UIT DE AUTO OP DE EE-FIETS IN HET WOONWOON-WERKVERKEER Een onderzoek naar de potentie van stimuleringsmaatregelen voor de aanschaf van een elektrische fiets en naar de factoren die de aanschaf en het gebruik van de elektrische fiets door forenzen beïnvloeden
HET RAPPORT
STUDENT | Lisette Hoeke DATUM | Januari 2014 AFSTUDEERRICHTING AFSTUDEERRICHTING | Design and Decision Support Systems; mastertrack van de master Architecture Building and Planning aan de Technische Universiteit Eindhoven AFSTUDEERCOMMISSIE
| dr. T.A. (Theo) Arentze, | dr. A.D.A.M. (Astrid) Kemperman, | ing. J.C.H. (Joost) Beenker
VAKNAAM | Afstudeerproject DDSS VAKCODE | 7MM37 STUDENTNUMMER | 0607551
VOORWOORD In 2006 begon ik met de studie Bouwkunde aan de Technische Universiteit Eindhoven. Mijn interesse ging uit naar de stedebouwkundige omgeving en de analyse-fase waarin de basis wordt gelegd voor het uiteindelijke ontwerp of de ingreep in de stedebouwkundige situatie. Daarom koos ik voor een specialisatie in Stedebouw en Management in de bachelor, waarbinnen de nadruk ligt op deze analyse-fase, het opstellen van een ontwerpkader en het formuleren van randvoorwaarden en een programma van eisen. In 2011 begon ik met de Mastertrack Design and Decision Support Systems binnen de master Architecture, Building and Planning. De masterspecialisatie richt zich op het gebruik van modellen en systemen die beslissingen (in de stedebouwkundige omgeving) en keuzes kunnen ondersteunen. De master wordt afgesloten met een afstudeerproject. Oriënterend op het onderwerp voor mijn afstudeerproject begon ik mij te verdiepen in mobiliteit. Ik heb altijd al interesse gehad in verplaatsingen, het voortbewegen van mensen en vervoerstromen. Nederland is een klein landje, de afstanden zijn relatief kort maar toch kun je er op momenten op de dag er lang over doen om met de auto een korte afstand te overbruggen. Files zijn een dagelijks terugkomende ergernis voor automobilisten. Ondanks dat het een ergernis is, is het geaccepteerd. De extra reistijd, of moeten we wachttijd zeggen, wordt meegerekend als we ’s ochtends naar ons werk gaan. Het lijkt zo iets ongelooflijks inefficiënts. Het achter elkaar aansluiten in een lange rij, ieder in zijn eigen vervoermiddel. De rij verplaatst zich stapvoets en ondertussen vervuilen we de lucht met onze draaiende motoren. Doordat ieder in zijn eigen auto zit, wordt de rij onnodig langer. Maar mensen houden van gemak en flexibiliteit en dat zijn dan ook de voornaamste redenen dat iedereen alleen in zijn eigen auto zit. Dat maakt het mogelijk dat je direct van huis op de bestemming komt en je kunt de rit combineren met andere activiteiten (boodschappen, kinderen naar school brengen etc). Deze voordelen van de auto tellen blijkbaar zwaarder mee in de afweging de auto te nemen dan de nadelen zoals de extra reistijd door de files. Technologische ontwikkelingen op het gebied van mobiliteit maken het mogelijk dat er alternatieven ontstaan voor de auto als vervoermiddel. Vanuit die gedachte ben ik mij gaan verdiepen in de elektrische fiets als alternatief vervoermiddel voor de auto. Wanneer we de juiste doelgroep kunnen overhalen om uit de auto te stappen en op de elektrische fiets te gaan zitten, kan een klein beetje van het fileprobleem opgelost worden. Dat is wat ik wil. Nieuwe vervoermiddelen inzetten zodat we ons in de toekomst sneller, efficiënter, veiliger en milieuvriendelijker kunnen verplaatsen. Met dit afstudeerproject hoop ik daar een bijdrage aan te leveren. Voor het afronden van het afstudeerproject zijn er een aantal mensen die ik wil bedanken. Allereerst wil ik mijn afstudeerbegeleiders bedanken. Theo Arentze, die ervoor heeft gezorgd dat ik keuzes maakte in mijn afstudeeronderwerp en doelstelling, Astrid Kemperman, die mij heeft geholpen bij het plan van aanpak en het afronden van de analyses en Joost Beenker, die denkt in mogelijkheden en het nut van het onderzoek voor Programmabureau Maastricht Bereikbaar inzag wat mij hielp om het onderzoek succesvol af te ronden. Binnen het Programmabureau wil ik iedereen bedanken die interesse getoond heeft in mijn onderzoek en soms met kleine opmerkingen mij verder konden helpen. In het bijzonder Casper Stelling die met zijn kritische blik en kennis van onderzoek de juiste vragen wist te stellen waardoor ik mijn onderzoek heb kunnen aanscherpen. Ook dank aan Rinus Haaijer van MUConsult, die mij heeft geholpen de onderzoeksmethode te begrijpen, Peter van de Waerden, die mij heeft geholpen met de online-enquête en Jolanda van Oijen, die mij inspireerde om me te gaan verdiepen in de elektrische fiets. Naast alle inhoudelijk kennis en hulp die ik heb mogen ontvangen wil ik ook die mensen bedanken die mij mentaal hebben gesteund. Dank aan al mijn vrienden en familie die tijdens mijn afstuderen hulp hebben geboden met in het bijzonder dank aan mijn ouders. Bedankt papa en mama voor de goede gesprekken, het vertrouwen en het vinden van de laatste taalkundige fouten. Ik wens u veel leesplezier! Lisette Hoeke
SAMENVATTING De afgelopen jaren is de verkoop van de elektrische fiets fors toegenomen. De technologische ontwikkelingen hebben de elektrische fiets in de loop van de jaren gebruiksvriendelijker gemaakt en de verschillende modellen hebben voor een beter imago gezorgd. De elektrische fiets heeft de voordelen van de gewone fiets (gezond, milieuvriendelijk en goedkoop) en zorgt er tevens voor dat enkele nadelen van de fiets worden opgevangen (bezweet en vermoeid raken of niet mogelijk om te gebruiken vanwege fysieke beperking of te grote afstand). Dit zorgt ervoor dat de elektrische fiets als alternatief vervoermiddel in populariteit stijgt. Programmabureau Maastricht Bereikbaar werkt binnen het programma Beter Benutten van Rijkswaterstaat aan de bereikbaarheid van Maastricht. Het programmabureau heeft als doelstelling om 3.000 auto’s uit de spits te halen. De automobilisten worden gestimuleerd om op andere tijden te reizen (spits mijden), niet te reizen (thuiswerken) of op een andere manier te reizen. Eén van de alternatieve vervoermiddelen is de elektrische fiets. Met behulp van verschillende beleidsmaatregelen en subsidies wordt geprobeerd de aanschaf en gebruik van de elektrische fiets voor forenzen aantrekkelijk te maken. In andere regio’s in Nederland zijn op eenzelfde manier maatregelen ingezet om de aanschaf en het gebruik van de e-fiets te stimuleren. Echter verschilt de inhoud (de hoogte van de aanschafkorting of gebruikersbeloning) en het resultaat van de maatregelen per regio. Tot nu toe worden er vooral project-specifieke effectmetingen gedaan. Hierbij wordt een bepaalde maatregel ingevoerd en na enige tijd wordt het effect ervan gemeten (het aantal personen dat gebruik heeft gemaakt van de maatregel bijvoorbeeld een korting voor de aanschaf). Afhankelijk van de resultaten wordt de maatregel doorgezet, aangepast of geschrapt. Het nadeel aan deze effectmetingen is dat er bepaalde tijd overheen gaat voordat de resultaten te meten zijn. Daarnaast kan slechts het effect van de maatregel in de gepresenteerde vorm worden gemeten. Interessanter is het om voor de invoering van een maatregel te weten wat de potentie ervan is en welke maatregelen (en in welke vorm) het meeste effect zullen opleveren. Stated Choice onderzoek is hiervoor een geschikte methode dat gericht is op ex-ante onderzoek en waarmee hypothetische situaties beoordeeld kunnen worden.
Doel van dit onderzoek Met dit onderzoek wordt meer inzicht verkregen in de potentie van verschillende stimuleringsmaatregelen die ingezet kunnen worden voor de aanschaf en gebruik van de e-fiets. Het onderzoek richt zich op forenzen in de regio Maastricht die gebruik maken van de auto. Daarnaast moet de elektrische fiets voor hen een geschikt alternatief vervoermiddel kunnen zijn wat betekent dat de woon-werkafstand niet te groot mag zijn. Door middel van de Stated Choice methode kan voorafgaand aan de invoering van een bepaalde maatregel het verwachte effect ingeschat worden en daardoor maakt dit onderzoek het mogelijk een advies te geven over de meest effectieve invulling van de stimuleringsmaatregelen. Met dit onderzoek wordt tevens inzicht verkregen in de factoren die van invloed zijn op de aanschaf en het gebruik van de elektrische fiets. Wanneer inzichtelijk wordt welke variabelen een positief effect hebben op de aanschaf en het gebruik van de e-fiets, kan een doelgroep specifiek plan gemaakt worden om de aanschaf van een elektrische fiets te stimuleren en het gebruik te bevorderen .
Onderzoeksmethode en dataverzameling Het onderzoek wordt uitgevoerd met de Stated Choice methode. Bij deze methode wordt de respondent gevraagd een keuze te maken tussen twee of meer alternatieven. Alternatieven zijn combinaties van attributen, die in niveau verschillen. De respondent maakt een keuze door de gegeven alternatieven met elkaar te vergelijken en vervolgens datgene te kiezen dat de meeste voorkeur geniet. Het keuze-experiment is uniek omdat de niveaus van de attributen worden gevarieerd in de vooraf gedefinieerde alternatieven en op deze manier kan op een systematische wijze de effectiviteit van de attributen worden onderzocht. Het hypothetische karakter van Stated Choice experimenten heeft het voordeel dat het onderzoek niet gebonden is aan de niveaus van attributen die in werkelijkheid plaatsvinden of aanwezig zijn. Hierdoor kunnen hypothetische scenario’s geschetst worden die zo realistisch mogelijk opgesteld moeten worden. Daarnaast
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kunnen meerdere keuzesets voorgelegd worden bij elke respondent waardoor betrouwbare en kwantitatieve informatie wordt verkregen over de factoren die van invloed zijn op de keuze die gemaakt wordt. De stimuleringsmaatregelen worden gezien als één van de factoren die de aanschaf van een elektrische fiets kan bevorderen. Er zijn naast deze maatregelen nog meer factoren die van invloed kunnen zijn op de aanschaf en het gebruik van de elektrische fiets. Voorgaand aan het onderzoek is het van belang om meer inzicht te krijgen in deze factoren zodat deze meegenomen kunnen worden in het onderzoek. Met behulp van literatuurstudie is een conceptueel kader ontwikkeld die de factoren en variabelen welke invloed hebben op de aanschaf en het gebruik van de e-fiets in kaart brengt. De factoren zijn gegroepeerd in verschillende onderwerpen waarbij de relaties tussen de factoren zijn weergegeven. In grote lijnen zijn de volgende groepen variabelen te onderscheiden; Sociaal-demografische gegevens en persoonlijke kenmerken; hieronder vallen ook de ervaring met en kennis over de e-fiets, sociale invloeden en attitude. Woon-werkritvariabelen en omgevingsfactoren; naast de ritspecifieke factoren zoals reisafstand en reistijd zijn ook variabelen als gewoonte, huidig reisgedrag en omgevingsfactoren zoals situaties op de route en aanwezigheid van voorzieningen op het werk onder dit kopje samengevat. Stimuleringsmaatregelen; hieronder vallen zowel aanschafvoordelen voor de e-fiets, pushmaatregelen die het autogebruik onaantrekkelijk maken en beloningswijzen om het gebruik van de e-fiets te bevorderen. Inzicht en informatie: hierbij moet gedacht worden aan inzicht in de voordelen van de e-fiets t.o.v. het autogebruik (bespaarde kosten, gezondheid, reistijdverkorting etc.). Het conceptueel kader vormt de basis voor het verdere onderzoek. Vanuit dit kader is een digitale enquête opgesteld waarin de factoren als variabelen zijn opgenomen. De invloed van de stimuleringsmaatregelen wordt met behulp van het keuze-experiment getoetst. Dit gedeelte is gericht op de aanschaf van de e-fiets. De alternatieven binnen de keuzeset zijn omgeschreven als aanschafpakketten welke bestaan uit verschillende aanschafmaatregelen (de attributen). De respondent krijgt 8 keuzevragen waarin steeds 2 aanschafpakketten worden voorgelegd. Ieder pakket bestaat uit 5 aanschafmaatregelen waarvan de invulling varieert. Steeds wordt de vraag gesteld naar welk pakket de voorkeur gaat. De aanschafmaatregelen die zijn meegenomen in het pakket zijn een aanschafkorting, de mogelijkheid tot voorfinanciering (renteloze lening), de mogelijkheid tot gratis verzekering, een vergoeding voor het gebruik en de mogelijkheid tot vooraf uitbetalen van de vergoeding. Naast de vraag welk pakket de voorkeur geniet, is bij de keuzesets ook gevraagd naar de kans dat men daadwerkelijk de elektrische fiets zou aanschaffen als het pakket dat de voorkeur heeft werkelijk wordt aangeboden. Met behulp van deze twee vragen kan er zowel gekeken worden naar de algemene voorkeur van personen voor de verschillende regelingen als het effect van de regelingen op de aanschaf. Vervolgens zijn in de enquête ook vragen verwerkt met betrekking tot de attitude van personen zowel in het algemeen (milieubewust, flexibel, actief etc.) als ten opzichte van de e-fiets (plezierig, voordeling, comfortabel etc.). Deze attitude-vragen zijn als stellingen gepresenteerd waarbij de respondent gevraagd werd aan te geven in hoeverre hij/zij het eens is met de stelling. Deze stellingen zijn gebruikt om te kijken wat de invloed is van attitude op de aanschafgeneigdheid. Het keuze-experiment en de attitude-vragen hebben betrekking op de aanschaf. In de enquête zijn ook vragen opgenomen waarbij de relatie tussen factoren en het verwachte gebruik getoetst kan worden. Zo is er gevraagd naar het verwachte gebruik bij verschillende hoogte van fietskilometer-vergoedingen en zijn er stellingen opgenomen met situaties op de route (omgevingsfactoren) die het gebruik zouden kunnen beïnvloeden. Bij dit laatste is gevraagd in hoeverre de situatie de neiging de e-fiets te nemen beïnvloedt. Deze enquête is verspreid onder forenzen in de regio Maastricht, die tot maximaal 30 kilometer van het werk wonen en op dit moment met de auto naar het werk reizen (minimaal 1 dag per week). In totaal hebben 116 forenzen de enquête volledig ingevuld.
Resultaten en conclusie Met behulp van het keuze-experiment in de enquête zijn modellen opgesteld om de beoordeling van stimuleringsmaatregelen te voorspellen en om bij verschillende stimuleringsmaatregelen uitspraken te kunnen doen over de aanschafkans. Hieruit is naar voren gekomen dat ‘korting’, ‘verzekering’ en ‘vergoeding’ als belangrijkste drie attributen worden beoordeeld. Naast een voorkeurenmodel is een aanschafmodel geschat die duidelijk maakt dat respondenten die de attributen even belangrijk vinden een hogere aanschafkans (>80%) invullen. Doordat er niet één attribuut als meest belangrijk naar voren komt, kan gezegd worden dat de maatregelen juist als pakket interessant worden en daarmee het meeste effect zullen hebben.
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Niet alleen stimuleringsmaatregelen kunnen het aanschaffen van een e-fiets beïnvloeden ook de attitude van personen heeft hier invloed op. Zo blijkt uit de analyse dat personen die gevoelig zijn voor sociale druk vanuit de (werk)omgeving een grotere kans hebben de e-fiets te gaan aanschaffen als collega’s ook een e-fiets hebben of met de fiets naar het werk komen. Ook personen die aangeven bewust om te gaan met hun geld hebben meer kans de e-fiets aan te schaffen dan personen die zeggen dat niet te zijn. De wijze waarop personen naar de efiets kijken beïnvloedt ook de aanschafkans. Dit is naar verwachting want wanneer iemand enthousiast zal zijn over de e-fiets en daarin de voordelen ziet, zal de aanschafkans bij deze persoon ook hoger liggen dan bij een persoon die minder positief is over de e-fiets. Vervolgens wordt er ingegaan op het gebruik van de e-fiets na aanschaf. Bij het toenemen van de vergoeding neemt ook het gebruik toe. Wanneer er geen vergoeding verkregen wordt, zegt 63% alsnog de e-fiets te nemen, bij 5 cent is dit 73% en een vergoeding van 20 cent per fietskilometer zorgt ervoor dat 93% van de personen ook daadwerkelijk de e-fiets gaat gebruiken. Daarnaast blijkt dat met name woon-werkritvariabelen en vervoervariabelen invloed hebben op het gebruik bij verschillende vergoedingen en omgevingsfactoren (situaties op de weg). Er zijn vergelijkende resultaten te vinden bij personen die nu al naar het werk fietsen (minimaal 1 dag per week), minder dan 3 dagen met de auto gaan en tot 15 kilometer van het werk wonen. Zij zijn meer geneigd de e-fiets te gebruiken dan personen die nu niet fietsen, 3-5 dagen per week de auto nemen en meer dan 15 kilometer van het werk wonen. Het advies richting Programmabureau Maastricht Bereikbaar is om deze vergelijkende resultaten mee te nemen bij het formuleren van doelgroepen die in meer of mindere mate potentie hebben de e-fiets aan te schaffen en te gebruiken. Daarnaast kunnen uitkomsten als het financiële voordeel van de e-fiets en het effect dat de sociale omgeving kan hebben op de aanschafgeneigdheid van een persoon als onderdeel van het plan van aanpak voor Maastricht Bereikbaar beschreven worden.
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ABSTRACT The electrical bicycle (e-bike) has grown in popularity over the last few years. Technological improvements have made it user-friendly, and its image has changed in a good way because of different models that have been designed. The electrical bicycle has the advantages of a normal bicycle (it is healthy, friendly for environment and cheap), but also eliminates some of the disadvantages the normal bicycle has (one gets sweaty and tired or is not able to use it because off physical limitations or long distance). This is the reason why the e-bike has become a really good alternative for transportation. The office of Maastricht-Bereikbaar is working on a program to improve and maintain the accessibility of the city Maastricht. The goal of Maastricht-Bereikbaar is to reduce the car-use with 3.000 cars in rush hour. Motorists are stimulated to travel off-peak, not travel at all (work at home) or travel by other means of transportation. One of the alternatives is to travel by electrical bicycle. With some different measures the purchase and use of the electrical bicycle is tried to make more attractive. In other regions of the Netherlands the Dutch government is also stimulating the electrical bicycle. The measures differ per region, as well do the results. Research in this field is only done on project-level resulting in computing the effects of the measures. There is not much knowledge of the potential of an measure and the result that could to be expected. Besides that, there are questions about the content of some measures. For example the height of a discount to reduce the amount for the purchase of an e-bike. With the Stated Choice method this kind of research can be done to know more about the potential of measures which stimulate the purchase and use of the e-bike can be done. The method is designed to create hypothetical situations, which are then judged by a selection of people, that result in more information about peoples’ preferences and the expected effect of different measures.
Goal of this research With this research more information will be gained about the potential of different measures governments can establish to stimulate the purchase and use of the e-bike. The research will focus on commuters within the region of Maastricht who are car-users at the moment and for whom the electrical bicycle is a good alternative (a distance to work of less than 30 kilometers). By using the Stated Choice method the expected effect of measures can be estimated before introducing the actions in reality. Therefor this research is useful for MaastrichtBereikbaar and could be seen as giving an advice about the most effective form of different measures for stimulations. Besides the research in researching the effectiveness of actions information is also gained about different factors that influence the purchase and use of the electrical bicycle. With this information it become clear which factors have a positive effect on the purchase and use of the e-bike and it makes it possible to come up with a specific plan for the target group that has the most potential to buy and use the e-bike.
Research method and data collection The research will be done by using the Stated Choice method. Using this method the respondent is asked to make a choice between two or more alternatives. The alternatives are combinations of attributes that differ in levels. The respondent is making a choice by comparing the given alternatives and choose the one that is preferred the most. This choice-experiment is unique because it changes the levels in predefined alternatives and therefor it is possible to investigate the effectiveness of attributes in a systematic way. The hypothetical part of the Stated Choice experiment has the advantage that the research does not depend on the levels of attributes that occur in real life. Therefor these hypothetical scenarios have to be presented as plausible as possible. Another advantage of the method is that several choice sets can be judged by one person, which can result in quantitative and reliable information about the factors that influence that choice. The measures of stimulation can be seen as one of the factors that will influence the purchase of the electrical bicycle in a positive way. Besides these measures there are other factors that could influence the purchase and use of the electrical bicycle. Previously on the research it is important to get more information about these factors so that they can be used in the research.
A literature study has helped to make a conceptual design which presents the factors and variables that influence purchase and use of the e-bike. The factors have been grouped in different categories, and relations between the factors have been shown in the design. The following categories have been made: • Social demographical factors and personal characteristics; within this group knowledge of, and experience with the e-bike, social influence and attitude have been described. • Commuter variables and environment factors; trip specific factors as distance and travel time as well as variables about habits, current travel behavior and environment factors such as situations on the route and the present of facilities at the location of work. • Measures of stimulation; in this group the following factors have been described: purchase advantages for the e-bike, push actions to reduce car-use and ways to reward the use of the e-bike • Knowledge and information: this group describes the knowledge about advantages of the e-bike compared to car-use, and information about health, saving money, reducing travel time etc. The conceptual design is the base of the research. This base has led to a digital survey in which the factors have been included as variables. The influence of the stimulating measures has been tested by a choice experiment. This part has been directed to the use of the electrical bicycle. The alternatives in the choice set have been described like purchase packages that consist of different purchase measures (attributes). The respondent is presented with 8 choice questions which consist of 2 different purchase packages. Every package consists of 5 purchase measures of varying content. Every time the respondent is asked to pick the package of his or her preference. The proposed measures are: a discount on the purchase of the electrical bicycle, the possibility to have a loan with no interest to finance the purchase, the possibility to have a free insurance, a compensation for the use of the electrical bicycle and a possibility to have this compensation paid beforehand. The respondent has also been asked to fill in the probability of purchase the e-bike in real when the package of preference is offered. With these two questions information is gained about the preferences of people and the effect of the packages on the purchase. In the digital survey questions have been asked about the attitude of persons; in general (flexible, environmentfriendly, active etc), and attitude towards the e-bike (comfortable, fun, healthy etc.). These attitude questions are presented as propositions, and the respondent has been asked whether he/she agrees with it or not. These propositions has been used to investigate the relation between attitude and tendency toward purchase an ebike. The choice-experiment and the attitude questions have been related to the purchase. The digital survey also includes questions about factors that could influence the use of the e-bike. The respondent has been asked about the expected use of the e-bike for various compensations and propositions have been shown about environment factors which could influence the use of the e-bike. For these propositions the respondent has been asked if the situation will influence the tendency towards using the e-bike. The digital survey has been sent to commuters in the region of Maastricht, that live a maximum distance of 30 kilometers from work and travel to work by car (go to work by car at least once a week). A total of 116 commuters have filled in the survey.
Results and Conclusion The choice-experiment has been used to make a model to predict the judgment of the stimulating features, and a model to predict the probability the e-bike will be bought. With the models the probability of purchasing the ebike has been calculated for different combinations of measures. The models show that three attributes appear to be the most important ones, these are; discount on the purchase, free insurance, and compensation for the use of the e-bike. The model which could calculate the purchase-probability shows that people that judge the measures equally, have a higher probability to purchase an e-bike. There is no single attribute that could be seen as most important so in conclusion the measures are the most interesting when they are presented as a package. Besides stimulating measures there are other factors that could influence the purchase of the e-bike. One example is the attitude of people. The results show that people that are sensitive to social pressure from the (work)environment have a higher probability to buy an e-bike if their colleagues have an e-bike or go to work by (e-)bike. Probabilities to buy an e-bike are also higher for people that say they are conscious about spending money than people that say they are not. The way people think of the e-bike is also a factor that will influence the purchase. This is as expected, because a person who is enthusiastic about the e-bike will see the advantages of it and will have a higher probability to buy the e-bike compared to someone who is less positive about the ebike.
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The analysis focuses also on the use of the e-bike after purchase. If the compensation for the use will increase, the use of the e-bike will increase too. 65% of the people say they will use the e-bike at least one day a week to their work even if there is no compensation. This percentage will increase if the compensation is 5 cent per kilometer (73%) and to 93% if the compensation is 20 cent per kilometer. Besides that, the results show that mainly commuter variables have influence on the use of the e-bike with different compensations and route situations (environment factors). There are comparative results found for persons who already cycle to work (at least one day per week), use the car less than three days and live 15 kilometer or less from work. These people are more inclined to use the e-bike than people who don’t go by bike to work, use the car for three or more days and live more than 15 kilometers from work. The advice for Maastricht-Bereikbaar is to use these comparative results to formulate a target group of people who have the highest potential to purchase and use the e-bike. The influence of attitude on the purchase of the e-bike, which has been described above, can be used by MaastrichtBereikbaar to convince people to purchase an e-bike.
3
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/E>//E' /E>//E' ϭ͘ϭĂŶůĞŝĚŝŶŐ Ğ ĂĨŐĞůŽƉĞŶ ũĂƌĞŶ ŝƐ ĚĞ ǀĞƌŬŽŽƉ ǀĂŶ ĚĞ ĞůĞŬƚƌŝƐĐŚĞ ĨŝĞƚƐ ĨŽƌƐ ƚŽĞŐĞŶŽŵĞŶ͘ /Ŷ ϮϬϬϳ ǁĞƌĚĞŶ Ğƌ Ăů ϴϵ͘ϬϬϬ ǀĞƌŬŽĐŚƚǁĂƚĞĞŶŵĂƌŬƚĂĂŶĚĞĞůǀĂŶϲ͕ϰйǀĂŶĚĞǀĞƌŬŽĐŚƚĞĨŝĞƚƐĞŶďĞƚĞŬĞŶĚĞ/ŶƚŽŵĂƌƚ'Ĩ<͕ϮϬϬϳ͘/ŶŵŝĚĚĞůƐ njŝũŶĞƌŵĞĞƌĚĂŶĠĠŶŵŝůũŽĞŶĞůĞŬƚƌŝƐĐŚĞĨŝĞƚƐĞŶŝŶEĞĚĞƌůĂŶĚǀĞƌŬŽĐŚƚ&ŝĞƚƐďĞƌĂĂĚ͕ϮϬϭϮ͘ĞƚĞĐŚŶŽůŽŐŝƐĐŚĞ ŽŶƚǁŝŬŬĞůŝŶŐĞŶ ŚĞďďĞŶ ĚĞ ĨŝĞƚƐ ŝŶ ĚĞ ůŽŽƉ ǀĂŶ ĚĞ ũĂƌĞŶ ŐĞďƌƵŝŬƐǀƌŝĞŶĚĞůŝũŬĞƌ ŐĞŵĂĂŬƚ͖ njŽ ŝƐ ĚĞ ĂĐƚŝĞƌĂĚŝƵƐ ƚŽĞŐĞŶŽŵĞŶ͕ njŝũŶ ĚĞ ĨŝĞƚƐĞŶ ŐĞůƵŝĚƐĂƌŵ ĞŶ ŚĞďďĞŶ ĚĞ ǀĞƌƐĐŚŝůůĞŶĚĞ ŵŽĚĞůůĞŶ ǀŽŽƌ ĞĞŶ ďĞƚĞƌ ŝŵĂŐŽ ŐĞnjŽƌŐĚ ZĞŝƚŚ͕ϮϬϭϮ͘ Ğ ĞůĞŬƚƌŝƐĐŚĞ ĨŝĞƚƐŚĞĞĨƚ ĚĞ ǀŽŽƌĚĞůĞŶ ǀĂŶĚĞĨŝĞƚƐ ;ŐĞnjŽŶĚ͕ŵŝůŝĞƵǀƌŝĞŶĚĞůŝũŬĞŶ ŐŽĞĚŬŽŽƉͿĞŶ njŽƌŐƚ Ğƌ ƚĞǀĞŶƐ ǀŽŽƌ ĚĂƚ ĞŶŬĞůĞ ŶĂĚĞůĞŶ ǀĂŶ ĚĞ ĨŝĞƚƐ ǁŽƌĚĞŶ ŽƉŐĞǀĂŶŐĞŶ ;ďĞnjǁĞĞƚ ƌĂŬĞŶ͕ ǀĞƌŵŽĞŝĚ ŽĨ ŶŝĞƚ ŵŽŐĞůŝũŬ ǀĂŶǁĞŐĞ ĨLJƐŝĞŬĞ ďĞƉĞƌŬŝŶŐ ŽĨ ŐƌŽƚĞ ĂĨƐƚĂŶĚͿ͘ ŝƚ njŽƌŐƚ ĞƌǀŽŽƌ ĚĂƚ ĚĞ ĞůĞŬƚƌŝƐĐŚĞ ĨŝĞƚƐ ĂůƐ ĂůƚĞƌŶĂƚŝĞĨ ǀĞƌǀŽĞƌŵŝĚĚĞůŝŶƉŽƉƵůĂƌŝƚĞŝƚƐƚŝũŐƚ͘ ZŝũŬƐǁĂƚĞƌƐƚĂĂƚ ǁĞƌŬƚ ďŝŶŶĞŶ ŚĞƚ ƉƌŽŐƌĂŵŵĂ ĞƚĞƌ ĞŶƵƚƚĞŶ ĂĂŶ ĚĞ ďĞƌĞŝŬďĂĂƌŚĞŝĚ ǀĂŶ EĞĚĞƌůĂŶĚ͘ ŽŽƌ ĚĞ ďĞƐƚĂĂŶĚĞŝŶĨƌĂƐƚƌƵĐƚƵƵƌďĞƚĞƌƚĞŐĞďƌƵŝŬĞŶŵĞƚŐŽĞĚŬŽƉĞƌĞĞŶƐůŝŵŵĞƌĞŵĂĂƚƌĞŐĞůĞŶŵŽĞƚŚĞƚĨŝůĞƉƌŽďůĞĞŵ ŝŶ EĞĚĞƌůĂŶĚ ǀĞƌŵŝŶĚĞƌĞŶ ZŝũŬƐǁĂƚĞƌƐƚĂĂƚ͕ ϮϬϭϯ͘ DĂĂƐƚƌŝĐŚƚ ĞƌĞŝŬďĂĂƌ ŝƐ ĠĠŶ ǀĂŶ ĚĞ ƉƌŽũĞĐƚĞŶ ĚŝĞ ŚŝĞƌŽƉ ĂĂŶƐůƵŝƚ͘ŝŶŶĞŶĚŝƚƉƌŽũĞĐƚŝƐĚĞĚŽĞůƐƚĞůůŝŶŐŽŵϯ͘ϬϬϬĂƵƚŽ͛ƐƵŝƚĚĞƐƉŝƚƐƚĞŚĂůĞŶǁĂĂƌĚŽŽƌDĂĂƐƚƌŝĐŚƚďĞƚĞƌ ďĞƌĞŝŬďĂĂƌǁŽƌĚƚ͘ĞĂƵƚŽŵŽďŝůŝƐƚĞŶǁŽƌĚĞŶŐĞƐƚŝŵƵůĞĞƌĚŽŵŽƉĞĞŶĂŶĚĞƌĞŵĂŶŝĞƌƚĞƌĞŝnjĞŶ͘ĠŶǀĂŶĚĞnjĞ ĂůƚĞƌŶĂƚŝĞǀĞŶ ŝƐ ĚĞ ĞůĞŬƚƌŝƐĐŚĞ ĨŝĞƚƐ͘ DĞƚ ďĞŚƵůƉ ǀĂŶ ǀĞƌƐĐŚŝůůĞŶĚĞ ďĞůĞŝĚƐŵĂĂƚƌĞŐĞůĞŶ ĞŶ ƐƵďƐŝĚŝĞƐ ǁŽƌĚƚ ŐĞƉƌŽďĞĞƌĚĚĞĂĂŶƐĐŚĂĨĞŶŚĞƚŐĞďƌƵŝŬǀĂŶĚĞĞůĞŬƚƌŝƐĐŚĞĨŝĞƚƐǀŽŽƌĨŽƌĞŶnjĞŶĂĂŶƚƌĞŬŬĞůŝũŬƚĞŵĂŬĞŶ͘/ŶƚŽƚĂĂů ŵŽĞƚĞŶĞƌϳϱϬĨŽƌĞŶnjĞŶĚŝĞŶƵŵĞƚĚĞĂƵƚŽŶĂĂƌŚĞƚǁĞƌŬƌĞŝnjĞŶŽǀĞƌƐƚĂƉƉĞŶŽƉĚĞĞͲĨŝĞƚƐĞĞŶŬĞƌ͕ϮϬϭϯ͘ KŵĚĞnjĞĚŽĞůƐƚĞůůŝŶŐƚĞďĞŚĂůĞŶŝƐĚĞĂĂŶƉĂŬŽƉŐĞĚĞĞůĚŝŶĚƌŝĞƐƚĂƉƉĞŶ͗ Ͳ WƌŽďĞĞƌ͗ŵŝĚĚĞůƐƉƌŽďĞĞƌǁĞŬĞŶĚĞǁĞƌŬŶĞŵĞƌƐŐƌĂƚŝƐĚĞĞͲĨŝĞƚƐůĂƚĞŶƵŝƚƉƌŽďĞƌĞŶ͘ Ͳ ĂŶƐĐŚĂĨ͗ŬŽƌƚŝŶŐĞŶĞŶǀŽŽƌĚĞůĞŶǀŽŽƌĚĞĂĂŶƐĐŚĂĨǀĂŶĚĞĞͲĨŝĞƚƐ͘ Ͳ ĞůŽŶĞŶ͗ŚĞƚŐĞďƌƵŝŬǀĂŶĚĞĞͲĨŝĞƚƐďĞůŽŶĞŶĚŽŽƌŬŝůŽŵĞƚĞƌǀĞƌŐŽĞĚŝŶŐƚĞǀĞƌƐƚƌĞŬŬĞŶ͘ ĞůĂĂƚƐƚĞƐƚĂƉǀĂŶĚĞĂĂŶƉĂŬ͕ŚĞƚďĞůŽŶĞŶ͕ŚĞĞĨƚŐĞůĞŝĚƚŽƚŚĞƚŽŶƚǁŝŬŬĞůĞŶǀĂŶĞĞŶƉƌŽĚƵĐƚ͘ŝƚƉƌŽĚƵĐƚƵƌŶ &ĂƚEŽƚ&ƵĞůŚŽƵĚƚĚĞĂĨŐĞůĞŐĚĞŬŝůŽŵĞƚĞƌƐǀŽŽƌŚĞƚǁŽŽŶͲǁĞƌŬǀĞƌŬĞĞƌďŝũĞŶǀŽŽƌnjŝĞƚĚĞŐĞďƌƵŝŬĞƌƚĞǀĞŶƐǀĂŶ ƉŽƐŝƚŝĞǀĞ ĨĞĞĚďĂĐŬ ďŝũ ŚĞƚ ŐĞďƌƵŝŬĞŶ ǀĂŶ ĚĞ ĞͲĨŝĞƚƐ ĚŽŽƌ ŵŝĚĚĞů ǀĂŶ ĞĞŶ ĂƉƉ͘ DĞƚ ŚĞƚ ďŝũŚŽƵĚĞŶ ǀĂŶ ĚĞ ŬŝůŽŵĞƚĞƌƐŬĂŶĞĞŶǀĞƌŐŽĞĚŝŶŐǁŽƌĚĞŶƵŝƚŐĞŐĞǀĞŶĂĂŶĚĞŐĞďƌƵŝŬĞƌ͘ĞƌŐĞůŝũŬĞĂƉƉůŝĐĂƚŝĞƐǁŽƌĚĞŶŝŶŐĞnjĞƚŽŵ ŚĞƚŐĞďƌƵŝŬǀĂŶĚĞĞůĞŬƚƌŝƐĐŚĞĨŝĞƚƐƚĞƐƚŝŵƵůĞƌĞŶ͘ Ğ ďĞƌĞŝŬďĂĂƌŚĞŝĚƐƉƌŽďůĞŵĞŶ ŝŶ EĞĚĞƌůĂŶĚ͕ ĚĞ ŽƉŬŽŵƐƚ ĞŶ ƉŽƚĞŶƚŝĞ ǀĂŶ ĚĞ ĞůĞŬƚƌŝƐĐŚĞ ĨŝĞƚƐ ĞŶ ĚĞ ďĞůĞŝĚƐŵĂĂƚƌĞŐĞůĞŶŽŵƚƌĞŶƚĚĞĞůĞŬƚƌŝƐĐŚĞĨŝĞƚƐďŝŶŶĞŶDĂĂƐƚƌŝĐŚƚĞƌĞŝŬďĂĂƌnjŝũŶĚĞĂĂŶůĞŝĚŝŶŐŐĞǁĞĞƐƚǀŽŽƌ ĚŝƚĂĨƐƚƵĚĞĞƌŽŶĚĞƌnjŽĞŬ͘
ϭ͘ϮŽĞůƐƚĞůůŝŶŐ ĞĞůĞŬƚƌŝƐĐŚĞĨŝĞƚƐŝƐŝŶĞŶŬĞůĞũĂƌĞŶĞŶŽƌŵŝŶƉŽƉƵůĂƌŝƚĞŝƚŐĞƐƚĞŐĞŶ͘ĞnjĞƐŶĞůůĞŐƌŽĞŝĞŶĐŽŶƚŝŶƵĞŽŶƚǁŝŬŬĞůŝŶŐ ǀĂŶĚĞ ĞͲĨŝĞƚƐŚĞĞĨƚĞƌƚŽĞ ŐĞůĞŝĚĚĂƚĞƌďĞŚŽĞĨƚĞŝƐ ĂĂŶŽŶĚĞƌnjŽĞŬ͘ sŽŽƌĂů ǀŽŽƌŽǀĞƌŚĞĚĞŶ ŝƐŚĞƚ ŝŶƚĞƌĞƐƐĂŶƚ ŵĞĞƌŝŶnjŝĐŚƚƚĞŬƌŝũŐĞŶŝŶĚĞĞĨĨĞĐƚĞŶĞŶŝŶǀůŽĞĚǀĂŶďĞůĞŝĚƐŵĂĂƚƌĞŐĞůĞŶŽƉŚĞƚĂĂŶƐĐŚĂĨĨĞŶĞŶŐĞďƌƵŝŬĞŶǀĂŶ ĚĞĞůĞŬƚƌŝƐĐŚĞĨŝĞƚƐ͘ dŽƚŶƵƚŽĞŝƐĞƌǁĞŝŶŝŐďĞŬĞŶĚŽǀĞƌĚĞĞĨĨĞĐƚĞŶǀĂŶďĞůĞŝĚƐŵĂĂƚƌĞŐĞůĞŶ͘sĂĂŬǁŽƌĚƚŶĂĚĞŝŶǀŽĞƌŝŶŐǀĂŶĞĞŶ ŵĂĂƚƌĞŐĞů ŐĞŬĞŬĞŶ ǁĂƚ ŚĞƚ ƌĞƐƵůƚĂĂƚ ĞƌǀĂŶ ŝƐ ŽƉ ĚĞ ĂĂŶƐĐŚĂĨ ĞŶ ŐĞďƌƵŝŬ ǀĂŶ ĚĞ ĞůĞŬƚƌŝƐĐŚĞ ĨŝĞƚƐ Žŵ ĚĂŶ ǀĞƌǀŽůŐĞŶƐĚĞŵĂĂƚƌĞŐĞůĚŽŽƌƚĞnjĞƚƚĞŶŽĨĂĂŶƚĞƉĂƐƐĞŶ͘DĂĂƌŝŶƚĞƌĞƐƐĂŶƚĞƌŝƐŚĞƚŽŵǀŽŽƌĚĞŝŶǀŽĞƌŝŶŐǀĂŶ ĞĞŶŵĂĂƚƌĞŐĞůƚĞǁĞƚĞŶǁĂƚĚĞƉŽƚĞŶƚŝĞĞƌǀĂŶŝƐĞŶǁĞůŬĞŵĂĂƚƌĞŐĞůĞŶ;ĞŶŝŶǁĞůŬĞǀŽƌŵͿŚĞƚŵĞĞƐƚĞĞĨĨĞĐƚ njƵůůĞŶ ŽƉůĞǀĞƌĞŶ͘ ^ƚĂƚĞĚ ŚŽŝĐĞ ŽŶĚĞƌnjŽĞŬ ŝƐ ĞĞŶ ŚŝĞƌǀŽŽƌ ĞĞŶ ŐĞƐĐŚŝŬƚĞ ŵĞƚŚŽĚĞ ĚĂƚ ŐĞƌŝĐŚƚ ŝƐ ŽƉ ĞdžͲĂŶƚĞ ŽŶĚĞƌnjŽĞŬĞŶǁĂĂƌŵĞĞŚLJƉŽƚŚĞƚŝƐĐŚĞƐŝƚƵĂƚŝĞƐďĞŽŽƌĚĞĞůĚŬƵŶŶĞŶǁŽƌĚĞŶ͘
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,ĞƚĚŽĞůǀĂŶŚĞƚĂĨƐƚƵĚĞĞƌŽŶĚĞƌnjŽĞŬŝƐĚĂŶŽŽŬ͗ DĞƚďĞŚƵůƉǀĂŶ ƐƚĂƚĞĚĐŚŽŝĐĞ ŽŶĚĞƌnjŽĞŬŝŶnjŝĐŚƚǀĞƌŬƌŝũŐĞŶ ŝŶĚĞƉŽƚĞŶƚŝĞ ǀĂŶďĞůĞŝĚƐŵĂĂƚƌĞŐĞůĞŶ ĚŝĞŝŶŐĞnjĞƚ ŬƵŶŶĞŶǁŽƌĚĞŶŽŵĨŽƌĞŶnjĞŶĚŝĞŐĞďƌƵŝŬŵĂŬĞŶǀĂŶĚĞĂƵƚŽŽǀĞƌƚĞůĂƚĞŶŐĂĂŶƚŽƚĂĂŶƐĐŚĂĨĞŶŐĞďƌƵŝŬǀĂŶĚĞ ĞůĞŬƚƌŝƐĐŚĞĨŝĞƚƐǀŽŽƌŚĞƚǁŽŽŶͲǁĞƌŬǀĞƌŬĞĞƌ͘ ,Ğƚ ĂĨƐƚƵĚĞĞƌŽŶĚĞƌnjŽĞŬ njĂů ůĞŝĚĞŶ ƚŽƚ ĞĞŶ ĂĚǀŝĞƐ ƌŝĐŚƚŝŶŐ WƌŽŐƌĂŵŵĂďƵƌĞĂƵ DĂĂƐƚƌŝĐŚƚ ĞƌĞŝŬďĂĂƌ ŽǀĞƌ ĚĞ ĞĨĨĞĐƚŝǀŝƚĞŝƚ ǀĂŶ ƐƚŝŵƵůĞƌŝŶŐƐŵĂĂƚƌĞŐĞůĞŶ ĚŝĞ ŝŶŐĞnjĞƚ ǁŽƌĚĞŶ Žŵ ŵĞĞƌ ĨŽƌĞŶnjĞŶ ŽƉ ĚĞ ĞůĞŬƚƌŝƐĐŚĞ ĨŝĞƚƐ ƚĞ ŬƌŝũŐĞŶ͘DĞƚĚŝƚŽŶĚĞƌnjŽĞŬǁŽƌĚƚƚĞǀĞŶƐŝŶnjŝĐŚƚǀĞƌŬƌĞŐĞŶŝŶĚĞǀĂƌŝĂďĞůĞŶĚŝĞŝŶǀůŽĞĚŚĞďďĞŶŽƉĚĞĂĂŶƐĐŚĂĨ ŐĞŶĞŝŐĚŚĞŝĚ ǀĂŶ ĚĞ ĞůĞŬƚƌŝƐĐŚĞ ĨŝĞƚƐ͘ ,ŝĞƌŵĞĞ ŬĂŶ Ğƌ ĞĞŶ ĚŽĞůŐƌŽĞƉ ƐƉĞĐŝĨŝĞŬ ƉůĂŶ ŐĞŵĂĂŬƚ ǁŽƌĚĞŶ Žŵ ĚĞ ĂĂŶƐĐŚĂĨǀĂŶĞĞŶĞůĞŬƚƌŝƐĐŚĞĨŝĞƚƐƚĞƐƚŝŵƵůĞƌĞŶĞŶŚĞƚŐĞďƌƵŝŬƚĞďĞǀŽƌĚĞƌĞŶ͘
ϭ͘ϯ,ŽŽĨĚͲĞŶĚĞĞůǀƌĂŐĞŶ ĞĚŽĞůƐƚĞůůŝŶŐnjŽĂůƐŐĞĨŽƌŵƵůĞĞƌĚǁŽƌĚƚƐĂŵĞŶŐĞǀĂƚŝŶĚĞǀŽůŐĞŶĚĞŚŽŽĨĚǀƌĂĂŐ͗ tĂƚŝƐĚĞĞĨĨĞĐƚŝǀŝƚĞŝƚǀĂŶĚĞďĞůĞŝĚƐŝŶƐƚƌƵŵĞŶƚĞŶďŝŶŶĞŶĚĞĂĂŶƉĂŬǀĂŶŚĞƚƉƌŽďĞƌĞŶ͕ĂĂŶƐĐŚĂĨĨĞŶĞŶďĞůŽŶĞŶ ĚŝĞDĂĂƐƚƌŝĐŚƚĞƌĞŝŬďĂĂƌŝŶnjĞƚŽŵĨŽƌĞŶnjĞŶǀĂŶĚĞĂƵƚŽŽƉĚĞĞůĞŬƚƌŝƐĐŚĞĨŝĞƚƐƚĞŬƌŝũŐĞŶĞŶǁĞůŬĞĨĂĐƚŽƌĞŶnjŝũŶ ǀĂŶŝŶǀůŽĞĚŽƉŚĞƚĂĂŶƐĐŚĂĨĨĞŶĞŶŚĞƚŐĞďƌƵŝŬĞŶǀĂŶĚĞĞůĞŬƚƌŝƐĐŚĞĨŝĞƚƐ͍ Ğ ŚŽŽĨĚǀƌĂĂŐ ǁŽƌĚƚ ŽƉŐĞĚĞĞůĚ ŝŶ ĞĞŶ ĂĂŶƚĂů ĚĞĞůǀƌĂŐĞŶ ĚŝĞ ĚŽŽƌ ŵŝĚĚĞů ǀĂŶ ŚĞƚ ŽŶĚĞƌnjŽĞŬ ďĞĂŶƚǁŽŽƌĚ ŬƵŶŶĞŶǁŽƌĚĞŶ͘ 9 tĂƚŝƐĚĞŝŶǀůŽĞĚǀĂŶƉĞƌƐŽŽŶƐǀĂƌŝĂďĞůĞŶ ƉĞƌƐŽŽŶƐǀĂƌŝĂďĞůĞŶŽƉĚĞĂĂŶƐĐŚĂĨĞŶŚĞƚŐĞďƌƵŝŬǀĂŶĚĞĞůĞŬƚƌŝƐĐŚĞĨŝĞƚƐ͍ ƉĞƌƐŽŽŶƐǀĂƌŝĂďĞůĞŶ 9 tĂƚŝƐĚĞŝŶǀůŽĞĚǀĂŶŽŵŐĞǀŝŶŐƐǀĂƌŝ ŽŵŐĞǀŝŶŐƐǀĂƌŝĂďĞůĞŶ ŽŵŐĞǀŝŶŐƐǀĂƌŝĂďĞůĞŶŽƉĚĞĂĂŶƐĐŚĂĨĞŶŚĞƚŐĞďƌƵŝŬǀĂŶĚĞĞůĞŬƚƌŝƐĐŚĞĨŝĞƚƐ͍ ĂďĞůĞŶ 9 tĂƚŝƐŚĞƚĞĨĨĞĐƚǀĂŶĂƚƚŝƚƵĚĞ ĂƚƚŝƚƵĚĞŽƉĚĞĂĂŶƐĐŚĂĨŐĞŶĞŝŐĚŚĞŝĚǀĂŶĚĞĞůĞŬƚƌŝƐĐŚĞĨŝĞƚƐ͍ ĂƚƚŝƚƵĚĞ 9 tĂƚŝƐĚĞŝŶǀůŽĞĚǀĂŶďĞůŽŶĞŶ ďĞůŽŶĞŶŽƉĚĞĂĂŶƐĐŚĂĨĞŶŚĞƚŐĞďƌƵŝŬǀĂŶĚĞĞůĞŬƚƌŝƐĐŚĞĨŝĞƚƐ͍ ďĞůŽŶĞŶ 9 tĂƚŝƐŚĞƚĞĨĨĞĐƚǀĂŶĂĂ ĂĂŶƐĐŚĂĨǀŽŽƌĚĞůĞŶ ĂĂŶƐĐŚĂĨǀŽŽƌĚĞůĞŶǀŽŽƌĨŽƌĞŶnjĞŶǀŽŽƌĚĞĂĂŶƐĐŚĂĨǀĂŶĞĞŶĞůĞŬƚƌŝƐĐŚĞĨŝĞƚƐ͍ ŶƐĐŚĂĨǀŽŽƌĚĞůĞŶ ,ŽĞǁĞů ĚĞ ŚŽŽĨĚǀƌĂĂŐ njŽǁĞů ĚĞ ĂĂŶƐĐŚĂĨ ĂůƐ ŚĞƚ ŐĞďƌƵŝŬ ǀĂŶ ĚĞ ĞůĞŬƚƌŝƐĐŚĞ ĨŝĞƚƐ ŽŵǀĂƚ͕ njĂů ĚĞ ŶĂĚƌƵŬ ŵĞĞƌ ůŝŐŐĞŶŽƉĚĞĂĂŶƐĐŚĂĨ͘ĞĂĂŶƐĐŚĂĨŝƐĚĞĞĞƌƐƚĞƐƚĂƉĚŝĞŐĞnjĞƚŵŽĞƚǁŽƌĚĞŶĞŶĚĂĂƌŶĂŬĂŶĞƌĂĂŶĚĂĐŚƚďĞƐƚĞĞĚ ǁŽƌĚĞŶ ĂĂŶ ĚĞ ƐƚŝŵƵůĞƌŝŶŐ ǀĂŶ ŚĞƚ ŐĞďƌƵŝŬ͘ KŶĚĞƌnjŽĞŬ ŶĂĂƌ ĚĞ ĂĂŶƐĐŚĂĨƐƚŝŵƵůŝ ŝƐ ŽƉ Ěŝƚ ŵŽŵĞŶƚ ƌĞůĞǀĂŶƚĞƌ ǀĂŶĚĂĂƌĚĂƚĚĂĂƌĚĞĨŽĐƵƐůŝŐƚ͘
ϭ͘ϰKŶĚĞƌnjŽĞŬƐĂĂŶƉĂŬ ,Ğƚ ŽŶĚĞƌnjŽĞŬ ǁŽƌĚƚ ƵŝƚŐĞǀŽĞƌĚ ŵĞƚ ĚĞ ^ƚĂƚĞĚ ŚŽŝĐĞ ŵĞƚŚŽĚĞ͘ ŝũ ĚĞnjĞ ŵĞƚŚŽĚĞ ǁŽƌĚƚ ĚĞ ƌĞƐƉŽŶĚĞŶƚ ŐĞǀƌĂĂŐĚ ĞĞŶ ŬĞƵnjĞ ƚĞ ŵĂŬĞŶ ƚƵƐƐĞŶ ƚǁĞĞ ŽĨ ŵĞĞƌ ŚLJƉŽƚŚĞƚŝƐĐŚĞ ĂůƚĞƌŶĂƚŝĞǀĞŶ ĚŝĞ ŽƉ ďĂƐŝƐ ǀĂŶ ĞĞŶ ĞdžƉĞƌŝŵĞŶƚĞĞůĚĞƐŝŐŶnjŝũŶƐĂŵĞŶŐĞƐƚĞůĚ͘ůƚĞƌŶĂƚŝĞǀĞŶnjŝũŶĐŽŵďŝŶĂƚŝĞƐǀĂŶĂƚƚƌŝďƵƚĞŶ͕ĚŝĞŝŶŶŝǀĞĂƵǀĞƌƐĐŚŝůůĞŶ͘ ĞƌĞƐƉŽŶĚĞŶƚŵĂĂŬƚĞĞŶŬĞƵnjĞĚŽŽƌĚĞŐĞŐĞǀĞŶĂůƚĞƌŶĂƚŝĞǀĞŶŵĞƚĞůŬĂĂƌƚĞǀĞƌŐĞůŝũŬĞŶĞŶǀĞƌǀŽůŐĞŶƐĚĂƚŐĞŶĞ ƚĞ ŬŝĞnjĞŶ ĚĂƚ ĚĞ ŵĞĞƐƚĞ ǀŽŽƌŬĞƵƌ ŐĞŶŝĞƚ ,ĞŶƐŚĞƌ͕ ϭϵϵϰ͘ ,Ğƚ ŚLJƉŽƚŚĞƚŝƐĐŚĞ ŬĂƌĂŬƚĞƌ ǀĂŶ ^ƚĂƚĞĚ ŚŽŝĐĞ ĞdžƉĞƌŝŵĞŶƚĞŶ ŚĞĞĨƚ ŚĞƚ ǀŽŽƌĚĞĞů ĚĂƚ ŚĞƚ ŽŶĚĞƌnjŽĞŬ ŶŝĞƚ ŐĞďŽŶĚĞŶ ŝƐ ĂĂŶ ĚĞ ŶŝǀĞĂƵƐ ǀĂŶ ĂƚƚƌŝďƵƚĞŶ ĚŝĞ ŝŶ ǁĞƌŬĞůŝũŬŚĞŝĚ ƉůĂĂƚƐǀŝŶĚĞŶ ŽĨ ĂĂŶǁĞnjŝŐ njŝũŶ ,ĞŶƐŚĞƌ Ğ͘Ă͕ ϮϬϬϱ͘ ,ŝĞƌĚŽŽƌ ŬƵŶŶĞŶ ŚLJƉŽƚŚĞƚŝƐĐŚĞ ƐĐĞŶĂƌŝŽ͛Ɛ ŐĞƐĐŚĞƚƐƚǁŽƌĚĞŶĚŝĞnjŽƌĞĂůŝƐƚŝƐĐŚŵŽŐĞůŝũŬŽƉŐĞƐƚĞůĚŵŽĞƚĞŶǁŽƌĚĞŶ͘ĂĂƌŶĂĂƐƚŬƵŶŶĞŶŵĞĞƌĚĞƌĞŬĞƵnjĞƐĞƚƐ ǀŽŽƌŐĞůĞŐĚ ǁŽƌĚĞŶ ďŝũ ĞůŬĞ ƌĞƐƉŽŶĚĞŶƚ ǁĂĂƌĚŽŽƌ ďĞƚƌŽƵǁďĂƌĞ ĞŶ ŬǁĂŶƚŝƚĂƚŝĞǀĞ ŝŶĨŽƌŵĂƚŝĞ ǁŽƌĚƚ ǀĞƌŬƌĞŐĞŶ ŽǀĞƌĚĞĨĂĐƚŽƌĞŶĚŝĞǀĂŶŝŶǀůŽĞĚnjŝũŶŽƉĚĞŬĞƵnjĞĚŝĞŐĞŵĂĂŬƚǁŽƌĚƚ͘ sŽŽƌ ŚĞƚ ŽŶĚĞƌnjŽĞŬ ŝƐ ĞĞŶ ĞŶƋƵġƚĞ ŽƉŐĞƐƚĞůĚ͘ ,ŝĞƌǀŽŽƌ ŝƐ ŚĞƚ ǀĂŶ ďĞůĂŶŐ ŐĞǁĞĞƐƚ ĚĂƚ ĚĞ ĨĂĐƚŽƌĞŶ ĚŝĞ ǀĂŶ ŝŶǀůŽĞĚnjŝũŶŽƉŚĞƚĂĂŶƐĐŚĂĨĨĞŶĞŶŐĞďƌƵŝŬĞŶǀĂŶĚĞĞůĞŬƚƌŝƐĐŚĞĨŝĞƚƐŝŶĞĞŶĐŽŶĐĞƉƚƵĞĞůŬĂĚĞƌnjŝũŶďĞƐĐŚƌĞǀĞŶ͘ ŽŽƌŵŝĚĚĞůǀĂŶůŝƚĞƌĂƚƵƵƌƐƚƵĚŝĞŝƐŚĞƚĐŽŶĐĞƉƚƵĞĞůŬĂĚĞƌŽƉŐĞƐƚĞůĚĞŶĚĞnjĞŚĞĞĨƚĂůƐďĂƐŝƐŐĞĚŝĞŶĚǀŽŽƌŚĞƚ ŽŶĚĞƌnjŽĞŬ͘ ,ĞƚŬĂĚĞƌŝƐĚĞůĞŝĚƌĂĂĚŐĞǁĞĞƐƚŝŶŚĞƚŽŶĚĞƌnjŽĞŬĞŶďŝũŚĞƚŽƉƐƚĞůůĞŶǀĂŶĚĞĞŶƋƵġƚĞ͘DĞƚĞĞŶŽǀĞƌnjŝĐŚƚĞůŝũŬ ĞŶ ŚĞůĚĞƌ ĐŽŶĐĞƉƚƵĞĞů ŬĂĚĞƌ njŝũŶ ĚĞ ǀĞƌǀŽůŐƐƚĂƉƉĞŶ ŝŶ ŚĞƚ ŽŶĚĞƌnjŽĞŬ ŐĞŵĂŬŬĞůŝũŬĞƌ ƚĞ ŵĂŬĞŶ͘ KǀĞƌnjŝĐŚƚĞůŝũŬŚĞŝĚŝƐŐĞĐƌĞģĞƌĚĚŽŽƌĠĠŶŽŶƚǁĞƌƉƚĞŵĂŬĞŶǁĂĂƌnjŽǁĞůĚĞĂĂŶƐĐŚĂĨƐͲĂůƐŐĞďƌƵŝŬĞƌƐĨĂĐƚŽƌĞŶŝŶ ŶĂĂƌ ǀŽƌĞŶ ŬŽŵĞŶ͘ ĂĂƌŶĂĂƐƚ njŝũŶ ĚĞ ǀĞƌƐĐŚŝůůĞŶĚĞ ǀĂƌŝĂďĞůĞŶ ŐĞĐůƵƐƚĞƌĚ ƉĞƌ ŽŶĚĞƌǁĞƌƉ ĞŶ ĚĞnjĞ njŝũŶ ŽƉ ĞĞŶ ŐĞůŝũŬĞŵĂŶŝĞƌŐĞĂŶĂůLJƐĞĞƌĚ͘EĂŚĞƚŽƉƐƚĞůůĞŶǀĂŶŚĞƚĐŽŶĐĞƉƚƵĞĞůŬĂĚĞƌŝƐĚĞnjĞŐĞŽƉĞƌĂƚŝŽŶĂůŝƐĞĞƌĚǁĂĂƌďŝũĚĞ ǀĂƌŝĂďĞůĞŶŝŶŵĞĞƚďĂƌĞƚĞƌŵĞŶǀĞƌƚĂĂůĚnjŝũŶ͘ƌŝƐŚŝĞƌďŝũŶĂŐĞĚĂĐŚƚŽǀĞƌĚĞĂŶĂůLJƐĞŵĞƚŚŽĚĞĞŶĚĞǀƌĂĂŐƐƚĞůůŝŶŐ ǀŽŽƌ ĚĞ ĞŶƋƵġƚĞ͘ sĞƌǀŽůŐĞŶƐ ŝƐ ĚĞ ĚŝŐŝƚĂůĞ ĞŶƋƵġƚĞ ǀŽƌŵ ŐĞŐĞǀĞŶ ĞŶ ĚĞnjĞ ŝƐ ǀĞƌƐƉƌĞŝĚ ŽŶĚĞƌ ǁĞƌŬŶĞŵĞƌƐ
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/ŶnjŝĐŚƚĞŶŝŶĨŽƌŵĂƚŝĞ dŽƚƐůŽƚĚĞĨĂĐƚŽƌĞŶŽŵƚƌĞŶƚŝŶnjŝĐŚƚ͕ŬĞŶŶŝƐĞŶŝŶĨŽƌŵĂƚŝĞǀŽŽƌnjŝĞŶŝŶŐ͘ƌǁŽƌĚĞŶƐƚĞĞĚƐǀĂŬĞƌĂƉƉƐŽŶƚǁŝŬŬĞůĚ ĚŝĞƌĞŝnjŝŐĞƌƐǀŽŽƌnjŝĞŶǀĂŶŝŶĨŽƌŵĂƚŝĞŽǀĞƌĚĞƌŽƵƚĞŽĨǀŽŽƌĚĞůĞŶďŝũŚĞƚŐĞďƌƵŝŬǀĂŶĞĞŶďĞƉĂĂůĚǀĞƌǀŽĞƌŵŝĚĚĞů͘ ,Ğƚ ǀŽŽƌnjŝĞŶ ǀĂŶ ŝŶĨŽƌŵĂƚŝĞ ŬĂŶ ĚĞ ŬĞƵnjĞ Žŵ ĚĞ ĞͲĨŝĞƚƐ ƚĞ ŐĞďƌƵŝŬĞŶ ďĞŢŶǀůŽĞĚĞŶ͘ ,Ğƚ ďůŽŬ ŝƐ ŽƉŐĞĚĞĞůĚ ŝŶ ŝŶnjŝĐŚƚĞŶŝŶĨŽƌŵĂƚŝĞ͘ŝũŝŶnjŝĐŚƚǁŽƌĚƚĞĞŶŝŶƐĐŚĂƚƚŝŶŐŐĞŐĞǀĞŶǀĂŶǀŽŽƌĚĞůĞŶďŝũŚĞƚŐĞďƌƵŝŬǀĂŶĞĞŶĞͲĨŝĞƚƐǁĂƚ ĚĞĂĂŶƐĐŚĂĨŐĞŶĞŝŐĚŚĞŝĚƉŽƐŝƚŝĞĨ njŽƵŵŽĞƚĞŶďĞŢŶǀůŽĞĚĞŶ͘/ŶĨŽƌŵĂƚŝĞƌŝĐŚƚnjŝĐŚ ŽƉŚĞƚ ŐĞďƌƵŝŬ͘ ĞnjĞĨĂĐƚŽƌĞŶ ŬƵŶŶĞŶ ĚĞ ĂĨǁĞŐŝŶŐ ƚƵƐƐĞŶ ŚĞƚ ŶĞŵĞŶ ǀĂŶ ĚĞ ĂƵƚŽ ŽĨ ĞͲĨŝĞƚƐ ŝŶ ǀĞƌƐĐŚŝůůĞŶĚĞ ƐŝƚƵĂƚŝĞƐ ďĞŢŶǀůŽĞĚĞŶ͘ Ž njŝũŶ ǁĞĞƌƐǀŽŽƌƐƉĞůůŝŶŐĞŶĨŝůĞŝŶĨŽƌŵĂƚŝĞƚŝũĚƐĂĨŚĂŶŬĞůŝũŬĞŶǀŽŽƌĚĞĂĂŶǁĞnjŝŐŚĞŝĚǀĂŶǀŽŽƌnjŝĞŶŝŶŐĞŶĞŶƌĞŝƐƚŝũĚŐĞůĚƚ ŽŽŬ ĚĂƚ ĚĞnjĞ ƉĞƌ ůŽĐĂƚŝĞ ǀĞƌƐĐŚŝůůĞŶ͘ Ğ ĨĞĞĚďĂĐŬ ŝŶĨŽƌŵĂƚŝĞ njŽĂůƐ ŚĞƚ ĞĨĨĞĐƚ ǀĂŶ ŚĞƚ ĞͲĨŝĞƚƐŐĞďƌƵŝŬ ŽƉ ĚĞ ŐĞnjŽŶĚ͕ ŚĞƚ ŵŝůŝĞƵ ĞŶ ĚĞ ďĞƐƉĂĂƌĚĞ ŬŽƐƚĞŶ ;ƚ͘Ž͘ǀ͘ ŚĞƚ ŐĞďƌƵŝŬ ǀĂŶ ĚĞ ĂƵƚŽͿ njŽƵ ĞĞŶ ƉŽƐŝƚŝĞĨ ĞĨĨĞĐƚ ŵŽĞƚĞŶ ŚĞďďĞŶŽƉĚĞĨƌĞƋƵĞŶƚŝĞǀĂŶŚĞƚŐĞďƌƵŝŬǀĂŶĚĞĞͲĨŝĞƚƐ͘
Ϯ͘ϭϭŽŶĐůƵƐŝĞ ƌŝƐĞĞŶƵŝƚŐĞďƌĞŝĚĞůŝƚĞƌĂƚƵƵƌƐƚƵĚŝĞŐĞĚĂĂŶŶĂĂƌĚĞǀĞƌƐĐŚŝůůĞŶĚĞĂƐƉĞĐƚĞŶǀĂŶĚĞĞůĞŬƚƌŝƐĐŚĞĨŝĞƚƐĚĂƚŝŶĚŝƚ ŚŽŽĨĚƐƚƵŬŝƐďĞƐĐŚƌĞǀĞŶ͘Ğ ŝŶĨŽƌŵĂƚŝĞŽǀĞƌĚĞǁĞƌŬŝŶŐǀĂŶĚĞĞůĞŬƚƌŝƐĐŚĞĨŝĞƚƐ͕ĚĞƌĞŐĞůŐĞǀŝŶŐĞŶƌŽůǀĂŶĚĞ ŽǀĞƌŚĞŝĚnjŽƌŐƚĞƌǀŽŽƌĚĂƚĞƌĞĞŶďĞƚĞƌďĞĞůĚŝƐǀĞƌŬƌĞŐĞŶǀĂŶĚĞŵŽŐĞůŝũŬŚĞĚĞŶǀĂŶĚĞĞͲĨŝĞƚƐŝŶĚĞƚŽĞŬŽŵƐƚ ĞŶĚĞŚƵŝĚŝŐĞďĞƉĞƌŬŝŶŐĞŶ͘dĞǀĞŶƐŬŽŵƚŝŶŚĞƚĞĞƌƐƚĞŐĞĚĞĞůƚĞǀĂŶŚĞƚŚŽŽĨĚƐƚƵŬŶĂĂƌǀŽƌĞŶĚĂƚŝĚĞĞģŶǀŽŽƌ ĚĞ ƐƚŝŵƵůĞƌŝŶŐ ǀĂŶ ĚĞ ĂĂŶƐĐŚĂĨ ;ĞŶ ĚĂĂƌŶĂ ŚĞƚ ŐĞďƌƵŝŬͿ ǀĂŶ ĚĞ ĞůĞŬƚƌŝƐĐŚĞ ĨŝĞƚƐ ƚĞ ŵĂŬĞŶ ŚĞďďĞŶ ŵĞƚ ǀĞĞů ǀĞƌƐĐŚŝůůĞŶĚĞĞdžƚĞƌŶĞĨĂĐƚŽƌĞŶ͘ĞŐƌŽƚĞǀĞƌƐĐŚŝůůĞŶŝŶƌĞŐĞůŐĞǀŝŶŐŝŶĂŶĚĞƌĞůĂŶĚĞŶǀĂŶĚĞǁĞƌĞůĚŵĂŬĞŶŚĞƚ ůĂƐƚŝŐŽŵĚĞŽŶĚĞƌnjŽĞŬĞŶĞŶƐŝƚƵĂƚŝĞƐƵŝƚůĂŶĚĞŶĂůƐŚŝŶĂŵĞĞƚĞŶĞŵĞŶĞŶƚĞŐĞďƌƵŝŬĞŶǀŽŽƌĚŝƚŽŶĚĞƌnjŽĞŬ͘ Ğ ůĂĂƚƐƚĞ ƉĂƌĂŐƌĂĨĞŶ njŝũŶ ĚŝĞƉĞƌ ŝŶŐĞŐĂĂŶ ŽƉ ĚĞ ƌĞůĂƚŝĞƐ ƚƵƐƐĞŶ ǀĂƌŝĂďĞůĞŶ ĞŶ ĨĂĐƚŽƌĞŶ ĚŝĞ ŝŶ ŚĞƚ ǀĞƌĚĞƌĞ ĂĨƐƚƵĚĞĞƌŽŶĚĞƌnjŽĞŬ ŵĞĞŐĞŶŽŵĞŶ ŵŽĞƚĞŶ ǁŽƌĚĞŶ͘ Ž ŬƵŶŶĞŶ Ğƌ ǀĞƌƐĐŚŝůůĞŶĚĞ ƐƚŝŵƵůĞƌŝŶŐƐŵĂĂƚƌĞŐĞůĞŶ ŝŶŐĞǀŽĞƌĚ ǁŽƌĚĞŶ ŵĂĂƌ ďůŝũŬĞŶ ƐŽĐŝĂůĞ ĨĂĐƚŽƌĞŶ ĞŶ ŽŵŐĞǀŝŶŐƐĨĂĐƚŽƌĞŶ ;ĂůƐ ĚĞ ĂĂŶǁĞnjŝŐŚĞŝĚ ǀĂŶ ĞĞŶ ŐŽĞĚ ĨŝĞƚƐƉĂĚͿ ŽŽŬ ŵĞĞ ƚĞ ƐƉĞůĞŶ ŵĞƚ ĚĞ ƉŽƚĞŶƚŝĞ ǀĂŶ ĚĞ ĞůĞŬƚƌŝƐĐŚĞ ĨŝĞƚƐ ĂůƐ ǀĞƌǀŽĞƌŵŝĚĚĞů ǀŽŽƌ ŚĞƚ ǁŽŽŶͲ ǁĞƌŬǀĞƌŬĞĞƌ͘ĞƐƚŝŵƵůĞƌŝŶŐƐŵĂĂƚƌĞŐĞůĞŶnjŽĂůƐďĞƐĐŚƌĞǀĞŶŝŶĚŝƚŚŽŽĨĚƐƚƵŬŬŽŵĞŶƚĞƌƵŐŝŶĚĞƉƌŽĞĨƉƌŽũĞĐƚĞŶ͘ Ğ ƉƌŽũĞĐƚĞŶ ŬĞŶŶĞŶ ĞĞŶ ŐĞůŝũŬĞ ŽƉnjĞƚ ŵĂĂƌ ĚĞ ŚŽŽŐƚĞ ǀĂŶ ĚĞ ĨŝŶĂŶĐŝģůĞ ƐƚŝŵƵůĂŶƐ͕ ĚĞ ǀŽŽƌǁĂĂƌĚĞŶ ĞŶ ƵŝƚǀŽĞƌŝŶŐŬƵŶŶĞŶǀĞƌƐĐŚŝůůĞŶ͘ŝƚnjŽƌŐƚĞƌǀŽŽƌĚĂƚĚĞƌĞƐƵůƚĂƚĞŶŶŝĞƚŽǀĞƌĂůŐĞůŝũŬnjŝũŶ͘ ŝũŚĞƚŽƉƐƚĞůůĞŶǀĂŶŚĞƚĐŽŶĐĞƉƚƵĞĞůŬĂĚĞƌŝƐĚĞŝŶĨŽƌŵĂƚŝĞŽǀĞƌĚĞĞͲĨŝĞƚƐƵŝƚĚĞůŝƚĞƌĂƚƵƵƌƐƚƵĚŝĞŵĞĞŐĞŶŽŵĞŶ͕ ǀĞƌǁĞƌŬƚĞŶŐĞƐƚƌƵĐƚƵƌĞĞƌĚ͘DĞƚŶĂŵĞĚĞƐĐŚĞŵĂƚŝƐĐŚĞŵŽĚĞůůĞŶǀĂŶĂŶĚĞƌĞǀĞƌŐĞůŝũŬďĂƌĞŽŶĚĞƌnjŽĞŬĞŶĞŶĚĞ ŝŶĨŽƌŵĂƚŝĞ ǀĂŶ ƉƌŽĞĨƉƌŽũĞĐƚĞŶ njŝũŶ ǀĂŶ ďĞůĂŶŐ ŐĞǁĞĞƐƚ ǀŽŽƌ ŚĞƚ ŽƉƐƚĞůůĞŶ ǀĂŶ ŚĞƚ ĐŽŶĐĞƉƚƵĞĞů ŬĂĚĞƌ ǁĂĂƌďŝũ ŐĞƐƚƌĞĞĨĚŝƐŶĂĂƌĞĞŶĚƵŝĚĞůŝũŬĞĞŶŽǀĞƌnjŝĐŚƚĞůŝũŬĞŝŶĚĞůŝŶŐ͘/ŶŚĞƚǀŽůŐĞŶĚĞŚŽŽĨĚƐƚƵŬnjĂůĂĂŶĚĞŚĂŶĚǀĂŶŚĞƚ ĐŽŶĐĞƉƚƵĞĞůŬĂĚĞƌŚĞƚŽŶĚĞƌnjŽĞŬĐŽŶĐƌĞĞƚŐĞŵĂĂŬƚǁŽƌĚĞŶ͘,ŝĞƌďŝũnjĂůŽŽŬĚƵŝĚĞůŝũŬǁŽƌĚĞŶǁĞůŬĞĂƐƉĞĐƚĞŶŽƉ ǁĞůŬĞŵĂŶŝĞƌŽŶĚĞƌnjŽĐŚƚnjƵůůĞŶǁŽƌĚĞŶĞŶŽĨĂůůĞŽŶĚĞƌĚĞůĞŶǀĂŶŚĞƚĐŽŶĐĞƉƚƵĞĞůŬĂĚĞƌǁŽƌĚĞŶŵĞĞŐĞŶŽŵĞŶ ŝŶŚĞƚƵŝƚĞŝŶĚĞůŝũŬĞŽŶĚĞƌnjŽĞŬ͘
Ϯϴ
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ϯϬ
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KE>h^/ KE>h^/ /ŶĚŝƚŚŽŽĨĚƐƚƵŬǁŽƌĚĞŶĚĞďĞůĂŶŐƌŝũŬƐƚĞĐŽŶĐůƵƐŝĞƐǀĂŶŚĞƚŽŶĚĞƌnjŽĞŬďĞƐĐŚƌĞǀĞŶ͘,ŝĞƌǀŽŽƌnjƵůůĞŶĚĞŚŽŽĨĚͲ ĞŶ ĚĞĞůǀƌĂŐĞŶ ǀĂŶ ŚĞƚ ŽŶĚĞƌnjŽĞŬ njŽĂůƐ ŐĞĨŽƌŵƵůĞĞƌĚ ŝŶ ŚŽŽĨĚƐƚƵŬ ϭ ǁŽƌĚĞŶ ďĞĂŶƚǁŽŽƌĚ͘ sĞƌǀŽůŐĞŶƐ njĂů ŝŶ ƉĂƌĂŐƌĂĂĨ ϲ͘Ϯ ŝŶŐĞŐĂĂŶ ǁŽƌĚĞŶ ŽƉ ĚĞ ƵŝƚŬŽŵƐƚĞŶ ǀĂŶ ŚĞƚ ŽŶĚĞƌnjŽĞŬ ŝŶ ƌĞůĂƚŝĞ ƚŽƚ ŚĞƚ WƌŽŐƌĂŵŵĂďƵƌĞĂƵ DĂĂƐƚƌŝĐŚƚ ĞƌĞŝŬďĂĂƌ͘ DĞƚ ďĞŚƵůƉ ǀĂŶ ĚĞnjĞ ƵŝƚŬŽŵƐƚĞŶ ŬĂŶ Ğƌ ĞĞŶ ĂĚǀŝĞƐ ƵŝƚŐĞďƌĂĐŚƚ ǁŽƌĚĞŶ ƌŝĐŚƚŝŶŐ DĂĂƐƚƌŝĐŚƚĞƌĞŝŬďĂĂƌŽǀĞƌĚĞĞĨĨĞĐƚŝǀŝƚĞŝƚǀĂŶƐƚŝŵƵůĞƌŝŶŐƐŵĂĂƚƌĞŐĞůĞŶĞŶĚĞĨĂĐƚŽƌĞŶĚŝĞĚĞĂĂŶƐĐŚĂĨĞŶŚĞƚ ŐĞďƌƵŝŬďĞŢŶǀůŽĞĚĞŶ͘dŽƚƐůŽƚnjĂůŝŶƉĂƌĂŐƌĂĂĨϲ͘ϯ͚ĚŝƐĐƵƐƐŝĞĞŶƚŽĞŬŽŵƐƚŝŐŽŶĚĞƌnjŽĞŬ͛ďĞƐĐŚƌĞǀĞŶǁŽƌĚĞŶǁĂƚ ĚŝƐĐƵƐƐŝĞƉƵŶƚĞŶnjŝũŶŝŶŚĞƚŽŶĚĞƌnjŽĞŬĞŶǁĂĂƌŶŽŐŵŽŐĞůŝũŬŚĞĚĞŶůŝŐŐĞŶǀŽŽƌƚŽĞŬŽŵƐƚŝŐŽŶĚĞƌnjŽĞŬ͘
ϲ͘ϭŽŶĐůƵƐŝĞƐŵĞƚďĞƚƌĞŬŬŝŶŐƚŽƚŚĞƚĂĨƐƚƵĚĞĞƌŽŶĚĞƌnjŽĞŬ sŽŽƌ ŚĞƚ ĨŽƌŵƵůĞƌĞŶ ǀĂŶ ĚĞ ĐŽŶĐůƵƐŝĞƐ ǁŽƌĚƚ ĚĞ ŚŽŽĨĚǀƌĂĂŐ njŽĂůƐ ŽŵƐĐŚƌĞǀĞŶ ŝŶ ŚŽŽĨĚƐƚƵŬ ϭ ŶŽŐŵĂĂůƐ ǁĞĞƌŐĞŐĞǀĞŶ͗ tĂƚŝƐĚĞĞĨĨĞĐƚŝǀŝƚĞŝƚǀĂŶĚĞďĞůĞŝĚƐŝŶƐƚƌƵŵĞŶƚĞŶďŝŶŶĞŶĚĞĂĂŶƉĂŬǀĂŶŚĞƚƉƌŽďĞƌĞŶ͕ĂĂŶƐĐŚĂĨĨĞŶĞŶďĞůŽŶĞŶ ĚŝĞWƌŽŐƌĂŵŵĂďƵƌĞĂƵDĂĂƐƚƌŝĐŚƚĞƌĞŝŬďĂĂƌŝŶnjĞƚŽŵĨŽƌĞŶnjĞŶƵŝƚĚĞĂƵƚŽŽƉĚĞĞůĞŬƚƌŝƐĐŚĞĨŝĞƚƐƚĞŬƌŝũŐĞŶĞŶ ǁĞůŬĞĨĂĐƚŽƌĞŶnjŝũŶǀĂŶŝŶǀůŽĞĚŽƉŚĞƚĂĂŶƐĐŚĂĨĨĞŶĞŶŚĞƚŐĞďƌƵŝŬĞŶǀĂŶĚĞĞůĞŬƚƌŝƐĐŚĞĨŝĞƚƐ͍ sŽŽƌ ŚĞƚďĞĂŶƚǁŽŽƌĚĞŶ ǀĂŶĚĞnjĞŚŽŽĨĚǀƌĂĂŐnjŝũŶĞƌĚĞĞůǀƌĂŐĞŶďĞƐĐŚƌĞǀĞŶ͕ǁĂĂƌďŝũ ƐƚĞĞĚƐŐĞƌŝĐŚƚǁŽƌĚƚŽƉ ĞĞŶďĞƉĂĂůĚŽŶĚĞƌǁĞƌƉ͘KŵƚĞŬŽŵĞŶƚŽƚĂŶƚǁŽŽƌĚĞŶŽƉĚĞĚĞĞůǀƌĂŐĞŶŝƐĞƌŵŝĚĚĞůƐĞĞŶůŝƚĞƌĂƚƵƵƌƐƚƵĚŝĞĞĞŶ ĐŽŶĐĞƉƚƵĞĞů ŬĂĚĞƌ ŽŶƚǁŝŬŬĞůĚ ǁĂĂƌŝŶ ĚĞ ǀĞƌƐĐŚŝůůĞŶĚĞ ĨĂĐƚŽƌĞŶ ĞŶ ǀĂƌŝĂďĞůĞŶ ĚŝĞ ĚĞ ĂĂŶƐĐŚĂĨ ĞŶ ŚĞƚ ŐĞďƌƵŝŬ ďĞŢŶǀůŽĞĚĞŶ ǁŽƌĚĞŶ ďĞƐĐŚƌĞǀĞŶ͘ /Ŷ Ěŝƚ ŬĂĚĞƌ ǁŽƌĚĞŶ ĚĞ ƌĞůĂƚŝĞƐ ƚƵƐƐĞŶ ĚĞ ǀĂƌŝĂďĞůĞŶ ĚƵŝĚĞůŝũŬ͘ ,Ğƚ ĐŽŶĐĞƉƚƵĞĞů ŬĂĚĞƌ ŚĞĞĨƚ ĂůƐ ůĞŝĚƌĂĂĚ ŐĞĚŝĞŶĚ ǀŽŽƌ ŚĞƚ ŽŶĚĞƌnjŽĞŬ ǁĂĂƌŝŶ ĚĞ ƌĞůĂƚŝĞƐ ƚƵƐƐĞŶ ĚĞ ǀĂƌŝĂďĞůĞŶ ŐĞƚŽĞƚƐƚnjŝũŶ͘sŽŽƌŚĞƚŽŶĚĞƌnjŽĞŬŝƐĞĞŶŽŶůŝŶĞĞŶƋƵġƚĞƵŝƚŐĞnjĞƚŽŶĚĞƌǁĞƌŬŶĞŵĞƌƐďŝŶŶĞŶĚĞƌĞŐŝŽDĂĂƐƚƌŝĐŚƚ ĚŝĞŵĞƚĚĞĂƵƚŽŶĂĂƌŚĞƚǁĞƌŬƌĞŝnjĞŶ͘ĞƌĞƐƉŽŶĚĞŶƚĞŶǁŽŶĞŶƚŽƚϯϬŬŝůŽŵĞƚĞƌǀĂŶŚĞƚǁĞƌŬǁĂĂƌĚŽŽƌĚĞĞͲ ĨŝĞƚƐ ĞĞŶ ĂĂŶƚƌĞŬŬĞůŝũŬ ĂůƚĞƌŶĂƚŝĞĨ ǀĞƌǀŽĞƌŵŝĚĚĞů ǀŽŽƌ ŚĞŶ njŽƵ ŬƵŶŶĞŶ njŝũŶ͘ DĞƚ ďĞŚƵůƉ ǀĂŶ ϭϭϲ ǀŽůůĞĚŝŐ ŝŶŐĞǀƵůĚĞ ĞŶƋƵġƚĞƐ njŝũŶ ĚĞ ĂŶĂůLJƐĞƐ ƵŝƚŐĞǀŽĞƌĚ ĞŶ ĚĞ ƌĞƐƵůƚĂƚĞŶ ǀĞƌŬƌĞŐĞŶ͘ WĞƌ ŽŶĚĞƌǁĞƌƉ njƵůůĞŶ ĚĞ ďĞůĂŶŐƌŝũŬƐƚĞĐŽŶĐůƵƐŝĞƐǁŽƌĚĞŶďĞƐĐŚƌĞǀĞŶ͘
ĂŶƐĐŚĂĨǀŽŽƌĚĞůĞŶ ĂŶƐĐŚĂĨǀŽŽƌĚĞůĞŶ njŝũŶ ƐƚŝŵƵůĞƌŝŶŐƐŵĂĂƚƌĞŐĞůĞŶ ĚŝĞ ĚĞ ĂĂŶƐĐŚĂĨ ǀĂŶ ĚĞ ĞͲĨŝĞƚƐ ŬƵŶŶĞŶ ďĞǀŽƌĚĞƌĞŶ͘ /Ŷ ŚĞƚ ĐŽŶĐĞƉƚƵĞĞůŬĂĚĞƌnjŝũŶĚĞnjĞĂĂŶƐĐŚĂĨǀŽŽƌĚĞůĞŶƚĞƌƵŐƚĞǀŝŶĚĞŶĂůƐŽŶĚĞƌĚĞĞůǀĂŶĚĞƐƚŝŵƵůĞƌŝŶŐƐŵĂĂƚƌĞŐĞůĞŶ ĚŝĞŝŶǀůŽĞĚnjƵůůĞŶƵŝƚŽĞĨĞŶĞŶŽƉĚĞŐĞŶĞŝŐĚŚĞŝĚŽŵĞĞŶĞͲĨŝĞƚƐĂĂŶƚĞƐĐŚĂĨĨĞŶ͘/ŶŚĞƚŽŶĚĞƌnjŽĞŬŝƐĚĞƉŽƚĞŶƚŝĞ ǀĂŶĚĞnjĞĂĂŶƐĐŚĂĨǀŽŽƌĚĞůĞŶŐĞƚŽĞƚƐƚŵĞƚďĞŚƵůƉǀĂŶĚĞƐƚĂƚĞĚĐŚŽŝĐĞŵĞƚŚŽĚĞǁĂĂƌďŝũĚĞĂĂŶƐĐŚĂĨǀŽŽƌĚĞůĞŶ ŝŶ ĚĞ ǀŽƌŵ ǀĂŶ ŬĞƵnjĞƉĂŬŬĞƚƚĞŶ ĂĂŶ ĚĞ ƌĞƐƉŽŶĚĞŶƚĞŶ njŝũŶ ǀŽŽƌŐĞůĞŐĚ͘ ,ŝĞƌƵŝƚ ďůŝũŬƚ ĚĂƚ ĚƌŝĞ ǀĂŶ ĚĞ ǀŝũĨ ĂĂŶƐĐŚĂĨǀŽŽƌĚĞůĞŶ ŚĞƚ ŵĞĞƐƚ ďĞƉĂůĞŶĚ njŝũŶ ǀŽŽƌ ĚĞ ŬĞƵnjĞ ŽǀĞƌ ƚĞ ŐĂĂŶ ƚŽƚ ĂĂŶƐĐŚĂĨ͕ ƚĞ ǁĞƚĞŶ ĞĞŶ ĂĂŶƐĐŚĂĨŬŽƌƚŝŶŐ͕ǀĞƌŐŽĞĚŝŶŐǀŽŽƌŚĞƚŐĞďƌƵŝŬĞŶĞĞŶŐƌĂƚŝƐǀĞƌnjĞŬĞƌŝŶŐ͘ĞnjĞǁŽƌĚĞŶŽŽŬŶĂƵǁĞůŝũŬƐďĞŢŶǀůŽĞĚ ĚŽŽƌƉĞƌƐŽŽŶƐǀĂƌŝĂďĞůĞŶ͕ǁĂƚďĞƚĞŬĞŶƚĚĂƚŝĞĚĞƌĞĞŶĚĞnjĞĚƌŝĞǀŽŽƌĚĞůĞŶďĞůĂŶŐƌŝũŬǀŝŶĚƚ͘sŽŽƌĨŝŶĂŶĐŝĞƌŝŶŐ;ĚĞ ŵŽŐĞůŝũŬŚĞŝĚ ĞĞŶ ƌĞŶƚĞůŽnjĞ ůĞŶŝŶŐ ĂĨ ƚĞ ƐůƵŝƚĞŶ Žŵ ĚĞ ĞͲĨŝĞƚƐ ĂĂŶ ƚĞ ƐĐŚĂĨĨĞŶͿ ďůŝũŬƚ ũƵŝƐƚ ĞĞŶ ƐƚŝŵƵůĞƌŝŶŐƐŵĂĂƚƌĞŐĞůĚŝĞƐƚĞƌŬǁŽƌĚƚďĞŢŶǀůŽĞĚĚŽŽƌƉĞƌƐŽŽŶƐǀĂƌŝĂďĞůĞŶ͘ŽŚĞĐŚƚĞŶƉĞƌƐŽŶĞŶĚŝĞƐůĞĐŚƚƐϭă Ϯ ĚĂŐĞŶ ŵĞƚ ĚĞ ĂƵƚŽ ŶĂĂƌ ŚĞƚ ǁĞƌŬ ŐĂĂŶ ĞŶ ƉĞƌƐŽŶĞŶ ĚŝĞ ŶƵ Ăů ƌĞŐĞůŵĂƚŝŐ ĨŝĞƚƐĞŶ ŵĞĞƌ ǁĂĂƌĚĞ ĂĂŶ ĚĞ ǀŽŽƌĨŝŶĂŶĐŝĞƌŝŶŐǁĂĂƌĚŽŽƌĞƌĞĞŶƉŽƐŝƚŝĞĨǀĞƌďĂŶĚŝƐƚĞǀŝŶĚĞŶƚƵƐƐĞŶĚĞnjĞŬĞŶŵĞƌŬĞŶĞŶĚĞďĞŽŽƌĚĞůŝŶŐǀĂŶ ǀŽŽƌĨŝŶĂŶĐŝĞƌŝŶŐ͘ tĂŶŶĞĞƌ ĚĞ ďĞŽŽƌĚĞůŝŶŐ ǀĂŶ ĚĞnjĞ ƐƚŝŵƵůĞƌŝŶŐƐŵĂĂƚƌĞŐĞůĞŶ ǀĞƌŐĞůĞŬĞŶ ǁŽƌĚƚ ŵĞƚ ĚĞ ĂĂŶƐĐŚĂĨŬĂŶƐŬĂŶĞƌŐĞĐŽŶĐůƵĚĞĞƌĚǁŽƌĚĞŶĚĂƚƉĞƌƐŽŶĞŶĚŝĞĚĞĂĂŶƐĐŚĂĨǀŽŽƌĚĞůĞŶĞǀĞŶďĞůĂŶŐƌŝũŬǀŝŶĚĞŶĞĞŶ ŐƌŽƚĞƌĞ ŬĂŶƐ ŚĞďďĞŶ ŽǀĞƌ ƚĞ ŐĂĂŶ ƚŽƚ ĂĂŶƐĐŚĂĨ ǀĂŶ ĚĞ ĞͲĨŝĞƚƐ͘ /Ŷ ƚĞŐĞŶƐƚĞůůŝŶŐ ƚŽƚ ĚĞ ĂůŐĞŵĞŶĞ ďĞŽŽƌĚĞůŝŶŐ ǁĂĂƌ ĞŶŬĞů ǀĞƌnjĞŬĞƌŝŶŐ͕ ŬŽƌƚŝŶŐ ĞŶ ǀĞƌŐŽĞĚŝŶŐ ďĞůĂŶŐƌŝũŬ ǁŽƌĚĞŶ ďĞǀŽŶĚĞŶ͘ ĂĂƌŶĂĂƐƚ ďůŝũŬƚ Ğƌ ĞĞŶ ƉŽƐŝƚŝĞĨ ǀĞƌďĂŶĚ ƚĞ njŝũŶ ƚƵƐƐĞŶ ƉĞƌƐŽŶĞŶ ĚŝĞ ĞƌǀĂƌŝŶŐ ŚĞďďĞŶ ŵĞƚ ĚĞ ĞͲĨŝĞƚƐ ĞŶ ŚĞƚ ĂĂŶďŝĞĚĞŶ ǀĂŶ ĞĞŶ ŐƌĂƚŝƐ ǀĞƌnjĞŬĞƌŝŶŐ͘ ,ŝĞƌƵŝƚ ŬĂŶ ǁŽƌĚĞŶ ŐĞĐŽŶĐůƵĚĞĞƌĚ ĚĂƚ ĞĞŶ ŐƌĂƚŝƐ ǀĞƌnjĞŬĞƌŝŶŐ ďĞůĂŶŐƌŝũŬĞƌ ǁŽƌĚƚ ďĞǀŽŶĚĞŶ ĚŽŽƌ
ϳϴ
ƉĞƌƐŽŶĞŶĚŝĞĞƌǀĂƌŝŶŐŚĞďďĞŶŵĞƚĚĞĞͲĨŝĞƚƐ͘DŽŐĞůŝũŬŚĞĞĨƚĚĞĞƌǀĂƌŝŶŐŵĞƚĚĞĞͲĨŝĞƚƐĞƌƚŽĞŐĞůĞŝĚƚĚĂƚnjŝũĚĞ ǁĂĂƌĚĞǀĂŶĚĞĞͲĨŝĞƚƐďĞƚĞƌŬƵŶŶĞŶŝŶƐĐŚĂƚƚĞŶĞŶĚĂĂƌĚŽŽƌĚĞŶŽŽĚnjĂĂŬǀĂŶĞĞŶǀĞƌnjĞŬĞƌŝŶŐŝŶnjŝĞŶ͘
ĞůŽŶĞŶ͖ĨŝŶĂŶĐŝģůĞǀĞƌŐŽĞĚŝŶŐǀŽŽƌŚĞƚŐĞďƌƵŝŬ ĞĨŝŶĂŶĐŝģůĞǀĞƌŐŽĞĚŝŶŐŝƐŽƉŐĞŶŽŵĞŶŝŶŚĞƚĂĂŶƐĐŚĂĨƉĂŬŬĞƚĚĂƚďĞƐĐŚƌĞǀĞŶŝƐŽŶĚĞƌ͚ĂĂŶƐĐŚĂĨǀŽŽƌĚĞůĞŶ͛͘,Ğƚ ďĞůŽǀĞŶǀĂŶĞĞŶǀĞƌŐŽĞĚŝŶŐŚĞĞĨƚĞĞŶƉŽƐŝƚŝĞĨĞĨĨĞĐƚŽƉĚĞŬĂŶƐĚĂƚƉĞƌƐŽŶĞŶĞĞŶĞͲĨŝĞƚƐĂĂŶƐĐŚĂĨĨĞŶ͘,ĞƚŝƐ ǀĞƌǀŽůŐĞŶƐŶŝĞƚǀĂŶďĞůĂŶŐǁĂŶŶĞĞƌĚĞnjĞǀĞƌŐŽĞĚŝŶŐǁŽƌĚƚƵŝƚďĞƚĂĂůĚ͘ĞǀĞƌŐŽĞĚŝŶŐŚĞĞĨƚ͕ŶĂĂƐƚŝŶǀůŽĞĚŽƉ ĚĞĂĂŶƐĐŚĂĨ͕ŽŽŬŝŶǀůŽĞĚŽƉŚĞƚŐĞďƌƵŝŬǀĂŶĚĞĞͲĨŝĞƚƐ͘ƌŝĞŬǁĂƌƚǀĂŶĚĞƌĞƐƉŽŶĚĞŶƚĞŶŐĞĞĨƚĂĂŶĚĞĞͲĨŝĞƚƐƚĞ ŐĂĂŶŐĞďƌƵŝŬĞŶǀŽŽƌŚĞƚǁŽŽŶͲǁĞƌŬǀĞƌŬĞĞƌďŝũĞĞŶŵŝŶŝŵĂůĞǀĞƌŐŽĞĚŝŶŐ;ϱĐĞŶƚƉĞƌĨŝĞƚƐŬŝůŽŵĞƚĞƌͿ͘tĂŶŶĞĞƌ ĚĞ ŚŽŽŐƚĞ ǀĂŶ ĚĞ ǀĞƌŐŽĞĚŝŶŐ ƚŽĞŶĞĞŵƚ͕ ŶĞĞŵƚ ŽŽŬ ŚĞƚ ŐĞďƌƵŝŬ ǀĂŶ ĚĞ ĞͲĨŝĞƚƐ ƚŽĞ͘ ƌ ŝƐ ŽŽŬ ŐĞŬĞŬĞŶ ŚŽĞ ǀĞƌƐĐŚŝůůĞŶĚĞ ƉĞƌƐŽŶĞŶ ĚĞ ǀĞƌŐŽĞĚŝŶŐ ďĞŽŽƌĚĞůĞŶ ĞŶ ŽĨ njŝũ ĚĂĂĚǁĞƌŬĞůŝũŬ ĚĞ ĞͲĨŝĞƚƐ ŵĞĞƌ ŐĂĂŶ ŐĞďƌƵŝŬĞŶ͘ ,ŝĞƌƵŝƚ ŬŽŵƚ ŶĂĂƌ ǀŽƌĞŶ ĚĂƚ Ğƌ ĞŶŬĞůĞ ǁŽŽŶͲǁĞƌŬƌŝƚǀĂƌŝĂďĞůĞŶ njŝũŶ ĚŝĞ ŚŝĞƌŽƉ ǀĂŶ ŝŶǀůŽĞĚ njŝũŶ͘ Ž ďůŝũŬƚ ĚĞ ƌĞŝƐĂĨƐƚĂŶĚ͕ŚĞƚŚƵŝĚŝŐĞĂƵƚŽŐĞďƌƵŝŬĞŶŚĞƚŚƵŝĚŝŐĞĨŝĞƚƐŐĞďƌƵŝŬŝŶŚĞƚǁŽŽŶͲǁĞƌŬǀĞƌŬĞĞƌŚĞƚŐĞďƌƵŝŬǀĂŶĚĞĞͲ ĨŝĞƚƐ ďŝũ ǀĞƌƐĐŚŝůůĞŶĚĞ ǀĞƌŐŽĞĚŝŶŐĞŶ ƚĞ ďĞŢŶǀůŽĞĚĞŶ͘ WĞƌƐŽŶĞŶ ŵĞƚ ĞĞŶ ƌĞŝƐĂĨƐƚĂŶĚ ƚŽƚ ϭϱ ŬŝůŽŵĞƚĞƌ͕ ĚŝĞ ŵŝŶŝŵĂĂůϭĚĂŐƉĞƌǁĞĞŬŵĞƚĚĞĨŝĞƚƐŶĂĂƌŚĞƚǁĞƌŬŐĂĂŶĞŶŵĂdžŝŵĂĂůϮĚĂŐĞŶƉĞƌǁĞĞŬŵĞƚĚĞĂƵƚŽŐĞǀĞŶ ĂĂŶĚĞĞͲĨŝĞƚƐǀĂŬĞƌƚĞŐĞďƌƵŝŬĞŶĚĂŶƉĞƌƐŽŶĞŶĚŝĞŵĞĞƌĚĂŶϭϱŬŝůŽŵĞƚĞƌǀĂŶŚĞƚǁĞƌŬǁŽŶĞŶ͕ϯͲϱĚĂŐĞŶŵĞƚ ĚĞ ĂƵƚŽ ŐĂĂŶ ĞŶ ŶŝĞƚ ŵĞƚ ĚĞ ĨŝĞƚƐ͘ tĂŶŶĞĞƌ Ğƌ ŐĞĞŶ ǀĞƌŐŽĞĚŝŶŐ ƚĞŐĞŶŽǀĞƌ ƐƚĂĂƚ͕ njĂů ĚĞ ŚĞůĨƚ ǀĂŶ ĚĞ ůĂĂƚƐƚĞ ŐƌŽĞƉĚĞĞͲĨŝĞƚƐŶŝĞƚǀŽŽƌŚĞƚǁŽŽŶͲǁĞƌŬǀĞƌŬĞĞƌŐĞďƌƵŝŬĞŶ͘ĞĚƌŝĞďŽǀĞŶŐĞŶŽĞŵĚĞǀĂƌŝĂďĞůĞŶĐŽƌƌĞůĞƌĞŶŵĞƚ ĞůŬĂĂƌ͕ǁĂĂƌďŝũĚĞƌĞƐƉŽŶĚĞŶƚĞŶŝŶŐƌŽĨǁĞŐƚǁĞĞŐƌŽĞƉĞŶŝŶƚĞĚĞůĞŶnjŝũŶ͖ĞĞŶŐƌŽĞƉŵĞƚŵĞĞƌƉŽƚĞŶƚŝĞƚŽƚĞͲ ĨŝĞƚƐŐĞďƌƵŝŬĞŶĞĞŶŐƌŽĞƉŵĞƚŵŝŶĚĞƌƉŽƚĞŶƚŝĞƚŽƚĞͲĨŝĞƚƐŐĞďƌƵŝŬ͘ĞnjĞĐŽŶĐůƵƐŝĞŝƐĞĞŶďĞůĂŶŐƌŝũŬŐĞŐĞǀĞŶĂůƐ ĞƌĞĞŶƉůĂŶǀĂŶĂĂŶƉĂŬŐĞŵĂĂŬƚŐĂĂƚǁŽƌĚĞŶŽŵĨŽƌĞŶnjĞŶŽƉĚĞĞͲĨŝĞƚƐƚĞŬƌŝũŐĞŶ͘
ƚƚŝƚƵĚĞ DĞƚ ĂƚƚŝƚƵĚĞ ǁŽƌĚƚ ŐĞĚŽĞůĚ ŽƉ ĚĞ ĂůŐĞŵĞŶĞ ŚŽƵĚŝŶŐ ĚŝĞ ŵĞŶƐĞŶ ŚĞďďĞŶ ĞŶ ĚĞ ŚŽƵĚŝŶŐ ĚŝĞ njŝũ ŚĞďďĞŶ ƚĞŶ ŽƉnjŝĐŚƚĞ ǀĂŶ ĚĞ ĞͲĨŝĞƚƐ͘ Ğ ĂƚƚŝƚƵĚĞ ǁŽƌĚƚ ŐĞŵĞƚĞŶ ĂĂŶ ĚĞ ŚĂŶĚ ǀĂŶ ƚŝĞŶ ĂůŐĞŵĞŶĞ ƐƚĞůůŝŶŐĞŶ ĞŶ ĂĐŚƚ ĞͲ ĨŝĞƚƐƐƚĞůůŝŶŐĞŶǁĂĂƌďŝũŐĞǀƌĂĂŐĚǁŽƌĚƚŝŶŚŽĞǀĞƌƌĞĚĞƌĞƐƉŽŶĚĞŶƚŚĞƚĞĞŶƐŝƐŵĞƚĚĞƐƚĞůůŝŶŐ͘ůůĞƐƚĞůůŝŶŐĞŶŽǀĞƌ ĚĞ ĞͲĨŝĞƚƐ ŚĞďďĞŶ ĞĞŶ ƐŝŐŶŝĨŝĐĂŶƚ ǀĞƌďĂŶĚ ŵĞƚ ĚĞ ĂĂŶƐĐŚĂĨŬĂŶƐ͕ ǁĂƚ ŝŶŚŽƵĚƚ ĚĂƚ ĚĞ ďĞŽŽƌĚĞůŝŶŐ ǀĂŶ ĚĞ ƐƚĞůůŝŶŐĞŶĞŶĚƵƐĚĞĂƚƚŝƚƵĚĞĚŝĞƉĞƌƐŽŶĞŶŚĞďďĞŶƚĞŶŽƉnjŝĐŚƚĞǀĂŶĚĞĞͲĨŝĞƚƐǀĂŶŝŶǀůŽĞĚŝƐŽƉĚĞĂĂŶƐĐŚĂĨŬĂŶƐ͘ ŝũƉŽƐŝƚŝĞǀĞƐƚĞůůŝŶŐĞŶ;ĚĞĞͲĨŝĞƚƐŝƐƉůĞnjŝĞƌŝŐͬŐĞnjŽŶĚͬǀŽŽƌĚĞůŝŶŐĞƚĐ͘ͿŝƐƚĞnjŝĞŶĚĂƚƉĞƌƐŽŶĞŶĚŝĞŚĞƚŚĞůĞŵĂĂů ŵĞƚ ĚĞ ƐƚĞůůŝŶŐ ĞĞŶƐ njŝũŶ ĞĞŶ ǀĞĞů ŚŽŐĞƌĞ ŐĞŵŝĚĚĞůĚĞ ĂĂŶƐĐŚĂĨŬĂŶƐ ŝŶǀƵůůĞŶ͘ ,Ğƚ ŽŵŐĞŬĞĞƌĚĞ ŝƐ ƚĞ njŝĞŶ ďŝũ ŶĞŐĂƚŝĞǀĞƐƚĞůůŝŶŐĞŶ;ĚĞĞͲĨŝĞƚƐŝƐǀŽŽƌŽƵĚĞŵĞŶƐĞŶͬůƵŝĞŵĞŶƐĞŶͬŶŝĞƚĐŽŵĨŽƌƚĂďĞůĞƚĐ͘ͿǁĂĂƌďŝũƉĞƌƐŽŶĞŶĚŝĞ ŚĞƚŚĞůĞŵĂĂů ŶŝĞƚĞĞŶƐnjŝũŶ ŵĞƚĚĞƐƚĞůůŝŶŐĞŶĞĞŶŚŽŐĞƌĞĂĂŶƐĐŚĂĨŬĂŶƐ ĂĂŶŐĞǀĞŶ͘ ,Ğƚ ŝƐǀŽůŐĞŶƐǀĞƌǁĂĐŚƚŝŶŐ ĚĂƚƉĞƌƐŽŶĞŶĚŝĞƉŽƐŝƚŝĞǀĞƌƚĞŐĞŶĚĞĞͲĨŝĞƚƐĂĂŶŬŝũŬĞŶŽŽŬŵĞĞƌŬĂŶƐŚĞďďĞŶŽǀĞƌƚĞŐĂĂŶƚŽƚĂĂŶƐĐŚĂĨ͘ůůĞ ƐƚĞůůŝŶŐĞŶŚĞďďĞŶĞĞŶƐŝŐŶŝĨŝĐĂŶƚǀĞƌďĂŶĚŵĞƚĚĞĂĂŶƐĐŚĂĨ͘,ŝĞƌďŝũŵŽĞƚŝŶŐĞĚĂĐŚƚĞŐĞŚŽƵĚĞŶǁŽƌĚĞŶĚĂƚŚĞƚ ĞĞŶďŝǀĂƌŝĂƚĞĂŶĂůLJƐĞďĞƚƌĞĨƚǁĂĂƌďŝũŽŶĚĞƌůŝŶŐĞĐŽƌƌĞůĂƚŝĞƐƚƵƐƐĞŶĚĞƐƚĞůůŝŶŐĞŶĞŶĂƚƚŝƚƵĚĞŶŝĞƚnjŝũŶŽŶĚĞƌnjŽĐŚƚ͘ sŽŽƌĚĞĂůŐĞŵĞŶĞĂƚƚŝƚƵĚĞǀĂŶƉĞƌƐŽŶĞŶ͕ǁĂĂƌďŝũŐĞǀƌĂĂŐĚŝƐŶĂĂƌŵŝůŝĞƵďĞǁƵƐƚ͕ŐĞůĚďĞǁƵƐƚ͕ĨůĞdžŝďĞů͕ŐĞǀŽĞůŝŐ ǀŽŽƌ ƐŽĐŝĂůĞ ŝŶǀůŽĞĚ ĞƚĐ͕͘ njŝũŶ Ğƌ ƐůĞĐŚƚƐ ƚǁĞĞ ƐƚĞůůŝŶŐĞŶ ƐŝŐŶŝĨŝĐĂŶƚ͘ Ğ ĞĞƌƐƚĞ ƐƚĞůůŝŶŐ ŚĞĞĨƚ ďĞƚƌĞŬŬŝŶŐ ŽƉ ĚĞ ŐĞǀŽĞůŝŐŚĞŝĚ ǀŽŽƌ ƐŽĐŝĂůĞ ĚƌƵŬ ǁĂŶŶĞĞƌ ĚĞ ŽŵŐĞǀŝŶŐ ŽǀĞƌŐĂĂƚ ƚŽƚ ĂĂŶƐĐŚĂĨ ǀĂŶ ĞĞŶ ĞͲĨŝĞƚƐ͘ WĞƌƐŽŶĞŶ ĚŝĞ ĂĂŶŐĞǀĞŶŚĞƚĞĞŶƐƚĞnjŝũŶŵĞƚĚĞƐƚĞůůŝŶŐĚĂƚnjŝũnjŽƵĚĞŶŶĂĚĞŶŬĞŶŽǀĞƌĚĞĂĂŶƐĐŚĂĨǀĂŶĞĞŶĞͲĨŝĞƚƐĂůƐĐŽůůĞŐĂ͛Ɛ Ğƌ ĠĠŶ njŽƵĚĞŶ ĂĂŶƐĐŚĂĨĨĞŶ ŐĞǀĞŶ ĞĞŶ ǀĞĞů ŚŽŐĞƌĞ ĂĂŶƐĐŚĂĨŬĂŶƐ ĚĂŶ ƉĞƌƐŽŶĞŶ ĚŝĞ ŚĞƚ ŶŝĞƚ ĞĞŶƐ njŝũŶ ŵĞƚ ĚĞ ƐƚĞůůŝŶŐŽĨŐĞĞŶŵĞŶŝŶŐŚĞďďĞŶ͘ĞƚǁĞĞĚĞƐƚĞůůŝŶŐŐĂĂƚŽǀĞƌŚĞƚďĞǁƵƐƚŽŵŐĂĂŶŵĞƚŐĞůĚ͘WĞƌƐŽŶĞŶĚŝĞŚĞƚ ĞĞŶƐnjŝũŶŵĞƚĚĞƐƚĞůůŝŶŐĞŶĂĂŶŐĞǀĞŶŝŶĚĞƌĚĂĂĚďĞǁƵƐƚŽŵƚĞŐĂĂŶŵĞƚŚƵŶŐĞůĚŚĞďďĞŶŐĞŵŝĚĚĞůĚŵĞĞƌŬĂŶƐ ŽƉ ĂĂŶƐĐŚĂĨ ǀĂŶ ĚĞ ĞͲĨŝĞƚƐ ĚĂŶ ƉĞƌƐŽŶĞŶ ĚŝĞ ͚ŶĞƵƚƌĂĂů͛ ƌĞĂŐĞƌĞŶ͘ ůůĞ ĂŶĚĞƌĞ ƐƚĞůůŝŶŐĞŶ ŵĞƚ ďĞƚƌĞŬŬŝŶŐ ƚŽƚ ĂůŐĞŵĞŶĞ ŚŽƵĚŝŶŐ ŽĨ ƐŽĐŝĂůĞ ĚƌƵŬ ďůŝũŬĞŶ ŐĞĞŶ ƐŝŐŶŝĨŝĐĂŶƚ ǀĞƌďĂŶĚ ƚĞ ŚĞďďĞŶ ŵĞƚ ĚĞ ĂĂŶƐĐŚĂĨŬĂŶƐ͘ 'ĞĐŽŶĐůƵĚĞĞƌĚ ŬĂŶǁŽƌĚĞŶ ĚĂƚ ǀŽŽƌ ŚĞƚƐƚŝŵƵůĞƌĞŶǀĂŶĚĞ ĂĂŶƐĐŚĂĨ ǀĂŶĚĞ ĞͲĨŝĞƚƐĞƌ ƚǁĞĞ ĂƐƉĞĐƚĞŶnjŝũŶĚŝĞ ŝŶŐĞnjĞƚŬƵŶŶĞŶǁŽƌĚĞŶ͕ƚĞǁĞƚĞŶŚĞƚĨŝŶĂŶĐŝĞĞůǀŽŽƌĚĞůŝŐĞĂƐƉĞĐƚǀĂŶĚĞĞͲĨŝĞƚƐĞŶŐĞďƌƵŝŬŵĂŬĞŶǀĂŶƐŽĐŝĂĂů ŐĞǀŽĞůŝŐŚĞŝĚǀĂŶƉĞƌƐŽŶĞŶŝŶĚĞǁĞƌŬŽŵŐĞǀŝŶŐ͘
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ŐĞŶĞŝŐĚ ƚĞ njŝũŶ ƚĞ ŐĂĂŶ ĞͲĨŝĞƚƐĞŶ ĚĂŶ ƉĞƌƐŽŶĞŶ ŵĞƚ ĞĞŶ ŚŽŐĞƌ ŝŶŬŽŵĞŶ͘ ,ŝĞƌďŝũ ŬĂŶ ŚĞƚ ĨŝŶĂŶĐŝģůĞ ĂƐƉĞĐƚ ŵĞĞƐƉĞůĞŶĂĂŶŐĞnjŝĞŶŚĞƚŐĞďƌƵŝŬǀĂŶĚĞĞͲĨŝĞƚƐĨŝŶĂŶĐŝĞĞůǀŽŽƌĚĞůŝŐĞƌŝƐĚĂŶŚĞƚĂƵƚŽŐĞďƌƵŝŬ͘tĂŶŶĞĞƌnjŝĐŚĚĂŶ ĞĞŶƐŝƚƵĂƚŝĞǀŽŽƌĚŽĞƚǁĂĂƌďŝũŚĞƚŐĞďƌƵŝŬŵĂŬĞŶǀĂŶĚĞĂƵƚŽŶŝĞƚĂĂŶƚƌĞŬŬĞůŝũŬĞƌǁŽƌĚƚ͕ŬĂŶďŝũŚĞƚĂĨǁĞŐĞŶĚĞ ĞͲĨŝĞƚƐ ƚĞ ŶĞŵĞŶŚĞƚ ĨŝŶĂŶĐŝģůĞ ĂƐƉĞĐƚ ŵĞĞƐƉĞůĞŶǁĂĂƌĚŽŽƌ ŚĞƚ ŐĞďƌƵŝŬ ǀĂŶ ĚĞ ĞͲĨŝĞƚƐ ǀŽŽƌ ŵĞŶƐĞŶ ŵĞƚ ĞĞŶ ůĂŐĞƌŝŶŬŽŵĞŶŶŽŐĂĂŶƚƌĞŬŬĞůŝũŬĞƌǁŽƌĚƚ͘ ƌǀĂƌŝŶŐŵĞƚŚĞƚƌŝũĚĞŶŽƉĞĞŶĞͲĨŝĞƚƐŚĞĞĨƚŽŽŬŝŶǀůŽĞĚŽƉĚĞďĞŽŽƌĚĞůŝŶŐǀĂŶƐŝƚƵĂƚŝĞƐŽƉĚĞƌŽƵƚĞ͘WĞƌƐŽŶĞŶ ĚŝĞĂůĞĞŶƐŽƉĞĞŶĞͲĨŝĞƚƐŚĞďďĞŶŐĞƌĞĚĞŶŐĞǀĞŶĂĂŶǁĞůĚĞŐĞůŝũŬŵĞĞƌŐĞŶĞŝŐĚƚĞnjŝũŶŽŵĚĞĞͲĨŝĞƚƐƚĞŶĞŵĞŶ ĂůƐ ĚĞ ĨŝĞƚƐƌŽƵƚĞ ǀĞŝůŝŐ ŝƐ ĞŶ ĂůƐ ŚĞƚ ĞĞŶ ĂĂŶƚƌĞŬŬĞůŝũŬĞ ĨŝĞƚƐƌŽƵƚĞ ďĞƚƌĞĨƚ ŵĞƚ ŐƌŽĞŶǀŽŽƌnjŝĞŶŝŶŐĞŶ͘ ŝũ ĚĞnjĞ ƐŝƚƵĂƚŝĞƐ ŐĞǀĞŶ ƉĞƌƐŽŶĞŶ ĚŝĞ ŐĞĞŶ ĞƌǀĂƌŝŶŐ ŵĞƚ ĚĞ ĞͲĨŝĞƚƐ ŚĞďďĞŶ ǀĞĞů ĞĞƌĚĞƌ ĂĂŶ ĚĂƚ ŚĞƚ ǀŽŽƌ ŚĞŶ ŐĞĞŶ ǀĞƌƐĐŚŝů ŵĂĂŬƚ͘ KŽŬ ŵĞŶƐĞŶ ĚŝĞ ŝŶ ŚĞƚ ďĞnjŝƚ njŝũŶ ǀĂŶ ĞĞŶ ĞͲĨŝĞƚƐ njŝũŶ ŵĞĞƌ ŐĞŶĞŝŐĚ ƚĞ ŐĂĂŶ ĞͲĨŝĞƚƐĞŶ ďŝũ ĞĞŶ ĂĂŶƚƌĞŬŬĞůŝũŬĞ͕ŐƌŽĞŶĞĨŝĞƚƐƌŽƵƚĞ͘'ĞĐŽŶĐůƵĚĞĞƌĚŬĂŶǁŽƌĚĞŶĚĂƚŚĞƚůĂƚĞŶĞƌǀĂƌĞŶǀĂŶŚĞƚĞͲĨŝĞƚƐĞŶ;͚ƉƌŽďĞĞƌ ĞĞŶ ĞͲďŝŬĞ͛ͿĞĨĨĞĐƚ ŚĞĞĨƚ ŽƉĚĞďĞŽŽƌĚĞůŝŶŐǀĂŶĚĞƌŽƵƚĞĞŶĚĂƚĞƌǁĂĂƌĚĞǁŽƌĚƚ ŐĞŚĞĐŚƚĂĂŶĞĞŶ ǀĞŝůŝŐĞ ĞŶ ĂĂŶƚƌĞŬŬĞůŝũŬĞƌŽƵƚĞ͘ ŽĂůƐĂůŝƐŐĞĐŽŶĐůƵĚĞĞƌĚŝƐĞƌĞĞŶǀĞƌďĂŶĚƚĞǀŝŶĚĞŶƚƵƐƐĞŶĚĞǀĂƌŝĂďĞůĞŶƌĞŝƐĂĨƐƚĂŶĚ͕ĂƵƚŽŐĞďƌƵŝŬŝŶŚĞƚǁŽŽŶͲ ǁĞƌŬǀĞƌŬĞĞƌĞŶĨŝĞƚƐŐĞďƌƵŝŬŶĂĂƌŚĞƚǁĞƌŬ͘ŝƚŝƐŽŽŬƚĞƌƵŐƚĞnjŝĞŶŝŶĚĞďĞŽŽƌĚĞůŝŶŐǀĂŶĚĞƐŝƚƵĂƚŝĞƐ͘tĂŶŶĞĞƌ Ğƌ ǁĞƌŬnjĂĂŵŚĞĚĞŶ ŽƉ ĚĞ ĂƵƚŽƌŽƵƚĞ njŝũŶ ŐĞĞĨƚ ŚĞƚ ŵĞƌĞŶĚĞĞů ĂĂŶ ŵĞĞƌ ŐĞŶĞŝŐĚ ƚĞ njŝũŶ ĚĞ ĞͲĨŝĞƚƐ ƚĞ ŶĞŵĞŶ͘ ĐŚƚĞƌƉĞƌƐŽŶĞŶĚŝĞƚŽƚϭϱŬŝůŽŵĞƚĞƌǀĂŶŚĞƚǁĞƌŬǁŽŶĞŶ͕ŶƵŵĂdžŝŵĂĂůϮĚĂŐĞŶƉĞƌǁĞĞŬŵĞƚĚĞĂƵƚŽŐĂĂŶĞŶ ŵŝŶŝŵĂĂůϭŬĞĞƌƉĞƌǁĞĞŬŵĞƚĚĞĨŝĞƚƐŐĞǀĞŶĂĂŶǀĞĞůŵĞĞƌŐĞŶĞŝŐĚƚĞnjŝũŶĚĞĞͲĨŝĞƚƐƚĞŶĞŵĞŶĚĂŶƉĞƌƐŽŶĞŶ ĚŝĞŶŝĞƚĂĂŶĚĞnjĞŬĞŶŵĞƌŬĞŶǀŽůĚŽĞŶ͘,ĞƚnjĞůĨĚĞƉĂƚƌŽŽŶŝƐƚĞnjŝĞŶĂůƐŚĞƚŐĂĂƚŽŵĚƌƵŬƚĞŽƉĚĞĂƵƚŽƌŽƵƚĞ;ĨŝůĞƐͿ ǁĂĂƌďŝũƉĞƌƐŽŶĞŶĚŝĞŵĂdžŝŵĂĂůϮĚĂŐĞŶƉĞƌǁĞĞŬĚĞĂƵƚŽŶĞŵĞŶǀĞĞůŵĞĞƌŐĞŶĞŝŐĚnjŝũŶĚĞĞͲĨŝĞƚƐƚĞŶĞŵĞŶ ĚĂŶƉĞƌƐŽŶĞŶĚŝĞϯͲϱĚĂŐĞŶŵĞƚĚĞĂƵƚŽŐĂĂŶĞŶĚŝĞĂĂŶŐĞǀĞŶǁĞůĞŶŝŐƐnjŝŶƐŐĞŶĞŝŐĚƚĞnjŝũŶƚĞŐĂĂŶĞͲĨŝĞƚƐĞŶ͘ tĂŶŶĞĞƌ ŚĞƚ ǀĞƌǀŽůŐĞŶƐ ĞĞŶ ŶĞŐĂƚŝĞǀĞ ƐŝƚƵĂƚŝĞ ŽƉ ĚĞ ĨŝĞƚƐƌŽƵƚĞ ďĞƚƌĞĨƚ ;ǀĞĞů ŽƉƐƚŽƉƉŝŶŐĞŶ ĞŶ ŬƌƵŝƐƉƵŶƚĞŶͿ ŐĞǀĞŶƉĞƌƐŽŶĞŶĚŝĞŵĞĞƌĚĂŶϭϱŬŝůŽŵĞƚĞƌǀĂŶŚĞƚǁĞƌŬǁŽŶĞŶĂĂŶĚĂƚnjŝũŚŝĞƌĚŽŽƌǀĞĞůŵŝŶĚĞƌŐĞŶĞŝŐĚnjŝũŶĚĞ ĞͲĨŝĞƚƐƚĞŶĞŵĞŶĞŶƉĞƌƐŽŶĞŶĚŝĞďŝŶŶĞŶĚĞϭϱŬŝůŽŵĞƚĞƌǁŽŶĞŶnjĞŐŐĞŶǁĞůĞŶŝŐƐnjŝŶƐŵŝŶĚĞƌŐĞŶĞŝŐĚƚĞnjŝũŶ͘ ,ŝĞƌƵŝƚŬŽŵƚŶĂĂƌǀŽƌĞŶĚĂƚŶĞŐĂƚŝĞǀĞƐŝƚƵĂƚŝĞƐǀŽŽƌŚĞƚĂƵƚŽŐĞďƌƵŝŬǀŽŽƌĚĞŐƌŽĞƉŵĞƚŵĞĞƌƉŽƚĞŶƚŝĞƚŽƚǀĞĞů ŵĞĞƌŶĞŝŐŝŶŐƚŽƚĞͲĨŝĞƚƐŐĞďƌƵŝŬůĞŝĚƚŝŶƚĞŐĞŶƐƚĞůůŝŶŐƚŽƚĚĞŐƌŽĞƉŵĞƚŵŝŶĚĞƌƉŽƚĞŶƚŝĞƚŽƚĞͲĨŝĞƚƐŐĞďƌƵŝŬ͘ĞŶ ŶĞŐĂƚŝĞǀĞƐŝƚƵĂƚŝĞŽƉĚĞĨŝĞƚƐƌŽƵƚĞŝƐǀŽŽƌĚĞŐƌŽĞƉŵĞƚŵŝŶĚĞƌƉŽƚĞŶƚŝĞƚŽƚĞͲĨŝĞƚƐŐĞďƌƵŝŬũƵŝƐƚǁĞĞƌĞĞŶƌĞĚĞŶ ŽŵĂĂŶƚĞŐĞǀĞŶǀĞĞůŵŝŶĚĞƌŐĞŶĞŝŐĚƚĞnjŝũŶŽŵƚĞŐĂĂŶĞͲĨŝĞƚƐĞŶƚĞƌǁŝũůĚŝƚǀŽŽƌĚĞŐƌŽĞƉŵĞƚŵĞĞƌƉŽƚĞŶƚŝĞ ũƵŝƐƚĞĞŶŵŝŶĚĞƌŐƌŽŽƚĞĨĨĞĐƚŚĞĞĨƚ͘
ϲ͘ϮĚǀŝĞƐǀŽŽƌWƌŽŐƌĂŵŵĂďƵƌĞĂƵDĂĂƐƚƌŝĐŚƚĞƌĞŝŬďĂĂƌ ,ĞƚŽŶĚĞƌnjŽĞŬŶĂĂƌĚĞƉŽƚĞŶƚŝĞǀĂŶƐƚŝŵƵůĞƌŝŶŐƐŵĂĂƚƌĞŐĞůĞŶǀŽŽƌŚĞƚĂĂŶƐĐŚĂĨĨĞŶǀĂŶĞĞŶĞͲĨŝĞƚƐĞŶŶĂĂƌĚĞ ĨĂĐƚŽƌĞŶ ĚŝĞ ǀĂŶ ŝŶǀůŽĞĚ njŝũŶ ŽƉ ĚĞ ĂĂŶƐĐŚĂĨ ĞŶ ŚĞƚ ŐĞďƌƵŝŬ ǀĂŶ ĚĞ ĞͲĨŝĞƚƐ ŐĞĞĨƚ ĚĞ ŵŽŐĞůŝũŬŚĞŝĚ Žŵ ĞĞŶ ŐĞƌŝĐŚƚĞƌĞ ĂĂŶƉĂŬ ƚĞ ĨŽƌŵƵůĞƌĞŶ Žŵ ĂƵƚŽŵŽďŝůŝƐƚĞŶ ŽƉ ĚĞ ĞͲĨŝĞƚƐ ƚĞ ŬƌŝũŐĞŶ͘ sŽŽƌ ŚĞƚ WƌŽŐƌĂŵŵĂďƵƌĞĂƵ DĂĂƐƚƌŝĐŚƚ ĞƌĞŝŬďĂĂƌ ĚĂƚ njŝĐŚ ĂůƐ ĚŽĞůƐƚĞůůŝŶŐ ŚĞĞĨƚ ŐĞƐƚĞůĚ Žŵ ϯ͘ϬϬϬ ĂƵƚŽŵŽďŝůŝƐƚĞŶ Ƶŝƚ ĚĞ ƐƉŝƚƐ ƚĞ ŚĂůĞŶ ǀŽƌŵĞŶĚĞƌĞƐƵůƚĂƚĞŶƵŝƚĚŝƚŽŶĚĞƌnjŽĞŬĞĞŶŚŽƵǀĂƐƚǀŽŽƌƚŽĞŬŽŵƐƚŝŐĞƉůĂŶŶĞŶŽŵĚĞĚŽĞůƐƚĞůůŝŶŐƚĞďĞŚĂůĞŶ͘ ůƐƵŝƚďƌĞŝĚŝŶŐŽƉŚĞƚŽŶĚĞƌnjŽĞŬnjĂůŝŶĚĞnjĞƉĂƌĂŐƌĂĂĨŽƉďĂƐŝƐǀĂŶĚĞĐŽŶĐůƵƐŝĞƐǀĂŶŚĞƚĂĨƐƚƵĚĞĞƌŽŶĚĞƌnjŽĞŬ ĞĞŶĂĚǀŝĞƐǁŽƌĚĞŶŐĞŐĞǀĞŶĂĂŶWƌŽŐƌĂŵŵĂďƵƌĞĂƵDĂĂƐƚƌŝĐŚƚĞƌĞŝŬďĂĂƌ͘,ŝĞƌďŝũnjĂůŝŶŐĞŐĂĂŶǁŽƌĚĞŶŽƉǁĂĂƌ ĚĞĨŽĐƵƐŵŽĞƚ ůŝŐŐĞŶďŝũ ĚĞ ĂĂŶƉĂŬ ǀĂŶ ŚĞƚƐƚŝŵƵůĞƌĞŶǀĂŶŚĞƚĞͲĨŝĞƚƐŐĞďƌƵŝŬ ďŝũ ĨŽƌĞŶnjĞŶ ĞŶǁĞůŬĞ ĂƐƉĞĐƚĞŶ ŽƉŐĞŶŽŵĞŶĚŝĞŶĞŶƚĞǁŽƌĚĞŶŝŶŚĞƚƉůĂŶǀĂŶĂĂŶƉĂŬ͘ ůůĞƌĞĞƐƚ ďůŝũŬĞŶ ĚĞ ƐƚŝŵƵůĞƌŝŶŐƐŵĂĂƚƌĞŐĞůĞŶ ĂĂŶƐĐŚĂĨŬŽƌƚŝŶŐ͕ ǀĞƌŐŽĞĚŝŶŐ ĞŶ ĞĞŶ ŐƌĂƚŝƐ ǀĞƌnjĞŬĞƌŝŶŐ ĞĞŶ ďĞůĂŶŐƌŝũŬĞ ƌŽů ƚĞ ƐƉĞůĞŶ ǀŽŽƌ ŚĞƚ ĂĂŶƐĐŚĂĨĨĞŶ ǀĂŶ ĞĞŶ ĞͲĨŝĞƚƐ͘ ĞnjĞ ĚƌŝĞ ŵĂĂƚƌĞŐĞůĞŶ ƚĞnjĂŵĞŶ njƵůůĞŶ ŚĞƚ ŵĞĞƐƚĞĞĨĨĞĐƚĐƌĞģƌĞŶĞŶĚĂĂƌŽŵǁŽƌĚƚŽŽŬŐĞĂĚǀŝƐĞĞƌĚŽŵĞĞŶƉĂŬŬĞƚĂĂŶŵĂĂƚƌĞŐĞůĞŶĂĂŶƚĞďŝĞĚĞŶǁĂĂƌŝŶ ĚĞnjĞ ĚƌŝĞ ǁŽƌĚĞŶ ŽƉŐĞŶŽŵĞŶ͘ ƌ ŝƐ ŐĞďůĞŬĞŶ ĚĂƚ ĞĞŶ ĐŽŵďŝŶĂƚŝĞ ǀĂŶ ΦϯϬϬ͕Ͳ ĂĂŶƐĐŚĂĨŬŽƌƚŝŶŐ ĞŶ ϮϬ ĐĞŶƚ ǀĞƌŐŽĞĚŝŶŐ ƉĞƌ ĨŝĞƚƐŬŝůŽŵĞƚĞƌ ĚĞnjĞůĨĚĞ ŬĂŶƐ ŽƉ ĂĂŶƐĐŚĂĨ ŽƉůĞǀĞƌƚ ĂůƐ ĞĞŶ ƉĂŬŬĞƚ ǁĂĂƌŝŶ ΦϱϬϬ͕Ͳ ĞƵƌŽ ĂĂŶƐĐŚĂĨŬŽƌƚŝŶŐǁŽƌĚƚĂĂŶŐĞďŽĚĞŶĞŶϭϬĐĞŶƚǀĞƌŐŽĞĚŝŶŐƉĞƌĨŝĞƚƐŬŝůŽŵĞƚĞƌ͘ƌŝƐŐĞĞŶǀĞƌĚŝĞƉĞŶĚŽŶĚĞƌnjŽĞŬ ŐĞĚĂĂŶŶĂĂƌĚĞŐĞŢŶǀĞƐƚĞĞƌĚĞŬŽƐƚĞŶǀĂŶďĞŝĚĞƉĂŬŬĞƚƚĞŶĞŶǁĞůŬĞǀĂŶĚĞƚǁĞĞŽƉƚŝĞƐĚĂŶŚĞƚŵĞĞƐƚĞĨĨŝĐŝģŶƚ ŝƐŵĞƚďĞƚƌĞŬŬŝŶŐƚŽƚĚĞŬŽƐƚĞŶ͘ĞŶŚŽŐĞƌĞǀĞƌŐŽĞĚŝŶŐnjĂůƌĞƐƵůƚĞƌĞŶŝŶŵĞĞƌŐĞďƌƵŝŬǁĂƚĞĞŶǀŽŽƌĚĞĞůŬĂŶnjŝũŶ ǁĂŶŶĞĞƌŐĞŬŽnjĞŶǁŽƌĚƚǀŽŽƌĚĞĞĞƌƐƚĞǀĂƌŝĂŶƚ͘ tĂŶŶĞĞƌĞĞŶƉĞƌƐŽŽŶŵĞĞƌŐĞŶĞŝŐĚŝƐŽǀĞƌƚĞŐĂĂŶƚŽƚĂĂŶƐĐŚĂĨǁŽƌĚƚŽŽŬĚĞŵŽŐĞůŝũŬŚĞŝĚƚŽƚĞĞŶƌĞŶƚĞůŽnjĞ ůĞŶŝŶŐŝŶƚĞƌĞƐƐĂŶƚďĞǀŽŶĚĞŶ͘
ϴϬ
^ƚŝŵƵůĞƌŝŶŐƐŵĂĂƚƌĞŐĞůĞŶ͗ŚĞƚĂĂŶďŝĞĚĞŶǀĂŶĞĞŶƉĂŬŬĞƚŵĞƚĂĂŶƐĐŚĂĨŬŽƌƚŝŶŐ͕ǀĞƌŐŽĞĚŝŶŐǀŽŽƌŐĞďƌƵŝŬ ĞŶŐƌĂƚŝƐǀĞƌnjĞŬĞƌŝŶŐŽŵĚĞĂĂŶƐĐŚĂĨǀĂŶĞĞŶĞͲĨŝĞƚƐƚĞƐƚŝŵƵůĞƌĞŶ͘ sŽŽƌĚĞƉĞƌƐŽŶĞŶĚŝĞĚĂĂĚǁĞƌŬĞůŝũŬŽǀĞƌǁĞŐĞŶŽǀĞƌƚĞŐĂĂŶƚŽƚĂĂŶƐĐŚĂĨŵŽĞƚĞĞŶƌĞŶƚĞůŽnjĞůĞŶŝŶŐ;ǀŝĂ ǁĞƌŬŐĞǀĞƌͿŵŽŐĞůŝũŬŐĞŵĂĂŬƚǁŽƌĚĞŶ͘ dĞƌƉƌŽŵŽƚŝĞǀĂŶĚĞĞͲĨŝĞƚƐŬĂŶĚĞŶĂĚƌƵŬŵĞĞƌŐĞůĞŐĚǁŽƌĚĞŶŽƉŚĞƚĨŝŶĂŶĐŝĞĞůǀŽŽƌĚĞůŝŐĞĂƐƉĞĐƚ͘ĂŶŐĞnjŝĞŶ ƉĞƌƐŽŶĞŶĚŝĞĂĂŶŐĞǀĞŶďĞǁƵƐƚŽŵƚĞŐĂĂŶŵĞƚŐĞůĚĞĞŶŐƌŽƚĞƌĞŬĂŶƐŚĞďďĞŶĚĞĞͲĨŝĞƚƐĂĂŶƚĞƐĐŚĂĨĨĞŶ͕ŵŽĞƚ ũƵŝƐƚŚĞƚĨŝŶĂŶĐŝģůĞǀŽŽƌĚĞĞůĚĂƚĚĞĞͲĨŝĞƚƐŚĞĞĨƚƚĞŶŽƉnjŝĐŚƚĞǀĂŶĞĞŶĂŶĚĞƌǀĞƌǀŽĞƌŵŝĚĚĞůĚƵŝĚĞůŝũŬŶĂĂƌǀŽƌĞŶ ŬŽŵĞŶ͘ ŝƚ njĂů ƉĞƌƐŽŶĞŶ ĂĂŶƐƉƌĞŬĞŶ ĚŝĞ ŵĞĞƌ ŐĞůĚďĞǁƵƐƚnjŝũŶ ǁĂƚƚĞǀĞŶƐ ĚĞ ĚŽĞůŐƌŽĞƉ ŝƐ ĚŝĞ ŵĞĞƌ ƉŽƚĞŶƚŝĞ ŚĞĞĨƚ ĚĞ ĞͲĨŝĞƚƐ ƚĞ ŐĂĂŶ ĂĂŶƐĐŚĂĨĨĞŶ͘ ĂĂƌŶĂĂƐƚ ŵŽĞƚ ďŝŶŶĞŶ ĚĞ ǁĞƌŬŽŵŐĞǀŝŶŐ ŵĞĞƌ ĂĂŶĚĂĐŚƚ ŐĞƐĐŚŽŶŬĞŶ ǁŽƌĚĞŶĂĂŶĚĞĞͲĨŝĞƚƐďĞnjŝƚƚĞƌŽĨĂĂŶĚĞĞͲĨŝĞƚƐĞƌƐŝŶŚĞƚĂůŐĞŵĞĞŶ͘ĞnjĞƉĞƌƐŽŶĞŶŬƵŶŶĞŶĐŽůůĞŐĂ͛ƐŽǀĞƌƚƵŝŐĞŶ ŽĨŽƉŝĚĞĞģŶďƌĞŶŐĞŶnjŽŶĚĞƌĚĂƚnjŝũŚŝĞƌǀŽŽƌǀĞĞůŵŽĞŝƚĞŚŽĞǀĞŶƚĞĚŽĞŶ͘hŝƚĚĞĂŶĂůLJƐĞďůŝũŬƚĚĂƚƉĞƌƐŽŶĞŶĚŝĞ ŐĞǀŽĞůŝŐ njŝũŶ ǀŽŽƌ ƐŽĐŝĂůĞ ĚƌƵŬͬŝŶǀůŽĞĚ ĞĞƌĚĞƌ ŽǀĞƌ ĚĞ ĂĂŶƐĐŚĂĨ ǀĂŶ ĞĞŶ ĞͲĨŝĞƚƐ njŽƵĚĞŶ ŐĂĂŶ ŶĂĚĞŶŬĞŶ ĂůƐ ĐŽůůĞŐĂ͛ƐŽŽŬĞĞŶĞͲĨŝĞƚƐŐŝŶŐĞŶĂĂŶƐĐŚĂĨĨĞŶ͘ĂĂƌŽŵŝƐŚĞƚďĞůĂŶŐƌŝũŬŬĞŶďĂĂƌƚĞŵĂŬĞŶŚŽĞǀĞĞůĞͲĨŝĞƚƐĞƌƐĞƌŝŶ ĞĞŶďĞĚƌŝũĨnjŝũŶŽĨǁŝĞĞƌĞͲĨŝĞƚƐƚ͘,ŝĞƌĚŽŽƌŽŶƚƐƚĂĂƚĞƌĞĞŶŐĞƐƉƌĞŬŽǀĞƌĚĞĞͲĨŝĞƚƐďŝŶŶĞŶĚĞǁĞƌŬŽŵŐĞǀŝŶŐĞŶ njƵůůĞŶĚŝĞƉĞƌƐŽŶĞŶĚŝĞĚĂĂƌŐĞǀŽĞůŝŐǀŽŽƌnjŝũŶŽŽŬĞĞƌĚĞƌŐĂĂŶŶĂĚĞŶŬĞŶŽǀĞƌĚĞĂĂŶƐĐŚĂĨ͘ 'ĞďƌƵŝŬŚĞƚĨŝŶĂŶĐŝģůĞǀŽŽƌĚĞĞůĚĂƚĚĞĞͲĨŝĞƚƐŚĞĞĨƚƚĞŶŽƉnjŝĐŚƚĞǀĂŶŚĞƚŐĞďƌƵŝŬǀĂŶĚĞĂƵƚŽĂůƐƉƌŽŵŽƚŝĞͲ ĂƐƉĞĐƚĞŶƉƌŽďĞĞƌĚŝƚŝŶnjŝĐŚƚĞůŝũŬƚĞŵĂŬĞŶ͘ 'ĞĞĨŵĞĞƌĂĂŶĚĂĐŚƚĂĂŶĚĞŚƵŝĚŝŐĞĞͲĨŝĞƚƐĞƌƐnjŽĚĂƚĐŽůůĞŐĂ͛ƐǁŽƌĚĞŶŐĞģŶƚŚŽƵƐŝĂƐŵĞĞƌĚ͘ Ğ ŚƵŝĚŝŐĞ ĂĂŶƉĂŬ ƉƌŽďĞƌĞŶ͕ ĂĂŶƐĐŚĂĨĨĞŶ͕ ďĞůŽŶĞŶ ďůŝũŬƚ ĞĞŶ ĚƵŝĚĞůŝũŬ ŽƉďŽƵǁ ǀĂŶ ŚĞƚ ƐƚŝŵƵůĞƌĞŶ ǀĂŶ ĚĞ ĞͲ ĨŝĞƚƐ͘,ĞƚƉƌŽďĞƌĞŶƌĞƐƵůƚĞĞƌƚĞƌŝŶĚĂƚƉĞƌƐŽŶĞŶĞĞŶďĞƚĞƌĞŶǀĂĂŬƉŽƐŝƚŝĞǀĞƌďĞĞůĚŬƌŝũŐĞŶǀĂŶĚĞĞůĞŬƚƌŝƐĐŚĞ ĨŝĞƚƐ͘ Ğ ŬƵŶŶĞŶ ŚŝĞƌŵĞĞ ďĞƚĞƌ ŝŶƐĐŚĂƚƚĞŶ ǁĂƚ ĚĞ ǀŽŽƌĚĞůĞŶ njƵůůĞŶ njŝũŶ ǀĂŶ ĚĞ ĞͲĨŝĞƚƐ ǁĂĂƌĚŽŽƌ ŚƵŶ ĂƚƚŝƚƵĚĞ ƌŝĐŚƚŝŶŐĚĞĞͲĨŝĞƚƐƉŽƐŝƚŝĞǀĞƌŝƐ͘ŝƚůĞŝĚƚƚŽƚĞĞŶŐƌŽƚĞƌĞŬĂŶƐŽƉĂĂŶƐĐŚĂĨ͘,ĞƚŝŶǀĞƐƚĞƌĞŶŝŶŚĞƚůĂƚĞŶƉƌŽďĞƌĞŶ ǀĂŶ ĞĞŶ ĞͲĨŝĞƚƐ ŝƐ ĚĞ ĞĞƌƐƚĞ ƐƚĂƉ Žŵ ĚŝĐŚƚĞƌ ƚŽƚ ŚĞƚ ĂĂŶƐĐŚĂĨĨĞŶ ƚĞ ŬŽŵĞŶ͘ sĞƌǀŽůŐĞŶƐ ŵŽĞƚ ĚĞ ĨŽĐƵƐ ŽƉ Ěŝƚ ŵŽŵĞŶƚůŝŐŐĞŶŽƉĚĞĂĂŶƐĐŚĂĨ͘hŝƚŚĞƚŽŶĚĞƌnjŽĞŬŬŽŵƚŶĂĂƌǀŽƌĞŶĚĂƚŶĂĂĂŶƐĐŚĂĨĞĞŶŐƌŽƚĞŐƌŽĞƉŽŽŬnjŽŶĚĞƌ ǀĞƌŐŽĞĚŝŶŐĚĞĞͲĨŝĞƚƐŐĂĂƚŐĞďƌƵŝŬĞŶ͘ĞǀĞƌǁĂĐŚƚŝŶŐŝƐĚĂƚŚĞƚŐĞďƌƵŝŬŵĞĞƌnjĂůnjŝũŶŶĂǁĞƌŬĞůŝũŬĞĂĂŶƐĐŚĂĨ;ŝƉǀ ŚLJƉŽƚŚĞƚŝƐĐŚĞͿ ŽŵĚĂƚ ƉĞƌƐŽŶĞŶ ŝŶ ĚĂƚ ŐĞǀĂů ĞĞŶ ŝŶǀĞƐƚĞƌŝŶŐ ŚĞďďĞŶ ŐĞĚĂĂŶ ŝŶ ŚĞƚ ĂĂŶƐĐŚĂĨĨĞŶ ĞŶ ĚĂĂƌĚŽŽƌ ŵŽŐĞůŝũŬŵĞĞƌĚƌƵŬǀŽĞůĞŶĚĞĞͲĨŝĞƚƐƚĞŐĂĂŶŐĞďƌƵŝŬĞŶ͘ĞŐƌŽŽƚƐƚĞƌĞĚĞŶǁĂĂƌŽŵĚĞĞͲĨŝĞƚƐŽƉĚŝƚŵŽŵĞŶƚ ŶŽŐ ǁĞŝŶŝŐ ǁŽƌĚƚ ŐĞďƌƵŝŬƚ ǀŽŽƌ ŚĞƚ ǁŽŽŶͲǁĞƌŬǀĞƌŬĞĞƌ ŝƐ ĚĂƚ ĨŽƌĞŶnjĞŶ ŶŝĞƚ ŝŶ ŚĞƚ ďĞnjŝƚ njŝũŶ ǀĂŶ ĞĞŶ ĞͲĨŝĞƚƐ͘ tĂŶŶĞĞƌ ĚĂĂƌŝŶ ǁŽƌĚƚ ŐĞŢŶǀĞƐƚĞĞƌĚ njĂů ŽŽŬ ŚĞƚ ŐĞďƌƵŝŬ ƚŽĞŶĞŵĞŶ ĞŶ ŬĂŶ ŝŶ ĞĞŶ ůĂƚĞƌ ƐƚĂĚŝƵŵ ĚĞ ĨŽĐƵƐ ǀĞƌƐĐŚƵŝǀĞŶŶĂĂƌŚĞƚƐƚŝŵƵůĞƌĞŶǀĂŶŚĞƚŐĞďƌƵŝŬ;ďŝũǀŽŽƌďĞĞůĚĚŽŽƌŵŝĚĚĞůǀĂŶĂƉƉƐ͕ŐĂŵĞƐ͕ďĞůŽŶĞŶĞƚĐͿ͘ĞŶ ĨŝŶĂŶĐŝģůĞďĞůŽŶŝŶŐĂĂŶďŝĞĚĞŶǀŽŽƌŚĞƚŐĞďƌƵŝŬĞŶǀĂŶĚĞĞͲĨŝĞƚƐŬĂŶnjŽĂůƐƵŝƚĚŝƚŽŶĚĞƌnjŽĞŬďůŝũŬƚŽŽŬĞĞŶŵŝĚĚĞů njŝũŶŽŵŵĞŶƐĞŶĚĞĞͲĨŝĞƚƐƚĞůĂƚĞŶĂĂŶƐĐŚĂĨĨĞŶ͘ >ĂĂƚƉĞƌƐŽŶĞŶĚĞĞͲĨŝĞƚƐĞƌǀĂƌĞŶnjŽĚĂƚnjŝũĞĞŶƉŽƐŝƚŝĞǀĞƌďĞĞůĚŬƌŝũŐĞŶǀĂŶĚĞĞͲĨŝĞƚƐǁĂƚĚĞĂĂŶƐĐŚĂĨŬĂŶƐ ǀĞƌŐƌŽŽƚ;ƉƌŽďĞĞƌǁĞŬĞŶ͕ĞƌǀĂĂƌŚĞƚĞͲĨŝĞƚƐĞŶ͕ůĞĞŶĨŝĞƚƐĞŶŽƉŚĞƚǁĞƌŬ͕ĞͲĨŝĞƚƐĞǀĞŶĞŵĞŶƚĞŶĞƚĐ͘Ϳ &ŽĐƵƐŽƉĚŝƚŵŽŵĞŶƚŽƉĚĞƐƚŝŵƵůĞƌŝŶŐǀĂŶĚĞĂĂŶƐĐŚĂĨ͘,ĞƚĂĂŶƐĐŚĂĨĨĞŶůĞŝĚƚƚŽƚŐĞďƌƵŝŬ͘ dŽƚ ƐůŽƚ ďůŝũŬĞŶ ƉĞƌƐŽŽŶůŝũŬĞ ŬĞŶŵĞƌŬĞŶ njŽĂůƐ ůĞĞĨƚŝũĚ͕ ŝŶŬŽŵĞŶ͕ ŐĞƐůĂĐŚƚ͕ ŽƉůĞŝĚŝŶŐ ĞŶ ŚƵŝƐŚŽƵĚĞŶ ŝŶ ǀĞĞů ŵŝŶĚĞƌĞŵĂƚĞŝŶǀůŽĞĚƵŝƚƚĞŽĞĨĞŶĞŶŽƉŚĞƚǀĞƌǁĂĐŚƚĞĞͲĨŝĞƚƐŐĞďƌƵŝŬŽĨĚĞĂĂŶƐĐŚĂĨŬĂŶƐ͘:ƵŝƐƚĨĂĐƚŽƌĞŶĚŝĞƚĞ ŵĂŬĞŶ ŚĞďďĞŶ ŵĞƚ ŚĞƚ ŚƵŝĚŝŐĞ ǀĞƌǀŽĞƌŵŝĚĚĞůĞŶŐĞďƌƵŝŬ ĞŶ ĚĞ ƌĞŝƐĂĨƐƚĂŶĚ ďĞŢŶǀůŽĞĚĞŶ ĚĞ ĂĂŶƐĐŚĂĨ ĞŶ ŚĞƚ ŐĞďƌƵŝŬ͘ ƌ njŝũŶ ďŝŶŶĞŶ ĚĞ ŐƌŽĞƉ ƌĞƐƉŽŶĚĞŶƚĞŶ ǀĂŶ Ěŝƚ ŽŶĚĞƌnjŽĞŬ ǀĞƌƐĐŚŝůůĞŶĚĞ ŐƌŽĞƉĞŶ ƚĞ ŵĂŬĞŶ ĚŝĞ ǀĞƌƐĐŚŝůůĞŶĚƌĞĂŐĞƌĞŶŽƉŽŵŐĞǀŝŶŐƐĨĂĐƚŽƌĞŶĞŶǀĞƌŐŽĞĚŝŶŐĞŶ͘^ŽŵŵŝŐĞĂƐƉĞĐƚĞŶǀĂŶƐƚŝŵƵůĞƌŝŶŐƐŵĂĂƚƌĞŐĞůĞŶ njƵůůĞŶ ǀŽŽƌ ĂůůĞ ƉĞƌƐŽŶĞŶ ĞĞŶnjĞůĨĚĞ ƌĞƐƵůƚĂĂƚ ŚĞďďĞŶ͘ ĐŚƚĞƌ ŝƐ Ğƌ ĞĞŶ ŐƌŽĞƉ ƚĞ ŽŵƐĐŚƌŝũǀĞŶ ĚŝĞ ǀĞĞů ŵĞĞƌ ƉŽƚĞŶƚŝĞŚĞĞĨƚŽŵŽǀĞƌƚĞŐĂĂŶƚŽƚŚĞƚĂĂŶƐĐŚĂĨĨĞŶĞŶŚĞƚŐĞďƌƵŝŬĞŶǀĂŶĚĞĞͲĨŝĞƚƐĚĂŶĞĞŶĂŶĚĞƌĞŐƌŽĞƉ͘hŝƚ ŚĞƚ ŽŶĚĞƌnjŽĞŬ ŬŽŵƚ ŶĂĂƌ ǀŽƌĞŶ ĚĂƚ ƉĞƌƐŽŶĞŶ ĚŝĞ ƚŽƚ ϭϱ ŬŝůŽŵĞƚĞƌ ǀĂŶ ŚĞƚ ǁĞƌŬ ǁŽŶĞŶ͕ ŽƉ Ěŝƚ ŵŽŵĞŶƚ ŵĂdžŝŵĂĂůϮĚĂŐĞŶƉĞƌǁĞĞŬĚĞĂƵƚŽŶĞŵĞŶĞŶŽŽŬŵŝŶŝŵĂĂůϭĚĂŐƉĞƌǁĞĞŬĚĞĨŝĞƚƐǀĞĞůƉŽƐŝƚŝĞǀĞƌƌĞĂŐĞƌĞŶ
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ŽƉ ďĞƉĂĂůĚĞ ƐŝƚƵĂƚŝĞƐ ĞŶ ĚĂĂƌďŝũ ŵĞĞƌ ƉŽƚĞŶƚŝĞ ŚĞďďĞŶŽŵ ŽǀĞƌ ƚĞ ŐĂĂŶ ƚŽƚ ŚĞƚ ĂĂŶƐĐŚĂĨĨĞŶ ǀĂŶ ĞĞŶ ĞͲĨŝĞƚƐ͘ sŽŽƌĚĞĂĂŶƉĂŬǀĂŶWƌŽŐƌĂŵŵĂďƵƌĞĂƵDĂĂƐƚƌŝĐŚƚĞƌĞŝŬďĂĂƌǀŽŽƌĞĞŶƐƚŝŵƵůĞƌŝŶŐƐƉƌŽŐƌĂŵŵĂǀŽŽƌĚĞĞͲĨŝĞƚƐ ŝƐŚĞƚǀĂŶďĞůĂŶŐǀĞƌƐĐŚŝůůĞŶĚĞĚŽĞůŐƌŽĞƉĞŶƐƉĞĐŝĨŝĞŬĞƌƚĞŽŵƐĐŚƌŝũǀĞŶ͘ĂĂƌďŝũǁŽƌĚƚŐĞĂĚǀŝƐĞĞƌĚŽŵĚĞĨŽĐƵƐ ƚĞ ůĞŐŐĞŶ ďŝũ ĚĞ ŐƌŽŽƚƐƚĞ ŐƌŽĞƉ ŵĞƚ ĚĞ ŵĞĞƐƚĞ ƉŽƚĞŶƚŝĞ͘ ƌ ŬĂŶ ĞĞŶ ĚŽĞůŐƌŽĞƉ ƐƉĞĐŝĨŝĞŬĞ ĂĂŶƉĂŬ ǁŽƌĚĞŶ ŐĞĨŽƌŵƵůĞĞƌĚǀŽŽƌĚĞnjĞĨŽĐƵƐŐƌŽĞƉŵĂĂƌŽŽŬǀŽŽƌĞĞŶĂŶĚĞƌĞŵŝŶĚĞƌŐƌŽƚĞŐƌŽĞƉŵĞƚŵŝŶĚĞƌƉŽƚĞŶƚŝĞ͘sŽŽƌ ďĞƉĂĂůĚĞ ƚLJƉĞ ƉĞƌƐŽŶĞŶ ǁĂĂƌďŝũ ĚĞ ƉŽƚĞŶƚŝĞ ƚŽƚ ĂĂŶƐĐŚĂĨ ĞŶ ŐĞďƌƵŝŬ ǀĂŶ ĚĞ ĞͲĨŝĞƚƐ ĞƌŐ ůĂĂŐ ŝƐ͕ ǁŽƌĚƚ ŐĞĐŽŶĐůƵĚĞĞƌĚĚĂƚŚŝĞƌĂĂŶŵŝŶĚĞƌƚŽƚŐĞĞŶĂĂŶĚĂĐŚƚďĞƐƚĞĞĚŵŽĞƚǁŽƌĚĞŶ͘ &ŽƌŵƵůĞĞƌǀĞƌƐĐŚŝůůĞŶĚĞĚŽĞůŐƌŽĞƉĞŶŽƉďĂƐŝƐǀĂŶǁŽŽŶͲǁĞƌŬƌŝƚǀĂƌŝĂďĞůĞŶ͘DĂĂŬĞĞŶĚŽĞůŐƌŽĞƉƐƉĞĐŝĨŝĞŬ ƉůĂŶǀŽŽƌĚĞŐƌŽĞƉĞŶĞŶĨŽĐƵƐŽƉĚĞŐƌŽŽƚƐƚĞŐƌŽĞƉŵĞƚĚĞŵĞĞƐƚĞƉŽƚĞŶƚŝĞ͘ĞƐƚĞĞĚnjŽŵŝŶŵŽŐĞůŝũŬ ĂĂŶĚĂĐŚƚĂĂŶĚĞĚŽĞůŐƌŽĞƉŵĞƚĚĞŵŝŶƐƚĞƉŽƚĞŶƚŝĞ͘
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