here - M. Markley Antiques

Transcription

Greater Houston Chapter
European Travel Articles
By
Meril Markley
From
TheQuarterlyNewsletter
www.mmarkley.com/resources/wineͲsocietyͲtexas.html
TableofContents
Page
1
HomagetoaBigCheeseinBrie
3
2
OutfortheCountinLanguedoc
4
3
GettinganEarͲFullinVanGogh’sTown
6
4
QuaffingtheKing’sTippleinaParisComfortZone
8
5
AHungarianRhapsodyofDuckandTokayinBudapest
10
6
AWinter’sTalefromtheBlackMouthofFlorence
12
7
VeniceConjuresitsWintertimeMagicwithVivaldiandaMandolin
15
8
MusselinginonTripstoBelgium
18
9
CzechingOutOrangesandAustrianWinesinPrague
21
10
NewWineinOldVenuesandTalesfromtheViennaWoods
24
11
AFowlVisittoLondonwithaFrenchTakeonaChickeninEveryPot
27
12
UncorkingVintageFrance,One(Extended)FamilyataTime
31
13
EnchantedbyUmbria–PerugiaandBeyond
36
14
PiningforPorciniafteraRomanHoliday
40
15
GlühweinandOtherGermanicTreatsintheLandofNoël
44
16
SippingtheBountiesofaLeague’sFinalHoldͲOuts
48
17
AustrianWineWorthitsSalt
51
18
RecallingIconsofaBygoneEraonaTriptoBologna
57
19
AChristmasCarnivaloftheAnimalsintheCityofLight
60
20
UpinSmokeinGaudí’sBarcelona
63
21
CrossingMaltaofftheList
66
22
AvoidingtheStaplesofNaples
72
23
ParisataSnail’sPace
77
24
AHoneyofaDuckaftertheHuntatFontainebleau
81
3
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Published more recently -- "Innovations from 14th Century France -- How the World's First Energy
Companies Sparked Modern Corporate Governance and Survived for 600 Years" at
http://www.mmarkley.com/notimetoulouse-article.html
Meril Markley is an international tax lawyer and works at UHY Advisors TX, LLC in Houston, Texas.
She is also co-owner of M. Markley Antiques, an internet-only business (www.mmarkley.com)
specializing in 19th century French Gothic and Renaissance style furniture and ceramics.
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ĂďĂůƐĂŵŝĐǀŝŶĞŐĂƌĂŶĚƐŚĂůůŽƚƐĂƵĐĞĂĐĐŽŵƉĂŶŝĞĚďǇďĂŬĞĚĞŶĚŝǀĞ͘DŝĐŚĂĞůŚĂĚĚƵĐŬďƌĞĂƐƚǁŝƚŚĂƉŽŵĞͲ
ŐƌĂŶĂƚĞƐĂƵĐĞĂŶĚďƵƚƚĞƌŶƵƚƐƋƵĂƐŚƉƵĚĚŝŶŐ͘
tŚŝůĞĞŶũŽǇŝŶŐĞǀĞƌǇŵŽƌƐĞů͕ǁĞĐŚĞĐŬĞĚŽƵƌǁĂƚĐŚĞƐŽĐĐĂƐŝŽŶĂůůǇƚŽƐĞĞŝĨŽƵƌĚĞĂĚůŝŶĞǁĂƐĂƉƉƌŽĂĐŚŝŶŐ͘
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ŽĨƚŚĞŬŝƚĐŚĞŶƚŽĐŚĂƚǁŝƚŚƵƐĂďŽƵƚƚŚĞĨŽŽĚĂŶĚǁŝŶĞ͕ƚŚĞŝƌĐŽŵŵŝƚŵĞŶƚƚŽůŽĐĂů͕ĨƌĞƐŚŝŶŐƌĞĚŝĞŶƚƐ͕ĂŶĚ
ƚŚĞŝƌƉĂƐƐŝŽŶĨŽƌƵƐŝŶŐƚŚĞŵŝŶŝŶŶŽǀĂƚŝǀĞǁĂǇƐ͘dŚĞǇĂůƐŽƉƌŽĚĚĞĚƵƐƚŽƚĞůůƚŚĞŵĂďŝƚĂďŽƵƚdĞǆĂƐĂŶĚ
ƚŚĞĨŽŽĚĂŶĚǁŝŶĞƐǁĞůŽǀĞĚĨƌŽŵŽƵƌŚŽŵĞƐƚĂƚĞ͕ĂůŽŶŐǁŝƚŚǁŚĂƚΗ/ƚĂůŝĂŶΗĨŽŽĚǁĂƐůŝŬĞŝŶ,ŽƵƐƚŽŶ͘
tŚĞŶǁĞĨŝŶĂůůǇůĞĨƚĂƌŽƵŶĚϭϬ͗ϯϬǁĞŚĂĚďĞĞŶƚŚĞŽŶůǇĐƵƐƚŽŵĞƌƐƚŚĂƚĞǀĞŶŝŶŐͲͲĂƉŝƚǇĨŽƌƐƵĐŚĂǁŽŶͲ
ĚĞƌĨƵůĞĂƚĞƌǇ͘Ƶƚ͕ƚŚĞŚŽƐƚĞƐƐĂƐƐƵƌĞĚƵƐ͕ŝƚǁĂƐĂůǁĂǇƐƉĂĐŬĞĚŽŶŽƉĞƌĂŶŝŐŚƚƐ͕ĞƐƉĞĐŝĂůůǇǁŚĞŶsĞƌĚŝΖƐ
^ŝŵŽŶŽĐĐĂŶĞŐƌĂǁĂƐƉůĂǇŝŶŐ͊
dŚĞŶĞǆƚĚĂǇ͕ďĞĨŽƌĞĐĂƚĐŚŝŶŐƚŚĞĂĨƚĞƌŶŽŽŶƚƌĂŝŶďĂĐŬƚŽDŝůĂŶĂŶĚŽƵƌĨůŝŐŚƚƚŽ,ŽƵƐƚŽŶƚŚĞĨŽůůŽǁŝŶŐ
ŵŽƌŶŝŶŐ͕ǁĞǁĞŶƚŝŶƐĞĂƌĐŚŽĨĂƌĞƐƚĂƵƌĂŶƚ/ƌĞĐĂůůĞĚĨƌŽŵŵǇƚƌĂǀĞůƐƚŽƚŚĞĐŝƚǇĂƐĂƐƚƵĚĞŶƚ͘ĂůůĞĚ
ΗĂŶƚĞ͕ΗŝƚǁĂƐůŽĐĂƚĞĚŽŶĂƚŝŶǇƐƋƵĂƌĞǁŝƚŚƚŚĞĞƋƵĂůůǇƚŝŶǇŚŽƵƐĞǁŚĞƌĞƚŚĞƉŽĞƚŽĨƚŚĞƐĂŵĞŶĂŵĞŚĂĚ
ůŝǀĞĚ͘/ƌĞŵĞŵďĞƌĞĚĂŶƚĞĨŽŶĚůǇĨŽƌŵǇŝŶƚƌŽĚƵĐƚŝŽŶƚŽƚŚĞǁŽƌůĚŽĨ/ƚĂůŝĂŶĂŶƚŝƉĂƐƚŝͲͲĂůĂƌŐĞƚĂďůĞĐŽǀͲ
ĞƌĞĚǁŝƚŚĂƚůĞĂƐƚƚǁĞŶƚǇĚŝĨĨĞƌĞŶƚĚŝƐŚĞƐĨƌŽŵǁŚŝĐŚǇŽƵĐŽƵůĚŚĞůƉǇŽƵƌƐĞůĨƚŽĂůůƐŽƌƚƐŽĨŵĂƌŝŶĂƚĞĚƐĞĂͲ
ĨŽŽĚ͕ǀĞŐĞƚĂďůĞƐ͕ĂŶĚŽƚŚĞƌƚŝĚďŝƚƐƚŽǁŚĞƚǇŽƵƌĂƉƉĞƚŝƚĞ͘dŚĞƉĂƐƚĂĚŝƐŚĞƐǁĞƌĞŐĞŶĞƌŽƵƐĞŶŽƵŐŚƚŽĨƵĞů
ĂŶĂĨƚĞƌŶŽŽŶĂƚƚŚĞhĨĨŝǌŝ'ĂůůĞƌǇŽƌĂƐƚƌŽůůĂĐƌŽƐƐƚŚĞƌŶŽƚŽƚŚĞWŝƚƚŝWĂůĂĐĞ͘dŚĞĚĞƐƐĞƌƚƐŚĂĚƉƌŽǀĞĚ
ƐŝŵƉůĞǇĞƚŵĞŵŽƌĂďůĞͲͲŚŽŵĞŵĂĚĞŐĞůĂƚŽŬŶŽǁŶĂƐ͞ĨŝŽĐĐŽ͟;ŽƌǁŚĂƚǁĞǁŽƵůĚƚŚŝŶŬŽĨĂƐǀĂŶŝůůĂŝĐĞ
ĐƌĞĂŵďƵƚǁŝƚŚŽƵƚƚŚĞǀĂŶŝůůĂĨůĂǀŽƌͿƚŽƉƉĞĚǁŝƚŚĨƌĞƐŚĨƌƵŝƚĂŶĚĐŽŐŶĂĐ͘WƌŽďĂďůǇůŽŶŐŐŽŶĞ͕ĂŶƚĞŚĂĚ
ďĞĞŶƌĞƉůĂĐĞĚďǇĂƉůƵŵďŝŶŐƐƵƉƉůǇƐƚŽƌĞ͘
/ŶƐƚĞĂĚ͕ǁĞŽƉƚĞĚĨŽƌŝƌƌĞƌŝĂĞŶƚƌĂůĞ͕ũƵƐƚĂĐƌŽƐƐƚŚĞƐƚƌĞĞƚ͘EŽƚďĞŝŶŐďĞĞƌĚƌŝŶŬĞƌƐǁĞƉƌŽďĂďůǇǁŽƵůĚ
ŶŽƚŚĂǀĞŐŝǀĞŶĂƌĞƐƚĂƵƌĂŶƚĐŽŶŶĞĐƚĞĚǁŝƚŚĂďƌĞǁĞƌǇĂƐĞĐŽŶĚƚŚŽƵŐŚƚ͘ƵƚǁĞǁĞƌĞŚƵŶŐƌǇĂŶĚƌĞĂĚǇƚŽ
ƐŝƚĚŽǁŶĂŶĚƌĞůĂǆ͘dŚĞŵĞŶƵǁĂƐƚĞŵƉƚŝŶŐĂŶĚ͕ǁŚĞŶǁĞƉĞĞŬĞĚŝŶƐŝĚĞ͕ƚŚĞŵŝƐŚͲŵĂƐŚŽĨĂŶƚŝƋƵĞƚĂďůĞƐ͕
ĐŚĂŝƌƐ͕ĂŶĚďĞŶĐŚĞƐƉƌŽǀĞĚŝƌƌĞƐŝƐƚŝďůĞ͘dŚĞƉůĂĐĞǁĂƐƚŝŶǇ͕ŶŽǁŝĚĞƌƚŚĂŶƚŚĞďĂƌďĞŚŝŶĚǁŚŝĐŚǁĞ
ŐůŝŵƉƐĞĚĂŬŝƚĐŚĞŶƚŚĞƐŝǌĞŽĨŽƵƌďĞĚƌŽŽŵĐůŽƐĞƚ͘dŚĞĐŚĂŝƌƐĂŶĚďĞŶĐŚĞƐƋƵŝĐŬůǇĨŝůůĞĚǁŝƚŚůŽĐĂůĚŝŶĞƌƐ͕
ĂůůŽĨǁŚŽŵƐĞĞŵĞĚƚŽŽƌĚĞƌƚŚĞƐĂŵĞĚŝƐŚŽĨƉĂƐƚĂ͕ŚĂŵ͕ƐĂƵƐĂŐĞ͕ĂŶĚĐĂďďĂŐĞŝŶĂĐƌĞĂŵǇƐĂƵĐĞ͘ǆͲ
ƉĞĐƚŝŶŐƚŚĂƚƚŚĞƉŽƌƚŝŽŶƐǁŽƵůĚďĞƚŚĞΗŶŽƌŵĂůΗƐŝǌĞǁĞǁĞƌĞƵƐĞĚƚŽŝŶ/ƚĂůǇ͕ŶŽƚŚŝŶŐƉƌĞƉĂƌĞĚƵƐĨŽƌƚŚĞ
ŐŝĂŶƚƉůĂƚĞŽĨŶŽŽĚůĞƐŝŶǁŝůĚŵƵƐŚƌŽŽŵƐĂƵĐĞŽƌĂƌƵŐƵůĂĂŶĚŐƌĞĞŶĂƉƉůĞƐĂůĂĚǁŝƚŚǁŚĂƚƐĞĞŵĞĚůŝŬĞĂ
ŬŝůŽŽĨŐŽƌŐŽŶǌŽůĂĐŚĞĞƐĞƉŝůĞĚŽŶƚŽƉ͘tĞĂƚĞĂƐŵƵĐŚĂƐǁĞĐŽƵůĚ͕ĂĐĐŽŵƉĂŶŝĞĚďǇŐĞŶĞƌŽƵƐŚĞůƉŝŶŐƐŽĨ
ƌĞĨƌĞƐŚŝŶŐůǇďƌŝƐŬŚŽƵƐĞǁŚŝƚĞǁŝŶĞƌĞƐĞŵďůŝŶŐĂŶKƌǀŝĞƚŽ;ďĞƚƚĞƌƚŚĂŶǁĞĞǆƉĞĐƚĞĚĨƌŽŵĂďĞĞƌƉůĂĐĞͿ͘/ƚ
ƚƵƌŶĞĚŽƵƚƚŽďĞĂŐŽŽĚƚŚŝŶŐƚŚĂƚǁĞŚĂĚΗƚĂŶŬĞĚƵƉΗŽŶďŽƚŚĨŽŽĚĂŶĚǁŝŶĞ͘KƵƌƚƌĂŝŶǁĂƐĚĞůĂǇĞĚĨŽƌ
ŚŽƵƌƐ͕ŝŶƚŚĞŵŝĚĚůĞŽĨŶŽǁŚĞƌĞ͕ǁŚŝůĞƚŚĞƉŽůŝĐĞŝŶǀĞƐƚŝŐĂƚĞĚĂŶĂĐĐŝĚĞŶƚ͘ƵƚĂĨƚĞƌƐƵĐŚĂŐƌĞĂƚŵĞĂů͕
ǁŚĂƚ͛ƐĂůŝƚƚůĞĚĞůĂǇ͕/ƚĂůŝĂŶƐƚǇůĞ͊
KƵƌǀŝƐŝƚƚŽ&ůŽƌĞŶĐĞƌĞŵŝŶĚĞĚƵƐƚŚĂƚŚŽǁĞǀĞƌŵƵĐŚǇŽƵĨĞĞůǇŽƵŬŶŽǁĂƉůĂĐĞĂŶĚŝŵĂŐŝŶĞƚŚŝŶŐƐƚŽďĞ
ĐŽŵĨŽƌƚĂďůǇƉƌĞĚŝĐƚĂďůĞ͕ǁŝŶĞ͕ĨŽŽĚ͕ĂŶĚĂƌƚĐĂŶĐŽŵďŝŶĞƚŽŵĂŬĞƚŚĞƵŶĞǆƉĞĐƚĞĚƌĞŵĂƌŬĂďůĞͲͲǁŚĞƚŚĞƌ
ƐƚĞĂŬƐĂĐŽǁďŽǇǁŽƵůĚůŽǀĞ͕ĂďƌĞǁƉƵďŝŶƚŚĞŵŝĚƐƚŽĨǁŝŶĞĐŽƵŶƚƌǇ͕ŽƌĂƌĞƐƚĂƵƌĂŶƚŶĂŵĞĚĨŽƌĂŶŽƉĞƌͲ
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dŽŽƵƌĚĞůŝŐŚƚ͕ǁĞǁĞƌĞŝŶǀŝƚĞĚƚŽĂŶƵŵďĞƌŽĨŐĂƚŚĞƌŝŶŐƐ͕ŝŶĐůƵĚŝŶŐǁŝƚŚƚŚĞĞǆƚĞŶĚĞĚĨĂŵŝůǇŽŶďŽƚŚ
ƌŝŐŝƚƚĞ͛ƐĂŶĚDŝĐŚĞů͛ƐƐŝĚĞƐ͘KŶĞƐƵĐŚŐĞƚͲƚŽŐĞƚŚĞƌŝŶǀŽůǀĞĚĂŶĂƐƚĞƌƚŝŵĞƚƌĞŬƚŽEŝŽƌƚŝŶǁĞƐƚĞƌŶ&ƌĂŶĐĞ
32
92/80(,668(
3DJH
8 1 & 2 5 . , 1 * 9 , 1 7$ * ( ) 5 $ 1 & ( 2 1 ( ( ; 7 ( 1 ' ( ' )$ 0 , /< $7$7,0(&217
ǁŚĞƌĞDŝĐŚĞů͛ƐĨĂƚŚĞƌ͕ŬŶŽǁŶƚŽĂůůĂƐWĂƉŝ͕ůŝǀĞĚŝŶĂŚƵŐĞŽůĚŚŽƵƐĞŶĞĂƌƚŚĞĐĞŶƚĞƌŽĨƚŚĞĐŝƚǇ͘
WĂƉŝǁĂƐĚĞůŝŐŚƚĞĚƚŚĂƚƌŝŐŝƚƚĞǁĂƐĂůŽŶŐ͕ƚŚĞďĞƐƚĐŽŽŬŽĨƚŚĞĞŶƚŝƌĞĞǆƚĞŶĚĞĚĨĂŵŝůǇ͕ĂŶĚǁŽƵůĚďĞƉƌĞͲ
ƉĂƌŝŶŐƐĞǀĞƌĂůŵĞĂůƐĨŽƌƚŚĞŐƌŽƵƉŽĨĂƌŽƵŶĚƚǁĞŶƚǇŽƌƐŽ͘DĞĂůƉůĂŶŶŝŶŐŝŶǀŽůǀĞĚĂƚƌŝƉƚŽEŝŽƌƚ͛ƐŚƵŐĞ
ŵĂƌŬĞƚǁŝƚŚŚƵŶĚƌĞĚƐŽĨǀĞŶĚŽƌƐŽĨĨĞƌŝŶŐƚŚĞĨƌĞƐŚĞƐƚůŽĐĂůƉƌŽĚƵĐĞ͕ŵĞĂƚƐ͕ĂŶĚĨŝƐŚĨŽƌŚŽůŝĚĂǇĨĞĂƐƚƐ͘Ɛ
ĂƐƚĞƌǁĂƐůĂƚĞƚŚĂƚǇĞĂƌ͕ŝƚĐŽŝŶĐŝĚĞĚǁŝƚŚǁŚŝƚĞĂƐƉĂƌĂŐƵƐƐĞĂƐŽŶ͘ƌŝŐŝƚƚĞƐĞƌǀĞĚŝƚǁĂƌŵ͕ĂĐĐŽŵƉĂŶŝĞĚ
ďǇ^ĂƵĐĞ,ŽůůĂŶĚĂŝƐĞ͘/ƚǁĂƐDŝĐŚĂĞů͛ƐĨŝƌƐƚŝŶƚƌŽĚƵĐƚŝŽŶƚŽƚŚŝƐƉĂůĞĐŽƵƐŝŶŽĨŽƵƌŐƌĞĞŶĂƐƉĂƌĂŐƵƐ͕ŵƵĐŚ
ƐƵďƚůĞƌŝŶƚĂƐƚĞĂŶĚǁŝƚŚƐƚĂůŬƐƐŽƉůƵŵƉƚŚĞǇŚĂǀĞƚŽďĞĐĂƌĞĨƵůůǇƉĞĞůĞĚ͘ƐŝŶƚŚĞƚƌĂĚŝƚŝŽŶŽĨƚŚĞŐǇƉͲ
ƚŝĂŶƐ͕'ƌĞĞŬƐ͕ĂŶĚZŽŵĂŶƐ͕ŝƚĞǀŽŬĞĚĂĨĞĂƐƚĨŝƚĨŽƌƚŚĞŐŽĚƐ͘
dŚŝƐƚƌŝƉĂůƐŽŵĂƌŬĞĚŽƵƌĐŽŶǀĞƌƐŝŽŶƚŽƚŚĞ&ƌĞŶĐŚǁĂǇŽĨƚŚŝŶŬŝŶŐĂďŽƵƚĨŽŽĚ͕ƵƚƚĞƌůǇŽďƐĞƐƐĞĚǁŝƚŚĨƌĞƐŚͲ
ŶĞƐƐ͘/ƚŵĞĂŶƚŶŽƚĚĞĐŝĚŝŶŐŽŶƚŚĞŵĞŶƵƵŶƚŝůƐĞĞŝŶŐǁŚĂƚǁĂƐĂǀĂŝůĂďůĞĂƚƚŚĞŵĂƌŬĞƚͲͲĐŚŽŝĐĞƐƚŚĂƚĂůƐŽ
ĚƌŽǀĞƚŚĞĚĞĐŝƐŝŽŶŽŶǁŚĂƚǁŝŶĞƐƐŚŽƵůĚĂĐĐŽŵƉĂŶǇƚŚĞĨŽŽĚ͘dŚŝŶŐƐƚƌƵůǇĚŝĚƚĂƐƚĞĚŝĨĨĞƌĞŶƚ͕ŵŽƌĞŝŶͲ
ƚĞŶƐĞǇĞƚǁŝƚŚƐƵďƚůĞŐƌĂĚĂƚŝŽŶƐ͘dŚĞĨůĂǀŽƌƐŽĨƐƵĐŚƐĞĞŵŝŶŐůǇŵƵŶĚĂŶĞŝƚĞŵƐĂƐĐŚŝĐŬĞŶ͕ƉŽƚĂƚŽĞƐ͕ƚŽͲ
ŵĂƚŽĞƐ͕ƐƚƌĂǁďĞƌƌŝĞƐ͕ĞĂĐŚƉƌŽǀĞĚĂůŝƚƚůĞĞǆƉůŽƐŝŽŶŽĨĨůĂǀŽƌĂŶĚĚĞůŝŐŚƚ͘dŚĞǁŝŶĞƐǁĞƌĞŐĞŶƚůĞƌ͕ǀĞƌǇ
ĚŝĨĨĞƌĞŶƚĨƌŽŵƚŚĞďŽůĚĨůĂǀŽƌƐǁĞǁĞƌĞƵƐĞĚƚŽĨƌŽŵŽƵƌǇĞĂƌƐŝŶĂůŝĨŽƌŶŝĂ͕ĂŶĚƌĞƋƵŝƌĞĚĂĐŽŵƉůĞƚĞƌĞͲ
ĐĂůŝďƌĂƚŝŽŶŽĨŽƵƌƚĂƐƚĞďƵĚƐ͘dŚĞǇĐŽŵƉůĞŵĞŶƚĞĚĞĂĐŚŽĨƚŚĞĨŽŽĚƐĂŶĚĞŶŚĂŶĐĞĚƚŚĞŽǀĞƌĂůůĞŶũŽǇŵĞŶƚ
ŽĨƚŚĞŵĞĂůĂŶĚƚŚĞĐŽŵƉĂŶǇ͘EŽǁŽŶĚĞƌ&ƌĞŶĐŚƉĞŽƉůĞůŝŶŐĞƌĨŽƌŚŽƵƌƐŽǀĞƌĂŵĞĂů͘ĨƚĞƌŽƵƌǀŝƐŝƚƚŽ
EŝŽƌƚ͕ĞĂƚŝŶŐ͕ĚƌŝŶŬŝŶŐ͕ĂŶĚůŝĨĞŝŶŐĞŶĞƌĂůǁŽƵůĚŶĞǀĞƌďĞƚŚĞƐĂŵĞĨŽƌƵƐ͊
WĂƉŝǁĂƐŝŶĐŚĂƌŐĞŽĨǁŝŶĞĂŶĚƐŚŽǁĞĚƵƐŚŝƐ͞ĐĂǀĞ͟ŽƌƵŶĚĞƌŐƌŽƵŶĚǁŝŶĞĐĞůůĂƌǁŚĞƌĞŚƵŶĚƌĞĚƐŽĨďŽƚͲ
ƚůĞƐǁĞƌĞƐƚŽƌĞĚ͘/ŶƚŚĞŵĂŝŶƉĂƌƚŽĨƚŚĞĐĞůůĂƌǁĂƐĂƚŝŶǇƚĂďůĞǁŝƚŚĂůŽŶĞďŽƚƚůĞƐƚĂŶĚŝŶŐŽŶŝƚʹĂĐĂďĞƌͲ
ŶĞƚƐĂƵǀŝŐŶŽŶĨƌŽŵĂůŝĨŽƌŶŝĂǁŚŝĐŚĂƌŽůŝŶĞŚĂĚďŽƵŐŚƚWĂƉŝŽŶŽŶĞŽĨŚĞƌǀŝƐŝƚƐƚŚĞƌĞ͘dŚĂƚǁĂƐǇĞĂƌƐ
ĞĂƌůŝĞƌ͕ďƵƚƚŚĞƌĞŝƚƐƚŝůůƐƚŽŽĚ͕ĂŶĞŶŝŐŵĂĂƚƚŚĞĐĞŶƚĞƌŽĨƚŚĞĐĞůůĂƌ͘tĂƐWĂƉŝĨĞĂƌĨƵůƚŚĂƚŝƚŵŝŐŚƚĐŽŶƚĂŵŝͲ
ŶĂƚĞƚŚĞ&ƌĞŶĐŚŝŶǀĞŶƚŽƌǇŝĨƉůĂĐĞĚĂŵŽŶŐƚŚĞŶĞĂƚůǇŽƌĚĞƌĞĚďŽƚƚůĞƐ͕ŽƌǁĂƐŚĞǁĂŝƚŝŶŐĨŽƌũƵƐƚƚŚĞƌŝŐŚƚ
ŽĐĐĂƐŝŽŶƚŽŐŝǀĞŝƚĂƚƌǇ͍
dŚĞŽƚŚĞƌŵĞŶĂůƐŽĚŝĚƚŚĞŝƌƉĂƌƚ͕ƌŝƐŝŶŐĞĂƌůǇĞĂĐŚŵŽƌŶŝŶŐƚŽŚĞĂĚŽĨĨƚŽƚŚĞďŽƵůĂŶŐĞƌŝĞĨŽƌƚŚĞĨƌĞƐŚĞƐƚ
ďƌĞĂĚƐĂŶĚƚŚĞďƵƚƚĞƌͲĐƌŽŝƐƐĂŶƚƐ͘ǇƚŚĞƚŝŵĞƚŚĞǇŚĂĚƌĞƚƵƌŶĞĚ͕ƚŚĞƐƚƌŽŶŐĐŽĨĨĞĞŚĂĚũƵƐƚĨŝŶŝƐŚĞĚďƌĞǁͲ
ŝŶŐĂŶĚƚŚĞďƵƚƚĞƌǁĂƐŽƵƚŽŶƚŚĞƚĂďůĞĂůŽŶŐǁŝƚŚůŽĐĂůůǇŵĂĚĞũĂŵƐ͘dŚĞƚƌŝƉƚŽEŝŽƌƚǁĂƐŽƵƌĨŝƌƐƚŝŶƚƌŽͲ
ĚƵĐƚŝŽŶƚŽďƵƚƚĞƌĨƌŽŵƚŚĞWŽŝƚŽƵͲŚĂƌĞŶƚĞƐƌĞŐŝŽŶŽĨǁĞƐƚĐĞŶƚƌĂů&ƌĂŶĐĞ͘tĞŚĂĚďĞĞŶƐŬĞƉƚŝĐĂůǁŚĞŶ
ƌŝŐŝƚƚĞƉƌŽĐůĂŝŵĞĚƚŚĂƚĞƵƌƌĞĚ͛ĐŚŝƌĠǁĂƐƚŚĞǁŽƌůĚ͛ƐŐƌĞĂƚĞƐƚ͕ďƵƚŽŶĞďŝƚĞŽĨŝƚŽŶĂĐƌŽŝƐƐĂŶƚĂŶĚǁĞ
ǁĞƌĞĚĞǀŽƚĞĚĂĚŚĞƌĞŶƚƐ͘/ŶƚŚŽƐĞĚĂǇƐ͕ŝƚǁĂƐŶŽƚĂǀĂŝůĂďůĞŝŶWĂƌŝƐ͕ƐŽǁĞĐŽŶƐƵŵĞĚĂƐŵƵĐŚĂƐǁĞĐŽƵůĚ
ŝŶEŝŽƌƚ͘
ĂĐŬŝŶWĂƌŝƐĂŶĚĨŽƌƚŚĞďĂůĂŶĐĞŽĨŽƵƌƌĞƐŝĚĞŶĐĞŝŶ&ƌĂŶĐĞ͕DŝĐŚĂĞůĨŽĐƵƐĞĚŽŶĂďƐŽƌďŝŶŐƚŚĞďĂƐŝĐƐŽĨ
&ƌĞŶĐŚĐŽŽŬŝŶŐĨƌŽŵƌŝŐŝƚƚĞĂŶĚĂĚŽƉƚŝŶŐŚĞƌŝŶƐŝƐƚĞŶĐĞŽŶƚŚĞĨƌĞƐŚĞƐƚŽĨŝŶŐƌĞĚŝĞŶƚƐ͘^ŝŶĐĞƌĞƚƵƌŶŝŶŐ
33
92/80(,668(
3DJH
8 1 & 2 5 . , 1 * 9 , 1 7$ * ( ) 5 $ 1 & ( 2 1 ( ( ; 7 ( 1 ' ( ' )$ 0 , /< $7$7,0(&217
ƉĞƌŵĂŶĞŶƚůǇƚŽƚŚĞh͘^͕͘ǁĞŚĂǀĞƚƌŝĞĚƚŽďƵŝůĚŽŶƚŚŝƐĨŽƵŶĚĂƚŝŽŶ͘&ŽƌĂǁŚŝůĞǁĞǁĞƌĞĂŝĚĞĚďǇĞůƉŚŝŶĞ͕
ǁŚŽĐĂŵĞƚŽƐƉĞŶĚƐĞǀĞƌĂůŵŽŶƚŚƐǁŝƚŚƵƐĂŶĚƚŽƉĞƌĨĞĐƚŚĞƌŶŐůŝƐŚ͘^ŚĞǁĂƐĚŝƐĂƉƉŽŝŶƚĞĚďǇƚŚĞůĂĐŬŽĨ
ŵĂŶǇďĂƐŝĐĨƌĞƐŚŝŶŐƌĞĚŝĞŶƚƐ͕ĞƐƉĞĐŝĂůůǇǀĞŐĞƚĂďůĞƐĂŶĚŚĞƌďƐ͕ďƵƚĨŽƵŶĚĐĂƵƐĞĨŽƌĐĞůĞďƌĂƚŝŽŶǁŚĞŶĂƚǌŝ͛Ɛ
ďĞŐĂŶƐƚŽĐŬŝŶŐŚĞƌĨĂǀŽƌŝƚĞƐƚŝŶŬǇĐŚĞĞƐĞ͕DŽƌďŝĞƌ͕ĂůŽŶŐǁŝƚŚĨƌĞƐŚůǇďĂŬĞĚďĂŐƵĞƚƚĞƐƚŚĂƚƚĂƐƚĞĚĂůŵŽƐƚ
ůŝŬĞŚŽŵĞ͘
ŵďƌĂĐŝŶŐƚŚĞ&ƌĞŶĐŚĂƉƉƌŽĂĐŚƚŽĨŽŽĚĂŶĚǁŝŶĞůĞĨƚƵƐŽƉĞŶƚŽŽƚŚĞƌĂƐƉĞĐƚƐŽĨ&ƌĞŶĐŚĐƵůƚƵƌĞ͘&ŽƌŵĞ͕
ƚŚĂƚŵĞĂŶƚĂŚĞŝŐŚƚĞŶĞĚƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨ&ƌĞŶĐŚŵƵƐŝĐ͕ĞƐƉĞĐŝĂůůǇ:ĞĂŶWŚŝůŝƉƉĞZĂŵĞĂƵ͕ƚŚĞĐŽŵƉŽƐĞƌͬ
ŐĞŶŝƵƐŽĨƚŚĞ&ƌĞŶĐŚĂƌŽƋƵĞ͘Ύ,ŝƐĐŽŵƉůĞǆŚĂƌŵŽŶŝĞƐĂŶĚĐŚƌŽŵĂƚŝĐũƵǆƚĂƉŽƐŝƚŝŽŶƐŝŶƚŚĞŐƵŝƐĞŽĨŐƌĂĐĞͲ
ĨƵůĚĂŶĐĞŵƵƐŝĐĂŶĚƉŽŝŐŶĂŶƚŽƉĞƌĂƐŵĂĚĞƐĞŶƐĞƚŽŵĞĂĨƚĞƌǇĞĂƌƐŽĨƐŬĞƉƚŝĐŝƐŵŐƌŽƵŶĚĞĚŝŶƚŚĞƵƐƚƌŝĂŶ
ŝŵƉĞƌŝĂůŚĞŐĞŵŽŶǇŽĨŵǇŵƵƐŝĐĂůƵƉďƌŝŶŐŝŶŐ͘
ŶĞƐƉĞĐŝĂůůǇŵĂŐŝĐĂůĂƐƉĞĐƚŽĨŽƵƌƐŽũŽƵƌŶŝŶWĂƌŝƐŝŶǀŽůǀĞĚůŝǀŝŶŐŝŶĂĨůĂƚŽǀĞƌůŽŽŬŝŶŐƚŚĞĐŽƵƌƚǇĂƌĚŽĨƚŚĞ
/ŶƚĞƌŝŽƌDŝŶŝƐƚƌǇŽŶWůĂĐĞĞĂƵǀĂƵ͘/ƚǁĂƐƚŚĞƌĞƚŚĂƚƚŚĞŽĨĨŝĐŝĂůŐŽǀĞƌŶŵĞŶƚďĂŶĚƌĞŚĞĂƌƐĞĚŝŶƉƌĞƉĂƌĂͲ
ƚŝŽŶĨŽƌƐĞƌĞŶĂĚŝŶŐǀŝƐŝƚŝŶŐŚĞĂĚƐŽĨƐƚĂƚĞĂƚƚŚĞŶĞĂƌďǇůǇƐĠĞƐWĂůĂĐĞ͘dŚĞŝƌƌĞŶĚŝƚŝŽŶƐŽĨ>ĂDĂƌƐĂŝůůĂŝƐĞ
ŶĞǀĞƌĨĂŝůĞĚƚŽĐĂƵƐĞůƵŵƉƐŝŶŽƵƌƚŚƌŽĂƚƐĂƐǁĞŚĞĂƌĚƚŚŝƐŵŽƐƚƌĞǀŽůƵƚŝŽŶĂƌǇŽĨŶĂƚŝŽŶĂůĂŶƚŚĞŵƐ͕ďŽƌŶŽĨ
ĂǇĞĂƌŶŝŶŐĨŽƌĨƌĞĞĚŽŵĂŶĚĂǁŝůůŝŶŐŶĞƐƐƚŽƌŝƐŬůŝĨĞĂŶĚůŝŵďƚŽĂƚƚĂŝŶŝƚ͘dŚĞŵĞůŽĚǇĂŶĚƚŚĞƌŽƵƐŝŶŐƚĞǆƚ
ƐƚŝůůƌĞŵŝŶĚƵƐŽĨƚŚĞĐůŽƐĞƌĞůĂƚŝŽŶƐŚŝƉŽƵƌƚǁŽĐŽƵŶƚƌŝĞƐŚĂǀĞĞŶũŽǇĞĚƐŝŶĐĞďĞĨŽƌĞƚŚĞdŚŝƌƚĞĞŶŽůŽŶŝĞƐ
ďĞĐĂŵĞƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐĂŶĚŽĨƚŚĞĨŽƌŵĞƌ'ĞŶĞƌĂů͕ƚŚĞDĂƌƋƵŝƐĚĞ>ĂĨĂǇĞƚƚĞ͕ǁŚŽƐĞĚĞĚŝĐĂƚŝŽŶƚŽŽƵƌ
ĐŽƵŶƚƌǇĞǆƚĞŶĚĞĚƚŽǁĂŶƚŝŶŐƚŽďĞŝŶƚĞƌƌĞĚŝŶ&ƌĂŶĐĞǁŝƚŚƐŽŝůĨƌŽŵƚŚĞh͘^͘ŝŶŚŝƐĐĂƐŬĞƚ͘EŽ&ƌĞŶĐŚďůŽŽĚ
ĐŽƵƌƐĞƐƚŚƌŽƵŐŚŽƵƌǀĞŝŶƐ͕ďƵƚǁĞĐŽƵůĚŶŽƚĨĞĞůĂŐƌĞĂƚĞƌŬŝŶƐŚŝƉĂŶĚĂĨĨĞĐƚŝŽŶĨŽƌ&ƌĂŶĐĞ͘
dŚĞǁĞĚĚŝŶŐƐŽĨĂƌŽůŝŶĞƚŽWŝĞƌƌĞĂŶĚŽĨĞůƉŚŝŶĞƚŽ:ĞĂŶƚŽŽŬƵƐďĂĐŬƚŽƵƌŽƉĞĨŽƌƚǁŽĨĂďƵůŽƵƐĐĞůĞͲ
ďƌĂƚŝŽŶƐŝŶǁŚŝĐŚĨŽŽĚǁĂƐĐĞŶƚƌĂů͕ĞƐƉĞĐŝĂůůǇƚŚĞŚŝŐŚůǇĂƌĐŚŝƚĞĐŚͲ
ƚƵƌĂůĐƌŽƋƵĞͲĞŶͲďŽƵĐŚĞŽƌ͞ĐƌƵŶĐŚŝŶƚŚĞŵŽƵƚŚ͟ǁĞĚĚŝŶŐĐĂŬĞ͘
dŚĞƐĞƚĂůůĐŽŶĞƐďƵŝůƚŽĨĐƌĞĂŵͲĨŝůůĞĚƉĂƐƚƌǇďĂůůƐďŽƵŶĚƚŽŐĞƚŚĞƌ
ǁŝƚŚĐĂƌĂŵĞůĂƌĞĂŶĂƉƚŵĞƚĂƉŚŽƌĨŽƌƚŚĞĞŶĚƵƌŝŶŐĐŽŵŵŝƚŵĞŶƚŽĨ
ŚƵƐďĂŶĚĂŶĚǁŝĨĞ͘
ĨƚĞƌĂƌŽůŝŶĞ͛ƐǁĞĚĚŝŶŐ͕ĞǀĞƌǇŽŶĞƐƚĂǇĞĚĂƚĂŚŽƚĞůĐůŽƐĞƚŽƚŚĞ
ĐŚĂƚĞĂƵǁŚĞƌĞƚŚĞǁĞĚĚŝŶŐƌĞĐĞƉƚŝŽŶǁĂƐŚĞůĚĂŶĚǁŚĞƌĞĚĂŶĐŝŶŐ
ĐŽŶƚŝŶƵĞĚƵŶƚŝůĚĂǁŶ͘ƌĞĂŬĨĂƐƚƚŚĞĨŽůůŽǁŝŶŐŵŽƌŶŝŶŐŚĞůĚŝŶ
ƐƚŽƌĞŽŶĞŽĨƚŚŽƐĞƚǇƉŝĐĂůůǇ&ƌĞŶĐŚĞǆƉĞƌŝĞŶĐĞƐǁĞǁŝůůĂůǁĂǇƐ
ƚƌĞĂƐƵƌĞ͘
DŝĐŚĂĞůŚĂĚďĞĞŶƚŚŝŶŬŝŶŐĂďŽƵƚƚƌǇŝŶŐƚŽŵĂŬĞĨŽŝĞŐƌĂƐŶŽǁƚŚĂƚ
ĞŶƚƌĂůDĂƌŬĞƚŽĨĨĞƌĞĚĨƌĞƐŚĚƵĐŬůŝǀĞƌ͘,ĞĨŝŐƵƌĞĚƚŚĂƚĂďƌĞĂŬĨĂƐƚ
:ĞĂŶ͕ůĞǆĂŶĚƌĞ͕ĞůƉŚŝŶĞ͕DĞƌŝů͕DŝĐŚĂĞů
34
92/80(,668(
3DJH
8 1 & 2 5 . , 1 * 9 , 1 7$ * ( ) 5 $ 1 & ( 2 1 ( ( ; 7 ( 1 ' ( ' )$ 0 , /< $7$7,0(&217
ƚĂďůĞĨƵůůŽĨ&ƌĞŶĐŚĨŽŽĚŝĞƐŵŝŐŚƚďĞĂŶŝĚĞĂůƉůĂĐĞƚŽƐĞĞŬĂĚǀŝĐĞ͘/ƚůĞĚƚŽƚŚŝƌƚǇŵŝŶƵƚĞƐŽĨŝŵƉĂƐƐŝŽŶĞĚ͕
ŚĞĂƚĞĚ͕ĂŶĚƉŚŝůŽƐŽƉŚŝĐĂůĚŝƐĐƵƐƐŝŽŶ͘EĞĂƌůǇĞǀĞƌǇŽŶĞŚĂĚƚĂŬĞŶĂĐŽƵƌƐĞŽŶĨŽŝĞŐƌĂƐƉƌĞƉĂƌĂƚŝŽŶĂŶĚ
ǁĂƐĂƚĞŶĂĐŝŽƵƐĂĚŚĞƌĞŶƚŽĨĞŝƚŚĞƌƚŚĞƐůŽǁͲĐŽŽŬŝŶŐŽƌƚŚĞƋƵŝĐŬͲĐŽŽŬŝŶŐƐĐŚŽŽůŽĨƚŚŽƵŐŚƚ͘ƌŵĞĚǁŝƚŚ
ƉĞƌŚĂƉƐŵŽƌĞŬŶŽǁůĞĚŐĞƚŚĂŶŚĞ͛ĚƐŽƵŐŚƚ͕DŝĐŚĂĞůƉƵƚŚŝƐƉůĂŶŝŶƚŽĂĐƚŝŽŶĂĨĞǁŵŽŶƚŚƐůĂƚĞƌ͕ďƵƚĚŝƐĂƐͲ
ƚĞƌůŽŽŵĞĚ͘ĞƐƉŝƚĞƐĞǀĞƌĂůƵƌŐĞŶƚƚƌĂŶƐͲƚůĂŶƚŝĐƉŚŽŶĞĐĂůůƐƚŽƌŝŐŝƚƚĞĂŶĚŚĞƌĨĞǀĞƌŝƐŚĞŵĂŝůƐŝŶ&ƌĞŶĐŚ
ǁŝƚŚƐƚƌŝĐƚŝŶƐƚƌƵĐƚŝŽŶƐ͕DŝĐŚĂĞůĨĂŝůĞĚƚŽĨŽůůŽǁƚŚĞŵƉƌĞĐŝƐĞůǇĂŶĚǁĞĞŶĚĞĚƵƉǁŝƚŚĂǁŝƚŚĞƌĞĚƉŝĞĐĞŽĨ
ƉƌŝĐĞǇďƵƚĂǁĨƵůŽĨĨĂů͘
ĞůƉŚŝŶĞĂŶĚ:ĞĂŶ͛ƐǁĞĚĚŝŶŐŝŶ&ƌĂŶĐĞǁĂƐĨŽůůŽǁĞĚďǇĂƌĞĐĞƉƚŝŽŶŝŶ^ǁŝƚǌĞƌůĂŶĚĂĨƚĞƌĂĐƌƵŝƐĞĂĐƌŽƐƐ
>ĂŬĞ'ĞŶĞǀĂ͘dŚĞƚƌŝƉĂĨĨŽƌĚĞĚƚŝŵĞĨŽƌǀĂĐĂƚŝŽŶŝŶWƌŽǀĞŶĐĞ͕ŽƵƌĨŝƌƐƚĂĚǀĞŶƚƵƌĞƚŽ>ĂŶŐƵĞĚŽĐ͕ĂŶĚƚŚĞ
ŐĞŶĞƐŝƐŽĨŽƵƌĂĨĨĞĐƚŝŽŶĨŽƌƚŚĞŽƵƚƉƵƚŽĨƐŵĂůůǁŝŶĞƌŝĞƐǁŚŽƐĞĂĐŚŝĞǀĞŵĞŶƚƐŚĂǀĞĐŚĂŶŐĞĚƚŚĞůĂƚƚĞƌƌĞͲ
ŐŝŽŶ͛ƐƌĞƉƵƚĂƚŝŽŶĨƌŽŵŽŶĞĨŽƌƉůŽŶŬƚŽĂŚŽƐƚŽĨǀŝŶƚĂŐĞǁŝŶĞƐǁŽƌƚŚƐĂǀŽƌŝŶŐ͘dŚĞǁŝŶĞǁĞŚĂĚĞŶũŽǇĞĚ
ŵŽƐƚǁĂƐŽŵĂŝŶĞĚĞů͛,ŽƌƚƵƐʹĂďĞĂƵƚŝĨƵůůǇďĂůĂŶĐĞĚƌĞĚǁŝŶĞƌĞĚŽůĞŶƚŽĨĨŽƌĞƐƚďĞƌƌŝĞƐ͘/ƚǁĞŶƚƉĞƌͲ
ĨĞĐƚůǇǁŝƚŚƚŚĞŐĂŵĞĚŝƐŚĞƐŽĨĨĞƌĞĚĂƚƚŚĞƌĞƐƚĂƵƌĂŶƚŽĨƚŚĞ,ŽƚĞůůĞƌŝĞĚƵŚąƚĞĂƵĚĞ&ůŽƵƌĞŶĞĂƌĂƌĐĂƐͲ
ƐŽŶŶĞǁŚĞƌĞǁĞǁĞƌĞƐƚĂǇŝŶŐ͘tĞĚƌĂŶŬĂƐŵƵĐŚĂƐǁĞĐŽƵůĚ͕ƐĞŶƐŝŶŐǁĞǁŽƵůĚŶĞǀĞƌĨŝŶĚŝƚďĂĐŬŝŶ
dĞǆĂƐ͘
ƚƚŚĞǁĞĚĚŝŶŐƌĞĐĞƉƚŝŽŶĂǁĞĞŬůĂƚĞƌ͕/ǁĂƐƐĞĂƚĞĚŶĞǆƚƚŽ:ĞĂŶ͛ƐďĞƐƚŵĂŶ͖ĂďĂŶŬĞƌĨƌŽŵWĂƌŝƐŶĂŵĞĚ
DŝĐŚĞů͘/ƐĞŶƐĞĚƚŚĂƚDŝĐŚĞůǁĂƐŬŝĐŬŝŶŐŚŝŵƐĞůĨĨŽƌŐĞƚƚŝŶŐƐƚƵĐŬŶĞǆƚƚŽ>ĞƐŵĠƌŝĐĂŝŶƐ͕ĞƐƉĞĐŝĂůůǇĂƐƚŚĞ
ƌŽĐŬĂŶĚƌŽůůďĂŶĚǁĂƐƉůĂǇŝŶŐŶŽƚŚŝŶŐďƵƚh͘^͘ŐŽůĚĞŶŽůĚŝĞƐ;ĂŶĚŐŝǀŝŶŐƚŚĞůŝĞƚŽƚŚĞŶŽƚŝŽŶƚŚĂƚƚŚĞ
&ƌĞŶĐŚŚĂƚĞŵĞƌŝĐĂŶĐƵůƚƵƌĞ͊Ϳ͘DĂŬŝŶŐƉŽůŝƚĞĐŽŶǀĞƌƐĂƚŝŽŶŝŶ&ƌĞŶĐŚ͕DŝĐŚĞůĂƐŬĞĚŵĞĂďŽƵƚŽƵƌƌĞĐĞŶƚ
ƚƌĂǀĞůƐĂŶĚ/ŵĞŶƚŝŽŶĞĚŚŽǁŵƵĐŚǁĞŚĂĚĞŶũŽǇĞĚ>ĂŶŐƵĞĚŽĐ͕ĂŶĚĞƐƉĞĐŝĂůůǇƚŚĞǁŝŶĞƐǁĞŚĂĚƚƌŝĞĚ͘
tŚĞŶ/ŶĂŵĞĚƚŚĞŽŵĂŝŶĞĚĞů͛,ŽƌƚƵƐĂƐŽƵƌĨĂǀŽƌŝƚĞ͕DŝĐŚĞůƉƵƐŚĞĚŚŝƐĐŚĂŝƌďĂĐŬĨƌŽŵƚŚĞƚĂďůĞĂŶĚ
ƐƚĂƌĞĚĂƚŵĞĂƐƚŚŽƵŐŚŚĞŚĂĚƐĞĞŶĂŐŚŽƐƚ͘͞ƵƚƚŚĂƚ͛ƐŵǇĨĂǀŽƌŝƚĞǁŝŶĞ͊͟ŚĞĞǆĐůĂŝŵĞĚ͕ĂƐ/ƐĞŶƐĞĚƚŚĂƚ
ůĞƐŵĠƌŝĐĂŝŶƐǁĞƌĞďĞĐŽŵŝŶŐůĞƐŵŝƐ͘KĨĂůůƚŚĞƚŚŽƵƐĂŶĚƐŽĨǁŝŶĞƐŝŶ&ƌĂŶĐĞ͕ƚŚĂƚƚǁŽƉĞŽƉůĞĨƌŽŵŽƉͲ
ƉŽƐŝƚĞƐŝĚĞƐŽĨƚŚĞǁŽƌůĚĐŽƵůĚŵĞĞƚƵƉŝŶ^ǁŝƚǌĞƌůĂŶĚĂŶĚŚĂǀĞƚŚĞƐĂŵĞĨĂǀŽƌŝƚĞǁŝŶĞƐĞĞŵĞĚƵƚƚĞƌůǇ
ŝŵƉƌŽďĂďůĞ͕ǇĞƚƚƌƵĞ͘dŚĂŶŬĨƵůůǇ͕DŝĐŚĞůŬŶĞǁƚŚĞŽŶůǇǁŝŶĞŵĞƌĐŚĂŶƚŝŶWĂƌŝƐƐƚŽĐŬŝŶŐŽŵĂŝŶĞĚĞ>͛,ŽƌͲ
ƚƵƐ͕ƐŽǁĞǁĞƌĞĂďůĞƚŽĞŶũŽǇĂĨĞǁŵŽƌĞďŽƚƚůĞƐĚƵƌŝŶŐŽƵƌƐƚŽƉŽǀĞƌƚŚĞƌĞŽŶƚŚĞǁĂǇďĂĐŬƚŽ,ŽƵƐƚŽŶ͘
KǁŝŶŐƚŽDŝĐŚĂĞů͛Ɛ&ƌĞŶĐŚĂŶƚŝƋƵĞƐďƵƐŝŶĞƐƐ͕ǁĞƌĞƚƵƌŶƚŽ&ƌĂŶĐĞĂƚůĞĂƐƚŽŶĐĞĂǇĞĂƌĨŽƌƌĞƵŶŝŽŶƐǁŝƚŚ
ƚŚĞĞǆƚĞŶĚĞĚĨĂŵŝůǇ͘ƌŝŐŝƚƚĞƐƚŝůůƉƌĞƉĂƌĞƐŵĞŵŽƌĂďůĞ^ƵŶĚĂǇŵĞĂůƐ͕ŝŶĐůƵĚŝŶŐĨŽƌŽƵƌǀŝƐŝƚůĂƐƚĨĂůů͘ŝŶͲ
ŶĞƌǁĂƐƉƌĞĐĞĚĞĚďǇŚĂŵƉĂŐŶĞ;ĂŵŝůůĞ^ĂǀğƐͿƐĞƚƚŝŶŐƚŚĞĨĞƐƚŝǀĞƚŽŶĞĨŽƌƚŚĞƌĞƵŶŝŽŶǁŝƚŚĂƌŽůŝŶĞĂŶĚ
WŝĞƌƌĞǁŚŽ͕ĂůŽŶŐǁŝƚŚƚŚĞŝƌƚŚƌĞĞǇŽƵŶŐĐŚŝůĚƌĞŶ͕ŚĂĚũƵƐƚŵŽǀĞĚďĂĐŬƚŽ&ƌĂŶĐĞĂĨƚĞƌĨŽƵƌǇĞĂƌƐŝŶĂŶͲ
ĂĚĂ͘dŚĞĨŝƌƐƚĐŽƵƌƐĞǁĂƐĨŽŝĞŐƌĂƐŽĨĚƵĐŬƐĞƌǀĞĚǁŝƚŚďƵƚƚĞƌĞĚĂŶĚƚŽĂƐƚĞĚƐůŝĐĞƐŽĨďĂŐƵĞƚƚĞ͘DŝĐŚĞů
ƉĂŝƌĞĚǁŝƚŚŝƚĂDĂĐǀŝŶĚƵ:ƵƌĂ͕ĂůĂƚĞŚĂƌǀĞƐƚ͕ƐŵĂůůƉƌŽĚƵĐƚŝŽŶ͕ĨŽƌƚŝĨŝĞĚǁŝŶĞĨƌŽŵĂŶĂƌĞĂŶĞĂƌƚŚĞ^ǁŝƐƐ
ďŽƌĚĞƌ͘>ŝŐŚƚĞƌƚŚĂŶƚŚĞ^ĂƵƚĞƌŶĞƐƚƌĂĚŝƚŝŽŶĂůůǇƐĞƌǀĞĚǁŝƚŚĨŽŝĞŐƌĂƐ͕ŝƚǁĂƐƌĞĨƌĞƐŚŝŶŐĂŶĚĚĞůŝĐŝŽƵƐ͘dŚĞ
3DJH
35
Ύ,ŽƵƐƚŽŶ͛ƐŽǁŶDĞƌĐƵƌǇĂƌŽƋƵĞŚĂƐũƵƐƚƌĞůĞĂƐĞĚĂŶĞǁƌĞͲ
ĐŽƌĚŝŶŐŽĨZĂŵĞĂƵ͛Ɛ>ĞƐ/ŶĚĞƐ'ĂůĂŶƚĞƐŚƚƚƉ͗ͬͬǁǁǁ͘ŵĞƌĐƵƌǇďĂƌŽƋƵĞ͘ŽƌŐ
ƚƌŝƉďĂĐŬƚŽ>ĂŶŐƵĞĚŽĐĂŶĚWƌŽǀĞŶĐĞ͕ďƵƚǁŝƚŚŽƵƚƚŚĞũĞƚůĂŐ͘
ĐŽƵŶƚƌǇǁŝŶĞƐ͘ĐŽŵͿǁŚĞƌĞĞǀĞƌǇƚŚŝŶŐǁĞŚĂǀĞƚƌŝĞĚŚĂƐďĞĞŶůŝŬĞĂ
ŽƵŶƚƌǇtŝŶĞƐ;ϮϰϯϯĂƌƚůĞƚƚ^ƚƌĞĞƚ͕,ŽƵƐƚŽŶ͕dyϳϳϬϵϴ͕ĨƌĞŶĐŚͲ
ĐŝĞƚǇŵĞŵďĞƌƐ͕ŝůůĂŶĚEĂŶĐǇWĂƉĞ͕ĨŽƌŝŶƚƌŽĚƵĐŝŶŐƵƐƚŽ&ƌĞŶĐŚ
/ŶďĞƚǁĞĞŶǀŝƐŝƚƐƚŽ&ƌĂŶĐĞ͕ǁĞĂƌĞƚŚĂŶŬĨƵůƚŽůŽŶŐͲƚŝŵĞtŝŶĞ^ŽͲ
ŽŶĞƌĞŵĂƌŬĂďůĞĨĂŵŝůǇ͕ĂůǁĂǇƐůŽŽŬŝŶŐĨŽƌǁĂƌĚƚŽƚŚĞŶĞǆƚƌĞƵŶŝŽŶ͘
ďƌĂĐĞĂĐŽƵŶƚƌǇĂŶĚĂĐƵůƚƵƌĞŽǀĞƌƚŚĞĐŽƵƌƐĞŽĨĚĞĐĂĚĞƐƚŚƌŽƵŐŚ
ǁŝŶĞƐ͕ǁĞǁĞƌĞƌĞŵŝŶĚĞĚŽĨŚŽǁďůĞƐƐĞĚǁĞŚĂǀĞďĞĞŶƚŽĞŵͲ
ĞŶũŽǇŝŶŐĂŶŽƚŚĞƌƐƵŵƉƚƵŽƵƐŵĞĂůďǇƌŝŐŝƚƚĞǁŝƚŚDŝĐŚĞů͛ƐƐƵƉĞƌď
/ŶƚŚŝƐĐŽŵĨŽƌƚĂďůĞĚŝŶŝŶŐƌŽŽŵ͕ƐƵƌƌŽƵŶĚĞĚďǇŽƵƌĨƌŝĞŶĚƐĂŶĚ
ĚŝƚŝŽŶƐĂŶĚĐŽŶƐĞƌǀĞĚƵŶƚŝůƚŚŝƐƉĞƌĨĞĐƚŵŽŵĞŶƚĨŽƌĐŽŶƐƵŵƉƚŝŽŶ͘
ʹĂƐƵƉĞƌůĂƚŝǀĞ&ƌĞŶĐŚƌĞĚǁŝŶĞĐƌĞĂƚĞĚƌĞǀĞƌĞŶƚůǇƵŶĚĞƌŝĚĞĂůĐŽŶͲ
ĨƌŽŵƚŚĞŽƌĚĞĂƵǆZĞŐŝŽŶ;WŽŵĞƌŽůͿ͘/ƚƚĂƐƚĞĚůŝŬĞũƵƐƚǁŚĂƚŝƚǁĂƐ
ŝƚũƵƐƚŝĐĞ͘&ŽƌƚŚĞǁŝŶĞ͕DŝĐŚĞůĐŚŽƐĞŚąƚĞĂƵ>ĂZŽƐĞ&ŝŐĞĂĐϭϵϵϱ
ĚĞǀĞĂƵ͕ĂĐƌĞĂŵǇǀĞĂůƐƚĞǁǁŚŽƐĞŵƵŶĚĂŶĞĚĞƐĐƌŝƉƚŝŽŶĐĂŶŶŽƚĚŽ
ŵĂŝŶĐŽƵƌƐĞǁĂƐĂƚƌĂĚŝƚŝŽŶĂů&ƌĞŶĐŚ^ƵŶĚĂǇĨĂǀŽƌŝƚĞ͕ďůĂŶƋƵĞƚƚĞ
8 1 & 2 5 . , 1 * 9 , 1 7$ * ( ) 5 $ 1 & ( 2 1 ( ( ; 7 ( 1 ' ( ' )$ 0 , /< $7$7,0(&217
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36
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ĐŚĂŶĐĞƚŽƐƉĞĂŬĂƚĂůĂǁĐŽŶĨĞƌĞŶĐĞŝŶZŽŵĞĂĨĨŽƌĚĞĚŵǇŚƵƐďĂŶĚ͕DŝĐŚĂĞů͕ĂŶĚŵĞ͕ĨŝǀĞĚĂǇƐƚŽĞǆͲ
ƉůŽƌĞĂŶŽƚŚĞƌƉĂƌƚŽĨ/ƚĂůǇ͘tŚǇŶŽƚhŵďƌŝĂ͕ǁĞƚŚŽƵŐŚƚ͍dŚĞŐƌĞĞŶŚĞĂƌƚŽĨ/ƚĂůǇ͕ďĞƚǁĞĞŶZŽŵĞĂŶĚ
&ůŽƌĞŶĐĞ͕ƚŚĞƌĞŐŝŽŶŝƐŚŽŵĞƚŽƚŚĞĨŽƌĞƐƚƐ͕ůĂŬĞƐ͕ĂŶĚĨĂƌŵůĂŶĚƐǁŚŽƐĞǇŝĞůĚƐ͕ĞƐƉĞĐŝĂůůǇƚƌƵĨĨůĞƐ;ďŽƚŚƚŚĞ
ŶŽďůĞŵƵƐŚƌŽŽŵĂŶĚƚŚĞĐŚŽĐŽůĂƚĞͲĐŽĂƚĞĚŝĐĞĐƌĞĂŵďŽŵďĞĂůƐŽĐĂůůĞĚ͞ƚĂƌƚƵĨŽ͟ͿǁŝůĚďŽĂƌ͕ŽůŝǀĞŽŝů͕ĂŶĚ
ǁŝŶĞ͕ĂƌĞƚƌĞĂƐƵƌĞĚƚŚƌŽƵŐŚŽƵƚƚŚĞĐŽƵŶƚƌǇĂŶĚďĞǇŽŶĚ͘ƌƚŝƐƚŝĐĂůůǇ͕ŝƚŝƐƌĞŶŽǁŶĞĚĨŽƌƚŚĞŐƌĞĂƚĐĞƌĂŵŝĐƐͲ
ǁŽƌŬƐŽĨƚŚĞϭϱƚŚĂŶĚϭϲƚŚĐĞŶƚƵƌŝĞƐĂůŽŶŐǁŝƚŚƐŽŵĞŽĨƚŚĞŵŽƐƚŵĂŐŶŝĨŝĐĞŶƚZĞŶĂŝƐƐĂŶĐĞĨƌĞƐĐŽĞƐƐƚŝůůŽŶ
ƚŚĞǁĂůůƐŽĨƚŚĞďƵŝůĚŝŶŐƐǁŚĞƌĞƚŚĞǇǁĞƌĞƉĂŝŶƚĞĚ͘&ŝǀĞĚĂǇƐƚƵƌŶĞĚŽƵƚƚŽďĞƐĐĂŶƚƚŝŵĞƚŽĚŝƐĐŽǀĞƌƚŚĞ
ŶĂƚƵƌĂůďĞĂƵƚǇĂŶĚĐƵůƚƵƌĂůƌŝĐŚĞƐŽŶŽĨĨĞƌ͕ŝŶďĞƚǁĞĞŶŵĞŵŽƌĂďůĞŵĞĂůƐĂĐĐŽŵƉĂŶŝĞĚďǇƐŽŵĞŽĨƚŚĞ
ŵŽƐƚŝŶƚĞƌĞƐƚŝŶŐǁŝŶĞƐǁĞŚĂǀĞĞǀĞƌƚĂƐƚĞĚ͘
/ŶĨŽƌĂƚƌĞĂƚ͕ǁĞŚĂĚĐŽŵĞƚŽWĞƌƵŐŝĂŶŽƚĨŽƌWĞƌƵŐŝŶĂ͕ƚŚĞǁŽƌůĚĨĂŵŽƵƐĐŚŽĐŽůĂƚŝĞƌďĂƐĞĚƚŚĞƌĞ͕ďƵƚĨŽƌ
nucci
was known.
WĞƌƵŐŝŶŽ͕ĂƐƚŚĞŐƌĞĂƚZĞŶĂŝƐƐĂŶĐĞƉĂŝŶƚĞƌWŝĞƚƌŽsĂŶƵĐĐŝǁĂƐŬŶŽǁŶ͘,ĞĂƌŝŶŐƚŚŝƐ͕ŽƵƌƚĂǆŝĚƌŝǀĞƌĨƌŽŵ
ƚŚĞWĞƌƵŐŝĂƚƌĂŝŶƐƚĂƚŝŽŶǁĂƐĨŝůůĞĚǁŝƚŚĞŶƚŚƵƐŝĂƐŵĨŽƌWĞƌƵŐŝŶŽĂŶĚŽƚŚĞƌZĞŶĂŝƐƐĂŶĐĞŵĂƐƚĞƌƐǁŚŽƐĞ
ŶĂŵĞƐŚĞƌĂƚƚůĞĚŽĨĨĂƐŝĨƚŚĞǇǁĞƌĞĂůůŽůĚĨƌŝĞŶĚƐ͘ǇƚŚĞƚŝŵĞǁĞĂůŝŐŚƚĞĚĂƚƚŚĞ,ŽƚĞůƌƵĨĂŶŝWĂůĂĐĞ͕ŽƵƌ
ďĂƐĞŽĨŽƉĞƌĂƚŝŽŶƐ͕ŚĞŚĂĚŐĞŶĞƌŽƵƐůǇďĞƐƚŽǁĞĚŽŶƵƐĂƉŝůĞŽĨŐƵŝĚĞďŽŽŬƐĂŶĚǁĂƐƉŽŝŶƚŝŶŐŽƵƚŵĂƉƐŽĨ
ƚŚĞŶĞĂƌďǇƚŽǁŶƐǁŚĞƌĞǁĞĐŽƵůĚƐĞĞǁŽƌŬƐďǇŚŝƐĨĂǀŽƌŝƚĞƐ͘/ƚƐĞĞŵĞĚƚŚĂƚĞǀĞƌǇŽŶĞǁĞŵĞƚŝŶhŵďƌŝĂ
ǁĂƐĂƐĞŶƚŚƵƐŝĂƐƚŝĐĂƐŚĞǁĂƐĂďŽƵƚƚŚĞůŽĐĂůŵƵƐƚͲƐĞĞƐ͘
ǀĞƌǇŽŶĞŝŶĐůƵĚĞĚŶƚŽŶŝŽ͕ŵĂŠƚƌĞĚ͛ĂƚƚŚĞƌƵĨĂŶŝ͛ƐŽůůŝŶƐZĞƐƚĂƵƌĂŶƚ͕ǁŚŽŵǁĞĞŶĐŽƵŶƚĞƌĞĚĂĨĞǁŵŝŶͲ
ƵƚĞƐůĂƚĞƌ͘,ŝƐůĞĐƚĞƌŶ͕ƉŽƐŝƚŝŽŶĞĚƐƚƌĂƚĞŐŝĐĂůůǇďĞƚǁĞĞŶůŽďďǇĂŶĚĞůĞǀĂƚŽƌƚŽƚŚĞŐƵĞƐƚƌŽŽŵƐ͕ĂůůŽǁĞĚĨŽƌ
ŵĂǆŝŵƵŵŝŶƚĞƌĂĐƚŝŽŶǁŝƚŚĨŽůŬƐǁŚŽŵŝŐŚƚďĞŝŶŶĞĞĚŽĨĂĚŝŶŶĞƌƌĞƐĞƌǀĂƚŝŽŶ͘dŝƌĞĚĂŶĚĂďŝƚĐƌĂŶŬǇ͕ŝŶŶŽ
ƚŝŵĞǁĞǁĞƌĞŝŶǀŝƚĞĚďǇŶƚŽŶŝŽƚŽŝŶĂƵŐƵƌĂƚĞŽƵƌƐƚĂǇŝŶWĞƌƵŐŝĂǁŝƚŚĚŝŶŶĞƌĂŶĚĂƐĂŵƉůŝŶŐŽĨůŽĐĂů
ǁŝŶĞƐ͘KŶĞůŽŽŬĂƚƚŚĞŵĞŶƵĂŶĚŽƵƌƉůĂŶĨŽƌĂƋƵŝĐŬƐŶĂĐŬǁĂƐĚŝƚĐŚĞĚŝŶĨĂǀŽƌŽĨŐƵŝŶĞĂĨŽǁůƐƚƵĨĨĞĚ
ǁŝƚŚĨŽŝĞŐƌĂƐ͕ƚƌƵĨĨůĞƐ͕ĂŶĚƉĞĐŽƌŝŶŽĐŚĞĞƐĞĨŽƌŵĞ͕ĂŶĚƐĞĂďĂƐƐŝŶŽƌĂŶŐĞƐĂƵĐĞǁŝƚŚĐĂƵůŝĨůŽǁĞƌĨůĂŶĨŽƌ
DŝĐŚĂĞů͕ĂůůĐŽŽŬĞĚƚŽƉĞƌĨĞĐƚŝŽŶ͘
ŶƚŽŶŝŽŵĂĚĞƐƵƌĞǁĞŚĂĚĂƉƌŽƉĞƌŝŶƚƌŽĚƵĐƚŝŽŶƚŽŚŝƐďĞůŽǀĞĚhŵďƌŝĂŶǁŝŶĞƐ͕ďŽƚŚƌĞĚĂŶĚǁŚŝƚĞ͕ďƵƚ
ĞƐƉĞĐŝĂůůǇƚŚĞ^ĂŐƌĂŶƚŝŶŽĚŝDŽŶƚĞĨĂůĐŽďĂƐĞĚŽŶĂŐƌĂƉĞŐƌŽǁŶŝŶƚŚĞƌĞŐŝŽŶĨŽƌĂƚůĞĂƐƚĨŽƵƌŚƵŶĚƌĞĚ
ǇĞĂƌƐďƵƚ͞ƌĞĚŝƐĐŽǀĞƌĞĚ͟ďǇƌŶŽůĚŽĂƉƌĂŝŝŶƚŚĞϭϵϳϬƐ͘&ƵůůͲďŽĚŝĞĚ͕ƌŝĐŚ͕ďĂůĂŶĐĞĚ͕ǁŝƚŚŚŝŶƚƐŽĨďĞƌƌǇ
ĂŶĚǀĂŶŝůůĂ͕ƚŚĞ͞ĚƌǇ͟ǀĞƌƐŝŽŶŽĨƚŚĞǁŝŶĞĐŽƵůĚďĞŽƵƌŝĚĞĂůƌĞĚƚŽĂĐĐŽŵƉĂŶǇŵĞĂůƐŽƌũƵƐƚƚŽƐŝƉ͘dŚĞ
͞ƉĂƐƐŝƚŽ͟ǀĞƌƐŝŽŶŝƐĂŶŝŶƚĞŶƐĞ͕ƐǁĞĞƚĂŶĚĨƌƵŝƚǇĚĞƐƐĞƌƚǁŝŶĞ͕ƚŚĞƉĞƌĨĞĐƚĂĐĐŽŵƉĂŶŝŵĞŶƚƚŽƚŚĞŽůůŝŶƐ͛
ǁĂƌŵĂŶĚĐƌĞĂŵǇĐŚŽĐŽůĂƚĞƚŽƌƚŝŶŽĂŶĚƚŚĞĐŚĞƐƚŶƵƚĐŽŶĐŽĐƚŝŽŶĐĂƉƉŝŶŐŽƵƌŵĞĂůƚŚĂƚĨŝƌƐƚĞǀĞŶŝŶŐ͘
dŚĂŶŬƐƚŽŶƚŽŶŝŽ͛ƐƚƵƚĞůĂŐĞ͕ǁĞĞŶũŽǇĞĚƌĞƉĞĂƚĞĚůǇďŽƚŚǀĞƌƐŝŽŶƐŽĨ^ĂŐƌĂŶƚŝŶŽ͕ĂůŽŶŐǁŝƚŚĂƉƌĂŝ͛ƐďůĞŶĚ
ŽĨ^ĂŐƌĂŶƚŝŶŽǁŝƚŚŽƚŚĞƌŐƌĂƉĞƐ;^ĂŶŐŝŽǀĞƐĞĂŶĚDĞƌůŽƚͿĂŶĚŬŶŽǁŶĂƐZŽƐƐŽĚŝDŽŶƚĞĨĂůĐŽ͘ƐǁĞƐŽŽŶ
ůĞĂƌŶĞĚ͕ŝƚŝƐĞƐƐĞŶƚŝĂůƚŽĞŶũŽǇƚŚĞƐĞƌĞŵĂƌŬĂďůĞǁŝŶĞƐŝŶhŵďƌŝĂďĞĐĂƵƐĞŝƚŝƐƐƵĐŚĂŵĞŵŽƌĂďůĞƉůĂĐĞ͕
ďƵƚĂůƐŽďĞĐĂƵƐĞƚŚĞǇĂƌĞĚŝĨĨŝĐƵůƚƚŽĨŝŶĚ͕ĞǀĞŶĂƐŶĞĂƌďǇĂƐZŽŵĞ͘
37
92/80(,668(
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(1&+$17('%<80%5,$3(58*,$$1'%(<21'&217
dŚĞ,ŽƚĞůƌƵĨĂŶŝWĂůĂĐĞƉƌŽǀĞĚƚŽďĞĂŵĂƌǀĞů ĂŶĚƚŚĞŝĚĞĂůŚĞĂĚƋƵĂƌƚĞƌƐĨŽƌŽƵƌǀŝƐŝƚ͘ƐͲ
ĐŚĞǁŝŶŐƚŚĞƚƌĞŶĚƚŽƐƚĞƌŝůĞƐŽƵůůĞƐƐŶĞƐƐŽĨ
ŽƚŚĞƌƉůĂĐĞƐǁĞŚĂǀĞƐƚĂǇĞĚŝŶ/ƚĂůǇ͕ƚŚŝƐ^ŝŶĂ
'ƌŽƵƉƉƌŽƉĞƌƚǇĞǀŽŬĞƐĐůĂƐƐŝĐĞůĞŐĂŶĐĞĂŶĚ
ůƵǆƵƌǇĂƚĂŶĂĨĨŽƌĚĂďůĞƉƌŝĐĞ͕ǁŝƚŚĂƚƚĞŶƚŝǀĞĂŶĚ
ŐƌĂĐŝŽƵƐƐĞƌǀŝĐĞ͘KƵƌƌŽŽŵĨĞĂƚƵƌĞĚĂƐǁĞĞƉͲ
ŝŶŐǀŝƐƚĂƚŽƚŚĞŶŽƌƚŚǁĞƐƚǁŚŝůĞũƵƐƚĚŽǁŶƚŚĞ
ĐŽƌƌŝĚŽƌǁĂƐĂůĂƌŐĞĐŽǀĞƌĞĚƉĂƚŝŽŽĨĨĞƌŝŶŐĂ
ƉĂŶŽƌĂŵŝĐǀŝĞǁŽĨƚŚĞƌĞŐŝŽŶĂŶĚŶĞĂƌďǇ
ƚŽǁŶƐ͘/ƚƉƌŽǀĞĚƚŚĞƉĞƌĨĞĐƚƐƉŽƚƚŽƌĞůĂǆŝŶƚŚĞĞǀĞŶŝŶŐǁŝƚŚĂŐůĂƐƐŽĨ^ĂŐƌĂŶƚŝŶŽĂŶĚƌĞĨůĞĐƚŽŶƚŚĞĚĂǇ͛Ɛ
ĂĚǀĞŶƚƵƌĞƐ͘
ǀĞƌǇǁŚĞƌĞǁĞŐĂǌĞĚŝŶhŵďƌŝĂƚŚĞƌĞǁĞƌĞĨƌĞĞͲƐƚĂŶĚŝŶŐďĞůůƚŽǁĞƌƐƌŝƐŝŶŐĂďŽǀĞƚŚĞĐŚƵƌĐŚĞƐĨŽƌǁŚŝĐŚ
ƚŚĞǇǁĞƌĞďƵŝůƚ͘ĞŶƚƵƌŝĞƐďĞĨŽƌĞ/ƚĂůǇďĞĐĂŵĞĂŶĂƚŝŽŶ͕ƚŚĞƚŽǁŶƐŽƌĐŽŵŵƵŶĞƐǁĞƌĞƐĞůĨͲŐŽǀĞƌŶŝŶŐĐŝƚŝĞƐ
ŝŶĂƐĞĞŵŝŶŐůǇĐŽŶƐƚĂŶƚƐƚĂƚĞŽĨǁĂƌǁŝƚŚŽŶĞĂŶŽƚŚĞƌĨƌŽŵƚŚĞϭϭƚŚĐĞŶƚƵƌǇƵŶƚŝůƚĂŬĞŶŽǀĞƌďǇƚŚĞWĂƉĂĐǇ
ŝŶƚŚĞŵŝĚͲϭϰƚŚĐĞŶƚƵƌǇ͘ďĞůůƚŽǁĞƌǁĂƐĂůǁĂǇƐďƵŝůƚďĞĨŽƌĞŝƚƐĐŚƵƌĐŚďĞĐĂƵƐĞƚŚĞůŽĐĂůƐŶĞĞĚĞĚĂǀĂŶͲ
ƚĂŐĞƉŽŝŶƚĨƌŽŵǁŚŝĐŚƚŽĚĞƚĞƌŵŝŶĞŝĨƚŚĞŶĞŝŐŚďŽƌŝŶŐƚŽǁŶǁĂƐĂďŽƵƚƚŽĂƚƚĂĐŬĂŶĚ͕ŝĨƐŽ͕ƚŽƌŝŶŐƚŚĞďĞůů
ĂŶĚƌĂŝƐĞƚŚĞĂůĂƌŵ͘ŶŶĞZŽďŝĐŚĂƵĚ͕ĞǆƉĞƌƚŽŶhŵďƌŝĂĂŶĚĨƌŝĞŶĚŽĨĂĐůŝĞŶƚŽĨŵŝŶĞŝŶ,ŽƵƐƚŽŶ͕ĞǆͲ
ƉůĂŝŶĞĚĂůůƚŚŝƐĂƐƐŚĞŐƵŝĚĞĚƵƐŽŶĂƚŽƵƌƚŚƌŽƵŐŚƐƐŝƐŝ͘
ŵŽŶŐƚŚĞǁŽƌŬƐďǇWĞƌƵŐŝŶŽƚŚĂƚǁĞŚĂĚĐŽŵĞƚŽƐĞĞǁĞƌĞƚŚĞĨƌĞƐĐŽĞƐŝŶƚŚĞŽůůĞŐŝŽĚĞůĂŵďŝŽŝŶWĞͲ
ƌƵŐŝĂ͕ĐŽŵŵŝƐƐŝŽŶĞĚďǇƚŚĞŵŽŶĞǇĐŚĂŶŐĞƌ͛ƐŐƵŝůĚŝŶϭϰϵϲ͘dŚĞŐƵŝůĚ͛ƐŵĞŵďĞƌƐǁĞƌĞƌĞƐƉŽŶƐŝďůĞĨŽƌĞǆͲ
ĐŚĂŶŐŝŶŐůŽĐĂůĐŽŝŶĂŐĞĨŽƌƚŚĂƚŽĨƚƌĂĚĞƐŵĞŶǀŝƐŝƚŝŶŐĨƌŽŵŽƚŚĞƌƚŽǁŶƐ͕ĞĂĐŚŽĨǁŚŝĐŚŝƐƐƵĞĚŝƚƐŽǁŶĐƵƌͲ
ƌĞŶĐǇ͘hŶůŝŬĞƚŽĚĂǇ͛ƐĐƵƌƌĞŶĐǇĞǆĐŚĂŶŐĞƐ͕ƚŚĞŵŽŶĞǇĐŚĂŶŐĞƌ͛ƐƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐŝŶĐůƵĚĞĚĂƐƐĂǇŝŶŐĂŶĚ
ǁĞŝŐŚŝŶŐƚŚĞĐŽŝŶƐƚŽĞŶƐƵƌĞƚŚĞǇǁĞƌĞŶŽƚĐŽƵŶƚĞƌĨĞŝƚĂŶĚƚŚĂƚƚŚĞǇĐŽŶƚĂŝŶĞĚƚŚĞƌĞƋƵŝƐŝƚĞĂŵŽƵŶƚƐŽĨ
ŐŽůĚŽƌƐŝůǀĞƌ͘
WĞƌƵŐŝŶŽ͛ƐĨƌĞƐĐŽĞƐ͕ƐƚŝůůƉƌĞƐĞŶƚŝŶƚŚĞƐŵĂůůƌŽŽŵƐĂĚŽƌŶĞĚǁŝƚŚŵĂŐŶŝĨŝĐĞŶƚůǇĐĂƌǀĞĚĐĂďŝŶĞƚƌǇ͕ŐĂǀĞƵƐĂ
ƐĞŶƐĞŽĨǁŚĂƚŝƚŵĞĂŶƚƚŽďĞĂŶhŵďƌŝĂŶĂƌƚŝƐƚ͘tŚŝůĞĚĞƉŝĐƚŝŶŐƐƚŽƌŝĞƐĨƌŽŵƚŚĞŝďůĞ͕ƚŚĞƐĞƉĂŝŶƚĞƌƐŝŶͲ
ĐůƵĚĞĚ͕ŝŶƚŚĞďĂĐŬŐƌŽƵŶĚ͕ƚŚĞĐŽƵŶƚƌǇƐŝĚĞƚŚĞǇƐĂǁĂƌŽƵŶĚƚŚĞŵ͘ǀĞŶǁŚĞŶƉĂŝŶƚŝŶŐŝŶƚŚĞ^ŝƐƚŝŶĞ
ŚĂƉĞůĂŶĚWĂƉĂůƉĂƌƚŵĞŶƚƐŝŶƚŚĞsĂƚŝĐĂŶ͕ƚŚĞǇďƌŽƵŐŚƚƚŚĞŶĂƚƵƌĂůďĞĂƵƚǇŽĨƚŚĞŝƌƌĞŐŝŽŶǁŝƚŚƚŚĞŵĨŽƌ
ĂůůƚŚĞǁŽƌůĚƚŽƐĞĞ͘sĂůůĞǇƐ͕ůĂŬĞƐ͕ŚŝůůƐŝĚĞƐƐƉƌŝŶŬůĞĚǁŝƚŚĐĂƐƚůĞƐĂŶĚƚŽǁŶƐ͕ĂůůƌĞĐĞĚĞŝŶƚŽĂĚĞĞƉĚŝƐͲ
ƚĂŶĐĞĚŽƚƚĞĚǁŝƚŚƚƌĞĞƐĂŶĚďĂƚŚĞĚŝŶƉĂƐƚĞůƐŚĂĚĞƐŽĨďůƵĞĂŶĚŐƌĂǇƵŶĚĞƌƚŚĞĐĂŶŽƉǇŽĨĂƉĂůĞǇĞůůŽǁ
ƐŬǇ͘EŽŵĂƚƚĞƌƚŚĞŶĂƌƌĂƚŝǀĞ͕ƚŚĞƚƌĂŶƋƵŝůůĂŶĚƐĐĂƉĞďĞĐŬŽŶƐĂŶĚĚƌĂǁƐƚŚĞǀŝĞǁĞƌŝŶƚŽƚŚĞĚƌĂŵĂďĞŝŶŐ
ĂĐƚĞĚŽƵƚŝŶƚŚĞĨŽƌĞŐƌŽƵŶĚ͘
EĞĞĚŝŶŐĂƌĞƐƚŽƌĂƚŝǀĞƉĂƐƚƌǇĂŶĚĐŽĨĨĞĞĂĨƚĞƌǀŝƐŝƚŝŶŐƚŚĞŽůůĞŐŝŽĚĞůĂŵďŝŽĂŶĚƚŚĞEĂƚŝŽŶĂů'ĂůůĞƌǇŽĨ
hŵďƌŝĂŶĞǆƚĚŽŽƌ͕ǁĞĐƌŽƐƐĞĚƚŚĞƐƚƌĞĞƚĂŶĚŚĞĂĚĞĚĨŽƌ^ĂŶĚƌŝ͕ƚŚĞƉĂƐƚƌǇĂŶĚĐŚŽĐŽůĂƚĞĞŵƉŽƌŝƵŵĚĂƚŝŶŐ
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ďĂĐŬƚŽϭϴϲϬĂŶĚƐƚŝůůŽǁŶĞĚďǇƚŚĞĨŽƵŶĚŝŶŐĨĂŵŝůǇ͘ĐŚŽŝŶŐƚŚĞƚŚĞŵĞŽĨƚŚĞŽůůĞŐŝŽĚĞůĂŵďŝŽ͕ƚŚĞ
ĐĞŝůŝŶŐŝƐďĞĂƵƚŝĨƵůůǇƉĂŝŶƚĞĚĂŶĚƚŚĞǁĂůůƐůŝŶĞĚǁŝƚŚŽƌŶĂƚĞǁĂůŶƵƚĐĂďŝŶĞƚƐ͘ŶĚŝĨǇŽƵŽĨĨĞƌĂϮϬͲĞƵƌŽ
ŶŽƚĞŝŶƉĂǇŵĞŶƚ͕ŝƚǁŝůůďĞƌƵŶƚŚƌŽƵŐŚĂŶĞůĞĐƚƌŽŶŝĐĚĞǀŝĐĞƚŽǀĞƌŝĨǇƚŚĂƚŝƚŝƐŐĞŶƵŝŶĞ͘dŚĞƐƉŝƌŝƚŽĨƚŚĞ
ŽůůĞŐŝŽĚĞůĂŵďŝŽůŝǀĞƐŽŶŝŶWĞƌƵŐŝĂ͊
ƌŝǀĂůĂŶĚŽĐĐĂƐŝŽŶĂůĐŽůůĂďŽƌĂƚŽƌǁŝƚŚWĞƌƵŐŝŶŽǁĂƐ
ƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞŵŽƐƚĨĂƐĐŝŶĂƚŝŶŐĚŝƐĐŽǀĞƌǇŽĨƚŚĞ
ƚƌŝƉ͕ĂƐƉĂƌƚŽĨŽƵƌƚŽƵƌŽĨƐƐŝƐŝĂŶĚ^ƉĞůůŽǁŝƚŚŶŶĞ͘
^ƚĂŶĚŝŶŐĂƚƚŚĞŽƉĞŶŝŶŐŽĨƚŚĞhͲƐŚĂƉĞĚĂƉĞůůĂĂŐůŝͲ
ŽŶŝŝŶƚŚĞŚƵƌĐŚŽĨ^ĂŶƚĂDĂƌŝĂDĂŐŐŝŽƌĞŝŶ^ƉĞůůŽ͕ǁĞ
ŚĂĚƚŚĞƐĞŶƐĞŽĨďĞĂŵŝŶŐďĂĐŬŝŶƚŝŵĞƐŽŵĞϱϬϬǇĞĂƌƐ
ƚŽǁŚĞŶĞƌŶĂƌĚŝŶŽĚŝĞƚƚŽ͕ŬŶŽǁŶĂƐWŝŶƚƵƌŝĐĐŚŝŽ;ƚŚĞ
ƐŚŽƌƚƉĂŝŶƚĞƌͿŐůŝŵƉƐĞĚƚŚƌĞĞďůĂŶŬǁĂůůƐĂŶĚĂǀĂƵůƚĞĚ
ĐĞŝůŝŶŐĨŽƌƚŚĞĨŝƌƐƚƚŝŵĞ͘tŝƚŚŝŶĂĨĞǁŵŽŶƚŚƐ͕ŚĞŚĂĚ
ƚƌĂŶƐĨŽƌŵĞĚƚŚĞƐƉĂĐĞŝŶƚŽŽŶĞŽĨƚŚĞŵŽƐƚďƌĞĂƚŚƚĂŬͲ
ŝŶŐĂŶĚŵĂŐŶŝĨŝĐĞŶƚƐĞƚƐŽĨĨƌĞƐĐŽĞƐƉƌŽĚƵĐĞĚŝŶƚŚĞ
/ƚĂůŝĂŶZĞŶĂŝƐƐĂŶĐĞ͕ǁŚŝĐŚŝƐƐĂǇŝŶŐĂůŽƚĐŽŶƐŝĚĞƌŝŶŐƚŚĞ
ŵĂƐƚĞƌƉŝĞĐĞƐŽĨŚŝƐĐŽŶƚĞŵƉŽƌĂƌŝĞƐĂŶĚƐƵĐĐĞƐƐŽƌƐ
ƐƵĐŚĂƐWĞƌƵŐŝŶŽ͕ZĂƉŚĂĞů͕>ĞŽŶĂƌĚŽ͕ĞƚĐ͘
ĞƉŝĐƚŝŶŐƚŚĞƐĐĞŶĞƐĨƌŽŵƚŚĞůŝĨĞŽĨ:ĞƐƵƐŝŶĐůƵĚŝŶŐƚŚĞ
ŶŶƵŶĐŝĂƚŝŽŶ͕ƚŚĞEĂƚŝǀŝƚǇ͕ĂŶĚƚŚĞŝƐƉƵƚĂƚŝŽŶĂƚƚŚĞ
dĞŵƉůĞ͕ƚŚĞƐĞǁŽƌŬƐŝŶĐŽƌƉŽƌĂƚĞŵĂŐŶŝĨŝĐĞŶƚĂƌĐŚŝƚĞĐͲ
ƚƵƌĞĨƵůůŽĨƚƌŽŵƉĞů͛ŽĞŝůĞůĞŵĞŶƚƐĂƐǁĞůůĂƐĐŚĂƌŵŝŶŐƚŽƵĐŚĞƐƐƵĐŚĂƐƚŚĞƌƵƐƚŝĐ͕ŚĂůĨͲĨŝŶŝƐŚĞĚŵĂŶŐĞƌĨƌŽŵ
ǁŚŝĐŚƚŚĞŽǆĂŶĚĂƐƐƉĞĞƌŽǀĞƌƚŚĞŝƌƉĞŶƐĂƚƚŚĞƐŝŵƉůĞƐŚĞƉŚĞƌĚƐĂŶĚĞůĂďŽƌĂƚĞůǇŐĂƌďĞĚŵĂŐŝĐŽŵĞƚŽ
ǀŝƐŝƚƚŚĞĂďǇ:ĞƐƵƐ͘tĞĨŽƵŶĚŽƵƌƐĞůǀĞƐďŽǁůĞĚŽǀĞƌďǇWŝŶƚƵƌŝĐĐŚŝŽ͛ƐƚĂůĞŶƚƐĂŶĚĂĐĐŽŵƉůŝƐŚŵĞŶƚƐ͕ďƵƚ
ŶŽƚďĞĨŽƌĞǁĞƌĂŶŽƵƚŽĨƚŚĞŽŶĞͲĞƵƌŽĐŽŝŶƐŶĞĞĚĞĚƚŽĨĞĞĚƚŚĞŵĞƚĞƌƐŽƚŚĞůŝŐŚƚƐǁŽƵůĚƐƚĂǇŽŶŝŶƚŚĞ
ĐŚĂƉĞů͘
tŽƌŶŽƵƚĨƌŽŵƐĞŶƐŽƌǇŽǀĞƌůŽĂĚ͕ǁĞǁĞƌĞǁŚŝƐŬĞĚŶĞǆƚĚŽŽƌďǇŶŶĞƚŽŶŽƚĞĐĂWƌŽƉĞƌǌŝŽ͕ƚŚĞůĞĂĚŝŶŐ
ǁŝŶĞŵĞƌĐŚĂŶƚŝŶhŵďƌŝĂĂŶĚŽŶĞŽĨƚŚĞƚŽƉƉƵƌǀĞǇŽƌƐŽĨ/ƚĂůŝĂŶǁŝŶĞƐǁŽƌůĚǁŝĚĞ͘tĞǁĞƌĞǁĞůĐŽŵĞĚďǇ
ZŽďĞƌƚŽŶŐĞůŝŶŝĂŶĚŚŝƐĚĂƵŐŚƚĞƌ͕/ƌĞŶĞ͕ǁŚŽǁĞƌĞŽƵƌŚŽƐƚƐĨŽƌĂŶĞǀĞŶŝŶŐŽĨǁŝŶĞĂŶĚĨŽŽĚƐĨƌŽŵƚŚĞ
ƌĞŐŝŽŶ͘ZŽďĞƌƚŽǁĂƐĞŶƚŚƵƐŝĂƐƚŝĐĂďŽƵƚŚĂǀŝŶŐdĞǆĂŶƐǀŝƐŝƚƐŝŶĐĞŚĞŚĂĚĚŽŶĞƐĞǀĞƌĂůƉƌŝǀĂƚĞƚĂƐƚŝŶŐƐŝŶ
,ŽƵƐƚŽŶůĂƐƚǇĞĂƌ͕ŝŶĐůƵĚŝŶŐŽŶĞŝŶƚŚĞtŽŽĚůĂŶĚƐ͘tĞŚŽƉĞŚĞĐŽŵĞƐďĂĐŬƐŽŽŶĂŶĚďƌŝŶŐƐŚŝƐǁŽŶĚĞƌĨƵů
ǁŝŶĞƐĨŽƌĂtŝŶĞ^ŽĐŝĞƚǇƚĂƐƚŝŶŐ͊
DǇĨĂǀŽƌŝƚĞǁŝŶĞŽĨƚŚĞĞǀĞŶŝŶŐǁĂƐƚŚĞůŝŵŝƚĞĚƉƌŽĚƵĐƚŝŽŶZŽƐƐŽƐƐŝƐŝϭϵϵϳZĞƐĞƌǀĞ^ĂŶŐŝŽǀĞƐĞ͘dŚĞ
ŶŽƐĞĨƵůůŽĨĞĂƌƚŚǁĂƐĂƚĨŝƌƐƚƐƚĂƌƚůŝŶŐďƵƚƚŚĞŶĞŶŐĂŐŝŶŐǁŚĞŶƐŝƉƉŝŶŐƚŚŝƐƌĞŵĂƌŬĂďůĞ͕ĨƵůůͲďŽĚŝĞĚƌĞĚ
ǁŝŶĞ͘DŝĐŚĂĞů͛ƐĨĂǀŽƌŝƚĞǁĂƐƚŚĞ^ĂŐƌĂŶƚŝŶŽϮϱŶŶŝĨƌŽŵƌŶŽůĚŽĂƉƌĂŝ͕ƚŚĞĐƵůŵŝŶĂƚŝŽŶŽĨƚŚĞǀŝŶƚŶĞƌ͛Ɛ
39
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ǁŝŶĞƐǁĞƌĞĂĐĐŽŵƉĂŶŝĞĚďǇƐůŝĐĞƐŽĨďƌĞĂĚ
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ƚŝƐĂŶĂůŵĞĂƚƐĂŶĚĐŚĞĞƐĞƐ͘
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ǀŝŽƵƐũƵǆƚĂƉŽƐŝƚŝŽŶŽĨĂŶĐŝĞŶƚĂŶĚŵŽĚĞƌŶʹƚŚĞƐůĞĞŬďƵƐĞƐƉĂƌŬĞĚďǇƚŚĞŽůŝƐĞƵŵ͕ƚŚĞĐŽŶͲ
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dŚĞƐŵĂůůƚŽǁŶĨĞĞůŝŶŐĨŝƌƐƚďĞĐĂŵĞĞǀŝĚĞŶƚŽŶĂŶĞĂƌůŝĞƌǀŝƐŝƚƚŽƚŚĞĐŝƚǇǁŚĞŶǁĞůŽĚŐĞĚĂƚ
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ƐĞǀĞƌĂůďŽƵƚŝƋƵĞŚŽƚĞůƐ;ĂŶĚĂďƐŽůƵƚĞůǇŶŽƌĞƐƚĂƵƌĂŶƚƐ͊ͿŵĞĂŶƚǁĞǁĞƌĞƐƉĂƌĞĚƚŚĞƌŽĂƌŽĨ
ŵŽƚŽƌďŝŬĞƐĂƐǁĞĂǁĂŬĞŶĞĚĞĂĐŚŵŽƌŶŝŶŐƚŽďŝƌĚƐƐŝŶŐŝŶŐŝŶƚŚĞƉŝŶĞƚƌĞĞƐŽƵƚƐŝĚĞŽƵƌǁŝŶͲ
ĚŽǁƐ͘ƐŚŽƌƚǁĂůŬĨĂƌƚŚĞƌƵƉƚŚĞŚŝůůĨƌŽŵƚŚĞŚŽƚĞůǁĂƐƚŚĞĨŝĨƚŚĐĞŶƚƵƌǇŚƵƌĐŚŽĨ^ĂŶƚĂ^ĂͲ
ďŝŶĂǁŝƚŚƚŚĞĂƵƐƚĞƌĞĚĞƐŝŐŶŽĨĂǀŝůůĂŐĞƐĂŶĐƚƵĂƌǇĂŶĚĂĨĂŝƚŚĞŵĞƌŐĞŶƚ͘tĞǁĂŶĚĞƌĞĚ
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ƉŝƌĞ͛ƐĂŐƌŝĐƵůƚƵƌĂůŚĞƌŝƚĂŐĞ͘EĞǆƚĚŽŽƌǁĂƐWĂƐƚŝĐĐĞƌŝĂĂƌďĞƌŝŶŝ͕ĂŵĂŐŶĞƚĨŽƌƉĂƐƚƌǇůŽǀĞƌƐ
ůŝŬĞŵǇŚƵƐďĂŶĚ͕DŝĐŚĂĞů͘
dŚĞƐĐŚĞĚƵůĞŽĨĞĂƌůǇŵŽƌŶŝŶŐŵĞĞƚŝŶŐƐŽŶŽƵƌƚƌŝƉƚŽZŽŵĞƚŚŝƐƉĂƐƚDĂǇŵĞĂŶƚƚŚĂƚƐƚĂǇŝŶŐ
ŝŶŽƵƌƵƌďĂŶŽĂƐŝƐǁĂƐŽƵƚŽĨƚŚĞƋƵĞƐƚŝŽŶ͕ďƵƚǁĞƐƚŝůůůŽŶŐĞĚƚŽƌĞĐĂƉƚƵƌĞƚŚĞďƵĐŽůŝĐƐĞŶƐĂͲ
ƚŝŽŶƐŽĨƚŚĞĞĂƌůŝĞƌƐŽũŽƵƌŶ͘^ƵŶĚĂǇŵŽƌŶŝŶŐƚŚĞĚĂǇďĞĨŽƌĞŽƵƌĚĞƉĂƌƚƵƌĞ͕ǁŝƚŚDŝĐŚĂĞů
ďĂƚƚůŝŶŐƚŚĞƐŶŝĨĨůĞƐ͕ĐŽŵƉĞůůĞĚĂƌĞƐƚĨƵůŚŽƵƌŽƌƐŽŽŶĂďĞŶĐŚŝŶƚŚĞĞǆƉĂŶƐŝǀĞ'ĂƌĚĞŶƐŽĨƚŚĞ
sŝůůĂŽƌŐŚĞƐĞ͘>ŝŬĞƵƌďĂŶƉĂƌŬƐŝŶ
ŵĞƌŝĐĂ͕ŝƚǁĂƐĨŝůůĞĚǁŝƚŚĨĂŵŝůŝĞƐ
ƐƚƌŽůůŝŶŐ͕ƉůĂǇŝŶŐŐĂŵĞƐ͕ƉŝĐŶŝĐŬŝŶŐ͕ƐƵŶͲ
ďĂƚŚŝŶŐ͕ĂŶĚĞŶũŽǇŝŶŐĂƉĂƚĐŚŽĨŐƌĞĞŶ
ĂǁĂǇĨƌŽŵŶĞĂƌďǇĂƉĂƌƚŵĞŶƚƐ͘
&ŽƌƵƐ͕ƚŚĞƚƌĞĂƚǁĂƐƐŝƚƚŝŶŐĂŵŝĚƐƚƚŚĞ
ƚĂůůƵŵďƌĞůůĂƉŝŶĞƐƚŚĂƚŵĂŬĞƚŚŝƐƉĂƌŬ
ƐŽŵĞŵŽƌĂďůĞĂŶĚŝŶƐƉŝƌĞĚƚŚĞĨŝƌƐƚ
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ƉŝŶĞƚƌĞĞƐŽĨŽƵƌŶĞŝŐŚďŽƌŚŽŽĚŝŶdŚĞtŽŽĚůĂŶĚƐ͘dŚĞƐƵŶƐŚŝŶĞƐŚŝŵŵĞƌŝŶŐƚŚƌŽƵŐŚƚŚĞŝƌ
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ŵƵƐŝĐĂƐŝƚƐŚŝĨƚƐĨƌŽŵĂďŽŝƐƚĞƌŽƵƐŵŽŽĚŽĨǇŽƵŶŐƐƚĞƌƐĂƚƉůĂǇƚŽĂŚƵƐŚĞĚĨůƵƚĞƐŽůŽĞůŝĐŝƚŝŶŐ
ĂƚŝŵĞůĞƐƐ͕ƉĂƐƚŽƌĂůƐĞƚƚŝŶŐ͘ůƚŚŽƵŐŚŚŝƐƌĞƉĞƌƚŽŝƌĞĚŝĚŶŽƚŝŶĐůƵĚĞZĞƐƉŝŐŚŝ͕ƚŚĞĂĐĐŽƌĚŝŽŶ
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ŚŝƚƉĂƌĂĚĞĨƌŽŵsŝǀĂůĚŝ͛Ɛ&ŽƵƌ^ĞĂƐŽŶƐƚŽDŽǌĂƌƚ͛Ɛ>ŝƚƚůĞEŝŐŚƚDƵƐŝĐ͘
,ƵŶŐĞƌƉĂŶŐƐĞǀĞŶƚƵĂůůǇůĞĚƵƐƚŽĚĞƉĂƌƚĂŶĚƚŽƐƚƌŽůůĚŽǁŶƚŚĞsŝĂsĞŶĞƚŽŝŶƚŽƚŚĞŚĞĂƌƚŽĨ
ƵƌďĂŶZŽŵĞ͘tĞƉĂƐƐĞĚŵĂŶǇƚŝŶǇƌĞƐƚĂƵƌĂŶƚƐǁŝƚŚƚŚĞŝƌĞǆƚĞŶƐŝŽŶƐŽĨŐůĂƐƐͲĞŶĐůŽƐĞĚƐĞĂƚŝŶŐ
ĂƌĞĂƐŽŶƚŚĞƐŝĚĞǁĂůŬ͘EŽƚŚŝŶŐƚĞŵƉƚĞĚƵƐ͘
ƚƵƌŶĨƌŽŵWŝĂǌǌĂĂƌďĞƌŝŶŝŽŶƚŽsŝĂ^ŝƐƚŝŶĂůĞĚƵƐƚŽŶƚŽŶŝŽ
ĂŶĚƚŚĞZŝƐƚŽƌĂŶƚĞ>ĞŽŶ͛KƌŽ͘ŶƚŽŶŝŽǁĂƐƉŽŝƐĞĚŽƵƚĨƌŽŶƚ
ŶĞǆƚƚŽĂƚĂďůĞƐƵƉƉŽƌƚŝŶŐĂďĂƐŬĞƚďƌŝŵŵŝŶŐǁŝƚŚƉŽƌĐŝŶŝ
ŵƵƐŚƌŽŽŵƐ͘,ĞŚĂĚĞŝƚŚĞƌĨŝŐƵƌĞĚƵƐĨŽƌĂĐŽƵƉůĞŽĨĨĂŵŝƐŚĞĚ
ƚŽƵƌŝƐƚƐŽƌĨŽŽĚŝĞƐŝŶƐĞĂƌĐŚŽĨĂƚĂƐƚĞŽĨƉŽƌĐŝŶŝƐ͘ŝƚŚĞƌǁĂǇ͕Ă
ĐŚĂƚǁŝƚŚŶƚŽŶŝŽ;ǁŚŽƐĞŶŐůŝƐŚǁĂƐƐƵƉĞƌďͿ͕ƚŚĞƉƌŽŵŝƐĞŽĨ
ƚŚĞŵƵƐŚƌŽŽŵƐĂŶĚŽĨƉĂƐƚĂŵĂĚĞĨƌĞƐŚƚŚĂƚŵŽƌŶŝŶŐďǇŚŝƐ
ǁŝĨĞ͕ĂůůƉƌŽǀĞĚŝƌƌĞƐŝƐƚŝďůĞ͘ƐǁĞůĞĂƌŶĞĚĨƌŽŵŚŝŵ͕ƚŚĞ/ƚĂůͲ
ŝĂŶƉŽƌĐŝŶŝƐĞĂƐŽŶǁĂƐƐƚŝůůĂĨĞǁŵŽŶƚŚƐŽĨĨ͘dŚĞŵƵƐŚƌŽŽŵƐ
ŽŶǁŚŝĐŚǁĞǁŽƵůĚĨĞĂƐƚŚĂĚĐŽŵĞĨƌŽŵĂŶĞƌƐƚǁŚŝůĞĂŶĚƌĞͲ
ŵŽƚĞƉĂƌƚŽĨƚŚĞZŽŵĂŶŵƉŝƌĞʹdƵƌŬĞǇ͘
DƵƐŚƌŽŽŵƐĂƌĞŶŽƚŚŝŶŐŶĞǁƚŽƚŚĞZŽŵĂŶƐ͕ŽĐĐĂƐŝŽŶĂůůǇƉŽƌͲ
ƚƌĂǇŝŶŐƚŚĞŵƵƌĚĞƌǁĞĂƉŽŶŽĨĐŚŽŝĐĞŝŶĂĚƌĂŵĂŽĨƌĞŐŝŵĞĐŚĂŶŐĞ͘ƚůĞĂƐƚƚŚĂƚ͛ƐƚŚĞƐƚŽƌǇ
ĂďŽƵƚŚŽǁEĞƌŽďĞĐĂŵĞŵƉĞƌŽƌĂĨƚĞƌƉůŽƚƚŝŶŐǁŝƚŚŚŝƐŵŽƚŚĞƌ͕ŐƌŝƉƉŝŶĂ͕ƚŽŵƵƌĚĞƌŚĞƌ
ŚƵƐďĂŶĚ;EĞƌŽ͛ƐƐƚĞƉĨĂƚŚĞƌͿ͕ůĂƵĚŝƵƐ͕ǁŝƚŚĂĚŝƐŚŽĨůĞƚŚĂůĨƵŶŐƵƐ͘WĂƚƌŝĐŝĚĞĂŶĚŝŶƚƌŝŐƵĞ
ĂƐŝĚĞ͕ǁĞŽƉƚĞĚĨŽƌĂƉůĂƚĞŽĨƐĂƵƚĠĞĚƉŽƌĐŝŶŝŽŶĂďĞĚŽĨĂƌƵŐƵůĂ͘ĐƌĞĂƚŝŽŶŽĨǇŽƵŶŐĂŶĚ
ƉĂƐƐŝŽŶĂƚĞŚĞĨDĂƚƚĞŽůďĂ͕ƚŚĞĚŝƐŚǁĂƐƐŽƐŝŵƉůĞǇĞƚƵƚƚĞƌůǇĚĞůŝĐŝŽƵƐ͘dŚĞŵƵƐŚƌŽŽŵ
ƐůŝĐĞƐǁĞƌĞŵĞĂƚǇǁŝƚŚũƵƐƚƚŚĞƐůŝŐŚƚĞƐƚŚŝŶƚŽĨĐƌƵƐƚŝŶĞƐƐ͕ƚŚĞĂƌƵŐƵůĂĐƌŝƐƉĂŶĚƉĞƉƉĞƌǇ
;ƵŶůŝŬĞƚŚĞ͞ďĂďǇ͟ǀĞƌƐŝŽŶŽŶŽĨĨĞƌĂƚŽƵƌůŽĐĂůƐƵƉĞƌŵĂƌŬĞƚƐͿ͕ǁŝƚŚũƵƐƚĂƐĐĂŶƚƚƌĂĐĞŽĨŽůŝǀĞ
Žŝů͘dŚĞŬŝƚĐŚĞŶ͕ďĞŝŶŐůŽĐĂƚĞĚũƵƐƚĂĨĞǁĨĞĞƚĨƌŽŵŽƵƌƚĂďůĞ͕ŵĞĂŶƚƚŚĂƚƚŚĞůŝŶŐĞƌŝŶŐĂƌŽŵĂ
ŽĨƚŚĞƐĂƵƚĠŝŶŐŵƵƐŚƌŽŽŵƐǁĂƐƐƚŝůůǁĂĨƚŝŶŐĂƌŽƵŶĚƵƐĂƐǁĞďŝƚŝŶƚŽƚŚĞĨŝƌƐƚƐƵĐĐƵůĞŶƚŵŽƌͲ
42
92/80(,668(
3DJH
3,1, 1* )25 325&, 1, $)7(5$ 520$ 1+2 /, '$<&2 17
ƐĞůƐ͘tĞǁĞƌĞŝŶƉŽƌĐŝŶŝŚĞĂǀĞŶ͕ĞŶůŝǀĞŶĞĚďǇĂ^ĂŶŐŝŽǀĞƐĞĨƌŽŵdƵƐĐĂŶǇʹWŽĚĞƌĞĚĞů'ŝƵŐŐŝͲ
ŽůŽŽƌƚĞĂůůĂ&ůŽƌĂ;ϮϬϬϵͿ͘
ĨƚĞƌĂŵĂŝŶĐŽƵƌƐĞŽĨƚŽƌƚĞůůŝŶŝŝŶĐƌĞĂŵƐĂƵĐĞǁŝƚŚŵƵƐŚƌŽŽŵƐ͕ĨŽƌŵĞ͕ĂŶĚĂƚĞŶĚĞƌĂŶĚĨůĂͲ
ǀŽƌĨƵůĂŶŝƐŚƐƚĞĂŬŝŶŐƌĞĞŶƉĞƉƉĞƌĐŽƌŶƐĂƵĐĞ͕ĨŽƌDŝĐŚĂĞů͕ǁĞƉĂƐƐĞĚŽŶĚĞƐƐĞƌƚĂŶĚďĂĚĞ
ŶƚŽŶŝŽĂĨŽŶĚĨĂƌĞǁĞůů͘ĂƌůŝĞƌ͕DŝĐŚĂĞůŚĂĚƐƉŝĞĚĂŐĞůĂƚĞƌŝĂũƵƐƚƵƉƚŚĞƐƚƌĞĞƚ͘KƵƌŵĞĂů
ǁĂƐƚŽƉƉĞĚŽĨĨďǇĂŶŽƚŚĞƌĞǆĂŵƉůĞŽĨƚŚŝƐŝŶĐŽŵƉĂƌĂďůĞ/ƚĂůŝĂŶǀĞƌƐŝŽŶŽĨŝĐĞĐƌĞĂŵͲͲĚŝŵŝŶƵͲ
ƚŝǀĞďĂůůƐŽĨĞǆƚƌĂͲĚĂƌŬĐŚŽĐŽůĂƚĞŽƌŚĂǌĞůŶƵƚ͕ƉĂĐŬĞĚǁŝƚŚŝŶƚĞŶƐĞĨůĂǀŽƌ͕ĂŶĚĂƌŝĐŚĐƌĞĂŵĨůĂͲ
ǀŽƌŶŽƚĂďůĞĨŽƌƚŚĞĂďƐĞŶĐĞŽĨǀĂŶŝůůĂ͘
dŚĞŵŽƌĞĨŽƌŵĂů͕ƉƵďůŝĐŵĞĂůǁĞĞŶũŽǇĞĚ
ǁĂƐĂƚsĞĐĐŚŝĂZŽŵĂ;KůĚZŽŵĞͿ͕ĚŝƐĐŽǀͲ
ĞƌĞĚǁŚŝůĞǁĂŶĚĞƌŝŶŐƚŚĞĨŽƌŵĞƌ'ŚĞƚƚŽ
ĂĨƚĞƌŚŝŬŝŶŐƵƉƚŽƚŚĞĂŵƉŝĚŽŐůŝŽĨƌŽŵ
ƚŚĞ&ŽƌƵŵ͘/ƚƐƚĂďůĞƐ͕ƐƉƌĞĂĚŽƵƚŝŶƚŚĞ
ƚŝŶǇƉŝĂǌǌĂĂŶĚĐŽǀĞƌĞĚďǇďƌŽĂĚƵŵďƌĞůͲ
ůĂƐ͕ŵĂĚĞƚŚĞůŽĐĂƚŝŽŶŝĚĞĂůĨŽƌĂůĞŝƐƵƌĞůǇ
ůƵŶĐŚƐƚĂƌƚŝŶŐŽĨĨǁŝƚŚĨƌŝƚƚŽŵŝƐƚŽ͕ĂƉůĂƚĞ
ŽĨĚĞůŝĐĂƚĞůǇďĂƚƚĞƌĞĚĂŶĚĨƌŝĞĚƐĐĂůůŽƉƐ͕
ĐŽĚ͕ǌƵĐĐŚŝŶŝ͕ƌĞĚƉĞƉƉĞƌ͕ĂŶĚĐĂƵůŝĨůŽǁĞƌ͘ůǁĂǇƐŽŶƚŚĞůŽŽŬͲŽƵƚĨŽƌŽƌŐĂŶŵĞĂƚƐ͕/ŚĂĚĂƐ
ŵǇŵĂŝŶĐŽƵƌƐĞǀĞĂůŬŝĚŶĞǇƐŝŶĂƐĂƵĐĞŽĨƉĂŶĚƌŝƉƉŝŶŐƐǁŝƚŚĂĚĂƐŚŽĨĐƌĞĂŵǁŚŝůĞDŝĐŚĂĞů
ŚĂĚǀĞĂůůŝǀĞƌ͕ƉĂŶͲƐĂƵƚĠĞĚƚŽƉĞƌĨĞĐƚŝŽŶǁŝƚŚĂƐŝŵŝůĂƌ͕ďƵƚůŝŐŚƚĞƌ͕ƐĂƵĐĞ͘ĐĐŽŵƉĂŶǇŝŶŐƚŚŝƐ
ǁĂƐƌŶŽůĚŽĂƉƌĂŝ͛ƐZŽƐƐŽĚŝDŽŶƚĞĨĂůĐŽ;ϮϬϬϵͿǁŚŝĐŚǁĞŚĂĚůĞĂƌŶĞĚƚŽůŽǀĞƚŚĞǁĞĞŬďĞͲ
ĨŽƌĞŝŶWĞƌƵŐŝĂ͘tĞůŝŶŐĞƌĞĚĨŽƌƐĞǀĞƌĂůŚŽƵƌƐ͕ĞŶũŽǇŝŶŐƚŚĞĐŽŽůďƌĞĞǌĞƐŽŶƚŚŝƐƐǁĞůƚĞƌŝŶŐ
ĂĨƚĞƌŶŽŽŶĂůŽŶŐǁŝƚŚƚŚĞǁŽŶĚĞƌĨƵůǁŝŶĞ͕ǁŚŝůĞƚĂůŬŝŶŐƚŽƚŚĞĨŽůŬƐĂƚƚŚĞŶĞǆƚƚĂďůĞ͕ŵĞƌŝͲ
ĐĂŶƐǁŚŽŚĂƉƉĞŶĞĚƚŽďĞĨƌŽŵŽƵƌĨŽƌŵĞƌŶĞŝŐŚďŽƌŚŽŽĚŝŶ>ŽƐŶŐĞůĞƐĂŶĚĨŽƌǁŚŽŵƚŚŝƐ
ƌĞƐƚĂƵƌĂŶƚǁĂƐĂƉƌŝŽƌŝƚǇĚĞƐƚŝŶĂƚŝŽŶ͘^ƚƵŵďůŝŶŐ
ƵƉŽŶŝƚ͕ĨŽƌƵƐ͕ǁĂƐƐĞƌĞŶĚŝƉŝƚŽƵƐďƵƚĞƋƵĂůůǇŵĞŵŽͲ
ƌĂďůĞ͘
dŚĞĐƵůŝŶĂƌǇĚĞůŝŐŚƚƐŽĨĂŵŽƌĞƉƌŝǀĂƚĞZŽŵĞǁĞƌĞ
ĐŽŶƐƵŵĞĚǁŝƚŚŐƵƐƚŽĂƚdƌĂƚƚŽƌŝĂĚĂůĂǀĂůŝĞƌ'ŝŶŽ
ŽŶĂƚŝŶǇƐƚƌĞĞƚŶĞĂƌƚŚĞWĂƌůŝĂŵĞŶƚ͘KƵƌĨƌŝĞŶĚƐ͕
ŶĚƌĞĂĂŶĚ&ĂďŝĂŶĂ͕ZŽŵĂŶƐƚŚƌŽƵŐŚĂŶĚƚŚƌŽƵŐŚ͕
ǁĞƌĞĚĞƚĞƌŵŝŶĞĚƚŽŝŶƚƌŽĚƵĐĞƵƐƚŽƚŚĞŚĞĂƌƚǇZŽͲ
43
92/80(,668(
3DJH
3,1, 1* )25 325&, 1, $)7(5$ 520$ 1+2 /, '$<&2 17
ŵĂŶĚĞůŝĐĂĐŝĞƐƚŚĞǇůŽǀĞďƵƚƚŚĂƚĚŽŶŽƚŐĞŶĞƌĂůůǇŐƌĂĐĞƌĞƐƚĂƵƌĂŶƚŵĞŶƵƐďĞĐĂƵƐĞŵŽƚŚĞƌƐ
;ŽƌŵŽƌĞůŝŬĞůǇ͕ŐƌĂŶĚŵŽƚŚĞƌƐͿŵĂŬĞƚŚĞŵĂƚŚŽŵĞ͘tĞůŽǀĞĚƚŚĞůŝǀĞůǇĂƚŵŽƐƉŚĞƌĞĂƚƚŚĞ
ƚƌĂƚƚŽƌŝĂ͘dŚĞƌĞǁĞƌĞũƵƐƚĂĨĞǁƚĂďůĞƐ͕ĐůŽƐĞƚŽŐĞƚŚĞƌ͕ĨƵůůŽĨĨƌŝĞŶĚƐƐŚĂƌŝŶŐĂŵĞĂůĂŶĚĂĐĂͲ
ƌĂĨĞŽĨƚŚĞŚŽƵƐĞǁŚŝƚĞǁŝŶĞ͘
ƌĞǀĞůĂƚŝŽŶǁĂƐƚŚĞƚƌĂĚŝƚŝŽŶĂůZŽŵĂŶƉĂƐƚĂĚŝƐŚŬŶŽǁŶĂƐĂĐŝŽĞWĞƉĞ͘dŚŝĐŬƐƉĂŐŚĞƚƚŝŝƐ
ĐŽŽŬĞĚĨŝƌƐƚ͕ĂůĚĞŶƚĞ͘KůŝǀĞŽŝůĂŶĚĐƌĂĐŬĞĚďůĂĐŬƉĞƉƉĞƌĂƌĞŚĞĂƚĞĚŝŶĂƐŬŝůůĞƚ͘^ŽŵĞƉĂƐƚĂ
ǁĂƚĞƌŝƐůĂĚůĞĚŝŶĂŶĚďƌŽƵŐŚƚƚŽĂďŽŝů͘dŚĞŶƚŚĞƉĂƐƚĂŝƐĂĚĚĞĚĂŶĚŐĞŶĞƌŽƵƐĂŵŽƵŶƚƐŽĨWĞͲ
ĐŽƌŝŶŽZŽŵĂŶŽĂŶĚĂĐŝŽĚĞZŽŵĂĐŚĞĞƐĞƐĂƌĞƐƉƌŝŶŬůĞĚŝŶƵŶƚŝůĂĐƌĞĂŵǇĐŽŶĐŽĐƚŝŽŶƌĞƐƵůƚƐ͘
tŚŝůĞ/ƐƵďƐĞƋƵĞŶƚůǇƚƌŝĞĚƚŽĚƵƉůŝĐĂƚĞƚŚŝƐƐŝŵƉůĞĚŝƐŚĂƚŚŽŵĞ͕ŵǇĞĨĨŽƌƚƐĐĂŶŶŽƚĐŽŵƉĞƚĞ
ǁŝƚŚƚŚĞƉĞƌĨĞĐƚĐŽŶƐŝƐƚĞŶĐǇĂŶĚĚĞůŝĐŝŽƵƐŵĂƌƌŝĂŐĞŽĨƚŚĞƚĂŶŐǇƐŚĞĞƉ͛ƐŵŝůŬĐŚĞĞƐĞĂŶĚƚŚĞ
ĨƌĞƐŚ͕ƐƉŝĐǇƉĞƉƉĞƌĂƚ'ŝŶŽ͛Ɛ͘dŚĞƌĞ͛ƐƐŽŵĞƚŚŝŶŐĂďŽƵƚĨƌĞƐŚƉĂƐƚĂ͕ĐŽŶƐƵŵĞĚŝŶ/ƚĂůǇǁŝƚŚůŽͲ
ĐĂůůǇŵĂĚĞĐŚĞĞƐĞƐ͕ƚŚĂƚƚĂƐƚĞƐůŝŬĞŶŽǁŚĞƌĞĞůƐĞ͊DŝĐŚĂĞůĂŶĚ/ƐƉůŝƚĂƉůĂƚĞŽĨĂĐŝŽĞWĞƉĞ͕
ďƵƚ/ǁŽƵůĚŚĂǀĞŐůĂĚůǇĞĂƚĞŶƚŚĞǁŚŽůĞƚŚŝŶŐŵǇƐĞůĨ͕ďƵƚĨŽƌƚŚĞŶĞĞĚƚŽƐĂǀĞƌŽŽŵĨŽƌƚŚĞ
ŶĞǆƚĐŽƵƌƐĞ͘
tĞĨŽůůŽǁĞĚŶĚƌĞĂ͛ƐƐƵŐŐĞƐƚŝŽŶƐĨŽƌǁŚĂƚƚŽĞĂƚŶĞǆƚĨƌŽŵƚŚĞĂƌƌĂǇŽĨƚĞŵƉƚŝŶŐ͕ĞůĞŵĞŶƚĂů
ĚŝƐŚĞƐ͘/ŽƉƚĞĚĨŽƌŽǆƚĂŝůƐƚĞǁ͕ĂĚŝƐŚĚĂƚŝŶŐďĂĐŬƚŽƚŚĞƚŝŵĞǁŚĞŶŽǆĞŶǁĞƌĞƐƚŝůůƵƐĞĚŽŶ
ŶĞĂƌďǇĨĂƌŵƐƚŽƉůŽǁƚŚĞĨŝĞůĚƐ͘/ƚƉƌŽǀĞĚĂůƵƐŚůǇĨůĂǀŽƌĞĚ͕ƐůŝŐŚƚůǇƐƉŝĐǇĚŝƐŚ͕ƚŚĞŵĞĂƚƐůŽǁͲ
ĐŽŽŬĞĚĂŶĚƚĞŶĚĞƌŝŶĂƐĂƵĐĞŽĨƌĞĚǁŝŶĞĂŶĚƚŽŵĂƚŽ͘DŝĐŚĂĞůŚĂĚƌĂďďŝƚ͕ŶĚƌĞĂŚĂĚƚƌŝƉĞ͕
ĂŶĚ&ĂďŝĂŶĂŚĂĚĂǀĞĂůĚŝƐŚ͘dŚĞŽŶůǇƚǁŽǁŝƚŚƌŽŽŵůĞĨƚĨŽƌĚĞƐƐĞƌƚ͕DŝĐŚĂĞůĂŶĚ&ĂďŝĂŶĂ
ŽƉƚĞĚĨŽƌdŝƌĂŵŝƐƵŝŶĂƐƵƉĞƌď͕ĐƌĞĂŵǇ͕ĂŶĚƉĞƌĨƵŵĞĚǀĞƌƐŝŽŶƵŶŬŶŽǁŶƚŽƵƐŝŶƚŚĞh͘^͘
ŝƌĞǁĂƌŶŝŶŐƐĂďŽƵƚƚŚĞĐŽůůĂƉƐĞŽĨƚŚĞƵƌŽ͕ĐŽŶĐĞƌŶƐĂďŽƵƚƚŚĞǀŝĂďŝůŝƚǇŽĨƚŚĞ/ƚĂůŝĂŶĞĐŽŶͲ
ŽŵǇ͕ƐĐĂŶĚĂůƐĂƚƚŚĞsĂƚŝĐĂŶ͕ĂŶĚŽƚŚĞƌĂůĂƌŵŝŶŐŚĞĂĚůŝŶĞƐĂƐƐĂŝůĞĚƵƐƚŚƌŽƵŐŚŽƵƚŽƵƌƐƚĂǇ͘
ƵƚŶŽƚŚŝŶŐĐŽƵůĚĚĂŵƉĞŶƚŚĞĞŶƚŚƵƐŝĂƐŵǁĞĨĞĞůĨŽƌƚŚĞƐǁĞĞƚůŝĨĞŽĨĐŽŶƚƌĂƐƚƐƚŚĂƚŵĂŬĞ
ZŽŵĞĞƚĞƌŶĂůůǇƐƉĞĐŝĂů͘
ZŝƐƚŽƌĂŶƚĞ>ĞŽŶ͛KƌŽʹsŝĂ^ŝƐƚŝŶĂ͕ϵ;ŶŽǁĞďƐŝƚĞͿ
dƌĂƚƚŽƌŝĂĚĞůĂǀĂůŝĞƌ'ŝŶŽʹsŝĐŽůŽZŽƐŝŶŝ͕ϰ;ŶŽǁĞďƐŝƚĞ͕ŶŽĐƌĞĚŝƚĐĂƌĚƐͿ
ZŝƐƚŽƌĂŶƚĞsĞĐĐŚŝĂZŽŵĂʹWŝĂǌǌĂĂŵƉŝƚĞůůŝ͕ϭϴʹŚƚƚƉ͗ͬͬǁǁǁ͘ƌŝƐƚŽƌĂŶƚĞǀĞĐĐŚŝĂƌŽŵĂ͘ĐŽŵ
'ĂƐƚƌŽŶŽŵŝĂsŽůƉĞƚƚŝʹsŝĂDĂƌŵŽƌĂƚĂ͕ϰϳʹŚƚƚƉ͗ͬͬǁǁǁ͘ǀŽůƉĞƚƚŝ͘ĐŽŵ
WĂƐƚŝĐĐĞƌŝĂĂƌďĞƌŝŶŝʹsŝĂDĂƌŵŽƌĂƚĂϰϭ;ŶŽǁĞďƐŝƚĞͿ
EĞǆƚƚŝŵĞʹŶKƉĞƌĂƚŝĐ>ĞĂƉŽĨ&ĂŝƚŚĂĨƚĞƌĂDĞŵŽƌĂďůĞZŽŵĂŶZĞƉĂƐƚ
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ŚƌŝƐƚŵĂƐƐĞĂƐŽŶƐ͕/ŚĂǀĞŶĞǀĞƌƋƵŝƚĞĂĚũƵƐƚĞĚƚŽƚŚĞŚŽůŝĚĂǇƐŝŶdĞǆĂƐǁŚĞƌĞƚŚĞŵĞƌĐƵƌǇĂůǁĂǇƐ
ƐĞĞŵƐƐƚƵĐŬŝŶƚŚĞϳϬƐ͘^ŽĂĞĐĞŵďĞƌďƵƐŝŶĞƐƐƚƌŝƉƚŽ&ƌĂŶĐĞǁŝƚŚŵǇŚƵƐďĂŶĚ͕DŝĐŚĂĞů͕ŽĨĨĞƌĞĚ
ƉƌŽƐƉĞĐƚƐŽĨƌĞŝŶǀŝŐŽƌĂƚŝŶŐŽƵƌKůĚtŽƌůĚŚƌŝƐƚŵĂƐƐƉŝƌŝƚǁŝƚŚĂĨĞǁĚĂǇƐŝŶůƐĂĐĞ͘
dŚĞůƐĂĐĞƌĞŐŝŽŶŽĨ&ƌĂŶĐĞďŽĂƐƚƐƌŽůůŝŶŐŚŝůůƐŝĚĞƐĐŽǀĞƌĞĚǁĂůůͲƚŽͲǁĂůůďǇƚŚĞǀŝŶĞƐƚŚĂƚĂƌĞƚŚĞƐŽƵƌĐĞ
ŽĨŝƚƐƌĞƉƵƚĂƚŝŽŶĂƐŽŶĞŽĨƚŚĞĐŽƵŶƚƌǇ͛ƐĐĞŶƚĞƌƐŽĨǀŝƚŝĐƵůƚƵƌĞ͘&ŽƵŐŚƚŽǀĞƌĨŽƌĐĞŶƚƵƌŝĞƐďĞƚǁĞĞŶƚŚĞ
&ƌĞŶĐŚĂŶĚƚŚĞ'ĞƌŵĂŶƐ͕ůƐĂĐĞƉƌŽŵŽƚĞƐƚŚĞďĞƐƚŽĨďŽƚŚŶĂƚŝŽŶƐǁŚĞŶŝƚĐŽŵĞƐƚŽŵƵůůĞĚǁŝŶĞ
;͞'ůƺŚǁĞŝŶ͟Ϳ͕ĨŽŽĚ͕ĂŶĚŐŽŽĚŚŽůŝĚĂǇĐŚĞĞƌ͘
tĞĐŚŽƐĞĂƐŽƵƌŝŶŝƚŝĂůĚĞƐƚŝŶĂƚŝŽŶƚŚĞƌĞŐŝŽŶ͛ƐĐĂƉŝƚĂů͕^ƚƌĂƐďŽƵƌŐ͕ĂŶĚĂƐŽƵƌďĂƐĞŽĨŽƉĞƌĂƚŝŽŶƐƚŚĞ
WĞƚŝƚĞ&ƌĂŶĐĞĚŝƐƚƌŝĐƚ͕ƐĞƉĂƌĂƚĞĚĨƌŽŵƚŚĞƌĞƐƚŽĨƚŚĞĐŝƚǇďǇĐĂŶĂůĂŶĚƌŝǀĞƌ͘dĂŶŶĞƌŝĞƐĂŶĚƐůĂƵŐŚƚĞƌͲ
ŚŽƵƐĞƐǁĞƌĞĐĞŶƚĞƌĞĚƚŚĞƌĞŝŶŵĞĚŝĞǀĂůƚŝŵĞƐĂŶĚŵĂŶǇŽĨƚŚĞŚĂůĨͲƚŝŵďĞƌĞĚďƵŝůĚŝŶŐƐĨƌŽŵƚŚĂƚĞƌĂ
ƐƚŝůůĞǆŝƐƚ͘KƵƌŚŽƚĞů͕ƚŚĞĞ>͛ƵƌŽƉĞ͕ǁĂƐĂŶĂŵĂůŐĂŵŽĨũƵƐƚƐƵĐŚŽůĚĞƌƐƚƌƵĐƚƵƌĞƐůŽĐĂƚĞĚĂĨĞǁŵŝŶͲ
ƵƚĞƐďǇĨŽŽƚĨƌŽŵƚŚĞWůĂĐĞ<ůĠďĞƌ͕ƚŚĞĐŝƚǇ͛ƐŚƵŐĞŵĂŝŶƐƋƵĂƌĞǁŝƚŚĂŐŝĂŶƚŚƌŝƐƚŵĂƐƚƌĞĞĂƚŝƚƐĐĞŶƚĞƌ͘
,ĂǀŝŶŐĂƌƌŝǀĞĚŽŶŽƵƌǁĞĚĚŝŶŐĂŶŶŝǀĞƌƐĂƌǇ͕ǁĞĂƐŬĞĚƚŚĞĐŽŶĐŝĞƌŐĞƚŽƉƌŽƉŽƐĞĂƐƉĞĐŝĂůĚŝŶŶĞƌŽĨ
ƐŽŵĞƚŚŝŶŐƚǇƉŝĐĂůůǇůƐĂƚŝĂŶ͘^ŚĞĂƌƌĂŶŐĞĚĂŶĞǀĞŶŝŶŐĂƚƚŚĞDĂŝƐŽŶĚĞƐdĂŶŶĞƵƌƐ͕ĂƌĞƐƚĂƵƌĂŶƚĂůŽŶŐ
ƚŚĞŶĞĂƌďǇĐĂŶĂů͘,ŽƵƐĞĚŝŶĂŚĂůĨͲƚŝŵďĞƌĞĚďƵŝůĚŝŶŐĐŽŶƐƚƌƵĐƚĞĚŝŶϭϱϳϮĨŽƌƚŚĞƚĂŶŶĞƌƐĨƌŽŵǁŚŝĐŚ
ŝƚƐŶĂŵĞĚĞƌŝǀĞƐ͕ƚŚĞƌĞƐƚĂƵƌĂŶƚŚĂƐŽĨĨĞƌĞĚƚŚĞďĞƐƚŽĨƚŚĞƌĞŐŝŽŶ͛ƐĐƵŝƐŝŶĞĂŶĚǁŝŶĞƐĨŽƌŽǀĞƌϲϬ
ǇĞĂƌƐ͘tĞǁĞƌĞƐĞĂƚĞĚĂƚĂĐŽƌŶĞƌƚĂďůĞǁŝƚŚĂĐŽŵŵĂŶĚŝŶŐǀŝĞǁŽĨƚŚĞŵĂŝŶĚŝŶŝŶŐƌŽŽŵďƵƚďǇĂ
ǁŝŶĚŽǁǁŚĞƌĞǁĞĐŽƵůĚǁĂƚĐŚƚŚĞƐŶŽǁĨĂůůŝŶŐŽŶƚŚĞĐŽďďůĞƐƚŽŶĞƐŽƵƚƐŝĚĞ͘
DŝĐŚĂĞůĂŶĚ/ŚĂĚƚŚĞĚĂǇ͛ƐƐƉĞĐŝĂůƐĂƐŽƵƌƐƚĂƌƚĞƌƐͲͲŽŶŝŽŶƚĂƌƚĞĂŶĚĂƐĂůĂĚŽĨƐĐĂůůŽƉƐ͘&ŽƌƚŚĞŵĂŝŶ
ĐŽƵƌƐĞ͕DŝĐŚĂĞůŚĂĚƚŚĞǀĞŶŝƐŽŶƐƉĞĐŝĂůǁŝƚŚǀĂƌŝŽƵƐƐĂƵĐĞƐďĂƐĞĚŽŶĐŚĞƐƚŶƵƚƐĂŶĚŽŶƌĞĚďĞƌƌŝĞƐ͘/
ŚĂĚǀĞĂůŬŝĚŶĞǇƐŝŶĂƌŝĐŚĐƌĞĂŵƐĂƵĐĞǁŝƚŚŵƵƐŚƌŽŽŵƐ͘ŽƚŚǁĞƌĞĂĐĐŽŵƉĂŶŝĞĚďǇ͞ƐƉĂĞƚǌůĞ͕͟ƌŝĐŚ
ůŝƚƚůĞŶƵŐŐĞƚƐŽĨĚŽƵŐŚǁŚŝĐŚĂƌĞŝĚĞĂůĨŽƌĂďƐŽƌďŝŶŐƚŚĞƐĂƵĐĞƐŽĨĂŶǇĚŝƐŚƚŚĞǇĂĐĐŽŵƉĂŶǇ͘>ŝŐŚƚĞƌ
ĂŶĚŵŽƌĞĨůĂǀŽƌĨƵůƚŚĂŶĂŶǇǁĞŚĂĚĞǀĞƌƚĂƐƚĞĚ͕ƚŚĞƐĞďĞĐĂŵĞƚŚĞƐƚĂŶĚĂƌĚĂŐĂŝŶƐƚǁŚŝĐŚĂůůŽƚŚĞƌƐ
ǁĞƌĞŵĞĂƐƵƌĞĚĂƐǁĞĂƚĞŽƵƌǁĂǇĂĐƌŽƐƐƚŚĞƌĞŐŝŽŶ͘
ĞŝŶŐƌĞĚǁŝŶĞĚƌŝŶŬĞƌƐ͕ĞƐƉĞĐŝĂůůǇǁŚĞŶĐŽŶƐƵŵŝŶŐ
ŐĂŵĞŽƌŽƌŐĂŶŵĞĂƚƐ͕ǁĞŽƉƚĞĚĨŽƌƚŚĞWŝŶŽƚEŽŝƌĨƌŽŵ
,ƺŐĞůĞƚ&ŝůƐ͕ĂĨĂŵŝůǇǁŚŽƐĞŝŶǀŽůǀĞŵĞŶƚŝŶƚŚĞǁŝŶĞ
ŝŶĚƵƐƚƌǇŽĨůƐĂĐĞĚĂƚĞƐďĂĐŬƚŽƚŚĞĂĨƚĞƌŵĂƚŚŽĨƚŚĞ
dŚŝƌƚǇzĞĂƌƐtĂƌ͕ŝŶƚŚĞǀŝůůĂŐĞŽĨZŝƋƵĞǁŝŚƌ͘ƐǁĞ
ƋƵŝĐŬůǇůĞĂƌŶĞĚ͕ŝƚ͛ƐďĞƚƚĞƌƚŽƐƚŝĐŬǁŝƚŚƚŚĞǁŚŝƚĞƐŝŶůͲ
ƐĂĐĞŝĨǇŽƵĂƌĞĂĐĐƵƐƚŽŵĞĚĂƐǁĞĂƌĞƚŽĨƵůůͲďŽĚŝĞĚƌĞĚƐ͘
tŚŝůĞƚŚĞWŝŶŽƚEŽŝƌǁĞŶƚǁĞůůǁŝƚŚŽƵƌŵĞĂů͕ŝƚƌĞͲ
ŵŝŶĚĞĚƵƐŽĨƚŚĞŶĞĞĚƚŽƌĞĐĂůŝďƌĂƚĞŽƵƌƚĂƐƚĞďƵĚƐ
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ǁŚĞŶǁĞƐĞƚĨŽŽƚŝŶ&ƌĂŶĐĞ͕ƐŝŶĐĞǁŝŶĞŵĂĚĞĨƌŽŵŝƚƐĐŚĞƌŝƐŚĞĚŐƌĂƉĞǀĂƌŝĞƚŝĞƐďĞĂƌƐůŝƚƚůĞƌĞƐĞŵͲ
ďůĂŶĐĞƚŽǁŚĂƚǁĞĂƌĞƵƐĞĚƚŽďĂĐŬŚŽŵĞ͘
ƐǁĞĂůƐŽůĞĂƌŶĞĚƚŚĂƚŶŝŐŚƚ͕ƉŽƌƚŝŽŶƐŝǌĞƐŝŶůƐĂĐĞůĞĂŶƚŽǁĂƌĚƚŚĞŚĞĨƚǇĂŶĚƚŚĞ'ĞƌŵĂŶŝĐƐŝĚĞŽĨ
ƚŚĞƌĞŐŝŽŶ͛ƐŚĞƌŝƚĂŐĞ͘ŽƚŚŽĨƵƐǁĞƌĞĐŚĂůůĞŶŐĞĚŝŶĨŝŶŝƐŚŝŶŐĞĂĐŚƉůĂƚĞůĂŝĚŝŶĨƌŽŶƚŽĨƵƐ͘EŽƚƚŽďĞ
ƉƵƚŽĨĨ͕ŚŽǁĞǀĞƌ͕DŝĐŚĂĞůŽƌĚĞƌĞĚWŽŝƌĞĞůůĞ,ĠůğŶĞĨŽƌĚĞƐƐĞƌƚ͕ƵŶĂďůĞƚŽƉĂƐƐƵƉƉĞĂƌƐƉŽĂĐŚĞĚŝŶ
ǁŝŶĞ;ƉƌĞƐƵŵĂďůǇǁŚŝƚĞͿƉĂŝƌĞĚǁŝƚŚĂƌŝĐŚĚĂƌŬĐŚŽĐŽůĂƚĞƐĂƵĐĞŽǀĞƌĂĚŽůůŽƉŽĨǀĂŶŝůůĂŝĐĞĐƌĞĂŵ͘
ĨƚĞƌƚŚĂƚ͕ƚŚĞŵĂŶĂŐĞƌƉƌĞƐĞŶƚĞĚƵƐǁŝƚŚĂĐĂŬĞƚŽƉƉĞĚǁŝƚŚƐƉĂƌŬůĞƌƐŝŶĐĞůĞďƌĂƚŝŽŶŽĨŽƵƌĂŶŶŝǀĞƌͲ
ƐĂƌǇ͘,ĞĞǆƚŝŶŐƵŝƐŚĞĚƚŚĞůŝŐŚƚƐĂŶĚŽƵƌĨĞůůŽǁĚŝŶĞƌƐĂƉƉůĂƵĚĞĚƵƐ͕ŽŶĐĞƚŚĞǇĨŝŐƵƌĞĚŽƵƚƚŚĂƚŶŽĞůĞĐͲ
ƚƌŝĐĂůĨĂŝůƵƌĞǁĂƐŝŶǀŽůǀĞĚ͊ƐǁĞůĞĨƚ͕ƵƚƚĞƌůǇƐƚƵĨĨĞĚďƵƚĐŽŶƚĞŶƚĞĚ͕ƚŚĞŵĂŶĂŐĞƌƉŽŝŶƚĞĚŽƵƚĂƉůĂƋƵĞ
ƐŝŐŶĞĚďǇƵǌǌůĚƌŝŶĂŶĚŵĞŶƚŝŽŶĞĚŚŽǁ,ŽƵƐƚŽŶŝĂŶƐĂƌĞĂůǁĂǇƐŚŽŶŽƌĞĚŐƵĞƐƚƐ͕ĞǀĞŶŝĨƚŚĞǇŚĂǀĞ
ŶŽƚƚƌĂǀĞůĞĚŝŶŽƵƚĞƌƐƉĂĐĞ͊tĞƐƚƌŽůůĞĚďĂĐŬƚŽƚŚĞŚŽƚĞůĂŵŝĚƐƚŐĞŶƚůǇĨĂůůŝŶŐƐŶŽǁĨůĂŬĞƐĂŶĚŵĂƌͲ
ǀĞůĞĚĂƚƚŚĞŐŽƚŚŝĐƐƉŝƌĞƐĂŶĚƚŚĞƌŽŽĨƚŽƉƐĨƌŽŵǁŚŝĐŚŝĐŝĐůĞƐĚĂŶŐůĞĚ͕ĂůůďĂƚŚĞĚŝŶƚŚĞŚĂǌǇŐůŽǁŽĨ
ƵǌǌůĚƌŝŶ͛ƐŵŽŽŶ͘
ƐŝŶƐŽŵĂŶǇĐŝƚŝĞƐǁĞǀŝƐŝƚ͕ƚŚĞƐĞĂƌĐŚĨŽƌDŝĐŚĂĞů͛ƐĨĂǀŽƌŝƚĞƉĂƐƚƌǇƐŚŽƉ
ŝŶǀŽůǀĞĚĂƌĞůĞŶƚůĞƐƐďƵƚƵŶƐĐŝĞŶƚŝĨŝĐƐĂŵƉůŝŶŐŽĨŶƵŵĞƌŽƵƐůŽĐĂůĞƐŝŶ^ƚƌĂƐͲ
ďŽƵƌŐ͘ĂƌůǇŽŶ͕/ůĞĂƌŶĞĚƚŚĂƚƚŚĞƚƌĂĚŝƚŝŽŶĂůƉůƵŵƚĂƌƚŽƌ
͞ǁĞƚƐĐŚŐĞŶŬƵĐŚĞŶ͟ǁĂƐŝŶƐĞĂƐŽŶĂŶĚƐŽ/ĞŵďĂƌŬĞĚŽŶĂƐŝŵŝůĂƌůǇƌŝŐŽƌͲ
ŽƵƐŚƵŶƚĨŽƌƚŚĞďĞƐƚŝŶƚŽǁŶ͘ƐŝƚƚƵƌŶĞĚŽƵƚ͕ŽƵƌƚǁŽƋƵĞƐƚƐĐŽŶǀĞƌŐĞĚ
ŽŶƚŚĞƐĂŵĞǁŝŶŶĞƌʹWĂƚŝƐƐĞƌŝĞtŝŶƚĞƌŶĞĂƌWůĂĐĞ<ůĠďĞƌ͘dŚĞĂĚĚŝƚŝŽŶŽĨ
ŽƌĂŶŐĞǌĞƐƚƚŽƚŚĞƉůƵŵƚĂƌƚŐĂǀĞŝƚĂǌŝŶŐƵŶůŝŬĞĂŶǇŽƚŚĞƌ͕ĐŽŵƉůĞŵĞŶƚŝŶŐ
ƚŚĞƐǁĞĞƚĐƌƵƐƚĂŶĚƐůŝŐŚƚůǇƚĂƌƚĨůĂǀŽƌŽĨƚŚĞĨŝƌŵĂŶĚũƵŝĐǇĨƌƵŝƚ͘KƵƌĞŶͲ
ƚŚƵƐŝĂƐŵĨŽƌƚŚĞƚĂƌƚĞůĞĚƚŽŵĞĞƚŝŶŐƚŚĞĞƐƚĂďůŝƐŚŵĞŶƚ͛ƐŽǁŶĞƌ͕'ĞŽƌŐĞƐ
tŝŶƚĞƌ͕ƚŚĞƚŚŝƌĚͲŐĞŶĞƌĂƚŝŽŶƉĂƚŝƐƐŝĞƌŝŶŚŝƐĨĂŵŝůǇƚŽƌƵŶƚŚĞďƵƐŝŶĞƐƐ;ĂŶĚ
ĂůůŶĂŵĞĚ'ĞŽƌŐĞƐ͊Ϳ͘,ĞƚŽŽŬƵƐŽŶĂƚŽƵƌŝŶĐůƵĚŝŶŐƚŚĞƐƵďƚĞƌƌĂŶĞĂŶ
ŬŝƚĐŚĞŶƐǁŚĞƌĞƚŚĞƉĂƐƚƌŝĞƐĂŶĚůŝŐŚƚŵĞĂůƐĂƌĞŵĂĚĞ͕ĂůŽŶŐǁŝƚŚƚŚĞ
ĐŚŽĐŽůĂƚĞĨĂĐƚŽƌǇŚŽƵƐĞĚŽŶƚŚĞƉƌĞŵŝƐĞƐ͘ŵŝĚƐƚƚŚĞƚŝŶǇƌŽŽŵƐ͕ůŽǁĐĞŝůͲ
ŝŶŐƐ͕ĂŶĚĂŶĐŝĞŶƚďĞĂŵƐ͕ǁĞĂĚŵŝƌĞĚŚŝƐĚĞĚŝĐĂƚŝŽŶƚŽƌƵŶŶŝŶŐĂŵŽĚĞƌŶ
ďƵƐŝŶĞƐƐǁŚŝůĞƉƌĞƐĞƌǀŝŶŐĂŚŝƐƚŽƌŝĐďƵŝůĚŝŶŐ͘
KƵƌŶĞǆƚƐƚŽƉǁĂƐŽůŵĂƌ͕ǁŚĞƌĞŝƚǁĂƐĞǀĞŶĐŚŝůůŝĞƌĂŶĚƐŶŽǁŝĞƌƚŚĂŶ^ƚƌĂƐďŽƵƌŐ͘dŚŝƐƌĞŐŝŽŶĂůŐĞŵŝƐ
ƌĞŶŽǁŶĞĚĨŽƌĐĂŶĂůƐĂŶĚĂƌĐŚŝƚĞĐƚƵƌĞĨƌŽŵŵĞĚŝĞǀĂůƚŝŵĞƐ͕ŝŶĐůƵĚŝŶŐŐĂďůĞĚĂŶĚŚĂůĨͲƚŝŵďĞƌĞĚďƵŝůĚͲ
ŝŶŐƐǁŝƚŚƚŽǁĞƌƐĂŶĚĐƌĞŶĞůůĂƚŝŽŶƐŝĚĞĂůĨŽƌŚƌŝƐƚŵĂƐŚŝŐŚůŝŐŚƚŝŶŐ͘DĞĞƚŝŶŐƵƉǁŝƚŚŽƵƌ&ƌĞŶĐŚ
ĨƌŝĞŶĚƐĞůƉŚŝŶĞĂŶĚ:ĞĂŶ͕ƚŚĞŝƌƐŽŶůĞǆĂŶĚƌĞ͕ĂŶĚƚŚĞŝƌĚŽŐ&ůŝƉ͕ǁĞƐƉĞŶƚŚŽƵƌƐƐƚƌŽůůŝŶŐĂƌŽƵŶĚďƵƚ
ƐƚŽƉƉĞĚƌĞƉĞĂƚĞĚůǇĨŽƌ'ůƺŚǁĞŝŶƚŽƐƚĂǀĞŽĨĨƚŚĞďŝƚƚĞƌĐŽůĚ͘^ǁĞĞƚĞŶĞĚƌĞĚǁŝŶĞ͕ŚĞĂƚĞĚǁŝƚŚĂĐŝŶͲ
ŶĂŵŽŶƐƚŝĐŬ͕ƐƚĂƌĂŶŝƐĞ͕ĐůŽǀĞƐ͕ŶƵƚŵĞŐ͕ƉůƵƐůĞŵŽŶĂŶĚŽƌĂŶŐĞǌĞƐƚ͕'ůƺŚǁĞŝŶŝƐĂƐƚĂƉůĞŽĨƚŚĞ'ĞƌͲ
ŵĂŶŝĐůĂŶĚƐŝŶǁŝŶƚĞƌĂŶĚŝŶĚŝƐƉĞŶƐĂďůĞĨŽƌĂŶǇŽŶĞǁĂŶĚĞƌŝŶŐĨƌŽƐƚǇŽůŵĂƌ͊
46
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ĂƚĞƌŝŶŐƚŽƚŽƵƌŝƐƚƐĨƌŽŵŽƚŚĞƌƉĂƌƚƐŽĨ&ƌĂŶĐĞ͕ĂƐǁĞůůĂƐ
ŶĞĂƌďǇĐŽƵŶƚƌŝĞƐ͕ŵĞĂŶƚƚŚĂƚŽůŵĂƌǁĂƐƉĂĐŬĞĚǁŝƚŚ
ǀŝƐŝƚŽƌƐĚƵƌŝŶŐŽƵƌƐƚĂǇ͘tĞĞŶũŽǇĞĚŽďƐĞƌǀŝŶŐƚŚĞŝƌ
ĐƌĞĂƚŝǀĞĂŶĚƵŶŝƋƵĞĂƉƉƌŽĂĐŚĞƐƚŽŬĞĞƉŝŶŐǁĂƌŵĂŶĚ
ƐĂĨĞ͕ĞƐƉĞĐŝĂůůǇƚŚĞďƌŝŐŚƚůǇĐŽůŽƌĞĚĨƵƌŚĂƚƐĂŶĚƚŚĞƐĂŶͲ
ĚĂůͲůŝŬĞĐŽŶƚƌĂƉƚŝŽŶƐ͕ǁŝƚŚĐƌĂŵƉŽŶƐ͕ƐƚƌĂƉƉĞĚŽŶƚŽ
ďŽŽƚƐďǇůĂĚŝĞƐŽĨĂĐĞƌƚĂŝŶĂŐĞ͘ůĞǆĂŶĚƌĞǁĂƐĞƐƉĞͲ
ĐŝĂůůǇĨŽŶĚŽĨĂŶŝŶƚƌŝŐƵŝŶŐŽƵƚĚŽŽƌƌŝĚĞĨŽƌĐŚŝůĚƌĞŶŝŶͲ
ǀŽůǀŝŶŐŚŽďďǇŚŽƌƐĞƐ͞ŐĂůůŽƉŝŶŐ͟ƚŚƌŽƵŐŚĂŵŝŶŝͲĨŽƌĞƐƚ
ŽĨƐƉƌƵĐĞĂŶĚĞŶĚŝŶŐǁŝƚŚĂƐƉůĂƐŚŽĨƐŶŽǁŝŶƚŚĞĨĂĐĞ͘
KŚƚŽďĞĞŝŐŚƚĂŐĂŝŶĂŶĚĐĂƉƚŝǀĂƚĞĚďǇƚŚŝƐǁŝŶƚĞƌǁŽŶĚĞƌůĂŶĚ͊tŝƚŚĚŽŐƐǁĞůĐŽŵĞƚŽŽ͕ǁĞĂůůƉŝůĞĚ
ŚĂƉƉŝůǇŝŶƚŽƚŚĞtŝŶƐƚƵďĞŶĞǆƚƚŽŽƵƌŚŽƚĞůĨŽƌĂůĂƚĞĚŝŶŶĞƌŽĨůƐĂƚŝĂŶƐƉĞĐŝĂůƚŝĞƐŝŶĐůƵĚŝŶŐƉƵŵƉŬŝŶ
ĐƌĞĂŵƐŽƵƉ͕ĚĞĞƌƐƚĞǁǁŝƚŚĐŚĞƐƚŶƵƚƐ͕ůŽĐĂůůǇŵĂĚĞĨŽŝĞŐƌĂƐ͕ĂŶĚŵŽƌĞƐƉĂĞƚǌůĞ͕ĂůůĂĐĐŽŵƉĂŶŝĞĚďǇĂ
WŝŶŽƚ'ƌŝƐĨƌŽŵ,ƺŐĞůĞƚ&ŝůƐ͘
^ŽŵĞƐĞƌŝŽƵƐƚŽƵƌŝƐŵĂǁĂŝƚĞĚƵƐƚŚĞŶĞǆƚŵŽƌŶŝŶŐĂƐǁĞũŽŝŶĞĚ
:ĞĂŶŽŶĂƚƌĞŬƚŽ,ĂƵƚͲ<ƈŶŝŐƐďŽƵƌŐĂƐƚůĞŝŶƚŚĞsŽƐŐĞƐDŽƵŶƚĂŝŶƐ͘
ƌŝǀŝŶŐƚŚĞƌĞƚŚƌŽƵŐŚƚŝŶǇǀŝůůĂŐĞƐ͕ǁĞŵĂƌǀĞůĞĚƚŚĂƚĞĂĐŚŚĂĚĂƚ
ůĞĂƐƚŽŶĞƚĂůůƐƚƌƵĐƚƵƌĞƚŽƉƉĞĚďǇĂŶĞƐƚŽĨƐƚŽƌŬƐ͕ƚŚĞŝĐŽŶŝĐďŝƌĚŽĨ
ƚŚĞůƐĂĐĞƌĞŐŝŽŶ͘tĞƉůŽƵŐŚĞĚƚŚƌŽƵŐŚƚƌĂĨĨŝĐũĂŵƐǁŝƚŚĐĂƌƐĨƌŽŵ
ĂůůĂĐƌŽƐƐƵƌŽƉĞĞǆƉůŽƌŝŶŐƐƚŽƉƐŽŶƚŚĞĨĂŵĞĚůƐĂĐĞtŝŶĞZŽƵƚĞ͕
ĚĞƐƉŝƚĞƚŚĞĨƌŝŐŝĚƚĞŵƉĞƌĂƚƵƌĞƐĂŶĚƐŶŽǁĨĂůůƚŚĞŶŝŐŚƚďĞĨŽƌĞ͘
tŝƚŚŝƚƐĐŽŵŵĂŶĚŝŶŐǀŝĞǁŽĨƚŚĞůƐĂƚŝĂŶWůĂŝŶ͕ƚŚĞƐƚƌĂƚĞŐŝĐŽƵƚͲ
ĐƌŽƉƉŝŶŐǁŚĞƌĞƚŚĞĐĂƐƚůĞŝƐƉĞƌĐŚĞĚŚĂƐŚŽƵƐĞĚƐŽŵĞƐŽƌƚŽĨĨŽƌͲ
ƚƌĞƐƐƐŝŶĐĞƚŚĞĨŝƌƐƚ͞<ƂŶŝŐƐďƵƌŐ͟ŽƌŬŝŶŐ͛ƐĐĂƐƚůĞǁĂƐĞƐƚĂďůŝƐŚĞĚŝŶ
ƚŚĞϭϮƚŚĐĞŶƚƵƌǇ͘dŚĞĐƵƌƌĞŶƚǀĞƌƐŝŽŶǁĂƐĂƉĞƚƉƌŽũĞĐƚŽĨ<ĂŝƐĞƌ
tŝůŚĞůŵ//ǁŚŽŽǀĞƌƐĂǁŝƚƐƌĞƐƚŽƌĂƚŝŽŶĂŶĚĂĚĚŝƚŝŽŶƐŝŶƚŚĞŵĞĚŝĞͲ
ǀĂůƐƚǇůĞĚƵƌŝŶŐƚŚĞĨŝƌƐƚĚĞĐĂĚĞŽĨƚŚĞϮϬƚŚĐĞŶƚƵƌǇǁŚŝůĞůƐĂĐĞǁĂƐ
ƉĂƌƚŽĨ'ĞƌŵĂŶǇ͘^ŝŶĐĞtŽƌůĚtĂƌ/͕ǁŚĞŶůƐĂĐĞďĞĐĂŵĞƉĂƌƚŽĨ&ƌĂŶĐĞĂŐĂŝŶ͕ƚŚŝƐĐĂƐƚůĞǁŝƚŚƚŚĞ
ĐƵƌŝŽƵƐ&ƌĞŶĐŚŝĨŝĞĚƐƉĞůůŝŶŐŚĂƐďĞĞŶĂŵĂũŽƌƚŽƵƌŝƐƚĂƚƚƌĂĐƚŝŽŶ͘
dŚƌŽƵŐŚŽƵƚ͕ƚŚĞŝŶƚĞƌŝŽƌĚĞĐŽƌĂƚŝŽŶƌĞŵŝŶĚĞĚƵƐŽĨƐƚĂŐĞƐĞƚƐĨŽƌtĂŐŶĞƌŝĂŶŽƉĞƌĂƐ͘&ƌĞƐĐŽĞƐĂŶĚ
ƚĂƉĞƐƚƌŝĞƐĐŽŶũƵƌĞĚĂŵĞĚŝĞǀĂůǁŽƌůĚŽĨŬŶŝŐŚƚƐĂŶĚŵĂŝĚĞŶƐǁŚĞƌĞǁĞŚĂůĨĞǆƉĞĐƚĞĚƚŽĞŶĐŽƵŶƚĞƌ
dĂŶŶŚćƵƐĞƌŽƌůŝƐĂďĞƚŚŽĨdŚƵƌŝŶŐŝĂĂŵŝĚƐƚƚŚĞƉĂŐĞĂŶƚƌǇ͘ƌĂĨƚǇ͕ĂƐĂŶǇůĞŐĞŶĚĂƌǇĐĂƐƚůĞƐŚŽƵůĚďĞ͕
ƚŚĞƉĞŶĞƚƌĂƚŝŶŐĐŽůĚƐŽŽŶƚŽŽŬŝƚƐƚŽůůĂŶĚĚƌŽǀĞƵƐƚŽƚŚĞĨŽƌƚƌĞƐƐ͛ƐŶĂĐŬďĂƌͬŐŝĨƚƐŚŽƉĨŽƌƌĞƐƚŽƌĂƚŝǀĞ
'ůƺŚǁĞŝŶ͘
^ŽŵĞƐĞƌŝŽƵƐĞĂƚŝŶŐĂǁĂŝƚĞĚƵƐƚŚĂƚĂĨƚĞƌŶŽŽŶŝŶƚŚĞƚŽǁŶŽĨŐƵŝƐŚĞŝŵǁŚĞƌĞĂůĞŐŽĨƚŚĞůƐĂĐĞ
47
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2)12Ê/&217
tŝŶĞZŽƵƚĞƉĂƐƐĞƐƚŚĞZĞƐƚĂƵƌĂŶƚĂƵsŝĞƵǆWŽƌĐŚĞ͘ĞŝŶŐŽƵƌůĂƐƚŵĞĂůŝŶůƐĂĐĞ͕ǁĞĂůůŽƉƚĞĚĨŽƌƚŚĞ
ŝŶĞǀŝƚĂďůĞ͞ĐŚŽƵĐƌŽƵƚĞĂƵƉŽŝƐƐŽŶ͕͟ĂĨŝƐŚǀĞƌƐŝŽŶŽĨƚŚĞƚƌĂĚŝƚŝŽŶĂůĐĂďďĂŐĞ͕ƉŽƚĂƚŽĂŶĚƐĂƵƐĂŐĞĚŝƐŚ
ǁŚŽƐĞŶĂŵĞĚĂƚĞƐďĂĐŬƚŽƚŚĞϭϳƚŚĐĞŶƚƵƌǇĂƐĂĐŽƌƌƵƉƚŝŽŶŽĨƚŚĞ'ĞƌŵĂŶǁŽƌĚ͞ƐĂƵĞƌŬƌĂƵƚ͘͟dŽĂĐͲ
ĐŽŵƉĂŶǇƚŚŝƐ͕ǁĞŚĂĚĂWŝŶŽƚ'ƌŝƐĨƌŽŵƚŚĞƌĞŶŽǁŶĞĚŝŶĐŬǁŝŶĞƌǇůŽĐĂƚĞĚŶĞǆƚĚŽŽƌƚŽƚŚĞƌĞƐƚĂƵͲ
ƌĂŶƚ͘
ĞŚŝŶĚƐĐŚĞĚƵůĞĂŶĚƌƵƐŚŝŶŐƵƐƚŽƚŚĞŽůŵĂƌƐƚĂƚŝŽŶ
ĨŽƌŽƵƌƚƌĂŝŶďĂĐŬƚŽ^ƚƌĂƐďŽƵƌŐĂŶĚŽŶƚŽWĂƌŝƐ͕:ĞĂŶ
ƚŽŽŬĂǁƌŽŶŐƚƵƌŶ͘tĞĨŽƵŶĚŽƵƌƐĞůǀĞƐĐůŝŵďŝŶŐŚŝŐŚĞƌ
ĂŶĚŚŝŐŚĞƌŝŶƚŽƚŚĞǀŝŶĞǇĂƌĚƐĚƵƐƚĞĚǁŝƚŚƐŶŽǁ͕ǁŚĞƌĞ
'W^ĂŶĚĐĞůůƉŚŽŶĞƐŝŐŶĂůƐŚĂĚůŽŶŐƐŝŶĐĞĂďĂŶĚŽŶĞĚ
ƵƐ͘dŚĞƐƵŶǁĂƐƐĞƚƚŝŶŐďĞŚŝŶĚƚŚĞŚŝůůƐ͕ĂŶĚĂƐƚǁŝůŝŐŚƚ
ĞŶǀĞůŽƉĞĚƵƐǁĞŚĂĚǀŝƐŝŽŶƐŽĨůŽƐŝŶŐŽƵƌďĞĂƌŝŶŐƐĐŽŵƉůĞƚĞůǇ͕ĨŽƌĐĞĚƚŽƐƉĞŶĚĂĨƌŝŐŝĚŶŝŐŚƚĂŵŽŶŐ
ƚŚĞǀŝŶĞƐďƵƚǁŝƚŚŽƵƚƚŚĞďĞŶĞĨŝƚŽĨ'ůƺŚǁĞŝŶ͊&ŝŶĂůůǇ͕ǁĞƐƉŽƚƚĞĚƚŚĞƐƉŝƌĞƐŽĨŽůŵĂƌŝŶƚŚĞĚŝƐƚĂŶĐĞ
ĂŶĚĂƌƌŝǀĞĚƚŚĞƌĞŝŶƚŚĞŶŝĐŬŽĨƚŝŵĞĨŽƌŽƵƌũŽƵƌŶĞǇƚŽWĂƌŝƐĂŶĚƚŚĞĐŽŵĨŽƌƚĂďůĞƉƌĞĚŝĐƚĂďŝůŝƚǇŽĨŽƵƌ
ŽůĚŶĞŝŐŚďŽƌŚŽŽĚĂŶĚĨĂǀŽƌŝƚĞĞĂƚĞƌŝĞƐŝŶƚŚĞŝƚǇŽĨ>ŝŐŚƚ͘
EĞǆƚƚŝŵĞ͕ƐƉƌŝŶŐƚŝŵĞŝŶ'ĞƌŵĂŶǇĂƚƚŚĞĐĞŶƚĞƌŽĨŝƚƐƌĞĚǁŝŶĞďƵƐŝŶĞƐƐ͘
,ŽƚĞůĚĞ>͛ƵƌŽƉĞ͕ϯϴϬϰϬ͕ƌƵĞĚƵ&ŽƐƐĠĚĞƐdĂŶŶĞƵƌƐ͕ϲϳϬϬϬ^ƚƌĂƐďŽƵƌŐ͕dĞůĞƉŚŽŶĞϬϯϴϴϯϮϭϳϴϴ͕
ǁǁǁ͘ŚŽƚĞůͲĞƵƌŽƉĞ͘ĐŽŵ
DĂŝƐŽŶĚĞƐdĂŶŶĞƵƌƐ͕ϰϮ͕ƌƵĞĚƵĂŝŶĂƵǆWůĂŶƚĞƐ͕ϲϳϬϬϬ^ƚƌĂƐďŽƵƌŐ͕dĞůĞƉŚŽŶĞϬϯϴϴϰϯϳϵϳϬ͕
ǁǁǁ͘ŵĂŝƐŽŶͲĚĞƐͲƚĂŶŶĞƵƌƐ͘ĐŽŵ
WĂƚŝƐƐĞƌŝĞtŝŶƚĞƌ͕ϮϱZƵĞĚƵϮϮEŽǀĞŵďƌĞϲϳϬϬϬ^ƚƌĂƐďŽƵƌŐ͕dĞůĞƉŚŽŶĞϬϵϲϱϮϵϲϮϴϲ͕
ǁǁǁ͘ƉĂƚŝƐƐĞƌŝĞͲǁŝŶƚĞƌ͘Ĩƌ
ZĞƐƚĂƵƌĂŶƚĂƵsŝĞƵǆWŽƌĐŚĞ͕ϭϲ͕ƌƵĞĚĞƐdƌŽŝƐŚąƚĞĂƵǆ͕ϲϴϰϮϬŐƵŝƐŚĞŝŵ͕dĞůĞƉŚŽŶĞϬϯϴϵϮϰϬϭϵϬ͕
ǁǁǁ͘ĂƵǀŝĞƵǆƉŽƌĐŚĞ͘ĐŽŵ
sŝŶƐĚ͛ůƐĂĐĞŝŶĐŬ͕ϭϴ͕ƌƵĞĚĞƐdƌŽŝƐŚąƚĞĂƵǆ͕ϲϴϰϮϬŐƵŝƐŚĞŝŵ͕dĞůĞƉŚŽŶĞϬϯϴϵϰϭϭϵϭϭ
ǁǁǁ͘ǌŝŶĐŬ͘Ĩƌ
dŚĞůƐĂĐĞtŝŶĞZŽƵƚĞ͕ŚƚƚƉ͗ͬͬǁǁǁ͘ǀŝŶƐĂůƐĂĐĞ͘ĐŽŵ
48
92/80(,668(
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6,33,1*7+(%2817,(62)$/($*8(·6),1$/
+2/'2876%<0(5,/0$5./(<
>ƵďĞĐŬͲ,ŽůƐƚĞŶƚŽƌ
tŚĞŶƚŚĞŽƉƉŽƌƚƵŶŝƚǇƚŽĂƩĞŶĚĂĐŽŶĨĞƌĞŶĐĞƚŽŽŬƵƐƚŽƚŚĞĐŝƚǇŽĨƌĞŵĞŶ͕ŝƚĂīŽƌĚĞĚŵǇŚƵƐďĂŶĚ͕
DŝĐŚĂĞů͕ĂŶĚŵĞĂĐŚĂŶĐĞƚŽĞǆƉůŽƌĞEŽƌƚŚ'ĞƌŵĂŶǇ͛ƐŚĞƌŝƚĂŐĞŽĨĚŽŵŝŶĂŶĐĞŝŶŝŶƚĞƌŶĂƟŽŶĂůƚƌĂĚĞ
ĂŶĚƚŚĞ,ĂŶƐĞĂƟĐ>ĞĂŐƵĞ͘&ŽƌŵĞĚďǇŵĞƌĐŚĂŶƚƐŝŶƚŚĞƉŽƌƚĐŝƟĞƐŽĨ,ĂŵďƵƌŐĂŶĚ>ƺďĞĐŬŝŶƚŚĞϭϮƚŚ
ĐĞŶƚƵƌǇ͕ŝƚĂƌŽƐĞďĞĐĂƵƐĞ>ƺďĞĐŬĨŽƵŶĚŝƚƐĞůĨǁŝƚŚďŽƵŶƚĞŽƵƐĐĂƚĐŚĞƐŽĨŚĞƌƌŝŶŐďƵƚŶŽǁĂǇƚŽƉƌĞƐĞƌǀĞ
ƚŚĞĮƐŚďĞǇŽŶĚǁŚĂƚĐŽƵůĚďĞƐŽůĚŝŶĂĚĂǇ͘,ĂŵďƵƌŐŚĂĚŶŽŚĞƌƌŝŶŐďƵƚĚŝĚŚĂǀĞƐĂůƚĨŽƌƚƌĂŶƐĨŽƌŵͲ
ŝŶŐĮƐŚŝŶƚŽĂůŽŶŐͲůŝǀĞĚƉƌŽĚƵĐƚƐĞůůĂďůĞƚŚƌŽƵŐŚŽƵƚƚŚĞƌĞŐŝŽŶ͘ŵĂƌƌŝĂŐĞŵĂĚĞŝŶĐŽŵŵĞƌĐŝĂůŚĞĂǀͲ
ĞŶ͕ƚŚĞ>ĞĂŐƵĞǁĂƐďŽƌŶǁŝƚŚƚŚĞƐĞƚǁŽĐŝƟĞƐĂŶĚ͕ĞǀĞŶƚƵĂůůǇ͕ƐŝǆƚǇŵŽƌĞũŽŝŶĞĚ͘
/ŶĂŶĞƌĂƉƌĞͲĚĂƟŶŐŝŶƐƵƌĂŶĐĞ͕ƚŚĞŵĞƌĐŚĂŶƚƐŽĨƚŚĞ,ĂŶƐĂĚĞǀĞůŽƉĞĚĂŵĞĐŚĂŶŝƐŵĨŽƌƉŽŽůŝŶŐĐĂƉŝƚĂů
ĂŶĚƐƉƌĞĂĚŝŶŐƌŝƐŬŝŶŽƌĚĞƌƚŽĮŶĂŶĐĞƐƉĞĐŝĮĐǀĞƐƐĞůƐ͕ĐĂƌŐŽĞƐ͕ĂŶĚǀŽǇĂŐĞƐ͘>ŽƐƐĞƐǁĞƌĞůŝŬĞůǇĂƐ
ƌŽĐŬƐ͕ƐƚŽƌŵƐ͕ĂŶĚƉƌŝŵŝƟǀĞŶĂǀŝŐĂƟŽŶƚĞĐŚŶŝƋƵĞƐƚŽŽŬƚŚĞŝƌƚŽůů͘/ĨƚŚĞƐŚŝƉĐĂŵĞŝŶ͕ƚŚĞŝŶǀĞƐƚŽƌƐĂůů
ƐŚĂƌĞĚŝŶƚŚĞƉƌŽĮƚƐ͘dŚŝƐůĞĚƚŽĂĨŽƵŶĚĂƟŽŶŽĨǁĞĂůƚŚƵƉŽŶǁŚŝĐŚƚŚĞĐŝƟĞƐŐƌĞǁ͕ŝŶĐůƵĚŝŶŐŚƵŐĞ
ĐŚƵƌĐŚĞƐǁŝƚŚƚĂůůƐƉŝƌĞƐƚŚƌƵƐƟŶŐƵƉǁĂƌĚĨƌŽŵƚŚĞŇĂƚůĂŶĚƐĐĂƉĞ͘dŚĞŝƌĐŽŶŐƌĞŐĂƟŽŶƐŚŝƌĞĚƚŚĞŐŝŌĞĚ
ŵƵƐŝĐŝĂŶƐŽĨƚŚĞĚĂǇƐƵĐŚĂƐ:ŽŚĂŶŶ^ĞďĂƐƟĂŶĂĐŚĂŶĚ'ĞŽƌŐWŚŝůŝƉƉdĞůĞŵĂŶŶĂŶĚďƵŝůƚƚŚĞŽƌŐĂŶƐ
ǁŚŽƐĞŵĂũĞƐƟĐƐŽƵŶĚƐƌĞǀĞƌďĞƌĂƚĞƚŚĞƌĞƚŽƚŚŝƐĚĂǇ͘dŚŝƐĂŋƵĞŶĐĞĂůƐŽĨĞĚƚŚĞĚĞŵĂŶĚĨŽƌůƵǆƵƌŝĞƐ
ƐƵĐŚĂƐǁŝŶĞƐĨƌŽŵ'ĞƌŵĂŶǇĂŶĚĨĂƌƚŚĞƌĂĮĞůĚ͘ƵƚĐŽŵƉĞƟƟŽŶĨƌŽŵĐŽŶƐŽƌƟĂŽƵƚƐŝĚĞƚŚĞŵŽŶŽƉŽůǇ
ŐƌĞǁƐƚƌŽŶŐĞƌĂƐƚŚĞĐĞŶƚƵƌŝĞƐƉĂƐƐĞĚĂŶĚƚŚĞůĞĂŐƵĞǁĂŶĞĚ͘ǇƚŚĞƟŵĞŽĨŝƚƐĨŽƌŵĂůĚŝƐƐŽůƵƟŽŶŝŶ
ϭϴϲϮ͕ŽŶůǇƚŚĞƚǁŽŽƌŝŐŝŶĂůĐŝƟĞƐƉůƵƐƌĞŵĞŶƌĞŵĂŝŶĞĚ͘
tŝƚŚŝƚƐŵĂŝŶŚĂƌďŽƌŽĨƌĞŵĞƌŚĂǀĞŶĨĂƌƚŚĞƌĚŽǁŶƚŚĞtĞƐĞƌZŝǀĞƌ͕ƌĞŵĞŶƐĞƌǀĞĚĨŽƌĐĞŶƚƵƌŝĞƐĂƐĂ
ŐĂƚŚĞƌŝŶŐƉŽŝŶƚĂŶĚƉŽƌƚŽĨĚĞƉĂƌƚƵƌĞĨŽƌ'ĞƌŵĂŶǁŝŶĞƐŚĞĂĚŝŶŐƚŽƚŚŝƌƐƚǇĞŶƚŚƵƐŝĂƐƚƐĂƌŽƵŶĚƚŚĞ
49
92/80(,668(
3DJH
6,33,1*7+(%2817,(62)$/($*8(·6),1$/2/'
2876&217
ŐůŽďĞ͘dŚŝƐĐŝƚǇŽǁŶƐŽŶĞŽĨƚŚĞ
ǁŽƌůĚ͛ƐůĂƌŐĞƐƚǁŝŶĞǁĂƌĞͲ
ŚŽƵƐĞƐůŽĐĂƚĞĚƵŶĚĞƌƚŚĞŵĂŐͲ
ŶŝĮĐĞŶƚŝƚǇ,Ăůů;ZĂƚŚĂƵƐͿƚŚĂƚ
ŝƐĂůƐŽƚŚĞŵĞĞƟŶŐƉůĂĐĞĨŽƌƚŚĞ
^ĞŶĂƚĞŽĨƚŚŝƐƐŵĂůůĞƐƚŽĨ'ĞƌͲ
ŵĂŶǇ͛ƐƐƚĂƚĞƐ͘ůƚŚŽƵŐŚƚŚĞ
ĐŽŶƐƚƌƵĐƟŽŶŽĨƚŚĞ͞ŽůĚ͟ƉĂƌƚŽĨ
ƚŚĞ,ĂůůĚĂƚĞƐďĂĐŬƚŽƚŚĞĞĂƌůǇ
ϭϱƚŚĐĞŶƚƵƌǇ͕ĂŵĂũŽƌĂĚĚŝƟŽŶŝŶ
ƚŚĞĞĂƌůǇϭϳƚŚĐĞŶƚƵƌǇƌĞƐƵůƚĞĚ
ŝŶƚŚĞ͞ŶĞǁ͟ƉĂƌƚǁŚŽƐĞďƌŝŐŚƚ
ĂŶĚĂŝƌǇŝŶƚĞƌŝŽƌƐƌĞŇĞĐƚƚŚĞ
ZĞŶĂŝƐƐĂŶĐĞŝŶĂůůŝƚƐƐƉůĞŶĚŽƌ͘
dŚĞďƵŝůĚŝŶŐ͛ƐhƉƉĞƌ,Ăůů͕ƉƌĞǀŝͲ
ŽƵƐůǇƵƐĞĚĨŽƌůĞŐŝƐůĂƟǀĞƐĞƐͲ
ƐŝŽŶƐďƵƚŶŽǁĨŽƌĐĞƌĞŵŽŶŝĂů
ďƌĞŵĞŶͲƌĂƚŚĂƵƐͲƐŚŝƉͲŵŽĚĞůƐͲƵƉƉĞƌͲŚĂůů
ƉƵƌƉŽƐĞƐ͕ǁĂƐƚŚĞƐŝƚĞŽĨƚŚĞ
ŐĂůĂďĂŶƋƵĞƚĐĂƉƉŝŶŐŽƵƌĐŽŶĨĞƌĞŶĐĞ͘ǀŝĚĞŶĐĞŽĨƚŚĞĐŝƚǇ͛ƐŶĂƵƟĐĂůŚĞƌŝƚĂŐĞŚƵŶŐĂďŽǀĞƵƐŝŶƚŚĞ
ĨŽƌŵŽĨŝŶƚƌŝĐĂƚĞƐŚŝƉŵŽĚĞůƐ͕ƐŽŵĞĂƐŵƵĐŚĂƐƐŝǆĨĞĞƚůŽŶŐ͘ƌĂŌĞĚďĞƚǁĞĞŶƚŚĞϭϲƚŚĂŶĚƚŚĞϭϴƚŚ
ĐĞŶƚƵƌŝĞƐ͕ƚŚĞĚĞƚĂŝůŽĨƚŚĞƐĞŵŽĚĞůƐŝƐŝŵƉƌĞƐƐŝǀĞ͕ĞƐƉĞĐŝĂůůǇƚŚĞƟŶǇĐĂŶŶŽŶƐ͘dŚĞǇĂƌĞĂƌĞŵŝŶĚĞƌ
ƚŚĂƚƚŚĞ>ĞĂŐƵĞ͛ƐǀĞƐƐĞůƐǁĞƌĞŶŽƚŽŶůǇŵĞƌĐŚĂŶƚƐŚŝƉƐďƵƚŶĞĞĚĞĚƚŽĚĞĨĞŶĚƚŚĞŵƐĞůǀĞƐŝŶĂďĞůůŝĐŽƐĞ
ĞƌĂ͘
WƌŝŽƌƚŽŽƵƌŐĂůĂĚŝŶŶĞƌ͕ǁĞǁĞƌĞƚƌĞĂƚĞĚƚŽĂƚŽƵƌŽĨƚŚĞŵĂƐƐŝǀĞƵŶĚĞƌŐƌŽƵŶĚĐŽŵƉůĞǆĐŽŵƉƌŝƐŝŶŐ
ƚŚĞĐŝƚǇ͛ƐǁŝŶĞĐĞůůĂƌĂŶĚĂĐŚĂŶĐĞƚŽǀŝĞǁƚŚĞŐŝĂŶƚ͞ƌŽƐĞ͟ďĂƌƌĞůŚŽůĚŝŶŐǁŝŶĞĚĂƟŶŐƚŽϭϲϱϯ͘dŽƉĐŝƚǇ
ŽĸĐŝĂůƐĂƌĞƉĞƌŵŝƩĞĚƚŽƚĂƐƚĞĨƌŽŵŝƚ͕ďƵƚƌĞƐĞƌǀĞƚŚĂƚƉƌŝǀŝůĞŐĞĨŽƌǀŝƐŝƟŶŐĚŝŐŶŝƚĂƌŝĞƐƐƵĐŚĂƐYƵĞĞŶ
ůŝǌĂďĞƚŚ͘EŽǁŽƌĚŽŶǁŚĞƚŚĞƌƐŚĞƚŚŽƵŐŚƚŝƚƉůŽŶŬ͊tĞǁĞƌĞŽīĞƌĞĚŵŽƌĞŵŽĚĞƌŶǀŝŶƚĂŐĞƐŽŶŽƵƌ
ǀŝƐŝƚĂƐǁĞǁĂŶĚĞƌĞĚƚŚĞŶĂƌƌŽǁƐƵďƚĞƌƌĂŶĞĂŶŚĂůůǁĂǇƐ͘WĂƌƚŽĨƚŚĞĐĞůůĂƌŝƐĚĞĚŝĐĂƚĞĚƚŽĂƌĞƐƚĂƵƌĂŶƚ͕
ĂƚƌĂĚŝƟŽŶƚŚƌŽƵŐŚŽƵƚĞŶƚƌĂůƵƌŽƉĞĨŽƌĐŝƚǇŚĂůůƐ͘ƵƚŝŶƚŚŝƐůĂŶĚŽĨĨĂďƵůŽƵƐďĞĞƌ͕ƚŚĞƌĞŵĞŶZĂƚƐͲ
ŬĞůůĞƌZĞƐƚĂƵƌĂŶƚƐĞƌǀĞƐŽŶůǇǁŝŶĞ͕ǁŝƚŚƐŽŵĞϲϬϬŽŶŽīĞƌ͘
^ƟůůŽŶĞŽĨƚŚĞŵŽƐƚďĞĂƵƟĨƵůĂŶĚǁĞůůͲƉƌĞƐĞƌǀĞĚŽĨƚŚĞ,ĂŶƐĞĂƟĐĐŝƟĞƐ͕>ƺďĞĐŬǁĂƐŶŽƚĞǆƉŽƌƟŶŐ
ǁŝŶĞƚŚƌŽƵŐŚƌĞŵĞŶ͘ZĂƚŚĞƌ͕ŝƚǁĂƐŝŵƉŽƌƟŶŐƌĞĚǁŝŶĞĚŝƌĞĐƚůǇĨƌŽŵŽƌĚĞĂƵǆ͕&ƌĂŶĐĞĂŶĚƚŚĞŶĂŐͲ
ŝŶŐŝƚŝŶůŽĐĂůĐĞůůĂƌƐďĞĨŽƌĞďŽƩůŝŶŐĂŶĚƐĞůůŝŶŐŝƚ;ŵƵĐŚŽĨŝƚƚŽZƵƐƐŝĂͿ͘dŚĞĐŝƚǇƌĞŵĂŝŶƐĨĂŵŽƵƐĨŽƌŝƚƐ
ZŽƚƐƉŽŶ͕ƚŚĞƌĞƐƵůƟŶŐ&ƌĞŶĐŚǁŝŶĞŝŶ'ĞƌŵĂŶďŽƩůĞƐ͕ǁŚŽƐĞŶĂŵĞƐƚĞŵƐĨƌŽŵĂƚĞƌŵŝŶůŽĐĂůĚŝĂůĞĐƚ
ĨŽƌƚŚĞƌĞĚĚŝƐŚǁŽŽĚŽĨƚŚĞďĂƌƌĞůƐŝŶǁŚŝĐŚƚŚĞ&ƌĞŶĐŚŝŵƉŽƌƚƐĮƌƐƚĂƌƌŝǀĞĚ͘ǀĞŶ&ƌĞŶĐŚƐŽůĚŝĞƌƐ
50
92/80(,668(
3DJH
6,33,1*7+(%2817,(62)$/($*8(·6),1$/2/'
2876&217
ƉĂƐƐŝŶŐƚŚƌŽƵŐŚƚŽǁŶĚƵƌŝŶŐƚŚĞEĂƉŽůĞŽŶŝĐtĂƌƐƌĞŵĂƌŬĞĚƚŚĂƚƚŚĞƌĞǁĂƐƐŽŵĞƚŚŝŶŐƐƉĞĐŝĂůĂďŽƵƚ
ƚŚŝƐŶŽƌƚŚ'ĞƌŵĂŶďĂƌƌĞůͲĂŐŝŶŐƚŚĂƚŝŵƉƌŽǀĞĚŽŶƚŚĞŝƌŚŽŵĞůĂŶĚ͛ƐĮŶĞƐƚŶĞĐƚĂƌ͘/ĐĂŶĂƩĞƐƚƚŚĂƚƐŝƉͲ
ƉŝŶŐZŽƚƐƉŽŶŽǀĞƌůƵŶĐŚĂƚĂŶĞůĞŐĂŶƚƌĞƐƚĂƵƌĂŶƚ͕ƚŚĞ^ĐŚĂďďĞůŚĂƵƐŝŶĂĂƌŽƋƵĞͲĞƌĂŐĂďůĞĚƐƚƌƵĐƚƵƌĞ
ǁŚŽƐĞƚĂůůǁŝŶĚŽǁƐůĞƚŝŶƚŚĞƉĂůĞŶŽƌƚŚĞƌŶƐƵŶƐŚŝŶĞ͕ůĞŌŵĞĂŐƌĞĞŝŶŐǁŝƚŚƚŚĞƐŽůĚŝĞƌƐ͘
KƵƌůĂƐƚƐƚŽƉŽŶƚŚĞ,ĂŶƐĞĂƟĐƚƌĂŝůǁĂƐƚŚĞĐŽŵŵĞƌĐŝĂůĐŽůŽƐƐƵƐŽĨ,ĂŵďƵƌŐ͕ĞǀĞŶůĂƌŐĞƌĂŶĚďƵƐŝĞƌĂƐ
ĂŶŝŶƚĞƌŶĂƟŽŶĂůƐĞĂƉŽƌƚŝŶƚŚĞĂŌĞƌŵĂƚŚŽĨƚŚĞĨĂůůŽĨƚŚĞĞƌůŝŶtĂůůĂŶĚ'ĞƌŵĂŶƌĞͲƵŶŝĮĐĂƟŽŶƚŚĂŶŝƚ
ǁĂƐǁŚĞŶ/ůŝǀĞĚƚŚĞƌĞĚƵƌŝŶŐƚŚĞŽůĚtĂƌ͘tĞƐƚĂǇĞĚĂƚƚŚĞsŝĞƌ:ĂŚƌĞƐǌĞŝƚĞŶ;ŵĞĂŶŝŶŐ͞ĨŽƵƌƐĞĂͲ
ƐŽŶƐ͟ďƵƚŶŽƚƉĂƌƚŽĨƚŚĞŚŽƚĞůĐŚĂŝŶŽĨƚŚĞƐĂŵĞŶĂŵĞͿ͕ƚŚĞŵĂŐŶŝĮĐĞŶƚĐĞŶƚƵƌǇͲŽůĚŐƌĂŶĚŚŽƚĞůĂůŽŶŐ
ƚŚĞůƐƚĞƌŝŶůĞƚ͘/ƵƐĞĚƚŽƐƚƌŽůůďǇƚŚĞŚŽƚĞůǁŚĞŶ/ǁĂƐĂǇŽƵŶŐŝŶƚĞƌŶǁŽƌŬŝŶŐĂƚĂůĂǁĮƌŵŝŶƚŚĞ
ŶĞĂƌďǇdͲ,ĂƵƐ͘^ŽŵĞĚĂǇ/ŚŽƉĞĚƚŽĂīŽƌĚĂƌŽŽŵƚŚĞƌĞĂŶĚŚĂǀĞƚĞĂŝŶĨƌŽŶƚŽĨƚŚĞĮƌĞƉůĂĐĞŝŶƚŚĞ
ŵĂŐŶŝĮĐĞŶƚƌĞĐĞƉƟŽŶƐĂůŽŶ͕ĂŶĚƐŽĂĚƌĞĂŵĐĂŵĞƚƌƵĞǁŚĞŶDŝĐŚĂĞůĂŶĚ/ŵĂĚĞŽƵƌĮƌƐƚǀŝƐŝƚƚŽŐĞƚŚͲ
ĞƌƚŽ,ĂŵďƵƌŐ͘
tĞĚŝŶĞĚǁŝƚŚĨƌŝĞŶĚƐĨƌŽŵŵǇƐƚƵĚĞŶƚĚĂǇƐŝŶƚŚĞĐŝƚǇĂŶĚŵĂƌǀĞůĞĚĂƚƚŚĞŶĞǁůǇƌĞŶŽǀĂƚĞĚǁĂƌĞͲ
ŚŽƵƐĞĚŝƐƚƌŝĐƚǁŝƚŚŝƚƐĂƌƌĂǇŽĨŵŽĚĞƌŶĞĂƚĞƌŝĞƐŽīĞƌŝŶŐŶĞǁƚĂŬĞƐŽŶƚŚĞƚƌĂĚŝƟŽŶĂůƐĞĂĨŽŽĚĚŝƐŚĞƐŽĨ
ƚŚĞƌĞŐŝŽŶ͘ǇƉĂƐƐŝŶŐƚŚĞƐŵĂůůĞƌƉŽƌƚƐ͕ǁŝŶĞĐĂƌŐŽĞƐŶŽǁŵĂŬĞƚŚĞŝƌǁĂǇƚŚƌŽƵŐŚ,ĂŵďƵƌŐ͕ǁŚĞƚŚĞƌ
ƚŚĞƌŐĞŶƟŶĞDĂůďĞĐǁĞŚĂĚǁŝƚŚĚŝŶŶĞƌŽƌƚŚĞůƵĞEƵŶŚĞĂĚŝŶŐĨŽƌ,ŽƵƐƚŽŶ͘
^ƚƌŽůůŝŶŐĂůŽŶŐƚŚĞůƐƚĞƌŽŶĂƌĂƌĞƐƵŶŶǇĂŌĞƌŶŽŽŶ͕ǁĂƚĐŚŝŶŐƚŚĞĐƌŽǁĚƐǁŝŶĚŽǁͲƐŚŽƉƉŝŶŐŽƌƐŝƫŶŐŝŶ
ƚŚĞƐŝĚĞǁĂůŬĐĂĨĞƐ͕ǁĞĂĚŵŝƌĞĚƚŚŝƐƉƌŽƐƉĞƌŽƵƐĂŶĚƐŽƉŚŝƐƟĐĂƚĞĚĐŝƚǇďƵŝůƚŽŶŝŶƚĞƌŶĂƟŽŶĂůĐŽŵŵĞƌĐĞ͘
ƵƌŽĐƵƌƌĞŶĐǇĐƌŝƐĞƐŵĂǇĐŽŵĞĂŶĚŐŽ͕ďƵƚƚŚĞ,ĂŶƐĂŝƟĞƐ͛ĐŚĂƌŵƐƐƟůůďĞĐŬŽŶ͘
EĞǆƚƟŵĞ͕ĂƋƵŝĐŬĂŶĚƐĂůƚǇƚƌŝƉƚŽsŝĞŶŶĂ͘
51
92/80(,668(
3DJH
$8675,$1:,1(:257+,766$/7
%<0(5,/0$5./(<
/͛ŵŽĨĂŶĂŐĞǁŚĞŶ/ĨĞĂƌƚŚĂƚĞĂĐŚƚƌŝƉ/ŵĂŬĞƚŽŵǇĨŽƌŵĞƌŚŽŵĞ͕sŝĞŶŶĂ͕ŵĂǇďĞŵǇůĂƐƚŽƉƉŽƌƚƵŶŝƚǇ
ƚŽƐƚƌŽůůƚŚĞƐƚƌĞĞƚƐǁŚĞƌĞDŽǌĂƌƚǁĂůŬĞĚ͕ƚŽŚĞĂƌŚŝƐŽƉĞƌĂƐŝŶƚŚĞƚŚĞĂƚĞƌǁŚĞƌĞƚŚĞǁŽƌůĚ͛ƐŵŽƐƚ
ĂĐĐůĂŝŵĞĚƐŝŶŐĞƌƐƉĞƌĨŽƌŵ͕ĂŶĚƚŽǀŝƐŝƚƚŚĞŵƵƐĞƵŵǁŚĞƌĞƐŽŵĞŽĨĐŝǀŝůŝǌĂƟŽŶ͛ƐŐƌĞĂƚĞƐƚƉĂŝŶƟŶŐƐ
ŚĂŶŐ͘ŶĚƐŽŝƚǁĂƐƚŚŝƐƉĂƐƚDĂƌĐŚ͘ŶƵŶĞǆƉĞĐƚĞĚďƵƐŝŶĞƐƐƚƌŝƉƚŽƵƐƚƌŝĂĂŶĚ/ƚĂůǇƌĞƋƵŝƌĞĚ
ŵĞĞƟŶŐƐŝŶsŝĞŶŶĂƐƵƉƉůĞŵĞŶƚĞĚďǇƚǁŽĚĂǇƐŝŶƚŚĞƐŽƵƚŚĞƌŶƐƚĂƚĞŽĨĂƌŝŶƚŚŝĂďĞĨŽƌĞŚĞĂĚŝŶŐďĂĐŬ
ƚŽsŝĞŶŶĂĂŶĚƚŚĞŶŽŶƚŽ/ƚĂůǇ͘ŽĂƌĚŝŶŐƚŚĞsŝĞŶŶĂͲďŽƵŶĚƵƐƚƌŝĂŶŝƌůŝŶĞƐŇŝŐŚƚĂƚŚĂƌůĞƐĚĞ'ĂƵůůĞ
ŝƌƉŽƌƚŽƵƚƐŝĚĞWĂƌŝƐ͕/ĨĞůƚĂůŵŽƐƚŚŽŵĞĂƐƚŚĞŇŝŐŚƚĂƩĞŶĚĂŶƚŽīĞƌĞĚŵĞĂŐůĂƐƐŽĨ'ƌƺŶĞƌsĞůƚůŝŶĞƌ͕
ƵƐƚƌŝĂ͛ƐƌĞŶŽǁŶĞĚǁŚŝƚĞǁŝŶĞ͕ĂŶĚ/ǁĂƐĞŶǀĞůŽƉĞĚďǇĂŶŝŵĂƚĞĚĐŽŶǀĞƌƐĂƟŽŶƐŝŶ͞ƵƐƚƌŝĂŶ͟'ĞƌŵĂŶ͘
/ǁĂƐĨŽƌƚƵŶĂƚĞƚŽůĂŶĚŽŶĂĨƌŝŐŝĚďƵƚƐƵŶŶǇĂŌĞƌŶŽŽŶĂīŽƌĚŝŶŐĂĐŚĂŶĐĞƚŽƐƚĂǀĞŽīũĞƚůĂŐǁŝƚŚĂ
ǁĂůŬĂƌŽƵŶĚƚŚĞ&ŝƌƐƚŝƐƚƌŝĐƚ͕ƚŚĞŚŝƐƚŽƌŝĐĂůĂŶĚĂƌĐŚĞŽůŽŐŝĐĂůĐĞŶƚĞƌŽĨƚŚĞĐŝƚǇĚĂƟŶŐďĂĐŬƚŽZŽŵĂŶ
ƟŵĞƐ͘^ƚĂǇŝŶŐĂƚƚŚĞ^ĐŚůŽƐƐŚŽƚĞůZƂŵŝƐĐŚĞƌ<ĂŝƐĞƌŽŶƚŚĞŶŶĂŐĂƐƐĞǁĂƐŝĚĞĂů͘ƟŶǇďŽƵƟƋƵĞŚŽƚĞů
ŝŶĂĂƌŽƋƵĞĨŽƌŵĞƌƉĂůĂĐĞ͕ŝƚƐƚĂŶĚƐĂƌŽƵŶĚƚŚĞĐŽƌŶĞƌĨƌŽŵĂĐŽŶĐĞƌƚŚĂůůĂƚƚŚĞĐĂĚĞŵǇŽĨDƵƐŝĐ
ĂŶĚƌĂŵĂƟĐƌƚƐǁŚĞƌĞ/ĮƌƐƚƐĂŶŐŝŶƚŚŝƐŵƵƐŝĐĐĂƉŝƚĂůŽĨƚŚĞǁŽƌůĚʹƚŚĞĂƵĚŝƟŽŶƵƉŽŶǁŚŝĐŚŵǇ
ĞŶƟƌĞĨƵƚƵƌĞĚĞƉĞŶĚĞĚ;ŽƌƐŽŝƚƐĞĞŵĞĚĂƚƚŚĞƟŵĞͿ͘
tŚŝůĞsŝĞŶŶĂŝƐĂŵŽĚĞƌŶĐĂƉŝƚĂů͕ĨƵůůŽĨďƵƐŝŶĞƐƐĞŶƚĞƌƉƌŝƐĞ͕ŝƚƌĞŵĂŝŶƐĂŵĂũŽƌƚŽƵƌŝƐƚĚĞƐƟŶĂƟŽŶ͘
ǀĞŶŽŶĂĐŚŝůůǇtĞĚŶĞƐĚĂǇĂŌĞƌŶŽŽŶŝŶůĂƚĞǁŝŶƚĞƌ͕<ćƌƚŶĞƌƐƚƌĂƐƐĞǁĂƐĨƵůůŽĨƚŽƵƌŝƐƚŐƌŽƵƉƐŚĞĂĚĞĚ
ĚŽǁŶƚŚĞƉĞĚĞƐƚƌŝĂŶǌŽŶĞƚŽƚŚĞŵĂŐŶŝĮĐĞŶƚ'ŽƚŚŝĐĂƚŚĞĚƌĂůŽĨ^ĂŝŶƚ^ƚĞƉŚĞŶĂŶĚƚŚĞŶĂůŽŶŐƚŚĞ
'ƌĂďĞŶƚŽǁĂƌĚĂŶŽƚŚĞƌĐĂƚŚĞĚƌĂůŽĨƐŽƌƚƐ͕ĞŵĞů͛Ɛ͕ǁŽƌůĚͲƌĞŶŽǁŶĞĚĨŽƌŝƚƐ^ĂĐŚĞƌƚŽƌƚĞĂŶĚĨŽƌƐĞƌǀŝŶŐ
ŚƵŶĚƌĞĚƐŽĨǁŽƌƐŚŝƉĨƵůƉĂƐƚƌǇůŽǀĞƌƐĞĂĐŚĚĂǇ͘
&ŽƌŵĞ͕ŚŽǁĞǀĞƌ͕ƚŚĞƵůƟŵĂƚĞĚĞƐƟŶĂƟŽŶǁĂƐ,ĞŝŶĞƌ͛Ɛ͕ƚŚĞƟŶǇĐĂĨĠ͕ƉĂƐƚƌǇ͕ĂŶĚĐŚŽĐŽůĂƚĞĞŵƉŽƌŝƵŵ
ƚŚĂƚŚĂƐďĞĞŶĂƚƌĞĂƐƵƌĞĚ
ŚĂƵŶƚĨŽƌŽǀĞƌϯϬǇĞĂƌƐ͘,Žǁ
ĐŽŵĨŽƌƟŶŐ͕/ƌĞŇĞĐƚĞĚ͕ƚŚĂƚ
ŶŽƚŚŝŶŐŽƚŚĞƌƚŚĂŶƉƌŝĐĞƐĞǀĞƌ
ĐŚĂŶŐĞƐʹŶŽƚƚŚĞĚĠĐŽƌ͕ŶŽƚ
ƚŚĞĐŚŝŶĂƐĞƌǀŝĐĞ͕ŶŽƚƚŚĞƐŝůͲ
ǀĞƌǁĂƌĞʹĞǆĐĞƉƚƚŚĂƚ/Ăŵ
ŶŽǁĂƐŽůĚĂƐƚŚĞĞůĞŐĂŶƚůǇ
ĚƌĞƐƐĞĚƉĂƚƌŽŶƐ/ŚĂĚŽŶĐĞ
ƚŚŽƵŐŚƚƐŽĂŐĞĚ͊/ŽƌĚĞƌĞĚ
ŵǇ͞ƵƐƵĂů͕͟Ă<ƌĞŵƐĐŚŶŝƩ
ŵĂĚĞŽĨůĂǇĞƌƐŽĨƉƵīƉĂƐƚƌǇ
ĮůůĞĚǁŝƚŚǁŚŝƉƉĞĚĐƌĞĂŵĂŶĚ
ƚŽƉƉĞĚǁŝƚŚƐƚƌĂǁďĞƌƌǇŝĐŝŶŐ͕
ĂĐĐŽŵƉĂŶŝĞĚďǇĂDĠůĂŶŐĞ͕Ă
+HLQHUV
52
92/80(,668(
3DJH
$86 75,$1:,1(:25 7+,7 66$/7&217
ĚŽƐĞŽĨsŝĞŶŶĂ͛ƐƐƚƌŽŶŐĐŽīĞĞǁŝƚŚũƵƐƚĂďŝƚŽĨƐƚĞĂŵĞĚŵŝůŬ͘^ƵŝƚĂďůǇĨŽƌƟĮĞĚ͕/ŚĞĂĚĞĚŽīĨŽƌ
ŵĞĞƟŶŐƐǁŝƚŚŵǇĐŽůůĞĂŐƵĞƐ͕'ĞŽƌŐ^ƚƂŐĞƌĂŶĚhůƌŝĐŚWĂƵŐŐĞƌ͕Ăƚh,zsŝĞŶŶĂ͘
ŌĞƌǁĂƌĚ͕/ĞŶũŽǇĞĚĂƌĞůĂǆŝŶŐĞǀĞŶŝŶŐĂƚŝŽZĞƐƚĂƵƌĂŶƚtĞŝŶďŽƚƐĐŚĂŌ;ůŝƚĞƌĂůůǇ͕tŝŶĞŵďĂƐƐǇͿ͕ƚŚĞ
ĂůůͲŶĂƚƵƌĂůĞĂƚĞƌǇĂĨĞǁƐƚĞƉƐĨƌŽŵŵǇŚŽƚĞůĂŶĚǁŚŝĐŚ/ŚĂĚƐƉŝĞĚŽŶŵǇĞĂƌůŝĞƌǁĂůŬ͘tŚŝůĞ/ĚŽŶ͛ƚŐŽ
ŽƵƚŽĨŵǇǁĂǇƚŽĮŶĚŽƌŐĂŶŝĐĨŽŽĚƐŽƌǁŝŶĞƐ͕/ǁĂƐĚĞůŝŐŚƚĞĚǁŝƚŚƚŚĞƌĞƐƵůƚƐ͘/ĞŶũŽǇĞĚĂĮƐŚ;ǁŚŽƐĞ
ĐŽŵƉůŝĐĂƚĞĚŶĂŵĞ/ŚĂǀĞĨŽƌŐŽƩĞŶͿƚŚĂƚǁĂƐĐĂƵŐŚƚŝŶůŽĐĂůǁĂƚĞƌƐĂŶĚĂĐĐŽŵƉĂŶŝĞĚďǇƐƚĞĂŵĞĚǀĞŐͲ
ĞƚĂďůĞƐǁŚŽƐĞĨŽĂŵǇƚƌĞĂƚŵĞŶƚƌĞŵŝŶĚĞĚŵĞŽĨtͲϱϬŝŶEĞǁzŽƌŬ͘ZŽƵŶĚŝŶŐŽīƚŚĞŵĞĂůǁĞƌĞƚǁŽ
ŐůĂƐƐĞƐŽĨĂƌŝĐŚůǇŚƵĞĚĂŶĚĐŽŵƉůĞǆůĂƵĨƌćŶŬŝƐĐŚǁŝŶĞ͕ƌĞĚŽůĞŶƚŽĨĐŚĞƌƌŝĞƐĂŶĚĨŽƌĞƐƚďĞƌƌŝĞƐ͕ŵĂĚĞ
ĨƌŽŵĂǀĂƌŝĞƚǇŽĨůĂƚĞƌŝƉĞŶŝŶŐŐƌĂƉĞƐŐƌŽǁŶŝŶƵƐƚƌŝĂƐŝŶĐĞŵĞĚŝĞǀĂůƟŵĞƐ͘dŚŝƐǀŝŶƚĂŐĞĐŽƵůĚďĞĂ
ƉĞĞƌůĞƐƐĂŵďĂƐƐĂĚŽƌĨŽƌƵƐƚƌŝĂŶǁŝŶĞƐ͕ŽƌĂŶǇŽƌŐĂŶŝĐƌĞĚǁŝŶĞƐĨŽƌƚŚĂƚŵĂƩĞƌ͘
dŚĞŶĞǆƚĚĂǇĨŽƵŶĚŵĞŽŶĂƚƌĂŝŶƚŽ<ůĂŐĞŶĨƵƌƚ͕ƐŶĂŬŝŶŐƚŚƌŽƵŐŚŵŽƵŶƚĂŝŶƐƉĂƐƚƉŝĐƚƵƌĞƐƋƵĞǀŝůůĂŐĞƐƚŽ
ƚŚĞƐŽƵƚŚĞƌŶĞŶĚŽĨƚŚĞĐŽƵŶƚƌǇŶĞĂƌƚŚĞďŽƌĚĞƌǁŝƚŚ^ůŽǀĞŶŝĂĂŶĚĂĨĞǁŬŝůŽŵĞƚĞƌƐĨƌŽŵ/ƚĂůǇ͘/ŚĂĚ
ƐƵŶŐ,ĂǇĚŶ͛ƐŽƌĂƚŽƌŝŽ͕ƚŚĞƌĞĂƟŽŶ͕ĚĞĐĂĚĞƐĂŐŽŝŶ<ůĂŐĞŶĨƵƌƚďƵƚǁŚĞŶ/ĂƌƌŝǀĞĚƚŚŝƐƟŵĞ͕ĂďƐŽůƵƚĞůǇ
ŶŽƚŚŝŶŐůŽŽŬĞĚĨĂŵŝůŝĂƌ͊DǇƚĂǆŝĚƌŝǀĞƌ͕ĂŶĂƟǀĞŽĨƚŚĞĐŝƚǇ͕ƐƉĞŶƚƚŚĞƚƌŝƉĨƌŽŵƚƌĂŝŶƐƚĂƟŽŶƚŽŚŽƚĞů
ƉŽŝŶƟŶŐŽƵƚƉŝǌǌĞƌŝĂƐĂŶĚƚƌĂƩŽƌŝĂƐǁŚŝůĞĐŽŵƉůĂŝŶŝŶŐƚŚĂƚŶŽŽŶĞǁĂŶƚĞĚƚŽĞĂƚƚƌĂĚŝƟŽŶĂůĂƌŝŶƚŚŝĂŶ
ĨŽŽĚĂŶǇŵŽƌĞ͘&ŽƌƚƵŶĂƚĞůǇ͕ƚŚĂƚǁĂƐŝŶƐƚŽƌĞĨŽƌŵĞĂĨĞǁŚŽƵƌƐůĂƚĞƌĂƚŝĞƌŚĂƵƐǌƵŵƵŐƵƐƟŶ͕ĂĐůĂƐͲ
ƐŝĐďĞĞƌũŽŝŶƚƐĞƌǀŝŶŐĚĞůŝĐŝŽƵƐďƵƚŚƵŐĞŚĞůƉŝŶŐƐŽĨůŽĐĂůĨĂƌĞƚŽƚŚĞůŽĐĂůƐǁŚŽƐƟůůĐƌĂǀĞŝƚ͘/ĨŽƵŶĚ
'ƂƐƐĞƌŝĞƌŽŶƚĂƉ͕ĂŶĚĞŶũŽǇĞĚĂ^ĞŝĚů;ŽŶĞͲƚŚŝƌĚůŝƚĞƌͿŽĨƚŚĞŝƌĚĂƌŬďƌĞǁƚŚĂƚŝƐĚĞĞƉůǇŇĂǀŽƌĨƵůĂŶĚ
ƐĂƟƐĨǇŝŶŐ͕ůŝŬĞĚƌŝŶŬŝŶŐĂůŽĂĨŽĨďƌĞĂĚ͊dŚĞƉŽƌŬŵĞĚĂůůŝŽŶƐ/ŽƌĚĞƌĞĚǁĞƌĞŵŽŝƐƚĂŶĚĚĞůŝĐŝŽƵƐ͕ĂĐͲ
ĐŽŵƉĂŶŝĞĚďǇƉŽƚĂƚŽĐƌŽƋƵĞƩĞƐ͕ĂƌŝŶƚŚŝĂ͛ƐĂŶƐǁĞƌƚŽƚŚĞ&ƌĞŶĐŚĨƌǇďƵƚƐƵƉĞƌŝŽƌĂƚƐŽĂŬŝŶŐƵƉŐƌĂǀǇ͘
DǇŚŽƚĞůŝŶ<ůĂŐĞŶĨƵƌƚƚƵƌŶĞĚŽƵƚƚŽďĞĂŶĂƌĐŚŝƚĞĐƚƵƌĂůŐĞŵ͘ĂƐ^ĂůǌĂŵƚWĂůĂŝƐ,ŽƚĞů>ĂŶĚŚĂƵƐŚŽĨ
;^ĂůƚKĸĐĞWĂůĂĐĞ,ŽƚĞůĂƚƚŚĞ^ƚĂƚĞ,ŽƵƐĞŽƵƌƚǇĂƌĚͿŽĐĐƵƉŝĞƐĂZĞŶĂŝƐƐĂŶĐĞĞƌĂĞĚŝĮĐĞƚŚĂƚŽŶĐĞ
ŚŽƵƐĞĚƚŚĞŐŽǀĞƌŶŵĞŶƚƐĂůƚĞǆĐŚĂŶŐĞ͘dŚĞďƵŝůĚŝŶŐŚĂƐƚŚƌĞĞƐƚŽƌŝĞƐŽĨĂƌĐĂĚĞĚǁĂůŬǁĂǇƐƌŝŶŐĞĚďǇ
ĨŽƌŵĞƌŽĸĐĞƐĐŽŶǀĞƌƚĞĚŝŶƚŽŚŽƚĞůƌŽŽŵƐ͘dŚĞĂƚƌŝƵŵ͕ŶŽǁĐŽǀĞƌĞĚďǇĂƌŽŽĨǁŝƚŚŐůĂƐƐƐŬǇůŝŐŚƚ͕ŝƐ
ďĞĂƵƟĨƵůĂŶĚĞǀŽŬĞƐĂƟŵĞǁŚĞŶƚŚĞ^ĂůƚKĸĐĞǁĂƐĂďĞĞŚŝǀĞŽĨĂĐƟǀŝƚǇĨĂĐŝůŝƚĂƟŶŐƚŚĞƉƵƌĐŚĂƐĞĂŶĚ
ƐĂůĞŽĨƐĂůƚĨŽƌƚŚĞĞŶƟƌĞƌĞŐŝŽŶ͘hŶĨŽƌƚƵŶĂƚĞůǇ͕ƚŚĞĚĠĐŽƌŝŶƚŚĞĂƚƌŝƵŵ;ĂůƐŽƚŚĞďƌĞĂŬĨĂƐƚƌŽŽŵͿǁĂƐ
ũĂƌƌŝŶŐůǇĐŽŶƚĞŵƉŽƌĂƌǇ͕ĂŶĚƚŚĞƌĞĐĞƉƟŽŶĂƌĞĂƐŽƌƵŶĚŽǁŶ/ǁĂƐĐŽŶǀŝŶĐĞĚƚŚĞƚĂǆŝĚƌŝǀĞƌŚĂĚ
ĚƌŽƉƉĞĚŵĞĂƚƚŚĞǁƌŽŶŐƐƉŽƚ͘Ɛ/ƐƚƌƵŐŐůĞĚƚŽŚĞůƉƚŚĞƌĞĐĞƉƟŽŶŝƐƚůŽĐĂƚĞŵǇƌĞƐĞƌǀĂƟŽŶĂŶĚƚŚĞŶ
ƚŚĞĐŽƌƌĞĐƚƉƌŝĐĞŽĨƚŚĞƌŽŽŵ/ŚĂĚďŽŽŬĞĚ͕/ǁĂƐƌĞŵŝŶĚĞĚŽĨƚŚĞƋƵĂŝŶƚĞǆƉƌĞƐƐŝŽŶƚŚĞƵƐƚƌŝĂŶƐƵƐĞ
ŝŶƚŚĞĨĂĐĞŽĨ<ĂŅĂĞƐƋƵĞďƵƌĞĂƵĐƌĂƟĐĚǇƐĨƵŶĐƟŽŶ͕͞ŵĂŶŬĂŶŶƐŝĐŚďĞŝŵ^ĂůǌĂŵƚďĞƐĐŚǁĞƌĞŶ͕͟Žƌ͞ŐŽ
ĐŽŵƉůĂŝŶƚŽƚŚĞ^ĂůƚKĸĐĞ͘͟,ĞƌĞ/ǁĂƐ͕ůŝǀŝŶŐƚŚĂƚĨƵƟůŝƚǇĂƚŝƚƐƐŽƵƌĐĞ͊tŚĞŶ/ĮŶĂůůǇŵĂĚĞŝƚƚŽŵǇ
ƌŽŽŵ͕ŝƚƉƌŽǀĞĚůĂƌŐĞĂŶĚƌĞĐĞŶƚůǇƌĞͲĚĞĐŽƌĂƚĞĚǁŝƚŚĂƐǁĞĞƉŝŶŐǀŝĞǁŽĨƚŚĞŵĂŝŶƐƋƵĂƌĞďĞůŽǁ͘dŽŽ
ďĂĚ/ǁŽƵůĚŽŶůǇďĞƐƚĂǇŝŶŐŽŶĞŶŝŐŚƚ͘
dŚĞŶĞǆƚĚĂǇ͕/ƐĞƚŽƵƚƚŽǁĂƌĚsŝůůĂĐŚƚŚƌŽƵŐŚŵŽƵŶƚĂŝŶǀĂůůĞǇƐĂŶĚĂůŽŶŐƚŚĞtƂƌƚŚĞƌ>ĂŬĞƚŽĂŶŝŶͲ
ĚƵƐƚƌŝĂůƉĂƌŬĨŽƌĂŵĞĞƟŶŐǁŝƚŚŵǇĐůŝĞŶƚ͘ZŝŶŐĞĚďǇƚĂůůŵŽƵŶƚĂŝŶƐ͕ƚŚŝƐƌĞŐŝŽŶŽĨƵƐƚƌŝĂŝƐĂŶŝŶĚƵƐͲ
53
92/80(,668(
3DJH
$86 75,$1:,1(:25 7+,7 66$/7&217
ƚƌŝĂůƉŽǁĞƌŚŽƵƐĞǁŚĞƌĞ
ƐŵŽŬĞƐƚĂĐŬƐĚŽƚƚŚĞůĂŶĚͲ
ƐĐĂƉĞ͕ĚŝƐƉƌŽǀŝŶŐƚŽƵƌŝƐƚƐ͛ƉƌĞͲ
ĐŽŶĐĞƉƟŽŶƐĂďŽƵƚƚŚĞĐŽƵŶƚƌǇ
ďĞŝŶŐŽŶĞŐŝĂŶƚƐŬŝƌĞƐŽƌƚ͘
dŚĞƐƵŶƐŚŝŶĞǁĂƐďƌŝůůŝĂŶƚďƵƚ
ǁŝŶƚĞƌŚĂĚŶŽƚǇĞƚůŽŽƐĞŶĞĚ
ŝƚƐƐŶŽǁǇŐƌŝƉĂƐ/ĨŽƵŶĚǁŚĞŶ
/ǁĂŶĚĞƌĞĚƚŚƌŽƵŐŚƚŚĞƉĞͲ
ĚĞƐƚƌŝĂŶǌŽŶĞŝŶsŝůůĂĐŚ͕ƌŽůůŝŶŐ
ƐƵŝƚĐĂƐĞŝŶƚŽǁ͕ůŽŽŬŝŶŐĨŽƌĂ
ƐƉŽƚƚŽĞĂƚůƵŶĐŚďĞĨŽƌĞ
ĐĂƚĐŚŝŶŐƚŚĞƚƌĂŝŶďĂĐŬƚŽsŝͲ
ĞŶŶĂ͘dŚĞĚĂǇ͛ƐŵĞŶƵƉŽƐƚĞĚ
9LOODFK
ŽƵƚƐŝĚĞƚŚĞ'ŽůĚĞŶĞƐ>Ăŵŵ
ŽīĞƌĞĚĂŶŝƌƌĞƐŝƐƟďůĞĚŝƐŚʹƉĂŶƐĞĂƌĞĚĚƵĐŬďƌĞĂƐƚ͘/ƚǁĂƐƉĞƌĨĞĐƚůǇĐŽŽŬĞĚ͕ƚŚĞŵĞĂƚƐůŝŐŚƚůǇƉŝŶŬ
ĂŶĚƐĞƌǀĞĚǁŝƚŚĂďƵƌŐƵŶĚǇǁŝŶĞƐĂƵĐĞŽŶĂďĞĚŽĨĨƌĂŐƌĂŶƚůǇƐƉŝĐĞĚƌĞĚĐĂďďĂŐĞ͕ĂůůĂĐĐŽŵƉĂŶŝĞĚďǇ
ĂŐůĂƐƐŽĨůĂƵĞƌǁĞŝŐĞůƚ;ĂŵŽĚĞƌŶŚǇďƌŝĚŽĨůĂƵĨƌćŶŬŝƐĐŚĂŶĚ^ĂŝŶƚ>ĂƵƌĞŶƚŐƌĂƉĞƐͿ͘DǇƐƚĂƌƚĞƌǁĂƐ
ĂƐĂůĂĚŽĨŐƌĂƚĞĚƉŽƚĂƚŽĂŶĚĐĞůĞƌǇƌŽŽƚ͕ĂŶŝŶŐƌĞĚŝĞŶƚ/ĂĚŽƌĞďƵƚƌĂƌĞůǇĞŶĐŽƵŶƚĞƌ͘ƉŽƐƚƉƌĂŶĚŝĂů
ǁĂůŬƵƉƚŚĞŚŝůůĂŶĚĂƌŽƵŶĚƚŚĞĂŶĐŝĞŶƚƉĂƌŝƐŚĐŚƵƌĐŚĚŝĚŵĞĂǁŽƌůĚŽĨŐŽŽĚ͘Ɛ/ŚĞĂĚĞĚďĂĐŬƚŽƚŚĞ
ƚƌĂŝŶƐƚĂƟŽŶĂŶĚƚŚĞƌŝĚĞƚŽsŝĞŶŶĂ͕/ƐƚŽƉƉĞĚŽŶƚŚĞďƌŝĚŐĞĂĐƌŽƐƐƚŚĞƌĂǀĂZŝǀĞƌƚŽŵĂƌǀĞůĂƚƚŚĞ
ďĞĂƵƚǇŽĨƚŚĞĐŝƚǇĂŶĚƐƵƌƌŽƵŶĚŝŶŐŵŽƵŶƚĂŝŶƐďĂƚŚĞĚŝŶǁŝŶƚĞƌƐƵŶƐŚŝŶĞ͘
dŚĞŶĞǆƚĚĂǇ͕sŝĞŶŶĂĂīŽƌĚĞĚƚŚĞĞǆƉĞƌŝĞŶĐĞ/ŚĂĚĚƌĞĂŵĞĚŽĨʹĂǀŝƐŝƚƚŽƚŚĞ<ƵŶƐƚŚŝƐƚŽƌŝƐĐŚĞƐ;ƌƚ
,ŝƐƚŽƌǇͿDƵƐĞƵŵ͘WŽƐƚĞƌƐĂŶĚďŝůůďŽĂƌĚƐĂƌŽƵŶĚƚŚĞĐŝƚǇŚĞƌĂůĚĞĚƚŚĞƌĞĐĞŶƚŐƌĂŶĚƌĞͲŽƉĞŶŝŶŐŽĨƚŚĞ
<ƵŶƐƚŬĂŵŵĞƌ͕ƚŚĞŐĂůůĞƌǇŚŽƵƐͲ
ŝŶŐƚŚĞƚƌĞĂƐƵƌĞƐŽĨƚŚĞ,ĂďƐͲ
ďƵƌŐƐĂŶĚƐŚŽǁĐĂƐŝŶŐĞŶĞǀĞŶƵͲ
ƚŽĞůůŝŶŝ͛ƐŵĂŐŶŝĮĐĞŶƚƐĂůƚĐĞůůĂƌ
;ŬŶŽǁŶĂƐƚŚĞ^ĂůŝĞƌĂͿ͘^ǁŝƉĞĚ
ĨƌŽŵŝƚƐĚŝƐƉůĂǇĐĂƐĞŝŶϮϬϬϯ
;ǀĂůƵĞĚĂƚh^ΨϱϴŵŝůůŝŽŶͿĂŶĚƌĞͲ
ĐŽǀĞƌĞĚĂĨĞǁǇĞĂƌƐůĂƚĞƌƚŚĂŶŬƐ
ƚŽĂƚĞǆƚŵĞƐƐĂŐĞĂŶĚǀŝĚĞŽƐƵƌͲ
ǀĞŝůůĂŶĐĞĨƌŽŵĂĐĞůůƉŚŽŶĞƐƚŽƌĞ͕
ƚŚŝƐƚƌŝƵŵƉŚŽĨƚŚĞŐŽůĚƐŵŝƚŚ͛Ɛ
.XQVWKLVWRULVKHV0XVHXP
ĂƌƚŚĂƐďĞĞŶƌĞƐƚŽƌĞĚƚŽŝƚƐ
54
92/80(,668(
3DJH
$86 75,$1:,1(:25 7+,7 66$/7&217
ƌŝŐŚƞƵůƉůĂĐĞ͘/ƚǁĂƐ<ŝŶŐ&ƌĂŶĐŝƐ/
ŽĨ&ƌĂŶĐĞǁŚŽ͕ŝŶƚŚĞŵŝĚͲϭϲϬϬƐ͕
5
ĐŽŵŵŝƐƐŝŽŶĞĚƚŚĞĞůĂďŽƌĂƚĞǀĞƐƐĞů
ƚŽŚŽůĚǁŚĂƚǁĂƐƚŚĞŶĂǀĞƌǇĞǆͲ
ƉĞŶƐŝǀĞĂŶĚƉƌĞĐŝŽƵƐĐŽŵŵŽĚŝƚǇ
ƌĞƐĞƌǀĞĚĨŽƌƚŚĞĐŽŵŵƵŶĂůƵƐĞŽĨ
ƌŽǇĂůĚŝŶĞƌƐʹƐĂůƚ͘ŽŶƐŝĚĞƌŝŶŐƚŚĞ
,ĂďƐďƵƌŐƐ͛ŽǁŶĞƌƐŚŝƉŽĨƐĂůƚŵŝŶĞƐ
ĂŶĚƚŚĞŝƌŵŽŶŽƉŽůǇŽŶƚŚĞƐĂůĞŽĨ
ƐĂůƚ͕ŝƚƐĞĞŵƐĮƫŶŐƚŚĂƚ&ƌĂŶĐŝƐ͛
ĚĞƐĐĞŶĚĂŶƚ͕<ŝŶŐŚĂƌůĞƐ/y͕ďĞͲ
ƐƚŽǁĞĚƚŚĞƐĂůƚĐĞůůĂƌŽŶƌĐŚĚƵŬĞ
&ĞƌĚŝŶĂŶĚ//͕ŵĂŬŝŶŐŝƚƉŽƐƐŝďůĞĨŽƌ
ƚŚĞ,ĂďƐďƵƌŐŶŽďŝůŝƚǇƚŽƉůƵĐŬƐŽŵĞ
ŽĨŝƚƐƌĞǀĞŶƵĞͲŐĞŶĞƌĂƚŽƌĨƌŽŵƚŚĞ
&HOOLQL
V6DOLHUD
ǁŽƌůĚ͛ƐŵŽƐƚŵĂŐŶŝĮĐĞŶƚĂŶĚĞǆͲ
ƉĞŶƐŝǀĞƐĂůƚƐŚĂŬĞƌ͘ŶŽƚŚĞƌŐŝŌĨƌŽŵƚŚĂƚŬŝŶŐŝƐĂůƐŽŝŶƚŚĞŵƵƐĞƵŵ͘͞dŚĞhŶŝƚǇŽĨƚŚĞ^ƚĂƚĞ͟ŝƐĂ
ŐƌĂŶĚƚĂƉĞƐƚƌǇĐƌĞĂƚĞĚĨŽƌ&ŽŶƚĂŝŶĞďůĞĂƵWĂůĂĐĞĂŶĚƐŚŽǁŝŶŐ&ƌĂŶĐŝƐ/ĚĞĐŬĞĚŽƵƚŝŶZŽŵĂŶͲůŽŽŬŝŶŐ
ĐĞƌĞŵŽŶŝĂůŐĂƌďǁŚŝůĞǁĞĂƌŝŶŐĂƉĂŝƌŽĨĐƵƌŝŽƵƐďŽŽƟĞƐǁŝƚŚůŝŽŶƐ͛ĨĂĐĞƐŽŶƚŚĞĨƌŽŶƚ͘
^ŝŶĐĞŵǇůĂƐƚǀŝƐŝƚ͕ƚŚĞŐĂůůĞƌǇŚĂƐďĞĞŶĐŽŵƉůĞƚĞůǇƌĞĚŽŶĞĂŶĚ͕ŵŽƐƚŝŵƉŽƌƚĂŶƚůǇ͕ƚŚĞĂŵďŝĞŶĐĞŝƐ
ďƌĞĂƚŚƚĂŬŝŶŐǁŝƚŚŚŝŐŚůŝŐŚƚƐŽŶĞĂĐŚŽďũĞĐƚĂīŽƌĚŝŶŐƚŚĞŽƉƉŽƌƚƵŶŝƚǇĨŽƌĚĞƚĂŝůĞĚƐƚƵĚǇŽĨƚƌĞĂƐƵƌĞƐ
ŝŶĐůƵĚŝŶŐĚŝŵŝŶƵƟǀĞŝǀŽƌǇĐĂƌǀŝŶŐƐďĂƐĞĚŽŶŵǇƚŚŽůŽŐŝĐĂůƚŚĞŵĞƐ͕ũĞǁĞůͲĞŶĐƌƵƐƚĞĚĚƌŝŶŬŝŶŐĐƵƉƐ͕ƐŝůǀĞƌ
ͲŐŝůƚĂƵƚŽŵĂƚŽŶƐ͕ĂŶĚŽŽĚůĞƐŽĨĐĂŵĞŽƐ͘
ĞůůŝŶŝ͛Ɛ^ĂůƚĞůůĂƌǁĂƐĞǀĞŶŵŽƌĞĞǆƋƵŝƐŝƚĞƚŚĂŶ/ƌĞŵĞŵďĞƌĞĚ͘DĂĚĞŽĨŐŽůĚĂŶĚŽƚŚĞƌƉƌĞĐŝŽƵƐĞůĞͲ
ŵĞŶƚƐ͕ŝƚĚĞƉŝĐƚƐƚŚĞƐĞĂŐŽĚEĞƉƚƵŶĞŶĞǆƚƚŽĂƟŶǇďŽǁůǁŚĞƌĞƚŚĞƐĂůƚǁŽƵůĚďĞƉůĂĐĞĚʹŵĞƚĂƉŚŽƌŝͲ
ĐĂůůǇƚŚĞďŽƵŶƚǇĨƌŽŵƚŚĞƐĞĂ;ƌĂƚŚĞƌƚŚĂŶƵƐƚƌŝĂ͛ƐƐĂůƚŵŝŶĞƐͿĂƐŚĂƌǀĞƐƚĞĚĂůŽŶŐ/ƚĂůǇ͛ƐDĞĚŝƚĞƌƌĂŶĞͲ
ĂŶĐŽĂƐƚůŝŶĞ͘WĂŝƌĞĚǁŝƚŚŚŝŵŝƐƚŚĞŐŽĚĚĞƐƐdĞůůƵƐŶĞǆƚƚŽĂƌĞĐĞƉƚĂĐůĞĨŽƌƉĞƉƉĞƌĐŽƌŶƐʹƚŚĞďŽƵŶƚǇ
ĨƌŽŵƚŚĞĞĂƌƚŚ͘dŚĞƚǁŽĮŐƵƌĞƐƌĞĐůŝŶĞĂǁĂǇĨƌŽŵŽŶĞĂŶŽƚŚĞƌ͕ĂƐŝĨŝŶĂďĂĐŬǇĂƌĚƐƉĂ͘ƉƉƌŽǆŝŵĂƚĞůǇ
ϭϭŝŶĐŚĞƐďǇϭϭŝŶĐŚĞƐ͕ďƵƚƉƌĞƐƵŵĂďůǇƚŽŽŚĞĂǀǇĨŽƌĚŝŶĞƌƐƚŽůŝŌĐŽŶƐŝĚĞƌŝŶŐĂůůƚŚĞŐŽůĚŝŶǀŽůǀĞĚ͕ƚŚĞ
ƐĂůƚĐĞůůĂƌƌĞƐƚƐŽŶŝŶǀŝƐŝďůĞŝǀŽƌǇďĂůůƐƉĞƌŵŝƫŶŐŝƚƚŽďĞƌŽůůĞĚďĂĐŬĂŶĚĨŽƌƚŚŽŶĂƚĂďůĞ͘KŚƚŽďĞĂƚĂ
ŐƌĂŶĚďĂŶƋƵĞƚǁŚĞƌĞƚŚĞŵƉĞƌŽƌƐĞŶĚƐƚŚĞƐĂůƚĐĞůůĂƌĐĂƌĞĞŶŝŶŐŝŶǇŽƵƌĚŝƌĞĐƟŽŶ͊
ŌĞƌǁĂŶĚĞƌŝŶŐƚŚĞ<ƵŶƐƚŬĂŵŵĞƌ͕/ŚĞĂĚĞĚƚŽƚŚĞŵƵƐĞƵŵ͛ƐǁŽŶĚĞƌĨƵůĐĂĨĠƐŝƚƵĂƚĞĚĂŵŽŶŐƚŚĞĐŽůͲ
ƵŵŶƐĂƚƚŚĞƚŽƉŽĨƚŚĞŐƌĂŶĚƐƚĂŝƌĐĂƐĞ͘/ƐĂƚĚŽǁŶĂĐƌŽƐƐĨƌŽŵĂŶŽƚŚĞƌŵĂƐƚĞƌƉŝĞĐĞ͕ƚŚĞĐĂƐĞŽĨŵĂŐͲ
ŶŝĮĐĞŶƚƉĂƐƚƌŝĞƐĨƌŽŵǁŚŝĐŚ/ĐŚŽƐĞĂƐůŝĐĞŽĨƐĐƌƵŵƉƟŽƵƐDĂǆŝŵŝůŝĂŶƚŽƌƚĞ;ůĂǇĞƌƐŽĨĂůŵŽŶĚĐĂŬĞĂůƚĞƌͲ
ŶĂƟŶŐǁŝƚŚĐŚŽĐŽůĂƚĞͬŶŽƵŐĂƚƉĂƐƚƌǇĐƌĞĂŵŶĂŵĞĚĨŽƌƚŚĞ,ĂďƐďƵƌŐŵƉĞƌŽƌͿƉƌĞĐĞĚĞĚďǇĂůŝŐŚƚĂŶĚ
55
92/80(,668(
3DJH
$86 75,$1:,1(:25 7+,7 66$/7&217
ĚĞůŝĐŝŽƵƐƐĂŶĚǁŝĐŚŽĨƐŵŽŬĞĚƐĂůŵŽŶĂŶĚ
ĂƌƵŐƵůĂŽŶďƌŝŽĐŚĞ͘ZĞƐƚŽƌĞĚĂŶĚƌĞĂĚǇĨŽƌ
ŵŽƌĞŐƌĞĂƚĂƌƚ͕/ƐƉĞŶƚƚŚĞďĂůĂŶĐĞŽĨƚŚĞ
ĂŌĞƌŶŽŽŶŝŶƚŚĞĐŽůůĞĐƟŽŶŽĨKůĚDĂƐƚĞƌ
ƉĂŝŶƟŶŐƐ͕ƌĞƵŶŝƚĞĚǁŝƚŚƚŚĞ͞ĨƌŝĞŶĚƐ͟/ŚĂĚ
ŬŶŽǁŶŝŶƟŵĂƚĞůǇǁŚĞŶĨƌĞĞĂĚŵŝƐƐŝŽŶǁŝƚŚ
ŵǇƐƚƵĚĞŶƚŝ͘Ě͕͘ĐŽƵƉůĞĚǁŝƚŚůƵǆƵƌŝŽƵƐĐĞŶͲ
ƚƌĂůŚĞĂƟŶŐ͕ŵĂĚĞƚŚĞŵƵƐĞƵŵĂƌĞĨƵŐĞŽŶ
ŵĂŶǇĂĨƌŝŐŝĚǁŝŶƚĞƌĂŌĞƌŶŽŽŶĚƵƌŝŶŐŵǇƐƚƵͲ
ĚĞŶƚĚĂǇƐůŝǀŝŶŐŽŶŶĞĂƌďǇƵƌŐŐĂƐƐĞ͘
+RIEXUJ3DODFH
dŚĞůĂƚĞĂŌĞƌŶŽŽŶƐƵŶƐŚŝŶĞďĞĐŬŽŶĞĚŵĞ
ŽƵƚĚŽŽƌƐ͕ĂƐŝƚĚŝĚƐŽŵĂŶǇŝŶŚĂďŝƚĂŶƚƐŽĨƚŚĞĐŝƚǇŽŶŽŶĞŽĨƚŚŽƐĞƌĂƌĞĚĂǇƐǁŚĞŶƚŚĞŐƌĂǇŐůŽŽŵŽĨ
ǁŝŶƚĞƌƟŵĞůŝŌƐĂŶĚĞǀĞƌǇŽŶĞŚĞĂĚƐŽƵƚƐŝĚĞƚŽĞŶũŽǇƚŚĞƌĞƐƉŝƚĞ͘/ƐƚƌŽůůĞĚƚŚƌŽƵŐŚƚŚĞ,ŽĩƵƌŐWĂůĂĐĞ
ĐŽŵƉůĞǆŽŶŵǇǁĂǇďĂĐŬƚŽƚŚĞŚŽƚĞů͕ƌĞĐĂůůŝŶŐƚŚĞďĂůů/ĂƩĞŶĚĞĚƚŚĞƌĞĂŶĚǁŚĞƌĞ/ǁĂůƚǌĞĚƵŶƟů
ĚĂǁŶƚŽƚŚĞƐŽĂƌŝŶŐŵĞůŽĚŝĞƐŽĨ:ŽŚĂŶŶ^ƚƌĂƵƐƐƚŚĞzŽƵŶŐĞƌ͘ĨĞĂƐƚĨŽƌƚŚĞĞǇĞƐ͕ƚŚĞŚƵŐĞĚŽƵďůĞͲ
ŚĞĂĚĞĚĞĂŐůĞŐůĞĂŵĞĚŝŶƚŚĞƐƵŶůŝŐŚƚĂƚŽƉƚŚĞEĞƵĞƵƌŐ͕ǁŝƚŚƚŚĞƵƐƚƌŝĂŶŇĂŐǁĂǀŝŶŐŝŶƚŚĞďƌĞĞǌĞ͘
dŚĂƚĞǀĞŶŝŶŐ͕ŵǇůĂƐƚŝŶsŝĞŶŶĂŽŶƚŚŝƐƚƌŝƉ͕ǁĂƐƐƉĞŶƚǁŝƚŚĨƌŝĞŶĚƐǀĂĂŶĚtŽůĨŐĂŶŐ,ŽůǌŵĂŝƌ͘ǀĂŝƐĂ
ƚƌĂŶƐůĂƚŽƌĂŶĚǁƌŝƚĞƌŽĨĮĐƟŽŶ͘tŽůĨŐĂŶŐĂŶĚ/ǁĞƌĞĐůĂƐƐŵĂƚĞƐĂƚƚŚĞDƵƐŝĐĐĂĚĞŵǇ͕ƐƚƵĚĞŶƚƐŽĨƚŚĞ
ůĞŐĞŶĚĂƌǇ,ŝůĚĞZƂƐƐĞůͲDĂũĚĂŶ͘/ŶĂĚĚŝƟŽŶƚŽďĞŝŶŐĂŶŽƉĞƌĂƐŝŶŐĞƌĂŶĚƚĞĂĐŚŝŶŐĂƚ^ĂůǌďƵƌŐ͛ƐDŽǌĂƌͲ
ƚĞƵŵ͕tŽůĨŐĂŶŐŝƐƚŚĞĐŽŶƐƵŵŵĂƚĞ>ŝĞĚĞƌŝŶƚĞƌƉƌĞƚĞƌŽĨŽƵƌŐĞŶĞƌĂƟŽŶǁŝƚŚĚŽǌĞŶƐŽĨƐƚŽŚŝƐĐƌĞĚͲ
ŝƚ͘,ŝƐŐƌŽƵŶĚďƌĞĂŬŝŶŐƌĞĐŽƌĚŝŶŐŽĨƌŶƐƚ<ƌĞŶĞŬ͛ƐZĞŝƐĞďƵĐŚĂƵƐĚĞŶŽƐƚĞƌƌĞŝĐŚŝƐĐŚĞŶůƉĞŶŽƌdƌĂǀĞͲ
ůŽŐƵĞŽĨƚŚĞƵƐƚƌŝĂŶůƉƐĞǀŽŬĞƐĚĂƌŬĞƌĂŶĚŵŽƌĞĨŽƌďŝĚĚŝŶŐŵŽƵŶƚĂŝŶƐƚŚĂŶƚŚŽƐĞ/ŚĂĚĂĚŵŝƌĞĚƚŚĞ
ƉƌĞǀŝŽƵƐĚĂǇŝŶsŝůůĂĐŚ͘,ĂĚǁĞƚĂŬĞŶŽƵƌĐƵĞĨƌŽŵĂƐŽŶŐŽŶƚŚĂƚ͕hŶƐĞƌtĞŝŶŽƌKƵƌtŝŶĞ͕ǁĞ
ĐŽƵůĚŚĂǀĞƐǇŵƉĂƚŚŝǌĞĚǁŝƚŚ<ƌĞŶĞŬ͛ƐůĂŵĞŶƚĂďŽƵƚƵƐƚƌŝĂŶǁŝŶĞƐďĞŝŶŐǀĂůƵĞĚŽŶůǇďǇƚŚŽƐĞǁŚŽ
ƐĞĞŬƚŚĞŵŽƵƚ͊&ŽƌƵƐƚŽĞŶũŽǇ͕tŽůĨŐĂŶŐŚĂĚƐŽƵŐŚƚŽƵƚĂƌĂƌĞďŽƩůĞŽĨƐƉĂƌŬůŝŶŐǁŝŶĞ͕ĂZŝĞƐůŝŶŐ
ƌƵƚ͕ĨƌŽŵƚŚĞ^ǌŝŐĞƟǁŝŶĞƌǇŝŶƚŚĞƵƌŐĞŶůĂŶĚƌĞŐŝŽŶŶĞĂƌ,ƵŶŐĂƌǇ͘tĞƚŽĂƐƚĞĚDŝĐŚĂĞů͕ŵǇŚƵƐďĂŶĚ
ĂŶĚƵƐƵĂůƚƌĂǀĞůƉĂƌƚŶĞƌ͕ǁŚŽǁĂƐĂďƐĞŶƚĨƌŽŵƚŚŝƐƚƌŝƉ͘
&ŽƌĚŝŶŶĞƌ͕ǁĞŚĞĂĚĞĚƚŽ^ƚƌĂŶĚŚĂƵƐ͕ĂĮƐŚƌĞƐƚĂƵƌĂŶƚŝŶƚŚĞEĂƐĐŚŵĂƌŬƚ͕sŝĞŶŶĂ͛ƐƚƌĂĚŝƟŽŶĂůŽƉĞŶͲĂŝƌ
ĨŽŽĚŵĂƌŬĞƚĂŶĚŶŽǁĂŵĞĐĐĂĨŽƌĮŶĞĞĂƚĞƌŝĞƐĂƐǁĞůů͘dŚĞƌĞǁĞĨĞĂƐƚĞĚŽŶŵƵƐƐĞůƐĂŶĚŽŶŐƌŝůůĞĚĮƐŚ
ĂĐĐŽŵƉĂŶŝĞĚďǇĂ'ƌƺŶĞƌsĞůƚůŝŶĞƌĨƌŽŵƚŚĞŶĞĂƌďǇ<ƌĞŵƐƚĂůƌĞŐŝŽŶǁŚĞƌĞǀŝŶĞǇĂƌĚƐĐŽǀĞƌƚŚĞ
ŚŝůůƐŝĚĞƐĞŶĐŝƌĐůŝŶŐŵĞĚŝĞǀĂůǀŝůůĂŐĞƐŶĞƐƚůĞĚĂůŽŶŐƚŚĞĂŶƵďĞZŝǀĞƌ͘/ƚǁĂƐĂĚĞůŝŐŚƞƵůĞǀĞŶŝŶŐŽĨĐŽŶͲ
ǀĞƌƐĂƟŽŶǁŝƚŚŽůĚĨƌŝĞŶĚƐ͕ƚŚĞŝŶƚĞƌǀĞŶŝŶŐǇĞĂƌƐŵĞůƟŶŐĂǁĂǇĂƐǁĞĐŚĂƩĞĚĂďŽƵƚŵƵƐŝĐĂŶĚƌĞĐĂůůĞĚ
ŽƵƌƐƚƵĚĞŶƚĚĂǇƐ͘KƵƌĮŶĂůƐƚŽƉƚŚĂƚĞǀĞŶŝŶŐǁĂƐtĞŝŶΘŽĨŽƌƚŚĞ,ŽůǌŵĂŝƌƐƚŽƐĞŶĚŚŽŵĞǁŝƚŚŵĞ
ĂĨĂǀŽƌŝƚĞƌĞĚǁŝŶĞ;'ĂŐĞƌ͛ƐYƵĂƩƌŽͿĂŶĚĐŚŽĐŽůĂƚĞ;ĂƌƟƐĂŶĂů͕ĨƌŽŵŽƩĞƌŝŶZŝĞŐĞƌƐďƵƌŐͿĨŽƌDŝĐŚĂĞů
ĂŶĚŵĞƚŽĞŶũŽǇ͘
56
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3DJH
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dŚĞŶĞǆƚŵŽƌŶŝŶŐ/ĂǁŽŬĞƚŽƐŶŽǁ͘Ɛ/ƐĂƚďǇƚŚĞǁŝŶĚŽǁŝŶƚŚĞŚŽƚĞů͛ƐďƌĞĂŬĨĂƐƚƌŽŽŵ͕ĞŶũŽǇŝŶŐƚŚĞ
ƐƚƌŽŶŐĐŽīĞĞĂŶĚĨƌĞƐŚůǇďĂŬĞĚĐƌŽŝƐƐĂŶƚƐ;ďŽƚŚĂƉƉƌŽƉƌŝĂƚĞĚĨƌŽŵdƵƌŬƐĂƐƚŚĞǇƌĞƚƌĞĂƚĞĚĨƌŽŵŽƵƚͲ
ƐŝĚĞƚŚĞĐŝƚǇ͛ƐŐĂƚĞƐĂŌĞƌĂĨĂŝůĞĚŝŶǀĂƐŝŽŶďĂĐŬŝŶƚŚĞϭϳƚŚĐĞŶƚƵƌǇͿ͕ŵĞŵŽƌŝĞƐĐĂŵĞƌƵƐŚŝŶŐďĂĐŬ͘
sŝĞŶŶĞƐĞǁŝŶƚĞƌƐŚĂĚĂůǁĂǇƐƐĞĞŵĞĚĞŶĚůĞƐƐƚŽŵĞĂŶĚƚŚĞƉƌŽƐƉĞĐƚŽĨƐƉƌŝŶŐĚĞƐŝƌĞĚƐŽĚĞƐƉĞƌĂƚĞůǇ͘
/ǁĂƚĐŚĞĚƚŚĞƐŶŽǁŇĂŬĞƐĂƐƚŚĞǇŵĞĂŶĚĞƌĞĚĞĂƌƚŚǁĂƌĚĂŶĚƚŚĞŶŵĞůƚĞĚŽŶƚŚĞƐƚƌĞĞƚĂŵŝĚƐƚĂĚĂŵƉͲ
ŶĞƐƐƚŚĂƚĐŚŝůůƐƚŽƚŚĞďŽŶĞ͘hŶĂďůĞƚŽďŽůƐƚĞƌƚŚĞŵŽŵĞŶƚƵŵĨŽƌĂƌĞĂůƐŶŽǁƐƚŽƌŵƚŚĞǇĨƵƌŶŝƐŚĞĚĂŶ
ĞǆƚƌĂůĂǇĞƌŽĨŵŝƐĞƌǇĨŽƌĂŶǇŽŶĞƚƌƵĚŐŝŶŐĂďŽƵƚ͘
tŝƚŚŵǇďĂŐƐĂůƌĞĂĚǇƉĂĐŬĞĚĨŽƌŚĞĂĚŝŶŐƚŽƚŚĞĂŝƌƉŽƌƚƚŚĂƚĂŌĞƌŶŽŽŶ͕/ŚĂĚũƵƐƚĞŶŽƵŐŚƟŵĞƚŽ
ĂƩĞŶĚĂ^ƵŶĚĂǇŵŽƌŶŝŶŐƐĞƌǀŝĐĞĂƚƚŚĞsŝĞŶŶĂŽŵŵƵŶŝƚǇŚƵƌĐŚǁŚĞƌĞ/ƵƐĞĚƚŽƐŝŶŐŝŶƚŚĞĐŚŽŝƌ͘
dŚĞĂƌŽƋƵĞͲĞƌĂZĞĨŽƌŵŝĞƌƚĞ^ƚĂĚƚŬŝƌĐŚĞŝƐŽŶĞŽĨƚŚĞĨĞǁWƌŽƚĞƐƚĂŶƚĐŚƵƌĐŚĞƐ͕ĚĂƟŶŐďĂĐŬƚŽƚŚĞ
ZĞĨŽƌŵĂƟŽŶ͕ŝŶƚŚŝƐĂƚŚŽůŝĐĐŝƚǇ͘Ɛ/ƐĂƚŝŶƚŚĞƐƟīǁŽŽĚĞŶƉĞǁĂŶĚĂĚŵŝƌĞĚĂŶĞǁƚŚĞĞůĂďŽƌĂƚĞ
ŝŶƚĞƌŝŽƌ͕/ǁŽŶĚĞƌĞĚŝĨDŽǌĂƌƚ͕ǁŚŽŚĂĚƉĞƌĨŽƌŵĞĚŝŶƚŚĂƚƐĂŵĞƵƉƐƚĂŝƌƐĐŚŽŝƌůŽŌŝŶĐůŽƐĞƉƌŽǆŝŵŝƚǇƚŽ
ƚŚĞ͞ĐŽīĞƌĞĚ͟ĐĞŝůŝŶŐ͕ŚĂĚĚŝƐĐŽǀĞƌĞĚŝƚƐƐĞĐƌĞƚ͘tŚĂƚĂƉƉĞĂƌĞĚƚŽďĞŝŶƚƌŝĐĂƚĞĐĂƌǀŝŶŐŽĨƌĞĐĞƐƐĞĚ
ƐƋƵĂƌĞƐĮůůĞĚǁŝƚŚƌŽƐĞƩĞƐ͕ǁĂƐŝŶĨĂĐƚĂƚƌŝƵŵƉŚŽĨƚƌŽŵƉĞͲů͛ŽĞŝůƉĂŝŶƟŶŐŽŶĂĐƵƌǀĞĚƐƵƌĨĂĐĞĂŶĚ
ŵƵĐŚůĞƐƐĞǆƉĞŶƐŝǀĞƚŚĂŶƚŚĞƌĞĂůƚŚŝŶŐ͘/ǁĂƐƐƚĂƌƚůĞĚĨƌŽŵŵǇƌĞǀĞƌŝĞďǇ>ŽƵŝƐĞĂŶĚŶŶĞ͕ƚǁŽĨĞůͲ
ůŽǁĐŚŽƌŝƐƚĞƌƐĨƌŽŵĚĞĐĂĚĞƐĂŐŽǁŚŽƌĞŵĞŵďĞƌĞĚŵĞĂŶĚƐƟůůĂƩĞŶĚƚŚŝƐǁĂƌŵĂŶĚǁĞůĐŽŵŝŶŐƐĂŶĐͲ
ƚƵĂƌǇĨŽƌŶŐůŝƐŚͲƐƉĞĂŬĞƌƐĨĂƌĨƌŽŵŚŽŵĞ͘
Ɛ/ďĂĚĞƚŚĞŵĨĂƌĞǁĞůůĂŶĚƐƚĞƉƉĞĚŽƵƚŽŶƚŽƚŚĞŽƌŽƚŚĞĞƌŐĂƐƐĞ/ĨĞůƚĂĐƌƵŶĐŚƵŶĚĞƌŵǇďŽŽƚ͘>ŽŽŬͲ
ŝŶŐĚŽǁŶ͕/ƐĂǁƚŚĂƚƚŚĞŝĐǇƐŝĚĞǁĂůŬŚĂĚďĞĞŶŐĞŶĞƌŽƵƐůǇƐƉƌĞĂĚǁŝƚŚƌŽĐŬƐĂůƚ͘/ĐŚƵĐŬůĞĚĂƚŚŽǁƚŚŝƐ
ĂůŵŽƐƚƉƌŝĐĞůĞƐƐƐƵďƐƚĂŶĐĞ͕ŽŶǁŚŝĐŚĂŶĞŵƉŝƌĞŚĂĚďĞĞŶďƵŝůƚ͕ǁĂƐŶŽǁũƵƐƚĂƚŚƌŽǁͲĂǁĂǇŝƚĞŵ͘
EĞǆƚƟŵĞ͕ĂďƌŝĞĨǀŝƐŝƚƚŽŽůŽŐŶĂǁŚĞƌĞĂůŝƩůĞĚŽǀĞƌĞͲŝŶǀĞŶƚƐĐůĂƐƐŝĐĚŝƐŚĞƐ͘
^ĐŚůŽƐƐŚŽƚĞůZƂŵŝƐĐŚĞƌ<ĂŝƐĞƌ͕ŶŶĂŐĂƐƐĞϭϲ͕ͲϭϬϭϬtŝĞŶ͕ǁǁǁ͘ŚŽƚĞůͲƌŽĞŵŝƐĐŚĞƌͲŬĂŝƐĞƌ͘Ăƚ
>͘,ĞŝŶĞƌ,ŽĨǌƵĐŬĞƌďćĐŬĞƌ͕<ćƌƚŶĞƌƐƚƌĂƐƐĞϮϭͲϮϯ͕ͲϭϬϭϬtŝĞŶ͕ǁǁǁ͘ŚĞŝŶĞƌ͘ĐŽ͘Ăƚ
ŝŽZĞƐƚĂƵƌĂŶƚtĞŝŶďŽƚƐĐŚĂŌ͕ŶŶĂŐĂƐƐĞϭϮ͕ͲϭϬϭϬtŝĞŶ͕ǁǁǁ͘ǁĞŝŶďŽƚƐĐŚĂŌ͘Ăƚ
^ƚƌĂŶĚŚĂƵƐtŝĞŶ͕EĂƐĐŚŵĂƌŬƚ͕ͲϭϬϰϬtŝĞŶ͕ǁǁǁ͘ƐƚƌĂŶĚŚĂƵƐͲƌĞƐƚĂƵƌĂŶƚƐ͘ĐŽŵ
tĞŝŶΘŽ͕>ŝŶŬĞtŝĞŶǌĞŝůĞϰ͕ͲϭϬϲϬtŝĞŶ͕ǁǁǁ͘ǁĞŝŶĐŽ͘Ăƚ
<ƵŶƐƚŚŝƐƚŽƌŝƐĐŚĞƐDƵƐĞƵŵtŝĞŶ͕DĂƌŝĂͲdŚĞƌĞƐŝĞŶͲWůĂƚǌ͕ͲϭϬϭϬtŝĞŶ͕ǁǁǁ͘ŬŚŵ͘Ăƚ
ĂƐ^ĂůǌĂŵƚWĂůĂŝƐ,ŽƚĞů>ĂŶĚŚĂƵƐŚŽĨ͕>ĂŶĚŚĂƵƐŚŽĨϯ͕ͲϵϬϮϬ<ůĂŐĞŶĨƵƌƚ͕ǁǁǁ͘ůĂŶĚŚĂƵƐŚŽĨ͘Ăƚ
ŝĞƌŚĂƵƐǌƵŵƵŐƵƐƟŶ͕WĨĂƌƌŚŽĨŐĂƐƐĞϮ͕ͲϵϬϮϬ<ůĂŐĞŶĨƵƌƚ
ĂĨĠͲZĞƐƚĂƵƌĂŶƚ'ŽůĚĞŶĞƐ>Ăŵŵ͕,ĂƵƉƚƉůĂƚǌϭ͕ͲϵϱϬϬsŝůůĂĐŚ͕ǁǁǁ͘ŐŽůĚĞŶĞƐůĂŵŵ͘Ăƚ
tŽůĨŐĂŶŐ,ŽůǌŵĂŝƌ͕ĂƌŝƚŽŶĞ͕ǁǁǁ͘ǁŽůĨŐĂŶŐŚŽůǌŵĂŝƌ͘ĐŽŵ
ǀĂ,ŽůǌŵĂŝƌ͛ƐŶŽǀĞů͕DŝƌƚƌćƵŵƚĞ͕ĚƵůćŐĞƐƚŝŵ'ƌĂď͗͘DŽƌĚŝŶĚĞƌ'ƌĂŶĚKƉĠƌĂ͕
ŝƐĂǀĂŝůĂďůĞĨƌŽŵŵĂǌŽŶ͘ĚĞ
57
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3DJH
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dŚŝŶŐƐĚŝĚŶŽƚƐƚĂƌƚŽīǁĞůůŽŶĂďƵƐŝŶĞƐƐƚƌŝƉƚŽŽůŽŐŶĂƚŚŝƐƉĂƐƚDĂƌĐŚ͘Ɛ/ƐůŝĚŝŶƚŽƚŚĞ
ďĂĐŬƐĞĂƚŽĨƚŚĞƚĂǆŝĨŽƌƚŚĞƐŚŽƌƚƌŝĚĞĨƌŽŵĞƌŽƉŽƌƚŽ'ƵŐůŝĞůŵŽDĂƌĐŽŶŝŝŶƚŽƚŚĞĐŝƚǇĂŶĚ
ƵƩĞƌĞĚƚŚĞŚŽƚĞů͛ƐŶĂŵĞĂŶĚĂĚĚƌĞƐƐŝŶŵǇŚĂůƟŶŐ/ƚĂůŝĂŶ͕ƚŚĞĚƌŝǀĞƌŶĂŝůĞĚŵǇĂĐĐĞŶƚĂƐ
ŵĞƌŝĐĂŶĂŶĚŝŶĨŽƌŵĞĚŵĞĞŵƉŚĂƟĐĂůůǇ͕ŝŶŶŐůŝƐŚ͕ƚŚĂƚ͞ƚŚĞƌĞ͛ƐŶŽƐƵĐŚƚŚŝŶŐĂƐ^ƉĂŐŚĞƫ
ĂůůĂŽůŽŐŶĞƐĞʹŝƚ͛ƐĂŶŵĞƌŝĐĂŶŝŶǀĞŶƟŽŶ͊͟
KŬĂǇ͕/ƚŚŽƵŐŚƚ͕ĂŶĚƐƚƌŽǀĞƚŽƐƚĞĞƌƚŚĞĐŽŶǀĞƌƐĂƟŽŶŝŶĂŶŽƚŚĞƌĚŝƌĞĐƟŽŶ͘/ĞǆƉůĂŝŶĞĚƚŚĂƚ
ǁŚŝůĞ/ŚĂĚǀŝƐŝƚĞĚ/ƚĂůǇĂŶƵŵďĞƌŽĨƟŵĞƐ͕ŝƚǁĂƐŵǇĮƌƐƚǀŝƐŝƚƚŽƚŚĞŵŝůŝĂͲZŽŵĂŐŶĂƌĞŐŝŽŶ͕
ďŝƌƚŚƉůĂĐĞŽĨůƵǆƵƌǇƐƉŽƌƚƐĐĂƌƐ͕ŐƌĂŶĚŽƉĞƌĂ͕ǁŽƌůĚͲĐůĂƐƐŚĂŵƐĂŶĚĐŚĞĞƐĞƐ͕ĂŶĚƐŽ/ǁĂƐŽďͲ
ƐĞƐƐĞĚǁŝƚŚƚƌǇŝŶŐůŽĐĂůƐƉĞĐŝĂůƟĞƐĚƵƌŝŶŐŵǇƚǁŽͲĚĂǇǀŝƐŝƚ͘tŚĂƚĚŝĚŚĞƌĞĐŽŵŵĞŶĚ͍,ŝƐ
ƚŽŶĞĐŚĂŶŐĞĚŝŶƐƚĂŶƚůǇ͘/ƚƚƵƌŶĞĚŽƵƚƚŚĂƚĂŶŝĞůĞǁĂƐĂƉĂƌƚͲƟŵĞƐŽŵŵĞůŝĞƌ͕ƉĂƐƐŝŽŶĂƚĞ
ĂďŽƵƚƚŚĞƌĞŐŝŽŶ͛ƐĨŽŽĚƐĂŶĚǁŝŶĞƐ͘
ĂŶŝĞůĞ͛ƐĐƵůŝŶĂƌǇƉĂƐƐŝŽŶƐĂŶĚƌĞĐŽŵŵĞŶĚĂƟŽŶƐƌĞǀŽůǀĞĚĂƌŽƵŶĚƌĂŐƶĂůůĂďŽůŽŐŶĞƐĞ͕ƚŚĞ
ŚĞĂƌƚǇƐĂƵĐĞǁŚŽƐĞŚŽŵĞŝƐŽůŽŐŶĂĂŶĚǁŚŝĐŚŝƐƚŚŝĐŬĂŶĚƌĞĚĚŝƐŚďƌŽǁŶĨƌŽŵŝƚƐďĂƐĞŽĨ
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ďƵƐŝŶĞƐƐŚŽƚĞůĂĐƌŽƐƐĨƌŽŵ
ƚŚĞƚƌĂŝŶƐƚĂƟŽŶ͘tĞǁĞƌĞ
ũŽŝŶĞĚďǇŽƵƌĐůŝĞŶƚ͕ŶĚƌĞĂ͕
ĂƐŚŽƐƚĨŽƌƚŚĞĞǀĞŶŝŶŐ͘
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ďĞĨŽƌĞƚŚĞĂŶĐŝĞŶƚZŽŵĂŶƐĐŽŶƋƵĞƌĞĚƚŚĞ
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ƌĞŵĂŝŶĂƚƚŚĞŚĞĂƌƚŽĨĐŽŽŬŝŶŐĂŶĚĐŽŵŵĞƌĐĞ
ŝŶŵŽĚĞƌŶͲĚĂǇŽůŽŐŶĂ͕ŵŝůŝĂͲZŽŵĂŐŶĂ͛Ɛ
ĐĂƉŝƚĂů͘
ŶǆŝŽƵƐƚŽƐŚŽǁƵƐƐŽŵĞŽĨŚŝƐĂĚŽƉƚĞĚŚŽŵĞ
ƚŽǁŶ͕ŶĚƌĞĂůĞĚƵƐƚŚƌŽƵŐŚƚŚĞŵĞĚŝĞǀĂůĐŝƚǇ
ŐĂƚĞĂŶĚŝŶƚŽƚŚĞϮϮŵŝůĞƐŽĨŽůŽŐŶĂ͛ƐƐŝŐŶĂͲ
ƚƵƌĞĂƌĐĂĚĞĚǁĂůŬǁĂǇƐƚŚĂƚĂƌĞƐĞƚŝŶƚŽƚŚĞ
ŐƌŽƵŶĚŇŽŽƌŽĨďƵŝůĚŝŶŐƐĂŶĚƐĞƉĂƌĂƚĞĚĨƌŽŵ
ƚŚĞƐƚƌĞĞƚďǇďƌŽĂĚĂƌĐŚǁĂǇƐ͘ǀĞŶŽŶĂĐŽůĚ
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ĂŶĚƵƩĞƌůǇĞŶũŽǇĂďůĞ͘
KƵƌŵĞĂůƐƚĂƌƚĞĚǁŝƚŚĂƚƌĂĚŝƟŽŶĂůƐŚĂƌĞĚĂƉƉĞƟǌĞƌ͕ĂƉůĂƩĞƌŽĨĐƵƌĞĚŵĞĂƚƐŝŶĐůƵĚŝŶŐǀĂƌŝŽƵƐ
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ŽīĞƌĞĚĂďŝƚŽĨĐŽŶƚƌĂƐƟŶŐƚĞǆƚƵƌĞ͘/ƚǁĂƐƐƵƉĞƌď͘
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ĚĞƌĂŶĚƐƵĐĐƵůĞŶƚ͕ŚĂƌŵŽŶŝǌŝŶŐŶŝĐĞůǇǁŝƚŚƚŚĞůĞĂĨǇǀĞŐĞƚĂďůĞĂŶĚ
ƉƌŽǀŝŶŐĂĚĞůŝĐŝŽƵƐůǇĚŝīĞƌĞŶƚĚŝƐŚĨŽƌƚŚŝƐŵĞƌŝĐĂŶǀŝƐŝƚŽƌ͘dŚĞůŝƩůĞ
ĚŽǀĞ;ĐŽůŽŵďŝŶĂͿŚĂĚůŝǀĞĚƵƉƚŽŚĞƌƌĞƉƵƚĂƟŽŶĂƐŽŶĞŽĨƚŚĞŵŽƐƚ
ŝŶƚĞƌĞƐƟŶŐƉůĂĐĞƐƚŽĞĂƚŝŶĂĐŝƚǇŬŶŽǁŶĨŽƌŐƌĞĂƚĞĂƚĞƌŝĞƐ͘
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ŵĞŚĂǀĞĞǀŽůǀĞĚǁŚĞŶŝƚĐŽŵĞƐƚŽĂƉƉƌĞĐŝĂƟŶŐ/ƚĂůŝĂŶĨŽŽĚĂŶĚǁŝŶĞ͘ZĂŝƐĞĚŝŶĂŶĞƌĂǁŚĞŶ
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ĐĞŵďĞƌŽĨϮϬϭϯŽīĞƌĞĚƚŚĞŵŽƐƚůĂǀŝƐŚǇĞƚ͕ĐŽŵďŝŶŝŶŐĨĞĂƐƚƐĨŽƌƚŚĞĞǇĞƐĂŶĚĞĂƌƐǁŚŝůĞĐĂƉƉŝŶŐ
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ZŝŐŚƚĂŶŬ͕ƚŚĞƐƚŽƌĞƐǁĞƌĞƚŚĞĮƌƐƚƚŽůĞĂƐĞ͞ĚĞƉĂƌƚŵĞŶƚƐ͟ƚŽĨĂƐŚŝŽŶŚŽƵƐĞƐŝŶǁŚĂƚŐĂǀĞďŝƌƚŚƚŽƚŚĞ
ĐŽŶĐĞƉƚŽĨƚŚĞŵŽĚĞƌŶĚĞƉĂƌƚŵĞŶƚƐƚŽƌĞ͘
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ĂŶŝŵĂƚĞĚƐĐĞŶĞƐĚĞƐŝŐŶĞĚĂŶĚĞǆĞĐƵƚĞĚďǇũƵƐƚƐƵĐŚĂĚĞƉĂƌƚŵĞŶƚʹ
WƌĂĚĂ͘KŶĞǁŝŶĚŽǁĨĞĂƚƵƌĞĚĂŶŝŶŐĞŶŝŽƵƐǁŽƌŬƐŚŽƉŵĂŶŶĞĚďǇŝŶͲ
ĚƵƐƚƌŝŽƵƐďĞĂƌƐĐƌĂŌŝŶŐŵŝŶŝĂƚƵƌĞWƌĂĚĂƉƵƌƐĞƐ͘ŶŽƚŚĞƌŝŶǀŽůǀĞĚ
ďĞĂƌƐĚƌĞƐƐĞĚŝŶĨĂƐŚŝŽŶĂďůĞWƌĂĚĂĚƌĞƐƐĞƐ͕ƐƉŽƌƟŶŐWƌĂĚĂƐƵŶŐůĂƐƐĞƐ͕
ĂŶĚǁŝĞůĚŝŶŐĐĂŶĚǇĐĂŶĞƐĂƐƚŚĞǇĚĂŶĐĞĚƚŚĞĐĂŶͲĐĂŶ͘KƵƌĨĂǀŽƌŝƚĞ
ŝŶǀŽůǀĞĚƉŽůĂƌďĞĂƌƐŝŶWƌĂĚĂǁŝŶƚĞƌŽƵƞŝƚƐƐŬŝŝŶŐ͕ƐůĞĚĚŝŶŐ͕ĐůŝŵďŝŶŐĂ
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ƚŚĞƋƵĂƌŝƵŵƐĞĐƟŽŶŽĨĂŵŝůůĞ^ĂŝŶƚͲ^ĂģŶƐ͛ĂƌŶŝǀĂůŽĨƚŚĞŶŝŵĂůƐ͕ǁŚŝĐŚ
ŶĞǀĞƌĨĂŝůƐƚŽƐƟƌŽƵƌŚĞĂƌƚƐǁŝƚŚŝƚƐƐŚŝŵŵĞƌŝŶŐĂƌƉĞŐŐŝŽƐ͘,ŽǁĚĞůŝŐŚƚĞĚǁĞ
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ƚŽϭϵϮϭͿĨĞĂƚƵƌĞĚŽŶƚŚŝƐƐƉŽƚƐŽĐůŽƐĞƚŽƚŚĞŚƵƌĐŚŽĨ^ĂŝŶƚDĂƌǇDĂŐĚĂůĞŶĞ͕
ŬŶŽǁŶĂƐƚŚĞDĂĚĞůĞŝŶĞ͕ǁŚĞƌĞŚĞǁĂƐŽƌŐĂŶŝƐƚĨŽƌƚǁĞŶƚǇǇĞĂƌƐ͘^ĂŝŶƚͲ^ĂģŶƐ
ŚĂĚŝŶƐŝƐƚĞĚƚŚĂƚĂƌŶŝǀĂů͕ƉĞƌŚĂƉƐŚŝƐďĞƐƚͲůŽǀĞĚĂŶĚŵŽƐƚĞŶĚƵƌŝŶŐǁŽƌŬ͕ŶŽƚ
ďĞƉƵďůŝƐŚĞĚŽƌƉĞƌĨŽƌŵĞĚƵŶƟůĂŌĞƌŚŝƐĚĞĂƚŚĨŽƌĨĞĂƌŝƚǁŽƵůĚŶŽƚďĞǀŝĞǁĞĚ
ĂƐƚŚĞŽƵƚƉƵƚŽĨĂ͞ƐĞƌŝŽƵƐ͟ĐŽŵƉŽƐĞƌ͘
dŚŝƐŚƌŝƐƚŵĂƐƐĞĂƐŽŶƚŚĞĞŶŽƌŵŽƵƐDĂĚĞůĞŝŶĞĐŚƵƌĐŚ͕ĚĞƐŝŐŶĞĚŝŶƚŚĞƐƚǇůĞŽĨĂZŽŵĂŶƚĞŵƉůĞ͕ŚĂĚ
ŝƚƐŽǁŶĞůĂďŽƌĂƚĞůŝŐŚƚƐŚŽǁŚŝŐŚůŝŐŚƟŶŐĂƌĐŚŝƚĞĐƚƵƌĂůĚĞƚĂŝůƐĂŶĚƐĐƵůƉƚƵƌĞŶŽƚŐĞŶĞƌĂůůǇǀŝƐŝďůĞƐŝŶĐĞ
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ĞƚŚĞůĞŚĞŵ͘tĞĐŽƵůĚŝŵĂŐŝŶĞ^ĂŝŶƚͲ^ĂģŶƐƐƚƌŽůůŝŶŐĚŽǁŶZƵĞdƌŽŶĐŚĞƚƚŽŽƵůĞǀĂƌĚ,ĂƵƐƐŵĂŶŶĂŌĞƌ
ĂƌĞŚĞĂƌƐĂůĂƚƚŚĞĐŚƵƌĐŚĂŶĚŶŝƉƉŝŶŐŝŶƚŽWƌŝŶƚĞŵƉƐĨŽƌĂďŝƚŽĨƐŚŽƉƉŝŶŐ͘tĞŚŽƉĞŚĞǁŽƵůĚŚĂǀĞ
ĚĞůŝŐŚƚĞĚŝŶƐĞĞŝŶŐŚŝƐĐŚƵƌĐŚďĂƚŚĞĚŝŶĐŽůŽƌĞĚůŝŐŚƚƐǁŚŝůĞŚĞĂƌŝŶŐŚŝƐŵƵƐŝĐŽƵƚƐŝĚĞWƌŝŶƚĞŵƉƐĂƐ
ƉĂƌƚŽĨĂŵĞŵŽƌĂďůĞEŽģůƐƉĞĐƚĂĐůĞ͘
61
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tŚŝůĞ^ĂŝŶƚͲ^ĂģŶƐƉƌĞĨĞƌƌĞĚƚŚĞƐǁĂŶĂŵŽŶŐ
ƚŚĞĂŶŝŵĂůƐĨĞĂƚƵƌĞĚŝŶŚŝƐĂƌŶŝǀĂů͕ǁĞǁĞƌĞ
ĨŽĐƵƐĞĚŵŽƌĞŽŶƵŐůǇĚƵĐŬůŝŶŐƐĨŽƌŽƵƌĐƵůŝͲ
ŶĂƌǇƐĂŵƉůŝŶŐƐĂƌŽƵŶĚWĂƌŝƐ͕ƚĂŬŝŶŐƵƐƚŽƌĞŶͲ
ĚĞǌͲǀŽƵƐĂƚƚǁŽŽĨƚŚĞĐŝƚǇ͛ƐŽůĚĞƐƚĞĂƚĞƌŝĞƐ͘
tĞŚĂĚůƵŶĐŚǁŝƚŚŽƵƌĨƌŝĞŶĚĂƌŽůŝŶĞĂƚ>Ğ
ŝƐƚƌŽƚĚĞƐ,ĂůůĞƐ͕ĂƐŚŽƌƚǁĂůŬĨƌŽŵŚĞƌ
ŽĸĐĞĂƚ&ƌĂŶĐĞ͛ƐƐƉĂĐĞĂŐĞŶĐǇďǇƚŚĞŚƵŐĞ
ĐŽŶƐƚƌƵĐƟŽŶƐŝƚĞƚŚĂƚƐƚƌĞƚĐŚĞƐŽǀĞƌƚŚĞ
ŚĂƚĞůĞƚͲůĞƐͲ,ĂůůĞƐDĞƚƌŽƐƚĂƟŽŶĂŶĚƵŶĚĞƌͲ
ŐƌŽƵŶĚƐŚŽƉƉŝŶŐĐĞŶƚĞƌƚŽƚŚĞƐƚĞƉƐŽĨ^ĂŝŶƚ
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ƵƐƚĂĐŚĞĐŚƵƌĐŚ͘&ƌŽŵƚŚĞϭϮƚŚĐĞŶƚƵƌǇƚŽ
ϭϵϳϭƚŚŝƐĂƌĞĂǁĂƐŚŽŵĞƚŽWĂƌŝƐ͛ǁŚŽůĞƐĂůĞĨŽŽĚŵĂƌŬĞƚŬŶŽǁŶĂƐ>ĞƐ,ĂůůĞƐ͘ƐĂƌĞƐƵůƚ͕ŶƵŵĞƌŽƵƐ
ĞĂƚĞƌŝĞƐƐĞƌǀŝŶŐƚŚĞĨƌĞƐŚĞƐƚŽĨŵĞĂƚƐĂŶĚĐŚĂƌĐƵƚĞƌŝĞĚŽƩĞĚƚŚĞůĂŶĚƐĐĂƉĞĂŶĚĂĨĞǁ͕ƐƵĐŚĂƐ>ĞŝƐͲ
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ŚĂĚĂůƌĞĂĚǇƐŽůĚŽƵƚŽĨƚŚĞĚĂǇ͛ƐƐƉĞĐŝĂů͕ƌŽĂƐƚĞĚĚƵĐŬďƌĞĂƐƚ͘KƵƌƐĞůĞĐƟŽŶƉƌŽǀĞĚƐĐƌƵŵƉƟŽƵƐʹĮĞůĚ
ŐƌĞĞŶƐ͕ŚĂƌŝĐŽƚƐǀĞƌƚƐ͕ƚŽŵĂƚŽ͕ƐůŝĐĞƐŽĨƐŵŽŬĞĚĚƵĐŬďƌĞĂƐƚ͕ĂůůĐƌŽǁŶĞĚǁŝƚŚƚŚĞŵŽƐƚƚĂŶƚĂůŝǌŝŶŐƐůŝĐĞ
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ƵƐ͕ĚŝŶĞƌƐǁĞƌĞĚŝŐŐŝŶŐŝŶƚŽƉůĂƚĞƐŽĨŽƚŚĞƌďŝƐƚƌŽƚƐƚĂƉůĞƐƐƵĐŚĂƐƐƚĞĂŬƚĂƌƚĂƌĞĂŶĚƉŝůĞƐŽĨĨƌŝĞĚƉŽƚĂͲ
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ƚŽƚŚĞŽĸĐĞ͘
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ƌĂŶƚĚĂƚĞƐďĂĐŬƚŽƚŚĞ&ƌĂŶĐŽͲWƌƵƐƐŝĂŶtĂƌ;ϭϴϳϬͿǁŚĞŶďĞĞƌͲůŽǀŝŶŐƌĞĨƵŐĞĞƐĨƌŽŵůƐĂĐĞŇĞĚƚŽWĂƌŝƐ
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&ƌĞŶĐŚŚŝĞƌĂƌĐŚǇŽĨĨŽƌŵĂůŝƚǇĨŽƌĞƐƚĂďůŝƐŚͲ
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KƵƌĨƌŝĞŶĚĂŶĚĨŽƌŵĞƌůŽŶŐͲƟŵĞƌĞƐŝĚĞŶƚ
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ĚĞǀŝůůĞĨŽƌŝƚƐŐƌĞĂƚĨŽŽĚĂŶĚĂƵƚŚĞŶƟĐĚĠͲ
ĐŽƌĚĂƟŶŐďĂĐŬƚŽƚŚĞĞĂƌůǇϮϬƚŚĐĞŶƚƵƌǇ͘
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'ŝƵƐĞƉƉĞsĞƌĚŝƐĂǁůĞǆĂŶĚƌĞƵŵĂƐ͛ƉůĂǇ͕>ĂĂŵĞĂƵǆĂŵĠůŝĂƐ͕ǁŚŝĐŚŝŶƐƉŝƌĞĚŽŶĞŽĨƚŚĞĐŽŵƉŽƐͲ
Ğƌ͛ƐŐƌĞĂƚĞƐƚŚŝƚƐĂŶĚƉĞƌĞŶŶŝĂůWĂƌŝƐĨĂǀŽƌŝƚĞƐ͕>ĂdƌĂǀŝĂƚĂ͘
ƐĂŶĂƉĞƌŝƟĨ͕ǁĞĞŶũŽǇĞĚĂƌĞĨƌĞƐŚŝŶŐŐůĂƐƐŽĨ'ĞǁƺƌƚǌƚƌĂŵŝŶĞƌĨƌŽŵƚŚĞϮϬϬǇĞĂƌͲŽůĚǁŝŶĞƌǇŽĨĞƐͲ
ƚŚĞŝŵŝŶůƐĂĐĞ͘ǀĞŶĚĂŶŐĞƚĂƌĚŝǀĞŽƌůĂƚĞŚĂƌǀĞƐƚŽīĞƌŝŶŐ͕ŝƚǁĂƐĐƌŝƐƉĂŶĚŵĞůůŽǁ͕ǁŝƚŚĂƐǁĞĞƚŶĞƐƐ
ƚŚĂƚǁĂƐŝŶƚĞŶƐĞďƵƚŶŽƚĐůŽǇŝŶŐ͘,ĂŶĚƐĚŽǁŶ͕ŝƚǁĂƐŽŶĞŽĨƚŚĞďĞƐƚůƐĂƟĂŶǁŝŶĞƐǁĞŚĂǀĞĞǀĞƌƚĂƐƚͲ
ĞĚ͘
KŶĞŽĨƚŚĞũŽǇƐŽĨ&ƌĞŶĐŚƌĞƐƚĂƵƌĂŶƚƐŝƐƌĞĂĚŝŶŐƚŚĞĚĞƚĂŝůĞĚĚĞƐĐƌŝƉƟŽŶƐ͕ǀĞƌŐŝŶŐŽŶĂŶĞŶƟƌĞƌĞĐŝƉĞ͕
ŽĨŝƚĞŵƐŽŶƚŚĞŵĞŶƵ͘>ĞsĂƵĚĞǀŝůůĞĞǆĐĞůƐĂƚƚŚŝƐ͘&ŽƌĞǆĂŵƉůĞ͕ƚŚĞŐƵǇƐƐƚĂƌƚĞĚǁŝƚŚƐŽƵƉʹǀĞůŽƵƚĠ
ĚĞůĞŶƟůůŽŶƐĚĞŚĂŵƉĂŐŶĞ͕ĐƌğŵĞĨŽƵĞƩĠĞĂƵĨŽŝĞŐƌĂƐĚĞĐĂŶĂƌĚ͕ĐƌŽƸƚŽŶƐĚŽƌĠƐ͘dŚĞƚŚƌĞĞŵĂŝŶ
ŝŶŐƌĞĚŝĞŶƚƐŽĨůĞŶƟůƐ͕ĚƵĐŬůŝǀĞƌ͕ĂŶĚĐƌĞĂŵĂůůďůĞŶĚĞĚƉĞƌĨĞĐƚůǇŝŶĂƚĞǆƚƵƌĞƐŽƐŵŽŽƚŚƚŚĂƚŶŽƐŝŶŐůĞ
ŇĂǀŽƌǁĂƐĚŽŵŝŶĂŶƚʹůŝŬĞĂƐǇŵƉŚŽŶǇďǇ^ĂŝŶƚͲ^ĂģŶƐ͊
&ŽƌƚŚĞŵĂŝŶĐŽƵƌƐĞƚŚĞƌĞǁĞƌĞŵĂŶǇƚĞŵƉƚĂƟŽŶƐďƵƚĂůůƚŚƌĞĞŽĨƵƐŽƉƚĞĚĨŽƌǀĞĂůůŝǀĞƌǁŝƚŚĂƐƵďƚůĞ
ƐĂƵĐĞŽĨƉĂƌƐůĞǇ͕ŐĂƌůŝĐĂŶĚĂŐĞĚǀŝŶĞŐĂƌʹĨŽŝĞĚĞǀĞĂƵĨƌĂŶĕĂŝƐƉŽġůĠĞŶƉĞƌƐŝůůĂĚĞ͕ǀŝŶĂŝŐƌĞĚ͛KƌůĠĂŶƐ
͞sŝĞůůĞZĠƐĞƌǀĞ͟ĞƚƉƵƌĠĞĚĞƉŽŵŵĞƐĚĞƚĞƌƌĞăůĂŇĞƵƌĚĞƐĞů͘dŚĞůŝǀĞƌǁĂƐĚĞůŝĐĂƚĞůǇďƌĞĂĚĞĚĂŶĚƉĂŶ
ͲĨƌŝĞĚƚŽƉŝŶŬƉĞƌĨĞĐƟŽŶ͕ĂĐĐŽŵƉĂŶŝĞĚďǇĂƉƵƌĠĞŽĨƉŽƚĂƚŽĞƐ͘ƐĞĞŵŝŶŐůǇŵƵŶĚĂŶĞĚŝƐŚ͕ƚŚĞƐĞ
ŵĂƐŚĞĚƉŽƚĂƚŽĞƐǁĞƌĞĂƐƚĂŶĚͲŽƵƚĚƵĞƚŽƚŚĞŝŶƚĞŶƐĞŇĂǀŽƌŽĨƚŚĞǀĂƌŝĞƚǇŽĨƉŽƚĂƚŽ;ǁŚŝĐŚŶŽŽŶĞ
ĐŽƵůĚŝĚĞŶƟĨǇͿĂŶĚŝŶĐůƵƐŝŽŶŽĨŐĞŶĞƌŽƵƐĂŵŽƵŶƚƐŽĨĐƌĞĂŵǇĂŶĚŇĂǀŽƌĨƵů&ƌĞŶĐŚďƵƩĞƌĂƐǁĞůůĂƐƚŚĞ
ƐƉĞĐŝĂůĮŶŝƐŚŬŶŽǁŶĂƐ͞ŇŽǁĞƌŽĨƐĂůƚ͟;ƚŚĂƚǁĞůĞĂƌŶĞĚŵŽƌĞĂďŽƵƚĨƌŽŵĂdsƐŚŽǁŽŶŝƌ&ƌĂŶĐĞŽŶ
ƚŚĞǁĂǇŚŽŵĞ͊Ϳ͘tĞǁĂƐŚĞĚŝƚĂůůĚŽǁŶǁŝƚŚĂƉŝĐŚĞƚŽĨƌĞĚŽƌĚĞĂƵǆ͕ĂŐƌĞĂƚĂůƚĞƌŶĂƟǀĞƚŽŽƌĚĞƌŝŶŐĂ
ǁŚŽůĞďŽƩůĞ͘DŝĐŚĂĞůǁĂƐƚŚĞŽŶůǇŽŶĞǁŚŽŽƉƚĞĚĨŽƌĚĞƐƐĞƌƚ͕ďƵƚŝƚǁĂƐĂĚŽŽǌǇĂŶĚƚŚĞďĞƐƚŽĨƚŚĞ
ƚƌŝƉʹĂĐŚŽĐŽůĂƚĞ͕ƌĂƐƉďĞƌƌǇĂŶĚƐĂůƚĞĚĐĂƌĂŵĞůĞǆƚƌĂǀĂŐĂŶǌĂĚĞƐĐƌŝďĞĚĂƐĐƌŽƋƵĂŶƚĞĨĞƵŝůůĂŶƟŶĞă
ŐƌĂŶĚĐƌƵĚĞĐŚŽĐŽůĂƚDĂŶũĂƌŝĞƚĨƌĂŵďŽŝƐĞƐ͕ĐĂƌĂŵĞůůĂŝƟĞƌăůĂŇĞƵƌĚĞƐĞů͘
ŌĞƌƚŚĞŵĞĂů͕ǁĞďƵŶĚůĞĚƵƉĂŶĚƐƚƌŽůůĞĚďĂĐŬƚŽŽƵƌŚŽƚĞůĂůŽŶŐƚŚĞZƵĞĚƵYƵĂƚƌĞͲ^ĞƉƚĞŵďƌĞ͕Ă
ƐƚƌĞĞƚĐŽŵŵĞŵŽƌĂƟŶŐĂŬĞǇĚĂƚĞŝŶƚŚĞ&ƌĂŶĐŽͲWƌƵƐƐŝĂŶtĂƌ͘/ƚĞŵƉƟĞƐŽŶƚŽƚŚĞWůĂĐĞĚĞ>͛KƉĠƌĂ
ǁŚĞƌĞŇŽŽĚůŝŐŚƚƐŝůůƵŵŝŶĂƚĞĚƚŚĞŵĂŐŶŝĮĐĞŶƚKƉĠƌĂ'ĂƌŶŝĞƌŝŶŝƚƐEĞŽͲĂƌŽƋƵĞƐƉůĞŶĚŽƌ͘ĨĞĂƐƚĨŽƌ
ƚŚĞƐĞŶƐĞƐ͕WĂƌŝƐŬŶŽǁƐďĞƩĞƌƚŚĂŶĂŶǇĐŝƚǇŽŶĞĂƌƚŚŚŽǁƚŽĞŶĐŚĂŶƚǀŝƐŝƚŽƌƐĂŶĚŬĞĞƉƚŚĞŵĐŽŵŝŶŐ
ďĂĐŬǁŝƚŚĂŚƵŶŐĞƌĂŶĚĂƚŚŝƌƐƚĨŽƌŵŽƌĞ͘
EĞǆƚƟŵĞ͙ĂĚĞƚŽƵƌƚŽĂƌĐĞůŽŶĂĨŽƌƚĂƉĂƐŝŶƚŚĞůĂŶĚ
ŽĨ'ĂƵĚş͘
>ĞŝƐƚƌŽƚĚĞƐ,ĂůůĞƐ͕ϭϱZƵĞĚĞƐ,ĂůůĞƐ͕ϳϱϬϬϭWĂƌŝƐ;ŶŽ
ǁĞďƐŝƚĞͿ
>ĞsĂƵĚĞǀŝůůĞ͕ϮϵƌƵĞsŝǀŝĞŶŶĞ͕ϳϱϬϬϮWĂƌŝƐŚƩƉ͗ͬͬ
ǁǁǁ͘ǀĂƵĚĞǀŝůůĞƉĂƌŝƐ͘ĐŽŵ
63
92/80(,668(
3DJH
83,1602.(,1*$8',·6%$5&(/21$
%<0(5,/0$5./(<
ǀĞƌƐŝŶĐĞƌ͘KůŐĂŽůůŝ͛Ɛ
^ƉĂŶŝƐŚĐůĂƐƐĞƐŝŶŚŝŐŚ
ƐĐŚŽŽů͕ǁŚĞŶ/ĮƌƐƚŐůŝŵƉƐĞĚ
ŶƚŽŶŝ'ĂƵĚş͛ƐĂƐŝůŝĐĂĚĞůĂ
^ĂŐƌĂĚĂ&ĂŵŝůŝĂŝŶƚŚĞ>D
ƚĞǆƚďŽŽŬ͕/ŚĂǀĞůŽŶŐĞĚƚŽ
ǀŝƐŝƚĂƌĐĞůŽŶĂĂŶĚĞǆƉĞƌŝͲ
ĞŶĐĞƚŚŝƐƌĞŵĂƌŬĂďůĞĐŚƵƌĐŚ
ĮƌƐƚͲŚĂŶĚ͘>ŝƩůĞĚŝĚ/ĚƌĞĂŵ
ƚŚĂƚƚŚĞƐĂŵĞƚĞǆƚďŽŽŬŚĂĚĂ
ƐŝŵŝůĂƌŝŵƉĂĐƚŽŶŵǇŚƵƐͲ
ďĂŶĚ͕DŝĐŚĂĞů͕ĂůƚŚŽƵŐŚǁĞ
ƐƚƵĚŝĞĚ^ƉĂŶŝƐŚĂƚĚŝīĞƌĞŶƚ
Basilica de la Sagrada Familia
ƟŵĞƐĂŶĚŝŶĚŝīĞƌĞŶƚƐƚĂƚĞƐ͘
/ƚǁĂƐŶ͛ƚƵŶƟůǁĞǁĞƌĞƉůĂŶŶŝŶŐŽƵƌĂŶŶƵĂůďƵƐŝŶĞƐƐƚƌŝƉƚŽ&ƌĂŶĐĞ͕ĂŶĚĚĞĐŝĚĞĚƚŽŵĂŬĞĂƐŝĚĞͲƚƌŝƉ
ƐŽŵĞǁŚĞƌĞǁŝƚŚŝŶĂƚǁŽͲŚŽƵƌŇŝŐŚƚƌĂĚŝƵƐŽĨWĂƌŝƐ͕ƚŚĂƚǁĞŚŝƚŽŶĂƌĐĞůŽŶĂ͘tĞĚŝƐĐŽǀĞƌĞĚƚŚĂƚƚŚĞ
ƉŚŽƚŽŝŶŽƵƌƚĞǆƚďŽŽŬŚĂĚŝŐŶŝƚĞĚĂůŝĨĞůŽŶŐĚĞƐŝƌĞƚŽǀŝƐŝƚƚŚĞŵĂƐƐŝǀĞDŽĚĞƌŶŝƐŵŽĐŚƵƌĐŚĨƌĂŵĞĚďǇ
ƚĂůů͕ƐůŝŵƚŽǁĞƌƐĚĞƐŝŐŶĞĚĂŶĚďƵŝůƚ;ŽƌĂƚůĞĂƐƚƐƚĂƌƚĞĚͿďǇƚŚŝƐĞŶŝŐŵĂƟĐĂƚĂůĂŶĂƌĐŚŝƚĞĐƚĂŶĚĞŶŐŝͲ
ŶĞĞƌ͘^ƵƌĞůǇ͕ǁĞƉƌĞƐƵŵĞĚ͕ĮǀĞĚĂǇƐǁŽƵůĚďĞƐƵĸĐŝĞŶƚƚŽǀŝƐŝƚĂůůŽĨ'ĂƵĚş͛ƐŵĂŐŶŝĮĐĞŶƚďƵŝůĚŝŶŐƐŝŶ
ƚŚĞĐŝƚǇŚĞĐĂůůĞĚŚŽŵĞ͕ǁŚŝůĞǁĞĞŶũŽǇĞĚĂŚŽƐƚŽĨƌĞŐŝŽŶĂůƚĂƉĂƐĂŶĚǁŝŶĞƐ͘,ŽǁǁƌŽŶŐǁĞǁĞƌĞ͊
dŚĞŵŽƌŶŝŶŐĨŽůůŽǁŝŶŐŽƵƌĂƌƌŝǀĂů͕ǁĞƐĞƚŽīĨŽƌƚŚĞĂƐŝůŝĐĂĂŶĚŽƉƚĞĚ
ŶŽƚŽŶůǇĨŽƌĂƟĐŬĞƚĂĚŵŝƫŶŐƵƐƚŽƚŚĞĐŚƵƌĐŚďƵƚĂůƐŽŽŶĞĨŽƌƚŚĞ
ĞůĞǀĂƚŽƌƌŝĚĞƚŽƚŚĞƚŽƉŽĨƚŚĞWĂƐƐŝŽŶdŽǁĞƌ͕ĐůŽƐĞƚŽϱϬϬĨĞĞƚƚĂůů͘
ĞŐƵŶŝŶϭϴϳϮǁŚĞŶ'ĂƵĚŝǁĂƐũƵƐƚϯϭǇĞĂƌƐŽůĚ͕ƚŚĞĂƐŝůŝĐĂǁĂƐŚŝƐ
ƉĂƐƐŝŽŶĨŽƌƚŚĞŶĞǆƚϰϯǇĞĂƌƐ͘,ĞůŝǀĞĚĂŶĚǁŽƌŬĞĚĂƚƚŚĞƐŝƚĞǁŚŝůĞ
ƚĂŬŝŶŐŽŶĂŚŽƐƚŽĨŽƚŚĞƌĐŽŵŵŝƐƐŝŽŶƐŝŶƚŚĞĐŝƚǇĂŶĚƚŚĞƌĞŐŝŽŶ͘^Ɵůů
ƵŶĮŶŝƐŚĞĚǁŚĞŶŚĞǁĂƐŬŝůůĞĚďǇĂƐƚƌĞĞƚĐĂƌŝŶϭϵϮϲ͕ĐŽŶƐƚƌƵĐƟŽŶ
ƐƚĂůůĞĚĨŽƌĂůŵŽƐƚƚŚƌĞĞĚĞĐĂĚĞƐ͕ƚĂŬĞŶƵƉĂŐĂŝŶŝŶϭϵϱϰ͕ďƵƚƐƟůůŶŽƚ
ĐŽŵƉůĞƚĞĂƐĞǀŝĚĞŶĐĞĚďǇƚŚĞƉƌĞƐĞŶĐĞŽĨŶƵŵĞƌŽƵƐƚŽǁĞƌĐƌĂŶĞƐ͘
Nave of the Basilica
dĂŬŝŶŐŝŶƐƉŝƌĂƟŽŶĨƌŽŵƐŚĂƉĞƐ'ĂƵĚşŽďƐĞƌǀĞĚŝŶŶĂƚƵƌĞ͕ƚŚĞŶĂǀĞŝƐ
ďƌĞĂƚŚƚĂŬŝŶŐŝŶŝƚƐŚĞŝŐŚƚŽĨƐŽŵĞϮϰϱĨĞĞƚ͕ĨƌĂŵĞĚďǇƉŝůůĂƌƐƚŚĂƚ
ďƌĂŶĐŚƵƉǁĂƌĚůŝŬĞƚƌĞĞƚƌƵŶŬƐĂŶĚĂƌĞĐƌŽǁŶĞĚďǇƐĞŵŝͲĐŝƌĐƵůĂƌ
ƐŚĂƉĞƐǁŝƚŚǌŝŐǌĂŐĞĚŐĞƐƌĞƐĞŵďůŝŶŐŐŝĂŶƚůĞĂǀĞƐ͘ĞƐƉŝƚĞƚŚĞŵĂƐͲ
ƐŝǀĞĞůĞŵĞŶƚƐƐƵƉƉŽƌƟŶŐƚŚŝƐƚĂůůĞƐƚŽĨĐŚƵƌĐŚĞƐ͕ƐƵŶůŝŐŚƚĮůƚĞƌĞĚ
ƚŚƌŽƵŐŚĞŶŽƌŵŽƵƐƐŬǇůŝŐŚƚƐŝŶƚŚĞĐĞŝůŝŶŐĂŶĚŵĂƐƐŝǀĞǁŝŶĚŽǁƐŝŶƚŚĞ
ǁĂůůƐŝŵƉĂƌƚĞĚůŝŐŚƚŶĞƐƐĂŶĚĂŵǇƐƟĐĂůŝŶƚĞŶƐŝƚǇĂƐǁĞǁĂŶĚĞƌĞĚƚŚĞ
ŬŶĂǀĞĂŶĚĂƉƐĞ͘
64
92/80(,668(
3DJH
83,1602.(,1*$8',·6%$5&(/21$
&217,18('
dŚĞƌŝĚĞƚŽƚŚĞƚŽƉŽĨƚŚĞWĂƐƐŝŽŶdŽǁĞƌŝŶƚŚĞƟŶǇĞůĞǀĂƚŽƌ͕ĂĚŵŝƫŶŐŽŶůǇĨŽƵƌƉĞŽƉůĞƉůƵƐƚŚĞŽƉĞƌĂͲ
ƚŽƌ͕ŝƐŶŽƚĨŽƌƚŚĞĐůĂƵƐƚƌŽƉŚŽďĞ͘dŚĂŶŬĨƵůůǇ͕DŝĐŚĂĞůƌĞƐŝƐƚĞĚƚŚĞƵƌŐĞƚŽĂƐŬŚŽǁŽŌĞŶŝƚŐŽƚƐƚƵĐŬ
ƵŶƟůĂŌĞƌǁĞŚĂĚƐƉĞŶƚĂƚŽƌƚƵŽƵƐĮǀĞŵŝŶƵƚĞƐŽŶƚŚĞƚŽǁĞƌ͛ƐǀĞƌƟŐŽͲŝŶĚƵĐŝŶŐƐŬǇͲŚŝŐŚǁĂůŬǁĂǇĂŶĚ
ĚĞƐĐĞŶĚĞĚƐĂĨĞůǇƚŽĞĂƌƚŚ͘͞ďŽƵƚƚǁŝĐĞĂŵŽŶƚŚ͟ǁĂƐƚŚĞŽƉĞƌĂƚŽƌ͛ƐƌĞƐƉŽŶƐĞ͕͞ďƵƚŶŽŽŶĞŚĂƐĞǀĞƌ
ďĞĞŶŚƵƌƚ͘͟͞:ƵƐƚƐĐĂƌĞĚƚŽĚĞĂƚŚ͊͟ǁĞŵƵƩĞƌĞĚĂƐǁĞƌĞƚƵƌŶĞĚƚŽƚŚĞŶĂǀĞĂŶĚŐĂǀĞƚŚĂŶŬƐĨŽƌƐƵƌͲ
ǀŝǀŝŶŐƚŚĞũŽƵƌŶĞǇ͘
KƵƌŝŶƚĞŶƟŽŶŚĂĚďĞĞŶƚŽǀŝƐŝƚĂůůŽĨƚŚĞ'ĂƵĚşďƵŝůĚŝŶŐƐǁŝƚŚŝŶƚŚĞ
ĐŝƚǇ͛ƐůŝŵŝƚƐďƵƚǁĞĨĞůůŚŽƉĞůĞƐƐůǇƐŚŽƌƚŽĨŽƵƌŐŽĂů͘dŚĞƌĞǁĂƐũƵƐƚ
ƚŽŽŵƵĐŚƚŽĞǆƉůŽƌĞĂŶĚĂĚŵŝƌĞŝŶƚŚĞĮƌƐƚĨĞǁǁĞĞŶĐŽƵŶƚĞƌĞĚ͕ĂƐ
ǁĞĞǆƉĞŶĚĞĚƉƌĞĐŝŽƵƐƟŵĞŽŶƐĐŚŽůĂƌůǇĞǆŚŝďŝƚƐĂŶĚĨĂƐĐŝŶĂƟŶŐŝŶͲ
ƚĞƌĂĐƟǀĞĚŝƐƉůĂǇƐĂďŽƵƚ'ĂƵĚŝ͛ƐĚĞƐŝŐŶƐĂŶĚĐŽŶƐƚƌƵĐƟŽŶƚĞĐŚŶŝƋƵĞƐ͘
KƵƌƉĂĐĞƐůŽǁĞĚƚŽĂĐƌĂǁů͘ǀĞŶƚŚĞŐŝŌƐŚŽƉƐǁĞƌĞŵĂƌǀĞůƐ͕ĐŚŽĐŬͲ
ĨƵůůŽĨƐĐŚŽůĂƌůǇŝŶĨŽƌŵĂƟŽŶĂďŽƵƚ'ĂƵĚşĂŶĚƚŚĞDŽĚĞƌŶŝƐŵŽŵŽǀĞͲ
ŵĞŶƚŝŶĂƚĂůƵŹĂŝŶĂĚĚŝƟŽŶƚŽĐŽīĞĞŵƵŐƐĂŶĚƚͲƐŚŝƌƚƐĞŵďůĂǌŽŶĞĚ
ǁŝƚŚŝĐŽŶŝĐ'ĂƵĚşĐŚŝŵŶĞǇƐ͘
Casa Battlo at Night
tĞůŽǀĞĚƚŚĂƚƌĞƐŝĚĞŶƟĂůĐŽŵŵŝƐƐŝŽŶƐƐƵĐŚĂƐ>ĂWĞĚƌĞƌĂĂƉĂƌƚŵĞŶƚ
ďƵŝůĚŝŶŐ;ĂůƐŽŬŶŽǁŶĂƐƚŚĞDŝůăͿ͕ƚŚĞĂƐĂĂƩůžĂŶĚƚŚĞWĂůĂƵ'ƺĞůů
ĞŶĐŽƵƌĂŐĞĚƉŽŬŝŶŐĂƌŽƵŶĚĨƌŽŵďĂƐĞŵĞŶƚƚŽƌŽŽĨĂŶĚĞǆĂŵŝŶŝŶŐ
ĐŽƵŶƚůĞƐƐĚĞĐŽƌĂƟǀĞĚĞƚĂŝůƐƐƵĐŚĂƐĚŽŽƌŬŶŽďƐ͕ǁŝŶĚŽǁĨƌĂŵĞƐ͕ĂŶĚ
ůŝŐŚƟŶŐĮǆƚƵƌĞƐ͕ĂƐǁĞůůĂƐƉŝĞĐĞƐŽĨĨƵƌŶŝƚƵƌĞƚŚĂƚ'ĂƵĚşŚĂĚĚĞƐŝŐŶĞĚ
ĂůŽŶŐǁŝƚŚƚŚĞďƵŝůĚŝŶŐƐŚŽƵƐŝŶŐƚŚĞŵ͘,ŽǁĐŽƵůĚŽŶĞŵĂŶŚĂǀĞŚĂĚ
ƚŚĞŝŵĂŐŝŶĂƟŽŶĂŶĚƚŚĞĞŶŐŝŶĞĞƌŝŶŐĂďŝůŝƚǇƚŽĐƌĞĂƚĞĂůůƚŚĞƐĞƚŚŝŶŐƐ
ŝŶũƵƐƚŽŶĞůŝĨĞƟŵĞ͍
tŚĂƚŝŶƚƌŝŐƵĞĚƵƐĞƐƉĞĐŝĂůůǇǁĞƌĞƚŚĞĞĐůĞĐƟĐĚĞƐŝŐŶƐŽĨƚŚĞĐŚŝŵŶĞǇƐĂƚŽƉƚŚĞƐĞďƵŝůĚŝŶŐƐ͘DŽƌĞ
ƚŚĂŶũƵƐƚƚƵďĞƐƚŚƌŽƵŐŚǁŚŝĐŚ
ƐŵŽŬĞĞƐĐĂƉĞƐ͕ƚŚĞƐĞĂƌĞĂƌͲ
ƟƐƟĐƚƌŝƵŵƉŚƐŝŶƚŚĞŝƌŽǁŶ
ƌŝŐŚƚ͘^ŽŵĞƌĞƐĞŵďůĞĚĐůƵƐͲ
ƚĞƌƐŽĨŵĞĚŝĞǀĂůŚĞůŵĞƚĞĚƐŽůͲ
ĚŝĞƌƐ͕ŽƚŚĞƌƐĮƌƚƌĞĞƐ͕ĂŶĚƐƟůů
ŽƚŚĞƌƐƉĂƉŝĞƌͲŵąĐŚĠĐůŽǁŶ
ŚĂƚƐ͘ůůĐŽŵŵĂŶĚĂƩĞŶƟŽŶ
ĂŶĚĚĂǌǌůĞǀŝƐŝƚŽƌƐǁŝƚŚƚŚĞŝƌ
ĐŽůŽƌĨƵů͕ĂůŵŽƐƚǁŚŝŵƐŝĐĂůĚĞͲ
ƐŝŐŶƐ͕ŽŶƌŽŽŌŽƉƐǁŚŽƐĞƵŶͲ
ĚƵůĂƟŶŐƐƵƌĨĂĐĞŵĂŬĞƐĐůĂŵͲ
ďĞƌŝŶŐĂďŽƵƚĐŚĂůůĞŶŐŝŶŐ͘
Chimneys of La Pedrera
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ĂƌŽƵŶĚƚŚĞĐŝƚǇ͘tĞŐƌĞǁƚŽĂĚŽƌĞƚŚĞǀĂƌŝĞƚǇĂŶĚĐƌĞĂƟǀŝƚǇŽĨƚĂƉĂƐŽŶĂǀŝƐŝƚƚŽDĂĚƌŝĚƐŽŵĞǇĞĂƌƐ
ďĂĐŬ͕ƐŽƚŚĞĐŚĂŶĐĞƚŽĞǆƉĞƌŝĞŶĐĞƚŚĞĂƚĂůĂŶƚĂŬĞŽŶƚŚĞƐĞƐŵĂůů͕ƐĂƟƐĨǇŝŶŐĚŝƐŚĞƐƉƌŽǀĞĚŝƌƌĞƐŝƐƟďůĞ͘
ƐĂĐŽĂƐƚĂůĐŝƚǇ͕ĂƌĐĞůŽŶĂŽīĞƌĞĚĂǁĞĂůƚŚŽĨƐĞĂĨŽŽĚͲƚŚĞŵĞĚƚĂƉĂƐŝŶĐůƵĚŝŶŐǁŚĂƚƚƵƌŶĞĚŽƵƚƚŽďĞ
ŽƵƌĨĂǀŽƌŝƚĞʹŽĐƚŽƉƵƐƉƌĞƉĂƌĞĚŝŶŶƵŵĞƌŽƵƐǁĂǇƐ͘
dŚĞŵŽƐƚŵĞŵŽƌĂďůĞƐĞůĞĐƟŽŶŽĨƚĂƉĂƐǁĂƐĂƚůWƵĐŚĞƌŽĚĞĂƌĂͲ
ůĂŶƚƌĂ͕ĂƟŶǇĞƐƚĂďůŝƐŚŵĞŶƚĐĂƩǇͲĐŽƌŶĞƌĨƌŽŵŽƵƌŚŽƚĞůĂŶĚ͕ƚŚĂŶŬĨƵůͲ
ůǇ͕ŽƉĞŶŽŶĂ^ƵŶĚĂǇĞǀĞŶŝŶŐǁŚĞŶǁĞǁĂŶƚĞĚƚŽĐĞůĞďƌĂƚĞDŝĐŚĂĞů͛Ɛ
ďŝƌƚŚĚĂǇǁŝƚŚŽƵƌĨƌŝĞŶĚĨƌŽŵ&ƌĂŶĐĞ͕WŝĞƌƌĞ͕ǁŚŽǁĂƐǁŽƌŬŝŶŐŝŶĂƌͲ
ĐĞůŽŶĂ͘'ƵŝĚĞĚďǇŽƵƌŬŶŽǁůĞĚŐĞĂďůĞĂŶĚĐŚĂƌŝƐŵĂƟĐǁĂŝƚĞƌ͕:ŽƐĠ͕
ŽƵƌĨĂǀŽƌŝƚĞŽīĞƌŝŶŐƚƵƌŶĞĚŽƵƚƚŽďĞƚĂĐŽƐĚĞĮůĞƚĞĚĞƚĞƌŶĞƌĂĂů
ZŽƋƵĞĨŽƌƚʹƐƵĐĐƵůĞŶƚƐƚƌŝƉƐŽĨƌŽĂƐƚĞĚǀĞĂůŝŶĂĐƌĞĂŵǇƐĂƵĐĞŽĨ
ZŽƋƵĞĨŽƌƚĐŚĞĞƐĞ͘>ĞƐƐƌŝĐŚďƵƚĞƋƵĂůůǇŵĞŵŽƌĂďůĞǁĞƌĞƚŚĞƉŝŵŝĞŶͲ
ƚŽƐĂůƉĂĚƌſŶʹƐǁĞĞƚŐƌĞĞŶƉĞƉƉĞƌƐƚŚĞƐŝǌĞŽĨũĂůĂƉĞŹŽƐďƵƚǁŝƚŚŽƵƚ
ƚŚĞŚĞĂƚ͕ƌŽĂƐƚĞĚƚŽƉĞƌĨĞĐƟŽŶĂŶĚƐƉƌŝŶŬůĞĚǁŝƚŚƐĞĂƐĂůƚ͘tĞǁĞƌĞ
ƵŶĂďůĞƚŽƌĞƐŝƐƚĂƐƚĂƉůĞŽĨƚĂƉĂƐĐƵŝƐŝŶĞƚŚĂƚĨŽƵŶĚŝƚƐƉŝŶŶĂĐůĞĂƚů
WƵĐŚĞƌŽʹƉĂƚĂƚĂƐďƌĂǀĂƐʹůŝƩůĞĚŝƐĐƐŽĨƉŽƚĂƚŽĞƐĨƌŝĞĚƚŽƉĞƌĨĞĐƟŽŶ
ĂŶĚƐŵŽƚŚĞƌĞĚŝŶĂŝŽůŝ͘dŽĂĐĐŽŵƉĂŶǇƚŚĞƐĞĂŶĚŽƚŚĞƌĚŝƐŚĞƐǁĞĞŶͲ
ũŽǇĞĚĂůŽĐĂůƌĞĚǁŝŶĞ͕ĂďůĞŶĚŽĨĐĂďĞƌŶĞƚƐĂƵǀŝŐŶŽŶĂŶĚƚĞŵƉƌĂŶŝůůŽ
ĨƌŽŵƚŚĞZĂŝŵĂƚǁŝŶĞƌǇŝŶƚŚĞŽƐƚĞƌƐĚĞů^ĞŐƌĞƌĞŐŝŽŶŽĨĂƚĂůƵŹĂ͘
tĞĨŽƵŶĚĂƌĐĞůŽŶĂĂƌŝĐŚůǇĐŽƐŵŽƉŽůŝƚĂŶƉůĂĐĞǁŝƚŚƚŚĞƉĞƌĨĞĐƚǁŝŶͲ
ƚĞƌƟŵĞĐůŝŵĂƚĞ͕ƐƵŶŶǇďƵƚŶŽƚƚŽŽĐŽůĚ͘dŚŝƐĐŝƚǇĚĞŵĂŶĚƐƐƚƌŽůůŝŶŐ͕
ŶŽƚũƵƐƚŽŶƚŚĞǁŝĚĞďŽƵůĞǀĂƌĚƐƐƵĐŚĂƐ>ĂƐZĂŵďůĂƐ͕ďƵƚƚŚĞƐŝĚĞ
ƐƚƌĞĞƚƐĂŶĚƐŵĂůůƉĂƌŬƐĂƐǁĞůů͘dŚĞŽŶůǇĚƌĂǁďĂĐŬŝƐƚŚĞƐĐŽƵƌŐĞŽĨ
ƉĞƩǇƚŚŝĞǀĞƐ͕ĐŚĂƌĂĐƚĞƌŝǌĞĚďǇƚŚĞůŽĐĂůƐĂƐŐǇƉƐŝĞƐ͕ǁŚŽƉƌĞǇŽŶƚŽƵƌͲ
ŝƐƚƐƵƐŝŶŐĞůĂďŽƌĂƚĞƐĐŚĞŵĞƐĂŶĚŵŝƐĚŝƌĞĐƟŽŶĚĞƐŝŐŶĞĚƚŽƐĞƉĂƌĂƚĞƵƐ
El Puchero de Baralantra
ĨƌŽŵƉƵƌƐĞƐ͕ǁĂůůĞƚƐ͕ĂŶĚũĞǁĞůƌǇ͘/ĨŽŶůǇĂůůƚŚĂƚĐƌĞĂƟǀŝƚǇŚĂĚďĞĞŶ
ŝŶǀĞƐƚĞĚŝŶůĞŐŝƟŵĂƚĞĞŶƚĞƌƉƌŝƐĞ͕ƚŚĞh͛ƐĞĐŽŶŽŵŝĐǁŽĞƐǁŽƵůĚǀĂŶŝƐŚ͊&ŽƌƚƵŶĂƚĞůǇ͕ǁĞǁĞƌĞƉƌŽǀŝĚͲ
ĞĚǁŝƚŚĂŽŶĞͲƉĂŐĞƐƵŵŵĂƌǇŽĨĐŚŝĐĂŶĞƌŝĞƐǁŚĞŶǁĞĐŚĞĐŬĞĚŝŶĂƚƚŚĞ,ŽƚĞůĂŶƚĞ͘dŚĞƚŚƵŐǁŚŽ
ƐƵƌƌĞƉƟƟŽƵƐůǇƚŚƌĞǁĂǁĂĚŽĨŐŽŽƉŽŶDŝĐŚĂĞů͛ƐũĂĐŬĞƚĂŶĚƚŚĞŶ͞ǀŽůƵŶƚĞĞƌĞĚ͟ƚŽǁĂƐŚŝƚŽīǁĂƐďĞͲ
ĨƵĚĚůĞĚďǇŽƵƌůĂĐŬŽĨǀĂůƵĂďůĞƐĂŶĚĞǀĞŶƚƵĂůůǇĂŵďůĞĚŽīŝŶƐĞĂƌĐŚŽĨŵŽƌĞůƵĐƌĂƟǀĞƉƌĞǇ͘tŝƚŚŽƵƚ
ƚŚĞŚŽƚĞů͛ƐǁĂƌŶŝŶŐĂŶĚĐĂƌĞĨƵůůǇƐĞĐƵƌŝŶŐŽƵƌǀĂůƵĂďůĞƐ͕ŽƵƌĞŶƟƌĞƚƌŝƉŵŝŐŚƚŚĂǀĞŐŽŶĞƵƉŝŶƐŵŽŬĞ͘
EĞǆƚƟŵĞ͕ĚŝƐĐŽǀĞƌŝŶŐDĂůƚĂĂŶĚǁŝŶĞĚĂƟŶŐďĂĐŬƚŽƚŚĞWŚŽĞŶŝĐŝĂŶƐ͘
ZĞƐƚĂƵƌĂŶƚĞůWƵĐŚĞƌŽĚĞĂƌĂůĂŶƚƌĂͲDƵŶƚĂŶĞƌϭϬϯ;ĐŽƌŶĞƌŽĨDĂůůŽƌĐĂͿ͕ϬϴϬϯϲĂƌĐĞůŽŶĂʹ
ǁǁǁ͘ĞůƉƵĐŚĞƌŽĚĞďĂƌĂůĂŶƚƌĂ͘ĐŽŵ
,ŽƚĞůĂŶƚĞ͕DĂůůŽƌĐĂ͕ϭϴϭ͕ϬϴϬϯϲĂƌĐĞůŽŶĂʹǁǁǁ͘ďĞƐƚǁĞƐƚĞƌŶĚĂŶƚĞ͘ĐŽŵ
Meril Markley is an international tax attorney and works at UHY Advisors TX, LLC in Houston, Texas. Her articles for the
Quarterly Newsletter of the Wine Society of Texas (Greater Houston Chapter) are collected on mmarkley.com.
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ƐŽƵƌůŝƚĂůŝĂŇŝŐŚƚƚŽŽŬŽīĨƌŽŵZŽŵĞ͛Ɛ>ĞŽŶĂƌĚŽĚĂsŝŶĐŝŝƌƉŽƌƚĨŽƌƚŚĞŚŽƵƌͲĂŶĚͲĂͲƋƵĂƌƚĞƌƚƌŝƉƚŽ
DĂůƚĂ͕ǁĞĐŽƵůĚŶŽƚŚĞůƉďƵƚŽǀĞƌŚĞĂƌƚŚĞŵĞƌŝĐĂŶŝŶƚŚĞƌŽǁďĞŚŝŶĚƵƐƚĞůůŝŶŐĂĨĞůůŽǁƉĂƐƐĞŶŐĞƌŚĞ
ǁŽƵůĚďĞŝŶDĂůƚĂĨŽƌůĞƐƐƚŚĂŶϮϰŚŽƵƌƐ͕ũƵƐƚƐƚŽƉƉŝŶŐŝŶƐŽŚĞĐŽƵůĚĐŚĞĐŬŝƚŽīƚŚĞůŝƐƚŽĨĐŽƵŶƚƌŝĞƐŚĞ
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ļļļļ
ǁĂŶƚĞĚƚŽǀŝƐŝƚ͘,ĞŚĂĚĂůƌĞĂĚǇďĞĞŶƚŽϭϯϭ͕ĂůŽŶŐǁŝƚŚƚŚĞEŽƌƚŚĂŶĚ^ŽƵƚŚWŽůĞƐ͕ĂŶĚǁĂƐƉůĂŶŶŝŶŐ
ƚŽŵĂŬĞDĂůƚĂŶƵŵďĞƌϭϯϮ͘EŽǁƚŚĂƚǁĞŚĂǀĞďĞĞŶƚŚĞƌĞƚŽŽ͕ĂŶĚŚĞĂƌĚDĂůƚĂĚĞƐĐƌŝďĞĚƌĞƉĞĂƚĞĚůǇ
ĂƐ͞ƚŚĞDĞĚŝƚĞƌƌĂŶĞĂŶ͛ƐďĞƐƚŬĞƉƚƐĞĐƌĞƚ͕͟ǁĞĐĂŶŽŶůǇĚĞƐƉĂŝƌĂƚǁŚĂƚŚĞŵŝƐƐĞĚŽŶƐƵĐŚĂƐŚŽƌƚǀŝƐŝƚ͘
KƵƌƐǁĂƐĨŽƵƌƟŵĞƐůŽŶŐĞƌďƵƚƐƟůůŶŽƚĞŶŽƵŐŚƟŵĞƚŽĚŝƐĐŽǀĞƌĂůůƚŚĂƚƚŚŝƐĨĂƐĐŝŶĂƟŶŐĐŽƵŶƚƌǇŽīĞƌƐ͕
ŝŶĐůƵĚŝŶŐŝƚƐǁŝŶĞƐ͕ĂŶĚƚŽŬŶŽǁƚŚĂƚŝƚƐŚŽƵůĚŶ͛ƚďĞĂƐĞĐƌĞƚĂƚĂůů͊
tŚŝůĞƚŚĞŝƐůĂŶĚŽĨDĂůƚĂ͕ůĂƌŐĞƐƚŽĨĮǀĞŝƐůĂŶĚƐĐŽŵƉƌŝƐŝŶŐƚŚĞĐŽƵŶƚƌǇŽĨDĂůƚĂ͕ŝƐũƵƐƚϵϲƐƋƵĂƌĞŵŝůĞƐ
ǁŝƚŚĂƉŽƉƵůĂƟŽŶŽĨƐůŝŐŚƚůǇŽǀĞƌϰϬϬ͕ϬϬϬĂŶĚǁŝƚŚĂŚŝƐƚŽƌǇĚĂƟŶŐďĂĐŬƚŽϳϬϬϬ͕͘͘ŝƚǁĂƐƚŚĞ
<ŶŝŐŚƚƐŽĨDĂůƚĂǁŚŽƌĞĂůůǇƉƵƚŝƚŽŶƚŚĞŵĂƉ͘ŶĚƚŚĂƚƐƉŽƚŽŶƚŚĞŵĂƉ͕ƐƚƌĂƚĞŐŝĐĂůůǇƉŽƐŝƟŽŶĞĚďĞͲ
ƚǁĞĞŶ^ŝĐŝůǇĂŶĚƚŚĞĐŽĂƐƚŽĨEŽƌƚŚĨƌŝĐĂ͕ƉƌŽǀĞĚĂĐŚĂůůĞŶŐĞƚŽƚŚĞ<ŶŝŐŚƚƐĂŶĚƐƵďƐĞƋƵĞŶƚĚĞĨĞŶĚĞƌƐ
ĂƐƌĞĐĞŶƚůǇĂƐtŽƌůĚtĂƌ//͘DĂůƚĂŚĂƐďĞĞŶĂĐŽǀĞƚĞĚƉŝĞĐĞŽĨƌĞĂůĞƐƚĂƚĞƐŝŶĐĞƉƌĞŚŝƐƚŽƌŝĐƟŵĞƐĨŽƌ
ĂŶǇŽŶĞƐĞĞŬŝŶŐƚŽĚŽŵŝŶĂƚĞƚŚĞDĞĚŝƚĞƌƌĂŶĞĂŶŝŶĐůƵĚŝŶŐƚŚĞWŚŽĞŶŝĐŝĂŶƐ͕'ƌĞĞŬƐ͕ZŽŵĂŶƐ͕&ƌĞŶĐŚ͕
ƌŝƟƐŚ͕ĂŶĚ'ĞƌŵĂŶƐ͘ƉĂƌƚŽĨƚŚĞƌŝƟƐŚŵƉŝƌĞĨƌŽŵϭϴϭϰƚŽϭϵϲϰ͕DĂůƚĂŝƐĂŶŝŶĚĞƉĞŶĚĞŶƚĐŽƵŶƚƌǇ
ĂŶĚ͕ƐŝŶĐĞϮϬϬϰ͕ĂŵĞŵďĞƌŽĨƚŚĞƵƌŽƉĞĂŶhŶŝŽŶ͘
/ƚǁĂƐƚŚĞĂŶĐŝĞŶƚWŚŽĞŶŝĐŝĂŶƐǁŚŽŐĂǀĞDĂůƚĂŝƚƐƐƚĂƌƚŝŶƚŚĞǁŝŶĞďƵƐŝŶĞƐƐĂŶĚƚŚĞ<ŶŝŐŚƚƐŽĨDĂůƚĂ
ǁŚŽĞŶƐƵƌĞĚŝƚƐƉĞƌŵĂŶĞŶĐĞǁŝƚŚŵĞŵďĞƌƐŽĨƚŚĞKƌĚĞƌďƌŝŶŐŝŶŐĐƵƫŶŐƐĨƌŽŵƚŚĞŝƌŽƌŝŐŝŶĂůŚŽŵĞƐŝŶ
&ƌĂŶĐĞ͕/ƚĂůǇ͕ĂŶĚ^ƉĂŝŶ͘ƵƚĂŌĞƌƚŚĞ<ŶŝŐŚƚƐ͛ĐŽŵƉůĞƚĞĞǆƉƵůƐŝŽŶĨƌŽŵƚŚĞŝƐůĂŶĚŝŶϭϳϵϴďǇEĂƉŽůĞͲ
ŽŶ͕ǁŚŽĚĞĐŝĚĞĚƚŽƐƚŽƉďǇĂŶĚĐŽŶƋƵĞƌDĂůƚĂŽŶŚŝƐǁĂǇƚŽŐǇƉƚ͕ĂƌĂďůĞůĂŶĚǁĂƐŐŝǀĞŶŽǀĞƌƚŽŽƚŚĞƌ
ŝƚĞŵƐƐƵĐŚĂƐĐŽƩŽŶ͘tŝŶĞǁĂƐƐƟůůƉƌŽĚƵĐĞĚŝŶDĂůƚĂďƵƚƵƐŝŶŐŐƌĂƉĞƐŝŵƉŽƌƚĞĚĨƌŽŵ/ƚĂůǇƵŶƟůůĂƚĞ
ŝŶƚŚĞůĂƐƚĐĞŶƚƵƌǇǁŚĞŶƚƌĂĚŝƟŽŶĂůŐƌĂƉĞǀĂƌŝĞƟĞƐƐƵĐŚĂƐĂďĞƌŶĞƚ^ĂƵǀŝŐŶŽŶ͕DĞƌůŽƚ͕ĂŶĚ'ƌĞŶĂĐŚĞ͕
ĂƐǁĞůůĂƐĂůŽĐĂůŐƌĂƉĞĐĂůůĞĚ'ĞůůĞǁǌĂ͕
ǁĞƌĞƉůĂŶƚĞĚĂŶĚĂŶŝŶĚŝŐĞŶŽƵƐǁŝŶĞ
ŝŶĚƵƐƚƌǇǁĂƐƌĞďŽƌŶ͘WƌŽĚƵĐƟŽŶŽĨƌĞĚ͕
ǁŚŝƚĞ͕ĂŶĚƐƉĂƌŬůŝŶŐǁŝŶĞƐƌĞŵĂŝŶƐůŝŵͲ
ŝƚĞĚ͕ďƵƚǁĞĞŶũŽǇĞĚƐŽŵĞƌĞŵĂƌŬĂďůĞ
ƌĞĚƐ͘dŚĞďĞƐƚǁĂƐƚŚĞDĞůƋƵĂƌƚĨƌŽŵ
ƚŚĞDĞƌŝĚŝĂŶĂtŝŶĞƐƚĂƚĞŽĨdĂ͛YĂůŝũƵƐƚ
ďĞůŽǁDĚŝŶĂ͕ƚŚĞĨĂǀŽƌŝƚĞŽĨĂǀŝĚWĂĐĞ͕
ŚĞĂĚŽĨh,zDĂůƚĂĂŶĚŽƵƌĐŽŶĨĞƌĞŶĐĞ
ŚŽƐƚǁŚŽƐĞĞǆŚŽƌƚĂƟŽŶƐƚŽǀŝƐŝƚŚŝŵŝŶ
DĂůƚĂŽǀĞƌƚŚĞůĂƐƚƐĞǀĞŶǇĞĂƌƐĮŶĂůůǇ
ƉĂŝĚŽī͊^ĂĚůǇ͕ǀŝƐŝƟŶŐĂǁŝŶĞƌǇǁĂƐŶŽƚ
ŝŶƚŚĞĐĂƌĚƐĨŽƌƵƐĚƵƌŝŶŐƚŚŝƐƚƌŝƉ͘
0RLUDDQG'DYLG3DFH
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dŚĞ<ŶŝŐŚƚƐŽĨDĂůƚĂǁĞƌĞŽƌŝŐŝŶĂůůǇŬŶŽǁŶĂƐƚŚĞ
<ŶŝŐŚƚƐŽĨ^ƚ͘:ŽŚŶŽƌƚŚĞ<ŶŝŐŚƚƐ,ŽƐƉŝƚĂůůĞƌĨŽƌƚŚĞŝƌ
ƌĞůŝŐŝŽƵƐŵŝůŝƚĂƌǇŽƌĚĞƌĞƐƚĂďůŝƐŚĞĚƚŽĐĂƌĞĨŽƌƉŝůŐƌŝŵƐ
ŝŶƚŚĞ,ŽůǇ>ĂŶĚĂƚƚŚĞƟŵĞŽĨƚŚĞƌƵƐĂĚĞƐ͕ĂŶĚĨŽƌ
ƚŚĞŚŽƐƉŝƚĂůƚŚĞǇĞƐƚĂďůŝƐŚĞĚŝŶ:ĞƌƵƐĂůĞŵĂŶĚĚĞĚŝĐĂƚͲ
ĞĚƚŽ^ƚ͘:ŽŚŶƚŚĞĂƉƟƐƚ͘DĂůƚĂǁĂƐŶ͛ƚƚŚĞŝƌĮƌƐƚŚĞĂĚͲ
ƋƵĂƌƚĞƌƐĂŶĚůŝŬĞůǇŶŽƚƚŚĞŝƌĮƌƐƚĐŚŽŝĐĞ͕ďƵƚĂŌĞƌƚŚĞ
ůĂƐƚŚƌŝƐƟĂŶƐƚƌŽŶŐŚŽůĚŝŶƚŚĞ,ŽůǇ>ĂŶĚǁĂƐĚĞĨĞĂƚĞĚ
ŝŶϭϮϵϭ͕ĂŶĚƚŚĞŶĞƐƚĂďůŝƐŚŝŶŐƚŚĞŵƐĞůǀĞƐŽŶZŚŽĚĞƐ
ŽŶůǇƚŽďĞĚĞĨĞĂƚĞĚĂŐĂŝŶŝŶϭϱϮϯďǇƚŚĞdƵƌŬƐ͕ƚŚĞǇ
ǁĞƌĞŐƌĂŶƚĞĚDĂůƚĂďǇ<ŝŶŐŚĂƌůĞƐ/ŽĨ^ƉĂŝŶŝŶϭϱϯϬŝŶ
ĞǆĐŚĂŶŐĞĨŽƌƚŚĞĂŶŶƵĂůŐŝŌŽĨĂDĂůƚĞƐĞ&ĂůĐŽŶ
;ďĞƐƚŽǁĞĚƚŽƚŚŝƐĚĂǇͿ͘
/ŶĐůƵĚĞĚŝŶ^ƉĂŝŶ͛ƐsŝĐĞƌŽǇĂůƚǇŽĨ^ŝĐŝůǇ͕ŵŽǀŝŶŐƚŚĞ
<ŶŝŐŚƚƐƚŽDĂůƚĂǁĂƐƉĂƌƚŽĨŚĂƌůĞƐ͛ŐƌĂŶĚƉůĂŶƚŽ
ŬĞĞƉƚŚĞDĞĚŝƚĞƌƌĂŶĞĂŶƋƵŝĞƚǁŚŝůĞ^ƉĂŝŶĨŽĐƵƐĞĚŽŶ
ĐŽŶƋƵĞƐƚŽĨƚŚĞEĞǁtŽƌůĚ͘dŚĞdƵƌŬƐĚŝĚŶ͛ƚďƵǇƚŚŝƐ͕
ƚŚŽƵŐŚ͕ĂŶĚƐĞƚĂďŽƵƚƚƌǇŝŶŐƚŽĐŽŶƋƵĞƌDĂůƚĂŝŶϭϱϲϱ
6WUHHWLQ9DOHWWD
ďŽƚŚďǇůĂŶĚĂŶĚďǇƐĞĂ͘ƵƚƚŚĞ<ŶŝŐŚƚƐŚĞůĚŽƵƚ͕ũƵƐƚ
ďĂƌĞůǇ͕ĂŶĚƌĞƉĞůůĞĚƚŚĞdƵƌŬŝƐŚŝŶǀĂƐŝŽŶ͘dŽĐĞůĞďƌĂƚĞƚŚĞŝƌǀŝĐƚŽƌǇ͕ƚŚĞǇďƵŝůƚƚŚĞĐŝƚǇŽĨsĂůĞƩĂ͕ŶŽǁ
ƚŚĞĐĂƉŝƚĂůŽĨDĂůƚĂĂŶĚŶĂŵĞĚĨŽƌƚŚĞKƌĚĞƌ͛Ɛ'ƌĂŶĚDĂƐƚĞƌĂŶĚůĞĂĚĞƌƚŚƌŽƵŐŚŽƵƚƚŚĞdƵƌŬŝƐŚƐŝĞŐĞ͕
:ĞĂŶĚĞůĂsĂůĞƩĞ͘ŵĂŐŶŝĮĐĞŶƚĐŝƚǇŽĨůŝŐŚƚͲĐŽůŽƌĞĚůŝŵĞƐƚŽŶĞĂŶĚƉĞƌŚĂƉƐƚŚĞǁŽƌůĚ͛ƐĮƌƐƚŵĂƐƚĞƌͲ
ƉůĂŶŶĞĚĐŽŵŵƵŶŝƚǇ͕ŝƚƐŝƚƐŽŶĂŚŝůůŽǀĞƌůŽŽŬŝŶŐƚŚĞ'ƌĂŶĚ,ĂƌďŽƌǁŝƚŚĐŽŵŵĂŶĚŝŶŐǀŝĞǁƐŝŶĂůůƚŚĞ
ĚŝƌĞĐƟŽŶƐĨƌŽŵǁŚŝĐŚĂŶŝŶǀĂƐŝŽŶŵŝŐŚƚĐŽŵĞ͘EĂƌƌŽǁƐƚƌĞĞƚƐĐŚĂŶŶĞůĐŽŽůƐĞĂďƌĞĞǌĞƐĂŶĚŽƉĞŶŽƵƚ
ŽŶƚŽǁŝĚĞƉůĂǌĂƐ͕ĂůůŽĨǁŚŝĐŚĂƌĞũĂŵͲƉĂĐŬĞĚŽŶƚŚĞϭϱŽƌƐŽĚĂǇƐĂŵŽŶƚŚǁŚĞŶŐŝĂŶƚĐƌƵŝƐĞƐŚŝƉƐ
ĚŽĐŬĂŶĚƚŚĞŝƌƉĂƐƐĞŶŐĞƌƐďĞƐŝĞŐĞƚŚĞĐŝƚǇ͛ƐůĂŶĚŵĂƌŬƐ͘
&ŽƌĂĐŽƵŶƚƌǇǁŝƚŚƐƵĐŚĂƐŵĂůůƉŽƉƵůĂƟŽŶ͕ƚŚĞĂƌĐŚŝƚĞĐƚƵƌĂůĂŶĚĂƌƟƐƟĐƌŝĐŚĞƐĂƌĞďĞǇŽŶĚĂůůĞǆƉĞĐƚĂͲ
ƟŽŶƐ͘/ŶƉĂƌƟĐƵůĂƌ͕ƚŚĞƌĞŝƐƚŚĞŽͲĂƚŚĞĚƌĂůŽĨ^ƚ͘:ŽŚŶƚŚĞĂƉƟƐƚŝŶĐĞŶƚƌĂůsĂůĞƩĂ͘ƵŝůƚĂƐƚŚĞ
ŵĂŝŶƉůĂĐĞŽĨǁŽƌƐŚŝƉĨŽƌƚŚĞ<ŶŝŐŚƚƐĂŶĚƌĞĐĞŶƚůǇƌĞƐƚŽƌĞĚĂŶĚƌĞͲŐŝůĚĞĚ͕ŝƚŝƐŽǀĞƌǁŚĞůŵŝŶŐŝŶƐĐĂůĞ
ĂŶĚƌŝĐŚŶĞƐƐŽĨŽƌŶĂŵĞŶƚ͘KŶĞŝƚŚĞƌƐŝĚĞŽĨƚŚĞĐĞŶƚƌĂůĂƌĞĂŽƌŶĂǀĞĂƌĞĐŚĂƉĞůƐĚĞĚŝĐĂƚĞĚƚŽĞĂĐŚŽĨ
ƚŚĞůĂŶŐƵĞƐŽƌůĂŶŐƵĂŐĞŐƌŽƵƉƐƚŚƌŽƵŐŚǁŚŝĐŚƚŚĞKƌĚĞƌ͕ǁŝƚŚŵĞŵďĞƌƐŚĂŝůŝŶŐĨƌŽŵĂůůŽǀĞƌƵƌŽƉĞ͕
ǁĂƐĂĚŵŝŶŝƐƚĞƌĞĚ͘dŚƌŽƵŐŚŽƵƚƚŚĞĐŚĂƉĞůƐĂƌĞƐĐƵůƉƚƵƌĞƐĂŶĚŽƚŚĞƌŵŽŶƵŵĞŶƚƐƚŽƚŚĞ<ŶŝŐŚƚƐĂŶĚ
ƚŚĞŝƌ'ƌĂŶĚDĂƐƚĞƌƐ͘^ƉĂŶŶŝŶŐƚŚĞĞŶƟƌĞůĞŶŐƚŚŽĨƚŚĞǀĂƵůƚĞĚĐĞŝůŝŶŐŝƐĂŶĞŶŽƌŵŽƵƐĨƌĞƐĐŽĚĞƉŝĐƟŶŐ
ƐĐĞŶĞƐĨƌŽŵƚŚĞůŝĨĞŽĨ^ƚ͘:ŽŚŶ͕ƌŝĐŚŝŶƚƌŽŵƉĞͲů͛ŽĞŝůĞīĞĐƚƐĂŶĚƉĂŝŶƚĞĚŝŶƚŚĞůĂƚĞϭϳƚŚĐĞŶƚƵƌǇďǇ
DĂƫĂWƌĞƟ͘dŚĞŇŽŽƌŽĨƚŚĞĂƚŚĞĚƌĂůŝƐĐŽŵƉƌŝƐĞĚŽĨƚŽŵďƐƚŽŶĞƐŝŶƉŝĞƚƌĂĚƵƌĂĨŽƌŽǀĞƌϰϬϬ<ŶŝŐŚƚƐ͕
ĞĂĐŚǁŝƚŚĂďƌŝĞĨĚĞĚŝĐĂƟŽŶŝŶĐůƵĚŝŶŐŶĂŵĞ͕ŶŽďůĞůŝŶĞĂŐĞ͕ŚĞƌĂůĚƌǇ͕ĂŶĚĂĐĐŽŵƉůŝƐŚŵĞŶƚƐŽĨƚŚĞŝŶĚŝͲ
ǀŝĚƵĂůǁŚŽƐĞƌĞŵĂŝŶƐƌĞƐƚďĞůŽǁŝƚ͘
68
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KīƚŽŽŶĞƐŝĚĞŽĨƚŚĞďƵŝůĚŝŶŐŝƐƚŚĞ
KƌĂƚŽƌǇ͘ŚƵŐĞĂŶĚĞůĂďŽƌĂƚĞƌŽŽŵ
ĨŽƌƉƌŝǀĂƚĞƉƌĂǇĞƌ͕ŝƚǁĂƐďƵŝůƚŝŶƚŚĞ
ĞĂƌůǇϭϲϬϬƐĂŌĞƌƚŚĞĐŽŵƉůĞƟŽŶŽĨƚŚĞ
ŵĂŝŶƉĂƌƚŽĨƚŚĞĂƚŚĞĚƌĂů͘dŚĞƉŽƐƐŝͲ
ďŝůŝƚǇŽĨůƵĐƌĂƟǀĞĐŽŵŵŝƐƐŝŽŶƐĂƩƌĂĐƚͲ
ĞĚDŝĐŚĞůĂŶŐĞůŽDĞƌŝƐŝĚĂĂƌĂǀĂŐŐŝŽ͕
ƚŚĞŐŝŌĞĚƉĂŝŶƚĞƌǁŚŽƐĞďĂĚďŽǇƌĞƉƵͲ
ƚĂƟŽŶŚĂĚŐŽƩĞŶŚŝŵŝŶƚŽƚƌŽƵďůĞďĂĐŬ
ŚŽŵĞŝŶDŝůĂŶ͕ZŽŵĞ͕ĂŶĚEĂƉůĞƐ͕ĞƐͲ
ƉĞĐŝĂůůǇĂŌĞƌďĞŝŶŐĂĐĐƵƐĞĚŽĨŬŝůůŝŶŐĂ
ŵĂŶŝŶĂĮŐŚƚ͘>ĞŐĞŶĚŚĂƐŝƚƚŚĂƚƚŽ
ŐƌĞĂƐĞƚŚĞƐŬŝĚƐ͕ƐŽƚŽƐƉĞĂŬ͕ĂŌĞƌĂƌͲ
ƌŝǀŝŶŐŝŶsĂůĞƩĂŚĞƉĂŝŶƚĞĚ^ƚ͘:ĞƌŽŵĞ
ŝŶ,ŝƐ^ƚƵĚǇĂŶĚŐĂǀĞƚŚĞƐĂŝŶƚĂĨĂĐĞ
ĐůŽƐĞůǇƌĞƐĞŵďůŝŶŐƚŚĞ'ƌĂŶĚDĂƐƚĞƌ͛Ɛ͘
ǀĞŶƚƵĂůůǇŚĞũŽŝŶĞĚƚŚĞKƌĚĞƌĂŶĚ
ůĂŶĚĞĚƚŚĞĐŽŵŵŝƐƐŝŽŶƚŽƉĂŝŶƚƚŚĞ
ĞŚĞĂĚŝŶŐŽĨ^ĂŝŶƚ:ŽŚŶĂƐƚŚĞĐĞŶƚĞƌͲ
ƉŝĞĐĞŽĨƚŚĞKƌĂƚŽƌǇ͘
tĞŚĂǀĞĂůǁĂǇƐĂĚŵŝƌĞĚĂƌĂǀĂŐŐŝŽ
ĂŶĚŚŝƐŇĂŝƌĨŽƌƚŚĞĚƌĂŵĂƟĐǁŚŝůĞ
ŬĞĞƉŝŶŐƚŚŝŶŐƐĂďŝƚŽīďĂůĂŶĐĞǀŝƐƵĂůͲ
&DUDYDJJLR%HKHDGLQJRI6W-RKQWKH%DSWLVW
ůǇ͕ĞƐƉĞĐŝĂůůǇǁŚĞŶŝƚĐŽŵĞƐƚŽƚŚĞ
ƉůĂĐĞŵĞŶƚŽĨĮŐƵƌĞƐĂŶĚƵƐĞŽĨůŝŐŚƚĂŶĚƐŚĂĚŽǁ͘,ĞĞǆĐĞůĞĚĂƚŝŶĐůƵĚŝŶŐĞůĞŵĞŶƚƐǁŚŝĐŚŵŝŐŚƚƐĞĞŵ
ŽƵƚŽĨƉůĂĐĞ͕ƐƵĐŚĂƐƚŚĞĚŝƌƚǇƐŽůĞƐŽĨĂƐŚĞƉŚĞƌĚ͛ƐĨĞĞƚŝŶĂEĂƟǀŝƚǇƐĐĞŶĞ͕ŽƌĂƉĂƌƟĂůůǇĐĂƌǀĞĚƌŽĂƐƚ
ĐŚŝĐŬĞŶ͘/ŶƐƚŽƌŝĞƐĨƌŽŵƚŚĞŝďůĞ͕ŝƚŝƐĂƐŝĨŚĞĐŽŵĞƐƵƉŽŶƚŚĞƐĐĞŶĞĂŶĚĨƌĞĞǌĞƐŝƚŝŶŽŝůƐĂƚƚŚĞŵŽƐƚ
ĚƌĂŵĂƟĐŵŽŵĞŶƚ͘tŚĞƚŚĞƌŝƚ͛ƐƚŚĞ^ƵƉƉĞƌĂƚŵŵĂƵƐǁŚĞŶƚŚĞĚŝŶĞƌƐƌĞĂůŝǌĞŝƚŝƐŚƌŝƐƚƐŝƫŶŐĂƚ
ƚŚĞŝƌƚĂďůĞ͕ŽƌƚŚĞŽŶǀĞƌƐŝŽŶŽĨ^ƚ͘WĂƵůǁŚĞŶƚŚĞĨƵƚƵƌĞƐĂŝŶƚůŝĞƐƐƉƌĂǁůĞĚƵŶĚĞƌŚŝƐŚŽƌƐĞŽŶƚŚĞ
ƌŽĂĚƚŽĂŵĂƐĐƵƐ͕ƚŚĞƌĞŝƐŶŽǁĂŶƚŽĨƚŚĞĂƚĞƌ͘ŶĚƐŽŵǇŚƵƐďĂŶĚ͕DŝĐŚĂĞů͕ĂŶĚ/ǁĞƌĞůŽŽŬŝŶŐĨŽƌͲ
ǁĂƌĚƚŽƐĞĞŝŶŐĂƌĂǀĂŐŐŝŽ͛ƐĞŶŽƌŵŽƵƐĚĞƉŝĐƟŽŶŽĨƚŚĞďĞŚĞĂĚŝŶŐŽĨ^ƚ͘:ŽŚŶ͕ƚŚĞŽŶůǇƉĂŝŶƟŶŐƐŝŐŶĞĚ
ďǇƚŚĞĂƌƟƐƚͲͲĚƌĂǁŶŽƵƚŝŶƚŚĞƌŝǀƵůĞƚŽĨďůŽŽĚƚŚĂƚŚĂƐƐƉƵƌƚĞĚĨƌŽŵƚŚĞƐĂŝŶƚ͛ƐŶĞĐŬĂƐĂƐĞƌǀĂŶƚ
ďĞŶĚƐŽǀĞƌǁŝƚŚĂƉůĂƩĞƌƌĞĂĚǇƚŽƐĐŽŽƉƵƉƚŚĞƐŽŽŶͲƚŽͲďĞƐĞǀĞƌĞĚŚĞĂĚ͘^ĂĚůǇ͕ǁĞĐŽƵůĚŶ͛ƚŐĞƚĂƐ
ĐůŽƐĞƚŽƚŚĞƉĂŝŶƟŶŐĂƐǁĞŚĂĚŚŽƉĞĚ͘ƵƚŝƚǁĂƐĞŶŽƵŐŚũƵƐƚƚŽŐůŝŵƉƐĞŝƚĨƌŽŵĂĨĂƌŝŶƚŚĞƌŽŽŵ
ǁŚĞƌĞƚŚĞŐĞŶŝƵƐĐƌĞĂƚĞĚŚŝƐŵĂƐƚĞƌƉŝĞĐĞďĞĨŽƌĞŐĞƫŶŐŝŶƚŽƚƌŽƵďůĞĂŐĂŝŶ͕ůĂŶĚŝŶŐŝŶƉƌŝƐŽŶ͕ĂŶĚ
ĞǀĞŶƚƵĂůůǇĚǇŝŶŐũƵƐƚƐŚǇŽĨϯϳŽŶŚŝƐǁĂǇďĂĐŬƚŽZŽŵĞƚŽĂĐĐĞƉƚĂƉĂƌĚŽŶĨƌŽŵƚŚĞWŽƉĞ͘
69
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ƐǁĞƚƵƌŶĞĚƚŽůĞĂǀĞƚŚĞKƌĂƚŽƌǇ͕ǁĞǁĞƌĞĂƩƌĂĐƚĞĚďǇŽŶĞŽĨƚŚĞ
ƚŽŵďƐƚŽŶĞƐŝŶƚŚĞŇŽŽƌ͘/ƚĚĞƉŝĐƚĞĚĂƌĂďďŝƚƐŽĂƌŝŶŐŽǀĞƌǁŚĂƚ
ůŽŽŬĞĚůŝŬĞĂĐŝƚǇƐĐĂƉĞŽĨsĂůĞƩĂĂŶĚƌĞŵŝŶĚĞĚƵƐŽĨǁŚĂƚǁĞŚĂĚ
ůĞĂƌŶĞĚĂďŽƵƚDĂůƚĞƐĞĐƵŝƐŝŶĞ͘ŶŝƐůĂŶĚǁŝƚŚůŝƩůĞĂŐƌŝĐƵůƚƵƌĂů
ůĂŶĚ͕ƐŽƵƌĐĞƐŽĨĂŶŝŵĂůƉƌŽƚĞŝŶŚĂĚďĞĞŶůŝŵŝƚĞĚƚŽĐƌĞĂƚƵƌĞƐ
ƐŵĂůůĞƌƚŚĂŶĐŽǁƐĂŶĚƉŝŐƐ͘ZĂďďŝƚŚĂĚƉƌŽǀĞĚƚŚĞŵĞĂƚŽĨĐŚŽŝĐĞ
ĂŶĚŝƐĐĞůĞďƌĂƚĞĚŝŶ^ƚƵīĂƚdĂůͲ&ĞŶĞŬƚŚĞŶĂƟŽŶĂůĚŝƐŚŽĨƌĂďďŝƚ
ƐƚĞǁ͘tĞĚŝĚŶ͛ƚƚƌǇŝƚĚƵƌŝŶŐŽƵƌƐƚĂǇďƵƚĐŽƵŶƚůĞƐƐƌĞƐƚĂƵƌĂŶƚƐ
ŽīĞƌĞĚŝƚ͘
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ǁŚĞŶǁĞĚŝŶĞĚǁŝƚŚ&ƌĞŶĐŚĨƌŝĞŶĚƐDƵƌŝĞůĂŶĚZĂǇŵŽŶĚĂƚ^ĂůĞĞ
WĞƉĞ͕ĂƐŵĂůů͕ĨĂŵŝůǇͲŽǁŶĞĚ/ƚĂůŝĂŶƌĞƐƚĂƵƌĂŶƚŽǀĞƌůŽŽŬŝŶŐƚŚĞŚĂƌͲ
5DEELW+HUDOGU\
ďŽƌĂƚWŽƌƚŽŵĂƐŽ͘ĞŝŶŐ&ƌĞŶĐŚ͕DƵƌŝĞůǁĂƐĐŽŶĐĞƌŶĞĚĂďŽƵƚ
ǁŚĞƚŚĞƌƚŚĞĮƐŚǁŽƵůĚƌĞĂůůǇďĞĨƌĞƐŚďƵƚŽƵƌǁĂŝƚĞƌďƌŽƵŐŚƚŽƵƚĂƚƌĂǇŽĨƐƉĞĐŝŵĞŶƐĐĂƵŐŚƚƚŚĂƚ
ŵŽƌŶŝŶŐĨƌŽŵǁŚŝĐŚǁĞĐŽƵůĚĐŚŽŽƐĞ͘tĞƐĞůĞĐƚĞĚƚƵƌďŽƚĂŶĚŐƌŽƵƉĞƌƚŽďĞƉŽĂĐŚĞĚŽŶĂďĞĚŽĨƉŽͲ
ƚĂƚŽĞƐ͕ŵƵƐƐĞůƐ͕ĂŶĚĐůĂŵƐʹĂǁŝŶŶŝŶŐĐŽŵďŝŶĂƟŽŶŝŶĂƉĞƌĨƵŵĞĚďƌŽƚŚĂĐĐŽŵƉĂŶǇŝŶŐƚŚĞŵŽŝƐƚĂŶĚ
ŇĂŬǇĮƐŚ͘DƵĐŚĂƐǁĞůŽǀĞĚŽƵƌŵĂŝŶĐŽƵƌƐĞƐ͕ǁĞŚĂĚƚŽĂĚŵŝƚƚŚĂƚƚŚĞƐƚĂƌƚĞƌŽĨĨƌŝƩŽŵŝƐƚŽŝŶǀŽůǀĞĚ
ƚŚĞĂďƐŽůƵƚĞďĞƐƚƐƋƵŝĚĂŶǇŽĨƵƐŚĂĚĞǀĞƌƚĂƐƚĞĚ͘ĐůŝĐŚĠŽĨƌƵďďĞƌŝŶĞƐƐŝŶƚŚŝĐŬďƌĞĂĚŝŶŐĂŶĚŝŶĞǀŝͲ
ƚĂďůǇƐĞƌǀĞĚǁŝƚŚĂŵĂƌŝŶĂƌĂƐĂƵĐĞ͕ǁĞŚĂĚůĞĂƌŶĞĚƚŽƉĂƐƐƵƉĐĂůĂŵĂƌŝŝŶƚŚĞh͘^͘^ŽƚŚĞĚĞůŝĐĂƚĞůǇ
ďƌĞĂĚĞĚ͕ĨƌŝĞĚ͕ĂŶĚƵƩĞƌůǇƚĞŶĚĞƌƐƋƵŝĚĂŶĚǀĞŐĞƚĂďůĞƐ͕ƐĞƌǀĞĚǁŝƚŚĂƚĂƌƚĂƌƐĂƵĐĞƌŝĐŚŝŶĐĂƉĞƌƐĂŶĚ
ǁŝƚŚĂƐůŝŐŚƚƉĞƉƉĞƌǇǌŝŶŐ͕ƉƌŽǀĞĚĂĐƵůŝŶĂƌǇŚŝŐŚůŝŐŚƚŽĨŽƵƌǀŝƐŝƚƚŽDĂůƚĂ͘
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ǁŝƚŚŝŶƚŚĞƐĞĐƌĞƚʹĂƐĞƚŽĨƚĂƉĞƐƚƌŝĞƐ͘^ƉĂŶŝĂƌĚZĂŵŽŶWĞƌĞůůŽƐǇZŽĐĐĂĨƵůĐŽŵŵŝƐƐŝŽŶĞĚĂƐĞƚŽĨϮϵ
ŐŝŐĂŶƟĐƚĂƉĞƐƚƌŝĞƐĨƌŽŵǁĞĂǀĞƌƐŝŶƌƵƐƐĞůƐ͕ďĂƐĞĚŽŶĚĞƐŝŐŶƐďǇWĞƚĞƌWĂƵůZƵďĞŶƐ͕ĂƐŚŝƐŐŝŌƚŽƚŚĞ
ŽͲĂƚŚĞĚƌĂůƵƉŽŶĞůĞĐƟŽŶĂƐ'ƌĂŶĚDĂƐƚĞƌŝŶϭϲϵϳ͘^ƵďũĞĐƚƐƌĂŶŐŝŶŐĨƌŽŵEĞǁdĞƐƚĂŵĞŶƚƚŚĞŵĞƐƚŽ
ĂůůĞŐŽƌŝĞƐŽĨĂĂƚŚŽůŝĐŚƵƌĐŚƚƌŝƵŵƉŚĂŶƚĐŽŵƉƌŝƐĞƚŚĞǁŽƌůĚ͛ƐůĂƌŐĞƐƚĐŽŵƉůĞƚĞƐĞƚŽĨƚĂƉĞƐƚƌŝĞƐ͘
KƌŝŐŝŶĂůůǇŚƵŶŐĨƌŽŵƚŚĞĐŽƌŶŝĐĞƐĂůŽŶŐĞŝƚŚĞƌƐŝĚĞŽĨƚŚĞŶĂǀĞ͕ĂĨĞǁĂƌĞŽŶĚŝƐƉůĂǇŝŶƚŚĞĂƚŚĞĚƌĂů͛Ɛ
ŵƵƐĞƵŵǁŚŝůĞŽƚŚĞƌƐĂƌĞƌŽůůĞĚƵƉĂůŽŶŐƚŚĞǁĂůůƐŝŶŽƚŚĞƌƌŽŽŵƐ͕ĂƉƉĂƌĞŶƚůǇũƵƐƚŚĂǀŝŶŐĐŽŵĞďĂĐŬ
ĨƌŽŵƚŚĞƌĞƐƚŽƌĞƌƐ͘KƵƌũĂǁƐĚƌŽƉƉĞĚĂƐǁĞďĞŚĞůĚƚŚĞƐĞŵĂƐƚĞƌƉŝĞĐĞƐŽĨƚŚĞǁĞĂǀĞƌ͛ƐĂƌƚ͕ƐƵƌƉĂƐƐŝŶŐ
ĂůůŽƚŚĞƌƐǁĞŚĂǀĞƐĞĞŶŝŶƚĞƌŵƐŽĨǀŝƌƚƵŽƐŝĐĚĞƉŝĐƟŽŶƐŽĨŇĂŵĞƐ͕ƉŽŽůƐŽĨǁĂƚĞƌ͕ĂŶĚƐƚƵŶŶŝŶŐĞīĞĐƚƐ
ŽĨƚĞǆƚƵƌĞƐƐƵĐŚĂƐŐůĂƐƐ͕ĂƌŵŽƌ͕ĨƵƌƐ͕ĂŶĚƐŝůŬƐ͘ZĞŐƌĞƩĂďůǇ͕ŶŽƉŚŽƚŽƐĂƌĞƉĞƌŵŝƩĞĚĂŶĚŶĂƌǇĂďŽŽŬ
ŽƌĞǀĞŶĂƉŽƐƚĐĂƌĚŝƐƚŽďĞĨŽƵŶĚŝŶƚŚĞŵƵƐĞƵŵ͛ƐƐŚŽƉ͘tĞŚĂǀĞŽŶůǇŽƵƌŵĞŵŽƌŝĞƐĂŶĚĂĐŽƵƉůĞŽĨ
ƉŚŽƚŽƐĂǀĂŝůĂďůĞŽŶƚŚĞŽͲĂƚŚĞĚƌĂů͛ƐǁĞďƐŝƚĞ͕ƐŽŝƚůŽŽŬƐĂƐƚŚŽƵŐŚƚŚŝƐƐĞĐƌĞƚǁŝůůďĞŬĞƉƚ͊
>ĞƐƐƐĞĐƌĞƚďƵƚĞƋƵĂůůǇŶŽƚĞǁŽƌƚŚǇǁĂƐƚŚĞWĂůĂĐĞƌŵŽƵƌǇ͕ĂŵƵƐĞƵŵůŽĐĂƚĞĚŝŶƚŚĞ'ƌĂŶĚDĂƐƚĞƌ͛Ɛ
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ƐĞůĞĐƟŽŶŽĨƚŚĞ<ŶŝŐŚƚƐ͛ĂƌŵŽƌĂŶĚǁĞĂƉŽŶƐŝŶĐůƵĚŝŶŐŚƵŐĞĂŶĚƌŝĐŚůǇŽƌŶĂŵĞŶƚĞĚĐĂŶŶŽŶƐƵƐĞĚŝŶ
ƚŚĞ^ŝĞŐĞŽĨDĂůƚĂĂŶĚůĂƚĞƌďĂƩůĞƐĂƐǁĞůůĂƐƐƵŝƚƐŽĨĂƌŵŽƌǁŽƌŶŽŶĐĞƌĞŵŽŶŝĂůŽĐĐĂƐŝŽŶƐ͘tĞŚĂĚ
ƚŚĞŽƉƉŽƌƚƵŶŝƚǇƚŽǀŝƐŝƚǁŝƚŚƚŚĞƵƌĂƚŽƌ͕ZŽďĞƌƚĂƐƐĂƌ͕ĂŶĚǁĞĨŽƵŶĚŚŝŵĂŶŝŶƐƉŝƌĂƟŽŶĂƐǁĞůĞĂƌŶĞĚ
ŽĨŚŝƐƉĂƐƐŝŽŶĨŽƌƉƌĞƐĞƌǀŝŶŐDĂůƚĂ͛ƐĂƌƟƐƟĐŚĞƌŝƚĂŐĞĂŶĚŚŝƐĚĞĚŝĐĂƟŽŶƚŽĐŽŶƐĞƌǀŝŶŐƚŚĞĐŽůůĞĐƟŽŶ
ǁŚŝůĞĞǆƉĂŶĚŝŶŐƚŚĞŵƵƐĞƵŵŝŶƚŚĞĐŽŵŝŶŐǇĞĂƌƐ͘,ĞǁĂƐĂďůĞƚŽĚŝǀƵůŐĞĂƚůĞĂƐƚŽŶĞƐĞĐƌĞƚƚŽƵƐʹ
ƚŚĂƚƚŚĞĚĞŶƚƐĂƉƉĞĂƌŝŶŐƚŽďĞĞǀŝĚĞŶĐĞŽĨĂĚŝƌĞĐƚŚŝƚďǇĂŵƵƐŬĞƚďĂůůŽŶƐŽŵĞŽĨƚŚĞďƌĞĂƐƚƉůĂƚĞƐ
ǁĞƌĞƌĞĂůůǇũƵƐƚƚŚĞƌĞƐƵůƚŽĨƚŚĞŵĂŬĞƌ͛ƐďƌĂǀĂĚŽŝŶĚĞŵŽŶƐƚƌĂƟŶŐƚŚĞĂƌŵŽƌ͛ƐƚŽƵŐŚŶĞƐƐƚŽĂƉƌŽͲ
ƐƉĞĐƟǀĞƵƐĞƌ͘
KŶŽƵƌůĂƐƚƐŝŐŚƚƐĞĞŝŶŐĨŽƌĂǇ͕ƚŽƚŚĞĂŶĐŝĞŶƚƚŽǁŶƐŽĨDĚŝŶĂĂŶĚZĂďĂƚ͕ǁĞĨŽƵŶĚĂůŽĐĂƟŽŶƚŚĂƚ
ƐŚŽƵůĚĚĞĮŶŝƚĞůǇŶŽƚďĞĂƐĞĐƌĞƚ͘^ĞĂƌĐŚŝŶŐĨŽƌĂƉůĂĐĞƚŽŚĂǀĞĂƌĞůĂǆŝŶŐŐŽƵƌŵĞƚůƵŶĐŚ͕ǁĞĐĂŵĞƵƉͲ
ŽŶƚŚĞyĂƌĂWĂůĂĐĞ,ŽƚĞů͘hŶĨŽƌƚƵŶĂƚĞůǇĨŽƌƵƐ͕ŝƚƐƌĞƐƚĂƵƌĂŶƚǁĂƐĐůŽƐĞĚĨŽƌƚŚĞĚĂǇĚƵĞƚŽĂǁĞĚĚŝŶŐ
ƚĂŬŝŶŐƉůĂĐĞĂƚƚŚĞŚŽƚĞůƚŚĂƚĂŌĞƌŶŽŽŶ͕ďƵƚǁĞĞŶũŽǇĞĚůŽŽŬŝŶŐĂƌŽƵŶĚƚŚĞƉƌŽƉĞƌƚǇĂŶĚŵĂƌǀĞůŝŶŐĂƚ
ƚŚĞŵĂŐŶŝĮĐĞŶƚĂŶƟƋƵĞĚĠĐŽƌ͘dŚĞƉŽƐƐŝďŝůŝƚǇŽĨƐƚĂǇŝŶŐŝŶDĚŝŶĂ͛ƐŽŶůǇŚŽƚĞůĂŶĚĞŶũŽǇŝŶŐƚŚĞƋƵŝĞƚ
ĂƚŶŝŐŚƫŵĞŽĨƚŚĞĚĞƐĞƌƚĞĚƚŽǁŶƚŚĂƚǁĂƐƚŚĞĨŽƌŵĞƌŚĞĂĚƋƵĂƌƚĞƌƐŽĨƚŚĞ<ŶŝŐŚƚƐŽĨDĂůƚĂ͕ĂƌĞƌĞĂͲ
ƐŽŶĞŶŽƵŐŚƚŽƌĞƚƵƌŶ͘
ƐǁĞŚĞĂĚĞĚƚŽƚŚĞƉůĂŶĞŽŶŽƵƌĮŶĂůĚĂǇŝŶDĂůƚĂ͕ŝŶĐůƵĚŝŶŐƚŚĞŽďůŝŐĂƚŽƌǇĞǆŝƚƚŚƌŽƵŐŚƚŚĞƵƚǇͲ
&ƌĞĞƐƚŽƌĞ͕ǁĞƐƚŽƉƉĞĚƚŽĐŚĂƚǁŝƚŚĂƌůŽŝŶƚŚĞǁŝŶĞĚĞƉĂƌƚŵĞŶƚĂŶĚƐĞůĞĐƚĞĚŚŝƐĨĂǀŽƌŝƚĞDĂůƚĞƐĞ
ƌĞĚ͕DĂƌŶŝƐŝĨƌŽŵƚŚĞDĂƌƐŽǀŝŶǀŝŶĞǇĂƌĚ͕ƚŽƚĂŬĞďĂĐŬǁŝƚŚƵƐƚŽZŽŵĞ͘&ƌĞĞƐĂŵƉůĞƐŽĨĂũƚƌĂ>ŝͲ
ƋƵĞƵƌ͕ĂƉůĞĂƐŝŶŐŶĞĐƚĂƌŵĂĚĞĨƌŽŵƚŚĞůŽĐĂůƉƌŝĐŬůǇƉĞĂƌĐĂĐƚƵƐ͕ůĞĚƵƐƚŽƉŝĐŬƵƉĂďŽƩůĞŽĨƚŚĂƚĂƐ
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DĞƌŝĚŝĂŶĂtŝŶĞƐƚĂƚĞŚƩƉ͗ͬͬŵĞƌŝĚŝĂŶĂ͘ĐŽŵ͘ŵƚͬ
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dŚĞWĂůĂĐĞƌŵŽƵƌǇŚƩƉ͗ͬͬŚĞƌŝƚĂŐĞŵĂůƚĂ͘ŽƌŐͬŵƵƐĞƵŵƐͲƐŝƚĞƐͬƚŚĞͲƉĂůĂĐĞͲĂƌŵŽƵƌǇͬ
yĂƌĂWĂůĂĐĞ,ŽƚĞůŚƩƉ͗ͬͬǁǁǁ͘ǆĂƌĂƉĂůĂĐĞ͘ĐŽŵ͘ŵƚͬ
Meril Markley is an international tax attorney and works at UHY Advisors TX, LLC in Houston, Texas. Her articles for the
Quarterly Newsletter of the Wine Society of Texas (Greater Houston Chapter) are collected on mmarkley.com.
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ĂŶĐŝĞŶƚŵĞƚƌŽƉŽůŝƐŝŶƚŚĞƐŚĂĚŽǁŽĨ
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ĚŝƐĐŽǀĞƌƌĞŵĂƌŬĂďůĞĨŽŽĚƐ͕ǁŝŶĞƐ͕ĂŶĚ
ĐƵůƚƵƌĂůƚƌĞĂƐƵƌĞƐ͘
dŚĞƉůĂŶĨŽƌEĂƉůĞƐǁĂƐŚĂƚĐŚĞĚŽŶĂ
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ĂƚsĂƐƐĂƌŽůůĞŐĞŝŶWŽƵŐŚŬĞĞƉƐŝĞ͕
EĞǁzŽƌŬ͘ƐŵǇŚƵƐďĂŶĚ͕DŝĐŚĂĞů͕
ĂŶĚ/ƐƚŽŽĚŝŶƵŐĞŶĞ͛ƐƐƚƵĚǇƐƵƌƌŽƵŶĚĞĚďǇƚŚĞďŽŽŬƐĂŵĂƐƐĞĚĚƵƌŝŶŐŵŽƌĞƚŚĂŶĂŚĂůĨĐĞŶƚƵƌǇŽĨ
ƐĐŚŽůĂƌƐŚŝƉ͕/ǁĂƐŝŶƚƌŝŐƵĞĚďǇƚŚĞŝŵĂŐĞŽŶŚŝƐĐŽŵƉƵƚĞƌŵŽŶŝƚŽƌ͘/ƚǁĂƐWŽƌƚƌĂŝƚŽĨĂzŽƵŶŐDĂŶďǇ
'ŝŽǀĂŶŶŝĂƫƐƚĂĚŝ:ĂĐŽƉŽ;ϭϰϵϰͲϭϱϰϬͿ͕ŬŶŽǁŶĂƐŝůZŽƐƐŽ&ŝŽƌĞŶƟŶŽŽƌƚŚĞƌĞĚŚĞĂĚĨƌŽŵ&ůŽƌĞŶĐĞ͘
ƵŐĞŶĞǁĂƐǁƌŝƟŶŐĂďŽƵƚŝƚĨŽƌƚŚĞǁĞďƐŝƚĞŚĞŝƐĐƌĞĂƟŶŐ͘/ƚŝƐĚĞĚŝĐĂƚĞĚƚŽƚŚŝƐ/ƚĂůŝĂŶĂƌƟƐƚǁŚŽ
ĐƌŽƐƐĞĚƚŚĞůƉƐƚŽ&ƌĂŶĐĞĂŶĚƐƉĞŶƚĂĚĞĐĂĚĞĂƚƚŚĞĐŽƵƌƚŽĨ<ŝŶŐ&ƌĂŶĐŝƐ/͕ƚƌĂŶƐĨŽƌŵŝŶŐ&ŽŶͲ
ƚĂŝŶĞďůĞĂƵĂƐƚůĞŽƵƚƐŝĚĞWĂƌŝƐĨƌŽŵƌƵƐƟĐŚƵŶƟŶŐůŽĚŐĞƚŽƐƵŵƉƚƵŽƵƐƐŚŽǁĐĂƐĞŽĨZĞŶĂŝƐƐĂŶĐĞĚĞͲ
ƐŝŐŶ͘ƐǁĞĚŝƐĐŽǀĞƌĞĚ͕ƚŚŝƐƉŽƌƚƌĂŝƚŝŶǀŽůǀĞĚƐĞǀĞƌĂůĞŶŝŐŵĂƐĂŶĚŵǇƐƚĞƌŝĞƐŝŶĐůƵĚŝŶŐƚŚĞŽƌŝŐŝŶŽĨĂ
dƵƌŬŝƐŚĐĂƌƉĞƚĚĞƉŝĐƚĞĚƐŽĞǆĂĐƟŶŐůǇŝŶƚŚĞĨŽƌĞŐƌŽƵŶĚĂƐĂƐǇŵďŽůŽĨƚŚĞƐŝƩĞƌ͛ƐǁĞĂůƚŚĂŶĚƐŽƉŚŝƐƟͲ
ĐĂƟŽŶ͘
ϳϯ
92/80(,668(
3DJH
$92,',1*7+(67$3/(62)1$3/(6&217
^ŝŶĐĞǁĞǁĞƌĞŐŽŝŶŐƚŽďĞŝŶZŽŵĞŝŶDĂǇŽŶďƵƐŝŶĞƐƐĂŶǇǁĂǇ͕ǁŚǇŶŽƚŵĂŬĞĂƐŝĚĞͲƚƌŝƉƚŽEĂƉůĞƐ
ǁŝƚŚĂǀŝƐŝƚƚŽZŽƐƐŽ͛ƐƉŽƌƚƌĂŝƚŝŶƚŚĞDƵƐĞŽĚŝĂƉŽĚŝŵŽŶƚĞƚŽĐŚĞĐŬĂƐĞǇĞǁŝƚŶĞƐƐĞƐƐĞǀĞƌĂůĚĞƚĂŝůƐ
ĨŽƌƚŚĞƉƌŽũĞĐƚ͍/ƚƐŽƵŶĚĞĚůŝŬĞĂĨƵŶĂƐƐŝŐŶŵĞŶƚƵŶƟůĚĂǇƐďĞĨŽƌĞŽƵƌĚĞƉĂƌƚƵƌĞĨƌŽŵ,ŽƵƐƚŽŶǁŚĞŶ
ǁĞƌĞĐĞŝǀĞĚďĂĚŶĞǁƐĨƌŽŵƵŐĞŶĞ͘dŚĞƉŝĐƚƵƌĞǁĂƐŝŶ&ůŽƌĞŶĐĞĨŽƌĂƐƉĞĐŝĂůĞǆŚŝďŝƚĂŶĚǁŽƵůĚŶ͛ƚƌĞͲ
ƚƵƌŶŚŽŵĞĨŽƌƐĞǀĞƌĂůŵŽŶƚŚƐ͘ƵƚǁŝƚŚƐŽŵĂŶǇŽƚŚĞƌƚŚŝŶŐƐƚŽƐĞĞŝŶEĂƉůĞƐ͕ǁĞƐƚƵĐŬƚŽŽƵƌŽƌŝŐŝŶĂů
ŝƟŶĞƌĂƌǇĂŶĚŚĞĂĚĞĚĨŽƌƚŚĞDĞǌǌŽŐŝŽƌŶŽ͕/ƚĂůǇ͛ƐĨĂďůĞĚƐŽƵƚŚ͘
tĞƌĞŐƌĞƩĞĚƚŚĂƚĚĞĐŝƐŝŽŶĂůŵŽƐƚŝŵŵĞĚŝĂƚĞůǇĂŌĞƌĂƌƌŝǀŝŶŐŽŶƚŚĞŚŝŐŚͲƐƉĞĞĚƚƌĂŝŶĨƌŽŵZŽŵĞ͕ǁŚĞŶ
ƚŚĞƚĂǆŝĚĞƉŽƐŝƚĞĚƵƐĂƚĂĚŽŽƌǁĂǇŚƵŐĞĞŶŽƵŐŚƚŽĂĚŵŝƚĂĐĂƌƌŝĂŐĞŽƌƐĞǀĞƌĂůƌŝĚĞƌƐĂďƌĞĂƐƚŽŶŚŽƌƐĞͲ
ďĂĐŬ͘ďŽǀĞŝƚĂďĂŶŶĞƌƉƌŽĐůĂŝŵĞĚ͞ĞĐƵŵĂŶŝ,ŽƚĞůĚĞŚĂƌŵĞ͘͟ďƵĐŬĞƚͲĨƵůůŽĨƐŽŵĞƚŚŝŶŐ͕ĞũĞĐƚĞĚ
ĨƌŽŵĂŶƵƉƉĞƌͲƐƚŽƌǇǁŝŶĚŽǁĂĐƌŽƐƐƚŚĞƐƚƌĞĞƚ͕ŚĂĚŽŶůǇũƵƐƚŵŝƐƐĞĚƵƐǁŚŝůĞǁĞĂůŝŐŚƚĞĚĨƌŽŵƚŚĞĐĂď
ŝŶĂƐƚƌĞĞƚƐŽŶĂƌƌŽǁŝƚǁĂƐďĂƌĞůǇƉŽƐƐŝďůĞƚŽŽƉĞŶƚŚĞƚĂǆŝ͛ƐĚŽŽƌƐ͘tĞŵĂĚĞŽƵƌǁĂǇŝŶƚŽƚŚĞĚĂƌŬͲ
ĞŶĞĚĐŽƵƌƚǇĂƌĚ͕ŽƵƌĂƩĞŶƟŽŶĂƩƌĂĐƚĞĚďǇŶŽŝƐǇŇĂƉƉŝŶŐŽĨǁŝŶŐƐ͘tĞůŽŽŬĞĚƵƉǁĂƌĚĂŶĚƐĂǁďŽĂƌĚͲ
ĞĚͲƵƉǁŝŶĚŽǁƐǁŝƚŚƉŝŐĞŽŶƐŇǇŝŶŐŝŶĂŶĚŽƵƚƚŚƌŽƵŐŚŐĂƉŝŶŐŚŽůĞƐ͘&ŝŶĂůůǇ͕ǁĞƐƉŽƩĞĚĂŶĂƌƌŽǁ
ƉŽŝŶƟŶŐƚŽǁĂƌĚĂƐƚĂŝƌǁĂǇĂŶĚƚŚĞĞůĞǀĂƚŽƌƚŽƚŚĞƐĞĐŽŶĚŇŽŽƌǁŚĞƌĞƚŚĞƉĂƌƚŽĨƚŚĞďƵŝůĚŝŶŐŽĐĐƵͲ
ƉŝĞĚďǇƚŚĞŚŽƚĞůŝƐůŽĐĂƚĞĚ͘/ůŽŽŬĞĚĂƚDŝĐŚĂĞůƐŬĞƉƟͲ
ĐĂůůǇ͕ƐƵƉƉƌĞƐƐŝŶŐƚŚĞƵƌŐĞƚŽƉĂŶŝĐ͘,ĂĚdƌŝƉĚǀŝƐŽƌ
ƐƚĞĞƌĞĚŵĞǁƌŽŶŐ͕ĨŽƌƚŚĞĮƌƐƚƟŵĞĞǀĞƌ͕ĂŶĚůƵůůĞĚŵĞ
ŝŶƚŽďŽŽŬŝŶŐƚŚĞEĞĂƉŽůŝƚĂŶĞƋƵŝǀĂůĞŶƚŽĨĂŇŽƉͲŚŽƵƐĞ͍
tŝƚŚůŝƩůĞƐůĞĞƉƐŝŶĐĞůĞĂǀŝŶŐ,ŽƵƐƚŽŶƚŚĞƉƌĞǀŝŽƵƐ
ĂŌĞƌŶŽŽŶ͕ǁĞĚĞĐŝĚĞĚƚŽŐŝǀĞŝƚĂƐŚŽƚĂŶĚĐŽŶƐŝĚĞƌĂŶ
ĂůƚĞƌŶĂƟǀĞƚŚĞŶĞǆƚŵŽƌŶŝŶŐ͕ŝĨǁĞƐƵƌǀŝǀĞĚƚŚĞŶŝŐŚƚ͊
ƌĂŐŐŝŶŐŽƵƌďĂŐƐŽƵƚŽĨƚŚĞƟŶǇůŝŌ͕ǁĞǁĞƌĞƐƵƌƉƌŝƐĞĚ
;ĂŶĚƌĞůŝĞǀĞĚͿƚŽĮŶĚĂďƌŝŐŚƚĂŶĚŵŽĚĞƌŶƌĞĐĞƉƟŽŶ
ĂƌĞĂƐƚĂīĞĚďǇǁĞůĐŽŵŝŶŐĂŶĚŚĞůƉĨƵůǇŽƵŶŐEĞĂƉŽůŝͲ
ƚĂŶƐĞĂŐĞƌƚŽƐŚĂƌĞƚŚĞŝƌŚŽƚĞůĂŶĚƚŚĞŝƌĐŝƚǇǁŝƚŚƵƐ͘
'ĞƫŶŐƚŽŽƵƌƌŽŽŵŵĞĂŶƚĨŽůůŽǁŝŶŐůĞŶĂĂůŽŶŐĂ
ůĞŶŐƚŚǇĐŽƌƌŝĚŽƌůĞĂĚŝŶŐƚŚƌŽƵŐŚƚŚĞŵĂŐŶŝĮĐĞŶƚďƌĞĂŬͲ
ĨĂƐƚƌŽŽŵƚŚĂƚŚĂĚďĞĞŶƚŚĞƌĞĐĞƉƟŽŶŚĂůůĨŽƌƚŚĞĂƌĐŚͲ
ďŝƐŚŽƉǁŚŽƐĞƌĞƐŝĚĞŶĐĞƚŚĞďƵŝůĚŝŶŐŽŶĐĞĐŽŵƉƌŝƐĞĚ͘
EŽƚŽŶůǇǁĂƐŽƵƌƌŽŽŵƐƉĂĐŝŽƵƐĂŶĚĮůůĞĚǁŝƚŚĂŶƟƋƵĞ
ĨƵƌŶŝƚƵƌĞŝŶŐĞŶŝŽƵƐůǇĂĚĂƉƚĞĚĨŽƌƵƐĞŝŶŵŽĚĞƌŶůŽĚŐͲ
ŝŶŐƐ͕ďƵƚƚŚĞďĞĚƉƌŽǀĞĚƚŚĞŵŽƐƚĐŽŵĨŽƌƚĂďůĞŽŶĞŽŶ
ϳϰ
92/80(,668(
3DJH
$92,',1*7+(67$3/(62)1$3/(6&217
ǁŚŝĐŚǁĞŚĂǀĞĞǀĞƌƐůĞƉƚ͘^ŽŵƵĐŚĨŽƌĮƌƐƚŝŵƉƌĞƐƐŝŽŶƐ͕ĂůĞƐƐŽŶůĞĂƌŶĞĚƚŚƌŽƵŐŚŽƵƚŽƵƌƐƚĂǇǁŚĞŶ
ƌƵŶͲĚŽǁŶĂŶĚŐƌĂĸƟͲĐŽǀĞƌĞĚĞǆƚĞƌŝŽƌƐŵĂƐŬĞĚƚƌĞĂƐƵƌĞƐǁŝƚŚŝŶ͘
dŚĂŶŬƐƚŽůĞŶĂ͛ƐƐƵŐŐĞƐƟŽŶĂƐǁĞůůĂƐŚĞƌ
ƌĞĂƐƐƵƌĂŶĐĞƚŚĂƚƚŚĞĚĂƌŬĞŶĞĚƐƚƌĞĞƚƐǁĞƌĞ
ƉĞƌĨĞĐƚůǇƐĂĨĞ͕ǁĞƐƚƌŽůůĞĚĂƌŽƵŶĚϭϬϬǇĂƌĚƐ
ƚŽǁĂƌĚƚŚĞ^ƉĂĐĐĂŶĂƉŽůŝ͕ƚŚĞŵĂŝŶĚƌĂŐ
ƐƉůŝƫŶŐƚŚĞĐŝƚǇŝŶƚǁŽ͕ƚŽĞĂƚĂƚWƵůĐŝŶĞůůĂ
ŝƐƚƌŽďĞĨŽƌĞĐŽůůĂƉƐŝŶŐĨƌŽŵũĞƚůĂŐ͘dŚĞƌĞƐͲ
ƚĂƵƌĂŶƚ͕ŚŽƵƐĞĚŝŶĂĨŽƌŵĞƌŵƵƐĞƵŵĚĞĚŝĐĂƚͲ
ĞĚƚŽƚŚĞƉůƵŵƉĂŶĚďĞůŽǀĞĚĮŐƵƌĞĨƌŽŵƚŚĞ
ŽŵmĞĚŝĂĚĞůů͛ƌƚĞ͕ǁĂƐƐŵĂůůĂŶĚǁŝƚŚŝƚƐ
ŬŝƚĐŚĞŶůŽĐĂƚĞĚĚŽǁŶƐƚĂŝƌƐ͘ƐǁĞǁĞƌĞĂďŝƚĞĂƌůǇĨŽƌĚŝŶŶĞƌďǇ/ƚĂůŝĂŶƐƚĂŶĚĂƌĚƐ͕ǁĞŚĂĚƚŚĞĐŚĂŶĐĞ
ƚŽǀŝƐŝƚǁŝƚŚŽǁŶĞƌĚƵĂƌĚŽ͘,ĞĞǆƉůĂŝŶĞĚƚŚĂƚƚŚĞďŝƐƚƌŽǁĂƐŶĞǁ͕
ĚĞĚŝĐĂƚĞĚƚŽƚŚĞĨƌĞƐŚĞƐƚŽĨŝŶŐƌĞĚŝĞŶƚƐĨƌŽŵƚŚĞĂŵƉĂŶŝĂƌĞŐŝŽŶ
ĂŶĚƚŽƚŚĞďŽƵŶƚǇĨƌŽŵƚŚĞDĞĚŝƚĞƌƌĂŶĞĂŶ͘^ŝŶĐĞĚƵĂƌĚŽ͛ƐŶŐͲ
ůŝƐŚǁĂƐŽŶĂƉĂƌǁŝƚŚŵǇŚĂůƟŶŐ/ƚĂůŝĂŶ͕ŽƵƌůŝŶŐƵĂĨƌĂŶĐĂďĞĐĂŵĞ
&ƌĞŶĐŚĂƐǁĞůĞĂƌŶĞĚƚŚĂƚƚŚĞǇĞĂƌƐĚƵĂƌĚŽƐƉĞŶƚǁŽƌŬŝŶŐŝŶ
^ŽƵƚŚĞƌŶ&ƌĂŶĐĞŚĂĚŝŶƐƉŝƌĞĚŚŝŵƚŽŽƉĞŶƚŚŝƐƌĞƐƚĂƵƌĂŶƚĚĞĚŝĐĂƚͲ
ĞĚƚŽĂůůďƵƚǁŚĂƚEĂƉůĞƐŝƐƌĞŶŽǁŶĞĚĨŽƌͲͲƉŝǌǌĂ͘
,ŝƐƌĞĐŽŵŵĞŶĚĂƟŽŶĨŽƌĂĨƵůůͲďŽĚŝĞĚƌĞĚĨƌŽŵƚŚĞĂƌĞĂƌĞƐƵůƚĞĚŝŶ
ƚŚĞŵŽƐƚĞŶũŽǇĂďůĞǁŝŶĞŽĨƚŚĞƚƌŝƉʹWĂĞƐƚƵŵZŽƐƐŽϮϬϭϭĨƌŽŵ
ƚŚĞ&ƌĂƟƐǀŝŶĞǇĂƌĚʹĂƚƌŝďƵƚĞƚŽƚŚĞƐŝƚĞŽĨƐĞǀĞƌĂůĂŶĐŝĞŶƚ'ƌĞĞŬ
ƚĞŵƉůĞƐƐŽƵƚŚŽĨEĂƉůĞƐ͘ƐƚŚĞǁŝŶĞďƌĞĂƚŚĞĚ͕ǁĞĨĞĂƐƚĞĚŽŶĂŶ
ĂŵƵƐĞͲďŽƵĐŚĞŚŝŐŚůŝŐŚƟŶŐƚŚĞƐĞĂƐŽŶĂůĚĞůŝĐĂĐǇŽĨĨƌŝĞĚǌƵĐĐŚŝŶŝ
ďůŽƐƐŽŵƐƐƚƵīĞĚǁŝƚŚĂŶŚĞƌďͲŝŶĨƵƐĞĚĐŚĞĞƐĞŵŽƵƐƐĞ͘DǇŵĂŝŶ
ĐŽƵƌƐĞǁĂƐƐĐŝĂůĂƚiĞůůŝ;ƚǇƉŝĐĂůŶŽŽĚůĞƐŽĨƚŚĞƌĞŐŝŽŶͿǁŝƚŚŵƵƐƐĞůƐ
ĂŶĚŵŽƌĞǌƵĐĐŚŝŶŝďůŽƐƐŽŵƐ͘dŚĞƉĂƐƚĂǁĂƐƌŝĐŚĂŶĚĐŚĞǁǇ;ŝŶĂŐŽŽĚǁĂǇͿǁŚŝůĞƚŚĞŵƵƐƐĞůƐůĞŶƚ
ƚŚĞŝƌůŝƋƵŽƌƚŽƚŚĞůŝŐŚƚ͕ǁŽŶĚĞƌĨƵůůǇƉĞƌĨƵŵĞĚƐĂƵĐĞ͘ƐĂůĂĚŽĨĂƌƵŐƵůĂǁŝƚŚďƌĞƐĂŽůĂ;ĐƵƌĞĚďĞĞĨͿ͕
ƚŽƉƉĞĚǁŝƚŚŝŶƚĞŶƐĞůǇŇĂǀŽƌĨƵůƚŽŵĂƚŽĞƐŐƌŽǁŶŝŶƚŚĞƌŝĐŚǀŽůĐĂŶŝĐƐŽŝůŽŶƚŚĞƐůŽƉĞƐŽĨDŽƵŶƚsĞƐƵǀŝͲ
ƵƐĂŶĚĐƵƌůƐŽĨƉƵŶŐĞŶƚĐŚĞĞƐĞ͕ƌŽƵŶĚĞĚƚŚŝŶŐƐŽī͘DŝĐŚĂĞůŽƉƚĞĚĨŽƌƉŽƚĂƚŽͲĞŶĐƌƵƐƚĞĚďƌŽŶǌŝŶŽ͕ƚŚĞ
ŝŶƚĞŶƐĞŇĂǀŽƌŽǁŝŶŐƚŽƐŵĂůůĚŝƐĐƐŽĨĨƌŝĞĚƉŽƚĂƚŽĞŶĐĂƐŝŶŐƚŚĞĚĞůŝĐĂƚĞĂŶĚƐĂǀŽƌǇĮƐŚ͘ŽŶƟŶƵŝŶŐŚŝƐ
ĚĞĐĂĚĞƐͲůŽŶŐĂŶĚƚŚŽƌŽƵŐŚŝŶǀĞƐƟŐĂƟŽŶŝŶƚŽƚŚĞĚĞƐƐĞƌƚƐŽĨ/ƚĂůǇ͕DŝĐŚĂĞůƉƌŽŶŽƵŶĐĞĚƚŚĞƟƌĂŵŝƐƵ
ϳϱ
92/80(,668(
3DJH
$92,',1*7+(67$3/(62)1$3/(6&217
ƚŚĞďĞƐƚŚĞŚĂĚĞǀĞƌƚĂƐƚĞĚ͕ŽǁŝŶŐƚŽĂŶĂƌƟƐĂŶĂůŵĂƐĐĂƌƉŽŶĞĐŚĞĞƐĞǁŚŽƐĞŇĂǀŽƌǁĂƐŶŽƚŽǀĞƌƉŽǁͲ
ĞƌĞĚďǇŽƚŚĞƌŝŶŐƌĞĚŝĞŶƚƐƐƵĐŚĂƐĐŚŽĐŽůĂƚĞĂŶĚĐŽīĞĞ͘tĞůŽǀĞĚƚŚĞĨŽŽĚĂŶĚǁŝŶĞƐŽŵƵĐŚƚŚĂƚǁĞ
ĂƚĞĂƚWƵůĐŝŶĞůůĂŝƐƚƌŽĂůůƚŚƌĞĞŶŝŐŚƚƐǁĞǁĞƌĞŝŶEĂƉůĞƐ͊
ƐǁĞƋƵŝĐŬůǇĨŽƵŶĚ͕ƚŚĞĂƌĞĂǁŝƚŚŝŶĂϭϱͲŵŝŶƵƚĞǁĂůŬŽĨƚŚĞĞĐƵŵĂŶŝ,ŽƚĞůŝƐĨƵůůŽĨŚŝƐƚŽƌǇ͕ŵƵƐĞͲ
ƵŵƐ͕ĐŚƵƌĐŚĞƐ͕ĂŶĚƐŚŽƉƐǁŚŽƐĞǁŝŶĚŽǁƐŽīĞƌƌĞŶĚŝƟŽŶƐŽĨDŽƵŶƚsĞƐƵǀŝƵƐŝŶƉĂƐƚƌǇ͕ĐŚŽĐŽůĂƚĞ͕
ƉůĂƐƟĐ͕ĂŶĚŐĞůĂƚŽ͘tĞĚŝĚŶ͛ƚƐĞĞƚŚĞůĞŐĞŶĚĂƌǇǀŽůĐĂŶŽŝƚƐĞůĨƵŶƟůĂĚƌŝǀĞƵƉƚŚĞŚŝůůƐŝĚĞƚŽƚŚĞ
ĂƉŽĚŝŵŽŶƚĞWĂƌŬ͕ƚŚĞŽŶĞͲƟŵĞŚƵŶƟŶŐƉƌĞƐĞƌǀĞŽĨƚŚĞŽƵƌďŽŶƌƵůĞƌƐǁŚĞƌĞƚŚĞŝŵƉƌĞƐƐŝǀĞDƵƐĞŽ
ĚŝĂƉŽĚŝŵŽŶƚĞŝƐŚŽƵƐĞĚŝŶĂŚƵŐĞƉĂůĂĐĞĐŽŵƉůĞƚĞĚŝŶƚŚĞϭϵƚŚĐĞŶƚƵƌǇ͘
tĞŚĂĚƚĂŬĞŶĂůŽŶŐŽŶŽƵƌƚƌŝƉZŽďĞƌƚĚƐĞů͛Ɛ^ĂǀŝŶŐ/ƚĂůǇ͕ƚŚĞĂĐĐŽƵŶƚŽĨƚŚĞDŽŶƵŵĞŶƚƐDĞŶƌĞͲ
ƐƉŽŶƐŝďůĞĨŽƌƉƌĞƐĞƌǀŝŶŐĂŶĐŝĞŶƚďƵŝůĚŝŶŐƐĂƐǁĞůůĂƐƌĞƐĐƵŝŶŐǁŽƌŬƐŽĨĂƌƚĐŽŵƉƌŝƐŝŶŐ/ƚĂůǇ͚ƐƉĂƚƌŝŵŽŶǇ
ǁŚŝůĞtŽƌůĚtĂƌ//ƌĂŐĞĚĂƌŽƵŶĚƚŚĞŵ͘tŚŝůĞǁĞƐƚƌŽůůĞĚƚŚĞƋƵŝĞƚŐĂůůĞƌŝĞƐ͕ĂůŵŽƐƚĐŽŵƉůĞƚĞůǇĚĞǀŽŝĚ
ŽĨǀŝƐŝƚŽƌƐ͕ǁĞǁŝƐŚĞĚƚŚĞƉĂŝŶƟŶŐƐĐŽƵůĚƚĞůůƵƐŽĨƚŚĞŝƌŚĂƌƌŽǁŝŶŐũŽƵƌŶĞǇƐƚŽƐĞĐƌĞƚŚŝĚŝŶŐƉůĂĐĞƐŝŶ
ĐĂƐƚůĞƐĂŶĚŵŽŶĂƐƚĞƌŝĞƐ͕ŽĨŚĂƐƚǇĚĞƉĂƌƚƵƌĞƐƐƚĂĐŬĞĚůŝŬĞƐŽŵĂŶǇůŽĂǀĞƐŽĨďƌĞĂĚŝŶƚŚĞďĂĐŬŽĨŵŝůŝͲ
ƚĂƌǇƚƌƵĐŬƐĚŽĚŐŝŶŐďŽŵďĐƌĂƚĞƌƐĂŶĚƐŶŝƉĞƌĮƌĞ͘zĞƚŚĞƌĞƚŚĞǇŚƵŶŐŝŶƚŚŝƐƐĞĐƵƌĞƌĞĨƵŐĞƐƵƌƌŽƵŶĚĞĚ
ďǇƚŚĞƉĂƌŬǁŚŽƐĞƚŽǁĞƌŝŶŐŽĂŬƚƌĞĞƐĐŽŶƚƌŝďƵƚĞƚŽĂƐĞŶƐĞŽĨƉĞĂĐĞĂŶĚƟŵĞůĞƐƐŶĞƐƐ͘dŚĂƚƐŽŵĂŶǇ
ƉĞŽƉůĞŚĂĚƌŝƐŬĞĚƐŽŵƵĐŚƚŽƉƌĞƐĞƌǀĞƚŚĞŵŵĂĚĞƚŚĞƐĞǁŽƌŬƐĂůůƚŚĞŵŽƌĞƉƌĞĐŝŽƵƐƚŽƵƐ͘
dŚĞƉĂŝŶƟŶŐƐŽĨdŝƟĂŶ͕ĂƌĂǀĂŐŐŝŽ͕ĂŶĚŽƚŚĞƌ/ƚĂůŝĂŶŵĂƐƚĞƌƐ͕ĂƐǁĞůůĂƐĂŶĞǆŚŝďŝƚŽĨhƌďŝŶŽǁĂƌĞ͕ǁĞƌĞ
ĚĂǌǌůŝŶŐ͘ŚƵŐĞƌŽŽŵǁĂƐĚĞǀŽƚĞĚƚŽĂĐŽůůĞĐƟŽŶŽĨƚĂƉĞƐƚƌŝĞƐĐŽŵŵĞŵŽƌĂƟŶŐƚŚĞĂƩůĞŽĨWĂǀŝĂŝŶ
ϭϱϮϱǁŚĞŶ<ŝŶŐ&ƌĂŶĐŝƐ/ŽĨ&ƌĂŶĐĞ͕ZŽƐƐŽ͛ƐĨƵƚƵƌĞƉĂƚƌŽŶ͕ǁĂƐŶŽƚŽŶůǇĚĞĨĞĂƚĞĚďƵƚĐĂƉƚƵƌĞĚďǇƚŚĞ
^ƉĂŶŝƐŚĨŽƌĐĞƐŝŶƚŚĞĂƐĐĞŶĚĂŶĐǇŽŶƚŚĞƉĞŶŝŶƐƵůĂŽĨĂŶŽƚǇĞƚƵŶŝĮĞĚ/ƚĂůǇ͘Ƶƚ&ƌĂŶĐŝƐƵůƟŵĂƚĞůǇ
ƐŶĂƚĐŚĞĚĂƐǇŵďŽůŝĐǀŝĐƚŽƌǇĨƌŽŵƚŚĞũĂǁƐŽĨĚĞĨĞĂƚďǇŚĂǀŝŶŐŶŽƚŽŶůǇZŽƐƐŽďƵƚĂůƐŽ>ĞŽŶĂƌĚŽĚĂsŝŶͲ
ĐŝŝŶŚŝƐĞŵƉůŽǇ͘&ƌŽŵƚŚĞůĂƩĞƌ͛ƐĞƐƚĂƚĞƚŚĞŬŝŶŐƉƵƌĐŚĂƐĞĚƚŚĞDŽŶĂ>ŝƐĂĂŶĚŚƵŶŐŝƚŝŶ&ŽŶͲ
ƚĂŝŶĞďůĞĂƵWĂůĂĐĞ͘ŝĚŚĞĞŶǀŝƐŝŽŶƚŚĂƚƚŚŝƐƉĂŝŶƟŶŐŚĞĨŽƵŶĚƐŽŵĞƐŵĞƌŝǌŝŶŐǁŽƵůĚƐŽŵĞĚĂǇƌĞƐŝĚĞ
ŝŶŽŶĞŽĨŚŝƐŽƚŚĞƌƉĂůĂĐĞƐ͕ƚŚĞ>ŽƵǀƌĞ͕ĂŶĚŚĂǀĞĂƐŝŵŝůĂƌĞīĞĐƚŽŶŵŝůůŝŽŶƐŽĨǀŝƐŝƚŽƌƐĞĂĐŚǇĞĂƌĨƌŽŵ
ĂůůŽǀĞƌƚŚĞǁŽƌůĚ͍
&ĂŵŝƐŚĞĚĨƌŽŵƐƉĞŶĚŝŶŐŵŽƐƚŽĨƚŚĞĚĂǇŝŶƚŚĞDƵƐĞƵŵ͕ǁĞǁĞƌĞƌĞĂĚǇĨŽƌĂůĂƚĞůƵŶĐŚ͘tŝƚŚƚŚĞ
ŚĞůƉŽĨƚŚĞƉƉĨƌŽŵdƌŝƉĚǀŝƐŽƌ͘ĐŽŵǁĞǁĞƌĞĂďůĞƚŽĞůŝŵŝŶĂƚĞĂůůƚŚĞƉŝǌǌĂũŽŝŶƚƐŶĞĂƌŽƵƌŚŽƚĞůĂŶĚ
ƉĞƌƵƐĞƚŚĞŵĞŶƵĂƚĐŽŵĞƐĂƌă͕ĂŶŽƚŚĞƌŐĞŵŽĨĂƌĞƐƚĂƵƌĂŶƚĚĞǀŽƚĞĚƚŽůŽĐĂůŝŶŐƌĞĚŝĞŶƚƐĂŶĚĨĞĂƚƵƌŝŶŐ
ǁŝŶĞƐĨƌŽŵƚŚĞƌĞŐŝŽŶ͘dŚĞůĂƐƚŽĨƚŚĞůƵŶĐŚĞŽŶƉĂƚƌŽŶƐǁĂƐĚĞƉĂƌƟŶŐĂƐǁĞĂƌƌŝǀĞĚ͘tĞƐƉĞŶƚƚŚĞ
ŶĞǆƚƐĞǀĞƌĂůŚŽƵƌƐĞŶũŽǇŝŶŐƚŚĞĨŽŽĚĂŶĚƚĂůŬŝŶŐǁŝƚŚŽǁŶĞƌƌŝƐƟĂŶŽ͕ĂĨŽƌŵĞƌďŽĂƚĐĂƉƚĂŝŶĨƌŽŵĂͲ
Ɖƌŝ͕ǁŚŽƐĞůŽǀĞŽĨĨŽŽĚĂŶĚǁŝŶĞůĞĚŚŝŵƚŽŽƉĞŶƚŚŝƐƐƚǇůŝƐŚƌĞƐƚĂƵƌĂŶƚŽŶƚŚĞsŝĂ^ĂŶƚĂŚŝĂƌĂŶĞĂƌ
ƚŚĞĞŶƚƌĂŶĐĞƚŽƚŚĂƚĐŚƵƌĐŚ͛ƐĨĂŵŽƵƐŐĂƌĚĞŶƐ͘
ϳϲ
92/80(,668(
3DJH
$92,',1*7+(67$3/(62)1$3/(6&217
/ƚ͛ƐŶŽƚŽŌĞŶǁĞƐĞĞŐŽŽƐĞďƌĞĂƐƚŽŶĂŵĞŶƵĂŶĚ
ƐŽDŝĐŚĂĞůĐŽƵůĚŶŽƚƌĞƐŝƐƚŝƚ͘WĂŶͲƐĞĂƌĞĚǁŝƚŚ
ŐƌĞĞŶƉĞƉƉĞƌĐŽƌŶƐ͕ŝƚǁĂƐƐĞƌǀĞĚǁŝƚŚĂĐĂƌƌŽƚ
ƐĂƵĐĞĂŶĚƚŽŵĂƚŽĐŽŶĮƚ͘/ŽƉƚĞĚĨŽƌůĂƐĂŐŶĞƩĂ
ǁŝƚŚƐƚƌĂǁďĞƌƌŝĞƐ͕ƐŚƌŝŵƉ͕ĂŶĚƉŝƐƚĂĐŚŝŽƐĨƌŽŵ
ƚŚĞŝƌŚŽŵĞƚŽǁŶŽĨƌŽŶƚĞŝŶ^ŝĐŝůǇ͘dŚĞůĂƐĂŐŶĞƩĂ
ǁĂƐůŝŐŚƚĂŶĚƐĐƌƵŵƉƟŽƵƐ͕ĐŽŶƐƚƌƵĐƚĞĚŽĨĚĞůŝĐĂƚĞ
ůĂǇĞƌƐŽĨĐƌĞƉĞƐŝŶƐƚĞĂĚŽĨƉĂƐƚĂ͘&ŽƌĚĞƐƐĞƌƚ͕DŝͲ
ĐŚĂĞůŚĂĚĐĂƐƐĂƚĂĂůĨŽƌŶŽ͕ǁŚŝĐŚǁĞĐŽƵůĚƚĞƌŵ
͞ĐŚĞĞƐĞĐĂŬĞ͟ďƵƚǁŚŝĐŚǁŽƵůĚŶŽƚďĞŐŝŶƚŽĚŽũƵƐͲ
ƟĐĞƚŽƚŚŝƐƚƌĂĚŝƟŽŶĂůĐŽŶĨĞĐƟŽŶĨƌŽŵƐŽƵƚŚĞƌŶ
/ƚĂůǇŝŶǀŽůǀŝŶŐďĂŬĞĚƌŝĐŽƩĂĐŚĞĞƐĞ͕ďƌŝůůŝĂŶƚůǇƌĞŝŶͲ
ƚĞƌƉƌĞƚĞĚĂƚĐŽŵĞƐĂƌă͘tĞůŽǀĞĚƚŚĞĨŽŽĚƐŽ
ŵƵĐŚƚŚĂƚǁĞƌĞƚƵƌŶĞĚĨŽƌůƵŶĐŚƚŚĞŶĞǆƚĚĂǇ͕ĞŶͲ
ũŽǇŝŶŐŶŽŽĚůĞƐƚŽƐƐĞĚǁŝƚŚĨƌĞƐŚŵĂƌũŽƌĂŵ͕ǌƵĐĐŚŝͲ
Ŷŝ͕ĂŶĚĂƐƉĞĐŝĂůĐŚĞĞƐĞĨƌŽŵ^ŽƌƌĞŶƚŽ͕ƉůƵƐŵŽƌĞ
ĐĂƐƐĂƚĂ͕ďĞĨŽƌĞĐĂƚĐŚŝŶŐƚŚĞŚŝŐŚͲƐƉĞĞĚƚƌĂŝŶĨŽƌ
ƚŚĞŚŽƵƌͲůŽŶŐƚƌŝƉďĂĐŬƚŽZŽŵĞ͘
ZŽƐƐŽ&ŝŽƌĞŶƟŶŽ͛ƐWŽƌƚƌĂŝƚŽĨĂzŽƵŶŐDĂŶ
ǁŝůůĞǀĞŶƚƵĂůůǇŵĂŬĞŝƚƐǁĂǇďĂĐŬƚŽEĂƉůĞƐ
ĂŶĚƐŽ͕ǁĞŚŽƉĞ͕ǁŝůůǁĞ͕ǁŝƚŚƚŚĞĐŚĂŶĐĞƚŽ
ĐŽŵƉůĞƚĞŽƵƌŚŽŵĞǁŽƌŬĂƐƐŝŐŶŵĞŶƚĂŶĚĞŶͲ
ũŽǇŵŽƌĞŽĨǁŚĂƚƚŚŝƐĐĂƉƟǀĂƟŶŐĐŽƌŶĞƌŽĨ
/ƚĂůǇŚĂƐƚŽŽīĞƌ͘
EĞǆƚƟŵĞ͕ĨƌŽŵŐƌŽƩŽƚŽŐƌŽƚĞƐƋƵĞŽŶĂďƌŝĞĨ
ƐƚŽƉͲŽǀĞƌŝŶZŽŵĞ͘
ĞĐƵŵĂŶŝ,ŽƚĞůĚĞŚĂƌŵĞ͕sŝĂ^ĂŶ'ŝŽǀĂŶŶŝ
DĂŐŐŝŽƌĞWŝŐŶĂƚĞůůŝ͕ϭϱͲǁǁǁ͘ĚĞĐƵŵĂŶŝ͘ĐŽŵ
WƵůĐŝŶĞůůĂŝƐƚƌŽsŝĂ^ĂŶ'ŝŽǀĂŶŶŝDĂŐŐŝŽƌĞ
WŝŐŶĂƚĞůůŝ;ĐŽƌŶĞƌŽĨsŝĂĞŶĞĚĞƩŽƌŽĐĞͬ
^ƉĂĐĐĂŶĂƉŽůŝͿ;ŶŽǁĞďƐŝƚĞǇĞƚďƵƚĞŵĂŝůŝƐ
ƉƵůĐŝŶĞůůĂďŝƐƚƌŽΛŐŵĂŝů͘ĐŽŵͿ
ĐŽŵĞƐĂƌăZŝƐƚŽƌĂŶƚĞ͕sŝĂ^ĂŶƚĂŚŝĂƌĂ͕ϰϵʹǁǁǁ͘ĞĐŽŵĞƐĂƌĂƌŝƐƚŽƌĂŶƚĞ͘ŝƚ
ϳϳ
92/80(,668(
3DJH
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KƵƌƌĞĐĞŶƚǁŝŶƚĞƌƟŵĞǀŝƐŝƚƚŽWĂƌŝƐŐŽƚŽīƚŽĂŶŝŶĂƵƐƉŝĐŝŽƵƐƐƚĂƌƚǁŚĞŶƚŚĞƐŶŝŋĞƐ/ĂƌƌŝǀĞĚǁŝƚŚƉƌŽͲ
ŐƌĞƐƐĞĚŝŶƚŽĂŶĂƐƚǇƌĞƐƉŝƌĂƚŽƌǇŝŶĨĞĐƟŽŶ͘ƐĂƌĞƐƵůƚ͕ǁĞŚĂĚƚŽůŝŐŚƚĞŶŽƵƌŚĞĐƟĐƐĐŚĞĚƵůĞŽĨ
ŵĞĞƟŶŐƐǁŝƚŚĂŶƟƋƵĞĚĞĂůĞƌƐĂŶĚŵƵƐĞƵŵĐƵƌĂƚŽƌƐŝŶďĞƚǁĞĞŶƉŝůŐƌŝŵĂŐĞƐƚŽ>ĞƐWƵĐĞƐĚĞ^ĂŝŶƚͲ
KƵĞŶ͕ƚŚĞǁŽƌůĚ͛ƐůĂƌŐĞƐƚĂŶƟƋƵĞƐŵĂƌŬĞƚ͘KƵƌƌĞůĂǆĞĚƉĂĐĞƉƌŽǀĞĚĞŶũŽǇĂďůĞ͕ůĞĂĚŝŶŐƚŽƚŚĞĚŝƐĐŽǀͲ
ĞƌǇŽĨĂǁŽŶĚĞƌĨƵůŽůĚĞĂƚĞƌǇŝŶƚŚĞŚĞĂƌƚŽĨƚŚĞZŝŐŚƚĂŶŬĂŶĚĂīŽƌĚŝŶŐƵƐƟŵĞƚŽĚƌŝŶŬĂŶĞŶƟƌĞ
ďŽƩůĞŽĨǁŝŶĞĂƚůƵŶĐŚ͊
/ŶƐƚĞĂĚŽĨŽƵƌƵƐƵĂůĂŶĚƉƌĞĨĞƌƌĞĚŵĞĂŶƐŽĨƚƌĂŶƐƉŽƌƚʹǌŝƉƉŝŶŐĂƌŽƵŶĚŽŶƚŚĞDĠƚƌŽďĞůŽǁƐƚƌĞĞƚƐ
ĐůŽŐŐĞĚďǇƉĞƌƉĞƚƵĂůƚƌĂĸĐũĂŵƐʹǁĞƐƚƌŽůůĞĚƚŚĞĂǀĞŶƵĞƐĂŶĚďŽƵůĞǀĂƌĚƐůŝŬĞŇąŶĞƵƌƐĨƌŽŵƚŚĞďĞůůĞ
ĠƉŽƋƵĞĂŶĚƌĞǀĞůĞĚŝŶƚŚĞƐŝŐŚƚƐĂŶĚƐŽƵŶĚƐ͘ŐĂŝŶĂŶĚĂŐĂŝŶǁĞƉĂƐƐĞĚƐŚŽƉƐǁĞ͛ĚŶĞǀĞƌƐĞĞŶďĞͲ
ĨŽƌĞĂŶĚǁŚŽƐĞŵĂŝŶƉƌŽĚƵĐƚƐǁĞƌĞďĂŐĞůƐĂŶĚĐƵƉĐĂŬĞƐ͘tŚǇ͕ǁĞĂƐŬĞĚŽƵƌƐĞůǀĞƐ͕ǁŚĞŶWĂƌŝƐĂůͲ
ƌĞĂĚǇŽīĞƌƐƐŽŵĞŽĨƚŚĞŵŽƐƚĚĞůĞĐƚĂďůĞŽďũĞĐƚƐĞǀĞƌƚŽĞŵĞƌŐĞĨƌŽŵĂŶŽǀĞŶ͕ǁŽƵůĚĂŶǇŽŶĞďƵǇ
ƚŚĞƐĞĚŝƐƟŶĐƚůǇŵĞƌŝĐĂŶŝƚĞŵƐƚŚĂƚĞǀĞŶDĐĂĨĠĚŽĞƐŶŽƚƐĞůů͍tĞĚĞƐƉĂŝƌĞĚƚŚĂƚƚŚĞŝŶƚĞƌůŽƉĞƌƐ
ŵŝŐŚƚĚŝƐƉůĂĐĞďĂŐƵĞƩĞƐĂŶĚĐƌŽŝƐƐĂŶƚƐďƵƚĨŽƵŶĚŚŽƉĞŝŶƌĞĐĂůůŝŶŐƚŚĞĐŚŽĐŽůĂƚĞĐŚŝƉĐŽŽŬŝĞŝŶǀĂƐŝŽŶ
ŽĨĂƋƵĂƌƚĞƌĐĞŶƚƵƌǇĂŐŽ͕ǁŚŝĐŚĨĂĚĞĚĂǁĂǇĂƐƐǁŝŌůǇĂƐůĂƐƚƐĞĂƐŽŶ͛ƐĐŽƵƚƵƌĞ͘
KƵƌĂŶŶƵĂůƚƌŝƉƐƚŽWĂƌŝƐŵĞĂŶĂĐŚĂŶĐĞƚŽƐĂǀŽƌďĞůŽǀĞĚĚŝƐŚĞƐĨƌŽŵŽƵƌůŝƐƚŽĨĨĂǀŽƌŝƚĞŚĂƵŶƚƐ͕ǁŚŝĐŚ
ŐƌŽǁƐůĞŶŐƚŚŝĞƌĂŶĚŵŽƌĞĚĂƵŶƟŶŐǁŝƚŚĞĂĐŚǀŝƐŝƚ͘ΎDǇŚƵƐďĂŶĚ͕DŝĐŚĂĞů͕ŝƐƉĂƐƐŝŽŶĂƚĞĂďŽƵƚ&ƌĞŶĐŚ
ĐƵŝƐŝŶĞŽĨĂůůƐŽƌƚƐ͕ĨƌŽŵƐƵƉĞƌďĚƵĐŬďƌĞĂƐƚƐĂŵƉůĞĚĂƚƚŚĞƚĞŵƉůĞƐŽĨŐĂƐƚƌŽŶŽŵǇŝŶWĂƌŝƐĂŶĚ>ǇŽŶƚŽ
ǁŚŽůĞĐŚŝĐŬĞŶƐƐĞƌǀĞĚƵƉŝŶƌƵƌĂůŵĂƌŬĞƚƚŽǁŶƐĨƌŽŵŐůĂƐƐͲƐŝĚĞĚďŽǆƚƌƵĐŬƐĮƩĞĚǁŝƚŚƌŽƟƐƐĞƌŝĞŽǀĞŶƐ
ĞŵŝƫŶŐƚŚĞŝƌƌĞƐŝƐƟďůĞĨƌĂŐƌĂŶĐĞŽĨƌŽĂƐƟŶŐƉŽƵůƚƌǇ͘tŚŝůĞDŝĐŚĂĞůŝƐĂĨŽƌŵŝĚĂďůĞĐŽŽŬ͕ĂĚǀĞŶƚƵƌĞͲ
ƐŽŵĞĞĂƚĞƌ͕ĂŶĚƌĞůĞŶƚůĞƐƐǁŚĞŶŝƚĐŽŵĞƐƚŽĐŚĂƐŝŶŐĚŽǁŶďĞůŽǀĞĚĚŝƐŚĞƐ͕/ĂŵŚĂƉƉŝůǇĂůŽŶŐĨŽƌƚŚĞ
ƌŝĚĞ͘ŶĚƐŽŝƚǁĂƐƚŚĂƚǁĞƵŶĐŽǀĞƌĞĚĂŶĞǁĨĂǀŽƌŝƚĞƐƉŽƚ͘ŶĚ͕ĂƐŽŌĞŶŚĂƉƉĞŶƐ͕ƚŚĞĚŝƐĐŽǀĞƌǇǁĂƐ
ĂĐĐŝĚĞŶƚĂů͘
DŝƌǇĂŵ͕ŽŶĚƵƚǇĂƚŽƵƌŚŽƚĞů͛ƐĨƌŽŶƚĚĞƐŬ͕ŝƐĂĐĐƵƐƚŽŵĞĚƚŽĮĞůĚŝŶŐĂůůƐŽƌƚƐŽĨƚŽƵƌŝƐƚĞŶƚƌĞĂƟĞƐ͘^ŚĞ
ŽǀĞƌŚĞĂƌĚDŝĐŚĂĞů͛ƐůĂŵĞŶƚƐƵƉŽŶůĞĂƌŶŝŶŐƚŚĂƚƉĂƌŵĞŶƟĞƌĚĞĐĂŶĂƌĚǁĂƐŶŽůŽŶŐĞƌĂǀĂŝůĂďůĞĂƚ>ĞƐ
ĂƉƌŝĐĞƐĚĞŚĂƌůŽƩĞ͕ŽƵƌďĞůŽǀĞĚďƌĞĂŬĨĂƐƚͲƚŚƌŽƵŐŚͲĚŝŶŶĞƌͲĂŶĚͲŐƌĞĂƚͲƉĂƐƚƌǇͲĂŶǇƟŵĞƐƉŽƚŽŶƚŚĞ
ĐŽƌŶĞƌ͘EĂŵĞĚĨŽƌŶƚŽŝŶĞͲƵŐƵƐƟŶWĂƌŵĞŶƟĞƌ͕ǁŚŽĐŚĂŵƉŝŽŶĞĚĐŽŽŬŝŶŐǁŝƚŚƉŽƚĂƚŽĞƐďĂĐŬǁŚĞŶ
ƚŚĞǇǁĞƌĞĞǆŽƟĐƚƵďĞƌƐŶĞǁƚŽƵƌŽƉĞĂŶĐŽŽŬƐ͕ƉĂƌŵĞŶƟĞƌĚĞĐĂŶĂƌĚŝƐĂƐƟĐŬͲƚŽͲǇŽƵƌͲƌŝďƐǁŝŶƚĞƌͲ
ƟŵĞĐĂƐƐĞƌŽůĞŽĨĚƵĐŬĂŶĚƉƵƌĠĞĚƉŽƚĂƚŽĞƐ͘DŝƌǇĂŵ͛ƐŝŶƚĞƌŶĞƚƐůĞƵƚŚŝŶŐǇŝĞůĚĞĚĂďŝƐƚƌŽ͕ũƵƐƚŽīƚŚĞ
WůĂĐĞĚĞůĂŽŶĐŽƌĚĞ͕ǁŚŽƐĞǁĞďƐŝƚĞƉƌŽĐůĂŝŵĞĚƉĂƌŵĞŶƟĞƌĚĞĐĂŶĂƌĚĂŵŽŶŐŝƚƐƐƉĞĐŝĂůƟĞƐ͘tĞĚĞͲ
ĐŝĚĞĚƚŽĂŵďůĞŽǀĞƌĂŶĚĐŚĞĐŬŝƚŽƵƚ͘
ƐŽŌĞŶŚĂƉƉĞŶƐŝŶ&ƌĂŶĐĞ͕ǁĞďƐŝƚĞƐƚŽƵƚ
ŝŶĨŽƌŵĂƟŽŶůŝŬĞĂĚŝŐŝƚĂůďŝůůďŽĂƌĚďƵƚĂƌĞ
ƌĂƌĞůǇƵƉĚĂƚĞĚ͘KŶĂƌƌŝǀŝŶŐ͕ǁĞůĞĂƌŶĞĚƚŚĂƚ
ƚŚĞďŝƐƚƌŽĚŝĚŶ͛ƚŽīĞƌƉĂƌŵĞŶƟĞƌĚĞĐĂŶĂƌĚ
ĂŶǇŵŽƌĞĂŶĚƐŽDŝĐŚĂĞůƌĂƩůĞĚŽīĂĐĂƚĂͲ
ůŽŐƵĞŽĨŽƚŚĞƌƚƌĂĚŝƟŽŶĂůĨĂǀŽƌŝƚĞƐŝŶƚŚĞ
ŚŽƉĞƚŚĂƚŽŶĞŽĨƚŚĞŵŵŝŐŚƚďĞĂǀĂŝůĂďůĞ͘
ƌŝĐ͕ƚŚĞĞŶƚŚƵƐŝĂƐƟĐŵĂŶĂŐĞƌ͕ůĂƚĐŚĞĚŽŶƚŽ
ŽŶĞŝƚĞŵŽŶƚŚĞůŝƐƚʹƌŝƐĚĞǀĞĂƵ;ǀĞĂůƐǁĞĞƚͲ
ďƌĞĂĚƐͿʹŝŶƚŚĞŚŽƉĞŽĨƐĂůǀĂŐŝŶŐƚŚŝŶŐƐ͘EŽ͕
ƚŚĞďŝƐƚƌŽĚŝĚŶ͛ƚŽīĞƌƚŚŝƐĚŝƐŚďƵƚĂƐŝƐƚĞƌ
5LVGHYHDX
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92/80(,668(
3DJH
3 $ 5 , 6 $ 7 $ 6 1 $ , /· 6 3 $ & ( & 2 1 7 ĞĂƚĞƌǇǁŚĞƌĞŚĞǁĂƐĂůƐŽĂŵĂŶĂŐĞƌ͕>͛ƐĐĂƌŐŽƚDŽŶƚŽƌŐƵĞŝů;ƚŚĞƐŶĂŝůŽŶDŽŶƚŽƌŐƵĞŝů^ƚƌĞĞƚͿ͕ǁĂƐ
ŽƉĞŶƐĞǀĞŶĚĂǇƐĂǁĞĞŬĂŶĚƉƌĞƉĂƌĞĚŝƚĞǀĞƌǇĚĂǇ͊
tĞŬĞƉƚƚŚŝƐŝŶŵŝŶĚĂƐǁĞŚĞĂĚĞĚŽƵƚƚŚĞŶĞǆƚŵŽƌŶŝŶŐĨŽƌƐŽŵĞƐĞƌŝŽƵƐƐŚŽƉƉŝŶŐ͕ďƵƚŶŽƚŽĨƚŚĞ
ĨĂƐŚŝŽŶǀĂƌŝĞƚǇ͘KƵƌĚĞƐƟŶĂƟŽŶǁĂƐƚŚĞ,sǁŝƚŚĂƉůĂŶĨŽƌůƵŶĐŚĂŌĞƌǁĂƌĚĂƚ>͛ƐĐĂƌŐŽƚDŽŶͲ
ƚŽƌŐƵĞŝů͕ĂƚĞŶͲŵŝŶƵƚĞǁĂůŬĂǁĂǇ͘
dŚĞ,sŽƌĂǌĂƌĚĞů͛,ƀƚĞůĚĞsŝůůĞŝƐĂ&ƌĞŶĐŚĚĞƉĂƌƚŵĞŶƚƐƚŽƌĞůŽĐĂƚĞĚďǇŝƚǇ,ĂůůĂŶĚǁŚŽƐĞďĂƐĞͲ
ŵĞŶƚŚŽƵƐĞƐĂŚŽŵĞŝŵƉƌŽǀĞŵĞŶƚĂŶĚƐƵŶĚƌŝĞƐƐƚŽƌĞůŝŬĞŶŽŽƚŚĞƌ͕ƐƉĂŶŶŝŶŐĂĐŝƚǇďůŽĐŬ͘dŚĞǇĞǀĞŶ
ƐƚŽĐŬĂůůƚŚĞƐƵƉƉůŝĞƐŶĞĞĚĞĚĨŽƌŚŽŵĞǁŝŶĞͲŵĂŬŝŶŐʹĞǆĐĞƉƚƚŚĞŐƌĂƉĞƐ͘tĞƐƉĞŶƚŚŽƵƌƐĞŶũŽǇŝŶŐƚŚĞ
ŝŵƉƌĞƐƐŝǀĞĂƌƌĂǇŽĨƉƌŽĚƵĐƚƐĂŶĚĐŚĂƫŶŐǁŝƚŚƚŚĞŬŶŽǁůĞĚŐĞĂďůĞƐƚĂīĂďŽƵƚĞůĞĐƚƌŝĐĂůŝƐƐƵĞƐDŝĐŚĂĞů
ǁĂƐŚŽƉŝŶŐƚŽƌĞƐŽůǀĞĨŽƌƌĞŶŽǀĂƟŶŐĂŶƟƋƵĞĐŚĂŶĚĞůŝĞƌƐ͘tŚŝůĞŚĞĚŝĚŶ͛ƚĮŶĚƚŚĞůŝŐŚƚďƵůďĂĚĂƉƚĞƌ
ŚĞǁĂƐƐĞĞŬŝŶŐ͕/ƐŶĂƌĞĚĂƉĂŝƌŽĨǀŝŽůĞƚůĞĂƚŚĞƌƐŚŽĞůĂĐĞƐ/͛ĚďĞĞŶƐƚĂůŬŝŶŐĨŽƌǇĞĂƌƐ͊^ƵĐŚŝƐƚŚĞƚǇƉŝĐĂů
,sƐƚŽƌǇĂŶĚǁŚǇƚŚŝƐŽŶĞͲŽĨͲĂͲŬŝŶĚĞŵƉŽƌŝƵŵƐŚŽƵůĚďĞŽŶĞǀĞƌǇƚŽƵƌŝƐƚŝƟŶĞƌĂƌǇ͘ŵĞƌŐŝŶŐĨƌŽŵ
ƚŚĞďĂƐĞŵĞŶƚŝŶƚŽďƌŝůůŝĂŶƚǁŝŶƚĞƌƐƵŶƐŚŝŶĞ͕ůŝŬĞƐŶĂŝůƐƉĞĞƌŝŶŐŽƵƚŽĨŽƵƌƐŚĞůůƐ͕ǁĞǁĞƌĞƌĞĂĚǇĨŽƌ
ůƵŶĐŚ͊
>ŽĐĂƚĞĚũƵƐƚƐƚĞƉƐĨƌŽŵƚŚĞŚąƚĞůĞƚͲ>ĞƐͲ,ĂůůĞƐ
ƚƌĂŶƐƉŽƌƚĂŶĚƐŚŽƉƉŝŶŐŚƵďƚŚĂƚǁĂƐƉƌĞǀŝŽƵƐůǇ
ƚŚĞůŽĐĂƟŽŶŽĨƚŚĞĐŝƚǇ͛ƐĐĞŶƚƌĂůĨŽŽĚŵĂƌŬĞƚĂŶĚ
ƐůĂƵŐŚƚĞƌŚŽƵƐĞƐƐŝŶĐĞŵĞĚŝĞǀĂůƟŵĞƐ͕>͛ƐĐĂƌͲ
ŐŽƚDŽŶƚŽƌŐƵĞŝůĚĂƚĞƐďĂĐŬƚŽϭϴϯϮǁŚĞŶWĂƌŝƐ͛
ŵŽƐƚƉŽƉƵůĂƌƌĞƐƚĂƵƌĂŶƚƐƐƵƌƌŽƵŶĚĞĚƚŚĞŵĂƌŬĞƚ
ĂƌĞĂĂŶĚŽīĞƌĞĚŝƚĞŵƐƐƵĐŚĂƐƌŝƐĚĞǀĞĂƵƌŽƵͲ
ƟŶĞůǇ͘ĞĚŝĐĂƟŽŶƚŽƐĞƌǀŝŶŐŽīĂůĂŶĚƵƟůŝǌŝŶŐĂůů
ŽĨĂƐůĂƵŐŚƚĞƌĞĚĂŶŝŵĂůǁĂƐĂƚƚŚĞŚĞĂƌƚŽĨƚŚĞƐĞ
ĞĂƚĞƌŝĞƐ͕ƉƌĞͲĚĂƟŶŐƚŚĞ͞ǁŚŽůĞŚŽŐ͟Žƌ͞ŶŽƐĞͲƚŽͲ
ƚĂŝů͟ŵŽǀĞŵĞŶƚƐŽĨƚŚĞůĂƐƚĚĞĐĂĚĞ͘
KŶƚŚŝƐĮƌƐƚǀŝƐŝƚ͕ǁĞǁĞƌĞƐĞĂƚĞĚŽŶƚŚĞƐĞĐŽŶĚŇŽŽƌďǇƚŚĞƚŽƉŽĨĂŶĂƌƌŽǁƐƉŝƌĂůƐƚĂŝƌĐĂƐĞĂƚĂůŝƩůĞ
ƚĂďůĞĨƌŽŵǁŚĞƌĞǁĞĐŽƵůĚŽďƐĞƌǀĞƚŚĞƌĞƐƚĂƵƌĂŶƚ͛ƐĚĞǀŽƟŽŶƚŽƐŶĂŝůƐ͘dŚŝƐŝŶĐůƵĚĞĚƚŚĞŐŝĂŶƚŐŽůĚ
ŽŶĞƐŽƵƚƐŝĚĞƚŚĞĨƌŽŶƚǁŝŶĚŽǁ͕ƚŚĞƟŶŝĞƌŐŽůĚŽŶĞƐŝŶƚŚĞƉĂƩĞƌŶŽĨƚŚĞĐĂƌƉĞƚ͕ĂŶĚƚŚĞĚĞƐŝŐŶƐ
ĞƚĐŚĞĚŽŶƚŽƚŚĞǁĂƚĞƌŐůĂƐƐĞƐ͘ĞƐƚŽĨĂůůǁĞƌĞƚŚĞƉůĂƚĞƐŽĨĞƐĐĂƌŐŽƚƐ͕ďŽƌŶĞƐŬŝůůĨƵůůǇƵƉƚŚĞƐƚĂŝƌƐďǇ
ƚŚĞƐƚĂīĂŶĚĚĞƐƟŶĞĚĨŽƌĞĂŐĞƌĚŝŶĞƌƐ͕ƚƌĂŝůŝŶŐĂŶŝŶƚĞŶƐĞĂƌŽŵĂŽĨŐĂƌůŝĐďƵƩĞƌǁŚŝĐŚĞŶŐƵůĨĞĚƵƐĂƐ
ǁĞƉĞƌƵƐĞĚƚŚĞŵĞŶƵ͘
/͛ŵŶŽƚĂƐŶĂŝůĞĂƚĞƌĂŶĚĂŵƐƋƵĞĂŵŝƐŚĂďŽƵƚƚŚĞǁŚŽůĞƉƌŽĐĞƐƐŽĨƉƵƌŐŝŶŐ͕ŬŝůůŝŶŐ͕ƌĞŵŽǀĂůĨƌŽŵƚŚĞ
ƐŚĞůůĂŶĚĞǀĞŶƚƵĂůůǇŝŶƐĞƌƟŶŐƐŶĂŝůŵĞĂƚďĂĐŬŝŶƚŽĂƐŚĞůůĨŽƌĐŽŽŬŝŶŐ͘ƵƚDŝĐŚĂĞůĂĚŽƌĞƐƚŚĞŵ͘,Ğ
ƐƚĂƌƚĞĚǁŝƚŚĂƉůĂƚĞŽĨƐŝǆ͕ƉƌĞƉĂƌĞĚƚŚĞƚƌĂĚŝƟŽŶĂůǁĂǇǁŝƚŚŐĂƌůŝĐďƵƩĞƌĂŶĚĂďŝƚŽĨǁŚŝƚĞǁŝŶĞĂŶĚ
ƉĂƌƐůĞǇ͕ďĂƐĞĚŽŶĂƌĞĐŝƉĞĚĂƟŶŐďĂĐŬƚŽƚŚĞĨŽƵŶĚŝŶŐŽĨ>͛ƐĐĂƌŐŽƚDŽŶƚŽƌŐƵĞŝů͘tŝĞůĚŝŶŐůŝŬĞĂƉƌŽ
ƚŚĞĐŽŶƚƌĂƉƟŽŶĨŽƌŚŽůĚŝŶŐƚŚĞƐŶĂŝůƐŚĞůůĂŶĚƚŚĞƐŚŽƌƚƐůĞŶĚĞƌĨŽƌŬĨŽƌĞǆƚƌĂĐƟŶŐƚŚĞŵĞĂƚ͕ŚĞĚĞŌůǇ
ĐĂƉƚƵƌĞĚĞǀĞƌǇŵŽƌƐĞůĂŶĚƉƌŽŶŽƵŶĐĞĚƚŚĞƐŶĂŝůƐƐƵƉĞƌď͘
ƵƚŚŽǁƚŽĞǆƉůĂŝŶƚŚŝƐ&ƌĞŶĐŚŽďƐĞƐƐŝŽŶǁŝƚŚƐŶĂŝůƐ͍KƚŚĞƌƐŶĂŝůƐŝŐŚƟŶŐƐŽŶŽƵƌǁĂůŬƐƚŚƌŽƵŐŚƚŚĞ
ĐŝƚǇŝŶĐůƵĚĞĚ͞ĞƐĐĂƌŐŽƚƐ͟ĚŝƐƉůĂǇĞĚŝŶďĂŬĞƌǇǁŝŶĚŽǁƐ͘^ƉŝƌĂůͲƐŚĂƉĞĚĂŶĚŵĂĚĞĨƌŽŵĚŽƵŐŚǁŝƚŚƌĂŝͲ
ƐŝŶƐ͕ƚŚĞǇƌĞƐĞŵďůĞŵĞƌŝĐĂŶĐŝŶŶĂŵŽŶďƵŶƐ͘ǀĞŶƚŚĞ>ŽƵǀƌĞĐŽŶƚƌŝďƵƚĞĚ͕ĞǆŚŝďŝƟŶŐĂϭϳƚŚĐĞŶƚƵƌǇ
ϳϵ
92/80(,668(
3DJH
3 $ 5 , 6 $ 7 $ 6 1 $ , /· 6 3 $ & ( & 2 1 7 ƐƟůůůŝĨĞďǇďƌĂŚĂŵDŝŐŶŽŶǁŚĞƌĞƚŚĞƟŶǇŐĂƐͲ
ƚƌŽƉŽĚŝƐƉŽƌƚƌĂǇĞĚĂŵŽŶŐůĂǀŝƐŚďĂŶƋƵĞƚͲ
ŵĂŬŝŶŐƐĂŵĂƐƐĞĚŝŶĂŐƌŽƩŽ͘
ŽŶƐŝĚĞƌĞĚŵĞĞŬ͕ůĂǌǇ͕ĂŶĚĂŐĂƌĚĞŶƉĞƐƚŝŶŽƵƌ
ƟŵĞƐ͕ƐŶĂŝůƐĞŶũŽǇĞĚĂŵŽƌĞĨĞƌŽĐŝŽƵƐƌĞƉƵƚĂͲ
ƟŽŶŝŶƚŚĞDŝĚĚůĞŐĞƐǁŚĞŶ͕ĂůŽŶŐƚŚĞďŽƌĚĞƌƐ
ŽĨŶƵŵĞƌŽƵƐ&ƌĞŶĐŚŵĂŶƵƐĐƌŝƉƚƐ͕ƚŚĞǇǁĞƌĞĚĞͲ
ƉŝĐƚĞĚůĂƌŐĞƌƚŚĂŶůŝĨĞĂŶĚŝŶďĞůůŝĐŽƐĞƉŽƐĞƐ͘
tĂƐƚŚĞƐŶĂŝůĂŐĞŶĞƌŝĐƐƚĂŶĚͲŝŶĨŽƌĚĞĂĚůǇǁĂƌƌŝͲ
ŽƌƐ͕ŵĞŶĂĐŝŶŐĂŶĚĂŶŽŶǇŵŽƵƐǁŚŝůĞŚŝĚĚĞŶďĞͲ
6WLOOOLIHZLWKUDEELWGHWDLO
ŚŝŶĚƚŚĞŝƌŚĞůŵĞƚ͛ƐǀŝƐŽƌ͕ǁŚŝĐŚĂǀĂůŝĂŶƚŬŶŝŐŚƚ
ŵŝŐŚƚďĞĨŽƌĐĞĚƚŽǀĂŶƋƵŝƐŚ͍dƌĂǀĞůŝŶŐĂƌŽƵŶĚǁŝƚŚŝƚƐƐŚĞůůůŝŬĞĂƉƌŽƚĞĐƟǀĞƐƵŝƚŽĨĂƌŵŽƌ͕ƚŚĞƐŶĂŝů
ĐŽƵůĚĞŵĞƌŐĞĂƚĂŶǇƟŵĞ͕ƌĞĂĚǇĨŽƌďĂƩůĞ͕ũƵƐƚůŝŬĞĂŬŶŝŐŚƚŽĨƵŶŬŶŽǁŶĂůůĞŐŝĂŶĐĞ͙ŵĂǇďĞĨƌŝĞŶĚ͕
ŵĂǇďĞĨŽĞ͘tŚĂƚĞǀĞƌƚŚĞĞǆƉůĂŶĂƟŽŶ͕ƚŚĞƐĞƐŶĂŝůƐĂƌĞŝŶƚƌŝŐƵŝŶŐĂŶĚƐŝŐŶĂůƚŚĞŝƌŝŵƉŽƌƚĂŶĐĞŝŶ&ƌĞŶĐŚ
ĐƵůƚƵƌĞďĞǇŽŶĚƚŚĞŬŝƚĐŚĞŶ͘
ŽŶƟŶƵŝŶŐǁŝƚŚŽƵƌŵĞĂů͕DŝĐŚĂĞůĨĞĂƐƚĞĚŽŶƌŝƐĚĞǀĞĂƵĂƐŚŝƐŵĂŝŶĐŽƵƌƐĞ͘/ƚǁĂƐĐŽŽŬĞĚƚŽƉĞƌĨĞĐͲ
ƟŽŶǁŝƚŚƚŚĞĐƌĞĂŵǇƚĞǆƚƵƌĞĂŶĚĚĞůŝĐĂƚĞĐƌƵƐƟŶĞƐƐŽŶůǇĂŶĂĐĐŽŵƉůŝƐŚĞĚŵĂƐƚĞƌŽĨƚŚĞƐĂƵƚŽŝƌƉĂŶ
ĐĂŶƉƌŽĚƵĐĞ͘^ĞƌǀĞĚŽŶĂďĞĚŽĨƉĞƟƚĞŇĂǀŽƌĨƵůƉŽƚĂƚŽĞƐĂŶĚŵƵƐŚƌŽŽŵƐ;ƉůĞƵƌŽƚĞƐͿĂůŽŶŐǁŝƚŚĂ
ĚƌŝǌǌůĞŽĨǀĞĂůƌĞĚƵĐƟŽŶƐĂƵĐĞ͕ƚŚĞĚŝƐŚǁĂƐĂŵĂƐƚĞƌƉŝĞĐĞ͘,ĂǀŝŶŐƉĂƐƐĞĚŽŶƚŚĞƐŶĂŝůƐĂŶĚĚĞůĞŐĂƚĞĚ
ƚŽDŝĐŚĂĞůƚŚĞƌŽůĞŽĨŐƵŝŶĞĂƉŝŐĨŽƌƌŝƐĚĞǀĞĂƵ͕/ŽƉƚĞĚĨŽƌĂƉŽƌŬĐŚŽƉʹĨĂƌŵͲƌĂŝƐĞĚ͕ƉĂŶͲĨƌŝĞĚ͕ĂŶĚ
ĚĞĞƉůǇŇĂǀŽƌĨƵů͘/ƚǁĂƐƐĞƌǀĞĚǁŝƚŚƉƵƌĠĞĚƉŽƚĂƚŽĞƐĂŶĚĂƐĂƵĐĞŽĨŝŶƚĞŶƐĞĂŶĚĨƌĂŐƌĂŶƚƉĂŶĚƌŝƉƉŝŶŐƐ͘
sĞƌďĂůĚĞƐĐƌŝƉƟŽŶƐĐĂŶŶŽƚďĞŐŝŶƚŽĚŽũƵƐƟĐĞƚŽƚŚĞƐĞĚŝƐŚĞƐŽƌĞǀŽŬĞƚŚĞƵƩĞƌƉůĞĂƐƵƌĞƚŚĞǇƉƌŽǀŝĚͲ
ĞĚ͘dŽĂĐĐŽŵƉĂŶǇŽƵƌŵĞĂůǁĞĚƌĂŶŬĂƌĞĚ^ĂŶĐĞƌƌĞǁŝŶĞ͕>ĞƐŚąƚĂŝŐŶŝĞƌƐϮϬϭϮ͕ĨƌŽŵƚŚĞ>ŽŝƌĞsĂůͲ
ůĞǇ͘/ƚƐůŝŐŚƚĂŶĚĨƌƵŝƚǇŶĂƚƵƌĞŵĂĚĞŝƚƚŚĞƉĞƌĨĞĐƚĂĐĐŽŵƉĂŶŝŵĞŶƚƚŽŽƵƌŵĂŝŶĐŽƵƌƐĞƐ͘
,ŽŽŬĞĚŽŶ>͛ƐĐĂƌŐŽƚDŽŶƚŽƌŐƵĞŝů͕ǁĞŝŵŵĞĚŝĂƚĞůǇƌĞƐĞƌǀĞĚŽƵƌŶĞǆƚŵĞĂů͘tĞǁŽƵůĚŚĂǀĞůƵŶĐŚŽŶ
EĞǁzĞĂƌ͛ƐĂǇĂƐƚŚĞŝĚĞĂůǁĂǇƚŽƵƐŚĞƌŝŶϮϬϭϱ͘KŶƚŚŝƐƐĞĐŽŶĚǀŝƐŝƚ͕ƌŝĐŐƌĞĞƚĞĚƵƐǁĂƌŵůǇĂŶĚ
ƐĞĂƚĞĚƵƐŝŶƚŚĞĚŝŶŝŶŐƌŽŽŵŽŶƚŚĞŐƌŽƵŶĚŇŽŽƌǁŚĞƌĞƚŚĞĚĠĐŽƌ͕ŝŶĐůƵĚŝŶŐďĞĂƵƟĨƵůůǇƉĂŝŶƚĞĚĐĞŝůͲ
ŝŶŐƐ͕ǀĞůǀĞƚďĂŶƋƵĞƩĞƐ͕ĞůĂďŽƌĂƚĞďƌĂƐƐůŝŐŚƟŶŐĮǆƚƵƌĞƐ͕ĂŶĚŚƵŐĞŵŝƌƌŽƌƐ͕ĞǀŽŬĞƐĂďĞůůĞĠƉŽƋƵĞƉĞĚŝͲ
ŐƌĞĞ͘KŶĞŚĂůĨĞǆƉĞĐƚĞĚDƵƐĞƩĂƚŽǁĂůƚǌŝŶŽŶƚŚĞĂƌŵŽĨĂŵŽŶĞǇĞĚďĞĂƵĂŶĚďƌĞĂŬŝŶƚŽƐŽŶŐ͘
tĞďŽƚŚŽƌĚĞƌĞĚƌŝƐĚĞǀĞĂƵďƵƚDŝĐŚĂĞůƉƌĞĐĞĚĞĚŝƚǁŝƚŚƉĂŶͲƐĞĂƌĞĚĨŽŝĞŐƌĂƐĂĐĐŽŵƉĂŶŝĞĚďǇĮŐ
ũĂŵ͘dŚĞƐůŝĐĞƐŽĨĚƵĐŬůŝǀĞƌǁĞƌĞƉĞƌĨĞĐƚůǇĐŽŽŬĞĚ͕ƐůŝŐŚƚůǇƉŝŶŬ͕ĂŶĚĞŶƟƌĞůǇƐĐƌƵŵƉƟŽƵƐ͘ŌĞƌŽƵƌ
ŵĂŝŶĐŽƵƌƐĞǁĞĮŶŝƐŚĞĚŽīŽƵƌďŽƩůĞŽĨ^ĂŶĐĞƌƌĞ
ǁŝƚŚƐŽŵĞĂƌƟƐĂŶĂůĂŶƚĂůĐŚĞĞƐĞĂŶĚŚƵŶŬƐŽĨ
>͛ƐĐĂƌŐŽƚ͛ƐƐŝŐŶĂƚƵƌĞďĂŐƵĞƩĞĞŶĐƌƵƐƚĞĚǁŝƚŚ
ƉŽƉƉǇƐĞĞĚƐʹĂƌĞŵŝŶĚĞƌŶĞǀĞƌƚŽƐŬŝƉƚŚĞĐŚĞĞƐĞ
ĐŽƵƌƐĞĂƚĂĮŶĞ&ƌĞŶĐŚĞĂƚĞƌǇ͘ĂƉƉŝŶŐŽƵƌŵĞĂů
ǁĂƐ>͛ƐĐĂƌŐŽƚ͛ƐĞǆƋƵŝƐŝƚĞƚĂŬĞŽŶƚŚĞƚƌĂĚŝƟŽŶĂů
ĚĞƐƐĞƌƚǁĞŚĂĚŚĞĂƌĚĂďŽƵƚĂůůŽƵƌůŝǀĞƐďƵƚŶĞǀĞƌ
ƚƌŝĞĚʹĐƌġƉĞƐƐƵǌĞƩĞ͘ĞůŝĐĂƚĞƉĂŶĐĂŬĞƐǁŝƚŚĂŶ
ŝŶƚĞŶƐĞůǇŽƌĂŶŐĞͲŇĂǀŽƌĞĚƐĂƵĐĞ͕ƚŚĞǇǁĞƌĞƉƌĞͲ
NQLJKWYVVQDLO
ƉĂƌĞĚďǇƌŝĐƚĂďůĞƐŝĚĞǁŝƚŚĂŇĂŵŝŶŐŇŽƵƌŝƐŚ͘
ϴϬ
92/80(,668(
3DJH
3 $ 5 , 6 $ 7 $ 6 1 $ , /· 6 3 $ & ( & 2 1 7 /ĨƚŚŝƐĂůůƐŽƵŶĚƐƚŽƵƌŝƐƚǇ͕ŝƚǁĂƐŶ͛ƚ͘tŚŝůĞƐŽŵĞƉĂƚƌŽŶƐǁĞƌĞĨŽƌͲ
ĞŝŐŶĞƌƐŬĞĞŶŽŶƚŚĞŝƌĮƌƐƚĞǆƉĞƌŝĞŶĐĞǁŝƚŚƐŶĂŝůƐ͕ŵŽƐƚǁĞƌĞĚŝƐͲ
ĐĞƌŶĂďůǇ&ƌĞŶĐŚĂŶĚĚĞůŝŐŚƚĞĚƚŽƉĂƌƚĂŬĞŽĨƚƌĂĚŝƟŽŶĂůĐƵŝƐŝŶĞĞǆͲ
ƉĞƌƚůǇĐŽŽŬĞĚ͕ƌĞĂƐŽŶĂďůǇƉƌŝĐĞĚ͕ĂŶĚƐĞƌǀĞĚŝŶƐƵƌƌŽƵŶĚŝŶŐƐĐĞůĞͲ
ďƌĂƟŶŐŝƚƐŽƌŝŐŝŶƐ͘
DǇďĞŝŶŐĂďŝƚƵŶĚĞƌƚŚĞǁĞĂƚŚĞƌŵĞĂŶƚƐƉĞŶĚŝŶŐŵŽƐƚŶŝŐŚƚƐ͞Ăƚ
ŚŽŵĞ͟ŝŶŽƵƌŚŽƚĞůƌŽŽŵǁŚĞƌĞǁĞǁĂƚĐŚĞĚdsǁŚŝůĞĐŽŶƐƵŵŝŶŐ
ƐůŝĐĞƐŽĨĐŚĞƌƌǇĐƌƵŵďĐĂŬĞŽƌĐŚŽĐŽůĂƚĞƉŝƐƚĂĐŚŝŽƚĂƌƚĞƉƌŽĐƵƌĞĚ
ĨƌŽŵ>ĞƐĂƉƌŝĐĞƐĚĞŚĂƌůŽƩĞ͘KŶĞĞǀĞŶŝŶŐ͛ƐďƌŽĂĚĐĂƐƚŵĂƌŬĞĚ
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VOLUME 7, ISSUE 2
Page 5
A HONEY OF A DUCK AF TER THE HUNT AT
FONTAINEBLEAU
BY MERIL MARKLEY
This past January on one of those dark, damp, drizzly mornings that northern European winters oīer in
abundance, we ventured to Fontainebleau Castle, a rusƟc hunƟng lodge transformed over the course
of several centuries into a sumptuous palace some forty miles south of Paris. As our train neared its
desƟnaƟon, chugging through miles and miles of dense and formerly royal forest, we caught glimpses
of modern hunters in Ňorescent orange jackets with riŇes at the ready but a far cry from the pageantry
of the hunts that put Fontainebleau on the map.
Our quarry? A Ɵny evanescent Įgure of a man, in a fresco no larger than a placemat, apparently eliminated or obscured in a recent restoraƟon sparking an art historian’s quest to document it and our visit
to the chateau to photograph it. DepicƟng the wing of the castle added during the reign of King Francis
I (1494-1547), the fresco was painted by Rosso FiorenƟno (1494-1540), the red-headed master from
Renaissance Florence, whose greatest accomplishment was the design and execuƟon of the Gallery
Francis I to the delight of his royal patron and of art lovers down the centuries.
VOLUME 7, ISSUE 2
Page 6
FONTAINEBLEAU, CONT.
The diminuƟve fresco, below a larger one depicƟng Venus, was
part of the transformaƟon of a long narrow room, more like a
wide corridor with windows, into an opulent gallery designed
by Rosso to house over a dozen of his painƟngs glorifying Roman mythology and history, including a depicƟon of King Francis as Caesar. Rosso also designed the elaborate stucco Įgures
surrounding the painƟngs and containing elements of ancient
architecture, mythological creatures, decoraƟve moƟfs such as
bunches of Ňowers and grotesque masks, highlighted by
gleaming gold leaf and mosaic Ɵles. Every inch of walls and
ceiling was decorated, including magniĮcent wood paneling
bearing in gold the leƩer “F” for Francis along with his royal
emblem, the salamander, so there was no doubt in visitors’
minds as to the power and erudiƟon of this king. Copied in
books of etchings, prints, and engravings that circulated
throughout Europe for centuries, these works established the
School of Fontainebleau and themes embodied in furniture,
ceramics, tapestries, and architecture well into the 19th century.
As kings go, Francis I
was a fascinaƟng
character combining monarch and
warrior as he
sought to protect France from encirclement by the expanding Habsburg Empire aŌer his arch rival, King Charles V of
Spain, was elected Holy Roman Emperor. Drawn to the Renaissance art of Italy experienced Įrsthand on his military
campaigns and when captured during the BaƩle of Pavia,
King Francis gathered around him some of the Įnest arƟsts
and craŌsmen the Apennine Peninsula had ever produced.
He even convinced the aging Leonardo da Vinci to trek
across the Alps (with his beloved Mona Lisa in tow), to reside in a house connected to the royal castle at Amboise by
a secret tunnel used by the monarch to visit the legendary
arƟst, whom he referred to aīecƟonately as “mon père” or
“my father.”
King Francis’ enthusiasm for Italy did not encompass wine,
where his tastes were decidedly homegrown. His favorite
was the dark purplish Malbec, the black wine of Cahors so
prized by royalty on both sides of the Channel and Įrst fea-
VOLUME 7, ISSUE 2
Page 7
tured at the wedding banquet of England’s King Henry II to Eleanor of Aquitaine in 1152. To ensure a
ready supply when he was resident at Fontainebleau, King Francis ordered a vineyard of Malbec grapes
planted on the castle grounds.
Lavish banquets thrown by King Francis both preceded and followed the hunƟng forays that were the
center of life at Fontainebleau. In the pre-hunt fesƟviƟes, scat from a pre-selected stag would be presented on plaƩers lined with leaves to demonstrate the worthiness of the quarry and give the dogs a
sample of the scent. The privileged would then set oī on horseback, preceded by the hounds and their
handlers, unƟl the stag was cornered and slain with lances. Similar rituals accompanied the hunt for
wild boar, a more ferocious adversary, as well as large waterfowl such as swans and herons to be
served with duck as a Įrst course at lavish post-hunt banquets featuring musical pageants and dancing.
Such celebraƟons at the court of King Francis I became the subject of Victor Hugo’s play, Le Roi
S’Amuse (the King Amuses Himself), later the basis for Verdi’s opera cataloguing royal excess but transplanted back to Italy as the Duke of Mantua in RigoleƩo.
Because the needs of the over 500 troops, courƟers, and servants comprising the court at Fontainebleau quickly overcame the sanitaƟon infrastructure, the entourage was constantly on the move
among King Francis’ various hunƟng venues throughout France. Such a transfer could involve 18,000
horses bearing furniture, chests of decoraƟve items, tapestries, barrels of wine, armaments, and other
provisions. The tapestries he took along included those created in a workshop he installed at Fontainebleau to make copies of Rosso’s masterpieces from the Gallery Francis I. Symbolic of the high regard in which he held Rosso’s work, the tapestries accompanied the king wherever he went to remind
him of his beloved home at Fontainebleau and to acquaint his far-Ňung subjects with his supreme accomplishment there. Six of the tapestries eventually found their way into Habsburg hands thanks to
VOLUME 7, ISSUE 2
Page 8
the marriage of Francis’ grandson, Charles IX, to Elizabeth of Austria.
Although we never did detect the Ɵny Įgure in Rosso’s fresco, we enjoyed hours of wandering the castle and admiring the masterpieces of each succeeding generaƟon of arƟsts who called Fontainebleau
home. What started life as a simple refuge for hunƟng deer amidst the forest remains a showcase on
which the dynasƟes of France leŌ their mark. We love that the Canadian telenovela, Reign (currently
running on the CW Network) evokes this style in telling a ĮcƟonalized story of Francis II (1544-1560),
who was born at Fontainebleau, and his consort, Mary Queen of Scots. Royals engage in dangerous
liaisons amidst luxurious costumes and sets, including some of our anƟque furniture. The series has
run far longer than Francis II’s brief seventeen months on the throne, before he succumbed at age 16
to complicaƟons of an ear infecƟon.
By the Ɵme we exited the castle, it was 4 o’clock and twilight was already enveloping the grounds.
Famished aŌer having skipped lunch, we looked around for a place to eat on the street facing the main
gate. The fancy restaurants were already closed aŌer the lunch rush with staīs taking a break before
the dinner onslaught at 8 pm. Our only hope was a spot on the corner, by the bus stop, where the
lights were burning brightly. Peering inside, we spied a pastry case (always a good sign for my husband, Michael), a bar, and lots of people. A glance at the menu revealed conĮt de canard, sauce de
miel, graƟn dauphinoise or a leg-thigh of duck preserved in duck fat and pan fried, topped with a honey
sauce, accompanied by a classic potato side-dish. But could we have it at 4 pm, a Ɵme when no selfrespecƟng French person would eat a meal? Thankfully the response was “yes” and we tucked in for a
delicious dining experience.
The duck skin was crispy and luscious, the meat fork-tender and Ňavorful in a fragrant sauce combining
pan drippings with a hint of sweetness from the honey. Much as I loved the duck, I had to admit that
the side dish was the triumph of the meal. Thin layers of potato alternated with creamy gruyere
cheese spiced with nutmeg. Sadly, no Malbec was on oīer and the wine, available only by the glass,
was an unremarkable Brouilly. But nothing could diminish our enjoyment of the duck and potatoes
that proved the perfect restoraƟve for weary travelers on a cold winter’s day and a reminder that a
delicious meal may be had where you least expect it. If such fare had fueled Rosso FiorenƟno and his
team of assistants, it is no wonder that the Gallery Francis I remains an arƟsƟc triumph aƩracƟng visitors from around the world on the hunt for Renaissance treasures.
Le Délice Impérial, 1 Rue Grande, 77300 Fontainebleau, France (no website)

here - M. Markley Antiques

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