Sacramento City Council
October 7, 2025

City of Sacramento
City Council - 2PM Report
915 I Street Sacramento, CA 95814
www.cityofsacramento.org
File ID: 2025-01654 10/7/2025
Contract: Fleet Exhaust System Removal & Replacement Project (B13000100) File ID: 2025-01654
Location: 5730 24th Street, District 5; 2812 Meadowview Road, District 8; 918 Del Paso Road, County of Sacramento
Recommendation: Pass a Motion: 1) awarding a construction contract to ACCO Engineered Systems, Inc., in an amount not to exceed $297,595 for the Fleet Exhaust System Removal & Replacement Project; and 2) authorizing the Interim City Manager or designee to execute the contract specified above.

Contact: Nadia Melgoza, Senior Architect, (916) 808-2262, [email protected]; David Avila, Supervising Architect, (916) 808-7501, [email protected]; James Christensen, Facilities Manager, (916) 808-5863, [email protected]; Department of Public Works
Presenter: None
Attachments:
1-Description/Analysis
2-Contract - ACCO Engineered Systems, Inc.

Description/Analysis
Issue Detail: Vehicle equipment mechanics at 5730 24th Street Buildings 5 & 6, 2812 Meadowview Road and 918 Del Paso Road use exhaust systems to vent vehicle tailpipe gases when an engine needs to remain turned on during vehicle repairs. These systems include an exhaust fan mounted on the roof and drop-down hose reels that attach to the vehicle exhaust tailpipe. The systems are beyond their useful life and require repairs and replacement of the equipment. This project also includes associated structural assessment, roof repairs and electrical work.

Policy Considerations: The recommendations in this report are in accordance with the provisions of the City Code Chapter 3.56, which requires City Council approval for contracts over $250,000 or more. On May 30, 2023, the City Council passed Motion No. 2023-0131 suspending competitive bidding in the best interest of the City to establish a qualified On-Call Services list for Public Facilities.

File ID: 2025-01654 10/7/2025
Economic Impacts: The recommended contract is expected to create 2.20 (1.40 direct jobs and .80 job through indirect and induced activities) and create $290,608 in total economic output ($186,287 of direct output and another $104,321 of output in indirect and induced activities).

The indicated economic impacts are estimates calculated using a calculation tool developed by the Center for Strategic Economic Research (CSER). CSER utilized the IMPLAN input-output model (2009 coefficients) to quantify the economic impacts of a hypothetical $1 million of spending in various construction categories within the City of Sacramento in an average one-year period. Actual impacts could differ significantly from the estimates and neither the City of Sacramento nor CSER shall be held responsible for consequences resulting from such differences.

Environmental Considerations:

California Environmental Quality Act: No environmental review is necessary because the recommendations in this report involve the repair of an existing structure with no expansion beyond the previously existing level of use and are therefore considered to be an exempt project or activity in accordance with Section 15301 of the CEQA Guidelines.

Sustainability: Not applicable.

Commission/Committee Action: Not applicable.

Rationale for Recommendation: On January 11, 2023, the Department of Public Works issued Request for Qualification (RFQ) No. Q23014541004 for On Call (Various) Trade Opportunity. The purpose of the RFQ was to develop a list of qualified on-call contractors that would be solicited to assist the facilities' staff in delivering projects utilizing a variety of delivery methods, including design build. On May 30, 2023, City Council passed Motion No. 2023-0131 suspending competitive bidding in the best interest of the City to establish a qualified On-Call Contactor Services List for Public Facilities. ACCO Engineered Systems, Inc., was included in the list of qualified On-Call Contractors.

ACCO has the capabilities to design, remove, repair and install new equipment as necessary to complete the modifications to the fleet exhaust systems. Public Works staff utilized the pre-qualified list to solicit a proposal from ACCO Engineered Systems, Inc. Staff have reviewed the proposal and support awarding the construction contract for the Fleet Exhaust System Removal & Replacement Project to ACCO Engineered Systems, Inc. for an amount not to exceed $297,595. Work is anticipated to begin in September of 2025 with completion by March of 2026.

Financial Considerations: Sufficient funding is available in the Fleet Facilities Program (B13000100) to award a construction contract to ACCO Engineered Systems in an amount not to exceed $297,595 for the Fleet Exhaust System Removal & Replacement Project.

Local Business Enterprise (LBE): ACCO Engineered Systems, Inc. is an LBE.

&ŽƌŵĂƉƉƌŽǀĞĚďLJŝƚLJƚƚŽƌŶĞLJϲͲϮϯͲϮϯ 1

AGREEMENT
(Construction Contract Over $25,000)




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‹’ƒŽ
‘”’‘”ƒ–‹‘ ȋDz‹–›dz Ȍǡ ƒ† ACCO
ENGINEERED SYSTEMS, 9290 Beaty Drive, Sacramento, CA 95826 ( Dz‘–”ƒ –‘”dzȌ‹
–Š‡ ƒ‘—– ‘– –‘ ‡š
‡‡† TWO HUNDRED NINETY-SEVEN THOUSAND FIVE
HUNDRED NINETY-FIVE DOLLARS AND ZERO CENTS ($297,595.00) 
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FLEET VEHICLE EXHAUST HOSE REEL SYSTEM
PN: (B13000100)



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ƒŽŽ‡†ˆ‘”ƒ††‡•
”‹„‡†‹–Š‡”‘’‘•ƒŽ ‘”•ǣ
5730 24TH STREET BUILDING 5
5730 24TH STREET BUILIDNG 6
2812 MEADOWVIEW ROAD
918 DEL PASO ROAD








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—‡–•ǡ‡š
‡’–ˆ‘”†‹•’—–‡†
Žƒ‹•‹•–ƒ–‡†ƒ‘—–•–Šƒ––Š‡
‘–”ƒ
–‘” •’‡
‹ˆ‹
ƒŽŽ› ”‡•‡”˜‡• ‹ ™”‹–‹‰ǡ „—– ‘Ž› –‘ –Š‡ ‡š–‡– –Šƒ– –Š‡ ‘–”ƒ
–‘”Šƒ•
‘’Ž‹‡†™‹–ŠƒŽŽ’”‘
‡†—”‡•ƒ†”‡“—‹”‡‡–•ƒ’ ’Ž‹
ƒ„Ž‡–‘
–Š‡ ’”‡•‡–ƒ–‹‘ ƒ† ’”‘
‡••‹‰ ‘ˆ •—
Š
Žƒ‹ȋ•Ȍ —†‡” –Š‡ ‘– ”ƒ
–
‘
—‡–•Ǥ‘–”ƒ
–‘”•ŠƒŽŽ„‡‡–‹–Ž‡†–‘•—„•–‹–—–‡•‡
—”‹–‹ ‡•ˆ‘””‡–‡–‹‘
‘”–‘†‹”‡
––Šƒ–’ƒ›‡–•‘ˆ”‡–‡–‹‘„‡ƒ†‡‹–‘‡•
”‘™ǡƒ• ’”‘˜‹†‡†‹
—„Ž‹
 ‘–”ƒ
– ‘†‡ ‡
–‹‘ ʹʹ͵ͲͲǡ —’‘ ‡š‡
—–‹‘ ‘ˆ –Š‡ ‹–›ǯ • •
”‘™
‰”‡‡‡–ˆ‘”‡
—”‹–›‡’‘•‹–•‹‹‡—‘ˆ‡–‡–‹‘Ǥ

Ǥ Š‡’ƒ”–‹‡•ƒ‰”‡‡–Šƒ–ǡˆ‘”’—”’‘•‡•‘ˆ–Š‡–‹‡Ž›’”‘‰”‡•• ’ƒ›‡–”‡“—‹”‡‡–• •’‡
‹ˆ‹‡†‹—„Ž‹
‘–”ƒ
–‘†‡‡
–‹‘ʹͲͳͲͶǤͷͲǡ–Š‡†ƒ–‡–Šƒ––Š‡‹–›”‡
‡‹˜‡•
ƒ •–ƒ–‡‡– Œ‘‹–Ž› ƒ’’”‘˜‡† „› –Š‡ ‘–”ƒ
–‘” ƒ† –Š‡ ‰‹‡‡” ƒ• ’”‘˜‹†‡†
ƒ„‘˜‡•ŠƒŽŽ„‡†‡‡‡†–‘
‘•–‹–—–‡–Š‡†ƒ–‡–Šƒ–‹–›”‡
‡‹˜‡•ƒ—†‹•’—–‡†ƒ†

&ŽƌŵĂƉƉƌŽǀĞĚďLJŝƚLJƚƚŽƌŶĞLJϲͲϮϯͲϮϯ 4
’”‘’‡”Ž›•—„‹––‡†’ƒ›‡–”‡“—‡•–ˆ”‘–Š‡‘–”ƒ
–‘”Ǥ”‘‰”‡••’ƒ›‡–•‘–
ƒ†‡ ™‹–Š‹ ͵Ͳ †ƒ›• ƒˆ–‡” –Š‹• †ƒ–‡ ƒ› „‡ •—„Œ‡ – –‘ ’ƒ›‡– ‘ˆ ‹–‡”‡•– ƒ•
’”‘˜‹†‡†‹—„Ž‹
‘–”ƒ
–‘†‡‡
–‹‘ʹͲͳͲͶǤͷͲǤ

Ǥ Š‹• ‘–”ƒ
– ‹• •—„Œ‡
– –‘
‘’Ž‹ƒ
‡ ‘‹–‘”‹‰ ƒ† ‡ˆ‘”
‡‡– „› –Š‡
ƒŽ‹ˆ‘”‹ƒ ‡’ƒ”–‡– ‘ˆ
†—•–”‹ƒŽ ‡Žƒ–‹‘•ǡ ƒ• •’‡
‹ˆ‹‡† ‹ƒŽ‹ˆ‘”‹ƒ ƒ„‘”
‘†‡•‡
–‹‘ͳ͹͹ͳǤͶǤ

͹Ǥ 
 
 




Š‡ǡ—†‡”–Š‡’”‘˜‹•‹‘•‘ˆ–Š‹•‘–”ƒ
–‘”ƒ›ƒ’’Ž‹
ƒ„Ž‡ ƒ™•‘”‡‰—Žƒ–‹‘•ǡ‹–›
‹• ƒ—–Š‘”‹œ‡† ‘” ”‡“—‹”‡† –‘ ™‹–ŠŠ‘Ž†ǡ †‡†—
–ǡ ‘”
Šƒ”‰‡ ƒ› •— ‘ ˆ  ‘  ‡ › ƒ ‰ ƒ ‹  • – 
‘–”ƒ
–‘”ǡ‹–›ƒ›†‡†—
–ƒ†”‡–ƒ‹–Š‡ƒ‘—–‘ˆ•—
Š
Šƒ”‰‡ˆ”‘–Š‡ƒ‘—–‘ˆ–Š‡
‡š–•—

‡‡†‹‰’”‘‰”‡••‡•–‹ƒ–‡ȋ•Ȍǡ‘”ˆ”‘ƒ›‘–Š‡”‘‡›•†—‡‘”–Šƒ–ƒ›„‡ ‘‡
†—‡ ‘–”ƒ
–‘” ˆ”‘ ‹–›Ǥ 
ˆǡ ‘
‘’Ž‡–‹‘ ‘” –‡”‹ƒ–‹‘ ‘ˆ–Š‡ ‘–”ƒ
–ǡ •—• †—‡
‘–”ƒ
–‘”ƒ”‡‹•—ˆˆ‹
‹‡––‘’ƒ›‹–›̵•
Šƒ”‰‡•ǡ‹–›•ŠƒŽŽŠ ƒ˜‡–Š‡”‹‰Š––‘”‡
‘˜‡”–Š‡
„ƒŽƒ
‡ˆ”‘‘–”ƒ
–‘”‘”‹–•—”‡–‹‡•Ǥ

ͺǤ 
 

‘–”ƒ
–‘”•ŠƒŽŽ
‘‡
‡–Š‡‘”‘–Žƒ–‡”–Šƒˆ‹ˆ–‡‡ȋͳͷȌ ™‘”‹‰†ƒ›•ƒˆ–‡”–Š‡ †ƒ–‡ ‘ˆ –Š‡ ™”‹––‡ ‘–‹
‡ –‘ ”‘
‡‡† ˆ”‘ ‹–› –‘ ‘–”ƒ
–‘” ƒ † •ŠƒŽŽ †‹Ž‹‰‡–Ž›
’”‘•‡
—–‡ –Š‡ ‘” –‘ ˆ‹ƒŽ
‘’Ž‡–‹‘Ǥ  Š‡ ’Šƒ•‡ Dz
‘‡
‡ –Š‡ ‘”dz ‡ƒ• –‘
‡  ‰ ƒ ‰ ‡ ‹  ƒ 
‘  – ‹  — ‘ — • ’ ” ‘ ‰ ” ƒ  ‘  Ǧ • ‹ – ‡ ‹ 
Ž — † ‹  ‰ ǡ „ — –  ‘ – Ž ‹  ‹ –‡† –‘ǡ •‹–‡
Ž‡ƒ”ƒ
‡ǡ
‰”ƒ†‹‰ǡ†”‡†‰‹‰ǡŽƒ†ˆ‹ŽŽ‹‰ ƒ†–Š‡ˆƒ„”‹
ƒ–‹‘•ǡ‡”‡
–‹‘ǡ ‘”‹•–ƒŽŽƒ–‹‘‘ˆ–Š‡‘”Ǥ
Š‡ ‘–‹
‡ –‘ ”‘
‡‡† •ŠƒŽŽ „‡ ‹••—‡† ™‹–Š‹ ˆ‹ˆ–‡‡ ȋͳͷȌ
ƒŽ‡ †ƒ” †ƒ›• ˆ‘ŽŽ‘™‹‰
‡š‡
—–‹‘‘ˆ–Š‡‰”‡‡‡–„›–Š‡‹–›ƒ†–Š‡ˆ‹Ž‹‰„›‘–”ƒ –‘”‘ˆ–Š‡”‡“—‹”‡†‘†•
ƒ†’”‘‘ˆ‘ˆ‹•—”ƒ
‡ǡ’”‘˜‹†‡†–Šƒ––Š‡‰‹‡‡”ƒ›†‡Žƒ›‹• •—ƒ
‡‘ˆ–Š‡‘–‹
‡–‘
”‘
‡‡†‹ˆ–Š‡‰‹‡‡”†‡–‡”‹‡•‹–Š‡‰‹‡‡”ǯ••‘Ž‡†‹• ” ‡–‹‘–Šƒ–
‘†‹–‹‘•‘
–Š‡•‹–‡‘ˆ–Š‡‘”ƒ”‡—•—‹–ƒ„Ž‡ˆ‘”
‘‡
‡‡–‘ˆ–Š‡‘” Ǥˆ–‡”–Š‡‘–‹
‡–‘
”‘
‡‡†‹•‹••—‡†ǡ–Š‡
‘–‹—‘—•’”‘•‡
—–‹‘‘ˆ‘”„›‘–”ƒ
–‘”•ŠƒŽŽ„‡•—„Œ‡
–‘Ž›
–‘š
—•ƒ„Ž‡‡Žƒ›•ƒ•†‡ˆ‹‡†‹–Š‹•‰”‡‡‡–Ǥ

ͻǤ 
 


Š‡ ‡–‹”‡ ‘” •ŠƒŽŽ „‡ „”‘—‰Š– –‘
‘’Ž‡–‹‘ ‹ –Š‡ ƒ‡” ’”‘˜‹†‡† ˆ‘” ‹ –Š‡
‘–”ƒ
– ‘
—‡–• ‘ ‘” „‡ˆ‘”‡ NINETY (90) CALENDAR  †ƒ›• ˆ”‘ –Š‡ †ƒ–‡ ‘ˆ –Š‡ ‘–‹
‡–‘”‘
‡‡†ȋŠ‡”‡‹ƒˆ–‡”
ƒŽŽ‡†–Š‡Dz‘’Ž‡–‹‘ƒ–‡dzȌ— Ž‡••‡š–‡•‹‘•‘ˆ–‹‡ ƒ”‡‰”ƒ–‡†‹ƒ

‘”†ƒ
‡™‹–Š–Š‡‘–”ƒ
–‘
—‡–•Ǥ

ƒ‹Ž—”‡–‘
‘’Ž‡–‡–Š‡‡–‹”‡‘”„›–Š‡‘’Ž‡–‹‘ƒ–‡ƒ†‹–Š‡ƒ‡”’”‘˜‹†‡† ˆ‘”‹–Š‡‘–”ƒ
–‘
—‡–••ŠƒŽŽ•—„Œ‡
–‘–”ƒ
–‘”–‘Ž‹“—‹†ƒ–‡††ƒƒ‰‡•ƒ•’”‘˜‹†‡†
‹–Š‹•‰”‡‡‡–Ǥ‹‡‹•ƒ†•ŠƒŽŽ„‡‘ˆ–Š‡‡••‡
‡‹–Š‡’‡”ˆ‘”ƒ
‡‘ˆ–Š‡‘–”ƒ
–
ƒ†–Š‡‘”Ǥ

ͳͲǤ 


 

Š‡’ƒ›‡–‘ˆƒ›’”‘‰”‡••’ƒ›‡–ǡ‘”–Š‡ƒ

‡’–ƒ
‡–Š‡”‡‘ˆ„›‘–”ƒ
–‘”ǡ•ŠƒŽŽ‘–

‘•–‹–—–‡ƒ

‡’–ƒ
‡‘ˆ–Š‡‘”‘”ƒ›’‘”–‹‘–Š‡”‡‘ˆƒ†•ŠƒŽŽ‹‘™ƒ›”‡†— ‡–Š‡

&ŽƌŵĂƉƉƌŽǀĞĚďLJŝƚLJƚƚŽƌŶĞLJϲͲϮϯͲϮϯ 5
Ž‹ƒ„‹Ž‹–› ‘ˆ ‘–”ƒ
–‘” –‘ ”‡’Žƒ
‡ —•ƒ–‹•ˆƒ
–‘”› ™‘” ‘” ƒ–‡”‹ƒŽǡ ™Š‡–Š‡” ‘” ‘– –Š‡
—•ƒ–‹•ˆƒ
–‘”›
Šƒ”ƒ
–‡”‘ˆ•—
Š™‘”‘”ƒ–‡”‹ƒŽ™ƒ•ƒ’’ƒ”‡– ‘”†‡–‡
–‡†ƒ––Š‡–‹‡
•—
Š’ƒ›‡–™ƒ•ƒ†‡Ǥ

ͳͳǤ 

‘–”ƒ
–‘”•ŠƒŽŽ
‘””‡
–‹‡†‹ƒ–‡Ž›ƒ›†‡ˆ‡
–‹˜‡‘”‹’‡”ˆ‡
– ™‘”‘”ƒ–‡”‹ƒŽ•–Šƒ–
ƒ›„‡†‹•
‘˜‡”‡†„‡ˆ‘”‡ˆ‹ƒŽƒ

‡’–ƒ
‡‘ˆ–Š‡‡–‹”‡‘”ǡ™Š‡–Š‡”‘”‘–•—
Š†‡ˆ‡
–
‘”‹’‡”ˆ‡
–‹‘™ƒ•’”‡˜‹‘—•Ž›‘–‹
‡†‘”‹†‡–‹ˆ‹‡†„›–Š‡‹– ›ǤŠ‡‹•’‡
–‹‘‘ˆ–Š‡
‘”ǡ‘”ƒ›’ƒ”––Š‡”‡‘ˆǡ•ŠƒŽŽ‘–”‡Ž‹‡˜‡‘–”ƒ
–‘”‘ˆƒ›‘ˆ‹–•‘„Ž‹‰ƒ–‹‘•–‘’‡”ˆ‘”
•ƒ–‹•ˆƒ
–‘”›™‘”ƒ•Š‡”‡‹•’‡
‹ˆ‹‡†Ǥ

ƒ‹Ž—”‡‘”‡‰Ž‡
–‘–Š‡’ƒ”–‘ˆ‹–›‘”ƒ›‘ˆ‹–•‘ˆˆ‹
‡”•ǡ‡’Ž‘›‡‡•‘”ƒ—–Š‘”‹œ‡†ƒ‰‡–•
–‘†‹•
‘˜‡”ǡ‹†‡–‹ˆ›ǡ
‘†‡‘””‡Œ‡
–†‡ˆ‡
–‹˜‡‘”‹’‡”ˆ‡
–™‘”‘”ƒ–‡”‹ƒŽ••ŠƒŽŽ‘–
„‡
‘•–”—‡† –‘ ‹’Ž› ƒ ƒ

‡’–ƒ
‡ ‘ˆ •—
Š ™‘” ‘” ƒ–‡”‹ƒŽ•ǡ ‹ˆ •—
Š †‡ˆ‡
– ‘”
‹’‡”ˆ‡
–‹‘„‡
‘‡•‡˜‹†‡–ƒ–ƒ›–‹‡’”‹‘”–‘ˆ‹ƒŽƒ

‡’–ƒ 
‡‘ˆ–Š‡‡–‹”‡‘”ǡ
‘”•ŠƒŽŽ•—
Šˆƒ‹Ž—”‡‘”‡‰Ž‡
–„‡
‘•–”—‡†ƒ•„ƒ””‹‰‹–›ˆ”‘‡ˆ‘”
‹‰‘–”ƒ
–‘”ǯ•
™ƒ””ƒ–›ȋ‹‡•Ȍ ‘” ‘–Š‡”™‹•‡ ”‡
‘˜‡”‹‰ †ƒƒ‰‡• ‘” •—
Š ƒ •— ‘ˆ‘‡› ƒ• ƒ› „‡
”‡“—‹”‡†–‘”‡’ƒ‹”‘””‡„—‹Ž†–Š‡†‡ˆ‡
–‹˜‡‘”‹’‡”ˆ‡
–™‘”‘”ƒ–‡”‹ƒŽ•™Š‡‡˜‡”‹–›
ƒ›†‹•
‘˜‡”–Š‡•ƒ‡ǡ•—„Œ‡
–‘Ž›–‘ƒ›•–ƒ–—–‡•‘ˆŽ‹‹–ƒ–‹ ‘–Šƒ–ƒ›ƒ’’Ž›–‘ƒ› •—
Š
Žƒ‹Ǥ

ͳʹǤ 

̵


 





Š‡‹–›•ŠƒŽŽŠƒ˜‡–Š‡”‹‰Š–ƒ–ƒ›–‹‡–‘‡–‡”—’‘–Š‡‘” ƒ†’‡”ˆ‘”™‘”‘–

‘˜‡”‡†„›–Š‹•‘–”ƒ
–ǡ‘”–‘‘

—’›ƒ†—•‡ƒ’‘”–‹‘‘ˆ–Š‡‘”ǡ’”‹‘”–‘–Š‡†ƒ–‡‘ˆ –Š‡ˆ‹ƒŽƒ

‡’–ƒ
‡‘ˆ–Š‡‘”ƒ•ƒ™Š‘Ž‡ǡ™‹–Š‘—–‹ƒ›™ƒ› ”‡Ž‹‡˜‹‰‘–”ƒ –‘”‘ˆ
ƒ›‘„Ž‹‰ƒ–‹‘•—†‡”–Š‹•‘–”ƒ
–Ǥ

ͳ͵Ǥ 
 


‡‹–Š‡”–Š‡‹•’‡
–‹‘„›‹–›ǡ‹–•‘ˆˆ‹
‡”•ǡ‡’Ž‘›‡‡•‘”ƒ‰‡ –•ǡ‘”ƒ›
‡”–‹ˆ‹
ƒ–‡‘”
‘–Š‡”ƒ’’”‘˜ƒŽˆ‘”–Š‡’ƒ›‡–‘ˆ ‘‡›ǡ‘” ƒ›’ƒ›‡–ˆ‘”ǡ ‘”ƒ

‡’–ƒ
‡‘ˆ–Š‡
™Š‘Ž‡‘”ƒ›’ƒ”–‘ˆ–Š‡‘”„›‹–›ǡ‘”ƒ›‡š–‡•‹‘•‘ˆ–‹‡ǡ‘”ƒ›’‘•‹–‹‘–ƒ‡ „›‹–›ǡ‹–•‘ˆˆ‹
‡”•ǡ‡’Ž‘›‡‡•‘”‹–•ƒ‰‡–••ŠƒŽŽ‘’‡”ƒ–‡ƒ• ƒ™ƒ‹˜‡”‘ˆƒ›’”‘˜‹•‹‘‘ˆ –Š‡‘–”ƒ
–‘
—‡–•‘”‘ˆƒ›’‘™‡”Š‡”‡‹”‡•‡”˜‡†–‘‹–›‘”ƒ›”‹‰Š––‘†ƒƒ‰‡• Š‡”‡‹’”‘˜‹†‡†ǡ‘”•ŠƒŽŽƒ›™ƒ‹˜‡”‘ˆƒ›„”‡ƒ
Š‘ˆ–Š‹•‰” ‡‡‡–„‡Š‡Ž†–‘„‡ƒ
™ƒ‹˜‡” ‘ˆ ƒ› ‘–Š‡” ‘” •—„•‡“—‡–  „”‡ƒ
ŠǤ  ŽŽ ”‡‡†‹‡• ’”‘˜‹†‡ † ‹ –Š‡ ‘–”ƒ
–
‘
—‡–• •ŠƒŽŽ „‡ –ƒ‡ ƒ†
‘•–”—‡† ƒ•
——Žƒ–‹˜‡Ǣ ‹ ƒ††‹–‹‘ –‘ ‡ƒ
Š ƒ†‡˜‡”›
‘–Š‡” ”‡‡†› Š‡”‡‹ ’”‘˜‹†‡†ǡ –Š‡ ‹–› •ŠƒŽŽ Šƒ˜‡ ƒ› ƒ† ƒŽŽ ‡ “—‹–ƒ„Ž‡ ƒ† Ž‡‰ƒŽ ”‡‡†‹‡•–Šƒ–‹–™‘—Ž†‹ƒ›
ƒ•‡Šƒ˜‡Ǥ

ͳͶǤ 


š
‡’–ƒ•‘–Š‡”™‹•‡‡š’”‡••Ž›’”‘˜‹†‡†‹–Š‡‘–”ƒ
–‘
—‡– •ǡƒ†‡š
‡’–‹‰‘Ž›
‹–‡•‘ˆ”‘—–‹‡ƒ‹–‡ƒ
‡ǡ‘”†‹ƒ”›™‡ƒ”ƒ†–‡ƒ”ƒ†——•—ƒ Žƒ„—•‡‘”‡‰Ž‡
–„›
‹–›ǡ‘–”ƒ
–‘”™ƒ””ƒ–•ƒ†‰—ƒ”ƒ–‡‡•ƒŽŽ‘”‡š‡
—–‡†ƒ† ƒŽŽ•—’’Ž‹‡•ǡƒ–‡”‹ƒŽ•
ƒ††‡˜‹
‡•‘ˆ™Šƒ–•‘‡˜‡”ƒ–—”‡‹
‘”’‘”ƒ–‡†‹‘”ƒ––ƒ
Š‡†–‘–Š‡‘”ǡ‘”‘–Š‡”™‹•‡
’”‘˜‹†‡†ƒ•ƒ’ƒ”–‘ˆ–Š‡‘”’—”•—ƒ––‘–Š‡‘–”ƒ
–ǡ–‘„‡ƒ„•‘Ž—–‡Ž›ˆ”‡‡‘ˆƒŽŽ†‡ˆ‡
–•

&ŽƌŵĂƉƉƌŽǀĞĚďLJŝƚLJƚƚŽƌŶĞLJϲͲϮϯͲϮϯ 6
‘ˆ™‘”ƒ•Š‹’ƒ†ƒ–‡”‹ƒŽ•ˆ‘”ƒ’‡”‹‘†‘ˆ‘‡›‡ƒ”ƒˆ–‡”ˆ‹ƒŽƒ

‡’–ƒ
‡‘ˆ–Š‡‡–‹”‡
‘”„›–Š‡‹–›Ǥ‘–”ƒ
–‘”•ŠƒŽŽ”‡’ƒ‹”‘””‡’Žƒ
‡ƒŽŽ™‘” ‘”ƒ–‡”‹ƒŽǡ–‘‰‡–Š‡”™‹–Š
ƒ›‘–Š‡”™‘”‘”ƒ–‡”‹ƒŽ–Šƒ–ƒ›„‡†‹•’Žƒ
‡†‘”†ƒƒ‰‡†‹•‘†‘‹‰ǡ–Šƒ–ƒ›’”‘˜‡
†‡ˆ‡
–‹˜‡ ‹ ™‘”ƒ•Š‹’ ‘” ƒ–‡”‹ƒŽ ™‹–Š‹ –Š‹• ‘‡Ǧ›‡ƒ” ™ƒ””ƒ–› ’‡”‹‘† ™‹–Š‘—– ‡š’‡•‡‘”
Šƒ”‰‡‘ˆƒ›ƒ–—”‡™Šƒ–•‘‡˜‡”–‘‹–›Ǥ


 –Š‡ ‡˜‡– –Šƒ– ‘–”ƒ
–‘” •ŠƒŽŽ ˆƒ‹Ž –‘
‘’Ž› ™‹–Š –Š‡
‘†‹–‹‘• ‘ˆ –Š‡ ˆ‘”‡‰‘‹‰
™ƒ””ƒ–›™‹–Š‹–‡ȋͳͲȌ†ƒ›•ƒˆ–‡”„‡‹‰‘–‹ˆ‹‡†‘ˆ–Š‡†‡ˆ‡ –‹™”‹–‹‰ǡ‹–›•ŠƒŽŽŠƒ˜‡
–Š‡ ”‹‰Š–ǡ „—– •ŠƒŽŽ ‘– „‡ ‘„Ž‹‰ƒ–‡†ǡ –‘ ”‡’ƒ‹”ǡ ‘” ‘„–ƒ‹ –Š‡ ”‡’ƒ‹” ‘ˆǡ –Š‡ †‡ˆ‡ – ƒ†
‘–”ƒ
–‘” •ŠƒŽŽ ’ƒ› –‘ ‹–› ‘ †‡ƒ† ƒŽŽ
‘•–• ƒ† ‡š’‡•‡ ‘ˆ • —
Š ” ‡ ’ ƒ ‹ ” Ǥ  
‘–™‹–Š•–ƒ†‹‰ ƒ›–Š‹‰ Š‡”‡‹ –‘ –Š‡
‘–”ƒ”›ǡ ‹ –Š‡ ‡˜‡– – Šƒ– ƒ› †‡ˆ‡
– ‹
™‘”ƒ•Š‹’‘”ƒ–‡”‹ƒŽ
‘˜‡”‡†„ ›–Š‡ˆ‘”‡‰‘‹‰™ƒ””ƒ–›”‡•—Ž –•‹ƒ
‘†‹–‹‘–Šƒ–

‘•–‹–—–‡•ƒ‹‡†‹ƒ–‡Šƒœƒ”†–‘’—„Ž‹
Š‡ƒŽ–Š‘”•ƒˆ‡–›ǡ‘” ƒ›’”‘’‡”–›‹–‡”‡•–ǡ‘”
ƒ›’‡”•‘ǡ‹–›•ŠƒŽŽŠƒ˜‡–Š‡”‹‰Š––‘‹‡†‹ƒ–‡Ž›”‡’ƒ‹”ǡ‘” ƒ—•‡–‘„‡”‡’ƒ‹”‡†ǡ•—
Š
†‡ˆ‡
–ǡƒ†‘–”ƒ
–‘”•ŠƒŽŽ’ƒ›–‘‹–›‘†‡ƒ†ƒŽŽ
‘•–•ƒ †‡š’‡•‡‘ˆ•—
Š”‡’ƒ‹”Ǥ
Š‡ˆ‘”‡‰‘‹‰•–ƒ–‡‡–”‡Žƒ–‹‰–‘Šƒœƒ”†•–‘Š‡ƒŽ–Šǡ•ƒˆ‡–›‘”’”‘’‡”–›•ŠƒŽŽ„‡†‡‡‡† –‘‹
Ž—†‡„‘–Š–‡’‘”ƒ”›ƒ†’‡”ƒ‡–”‡’ƒ‹”•–Šƒ–ƒ›„‡”‡“—‹”‡†ƒ•†‡–‡”‹‡†‹ –Š‡•‘Ž‡†‹•
”‡–‹‘ƒ†Œ—†‰‡–‘ˆ‹–›Ǥ


 ƒ††‹–‹‘ –‘ –Š‡ ƒ„‘˜‡ǡ –Š‡ ‘–”ƒ
–‘” •ŠƒŽŽ ƒ‡ ƒ ™”‹––‡ ƒ ••‹‰‡– ‘ˆ ƒŽŽ
ƒ—ˆƒ
–—”‡”•ƒ†‘–Š‡”’”‘†—
–™ƒ””ƒ–‹‡•–‘–Š‡‹–›ǡ’”‹‘”– ‘
‘’Ž‡–‹‘ƒ† ˆ‹ƒŽ
ƒ

‡’–ƒ
‡‘ˆ–Š‡‘”„›‹–›Ǥ

Š‡ ‘–”ƒ
–‘”ǯ• ‡”ˆ‘”ƒ
‡ ‘† •ŠƒŽŽ •‡
—”‡ –Š‡ ’‡”ˆ‘”ƒ
‡‘ˆ –Š‡ ‘–”ƒ
–‘”ǯ•
‘„Ž‹‰ƒ–‹‘•—†‡”–Š‹•‡
–‹‘ͳͶǡƒ†–Š‡‘–”ƒ
–‘”ƒ†‹–• —”‡–›•ŠƒŽŽ„‡Œ‘‹–Ž›ƒ†
•‡˜‡”ƒŽŽ›Ž‹ƒ„Ž‡ˆ‘”–Š‡•‡‘„Ž‹‰ƒ–‹‘•Ǥ

ͳͷǤ 






Ǥ Š‡ ƒ
–—ƒŽ ˆƒ
– ‘ˆ –Š‡ ‘

—””‡
‡ ‘ˆ †ƒƒ‰‡• ƒ† –Š‡ ƒ
–—ƒŽ ƒ‘—– ‘ˆ –Š‡
†ƒƒ‰‡•–Šƒ–‹–›™‘—Ž†•—ˆˆ‡”‹ ˆ–Š‡‡–‹”‡‘”ǡƒ†Ȁ‘”ƒ›• ’‡ ‹ˆ‹‡†’‘”–‹‘
–Š‡”‡‘ˆǡ ™‡”‡ ‘–
‘’Ž‡–‡† ™‹–Š‹ –Š‡ –‹‡ȋ•Ȍ •’‡
‹ˆ‹‡† Š‡”‡‹ƒ ” ‡ † ‡ ’ ‡  †‡  – 
—’‘ ƒ›
‹”
—•–ƒ
‡• ƒ†
‘†‹–‹‘• –Šƒ–
‘—Ž† ’”‡˜ƒ‹Ž ‹ ˜ƒ ”‹‘—•

‘„‹ƒ–‹‘•ǡƒ†ˆ‘”–Š‹•”‡ƒ•‘ǡ‹–‹•‹’”ƒ
–‹
ƒ„Ž‡ƒ†‡š–”‡‡Ž›†‹ˆˆ‹
—Ž––‘ˆ‹š
–Š‡ƒ
–—ƒŽ†ƒƒ‰‡•Ǥƒƒ‰‡•–Šƒ–‹–› ™‘—Ž†•—ˆˆ‡”‹–Š‡‡˜‡ –‘ˆ •— Š†‡Žƒ›
‹
Ž—†‡ǣŽ‘••‘ˆ–Š‡—•‡‘ˆ–Š‡’”‘Œ‡
–Ǣ‡š’‡•‡•‘ˆ’”‘Ž‘‰‡† ƒ••‹‰‡––‘–Š‡
’”‘Œ‡
– ‘ˆ ƒ ƒ”
Š‹–‡
–—”ƒŽ ƒ†Ȁ ‘” ‡‰‹‡‡”‹‰ •–ƒˆˆǢ ’”‘Ž‘‰‡† 
‘ • – • ‘ ˆ 
ƒ†‹‹•–”ƒ–‹‘ǡ ‹•’‡
–‹‘ǡ ƒ† •—’‡”˜‹•‹‘Ǣ ‹
”‡ƒ•‡† ‘’‡”ƒ–‹‘ ƒŽ ‡š’‡•‡•
ƒ†Ȁ‘”‹’ƒ‹”‡†‘’‡”ƒ–‹‘‘ˆ‘– Š‡”ˆƒ
‹Ž‹–‹‡•†‡’‡†‡–—’‘
‘ ’Ž‡–‹‘‘ˆ–Š‡
’”‘Œ‡
–Ǣƒ†–Š‡Ž‘••ƒ†‹
‘˜‡‹‡
‡•—ˆˆ‡”‡†„›–Š‡’—„Ž‹
 ™‹–Š‹–Š‡‹–›‘ˆ
ƒ
”ƒ‡–‘ „› ”‡ƒ•‘ ‘ˆ –Š‡ †‡Žƒ› ‹ –Š‡
‘’Ž‡–‹‘ ‘ˆ –Š‡ ’”‘Œ‡
– ‘” ’‘”–‹‘
–Š‡”‡‘ˆǤ 

‘”†‹‰Ž›ǡ –Š‡ ’ƒ”–‹‡• ƒ‰”‡‡ǡ ƒ† „› ‡š‡
—–‹‘ ‘ˆ –Š ‹• ‰”‡‡‡–ǡ
‘–”ƒ
–‘”ƒ
‘™Ž‡†‰‡•–Šƒ–‹–—†‡”•–ƒ†•ƒ†ƒ‰”‡‡•ǡ–Šƒ––Š ‡ƒ‘—–ȋ•Ȍ•‡– ˆ‘”–ŠŠ‡”‡‹ƒ•Ž‹“—‹†ƒ–‡††ƒƒ‰‡•”‡ˆŽ‡
––Š‡’ƒ”–‹‡•ǯ„‡•–‡ˆ ˆ‘”–•ƒ––Š‡–‹‡‘ˆ
‡–‡”‹‰‹–‘–Š‡‘–”ƒ
––‘‡•–‹ƒ–‡–Š‡†ƒƒ‰‡•–Šƒ–ƒ›„‡ ‹
—””‡†„›‹–›
ƒ†–Š‡’—„Ž‹
†—‡–‘–Š‡‘–”ƒ
–‘”ǯ•†‡Žƒ›‹
‘’Ž‡–‹‘‘ˆ–Š‡‘”ƒ†Ȁ‘”ƒ›
•’‡
‹ˆ‹‡†’‘”–‹‘–Š‡”‡‘ˆǡƒ†•ŠƒŽŽ„‡’”‡•—‡†–‘„‡–Š‡ƒ‘ —–‘ˆ†ƒƒ‰‡•

&ŽƌŵĂƉƉƌŽǀĞĚďLJŝƚLJƚƚŽƌŶĞLJϲͲϮϯͲϮϯ 7
•—•–ƒ‹‡† „› –Š‡ ˆƒ‹Ž—”‡ ‘ˆ ‘–”ƒ
–‘” –‘
‘’Ž‡–‡ –Š‡ ‡–‹”‡ ‘” ƒ†Ȁ‘” ƒ›
•’‡
‹ˆ‹‡†’‘”–‹‘–Š‡”‡‘ˆ™‹–Š‹–Š‡–‹‡ȋ•Ȍ•’‡
‹ˆ‹‡†Š‡”‡‹Ǥ

Ǥ ‘–”ƒ
–‘”•ŠƒŽŽ’ƒ›Ž‹“—‹†ƒ–‡††ƒƒ‰‡•–‘‹–›ˆ‘”ˆƒ‹Ž—”‡ –‘ ‘’Ž‡–‡–Š‡‡–‹”‡
‘” „› –Š‡ ‘’Ž‡–‹‘ ƒ–‡ ȋƒ• ‡š–‡†‡† ‹ ƒ

‘”†ƒ
‡ ™‹–Š –Š‡  ‘  – ” ƒ
– 
‘
—‡–•ǡ‹ˆƒ’’Ž‹
ƒ„Ž‡Ȍ‹–Š‡ƒ‘—–‘ˆ$ 1000.00 a†ƒ›ˆ‘”‡ƒ
Š
ƒŽ‡†ƒ”†ƒ›
ƒˆ–‡” –Š‡ ‘’Ž‡–‹‘ ƒ–‡ ȋƒ• ‡š–‡†‡† ‹ ƒ

‘”†ƒ
‡ ™‹–Š –Š‡  ‘–”ƒ
–
‘
—‡–•ǡ ‹ˆ ƒ’’Ž‹
ƒ„Ž‡Ȍǡ
‘–‹—‹‰ –‘ –Š‡ –‹‡ ƒ– ™Š‹
Š –Š‡‡–‹”‡ ‘” ‹•

‘’Ž‡–‡†Ǥ  —
Š ƒ‘—– ‹• –Š‡ ƒ
–—ƒŽ
ƒ•Š ˜ƒŽ—‡ ƒ‰”‡‡† —’‘ „›– Š ‡  ‹ – › ƒ  † 
‘–”ƒ
–‘”ƒ•–Š‡Ž‘••–‘‹–›ƒ†–Š‡’—„Ž‹
”‡•—Ž–‹‰ˆ”‘‘–”ƒ
–‘”̵•†‡ˆƒ—Ž–Ǥ

Š‡’ƒ”–‹‡•ƒ‰”‡‡ǡƒ†„›‡š‡
—–‹‘‘ˆ–Š‹•‰”‡‡‡–ǡ‘–”ƒ
– ‘”ƒ
‘™Ž‡†‰‡•
–Šƒ– ‹– —†‡”•–ƒ†• ƒ† ƒ‰”‡‡•ǡ –Šƒ– –Š‡ ˆ‘”‡‰‘‹‰ ’”‘˜‹•‹‘• ’”‘˜‹†‡ ˆ‘” –Š‡ ‹’‘•‹–‹‘ ‘ˆ Ž‹“—‹†ƒ–‡† †ƒƒ‰‡• ˆ”‘ –Š‡ ‘’Ž‡–‹‘ ƒ–‡ ȋƒ• ‡ š–‡†‡† ‹ ƒ

‘”†ƒ
‡ ™‹–Š –Š‡ ‘–”ƒ
– ‘
—‡–•ǡ ‹ˆ ƒ’’Ž‹
ƒ„Ž‡Ȍ —–‹Ž –Š ‡ †ƒ–‡ ‘ˆ

‘’Ž‡–‹‘‘ˆ–Š‡‡–‹”‡‘”ƒ•†‡–‡”‹‡†„›–Š‡‰‹‡‡”‹ƒ

‘”†ƒ
‡™‹–Š
‡
–‹‘ͺǦͶ‘ˆ–Š‡–ƒ†ƒ”†’‡
‹ˆ‹
ƒ–‹‘•ǡ™Š‡–Š‡”‘”‘––Š‡‘”‘”ƒ›’‘”–‹‘
–Š‡”‡‘ˆ‹•
Žƒ‹‡†‘”†‡–‡”‹‡†–‘„‡•—„•–ƒ–‹ƒŽŽ›
‘’Ž‡–‡’ ”‹‘”–‘•—
Š†ƒ–‡
‘ˆ
‘’Ž‡–‹‘Ǥ


Ǥ
 –Š‡ ‡˜‡– ‘–”ƒ
–‘” •ŠƒŽŽ „‡
‘‡ Ž‹ƒ„Ž‡ ˆ‘” Ž‹“—‹†ƒ–‡† † ƒƒ‰‡•ǡ ‹–›ǡ ‹
ƒ††‹–‹‘–‘ƒŽŽ‘–Š‡””‡‡†‹‡•’”‘˜‹†‡†„›Žƒ™ǡ•ŠƒŽŽŠƒ˜‡–Š‡ ”‹‰Š––‘™‹–ŠŠ‘Ž† ƒ›ƒ†ƒŽŽ’ƒ›‡–•–Šƒ–‘–Š‡”™‹•‡™‘—Ž†„‡‘”„‡
‘‡†—‡‘–”ƒ
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Ž‹ƒ„‹Ž‹–›‘ˆ‘–”ƒ
–‘”—†‡”–Š‹••‡
–‹‘‹•ˆ‹ƒŽŽ›†‡–‡”‹‡†Ǥ‹–›•ŠƒŽŽŠƒ˜‡–Š‡
”‹‰Š––‘—•‡ƒ†ƒ’’Ž›•—
Š’ƒ›‡–•ǡ‹™Š‘Ž‡‘”‹’ƒ”–ǡ–‘”‡‹„—”•‡‹–›ˆ‘”ƒŽŽ Ž‹“—‹†ƒ–‡††ƒƒ‰‡•†—‡‘”–‘„‡
‘‡†—‡–‘‹–›Ǥ›”‡ƒ‹‹‰„ƒŽƒ
‡‘ˆ•—
Š
’ƒ›‡–• •ŠƒŽŽ „‡ ’ƒ‹† –‘ ‘–”ƒ
–‘” ‘Ž› ƒˆ–‡” †‹•
Šƒ”‰‡ ‹ ˆ—ŽŽ ‘ˆ ƒŽŽ Ž‹ƒ„‹Ž‹–›
‹
—””‡†„›‘–”ƒ
–‘”—†‡”–Š‹••‡
–‹‘‘”‘–Š‡”™‹•‡—†‡”ƒ›’”‘˜‹•‹‘‘ˆ–Š‡
‘–”ƒ
–‘
—‡–•‘”ƒ›ƒ’’Ž‹
ƒ„Ž‡ƒ™‘”‡‰—Žƒ–‹‘Ǥ
ˆ–Š‡ •—•‘”‡–ƒ‹‡†
„›‹–›‹•‘–•—ˆˆ‹
‹‡––‘†‹•
Šƒ”‰‡ƒŽŽ•—
ŠŽ‹ƒ„‹Ž‹–‹‡•‘ˆ ‘–”ƒ
–‘”ǡ‘–”ƒ
–‘”
•ŠƒŽŽ
‘–‹—‡–‘”‡ƒ‹Ž‹ƒ„Ž‡–‘‹–›—–‹ŽƒŽŽ•—
ŠŽ‹ƒ„‹Ž‹– ‹‡•ƒ”‡•ƒ–‹•ˆ‹‡†‹ˆ—ŽŽǤ
‘ˆƒ‹Ž—”‡„›‹–›–‘™‹–ŠŠ‘Ž†ƒ›’ƒ›‡–ƒ••’‡
‹ˆ‹‡†ƒ„‘˜‡•ŠƒŽŽ‹ƒ›ƒ‡”
„‡
‘•–”—‡†–‘
‘•–‹–—–‡ƒ”‡Ž‡ƒ•‡‘ˆƒ›•—
ŠŽ‹ƒ„‹Ž‹–‹‡•‘”ƒ™ƒ‹˜‡”‘ˆ–Š‡‹–›ǯ•
”‹‰Š––‘™‹–ŠŠ‘Ž†’ƒ›‡–ˆ‘”•—
ŠŽ‹ƒ„‹Ž‹–‹‡•Ǥ

ͳ͸Ǥ






Ǥ ‘–”ƒ
–‘” •ŠƒŽŽ †‡ˆ‡†ǡ Š‘Ž† Šƒ”Ž‡•• ƒ† ‹†‡‹ˆ› –Š‡ ‹– ›ǡ ‹–• ‘ˆˆ‹ ‡”•ǡ
‡’Ž‘›‡‡•ǡƒ†ƒ‰‡–•ǡƒ†‡ƒ
Šƒ†‡˜‡”›‘‡‘ˆ–Š‡ǡˆ”‘ƒ†ƒ‰ƒ‹•–ƒ›
ƒ†ƒŽŽƒ
–‹‘•ǡ†ƒƒ‰‡•ǡ
‘•–•ǡŽ‹ƒ„‹Ž‹–‹‡•ǡ
Žƒ‹•ǡ†‡ƒ†•ǡŽ‘••‡•ǡŒ—†‰‡–•ǡ
’‡ƒŽ–‹‡•ǡ
‘•–•ƒ†‡š’‡•‡•‘ˆ‡˜‡”›–›’‡ƒ††‡•
”‹’–‹‘ǡ™Š ‡–Š‡”ƒ”‹•‹‰
‘‘”‘ˆˆ–Š‡•‹–‡‘ˆ–Š‡‘”ǡ‹
Ž—†‹‰ǡ„—–‘–Ž‹‹–‡†–‘ǡ ƒ›ˆ‡‡•ƒ†Ȁ‘”

‘•–• ”‡ƒ•‘ƒ„Ž› ‹
—””‡† „› ‹–›ǯ• •–ƒˆˆ ƒ––‘”‡›• ‘” ‘—–•‹†‡ƒ––‘”‡›• ƒ† ƒ› ˆ‡‡• ƒ† ‡š’‡•‡• ‹
—””‡† ‹  ‡ˆ‘”
‹‰ –Š‹• ’”‘˜‹•‹‘ ȋŠ‡” ‡ƒˆ–‡”

‘ŽŽ‡
–‹˜‡Ž›”‡ˆ‡””‡†–‘ƒ•Dz‹ƒ„‹Ž‹–‹‡•dzȌǡ‹
Ž—†‹‰„—–‘–Ž‹‹–‡†–‘‹ƒ„‹Ž‹–‹‡•
ƒ”‹•‹‰ˆ”‘’‡”•‘ƒŽ‹Œ—”›‘”†‡ƒ–Šǡ†ƒƒ‰‡–‘’‡”•‘ƒŽǡ”‡ƒŽ‘”‹–‡ŽŽ‡ –—ƒŽ
’”‘’‡”–› ‘” –Š‡ ‡˜‹”‘‡–ǡ
‘–”ƒ
–—ƒŽ ‘” ‘–Š‡” ‡
‘‘‹
 †ƒƒ ‰‡•ǡ ‘”
”‡‰—Žƒ–‘”›’‡ƒŽ–‹‡•ǡƒ”‹•‹‰‘—–‘ˆ‘”‹ƒ›™ƒ›
‘‡
–‡†™‹–Š’‡”ˆ‘”ƒ
‡

&ŽƌŵĂƉƉƌŽǀĞĚďLJŝƚLJƚƚŽƌŶĞLJϲͲϮϯͲϮϯ 8
‘ˆ ‘” ˆƒ‹Ž—”‡ –‘ ’‡”ˆ‘” –Š‡ ‘” „› –Š‡ ‘–”ƒ –‘”ǡ ƒ› •—„
‘–”ƒ
–‘” ‘”
ƒ‰‡–ǡƒ›‘‡†‹”‡
–Ž›‘”‹†‹”‡
–Ž›‡’Ž‘›‡†„›ƒ›‘ˆ–Š‡‘” ƒ›‘‡ˆ‘”
™Š‘•‡ƒ
–•ƒ›‘ˆ–Š‡ƒ›„‡Ž‹ƒ„Ž‡ǡ™Š‡–Š‡”‘”‘–ȋ‹Ȍ•—
Š ‹ƒ„‹Ž‹–‹‡•ƒ”‡

ƒ—•‡† ‹ ’ƒ”– „› ƒ ’ƒ”–› ‹†‡‹ˆ‹‡† Š‡”‡—†‡”ǡ ‘” ȋ‹‹Ȍ •— Š ‹ƒ„‹Ž‹–‹‡• ƒ”‡
Ž‹–‹‰ƒ–‡†ǡ •‡––Ž‡† ‘” ”‡†—
‡† –‘ Œ—†‰‡–Ǣ ’”‘˜‹†‡† –Šƒ– –Š‡ ˆ‘ ”‡‰‘‹‰
‹†‡‹–›†‘‡•‘–ƒ’’Ž›–‘Ž‹ƒ„‹Ž‹–›ˆ‘”†ƒƒ‰‡•ˆ‘”†‡ƒ–Š‘”„‘†‹Ž›‹Œ—”›–‘ ’‡”•‘•ǡ ‹Œ—”› –‘ ’”‘’‡”–›ǡ ‘” ‘–Š‡” Ž‘••ǡ †ƒƒ‰‡ ‘” ‡š’‡•‡ –‘ –Š‡ ‡š–‡– ƒ”‹•‹‰ ˆ”‘ ȋ‹Ȍ –Š‡ •‘Ž‡ ‡‰Ž‹‰‡
‡ ‘” ™‹ŽŽˆ—Ž ‹•
‘†—
– ‘ˆǡ‘” †‡ˆ‡
–• ‹
†‡•‹‰ˆ—”‹•Š‡†„›ǡ‹–›ǡ‹–•ƒ‰‡–•ǡ•‡”˜ƒ–•ǡ‘”‹†‡’‡†‡– ‘–”ƒ
–‘”•™Š‘
ƒ”‡†‹”‡
–Ž›”‡•’‘•‹„Ž‡–‘‹–›ǡ‘”ȋ‹‹Ȍ–Š‡ƒ
–‹˜‡‡‰Ž‹‰‡
‡‘ˆ‹–›Ǥ

Ǥ Š‡ ‡š‹•–‡
‡ ‘” ƒ

‡’–ƒ
‡ „› ‹–› ‘ˆ ƒ› ‘ˆ –Š‡ ‹•—”ƒ
‡ ’‘Ž‹
‹‡• ‘”

‘˜‡”ƒ‰‡• †‡•
”‹„‡† ‹ –Š‹• ‰”‡‡‡– •ŠƒŽŽ ‘– ƒˆˆ‡
– ‘” Ž‹‹–ƒ  › ‘ ˆ  ‹ – › ǯ • 
”‹‰Š–• —†‡” –Š‹• ‡
–‹‘ ͳ͸ǡ ‘” •ŠƒŽŽ –Š‡ Ž‹‹–• ‘ˆ •—
Š ‹•—”ƒ
‡ Ž‹‹– –Š‡
Ž‹ƒ„‹Ž‹–› ‘ˆ ‘–”ƒ
–‘” Š‡”‡—†‡”Ǥ  Š‡ ’”‘˜‹•‹‘• ‘ˆ –Š‹• ‡
– ‹‘ ͳ͸ •ŠƒŽŽ
•—”˜‹˜‡ƒ›‡š’‹”ƒ–‹‘‘”–‡”‹ƒ–‹‘‘ˆ–Š‡‘–”ƒ
–Ǥ

ͳ͹Ǥ 



  – ‹ Ž – Š ‡ 
‘  ’ Ž ‡ – ‹ ‘  ƒ  † ˆ ‹  ƒ Ž ƒ

‡ ’ – ƒ 
‡ „ ›  ‹ – › ‘ ˆ ƒ Ž Ž  ‘ ”  —†‡” –Š‹• ‘–”ƒ –ǡ –Š‡
‘”•ŠƒŽŽ„‡—†‡”‘–”ƒ
–‘”̵•”‡•’‘•‹„Ž‡
ƒ”‡ƒ†
Šƒ”‰‡ǡƒ†‘–”ƒ
–‘”ǡƒ–‘
‘•–
–‘‹–›ǡ•ŠƒŽŽ”‡„—‹Ž†ǡ”‡’ƒ‹”ǡ”‡•–‘”‡ƒ†ƒ‡‰‘‘†ƒŽŽ‹Œ—” ‹‡•ǡ†ƒƒ‰‡•ǡ”‡Ǧ‡”‡ –‹‘•ǡ
ƒ†”‡’ƒ‹”•‘

ƒ•‹‘‡†‘””‡†‡”‡†‡
‡••ƒ”›„›ƒ

‹†‡–ƒŽ
ƒ—• ‡•‘ˆƒ›ƒ–—”‡ǡ–‘ƒŽŽ
‘”ƒ›’‘”–‹‘•‘ˆ–Š‡‘”Ǥ

ͳͺǤ




 

š
‡’–ƒ•‘–Š‡”™‹•‡Š‡”‡‹‡š’”‡ ••Ž›•–‹’—Žƒ–‡†ǡ‘–”ƒ
–‘”•Šƒ ŽŽ’‡”ˆ‘”ƒŽŽ–Š‡‘”
ƒ†ˆ—”‹•ŠƒŽŽ–Š‡Žƒ„‘”ǡƒ–‡”‹ƒŽ•ǡ–‘‘Ž•ǡ‡“—‹’‡–ǡƒ’’ƒ”ƒ–—•ǡˆƒ ‹Ž‹–‹‡•ǡ–”ƒ•’‘”–ƒ–‹‘ǡ
’‘™‡”ƒ†Ž‹‰Š–ǡƒ†ƒ’’Ž‹ƒ
‡•ǡ‡
‡••ƒ”›‘”’”‘’‡”ˆ‘”’‡”ˆ‘”‹‰ƒ†
‘’Ž‡–‹‰–Š‡
‘”Š‡”‡‹”‡“—‹”‡†‹–Š‡ƒ‡”ƒ†™‹–Š‹–Š‡–‹‡Š‡”‡‹• ’‡ ‹ˆ‹‡†ǤŠ‡‡–‹‘
‘ ˆ ƒ  › • ’ ‡
‹ ˆ ‹
† — – › ‘ ” Ž ‹ ƒ „ ‹ Ž ‹ – › ‘ ˆ  ‘  – ” ƒ
– ‘ ” • Š ƒ Ž Ž  ‘ – „ ‡ 
‘•–”—‡† ƒ• ƒ Ž‹‹–ƒ–‹‘ ‘”
”‡•–”‹
–‹‘‘ˆƒ›‰‡‡”ƒŽŽ‹ƒ„‹Ž‹–›‘”†—–›‘ˆ‘–”ƒ
–‘”ǡƒ†ƒ›”‡ˆ‡”‡
‡–‘ƒ›•’‡
‹ˆ‹

†—–›‘”Ž‹ƒ„‹Ž‹–›•ŠƒŽŽ„‡
‘•–”—‡†–‘„‡•‘Ž‡Ž›ˆ‘”–Š‡’—”’‘•‡‘ˆ‡š’Žƒƒ–‹‘Ǥ

ͳͻǤ
  

—”‹‰–Š‡‡–‹”‡–‡”‘ˆ–Š‡‘–”ƒ
–ǡ‘–”ƒ
–‘”•ŠƒŽŽƒ‹–ƒ‹–Š‡‹•—”ƒ
‡
‘˜‡”ƒ‰‡
†‡•
”‹„‡†‹–Š‹•‡
–‹‘ͳͻǤ

—ŽŽ
‘’‡•ƒ–‹‘ ˆ‘” ƒŽŽ ’”‡‹—•  –Šƒ– ‘–”ƒ
–‘” ‹• ”‡“—‹”‡† –‘ ’ƒ› ˆ‘” –Š‡
‹•—”ƒ
‡
‘˜‡”ƒ‰‡†‡•
”‹„‡†Š‡”‡‹•ŠƒŽŽ„‡‹
Ž—†‡†‹–Š‡
‘’‡•ƒ–‹‘•’‡
‹ˆ‹‡†
ˆ‘” –Š‡ ‘” ’‡”ˆ‘”‡† „› ‘–”ƒ
–‘” —†‡” –Š‹• ‘–”ƒ
–Ǥ  ‘ ƒ ††‹–‹‘ƒŽ

‘’‡•ƒ–‹‘™‹ŽŽ„‡’”‘˜‹†‡†ˆ‘”‘–”ƒ
–‘”ǯ•‹•—”ƒ
‡’”‡‹— •Ǥ›ƒ˜ƒ‹Žƒ„Ž‡
‹•—”ƒ
‡’”‘
‡‡†•‹‡š
‡••‘ˆ–Š‡•’‡
‹ˆ‹‡†‹‹—Ž‹‹–•ƒ†
‘˜‡”ƒ‰‡••ŠƒŽŽ„‡
ƒ˜ƒ‹Žƒ„Ž‡–‘–Š‡‹–›Ǥ


–‹•—†‡”•–‘‘†ƒ†ƒ‰”‡‡†„›–Š‡‘–”ƒ
–‘”–Šƒ–‹–•Ž‹ƒ„‹Ž‹– ›–‘–Š‡‹–›•ŠƒŽŽ‘–‹

&ŽƌŵĂƉƉƌŽǀĞĚďLJŝƚLJƚƚŽƌŶĞLJϲͲϮϯͲϮϯ 9
ƒ›™ƒ›„‡Ž‹‹–‡†–‘‘”ƒˆˆ‡
–‡†„›–Š‡ƒ‘—–‘ˆ‹•—”ƒ
‡
‘ ˜‡”ƒ‰‡”‡“—‹”‡†‘”

ƒ””‹‡†„›–Š‡‘–”ƒ
–‘”‹
‘‡
–‹‘™‹–Š–Š‹•‘–”ƒ
–Ǥ

͘ ‹‹—
‘’‡Ƭ‹‹–•‘ˆ
•—”ƒ
‡‘˜‡”ƒ‰‡

ȋͳȌ ‘‡”
‹ƒŽ
‡‡”ƒŽ‹ƒ„‹Ž‹–›
•—”ƒ
‡’”‘˜‹†‹‰
‘˜‡”ƒ‰‡ƒ –Ž‡ƒ•–ƒ•
„”‘ƒ†ƒ•

 ‘”ͲͲͲͳ‘ƒ‘

—””‡
‡„ƒ•‹•ˆ‘”„‘†‹Ž›‹ Œ—”›ǡ
‹
Ž—†‹‰ †‡ƒ–Šǡ ‘ˆ ‘‡ ‘” ‘”‡ ’‡”•‘•ǡ ’”‘’‡”–› †ƒƒ‰‡ǡ ƒ† ’‡”•‘ƒŽ‹Œ—”›ǡƒ”‹•‹‰‘—–‘ˆƒ
–‹˜‹–‹‡•’‡”ˆ‘”‡†„›‘”‘„ ‡ŠƒŽˆ‘ˆ
‘–”ƒ
–‘”ƒ†‹–••—„
‘–”ƒ
–‘”•ǡ’”‘†—
–•ƒ†
‘’Ž‡–‡†‘’‡”ƒ–‹‘•
‘ˆ‘–”ƒ
–‘”ƒ†‹–••—„
‘–”ƒ
–‘”•ǡƒ†’”‡‹•‡•‘™‡†ǡŽ‡ƒ•‡ †ǡ‘”
—•‡†„›‘–”ƒ
–‘”ƒ†‹–••—„
‘–”ƒ
–‘”•ǡ™‹–ŠŽ‹‹–•‘ˆ‘–Ž ‡••–Šƒ
–™‘ ‹ŽŽ‹‘ †‘ŽŽƒ”• ȋ̈́ʹǡͲͲͲǡͲͲͲȌ ’‡” ‘

—””‡
‡Ǥ  Š‡ ’‘Ž‹
› •Š ƒŽŽ
’”‘˜‹†‡
‘–”ƒ
–—ƒŽ Ž‹ƒ„‹Ž‹–› ƒ† ’”‘†—
–• ƒ†
‘’Ž‡–‡† ‘’‡”ƒ–‹‘•

‘˜‡”ƒ‰‡ˆ‘”–Š‡–‡”‘ˆ–Š‡’‘Ž‹
›Ǥ
ȋʹȌ —–‘‘„‹Ž‡‹ƒ„‹Ž‹–›
•—”ƒ
‡’”‘˜‹†‹‰
‘˜‡”ƒ‰‡ƒ–Ž‡ƒ•–ƒ•„”‘ƒ†ƒ•

 ‘”ͲͲͲͳˆ‘”„‘†‹Ž›‹Œ—”›ǡ‹
Ž—†‹‰†‡ƒ–Šǡ‘ˆ‘‡‘” ‘”‡
’‡”•‘•ǡ’”‘’‡”–›†ƒƒ‰‡ǡƒ†’‡”•‘ƒŽ‹Œ—”›ǡ™‹–ŠŽ‹‹–•‘ˆ ‘–Ž‡•• –Šƒ ‘‡ ‹ŽŽ‹‘ †‘ŽŽƒ”• ȋ̈́ͳǡͲͲͲǡͲͲͲȌ ’‡” ƒ

‹†‡–Ǥ  Š‡ ’‘Ž‹
›• Š ƒ Ž Ž 
’”‘˜‹†‡
‘˜‡”ƒ‰‡ ˆ‘” ‘™‡†ǡ ‘Ǧ‘™‡†ǡ ƒ†Ȁ‘” Š‹”‡† ƒ—–‘• ƒ• ƒ’’”‘’”‹ƒ–‡–‘–Š‡‘’‡”ƒ–‹‘•‘ˆ–Š‡‘–”ƒ
–‘”Ǥ

‘ ƒ—–‘‘„‹Ž‡ Ž‹ƒ„‹Ž‹–› ‹•—”ƒ
‡ •ŠƒŽŽ „‡ ”‡“—‹”‡† ‹ˆ ‘–”ƒ
– ‘”

‘’Ž‡–‡•–Š‡ˆ‘ŽŽ‘™‹‰
‡”–‹ˆ‹
ƒ–‹‘ǣ

Dz

‡”–‹ˆ› –Šƒ– ƒ ‘–‘” ˜‡Š‹
Ž‡ ™‹ŽŽ ‘– „‡ —•‡† ‹ –Š‡
’‡”ˆ‘”ƒ
‡ ‘ˆ ƒ› ™‘” ‘” •‡”˜‹
‡• —†‡” –Š‹• ƒ‰”‡‡‡–Ǥdz
̴̴̴̴̴̴̴̴ȋ‘–”ƒ
–‘”‹‹–‹ƒŽ•Ȍ

ȋ͵Ȍ š
॥
•—”ƒ
‡ǣ Š‡ ‹‹— Ž‹‹–• ‘ˆ ‹•—”ƒ
‡ ”‡“—‹”‡† ƒ„‘˜‡
ƒ›„‡•ƒ–‹•ˆ‹‡†„›ƒ
‘„‹ƒ–‹‘‘ˆ’”‹ƒ”›ƒ†—„”‡ŽŽƒ‘”‡š
॥
‹•—”ƒ
‡
‘˜‡”ƒ‰‡Ǣ ’”‘˜‹†‡† –Šƒ– ƒ› —„”‡ŽŽƒ ‘” ‡š
‡•• ‹•—”ƒ
‡
•ŠƒŽŽ
‘–ƒ‹ǡ‘”„‡‡†‘”•‡†–‘
‘–ƒ‹ǡƒ’”‘˜‹•‹‘–Šƒ–‹–• ŠƒŽŽƒ’’Ž›
‘ƒ’”‹ƒ”›„ƒ•‹•ˆ‘”–Š‡„‡‡ˆ‹–‘ˆ–Š‡

ǡƒ†ƒ›‹•—”ƒ
‡‘”•‡ŽˆǦ
‹•—”ƒ
‡ ƒ‹–ƒ‹‡† „› 

ǡ ‹–• ‘ˆˆ‹
‹ƒŽ•ǡ ‡’Ž‘›‡‡•ǡ ‘” ˜‘Ž—–‡‡”•
•ŠƒŽŽ „‡ ‹ ‡š
‡•• ‘ˆ •—
Š —„”‡ŽŽƒ ‘” ‡š
॥
‘˜‡”ƒ‰‡ ƒ† •ŠƒŽŽ ‘–

‘–”‹„—–‡™‹–Š‹–Ǥ

ȋͶȌ ‘”‡”•ǯ ‘’‡•ƒ–‹‘
•—”ƒ
‡ ™‹–Š •–ƒ–—–‘”› Ž‹‹–•ǡ ƒ†
’Ž‘›‡”•ǯ‹ƒ„‹Ž‹–›
•—”ƒ
‡™‹–ŠŽ‹‹–•‘ˆ‘–Ž‡••–Šƒ‘‡ ‹ŽŽ‹‘
†‘ŽŽƒ”•ȋ̈́ͳǡͲͲͲǡͲͲͲȌǤŠ‡‘”‡”•ǯ‘’‡•ƒ–‹‘’‘Ž‹
›•ŠƒŽŽ‹
Ž—†‡
ƒ™ƒ‹˜‡”‘ˆ•—„”‘‰ƒ–‹‘‹ˆƒ˜‘”‘ˆ–Š‡‹–›Ǥ


&ŽƌŵĂƉƉƌŽǀĞĚďLJŝƚLJƚƚŽƌŶĞLJϲͲϮϯͲϮϯ 10
‘‘”‡”•ǯ‘’‡•ƒ–‹‘‹•—”ƒ
‡•ŠƒŽŽ„‡ ”‡“—‹”‡†‹ˆ‘–”ƒ
–‘”

‘’Ž‡–‡•–Š‡ˆ‘ŽŽ‘™‹‰
‡”–‹ˆ‹
ƒ–‹‘ǣ

Dz

‡”–‹ˆ›–Šƒ–›„—•‹‡••Šƒ•‘‡’Ž‘›‡‡•ǡƒ†–Šƒ–
†‘‘– 
‡’Ž‘› ƒ›‘‡Ǥ
 ƒ ‡š‡’– ˆ”‘ –Š‡ Ž‡‰ƒŽ ”‡“—‹”‡‡–• –‘
’”‘˜‹†‡ ‘”‡”•̵ ‘’‡•ƒ–‹‘ ‹•—”ƒ
‡Ǥdz  ̴̴̴̴̴̴̴̴̴
ȋ‘–”ƒ
–‘”‹‹–‹ƒŽ•Ȍ

Ǥ ††‹–‹‘ƒŽ
•—”‡†‘˜‡”ƒ‰‡

ȋͳȌ ‘‡”
‹ƒŽ
‡‡”ƒŽ ‹ƒ„‹Ž‹–›
•—”ƒ
‡ǣ Š‡ ‹–›ǡ ‹–• ‘ˆˆ‹
‹ƒŽ•ǡ
‡’Ž‘›‡‡•ǡ ƒ† ˜‘Ž—–‡‡”• •ŠƒŽŽ „‡
‘˜‡”‡† „› ’‘Ž‹
› –‡”• ‘”
‡†‘”•‡‡–ƒ•ƒ††‹–‹‘ƒŽ‹•—”‡†•ƒ•”‡•’‡
–•‰‡‡”ƒŽŽ‹ƒ„‹Ž‹–›ƒ”‹•‹‰
‘—– ‘ˆǣ ƒ
–‹˜‹–‹‡• ’‡”ˆ‘”‡† „› ‘ ” ‘  „ ‡ Š ƒ Ž ˆ ‘ ˆ  ‘  – ” ƒ – ‘ ” ƒ  † ‹–•
•—„
‘–”ƒ
–‘”•Ǣ’”‘†—
–•ƒ†
‘’Ž‡–‡†‘’‡”ƒ–‹‘•‘ˆ‘–”ƒ
–‘” ƒ†
‹–••—„
‘–”ƒ
–‘”•Ǣƒ†’”‡‹•‡•‘™‡†ǡŽ‡ƒ•‡†ǡ‘”—•‡†„›‘–”ƒ
–‘”
ƒ†‹–••—„
‘–”ƒ
–‘”•Ǥ

ȋʹȌ —–‘‘„‹Ž‡‹ƒ„‹Ž‹–›
•—”ƒ
‡ǣŠ‡‹–›ǡ‹–•‘ˆˆ‹
‹ƒŽ•ǡ‡ ’Ž‘›‡‡•ǡƒ†
˜‘Ž—–‡‡”• •ŠƒŽŽ „‡
‘˜‡”‡† „› ’‘Ž‹
› –‡”• ‘” ‡†‘”•‡‡– ƒ•
ƒ††‹–‹‘ƒŽ‹•—”‡†•ƒ•”‡•’‡
–•ƒ—–‘Ž‹ƒ„‹Ž‹–›Ǥ

Ǥ –Š‡”
•—”ƒ
‡”‘˜‹•‹‘•

 Š‡’‘Ž‹
‹‡•ƒ”‡–‘
‘–ƒ‹ǡ‘”„‡‡†‘”•‡†–‘
‘–ƒ‹ǡ–Š‡ˆ‘ ŽŽ‘™‹‰’”‘˜‹•‹‘•ǣ

ȋͳȌ ‘–”ƒ
–‘”ǯ• ‹•—”ƒ
‡
‘˜‡”ƒ‰‡ǡ ‹
Ž—†‹‰ ‡š
‡•• ‹•—”ƒ
‡ ǡ •ŠƒŽŽ „‡
’”‹ƒ”› ‹•—”ƒ
‡ ƒ• ”‡•’‡
–• ‹ –›ǡ ‹–• ‘ˆˆ‹
‹ƒŽ•ǡ ‡’Ž‘›‡‡•ǡ ƒ †
˜‘Ž—–‡‡”•Ǥ  › ‹•—”ƒ
‡ ‘” •‡ŽˆǦ‹•—”ƒ
‡ ƒ‹–ƒ‹‡† „› ‹–›ǡ ‹–•
‘ˆˆ‹
‹ƒŽ•ǡ ‡’Ž‘›‡‡•ǡ ‘” ˜‘Ž—–‡‡”• •ŠƒŽŽ „‡ ‹ ‡š
‡•• ‘ˆ ‘–”ƒ
–‘”ǯ•
‹•—”ƒ
‡ƒ†•ŠƒŽŽ‘–
‘–”‹„—–‡™‹–Š‹–Ǥ

ȋʹȌ ›ˆƒ‹Ž—”‡–‘
‘’Ž›™‹–Š”‡’‘”–‹‰’”‘˜‹•‹‘•‘ˆ–Š‡’‘Ž‹
‹‡••ŠƒŽŽ‘–
ƒˆˆ‡
–
‘˜‡”ƒ‰‡’”‘˜‹†‡†–‘‹–›ǡ‹–•‘ˆˆ‹
‹ƒŽ•ǡ‡’Ž‘›‡‡•ǡ‘”˜‘Ž—–‡‡”•Ǥ

ȋ͵Ȍ ‘˜‡”ƒ‰‡•ŠƒŽŽ•–ƒ–‡–Šƒ–‘–”ƒ
–‘”ǯ•‹•—”ƒ
‡•ŠƒŽŽƒ’’Ž ›•‡’ƒ”ƒ–‡Ž›
–‘‡ƒ
Š‹•—”‡†ƒ‰ƒ‹•–™Š‘
Žƒ‹‹•ƒ†‡‘”•—‹–‹•„”‘—‰Š–ǡ ‡š
‡’–
™‹–Š”‡•’‡
––‘–Š‡Ž‹‹–•‘ˆ–Š‡‹•—”‡”ǯ•Ž‹ƒ„‹Ž‹–›Ǥ

ȋͶȌ ‹–› ™‹ŽŽ „‡ ’”‘˜‹†‡† ™‹–Š –Š‹”–› ȋ͵ͲȌ †ƒ›• ™”‹––‡ ‘–‹ ‡ ‘ˆ

ƒ
‡ŽŽƒ–‹‘‘”ƒ–‡”‹ƒŽ
Šƒ‰‡‹–Š‡’‘Ž‹
›Žƒ‰—ƒ‰‡‘”–‡”•Ǥ

Ǥ 

‡’–ƒ„‹Ž‹–›‘ˆ
•—”ƒ
‡


•—”ƒ
‡•ŠƒŽŽ„‡’Žƒ
‡†™‹–Š‹•—”‡”•™‹–Šƒ‡•–•ǯ”ƒ–‹‰‘ˆ ‘–Ž‡••–Šƒ ǣ
Ǥ  ‡ŽˆǦ‹•—”‡† ”‡–‡–‹‘•ǡ ’‘Ž‹
› –‡”• ‘” ‘–Š‡” ˜ƒ”‹ƒ–‹‘• –Šƒ– †‘ ‘–

‘’Ž› ™‹–Š –Š‡ ”‡“—‹”‡‡–• ‘ˆ –Š‹• ‡
–‹‘ ͵ —•– „‡ †‡
Žƒ”‡† – ‘ ƒ  † 

&ŽƌŵĂƉƉƌŽǀĞĚďLJŝƚLJƚƚŽƌŶĞLJϲͲϮϯͲϮϯ 11
ƒ’’”‘˜‡†„›–Š‡‹–›‹™”‹–‹‰’”‹‘”–‘‡š‡
—–‹‘‘ˆ–Š‹•‘–”ƒ
–Ǥ

Ǥ ‡”‹ˆ‹
ƒ–‹‘‘ˆ‘˜‡”ƒ‰‡

ȋͳȌ ‘–”ƒ
–‘” •ŠƒŽŽ ˆ—”‹•Š ‹–› ™‹–Š
‡”–‹ˆ‹
ƒ–‡• ƒ† ”‡“—‹”‡ †
‡†‘”•‡‡–• ‡˜‹†‡
‹‰ –Š‡ ‹•—”ƒ
‡ ”‡“—‹”‡†Ǥ  ‘’‹‡• ‘ˆ ’‘Ž‹
‹‡•
•ŠƒŽŽ„‡†‡Ž‹˜‡”‡†–‘–Š‡‹–›‘†‡ƒ†Ǥ‡”–‹ˆ‹
ƒ–‡•‘ˆ‹•—”ƒ
‡•ŠƒŽŽ
„‡•‹‰‡†„›ƒƒ—–Š‘”‹œ‡†”‡’”‡•‡–ƒ–‹˜‡‘ˆ–Š‡‹•—”ƒ ‡
ƒ””‹‡”Ǥ

ȋʹȌ ‘” ƒŽŽ ‹•—”ƒ
‡ ’‘Ž‹
› ”‡‡™ƒŽ• †—”‹‰ –Š‡ –‡” ‘ˆ –Š‹•  ‘–”ƒ
–ǡ
‘–”ƒ
–‘” •ŠƒŽŽ •‡† ‹•—”ƒ
‡
‡”–‹ˆ‹
ƒ–‡• ”‡ˆŽ‡
–‹‰ –Š‡ ’‘Ž ‹
›
”‡‡™ƒŽ•†‹”‡
–Ž›–‘ǣ

 ‹–›‘ˆƒ
”ƒ‡–‘

Ȁ‘


 ǤǤ‘šͻͶ͹
 —””‹‡–ƒǡͻʹͷ͸Ͷ


•—”ƒ
‡
‡”–‹ˆ‹
ƒ–‡•ƒŽ•‘ƒ›„‡ˆƒš‡†–‘ȋͺͺͺȌ͵ͷͷǦ͵ͷͻͻǡ‘”‡Ǧƒ‹Ž‡†
–‘ǣ

‡”–‹ˆ‹
ƒ–‡•Ǧ•ƒ
”ƒ‡–‘̷”‹•™‘”•Ǥ
‘

ȋ͵Ȍ Š‡‹–›ƒ›™‹–Š†”ƒ™‹–•‘ˆˆ‡”‘ˆ
‘–”ƒ
–‘”
ƒ
‡Ž–Š‹• ‘–”ƒ
–‹ˆ–Š‡

‡”–‹ˆ‹
ƒ–‡• ‘ˆ ‹•—”ƒ
‡ ƒ† ‡†‘”•‡‡–• ”‡“—‹”‡† Šƒ˜‡ ‘– „‡‡
’”‘˜‹†‡† ’”‹‘” –‘ ‡š‡
—–‹‘ ‘ˆ –Š‹• ‘–”ƒ
–Ǥ  Š‡ ‹–› ƒ› ™‹–ŠŠ‘Ž†
’ƒ›‡–• –‘ ‘–”ƒ
–‘” ‘”
ƒ
‡Ž –Š‡ ‘–”ƒ
– ‹ˆ –Š‡ ‹•—”ƒ
‡ ‹•

ƒ
‡Ž‡† ‘” ‘–”ƒ
–‘” ‘–Š‡”™‹•‡
‡ƒ•‡• –‘ „‡ ‹•—”‡† ƒ• ”‡“—‹”‡†
Š‡”‡‹Ǥ

Ǥ —„
‘–”ƒ
–‘”•

‘–”ƒ
–‘”• •ŠƒŽŽ ”‡“—‹”‡ ƒ† ˜‡”‹ˆ› –Šƒ– ƒŽŽ •—„
‘–”ƒ
–‘”• ƒ ‹–ƒ‹
‹•—”ƒ
‡
‘˜‡”ƒ‰‡ –Šƒ– ‡‡–• –Š‡ ‹‹— •
‘’‡ ƒ† Ž‹‹–• ‘ˆ ‹•—”ƒ
‡

‘˜‡”ƒ‰‡•’‡
‹ˆ‹‡†‹•—„•‡
–‹‘ǡƒ„‘˜‡Ǥ

ʹͲǤ 






ˆǡƒ–ƒ›–‹‡†—”‹‰–Š‡’‡”ˆ‘”ƒ
‡‘ˆ–Š‹•‘–”ƒ
–ǡ‘–”ƒ
–‘”ˆƒ‹Ž•–‘ƒ‹–ƒ‹ƒ›
‹–‡‘ˆ–Š‡„‘†•ƒ†Ȁ‘”‹•—”ƒ
‡”‡“—‹”‡†—†‡”–Š‡‘–”ƒ
– ‹ˆ—ŽŽˆ‘”
‡ƒ†‡ˆˆ‡
–ǡ
‘–”ƒ
–‘” •ŠƒŽŽ ‹‡†‹ƒ–‡Ž› •—•’‡† ƒŽŽ ™‘” —†‡” –Š‡ ‘–”ƒ – ƒ† ‘–‹ˆ› ‹–› ‹
™”‹–‹‰‘ˆ•—
Šˆƒ‹Ž—”‡Ǥˆ–‡”•—
Š‘–‹
‡‹•’”‘˜‹†‡†ǡ‘”‹ˆ‹–›†‹•
‘˜‡”••—
Šˆƒ‹Ž—”‡ƒ†
‘–‹ˆ‹‡•‘–”ƒ
–‘”ǡ–Š‡‹–›–Š‡”‡ƒˆ–‡”ƒ›™‹–ŠŠ‘Ž†ƒŽŽ‘–” ƒ
–’ƒ›‡–•†—‡‘”–Šƒ–
„‡
‘‡†—‡—–‹Ž‘–‹
‡‹•”‡
‡‹˜‡†„›‹–›–Šƒ–•—
Š„‘†•ƒ†Ȁ‘”‹•—”ƒ
‡Šƒ˜‡„‡‡
”‡•–‘”‡† ‹ ˆ—ŽŽ ˆ‘”
‡ ƒ† ‡ˆˆ‡
– ƒ† –Šƒ– –Š‡ ’”‡‹—• –Š‡”‡ˆ‘” Šƒ˜‡ „‡‡ ’ƒ‹† ˆ‘” ƒ ’‡”‹‘† •ƒ–‹•ˆƒ
–‘”› –‘ –Š‡ ‹˜‹•‹‘ ‘ˆ ‹• ƒƒ‰‡‡–Ǥ  ‘–”ƒ –‘” •ŠƒŽŽ ‘– ”‡•—‡
™‘”—–‹Ž‘–‹ˆ‹‡†„›‹–›–‘†‘•‘ǡƒ†–Š‡‹–›•ŠƒŽŽŠƒ˜‡ ‘”‡•’‘•‹„‹Ž‹–›‘”Ž‹ƒ„‹Ž‹–› ˆ‘”ƒ›
‘•–•‹
—””‡†„›‘–”ƒ
–‘”ƒ•ƒ”‡•—Ž–‘ˆ•—
Š•—•’‡•‹‘‘ˆ‘”Ǥ

&ŽƌŵĂƉƉƌŽǀĞĚďLJŝƚLJƚƚŽƌŶĞLJϲͲϮϯͲϮϯ 12


 ƒ††‹–‹‘ –‘ –Š‡ ˆ‘”‡‰‘‹‰ǡ ƒ› ˆƒ‹Ž—”‡ –‘ ƒ‹–ƒ‹ ƒ› ‹–‡‘ˆ –Š‡ ”‡“—‹”‡† „‘†• ƒ†Ȁ‘”‹•—”ƒ
‡ƒ–ƒ›–‹‡†—”‹‰–Š‡’‡”ˆ‘”ƒ
‡‘ˆ–Š‹•‘ –”ƒ
–™‹ŽŽ„‡•—ˆˆ‹
‹‡–

ƒ—•‡ˆ‘”–‡”‹ƒ–‹‘‘ˆ–Š‡‘–”ƒ
–„›‹–›Ǥ

Š‡ ‘–”ƒ
–‘” •ŠƒŽŽ „‡ •‘Ž‡Ž› ”‡•’‘•‹„Ž‡ ˆ‘”ǡ ƒ† •ŠƒŽŽ †‡ˆ‡†ǡ ‹†‡‹ˆ›ǡ ƒ† Š‘Ž† Šƒ”Ž‡•• –Š‡ ‹–›ǡ ‹–• ‘ˆˆ‹
‡”•ǡ ‡’Ž‘›‡‡• ƒ† ƒ‰‡–• ƒ‰ƒ‹•– ƒ  † ˆ ” ‘  ǡ ƒ  › ƒ  † ƒ Ž Ž  †ƒƒ‰‡•ǡ
Žƒ‹•ǡ Ž‘••‡•ǡ ƒ
–‹‘•ǡ
‘•–• ‘” ‘–Š‡” ‡š’‡•‡• ‘ˆ ƒ› ‹† ‹
—””‡† „› ƒ›
’ƒ”–› ƒ• ƒ †‹”‡
– ‘” ‹†‹”‡
– ”‡•—Ž– ‘ˆ ƒ› •—•’‡•‹‘ ‘ˆ ‘”‘” –‡”‹ƒ–‹‘ ‘ˆ –Š‡ ‘–”ƒ
–—†‡”–Š‡’”‘˜‹•‹‘•‘ˆ–Š‹•‡
–‹‘Ǥ

ʹͳǤ 


‘”–Š‡’—”’‘•‡‘ˆ–Š‡•‡‘–”ƒ
–‘
—‡–•ǡ–Š‡–‡”̶š
—•ƒ„Ž ‡ ‡Žƒ›̶•ŠƒŽŽ‡ƒǡ
ƒ† ‹• Ž‹‹–‡† –‘ǡ †‡Žƒ›
ƒ—•‡† †‹”‡
–Ž› „›ǣ ƒ
–• ‘ˆ
‘†Ǣ ƒ
–•‘ˆ ƒ ’—„Ž‹
 ‡‡›Ǣ ˆ‹”‡•Ǣ
‹
Ž‡‡– ™‡ƒ–Š‡” ƒ• †‡–‡”‹‡† „› –Š‡ ‰‹‡‡”Ǣ ”‹‘–•Ǣ ‹•—””‡ –‹‘•Ǣ ‡’‹†‡‹
•Ǣ
“—ƒ”ƒ–‹‡ ”‡•–”‹
–‹‘•Ǣ •–”‹‡•Ǣ Ž‘
‘—–•Ǣ •‹–†‘™•Ǣ ƒ
–• ‘ˆ ƒ  ‰‘˜‡”‡–ƒŽ ƒ‰‡
›Ǣ
’”‹‘”‹–‹‡• ‘” ’”‹˜‹Ž‡‰‡• ‡•–ƒ„Ž‹•Š‡† ˆ‘” –Š‡ ƒ—ˆƒ –—”‡ǡ ƒ••‡ „Ž‡ǡ ‘” ƒŽŽ‘–‡– ‘ˆ
ƒ–‡”‹ƒŽ•‡
‡••ƒ”›‹–Š‡‘”„›‘”†‡”ǡ†‡
”‡‡‘”‘–Š‡”™‹•‡‘ˆ–Š‡‹–‡†–ƒ–‡•‘”„›
ƒ›†‡’ƒ”–‡–ǡ„—”‡ƒ—ǡ
‘‹••‹‘ǡ
‘‹––‡‡ǡƒ‰‡–ǡ‘”ƒ†‹‹ •–”ƒ–‘”‘ˆƒ›Ž‡‰ƒŽŽ›

‘•–‹–—–‡† ’—„Ž‹
 ƒ—–Š‘”‹–›Ǣ
Šƒ ‰‡• ‹ –Š‡ ‘” ‘”†‡”‡† „› ‹ –› ‹•‘ˆƒ” ƒ• –Š‡› ‡
‡••ƒ”‹Ž› ”‡“—‹”‡ ƒ††‹–‹‘ƒŽ –‹‡ ‹ ™Š‹
Š –‘
‘’Ž‡–‡ –Š‡ ‘”Ǣ –Š‡ ’”‡˜‡–‹‘ ‘ˆ
‘–”ƒ
–‘” ˆ”‘
‘‡
‹‰ ‘” ’”‘•‡
—–‹‰ –Š‡ ‘” „‡
ƒ—•‡ ‘ˆ –Š‡ ƒ
–• ‘ˆ ‘–Š‡”•ǡ
‡š
‡’–‹‰‘–”ƒ
–‘”̵••—„
‘–”ƒ
–‘”•‘”•—’’Ž‹‡”•Ǣ‘”–Š‡’”‡˜‡–‹‘‘ˆ‘–”ƒ
–‘”ˆ”‘

‘‡
‹‰ ‘” ’”‘•‡
—–‹‰ –Š‡ ‘” „‡
ƒ—•‡ ‘ˆ ƒ ‹–›™‹†‡ ˆƒ‹Ž—”‡ ‘ˆ ’—„Ž‹
 —–‹Ž‹–›
•‡”˜‹
‡Ǥ

Š‡–‡”̶š
—•ƒ„Ž‡‡Žƒ›̶•ŠƒŽŽ •’‡
‹ˆ‹
ƒŽŽ›‘–‹
Ž—†‡ǣȋ‹Ȍ ƒ›†‡Žƒ›–Šƒ–
‘—Ž†Šƒ˜‡
„‡‡ ƒ˜‘‹†‡† „› –Š‡ ‡š‡”
‹•‡ ‘ˆ
ƒ”‡ǡ ’”—†‡
‡ǡ ˆ‘”‡•‹‰Š– ƒ† †‹Ž‹‰‡
‡ ‘ –Š‡ ’ƒ”– ‘ˆ
‘–”ƒ
–‘”Ǣ  ȋ‹‹Ȍ ƒ› †‡Žƒ› ‹ –Š‡ ’”‘•‡
—–‹‘ ‘ˆ ƒ› ’ƒ”– ‘ˆ –Š‡ ‘” –Šƒ– †‘‡• ‘–

‘•–‹–—–‡ƒ‘–”‘ŽŽ‹‰’‡”ƒ–‹‘ǡ™Š‡–Š‡”‘”‘–•—
Š†‡Žƒ›‹ •—ƒ˜‘‹†ƒ„Ž‡Ǣȋ‹‹‹Ȍƒ›
”‡ƒ•‘ƒ„Ž‡ †‡Žƒ› ”‡•—Ž–‹‰ ˆ”‘ –‹‡ ”‡“—‹”‡† „› ‹–› ˆ‘” ”‡˜‹‡™ ‘ˆ ƒ› ‘–”ƒ –‘”
•—„‹––ƒŽ•ƒ†ˆ‘”–Š‡ƒ‹‰‘ˆ•—”˜‡›•ǡ‡ƒ•—”‡‡–•ƒ†‹•’ ‡ –‹‘Ǣƒ†ǡȋ‹˜Ȍƒ›
†‡Žƒ› ƒ”‹•‹‰ ˆ”‘ ƒ ‹–‡””—’–‹‘ ‹ –Š‡ ’”‘•‡
—–‹‘ ‘ˆ –Š‡ ‘ ” ‘ ƒ

‘—– ‘ˆ
”‡ƒ•‘ƒ„Ž‡‹–‡”ˆ‡”‡
‡„›‘–Š‡”‘–”ƒ
–‘”•‡’Ž‘›‡†„›‹–›–Šƒ–†‘‡•‘–‡
‡••ƒ”‹Ž›
’”‡˜‡––Š‡
‘’Ž‡–‹‘‘ˆ–Š‡‡–‹”‡‘”™‹–Š‹–Š‡–‹‡•’‡
‹ ˆ‹‡†Ǥš
—•ƒ„Ž‡‡Žƒ›•ǡ
‹ˆƒ›ǡ•ŠƒŽŽ‘’‡”ƒ–‡‘Ž›–‘‡š–‡†–Š‡‘’Ž‡–‹‘ƒ–‡ȋ‘–‹ ‡š ‡••‘ˆ–Š‡’‡”‹‘†‘ˆ
•—
Š†‡Žƒ›ƒ•†‡–‡”‹‡†„›‹–›Ȍƒ†•ŠƒŽŽ‘–—†‡”ƒ› ‹”
— •–ƒ
‡•‹
”‡ƒ•‡–Š‡
ƒ‘—–‹–›‹•”‡“—‹”‡†–‘’ƒ›‘–”ƒ
–‘”‡š
‡’–ƒ•‘–Š‡”™‹•‡’”‘˜‹†‡†‹–Š‡•‡‘–”ƒ
–
‘
—‡–•Ǥ

ʹʹǤ 
 


Š‡‡˜‡”‘–”ƒ
–‘”ˆ‘”‡•‡‡•ƒ›†‡Žƒ›‹–Š‡’”‘•‡
—–‹‘‘ˆ–Š‡‘”ǡƒ†‹ƒ›‡˜‡–
ƒ• •‘‘ ƒ• ’‘••‹„Ž‡ ȋ‘– –‘ ‡š
‡‡† ƒ’‡”‹‘† ‘ˆ–‡ ȋͳͲȌ
ƒŽ‡†ƒ” †ƒ›•Ȍ ƒˆ–‡” –Š‡ ‹‹–‹ƒŽ
‘

—””‡
‡‘ˆƒ›†‡Žƒ›–Šƒ–‘–”ƒ
–‘””‡‰ƒ”†•ƒ•‘”ƒ›Žƒ–‡”
Žƒ‹–‘„‡ƒš
—•ƒ„Ž‡
‡Žƒ›ǡ–Š‡‘–”ƒ
–‘”•ŠƒŽŽ‘–‹ˆ›–Š‡‰‹‡‡”‹™”‹–‹‰‘ˆ• —
Š†‡Žƒ›ƒ†‹–•
ƒ—•‡ǡ‹
‘”†‡” –Šƒ– –Š‡ ‰‹‡‡”ǣ ȋ‹Ȍ ƒ› –ƒ‡ ‹‡†‹ƒ–‡ •–‡’• –‘ ’”‡˜‡ – ‹ˆ ’‘••‹„Ž‡ –Š‡ ‘

—””‡
‡ ‘”
‘–‹—ƒ
‡ ‘ˆ –Š‡ †‡Žƒ›Ǣ ‘” ȋ‹‹Ȍ ‹ˆ –Š‹•
ƒ‘–„‡ †‘‡ǡ ƒ› †‡–‡”‹‡

&ŽƌŵĂƉƉƌŽǀĞĚďLJŝƚLJƚƚŽƌŶĞLJϲͲϮϯͲϮϯ 13
™Š‡–Š‡” –Š‡ †‡Žƒ› ‹• –‘ „‡
‘•‹†‡”‡† ‡š
—•ƒ„Ž‡ǡ Š‘™ Ž‘‰ ‹–
‘ – ‹  — ‡ • ǡ ƒ  † – ‘ ™ Š ƒ – 
‡š–‡––Š‡’”‘•‡
—–‹‘ƒ†
‘’Ž‡–‹‘‘ˆ–Š‡‘”ƒ”‡†‡Žƒ›‡†– Š‡”‡„›Ǥƒ‹† ™”‹––‡ ‘–‹
‡•ŠƒŽŽ
‘•–‹–—–‡ƒƒ’’Ž‹
ƒ–‹‘ˆ‘”ƒ‡š–‡•‹‘‘ˆ–‹‡ ‘Ž›‹ˆ–Š‡‘–‹
‡”‡“—‡•–•
•—
Šƒ‡š–‡•‹‘ƒ†•‡–•ˆ‘”–Š–Š‡‘–”ƒ
–‘”̵•‡•–‹ƒ–‡‘ˆ–Š‡ƒ††‹–‹‘ƒŽ–‹‡”‡“—‹”‡†
–‘‰‡–Š‡”™‹–Šƒˆ—ŽŽ†‡•
”‹’–‹‘‘ˆ–Š‡
ƒ—•‡‘ˆ–Š‡†‡Žƒ›”‡Ž‹‡†—’‘Ǥ

ˆ–‡”–Š‡
‘’Ž‡–‹‘‘ˆƒ›’ƒ”–‘”™Š‘Ž‡‘ˆ–Š‡‘”ǡ–Š‡‰‹ ‡‡”ǡ‹‡•–‹ƒ–‹‰–Š‡ ƒ‘—–†—‡‘–”ƒ
–‘”ǡ™‹ŽŽƒ••—‡–Šƒ–ƒ›ƒ†ƒŽŽ†‡Žƒ›•–Šƒ–ƒ›Šƒ˜‡‘

—””‡†‹‹–•
’”‘•‡
—–‹‘ƒ†
‘’Ž‡–‹‘™‡”‡‘–š
—•ƒ„Ž‡‡Žƒ›•ǡ‡š
‡’–ˆ‘”•—
Š†‡Žƒ›•ˆ‘”™Š‹
Š
–Š‡ ‘–”ƒ
–‘” Šƒ• ’”‘˜‹†‡† –‹‡Ž› ™”‹––‡ ‘–‹
‡ ƒ• ”‡“—‹”‡† Š ‡”‡‹ǡ ƒ† –Šƒ– –Š‡
‰‹‡‡”Šƒ•ˆ‘—†–‘„‡‡š
—•ƒ„Ž‡Ǥ‘–”ƒ
–‘”•ŠƒŽŽ‘–„‡‡ –‹–Ž‡†–‘
Žƒ‹š
—•ƒ„Ž‡
‡Žƒ›ˆ‘”ƒ›†‡Žƒ›ˆ‘”™Š‹
Š–Š‡‘–”ƒ
–‘”ˆƒ‹Ž‡†–‘’”‘˜‹†‡•—
Š–‹‡Ž›™”‹––‡‘–‹
‡Ǥ

ʹ͵Ǥ 
 



ˆ–Š‡‘–”ƒ
–‘”
‘’Ž‹‡•™‹–Š‡
–‹‘ʹʹǡƒ„‘˜‡ǡƒ†–Š‡‰‹‡‡”ˆ‹†•ƒ†‡Žƒ›
Žƒ‹‡†
„›–Š‡‘–”ƒ
–‘”–‘„‡ƒš
—•ƒ„Ž‡‡Žƒ›ǡ–Š‡‘–”ƒ
–‘”•ŠƒŽŽ„‡ƒŽŽ‘™‡†ƒ‡š–‡•‹‘
‘ˆ –‹‡ –‘
‘’Ž‡–‡ –Š‡ ‘” –Šƒ– ‹• ’”‘’‘”–‹‘ƒŽ –‘ –Š‡ ’‡”‹‘†‘ ˆ  š — • ƒ „ Ž ‡  ‡ Ž ƒ › 
†‡–‡”‹‡†„›–Š‡‰‹‡‡”ǡ•—„Œ‡
––‘–Š‡ƒ’’”‘˜ƒŽ„›‹–›‘ˆ ƒ
Šƒ‰‡‘”†‡”‰”ƒ–‹‰
•—
Š–‹‡‡š–‡•‹‘Ǥ—”‹‰ƒ†—Ž›ƒ—–Š‘”‹œ‡†‡š–‡•‹‘ˆ‘”ƒš —•ƒ„Ž‡‡Žƒ›ǡ‹–›•ŠƒŽŽ
‘–
Šƒ”‰‡Ž‹“—‹†ƒ–‡††ƒƒ‰‡•ƒ‰ƒ‹•––Š‡‘–”ƒ
–‘”ˆ‘”•—
Š†‡Žƒ›Ǥ


ˆ–Š‡‹–›‡š–‡†•–Š‡–‹‡–‘
‘’Ž‡–‡–Š‡‘”ƒ•’”‘˜‹†‡†Š‡”‡‹ǡ•—
Š‡š–‡•‹‘•ŠƒŽŽ
‹ ‘ ™ƒ› ”‡Ž‡ƒ•‡ ƒ› ™ƒ””ƒ–› ‘ ” ‰—ƒ”ƒ–‡‡ ‰‹˜‡ „› ‘–”ƒ –‘”  ’—”•—ƒ– –‘ –Š‡
’”‘˜‹•‹‘•‘ˆ–Š‡‘–”ƒ
–‘
—‡–•ǡ‘”•ŠƒŽŽ•—
Š‡š–‡•‹‘‘ˆ–‹‡”‡Ž‹‡˜‡‘””‡Ž‡ƒ•‡
–Š‡•—”‡–‹‡•‘ˆ–Š‡‘†•’”‘˜‹†‡†’—”•—ƒ––‘–Š‡‘–”ƒ –‘
—‡–•Ǥ›‡š‡
—–‹‰
•—
Š‘†•ǡ–Š‡—”‡–‹‡••ŠƒŽŽ„‡†‡‡‡†–‘Šƒ˜‡‡š’”‡••Ž›ƒ‰”‡‡†–‘ƒ›•— Š‡š–‡•‹‘
‘ˆ–‹‡ǤŠ‡‰”ƒ–‹‰‘ˆƒ›‡š–‡•‹‘‘ˆ–‹‡ƒ•’”‘˜‹†‡†Š‡”‡‹•ŠƒŽŽ‹‘™ƒ›‘’‡”ƒ–‡ ƒ•ƒ™ƒ‹˜‡”‘–Š‡’ƒ”–‘ˆ‹–›‘ˆ‹–•”‹‰Š–•—†‡”–Š‹•‘–”ƒ –ǡ‡š
‡’–‹‰‘Ž›‡š–‡•‹‘
‘ˆ–Š‡‘’Ž‡–‹‘ƒ–‡ˆ‘”•—
Š’‡”‹‘†‘ˆš
—•ƒ„Ž‡‡Žƒ›ƒ•ƒ ›„‡†‡–‡”‹‡†„›–Š‡
‰‹‡‡”ƒ†ƒ’’”‘˜‡†„›ƒ†—Ž›ƒ—–Š‘”‹œ‡†
Šƒ‰‡‘”†‡”Ǥ

ʹͶǤ 
 


‘†ƒƒ‰‡•‘”
‘’‡•ƒ–‹‘‘ˆƒ›‹†•ŠƒŽŽ„‡’ƒ‹†–‘‘–”ƒ
–‘”‘”ƒ›•—„
‘–”ƒ
–‘”
„‡
ƒ—•‡ ‘ˆ †‡Žƒ›• ‹ –Š‡ ’”‘‰”‡•• ‘ˆ –Š‡ ‘” ™Š‡–Š‡” ‘” ‘– •— Š †‡Žƒ›• “—ƒŽ‹ˆ› ˆ‘”
‡š–‡•‹‘‘ˆ–‹‡—†‡”–Š‹•‰”‡‡‡–Ǣ‡š
‡’––Šƒ––Š‹•’”‘˜‹•‹‘•ŠƒŽŽ‘–’”‡
Ž—†‡–Š‡
”‡
‘˜‡”› ‘ˆ †ƒƒ‰‡• ˆ‘” ƒ †‡Žƒ›
ƒ—•‡† „› –Š‡ ‹–› –Šƒ– ‹• —”‡ƒ•‘ƒ„Ž‡ —†‡” –Š‡

‹”
—•–ƒ
‡•ƒ†–Šƒ–‹•‘–™‹–Š‹–Š‡
‘–‡’Žƒ–‹‘‘ˆ–Š‡’ ƒ”–‹‡•ǡ’”‘˜‹†‡†–Šƒ––Š‡
‘–”ƒ
–‘”–‹‡Ž›•—„‹–•ƒŽŽ•—
Š™”‹––‡‘–‹
‡ȋ•Ȍƒ†ˆ—ŽŽ›
‘’Ž‹‡•™‹–Š•—
Š‘–Š‡”
’”‘
‡†—”‡•ƒ•ƒ›„‡•’‡
‹ˆ‹‡†‹–Š‡‘–”ƒ
–‘
—‡–•‘”ƒ› ƒ™•‘”‡‰—Žƒ–‹‘•
ˆ‘”‘–”ƒ
–‘”–‘
Žƒ‹†ƒƒ‰‡•ˆ‘”•—
Š†‡Žƒ›Ǥ

ʹͷǤ 





Šƒ‰‡•‹–Š‡‘”ƒ—–Š‘”‹œ‡†‘”†‹”‡
–‡†‹ƒ

‘”†ƒ
‡™‹–Š–Š‡‘–”ƒ
–‘
—‡–•
ƒ†‡š–‡•‹‘•‘ˆ–‹‡‘ˆ
‘’Ž‡–‹‘ƒ†‡‡
‡••ƒ”›„›”‡ƒ•‘– Š‡”‡‘ˆ•ŠƒŽŽ‘–‹ƒ›
™ƒ›”‡Ž‡ƒ•‡ƒ›™ƒ””ƒ–›‘”‰—ƒ” ƒ–‡‡‰‹˜‡„›‘–”ƒ
–‘”’—”•— ƒ––‘–Š‡’”‘˜‹•‹‘•
‘ˆ –Š‡ ‘–”ƒ
– ‘
—‡–•ǡ ‘” •ŠƒŽŽ •—
Š
Šƒ‰‡• ‹ –Š‡ ‘” ”‡Ž‹‡˜‡ ‘” ”‡Ž‡ƒ•‡ –Š‡

&ŽƌŵĂƉƉƌŽǀĞĚďLJŝƚLJƚƚŽƌŶĞLJϲͲϮϯͲϮϯ 14
—”‡–‹‡• ‘ ‘†• ’”‘˜‹†‡† ’—”•—ƒ– –‘ –Š‡ ‘–”ƒ – ‘
—‡–•Ǥ › ‡š‡
—–‹‰ •—
Š
‘†•ǡ–Š‡—”‡–‹‡••ŠƒŽŽ„‡†‡‡‡†–‘Šƒ˜‡‡š’”‡••Ž›ƒ‰”‡‡†–‘ƒ›•— Š
Šƒ‰‡‹‘”
ƒ†–‘ƒ›‡š–‡•‹‘‘ˆ–‹‡ƒ†‡„›”‡ƒ•‘–Š‡”‡‘ˆǤ

ʹ͸Ǥ 

 



ƒ††‹–‹‘–‘ƒ›‘–Š‡””‹‰Š–•‹–›ƒ›Šƒ˜‡ǡ‹ˆƒ›•‡”˜‹ ‡•‘”™‘””‡“—‹”‡†—†‡”–Š‡
‘–”ƒ
– ȋ‹
Ž—†‹‰ „—– ‘– Ž‹‹–‡† –‘ ’—
Š Ž‹•– ‹–‡•Ȍ ƒ”‡ ‘–
‘’Ž‡–‡† ƒ• ‘ˆ –Š‡
‘’Ž‡–‹‘ ƒ–‡ ȋƒ• ƒ†Œ—•–‡† „› ƒ› ‡š–‡•‹‘• ‘ˆ –‹‡ ˆ‘” š —•ƒ„Ž‡ ‡Žƒ›• ‰”ƒ–‡†
’—”•—ƒ––‘–Š‡‘–”ƒ
–‘
—‡–•Ȍǡ‹–›ƒ›–‡”‹ƒ–‡–Š‡‘ –”ƒ
–ƒ–ƒ›–‹‡ƒˆ–‡”
–Š‡‘’Ž‡–‹‘ƒ–‡ȋƒ•ƒ†Œ—•–‡†„›ƒ›‡š–‡•‹‘•‘ˆ–‹‡ˆ‘”š —•ƒ„Ž‡‡Žƒ›•‰”ƒ–‡†
’—”•—ƒ– –‘ –Š‡ ‘–”ƒ
– ‘
—‡–•Ȍǡ „› ’”‘˜‹†‹‰ ƒ ™”‹––‡ ‘– ‹
‡ –‘ ‘–”ƒ
–‘”
•’‡
‹ˆ›‹‰ –Š‡ †ƒ–‡ ‘ˆ –‡”‹ƒ–‹‘Ǥ —
Š ‘–‹
‡ ƒŽ•‘ ƒ› •’‡
‹ˆ ›
‘†‹–‹‘• ‘”
”‡“—‹”‡‡–•–Šƒ–‘–”ƒ
–‘”—•–‡‡––‘ƒ˜‘‹†–‡”‹ƒ–‹‘‘ˆ –Š‡‘–”ƒ
–‘•—
Š
†ƒ–‡Ǥ
ˆ‘–”ƒ
–‘”ˆƒ‹Ž•–‘ˆ—Žˆ‹ŽŽƒŽŽ•—
Š
‘†‹–‹‘•ƒ†”‡“—‹”‡‡–•„›•—
Š–‡”‹ƒ–‹‘
†ƒ–‡ǡ ‘”ǡ ‹ˆ ‘ •—
Š
‘†‹–‹‘• ‘” ”‡“—‹”‡‡–• ƒ”‡ •’‡
‹ˆ‹‡†ǡ ‘–”ƒ
–‘” •ŠƒŽŽ
‡ƒ•‡
”‡†‡”‹‰ •‡”˜‹
‡• ƒ† ’‡”ˆ‘”‹‰ ™‘” ‘ •—
Š –‡”‹ƒ–‹‘ †ƒ–‡ ƒ† •ŠƒŽŽ ‘– „‡
‡–‹–Ž‡†–‘”‡
‡‹˜‡ƒ›
‘’‡•ƒ–‹‘ˆ‘”•‡”˜‹
‡•”‡†‡”‡†‘”™‘”’‡”ˆ‘”‡†ƒˆ–‡”•—
Š
–‡”‹ƒ–‹‘†ƒ–‡Ǥ
–Š‡‡˜‡–‘ˆ•—
Š–‡”‹ƒ–‹‘ǡ‘–”ƒ
–‘”•ŠƒŽŽ”‡ƒ‹Ž‹ƒ„Ž‡–‘‹–›
ˆ‘”Ž‹“—‹†ƒ–‡††ƒƒ‰‡•‹
—””‡†ˆ‘”ƒ›’‡”‹‘†‘ˆ–‹‡’”‹‘”–‘–Š‡–‡”‹ƒ–‹‘†ƒ–‡Ǥ 

 ƒ††‹–‹‘ –‘ ƒ› ‘–Š‡”
Šƒ”‰‡•ǡ ™‹–ŠŠ‘Ž†‹‰• ‘” †‡†—
–‹‘• ƒ— –Š‘”‹œ‡† —†‡” –Š‡
‘–”ƒ
– ‘” ƒ› ƒ™• ‘” ‡‰—Žƒ–‹‘•ǡ ‹ˆ ‹–› –‡”‹ƒ–‡• –Š‡ ‘–”ƒ – ’—”•—ƒ– –‘ –Š‹•
• ‡
– ‹ ‘  ǡ  ‹ – ›  ƒ › ™ ‹ – Š Š ‘ Ž † ƒ  † † ‡ † — – ˆ ” ‘  ƒ  › ’ ƒ ›  ‡  – ƒ  † Ȁ ‘ ” ”‡–‡–‹‘ ˆ—†• ‘–Š‡”™‹•‡ †—‡ ‘–”ƒ
–‘” ƒ› •— ‡
‡••ƒ”› –‘ ’ƒ› –Š‡ ‹–›̵•
‘•– ‘ˆ
‘’Ž‡–‹‰ ‘”

‘””‡
–‹‰ǡ‘”
‘–”ƒ
–‹‰ˆ‘”–Š‡
‘’Ž‡–‹‘‘”
‘””‡
–‹‘‘ˆǡƒ›•‡”˜‹
‡•‘”™‘”—†‡”
–Š‡‘–”ƒ
––Šƒ–ƒ”‡‘–
‘’Ž‡–‡†–‘–Š‡•ƒ–‹•ˆƒ
–‹‘‘ˆ–Š‡ ‹–›‘”–Šƒ–‘–Š‡”™‹•‡ƒ”‡
†‡ˆ‹
‹‡–‘””‡“—‹”‡
‘””‡
–‹‘ƒ•‘ˆ•—
Š–‡”‹ƒ–‹‘†ƒ–‡ǡ‹
Ž—†‹‰„—–‘–Ž‹‹–‡†–‘
‹
‘’Ž‡–‡’—
ŠŽ‹•–‹–‡•Ǥ—
Š
‘•–••ŠƒŽŽ‹
Ž—†‡ƒŽŽ‘ˆ– Š‡‹–›ǯ•†‹”‡
–ƒ†‹†‹”‡
–

‘•–• ‹
—””‡† –‘
‘’Ž‡–‡ ‘”
‘””‡
– •—
Š •‡”˜‹
‡• ‘” ™‘”ǡ ‹
Ž—†‹‰ –Š‡ ‹–›ǯ•
ƒ†‹‹•–”ƒ–‹˜‡ƒ†‘˜‡”Š‡ƒ†
‘•–•Ǥ
ˆ–Š‡ƒ‘—–‘ˆ’ƒ›‡–ȋ•Ȍƒ†Ȁ‘””‡–‡–‹‘ˆ—†•
‘–Š‡”™‹•‡†—‡–Š‡‘–”ƒ
–‘”ƒ”‡‹•—ˆˆ‹
‹‡––‘’ƒ›•—
Š
‘•–• ǡ‹–›•ŠƒŽŽŠƒ˜‡–Š‡”‹‰Š–
–‘”‡
‘˜‡”–Š‡„ƒŽƒ
‡‘ˆ•—
Š
‘•–•ˆ”‘–Š‡‘–”ƒ
–‘”ƒ†Ȁ‘”‹–•—”‡–›ȋ‹‡•ȌǤ

ʹ͹Ǥ 

 


’‘ ™”‹––‡ ‘–‹
‡ –‘ –Š‡ ‘–”ƒ
–‘”ǡ –Š‡ ‹–› ƒ› ƒ– ƒ› –‹‡ǡ ™‹–Š‘—–
ƒ—•‡ ƒ†
™‹–Š‘—–’”‡Œ—†‹
‡–‘ƒ›‘–Š‡””‹‰Š–‘””‡‡†›‘ˆ–Š‡‹–›ǡ‡Ž‡
––‘–‡”‹ƒ–‡–Š‡‘–”ƒ
–
ˆ‘” –Š‡
‘˜‡‹‡
‡ ‘ˆ ‹–›Ǥ 
 •—
Š
ƒ•‡ǡ –Š‡ ‘–”ƒ
–‘” •ŠƒŽ Ž „‡ ’ƒ‹† ȋ™‹–Š‘—–
†—’Ž‹
ƒ–‹‘ ‘ˆ ƒ› ‹–‡•ǡ ƒ† ƒˆ –‡” †‡†—
–‹‘ ƒ†Ȁ‘” ™‹–ŠŠ‘Ž†‹ ‰ ‘ ˆ ƒ  › ƒ  ‘ —  – •  ƒ—–Š‘”‹œ‡† –‘ „‡ †‡†—
–‡† ‘” ™‹–ŠŠ‡Ž† „› –Š‡ ‘–”ƒ
– ‘
—‡–•‘ ” ƒ  ›  ƒ ™ • ‘ ” 
‡‰—Žƒ–‹‘•Ȍǣ

Ǥ ‘” ‘” ‡š‡
—–‡† ‹ ƒ

‘”†ƒ
‡ ™‹–Š –Š‡ ‘–”ƒ
– ‘
—‡–• ’”‹‘” –‘ –Š‡
‡ˆˆ‡
–‹˜‡ †ƒ–‡ ‘ˆ –‡”‹ƒ–‹‘ ƒ††‡–‡”‹‡† –‘ „‡ ƒ

‡’–ƒ„Ž‡ „› –Š‡‰‹‡‡”ǡ
‹
Ž—†‹‰ˆƒ‹”ƒ†”‡ƒ•‘ƒ„Ž‡•—•ˆ‘”‘˜‡”Š‡ƒ†ƒ†’”‘ˆ‹–‘•— Š‘”Ǣ


&ŽƌŵĂƉƉƌŽǀĞĚďLJŝƚLJƚƚŽƌŶĞLJϲͲϮϯͲϮϯ 15
Ǥ ‘” ”‡ƒ•‘ƒ„Ž‡
Žƒ‹•ǡ
‘•–•ǡ Ž‘••‡•ǡ ƒ† †ƒƒ‰‡• ‹
—””‡† ‹  •‡––Ž‡‡– ‘ˆ
–‡”‹ƒ–‡†
‘–”ƒ
–•™‹–Š•—„
‘–”ƒ
–‘”•ǡ•—’’Ž‹‡”•ǡƒ†‘–Š‡”•Ǣƒ†

Ǥ ‘””‡ƒ•‘ƒ„Ž‡‡š’‡•‡•†‹”‡
–Ž›ƒ––”‹„—–ƒ„Ž‡–‘–‡”‹ƒ–‹‘Ǥ

‘–”ƒ
–‘”•ŠƒŽŽ‘–„‡’ƒ‹†ˆ‘”ƒ›Ž‘••‘ˆƒ–‹
‹’ƒ–‡†’”‘ˆ‹– •‘””‡˜‡—‡ˆ‘”ƒ›‘”
‘–’‡”ˆ‘”‡†’”‹‘”–‘–‡”‹ƒ–‹‘ǡ‘”ˆ‘”ƒ›‡
‘‘‹
Ž‘••ƒ”‹•‹‰‘—–‘ˆ‘””‡•—Ž–‹‰
ˆ”‘ •—
Š –‡”‹ƒ–‹‘ǡ ‡š
‡’– ˆ‘” –Š‡ ’ƒ›‡–• Ž‹•–‡† ‹ –Š‹• • ‡
–‹‘Ǥ  ‘–”ƒ
–‘”ǯ•
™ƒ””ƒ–›—†‡”‡
–‹‘ͳͶ‘ˆ–Š‹•‰”‡‡‡–•ŠƒŽŽƒ’’Ž›ǡƒ†‘ –”ƒ
–‘”•ŠƒŽŽ”‡ƒ‹
”‡•’‘•‹„Ž‡ˆ‘”ƒŽŽ‘„Ž‹‰ƒ–‹‘•”‡Žƒ–‡†–‘•—
Š™ƒ””ƒ–›ǡ™‹–Š”‡•’‡
––‘ƒŽŽ’‘”–‹‘•‘ˆ–Š‡
‘”’‡”ˆ‘”‡†’”‹‘”–‘–Š‡‡ˆˆ‡
–‹˜‡†ƒ–‡‘ˆ–Š‡–‡”‹ƒ–‹‘ˆ ‘”
‘˜‡‹‡
‡’—”•—ƒ–
–‘–Š‹••‡
–‹‘ǤŠ‡‹–›•ŠƒŽŽ„‡‡–‹–Ž‡†–‘Šƒ˜‡ƒ›‘”ƒŽŽ ”‡ƒ‹‹‰‘”’‡”ˆ‘”‡† „› ‘–Š‡”
‘–”ƒ
–‘”• ‘” „› ƒ› ‘–Š‡” ‡ƒ• ƒ– ƒ› –‹‡ ƒˆ–‡” –Š‡ ‡ˆˆ‡ –‹˜‡ †ƒ–‡ ‘ˆ ƒ
–‡”‹ƒ–‹‘ˆ‘”
‘˜‡‹‡
‡’—”•—ƒ––‘–Š‹••‡
–‹‘Ǥ

ʹͺǤ 

 
 


ˆ‘–”ƒ
–‘”ƒ„ƒ†‘•–Š‡‘”—†‡”–Š‹•‘–”ƒ
–ǡ‘”‹ˆ–Š‡‘–”ƒ
–‘”ƒ›’‘”–‹‘‘ˆ
–Š‡ ‘–”ƒ
– ‹• •—„Ž‡– ‘” ƒ••‹‰‡† ™‹–Š‘—– –Š‡
‘•‡– ‘ˆ –Š‡ ‹–›ǡ ‘” ‹ˆ –Š‡ ‰‹‡‡”
†‡–‡”‹‡•‹–Š‡‰‹‡‡”ǯ••‘Ž‡†‹•
”‡–‹‘–Šƒ––Š‡
‘†‹–‹‘•‘ˆ–Š‡‘–”ƒ
–‹”‡•’‡
–
–‘ –Š‡ ”ƒ–‡ ‘ˆ ’”‘‰”‡•• ‘ˆ –Š‡ ‘” ƒ”‡ ‘– „‡‹‰ ˆ—Žˆ‹ŽŽ‡† ‘” ƒ› ’ƒ”– –Š‡”‡‘ˆ ‹• —‡
‡••ƒ”‹Ž›†‡Žƒ›‡†ǡ‘”‹ˆ‘– ”ƒ
–‘”˜‹‘Žƒ–‡•‘”„”‡ƒ
Š‡•ǡ‘ ”ˆƒ‹Ž•–‘‡š‡
—–‡‹‰‘‘†
ˆƒ‹–Šǡƒ›‘ˆ–Š‡–‡”•‘”
‘†‹–‹‘•‘ˆ–Š‡‘–”ƒ
–ǡ‘”‹ˆ‘ –”ƒ
–‘””‡ˆ—•‡•‘”ˆƒ‹Ž•–‘
•—’’Ž› ‡‘—‰Š ’”‘’‡”Ž› •‹ŽŽ‡† Žƒ„‘” ‘” ƒ–‡”‹ƒŽ• ‘” ”‡ˆ—•‡• ‘”ˆ ƒ ‹ Ž • – ‘  ƒ  ‡ ’ ” ‘  ’ –  ’ƒ›‡––‘•—„
‘–”ƒ
–‘”•ˆ‘”ƒ–‡”‹ƒŽ‘”Žƒ„‘”ǡ‘”‹ˆ‘–”ƒ
–‘”†‹•”‡‰ƒ”†•ƒ›ƒ™•‘”
‡‰—Žƒ–‹‘•‘”’”‘’‡”‹•–”—
–‹‘ ‘”‘”†‡”•‘ˆ–Š‡‰‹‡‡”ǡ–Š ‡ǡ‘–™‹–Š•–ƒ†‹‰ƒ› ’”‘˜‹•‹‘–‘–Š‡
‘–”ƒ”›Š‡”‡‹ǡ–Š‡‹–›ƒ›‰‹˜‡‘–”ƒ
–‘” ƒ†‹–•—”‡–‹‡•™”‹––‡
‘–‹ˆ‹
ƒ–‹‘–‘‹‡†‹ƒ–‡Ž›
‘””‡
––Š‡•‹–—ƒ–‹‘‘”–Š‡‘–”ƒ
–•ŠƒŽŽ„‡–‡”‹ƒ–‡†Ǥ


–Š‡‡˜‡––Šƒ–•—
Š‘–‹
‡‹•‰‹˜‡ǡƒ†ǡ‹–Š‡‡˜‡–•—
Š•‹–—ƒ–‹‘‹•‘–
‘””‡
–‡†ǡ‘”
ƒ””ƒ‰‡‡–• ˆ‘”
‘””‡
–‹‘ •ƒ–‹•ˆƒ
–‘”› –‘ –Š‡ ‹–› ƒ”‡ ‘– ƒ † ‡ ǡ ™ ‹ – Š ‹  – ‡  ȋ ͳ Ͳ Ȍ 

ƒŽ‡†ƒ”†ƒ›•ˆ”‘–Š‡†ƒ–‡‘ˆ•—
Š‘–‹
‡‘”™‹–Š‹•—
Š‘–Š‡”’‡”‹‘†‘ˆ–‹‡ƒ•ƒ›„‡
•’‡
‹ˆ‹‡†„›–Š‡‹–›‹–Š‡‘–‹
‡ǡ–Š‡‘–”ƒ
–•ŠƒŽŽ—’‘–Š ‡‡š’‹”ƒ–‹‘‘ˆ•ƒ‹†’‡”‹‘†

‡ƒ•‡ƒ†–‡”‹ƒ–‡Ǥ
–Š‡‡˜‡–‘ˆƒ›•—
Š–‡”‹ƒ–‹‘ǡ‹– ›ƒ›–ƒ‡‘˜‡”–Š‡‘”
ƒ†’”‘•‡
—–‡–Š‡‘”–‘
‘’Ž‡–‹‘ǡ‘”‘–Š‡”™‹•‡ǡƒ†–Š‡‘–”ƒ
–‘”ƒ†‹–•—”‡–‹‡•
•ŠƒŽŽ„‡Ž‹ƒ„Ž‡–‘‹–›ˆ‘”ƒ›
‘•–‘

ƒ•‹‘‡†‹–›–Š‡”‡„›ǡƒ•Š‡”‡‹ƒˆ–‡”•‡–ˆ‘”–ŠǤ


–Š‡‡˜‡–‹–›
‘’Ž‡–‡•–Š‡‘”ǡ‘”
ƒ—•‡•–Š‡‘”–‘„‡
‘’Ž‡–‡†ǡ‘’ƒ›‡–
‘ˆ ƒ› ‹† •ŠƒŽŽ „‡ ƒ†‡ –‘ ‘–”ƒ
–‘” —–‹Ž –Š‡ ‘” ‹•
‘’Ž ‡–‡Ǥ  Š‡
‘•– ‘ˆ

‘’Ž‡–‹‰–Š‡‘”ǡ‹
Ž—†‹‰„—–‘–Ž‹‹–‡†–‘ǡ‡š–”ƒ
‘•–• ‘ˆ’”‘Œ‡
–ƒ†‹‹•–”ƒ–‹‘
ƒ†ƒƒ‰‡‡–‹
—””‡†„›‹–›ǡ„‘–Š†‹”‡
–‘”‹†‹”‡
–ǡ•ŠƒŽŽ „‡†‡†—
–‡†ˆ”‘ƒ›
•—–Š‡†—‡ǡ‘”–Šƒ–„‡
‘‡•†—‡ǡ–‘‘–”ƒ
–‘”ˆ”‘‹–›Ǥ
ˆ •—•†—‡–‘‘–”ƒ
–‘”
ˆ”‘‹–›ƒ”‡Ž‡••–Šƒ–Š‡
‘•–‘ˆ
‘’Ž‡–‹‰–Š‡‘”ǡ‘–”ƒ
–‘”ƒ†‹–•—”‡–‹‡••ŠƒŽŽ
’ƒ›‹–›ƒ•—‡“—ƒŽ–‘–Š‹•†‹ˆˆ‡”‡
‡‘†‡ƒ†Ǥ
–Š‡‡˜‡–‹–›
‘’Ž‡–‡•–Š‡‘”ǡ
ƒ†–Š‡”‡‹•ƒ•—”‡ƒ‹‹‰†—‡–‘‘–”ƒ
–‘”ƒˆ–‡”‹–›†‡†—
–•–Š‡
‘•–•‘ˆ
‘’Ž‡–‹‰
–Š‡‘”ǡ–Š‡‹–›•ŠƒŽŽ’ƒ›•—
Š•—–‘‘–”ƒ
–‘”ǤŠ‡‘– ”ƒ
–‘”ƒ†‘–”ƒ
–‘”ǯ•
—”‡–‹‡• •ŠƒŽŽ „‡ Œ‘‹–Ž› ƒ† •‡˜‡”ƒŽŽ› Ž‹ƒ„Ž‡ ˆ‘” ƒŽŽ ‘„Ž‹‰ƒ–‹‘• ‹’‘•‡† ‘ ‘–”ƒ –‘”
Š‡”‡—†‡”Ǥ


&ŽƌŵĂƉƉƌŽǀĞĚďLJŝƚLJƚƚŽƌŶĞLJϲͲϮϯͲϮϯ 16
‘ƒ
–„›‹–›„‡ˆ‘”‡–Š‡‘”‹•ˆ‹ƒŽŽ›ƒ

‡’–‡†ǡ‹
Ž—†‹‰ǡ „—–‘–Ž‹‹–‡†–‘ǡ‡š‡”
‹•‡
‘ˆ ‘–Š‡” ”‹‰Š–• —†‡” –Š‡ ‘–”ƒ
–ǡ ƒ
–‹‘• ƒ– Žƒ™ ‘” ‹ ‡“—‹–› ǡ ‡š–‡•‹‘• ‘ˆ –‹‡ǡ ’ƒ›‡–•ǡƒ••‡••‡–•‘ˆŽ‹“—‹†ƒ–‡††ƒƒ‰‡•ǡ‘

—’ƒ–‹‘‘”ƒ

‡ ’–ƒ
‡‘ˆƒ›’ƒ”–‘ˆ
–Š‡‘”ǡ™ƒ‹˜‡”‘ˆƒ›’”‹‘”„”‡ƒ
Š‘ˆ–Š‡‘–”ƒ
–‘”ˆƒ‹Ž—”‡–‘–ƒ‡ƒ
–‹‘’—”•—ƒ––‘
–Š‹• •‡
–‹‘ —’‘ –Š‡ Šƒ’’‡‹‰ ‘ˆ ƒ› ’”‹‘” †‡ˆƒ—Ž– ‘” „”‡ƒ Š‘ˆ ‘–”ƒ
–‘”ǡ •ŠƒŽŽ „‡

‘•–”—‡†–‘„‡ƒ™ƒ‹˜‡”‘”‡•–‘’’‡Ž‘ˆ–Š‡‹–›ǯ•”‹‰Š––‘ƒ – ’—”•—ƒ––‘–Š‹•‡
–‹‘
—’‘ƒ›•—„•‡“—‡–‡˜‡–ǡ‘

—””‡
‡‘”ˆƒ‹Ž—”‡„›‘–”ƒ
–‘” –‘ˆ—Žˆ‹ŽŽ–Š‡–‡”•ƒ†

‘†‹–‹‘•‘ˆ–Š‡‘–”ƒ
–ǤŠ‡”‹‰Š–•‘ˆ‹–›–‘–‡”‹ƒ–‡–Š ‡‘–”ƒ
–’—”•—ƒ––‘–Š‹•
‡
–‹‘ƒ†’—”•—ƒ––‘‡
–‹‘•ʹ͸ƒ†ʹ͹ƒ”‡
——Žƒ–‹˜‡ƒ†ƒ”‡‹ƒ††‹–‹‘–‘ƒŽŽ‘–Š‡”
”‹‰Š–•‘ˆ‹–›’—”•—ƒ––‘–Š‡‘–”ƒ
–ƒ†ƒ–Žƒ™‘”‹‡“—‹–›Ǥ

ʹͻǤ 


ˆ‘–”ƒ
–‘”•Š‘—Ž†
‘‡
‡ƒ›„ƒ”—’–
›’”‘
‡‡†‹‰ǡ‘”‹ˆ‘–”ƒ
–‘”‹•ƒ†Œ—†‰‡†
ƒ „ƒ”—’–ǡ ‘” ‹ˆ ‘–”ƒ
–‘” ƒ‡• ƒ› ƒ••‹‰‡– ˆ‘” –Š‡ „‡‡ˆ‹– ‘ˆ
”‡†‹–‘”•ǡ ‘” ‹ˆ ƒ
”‡
‡‹˜‡”‹•ƒ’’‘‹–‡†‘ƒ

‘—–‘ˆ‘–”ƒ
–‘”̵•‹•‘Ž˜‡
›ǡ–Š ‡–Š‡‹–›ƒ›ǡ™‹–Š‘—–
’”‡Œ—†‹
‡–‘ƒ›‘–Š‡””‹‰Š–‘””‡‡†›ǡ–‡”‹ƒ–‡–Š‡‘–”ƒ
–ƒ†
‘’Ž‡–‡–Š‡™‘”„›
‰‹˜‹‰‘–‹
‡ƒ•’”‘˜‹†‡†‹‡
–‹‘ʹͺƒ„‘˜‡Ǥ

͵ͲǤ 
ǯ







ˆ–Š‡‹–›–‡”‹ƒ–‡•–Š‡‘–”ƒ
–’—”•—ƒ––‘‡
–‹‘ʹͺ‘”‡
–‹‘ʹͻƒ„‘˜‡ǣ

Ǥ Š‡—”‡–›—†‡”‘–”ƒ
–‘”ǯ•’‡”ˆ‘”ƒ
‡„‘†•ŠƒŽŽ„‡ˆ— ŽŽ›”‡•’‘•‹„Ž‡ˆ‘”ƒŽŽ
‘ˆ–Š‡‘–”ƒ
–‘”ǯ•”‡ƒ‹‹‰‘„Ž‹‰ƒ–‹‘•‘ˆ’‡”ˆ‘”ƒ
‡—†‡”–Š‡‘–”ƒ
–ƒ•‹ˆ
–Š‡—”‡–›™‡”‡ƒ’ƒ”–›–‘–Š‡‘–”ƒ
–ǡ‹
Ž—†‹‰™‹–Š‘—–Ž‹‹–ƒ–‹‘‘–”ƒ
–‘”ǯ•
‘„Ž‹‰ƒ–‹‘•ǡ ƒ• ’”‘˜‹†‡† ‹ –Š‡ ‘–”ƒ
– ‘
—‡–•ǡ –‘
‘’Ž‡–‡ƒ  † ’ ” ‘ ˜ ‹ † ‡ ƒ 
‘‡Ǧ›‡ƒ” ™ƒ””ƒ–› ‘ˆ –Š‡ ‡–‹”‡ ‘”ǡ ’ƒ› Ž‹“—‹†ƒ–‡† †ƒƒ‰‡• ƒ† ‹†‡‹ˆ›ǡ †‡ˆ‡†ƒ†Š‘Ž†Šƒ”Ž‡••‹–›ǡ—’–‘–Š‡ˆ—ŽŽƒ‘—–‘ˆ–Š‡’‡”ˆ‘”ƒ ‡„‘†Ǥ

Ǥ Š‡ —”‡–› —†‡” ‘–”ƒ
–‘”ǯ• ’ƒ›‡– „‘† •ŠƒŽŽ „‡ ˆ—ŽŽ› ”‡ •’‘•‹„Ž‡ ˆ‘” –Š‡ ’‡”ˆ‘”ƒ
‡‘ˆƒŽŽ‘ˆ–Š‡‘–”ƒ
– ‘”ǯ•”‡ƒ‹‹‰’ƒ›‡–‘„Ž‹‰ƒ –‹‘•ˆ‘”™‘”ǡ
•‡”˜‹
‡•ǡ‡“—‹’‡–ǡ‘”ƒ–‡”‹ƒŽ•’‡”ˆ‘”‡†‘”’”‘˜‹†‡†‹
‘ ‡
–‹‘™‹–Š–Š‡
‘”‘”ƒ›’‘”–‹‘–Š‡”‡‘ˆǡ—’–‘–Š‡ˆ—ŽŽƒ‘—–‘ˆ–Š‡’ƒ›‡–„‘†Ǥ 
͵ͳǤ 

 

 —”‹‰ ’‡”ˆ‘”ƒ
‡ ‘ˆ –Š‡ ‘–”ƒ
– ƒ† ˆ‘” ƒ ’‡”‹‘† ‘ˆ –Š”‡‡ ȋ ͵Ȍ ›‡ƒ”• ƒˆ–‡”

‘’Ž‡–‹‰ –Š‡ ‡–‹”‡ ‘”ǡ ‘–”ƒ
–‘” •ŠƒŽŽ ƒ‹–ƒ‹ ƒŽŽ ƒ

‘—–‹‰ ƒ† ˆ‹ƒ
‹ƒŽ
”‡
‘”†• ”‡Žƒ–‡† –‘ –Š‡ ‘–”ƒ
– ƒ† ’‡”ˆ‘”ƒ
‡ ‘ˆ –Š‡ ‘” ‹ƒ

‘”†ƒ
‡ ™‹–Š
‰‡‡”ƒŽŽ› ƒ

‡’–‡† ƒ

‘—–‹‰ ’”ƒ
–‹
‡• ƒ† •ŠƒŽŽ ‡‡’ ƒ† ƒ‡  •—
Š ”‡
‘”†•
ƒ˜ƒ‹Žƒ„Ž‡ ˆ‘” ‹•’‡
–‹‘ ƒ† ƒ—†‹– „› ”‡’”‡•‡–ƒ–‹˜‡• ‘ˆ –Š‡ ‹–› —’‘ ”‡ƒ•‘ƒ„Ž‡ ™”‹––‡‘–‹
‡Ǥ



&ŽƌŵĂƉƉƌŽǀĞĚďLJŝƚLJƚƚŽƌŶĞLJϲͲϮϯͲϮϯ 17
͵ʹǤ 


—”‹‰–Š‡’‡”ˆ‘”ƒ
‡‘ˆ–Š‹•‰”‡‡‡–ǡǡˆ‘”‹–•‡Žˆǡ‹–•ƒ••‹‰‡‡•ǡƒ† •—

‡••‘”•‹‹–‡”‡•–ǡƒ‰”‡‡•ƒ•ˆ‘ŽŽ‘™•ǣ

Ǥ •‡ ƒš ‹”‡
– ƒ›‡– ‡”‹–ǣ ‘” ƒŽŽ Ž‡ƒ•‡• ƒ† ’—”
Šƒ•‡• ‘ˆ ƒ–‡”‹ƒŽ•ǡ
‡“—‹’‡–ǡ•—’’Ž‹‡•ǡ‘”‘–Š‡”–ƒ‰‹„Ž‡’‡”•‘ƒŽ’”‘’‡”–›—•‡†–‘’‡”ˆ‘”–Š‡ ‰”‡‡‡– ƒ† •Š‹’’‡† ˆ”‘ ‘—–•‹†‡ ƒŽ‹ˆ‘”‹ƒǡ –Š‡ ‘–”ƒ –‘” ƒ † ƒ›
•—„
‘–”ƒ
–‘”•Ž‡ƒ•‹‰‘”’—”
Šƒ•‹‰•—
Šƒ–‡”‹ƒŽ•ǡ‡“—‹’‡–ǡ •—’’Ž‹‡•‘”
‘–Š‡”–ƒ‰‹„Ž‡’‡”•‘ƒŽ’”‘’‡”–›•ŠƒŽŽ‘„–ƒ‹ƒ•‡ƒš‹”‡ –ƒ›‡–‡”‹–
ˆ”‘–Š‡ƒŽ‹ˆ‘”‹ƒ–ƒ–‡‘ƒ”†‘ˆ“—ƒŽ‹œƒ–‹‘ȋDzdzȌ‹ƒ

‘”†ƒ
‡™‹–Š–Š‡
ƒ’’Ž‹
ƒ„Ž‡
”‹–‡”‹ƒƒ†”‡“—‹”‡‡–•Ǥ

 Ǥ   ‡ Ž Ž ‡ ” •  ‡ ”  ‹ – ǣ  ‘ ” ƒ  › 
‘  • – ” —
– ‹ ‘  
‘  – ” ƒ
– ƒ  † ƒ  › 
‘  • –”—
–‹‘
•—„
‘–”ƒ
– ‹ –Š‡ ƒ‘—– ‘ˆ ̈́ͷǡͲͲͲǡͲͲͲ ‘” ‘”‡ǡ ‘–”ƒ
–‘” ƒ† – Š ‡ 
•—„
‘–”ƒ
–‘”ȋ•Ȍ•ŠƒŽŽ‘„–ƒ‹•‡ŽŽ‡”•’‡”‹–•ˆ”‘–Š‡ƒ† •ŠƒŽŽ”‡‰‹•–‡” –Š‡Œ‘„•‹–‡ƒ•–Š‡’Žƒ
‡‘ˆ„—•‹‡••ˆ‘”–Š‡’—”’‘•‡‘ˆƒŽŽ‘
ƒ–‹‰Ž‘
ƒŽ•ƒŽ‡•ƒ†
—•‡ –ƒš –‘ –Š‡ ‹–›Ǥ  ‘–”ƒ
–‘” ƒ† ‹–• •—„
‘–”ƒ
–‘”• •ŠƒŽŽ ”‡‹– –Š‡ •‡ŽˆǦ
ƒ

”—‡†—•‡–ƒš–‘–Š‡ǡƒ†•ŠƒŽŽ’”‘˜‹†‡ƒ
‘’›‘ˆ‡ƒ
Š”‡ ‹––ƒ
‡–‘–Š‡
‹–›Ǥ

Ǥ Š‡ ƒ„‘˜‡ ’”‘˜‹•‹‘• •ŠƒŽŽ ƒ’’Ž› ‹ ƒŽŽ ‹•–ƒ ‡• —Ž‡•• ’”‘ Š‹„‹–‡† „› –Š‡
ˆ—†‹‰•‘—”
‡ˆ‘”–Š‡‰”‡‡‡–Ǥ

͵͵Ǥ Ǧ








 Š‹•‰”‡‡‡–ƒ›„‡•—„Œ‡
––‘–Š‡”‡“—‹”‡‡–•‘ˆƒ
”ƒ‡– ‘‹–›‘†‡Šƒ’–‡”
͵ǤͷͶǡ ‘Ǧ‹•
”‹‹ƒ–‹‘ ‹ ’Ž‘›‡‡ ‡‡ˆ‹–• „› ‹–› ‘–”ƒ
–‘”•Ǥ  Š‡ ‘–”ƒ
–
‘
—‡–•‹
Ž—†‡ƒ•—ƒ”›‘ˆ–Š‡”‡“—‹”‡‡–•‘ˆƒ
”ƒ‡–‘‹–›‘†‡Šƒ’–‡”
͵ǤͷͶǡ‡–‹–Ž‡†Dz‡“—‹”‡‡–•‘ˆ–Š‡‘Ǧ‹•
”‹‹ƒ–‹‘‹’Ž‘ ›‡‡‡‡ˆ‹–•‘†‡Ǥdz
›•‹‰‹‰–Š‹•‰”‡‡‡–ǡ‘–”ƒ
–‘”ƒ
‘™Ž‡†‰‡•ƒ†”‡’”‡•‡–•–Šƒ–‘–”ƒ
–‘”
Šƒ• ”‡ƒ† ƒ† —†‡”•–ƒ†• –Š‡•‡ ”‡“—‹”‡‡–• ƒ† ƒ‰”‡‡• –‘ ˆ—ŽŽ› ‘  ’ Ž › ™ ‹ – Š ƒ Ž Ž 
ƒ’’Ž‹
ƒ„Ž‡”‡“—‹”‡‡–•‘ˆƒ
”ƒ‡–‘‹–›‘†‡Šƒ’–‡”͵ǤͷͶǤ
ˆ”‡“—‡•–‡†„›‹–›ǡ
‘–”ƒ
–‘”ƒ‰”‡‡•–‘’”‘’–Ž›’”‘˜‹†‡•—
Š†‘
—‡–•ƒ†‹ˆ‘” ƒ–‹‘ƒ•ƒ›„‡
”‡“—‹”‡† „› ‹–› –‘ ˜‡”‹ˆ› ‘–”ƒ
–‘”ǯ•
‘’Ž‹ƒ
‡Ǥ  › ˜‹‘Žƒ–‹‘ „› ‘–”ƒ
–‘” ‘ˆ
ƒ
”ƒ‡–‘‹–›‘†‡Šƒ’–‡”͵ǤͷͶ
‘•–‹–—–‡•ƒƒ–‡”‹ƒŽ„”‡ƒ
Š ‘ˆ–Š‹•‰”‡‡‡–ǡ
ˆ‘”™Š‹
Š–Š‡‹–›ƒ›–‡”‹ƒ–‡ –Š‡‰”‡‡‡–ƒ†’—”•—‡ƒŽŽƒ ˜ƒ‹Žƒ„Ž‡Ž‡‰ƒŽƒ† ‡“—‹–ƒ„Ž‡”‡‡†‹‡•Ǥ

͵ͶǤ 


 

 


 

 
 
 




 Š‹•‰”‡‡‡–ƒ›„‡•—„Œ‡
––‘–Š‡”‡“—‹”‡‡–•‘ˆƒ
”ƒ‡– ‘‹–›‘†‡Šƒ’–‡”
͵Ǥ͸ʹǡ”‘
‡†—”‡•ˆ‘”‘•‹†‡”‹‰”‹‹ƒŽ‘˜‹
–‹‘
ˆ‘”ƒ–‹‘‹–Š‡’Ž‘›‡–
’’Ž‹
ƒ–‹‘ ”‘
‡••Ǥ  Š‡ ‘–”ƒ
–  ‘
—  ‡  – • ‹ 
Ž — † ‡ ƒ • —   ƒ ” › ‘ˆ –Š‡
”‡“—‹”‡‡–• ‘ˆ ƒ
”ƒ‡–‘ ‹–› ‘†‡ Šƒ’–‡” ͵Ǥ͸ʹǡ ‡–‹–Ž‡† Dzƒ ǦŠ‡Ǧ‘š ‡“—‹”‡‡–•Ǥdz›•‹‰‹‰–Š‹•‰”‡‡‡–ǡ‘–”ƒ
–‘”ƒ
‘™Ž‡†‰‡•ƒ†”‡’”‡•‡–•

&ŽƌŵĂƉƉƌŽǀĞĚďLJŝƚLJƚƚŽƌŶĞLJϲͲϮϯͲϮϯ 18
– Š ƒ –  ‘  – ” ƒ
– ‘ ” Š ƒ • ” ‡ ƒ † ƒ  † —  † ‡ ” • – ƒ  † • – Š ‡ • ‡ ” ‡ “ — ‹ ” ‡  ‡  – • ƒ  †ƒ ‰ ” ‡ ‡ • – ‘ ˆ — Ž Ž › 

‘’Ž› ™‹–Š ƒŽŽ ƒ’’Ž‹
ƒ„Ž‡ ”‡“—‹”‡‡–• ‘ˆ ƒ
”ƒ‡–‘ ‹–› ‘†‡ Šƒ ’– ‡ ” ͵ Ǥ ͸ ʹ Ǥ 
ˆ 
” ‡ “ — ‡ • – ‡ † „ ›  ‹ – › ǡ  ‘  – ” ƒ
– ‘ ” ƒ ‰ ” ‡ ‡ • – ‘ ’ ” ‘  ’ – Ž › ’ ” ‘ ˜ ‹ † ‡ • — Š †‘
—‡–• ƒ†
‹ˆ‘”ƒ–‹‘ ƒ• ƒ› „‡ ”‡“—‹”‡† „› ‹–› –‘ ˜‡”‹ˆ› ‘–”ƒ –‘”ǯ•
‘’Ž‹ƒ
‡Ǥ  ›
˜‹‘Žƒ–‹‘„›‘–”ƒ
–‘”‘ˆƒ
”ƒ‡–‘‹–›‘†‡Šƒ’–‡”͵Ǥ͸ʹ
‘ •–‹–—–‡•ƒƒ–‡”‹ƒŽ
„”‡ƒ
Š ‘ˆ –Š‹• ‰”‡‡‡–ǡ ˆ‘” ™Š‹
Š –Š‡ ‹–› ƒ› –‡”‹ƒ–‡ –Š‡ ‰”‡‡‡– ƒ†
’—”•—‡ƒŽŽƒ˜ƒ‹Žƒ„Ž‡Ž‡‰ƒŽƒ†‡“—‹–ƒ„Ž‡”‡‡†‹‡•Ǥ‘–”ƒ –‘” ƒ‰”‡‡•–‘”‡“—‹”‡‹–•
•—„
‘–”ƒ
–‘”•–‘ˆ—ŽŽ›
‘’Ž›™‹–ŠƒŽŽƒ’’Ž‹
ƒ„Ž‡”‡“—‹”‡‡–• ‘ˆƒ
”ƒ‡–‘‹–›
‘†‡ Šƒ’–‡” ͵Ǥ͸ʹ ƒ† ‹
Ž—†‡ –Š‡•‡ ”‡“—‹”‡‡–• ‹ ƒŽŽ •—„
‘–”ƒ
–•
‘˜‡”‡† „›
ƒ
”ƒ‡–‘‹–›‘†‡Šƒ’–‡”͵Ǥ͸ʹǤ


&ŽƌŵĂƉƉƌŽǀĞĚďLJŝƚLJƚƚŽƌŶĞLJϲͲϮϯͲϮϯ 19



 ǡ–Š‡’ƒ”–‹‡•Š‡”‡–‘Šƒ˜‡•‹‰‡†–Š‹•‰”‡‡‡ –‘–Š‡†ƒ–‡ •‡–ˆ‘”‘’’‘•‹–‡–Š‡‹”ƒ‡•Ǥ

CONTRACTOR
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̴̴̴̴̴–Š‡” ȋplease specify:________________Ȍ

CITY OF SACRAMENTO
ƒ—‹
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  ̴̴̴̴̴̴̴ ̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴ ‘”ǣ‡›‡‹Ž•–‡‹ǡ••‹•–ƒ–‹–›ƒƒ‰‡”
”‹‰‹ƒŽ’’”‘˜‡†•‘ ‘”ǣ ––‡•–ǣ

   ‹–›––‘”‡› ‹–›Ž‡”

Hugh Palmer
Assistant Secretary
Jose Rivera
Supervisor, Contracts
X
1000000546
95-1625123
C0246091
1034749
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̴̴̴̴̴

̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴ ̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴ SEE TERMS AND CONDITIONS TO BID CONTRACT Rev. 09-10-03

BID CONTRACT

Job # Pending

Sacramento Office: 9290 Beatty Drive, Sacramento CA. 95826 Phone # (510) 346-4300 24 Hour Service # (800) 598-2226

Corporate Office: 6265 San Fernando Road, Glendale, CA 91201 Principle Offices: San Leandro Sacramento Orange County San Diego Seattle, WA

QUOTATION TO:

JOB SITE/ADDRESS:

City of Sacramento
5730 24th Street
Sacramento, CA 95822
Rey, [email protected]

City of Sacramento
5730 24th Street
Sacramento, CA 95822
Exhaust Fans / Hose Reels / Duct Replacement
Building-5

THE CONDITIONS PRINTED EITHER ON THE REVERSE SIDE OR ATTACHED ARE PART HEREOF.

This work or price quotation does not include detection, abatement, encapsulation or removal of asbestos or products, materials, or equipment containing asbestos.

Scope of Work: (Removal & Installation of Roof Exhaust Fans & Hose Reels at this site)

ACCO is pleased to submit a proposal to provide labor and materials for the following building Exhaust System upgrade at building 5, located at 5730 24th Street, Sacramento.

ACCO Work to Include:

• Field detail the new duct main and branch runs for shop fabrication • Material handling to the building-5 location
• Safe-Off the existing exhaust fan, and prep for the new exhaust fan installation • Remove (11) existing retractable exhaust hose reels in preparation for replacement • Prep and install (11) new Nederman 5” diameter hose reels at each existing/previous location • Provide a crane to lift and remove the existing RTU exhaust fan, and install (2) new RTU exhaust fans - (1) new NIF400-3 & (1) new NIF401-3 exhaust fans to support the two separate exhaust circuits • Demo the old ductwork in the building and prep the space for the new duct to be installed • Prep new duct for installation, and begin to hang/support the duct runs • Complete tie-ins with the new duct and hose reels
• Roof repair on (T&M, NTE), see below
• ACCO is not anticipating the equipment (Hose Reels, Exhaust Fans) to be heavier, based on Air West’s equipment selection. So, load calcs are not included, see below
• Check the system for proper operation and make any adjustments where necessary, and if needed • Clean the site and demobilize

Base Bid.............................................................................................................................................................$110,946.00

Equipment.................................$78,775.00
Labor & Material........................$30,532.00
Bond……………………………..$1,639.00

ADD Option:

Schetter Electric Work to Include.........................................................$5,940.00

• Provide and install (1) 20-amp 3-pole breaker
• Provide and install approximately 100’ft of ¾” EMT
• Provide and install #12 wire for the 208v circuit
• Provide and install 30amp, 250v, 3 phase, fused, N3R disconnect • Provide scissor-lift rental
• Terminate and test

Engineered drawings............................................................................$4,000.00

Title 24 Paperwork................................................................................$500.00

Rev. 09-10-03
Roof repair on (T&M, NTE)..................................................................$5,000.00

ADD Option Continued:

Structural and Anchorage Calcs are NOT included.............................$5,000.00

Clarifications:

• All work is to be performed during straight-time
• Start-Up to be provided by Leif Neuman / Air West Filtration / Benz Air • The equipment selection was provided by others

“Contractors are required by law to be licensed and regulated by the Contractors’ State License Board which has jurisdiction t o investigate complaints against contractors if a complaint is filed within three years of the date of the alleged violation. Any questions concerning a cont ractor may be referred to the Registrar, Contractors’ State License Board, P. O. Box 26000, Sacramento, CA 95826.” California State License No. 120696
The total, fixed base price of this work is $110,946.00, including all taxes. Terms of payment, unless modified above, are: 0 down payment and the balance due upon the receipt of invoice.

Your signed acceptance of this Bid Contract within 30 days from June 3, 2025 shall, upon the acceptance of the Seller, constitute a contract to perform the work described above, including all Terms and Conditions contained herein.

Seller shall be defined to mean ACCO Engineered Systems or its assigns. Buyer shall be defined to mean the Owner, Owners/Agent, Builder, Architect, lessees, or any person acting on behalf of any of the foregoing.

Prepared on: June 3, 2025.

Prepared for:

ACCO Engineered Systems
ACCEPTED for BUYER

By: ___________________________________________________ By: ____________________________________________________ Lawrence Duong, Project Manager; 415-610-9096 (Authorized Signature) ACCEPTED for SELLER:

By: ____________________________________________________ Name/Title: _____________________________________________

ACCO EXCLUSIONS

1. Any work not identified in the above scope

2. Plumbing, Condensate pumps, Secondary overflow drain piping

3. Acoustical engineering and noise reduction provisions, Structural, Electrical & Civil Engineering, Permits, and fees

4. Cutting, framing, or patching

5. Electrical, line voltage, conduit, and wiring upstream of the existing disconnect

6. Fire alarm global shutdown, Fire/life/safety wiring or programming, Fire/smoke dampers, Fireproofing patch back, Sprinklers

7. LEED Certification

8. Painting of any kind

9. Protection and repairs of walls, ceiling, and floor

10. Repairs to existing non-code-compliant conditions

11. Sprinklers

12. Roof loading calculations

13. Third-party commissioning

14. Title 24 Building Envelope Calculations and Documents

15. Quick ship
Rev. 09-10-03

ASSUMPTIONS and CLARIFICATIONS:

• All work is to be completed during normal hours.
• This proposal is to be incorporated into the contract. The proposal is based on mutually acceptable schedules, terms & conditions. Any terms and conditions stated herein supersede any other contract statements or wording which may conflict.
• This proposal is based on the assumption that unobstructed access to the work areas will be provided to ACCO and its subcontractors.
• Startup of equipment is priced on a one-time basis with consecutive days as necessary. Multiple startups at different intervals will be at an added cost. Early start-up during construction is not recommended and may void the warranty of the equipment.

SEE TERMS AND CONDITIONS TO BID CONTRACT Rev. 09-10-03

BID CONTRACT

Job # Pending

Sacramento Office: 9290 Beatty Drive, Sacramento CA. 95826 Phone # (510) 346-4300 24 Hour Service # (800) 598-2226

Corporate Office: 6265 San Fernando Road, Glendale, CA 91201 Principle Offices: San Leandro Sacramento Orange County San Diego Seattle, WA

QUOTATION TO:

JOB SITE/ADDRESS:

City of Sacramento
5730 24th Street
Sacramento, CA 95822
Rey, [email protected]

City of Sacramento
5730 24th Street
Sacramento, CA 95822
Exhaust Fan / Hose Reels / Duct Replacement
Building-6

THE CONDITIONS PRINTED EITHER ON THE REVERSE SIDE OR ATTACHED ARE PART HEREOF.

This work or price quotation does not include detection, abatement, encapsulation or removal of asbestos or products, materials, or equipment containing asbestos.

Scope of Work: (Removal & Installation of Roof Exhaust Fans & Hose Reels at this site)

ACCO is pleased to submit a proposal to provide labor and materials for the following building Exhaust System upgrade at building 6, located at 5730 24th Street, Sacramento.

Work to Include:

• Field detail the new duct runs for shop fabrication
• Material handling to the building-6 location
• Safe-Off the existing exhaust fan, and prep for the new exhaust fan installation • Remove (4) existing retractable exhaust hose reels in preparation for replacement • Prep and install (4) new Nederman 5” diameter hose reels at each existing/previous location • Provide a crane to lift and remove the existing RTU exhaust fan, and install (1) new RTU exhaust fan - (1) new NIF400-3 & (1) exhaust fan to support the single exhaust circuits • Demo the old ductwork in the building and prep the space for the new duct to be installed • Prep new duct for installation, and begin to hang/support the duct runs • Complete tie-ins with the new duct and hose reels
• Roof repair on (T&M, NTE) see below
• ACCO is not anticipating the equipment (Hose Reels, Exhaust Fans) to be heavier, based on Air West’s equipment selection. So, load calcs are not included, see below
• Check the system for proper operation and make any adjustments where necessary, and if needed • Clean up and demobilize

Base Bid................................................................................................................................................................$50,447.00

Equipment.................................$28,152.00
Labor & Material........................$21,550.00
Bonds……………………………$745.00

ADD Option:

Engineered drawings and Title 24 paperwork......................................$4,000.00

Title 24 Paperwork................................................................................$500.00

Roof repair on (T&M, NTE)..................................................................$5,000.00

Structural and Anchorage Calcs are NOT included.............................$5,000.00

Clarifications:

• All work is to be performed during straight-time
• Start-Up to be provided by Leif Neuman / Air West Filtration / Benz Air • The equipment selection was provided by others

Rev. 09-10-03
“Contractors are required by law to be licensed and regulated by the Contractors’ State License Board which has jurisdiction t o investigate complaints against contractors if a complaint is filed within three years of the date of the alleged violation. Any questions concerning a cont ractor may be referred to the Registrar, Contractors’ State License Board, P. O. Box 26000, Sacramento, CA 95826.” California State License No. 120696
The total, fixed base price of this work is $50,447.00, including all taxes. Terms of payment, unless modified above, are: 0 down payment and the balance due upon the receipt of invoice.

Your signed acceptance of this Bid Contract within 30 days from June 3, 2025 shall, upon the acceptance of the Seller, constitute a contract to perform the work described above, including all Terms and Conditions contained herein.

Seller shall be defined to mean ACCO Engineered Systems or its assigns. Buyer shall be defined to mean the Owner, Owners/Agent, Builder, Architect, lessees, or any person acting on behalf of any of the foregoing.

Prepared on: June 3, 2025.

Prepared for:

ACCO Engineered Systems
ACCEPTED for BUYER

By: ___________________________________________________ By: ____________________________________________________ Lawrence Duong, Project Manager; 415-610-9096 (Authorized Signature) ACCEPTED for SELLER:

By: ____________________________________________________ Name/Title: _____________________________________________

ACCO EXCLUSIONS

1. Any work not identified in the above scope

2. Plumbing, Condensate pumps, Secondary overflow drain piping

3. Acoustical engineering and noise reduction provisions, Structural, Electrical & Civil Engineering, Permits, and fees

4. Cutting, framing, or patching

5. Electrical, line voltage, conduit, and wiring upstream of the existing disconnect

6. Fire alarm global shutdown, Fire/life/safety wiring or programming, Fire/smoke dampers, Fireproofing patch back, Sprinklers

7. LEED Certification

8. Painting of any kind

9. Protection and repairs of walls, ceiling, and floor

10. Repairs to existing non-code-compliant conditions

11. Sprinklers

12. Roof load calculations

13. Third-party commissioning

14. Title 24 Building Envelope Calculations and Documents

15. Quick ship

, or in any
ASSUMPTIONS and CLARIFICATIONS:

• All work is to be completed during normal hours.
• This proposal is to be incorporated into the contract. The proposal is based on mutually acceptable schedules, terms & conditions. Any terms and conditions stated herein supersede any other contract statements or wording which may conflict.
• This proposal is based on the assumption that unobstructed access to the work areas will be provided to ACCO and its subcontractors.
• Startup of equipment is priced on a one-time basis with consecutive days as necessary. Multiple startups at different intervals will be at an added cost. Early start-up during construction is not recommended and may void the warranty of the equipment.

SEE TERMS AND CONDITIONS TO BID CONTRACT Rev. 09-10-03

BID CONTRACT

Job # Pending

Sacramento Office: 10590 Armstrong Rd, Sacramento, CA. 95655 Phone # (510) 346-4300 24 Hour Service # (800) 598-2226

Corporate Office: 6265 San Fernando Road, Glendale, CA 91201 Principal Offices: San Leandro, Sacramento, Orange County, San Diego, Seattle, WA

QUOTATION TO:

JOB SITE/ADDRESS:

City of Sacramento
5730 24th Street
Sacramento, CA 95822
Rey, [email protected]

City of Sacramento
2812 Meadowview Rd.

Sacramento, CA 95832
Hose Reel Replacement

THE CONDITIONS PRINTED EITHER ON THE REVERSE SIDE OR ATTACHED ARE PART HEREOF.

This work or price quotation does not include detection, abatement, encapsulation or removal of asbestos or products, materials, or equipment containing asbestos.

Scope of Work: (Exhaust Hose Reels Installation only, no Exhaust Fans)

ACCO is pleased to submit a proposal to provide labor and materials for the following building Exhaust System upgrade at the Meadowview building, located at 2812 Meadowview Road, Sacramento.

Work to Include:

• Material handling to the Meadowview building location • Remove (12) existing retractable exhaust hose reels in preparation for replacement • Prep and install (12) new Nederman 5” diameter exhaust hose reels at each existing/previous location • ACCO is not anticipating the equipment (Hose Reels) to be heavier, based on Air West’s equipment selection. So, load calcs are not included, see below
• Check the system for proper operation and make any adjustments if necessary • Remove all debris from the old equipment
• Clean up and demobilize

Base Bid.............................................................................................................................................................$106,074.00

Equipment....................................$91,618.00 Labor & Materials..........................$12,888.00
Bond………………………………..$1,568.00

ADD Options:

Engineered drawings.............................................................................$4,000.00

Title 24 Paperwork.................................................................................$500.00

Structural Calcs are NOT included........................................................$5,000.00

Anchorage Calcs ARE included............................................................$1,500.00

Clarifications:

• All work is to be performed during straight-time
• Start-Up to be provided by Leif Neuman / Air West Filtration / Benz Air • The equipment selection was provided by others

Rev. 09-10-03
“Contractors are required by law to be licensed and regulated by the Contractors’ State License Board which has jurisdiction t o investigate complaints against contractors if a complaint is filed within three years of the date of the alleged violation. Any questions concerning a cont ractor may be referred to the Registrar, Contractors’ State License Board, P. O. Box 26000, Sacramento, CA 95826.” California State License No. 120696
The total, fixed base price of this work is $106,074.00, including all taxes. Terms of payment, unless modified above, are: 0 down payment and the balance due upon the receipt of invoice.

Your signed acceptance of this Bid Contract within 30 days from June 3, 2025 shall, upon the acceptance of the Seller, constitute a contract to perform the work described above, including all Terms and Conditions contained herein.

Seller shall be defined to mean ACCO Engineered Systems or its assigns. Buyer shall be defined to mean the Owner, Owners/Agent, Builder, Architect, lessees, or any person acting on behalf of any of the foregoing.

Prepared on: June 3, 2025.

Prepared for:

ACCO Engineered Systems
ACCEPTED for BUYER

By: ___________________________________________________ By: ____________________________________________________ Lawrence Duong, Project Manager; 415-610-9096 (Authorized Signature) ACCEPTED for SELLER:

By: ____________________________________________________ Name/Title: _____________________________________________

ACCO EXCLUSIONS

1. Any work not identified in the above scope

2. Plumbing, Condensate pumps, Secondary overflow drain piping

3. Acoustical engineering and noise reduction provisions, Structural, Electrical & Civil Engineering, Permits, and fees

4. Cutting, framing, or patching

5. Electrical, line voltage, conduit, and wiring upstream of the existing disconnect

6. Fire alarm global shutdown, Fire/life/safety wiring or programming, Fire/smoke dampers, Fireproofing patch back, Sprinklers

7. LEED Certification

8. Painting of any kind

9. Protection and repairs of walls, ceiling, and floor

10. Repairs to existing non-code-compliant conditions

11. Sprinklers

12. Third-party commissioning

13. Title 24 Building Envelope Calculations and Documents

14. Quick ship

, or in any
ASSUMPTIONS and CLARIFICATIONS:

• All work is to be completed during normal hours.
• This proposal is to be incorporated into the contract. The proposal is based on mutually acceptable schedules, terms & conditions. Any terms and conditions stated herein supersede any other contract statements or wording which may conflict.
• This proposal is based on the assumption that unobstructed access to the work areas will be provided to ACCO and its subcontractors.
• Startup of equipment is priced on a one-time basis with consecutive days as necessary. Multiple startups at different intervals will be at an added cost. Early start-up during construction is not recommended and may void the warranty of the equipment.

SEE TERMS AND CONDITIONS TO BID CONTRACT Rev. 09-10-03

BID CONTRACT

Job # Pending

Sacramento Office: 9290 Beatty Drive, Sacramento CA. 95826 Phone # (510) 346-4300 24 Hour Service # (800) 598-2226

Corporate Office: 6265 San Fernando Road, Glendale, CA 91201 Principle Offices: San Leandro Sacramento Orange County San Diego Seattle, WA

QUOTATION TO:

JOB SITE/ADDRESS:

City of Sacramento
5730 24th Street
Sacramento, CA 95822
Rey, [email protected]
City of Sacramento
918 Del Paso Rd.

Sacramento, CA 95834
Exhaust Fan / New Hose Reel Install

THE CONDITIONS PRINTED EITHER ON THE REVERSE SIDE OR ATTACHED ARE PART HEREOF.

This work or price quotation does not include detection, abatement, encapsulation or removal of asbestos or products, materials, or equipment containing asbestos.

Scope of Work: (Removal & Installation of Roof Exhaust Fans & Hose Reels at this site)

ACCO is pleased to submit a proposal to provide labor and materials for the following building Exhaust System upgrade at building 918 Del Paso Rd, Sacramento.

Work to Include:

• Field detail the new duct runs for shop fabrication
• Material handling to 918 Del Paso Rd. location
• Safe-Off the existing exhaust fan, and prep for the new exhaust fan installation • Prep and install (1) new Nederman 5” diameter hose reel at each existing/previous location • Provide a crane to lift and remove the existing RTU exhaust fan, and install (1) new RTU exhaust fan - (1) new NIF400-3 & (1) exhaust fan to support the single exhaust circuits • Prep new duct for installation, and begin to hang/support the duct run • Complete tie-ins with the new duct and hose reels
• Roof repair on (T&M, NTE), see below
• ACCO is not anticipating the equipment (Hose Reels, Exhaust Fans) to be heavier, based on Air West’s equipment selection. So, load calcs are not included, see below
• Check the system for proper operation and make any adjustments where necessary, and if needed • Clean up and demobilize

Base Bid.....................................................................................................................................................$30,128.00

Equipment.................................$21,377.00
Labor & Material........................$8,306.00
Bonds……………………………$445.00

ADD Option:

Engineered drawings............................................................................$4,000.00

Title 24 Paperwork................................................................................$500.00

Roof repair on (T&M, NTE)..................................................................$5,000.00

Structural and Anchorage Calcs are NOT included.............................$5,000.00

Clarifications:

• All work is to be performed during straight-time
• Start-Up to be provided by Leif Neuman / Air West Filtration / Benz Air • The equipment selection was provided by others

Rev. 09-10-03
“Contractors are required by law to be licensed and regulated by the Contractors’ State License Board which has jurisdiction t o investigate complaints against contractors if a complaint is filed within three years of the date of the alleged violation. Any questions concerning a cont ractor may be referred to the Registrar, Contractors’ State License Board, P. O. Box 26000, Sacramento, CA 95826.” California State License No. 120696
The total, fixed base price of this work is $30,128.00, including all taxes. Terms of payment, unless modified above, are: 0 down payment and the balance due upon the receipt of invoice.

Your signed acceptance of this Bid Contract within 30 days from June 3, 2025 shall, upon the acceptance of the Seller, constitute a contract to perform the work described above, including all Terms and Conditions contained herein.

Seller shall be defined to mean ACCO Engineered Systems or its assigns. Buyer shall be defined to mean the Owner, Owners/Agent, Builder, Architect, lessees, or any person acting on behalf of any of the foregoing.

Prepared on: June 3, 2025.

Prepared for:

ACCO Engineered Systems
ACCEPTED for BUYER

By: ___________________________________________________ By: ____________________________________________________ Lawrence Duong, Project Manager; 415-610-9096 (Authorized Signature) ACCEPTED for SELLER:

By: ____________________________________________________ Name/Title: _____________________________________________

ACCO EXCLUSIONS

1. Any work not identified in the above scope

2. Plumbing, Condensate pumps, Secondary overflow drain piping

3. Acoustical engineering and noise reduction provisions, Structural, Electrical & Civil Engineering, Permits, and fees

4. Cutting, framing, or patching

5. Electrical, line voltage, conduit, and wiring upstream of the existing disconnect

6. Fire alarm global shutdown, Fire/life/safety wiring or programming, Fire/smoke dampers, Fireproofing patch back, Sprinklers

7. LEED Certification

8. Painting of any kind

9. Protection and repairs of walls, ceiling, and floor

10. Repairs to existing non-code-compliant conditions

11. Roof patch and repairs, Roof screen

12. Sprinklers

13. Structural support for HVAC equipment

14. Third-party commissioning

15. Title 24 Building Envelope Calculations and Documents

16. Quick ship

ASSUMPTIONS and CLARIFICATIONS:

• All work is to be completed during normal hours.
• This proposal is to be incorporated into the contract. The proposal is based on mutually acceptable schedules, terms & conditions. Any terms and conditions stated herein supersede any other contract statements or wording which may conflict.
• This proposal is based on the assumption that unobstructed access to the work areas will be provided to ACCO and its subcontractors.
• Startup of equipment is priced on a one-time basis with consecutive days as necessary. Multiple startups at different intervals will be at an added cost. Early start-up during construction is not recommended and may void the warranty of the equipment.

123459MOWHolder Identifier : 7777777707070700077761616045571110765727026227554207762315752516310071673774274222310763614457354664207044076421673332073411345022205530752273642346733107225100060162131076727242035772000777777707000707007 7777777707070700073525677115456000732001517027013007133327243172010071233372420721100712223735207201107133236253172001071332262521731010702322724206311107133327253163000077756163351765540777777707000707007Certificate No : 570108875343 CERTIFICATE OF LIABILITY INSURANCE DATE(MM/DD/YYYY) 10/09/2024 IMPORTANT: If the certificate holder is an ADDITIONAL INSURED, the policy(ies) must have ADDITIONAL INSURED provisions or be endorsed. If SUBROGATION IS WAIVED, subject to the terms and conditions of the policy, certain policies may require an endorsement. A statement on this certificate does not confer rights to the certificate holder in lieu of such endorsement(s).THIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE CERTIFICATE HOLDER. THIS CERTIFICATE DOES NOT AFFIRMATIVELY OR NEGATIVELY AMEND, EXTEND OR ALTER THE COVERAGE AFFORDED BY THE POLICIES BELOW. THIS CERTIFICATE OF INSURANCE DOES NOT CONSTITUTE A CONTRACT BETWEEN THE ISSUING INSURER(S), AUTHORIZED REPRESENTATIVE OR PRODUCER, AND THE CERTIFICATE HOLDER.PRODUCERAon Risk Insurance Services West, Inc.Los Angeles CA Office707 Wilshire BoulevardSuite 2600Los Angeles CA 90017-0460 USA PHONE(A/C. No. Ext):E-MAILADDRESS:INSURER(S) AFFORDING COVERAGENAIC #(866) 283-7122INSURED 33600LM Insurance CorporationINSURER A: 23035Liberty Mutual Fire Ins CoINSURER B:24066American Fire & Casualty CoINSURER C:INSURER D:INSURER E:INSURER F:

FAX(A/C. No.):(800) 363-0105CONTACTNAME:ACCO Engineered Systems, Inc.888 East Walnut StreetPasadena CA 91101 USA COVERAGESCERTIFICATE NUMBER:570108875343REVISION NUMBER:THIS IS TO CERTIFY THAT THE POLICIES OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TO THE INSURED NAMED ABOVE FOR THE POLICY PERIOD INDICATED. NOTWITHSTANDING ANY REQUIREMENT, TERM OR CONDITION OF ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT TO WHICH THIS CERTIFICATE MAY BE ISSUED OR MAY PERTAIN, THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS, Limits shown are as requestedPOLICY EXP (MM/DD/YYYY)POLICY EFF (MM/DD/YYYY)SUBRWVDINSR LTRADDL INSDPOLICY NUMBER TYPE OF INSURANCELIMITSCOMMERCIAL GENERAL LIABILITYCLAIMS-MADEOCCURPOLICYLOC EACH OCCURRENCEDAMAGE TO RENTED PREMISES (Ea occurrence)MED EXP (Any one person)PERSONAL & ADV INJURYGENERAL AGGREGATEPRODUCTS - COMP/OP AGGXXXXGEN'L AGGREGATE LIMIT APPLIES PER: $2,000,000$1,000,000$5,000$2,000,000$4,000,000$4,000,000B 10/01/202410/01/2025YYTB2661067353034PRO-JECTOTHER:AUTOMOBILE LIABILITYANY AUTOOWNED AUTOS ONLYSCHEDULED AUTOSHIRED AUTOS ONLYNON-OWNED AUTOS ONLYBODILY INJURY ( Per person)PROPERTY DAMAGE(Per accident)X BODILY INJURY (Per accident)$5,000,000B 10/01/202410/01/2025YY COMBINED SINGLE LIMIT(Ea accident)AS2-661-067353-024EXCESS LIABXOCCUR CLAIMS-MADEAGGREGATEEACH OCCURRENCEDED $5,000,000$5,000,00010/01/2024UMBRELLA LIABC 10/01/2025EUA2563708502RETENTIONX E.L. DISEASE-EA EMPLOYEEE.L. DISEASE-POLICY LIMITE.L. EACH ACCIDENT$1,000,000XOTH-ERPER STATUTEA 10/01/202410/01/2025$1,000,000Y / N(Mandatory in NH)ANY PROPRIETOR / PARTNER / EXECUTIVE OFFICER/MEMBER N / AYNWORKERS COMPENSATION AND EMPLOYERS' LIABILITYIf yes, describe under DESCRIPTION OF OPERATIONS below$1,000,000WA566D067353014DESCRIPTION OF OPERATIONS / LOCATIONS / VEHICLES (ACORD 101, Additional Remarks Schedule, may be attached if more space is required)[RE: Service, All Operations for the City of Sacramento per Maintenance Agreement, dated 2018.][AI: City of Sacramento, its officials, employees, agents, volunteers and all others as required by written contract] are included as Additional Insured with respect to the General Liability and Automobile Liability policies; granted a Waiver of Subrogation for Workers' Compensation policy; and General Liability and Automobile Liability policies evidenced herein are Primary and Non-Contributory to other insurance available as required by written contract but limited to the operations of the insured under the said contract. Contractual Liability is included in the General Liability Policy.CANCELLATIONCERTIFICATE HOLDERAUTHORIZED REPRESENTATIVE The City of Sacramentoc/o Exigis LLCPO Box 947Murrieta CA 92564 USA ACORD 25 (2016/03)©1988-2015 ACORD CORPORATION. All rights reservedThe ACORD name and logo are registered marks of ACORDSHOULD ANY OF THE ABOVE DESCRIBED POLICIES BE CANCELLED BEFORE THE EXPIRATION DATE THEREOF, NOTICE WILL BE DELIVERED IN ACCORDANCE WITH THE POLICY PROVISIONS.

CG 20 10 04 13 © ISO Properties, Inc., 2012 Page 1 of 2 

POLICY NUMBER: TB2-661-067353-034 COMMERCIAL GENERAL LIABILITY CG 20 10 04 13

THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.

ADDITIONAL INSURED – OWNERS, LESSEES OR
CONTRACTORS – SCHEDULED PERSON OR

ORGANIZATION

This endorsement modifies insurance provided under the following:

COMMERCIAL GENERAL LIABILITY COVERAGE PART

A. Section II – Who Is An Insured is amended to
include as an additional insured the person(s) or
organization(s) shown in the Schedule, but only
with respect to liability for "bodily injury", "property damage" or "personal and advertising injury"
caused, in whole or in part, by:

1. Your acts or omissions; or

2. The acts or omissions of those acting on your
behalf;
in the performance of your ongoi ng operations for
the additional insured(s) at the location(s)
designated above.

However:

1. The insurance afforded to such additional
insured only applies to the extent permitted by
law; and

2. If coverage provided to the additional insured is
required by a contract or agreement, the
insurance afforded to such additional insured
will not be broader than that which you are
required by the contract or agreement to provide
for such additional insured.

B. With respect to the insurance afforded to t hese
additional insureds, the following additional
exclusions apply:

This insurance does not apply to "bodily injury" or
"property damage" occurring after:

1. All work, including materials, parts or equipment
furnished in connection with such work, on th e
project (other than service, maintenance or
repairs) to be performed by or on behalf of the
additional insured(s) at the location of the
covered operations has been completed; or

2. That portion of "your work" out of which the
injury or damage arises ha s been put to its
intended use by any person or organization
other than another contractor or subcontractor
engaged in performing operations for a principal
as a part of the same project.

C. With respect to the insurance afforded to these
additional insu reds, the following is added to
Section III – Limits Of Insurance:

If coverage provided to the additional insured is
required by a contract or agreement, the most we
will pay on behalf of the additional insured is the
amount of insurance:

1. Required by the contract or agreement; or

2. Available under the applicable Limits of
Insurance shown in the Declarations;
whichever is less.

This endorsement shall not increase the applicable
Limits of Insurance shown in the Declarations.

CG 20 10 04 13 © Insurance Services Office, Inc., 2012 Page 2 of 2

SCHEDULE
Name Of Additional Insured Person(s)
Or Organization(s) Location(s) Of Covered Operations
City of Sacramento, its officials, employees, agents, volunteers and all others as required by written contract.

Service, All Operations for the City of Sacramento per Maintenance Agreement, dated 2018.

Information required to complete this Schedule, if not shown above, will be shown in the Declarations.

CG 20 37 04 13 © Insurance Services Office, Inc., 2012 Page 1 of 1 POLICY NUMBER: TB2-661-067353-034 COMMERCIAL GENERAL LIABILITY CG 20 37 04 13
THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.

ADDITIONAL INSURED – OWNERS, LESSEES OR
CONTRACTORS – COMPLETED OPERATIONS
T
his endorsement modifies insurance provided under the following:

COMMERCIAL GENERAL LIABILITY COVERAGE PART

PRODUCTS/COMPLETED OPERATIONS LIABILITY COVERAGE PART
S

CHEDULE
Name Of Additional Insured Person(s)
Or Organization(s) Location And Description Of Completed Operations Information required to complete this Schedule, if not shown above, will be shown in the Declarations.

A. S
ection II – Who Is An Insured is amended to
include as an additional insured the person(s) or
organization(s) shown in the Schedule, but only
with respect to liability for "bodily injury" or
"property damage" caused, in whole or in part, by
"your work" at the location designated and
described in the Schedule of this endorsement
performed for that additional insured and included
in the "products-completed operations hazard".

However:

1. The insurance afforded to such additional
insured only applies to the extent permitted by
law; and

2. If coverage provided to the additional insured
is required by a contract or agreement, the
insurance afforded to such additional insured
will not be broader than that which you ar
e
r
equired by the contract or agreement to
provide for such additional insured.

B. With respect to the insurance afforded to these
additional insureds, the following is added to Section
III – Limits Of Insurance
:

If c
overage provided to the additional insured is
required by a contract or agreement, the most we will
pay on behalf of the additional insured is the amount
of insurance:

1. Required by the contract or agreement; or

2. Available under the applicable Limits of Insuranc
e
s
hown in the Declarations;
whichever is less.

This endorsement shall not increase the applicable
Limits of Insurance shown in the Declarations.

City of Sacramento, its officials, employees, agents, volunteers and all others as required by written contract.

Service, All Operations for the City of Sacramento per
Maintenance Agreement, dated 2018.

CA 20 48 10 13 © Insurance Services Office, Inc., 2011 Page 1 of 1 POLICY NUMBER: AS2-661-067353-024 COMMERCIAL AUTO
CA 20 48 10 13
THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.

DESIGNATED INSURED FOR

COVERED AUTOS LIABILITY COVERAGE
This endorsement modifies insurance provided under the following:

AUTO DEALERS COVERAGE FORM

BUSINESS AUTO COVERAGE FORM

MOTOR CARRIER COVERAGE FORM
With respect to coverage provided by this endorsement, the provisions of the Coverage Form apply unless modified by this endorsement.

This endorsement identifies person(s) or organization(s) who are "insureds" for Covered Autos Liability Coverage under the Who Is An Insured provision of the Coverage Form. This endorsement does not alter coverage provided in the Coverage Form.

SCHEDULE
Name Of Person(s) Or Organization(s):

City of Sacramento, its officials, employees, agents, volunteers and all others as required by written contract.

Information required to complete this Schedule, if not shown above, will be shown in the Declarations.

Each person or organization shown in the Schedule is
an "insured" for Covered Autos Liability Coverage , but only to the extent that person or organization qualifies as an "insured" under the Who Is An Insured provision
contained in Paragraph A.1. of Section II – Covered
Autos Liability Coverage in the Business Auto and
Motor Carrier Coverage Forms and Paragraph D.2. of
Section I – Covered Autos Coverages of the Auto
Dealers Coverage Form.

WAIVER OF OUR RIGHT TO RECOVER FROM OTHERS ENDORSEMENT
WC 00 03 13 © 1983 National Council on Compensation Insurance, Inc. Page 1 of 1 Ed. 4/1/1984
We have the right to recover our payments from anyone liable for an injury covered by this policy. We will not enforce our right against the person or organization named in the Schedule. (This agreement applies only to the extent that you perform work under a written contract that requires you to obtain this agreement from us.) This agreement shall not operate directly or indirectly to benefit anyone not named in the Schedule.

SCHEDULE
Name Of Person(s) Or Organization(s): City of Sacramento, its officials, employees, agents, volunteers and all others as required by written contract
Information required to complete this Schedule, if not shown above, will be shown in the Declarations.

Issued by: LM Insurance Corp.

For attachment to Policy No WA5-66D-067353-014 Effective Date 10/01/2024 Premium $
Issued to: ACCO Engineered Systems, Inc.

CG 24 04 12 19 © Insurance Services Office, Inc., 2018 Page 1 of 1 POLICY NUMBER: TB2-661-067353-034 COMMERCIAL GENERAL LIABILITY CG 24 04 12 19
THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.

WAIVER OF TRANSFER OF RIGHTS OF RECOVERY

AGAINST OTHERS TO US (WAIVER OF SUBROGATION)
This endorsement modifies insurance provided under the following:

COMMERCIAL GENERAL LIABILITY COVERAGE PART

ELECTRONIC DATA LIABILITY COVERAGE PART

LIQUOR LIABILITY COVERAGE PART

POLLUTION LIABILITY COVERAGE PART DESIGNATED SITES

POLLUTION LIABILITY LIMITED COVERAGE PART DESIGNATED SITES

PRODUCTS/COMPLETED OPERATIONS LIABILITY COVERAGE PART

RAILROAD PROTECTIVE LIABILITY COVERAGE PART

UNDERGROUND STORAGE TANK POLICY DESIGNATED TANKS

SCHEDULE
Name Of Person(s) Or Organization(s):

City of Sacramento, its officials, employees, agents, volunteers and all others as required by written contract
Information required to complete this Schedule, if not shown above, will be shown in the Declarations.

The following is added to Paragraph 8. Trans fer Of
Rights Of Recovery Against Others To Us of
Section IV – Conditions:

We waive a ny right of recovery against the person(s)
or organization(s) shown in the Schedule above
because of payments we make under this Coverage
Part. Such waiver by us applies only to the extent that the insured has waived its right of recovery against
such pers on(s) or organization(s) prior to loss. This
endorsement applies only to the person(s) or
organization(s) shown in the Schedule above.

CA 04 44 10 13 © Insurance Services Office, Inc., 2011 Page 1 of 1 POLICY NUMBER: AS2-661-067353-024 COMMERCIAL AUTO
CA 04 44 10 13
THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.

WAIVER OF TRANSFER OF RIGHTS OF RECOVERY

AGAINST OTHERS TO US (WAIVER OF SUBROGATION)
This endorsement modifies insurance provided under the following:

AUTO DEALERS COVERAGE FORM

BUSINESS AUTO COVERAGE FORM

MOTOR CARRIER COVERAGE FORM
With respect to coverage provided by this endorsement, the provisions of the Coverage Form apply unless modified by the endorsement.

SCHEDULE
Name(s) Of Person(s) Or Organization(s):

City of Sacramento, its officials, employees, agents, volunteers and all others as required by written contract Information required to complete this Schedule, if not shown above, will be shown in the Declarations.

The Transfer Of Rights Of Recovery Against Others
To Us condition does not apply to the person(s) or
organization(s) shown in the Schedule, but only to the
extent that subrogation is waived prior to the "accident" or the "loss" under a contract with that person or
organization.

POLICY NUMBER: TB2-661-067353-034 COMMERCIAL GENERAL LIABILITY CG 20 01 04 13
THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.

PRIMARY AND NONCONTRIBUTORY –

OTHER INSURANCE CONDITION
This endorsement modifies insurance provided under the following:

COMMERCIAL GENERAL LIABILITY COVERAGE PART

PRODUCTS/COMPLETED OPERATIONS LIABILITY COVERAGE PART
The following is added to the Other Insurance
Condition and supersedes any provision to the
contrary:

Primary And Noncontributory Insurance
This insurance is primary to and will not seek
contribution from any other insurance available to
an additional insured under your policy provided
that:
(1) The additional insured is a Named Insured
under such other insurance; and
(2) You have agreed in writing in a contract or
agreement that this insurance would be
primary and would not seek contribution
from any other insurance available to the
additional insured.

CG2001 0413 © Insurance Services Office, Inc., 2012 Page 1 of 1 LIM 99 04 03 14 © 2014 Liberty Mutual Insurance. All rights reserved.

Includes copyrighted material of Insurance Services Office, Inc., with its permission.

Policy Number TB2-661-067 353-034
Iss
ued by Liberty Mutual Fire Insurance Co.

THI
S ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.

NOTI

CE OF CANCELLATION OR MATERIAL REDUCTION IN COVERAGE TO THIRD PARTIES This
endorsement modifies insurance provided under the following:

BUSI

NESS AUTO COVERAGE PART

MOTOR CARRIER COVERAGE PART

GARAGE COVERAGE PART

TRUCKERS COVERAGE PART

EXCESS AUTOMOBILE LIABILITY INDEMNITY COVERAGE PART

SELF-INSURED TRUCKER EXCESS LIABILITY COVERAGE PART

COMMERCIAL GENERAL LIABILITY COVERAGE PART

EXCESS COMMERCIAL GENERAL LIABILITY COVERAGE PART

PRODUCTS/COMPLETED OPERATIONS LIABILITY COVERAGE PART

LIQUOR LIABILITY COVERAGE PART
COMMERCIAL LIABILITY – UMBRELLA COVERAGE FORM
Schedule
Name of Other Person(s) /
Organization(s):

Email Address or mailing address: Number Days Notice:

Per schedule on file with broker Per schedule on file with broker 30 days A. If w
e cancel this policy for any reason other than nonpayment of premium, or make a material reduction in coverage, we will notify the persons or organizations shown in the Schedule above. We will send notice to the email or mailing address listed above at least 10 days, or the number of days listed above, if any, before the cancellation becomes effective. In no event does the notice to the third party exceed the notice to the first named insured.

B. This
advance notification of a pending cancellation or material reduction of coverage is intended as a courtesy only. Our failure to provide such advance notification will not extend the policy cancellation date nor negate cancellation of the policy.

All
other terms and conditions of this policy remain unchanged.

LIM 99 02 08 11 © 2011 Liberty Mutual Group of Companies. All rights reserved.

Includes copyrighted material of Insurance Services Office, Inc., with its permission.

Policy Number: AS2-661-067353-024
Issued by: Liberty Mutual Fire Insurance Co.

THI
S ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.

NOTICE OF CANCELLATION TO THIRD PARTIES
This endorsement modifies insurance provided under the following:

BUSI

NESS AUTO COVERAGE PART

MOTOR CARRIER COVERAGE PART

GARAGE COVERAGE PART

TRUCKERS COVERAGE PART

EXCESS AUTOMOBILE LIABILITY INDEMNITY COVERAGE PART

SELF-INSURED TRUCKER EXCESS LIABILITY COVERAGE PART

COMMERCIAL GENERAL LIABILITY COVERAGE PART

EXCESS COMMERCIAL GENERAL LIABILITY COVERAGE PART

PRODUCTS/COMPLETED OPERATIONS LIABILITY COVERAGE PART

LIQUOR LIABILITY COVERAGE PART
COMMERCIAL LIABILITY – UMBRELLA COVERAGE FORM
Schedule
Name of Other Person(s) /
Organization(s):

Email Address:

Per schedule on file with broker
A. If we
cancel this policy for any reason other than nonpayment of premium, we will notify the persons or organizations shown in the Schedule above by email as soon as practical after notifying the first Named Insured.

B. This
advance email notification of a pending cancellation of coverage is intended as a courtesy only. Our failure to provide such advance notification will not extend the policy cancellation date nor negate cancellation of the policy.

All
other terms and conditions of this policy remain unchanged.

WM 90 18 06 11 © 2011 Liberty Mutual Group of Companies Page 1 of 1 Ed. 06/01/2011 All Rights Reserved
THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.

NOTICE OF CANCELLATION TO THIRD PARTIES
A. If w
e cancel this policy for any reason other than nonpayment of premium, we will notify the persons or organizations shown in the Schedule below. We will send notice to the email or mailing address listed below at least 10 days, or the number of days listed below, if any, before cancellation becomes effective. In no event does the notice to the third party exceed the notice to the first named insured.

B. This
advance notification of a pending cancellation of coverage is intended as a courtesy only. Our failure to provide such advance notification will not extend the policy cancellation date nor negate cancellation of the policy.

SCHE
DULE
Nam
e of Other Person(s) / Email Address or mailing address: Number Days Notice:

Organization(s):

Per schedule on file with broker Per schedule on file with broker 30 days All
other terms and conditions of this policy remain unchanged.

Effective Date 10/01/2024 Premium $
Issued by LM Insurance Corp.

For attachment to Policy No. WA5-66D-067353-014
Issued to

COMMERCIAL AUTO
CA 04 49 11 16
THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.

PRIMARY AND NONCONTRIBUTORY –

OTHER INSURANCE CONDITION
This endorsement modifies insurance provided under the following:

AUTO DEALERS COVERAGE FORM

BUSINESS AUTO COVERAGE FORM

MOTOR CARRIER COVERAGE FORM
With respect to coverage provided by this endorsement, the provisions of the Coverage Form apply unless modified by the endorsement.

A. The following is added to the Other Insurance
Condition in the Business Auto Coverage Form
and the Other Insurance – Primary And Excess
Insurance Provisions in the Motor Carrier
Coverage Form and supersedes any provision to
the contrary:

This Coverage Form's Covered Autos Liability
Coverage is primary to and will not seek
contribution from any other insurance available to
an "insured" under your policy provided that:

1. Such "insured" is a Named Insured under such
other insurance; and

2. You have agreed in writing in a contract or
agreement that this insurance would be
primary and would not seek contribution from
any other insurance available to such
"insured".

B. The following is added to the Other Insurance
Condition in the Auto Dealers Coverage Form and
supersedes any provision to the contrary:

This Coverage Form's Covered Autos Liability
Coverage and General Liability Coverages are
primary to and will not seek contribution from any
other insurance available to an "insured" under
your policy provided that:

1. Such "insured" is a Named Insured under such
other insurance; and

2. You have agreed in writing in a contract or
agreement that this insurance would be
primary and would not seek contribution from
any other insurance available to such
"insured".

CA 04 49 11 16 © Insurance Services Office, Inc., 2016 Page 1 of 1 Policy #: AS2-661-067353-024