9LUJLQ $XVWUDOLD +ROGLQJV /LPLWHG $GPLQLVWUDWRUV $SSRLQWHG�

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Document on Subject : "9LUJLQ $XVWUDOLD +ROGLQJV /LPLWHG $GPLQLVWUDWRUV $SSRLQWHG�"— Transcript:

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47 1B; 0DUFK 
1B; 0DUFK  6FKHGXOH  )XWXUH )OLJKW &UHGLWV  9LUJLQ JURXS '2&$ SURSRVDO 6FKHGXOH  )XWXUH )OLJKW &UHGLWV ƵƐƚŽŵĞƌƐ ĞůŝŐŝďůĞ ƚŽ ƌĞĐĞŝǀĞ Ă &ƵƚƵƌĞ &ůŝŐŚƚ ƌĞĚŝƚ ;&&Ϳ ƵƐƚŽŵĞƌƐ ǁŝƚŚ ĐůĂŝŵƐ ĨŽƌ ƌĞĨƵŶĚƐ Žƌ ŽƚŚĞƌ ŵŽŶĞƚĂƌLJ ĐŽŵƉĞŶƐĂƚŝŽŶ ;ďĞŝŶŐ ƚŚĞ ƉĞƌƐŽŶ ǁŚŽ ŵĂĚĞ ƚŚĞ ƌĞůĞǀĂŶƚ ŬŝŶŐͿ ĨŽƌ Žƌ ŝŶ ƌĞƐƉĞĐƚ ŽĨ ƚŚĞ ĨŽůůŽǁŝŶŐ͗  ĨůŝŐŚƚƐ Žƌ ŚŽůŝĚĂLJ ƉĂĐŬĂŐĞƐ ŽƉĞƌĂƚĞĚ Žƌ ƐŽůĚ ďLJ Žƌ ŽŶ ďĞŚĂůĨ ŽĨ Ă K ŽŵƉĂŶLJ ƚŚĂƚ ǁĞƌĞ ďŽŽŬĞĚ ĂŶĚ ƉĂŝĚ ĨŽƌ ƉƌŝŽƌ ƚŽ ƚŚĞ ƉƉŽŝŶƚŵĞŶƚ ĂƚĞ ƚŚĂƚ ŚĂǀĞ ďĞĞŶ ĐĂŶĐĞůůĞĚ͕ ǁŚĞƌĞ ƚŚĂƚ ĐƵƐƚŽŵĞƌ ŝƐ ĞŶƚŝƚůĞĚ ;ǁŚĞƚŚĞƌ ƵŶĚĞƌ ƚŚĞ ƚĞƌŵƐ ŽĨ ƚŚĞ ƌĞůĞǀĂŶƚ ƉŽůŝĐLJ Žƌ ĂƐ Ă ƌĞƐƵůƚ ŽĨ Ă ĚŝƌĞĐƚ ĐŽŵŵƵŶŝĐĂƚŝŽŶ ƚŽ ƚŚĂƚ ĐƌĞĚŝƚŽƌ ďLJ Žƌ ŽŶ ďĞŚĂůĨ ŽĨ Ă K ŽŵƉĂŶLJͿ͕ ŝŵŵĞĚŝĂƚĞůLJ ƉƌŝŽƌ ƚŽ ŽŵƉůĞƚŝŽŶ͕ ƚŽ Ă ŽŶĚŝƚŝŽŶĂů ƌĞĚŝƚ͖  ĨůŝŐŚƚƐ Žƌ ŚŽůŝĚĂLJ ƉĂĐŬĂŐĞƐ ŽƉĞƌĂƚĞĚ Žƌ ƐŽůĚ ďLJ Žƌ ŽŶ ďĞŚĂůĨ ŽĨ Ă K ŽŵƉĂŶLJ ƚŚĂƚ ǁĞƌĞ ďŽŽŬĞĚ ĂŶĚ ƉĂŝĚ ĨŽƌ ƉƌŝŽƌ ƚŽ ƚŚĞ ƉƉŽŝŶƚŵĞŶƚ ĂƚĞ ĂŶĚ ǁŚŝĐŚ ĂƌĞ ĐĂŶĐĞůůĞĚ ĚƵƌŝŶŐ ƚŚĞ ĞĞĚ WĞƌŝŽĚ Žƌ ĂĨƚĞƌ ŽŵƉůĞƚŝŽŶ͖  ĨůŝŐŚƚƐ Žƌ ŚŽůŝĚĂLJ ƉĂĐŬĂŐĞƐ ŽƉĞƌĂƚĞĚ Žƌ ƐŽůĚ ďLJ Žƌ ŽŶ ďĞŚĂůĨ ŽĨ Ă K ŽŵƉĂŶLJ ƚŚĂƚ ǁĞƌĞ ďŽŽŬĞĚ ĂŶĚ ƉĂŝĚ ĨŽƌ ƉƌŝŽƌ ƚŽ ƚŚĞ ƉƉŽŝŶƚŵĞŶƚ ĂƚĞ ǁŚŝĐŚ ǁĞƌĞ ĐĂŶĐĞůůĞĚ ƉƌŝŽƌ ƚŽ ƚŚĞ ƉƉŽŝŶƚŵĞŶƚ ĂƚĞ ĂŶĚ ŝŶ ƌĞƐƉĞĐƚ ŽĨ ǁŚŝĐŚ ƚŚĞ ƌĞůĞǀĂŶƚ ĐƵƐƚŽŵĞƌ ŚĂĚ͕ ƉƌŝŽƌ ƚŽ ƚŚĞ ƉƉŽŝŶƚŵĞŶƚ ĂƚĞ͕ ďĞĞŶ ŝƐƐƵĞĚ ǁŝƚŚ Ă ƚƌĂǀĞů ĐƌĞĚŝƚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ƌĞůĞǀĂŶƚ K ŽŵƉĂŶLJ͛Ɛ ƚĞƌŵƐ ĂŶĚ ĐŽŶĚŝƚŝŽŶƐ ĂƉƉůŝĐĂďůĞ ĂƐ Ăƚ ƚŚĞ ĚĂƚĞ ƐƵĐŚ ĐƌĞĚŝƚ ǁĂƐ ŝƐƐƵĞĚ͖  ĞdžƉĞŶƐĞƐ ŝŶĐƵƌƌĞĚ ŝŶ ĐŽŶŶĞĐƚŝŽŶ ǁŝƚŚ Ă ĚĞůĂLJĞĚ

48 ƌ ĐĂŶĐĞůůĞĚ ĨůŝŐŚƚ Žƌ
ƌ ĐĂŶĐĞůůĞĚ ĨůŝŐŚƚ Žƌ ŚŽůŝĚĂLJ ƉĂĐŬĂŐĞ ŽƉĞƌĂƚĞĚ Žƌ ƐŽůĚ ďLJ Žƌ ŽŶ ďĞŚĂůĨ ŽĨ Ă K ŽŵƉĂŶLJ ǁŚŝĐŚ ǁĂƐ ŬĞĚ ƉƌŝŽƌ ƚŽ ƚŚĞ ƉƉŽŝŶƚŵĞŶƚ ĂƚĞ͕ Žƌ ĂŶĐŝůůĂƌLJ ƐĞƌǀŝĐĞƐ ƉĂŝĚ ĨŽƌ ŝŶ ĐŽŶŶĞĐƚŝŽŶ ǁŝƚŚ Ă ĚĞůĂLJĞĚ Žƌ ĐĂŶĐĞůůĞĚ ĨůŝŐŚƚ Žƌ ŚŽůŝĚĂLJ ƉĂĐŬĂŐĞ ŽƉĞƌĂƚĞĚ Žƌ ƐŽůĚ ďLJ Žƌ ŽŶ ďĞŚĂůĨ ŽĨ Ă K ŽŵƉĂŶLJ ǁŚŝĐŚ ǁĂƐ ŬĞĚ ƉƌŝŽƌ ƚŽ ƚŚĞ ƉƉŽŝŶƚŵĞŶƚ ĂƚĞ͕ ǁŚĞƌĞ ƚŚĂƚ ĐƵƐƚŽŵĞƌ ŝƐ ĞŶƚŝƚůĞĚ ;ǁŚĞƚŚĞƌ ƵŶĚĞƌ ƚŚĞ ƚĞƌŵƐ ŽĨ ƚŚĞ ƌĞůĞǀĂŶƚ ƉŽůŝĐLJ Žƌ ĂƐ Ă ƌĞƐƵůƚ ŽĨ Ă ĚŝƌĞĐƚ ĐŽŵŵƵŶŝĐĂƚŝŽŶ ƚŽ ƚŚĂƚ ĐƵƐƚŽŵĞƌ ďLJ Žƌ ŽŶ ďĞŚĂůĨ ŽĨ Ă K ŽŵƉĂŶLJͿ͕ ŝŵŵĞĚŝĂƚĞůLJ ƉƌŝŽƌ ƚŽ ŽŵƉůĞƚŝŽŶ͕ ƚŽ Ă ŽŶĚŝƚŝŽŶĂů ƌĞĚŝƚ͖  ƐĞƌǀŝĐĞͲƌĞůĂƚĞĚ ŝŶĐŝĚĞŶƚƐ ĂƌŝƐŝŶŐ ŝŶ ĐŽŶŶĞĐƚŝŽŶ ǁŝƚŚ Ă ĨůŝŐŚƚ Žƌ ŚŽůŝĚĂLJ ƉĂĐŬĂŐĞ ŽƉĞƌĂƚĞĚ Žƌ ƐŽůĚ ďLJ Žƌ ŽŶ ďĞŚĂůĨ ŽĨ Ă K ŽŵƉĂŶLJ͕ ǁŚŝĐŚ ǁĂƐ ŬĞĚ ƉƌŝŽƌ ƚŽ ƚŚĞ ƉƉŽŝŶƚŵĞŶƚ ĂƚĞ͕ ǁŚĞƌĞ ƚŚĂƚ ĐƵƐƚŽŵĞƌ ŝƐ ĞŶƚŝƚůĞĚ ;ǁŚĞƚŚĞƌ ƵŶĚĞƌ ƚŚĞ ƚĞƌŵƐ ŽĨ ƚŚĞ ƌĞůĞǀĂŶƚ ƉŽůŝĐLJ Žƌ ĂƐ Ă ƌĞƐƵůƚ ŽĨ Ă ĚŝƌĞĐƚ ĐŽŵŵƵŶŝĐĂƚŝŽŶ ƚŽ ƚŚĂƚ ĐƵƐƚŽŵĞƌ ďLJ Žƌ ŽŶ ďĞŚĂůĨ ŽĨ Ă K ŽŵƉĂŶLJͿ͕ ŝŵŵĞĚŝĂƚĞůLJ ƉƌŝŽƌ ƚŽ ŽŵƉůĞƚŝŽŶ͕ ƚŽ Ă ŽŶĚŝƚŝŽŶĂů ƌĞĚŝƚ͖ 6FKHGXOH  )XWXUH )OLJKW &UHGLWV  9LUJLQ JURXS '2&$ SURSRVDO  ĚĞƉŽƐŝƚƐ ƉĂŝĚ ƚŽ͕ ĂŶĚ ŚĞůĚ ďLJ͕ Ă K ŽŵƉĂŶLJ ƉƌŝŽƌ ƚŽ ƚŚĞ ƉƉŽŝŶƚŵĞŶƚ ĂƚĞ ŝŶ ƌĞƐƉĞĐƚ ŽĨ Ă ŐƌŽƵƉ ŬŝŶŐ ĨŽƌ ĨůŝŐŚƚƐ ŽƉĞƌĂƚĞĚ Žƌ ƐŽůĚ ďLJ Žƌ ŽŶ ďĞŚĂůĨ ŽĨ Ă K ŽŵƉĂŶLJ ǁŚŝĐŚ ŚĂǀĞ ďĞĞŶ ĐĂŶĐĞůůĞĚ͕ Žƌ ĂƌĞ ĐĂŶĐĞůůĞĚ ŝŶ ƚŚĞ ĨƵƚƵƌĞ͘ ^ĞƌǀŝĐĞƐ ĨŽƌ ǁŚŝĐŚ ĂŶ && ĐĂŶ ďĞ ƵƐĞĚ  &ůŝŐŚƚƐ ŽƉĞƌĂƚĞĚ ďLJ sŝƌŐŝŶ ƵƐƚƌĂůŝĂ 'ƌŽƵƉ ĐŽŵƉĂŶŝĞƐ ;ŶŽ ĐŽĚĞƐŚĂƌĞ Žƌ ƚŚŝƌĚ ƉĂƌ

49 ƚLJ ĂŝƌůŝŶĞ ĨůŝŐŚƚƐͿ
ƚLJ ĂŝƌůŝŶĞ ĨůŝŐŚƚƐͿ  sŝƌŐŝŶ ƵƐƚƌĂůŝĂ ĨůŝŐŚƚ ĂŶĐŝůůĂƌŝĞƐ sĂůŝĚŝƚLJ  dƌĂǀĞů ŵƵƐƚ ďĞ ďŽŽŬĞĚ ďLJ ϯϭ :ƵůLJ ϮϬϮϮ ƵŶůĞƐƐ ĞdžƚĞŶĚĞĚ ďLJ sŝƌŐŝŶ ƵƐƚƌĂůŝĂ  dƌĂǀĞů ŵƵƐƚ ďĞ ĐŽŵƉůĞƚĞĚ ďLJ ϯϬ :ƵŶĞ ϮϬϮϯ  ŶLJ ƌĞŵĂŝŶŝŶŐ ĐƌĞĚŝƚ ǁŚĞƌĞ ƚƌĂǀĞů ŚĂƐ ŶŽƚ ďĞĞŶ ŬĞĚ ďLJ ϯϭ :ƵůLJ ϮϬϮϮ ǁŝůů ďĞ ĨŽƌĨĞŝƚĞĚ sĂůƵĞ ŽĨ &&  /Ĩ ƚŚĞ ĐƵƐƚŽŵĞƌ ǁĂƐ͕ ƉƌŝŽƌ ƚŽ ŽŵƉůĞƚŝŽŶ͕ ĞŶƚŝƚůĞĚ ƚŽ Ă ŽŶĚŝƚŝŽŶĂů ƌĞĚŝƚ͕ ƚŚĞ ǀĂůƵĞ ŽĨ ƚŚĂƚ ŽŶĚŝƚŝŽŶĂů ƌĞĚŝƚ͖ Žƌ  /Ĩ͕ ƉƌŝŽƌ ƚŽ ŽŵƉůĞƚŝŽŶ͕ ƚŚĞ ĐƵƐƚŽŵĞƌ ŚĂĚ Ă ƚƌĂǀĞů ĐƌĞĚŝƚ ĨƌŽŵ Ă K ŽŵƉĂŶLJ ƚŚĂƚ ǁĂƐ ŝƐƐƵĞĚ ƉƌŝŽƌ ƚŽ ƚŚĞ ƉƉŽŝŶƚŵĞŶƚ ĂƚĞ͕ ƚŚĞ ǀĂůƵĞ ŽĨ ƚŚĂƚ ƚƌĂǀĞů ĐƌĞĚŝƚ͖ Žƌ  &Žƌ ĐƵƐƚŽŵĞƌƐ ǁŝƚŚ ĨůŝŐŚƚ ŬŝŶŐƐ ŵĂĚĞ ƉƌŝŽƌ ƚŽ ƚŚĞ ƉƉŽŝŶƚŵĞŶƚ ĂƚĞ ǁŚĞƌĞ ĐĂŶĐĞůůĂƚŝŽŶ ŚĂƐ ŶŽƚ LJĞƚ ŽĐĐƵƌƌĞĚ͕ ƚŚĞ ǀĂůƵĞ ŽĨ ƚŚĞ ƵŶƵƐĞĚ ƉŽƌƚŝŽŶ ŽĨ ƚŚĞ ƚŝĐŬĞƚ ĂŶĚ ĂŶLJ sŝƌŐŝŶ ƵƐƚƌĂůŝĂ ĨůŝŐŚƚ ĂŶĐŝůůĂƌŝĞƐ ;ůĞƐƐ ĂŶLJ ŶŽŶͲ ƌĞĨƵŶĚĂďůĞ ĨĞĞƐ ĂŶĚ ƚĂdžĞƐ ƉĂŝĚ ĨŽƌ ďLJ ƚŚĞ ĐƵƐƚŽŵĞƌ Ăƚ ƚŚĞ ƚŝŵĞ ƚŚĞ ŽƌŝŐŝŶĂů ŬŝŶŐ ǁĂƐ ŵĂĚĞͿ͖  &Žƌ ĐƵƐƚŽŵĞƌƐ ǁŝƚŚ ŚŽůŝĚĂLJ ƉĂĐŬĂŐĞ ďŽŽŬŝŶŐƐ ŵĂĚĞ ƉƌŝŽƌ ƚŽ ƚŚĞ ƉƉŽŝŶƚŵĞŶƚ ĂƚĞ ǁŚĞƌĞ ĐĂŶĐĞůůĂƚŝŽŶ ŚĂƐ ŶŽƚ LJĞƚ ŽĐĐƵƌƌĞĚ͕ ƚŚĞ ǀĂůƵĞ ŽĨ ƚŚĞ ƵŶƵƐĞĚ ƉŽƌƚŝŽŶ ŽĨ ƚŚĞ ŚŽůŝĚĂLJ ƉĂĐŬĂŐĞ ;ůĞƐƐ ĂŶLJ ŶŽŶͲƌĞĨƵŶĚĂďůĞ ĨĞĞƐ ĂŶĚ ƚĂdžĞƐ ƉĂŝĚ ĨŽƌ ďLJ ƚŚĞ ĐƵƐƚŽŵĞƌ Ăƚ ƚŚĞ ƚŝŵĞ ƚŚĞ ŽƌŝŐŝŶĂů ŬŝŶŐ ǁĂƐ ŵĂĚĞ ĂŶĚ ůĞƐƐ ĂŶLJ ĐĂŶĐĞůůĂƚŝŽŶ ĨĞĞƐ ĐŚĂƌŐĞĚ ďLJ Ă ƚŚŝƌĚͲƉĂƌƚLJ ƐƵƉƉůŝĞƌͿ͖  &Žƌ ĐƵƐƚŽŵĞƌƐ ǁŝƚŚ ĚĞƉŽƐŝƚƐ ƉĂŝĚ ƚŽ͕ ĂŶĚ ŚĞůĚ ďLJ͕ Ă K ŽŵƉĂŶLJ ƉƌŝŽƌ ƚŽ ƚŚĞ ƉƉŽŝŶƚŵĞŶƚ ĂƚĞ ŝŶ ƌĞƐƉĞĐƚ ŽĨ Ă ŐƌŽƵƉ ŬŝŶŐ ĨŽƌ ĨůŝŐŚƚƐ͕ ƚŚĞ ǀĂůƵĞ ŽĨ ƚŚĞ ĚĞƉŽƐŝƚ ŚĞůĚ͘ tŚŽ ĐĂŶ ƵƐĞ ƚŚĞ &&  ŽŽŬŝŶŐƐ ĐĂŶ ďĞ ŵĂĚĞ ďLJ ƚŚĞ ƉĞƌƐŽŶ

50 ƚŽ ǁŚŽŵ ƚŚĞ && ŝƐ ŝ
ƚŽ ǁŚŽŵ ƚŚĞ && ŝƐ ŝƐƐƵĞĚ͕ ďĞŝŶŐ ƚŚĞ ĐƵƐƚŽŵĞƌ ǁŚŽ ŵĂĚĞ ƚŚĞ ŽƌŝŐŝŶĂů ŬŝŶŐ ƚŚĂƚ ŵĂĚĞ ƚŚĞ ĐƵƐƚŽŵĞƌ ĞůŝŐŝďůĞ ƚŽ ƌĞĐĞŝǀĞ ƚŚĞ && hƐĞ ŽĨ &&  ŝƌĞĐƚ ŬŝŶŐƐ͗ ĂŶ ďĞ ƵƐĞĚ ďLJ ĐŽŶƚĂĐƚŝŶŐ sŝƌŐŝŶ ƵƐƚƌĂůŝĂ ƚŽ ŵĂŬĞ Ă ďŽŽŬŝŶŐ  /ŶĚŝƌĞĐƚ ŬŝŶŐƐ ͗ ĂŶ ďĞ ƵƐĞĚ ďLJ ĐŽŶƚĂĐƚŝŶŐ ƚŚĞ ƚƌĂǀĞů ĂŐĞŶƚ ǁŝƚŚ ǁŚŽŵ ƚŚĞ ŝŶŝƚŝĂů ŬŝŶŐ ǁĂƐ ŵĂĚĞ  ůů ŬŝŶŐƐ͗  dŚĞ ƵƐĞ ŽĨ ĂŶ && ǁŝůů ďĞ ƐƵďũĞĐƚ ƚŽ ƚĞƌŵƐ ĂŶĚ ĐŽŶĚŝƚŝŽŶƐ ĂƉƉůLJŝŶŐ ƚŽ &&Ɛ͘ dŚĞƐĞ ŝŶĐůƵĚĞ ďƵƚ ǁŝůů ŶŽƚ ďĞ ůŝŵŝƚĞĚ ƚŽ͗  dŚĞ ĂǀĂŝůĂďŝůŝƚLJ ŽĨ ƐĞĂƚƐ ŝŶ ƚŚĞ ƌĞƐƚƌŝĐƚĞĚ ĨĂƌĞ ĐůĂƐƐ ƌĞƐĞƌǀĞĚ ĨŽƌ &&Ɛ ;ŶŽƚĞ ƚŚĞ ĞdžĐĞƉƚŝŽŶ ĨŽƌ 'ƌŽƵƉ ŬŝŶŐƐ 6FKHGXOH  )XWXUH )OLJKW &UHGLWV  9LUJLQ JURXS '2&$ SURSRVDO ĂƐ ƉĞƌ ďĞůŽǁͿ  &&Ɛ ǁŝůů ďĞ ĂďůĞ ƚŽ ďĞ ƵƐĞĚ ƚŽ Ŭ ĐŽŶŽŵLJ ĂŶĚ ƵƐŝŶĞƐƐ ĐůĂƐƐ ;ĚĞƉĞŶĚŝŶŐ ŽŶ ƚŚĞ ǀĂůƵĞ ŽĨ ƚŚĞ &&Ϳ  /Ĩ ĂŶ && ŝƐ ƵƐĞĚ ƚŽ ƉƵƌĐŚĂƐĞ Ă ĨĂƌĞ ǁŚŝĐŚ ŝƐ ŚŝŐŚĞƌ ŝŶ ǀĂůƵĞ ƚŚĂŶ ƚŚĞ ǀĂůƵĞ ŽĨ ƚŚĞ &&͕ ƚŚĞ ĨĂƌĞ ĚŝĨĨĞƌĞŶĐĞ ǁŝůů ďĞ ƉĂLJĂďůĞ ďLJ ƚŚĞ ĐƵƐƚŽŵĞƌ Ăƚ ƚŚĞ ƚŝŵĞ ŽĨ ŬŝŶŐ͘ /Ŷ ƚŚŝƐ ŝŶƐƚĂŶĐĞ͕ ƚŚĞ ƚŽƚĂů ǀĂůƵĞ ƉĂŝĚ ĨŽƌ ƚŚĞ ŶĞǁ ĨĂƌĞ ǁŽƵůĚ ďĞ ƌĞĨƵŶĚĞĚ ƚŽ ĂŶ && ŽŶůLJ ŝŶ ƚŚĞ ĞǀĞŶƚ ƚŚĞ ĨƵƚƵƌĞ ĨůŝŐŚƚ ŝƐ ĐĂŶĐĞůůĞĚ  ŚĂŶŐĞƐ ƚŽ à ŬŝŶŐ ŵĂĚĞ ƵƐŝŶŐ ĂŶ && ǁŝůů ďĞ ƉĞƌŵŝƚƚĞĚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ĨĂƌĞ ƌƵůĞƐ ĨŽƌ ƚŚĂƚ ŬŝŶŐ͕ ǁŚŝĐŚ ŵĂLJ ƌĞƋƵŝƌĞ ƚŚĞ ĐƵƐƚŽŵĞƌ ƚŽ ƉĂLJ Ă ĨĞĞ ĨŽƌ ƚŚĞ ĐŚĂŶŐĞ  Ŷ && ĐĂŶŶŽƚ ďĞ ƵƐĞĚ ƚŽ ŵĂŬĞ Ă ďŽŽŬŝŶŐ ŝŶ ĐŽŶũƵŶĐƚŝŽŶ ǁŝƚŚ sĞůŽĐŝƚLJ &ƌĞƋƵĞŶƚ &ůLJĞƌ WŽŝŶƚƐ Žƌ ƚƌĂǀĞů ĐƌĞĚŝƚƐ ;ǁŚĞƚŚĞƌ &&Ɛ Žƌ ŽƚŚĞƌ ĨŽƌŵƐ ŽĨ ƚƌĂǀĞů ĐƌĞĚŝƚƐͿ ŽĨ ĂŶŽƚŚĞƌ ƉĞƌƐŽŶ  Ŷ && ĐĂŶŶŽƚ ďĞ ƵƐĞĚ ƚŽ ŵĂŬĞ Ă ďŽŽŬŝŶŐ ŝŶ ĐŽŶũƵŶĐƚŝŽŶ ǁŝƚŚ ŽƚŚĞƌ ĨŽ

51 ƌŵƐ ŽĨ ƚƌĂǀĞů ĐƌĞĚŝƚƐ
ƌŵƐ ŽĨ ƚƌĂǀĞů ĐƌĞĚŝƚƐ ŽŽŬŝŶŐƐ ŵĂĚĞ ƵƐŝŶŐ ĂŶ &&  tŚĞƌĞ Ă ĨůŝŐŚƚ ŝƐ ŬĞĚ ƵƐŝŶŐ ĂŶ && ĂŶĚ ƚŚĂƚ ĨůŝŐŚƚ ŝƐ ĞŝƚŚĞƌ ;ϭͿ ĐĂŶĐĞůůĞĚ ďLJ ƚŚĞ ĂŝƌůŝŶĞ ĂŶĚ ƚŚĞ ĂŝƌůŝŶĞ ŝƐ ŶŽƚ ĂďůĞ ƚŽ ƉƌŽǀŝĚĞ ĂŶ ĂůƚĞƌŶĂƚŝǀĞ ĨůŝŐŚƚ͖ Žƌ ;ϮͿ ĐĂŶĐĞůůĞĚ ďLJ ƚŚĞ ĐƵƐƚŽŵĞƌ ĂŶĚ ƚŚĞ ĐƵƐƚŽŵĞƌ ǁŽƵůĚ ŽƌĚŝŶĂƌŝůLJ ďĞ ƉĞƌŵŝƚƚĞĚ ƚŽ ƌĞĐĞŝǀĞ Ă ĐƌĞĚŝƚ Žƌ Ă ƌĞĨƵŶĚ ƵŶĚĞƌ ƚŚĞ ĨĂƌĞ ƌƵůĞƐ ĂƉƉůŝĐĂďůĞ ƚŽ ƚŚĞŝƌ ŬŝŶŐ͕ ƚŚĞ ĐƵƐƚŽŵĞƌ ǁŝůů ŽŶůLJ ďĞ ĞŶƚŝƚůĞĚ ƚŽ ƌĞĐĞŝǀĞ ĂŶ && ;ĐĂƐŚ ƌĞĨƵŶĚƐ Žƌ ŽƚŚĞƌ ĨŽƌŵƐ ŽĨ ƚƌĂǀĞů ĐƌĞĚŝƚƐ ǁŝůů ŶŽƚ ďĞ ƉƌŽǀŝĚĞĚ ƵŶĚĞƌ ƚŚĞƐĞ ƚĞƌŵƐͿ͘  dŚĞ ŶĞǁ && ǁŝůů ďĞ ŝƐƐƵĞĚ ǁŝƚŚ ƚŚĞ ƐĂŵĞ ǀĂůƵĞ ĂƐ ƚŚĞ ĐĂŶĐĞůůĞĚ ďŽŽŬŝŶŐ͕ ůĞƐƐ ĂŶLJ ĐĂŶĐĞůůĂƚŝŽŶ ĨĞĞƐ ƉĂLJĂďůĞ ƵŶĚĞƌ ƚŚĞ ĨĂƌĞ ƌƵůĞƐ ĂƉƉůŝĐĂďůĞ ƚŽ ƚŚĂƚ ŬŝŶŐ ĂŶĚͬŽƌ ŶŽŶͲƌĞĨƵŶĚĂďůĞ ĨĞĞƐ ĂŶĚ ƚĂdžĞƐ ƉĂŝĚ ĨŽƌ ďLJ ƚŚĞ ĐƵƐƚŽŵĞƌ Ăƚ ƚŚĞ ƚŝŵĞ ƚŚĞ ƉƌĞǀŝŽƵƐ ŬŝŶŐ ǁĂƐ ŵĂĚĞ͘ 'ƌŽƵƉ ŽŽŬŝŶŐƐ  tŚĞƌĞ ĂŶ && ŝƐ ƵƐĞĚ ƚŽ ŵĂŬĞ Ă 'ƌŽƵƉ ŬŝŶŐ͕ ƚŚĞ ŬŝŶŐ ǁŝůů ďĞ ŵĂĚĞ ŝŶ ƚŚĞ ƌĞƐƚƌŝĐƚŝǀĞ ďŽŽŬŝŶŐ ĐůĂƐƐ ĐƵƌƌĞŶƚůLJ ĂǀĂŝůĂďůĞ ĨŽƌ 'ƌŽƵƉ ŬŝŶŐƐ͘ ůů ŽƚŚĞƌ ƚĞƌŵƐ ĂŶĚ ĐŽŶĚŝƚŝŽŶƐ ĂƉƉůŝĐĂďůĞ ƚŽ &&Ɛ ǁŝůů ĂƉƉůLJ ƚŽ ƚŚĞ ŬŝŶŐ͘  sŝƌŐŝŶ ƵƐƚƌĂůŝĂ͛Ɛ ĐƵƌƌĞŶƚ 'ƌŽƵƉ ŬŝŶŐ ƚĞƌŵƐ ĂŶĚ ĐŽŶĚŝƚŝŽŶƐ ǁŝůů ĂƉƉůLJ ƚŽ ƚŚĞ ŬŝŶŐ ŽƚŚĞƌ ƚŚĂŶ ŝŶ ƌĞƐƉĞĐƚ ŽĨ ƌĞĨƵŶĚĂďŝůŝƚLJ͘  tŚĞƌĞ Ă ĨůŝŐŚƚ ŝƐ ŬĞĚ ƵƐŝŶŐ ĂŶ && ĂŶĚ ƚŚĂƚ ĨůŝŐŚƚ ŝƐ ĞŝƚŚĞƌ ;ϭͿ ĐĂŶĐĞůůĞĚ ďLJ ƚŚĞ ĂŝƌůŝŶĞ ĂŶĚ ƚŚĞ ĂŝƌůŝŶĞ ŝƐ ŶŽƚ ĂďůĞ ƚŽ ƉƌŽǀŝĚĞ ĂŶ ĂůƚĞƌŶĂƚŝǀĞ ĨůŝŐŚƚ ͖ Žƌ ;ϮͿ ĐĂŶĐĞůůĞĚ ďLJ ƚŚĞ 'ƌŽƵƉ ĐƵƐƚŽŵĞƌ ĂŶĚ ƚŚĞ 'ƌŽƵƉ ĐƵƐƚŽŵĞƌ ǁŽƵůĚ ŽƌĚŝŶĂƌŝůLJ ďĞ ƉĞƌŵŝƚƚĞĚ ƚŽ ƌĞĐĞŝǀĞ Ă ĐƌĞĚŝƚ Žƌ Ă ƌĞĨƵŶĚ ƵŶĚĞƌ ƚŚĞ ĨĂƌĞ ƌƵůĞƐ ĂƉƉůŝĐĂďůĞ ƚŽ ƚŚĞŝƌ ŬŝŶŐ͕ ƚŚĞ ĐƵƐƚŽŵĞƌ ǁŝůů ŽŶůLJ ďĞ ĞŶƚŝƚůĞĚ ƚ

52 ƌĞĐĞŝǀĞ ĂŶ && ;ĐĂ
ƌĞĐĞŝǀĞ ĂŶ && ;ĐĂƐŚ ƌĞĨƵŶĚƐ Žƌ ŽƚŚĞƌ ĨŽƌŵƐ ŽĨ ƚƌĂǀĞů ĐƌĞĚŝƚƐ ǁŝůů ŶŽƚ ďĞ ƉƌŽǀŝĚĞĚ ƵŶĚĞƌ ƚŚĞƐĞ ƚĞƌŵƐͿ͘ 6FKHGXOH  3RRO & &UHGLWRUV  FULWLFDO VXSSOLHUV  9LUJLQ JURXS '2&$ SURSRVDO 6FKHGXOH  3RRO & &UHGLWRUV 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 FULWLFDO VXSSOLHUV  9LUJLQ JURXS '2&$ SURSRVDO 1DPH RI &UHGLWRU 'LYLGHQG DPRXQW &DQEHUUD $LUSRUW  *ROG &RDVW $LUSRUW 3W\ /LPLWHG  $XVWUDOLD 3DFLILF $LUSRUWV 0HOERXUQH 3W\ /WG  3HUWK $LUSRUW 3W\ /WG  /DXQFHVWRQ $LUSRUW  +REDUW ,QWHUQDWLRQDO $LUSRUW 3W\ /WG  7RZQVYLOOH $LUSRUW 3W\ /WG  6XQVKLQH &RDVW $LUSRUW 3W\ /WG  6\GQH\ $LUSRUW &#x