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A educação de infância em Ílhavo, 1974-2007 : da função social à função educativa

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  YƵĂĚƌŽϭ͘ƌŝĂŶĕĂƐŝŶƐĐƌŝƚĂƐĞŵũĂƌĚŝŶƐͲĚĞͲŝŶĨąŶĐŝĂ͕ϭϵϮϲͲϭϵϯϳ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϱ YƵĂĚƌŽϮ͘ƐƚĂƚƵƚŽĚŽƐ:ĂƌĚŝŶƐͲĚĞͲ/ŶĨąŶĐŝĂ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ Ϯϴ YƵĂĚƌŽϯ͘EŽƚşĐŝĂƐƐŽďƌĞĂ/ŶĨąŶĐŝĂĞĂƌŝĂŶĕĂŶŽ/ůŚĂǀĞŶƐĞ͕ϭϵϳϰͲϮϬϬϳ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϲϵ YƵĂĚƌŽϰ͘ƵƚŽƌĞƐĚĂƐEŽƚşĐŝĂƐƐŽďƌĞĂ/ŶĨąŶĐŝĂĞĂƌŝĂŶĕĂŶŽ/ůŚĂǀĞŶƐĞ͕ϭϵϳϰͲϮϬϬϳ͘͘͘ ϳϮ YƵĂĚƌŽϱ͘ZĞůĂĕĆŽĚŽƐũĂƌĚŝŶƐͲĚĞͲŝŶĨąŶĐŝĂĚĂƌĞĚĞƉƷďůŝĐĂĚĞ1ůŚĂǀŽ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϴ YƵĂĚƌŽϲ͘ZĞůĂĕĆŽĚŽƐũĂƌĚŝŶƐͲĚĞͲŝŶĨąŶĐŝĂĚĂƌĞĚĞƉƌŝǀĂĚĂĚĞ1ůŚĂǀŽ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϴϯ      1ŶĚŝĐĞĚŽƐDĂƉĂƐ  DĂƉĂϭ͘>ŽĐĂůŝnjĂĕĆŽ'ĞŽŐƌĄĨŝĐĂĚŽDƵŶŝĐşƉŝŽĚĞ1ůŚĂǀŽ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘   ϲϰ 

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ϯ /ŶƚƌŽĚƵĕĆŽ  ͞dŽĚĂ Ă ŚŝƐƚſƌŝĂ ĚĂ ĞĚƵĐĂĕĆŽ ŵŽƐƚƌĂ Ƶŵ ƉƌŽŐƌĞƐƐŽ ĚĞ ŝŶƚĞŶĕƁĞƐ Ğ ƌĞĂůŝnjĂĕƁĞƐ͕ĚĞĐŽŶŚĞĐŝŵĞŶƚŽƐĂĐƵŵƵůĂĚŽƐĞŵĐŽŶũƵŶƚŽ͕ ƐĞŶĚŽ ŝƐƐŽ ƋƵĞ ĐĂƌĂĐƚĞƌŝnjĂ Ž ĐŽŶŚĞĐŝŵĞŶƚŽ ĐŝĞŶƚşĨŝĐŽ͗ Ġ Ƶŵ ƉƌŽĚƵƚŽ ĐŽůĞĐƚŝǀŽ͟ ;ƌƵnj͕ϮϬϬϳ͗ϭͿ͘  ,ŝƐƚŽƌŝĐĂŵĞŶƚĞ͕ Ž ƌĞĐŽŶŚĞĐŝŵĞŶƚŽ Ğ ǀĂůŽƌŝnjĂĕĆŽ ĚĂ /ŶĨąŶĐŝĂ ƐĆŽ ĨƌƵƚŽ ĚĂƐ ŵƵĚĂŶĕĂƐ ƉŽůşƚŝĐĂƐ͕ ĞĐŽŶſŵŝĐĂƐ͕ƐŽĐŝĂŝƐĞĐƵůƚƵƌĂŝƐĚĂƐĚŝǀĞƌƐĂƐƐŽĐŝĞĚĂĚĞƐ͘ƐƐĂĠĂƌĂnjĆŽĚĂŝŐƵĂůŵĞŶƚĞĚŝǀĞƌƐĂƐĞŶƐŝďŝůŝĚĂĚĞ ĞĐƵŝĚĂĚŽĐŽŵĂƐĐƌŝĂŶĕĂƐŶŽŵƵŶĚŽ͘ ƐƐŽĐŝĂĚŽ ĂŽ ĐŽŶĐĞŝƚŽ ĚĞ ĞĚƵĐĂĕĆŽ ĚĞ ŝŶĨąŶĐŝĂ ĞƐƚĄ Ž ĞƐƚĂďĞůĞĐŝŵĞŶƚŽ ŽŶĚĞ ƐĞ ƉƌĂƚŝĐĂ͘ K ũĂƌĚŝŵͲĚĞͲŝŶĨąŶĐŝĂ͕ ĐŽŶƐŝƐƚĞ ŶƵŵ ĞƐƉĂĕŽ ĐŽŵ ĐĂƌĂĐƚĞƌşƐƚŝĐĂƐ ĚĞƚĞƌŵŝŶĂĚĂƐ͕ ĚĞƐƚŝŶĂĚŽ Ă ĐƌŝĂŶĕĂƐ͕ ŚĂďŝƚƵĂůŵĞŶƚĞ ĚŽƐ ƚƌġƐ ĂŶŽƐ ĂƚĠ ă ŝĚĂĚĞ ĚĞ ŝŶŐƌĞƐƐŽ ŶƵŵĂ ĞƐĐŽůĂ ĚŽ ϭ͘Ǒ ŝĐůŽ ĚĞ ŶƐŝŶŽ ĄƐŝĐŽ͕ ŽŶĚĞ ƌĞĐĞďĞŵĂĐŽŵƉĂŶŚĂŵĞŶƚŽƉĞĚĂŐſŐŝĐŽĞĐŽŵĞĕĂŵĂƚĞƌŽƐƉƌŝŵĞŝƌŽƐĐŽŶƚĂĐƚŽƐƐŽĐŝĂŝƐŽƌŐĂŶŝnjĂĚŽƐ͕ĨŽƌĂ ĚŽĂŵďŝĞŶƚĞĨĂŵŝůŝĂƌ͘   ŚŝƐƚŽƌŝŽŐƌĂĨŝĂ ĚĂ ĞĚƵĐĂĕĆŽ ƚĞŵ ĐŽŵŽ ĐĞƌƚŽ ƋƵĞ Ă ĨƵŶĚĂĕĆŽ ĚŽ ƉƌŝŵĞŝƌŽ ũĂƌĚŝŵͲĚĞͲŝŶĨąŶĐŝĂ ĨŽŝ ŝŶŝĐŝĂƚŝǀĂ ĚĞ &ƌŝĞĚƌŝĐŚ &ƌƂĞďĞů ;ϭϳϴϮͲϭϴϱϮͿ͕ ƉŽŝƐ ĨŽŝ Ž ƉƌŝŵĞŝƌŽ ƉĞĚĂŐŽŐŽ Ă ĐŽŶƐŝĚĞƌĂƌ ƋƵĞ ͞ĂƐ ĐƌŝĂŶĕĂƐ ƐĞƌŝĂŵ ŽďũĞĐƚŽ ĚĞ ƵŵĂ ĂĐĕĆŽ ĞĚƵĐĂƚŝǀĂ ĐŽŵŽ ƐĞ ĨŽƐƐĞŵ ƉĂƌƚĞ ĚĞ Ƶŵ ǀĞƌĚĂĚĞŝƌŽ ũĂƌĚŝŵ͕ ĚŽ ƋƵĂů Ž ĞĚƵĐĂĚŽƌĞƌĂŽũĂƌĚŝŶĞŝƌŽ͟;ƌƵnj͕ϮϬϬϳ͗ϭͿ͘ dŽĚĂǀŝĂ͕ĐŽŵŽƐƵďůŝŶŚĂ:ƵƐƚŝŶŽWĞƌĞŝƌĂĚĞDĂŐĂůŚĆĞƐ;ϭϵϵϳͿ͕͞Ă,ŝƐƚſƌŝĂĚĂĂĐĕĆŽĞĚƵĐĂƚŝǀĂũƵŶƚŽ ĚĂŝŶĨąŶĐŝĂ͕ŶĂƐŽĐŝĞĚĂĚĞŽĐŝĚĞŶƚĂů͕ĠƵŵĚŽŵşŶŝŽĚŽĐŽŶŚĞĐŝŵĞŶƚŽĂŝŶĚĂŵƵŝƚŽŝŶĐŽŵƉůĞƚŽĞůĂĐƵŶĂƌ͘͟ Ž ůŽŶŐŽ ĚŽƐ ƚĞŵƉŽƐ͕ Ă ĐŽŶĐĞƉĕĆŽ ĞĚƵĐĂĕĆŽ ĨŽŝ ƐŽĨƌĞŶĚŽ ƚƌĂŶƐĨŽƌŵĂĕƁĞƐ͘  ĐŽŶĚŝĕĆŽ ƐŽĐŝŽĞĐŽŶſŵŝĐĂ ĚĞƐƐĂƐ ƚƌĂŶƐĨŽƌŵĂĕƁĞƐ ĚĞŵŽŶƐƚƌŽƵ ƋƵĞ Ă &ĂŵşůŝĂ Ğ Ă ƐĐŽůĂ ŶĞŵ ƐĞŵƉƌĞ ĞdžŝƐƚŝƌĂŵ ĚĂ ŵĞƐŵĂ ĨŽƌŵĂ͘ ^ĞŶĚŽ ƵŵĐŽŶĐĞŝƚŽ ŶĆŽ ŝƐŽůĂĚŽ͕ ĂĐŽŵƉĂŶŚŽƵ ŶĂƚƵƌĂůŵĞŶƚĞ͕ ĂƐ ŶĞĐĞƐƐŝĚĂĚĞƐ ĞŝĚĞĂŝƐ ĚĞ ĐĂĚĂ ƐŽĐŝĞĚĂĚĞ Ğ ĚĞ ĐĂĚĂ ĐƵůƚƵƌĂ͘  ƉĂƌƚŝƌ ĚĞ ZŽƵƐƐĞĂƵ ;ϭϳϭϮͲϭϳϳϴͿ ĞŶƚĞŶĚĞƵͲƐĞ Ă ĞĚƵĐĂĕĆŽ ĐŽŵŽ͗ ͞ĨƵŶĚĂŵĞŶƚĂů ƉĂƌĂ Ă ƌĞĨŽƌŵĂ ƐŽĐŝĂů͘͟ ĞƉŽŝƐ͕ ĐŽŵ WĞƐƚĂůŽnjnjŝ ;ϭϳϰϲͲϭϴϮϳͿ͕ ŶĂƐĐĞƵ Ă ŶĞĐĞƐƐŝĚĂĚĞ ĚĞ ͞ĚĞŵŽĐƌĂƚŝnjĂƌŽĞŶƐŝŶŽ͟ĞĐŽŵ&ƌƂĞďĞůƉĞƌĐĞďĞƵͲƐĞ͞ĂŝŵƉŽƌƚąŶĐŝĂĚĂĞĚƵĐĂĕĆŽĚĞŝŶĨąŶĐŝĂ͟;ƌƵnj͕ϮϬϬϳ͗ ϭͿ͘EŽŶŽƐƐŽƉĂşƐ͕ĚĞƉŽŝƐĚĂƐƉƌŝŵĞŝƌĂƐŵĞĚŝĚĂƐƉĂƌĂĂĞĚƵĐĂĕĆŽĚĂƐĐƌŝĂŶĕĂƐ͕ŶĂƐƉƌŝŵĞŝƌĂƐĚĠĐĂĚĂƐĚĂ DŽŶĂƌƋƵŝĂŽŶƐƚŝƚƵĐŝŽŶĂů͕ĂĞĚƵĐĂĕĆŽĚĂŝŶĨąŶĐŝĂƚĞǀĞĂĂƚĞŶĕĆŽ:ŽĆŽĚĞĞƵƐ;ϭϴϯϬͲϭϴϵϲͿĞĚĞƐĞƵĨŝůŚŽ͕ :ŽĆŽ ĚĞ ĞƵƐ ZĂŵŽƐ ;ϭϴϳϴͲϭϵϱϯͿ͕ ƋƵĞ ĐƌŝĂƌĂŵ Ƶŵ ŵĠƚŽĚŽ ĚĞ ŝŶŝĐŝĂĕĆŽ ă ůĞŝƚƵƌĂ Ğ ăƐ ĞƐĐŽůĂƐ ŵſǀĞŝƐ͕

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ϰ ĂƚƌĂǀĠƐĚĞ ƵŵŵĠƚŽĚŽ͕ĚŝƚŽ :ŽĆŽĚĞĞƵƐĞĚĞƌĂŵƉƌŝŶĐşƉŝŽĂƵŵĂƌĞĚĞƉƌŝǀĂĚĂ ĚĞũĂƌĚŝŶƐͲĚĞͲŝŶĨąŶĐŝĂ͕ ĂŝŶĚĂĞdžŝƐƚĞŶƚĞ͘ DĂŝƐ ƚĂƌĚĞ͕ĐŽŵĂZĞƉƷďůŝĐĂ͕ĞŵĞƌŐŝƵ ƵŵĂĐŽŶĐĞƉĕĆŽƋƵĞǀŝƐĂǀĂ ƚŽƌŶĂƌ ĂĞĚƵĐĂĕĆŽĚĂŝŶĨąŶĐŝĂ ĐŽŵŽ ĞĚƵĐĂĕĆŽ͞ƉƌĠͲĞƐĐŽůĂƌ͕͟ŝƐƚŽĠ͕ĂĞĚƵĐĂĕĆŽǀŝƐĂǀĂ ƉƌĞƉĂƌĂƌĂĞŶƚƌĂĚĂƐĚĂƐ ĐƌŝĂŶĕĂƐŶĂ͞ŝŶƐƚƌƵĕĆŽ͟ ƉƌŝŵĄƌŝĂ͘ Žŵ Ž ƐƚĂĚŽ EŽǀŽ͕ ŐĂŶŚŽƵ ǀŝŐŽƌ Ă ĨƵŶĕĆŽ ĂƐƐŝƐƚĞŶĐŝĂů͕ ĐŽŵ ĐůĂƌŽ ŵĞŶŽƐƉƌĞnjŽ ĚĂ ĨƵŶĕĆŽ ĞĚƵĐĂƚŝǀĂ͕ƉŽŝƐĂĞĚƵĐĂĕĆŽĚĞŝŶĨąŶĐŝĂƉƌŽŵŽǀŝĚĂĞƐƚĂǀĂǀŽůƚĂĚĂƉĂƌĂĂƐĐƌŝĂŶĕĂƐĚĂƌƵĂ͕ƉĂƌĂĂƐĐƌŝĂŶĕĂƐ ƉŽďƌĞƐ͘ ůĠŵ ĚĞ :ŽĆŽ ĚĞ ĞƵƐ͕ ŽƵƚƌŽƐ ƉĞĚĂŐŽŐŽƐ ƉŽƌƚƵŐƵĞƐĞƐ ƐĞ ĚĞƐƚĂĐĂƌĂŵ͘ ^ĂůŝĞŶƚĂŵŽƐ͕ ƉĞůĂ ŝŵƉŽƌƚąŶĐŝĂĚŽƐƐĞƵƐĐŽŶƚƌŝďƵƚŽƐ͕:ŽƐĠƵŐƵƐƚŽŽĞůŚŽ;ϭϴϲϭͲϭϵϮϳͿ͕ƋƵĞĚĞƐĞŶǀŽůǀĞƵƵŵƉƌŽŐƌĂŵĂƉĂƌĂ ĂĞƐĐŽůĂŝŶĨĂŶƚŝů͕Ğ/ƌĞŶĞ>ŝƐďŽĂ;ϭϴϵϮͲϭϵϱϴͿ͕ŝŶƐƉĞĐƚŽƌĂĚĂƐĐůĂƐƐĞƐŝŶĨĂŶƚŝƐŽĨŝĐŝĂŝƐ͘ ƐĚŝĨĞƌĞŶƚĞƐĨŽƌŵĂƐĚĞŽůŚĂƌĂĞĚƵĐĂĕĆŽĚĞƐƉĞƌƚĂŵͲŶŽƐƉĂƌĂŽƐĚĞƐĂĨŝŽƐƋƵĞƐĞŶŽƐĐŽůŽĐĂŵ͕ŶĂ ĂĐƚƵĂůŝĚĂĚĞ͕ ƉĂƌƚŝĐƵůĂƌŵĞŶƚĞ ĐŽŵ Ă ĚĞŵŽĐƌĂƚŝnjĂĕĆŽ ĚĂ ƐŽĐŝĞĚĂĚĞ Ğ ĚĂ ĞƐĐŽůĂƌŝĚĂĚĞ͘  ĨƵŶĕĆŽ ƐŽĐŝĂů ũƵŶƚĂͲƐĞĂŐŽƌĂ͕ĚĞƐĚĞϭϵϳϰͲϭϵϳϵ͕ĂĨƵŶĕĆŽĞĚƵĐĂƚŝǀĂ͘ ƐƐŝŵ͕ ŐƌĂĚƵĂůŵĞŶƚĞ͕ Ă ĞĚƵĐĂĕĆŽ ƉƌĠͲĞƐĐŽůĂƌ ĨŽŝ ĂƐƐƵŵŝŶĚŽ ŝŵƉŽƌƚąŶĐŝĂ ŶŽ ƐŝƐƚĞŵĂ ĞĚƵĐĂƚŝǀŽ ƉŽƌƚƵŐƵġƐ͕ƚĞŶĚŽƐŝĚŽŝŶĐůƵşĚĂŶĂ>ĞŝĚĞĂƐĞƐĚŽ^ŝƐƚĞŵĂĚƵĐĂƚŝǀŽ;>ĞŝŶ͘Ǒϰϲͬϴϲ͕ĚĞϭϰĚĞKƵƚƵďƌŽͿ͘ dŽĚĂǀŝĂ͕ Ž ŽƌĚĞŶĂŵĞŶƚŽ ũƵƌşĚŝĐŽ ĚĂ ĞĚƵĐĂĕĆŽ ƉƌĠͲĞƐĐŽůĂƌ ĂĐŽŶƚĞĐĞƵ ƐŽŵĞŶƚĞ Ğŵ ϭϵϵϳ͕ ĐŽŵ Ă >Ğŝ Ŷ͘Ǒ ϱͬϵϳ͕ ĚĞ ϭϬ ĚĞ &ĞǀĞƌĞŝƌŽ͘ Žŵ Ž Ăƌƚ͘Ǒ Ϯ͘Ǒ͕ Ă ĞĚƵĐĂĕĆŽ ƉƌĠͲĞƐĐŽůĂƌ ƉĂƐƐŽƵ Ă ƐĞƌ Ă ͞ƉƌŝŵĞŝƌĂ ĞƚĂƉĂ ĚĂ ĞĚƵĐĂĕĆŽ ĂŽ ůŽŶŐŽ ĚĂ ǀŝĚĂ͕ ƐĞŶĚŽ ĐŽŵƉůĞŵĞŶƚĂƌ ĚĂ ĂĐĕĆŽ ĞĚƵĐĂƚŝǀĂ ĚĂ ĨĂŵşůŝĂ͕ ĐŽŵ Ă ƋƵĂů ĚĞǀĞ ĞƐƚĂďĞůĞĐĞƌ ĞƐƚƌĞŝƚĂ ĐŽŽƉĞƌĂĕĆŽ͕ ĨĂǀŽƌĞĐĞŶĚŽ Ă ĨŽƌŵĂĕĆŽ Ğ Ž ĚĞƐĞŶǀŽůǀŝŵĞŶƚŽ ĞƋƵŝůŝďƌĂĚŽ ĚĂ ĐƌŝĂŶĕĂ͕ ƚĞŶĚŽĞŵǀŝƐƚĂĂƐƵĂƉůĞŶĂŝŶƐĞƌĕĆŽŶĂƐŽĐŝĞĚĂĚĞĐŽŵŽƐĞƌĂƵƚſŶŽŵŽ͕ůŝǀƌĞĂƐŽůŝĚĄƌŝŽ͘͟ EŽ ŵĞƐŵŽ ĂŶŽ͕ Ž 'ŽǀĞƌŶŽ ĂĚŽƉƚŽƵ ƵŵĂ ŽƌŝĞŶƚĂĕĆŽ ƉŽůşƚŝĐĂ ĚĞ ŝŶƚĞƌǀĞŶĕĆŽ ŶĂ ĞdžƉĂŶƐĆŽ Ğ ŶĂ ŵĞůŚŽƌŝĂĚĂƋƵĂůŝĚĂĚĞĚĞƌĞĚĞŶĂĐŝŽŶĂůĚĞĞĚƵĐĂĕĆŽƉƌĠͲĞƐĐŽůĂƌ͕ĐŽŵŽĞĐƌĞƚŽͲ>ĞŝŶ͘Ǒϭϰϳͬϵϳ͕ĚĞϭϭĚĞ :ƵŶŚŽ͘  ƉĂƌƚŝƌ ĚĞ ĞŶƚĆŽ͕ Ž ƐƚĂĚŽ ĂƐƐƵŵŝƵ ƵŵĂ ĞƐƚƌĂƚĠŐŝĂ ƋƵĞ ǀŝƐŽƵ Ă ĂŵƉůŝĂĕĆŽ ĚĂ ƌĞĚĞ ŶĂĐŝŽŶĂů ĚĞ ĞĚƵĐĂĕĆŽ ƉƌĠͲĞƐĐŽůĂƌ͕ ŝŶƚĞŐƌĂŶĚŽ Ă ŽĨĞƌƚĂ ĞdžŝƐƚĞŶƚĞ ĚŽƐ ƌĞƐƉĞĐƚŝǀŽƐ ƐĞƌǀŝĕŽƐ͕ ĚĞ ĂĐŽƌĚŽ ĐŽŵ ĂƐ ŶĞĐĞƐƐŝĚĂĚĞƐĚĂƐƉŽƉƵůĂĕƁĞƐ͘  ŶĞƐƚĞ ƋƵĂĚƌŽ ƋƵĞ ƐĞ ŝŶƐĐƌĞǀĞ ĞƐƚĂ ŶŽƐƐĂ ĚŝƐƐĞƌƚĂĕĆŽ͕ ƉƌŽĐƵƌĂŶĚŽ ƉĞƌĐĞďĞƌ ĚĞ ƋƵĞ ŵŽĚŽ ƐĆŽ ƉĞƌĐĞƉĐŝŽŶĂĚĂƐ ĂƐ ŐƌĂŶĚĞƐ ŵƵĚĂŶĕĂƐ ĐƵůƚƵƌĂŝƐ Ğ ŝŶƐƚŝƚƵĐŝŽŶĂŝƐ ŽƉĞƌĂĚĂƐ ŶŽ ĐŽŶĐĞůŚŽ ĚĞ 1ůŚĂǀŽ͕ ƚĂŶƚŽ ƉĞůŽƐ ĚŝǀĞƌƐŽƐ ĂŐĞŶƚĞƐ ƉŽůşƚŝĐŽƐ͕ ĞĐŽŶſŵŝĐŽƐ͕ ƐŽĐŝĂŝƐ Ğ ĐƵůƚƵƌĂŝƐ͕ ĐŽŵŽ ƉĞůĂƐ ŝŶƐƚŝƚƵŝĕƁĞƐ ĞĚƵĐĂƚŝǀĂƐ͕ ĚĞƉŽŝƐĚĞϮϱĚĞďƌŝůĚĞϭϵϳϰ͘ ƋƵĞƐƚĆŽĨƵŶĚĂŵĞŶƚĂůĚŽŶŽƐƐŽĞƐƚƵĚŽĠĂĚĞƐĂďĞƌĚĞƋƵĞŵŽĚŽŽƐĚŝǀĞƌƐŽƐĂŐĞŶƚĞƐĞĚƵĐĂƚŝǀŽƐ

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ϱ ŽůŚĂƌĂŵĂŝŶĨąŶĐŝĂŶŽƐŝƐƚĞŵĂĚĞŵŽĐƌĄƚŝĐŽ͘ĞƐƚĂƋƵĞƐƚĆŽďĂƐŝůĂƌƌĂŵŝĨŝĐĂŵͲƐĞŽƵƚƌĂƐ͕ĞƋƵĞůŽĐĂůŝnjĂŵĂ ƉƌŽďůĞŵĄƚŝĐĂĚĂŶŽƐƐĂŝŶǀĞƐƚŝŐĂĕĆŽ͗ ͻ ǀŽůƵŝƵĂĞĚƵĐĂĕĆŽĚĞŝŶĨąŶĐŝĂĞŵ1ůŚĂǀŽĂŽŵĞƐŵŽƌŝƚŵŽĚŽƌĞƐƚĂŶƚĞƉĂşƐ͍ ͻ ŽŵŽĠƋƵĞĂŝŵƉƌĞŶƐĂƚƌĂƚŽƵĂƐƋƵĞƐƚƁĞƐƌĞůĂĐŝŽŶĂĚĂƐĐŽŵĂŝŶĨąŶĐŝĂ͍ ͻ YƵĞŝŵƉŽƌƚąŶĐŝĂĂƚƌŝďƵŝƵĂĂƵƚĂƌƋƵŝĂăƉƌŽďůĞŵĄƚŝĐĂĚĂŝŶĨąŶĐŝĂ͍ ƐƐŝŵ͕ĂƐŝŶƚĞƌƌŽŐĂĕƁĞƐĂƉƌĞƐĞŶƚĂĚĂƐǀĆŽĂŽĞŶĐŽŶƚƌŽĚŽƐƐĞŐƵŝŶƚĞƐŽďũĞĐƚŝǀŽƐ͗ x ƚĞŶƚĂƌ ĐŽŵƉƌĞĞŶĚĞƌ Ă ĨŽƌŵĂ ĐŽŵŽ Ă ůĞŐŝƐůĂĕĆŽ ƐŽďƌĞ Ă ĞĚƵĐĂĕĆŽ ĚĞ ŝŶĨąŶĐŝĂ Ġ ĞŶƚĞŶĚŝĚĂ Ğ ĂƉůŝĐĂĚĂƉĞůŽƐĚŝǀĞƌƐŽƐĂŐĞŶƚĞƐƉŽůşƚŝĐŽƐĞƐŽĐŝĞĚƵĐĂƚŝǀŽƐ͖ x ĐŽŶŚĞĐĞƌĂĞǀŽůƵĕĆŽĚĂƌĞƉƌĞƐĞŶƚĂĕĆŽƐŽĐŝĂůĚĂĐƌŝĂŶĕĂŶĂŝŵƉƌĞŶƐĂůŽĐĂů͖ x ĞƐƚĂďĞůĞĐĞƌĂƐĨĂƐĞƐĞǀŽůƵƚŝǀĂƐĚĂĞĚƵĐĂĕĆŽĚĞŝŶĨąŶĐŝĂĞŵ1ůŚĂǀŽ͖ ƐƚĂ ĚŝƐƐĞƌƚĂĕĆŽ ĞŶĐŽŶƚƌĂͲƐĞ ĚŝǀŝĚŝĚĂ Ğŵ ƚƌġƐ ĐĂƉşƚƵůŽƐ ƋƵĞ ƋƵŝƐĞŵŽƐ ƋƵĞ ĨŽƌŵĂƐƐĞŵ Ƶŵ ƚŽĚŽ ĐŽĞƌĞŶƚĞ͘ EŽ ƉƌŝŵĞŝƌŽ͕ ĐŽŶƐƚŝƚƵşĚŽ ƉĞůŽ ĞŶƋƵĂĚƌĂŵĞŶƚŽ ƚĞſƌŝĐŽ͕ ƉƌĞƚĞŶĚĞƵͲƐĞ ĨĂnjĞƌ Ƶŵ ůĞǀĂŶƚĂŵĞŶƚŽ ŚŝƐƚſƌŝĐŽ͕ ĞƐƚƵĚĄŵŽƐ ĂƐ ůŝŶŚĂƐͲĨŽƌĕĂ ĚĂ ĞǀŽůƵĕĆŽ ĚĂ ĞĚƵĐĂĕĆŽ ĚĞ ŝŶĨąŶĐŝĂ͕ Ğŵ WŽƌƚƵŐĂů͕ ĂƚĠ ϭϵϳϰ͕ ĚĞƚĞŶĚŽͲŶŽƐ͕ĚĞƉŽŝƐ͕ŶĂĞǀŽůƵĕĆŽĚŽƉĞƌşŽĚŽĚĞŵŽĐƌĄƚŝĐŽ͘ EŽ ƐĞŐƵŶĚŽ ĐĂƉşƚƵůŽ ĨŽŝ ĨĞŝƚĂ ƵŵĂ ĂŶĄůŝƐĞ ĚŽƐ ŶŽƌŵĂƚŝǀŽƐ ĐŽŵ Ž ŽďũĞĐƚŝǀŽ ĚĞ ƉĞƌĐĞďĞƌ ŽƐ ͞ŵĂƌĐŽƐ͟ ĚĂ ĞĚƵĐĂĕĆŽ ƉƌĠͲĞƐĐŽůĂƌ ŶŽ ƐŝƐƚĞŵĂ ĞĚƵĐĂƚŝǀŽ͕ ĞƐƉĞĐŝĂůŵĞŶƚĞ ĚĞƐĚĞ ŽƐ ĂŶŽƐ ϳϬ͘ &ŝnjĞŵŽƐ Ƶŵ ŝŶǀĞŶƚĄƌŝŽ ĐƌŽŶŽůſŐŝĐŽ ĚŽƐ ĚŝƉůŽŵĂƐůĞŐĂŝƐ͕ ĂƉƌŽǀĂĚŽƐ ĞŶƚƌĞ ϭϵϳϰ Ğ ϮϬϬϳ͘ DĂƌŝĂ :ŽĆŽ ĂƌĚŽŶĂ ĨĞnj ƵŵĂ ĂŶĄůŝƐĞ ĞǀŽůƵƚŝǀĂ ŝĚġŶƚŝĐĂ ƐŽďƌĞ ĞƐƚĞ ƚĞŵĂ͘ ŽŶƚƵĚŽ͕ ĞƐƚĞ ƚƌĂďĂůŚŽ ŶĆŽ Ă ƌĞƉĞƚŝƵ͕ ĂƉĞŶĂƐ ůŚĞ ĚĄ Ƶŵ ƉƌŽƐƐĞŐƵŝŵĞŶƚŽƚĞŵƉŽƌĂů͘ƐƚĞĐĂƉşƚƵůŽĞŶĐŽŶƚƌĂͲƐĞĚŝǀŝĚŝĚŽĞŵϯƉĂƌƚĞƐ͕ĂƚĞŶĚĞŶĚŽĂŽƐĨĂĐƚŽƐĚĞĐŝƐŝǀŽƐ ĞƐƚĂďĞůĞĐŝĚŽƐƉĞůŽƐŐŽǀĞƌŶĂŶƚĞƐƉŽƌƚƵŐƵĞƐĞƐ͘ WĂƌĂƌĞƵŶŝƌƚŽĚĂĂĚŽĐƵŵĞŶƚĂĕĆŽŶĞĐĞƐƐŝƚĄŵŽƐĚĞ ƌĞĐŽƌƌĞƌĂŽƐƐĞƌǀŝĕŽƐĚĞĚŝǀĞƌƐĂƐŝŶƐƚŝƚƵŝĕƁĞƐ ĐŽŵŽ ŽƐ ĚĂ ŝďůŝŽƚĞĐĂ DƵŶŝĐŝƉĂů ĚĞ ǀĞŝƌŽ͕ ĚĂ ŝďůŝŽƚĞĐĂ Ğ DĞĚŝĂƚĞĐĂ ĚĂ hŶŝǀĞƌƐŝĚĂĚĞ ĚĞ ǀĞŝƌŽ͕ ĚŽ ĂƌƋƵŝǀŽĚĂąŵĂƌĂDƵŶŝĐŝƉĂůĚĞŐƵĞĚĂĞăƉĄŐŝŶĂĚĂ/ŶƚĞƌŶĞƚĚŽDŝŶŝƐƚĠƌŝŽĚĂĚƵĐĂĕĆŽĞĚŽŝĄƌŝŽĚĂ ZĞƉƷďůŝĐĂ ůĞĐƚƌſŶŝĐŽ͕ ĞƐƚĞ ƷůƚŝŵŽ͕ Ă ƋƵĞŵ ĞŶǀŝĄŵŽƐ ĂůŐƵŶƐ ĞͲŵĂŝůƐ Ă ƐŽůŝĐŝƚĂƌ ĂũƵĚĂ ŶĂ ƉĞƐƋƵŝƐĂ ĚŽƐ ĚŝƉůŽŵĂƐůĞŐĂŝƐ͕ƉŽŝƐĂŝŶĨŽƌŵĂĕĆŽďĂƐĞƋƵĞƚşŶŚĂŵŽƐĞƌĂĚĞŵĂƐŝĂĚŽƌĞĚƵnjŝĚĂƉĂƌĂŽĨĂnjĞƌŵŽƐ͘ƐƐŝŵƋƵĞ ĐŽŶĐůƵşŵŽƐ Ă ƌĞĐŽůŚĂ͕ ĂŶĂůŝƐĄŵŽƐ ŽƐ ŶŽƌŵĂƚŝǀŽƐ ƋƵĞ ĞƐƚĂǀĂŵ ĚŝƌĞĐƚĂŵĞŶƚĞ ƌĞůĂĐŝŽŶĂĚŽƐ ĐŽŵ Ž ŶŽƐƐŽ ŽďũĞĐƚŽĚĞĞƐƚƵĚŽ͗ĂĞĚƵĐĂĕĆŽĚĞŝŶĨąŶĐŝĂŶŽŶŽƐƐŽWĂşƐ͘ƉĞƐĂƌĚĞĂƌĞĐŽůŚĂƚĞƌƐŝĚŽĞdžĂƵƐƚŝǀĂͶĐŽŵŽ ƐĞ ƉŽĚĞ ǀĞƌŝĨŝĐĂƌ ŶĂ ůŝƐƚĂŐĞŵ ƋƵĞ ƐĞ ĞŶĐŽŶƚƌĂ ŶŽ ĨŝŶĂů ĚŽ ƚĞdžƚŽ Ͷ͕ ŶĞŵ ƚŽĚŽƐ ŽƐ ĚŝƉůŽŵĂƐ ĨŽƌĂŵ ĂďŽƌĚĂĚŽƐĂŽůŽŶŐŽĚĂĐŽŶƐƚƌƵĕĆŽĚĞƐƚĞĐĂƉşƚƵůŽ͕ƉŽƌŽƐĐŽŶƐŝĚĞƌĂƌŵŽƐƉŽƵĐŽƉĞƌƚŝŶĞŶƚĞƐŶŽƋƵĂĚƌŽĚŽƐ ŶŽƐƐŽƐŽďũĞĐƚŝǀŽƐ͘

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ϲ EŽ ƚĞƌĐĞŝƌŽ ĐĂƉşƚƵůŽ͕ ĂƉƌĞƐĞŶƚĂŵŽƐ͕ Ž ĐŽŶƚĞdžƚŽ ĚĞ ŝŶǀĞƐƚŝŐĂĕĆŽ͕ ĐŽŵĞĕĂŶĚŽ ƉŽƌ ƵŵĂ ĐĂƌĂĐƚĞƌŝnjĂĕĆŽƐŽĐŝŽĞĐŽŶſŵŝĐĂĚĞ1ůŚĂǀŽ͕ƌĞƐƵůƚĂŶƚĞĚĂƉĞƐƋƵŝƐĂĚŽƐĚĂĚŽƐĚŽƐĞŶƐŽƐĚĞϮϬϬϭ͕ƷůƚŝŵŽƐ ƌĞĂůŝnjĂĚŽƐ Ğŵ WŽƌƚƵŐĂů͘ WŽƐƚĞƌŝŽƌŵĞŶƚĞ ƉĂƐƐĄŵŽƐ ă ĂƉƌĞƐĞŶƚĂĕĆŽ ĚĂ ĂŶĄůŝƐĞ ĚĂ ŝŵƉƌĞŶƐĂ ŝůŚĂǀĞŶƐĞ͕ ĚĞƐĚĞ ϭϵϳϰ͘ ƋƵĂŶĚŽ ĚĞƐƚĞ ůĞǀĂŶƚĂŵĞŶƚŽ͕ ĨŽƌĂŵ ƚŝĚĂƐ Ğŵ ĐŽŶƐŝĚĞƌĂĕĆŽ ĂƐ ŶŽƚşĐŝĂƐ ƋƵĞ ĞƐƚĂǀĂŵ ĚŝƌĞĐƚĂŵĞŶƚĞůŝŐĂĚĂƐăŝŶĨąŶĐŝĂĞĞůĂďŽƌĂĚŽƐĚŽŝƐƋƵĂĚƌŽƐƋƵĞĞƐƉĞůŚĂŵĂĐůĂƌĞnjĂĚĂƐŽĐŝĞĚĂĚĞŝůŚĂǀĞŶƐĞ ƐŽďƌĞĂŝŶĨąŶĐŝĂ͕ĚĞƵŵĂĨŽƌŵĂŐĞƌĂů͘ WŽƌ ƷůƚŝŵŽ͕ ƉƌŽĐƵƌĄŵŽƐ ĚĂƌ ĐŽŶƚĂ ĚĂ ĞǀŽůƵĕĆŽ ĚŽƐ ũĂƌĚŝŶƐͲĚĞͲŝŶĨąŶĐŝĂ ĚŽ ĐŽŶĐĞůŚŽ ĚĞ 1ůŚĂǀŽ͘ EĞƐƚĂƉĂƌƚĞĚŽƚĞdžƚŽ͕ƉƌŽĐĞĚĞŵŽƐăĂŶĄůŝƐĞĚŽƐĐŽŶŚĞĐŝŵĞŶƚŽƐƚĞŶƚĂŶĚŽĨĂnjġͲůŽŶƵŵĐŽŶƐƚĂŶƚĞĚŝĄůŽŐŽ ĐŽŵĂƐŝŶĨŽƌŵĂĕƁĞƐƌĞĐŽůŚŝĚĂƐĞŽƐĐŽŶƚƌŝďƵƚŽƐƚĞſƌŝĐŽƐǀŝƐĂŶĚŽŝŶƚĞƌƉƌĞƚĂƌĂƌĞĂůŝĚĂĚĞ͘ĞůĂďŽƌĂĕĆŽĚŽ ƷůƚŝŵŽƉŽŶƚŽĚĞƐƚĞĐĂƉşƚƵůŽĐŽŶƚŽƵĐŽŵĂĞdžƉůŽƌĂĕĆŽĚĞŶŽƌŵĂƚŝǀŽƐ͕ĐŽŵĂƉĞƐƋƵŝƐĂĚĞĚĂĚŽƐŶŽƌƋƵŝǀŽ DƵŶŝĐŝƉĂů ĚĂ ąŵĂƌĂ ĚĞ 1ůŚĂǀŽ Ğ ĐŽŵ Ă ĐŽŶƐƵůƚĂ ĚĂ ƉĄŐŝŶĂ ŽŶůŝŶĞ ĚĞƐƚĂ ŵĞƐŵĂ ĞŶƚŝĚĂĚĞ͘ YƵĂŶƚŽ ăƐ ĞŶƚƌĞǀŝƐƚĂƐ͕ ĨŽƌĂŵ ƌĞĂůŝnjĂĚĂƐ ĐĂƚŽƌnjĞ͕ ĐŽŵ Ž ƉƌŝŶĐŝƉĂů ŽďũĞĐƚŝǀŽ ĚĞ ĐŽŵƉƌĞĞŶĚĞƌ Ž ŚŝƐƚŽƌŝĂů ĚĂƐ /ŶƐƚŝƚƵŝĕƁĞƐ WĂƌƚŝĐƵůĂƌĞƐ ĚĞ ^ŽůŝĚĂƌŝĞĚĂĚĞ ^ŽĐŝĂů ĚŽ ĐŽŶĐĞůŚŽ͘ Ɛ ĞŶƚƌĞǀŝƐƚĂƐ ĨŽƌĂŵ͕ ŶĂ ƐƵĂ ŵĂŝŽƌŝĂ͕ ŐƌĂǀĂĚĂƐĞŵƐŝƐƚĞŵĂĚĞĄƵĚŝŽĞƚƌĂŶƐĐƌŝƚĂƐ͘WĂƌĂ:ƷůŝĂKůŝǀĞŝƌĂͲ&ŽƌŵŽƐŝŶŚŽ͕ĂƐĞŶƚƌĞǀŝƐƚĂƐƐĆŽ͟ƵŵŵĞŝŽ ƉƌŝǀŝůĞŐŝĂĚŽƉĂƌĂĂĐĞĚĞƌĞĐŽŵƉƌĞĞŶĚĞƌĂƐƐƵĂƐƉĞƌƐƉĞĐƚŝǀĂƐ͟;ϮϬϬϴ͗ϭϰͿ͘ &ŝŶĂůŵĞŶƚĞ͕ ƚĞĐĞŵŽƐ ĂůŐƵŵĂƐ ĐŽŶƐŝĚĞƌĂĕƁĞƐ ƋƵĞ ũƵůŐĂŵŽƐ ƉĞƌƚŝŶĞŶƚĞƐ ŶƵŵ ƚƌĂďĂůŚŽ ĚĞƐƚĂ ŶĂƚƵƌĞnjĂ͕ĚĞŝdžĂŶĚŽĞŵĂďĞƌƚŽƋƵĞƐƚƁĞƐĞƐƵŐĞƐƚƁĞƐƉĂƌĂĂĨƵƚƵƌĂƌĞĂůŝnjĂĕĆŽĚĞĞƐƚƵĚŽƐĚĞƐƚĂŶĂƚƵƌĞnjĂ͘            

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ϳ ϭ͘K:ĂƌĚŝŵͲĚĞͲŝŶĨąŶĐŝĂĞŵWŽƌƚƵŐĂů   ,ŝƐƚŽƌŝĐĂŵĞŶƚĞ͕ŽũĂƌĚŝŵͲĚĞͲŝŶĨąŶĐŝĂŶĂƐĐĞƵĐŽŵĨƵŶĕĆŽ ĂƐƐŝƐƚĞŶĐŝĂů Ğ ƐŽĐŝĂů͕ ƉŽƌƌĂnjƁĞƐůŝŐĂĚĂƐă ŵŝƐĠƌŝĂ͕ƉŽƌƵŵůĂĚŽ͕Ğ͕ƉŽƌŽƵƚƌŽůĂĚŽ͕ăŶĞĐĞƐƐŝĚĂĚĞĞĐŽŶſŵŝĐĂĚĞŵĆŽͲĚĞͲŽďƌĂĨĞŵŝŶŝŶĂ͘ŽĐƵƉĂĕĆŽ ůĂďŽƌĂůĚĂƐŵƵůŚĞƌĞƐͶĞƐƉĞĐŝĂůŵĞŶƚĞĚĂƐƋƵĞƐĞĞŵƉƌĞŐĂǀĂŵŶĂƐĨĄďƌŝĐĂƐͶŝŵƉŽƐƐŝďŝůŝƚŽƵĂƐŵĆĞƐĚĞ ĐŽŶĐŝůŝĂƌĞŵ Ă ǀŝĚĂ ƉƌŽĨŝƐƐŝŽŶĂů ĐŽŵ Ă ĞĚƵĐĂĕĆŽ Ğ ƉƌŽƚĞĐĕĆŽ ĚŽƐ ƐĞƵƐ ĨŝůŚŽƐ͘  ƐŽĐŝĞĚĂĚĞ ĞŶĐŽŶƚƌŽƵ ĚŝǀĞƌƐĂƐƌĞƐƉŽƐƚĂƐƉĂƌĂĞƐƚĂŶĞĐĞƐƐŝĚĂĚĞƐŽĐŝĂů͘&ŽŝĂƐƐŝŵƋƵĞŶĂƐĐĞƌĂŵĂƐƌĞĚĞƐƉƌŝǀĂĚĂƐĞƉƷďůŝĐĂƐĚĞ ũĂƌĚŝŶƐͲĚĞͲŝŶĨąŶĐŝĂ͘  KƌĂ͕ŶŽƋƵĞƐĞĐŽŶĐĞƌŶĞăƌĞĚĞƉƌŝǀĂĚĂ͕Ă^ĞŐƵƌĂŶĕĂ^ŽĐŝĂůƉƌĞƚĞŶĚĞƵĂĐƌŝĂĕĆŽĞŵĂŶƵƚĞŶĕĆŽĚĞ ũĂƌĚŝŶƐͲĚĞͲŝŶĨąŶĐŝĂ ƋƵĞ ĐŽŵƉůĞŵĞŶƚĂǀĂŵ Ă ƌĞƐƉŽƐƚĂ ĞĚƵĐĂƚŝǀĂ ĐŽŵ Ă ƐŽĐŝĂů͘ EŽ ƋƵĞ ƌĞƐƉĞŝƚĂ ă ƌĞĚĞ ƉƷďůŝĐĂ͕ŽDŝŶŝƐƚĠƌŝŽĚĂĚƵĐĂĕĆŽƉƌĞŽĐƵƉŽƵͲƐĞĞŵĚĞƐĞŶǀŽůǀĞƌƵŵĂǀĂƐƚĂƌĞĚĞĚĞĞƐƚĂďĞůĞĐŝŵĞŶƚŽƐĚĞ ĞĚƵĐĂĕĆŽƉƌĠͲĞƐĐŽůĂƌ͕ǀĂůŽƌŝnjĂŶĚŽĚĞƐƚĂĨŽƌŵĂĂƐƵĂĨƵŶĕĆŽĞĚƵĐĂƚŝǀĂ͘ƐƚĂƉĞƌƐƉĞĐƚŝǀĂĞǀŽůƵƚŝǀĂĂƚƌŝďƵŝƵ ĂŽ ũĂƌĚŝŵͲĚĞͲŝŶĨąŶĐŝĂ Ƶŵ ƉĂƉĞů ĚĞ ĂƉŽŝŽ ăƐ ĨĂŵşůŝĂƐ ƚĂŶƚŽ ŶŽ ƉƌŽĐĞƐƐŽ ĞĚƵĐĂƚŝǀŽ͕ ĐŽŵŽ ŶŽ ƉƌŽĐĞƐƐŽ ƐŽĐŝŽĞĚƵĐĂƚŝǀŽ͘ EĞƐƚĞ ƐĞŶƚŝĚŽ͕ Ž ƉƌŝŵĞŝƌŽ ĐĂƉşƚƵůŽ ƌĞƐƵůƚĂ ĚĂ ĂŶĄůŝƐĞ ĚĞ ĚŝĨĞƌĞŶƚĞƐ ƉƌŽƉŽƐƚĂƐ ƚĞſƌŝĐĂƐ ƐŽďƌĞ Ž ĐŽŶĐĞŝƚŽ Ğ ĐŽŶĐĞƉĕĆŽ ĚĞ ũĂƌĚŝŵͲĚĞͲŝŶĨąŶĐŝĂ͘ WĞƌŵŝƚŝŶĚŽͲŶŽƐ͕ ĚĞƐƚĂ ĨŽƌŵĂ͕ ƵŵĂ ƉĞƌƐƉĞĐƚŝǀĂ ŐůŽďĂů Ğ ƉƌŽŐƌĞƐƐŝǀĂŶŽŶŽƐƐŽƉĂşƐ͘  ϭ͘ϭ͘KƌŝŐĞŶƐĞĞǀŽůƵĕĆŽĚŽũĂƌĚŝŵͲĚĞͲŝŶĨąŶĐŝĂĞŵWŽƌƚƵŐĂů  ͞WƌŽƚĞŐĞƌ͕ ĂĐŽůŚĞƌ͕ ĂůŝŵĞŶƚĂƌ ĐŽŶƐƚŝƚƵşƌĂŵ͕ Ğ ĐŽŶƐƚŝƚƵĞŵ͕ ƉŽƌ ĐŽŶƐĞƋƵġŶĐŝĂ͕ĂƉƌŝŵĞŝƌĂŐƌĂŶĚĞŝŶƚĞƌǀĞŶĕĆŽĞĚƵĐĂƚŝǀĂũƵŶƚŽĚĂ ŝŶĨąŶĐŝĂ͟;DĂŐĂůŚĆĞƐ͕ϭϵϵϳ͗ϭϮϮͿ͘ ƉƌŝŵĞŝƌĂŝŶĨąŶĐŝĂĞƌĂŽƚĞŵƉŽĚĂƐĂƉƌĞŶĚŝnjĂŐĞŶƐ͕ĐŽŵŽĚŝnj:ĂĐƋƵĞƐ'ĞůŝƐ;ϭϵϵϬ͗ϯϭϰͲϯϭϱͿ͘ƐƚĂƐ ĂƉƌĞŶĚŝnjĂŐĞŶƐĂĐŽŶƚĞĐŝĂŵĞŵĐĂƐĂ͕ŶĂĂůĚĞŝĂŽƵŶŽƚĞƌƌĞŝƌŽ ĞĞƐƚĂǀĂŵƌĞůĂĐŝŽŶĂĚĂƐĐŽŵŽũŽŐŽ͕ŽƋƵĞ ƉĞƌŵŝƚŝƵ Ă ƌĞůĂĕĆŽ ĞŶƚƌĞ ĂƐ ĐƌŝĂŶĕĂƐ͕ Ă ĂƉƌĞŶĚŝnjĂŐĞŵ ĚĂƐ ƚĠĐŶŝĐĂƐ ĚĂƐ ĐŽŝƐĂƐ ĚĂ ǀŝĚĂ Ğ ĚĂƐ ƌĞŐƌĂƐ ĚĞ ƉĞƌƚĞŶĕĂăĂůĚĞŝĂ͘KƉĂŝĞĂŵĆĞƚŝŶŚĂŵƵŵůƵŐĂƌĨƵŶĚĂŵĞŶƚĂůŶĂƉƌŝŵĞŝƌĂĞĚƵĐĂĕĆŽ͘WŽƌǀŽůƚĂĚŽƐƐĞƚĞ ĂŶŽƐ͕ ŽƐ ƌĂƉĂnjĞƐ ĂĐŽŵƉĂŶŚĂǀĂŵ ŽƐ ƉĂŝƐ ŶŽ ĐĂŵƉŽ Ğ ĂƐ ŵĞŶŝŶĂƐ ĂĐŽŵƉĂŶŚĂǀĂŵ ĂƐ ŵĆĞƐ ŶŽƐ ƐĞƵƐ ĂĨĂnjĞƌĞƐĚŽŵĠƐƚŝĐŽƐ͕ĐŽŵǀŝƐƚĂĂ͞ĐƵŵƉƌŝƌŽƐĞƵĨƵƚƵƌŽƉĂƉĞůĚĞŵƵůŚĞƌĞƐ͟;ŝďŝĚĞŵͿ͘

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ϴ 'ƌĂĕĂƐ Ă ĞĚƵĐĂĚŽƌĞƐ Ğ ŵŽƌĂůŝƐƚĂƐ ĚŽ ƐĠĐƵůŽ ys///͕ Ă ĐƌŝĂŶĕĂ ƉĂƐƐŽƵ Ă ƚĞƌ ƵŵĂ ŝŶĨąŶĐŝĂ ŵĂŝƐ ƉƌŽůŽŶŐĂĚĂ͕ ƋƵĞ ĨŽŝ ĂĐĞŝƚĞ ĚĞǀŝĚŽ ĂŽ ͞ġdžŝƚŽ ĚĂƐ ŝŶƐƚŝƚƵŝĕƁĞƐ ĞƐĐŽůĂƌĞƐ Ğ ăƐ ƉƌĄƚŝĐĂƐ ĞĚƵĐĂƚŝǀĂƐ ƋƵĞ ĞůĞƐ ƉƌſƉƌŝŽƐĚĞĨŝŶŝƌĂŵĞŽƌŐĂŶŝnjĂƌĂŵĚŝƐĐŝƉůŝŶĂƌŵĞŶƚĞ͕͟ĐŽŵŽƌĞĨĞƌŝƵWŚŝůŝƉƉĞƌŝğƐ;ϭϵϴϴ͗ϮϭϮͿ͘ŽŶƚƵĚŽ͕ĨŽŝ ŶĂ ƐĞŐƵŶĚĂ ŵĞƚĂĚĞ ĚŽ ƐĠĐƵůŽ ys/// Ğ ƐŽďƌĞƚƵĚŽ ŶŽ ŝŶşĐŝŽ ĚŽ ƐĠĐƵůŽ y/y͕ ĐŽŵ Ă ŝŶĚƵƐƚƌŝĂůŝnjĂĕĆŽ͕ ƋƵĞ ŶĂƐĐĞƌĂŵŽƐƉƌŝŵĞŝƌŽƐũĂƌĚŝŶƐͲĚĞͲŝŶĨąŶĐŝĂ;Ĩ͘'ŽŵĞƐ͕ϭϵϴϲ͗ϭϯͿ͘ ĞĂĐŽƌĚŽĐŽŵĞƌŶĂƌĚ^ƉŽĚĞŬĞWĂƚƌşĐŝĂůĂƌŬƌŽǁŶ͕ĂƉƌŝŵĞŝƌĂŝŶƐƚŝƚƵŝĕĆŽƉĂƌĂĂŝŶĨąŶĐŝĂͶĂ ͞ĠĐŽůĞăƚƌŝĐŽƚĞƌ͟ͶĨŽŝĨƵŶĚĂĚĂ͕Ğŵ&ƌĂŶĕĂ͕ŶŽƐsŽƐŐĞƐ͕ƉŽƌ:ĞĂŶ&ƌĠĚĠƌŝĐKďĞƌůŝŶ;ϭϳϰϬͲϭϴϮϲͿ͕Ğŵϭϳϲϳ ;ϭϵϵϴ͗ϭϱͲϭϲͿ͘ş͕ĂƐĐƌŝĂŶĕĂƐŵĂŝƐƉĞƋƵĞŶĂƐďƌŝŶĐĂǀĂŵĞĂƐŵĂŝƐǀĞůŚĂƐĐŽƐŝĂŵ͕ƚĞĐŝĂŵŽƵĨŝĂǀĂŵ͘KďĞƌůŝŶ͕ ƐĞŐƵŶĚŽ ŽƐ ƌĞĨĞƌŝĚŽƐ ĂƵƚŽƌĞƐ͕ ĨŽŝ ŝŶŽǀĂĚŽƌ ŶŽ ƐĞƵ ŵŽĚĞůŽ ĞĚƵĐĂƚŝǀŽ ƉŽƌƋƵĞ͕ ĂůĠŵ ĚĞ ĐŽŶƚŝŶƵĂƌ Ă ƚƌĂďĂůŚĂƌĂƚƌĂĚŝĕĆŽŽƌĂů͕ŝŶĐůƵŝƵŶĂĞĚƵĐĂĕĆŽŝŶĨĂŶƚŝůũŽŐŽƐĞƚƌĂďĂůŚŽƐŵĂŶƵĂŝƐ͘ ŵϭϴϭϲͶĐŽŶƚŝŶƵŽĂƐĞŐƵŝƌ:ŽĂƋƵŝŵ&ĞƌƌĞŝƌĂ'ŽŵĞƐ Ͷ͕ŶĂ ƐĐſĐŝĂ͕ŽŝŶĚƵƐƚƌŝĂů ZŽďĞƌƚKǁĞŶ ;ϭϳϰϬͲϭϴϮϲͿĂďƌŝƵƵŵĂĞƐĐŽůĂĨƌĞƋƵĞŶƚĂĚĂƉĞůŽƐĨŝůŚŽƐĚŽƐƐĞƵƐŽƉĞƌĄƌŝŽƐĞƉĞůĂƐĐƌŝĂŶĕĂƐĚĂĐŽŵƵŶŝĚĂĚĞ͘ ƐƚĂ ĐůĂƐƐĞ ŝŶĨĂŶƚŝů ƌĞĐĞďŝĂ ĐƌŝĂŶĕĂƐ ĚŽƐ ĚŽŝƐ ĂŽƐ ƐĞŝƐ ĂŶŽƐ Ğ ĞƐƚĂǀĂ ƐŽď Ă ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞ ĚŽ ƚĞĐĞůĆŽ :ĂŵĞƐƵĐŚĂŶĂŶ ƋƵĞ͕ƉŽƐƚĞƌŝŽƌŵĞŶƚĞ͕ĨŽŝĐŽŶǀŝĚĂĚŽƉŽƌƵŵ ƉŽůşƚŝĐŽĞƐĐŽĐġƐĂĐƌŝĂƌĂƐ͞ŝŶĨĂŶƚƐĐŚŽŽůƐ͕͟ Ğŵ ϭϴϭϵ͘ ŵ &ƌĂŶĕĂ ƌĞĐŽŶŚĞĐĞƵͲƐĞ Ă ŝŵƉŽƌƚąŶĐŝĂ ĚĞƐƚĂƐ ĞƐĐŽůĂƐ Ğ͕ ƉŽƌ ŝŶƚĞƌŵĠĚŝŽ ĚĂ ŵĂƌƋƵĞƐĂ ĚĞ WĂƐƚŽƌĞƚ͕ĨŽŝĞŶǀŝĂĚŽƵŵŐƌƵƉŽĚĞƐĞŶŚŽƌĂƐĂ/ŶŐůĂƚĞƌƌĂĂĨŝŵĚĞĞƐƚƵĚĂƌĞŵĂƐ͞ŝŶĨĂŶƚƐĐŚŽŽůƐ͘͟EŽĂŶŽĚĞ ϭϴϮϲ͕ Ğŵ WĂƌŝƐ͕ ĂďƌŝƵ Ă ƉƌŝŵĞŝƌĂ ͞ƐĂůůĞ Ě͛ĂƐŝůĞ͘͟ ƐƚĞƐ ƚŝƉŽƐ ĚĞ ĂƐŝůŽƐ ĐŽŵĞĕĂƌĂŵ ƉŽƌ ƐĞƌ ĚĞ ŝŶŝĐŝĂƚŝǀĂ ƉƌŝǀĂĚĂ͕ŵĂƐĞŵϭϴϰϴ͕ĐŽŵĚĞĐƌĞƚŽĚŽŵĞƐŵŽĂŶŽ͕ŽƐƚĂĚŽĨƌĂŶĐġƐĂƐƐƵŵŝƵĂƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞĚĞƐƚĞƐ ĞƐƚĂďĞůĞĐŝŵĞŶƚŽƐĚĞĐĂƌŝĚĂĚĞƋƵĞĂĚƋƵŝƌŝƌĂŵĂĚĞŶŽŵŝŶĂĕĆŽĚĞ͞ĞƐƚĂďĞůĞĐŝŵĞŶƚŽƐĚĞŝŶƐƚƌƵĕĆŽƉƷďůŝĐĂ͕͟ ƉĂƐƐĂŶĚŽĂĚĞƐŝŐŶĂƌͲƐĞĠĐŽůĞƐŵĂƚĞƌŶĞůůĞƐ;ϭϵϴϲ͗ϭϱͲϭϲͿ͘ ŵ ǀĄƌŝŽƐ ƉŽŶƚŽƐ ĞƵƌŽƉĞƵƐ͕ ŽƐ ũĂƌĚŝŶƐͲĚĞͲŝŶĨąŶĐŝĂ ĐŽŵĞĕĂƌĂŵ Ă ŶĂƐĐĞƌ Ğ Ă ĚĞƐĞŶǀŽůǀĞƌͲƐĞ͘ ŵ /ƚĄůŝĂ͕ĞŵϭϴϮϳ͕ĂůĠŵĚĂƐĐƌĞĐŚĞƐ͕ĂƚƌĂǀĠƐĚĞ&ĞƌƌĂŶƚĞƉŽƌƚŝ;ϭϳϵϭͲϭϴϱϴͿĨŽƌĂŵĐƌŝĂĚĂƐĂƐĞƐĐŽůĂƐŝŶĨĂŶƚŝƐ͘ ƉĂƌƚŝƌĚŽƐĠĐƵůŽyy͕DĂƌŝĂDŽŶƚĞƐƐŽƌŝ;ϭϴϳϬͲϭϵϱϮͿĐŽŶƐƚƌƵŝƵĂƐ͞ĂƐĞĚĞŝĂŵďŝŶŝ͕͟ŶƵŵďĂŝƌƌŽŽƉĞƌĄƌŝŽ͕ ƋƵĞƐĞƚŽƌŶŽƵŶƵŵŝŵƉŽƌƚĂŶƚĞŵĂƌĐŽĚĂƉĞĚĂŐŽŐŝĂĚĂŝŶĨąŶĐŝĂ͘^ƵşĕĂ͕ĂƚƌĂǀĠƐĚĞZŽƵƐƐĞĂƵ;ϭϳϭϮͲϭϳϳϴͿ Ğ WĞƐƚĂůŽnjnjŝ ;ϭϳϰϲͲϭϴϮϲͿ ĐŽŶǀĞƌƚĞƵͲƐĞ ŶĂ ͞ƉĄƚƌŝĂ ĚĂ ƉĞĚĂŐŽŐŝĂ͘͟ ^ƵƌŐŝƵ͕ ũƵŶƚĂŵĞŶƚĞ ĐŽŵ Ž /ŶƐƚŝƚƵƚŽ ĚĞ ZŽƵƐƐĞĂƵ͕ Ă ͞DĂŝƐŽŶ ĚĞƐ WĞƚŝƚƐ͟ ĨƵŶĚĂĚĂ ƉŽƌ ůĂƉĂƌĠĚĞ ;ϭϴϳϯͲϭϵϰϬͿ͕ ŽŶĚĞ ĞƌĂŵ ƉƌĞĐŽŶŝnjĂĚŽƐ ŽƐ ŵĠƚŽĚŽƐĚĞ&ƌƂĞďĞů͕ĚĞDŽŶƚĞƐƐŽƌŝĞĚĞĞĐƌŽůLJ;'ŽŵĞƐ͕ϭϵϴϲ͗ϭϵͿ͘ /ŶǀĞƐƚŝŐĂĕĆŽ ƌĞĂůŝnjĂĚĂ ŵŽƐƚƌĂ ƋƵĞ Ğŵ ϭϴϯϳ͕ ĨŽŝ ĨƵŶĚĂĚŽ ƉŽƌ &ƌŝĞĚƌŝĐŚ &ƌƂĞďĞů ;ϭϳϴϮͲϭϴϱϮͿ͕ ŶĂ ůĞŵĂŶŚĂ͕ Ž ƉƌŝŵĞŝƌŽ :ĂƌĚŝŵͲĚĞͲ/ŶĨąŶĐŝĂ͕ Ž ƉƌŝŵĞŝƌŽ ͞<ŝŶĚĞƌŐĂƌƚĞŶ͕͟ ŶĂ ƐƵĂ ĚĞŶŽŵŝŶĂĕĆŽ ŽƌŝŐŝŶĂů͘ ŽŶƚƵĚŽ͕ ŚĄ ĞƐƚƵĚŽƐ ƋƵĞ ĂƉŽŶƚĂŵ ƉĂƌĂ :ƵŶŚŽ ĚĞ ϭϴϰϬ͕ ĐŽŶĨŽƌŵĞ ĞƐĐƌĞǀĞƵ ƌĐĞ͘ ^ĞŐƵŶĚŽ >ŝĞďƐĐŚŶĞƌ

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ϵ ;ϭϵϵϮ͕ ĂƉƵĚ ƌĐĞ͕ ϮϬϬϮ͗ ϲϲͿ͕ ͞&ƌƂĞďĞů ƉƌŽĐƵƌŽƵ Ƶŵ ŶŽŵĞ ƋƵĞ ŵĞůŚŽƌ ƐĞ ĂĚĞƋƵĂƐƐĞ Ă ĞƐƐĞ ŶŽǀŽ ĞƐƚĂďĞůĞĐŝŵĞŶƚŽ͕ũĄƋƵĞĞůĞŶĆŽƋƵĞƌŝĂƋƵĞĞƐƚĞĐŽŶƚŝǀĞƐƐĞĂƉĂůĂǀƌĂ͞ĞƐĐŽůĂ͕͟ƉŽŝƐ͕ĞƐƚĂƚƌĂƌŝĂŽƐĞŶƚŝĚŽ ĚĞƐĞĞƐƚĂƌĐŽůŽĐĂŶĚŽĐŽŝƐĂƐŶĂĐĂďĞĕĂĚĂƐĐƌŝĂŶĕĂƐ΀͘͘͘΁͘^ĞƵƉƌŽƉſƐŝƚŽƌĞƐŝĚŝĂĞŵŐƵŝĂƌ͕ŽƌŝĞŶƚĂƌĞĐƵůƚŝǀĂƌ ŶĂƐ ĐƌŝĂŶĕĂƐ ƐƵĂƐ ƚĞŶĚġŶĐŝĂƐ ĚŝǀŝŶĂƐ͕ ƐƵĂ ĞƐƐġŶĐŝĂ ŚƵŵĂŶĂ ĂƚƌĂǀĠƐ ĚŽ ũŽŐŽ͕ ĚĂƐ ŽĐƵƉĂĕƁĞƐ Ğ ĚĂƐ ĂĐƚŝǀŝĚĂĚĞƐ ůŝǀƌĞƐ͕ ƚĂů ĐŽŵŽ ĞƵƐ ĨĂnj ĐŽŵ ĂƐ ƉůĂŶƚĂƐ ĚĂ ŶĂƚƵƌĞnjĂ͘͟ :ŽĂƋƵŝŵ &ĞƌƌĞŝƌĂ 'ŽŵĞƐ ;ϭϵϴϲ͗ ϭϳͿ ĞŶĨĂƚŝnjĂ Ž ĨĂĐƚŽ ĚĞ &ƌƂĞďĞů ĚĞĨĞŶĚĞƌ ĂƐ ĐƌŝĂŶĕĂƐ͕͞ĐŽŵŽ ĂƐ ƉůĂŶƚĂƐ ĚĞůŝĐĂĚĂƐ ĞĞŵďƌŝƁĞƐ ĚŽ ŚŽŵĞŵ ĚĞ ĂŵĂŶŚĆ͕ĚĞǀĞŵƐĞƌƚƌĂƚĂĚĂƐĚĞŚĂƌŵŽŶŝĂĐŽŵĞƵƐ͕ĐŽŵĂŶĂƚƵƌĞnjĂĞĐŽŵĞůĂƐŵĞƐŵĂƐ͘͟ ŵƐƉĂŶŚĂ͕WĂďůŽDŽŶƚĞƐŝŶŽ͕Ğŵϭϴϯϴ͕ƚƌĂŶƐĨŽƌŵŽƵĂƐĐƌĞĐŚĞƐĞŵ͞ĞƐĐƵĞůĂƐĚĞƉĂƌǀƵůŽƐ͕͟ŽŶĚĞ ĨŽŝŝŶƐƚŝƚƵşĚŽŽŵĠƚŽĚŽ&ƌƂĞďĞůŝĂŶŽŝŶƚƌŽĚƵnjŝĚŽƉŽƌ&ĞƌŶĂŶĚŽĚĞĂƐƚƌŽ;ϭϴϭϰͲϭϴϳϰͿ͘ EĂ ĠůŐŝĐĂ͕ ƐŽď Ă ŝŶĨůƵġŶĐŝĂ ĚĞ &ƌƂĞďĞů͕ Ğŵ ϭϵϬϳ͕ ĞĐƌŽůLJ ;ϭϴϳϮͲϭϵϯϮͿ ĐƌŝŽƵ Ă ͞ĐŽůĞ ĚĞ ů͛ƌŵŝƚĂŐĞ͟;'ŽŵĞƐ͕ϭϵϴϲ͗ϭϴͿ͘ƐĐŽůĂĞƐƚĂƋƵĞĨŽŝĨŽŶƚĞĚĞŝŶƐƉŝƌĂĕĆŽƉĂƌĂŵƵŝƚĂƐŽƵƚƌĂƐĞŵĂŶƚĞǀĞͲƐĞŶŽ ͞ƌŽƚĞŝƌŽƉĞĚĂŐſŐŝĐŽŝŶƚĞƌŵĞĚŝĄƌŝŽ͟;͘DŽŶƚĞŝƌŽ͕ϮϬϬϱ͗ϭϬϰͿ͘ EŽƌĂƐŝů͕ĞŵĂƐƚƌŽ͕ƐĞŐƵŶĚŽ'ŝƐůĞŶĞ>ƂƐƐŶŝƚnj͕ŽƉƌŝŵĞŝƌŽũĂƌĚŝŵͲĚĞͲŝŶĨąŶĐŝĂĨŽŝĨƵŶĚĂĚŽĞŵϭϴϲϮ͕ ƉŽƌŵşůŝĂƌŝĐŬƐĞŶ͕ĚĞƉŽŝƐĚĞƚĞƌĞƐƚƵĚĂĚŽĞŵĞƐĐŽůĂƐĂůĞŵĆƐŽƌŐĂŶŝnjĂĚĂƐƉŽƌ&ƌƂĞďĞů;ϮϬϬϲ͗ϭϳͿ͘ ĞĚƵĐĂĕĆŽŝŶĨĂŶƚŝů͕ĞŵWŽƌƚƵŐĂů͕ƉĞƌĐŽƌƌĞƵĂƐŵĞƐŵĂƐĞƚĂƉĂƐƋƵĞŶŽƐŽƵƚƌŽƐƉĂşƐĞƐĚĂƵƌŽƉĂ͕ ĞŵďŽƌĂ ĐŽŵ ĂůŐƵŵ ĂƚƌĂƐŽ ŶŽ ƋƵĞ ĐŽŶĐĞƌŶĞ ă ĚŝĂĐƌŽŶŝĂ Ğ͕ ƐŽďƌĞƚƵĚŽ͕ ĂŽ ŶƷŵĞƌŽ ĚĞ ĞƐƚĂďĞůĞĐŝŵĞŶƚŽƐ ;'ŽŵĞƐ͕ϭϵϴϲ͗ϮϬͿ͘sĞũĂŵŽƐƐƵŵĂƌŝĂŵĞŶƚĞĐŽŵŽĨŽŝĞƐƐĞƉĞƌĐƵƌƐŽ͘ ĐƌŝĂĕĆŽĚĂƐŵŝƐĞƌŝĐſƌĚŝĂƐĨĞnjƐƵƌŐŝƌŽƐƉƌŝŵĞŝƌŽƐƐĞƌǀŝĕŽƐĂƐƐŝƐƚĞŶĐŝĂŝƐ͕ŶŽƐĠĐƵůŽys/͕ƉĞůĂĂĐĕĆŽ ĚĂ ZĂŝŶŚĂ ͘ >ĞŽŶŽƌ ;ϭϰϱϴͲϭϱϮϱͿ͕ ĐŽŵ Ă ĨŝŶĂůŝĚĂĚĞ ͞ĚĂ ƉƌĄƚŝĐĂ ĚĞ ŽďƌĂƐ ĚĞ ĐĂƌŝĚĂĚĞ͕ ĚĞƐƚŝŶĂĚĂƐ ĂŽƐ ƉŽďƌĞƐ͕ ĞŶĨĞƌŵŽƐ͕ ſƌĨĆŽƐ͕ ƉƌĞƐŽƐ͕ ĞƚĐ͘ dĂŝƐ ŽďƌĂƐ ĞƐƚĂǀĂŵ ŝŶƚƌŝŶƐĞĐĂŵĞŶƚĞ ůŝŐĂĚĂƐ ĂŽƐ ƉƌŝŶĐşƉŝŽƐ ĚĂ ĐĂƌŝĚĂĚĞĐƌŝƐƚĆ͟;ZĂŵŝƌĞnj͕WĞŶŚĂĞ>ŽĨĨ͕ϭϵϴϴ͕ĂƉƵĚƉŽƌsĂƐĐŽŶĐĞůŽƐ͕ϮϬϬϱ͗ϭϯͿ͘ :ŽĆŽ &ŽƌŵŽƐŝŶŚŽ Ğ dĞƌĞƐĂ ^ĂƌŵĞŶƚŽ ĂĐƌĞƐĐĞŶƚĂƌĂŵ ĂŝŶĚĂ ƋƵĞ͕ ĞƐƚĂ ĨŝŶĂůŝĚĂĚĞ ĂƐƐŝƐƚĞŶĐŝĂů ĚĞĐŽƌƌĞƵ ĚĂƐ ŵƵĚĂŶĕĂƐ ƐŽĐŝĂŝƐ ƉƌŽǀŽĐĂĚĂƐ ƉĞůĂ ŝŶĚƵƐƚƌŝĂůŝnjĂĕĆŽ͕ ƉŽŝƐ ŚŽƵǀĞ Ƶŵ ĂƵŵĞŶƚŽ ĚŽ ƚƌĂďĂůŚŽ ĨĞŵŝŶŝŶŽĨŽƌĂĚĞĐĂƐĂ͕ŽƋƵĞŝŵƉůŝĐŽƵƋƵĞĂƐŵƵůŚĞƌĞƐĚĞŝdžĂƐƐĞŵĚĞƚƌĂďĂůŚĂƌĞdžĐůƵƐŝǀĂŵĞŶƚĞŶŽůĂƌƉĂƌĂ ŽĐƵƉĂƌĞŵŽƵƚƌŽƐůƵŐĂƌĞƐ͕ŶĆŽůŚĞƐƉĞƌŵŝƚŝŶĚŽĨŝĐĂƌĐŽŵŽƐĨŝůŚŽƐ͘ŽŵĞƐŵŽƚĞŵƉŽĨŽƌĂŵƐƵƌŐŝŶĚŽŶŽǀĂƐ ŝĚĞŝĂƐ ƉĞĚĂŐſŐŝĐĂƐ͗ ZŽƵƐƐĞĂƵ͕ WĞƐƚĂůŽnjnjŝ͕ DŽŶƚĞƐƐŽƌŝ͕ ĞǁĞLJ͕ ŶŽ ƉĞƌşŽĚŽ ĐŽŵƉƌĞĞŶĚŝĚŽ ĞŶƚƌĞ Ž ƐĠĐƵůŽ ys///ĞĂƉƌŝŵĞŝƌĂŵĞƚĂĚĞĚŽƐĠĐƵůŽyy͕ƉƌŽŵŽǀĞƌĂŵŶŽǀŽƐĐŽŶŚĞĐŝŵĞŶƚŽƐĞĐŽŶĐĞŝƚŽƐƐŽďƌĞĂŝŶĨąŶĐŝĂ͕ ĚĞŵŽĚŽĂ͞ƉŽƚĞŶĐŝĂƌŽĚĞƐĞŶǀŽůǀŝŵĞŶƚŽŝŶĚŝǀŝĚƵĂůĞĂŝŶƐĞƌĕĆŽƐŽĐŝĂůĚĂƐĐƌŝĂŶĕĂƐ͘sĂůŽƌŝnjĂŵͲƐĞĞŶƚĆŽĂƐ ĨŝŶĂůŝĚĂĚĞƐƉĞĚĂŐſŐŝĐĂƐ͕ĚĞƐĞŶǀŽůǀŝŵĞŶƚĂŝƐĞŝŶƐƚŝƚƵĐŝŽŶĂŝƐĚĂĞĚƵĐĂĕĆŽĚĞŝŶĨąŶĐŝĂ͟;ϮϬϬϬ͗ϳͲϴͿ͘ /ƐĂďĞů ŽƌƌĞŝĂ ;ϭϵϴϭ͗ϭϰϲͿĂĐƌĞƐĐĞŶƚĂ͕ ĂŝŶĚĂ ͞ƋƵĞ ĂƐĐŽŶĚŝĕƁĞƐ ĚĞ ǀŝĚĂ͕ Ă ĞƐĐĂƐƐĞnj ĞĐŽŶſŵŝĐĂĞ

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ϭϬ ĂůŝŵĞŶƚĂƌƚŝǀĞƌĂŵŽƐĞƵƉĞƐŽ͕͟ĚĂşĂŝŵƉŽƌƚąŶĐŝĂĚĂƐŝŶƐƚŝƚƵŝĕƁĞƐĂƐƐŝƐƚĞŶĐŝĂŝƐ͘ EĂƐĞƋƵġŶĐŝĂĚĞƐƚĂƐŝƚƵĂĕĆŽ͕ĞĐŽŵĂĞdžƉƵůƐĆŽĚĂƐŽŶŐƌĞŐĂĕƁĞƐZĞůŝŐŝŽƐĂƐƐƵƌŐŝƌĂŵ͕Ğŵϭϴϯϰ͕ĂƐ ĂƐĂƐ ĚĞ ƐŝůŽ ĚĂ /ŶĨąŶĐŝĂ ĞƐǀĂůŝĚĂ ĚĞ >ŝƐďŽĂ͕ ŶŽ ZĞŝŶĂĚŽ ĚĞ ͘ WĞĚƌŽ /s͕ ƋƵĞ ƚŝŶŚĂŵ ĐŽŵŽ ĨƵŶĕĆŽ ƉƌŽƚĞŐĞƌ͕ĞĚƵĐĂƌĞŝŶƐƚƌƵŝƌĞĚĞƐƚŝŶĂǀĂŵͲƐĞĂĐƌŝĂŶĕĂƐƉŽďƌĞƐ͕ƋƵĞƚŝŶŚĂŵĂĐĂďĂĚŽĂĐƌŝĂĕĆŽĚĞůĞŝƚĞ͕ŶŽ ĐĂƐŽĚŽƐƌĂƉĂnjĞƐĚŽƐƋƵĂƚƌŽĂŽƐƐĞƚĞĞĚĂƐƌĂƉĂƌŝŐĂƐĚŽƐƋƵĂƚƌŽĂŽƐŶŽǀĞĂŶŽƐ͘^ſĂƉĂƌƚŝƌĚŽĞĐƌĞƚŽͲ>Ğŝ ĚĞϮϴĚĞ:ƵůŚŽĚĞϭϴϴϭĠƋƵĞĨŽƌĂŵƌĞŐƵůĂŵĞŶƚĂĚĂƐĂƐĐŽŶĚŝĕƁĞƐƉĂƌĂĂĐƌŝĂĕĆŽĚĞ͞ƐŝůŽƐĚĞĚƵĐĂĕĆŽ͟ ƋƵĞƐĞĚĞƐƚŝŶĂǀĂŵĂĐƌŝĂŶĕĂƐĚŽƐƚƌġƐĂŽƐƐĞŝƐĂŶŽƐ͕ĞŵƚŽĚŽŽƉĂşƐ;ĂƌĚŽŶĂ͕ϭϵϵϳ͗ϮϳͿ͘ ŽŵŽŽŶƷŵĞƌŽĚĞĐƌŝĂŶĕĂƐĚĞƐĨĂǀŽƌĞĐŝĚĂƐĞƐƚĂǀĂĂĂƵŵĞŶƚĂƌ͕ŽĞĐƌĞƚŽͲ>ĞŝĚĞϮϭĚĞEŽǀĞŵďƌŽ ĚĞ ϭϴϲϳ ĞdžƚŝŶŐƵŝƵ ĂƐ ĂƐĂƐ ĚĞ ZŽĚĂ͕ ĐƌŝĂŶĚŽ ŚŽƐƉşĐŝŽƐ ĚĞ ĂĐŽůŚŝŵĞŶƚŽ ƋƵĞ ƐĞ ĚĞƐƚŝŶĂǀĂŵ Ă ĐƌŝĂŶĕĂƐ ĂďĂŶĚŽŶĂĚĂƐŽƵĞŵƐŝƚƵĂĕĆŽĚĞƉŽďƌĞnjĂĞdžƚƌĞŵĂŽƵĨŝůŚĂƐĚĞƉĂŝƐƌĞĐůƵƐŽƐ;sĂƐĐŽŶĐĞůŽƐ͕ϮϬϬϱ͗ϮϮͿ͘ƐƚĂƐ ŝŶƐƚŝƚƵŝĕƁĞƐ͕ũƵŶƚĂŵĞŶƚĞĐŽŵĂƐĂŵĂƐĚĞĐƌŝĂĕĆŽ͕ǀŝƐĂǀĂŵƉƌĄƚŝĐĂƐĞĚƵĐĂƚŝǀĂƐĞŝŶƐƚƌƵƚŝǀĂƐ͕ĐŽŵŽĂůĞŝƚƵƌĂ ĞĂĞƐĐƌŝƚĂ͕ŽĞŶƐŝŶŽĞŽĐŽŵĞĕŽĚĞƵŵĂƉƌŽĨŝƐƐĆŽ͘  ŶĞƐƚĞ ĐŽŶƚĞdžƚŽ ƋƵĞ͕ ĐŽŵ ŽďũĞĐƚŝǀŽƐ ĚĞ ŝŶƐƚƌƵĕĆŽ Ğ ĨŽƌŵĂĕĆŽ ůĂďŽƌĂů͕ ƐƵƌŐŝƌĂŵ ŽƐ ƉƌŝŵĞŝƌŽƐ ũĂƌĚŝŶƐͲĚĞͲŝŶĨąŶĐŝĂ͕ƉƌŽǀĞŶŝĞŶƚĞƐĚĂƐĂƐĂƐĚĞƐŝůŽ͕ŶĂƐĞŐƵŶĚĂŵĞƚĂĚĞĚŽƐĠĐƵůŽy/y͕ĐŽŵŽƌĞƐƵůƚĂĚŽĚĂ ͞ƉƌŽŐƌĞƐƐŝǀĂ ůĂŝĐŝnjĂĕĆŽ ĚĂ ĞĚƵĐĂĕĆŽ ĚĞ ŝŶĨąŶĐŝĂ Ğ ĐŽŵ Ž ĞŶĐĞƌƌĂŵĞŶƚŽ ĚĂƐ ĂƐĂƐ ĚĞ ZŽĚĂ͕ Ğŵ ĐŽŶƐĞƋƵġŶĐŝĂĚĞƵŵĂƵŵĞŶƚŽĚŽĐŽŶƚƌŽůŽĚŽƐƉŽĚĞƌĞƐĐŝǀŝƐƐŽďƌĞŽĐŽŵƉŽƌƚĂŵĞŶƚŽĚĂƐŵĆĞƐƐŽůƚĞŝƌĂƐ͟ ;DĂŐĂůŚĆĞƐ͕ϭϵϵϳ͗ϭϮϭͿ͘ ŵ >ŝƐďŽĂ͕ ĨŽƌĂŵ ĐŽŶƐƚƌƵşĚĂƐ ĐĞƌĐĂ ĚĞ ĚŽnjĞ͞ĂƐĂƐĚĞ ƐŝůŽ͕͟ ƋƵĞ ĂŝŶĚĂ ŚŽũĞ ƐĞ ĞŶĐŽŶƚƌĂŵĞŵ ĨƵŶĐŝŽŶĂŵĞŶƚŽ͕ĐŽŵĂĚĞƐŝŐŶĂĕĆŽĚĞ͞ũĂƌĚŝŶƐŝŶĨĂŶƚŝƐ͕͟ĞƚŝŶŚĂŵĂĞĚƵĐĂĕĆŽĐŽŵŽƉƌŝŶĐŝƉĂůĨƵŶĕĆŽ͘ƐƚĂƐ ƉƌĄƚŝĐĂƐĞĚƵĐĂƚŝǀĂƐƐƵƌŐŝƌĂŵĨƵŶĚĂŵĞŶƚĂůŵĞŶƚĞĞŵĐŽŶƐĞƋƵġŶĐŝĂĚŽĂǀĂŶĕŽĚŽƐĞƐƚƵĚŽƐĚĂƉƐŝĐŽůŽŐŝĂĚĞ ĚĞƐĞŶǀŽůǀŝŵĞŶƚŽ;ĂƌĚŽŶĂ͕ϭϵϵϳ͗ϮϲͲϮϴͿ͘ ŵϭϴϳϬ͕͘ŶƚſŶŝŽŽƐƚĂĂƉƌĞƐĞŶƚŽƵƵŵƉƌŽũĞĐƚŽĚĞƌĞĨŽƌŵĂƋƵĞƉŽƐƐŝďŝůŝƚĂǀĂĂĨƌĞƋƵġŶĐŝĂĚĞ ĐƌŝĂŶĕĂƐĐŽŵĐŝŶĐŽĂŶŽƐŶŽĞŶƐŝŶŽƉƌŝŵĄƌŝŽ͕Ğ͕Ğŵϭϴϳϴ͕ŶƚſŶŝŽZŽĚƌŝŐƵĞƐ^ĂŵƉĂŝŽ͕ŶĂĂƌƚĂ>ĞŝĂĨŝƌŵŽƵ ƋƵĞ ĂƐ :ƵŶƚĂƐ 'ĞƌĂŝƐ ĚĞ ŝƐƚƌŝƚŽ Ğ ĂƐ ąŵĂƌĂƐ DƵŶŝĐŝƉĂŝƐ ĚĞǀŝĂŵ ƉƌŽŵŽǀĞƌ Ă ĐƌŝĂĕĆŽ ĚĞ ƐŝůŽƐ ĚĞ ĚƵĐĂĕĆŽƉĂƌĂĂƵdžŝůŝĂƌĞŵĂƐĞƐĐŽůĂƐƉƌŝŵĄƌŝĂƐĞĂĐŽůŚĞƌĞŵĐƌŝĂŶĕĂƐĚŽƐƚƌġƐĂŽƐƐĞŝƐĂŶŽƐ͘ƉĞƐĂƌĚĞƐĞ ĂĨŝƌŵĂƌ ŶĞƐƚĂ ŵĞƐŵĂ ĂƌƚĂ ƋƵĞ Ž 'ŽǀĞƌŶŽ ƐƵďƐŝĚŝĂǀĂ ĂŶƵĂůŵĞŶƚĞ ĞƐƚĞƐ ƐŝůŽƐ͕ ŝƐƐŽ ŶƵŶĐĂ ĐŚĞŐŽƵ Ă ĂĐŽŶƚĞĐĞƌ͘ K ĂŶŽ ĚĞ ϭϴϴϬ ĨŽŝ Ž ĂŶŽ Ğŵ ƋƵĞ Ž 'ŽǀĞƌŶŽ ĚŝǀƵůŐŽƵ Ă ĐƌŝĂĕĆŽ ĚĞ :ĂƌĚŝŶƐͲĚĞͲŝŶĨąŶĐŝĂ͕ ŽŶĚĞ ĨŽŝ ƉƌĞĐŽŶŝnjĂĚĂĂŵĞƚŽĚŽůŽŐŝĂĚĞ&ƌƂĞďĞůĞŶĂĂƌƚĂĚĞ>ĞŝĚŽŵĞƐŵŽĂŶŽ͕ŶŽĂƌƚ͘Ǒϭϴ͕ŽƐƚĂĚŽĐŽŶĐĞĚĞƵ ƵŵƐƵďƐşĚŝŽĂŶƵĂůăƐąŵĂƌĂƐƉĂƌĂĂƉŽŝŽ͕ƚĂŶƚŽŽĞŶƐŝŶŽƉƌŝǀĂĚŽĐŽŵŽĚŽƉƷďůŝĐŽ͘

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ϭϭ EŽ ĂŶŽĚĞϭϴϴϮ͕ĨŽŝĞŶƚĆŽŝŶĂƵŐƵƌĂĚŽŽƉƌŝŵĞŝƌŽũĂƌĚŝŵͲĚĞͲŝŶĨąŶĐŝĂĚĞŵŽĚĞůŽĨƌƂĞďĞůŝĂŶŽ͕Ğŵ >ŝƐďŽĂ͕ŶŽ:ĂƌĚŝŵĚĂƐƚƌĞůĂ͕ĞŵƋƵĞĂƐĐƌŝĂŶĕĂƐĞƐƚĂǀĂŵĚŝǀŝĚŝĚĂƐĞŵƋƵĂƚƌŽĐůĂƐƐĞƐĚĞĂĐŽƌĚŽĐŽŵŽƐĞƵ ŐƌƵƉŽ ĞƚĄƌŝŽ͗ ƚƌġƐ͕ ƋƵĂƚƌŽ͕ ĐŝŶĐŽ Ğ ƐĞŝƐ ĂŶŽƐ͘ Ž ŵĞƐŵŽ ƚĞŵƉŽ͕ ƐƵƌŐŝƵ Ă ƐƐŽĐŝĂĕĆŽ ĚĂƐ ƐĐŽůĂƐDſǀĞŝƐ ƉĞůŽDĠƚŽĚŽĚĞ:ŽĆŽĚĞĞƵƐ͕ĐŽŵĂƉƌĞŽĐƵƉĂĕĆŽĚĞĂůĨĂďĞƚŝnjĂƌ͕ƚĂŶƚŽĐƌŝĂŶĕĂƐĐŽŵŽƉŽƉƵůĂĕĆŽĂĚƵůƚĂ͕ ĂƚƌĂǀĠƐĚĂƐĞƐĐŽůĂƐŵſǀĞŝƐ͘&ŽŝŶĞƐƚĞŵĞƐŵŽĂŶŽĚĞϭϴϴϮ͕ĂƚƌĂǀĠƐĚĂŝŶŝĐŝĂƚŝǀĂĐĂŵĂƌĄƌŝĂ͕ƋƵĞƐƵƌŐŝƌĂŵ ƉƌŽƉŽƐƚĂƐ ƉĂƌĂ Ă ĐŽŶƐƚƌƵĕĆŽ ĚĞ ŽƵƚƌŽƐ ũĂƌĚŝŶƐͲĚĞͲŝŶĨąŶĐŝĂ͕ Ƶŵ ƉŽƌ ďĂŝƌƌŽ͕ ĂŶĞdžĂĚŽƐ ăƐ ĞƐĐŽůĂƐ͘ EĞƐƚĞ ŵĞƐŵŽĂŶŽ͕ŽƉƌĞƐŝĚĞŶƚĞĚĂ^ŽĐŝĞĚĂĚĞĚĂ/ŶƐƚƌƵĕĆŽĚŽWŽƌƚŽĂĐŽŶƐĞůŚŽƵŽĞŶǀŝŽĚĞĂůŐƵŵĂƐƐĞŶŚŽƌĂƐ͕ ĞŶƚƌĞ ŽƐ ĚĞnjĂƐƐĞŝƐ Ğ ŽƐ ĚĞnjŽŝƚŽ ĂŶŽƐ͕ Ă &ƌĂŶĕĂ ŽƵ ă ^ƵşĕĂ ƉĂƌĂ ĂƉƌĞŶĚĞƌĞŵ Ž ŵĠƚŽĚŽ ƉƌĞĐŽŶŝnjĂĚŽ ƉŽƌ &ƌƂĞďĞů;sĂƐĐŽŶĐĞůŽƐ͕ϮϬϬϱ͗ϮϮͲϮϯͿ͘ ƉĞƐĂƌ ĚĂ ǀĂůŽƌŝnjĂĕĆŽ ĚĂ ĨƵŶĕĆŽ ĞĚƵĐĂƚŝǀĂ ĚĞ ŝŶƐƉŝƌĂĕĆŽ ĨƌƂĞďĞůŝĂŶĂ ĚĂ ĞĚƵĐĂĕĆŽ ŝŶĨĂŶƚŝů͕ Ă ĨƵŶĕĆŽ ĚĞ ĂƉŽŝŽ ƐŽĐŝĂů͕ ŽƵ ƐĞũĂ͕ Ă ĨƵŶĕĆŽ ĚĞ ŐƵĂƌĚĂ ĐŽŶƚŝŶƵŽƵ Ă ĚŽŵŝŶĂƌ Ă ĨŝůŽƐŽĨŝĂ ĚĞƐƐĞƐ ĞƐƚĂďĞůĞĐŝŵĞŶƚŽƐ ĚĞ ĞŶƐŝŶŽ͘ hŵĂ ǀĞnj ƋƵĞ ĂƐ ĐŽŶĚŝĕƁĞƐ ƐŽĐŝĂŝƐ ĚĂ ĠƉŽĐĂ ĞƌĂŵ ƉƌĞŽĐƵƉĂŶƚĞƐ͕ ĂƐ :ƵŶƚĂ 'ĞƌĂŝƐ ŝƐƚƌŝƚĂŝƐ ĂƐƐƵŵŝƌĂŵ Ƶŵ ƉĂƉĞů ĚĞ ŝŶƚŝŵŝĚĂĕĆŽ ƉĂƌĂ ĐŽŵ ĂƐ ŵƵůŚĞƌĞƐ ŐƌĄǀŝĚĂƐ ŶĆŽ ĐĂƐĂĚĂƐ͕ ŽďƌŝŐĂŶĚŽͲĂƐ Ă ƉĂƌƚŝĐŝƉĂƌ Ž ƉĂƌƚŽ Ğ Ă ĐƵŝĚĂƌ ĚŽƐ ƐĞƵƐ ďĞďĠƐ͕ ƐƵďƐŝĚŝĂŶĚŽ ĂƐ ŵĆĞƐ ƉŽďƌĞƐ ĚƵƌĂŶƚĞ Ă ŐĞƐƚĂĕĆŽ Ğ ůĂĐƚĂĕĆŽ͕ ƋƵĞ ƉŽƌ ǀĞnjĞƐ ŝĂ ĂƚĠ ĂŽƐ ƋƵĂƚƌŽ ĂŶŽƐ͘ KƐ ŚŽƐƉşĐŝŽƐ ĨŽƌĂŵ ƚƌĂŶƐĨŽƌŵĂĚŽƐ Ğŵ ŵĂƚĞƌŶŝĚĂĚĞƐ Ğ ĞŶĨĞƌŵĂƌŝĂƐ͕ ƐĞŶĚŽ ĂƐŵĆĞƐ ŽďƌŝŐĂĚĂƐ Ă ĐƵŝĚĂƌ ĚŽƐ ƐĞƵƐ ĨŝůŚŽƐ͘K ƌĞŐƵůĂŵĞŶƚŽ ĚĞ ϱ ĚĞ :ĂŶĞŝƌŽĚĞϭϴϴϴƉƌĞĐŽŶŝnjŽƵƋƵĞŽƐŵĞŶŽƌĞƐĚĞƐǀĂůŝĚŽƐŽƵĂďĂŶĚŽŶĂĚŽƐĞƌĂŵĐƵŝĚĂĚŽƐƉŽƌĂŵĂƐ͕ĂƚĠĂŽƐ ƐĞƚĞ ĂŶŽƐ͘ Ɛ ĐƌŝĂŶĕĂƐ ƋƵĞ ƚŝŶŚĂŵ ĞŶƚƌĞ ƐĞƚĞ Ğ ĚŽnjĞ ĂŶŽƐ ĨŝĐĂǀĂŵ ŝŶƚĞƌŶĂĚĂƐ Ğŵ ĞƐĐŽůĂƐͲĂƐŝůŽ͕ ŽŶĚĞ ƌĞĐĞďŝĂŵĨŽƌŵĂĕĆŽƉƌŽĨŝƐƐŝŽŶĂů͕ĞŶĐŽŶƚƌĂŶĚŽͲƐĞĚĞƉĞŶĚĞŶƚĞƐĚĂƐĂƵƚŽƌŝĚĂĚĞƐĚŝƐƚƌŝƚĂŝƐ;sŝůĂƌŝŶŚŽ͕ϮϬϬϬ͗ ϳϯͿ͘  ƌĞĨŽƌŵĂ ĚĞ ϭϴϵϰ ůĞǀŽƵ ă ĐŽŶƐƚƌƵĕĆŽ ĚĞ ĞƐĐŽůĂƐ ƉĂƌĂ Ă ĐůĂƐƐĞ ŝŶĨĂŶƚŝů͕ Ğŵ >ŝƐďŽĂ Ğ ŶŽ WŽƌƚŽ͘ EĞƐƚĞŵĞƐŵŽĂŶŽ͕ŽĞĐƌĞƚŽͲ>ĞŝĚĞϮϮĚĞĞnjĞŵďƌŽƌĞŐƵůĂŵĞŶƚŽƵĂůŐƵŶƐĐŽŶƚĞƷĚŽƐƉƌŽŐƌĂŵĄƚŝĐŽƐƉĂƌĂ ĞƐƚĂƐĞƐĐŽůĂƐ͘ƐƐŝŵ͕ĂƐĞƐĐŽůĂƐŝŶĨĂŶƚŝƐĚĞǀŝĂŵƌĞĐĞďĞƌĐƌŝĂŶĕĂƐĐŽŵŝĚĂĚĞƐĐŽŵƉƌĞĞŶĚŝĚĂƐĞŶƚƌĞŽƐƚƌġƐ ĞŽƐƐĞŝƐĂŶŽƐĞĚĞǀŝĂƐĞƌŵŝŶŝƐƚƌĂĚŽƵŵĞŶƐŝŶŽĚĞĂĐŽƌĚŽĐŽŵĂŝĚĂĚĞ͕ĨĂǀŽƌĞĐĞŶĚŽŽĚĞƐĞŶǀŽůǀŝŵĞŶƚŽ ĨşƐŝĐŽ ĚĂƐ ĐƌŝĂŶĕĂƐ Ğ ŝŶĐƵƚŝŶĚŽͲůŚĞ ďŽŶƐ ŚĄďŝƚŽƐ͕ ŐĂƌĂŶƚŝŶĚŽ ĐƵŝĚĂĚŽƐ ĚĞ ĂƐƐĞŝŽ͕ ƐĂƷĚĞ Ğ ƌĞƐƉĞŝƚŽ ƉĞůŽ ďĞŵͲĞƐƚĂƌĚĂĐƌŝĂŶĕĂ͕ĞdžĞƌĐşĐŝŽĚĂůŝŶŐƵĂŐĞŵĞĚĞĐĂŶƚŽ͕ũŽŐŽƐ͕ďƌŝŶĐĂĚĞŝƌĂĞĞŶƚƌĞƚĞŶŝŵĞŶƚŽƐŝŶƐƚƌƵƚŝǀŽƐ͘ EĞƐƐĞ ŵĞƐŵŽ ĂŶŽ͕ Ă ĞdžƉƌĞƐƐĆŽ ͞ũĂƌĚŝŵͲĚĞͲŝŶĨąŶĐŝĂ͟ ĨŽŝ ƐƵďƐƚŝƚƵşĚĂ ƉŽƌ ͞ĞƐĐŽůĂ ŝŶĨĂŶƚŝů͕͟ ƌĞĨŽƌĕĂŶĚŽĂƚĞŶĚġŶĐŝĂĞƐĐŽůĂƌŝnjĂŶƚĞ͘ƉĞƐĂƌĚĞŶĆŽƐĞĚĞĨŝŶŝƌĂĞĚƵĐĂĕĆŽĚĞŝŶĨąŶĐŝĂĐŽŵŽƵŵŐƌĂƵĚĞ ĞŶƐŝŶŽ͕ŝŶŝĐŝŽƵͲƐĞƵŵƉƌŽĐĞƐƐŽĚĂƐƵĂŝŶƚĞŐƌĂĕĆŽŶŽƐŝƐƚĞŵĂĞĚƵĐĂƚŝǀŽ;sĂƐĐŽŶĐĞůŽƐ͕ϮϬϬϱ͗ϮϰͿ͘ dĂů ĐŽŵŽ :ŽĆŽ ĚĞ ĞƵƐ ;ϭϴϯϬͲϭϴϵϲͿ͕ ŽƵƚƌŽƐ ƉĞĚĂŐŽŐŽƐ ƉŽƌƚƵŐƵĞƐĞƐ ƉƌĞŽĐƵƉĂƌĂŵͲƐĞ ĐŽŵ Ă

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ϭϮ ĞĚƵĐĂĕĆŽ ĚĂƐ ĐƌŝĂŶĕĂƐ͕ ŶŽŵĞĂĚĂŵĞŶƚĞ :ŽƐĠ ƵŐƵƐƚŽ ŽĞůŚŽ͕ ƋƵĞ ĞůĂďŽƌŽƵ Ƶŵ ƉƌŽŐƌĂŵĂ ƉĂƌĂ Ă ĞƐĐŽůĂ ŝŶĨĂŶƚŝů͘ EŽŝŶşĐŝŽĚŽƐĂŶŽƐϵϬ͕ĂŝŶĚĂŶĂDŽŶĂƌƋƵŝĂ͕ĐŽŵŽŵŽǀŝŵĞŶƚŽĚĂƐƐŽĐŝĂĕĆŽĚĂƐƐĐŽůĂƐDſǀĞŝƐ ƉĞůŽ DĠƚŽĚŽ :ŽĆŽ ĚĞ ĞƵƐ͕ ĨƵŶĚĂĚŽ ƉŽƌ ĂƐŝŵŝƌŽ &ƌĞŝƌĞ͕ ĨŽŝ ƉƌŽƉŽƐƚĂ Ă ĐƌŝĂĕĆŽ ĚĞ :ĂƌĚŝŶƐͲƐĐŽůĂ ƉĂƌĂ ĐƌŝĂŶĕĂƐĚŽƐƚƌġƐĂŽƐƐĞƚĞĂŶŽƐĞďŝďůŝŽƚĞĐĂƐŝƚŝŶĞƌĂŶƚĞƐ͕ŽŶĚĞĨŽŝĂƉůŝĐĂĚĂĂĚŽƵƚƌŝŶĂĞŽĞƐƉşƌŝƚŽĚĂŽďƌĂ ĞĚƵĐĂƚŝǀĂĚĞ:ŽĆŽĚĞĞƵƐ͕ƐĞŐƵŶĚŽŽŵĠƚŽĚŽĚĂĂƌƚŝůŚĂDĂƚĞƌŶĂů͕ŵŽĚĞůĂŶĚŽĂƐƐŝŵƵŵƚŝƉŽĚĞĞƐĐŽůĂ ŝŶĨĂŶƚŝůƉŽƌƚƵŐƵġƐ͘ ƋƵĂŶĚŽ ĚĂ ŝŵƉůĂŶƚĂĕĆŽ ĚĂ WƌŝŵĞŝƌĂ ZĞƉƷďůŝĐĂ͕ ƐĞŐƵŶĚŽ DĂƌŝĂ DĂŶƵĞůĂ &ĞƌƌĞŝƌĂ͕ ĨŽƌĂŵ ĂĐƚƵĂůŝnjĂĚĂƐ ͞ĂƐ ƉƌŽŵĞƐƐĂƐ ĚĂ ŵŽĚĞƌŶŝĚĂĚĞ ĨƵŶĚĂĚĂƐ ŶŽ ŝůƵŵŝŶŝƐŵŽ͕ ƐŽď ŽƐ ƉƌŝŶĐşƉŝŽƐ ĚĂ ŝŐƵĂůĚĂĚĞ͕ ůŝďĞƌĚĂĚĞ Ğ ĨƌĂƚĞƌŶŝĚĂĚĞ͕ ĂƐƐƵŵŝŶĚŽͲƐĞ ĐŽŵŽ ƵŵĂ ŝĚĞŽůŽŐŝĂ ƉŽůşƚŝĐĂ ŵŽďŝůŝnjĂĚŽƌĂ͕ ƋƵĞ ƐĞ ĚĞǀĞ ă ĐĂƉĂĐŝĚĂĚĞĚĞŽƉĞƌĂƌĂƐƚƌĂŶƐĨŽƌŵĂĕƁĞƐŶĞĐĞƐƐĄƌŝĂƐăŝŵƉůĂŶƚĂĕĆŽĚĞƵŵƉƌŽũĞĐƚŽĚĞƐŽĐŝĞĚĂĚĞŶŽǀĂĞ ƵŵĂ ŶŽǀĂ ŽƌĚĞŵ ƐŽĐŝĂů͘͟ ĞƐƚĂ ŶŽǀĂ ŽƌĚĞŵ ƐŽĐŝĂů ĨŝnjĞƌĂŵ ƉĂƌƚĞ͗ ͞ĐŝĚĂĚĂŶŝĂ͕ ƌĂĐŝŽŶĂůŝƐŵŽ Ğ ůĂŝĐŝƐŵŽ͊͟ ;ϮϬϬϬ͗ϱϲͲϱϳͿ͘ŽŶƚƵĚŽ͕ĞƐĞŐƵŶĚŽĂŵĞƐŵĂĂƵƚŽƌĂ͕ĞƐƚĂŵƵƚĂĕĆŽƐŽĐŝĂů͕ŵŽĚĞƌŶĂ͕ƌĞƉƵďůŝĐĂŶĂ͕ůĂŝĐĂĞ ĐŝĞŶƚşĨŝĐĂĚĞƉĂƌŽƵͲƐĞĐŽŵƵŵĂĞŶŽƌŵĞĚŝĨŝĐƵůĚĂĚĞ͕ƉŽŝƐĂƚĠŝŶşĐŝŽƐĚŽƐĠĐƵůŽyy͕WŽƌƚƵŐĂůĞƌĂĐŽŵƉŽƐƚŽ ƉŽƌ ƵŵĂ ƉŽƉƵůĂĕĆŽ ŵĂŝŽƌŝƚĂƌŝĂŵĞŶƚĞ ƌƵƌĂů͕ ĂŶĂůĨĂďĞƚĂ Ğ ĐĂƚſůŝĐĂ͕ Ž ƋƵĞ ƐĞ ƚŝǀĞƌŵŽƐ Ğŵ ĐŽŶƚĂ Ž ĚĠďŝů ĚĞƐĞŶǀŽůǀŝŵĞŶƚŽƵƌďĂŶŽĞŝŶĚƵƐƚƌŝĂů͕ĚŝĨŝĐƵůƚŽƵĂŵƵĚĂŶĕĂĚĞƐĞũĂĚĂƉŽƌĞƐƐĂƐĞůŝƚĞƐ;ϮϬϬϬ͗ϲϮͲϲϯͿ͘,ŽƵǀĞ͕ ƉŽƌƚĂŶƚŽ͕ ŶĞĐĞƐƐŝĚĂĚĞ ĚĞ ƐĞ ͞ƉƌŽĐĞĚĞƌ ă ĞůĂďŽƌĂĕĆŽ ĚĞ Ƶŵ ƉƌŽũĞĐƚŽ ĚĞ ƌĞĨŽƌŵĂ ĚĂ ŵĞŶƚĂůŝĚĂĚĞ ƉŽƌƚƵŐƵĞƐĂ͕ ĞůĞŐĞŶĚŽ Ă ƐĐŽůĂ ƉĂƌĂ Ž ĨĂnjĞƌ͘͟  ĞƐĐŽůĂ ĨŽŝ͕ ĞŶƚĆŽ͕ Ž ǀĞşĐƵůŽ ĐŽŶĚƵƚŽƌ ƋƵĞ ƉĞƌŵŝƚŝƵ Ă ƉƌŽŐƌĞƐƐĆŽĚŽƐĐŝĚĂĚĆŽƐĞĚĂƐŽĐŝĞĚĂĚĞ͕ĂƚƌĂǀĠƐ ĚĞƵŵĂƌĞĨŽƌŵĂĚĂƐŵĞŶƚĂůŝĚĂĚĞƐĞĚĂ ĐƌŝĂĕĆŽ ĚĞƵŵ ͞ŚŽŵĞŵŶŽǀŽ͕͟ƵŵĂǀĞnjƋƵĞĚĞŝdžŽƵĚĞƐĞƌƌĞŐŝĚĂƉŽƌǀĂůŽƌĞƐƌĞƉƵďůŝĐĂŶŽƐĞůĂŝĐŽƐ͕ƉĂƌĂƐĞƌƵŵĂĞƐĐŽůĂ ƐĞŵƌĞůŝŐŝĆŽ͘ƌĞůŝŐŝĆŽƉĂƐƐŽƵĂƐĞƌĚĂƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞĚĂƐĨĂŵşůŝĂƐĞŶĆŽƵŵĂƋƵĞƐƚĆŽĚĞĂůĕĂĚĂƐŽĐŝĂů͘ ƐƚĂ ŵƵĚĂŶĕĂ ŶĂ ĞƐĐŽůĂ ƉŽƐƐŝďŝůŝƚŽƵ Ƶŵ ŶŽǀŽ ĐŽŶĐĞŝƚŽ ĚĞ ĞĚƵĐĂĕĆŽ͕ ĂƐƐŽĐŝĂĚŽ Ă ƵŵĂ ǀĂůŽƌŝnjĂĕĆŽ ĚŽ ŝŶĚŝǀşĚƵŽ͕ ǀĂůŽƌŝnjĂĕĆŽ ĞƐƐĂ ƋƵĞ ƐĞ ƉƌĞŶĚĞƵ ĐŽŵ ŽƐ ƉƌŝŶĐşƉŝŽƐ ĚŽ ͞ĐƵůƚŽ ĚĂ WĄƚƌŝĂ͕͟ ĐŽŵŽ ĂĨŝƌŵŽƵ ŶĂ WĂƵůĂWĞĚƌŽ;ϮϬϬϮ͗ϭϬϴͲϭϭϭͿ͘ ŽŵŽ ƌĞĨĞƌĞ ŶĂ ĞŶĂǀĞŶƚĞ͕ ǀĞƌŝĨŝĐŽƵͲƐĞ Ƶŵ ŐƌĂŶĚĞ ĞŵƉĞŶŚŽ ƉŽƌ ƉĂƌƚĞ ĚŽƐ ƌĞƉƵďůŝĐĂŶŽƐ Ğŵ ͞ůƵƚĂƌ ĐŽŶƚƌĂ Ă ƉĞƐĂĚĂ ŚĞƌĂŶĕĂ͕͟ ƋƵĞ ĐŽŶĚƵnjŝƵ ă ĞůĞǀĂĚĂ ƚĂdžĂ ĚĞ ĂŶĂůĨĂďĞƚŝƐŵŽ ĚĞ ĐĞƌĐĂ ĚĞ ϳϬй ĚĂ ƉŽƉƵůĂĕĆŽ ƉŽƌƚƵŐƵĞƐĂ͖ ă ƌĞĚĞ ĞƐĐŽůĂƌ ĚŝŵŝŶƵƚĂ͕ ĂƉĞŶĂƐ Ƶŵ ƚĞƌĕŽ ĚĂƐ ĞƐĐŽůĂƐ ŶĞĐĞƐƐĄƌŝĂƐ Ğ ĂŽ ĐŽƌƉŽ ĚŽĐĞŶƚĞŵĂůƌĞŵƵŶĞƌĂĚŽĞĐŽŵĨŽƌŵĂĕĆŽĞƐĐĂƐƐĂ;ϭϵϵϬ͗ϰϵͿ͘DĂƌŝĂ:ŽĆŽĂƌĚŽŶĂ;ϭϵϵϳ͗ϯϰͿĂĐƌĞƐĐĞŶƚĂ ƋƵĞƌĞůĂƚŝǀĂŵĞŶƚĞĂŽŶşǀĞůĚŽĞŶƐŝŶŽŝŶĨĂŶƚŝůĂƐŝƚƵĂĕĆŽĞƌĂ͕ĂŝŶĚĂ͕ƉŝŽƌ͘  ZĞƉƷďůŝĐĂ ĚĞƵ Ƶŵ ŶŽǀŽ ąŶŝŵŽ ă ŝŶĨąŶĐŝĂ͕ ƋƵĂŶĚŽ ĂĐƚƵĂůŝnjŽƵ ŽƐ ƉƌŝŶĐşƉŝŽƐ ĚŽ ŝůƵŵŝŶŝƐŵŽ͗

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ϭϯ ŝŐƵĂůĚĂĚĞ͕ůŝďĞƌĚĂĚĞĞĨƌĂƚĞƌŶŝĚĂĚĞ͘ŐƌĂŶĚĞĂůŝĂĚĂŶĂĞĚŝĨŝĐĂĕĆŽĚĞƐƚĞƉƌŽũĞĐƚŽĨŽŝĂĐŝġŶĐŝĂ͘EŽƋƵĞĚŝnj ƌĞƐƉĞŝƚŽĂĞƐƚĂŵƵĚĂŶĕĂĚĞŵĞŶƚĂůŝĚĂĚĞƐĞŵƌĞůĂĕĆŽăŝŶĨąŶĐŝĂ͕ĚĞƐƚĂĐĂƌĂŵͲƐĞĂůŐƵŶƐŵĠĚŝĐŽƐƉĞůĂƐƵĂ ƉƌĞŽĐƵƉĂĕĆŽ ĐŽŵ Ă ĞůĞǀĂĚĂ ƚĂdžĂ ĚĞ ŵŽƌƚĂůŝĚĂĚĞ ŝŶĨĂŶƚŝů Ğ ĂůŐƵŶƐ ƉĞĚĂŐŽŐŽƐ ŶŽ ąŵďŝƚŽ ĚĂ ĞĚƵĐĂĕĆŽ ŝŶĨĂŶƚŝů͘ŵďŽƐƵŶŝƌĂŵĞƐĨŽƌĕŽƐŶŽƐĞŶƚŝĚŽĚĞŵĞůŚŽƌĂƌĂƐĂƷĚĞĨşƐŝĐĂĞŵĞŶƚĂůďĞŵĐŽŵŽĂĞĚƵĐĂĕĆŽĚĂƐ ĐƌŝĂŶĕĂƐ;&ĞƌƌĞŝƌĂ͕ϮϬϬϬ͗ϲϮͲϲϯͿ͘ ƐƚĞ ŽďũĞĐƚŝǀŽ ƉĞƌŵŝƚŝƵ Ă ĐŽŶƐĐŝĞŶĐŝĂůŝnjĂĕĆŽ ĚĞ ǀĄƌŝŽƐ ƉƌŽďůĞŵĂƐ ƌĞůĂĐŝŽŶĂĚŽƐ ĐŽŵ Ă ŝŶĨąŶĐŝĂ͗ ĞůĞǀĂĚĂƚĂdžĂĚĞŵŽƌƚĂůŝĚĂĚĞ͕ ƌĞƐƵůƚĂŶƚĞ ĚĂĨĂůƚĂĚĞĐƵŝĚĂĚŽƐĚĞŚŝŐŝĞŶĞ Ğ ĚĞƐĐŽŶŚĞĐŝŵĞŶƚŽŶĂĄƌĞĂ ĚĞ ƉƵĞƌŝĐƵůƚƵƌĂ͖ĂďĂŶĚŽŶŽĞƐŽĨƌŝŵĞŶƚŽĚĂƐĐƌŝĂŶĕĂƐ͖ĨŽŵĞĞƚƌĂďĂůŚŽŝŶĨĂŶƚŝůĞĨĂůƚĂĚĞĐƵŝĚĂĚŽƐĚĞƐĂƷĚĞĞ ĞĚƵĐĂĕĆŽ͘ EĞƐƚĞƐĞŶƚŝĚŽ͕ŽƐŵĠĚŝĐŽƐĚĞƌĂŵĨŽƌŵĂĕĆŽăƐŵĆĞƐĞĂĐƚƵĂƌĂŵĞŵƐŝƚƵĂĕƁĞƐĐŽŶĐƌĞƚĂƐ͕ĞdžĞŵƉůŽ ĚŝƐƐŽĨŽŝĂĐƌŝĂĕĆŽĚŽ/ŶƐƚŝƚƵƚŽĚĞWƵĞƌŝĐƵůƚƵƌĂͶƐƐŽĐŝĂĕĆŽĚĞƐƐŝƐƚġŶĐŝĂ/ŶĨĂŶƚŝů͕ĞŵDĂŝŽĚĞϭϵϭϭ͕ĐƵũĂ ŵŝƐƐĆŽ ĞƌĂ ͞ĐƵŝĚĂƌ ĚĂƐ ŵĆĞƐ Ğ ĚĂƐ ĐƌŝĂŶĕĂƐ ĚĞƐĂŵƉĂƌĂĚĂƐ͕ ƉƌĞƐƚĂŶĚŽͲůŚĞƐ ŽƐ ƉƌŝŵĞŝƌŽƐ ƐŽĐŽƌƌŽƐ Ğ ĚĂŶĚŽͲůŚĞ ĂůŝŵĞŶƚŽƐ Ğ ĂŐĂƐĂůŚŽƐ͘͟ WŽƌ ƐƵĂ ǀĞnj͕ ƉƐŝĐſůŽŐŽƐ Ğ ƉĞĚĂŐŽŐŽƐ͕ ŶŽƐ ĨŝŶĂŝƐ ĚŽ ƐĠĐƵůŽ y/y ĐŽŶƚƌŝďƵŝƌŝĂŵƉĂƌĂĞŶŐƌĂŶĚĞĐĞƌ͞ŽĚŝƐĐƵƌƐŽƉĞĚĂŐſŐŝĐŽƉŽƌƚƵŐƵġƐ͕͟ĐŽŵĚƵĂƐŐƌĂŶĚĞƐƉƌĞŽĐƵƉĂĕƁĞƐ͗ƉŽƌ Ƶŵ ůĂĚŽ Ă ĚŝǀƵůŐĂĕĆŽ ĚŽ ĚŝƐĐƵƌƐŽ ĚĂ ͞ĐŽŶƐĞƌǀĂĕĆŽ ĚĂ ĐƌŝĂŶĕĂ͟ Ͷ ĂŵŽƌ ŵĂƚĞƌŶĂů͕ ďŽĂƐ ŵĂŶĞŝƌĂƐ Ğ ƉƵĞƌŝĐƵůƚƵƌĂ͕ ĂƐƉĞĐƚŽƐ ƌĞůĂĐŝŽŶĂĚŽƐ ĐŽŵ Ă ƉĞƌƐƉĞĐƚŝǀĂ ĚĞ ZŽƐƐĞĂƵ Ͷ Ğ͕ ƉŽƌ ŽƵƚƌŽ͕ Ă ŐĞŶĞƌĂůŝnjĂĕĆŽ ĚŽ ĞŶƐŝŶŽĂƚŽĚĂƐĂƐĐĂŵĂĚĂƐƐŽĐŝĂŝƐ͕ŽƋƵĞŝŵƉůŝĐŽƵŽĐŽŶĐĞƉƚƵĂůŝƐŵŽĚĞŵĂƚĞƌŝĂŝƐĞŵĠƚŽĚŽƐĂĚĞƋƵĂĚŽƐ ĚĞĂůĨĂďĞƚŝnjĂĕĆŽĞĨŽƌŵĂĕĆŽĚĞƉƌŽĨĞƐƐŽƌĞƐĐŽŵŽĞƐƚƵĚŽĚĂĚŝƐĐŝƉůŝŶĂĚĞƉĞĚĂŐŽŐŝĂ͘  WƐŝĐŽůŽŐŝĂ ĚŽ ĞƐĞŶǀŽůǀŝŵĞŶƚŽ ƉĞƌŵŝƚŝƵ Ž ĐŽŶŚĞĐŝŵĞŶƚŽ ĚĂ ĐƌŝĂŶĕĂ Ğ ĂƉůŝĐĂĕĆŽ ĚĞ ŶŽǀŽƐ ŵĠƚŽĚŽƐĚĞĞŶƐŝŶŽŶĂĞĚƵĐĂĕĆŽĚĞŝŶĨąŶĐŝĂ͕ĂůĠŵĚĞĚŝǀŝĚŝƌŽƐĞƵĚĞƐĞŶǀŽůǀŝŵĞŶƚŽĞŵĚƵĂƐŝŶĨąŶĐŝĂƐ͕Ă ƐĂďĞƌ͗ Ă ƉƌŝŵĞŝƌĂ͕ ĂƚĠ ĂŽƐ ƚƌġƐ ĂŶŽƐ͕ Ğ Ă ƐĞŐƵŶĚĂ͕ ĞŶƚƌĞ ŽƐ ƚƌġƐ Ğ ŽƐ ƐĞŝƐ ĂŶŽƐ͘  ĚĞƐĐŽďĞƌƚĂ ĚĂƐ ƉŽƚĞŶĐŝĂůŝĚĂĚĞƐĚĞƐƚĂƐĞŐƵŶĚĂŝŶĨąŶĐŝĂ͕ůĞǀŽƵăĐƌŝĂĕĆŽĚŽƐũĂƌĚŝŶƐͲĚĞͲŝŶĨąŶĐŝĂ;sŝůĂƌŝŶŚŽ͕ϮϬϬϬ͗ϲϮͲϲϯͿ͘ ĞƐƚĂ ĨŽƌŵĂ͕ ŽƐ ĞƐĨŽƌĕŽƐ ĚŽƐ ƉŽůşƚŝĐŽƐ ĚĂ ĠƉŽĐĂ ĐŽŶǀĞƌŐŝƌĂŵ ŶŽ ƐĞŶƚŝĚŽ ĚĞ ǀĂůŽƌŝnjĂƌ Ž ĞŶƐŝŶŽ ŝŶĨĂŶƚŝů͘ &ŽƌĂŵ͕ ĞŶƚĆŽ͕ ĂƉƌŽǀĂĚŽƐ ĚŽŝƐ ĚĞĐƌĞƚŽƐ ŶĞƐƐĞ ƐĞŶƚŝĚŽ͘ WƌŝŵĞŝƌŽ͕ Ž ĞĐƌĞƚŽ͕ ĚĞ Ϯϵ ĚĞ DĂƌĕŽ ĚĞ ϭϵϭϭ͕ĐƵũŽƉƌŝŵĞŝƌŽĂƌƚŝŐŽĐƌŝŽƵŽĞŶƐŝŶŽŝŶĨĂŶƚŝů͕ƋƵĞ͞ĠĐŽŵƵŵĂŽƐĚŽŝƐƐĞdžŽƐĞƚĞŵĞŵǀŝƐƚĂĂĞĚƵĐĂĕĆŽ Ğ ĚĞƐĞŶǀŽůǀŝŵĞŶƚŽ ŝŶƚĞŐƌĂů͕ ĨşƐŝĐŽ͕ ŵŽƌĂů Ğ ŝŶƚĞůĞĐƚƵĂů ĚĂƐ ĐƌŝĂŶĕĂƐ͕ ĚĞƐĚĞ ŽƐ ƋƵĂƚƌŽ ĂŽƐ ƐĞƚĞ ĂŶŽƐ ĚĞ ŝĚĂĚĞ͕ ĐŽŵ Ž Ĩŝŵ ĚĞ ůŚĞƐ ĚĂƌ Ƶŵ ĐŽŵĞĕŽ ĚĞ ŚĄďŝƚŽƐ Ğ ĚŝƐƉŽƐŝĕƁĞƐ͕ ŶŽƐ ƋƵĂŝƐ ƐĞ ƉŽƐƐĂ ĂƉŽŝĂƌ Ž ĞŶƐŝŶŽ ƌĞŐƵůĂƌĚĂĞƐĐŽůĂƉƌŝŵĄƌŝĂ͘͟ŽĞĐƌĞƚŽĚĞϮϯĚĞŐŽƐƚŽĚĞϭϵϭϭƋƵĞ͕ĂůĠŵĚĞĞŶĂůƚĞĐĞƌŽƐďĞŶĞĨşĐŝŽƐĚĂ ĨƌĞƋƵġŶĐŝĂĚĞƐƚĞŶşǀĞůĚĞĞŶƐŝŶŽ͕͞ƚĞŶĚŽĞŵǀŝƐƚĂĂƐĂůƚĂƐǀĂŶƚĂŐĞŶƐƉĞĚĂŐſŐŝĐĂƐĚŽĞŶƐŝŶŽŝŶĨĂŶƚŝů͕ĐŽŵŽ ƉƌĞƉĂƌĂĕĆŽ Ğ ďĂƐĞ ƉĂƌĂ Ž ĞƐƚƵĚŽ ƉƌŝŵĄƌŝŽ ĞůĞŵĞŶƚĂƌͲĐŽŵƉůĞŵĞŶƚĂƌ͟ ;ŝƚĄůŝĐŽ ŶŽƐƐŽͿ͕ ĂŝŶĚĂ ĂƉƌŽǀŽƵ Ž

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ϭϰ ƉƌŽŐƌĂŵĂĚĂƐĞƐĐŽůĂƐŝŶĨĂŶƚŝƐ;'ŽŵĞƐ͕ϭϵϴϲ͗ϱϱͲϱϴͿ͘ ƐƚĞƐ ĚŽŝƐ ĚĞĐƌĞƚŽƐ ĨŽƌĂŵ Ž ĂůŝĐĞƌĐĞ ůĞŐŝƐůĂƚŝǀŽ ĚĂ ĞĚƵĐĂĕĆŽ ĚĞ ŝŶĨąŶĐŝĂ ĚƵƌĂŶƚĞ Ă WƌŝŵĞŝƌĂ ZĞƉƷďůŝĐĂĞƉƌĞĐŽŶŝnjĂǀĂŵ͕ŶŽĂƌƚ͘ϭ͘Ǒ͕ŽƐƐĞŐƵŝŶƚĞƐŽďũĞĐƚŝǀŽƐ͗ ͞ĂͿŽĚĞƐĞŶǀŽůǀŝŵĞŶƚŽĞƌŽďƵƐƚĞĐŝŵĞŶƚŽĨşƐŝĐŽĚĂƐĐƌŝĂŶĕĂƐ͖ ďͿĂĞĚƵĐĂĕĆŽĚŽƐſƌŐĆŽƐĚŽƐƐĞŶƚŝĚŽƐ͖ĐͿŽĚĞƐĞŶǀŽůǀŝŵĞŶƚŽĚĂŚĂďŝůŝĚĂĚĞŵĂŶƵĂů͖ ĚͿĂĞĚƵĐĂĕĆŽĞĂƉĞƌĨĞŝĕŽĂŵĞŶƚŽĚŽƐſƌŐĆŽƐĚĂĨĂůĂ͖ ĞͿŽĚĞƐĞŶǀŽůǀŝŵĞŶƚŽĚŽƐƐĞŶƚŝŵĞŶƚŽƐŵŽƌĂŝƐ͗ŽƐĞŶƚŝŵĞŶƚŽĚĂĚŝƐĐŝƉůŝŶĂĞĚĂŽƌĚĞŵ͕ĚĂũƵƐƚŝĕĂ͕ ĚĂƉƌſƉƌŝĂĚŝŐŶŝĚĂĚĞĞŵŐĞƌĂůʹŽƐĞŶƚŝŵĞŶƚŽĚŽĚĞǀĞƌĞĂĐŽŶƐĐŝġŶĐŝĂĚŽĚŝƌĞŝƚŽ͖ ĨͿ Ž ĚĞƐĞŶǀŽůǀŝŵĞŶƚŽ ĚĂ ŝŶƚĞůŝŐġŶĐŝĂ͖ ŐͿ ĨŝŶĂůŵĞŶƚĞ͕ Ž ĚĞƐĞŶǀŽůǀŝŵĞŶƚŽ ŚĂƌŵſŶŝĐŽ ĚĂ ƚŽĚĂƐ ĂƐ ĨĂĐƵůĚĂĚĞƐĨşƐŝĐĂƐ͕ŵŽƌĂŝƐĞŝŶƚĞůĞĐƚƵĂŝƐ͕ĚĂŶĚŽͲƐĞăƐĐƌŝĂŶĕĂƐŝĚĞĂŝƐƷƚĞŝƐ͕ũƵƐƚĂƐ͕ĞdžĂĐƚĂƐ͕ĚĞƚƵĚŽŽƋƵĞ͕ ƐĞŵĐŽŶƐƚƌĂŶŐŝŵĞŶƚŽ͕ĞůĂƐƉŽƐƐĂŵĐŽŵƉƌĞĞŶĚĞƌĞĐŽŶƐĞƌǀĂƌ͕ĐŽŵŽĂƵdžŝůŝĂƌĞƉƌĞƉĂƌĂƚſƌŝŽƉĂƌĂĞŶƚƌĂƌŶĂ ĞƐĐŽůĂƉƌŝŵĄƌŝĂ͟;'ŽŵĞƐ͕ϭϵϴϲ͗ϱϵͿ͘ ,ŽƵǀĞƵŵĂƐŝŐŶŝĨŝĐĂƚŝǀĂƉƌĞŽĐƵƉĂĕĆŽƉŽƌƉĂƌƚĞĚŽƐƌĞƉƵďůŝĐĂŶŽƐŶŽƋƵĞĐŽŶĨĞƌĞĂŽĞŶƐŝŶŽŝŶĨĂŶƚŝů͘ ƐƚĞĨŽŝŽĨŝĐŝĂůŵĞŶƚĞĐƌŝĂĚŽĞ͕ĞŵDĂŝŽĚĞϭϵϭϵ͕ĂƋƵĂŶĚŽĚĂƌĞĨŽƌŵĂĚŽĞŶƐŝŶŽ͕ƉĂƐƐŽƵĂƐĞƌŝŶƚĞŐƌĂĚŽ ŶŽ ĞŶƐŝŶŽ ƉƌŝŵĄƌŝŽ ŽĨŝĐŝĂů͕ ͞Ž ĞŶƐŝŶŽ ŝŶĨĂŶƚŝů ƉĂƐƐĂ Ă ƐĞƌ ŶĆŽ Ž ƉƌĞĨĄĐŝŽ ĚŽ ĞŶƐŝŶŽ ƉƌŝŵĄƌŝŽ͕ ŵĂƐ Ž ƐĞƵ ƉƌŝŵĞŝƌŽ ĐĂƉşƚƵůŽ͘͟ /ŵƉŽƌƚĂ ŵĞŶĐŝŽŶĂƌ͕ ƚĂŵďĠŵ͕ ƋƵĞ Ă ƌĞǀŝƐĆŽ ĚŽ ĞĐƌĞƚŽ ĚĞ Ϯϵ ĚĞ DĂŝŽ ĚĞ ϭϵϭϭ ƐƵďƐƚŝƚƵŝƵĂĞdžƉƌĞƐƐĆŽĞƐĐŽůĂͲŝŶĨĂŶƚŝůƉŽƌũĂƌĚŝŵͲĚĞͲŝŶĨąŶĐŝĂ;sĂƐĐŽŶĐĞůŽƐ͕ϮϬϬϱ͗ϮϲͿ͘ &ŽƌĂŵ͕ ĂƐƐŝŵ͕ ĐƌŝĂĚŽƐ ũĂƌĚŝŶƐͲĚĞͲŝŶĨąŶĐŝĂ Ğ ĞƐƉĞĐŝĂůŝnjĂĚŽƐ ƚĠĐŶŝĐŽƐ ƉĂƌĂ ƚƌĂďĂůŚĂƌ ĐŽŵ ĐƌŝĂŶĕĂƐ͘ ŽƵďĞ͕ĞŶƚĆŽ͕ĂĞƐƚĞƐƉŽůşƚŝĐŽƐĂĐĂƉĂĐŝĚĂĚĞĚĞƌĞĐŽŶŚĞĐĞƌĂĨƵŶĕĆŽĞĚƵĐĂƚŝǀĂĚĞƐƚĞŶşǀĞůĚĞĞŶƐŝŶŽĞĂ ƐƵĂŝŶĐůƵƐĆŽŝŶƐƚŝƚƵĐŝŽŶĂůŶŽƐŝƐƚĞŵĂŽĨŝĐŝĂůĚĞĞĚƵĐĂĕĆŽ͘dŽĚĂǀŝĂĂƚĂdžĂĚĞĂŶĂůĨĂďĞƚŝƐŵŽĞƌĂĞůĞǀĂĚĂĞŽ ƉĂşƐ ĂƚƌĂǀĞƐƐĂǀĂ Ƶŵ ƉĞƌşŽĚŽ ĚĞ ŐƌĂŶĚĞŝŶƐƚĂďŝůŝĚĂĚĞ ƉŽůşƚŝĐĂ͕ ƐŽĐŝĂů͕ĞĐŽŶſŵŝĐĂ Ğ ĐƵůƚƵƌĂů͕ Ž ƋƵĞ ƉƵŶŚĂ Ğŵ ĐĂƵƐĂ Ă ĂƉůŝĐĂĕĆŽ ĚĂ ŵĞĚŝĚĂ ĚĞĐƌĞƚĂĚĂ͘ ĞǀŝĚŽ Ă ĞƐƚĂƐ ƉŽĚĞƌŽƐĂƐ ĐŽŶĚŝĐŝŽŶĂŶƚĞƐ͕ ĚĞ ϭϵϭϬ Ă ϭϵϮϲ͕ ĨŽƌĂŵ ƐŽŵĞŶƚĞ ĐŽŶƐƚƌƵşĚŽƐ ĚŽnjĞ ũĂƌĚŝŶƐͲĚĞͲŝŶĨąŶĐŝĂ͕ ƚĞŶĚŽ Ă ƐƵĂ ŵĂŝŽƌŝĂ ƐƵƌŐŝĚŽ ŶŽ WŽƌƚŽ͘ ;ĂŝƌƌĆŽ Ğ sĂƐĐŽŶĐĞůŽƐ͕ϭϵϵϳ͗ϭϬͿ͘ džşŵŝŽ ĨŽŝ Ž ƚƌĂďĂůŚŽ ĚĞ /ƌĞŶĞ >ŝƐďŽĂ ;ϭϴϵϮͲϭϵϱϴͿ ƋƵĞ͕ ŶŽ ĨŝŶĂů ĚĂ WƌŝŵĞŝƌĂ ZĞƉƷďůŝĐĂ͕ ĐƌŝŽƵ ĂƐ ĞƐĐŽůĂƐ ŽĨŝĐŝĂŝƐ ĚĂ dĂƉĂĚĂ ĚĂ ũƵĚĂ͕ ŽŶĚĞ ĞƌĂŵ ƉƌĞĐŽŶŝnjĂĚĂƐ ĂƐ ƉĞƌƐƉĞĐƚŝǀĂƐ ĚĞ DĂƌŝĂ DŽŶƚĞƐƐŽƌŝ Ğ ĞĐƌŽůLJ͕ĞŽŶĚĞĨŽŝĂŝŶĚĂŝŶƚƌŽĚƵnjŝĚŽŽƚƌĂďĂůŚŽĚĞƉƌŽũĞĐƚŽ͘/ƌĞŶĞ>ŝƐďŽĂĨŽŝĂŝŵƉƵůƐŝŽŶĂĚŽƌĂĚĂƐĐŽůĂ EŽǀĂĞƉƌĞŽĐƵƉŽƵͲƐĞĐŽŵĂŝŶƚƌŽĚƵĕĆŽĚĂĞĚƵĐĂĕĆŽƉĂƌĂĂŝŶĨąŶĐŝĂĞŵŝŶƐƚŝƚƵŝĕƁĞƐƉƷďůŝĐĂƐ;sĂƐĐŽŶĐĞůŽƐ͕ ϮϬϬϱ͗ϮϳͿ͘ Žŵ Ž ŐŽůƉĞ ŵŝůŝƚĂƌ ĚĞ Ϯϴ ĚĞ DĂŝŽ ĚĞ ϭϵϮϲ͕ ƋƵĞ ŵĂƌĐŽƵ Ž ŝŶşĐŝŽ ĚĞ ƵŵĂ ĚŝƚĂĚƵƌĂ ŵŝůŝƚĂƌ͕ Ă

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