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Fϙ͓ϙ(«I(ϙ"Ib@ϙibIibϙϙϙϙϙ
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FIϙ@((a(bϠϙîÍťôîϙċĺŘϙŘôċôŘôIJèôϙŕŪŘŕĺŜôŜϙĺIJīƅϙÍŜϙϙϙϙϙϙϙϙϙϙϙϙϙϙϙϙϙϙϙϙϙϙϙϙϙϙϙϙϙϙϙϙϙϙϙϙϙϙϙϙϙϙϙϙϙϙϠϙĖŜϙæƅϙÍIJîϙ
æôťſôôIJϙťēôϙĖťƅϙĺċϙôIJťĺIJϙϼťēôϙЊĖťƅЋϽϠϙÍϙ®ÍŜēĖIJČťĺIJϙıŪIJĖèĖŕÍīϙèĺŘŕĺŘÍťĖĺIJϠϙÍIJîϙF͑ϙ
(IJČĖIJôôŘĖIJČϠϙIIJèϙϼЊĺIJŜŪīťÍIJťЋϽϠϙÍϙ®ÍŜēĖIJČťĺIJϙèĺŘŕĺŘÍťĖĺIJϟϙēôϙĖťƅϙÍIJîϙťēôϙĺIJŜŪīťÍIJťϙÍŘôϙ
ŘôċôŘŘôîϙťĺϙèĺīīôèťĖŽôīƅϙĖIJϙťēĖŜϙČŘôôıôIJťϙÍŜϙťēôϙЊÍŘťĖôŜϟЋϙiIJèôϙċŪīīƅϙôƄôèŪťôîϙæƅϙťēôϙÍŘťĖôŜϠϙ
ťēĖŜϙČŘôôıôIJťϙĖŜϙôċċôèťĖŽôϙÍŜϙĺċϙťēôϙīÍŜťϙîÍťôϙŜĖČIJôîϙæƅϙæĺťēϙŕÍŘťĖôŜϟϙ
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͐ϟèĺŕôϙ ĺċϙ ®ĺŘħϡϙ ĺIJŜŪīťÍIJťϙ ÍČŘôôŜϙ ťĺϙ ŕŘĺŽĖîôϙ ŜôŘŽĖèôŜϙ îŪŘĖIJČϙ èĺIJŜťŘŪèťĖĺIJϙ ÍŜϙ
ŜŕôèĖċĖôîϙĖIJϙ(ƄēĖæĖťϙϠϙſēĖèēϙĖŜϙÍťťÍèēôîϙÍIJîϙĖIJèĺŘŕĺŘÍťôîϙēôŘôĖIJϙÍIJîϙıÍƅϙēôŘôĖIJÍċťôŘϙ
æôϙŘôċôŘŘôîϙťĺϙÍŜϙťēôϙЊ®ĺŘħϟЋϙϙ
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͑ϟēÍIJČôŜϙĖIJϙèĺŕôϙĺċϙ®ĺŘħϡϙēôϙĖťƅϠϙſĖťēĺŪťϙĖIJŽÍīĖîÍťĖIJČϙťēĖŜϙČŘôôıôIJťϠϙıÍƅϙĺŘîôŘϙ
èēÍIJČôŜϙťĺϙťēôϙ®ĺŘħϙèĺIJŜĖŜťĖIJČϙĺċϙÍîîĖťĖĺIJŜϠϙîôīôťĖĺIJŜϙĺŘϙıĺîĖċĖèÍťĖĺIJŜϟϙIJƅϙŜŪèēϙ
èēÍIJČôŜϙťĺϙťēôϙ®ĺŘħϙŜēÍīīϙæôϙĺŘîôŘôîϙæƅϙťēôϙĖťƅϙĖIJϙſŘĖťĖIJČϙÍIJîϙťēôϙĺıŕôIJŜÍťĖĺIJϙ
ŜēÍīīϙæôϙôŗŪĖťÍæīƅϙÍîĤŪŜťôîϙèĺIJŜĖŜťôIJťϙſĖťēϙťēôϙŘÍťôŜϙŜôťϙċĺŘťēϙĖIJϙ(ƄēĖæĖťϙϙĺŘϙÍŜϙ
ĺťēôŘſĖŜôϙıŪťŪÍīīƅϙÍČŘôôîϙæƅϙťēôϙÍŘťĖôŜϟϙ
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͒ϟĖıôϙ ĺċϙ ôŘċĺŘıÍIJèôϡϙ ĺIJŜŪīťÍIJťϙ ŜēÍīīϙ èĺııôIJèôϙ ŕôŘċĺŘıÍIJèôϙ ĺċϙ ťēôϙ
ČŘôôıôIJťϙŕŪŘŜŪÍIJťϙťĺϙťēôϙŜèēôîŪīôϼŜϽϙŜôťϙċĺŘťēϙĖIJϙ(ƄēĖæĖťϙϟϙīīϙ®ĺŘħϙŜēÍīīϙæôϙ
ŕôŘċĺŘıôîϙæƅϙIJĺϙīÍťôŘϙťēÍIJϙVŪIJôϙ͒͏Ϡϙ͑͏͖͑ϟϙϙ
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͓ϟĺıŕôIJŜÍťĖĺIJϡϙ
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ϟϙ ıĺŪIJťϟϙĺťÍīϙèĺıŕôIJŜÍťĖĺIJϙťĺϙĺIJŜŪīťÍIJťϙċĺŘϙ®ĺŘħϙŕŘĺŽĖîôîϙŕŪŘŜŪÍIJťϙťĺϙťēĖŜϙ
ČŘôôıôIJťϙŜēÍīīϙIJĺťϙôƄèôôîϙщ͐͒͘Ϡ͔͑͘ϠϙŕīŪŜϙÍIJƅϙÍŕŕīĖèÍæīôϙŜťÍťôϙ ÍIJîϙīĺèÍīϙŜÍīôŜϙ
ťÍƄôŜϟϙ ĺıŕôIJŜÍťĖĺIJϙ ŜēÍīīϙ æôϙ ŕÍĖîϙ æÍŜôîϙ ŪŕĺIJϙ ®ĺŘħϙ ÍèťŪÍīīƅϙ ŕôŘċĺŘıôîϙ
ÍèèĺŘîĖIJČϙťĺϙťēôϙŘÍťôϼŜϽϙĺŘϙÍıĺŪIJťŜϙŜŕôèĖċĖôîϙĖIJϙ(ƄēĖæĖťϙϟϙēôϙĺIJŜŪīťÍIJťϙÍČŘôôŜϙ
ťēÍťϙÍIJƅϙēĺŪŘīƅϙĺŘϙċīÍťϙŘÍťôϙèēÍŘČôîϙæƅϙĖťϙċĺŘϙĖťŜϙ®ĺŘħϙŜēÍīīϙŘôıÍĖIJϙīĺèħôîϙÍťϙťēôϙ
IJôČĺťĖÍťôîϙŘÍťôϼŜϽϙŪIJīôŜŜϙĺťēôŘſĖŜôϙÍČŘôôîϙťĺϙĖIJϙſŘĖťĖIJČϙĺŘϙŕŘĺŽĖîôîϙĖIJϙ(ƄēĖæĖťϙϟϙ
(ƄèôŕťϙÍŜϙŜŕôèĖċĖèÍīīƅϙŕŘĺŽĖîôîϙēôŘôĖIJϠϙťēôϙĺIJŜŪīťÍIJťϙŜēÍīīϙæôϙŜĺīôīƅϙŘôŜŕĺIJŜĖæīôϙ
ċĺŘϙŕÍƅıôIJťϙĺċϙÍIJƅϙťÍƄôŜϙĖıŕĺŜôîϙÍŜϙÍϙŘôŜŪīťϙĺċϙťēôϙŕôŘċĺŘıÍIJèôϙÍIJîϙŕÍƅıôIJťϙĺċϙ
ťēĖŜϙČŘôôıôIJťϟϙ
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ϟϙ aôťēĺîϙĺċϙÍƅıôIJťϟϙiIJϙÍϙıĺIJťēīƅϙĺŘϙIJĺϙīôŜŜϙťēÍIJϙŗŪÍŘťôŘīƅϙæÍŜĖŜϙîŪŘĖIJČϙÍIJƅϙ
ŗŪÍŘťôŘϙĖIJϙſēĖèēϙ®ĺŘħϙĖŜϙŕôŘċĺŘıôîϠϙťēôϙĺIJŜŪīťÍIJťϙŜēÍīīϙŜŪæıĖťϙÍϙŽĺŪèēôŘϙĺŘϙ
ĖIJŽĺĖèôϙĖIJϙÍϙċĺŘıϙŜŕôèĖċĖôîϙæƅϙťēôϙĖťƅϠϙĖIJèīŪîĖIJČϙÍϙîôŜèŘĖŕťĖĺIJϙĺċϙſēÍťϙ®ĺŘħϙēÍŜϙ
æôôIJϙŕôŘċĺŘıôîϠϙťēôϙIJÍıôϙĺċϙ ťēôϙŕôŘŜĺIJIJôīϙ ŕôŘċĺŘıĖIJČϙŜŪèēϙ®ĺŘħϠϙÍIJîϙÍIJƅϙ
ēĺŪŘīƅϙīÍæĺŘϙèēÍŘČôϙŘÍťôϙċĺŘϙŜŪèēϙŕôŘŜĺIJIJôīϟϙēôϙĺIJŜŪīťÍIJťϙŜēÍīīϙÍīŜĺϙŜŪæıĖťϙÍϙ
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August 25, 2025
CAG-25-267
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ĺIJťŘÍèťϙôıŕīÍťôϙŕîÍťôîϙ͔ϯ͑͐ϯ͑͏͑͐
ēĺŪŘīƅϙīÍæĺŘϙèēÍŘČôϙŘÍťôϙċĺŘϙŜŪèēϙŕôŘŜĺIJIJôīϟϙēôϙĺIJŜŪīťÍIJťϙŜēÍīīϙÍīŜĺϙŜŪæıĖťϙÍϙ
ċĖIJÍīϙæĖīīϙŪŕĺIJϙèĺıŕīôťĖĺIJϙĺċϙÍīīϙ®ĺŘħϟϙÍƅıôIJťϙŜēÍīīϙæôϙıÍîôϙæƅϙťēôϙĖťƅϙċĺŘϙ®ĺŘħϙ
ŕôŘċĺŘıôîϙſĖťēĖIJϙťēĖŘťƅϙϼ͒͏ϽϙèÍīôIJîÍŘϙîÍƅŜϙÍċťôŘϙŘôèôĖŕťϙÍIJîϙÍŕŕŘĺŽÍīϙ æƅϙ ťēôϙ
ÍŕŕŘĺŕŘĖÍťôϙĖťƅϙŘôŕŘôŜôIJťÍťĖŽôϙĺċϙťēôϙŽĺŪèēôŘϙĺŘϙĖIJŽĺĖèôϟϙIċϙťēôϙĺIJŜŪīťÍIJťЍŜϙ
ŕôŘċĺŘıÍIJèôϙîĺôŜϙIJĺťϙıôôťϙťēôϙŘôŗŪĖŘôıôIJťŜϙĺċϙťēĖŜϙČŘôôıôIJťϠϙťēôϙĺIJŜŪīťÍIJťϙ
ſĖīīϙèĺŘŘôèťϙĺŘϙıĺîĖċƅϙĖťŜϙŕôŘċĺŘıÍIJèôϙťĺϙèĺıŕīƅϙſĖťēϙťēôϙČŘôô ıôIJťϟϙēôϙĖťƅϙıÍƅϙ
ſĖťēēĺīîϙ ŕÍƅıôIJťϙ ċĺŘϙ ſĺŘħϙ ťēÍťϙ îĺôŜϙ IJĺťϙ ıôôťϙ ťēôϙ ŘôŗŪĖŘôıôIJťŜϙ ĺċϙ ťēĖŜϙ
ČŘôôıôIJťϟϙ
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ϟϙ (ċċôèťϙĺċϙÍƅıôIJťϟϙÍƅıôIJťϙċĺŘϙÍIJƅϙŕÍŘťϙĺċϙťēôϙ®ĺŘħϙŜēÍīīϙIJĺťϙèĺIJŜťĖťŪťôϙÍϙſÍĖŽôŘϙ
æƅϙťēôϙĖťƅϙĺċϙÍIJƅϙŘôıôîĖôŜϙĖťϙıÍƅϙēÍŽôϙÍČÍĖIJŜťϙťēôϙĺIJŜŪīťÍIJťϙ ċĺŘϙċÍĖīŪŘôϙĺċϙťēôϙ
ĺIJŜŪīťÍIJťϙ ťĺϙ ŕôŘċĺŘıϙ ťēôϙ ®ĺŘħϙ ĺŘϙ ċĺŘϙ ÍIJƅϙ æŘôÍèēϙ ĺċϙ ťēĖŜϙ ČŘôôıôIJťϙ æƅϙ ťēôϙ
ĺIJŜŪīťÍIJťϟϙϙ
ϙ
"ϟϙ bĺIJϱŕŕŘĺŕŘĖÍťĖĺIJϙĺċϙ>ŪIJîŜϟϙIċϙŜŪċċĖèĖôIJťϙċŪIJîŜϙÍŘôϙIJĺťϙÍŕŕŘĺŕŘĖÍťôîϙĺŘϙÍīīĺèÍťôîϙ
ċĺŘϙŕÍƅıôIJťϙŪIJîôŘϙťēĖŜϙČŘôôıôIJťϙċĺŘϙÍIJƅϙċŪťŪŘôϙċĖŜèÍīϙŕôŘĖĺîϠϙťēôϙĖťƅϙŜēÍīīϙIJĺťϙ
æôϙĺæīĖČÍťôîϙťĺϙıÍħôϙŕÍƅıôIJťŜϙċĺŘϙ®ĺŘħϙĺŘϙÍıĺŪIJťŜϙĖIJèŪŘŘôîϙÍċťôŘϙťēôϙôIJîϙĺċϙťēôϙ
èŪŘŘôIJťϙċĖŜèÍīϙŕôŘĖĺîϠϙÍIJîϙťēĖŜϙČŘôôıôIJťϙſĖīīϙťôŘıĖIJÍťôϙŪŕĺIJϙťēôϙèĺıŕīôťĖĺIJϙĺċϙ
ÍīīϙŘôıÍĖIJĖIJČϙ®ĺŘħϙċĺŘϙſēĖèēϙċŪIJîŜϙÍŘôϙÍīīĺèÍťôîϟϙbĺϙŕôIJÍīťƅϙĺŘϙôƄŕôIJŜôϙŜēÍīīϙ
ÍèèŘŪôϙťĺϙťēôϙĖťƅϙĖIJϙťēôϙôŽôIJťϙťēĖŜϙŕŘĺŽĖŜĖĺIJϙÍŕŕīĖôŜϟϙ
ϙ
͔ϟôŘıĖIJÍťĖĺIJϡϙ
ϟēôϙĖťƅϙŘôŜôŘŽôŜϙťēôϙŘĖČēťϙťĺϙťôŘıĖIJÍťôϙťēĖŜϙČŘôôıôIJťϙÍťϙÍIJƅϙťĖıôϠϙſĖťēϙĺŘϙſĖťēĺŪťϙ
èÍŪŜôϙæƅϙČĖŽĖIJČϙťôIJϙϼ͐͏ϽϙèÍīôIJîÍŘϙîÍƅŜЍϙIJĺťĖèôϙťĺϙťēôϙĺIJŜŪīťÍIJťϙĖIJϙſŘĖťĖIJČϟϙIIJϙťēôϙ
ôŽôIJťϙĺċϙŜŪèēϙťôŘıĖIJÍťĖĺIJϙĺŘϙŜŪŜŕôIJŜĖĺIJϠϙÍīīϙċĖIJĖŜēôîϙĺŘϙŪIJċĖIJĖŜēôîϙîĺèŪıôIJťŜϠϙ
îÍťÍϠϙŜťŪîĖôŜϠϙſĺŘħŜēôôťŜϠϙıĺîôīŜϙÍIJîϙŘôŕĺŘťŜϠϙĺŘϙĺťēôŘϙıÍťôŘĖÍīϙŕŘôŕÍŘôîϙæƅϙťēôϙ
ĺIJŜŪīťÍIJťϙŕŪŘŜŪÍIJťϙťĺϙťēĖŜϙČŘôôıôIJťϙŜēÍīīϙæôϙŜŪæıĖťťôîϙťĺϙťēôϙĖťƅϠϙĖċϙÍIJƅϙÍŘôϙ
ŘôŗŪĖŘôîϙÍŜϙŕÍŘťϙĺċϙťēôϙ®ĺŘħϟϙ
ϙ
ϟIIJϙťēôϙôŽôIJťϙťēĖŜϙČŘôôıôIJťϙĖŜϙťôŘıĖIJÍťôîϙæƅϙťēôϙĖťƅϠϙťēôϙĺIJŜŪīťÍIJťϙŜēÍīīϙæôϙ
ôIJťĖťīôîϙťĺϙŕÍƅıôIJťϙċĺŘϙÍīīϙēĺŪŘŜϙſĺŘħôîϙťĺϙťēôϙôċċôèťĖŽôϙîÍťôϙĺċϙťôŘıĖIJÍťĖĺIJϠϙīôŜŜϙ
ÍīīϙŕÍƅıôIJťŜϙŕŘôŽĖĺŪŜīƅϙıÍîôϟϙIċϙťēôϙČŘôôıôIJťϙĖŜϙťôŘıĖIJÍťôîϙæƅϙťēôϙĖťƅϙÍċťôŘϙ
ŕÍŘťĖÍīϙŕôŘċĺŘıÍIJèôϙĺċϙ®ĺŘħϙċĺŘϙſēĖèēϙťēôϙÍČŘôôîϙèĺıŕôIJŜÍťĖĺIJϙĖŜϙÍϙċĖƄôîϙċôôϠϙťēôϙ
ĖťƅϙŜēÍīīϙŕÍƅϙťēôϙĺIJŜŪīťÍIJťϙÍIJϙôŗŪĖťÍæīôϙŜēÍŘôϙĺċϙťēôϙċĖƄôîϙċôôϟϙēĖŜϙŕŘĺŽĖŜĖĺIJϙ
ŜēÍīīϙIJĺťϙŕŘôŽôIJťϙťēôϙĖťƅϙċŘĺıϙŜôôħĖIJČϙÍIJƅϙīôČÍīϙŘôıôîĖôŜϙĖťϙıÍƅϙēÍŽôϙċĺŘϙťēôϙ
ŽĖĺīÍťĖĺIJϙĺŘϙIJĺIJŕôŘċĺŘıÍIJèôϙĺċϙÍIJƅϙĺċϙťēôϙŕŘĺŽĖŜĖĺIJŜϙĺċϙťēĖŜϙČŘôôıôIJťϙÍIJîϙŜŪèēϙ
èēÍŘČôŜϙ îŪôϙ ťĺϙ ťēôϙ Ėťƅϙ ŜēÍīīϙ æôϙîôîŪèťôîϙċŘĺıϙťēôϙċĖIJÍīϙŕÍƅıôIJťϙ îŪôϙ ťēôϙ
ĺIJŜŪīťÍIJťϟϙbĺϙŕÍƅıôIJťϙŜēÍīīϙæôϙıÍîôϙæƅϙťēôϙĖťƅϙċĺŘϙÍIJƅϙôƄŕôIJŜôŜϙĖIJèŪŘŘôîϙĺŘϙ
ſĺŘħϙ îĺIJôϙ ċĺīīĺſĖIJČϙ ťēôϙ ôċċôèťĖŽôϙ îÍťôϙ ĺċϙ ťôŘıĖIJÍťĖĺIJϙ ŪIJīôŜŜϙ ÍŪťēĺŘĖƏôîϙ ĖIJϙ
ÍîŽÍIJèôϙĖIJϙſŘĖťĖIJČϙæƅϙťēôϙĖťƅϟϙ
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ĺIJťŘÍèťϙôıŕīÍťôϙŕîÍťôîϙ͔ϯ͑͐ϯ͑͏͑͐
͕ϟ®ÍŘŘÍIJťĖôŜϙIJîϙĖČēťϙĺϙŜôϙ®ĺŘħϙŘĺîŪèťϡϙ ĺIJŜŪīťÍIJťϙŘôŕŘôŜôIJťŜϙÍIJîϙſÍŘŘÍIJťŜϙ
ťēÍťϙĺIJŜŪīťÍIJťϙſĖīīϙŕôŘċĺŘıϙÍīīϙ®ĺŘħϙĖîôIJťĖċĖôîϙĖIJϙťēĖŜϙČŘôôıôIJťϙĖIJϙÍϙŕŘĺċôŜŜĖĺIJÍīϙ
ÍIJîϙſĺŘħıÍIJīĖħôϙıÍIJIJôŘϙÍIJîϙĖIJϙÍèèĺŘîÍIJèôϙſĖťēϙÍīīϙŘôÍŜĺIJÍæīôϙÍIJîϙŕŘĺċôŜŜĖĺIJÍīϙ
ŜťÍIJîÍŘîŜϙ ÍIJîϙ īÍſŜϟϙ ĺıŕīĖÍIJèôϙ ſĖťēϙ ŕŘĺċôŜŜĖĺIJÍīϙ ŜťÍIJîÍŘîŜϙ ĖIJèīŪîôŜϠϙ ÍŜϙ
ÍŕŕīĖèÍæīôϠϙŕôŘċĺŘıĖIJČϙťēôϙ®ĺŘħϙ ĖIJϙèĺıŕīĖÍIJèôϙſĖťēϙÍŕŕīĖèÍæīôϙĖťƅϙŜťÍIJîÍŘîŜϙĺŘϙ
ČŪĖîôīĖIJôŜϙϼôϟČϟϙîôŜĖČIJϙèŘĖťôŘĖÍϙÍIJîϙťÍIJîÍŘîϙīÍIJŜϙċĺŘϙĺÍîϠϙŘĖîČôϙÍIJîϙaŪIJĖèĖŕÍīϙ
ĺIJŜťŘŪèťĖĺIJϽϟϙŘĺċôŜŜĖĺIJÍīϙôIJČĖIJôôŘŜϙŜēÍīīϙèôŘťĖċƅϙôIJČĖIJôôŘĖIJČϙŕīÍIJŜϠϙŜŕôèĖċĖèÍťĖĺIJŜϠϙ
ŕīÍťŜϠϙÍIJîϙŘôŕĺŘťŜϠϙÍŜϙÍŕŕīĖèÍæīôϠϙŕŪŘŜŪÍIJťϙťĺϙ®ϙ͐͗ϟ͓͒ϟ͏͖͏ϟϙĺIJŜŪīťÍIJťϙċŪŘťēôŘϙ
ŘôŕŘôŜôIJťŜϙÍIJîϙſÍŘŘÍIJťŜϙťēÍťϙÍīīϙċĖIJÍīϙſĺŘħϙŕŘĺîŪèťϙèŘôÍťôîϙċĺŘϙÍIJîϙîôīĖŽôŘôîϙťĺϙťēôϙ
ĖťƅϙŕŪŘŜŪÍIJťϙťĺϙťēĖŜϙČŘôôıôIJťϙŜēÍīīϙæôϙťēôϙĺŘĖČĖIJÍīϙſĺŘħϙĺċϙťēôϙĺIJŜŪīťÍIJťϙÍIJîϙċŘôôϙ
ċŘĺıϙÍIJƅϙĖIJťôīīôèťŪÍīϙŕŘĺŕôŘťƅϙôIJèŪıæŘÍIJèôϙſēĖèēϙſĺŪīîϙŘôŜťŘĖèťϙťēôϙĖťƅϙċŘĺıϙŪŜĖIJČϙ
ťēôϙſĺŘħϙŕŘĺîŪèťϟϙĺIJŜŪīťÍIJťϙČŘÍIJťŜϙťĺϙťēôϙĖťƅϙÍϙIJĺIJϱôƄèīŪŜĖŽôϠϙŕôŘŕôťŪÍīϙŘĖČēťϙÍIJîϙ
īĖèôIJŜôϙťĺϙŪŜôϠϙŘôŕŘĺîŪèôϠϙîĖŜťŘĖæŪťôϠϙÍîÍŕťϠϙıĺîĖċƅϠϙÍIJîϙîĖŜŕīÍƅϙ Íīīϙ ċĖIJÍīϙ ſĺŘħϙ
ŕŘĺîŪèťϙŕŘĺîŪèôîϙŕŪŘŜŪÍIJťϙťĺϙťēĖŜϙČŘôôıôIJťϟϙēôϙĖťƅЍŜϙĺŘϙĺťēôŘЍŜϙ ÍîÍŕťÍťĖĺIJϠϙ
ıĺîĖċĖèÍťĖĺIJϙĺŘϙŪŜôϙĺċϙťēôϙċĖIJÍīϙſĺŘħϙŕŘĺîŪèťŜϙĺťēôŘϙťēÍIJϙċĺŘϙťēôϙŕŪŘŕĺŜôŜϙĺċϙťēĖŜϙ
ČŘôôıôIJťϙŜēÍīīϙæôϙſĖťēĺŪťϙīĖÍæĖīĖťƅϙťĺϙťēôϙĺIJŜŪīťÍIJťϟϙēôϙŕŘĺŽĖŜĖĺIJŜϙĺċϙťēĖŜϙŜôèťĖĺIJϙ
ŜēÍīīϙŜŪŘŽĖŽôϙťēôϙôƄŕĖŘÍťĖĺIJϙĺŘϙťôŘıĖIJÍťĖĺIJϙĺċϙťēĖŜϙČŘôôıôIJťϟϙ
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͖ϟôèĺŘîϙaÍĖIJťôIJÍIJèôϡϙēôϙĺIJŜŪīťÍIJťϙŜēÍīīϙıÍĖIJťÍĖIJϙÍèèĺŪIJťŜϙÍIJîϙŘôèĺŘîŜϠϙſēĖèēϙ
ŕŘĺŕôŘīƅϙŘôċīôèťϙÍīīϙîĖŘôèťϙÍIJîϙĖIJîĖŘôèťϙèĺŜťŜϙôƄŕôIJîôîϙÍIJîϙ®ĺŘħϙŕŘĺŽĖîôîϙĖIJϙťēôϙ
ŕôŘċĺŘıÍIJèôϙ ĺċϙ ťēĖŜϙ ČŘôôıôIJťϙ ÍIJîϙ ŘôťÍĖIJϙ ŜŪèēϙ ŘôèĺŘîŜϙ ċĺŘϙ ÍŜϙ īĺIJČϙ ÍŜϙ ıÍƅϙ æôϙ
ŘôŗŪĖŘôîϙæƅϙÍŕŕīĖèÍæīôϙ®ÍŜēĖIJČťĺIJϙťÍťôϙŘôèĺŘîŜϙŘôťôIJťĖĺIJϙīÍſŜϠϙæŪťϙĖIJϙÍIJƅϙôŽôIJťϙIJĺϙ
īôŜŜϙťēÍIJϙŜĖƄϙƅôÍŘŜϙÍċťôŘϙťēôϙťôŘıĖIJÍťĖĺIJϙĺċϙťēĖŜϙČŘôôıôIJťϟϙēôϙĺIJŜŪīťÍIJťϙÍČŘôôŜϙťĺϙ
ŕŘĺŽĖîôϙÍèèôŜŜϙťĺϙÍIJîϙèĺŕĖôŜϙĺċϙÍIJƅϙŘôèĺŘîŜϙŘôīÍťôîϙťĺϙťēĖŜϙČŘôôıôIJťϙÍŜϙŘôŗŪĖŘôîϙæƅϙ
ťēôϙĖťƅϙťĺϙÍŪîĖťϙôƄŕôIJîĖťŪŘôŜϙ ÍIJîϙèēÍŘČôŜϙÍIJîϯĺŘϙťĺϙèĺıŕīƅϙſĖťēϙťēôϙ®ÍŜēĖIJČťĺIJϙ
ťÍťôϙŪæīĖèϙôèĺŘîŜϙèťϙϼēÍŕťôŘϙ͓͑ϟ͔͕ϙ®ϽϟϙēôϙŕŘĺŽĖŜĖĺIJŜϙĺċϙťēĖŜϙŜôèťĖĺIJϙŜēÍīīϙ
ŜŪŘŽĖŽôϙťēôϙôƄŕĖŘÍťĖĺIJϙĺŘϙťôŘıĖIJÍťĖĺIJϙĺċϙťēĖŜϙČŘôôıôIJťϟϙ
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͗ϟŪæīĖèϙôèĺŘîŜϙĺıŕīĖÍIJèôϡϙĺϙťēôϙċŪīīϙôƄťôIJťϙťēôϙĖťƅϙîôťôŘıĖIJôŜϙIJôèôŜŜÍŘƅϙťĺϙ
èĺıŕīƅϙſĖťēϙťēôϙ®ÍŜēĖIJČťĺIJϙťÍťôϙŪæīĖèϙôèĺŘîŜϙèťϠϙĺIJŜŪīťÍIJťϙŜēÍīīϙıÍħôϙÍϙîŪôϙ
îĖīĖČôIJťϙŜôÍŘèēϙĺċϙÍīīϙŘôèĺŘîŜϙĖIJϙĖťŜϙŕĺŜŜôŜŜĖĺIJϙĺŘϙèĺIJťŘĺīϙŘôīÍťĖIJČϙťĺϙťēĖŜϙČŘôôıôIJťϙ
ÍIJîϙťēôϙ®ĺŘħϠϙĖIJèīŪîĖIJČϠϙæŪťϙIJĺťϙ īĖıĖťôîϙťĺϠϙôϱıÍĖīϠϙèĺŘŘôŜŕĺIJîôIJèôϠϙIJĺťôŜϠϙŜÍŽôîϙ
ťôīôŕēĺIJôϙıôŜŜÍČôŜϠϙŘôèĺŘîĖIJČŜϠϙŕēĺťĺŜϠϙĺŘϙîŘÍſĖIJČŜϙÍIJîϙŕŘĺŽĖîôϙťēôıϙťĺϙťēôϙĖťƅϙ
ċĺŘϙŕŘĺîŪèťĖĺIJϟϙIIJϙťēôϙôŽôIJťϙĺIJŜŪīťÍIJťϙæôīĖôŽôŜϙŜÍĖîϙŘôèĺŘîŜϙIJôôîϙťĺϙæôϙŕŘĺťôèťôîϙ
ċŘĺıϙîĖŜèīĺŜŪŘôϠϙĖťϙıÍƅϠϙÍťϙĺIJŜŪīťÍIJťЍŜϙĺſIJϙôƄŕôIJŜôϠϙŜôôħϙĤŪîĖèĖÍīϙ ŕŘĺťôèťĖĺIJϟϙ
ĺIJŜŪīťÍIJťϙ ŜēÍīīϙ ĖIJîôıIJĖċƅϠϙ îôċôIJîϠϙ ÍIJîϙ ēĺīîϙ ēÍŘıīôŜŜϙ ťēôϙ Ėťƅϙ ċĺŘϙ Íīīϙ èĺŜťŜϠϙ
ĖIJèīŪîĖIJČϙÍťťĺŘIJôƅŜЍϙċôôŜϠϙÍťťôIJîÍIJťϙťĺϙÍIJƅϙèīÍĖıϙĺŘϙīĖťĖČÍťĖĺIJϙŘôīÍťôîϙťĺϙÍϙŪæīĖèϙ
ôèĺŘîŜϙèťϙŘôŗŪôŜťϙċĺŘϙſēĖèēϙĺIJŜŪīťÍIJťϙēÍŜϙŘôŜŕĺIJŜĖŽôϙŘôèĺŘîŜϙÍIJîϙċĺŘϙſēĖèēϙ
ĺIJŜŪīťÍIJťϙēÍŜϙſĖťēēôīîϙŘôèĺŘîŜϙĺŘϙĖIJċĺŘıÍťĖĺIJϙèĺIJťÍĖIJôîϙťēôŘôĖIJϠϙĺŘϙIJĺťϙŕŘĺŽĖîôîϙ
ťēôıϙťĺϙťēôϙĖťƅϙĖIJϙÍϙťĖıôīƅϙıÍIJIJôŘϟϙĺIJŜŪīťÍIJťϙŜēÍīīϙŕŘĺîŪèôϙċĺŘϙîĖŜťŘĖæŪťĖĺIJϙÍIJƅϙÍIJîϙ
ÍīīϙŘôèĺŘîŜϙŘôŜŕĺIJŜĖŽôϙťĺϙťēôϙŪæīĖèϙôèĺŘîŜϙèťϙŘôŗŪôŜťϙĖIJϙÍϙťĖıôīƅϙıÍIJIJôŘϠϙŪIJīôŜŜϙ
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ĺIJťŘÍèťϙôıŕīÍťôϙŕîÍťôîϙ͔ϯ͑͐ϯ͑͏͑͐
ťēĺŜôϙ ŘôèĺŘîŜϙ ÍŘôϙ ŕŘĺťôèťôîϙ æƅϙ èĺŪŘťϙ ĺŘîôŘϟϙ ēôϙ ŕŘĺŽĖŜĖĺIJŜϙ ĺċϙ ťēĖŜϙ ŜôèťĖĺIJϙ ŜēÍīīϙ
ŜŪŘŽĖŽôϙťēôϙôƄŕĖŘÍťĖĺIJϙĺŘϙťôŘıĖIJÍťĖĺIJϙĺċϙťēĖŜϙČŘôôıôIJťϟϙ
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͘ϟIIJîôŕôIJîôIJťϙĺIJťŘÍèťĺŘϙôīÍťĖĺIJŜēĖŕϡϙ
ϟēôϙĺIJŜŪīťÍIJťϙĖŜϙŘôťÍĖIJôîϙæƅϙťēôϙĖťƅϙĺIJīƅϙċĺŘϙťēôϙŕŪŘŕĺŜôŜϙÍIJîϙťĺϙťēôϙôƄťôIJťϙŜôťϙ
ċĺŘťēϙĖIJϙťēĖŜϙČŘôôıôIJťϟϙēôϙIJÍťŪŘôϙĺċϙťēôϙŘôīÍťĖĺIJŜēĖŕϙæôťſôôIJϙťēôϙĺIJŜŪīťÍIJťϙ
ÍIJîϙ ťēôϙ Ėťƅϙ îŪŘĖIJČϙ ťēôϙ ŕôŘĖĺîϙ ĺċϙ ťēôϙ ®ĺŘħϙ ŜēÍīīϙ æôϙ ťēÍťϙ ĺċϙ ÍIJϙ ĖIJîôŕôIJîôIJťϙ
èĺIJťŘÍèťĺŘϠϙIJĺťϙôıŕīĺƅôôϟϙēôϙĺIJŜŪīťÍIJťϠϙIJĺťϙťēôϙĖťƅϠϙŜēÍīīϙēÍŽôϙťēôϙŕĺſôŘϙťĺϙ
èĺIJťŘĺīϙÍIJîϙîĖŘôèťϙťēôϙîôťÍĖīŜϠϙıÍIJIJôŘϙĺŘϙıôÍIJŜϙĺċϙ®ĺŘħϟϙŕôèĖċĖèÍīīƅϠϙæŪťϙIJĺťϙæƅϙ
ıôÍIJŜϙ ĺċϙ īĖıĖťÍťĖĺIJϠϙ ťēôϙ ĺIJŜŪīťÍIJťϙ ŜēÍīīϙ ēÍŽôϙ IJĺϙ ĺæīĖČÍťĖĺIJϙ ťĺϙſĺŘħϙÍIJƅϙ
ŕÍŘťĖèŪīÍŘϙēĺŪŘŜϙĺŘϙŕÍŘťĖèŪīÍŘϙŜèēôîŪīôϠϙŪIJīôŜŜϙĺťēôŘſĖŜôϙĖIJîĖèÍťôîϙĖIJϙťēôϙèĺŕôϙ
ĺċϙ®ĺŘħϙĺŘϙſēôŘôϙŜèēôîŪīĖIJČϙĺċϙÍťťôIJîÍIJèôϙĺŘϙŕôŘċĺŘıÍIJèôϙĖŜϙıŪťŪÍīīƅϙÍŘŘÍIJČôîϙ
îŪôϙťĺϙťēôϙIJÍťŪŘôϙĺċϙťēôϙ®ĺŘħϟϙĺIJŜŪīťÍIJťϙŜēÍīīϙŘôťÍĖIJϙťēôϙŘĖČēťϙťĺϙîôŜĖČIJÍťôϙťēôϙ
ıôÍIJŜϙĺċϙŕôŘċĺŘıĖIJČϙťēôϙ®ĺŘħϙèĺŽôŘôîϙæƅϙťēĖŜϙÍČŘôôıôIJťϠϙÍIJîϙťēôϙĺIJŜŪīťÍIJťϙ
ŜēÍīīϙæôϙôIJťĖťīôîϙťĺϙôıŕīĺƅϙĺťēôŘϙſĺŘħôŘŜϙÍťϙŜŪèēϙèĺıŕôIJŜÍťĖĺIJϙÍIJîϙŜŪèēϙĺťēôŘϙ
èĺIJîĖťĖĺIJŜϙÍŜϙĖťϙıÍƅϙîôôıϙŕŘĺŕôŘϠϙŕŘĺŽĖîôîϠϙēĺſôŽôŘϠϙťēÍťϙÍIJƅϙèĺIJťŘÍèťϙŜĺϙıÍîôϙ
æƅϙťēôϙĺIJŜŪīťÍIJťϙĖŜϙťĺϙæôϙŕÍĖîϙæƅϙĖťϙÍīĺIJôϠϙÍIJîϙťēÍťϙôıŕīĺƅĖIJČϙŜŪèēϙſĺŘħôŘŜϠϙĖťϙĖŜϙ
ÍèťĖIJČϙĖIJîĖŽĖîŪÍīīƅϙÍIJîϙIJĺťϙÍŜϙÍIJϙÍČôIJťϙċĺŘϙťēôϙĖťƅϟϙ
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ϟēôϙĖťƅϙŜēÍīīϙIJĺťϙæôϙŘôŜŕĺIJŜĖæīôϙċĺŘϙſĖťēēĺīîĖIJČϙĺŘϙĺťēôŘſĖŜôϙ îôîŪèťĖIJČϙċôîôŘÍīϙ
ĖIJèĺıôϙťÍƄϙĺŘϙĺèĖÍīϙôèŪŘĖťƅϙĺŘϙèĺIJťŘĖæŪťĖIJČϙťĺϙťēôϙťÍťôϙIIJîŪŜťŘĖÍīϙIIJŜŪŘÍIJèôϙ
ŘĺČŘÍıϠϙ ĺŘϙ ĺťēôŘſĖŜôϙ ÍŜŜŪıĖIJČϙ ťēôϙ îŪťĖôŜϙ ĺċϙ ÍIJϙ ôıŕīĺƅôŘϙ ſĖťēϙ ŘôŜŕôèťϙ ťĺϙ
ĺIJŜŪīťÍIJťϙĺŘϙÍIJƅϙôıŕīĺƅôôϙĺċϙťēôϙĺIJŜŪīťÍIJťϟϙ
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ϟIċϙťēôϙĺIJŜŪīťÍIJťϙĖŜϙÍϙŜĺīôϙŕŘĺŕŘĖôťĺŘŜēĖŕϙĺŘϙĖċϙťēĖŜϙČŘôôıôIJť ϙĖŜϙſĖťēϙÍIJϙĖIJîĖŽĖîŪÍīϠϙ
ťēôϙĺIJŜŪīťÍIJťϙÍČŘôôŜϙťĺϙIJĺťĖċƅϙťēôϙĖťƅϙÍIJîϙèĺıŕīôťôϙÍIJƅϙŘôŗŪĖŘôîϙċĺŘıϙĖċϙťēôϙ
ĺIJŜŪīťÍIJťϙŘôťĖŘôîϙŪIJîôŘϙÍϙťÍťôϙĺċϙ®ÍŜēĖIJČťĺIJϙŘôťĖŘôıôIJťϙŜƅŜťôıϙÍIJîϙÍČŘôôŜϙťĺϙ
ĖIJîôıIJĖċƅϙÍIJƅϙīĺŜŜôŜϙťēôϙĖťƅϙıÍƅϙŜŪŜťÍĖIJϙťēŘĺŪČēϙťēôϙĺIJŜŪīťÍIJťЍŜϙċÍĖīŪŘôϙťĺϙîĺϙ
Ŝĺϟϙ
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͐͏ϟFĺīîϙFÍŘıīôŜŜϡϙēôϙĺIJŜŪīťÍIJťϙÍČŘôôŜϙťĺϙŘôīôÍŜôϠϙĖIJîôıIJĖċƅϠϙîôċôIJîϠϙÍIJîϙēĺīîϙ
ēÍŘıīôŜŜϙ ťēôϙ ĖťƅϠϙ ôīôèťôîϙ ĺċċĖèĖÍīŜϠϙ ôıŕīĺƅôôŜϠϙ ĺċċĖèôŘŜϠϙ ŘôŕŘôŜôIJťÍťĖŽôŜϠϙ ÍIJîϙ
ŽĺīŪIJťôôŘŜϙ ċŘĺıϙ ÍIJƅϙ ÍIJîϙ Íīīϙ èīÍĖıŜϠϙ îôıÍIJîŜϠϙ ÍèťĖĺIJŜϠϙ ŜŪĖťŜϠϙ èÍŪŜôŜϙ ĺċϙ ÍèťĖĺIJϠϙ
ÍŘæĖťŘÍťĖĺIJŜϠϙ ıôîĖÍťĖĺIJŜϠϙ ŕŘĺèôôîĖIJČŜϠϙ ĤŪîČıôIJťŜϠϙ ÍſÍŘîŜϠϙ ĖIJĤŪŘĖôŜϠϙ îÍıÍČôŜϠϙ
īĖÍæĖīĖťĖôŜϠϙťÍƄôŜϠϙīĺŜŜôŜϠϙċĖIJôŜϠϙċôôŜϠϙŕôIJÍīťĖôŜϠϙôƄŕôIJŜôŜϠϙÍťťĺŘIJôƅЍŜϙĺŘϙÍťťĺŘIJôƅŜЍϙ
ċôôŜϠϙèĺŜťŜϠϙÍIJîϯĺŘϙīĖťĖČÍťĖĺIJϙôƄŕôIJŜôŜϙťĺϙĺŘϙæƅϙÍIJƅϙÍIJîϙÍīīϙŕô ŘŜĺIJŜϙĺŘϙôIJťĖťĖôŜϠϙÍŘĖŜĖIJČϙ
ċŘĺıϠϙŘôŜŪīťĖIJČϙċŘĺıϠϙĺŘϙŘôīÍťôîϙťĺϙťēôϙIJôČīĖČôIJťϙÍèťŜϠϙôŘŘĺŘŜϙ ĺŘϙĺıĖŜŜĖĺIJŜϙĺċϙťēôϙ
ĺIJŜŪīťÍIJťϙĖIJϙĖťŜϙŕôŘċĺŘıÍIJèôϙĺċϙťēĖŜϙČŘôôıôIJťϙĺŘϙÍϙæŘôÍèēϙĺċϙ ťēĖŜϙČŘôôıôIJťϙæƅϙ
ĺIJŜŪīťÍIJťϠϙ ôƄèôŕťϙ ċĺŘϙ ťēÍťϙ ŕĺŘťĖĺIJϙ ĺċϙ ťēôϙ èīÍĖıŜϙ èÍŪŜôîϙ æƅϙ ťēôϙ ĖťƅЍŜϙ Ŝĺīôϙ
IJôČīĖČôIJèôϟϙ
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W'ϱK&ϭϬ
ĺIJťŘÍèťϙôıŕīÍťôϙŕîÍťôîϙ͔ϯ͑͐ϯ͑͏͑͐
ēĺŪīîϙÍϙèĺŪŘťϙĺċϙèĺıŕôťôIJťϙĤŪŘĖŜîĖèťĖĺIJϙîôťôŘıĖIJôϙťēÍťϙťēĖŜϙÍČŘôôıôIJťϙĖŜϙŜŪæĤôèťϙťĺϙ
®ϙ͓ϟ͓͑ϟ͔͐͐Ϡϙϼ«ÍīĖîĖťƅϙĺċϙÍČŘôôıôIJťϙťĺϙĖIJîôıIJĖċƅϙÍČÍĖIJŜťϙīĖÍæĖīĖťƅϙċĺŘϙIJôČīĖČôIJèôϙ
ŘôīÍťĖŽôϙťĺϙèĺIJŜťŘŪèťĖĺIJϠϙÍīťôŘÍťĖĺIJϠϙĖıŕŘĺŽôıôIJťϠϙôťèϟϠϙĺċϙŜťŘŪèťŪŘôϙĺŘϙĖıŕŘĺŽôıôIJťϙ
ÍťťÍèēôîϙťĺϙŘôÍīϙôŜťÍťôϣϽϙťēôIJϠϙĖIJϙťēôϙôŽôIJťϙĺċϙīĖÍæĖīĖťƅϙċĺŘϙîÍıÍČôŜϙÍŘĖŜĖIJČϙĺŪťϙĺċϙ
æĺîĖīƅϙĖIJĤŪŘƅϙťĺϙŕôŘŜĺIJŜϙĺŘϙîÍıÍČôŜϙťĺϙŕŘĺŕôŘťƅϙèÍŪŜôîϙæƅϙĺŘϙŘôŜŪīťĖIJČϙċŘĺıϙťēôϙ
èĺIJèŪŘŘôIJťϙ IJôČīĖČôIJèôϙ ĺċϙ ťēôϙ ĺIJŜŪīťÍIJťϙ ÍIJîϙ ťēôϙ ĖťƅϠϙ ĖťŜϙ ĺċċĖèôŘŜϠϙ ĺċċĖèĖÍīŜϠϙ
ôıŕīĺƅôôŜϙÍIJîϙŽĺīŪIJťôôŘŜϠϙĺIJŜŪīťÍIJťЍŜϙīĖÍæĖīĖťƅϙŜēÍīīϙæôϙĺIJīƅϙťĺϙťēôϙôƄťôIJťϙĺċϙ
ĺIJŜŪīťÍIJťЍŜϙIJôČīĖČôIJèôϟϙ
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IťϙĖŜϙċŪŘťēôŘϙŜŕôèĖċĖèÍīīƅϙÍIJîϙôƄŕŘôŜŜīƅϙŪIJîôŘŜťĺĺîϙťēÍťϙťēôϙĖIJîôıIJĖċĖèÍťĖĺIJϙŕŘĺŽĖîôîϙ
ĖIJϙťēĖŜϙČŘôôıôIJťϙèĺIJŜťĖťŪťôϙĺIJŜŪīťÍIJťЍŜϙſÍĖŽôŘϙĺċϙĖııŪIJĖťƅϙŪIJîôŘϙťēôϙIIJîŪŜťŘĖÍīϙ
IIJŜŪŘÍIJèôϙèťϠϙ®ϙĖťīôϙ͔͐ϠϙŜĺīôīƅϙċĺŘϙťēôϙŕŪŘŕĺŜôŜϙĺċϙťēĖŜϙĖIJîôıIJĖċĖèÍťĖĺIJϟϙēôϙ
ÍŘťĖôŜϙēÍŽôϙıŪťŪÍīīƅϙIJôČĺťĖÍťôîϙÍIJîϙÍČŘôôîϙťĺϙťēĖŜϙſÍĖŽôŘϟϙēôϙŕŘĺŽĖŜĖĺIJŜϙĺċϙťēĖŜϙ
ŜôèťĖĺIJϙŜēÍīīϙŜŪŘŽĖŽôϙťēôϙôƄŕĖŘÍťĖĺIJϙĺŘϙťôŘıĖIJÍťĖĺIJϙĺċϙťēĖŜϙČŘôôıôIJťϟϙ
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͐͐ϟ@ĖċťŜϙÍIJîϙĺIJċīĖèťŜϡϙēôϙĖťƅЍŜϙĺîôϙĺċϙ(ťēĖèŜϙÍIJîϙ®ÍŜēĖIJČťĺIJϙťÍťôϙīÍſϙŕŘĺēĖæĖťϙĖťƅϙ
ôıŕīĺƅôôŜϙċŘĺıϙŜĺīĖèĖťĖIJČϠϙÍèèôŕťĖIJČϠϙĺŘϙŘôèôĖŽĖIJČϙÍIJƅϙČĖċťϠϙČŘÍťŪĖťƅϙĺŘϙċÍŽĺŘϙċŘĺıϙÍIJƅϙ
ŕôŘŜĺIJϠϙ ċĖŘıϙ ĺŘϙ èĺŘŕĺŘÍťĖĺIJϙ ĖIJŽĺīŽôîϙ ĖIJϙ Íϙ èĺIJťŘÍèťϙ ĺŘϙ ťŘÍIJŜÍèťĖĺIJϟϙ ĺϙ ôIJŜŪŘôϙ
èĺıŕīĖÍIJèôϙſĖťēϙťēôϙĖťƅЍŜϙĺîôϙĺċϙ(ťēĖèŜϙÍIJîϙŜťÍťôϙīÍſϠϙťēôϙĺIJŜŪīťÍIJťϙŜēÍīīϙIJĺťϙ
ČĖŽôϙÍϙČĖċťϙĺċϙÍIJƅϙħĖIJîϙťĺϙĖťƅϙôıŕīĺƅôôŜϙĺŘϙĺċċĖèĖÍīŜϟϙĺIJŜŪīťÍIJťϙÍīŜĺϙèĺIJċĖŘıŜϙťēÍťϙ
ĺIJŜŪīťÍIJťϙîĺôŜϙIJĺťϙēÍŽôϙÍϙæŪŜĖIJôŜŜϙĖIJťôŘôŜťϙĺŘϙÍϙèīĺŜôϙċÍıĖīƅϙŘôīÍťĖĺIJŜēĖŕϙſĖťēϙÍIJƅϙ
ĖťƅϙĺċċĖèôŘϙĺŘϙôıŕīĺƅôôϙſēĺϙſÍŜϠϙĖŜϠϙĺŘϙſĖīīϙæôϙĖIJŽĺīŽôîϙĖIJϙŜôīôèťĖIJČϙťēôϙĺIJŜŪīťÍIJťϠϙ
IJôČĺťĖÍťĖIJČϙ ĺŘϙ ÍîıĖIJĖŜťôŘĖIJČϙ ťēĖŜϙ ČŘôôıôIJťϠϙ ĺŘϙ ôŽÍīŪÍťĖIJČϙ ťēôϙ ĺIJŜŪīťÍIJťЍŜϙ
ŕôŘċĺŘıÍIJèôϙĺċϙťēôϙ®ĺŘħϟϙ
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͐͑ϟĖťƅϙĺċϙôIJťĺIJϙŪŜĖIJôŜŜϙ[ĖèôIJŜôϡϙIJīôŜŜϙôƄôıŕťôîϙæƅϙťēôϙôIJťĺIJϙaŪIJĖèĖŕÍīϙĺîôϠϙϙ
ĺIJŜŪīťÍIJťϙŜēÍīīϙĺæťÍĖIJϙÍϙĖťƅϙĺċϙôIJťĺIJϙŪŜĖIJôŜŜϙ[ĖèôIJŜôϙŕŘĖĺŘϙťĺϙŕôŘċĺŘıĖIJČϙÍIJƅϙ
®ĺŘħϙÍIJîϙıÍĖIJťÍĖIJϙťēôϙæŪŜĖIJôŜŜϙīĖèôIJŜôϙĖIJϙČĺĺîϙŜťÍIJîĖIJČϙťēŘĺŪČēĺŪťϙťēôϙťôŘıϙĺċϙťēĖŜϙ
ÍČŘôôıôIJťϙſĖťēϙťēôϙĖťƅϟϙ
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IIJċĺŘıÍťĖĺIJϙŘôČÍŘîĖIJČϙÍèŗŪĖŘĖIJČϙÍϙèĖťƅϙæŪŜĖIJôŜŜϙīĖèôIJŜôϙèÍIJϙæôϙċĺŪIJîϙÍťϡϙϙ
ēťťŕŜϡϯϯſſſϟŘôIJťĺIJſÍϟČĺŽϯÍƄϙ
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IIJċĺŘıÍťĖĺIJϙŘôČÍŘîĖIJČϙťÍťôϙæŪŜĖIJôŜŜϙīĖèôIJŜĖIJČϙŘôŗŪĖŘôıôIJťŜϙèÍIJϙæôϙċĺŪIJîϙÍťϡϙ
ēťťŕŜϡϯϯîĺŘϟſÍϟČĺŽϯîĺĖIJČϱæŪŜĖIJôŜŜϯŘôČĖŜťôŘϱıƅϱæŪŜĖIJôŜŜϙϙ
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͐͒ϟIIJŜŪŘÍIJèôϡϙĺIJŜŪīťÍIJťϙŜēÍīīϙŜôèŪŘôϙÍIJîϙıÍĖIJťÍĖIJϡϙ
ϟĺııôŘèĖÍīϙČôIJôŘÍīϙīĖÍæĖīĖťƅϙĖIJŜŪŘÍIJèôϙĖIJϙťēôϙıĖIJĖıŪıϙÍıĺŪIJťŜϙĺċϙщ͐Ϡ͏͏͏Ϡ͏͏͏ϙ
ċĺŘϙôÍèēϙĺèèŪŘŘôIJèôϯщ͑Ϡ͏͏͏Ϡ͏͏͏ϙÍČČŘôČÍťôϙċĺŘϙťēôϙôŘıϙĺċϙťēĖŜϙČŘôôıôIJťϟϙ
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ϟIIJϙťēôϙôŽôIJťϙťēÍťϙ®ĺŘħϙîôīĖŽôŘôîϙŕŪŘŜŪÍIJťϙťĺϙťēĖŜϙČŘôôıôIJťϙôĖťēôŘϙîĖŘôèťīƅϙĺŘϙ
ĖIJîĖŘôèťīƅϙĖIJŽĺīŽôϙĺŘϙŘôŗŪĖŘôϙŘĺċôŜŜĖĺIJÍīϙôŘŽĖèôŜϠϙŘĺċôŜŜĖĺIJÍīϙ[ĖÍæĖīĖťƅϠϙ(ŘŘĺŘŜϙ
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W'ϲK&ϭϬ
ĺIJťŘÍèťϙôıŕīÍťôϙŕîÍťôîϙ͔ϯ͑͐ϯ͑͏͑͐
ÍIJîϙiıĖŜŜĖĺIJŜϙèĺŽôŘÍČôϙŜēÍīīϙæôϙŕŘĺŽĖîôîϙſĖťēϙıĖIJĖıŪıϙīĖıĖťŜϙĺċϙщ͐Ϡ͏͏͏Ϡ͏͏͏ϙŕôŘϙ
ĺèèŪŘŘôIJèôϟϙГŘĺċôŜŜĖĺIJÍīϙôŘŽĖèôŜГϠϙċĺŘϙťēôϙŕŪŘŕĺŜôϙĺċϙťēĖŜϙŜôèťĖĺIJϠϙŜēÍīīϙıôÍIJϙ
ÍIJƅϙ®ĺŘħϙŕŘĺŽĖîôîϙæƅϙÍϙīĖèôIJŜôîϙŕŘĺċôŜŜĖĺIJÍīϙĺŘϙ®ĺŘħϙťēÍťϙŘôŗŪĖŘôŜϙÍϙŕŘĺċôŜŜĖĺIJÍīϙ
ŜťÍIJîÍŘîϙĺċϙèÍŘôϟϙ
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ϟ®ĺŘħôŘŜЍϙèĺıŕôIJŜÍťĖĺIJϙèĺŽôŘÍČôϠϙÍŜϙŘôŗŪĖŘôîϙæƅϙťēôϙIIJîŪŜťŘĖÍīϙIIJŜŪŘÍIJèôϙīÍſŜϙĺċϙ
ťēôϙťÍťôϙĺċϙ®ÍŜēĖIJČťĺIJϠϙŜēÍīīϙÍīŜĺϙæôϙŜôèŪŘôîϟϙ
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"ϟĺııôŘèĖÍīϙŪťĺıĺæĖīôϙ[ĖÍæĖīĖťƅϙċĺŘϙĺſIJôîϠϙīôÍŜôîϠϙēĖŘôîϙĺŘϙIJĺIJϱĺſIJôîϠϙīôÍŜôîϠϙ
ēĖŘôîϙ ĺŘϙ IJĺIJϱĺſIJôîϠϙ ſĖťēϙ ıĖIJĖıŪıϙ īĖıĖťŜϙ ĺċϙ щ͐Ϡ͏͏͏Ϡ͏͏͏ϙ ŕôŘϙ ĺèèŪŘŘôIJèôϙ
èĺıæĖIJôîϙŜĖIJČīôϙīĖıĖťϠϙĖċϙťēôŘôϙſĖīīϙæôϙÍIJƅϙŪŜôϙĺċϙĺIJŜŪīťÍIJťЍŜϙŽôēĖèīôŜϙĺIJϙťēôϙ
ĖťƅЍŜϙŘôıĖŜôŜϙæƅϙĺŘϙĺIJϙæôēÍīċϙĺċϙťēôϙĖťƅϠϙæôƅĺIJîϙIJĺŘıÍīϙèĺııŪťôŜϟϙ
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(ϟĺIJŜŪīťÍIJťϙ ŜēÍīīϙ IJÍıôϙ ťēôϙ Ėťƅϙ ÍŜϙ ÍIJϙ îîĖťĖĺIJÍīϙ IIJŜŪŘôîϙ ĺIJϙ ĖťŜϙ èĺııôŘèĖÍīϙ
ČôIJôŘÍīϙīĖÍæĖīĖťƅϙŕĺīĖèƅϙĺIJϙÍϙIJĺIJϱèĺIJťŘĖæŪťĺŘƅϙŕŘĖıÍŘƅϙæÍŜĖŜϟϙēôϙĖťƅЍŜϙĖIJŜŪŘÍIJèôϙ
ŕĺīĖèĖôŜϙŜēÍīīϙIJĺťϙæôϙÍϙŜĺŪŘèôϙċĺŘϙŕÍƅıôIJťϙĺċϙÍIJƅϙĺIJŜŪīťÍIJťϙīĖÍæĖīĖťƅϠϙIJĺŘϙŜēÍīīϙťēôϙ
ıÍĖIJťôIJÍIJèôϙĺċϙÍIJƅϙĖIJŜŪŘÍIJèôϙŘôŗŪĖŘôîϙæƅϙťēĖŜϙČŘôôıôIJťϙæôϙèĺIJŜťŘŪôîϙťĺϙīĖıĖťϙ
ťēôϙ īĖÍæĖīĖťƅϙ ĺċϙ ĺIJŜŪīťÍIJťϙ ťĺϙ ťēôϙ èĺŽôŘÍČôϙ ŕŘĺŽĖîôîϙ æƅϙ ŜŪèēϙ ĖIJŜŪŘÍIJèôϙ ĺŘϙ
ĺťēôŘſĖŜôϙīĖıĖťϙťēôϙĖťƅЍŜϙŘôèĺŪŘŜôϙťĺϙÍIJƅϙŘôıôîƅϙÍŽÍĖīÍæīôϙÍťϙīÍſϙĺŘϙĖIJϙôŗŪĖťƅϟϙ
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>ϟŪæĤôèťϙťĺϙťēôϙĖťƅЍŜϙŘôŽĖôſϙÍIJîϙÍèèôŕťÍIJèôϠϙÍϙèôŘťĖċĖèÍťôϙĺċϙĖIJŜŪŘÍIJèôϙŜēĺſĖIJČϙ
ťēôϙŕŘĺŕôŘϙôIJîĺŘŜôıôIJťŜϠϙŜēÍīīϙæôϙîôīĖŽôŘôîϙťĺϙťēôϙĖťƅϙæôċĺŘôϙ ŕôŘċĺŘıĖIJČϙťēôϙ
®ĺŘħϟϙ
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@ϟĺIJŜŪīťÍIJťϙŜēÍīīϙŕŘĺŽĖîôϙťēôϙĖťƅϙſĖťēϙſŘĖťťôIJϙIJĺťĖèôϙĺċϙÍIJƅϙŕĺīĖèƅϙèÍIJèôīīÍťĖĺIJϠϙ
ſĖťēĖIJϙťſĺϙϼ͑ϽϙæŪŜĖIJôŜŜϙîÍƅŜϙĺċϙťēôĖŘϙŘôèôĖŕťϙĺċϙŜŪèēϙIJĺťĖèôϟϙ
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͓͐ϟ"ôīÍƅŜϡϙ ĺIJŜŪīťÍIJťϙ ĖŜϙ IJĺťϙ ŘôŜŕĺIJŜĖæīôϙ ċĺŘϙ îôīÍƅŜϙ èÍŪŜôîϙ æƅϙ ċÍèťĺŘŜϙ æôƅĺIJîϙ ťēôϙ
ĺIJŜŪīťÍIJťЍŜϙ ŘôÍŜĺIJÍæīôϙ èĺIJťŘĺīϟϙ ®ēôIJϙ ŜŪèēϙ îôīÍƅŜϙ æôƅĺIJîϙ ťēôϙ ĺIJŜŪīťÍIJťЍŜϙ
ŘôÍŜĺIJÍæīôϙ èĺIJťŘĺīϙ ĺèèŪŘϠϙ ťēôϙ Ėťƅϙ ÍČŘôôŜϙ ťēôϙ ĺIJŜŪīťÍIJťϙ ĖŜϙ IJĺťϙŘôŜŕĺIJŜĖæīôϙċĺŘϙ
îÍıÍČôŜϠϙIJĺŘϙŜēÍīīϙťēôϙĺIJŜŪīťÍIJťϙæôϙîôôıôîϙťĺϙæôϙĖIJϙîôċÍŪīťϙĺċϙťēôϙČŘôôıôIJťϟϙ
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͔͐ϟŪèèôŜŜĺŘŜϙÍIJîϙŜŜĖČIJŜϡϙbôĖťēôŘϙťēôϙĖťƅϙIJĺŘϙťēôϙĺIJŜŪīťÍIJťϙŜēÍīīϙÍŜŜĖČIJϠϙťŘÍIJŜċôŘϙ
ĺŘϙôIJèŪıæôŘϙÍIJƅϙŘĖČēťŜϠϙîŪťĖôŜϙĺŘϙĖIJťôŘôŜťŜϙÍèèŘŪĖIJČϙċŘĺıϙťēĖŜϙČŘôôıôIJťϙſĖťēĺŪťϙťēôϙ
ſŘĖťťôIJϙèĺIJŜôIJťϙĺċϙťēôϙĺťēôŘϟϙ
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͕͐ϟbĺťĖèôŜϡϙIJƅϙIJĺťĖèôϙŘôŗŪĖŘôîϙŪIJîôŘϙťēĖŜϙČŘôôıôIJťϙſĖīīϙæôϙĖIJϙſŘĖťĖIJČϠϙÍîîŘôŜŜôîϙťĺϙ
ťēôϙÍŕŕŘĺŕŘĖÍťôϙŕÍŘťƅϙÍťϙťēôϙÍîîŘôŜŜϙſēĖèēϙÍŕŕôÍŘŜϙæôīĺſϙϼÍŜϙıĺîĖċĖôîϙĖIJϙſŘĖťĖIJČϙ
ċŘĺıϙťĖıôϙťĺϙťĖıôϙæƅϙŜŪèēϙŕÍŘťƅϽϠϙÍIJîϙČĖŽôIJϙŕôŘŜĺIJÍīīƅϠϙæƅϙŘôČĖŜťôŘôîϙĺŘϙèôŘťĖċĖôîϙıÍĖīϠϙ
ŘôťŪŘIJϙŘôèôĖŕťϙŘôŗŪôŜťôîϠϙæƅϙċÍèŜĖıĖīôϙĺŘϙæƅϙIJÍťĖĺIJÍīīƅϙŘôèĺČIJĖƏôîϙĺŽôŘIJĖČēťϙèĺŪŘĖôŘϙ
ŜôŘŽĖèôϟϙĖıôϙŕôŘĖĺîϙċĺŘϙIJĺťĖèôŜϙŜēÍīīϙæôϙîôôıôîϙťĺϙēÍŽôϙèĺııôIJèôîϙŪŕĺIJϙťēôϙîÍťôϙ
ĺċϙŘôèôĖŕťϠϙ(³(ϙċÍèŜĖıĖīôϙîôīĖŽôŘƅϙſĖīīϙæôϙîôôıôîϙťĺϙēÍŽôϙèĺııôIJèôîϙĺIJϙťēôϙċĖŘŜťϙ
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W'ϳK&ϭϬ
ĺIJťŘÍèťϙôıŕīÍťôϙŕîÍťôîϙ͔ϯ͑͐ϯ͑͏͑͐
æŪŜĖIJôŜŜϙîÍƅϙċĺīīĺſĖIJČϙťŘÍIJŜıĖŜŜĖĺIJϟϙ(ıÍĖīϙÍIJîϙťôīôŕēĺIJôϙıÍƅϙæôϙŪŜôîϙċĺŘϙŕŪŘŕĺŜôŜϙ
ĺċϙÍîıĖIJĖŜťôŘĖIJČϙťēôϙČŘôôıôIJťϠϙæŪťϙŜēĺŪīîϙIJĺťϙæôϙŪŜôîϙťĺϙČĖŽôϙ ÍIJƅϙċĺŘıÍīϙIJĺťĖèôϙ
ŘôŗŪĖŘôîϙæƅϙťēôϙČŘôôıôIJťϟϙ
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I´ϙi>ϙ(bibϙ
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aĖèēÍôīϙϟϙôIJĺĖťϙ
͐͏͔͔ϙĺŪťēϙ@ŘÍîƅϙ®Íƅϙ
ôIJťĺIJϠϙ®ϙ͗͘͏͔͖ϙ
ēĺIJôϡϙϼ͓͔͑Ͻϙ͓͒͏ϱ͖͑͏͕ϙ
ıæôIJĺĖťЬŘôIJťĺIJſÍϟČĺŽϙ
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ĺIJƅϙ«ϟϙÍŘîĖϠϙŘôŜĖîôIJťϙ
͖͑͑͑͑ϙϱϙ͑͘ťēϙ"ŘĖŽôϙ(ϠϙŪĖťôϙ͑͐͏ϙ
ĺťēôīīϠϙ®ϙ͗͘͏͑͐ϙ
ēĺIJôϡϙϼ͓͔͑Ͻϙ͔͐͘ϱ͔͒͐͑ϙ
ϙťŕÍŘîĖЬŘē͑ϟèĺıϙ
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͖͐ϟ"ĖŜèŘĖıĖIJÍťĖĺIJϙ ŘĺēĖæĖťôîϡϙ(ƄèôŕťϙťĺϙťēôϙôƄťôIJťϙŕôŘıĖťťôîϙæƅϙÍϙæĺIJÍϙċĖîôϙ
ĺèèŪŕÍťĖĺIJÍīϙŗŪÍīĖċĖèÍťĖĺIJϠϙťēôϙĺIJŜŪīťÍIJťϙÍČŘôôŜϙÍŜϙċĺīīĺſŜϡϙ
ϟĺIJŜŪīťÍIJťϠϙ ÍIJîϙ ĺIJŜŪīťÍIJťЍŜϙ ÍČôIJťŜϠϙ ôıŕīĺƅôôŜϠϙ ŘôŕŘôŜôIJťÍťĖŽôŜϠϙ ÍIJîϙ
ŽĺīŪIJťôôŘŜϙſĖťēϙŘôČÍŘîϙťĺϙťēôϙ®ĺŘħϙŕôŘċĺŘıôîϙĺŘϙťĺϙæôϙŕôŘċĺŘıôîϙŪIJîôŘϙťēĖŜϙ
ČŘôôıôIJťϠϙ ŜēÍīīϙ IJĺťϙ îĖŜèŘĖıĖIJÍťôϙ ĺIJϙ ťēôϙ æÍŜĖŜϙ ĺċϙ ŘÍèôϠϙ èĺīĺŘϠϙ ŜôƄϠϙ ŘôīĖČĖĺIJϠϙ
IJÍťĖĺIJÍīĖťƅϠϙèŘôôîϠϙıÍŘĖťÍīϙŜťÍťŪŜϠϙŜôƄŪÍīϙĺŘĖôIJťÍťĖĺIJϙĺŘϙŕŘôċôŘôIJèôϠϙÍČôϙϼôƄèôŕťϙ
ıĖIJĖıŪıϙ ÍČôϙ ÍIJîϙ ŘôťĖŘôıôIJťϙ ŕŘĺŽĖŜĖĺIJŜϽϠϙ ēĺIJĺŘÍæīƅϙ îĖŜèēÍŘČôîϙ ŽôťôŘÍIJϙ ĺŘϙ
ıĖīĖťÍŘƅϙŜťÍťŪŜϠϙĺŘϙťēôϙŕŘôŜôIJèôϙĺċϙÍIJƅϙŜôIJŜĺŘƅϠϙıôIJťÍīϙĺŘϙŕēƅŜĖèÍīϙēÍIJîĖèÍŕϠϙ
ŪIJīôŜŜϙæÍŜôîϙŪŕĺIJϙÍϙæĺIJÍϙċĖîôϙĺèèŪŕÍťĖĺIJÍīϙŗŪÍīĖċĖèÍťĖĺIJϙĖIJϙŘôīÍťĖĺIJŜēĖŕϙťĺϙēĖŘĖIJČϙ
ÍIJîϙ ôıŕīĺƅıôIJťϠϙ ĖIJϙ ôıŕīĺƅıôIJťϙ ĺŘϙ ÍŕŕīĖèÍťĖĺIJϙ ċĺŘϙ ôıŕīĺƅıôIJťϠϙ ťēôϙ
ÍîıĖIJĖŜťŘÍťĖĺIJϙĺċϙťēôϙîôīĖŽôŘƅϙĺċϙ®ĺŘħϙĺŘϙÍIJƅϙĺťēôŘϙæôIJôċĖťŜϙŪIJîôŘϙťēĖŜϙČŘôôıôIJťϠϙ
ĺŘϙŕŘĺèŪŘôıôIJťϙĺċϙıÍťôŘĖÍīŜϙĺŘϙŜŪŕŕīĖôŜϟϙ
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ϟēôϙĺIJŜŪīťÍIJťϙſĖīīϙťÍħôϙÍċċĖŘıÍťĖŽôϙÍèťĖĺIJϙťĺϙĖIJŜŪŘôϙťēÍťϙÍŕŕīĖèÍIJťŜϙÍŘôϙôıŕīĺƅôîϙ
ÍIJîϙťēÍťϙôıŕīĺƅôôŜϙÍŘôϙťŘôÍťôîϙîŪŘĖIJČϙôıŕīĺƅıôIJťϙſĖťēĺŪťϙŘôČÍŘîϙťĺϙťēôĖŘϙŘÍèôϠϙ
èŘôôîϠϙèĺīĺŘϠϙIJÍťĖĺIJÍīϙĺŘĖČĖIJϠϙŜôƄϠϙÍČôϠϙŜôƄŪÍīϙĺŘĖôIJťÍťĖĺIJϠϙŕēƅŜĖèÍīϠϙŜôIJŜĺŘƅϙĺŘϙ
ıôIJťÍīϙēÍIJîĖèÍŕŜϠϙĺŘϙıÍŘĖťÍīϙŜťÍťŪŜϟϙŪèēϙÍèťĖĺIJϙŜēÍīīϙĖIJèīŪîôϠϙæŪťϙIJĺťϙæôϙīĖıĖťôîϙ
ťĺϙťēôϙċĺīīĺſĖIJČϙôıŕīĺƅıôIJťϠϙŪŕČŘÍîĖIJČϠϙîôıĺťĖĺIJϙĺŘϙťŘÍIJŜċôŘϠϙŘôèŘŪĖťıôIJťϙĺŘϙ
ŘôèŘŪĖťıôIJťϙ ÍîŽôŘťĖŜĖIJČϠϙ īÍƅĺċċϙ ĺŘϙ ťôŘıĖIJÍťĖĺIJϠϙ ŘÍťôŜϙ ĺċϙ ŕÍƅϙ ĺŘϙĺťēôŘϙċĺŘıŜϙĺċϙ
èĺıŕôIJŜÍťĖĺIJϙÍIJîϙŜôīôèťĖĺIJϙċĺŘϙťŘÍĖIJĖIJČϟϙ
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ϟIċϙťēôϙĺIJŜŪīťÍIJťϙċÍĖīŜϙťĺϙèĺıŕīƅϙſĖťēϙÍIJƅϙĺċϙťēĖŜϙČŘôôıôIJťЍŜϙIJĺIJϱîĖŜèŘĖıĖIJÍťĖĺIJϙ
ŕŘĺŽĖŜĖĺIJŜϠϙťēôϙĖťƅϙŜēÍīīϙēÍŽôϙťēôϙŘĖČēťϠϙÍťϙĖťŜϙĺŕťĖĺIJϠϙťĺϙèÍIJèôīϙťēôϙČŘôôıôIJťϙĖIJϙ
ſēĺīôϙĺŘϙĖIJϙŕÍŘťϟϙ
ϙ
"ϟēôϙĺIJŜŪīťÍIJťϙĖŜϙŘôŜŕĺIJŜĖæīôϙťĺϙæôϙÍſÍŘôϙĺċϙÍIJîϙĖIJϙèĺıŕīĖÍIJèôϙſĖťēϙÍīīϙċôîôŘÍīϠϙ
ŜťÍťôϙÍIJîϙīĺèÍīϙīÍſŜϙÍIJîϙŘôČŪīÍťĖĺIJŜϙťēÍťϙıÍƅϙÍċċôèťϙťēôϙŜÍťĖŜċÍèťĺŘƅϙèĺıŕīôťĖĺIJϙ
ĺċϙťēôϙŕŘĺĤôèťϠϙſēĖèēϙĖIJèīŪîôŜϙæŪťϙĖŜϙIJĺťϙīĖıĖťôîϙťĺϙċÍĖŘϙīÍæĺŘϙīÍſŜϠϙſĺŘħôŘДŜϙ
èĺıŕôIJŜÍťĖĺIJϠϙÍIJîϙĖťīôϙ«Iϙĺċϙťēôϙ>ôîôŘÍīϙĖŽĖīϙĖČēťŜϙèťϙĺċϙ͕͓͐͘ϠϙÍIJîϙſĖīīϙèĺıŕīƅϙ
ſĖťēϙĖťƅϙĺċϙôIJťĺIJϙĺŪIJèĖīϙôŜĺīŪťĖĺIJϙbŪıæôŘϙ͓͏͔͗ϟϙ
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W'ϴK&ϭϬ
ĺIJťŘÍèťϙôıŕīÍťôϙŕîÍťôîϙ͔ϯ͑͐ϯ͑͏͑͐
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͐͗ϟaĖŜèôīīÍIJôĺŪŜϡϙēôϙŕÍŘťĖôŜϙēôŘôæƅϙÍèħIJĺſīôîČôϡϙ
ϟēôϙĖťƅϙĖŜϙIJĺťϙŘôŜŕĺIJŜĖæīôϙťĺϙťŘÍĖIJϙĺŘϙŕŘĺŽĖîôϙťŘÍĖIJĖIJČϙċĺŘϙĺIJŜŪīťÍIJťϟϙ
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ϟĺIJŜŪīťÍIJťϙſĖīīϙIJĺťϙæôϙŘôĖıæŪŘŜôîϙċĺŘϙĤĺæϙŘôīÍťôîϙôƄŕôIJŜôŜϙôƄèôŕťϙťĺϙťēôϙôƄťôIJťϙ
ŜŕôèĖċĖèÍīīƅϙÍČŘôôîϙſĖťēĖIJϙťēôϙÍťťÍèēôîϙôƄēĖæĖťŜϟϙ
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ϟĺIJŜŪīťÍIJťϙŜēÍīīϙċŪŘIJĖŜēϙÍīīϙťĺĺīŜϙÍIJîϯĺŘϙıÍťôŘĖÍīŜϙIJôèôŜŜÍŘƅϙťĺϙŕôŘċĺŘıϙťēôϙ®ĺŘħϙ
ôƄèôŕťϙťĺϙťēôϙôƄťôIJťϙŜŕôèĖċĖèÍīīƅϙÍČŘôôîϙſĖťēĖIJϙťēôϙÍťťÍèēôîϙôƄēĖæĖťŜϟϙ
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"ϟIIJϙťēôϙôŽôIJťϙŜŕôèĖÍīϙťŘÍĖIJĖIJČϠϙīĖèôIJŜĖIJČϠϙĺŘϙèôŘťĖċĖèÍťĖĺIJϙĖŜϙŘôŗŪĖŘôîϙċĺŘϙĺIJŜŪīťÍIJťϙ
ťĺϙŕŘĺŽĖîôϙ®ĺŘħϙēôϯŜēôϙſĖīīϙÍèŗŪ ĖŘôϙĺŘϙıÍĖIJťÍĖIJϙŜŪèēϙÍťϙēĖŜϯēôŘϙĺſIJϙôƄŕôIJŜôϙÍIJîϠϙ
ĖċϙĺIJŜŪīťÍIJťϙôıŕīĺƅŜϠϙŜŪæϱèĺIJťŘÍèťŜϠϙĺŘϙĺťēôŘſĖŜôϙÍŜŜĖČIJŜϙťēôϙ ŘôŜŕĺIJŜĖæĖīĖťƅϙťĺϙ
ŕôŘċĺŘıϙťēôϙ®ĺŘħϠϙŜÍĖîϙôıŕīĺƅôôϯŜŪæϱèĺIJťŘÍèťĺŘϯÍŜŜĖČIJôôϙſĖīīϙÍèŗŪĖŘôϙÍIJîϙĺŘϙ
ıÍĖIJťÍĖIJϙŜŪèēϙťŘÍĖIJĖIJČϠϙīĖèôIJŜĖIJČϠϙĺŘϙèôŘťĖċĖèÍťĖĺIJϟϙ
(ϟēĖŜϙĖŜϙÍϙIJĺIJϱôƄèīŪŜĖŽôϙÍČŘôôıôIJťϙÍIJîϙĺIJŜŪīťÍIJťϙĖŜϙċŘôôϙťĺϙŕŘĺŽĖîôϙēĖŜϯēôŘϙ®ĺŘħϙ
ťĺϙĺťēôŘϙôIJťĖťĖôŜϠϙŜĺϙīĺIJČϙ ÍŜϙťēôŘôϙĖŜϙIJĺϙĖIJťôŘŘŪŕťĖĺIJϙĺŘϙĖIJťôŘċôŘôIJèôϙſĖťēϙťēôϙ
ŕŘĺŽĖŜĖĺIJϙĺċϙ®ĺŘħϙèÍīīôîϙċĺŘϙĖIJϙťēĖŜϙČŘôôıôIJťϟϙ
ϙ
>ϟĺIJŜŪīťÍIJťϙĖŜϙŘôŜŕĺIJŜĖæīôϙċĺŘϙēĖŜϯēôŘϙĺſIJϙĖIJŜŪŘÍIJèôϠϙĖIJèīŪîĖIJČϠϙæŪťϙIJĺťϙīĖıĖťôîϙťĺϙ
ēôÍīťēϙĖIJŜŪŘÍIJèôϟϙ
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@ϟĺIJŜŪīťÍIJťϙĖŜϙŘôŜŕĺIJŜĖæīôϙċĺŘϙēĖŜϯēôŘϙĺſIJϙ®ĺŘħôŘЍŜϙĺıŕôIJŜÍťĖĺIJϙèĺŽôŘÍČôϙÍŜϙ
ſôīīϙÍŜϙťēÍťϙċĺŘϙÍIJƅϙŕôŘŜĺIJŜϙôıŕīĺƅôîϙæƅϙťēôϙĺIJŜŪīťÍIJťϟϙ
ϙ
͐͘ϟiťēôŘϙŘĺŽĖŜĖĺIJŜϡϙ
ϟŕŕŘĺŽÍīϙŪťēĺŘĖťƅϟϙ(ÍèēϙĖIJîĖŽĖîŪÍīϙôƄôèŪťĖIJČϙťēĖŜϙČŘôôıôIJťϙĺIJϙæôēÍīċϙĺċϙťēôϙĖťƅϙ
ÍIJîϙ ĺIJŜŪīťÍIJťϙ ŘôŕŘôŜôIJťŜϙ ÍIJîϙ ſÍŘŘÍIJťŜϙ ťēÍťϙ ŜŪèēϙ ĖIJîĖŽĖîŪÍīŜϙ ÍŘôϙ îŪīƅϙ
ÍŪťēĺŘĖƏôîϙ ťĺϙ ôƄôèŪťôϙ ÍIJîϙ îôīĖŽôŘϙ ťēĖŜϙ ČŘôôıôIJťϙ ĺIJϙ æôēÍīċϙ ĺċϙ ťēôϙ Ėťƅϙ ĺŘϙ
ĺIJŜŪīťÍIJťϟϙ
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ĺIJťŘÍèťϙôıŕīÍťôϙŕîÍťôîϙ͔ϯ͑͐ϯ͑͏͑͐
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8/25/2025
Approved by Cheryl Beyer via email 6/24/2025
1
6/19/2025 11:26:13 AM J:\DATA\REN\25-0128\00 CONTRACT\PSA_EXH A_SOW_REN LS AND FM IMPROVEMENTS_PHASE 4 SDC.DOCX
EXHIBIT A
Scope of Work
City of Renton
Lift Station and Force Main Improvements
Phase 4 Services During Construction
June 2025
Background
The following Scope of Work includes services during construction for the improvements identified
in the Lift Station and Force Main Improvements – Phase 4 bidding documents. Final design and
services during bidding for Phase 4, which includes improvements at the City of Renton’s (City)
Kensington Crest, Wedgewood, Shy Creek, and Stonegate Lift Stations, were provided for the City
under a separate contract executed with RH2 Engineering, Inc. (RH2). Services outlined herein will
be performed to the level of effort identified in the Fee Estimate.
Task 1 – Project Management
Objective: Manage the RH2 project team and maintain files and records. Monitor the project scope,
budget, and schedule.
Approach:
Prepare, monitor, and update the project schedule monthly.
Provide monthly invoices with progress reports documenting work performed and budget
status.
Maintain project files and records.
RH2 Deliverables:
x Monthly project schedule updates in electronic PDF.
x Monthly invoices documenting monthly progress of work completed and earned value
compared to contract value in electronic PDF.
x Project records maintained and filed.
Task 2 – Services During Construction for Phase 4
Objective: Provide construction contract administration in support of the City. Provide periodic
observation of construction operations as the engineer of record for this project to confirm that the
elements of construction that are observed by RH2 conform to the project plans and specifications.
It is anticipated that the City will take the lead with inspection and construction administration and
will handle day-to-day responsibilities.
!
City of Renton
Lift Station and Force Main Improvements Exhibit A
Phase 4 Services During Construction Scope of Work
2
6/19/2025 11:26:12 AM J:\DATA\REN\25-0128\00 CONTRACT\PSA_EXH A_SOW_REN LS AND FM IMPROVEMENTS_PHASE 4 SDC.DOCX
Approach:
Prepare for and attend a pre-construction conference and introduce the project team
members, including the contractor, City, RH2, special inspector, and impacted or adjacent
utilities. Prepare an agenda and meeting minutes for the pre-construction conference.
Prepare conformed for construction plans and specifications. Distribute plans and
specifications to the City and contractor.
Review shop drawings and submittals of items requested in the technical specifications.
Provide a written response to the contractor and City for each shop drawing and submittal
reviewed.
Provide part-time observation of the construction work in progress. Coordinate with the
contractor and City inspectors to provide observation at critical stages of construction and as
requested by the City. RH2 will not provide continuous on-site observation but will visit the
site periodically during construction operations. The Fee Estimate assumes approximately
fifteen (15) site visits for four (4) hours each. Provide progress updates to the City following
site visits, including the preparation of construction observation reports, and recommend
rejection of the work if it fails to conform to the construction contract documents. The City
will subcontract and coordinate directly with testing firm(s) for all special inspections.
Review written requests for information (RFIs) and provide written responses to the City.
Review and prepare change orders, if necessary. Submit written responses to the City for
processing.
Develop software for remote telemetry unit sites (Shy Creek and Stonegate Lift Stations).
Prepare a control strategy that will be used to develop the programmable logic controller
(PLC) and supervisory control and data acquisition (SCADA) programming. Provide PLC ladder
logic software development as required for monitoring and controlling the equipment at the
lift stations. Provide operator interface (OI) software development for the lift stations.
Provide human machine interface (HMI) software development for the lift stations.This
subtask will be performed by RH2’s subsidiary and subconsultant, Control Systems NW LLC
(CSNW).
Develop SCADA operations and maintenance (O&M) material to supplement the existing
SCADA O&M manuals.This subtask will be performed by CSNW.
Assist the City with testing and startup of the new lift stations. Attend factory testing at the
control integrator’s shop prior to shipment of the control panels to the job site. Attend field
tests for the PLC, OI, HMI, and communications equipment for end-to-end data transmission
integrity and accuracy. Attend field tests for OI screens for connectivity, detail, and accuracy
of information displayed. Attend field tests for the HMI SCADA alarm, navigation, and
functions. Attend field tests for the Engine Generator. Attend startup and commissioning,and
prepare a report of activities completed. Provide eight (8) hours of on-site SCADA training on
the O&M manual, programming, communications, and software operation aspects of the
system, utilizing the O&M manual as a training aid.
!
City of Renton
Lift Station and Force Main Improvements Exhibit A
Phase 4 Services During Construction Scope of Work
3
6/19/2025 11:26:12 AM J:\DATA\REN\25-0128\00 CONTRACT\PSA_EXH A_SOW_REN LS AND FM IMPROVEMENTS_PHASE 4 SDC.DOCX
Perform site visits to develop a final construction punchlist for the project. Perform a separate
final visit to each site with the contractor and the City to confirm the satisfactory completion
of punchlist items. Prepare a letter recommending project acceptance following completion
of construction and punchlist items.
Review and comment on the completeness and accuracy of the O&M manual for the lift
station improvements. Provide review comments to the contractor. Confirm review
comments have been addressed. The contractor will provide the O&M manual to RH2 for
review.
Revise drawings with as-built information received from the contractor and the City. Provide
electronic copy of record drawings to the City. Compile relevant final project documentation
and deliver to the City. Documents will include construction observation reports, digital
photos, and other documents described in this Scope of Work.
Assumptions:
x Construction phase services defined in this Task are variable in nature and depend in part on
the contractor awarded the project. RH2’s estimate is based upon an experienced and
reasonable contractor being awarded the construction contract. RH2’s services as described
herein will be performed up to the level included in the attached Fee Estimate. If additional
effort is needed, that extra work will be mutually determined by the City and RH2.
x For SubTasks 2.2, 2.4, and 2.5, the Fee Estimate assumes a similar level of effort as previous
projects with the City. RH2 will notify the City in advance of additional hours needed, and
additional hours shall be mutually agreed negotiated.
x RH2 is not responsible for site safety, or for determining means and methods or directing the
contractor in their work.
x Software development, data points, and graphical displays will be defined and approved by
RH2, CSNW, and the City. RH2’s Fee Estimate (Exhibit C) for Task 2 assumes a certain level of
cooperation and timeliness from the contractor and any third parties required for testing. If
additional hours are needed to accomplish Task 2 due to events beyond the control of RH2,
RH2 will notify the City in advance of such additional hours needed, and a contract
amendment shall be mutually negotiated.
x This Scope of Work includes eight (8) hours of RH2 training for City staff. If the City requires
additional assistance beyond the level of effort included in the Fee Estimate for subtask 2.8,
the City and RH2 will mutually agree upon an additional fee amount for continued training.
Provided by City:
x Project lead for construction inspection and administration.
x Retention of and coordination with testing firm(s) for special inspections.
!
City of Renton
Lift Station and Force Main Improvements Exhibit A
Phase 4 Services During Construction Scope of Work
4
6/19/2025 11:26:12 AM J:\DATA\REN\25-0128\00 CONTRACT\PSA_EXH A_SOW_REN LS AND FM IMPROVEMENTS_PHASE 4 SDC.DOCX
RH2 Deliverables:
x Pre-construction conference administration and documentation, including pre-construction
conference meeting agenda and minutes in electronic PDF.
x Conformed for construction plan sets: one (1) full-size paper plan set and four (4) half-size
paper plan sets for the contractor; two (2) full-size paper plan sets and one (1) half-size paper
plan set for the City; and two (2) half-size paper plan sets for RH2.
x Seven (7) sets of conformed for construction specifications for the City and the contractor.
x Submittal, RFI, and change order reviews and responses in electronic PDF, as requested by
the City.
x Construction observation reports in electronic PDF for each site visit.
x Correspondence with the City and contractor, as requested.
x SCADA control strategy.
x PLC software and OI screen design.
x HMI software updates.
x Attendance at factory testing, field testing, startup, and commissioning.
x Final startup and commissioning reports.
x One (1) electronic copy of PLC and OI software.
x One (1) electronic copy of the following items:
o Project spreadsheet file that includes information about the software configuration,
addressing, data point names, alarms, control loops, and descriptions.
o O&M material for SCADA system software.
x Punchlist in electronic PDF following construction completion observation at the sites.
x Letter recommending project acceptance in electronic PDF.
x Review comments for the lift station O&M manual in electronic PDF.
x Record drawings in electronic PDF.
!
City of Renton
Lift Station and Force Main Improvements Exhibit A
Phase 4 Services During Construction Scope of Work
5
6/19/2025 11:26:12 AM J:\DATA\REN\25-0128\00 CONTRACT\PSA_EXH A_SOW_REN LS AND FM IMPROVEMENTS_PHASE 4 SDC.DOCX
Task 3 – Arc Flash Analysis
Objective: Perform electrical short circuit, protective device coordination, and arc flash analysis for
the electrical distribution equipment at each facility with electrical improvements (Shy Creek and
Stonegate Lift Stations).Prepare a short circuit, protective device coordination, and arc flash analysis
report that summarizes the calculations and recommendations for protective device settings and
Personal Protective Equipment requirements. Produce arc flash hazard labels for installation by the
City on the front of the facilities’ electrical distribution equipment.
Approach:
Gather information on existing overcurrent protection devices.
Model the electrical distribution system using SKM Power Tools software, and perform short
circuit, protective device coordination, and arc flash calculations.
Prepare an arc flash analysis report that summarizes the results of the short circuit, protective
device coordination, and arc flash calculations for equipment at the facilities. The report will
include recommended overcurrent device settings where adjustable overcurrent devices are
installed or replacement equipment where old or obsolete devices are contributing
negatively to the arc flash potential.
Produce arc flash hazard warning labeling, for installation by the contractor, to meet the
requirements of National Fire Protection Association 70E. Coordinate with the contractor to
adjust overcurrent device settings per the recommendations in the report.
Assumptions:
x RH2 will rely upon the accuracy and completeness of any information, data, and materials
generated or produced by the power utility or others in relation to this Scope of Work.
Provided by City:
x Access to the facilities to review and collect data regarding the electrical distribution
equipment. Electrical equipment will need to be temporarily de-energized to obtain model
numbers of the overcurrent protection devices.
x Electrical as-built drawings and O&M manuals for the facilities, if available.
x Installation of arc flash hazard labeling provided by RH2.
RH2 Deliverables:
x Arc flash analysis report in electronic PDF.
x Arc flash hazard labeling for installation on the front of the electrical equipment at the
facilities following construction and testing.
!
1
6/19/2025 11:24 AM J:\Data\REN\25-0128\00 Contract\PSA_EXH B_Completion Schedule_REN LS and FM Improvements_Phase 4 SDC.docx
Exhibit B: Time Schedule of Completion
City of Renton
Lift Station and Force Main Improvements
Phase 4 Services During Construction
ANTICIPATED NOTICE TO PROCEED DATE: September 2025
Task
Anticipated
Completion
Project Management 03/31/2027
Services During Construction for Phase 4 12/31/2026
Arc Flash Analysis 03/31/2027
ANTICIPATED CONTRACT COMPLETION DATE: March 31, 2027
!
1
6/23/2025 10:32 AM Z:\Projects\Data\REN\25-0128\00 Contract\PSA_EXH C_Cost and Fee Estimate_REN LS and FM Improvements_Phase 4 SDC.docx
Exhibit C: Cost and Fee Estimate
City of Renton
Lift Station and Force Main Improvements
Phase 4 Services During Construction
Consists of the following:
Consultant Fee Determination – Summary Sheet – Fee Schedule
WSDOT Letter dated 8/13/2024; Subject: Acceptance FYE 2023 ICR – Risk Assessment Review
Fee Estimate
!
Consultant:
RH2 ENGINEERING, INC
Overhead
Multiplier
Fee Multiplier
201.71%12.00%
Professional I $ 51.49 $ 103.86 $ 18.64 $ 174.00
Professional II $ 56.82 $ 114.61 $ 20.57 $ 192.00
Professional III $ 63.33 $ 127.74 $ 22.93 $ 214.00
Professional IV $ 69.54 $ 140.28 $ 25.18 $ 235.00
Professional V $ 74.57 $ 150.43 $ 27.00 $ 252.00
Professional VI $ 79.90 $ 161.17 $ 28.93 $ 270.00
Professional VII $ 87.30 $ 176.09 $ 31.61 $ 295.00
Professional VIII $ 94.11 $ 189.82 $ 34.07 $ 318.00
Professional IX $ 97.07 $ 195.79 $ 35.14 $ 328.00
Technician I $ 40.25 $ 81.18 $ 14.57 $ 136.00
Technician II $ 43.80 $ 88.34 $ 15.86 $ 148.00
Technician III $ 49.42 $ 99.69 $ 17.89 $ 167.00
Technician IV $ 53.86 $ 108.64 $ 19.50 $ 182.00
Technician V $ 58.89 $ 118.79 $ 21.32 $ 199.00
Technician VI $ 64.81 $ 130.73 $ 23.46 $ 219.00
Technician VII $ 70.43 $ 142.07 $ 25.50 $ 238.00
Technician VIII $ 73.98 $ 149.23 $ 26.79 $ 250.00
Control Specialist I $ 51.49 $ 103.86 $ 18.64 $ 174.00
Control Specialist II $ 56.82 $ 114.61 $ 20.57 $ 192.00
Control Specialist III $ 63.33 $ 127.74 $ 22.93 $ 214.00
Control Specialist IV $ 69.54 $ 140.28 $ 25.18 $ 235.00
Control Specialist V $ 74.57 $ 150.43 $ 27.00 $ 252.00
Control Specialist VI $ 79.90 $ 161.17 $ 28.93 $ 270.00
Control Specialist VII $ 87.30 $ 176.09 $ 31.61 $ 295.00
Control Specialist VIII $ 94.11 $ 189.82 $ 34.07 $ 318.00
Control Specialist IX $ 97.07 $ 195.79 $ 35.14 $ 328.00
Control Technician I $ 40.25 $ 81.18 $ 14.57 $ 136.00
Control Technician II $ 43.80 $ 88.34 $ 15.86 $ 148.00
Control Technician III $ 49.42 $ 99.69 $ 17.89 $ 167.00
Control Technician IV $ 53.86 $ 108.64 $ 19.50 $ 182.00
Control Technician V $ 58.89 $ 118.79 $ 21.32 $ 199.00
Control Technician VI $ 64.81 $ 130.73 $ 23.46 $ 219.00
Control Technician VII $ 70.43 $ 142.07 $ 25.50 $ 238.00
Control Technician VIII $ 73.98 $ 149.23 $ 26.79 $ 250.00
Administrative I $ 26.93 $ 54.32 $ 9.75 $ 91.00
Administrative II $ 31.37 $ 63.27 $ 11.36 $ 106.00
Administrative III $ 37.58 $ 75.81 $ 13.61 $ 127.00
Administrative IV $ 43.80 $ 88.34 $ 15.86 $ 148.00
Administrative V $ 50.60 $ 102.07 $ 18.32 $ 171.00
In-House Copies B/W - 8.5x11 $ 0.09
In-House Copies B/W - 8.5x14 $ 0.14
In-House Copies B/W - 11x17 $ 0.20
In-House Copies Color - 8.5x11 $ 0.90
In-House Copies Color - 8.5x14 $ 1.20
In-House Copies Color - 11x17 $ 2.00
CAD Plots Large $ 25.00
CAD Plots Full $ 10.00
CAD Plots Half $ 2.50
CAD/GIS System Per Hour $ 27.50
Mileage Current IRS Rate
Subconsultants Cost plus 15%
Outside Services At Cost
Outside direct costs for permit fees, reports, maps, data, reprographics, couriers, postage, and non-
mileage related travel expenses that are necessary for the execution of the project and are not
specifically identified elsewhere in the contract will be billed at cost.
Consultant Fee Determination - Summary Sheet
(Negotiated Hourly Rates of Pay)
Fee Schedule
Staff Classification
Negotiated Hourly
Rate
Negotiated Rate
Per Hour
Rates listed are adjusted annually.
Exhibit C
!
August 13, 2024
RH2 Engineering, Inc.
22722 29th Drive SE, STE 210
Bothell, WA 98021
Subject: Acceptance FYE 2023 ICR – Risk Assessment Review
Dear Leilani McSpadden:
Based on Washington State Department of Transportation’s (WSDOT) Risk Assessment review
of your Indirect Cost Rate (ICR), we have accepted your proposed FYE 2023 ICR of 201.71% of
direct labor. This rate will be applicable for WSDOT Agreements and Local Agency Contracts in
Washington only. This rate may be subject to additional review if considered necessary by
WSDOT. Your ICR must be updated on an annual basis.
Costs billed to agreements/contracts will still be subject to audit of actual costs, based on the terms
and conditions of the respective agreement/contract.
This was not a cognizant review. Any other entity contracting with your firm is responsible for
determining the acceptability of the ICR.
If you have any questions, feel free to contact our office at (360) 704-6397 or via email
consultantrates@wsdot.wa.gov.
Regards,
SCHATZIE HARVEY, CPA
Contract Services Manager
SH:kb
!
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