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1MBUFɪ 'JHB%JBHSBNT TIPXJOH UIF EJWJTJPO PG UIF IZ QPQIZTJTJO"SBCJEPQTJT'SPNMFѫUPSJHIU&NCSZPXJUIUIF TVTQFOTPS UIF IZQPQIZTJT JT DPMPSFE CMVF
EJWJTJPO PG UIF IZQPQIZTJT UP GPSN B MFOTTIBQFE VQQFS DFMM CMVF BOE B MPXFS DFMM ZFMMPX
WFSUJDBM EJWJTJPOT PG CPUI DFMMT UP GPSN UXPMBZFSTPGGPVSDFMMTFBDI UIFVQQFSGPVSDFMMTGPSNUIF RVJFTDFOUDFOUFS)PSJ[POUBMEJWJTJPOTPGMPXFSDFMMTUPGPSN GPVS TVQFSJNQPTFE MBZFST PG GPVS DFMMT FBDI UIF SPPU DBQ DPMVNFMMBJTHFOFSBUFECZUIFTFDFMMT 1MBUFɪ 'JHC4FDUJPO PG B NBUVSF NBJ[F FNCSZP #BS ʍN 1MBUFɫ 'JHBoJ-PDBMJ[BUJPOPG,/055&% ,/ N3/" BmF BOE QSPUFJOT GmJ EVSJOH FNCSZPHFOFTJT JO NBJ[F &NCSZPT BSF PSJFOUFE XJUI UIF BOUFSJPS GBDF UP UIF SJHIU N3/" XBT MPDBMJ[FE CZ JO TJUV IZCSJEJ[BUJPO BOE JT JOEJ DBUFECZCMVFTUBJOJOHJOUIFTFDUJPOTB&NCSZPEBZTBѫFS QPMMJOBUJPO C &NCSZP EBZT BѫFS QPMMJOBUJPO D &NCSZP EBZTBѫFSQPMMJOBUJPOE F&NCSZPTEBZTBѫFSQPMMJOB UJPO TIPXJOH DMPTFVQT PG UIF TIPPU BOE SPPU BQJDBM NFSJ TUFNT SFTQFDUJWFMZ1SPUFJOXBTMPDBMJ[FEXJUIBQPMZDMPOBM BOUJCPEZBOEJTWJTVBMJ[FEBTCMBDLTUBJOJOHPWFSOVDMFJ4FD UJPOTXFSFDPVOUFSTUBJOFEXJUICBTJDGVDITJOUPTIPXVOMB CFMFEOVDMFJBOEPUIFSDFMMVMBSTUSVDUVSFTJOQJOLG&NCSZP EBZTBѫFSQPMMJOBUJPOH&NCSZPEBZTBѫFSQPMMJOBUJPO I&NCSZPEBZTBѫFSQPMMJOBUJPOJ&NCSZPEBZTBѫFS QPMMJOBUJPOD$PMFPQUJMF MMFBGQSJNPSEJVN SNSPPUBQJDBM NFSJTUFN TN TIPPU BQJDBM NFSJTUFN #BST ʍN CBST JO BmEBQQMZUPGmJ SFTQFDUJWFMZ 3FQSJOUFEGSPN4NJUIFUBM %FW(FOFUm
1MBUFϒ
Ϗώϔ
Ϗώϕ
1MBUFϓ
1MBUFɬ 'JHBoF'BUFNBQPGUIFFNCSZPOJDSPPUPG"SBCJ EPQTJTB(MPCVMBSFNCSZPC)FBSUTIBQFEFNCSZPJOXIJDI BMM DFMMT PG UIF JODJQJFOU SPPU NFSJTUFN BSF QSFTFOU 3F QSJOUFE GSPN WBO EFO #FSH FU BM /BUVSF m D$FOUSBMSFHJPOPGUIFSPPUNFSJTUFNPGBNBUVSFFNCSZP TIPXJOHUIFQPTJUJPOPGJOJUJBMTGPSBMMUJTTVFMBZFSTTVSSPVOE JOHUIFDFOUSBMDFMMTE.BHOJêFEWJFXPGUIFDPSFNFSJTUFN TIPXOJOD'JYFEOVNCFSTPGEJĒFSFOUJOJUJBMTGPVOEJOUIF NBUVSFFNCSZPBSFJOEJDBUFEF%JWJTJPOTPGUIFJOJUJBMTUPSF FTUBCMJTIJEFOUJDBMMZHSPVQFEJOJUJBMTBOEEFSJWBUJWFT%BTIFE MJOFêSTUEJWJTJPO EPUTTFDPOEEJWJTJPO TUSJQFEUIJSE SBEJBM EJWJTJPO 3FQSJOUFEGSPN%PMBOFUBM %FWFMPQNFOU m
1MBUFɭ 'JHBoS&YQSFTTJPO PG UIF 4$"3&$308 4$3 HFOF EVSJOH FNCSZPHFOFTJT JO "SBCJEPQTJT BmD &BSMZ HMPCVMBSTUBHF FNCSZPT EmG -BUF HMPCVMBSTUBHF FNCSZPT HmJ 5SJBOHVMBSTUBHF FNCSZPT KmM .JEIFBSU TIBQFETUBHFFNCSZPTNmP5PSQFEPTIBQFETUBHFFNCSZPT QmS )ZQPDPUZM BOE SPPU SFHJPO PG OFBSMZ NBUVSF FNCSZPT B E H K N Q-POHJUVEJOBMTFDUJPOTPGXJMEUZQFFNCSZPT C F I L O R4FDUJPOTPGFNCSZPTGPMMPXJOHJOTJUVIZCSJEJ[B UJPOXJUIBO4$3BOUJTFOTFHFOFQSPCFD G J M P S$POGPDBM JNBHFTPGHSFFOëVPSFTDFOUQSPUFJO ('1 FYQSFTTJPOESJWFO CZUIF4$3QSPNPUFS4DIFNBUJDESBXJOHTPOUIFSJHIUTIPX USBDJOHTNBEFGSPNUIFMFѫNPTUQBOFMTPGUIFQSPHFOJUPSTPG UIFHSPVOEUJTTVF UIFJSEFSJWBUJWFTBOEIZQPQIZTJTDFOUSBM DFMMT4$3HFOFFYQSFTTJPOJTJOEJDBUFECZCMVFTIBEJOHѮF TIJѫPG4$3HFOFFYQSFTTJPOUPUIFJOOFSNPTUDFMMMBZFSBѫFS QFSJDMJOBMEJWJTJPOTJTJOEJDBUFECZBSSPXTѮFCPVOEBSZPG UIF VQQFS BOE MPXFS UJFST PG DFMMT EFMJOFBUFE JO UIF HMPCV MBSTUBHFFNCSZPJTJOEJDBUFECZEBSLMJOFT#BSTEmMʍN NmS ʍN 3FQSJOUFE GSPN 8ZTPDLB%JMMFS FU BM %FWFMPQNFOUm
1MBUFϔ
Ϗώϖ
ϏϏύ
1MBUFϕ
1MBUFɮ 'JHBoD1IFOPUZQFT PG UIF NFEFB NFB NVUBOU B 4JMJRVF PG B TFMGFE IFUFSP[ZHPVT NFB.&" QMBOU TIPX JOHBCPSUFETFFETEFSJWFEGSPNGFNBMFHBNFUPQIZUFTDBSSZ JOHUIFNFBBMMFMFC-BUFIFBSUTIBQFEXJMEUZQFFNCSZP D-BUFIFBSUTIBQFEFNCSZPUIBUJOIFSJUFEBNBUFSOBMNFB BMMFMF.PSQIPHFOFTJTJTEFMBZFEBOESFTVMUTJOBMBSHFSUIBO OPSNBM IFBSUTIBQFE FNCSZP UIBU FWFOUVBMMZ BCPSUT #BST B ʍN C D ʍN 3FQSJOUFE GSPN (SPTTOJLMBVT FU BM $VSS0QJO1MBOU#JPMm
1MBUFɮ 'JHEoH4FDUJPOT PG "SBCJEPQTJT PWVMFT USFBUFE XJUIBOUJTFSVNBHBJOTU"(".064MJLF "(-
TIPXJOH UIF MPDBMJ[BUJPO PG "(- QSPUFJO E F 8JMEUZQF QSPFN CSZPBOEHMPCVMBSFNCSZP SFTQFDUJWFMZG8JMEUZQFFNCSZP BUUIFUSBOTJUJPOTUBHFBSSPXIFBETMBCFMFEFOEPTQFSNOVDMFJ H 8JMEUZQF UPSQFEPTIBQFE FNCSZP & &NCSZP &U FOEP UIFMJVN 4TVTQFOTPS#BSTE G HʍNFʍN 3FQSJOUFE GSPN1FSSZFUBM 1MBOU$FMMm
1MBUFϖ
ϏϏώ
1MBUFɯ 'JHB C1IPUPHSBQIT PG BCOPSNBM FNCSZP QIFOP PWVMFT CPUUPN UXP SPXT B :PVOH BOUJTFOTF PWVMFT BOE UZQFTJOB1&*BOUJTFOTFMJOFPG"SBCJEPQTJT-Fѫ1BSUPGUIF FNCSZPT C -BUFTUBHF BOUJTFOTF PWVMFT BOE FNCSZPT GSPN PQFOFE TJMJRVFT XJUI HSFFO PWVMFT IBSCPSJOH OPSNBM FN UIFTBNFQMBOUBTJOB#BSTʍN 3FQSJOUFEGSPN-JBOE CSZPTBOEXIJUFPWVMFTFODMPTJOHBCOPSNBMFNCSZPT SJHIU ѮPNBT 1MBOU$FMMm FNCSZPT FYDJTFE GSPN HSFFO PWVMFT UPQ SPX BOE XIJUF
1MBUFɯ 'JHDoK$POGPDBM MBTFS TDBOOJOH NJDSPTDPQJD JN BHFTPGQSPQJEJVNJPEJEFTUBJOFEFNCSZPTPGNBJ[FNVUBOUT FNC DmF BOEFNC GmK D&NCSZPEBZTBG UFSQPMMJOBUJPOE&NCSZPEBZTBѫFSQPMMJOBUJPOF&NCSZP EBZTBѫFSQPMMJOBUJPONVUBOUFNCSZPTBSFBSSFTUFEBUBO FBSMZ USBOTJUJPO TUBHF EBZT BѫFS QPMMJOBUJPO G &NCSZP EBZTBѫFSQPMMJOBUJPOH&NCSZPEBZTBѫFSQPMMJOBUJPO I&NCSZPEBZTBѫFSQPMMJOBUJPO4DVUFMMVNCFHJOTUPGPSN
BUEBZTBOEJTXFMMEFWFMPQFEBUEBZTJ K&NCSZPTBU EBZT BѫFS QPMMJOBUJPO ѮF DPMFPQUJMF JT NJTTJOH J BOE MFBWFTGBJMUPDPWFSUIFNFSJTUFN K BFQ"CFSSBOUFNCSZP QSPQFS FQFNCSZPQSPQFS QWQSPWBTDVMBSUJTTVF TBNTIPPU BQJDBM NFSJTUFN TD TDVUFMMVN TV TVTQFOTPS - BOE -** MFBWFT#BSTDmIʍNJʍNKʍN 3FQSJOUFEGSPN &MTUFSFUBM %FW(FOFT&WPMm
ϏϏϏ
1MBUFώύ
1MBUFɧɦ 'JHBoI4FFEEFWFMPQNFOUJOUIFXJMEUZQF B D F H BOE BCBJOTFOTJUJWF BCJ NVUBOU C E G I PG "SB CJEPQTJT &NCSZPT EJTTFDUFE GSPN TFFET PG XJMEUZQF BOE NVUBOUIBSWFTUFEBU B C
D E
F G
BOE H I EBZTBѫFSëPXFSJOHBSFTIPXO&NCSZPTXFSFEJTTFDUFEBѫFS JNCJCJOH TFFET PO BHBS QMBUFT BOE QIPUPHSBQIFE JNNFEJ BUFMZ #BS ʍN 3FQSJOUFE GSPN /BNCBSB FU BM %FWFMPQNFOUm
1MBUFɧɧ 'JHB" NPEFM GPS EFWFMPQNFOUBM BSSFTU BOE QSF NBUVSFHFSNJOBUJPOPG"SBCJEPQTJTTFFET%VSJOHUIFHSPXUI QIBTF FYQSFTTJPO PG '64$" '64
-&"': $05:-& %0/ -&$
BOE -&$ HFOFT JO UIF FNCSZP SFTVMUT JO HSPXUIBSSFTU.VUBUJPOTJOUIFTFHFOFTMFBEUPSFEVDFEFN CSZP HSPXUI BSSFTU BOE QSFNBUVSF HFSNJOBUJPO &BSMZ EVS JOHUIFTFFENBUVSBUJPOQIBTF UIFBDUJWJUZPGUIF"#*BOE "#"%&'*$*&/5 "#" HFOFTDBVTFTFNCSZPEPSNBODZ
1MBUFɧɧ 'JHCoE3PMF PG NJDSPUVCVMFT JO UIF DFMMVMBSJ[B UJPOPGGSFFOVDMFJPGCBSFMFZFOEPTQFSN.JDSPUVCVMFTBSF TUBJOFE CZ JNNVOPëVPSFTDFODF DISPNPTPNFT BOEPS OVDMFJBSFVOTUBJOFEBOEBQQFBSCMBDLC'PSNBUJPOPGUIF SBEJBM TZTUFN PG NJDSPUVCVMFT UIBU PSHBOJ[F UIF DZUPQMBTN BOENBJOUBJOUIFOVDMFJJOBOFWFOMZTQBDFEQBUUFSOD*OUFS BDUJPOPGUIFNJDSPUVCVMFTPGUXPBEKBDFOUOVDMFJE-PDBUJPO PGXBMMTJOEJDBUFECZUIFVOTUBJOFE[POFTBUUIFQFSJNFUFST PGUIFSBEJBMNJDSPUVCVMFTPSJHJOBUJOHGSPNUIFOVDMFJ#BST CʍND EʍN 3FQSJOUFEGSPN#SPXOFUBM 1MBOU $FMMm
1MBUFώώ
ϏϏϐ
BOENVUBUJPOTJOUIFTFHFOFTMFBEUPQSFNBUVSFHFSNJOBUJPO 1SFNBUVSFHFSNJOBUJPOJTSFHVMBUFECZHJCCFSFMMJDBDJE (" EFQFOEFOU BOE ("JOEFQFOEFOU QBUIXBZT 7JWJQBSZ BOE QSFNBUVSF HFSNJOBUJPO JOTJEF UIF TJMJRVF PDDVS JO FNCSZP HSPXUI BSSFTU BOE FNCSZP EPSNBODZ EPVCMF NVUBOUT 3FE BOEHSFFOCPYFTJOEJDBUFHFOFFYQSFTTJPOBOEGVODUJPO 3F QSJOUFEGSPN3B[FUBM %FWFMPQNFOUm
ϏϏϑ
1MBUFώϏ 1MBUFɧɨ 'JHBoGʃ(MVD VSPOJEBTF (64 FYQSFTTJPO JO UIF FOEPTQFSN OVDMFJ PG USBOTHFOJD PWVMFT PG "SB CJEPQTJT IBSCPSJOH '&3 5*-*; "5*0/*/%&1&/ %&/5 4&&%4 '*4 (64 DPOTUSVDUT B C 6O QPMMJOBUFE PWVMFT TIPXJOH (64 BDUJWJUZ JO UIF DFOUSBM DFMM OVDMFVT DmG (64 BD UJWJUZ JO FOEPTQFSN OVDMFJ GPSNFE JO PWVMFT GPMMPXJOH EPVCMF GFSUJMJ[BUJPO D OV DMFJ E OVDMFJ F OVDMFJ G OVDMFJ #BST NN 3FQSJOUFE GSPN -VP FU BM 1SPD /BUM "DBE 4DJ 64"m
1MBUFɧɨ 'JHH I&NCSZP FOEPTQFSN BOE TFFE DPBU EFWFMPQNFOU JO XJMEUZQF BOE NVUBOU "SBCJEPQTJT QMBOUT H 8IPMF NPVOU PG BO PWVMF PG B ëPXFS GSPN B XJMEUZQF QMBOU EBZT BѫFS TFMGQPMMJOBUJPO TIPX JOH B HMPCVMBS FNCSZP TVS SPVOEFE CZ OVDMFBS FOEP TQFSN I 8IPMF NPVOU PG BO PWVMF PG BO FNBTDVMBUFE ëPXFS GSPN B IFUFSP[ZHPVT '*&êF QMBOU EBZT BѫFS FNBTDVMBUJPO *OTFU &OEP TQFSN OVDMFJ BSSPXT $1 $IBMB[BM QPMF &. FNCSZP .1 NJDSPQZMBS QPMF / FO EPTQFSN 4$TFFEDPBU#BST ʍN 3FQSJOUFE GSPN 0IBEFUBM 1SPD/BUM "DBE4DJ64"m
1MBUFώϐ
ϏϏϒ
1MBUFɧɩ 'JHB C%JBHSBNT TIPXJOH UIF FĒFDU PGHMPCBM%/"IZQPNFUIZMBUJPOPOQBSFOUBMJN QSJOUJOHJO"SBCJEPQTJTB'PSNBUJPOPGFHHBOE TQFSNѮFFOEPTQFSNGPSNFEJOUIFXJMEUZQF BѫFSEPVCMFGFSUJMJ[BUJPODPOUBJOTBSBUJPPGUXP NBUFSOBMHFOPNFTUPPOFQBUFSOBMHFOPNF*OUIF NBUFSOBM HFOPNF NBUFSOBMTQFDJêD JNQSJOUFE HFOFTBSFBDUJWF XIFSFBTQBUFSOBMTQFDJêDHFOFT BSF SFQSFTTFE *NQSJOUFE HFOFT DPOUSJCVUFE CZ UIF QBUFSOBM HFOPNF IBWF B DPNQMFNFOUBSZ FY QSFTTJPO QBUUFSO 8IFO NBUFSOBM HFOPNFT BSF DPOUSJCVUFE CZ B .&5):- 53"/4'&3"4& .&5 BT QBSFOU UIF QBUFSOBMTQFDJê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êD HFOFT SFTVMUJOH JO QIFOPUZQFT TJNJMBS UP UIPTF QSPEVDFE CZ QBSFOUBM JNCBMBODF 3F QSJOUFE GSPN "EBNT FU BM %FWFMPQNFOU m
1MBUFɧɩ 'JHDoG*O TJUV IZCSJEJ[BUJPO FYQSFTTJPO PG &. #3:0 463306/%*/( 3&(*0/ &43 USBOTDSJQUT JO NBJ[F FOEPTQFSN D -POHJUVEJOBM TFDUJPO PG UIF FNCSZP FOEPTQFSN SFHJPO PG UIF HSBJO EBZT BѫFS QPMMJOBUJPO IZ CSJEJ[FEXJUIUIF3/"QSPCFE4FDUJPOPGUIFHSBJOEBZT BѫFSQPMMJOBUJPOF4FDUJPOPGUIFHSBJOEBZTBѫFSQPMMJOB UJPO G 4FDUJPO PG UIF HSBJO EBZT BѫFS QPMMJOBUJPO )FSF UIFTJHOBMJTDPOêOFEUPUIFSFHJPOBSPVOEUIFMPXFSQBSUPG UIFTVTQFOTPSF&BSMZTUBHFFNCSZPFOFOEPTQFSNFQFN CSZPQSPQFS XJUIUIFTVTQFOTPS T TFQBSBUFQQFSJDBSQ#BS ʍN 3FQSJOUFEGSPN0QTBIM'FSTUBEFUBM 1MBOU+ m
ϏϏϓ
1MBUFώϑ
1MBUFɧɪ 'JHB C*O TJUV IZCSJEJ[BUJPO FYQSFTTJPO PG USBO TDSJQUT PG UIF &/%041&3. &/% HFOF PWFS UIF OV DFMMBS QSPKFDUJPO DFMMT PG CBSMFZ FOEPTQFSN B 5SBOTDSJQU FYQSFTTJPOJTJOJUJBUFEJOUIFGSFFOVDMFJBCPWFUIFOVDFMMBS
QSPKFDUJPODFMMTC-BUFS FYQSFTTJPOTQSFBETUPUIFDFMMTPGUIF CBTBMUSBOTGFSDFMMMBZFSTPGUIFFOEPTQFSNMPDBUFEBCPWFUIF OVDFMMBSQSPKFDUJPODFMMT 3FQSJOUFEGSPN0MTFOFUBM 5SFOET1MBOU4DJm
1MBUFɧɪ 'JHDoF*O TJUV IZCSJEJ[BUJPO TFDUJPOT PG NBJ[F LFSOFMXJUIBQSPCFTQFDJêDGPSUIF#"4"- &/%041&3. 53"/4'&3 -":&3 #&5- HFOF D 4FDUJPO PG B LFSOFM BU EBZT BѫFS QPMMJOBUJPO ѮF TJHOBM FYUFOET PWFS BU MFBTU UISFFDFMMMBZFSTJOUIFCBTBMFOEPTQFSNE4FDUJPOPGBLFSOFM
BUEBZTBѫFSQPMMJOBUJPOF4FDUJPOPGBLFSOFMBUEBZT BѫFS QPMMJOBUJPO TIPXJOH B EFDSFBTF JO TJHOBM JOUFOTJUZ BS SPXT IZCSJEJ[BUJPO TJHOBMT JO UIF FOEPTQFSN USBOTGFS DFMMT FN &NCSZP FO FOEPTQFSN#BSTʍN 3FQSJOUFEGSPN )VFSPTFUBM 1MBOU$FMMm
1MBUFɧɪ 'JHGoI1IFOPUZQF PG TVQFSOVNFSBSZ BMFVSPOF SFE XIFSFBTUIFTUBSDIZFOEPTQFSN TF JTTUBJOFEEBSLCMVF TBM NVUBOU FOEPTQFSN PG NBJ[F G )PNP[ZHPVT TBM I 1BSU PG UIF NVMUJMBZFSFE BMVFSPOF PG UIF NVUBOU LFSOFM EFGFDUJWF LFSOFMT 5XP XJMEUZQF HSBJOT BSF TIPXO PO UIF 3FQSJOUFEGSPN4IFOFUBM 1SPD/BUM"DBE4DJ64" SJHIUH4FDUJPOPGUIFFOEPTQFSNPGBEFGFDUJWFLFSOFMѮF m DFMMT PG UIF TVQFSOVNFSBSZ BMFVSPOF MBZFST BM BSF TUBJOFE
1MBUFɧɫ 'JHBoE4PNBUJD FNCSZPHFOFTJT JO DVMUVSFE [ZHPUJD FNCSZPT PG "SBCJEPQTJT B #FOU DPUZMFEPOTUBHF FNCSZPTBUUIFUJNFPGDVMUVSFJOBNFEJVNDPOUBJOJOH EJDIMPSPQIFOPYZBDFUJD BDJE % C #FHJOOJOH PG DBMMVT HSPXUIPODPUZMFEPOTEBZTBѫFSDVMUVSFD"EWBODFEDBMMVT HSPXUIPODPUZMFEPOTEBZTBѫFSDVMUVSFE.BTTJWFDBMMVT
1MBUFώϒ
ϏϏϔ
HSPXUIXJUIFBSMZTUBHFTPNBUJDFNCSZPT TFFOJOTFDUJPOT PODPUZMFEPOTEBZTBѫFSDVMUVSF*OTFU4PNBUJDFNCSZPT BSJTJOH GSPN UIF DBMMVT USBOTGFSSFE BU EBZT BѫFS DVMUVSF JOBOBVYJODPOUBJOJOHNFEJVNUPBNFEJVNMBDLJOHBVYJO GPSEBZT#BSTBʍN CʍN DNN ENN JOTFUNN
ϏϏϕ
1MBUFώϓ
1MBUFɧɬ 'JHBoH&YQSFTTJPO PG UIF %BVDVT DBSPUB 40."5*$ &.#3:0(&/&4*4 3& $&1503 ,*/"4& %D4&3, HFOF JO FN CSZPHFOJDBMMZ DPNQFUFOU DBSSPU DFMMT BOE FBSMZTUBHF FNCSZPT GPSNFE GSPN TVDI DFMMT BmF(FOFFYQSFTTJPOWJTJCMFBTBQVSQMFQSFDJQJ UBUFJOJOEJWJEVBMDFMMT BTUFSJTLT PCUBJOFECZ NFDIBOJDBM GSBHNFOUBUJPO PG IZQPDPUZM TFH NFOUT USFBUFE XJUI % G (FOF FYQSFTTJPO JOBTNBMMDMVTUFSPGFNCSZPHFOJDDFMMTH(FOF FYQSFTTJPO JO B TNBMM HMPCVMBS FNCSZP #BST ʍN 3FQSJOUFEGSPN4DINJEUFUBM %FWFMPQNFOUm
1MBUFɧɬ 'JHIoL&NCSZPHFOFTJT JO JTP MBUFE QPMMFO DVMUVSFT PG UPCBDDP I 'SFTIMZ JTPMBUFE BDFUPDBSNJOFTUBJOFE QPMMFO HSBJOT J &NCSZPHFOJD QPMMFO HSBJOT GPSNFE BѫFS DVMUVSF GPS EBZT BU $ JO TUBSWBUJPO NF EJVN K (MPCVMBS FNCSZPT GPSNFE GSPN FN CSZPHFOJDQPMMFOHSBJOTXFFLTBѫFSUSBOTGFS UPBOJOEVDUJPONFEJVN L5PSQFEPTIBQFE FNCSZPT GPSNFE GSPN FNCSZPHFOJD QPMMFO HSBJOTXFFLTBѫFSUSBOTGFSUPBOJOEVDUJPO NFEJVN#BSTI JʍNKʍN LNN 3FQSJOUFE GSPN 5PVSBFW FU BM 1MBOU $FMM3FQm
ϏϏϖ
*OEFY
*UBMJDQBHFOVNCFSTJOEJDBUFêHVSFT
" "#"EFêDJFOU BCB NVUBOUTHFOFT m "#"*/4&/4*5*7& "#* HFOFTNV UBOUT m m "#/03."--&"'4)"1& "-& HFOF "CTDJTJDBDJE "#" SPMFJOFNCSZPEPSNBODZ m SPMFJOFNCSZPNBUVSBUJPO m S PMFJOQSFDPDJPVTHFSNJOBUJPO m SPMFJOTPNBUJDFNCSZPHFOFTJT "DBDJBSFUJOPEFT "DUJO SPMFJOEPVCMFGFSUJMJ[BUJPO m SPMFJOFHHQPMBSJUZ "DUJWBUPS "D "FTDVMVTXPFSMJU[FOTJT "(".064-JLF "(-
."%4CPY HFOFT m "HSPCBDUFSJVN "HSPCBDUFSJVNUVNFGBDJFOT "*/5&(6.&/5" "/5 HFOF "MFDUSBWPHFMJJ "MJTNBMBODFPMBUVN "MJTNBQMBOUBHPBRVBUJDB "MMBOCMBDLJBQBSWJëPSB "NCPSFMMBUSJDIPQPEB m ".*/0"$*%1&3.&"4& ""1 HFOF "OESPHFOFTJT "OFNPOFOFNPSPTB "OUIFSDVMUVSF m "OUJQPEBMT m "OUJSSIJOVNNBKVT "1&5"-" "1 HFOF "QJDPCBTBMQBUUFSO m m "QPNJYJT m m B EWFOUJWFFNCSZPHFOFTJT m BQPTQPSZ m EJQMPTQPSZ m NPMFDVMBSHFOFUJDTPG "QPQUPTJT
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Ϗϐύ
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$ $HFOFPGBOUIPDZBOJOQBUIXBZ $Bí B TDIFNPUSPQJDBUUSBDUBOU D IBOHFTEVSJOHGFSUJMJ[BUJPO J ODBMSFUJDVMJO JOFHHQPMBSJUZ TJHOBMJOH DBC DIMPSPQIZMMBCCJOEJOHQSPUFJO HFOF $BDBP $BMBOUIF $BMBOUIFWFJUDIJJ $BMNPEVMJO $BMUIBQBMVTUSJT $"13*$& $1$ HFOF $BQTFMMBCVSTBQBTUPSJT m m m m m DBQVMFU DBQ DBQ NVUBOUT $BSCPYZQFQUJEBTF $BSSPU
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$ZUPLJOFTJTEFGFDUJWFNVUBOUTPG"SBCJEPQTJT m $ZUPLJOFTJTEFGFDUTEVSJOHFNCSZPHFOFTJT m m $ZUPLJOJO m
% %UZQFPGDZDMJO $:$% HFOF %BDUZMJTHMPNFSBUB %BUVSB %BUVSBJOOPYJB %BUVSBTUSBNPOJVN m %BUVSBUBUVMB %BVDVTDBSPUB %BVDVTDBSPUB4&3, %D4&3, HFOF %&$3&"4&*/%/".&5)-" 5*0/ %%. HFOF %&'&$5*7&&.#3:0 "/%.&3*45&.4 %&. HFOF EFGFDUJWFFOEPTQFSNFYQSFTTJOHYFOJB EFY NVUBOU EFGFDUJWFLFSOFM EFL NVUBOUT m EFGFDUJWFTFFEMJOH EFT NVUBOUT %FMQIJOJVNFMBUVN EFNFUFS ENF NVUBOUHFOF %FOESPCJVN %FOESPCJVNCBSCBUVMVN %FOESPCJVNOPCJMF %FTJDDBUJPOUPMFSBODFPGFNCSZPT m SPMFPGDBSCPIZESBUFTJO m SPMFPGQSPUFJOTJO m %JDIMPSPQIFOPYZBDFUJDBDJE % m %JHJUBMJTMBOBUB %JNPSQIJDTQFSN m %JQMPUBYJTFSVDPJEFT m EJTDPMPSFE ETD NVUBOUHFOF m EJTUPSUFEHSPXUI EHS NVUBOU %/"NFUIZMBUJPO m m %0.*/0 %0. HFOF %PVCMFGFSUJMJ[BUJPO m m m %SPTPQIJMB & 953"4&9$0.#4 &4$ HFOFPG 4 )"((:HFOFPG %SPTPQIJMBNFMBOPHBTUFS
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Ϗϐώ
&HH m m m m m m m Q PMBSJUZPG m V MUSBTUSVDUVSFPG m &.#HFOF &NCSZP m m m m m m m m m m m m m DVMUVSFPG m m m EFGFDUJWFNVUBOUTPG"SBCJEPQTJT m EFGFDUJWFNVUBOUTPGNBJ[F m EFGFDUJWFNVUBOUTPGSJDF MFUIBMNVUBOUTPG"SBCJEPQTJT m E FWFMPQNFOUJOFVEJDPUT m E FWFMPQNFOUJONPOPDPUT m EJWJTJPOQBUUFSOTPG m E PSNBODZPG m N BUVSBUJPOPG m O VUSJUJPOPG m T UPSBHFQSPUFJOTPG m m &.#3:0%&'&$5*7& &.# HFOF m FNCSZPEFGFDUJWFEFWFMPQNFOU FEE NVUBOUHFOF &NCSZPTBD m m m m m m m 1PMZHPOVNUZQF FNCSZPTQFDJêD FNC NVUBOUT FNCSZPMFTT FNM NVUBOU &NCSZPHFOFTJT m m m m m m m D FMMMJOFBHFEVSJOH m H FOFFYQSFTTJPOEVSJOH m JOQPMMFOHSBJOT m J OTPNBUJDDFMMT m JOXJMEDSPTTFT m QBSUIFOPHFOJDJOJUJBUJPOPG m &.#3:0463306/%*/(3&(*0/ &TS HFOF &.#3:0/*$&$50%&3. %&7&-01.&/5 &&% HFOF &NCSZPOJDQSPUFJOT FNQUZQFSJDBSQ FNQ NVUBOUHFOF &OEPSFEVQMJDBUJPO m JOTVTQFOTPSDFMMT m &OEPEFSNJT PSJHJOPG m &OEPTQFSN m m m m m m m BMFVSPOFDFMMT MBZFST PG m m C BTBMFOEPTQFSNUSBOTGFSMBZFS m DIFNJDBMDPNQPTJUJPOPG m D ZTUGPSNBUJPOJO m DZUPLJOFUJDEFGFDUTJONVUBOUT E FWFMPQNFOUJO"SBCJEPQTJT m m E FWFMPQNFOUJOXJEFDSPTTFT m
ϏϐϏ EFWFMPQNFOUXJUIPVUEPVCMFGFSUJMJ[BUJPO m E FWFMPQNFOUBMUZQFT %/"BNQMJêDBUJPOJO m F NCSZPTVSSPVOEJOHSFHJPOPG F WPMVUJPOPG GSFFOVDMFBSUPDFMMVMBSUSBOTGPSNBUJPOPG m H FOPNJDJNQSJOUJOHEVSJOHEFWFMPQNFOUPG m IBVTUPSJBPG m PGDFSFBMHSBJOT m QSPHSBNNFEDFMMEFBUIPG m SPMFJOFNCSZPOVUSJUJPO m T UBSDIZDFMMTPG m m TUPSBHFQSPEVDUTPG m USBOTGFSDFMMT DFMMMBZFST PG &/%041&3. &/% HFOF &/)"/$&30';&45&HFOF &QIFESB m &QIFESBOFWBEFOTJT &QIFESBUSJGVSDB m &QJEFOESVNTDVUFMMB &3"3&-"5&%(51BTFT &3( HFOF &SBOUIJTIJFNBMJT &SJHFSPOTUSJHPTB &SJPDBVMPOSPCVTUPCSPXOJBOVN &SJPDBVMPOYFSBOUIFNVN &SVDBTBUJWB m &SZUISJOBDSJTUBHBMMJ &SJHFSPOQIJMBEFMQIJDVT &VSZBMFGFSPY &YQFSJNFOUBMFNCSZPMPHZ &953"$&--6-"31305&*/ &1 HFOF &YUSBDFMMVMBSQSPUFJOTPGFNCSZPHFOFTJT m &953"$05:-&%0/ 95$ 95$ HFOFT &953"4&9$0.#4 &4$ HFOF
' ' HFOFNVUBOU '"$,&- ', HFOFNVUBOU m GBTT GT NVUBOUHFOF m 'FNBMFHFSNVOJU GFSPOJB GFS NVUBOU '&35*-*;"5*0/*/%&1&/%&/5&/%041&3. '*& HFOFTNVUBOUT m m '&35*-*;"5*0/*/%&1&/%&/54&&%4 '*4 HFOFTNVUBOUT m m '*-".&/5064'-08&3 '*- HFOF êTDMBTTNVUBOUT êTUNVUBOU '-03"-#*/%*/(1305&*/ '#1 '#1 HFOFT
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( (BMBOUIVTOJWBMJT (FOPNJDJNQSJOUJOH m SPMFPG%/"NFUIZMBUJPOJO m (FPEPSVN (FSBOJVNQIBFVN (FSNJOBUJPO m m m (JCCFSFMMJO HJCCFSFMMJDBDJE (" FĒFDUPOFNCSZPHSPXUI m J OTVTQFOTPST (*##&3&--*/*/4&/4*5*7& ("* HFOF (JOLHPCJMPCB (-"#3" (- HFOF HMPCCZ HMP NVUBUJPO (-0#6-"3"33&45 (-" HFOF (MPYJOJBIZCSJEB HMVDPTJEBTF HDT NVUBOU ʃ(-6$630/*%"4& (64 HFOF (MZDJOFNBY (OFUVNm (OFUVNHOFNPO HOPN HO NVUBOUHFOF (PMEFOSJDF (0--6. (-. HFOFNVUBOU (PTTZQJVNIJSTVUVN (SBQFWJOF (SFFOëVPSFTDFOUQSPUFJO ('1 (VJ[PUJBPMFJëPSB HVSLF HL NVUBOUHFOF
) )BFNBOUIVTLBUIFSJOBF IBJLV JLV JLV NVUBOUT )"--*."4$) )"- HFOFNVUBOU )FMJBOUIVTBOOVVT )FMJPQTJTQBUVMB )FMMFCPSVTGPFUJEVT )JCJTDVTDPTUBUVT
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Ϗϐϐ
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.
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/ /".3&-"5&%1305&*/ /31 HFOF /BQIUIBMFOFBDFUJDBDJE /"" /BSDJTTVTQPFUJDVT /FVSPTQPSBDSBTTB /JDPUJBOBQMVNCBHJOJGPMJB /JDPUJBOBSVTUJDB /JDPUJBOBUBCBDVN /JHFMMBTBUJWB /JUFMMB OPBQJDBMNFSJTUFN OBN NVUBOU /VQIBSQPMZTFQBMVN /ZNQIBFBTUFMMBUB
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1 1BFPOJB m 1BFPOJBBOPNBMB m 1BFPOJBNPVUBO 1BFPOJBXJUUNBOOJBOB m 1"1HFOF m 1BQBWFSOVEJDBVMF 1BQBWFSTPNOJGFSVN 1BTQBMVNOPUBUVN 1"45*$$*/0 1"4 HFOF 1FB 1FBSMNJMMFU 1&*HFOF 1FMBSHPOJVN[POBMF 1FMWFUJB 1FOOJTFUVNBNFSJDBOVN 1FOOJTFUVNDJMJBSF 1FOOJTFUVNHMBVDVN 1FSBYJMMBUFUSBQFUBMB m 1FSJDZDMF PSJHJOPG m m 1FSJTUFSJB 1FSJTUFSJBFMBUB 1&309:3&%09*/ 1&3 HFOF 1FUVOJB 1FUVOJBIZCSJEB 1'*''&3-*/( 1'* HFOFNVUBOU m 1)"#6-04" 1)# HFOF 1IBJVTUBOLFSWJMMJBF m 1IBTFPMVT 1IBTFPMVTBDVUJGPMJVT 1IBTFPMVTDPDDJOFVT m m m F OEPSFEVQMJDBUJPOPGTVTQFOTPSOVDMFJ m Q PMZUFOZJOTVTQFOTPSOVDMFJ 1IBTFPMVTIZTUFSJOVT 1IBTFPMVTMVOBUVT 1IBTFPMVTNVMUJëPSVT m 1IBTFPMVTNVOHP 1IBTFPMVTUVCFSPTVT
1IBTFPMVTWVMHBSJT m m 1)&3&4 1)& HFOF QJDLMF QLM NVUBOU QJM[HSPVQPGNVUBOUTHFOFT m 1*/'03.&% 1*/ HFOFNVUBOUT 1*/)&"% 1/) BMMFMFNVUBOU 1*/0$$)*0 1*$ HFOFNVUBOU 1*/0*% 1*% HFOF 1JTVNTBUJWVN 1-"/5(3085)"$5*7"503 1(" HFOF 1-&5)03" 1-5 1-5 HFOFT 1MVNCBHP[FZMBOJDB m 1PMBSGVTJPOOVDMFVT m m 10-"3*4 1-4 HFOF 1PMMFOFNCSZPHFOFTJT m CZQPMMFODVMUVSF m m D ZUPMPHZPG m N PMFDVMBSCJPMPHZPG m S FTQPOTJWFTUBHFPGQPMMFOEFWFMPQNFOUGPS m QPMUFSHFJTU QPM NVUBOUHFOF 1PMZDPNCQSPUFJOT 1PMZHPOVNEJWBSJDBUVN 1PMZUFOZ m 1PQVMVTEFMUPJEFT 103$*/0 103 HFOFNVUBOU m 1SFDPDJPVTHFSNJOBUJPO m 1SJNBSZFOEPTQFSNOVDMFVT m m QSJNPSEJBMUJNJOH QU NVUBOU 1SPFNCSZP m DVMUVSFPG m QSPHSBNNFEDFMMEFBUI J OFOEPTQFSN m JOTDVUFMMVNBOEDPMFPQUJMF J OTVTQFOTPS m 130-*'&3" 13- HFOF 1SPUPEFSNTQFDJêDHFOFT JO"SBCJEPQTJT m JOSJDF 1TFVEPHBNZ Q;&HFOF
2 2VFSDVTHBNCFMJJ 2VJFTDFODFPGFNCSZPT m 2VJFTDFOUDFOUFS m m
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4 4BOUBMVNBMCVN 4$"3&$308 4$3 HFOFNVUBOU m 4$)*;03*;" 4$; HFOFNVUBOU m 4DIJ[PTBDDIBSPNZDFTQPNCF TDIMFQQFSMFTT TMQ NVUBOU 4DJMMBCJGPMJB 4FDBMFDFSFBMF 4FEVNUFSOBUVN m 4FFEFNCSZPDVMUVSF m 4FUBSJBMVUFTDFOT 4)"((:HFOF 4)&1)&3% 4)% HFOF
Ϗϐϒ
Ϗϐϓ 4IPPUBQFY TIPPUBQJDBMNFSJTUFNPGUIFFNCSZP m m m m m NBJOUFOBODFPG m SFMBUJPOTIJQUPDPUZMFEPOT m m TQFDJêDBUJPOPG m 4)005-&44 4)- HFOFT 4)005.&3*45&.-&44 45. HFOFNVUBOU m TIPPUNFSJTUFNMFTT TNM NVUBOU TIPSUJOUFHVNFOU TJO NVUBOUHFOF m 4)0353005 4)3 HFOFNVUBOU m TISVOLFO TI NVUBOU TISVOLFOFOEPTQFSNDBVTFECZUIF NBUFSOBMHFOPUZQF TFH NVUBOU TISVOLFOFOEPTQFSNFYQSFTTJOHYFOJB TFY NVUBOU 4JMJRVFDVMUVSF m 4JMQIJVNJOUFHSJGPMJVN 4JMQIJVNMBDJOJBUVN 4JMQIJVNUFSFCJOUIJOBDFVN 4JMWFUJB 4JOBQJTBMCB TJSÍOF TSO NVUBOU 4."--46#6/*53*#040."- 1305&*/4 443 HFOF 4/"1HFOF 4/"3&HFOF 4PNBUJDFNCSZPHFOFTJT m HFOFUJDSFHVMBUJPOPG m IJTUPSZPG m JO"SBCJEPQTJT m JODBSSPU m m S PMFPGBSBCJOPHBMBDUBOQSPUFJOTJO m S PMFPGFNCSZPOJDQSPUFJOTJO m SPMFPGTFDSFUFEQSPUFJOTJO m 40."5*$&.#3:0(&/&4*43&$&1503 ,*/"4& 4&3, HFOF 4PQIPSBëBWFTDFOT m 4PSHIVNCJDPMPS 4PZCFBO m m m m 4QBUIPHMPUUJT 4QBUIPHMPUUJTQMJDBUB 41¨5;-&HFOFNVUBOU m 4QFSN m FYQSFTTJPOPGQPMZVCJRVJUJOHFOFTJO 4QJMBOUIFTPMFSBDFB 4QJOBDI 4QJOBDJBPMFSBDFB 41030$:5&-&44 41- HFOF 4UFMMBSJBNFEJB 4UFNDFMMT m
TUFSPMNFUIZMUSBOTGFSBTF TNU TNU NVUBOUTHFOFT 4USJHBHFTOFSJPJEFT 4VHBSCFFU TVHBSZ TV NVUBOU TVJDJEFTFFET 4VOëPXFS TVQFSOVNFSBSZBMFVSPOF TBM NVUBOU 46113&44030'--1 40- 40- HFOFT m 46113&44030'7"3*&("5*0/HFOF 4VTQFOTPS m F OEPHFOPVTHSPXUIIPSNPOFTPG m H FOFUJDDPOUSPMPG m N PSQIPMPHZPG m O VDMFBSDZUPMPHZPG m Q IZTJPMPHZPG m T UPSBHFQSPUFJOTPG TVTQFOTPS TVT NVUBOUHFOF m 4VTQFOTPSNVUBOUT m 4ZNQMBTUJDUSBēD C FUXFFOFHHBOEDFOUSBMDFMM J OUIFFNCSZP JOUIFTIPPUBQJDBMNFSJTUFN 4ZOFSHJE m m
5 5BSBYBDVNNFHBMPSSIJ[PO 5"3(&50'3"1".:$*/ 503 HFOFNVUBOU 5$1HFOF 5FTUUVCFGFSUJMJ[BUJPO ѮFPCSPNBDBDBP UJUBO UUO HSPVQPGNVUBOTHFOFT m 5PCBDDP m m 5PNBUP UPOOFBV UPO UPO NVUBOUTHFOFT UPQMFTTM UQM NVUBOU 5PSFOJBGPVSOJFSJ m 5SBQBOBUBOT 5SBOTGFSSFE%/" 5%/" 53"/41"3&/55&45"(-"#3" 55( HFOFNVUBOU USFIBMPTFQIPTQIBUFTZOUIBTF UQT HFOF 5SJGPMJVNQSBUFOTF 5SJGPMJVNSVCFOT 5SJQTBDVN 53*5)03"9HFOF 5SJUJDBMF 5SJUJDVNBFTUJWVN
5SJUJDVNEVSVN 5SPQBFPMVNNBKVT m TVTQFOTPSTUSVDUVSFPG m 5SPQIPCMBTU 5VMJQBDFMTJBOB 5VMJQBHFTOFSJBOB 5VMJQBTZMWFTUSJT 5VOJDBTBYJGSBHB 5VSOJQ UXJO UXO NVUBOUTHFOFT m
6 6CJRVJUJO
7 WBDVPMFMFTT WDM NVUBOU 7FOUSBMDBOBMOVDMFVT 7JDJBGBCB m m 7JHOBTJOFOTJT 7JUJTWJOJGFSB 7JWJQBSZ m 7*7*1"3064 71 HFOFQSPUFJO m 7QQHFOF
8 XBYZ XY NVUBOU 8FMXJUTDIJB 8&3&80-' 8&3 HFOF 8IFBU m m m m m XIFBUHFSNBHHMVUJOJO
Ϗϐϔ
8JEFDSPTTFT m 800%&/-&( 80- HFOF 864$)&- 864 HFOFNVUBOU m 864$)&-SFMBUFEIPNFPCPY 809 HFOFT
: :"##: :"# HFOF
; ;FBNB" # #HFOFT ;FBNBZT ;&".":4"/%30(&/*$&.#3:04 ;N"& ;N"& HFOFT ;FBNBZTFNCSZPTBDCBTBMFOEPTQFSNUSBOTGFSMBZFSFN CSZPTVSSPVOEJOHSFHJPO ;N& HFOF m ;FBNBZT.:#3&-"5&% 1305&*/ ;N.31 HFOF ;FBNBZT1-"45*%3*#040."- 1305&*/- ;N131- HFOF ;FBNBZT4&3, ;N4&3, ;N4&3, HFOFT ;NBZT)PNFPCPY ;N)PY ;N)PY HFOFT ;NBZT065&3$&---":&3 ;N0$- ;N0$- ;N0$- HFOFT ;FJO m ;FQIZSBOUIFT ;8*--& ;-- HFOFNVUBOU m ;ZHPUF m m m m m m DVMUVSFPG QPMBSJUZPG m UFSNJOBMBOECBTBMDFMMTPG VMUSBTUSVDUVSFPG m