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CSA C22.2 NO. 205-12

M00051728

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CSA C22.2 NO. 205-12 Signal Equipment

standard by CSA Group, 11/01/2012

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Preface

This is the second edition of CSA C22.2 No. 205, Signal equipment, one of a series of Standards issued by the Canadian Standards Association under Part II of the Canadian Electrical Code. It supersedes the previous edition published in 1983.

Scope

1.1
This Standard covers the electrical, fire, and shock hazard requirements for all signal equipment operating at
a) voltages up to 600V; and
b) double insulated equipment up to 240V

in non-hazardous locations in accordance with the rules of the Canadian Electrical Code, Part I.

1.2
The requirements are not intended to replace other requirements that are mandated by provincial, federal, or authorities having jurisdiction for aspects other than electrical fire and shock hazards, nor do they specify the performance of signal equipment.
Notes:
While this document does not address the performance aspects of signaling equipment (volume of an audible indication or brightness of a visual indication), it does specify requirements for the electrical safety of these devices.Devices that generate radio frequency signals may also be subject to the requirements of Industry Canada. 1.3
This Standard covers equipment that performs a sensing and/or signaling function to convey alarm, status, or event-based information to the user and any subsequent associated activation function. The signal equipment may be stand alone or a part of a larger system. Signaling may employ wired or wireless means.
Note: The equipment can employ audible, visual, motion, or other signaling means such as chimes, gongs, lights, and displays.

1.4
This Standard applies to energy management equipment including sensing, monitoring, and actuation devices. The requirements also apply to home automation systems. The signal sensing components meeting the requirement of this Standard can be included in a smart grid application for energy management, other than for industrial applications.

1.5
Lighting photo relay systems, stand alone or incorporated within a luminaire, and evaluated as a combination in the final application are within the scope of this Standard.

1.6
This Standard does not apply to devices that are already covered by requirements of another Part II Standard.

1.7
Requirements for a specific type of equipment could have additional requirements as defined in Annexes A and B.

1.8
Sensors used for medical applications for Class A, B, or C facilities (as defined in CSA Z32) are within the scope of the CSA 60601 Series, and are not within the scope of this Standard.

1.9
Combustible gas detectors are evaluated to the requirements of CSA C22.2 No. 152 and carbon monoxide alarming devices for residential applications are evaluated to the requirements of CAN/CSA-6.19, and are outside the scope of this Standard.

1.10
Low level water cut-off is evaluated to the requirements of CSA C22.2 No. 24 and is outside the scope of this Standard.

1.11
Safety light curtains and similar products are outside the scope of this Standard.

1.12
In CSA standards, "shall" is used to express a requirement, i.e., a provision that the user is obliged to satisfy in order to comply with the standard; "should" is used to express a recommendation or that which is advised but not required; and "may" is used to express an option or that which is permissible within the limits of the standard.

Notes accompanying clauses do not include requirements or alternative requirements; the purpose of a note accompanying a clause is to separate from the text explanatory or informative material.

Notes to tables and figures are considered part of the table or figure and may be written as requirements.

Annexes are designated normative (mandatory) or informative (nonmandatory) to define their application.

Product Details

Edition: 2nd Published: 11/01/2012 ISBN(s): 9781554919888 Number of Pages: 65 File Size: 1 file , 1.6 MB Product Code(s): 2421953, 2421953

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‹•…Žƒ‹‡” ƒ† ‡š…Ž—•‹‘ ‘ˆ Ž‹ƒ„‹Ž‹–›

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/E EK s Ed ^, >> ^ 'ZKhW͕ /d^ sK>hEd Z^͕ D D Z^͕ ^h ^/ / Z/ ^͕ KZ &&/>/ d KDW E/ ^͕ KZ d, /Z DW>Kz ^͕ /Z dKZ^͕ KZ K&&/ Z^͕ >/ > &KZ Ez /Z d͕ /E /Z d͕ KZ /E / Ed > D ' ^͕ /E:hZz͕ >K^^͕ K^d^͕ KZ yW E^ ^͕ ,Kt^K s Z h^ ͕

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>/ />/dz͕ Z/^/E' Khd K& KZ Z ^h>d/E' &ZKD ^^ dK KZ WK^^ ^^/KE KZ h^ K& d,/^ K hD Ed͕ s E /& ^ 'ZKhW , ^ E

s/^ K& d, WK^^/ />/dz K& ^h , D ' ^͕ /E:hZz͕ >K^^͕ K^d^͕ KZ yW E^ ^͘

/Ŷ ƉƵďůŝƐŚŝŶŐ ĂŶĚ ŵĂŬŝŶŐ ƚŚŝƐ ĚŽĐƵŵĞŶƚ ĂǀĂŝůĂďůĞ͕ ^ 'ƌŽƵƉ ŝƐ ŶŽƚ ƵŶĚĞƌƚĂŬŝŶŐ ƚŽ ƌĞŶĚĞƌ ƉƌŽĨĞƐƐŝŽŶĂů Žƌ ŽƚŚĞƌ ƐĞƌǀŝĐĞƐ ĨŽƌ Žƌ ŽŶ ďĞŚĂůĨ ŽĨ ĂŶLJ ƉĞƌƐŽŶ Žƌ ĞŶƚŝƚLJ Žƌ ƚŽ ƉĞƌĨŽƌŵ ĂŶLJ ĚƵƚLJ ŽǁĞĚ ďLJ ĂŶLJ ƉĞƌƐŽŶ Žƌ ĞŶƚŝƚLJ ƚŽ ĂŶŽƚŚĞƌ ƉĞƌƐŽŶ Žƌ ĞŶƚŝƚLJ͘ dŚĞ ŝŶĨŽƌŵĂƚŝŽŶ ŝŶ ƚŚŝƐ ĚŽĐƵŵĞŶƚ ŝƐ ĚŝƌĞĐƚĞĚ ƚŽ ƚŚŽƐĞ ǁŚŽ ŚĂǀĞ ƚŚĞ ĂƉƉƌŽƉƌŝĂƚĞ ĚĞŐƌĞĞ ŽĨ ĞdžƉĞƌŝĞŶĐĞ ƚŽ ƵƐĞ ĂŶĚ ĂƉƉůLJ ŝƚƐ ĐŽŶƚĞŶƚƐ͕ ĂŶĚ ^ 'ƌŽƵƉ ĂĐĐĞƉƚƐ ŶŽ ƌĞƐƉŽŶƐŝďŝůŝƚLJ ǁŚĂƚƐŽĞǀĞƌ ĂƌŝƐŝŶŐ ŝŶ ĂŶLJ ǁĂLJ ĨƌŽŵ ĂŶLJ ĂŶĚ Ăůů ƵƐĞ ŽĨ Žƌ ƌĞůŝĂŶĐĞ ŽŶ ƚŚĞ ŝŶĨŽƌŵĂƚŝŽŶ ĐŽŶƚĂŝŶĞĚ ŝŶ ƚŚŝƐ ĚŽĐƵŵĞŶƚ͘

^ 'ƌŽƵƉ ŝƐ Ă ƉƌŝǀĂƚĞ ŶŽƚͲĨŽƌͲƉƌŽĨŝƚ ĐŽŵƉĂŶLJ ƚŚĂƚ ƉƵďůŝƐŚĞƐ ǀŽůƵŶƚĂƌLJ ƐƚĂŶĚĂƌĚƐ ĂŶĚ ƌĞůĂƚĞĚ ĚŽĐƵŵĞŶƚƐ͘ ^ 'ƌŽƵƉ ŚĂƐ ŶŽ ƉŽǁĞƌ͕ ŶŽƌ ĚŽĞƐ ŝƚ ƵŶĚĞƌƚĂŬĞ͕ ƚŽ ĞŶĨŽƌĐĞ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ƚŚĞ ĐŽŶƚĞŶƚƐ ŽĨ ƚŚĞ ƐƚĂŶĚĂƌĚƐ Žƌ ŽƚŚĞƌ ĚŽĐƵŵĞŶƚƐ ŝƚ ƉƵďůŝƐŚĞƐ͘

–‡ŽŽ‡…–—ƒŽ ’”‘’‡”–› ”‹‰Š–• ƒ† ‘™‡”•Š‹’

Ɛ ďĞƚǁĞĞŶ ^ 'ƌŽƵƉ ĂŶĚ ƚŚĞ ƵƐĞƌƐ ŽĨ ƚŚŝƐ ĚŽĐƵŵĞŶƚ ;ǁŚĞƚŚĞƌ ŝƚ ďĞ ŝŶ ƉƌŝŶƚĞĚ Žƌ ĞůĞĐƚƌŽŶŝĐ ĨŽƌŵͿ͕ ^ 'ƌŽƵƉ ŝƐ ƚŚĞ ŽǁŶĞƌ͕ Žƌ ƚŚĞ ĂƵƚŚŽƌŝnjĞĚ ůŝĐĞŶƐĞĞ͕ ŽĨ Ăůů ǁŽƌŬƐ ĐŽŶƚĂŝŶĞĚ ŚĞƌĞŝŶ ƚŚĂƚ ĂƌĞ ƉƌŽƚĞĐƚĞĚ ďLJ ĐŽƉLJƌŝŐŚƚ͕ Ăůů ƚƌĂĚĞͲŵĂƌŬƐ ;ĞdžĐĞƉƚ ĂƐ ŽƚŚĞƌǁŝƐĞ ŶŽƚĞĚ ƚŽ ƚŚĞ ĐŽŶƚƌĂƌLJͿ͕ ĂŶĚ Ăůů ŝŶǀĞŶƚŝŽŶƐ ĂŶĚ ƚƌĂĚĞ ƐĞĐƌĞƚƐ ƚŚĂƚ ŵĂLJ ďĞ ĐŽŶƚĂŝŶĞĚ ŝŶ ƚŚŝƐ ĚŽĐƵŵĞŶƚ͕ ǁŚĞƚŚĞƌ Žƌ ŶŽƚ ƐƵĐŚ ŝŶǀĞŶƚŝŽŶƐ ĂŶĚ ƚƌĂĚĞ ƐĞĐƌĞƚƐ ĂƌĞ ƉƌŽƚĞĐƚĞĚ ďLJ ƉĂƚĞŶƚƐ ĂŶĚ ĂƉƉůŝĐĂƚŝŽŶƐ ĨŽƌ ƉĂƚĞŶƚƐ͘ tŝƚŚŽƵƚ ůŝŵŝƚĂƚŝŽŶ͕ ƚŚĞ ƵŶĂƵƚŚŽƌŝnjĞĚ ƵƐĞ͕ ŵŽĚŝĨŝĐĂƚŝŽŶ͕ ĐŽƉLJŝŶŐ͕ Žƌ ĚŝƐĐůŽƐƵƌĞ ŽĨ ƚŚŝƐ ĚŽĐƵŵĞŶƚ ŵĂLJ ǀŝŽůĂƚĞ ůĂǁƐ ƚŚĂƚ ƉƌŽƚĞĐƚ ^ 'ƌŽƵƉą Ɛ ĂŶĚͬŽƌ ŽƚŚĞƌƐą ŝŶƚĞůůĞĐƚƵĂů ƉƌŽƉĞƌƚLJ ĂŶĚ ŵĂLJ ŐŝǀĞ ƌŝƐĞ ƚŽ Ă ƌŝŐŚƚ ŝŶ ^ 'ƌŽƵƉ ĂŶĚͬŽƌ ŽƚŚĞƌƐ ƚŽ ƐĞĞŬ ůĞŐĂů ƌĞĚƌĞƐƐ ĨŽƌ ƐƵĐŚ ƵƐĞ͕ ŵŽĚŝĨŝĐĂƚŝŽŶ͕ ĐŽƉLJŝŶŐ͕ Žƌ ĚŝƐĐůŽƐƵƌĞ͘ dŽ ƚŚĞ ĞdžƚĞŶƚ ƉĞƌŵŝƚƚĞĚ ďLJ ůŝĐĞŶĐĞ Žƌ ďLJ ůĂǁ͕ ^ 'ƌŽƵƉ ƌĞƐĞƌǀĞƐ Ăůů ŝŶƚĞůůĞĐƚƵĂů ƉƌŽƉĞƌƚLJ ƌŝŐŚƚƐ ŝŶ ƚŚŝƐ ĚŽĐƵŵĞŶƚ͘

ƒ–‡– ”‹‰Š–•

ƚƚĞŶƚŝŽŶ ŝƐ ĚƌĂǁŶ ƚŽ ƚŚĞ ƉŽƐƐŝďŝůŝƚLJ ƚŚĂƚ ƐŽŵĞ ŽĨ ƚŚĞ ĞůĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ƐƚĂŶĚĂƌĚ ŵĂLJ ďĞ ƚŚĞ ƐƵďũĞĐƚ ŽĨ ƉĂƚĞŶƚ ƌŝŐŚƚƐ͘ ^ 'ƌŽƵƉ ƐŚĂůů ŶŽƚ ďĞ ŚĞůĚ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ŝĚĞŶƚŝĨLJŝŶŐ ĂŶLJ Žƌ Ăůů ƐƵĐŚ ƉĂƚĞŶƚ ƌŝŐŚƚƐ͘ hƐĞƌƐ ŽĨ ƚŚŝƐ ƐƚĂŶĚĂƌĚ ĂƌĞ ĞdžƉƌĞƐƐůLJ ĂĚǀŝƐĞĚ ƚŚĂƚ ĚĞƚĞƌŵŝŶĂƚŝŽŶ ŽĨ ƚŚĞ ǀĂůŝĚŝƚLJ ŽĨ ĂŶLJ ƐƵĐŚ ƉĂƚĞŶƚ ƌŝŐŚƚƐ ŝƐ ĞŶƚŝƌĞůLJ ƚŚĞŝƌ ŽǁŶ ƌĞƐƉŽŶƐŝďŝůŝƚLJ͘

—–Š‘”‹œ‡† —•‡ ‘ˆ –Š‹• †‘…—‡–

dŚŝƐ ĚŽĐƵŵĞŶƚ ŝƐ ďĞŝŶŐ ƉƌŽǀŝĚĞĚ ďLJ ^ 'ƌŽƵƉ ĨŽƌ ŝŶĨŽƌŵĂƚŝŽŶĂů ĂŶĚ ŶŽŶͲĐŽŵŵĞƌĐŝĂů ƵƐĞ ŽŶůLJ͘ dŚĞ ƵƐĞƌ ŽĨ ƚŚŝƐ ĚŽĐƵŵĞŶƚ ŝƐ ĂƵƚŚŽƌŝnjĞĚ ƚŽ ĚŽ ŽŶůLJ ƚŚĞ ĨŽůůŽǁŝŶŐ͗

/Ĩ ƚŚŝƐ ĚŽĐƵŵĞŶƚ ŝƐ ŝŶ ĞůĞĐƚƌŽŶŝĐ ĨŽƌŵ͗

  • ůŽĂĚ ƚŚŝƐ ĚŽĐƵŵĞŶƚ ŽŶƚŽ Ă ĐŽŵƉƵƚĞƌ ĨŽƌ ƚŚĞ ƐŽůĞ ƉƵƌƉŽƐĞ ŽĨ ƌĞǀŝĞǁŝŶŐ ŝƚ͖ ͻ ƐĞĂƌĐŚ ĂŶĚ ďƌŽǁƐĞ ƚŚŝƐ ĚŽĐƵŵĞŶƚ͖ ĂŶĚ

  • ƉƌŝŶƚ ƚŚŝƐ ĚŽĐƵŵĞŶƚ ŝĨ ŝƚ ŝƐ ŝŶ W & ĨŽƌŵĂƚ͘

    >ŝŵŝƚĞĚ ĐŽƉŝĞƐ ŽĨ ƚŚŝƐ ĚŽĐƵŵĞŶƚ ŝŶ ƉƌŝŶƚ Žƌ ƉĂƉĞƌ ĨŽƌŵ ŵĂLJ ďĞ ĚŝƐƚƌŝďƵƚĞĚ ŽŶůLJ ƚŽ ƉĞƌƐŽŶƐ ǁŚŽ ĂƌĞ ĂƵƚŚŽƌŝnjĞĚ ďLJ ^ 'ƌŽƵƉ ƚŽ ŚĂǀĞ ƐƵĐŚ ĐŽƉŝĞƐ͕ ĂŶĚ ŽŶůLJ ŝĨ ƚŚŝƐ >ĞŐĂů EŽƚŝĐĞ ĂƉƉĞĂƌƐ ŽŶ ĞĂĐŚ ƐƵĐŚ ĐŽƉLJ͘

    /Ŷ ĂĚĚŝƚŝŽŶ͕ ƵƐĞƌƐ ŵĂLJ ŶŽƚ ĂŶĚ ŵĂLJ ŶŽƚ ƉĞƌŵŝƚ ŽƚŚĞƌƐ ƚŽ

  • ĂůƚĞƌ ƚŚŝƐ ĚŽĐƵŵĞŶƚ ŝŶ ĂŶLJ ǁĂLJ Žƌ ƌĞŵŽǀĞ ƚŚŝƐ >ĞŐĂů EŽƚŝĐĞ ĨƌŽŵ ƚŚĞ ĂƚƚĂĐŚĞĚ ƐƚĂŶĚĂƌĚ͖ ͻ ƐĞůů ƚŚŝƐ ĚŽĐƵŵĞŶƚ ǁŝƚŚŽƵƚ ĂƵƚŚŽƌŝnjĂƚŝŽŶ ĨƌŽŵ ^ 'ƌŽƵƉ͖ Žƌ

  • ŵĂŬĞ ĂŶ ĞůĞĐƚƌŽŶŝĐ ĐŽƉLJ ŽĨ ƚŚŝƐ ĚŽĐƵŵĞŶƚ͘

/Ĩ LJŽƵ ĚŽ ŶŽƚ ĂŐƌĞĞ ǁŝƚŚ ĂŶLJ ŽĨ ƚŚĞ ƚĞƌŵƐ ĂŶĚ ĐŽŶĚŝƚŝŽŶƐ ĐŽŶƚĂŝŶĞĚ ŝŶ ƚŚŝƐ >ĞŐĂů EŽƚŝĐĞ͕ LJŽƵ ŵĂLJ ŶŽƚ ůŽĂĚ Žƌ ƵƐĞ ƚŚŝƐ ĚŽĐƵŵĞŶƚ Žƌ ŵĂŬĞ ĂŶLJ ĐŽƉŝĞƐ ŽĨ ƚŚĞ ĐŽŶƚĞŶƚƐ ŚĞƌĞŽĨ͕ ĂŶĚ ŝĨ LJŽƵ ĚŽ ŵĂŬĞ ƐƵĐŚ ĐŽƉŝĞƐ͕ LJŽƵ ĂƌĞ ƌĞƋƵŝƌĞĚ ƚŽ ĚĞƐƚƌŽLJ ƚŚĞŵ ŝŵŵĞĚŝĂƚĞůLJ͘ hƐĞ ŽĨ ƚŚŝƐ ĚŽĐƵŵĞŶƚ ĐŽŶƐƚŝƚƵƚĞƐ LJŽƵƌ ĂĐĐĞƉƚĂŶĐĞ ŽĨ ƚŚĞ ƚĞƌŵƐ ĂŶĚ ĐŽŶĚŝƚŝŽŶƐ ŽĨ ƚŚŝƐ >ĞŐĂů EŽƚŝĐĞ͘



–ƒ†ƒ”†• ’†ƒ–‡ ‡”˜‹…‡

͸͸Ǥ͸ ‘Ǥ ͸ͶͻǦͷ͸

‘˜‡„‡” ͸Ͷͷ͸


‹–Ž‡ǣ ‹‰ƒŽ ‡“—‹’‡–

dŽ ƌĞŐŝƐƚĞƌ ĨŽƌ ĞͲŵĂŝů ŶŽƚŝĨŝĐĂƚŝŽŶ ĂďŽƵƚ ĂŶLJ ƵƉĚĂƚĞƐ ƚŽ ƚŚŝƐ ƉƵďůŝĐĂƚŝŽŶ ĂͿ ŐŽ ƚŽ ƐŚŽƉ͘ĐƐĂ͘ĐĂ

ďͿ ĐůŝĐŬ ŽŶ ^ hƉĚĂƚĞ ^ĞƌǀŝĐĞ

dŚĞ >ŝƐƚ / ƚŚĂƚ LJŽƵ ǁŝůů ŶĞĞĚ ƚŽ ƌĞŐŝƐƚĞƌ ĨŽƌ ƵƉĚĂƚĞƐ ƚŽ ƚŚŝƐ ƉƵďůŝĐĂƚŝŽŶ ŝƐ ϮϰϮϭϵϱϯ͘

/Ĩ LJŽƵ ƌĞƋƵŝƌĞ ĂƐƐŝƐƚĂŶĐĞ͕ ƉůĞĂƐĞ ĞͲŵĂŝů ƚĞĐŚƐƵƉƉŽƌƚΛĐƐĂŐƌŽƵƉ͘ŽƌŐ Žƌ ĐĂůů ϰϭϲʹϳϰϳʹϮϮϯϯ͘

sŝƐŝƚ ^ 'ƌŽƵƉ͛Ɛ ƉŽůŝĐLJ ŽŶ ƉƌŝǀĂĐLJ Ăƚ ĐƐĂŐƌŽƵƉ͘ŽƌŐͬůĞŐĂů ƚŽ ĨŝŶĚ ŽƵƚ ŚŽǁ ǁĞ ƉƌŽƚĞĐƚ LJŽƵƌ ƉĞƌƐŽŶĂů ŝŶĨŽƌŵĂƚŝŽŶ͘


͸͸Ǥ͸ ‘Ǥ ͸ͶͻǦͷ͸

‹‰ƒŽ ‡“—‹’‡–





WƵďůŝƐŚĞĚ ŝŶ EŽǀĞŵďĞƌ ϮϬϭϮ ďLJ ^ 'ƌŽƵƉ

ŶŽƚͲĨŽƌͲƉƌŽĨŝƚ ƉƌŝǀĂƚĞ ƐĞĐƚŽƌ ŽƌŐĂŶŝnjĂƚŝŽŶ

ϱϬϲϬ ^ƉĞĐƚƌƵŵ tĂLJ͕ ^ƵŝƚĞ ϭϬϬ͕ DŝƐƐŝƐƐĂƵŐĂ͕ KŶƚĂƌŝŽ͕ ĂŶĂĚĂ >ϰt ϱEϲ


dŽ ƉƵƌĐŚĂƐĞ ƐƚĂŶĚĂƌĚƐ ĂŶĚ ƌĞůĂƚĞĚ ƉƵďůŝĐĂƚŝŽŶƐ͕ ǀŝƐŝƚ ŽƵƌ KŶůŝŶĞ ^ƚŽƌĞ Ăƚ ƐŚŽƉ͘ĐƐĂ͘ĐĂ

Žƌ ĐĂůů ƚŽůůͲĨƌĞĞ ϭͲϴϬϬͲϰϲϯͲϲϳϮϳ Žƌ ϰϭϲͲϳϰϳͲϰϬϰϰ͘


/^ E ϵϳϴʹϭʹϱϱϰϵϭʹϵϴϴʹϴ


Ξ ϮϬϭϮ ^ 'ƌŽƵƉ

ůů ƌŝŐŚƚƐ ƌĞƐĞƌǀĞĚ͘ EŽ ƉĂƌƚ ŽĨ ƚŚŝƐ ƉƵďůŝĐĂƚŝŽŶ ŵĂLJ ďĞ ƌĞƉƌŽĚƵĐĞĚ ƚŽ ĂŶLJ ĨŽƌŵ ǁŚĂƚƐŽĞǀĞƌ ǁŝƚŚŽƵƚ ƚŚĞ ƉƌŝŽƌ ƉĞƌŵŝƐƐŝŽŶ ŽĨ ƚŚĞ ƉƵďůŝƐŚĞƌ͘

‘–‡–•

dĞĐŚŶŝĐĂů ŽŵŵŝƚƚĞĞ ŽŶ ŽŶƐƵŵĞƌ ĂŶĚ ŽŵŵĞƌĐŝĂů WƌŽĚƵĐƚƐ ϯ


^ƵďĐŽŵŵŝƚƚĞĞ ŽŶ ^ƚĂŶĚĂƌĚ ^ŝŐŶĂů ƋƵŝƉŵĞŶƚ ϰ


ϭ ^ĐŽƉĞ ϳ


Ϯ ZĞĨĞƌĞŶĐĞ ƉƵďůŝĐĂƚŝŽŶƐ ϴ


ϯ ĞĨŝŶŝƚŝŽŶƐ ϭϭ


ϰ ŽŶƐƚƌƵĐƚŝŽŶ ϭϮ

ϰ͘ϭ 'ĞŶĞƌĂů ϭϮ

ϰ͘Ϯ ŶĐůŽƐƵƌĞƐ ϭϮ

ϰ͘Ϯ͘ϭϭ ^ĐƌĞĞŶƐ ĂŶĚ ĞdžƉĂŶĚĞĚ ŵĞƚĂů ϭϰ

ϰ͘ϯ ^ƵƉƉůLJ ĐŽŶŶĞĐƚŝŽŶƐ ϭϰ

ϰ͘ϰ ^ŝŐŶĂů ĞƋƵŝƉŵĞŶƚ ŵŽƵŶƚĞĚ ŽŶ ŽƵƚůĞƚ ďŽdžĞƐ ϭϱ

ϰ͘ϱ 'ƌŽƵŶĚŝŶŐ ĂŶĚ ďŽŶĚŝŶŐ ϭϱ

ϰ͘ϲ ^ƚƌĂŝŶ ƌĞůŝĞĨ ϭϱ

ϰ͘ϳ ƵƐŚŝŶŐƐ ϭϱ

ϰ͘ϴ tŝƌŝŶŐ ϭϲ

ϰ͘ϵ ůĞĐƚƌŝĐĂů ŝŶƐƵůĂƚŝŽŶ ϭϲ

ϰ͘ϭϬ ŽƵďůĞ ŝŶƐƵůĂƚŝŽŶ ϭϲ

ϰ͘ϭϭ ŝƌĞĐƚ ƉůƵŐͲŝŶ ƐŝŐŶĂů ĞƋƵŝƉŵĞŶƚ ϭϴ

ϰ͘ϭϮ &ƵƐĞƐ ϭϴ

ϰ͘ϭϯ /ƐŽůĂƚŝŶŐ ĐŝƌĐƵŝƚƐ ϭϴ

ϰ͘ϭϰ ^ǁŝƚĐŚĞƐ͕ ĐŽŶƚƌŽůƐ͕ ĂŶĚ ůĂŵƉŚŽůĚĞƌƐ ϭϵ

ϰ͘ϭϱ ĂƚƚĞƌŝĞƐ ϭϵ

ϰ͘ϭϲ ĂƉĂĐŝƚŽƌƐ ϭϵ

ϰ͘ϭϳ ƚƚĂĐŚŵĞŶƚ ƉůƵŐƐ ĂŶĚ ƌĞĐĞƉƚĂĐůĞƐ ϮϬ

ϰ͘ϭϴ ^ǁŝǀĞů ũŽŝŶƚƐ ϮϬ

ϰ͘ϭϵ ^ƉĂĐŝŶŐƐ Ϯϭ

ϰ͘ϭϵ͘ϲ /ŶƐƵůĂƚŝŶŐ ŵĂƚĞƌŝĂůƐ Ϯϭ

ϰ͘ϭϵ͘ϴ dĞŵƉĞƌĂƚƵƌĞ ĐŽŶƚƌŽůƐ ϮϮ

ϰ͘ϮϬ ^ĂĨĞƚLJ ĨƵŶĐƚŝŽŶƐ ŝŵƉůĞŵĞŶƚĞĚ ƚŚƌŽƵŐŚ ĞůĞĐƚƌŽŶŝĐƐ Ϯϯ

ϰ͘Ϯϭ WŽǁĞƌ ƐƵƉƉůLJ Ϯϯ


ϱ DĂƌŬŝŶŐ Ϯϰ


ϲ dĞƐƚƐ Ϯϲ

ϲ͘ϭ 'ĞŶĞƌĂů Ϯϲ

ϲ͘Ϯ ZĂƚŝŶŐ ƚĞƐƚ Ϯϲ

ϲ͘ϯ dĞŵƉĞƌĂƚƵƌĞ ƚĞƐƚ ;ŶŽƌŵĂů ŽƉĞƌĂƚŝŽŶͿ Ϯϳ

ϲ͘ϰ dĞŵƉĞƌĂƚƵƌĞ ƚĞƐƚ ;ĂďŶŽƌŵĂůͿ Ϯϳ ϲ͘ϰ͘ϭ ŝƌĞĐƚ ƉůƵŐͲŝŶ ĞƋƵŝƉŵĞŶƚ Ϯϳ ϲ͘ϰ͘Ϯ KƚŚĞƌ ƐŝŐŶĂů ĞƋƵŝƉŵĞŶƚ Ϯϳ

ϲ͘ϱ ŝĞůĞĐƚƌŝĐ ƐƚƌĞŶŐƚŚ Ϯϴ

ϲ͘ϱ͘ϱ ŽƵďůĞͲŝŶƐƵůĂƚĞĚ ƐŝŐŶĂů ĞƋƵŝƉŵĞŶƚ Ϯϴ


‘˜‡„‡” ͸Ͷͷ͸ ̽ ͸Ͷͷ͸ ”‘—’ ͷ

ϲ͘ϲ >ĞĂŬĂŐĞ ĐƵƌƌĞŶƚ Ϯϴ

ϲ͘ϳ ^ƚƌĂŝŶ ƌĞůŝĞĨ ϯϬ

ϲ͘ϴ ĐƌŽƐƐͲƚŚĞͲůŝŶĞ ĐĂƉĂĐŝƚŽƌƐ ϯϬ

ϲ͘ϴ͘ϭ 'ĞŶĞƌĂů ϯϬ

ϲ͘ϴ͘Ϯ ŝƐĐŚĂƌŐĞ ƚĞƐƚ ƉƌŽĐĞĚƵƌĞ ϯϬ

ϲ͘ϴ͘ϯ &ŝƌĞ ŚĂnjĂƌĚ ϯϬ

ϲ͘ϴ͘ϰ džƉƵůƐŝŽŶ ŚĂnjĂƌĚ ϯϭ

ϲ͘ϴ͘ϱ >ŝĨĞ ϯϭ

ϲ͘ϵ ǀĂůƵĂƚŝŽŶ ŽĨ ĐŽĂƚŝŶŐƐ ŽŶ ƉƌŝŶƚĞĚ ĐŝƌĐƵŝƚ ǁŝƌŝŶŐ ďŽĂƌĚƐ ϯϮ

ϲ͘ϵ͘ϭ 'ĞŶĞƌĂů ϯϮ

ϲ͘ϵ͘Ϯ ŝĞůĞĐƚƌŝĐ ƐƚƌĞŶŐƚŚ ŽŶ ŶĞǁ ƐĂŵƉůĞƐ ϯϮ

ϲ͘ϵ͘ϯ ŝĞůĞĐƚƌŝĐ ƐƚƌĞŶŐƚŚ ĂĨƚĞƌ ƚĞŵƉĞƌĂƚƵƌĞ ĐŽŶĚŝƚŝŽŶŝŶŐ ϯϮ ϲ͘ϵ͘ϰ ŝĞůĞĐƚƌŝĐ ƐƚƌĞŶŐƚŚ ĂĨƚĞƌ ŚƵŵŝĚŝƚLJ ĐŽŶĚŝƚŝŽŶŝŶŐ ϯϯ ϲ͘ϵ͘ϱ ĚŚĞƐŝŽŶ ϯϯ

ϲ͘ϭϬ ^ǁŝǀĞů ƚĞƐƚ ϯϯ

ϲ͘ϭϭ ŝƌĞĐƚ ƉůƵŐͲŝŶ ĞƋƵŝƉŵĞŶƚ ŝŵƉĂĐƚ ƚĞƐƚ ϯϯ ϲ͘ϭϮ &ůĂŵĞ ƚĞƐƚ ĨŽƌ ƉŽůLJŵĞƌŝĐ ĞŶĐůŽƐƵƌĞƐ ϯϰ ϲ͘ϭϯ ůĞĐƚƌŽůLJƚŝĐ ĐĂƉĂĐŝƚŽƌƐ ϯϰ

ϲ͘ϭϰ /ƐŽůĂƚŝŽŶ ĐĂƉĂĐŝƚŽƌƐ ĂŶĚ ŶĞƚǁŽƌŬƐ ϯϰ

ϲ͘ϭϱ DŽŝƐƚƵƌĞ ĂďƐŽƌƉƚŝŽŶ ϯϰ

ϲ͘ϭϲ /ŵƉĂĐƚ ƚĞƐƚ ϯϰ

ϲ͘ϭϳ >ŝŵŝƚĞĚ ƐŚŽƌƚ ĐŝƌĐƵŝƚ ƚĞƐƚ ϯϱ ϲ͘ϭϴ KǀĞƌůŽĂĚ ĂŶĚ ĞŶĚƵƌĂŶĐĞ ϯϱ ϲ͘ϭϴ͘ϭ 'ĞŶĞƌĂů ϯϱ

ϲ͘ϭϴ͘Ϯ KǀĞƌůŽĂĚ ƚĞƐƚ ϯϱ ϲ͘ϭϴ͘ϯ ŶĚƵƌĂŶĐĞ ƚĞƐƚ ϯϲ ϲ͘ϭϵ ďŶŽƌŵĂů ƚĞƐƚŝŶŐ ϯϲ

ϲ͘ϮϬ /ŵŵƵŶŝƚLJ ƌĞƋƵŝƌĞŵĞŶƚƐ ϯϳ ϲ͘ϮϬ͘ϭ ^ƵƌŐĞ ŝŵŵƵŶŝƚLJ ƚĞƐƚ ϯϳ ϲ͘ϮϬ͘Ϯ ƵƌƐƚ ŝŵŵƵŶŝƚLJ ƚĞƐƚ ϯϴ


ϳ ^ŝŐŶĂů ƐĞŶƐŝŶŐ ĚĞǀŝĐĞƐ ĂŶĚ ƉŽǁĞƌ ƐƵƉƉůŝĞƐ ŝŶƐƚĂůůĞĚ ŝŶ ŵĞƚĞƌͲŵŽƵŶƚŝŶŐ ĂĐĐĞƐƐŽƌŝĞƐ ϯϵ


ϴ /ŶͲůŝŶĞ hs ǁĂƚĞƌ ƐƚĞƌŝůŝnjĞƌƐ ϯϵ


ŶŶĞdž ;EŽƌŵĂƚŝǀĞͿ Ͷ ^ŝŐŶĂů ƐĞŶƐŝŶŐ ĚĞǀŝĐĞƐ͕ ƉŽǁĞƌ ƐƵƉƉůŝĞƐ ŝŶƐƚĂůůĞĚ ŝŶ ŵĞƚĞƌͲŵŽƵŶƚŝŶŐ ĂĐĐĞƐƐŽƌŝĞƐ ϱϭ

ŶŶĞdž ;EŽƌŵĂƚŝǀĞͿ Ͷ /ŶͲůŝŶĞ hs ǁĂƚĞƌ ƐƚĞƌŝůŝnjĞƌƐ ϱϯ

ŶŶĞdž ;ŝŶĨŽƌŵĂƚŝǀĞͿ Ͷ KǀĞƌǀŽůƚĂŐĞ ĐĂƚĞŐŽƌŝĞƐ ϱϲ

ŶŶĞdž ;/ŶĨŽƌŵĂƚŝǀĞͿ Ͷ ZĞĨĞƌĞŶĐĞ ĚŽĐƵŵĞŶƚƐ ĨŽƌ ƉĞƌĨŽƌŵĂŶĐĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ϱϵ



‘˜‡„‡” ͸Ͷͷ͸ ̽ ͸Ͷͷ͸ ”‘—’ ͸

‡…Š‹…ƒŽ ‘‹––‡‡ ‘ ‘•—‡” ƒ†

‘‡”…‹ƒŽ ”‘†—…–•


͘ DŝůŶĞ ϮϭƐƚ KůLJŵƉŝĂĚ ^ĂůĞƐ͕

ƵƌůŝŶŐƚŽŶ͕ KŶƚĂƌŝŽ

;ZĞƉƌĞƐĞŶƚŝŶŐ 'ĞŶĞƌĂů /ŶƚĞƌĞƐƚƐͿ

͘ DĂƐĐĂƌĞŶŚĂƐ ƌĂŵƉƚŽŶ͕ KŶƚĂƌŝŽ

;ZĞƉƌĞƐĞŶƚŝŶŐ 'ĞŶĞƌĂů /ŶƚĞƌĞƐƚƐͿ

>͘ >ĞƚĞĂ ^ 'ƌŽƵƉ͕ DŝƐƐŝƐƐĂƵŐĂ͕ KŶƚĂƌŝŽ

ŚĂŝƌ


sŝĐĞ ŚĂŝƌ WƌŽũĞĐƚ DĂŶĂŐĞƌ


ZĞƉƌĞƐĞŶƚŝŶŐ ZĞŐƵůĂƚŽƌLJ ƵƚŚŽƌŝƚŝĞƐ

͘W͘ ĂĚƌLJ 'ŽǀĞƌŶŵĞŶƚ ŽĨ zƵŬŽŶ͕ tŚŝƚĞŚŽƌƐĞ͕ zƵŬŽŶ

E͘:͘ ƌĞƚŽŶ ůĞĐƚƌŝĐĂů ^ĂĨĞƚLJ ƵƚŚŽƌŝƚLJ͕ DŝƐƐŝƐƐĂƵŐĂ͕ KŶƚĂƌŝŽ

͘'͘ ZŽLJ ,ĞĂůƚŚ ĂŶĂĚĂ͕ KƚƚĂǁĂ͕ KŶƚĂƌŝŽ


ZĞƉƌĞƐĞŶƚŝŶŐ DĂŶƵĨĂĐƚƵƌĞƌƐ

:͘ ͘ ǀĂŶƐ ZĞŐƵůĂƚŽƌLJ ŽŵƉůŝĂŶĐĞ ŶŐŝŶĞĞƌŝŶŐ ŽŶƐƵůƚŝŶŐ ^ĞƌǀŝĐĞƐ͕

:ĂƐƉĞƌ͕ KŶƚĂƌŝŽ

t͘ ,ĂŶƐĞŶ dƌĂŶĞ /ŶŐĞƌƐŽůů ZĂŶĚ͕

>Ă ƌŽƐƐĞ͕ tŝƐĐŽŶƐŝŶ͕ h^

^͘ >ĂǁƌĞŶĐĞ ŝƐĐŽ ^LJƐƚĞŵƐ sŝĚĞŽ dĞĐŚŶŽůŽŐLJ ĂŶĂĚĂ͕ /ŶĐ͕͘

^ĐĂƌďŽƌŽƵŐŚ͕ KŶƚĂƌŝŽ

'͘ >ƵŶĚLJ / D ĂŶĂĚĂ >ŝŵŝƚĞĚ͕ DĂƌŬŚĂŵ͕ KŶƚĂƌŝŽ

Z͘ DĂƌƚĞů ůĞĐƚƌŽͲ&ĞĚĞƌĂƚŝŽŶ ĂŶĂĚĂ͕ dŽƌŽŶƚŽ͕ KŶƚĂƌŝŽ

^͘ DŝĐŚĂƵĚ dŚŽŵĂƐ Θ ĞƚƚƐ &ĂďƌŝĐĂƚŝŽŶ /ŶĐ͘ ͬ dŚŽŵĂƐ Θ ĞƚƚƐ DĂŶƵĨĂĐƚƵƌŝŶŐ /ŶĐ͕͘

ŽƌǀĂů͕ YƵĠďĞĐ


ZĞƉƌĞƐĞŶƚŝŶŐ 'ĞŶĞƌĂů /ŶƚĞƌĞƐƚƐ

Z͘ ůĞĂƌLJ dŚĞ ,ŽŵĞ ĞƉŽƚ ĂŶĂĚĂ /ŶĐ͕͘ dŽƌŽŶƚŽ͕ KŶƚĂƌŝŽ

Z͘>͘ ,ŝĐŬƐ DŝƐƐŝƐƐĂƵŐĂ͕ KŶƚĂƌŝŽ

D͘<͘ dŝŵŵŝŶŐƐ KĂŬǀŝůůĞ͕ KŶƚĂƌŝŽ

͘͘ dƐŝƐƐĞƌĞǀ ^ƚĂŶƚĞĐ ŽŶƐƵůƚŝŶŐ >ƚĚ͕͘ sĂŶĐŽƵǀĞƌ͕ ƌŝƚŝƐŚ ŽůƵŵďŝĂ



‘˜‡„‡” ͸Ͷͷ͸ ̽ ͸Ͷͷ͸ ”‘—’ ͹

—„…‘‹––‡‡ ‘ –ƒ†ƒ”† ‹‰ƒŽ

“—‹’‡–


Z͘ ^ŚĂƌŵĂ ^ĐŚŶĞŝĚĞƌ ůĞĐƚƌŝĐ ĂŶĂĚĂ͕ /ŶĐ͕͘ DŝƐƐŝƐƐĂƵŐĂ͕ KŶƚĂƌŝŽ

͘ Ăů dŽƌŽŶƚŽ͕ KŶƚĂƌŝŽ

Z͘W͘ ĚĞ >ŚŽƌďĞ ^ĐŚŶĞŝĚĞƌ ůĞĐƚƌŝĐ ĂŶĂĚĂ͕ /ŶĐ͕͘

ZŝĐŚŵŽŶĚ͕ ƌŝƚŝƐŚ ŽůƵŵďŝĂ

͘ &ĞƌŶĂŶĚŽ ^ 'ƌŽƵƉ͕ dŽƌŽŶƚŽ͕ KŶƚĂƌŝŽ

͘ 'ƌnjĞƐŝŬ DŝƐƐŝƐƐĂƵŐĂ͕ KŶƚĂƌŝŽ

W͘ >ĂƵ ^ŽŶLJ ŽĨ ĂŶĂĚĂ >ƚĚ͘ ^ŽŶLJ ĚƵ ĂŶĂĚĂ >ƚĠĞ͕͘

dŽƌŽŶƚŽ͕ KŶƚĂƌŝŽ

:͘t͘ ZŽŐĞƌƐ :t ZŽŐĞƌƐ ŽŶƐƵůƚŝŶŐ͕

ŝŐ ƌĂƐ ΖŽƌ͕ EŽǀĂ ^ĐŽƚŝĂ

t͘ dŚŽƌƐŽŶ t dĞĐŚŶŽůŽŐŝĞƐ ďLJ ,ŽŶĞLJǁĞůů͕

ĂůŐĂƌLJ͕ ůďĞƌƚĂ

W͘ sŽůĚŶĞƌ ^ 'ƌŽƵƉ͕ dŽƌŽŶƚŽ͕ KŶƚĂƌŝŽ

͘ ^ƚĞĨĂŶĐŝĐ ^ 'ƌŽƵƉ͕ DŝƐƐŝƐƐĂƵŐĂ͕ KŶƚĂƌŝŽ

ŚĂŝƌ


WƌŽũĞĐƚ DĂŶĂŐĞƌ

/Ŷ DĞŵŽƌŝĂŵ

dŚŝƐ ĞĚŝƚŝŽŶ ŽĨ ϮϮ͘Ϯ EŽ͘ ϮϬϱ ŝƐ ĚĞĚŝĐĂƚĞĚ ƚŽ ŽƵƌ ĨƌŝĞŶĚ ĂŶĚ ǀĂůƵĞĚ ƐƵďĐŽŵŵŝƚƚĞĞ ŵĞŵďĞƌ͕ t͘D͘ ; ŝůůͿ ^ŚĂŽ͘

t͘D͘ ^ŚĂŽ tŵ^ŚĂŽ ŽŶƐƵůƚĂŶƚ͕

ĚŵŽŶƚŽŶ͕ ůďĞƌƚĂ


‘˜‡„‡” ͸Ͷͷ͸ ̽ ͸Ͷͷ͸ ”‘—’ ͺ

”‡ˆƒ…‡

dŚŝƐ ŝƐ ƚŚĞ ƐĞĐŽŶĚ ĞĚŝƚŝŽŶ ŽĨ ^ ϮϮ͘Ϯ EŽ͘ ϮϬϱ͕ ^ŝŐŶĂů ĞƋƵŝƉŵĞŶƚ͕ ŽŶĞ ŽĨ Ă ƐĞƌŝĞƐ ŽĨ ^ƚĂŶĚĂƌĚƐ ŝƐƐƵĞĚ ďLJ ƚŚĞ ĂŶĂĚŝĂŶ ^ƚĂŶĚĂƌĚƐ ƐƐŽĐŝĂƚŝŽŶ ƵŶĚĞƌ WĂƌƚ // ŽĨ ƚŚĞ ĂŶĂĚŝĂŶ ůĞĐƚƌŝĐĂů ŽĚĞ͘ /ƚ ƐƵƉĞƌƐĞĚĞƐ ƚŚĞ ƉƌĞǀŝŽƵƐ ĞĚŝƚŝŽŶ ƉƵďůŝƐŚĞĚ ŝŶ ϭϵϴϯ͘


dŚŝƐ ĞĚŝƚŝŽŶ ƵƉĚĂƚĞƐ ƚŚĞ ϭϵϴϯ ĞĚŝƚŝŽŶ ŽĨ ^ ϮϮ͘Ϯ EŽ ϮϬϱ͘ dŚĞ ƵƉĚĂƚĞƐ ĂƌĞ ŝŶƚĞŶĚĞĚ ƚŽ ƉƌŽǀŝĚĞ ĐůĂƌŝĨŝĐĂƚŝŽŶ ĨŽƌ ŵĂŶLJ ŶĞǁ ƐŝŐŶĂů ĂƉƉůŝĐĂƚŝŽŶƐ ƚŚĂƚ ĂƌĞ ŶŽǁ ŝŶ ĐŽŵŵŽŶ ƵƐĞ͘ /Ŷ ĂĚĚŝƚŝŽŶ͕ ŝƚ ǁĂƐ ŶĞĐĞƐƐĂƌLJ ƚŽ ĐŽŶƐŝĚĞƌĂďůLJ ƐƚƌĞŶŐƚŚĞŶ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ƌĞůĂƚĞĚ ƚŽ Ăůů ĂƐƉĞĐƚƐ ŽĨ ǁŝƌĞůĞƐƐ ƚĞĐŚŶŽůŽŐLJ͕ ǁŚŝĐŚ ŝƐ ŐƌŽǁŝŶŐ ƌĂƉŝĚůLJ͘ dŚŝƐ ĞĚŝƚŝŽŶ ŚĂƐ ĂůƐŽ ŝŶĐŽƌƉŽƌĂƚĞĚ ƌĞƋƵŝƌĞŵĞŶƚƐ ƉƌĞǀŝŽƵƐůLJ ĐŽŶƚĂŝŶĞĚ ŝŶ ^ d/> ,Ͳϭϱ ĂŶĚ d/> ,Ͳϭϳ ƚŽ ďƌŝŶŐ Ăůů ŽĨ ƚŚĞ ƌĞƋƵŝƌĞĚ ŵĂƚĞƌŝĂů ŝŶƚŽ ŽŶĞ ĚŽĐƵŵĞŶƚ͘

dŚŝƐ ^ƚĂŶĚĂƌĚ ŝƐ ĐŽŶƐŝĚĞƌĞĚ ƐƵŝƚĂďůĞ ĨŽƌ ƵƐĞ ĨŽƌ ĐŽŶĨŽƌŵŝƚLJ ĂƐƐĞƐƐŵĞŶƚ ǁŝƚŚŝŶ ƚŚĞ ƐƚĂƚĞĚ ƐĐŽƉĞ ŽĨ ƚŚĞ

^ƚĂŶĚĂƌĚ͘

dŚŝƐ ^ƚĂŶĚĂƌĚ ǁĂƐ ƉƌĞƉĂƌĞĚ ďLJ ƚŚĞ ^ƵďĐŽŵŵŝƚƚĞĞ ŽŶ ^ƚĂŶĚĂƌĚ ^ŝŐŶĂů ƋƵŝƉŵĞŶƚ͕ ƵŶĚĞƌ ƚŚĞ ũƵƌŝƐĚŝĐƚŝŽŶ ŽĨ ƚŚĞ dĞĐŚŶŝĐĂů ŽŵŵŝƚƚĞĞ ŽŶ ŽŶƐƵŵĞƌ ĂŶĚ ŽŵŵĞƌĐŝĂů WƌŽĚƵĐƚƐ ĂŶĚ ƚŚĞ ^ƚƌĂƚĞŐŝĐ ^ƚĞĞƌŝŶŐ

ŽŵŵŝƚƚĞĞ ŽŶ ZĞƋƵŝƌĞŵĞŶƚƐ ĨŽƌ ůĞĐƚƌŝĐĂů ^ĂĨĞƚLJ͕ ĂŶĚ ŚĂƐ ďĞĞŶ ĨŽƌŵĂůůLJ ĂƉƉƌŽǀĞĚ ďLJ ƚŚĞ dĞĐŚŶŝĐĂů

ŽŵŵŝƚƚĞĞ͘

/ŶƚĞƌƉƌĞƚĂƚŝŽŶƐ͗ dŚĞ ^ƚƌĂƚĞŐŝĐ ^ƚĞĞƌŝŶŐ ŽŵŵŝƚƚĞĞ ŽŶ ZĞƋƵŝƌĞŵĞŶƚƐ ĨŽƌ ůĞĐƚƌŝĐĂů ^ĂĨĞƚLJ ŚĂƐ ƉƌŽǀŝĚĞĚ ƚŚĞ ĨŽůůŽǁŝŶŐ ĚŝƌĞĐƚŝŽŶ ĨŽƌ ƚŚĞ ŝŶƚĞƌƉƌĞƚĂƚŝŽŶ ŽĨ ƐƚĂŶĚĂƌĚƐ ƵŶĚĞƌ ŝƚƐ ũƵƌŝƐĚŝĐƚŝŽŶ͗ ͞dŚĞ ůŝƚĞƌĂů ƚĞdžƚ ƐŚĂůů ďĞ ƵƐĞĚ ŝŶ ũƵĚŐŝŶŐ ĐŽŵƉůŝĂŶĐĞ ŽĨ ƉƌŽĚƵĐƚƐ ǁŝƚŚ ƚŚĞ ƐĂĨĞƚLJ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚŝƐ ^ƚĂŶĚĂƌĚ͘ tŚĞŶ ƚŚĞ ůŝƚĞƌĂů ƚĞdžƚ ĐĂŶŶŽƚ ďĞ ĂƉƉůŝĞĚ ƚŽ ƚŚĞ ƉƌŽĚƵĐƚ͕ ƐƵĐŚ ĂƐ ĨŽƌ ŶĞǁ ŵĂƚĞƌŝĂůƐ Žƌ ĐŽŶƐƚƌƵĐƚŝŽŶ͕ ĂŶĚ ǁŚĞŶ Ă ƌĞůĞǀĂŶƚ ĐŽŵŵŝƚƚĞĞ ŝŶƚĞƌƉƌĞƚĂƚŝŽŶ ŚĂƐ ŶŽƚ ĂůƌĞĂĚLJ ďĞĞŶ ƉƵďůŝƐŚĞĚ͕ ^ ΖƐ ƉƌŽĐĞĚƵƌĞƐ ĨŽƌ ŝŶƚĞƌƉƌĞƚĂƚŝŽŶ ƐŚĂůů ďĞ ĨŽůůŽǁĞĚ ƚŽ ĚĞƚĞƌŵŝŶĞ ƚŚĞ ŝŶƚĞŶĚĞĚ ƐĂĨĞƚLJ ƉƌŝŶĐŝƉůĞ͘͟

&Žƌ ŐĞŶĞƌĂů ŝŶĨŽƌŵĂƚŝŽŶ ŽŶ ƚŚĞ ^ƚĂŶĚĂƌĚƐ ŽĨ ƚŚĞ ĂŶĂĚŝĂŶ ůĞĐƚƌŝĐĂů ŽĚĞ͕ WĂƌƚ //͕ ƐĞĞ ƚŚĞ WƌĞĨĂĐĞ ŽĨ ƚŚĞ ůĂƚĞƐƚ ĞĚŝƚŝŽŶ ŽĨ Eͬ ^ Ͳ ϮϮ͘Ϯ EŽ͘ Ϭ͕ 'ĞŶĞƌĂů ZĞƋƵŝƌĞŵĞŶƚƐ Ͷ ĂŶĂĚŝĂŶ ůĞĐƚƌŝĐĂů ŽĚĞ͕ WĂƌƚ //͘

EŽƚĞƐ͗

ϭͿ hƐĞ ŽĨ ƚŚĞ ƐŝŶŐƵůĂƌ ĚŽĞƐ ŶŽƚ ĞdžĐůƵĚĞ ƚŚĞ ƉůƵƌĂů ;ĂŶĚ ǀŝĐĞ ǀĞƌƐĂͿ ǁŚĞŶ ƚŚĞ ƐĞŶƐĞ ĂůůŽǁƐ͘

ϮͿ ůƚŚŽƵŐŚ ƚŚĞ ŝŶƚĞŶĚĞĚ ƉƌŝŵĂƌLJ ĂƉƉůŝĐĂƚŝŽŶ ŽĨ ƚŚŝƐ ^ƚĂŶĚĂƌĚ ŝƐ ƐƚĂƚĞĚ ŝŶ ŝƚƐ ^ĐŽƉĞ͕ ŝƚ ŝƐ ŝŵƉŽƌƚĂŶƚ ƚŽ ŶŽƚĞ ƚŚĂƚ ŝƚ ƌĞŵĂŝŶƐ ƚŚĞ ƌĞƐƉŽŶƐŝďŝůŝƚLJ ŽĨ ƚŚĞ ƵƐĞƌƐ ŽĨ ƚŚĞ ^ƚĂŶĚĂƌĚ ƚŽ ũƵĚŐĞ ŝƚƐ ƐƵŝƚĂďŝůŝƚLJ ĨŽƌ ƚŚĞŝƌ ƉĂƌƚŝĐƵůĂƌ ƉƵƌƉŽƐĞ͘

ϯͿ dŚŝƐ ^ƚĂŶĚĂƌĚ ǁĂƐ ĚĞǀĞůŽƉĞĚ ďLJ ĐŽŶƐĞŶƐƵƐ͕ ǁŚŝĐŚ ŝƐ ĚĞĨŝŶĞĚ ďLJ ^ WŽůŝĐLJ ŐŽǀĞƌŶŝŶŐ ƐƚĂŶĚĂƌĚŝnjĂƚŝŽŶ Ͷ ŽĚĞ ŽĨ ŐŽŽĚ ƉƌĂĐƚŝĐĞ ĨŽƌ ƐƚĂŶĚĂƌĚŝnjĂƚŝŽŶ ĂƐ ͞ƐƵďƐƚĂŶƚŝĂů ĂŐƌĞĞŵĞŶƚ͘ ŽŶƐĞŶƐƵƐ ŝŵƉůŝĞƐ ŵƵĐŚ ŵŽƌĞ ƚŚĂŶ Ă ƐŝŵƉůĞ ŵĂũŽƌŝƚLJ͕ ďƵƚ ŶŽƚ ŶĞĐĞƐƐĂƌŝůLJ ƵŶĂŶŝŵŝƚLJ͘͟ /ƚ ŝƐ ĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚ ƚŚŝƐ ĚĞĨŝŶŝƚŝŽŶ ƚŚĂƚ Ă ŵĞŵďĞƌ ŵĂLJ ďĞ ŝŶĐůƵĚĞĚ ŝŶ ƚŚĞ dĞĐŚŶŝĐĂů ŽŵŵŝƚƚĞĞ ůŝƐƚ ĂŶĚ LJĞƚ ŶŽƚ ďĞ ŝŶ ĨƵůů ĂŐƌĞĞŵĞŶƚ ǁŝƚŚ Ăůů ĐůĂƵƐĞƐ ŽĨ ƚŚŝƐ ^ƚĂŶĚĂƌĚ͘

ϰͿ dŽ ƐƵďŵŝƚ Ă ƌĞƋƵĞƐƚ ĨŽƌ ŝŶƚĞƌƉƌĞƚĂƚŝŽŶ ŽĨ ƚŚŝƐ ^ƚĂŶĚĂƌĚ͕ ƉůĞĂƐĞ ƐĞŶĚ ƚŚĞ ĨŽůůŽǁŝŶŐ ŝŶĨŽƌŵĂƚŝŽŶ ƚŽ

ŝŶƋƵŝƌŝĞƐΛĐƐĂŐƌŽƵƉ͘ŽƌŐ ĂŶĚ ŝŶĐůƵĚĞ ͞ZĞƋƵĞƐƚ ĨŽƌ ŝŶƚĞƌƉƌĞƚĂƚŝŽŶ͟ ŝŶ ƚŚĞ ƐƵďũĞĐƚ ůŝŶĞ͗

ĂͿ ĚĞĨŝŶĞ ƚŚĞ ƉƌŽďůĞŵ͕ ŵĂŬŝŶŐ ƌĞĨĞƌĞŶĐĞ ƚŽ ƚŚĞ ƐƉĞĐŝĨŝĐ ĐůĂƵƐĞ͕ ĂŶĚ͕ ǁŚĞƌĞ ĂƉƉƌŽƉƌŝĂƚĞ͕ ŝŶĐůƵĚĞ ĂŶ ŝůůƵƐƚƌĂƚŝǀĞ ƐŬĞƚĐŚ͖

ďͿ ƉƌŽǀŝĚĞ ĂŶ ĞdžƉůĂŶĂƚŝŽŶ ŽĨ ĐŝƌĐƵŵƐƚĂŶĐĞƐ ƐƵƌƌŽƵŶĚŝŶŐ ƚŚĞ ĂĐƚƵĂů ĨŝĞůĚ ĐŽŶĚŝƚŝŽŶ͖ ĂŶĚ

ĐͿ ǁŚĞƌĞ ƉŽƐƐŝďůĞ͕ ƉŚƌĂƐĞ ƚŚĞ ƌĞƋƵĞƐƚ ŝŶ ƐƵĐŚ Ă ǁĂLJ ƚŚĂƚ Ă ƐƉĞĐŝĨŝĐ ͞LJĞƐ͟ Žƌ ͞ŶŽ͟ ĂŶƐǁĞƌ ǁŝůů ĂĚĚƌĞƐƐ ƚŚĞ ŝƐƐƵĞ͘

ŽŵŵŝƚƚĞĞ ŝŶƚĞƌƉƌĞƚĂƚŝŽŶƐ ĂƌĞ ƉƌŽĐĞƐƐĞĚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ^ ŝƌĞĐƚŝǀĞƐ ĂŶĚ ŐƵŝĚĞůŝŶĞƐ ŐŽǀĞƌŶŝŶŐ ƐƚĂŶĚĂƌĚŝnjĂƚŝŽŶ ĂŶĚ ĂƌĞ ĂǀĂŝůĂďůĞ ŽŶ ƚŚĞ ƵƌƌĞŶƚ ^ƚĂŶĚĂƌĚƐ ĐƚŝǀŝƚŝĞƐ ƉĂŐĞ Ăƚ ƐƚĂŶĚĂƌĚƐĂĐƚŝǀŝƚŝĞƐ͘ĐƐĂ͘ĐĂ͘


‘˜‡„‡” ͸Ͷͷ͸ ̽ ͸Ͷͷ͸ ”‘—’ ͻ

ϱͿ dŚŝƐ ^ƚĂŶĚĂƌĚ ŝƐ ƐƵďũĞĐƚ ƚŽ ƉĞƌŝŽĚŝĐ ƌĞǀŝĞǁ͕ ĂŶĚ ƐƵŐŐĞƐƚŝŽŶƐ ĨŽƌ ŝƚƐ ŝŵƉƌŽǀĞŵĞŶƚ ǁŝůů ďĞ ƌĞĨĞƌƌĞĚ ƚŽ ƚŚĞ ĂƉƉƌŽƉƌŝĂƚĞ ĐŽŵŵŝƚƚĞĞ͘ dŽ ƐƵďŵŝƚ Ă ƉƌŽƉŽƐĂů ĨŽƌ ĐŚĂŶŐĞ͕ ƉůĞĂƐĞ ƐĞŶĚ ƚŚĞ ĨŽůůŽǁŝŶŐ ŝŶĨŽƌŵĂƚŝŽŶ ƚŽ ŝŶƋƵŝƌŝĞƐΛĐƐĂŐƌŽƵƉ͘ŽƌŐ ĂŶĚ ŝŶĐůƵĚĞ ͞WƌŽƉŽƐĂů ĨŽƌ ĐŚĂŶŐĞ͟ ŝŶ ƚŚĞ ƐƵďũĞĐƚ ůŝŶĞ͗

ĂͿ ^ƚĂŶĚĂƌĚ ĚĞƐŝŐŶĂƚŝŽŶ ;ŶƵŵďĞƌͿ͖

ďͿ ƌĞůĞǀĂŶƚ ĐůĂƵƐĞ͕ ƚĂďůĞ͕ ĂŶĚͬŽƌ ĨŝŐƵƌĞ ŶƵŵďĞƌ͖

ĐͿ ǁŽƌĚŝŶŐ ŽĨ ƚŚĞ ƉƌŽƉŽƐĞĚ ĐŚĂŶŐĞ͖ ĂŶĚ

ĚͿ ƌĂƚŝŽŶĂůĞ ĨŽƌ ƚŚĞ ĐŚĂŶŐĞ͘


‘˜‡„‡” ͸Ͷͷ͸ ̽ ͸Ͷͷ͸ ”‘—’ ͼ

͸͸Ǥ͸ ‘Ǥ ͸ͶͻǦͷ͸

‹‰ƒŽ ‡“—‹’‡–


ͳ …‘’‡


ͳǤͳ

dŚŝƐ ^ƚĂŶĚĂƌĚ ĐŽǀĞƌƐ ƚŚĞ ĞůĞĐƚƌŝĐĂů͕ ĨŝƌĞ͕ ĂŶĚ ƐŚŽĐŬ ŚĂnjĂƌĚ ƌĞƋƵŝƌĞŵĞŶƚƐ ĨŽƌ Ăůů ƐŝŐŶĂů ĞƋƵŝƉŵĞŶƚ ŽƉĞƌĂƚŝŶŐ Ăƚ

ĂͿ ǀŽůƚĂŐĞƐ ƵƉ ƚŽ ϲϬϬs͖ ĂŶĚ

ďͿ ĚŽƵďůĞ ŝŶƐƵůĂƚĞĚ ĞƋƵŝƉŵĞŶƚ ƵƉ ƚŽ ϮϰϬs

ŝŶ ŶŽŶʹŚĂnjĂƌĚŽƵƐ ůŽĐĂƚŝŽŶƐ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ƌƵůĞƐ ŽĨ ƚŚĞ ĂŶĂĚŝĂŶ ůĞĐƚƌŝĐĂů ŽĚĞ͕ WĂƌƚ /͘


ͳǤʹ

dŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ĂƌĞ ŶŽƚ ŝŶƚĞŶĚĞĚ ƚŽ ƌĞƉůĂĐĞ ŽƚŚĞƌ ƌĞƋƵŝƌĞŵĞŶƚƐ ƚŚĂƚ ĂƌĞ ŵĂŶĚĂƚĞĚ ďLJ ƉƌŽǀŝŶĐŝĂů͕ ĨĞĚĞƌĂů͕ Žƌ ĂƵƚŚŽƌŝƚŝĞƐ ŚĂǀŝŶŐ ũƵƌŝƐĚŝĐƚŝŽŶ ĨŽƌ ĂƐƉĞĐƚƐ ŽƚŚĞƌ ƚŚĂŶ ĞůĞĐƚƌŝĐĂů ĨŝƌĞ ĂŶĚ ƐŚŽĐŬ ŚĂnjĂƌĚƐ͕ ŶŽƌ ĚŽ ƚŚĞLJ ƐƉĞĐŝĨLJ ƚŚĞ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ ƐŝŐŶĂů ĞƋƵŝƉŵĞŶƚ͘

EŽƚĞƐ͗

ϭͿ tŚŝůĞ ƚŚŝƐ ĚŽĐƵŵĞŶƚ ĚŽĞƐ ŶŽƚ ĂĚĚƌĞƐƐ ƚŚĞ ƉĞƌĨŽƌŵĂŶĐĞ ĂƐƉĞĐƚƐ ŽĨ ƐŝŐŶĂůŝŶŐ ĞƋƵŝƉŵĞŶƚ ;ǀŽůƵŵĞ ŽĨ ĂŶ ĂƵĚŝďůĞ ŝŶĚŝĐĂƚŝŽŶ Žƌ ďƌŝŐŚƚŶĞƐƐ ŽĨ Ă ǀŝƐƵĂů ŝŶĚŝĐĂƚŝŽŶͿ͕ ŝƚ ĚŽĞƐ ƐƉĞĐŝĨLJ ƌĞƋƵŝƌĞŵĞŶƚƐ ĨŽƌ ƚŚĞ ĞůĞĐƚƌŝĐĂů ƐĂĨĞƚLJ ŽĨ ƚŚĞƐĞ ĚĞǀŝĐĞƐ͘

ϮͿ ĞǀŝĐĞƐ ƚŚĂƚ ŐĞŶĞƌĂƚĞ ƌĂĚŝŽ ĨƌĞƋƵĞŶĐLJ ƐŝŐŶĂůƐ ŵĂLJ ĂůƐŽ ďĞ ƐƵďũĞĐƚ ƚŽ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ /ŶĚƵƐƚƌLJ ĂŶĂĚĂ͘


ͳǤ͵

dŚŝƐ ^ƚĂŶĚĂƌĚ ĐŽǀĞƌƐ ĞƋƵŝƉŵĞŶƚ ƚŚĂƚ ƉĞƌĨŽƌŵƐ Ă ƐĞŶƐŝŶŐ ĂŶĚͬŽƌ ƐŝŐŶĂůŝŶŐ ĨƵŶĐƚŝŽŶ ƚŽ ĐŽŶǀĞLJ ĂůĂƌŵ͕ ƐƚĂƚƵƐ͕ Žƌ ĞǀĞŶƚͲďĂƐĞĚ ŝŶĨŽƌŵĂƚŝŽŶ ƚŽ ƚŚĞ ƵƐĞƌ ĂŶĚ ĂŶLJ ƐƵďƐĞƋƵĞŶƚ ĂƐƐŽĐŝĂƚĞĚ ĂĐƚŝǀĂƚŝŽŶ ĨƵŶĐƚŝŽŶ͘ dŚĞ ƐŝŐŶĂů ĞƋƵŝƉŵĞŶƚ ŵĂLJ ďĞ ƐƚĂŶĚ ĂůŽŶĞ Žƌ Ă ƉĂƌƚ ŽĨ Ă ůĂƌŐĞƌ ƐLJƐƚĞŵ͘ ^ŝŐŶĂůŝŶŐ ŵĂLJ ĞŵƉůŽLJ ǁŝƌĞĚ Žƌ ǁŝƌĞůĞƐƐ ŵĞĂŶƐ͘

EŽƚĞ͗ dŚĞ ĞƋƵŝƉŵĞŶƚ ĐĂŶ ĞŵƉůŽLJ ĂƵĚŝďůĞ͕ ǀŝƐƵĂů͕ ŵŽƚŝŽŶ͕ Žƌ ŽƚŚĞƌ ƐŝŐŶĂůŝŶŐ ŵĞĂŶƐ ƐƵĐŚ ĂƐ ĐŚŝŵĞƐ͕ ŐŽŶŐƐ͕ ůŝŐŚƚƐ͕ ĂŶĚ ĚŝƐƉůĂLJƐ͘


ͳǤͶ

dŚŝƐ ^ƚĂŶĚĂƌĚ ĂƉƉůŝĞƐ ƚŽ ĞŶĞƌŐLJ ŵĂŶĂŐĞŵĞŶƚ ĞƋƵŝƉŵĞŶƚ ŝŶĐůƵĚŝŶŐ ƐĞŶƐŝŶŐ͕ ŵŽŶŝƚŽƌŝŶŐ͕ ĂŶĚ ĂĐƚƵĂƚŝŽŶ ĚĞǀŝĐĞƐ͘ dŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ĂůƐŽ ĂƉƉůLJ ƚŽ ŚŽŵĞ ĂƵƚŽŵĂƚŝŽŶ ƐLJƐƚĞŵƐ͘ dŚĞ ƐŝŐŶĂů ƐĞŶƐŝŶŐ ĐŽŵƉŽŶĞŶƚƐ ŵĞĞƚŝŶŐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚ ŽĨ ƚŚŝƐ ^ƚĂŶĚĂƌĚ ĐĂŶ ďĞ ŝŶĐůƵĚĞĚ ŝŶ Ă ƐŵĂƌƚ ŐƌŝĚ ĂƉƉůŝĐĂƚŝŽŶ ĨŽƌ ĞŶĞƌŐLJ ŵĂŶĂŐĞŵĞŶƚ͕ ŽƚŚĞƌ ƚŚĂŶ ĨŽƌ ŝŶĚƵƐƚƌŝĂů ĂƉƉůŝĐĂƚŝŽŶƐ͘


ͳǤͷ

>ŝŐŚƚŝŶŐ ƉŚŽƚŽ ƌĞůĂLJ ƐLJƐƚĞŵƐ͕ ƐƚĂŶĚ ĂůŽŶĞ Žƌ ŝŶĐŽƌƉŽƌĂƚĞĚ ǁŝƚŚŝŶ Ă ůƵŵŝŶĂŝƌĞ͕ ĂŶĚ ĞǀĂůƵĂƚĞĚ ĂƐ Ă ĐŽŵďŝŶĂƚŝŽŶ ŝŶ ƚŚĞ ĨŝŶĂů ĂƉƉůŝĐĂƚŝŽŶ ĂƌĞ ǁŝƚŚŝŶ ƚŚĞ ƐĐŽƉĞ ŽĨ ƚŚŝƐ ^ƚĂŶĚĂƌĚ͘


ͳǤ͸

dŚŝƐ ^ƚĂŶĚĂƌĚ ĚŽĞƐ ŶŽƚ ĂƉƉůLJ ƚŽ ĚĞǀŝĐĞƐ ƚŚĂƚ ĂƌĞ ĂůƌĞĂĚLJ ĐŽǀĞƌĞĚ ďLJ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ĂŶŽƚŚĞƌ WĂƌƚ //

^ƚĂŶĚĂƌĚ͘


‘˜‡„‡” ͸Ͷͷ͸ ̽ ͸Ͷͷ͸ ”‘—’ ͽ