϰ͕ϭϵ Ϯϰ͕ϴϰй ϰϮ͕ϲϴ ϭ͘ϮϴϬ͕ϰϬ ϱϲϱϭ^
ϭϰ͘Ϭϰ͘ϬϬ Z>DZK Ͳ Ͳ
ϭϰ͘Ϭϰ͘Ϭϭ ĞƌĐĂĐŽŵŵŽƵƌŽĞƐĚĞĐŽŶĐƌĞƚŽ͕ƐĞĐĂŽΗƚΗƉŽŶƚĂŝŶĐůŝŶĂĚĂ͕ϭϬdžϭϬĐŵ͕ĞƐƉĂĕĂŵĞŶƚŽĚĞϯŵ͕ĐƌĂǀĂĚŽƐ
Ϭ͕ϱŵ͕ĐŽŵϭϭĨŝŽƐĚĞĂƌĂŵĞĨĂƌƉĂĚŽŶǑϭϲ ŵ ϭϬϬ͕ϬϬ ϱϯ͕Ϭϵ Ϯϰ͕ϴϰй ϲϲ͕Ϯϴ ϲ͘ϲϮϴ͕ϬϬ ϳϰϭϰϮͬϬϬϰ^
ϭϰ͘Ϭϰ͘ϬϮ WŽƌƚĂŽĞŵƚĞůĂĂƌĂŵĞŐĂůǀĂŶŝnjĂĚŽŶ͘ϭϮŵĂůŚĂϮΗĞŵŽůĚƵƌĂĞŵƚƵďŽƐĚĞĂĕŽĐŽŵĚƵĂƐĨŽůŚĂƐĚĞ
Ăďƌŝƌ͕ŝŶĐůƵƐŽĨĞƌƌĂŐĞŶƐ ŵϸ ϰ͕ϱϬ ϴϴϭ͕Ϭϰ Ϯϰ͕ϴϰй ϭ͘Ϭϵϵ͕ϴϵ ϰ͘ϵϰϵ͕ϱϭ ϳϰϮϯϴͬϬϬϮ^
ϭϰ͘Ϭϱ͘ϬϬ />hD/EK Ͳ Ͳ
ϭϰ͘Ϭϱ͘Ϭϭ >ƵŵŝŶĂƌŝĂĂďĞƌƚĂƉĂƌĂŝůƵŵŝŶĂĐĂŽƉƵďůŝĐĂ͕Ɖ ĂƌĂůĂŵƉĂĚĂĂǀĂƉŽƌĚĞŵĞƌĐƵƌŝŽĂƚĞϰϬϬǁĞŵŝƐƚĂĂƚĞ
ϱϬϬǁ͕ĐŽŵďƌĂĐŽĞŵƚƵďŽĚĞĂĐŽŐĂůǀĚсϱϬŵŵƉƌŽũŚŽƌсϮ͘ϱϬϬŵŵĞƉƌŽũǀĞƌƚсϮ͘ϮϬϬŵŵ͕ ƵŶ ϭ͕ϬϬ ϭϯϵ͕ϴϬ ϭϰ͕ϬϮй ϭϱϵ͕ϰϬ ϭϱϵ͕ϰϬ ϳϰϮϯϭͬϬϬϭ^
ϭϰ͘Ϭϱ͘ϬϮ ĂďŽĐŽďƌĞĨůĞdž͘ϳϱϬsϮ͕ϱŵŵϮWƌĞƚŽ ŵ ϮϬ͕ϬϬ ϯ͕ϰϭ ϭϰ͕ϬϮй ϯ͕ϴϵ ϳϳ͕ϴϬ ϵϭϵϮϲ^
ϭϰ͘Ϭϱ͘Ϭϯ ĂďŽĐŽďƌĞĨůĞdž͘ϳϱϬsϮ͕ϱŵŵϮnjƵů ŵ ϮϬ͕ϬϬ ϯ͕ϰϭ ϭϰ͕ϬϮй ϯ͕ϴϵ ϳϳ͕ϴϬ ϵϭϵϮϲ^
ϭϰ͘Ϭϱ͘Ϭϰ ůĞƚƌŽĚƵƚŽWsĐŝŶnjĂϯͬϰΗϯŵ͕ϯƉĞĕĂƐ ŵ ϭϴ͕ϬϬ ϳ͕ϵϬ ϭϰ͕ϬϮй ϵ͕Ϭϭ ϭϲϮ͕ϭϴ ϵϭϴϲϯ^
ϭϰ͘Ϭϱ͘Ϭϱ ƵƌǀĂϵϬŐƌĂƵƐĞůĞƚƌŽĚƵƚŽWsĐŝŶnjĂϯͬϰΗ ƵŶ ϰ͕ϬϬ ϴ͕ϳϳ ϭϰ͕ϬϮй ϭϬ͕ϬϬ ϰϬ͕ϬϬ ϵϭϴϵϬ^
ϭϰ͘Ϭϱ͘Ϭϲ >ƵǀĂϵϬŐƌĂƵƐĞůĞƚƌŽĚƵƚŽWsĐŝŶnjĂϯͬϰΗ ƵŶ ϲ͕ϬϬ ϲ͕ϲϵ ϭϰ͕ϬϮй ϳ͕ϲϯ ϰϱ͕ϳϴ ϵϭϴϳϵ^
ϭϰ͘Ϭϱ͘Ϭϳ &ŽƚŽĐĠůƵůĂϭϬϮϮϬsĐŽŵďĂƐĞ ƵŶ Ϯ͕ϬϬ ϯϱ͕ϬϬ ϭϰ͕ϬϮй ϯϵ͕ϵϭ ϳϵ͕ϴϮ KƌĕĂŵĞŶƚŽ
ϭϰ͘Ϭϱ͘Ϭϴ &ŝƚĂĂĕŽŝŶŽdžĐŽŵĨĞĐŚŽƉĂƌĂƉŽƐƚĞ͕>сϭϵŵŵ͕сϬ͕ϱŵŵ͕ƌŽůŽĚĞϯϬŵ Ɖĕ Ϯ͕ϬϬ ϱϬ͕ϵϴ ϭϰ͕ϬϮй ϱϴ͕ϭϯ ϭϭϲ͕Ϯϲ ϰϬϲ^
ϭϰ͘Ϭϱ͘Ϭϵ WŽƐƚĞĞŵĐŽŶĐƌĞƚŽĚƵƉůŽd͕,сϵ͕Ϭŵ͕ŝŶĐůƵƐŝǀĞĞƐĐĂǀĂĕĆŽ͕ĨŽƌŶĞĐŝŵĞŶƚŽĞŝŶƐƚĂĕĆŽ ƵŶ Ϯ͕ϬϬ ϭ͘Ϯϰϵ͕ϰϱ ϭϰ͕ϬϮй ϭ͘ϰϮϰ͕ϲϮ Ϯ͘ϴϰϵ͕Ϯϰ ϱϬϱϲ^
ϭϰ͘Ϭϲ͘ϬϬ Wd/K/DEdK Ͳ
&21$*8$
WZK^DZ/^
ſĚŝŐŽƐ
/ƚĞŵ ĞƐĐƌŝĕĆŽ hŶŝĚ͘ YƚĚ͘ sĂůŽƌhŶŝƚĄƌŝŽ sĂůŽƌhŶŝƚĄƌŝŽ
'%, dŽƚĂů
;^Ğŵ/Ϳ ;Žŵ/Ϳ
8 % N ' E +" ((" - ' "- * )"(+ ')" ) %56
' ,56 % 153 % " # "
" 6 E +" &- ")- ' "- * ('"& '
()"' ) )) ^
ϭϰ͘Ϭϲ͘Ϭϯ ůĞƚƌŝĐŝƐƚĂ Ś ϭϲ͕ϬϬ Ϯϭ͕ϱϳ Ϭ͕ϬϬй Ϯϭ͕ϱϳ ϯϰϱ͕ϭϮ Ϯϰϯϲ^
ϭϰ͘Ϭϲ͘Ϭϰ ƵdžŝůŝĂƌĚĞĞůĞƚƌŝĐŝƐƚĂ Ś ϭϲ͕ϬϬ ϭϲ͕Ϯϭ Ϭ͕ϬϬй ϭϲ͕Ϯϭ Ϯϱϵ͕ϯϲ Ϯϰϳ^
ϭϰ͘Ϭϲ͘Ϭϱ ŶŐĞŶŚĞŝƌŽůĞƚƌŝĐŝƐƚĂ Ś Ϯ͕ϬϬ ϴϵ͕ϳϱ Ϭ͕ϬϬй ϴϵ͕ϳϱ ϭϳϵ͕ϱϬ ϯϰϳϴϯ^
^ƵďƚŽƚĂů ϮϮ͘Ϭϰϳ͕ϯϱ
dKd>hZE/K ϮϮ͘Ϭϰϳ͕ϯϱ
dKd>'Z>KZ^^'KdK^E/dZ/K ϭ͘ϯϳϲ͘ϵϴϰ͕Ϭϵ
WZdϮ
ϭϰ͘ϬϬ͘ϬϬ Yh/WDEdKͲ^Ğŵ/Ͳ>ŝĐŝƚĂĐĂŽĚŝƌĞƚĂŵĞŶƚĞĨĂďƌŝĐĂŶƚĞd
ϭϰ͘Ϭϭ͘Ϭϭ &ŽƌŶĞĐŝŵĞŶƚŽĞŝŶƐƚĂůĂĕĆŽĚĞƐƚĂĕĆŽĚĞƚƌĂƚĂŵĞŶƚŽĚĞĞƐŐŽƚŽ͕ƉƌĠͲĨĂďƌŝĐĂƐ͕ĐŽŵĐĂƉĂĐŝĚĂĚĞƉĂƌĂ
ƚƌĂƚĂƌϵ͕ϬŵϹͬŚ͕ĚĞĐŽŶĨŽƌŵŝĚĂĚĞĐŽŵŽdĞƌŵŽĚĞZĞĨĞƌġŶĐŝĂĞŵĂŶĞdžŽĂŽƉƌĞƐĞŶƚĂƉƌŽũĞƚŽƚĠĐŶŝĐŽ͕
ŝŶĐůƵŝŶĚŽƐƚĂƌƚͲƵƉƉŽƌƉĞƌşŽĚŽĚĞϵϬĚŝĂƐ ƵŶ ϭ͕ϬϬ ϭ͘Ϭϳϲ͘ϱϵϵ͕ϱϬ Ϭ͕ϬϬй ϭ͘Ϭϳϲ͘ϱϵϵ͕ϱϬ ϭ͘Ϭϳϲ͘ϱϵϵ͕ϱϬ KƌĕĂŵĞŶƚŽϮϮ
dKd>d ϭ͘Ϭϳϲ͘ϱϵϵ͕ϱϬ
dKd>'Z>^/^dD^'KdDEdK^E/dZ/K͕/E>h/EKd Ϯ͘ϰϱϯ͘ϱϴϯ͕ϱϵ
ϭͲdŶĂŽƉŽƐƐƵŝ/ĞŵĨƵŶĕĆŽĚĂWƌĞĨĞŝƚƵƌĂƚĞƌĂĚŽƚĂĚŽĚĞĂĚƋƵŝƌŝƌĂdĞŵůŝĐŝƚĂĕĆŽƐĞƉĂƌĂĚĂ͕ŽŶĚĞƉĂƌƚŝĐŝƉĂƌĆŽĂƐĨĂďƌŝĐĂŶƚĞƐĚĂd
ϮͲKƐƉƌŽĨŝƐƐŝŽŶĂŝƐƚĂŵďĠŵŶĆŽŚĂ/͘KƐĞŶĐĂƌŐŽƐ ƐŽĐŝĂŝƐũĂĞƐƚĆŽŝŶĐůƵşĚŽƐŶŽĐƵƐƚŽƵŶŝƚĂƌŝŽ͘
ϯͲKĐƵƐƚŽĚĂĞdžĞĐƵĕĆŽĞůĠƚƌŝĐĂŶŽŝƚĞŵĚŽĞůĞƚƌŝĐŽĚĂdĞͲ͕ƉĞƌƚĞŶĚĞƚŽĚĂĂƉĂƌƚĞĚĂͲ͕ĂŝůƵŵŝŶĂĕĆŽĚŽƉĄƚŝŽĚĂdĞĂĞŶƚƌĂĚĂƚƌŝĨĄƐŝĐĂĚĞ ĞŶĞƌŐŝĂĞůĠƚƌŝĐĂ͘ƉĂƌƚĞĞůĠƚƌŝĐĂĚĞŽƉĞƌĂĕĆŽ
ϰͲEŽĐſĚŝŐŽƋƵĂŶĚŽĞƐƚĄĂůĞƚƌĂĂƉſƐŽĐſĚŝŐŽƐŝŐ ŶŝĨŝĐĂƋƵĞĠĚĂƚĂďĞůĂĚŽ^/EW/
&21$*8$
35()(,785$081,&,3$/'(*$63$5
6(59,d2$87Ð1202081,&,3$/'(È*8$((6*2726$0$(
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0(6(6 7RWDO5
81,'$'(6
9DOUHVHPUHDLV
3ULPHLUDSDUWH
$GPLQLVWUDomRGDREUD
&DQWHLURGHREUD
5HGHFROHWRUDGHHVJRWR
/LJDo}HVGRPLFLOLDUHV
(VWDomR(OHYDWyULD((($
(VWDomR(OHYDWyULD(((%
(VWDomR(OHYDWyULD(((&
/LQKDVGHUHFDOTXHV
(PLVViULRILQDO
(OHWULFR
%DVHGD(7(
8UEDQL]DomR
727$/
7RWDOGRPrV
727$/
7RWDODFXPXODGR
6HJXQGDSDUWH
(VWDomRGH7UDWDPHQWRGH(VJRWR
7RWDOGRPrV
727$/
7RWDODFXPXODGR
)ORULDQySROLVGHPDLRGH
9$/1(,-26e%(&.+$86(5
&5($6&
&21$*8$
3URMHWRdo SISTEMA DE ESGOTAMENTO SANITÁRIO do loteamento Master
55
Plan e rua Carlos Roberto Schramm, Bairro Margem Esquerda/Gaspar-SC
14.7 ANEXO VII:
MEMORIAL DE CÁLCULO
W>E/>,>h>KZK>dKZ
^/^dD^'KdDEdK^E/dZ/KͲZhZ>K^Z͘^,ZDD>KdDEdKDZ'D^YhZͲ'^WZͲ^
ĂĚŽƐĚŽƐdƌĞĐŚŽƐ ŵ ŵ ŵϹ ŵϹ ŵϹ ŵŵ ŵϹ ŵϹ ŵϹ ŵϹ ŵϹdžŬŵ ŵϹ ƐĐŽƌĂŵĞŶƚŽ;ŵϸͿ
dƌĂŶƐƉŽƌƚĞDĂƚĞƌŝĂůͲŽƚĂͲ&ŽƌĂͲ
ƐĐĂǀĂĕĂŽŵĂŶƵĂůĚĞϭ͕ϱϬăϯ͕ϬϬ
WŽŶƚĂůĞƚĞĂŵĞŶƚŽ;ĂĐŝŵĂĚĞϭ͕Ϯϱ
ZĞĂƚĞƌƌŽĐŽŵƐŽůŽĚĞũĂnjŝĚĂĐŽŵ
ĂƉƌŽǀĞŝƚĂĚŽĚĂĞƐĐĂǀĂĕĆŽ;ϮϬйͿ
ZĞĂƚĞƌƌŽĐŽŵƐŽůŽĚĞũĂnjŝĚĂĂƚĠ
ƐĐĂǀĂĕĆŽDĞĐ͘ĚĞϭ͕ϱŵĂϯ͕Ϭŵ
ƐĐĂǀĂĕĂŽĞŵŵĂŶƵĂůĂƚĠϭ͕ϱϬ
ƉƌŽĨĂĐŝŵĂĚĞϭ͕ϱϬĂƚĠϯ͕ϬϬŵ
ŝąŵĞƚƌŽdžƚĞƌŶŽĚŽƐƚƵďŽƐ
ƐĐŽƌĂŵĞŶƚŽdŝƉŽůŝŶĚĂĚŽ
ƐĐĂǀĂĕĆŽDĞĐ͘ƚĠϭ͕ϱϬŵ
WƌŽĨƵŶĚŝĚĂĚĞDŽŶƚĂŶƚĞ
;ƉƌŽĨ͘ĐŝŵĂĚĞϭ͕ϱϬŵͿ
ZĞĂƚĞƌƌŽĐŽŵŵĂƚĞƌŝĂů
WƌŽĨƵŶĚŝĚĂĚĞ:ƵƐĂŶƚĞ
WƌŽĨƵŶĚŝĚĂĚĞŵĠĚŝĂ
ϭ͕ϱϬŵĚĞƉƌŽĨƵŶĚ͘
^ĞŵƐĐŽƌĂŵĞŶƚŽ
ŽŵƉƌŝŵĞŶƚŽ;ŵͿ
>ĂƌŐƵƌĂĚĂsĂůĂ
ŝąŵĞƚƌŽ;ŵŵͿ
sŽůƵŵĞdƵďŽ
DdсϬ͕ϴŬŵ
WsDŽŶƚĂŶƚĞ
ĂƚĠϭ͕ϱϬŵͿ
Ws:ƵƐĂŶƚĞ
ŽůĞƚŽƌ
;ŵŵͿ
ŵ
ŵ
ϭϱϬ Ϭ͕ϲϬ ϯϴ͕Ϯϴ Ͳ ϯ͕ϰϴ Ͳ ϭϲϮ ϭ͕ϮϬ ϳ͕ϲϲ Ϯϵ͕ϰϯ Ͳ Ϯϰ͕ϱϬ Ͳ Ͳ
ϭϱϬ Ϭ͕ϲϬ Ϯϯ͕ϭϬ Ͳ Ϯ͕ϭϬ Ͳ ϭϲϮ Ϭ͕ϳϮ ϰ͕ϲϮ ϭϳ͕ϳϲ Ͳ ϭϰ͕ϳϴ Ͳ Ͳ
ϭϱϬ Ϭ͕ϲϱ ϯϵ͕ϲϮ Ͳ ϯ͕ϭϮ Ͳ ϭϲϮ Ϭ͕ϵϵ ϳ͕ϵϮ ϯϬ͕ϳϭ Ͳ Ϯϱ͕ϯϲ ϭϮϭ͕ϵϮ Ͳ
ϭϱϬ Ϭ͕ϲϱ ϲϰ͕ϯϱ Ϭ͕ϴϲ Ͳ ϰ͕Ϯϵ ϭϲϮ ϭ͕ϯϲ ϭϯ͕Ϭϰ ϱϭ͕ϯϭ Ϭ͕ϴϲ ϰϮ͕ϴϮ Ͳ ϮϬϬ͕ϲϰ
ϭϱϬ Ϭ͕ϲϱ ϰϯ͕Ϯϯ Ͳ ϯ͕Ϯϱ Ͳ ϭϲϮ ϭ͕Ϭϯ ϴ͕ϲϱ ϯϯ͕ϱϱ Ͳ Ϯϳ͕ϲϲ ϭϯϯ͕ϬϬ Ͳ
ϭϱϬ Ϭ͕ϲϱ ϲϰ͕ϯϱ ϭ͕ϱϬ Ͳ ϰ͕Ϯϵ ϭϲϮ ϭ͕ϯϲ ϭϯ͕ϭϳ ϱϭ͕ϭϴ Ϭ͕ϭϰ ϰϮ͕ϭϰ Ͳ ϮϬϮ͕ϲϮ
ϭϱϬ Ϭ͕ϲϬ Ϯϰ͕ϲϴ Ͳ Ϯ͕ϭϬ Ͳ ϭϲϮ Ϭ͕ϳϮ ϰ͕ϵϰ ϭϵ͕ϬϮ Ͳ ϭϱ͕ϳϵ Ͳ Ͳ
ϭϱϬ Ϭ͕ϲϬ ϯϴ͕ϯϳ Ͳ Ϯ͕ϵϰ Ͳ ϭϲϮ ϭ͕Ϭϭ ϳ͕ϲϳ Ϯϵ͕ϲϴ Ͳ Ϯϰ͕ϱϱ ϭϮϳ͕ϴϵ Ͳ
ϭϱϬ Ϭ͕ϲϱ ϱϬ͕ϴϭ Ͳ ϯ͕ϴϰ Ͳ ϭϲϮ ϭ͕ϮϮ ϭϬ͕ϭϲ ϯϵ͕ϰϯ Ͳ ϯϮ͕ϱϮ ϭϱϲ͕ϯϱ Ͳ
ϭϱϬ Ϭ͕ϲϱ Ϯϵ͕ϵϰ Ͳ Ϯ͕ϰϭ Ͳ ϭϲϮ Ϭ͕ϳϲ ϱ͕ϵϵ Ϯϯ͕ϭϵ Ͳ ϭϵ͕ϭϲ Ͳ Ͳ
ϭϱϬ Ϭ͕ϲϬ ϴϬ͕ϭϬ ϭϲ͕ϬϮ Ͳ ϱ͕ϯϰ ϭϲϮ ϭ͕ϴϯ ϭϵ͕ϮϮ ϲϬ͕ϴϴ ϭϰ͕ϭϵ ϲϭ͕ϱϮ Ͳ ϯϮϬ͕ϰϬ
ϭϱϬ Ϭ͕ϲϱ ϰϭ͕ϴϲ Ͳ ϯ͕ϲϰ Ͳ ϭϲϮ ϭ͕ϭϱ ϴ͕ϯϳ ϯϮ͕ϯϯ Ͳ Ϯϲ͕ϳϵ Ͳ Ͳ
ϭϱϬ Ϭ͕ϳϱ ϲϮ͕ϭϯ Ͳ ϰ͕ϳϯ Ͳ ϭϲϮ ϭ͕ϯϬ ϭϮ͕ϰϯ ϰϴ͕ϰϭ Ͳ ϯϵ͕ϳϳ ϭϲϱ͕ϲϵ Ͳ
ϭϱϬ Ϭ͕ϳϱ ϵϳ͕ϱϰ Ͳ ϲ͕ϳϱ Ͳ ϭϲϮ ϭ͕ϴϲ ϭϵ͕ϱϭ ϳϲ͕ϭϳ Ͳ ϲϮ͕ϰϮ ϮϲϬ͕ϭϬ Ͳ
ϭϱϬ Ϭ͕ϲϬ ϯϮ͕ϰϬ Ͳ Ϯ͕ϳϬ Ͳ ϭϲϮ Ϭ͕ϵϯ ϲ͕ϰϴ Ϯϰ͕ϵϵ Ͳ ϮϬ͕ϳϰ Ͳ Ͳ
ϭϱϬ Ϭ͕ϳϱ ϭϬϵ͕ϭϯ ϯ͕Ϯϳ Ͳ ϳ͕Ϯϴ ϭϲϮ Ϯ͕ϬϬ ϮϮ͕ϰϴ ϴϲ͕ϲϱ ϭ͕Ϯϳ ϳϭ͕ϵϰ Ͳ Ϯϵϵ͕ϳϯ
ϭϱϬ Ϭ͕ϳϱ ϳϮ͕ϬϬ ϯϬ͕ϵϲ Ͳ ϰ͕ϴϬ ϭϲϮ ϭ͕ϯϮ ϮϬ͕ϱϵ ϱϭ͕ϰϭ Ϯϵ͕ϲϰ ϲϱ͕ϴϵ Ͳ Ϯϳϰ͕ϱϲ
ϭϱϬ Ϭ͕ϳϱ ϲϭ͕ϴϴ ϰϮ͕ϰϵ Ͳ ϰ͕ϭϯ ϭϲϮ ϭ͕ϭϯ ϮϬ͕ϴϳ ϰϭ͕ϬϬ ϰϭ͕ϯϱ ϲϲ͕ϳϵ Ͳ Ϯϳϴ͕ϯϬ
ϭϱϬ Ϭ͕ϳϱ ϲϯ͕ϬϬ Ϯϭ͕ϴϰ Ͳ ϰ͕ϮϬ ϭϲϮ ϭ͕ϭϱ ϭϲ͕ϵϳ ϰϲ͕Ϭϯ ϮϬ͕ϲϵ ϱϰ͕ϯϬ Ͳ ϮϮϲ͕Ϯϰ
ϭϱϬ Ϭ͕ϳϱ ϲϭ͕ϴϴ ϰϭ͕Ϭϰ Ͳ ϰ͕ϭϯ ϭϲϮ ϭ͕ϭϯ ϮϬ͕ϱϴ ϰϭ͕Ϯϵ ϯϵ͕ϵϭ ϲϱ͕ϴϳ Ͳ Ϯϳϰ͕ϰϱ
ϭϱϬ Ϭ͕ϳϱ ϲϲ͕ϯϴ ϰϲ͕ϰϲ Ͳ ϰ͕ϰϯ ϭϲϮ ϭ͕ϮϮ ϮϮ͕ϱϳ ϰϯ͕ϴϭ ϰϱ͕Ϯϱ ϳϮ͕ϮϮ Ͳ ϯϬϬ͕ϵϬ
ϭϱϬ Ϭ͕ϳϱ Ϯϵ͕Ϯϱ ϭϴ͕ϵϮ Ͳ ϭ͕ϵϱ ϭϲϮ Ϭ͕ϱϰ ϵ͕ϲϯ ϭϵ͕ϲϮ ϭϴ͕ϯϴ ϯϬ͕ϴϯ Ͳ ϭϮϴ͕ϰϰ
ϭϱϬ Ϭ͕ϳϱ ϳϲ͕ϱϬ ϰϴ͕ϰϱ Ͳ ϱ͕ϭϬ ϭϲϮ ϭ͕ϰϬ Ϯϰ͕ϵϵ ϱϭ͕ϱϭ ϰϳ͕Ϭϱ ϳϵ͕ϵϳ Ͳ ϯϯϯ͕ϮϬ
ϭϱϬ Ϭ͕ϳϱ ϳϰ͕Ϯϱ ϰϵ͕ϳϱ Ͳ ϰ͕ϵϱ ϭϲϮ ϭ͕ϯϲ Ϯϰ͕ϴϬ ϰϵ͕ϰϱ ϰϴ͕ϯϵ ϳϵ͕ϯϲ Ͳ ϯϯϬ͕ϲϲ
ϭϱϬ Ϭ͕ϳϱ ϭϬ͕ϭϯ ϲ͕ϱϴ Ͳ Ϭ͕ϲϴ ϭϲϮ Ϭ͕ϭϵ ϯ͕ϯϰ ϲ͕ϳϴ ϲ͕ϰϬ ϭϬ͕ϲϵ Ͳ ϰϰ͕ϱϱ
ϭϱϬ Ϭ͕ϲϬ ϱϮ͕ϵϵ Ͳ ϯ͕ϴϰ Ͳ ϭϲϮ ϭ͕ϯϮ ϭϬ͕ϲϬ ϰϭ͕Ϭϳ Ͳ ϯϯ͕ϵϭ ϭϳϲ͕ϲϰ Ͳ
ϭϱϬ Ϭ͕ϲϬ ϴϭ͕ϵϬ ϭϳ͕ϮϬ Ͳ ϱ͕ϰϲ ϭϲϮ ϭ͕ϴϴ ϭϵ͕ϴϮ ϲϮ͕Ϭϴ ϭϱ͕ϯϮ ϲϯ͕ϰϮ Ͳ ϯϯϬ͕ϯϯ
ϭϱϬ Ϭ͕ϲϬ ϵϬ͕ϬϬ ϯϱ͕ϭϬ Ͳ ϲ͕ϬϬ ϭϲϮ Ϯ͕Ϭϲ Ϯϱ͕ϬϮ ϲϰ͕ϵϴ ϯϯ͕Ϭϰ ϴϬ͕Ϭϲ Ͳ ϰϭϳ͕ϬϬ
ϭϱϬ Ϭ͕ϳϱ ϴϰ͕ϯϴ ϰϯ͕Ϭϯ Ͳ ϱ͕ϲϯ ϭϲϮ ϭ͕ϱϱ Ϯϱ͕ϰϴ ϱϴ͕ϴϵ ϰϭ͕ϰϵ ϴϭ͕ϱϰ Ͳ ϯϯϵ͕ϳϱ
ϭϱϬ Ϭ͕ϳϱ ϭϬϲ͕ϴϴ ϰϳ͕ϳϰ Ͳ ϳ͕ϭϯ ϭϲϮ ϭ͕ϵϲ ϯϬ͕ϵϮ ϳϱ͕ϵϱ ϰϱ͕ϳϴ ϵϴ͕ϵϱ Ͳ ϰϭϮ͕ϯϬ
ϭϱϬ Ϭ͕ϳϱ ϳϴ͕ϳϱ ϱϯ͕Ϭϯ Ͳ ϱ͕Ϯϱ ϭϲϮ ϭ͕ϰϰ Ϯϲ͕ϯϲ ϱϮ͕ϰϬ ϱϭ͕ϱϴ ϴϰ͕ϯϰ Ͳ ϯϱϭ͕ϰϬ
ϭϱϬ Ϭ͕ϳϱ ϱϱ͕ϱϯ Ͳ ϱ͕Ϭϯ Ͳ ϭϲϮ ϭ͕ϯϴ ϭϭ͕ϭϭ ϰϯ͕Ϭϰ Ͳ ϯϱ͕ϱϰ Ͳ Ͳ
ϭϱϬ Ϭ͕ϳϱ ϱϵ͕ϱϮ Ͳ ϰ͕ϴϬ Ͳ ϭϲϮ ϭ͕ϯϮ ϭϭ͕ϵϬ ϰϲ͕ϯϬ Ͳ ϯϴ͕Ϭϵ Ͳ Ͳ
ϭϱϬ Ϭ͕ϳϱ ϴϳ͕Ϭϳ Ͳ ϳ͕Ϭϱ Ͳ ϭϲϮ ϭ͕ϵϰ ϭϳ͕ϰϭ ϲϳ͕ϳϮ Ͳ ϱϱ͕ϳϮ Ͳ Ͳ
ϭϱϬ Ϭ͕ϳϱ ϱϴ͕Ϭϭ Ͳ ϱ͕Ϯϱ Ͳ ϭϲϮ ϭ͕ϰϰ ϭϭ͕ϲϬ ϰϰ͕ϵϳ Ͳ ϯϳ͕ϭϯ Ͳ Ͳ
ϭϱϬ Ϭ͕ϲϬ ϯϱ͕Ϯϲ Ͳ ϯ͕ϭϮ Ͳ ϭϲϮ ϭ͕Ϭϳ ϳ͕Ϭϱ Ϯϳ͕ϭϯ Ͳ ϮϮ͕ϱϲ Ͳ Ͳ
ϭϱϬ Ϭ͕ϲϱ ϴϳ͕ϴϰ Ͳ ϲ͕ϰϰ Ͳ ϭϲϮ Ϯ͕Ϭϰ ϭϳ͕ϱϳ ϲϴ͕Ϯϯ Ͳ ϱϲ͕ϮϮ ϮϳϬ͕Ϯϳ Ͳ
ϭϱϬ Ϭ͕ϲϱ ϯϯ͕ϭϱ Ϯ͕ϴϳ Ͳ Ϯ͕Ϯϭ ϭϲϮ Ϭ͕ϳϬ ϳ͕ϮϬ Ϯϱ͕ϵϱ Ϯ͕ϭϳ Ϯϯ͕Ϭϱ Ͳ ϭϭϬ͕ϴϰ
ϭϱϬ Ϭ͕ϲϱ ϭϰ͕ϲϯ Ϯ͕Ϭϱ Ͳ Ϭ͕ϵϴ ϭϲϮ Ϭ͕ϯϭ ϯ͕ϯϯ ϭϭ͕Ϯϵ ϭ͕ϳϰ ϭϬ͕ϲϳ Ͳ ϱϭ͕ϯϬ
ϭϱϬ Ϭ͕ϲϬ Ϯϲ͕ϭϬ ϯ͕ϮϮ Ͳ ϭ͕ϳϰ ϭϲϮ Ϭ͕ϲϬ ϱ͕ϴϲ ϮϬ͕Ϯϰ Ϯ͕ϲϮ ϭϴ͕ϳϲ Ͳ ϵϳ͕ϳϯ
ϭϱϬ Ϭ͕ϲϱ ϱϰ͕ϲϬ ϲ͕ϱϱ Ͳ ϯ͕ϲϰ ϭϲϮ ϭ͕ϭϱ ϭϮ͕Ϯϯ ϰϮ͕ϯϳ ϱ͕ϰϬ ϯϵ͕ϭϰ Ͳ ϭϴϴ͕ϭϲ
ϭϱϬ Ϭ͕ϳϱ ϱϭ͕ϳϱ ϵ͕ϭϰ Ͳ ϯ͕ϰϱ ϭϲϮ Ϭ͕ϵϱ ϭϮ͕ϭϴ ϯϵ͕ϱϳ ϴ͕ϭϵ ϯϴ͕ϵϳ Ͳ ϭϲϮ͕ϯϴ
ϭϱϬ Ϭ͕ϳϱ ϰϴ͕ϯϴ ϭϯ͕Ϭϲ Ͳ ϯ͕Ϯϯ ϭϲϮ Ϭ͕ϴϵ ϭϮ͕Ϯϵ ϯϲ͕Ϭϵ ϭϮ͕ϭϳ ϯϵ͕ϯϮ Ͳ ϭϲϯ͕ϴϯ
ϭϱϬ Ϭ͕ϳϱ ϭϬϭ͕Ϯϱ Ϯϴ͕Ϭϭ Ͳ ϲ͕ϳϱ ϭϲϮ ϭ͕ϴϲ Ϯϱ͕ϴϱ ϳϱ͕ϰϬ Ϯϲ͕ϭϲ ϴϮ͕ϳϯ Ͳ ϯϰϰ͕ϳϬ
ϭϱϬ Ϭ͕ϳϱ ϯ͕ϯϴ ϯ͕ϰϬ Ͳ Ϭ͕Ϯϯ ϭϲϮ Ϭ͕Ϭϲ ϭ͕ϯϱ Ϯ͕ϬϮ ϯ͕ϯϰ ϰ͕ϯϯ Ͳ ϭϴ͕Ϭϲ
ϭϱϬ Ϭ͕ϳϱ ϱϭ͕ϯϴ Ͳ ϰ͕ϲϱ Ͳ ϭϲϮ ϭ͕Ϯϴ ϭϬ͕Ϯϴ ϯϵ͕ϴϯ Ͳ ϯϮ͕ϴϴ Ͳ Ͳ
ϭϱϬ Ϭ͕ϳϱ ϴϯ͕ϲϯ Ͳ ϳ͕ϱϬ Ͳ ϭϲϮ Ϯ͕Ϭϲ ϭϲ͕ϳϯ ϲϰ͕ϴϰ Ͳ ϱϯ͕ϱϮ Ͳ Ͳ
ϭϱϬ Ϭ͕ϳϱ ϴϯ͕ϱϭ Ͳ ϲ͕ϯϴ Ͳ ϭϲϮ ϭ͕ϳϱ ϭϲ͕ϳϬ ϲϱ͕Ϭϲ Ͳ ϱϯ͕ϰϱ ϮϮϮ͕ϳϬ Ͳ
ϭϱϬ Ϭ͕ϲϬ Ϯϯ͕Ϯϭ Ͳ Ϯ͕ϭϬ Ͳ ϭϲϮ Ϭ͕ϳϮ ϰ͕ϲϰ ϭϳ͕ϴϰ Ͳ ϭϰ͕ϴϱ Ͳ Ͳ
ϭϱϬ Ϭ͕ϲϬ ϵ͕ϰϱ Ͳ Ϭ͕ϴϰ Ͳ ϭϲϮ Ϭ͕Ϯϵ ϭ͕ϴϵ ϳ͕Ϯϳ Ͳ ϲ͕Ϭϱ Ͳ Ͳ
ϭϱϬ Ϭ͕ϲϱ ϰϯ͕ϬϬ Ͳ ϯ͕ϭϵ Ͳ ϭϲϮ ϭ͕Ϭϭ ϴ͕ϲϬ ϯϯ͕ϯϵ Ͳ Ϯϳ͕ϱϮ ϭϯϮ͕ϯϬ Ͳ
ϭϱϬ Ϭ͕ϳϱ ϱϬ͕ϲϯ Ϯ͕ϴϳ Ͳ ϯ͕ϯϴ ϭϲϮ Ϭ͕ϵϯ ϭϬ͕ϳϬ ϯϵ͕ϵϯ ϭ͕ϵϰ ϯϰ͕Ϯϰ Ͳ ϭϰϮ͕ϲϱ
ϭϱϬ Ϭ͕ϳϱ ϯϬ͕ϯϴ Ϯ͕ϱϯ Ͳ Ϯ͕Ϭϯ ϭϲϮ Ϭ͕ϱϲ ϲ͕ϱϴ Ϯϯ͕ϳϵ ϭ͕ϵϳ Ϯϭ͕Ϭϲ Ͳ ϴϳ͕ϳϱ
ϭϱϬ Ϭ͕ϲϬ ϱϳ͕ϲϬ Ϯ͕ϲϵ Ͳ ϯ͕ϴϰ ϭϲϮ ϭ͕ϯϮ ϭϮ͕Ϭϲ ϰϱ͕ϱϰ ϭ͕ϯϳ ϯϴ͕ϱϴ Ͳ ϮϬϬ͕ϵϲ
ϭϱϬ Ϭ͕ϲϬ Ϯ͕ϳϬ Ϭ͕Ϭϭ Ͳ Ϭ͕ϭϴ ϭϲϮ Ϭ͕Ϭϲ Ϭ͕ϱϰ Ϯ͕ϭϲ Ϭ͕Ϭϭ ϭ͕ϳϴ Ͳ ϵ͕Ϭϯ
ϯ͘ϬϬϭ͕ϵϰ ϲϬϬ͕ϲϰ ϭϬϭ͕ϮϮ ϭϭϲ͕ϲϰ ϲϰ͕ϳϲ ϳϮϬ͕ϱϮ Ϯ͘ϮϱϬ͕ϵϮ ϱϲϳ͕ϴϬ Ϯ͘ϯϬϲ͕ϳϵ Ͳ ϭ͘ϳϲϲ͕ϴϲ ϲ͘ϲϰϮ͕ϴϲ
dŽƚĂů ϯ͘ϭϰϮ͕ϬϬ
dŽƚĂůĚĂĞƐĐŵĂŶƵĂůĂƚĠϭ͕ϱϬŵĚĞƉƌŽĨƵŶĚŝĚĂĚĞ ϭϬϭ͕ϮϮ ŵϹ
dŽƚĂůĞƐĐŵĂŶƵĂůĚĞϭ͕ϱϬŵŵĂƚĠϯ͕ϬϬŵĚĞƉƌŽĨƵŶĚŝĚĂĚĞ ϭϭϲ͕ϲϰ ŵϹ sŽůƵŵĞĚĞŵĂƚĞƌŝĂůĚĞũĂnjŝĚĂ Ϯ͘ϴϭϴ͕ϳϮ ŵϹ
dŽƚĂůĞƐĐŵĞĐĂƚĠϭ͕ϱϬŵĚĞƉƌŽĨƵŶĚŝĚĂĚĞ ϮϵϬϬ͕ϳϯ ŵϹ ǀŽůƵŵĞĚĞďŽƚĂĨŽƌĂ Ϯϴϴϯ͕ϰϴ ŵϹ
dŽƚĂůĞƐĐŵĞĐĚĞϭ͕ϱϬĂƚĠϯ͕ϬϬŵĚĞƉƌŽĨƵŶĚŝĚĂĚĞ ϰϴϰ͕ϬϬ ŵϹ dƌĂŶƉǀŽůŵĂƚĞƌŝĂůĚĞũĂnjŝĚĂ;ǀŽůũĂnjŝĚĂdžϭϱ͕ϰϱŬŵͿ ϰϯ͘ϱϰϵ͕Ϯϵ ŵϹdžŬŵ
dƌĂŶƉǀŽůďŽƚĂĨŽƌĂ;ǀŽůďŽƚĂĨŽƌĂdžϬ͕ϴϬŬŵͿ Ϯ͘ϯϬϲ͕ϳϵ ŵϹdžŬŵ
Z/dZ/K^KdK^WZK^YhEd/dd/sK^
ƐĐŽƌĂŵĞŶƚŽƐ
^ĞŵƐĐŽƌĂŵĞŶƚŽ͗ ƚĠϭ͕Ϯϱŵ
WŽŶƚĂůĞƚĞĂŵĞŶƚŽ͗ Ğϭ͕Ϯϱăϭ͕ϱϬŵ
ůŝŶĚĂĚŽ͗ ĐŝŵĂĚĞϭ͕ϱϬŵ
>ĂƌŐƵƌĂĚĂƐsĂůĂƐ͗ EZϭϮϮϲϲ
^ĞŵƐĐŽƌĂŵĞŶƚŽ Ϭ͕ϲϬŵ
WŽŶƚĂůĞƚĞĂŵĞŶƚŽ Ϭ͕ϲϱŵ
ůŝŶĚĂĚŽ Ϭ͕ϳϱŵ
ZĞĂƚĞƌƌŽ͗ ƉƌŽǀĞŝƚĂŵĞŶƚŽĚĞƐŽůŽĚĞĂƉĞŶĂƐϬ͕ϯϬŵĚĂƐƵƉĞƌĨşĐŝĞ͕ĚĞŵĂŝƐĚĞǀĞƌĄƐĞƌƐƵďƐƚŝƚƵşĚŽ͕ĐŽŶĨŽƌŵĞƐŽůŝĐŝƚĂĕĆŽĚĂWƌĞĨĞŝƚƵƌĂ͕ĞŵĨƵŶĕĆŽĚŽƐƵďƐŽůŽƐĞƌŵŽůĞ͘
dƌĂŶƐƉŽƌƚĞĚĞďŽƚĂĨŽƌĂ ŝƐƚąŶĐŝĂĚĞϬ͕ϴϬŵ
dƌĂŶƐƉŽƌƚĞĚĞũĂnjŝĚĂ ŝƐƚąŶĐŝĂĚĞϭϱ͕ϰϱŵ
D/^^Z/K^
ŵŝƐƐĄƌŝŽ ŽŵƉƌŝŵ͘ WƌŽĨƵŶĚ͘ >ĂƌŐƵƌĂ ŝąŵdžƚ͘ sŽůƵŵĞƐ;ŵϹͿ
ŵ ŵ ŵ ŵŵ ƐĐĂǀ͘DĞĐ͘ƚĠϭ͕ϱŵ dƵďŽ ZĞĂƚĞƌƌŽ :ĂnjŝĚĂ ZĞĂƉƌŽǀ͘ ŽƚĂͲ&ŽƌĂ ŽƚĂͲ&ŽƌĂ dƌĂŶƐ͘&ŽƌĂ dƌĂŶƐũĂnj
ϲϱϯ͕ϬϬ Ϭ͕ϴϱ Ϭ͕ϲϬ ϲϯ͕ϬϬ ϯϯϯ͕Ϭϯ Ϯ͕Ϭϰ ϯϯϬ͕ϵϵ Ϯϭϯ͕ϰϱ ϭϭϳ͕ϱϰ Ϯϭϱ͕ϰϵ Ϯϭϱ͕ϰϵ ϭϳϮ͕ϯϵ ϯ͘Ϯϵϳ͕ϴϳ
ŵŝƐƐĄƌŝŽ ϵϴ͕ϬϬ Ϭ͕ϴϱ Ϭ͕ϲϬ ϲϯ͕ϬϬ ϰϵ͕ϵϴ Ϭ͕ϯϭ ϰϵ͕ϲϳ ϯϮ͕Ϭϯ ϭϳ͕ϲϰ ϯϮ͕ϯϰ ϯϮ͕ϯϰ Ϯϱ͕ϴϳ
ϰϵϰ͕ϵϯ
dŽƚĂů ϳϱϭ͕ϬϬ ϯϴϯ͕Ϭϭ Ϯ͕ϯϰ ϯϴϬ͕ϲϳ Ϯϰϱ͕ϰϵ ϭϯϱ͕ϭϴ Ϯϰϳ͕ϴϯ Ϯϰϳ͕ϴϯ ϭϵϴ͕Ϯϲ ϯϳϵϮ͕ϴϭ
ŵŝƐƐĄƌŝŽ&ŝŶĂů ϮϮϬ͕ϬϬ Ϭ͕ϴϱ Ϭ͕ϲϬ ϳϱ͕ϬϬ ϭϭϮ͕ϮϬ Ϭ͕ϵϳ ϭϭϭ͕Ϯϯ ϳϭ͕ϲϯ ϯϵ͕ϲϬ ϳϮ͕ϲϬ ϭϱϬ͕ϴϯ ϭϰϰ͕Ϯϯ ϭ͘ϭϬϲ͕ϲϱ
dŽƚĂů ϮϮϬ͕ϬϬ ϭϭϮ͕ϮϬ Ϭ͕ϵϳ ϭϭϭ͕Ϯϯ ϳϭ͕ϲϯ ϯϵ͕ϲϬ ϳϮ͕ϲϬ ϭϱϬ͕ϴϯ ϭϰϰ͕Ϯϯ ϭϭϬϲ͕ϲϱ
^dK>sdMZ/
ŝŵĞŶƐƁĞƐĞŵDĞƚƌŽƐ
ŝąŵĞƚƌŽ ŝąŵĞƚƌŽ ŝĂŵĞƚƌŽ ŝĂŵĞƚƌŽ ƐƚĂĕĆŽ >ĂƐƚƌŽ >ĂƐƚƌŽ ŝĂŵĞƚƌ dŽƚĂů dŽƚĂů dŽƚĂů
WƌŽĨĞƐĐĂǀ >ĂũĞ hŶŝĚ͘
ďĂƐĞďƌŝƚĂĞ ƐĐĂǀĂĕĆŽ džƚĞƌŶŽ /ŶƚĞƌŶŽ ůĞǀĂƚſƌŝĂ ƌŝƚĂ ŽŶĐƌĞƚŽ Ž>ĂũĞ ;ŵͿ ;ŵϮͿ ;ŵϯͿ
Ϭ ϯ͕ϯϭ ϭ͕ϴϲ ϯ͕Ϯϲ ϭ͕ϲϲ ϭ͕ϱϬ ϯ͕Ϯϰ Ϭ͕ϭϬ Ϭ͕Ϭϰ Ͳ ϭ͕ϯϲ ϯ͕ϯϴ ϭ͕ϱϬ ϰ͕ϳϴ
>ŽĐĂĕĆŽĚĂKďƌĂ Ϯ͕ϭϲ ŵϸ
ƐĐĂǀĂĕĆŽƉƌŝŵĐĂƚĂƚĠϭ͕ϱϬŵƉƌŽĨ ϭϮ͕ϱϭ ŵϹ
ƐĐĂǀĂĕĆŽƉƌŝŵĐĂƚĚĞϭ͕ϱϬăϯ͕ϬϬŵƉƌŽĨ ϭϮ͕ϱϭ ŵϹ
ƐĐĂǀĂĕĆŽƉƌŝŵĐĂƚĚĞϯ͕ϬϬăϰ͕ϱϬŵƉƌŽĨ Ϭ͕ϵϮ ŵϹ
ƐĐĂǀĂĕĆŽƚŽƚĂů Ϯϱ͕ϵϱ ŵϹ
ƐĐĂǀĂĕĆŽDĂŶƵĂů ůƚƵƌĂĞƐĐĂǀĂĕĆŽŵĂŶƵĂů Ϭ͕ϮϬ ŵ ϭ͕ϲϳ ŵϹ
>ĂƐƚƌŽĚĞƌŝƚĂŶΣϮ ůƚƵƌĂůĂƐƚƌŽĚĞďƌŝƚĂ Ϭ͕Ϭϰ ŵ Ϭ͕ϭϭ ŵϹ
sŽůƵŵĞĚĂ ϳ͕ϭϲ ŵϹ
ZĞĂƚĞƌƌŽĐŽŵhƚŝůŝnjĂĕĆŽĚĞƐŽůŽƐƐĐĂǀĂĚŽĂƚĠϭ͕ϱϬŵƉƌŽĨ ZĞĂƉƌŽǀĞŝƚĂŵĞŶƚŽĚĞ^ŽůŽ Ϭ͕ϯϬ ŵ ϭ͕ϴϱ ŵϹ
ZĞĂƚĞƌƌŽĐŽŵhƚŝůŝnjĂĕĆŽĚĞƐŽůŽĂƌĞŶŽƐŽĚĞϭ͕ϱăϯ͕Ϭŵ ƉƌŽĨƵŶĚŝĚĂĚĞ ϭ͕ϮϬ ŵ ϵ͕ϵϮ ŵϹ
ZĞĂƚĞƌƌŽĐŽŵhƚŝůŝnjĂĕĆŽĚĞƐŽůŽĂƌĞŶŽƐŽĚĞϭ͕ϱăϯ͕Ϭŵ ƉƌŽĨƵŶĚŝĚĂĚĞ ϭ͕ϱϬ ŵ ϵ͕Ϯϳ ŵϹ
ZĞĂƚĞƌƌŽĐŽŵhƚŝůŝnjĂĕĆŽĚĞƐŽůŽĂƌĞŶŽƐŽĚĞϯ͕Ϭăϰ͕ϱŵ ƉƌŽĨƵŶĚŝĚĂĚĞ Ϭ͕ϯϭ ŵ Ϭ͕Ϯϱ ŵϹ
ĂƌŐĂĞĞƐĐĂƌŐĂĚĞ^ŽůŽ ϭϵ͕ϰϯ ŵϹ
dƌĂŶƐƉŽƌƚĞĚĞŽƚĂͲ&ŽƌĂ ŝƐƚąŶĐŝĂŽƚĂͲ&ŽƌĂ Ϭ͕ϴϬ Ŭŵ Ͳ ϭϱ͕ϱϱ ŵϹdžŬŵ
/ŵƉĞƌŵĞĂďŝůŝnjĂĕĆŽĚĞWĂƌĞĚĞƐ/ŶƚĞƌŶĂƐ ϭϵ͕ϭϮ ŵϸ
ƐĐŽƌĂŵĞŶƚŽŽŶƚşŶƵŽ ϯϯ͕ϴϴ ŵϸ
&ŽƌŵĂWůĂŶĂƐ>ĂũĞ^ƵƉĞƌŝŽƌĞŝŶĨĞƌŝŽƌ ϯ͕ϱϯ ŵϸ
&ŽƌŵĂWĂƌĂ&ƵŶĚĂĕĆŽ ůƚƵƌĂůĂũĞĐŽŶĐƌĞƚŽĨƵŶĚŽ Ϭ͕ϭϬ Ϭ͕ϱϴ ŵϸ
&ŽƌŵĂĂŝdžĂ^ĂşĚĂdƵďƵůĂĕĆŽ ŽŵƉƌŝŵ Ϭ͕ϵϮ ůĂƌŐƵƌĂ Ϭ͕ϲϴ ƉƌŽĨ Ϭ͕ϵϴ ŵ Ϭ͕ϲϯ ŵϸ
ŝŵďƌĂŵĞŶƚŽ ŽŵƉƌŝŵ Ϭ͕ϵϮ ůĂƌŐƵƌĂ Ϭ͕ϲϴ ƉƌŽĨ Ϭ͕ϵϴ ŵ Ϭ͕ϲϭ ŵϹ
ŽŶĐƌĞƚŽƐƚƌƵƚƵƌĂůͲůĂũĞƐƵƉĞƌŝŽƌ ŝąŵĞƚƌŽ ϭ͕ϲϲ ƐƉĞƐƐƵƌĂ Ϭ͕ϭϮ ŵ Ϭ͕Ϯϲ ŵϹ
ŽŶĐƌĞƚŽƐƚƌƵƚƵƌĂůͲůĂũĞŝŶĨĞƌŝŽƌ ŝąŵĞƚƌŽ ϭ͕ϲϲ ƐƉĞƐƐƵƌĂ Ϭ͕ϭϬ ŵ Ϭ͕ϮϮ ŵϹ
ŽŶĐƌĞƚŽƐƚƌƵƚƵƌĂůͲĐĂŝdžĂƌĞŐŝƐƚƌŽͲůĂũĞƐƵƉĞƌŝŽƌ ŝąŵĞƚƌŽ ϭ͕ϲϲ ƐƉĞƐƐƵƌĂ Ϭ͕ϭϮ ŵ Ϭ͕Ϯϲ ŵϹ
ŽŶĐƌĞƚŽƐƚƌƵƚƵƌĂůͲĐĂŝdžĂƌĞŐŝƐƚƌŽͲůĂũĞŝŶĨĞƌŝŽƌ ŝąŵĞƚƌŽ ϭ͕ϲϲ ƐƉĞƐƐƵƌĂ Ϭ͕ϭϬ ŵ Ϭ͕ϮϮ ŵϹ
dŽƚĂůŽŶĐƌĞƚŽƐƚƌƵƚƵƌĂů Ϭ͕ϵϱ ŵϹ
ĕŽƉĂƌĂŽŶƐƚƌƵĕĆŽ ϵϬŬŐĚĞĂĕŽƉŽƌŵϯĚĞĐŽŶĐƌĞƚŽ ϴϱ͕ϲϲ ŬŐ
ZĞďŽĐŽWĂƌƚĞdžƚĞƌŶĂ ZĞǀĞƐƚŝŵĞŶƚŽĚĞϭ͕ϬŵĚĂĂĂƌƚĞƐƵƉĞƌŝŽƌ ϱ͕Ϯϭ ŵϸ
^dK>sdMZ/
ŝŵĞŶƐƁĞƐĞŵDĞƚƌŽƐ
ŝąŵĞƚƌŽ ŝąŵĞƚƌŽ ŝĂŵĞƚƌŽ ŝĂŵĞƚƌŽ ƐƚĂĕĆŽ >ĂƐƚƌŽ >ĂƐƚƌŽ ŝĂŵĞƚƌ dŽƚĂů dŽƚĂů dŽƚĂů
WƌŽĨĞƐĐĂǀ >ĂũĞ hŶŝĚ͘
ďĂƐĞďƌŝƚĂĞ ƐĐĂǀĂĕĆŽ džƚĞƌŶŽ /ŶƚĞƌŶŽ ůĞǀĂƚſƌŝĂ ƌŝƚĂ ŽŶĐƌĞƚŽ Ž>ĂũĞ ;ŵͿ ;ŵϮͿ ;ŵϯͿ WƌŽĨĞƐĐĂǀ
ŝŵĞŶƐƁĞƐ ϰ͕ϳϮ ϭ͕ϯϱ Ϯ͕ϳϲ ϭ͕ϭϲ ϭ͕ϬϬ ϰ͕ϰϲ Ϭ͕ϭϬ Ϭ͕Ϭϰ Ͳ ϭ͕ϯϲ ϰ͕ϲϬ ϭ͕ϱϬ ϲ͕ϬϬ ϰ͕ϳϮ
>ŽĐĂĕĆŽĚĂKďƌĂ ϭ͕Ϭϲ ŵϸ
ƐĐĂǀĂĕĆŽƉƌŝŵĐĂƚĂƚĠϭ͕ϱϬŵƉƌŽĨ ϴ͕ϵϳ ŵϹ
ƐĐĂǀĂĕĆŽƉƌŝŵĐĂƚĚĞϭ͕ϱϬăϯ͕ϬϬŵƉƌŽĨ ϴ͕ϵϳ ŵϹ
ƐĐĂǀĂĕĆŽƉƌŝŵĐĂƚĚĞϯ͕ϬϬăϰ͕ϱϬŵƉƌŽĨ ϭϭ͕ϵϲ ŵϹ
ƐĐĂǀĂĕĆŽƚŽƚĂů Ϯϵ͕ϵϬ ŵϹ
ƐĐĂǀĂĕĆŽDĂŶƵĂů ůƚƵƌĂĞƐĐĂǀĂĕĆŽŵĂŶƵĂů Ϭ͕ϮϬ ŵ ϭ͕ϮϬ ŵϹ
>ĂƐƚƌŽĚĞƌŝƚĂŶΣϮ ůƚƵƌĂůĂƐƚƌŽĚĞďƌŝƚĂ Ϭ͕Ϭϰ ŵ Ϭ͕Ϭϲ ŵϹ
sŽůƵŵĞĚĂ ϰ͕ϵϵ ŵϹ
ZĞĂƚĞƌƌŽĐŽŵhƚŝůŝnjĂĕĆŽĚĞĞŽůŽƐƐĐĂǀĂĚŽĂƚĠϭ͕ϱϬŵƉƌŽĨ ZĞĂƉƌŽǀĞŝƚĂŵĞŶƚŽĚĞ^ŽůŽ Ϭ͕ϯϬ ŵ ϭ͕ϰϴ ŵϹ
ZĞĂƚĞƌƌŽĐŽŵhƚŝůŝnjĂĕĆŽĚĞƐŽůŽĂƌĞŶŽƐŽĚĞϭ͕ϱăϯ͕Ϭŵ ƉƌŽĨƵŶĚŝĚĂĚĞ ϭ͕ϮϬ ŵ ϳ͕ϳϬ ŵϹ
ZĞĂƚĞƌƌŽĐŽŵhƚŝůŝnjĂĕĆŽĚĞƐŽůŽĂƌĞŶŽƐŽĚĞϭ͕ϱăϯ͕Ϭŵ ƉƌŽĨƵŶĚŝĚĂĚĞ ϭ͕ϱϬ ŵ ϳ͕ϯϵ ŵϹ
ZĞĂƚĞƌƌŽĐŽŵhƚŝůŝnjĂĕĆŽĚĞƐŽůŽĂƌĞŶŽƐŽĚĞϯ͕Ϭăϰ͕ϱŵ ƉƌŽĨƵŶĚŝĚĂĚĞ ϭ͕ϳϮ ŵ ϭϬ͕ϭϰ ŵϹ
ĂƌŐĂĞĞƐĐĂƌŐĂĚĞ^ŽůŽ Ϯϱ͕Ϯϯ ŵϹ
dƌĂŶƐƉŽƌƚĞĚĞŽƚĂͲ&ŽƌĂ ŝƐƚąŶĐŝĂŽƚĂͲ&ŽƌĂ Ϭ͕ϴϬ Ŭŵ Ͳ ϮϬ͕ϭϴ ŵϹdžŬŵ
/ŵƉĞƌŵĞĂďŝůŝnjĂĕĆŽĚĞWĂƌĞĚĞƐ/ŶƚĞƌŶĂƐ ϭϲ͕ϯϵ ŵϸ
ƐĐŽƌĂŵĞŶƚŽŽŶƚşŶƵŽ ϰϬ͕ϵϭ ŵϸ
&ŽƌŵĂWůĂŶĂƐ>ĂũĞ^ƵƉĞƌŝŽƌ Ϭ͕ϳϵ ŵϸ
&ŽƌŵĂWĂƌĂ&ƵŶĚĂĕĆŽ ůƚƵƌĂůĂũĞĐŽŶĐƌĞƚŽĨƵŶĚŽ Ϭ͕ϭϬ Ϭ͕ϰϮ ŵϸ
&ŽƌŵĂĂŝdžĂ^ĂşĚĂdƵďƵůĂĕĆŽ ŽŵƉƌŝŵ Ϭ͕ϵϮ ůĂƌŐƵƌĂ Ϭ͕ϲϴ ƉƌŽĨ Ϭ͕ϵϴ ŵ Ϭ͕ϲϯ ŵϸ
ŝŵďƌĂŵĞŶƚŽ ŽŵƉƌŝŵ Ϭ͕ϵϮ ůĂƌŐƵƌĂ Ϭ͕ϲϴ ƉƌŽĨ Ϭ͕ϵϴ ŵ Ϭ͕ϲϭ ŵϹ
ŽŶĐƌĞƚŽƐƚƌƵƚƵƌĂůͲůĂũĞƐƵƉĞƌŝŽƌ ŝąŵĞƚƌŽ ϭ͕ϭϲ ƐƉĞƐƐƵƌĂ Ϭ͕ϭϮ ŵ Ϭ͕ϭϯ ŵϹ
ŽŶĐƌĞƚŽƐƚƌƵƚƵƌĂůͲůĂũĞŝŶĨĞƌŝŽƌ ŝąŵĞƚƌŽ ϭ͕ϭϲ ƐƉĞƐƐƵƌĂ Ϭ͕ϭϬ ŵ Ϭ͕ϭϭ ŵϹ
ŽŶĐƌĞƚŽƐƚƌƵƚƵƌĂůͲĐĂŝdžĂƌĞŐŝƐƚƌŽͲůĂũĞƐƵƉĞƌŝŽƌ ŝąŵĞƚƌŽ ϭ͕ϭϲ ƐƉĞƐƐƵƌĂ Ϭ͕ϭϮ ŵ Ϭ͕ϭϯ ŵϹ
ŽŶĐƌĞƚŽƐƚƌƵƚƵƌĂůͲĐĂŝdžĂƌĞŐŝƐƚƌŽͲůĂũĞŝŶĨĞƌŝŽƌ ŝąŵĞƚƌŽ ϭ͕ϭϲ ƐƉĞƐƐƵƌĂ Ϭ͕ϭϬ ŵ Ϭ͕ϭϭ ŵϹ
dŽƚĂůŽŶĐƌĞƚŽƐƚƌƵƚƵƌĂů Ϭ͕ϰϲ ŵϹ
ĕŽƉĂƌĂŽŶƐƚƌƵĕĆŽ ϵϬŬŐĚĞĂĕŽƉŽƌŵϯĚĞĐŽŶĐƌĞƚŽ ϰϭ͕ϴϯ ŬŐ
ZĞďŽĐŽWĂƌƚĞdžƚĞƌŶĂ ZĞǀĞƐƚŝŵĞŶƚŽĚĞϭ͕ϬŵĚĂĂĂƌƚĞƐƵƉĞƌŝŽƌ ϯ͕ϲϰ ŵϸ
^dK>sdMZ/
ŝŵĞŶƐƁĞƐĞŵDĞƚƌŽƐ
ŝąŵĞƚƌŽ ŝąŵĞƚƌŽ ŝĂŵĞƚƌŽ ŝĂŵĞƚƌŽ ƐƚĂĕĆŽ >ĂƐƚƌŽ >ĂƐƚƌŽ ŝĂŵĞƚƌ dŽƚĂů dŽƚĂů dŽƚĂů
WƌŽĨĞƐĐĂǀ >ĂũĞ hŶŝĚ͘
ďĂƐĞďƌŝƚĂĞ ƐĐĂǀĂĕĆŽ džƚĞƌŶŽ /ŶƚĞƌŶŽ ůĞǀĂƚſƌŝĂ ƌŝƚĂ ŽŶĐƌĞƚŽ Ž>ĂũĞ ;ŵͿ ;ŵϮͿ ;ŵϯͿ WƌŽĨĞƐĐĂǀ
ŝŵĞŶƐƁĞƐ ϯ͕ϰϬ ϭ͕ϯϲ Ϯ͕ϳϲ ϭ͕ϭϲ ϭ͕ϬϬ ϰ͕ϰϲ Ϭ͕Ϭϰ Ϭ͕ϭϬ Ͳ ϭ͕ϯϲ ϰ͕ϲϬ ϭ͕ϱϬ ϲ͕Ϭϲ
>ŽĐĂĕĆŽĚĂKďƌĂ ϭ͕Ϭϲ ŵϸ
ƐĐĂǀĂĕĆŽƉƌŝŵĐĂƚĂƚĠϭ͕ϱϬŵƉƌŽĨ ϴ͕ϵϳ ŵϹ
ƐĐĂǀĂĕĆŽƉƌŝŵĐĂƚĚĞϭ͕ϱϬăϯ͕ϬϬŵƉƌŽĨ ϴ͕ϵϳ ŵϹ
ƐĐĂǀĂĕĆŽƉƌŝŵĐĂƚĚĞϯ͕ϬϬăϰ͕ϱϬŵƉƌŽĨ ϴ͕ϵϳ ŵϹ
ƐĐĂǀĂĕĆŽƚŽƚĂů Ϯϲ͕ϵϭ ŵϹ
ƐĐĂǀĂĕĆŽDĂŶƵĂů ůƚƵƌĂĞƐĐĂǀĂĕĆŽŵĂŶƵĂů Ϭ͕ϮϬ ŵ ϭ͕ϮϬ ŵϹ
>ĂƐƚƌŽĚĞƌŝƚĂŶΣϮ ůƚƵƌĂůĂƐƚƌŽĚĞďƌŝƚĂ Ϭ͕Ϭϰ ŵ Ϭ͕Ϭϲ ŵϹ
sŽůƵŵĞĚĂ ϯ͕ϱϵ ŵϹ
ZĞĂƚĞƌƌŽĐŽŵhƚŝůŝnjĂĕĆŽĚĞƐŽůŽƐƐĐĂǀĂĚŽĂƚĠϭ͕ϱϬŵƉƌŽĨ ZĞĂƉƌŽǀĞŝƚĂŵĞŶƚŽĚĞ^ŽůŽ Ϭ͕ϯϬ ŵ ϭ͕ϰϴ ŵϹ
ZĞĂƚĞƌƌŽĐŽŵhƚŝůŝnjĂĕĆŽĚĞƐŽůŽĂƌĞŶŽƐŽĚĞϭ͕ϱăϯ͕Ϭŵ ƉƌŽĨƵŶĚŝĚĂĚĞ ϭ͕ϮϬ ŵ ϳ͕ϳϬ ŵϹ
ZĞĂƚĞƌƌŽĐŽŵhƚŝůŝnjĂĕĆŽĚĞƐŽůŽĂƌĞŶŽƐŽĚĞϭ͕ϱăϯ͕Ϭŵ ƉƌŽĨƵŶĚŝĚĂĚĞ ϭ͕ϱϬ ŵ ϳ͕ϯϵ ŵϹ
ZĞĂƚĞƌƌŽĐŽŵhƚŝůŝnjĂĕĆŽĚĞƐŽůŽĂƌĞŶŽƐŽĚĞϯ͕Ϭăϰ͕ϱŵ ƉƌŽĨƵŶĚŝĚĂĚĞ Ϭ͕ϰϬ ŵ ϴ͕ϱϱ ŵϹ
ĂƌŐĂĞĞƐĐĂƌŐĂĚĞ^ŽůŽ Ϯϯ͕ϲϯ ŵϹ
dƌĂŶƐƉŽƌƚĞĚĞŽƚĂͲ&ŽƌĂ ŝƐƚąŶĐŝĂŽƚĂͲ&ŽƌĂ Ϭ͕ϴϬ Ŭŵ Ͳ ϭϴ͕ϵϭ ŵϹdžŬŵ
/ŵƉĞƌŵĞĂďŝůŝnjĂĕĆŽĚĞWĂƌĞĚĞƐ/ŶƚĞƌŶĂƐ ϭϮ͕Ϯϱ ŵϸ
ƐĐŽƌĂŵĞŶƚŽŽŶƚşŶƵŽ Ϯϵ͕ϰϳ ŵϸ
&ŽƌŵĂWůĂŶĂƐ>ĂũĞ^ƵƉĞƌŝŽƌ Ϭ͕ϳϵ ŵϸ
&ŽƌŵĂWĂƌĂ&ƵŶĚĂĕĆŽ ůƚƵƌĂůĂũĞĐŽŶĐƌĞƚŽĨƵŶĚŽ Ϭ͕ϭϬ Ϭ͕ϰϯ ŵϸ
&ŽƌŵĂĂŝdžĂ^ĂşĚĂdƵďƵůĂĕĆŽ ŽŵƉƌŝŵ Ϭ͕ϵϮ ůĂƌŐƵƌĂ Ϭ͕ϲϴ ƉƌŽĨ Ϭ͕ϵϴ ŵ Ϭ͕ϲϯ ŵϸ
ŝŵďƌĂŵĞŶƚŽ ŽŵƉƌŝŵ Ϭ͕ϵϮ ůĂƌŐƵƌĂ Ϭ͕ϲϴ ƉƌŽĨ Ϭ͕ϵϴ ŵ Ϭ͕ϲϭ ŵϹ
ŽŶĐƌĞƚŽƐƚƌƵƚƵƌĂůͲůĂũĞƐƵƉĞƌŝŽƌ ŝąŵĞƚƌŽ ϭ͕ϭϲ ƐƉĞƐƐƵƌĂ Ϭ͕ϭϮ ŵ Ϭ͕ϭϯ ŵϹ
ŽŶĐƌĞƚŽƐƚƌƵƚƵƌĂůͲůĂũĞŝŶĨĞƌŝŽƌ ŝąŵĞƚƌŽ ϭ͕ϭϲ ƐƉĞƐƐƵƌĂ Ϭ͕ϭϬ ŵ Ϭ͕ϭϭ ŵϹ
ŽŶĐƌĞƚŽƐƚƌƵƚƵƌĂůͲĐĂŝdžĂƌĞŐŝƐƚƌŽͲůĂũĞƐƵƉĞƌŝŽƌ ŝąŵĞƚƌŽ ϭ͕ϭϲ ƐƉĞƐƐƵƌĂ Ϭ͕ϭϮ ŵ Ϭ͕ϭϯ ŵϹ
ŽŶĐƌĞƚŽƐƚƌƵƚƵƌĂůͲĐĂŝdžĂƌĞŐŝƐƚƌŽͲůĂũĞŝŶĨĞƌŝŽƌ ŝąŵĞƚƌŽ ϭ͕ϭϲ ƐƉĞƐƐƵƌĂ Ϭ͕ϭϬ ŵ Ϭ͕ϭϭ ŵϹ
dŽƚĂůŽŶĐƌĞƚŽƐƚƌƵƚƵƌĂů Ϭ͕ϰϲ ŵϹ
ĕŽƉĂƌĂŽŶƐƚƌƵĕĆŽ ϵϬŬŐĚĞĂĕŽƉŽƌŵϯĚĞĐŽŶĐƌĞƚŽ ϰϭ͕ϴϯ ŬŐ
ZĞďŽĐŽWĂƌƚĞdžƚĞƌŶĂ ZĞǀĞƐƚŝŵĞŶƚŽĚĞϭ͕ϬŵĚĂĂĂƌƚĞƐƵƉĞƌŝŽƌ ϯ͕ϲϰ ŵϸ
hZE/K
ŝŵĞŶƐƁĞƐĞŵDĞƚƌŽƐ
džƚĞŶƐĆŽ
WƌŽĨƵŶĚŝĚ͘ >ĂƌŐƵƌĂ ŽŵƉƌŝŵ͘ sŽůƵŵĞ ƌĞĂ
ƌĞĂĚĂďĂƐĞ ϭϰ ϮϬ ϮϴϬ͕ϬϬ
ƌĞĂĐŝŵĞŶƚĂĚĂ ƌĞĂŵĞĚŝĚĂĂƵƚŽĐĂĚ ϰϬ͕ϳϬ
ƐĐĂǀĂĕĆŽŵĞĐąŶŝĐĂĐŽŵƚƌĂƚŽƌĚĞĞƐƚĞŝƌĂ Ϭ͕ϭ ϮϬ ϯϬ Ϯϳ͕ϵϯ
ƐĐĂǀĂĕĆŽŵĂŶƵĂůĞŵǀĂůĂ Ϭ͕ϯϬ Ϭ͕ϮϬ ϭϬϬ͕ϬϬ ϲ͕ϬϬ
ĂƌŐĂĞĚĞƐĐĂŐĂĚĞƐŽůŽďŽƚĂĨŽƌĂ ϯϭ͕ϲϴ
dƌĂŶƐƉŽƌƚĞůŽĐĂůĚĞƐŽůŽͲďŽƚĂĨŽƌĂ ĚŝƐƚсϬ͕ϴŬŵ Ϯϱ͕ϯϰ
ŽŶĐƌĞƚŽĚŽĂůĚƌĂŵĞĚĂĞƌĐĂ Ϭ͕ϯϬ Ϭ͕ϭϱ ϭϬϬ͕ϬϬ ϰ͕ϱϬ
&ŽƌŵĂWĂƌĂ&ƵŶĚĂĕĆŽ Ϭ͕ϭϱ ϭϬϬ͕ϬϬ ϯϬ͕ϬϬ
WŽƌƚĆŽ ϭ͕ϱϬ ϯ͕ϬϬ ϰ͕ϱϬ
>ĂƐƚƌŽĚĞďƌŝƚĂ͕ĞƐƉĞƐƐƵƌĂϭϬĐŵ Ϭ͕ϭϬ ϯϭ͕ϮϬ
ƌŝƚĂ ϭϱ͕ϬϬ ϯ͕ϬϬ Ϭ͕Ϭϳ ϯ͕ϭϱ
WĂƐƐĞŝŽĞŵĐŽŶĐƌĞƚŽĐĂůĕĂĚĂ͕ƐĞŵĂƌŵĂĕĆŽ Ϭ͕ϭϬ ϰ͕Ϭϳ ϰϬ͕ϳϬ DĞĚŝĚĂŶŽƵƚŽĐĂĚ
ŽŵƉƌŝŵĞŶƚŽĚĂĐĞƌĐĂ ϮϬ͕ϬϬ ϯϬ͕ϬϬ ϭϬϬ͕ϬϬ
>:WZ^dKdZdDEdK^'KdKWZͲZ/
DƵƌĞƚĂƉĂƌĂĂďƌŝŐŽĐŽŵĂŶĚŽĚĂƐďŽŵďĂƐ
ŝŵĞŶƐƁĞƐ ĐŽŵƉ;ŵͿ ůĂŐ;ŵͿ ůƚƵƌĂ;ŵͿ sŽů;ŵϹͿ ƌĞĂ;ŵϸͿ
ĨƵŶĚĂĕĆŽ ϭ͕ϭϮ Ϭ͕ϯϬ Ϯ͕Ϭϱ Ϭ͕ϳ
ĂůǀĞŶĂƌŝĂƚŝũŽůŽƐŵĂĐŝĕŽƐ Ϯ͕ϯϬ
&ŽƌŵĂƉĂƌĂĨƵŶĚĂĕĆŽ ϭ͕ϮϬ Ϭ͕ϯϬ Ϭ͕ϮϬ Ϭ͕ϲϬ
DdZ/>ZK>dKZ
dƵďŽĐŽůĞƚŽƌƌĞĚĞ͕ƉĂƌĞĚĞĚƵƉůĂ;ĐŽƌƌƵŐĂĚŽͿEϭϱϬŵŵ
^ƵďĂĐŝĂ ϭϰϬϭ ŵ
^ƵďĂĐŝĂ ϭϮϱϳ ŵ
^ƵďĂĐŝĂ ϰϴϰ ŵ
dKd> ϯϭϰϮ D
$OWXUDGR7,/'1 $OWXUD7,/SDVVDJHP !"#$%$#
,GHQWLILFDomR 3URIXQGLG 7XER'1 ,GHQWLILFDomR 3URIXQGLG 7XER'1 ,GHQWLILFDomR 3URIXQGLG 7XER'1 ,GHQWLILFDomR 3URIXQGLG 7XER'1
7,/5$'
7,/3$6 7,/7(5 7,/74
7,/5$'
7,/3$6 7,/7(5 ϬϭϮ ϭ͕ϭϬ 7,/74
7,/5$' 7,/3$6
7,/7(5 7,/74
7,/5$'
7,/3$6 7,/7(5 7,/74
7,/5$' 7,/3$6 7,/7(5 7,/74
7,/5$'
dŽƚĂů ϰϲ
,-/"",-$"01 ϭϭ
&# ϭϭ
-223$,$#$ ϯϬ
4 ,, 5%
67$23""01,, ϭϭ
67$23""01 ,, ϱ
d/>ƚƵďŽĚĞƋƵĞĚĂ ϱ
dĞĞƐŐŽƚŽEϭϱϬŵŵ ϱ
&ůŽƌŝĂŶſƉŽůŝƐ͕ϬϯĚĞŵĂŝŽĚĞϮϬϭϳ
s>E/:K^<,h^Z
Z;^Ϳϭϳ͘ϮϳϳͲϴ
3URMHWRdo SISTEMA DE ESGOTAMENTO SANITÁRIO do loteamento Master
56
Plan e rua Carlos Roberto Schramm, Bairro Margem Esquerda/Gaspar-SC
14.8 ANEXO VIII:
COMPOSIÇÃO DE CUSTOS
&20326,d2'(&867281,7È5,2 0Ç6 MDQ
/$6752'(%5,7$QRXDSLORDGDPDQXDOPHQWHLQFOXVLYHWUDQVSRUWH
&RPSRVLomREDVH
)RQWH5HI
&RPSRVLomR &RHILFLHQWHVPDQWLGRVFRPEDVH&DWiORJRGH&RPSRVLo}HV6LQDSL'H]
HODERUDGD /DVWURGHEULWDQRXDSLORDGDPDQXDOPHQWHIXQGRGHYDODLQFOXVLYHWUDQVSRUWH
KDWK^/KϬϮͲŽƌƚĞĚĞŽŶĐƌĞƚŽĞͬŽƵƐĨĂůƚŽĐŽŵŝƐĐŽ
WƌĞĕŽ;ZΨͿ
^/EW/ DĂƚĞƌŝĂůŽƵ^ĞƌǀŝĕŽ hŶŝĚ͘ YƚĚ͘
hŶŝƚ͘ dŽƚĂů
ϲϭϭϭ ^ĞƌǀĞŶƚĞ Ś Ϭ͕Ϭϴ ϭϮ͕ϵϴ ϭ͕Ϭϰ
ϵϭϮϳϵ ŽƌƚĂĚŽƌĂĚĞƉŝƐŽĐŽŵŵŽƚŽƌϰƚĞŵƉŽƐĂŐĂƐŽůŝŶĂ͕ƉŽŶƚġŶĐŝĂĚĞϭϯ,W͕ĐŽŵ Ś Ϭ͕Ϭϴ Ϭ͕ϲϱ Ϭ͕Ϭϱ
s>KZKKZdWKZDdZK>/EZ ϭ͕Ϭϵ
KDWK^/KϬϯͲdƵďŽĚĞ&ĞƌƌŽ'ĂůǀĂŶŝnjĂĚŽ͕ŝąŵĞƚƌŽĚĞϮΗ͕ŽŵƉсϬ͕ϭϱŵ
WƌĞĕŽ;ZΨͿ
^/EW/ DĂƚĞƌŝĂůŽƵ^ĞƌǀŝĕŽ hŶŝĚ͘ YƚĚ͘
hŶŝƚ͘ dŽƚĂů
ϳϲϵϲ dƵďŽĚĞĨĞƌƌŽŐĂůǀĂŶŝnjĂĚŽ͕ĚŝąŵĞƚƌŽĚĞϮΗ ŵ Ϭ͕ϭϱ ϯϮ͕ϴϬ ϰ͕ϵϮ
ϰϬϱϴ DĞĐąŶŝĐŽĚĞĞƋƵŝƉĂŵĞŶƚŽƉĞƐĂĚŽ Ś Ϭ͕ϱ Ϯϰ͕ϰϭ ϭϮ͕Ϯϭ
s>KZdKd>W^KZdZK^ ϭϳ͕ϭϯ
2724892 !3
)+2 ):4+;42 < .
3?3
)892 !3 01+2 3
2:
3+2 @#-%6A- 73712 1:)10
([HFXomRGHODVWURHPFRQFUHWRSUHSDURPDQXDO
&
' !& ( )
*& + ,
6,1$3,&RPSRVLomR 3HGUHLURFRPHQFDUJRVFRPSOHPHQWDUHV +
6,1$3,&RPSRVLomR 6HUYHQWHFRPHQFDUJRVFRPSOHPHQWDUHV +
5HJLmR $UHLDJURVVDLQFOXVLYHWUDQVSRUWH Pñ
6,1$3,,QVXPR &LPHQWR3RUWOQGFRPSRVWR&3,, NJ
5HJLmR 3HGUDEULWDGDQ Pñ
5HJLmR 3HGUDEULWDGDQ Pñ
7UDQVSRUWHORFDOFRPFDPLQKDREDVFXODQWHPURGRYLDSDYLPHQWDGD
6,1$3,&RPSRVLomR Pñ[NP
'07 .0
=6#-$.
KDWK^/KϬϱͲdƵďŽĚĞ&ĞƌƌŽ'ĂůǀĂŶŝnjĂĚŽ͕ŝąŵĞƚƌŽĚĞϮΗ͕ŽŵƉсϬ͕ϱŵ
WƌĞĕŽ;ZΨͿ
^/EW/ DĂƚĞƌŝĂůŽƵ^ĞƌǀŝĕŽ hŶŝĚ͘ YƚĚ͘
hŶŝƚ͘ dŽƚĂů
ϳϲϵϲ dƵďŽĚĞĨĞƌƌŽŐĂůǀĂŶŝnjĂĚŽ͕ĚŝąŵĞƚƌŽĚĞϮΗ ŵ Ϭ͕ϱ ϯϮ͕ϴϬ ϭϲ͕ϰϬ
ϰϬϱϴ DĞĐąŶŝĐŽĚĞĞƋƵŝƉĂŵĞŶƚŽƉĞƐĂĚŽ Ś Ϭ͕ϱ Ϯϰ͕ϰϭ ϭϮ͕Ϯϭ
s>KZdKd>W^KZdZK^ Ϯϴ͕ϲϭ
KDWK^/KϬϲͲdƵďŽĚĞ&ĞƌƌŽ'ĂůǀĂŶŝnjĂĚŽ͕ŝąŵĞƚƌŽĚĞϮΗ͕ŽŵƉсϬ͕ϳϬŵ
WƌĞĕŽ;ZΨͿ
^/EW/ DĂƚĞƌŝĂůŽƵ^ĞƌǀŝĕŽ hŶŝĚ͘ YƚĚ͘
hŶŝƚ͘ dŽƚĂů
ϳϲϵϲ dƵďŽĚĞĨĞƌƌŽŐĂůǀĂŶŝnjĂĚŽ͕ĚŝąŵĞƚƌŽĚĞϮΗ ŵ Ϭ͕ϳ ϯϮ͕ϴϬ ϮϮ͕ϵϲ
ϰϬϱϴ DĞĐąŶŝĐŽĚĞĞƋƵŝƉĂŵĞŶƚŽƉĞƐĂĚŽ Ś Ϭ͕ϱ Ϯϰ͕ϰϭ ϭϮ͕Ϯϭ
s>KZdKd>W^KZdZK^ ϯϱ͕ϭϳ
KDWK^/KϬϳͲdƵďŽĚĞ&ĞƌƌŽ'ĂůǀĂŶŝnjĂĚŽ͕ŝąŵĞƚƌŽĚĞϮΗ͕ŽŵƉсϬ͕ϯϬŵ
WƌĞĕŽ;ZΨͿ
^/EW/ DĂƚĞƌŝĂůŽƵ^ĞƌǀŝĕŽ hŶŝĚ͘ YƚĚ͘
hŶŝƚ͘ dŽƚĂů
ϳϲϵϲ dƵďŽĚĞĨĞƌƌŽŐĂůǀĂŶŝnjĂĚŽ͕ĚŝąŵĞƚƌŽĚĞϮΗ ŵ Ϭ͕ϯ ϯϮ͕ϴϬ ϵ͕ϴϰ
ϰϬϱϴ DĞĐąŶŝĐŽĚĞĞƋƵŝƉĂŵĞŶƚŽƉĞƐĂĚŽ Ś Ϭ͕ϱ Ϯϰ͕ϰϭ ϭϮ͕Ϯϭ
s>KZdKd>W^KZdZK^ ϮϮ͕Ϭϱ
KDWK^/KϬϴͲdƵďŽĚĞ&ĞƌƌŽ'ĂůǀĂŶŝnjĂĚŽ͕ŝąŵĞƚƌŽĚĞϮΗ͕ŽŵƉсϬ͕Ϯϱŵ
WƌĞĕŽ;ZΨͿ
^/EW/ DĂƚĞƌŝĂůŽƵ^ĞƌǀŝĕŽ hŶŝĚ͘ YƚĚ͘
hŶŝƚ͘ dŽƚĂů
ϳϲϵϲ dƵďŽĚĞĨĞƌƌŽŐĂůǀĂŶŝnjĂĚŽ͕ĚŝąŵĞƚƌŽĚĞϮΗ ŵ Ϭ͕Ϯϱ ϯϮ͕ϴϬ ϴ͕ϮϬ
ϰϬϱϴ DĞĐąŶŝĐŽĚĞĞƋƵŝƉĂŵĞŶƚŽƉĞƐĂĚŽ Ś Ϭ͕ϱ Ϯϰ͕ϰϭ ϭϮ͕Ϯϭ
s>KZdKd>W^KZdZK^ ϮϬ͕ϰϭ
KDWK^/Kϭϰ
ĞƐĐƌŝĕĆŽ͗ ^KZDEdKs>^KD>/E'E^͕^dZKE^^^MZ/K^DK͕ZsK^DKs/DEdK^WKZ^s/Z^,/Zh>/^KD
WZK&hE/dϭ͕ϱϬD>Z'hZdϮ͕ϱϬDͲƉĂƌĂƵŵĂƉƌŽĨƵŶĚŝĚĂĚĞŵĠĚŝĂĚĂǀĂůĂĚĞϭ͕ϯϬŵ
WZKhK
Yh/W;DͿ ϮϬ͕ϬϬ h^dKͬ/ Dϸͬ/ h^dKͬDϸ
h^dK>KKK^DdZ//^Ͳ>/E'E^ͲKE:͘WͬWZK&͘dϭ͕ϱϬD
WZK&͘
D/;DͿ ϭ͕ϰϯ Ϭ͕ϬϬ ϱϳ͕ϮϬ Ϭ͕ϬϬ
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ORÇAMENTO
Blumenau, 03 de abril de 2017
Local Entrega: RUA BARAO DO RIO BRANCO, 500 TERREO 89110-000-GASPAR-SC BRASIL
Fornecedor: NBFalce
Cumprindo resposta a sua obsequiosa consulta, apresentamos nossa proposta Nº 1704/NBF/25406 e suas condições para o fornecimento de:
Código Descrição NCM Entrega Qtd. Vlr. Unit. Vlr. Total %IPI
BOMBA KSB KRT S 40-160/22UG 2CV 2P TRIF 60HZ D.124 220/388413.70.10 50 DIAS 2,00 8.499,00 16.998,00 0,00
- KIT-FIXA
- KIT-SUPORTE
- SENSOR TERMICO
- SENSOR UMIDADE
- CABO ELETRICO (15M)
- CORRENTE AÇO GALVANIZADO (10M)
- UCP11 (UNIDADE CENTRAL DE PROTEÇÃO)
Total Produtos S/IPI: R$ 34.388,00 Valor IPI: R$ 0,00 Total Líquido: R$ 34.388,00
Serviço Mão de Obra: R$ 0,00 Despesas: R$ 0,00 Total Geral: R$ 34.388,00
Endereço:
CEP:
CNPJ: Inscrição Estadual:
Telefone:
Condições Comerciais:
1.Favor confirmar o recebimento deste.
2.Outras pré-definidas...
Observações:
Rubens Talmann
Edi ed with the trial version of
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Prazo de entrega : Até 15 semanas
Pagamento : 28 DDL
ICMS : Empresa enquadrada no Simples Nacional.
IPI : 0%
Frete : FOB / Blumenau SC
Validade Proposta : 10 dias
Embalagem : Adequada ao transporte rodoviário (Cortesia).
Fornecimento : MULTI BOMBAS (Dados no Cabeçalho)
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Página 1 de 1
- DA PROPOSTA
- CONDIÇÃO DE PAGAMENTO: 30 dias líquido.
- CONDIÇÃO DE ENTREGA: FOB / BLUMENAU
- IMPOSTOS – ICMS e IPI: Inclusos no preço total, conforme alíquotas acima mencionadas. Quaisquer tributos ou encargos legais que forem criados, alterados ou extintos após o envio desta proposta, e sendo de comprovada
repercussão nos preços cotados, implicarão na revisão dos mesmos para mais ou para menos, conforme o caso.
- VALIDADE: As condições da presente proposta são validas por 30 dias.
- Os ANÉIS DE BORRACHA estão INCLUSOS nos preços dos tubos e conexões com BOLSAS. Ressaltamos que os mesmos não fazem parte de nossa Linha de Fabricação.
- As ARRUELAS e PARAFUSOS NÃO ESTÃO INCLUSOS nos preços dos tubos e conexões com FLANGES. Ressaltamos que os mesmos não fazem parte de nossa Linha de Fabricação.
- Os itens porventura NÃO COTADOS, não pertencem à nossa linha de comercialização.
- Informamos que os preços de alguns itens de nossa linha de fabricação (Válvulas Tipo Gaveta Euro 20, de Cunha Metálica e Borboletas, por exemplo) estão calculados com 0% de IPI. As Notas Complementares 84-3 e 84-4
foram revogadas pelo artigo nº 4 do Decreto nº 7879 de 27/12/12. Em caso de alteração da legislação, o IPI será cobrado em consonância com a mesma. Pedidos faturados posteriormente a eventual alteração,
serão adequados à legislação vigente.
- DO PRAZO DE ENTREGA
- PRAZO DE ENTREGA: 45/60 DIAS
BLUMENAU,07/04/2017
ALESSANDRO RIBEIRO
Fone (047) 2123-9822
e-mail: tubo@nbfalce.com.br
PP 16061-B
CLIENTE
DADOS DA OBRA
Endereço : Gaspar/SC
DATA: 13/04/2017
Prezado Engº,
Agradecendo a oportunidade, a Rotária do Brasil Ltda. vem, através desta, submeter à apreciação de
V.S. sua proposta técnica e comercial para realização de serviços especializados de engenharia com o
objetivo de Projeto Executivo, Montagem, Instalação e Operação de Estação de Tratamento de Esgoto
– ETE, tipo Reator SBR, pré-fabricada, para atender o empreendimento Loteamento Master Plan e Rua
Carlos Roberto Schramm, a ser instalado no Município de Gaspar / SC.
Nosso escopo de fornecimento inclui equipamentos e mão de obra de instalação na relação de 77% de
materiais e 23% de Mao de obra de instalação.
Sendo para o momento, renovamos votos de consideração e apreço, colocando-nos a inteira disposição
de Vossa Senhoria para os esclarecimentos que se fizerem necessária.
Rua Teodoro Manoel Dias, 421 Santo Antônio de Lisboa - Florianópolis / SC, CEP 88050-540
Fone / Fax +55 (48) 3234-3164, e-mail - rainoldo@rotaria.net, site: www.rotaria.net 1
PP 16061-B
1. PROPOSTA TÉCNICA
Como base para o dimensionamento desta proposta utilizou dados fornecidos pela Empresa
SANEAN, através do TR – Termo de Referência, datado de 24/03/16, versão 1 modificada, nos dando
que o loteamento contará com uma população de 1.232 habitantes equivalentes. Pela análise dos
laudos de sondagens, enviados pela CONAGUA – Consultoria em Saneamento, através do Sr. Valnei
Beckhauser, conclui-se que a área destinada a locação da ETE possui solo de pouca estabilidade,
necessitando que toda a ETE seja estaqueada.
Rua Teodoro Manoel Dias, 421 Santo Antônio de Lisboa - Florianópolis / SC, CEP 88050-540
Fone / Fax +55 (48) 3234-3164, e-mail - rainoldo@rotaria.net, site: www.rotaria.net 2
PP 16061-B
A Rotária do Brasil considera nesta proposta que sejam fornecidos pelo cliente:
o Custos com energia elétrica e água durante as obras;
o Livre acesso ao local das instalações de caminhão até 30 toneladas;
o Destino final do efluente tratado, linha de emissário para corpo receptor;
2. PROPOSTA COMERCIAL
2.1. Preços
Pelo fornecimento dos serviços especificados no item 1.2. da Proposta Técnica serão cobrados os
seguintes valores:
3. CONDIÇÕES COMERCIAIS
· Projeto executivo 3%
· Mobilização 1,2%
· Estaqueamento 19%
· Obras civis 11,8%
· Leito de secagem 7%
· Entrega dos tanques 32%
· Montagens hidráulica e mecânicas 19%
· Start-up 5%
· Operação por 90 dias 2%
Rua Teodoro Manoel Dias, 421 Santo Antônio de Lisboa - Florianópolis / SC, CEP 88050-540
Fone / Fax +55 (48) 3234-3164, e-mail - rainoldo@rotaria.net, site: www.rotaria.net 3
PP 16061-B
Desde que não ocorra atrasos em decisões necessárias serem tomadas pelo empreendedor, o prazo
para projeto executivo será de 45 dias e o prazo para a instalação é de 150 dias, após a liberação do
local para início dos trabalhos. Os prazos acima especificados não incluem aprovações nos órgãos
fiscalizadores.
3.3. Garantias
A partir do início da execução dos serviços e pelo prazo e condições estabelecidos, a Rotária do
Brasil é a única responsável pelos eventos decorrentes e relacionados aos serviços executados,
garantidos através de Anotação de Responsabilidade Técnica (ART).
Para representá-la em matéria de ordem técnica e nas relações com o cliente a Rotária do Brasil
manterá, devidamente credenciado, técnico responsável pelos serviços.
A condução geral dos serviços ficará a cargo de um técnico, habilitado profissionalmente, com
prática e experiência comprovadas em serviços idênticos aos contemplados nas especificações.
A presente Proposta tem validade de 90 (noventa) dias, contados da data de sua apresentação,
decorrido este período, as condições aqui expressas estarão sujeitas à confirmação.
3.6. Confidencialidade
Atenciosamente,
Rua Teodoro Manoel Dias, 421 Santo Antônio de Lisboa - Florianópolis / SC, CEP 88050-540
Fone / Fax +55 (48) 3234-3164, e-mail - rainoldo@rotaria.net, site: www.rotaria.net 4
PP 16061-B
INTRODUÇÃO
O serviço SCADAWEBTM proporciona a supervisão e o controle sem nenhum custo adicional com
software, ou seja, não há necessidade de manter um servidor instalado no cliente, nem é preciso
esperar um técnico a toda necessidade de manutenção. O objetivo é facilitar ao máximo o acesso a
sistemas de telemetria e supervisão modernos para o cliente final, oferecendo uma forma de
contratação que permite ao cliente poder trabalhar com a telemetria quase de forma imediata e com um
custo extremamente acessível.
O cliente não precisa se preocupar com serviços terceirizados como contratar planos de
transmissão de dados com as empresas de telefonia.
Rua Teodoro Manoel Dias, 421 Santo Antônio de Lisboa - Florianópolis / SC, CEP 88050-540
Fone / Fax +55 (48) 3234-3164, e-mail - rainoldo@rotaria.net, site: www.rotaria.net 5
PP 16061-B
ANEXO II – NOSSAS REFERENCIAS
§ CASAN – Município de São José /SC – 180.000 hab (projeto de cobertura de parte
da lagoa anaeróbia, para controle de gases da ETE de Potecas)
Rua Teodoro Manoel Dias, 421 Santo Antônio de Lisboa - Florianópolis / SC, CEP 88050-540
Fone / Fax +55 (48) 3234-3164, e-mail - rainoldo@rotaria.net, site: www.rotaria.net 6
PROPOSTA TÉCNICA COMERCIAL
REFERÊNCIA PCY_1603_Sanean_216,6m³dia(rev02)
Prezados Senhores,
Em atenção a vossa solicitação, vimos através desta apresentar nossa Proposta Técnica Comercial.
Atenciosamente,
Talita Xavier
(47) 9952 9691
Ycatu Engenharia e Saneamento Ltda
www.ycatu.com.br
Ycatu Engenharia e Saneamento Ltda. | Rua Dona Francisca, 1113 | 89221-006 | Joinville | Santa Catarina |
Brazil Tel +55 47 3043-7100 | Fax +55 47 3043-7101
1. CONSIDERAÇÕES INICIAIS
· Flexibilidade: Por ser fornecido de forma modular, podem ser incorporados novos
equipamentos, a fim de aumentar ainda mais a capacidade de tratamento, ou mesmo ser
relocados parcial ou totalmente para outros locais;
· Segurança: Os equipamentos construídos em fibra de vidro reforçado dão a certeza de uma
completa estanqueidade e impermeabilização, sem risco de vazamentos e infiltrações no solo,
evitando assim a formação de passivos ambientais;
· Agilidade: Os equipamentos saem de fábrica pronto para serem instalados, de forma fácil,
rápida e econômica;
· Estética: São totalmente fechados, e de formas agradáveis. Possuem eficiente controle de
possíveis odores originados na ETE;
· Eficiência: O Sistema de difusão de ar, fornecido com o conjunto, confere ao sistema maior
rendimento e aproveitamento na troca de oxigênio. O sistema de aeração por ar difuso tem alta
durabilidade e, principalmente, não permite deposições, incrustações ou entupimentos, mesmo
em severas condições de trabalho.
Os equipamentos podem ser tanto enterrados como dispostos sobre o solo, tendo ainda a
possibilidade de serem semi-enterrados.
O processo de lodos ativados é um processo biológico, onde o esgoto afluente e o lodo ativado são
misturados e aerados nas unidades chamadas de Tanques de Aeração, para logo depois serem
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Ycatu Engenharia e Saneamento Ltda. | Rua Dona Francisca, 1113 | 89221-006 | Joinville | Santa Catarina |
Brazil Tel +55 47 3043-7100 | Fax +55 47 3043-7101
separados por sedimentação em decantadores secundários. O lodo ativado, separado, retorna ao
processo ou é retirado para tratamento específico ou destino final, enquanto o efluente já tratado passa
para o vertedor do decantador no qual ocorreu a separação.
A recirculação dos sólidos do fundo do decantador para a unidade de aeração é o princípio básico de
funcionamento do sistema. Para que seja mantido o sistema em equilíbrio, é necessário que se retire
a mesma quantidade de biomassa aumentada por reprodução, que é o lodo biológico excedente.
Pré-tratamento
Tratamento primário
Tratamento secundário Pós-tratamento
Caixa de gordura
Gradeamento Reator anaeróbio Desinfecção
Estação elevatória Reator aeróbio Filtro de polimento
Equalização Decantador secundário Estação elevatória
Medidor de vazão Reservatório de água de reuso
Decantador primário
Lodo excedente
Reservatório de acúmulo
Leito de secagem
Equipamentos específicos
Obs.: a utilização das unidades de tratamento apresentada no fluxograma varia de acordo com cada
projeto.
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Ycatu Engenharia e Saneamento Ltda. | Rua Dona Francisca, 1113 | 89221-006 | Joinville | Santa Catarina |
Brazil Tel +55 47 3043-7100 | Fax +55 47 3043-7101
Quadro 1 – Parâmetros de entrada e saída.
Parâmetro Unidade Entrada Saída Observações
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Ycatu Engenharia e Saneamento Ltda. | Rua Dona Francisca, 1113 | 89221-006 | Joinville | Santa Catarina |
Brazil Tel +55 47 3043-7100 | Fax +55 47 3043-7101
M 01 Tanque de desinfecção.
N 01 Bomba dosadora de hipoclorito.
Valor total -
R$ 12.995,00
Desinfecção:
Desidratação de Lodo
O 01 Conjuntos de Leito de secagem de Lodo com blocos drenantes.
Valor total –
Desidratação de R$ 29.570,00
Lodo:
Tratamento de Odores
P 01 Biofiltro.
Q 01 Exaustor de ar.
Valor total –
Tratamento de R$ 11.543,00
Odores:
Operação
Start up, Treinamento e Operação do sistema de treinamento pelo período de 90 dias,
sendo inclusas análises físico-químicas (Entrada e Saída da ETE) mensais, com a
R --
primeira carga de consumíveis, sendo uma bombona de 50 L (hipoclorito e
antiespumante).
Valor total -
R$ 32.645,00
Operação:
Valor Total
391.886,00
Equipamentos:
Obs.:
(3) A ETE ocupará uma área aproximada de 280 m², com 20,00 metros de comprimento e 14,00
metros de largura.
(4) Normas específicas para elaboração do painel elétrico, que sejam diferentes das acima
citadas, deverão ser discutidas antes do fechamento da proposta.
www.ycatu.com.br
Ycatu Engenharia e Saneamento Ltda. | Rua Dona Francisca, 1113 | 89221-006 | Joinville | Santa Catarina |
Brazil Tel +55 47 3043-7100 | Fax +55 47 3043-7101
Item
em Quant. Descrição do equipamento Valor do Item (R$)
O orçamento de implantação proposto baseia-se em dados fornecidos pelo cliente, a respeito da área
de instalação dos equipamentos. O ponto principal avaliado trata-se da capacidade de suporte do solo
no local, obtido através de estudo geológico. Com este estudo de sondagem possibilita-se que o
executor do serviço possa ter em mãos informações pertinentes do local, como:
· Resistência do solo;
· Material – (Areia, argila, silte, rocha, etc.);
· NA - Nível da água (Lençol freático).
Estas informações acarretam diretamente no processo executivo.
Abaixo estão citados os documentos ou informações fornecidas pelo cliente, utilizadas como base na
elaboração da presente proposta.
· Foram fornecidos dados para analise do terreno e do solo, através de laudos de sondagem,
porém não foi identificado os pontos que correspondem a área da ETE;
· Considerado neste caso uma fundação simples. Com um preparo de pedra n4 (rachão), pó de
brita compactado e areia.
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Ycatu Engenharia e Saneamento Ltda. | Rua Dona Francisca, 1113 | 89221-006 | Joinville | Santa Catarina |
Brazil Tel +55 47 3043-7100 | Fax +55 47 3043-7101
Obs.: (1) É responsabilidade do cliente de fornecer ponto de energia para alimentação do painel
elétrico e ponto de água na casa de operações, bem como executar a rede do ponto de geração
do efluente até a ETE e da ETE até o ponto de lançamento.
· Por ocasião da montagem, se necessário serão apresentadas cópias simples dos seguintes
documentos: ASO, Ficha de registro de funcionário, Carteira profissional e curso NR-10 para o
caso de eletricista;
· Nosso pessoal estará utilizando os EPIs normais para condições de trabalho (Botas de
segurança, óculos de segurança, protetor auricular. Se necessário, capacete e cinto de
segurança);
· Não disponibilizamos técnico de segurança para acompanhamento da montagem.
Nota:
· Qualquer condição contrária ao acima indicado ou “Norma de Segurança específica da
Empresa” deverá ser comunicada e entregue quando da solicitação da proposta, para análise
e revisão de custo;
· Nossos funcionários estarão portando como documentos pessoais o RG e o Crachá Funcional
da Ycatu;
· Se necessária a Integração de nossos funcionários para início dos trabalhos, consideramos
tempo máximo de 4:00 horas para sua conclusão;
· Para ingresso diário nas dependências da empresa, solicitamos a emissão de um Crachá
provisório para que não haja perda de tempo no ingresso de nossos funcionários ao trabalho
no dia a dia. Atraso em mais de 15 minutos na autorização de entrada, será computado e
cobrado como horas adicionais;
· O horário previsto de trabalho de nossos funcionários nesta etapa é de segunda a sextas feiras,
8 horas diárias, com uma hora para o almoço;
· Trabalhos executados fora deste horário, em feriados e/ou finais de semana, por solicitação do
cliente, serão cobradas como horas adicionais;
· Consideram-se como horas adicionais, todo o tempo em que nossos funcionários não puderem
trabalhar na montagem do sistema, por motivos gerados pelo cliente, e serão multiplicadas
pelo número de funcionários parados;
· O cliente é responsável por dar condições operacionais na área de montagem do sistema, tais
como providenciar pontos de energia elétrica na área da ETE, BWC e local para estocagem
www.ycatu.com.br
Ycatu Engenharia e Saneamento Ltda. | Rua Dona Francisca, 1113 | 89221-006 | Joinville | Santa Catarina |
Brazil Tel +55 47 3043-7100 | Fax +55 47 3043-7101
dos materiais. Caso a área não esteja preparada e os equipamentos no local de instalação no
momento da chegada de nosso(s) técnico(s), as horas despendidas assim como os custos de
deslocamento do(s) técnico(s) desde sua saída até o retorno a Ycatu, serão cobrados do
cliente. Sempre que isto ocorrer haverá necessidade de agendar nova visita do(s) técnico(s)
da Ycatu de acordo com disponibilidade na programação geral;
· É de responsabilidade de nossa equipe, trabalhar de acordo com as normas de segurança da
empresa, e de acordo com as instruções transmitidas no ato da Integração;
· É de responsabilidade de nossa equipe, informar à Ycatu, qualquer ocorrência extraordinária
que esteja prejudicando o andamento dos trabalhos de montagem do sistema;
· Ao final de cada dia de trabalho, Será emitido um relatório de andamento das ocorrências na
obra, que deverá obrigatoriamente ser assinado por um responsável da empresa, o qual
receberá uma cópia.
5. INFORMAÇÕES COMERCIAIS
· Impostos inclusos;
· Frete Incluso (Araquari – Gaspar/SC);
· Incluso projeto da ETE, com memorial, plantas e ART do engenheiro responsável, limitado a
05 cópias impressas (exclui-se deste fornecimento projeto estrutural, urbanístico e de
iluminação);
· Incluso start up, treinamento e operação da ETE pelo período de 90 dias. Incluso análises
físico-químicas (Entrada e Saída da ETE) mensais.
www.ycatu.com.br
Ycatu Engenharia e Saneamento Ltda. | Rua Dona Francisca, 1113 | 89221-006 | Joinville | Santa Catarina |
Brazil Tel +55 47 3043-7100 | Fax +55 47 3043-7101
· 50% do contrato, 30 dias após Montagem dos Equipamentos e Entrega da ETE Compacta para
início da operação;
· 20% do contrato, 30 dias após transcorrido o período operacional de 90 dias.
A empresa garante ainda o desempenho da ETE previsto em seu descritivo técnico, e salienta que o
comprometimento no uso correto dos equipamentos, manutenção e operação de acordo com instruções
técnicas, é de fundamental importância para a conquista e manutenção dos resultados previstos. Para
isto, também devem ser respeitados os parâmetros de vazão e características do efluente,
estabelecidos no projeto.
www.ycatu.com.br
Ycatu Engenharia e Saneamento Ltda. | Rua Dona Francisca, 1113 | 89221-006 | Joinville | Santa Catarina |
Brazil Tel +55 47 3043-7100 | Fax +55 47 3043-7101
6. CARACTERÍSTICAS DO MATERIAL UTILIZADO
O Plástico Reforçado com Fibra de Vidro (PRFV) é um material estrutural leve, altamente resistente e
impermeável.
As principais propriedades encontradas no PRFV são o baixo coeficiente de dilatação térmica, a alta
resistência mecânica e a facilidade de processamento. O desempenho dos plásticos reforçados é
bastante superior ao de outros materiais, pois aliam as propriedades mecânicas, a estabilidade
dimensional do vidro, e a resistência à corrosão. Todos os equipamentos em fibra de vidro possuem
alta resistência e durabilidade, o que confere uma vida útil muito maior que outros materiais.
www.ycatu.com.br
Ycatu Engenharia e Saneamento Ltda. | Rua Dona Francisca, 1113 | 89221-006 | Joinville | Santa Catarina |
Brazil Tel +55 47 3043-7100 | Fax +55 47 3043-7101
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E L E S U L E L E T R O E L E T R Ô N IC A LT D A
ELESUL R u a G e n e r a O s ó r io - 0 7 - G u a r a n i
B r u s q u e - S a n t a C a t a r in a
E L E T R O - E L E T R Ô N IC A F o n e / F a x (4 7 ) 3 3 5 1 -7 6 0 9
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C E P 8 8 3 5 0 -4 8 0
PREÇO
ITEM Descrição QUANT Unid PREÇO TOTAL
UNITÁRIO
1 calha pvc cinza 50mmx50mmx2m 3 pç R$ 7,90 R$ 23,70
comutador manopla curta ,2 posicoes fixas ,1na ,tipo xb5-
2 2 pç R$ 68,74
ad21 R$ 34,37
comutador manopla curta , 3 posicoes fixas 2na,tipo xb5-
3 1 pç R$ 34,37
ad33 R$ 34,37
4 bloco de contado auxiliar , 1na , tipo zbe-101 1 pç R$ 22,55 R$ 22,55
5 protetor de surto dps trifasico 1 pç R$ 220,00 R$ 220,00
6 conjunto grelha e filtro 130mmX130mm 2 pç R$ 34,00 R$ 68,00
7 inversor de frequencia tipo : 1,5cv 380V trifásico 2 pç R$ 1.600,00 R$ 3.200,00
8 quadro de comando 800x600x250mm 1 pç R$ 234,00 R$ 234,00
9 poste final 2 pç R$ 4,98 R$ 9,96
10 regua de distribuicao trifasica 80a 1 pç R$ 94,00 R$ 94,00
11 rele acopolar finder type 95.63com bobina 220v 4 pç R$ 131,00 R$ 524,00
12 protetor falta de fase rfw 380 vca.n 1 pç R$ 92,00 R$ 92,00
13 conector de passagen sak 2,5en 8 pç R$ 5,00 R$ 40,00
14 conector de passagen sak 4,0en 8 pç R$ 5,00 R$ 40,00
15 conector de passagen sak 16en 5 pç R$ 46,00 R$ 230,00
16 borne sak terra 4,0mm vd/am 3 pç R$ 6,50 R$ 19,50
17 termoestato compacto na 0 a 60 1 pç R$ 130,00 R$ 130,00
18 trilho din 35mm perfurado em aço 3 pç R$ 20,00 R$ 60,00
19 ventilador ,130x130mm 220v 1 pç R$ 68,00 R$ 68,00
Transdutor de pressão 0 a 10mca, 4 a 20mA, tipo pendulo
20 1 pç R$ 690,00
para esgoto R$ 690,00
21 cabo multiplexado isolado colorido 4x10mm2 30 pç R$ 6,80 R$ 204,00
22 conector tipo cunha para cabo multiplex 10mm2 8 pç R$ 4,00 R$ 32,00
kit postinho padrao celesc 7m completo trifasico 50A c/ dps
23 1 pç R$ 1.900,00
aterramento entrada aerea e saida subt. R$ 1.900,00
24 conector box reto 1 1/4" 6 pç R$ 5,00 R$ 30,00
25 Tampa de ferro caixa de passagem 70x46cm 1 pç R$ 630,00 R$ 630,00
Total R$ 8.664,82
CONDIÇÕES DE VENDA:
Pagamento: Avista
Entrega: 30 dias
Validade da proposta: 10 dias
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Anotação de Responsabilidade Técnica - ART CREA-SC ART OBRA OU SERVIÇO
Lei nº 6.496, de 7 de dezembro de 1977 6165213-0
Conselho Regional de Engenharia e Agronomia de Santa Catarina
1. Responsável Técnico
VALNEI JOSE BECKHAUSER
Título Profissional: Engenheiro Sanitarista RNP: 2503668062
Registro: 017277-8-SC
2. Dados do Contrato
Contratante: SAMAE DE GASPAR - SC CPF/CNPJ: 82.636.028/0001-84
Endereço: BR 470 Nº: 189
Complemento: Bairro: Margem Esquerda
Cidade: GASPAR UF: SC CEP: 89110-000
Valor da Obra/Serviço/Contrato: R$ 6.600,00 Ação Institucional:
3. Dados Obra/Serviço
Proprietário: SAMAE DE GASPAR - SC CPF/CNPJ: 82.636.028/0001-84
Endereço: Rua João Vieira, 189 – Bairro: Santa Terezin Nº: 189
Complemento: Bairro: Santa Terezinha
Cidade: GASPAR UF: SC CEP: 89110-000
Data de Início: 26/04/2017 Data de Término: 26/05/2017 Coordenadas Geográficas:
4. Atividade Técnica
Projeto Orçamento
Estação Elevatória
Dimensão do Trabalho: 3,00 Unidade(s)
Projeto Orçamento
Rede de Esgoto
Dimensão do Trabalho: 3.496,00 Metro(s)
Projeto Orçamento
Emissário
Dimensão do Trabalho: 770,00 Metro(s)
Orçamento
Ramal de ligação
Dimensão do Trabalho: 369,00 Unidade(s)
Projeto Orçamento
Estação de Tratamento de Esgoto
Dimensão do Trabalho: 2,14 Litro(s)/Segundo
5. Observações
Regularização: Projeto do sistema de esgotamento sanitário
Projeto do sistema de esgotamento sanitário, da Margem Esquerda, referente ao Loteamento Master Plan e Rua Carlos Alberto Schramm, no município de Gaspar - SC.
6. Declarações
. Acessibilidade: Declaro, sob as penas da Lei, que na(s) atividade(s) registrada(s) nesta ART não se exige a observância das regras de acessibilidade previstas nas normas técnicas de
acessibilidade da ABNT, na legislação específica e no Decreto Federal n. 5.296, de 2 de dezembro de 2004.
www.crea-sc.org.br falecom@crea-sc.org.br
Fone: (48) 3331-2000 Fax: (48) 3331-2107