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 Political Participation and
Social Media Usage

By
Nusrat Azeema
M.Phil Mass Communication
Department of Mass Communication
Allama Iqbal Open University Islamabad Pakistan

ϭ

 CONTENTS

Chapters Page

1- Social Media and Political Participation 3

2- Social Media Landscape in Developing 11

Countries
3- Use of Social Media by Political Leaders 20
and Their Parties
4- Social Media Landscape in Pakistan 27

5- Mobilizing Youth for Political 34

Communication
6- References 39

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Chapter 1: Social Media and Political Participation

Political communication is communication in which political agents and political lite

communicate the stakeholder to raise and galvanise political workers to stimulate political
ideology. It is the use of communication in politics. It also emphasises on how political processes,
institutions, and platforms operate at different levels of government (Melville, 2015). It is an
interactive process that concerns the QHZV PHGLD SROLWLFLDQV¶ transmitted information, and the
public (P. Norris, 2001). According to the researcher, the method of communication in politics, in
political campaigns, within politicians is political communication. They also argue that news
media is the mediator between politicians and the public, and these are three main components of
political communication. It discusses national, local, or international issues and disseminates
political information (Christian, 2016).

In political communication, we focus on who generates the information like political agents
or other interested groups. Further, we move toward message the message which a medium
disseminated within their system and then toward the public. It also includes political campaigns
strategy and state press issues about distribution and access to the public (Norris, 2004).

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Politicians /ŶƚĞƌŶĂƚŝŽŶĂů

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Political
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ϯ

 Communication scholar and political scientist work together to understand the political
communication and its future strategies. Annusewicz and Bejma (Kamil Giemza, 2014) define that
exchanging political agendas, ideas, and procedures through different communication mediums
with the citizens of any nation is the central concept of political communication. They also argue
that traditional media is the primary source of political influence because the newspaper's
worldwide circulation is more than other mediums of communication. Political Communication is
the communication that corresponds between the political actors and the citizens. It's a way to
ensure that the citizens get a say in political matters since political actors are the representative of
the citizens. This communication can happen through traditional media, social media, and direct
communication such as emails, etc. (C. Baumgartner & S. Morris, 2009).

The researcher found that online political communication strategies are on its extreme
people signing online party petitions during election season. They discuss politics on a different
forum, and they join different political groups according to their political interest on social media.
A new set of online activities add in political participation such as political emailing, commenting
on a different forum about politics and political message sharing on social media. (Cantijoch and
Gibson, 2019). The researcher said that people donate money for political parties and rallies
(Krueger, 2002). Online news bulletin is also an aspect of e-participation where people search for
political information and subscribe to political YouTube channels with Facebook pages and
Twitter accounts (K. Gibson, Lusoli & Ward, 2005).

A study concludes that Twitter and Facebook have great potential to increase political
participation. Twitter is a platform where politicians spread political information generally but
political opinion publicly, but Facebook is a platform where politicians start the direct discussion
with civic society members (Stieglitz & Dang-Xuan, 2013). Researcher findings that usage of
Twitter shows real significances with the political applicant. Those applicants who used social
media (Twitter) during political campaigns get more votes than those applicants who did not use
social media (Twitter) (Kruikemeier, 2014).

July 2019 statistics show that worldwide 2.38 billion monthly active users are on Facebook,
2.0 billion are on YouTube, 1.6 billion on WhatsApp, and 1.11 billion on WeChat (Clement, 2019).
In the world, social media's emergence has changed political communication tactics. Political think
tanks prefer social media to grab youth's attention and political preferences. Political

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communication change by Social media because they provide different platforms (Facebook,
Twitter, etc.) can be used to update people's political knowledge and activate their follower's
political spirit. People also follow their favourite politicians through social media platforms. Social
media enhance democracy in citizens (Stieglitz, Brockmann & Dang-Xuan). According to a study,
one out of five (1/5) adult Twitter users in the US following President Donald Trump¶V7ZLWWHU
account (Center, 2019).

United States' presidential election 1992 recognised the Internet's strength for future
political motivations of fundraising and networking with the civic society. It shows how politicians
are organising and mobilising supporters through internet websites and webpages. They also gather
voter information, an accomplishment of the targeted youth vote, and broadcasting political news,
view, and results. Social media emergence was started in the early 2000s, and this political
movement facilitated the voters, which is connected through the Internet and social media
(Leuschner, 2012).

Social media is a political sphere, where people from every stratum come and share and discuss
political issues. Social media is a multi-dimensional political communication flow tool. Active
political campaigns are being launched to reach a mass audience, especially youth.

Study reveals that Facebook and Myspace are two social media platforms where young voters
spend more time than watching TV or reading newspapers. It also shows that political actors have
the requirement to stay updated about present political debates and their political status in social
media. They also perceive new inclinations and recognise influential users within different social
media platforms. Study reveals that the majority of political actors are willing to occupy more
space in social media. They require to stay efficient about current political agendas and about their
status in social media websites as well as to perceive new political movements and recognise
influential political leaders within social network websites (Stieglitz, Brockmann & Dang-Xuan).

According to research, Howard Dean was the first politician who used the Internet to
organise the first website for a political campaign (Leuschner, 2012). In politics, social media
presence is an effective platform and can generate new hosts to discuss political agendas. Due to
social media now, politicians are more accountable and accessible. Citizens and politicians share
political views and news and debate freely (Murse, How Social Media Has Changed Politics,

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2019). In 2004, John Kerry was the first politician who uses Facebook in the presidential election
(Allison, 2008).

Social media can be used for political communication through a variety of ways depending
upon its access to audience or workers, which reckon as the target. One by galvanising political
workers, second by informing the general public and third by recording political debate and
uploading it's on social media forth by working on the bases of bullet theory spreading and enacting
messages. The research found that 60% of internet users going online for news. 38% of users
communicate political information through the Internet, and 59% share political information
through the Internet (Smith, 2009).

By establishing a social media cell and recurring social expert, spreading propaganda and
working on plausible theories enable us to influence people through social media. Social media is
being used for almost every aspect of political communication. From campaigning to daily
updates, this medium is playing an essential role in politics around the world. Virtually every
political party have their pages on Facebook, Instagram, and Twitter. Social media is also used for
fake news creation as an opposition to demoralise one's political perspective.

Strategic management team use social media for the survey and know the public attitude
to set their political agendas. The study found a positive relationship between the voters' online
civic participation and the use of blogs and Social Network Sites (Kim & Chen, 2016).

Social media are now widely used for political protests, campaigns, and communication
in developed and developing nations. Still, available research has not yet paid sufficient attention
to experience beyond the US and UK. Social media teams have much influence on voters and
workers; many social media teams work for politicians. These leaders spread their agendas through
different applications (WhatsApp group) like party policy, vision policy. Social media transform
political life and change the ways of voting too. It enhances the political knowledge and voting
trends. Social media change political participation and its information dissemination (Ashraf,
2013).

Politicians use social media to stay connected with their voters and update or call them for
protest (Momoc, 2013). The study finds that those politicians who have higher social media
participation got comparatively extra votes than other parties. They also conclude that people

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spend more time on social media (Facebook) than google searching. Mobile internet gives a boost
to social networking websites, and it gives politicians an easy way to reach their voters within
seconds or minutes (Effing, Hillegersberg & Huibers, 2011).

The most positive aspect of social media for politicians is free advertising to a mass public,
especially on YouTube, they add commercials and political messages. Through these applications,
like-minded voters share their words without any cost, such as new political gatherings, political
campaigns, etc. Retweet on Twitter and sharing on Facebook is so much easy and cost-friendly.
Instant feedback is also a useful feature that politicians use to the betterment and close relation
with the voter (Murse, 2019).

Social media highlight, broadcast, and share government issues within a minute or second
to a mass public. Online polling is also a significant factor of social media for politicians to know
the future standing of his/her political party's future standing. But the negative impact of social
media is the originality of news and fake news. We as the user didn't believe on social media news
more authentically then TV and Radio (Bhat, 2019)

Social media role has different impacts on voters reliant on what they are watching. The
study finds that education is a critical factor for the political participation of any citizen through
social media. It also concludes that the voters' socioeconomic status affects social media political
participation (Fountain, 2017). Researcher shows that those who use social media to getting news
has direct effects on offline political involvement they also found that there is no direct relation
between social media use for social interaction and people's civic engagement (Zúñiga, Molyneux
& Zheng, 2014).

A study establishes a weak relationship between the usage of digital media and the political
learning of a person. Still, on the other side, the use of some digital media forms has a positive
association with political participation (V. Dimitrova et al., 2011). The researcher found that those
who give attention to traditional media for getting political news and they use social media to
getting political purpose has a political association with online and offline political participation.
The study also found that young people give less time to political news in traditional media than
older ones, but side by side, they gather political information through social media (K. Holt. et al.,
2013)͘

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 1.1- E-participation:

When participants involve in online political activities through social media and do share
and like the content on other pages for disseminating political news, it is called E-participation
(Cantijoch and Gibson, 2019). The difference between democratic engagements has impact
differently on E-participation in different countries. Mainly social media usage intention and
access is also affected e-participation in a different region of the world. The researcher said that
internet usage creates a stimulus for voting. Social media increase the political knowledge and
awareness about voting structure. Politicians also welcome new members and their views through
social media. They also replied to them appropriately and noted it down the suggestion for future
improvements (K. Gibson, Lusoli & Ward, 2005).

According to professor Bralczyk, when any politician wants to say "choose me," he/she must need
means of media, and now a days social media is an effective platform which targeted a massive
amount of people in the world or within a community (Kamil Giemza, 2014). The study finds that
E-Participation was altering the SROLWLFLDQV¶profiles, precisely in favour of the different resources
essential for political vision or plan. Baumgartner and Morris (2009) found that US university
students get more news and share political content through social media, sign an e-petition, and
give a political opinion for some political party they have some interest. They also found that news
feeding from social networking websites is positively associate with political participation (C.
Baumgartner & S. Morris, 2009). Individuals are influenced by others when they engage in casual
political debates. Due to these communications, they increase political information, they also sense
social burden toward online political meeting, and they may even be invigorated to take part or do
any action. The study also found that political expression on social media websites has a positive
association with the political participation process (Molyneux & Zheng, 2014).

The digital divide is also a concern in political participation. Because social media access toward
a common man is slow and steady, some people do not know how to use social networking sites,
and some don't have smartphones which carry these applications. So politicians use both offline
and online political participation. Through online social media help them to connect each other
and through the offline newspaper is the primary source, Obama uses 15 social sites and gets
funding for offline activities (Effing, Hillegersberg & Huibers, 2011). The researcher concludes
that social media have designed new paths for voters engagement which allow the civic society to

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link with new avenue with high government officials and to take part in the online political
movement and information. (Owen). A study concludes that the opportunities for feminist
participation may enhance through online political work (Schuster, 2017).

E-Participation

Citizen-Driven Participation

Government Driven Participation

E-Participation has two forms 1) Government Driven Participation where government

answerable for E-Participation, the government try to increase the voter who take part in strategic
planning and governance (Komito, 2005) and 2) Citizen Driven Participation where social
adaption and technology implementation is the responsibility of a citizen (Al-Dalou & Abu-
Shanab, 2013).

Researchers also said that online political participation enhances political efficacy and
social media is the tool of real-time political involvement in activities. The results show that among
youth Facebook is the most popular social networking site for the diffusion of political knowledge
as related to other social media tools or news media such as Twitter, YouTube, blogs, and
electronic mail etc. (Ashraf, 2013). The concept of interactivity has increased by Social at all stages
of communication with affluence. Every Individual was receiving political messages during the
election on their cell phone by legislative media houses (Ahmad, 2019).

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Now a day youth shows a keen interest in politics which is not seen in past, and politicians gather
their child on social media now to make sure their political participation through signing online
political membership form on social media. Political movements, party rallies, oppositions'
political protests and politician boycott for governments problems are all part of the social media
news feed. The user who just watches it or seen have knowledge about these political activities,
and they participate in it through commenting, liking, sharing or viewing (Owen).

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Chapter 2: Social Media Landscape in Developing Countries

We feel that now a day, the Internet transformed the election environment tremendously. Online
networking plays a significant role in political discussions and talk. Numerous political leaders
and representatives send hundreds or thousands of messages during political or electoral race
battles and put valuable assets into their internet-based life presence (Valley, 2017). This move-in
youngsters' internet-based life use is only one case of how the innovation scene for youngsters has
advanced since the Pew Research Center's last review of teenagers and innovation used in 2014-
2015. Most outstandingly, cell phone ownership has become an almost ever-present component of
high schooler life: 95% of youngsters presently report they have a cell phone or access to one.
These mobile associations are like this filling increasingly persevering on the web exercises: 45%
of youngsters presently state they are online on a steady close premise (Anderson & Jiang, 2018).
Study reveals that 45% of US teens are always online (Lenhart, 2015). ƐƚĞďĂŶKƌƚŝnjͲKƐƉŝŶĂƐĂŝĚŝŶ
ŚŝƐƌĞƐĞĂƌĐŚƚŚĂƚŝŶƚŚĞǁŽƌůĚ͕Facebook is the major social media platform which has approximately
2.4 billion users. YouTube and WhatsApp secure second significant social media placement and
also have more than 1 billion users each (Ortiz-Ospina, 2019).

Social media provides cheap opportunities in comparison to traditional media for

information propagation and reaction. Twitter has assumed an outsized job in a 2016 presidential
political campaign that keeps on testing the electorate. Despite Twitter's progressing business
issues, the capacity of a single tweet to shape the political discussion and drive media inclusion
has never been more noteworthy. A stamped intricacy exists between Twitter's business insight
and the occasionally unintentional impact it wields on the present political race (Kapko, 2016).

As American teenagers receive cell phones, they have a variety of strategies for communication
and sharing photos and videos. Messaging is a particularly significant method of communication
for some adolescents. The researcher found that 88% of teenagers have mobile phones or cell
phones, and 90% of those youngsters with the telephonic conversation. Researchers also found
that an average adolescent sends and gets 30 messages each day. Some 73% of adolescents
approach cell phones and among them informing applications like Kik or WhatsApp have gotten
on. Approximately 33% of teenagers with telephones have such applications (Lenhart, 2015).

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Researchers said that in politics, social media could impact on power relations as they give the
permit to the individual followers or candidates to campaign more self-sufficiently of the central
political party. They also found that those who create interaction between traditional media and
social media have gain encouragement in social media are those who can create an interaction
them (Karlsen & Enjolras, 2016)

The researcher found that Facebook, YouTube and Reddit have been around for ten or more years.
Still, some other social networking sites are much innovative, such as TikTok, which launched in
2016 September.it is also reported that by mid-2018 its user reached half a billion. And in this
short time average, about 20 million new users per month (Ortiz-Ospina, 2019).

Adolescents are differentiating their social network site use. A significant number of adolescents
(71%) report utilising more than one social network site out of the 7 stage choices they were gotten.
The researcher said that (22%) of teenagers who just utilise one website site, 66% of them use
Facebook, some 13% use Google+, approximately 13% use Instagram and almost 3% use Snapchat
(Lenhart, 2015). 41% of women say they use Pinterest than with men (16%). College students and
high-income households remain with LinkedIn. The study found that college degree holder 50%
of Americans use LinkedIn mostly. It also found that 49% of Hispanics use WhatsApp (Smith &
Anderson, 2018). A study shows that 67% of US teenager use Instagram, and 62% use Snapchat.
68% of 50-64 years of age use Facebook. The researcher found that 42 % of Females are the user
of Pinterest, which is three times more than the male Pinterest user (Perrin & Anderson, 2019).
Study shows that 25.2% of students use these social sites for more than 2 hours, and they also face
psychological distress, poor mental health and experiences of suicidal ideation. This study also
found that those who use more SNSs have poor mental health (Sampasa-Kanyinga & F. Lewis,
2015). According to statistics, UK Facebook user penetration is more than any other social media
they predict that in 2022, the monthly share of active Facebook users is approximately 62.44 % of
the total UK population (S. O'Dea, 2019). The amount of Facebook user in the UK is the 2nd
uppermost social media diffusion rate in the EU. In the UK, more than once a day, 44% of people
used Facebook. Just 21% of adults who are online but don't use Facebook in UK (S. O'Dea, 2019).
The study found that in Great Britain, 46% of male users are on Facebook, while 54% are female
users who are higher than others (S. O'Dea, 2019). Within the 28 countries of EU, social media
networks usage is 34% for Germans daily, which are less than the EU's any other Member State

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(S. O'Dea, 2019). The survey found that in Europe website and app are mostly used for
newsgathering and news reading. 42% of European respondents used these platforms to access
online newspapers and magazines (Statista Research Department, 2019).


2.1- Use of Facebook And Twitter for Political Participation and Communication In US


Political leaders are essential for the flow of communication in social networks. Study
reveals that social media users' (1/3rd) views damaged with the political content which they saw
on social sites, and more than half people define that they are politically and have stress and
frustration. Researchers said that 83% respondent says that they ignore those political posts which
their group members post something about politics that they (Duggan & Smith, 2016). Zeynep
Tufekci explains that the role of the Internet played in the Zapatista uprisings in Mexico. During
the Arab, Spring Twitter users organise medical aid when they face the refusal to use bullhorns in
the Occupy Movement which is started in New York, and the allowing upshot of tear gas in
,VWDQEXO¶V*H]L3DUN (Ortiz-Ospina, 2019). To measure the political OHDGHUV¶UROHDQGLQIOXHQFHRQ
social networking sites in democratic political voting and e-voting, we should know the followers
of political parties and political leaders.

Researchers said that those practitioners who have a high level of social media usage give
more importance to social media networks like Facebook, twitter etc., the effect of social media
on internal and external sponsors (Moreno et, al, 2015). According to a study in Malaysia,
approximately 10% of the populations are a Facebook user which are 3.4 million. Facebook is an
increasingly significant medium for applicants to get linkage with their voters and followers. The
political activities are speedy before the election day with continuous updates by political leaders
and supporters make comments on it. They also reveal that those political leaders who have a high
profile have massive followers on Facebook. It is concluded that there is no guarantee of large
electors' turn-out just because of the large number of Facebook supporters to a political leader.
Results show that opposition has the high number of the Facebook user then Ruling party

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politicians (e.g. Hulu Selangor). Facebook is more critical in parliamentary by-election state as
compare to the by-election. The researcher also discusses that in rural areas, Facebook was not
used as political communication, because of low internet diffusion and low level of education by
demographic. The finding also reveals that on Facebook issue-based politics attain great fame,
highlights and views. They also found that those people how are regular on Facebook and have
accounts are terrified to join opposition party as friends. But some electorates are willing to follow
and get a connection with the individual political leader as friends. In Singapore and Malaysia,
Facebook will be the primary online stage which political groups will use in the forthcoming
General Elections as it permits integration of all mainstream web 2.0 application into a single
phase. The number of individuals joining the different Facebook pages of political groups and key
political figures will increment in the approach the following general races. Political race issue
explicit pages will be set up in the run-up and during decisions whose numbers are relied upon to
expand significantly (Gomez, 2010).

2.2- Facebook And Twitter Use as News Source and For Information Purpose

A study reveals that the presidential candidate's ascension and Twitter's implication on the
political period are inseparably connected. Barry Burden, a political science professor at the
University of Wisconsin in Madison, said that "Twitter was taken to a new level this year because
of Donald Trump,". He also said that "His aggressive and unconventional use of the platform
generated news" for many days throughout the campaign, even when Trump's tweets "violated
standard norms of campaigns by being uncivil, conspiratorial or offensive." (Kapko, 2016). Laura
Weir, Executive Director of International Education at &ůŽƌŝĚĂ^ŽƵƚŚtĞƐƚĞƌŶ^ƚĂƚĞŽůůĞŐĞ said that
"Certainly they're on Facebook, and people are talking about the election on Facebook, but Twitter
has taken centre stage and kind of pushed Facebook off to the side, especially with younger
voters,".
Researchers said that Twitter and Facebook have the capability for increasing political
participation from an ordinary man perspective. Twitter is an idyllic stage for its users to spread
political opinions publicly and to have direct communication with citizen and start the political

ϭϰ

discussion we must say that Facebook pages or groups are the critical platforms (Stieglitz & Dang-
Xuan, 2013). Study reveals that social media sites represent the idyllic platform for public opinion
on policies and political positions for building public support (Dajun Zeng et al., 2015).
Researchers highlight that in a short time, DFURVVWKHZRUOGGLIIHUHQWSDUWLHV¶ politicians adopted
social media for appealing their voters, entering into the face to face communication with citizens
(Hong & Nadler, 2011). Scholars said that for journalist's social media is a tool for gathering news,
and they also conclude that they used social media platforms to appeal and gather online spectators.
Evidence also finds that adoption of newspapers through social media is positively linked with an
online readership which has higher in numbers, and these linkages increase in the magnitude of
the newspapers' readership and followership through social media networks. Researchers conclude
that the association between the adoption of newspapers through social media their online
circulation can be different as compared to the linkage between other online media platforms and
the online circulation journalist produced (Hong, 2012). Researchers said that through social media
usage, transparency of political activities become a practical and now common and educated man
of any country show their involvement in political decision-making developments (Stieglitz &
Dang-Xuan, 2013). Oct 2019's study reveals that US President Donald Trump is the top-ranked
politician on Twitter which is followed within 187 countries and have over 61 million followers.
26 million twitter followers are officially on @POTUS account, which was ranked 5th Worldwide
(J. Clement, 2019). June 2019's study reveals that US President Barack Obama is the top-ranked
politician on Twitter which is followed with 61.3 million followers (Wright, 2019).

Laurie Rice, associate professor of Political Science at Southern Illinois University

Edwardsville, said that "Twitter is also a useful form of two-way communication between
candidates and campaigns and voters,". She also noted that "Candidates and campaigns can gauge
reactions to their messages in real-time, voters can easily share their views, and campaigns can
track and respond to voters' evolving views throughout the campaign." (Kapko, 2016). Research
reveals that 66% Facebook users said that they frequently follow persons they already know, they
also conclude that 48% of Twitter users indicate that regularly follow those who are in this category
(Duggan & Smith, 2016). Study reveals that social media commendations advance levels of media
trust and people feel comfortable to follow more news from that particular media page.

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 Furthermore, these effects are amplified when the real-life friend sharing the story on social
media is perceived as an opinion leader (Turcotte et, al., 2015). A study found that those Twitter
users who show higher connectivity and have some significant issue participation are more
LQIOXHQFLQJRQ7ZLWWHU¶VLQIRUPDWLRQIORZ 5HVHDUFKHU¶VVDLGWKDWXserV¶ issue participation was
PHDVXUHGE\DXVHU¶VJHRJUDSKLFLPPHGLDF\and their tweets and retweets. Study reveals that those
organisations' tweets have more significant influence than those tweets which are written by
individual users (Wayne Xu et al., 2014). Researchers found that followers of political parties and
political leaders on Facebook are societal opinion trailblazers. These societal opinion trailblazers
are very active in online social sites and offline media networks, which increases the implication
of 616V¶ and enhance the role of political leaders who transform opinions in the society (Karlsen,
2015).

A study identifies influential political players in two user-based twitter community. Tweets
with the hashtag #CPC, for Canada's governing Conservative Party, and the hashtag #NDP, for the
opposition which is New Democratic Party of Canada. The authors found that those who know
about both of the traditional elite and embedded in tightly knit communities are more influential
on public opinions as opinion leader and influencers (Dubois & Gaffney, 2014).

After the mid-term election in 2002, there is a notable double the change of Americans
who cited the Internet for news campaigns in 2006. 15% of people use the Internet for election
news which was 7% in the mid-term election 2002. The researcher said that from blogs, 20% of
political campaign's internet followers got political news and political evidence, on the other hand,
24% user said that they read and checked issue-oriented websites. Democratic voters in Canada
were more cited newspapers and watched different channels for newsgathering like CBS, ABC
and CNN, side by side Republicans preferred to gather news like Fox cable TV News and different
radio channels (Pew Research Center, 2007).

Researchers said that Twitter has the qualities of interactivity, spontaneity, personality, and
informality and European Parliament Members struggle to connect with European publics. We
find that European Parliament Members approaches to Twitter are conditioned by specific
personal, constituency-based, and structural/strategic variables. Previous studies' results show that
political leaders are more likely to 'broadcast' or live transmission than to messaging or 'chat' on
different mediums. They rarely reply to their followers 54% just sent one reply or @-replies, 43.7%

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are retweeting. They also found that Twitter was mostly used in technologically advanced
countries. Twitter is a medium where European Parliament Members can fight against publicity,
public services, and common shortages. Since 2004, EU joined by 13 states, and only Slovenia
DQG 0DOWD XVH 7ZLWWHU PRUH WKDQ WKH IXOO LQVWLWXWLRQ¶V XVHU DQG  RI WKH  FRXQWULHV ZKRVH
European Parliament Members tweets 0 or 0.1 times a day are newer democracies. Bulgaria,
Estonia, Greece, Hungary, Lithuania, Portugal, and Romania used least platforms on social media
like Twitter (Valeriani & Vaccari, 2015).

Researcher finds that on social media political information, accidental exposure is

positively and significantly correlated with online participation in German, Italian, and British.
But particularly in Germany, online assistance in lower than others¶RQOLQHSROLWLFDOLQYROYHPHQW
This study also found that those who are of high interest in politics use social media more and have
online engagements. This study also concludes that in social media German 16.6%, Italian 33%,
and British, 27.7% of respondents frequently encounter political information (Valeriani & Vaccari,
2015). TwitWHU LV D SODWIRUP ZKHUH FLWL]HQV DQG SROLWLFLDQV DUH DOLNH 3DUOLDPHQWDULDQV¶ RI the
European Union use Twitter as so-called permanent campaigning (Olof Larsson, 2015).

The Internet has given significant devices of commitment, data and mobilisation, because
of both politically inclined residents just as for government officials on the political campaign. The
researcher said that national parliaments of Norway and Sweden's politicians use social media such
as Facebook and Tweeter very low, they sent 1 per day tweets and posted messages on Facebook.
The study also reveals that the most active politicians could be labelled as 'underdogs', as they are
more likely to be younger, in opposition and out of the political limelight. They conclude that both
countries younger politicians engage more frequently on social media. They found that Facebook
pages adopted by Norwegian politicians are 24%, compared to Sweden politician took 19%, and
on the other hand, 57% Norwegian politician use twitter and 58% Sweden politicians are Twitter
user (O Larsson & Kalsnes, 2014).

$V%DUQHWWDOUHDG\VDLGLQWKDWµQHZWHFKQRORJ\RIIHUVJUHDWSRWHQWLDOIRUH[SDQGLQJ
WKHKRUL]RQVRISROLWLFDOFRPPXQLFDWLRQ´WKHUHIRUHQHZUHVHDUFKHUV+DOOLQDQG0DQFLQLIRXQGWKDW
Irish and British European Parliament Members are quite active on Twitter. It is established that
fundamental online political developments need a similar arrangement of societal and cultural
capital as offline events do. Although, the online informal organisation is progressively helpful for

ϭϳ

the gathering, change, and exchanges of equities. However, the private online community isn't that
altogether new space, as Internet users increase higher capacity to make and control their
correspondence spaces, opportunity to address (Suriyawongkul, 2012).

2009 Iranian Presidential election locate the Iranian Green Movement, and Mir Hossein
Mousavi's Facebook page plays a vital role in the Presidential election and Green Movement; he
uses Facebook as a device. His slogan on a Facebook political campaign is "every citizen is a
campaign headquarter". As a technological device, Facebook facilitates various political
campaigns. After the realisation that Facebook changes a weak political position into a strong one,
the Iranian government block Facebook (Esfahlani & W.J.Buckland, 2013). The researcher said
that, in 2007 Danish Parliament election, Ms Helle Thorning-Schmidt and Mr Anders Fogh
Rasmussen use Facebook for political campaigns, results suggest that those users who follow a
party on Facebook already know the political leader through the traditional channels. These people
did not suppose to affect the political party's policy. They also conclude that voters saw Facebook
legislative pages and new feed for information and as a means to gain social respect (Andersen &
Medaglia, 2009). Social media in political communication open new ways which allow dialogue
between politicians and the common public. Nick Clegg said that social media could give political
leaders' DVVLVWDQFH³FRQQHFWZLWKWKHQH[W JHQHUDWLRQRIYRWHUV´ (Stoddart, n.d.). In the US 2016
presidential election, there is a high increasHRISROLWLFLDQV¶ Twitter usage to express their beliefs,
stances on current political issues, and reactions concerning national and international events.
TZHHWV¶ content and delivery of words are highly revealing the political leaders' attitudes. The
most likely stance is 86.44%, and agreement patterns among politicians are 84.6% (Johnson &
Goldwasser, 2016). Researchers found that during presidential primaries of (2011-2012), the
negative political online protest and policy-centred voting. They also found that opposition uses
more negativity in the contents' tweet (Moody, Cohen & Fournon, 2013).

In the world, for promoting political interests, Instagram has become an essential tool now
a day, which allows 2000 character, which is limited 280 on Twitter. Instagram gives a platform
for elected party leaders and social activist to broadcast their interest to a public openly. Narendra
Modi Prime Minister of India is the most followed leader on Instagram, and he gets 28 million
followers. On 3rd position, US President Barack Obama followed Instagram as a politician, and he

ϭϴ

gets 14.57 million followers (J. Clement, 2019). In 2007 Barack Obama was the first leader to
RSHQD)DFHERRNSDJH,Q5ZDQGD¶VFRQWURYHUVLDOOHDGHU3DXO.DJDPHZDVWKHILUVWKHDGRI
state to tweet (Red Herring, 2017). Australia political parties use WeChat because they want to
win with the country's ethnic population, which is Chinese and the Australian resident population
which born in China was 650,700 million in 2018. WeChat groups just maximum have 500
members' capacity, so it is limited to some extent (Hollingsworth, 2019). WeChat users affected
their political debates and attitudes by the use of political evidence. The study also reveals that
WeChat political discussions, whether it is positive or negative, mediated the political information
and effects political attitudes of the follower (Yang & Men, 2019).

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Chapter 3: Use of Social Media by Political Leaders and Their Parties

Social media is an instrument for the transmission of messages from politicians to their
voters²political advertising point maintainability of politicians and their administration. In
political advertising, one of the states of regular communication and discourse is feedback, and it
turns out to be progressively significant inside the new correspondence innovations. In political
advertising, dialogical approach analyses the effect of political arrangements led by government
officials and politicians. The principal purpose of social media is intuitiveness. The Internet
demands their constant feedback, and for that purpose, Web user stays active and online. Twitter
is a slim version of a blog. Twitter enables individuals to present messages up on 140 characters
in length. They can even post messages utilising content informing from a cellphone. Others can
pursue your words by subscribing in your "feed" (Coombs, W. T. & Holladay, S. J, 2010).

Twitter is a vital instrument for political campaign procedure. It will empower lawmakers to realise
their intended interest group's impression of them and to see criticisms. These small-scale position
devices can assist organisations with following discourses identified with their image
continuously. They can see these discussions are occurring without their help, exhortation or
understanding. Keywords, for example, #hashtags, are a developing pattern inside the
administration. Hashtags empower the Twitter user to get out apparent points. They are a network-
driven show for adding setting and metadata to tweets" (Solis, B. & Breakenridge, D, 2009)

The Twitter best aspect is it has spontaneously used. If the followers are online, then Tweeting
happens in real-time and politician think its effect on their votes (Comm, J, 2010). The most
compelling reasons for following people are the spontaneous message. Political follower and party
Voters are curious about their leader's way of living, ideas and responses. Voters and Political
leaders' relation become better when politician do replies and messages spontaneously. Twitter is
a source of mutual understanding between voter and politicians. Twitter feedback is the best
platform to create, build and maintain dialogue. On Twitter, politicians creating their agenda,
which can be manipulaWHGE\WKHQH[WGD\
VPHGLDDJHQGD$VOÕ6DQFDU

Political leaders use their Twitter and Facebook accounts to communicate with national and
worldwide audiences. Study shows that in 2014, 76 % and more UN member countries' leaders

ϮϬ

have an account on Facebook and Twitter. Politicians are active, and they show their presence on
social media. Researchers also found that leaders' adoption of social media platforms is correlated
with democratization level and from social unrest increased political pressure. At the end study
also reveal that official party pressure and political environment competition have linked with
social media adoption (Barbera & Zeitzoff, 2017).

,Q7XUNH\WKHPRVWDFWLYH7ZLWWHUXVHULV.HPDO.ÕOÕoGDUR÷OX$QGWKHVHFRQGLV6HODKDWWLQ
'HPLUWDú$VOÕ6DQFDU6WXG\UHYHDOVWKDWof political leaders have their own personal
Facebook pages, and 37% an institutional Facebook page. They also found that Democratic
politicians promote their party activities to remain popular between their voters and other
community. Democratic politicians found that social media is cheap in comparison of different
campaigning strategies, and it is a natural form to the broadcasting of media for the target
audiences (Barbera & Zeitzoff, 2017). Social media increase the sense of voting, and it helps to
persuade others to vote. In January 2016, the Democratic Party record of fundraising break by
Sanders through social media (Chadwick & Stromer-Galley, 2016). The researcher said that most
major civil society organizations use digital media more in line with dutiful information norms
than actualizing ones. They tend to broadcast strategic messages to an audience of receivers, rather
than encouraging participation or exchange among an active set of participants. The book
concludes with a discussion of the tensions inherent in bureaucratic organizations trying to adapt
to an actualizing information style, and recommendations for how they may more successfully do
so (Wells, 2015).

Since the general population get their news, do their shopping, and speak with companions on the
ZHE%HWKDWDVLWPD\LQQRYDWLRQGL൵XVLRQFODULILFDWLRQVRIFKDQJHVLQSROLWLFDOUDFHEDWWOLQJMXVW
UHFRXQWWRSDUWRIWKHVWRU\7KHUHDUHGLIIHUHQWQDWLRQVZLWKHOHYDWHGOHYHOVRIZHEGL൵XVLRQLQ
which it still can't seem to have such a VLJQL¿FDQW LPSDFW 6LQFH WKH PLG-1990s, it has widely
SUHGLFWHGWKDWWKH,QWHUQHWZLOOKDYHDGHFLVLYHLQÀXHQFHRQHOHFWLRQFDPSDLJQLQJ%\
percent of Americans were recorded as being online (International Telecommunication Union,
2005). And, despite ongoing divisions in patterns of use, the overwhelming majority of people
have integrated information and communication technologies into their everyday lives (Horrigan,
  'L൵HUHQW W\SHV RI SDUW\ RUJDQLVDWLRQ DQG HOHFWRUDO HQYLURQPHQW KDYH WKH SRtential to

Ϯϭ

catalyse or to retard the development of internet campaigning because they render new
FRPPXQLFDWLRQ WHFKQRORJLHV PRUH RU OHVV XVHIXO WR FDQGLGDWHV DQG SDUWLHV VHHNLQJ R൶FH
Technologies can reshape institutions, but institutions will mediate eventual outcomes (Chadwick
& N. Howard).

According to the number of tweets, Abdullah Gül is the leader who posts most tweets. The number
of followings is essential because when leaders do not follow others, it means that Twitter has used
for one-way communication, that is, only for giving information but not for listening, or any kind
of dialogue and relationship building. The number of tweets is also vital for the frequency of using
7ZLWWHU $VOÕ 6DQFDU  2YHU WLPH SROLWLFDO FDPSDLJQV VKLIWHG WKHLU HIforts from mass
persuasion to two-step flow persuasion. The followers and leaders both mobilising their
participation on social media campaigns and securing electorates for the day of the Election. In the
Internet Age, Presidential Campaigning write and design strategic messages that encourage
electorate's segments to mobilize for a participant. The researcher also concludes that in the
broadest sense democracy is about extensive contribution among political followers of the
community. Where all voices are equal. (Stromer-Galley, 2014).

The Internet had a significant impact, greatly aiding Jesse Ventura's victory in the Minnesota
Gubernational election (Panagopoulos & Gueorguieva, 2004). In 2004 the former Governor of
Vermont Howard Dean made him the most successful fundraiser in the history of the party
(Chadwick, 2007). Studies suggested that traditionally opinion leaders and, national politicians are
the most active user of the Internet for persuading voters and contacting most probable followers.
Researchers also found that nontraditional, substitute of catalyzer is relatively more dependent on
email. Politicians used this platform to reach a respectively more substantial portion of the
community, which are not otherwise communicated (Bimber, The Internet and Political
Mobilization: Research Note on the 1996 Election Season, 1998).

John Kerry, used Internet fundraising to achieve near financial parity with his Republican
opponent, George W. Bush, by the close of the 2004 campaign (M. Skinner, 2005). In 2006
Lamont, journeyman candidate's campaign has embraced by high-profile Democratic bloggers, the
so-called 'netroots', who promoted his candidacy, raised money and even starred in celebrity-style
campaign commercials (Healy, 2006).

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Only seven per cent of citizens claimed to have used it to look for election information, compared
with 74 percent for newspapers and 89 per cent for Television (MORI, 2001). By the 2005 British
general election, evidence emerged that Internet campaigning was shaping political behaviour.
Some British MPs were using the Net to reach out to supporters outside the traditional structures
of the party, via email distribution lists, for example, which performed some of the functions
performed by blogs (Stanyer, 2005). Britain, politicians, began to experiment with YouTube,
Myspace and Facebook (Jackson & G. Lilleker, 2010). In the spring of 2006, Labour Party leader
Tony Blair led to the creation of the Labour Supporters Network. An email list designed to appeal
to those who were not willing or able to become fully paid-up party members. Conservative Party's
new leader, David Cameron, pioneered the use of online viral video in mainstream British politics,
with his Web Cameron video blog (Chadwick & N. Howard). In 2010 UK Parliament, political
parties and individual candidates in Scotland were unwilling to answer contentious policy
TXHVWLRQV RQOLQH 7KH\ XVH 6RFLDO PHGLD DSSOLFDWLRQV RQHဨZD\ IORZ RI LQIRUPDWLRQ WR NQRZQ
associates and party activists (Baxter, Marcella & Varfis, 2011). Primary elections such as McCain
during 1999-2000, Dean during 2003-2004, Lamont during 2006, Obama during 2007-2008 can
influence by Internet most. It also reduces costs and reduces the complexity of the various state-
level political contests. Politician uses the Internet to reduce uncertainty and risk (Anstead &
Chadwick, 2007). John Edwards use approximately two dozen (SNSs) social networking sites for
political campaigns (Bogatin, 2007). In US political campaigns, the use of social media platforms
has developed dramatically. Especially in 2000, 2002 and 2004, several political seasons (A. Foot
& M. Schneider, 2006).

In Canada, the number of politicians' blogs wasted its effect, which has an impact on the UK
because of political party discipline imposed heavily. Study reveals that the adoption of new
technologies needs full systemic environment. Results found that MP's blogs fulfil space of
conversations, but the traditional style still prefers where few listen and give time to each other
face to face. The study also concludes that blogs have personality-driven potential and a platform
for election campaigns, but it grabs highly observant blog-user (Francoli & Ward, 2008). There is
a substantial increase in internet user between 1998 to 2004 election it also shows the diffusion of
technology (fax machine, email, websites, blogs to android phones applications) and its usage.
Researchers said that those who purposely use online websites for political information have a

Ϯϯ

greater interest in politics. Still, there are other people too who use online sites for a different kind
of information and randomly or accidentally seeing a political news story (Howard, 2006).

The Institute for Politics, Democracy & the Internet work with Finance Institute conduct a survey
to find 2004 political donors through Small Donors Survey.they found those donors who contribute
$100 or less are considered small donors who are one-quarter of 1500 donors. Those followers
who help online are called online donors and those political voters who contribute first time in
2004 Political campaigns are named first-time donors who give more than 500$ and secure 15%
whole. The Internet transformed the way how political movements communicate with their voters,
followers and supporters. Study reveals that 80% of donors are from 18 to 34 years old who use
the Internet the most and donate online. The unsolicited approach is prominent. People who give
the first contact with the political campaign were sending their money as a contribution and
participation. A large donor is mostly a friend or colleague of the politician. Those who donate
online are more politically active. Online Meetup.com help first-time donors to motivate them first
and their others. In a study, online donors said that they would come and participate in 2008
political campaigns actively too. Kerry donors are 80% who gave more then 500$ and 50% donors
are Bush donor. Study reveals that Bush donors offer more vigorous support for president than
Kerry donors. The researcher said that the Internet most crucial ability is to online empowering
politicians and their activists (IPDI, 2006).

For mass communication, Twitter has become a platform for getting news and information and for
the user's main online information channel. In presidential Election 2016 Hillary Clinton and
Donald Trump US campaign, for news all social media applications are gradually used as a direct
source, with avoiding the editorial pages of news-media. Politicians' followers' debate and critique
on social media. The professionalisation of election campaigns confirmed by the Clinton campaign
on social media strategies, in comparison to Trump campaign's which are unprofessional in
political communication manner (Enli, 2007). A study found that political marketing is the main
point behind the social media usage among politicians otherwise they are hesitant to start a debate
and reply them live on social media (Kreiss & Jasinski, 2016). More than ever before, in 2000
online election platform engage their user with political information and empowering their voter
with a handsome political knowledge. Local activist becomes organiser through social media
campaigns. It gives a platform to engage voter, political leader and opposition. In 2000 campaigns,

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nonpartisan websites get many excitements, and their organisers such as Freedom Channel,
Voters.com etc. give authentic political information which sometimes used as news and voters and
followers get aware about their interest and political leadership activities (Graf, 2005). The
researcher said that Television is now not a stand-alone platform for political communication
because of the multi-platform user and multi-tasking public. Now mainstream media present what
currently exists on social media. Politicians require easily accessible platform which connects them
with their voters (Craig, 2016). Pew Research 2016 shows that Bernie Sanders use Instagram the
most for political campaigns.

Hillary Clinton also uses video messages on social media in 2016 political campaigns. Hillary
Clinton, used the signature of '± H' instead of writing text which indicates that she wrote this tweet.
She copied Barack Obama strategy in this matter, and he also used 'b.o.' signature in the 2012
political cycle (Enli, 2007). For individualise campaigning Spanish Election 2011. It has found
that 96 percent of Spanish politicians used social media; on the other hand, 86 percent. Spanish
citizens suggest that politician must use social media to contact with voters. Socialist party use
Twitter more than PP candidates. Municipality of the candidate has a greater tendency to use
Twitter (Criado, Martínez-Fuentes & Silván, 2012).

Study shows that for political engagement, politicians use Twitter. Political leader broadcasting
more than replying. But those politicians who answer to their voter and follower on getting more
political benefit. Anna Bligh, a Queens-land Premier, said that "Engaging with the community
online is an excellent way for me, as Premier, to get feedback on the decisions and actions of my
government . . . Twitter, in particular, is a free and spontaneous way for people to share their views
and thoughts ± it's not filtered or tempered by second thoughts, it's raw and immediate, and it's
24/7. (Bligh, cited in Canning 2009). In the Democratic world, the citizen must know some basic
knowledge of politics. In Australian Election, a study found that the Internet influence political
knowledge of an ordinary citizen. And in election days internet get social concentration. The
researcher said that the knowledge gap is increased by those who are not happy to use the Internet
(McAllister & K. Gibson, 2011). The study highlights some Australian politician Twitter accounts
who followed and following each other (@KateLundy), (@sharrynjackson), (@younglaborleft)
and (@Jim TurnourMP), 152 Australian political leaders have their accounts from which 145
politicians' statements are open and have no protection. 1620 messages on Twitter is from this

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account (@PremierMikeRann) which is the highest number in comparison to other between
election days. Australian Labor Party are not following more people than Greens political leaders.
Kevin Rudd (26th Prime Minister of Australia) is on top because he followed by 918,453 users
and his account following by 173,825 users. Malcolm Turnbull, who was 29th Prime Minister of
Australia, was a second top political personality on Twitter. But in term of tweets, Paul Tully
Ipswich Councilor does 2235 tweets from the account (@PaulTully). In most conversation
politician list Barry O'Farrell with 1575 tweets and 950 retweets. The researcher concludes that in
Australia Twitter give a platform to politicians and those who have political knowledge to share
political campaigning ideas, society issues and what is party policies for resolving them or for
coming on surface. Twitter gives a platform for Australia's political leaders, reporters and
journalists and citizen who have some political knowledge and want more than their familiar
person. Twitter not only connect politician with a citizen, but it also shapes and reshapes the
political discussion (J. Grant, Moon & B. Grant, 2010).

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Chapter 4: Social Media Landscape in Pakistan

4.1- Social Media Presence in Pakistan

In the world of invention, innovation and technology, the Internet plays a vital role in a
student's life. They use it for different purposes, i.e., communication, preparation, acquiring
knowledge, entertainment etc. Students' academics have positively correlated with social
networking sites. Due to the lack of security and privacy policies, a lot of students face harassed
issue, and they also complain about their data misused. Rideout, in her research, found that for the
entertainment need youth is spending more time on social media. She told that an American child
on average spends 7-8 hours a day, just for entertainment and usually multi-task between different
social networks they use (Rideout V, 2012). Technology has shown a fast development by
producing small communication devices, but these small communication devices can have used
for accessing social networks any time anywhere, these devices include pocket computers, laptops,
iPads and even simple mobile phones (which support Internet) etc. Technology is a step towards
betterment, no doubt but any technology which can provide ease of social networks can be
dangerous for social network addicts. Providing the ubiquitous facility of social networks is a
straight invitation of addiction to any teenager and even an adult, as academic satisfaction is not
enough for those students who suffer from social isolation (Tariq, Mehboob, Khan & Ullah, 2012).
Study shows that for political knowledge and awareness, students used social media most.
Online political participation has significantly linked with Political efficacy. It also concludes that;
social media give a platform to the ordinary citizen for participating in real-life political activities.
The study finds that in Pakistan, online political activities of university students strongly associate
with political cognizance and offline political involvement. Research shows that in Pakistani rural
areas, political activities could have followed by the younger generations and they are very active
on social media to participate in online and offline political happenings (Ahmad, Alvi & Ittefaq,
2019).
Statistics show that 50% of Pakistani youth use the Internet for entertainment at the age of
10 to 19 years old kids. Study reveals that youth of Pakistan use the Internet to commenting even

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on those issues which have considered as offensive or taboo. According to an online IT portal of
Pakistan, it has indicated that from Pakistan, 3.4 million users are on Facebook are male, and 1.6
million are female. 76% of FB users are from Pakistan 18-34 years old (Amaima Yawar Khan et
al., 2013). According to research, 35 million users are on Facebook and every year, 7% an average
get register in a year (Democracy Reporting International, 2018). Results revealed that PML (N)
published advertisements are more than PTI and PPP in Urdu Dailies. Within the family, young
people are more persuasive to influence the other household members to vote for the specific party.
Indoor to door election campaigns young voters play a significant role. The researcher said that
youth is more effective in the election process. Youth is the future power of the political parties.
They serve the party in a very productive way if groomed expertly through robust political pieces
of training in the political system. They are a good source of parties' fundraising campaigns
(Hussain, Sajid & Jullandhry, 2018).
At the point when the civic fuse of these SNS destinations has checked on, it has understood
that from the beginning of majority rules system, and despots' spaces to vote based times, Pakistani
media governmental issues have seen changed examples of correspondence. The conventional
media sources have remained banned and limited in their patterns of communication. This is a
wonder which has been surmounted effectively by SNS, and there is the right to speak freely of
discourse and articulation. Hence because of this freedom, there has been more prominent
utilisation of SNS for political correspondents in recent years. It has likewise been accounted for
that to gather and guide reports of viciousness during the post-political race period in Pakistan in
2013, the significant dependence on Facebook, Twitter during Pakistan's 2013 decisions was
regularly made (Musarrat, Dr Masood & Fatima, 2013).

4.2- Role of Social Media Networking in Youth Activism during Election 2013

According to a study in Pakistan, 202.7 million people has urbanized, from which 154.3
million are a mobile subscriber, and 44.61 million have internet access, and 37 million are active
users from which 36% are on social media through mobiles. They also report that monthly active
user on Facebook is 36 million, from which 79% are male. 5.10 million registered members are
on LinkedIn. They also found that 18-24 years old men use social media most. 79% of males are

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Facebook users. 6.30 million are on Instagram, 1.26 million are on Twitter, 2.15 million are on
Snapshot, 5.10 million are on LinkedIn (Kemp, 2019). 92.05% Pakistani use Facebook, 3.64% are
on Twitter, 1.83% are on Instagram, 1% are on YouTube (Statcounter, 2019). Social media user
in Pakistan based on gender proportionality is 69% males and 31% female (PPF, 2013). In Pakistan
study found that 55.7% of a youth spent 6-10 hours on Social networking sites per day and they
use different applications and visit various social sites.
The study found that 38.9% of youth used more than four social apps in a day. Social
networking sites' excessive usage distancing the youth from their circle and they become isolated
and lonely. The researcher also found that SNSs creating distances between the family relation and
youth of society. Results indicate that youth in modern Pakistan are disconnected with their
relatives, families, children and friends because they spend more time on online sites (Ali, 2016).
The researcher found that 71.8% students' use Facebook for political purpose and they spend less
than 1 to 3 hours per week (Zaheer, 2016).

4.3- Social Media Use by Youth

Student of the University of Narowal, Pakistan (SA) strongly agrees that use of online
media positively associated with political issues awareness. Study reveals that to know government
happenings, students use social media. The study concludes that students use social media
(Facebook) to join with a political party and their leaders. Social media has a significant role in
political participation like voting and political efficacy (Ahmad, Alvi & Ittefaq, 2019). 2013
Pakistan's General Election also known as first Pakistani Twitter election. The rise of PTI and
Imran Khan the PTI leader has credited to 30 million young Pakistanis who voted for the first time.
This paper found that all political parties used Twitter for political purposes. Pakistan Tehreek-i-
Insaf used Twitter for interacting with their voters, they also provided legislative campaign
updates, they also discussed some political issues, and it is an excellent platform for the citizen to
poll. The study concludes that personality politics paradigm and voter turn-out is a result of online
and offline campaigns which has targeted for the youth (Ahmed & Skoric, 2014). April 2013
survey, 70% of male Pakistani use Facebook. 94% are from urban areas. Internet access through
mobile is 65% (Haque & Popalzai, 2013).

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4.4- Social Media Use by Youth for Political Participation

For performing political activities, Twitter is handy platforms for youth. In political
campaigns, Twitter shows his ability to engage people and interact with political leaders and
voters. It has also found that through Twitter, political parties predict their elections. In this study,
it has found that in political activism Twitter is playing a very significant role, and if politician
focuses on how to use twitter, they increase their voters (Yousafzai et, al, 2018). Study reveals that
those who spend time on Facebook for political purpose are more influence and their inclination
show in online and offline political participation (Zaheer, Use of Social Media and Political
Participation among University Students, 2016).
The researcher said that new media has a positive impact on youth which informed them
very well; they become more politically active and involve and socially aware of their society.
This study reveals that new media have a negative impact, too, youth exposed to indecent content.
They become intolerant in political matters and violent in opposition matters. They are socially
isolated and disconnected from their friends and families (Zaheer, 2018). The researcher found
that in 2013 Pakistani elections, every single or small political parties try to used new media to
affect and inspire youth who are also voters. They also propagate their political views through new
media to reach young voters. It has also found that young people are very much active in social
media for defending their political and social leaders (Zaheer, 2016).
Ismail Shah Chairman PTA report about blocked websites which are 64,000
approximately, from which 50,000 websites contain pornography, and they are remaining narrate
to blasphemy (Khan, 2015). To gain the information and update, people have depended on paper,
TV or Radio for various issues. Nowadays public is progressively associated by the world
wherever on account of the show of PCs/telephones. As there is a lot of progress in specialised
devices, it has carried simplicity to create boundary among individuals, family, partners,
companions in addition to other collective artisans. Individuals have changed from the more
traditional communicational mediums like TV, paper and radio by expending the administrations
of cutting-edge media, for example, Text messages, Emails, Facebook, Blogs, Myspace, Twitter
thus on, the inventive data instruments of empowering rapid collaboration and scholarly cross
areas (Karamat & Farooq, 2016).

ϯϬ

 Facebook usage holds temporary political commitment by bringing down the barriers for
the articulation of feelings. Facebook encourages youth engagement in political exercises, which
were already not possible. This highlight gives the residents the likelihood to attract the
consideration of the government to specific issues and look for more extensive online help among
other residents. Facebook likewise gives its individuals chance to engage in less requesting
exercises, for example, 'loving' or 'joining' a social and political online gathering, 'enjoying' an
ideological group its applicant and sharing one's sentiment on a political point on their own and
other's wall (Masiha, Habiba, Abbas, Saud & Ariadi, 2018).

4.5- Social Media Conventions by Political Parties to Engage Youth

2013 election, Twitter was used by PTI in different ways. They used it to interact with their
party voters. They give campaign information. Party leaders and their team discussed some societal
and political matters and engaged the Social media user to vote. They target the youth to inspire
them and grab their attention toward legislative party mandate (Ahmed & M. Skoric, 2015). In a
comparison of Pakistani and Malaysian Youth study found that in Pakistan, there is the availability
of political on social media. Still, due to lack of knowledge, it does not show any effect on youth's
online political participation (Dr, Khan, et al., 2019). In the 2018 election, PPP female politicians
are more active on social media then PMLN and PTI politicians. Study shows that on female
politicians' social media users' comment was 216,849, from which 43,372 comments are analyzing,
and we get 90% neutral but 4% abusive sexualized and sexist comments. PPP, PMLQ & ANP's
female politicians get unwelcoming comments which are higher than other politicians. Statistics
show that PMLN's politicians get 76% to receive bad comments based on political victimization.
36% FB Ads came from PTI official page. Electoral fraud was also a part of this time where twitter
hashtag (#Rigging, form45 etc.) was used for wrong polling information and from these accounts
2549 tweets has sent by the end of the election (Democracy Reporting International, 2018).
Researcher finds that (JUI) Jamiat Ulema-e-Islam reject the tool of social media in political
campaigning but (TLP) Tehrekk-e-Labbaik Pakistan use social media to some extent for influence
other citizens. Khadim Hussain Rizvi leader of TLP also become famous on social media when
traditional media has banned from broadcasting his speeches. In 2007 PTI start social media group
and establish Insaf TV and Insaaf radio, in 2008-2009 PPP establish social media team, end of

ϯϭ

2011 was PMLN start social media campaigns (Democracy Reporting International, 2018). Study
reveals that 41% of political advertisements are for youth from PTI published, which is the highest
in all 3 main parties and PML (N) announced the smallest proportion of their ads for youth. The
researcher also found that because youth has significant influence at home and in-country, so
parties target them to influence and because they are very active in political online or offline
participation during election days. Youth is an excellent fundraiser and are excellent support in
political strikes and rallies (Hussain, Sajid & Jullandhry, 2018).
In 2018 election PTI uses the mobile application; in FATA there is no internet access which
means their online political participation is near to denied. Researchers said that Fake news and
misinformation issue affect the election campaigns, but there is no strategy to tackle it till now.
Due to encrypted feature WhatsApp, the trend is unable to check the Fake news during election
campaigns. Study reveals that 60% of 2018's Pakistani elections tweets are from verified accounts;
90% of tweets are from professional news channels or sites. January 2018 data said that Maryam
Nawaz has great posts on Facebook in all-female politicians (Democracy Reporting International,
2018).
The researcher said that Pakistan Television's primetime in the news broadcasting the time
has selected for PML-N was 23%, for PTI it was 17%. For PPP it was 16% but in Pakistan
Broadcasting Corporation focused on MQM it was 21%, it was 18% for ANP, and it was 17% for
JI (Preliminary Statement, 2013). Research findings show that in youth activism social media
played a significant role by getting the youth to intricate in many political debates and to ensure
the promotion of democracy by spreading them the chances of awareness about forming the vote.
In 2013 interim elections for youth the voter turn-out was better. At the point when the political
fuse of these SNS destinations has checked on, it has understood that from the beginning of
majority rules system, and despots' spaces to vote based times, Pakistani media governmental
issues have seen changed examples of correspondence. The conventional media sources have
remained banned and limited in their standards of correspondence. Because of the freedom, there
has been more prominent utilisation of SNS for political correspondents in recent years. It has
likewise been accounted for that to gather and guide reports of viciousness during the post-political
race period in Pakistan in 2013, the significant dependence on Facebook, Twitter during Pakistan's
2013 decisions was regularly made (Musarrat, Dr Masood & Fatima, 2013).

ϯϮ

 Today, we depend on the social sites for every snippet of data just as methods for
correspondence and associating with those we wish to. In the present research, it has been
demonstrated through political insurgencies and offended caused not by an alarm and tanks. Yet,
a straightforward internet-based life site has such a considerable amount of capacity to change
points of view just as the personality of specific people taking part in social discussions. There is
no uncertainty that online life has given a stage to both youthful and old to be a piece of a
continuous political revolt or to be an advertiser/minister through internet-based life. Internet
organising has transformed into the most effective way of getting data. It has taken over through
the phases of Facebook and Twitter. The online experience has turned into a primary resource for
the readiness of the total action and the creation, affiliation and utilisation of social strengthening
far and wide. It has gotten a medium to be forward-thinking about the socio-political happenings
around us just as forgetting and sharing data. It has become a stage for individuals to express their
political perspectives (Karamat & Farooq, 2016). Study shows 52% of respondents said that 2013
general election they attended the political protest. 56% of FB users motivated other people to vote
for a particular candidate or party, which explains that the higher quality photograph and edited
texts on FB cause youths to encourage others for participation in elections. The study also reveals
that more friends on FB raise the chances to saw more friends' political actions, thoughts and
discussion about political matters on Facebook, which stimulates FB users from online and offline
political participation. The researcher concludes that exchanging political opinions and
information indicates the understanding of political issues between youth who participate actively
in politics (Masiha, Habiba, Abbas, Saud & Ariadi, 2018).
To preserve the integrity of July 2018 election in Pakistan. Facebook says, through a combination
of technology and human review, we can fight the spread of false news on this platform (Tariq,
2018). According to #ECP unofficial results, Imran Khan won all 5 seats (Dawn.com, 2018). At
the Daily Times, Ali Warsi, Associate Digital editor, said that diffusion of the Internet in Pakistan
is just 17%. In online Ads, Pakistani politicians wouldn't invest (K. Shahid, 2018).

ϯϯ

Chapter 5: Mobilizing Youth for Political Communication

5.1- Political Mobilization

The researcher said that leaders of the political movement sent an event's message to the
first mass mobilizations and then news media coverage; it also decreases the social pressure of the
society. The research said that Social media usage facilitates the impact of general political
awareness on audience and users, their efficiency, and protests on political movements' funding
and contribution (Lee, Chen & Chan, 2016). The researcher found that online mobilization directly
associated and influenced by the tendency to be politically active voter irrespective of the fact that
some of them pay less attention to politics information (C. Vaccari, 2017). In mobilization, social
media played a vital role in high-stakes testing. Traditional political party's organizations and
electoral politicians failed to motivate for political protests, in which students or their parents
refused to take the state-mandated tests (T. McKeon & H. Gitomer, 2019).

5.2- Mobilizing Young People for Politics

To access the different source of Social news media is like an information hub. These social media
platforms provide a cybernetic platform for political discussions. In term of mobilization, social
media platforms are the only source which reduced organizations' costs and lived participation
because it enabled online recruitments for voters and potential voters (González-Bailón, Borge-
Holthoefer, Rivero & Moreno, 2011). Residents, reduced to the situation of detached beneficiaries
of discretionary and government political correspondence, utilize online social spaces to construct
systems to challenge political elites' set up and procedures. Hence, the researcher discovers a
positive linkage between the online and offline conditions that may reclassify the particulars of
law-based commitment (Koc-Michalska & Lilleker, 2016). Study finds that traditionally
persuasive. National political associations were the most dynamic in utilizing the Internet for
reaching voters. Still, it also found that non-traditional, elective mobilizers were more dependent
on email (Bimber, The Internet and Political Mobilization: Research Note on the 1996 Election
Season, 1998).

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 The researcher also finds that offline political mobilization is not assuring anyone about
online political mobilization. But it is verified that political party interest and internet knowledge
and skills regulate online mobilization. Though, socioeconomic standing of an individual and his
civic skills, political party interest directly linked with online skills (S. Krueger, 2006). A study
found that access to the Internet directly associated with the occurrence of local protests.
Researchers also found in this study that Internet's effect variate on local protests (Monash
University, 2019). The research found that voters joined the political movement after the moment
when they started Tweeting and retweeting about it (González-Bailón, Borge-Holthoefer, Rivero
& Moreno, 2011).

5.3- Use of Social Media for Mobilization

We witness that due to Social media, communication become speedy and more interactive.
It also changed the shape and process of political protest. Now virtual protest can impact on
organized politics by creating symbolic modification, highlighting financial differences,
recognizing targets or responsibility, and keeping the questions in the newsfeed or the traditional
political discussion forms (T. McKeon & H. Gitomer, 2019). Helen Margetts noted that digital
world like Facebook, Twitter, and Snapchat are those platforms where people obtain political
material, debate on politics, and get new political information. These social media platforms also
help voters to make political. Margetts also conclude that social media excites political acts like
voting, protest participation and gathering new voters into politics. He also mentioned that small
political acts could scale-up the protests on Egypt's Tahrir Square or in Spain PODEMOS started
as massive numbers of tiny acts. Still, social media platforms as the force of politics come with
warnings. Digital political action has weakening insinuations for traditional party politics (A. Hale,
2017).
The researcher found in his study that social movement is positively associated with social
media in three major features. people use social media as a source for newsgathering. he also points
out that people using social media platforms to express views about party decision and on their
opinions, and through social media people finding mobilizing information (Valenzuela, 2013).
Twitter work as news media on social network (Kwak, Lee, Park & Moon, 2010).

ϯϱ

 The study found that the online network's properties are negatively associated with other
social networks, and the reason behind that is broadcasters' prominence (González-Bailón, Borge-
Holthoefer, Rivero & Moreno, 2011). Study reveals that in Umbrella Movement those who share
political information and have direct connections with politicians through social media accounts
have a significant impact on support for this movement and people participating in this movement
(Lee, Chen & Chan, 2016). The study found that online mobilization contributes to decreasing
gaps at specific and collective levels for political engagement. The researcher also suggests that
for democratic citizenship, we need to revise and appreciate digital media efforts (C. Vaccari,
2017). In E-participation, researchers found that there are three categories. first who highly active
and interested in getting political information through social media accounts. second, those who
get information through members sharing strategy and their review it and sometimes comment on
it without following that page or party and the third category is belonging from those people who
receive political advertisements. They read it without commenting and sharing (Gibson and
Cantijoch, 2013).
MoveOn.org is the most prominent platform for online activities during the 2004 US
presidential election (Hara, 2008). Study reveals that during the peak of the US election protest,
social media has used for in general protest's participants as well as for awareness. It has used for
a call of participation in the Women's March and March for Science. The researcher also said that
Twitter has more constant effects on protest and political campaign as compared to Facebook.
They also conclude that the usage of television has no impact on political protest's awareness, and
that's the reason it has a limited possibility for mobilization. Social media has a positive relation
with mobilization. Because it has the characteristic that allows individuals to acquire about details
of events, debate on some serious issues, it invites the people to participate in any activity, and
make a common interest between those who like to participate in the same activity (Bouliannea,
Koc-Michalskab & Bimber, 2020). Researchers conclude that the Internet plays a dual role in
mobilizing, people not normally politically involved are now political participating, and the
Internet is reinforcing the existing offline political participation. They also conclude that online
political activities and participation has a generation gap, the new generation are more active on
social media than the older one but in offline political participation has racial differences. Online
and offline political participation affected by socioeconomic status (TaewooNam, 2012).

ϯϲ

 The researcher said that social media reduce the cost of protest, increase the information
transmission and communicational process with trigger scale of mobilization (Earl & Kimport,
2011). The study concludes that poor parents spend less time and energies on online political
participation, or they have fewer social networks outside of their civic world (W. McChesney,
2013). On the other side, it is clear that the government and elites can more easily defeat the
political protest if there is a less powerful party or group on the other side (Castells, 2015).
Mobilization affected by a persons' emotions, ideology, the wellbeing of their children, beliefs and
the state of social justice in surroundings. Empathic space for participation in mobilization is not
just for same thinking minds; it's because of transformation. The researcher concludes that
traditional protesting tactics do not have easily replaced, but now it's little change due to social
media (T. McKeon & H. Gitomer, 2019).
In Hong Kong 2017, leadership election researchers highlighting the importance of social
media like Facebook, WhatsApp, and later Firechat in the process of mobilizing the voters and
protesters (Anthony, 2014). Digital technology mobilizes Africans' during recessions time and
national crisis period they gather and do protest while using mobile phones. During the Arab
Spring, Twitter has greatly used, researcher calls these protest "mobile activism". He also found
that 16% greater protest activity associated with a 4% fall in GDP growth. He also concludes that
when at one side citizens of Africa become empowered through social media and digital
technologies then on another side government of Africa also become aware of their possible
standing (Manacorda & Tesei, 2016). Early or before 2011, Arab protest is just on streets as a
political action or activity, but now social media upraise the political activities, experiments and
mobilization techniques (Lynch, 2017). The biggest and popular political activity on social media
is Signing petitions which emphasize participation before voting campaigns. In 2007, 1.8 million
signatures were received online for road pricing in the UK. The only let users sign petitions one at
a time is "UK petition platform" where people who want to sing it, enter their name, email
addresses and postcode, for each petition they do this action separately (Whyte, Renton &
Macintosh, 2005). The researcher said that political participation is a form of great democracy in
the world. Social media give that participating platform for citizens to increase political
mobilization and democracy spirit (W. Holmes & S. McNeal, 2018).
The study found that China has a critical eye and proper check and balance on their
networks; that's why they have a positive association between social media's political

ϯϳ

communication and government and society. While there is a negative association between
activists and social media's political communication. The study also concludes that negative
association reinforce the linking between social media use and political participation ( Gan, Lee &
Li, 2017). In Russia, the 2011-12 electoral period, protesting parties and political groups used
online social platforms for citizens' political mobilization. "Vkontakte" is a Russian social network
site that affects political mobilization within 18 months of the electoral period (Sherstobitov,
2014). During 2015-16 Spain's electoral election, the study found that those who get political
communication and information through social media are able for civil participation in politics.
By doing this, citizen's political mobilization is evident (Cheng, 2018). A study concludes that
political blogging is undeniably a new procedure of party-political input; the politician has the
potential to transform policies and politics. It also led to improved public engagement (Pole,
2009).
In the history of online activism, Egypt has a lot of social movements (Kefaya, the April
6th Youth, and We are all Khaled Said). Lim concludes that in Egypt, protesters use social media
and coffee houses discussion or conversations in taxis for political mobilization in their country
(Lim, 2012). The researcher found that in Biryulevo bashing (2013) and Ferguson unrest (2014)
protestor use online political mobilization and trigger the activist to offline political action like a
protest. They also found that hidden societal disagreement is the main reason intense conflict in
social media discussion. It also generates the offline political operations and activities very
speedily (Sherstobitov & Sedneva, 2017).

ϯϴ

ZĞĨĞƌĞŶĐĞƐ
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ϯϵ

ŶƐƚĞĂĚΘŚĂĚǁŝĐŬ͘;ϮϬϬϳͿ͘WĂƌƚŝĞƐ͕ůĞĐƚŝŽŶĂŵƉĂŝŐŶŝŶŐĂŶĚƚŚĞ/ŶƚĞƌŶĞƚ͗dŽǁĂƌĚ
ŽŵƉĂƌĂƚŝǀĞ/ŶƐƚŝƚƵƚŝŽŶĂůƉƉƌŽĂĐŚ͘EĞǁWŽůŝƚŝĐĂůŽŵŵƵŶŝĐĂƚŝŽŶhŶŝƚ͘ZĞƚƌŝĞǀĞĚĨƌŽŵ
ŚƚƚƉƐ͗ͬͬǁǁǁ͘ĂĐĂĚĞŵŝĂ͘ĞĚƵͬϯϮϱϱϯϲϵͬWĂƌƚŝĞƐͺůĞĐƚŝŽŶͺĂŵƉĂŝŐŶŝŶŐͺĂŶĚͺƚŚĞͺ/ŶƚĞƌŶĞƚͺdŽǁĂƌĚ
ͺͺŽŵƉĂƌĂƚŝǀĞͺ/ŶƐƚŝƚƵƚŝŽŶĂůͺƉƉƌŽĂĐŚ

ŶƚŚŽŶLJ͕^͘;ϮϬϭϰͿ͘,ŽŶŐ<ŽŶŐƉƌŽƚĞƐƚĞƌƐƚƵƌŶƚŽŵĞƐŚŶĞƚǁŽƌŬƐƚŽĞǀĂĚĞŚŝŶĂ͛ƐĐĞŶƐŽƌƐŚŝƉ͘ZĞƚƌŝĞǀĞĚ
ĨƌŽŵŚƚƚƉƐ͗ͬͬǁǁǁ͘ĞdžƚƌĞŵĞƚĞĐŚ͘ĐŽŵͬĞdžƚƌĞŵĞͬϭϵϭϭϭϴͲŚŽŶŐͲŬŽŶŐͲƉƌŽƚĞƐƚĞƌƐͲƚƵƌŶͲƚŽͲŵĞƐŚͲ
ŶĞƚǁŽƌŬƐͲƚŽͲĞǀĂĚĞͲĐŚŝŶĂƐͲĐĞŶƐŽƌƐŚŝƉ

ƐŚƌĂĨ͕͘;ϮϬϭϯͿ͘/ŵƉĂĐƚŽĨEĞǁDĞĚŝĂŽŶLJŶĂŵŝĐƐŽĨWĂŬŝƐƚĂŶWŽůŝƚŝĐƐ͘:ŽƵƌŶĂůŽĨWŽůŝƚŝĐĂů^ƚƵĚŝĞƐ͘
ZĞƚƌŝĞǀĞĚĨƌŽŵ
ŚƚƚƉƐ͗ͬͬǁǁǁ͘ƌĞƐĞĂƌĐŚŐĂƚĞ͘ŶĞƚͬƉƵďůŝĐĂƚŝŽŶͬϮϱϵϳϱϲϳϲϱͺ/ŵƉĂĐƚͺŽĨͺEĞǁͺDĞĚŝĂͺŽŶͺLJŶĂŵŝĐƐͺ
ŽĨͺWĂŬŝƐƚĂŶͺWŽůŝƚŝĐƐ

ƐůŦ^ĂŶĐĂƌ͘;ϮϬϭϯͿ͘WŽůŝƚŝĐĂůWƵďůŝĐZĞůĂƚŝŽŶƐϮ͘ϬĂŶĚƚŚĞhƐĞŽĨdǁŝƚƚĞƌŽĨWŽůŝƚŝĐĂů>ĞĂĚĞƌƐŝŶdƵƌŬĞLJ͘
KŶůŝŶĞ:ŽƵƌŶĂůŽĨŽŵŵƵŶŝĐĂƚŝŽŶĂŶĚDĞĚŝĂdĞĐŚŶŽůŽŐŝĞƐ͕ϯ;ϭͿ͘ZĞƚƌŝĞǀĞĚĨƌŽŵ
ŚƚƚƉƐ͗ͬͬŵĂŝů͘ŐŽŽŐůĞ͘ĐŽŵͬŵĂŝůͬƵͬϬͬηŝŶďŽdžͬ&DĨĐŐdžǁ'ǁďď,ǁƐƚĐŵŵĐŚWƐůŵů<Ŷ͍ƉƌŽũĞĐƚŽƌс
ϭΘŵĞƐƐĂŐĞWĂƌƚ/ĚсϬ͘Ϯ

ZZΘ/dK&&͘;ϮϬϭϳͿ͘dŚĞEĞǁWƵďůŝĐĚĚƌĞƐƐ^LJƐƚĞŵ͗tŚLJŽtŽƌůĚ>ĞĂĚĞƌƐĚŽƉƚ^ŽĐŝĂů
DĞĚŝĂ͍/ŶƚĞƌŶĂƚŝŽŶĂů^ƚƵĚŝĞƐYƵĂƌƚĞƌůLJ͘

ĂdžƚĞƌ͕DĂƌĐĞůůĂΘsĂƌĨŝƐ͘;ϮϬϭϭͿ͘dŚĞƵƐĞŽĨƚŚĞŝŶƚĞƌŶĞƚďLJƉŽůŝƚŝĐĂůƉĂƌƚŝĞƐĂŶĚĐĂŶĚŝĚĂƚĞƐŝŶ^ĐŽƚůĂŶĚ
ĚƵƌŝŶŐƚŚĞϮϬϭϬh<ŐĞŶĞƌĂůĞůĞĐƚŝŽŶĐĂŵƉĂŝŐŶ͘ŵĞƌĂůĚ'ƌŽƵƉWƵďůŝƐŚŝŶŐ>ŝŵŝƚĞĚ͘ZĞƚƌŝĞǀĞĚ
ĨƌŽŵŚƚƚƉƐ͗ͬͬǁǁǁ͘ĞŵĞƌĂůĚ͘ĐŽŵͬŝŶƐŝŐŚƚͬĐŽŶƚĞŶƚͬĚŽŝͬϭϬ͘ϭϭϬϴͬϬϬϬϭϮϱϯϭϭϭϭϭϲϰϵϲϵͬĨƵůůͬŚƚŵů

ŚĂƚ͕͘;ϮϬϭϵͿ͘WŽƐŝƚŝǀĞĂŶĚEĞŐĂƚŝǀĞĨĨĞĐƚŽĨ^ŽĐŝĂůDĞĚŝĂŽŶWŽůŝƚŝĐƐŽĨ^ŽĐŝĂůDĞĚŝĂŽŶWŽůŝƚŝĐƐ͘dŚƌŝǀĞ
'ůŽďĂů͘ZĞƚƌŝĞǀĞĚEŽǀϭϴ͕ϮϬϭϵ͕ĨƌŽŵŚƚƚƉƐ͗ͬͬƚŚƌŝǀĞŐůŽďĂů͘ĐŽŵͬƐƚŽƌŝĞƐͬƉŽƐŝƚŝǀĞͲĂŶĚͲŶĞŐĂƚŝǀĞͲ
ĞĨĨĞĐƚƐͲŽĨͲƐŽĐŝĂůͲŵĞĚŝĂͲŽŶͲƉŽůŝƚŝĐƐͬ

ŝŵďĞƌ͕͘;ϭϵϵϴͿ͘dŚĞ/ŶƚĞƌŶĞƚĂŶĚWŽůŝƚŝĐĂůDŽďŝůŝnjĂƚŝŽŶ͗ZĞƐĞĂƌĐŚEŽƚĞŽŶƚŚĞϭϵϵϲůĞĐƚŝŽŶ^ĞĂƐŽŶ͘
^ŽĐŝĂů^ĐŝĞŶĐĞŽŵƉƵƚĞƌZĞǀŝĞǁ͘

ŝŵďĞƌ͕͘;ϭϵϵϴͿ͘dŚĞ/ŶƚĞƌŶĞƚĂŶĚWŽůŝƚŝĐĂůDŽďŝůŝnjĂƚŝŽŶ͗ZĞƐĞĂƌĐŚEŽƚĞŽŶƚŚĞϭϵϵϲůĞĐƚŝŽŶ^ĞĂƐŽŶ͘
^ŽĐŝĂů^ĐŝĞŶĐĞŽŵƉƵƚĞƌZĞǀŝĞǁ͕ϯϵϭͲϰϬϭ͘

ŽŐĂƚŝŶ͕͘;ϮϬϬϳͿ͘:ŽŚŶĚǁĂƌĚƐEKd^ŽĐŝĂůEĞƚǁŽƌŬŝŶŐĨŽƌΖhƐĞƌ'ĞŶĞƌĂƚĞĚWŽůŝƚŝĐƐΖĐĂŵƉĂŝŐŶϮϬϬϴ͘
ZĞƚƌŝĞǀĞĚĨƌŽŵŚƚƚƉƐ͗ͬͬǁǁǁ͘njĚŶĞƚ͘ĐŽŵͬĂƌƚŝĐůĞͬũŽŚŶͲĞĚǁĂƌĚƐͲŶŽƚͲƐŽĐŝĂůͲŶĞƚǁŽƌŬŝŶŐͲĨŽƌͲƵƐĞƌͲ
ŐĞŶĞƌĂƚĞĚͲƉŽůŝƚŝĐƐͲĐĂŵƉĂŝŐŶͲϮϬϬϴͬ

ŽƵůŝĂŶŶĞĂ͕<ŽĐͲDŝĐŚĂůƐŬĂďΘŝŵďĞƌ͘;ϮϬϮϬͿ͘DŽďŝůŝnjŝŶŐŵĞĚŝĂ͗ĐŽŵƉĂƌŝŶŐdsĂŶĚƐŽĐŝĂůŵĞĚŝĂĞĨĨĞĐƚƐ
ŽŶƉƌŽƚĞƐƚŵŽďŝůŝnjĂƚŝŽŶ͘/ŶĨŽƌŵĂƚŝŽŶ͕ŽŵŵƵŶŝĐĂƚŝŽŶΘ^ŽĐŝĞƚLJ͘

͘ĂƵŵŐĂƌƚŶĞƌΘ^͘DŽƌƌŝƐ͘;ϮϬϬϵͿ͘DLJ&ĂĐĞdƵďĞWŽůŝƚŝĐƐ͗^ŽĐŝĂůEĞƚǁŽƌŬŝŶŐtĞď^ŝƚĞƐĂŶĚWŽůŝƚŝĐĂů
ŶŐĂŐĞŵĞŶƚŽĨzŽƵŶŐĚƵůƚƐ͘^ŽĐŝĂů^ĐŝĞŶĐĞŽŵƉƵƚĞƌZĞǀŝĞǁ͘ZĞƚƌŝĞǀĞĚĨƌŽŵ
ŚƚƚƉƐ͗ͬͬǁǁǁ͘ƌĞƐĞĂƌĐŚŐĂƚĞ͘ŶĞƚͬƉƵďůŝĐĂƚŝŽŶͬϮϰϵϳϯϳϲϯϱͺDLJ&ĂĐĞdƵďĞͺWŽůŝƚŝĐƐͺ^ŽĐŝĂůͺEĞƚǁŽƌŬŝŶ
ŐͺtĞďͺ^ŝƚĞƐͺĂŶĚͺWŽůŝƚŝĐĂůͺŶŐĂŐĞŵĞŶƚͺŽĨͺzŽƵŶŐͺĚƵůƚƐ

͘sĂĐĐĂƌŝ͘;ϮϬϭϳͿ͘KŶůŝŶĞDŽďŝůŝnjĂƚŝŽŶŝŶŽŵƉĂƌĂƚŝǀĞWĞƌƐƉĞĐƚŝǀĞ͗ŝŐŝƚĂůƉƉĞĂůƐĂŶĚWŽůŝƚŝĐĂů
ŶŐĂŐĞŵĞŶƚŝŶ'ĞƌŵĂŶLJ͕/ƚĂůLJ͕ĂŶĚƚŚĞhŶŝƚĞĚ<ŝŶŐĚŽŵ͘WŽůŝƚŝĐĂůŽŵŵƵŶŝĐĂƚŝŽŶ͘

ϰϬ

ĂŶƚŝũŽĐŚĂŶĚ'ŝďƐŽŶ͘;ϮϬϭϵͿ͘ͲWĂƌƚŝĐŝƉĂƚŝŽŶ͘KdžĨŽƌĚhŶŝǀĞƌƐŝƚLJWƌĞƐƐ͘ZĞƚƌŝĞǀĞĚĨƌŽŵ
ŚƚƚƉƐ͗ͬͬŽdžĨŽƌĚƌĞ͘ĐŽŵͬƉŽůŝƚŝĐƐͬƉŽůŝƚŝĐƐͬǀŝĞǁͬϭϬ͘ϭϬϵϯͬĂĐƌĞĨŽƌĞͬϵϳϴϬϭϵϬϮϮϴϲϯϳ͘ϬϬϭ͘ϬϬϬϭͬĂĐƌĞĨŽ
ƌĞͲϵϳϴϬϭϵϬϮϮϴϲϯϳͲĞͲϱϴϬ

ĂƐƚĞůůƐ͕D͘;ϮϬϭϱͿ͘EĞƚǁŽƌŬƐŽĨKƵƚƌĂŐĞĂŶĚ,ŽƉĞ͗^ŽĐŝĂůDŽǀĞŵĞŶƚƐŝŶƚŚĞ/ŶƚĞƌŶĞƚŐĞ͘WŽůŝƚLJ͘

ĞŶƚĞƌ͕W͘Z͘;ϮϬϭϵͿ͘ĂŶdƌƵŵƉŚĂŶĚůĞDƵĞůůĞƌƉƌŽďĞĂƉƉƌŽƉƌŝĂƚĞůLJ͍DŽƐƚŝŶh^ŶŽƚĐŽŶĨŝĚĞŶƚ͘WĞǁ
ZĞƐĞĂƌĐŚĞŶƚĞƌ͘ZĞƚƌŝĞǀĞĚEŽǀϭϲ͕ϮϬϭϵ͕ĨƌŽŵ
ŚƚƚƉƐ͗ͬͬĞŶ͘ǁŝŬŝƉĞĚŝĂ͘ŽƌŐͬǁŝŬŝͬ^ŽĐŝĂůͺŵĞĚŝĂͺĂŶĚͺƉŽůŝƚŝĐĂůͺĐŽŵŵƵŶŝĐĂƚŝŽŶͺŝŶͺƚŚĞͺhŶŝƚĞĚͺ^ƚĂƚĞ
Ɛ

ŚĂĚǁŝĐŬΘE͘,ŽǁĂƌĚ͘;Ŷ͘Ě͘Ϳ͘WĂƌƚŝĞƐ͕ĞůĞĐƚŝŽŶĐĂŵƉĂŝŐŶŝŶŐ͕ĂŶĚƚŚĞŝŶƚĞƌŶĞƚ͗dŽǁĂƌĚĂĐŽŵƉĂƌĂƚŝǀĞ
ŝŶƐƚŝƚƵƚŝŽŶĂůĂƉƉƌŽĂĐŚ͘/ŶZŽƵƚůĞĚŐĞ,ĂŶĚŬŽĨ/ŶƚĞƌŶĞƚWŽůŝƚŝĐƐ͘dĂLJůŽƌΘ&ƌĂŶĐŝƐKŶůŝŶĞ͘

ŚĂĚǁŝĐŬΘ^ƚƌŽŵĞƌͲ'ĂůůĞLJ͘;ϮϬϭϲͿ͘ŝŐŝƚĂůDĞĚŝĂ͕WŽǁĞƌ͕ĂŶĚĞŵŽĐƌĂĐLJŝŶWĂƌƚŝĞƐĂŶĚůĞĐƚŝŽŶ
ĂŵƉĂŝŐŶƐ͗WĂƌƚLJĞĐůŝŶĞŽƌWĂƌƚLJZĞŶĞǁĂů͍dŚĞ/ŶƚĞƌŶĂƚŝŽŶĂů:ŽƵƌŶĂůŽĨWƌĞƐƐͬWŽůŝƚŝĐƐ͕ϮϴϯͲϮϵϯ͘

ŚĂĚǁŝĐŬ͕͘;ϮϬϬϳͿ͘ŝŐŝƚĂůEĞƚǁŽƌŬZĞƉĞƌƚŽŝƌĞƐĂŶĚKƌŐĂŶŝnjĂƚŝŽŶĂů,LJďƌŝĚŝƚLJ͘WŽůŝƚŝĐĂůŽŵŵƵŶŝĐĂƚŝŽŶ͕
ϮϴϯͲϯϬϭ͘

ŚĞŶŐ͕>͘;ϮϬϭϴͿ͘ŝƌĞĐƚŽŶůŝŶĞƉŽůŝƚŝĐĂůĐŽŵŵƵŶŝĐĂƚŝŽŶĞĨĨĞĐƚƐŽŶĐŝǀŝůƉĂƌƚŝĐŝƉĂƚŝŽŶŝŶ^ƉĂŝŶ͗ĂŶ
ĞdžƉĞƌŝŵĞŶƚĂůƐƚƵĚLJ͘dDΖϭϴ͗dĞĐŚŶŽůŽŐŝĐĂůĐŽƐLJƐƚĞŵƐĨŽƌŶŚĂŶĐŝŶŐDƵůƚŝĐƵůƚƵƌĂůŝƚLJ͕;ƉƉ͘
ϵϰϳʹϵϱϯͿ͘

ŚƌŝƐƚŝĂŶ͘;ϮϬϭϲͿ͘t,d/^WK>/d/>KDDhE/d/KE͍>W͘ZĞƚƌŝĞǀĞĚĨƌŽŵ
ŚƚƚƉ͗ͬͬǁǁǁ͘ĂĂůĞƉ͘ĞƵͬǁŚĂƚͲƉŽůŝƚŝĐĂůͲĐŽŵŵƵŶŝĐĂƚŝŽŶ

ůĞŵĞŶƚ͕:͘;ϮϬϭϵͿ͘DŽƐƚĨĂŵŽƵƐƐŽĐŝĂůŶĞƚǁŽƌŬƐŝƚĞƐϮϬϭϵ͘ZĞƚƌŝĞǀĞĚEŽǀϭϲ͕ϮϬϭϵ͕ĨƌŽŵ
ŚƚƚƉƐ͗ͬͬǁǁǁ͘ƐƚĂƚŝƐƚĂ͘ĐŽŵͬƐƚĂƚŝƐƚŝĐƐͬϮϳϮϬϭϰͬŐůŽďĂůͲƐŽĐŝĂůͲŶĞƚǁŽƌŬƐͲƌĂŶŬĞĚͲďLJͲŶƵŵďĞƌͲŽĨͲ
ƵƐĞƌƐͬ

Žŵŵ͕:͘;ϮϬϭϬͿ͘dǁŝƚƚĞƌWŽǁĞƌϮ͘Ϭ͘EĞǁ:ĞƌƐĞLJ͕͗tŝůĞLJ͘

ŽŽŵďƐ͕t͘d͘Θ,ŽůůĂĚĂLJ͕^͘:͘;ϮϬϭϬͿ͘WZ^ƚƌĂƚĞŐLJĂŶĚƉƉůŝĐĂƚŝŽŶ͘hŶŝƚĞĚ<ŝŶŐĚŽŵ͗tŝůĞLJůĂĐŬǁĞůů͘

ƌĂŝŐ͕'͘;ϮϬϭϲͿ͘WĞƌĨŽƌŵŝŶŐWŽůŝƚŝĐƐ͗DĞĚŝĂ/ŶƚĞƌǀŝĞǁƐ͕ĞďĂƚĞƐĂŶĚWƌĞƐƐŽŶĨĞƌĞŶĐĞƐ͘t/>z͘

ƌŝĂĚŽ͕DĂƌƚşŶĞnjͲ&ƵĞŶƚĞƐΘ^ŝůǀĄŶ͘;ϮϬϭϮͿ͘^ŽĐŝĂůDĞĚŝĂĨŽƌWŽůŝƚŝĐĂůĂŵƉĂŝŐŶŝŶŐ͘dŚĞhƐĞŽĨdǁŝƚƚĞƌďLJ
^ƉĂŶŝƐŚDĂLJŽƌƐŝŶϮϬϭϭ>ŽĐĂůůĞĐƚŝŽŶƐ͘tĞďϮ͘ϬdĞĐŚŶŽůŽŐŝĞƐĂŶĚĞŵŽĐƌĂƚŝĐ'ŽǀĞƌŶĂŶĐĞ͘

ĂũƵŶĞŶŐĞƚ͘Ăů͘;ϮϬϭϱͿ͘^ŽĐŝĂůDĞĚŝĂŶĂůLJƚŝĐƐĂŶĚ/ŶƚĞůůŝŐĞŶĐĞ͘/ŶĚƵƐƚƌŝĂůDĂŶĂŐĞŵĞŶƚΘĂƚĂ
^LJƐƚĞŵƐ͕ϭϲϮϮͲϭϲϯϲ͘

ĂǁŶ͘ĐŽŵ͘;ϮϬϭϴ͕:ƵůLJϮϲͿ͘ĂǁŶ͘ĐŽŵ͘ZĞƚƌŝĞǀĞĚĨƌŽŵĂǁŶ͘ĐŽŵ͗
ŚƚƚƉƐ͗ͬͬǁǁǁ͘ĨĂĐĞŬ͘ĐŽŵͬĚĂǁŶĚŽƚĐŽŵͬƉŽƐƚƐͬƚŚĞͲϭϭƚŚͲŐĞŶĞƌĂůͲĞůĞĐƚŝŽŶͲŝŶͲƉĂŬŝƐƚĂŶͲŚĂǀĞͲ
ƉƌŽĚƵĐĞĚͲƐŽŵĞͲƐƵƌƉƌŝƐŝŶŐͲƌĞƐƵůƚƐͲĂƐͲĂͬϭϬϭϲϬϳϳϭϲϲϭϭϵϬϰϰϮͬ

ĞŵŽĐƌĂĐLJZĞƉŽƌƚŝŶŐ/ŶƚĞƌŶĂƚŝŽŶĂů͘;ϮϬϭϴͿ͘KŶůŝŶĞWĂƌƚŝĐŝƉĂƚŝŽŶŽĨ&ĞŵĂůĞWŽůŝƚŝĐŝĂŶƐŝŶWĂŬŝƐƚĂŶ
'ĞŶĞƌĂůůĞĐƚŝŽŶƐϮϬϭϴ͘ŝŐŝƚĂůZŝŐŚƚƐ&ŽƵŶĚĂƚŝŽŶ͘ZĞƚƌŝĞǀĞĚĨƌŽŵ
ŚƚƚƉƐ͗ͬͬĚŝŐŝƚĂůƌŝŐŚƚƐĨŽƵŶĚĂƚŝŽŶ͘ƉŬͬǁƉͲĐŽŶƚĞŶƚͬƵƉůŽĂĚƐͬϮϬϭϵͬϬϭͬŽŽŬůĞƚͲůĞĐƚŝŽŶƐͲtĞďͲůŽǁ͘ƉĚĨ

ϰϭ

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DĂůĂLJƐŝĂŶzŽƵƚŚ͘ŝŐŝƚĂůKďũĞĐƚ/ĚĞŶƚŝĨŝĞƌ͘ZĞƚƌŝĞǀĞĚĨƌŽŵ
ŚƚƚƉƐ͗ͬͬǁǁǁ͘ƌĞƐĞĂƌĐŚŐĂƚĞ͘ŶĞƚͬƉƵďůŝĐĂƚŝŽŶͬϯϯϭϲϵϯϵϭϯͺWŽůŝƚŝĐĂůͺWĂƌƚŝĐŝƉĂƚŝŽŶͺƚŚƌŽƵŐŚͺ^ŽĐŝĂůͺ
DĞĚŝĂͺŽŵƉĂƌŝƐŽŶͺŽĨͺWĂŬŝƐƚĂŶŝͺĂŶĚͺDĂůĂLJƐŝĂŶͺzŽƵƚŚͺ:ĂŶƵĂƌLJͺϮϬϭϵ

ƵďŽŝƐΘ'ĂĨĨŶĞLJ͘;ϮϬϭϰͿ͘dŚĞDƵůƚŝƉůĞ&ĂĐĞƚƐŽĨ/ŶĨůƵĞŶĐĞ͗/ĚĞŶƚŝĨLJŝŶŐWŽůŝƚŝĐĂů/ŶĨůƵĞŶƚŝĂůƐĂŶĚKƉŝŶŝŽŶ
>ĞĂĚĞƌƐŽŶdǁŝƚƚĞƌ͘ŵĞƌŝĐĂŶĞŚĂǀŝŽƌĂů^ĐŝĞŶƚŝƐƚ͘ZĞƚƌŝĞǀĞĚĨƌŽŵ
ŚƚƚƉƐ͗ͬͬũŽƵƌŶĂůƐ͘ƐĂŐĞƉƵď͘ĐŽŵͬĚŽŝͬĂďƐͬϭϬ͘ϭϭϳϳͬϬϬϬϮϳϲϰϮϭϰϱϮϳϬϴϴ

ƵŐŐĂŶΘ^ŵŝƚŚ͘;ϮϬϭϲͿ͘dŚĞWŽůŝƚŝĐĂůŶǀŝƌŽŶŵĞŶƚŽŶ^ŽĐŝĂůDĞĚŝĂ͘WĞǁZĞƐĞĂƌĐŚĞŶƚĞƌ͘ZĞƚƌŝĞǀĞĚ
ĨƌŽŵŚƚƚƉƐ͗ͬͬǁǁǁ͘ƉĞǁƌĞƐĞĂƌĐŚ͘ŽƌŐͬŝŶƚĞƌŶĞƚͬϮϬϭϲͬϭϬͬϮϱͬƚŚĞͲƉŽůŝƚŝĐĂůͲĞŶǀŝƌŽŶŵĞŶƚͲŽŶͲƐŽĐŝĂůͲ
ŵĞĚŝĂͬ

ĂƌůΘ<ŝŵƉŽƌƚ͘;ϮϬϭϭͿ͘ŝŐŝƚĂůůLJŶĂďůĞĚ^ŽĐŝĂůŚĂŶŐĞ͗ĐƚŝǀŝƐŵŝŶƚŚĞ/ŶƚĞƌŶĞƚŐĞ͘D/dWƌĞƐƐ͘

ĨĨŝŶŐ͕,ŝůůĞŐĞƌƐďĞƌŐΘ,ƵŝďĞƌƐ͘;ϮϬϭϭͿ͘^ŽĐŝĂůDĞĚŝĂĂŶĚWŽůŝƚŝĐĂůWĂƌƚŝĐŝƉĂƚŝŽŶ͗ƌĞ&ĂĐĞŬ͕dǁŝƚƚĞƌ
ĂŶĚzŽƵdƵďĞĞŵŽĐƌĂƚŝnjŝŶŐKƵƌWŽůŝƚŝĐĂů^LJƐƚĞŵƐ͍ůĞĐƚƌŽŶŝĐWĂƌƚŝĐŝƉĂƚŝŽŶ͘ZĞƚƌŝĞǀĞĚĨƌŽŵ
ŚƚƚƉƐ͗ͬͬůŝŶŬ͘ƐƉƌŝŶŐĞƌ͘ĐŽŵͬĐŚĂƉƚĞƌͬϭϬ͘ϭϬϬϳͬϵϳϴͲϯͲϲϰϮͲϮϯϯϯϯͲϯͺϯ

Ŷůŝ͕'͘;ϮϬϬϳͿ͘dǁŝƚƚĞƌĂƐĂƌĞŶĂĨŽƌƚŚĞĂƵƚŚĞŶƚŝĐŽƵƚƐŝĚĞƌ͗ĞdžƉůŽƌŝŶŐƚŚĞƐŽĐŝĂůŵĞĚŝĂĐĂŵƉĂŝŐŶƐŽĨ
dƌƵŵƉĂŶĚůŝŶƚŽŶŝŶƚŚĞϮϬϭϲh^ƉƌĞƐŝĚĞŶƚŝĂůĞůĞĐƚŝŽŶ͘ƵƌŽƉĞĂŶ:ŽƵƌŶĂůŽĨŽŵŵƵŶŝĐĂƚŝŽŶ͘

ƐĨĂŚůĂŶŝΘt͘:͘ƵĐŬůĂŶĚ͘;ϮϬϭϯͿ͘&ĂĐĞŬĂŶĚ/ƌĂŶŝĂŶůĞĐƚƌŽƌĂůWŽůŝƚŝĐƐ͗ŶĐƚŽƌͲEĞƚǁŽƌŬ
WĞƌƐƉĞĐƚŝǀĞ͘dĞĐŚŶŽůŽŐLJΘŵĞƌŐŝŶŐDĞĚŝĂdƌĂĐŬ͘ĂŶĂĚŝĂŶŽŵŵƵŶŝĐĂƚŝŽŶƐƐŽĐŝĂƚŝŽŶ͘
ZĞƚƌŝĞǀĞĚĨƌŽŵ
ŚƚƚƉƐ͗ͬͬǁǁǁ͘ĂĐĂĚĞŵŝĂ͘ĞĚƵͬϲϴϴϴϬϱϭͬ&ĂĐĞŬͺĂŶĚͺ/ƌĂŶŝĂŶͺůĞĐƚŽƌĂůͺWŽůŝƚŝĐƐͺŶͺĐƚŽƌͲ
EĞƚǁŽƌŬͺWĞƌƐƉĞĐƚŝǀĞ

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ŽŶƐƵůƚĂŶƚƐŝŶƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐĂŶĚdŚĞŝƌŽƵŶƚĞƌƉĂƌƚƐKǀĞƌƐĞĂƐ͘dŚĞ/ŶƚĞƌŶĂƚŝŽŶĂů:ŽƵƌŶĂůŽĨ
WƌĞƐƐͬWŽůŝƚŝĐƐ͘ZĞƚƌŝĞǀĞĚĨƌŽŵ
ŚƚƚƉƐ͗ͬͬǁǁǁ͘ƌĞƐĞĂƌĐŚŐĂƚĞ͘ŶĞƚͬƉƵďůŝĐĂƚŝŽŶͬϮϰϬϳϮϱϳϯϳͺWĂƌƚŝĞƐͺĂŶĚͺĂŵƉĂŝŐŶͺWƌŽĨĞƐƐŝŽŶĂůƐͺŝ
ŶͺĂͺŝŐŝƚĂůͺŐĞWŽůŝƚŝĐĂůͺŽŶƐƵůƚĂŶƚƐͺŝŶͺƚŚĞͺhŶŝƚĞĚͺ^ƚĂƚĞƐͺĂŶĚͺdŚĞŝƌͺŽƵŶƚĞƌƉĂƌƚƐͺKǀĞƌƐĞĂƐ

&ŽƵŶƚĂŝŶ͕D͘;ϮϬϭϳ͕ĞĐͿ͘^ŽĐŝĂůDĞĚŝĂĂŶĚŝƚƐĨĨĞĐƚƐŝŶWŽůŝƚŝĐƐ͗dŚĞ&ĂĐƚŽƌƐƚŚĂƚ/ŶĨůƵĞŶĐĞ^ŽĐŝĂůDĞĚŝĂ
ƵƐĞĨŽƌWŽůŝƚŝĐĂůEĞǁƐĂŶĚ^ŽĐŝĂůDĞĚŝĂƵƐĞ/ŶĨůƵĞŶĐŝŶŐWŽůŝƚŝĐĂůWĂƌƚŝĐŝƉĂƚŝŽŶ͘^ŽĐŝĂůDĞĚŝĂĂŶĚ
ŝƚƐĨĨĞĐƚƐŝŶWŽůŝƚŝĐƐ͗dŚĞ&ĂĐƚŽƌƐƚŚĂƚ/ŶĨůƵĞŶĐĞ^ŽĐŝĂůDĞĚŝĂƵƐĞĨŽƌWŽůŝƚŝĐĂůEĞǁƐĂŶĚ^ŽĐŝĂů
DĞĚŝĂƵƐĞ/ŶĨůƵĞŶĐŝŶŐWŽůŝƚŝĐĂůWĂƌƚŝĐŝƉĂƚŝŽŶ͘KŚŝŽ͗dŚĞKŚŝŽ^ƚĂƚĞhŶŝǀĞƌƐŝƚLJ͘ZĞƚƌŝĞǀĞĚĨƌŽŵ
ŚƚƚƉƐ͗ͬͬŬď͘ŽƐƵ͘ĞĚƵͬďŝƚƐƚƌĞĂŵͬŚĂŶĚůĞͬϭϴϭϭͬϴϭϲϭϲͬdŚĞƐŝƐͺDĞŐĂŶͺ&ŽƵŶƚĂŝŶ͘ƉĚĨ͍ƐĞƋƵĞŶĐĞсϭΘŝƐ
ůůŽǁĞĚсLJ

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ůŽŐƐĂŶĚZĞƉƌĞƐĞŶƚĂƚŝǀĞĞŵŽĐƌĂĐLJ͕ϮϭͲϯϵ͘

'ŝďƐŽŶĂŶĚĂŶƚŝũŽĐŚ͘;ϮϬϭϯͿ͘ŽŶĐĞƉƚƵĂůŝnjŝŶŐĂŶĚDĞĂƐƵƌŝŶŐWĂƌƚŝĐŝƉĂƚŝŽŶŝŶƚŚĞŐĞŽĨƚŚĞ/ŶƚĞƌŶĞƚ͗/Ɛ
KŶůŝŶĞWŽůŝƚŝĐĂůŶŐĂŐĞŵĞŶƚZĞĂůůLJŝĨĨĞƌĞŶƚƚŽKĨĨůŝŶĞ͍dŚĞ:ŽƵƌŶĂůŽĨWŽůŝƚŝĐƐ͘

'ŽŵĞnj͕:͘;ϮϬϭϬͿ͘^ŽĐŝĂůDĞĚŝĂĂŶĚůĞĐƚŝŽŶƐ͗&ĂĐĞŬWŽůŝƚŝĐƐŝŶDĂůĂLJƐŝĂĂŶĚ^ŝŶŐĂƉŽƌĞ͘EĂƚŝŽŶĂů
hŶŝǀĞƌƐŝƚLJŽĨ^ŝŶŐĂƉŽƌĞ͕ŽŵŵƵŶŝĐĂƚŝŽŶƐĂŶĚEĞǁDĞĚŝĂWƌŽŐƌĂŵŵĞ͘EĂƚŝŽŶĂůhŶŝǀĞƌƐŝƚLJŽĨ

ϰϮ

 ^ŝŶŐĂƉŽƌĞ͘ZĞƚƌŝĞǀĞĚĨƌŽŵ
ŚƚƚƉƐ͗ͬͬǁǁǁ͘ĂĐĂĚĞŵŝĂ͘ĞĚƵͬϭϲϲϲϬϬϯͬ^ŽĐŝĂůͺDĞĚŝĂͺĂŶĚͺůĞĐƚŝŽŶƐͺ&ĂĐĞŬͺWŽůŝƚŝĐƐͺŝŶͺDĂůĂLJ
ƐŝĂͺĂŶĚͺ^ŝŶŐĂƉŽƌĞ

'ŽŶnjĄůĞnjͲĂŝůſŶ͕ŽƌŐĞͲ,ŽůƚŚŽĞĨĞƌ͕ZŝǀĞƌŽΘDŽƌĞŶŽ͘;ϮϬϭϭͿ͘dŚĞLJŶĂŵŝĐƐŽĨWƌŽƚĞƐƚZĞĐƌƵŝƚŵĞŶƚ
ƚŚƌŽƵŐŚĂŶKŶůŝŶĞEĞƚǁŽƌŬ͘^ĐŝĞŶƚŝĨŝĐZĞƉŽƌƚƐ͘

'ƌĂĨ͕:͘;ϮϬϬϱͿ͘EŽŶƉĂƌƚŝƐĂŶƐŚŝƉĂŶĚƉŽůŝƚŝĐĂůǁĞďƐŝƚĞƐ͘EĂƚŝŽŶĂůŝǀŝĐZĞǀŝĞǁ͘

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ŚƚƚƉƐ͗ͬͬƚƌŝďƵŶĞ͘ĐŽŵ͘ƉŬͬƐƚŽƌLJͬϱϵϭϬϬϰͬƉĂŬŝƐƚĂŶͲŝŶƚĞƌŶĞƚͲƵƐĞͲƐƵƌǀĞLJͲϮϬϭϯͬ

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ŚƚƚƉƐ͗ͬͬǁǁǁ͘ŶLJƚŝŵĞƐ͘ĐŽŵͬϮϬϬϲͬϬϴͬϬϴͬŶLJƌĞŐŝŽŶͬϬϴĐŶĚͲĐĂŵƉĂŝŐŶ͘Śƚŵů

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ĞŶĚƵƉĐŽƐƚŝŶŐƚŚĞŵ͘EE͘ZĞƚƌŝĞǀĞĚĨƌŽŵŚƚƚƉƐ͗ͬͬĞĚŝƚŝŽŶ͘ĐŶŶ͘ĐŽŵͬϮϬϭϵͬϬϱͬϭϱͬǁŽƌůĚͬǁĞĐŚĂƚͲ
ĂƵƐƚƌĂůŝĂŶͲĞůĞĐƚŝŽŶͲŝŶƚůͬŝŶĚĞdž͘Śƚŵů

,ŽŶŐΘEĂĚůĞƌ͘;ϮϬϭϭͿ͘ŽĞƐƚŚĞĞĂƌůLJďŝƌĚŵŽǀĞƚŚĞƉŽůůƐ͍dŚĞƵƐĞŽĨƚŚĞƐŽĐŝĂůŵĞĚŝĂƚŽŽůΖdǁŝƚƚĞƌΖďLJ
h͘^͘ƉŽůŝƚŝĐŝĂŶƐĂŶĚŝƚƐŝŵƉĂĐƚŽŶƉƵďůŝĐŽƉŝŶŝŽŶ͘ϭϮƚŚŶŶƵĂů/ŶƚĞƌŶĂƚŝŽŶĂůŽŶĨĞƌĞŶĐĞŽŶŝŐŝƚĂů
'ŽǀĞƌŶŵĞŶƚ͘ŽůůĞŐĞWĂƌŬ͕D͕h^͘

,ŽŶŐ͕^͘;ϮϬϭϮͿ͘KŶůŝŶĞEĞǁƐŽŶdǁŝƚƚĞƌ͗EĞǁƐƉĂƉĞƌƐΖ^ŽĐŝĂůDĞĚŝĂĚŽƉƚŝŽŶĂŶĚdŚĞŝƌKŶůŝŶĞ
ZĞĂĚĞƌƐŚŝƉ͘/ŶĨŽƌŵĂƚŝŽŶĐŽŶŽŵŝĐƐĂŶĚWŽůŝĐLJ͘

,ŽǁĂƌĚ͕W͘E͘;ϮϬϬϲͿ͘EĞǁDĞĚŝĂĂŵƉĂŝŐŶƐĂŶĚƚŚĞDĂŶĂŐĞĚŝƚŝnjĞŶ͘ĂŵďƌŝĚŐĞ͗ĂŵďƌŝĚŐĞ
hŶŝǀĞƌƐŝƚLJWƌĞƐƐ͘ZĞƚƌŝĞǀĞĚĨƌŽŵ
ŚƚƚƉƐ͗ͬͬǁǁǁ͘ĂĐĂĚĞŵŝĂ͘ĞĚƵͬϯϮϱϱϯϲϵͬWĂƌƚŝĞƐͺůĞĐƚŝŽŶͺĂŵƉĂŝŐŶŝŶŐͺĂŶĚͺƚŚĞͺ/ŶƚĞƌŶĞƚͺdŽǁĂƌĚ
ͺͺŽŵƉĂƌĂƚŝǀĞͺ/ŶƐƚŝƚƵƚŝŽŶĂůͺƉƉƌŽĂĐŚ

,ƵƐƐĂŝŶ͕^ĂũŝĚΘ:ƵůůĂŶĚŚƌLJ͘;ϮϬϭϴͿ͘WŽůŝƚŝĐƐͲŵĞĚŝĂͲLJŽƵƚŚŶĞdžƵƐ͗ŶĂůLJƐŝƐŽĨWĂŬŝƐƚĂŶ͛ƐŐĞŶĞƌĂůĞůĞĐƚŝŽŶƐ
ϮϬϭϯ͘ŽŐĞŶƚ^ŽĐŝĂů^ĐŝĞŶĐĞƐ͘ZĞƚƌŝĞǀĞĚĨƌŽŵ
ŚƚƚƉƐ͗ͬͬǁǁǁ͘ƚĂŶĚĨŽŶůŝŶĞ͘ĐŽŵͬĚŽŝͬĨƵůůͬϭϬ͘ϭϬϴϬͬϮϯϯϭϭϴϴϲ͘ϮϬϭϴ͘ϭϰϰϲϲϴϴ

/ŶƚĞƌŶĂƚŝŽŶĂůdĞůĞĐŽŵŵƵŶŝĐĂƚŝŽŶhŶŝŽŶ͘;ϮϬϬϱͿ͘dŚĞ/ŶƚĞƌŶĞƚŽĨdŚŝŶŐƐ͘/dh͘ZĞƚƌŝĞǀĞĚĨƌŽŵ
ŚƚƚƉƐ͗ͬͬǁǁǁ͘ŝƚƵ͘ŝŶƚͬŶĞƚͬǁƐŝƐͬƚƵŶŝƐͬŶĞǁƐƌŽŽŵͬƐƚĂƚƐͬdŚĞͲ/ŶƚĞƌŶĞƚͲŽĨͲdŚŝŶŐƐͲϮϬϬϱ͘ƉĚĨ

/W/͘;ϮϬϬϲͿ͘^ŵĂůůŽŶŽƌƐĂŶĚKŶůŝŶĞ'ŝǀŝŶŐ͕Η^dhzK&KEKZ^dKd,ϮϬϬϰWZ^/Ed/>
DW/'E^Η͘'ĞŽƌŐĞtĂƐŚŝŶŐƚŽŶhŶŝǀĞƌƐŝƚLJ͘ZĞƚƌŝĞǀĞĚĨƌŽŵ
ŚƚƚƉ͗ͬͬǁǁǁ͘ĐĨŝŶƐƚ͘ŽƌŐͬƉƌĞƐŝĚĞŶƚͬƉĚĨͬ/W/ͺ^ŵĂůůŽŶŽƌƐ͘ƉĚĨ

:͘ůĞŵĞŶƚ͘;ϮϬϭϵͿ͘DŽƐƚͲĨŽůůŽǁĞĚƉŽůŝƚŝĐĂůĨŝŐƵƌĞƐŽŶ/ŶƐƚĂŐƌĂŵǁŽƌůĚǁŝĚĞĂƐŽĨ^ĞƉƚĞŵďĞƌϮϬϭϵ͘
ƐƚĂƚŝƐƚĂ͘

:͘ůĞŵĞŶƚ͘;ϮϬϭϵͿ͘tŽƌůĚůĞĂĚĞƌƐǁŝƚŚƚŚĞŵŽƐƚdǁŝƚƚĞƌĨŽůůŽǁĞƌƐĂƐŽĨ:ĂŶƵĂƌLJϮϬϭϵ͘^ƚĂƚŝƐƚĂ͘

:͘'ƌĂŶƚ͕DŽŽŶΘ͘'ƌĂŶƚ͘;ϮϬϭϬͿ͘ŝŐŝƚĂůŝĂůŽŐƵĞ͍ƵƐƚƌĂůŝĂŶWŽůŝƚŝĐŝĂŶƐΖƵƐĞŽĨƚŚĞ͘ƵƐƚƌĂůŝĂŶ:ŽƵƌŶĂů
ŽĨWŽůŝƚŝĐĂů^ĐŝĞŶĐĞ͘

ϰϯ

:ĂĐŬƐŽŶΘ'͘>ŝůůĞŬĞƌ͘;ϮϬϭϬͿ͘dĞŶƚĂƚŝǀĞƐƚĞƉƐƚŽǁĂƌĚƐŝŶƚĞƌĂĐƚŝŽŶ͗dŚĞƵƐĞŽĨƚŚĞ/ŶƚĞƌŶĞƚŝŶƚŚĞƌŝƚŝƐŚ
ƵƌŽƉĞĂŶWĂƌůŝĂŵĞŶƚůĞĐƚŝŽŶϮϬϬϵ͘ŵĞƌĂůĚ'ƌŽƵƉWƵďůŝƐŚŝŶŐ>ŝŵŝƚĞĚ͘ZĞƚƌŝĞǀĞĚĨƌŽŵ
ŚƚƚƉƐ͗ͬͬǁǁǁ͘ĞŵĞƌĂůĚ͘ĐŽŵͬŝŶƐŝŐŚƚͬĐŽŶƚĞŶƚͬĚŽŝͬϭϬ͘ϭϭϬϴͬϭϬϲϲϮϮϰϭϬϭϭϬϴϰϭϬϯͬĨƵůůͬŚƚŵů

:ŽŚŶƐŽŶΘ'ŽůĚǁĂƐƐĞƌ͘;ϮϬϭϲͿ͘͞ůů/ŬŶŽǁĂďŽƵƚƉŽůŝƚŝĐƐŝƐǁŚĂƚ/ƌĞĂĚŝŶdǁŝƚƚĞƌ͗͟tĞĂŬůLJ^ƵƉĞƌǀŝƐĞĚ
DŽĚĞůƐĨŽƌdžƚƌĂĐƚŝŶŐWŽůŝƚŝĐŝĂŶƐ͛^ƚĂŶĐĞƐ&ƌŽŵdǁŝƚƚĞƌ͘WƌŽĐĞĞĚŝŶŐƐŽĨK>/E'ϮϬϭϲ͕ƚŚĞϮϲƚŚ
/ŶƚĞƌŶĂƚŝŽŶĂůŽŶĨĞƌĞŶĐĞŽŶŽŵƉƵƚĂƚŝŽŶĂů>ŝŶŐƵŝƐƚŝĐƐ͗dĞĐŚŶŝĐĂůWĂƉĞƌƐ͘dŚĞK>/E'ϮϬϭϲ
KƌŐĂŶŝnjŝŶŐŽŵŵŝƚƚĞĞ͘

<͘'ŝďƐŽŶ͕>ƵƐŽůŝΘtĂƌĚ͘;ϮϬϬϱͿ͘KŶůŝŶĞWĂƌƚŝĐŝƉĂƚŝŽŶŝŶƚŚĞh<͗dĞƐƚŝŶŐĂ͚ŽŶƚĞdžƚƵĂůŝƐĞĚ͛DŽĚĞů
ŽĨ/ŶƚĞƌŶĞƚĨĨĞĐƚƐ͘:W/Z͘ZĞƚƌŝĞǀĞĚĨƌŽŵ
ŚƚƚƉƐ͗ͬͬƉĚĨƐ͘ƐĞŵĂŶƚŝĐƐĐŚŽůĂƌ͘ŽƌŐͬĐϯϵϵͬϯĚďĚϳϭϭϲϴĂϬĨϱĚϳďĚĚϲĂĨĚĐϭϵĐĚϵĐĞϯϴďĚϲĞ͘ƉĚĨ

<͘,Žůƚ͘ĞƚĂů͕͘;ϮϬϭϯͿ͘ŐĞĂŶĚƚŚĞĞĨĨĞĐƚƐŽĨŶĞǁƐŵĞĚŝĂĂƚƚĞŶƚŝŽŶĂŶĚƐŽĐŝĂůŵĞĚŝĂƵƐĞŽŶƉŽůŝƚŝĐĂů
ŝŶƚĞƌĞƐƚĂŶĚƉĂƌƚŝĐŝƉĂƚŝŽŶ͗ŽƐŽĐŝĂůŵĞĚŝĂĨƵŶĐƚŝŽŶĂƐůĞǀĞůůĞƌ͍ƵƌŽƉĞĂŶ:ŽƵƌŶĂůŽĨ
ŽŵŵƵŶŝĐĂƚŝŽŶ͘ZĞƚƌŝĞǀĞĚĨƌŽŵŚƚƚƉƐ͗ͬͬƐĐŝͲŚƵď͘ƚǁͬϭϬ͘ϭϭϳϳͬϬϮϲϳϯϮϯϭϭϮϰϲϱϯϲϵ

<͘^ŚĂŚŝĚ͘;ϮϬϭϴ͕DĂLJϬϭͿ͘ŽƵůĚ&ĂĐĞŬĂƚĂ>ĞĂŬƐ/ŵƉĂĐƚWĂŬŝƐƚĂŶ͛ƐůĞĐƚŝŽŶƐ͍ZĞƚƌŝĞǀĞĚĨƌŽŵdŚĞ
ŝŵƉůŽŵĂƚĞ͗ŚƚƚƉƐ͗ͬͬƚŚĞĚŝƉůŽŵĂƚ͘ĐŽŵͬϮϬϭϴͬϬϱͬĐŽƵůĚͲĨĂĐĞŬͲĚĂƚĂͲůĞĂŬƐͲŝŵƉĂĐƚͲƉĂŬŝƐƚĂŶƐͲ
ĞůĞĐƚŝŽŶƐͬ

<Ăŵŝů'ŝĞŵnjĂ͘;ϮϬϭϰͿ͘
,ZdZ/^d/^K&WK>/d/>KDDhE/d/KE/E^K/>EdtKZ<^͘D/yDd,K^
Z^Z,KEd,yDW>K&tZ^tDWƐ͘ĐĞũƐŚ͘ZĞƚƌŝĞǀĞĚEŽǀϭϲ͕ϮϬϭϵ͕ĨƌŽŵ
ĨŝůĞ͗ͬͬͬ͗ͬhƐĞƌƐͬEƵƐƌĂƚͬƉƉĂƚĂͬ>ŽĐĂůͬdĞŵƉͬ'ŝĞŵnjĂͲ<͘ͲŚĂƌĂĐƚĞƌŝƐƚŝĐƐͲŽĨͲWŽůŝƚŝĐĂůͲ
ŽŵŵƵŶŝĐĂƚŝŽŶͲŝŶͲ^ŽĐŝĂůͲEĞƚǁŽƌŬƐ͘ͲDŝdžĞĚͲDĞƚŚŽĚƐͲZĞƐĞĂƌĐŚͲŽŶ͘ƉĚĨ

<ĂƉŬŽ͕D͘;ϮϬϭϲͿ͘dǁŝƚƚĞƌΖƐŝŵƉĂĐƚŽŶϮϬϭϲƉƌĞƐŝĚĞŶƚŝĂůĞůĞĐƚŝŽŶŝƐƵŶŵŝƐƚĂŬĂďůĞ͘/K͘ZĞƚƌŝĞǀĞĚĨƌŽŵ
ŚƚƚƉƐ͗ͬͬǁǁǁ͘ĐŝŽ͘ĐŽŵͬĂƌƚŝĐůĞͬϯϭϯϳϱϭϯͬƚǁŝƚƚĞƌƐͲŝŵƉĂĐƚͲŽŶͲϮϬϭϲͲƉƌĞƐŝĚĞŶƚŝĂůͲĞůĞĐƚŝŽŶͲŝƐͲ
ƵŶŵŝƐƚĂŬĂďůĞ͘Śƚŵů

<ĂƌĂŵĂƚΘ&ĂƌŽŽƋ͘;ϮϬϭϲͿ͘ŵĞƌŐŝŶŐZŽůĞŽĨ^ŽĐŝĂůDĞĚŝĂŝŶWŽůŝƚŝĐĂůĐƚŝǀŝƐŵ͗WĞƌĐĞƉƚŝŽŶƐĂŶĚ
WƌĂĐƚŝĐĞƐ͘^ŽƵƚŚƐŝĂŶ^ƚƵĚŝĞƐ͕ϯϴϭʹϯϵϲ͘

<ĂƌůƐĞŶΘŶũŽůƌĂƐ͘;ϮϬϭϲͿ͘^ƚLJůĞƐŽĨ^ŽĐŝĂůDĞĚŝĂĂŵƉĂŝŐŶŝŶŐĂŶĚ/ŶĨůƵĞŶĐĞŝŶĂ,LJďƌŝĚWŽůŝƚŝĐĂů
ŽŵŵƵŶŝĐĂƚŝŽŶ^LJƐƚĞŵ͗>ŝŶŬŝŶŐĂŶĚŝĚĂƚĞ^ƵƌǀĞLJĂƚĂǁŝƚŚdǁŝƚƚĞƌĂƚĂ͘dŚĞ/ŶƚĞƌŶĂƚŝŽŶĂů
:ŽƵƌŶĂůŽĨWƌĞƐƐͬWŽůŝƚŝĐƐ͕ϯϯϴͲϯϱϳ͘

<ĂƌůƐĞŶ͕Z͘;ϮϬϭϱ͕ƉƌŝůϭϱͿ͘&ŽůůŽǁĞƌƐĂƌĞŽƉŝŶŝŽŶůĞĂĚĞƌƐ͗dŚĞƌŽůĞŽĨƉĞŽƉůĞŝŶƚŚĞĨůŽǁŽĨƉŽůŝƚŝĐĂů
ĐŽŵŵƵŶŝĐĂƚŝŽŶŽŶĂŶĚďĞLJŽŶĚƐŽĐŝĂůŶĞƚǁŽƌŬŝŶŐƐŝƚĞƐ͘ƵƌŽƉĞĂŶ:ŽƵƌŶĂůŽĨŽŵŵƵŶŝĐĂƚŝŽŶ͘
ZĞƚƌŝĞǀĞĚĨƌŽŵŚƚƚƉƐ͗ͬͬũŽƵƌŶĂůƐ͘ƐĂŐĞƉƵď͘ĐŽŵͬĚŽŝͬĂďƐͬϭϬ͘ϭϭϳϳͬϬϮϲϳϯϮϯϭϭϱϱϳϳϯϬϱ

<ĞŵƉ͕^͘;ϮϬϭϵͿ͘ŝŐŝƚĂůϮϬϭϵ͗WĂŬŝƐƚĂŶ͘ĂƚĂƌĞƉŽƌƚĂů͘ZĞƚƌŝĞǀĞĚĨƌŽŵ
ŚƚƚƉƐ͗ͬͬĚĂƚĂƌĞƉŽƌƚĂů͘ĐŽŵͬƌĞƉŽƌƚƐͬĚŝŐŝƚĂůͲϮϬϭϵͲƉĂŬŝƐƚĂŶ

<ŚĂŶ͕Z͘;ϮϬϭϱͿ͘/ŶƚĞƌŶĞƚĂŶĚDŽƌĂůŝƚLJŽĨWĂŬŝƐƚĂŶŝzŽƵƚŚ͘ƉŚŽŶĞǁŽƌůĚ͘ZĞƚƌŝĞǀĞĚĨƌŽŵ
ŚƚƚƉƐ͗ͬͬǁǁǁ͘ƉŚŽŶĞǁŽƌůĚ͘ĐŽŵ͘ƉŬͬŝŶƚĞƌŶĞƚͲĂŶĚͲŵŽƌĂůŝƚLJͲŽĨͲƉĂŬŝƐƚĂŶŝͲLJŽƵƚŚͬ

<ŝŵΘŚĞŶ͘;ϮϬϭϲͿ͘^ŽĐŝĂůŵĞĚŝĂĂŶĚŽŶůŝŶĞƉŽůŝƚŝĐĂůƉĂƌƚŝĐŝƉĂƚŝŽŶ͗dŚĞŵĞĚŝĂƚŝŶŐƌŽůĞŽĨĞdžƉŽƐƵƌĞƚŽ
ĐƌŽƐƐͲĐƵƚƚŝŶŐĂŶĚůŝŬĞͲŵŝŶĚĞĚƉĞƌƐƉĞĐƚŝǀĞƐ͘dĞůĞŵĂƚŝĐƐĂŶĚ/ŶĨŽƌŵĂƚŝĐƐ͕ϯϮϬͲϯϯϬ͘

ϰϰ

<ŽĐͲDŝĐŚĂůƐŬĂΘ>ŝůůĞŬĞƌ͘;ϮϬϭϲͿ͘ŝŐŝƚĂůWŽůŝƚŝĐƐ͗DŽďŝůŝnjĂƚŝŽŶ͕ŶŐĂŐĞŵĞŶƚ͕ĂŶĚWĂƌƚŝĐŝƉĂƚŝŽŶ͘WŽůŝƚŝĐĂů
ŽŵŵƵŶŝĐĂƚŝŽŶ͘ZĞƚƌŝĞǀĞĚĨƌŽŵ
ŚƚƚƉƐ͗ͬͬǁǁǁ͘ƚĂŶĚĨŽŶůŝŶĞ͘ĐŽŵͬĚŽŝͬĐŝƚĞĚďLJͬϭϬ͘ϭϬϴϬͬϭϬϱϴϰϲϬϵ͘ϮϬϭϲ͘ϭϮϰϯϭϳϴ͍ƐĐƌŽůůсƚŽƉΘŶĞĞĚ
ĐĐĞƐƐсƚƌƵĞ

<ŽŵŝƚŽ͕>͘;ϮϬϬϱͿ͘ͲƉĂƌƚŝĐŝƉĂƚŝŽŶĂŶĚ'ŽǀĞƌŶĂŶĐĞ͗tŝĚĞŶŝŶŐƚŚĞŶĞƚ͘ůĞĐƚƌŽŶŝĐ:ŽƵƌŶĂůŽĨĞͲ
'ŽǀĞƌŶŵĞŶƚ͕ϯ;ϭͿ͘ZĞƚƌŝĞǀĞĚEŽǀϭϳ͕ϮϬϭϵ͕ĨƌŽŵ
ŚƚƚƉƐ͗ͬͬƌĞƐĞĂƌĐŚƌĞƉŽƐŝƚŽƌLJ͘ƵĐĚ͘ŝĞͬŚĂŶĚůĞͬϭϬϭϵϳͬϭϬϮϱϯ

<ƌĞŝƐƐΘ:ĂƐŝŶƐŬŝ͘;ϮϬϭϲͿ͘dŚĞdĞĐŚ/ŶĚƵƐƚƌLJDĞĞƚƐWƌĞƐŝĚĞŶƚŝĂůWŽůŝƚŝĐƐ͗džƉůĂŝŶŝŶŐƚŚĞĞŵŽĐƌĂƚŝĐWĂƌƚLJ͛Ɛ
dĞĐŚŶŽůŽŐŝĐĂůĚǀĂŶƚĂŐĞŝŶůĞĐƚŽƌĂůĂŵƉĂŝŐŶŝŶŐ͕ϮϬϬϰʹϮϬϭϮ͘WŽůŝƚŝĐĂůŽŵŵƵŶŝĐĂƚŝŽŶ͘

<ƌƵĞŐĞƌ͕^͘;ϮϬϬϮͿ͘ƐƐĞƐƐŝŶŐƚŚĞWŽƚĞŶƚŝĂůŽĨ/ŶƚĞƌŶĞƚWŽůŝƚŝĐĂůWĂƌƚŝĐŝƉĂƚŝŽŶŝŶƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐ͗
ZĞƐŽƵƌĐĞƉƉƌŽĂĐŚ͘ŵĞƌŝĐĂŶWŽůŝƚŝĐƐZĞƐĞĂƌĐŚ͘ZĞƚƌŝĞǀĞĚĨƌŽŵ
ŚƚƚƉƐ͗ͬͬũŽƵƌŶĂůƐ͘ƐĂŐĞƉƵď͘ĐŽŵͬĚŽŝͬϭϬ͘ϭϭϳϳͬϭϱϯϮϲϳϯyϬϮϬϯϬϬϬϱϬϬϮ

<ƌƵŝŬĞŵĞŝĞƌ͕^͘;ϮϬϭϰͿ͘,ŽǁƉŽůŝƚŝĐĂůĐĂŶĚŝĚĂƚĞƐƵƐĞdǁŝƚƚĞƌĂŶĚƚŚĞŝŵƉĂĐƚŽŶǀŽƚĞƐ͘ŽŵƉƵƚĞƌƐŝŶ
,ƵŵĂŶĞŚĂǀŝŽƌ͘ZĞƚƌŝĞǀĞĚĨƌŽŵ
ŚƚƚƉƐ͗ͬͬǁǁǁ͘ƐĐŝĞŶĐĞĚŝƌĞĐƚ͘ĐŽŵͬƐĐŝĞŶĐĞͬĂƌƚŝĐůĞͬƉŝŝͬ^ϬϳϰϳϱϲϯϮϭϰϬϬϬϯϬϮ

<ǁĂŬ͕>ĞĞ͕WĂƌŬΘDŽŽŶ͘;ϮϬϭϬͿ͘tŚĂƚŝƐdǁŝƚƚĞƌ͕Ă^ŽĐŝĂůEĞƚǁŽƌŬŽƌĂEĞǁƐDĞĚŝĂ͍ttt͘

>ĞĞ͕ŚĞŶΘŚĂŶ͘;ϮϬϭϲͿ͘^ŽĐŝĂůDĞĚŝĂhƐĞĂŶĚhŶŝǀĞƌƐŝƚLJ^ƚƵĚĞŶƚƐ͛WĂƌƚŝĐŝƉĂƚŝŽŶŝŶĂ>ĂƌŐĞͲƐĐĂůĞ
WƌŽƚĞƐƚĂŵƉĂŝŐŶ͗dŚĞĂƐĞŽĨ,ŽŶŐ<ŽŶŐ͛ƐhŵďƌĞůůĂDŽǀĞŵĞŶƚ͘dĞůĞŵĂƚŝĐƐĂŶĚ/ŶĨŽƌŵĂƚŝĐƐ͘

>ĞŶŚĂƌƚ͕͘;ϮϬϭϱͿ͘dĞĞŶƐ͕^ŽĐŝĂůDĞĚŝĂΘdĞĐŚŶŽůŽŐLJKǀĞƌǀŝĞǁϮϬϭϱ͘WĞǁZĞƐĞĂƌĐŚĞŶƚĞƌ͘ZĞƚƌŝĞǀĞĚ
ĨƌŽŵŚƚƚƉƐ͗ͬͬǁǁǁ͘ƉĞǁƌĞƐĞĂƌĐŚ͘ŽƌŐͬŝŶƚĞƌŶĞƚͬϮϬϭϱͬϬϰͬϬϵͬƚĞĞŶƐͲƐŽĐŝĂůͲŵĞĚŝĂͲƚĞĐŚŶŽůŽŐLJͲϮϬϭϱͬ

>ĞƵƐĐŚŶĞƌ͘;ϮϬϭϮͿ͘dŚĞhƐĞŽĨƚŚĞ/ŶƚĞƌŶĞƚĂŶĚ^ŽĐŝĂůDĞĚŝĂŝŶh͘^͘WƌĞƐŝĚĞŶƚŝĂůĂŵƉĂŝŐŶƐ͗ϭϵϵϮͲϮϬϭϮ͘
ZĞƚƌŝĞǀĞĚEŽǀϭϲ͕ϮϬϭϵ͕ĨƌŽŵ
ŚƚƚƉƐ͗ͬͬǁǁǁ͘ĂĐĂĚĞŵŝĂ͘ĞĚƵͬϭϱϭϬϰϬϴͬdŚĞͺhƐĞͺŽĨͺƚŚĞͺ/ŶƚĞƌŶĞƚͺĂŶĚͺ^ŽĐŝĂůͺDĞĚŝĂͺŝŶͺh͘^͘ͺWƌ
ĞƐŝĚĞŶƚŝĂůͺĂŵƉĂŝŐŶƐͺϭϵϵϮͲϮϬϭϮ

>ŝŵ͕D͘;ϮϬϭϮͿ͘ůŝĐŬƐ͕ĂďƐ͕ĂŶĚŽĨĨĞĞ,ŽƵƐĞƐ͗^ŽĐŝĂůDĞĚŝĂĂŶĚKƉƉŽƐŝƚŝŽŶĂůDŽǀĞŵĞŶƚƐŝŶŐLJƉƚ͕
ϮϬϬϰʹϮϬϭϭ͘:ŽƵƌŶĂůŽĨŽŵŵƵŶŝĐĂƚŝŽŶ͘

>LJŶĐŚ͕D͘;ϮϬϭϳͿ͘DŽďŝůŝnjŝŶŐƚŚƌŽƵŐŚKŶůŝŶĞDĞĚŝĂtŚLJƚŚĞ/ŶƚĞƌŶĞƚ^ƚŝůůDĂƚƚĞƌƐĨŽƌŚĂŶŐĞŝŶƚŚĞ
DŝĚĚůĞĂƐƚ͘ZĞƚƌŝĞǀĞĚĨƌŽŵŚƚƚƉƐ͗ͬͬƚĐĨ͘ŽƌŐͬĐŽŶƚĞŶƚͬƌĞƉŽƌƚͬŵŽďŝůŝnjŝŶŐͲŽŶůŝŶĞͲŵĞĚŝĂ͍ͬƐĞƐƐŝŽŶсϭ

D͘^ŬŝŶŶĞƌ͘;ϮϬϬϱͿ͘ŽϱϮϳΖƐĚĚhƉƚŽĂWĂƌƚLJ͍dŚŝŶŬŝŶŐďŽƵƚƚŚĞΗ^ŚĂĚŽǁƐΗŽĨWŽůŝƚŝĐƐ͘ƉƉůŝĞĚ
ZĞƐĞĂƌĐŚŝŶŽŶƚĞŵƉŽƌĂƌLJWŽůŝƚŝĐƐ͘

DĂŶĂĐŽƌĚĂΘdĞƐĞŝ͘;ϮϬϭϲͿ͘>ŝďĞƌĂƚŝŽŶƚĞĐŚŶŽůŽŐLJ͗DŽďŝůĞƉŚŽŶĞƐĂŶĚƉŽůŝƚŝĐĂůŵŽďŝůŝƐĂƚŝŽŶŝŶĨƌŝĐĂ͘
ZĞƚƌŝĞǀĞĚĨƌŽŵŚƚƚƉƐ͗ͬͬǀŽdžĞƵ͘ŽƌŐͬĂƌƚŝĐůĞͬŵŽďŝůĞͲƚĞĐŚŶŽůŽŐLJͲĂŶĚͲƉŽůŝƚŝĐĂůͲŵŽďŝůŝƐĂƚŝŽŶ

DĂƐŝŚĂ͕,ĂďŝďĂ͕ďďĂƐ͕^ĂƵĚΘƌŝĂĚŝ͘;ϮϬϭϴͿ͘džƉůŽƌŝŶŐƚŚĞ>ŝŶŬďĞƚǁĞĞŶƚŚĞhƐĞŽĨ&ĂĐĞŬĂŶĚ
WŽůŝƚŝĐĂůWĂƌƚŝĐŝƉĂƚŝŽŶĂŵŽŶŐzŽƵƚŚŝŶWĂŬŝƐƚĂŶ͘:ŽƵƌŶĂůŽĨWŽůŝƚŝĐĂů^ĐŝĞŶĐĞƐΘWƵďůŝĐĨĨĂŝƌƐ͘

DĐůůŝƐƚĞƌΘ<͘'ŝďƐŽŶ͘;ϮϬϭϭͿ͘,ŽǁƚŚĞ/ŶƚĞƌŶĞƚŝƐƌŝǀŝŶŐƚŚĞWŽůŝƚŝĐĂů<ŶŽǁůĞĚŐĞ'ĂƉ͘^^ZE͕Ϯϵ͘
ZĞƚƌŝĞǀĞĚĨƌŽŵŚƚƚƉƐ͗ͬͬƉĂƉĞƌƐ͘ƐƐƌŶ͘ĐŽŵͬƐŽůϯͬƉĂƉĞƌƐ͘ĐĨŵ͍ĂďƐƚƌĂĐƚͺŝĚсϭϵϬϭϴϵϱ

ϰϱ

DĞůǀŝůůĞ͕,͘Θ͘;ϮϬϭϱͿ͘^ŽĐŝĂůDĞĚŝĂ;ϮŶĚĞĚ͘Ϳ͘/ŶƚĞƌŶĂƚŝŽŶĂůŶĐLJĐůŽƉĞĚŝĂŽĨƚŚĞ^ŽĐŝĂůΘĞŚĂǀŝŽƌĂů
^ĐŝĞŶĐĞƐ͘

DŽůLJŶĞƵdžΘŚĞŶŐ͘;ϮϬϭϰͿ͘^ŽĐŝĂůDĞĚŝĂ͕WŽůŝƚŝĐĂůdžƉƌĞƐƐŝŽŶ͕ĂŶĚWŽůŝƚŝĐĂůWĂƌƚŝĐŝƉĂƚŝŽŶ͗WĂŶĞůŶĂůLJƐŝƐ
ŽĨ>ĂŐŐĞĚĂŶĚŽŶĐƵƌƌĞŶƚZĞůĂƚŝŽŶƐŚŝƉƐ͘:ŽƵƌŶĂůŽĨŽŵŵƵŶŝĐĂƚŝŽŶ͘ZĞƚƌŝĞǀĞĚĨƌŽŵ
ŚƚƚƉƐ͗ͬͬŽŶůŝŶĞůŝďƌĂƌLJ͘ǁŝůĞLJ͘ĐŽŵͬĚŽŝͬĂďƐͬϭϬ͘ϭϭϭϭͬũĐŽŵ͘ϭϮϭϬϯ

DŽŵŽĐ͕͘;ϮϬϭϯͿ͘^ŽĐŝĂůDĞĚŝĂͲWZdŽŽůƐĨŽƌZŽŵĂŶŝĂŶWŽůŝƚŝĐŝĂŶƐ͍WƌŽĐĞĚŝĂͲ^ŽĐŝĂůĂŶĚĞŚĂǀŝŽƌĂů
^ĐŝĞŶĐĞƐ͘ZĞƚƌŝĞǀĞĚĨƌŽŵŚƚƚƉƐ͗ͬͬǁǁǁ͘ĂĐĂĚĞŵŝĂ͘ĞĚƵͬϯϬϯϬϳϰϯϮͬ^ŽĐŝĂůͺDĞĚŝĂͲ
WZͺdŽŽůƐͺĨŽƌͺZŽŵĂŶŝĂŶͺWŽůŝƚŝĐŝĂŶƐ

DŽŶĂƐŚhŶŝǀĞƌƐŝƚLJ͘;ϮϬϭϵͿ͘dŚĞĨĨĞĐƚŽĨƚŚĞ/ŶƚĞƌŶĞƚŽŶWŽůŝƚŝĐĂůDŽďŝůŝnjĂƚŝŽŶ͘DŽŶĂƐŚhŶŝǀĞƌƐŝƚLJ͘
ZĞƚƌŝĞǀĞĚ&Ğďϭϴ͕ϮϬϮϬ͕ĨƌŽŵŚƚƚƉƐ͗ͬͬǁǁǁ͘ŵŽŶĂƐŚ͘ĞĚƵͬďƵƐŝŶĞƐƐ͍Ăсϭϲϵϲϲϴϰ

DŽŽĚLJ͕ŽŚĞŶΘ&ŽƵƌŶŽŶ͘;ϮϬϭϯͿ͘EĞŐĂƚŝǀŝƚLJŝŶĂdǁŝƚƚĞƌŐĞ͗,ŽǁWŽůŝƚŝĐŝĂŶƐĂƌĞĚĂƉƚŝŶŐƚŽ^ŽĐŝĂů
DĞĚŝĂ͘:ŽƵƌŶĂůŽĨDĂƐƐŽŵŵƵŶŝĐĂƚŝŽŶΘ:ŽƵƌŶĂůŝƐŵ͘ZĞƚƌŝĞǀĞĚĨƌŽŵ
ŚƚƚƉƐ͗ͬͬǁǁǁ͘ŽŵŝĐƐŽŶůŝŶĞ͘ŽƌŐͬŽƉĞŶͲĂĐĐĞƐƐͬŶĞŐĂƚŝǀŝƚLJͲŝŶͲĂͲƚǁŝƚƚĞƌͲĂŐĞͲŚŽǁͲƉŽůŝƚŝĐŝĂŶƐͲĂƌĞͲ
ĂĚĂƉƚŝŶŐͲƚŽͲƐŽĐŝĂůͲŵĞĚŝĂͲϮϭϲϱͲϳϵϭϮ͘ϭϬϬϬϭϱϭ͘ƉŚƉ͍ĂŝĚсϭϮϯϵϱ

DŽƌĞŶŽĞƚ͕Ăů͘;ϮϬϭϱͿ͘ŽĞƐƐŽĐŝĂůŵĞĚŝĂƵƐĂŐĞŵĂƚƚĞƌ͍ŶĂŶĂůLJƐŝƐŽĨŽŶůŝŶĞƉƌĂĐƚŝĐĞƐĂŶĚĚŝŐŝƚĂůŵĞĚŝĂ
ƉĞƌĐĞƉƚŝŽŶƐŽĨĐŽŵŵƵŶŝĐĂƚŝŽŶƉƌĂĐƚŝƚŝŽŶĞƌƐŝŶƵƌŽƉĞ͘WƵďůŝĐZĞůĂƚŝŽŶƐZĞǀŝĞǁ͕ϮϰϮͲϮϱϯ͘
ZĞƚƌŝĞǀĞĚĨƌŽŵŚƚƚƉƐ͗ͬͬǁǁǁ͘ƐĐŝĞŶĐĞĚŝƌĞĐƚ͘ĐŽŵͬƐĐŝĞŶĐĞͬĂƌƚŝĐůĞͬĂďƐͬƉŝŝͬ^ϬϯϲϯϴϭϭϭϭϰϬϬϭϵϵϰ

DKZ/͕/͘;ϮϬϬϭͿ͘,ŽǁƌŝƚĂŝŶsŽƚĞĚ/ŶϮϬϬϭ͘ZĞƚƌŝĞǀĞĚĨƌŽŵŚƚƚƉƐ͗ͬͬǁǁǁ͘ŝƉƐŽƐ͘ĐŽŵͬŝƉƐŽƐͲŵŽƌŝͬĞŶͲ
ƵŬͬŚŽǁͲďƌŝƚĂŝŶͲǀŽƚĞĚͲϮϬϬϭ

DƵƌƐĞ͕d͘;ϮϬϭϵͿ͘,Žǁ^ŽĐŝĂůDĞĚŝĂ,ĂƐŚĂŶŐĞĚWŽůŝƚŝĐƐ͘dŚŽƵŐƚŽ͘ZĞƚƌŝĞǀĞĚEŽǀϭϲ͕ϮϬϭϵ͕ĨƌŽŵ
ŚƚƚƉƐ͗ͬͬǁǁǁ͘ƚŚŽƵŐŚƚĐŽ͘ĐŽŵͬŚŽǁͲƐŽĐŝĂůͲŵĞĚŝĂͲŚĂƐͲĐŚĂŶŐĞĚͲƉŽůŝƚŝĐƐͲϯϯϲϳϱϯϰ

DƵƌƐĞ͕d͘;ϮϬϭϵͿ͘,Žǁ^ŽĐŝĂůDĞĚŝĂ,ĂƐŚĂŶŐĞĚWŽůŝƚŝĐƐ͘dŚŽƵŐŚƚŽ͘ZĞƚƌŝĞǀĞĚĨƌŽŵ
ŚƚƚƉƐ͗ͬͬǁǁǁ͘ƚŚŽƵŐŚƚĐŽ͘ĐŽŵͬŚŽǁͲƐŽĐŝĂůͲŵĞĚŝĂͲŚĂƐͲĐŚĂŶŐĞĚͲƉŽůŝƚŝĐƐͲϯϯϲϳϱϯϰ

DƵƐĂƌƌĂƚ͕ƌ͘DĂƐŽŽĚΘ&ĂƚŝŵĂ͘;ϮϬϭϯͿ͘ZŽůĞŽĨ^ŽĐŝĂůDĞĚŝĂEĞƚǁŽƌŬŝŶŐŝŶzŽƵƚŚĐƚŝǀŝƐŵĚƵƌŝŶŐ
ůĞĐƚŝŽŶϮϬϭϯ͘WƵŶũĂďhŶŝǀĞƌƐŝƚLJ͘

EŽƌƌŝƐ͕W͘;ϮϬϬϰͿ͘WŽůŝƚŝĐĂůŽŵŵƵŶŝĐĂƚŝŽŶƐ͘,ĂƌǀĂƌĚhŶŝǀĞƌƐŝƚLJ͘ZĞƚƌŝĞǀĞĚĨƌŽŵ
ŚƚƚƉƐ͗ͬͬƐŝƚĞƐ͘ŚŬƐ͘ŚĂƌǀĂƌĚ͘ĞĚƵͬĨƐͬƉŶŽƌƌŝƐͬĐƌŽďĂƚͬWŽůŝƚŝĐĂůйϮϬŽŵŵƵŶŝĐĂƚŝŽŶƐйϮϬĞŶĐLJĐůŽƉĞĚŝĂ
Ϯ͘ƉĚĨ

K>ĂƌƐƐŽŶΘ<ĂůƐŶĞƐ͘;ϮϬϭϰͿ͚͘KĨĐŽƵƌƐĞǁĞĂƌĞŽŶ&ĂĐĞŬ͛͗hƐĞĂŶĚŶŽŶͲƵƐĞŽĨƐŽĐŝĂůŵĞĚŝĂĂŵŽŶŐ
^ǁĞĚŝƐŚĂŶĚEŽƌǁĞŐŝĂŶƉŽůŝƚŝĐŝĂŶƐ͘ƵƌŽƉĞĂŶ:ŽƵƌŶĂůŽĨŽŵŵƵŶŝĐĂƚŝŽŶ͕ϲϱϯʹϲϲϳ͘

KůŽĨ>ĂƌƐƐŽŶ͘;ϮϬϭϱͿ͘dŚĞhWĂƌůŝĂŵĞŶƚŽŶdǁŝƚƚĞƌͶƐƐĞƐƐŝŶŐƚŚĞWĞƌŵĂŶĞŶƚKŶůŝŶĞWƌĂĐƚŝĐĞƐŽĨ
WĂƌůŝĂŵĞŶƚĂƌŝĂŶƐ͘:ŽƵƌŶĂůŽĨ/ŶĨŽƌŵĂƚŝŽŶdĞĐŚŶŽůŽŐLJΘWŽůŝƚŝĐƐ͘ZĞƚƌŝĞǀĞĚĨƌŽŵŚƚƚƉƐ͗ͬͬƐĐŝͲ
ŚƵď͘ƚǁͬϭϬ͘ϭϬϴϬͬϭϵϯϯϭϲϴϭ͘ϮϬϭϰ͘ϵϵϰϭϱϴ

KƌƚŝnjͲKƐƉŝŶĂ͕͘;ϮϬϭϵͿ͘dŚĞƌŝƐĞŽĨƐŽĐŝĂůŵĞĚŝĂ͘KƵƌtŽƌůĚ/ŶĂƚĂ͘ZĞƚƌŝĞǀĞĚϭϭϯϬ͕ϮϬϭϵ͕ĨƌŽŵ
ŚƚƚƉƐ͗ͬͬŽƵƌǁŽƌůĚŝŶĚĂƚĂ͘ŽƌŐͬƌŝƐĞͲŽĨͲƐŽĐŝĂůͲŵĞĚŝĂ

KǁĞŶ͕͘;Ŷ͘Ě͘Ϳ͘dŚĞEĞǁDĞĚŝĂ͛ƐZŽůĞŝŶWŽůŝƚŝĐƐ͘KƉĞŶDŝŶĚ͘ZĞƚƌŝĞǀĞĚEŽǀϭϴ͕ϮϬϭϵ͕ĨƌŽŵ
ŚƚƚƉƐ͗ͬͬǁǁǁ͘ďďǀĂŽƉĞŶŵŝŶĚ͘ĐŽŵͬĞŶͬĂƌƚŝĐůĞƐͬƚŚĞͲŶĞǁͲŵĞĚŝĂͲƐͲƌŽůĞͲŝŶͲƉŽůŝƚŝĐƐͬ

ϰϲ

W͘EŽƌƌŝƐ͘;ϮϬϬϭͿ͘WŽůŝƚŝĐĂůŽŵŵƵŶŝĐĂƚŝŽŶ͘/ŶƚĞƌŶĂƚŝŽŶĂůŶĐLJĐůŽƉĞĚŝĂŽĨƚŚĞ^ŽĐŝĂůΘĞŚĂǀŝŽƌĂů
^ĐŝĞŶĐĞƐ͘

WĂŶĂŐŽƉŽƵůŽƐΘ'ƵĞŽƌŐƵŝĞǀĂ͘;ϮϬϬϰͿ͘WŽůŝƚŝĐŬŝŶŐKŶůŝŶĞ͗dŚĞdƌĂŶƐĨŽƌŵĂƚŝŽŶŽĨůĞĐƚŝŽŶĂŵƉĂŝŐŶ
ŽŵŵƵŶŝĐĂƚŝŽŶƐ͘ZƵƚŐĞƌƐhŶŝǀĞƌƐŝƚLJWƌĞƐƐ͘

WĞƌƌŝŶΘŶĚĞƌƐŽŶ͘;ϮϬϭϵͿ͘^ŚĂƌĞŽĨh͘^͘ĂĚƵůƚƐƵƐŝŶŐƐŽĐŝĂůŵĞĚŝĂ͕ŝŶĐůƵĚŝŶŐ&ĂĐĞŬ͕ŝƐŵŽƐƚůLJ
ƵŶĐŚĂŶŐĞĚƐŝŶĐĞϮϬϭϴ͘WĞǁZĞƐĞĂƌĐŚĞŶƚĞƌ͘ZĞƚƌŝĞǀĞĚĨƌŽŵ
ŚƚƚƉƐ͗ͬͬǁǁǁ͘ƉĞǁƌĞƐĞĂƌĐŚ͘ŽƌŐͬĨĂĐƚͲƚĂŶŬͬϮϬϭϵͬϬϰͬϭϬͬƐŚĂƌĞͲŽĨͲƵͲƐͲĂĚƵůƚƐͲƵƐŝŶŐͲƐŽĐŝĂůͲŵĞĚŝĂͲ
ŝŶĐůƵĚŝŶŐͲĨĂĐĞŬͲŝƐͲŵŽƐƚůLJͲƵŶĐŚĂŶŐĞĚͲƐŝŶĐĞͲϮϬϭϴͬ

WĞǁZĞƐĞĂƌĐŚĞŶƚĞƌ͘;ϮϬϬϳͿ͘dŚĞŝŶƚĞƌŶĞƚĂŶĚĐĂŵƉĂŝŐŶϮϬϬϲ͘WĞǁZĞƐĞĂƌĐŚĞŶƚĞƌ͘ZĞƚƌŝĞǀĞĚĨƌŽŵ
ŚƚƚƉƐ͗ͬͬǁǁǁ͘ƉĞǁƌĞƐĞĂƌĐŚ͘ŽƌŐͬŝŶƚĞƌŶĞƚͬϮϬϬϳͬϬϭͬϭϳͬƚŚĞͲŝŶƚĞƌŶĞƚͲĂŶĚͲĐĂŵƉĂŝŐŶͲϮϬϬϲͬ

WŽůĞ͕͘;ϮϬϬϵͿ͘ůŽŐŐŝŶŐƚŚĞWŽůŝƚŝĐĂů͗WŽůŝƚŝĐƐĂŶĚWĂƌƚŝĐŝƉĂƚŝŽŶŝŶĂEĞƚǁŽƌŬĞĚ^ŽĐŝĞƚLJ͘ZŽƵƚůĞĚŐĞ͘

WW&͘;ϮϬϭϯͿ͘^ŽĐŝĂůŵĞĚŝĂƵƐĞƌƐŝŶWĂŬŝƐƚĂŶ͘WĂŬŝƐƚĂŶWƌĞƐƐ&ŽƵŶĚĂƚŝŽŶ͘ZĞƚƌŝĞǀĞĚĨƌŽŵ
ŚƚƚƉƐ͗ͬͬǁǁǁ͘ƉĂŬŝƐƚĂŶƉƌĞƐƐĨŽƵŶĚĂƚŝŽŶ͘ŽƌŐͬƐŽĐŝĂůͲŵĞĚŝĂͲƵƐĞƌƐͲŝŶͲƉĂŬŝƐƚĂŶͬ

WƌĞůŝŵŝŶĂƌLJ^ƚĂƚĞŵĞŶƚ͘;ϮϬϭϯͿ͘ĐŽŵƉĞƚŝƚŝǀĞĂŶĚŝŵƉƌŽǀĞĚĞůĞĐƚŝŽŶƉƌŽĐĞƐƐŝŶWĂŬŝƐƚĂŶĚĞƐƉŝƚĞŵŝůŝƚĂŶƚ
ǀŝŽůĞŶĐĞĂŶĚƉƌŽĐĞĚƵƌĂůƐŚŽƌƚĐŽŵŝŶŐƐ͘/ƐůĂŵĂďĂĚ͗ƵƌŽƉĞĂŶhŶŝŽŶůĞĐƚŝŽŶKďƐĞƌǀĂƚŝŽŶ
DŝƐƐŝŽŶ͘

ZĞĚ,ĞƌƌŝŶŐ͘;ϮϬϭϳͿ͘dŚĞdŽƉWŽůŝƚŝĐŝĂŶƐŽŶ^ŽĐŝĂůDĞĚŝĂ͘ZĞƚƌŝĞǀĞĚĨƌŽŵ
ŚƚƚƉƐ͗ͬͬǁǁǁ͘ƌĞĚŚĞƌƌŝŶŐ͘ĐŽŵͬƐŽĐŝĂůͬƚŽƉͲƉŽůŝƚŝĐŝĂŶƐͲƐŽĐŝĂůͲŵĞĚŝĂͬ

ZŝĚĞŽƵƚs͘;ϮϬϭϮͿ͘^ŽĐŝĂůDĞĚŝĂ͕^ŽĐŝĂů>ŝĨĞ͗,ŽǁdĞĞŶƐsŝĞǁdŚĞŝƌŝŐŝƚĂů>ŝǀĞƐ͘ŽŵŵŽŶ^ĞŶƐĞDĞĚŝĂ͘
'Ĩ<ŽŵƉĂŶLJ͘ZĞƚƌŝĞǀĞĚĨƌŽŵ
ŚƚƚƉƐ͗ͬͬǁǁǁ͘ĐŽŵŵŽŶƐĞŶƐĞŵĞĚŝĂ͘ŽƌŐͬƐŝƚĞƐͬĚĞĨĂƵůƚͬĨŝůĞƐͬƵƉůŽĂĚƐͬƉĚĨƐͬƐŽĐŝĂůŵĞĚŝĂͺŝŶĨŽŐƌĂƉŚŝĐ
ͺϮϬϭϮͺĨŝŶĂů͘ƉĚĨ

^͘<ƌƵĞŐĞƌ͘;ϮϬϬϲͿ͘ŽŵƉĂƌŝƐŽŶŽĨŽŶǀĞŶƚŝŽŶĂůĂŶĚ/ŶƚĞƌŶĞƚWŽůŝƚŝĐĂůDŽďŝůŝnjĂƚŝŽŶ͘ŵĞƌŝĐĂŶWŽůŝƚŝĐƐ
ZĞƐĞĂƌĐŚ͕ϳϱϵͲϳϳϲ͘

^͘KΖĞĂ͘;ϮϬϭϵͿ͘ĂŝůLJƐŽĐŝĂůŶĞƚǁŽƌŬŝŶŐƉĞŶĞƚƌĂƚŝŽŶŝŶƵƌŽƉĞĂŶĐŽƵŶƚƌŝĞƐϮϬϭϴ͘ƐƚĂƚŝƐƚĂ͘ZĞƚƌŝĞǀĞĚ
ĨƌŽŵŚƚƚƉƐ͗ͬͬǁǁǁ͘ƐƚĂƚŝƐƚĂ͘ĐŽŵͬƐƚĂƚŝƐƚŝĐƐͬϰϱϯϳϰϱͬĚĂŝůLJͲƐŽĐŝĂůͲŶĞƚǁŽƌŬŝŶŐͲŝŶͲĞƵƌŽƉĞĂŶͲ
ĐŽƵŶƚƌŝĞƐͬ

^͘KΖĞĂ͘;ϮϬϭϵͿ͘&ĂĐĞŬƵƐĞƌƐ͗ŐĞŶĚĞƌďƌĞĂŬĚŽǁŶŝŶ'ƌĞĂƚƌŝƚĂŝŶϮϬϭϰͲϮϬϭϴ͘ƐƚĂƚŝƐƚĂ͘ZĞƚƌŝĞǀĞĚĨƌŽŵ
ŚƚƚƉƐ͗ͬͬǁǁǁ͘ƐƚĂƚŝƐƚĂ͘ĐŽŵͬƐƚĂƚŝƐƚŝĐƐͬϮϳϴϮϴϭͬŐĞŶĚĞƌͲďƌĞĂŬĚŽǁŶͲŽĨͲĨĂĐĞŬͲƵƐĞƌƐͲŝŶͲŐƌĞĂƚͲ
ďƌŝƚĂŝŶͬ

^͘KΖĞĂ͘;ϮϬϭϵͿ͘&ŽƌĞĐĂƐƚŽĨ&ĂĐĞŬƵƐĞƌŶƵŵďĞƌƐŝŶƚŚĞhŶŝƚĞĚ<ŝŶŐĚŽŵ;h<ͿϮϬϭϱͲϮϬϮϮ͘ƐƚĂƚŝƐƚĂ͘
ZĞƚƌŝĞǀĞĚĨƌŽŵŚƚƚƉƐ͗ͬͬǁǁǁ͘ƐƚĂƚŝƐƚĂ͘ĐŽŵͬƐƚĂƚŝƐƚŝĐƐͬϱϱϯϱϯϴͬƉƌĞĚŝĐƚĞĚͲŶƵŵďĞƌͲŽĨͲĨĂĐĞŬͲ
ƵƐĞƌƐͲŝŶͲƚŚĞͲƵŶŝƚĞĚͲŬŝŶŐĚŽŵͲƵŬͬ

^͘KΖĞĂ͘;ϮϬϭϵͿ͘&ŽƌĞĐĂƐƚŽĨƚŚĞ&ĂĐĞŬƵƐĞƌƉĞŶĞƚƌĂƚŝŽŶƌĂƚĞŝŶƚŚĞhŶŝƚĞĚ<ŝŶŐĚŽŵ;h<ͿĨƌŽŵϮϬϭϱ
ƚŽϮϬϮϮ͘ƐƚĂƚŝƐƚĂ͘ZĞƚƌŝĞǀĞĚĨƌŽŵŚƚƚƉƐ͗ͬͬǁǁǁ͘ƐƚĂƚŝƐƚĂ͘ĐŽŵͬƐƚĂƚŝƐƚŝĐƐͬϱϱϯϱϰϮͬƉƌĞĚŝĐƚĞĚͲ
ĨĂĐĞŬͲƵƐĞƌͲƉĞŶĞƚƌĂƚŝŽŶͲƌĂƚĞͲŝŶͲƚŚĞͲƵŶŝƚĞĚͲŬŝŶŐĚŽŵͲƵŬͬ

ϰϳ

^ĂŵƉĂƐĂͲ<ĂŶLJŝŶŐĂΘ&͘>ĞǁŝƐ͘;ϮϬϭϱͿ͘&ƌĞƋƵĞŶƚhƐĞŽĨ^ŽĐŝĂůEĞƚǁŽƌŬŝŶŐ^ŝƚĞƐ/ƐƐƐŽĐŝĂƚĞĚǁŝƚŚWŽŽƌ
WƐLJĐŚŽůŽŐŝĐĂů&ƵŶĐƚŝŽŶŝŶŐŵŽŶŐŚŝůĚƌĞŶĂŶĚĚŽůĞƐĐĞŶƚƐ͘LJďĞƌƉƐLJĐŚŽůŽŐLJ͕ĞŚĂǀŝŽƌ͕ĂŶĚ
^ŽĐŝĂůEĞƚǁŽƌŬŝŶŐ͕ϭϴ;ϳͿ͘ZĞƚƌŝĞǀĞĚĨƌŽŵ
ŚƚƚƉƐ͗ͬͬǁǁǁ͘ůŝĞďĞƌƚƉƵď͘ĐŽŵͬĚŽŝͬĂďƐͬϭϬ͘ϭϬϴϵͬĐLJďĞƌ͘ϮϬϭϱ͘ϬϬϱϱ

^ĐŚƵƐƚĞƌ͕:͘;ϮϬϭϳͿ͘/ŶǀŝƐŝďůĞĨĞŵŝŶŝƐƚƐ͍^ŽĐŝĂůŵĞĚŝĂĂŶĚLJŽƵŶŐǁŽŵĞŶ͛ƐƉŽůŝƚŝĐĂůƉĂƌƚŝĐŝƉĂƚŝŽŶ͘WŽůŝƚŝĐĂů
^ĐŝĞŶĐĞ͘ZĞƚƌŝĞǀĞĚĨƌŽŵŚƚƚƉƐ͗ͬͬǁǁǁ͘ƚĂŶĚĨŽŶůŝŶĞ͘ĐŽŵͬĚŽŝͬĂďƐͬϭϬ͘ϭϭϳϳͬϬϬϯϮϯϭϴϳϭϯϰϴϲϰϳϰ

^ŚĞƌƐƚŽďŝƚŽǀΘ^ĞĚŶĞǀĂ͘;ϮϬϭϳͿ͘DĞĚŝĂŽĨŽŶƚĞŶƚŝŽŶ͗dŚĞdƌŝŐŐĞƌƐŽĨWƌŽƚĞƐƚDŽďŝůŝnjĂƚŝŽŶŝŶtĞďͲ
ĂƐĞĚ^ŽĐŝĂůEĞƚǁŽƌŬƐ͘/D^ϮϬϭϳ͗WƌŽĐĞĞĚŝŶŐƐŽĨƚŚĞ/ŶƚĞƌŶĂƚŝŽŶĂůŽŶĨĞƌĞŶĐĞ/D^ͲϮϬϭϳ͕;ƉƉ͘
ϮϬϲʹϮϭϭͿ͘

^ŚĞƌƐƚŽďŝƚŽǀ͕͘;ϮϬϭϰͿ͘dŚĞWŽƚĞŶƚŝĂůŽĨ^ŽĐŝĂůDĞĚŝĂŝŶZƵƐƐŝĂ͗&ƌŽŵWŽůŝƚŝĐĂůDŽďŝůŝnjĂƚŝŽŶƚŽŝǀŝĐ
ŶŐĂŐĞŵĞŶƚ͗͘'K^Ζϭϰ͗ůĞĐƚƌŽŶŝĐ'ŽǀĞƌŶĂŶĐĞĂŶĚKƉĞŶ^ŽĐŝĞƚLJ͗ŚĂůůĞŶŐĞƐŝŶƵƌĂƐŝĂ͕;ƉƉ͘
ϭϲϮʹϭϲϲͿ͘

^ŵŝƚŚΘŶĚĞƌƐŽŶ͘;ϮϬϭϴͿ͘^ŽĐŝĂůDĞĚŝĂhƐĞŝŶϮϬϭϴ͘WĞǁZĞƐĞĂƌĐŚĞŶƚĞƌ͘ZĞƚƌŝĞǀĞĚĨƌŽŵ
ŚƚƚƉƐ͗ͬͬǁǁǁ͘ƉĞǁƌĞƐĞĂƌĐŚ͘ŽƌŐͬŝŶƚĞƌŶĞƚͬϮϬϭϴͬϬϯͬϬϭͬƐŽĐŝĂůͲŵĞĚŝĂͲƵƐĞͲŝŶͲϮϬϭϴͬ

^ŵŝƚŚ͕͘;ϮϬϬϵͿ͘dŚĞ/ŶƚĞƌŶĞƚ͛ƐZŽůĞŝŶĂŵƉĂŝŐŶϮϬϬϴ͘WĞǁZĞƐĞĂƌĐŚĞŶƚĞƌ͘ZĞƚƌŝĞǀĞĚĨƌŽŵ
ŚƚƚƉƐ͗ͬͬǁǁǁ͘ƉĞǁƌĞƐĞĂƌĐŚ͘ŽƌŐͬŝŶƚĞƌŶĞƚͬϮϬϬϵͬϬϰͬϭϱͬƚŚĞͲŝŶƚĞƌŶĞƚƐͲƌŽůĞͲŝŶͲĐĂŵƉĂŝŐŶͲϮϬϬϴͬ

^ŽůŝƐ͕͘ΘƌĞĂŬĞŶƌŝĚŐĞ͕͘;ϮϬϬϵͿ͘WƵƚƚŝŶŐƚŚĞWƵďůŝĐĂĐŬŝŶWƵďůŝĐZĞůĂƚŝŽŶƐ͘EĞǁ:ĞƌƐĞLJ͗&dWƌĞƐƐ͘

^ƚĂŶLJĞƌ͕:͘;ϮϬϬϱͿ͘WŽůŝƚŝĐĂůWĂƌƚŝĞƐ͕ƚŚĞ/ŶƚĞƌŶĞƚĂŶĚƚŚĞϮϬϬϱ'ĞŶĞƌĂůůĞĐƚŝŽŶ͗&ƌŽŵtĞďWƌĞƐĞŶĐĞƚŽͲ
ĂŵƉĂŝŐŶŝŶŐ͍:ŽƵƌŶĂůŽĨDĂƌŬĞƚŝŶŐDĂŶĂŐĞŵĞŶƚ͘

^ƚĂƚĐŽƵŶƚĞƌ͘;ϮϬϭϵͿ͘^ŽĐŝĂůDĞĚŝĂ^ƚĂƚƐWĂŬŝƐƚĂŶ͘^ƚĂƚĐŽƵŶƚĞƌ'ůŽďĂůƐƚĂƚƐ͘ZĞƚƌŝĞǀĞĚĨƌŽŵ
ŚƚƚƉƐ͗ͬͬŐƐ͘ƐƚĂƚĐŽƵŶƚĞƌ͘ĐŽŵͬƐŽĐŝĂůͲŵĞĚŝĂͲƐƚĂƚƐͬĂůůͬƉĂŬŝƐƚĂŶ

^ƚĂƚŝƐƚĂZĞƐĞĂƌĐŚĞƉĂƌƚŵĞŶƚ͘;ϮϬϭϵͿ͘dLJƉĞƐŽĨƐĞƌǀŝĐĞƐƵƐĞĚƚŽĂĐĐĞƐƐƚŚĞŶĞǁƐŽŶůŝŶĞŝŶƵƌŽƉĞϮϬϭϲ͘
ƐƚĂƚŝƐƚĂ͘ZĞƚƌŝĞǀĞĚĨƌŽŵŚƚƚƉƐ͗ͬͬǁǁǁ͘ƐƚĂƚŝƐƚĂ͘ĐŽŵͬƐƚĂƚŝƐƚŝĐƐͬϲϳϰϴϴϱͬƚLJƉĞƐͲŽĨͲƐĞƌǀŝĐĞƐͲƵƐĞĚͲƚŽͲ
ĂĐĐĞƐƐͲƚŚĞͲŶĞǁƐͲŽŶůŝŶĞͲŝŶͲĞƵƌŽƉĞͬ

^ƚŝĞŐůŝƚnjΘĂŶŐͲyƵĂŶ͘;ϮϬϭϯͿ͘^ŽĐŝĂůŵĞĚŝĂĂŶĚƉŽůŝƚŝĐĂůĐŽŵŵƵŶŝĐĂƚŝŽŶ͗ĂƐŽĐŝĂůŵĞĚŝĂĂŶĂůLJƚŝĐƐ
ĨƌĂŵĞǁŽƌŬ͘^ŽĐŝĂůEĞƚǁŽƌŬŶĂůLJƐŝƐĂŶĚDŝŶŝŶŐ͘ZĞƚƌŝĞǀĞĚĨƌŽŵ
ŚƚƚƉƐ͗ͬͬůŝŶŬ͘ƐƉƌŝŶŐĞƌ͘ĐŽŵͬĂƌƚŝĐůĞͬϭϬ͘ϭϬϬϳͬƐϭϯϮϳϴͲϬϭϮͲϬϬϳϵͲϯ

^ƚŝĞŐůŝƚnjΘĂŶŐͲyƵĂŶ͘;ϮϬϭϯͿ͘^ŽĐŝĂůŵĞĚŝĂĂŶĚƉŽůŝƚŝĐĂůĐŽŵŵƵŶŝĐĂƚŝŽŶ͗ĂƐŽĐŝĂůŵĞĚŝĂĂŶĂůLJƚŝĐƐ
ĨƌĂŵĞǁŽƌŬ͘^ŽĐŝĂůEĞƚǁŽƌŬŶĂůLJƐŝƐĂŶĚDŝŶŝŶŐ͕ϭϮϳϳͲϭϮϵϭ͘

^ƚŝĞŐůŝƚnj͕ƌŽĐŬŵĂŶŶΘĂŶŐͲyƵĂŶ͘;Ŷ͘Ě͘Ϳ͘hƐĂŐĞŽĨ^ŽĐŝĂůDĞĚŝĂĨŽƌWŽůŝƚŝĐĂůŽŵŵƵŶŝĐĂƚŝŽŶ͘ϭϲƚŚ
WĂĐŝĨŝĐƐŝĂŽŶĨĞƌĞŶĐĞŽŶ/ŶĨŽƌŵĂƚŝŽŶ^LJƐƚĞŵƐ;W/^Ϳ͘/^Ğů͘ZĞƚƌŝĞǀĞĚĨƌŽŵ
ŚƚƚƉƐ͗ͬͬǁǁǁ͘ƌĞƐĞĂƌĐŚŐĂƚĞ͘ŶĞƚͬƉƵďůŝĐĂƚŝŽŶͬϮϱϵϳϬϯϵϰϴͺhƐĂŐĞͺŽĨͺ^ŽĐŝĂůͺDĞĚŝĂͺĨŽƌͺWŽůŝƚŝĐĂůͺ
ŽŵŵƵŶŝĐĂƚŝŽŶ

^ƚŽĚĚĂƌƚ͕͘;Ŷ͘Ě͘Ϳ͘WŽůŝƚŝĐŝĂŶƐƐŚŽƵůĚƵƐĞdǁŝƚƚĞƌƚŽĞŶŐĂŐĞŵŽƌĞ͕ĂŶĚďƌŽĂĚĐĂƐƚůĞƐƐ͘ZĞƚƌŝĞǀĞĚĞĐϮ͕
ϮϬϭϵ͕ĨƌŽŵĚĞŵŽĐƌĂƚŝĐĂƵĚŝƚ͘ĐŽŵ͗
ŚƚƚƉ͗ͬͬĞƉƌŝŶƚƐ͘ůƐĞ͘ĂĐ͘ƵŬͬϱϰϱϱϰͬϭͬůŝͺ^ƚŽĚĚĂƌƚͺĚĞŵŽĐƌĂƚŝĐĂƵĚŝƚ͘ĐŽŵͲ
WŽůŝƚŝĐŝĂŶƐͺƐŚŽƵůĚͺƵƐĞͺdǁŝƚƚĞƌͺƚŽйϱϭйϱ͘ƉĚĨ

ϰϴ

^ƚƌŽŵĞƌͲ'ĂůůĞLJ͕:͘;ϮϬϭϰͿ͘WƌĞƐŝĚĞŶƚŝĂůĂŵƉĂŝŐŶŝŶŐŝŶƚŚĞ/ŶƚĞƌŶĞƚŐĞ͘KdžĨŽƌĚ^ĐŚŽůĂƌƐŚŝƉKŶůŝŶĞ͘

^ƵƌŝLJĂǁŽŶŐŬƵů͕͘;ϮϬϭϮͿ͘&ĂĐĞŬWŽůŝƚŝĐƐ͗ƵůƚƵƌĞͲWŽůŝƚŝĐƐKŶdŚĂŝKŶůŝŶĞ^ŽĐŝĂůEĞƚǁŽƌŬ;ϮϬϭϬͲϮϬϭϮͿ͘
&ĂĐĞŬWŽůŝƚŝĐƐ͗ƵůƚƵƌĞͲWŽůŝƚŝĐƐKŶdŚĂŝKŶůŝŶĞ^ŽĐŝĂůEĞƚǁŽƌŬ;ϮϬϭϬͲϮϬϭϮͿ͘dŚĂŵŵĂƐĂƚ
hŶŝǀĞƌƐŝƚLJ͘

d͘DĐ<ĞŽŶΘ,͘'ŝƚŽŵĞƌ͘;ϮϬϭϵͿ͘^ŽĐŝĂůDĞĚŝĂ͕WŽůŝƚŝĐĂůDŽďŝůŝnjĂƚŝŽŶ͕ĂŶĚ,ŝŐŚͲ^ƚĂŬĞƐdĞƐƚŝŶŐ͘&ƌŽŶƚŝĞƌƐ
ŽĨĚƵĐĂƚŝŽŶ͘

dĂĞǁŽŽEĂŵ͘;ϮϬϭϮͿ͘ƵĂůĞĨĨĞĐƚƐŽĨƚŚĞŝŶƚĞƌŶĞƚŽŶƉŽůŝƚŝĐĂůĂĐƚŝǀŝƐŵ͗ZĞŝŶĨŽƌĐŝŶŐĂŶĚŵŽďŝůŝnjŝŶŐ͘
'ŽǀĞƌŶŵĞŶƚ/ŶĨŽƌŵĂƚŝŽŶYƵĂƌƚĞƌůLJ͘

dĂƌŝƋ͕DĞŚďŽŽď͕<ŚĂŶΘhůůĂŚ͘;ϮϬϭϮͿ͘dŚĞ/ŵƉĂĐƚŽĨ^ŽĐŝĂůDĞĚŝĂĂŶĚ^ŽĐŝĂůEĞƚǁŽƌŬƐŽŶĚƵĐĂƚŝŽŶ
ĂŶĚ^ƚƵĚĞŶƚƐŽĨWĂŬŝƐƚĂŶ͘/ŶƚĞƌŶĂƚŝŽŶĂů:ŽƵƌŶĂůŽĨŽŵƉƵƚĞƌ^ĐŝĞŶĐĞ͘ZĞƚƌŝĞǀĞĚĨƌŽŵ
ŚƚƚƉƐ͗ͬͬǁǁǁ͘ƌĞƐĞĂƌĐŚŐĂƚĞ͘ŶĞƚͬƉƵďůŝĐĂƚŝŽŶͬϮϴϱϯϬϳϵϵϰͺdŚĞͺ/ŵƉĂĐƚͺŽĨͺ^ŽĐŝĂůͺDĞĚŝĂͺĂŶĚͺ^ŽĐŝ
ĂůͺEĞƚǁŽƌŬƐͺŽŶͺĚƵĐĂƚŝŽŶͺĂŶĚͺ^ƚƵĚĞŶƚƐͺŽĨͺWĂŬŝƐƚĂŶ

dĂƌŝƋ͕t͘;ϮϬϭϴͿ͘&ĂĐĞŬƐĞĞŬƐƚŽƐƚĞŵĨĂŬĞŶĞǁƐĂŚĞĂĚŽĨWĂŬŝƐƚĂŶŐĞŶĞƌĂůĞůĞĐƚŝŽŶƐ͘dŚĞdžƉƌĞƐƐ
dƌŝďƵŶĞ͘

dƵƌĐŽƚƚĞĞƚ͕Ăů͘;ϮϬϭϱͿ͘EĞǁƐZĞĐŽŵŵĞŶĚĂƚŝŽŶƐĨƌŽŵ^ŽĐŝĂůDĞĚŝĂKƉŝŶŝŽŶ>ĞĂĚĞƌƐ͗ĨĨĞĐƚƐŽŶDĞĚŝĂ
dƌƵƐƚĂŶĚ/ŶĨŽƌŵĂƚŝŽŶ^ĞĞŬŝŶŐ͘:ŽƵƌŶĂůŽĨŽŵƉƵƚĞƌͲDĞĚŝĂƚĞĚŽŵŵƵŶŝĐĂƚŝŽŶ͕ϮϬ;ϱͿ͕ϱϮϬͲϱϯϱ͘
ZĞƚƌŝĞǀĞĚĨƌŽŵŚƚƚƉƐ͗ͬͬĂĐĂĚĞŵŝĐ͘ŽƵƉ͘ĐŽŵͬũĐŵĐͬĂƌƚŝĐůĞͬϮϬͬϱͬϱϮϬͬϰϬϲϳϱϵϮ

s͘ŝŵŝƚƌŽǀĂĞƚĂů͘;ϮϬϭϭͿ͘dŚĞĨĨĞĐƚƐŽĨŝŐŝƚĂůDĞĚŝĂŽŶWŽůŝƚŝĐĂů<ŶŽǁůĞĚŐĞĂŶĚWĂƌƚŝĐŝƉĂƚŝŽŶŝŶ
ůĞĐƚŝŽŶĂŵƉĂŝŐŶƐ͗ǀŝĚĞŶĐĞ&ƌŽŵWĂŶĞůĂƚĂ͘ŽŵŵƵŶŝĐĂƚŝŽŶZĞƐĞĂƌĐŚ͘ZĞƚƌŝĞǀĞĚĨƌŽŵ
ŚƚƚƉƐ͗ͬͬũŽƵƌŶĂůƐ͘ƐĂŐĞƉƵď͘ĐŽŵͬĚŽŝͬĂďƐͬϭϬ͘ϭϭϳϳͬϬϬϵϯϲϱϬϮϭϭϰϮϲϬϬϰ

sĂůĞŶnjƵĞůĂ͕^͘;ϮϬϭϯͿ͘hŶƉĂĐŬŝŶŐƚŚĞhƐĞŽĨ^ŽĐŝĂůDĞĚŝĂĨŽƌWƌŽƚĞƐƚĞŚĂǀŝŽƌ͗dŚĞZŽůĞƐŽĨ/ŶĨŽƌŵĂƚŝŽŶ͕
KƉŝŶŝŽŶdžƉƌĞƐƐŝŽŶ͕ĂŶĚĐƚŝǀŝƐŵ͘ŵĞƌŝĐĂŶĞŚĂǀŝŽƌĂů^ĐŝĞŶƚŝƐƚ͘

sĂůĞƌŝĂŶŝΘsĂĐĐĂƌŝ͘;ϮϬϭϱͿ͘ĐĐŝĚĞŶƚĂůĞdžƉŽƐƵƌĞƚŽƉŽůŝƚŝĐƐŽŶƐŽĐŝĂůŵĞĚŝĂĂƐŽŶůŝŶĞƉĂƌƚŝĐŝƉĂƚŝŽŶ
ĞƋƵĂůŝnjĞƌŝŶ'ĞƌŵĂŶLJ͕/ƚĂůLJ͕ĂŶĚƚŚĞhŶŝƚĞĚ<ŝŶŐĚŽŵ͘ŶĞǁŵĞĚŝĂΘƐŽĐŝĞƚLJ͘

sĂůĞƌŝĂŶŝΘsĂĐĐĂƌŝ͘;ϮϬϭϱͿ͘ĐĐŝĚĞŶƚĂůĞdžƉŽƐƵƌĞƚŽƉŽůŝƚŝĐƐŽŶƐŽĐŝĂůŵĞĚŝĂĂƐŽŶůŝŶĞƉĂƌƚŝĐŝƉĂƚŝŽŶ
ĞƋƵĂůŝnjĞƌŝŶ'ĞƌŵĂŶLJ͕/ƚĂůLJ͕ĂŶĚƚŚĞhŶŝƚĞĚ<ŝŶŐĚŽŵ͘EĞǁDĞĚŝĂΘ^ŽĐŝĞƚLJ͕ϭϴ;ϵͿ͕ϭϴϱϳͲϭϴϳϰ͘

sĂůůĞLJ͕^͘;ϮϬϭϳͿ͘,ŽǁdǁĞĞƚƐdƌĂŶƐůĂƚĞŝŶƚŽsŽƚĞƐ͘D/ddĞĐŚŶŽůŽŐLJZĞǀŝĞǁ͘ZĞƚƌŝĞǀĞĚĨƌŽŵ
ŚƚƚƉƐ͗ͬͬǁǁǁ͘ƚĞĐŚŶŽůŽŐLJƌĞǀŝĞǁ͘ĐŽŵͬƐͬϲϬϵϮϮϵͬŚŽǁͲƚǁĞĞƚƐͲƚƌĂŶƐůĂƚĞͲŝŶƚŽͲǀŽƚĞƐͬ

t͘,ŽůŵĞƐΘ^͘DĐEĞĂů͘;ϮϬϭϴͿ͘^ŽĐŝĂůDĞĚŝĂhƐĞĂŶĚWŽůŝƚŝĐĂůDŽďŝůŝnjĂƚŝŽŶ͘/ŶƚĞƌŶĂƚŝŽŶĂů:ŽƵƌŶĂůŽĨ
WƵďůŝĐĚŵŝŶŝƐƚƌĂƚŝŽŶŝŶƚŚĞŝŐŝƚĂůŐĞ͘

t͘DĐŚĞƐŶĞLJ͘;ϮϬϭϯͿ͘ŝŐŝƚĂůŝƐĐŽŶŶĞĐƚ͗,ŽǁĂƉŝƚĂůŝƐŵŝƐdƵƌŶŝŶŐƚŚĞ/ŶƚĞƌŶĞƚŐĂŝŶƐƚĞŵŽĐƌĂĐLJ͘

tĂLJŶĞyƵ͕ĞƚĂů͘;ϮϬϭϰ͕DĂƌĐŚϭϯͿ͘WƌĞĚŝĐƚŝŶŐKƉŝŶŝŽŶ>ĞĂĚĞƌƐŝŶdǁŝƚƚĞƌĐƚŝǀŝƐŵEĞƚǁŽƌŬƐ͗dŚĞĂƐĞŽĨ
ƚŚĞtŝƐĐŽŶƐŝŶZĞĐĂůůůĞĐƚŝŽŶ͘ŵĞƌŝĐĂŶĞŚĂǀŝŽƌĂů^ĐŝĞŶƚŝƐƚ͕ϱϴ;ϭϬͿ͘ZĞƚƌŝĞǀĞĚĨƌŽŵ
ŚƚƚƉƐ͗ͬͬũŽƵƌŶĂůƐ͘ƐĂŐĞƉƵď͘ĐŽŵͬĚŽŝͬĂďƐͬϭϬ͘ϭϭϳϳͬϬϬϬϮϳϲϰϮϭϰϱϮϳϬϵϭ

tĞůůƐ͕͘;ϮϬϭϱͿ͘dŚĞŝǀŝĐKƌŐĂŶŝnjĂƚŝŽŶĂŶĚƚŚĞŝŐŝƚĂůŝƚŝnjĞŶ͗ŽŵŵƵŶŝĐĂƚŝŶŐŶŐĂŐĞŵĞŶƚŝŶĂ
EĞƚǁŽƌŬĞĚŐĞ͘KdžĨŽƌĚ^ĐŚŽůĂƌƐŚŝƉKŶůŝŶĞ͘ZĞƚƌŝĞǀĞĚĨƌŽŵ

ϰϵ

 ŚƚƚƉƐ͗ͬͬǁǁǁ͘ŽdžĨŽƌĚƐĐŚŽůĂƌƐŚŝƉ͘ĐŽŵͬǀŝĞǁͬϭϬ͘ϭϬϵϯͬĂĐƉƌŽĨ͗ŽƐŽͬϵϳϴϬϭϵϬϮϬϯϲϭϬ͘ϬϬϭ͘ϬϬϬϭͬĂĐƉƌŽ
ĨͲϵϳϴϬϭϵϬϮϬϯϲϭϬ

tŚLJƚĞ͕ZĞŶƚŽŶΘDĂĐŝŶƚŽƐŚ͘;ϮϬϬϱͿ͘ĞͲWĞƚŝƚŝŽŶŝŶŐŝŶ<ŝŶŐƐƚŽŶĂŶĚƌŝƐƚŽů͘/ŶƚĞƌŶĂƚŝŽŶĂůdĞůĞĚĞŵŽĐƌĂĐLJ
ĞŶƚƌĞ͕EĂƉŝĞƌhŶŝǀĞƌƐŝƚLJ͘ZĞƚƌŝĞǀĞĚĨƌŽŵ
ŚƚƚƉƐ͗ͬͬŝƚĐ͘ŶĂƉŝĞƌ͘ĂĐ͘ƵŬͬŝƚĐͬĚŽĐƵŵĞŶƚƐͬĞǀĂůƵĂƚŝŽŶͺŽĨͺĞͲƉĞƚŝƚŝŽŶŝŶŐͺůŽĐĂůͺĞͲ
ĚĞŵŽĐƌĂĐLJͺŶĂƚŝŽŶĂůͺƉƌŽũĞĐƚϬϱ͘ƉĚĨ

tƌŝŐŚƚ͘;ϮϬϭϵͿ͘DŽƐƚͲ&ŽůůŽǁĞĚWŽůŝƚŝĐŝĂŶƐKŶdǁŝƚƚĞƌ͕ϮϬϭϵ͘KtKZ>ŵĂŐĂnjŝŶĞ͘

zĂŶŐΘDĞŶ͘;ϮϬϭϵͿ͘WŽůŝƚŝĐĂůŝŶĨŽƌŵĂƚŝŽŶƵƐĞŽŶtĞŚĂƚĂŶĚƉŽůŝƚŝĐĂůĚŝƐĐƵƐƐŝŽŶŝŶŚŝŶĂ͗ƚŽǁĂƌĚĂ
ŶĞƚǁŽƌŬĞĚƉŽůŝƚŝĐĂůĚŝƐĐƵƐƐŝŽŶŵŽĚĞů͘ŚŝŶĞƐĞ:ŽƵƌŶĂůŽĨŽŵŵƵŶŝĐĂƚŝŽŶ͘ZĞƚƌŝĞǀĞĚĨƌŽŵ
ŚƚƚƉƐ͗ͬͬǁǁǁ͘ƚĂŶĚĨŽŶůŝŶĞ͘ĐŽŵͬĚŽŝͬĂďƐͬϭϬ͘ϭϬϴϬͬϭϳϱϰϰϳϱϬ͘ϮϬϭϵ͘ϭϲϭϴϯϱϰ͍ũŽƵƌŶĂůŽĚĞсƌĐũĐϮϬ

zŽƵƐĂĨnjĂŝĞƚ͕Ăů͘;ϮϬϭϴͿ͘dŚĞZŽůĞŽĨWŽůŝƚŝĐĂůĐƚŝǀŝƐŵŽŶdǁŝƚƚĞƌ͘W</^dE:KhZE>K&^K/dz͕
hd/KEE>E'h'͘

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ZĞƚƌŝĞǀĞĚĨƌŽŵŚƚƚƉƐ͗ͬͬĂĐĂĚĞŵŝĐ͘ŽƵƉ͘ĐŽŵͬũŽĐͬĂƌƚŝĐůĞͲĂďƐƚƌĂĐƚͬϲϰͬϰͬϲϭϮͬϰϬϴϲϬϮϳ

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