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dŚĞ ŶƚƌĞƉƌĞŶĞƵƌŝĂů ŝŵĞŶƐŝŽŶ
ŽĨ ƵůƚƵƌĂů ĂŶĚ ƌĞĂƚŝǀĞ /ŶĚƵƐƚƌŝĞƐ
ZĞŶĞ <ŽŽLJŵĂŶ
/ŶƚƌŽ
ĐŽ ϯ͗
dŚĞ ƐŽĐŝĂů͕
ĐƵůƚƵƌĂů
ĂŶĚ ĞŶƚƌĞͲ
ƉƌĞŶĞƵƌŝĂů
ĞůĞŵĞŶƚ
t hW͗ WĂƌƚŝĐŝƉĂƚŝĞŵĂĂƚƐĐŚĂƉƉŝũ
‡ sĂŶ ǁĞůǀĂĂƌƚƐƐƚĂĂƚ ŶĂĂƌ W ŵĂĂƚƐĐŚĂƉƉŝũ
‡ sĂŶ ƌĞĐŚƚ ŽƉ ĚĞĞůŶĂŵĞ
;ĂƌďĞŝĚƐƉĂƌƚŝĐŝƉĂƚŝĞͿ ŶĂĂƌ ƉůŝĐŚƚ ƚŽƚ
ĚĞĞůŶĂŵĞ ;ďĞnjƵŝŶŝŐŝŶŐĞŶͿ
‡ dĞƌƵŐƚƌĞŬŬĞŶĚĞ ŽǀĞƌŚĞŝĚ͖ ŽŶĚĞƌŶĞŵĞƌƐ
‡ ZĞŐƵůĞƌŝŶŐ ĞŶ ŐĞĚŽŽŐĐƵůƚƵƵƌ
,Ğƚ ůŝďĞƌĂůŝƐŵĞ͗ ĚĂŵ ^ŵŝƚŚ
‡ WƌŽĚƵĐƚŝĞ ĚŽŽƌ ƉĂƌƚŝĐƵůŝĞƌĞ ďĞĚƌŝũǀĞŶ͕ ŝŶ njŽ
ŐƌŽŽƚ ŵŽŐĞůŝũŬĞ ǀƌŝũŚĞŝĚ
‡ Ğ ŽŶnjŝĐŚƚďĂƌĞ ŚĂŶĚ͗ ŚĞƚ ƉƌŝũƐŵĞĐŚĂŶŝƐŵĞ͕
ǀƌĂĂŐͬĂĂŶďŽĚ ƌĞŐĞůƚ ĂĨƐƚĞŵŵŝŶŐ ƉƌŽĚƵĐƚŝĞ ĞŶ
ŵĂĂƚƐĐŚĂƉƉĞůŝũŬĞ ďĞŚŽĞĨƚĞŶ
‡ ^ƚĂĂƚ͗ ďĞƉĞƌŬƚĞ ƚĂŬĞŶ͗
ϭ͘ ĞĨĞŶƐŝĞ
Ϯ͘ ZĞĐŚƚ ŚĂŶĚŚĂǀĞŶ
ϯ͘ ŽůůĞĐƚŝĞǀĞ ǀŽŽƌnjŝĞŶŝŶŐĞŶ ʹ ǀĂŶ ďĞůĂŶŐ ǀŽŽƌ ĚĞ
ĞĐŽŶŽŵŝĞ Ͳ ǁĂĂƌ ŶŽŽŝƚ ǁŝŶƐƚ ŵĞĞ ƚĞ ŵĂŬĞŶ ŝƐ
;ǁĞŐĞŶ͕ ďƌƵŐŐĞŶ͕ ŝŶĨƌĂƐƚƌƵĐƚƵƵƌ͕ ĞƚĐͿ
^ŽĐŝĂĂůͲůŝďĞƌĂůŝƐŵĞ͗ <ĞLJŶĞƐ
‡ Ğ ŽǀĞƌŚĞŝĚ ĚŝĞŶƚ ĚĞ ĞĨĨĞĐƚŝĞǀĞ ǀƌĂĂŐ ƚĞ
ƐƚŝŵƵůĞƌĞŶ͖ ǀĞƌŚŽŐĞŶ ƉŽůŝƚŝĞŬĞ ƵŝƚŐĂǀĞŶ
‡ tĞƌŬŐĞůĞŐĞŶŚĞŝĚ ƐƚŝŵƵůĞƌĞŶ ĚŽŽƌ ŽƉĞŶďĂƌĞ
ǁĞƌŬĞŶ ;ŝŶǀĞƐƚĞƌŝŶŐĞŶͿ͕ ŬŽŽƉŬƌĂĐŚƚǀĞƌďĞƚĞƌŝŶŐ͕
ĂƌďĞŝĚƐƚŝũĚǀĞƌŬŽƌƚŝŶŐ
‡ ^ĂŵĞŶůĞǀŝŶŐ ͚ǀĂŶƵŝƚ ĚĞ ďĂƐŝƐ͛ ŽƉďŽƵǁĞŶ͖
ĐŽƌƉŽƌĂƚŝĞǀĞ ƐƚƌƵĐƚƵƵƌ͕ ƐƵďƐŝĚŝĂƌŝƚĞŝƚƐďĞŐŝŶƐĞů
;͚ŚŽŐĞƌĞ͛ ŽƌŐĂŶĞŶ ŵŽĞƚĞŶ ƚĂŬĞŶ ŽǀĞƌůĂƚĞŶ ĂĂŶ
͚ůĂŐĞƌĞ͛ ŽƌŐĂŶĞŶͿ
‡ <ŽƌƚĞ ƚĞƌŵŝũŶ ƐƚƌĂƚĞŐŝĞģŶ ǀĂŶ ďĞůĂŶŐ
DŽŶĞƚĂƌŝƐŵĞ͗ DŝůƚŽŶ &ƌŝĞĚŵĂŶ
‡ ZĞŐƵůĞĞƌ ĚĞ ŐĞůĚŐƌŽĞŝ
‡ ĞƐƚƌŝũĚ ŝŶĨůĂƚŝĞ
‡ ĞŶƚƌĂůĞ ďĂŶŬĞŶ ƌĞŐĞƌĞŶ
‡ 'ƌŽĞŝƚĞŵƉŽ ďĞƉĂĂůĚ ĚŽŽƌ ŚŽĞǀĞĞůŚĞŝĚ
ŐĞůĚ ŝŶ ŽŵůŽŽƉ
‡ dŚĂƚĐŚĞƌͬZĞĂŐĞŶ͗ ůŝďĞƌĂůŝƐĞƌĞŶ ĨŝŶĂŶĐŝģůĞ
ŵĂƌŬƚĞŶ͕ ŽŶĚĞƌĚƌƵŬŬĞŶ ŝŶĨůĂƚŝĞ ĞŶ
ŐĞůĚŐƌŽĞŝ͕ ůĞŶĞŶ ƐƚŝŵƵůĞƌĞŶ
ƌĞĂƚŝĞĨ ŽŶĚĞƌŶĞŵĞƌƐĐŚĂƉ
ƌĞĂƚŝĞĨ ŽŶĚĞƌŶĞŵĞƌƐĐŚĂƉ ďĞƚĞŬĞŶƚ͗
‡ ĞŶ ĐƌĞĂƚŝĞĨ ŝĚĞĞ ŚĞďďĞŶ
‡ Ŷ Ěŝƚ ĐŽŵŵĞƌĐŝĞĞů ƵŝƚďĂƚĞŶ
‡ WƌŽĨŝƚ ŶŝĞƚ ĚĞ ĞŶŝŐĞ ĚƌŝǀĞƌ
‡ ƌĞĂƚŝĞ ǀĂĂŬ ƉƌŝŽƌŝƚĞŝƚ ďŽǀĞŶ ŐĞǁŝŶ
‡ ^ĐŚƵŵƉĞƚĞƌ͗ ŽŶĚĞƌŶĞŵĞƌƐ ƐƚƵƌĞŶ ĚĞ
͚ ƌĞĂƚŝĞǀĞ ĚĞƐƚƌƵĐƚŝĞ͖͛ ŝŶŶŽǀĂƚŝĞ ĚŽŽƌ
ŶŝĞƵǁĞ ŵĞƚŚŽĚĞƐ͕ ƉƌŽĚƵĐƚĞŶ͕ ŵĂƌŬƚĞŶ
/ Ɖ ϱϱ
KŶĚĞƌŶĞŵĞƌƐĐŚĂƉ͗ K
‡ KŶĚĞƌŶĞŵĞƌƐ njŝũŶ ĚŝĞ ƉĞƌƐŽŶĞŶ
;ďĞĚƌŝũĨƐĞŝŐĞŶĂƌĞŶͿ ĚŝĞ ǁĂĂƌĚĞͲĐƌĞĂƚŝĞ
ŶĂƐƚƌĞǀĞŶ ĚŽŽƌ ĞĐŽŶŽŵŝƐĐŚĞ ĂĐƚŝǀŝƚĞŝƚĞŶ
‡ ŽŽƌ ŚĞƚ ŝĚĞŶƚŝĨŝĐĞƌĞŶ ĞŶ ƵŝƚďĂƚĞŶ ǀĂŶ
ŶŝĞƵǁĞ ƉƌŽĚƵĐƚĞŶ͕ ƉƌŽĐĞƐƐĞŶ ŽĨ ŵĂƌŬƚĞŶ
‡ ,Ğƚ ŽŶĚĞƌŶĞŵĞƌƐĐŚĂƉ ǁŽƌĚƚ
ŐĞĂƐƐŽĐŝĞĞƌĚ ŵĞƚ
ŽŶĚĞƌŶĞŵĞŶĚĞ ĂĐƚŝǀŝƚĞŝƚĞŶ
/ Ɖ ϱϲ
,ĞůƉ ĂŶĚ ŚŝŶĚĞƌ
‡ KƌŐĂŶŝƐĂƚŝŽŶĞůĞ ďƌŽŶŶĞŶ͗
± &LJƐŝĞŬ ŬĂƉŝƚĂĂů͕ ŽŶƌŽĞƌĞŶĚ ŐŽĞĚ͕ ĂƉƉĂƌĂƚƵƵƌ
± &ŝŶĂŶĐŝĞĞů ŬĂƉŝƚĂĂů͗ ůĞŶŝŶŐĞŶ͕ ŝŶǀĞƐƚĞƌŝŶŐĞŶ
‡ KŶĚĞƌŶĞŵĞƌƐ ĐĂƉĂĐŝƚĞŝƚĞŶ͗ ŚĞƌŬĞŶŶĞŶ ĞŶ
ŵĂƚĐŚĞŶ ǀĂŶ ĐƌĞĂƚŝĞǀĞ ďƌŽŶŶĞŶ ĞŶ
ŵĂƌŬƚƉŽƚĞŶƚŝĞƐ
‡ DĂƌŬƚ ĐŽŶĚŝƚŝĞƐ͗ ƚŽĞƚƌĞĚĞŶ ƚŽƚ ŵĂƌŬƚĞŶ͕
ŵĂƌŬƚǀĞƌƐƚŽƌŝŶŐ
ĞƚĞƌŵŝŶĂŶƚĞŶ
‡ ZĞŐĞůŐĞǀŝŶŐ
‡ dĞĐŚŶŽůŽŐŝĞ ĞŶ ZΘ ͗ ŝŶŶŽǀĂƚŝĞ
‡ KŶĚĞƌŶĞŵĞƌƐ ĐĂƉĂĐŝƚĞŝƚĞŶ
‡ KŶĚĞƌŶĞŵĞƌƐ ĐƵůƚƵƵƌ
‡ dŽĞŐĂŶŐ ƚŽƚ ŬĂƉŝƚĂĂů͗ ǀĂŶ ƐƚĂƌƚ ƚŽƚ ĞŝŶĚ
‡ DĂƌŬƚĐŽŶĚŝƚŝĞƐ
dŽĞŐĂŶŐ ƚŽƚ ƐĐŚƵůĚ ĨŝŶĂŶĐŝĞƌŝŶŐ
ƵƐŝŶĞƐƐ ŶŐĞůƐ
dŽĞŐĂŶŐ ƚŽƚ ŝŶǀĞƐƚĞƌŝŶŐƐŬĂƉŝƚĂĂů
dŽĞŐĂŶŐ ƚŽƚ ǀĞƌŵŽŐĞŶƐŽƉďŽƵǁ
ĞůĂƐƚŝŶŐ ŵĂĂƚƌĞŐĞůĞŶ ĞŶ ƐƵƉƉŽƌƚ
&ĂŝůůŝƐƐĞŵĞŶƚĞŶ ǁĞƚŐĞǀŝŶŐ
ĐĐĞƐƐƚŽĨŝŶĂŶĐĞĂŶĚŝŶĐŽŵĞŐĞŶĞƌĂƚŝŽŶ
……‡•• –‘ ‡–—”‡ ƒ’‹–ƒŽ
dĞĐŚŶŽůŽŐLJ ŝŶ ŚĞƚ ĚŝŐŝƚĂůĞ ƚŝũĚƉĞƌŬ͗
‡ hƐĞƌͲŐĞŶĞƌĂƚĞĚ ĐŽŶƚĞŶƚ ĞŶ ƐŽĐŝĂů ŵĞĚŝĂ
‡ dĞĐŚŶŽůŽŐŝĞͲŐĞĚƌĞǀĞŶ ƚƌĞŶĚƐ ĞŶ ŽŶƚǁŝŬŬĞůŝŶŐĞŶ
‡ /ŶŶŽǀĂƚŝĞ
‡ sĞƌĂŶĚĞƌŝŶŐĞŶ ŝŶ ĚĞ ǁĂĂƌĚĞͲŬĞƚĞŶ͗ ŶĞƚǁŽƌŬŝŶŐ
‡ /WZ ĞŶ ŽƉLJƌŝŐŚƚƐ
‡ ZĞƐĞĂƌĐŚ Θ ĞǀĞůŽƉŵĞŶƚ
‡ EŝĞƵǁĞ DĞĚŝĂ ĞŶ ŶŝĞƵǁĞ ^ĞĐƚŽƌĞŶ
ĐĐĞƐƐ ƚŽZΘ ĂŶĚdĞĐŚŶŽůŽŐLJ
ZŝƐŝĐŽ ĂĐĐĞƉƚĂƚŝĞ ďŝŶŶĞŶ ĚĞ ĐƵůƚƵƵƌ
KŶĚĞƌŶĞŵŝŶŐƐƐĐŚŽůŝŶŐ ;ŵŝŶĚƐĞƚͿ
‡ DŝĐƌŽ ďƵƐŝŶĞƐƐĞƐ͗ ƌƚŝƐĂŶ͕ ƌĞĂƚŝǀĞ WĂƌƚŶĞƌƐŚŝƉ Žƌ
^ŽůŽ
‡ ^ŵĂůůͲďƵƐŝŶĞƐƐĞƐ ;D< Ϳ͗
‡ ƌĞĂƚŝĞǀĞůŝŶŐ ĞŶ ƵƐŝŶĞƐƐ WĂƌƚŶĞƌ
‡ ƌĞĂƚŝĞǀĞůŝŶŐ ĞŶ >ŝĐĞŶƐŝŶŐ WĂƌƚŶĞƌ
‡ ƌĞĂƚŝĞǀĞůŝŶŐ ĞŶ DĂŶƵĨĂĐƚƵƌĞƌ
‡ WĂƌƚŶĞƌƐŚŝƉ ŵĞƚ ĞŶ ĨŽƌŵĂůĞ /ŶǀĞƐƚĞĞƌĚĞƌ
‡ D< ĞŶ ĚĞ &ŝŶĂŶĐŝĞůĞ ^ĞĐƚŽƌ
KŶĚĞƌŶĞŵŝŶŐƐĐƵůƚƵƵƌ
/ Ɖ
ĚŵŝŶŝƐƚƌĂƚŝĞǀĞ ƌƵŬ ;ďŝũ ƐƚĂƌƚͲƵƉ ĞŶ ŐƌŽĞŝͿ
&ĂŝůůŝƐƐĞŵĞŶƚƐǁĞƚŐĞǀŝŶŐ
sĞŝůŝŐŚĞŝĚƐͲ ͕ ŐĞnjŽŶĚŚĞŝĚƐͲ ͕ ŵŝůŝĞƵͲ ĞŶ ƉƌŽĚƵĐƚƌĞŐƵůĞƌŝŶŐ
>ĞŐĂĂůͲũƵƌŝĚŝƐĐŚĞ ĐŽŶƚĞdžƚ
ƌďĞŝĚƐŵĂƌŬƚ ƌĞŐƵůĞƌŝŶŐ
^ŽĐŝĂůĞ njĞŬĞƌŚĞŝĚ ĞŶ ŐĞnjŽŶĚŚĞŝĚƐnjŽƌŐ
/ŶŬŽŵƐƚĞŶďĞůĂƐƚŝŶŐ
KŶĚĞƌŶĞŵĞƌƐůĂƐƚĞŶ ĞŶ &ŝƐĐĂůĞ /ŶĐĞŶƚŝǀĞƐ
sĞƌŵŽŐĞŶƐďĞůĂƐƚŝŶŐ
ZĞŐƵůĂƚŽƌLJĨƌĂŵĞǁŽƌŬ
ƵůƚƵƌĞĞů ĞŶ ƌĞĂƚŝĞĨ ŽŶĚĞƌŶĞŵĞƌƐĐŚĂƉ
‡ KŶĚĞƌŶĞŵĞƌƐĐŚĂƉ ǀĞƌŽŶĚĞƌƐƚĞůƚ
ƌĞĂƚŝǀŝƚĞŝƚ
‡ ƵůƚƵƌĞůĞ ƉƌŽĚƵĐƚĞŶ ƐƉĞĐŝĨŝĞŬ ŬĂƌĂŬƚĞƌ͗
± WƌŽĚƵĐƚ ĚŝĨĨĞƌĞŶƚŝĂƚŝĞ
± ƌďĞŝĚƐŵĂƌŬƚ ŬĂƌĂŬƚĞƌŝƐƚŝĞŬĞŶ
± EŽŽĚnjĂĂŬ ƚŽƚ ĐŽƂƉĞƌĂƚŝĞ ĞŶ ŶĞƚǁĞƌŬĞŶ
± ^ƉĞĐŝĨŝĞŬĞ ƉƌŽĚƵĐƚŝĞ ĞŶ ĚŝƐƚƌŝďƵƚŝĞ
± DĂƌŬƚĚĞĨŝŶŝƚŝĞƐ
<ĞŶŵĞƌŬĞŶ / KŶĚĞƌŶĞŵĞƌƐ
‡ ^ŝnjĞ͗ D<
‡ ƌďĞŝĚƐŵĂƌŬƚ͗ ĐŽŵƉůĞdž
‡ ĐŚƚĞƌŐƌŽŶĚ ĞŶ ŽƉůĞŝĚŝŶŐ ĚŝǀĞƌƐ
‡ WƌŽĚƵĐƚŝĞ ƉƌŽĐĞƐ͗
ϭ͘ <ůĞŝŶƐĐŚĂůŝŐ ĚŝƌĞĐƚĞ ŝŶƚĞƌĂĐƚŝĞ
Ϯ͘ DĂƐƐĂŵĞĚŝĂ͕ ǀŝĂ ŝŶƚĞƌŵĞĚŝĂŝƌƐ͕ ƉƌŽĚƵĐĞŶƚĞŶ
‡ sĞĞůǀƵůĚŝŐĞ ŽƵƚƐŽƵƌĐŝŶŐ͗ ŽŽŬ ͚ŐƌŽƚĞ͛
ďĞĚƌŝũǀĞŶ ǁĞƌŬĞŶ ŵĞƚ ŶĞƚǁĞƌŬĞŶ ǀĂŶ
ŬůĞŝŶĞ / ;ƐĐŚŝů ǀĂŶ ĨƌĞĞͲůĂŶĐĞƌƐͿ
,ŽĞ ŬŽŵ ŝŬ ĂĂŶ ŐĞůĚ͍
‡ WĞƌƐŽŽŶůŝũŬ ŬǁĂůŝƚĞŝƚĞŶ ĞŶ ŶĞƚǁĞƌŬĞŶ
‡ sƌĞĞŵĚ ǀĞƌŵŽŐĞŶ͗
± ĂŶŬĞŶ͕ ĨŽŶĚƐĞŶ ;ϮϬϭϯ͗ Ϯϴϰ &ŽŶĚƐĞŶͿ
± ŝŐĞŶ ǀĞƌŵŽŐĞŶ ;ŽƉ ĂĂŶĚĞůĞŶͿ͕ ǀƌŝĞŶĚĞŶ ĞŶ ĨĂŵŝůŝĞ
± &ŝŶĂŶĐŝĞƌƐ ;njĞŬĞƌŚĞĚĞŶͿ ͬ /ŶǀĞƐƚĞĞƌĚĞƌƐ ;ĂĂŶĚĞůĞŶͿ
± ^ƵďƐŝĚŝĞƐ͗ D< ŽŶĚĞƌƐƚĞƵŶŝŶŐ͕ dŽƉƐĞĐƚŽƌĞŶďĞůĞŝĚ
‡ KŵůŽŽƉƐŶĞůŚĞŝĚ͗ ŐĂƚ ŝŶnjĞƚ ͬ ŽŵnjĞƚ
‡ ZŝƐŝĐŽĨĂĐƚŽƌ͗ ƐƚĂƌƚͲƵƉ ͬ ŐĞǀĞƐƚŝŐĚ
‡ dŝƉƐ͗ ĞŝŐĞŶ ŝŶďƌĞŶŐ͕ ďĞƉĞƌŬ
ƵŝƚŐĂǀĞŶ͕ ƐƵďƐŝĚŝĞƐ͕ ƐŽĐŝĂůĞ
ĚŝĞŶƐƚĞŶ͕ ďĂŶŬĞŶ͕ ŝŶĐƵďĂƚŽƌƐ͕
ůĞĂƐŝŶŐ͕ ůĞǀĞƌĂŶĐŝĞƌƐŬƌĞĚŝĞƚĞŶ͕ ĞŶnj͘
ƵůƚƵƵƌ KŶĚĞƌŶĞŵĞŶ
‡ ŚƚƚƉ͗ͬͬǁǁǁ͘ĐƵůƚƵƵƌͲŽŶĚĞƌŶĞŵĞŶ͘Ŷůͬ
<ƵŶƐƚĞŶ ͍͊
‡ ZƵƚƚĞ / ϮϬϭϯͲϮϬϭϲ ũĂĂƌůŝũŬƐĞ ďĞnjƵŝŶŝŐŝŶŐ ǀĂŶ
ϮϬϬ ŵŝůũŽĞŶ ŽƉ ĐƵůƚƵƵƌƐƵďƐŝĚŝĞƐ ĞŶ ĨŽŶĚƐĞŶ
‡ ZƵƚƚĞ //͕ ;ss ͲWǀĚ Ϳ ďĞnjƵŝŶŝŐƚ ŶŝĞƚ ŵĞĞƌ ŽƉ
ĐƵůƚƵƵƌ͕ ŵĂĂƌ ůĞŐƚ ŽŽŬ ŐĞĞŶ ĞdžƚƌĂ ŐĞůĚ ďŝũ
‡ dŽĞŬŽŵƐƚ͗ ƐĂŵĞŶǁĞƌŬŝŶŐ ŵĞƚ ƉƌŝǀĂƚĞ
ƉĂƌƚŝũĞŶ ;sĂŶĚĞŶ ŶĚĞ&ŽƵŶĚĂƚŝŽŶ͕ WƌŝŶƐ
ĞƌŶŚĂƌĚ ƵůƚƵƵƌ &ŽŶĚƐ͕ s^ ĨŽŶĚƐ͕ dƌŝŽĚŽƐ
ĂŶŬ͕ ůŽĐŬďƵƐƚĞƌĨŽŶĚƐϭϴ͕ 'ŽĞĚĞ ŽĞůĞŶ
>ŽƚĞƌŝũĞŶͿ
‡ ĞŐƌŽƚŝŶŐ ϮϬϭϰ͗ D< ^ƉĞĞƌƉƵŶƚ͗
/ŶǀĞƐƚĞƌŝŶŐƐŐĂƌĂŶƚŝĞƐ ĞŶ ŵĞĞƌ ŐĞůĚ ǀŽŽƌ
ŵŝĐƌŽĨŝŶĂŶĐŝĞƌŝŶŐ
‡ WͲĞƌƐ͗ njĞůĨƐƚĂŶĚŝŐĞŶĂĨƚƌĞŬ ͍͍
ŚƚƚƉ͗ͬͬǁǁǁ͘ďůŝũĨũŝũnjnjƉĞƌ͘Ŷůͬ
tŚĂƚ͛Ɛ ŶĞdžƚ ͍͍
sŽůŐĞŶĚĞ ǁĞĞŬ͗
tĂĂƌŽŵ njŝũŶ <ƵŶƐƚĞŶĂĂƌƐ Ăƌŵ͍
‡ >ŝƚ͗ ƵƵŶŬ ,ϲ͘ϭ ͕ ϲ͘ϰ ͕ ϲ͘ϱ ͕ ϳ͘ϭ͕ ϳ͘ϯ
‡ ZĞĂĚĞƌ Ɖ ϲϬ Ͳ ϲϱ͗ ǁŝŬŝƉĞĚŝĂ
Ɖ ϲϲ ʹ ϳϱ ,ĂŶƐ ďďŝŶŐ
ŚƚƚƉ͗ͬͬǁǁǁ͘ĞĐŽŶŽŵŝĞůŽŬĂĂů͘ŶůͬŝŶĚĞdž͘ƉŚƉͬďĞŐƌŝƉƉĞŶŶ
ŚƚƚƉ͗ͬͬŶů͘ǁŝŬŝƉĞĚŝĂ͘ŽƌŐͬǁŝŬŝͬ ĐŽŶŽŵŝĞ
dŚĂƚ͛Ɛ
ƚŚĞ ǁĂLJ
ŝƚ͛Ɛ ĚŽŶĞ͊
ZĞŶĞ <ŽŽLJŵĂŶ ^ĞƉƚĞŵďĞƌ ϮϬϭϯ
ŚƚƚƉ͗ͬͬĐĐŝ͘ŚŬƵ͘Ŷůͬ ŚƚƚƉ͗ͬͬĐƵƌĞͲǁĞď͘ĞƵ
ƌĞŶĞ͘ŬŽŽLJŵĂŶΛŬĞ͘ŚŬƵ͘Ŷů
/ŶƚƌŽĚƵĐƚŝŽŶ
ƌƚ ĂŶĚ ĐŽŶŽŵŝĐƐ

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2013 hku intr eco 3full

  • 1. dŚĞ ŶƚƌĞƉƌĞŶĞƵƌŝĂů ŝŵĞŶƐŝŽŶ ŽĨ ƵůƚƵƌĂů ĂŶĚ ƌĞĂƚŝǀĞ /ŶĚƵƐƚƌŝĞƐ ZĞŶĞ <ŽŽLJŵĂŶ /ŶƚƌŽ ĐŽ ϯ͗ dŚĞ ƐŽĐŝĂů͕ ĐƵůƚƵƌĂů ĂŶĚ ĞŶƚƌĞͲ ƉƌĞŶĞƵƌŝĂů ĞůĞŵĞŶƚ t hW͗ WĂƌƚŝĐŝƉĂƚŝĞŵĂĂƚƐĐŚĂƉƉŝũ ‡ sĂŶ ǁĞůǀĂĂƌƚƐƐƚĂĂƚ ŶĂĂƌ W ŵĂĂƚƐĐŚĂƉƉŝũ ‡ sĂŶ ƌĞĐŚƚ ŽƉ ĚĞĞůŶĂŵĞ ;ĂƌďĞŝĚƐƉĂƌƚŝĐŝƉĂƚŝĞͿ ŶĂĂƌ ƉůŝĐŚƚ ƚŽƚ ĚĞĞůŶĂŵĞ ;ďĞnjƵŝŶŝŐŝŶŐĞŶͿ ‡ dĞƌƵŐƚƌĞŬŬĞŶĚĞ ŽǀĞƌŚĞŝĚ͖ ŽŶĚĞƌŶĞŵĞƌƐ ‡ ZĞŐƵůĞƌŝŶŐ ĞŶ ŐĞĚŽŽŐĐƵůƚƵƵƌ
  • 2. ,Ğƚ ůŝďĞƌĂůŝƐŵĞ͗ ĚĂŵ ^ŵŝƚŚ ‡ WƌŽĚƵĐƚŝĞ ĚŽŽƌ ƉĂƌƚŝĐƵůŝĞƌĞ ďĞĚƌŝũǀĞŶ͕ ŝŶ njŽ ŐƌŽŽƚ ŵŽŐĞůŝũŬĞ ǀƌŝũŚĞŝĚ ‡ Ğ ŽŶnjŝĐŚƚďĂƌĞ ŚĂŶĚ͗ ŚĞƚ ƉƌŝũƐŵĞĐŚĂŶŝƐŵĞ͕ ǀƌĂĂŐͬĂĂŶďŽĚ ƌĞŐĞůƚ ĂĨƐƚĞŵŵŝŶŐ ƉƌŽĚƵĐƚŝĞ ĞŶ ŵĂĂƚƐĐŚĂƉƉĞůŝũŬĞ ďĞŚŽĞĨƚĞŶ ‡ ^ƚĂĂƚ͗ ďĞƉĞƌŬƚĞ ƚĂŬĞŶ͗ ϭ͘ ĞĨĞŶƐŝĞ Ϯ͘ ZĞĐŚƚ ŚĂŶĚŚĂǀĞŶ ϯ͘ ŽůůĞĐƚŝĞǀĞ ǀŽŽƌnjŝĞŶŝŶŐĞŶ ʹ ǀĂŶ ďĞůĂŶŐ ǀŽŽƌ ĚĞ ĞĐŽŶŽŵŝĞ Ͳ ǁĂĂƌ ŶŽŽŝƚ ǁŝŶƐƚ ŵĞĞ ƚĞ ŵĂŬĞŶ ŝƐ ;ǁĞŐĞŶ͕ ďƌƵŐŐĞŶ͕ ŝŶĨƌĂƐƚƌƵĐƚƵƵƌ͕ ĞƚĐͿ ^ŽĐŝĂĂůͲůŝďĞƌĂůŝƐŵĞ͗ <ĞLJŶĞƐ ‡ Ğ ŽǀĞƌŚĞŝĚ ĚŝĞŶƚ ĚĞ ĞĨĨĞĐƚŝĞǀĞ ǀƌĂĂŐ ƚĞ ƐƚŝŵƵůĞƌĞŶ͖ ǀĞƌŚŽŐĞŶ ƉŽůŝƚŝĞŬĞ ƵŝƚŐĂǀĞŶ ‡ tĞƌŬŐĞůĞŐĞŶŚĞŝĚ ƐƚŝŵƵůĞƌĞŶ ĚŽŽƌ ŽƉĞŶďĂƌĞ ǁĞƌŬĞŶ ;ŝŶǀĞƐƚĞƌŝŶŐĞŶͿ͕ ŬŽŽƉŬƌĂĐŚƚǀĞƌďĞƚĞƌŝŶŐ͕ ĂƌďĞŝĚƐƚŝũĚǀĞƌŬŽƌƚŝŶŐ ‡ ^ĂŵĞŶůĞǀŝŶŐ ͚ǀĂŶƵŝƚ ĚĞ ďĂƐŝƐ͛ ŽƉďŽƵǁĞŶ͖ ĐŽƌƉŽƌĂƚŝĞǀĞ ƐƚƌƵĐƚƵƵƌ͕ ƐƵďƐŝĚŝĂƌŝƚĞŝƚƐďĞŐŝŶƐĞů ;͚ŚŽŐĞƌĞ͛ ŽƌŐĂŶĞŶ ŵŽĞƚĞŶ ƚĂŬĞŶ ŽǀĞƌůĂƚĞŶ ĂĂŶ ͚ůĂŐĞƌĞ͛ ŽƌŐĂŶĞŶͿ ‡ <ŽƌƚĞ ƚĞƌŵŝũŶ ƐƚƌĂƚĞŐŝĞģŶ ǀĂŶ ďĞůĂŶŐ
  • 3. DŽŶĞƚĂƌŝƐŵĞ͗ DŝůƚŽŶ &ƌŝĞĚŵĂŶ ‡ ZĞŐƵůĞĞƌ ĚĞ ŐĞůĚŐƌŽĞŝ ‡ ĞƐƚƌŝũĚ ŝŶĨůĂƚŝĞ ‡ ĞŶƚƌĂůĞ ďĂŶŬĞŶ ƌĞŐĞƌĞŶ ‡ 'ƌŽĞŝƚĞŵƉŽ ďĞƉĂĂůĚ ĚŽŽƌ ŚŽĞǀĞĞůŚĞŝĚ ŐĞůĚ ŝŶ ŽŵůŽŽƉ ‡ dŚĂƚĐŚĞƌͬZĞĂŐĞŶ͗ ůŝďĞƌĂůŝƐĞƌĞŶ ĨŝŶĂŶĐŝģůĞ ŵĂƌŬƚĞŶ͕ ŽŶĚĞƌĚƌƵŬŬĞŶ ŝŶĨůĂƚŝĞ ĞŶ ŐĞůĚŐƌŽĞŝ͕ ůĞŶĞŶ ƐƚŝŵƵůĞƌĞŶ ƌĞĂƚŝĞĨ ŽŶĚĞƌŶĞŵĞƌƐĐŚĂƉ ƌĞĂƚŝĞĨ ŽŶĚĞƌŶĞŵĞƌƐĐŚĂƉ ďĞƚĞŬĞŶƚ͗ ‡ ĞŶ ĐƌĞĂƚŝĞĨ ŝĚĞĞ ŚĞďďĞŶ ‡ Ŷ Ěŝƚ ĐŽŵŵĞƌĐŝĞĞů ƵŝƚďĂƚĞŶ ‡ WƌŽĨŝƚ ŶŝĞƚ ĚĞ ĞŶŝŐĞ ĚƌŝǀĞƌ ‡ ƌĞĂƚŝĞ ǀĂĂŬ ƉƌŝŽƌŝƚĞŝƚ ďŽǀĞŶ ŐĞǁŝŶ ‡ ^ĐŚƵŵƉĞƚĞƌ͗ ŽŶĚĞƌŶĞŵĞƌƐ ƐƚƵƌĞŶ ĚĞ ͚ ƌĞĂƚŝĞǀĞ ĚĞƐƚƌƵĐƚŝĞ͖͛ ŝŶŶŽǀĂƚŝĞ ĚŽŽƌ ŶŝĞƵǁĞ ŵĞƚŚŽĚĞƐ͕ ƉƌŽĚƵĐƚĞŶ͕ ŵĂƌŬƚĞŶ / Ɖ ϱϱ
  • 4. KŶĚĞƌŶĞŵĞƌƐĐŚĂƉ͗ K ‡ KŶĚĞƌŶĞŵĞƌƐ njŝũŶ ĚŝĞ ƉĞƌƐŽŶĞŶ ;ďĞĚƌŝũĨƐĞŝŐĞŶĂƌĞŶͿ ĚŝĞ ǁĂĂƌĚĞͲĐƌĞĂƚŝĞ ŶĂƐƚƌĞǀĞŶ ĚŽŽƌ ĞĐŽŶŽŵŝƐĐŚĞ ĂĐƚŝǀŝƚĞŝƚĞŶ ‡ ŽŽƌ ŚĞƚ ŝĚĞŶƚŝĨŝĐĞƌĞŶ ĞŶ ƵŝƚďĂƚĞŶ ǀĂŶ ŶŝĞƵǁĞ ƉƌŽĚƵĐƚĞŶ͕ ƉƌŽĐĞƐƐĞŶ ŽĨ ŵĂƌŬƚĞŶ ‡ ,Ğƚ ŽŶĚĞƌŶĞŵĞƌƐĐŚĂƉ ǁŽƌĚƚ ŐĞĂƐƐŽĐŝĞĞƌĚ ŵĞƚ ŽŶĚĞƌŶĞŵĞŶĚĞ ĂĐƚŝǀŝƚĞŝƚĞŶ / Ɖ ϱϲ ,ĞůƉ ĂŶĚ ŚŝŶĚĞƌ ‡ KƌŐĂŶŝƐĂƚŝŽŶĞůĞ ďƌŽŶŶĞŶ͗ ± &LJƐŝĞŬ ŬĂƉŝƚĂĂů͕ ŽŶƌŽĞƌĞŶĚ ŐŽĞĚ͕ ĂƉƉĂƌĂƚƵƵƌ ± &ŝŶĂŶĐŝĞĞů ŬĂƉŝƚĂĂů͗ ůĞŶŝŶŐĞŶ͕ ŝŶǀĞƐƚĞƌŝŶŐĞŶ ‡ KŶĚĞƌŶĞŵĞƌƐ ĐĂƉĂĐŝƚĞŝƚĞŶ͗ ŚĞƌŬĞŶŶĞŶ ĞŶ ŵĂƚĐŚĞŶ ǀĂŶ ĐƌĞĂƚŝĞǀĞ ďƌŽŶŶĞŶ ĞŶ ŵĂƌŬƚƉŽƚĞŶƚŝĞƐ ‡ DĂƌŬƚ ĐŽŶĚŝƚŝĞƐ͗ ƚŽĞƚƌĞĚĞŶ ƚŽƚ ŵĂƌŬƚĞŶ͕ ŵĂƌŬƚǀĞƌƐƚŽƌŝŶŐ
  • 5. ĞƚĞƌŵŝŶĂŶƚĞŶ ‡ ZĞŐĞůŐĞǀŝŶŐ ‡ dĞĐŚŶŽůŽŐŝĞ ĞŶ ZΘ ͗ ŝŶŶŽǀĂƚŝĞ ‡ KŶĚĞƌŶĞŵĞƌƐ ĐĂƉĂĐŝƚĞŝƚĞŶ ‡ KŶĚĞƌŶĞŵĞƌƐ ĐƵůƚƵƵƌ ‡ dŽĞŐĂŶŐ ƚŽƚ ŬĂƉŝƚĂĂů͗ ǀĂŶ ƐƚĂƌƚ ƚŽƚ ĞŝŶĚ ‡ DĂƌŬƚĐŽŶĚŝƚŝĞƐ dŽĞŐĂŶŐ ƚŽƚ ƐĐŚƵůĚ ĨŝŶĂŶĐŝĞƌŝŶŐ ƵƐŝŶĞƐƐ ŶŐĞůƐ dŽĞŐĂŶŐ ƚŽƚ ŝŶǀĞƐƚĞƌŝŶŐƐŬĂƉŝƚĂĂů dŽĞŐĂŶŐ ƚŽƚ ǀĞƌŵŽŐĞŶƐŽƉďŽƵǁ ĞůĂƐƚŝŶŐ ŵĂĂƚƌĞŐĞůĞŶ ĞŶ ƐƵƉƉŽƌƚ &ĂŝůůŝƐƐĞŵĞŶƚĞŶ ǁĞƚŐĞǀŝŶŐ ĐĐĞƐƐƚŽĨŝŶĂŶĐĞĂŶĚŝŶĐŽŵĞŐĞŶĞƌĂƚŝŽŶ ……‡•• –‘ ‡–—”‡ ƒ’‹–ƒŽ
  • 6. dĞĐŚŶŽůŽŐLJ ŝŶ ŚĞƚ ĚŝŐŝƚĂůĞ ƚŝũĚƉĞƌŬ͗ ‡ hƐĞƌͲŐĞŶĞƌĂƚĞĚ ĐŽŶƚĞŶƚ ĞŶ ƐŽĐŝĂů ŵĞĚŝĂ ‡ dĞĐŚŶŽůŽŐŝĞͲŐĞĚƌĞǀĞŶ ƚƌĞŶĚƐ ĞŶ ŽŶƚǁŝŬŬĞůŝŶŐĞŶ ‡ /ŶŶŽǀĂƚŝĞ ‡ sĞƌĂŶĚĞƌŝŶŐĞŶ ŝŶ ĚĞ ǁĂĂƌĚĞͲŬĞƚĞŶ͗ ŶĞƚǁŽƌŬŝŶŐ ‡ /WZ ĞŶ ŽƉLJƌŝŐŚƚƐ ‡ ZĞƐĞĂƌĐŚ Θ ĞǀĞůŽƉŵĞŶƚ ‡ EŝĞƵǁĞ DĞĚŝĂ ĞŶ ŶŝĞƵǁĞ ^ĞĐƚŽƌĞŶ ĐĐĞƐƐ ƚŽZΘ ĂŶĚdĞĐŚŶŽůŽŐLJ ZŝƐŝĐŽ ĂĐĐĞƉƚĂƚŝĞ ďŝŶŶĞŶ ĚĞ ĐƵůƚƵƵƌ KŶĚĞƌŶĞŵŝŶŐƐƐĐŚŽůŝŶŐ ;ŵŝŶĚƐĞƚͿ ‡ DŝĐƌŽ ďƵƐŝŶĞƐƐĞƐ͗ ƌƚŝƐĂŶ͕ ƌĞĂƚŝǀĞ WĂƌƚŶĞƌƐŚŝƉ Žƌ ^ŽůŽ ‡ ^ŵĂůůͲďƵƐŝŶĞƐƐĞƐ ;D< Ϳ͗ ‡ ƌĞĂƚŝĞǀĞůŝŶŐ ĞŶ ƵƐŝŶĞƐƐ WĂƌƚŶĞƌ ‡ ƌĞĂƚŝĞǀĞůŝŶŐ ĞŶ >ŝĐĞŶƐŝŶŐ WĂƌƚŶĞƌ ‡ ƌĞĂƚŝĞǀĞůŝŶŐ ĞŶ DĂŶƵĨĂĐƚƵƌĞƌ ‡ WĂƌƚŶĞƌƐŚŝƉ ŵĞƚ ĞŶ ĨŽƌŵĂůĞ /ŶǀĞƐƚĞĞƌĚĞƌ ‡ D< ĞŶ ĚĞ &ŝŶĂŶĐŝĞůĞ ^ĞĐƚŽƌ KŶĚĞƌŶĞŵŝŶŐƐĐƵůƚƵƵƌ / Ɖ
  • 7. ĚŵŝŶŝƐƚƌĂƚŝĞǀĞ ƌƵŬ ;ďŝũ ƐƚĂƌƚͲƵƉ ĞŶ ŐƌŽĞŝͿ &ĂŝůůŝƐƐĞŵĞŶƚƐǁĞƚŐĞǀŝŶŐ sĞŝůŝŐŚĞŝĚƐͲ ͕ ŐĞnjŽŶĚŚĞŝĚƐͲ ͕ ŵŝůŝĞƵͲ ĞŶ ƉƌŽĚƵĐƚƌĞŐƵůĞƌŝŶŐ >ĞŐĂĂůͲũƵƌŝĚŝƐĐŚĞ ĐŽŶƚĞdžƚ ƌďĞŝĚƐŵĂƌŬƚ ƌĞŐƵůĞƌŝŶŐ ^ŽĐŝĂůĞ njĞŬĞƌŚĞŝĚ ĞŶ ŐĞnjŽŶĚŚĞŝĚƐnjŽƌŐ /ŶŬŽŵƐƚĞŶďĞůĂƐƚŝŶŐ KŶĚĞƌŶĞŵĞƌƐůĂƐƚĞŶ ĞŶ &ŝƐĐĂůĞ /ŶĐĞŶƚŝǀĞƐ sĞƌŵŽŐĞŶƐďĞůĂƐƚŝŶŐ ZĞŐƵůĂƚŽƌLJĨƌĂŵĞǁŽƌŬ ƵůƚƵƌĞĞů ĞŶ ƌĞĂƚŝĞĨ ŽŶĚĞƌŶĞŵĞƌƐĐŚĂƉ ‡ KŶĚĞƌŶĞŵĞƌƐĐŚĂƉ ǀĞƌŽŶĚĞƌƐƚĞůƚ ƌĞĂƚŝǀŝƚĞŝƚ ‡ ƵůƚƵƌĞůĞ ƉƌŽĚƵĐƚĞŶ ƐƉĞĐŝĨŝĞŬ ŬĂƌĂŬƚĞƌ͗ ± WƌŽĚƵĐƚ ĚŝĨĨĞƌĞŶƚŝĂƚŝĞ ± ƌďĞŝĚƐŵĂƌŬƚ ŬĂƌĂŬƚĞƌŝƐƚŝĞŬĞŶ ± EŽŽĚnjĂĂŬ ƚŽƚ ĐŽƂƉĞƌĂƚŝĞ ĞŶ ŶĞƚǁĞƌŬĞŶ ± ^ƉĞĐŝĨŝĞŬĞ ƉƌŽĚƵĐƚŝĞ ĞŶ ĚŝƐƚƌŝďƵƚŝĞ ± DĂƌŬƚĚĞĨŝŶŝƚŝĞƐ
  • 8. <ĞŶŵĞƌŬĞŶ / KŶĚĞƌŶĞŵĞƌƐ ‡ ^ŝnjĞ͗ D< ‡ ƌďĞŝĚƐŵĂƌŬƚ͗ ĐŽŵƉůĞdž ‡ ĐŚƚĞƌŐƌŽŶĚ ĞŶ ŽƉůĞŝĚŝŶŐ ĚŝǀĞƌƐ ‡ WƌŽĚƵĐƚŝĞ ƉƌŽĐĞƐ͗ ϭ͘ <ůĞŝŶƐĐŚĂůŝŐ ĚŝƌĞĐƚĞ ŝŶƚĞƌĂĐƚŝĞ Ϯ͘ DĂƐƐĂŵĞĚŝĂ͕ ǀŝĂ ŝŶƚĞƌŵĞĚŝĂŝƌƐ͕ ƉƌŽĚƵĐĞŶƚĞŶ ‡ sĞĞůǀƵůĚŝŐĞ ŽƵƚƐŽƵƌĐŝŶŐ͗ ŽŽŬ ͚ŐƌŽƚĞ͛ ďĞĚƌŝũǀĞŶ ǁĞƌŬĞŶ ŵĞƚ ŶĞƚǁĞƌŬĞŶ ǀĂŶ ŬůĞŝŶĞ / ;ƐĐŚŝů ǀĂŶ ĨƌĞĞͲůĂŶĐĞƌƐͿ ,ŽĞ ŬŽŵ ŝŬ ĂĂŶ ŐĞůĚ͍ ‡ WĞƌƐŽŽŶůŝũŬ ŬǁĂůŝƚĞŝƚĞŶ ĞŶ ŶĞƚǁĞƌŬĞŶ ‡ sƌĞĞŵĚ ǀĞƌŵŽŐĞŶ͗ ± ĂŶŬĞŶ͕ ĨŽŶĚƐĞŶ ;ϮϬϭϯ͗ Ϯϴϰ &ŽŶĚƐĞŶͿ ± ŝŐĞŶ ǀĞƌŵŽŐĞŶ ;ŽƉ ĂĂŶĚĞůĞŶͿ͕ ǀƌŝĞŶĚĞŶ ĞŶ ĨĂŵŝůŝĞ ± &ŝŶĂŶĐŝĞƌƐ ;njĞŬĞƌŚĞĚĞŶͿ ͬ /ŶǀĞƐƚĞĞƌĚĞƌƐ ;ĂĂŶĚĞůĞŶͿ ± ^ƵďƐŝĚŝĞƐ͗ D< ŽŶĚĞƌƐƚĞƵŶŝŶŐ͕ dŽƉƐĞĐƚŽƌĞŶďĞůĞŝĚ ‡ KŵůŽŽƉƐŶĞůŚĞŝĚ͗ ŐĂƚ ŝŶnjĞƚ ͬ ŽŵnjĞƚ ‡ ZŝƐŝĐŽĨĂĐƚŽƌ͗ ƐƚĂƌƚͲƵƉ ͬ ŐĞǀĞƐƚŝŐĚ ‡ dŝƉƐ͗ ĞŝŐĞŶ ŝŶďƌĞŶŐ͕ ďĞƉĞƌŬ ƵŝƚŐĂǀĞŶ͕ ƐƵďƐŝĚŝĞƐ͕ ƐŽĐŝĂůĞ ĚŝĞŶƐƚĞŶ͕ ďĂŶŬĞŶ͕ ŝŶĐƵďĂƚŽƌƐ͕ ůĞĂƐŝŶŐ͕ ůĞǀĞƌĂŶĐŝĞƌƐŬƌĞĚŝĞƚĞŶ͕ ĞŶnj͘
  • 9. ƵůƚƵƵƌ KŶĚĞƌŶĞŵĞŶ ‡ ŚƚƚƉ͗ͬͬǁǁǁ͘ĐƵůƚƵƵƌͲŽŶĚĞƌŶĞŵĞŶ͘Ŷůͬ <ƵŶƐƚĞŶ ͍͊ ‡ ZƵƚƚĞ / ϮϬϭϯͲϮϬϭϲ ũĂĂƌůŝũŬƐĞ ďĞnjƵŝŶŝŐŝŶŐ ǀĂŶ ϮϬϬ ŵŝůũŽĞŶ ŽƉ ĐƵůƚƵƵƌƐƵďƐŝĚŝĞƐ ĞŶ ĨŽŶĚƐĞŶ ‡ ZƵƚƚĞ //͕ ;ss ͲWǀĚ Ϳ ďĞnjƵŝŶŝŐƚ ŶŝĞƚ ŵĞĞƌ ŽƉ ĐƵůƚƵƵƌ͕ ŵĂĂƌ ůĞŐƚ ŽŽŬ ŐĞĞŶ ĞdžƚƌĂ ŐĞůĚ ďŝũ ‡ dŽĞŬŽŵƐƚ͗ ƐĂŵĞŶǁĞƌŬŝŶŐ ŵĞƚ ƉƌŝǀĂƚĞ ƉĂƌƚŝũĞŶ ;sĂŶĚĞŶ ŶĚĞ&ŽƵŶĚĂƚŝŽŶ͕ WƌŝŶƐ ĞƌŶŚĂƌĚ ƵůƚƵƵƌ &ŽŶĚƐ͕ s^ ĨŽŶĚƐ͕ dƌŝŽĚŽƐ ĂŶŬ͕ ůŽĐŬďƵƐƚĞƌĨŽŶĚƐϭϴ͕ 'ŽĞĚĞ ŽĞůĞŶ >ŽƚĞƌŝũĞŶͿ ‡ ĞŐƌŽƚŝŶŐ ϮϬϭϰ͗ D< ^ƉĞĞƌƉƵŶƚ͗ /ŶǀĞƐƚĞƌŝŶŐƐŐĂƌĂŶƚŝĞƐ ĞŶ ŵĞĞƌ ŐĞůĚ ǀŽŽƌ ŵŝĐƌŽĨŝŶĂŶĐŝĞƌŝŶŐ ‡ WͲĞƌƐ͗ njĞůĨƐƚĂŶĚŝŐĞŶĂĨƚƌĞŬ ͍͍ ŚƚƚƉ͗ͬͬǁǁǁ͘ďůŝũĨũŝũnjnjƉĞƌ͘Ŷůͬ
  • 10. tŚĂƚ͛Ɛ ŶĞdžƚ ͍͍ sŽůŐĞŶĚĞ ǁĞĞŬ͗ tĂĂƌŽŵ njŝũŶ <ƵŶƐƚĞŶĂĂƌƐ Ăƌŵ͍ ‡ >ŝƚ͗ ƵƵŶŬ ,ϲ͘ϭ ͕ ϲ͘ϰ ͕ ϲ͘ϱ ͕ ϳ͘ϭ͕ ϳ͘ϯ ‡ ZĞĂĚĞƌ Ɖ ϲϬ Ͳ ϲϱ͗ ǁŝŬŝƉĞĚŝĂ Ɖ ϲϲ ʹ ϳϱ ,ĂŶƐ ďďŝŶŐ ŚƚƚƉ͗ͬͬǁǁǁ͘ĞĐŽŶŽŵŝĞůŽŬĂĂů͘ŶůͬŝŶĚĞdž͘ƉŚƉͬďĞŐƌŝƉƉĞŶŶ ŚƚƚƉ͗ͬͬŶů͘ǁŝŬŝƉĞĚŝĂ͘ŽƌŐͬǁŝŬŝͬ ĐŽŶŽŵŝĞ dŚĂƚ͛Ɛ ƚŚĞ ǁĂLJ ŝƚ͛Ɛ ĚŽŶĞ͊ ZĞŶĞ <ŽŽLJŵĂŶ ^ĞƉƚĞŵďĞƌ ϮϬϭϯ ŚƚƚƉ͗ͬͬĐĐŝ͘ŚŬƵ͘Ŷůͬ ŚƚƚƉ͗ͬͬĐƵƌĞͲǁĞď͘ĞƵ ƌĞŶĞ͘ŬŽŽLJŵĂŶΛŬĞ͘ŚŬƵ͘Ŷů /ŶƚƌŽĚƵĐƚŝŽŶ ƌƚ ĂŶĚ ĐŽŶŽŵŝĐƐ