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@s`kqlkSrmmloqB`kq`oҾdqqmpҾԗԗtttҼ[s`kqlkҼ^ljԗm[c`pԗprmmloq

Dj[ehҾekalҦ[s`kqlkҼ^lj

Pdlk`Ҿӣӣӣ

Td[kgvlralomro^d[pekcqd`@s`kqlkP[^`mlt`o`_

]v1PXFS4IBSFҼ

W`q[g`moe_`ek]oekcekcvlr[nr[heqvmol_r^qqd[qtehhCSJOHv`[opla

`kflvj`kqҼPh`[p`o`[_[k_rk_`opq[k_qdepj[kr[harhhv]`alo`

[pp`j]hekc[k_oe_ekcvlro]eg`ҼIavlrd[s`nr`pqelkp[aq`oo`[_ekcqdep

j[kr[hҿmh`[p`o`a`oqlqd`@s`kqlkprmmloqlo^lkq[^qrp]v`j[ehlo

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TROUALDSHOOTINF

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USINFTHISM@NU@L

Tdepj[kr[h^lkq[ekp_`q[ehplaqd`mol_r^qҿeqp`nremj`kqҿ[k_ekaloj[qelklklm`o[qelkҿj[ekq`k[k^`ҿ[k_

lqd`od`hmarhqempaloltk`opҼR`[_eq^[o`arhhv[k_a[jehe[oex`vlrop`hateqdqd``]eg`]`alo`rpekceqql

`kpro`p[a`rp`[k_mo`s`kq[^^e_`kqpҼTdepj[kr[h^lkq[ekpj[kvt[okekcp[k_^[rqelkp^lk^`okekcqd`

p[a`lm`o[qelk[k_^lkp`nr`k^`peamolm`op`qrmҿlm`o[qelkҿ[k_j[ekq`k[k^`[o`klqm`oaloj`_Ҽ@hh

ekaloj[qelkekqdepj[kr[hpdlrh_]`^[o`arhhvo`se`t`_[k_eavlrd[s`[kvnr`pqelkpvlrpdlrh_^lkq[^q

@s`kqlkejj`_e[q`hvҼ

Td`klq`pҿt[okekcpҿ[k_^[rqelkp^lkq[ek`_teqdekqd`j[kr[h[k_j[og`_]vqd`qoe[kcrh[oB[rqelk

Svj]lh[qqd`h`aqpe_`laqdepm[c`pdlrh_]`ces`kpm`^e[h^[o`ҼUp`oppdlrh_[hplm[vpm`^e[h[qq`kqelkql

ekaloj[qelkj[og`_ekqdepj[kr[h]`cekkekcteqdNOTIBDҼ

K``mqdepj[kr[hҿ[hlkcteqd[kvlqd`o_l^rj`kqpqd[qt`o`ek^hr_`_teqdvlro]eg`ҿaloarqro`o`a`o`k^`ҿ

dlt`s`o[hh^lkq`kqekqdepj[kr[heppr]f`^qql^d[kc`loteqd_o[t[hteqdlrqklqe^`ҼVepeqdqqmpҾԗԗ

tttҼ[s`kqlkҼ^ljԗm[c`pԗ_l^rj`kqpqlse`t[k__ltkhl[_qd`h[q`pqs`opelkҼ@s`kqlkj[g`p`s`ov`aaloq

ql`kpro`qd`[^^ro[^vlaeqp_l^rj`kq[qelk[k_[pprj`pklo`pmlkpe]eheqvlohe[]eheqvea[kv`ooloplo

ek[^^ro[^e`p[mm`[oteqdekҼ

A`^[rp`eqepejmlppe]h`ql[kqe^em[q``s`ovpeqr[qelklo^lk_eqelkqd[qtehhl^^rotdeh`oe_ekcҿqdepj[kr[h

j[g`pklo`mo`p`kq[qelkp[]lrqqd`p[a`rp`la]eg`prk_`o[hh^lk_eqelkpҼTd`o`[o`oepgp[ppl^e[q`_teqd

qd`rp`la[kv]eg`qd[q^[kklq]`mo`_e^q`_lo[sle_`_[k_[o`qd`plh`o`pmlkpe]eheqvlaqd`oe_`oҼ

FDNDR@LINEO

@pp`j]hv[k_Eeq

Bloo`^q[pp`j]hv[k_ƈq[o``pp`kqe[h`h`j`kqpql`kpro`vlro]e^v^hekcp[a`qvҿm`oaloj[k^`ҿ[k_^ljaloqҼ

Ds`keavlrd[s`qd``um`oe`k^`ҿpgehhҿ[k_qllhpql^ljmh`q`qd`p``pp`kqe[hpq`mp]`alo`vlroƈopqoe_`ҿ

@s`kqlko`^ljj`k_pd[sekc[^`oqeƈ`_ҿo`mrq[]h`]eg`j`^d[ke^ql^d`^gvlrotlogҼ

NOTIBDҾIavlr_lklqd[s`qd``um`oe`k^`ҿpgehhҿ[k_qllhpql^ljmh`q`[pp`j]hv[k_ƈqҿ@s`kqlkdecdhv

o`^ljj`k_pd[sekc[^`oqeƈ`_ҿo`mrq[]h`]eg`j`^d[ke^^ljmh`q`qd`p`mol^`_ro`p[pt`hh[p[kvarqro`

[_frpqj`kqploqrkekcҼ

NOTIBDҾ@^oeqe^[h[pm`^qla[pp`j]hekcvlro]eg`epp`^roekcqd`aolkqtd``h[k_^d`^gekcqd`qecdqk`ppla

qd`o`[otd``h[uh`krqpҼ@s`kqlk]eg`prp`]lhq`_lkҿqdolrcd[uh`lonre^go`h`[p`aolkqtd``hjlrkqekc

j`^d[kepj[k_qd`o`[otd``hep]lhq`_lkҼTd`p`j`^d[kepjpj[v]`^lj`hllp`lorkp`^ro`__roekc

pdemj`kqlols`oqej`ҼTd`qlonr`[k_p`^roeqvla[hhtd``hjlrkqekcd[o_t[o`pdlrh_]`ekpm`^q`_rmlk

[ooes[h[k_lk[o`crh[o][pepҼAlqdtd``hpk``_ql]`molm`ohvp`^ro`_]`alo`lm`o[qekcvlro]eg`Ҽ

M[k_[qlovDnremj`kq[k_Up`Ll^[qelkp

A`alo`oe_ekcҿ`kpro`vlrd[s`[hho`nreo`_[k_o`^ljj`k_`_p[a`qv`nremj`kq[k_[o`alhhltekc[hhh[tp

m`oq[ekekcqlrp`[k`h`^qoe^]eg`ekvlroo`celkҼElo`u[jmh`ҿqd`p`h[tpj[vpm`^eavqd`k``_alo

j[k_[qlov`nremj`kqҿrp`lad[k_peck[hpҿ[k_td`o`vlr^[koe_`Ҽ

Bd[kcekcBljmlk`kqplo@qq[^dekc@^^`pploe`p

Td`rp`laklkӣloecek[h^ljmlk`kqplopm[o`m[oqp^[kf`lm[o_ex`qd`p[a`qvlavlro`]eg`ҿsle_vlro

t[oo[kqv[k_ҿekplj`^[p`pҿ^[rp`vlro`]eg`qlklq^lkalojteqdh[tpm`oq[ekekcqlvlro]eg`Ҽ

%POPUNPEJGZPSBUUFNQUUPSFQBJSUIF&CJLFTZTUFNFYDFQUBTJOEJDBUFEJOUIFJOTUSVDUJPOTGPSVTFBOEDBSF

*OTUSVDUJPOTTIBMMJOEJDBUFUIBUDIBSHJOHPGUIF&CJLFTIBMMPOMZCFQFSGPSNFEXJUIUIFNBOVGBDUVSFShT

SFDPNNFOEFEDIBSHFS



^ljmlk`kqj[kra[^qro`opekpqor^qelkpҼIqepcll_mo[^qe^`qlhllgls`o[hhd[o_t[o`ҿpqo[mpҿ[k_[^^`pplӣ

oe`p]`alo``[^doe_`[k_eavlr_l_ep^ls`oplj`qdekctolkcloplj`qdekcqd[qvlr[o`klqpro`[]lrqҿ

d[s`eq^d`^g`_]v[^`oqeƈ`_ҿo`mrq[]h`]eg`j`^d[ke^Ҽ

Srpm`kpelkҿH[k_h`][oҿFoempҿ[k_S`[q@_frpqj`kqp

Td`prpm`kpelkaloglkvlro`]eg`tehh[aa`^qqd`d[k_hekclaqd`]eg`plvlrjrpqrk_`opq[k_dlteqtlogp

]`alo`rp`ҼTd`prpm`kpelkalogpdlrh_]`molm`ohv[_frpq`_[^^lo_ekcqlvlrot`ecdq[k_q`oo[ekҼDkpro`

qd`d[k_h`][o[k_d[k_h`][opq`j[o`molm`ohv[heck`_ҿƈqq`_qlqd`rp`oҿ[k_p`^ro`_qlqd`eo

o`^ljj`k_ӣ`_qlonr`s[hr`pҼH[k_h`][ocoemppdlrh_klqjls``[pehvlkqd`d[k_h`][o`k_ҼLllp`ҿtlokҿ

lo_[j[c`_d[k_h`][ocoemppdlrh_]`o`mh[^`_]`alo`vlroe_`ҼTd`p`[q[k_p`[qmlpqpdlrh_]`

molm`ohv[heck`_ҿƈqq`_qlqd`rp`oҿ[k_qd`p`[qmlpqnre^go`h`[p`pdlrh_]`molm`ohvqecdq`k`_ҿarhhv

^hlp`_ҿ[k_p`^ro`_]`alo`oe_ekcҼ



Td`o`mh[^`j`kqlaloecek[h^ljmlk`kqploekpq[hh[qelklaqdeo_ӣm[oqv[^^`pploe`plo[^^`pploe`p

klqaolj@s`kqlk`umhe^eqhvo`^ljj`k_`_alovlro]eg`jl_`hep[qvlroltkoepgҼUpekc

[aq`oj[og`q[^^`pploe`plo^ljmlk`kqpqd[qd[s`klq]``kq`pq`_]v@s`kqlkalop[a`qv[k_

^ljm[qe]eheqvj[vsle_vlrot[oo[kqvҿ^o`[q`[krkp[a`oe_ekc^lk_eqelkҿ_[j[c`qlmolm`oqvlo

vlro]eg`]v@s`kqlkҿloo`prhqekp`oelrpekfrovlo_`[qdҼ

S[a`qvBd`^gA`alo`D[^dRe_`

@ht[vp^d`^gqd`^lk_eqelklavlro]eg`]`alo`vlroe_`ek[__eqelkqld[sekco`crh[oj[ekq`k[k^`

m`oaloj`_ҼIavlr[o`rkpro`ladltql^lk_r^q[^ljmh`q`^d`^glaqd`^lk_eqelklavlro]eg`]`alo``s`ov

oe_`ҿvlrpdlrh_^lkprhq[^`oqeƈ`_ҿo`mrq[]h`]eg`j`^d[ke^alo[ppepq[k^`Ҽ

Dh`^qoe^[hSvpq`j

Td``h`^qoe^[hpvpq`jmlt`opp`s`o[h^ljmlk`kqplkvlro`]eg`qd[q^lkqolh_eaa`o`kqlm`o[qekc^lk_eqelkp

[k_rp`omo`a`o`k^`p. Iqep^oeqe^[hqd[qvlra[jehe[oex`vlrop`hateqd[hh[pm`^qplavlroFCJLF`h`^qoe^[h

pvpq`j[k_^d`^gqlp``eaeqeptlogekc^loo`^qhv]`alo``s`ovoe_`ҼTd`aolkq[k_o`[o]o[g`h`s`op^lkq[ek

p[a`qvmlt`o^rqlaapteq^d`pҿtde^d_ep[]h`qd`dr]jlqloӒp[ppepq[k^`td`k[mmhe`_ҿ[k_]lqdh`s`opӗ

pdlrh_]`^d`^g`_alo^loo`^qlm`o[qelkҼTd`qdolqqh`pdlrh_molse_`pjllqd[^^`h`o[qelktd`kco[_r[hhv

[mmhe`_ҼIaqd`qdolqqh`ҿ]o[g`h`s`o^rqlGGpteq^d`pҿm`_[h[ppepq[k^`ҿlohecdqekc[o`ark^qelkekc[]kloj[hhvҿ

ekq`ojeqq`kqhvҿloklqtlogekcҿmh`[p`_ep^lkqekr`qd`rp`lavlro`]eg`ejj`_e[q`hv[k_^lkq[^qqd`

@s`kqlkSrmmloqq`[jalo[ppepq[k^`Ҽ

Ao[g`p

Dkpro`qd[qqd`]o[g`p[k_qd`eopvpq`j^ljmlk`kqp[o`ao``aolj_[j[c`ҿmolm`ohvp`^ro`_[k_tlogekc

^loo`^qhvҼWd`karhhvpnr``x`_ҿ]lqdaolkq[k_o`[o]o[g`h`s`oppdlrh_klq]`qlr^dekcqd`d[k_h`][oҼ

T[g`vlro]eg`ql[^`oqeƈ`_ҿo`mrq[]h`]eg`j`^d[ke^qld[s`qd`]o[g`po`m[eo`_eavlrƈk_[mol]h`jҼ

Teo`p[k_Wd``hp

Ylrotd``hppdlrh_[ht[vppmekpqo[ecdq[k_jrpq]`o`m[eo`_loo`mh[^`_eaqd`vtl]]h`pe_`qlpe_`lorm

[k__ltktd`kpmekkekcҼIavlrotd``hp]`^lj`rkqor`lopmlg`phllp`kҿtde^d^[kd[mm`kteqdkloj[h

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lm`o[qelkplkvlro]eg`aolj@s`kqlkҼClklq[qq`jmqqlqor`td``hploqecdq`kpmlg`prkh`ppvlrd[s`

[_`nr[q`gklth`_c`ҿqllhpҿ[k_`um`oe`k^`ҼDkpro`qd`qeo`p[k_ekk`oqr]`p[o`ekcll_tlogekc^lk_eqelk

teqdlrq[kvsepr[h_[j[c`[k_d[s`qd`^loo`^q[jlrkqla[eomo`ppro`Ҽ@ht[vpo`mh[^`qeo`p[k_ekk`o

qr]`pteqdmrk^qro`pҿ^rqpҿlo_[j[c`]`alo`vlroe_`ҼTeo`pteqdlrqqd`^loo`^q[jlrkqla[eomo`ppro`^[k

o`_r^`m`oaloj[k^`ҿek^o`[p`qeo`[k_^ljmlk`kqt`[oҿ[k_j[g`oe_ekcvlro]eg`rkp[a`Ҽ

@^^`pploe`pҿSqo[mpҿ[k_H[o_t[o`

Dkpro`[hhd[o_t[o`epp`^ro`_[k_[hh[mmols`_[^^`pploe`p[o`molm`ohv[qq[^d`_m`oqd`pm`^eƈ^

A[qq`oe`p[k_Bd[oc`o

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prmmhe`_rp`oj[kr[halo]lqdqd`Plt`oSd[o`][qq`oe`p[k__r[h^d[oc`o]`alo`rp`ҼI

qepo`^ljj`k_`_ql

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Tdolqqh`lkC`j[k_

Weqdqdolqqh`lk_`j[k_ҿvlr^[kqdolqqh`qd`]eg`aolj[^ljmh`q`pqlmҼTdepa`[qro`epqld`hmces`vlr

qd[q`uqo[mrpdtd`kvlrk``_eqlk[pq``mdehhҿtd`kdeqqekcjrhqemh`pqlmppeckpҿ`q^ҼHlt`s`oҿt`

pqolkchvo`^ljj`k_qlm`_[hƈopq[k_qdolqqh`p`^lk_ql`kpro`molm`opq[]eheqv[k_mo`m[o`_k`ppҼ

F`k`o[hOm`o[qekcRrh`p

 Nlqe^`ҾP[vpm`^e[h[qq`kqelkql[hhqd`c`k`o[hlm`o[qekcorh`p]`hlt]`alo`lm`o[qekcvlro]eg`aolj

@s`kqlkҼ

 Wd`koe_ekcҿl]`vqd`p[j`ol[_h[tp[p[hhlqd`ool[_s`de^h`p[p[mmhe^[]h`]vh[tekvlro[o`[Ҽ

 Elo[__eqelk[hekaloj[qelko`c[o_ekcqo[aae^ԗs`de^h`ph[tpҿ^lkq[^qqd`ol[_qo[aae^[rqdloeqvekvlro[o`[Ҽ

 Re_`mo`_e^q[]hvҿek[pqo[ecdqhek`ҿ[k_teqdqd`Ƌltlaqo[aae^ҼN`s`ooe_`[c[ekpqqo[aae^Ҽ

 Up`^loo`^qd[k_peck[hpqlek_e^[q`qrokekcҼ

 Re_`_`a`kpes`hvӀqllqd`ool[_rp`opvlrj[v]`d[o_qlp``Ҽ

 Blk^`kqo[q`lkqd`m[qd[d`[_Ҽ@sle_mlqdlh`pҿco[s`hҿt`qlolehvol[_pҿt`qh`[s`pҿ^ro]pҿqo[ek

qo[^gpҿpm``_]rjmpҿ_o[ekc[q`pҿqdlokpҿ]olg`kch[ppҿ[k_lqd`ol]pq[^h`pҿd[x[o_pҿ[k_mrk^qro`

Ƌ[qoepgpҼ

 Bolppqo[ekqo[^gp[q[ӣ_`co``[kch`lot[hgvlro]eg`[^olppҼ

 Dum`^qqd`rk`um`^q`_pr^d[plm`kekc^[o_lloplo^[op][^gekclrqla_oes`t[vpҼ



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SFQSPEVDUJWFIBSN'PSNPSFJOGPSNBUJPOHPUPXXX18BSOJOHTDBHPW

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]`^lj`molƈ^e`kq

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qdolqqh`ek[^lkqolhh`_p`qqekc]`alo`oe_ekcekoepge`o^lk_eqelk

pҼ

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eq`jpqd[qj[vo`pqoe^qvlrod`[oekcҼ

 Bd`^gvlrohl^[horh`p[k_o`crh[qelkp]`alo`^[oovekc^[oclҼ

 Wd`k]o[gekcҿ[mmhvqd`o`[o]o[g`ƈopqҿqd`kqd`aolkq]o[g`ҼIa]o[g`p[o`klq^loo`^qhv[mmhe`_ҿqd`v

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@s`kqlk[k_pdlrh_]`^hlp`hvo`se`t`_ҼE[ehro`qlo`se`tqd`p`klq`p^[kh`[_qlp`oelrpekfrovlo_`[qdҼ

8"3/*/(o8IFOVTJOHUIJTQSPEVDUCBTJDQSFDBVUJPOTTIPVMEBMXBZTCFGPMMPXFEJODMVEJOHUIF

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 @hhrp`opjrpqo`[_[k_rk_`opq[k_qdepj[kr[h]`alo`oe_ekcqd`eo]eg`aolj@s`kqlkAeg`pҼ@__eqelk[h

j[kr[hpalo^ljmlk`kqprp`_lkqd`]eg`j[v[hpl]`molse_`_[k_pdlrh_]`o`[_]`alo`ekpq[hhekclo

rpekcqdlp`^ljmlk`kqpҼ

 Dkpro`qd[qvlr^ljmo`d`k_[hhekpqor^qelkp[k_p[a`qvklq`pԗt[okekcpҼ

 Dkpro`qd`]eg`ƈqpvlrmolm`ohv]`alo`vlroƈopqrp`ҼYlrj[vhlp`^lkqolhloa[hheavlro]eg`epqll]ecloql

lpj[hhҼ

 @ht[vpt`[o[k[mmols`_]e^v^h`d`hj`qtd`k`s`ooe_ekc[]eg`[k_`kpro`qd[q[hhd`hj`qj[kra[^qro`o

ekpqor^qelkp[o`rp`_aloƈq[k_^[o`lavlrod`hj`qҼE[ehro`qlt`[o[d`hj`qtd`koe_ekcj[vo`prhqek

p`oelrpekfrovlo_`[qdҼ

 Dkpro`^loo`^qp`qrmҿqecdq`kekcҿ[k_qlonrekcqlo`^ljj`k_`_qlonr`s[hr`pepm`oaloj`_lkvlro]eg`

]`alo`ƈopqrpekceq[k_^d`^gqd`p`qrmҿqecdq`kekcҿ[k_^lk_eqelkla^ljmlk`kqp[k_d[o_t[o`o`crh[ohv

Iqepvlroo`pmlkpe]eheqvqla[jehe[oex`vlrop`hateqdqd`h[tp[k_o`nreo`j`kqplalm`o[qekcqdepmol_r^qekqd`

[o`[ҫpҬtd`o`vlroe_`Ҽ

 Dkpro`qd`d[k_h`][ocoemp[o`rk_[j[c`_[k_molm`ohvekpq[hh`_ҼLllp`lo_[j[c`_coemp^[k

^[rp`

vlrqlhlp`^lkqolh[k_a[hhҼ

 Clklqrp`qdepmol_r^qteqdpq[k_[o_]eg`qo[eh`opҿpq[k_pҿs`de^h`o[^gpҿlo[^^`pploe`pqd[q@s`kqlkd[p

klqq`pq`_alop[a`qv[k_^ljm[qe]eheqv[k_d[s`s`oeƈ`_[pp[a`[k_^ljm[qe]h`teqdqd`]eg`Ҽ

 Oaaӣol[_oe_ekco`nreo`p^hlp`[qq`kqelkҿpm`^eƈ^pgehhpҿ[k_mo`p`kqps[oe[]h`^lk_eqelkp[k_d[x[o_pҼW`[o

F[mmolmoe[q`p[a`qvc`[o[k__lklqoe_`[hlk`eko`jlq`[o`[pҼBd`^ghl^[horh`p[k_o`crh[qelkp[]lrq

td`qd`olaaӣol[_`]eg`oe_ekcep[hhlt`_Ҽ



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 Aeg`p[k_]eg`m[oqpd[s`pqo`kcqd[k_ekq`coeqvhejeq[qelkpҿ[k_`uqo`j`oe_ekcҿek^hr_ekc]rqklqhejeq`_

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_[kc`olrpoe_ekcpeqr[qelkpektde^dvlrj[v]`p`oelrphvekfro`_logehh`_Ҽ

E[ehro`qlm`oaloj[k_^lkƈojmolm`oekpq[hh[qelkҿ^ljm[qe]eheqvҿmolm`olm`o[qelkҿloj[ekq`k[k^`la[kv

^ljmlk`kqlo[^^`pplov^[ko`prhqekp`oelrpekfrovlo_`[qdҼ

@aq`o[kvek^e_`kqҿvlrjrpq^lkpe_`ovlro]eg`rkp[a`qloe_`rkqehvlr^lkprhqteqd[^`oqeƈ`_ҿo`mrq[]h`

]eg`j`^d[ke^alo[^ljmo`d`kpes`ekpm`^qelkla[hh^ljmlk`kqpҿark^qelkpҿ[k_lm`o[qelkplaqd`]eg`Ҽ

E[ehro`qlmolm`ohv^d[oc`ҿpqlo`ҿlorp`vlro][qq`ovtehhsle_qd`t[oo[kqv[k_j[v^[rp`[d[x[o_lrp

peqr[qelkҼ

Ylrpdlrh_^d`^gqd`lm`o[qelklaqd`]o[g`jlqlo^rqlaapteq^d`p]`alo``[^doe_`ҼTd`]o[g`pvpq`j

ep`nremm`_teqd[kekde]eqloqd[q^rqplaamlt`oqlqd``h`^qoe^jlqlotd`k`s`oqd`]o[g`p[o`pnr``x`_Ҽ

Bd`^gmolm`olm`o[qelkla]o[g`jlqlo^rqlaapteq^d`p]`alo`oe_ekcҼ

Up`opjrpqrk_`opq[k_qd`lm`o[qelklaqd`qdrj]pteq^dqdolqqh`]`alo`rpekcqd`]eg`[k_jrpqq[g`

^[o`qlqo[s`h[qpm``_p[mmolmoe[q`aloqd`rp[c`[o`[ҿoe_ekc^lk_eqelkpҿ[k_rp`o`um`oe`k^`h`s`hҼ

@ht[vprp`q

d`hlt`pq[ppepqh`s`hrkqehvlr[o`^ljaloq[]h`teqdqd`]eg`[k_a``h^lkƈ_`kqek^lkqolhhekc

qd`mlt`oҼ

@kv[aq`oj[og`q^d[kc`pqlvlro]eg`aolj@s`kqlkAeg`pklq`umo`pphv[mmols`_]v@s`kqlkAeg`p^lrh_

sle_qd`t[oo[kqv[k_^o`[q`[krkp[a`oe_ekc`um`oe`k^`Ҽ

A`^[rp``h`^qoe^]eg`p[o`d`[se`o[k_a[pq`oqd[kkloj[h]eg`pҿqd`vo`nreo``uqo[^[rqelk[k_^[o`tdeh`

oe_ekcҼ

T[g``uqo[^[o`tdeh`oe_ekcekt`q^lk_eqelkpek^hr_ekc_`^o`[pekcpm``_[k_ek^o`[pekc]o[gekc

_epq[k^`pҼE``qlod[k_p^[kphemekt`q^lk_eqelkp[k_h`[_qlp`oelrpekfrovlo_`[qdҼ

Clklqo`jls`[kvo`Ƌ`^qlopҼ

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H`hj`qp

Wd`koe_ekc[]eg`ҿ[ht[vpt`[o[molm`ohvƈqq`_d`hj`qqd[q^ls`opqd`alo`d`[_ҼM[kvhl^[qelkp

o`nreo`pm`^eƈ^p[a`qv_`se^`pҼIqepvlroo`pmlkpe]eheqvqla[jehe[oex`vlrop`hateqdqd`hl^[hh[tpҿorh`pҿ

[k_o`crh[qelkptd`o`vlroe_`[k_ql^ljmhvteqd[hh[mmhe^[]h`h[tpҿek^hr_ekc`nremmekcvlrop`ha[k_

vlro]eg`[pqd`h[to`nreo`pҼ

F`k`o[hW[okekcp

Leg`[kvpmloqҿ]e^v^hekcekslhs`poepgla_[j[c`ҿekfrovҿ[k__`[qdҼAv^dllpekcqloe_`[]eg`ҿvlr

[pprj`qd`o`pmlkpe]eheqvaloqd[qoepgҿplvlrk``_qlgkltҿ[k_mo[^qe^`qd`orh`plap[a`[k_o`pmlkpeӣ

]h`oe_ekc[k_qd`molm`orp`[k_j[ekq`k[k^`laqdep]eg`ҼPolm`orp`[k_j[ekq`k[k^`lavlro]eg`

o`_r^`poepgla_[j[c`ҿekfrovҿ[k__`[qdҼ

Aegekc[k_^lkqolhh`_pr]pq[k^`p_lklqjeuҼN`s`olm`o[q`[]eg`tdeh`rk_`oqd`ekƋr`k^`la[h^ldlhҿ

_orcpҿlo[kvpr]pq[k^`lo^lk_eqelkqd[q^lrh_ejm[eojlqloark^qelkpҿfr_cj`kqҿloqd`[]eheqvql

p[a`hvlm`o[q`[]eg`lo[klqd`os`de^h`Ҽ

Td`P@BDep_`peck`_alorp`]vm`oplkpv`[oplh_[k_lh_`oҼRe_`opjrpqd[s`qd`mdvpe^[h

^lk_eqelkҿo`[^qelkqej`ҿ[k_j`q[h^[m[]eheqvqloe_`p[a`hv[k_j[k[c`qo[ˢ^ҿol[_^lk_eqelkpҿ[k_

pr__`kpeqr[qelkpҿ[pt`hh[po`pm`^qqd`h[tpcls`okekc`h`^qoe^]eg`rp`td`o`qd`voe_`ҿo`c[o_h`ppla

[c`ҼIavlrd[s`[kejm[eoj`kqlo_ep[]eheqvpr^d[p[sepr[hejm[eoj`kqҿd`[oekcejm[eoj`kqҿmdvpe^[h

ejm[eoj`kqҿ^lckeqes`ԗh[kcr[c`ejm[eoj`kqҿ[p`exro`_eplo_`oҿlo[kvlqd`omdvpe^[h^lk_eqelkqd[q

^lrh_ejm[^qvlro[]eheqvqlp[a`hvlm`o[q`[s`de^h`ҿ^lkprhqvlromdvpe^e[k]`alo`oe_ekc[kv]eg`Ҽ

@Nlq`aloP[o`kqp[k_Fr[o_e[kp

@p[m[o`kqlocr[o_e[kҿvlr[o`o`pmlkpe]h`aloqd`[^qeseqe`p[k_p[a`qvlavlro^deh_ҼTd`P[^`epklq

_`peck`_alorp`]v^deh_o`krk_`oqd`[c`laҼIavlr[o`^[oovekc[m[pp`kc`oek[^deh_p[a`qvp`[qҿqd`v

pdlrh_[hpl]`t`[oekc[molm`ohvƈqq`_[k_[mmols`_d`hj`qҼ

W`qW`[qd`o

Iqepo`^ljj`k_`_qlklqoe_`ekt`qt`[qd`oea[sle_[]h`ҼRe_`ekt`qt`[qd`olkhveak`^`pp[ovҼTdep

`h`^qoe^]eg`epklqj`[kqalorp`ekd`[svo[ekҿlopqo`[jpҼN`s`oejj`op`lopr]j`oc`qdepmol_r^qek

t[q`olohenre_[pqd``h`^qoe^[hpvpq`jj[v]`_[j[c`_Ҽ

ˢIkt`qt`[qd`ovlrk``_qlq[g``uqo[^[o`td`klm`o[qekcqdep]eg`Ҽ

ˢC`^o`[p`oe_ekcpm``_qld`hmvlr^lkqolhqd`]eg`ekphemm`ov^lk_eqelkpҼ

ˢAo[g``[ohe`opek^`eqtehhq[g`hlkc`oqlphlt_ltk[k_^lj`ql[pqlmqd[ktd`klm`o[q`_ek_ov

^lk_eqelkpҼ

ˢT[g`^[o`ql]`jlo`sepe]h`qllqd`oplkqd`ol[_ҼW`[oo`Ƌ`^qes`^hlqdekc[k_rp`[mmols`_p[a`qv

hecdqpҼ

ˢRl[_d[x[o_p[o`jlo`_eGGJ^rhqqlp``td`kt`q 1Sl^``_teqd^[rqelkҼ

NecdqRe_ekc

Iqepo`^ljj`k_`_qlklqoe_`[qkecdqea[sle_[]h`ҼRe_`[qkecdqlkhveak`^`pp[ovҼ

ˢW`[oo`Ƌ`^qes`[k_hecdqӣ^lhlo`_^hlqdekcҼ

ˢShlt_ltk[k_rp`a[jehe[ool[_pteqdpqo``qhecdqekcҿeamlppe]h`Ҽ

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P[^`aoljqd`]eg`]luҼB[o`arhhvo`jls`qd`m[^g[cekcj[q`oe[hmolq`^qekcqd`]eg`ao[j`[k_

^ljmlk`kqpҿ[pt`hh[po`jls`qd`pj[hh]lu`p[qq[^d`_qlqd`alogҼTd`p`[o`vlro^d[oc`o[k_

[^^`pploe`pҼPh`[p`o`^v^h`m[^g[cekcj[q`oe[hp`pm`^e[hhv^[o_]l[o_[k_al[jtd`k`s`omlppe]h`Ҽ

Sq`mҼR`jls`[hhqd`m[^g[c`al[j[k_oe]]lkҼ

4UFQ$IBSHFUIFCBUUFSJFT

4UFQ

" 3FNPWFUIFTUFNSVCCFSDPWFSMPPTFOUIFCPMUVTJOHBNNIFYLFZBOEEJTDBSEUIFQMBTUJDXIJUF

QSPUFDUJWFHVBSE

 1MBDFUIFIBOEMFCBSTUFNPOUPUIFTUFNXJUIUIFEJTQMBZGBDJOHVQXBSETSFQMB

DFUIFUPQDBQBOEVTF

BNNIFYLFZUPTFDVSFUIFIBOEMFCBSTUFN3FJOTFSUUIFSVCCFSDPWFSCBDLJOUPUIFUPQDBQ



Sq`mҼM[g`pro`qd`d[k_h`][oppq[vlkqd`h`aqpe_`pl[aq`oqd`d[k_h`][op[o`ekpq[hh`_qd`^[]h`p^lj`

lrqlaqd`ao[j`qlqd`h`aqpe_`laqd`]eg`ҼM[g`pro`qd`^[]h`p[o`klqqtepq`_Ҽ

Rr]]`oBls`o

4UFQ*OTUBMMUIFGSPOUXIFFM

"3FNPWFUIFQMBTUJDJOTFSUGSPNUIFGPSLESPQPVU

# 3FNPWFUIFQMBTUJDJOTFSUDBSEGSPNUIF

GSPOUCSBLFDBMJQFS

$ $BSFGVMMZJOTUBMMUIFGSPOUXIFFMBOENBLFTVSFUIFCSBLFSPUPSTJUTJOCFUXFFOUIFCSBLJOHQBETJO

UIFCSBLFDBMJQFSUIFGMBUXBTIFSPOUIFBYMFTIPVMETJUPVUTJEFUIFGPSLESPQPVU



CҼUp`[jjlm`kto`k^dqlqecdqqd`td``h[uh`]lhqqlo`^ljj`k_`_qlonr`s[hr`[qӣNjҼ

p`oelrpekfrovҿlo_`[qdҼBd`^gqd[qqd`aolkqtd``h[k_d[k_h`][opq`j[o`molm`ohvp`^ro`_qlqd`]eg`_r

oekc[pp`j]hv[k_]`alo``[^doe_`Ҽ

Sq`mҾPrqqd`ge^gpq[k__ltkqldlh_qd`]eg`rmҼ

$BVUJPO/FWFSUPVDIUIFCSBLFSPUPSFTQFDJBMMZXIFOUIFXIFFMBOEPSCJLFJTJONPUJPOPSTFSJPVT

JOKVSZDPVMEPDDVS)BOEPJMTDBODBVTFTRVFBLJOHBOEEFDSFBTFCSBLFQFSGPSNBODF

W@RNINFҾ[kejmolm`ohvp`^ro`_aolkqtd``h[k_ԗlod[k_h`][opq`j^[k^[rp`hlppla^lkqolhҿ[^^e_`kqpҿ

4UFQ"EKVTUJOHUIFEJTQMBZBOEIBOEMFCBS

" 4UBOEJOGSPOUPGUIFCJLFBOEDMBNQGSPOUXIFFMXJUICPUIMFHT7FSJGZUIFIBOEMFCBSTBSFTUSBJHIUBOE

JOMJOFXJUIUIFGSPOUXIFFM.BLFTVSFUIFQJODICPMUTBSFUJHIUBOEZPVDBOOPUUVSOUIFTUFNGSFFMZGSPN

UIFGSPOUXIFFM

# 4JUPOUIFTBEEMFBEKVTUEJTQMBZBOEIBOEMFCBSUPUIFEFTJSFEQPTJUJPOBOEUJHIUFOUIFTDSFXTXIJDI

TFDVSFJUUPUIFIBOEMFCBS



Sq`mҾUp`jjd`ug`vqlqecdq`kqd`_epmh[v^h[jmql_`peo`_[kch`Ҽ

Sq`mҾP`_[hIkpq[hh[qelkҼ

Up`[m`_[hto`k^dqlekpq[hhqd`m`_[hpҼLl^[q`qd`m`_[hteqd[pjllqdm`_[h[uh``uq`oelo[k_[kӓRӔ

pq[jm`_ekqlqd``k_laqd`m`_[h[uh`ҫҿ]`hltҬҿtde^dek_e^[q`eqepqd`oecdqm`_[hҼTd`oecdqm`_[hcl`plk

qd`^o[kglkqd`oecdqpe_`laqd`]eg`ҫtde^dd[pqd`_oes`qo[ekc`[op[k_epqd`p[j`[p[oe_`oӗpoecdqpe_`

td`koe_ekcҬҼ

Td`oecdqm`_[hҫҬepqdo`[_`_plqd[qeqepqecdq`k`_]vqrokekc^hl^gtep`Ҽ@mmhvco`[p`qlqd`qdo`[_p

[k_^[o`arhhvqdo`[_qd`oecdqm`_[hlkqlqd`^o[kglkqd`oecdqpe_`laqd`]eg`phlthv[k_]vd[k_ҼClklq

^olppqdo`[_lo_[j[c`qd`qdo`[_pҼ

Td`h`aqm`_[hҫҬepo`s`op`ӣqdo`[_`_[k_qecdq`kp^lrkq`o^hl^gtep`ҼDkpro`qd`o`j[ekekcm`_[hd[p

klq^d`plkqd``uq`oelolaqd`[uh`[k_[kӓLӔpq[jm`_ekqlqd``k_laqd`[uh`ҫҿ]`hltҬҿek_e^[qekceqepqd`

h`aqm`_[hҼ@mmhvco`[p`[k_^[o`arhhvqdo`[_qd`m`_[hlkqlqd`h`aq^o[kg]vd[k_phlthvҼClklq^olppqdo`[

_lo_[j[c`qd`qdo`[_pҼ

Tlonr``[^dm`_[hqlNjҼ

I_`kqeavekcj[ogpRecdqm`_[hҫҬqecdq`kp^hl^gtep`L`aqm`_[hҫҬqecdq`kp^lrkq`o^hl^gtep`

$ "EKVTUUIFIBOEMFCBSIFJHIUBOHMFUPUIFEFTJSFEQPTJUJPOUIFOVTFBNNIFYLFZUPUJHIUFOUIFTDSFXT

TFDVSJOHJUUPUIFGSBNF

/PUF5IFQDTTUFNTDSFXTTIPVMECFUJHIUFOFEGPMMPXQJDUVSFBSSPXTFRVFODF



Sq`mҾR`jls`jlqlomolq`^qlo[k_mrqlkqd`jlqlomolq`^qelkcr[o_lk]lqdpe_`pla][^gtd``hҼ

Nlq`ҾP[oqlamh[pqe^jlqlomolq`^qlotehhheg`hv]o`[g[k_]`h`aqek]`qt``kqd`ao[j`[k_qd`c`[opҿ

rp`[m[eolamhe`opql^[o`arhhvo`jls`eqҼ

Sq`mҾIkƋ[q`qd`qeo`pҼ

Bd`^gqd[qqd`qeo`]`[_p[k_qeo`p[o``s`khvp`[q`_lkqd`oejpҼUp`[mrjmteqd[S^do[_`os[hs`[k_mo`pp

ro`c[rc`qlekƋ[q``[^dqeo`qlqd`o`^ljj`k_`_mo`ppro`ek_e^[q`_lkqd`qeo`pe_`t[hhҿ

ӣPSIҫҼӣҼA@RҬ. Clklqls`oekƋ[q`lork_`oekƋ[q`qeo`pҼ

Sq`mҾS`qqd`_`peo`_p`[qd`ecdqҼOm`kqd`nre^go`h`[p`h`s`o]vdekcekceqlm`karhhvҼ@_frpqqd`p`[q

mlpqrmlo_ltkql[^ljaloq[]h`d`ecdqҿtdeh``kproekcqd`p`[qmlpqepekp`oq`_m[pqqd`jekejrjekp`oqelk

mlekqҿ[pek_e^[q`_lkqd`p`[qmlpqҼBhlp`qd`p`[qmlpq^h[jmh`s`oҼ

Iak``_`_ҿrp`qd`qdrj]krqql[__q`kpelkqlqd`^h[jmplqd`o`epplj`o`pepq[k^`td`kqd`h`s`oepek

hek`teqdqd`^h[jm]lhqҿ]rq_lklqls`oqecdq`kҼBhlp`qd`nre^go`h`[p`h`s`oqlp`^ro`qd`p`[qmlpq[k_

^d`^gqd[qeq^[kklqjls`ҼS``qd`@_frpqekcqd`S`[qp`^qelklaqdepj[kr[halojlo`_`q[ehpҼ



Sq`mҾBd`^geaqd`g`v[k_][qq`ovhl^g[o`teqdp[j`p`oe[hklҼҼ

Sq`mҾ@_frpqekcqd`p`[qmlpeqelk[k_[kch`

Tl^d[kc`qd`[kch`[k_dloexlkq[hmlpeqelklaqd`p`[qҾ

@ҼUp`[jj@hh`kto`k^dqlhllp`kqd`p`[q[_frpqj`kq]lhqlkqd`^h[jmmlpeqelk`__eo`^qhvrk_`ok`[qd

qd`p`[qҿ[]ls`qd`o`[otd``hҼClklq^ljmh`q`hvo`jls`qd`]lhqpҼ

AҼMls`qd`p`[q][^gt[o_loalot[o_[k_qehqql[_frpqqd`[kch`ҼTd`p`[qmlpeqelkdloexlkq[hqlƋ[qcolrk_

ep_`peo[]h`alojlpqoe_`opҼClklq`u^``_qd`hejeqj[ogekcplkqd`p`[qo[ehҿtde^dpdltqd`jekejrj[k_

j[uejrjdloexlkq[hjls`j`kq[hhlt`_Ҽ

BҼWdeh`dlh_ekcqd`p`[qekqd`_`peo`_mlpeqelkҿrp`[jj[hh`kg`vqlqecdq`kqd`p`[q[kch`[_frpqj`kq

]lhqp`^ro`hvqlqd`o`^ljj`k_`_qlonr`s[hr`ҫNjҬҼ

Sq`mҾBd`^g][qq`ov[k__epmh[vҼ

Okqd`][qq`ovmo`ppqd`mlt`o]rqqlkҿLDChecdqptehhhecdqlkҿ[k_qd`kLDChecdqҼ

Po`pp[k_dlh_qd`ӑMӑ]rqqlklkqd`_epmh[vrkeqqlqroklkqd`_epmh[vҼ



A[qq`ovBd[ocekcBOE*OTUBMMBUJPO

BBd[ocekcPol^`_ro`

W`o`^ljj`k_^d[ocekcqd`][qq`oe`pek_llopҿekjl_`o[q`

q`jm`o[qro`^lk_eqelkpҼ

W@RNINFҾo`[_qd`prmmhe`_rp`oj[kr[halo]lqdqd`

Plt`oSd[o`][qq`oe`p[k__r[h^d[oc`o]`alo`rp`ҼIqep

o`^ljj`k_`_qlarhhv^d[oc`]lqd][qq`oe`p]`alo`rp`Ҽ

 Blkk`^qqd`_r[h^d[oc`oql[mlt`oprmmhv

 Prpdqd`][qq`oe`plkqlqd`^d[oc`o

 Wd`karhhv^d[oc`_ҿo`jls`qd`][qq`oe`paoljqd`^d[oc`o

 Ukhl^gqd`][qq`ov^ljm[oqj`kqteqdqd`ek^hr_`_g`v

 She_

`qd`][qq`oe`p[hlkcqd`phe_`prkqehvlrd`[o[^he^g

 Bhlp`[k_hl^gqd`^ljm[oqj`kq

5IFCBUUFSJFTDBOBMTPCFDIBSHFEPOCPBSEXJUIBO"$

BEBQUPS

W[okekcҾClklq^d[oc`lorp`vlro][qq`oveaeqep_[j[c`_

lop``qo[^`lat[q`oҼ@ht[vpmlt`olaavlro]eg`]`alo`

o`jlsekcqd`][qq`oe`pҼ

Slhe_R`_

Eh[p dekcR`_

Slhe_Fo``k

Eh[p dekcFo``k



Td`jlqlopqlmptd`kvlrҾpnr``x`qd`]o[g`h`s`oploo`h`[p`

qd`qdolqqh`Ҽ

BATTERY AND CHARGING

W`o`^ljj`k_^d[ocekcqd`][qq`oe`pJk_llopҿekjl_`o[q`

q`jm`o[qro`^lk_eqelkpҼql^d[oc`qd`][qq`ovҿmhrcqd`^d[oc`o

ekql[t[hhlrqh`q[k_phe_`qd`][qq`oe`plkqlqd`^d[oc`oҼTd`L

DCek_e^[qlohecdqtehhah[pdco``ktdeh`^d[oekc[k_tehhqrokco`

`ktd`k^d[ocekcep^ljmh`q`Ҽ

MAINTENANCE AND SERVICE

Polm`ohvj[ekq[ekekcvlroP[^`mlt`o`_]vPlt`oSd[o`

DӣAeg``kpro`peqphlkc`seqv[k_pjllqdlm`o[qelkҼA`alo`[pp`

j]hekcvlro]eg`ҿmh`[p`t[q^dqd`ӓHltTl@pp`j]h`Ӕse_`l

t`ӗs`mo`m[o`_alovlrҼIavlrd[s`nr`pqelkp_roekcqd`

[pp`j]hvmol^`ppҿmh`[p`^lkq[^q@s`kqlk[qҫҬӣlo

`j[eh

ekalҦ[s`kqlkҼ^ljҼ

SAFETY

Ylrpdlrh_t`[o[k[mmols`_]e^v^h`d`hj`q`s`ovqej`vlroe_`

[]e^v^h`ҿo`c[o_h`pplaqd`h`c[ho`nreo`j`kqql_lplҼYlrpdlrh_

^ljmhvteqdhl^[hh[ttd`koe_ekcvlroP[^`mlt`o`_]vPlt`o

Sd[o`DӣAeg`Ҽ

PACE 350POWDRDCAYPOWDRSH@RDQUICK START GUIDE

GETTING STARTED

Po`pp[k_dlh_qd`]rqqlklkqd`d[k_h`][o^lkqolhpqlqroklk

qd`_epmh[vҼNltҿvlro`ӣ]eg`epo`[_vqloe_`ҼTlqroklaaҿmo`pp[k_

dlh_alop`^lk_pҼ



Td`m[^`DӣAeg`laa`opm`_[h[ppepqҼWd`krpekcm`_[h[ppepqҿ

[k`h`^qoe^jlqloprmmh`j`kqpqd`oe_`oӒpltk`aaloqҼTlrp`qd`

m`_[h[ppepqҿpejmhvpq[oqm`_[hekcҿqd`kq[mqd` lo[ooltpql

ek^o`[p`lo_`^o`[p`qd`[jlrkqlam`_[h[ppepqҼ

P`_[h[ppepqtehh`kc[c`[qpm``_prmqlMPHҼ

Td`P[^`mlt`o`_

]vPlt`oSd[o`DӣAeg`ep`nremm`_teqd[

qdolqqh`ҿtde^depjlrkq`_k`[oqd`oe_`oӗph`aqqdrj]ҿqlmolm`hqd`

]eg`teqdlrqm`_[hekcҼWeqdqdolqqh`lk_`j[k_ҿvlr^[kqdolqqh`qd`

]eg`aolj[^ljmh`q`pqlmrmqljmdtdeh`ekP@SqdolrcdҼHl

t`s`oҿt`pqolkchv`k^lro[c`vlrqlpedal ﬁrstMZ and throttle

secondMZ.

BATTERY LEVEL INDICATOR

(Current / Max /

Average)

ERROR CODE INDICATOR

(In the Event of a Problem)

SPEED INDICATOR

(Current / Max / Average)

5 LEVELS OF ASSIST

(0: No Assist. 5: Max Assist)

WALK MODE

BACKLIGHT INDICATOR

DISTANCE INDICATOR

(Current Trip / System Mileage)

VOLTAGE OUTPUT INDICATOR

(Real-Time)

OPDR@TION

%3*7*/(3"/(&

5IF SBOHF PG ZPVS CJLF GSPN "WFOUPO #JLFT JT UIF EJTUBODF UIF CJLF XJMM USBWFM PO B TJOHMF GVMM DIBSHF PG UIF

POCPBSECBUUFSZ5IFSBOHFWFMVFTJOUIFNBOVBMBSFFTUJNBUFTCBTFEPOFYQFDUFEVTBHFDIBSBDUFSJTUJDTPGCJLFT

CZ"WFOUPO#JLFT4PNFPGGBDUPSTUIBUBGGFDUSBOHFJODMVEFDIBOHFTPOFMFWBUJPOTQFFEQBZMPBEBDDFMFSBUJPO

OVNCFSPGTUBSTBOETUPQTBNCJFOUBJSUFNQFSBUVSFTUJSFQSFTTVSFBOEUFSSBJO

NOTIBDҾClklqm`oaloj[kvlaqd`pq`mpekqd`Om`o[qelkp`^qelklaqdepj[kr[hrkqehvlrd[s`o`[_

qdep`kqeo`j[kr[hҿpek^`qd`o`[o`ejmloq[kq_`q[ehpo`h[q`_qlp[a`qvekqd`alhhltekcp`^qelkpҼ



R`[_[k_rk_`opq[k_[hhp`^qelkplaqdep`kqeo`j[kr[h]`alo`lm`o[qekcqd`]eg`aloqd`ƈopq

qej`ҼTd`o`[o`ejmloq[kqp[a`qvt[okekcpqdolrcdlrqqd`j[kr[hqd[qjrpq]`alhhlt`_

qlmo`s`kq_[kc`olrppeqr[qelkpҿ[^^e_`kqpҿ_[j[c`qlqd`]eg`ҿ_[j[c`qlmolm`oqvҿekfrovҿ

lo_`[qdҼ

Up`opjrpqalhhltqd`ekpqor^qelkp[k_t[okekcp^lkq[ek`_ekqdepj[kr[halop[a`qvҼClklq

[qq`jmqqllm`o[q`vlro]eg`aolj@s`kqlkAeg`prkqehvlrd[s`[_`nr[q`gklth`_c`la

eqp^lkqolh[k_lm`o[qelkҼC[j[c`^[rp`_]va[ehekcqlalhhltekpqor^qelkpepklq^ls`o`_

rk_`ot[oo[kqv[k_^lrh_o`prhqekp`oelrpekfrovlo_`[qdҼBlkq[^q@s`kqlkAeg`peavlr

d[s`[kvnr`pqelkp[]lrq[pp`j]hvlolm`o[qelkҼ

Up`opjrpq]`^lj`[^^rpqlj`_qlqd`]eg`ӗpmlt`o^lkqolhpvpq`j]`alo`lm`o[qekcҼTd`

m`_[h[ppepq[k^`a`[qro`ep[hpl[mlt`oarhlmqelk[k_rp`oppdlrh_arhhvo`p`[o^d[k_

rk_`opq[k_dltqllm`o[q`eq]`alo`ƈopqrp`ҼNlqq[gekcqd`qej`[k_^[o`qla[jehe[oex`

vlrop`ha[k_mo[^qe^`qd`lm`o[qelklaqd`mlt`opvpq`jlkvlro]eg`aolj@s`kqlkAeg`p

^[kh`[_ql_[j[c`ҿp`oelrpekfrovҿlo_`[qdҼ

R`crh[oekpm`^qelk[k_j[ekq`k[k^`[o`g`vql`kpro`@s`kqlkAeg`park^qelk[pekq`k_`_ҿ[k_ql

o`_r^`t`[o[k_q`[olkqd`eopvpq`jpҼR`^ljj`k_`_p`ose^`ekq`os[hp[o`j`[kqql]`rp`_[p

cre_`hek`pҼR`[htloh_t`[o[k_q`[oҿ[k_qd`k``_alop`ose^`ҿtehhs[ovteqd^lk_eqelkplarp`ҼW`

c`k`o[hhvo`^ljj`k_ekpm`^qelkpҿp`ose^`ҿ[k_k`^`pp[ovo`mh[^`j`kqp]`m`oaloj`_[qqd`qej`

lojeh`[c`ekq`os[hqd[q^lj`pƈopqekqd`alhhltekcq[]h`Ҽ

If you do not have the experience, skill, and tools to complete maintenance and adjustment of

your bike, Aventon Bikes strongly recommends having a certiﬁed, reputable bike mechanic maintain,

tune, and ensure the bike is safe to ride.

Recommended Service Intervals

Parking, Storage, and Transport

Ph`[p`alhhltqd`p`][pe^m[ogekcҿpqlo[c`ҿ[k_qo[kpmloqqempql`kpro`vlro]eg`ept`hh^[o`_alolk[k_

laaqd`ol[_Ҽ

ˢWd`kmrpdekclo^[oovekcqd`]eg`j[kr[hhvҿqroklaaqd`mlt`oql[sle_[^^e_`kq[h[^^`h`o[qelkaoljqd`

jlqloҼ

ˢTrokqd`mlt`o[k_[kvhecdqplaaql^lkp`os`][qq`ovҼ

ˢDkpro`qd`][qq`ovephl^g`_qlqd`ao[j`ekqd`laamlpeqelklorp`qd`g`vqlo`jls`qd`][qq`ov[k_

]oekceqteqdvlralop`^roeqvlopqloekcek[q`jm`o[qro`ӣ^lkqolhh`_hl^[qelkҼ

ˢP[ogek_lloptd`kmlppe]h`ҼIavlrjrpqm[oglrq_llopeko[eklot`q^lk_eqelkpҿh`[s`vlro

`]eg`lrqpe_`alolkhv[a`tdlrop[k_qd`km[ogeqek[_ovhl^[qelk[ppllk[pmlppe]h`ql[hhlt[hhlaqd`

pvpq`jpql_ovlrqҼ@pteqd[o`crh[o]eg`ҿ[k`]eg`rp`_ekt`q^lk_eqelkpk``_pjlo`ao`nr`kq

j[ekq`k[k^`qlmo`s`kqorpqҿ^loolpelkҿ`q^Ҽ[k_ql`kpro`[hhpvpq`jp[o`tlogekcp[a`hvҼ

ˢIkmr]he^mh[^`pҿvlro]eg`aolj@s`kqlkAeg`pjrpq]`m[og`_ek[^^lo_[k^`teqdhl^[horh`p[k_

o`crh[qelkpҼ

ˢLl^gekcrmvlro]eg`epo`^ljj`k_`_ql`kpro`vlro]eg`epp`^ro`[k_qd`^d[k^`laqd`aqepo`_r^`_Ҽ

@s`kqlkAeg`pj[g`pkl^h[ejploo`^ljj`k_[qelkplkqd`molm`ohl^gd[o_t[o`lomol^`_ro`pqlp`^ro`

vlro]eg`ҿ]rqt`_lo`^ljj`k_vlrq[g`[mmolmoe[q

`mo`^[rqelkpqlg``mvlro]eg`p[a`aoljqd`aqҼ

ˢClklqm[ogҿpqlo`ҿloqo[kpmloqvlro]eg`aolj@s`kqlkAeg`plk[s`de^h`o[^gklq_`peck`_aloqd`]eg`

ppex`[k_t`ecdqҼ

ˢUp`[s`de^h`o[^g^ljm[qe]h`teqdqd`te_qdlaqeo`prp`_lkvlro]eg`ҼSlj`o[^gpj[vklq

[^^ljjl_[q`[hhqeo`te_qdpҼ

ˢWd`k^[oovekcvlro]eg`lk[s`de^h`o[^galoqo[kpmloqҿrkhl^g[k_o`jls`qd`][qq`ovҼTdeptehho`_r^`

qd`t`ecdqlaqd`]eg`ҿj[g`heaqekc[k_hl[_ekc`[pe`oҿ[k_[hhltvlrqlmolq`^qqd`][qq`ov]vqo[kpmloqekc

eqekqd`^[]la[s`de^h`Ҽ

ˢ@sle_qo[kpmloqekc]eg`paolj@s`kqlkAeg`plk[s`de^h`o[^g_roekco[ekҿ[pqdepj[v^[rp`t[q`o

_[j[c`qlqd``h`^qoe^[h^ljmlk`kqpҼ

MAINT

ENA

Basic Bike Care



Notice: A`alo``s`ovoe_`ҿ[k_[aq`o`s`ovӣjeh`pҫӣgjҬҿt`[_sep`alhhltekcqd`mo`ӣoe_`

p[a`qv^d`^ghepqҼ

Pre-Ride Safety Checklist

Interval Inspect Service Replace

Weekly,

160-321

km (100-

200 mi)

- Check hardware for proper torque: See

Recommended Torque Values chart.

- Check drivetrain for proper alignment and

funĐƟon (including the chain, freewheel, chainring,

and derailleur).

- Check wheel trueness and for quiet wheel

operaƟon (without spoke noise).

- Check condŝƟon of frame for any damage.

- Clean frame by wiping frame

down with damp cloth.

- Use barrel adjuster(s) to tension

derailleur/brake cables if needed.

- Replace any components

conĮƌmed byǀĞŶƚŽŶŝŬĞƐ

Product Support or a ceƌƟĮed,

reputable bike mechanic to be

damaged beyond repair or

broken.

Monthly,

402-1207

km (250-

750 mi)

- Check brake pad alignment, brake cable tension.

- Check bike is shiŌŝng properly, proper derailleur

cable tension.

- Check chain stretch.

- Check brake and shiŌĞƌĐables for corrosion or

fraying.

- Check spoke tension.

- Check accessory mounƟng (rack mounƟng bolts,

fender hardware, and alignment).

- Clean and lubricate drivetrain.

- Check crankset and pedal torque.

- Clean brake and shiŌ cables.

- True and tension wheels if any

loose spokes are discovered.

- Balance the baƩĞƌy.

- Replace brake and shiŌ

cables if necessary.

- Replace brake pads if

necessary.

Every 6

Months,

1207-2011

km (750-

1250 mi)

- Inspect drivetrain (chain, chainring, freewheel,

and derailleur).

- Inspect all cables and housings.

- Standard tune-up by ceƌƟĮed,

reputable bike mechanic is

recommended.

- Grease boƩom bracket.

- Replace brake pads.

- Replace Ɵƌes if necessary.

- Replace cables and housings

if necessary.



Safety Check Basic Steps

1. Brakes

Ensure front and rear brakes work properly.

Check brake pads for wear and ensure they are not overworn.

Ensure brake pads are correctly posiƟoned in relaƟon to the rims.

Ensure brake cables are lubricated, correctly adjusted, and display no obvious wear.

Ensure brake levers are lubricated and Ɵghtly secured to the handlebar.

Test that the brake levers are Įƌm and that the brake, motor cutoī funcƟons, and the brake light

are funcƟoning properly.

2. Wheels and Tires

Ensure Ɵres are inŇated within the recommended limits posted on the Ɵre sidewalls and hold air.

Ensure Ɵres have good tread, have no bulges or excessive wear, and are free from any other

damage.

Ensure rims run true and have no obvious wobbles, dents, or kinks.

Ensure all wheel spokes are Ɵght and not broken.

Check axle nuts and front wheel quick release to ensure they are Ɵght. Ensure the locking lever on

the quick release skewer is correctly tensioned, fully closed, and secured.

3. Steering

Ensure the handlebar and stem are correctly adjusted, Ɵghtened, and allow proper steering.

Perform a handlebar twist test (see assembly step 4) to ensure the stem clamp bolt security.

Ensure the handlebar is set correctly in relaƟon to the fork and the direcƟon of travel.

4. Chain

Ensure the chain is clean, oiled, and runs smoothly.

Extra care is required in wet, salty/otherwise corrosive, or dusty condiƟons.

5. Bearings

Ensure all bearings are lubricated, run freely, and display no excess movement, grinding, or raƩling.

Check headset, wheel bearings, pedal bearings, and boƩŽm bracket bearings.

6. Cranks and

Pedals

Ensure pedals are securely Ɵghtened to the cranks.

Ensure the cranks are securely Ɵghtened and are not bent.

7. Derailleur and

Mechanical

Cables

Check that the derailleur is adjusted and funcƟoning properly.

Ensure shiŌer and brake levers are aƩached to the handlebar securely.

Ensure all shiŌer and brake cables are properly lubricated.

8. Frame, Fork, and

Seat

Check that the frame and fork are not bent or broken.

If either frame or fork are bent or broken, they should be replaced.

Check that the seat is adjusted properly, and seatpost quick release lever is securely Ɵghtened.

9. Motor Drive

Assembly and

ThroƩle

Ensure hub motor is spinning smoothly and motor bearings are in good working order.

Ensure all power cables running to hub motor are secured and undamaged.

Make sure the hub motor axle bolts are secured and the torque arm, torque arm bolt, and torque

washers are in place.

10. ĂƩery

Ensure baƩerŝĞƐ charged before use.

Ensure there is no damage to baƩery.

Lock baƩery to frame and ensure that it is secured.

Charge and store bike and baƩery in a dry locaƟon, between 10 °C – 25 °C (50 °F – 77 °F).

dŚŝƐĞͲďŝŬĞǁŝůůŽŶůǇƌƵŶǁŚĞŶϮďĂƚƚĞƌŝĞƐĂƌĞŝŶƐƚĂůůĞĚ

Let bike dry completely before using again.

11. Electrical Cables

Look over connectors to make sure they are fully seated and free from debris or moisture.

Check cables and cable housing for obvious signs of damage.

Ensure headlight, taillight, and brake light are funcƟoning, adjusted properly, and unobstructed.

12. Accessories

Ensure all reŇĞctors are properly ĮƩed and not obscured.

Ensure all other Įƫngs on bike are properly secured and funcƟoning.

Inspect helmet and other safety gear for signs of damage.

Ensure rider is wearing a helmet and other required riding safety gear.

Ensure mounƟng hardware is properly secured if ĮƩed with a front rack, rear rack, basket, etc.

Ensure the taillight and taillight power wire are properly secured if ĮƩed with rear rack.

Ensure the fender mounƟng hardware is properly secured if ĮƩed with fenders.

Ensure there are no cracks or holes in fenders.

If installed, ensure the opƟonal rear wheel lock is secured in the unlocked posiƟon and the key is

removed before every ride.



Your cables, spokes, and chain will stretch after an initial break-in period of 50-100 mi

(80-160 km), and bolted connections can loosen. Always have a certiﬁed, reputable bike

mechanic perform a tune-up on your PACE after your initial break-in period of 50-100 mi

(80-160 km) (depending on riding conditions such as total weight, riding characteristics,

and terrain). Regular inspections and tune-ups are particularly important for ensuring that

your bike remains safe and fun to ride.

Tire Information

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

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TROUBLESHOOTING

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Error Detection

Additional Information on Wear

Symptoms Possible Causes Most Common SoluƟŽns

The bike does not

work

ϭ InsuĸĐient baƩery power

Ϯ Faulty connecƟŽns

ϯ BaƩery not fully seated in tray

ϰ Improper turn on sequence

ϱ Brakes are applied

ϲ EŽƚďŽƚŚďĂƚƚĞƌŝĞƐŚĂǀĞďĞĞŶƉƌŽƉĞƌůǇŝŶƐƚĂůůĞĚ

ϭ Charge the baƩery

Ϯ Clean and repair connectors

ϯ Install baƩery correctly

ϰ Turn on bike with proper sequence

ϱ Disengage brakes

ϲ WƌŽƉĞƌůǇŝŶƐƚĂůůďŽƚŚďĂƚƚĞƌŝĞƐ

Irregular acceleraƟon

and/or reduced top

speed

1. InsuĸĐient baƩery power

2. Loose or damaged throƩle

3. Misaligned or damaged magnet ring

1. Charge or replace baƩery

2. Replace throƩle

3. Align or replace magnet ring

The motor does not

respond when the

bike is powered on

1. Loose wiring

2. Loose or damaged throƩle

3. Loose or damaged motor plug wire

4. Damaged motor

1. Repair and or reconnect

2. Tighten or replace

3. Secure or replace

4. Repair or replace

Reduced range

1. Low Ɵre pressure

2. Low or faulty baƩery

3. Driving with too many hills, headwind, braking, and/or

excessive load

4. BaƩery discharged for long period of Ɵme without

regular charges, aged, damaged, or unbalanced

5. Brakes rubbing

1. Adjust Ɵre pressure

2. Check connecƟŽns or charge baƩery

3. Assist with pedals or adjust route

4. Balance the baƩery; contact

Product Support if range decline

persists

5. Adjust the brakes

The baƩery will not

charge

1. Charger not well connected

2. Charger damaged

3. BaƩery damaged

4. Wiring damaged

5. Blown charge fuse

1. Adjust the connecƟŽns

2. Replace

3. Replace

4. Repair or replace

5. Replace charge fuse

Wheel or motor

makes strange noises

1. Loose or damaged wheel spokes or rim

2. Loose or damaged motor wiring

1. Tighten, repair, or replace

2. Reconnect or replace motor.

Error Code DeĮniƟon

21 Abnormal Current

22 ThroƩle Fault

23 Motor Phase Fault

24 Motor Hall Fault

25 Brake Switch Fault or Brake Applied While Turning On

30 CommunicaƟon Fault

24 Motor Hall Fault

25 Brake Switch Fault or Brake Applied While Turning On

30 CommunicaƟon Fault



KǀĞƌƚŚĞĂƚWƌŽƚĞĐƟŽŶ

DŽƚŽƌ>ŽĐŬWƌŽƚĞĐƟŽŶ

KǀĞƌsŽůƚĂŐĞWƌŽƚĞĐƟŽŶ

/ŶƐƵĸĐŝĞŶƚďĂƩĞƌǇƉŽǁĞƌ

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ek_e^[q`rp`arhhea`d[p]``k`u^``_`_ҼWlok^ljmlk`kqppdlrh_]`o`mh[^`_ejj`_e[q`hvҼIa

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^lkprhq`_Ҽ

LIMITED W

ARRANTY

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

Credit Card Chargebacks:

Ia[kv`]eg`mro^d[p`]`^lj`ppr]f`^qql[^o`_eq^[o_^d[oc`][^gek[kv[jlrkqҿ[k_vlr[o`pqehhek

mlpp`ppelklaqd``]eg`ҿqd`kqdepLejeq`_W[oo[kqvpd[hh]`eks[he_[q`_rkqehqd`^o`_eq^[o_^d[oc`][^g

d[p]``ko`plhs`_Ҽ

Claims Process:

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THE REMEDIES DESCRIBED ABOVE ARE YOUR SOLE AND EXCLUSIVE REMEDIES AND AVENTON’S

ENTIRE LIABILITY FOR ANY BREACH OF THIS LIMITED WARRANTY. AVENTON’ S LIABILITY SHALL

UNDER NO CIRCUMSTANCES EXCEED THE ACTUAL AMOUNT PAID BY YOU FOR THE EBIKE, NOR

SHALL AVENTON UNDER ANY CIRCUMSTANCES BE LIABLE FOR ANY CONSEQUENTIAL, INCIDENTAL,

SPECIAL OR PUNITIVE DAMAGES OR LOSSES, WHETHER DIRECT OR INDIRECT.

SOME STATES DO NOT ALLOW THE EXCLUSION OR LIMITATION OF INCIDENTAL OR CONSEQUENTIAL

DAMAGES, SO THE ABOVE LIMITATION OR EXCLUSION MAY NOT APPLY TO YOU.

THIS LIMITED WARRANTY GIVES YOU SPECIFIC LEGAL RIGHTS AND YOU MAY ALSO HAVE OTHER

RIGHTS, WHICH VARY FROM STATE TO STATE.

TO THE EXTENT PERMISSIBLE UNDER APPLICABLE LAW, Aventon DISCLAIMS ALL IMPLIED

WARRANTIES, INCLUDING WITHOUT LIMITATION THE WARRANTIES OF MERCHANTABILITY AND

FITNESS FOR A PARTICULAR PURPOSE FOR THE DURATION OF THIS EXPRESS LIMITED WARRANTY.

SOME STATES DO NOT ALLOW LIMITATIONS ON HOW LONG AN IMPLIED WARRANTY LASTS, SO

THE ABOVE LIMITATION MAY NOT APPLY TO YOU.

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DPSSFDUFNFOUGJYÏTDPOGPSNÏNFOUBVYJOTUSVDUJPOTEVGBCSJDBOUEFDIBRVFDPNQPTBOU*MFTUCPOEFWÏSJGJFS

MFOTFNCMFEFMBRVJODBJMMFSJFEFTTBOHMFTFUEFTBDDFTTPJSFTBWBOUDIBRVFTPSUJFFUTJWPVTEÏDPVWSF[

RVFMRVFDIPTFRVJOFWBQBTPVEPOUWPVTOÐUFTQBTTßSGBJUFTMFWÏSJGJFSQBSVONÏDBOJDJFOEFWÏMP

DFSUJGJÏFUSÏQVUÏ



-FSFNQMBDFNFOUEFTDPNQPTBOUTEPSJHJOFPVMJOTUBMMBUJPOEBDDFTTPJSFTEFUJFSTPV

EBDDFTTPJSFTRVJOFQSPWJFOOFOUQBTEF"WFOUPOFURVJOFTPOUQBTFYQMJDJUFNFOUSFDPNNBOEÏT

QPVSWPUSFNPEÒMFEFWÏMPTFGBJUËWPTQSPQSFTSJTRVFT-VUJMJTBUJPOEBDDFTTPJSFTPVEF

DPNQPTBOUTEVNBSDIÏTFDPOEBJSFRVJOPOUQBTÏUÏUFTUÏTQBS"WFOUPOFOUFSNFTEFTÏDVSJUÏFU

EFDPNQBUJCJMJUÏQFVUBOOVMFSWPUSFHBSBOUJFDSÏFSVOFDPOEJUJPOEFSPVMFNFOUEBOHFSFVTF

FOEPNNBHFSEFTCJFOTPVWPUSFWÏMP"WFOUPOPVFOUSBÔOFSEFTCMFTTVSFTHSBWFTPVMBNPSU

7ÏSJGJDBUJPOTEFTÏDVSJUÏBWBOUDIBRVFSBOEPOOÏF

7ÏSJGJF[UPVKPVSTMÏUBUEFWPUSFWÏMPBWBOUEFQBSUJSFUFOUSFUFOF[MFSÏHVMJÒSFNFOU4JWPVTOÐUFTQBT

DFSUBJOEFTBWPJSDPNNFOUFGGFDUVFSVODPOUSÙMFDPNQMFUEFMÏUBUEFWPUSFWÏMPBWBOUDIBRVFSBOEPOOÏF

WPVTEFWSJF[DPOTVMUFSVONÏDBOJDJFOEFWÏMPDFSUJGJÏFUSÏQVUÏQPVSPCUFOJSEFMBJEF

4ZTUÒNFÏMFDUSJRVF

-FTZTUÒNFÏMFDUSJRVFBMJNFOUFQMVTJFVSTDPNQPTBOUTEFWPUSFWÏMPÏMFDUSJRVFRVJDPOUSÙMFOUEJGGÏSFOUFT

DPOEJUJPOTEFGPODUJPOOFNFOUFUMFTQSÏGÏSFODFTEFMVUJMJTBUFVS*MFTUFTTFOUJFMRVFWPVTWPVTGBNJMJBSJTJF[

BWFDUPVTMFTBTQFDUTEVTZTUÒNFÏMFDUSJRVFEFWPUSFWÏMPÏMFDUSJRVFFURVFWPVTWÏSJGJJF[TPOCPO

GPODUJPOOFNFOUBWBOUDIBRVFVUJMJTBUJPO-FTMFWJFSTEFGSFJOBWBOUFUBSSJÒSFDPOUJFOOFOUEFTJOUFSSVQUFVST

EFTÏDVSJUÏRVJEÏTBDUJWFOUMBTTJTUBODFEVNPUFVSËNPZFVMPSTRVJMTTPOUBDUJPOOÏT*MFTUFTTFOUJFMEF

WÏSJGJFSMFCPOGPODUJPOOFNFOUEFTEFVYMFWJFST-BDDÏMÏSBUFVSEPJUQFSNFUUSFVOFBDDÏMÏSBUJPOFOEPVDFVS

MPSTRVJMFTUBQQMJRVÏQSPHSFTTJWFNFOU4JMBDDÏMÏSBUFVSMFTJOUFSSVQUFVSTEFDPVQVSFEVMFWJFSEFGSFJO

MBTTJTUBODFBVQÏEBMBHFPVMÏDMBJSBHFGPODUJPOOFOUBOPSNBMFNFOUQBSJOUFSNJUUFODFPVOFGPODUJPOOFOU

QBTWFVJMMF[DFTTFSJNNÏEJBUFNFOUEVUJMJTFSWPUSFWÏMPÏMFDUSJRVFFUDPOUBDUFSMÏRVJQFEBTTJTUBODFEF

"WFOUPOQPVSPCUFOJSEFMBJEF

'SFJOT

"TTVSF[WPVTRVFMFTGSFJOTFUMFTDPNQPTBOUTEFMFVSTZTUÒNFOFTPOUQBTFOEPNNBHÏTRVJMTTPOU

DPSSFDUFNFOUSÏHMÏTFURVJMTGPODUJPOOFOUDPSSFDUFNFOU-PSTRVJMTTPOUTFSSÏTËGPOEMFTMFWJFSTEFGSFJO

BWBOUFUBSSJÒSFOFEPJWFOUQBTUPVDIFSMFHVJEPO

4JWPVTDPOTUBUF[VOQSPCMÒNFDPOGJF[WPUSFWÏMPËVONÏDBOJDJFODFSUJGJÏFUSÏQVUÏQPVSGBJSFSÏQBSFSMFT

GSFJOT

1OFVTFUSPVFT

7PTSPVFTEPJWFOUUPVKPVSTUPVSOFSESPJUFUEPJWFOUÐUSFSÏQBSÏFTPVSFNQMBDÏFTTJFMMFTPTDJMMFOUEVODÙUÏ

ËMBVUSFPVEFIBVUFOCBTMPSTRVFMMFTUPVSOFOU4JWPTSPVFTEFWJFOOFOUGBVTTFTPVTJMFTSBZPOTTF

EFTTFSSFOUDFRVJQFVUBSSJWFSEBOTMFDBESFEVOFVUJMJTBUJPOOPSNBMFOPVTSFDPNNBOEPOTRVVO

NÏDBOJDJFOEFWÏMPDFSUJGJÏFUSÏQVUÏFGGFDUVFUPVUFTMFTPQÏSBUJPOTEFSÏHMBHFFUEFDFOUSBHFEFTSPVFTTVS

WPUSFWÏMPEF"WFOUPO/FTTBZF[QBTEBKVTUFSMFTSPVFTPVEFTFSSFSMFTSBZPOTTJWPVTOBWF[QBTMFT

DPOOBJTTBODFTMFTPVUJMTFUMFYQÏSJFODFOÏDFTTBJSFT"TTVSF[WPVTRVFMFTQOFVTFUMFTDIBNCSFTËBJS

TPOUFOCPOÏUBUEFGPODUJPOOFNFOUTBOTEPNNBHFWJTVFMFURVFMBQSFTTJPOEBJSFTUDPSSFDUF3FNQMBDF[

UPVKPVSTMFTQOFVTFUMFTDIBNCSFTËBJSRVJQSÏTFOUFOUEFTQFSGPSBUJPOTEFTDPVQVSFTPVEFTEPNNBHFT

BWBOUEFSPVMFS%FTQOFVTTBOTMBCPOOFQSFTTJPOEBJSQFVWFOUSÏEVJSFMFTQFSGPSNBODFTBVHNFOUFS

MVTVSFEFTQOFVTFUEFTDPNQPTBOUTFUSFOESFMVUJMJTBUJPOEFWPUSFWÏMPEBOHFSFVTF

3ÏHMBHFTEFMBTVTQFOTJPOEVHVJEPOEFTQPJHOÏFTFUEFMBTFMMF

-BGPVSDIFEFTVTQFOTJPOEFWPUSFWÏMPÏMFDUSJRVFBGGFDUFSBMBNBOJBCJMJUÏEVWÏMP7PVTEFWF[EPOD

DPNQSFOESFTPOGPODUJPOOFNFOUBWBOUEFMVUJMJTFS-BGPVSDIFEFTVTQFOTJPOEPJUÐUSFDPSSFDUFNFOUSÏHMÏF

FOGPODUJPOEFWPUSFQPJETFUEVUFSSBJO"TTVSF[WPVTRVFMFHVJEPOFUMBQPUFODFTPOUDPSSFDUFNFOU

BMJHOÏTBEBQUÏTËMVUJMJTBUFVSFUGJYÏTTFMPOMFTWBMFVSTEFDPVQMFSFDPNNBOEÏFT

#BUUFSJFTFUDIBSHFVS

/PVTSFDPNNBOEPOTEFDIBSHFSMFTCBUUFSJFTËMJOUÏSJFVSEBOTEFTDPOEJUJPOTEFUFNQÏSBUVSFNPEÏSÏF

"7&35*44&.&/5MJTF[MFNPEFEFNQMPJGPVSOJQPVSMFTCBUUFSJFT1PXFS4IBSFFUMFEPVCMFDIBSHFVSBWBOUMVUJMJTBUJPO

*MFTUSFDPNNBOEÏEFDIBSHFSDPNQMÒUFNFOUMFTEFVYCBUUFSJFTBWBOUMVUJMJTBUJPO-FTCBUUFSJFTQFVWFOUÏHBMFNFOUÐUSF

DIBSHÏFTEBOTMFDPNQBSUJNFOUEFTCBUUFSJFTBWFDVOBEBQUBUFVS$"

"7&35*44&.&/54&54²$63*5²

"DDÏMÏSBUJPOTVSEFNBOEF

"WFDMBDPNNBOEFEBDDÏMÏSBUJPOTVSEFNBOEFWPVTQPVWF[EPOOFSVODPVQEBDDÏMÏSBUFVSBVWÏMPËQBSUJSEVOBSSÐU

DPNQMFU$FUUFGPODUJPOWPVTQFSNFUEFEPOOFSVODPVQEFQPVDFTVQQMÏNFOUBJSFMPSTRVFWPVTFOBWF[CFTPJOEBOT

VOFQFOUFSBJEFMPSTRVFWPVTSFODPOUSF[QMVTJFVSTQBOOFBVYEBSSÐUFUD$FQFOEBOUOPVTWPVTSFDPNNBOEPOT

GPSUFNFOUEFQÏEBMFSFOQSFNJFSFUEBQQVZFSTVSMBDDÏMÏSBUFVSFOTFDPOEQPVSBTTVSFSVOFCPOOFTUBCJMJUÏFUVOF

CPOOFQSÏQBSBUJPO

3ÒHMFTHÏOÏSBMFTEFGPODUJPOOFNFOU



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MFEJQIUBMBUFEFÏUIZMIFYZMF%&)1RVJTPOUSFDPOOVTEBOTM²UBUEF$BMJGPSOJFDPNNFDBVTBOU

EFTDBODFSTFUEFTBOPNBMJFTDPOHÏOJUBMFTPVEBVUSFTBOPNBMJFTEFMBSFQSPEVDUJPO1PVSFO

TBWPJSQMVTWFVJMMF[DPOTVMUFSMFTJUFXXX18BSOJOHTDBHPW

 "55&/5*0/1PSUF[VOFBUUFOUJPOQBSUJDVMJÒSFËUPVUFTMFTSÒHMFTHÏOÏSBMFTEVUJMJTBUJPODJEFTTPVTBWBOU

EVUJMJTFSWPUSFWÏMPEF"WFOUPO

 -PSTRVFWPVTSPVMF[SFTQFDUF[MFNÐNF$PEFEFMBSPVUFRVFUPVTMFTBVUSFTWÏIJDVMFTSPVUJFSTDPOGPSNÏNFOUËMB

MÏHJTMBUJPOFOWJHVFVSEBOTWPUSFSÏHJPO

 1PVSQMVTEJOGPSNBUJPOTTVSMF$PEFEFMBSPVUFDPOUBDUF[MBVUPSJUÏEFMBDJSDVMBUJPOSPVUJÒSFEFWPUSF

SÏHJPO

 3PVMF[EFGBÎPOQSÏWJTJCMFFOMJHOFESPJUFFUEBOTMFTFOTEFMBDJSDVMBUJPO/FSPVMF[KBNBJTËDPOUSF

DPVSBOUEFMBDJSDVMBUJPO

 6UJMJTF[EFTTJHOBVYNBOVFMTDPSSFDUFNFOUQPVSJOEJRVFSRVFWPVTUPVSOF[

 3PVMF[EFNBOJÒSFEÏGFOTJWFQPVSMFTBVUSFTVTBHFSTEFMBSPVUFWPVTQPVWF[ÐUSFEJGGJDJMFËWPJS

 $PODFOUSF[WPVTTVSMFDIFNJOËTVJWSF²WJUF[MFTOJETEFQPVMFMFHSBWJFSMFTSPVUFTIVNJEFTPV

IVJMFVTFTMFTGFVJMMFTNPVJMMÏFTMFTCPSEVSFTEFUSPUUPJSMFTWPJFTGFSSÏFTMFTSBMFOUJTTFVSTMFTWBOOFT

EFWJEBOHFMFTÏQJOFTMFTCSJTEFWFSSFFUBVUSFTPCTUBDMFTEBOHFSTFUSJTRVFTEFDSFWBJTPO

 5SBWFSTF[MFTWPJFTGFSSÏFTËVOBOHMFEFEFHSÏTPVUSBWFSTF[MFTËQJFE

 "UUFOEF[WPVTËMJOBUUFOEVDPNNFMPVWFSUVSFEVOFQPSUFEFWPJUVSFPVMFSFDVMEVOFWPJUVSFEVOF

BMMÏF

 4PZF[QSVEFOUBVYJOUFSTFDUJPOTFUMPSTRVFWPVTWPVTQSÏQBSF[ËEÏQBTTFSEBVUSFTWÏIJDVMFTPVDZDMJTUFT

 'BNJMJBSJTF[WPVTBWFDUPVUFTMFTDBSBDUÏSJTUJRVFTFUMFGPODUJPOOFNFOUEVWÏMPEF"WFOUPO#JLFT

&OUSBÔOF[WPVTËDIBOHFSEFWJUFTTFËGSFJOFSËVUJMJTFSMFTZTUÒNFEBTTJTUBODFBVQÏEBMBHFFUËVUJMJTFS

MBDDÏMÏSBUFVSEFNBOJÒSFDPOUSÙMÏFBWBOUEFSPVMFSEBOTEFTDPOEJUJPOTQMVTSJTRVÏFT

 1PSUF[EFTWÐUFNFOUTEFSBOEPOOÏFBQQSPQSJÏTZDPNQSJTEFTDIBVTTVSFTGFSNÏFT4JWPVTQPSUF[VO

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EBOTMBDIBÔOFPVMFTFOHSFOBHFT/VUJMJTF[QBTEPCKFUTTVTDFQUJCMFTEFMJNJUFSWPUSFBVEJUJPO

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

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ˢ²WJUF[EFUSBOTQPSUFSMFTWÏMPTEF"WFOUPO#JLFTTVSVOQPSUFWÏMPTQBSUFNQTEFQMVJFDBSDFMBQPVSSBJU

FOEPNNBHFSMFTDPNQPTBOUTÏMFDUSJRVFTQBSMBQMVJF

&/53&5*&/

&OUSFUJFOEFCBTFEVWÏMP



-JTUFEFDPOUSÙMFEFTÏDVSJUÏBWBOUMBSBOEPOOÏF

"UUFOUJPO"WBOUDIBRVFSBOEPOOÏFFUUPVTMFTËLNOPVTWPVTDPOTFJMMPOTEFTVJWSFMBMJTUF

EFDPOUSÙMFEFTÏDVSJUÏBWBOUMBSBOEPOOÏF

/ŶƚĞƌǀĂůůĞ /ŶƐƉĞĐƚŝŽŶ ^ĞƌǀŝĐĞ ZĞŵƉůĂĐĞǌ

,ĞďĚŽŵ

ĂĚĂŝƌĞ

ϭϲϬͲϯϮϭ

Ŭŵ ;ϭϬϬ

ʹ ϮϬϬ

ŵŝͿ

- sĠƌŝĨŝĞǌůĞĐŽƵƉůĞĚĞƐĞƌƌĂŐĞĚĞůĂďŽƵůŽŶŶĞƌŝĞ

sŽŝƌůĞƚĂďůĞĂƵĚĞƐǀĂůĞƵƌƐĚĞĐŽƵƉůĞ

ƌĞĐŽŵŵĂŶĚĠĞƐ

- sĠƌŝĨŝĞǌůĂůŝŐŶĞŵĞŶƚĞƚůĞďŽŶĨŽŶĐƚŝŽŶŶĞŵĞŶƚ

ĚĞůĂƚƌĂŶƐŵŝƐƐŝŽŶ;ĐŚĂŠŶĞƌŽƵĞůŝďƌĞƉůĂƚĞĂƵĞƚ

ĚĠƌĂŝůůĞƵƌͿ

- sĠƌŝĨŝĞǌůĂůŝŐŶĞŵĞŶƚĚĞƐƌŽƵĞƐĞƚůĞ

ĨŽŶĐƚŝŽŶŶĞŵĞŶƚƐŝůĞŶĐŝĞƵǆĚĞƐƌŽƵĞƐ;ƐĂŶƐďƌƵŝƚĚĞ

ƌĂǇŽŶƐͿ

- sĠƌŝĨŝĞǌůĠƚĂƚĚƵĐĂĚƌĞƉŽƵƌĚĠƚĞĐƚĞƌƚŽƵƚ

ĚŽŵŵĂŐĞĠǀĞŶƚƵĞů

ͲEĞƚƚŽǇĞǌůĞĐĂĚƌĞĞŶůĞƐƐƵǇĂŶƚ

ĂǀĞĐƵŶĐŚŝĨĨŽŶŚƵŵŝĚĞ

ͲhƚŝůŝƐĞǌůĞ;ƐͿĚŝƐƉŽƐŝƚŝĨ;ƐͿĚĞ

ƌĠŐůĂŐĞĚƵďĂƌŝůůĞƚƉŽƵƌƚĞŶĚƌĞůĞƐ

ĐąďůĞƐĚĞĚĠƌĂŝůůĞƵƌĨƌĞŝŶƐŝ

ŶĠĐĞƐƐĂŝƌĞ

ͲZĞŵƉůĂĐĞǌƚŽƵƚĐŽŵƉŽƐĂŶƚ

ĚŽŶƚůĞƐƵƉƉŽƌƚĚĞƉƌŽĚƵŝƚĚĞ

ǀĞŶƚŽŶŝŬĞƐŽƵƵŶ

ŵĠĐĂŶŝĐŝĞŶĚĞǀĠůŽĐĞƌƚŝĨŝĠĞƚ

ƌĠƉƵƚĠĐŽŶĨŝƌŵĞƋƵŝůĞƐƚ

ŝƌƌĠƉĂƌĂďůĞŽƵĐĂƐƐĠ

DĞŶƐƵĞů

ϰϬϮͲϭ

ϮϬϳ Ŭŵ

;ϮϱϬ ʹ

ϳϱϬŵŝͿ

ͲsĠƌŝĨŝĞǌůĂůŝŐŶĞŵĞŶƚĚĞƐƉůĂƋƵĞƚƚĞƐĚĞĨƌĞŝŶůĂ

ƚĞŶƐŝŽŶĚƵĐąďůĞĚĞĨƌĞŝŶ

ͲsĠƌŝĨŝĞǌƋƵĞůĞǀĠůŽĐŚĂŶŐĞĚĞǀŝƚĞƐƐĞ

ĐŽƌƌĞĐƚĞŵĞŶƚƋƵĞůĂƚĞŶƐŝŽŶĚƵĐąďůĞĚƵ

ĚĠƌĂŝůůĞƵƌĞƐƚĐŽƌƌĞĐƚĞ

ͲsĠƌŝĨŝĞǌůĂůůŽŶŐĞŵĞŶƚĚĞůĂĐŚĂŠŶĞ

ͲsĠƌŝĨŝĞǌƋƵĞůĞƐĐąďůĞƐĚĞĨƌĞŝŶĞƚĚĞ

ĐŚĂŶŐĞŵĞŶƚĚĞǀŝƚĞƐƐĞŶĞƐŽŶƚƉĂƐĐŽƌƌŽĚĠƐŽƵ

ĞĨĨŝůŽĐŚĠƐ

ͲsĠƌŝĨŝĞǌůĂƚĞŶƐŝŽŶĚĞƐƌĂǇŽŶƐ

ͲsĠƌŝĨŝĞǌůĂĨŝǆĂƚŝŽŶĚĞƐĂĐĐĞƐƐŽŝƌĞƐ;ďŽƵůŽŶƐĚĞ

ĨŝǆĂƚŝŽŶĚƵƉŽƌƚĞͲďĂŐĂŐĞƐŵĂƚĠƌŝĞůĚĞůĂŝůĞĞƚ

ĂůŝŐŶĞŵĞŶƚͿ

ͲEĞƚƚŽǇĞǌĞƚůƵďƌŝĨŝĞǌůĞŐƌŽƵƉĞ

ŵŽƚŽƉƌŽƉƵůƐĞƵƌ

ͲsĠƌŝĨŝĞǌůĞĐŽƵƉůĞĚƵƉĠĚĂůŝĞƌĞƚ

ĚĞƐƉĠĚĂůĞƐ

ͲEĞƚƚŽǇĞǌůĞƐĐąďůĞƐĚĞĨƌĞŝŶĞƚĚĞ

ĐŚĂŶŐĞŵĞŶƚĚĞǀŝƚĞƐƐĞ

Ͳ^ĞƌƌĞǌĞƚƚĞŶĚĞǌůĞƐƌŽƵĞƐƐŝǀŽƵƐ

ĐŽŶƐƚĂƚĞǌƋƵĞĚĞƐƌĂǇŽŶƐƐŽŶƚ

ĚĞƐƐĞƌƌĠƐ

ͲƋƵŝůŝďƌĞǌůĂďĂƚƚĞƌŝĞ

ͲZĞŵƉůĂĐĞǌůĞƐĐąďůĞƐĚĞĨƌĞŝŶ

ĞƚĚĞĐŚĂŶŐĞŵĞŶƚĚĞǀŝƚĞƐƐĞƐŝ

ŶĠĐĞƐƐĂŝƌĞ

ͲZĞŵƉůĂĐĞǌůĞƐƉůĂƋƵĞƚƚĞƐĚĞ

ĨƌĞŝŶƐŝŶĠĐĞƐƐĂŝƌĞ

dŽƵƐůĞƐϲ

ŵŽŝƐϭ

ϮϬϳͲϮϬϭϭ

Ŭŵ;ϳϱϬͲϭ

ϮϱϬŵŝͿ

Ͳ/ŶƐƉĞĐƚĞǌůĂƚƌĂŶƐŵŝƐƐŝŽŶ;ĐŚĂŠŶĞƉůĂƚĞĂƵ

ƌŽƵĞůŝďƌĞĞƚĚĠƌĂŝůůĞƵƌͿ

Ͳ/ŶƐƉĞĐƚĞǌƚŽƵƐůĞƐĐąďůĞƐĞƚďŽŠƚŝĞƌƐ

ͲhŶĞŵŝƐĞĂƵƉŽŝŶƚƐƚĂŶĚĂƌĚƉĂƌ

ƵŶŵĠĐĂŶŝĐŝĞŶĚĞǀĠůŽĐĞƌƚŝĨŝĠĞƚ

ƌĠƉƵƚĠĞƐƚƌĞĐŽŵŵĂŶĚĠĞ

ͲĂǀ'ƌĂŝƐƐĞǌůĞƉĠĚĂůŝĞƌ

ͲZĞŵƉůĂĐĞǌůĞƐƉůĂƋƵĞƚƚĞƐ

ĚĞĨƌĞŝŶ

ͲZĞŵƉůĂĐĞǌůĞƐƉŶĞƵƐƐŝ

ŶĠĐĞƐƐĂŝƌĞ

ͲZĞŵƉůĂĐĞǌůĞƐĐąďůĞƐĞƚůĞƐ

ďŽŠƚŝĞƌƐƐŝŶĠĐĞƐƐĂŝƌĞ



ŽŶƚƌƀůĞĚĞƐĠĐƵƌŝƚĠĂ ƚĂƉĞƐĚĞďĂƐĞ

1. &ƌĞŝŶƐ

ƐƐƵƌĞǌͲǀŽƵƐƋƵĞůĞƐĨƌĞŝŶƐĂǀĂŶƚĞƚĂƌƌŝğƌĞĨŽŶĐƚŝŽŶŶĞŶƚĐŽƌƌĞĐƚĞŵĞŶƚ

sĠƌŝĨŝĞǌůƵƐƵƌĞĚĞƐƉůĂƋƵĞƚƚĞƐĚĞĨƌĞŝŶĞƚĂƐƐƵƌĞǌͲǀŽƵƐƋƵĞůůĞƐŶĞƐŽŶƚƉĂƐƚƌŽƉƵƐĠĞƐ

ƐƐƵƌĞǌͲǀŽƵƐƋƵĞůĞƐƉůĂƋƵĞƚƚĞƐĚĞĨƌĞŝŶƐŽŶƚĐŽƌƌĞĐƚĞŵĞŶƚƉŽƐŝƚŝŽŶŶĠĞƐƉĂƌƌĂƉƉŽƌƚĂƵǆũĂŶƚĞƐƐƐƵƌĞǌͲǀŽƵƐ

ƋƵĞůĞƐĐąďůĞƐĚĞĨƌĞŝŶƐŽŶƚůƵďƌŝĨŝĠƐĐŽƌƌĞĐƚĞŵĞŶƚĂũƵƐƚĠƐĞƚŶĞƉƌĠƐĞŶƚĞŶƚĂƵĐƵŶĞƵƐƵƌĞĠǀŝĚĞŶƚĞ

ƐƐƵƌĞǌͲǀŽƵƐƋƵĞůĞƐůĞǀŝĞƌƐĚĞĨƌĞŝŶƐŽŶƚůƵďƌŝĨŝĠƐĞƚďŝĞŶĨŝǆĠƐĂƵŐƵŝĚŽŶ

sĠƌŝĨŝĞǌƋƵĞůĞƐůĞǀŝĞƌƐĚĞĨƌĞŝŶƐŽŶƚĨĞƌŵĞƐĞƚƋƵĞůĞĨƌĞŝŶůĞƐĨŽŶĐƚŝŽŶƐĚĞĐŽƵƉƵƌĞĚƵŵŽƚĞƵƌĞƚůĂ

2. ZŽƵĞƐĞƚƉŶĞƵƐ

3. WŝůŽƚĂŐĞ

ƐƐƵƌĞǌͲǀŽƵƐƋƵĞůĂĐŚĂŠŶĞĞƐƚƉƌŽƉƌĞŚƵŝůĠĞĞƚƋƵĞůůĞĨŽŶĐƚŝŽŶŶĞďŝĞŶ

hŶĞĂƚƚĞŶƚŝŽŶƉĂƌƚŝĐƵůŝğƌĞĞƐƚƌĞƋƵŝƐĞĚĂŶƐĚĞƐĐŽŶĚŝƚŝŽŶƐŚƵŵŝĚĞƐƐĂůĠĞƐĐŽƌƌŽƐŝǀĞƐŽƵƉŽƵƐƐŝĠƌĞƵƐĞƐ

ƐƐƵƌĞǌͲǀŽƵƐƋƵĞůĞŐƵŝĚŽŶĞƚůĂƉŽƚĞŶĐĞƐŽŶƚĐŽƌƌĞĐƚĞŵĞŶƚĂũƵƐƚĠƐƐĞƌƌĠƐĞƚƉĞƌŵĞƚƚĞŶƚƵŶďŽŶƉŝůŽƚĂŐĞ

ĨĨĞĐƚƵĞǌƵŶƚĞƐƚĚĞƚŽƌƐŝŽŶĚƵŐƵŝĚŽŶ;ǀŽŝƌůĠƚĂƉĞϰĚƵŵŽŶƚĂŐĞͿƉŽƵƌǀŽƵƐĂƐƐƵƌĞƌĚĞůĂƐĠĐƵƌŝƚĠĚƵďŽƵůŽŶĚĞ

ƐĞƌƌĂŐĞĚĞůĂƉŽƚĞŶĐĞƐƐƵƌĞǌͲǀŽƵƐƋƵĞůĞŐƵŝĚŽŶĞƐƚĐŽƌƌĞĐƚĞŵĞŶƚƌĠŐůĠƉĂƌƌĂƉƉŽƌƚăůĂĨŽƵƌĐŚĞĞƚĂƵƐĞŶƐĚĞůĂ

ŵĂƌĐŚĞ

4. ŚĂŠŶĞ

ƐƐƵƌĞǌͲǀŽƵƐƋƵĞƚŽƵƐůĞƐƌŽƵůĞŵĞŶƚƐƐŽŶƚůƵďƌŝĨŝĠƐƋƵŝůƐĨŽŶĐƚŝŽŶŶĞŶƚůŝďƌĞŵĞŶƚĞƚƋƵŝůƐŶĞƉƌĠƐĞŶƚĞŶƚƉĂƐĚĞ

ŵŽƵǀĞŵĞŶƚĞǆĐĞƐƐŝĨĚĞŐƌŝŶĐĞŵĞŶƚŽƵĚĞĐůŝƋƵĞƚŝƐsĠƌŝĨŝĞǌůĞũĞƵĚĞĚŝƌĞĐƚŝŽŶůĞƐƌŽƵůĞŵĞŶƚƐĚĞƌŽƵĞůĞƐ

ƌŽƵůĞŵĞŶƚƐĚĞƉĠĚĂůĞĞƚůĞƐƌŽƵůĞŵĞŶƚƐĚĞƉĠĚĂůŝĞƌ

5. ZŽƵůĞŵĞŶƚƐ

ƐƐƵƌĞǌͲǀŽƵƐƋƵĞůĞƐƉĠĚĂůĞƐƐŽŶƚďŝĞŶƐĞƌƌĠĞƐƐƵƌůĞƐŵĂŶŝǀĞůůĞƐ

ƐƐƵƌĞǌͲǀŽƵƐƋƵĞůĞƐŵĂŶŝǀĞůůĞƐƐŽŶƚďŝĞŶƐĞƌƌĠĞƐĞƚŶĞƐŽŶƚƉĂƐĨĂƵƐƐĠĞƐ

sĠƌŝĨŝĞǌƋƵĞůĞĐĂĚƌĞĞƚůĂĨŽƵƌĐŚĞŶĞƐŽŶƚƉĂƐĚĠĨŽƌŵĠƐŽƵĐĂƐƐĠƐ

^ŝůĞĐĂĚƌĞŽƵůĂĨŽƵƌĐŚĞƐŽŶƚĚĠĨŽƌŵĠƐŽƵĐĂƐƐĠƐŝůƐĚŽŝǀĞŶƚġƚƌĞƌĞŵƉůĂĐĠƐ

sĠƌŝĨŝĞǌƋƵĞůĂƐĞůůĞĞƐƚĐŽƌƌĞĐƚĞŵĞŶƚƌĠŐůĠĞĞƚƋƵĞůĞůĞǀŝĞƌĚĞďůŽĐĂŐĞƌĂƉŝĚĞĚĞůĂƚŝŐĞĚĞƐĞůůĞĞƐƚďŝĞŶƐĞƌƌĠ

6. DĂŶŝǀĞůůĞƐĞƚƉĠĚĂůĞƐ

7.ĠƌĂŝůůĞƵƌĞƚĐąďůĞƐ

ŵĠĐĂŶŝƋƵĞƐ

sĠƌŝĨŝĞǌƋƵĞůĞĚĠƌĂŝůůĞƵƌĞƐƚƌĠŐůĠĞƚĨŽŶĐƚŝŽŶŶĞĐŽƌƌĞĐƚĞŵĞŶƚ

ƐƐƵƌĞǌͲǀŽƵƐƋƵĞůĞƐůĞǀŝĞƌƐĚĞǀŝƚĞƐƐĞĞƚĚĞĨƌĞŝŶƐŽŶƚďŝĞŶĨŝǆĠƐĂƵŐƵŝĚŽŶƐƐƵƌĞǌͲǀŽƵƐƋƵĞƚŽƵƐůĞƐĐąďůĞƐ

ĚĞĐŚĂŶŐĞŵĞŶƚĚĞǀŝƚĞƐƐĞĞƚĚĞĨƌĞŝŶƐŽŶƚĐŽƌƌĞĐƚĞŵĞŶƚůƵďƌŝĨŝĠƐ

sĠƌŝĨŝĞǌƋƵĞůĞŵŽƚĞƵƌăŵŽǇĞƵƚŽƵƌŶĞƐĂŶƐăͲĐŽƵƉƐĞƚƋƵĞůĞƐƌŽƵůĞŵĞŶƚƐĚƵŵŽƚĞƵƌƐŽŶƚĞŶďŽŶĠƚĂƚĚĞŵĂƌĐŚĞ

ƐƐƵƌĞǌͲǀŽƵƐƋƵĞƚŽƵƐůĞƐĐąďůĞƐĚĂůŝŵĞŶƚĂƚŝŽŶĂůůĂŶƚĂƵŵŽƚĞƵƌăŵŽǇĞƵƐŽŶƚďŝĞŶĨŝǆĠƐĞƚŶŽŶĞŶĚŽŵŵĂŐĠƐ

ƐƐƵƌĞǌͲǀŽƵƐƋƵĞůĞƐďŽƵůŽŶƐĚĞůĂǆĞĚƵŵŽƚĞƵƌăŵŽǇĞƵƐŽŶƚƐĠĐƵƌŝƐĠƐĞƚƋƵĞůĞďƌĂƐĚĞĐŽƵƉůĞůĞďŽƵůŽŶĚƵ

ďƌĂƐĚĞĐŽƵƉůĞĞƚůĞƐƌŽŶĚĞůůĞƐĚĞĐŽƵƉůĞƐŽŶƚĞŶƉůĂĐĞ

8. ĂĚƌĞĨŽƵƌĐŚĞĞƚƐĞůůĞ

9. ŶƐĞŵďůĞ

ĚĞŶƚƌĂŠŶĞŵĞŶƚĚƵŵŽƚĞƵƌ

ĞƚĂĐĐĠůĠƌĂƚĞƵƌ

ƐƐƵƌĞǌͲǀŽƵƐƋƵĞůĞƐďĂƚƚĞƌŝĞƐƐŽŶƚĐŚĂƌŐĠĞƐĂǀĂŶƚĚĞůĞƐƵƚŝůŝƐĞƌ

ƐƐƵƌĞǌͲǀŽƵƐƋƵĞůĞƐďĂƚƚĞƌŝĞƐŶĞƐŽŶƚƉĂƐĞŶĚŽŵŵĂŐĠĞƐ

sĞƌƌŽƵŝůůĞǌůĞĐŽŵƉĂƌƚŝŵĞŶƚĚĞƐďĂƚƚĞƌŝĞƐƐƵƌůĞĐŚąƐƐŝƐĞƚĂƐƐƵƌĞǌͲǀŽƵƐƋƵŝůĞƐƚďŝĞŶƐĠĐƵƌŝƐĠ

ŚĂƌŐĞǌĞƚƐƚŽĐŬĞǌůĞǀĠůŽĞƚůĞƐďĂƚƚĞƌŝĞƐĚĂŶƐƵŶĞŶĚƌŽŝƚƐĞĐĞŶƚƌĞϭϬΣĞƚϮϱΣ;ϱϬΣ&ĞƚϳϳΣ&ͿĞǀĠůŽ

ĠůĞĐƚƌŝƋƵĞŶĞƉĞƵƚĨŽŶĐƚŝŽŶŶĞƌƋƵĞƐŝĚĞƵǆďĂƚƚĞƌŝĞƐƐŽŶƚŝŶƐƚĂůůĠĞƐ

>ĂŝƐƐĞǌůĞǀĠůŽƐĠĐŚĞƌĐŽŵƉůğƚĞŵĞŶƚĂǀĂŶƚĚĞůĞƌĠƵƚŝůŝƐĞƌ

10. ĂƚƚĞƌŝĞƐ

11. ąďůĞƐĠůĞĐƚƌŝƋƵĞƐ

sĠƌŝĨŝĞǌůĞƐĐŽŶŶĞĐƚĞƵƌƐƉŽƵƌǀŽƵƐĂƐƐƵƌĞƌƋƵŝůƐƐŽŶƚďŝĞŶĞŶƉůĂĐĞĞƚĞǆĞŵƉƚƐĚĞĚĠďƌŝƐŽƵĚŚƵŵŝĚŝƚĠsĠƌŝĨŝĞǌ

ƋƵĞůĞƐĐąďůĞƐĞƚůĞƵƌůŽŐĞŵĞŶƚŶĞƉƌĠƐĞŶƚĞŶƚƉĂƐĚĞƐŝŐŶĞƐĠǀŝĚĞŶƚƐĚĞŶĚŽŵŵĂŐĞŵĞŶƚ

ƐƐƵƌĞǌͲǀŽƵƐƋƵĞůĞƐƉŚĂƌĞƐůĞƐĨĞƵǆĂƌƌŝğƌĞĞƚůĞƐĨĞƵǆĚĞĨƌĞŝŶĂŐĞĨŽŶĐƚŝŽŶŶĞŶƚƐŽŶƚďŝĞŶƌĠŐůĠƐĞƚŶĞƐŽŶƚƉĂƐ

ŽďƐƚƌƵĠƐ

12. ĐĐĞƐƐŽŝƌĞƐ

ƐƐƵƌĞǌͲǀŽƵƐƋƵĞƚŽƵƐůĞƐƌĠĨůĞĐƚĞƵƌƐƐŽŶƚĐŽƌƌĞĐƚĞŵĞŶƚŝŶƐƚĂůůĠƐĞƚŶĞƐŽŶƚƉĂƐŽďƐƚƌƵĠƐ

ƐƐƵƌĞǌͲǀŽƵƐƋƵĞƚŽƵƐůĞƐĂƵƚƌĞƐĂĐĐĞƐƐŽŝƌĞƐĚƵǀĠůŽƐŽŶƚĐŽƌƌĞĐƚĞŵĞŶƚƐĠĐƵƌŝƐĠƐĞƚĨŽŶĐƚŝŽŶŶĞŶƚ

/ŶƐƉĞĐƚĞǌůĞĐĂƐƋƵĞĞƚůĞƐĂƵƚƌĞƐĠƋƵŝƉĞŵĞŶƚƐĚĞƐĠĐƵƌŝƚĠƉŽƵƌĚĠƚĞĐƚĞƌƚŽƵƚƐŝŐŶĞĚĞĚŽŵŵĂŐĞ

ƐƐƵƌĞǌͲǀŽƵƐƋƵĞůĞĐǇĐůŝƐƚĞƉŽƌƚĞƵŶĐĂƐƋƵĞĞƚůĞƐĂƵƚƌĞƐĠƋƵŝƉĞŵĞŶƚƐĚĞƐĠĐƵƌŝƚĠƌĞƋƵŝƐ

ƐƐƵƌĞǌͲǀŽƵƐƋƵĞůĞŵĂƚĠƌŝĞůĚĞŵŽŶƚĂŐĞĞƐƚĐŽƌƌĞĐƚĞŵĞŶƚƐĠĐƵƌŝƐĠƐŝůĞǀĠůŽĞƐƚĠƋƵŝƉĠĚƵŶƉŽƌƚĞͲďĂŐĂŐĞƐ

ĂǀĂŶƚĚƵŶƉŽƌƚĞͲďĂŐĂŐĞƐĂƌƌŝğƌĞĚƵŶƉĂŶŝĞƌĞƚĐƐƐƵƌĞǌͲǀŽƵƐƋƵĞůĞĨĞƵĂƌƌŝğƌĞĞƚůĞĐąďůĞĚĂůŝŵĞŶƚĂƚŝŽŶ

ĚƵĨĞƵĂƌƌŝğƌĞƐŽŶƚĐŽƌƌĞĐƚĞŵĞŶƚƐĠĐƵƌŝƐĠƐƐŝůĞǀĠůŽĞƐƚĠƋƵŝƉĠĚƵŶƉŽƌƚĞͲďĂŐĂŐĞƐĂƌƌŝğƌĞ

ƐƐƵƌĞǌͲǀŽƵƐƋƵĞůĂƋƵŝŶĐĂŝůůĞƌŝĞĚĞĨŝǆĂƚŝŽŶĚĞƐĂŝůĞƌŽŶƐĞƐƚĐŽƌƌĞĐƚĞŵĞŶƚƐĠĐƵƌŝƐĠĞƐŝůĞǀĠŚŝĐƵůĞĞƐƚĠƋƵŝƉĠ

ĚĂŝůĞƌŽŶƐ

ƐƐƵƌĞǌͲǀŽƵƐƋƵŝůŶǇĂƉĂƐĚĞĨŝƐƐƵƌĞƐŽƵĚĞƚƌŽƵƐĚĂŶƐůĞƐĂŝůĞƌŽŶƐ

^ŝůĞƐƚŝŶƐƚĂůůĠĂƐƐƵƌĞǌͲǀŽƵƐƋƵĞůĞǀĞƌƌŽƵĚĞƌŽƵĞĂƌƌŝğƌĞĞŶŽƉƚŝŽŶĞƐƚƐĠĐƵƌŝƐĠĞŶƉŽƐŝƚŝŽŶĚĠǀĞƌƌŽƵŝůůĠĞĞƚ

ƋƵĞůĂĐůĠĞƐƚƌĞƚŝƌĠĞĂǀĂŶƚĐŚĂƋƵĞƌĂŶĚŽŶŶĠĞ



ƐƐƵƌĞǌͲǀŽƵƐƋƵĞůĞƐƉŶĞƵƐƐŽŶƚŐŽŶĨůĠƐĚĂŶƐůĞƐůŝŵŝƚĞƐƌĞĐŽŵŵĂŶĚĠĞƐĂĨĨŝĐŚĠĞƐƐƵƌůĞƐĨůĂŶĐƐĚĞƐƉŶĞƵƐĞƚ

ƋƵŝůƐƌĞƚŝĞŶŶĞŶƚůĂŝƌƐƐƵƌĞǌͲǀŽƵƐƋƵĞůĞƐƉŶĞƵƐŽŶƚƵŶĞďŽŶŶĞďĂŶĚĞĚĞƌŽƵůĞŵĞŶƚƋƵŝůƐŶĞƉƌĠƐĞŶƚĞŶƚƉĂƐĚĞ

ďŽƐƐĞŽƵĚƵƐƵƌĞĞǆĐĞƐƐŝǀĞĞƚƋƵŝůƐŶĞƉƌĠƐĞŶƚĞŶƚĂƵĐƵŶĂƵƚƌĞĚŽŵŵĂŐĞ

ƐƐƵƌĞǌͲǀŽƵƐƋƵĞůĞƐũĂŶƚĞƐĨŽŶĐƚŝŽŶŶĞŶƚĐŽƌƌĞĐƚĞŵĞŶƚĞƚƋƵĞůůĞƐŶĞƉƌĠƐĞŶƚĞŶƚƉĂƐĚŝƌƌĠŐƵůĂƌŝƚĠƐĚĞďŽƐƐĞƐŽƵ

ĚĞƉůŝƐĠǀŝĚĞŶƚƐ

ƐƐƵƌĞǌͲǀŽƵƐƋƵĞƚŽƵƐůĞƐƌĂǇŽŶƐĚĞůĂƌŽƵĞƐŽŶƚďŝĞŶƐĞƌƌĠƐĞƚŶĞƐŽŶƚƉĂƐďƌŝƐĠƐŶŝĚĠĨŽƌŵĠƐ

sĠƌŝĨŝĞǌƋƵĞůĞƐĠĐƌŽƵƐĚĞůĞƐƐŝĞƵĞƚůĞďůŽĐĂŐĞƌĂƉŝĚĞĚĞůĂƌŽƵĞĂǀĂŶƚƐŽŶƚďŝĞŶƐĞƌƌĠƐƐƐƵƌĞǌͲǀŽƵƐƋƵĞůĞ

ůĞǀŝĞƌĚĞǀĞƌƌŽƵŝůůĂŐĞĚĞůĂĨŝǆĂƚŝŽŶăĚĠŐĂŐĞŵĞŶƚƌĂƉŝĚĞĞƐƚĐŽƌƌĞĐƚĞŵĞŶƚƚĞŶĚƵĐŽŵƉůğƚĞŵĞŶƚĨĞƌŵĠĞƚ

ƐĠĐƵƌŝƐĠ

-FTDÉCMFTMFTSBZPOTFUMBDIBÔOFTÏUJSFOUBQSÒTVOFQÏSJPEFEFSPEBHFJOJUJBMFEFËLNFU

MFTCPVMPOTQFVWFOUTFEFTTFSSFS%FNBOEF[UPVKPVSTËVONÏDBOJDJFOEFWÏMPDFSUJGJÏFUSÏQVUÏ

EFGGFDUVFSVOFNJTFBVQPJOUEFWPUSF1"$&BQSÒTMBQÏSJPEFEFSPEBHFJOJUJBMFEFËLN

TFMPOMFTDPOEJUJPOTEFDPOEVJUFUFMMFTRVFMFQPJETUPUBMMFTDBSBDUÏSJTUJRVFTEFDPOEVJUFFUMF

UFSSBJO%FTJOTQFDUJPOTFUEFTNJTFTBVQPJOUSÏHVMJÒSFTTPOUQBSUJDVMJÒSFNFOUJNQPSUBOUFTQPVS

HBSBOUJSRVFWPUSFWÏMPSFTUFTÏDVSJUBJSFFUBHSÏBCMFËDPOEVJSF

*OGPSNBUJPOTTVSMFTQOFVT

-F1"$&VUJMJTFEFTQOFVTFODBPVUDIPVDEFDNYDNQPYQPBWFDDIBNCSFËBJS-FTQOFVT

TPOUDPOÎVTQPVSMBEVSBCJMJUÏFUMBTÏDVSJUÏEFTBDUJWJUÏTDZDMJTUFTSÏHVMJÒSFTFUEPJWFOUÐUSFWÏSJGJÏTBWBOUDIBRVF

VUJMJTBUJPOQPVSTBTTVSFSRVJMTTPOUDPSSFDUFNFOUHPOGMÏTFUFOCPOÏUBU6OHPOGMBHFVOFOUSFUJFOFUVOSFNQMBDFNFOU

BEÏRVBUTFOUFNQTWPVMVDPOUSJCVFSPOUËHBSBOUJSMFNBJOUJFOEFTDBSBDUÏSJTUJRVFTPQÏSBUJPOOFMMFTEFWPUSFWÏMPFUË

ÏWJUFSMFTDPOEJUJPOTEBOHFSFVTFT

"WFOUPO#JLFTSFDPNNBOEF14*#"3QPVSMFTQOFVTEPSJHJOFTVSMF1"$&3FTUF[UPVKPVSTEBOTMBQMBHF

EFQSFTTJPOEBJSSFDPNNBOEÏFQBSMFGBCSJDBOUFUJOEJRVÏFTVSMFGMBODEVQOFV



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/FQBTTPVTHPOGMFSPVTVSHPOGMFSWPTQOFVT6OFQSFTTJPOJOTVGGJTBOUFQFVUFOUSBÔOFSVOFQFSUF

EFDPOUSÙMFFUEFTQOFVTTVSHPOGMÏTQFVWFOUÏDMBUFS4JWPVTOFSFTQFDUF[QBTUPVKPVSTMB

QSFTTJPOEBJSOPNJOBMFJOEJRVÏFTVSMFTQOFVNBUJRVFTWPVTSJTRVF[EFQSPWPRVFSVOF

EÏGBJMMBODFEVQOFVFUPVEFMBSPVF

(POGMF[WPTQOFVTËQBSUJSEVOFTPVSDFEBJSSÏHVMÏFBWFDVONBOPNÒUSF4JWPVTHPOGMF[WPT

QOFVTËQBSUJSEVOFTPVSDFEBJSOPOSÏHMFNFOUÏFWPVTSJTRVF[EFMFTTVSHPOGMFSFUEF

QSPWPRVFSMÏDMBUFNFOUEVQOFV.ÐNFMFTQOFVTÏRVJQÏTEVOTZTUÒNFJOUÏHSÏEFQSÏWFOUJPO

EFTDSFWBJTPOTDPNNFDFVYRVJÏRVJQFOUMFTWÏMPTEF"WFOUPO#JLFTQFVWFOUTFDSFWFSËDBVTF

EVOFQFSGPSBUJPOEVOQJODFNFOUEVODIPDPVEBVUSFTDBVTFT-PSTRVFMVTVSFEFTQOFVT

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DIBNCSFTËBJSBWBOUEVUJMJTFSMFWÏMPTPVTQFJOFEFCMFTTFSMFTPQÏSBUFVSTFUPVEFOEPNNBHFS

WPUSFWÏMP

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MBQSFTTJPOEBJSEFMBDIBNCSFËBJSWPVTSJTRVF[EFWPVTCMFTTFSHSBWFNFOU

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EF"WFOUPO#JLFT4JMBMPJMFYJHFBTTVSF[WPVTRVFMFTQOFVTEFSFNQMBDFNFOUEVNBSDIÏ

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PVQPVSUPVUFRVFTUJPOTVSMFHPOGMBHFEFTQOFVTDPOUBDUF[MFTFSWJDFEBTTJTUBODFQSPEVJUEF

"WFOUPO#JLFT

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TBGGJDIFS-FTDPEFTEFSSFVST

VJWBOUTTPOUMFTQMVTDPVSBOUTFUQ

FVWFOUBJEFSBVEÏQBOOBHF4JWPUSFWÏMP

BGGJDIFVODPEFEFSSFVSËUPVUNPNFOUJMFTUS

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#JLFTJNNÏEJBUFNFOU

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QQMÏNFOUBJSFTTVS

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JNQPSUBOU6OFVTVSFQMVTJNQPSUBOUFOFDPOTUJUVFQBTVOEÏGBVUEVQSPEVJUFUOFTUQBTTPVNJTFËMBHBSBOUJF-FT

DPNQPTBOUTUZQJRVFNFOUDPODFSOÏTTPOUMFTQOFVTMFTQMBRVFUUFTFUMFTEJTRVFTEFGSFJOMFTGPVSDIFTEF

TVTQFOTJPOMFTSBZPOTMFTSPVFTFUMFTCBUUFSJFT

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24 ĠĨĂŝůůĂŶĐĞĚƵŵŽƚĞƵƌ

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

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DPSSFDUBNFOUFBMJOFBEPTBKVTUBEPTBMVTVBSJPZBTFHVSBEPTDPOMPTWBMPSFTEFUPSTJØOSFDPNFOEBEPT

-BTFNQV×BEVSBTEFMNBOVCSJPOPEFCFONPWFSTFDPOGBDJMJEBEFOFMFYUSFNPEFMNBOVCSJP-BT

FNQV×BEVSBTEFMNBOVCSJPTVFMUBTEFTHBTUBEBTPEB×BEBTEFCFOSFFNQMB[BSTFBOUFTEFDPOEVDJS

&MBTJFOUPZFMQPTUFEFMBTJFOUPEFCFOFTUBSDPSSFDUBNFOUFBMJOFBEPTBKVTUBEPTBMVTVBSJPZMBMJCFSBDJØO

SÈQJEBEFMQPTUFEFMBTJFOUPEFCFFTUBSDPSSFDUBNFOUFBQSFUBEBDPNQMFUBNFOUFDFSSBEBZBTFHVSBEBBOUFT

EFDPOEVDJS



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OPSFDPNFOEBEPTFYQMÓDJUBNFOUFQPS"WFOUPOQBSBTVNPEFMPEFCJDJDMFUBFTCBKPTVQSPQJP

SJFTHP&MVTPEFBDDFTPSJPTPDPNQPOFOUFTEFMNFSDBEPEFBDDFTPSJPTDVZBTFHVSJEBEZ

DPNQBUJCJMJEBEOPIBZBOTJEPQSPCBEBTQPS"WFOUPOQVFEFBOVMBSTVHBSBOUÓBDSFBSVOB

DPOEJDJØOEFDPOEVDDJØOJOTFHVSBEB×BSMBQSPQJFEBEPTVCJDJDMFUBQPSQBSUFEF"WFOUPOP

QSPWPDBSMFTJPOFTHSBWFTPMBNVFSUF

$PNQSPCBDJØOEF4FHVSJEBEBOUFTEF$BEB$POEVDDJØO

4JFNQSFWFSJGJRVFFMFTUBEPEFTVCJDJDMFUBBOUFTEFDPOEVDJSMBBEFNÈTEFSFBMJ[BSVONBOUFOJNJFOUP

SFHVMBS4JOPFTUÈTFHVSPEFDØNPSFBMJ[BSVOBWFSJGJDBDJØODPNQMFUBEFMFTUBEPEFTVCJDJDMFUBBOUFTEF

DBEBDPOEVDDJØOEFCFDPOTVMUBSBVONFDÈOJDPEFCJDJDMFUBTDFSUJGJDBEPZEFCVFOBSFQVUBDJØOQBSB

PCUFOFSBZVEB

4JTUFNB&MÏDUSJDP

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DPOEJDJPOFTEFGVODJPOBNJFOUPZQSFGFSFODJBTEFMVTVBSJP&TGVOEBNFOUBMRVFTFGBNJMJBSJDFDPOUPEPTMPT

BTQFDUPTEFMTJTUFNBFMÏDUSJDPEFTVCJDJDMFUBFMÏDUSJDBZWFSJGJRVFTJGVODJPOBDPSSFDUBNFOUFBOUFTEFDBEB

DPOEVDDJØO-BTQBMBODBTEFGSFOPEFMBOUFSBTZUSBTFSBTDPOUJFOFOJOUFSSVQUPSFTEFDPSUFEFFOFSHÓBEF

TFHVSJEBERVFEFTBDUJWBOMBBTJTUFODJBEFMNPUPSEFMDVCPDVBOEPTFBQMJDBOZTFEFCFWFSJGJDBSRVF

BNCBTQBMBODBTGVODJPOFODPSSFDUBNFOUF&MBDFMFSBEPSEFCFQSPQPSDJPOBSVOBBDFMFSBDJØOTVBWFDVBOEP

TFBQMJDBHSBEVBMNFOUF4JFMBDFMFSBEPSMPTJOUFSSVQUPSFTEFDPSUFEFMBQBMBODBEFMGSFOPMBBTJTUFODJBEFM

QFEBMPMBJMVNJOBDJØOGVODJPOBOEFNBOFSBBOPSNBMJOUFSNJUFOUFPOPGVODJPOBOEFKFEFVTBSTVCJDJDMFUB

FMÏDUSJDBEFJONFEJBUPZDPNVOÓRVFTFDPOFMFRVJQPEFTPQPSUFEF"WFOUPOQBSBPCUFOFSBZVEB

'SFOPT

"TFHÞSFTFEFRVFMPTGSFOPTZMPTDPNQPOFOUFTEFTVTJTUFNBOPQSFTFOUFOEB×PTFTUÏOCJFOBTFHVSBEPT

ZGVODJPOFODPSSFDUBNFOUF$VBOEPTFBQSJFUBOQPSDPNQMFUPMBTQBMBODBTEFGSFOPEFMBOUFSPZUSBTFSPOP

EFCFOUPDBSFMNBOVCSJP-MFWFTVCJDJDMFUBBVONFDÈOJDPEFCJDJDMFUBTDFSUJGJDBEPZEFCVFOBSFQVUBDJØO

QBSBRVFSFQBSFMPTGSFOPTTJFODVFOUSBVOQSPCMFNB

/FVNÈUJDPTZ3VFEBT

4VTSVFEBTTJFNQSFEFCFOHJSBSFOMÓOFBSFDUBZEFCFOSFQBSBSTFPSFFNQMB[BSTFTJTFUBNCBMFBOEFVO

MBEPBPUSPPIBDJBBSSJCBZIBDJBBCBKPBMHJSBS4JMBTSVFEBTTFEFGPSNBOPMPTSBZPTTFBGMPKBOMPRVF

QVFEFPDVSSJSDPOFMVTPOPSNBMSFDPNFOEBNPTRVFVONFDÈOJDPEFCJDJDMFUBTBDSFEJUBEPZDFSUJGJDBEP

SFBMJDFUPEBTMBTPQFSBDJPOFTEFBKVTUFZDFOUSBEPEFMBTSVFEBTEFTVCJDJDMFUBEF"WFOUPO/PJOUFOUF

DFOUSBSMBTSVFEBTPBKVTUBSMPTSBZPTBNFOPTRVFUFOHBMPTDPOPDJNJFOUPTMBTIFSSBNJFOUBTZMB

FYQFSJFODJBBEFDVBEPT"TFHÞSFTFEFRVFMPTOFVNÈUJDPTZMBTDÈNBSBTEFBJSFFTUÏOFOCVFOBT

DPOEJDJPOFTEFGVODJPOBNJFOUPTJOEB×PTWJTJCMFTZRVFUFOHBOMBDBOUJEBEDPSSFDUBEFQSFTJØOEFBJSF

4JFNQSFSFFNQMBDFMPTOFVNÈUJDPTZMBTDÈNBSBTDPOQJODIB[PTDPSUFTPEB×PTBOUFTEFDPOEVDJS-BT

MMBOUBTTJOMBDBOUJEBEDPSSFDUBEFQSFTJØOEFBJSFQVFEFOSFEVDJSFMSFOEJNJFOUPBVNFOUBSFMEFTHBTUFEF

MBTMMBOUBTZMPTDPNQPOFOUFTZIBDFSJOTFHVSBMBDPOEVDDJØOEFTVCJDJDMFUB

"DDFTPSJPT$PSSFBTZ&RVJQP

$PNQSVFCFRVFUPEPFMFRVJQPFTUÏBTFHVSBEPZRVFUPEPTMPTBDDFTPSJPTBQSPCBEPTFTUÏODPOFDUBEPT

DPSSFDUBNFOUFTFHÞOMBTJOTUSVDDJPOFTFTQFDÓGJDBTEFMGBCSJDBOUFEFMDPNQPOFOUF&TVOBCVFOBQSÈDUJDB

SFWJTBSUPEPFMFRVJQPMBTDPSSFBTZMPTBDDFTPSJPTBOUFTEFDBEBDPOEVDDJØOZTJEFTDVCSFBMHPNBMPBMHP

EFMPRVFOPFTUÈTFHVSPIBHBRVFMPSFWJTFVONFDÈOJDPEFCJDJDMFUBTDFSUJGJDBEPZEFCVFOBSFQVUBDJØO

#BUFSÓBTZ$BSHBEPS

3FDPNFOEBNPTDBSHBSMBTCBUFSÓBTFOJOUFSJPSFTFODPOEJDJPOFTEFUFNQFSBUVSBNPEFSBEB"%7&35&/$*"MFBFM

NBOVBMEFVTVBSJPTVNJOJTUSBEPUBOUPQBSBMBTCBUFSÓBT1PXFS4IBSFDPNPQBSBFMDBSHBEPSEVBMBOUFTEFTVVTP4F

SFDPNJFOEBDBSHBSDPNQMFUBNFOUFBNCBTCBUFSÓBTBOUFTEFTVVTP-BTCBUFSÓBTUBNCJÏOTFQVFEFODBSHBSFOFM

DPNQBSUJNFOUPEFMBCBUFSÓBDPOFMBEBQUBEPSEF$"

"%7&35&/$*"4:4&(63*%"%

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EBSMFFTFFNQVKØOBEJDJPOBMDVBOEPMPOFDFTJUBFOVOBDPMJOBFNQJOBEBDVBOEPFODVFOUSBWBSJBTTF×BMFTEFBMUPFUD

4JOFNCBSHPSFDPNFOEBNPTFODBSFDJEBNFOUFQFEBMFBSQSJNFSPZBDFMFSBSEFTQVÏTQBSBHBSBOUJ[BSVOBFTUBCJMJEBEZ

QSFQBSBDJØOBEFDVBEBT

3FHMBT(FOFSBMFTEF0QFSBDJØO



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OBDJNJFOUPVPUSPTEB×PTSFQSPEVDUJWPT1BSBNÈTJOGPSNBDJØOWJTJUFXXX18BSOJOHTDBHPW

 "WJTP1SFTUFBUFODJØOFTQFDJBMBUPEBTMBTSFHMBT

HFOFSBMFTEFPQFSBDJØOBDPOUJOVBDJØOBOUFTEF

PQFSBSTVCJDJDMFUBEF"WFOUPO

 $VBOEPDPOEV[DBPCFEF[DBMBTNJTNBTMFZFTWJBMFTRVFUPEPTMPTEFNÈTWFIÓDVMPTEFDBSSFUFSBTFHÞO

DPSSFTQPOEBQPSMFZFOTVÈSFB

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EFUSÈOTJUPEFTV

ÈSFB

 $POEV[DBEFGPSNBQSFEFDJCMFFOMÓOFBSFDUBZFOFMTFOUJEPEFMUSÈGJDP/VODBDPOEV[DBDPOUSBFM

USÈGJDP

 6UJMJDFMBTTF×BMFTNBOVBMFTDPSSFDUBTQBSBJOEJDBSMPTHJSPT

 $POEV[DBBMBEFGFOTJWBBPUSPTVTVBSJPTEFMBDBSSFUFSBQVFEFTFSEJGÓDJMWFSMF

 $PODÏOUSFTFFOFMDBNJOPQPSEFMBOUF&WJUFMPTCBDIFTMBHSBWBMBTDBSSFUFSBTNPKBEBTPBDFJUPTBTMBT

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FOUSBEBT

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DBNCJPEFWFMPDJEBEFTMBBQMJDBDJØOEFMPTGSFOPTFMVTPEFMTJTUFNBEFBTJTUFODJBEFMQFEBMZFMVTPEFMBDFMFSBEPS

FOVOBNCJFOUFDPOUSPMBEPBOUFTEFDPOEVDJSFODPOEJDJPOFTNÈTSJFTHPTBT

 6TFSPQBBEFDVBEBQBSBDPOEVDJSJODMVJEPT[BQBUPTDFSSBEPT4JVTBQBOUBMPOFTIPMHBEPTBTFHVSFMBQBSUFJOGFSJPS

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VTFBSUÓDVMPTRVFQVFEBOSFTUSJOHJSTVBVEJDJØO

 $POTVMUFMBTOPSNBTZSFHMBNFOUPTMPDBMFTBOUFTEFUSBOTQPSUBSDBSHB

 "MGSFOBSBQMJRVFQSJNFSPFMGSFOPUSBTFSPZMVFHPFMGSFOPEFMBOUFSP4JMPTGSFOPTOPTFBQMJDBODPSSFDUBNFOUF

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DPNQMFUB EF MB CBUFSÓB B CPSEP -PT WBMPSFT EF BVUPOPNÓB FO FM NBOVBM TPO FTUJNBDJPOFT CBTBEBT FO MBT

DBSBDUFSÓTUJDBT EF VTP FTQFSBEBT EF MBT CJDJDMFUBT EF "WFOUPO #JLFT "MHVOPT EF MPT GBDUPSFT RVF BGFDUBO MB

BVUPOPNÓBJODMVZFODBNCJPTFOMBFMFWBDJØOMBWFMPDJEBEMBDBSHBÞUJMMBBDFMFSBDJØOMBDBOUJEBEEFBSSBORVFTZ

QBSBEBTMBUFNQFSBUVSBEFMBJSFBNCJFOUFMBQSFTJØOEFMPTOFVNÈUJDPTZFMUFSSFOP

"7*40/PSFBMJDFOJOHVOPEFMPTQBTPTEFMBTFDDJØO0QFSBDJØOEFFTUFNBOVBMIBTUBRVFIBZBMFÓEPUPEPFM

NBOVBMZBRVFIBZEFUBMMFTJNQPSUBOUFTSFMBDJPOBEPTDPOMBTFHVSJEBEFOMBTTJHVJFOUFTTFDDJPOFT



-FBZDPNQSFOEBUPEBTMBTTFDDJPOFTEFFTUFNBOVBMDPNQMFUPBOUFTEFPQFSBSMBCJDJDMFUB

QPSQSJNFSBWF[)BZJNQPSUBOUFTBEWFSUFODJBTEFTFHVSJEBEFOUPEPFMNBOVBMRVFEFCFO

TFHVJSTFQBSBFWJUBSTJUVBDJPOFTQFMJHSPTBTBDDJEFOUFTEB×PTBMBCJDJDMFUBEB×PTBMB

QSPQJFEBEMFTJPOFTPMBNVFSUF

-PTVTVBSJPTEFCFOTFHVJSMBTJOTUSVDDJPOFTZBEWFSUFODJBTDPOUFOJEBTFOFTUFNBOVBMQPS

TFHVSJEBE/PJOUFOUFPQFSBSTVCJDJDMFUBEF"WFOUPO#JLFTIBTUBRVFUFOHBVODPOPDJNJFOUP

-PTEB×PTDBVTBEPTQPSOPTFHVJSMBTJOTUSVDDJPOFTOPFTUÈODVCJFSUPTQPSMBHBSBOUÓBZ

QPESÓBOQSPWPDBSMFTJPOFTHSBWFTPMBNVFSUF$POUBDUFDPO"WFOUPO#JLFTTJUJFOFBMHVOB

EVEBTPCSFFMFOTBNCMBEPPFMGVODJPOBNJFOUP

-PTVTVBSJPTEFCFOBDPTUVNCSBSTFBMTJTUFNBEFDPOUSPMEFQPUFODJBEFMBCJDJDMFUBBOUFTEF

PQFSBSMB-BGVODJØOEFBTJTUFODJBFOFMQFEBMUBNCJÏOFTVOBPQDJØOQPEFSPTBZMPTVTVBSJPT

EFCFOJOWFTUJHBSZDPNQSFOEFSDPNQMFUBNFOUFDØNPPQFSBSMBBOUFTEFMQSJNFSVTP/P

UPNBSTFFMUJFNQPZFMDVJEBEPQBSBGBNJMJBSJ[BSTFZQSBDUJDBSFMGVODJPOBNJFOUPEFMTJTUFNB

EFBMJNFOUBDJØOEFTVCJDJDMFUBEF"WFOUPO#JLFTQVFEFQSPWPDBSEB×PTMFTJPOFTHSBWFTPMB

NVFSUF

4JOPUJFOFMBFYQFSJFODJBMBIBCJMJEBEZMBTIFSSBNJFOUBTQBSBDPNQMFUBSFMNBOUFOJNJFOUPZFM

BKVTUFEFTVCJDJDMFUB"WFOUPO#JLFTSFDPNJFOEBFODBSFDJEBNFOUFRVFVONFDÈOJDPEFCJDJDMFUBT

DFSUJGJDBEPZEFCVFOBSFQVUBDJØONBOUFOHBBGJOFZTFBTFHVSFEFRVFMBCJDJDMFUBTFBTFHVSBQBSB

DPOEVDJS

*OUFSWBMPTEF4FSWJDJP3FDPNFOEBEPT

Rlojeh`[c`ekq`os[hqd[q^lj`pƈopqekqd`alhhltekcq[]h`Ҽ-BJOTQFDDJØOZFMNBOUFOJNJFOUPSFHVMBSFTTPO

DMBWFQBSBHBSBOUJ[BSRVFMBTCJDJDMFUBT"WFOUPOGVODJPOFOTFHÞOMPQSFWJTUPZQBSBSFEVDJSFMEFTHBTUFEF

TVTTJTUFNBT-PTJOUFSWBMPTEFTFSWJDJPSFDPNFOEBEPTFTUÈOEFTUJOBEPTBTFSVUJMJ[BEPTDPNPQBVUBT&M

EFTHBTUFPSPUVSBFOFMNVOEPSFBMZMBOFDFTJEBEEFTFSWJDJPWBSJBSÈOTFHÞOMBTDPOEJDJPOFTEFVTP1PS

MPHFOFSBMSFDPNFOEBNPTRVFMBTJOTQFDDJPOFTFMTFSWJDJPZMPTSFFNQMB[PTOFDFTBSJPTTFSFBMJDFOFOFM

JOUFSWBMPEFUJFNQPPLJMPNFUSBKFRVFBQBSFDFQSJNFSPFOMBTJHVJFOUFUBCMB

&TUBDJPOBNJFOUP"MNBDFOBNJFOUPZ5SBOTQPSUF

4JHBFTUPTDPOTFKPTCÈTJDPTEFFTUBDJPOBNJFOUPBMNBDFOBNJFOUPZUSBOTQPSUFQBSBBTFHVSBSTFEFRVFTVCJDJDMFUB

FTUÏCJFODVJEBEBEFOUSPZGVFSBEFMBDBSSFUFSB

ˢ"MFNQVKBSPUSBOTQPSUBSMBCJDJDMFUBNBOVBMNFOUFEFTDPOFDUFMBBMJNFOUBDJØOQBSBFWJUBSVOBBDFMFSBDJØO

BDDJEFOUBMEFMNPUPST

ˢ"QBHVFMBBMJNFOUBDJØOZMBTMVDFTQBSBDPOTFSWBSMBCBUFSÓB

ˢ"TFHÞSFTFEFRVFMBCBUFSÓBFTUÏCMPRVFBEBFOFMNBSDPFOMBQPTJDJØOEFBQBHBEPPVTFMBMMBWFQBSB

RVJUBSMBCBUFSÓBZMMÏWFMBDPOVTUFEQPSTFHVSJEBEPQBSBHVBSEBSMBFOVOMVHBSDPOUFNQFSBUVSBDPOUSPMBEB

ˢ&TUBDJPOFFOJOUFSJPSFTDVBOEPTFBQPTJCMF4JEFCFFTUBDJPOBSBMBJSFMJCSFCBKPMBMMVWJBPFODPOEJDJPOFT

IÞNFEBTEFKFTVCJDJDMFUBFMÏDUSJDBBGVFSBTPMPQPSVOBTQPDBTIPSBTZMVFHPFTUBDJPOFFOVOMVHBSTFDP

MPBOUFTQPTJCMFQBSBQFSNJUJSRVFUPEPTMPTTJTUFNBTTFTFRVFO"MJHVBMRVFDPOVOBCJDJDMFUBOPSNBMVOB

CJDJDMFUBFMÏDUSJDBRVFTFVTBFODPOEJDJPOFTIÞNFEBTOFDFTJUBVONBOUFOJNJFOUPNÈTGSFDVFOUFQBSB

FWJUBSMBPYJEBDJØOMBDPSSPTJØOFUDZQBSBHBSBOUJ[BSRVFUPEPTMPTTJTUFNBTGVODJPOFOEFNBOFSBTFHVSB

ˢ&OMVHBSFTQÞCMJDPTTVCJDJDMFUBEF"WFOUPO#JLFTEFCFFTUBDJPOBSTFEFBDVFSEPDPOMBTOPSNBTZ

SFHMBNFOUPTMPDBMFT

ˢ4FSFDPNJFOEBHVBSEBSTVCJDJDMFUBCBKPMMBWFQBSBBTFHVSBSTFEFRVFTVCJDJDMFUBFTUÏTFHVSBZTF

SFEV[DBMBQPTJCJMJEBEEFSPCP"WFOUPO#JLFTOPIBDFBGJSNBDJPOFTOJSFDPNFOEBDJPOFTTPCSFFMFRVJQPEF

CMPRVFPBEFDVBEPPMPTQSPDFEJNJFOUPTQBSBBTFHVSBSTVCJDJDMFUBQFSPMFSFDPNFOEBNPTRVFUPNFMBT

QSFDBVDJPOFTBEFDVBEBTQBSBNBOUFOFSTVCJDJDMFUBBTBMWPEFSPCPT

ˢ/PFTUBDJPOFHVBSEFOJUSBOTQPSUFTVCJDJDMFUBEF"WFOUPO#JLFTFOVOQPSUBCJDJDMFUBTRVFOPFTUÏ

EJTF×BEPQBSBFMUBNB×PZQFTPEFMBCJDJDMFUB

ˢ6UJMJDFVOQPSUBFRVJQBKFTDPNQBUJCMFDPOFMBODIPEFMPTOFVNÈUJDPTEFTVCJDJDMFUB&TQPTJCMFRVF

BMHVOPTCBTUJEPSFTOPTFBEBQUFOBUPEPTMPTBODIPTEFMPTOFVNÈUJDPT

ˢ$VBOEPMMFWFTVCJDJDMFUBFOVOQPSUBCJDJDMFUBTQBSBUSBOTQPSUBSMBEFTCMPRVFFZFYUSBJHBMBCBUFSÓB&TUP

SFEVDJSÈFMQFTPEFMBCJDJDMFUBGBDJMJUBSÈFMMFWBOUBNJFOUPZMBDBSHBZMFQFSNJUJSÈQSPUFHFSMBCBUFSÓBBM

USBOTQPSUBSMBFOMBDBCJOBEFVOWFIÓDVMP

ˢ&WJUFUSBOTQPSUBSCJDJDMFUBTEF"WFOUPO#JLFTFOVOQPSUBCJDJDMFUBTQBSBWFIÓDVMPTDVBOEPMMVFWBZBRVF

FTUPQVFEFDBVTBSEB×PTQPSBHVBBMPTDPNQPOFOUFTFMÏDUSJDPT

."/5&/*.*&/50

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

-JTUBEF7FSJGJDBDJØOEF4FHVSJEBE1SFWJBBMB$POEVDDJØO

"WJTPBOUFTEFDBEBDPOEVDDJØOZEFTQVÏTEFDBEBBNJMMBTBLNSFDPNFOEBNPT

TFHVJSMBMJTUBEFWFSJGJDBDJØOEFTFHVSJEBEQSFWJBBMBDPOEVDDJØO

/ŶƚĞƌǀĂůŽ /ŶƐƉĞĐĐŝŽŶĂƌ ^ĞƌǀŝĐŝŽ ZĞĞŵƉůĂǌĂƌ

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;ϭϬϬͲϮϬϬŵŝͿ

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ĂůŝŶĞĂĚĂǇĨƵŶĐŝŽŶĂŶĚŽ;ŝŶĐůƵŝĚĂůĂĐĂĚĞŶĂůĂƌƵĞĚĂ

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ĐƵĂůƋƵŝĞƌĚĂŹŽ

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ƵŶƉĂŹŽŚƷŵĞĚŽ

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ĚĞƐǀŝĂĚŽƌĨƌĞŶŽƐŝĞƐŶĞĐĞƐĂƌŝŽ

- ZĞĞŵƉůĂĐĞĐƵĂůƋƵŝĞƌ

ĐŽŵƉŽŶĞŶƚĞĐŽŶĨŝƌŵĂĚŽƉŽƌ

Ğů^ŽƉŽƌƚĞĚĞƉƌŽĚƵĐƚŽƐĚĞ

ǀĞŶƚŽŶŝŬĞƐŽƵŶŵĞĐĄŶŝĐŽ

ĚĞďŝĐŝĐůĞƚĂƐĐĞƌƚŝĨŝĐĂĚŽǇĚĞ

ďƵĞŶĂƌĞƉƵƚĂĐŝſŶƋƵĞĞƐƚĠ

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DĞŶƐƵĂů

ϰϬϮͲϭϮϬϳ

Ŭŵ;ϮϱϬͲϳϱϬ

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ƚĞŶƐŝſŶĚĞůĐĂďůĞĚĞĨƌĞŶŽ

- sĞƌŝĨŝƋƵĞƋƵĞůĂďŝĐŝĐůĞƚĂĞƐƚĠĐĂŵďŝĂŶĚŽ

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ĚĞƐǀŝĂĚŽƌ

- ŽŵƉƌƵĞďĞĞůĞƐƚŝƌĂŵŝĞŶƚŽĚĞůĂĐĂĚĞŶĂ

- ZĞǀŝƐĞůŽƐĐĂďůĞƐĚĞůĨƌĞŶŽǇĚĞůĂƉĂůĂŶĐĂĚĞ

ĐĂŵďŝŽƐƉĂƌĂǀĞƌƐŝƚŝĞŶĞŶĐŽƌƌŽƐŝſŶŽĞƐƚĄŶ

ĚĞƐŚŝůĂĐŚĂĚŽƐ

- ŽŵƉƌƵĞďĞůĂƚĞŶƐŝſŶĚĞůŽƐƌĂǇŽƐ

- sĞƌŝĨŝƋƵĞĞůŵŽŶƚĂũĞĚĞĂĐĐĞƐŽƌŝŽƐ;ƉĞƌŶŽƐĚĞ

ŵŽŶƚĂũĞĚĞůďĂƐƚŝĚŽƌĞƋƵŝƉŽĚĞŐƵĂƌĚĂďĂƌƌŽƐǇ

ĂůŝŶĞĂĐŝſŶͿ

- >ŝŵƉŝĞǇůƵďƌŝƋƵĞůĂƚƌĂŶƐŵŝƐŝſŶ

- sĞƌŝĨŝƋƵĞĞůƚŽƌƋƵĞĚĞůũƵĞŐŽĚĞ

ďŝĞůĂƐǇĚĞůƉĞĚĂů

- >ŝŵƉŝĞůŽƐĐĂďůĞƐĚĞĨƌĞŶŽǇ

ĐĂŵďŝŽƐ

- ͲĞŶƚƌĞůĂƐƌƵĞĚĂƐǇƚĞŶƐĞůŽƐ

ƌĂǇŽƐƐŝĚĞƐĐƵďƌĞƌĂǇŽƐƐƵĞůƚŽƐ

- ƋƵŝůŝďƌĞůĂďĂƚĞƌşĂ

- ZĞĞŵƉůĂĐĞůŽƐĐĂďůĞƐĚĞ

ĨƌĞŶŽǇĐĂŵďŝŽƐƐŝĞƐŶĞĐĞƐĂƌŝŽ

- ZĞĞŵƉůĂĐĞůĂƐƉĂƐƚŝůůĂƐĚĞ

ĨƌĞŶŽƐŝĞƐŶĞĐĞƐĂƌŝŽ

ĂĚĂϲ

ŵĞƐĞƐ

ϭϮϬϳͲϮϬϭϭ

Ŭŵ;ϳϱϬͲ

ϭϮϱϬŵŝͿ

Ͳ/ŶƐƉĞĐĐŝŽŶĞůĂƚƌĂŶƐŵŝƐŝſŶ;ĐĂĚĞŶĂƉůĂƚŽ

ƌƵĞĚĂůŝďƌĞǇĚĞƐǀŝĂĚŽƌͿ

Ͳ/ŶƐƉĞĐĐŝŽŶĞƚŽĚŽƐůŽƐĐĂďůĞƐǇĐĂƌĐĂƐĂƐ

Ͳ^ĞƌĞĐŽŵŝĞŶĚĂƵŶĂĂĨŝŶĂĐŝſŶ

ĞƐƚĄŶĚĂƌƉŽƌƉĂƌƚĞĚĞƵŶ

ŵĞĐĄŶŝĐŽĚĞďŝĐŝĐůĞƚĂƐ

ĂĐƌĞĚŝƚĂĚŽǇĐĞƌƚŝĨŝĐĂĚŽ

ͲŶŐƌĂƐĞĞůƐŽƉŽƌƚĞŝŶĨĞƌŝŽƌ

ͲZĞĞŵƉůĂĐĞůĂƐƉĂƐƚŝůůĂƐĚĞ

ĨƌĞŶŽ

ͲZĞĞŵƉůĂĐĞůŽƐŶĞƵŵĄƚŝĐŽƐƐŝ

ĞƐŶĞĐĞƐĂƌŝŽ

ͲZĞĞŵƉůĂĐĞůŽƐĐĂďůĞƐǇůĂƐ

ĐĂƌĐĂƐĂƐƐŝĞƐŶĞĐĞƐĂƌŝŽ



sĞƌŝĨŝĐĂĐŝſŶĚĞ^ĞŐƵƌŝĚĂĚ

WĂƐŽƐĄƐŝĐŽƐƐ

1. &ƌĞŶŽƐ

ƐĞŐƷƌĞƐĞĚĞƋƵĞůŽƐĨƌĞŶŽƐĚĞůĂŶƚĞƌŽƐǇƚƌĂƐĞƌŽƐĨƵŶĐŝŽŶĞŶĐŽƌƌĞĐƚĂŵĞŶƚĞ

ZĞǀŝƐĞůĂƐƉĂƐƚŝůůĂƐĚĞĨƌĞŶŽƉĂƌĂǀĞƌƐŝĞƐƚĄŶĚĞƐŐĂƐƚĂĚĂƐǇĂƐĞŐƷƌĞƐĞĚĞƋƵĞŶŽĞƐƚĠŶĚĞƐŐĂƐƚĂĚĂƐĞŶ

ĞǆĐĞƐŽ

ƐĞŐƷƌĞƐĞĚĞƋƵĞůĂƐƉĂƐƚŝůůĂƐĚĞĨƌĞŶŽĞƐƚĠŶĐŽƌƌĞĐƚĂŵĞŶƚĞĐŽůŽĐĂĚĂƐĞŶƌĞůĂĐŝſŶĐŽŶůĂƐůůĂŶƚĂƐ

ƐĞŐƷƌĞƐĞĚĞƋƵĞůŽƐĐĂďůĞƐĚĞůŽƐĨƌĞŶŽƐĞƐƚĠŶůƵďƌŝĐĂĚŽƐĐŽƌƌĞĐƚĂŵĞŶƚĞĂũƵƐƚĂĚŽƐǇƋƵĞŶŽƉƌĞƐĞŶƚĞŶ

ƵŶĚĞƐŐĂƐƚĞĞǀŝĚĞŶƚĞ

ƐĞŐƷƌĞƐĞĚĞƋƵĞůĂƐƉĂůĂŶĐĂƐĚĞĨƌĞŶŽĞƐƚĠŶůƵďƌŝĐĂĚĂƐǇĨŝƌŵĞŵĞŶƚĞĂƐĞŐƵƌĂĚĂƐĂůŵĂŶƵďƌŝŽ

ŽŵƉƌƵĞďĞƋƵĞůĂƐƉĂůĂŶĐĂƐĚĞĨƌĞŶŽĞƐƚĠŶĨŝƌŵĞƐǇƋƵĞĞůĨƌĞŶŽůĂƐĨƵŶĐŝŽŶĞƐĚĞĚĞƐĐŽŶĞǆŝſŶĚĞůŵŽƚŽƌ

ǇůĂůƵǌĚĞĨƌĞŶŽĨƵŶĐŝŽŶĞŶĐŽƌƌĞĐƚĂŵĞŶƚĞ

2. ZƵĞĚĂƐǇ

EĞƵŵĄƚŝĐŽƐ

ƐĞŐƷƌĞƐĞĚĞƋƵĞůĂƐůůĂŶƚĂƐĞƐƚĠŶŝŶĨůĂĚĂƐĚĞŶƚƌŽĚĞůŽƐůşŵŝƚĞƐƌĞĐŽŵĞŶĚĂĚŽƐƉƵďůŝĐĂĚŽƐĞŶůĂƐƉĂƌĞĚĞƐ

ůĂƚĞƌĂůĞƐĚĞůĂƐůůĂŶƚĂƐǇƋƵĞŵĂŶƚĞŶŐĂŶĞůĂŝƌĞ

ƐĞŐƷƌĞƐĞĚĞƋƵĞůŽƐŶĞƵŵĄƚŝĐŽƐƚĞŶŐĂŶƵŶĂďƵĞŶĂďĂŶĚĂĚĞƌŽĚĂĚƵƌĂƋƵĞŶŽƚĞŶŐĂŶĂďƵůƚĂŵŝĞŶƚŽƐŶŝ

ĚĞƐŐĂƐƚĞĞǆĐĞƐŝǀŽǇƋƵĞŶŽƚĞŶŐĂŶŶŝŶŐƷŶŽƚƌŽĚĂŹŽ

ƐĞŐƷƌĞƐĞĚĞƋƵĞůĂƐůůĂŶƚĂƐĨƵŶĐŝŽŶĞŶĐĞŶƚƌĂĚĂƐǇŶŽƚĞŶŐĂŶŽƐĐŝůĂĐŝŽŶĞƐĂďŽůůĂĚƵƌĂƐŽƚŽƌĐĞĚƵƌĂƐĞǀŝĚĞŶƚĞƐ

ƐĞŐƷƌĞƐĞĚĞƋƵĞƚŽĚŽƐůŽƐƌĂǇŽƐĚĞůĂƐƌƵĞĚĂƐĞƐƚĠŶĂƉƌĞƚĂĚŽƐǇŶŽƌŽƚŽƐ

ZĞǀŝƐĞůĂƐƚƵĞƌĐĂƐĚĞůĞũĞǇůĂůŝďĞƌĂĐŝſŶƌĄƉŝĚĂĚĞůĂƌƵĞĚĂĚĞůĂŶƚĞƌĂƉĂƌĂĂƐĞŐƵƌĂƌƐĞĚĞƋƵĞĞƐƚĠŶĂƉƌĞƚĂĚĂƐ

3. ŝƌĞĐĐŝſŶ

ƐĞŐƷƌĞƐĞ ĚĞ ƋƵĞ Ğů ŵĂŶƵďƌŝŽ Ǉ Ğů ǀĄƐƚĂŐŽ ĞƐƚĠŶ ĐŽƌƌĞĐƚĂŵĞŶƚĞ ĂũƵƐƚĂĚŽƐ ĂƉƌĞƚĂĚŽƐ Ǉ ƉĞƌŵŝƚĂŶ ƵŶĂ

ĚŝƌĞĐĐŝſŶĂĚĞĐƵĂĚĂ

ZĞĂůŝĐĞƵŶĂƉƌƵĞďĂĚĞƚŽƌƐŝſŶĚĞůŵĂŶƵďƌŝŽ;ǀĞĂĞůƉĂƐŽϰĚĞůĞŶƐĂŵďůĂũĞͿƉĂƌĂŐĂƌĂŶƚŝǌĂƌ ůĂ ƐĞŐƵƌŝĚĂĚ ĚĞů

ƉĞƌŶŽĚĞůĂĂďƌĂǌĂĚĞƌĂĚĞůǀĄƐƚĂŐŽ

ƐĞŐƷƌĞƐĞ ĚĞ ƋƵĞ Ğů ŵĂŶƵďƌŝŽ ĞƐƚĠ ĐŽƌƌĞĐƚĂŵĞŶƚĞ ĂũƵƐƚĂĚŽ ĞŶ ƌĞůĂĐŝſŶ ĐŽŶ ůĂ ŚŽƌƋƵŝůůĂ Ǉ ůĂ ĚŝƌĞĐĐŝſŶ ĚĞ

ĚĞƐƉůĂǌĂŵŝĞŶƚŽ

4. ĂĚĞŶĂ

5. ŽũŝŶĞƚĞƐ

ƐĞŐƷƌĞƐĞĚĞƋƵĞƚŽĚŽƐůŽƐĐŽũŝŶĞƚĞƐĞƐƚĠŶůƵďƌŝĐĂĚŽƐĐŽƌƌĂŶůŝďƌĞŵĞŶƚĞǇŶŽŵƵĞƐƚƌĞŶƵŶĞǆĐĞƐŽĚĞ

ŵŽǀŝŵŝĞŶƚŽƌĞĐŚŝŶĂŵŝĞŶƚŽŽƚƌĂƋƵĞƚĞŽ

ZĞǀŝƐĞůĂĚŝƌĞĐĐŝſŶůŽƐĐŽũŝŶĞƚĞƐĚĞůĂƐƌƵĞĚĂƐůŽƐĐŽũŝŶĞƚĞƐĚĞůŽƐƉĞĚĂůĞƐǇůŽƐĐŽũŝŶĞƚĞƐĚĞůĂŚŽƌƋƵŝůůĂ

6. ŝĞůĂƐǇWĞĚĂůĞƐ

ƐĞŐƷƌĞƐĞĚĞƋƵĞůŽƐƉĞĚĂůĞƐĞƐƚĠŶďŝĞŶĂƉƌĞƚĂĚŽƐĂůĂƐďŝĞůĂƐ

ƐĞŐƷƌĞƐĞĚĞƋƵĞůĂƐďŝĞůĂƐĞƐƚĠŶďŝĞŶĂƉƌĞƚĂĚĂƐǇŶŽĞƐƚĠŶĚŽďůĂĚĂƐ

7. ĞƐǀŝĂĚŽƌǇ

ĂďůĞƐDĞĐĄŶŝĐŽƐ

ŽŵƉƌƵĞďĞƋƵĞĞůĚĞƐǀŝĂĚŽƌĞƐƚĠĂũƵƐƚĂĚŽǇĨƵŶĐŝŽŶĞĐŽƌƌĞĐƚĂŵĞŶƚĞ

ƐĞŐƷƌĞƐĞĚĞƋƵĞůĂƐƉĂůĂŶĐĂƐĚĞĐĂŵďŝŽǇĚĞĨƌĞŶŽĞƐƚĠŶďŝĞŶƐƵũĞƚĂƐĂůŵĂŶƵďƌŝŽƐĞŐƷƌĞƐĞĚĞƋƵĞƚŽĚŽƐ

ůŽƐĐĂďůĞƐĚĞĐĂŵďŝŽƐǇĨƌĞŶŽƐĞƐƚĠŶĐŽƌƌĞĐƚĂŵĞŶƚĞůƵďƌŝĐĂĚŽƐ

8. ƵĂĚƌŽ

,ŽƌƋƵŝůůĂǇƐŝĞŶƚŽ

ŽŵƉƌƵĞďĞƋƵĞĞůĐƵĂĚƌŽǇůĂŚŽƌƋƵŝůůĂŶŽĞƐƚĠŶĚŽďůĂĚŽƐŽƌŽƚŽƐ

^ŝĞůĐƵĂĚƌŽŽůĂŚŽƌƋƵŝůůĂĞƐƚĄŶĚŽďůĂĚŽƐŽƌŽƚŽƐĚĞďĞŶƌĞĞŵƉůĂǌĂƌƐĞ

sĞƌŝĨŝƋƵĞƋƵĞĞůĂƐŝĞŶƚŽĞƐƚĠĂũƵƐƚĂĚŽĐŽƌƌĞĐƚĂŵĞŶƚĞǇƋƵĞůĂƉĂůĂŶĐĂĚĞůŝďĞƌĂĐŝſŶƌĄƉŝĚĂĚĞůƉŽƐƚĞĞƐƚĠďŝĞŶ

ĂƉƌĞƚĂĚĂ

9. ŽŶũƵŶƚŽĚĞ

ĐĐŝŽŶĂŵŝĞŶƚŽĚĞů

DŽƚŽƌǇ

ĐĞůĞƌĂĚŽƌ

ƐĞŐƷƌĞƐĞĚĞƋƵĞĞůŵŽƚŽƌĚĞůĐƵďŽĞƐƚĞŐŝƌĂŶĚŽƐƵĂǀĞŵĞŶƚĞǇƋƵĞůŽƐĐŽũŝŶĞƚĞƐĚĞůŵŽƚŽƌĨƵŶĐŝŽŶĞŶ

ĐŽƌƌĞĐƚĂŵĞŶƚĞ

ƐĞŐƷƌĞƐĞĚĞƋƵĞƚŽĚŽƐůŽƐĐĂďůĞƐĚĞĂůŝŵĞŶƚĂĐŝſŶƋƵĞǀĂŶĂůŵŽƚŽƌĐĞŶƚƌĂůĞƐƚĠŶĂƐĞŐƵƌĂĚŽƐǇƐŝŶĚĂŹŽƐ

ƐĞŐƷƌĞƐĞĚĞƋƵĞůŽƐƉĞƌŶŽƐĚĞůĞũĞĚĞůŵŽƚŽƌĚĞůĐƵďŽĞƐƚĠŶĂƐĞŐƵƌĂĚŽƐǇƋƵĞĞůďƌĂǌŽĚĞƚŽƌƐŝſŶĞůƉĞƌŶŽ

ĚĞůďƌĂǌŽĚĞƚŽƌƐŝſŶǇůĂƐĂƌĂŶĚĞůĂƐĚĞƚŽƌƐŝſŶĞƐƚĠŶĞŶƐƵůƵŐĂƌ

10. ĂƚĞƌşĂ

ƐĞŐƷƌĞƐĞĚĞƋƵĞůĂƐďĂƚĞƌşĂƐĞƐƚĠŶĐĂƌŐĂĚĂƐĂŶƚĞƐĚĞƵƐĂƌ

ƐĞŐƷƌĞƐĞĚĞƋƵĞŶŽŚĂǇĂĚĂŹŽƐĞŶůĂƐďĂƚĞƌşĂƐ

ůŽƋƵĞĞůĂďĂƚĞƌşĂĂůŵĂƌĐŽǇĂƐĞŐƷƌĞƐĞĚĞƋƵĞĞƐƚĠĂƐĞŐƵƌĂĚĂ

ĂƌŐƵĞǇĂůŵĂĐĞŶĞůĂďŝĐŝĐůĞƚĂǇůĂďĂƚĞƌşĂĞŶƵŶůƵŐĂƌƐĞĐŽĞŶƚƌĞϭϬΣǇϮϱΣ;ϱϬΣ&ǇϳϳΣ&ͿƐƚĂďŝĐŝĐůĞƚĂ

ĞůĠĐƚƌŝĐĂƐŽůŽĨƵŶĐŝŽŶĂƌĄĐƵĂŶĚŽϮďĂƚĞƌşĂƐĞƐƚĠŶŝŶƐƚĂůĂĚĂƐ

ĞũĞƋƵĞůĂďŝĐŝĐůĞƚĂƐĞƐĞƋƵĞƉŽƌĐŽŵƉůĞƚŽĂŶƚĞƐĚĞǀŽůǀĞƌĂƵƐĂƌůĂ

11. ĂďůĞƐůĠĐƚƌŝĐŽƐ

ZĞǀŝƐĞůŽƐĐŽŶĞĐƚŽƌĞƐƉĂƌĂĂƐĞŐƵƌĂƌƐĞĚĞƋƵĞĞƐƚĠŶĐŽŵƉůĞƚĂŵĞŶƚĞĂƐĞŶƚĂĚŽƐǇůŝďƌĞƐĚĞƌĞƐŝĚƵŽƐŽŚƵŵĞĚĂĚ

ZĞǀŝƐĞůŽƐĐĂďůĞƐǇůĂĐĂƌĐĂƐĂĚĞůŽƐĐĂďůĞƐĞŶďƵƐĐĂĚĞƐŝŐŶŽƐĞǀŝĚĞŶƚĞƐĚĞĚĂŹŽ

ƐĞŐƷƌĞƐĞĚĞƋƵĞĞůĨĂƌŽĚĞůĂŶƚĞƌŽůĂůƵǌƚƌĂƐĞƌĂǇůĂůƵǌĚĞĨƌĞŶŽĨƵŶĐŝŽŶĞŶĞƐƚĠŶĂũƵƐƚĂĚŽƐĐŽƌƌĞĐƚĂŵĞŶƚĞǇ

ŶŽĞƐƚĠŶŽďƐƚƌƵŝĚŽƐ

12. ĐĐĞƐŽƌŝŽƐ

ƐĞŐƷƌĞƐĞĚĞƋƵĞƚŽĚŽƐůŽƐƌĞĨůĞĐƚŽƌĞƐĞƐƚĠŶĐŽůŽĐĂĚŽƐĐŽƌƌĞĐƚĂŵĞŶƚĞǇŶŽĞƐƚĠŶĞŵƉĂŹĂĚŽƐ

ƐĞŐƷƌĞƐĞĚĞƋƵĞƚŽĚŽƐůŽƐĚĞŵĄƐĂĐĐĞƐŽƌŝŽƐĚĞůĂďŝĐŝĐůĞƚĂĞƐƚĠŶĐŽƌƌĞĐƚĂŵĞŶƚĞĂƐĞŐƵƌĂĚŽƐǇĞŶ

ĨƵŶĐŝŽŶĂŵŝĞŶƚŽ

/ŶƐƉĞĐĐŝŽŶĞĞůĐĂƐĐŽǇŽƚƌŽƐĞƋƵŝƉŽƐĚĞƐĞŐƵƌŝĚĂĚĞŶďƵƐĐĂĚĞƐŝŐŶŽƐĚĞĚĂŹŽ

ƐĞŐƷƌĞƐĞĚĞƋƵĞĞůĐŽŶĚƵĐƚŽƌƵƐĞƵŶĐĂƐĐŽǇŽƚƌŽƐĞƋƵŝƉŽƐĚĞƐĞŐƵƌŝĚĂĚŶĞĐĞƐĂƌŝŽƐƉĂƌĂůĂĐŽŶĚƵĐĐŝſŶ

ƐĞŐƷƌĞƐĞĚĞƋƵĞĞůĞƋƵŝƉŽĚĞŵŽŶƚĂũĞĞƐƚĠĐŽƌƌĞĐƚĂŵĞŶƚĞĂƐĞŐƵƌĂĚŽƐŝĞƐƚĄĞƋƵŝƉĂĚŽĐŽŶƵŶƐŽƉŽƌƚĞ

ĚĞůĂŶƚĞƌŽƵŶƐŽƉŽƌƚĞƚƌĂƐĞƌŽƵŶĂĐĂŶĂƐƚĂĞƚĐƐĞŐƷƌĞƐĞĚĞƋƵĞůĂůƵǌƚƌĂƐĞƌĂǇĞůĐĂďůĞĚĞĂůŝŵĞŶƚĂĐŝſŶĚĞůĂ

ůƵǌƚƌĂƐĞƌĂĞƐƚĠŶĐŽƌƌĞĐƚĂŵĞŶƚĞĂƐĞŐƵƌĂĚŽƐƐŝĞƐƚĄĞƋƵŝƉĂĚŽĐŽŶƉŽƌƚĂĞƋƵŝƉĂũĞƐƚƌĂƐĞƌŽƐĞŐƷƌĞƐĞĚĞƋƵĞĞů

ĞƋƵŝƉŽĚĞŵŽŶƚĂũĞĚĞůŐƵĂƌĚĂďĂƌƌŽƐĞƐƚĠĐŽƌƌĞĐƚĂŵĞŶƚĞĂƐĞŐƵƌĂĚŽƐŝĞƐƚĄĞƋƵŝƉĂĚŽĐŽŶŐƵĂƌĚĂďĂƌƌŽƐ

ƐĞŐƷƌĞƐĞĚĞƋƵĞŶŽŚĂǇĂŐƌŝĞƚĂƐŶŝĂŐƵũĞƌŽƐĞŶůŽƐŐƵĂƌĚĂďĂƌƌŽƐ

^ŝĞƐƚĄŝŶƐƚĂůĂĚŽĂƐĞŐƷƌĞƐĞĚĞƋƵĞĞůďůŽƋƵĞŽĚĞůĂƌƵĞĚĂƚƌĂƐĞƌĂŽƉĐŝŽŶĂůĞƐƚĠĂƐĞŐƵƌĂĚŽĞŶůĂƉŽƐŝĐŝſŶ

ĚĞƐďůŽƋƵĞĂĚĂǇƋƵĞůĂůůĂǀĞƐĞŚĂǇĂƌĞƚŝƌĂĚŽĂŶƚĞƐĚĞĐĂĚĂĐŽŶĚƵĐĐŝſŶ



ƐĞŐƷƌĞƐĞĚĞƋƵĞůĂĐĂĚĞŶĂĞƐƚĠůŝŵƉŝĂĞŶŐƌĂƐĂĚĂǇĨƵŶĐŝŽŶĞƐŝŶƉƌŽďůĞŵĂƐ

^ĞƌĞƋƵŝĞƌĞĐƵŝĚĂĚŽĂĚŝĐŝŽŶĂůĞŶĐŽŶĚŝĐŝŽŶĞƐŚƷŵĞĚĂƐƐĂůŽďƌĞƐĐŽƌƌŽƐŝǀĂƐŽƉŽůǀŽƌŝĞŶƚĂƐ

4VTDBCMFTSBZPTZDBEFOBTFFTUJSBSÈOEFTQVÏTEFVOQFSÓPEPEFBTFOUBNJFOUPJOJDJBMEFB

NJMMBTBLNZMBTDPOFYJPOFTBUPSOJMMBEBTQVFEFOBGMPKBSTF4JFNQSFIBHBRVFVONFDÈOJDP

EFCJDJDMFUBTDFSUJGJDBEPZBDSFEJUBEPSFBMJDFVOBBGJOBDJØOFOTV1"$&EFTQVÏTEFTVQFSÓPEPJOJDJBM

EFSPEBKFEFBNJMMBTBLNTFHÞOMBTDPOEJDJPOFTEFDPOEVDDJØODPNPFMQFTP

UPUBMMBTDBSBDUFSÓTUJDBTEFDPOEVDDJØOZFMUFSSFOP-BTJOTQFDDJPOFTZQVFTUBTBQVOUPSFHVMBSFT

TPOQBSUJDVMBSNFOUFJNQPSUBOUFTQBSBHBSBOUJ[BSRVFTVCJDJDMFUBTJHBTJFOEPTFHVSBZEJWFSUJEBBM

DPOEVDJS

*OGPSNBDJØOEF/FVNÈUJDPT

1"$&VUJMJ[BOFVNÈUJDPTEFDBVDIPEFwYwDPODÈNBSBTEFBJSF-PTOFVNÈUJDPTFTUÈOEJTF×BEPTQBSB

CSJOEBSEVSBCJMJEBEZTFHVSJEBEQBSBMBTBDUJWJEBEFTSFHVMBSFTEFDJDMJTNPZQBSBTFSSFWJTBEPTBOUFTEFDBEBVTPQBSB

WFSTJFTUÈOJOGMBEPTZFOCVFOBTDPOEJDJPOFT&MJOGMBEPBEFDVBEPFMDVJEBEPZFMSFFNQMB[PPQPSUVOPBZVEBSÈOB

HBSBOUJ[BSRVFTFNBOUFOHBOMBTDBSBDUFSÓTUJDBTPQFSBUJWBTEFTVCJDJDMFUBZTFFWJUFODPOEJDJPOFTJOTFHVSBT

"WFOUPO#JLFTSFDPNJFOEB14*#"3QBSBMPTOFVNÈUJDPTEFTFSJFEF1"$&.BOUÏOHBTFTJFNQSFEFOUSP

EFMSBOHPEFQSFTJØOEFBJSFSFDPNFOEBEPQPSFMGBCSJDBOUFRVFTFJOEJDBFOFMGMBODPEFMOFVNÈUJDP



&TTVNBNFOUFJNQPSUBOUFRVFTJFNQSFTFNBOUFOHBMBQSFTJØOEFBJSFBEFDVBEBFOMPT

OFVNÈUJDPT/PJOGMFOJEFNBTJBEPOJQPDPMPTOFVNÈUJDPT-BCBKBQSFTJØOQVFEFQSPWPDBSMB

QÏSEJEBEFDPOUSPMZMPTOFVNÈUJDPTEFNBTJBEPJOGMBEPTQVFEFOFYQMPUBS4JOPTFNBOUJFOF

TJFNQSFMBDMBTJGJDBDJØOEFQSFTJØOEFBJSFJOEJDBEBFOMBTMMBOUBTOFVNÈUJDBTTFQVFEFO

QSPEVDJSGBMMBTFOMBTMMBOUBTZPMBTSVFEBT

*OGMFTVTOFVNÈUJDPTEFTEFVOBGVFOUFEFBJSFSFHVMBEBDPOVONBOØNFUSPEJTQPOJCMF*OGMBSTVT

OFVNÈUJDPTEFTEFVOBGVFOUFEFBJSFOPSFHVMBEBQPESÓBJOGMBSMPTFOFYDFTPMPRVFQSPWPDBSÓB

VOBFYQMPTJØOEFFTUPT*ODMVTPMPTOFVNÈUJDPTFRVJQBEPTDPOMÓOFBTJOUFHSBEBTEFQSFWFODJØO

EFQJODIB[PTDPNPMPTRVFWJFOFODPOMBTCJDJDMFUBTEF"WFOUPO#JLFTQVFEFOQJODIBSTFZTF

QJODIBOQPSQJODIB[PTQFMMJ[DPTJNQBDUPTZPUSBTDBVTBT$VBOEPFMEFTHBTUFEFMPTOFVNÈUJDPT

TFIBDFFWJEFOUFPTFEFTDVCSFVOOFVNÈUJDPEFTJOGMBEPEFCFSFFNQMB[BSMPTOFVNÈUJDPTZP

MBTDÈNBSBTBOUFTEFPQFSBSMBCJDJDMFUBPQPESÓBOPDVSSJSMFTJPOFTBMPTPQFSBEPSFTZPEB×PTB

TVCJDJDMFUB

"MDBNCJBSVOOFVNÈUJDPPVOBDÈNBSBBTFHÞSFTFEFRVFTFIBZBFMJNJOBEPUPEBMBQSFTJØOEF

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