SlideShare a Scribd company logo
1 of 31
Download to read offline
!
!

    !"#$%&"!'&()(*+,-"'
            !"#"$%!&''(!
!

!

                    !
                                                                             !

!       !                                                                    !




                !!)*+,-!./01*0/!.2/340/!5!)*+,-!602/4*47!.2/340/!!++-,*230
!


&+.)".)!'

    !" #$%&'($!)'!*+',$)-./$+)!!                !   !   !   !   !   !   0!
       8989 :;-!*+!./-%03<=>0/3?!       !       !   !   !   !   !   !   @!
       89&9 A0/B*,0+!! !        !       !       !   !   !   !   !   !   @!
       89C9 !D0E0/04,0!./-F0,3+!!       !       !   !   !   !   !   !   @!
            !
    1" 2'345%)63&7!8$+9:&$4!            !       !   !   !   !   !   !   ;!
       &98 G4"+*30!24H!D01-30!I0J*B0/K!         !   !   !   !   !   !   L!
            &98989 G4"A*30!I0J*B0/K!    !       !   !   !   !   !   !   L!
            &989&9 D01-30!I0J*B0/K!!    !       !   !   !   !   !   !   L!
       &9&9 %03M-/N!#/-OPJ0+;--3*47!!   !       !   !   !   !   !   !   L!
       &9C9 !%03M-/N!)-4E*7O/23*-4!!    !       !   !   !   !   !   !   Q!
       &9R9 !%03M-/N!!OH*3*47!! !       !       !   !   !   !   !   !   Q!
       &9@9 !%03M-/N!I0+*74! !          !       !   !   !   !   !   !   Q!
       &9S9 !%03M-/N!G>3*1*+23*-4!      !       !   !   !   !   !   !   (!
       &9L9 !TO+*40++!)-4+OJ3*47!       !       !   !   !   !   !   !   (!
       &9Q9 <B04*47+!24H!:00N04H+!      !       !   !   !   !   !   !   (!
            !
    <" !=+6:3:3>!8$+9:&$4! !            !       !   !   !   !   !   !   !?!!
       C98 T0+>-N0!#/2*4*47! !    !     !           !   !   !   !   !   8'!
       C9& #2*J-/0H!:-/N+;->+!    !     !           !   !   !   !   !   8'!
       C9C <=21!./0>2/23*-4!!     !     !           !   !   !   !   !   8'!
       C9R #/2*4*47!6-,23*-4+!!   !     !           !   !   !   !   !   88!
       C9@ #/2*4*47!U2,*J*3*0+! ! !     !           !   !   !   !   !   88!
       C9S V4+3/O,3-/+!!        ! !     !           !   !   !   !   !   88!
       C9L MMM9,-O/+0E-=9,-9ON! !       !           !   !   !   !   !   88!
       C9Q ))I<!T--3,21>+! !      !     !           !   !   !   !   !   88!
       C9( 62P!D0432J!!         ! !     !           !   !   !   !   !   8&!
       C98' G40"3-"G40!#/2*4*47!A0++*-4+!           !   !   !   !   !   8&!
           !
    @" ,$)A'+B!C636>$($3)!              !       !   !   !   !   !   !   !<!!
       R989!D02J"#*10!$-4*3-/*47!       !       !   !   !   !   !   !   8C!
          R98989   !B2*J2P*J*3K!$-4*3-/*47!     !   !   !   !   !   !   8C!
          R989&9   D0>-/3+!     !       !       !   !   !   !   !   !   8R!
          R989C9   G4J*40!V4+3243!)J*043!!,,0++!!   !   !   !   !   !   8R!
          R989R9   )-4E*7O/23*-4!);2470+!       !   !   !   !   !   !   8R!
          R989@9   I-,O104323*-4!       !       !   !   !   !   !   !   8R!
          R989S9   $242701043!6*4N! !           !   !   !   !   !   !   8R!

!
!

           !
           !
    0" 22D-!EF=GD,-!           !       !       !       !        !     !   !   !   !0!!
       @989 W-M!))V<!W-3J*40!:-/N+!    !       !       !        !     !   !   !   8@!
       @9&9 I0J*B0/K!#*10+!   !        !       !       !        !     !   !   !   8@!
       @9C MMM9,,*0;-3J*409,-1!        !       !       !        !     !   !   !   8@!
           !
    H" 8$&5+:)7!8$+9:&$4!      !       !       !       !        !     !   !   !   !H!!
       S989 !A0,O/*3K!!++0++1043+!      !      !       !        !     !   !   !   8S!
       S9&9 I*2J"V4!D!A!A0,O/*3K!!++0++1043+! !        !        !     !   !   !   8S!
       S9C9 :0P!!>>J*,23*-4!!++0++1043+!       !       !        !     !   !   !   8S!
       S9R9 :*/0J0++!A0,O/*3K!!++0++1043+!     !       !        !     !   !   !   8S!
       S9@9 A-,*2J!<47*400/*47! !       !      !       !        !     !   !   !   8L!
       S9S9 #0J0,-11O4*,23*-4+!!++0++1043+! !          !        !     !   !   !   8L!
       S9L9 I232P2+0!!++0++1043+!       !      !       !        !     !   !   !   8L!
       S9Q9 .;K+*,2J!A0,O/*3K! !        !      !       !        !     !   !   !   8L!
       S9( )0/3*E*0H!<3;*,2J!W2,N0/!24H!.0403/23*-4!#/2*4*47!   !     !   !   !   8Q!!
             S9(989 )-O/+0+!!B2*J2PJ0! !       !       !        !     !   !   !   8Q!
            S9(9& 6-,23*-4+! !          !      !       !        !     !   !   !   8Q!
           !
    ;" =$&I3'%'>:$4!!          !       !       !       !        !     !   !   !   !J!!
       L989 D-O3*47!24H!AM*3,;*47!     !       !       !       !      !   !   !   8(!
            L98989 D-O3*47!#0,;4-J-7*0+!       !       !       !      !   !   !   8(!
            L989&9 AM*3,;*47!#0,;4-J-7*0+!     !       !       !      !   !   !   8(!
            L989C9 V430/42J!D-O3*47!./-3-,-J+! !       !       !      !   !   !   8(!
            L989R9 T-/H0/!X230M2K!./-3-,-J! !          !       !      !   !   !   &'!
            L989@9 YO2J*3K!-E!A0/B*,0! !       !       !       !      !   !   !   &'!
            L989S9 V.!Z0/+*-4!S!!      !       !       !       !      !   !   !   &8!
       L9&9 A0,O/*3K!24H!V/-4>-/3!     !       !       !       !      !   !   !   &8!!
            L9&989 #;0!)*+,-!!A!!U*/0M2JJ!     !       !       !      !   !   !   &8!
            L9&9&9 %03M-/N!!,,0++!)-43/-J![%!)!       !       !      !   !   !   &&!
            L9&9C9 $-4*3-/*47]!!42JK+*+!24H!D0+>-4+0!AK+301![$!DA!   !   !   !   &&!
            L9&9R9 V43/O+*-4!I030,3*-4!24H!./0B043*-4![VIA^V.A!      !   !   !   &C!
            L9&9@9 )*+,-!A0,O/*3K!!7043![)A!! !       !       !      !   !   !   &C!
            L9&9S9 V/-4>-/3! !         !       !       !       !      !   !   !   &R!
       L9C9 !Z-*,0!GB0/!V.![ZGV.!     !       !       !       !      !   !   !   &@!!
            L9C989 "4*E*0H!)-11O4*,23*-4+!$24270/! !           !      !   !   !   &R!
       L9R9 !#0J0>/0+04,0!      !      !       !       !       !      !   !   !   &S!
       L9@9 !A0/B*,0!./-B*H0/!%03M-/N*47!      !       !       !      !   !   !   &S!
            L9@989 $.6A!        !      !       !       !       !      !   !   !   &S!

!
!

      L9S9 !A3-/270!%03M-/N*47!          !   !   !   !   !   !   !   &L!
      L9L9 !G>3*,2J!%03M-/N*47!!         !   !   !   !   !   !   !   &L!
      L9Q9 !)-43043!%03M-/N*47!          !   !   !   !   !   !   !   &L!
      L9(9 !:!%!G>3*1*+23*-4! !          !   !   !   !   !   !   !   &Q!
      L98'9 :*/0J0++!%03M-/N*47!         !   !   !   !   !   !   !   &Q!
           L98'989 )*+,-!Q'&9884!        !   !   !   !   !   !   !   &(!
      L9889 :V$!_!!            !         !   !   !   !   !   !   !   &(!
      L98&9 V.!Z*H0-!AO/B0*JJ24,0!       !   !   !   !   !   !   !   C'!
      L98C     I*7*32J!$0H*2!A0/B*,0+!   !   !   !   !   !   !   !   C'!
          !
    K" E6+LA6+$!      !        !         !   !   !   !   !   !   !   <!!
      Q989 !%03M-/N!I0+*74! !            !   !   !   !   !   !   !   C8!
      Q9&9 !W2/HM2/0!AO>>JK! !           !   !   !   !   !   !   !   C8!

!

!

!

!

!

!

!

!

!

!

!

!




!
!


/0'1"*&+2"')+'3#+.")"43"#)

!                                                       :*3;!+0,O/*3K!P0*47!2!>/*-/*3K!E-/!1-+3!
                                                        PO+*40++0+!./-%03<=>0/3b+!,-4+OJ3243+!M-/N!
!"!!#EF!D8!*MF,-=-N*-M=O!                               M*3;!3;0*/!,J*043+!3-!;0J>!3;01!*H043*EK!
                                                        BOJ40/2P*J*3*0+!*4!3;0*/!403M-/N+]!3;/-O7;!
E$6LP56+)$+$L!:3!)I$!QRS!*+',$)-./$+)!6+$!6!            >0403/23*-4!30+3*47!24H!+-,*2J!047*400/*47!]!
>%'T6%!/+'9:L$+!'U!2:4&'!,$)A'+B!2'345%)63&7S!          042PJ*47!3;01!3-!+;O3!H-M4!+0,O/*3K!
,$)A'+B!8$&5+:)7S!,$)A'+B!C636>$($3)!63L!               M02N40++0+!24H!2,;*0B0!,-1>J*24,09!
=+6:3:3>!8$+9:&$4"!!
                                                        !
:*3;!2!E-,O+!-4!H0J*B0/*47!2HB24,0H!)*+,-!
403M-/N!+-JO3*-4+!24H!N00>*47!O>!3-!H230!-4!            !"1!8-MVD2-8!
3;0!J230+3!)*+,-!30,;4-J-7*0+]!./-%03<=>0/3!
01>J-K!3;0!1-+3!0=>0/*04,0H!24H!`O2J*E*0H!                  )G%A"6#!%)c!A<DZV)<A!
)*+,-!)0/3E*0H!V430/403M-/N!<=>0/3+![))V<+]!3-!
H0J*B0/!0=>0/3!403M-/N!+-JO3*-4+!;-M0B0/!                       ! G4+*30!24H!D01-30!I0J*B0/K!
,-1>J0=!-/!+>0,*2J*+0H!3;0!+-JO3*-4]!,-B0/*47!                  ! %03M-/N!#/-OPJ0+;--3*47!
2JJ!EJ2B-O/+!-E!403M-/N*47]!*4,JOH*47!D-O3*47!                  ! %03M-/N!)-4E*7O/23*-4!
24H!AM*3,;*47]!A0,O/*3K]!:*/0J0++]!Z-*,0!-B0/!V.!               ! %03M-/N!!OH*3*47!
24H!"4*E*0H!)-11O4*,23*-4+]!A0/B*,0!./-B*H0/!                   ! %03M-/N!I0+*74!
24H!A3-/270!%03M-/N*479!                                        ! %03M-/N!G>3*1*+23*-4!
                                                                ! TO+*40++!)-4+OJ3*47!
!+!2!,0/3*E*0H!)*+,-!602/4*47!.2/340/!!++-,*230!
                                                                ! ./-F0,3!$242701043!
24H!*4!>2/340/*47!M*3;!-3;0/!)*+,-!602/4*47!
.2/340/+!*4!3;0!"a!24H!<O/->0!./-%03<=>0/3!                 !
>/-B*H0!`O2J*3K!2++O/0H!)0/3*E*0H!)*+,-!#/2*4*47!           #D!V%V%X!A<DZV)<A!
E-/!3;0*/!,J*043+!24H!H0J07230+!-4!2!>OPJ*,!
                                                                ! ))=!]!))=.]!))V<]!))I<!#/2*4*47!
+,;0HOJ0!23!3->!3/2*4*47!E2,*J*3*0+!3;/-O7;-O3!
                                                                ! A>0,*2J*+3!)0/3*E*,23*-4!#/2*4*47!
3;0!"a!-/!2+!32*J-/0H!3/2*4*47!24H!M-/N+;->+!
H0J*B0/0H!-4!+*30!23!3;0*/!,O+3-10/!>/01*+0+9!                  ! .OPJ*,!A,;0HOJ0!)-O/+0+!
                                                                ! T0+>-N0!#/2*4*47!
U-/!403M-/N!+O>>-/3!24H!1242701043!,J*043+!                     ! #2*J-/0H!:-/N+;->+!
,24!,;--+0!E/-1!EOJJK!124270H]!1-4*3-/0H!24H!                   ! U2,*J*3*0+!2,/-++!3;0!"a!
+O>>-/30H!403M-/N+!3-!->3*47!E-/!3;0!>->OJ2/!
                                                                ! )O+3-10/!./01*+0+!I0J*B0/K!
./-%03<=>0/3!))V<!W-3J*40]!7*B*47!,J*043+!
                                                                ! ))AV!V4+3/O,3-/!./-B*+*-4!
*4+3243!2,,0++!3-!))V<+!2/-O4H!3;0!M-/JH!*4!
                                                                ! )-O/+0U-=!
2*H*47!3/-OPJ0+;--3*47!-/!,-4E*7O/23*-4!,;2470!
                                                                ! 62P!D0432J!
/0`O*/01043+9!
                                                            !
                                                            !

)->K/*7;3!./-%03<=>0/3!63H9!&''(!                   !                                                   @!

!
!                                   !

    %<#:GDa!$!%!X<$<%#!                                  !

        ! ))V<!W-3J*40!!                                 !"<!M-W-M-,2-!*MFX-2=8!!
        ! UOJJK!$24270H!A-JO3*-4+!
                                                         ./-%03<=>0/3!>/-B*H0!H032*J+!-E!/0,043!>/-F0,3+!
        ! D02J"#*10!$-4*3-/*47!
                                                         24H!-47-*47!M-/N!-4J*40!-4!3;0*/!M0P+*30!23!
        ! T24N!W-J*H2K!AO>>-/3!
                                                         MMM9>/-4030=>0/39,-1!-/!-4!/0`O0+3!PK!
        ! !H"W-,!AO>>-/3!                                ,-432,3*47!*4E-d>/-4030=>0/39,-19!!
    !
    A<)"DV#c!A<DZV)<A!                                   !

        ! .)V!)-1>J*24,0!                                !
        ! .0403/23*-4!#0+3*47!                           !
        ! A0,O/*3K!!OH*3+!
        ! %03M-/N!A0,O/*3K!!++0++1043+!                  !
        ! )0/3*E*0H!<3;*,2J!W2,N0/![)<W!#/2*4*47!       !
    !
    #<)W%G6GXV<A!                                        !

        ! D-O3*47!24H!AM*3,;*47!                         !
        ! A0,O/*3K!24H!V/-4>-/3!                         !
        ! Z-*,0!-B0/!V.![ZGV.!
        ! #0J0>/0+04,0!                                  !
        ! A0/B*,0!./-B*H0/!%03M-/N*47!
                                                         !
        ! A3-/270!%03M-/N*47!
        ! G>3*,2J!%03M-/N*47!                            !
        ! )-43043!%03M-/N*47!
                                                         !
        ! :!%!G>3*1*+23*-4!
        ! I232!)043/0!%03M-/N*47!                        !
        ! :*/0J0++!!
                                                         !
        ! :V$!_!
        ! V.!Z0/+*-4!S![V>BS!                           !
        ! V.!Z*H0-!AO/B0*JJ24,0!
                                                         !
        ! I*7*32J!$0H*2!A0/B*,0+!
    !                                                    !
    W!DI:!D<!
                                                         !
        ! )*+,-!W2/HM2/0!
                                                         !
        ! I0+*74!D0,-1104H23*-4+!

)->K/*7;3!./-%03<=>0/3!63H9!&''(!                    !                                                  !   S!

!
!                                   !

!                                                         !

50'&+.!-*)(.&6'!"#$%&"!

!                                                             !
                                                              1"!"1!M$(')$!Z$%:9$+7!
1"!!F,"8D=-!Y,Z!M-CF=-!Z-GDV-M[!
                                                              !
!
                                                              V3!*+!-E304!E-O4H!3;23!124K!,O+3-10/+!+*1>JK!
./-%03<=>0/3!-EE0/!3;0*/!,J*043+!24!->3*-4!-E!                400H!*4+3243!+O>>-/3!3-!12N0!1*4-/!
+0J0,3*47!*4+3243!H0J*B0/K!-E!M-/N!>/-B*H0H!PK!               ,-4E*7O/23*-4!,;2470+9!./-%03<=>0/3!/0,0*B0!
2!/01-30!,-4+OJ3243!-/!-4"+*30!H0J*B0/K!-E!                   E/0`O043!/0`O0+3+!E/-1!,J*043+!24H!!V#!+32EE!
>/-F0,3+!PK!3;0!,-4+OJ3243!23!3;0!,O+3-10/b+!                 M;-!400H!;0J>!E/-1!2!)*+,-!0=>0/3!3-!
>/01*+0+9!W-M!3;0!M-/N!*+!,2//*0H!-O3!*+!                     ,-1>J030]!B0/*EK!-/!,J024!O>!403M-/N!H0B*,0!
H030/1*40H!PK!3;0!3K>0!24H!+,2J0!-E!3;0!M-/N!                 ,-4E*7O/23*-4+9!
24H!*+!H*+,O++0H!M*3;!3;0!,J*043!23!3;0!>/-F0,3!
                                                              !
*4*3*23*-4!>;2+09!
                                                              ./-%03<=>0/3!/02J*+0!3;23!4-3!2JJ!H0J*B0/K!
!
                                                              /0`O*/0+!2!+*30!B*+*3!E-/!>/-F0,3!+03O>!24H!,24!
1"!"!!F3"8:)$!Z$%:9$+7!                                       B0/K!`O*,NJK!-/724*+0!2!,-4+OJ3243!3-!M-/N!
!                                                             M*3;!3;0!,J*043!-4!3;0!+210!H2K!-/!M;04!
#;0!12F-/*3K!-E!403M-/N!>/-F0,3!/0`O*/0!-4"                   400H0H9!
+*30!*4+32JJ23*-4!24H!,-4E*7O/23*-49!                         !
./-%03<=>0/3!>/-B*H0!>/-F0,3!>J244*47]!                       D01-30!H0J*B0/K!12K!2J+-!O4H0/32N04!2+!>2/3!
*4+32JJ23*-4]!1242701043]!+O>>-/3!!24H!                       -E!2!J2/70/!>/-F0,3]!M;0/0PK!3;0!./-%03<=>0/3!
`O2J*3K!,-43/-J!E-/!2JJ!+*e0+!-E!-4"+*30!>/-F0,3+9!           ,-4+OJ3243!M*JJ!>/0>2/0!H0B*,0!,-4E*7O/23*-4+]!
!                                                             O4H0/32N0!H0B*,0!EO4,3*-42J*3K!30+3*47!-/!
:;0/0!3;0!>/-F0,3!*+!J2/70/!*4!+,->0!                         H0B0J->!>/-F0,3!H0+*74!-/!1242701043!
./-%03<=>0/3!M*JJ!E*/+3!;2B0!3;0*/!,-4+OJ3243+!               H-,O104323*-49!
,-10!-4!+*30!3-!1003!M*3;!3;0!/0J0B243!                       !
,O+3-10/!+32EE!3-!H*+,O++!3;0*/!0=*+3*47!
                                                              1"1!,-=#FMR!=MFQG-8EFF=D,]!
403M-/N!+3/O,3O/0!24H!>/-F0,3!/0`O*/01043+]!
24H!M*JJ!>O3!3-703;0/!2!>/->-+2J!E-/!3;0!,J*043!              !
*JJO+3/23*47!3;0!/0,-1104H0H!>J24!-E!2,3*-4!                  "3*J*+*47!403M-/N!+,244*47!+-E3M2/0!
E-/!403M-/N!,;2470+!-/!*1>J0104323*-49!                       ./-%03<=>0/3!,24!;0J>!*H043*EK!24H!+-JB0!
!                                                             403M-/N!*++O0+!-4!3;0!6!%!24H!:!%9!!
G47-*47!M-/N!,24!P0!,2//*0H!-O3!-4"+*30!24H!                  !
/01-30JK!2+!2>>/->/*230!3-!3;0!>/-F0,39!                      TK!*H043*EK*47!M;23!3K>0!-E!3/2EE*,!*+!O3*J*+*47!
!                                                             3;0!12F-/*3K!-E!403M-/N!P24HM*H3;!
)->K/*7;3!./-%03<=>0/3!63H9!&''(!                     !                                                           !   L!

!
!

./-%03<=>0/3!,24!/0,-1104H!24H!,-4E*7O/0!                 1"@!,-=#FMR!YQZD=D,]!
->3*1*+23*-4]!3/2EE*,!+>J*33*47]!>-J*,K!/-O3*47!-/!
                                                          !
`O2J*3K!-E!+0/B*,0!>/-,0HO/0+9!
                                                          !3!3;0!>/-F0,3!*4*3*23*-4!>;2+0!-/!M;04!2!
!HH*3*-42JJK!M;0/0!3;0!>/-PJ01!12K!J*0!*4!
                                                          >/-F0,3!*+!P0*47!O4H0/32N04!*4!/0+>-4+0!3-!
H0B*,0!,-4E*7O/23*-4]!./-%03<=>0/3!,24!
                                                          403M-/N!>0/E-/124,0!*++O0+!-/!J*1*323*-4+]!
>/-B*H0!2!/01-30!-/!-4"+*30!,-4+OJ3243!3-!
                                                          ./-%03<=>0/3!M*JJ!4-/12JJK!,2//K!-O3!24!2OH*3!
M-/N!M*3;!3;0!,J*043!3-!/0+-JB0!>/-PJ0123*,!
                                                          -E!3;0!,J*043!403M-/N9!
,-4E*7O/23*-4+]!E-/!0=21>J0!3-!04+O/0!3;0!
,-//0,3!EJ-M!-E!403M-/N!3/2EE*,!E-/!+>00H!24H!            !
/0HO4H24,K9!                                              #;*+!2JJ-M+!./-%03<=>0/3!3-!2>>/->/*230JK!
!                                                         *H043*EK!24H!O4H0/+324H!3;0!0=*+3*47!403M-/N!
                                                          *4E/2+3/O,3O/0]!,-4E*7O/23*-4!24H!,-1>-4043+9!!
1"<!,-=#FMR!2F,WD]QMY=DF,!
                                                          !OH*3*47!3;0!403M-/N!P0E-/0!403M-/N!H0+*74!
!                                                         ,-1104,0+!;0J>+!./-%03<=>0/3!3-!7*B0!3;0*/!
:;04!3;0!403M-/N!;2+!P004!EOJJK!>J2440H!24H!              ,J*043+!2!P0330/!0B2JO230H!24H!1-/0!
H0+*740H]!3;0!*1>J0104323*-4!>;2+0!,24!                   ,-1>/0;04+*B0!+-JO3*-49!
P07*49!U-/!40M!*4+32JJ23*-4+!./-%03<=>0/3!M*JJ!           !
3K>*,2JJK!>/0>2/0!3;0!H0B*,0+!>/*-/!3-!3;0*/!+*30!        %03M-/N+!2OH*3+!,24!2J+-!P0!,-1>J030H!*4!
*4+32JJ23*-4!7*B*47!3;01!3*10!3-!30+3!3;0!H0B*,0!         /0+>-4+0!3-!403M-/N!*++O0+]!M;0/0!3;0!,J*043!
*+!EOJJK!->0/23*-42J]!3-!*4+32JJ!J230+3!+-E3M2/0!         400H+!-4JK!E-/!403M-/N!0//-/+!3-!P0!
>23,;0+!24H!3-!>/0",-4E*7O/0!24H!30+3!                    O4H0/+3--H!24H!E-/!/0J0B243!1*3*723*-4!
,-4E*7O/23*-4+9!GE!,-O/+0!0`O*>1043!,24!P0!               >/-,0HO/0+!3-!P0!+O770+30H9!
H0J*B0/0H!H*/0,3JK!3-!+*30!24H!,-4E*7O/0H!3;0/0]!
                                                          !
H0>04H*47!-4!3;0!,J*043!/0`O*/01043+9!
!
                                                          1"0!,-=#FMR!Z-8D],!
./-%03<=>0/3!/02J*+0!3;23!3;0*/!,J*043+!2/0!              !
-E304!,-4,0/40H!2P-O3!3;0!*1>2,3!-E!403M-/N!              ./*-/!3-!,2//K*47!-O3!24!*4+32JJ23*-4!>/-F0,3!
,;2470+!24H!M*JJ!M-/N!M*3;!3;0*/!,J*043+!3-!              ./-%03<=>0/3!M*JJ!>O3!3-703;0/!2!H0+*74!
04+O/0!2>>/->/*230!102+O/01043+!24H!                      H-,O1043!3;23!7*B0+!*4!P-3;!>*,3O/0!24H!*4!
>J244*47!*+!O4H0/32N04!*4!-/H0/!3-!1*4*1*+0!              0=>J2423*-4!2!EOJJ!B*0M!-E!3;0!403M-/N!2+!*3!*+!
H-M4!3*109!U-/!,J*043+!M;-!/0`O*/0!0B04*47!-/!            7-*47!3-!P0!*1>J010430H9!!
M00N04H!*4+32JJ23*-4+]!3;*+!,24!P0!2//2470H9!
                                                          !
!
                                                          I-,O104323*-4!M*JJ!*4,JOH0!403M-/N!
./-%03<=>0/3b+!,-4+OJ3243+!M-/N!3-!04+O/0!                H*27/21+]!V.!2HH/0++*47]!/-O3*47!*4E-/123*-4!
2,,O/230!,-4E*7O/23*-4!-E!H0B*,0+!M;*J+3!                 24H!3/2EE*,!EJ-M]!24H!0=>J2423*-4!-E!24K!
>/-1-3*47!+0,O/*3K]!EO4,3*-42J*3K!24H!                    2HH*3*-42J!E023O/0+!3-!P0!*1>J010430H]!E-/!
/0HO4H24,K9!                                              0=21>J0!>-J*,K"P2+0H!/-O3*47!-/!`O2J*3K!-E!
!                                                         +0/B*,09!
)->K/*7;3!./-%03<=>0/3!63H9!&''(!                     !                                                      Q!

!
!

!                                                      !
I0>04H*47!-4!3;0!+,->0!-E!3;0!>/-F0,3!                 1"K!-V-,D,]8!Y,Z!#--R-,Z8!
./-%03<=>0/3!M*JJ!3K>*,2JJK!1003!M*3;!3;0!
                                                       !
,J*043!>/*-/!3-!3;0!H0+*74!>;2+0!3-!/0B*0M!3;0!
,O//043!403M-/N!*4E/2+3/O,3O/0!24H!H*+,O++!3;0!        V4!2HH*3*-4!3-!>/-B*H*47!,-4+OJ324,K!+0/B*,0+!
*1>2,3!24H!+O*32P*J*3K!-E!>-3043*2J!+-JO3*-4+9!        M*3;*4!4-/12J!M-/N*47!;-O/+]!./-%03<=>0/3!
                                                       2J+-!-EE0/!0B04*47!24H!M00N04H!,-4+OJ324,K!
!
                                                       +0/B*,0+]!2+!/0`O*/0H9!
1"H!,-=#FMR!F*=DCD8Y=DF,!
                                                       !
!                                                      !
:;0/0!+-10!,J*043+!;2B0!2!EO4,3*-42J!                  !
403M-/N]!3;0K!12K!E*4H!3;23!>0/E-/124,0!*+!
                                                       !
7040/2JJK!4-3!1003*47!3;0*/!0=>0,323*-4+!-/!
3;23!*3!+OEE0/+!M;04!,0/32*4!403M-/N!                  !
2>>J*,23*-4+!2/0!*4!O+09!                              !
!                                                      !
./-%03<=>0/3b+!,-4+OJ3243+!,24!>0/E-/1!2OH*3+!         !
-4!3;0!403M-/N!3-!*H043*EK!M;K!3;0!403M-/N!*+!         !
J277*47!24H!/0,-1104H!+-JO3*-4+!3-!*1>/-B0!
                                                       !
*3]!>0/;2>+!3;/-O7;!/-O3*47!->3*1*+23*-4]!
                                                       !
O+*47!`O2J*3K!-E!+0/B*,0![Y-A!-/!:24!
G>3*1*+23*-4![:!!A9!                                  !

!
1";!Q8D,-88!2F,8QG=D,]!
!
./-%03<=>0/3!M-/N!M*3;!+0B0/2J!>2/340/!
,-1>24*0+!-EE0/*47!)*+,-!+0/B*,0+]!M;-+0!
047*400/+!O4H0/+324H]!PO3!,244-3!>/-B*H0!
,-1>/0;04+*B0!*4E-/123*-4!-4!3;0!EOJJ!)*+,-!
>/-HO,3!>-/3E-J*-9!!
!
./-%03<=>0/3!,24!>/-B*H0!,-4+OJ3243+!M;-!
,24!23304H!1003*47+!-4!P0;2JE!-E!3;0!,J*043!3-!
P0330/!0=>J2*4!3;0!)*+,-!30,;4-J-7*0+!24H!-EE0/!
7040/2J!H0+*74!2HB*,0!24H!>/-HO,3!7O*H24,09!
!

)->K/*7;3!./-%03<=>0/3!63H9!&''(!                  !                                                    (!

!
!


70')#(%.%.,'!"#$%&"!

!                                                       !
                                                        GE304!./-%03<=>0/3!,24!>/-B*H0!3/2*4*47!23!3;0!
<"!!2D82F!2-M=DWD2Y=DF,!=MYD,D,]!
                                                        ,O+3-10/!>/01*+0+!-/!23!2!3/2*4*47!,043/0!*E!
!                                                       /0`O*/0H]!3;23!*+!32*J-/0H!3-!1003!3;0!,J*043b+!!
./-%03<=>0/3!M-/N!M*3;!+0B0/2J!)*+,-!3/2*4*47!          !
,-1>24*0+!3-!H0J*B0/!2JJ!-EE*,*2J!)*+,-!3/2*4*47!       0=2,3!/0`O*/01043+9!#;*+!7*B0+!3;0!,J*043!3;0!
,-O/+0+!3;/-O7;-O3!3;0!"a!24H!V/0J24H]!M*3;!            ->>-/3O4*3K!3-!,;--+0!M;23!3;0K!M243!3-!J02/4!
+>0,*E*,!,-O/+0+!P0*47!-EE0/0H!*4!3;0!"A]!              *4!2!M00N]!>0/;2>+!3;/00!H2K+!E-,O+0H!-4!)*+,-!
)242H2!24H!IOP2*9!                                      /-O30/+!24H!AM*3,;*47]!2!H2K!-4!!A!+!+0,O/*3K!
!                                                       3/2*4*47!24H!2!H2K!-4!Z-*,09!!
)-O/+0!-EE0/0H!*4,JOH0!))%!]!))I!]!))%.]!               !
))Z.]!))A.]!))I.]!))V.]!))V<!24H!))I<!
                                                        <"<!=YDGFM-Z!#FMR8EF*8!
,-O/+0+!2+!M0JJ!2+!2JJ!+>0,*2J*+23*-4!
,0/3*E*,23*-4+!/0`O*/0H!PK!,-1>24*0+!                   !
12*432*4*47!-/!+3/*B*47!3-!2,;*0B0!!./01*0/]!           $24K!,J*043+!,-432,3!./-%03<=>0/3!J--N*47!4-3!
A*JB0/!-/!X-JH!.2/340/!+323O+!M*3;!)*+,-9!              FO+3!3-!7*B0!3;0*/!01>J-K00+!7040/*,!3/2*4*47]!
!                                                       PO3!3-!2,3O2JJK!M-/N!M*3;!3;0*/!01>J-K00+!-4!
./-%03<=>0/3!>/-B*H0!)*+,-!)0/3*E*0H!#/2*40/+!          3;0*/!403M-/N+]!>/-B*H*47!3;01!M*3;!;24H+!-4!
3-!,-10!-4"+*30!3-!H0J*B0/!-EE*,*2J!)*+,-!              3/2*4*47!24H!2JJ-M*47!3;01!3-!O4H0/+324H!;-M!
#/2*4*47!,-O/+0+!E-/!2!J2/70/!4O1P0/!-E!                3;0*/!403M-/N+!2/0!,-4E*7O/0H9!#;*+!2JJ-M+!3;0!
01>J-K00+!-/!32*J-/0H!3/2*4*47!3;23!E*3+!*4!M0JJ!       +3OH043!3-!703!3/2*4*47!3;23!*+!+>0,*E*,!3-!3;0*/!
M*3;!,-1>24K!/0`O*/01043+!-/!2/-O4H!                    F-P!/-J09!
01>J-K00+!M;-!,244-3!P0!2M2K!E/-1!3;0*/!                !
4-/12J!->0/23*-42J!>-+*3*-4!E-/!2!M;-J0!E*B0!-/!        !+!400H0H!./-%03<=>0/3!,24!>/-B*H0!J2P+!3;23!!
304!H2K!>0/*-H9!                                        2JJ-M!3;0!+3OH043!3-!30+3!-O3!>-3043*2J!403M-/N!
!                                                       H0+*74+!-/!+*1OJ230!0=*+3*47!403M-/N!+3/O,3O/0+!
                                                        3;23!3;0K!0EE0,3*B0JK!,24!;2B0!2!>J2K!2/-O4H!
<"1!-8*FR-!=MYD,D,]!
                                                        M*3;9!
!                                                       !
./-%03<=>0/3!/02J*+0!3;23!124K!,-1>24K!
                                                        <"@!-NYC!*M-*YMY=DF,!
01>J-K00+!2/0!4-3!40,0++2/*JK!M-/N*47!3-!
2,;*0B0!)*+,-!)0/3*E*,23*-4]!PO3!*4+302H!M243!          !
3;0*/!01>J-K00+!3-!P0!1-/0!N4-MJ0H702PJ0!-4!            G4!3;-+0!J2+3!,-O>J0!-E!H2K+!>/*-/!3-!24!0=21!
3;0*/!+>0,*E*,!403M-/N!,-4E*7O/23*-4!-/!3-!             -/!M;04!23301>3*47!3-!72*4!/0,0/3*E*,23*-4!
O4H0/+324H!2!+>0,**E*,!>/-HO,3!+039!                    124K!,24H*H230+!+*1>JK!/0`O*/0!2!`O*,N!3M-!-/!

)->K/*7;3!./-%03<=>0/3!63H9!&''(!                   !                                           !      8'!

!
!

3;/00!H2K!3->"O>!,-O/+0]!3;23!E-,O+0+!;02B*JK!         <";!D,8=MQ2=FM8!
-4!E2+3!0=21!>/0>2/23*-4!2+!->>-+0H!3-!EOJJ!
                                                       !
,-O/+0+!M*3;!J2P!+,042/*-+9!
                                                       !JJ!*4+3/O,3-/+!>/-B*H0H!PK!./-%03<=>0/3!2/0!
!
                                                       EOJJK!)*+,-!)0/3*E*0H!AK+301+!V4+3/O,3-/+![))AV!
./-%03<=>0/3!,230/!E-/!3;0+0!,24H*H230+!PK!
                                                       )0/3*E*0H9!
>/-B*H*47!P0+>-N0!3->"O>!-/!/0E/0+;0/!3/2*4*47]!
                                                       !
3K>*,2JJK!23!3;0!,O+3-10/!>/01*+0+9!
                                                       ./-%03<=>0/3!E-,O+!-4!P/*47*47!-4P-2/H!-4JK!
!
                                                       3;-+0!*4+3/O,3-/+!M;-!;2B0!+>043!2!+*74*E*,243!
<"0!=MYD,D,]!GF2Y=DF,8!                                21-O43!-E!3*10!M-/N*47!4-3!-4JK!2+!3/2*40/]!
!                                                      PO3!2J+-!*4!3;0!E*0JH]!P0,2O+0!3;0K!P0J*0B0!3;23!
                                                       3-!/02JJK!7*B0!3;0*/!,24H*H230+!2!EOJJ!
./-%03<=>0/3!>/-B*H0!*430/42JJK!24H!3;/-O7;!
                                                       O4H0/+324H*47!-E!J*E0!+,042/*-+!3;0K!/0`O*/0!24!
3;0*/!>2/340/*47!3/2*4*47!,-1>24*0+!,-O/+0+!*4f!
                                                       *4+3/O,3-/!3;23!O4H0/+324H+!/02J!M-/JH!
     !    6-4H-4!                                      403M-/N+!24H!,24!E00H!3;23!0=>0/*04,0!3-!3;0*/!
     !    XO*JHE-/H!                                   +3OH043+!3;/-O7;-O3!3;0!,-O/+0!24H!24+M0/!
                                                       `O0+3*-4+!/0J23*47!3-!3/O0!403M-/N!!+,042/*-+9!
     !    T*/1*47;21!
                                                       !
     !    $24,;0+30/!
                                                       ./-%03<=>0/3!,24!>/-B*H0!V4+3/O,3-/+!4-3!-4JK!
     !    600H+!
                                                       *430/42JJK]!PO3!2J+-!3-!1003!>2/340/!,-O/+0!
     !    XJ2+7-M!                                     /0`O*/01043+9!
     !    <H*4PO/7;!                                   !
     !    T0JE2+3!                                     <"K!###"2FQM8-WFN"2F"QR!
     !    IOPJ*4!
                                                       !
!
                                                       )-O/+0!*+!./-%03<=>0/3b+!>/*12/K!,-O/+0!
<"H!=MYD,D,]!WY2DGD=D-8!                               +,;0HOJ*47!24H!P--N*47!+*30]!E/-1!M;0/0!
!                                                      *4E-/123*-4!24H!+,;0HOJ0+!,24!P0!-P32*40H9!
                                                       !
!JJ!3/2*4*47!E2,*J*3*0+!O+0H!PK!./-%03<=>0/3b+!
+3OH043+!-EE0/!2!`O*03!24H!>02,0EOJ!                   <"J!22Z-!FF=2YC*8!
04B*/-41043!3-!2*H!3;0!,24H*H230b+!J02/4*479!
                                                       !
!JJ!/--1+!2/0!EOJJK!2*/",-4H*3*-40H!24H!
,24H*H230+!M*JJ!P0!>/-B*H0H!M*3;!302!24H!              ./-%03<=>0/3!+3/*B0!3-!/012*4!O>"3-"H230!-4!
,-EE00!E2,*J*3*0+!2+!M0JJ!2+!2!E/00!JO4,;9!!           3;0!40M0+3!-E!)*+,-!)0/3*E*,23*-4+9!)O//043JK!
                                                       ./-%03<=>0/3!2/0!3;0!-4JK!7J-P2J!>/-B*H0/!-E!
!
                                                       ))I<!M/*3304!24H!J2P!3/2*4*47!M*3;!3/2*4*47!
./-%03<=>0/3!M*JJ!2J+-!;0J>!3;0!,24H*H230]!2+!         P0*47!H0J*B0/0H!PK!2!)0/3*E*0H!))I<!#/2*40/9!
400H0H]!3-!-/724*+0!;-30J+9!
                                                       !
)->K/*7;3!./-%03<=>0/3!63H9!&''(!                  !                                                  88!

!
!

!
<"!?!GY!M-,=YG!
!
./-%03<=>0/3!2/0!,O//043JK!M-/N*47!3-!>/-B*H0!
+3OH043+!24H!)*+,-!)0/3*E*,23*-4!+3OH043+!M*3;!
2,,0++!3-!/01-30!J2P!/2,N!/0432J9!#;*+!*+!
+-103;*47!3;23!+;-OJH!P0!->0/23*-42J!-B0/!3;0!
40=3!,-O>J0!-E!1-43;+9!
!
<"!!!F,-"=F"F,-!=MYD,D,]!8-88DF,8!
!
U-/!3;-+0!+3OH043+!M;-!>/0E0/!-40"3-"-40!
3/2*4*47!+0++*-4+!M*3;!2!`O2J*E*0H!*4+3/O,3-/!
./-%03<=>0/3!,24!2//24709!
!
!A3OH043+!>/0>2/0!E-/!3;0*/!0=21!3;/-O7;!
/01-30!-40"3-"-40!+0++*-4+!3K>*,2JJK!-4!2!-4,0!
>0/!M00N!P2+*+!-/!1-/0!E/0`O043JK!2+!3;0*/!
0=21!703+!,J-+0/9!#;*+!*+!2!>->OJ2/!,;-*,0!
21-47+3!))V<^))I<!,24H*H230+9!
!
!
!
!




)->K/*7;3!./-%03<=>0/3!63H9!&''(!                 !   8&!

!
!


80'.")1+#9'2(.(,"2".)

!                                                      !

./-%03<=>0/3!>/-B*H0!2!/2470!-E!403M-/N!               ,24!P0!12*432*40H!24H!,O+3-1*+0H!`O0/*0+!
1242701043!+0/B*,0+!3;23!*4,JOH0!2H";-,!               ,24!P0!PO*J39!
/0+>-4+0!3-!403M-/N!E2*JO/0+!24H!/02J"3*10!            !
H0B*,0!24H!,*/,O*3!1-4*3-/*47]!M*3;!2!1-/0!            #;0!,J*043!M*JJ!P0!>/-B*H0H!M*3;!1-43;JK!
*4+3243!/02,3*B0!/0+>-4+0!E/-1!3;0!./-%03!             /0>-/3+!;*7;J*7;3*47!403M-/N!>/-PJ01!2/02+]!
AO>>-/3!#0219!!                                        >0/E-/124,0!+323*+3*,+]!24H!/0+-O/,0!
                                                       O3*J*+23*-4]!7*B*47!3;0!,J*043!+O112/K!
#;0!./-%03<=>0/3!AO>>-/3!#021!2,3!2+!2!
                                                       *4E-/123*-4!-4!3;0*/!403M-/N!;02J3;!24H!
+*47J0!>-*43!-E!,-432,3!E-/!24K!403M-/N!E2*JO/0!
                                                       12N*47!3;01!2M2/0!-E!>-3043*2J!403M-/N!
-/!,-4E*7O/23*-4!*++O0+]!2JJ-M*47!E-/!>/-1>3!
                                                       BOJ40/2P*J*3*0+9!
/0+>-4+0!3-!403M-/N!,-4E*7O/23*-4!,;2470!
/0`O0+3+!2+!M0JJ!2+!3-!403M-/N!;2/HM2/0!-/!            !
,*/,O*3!E2*JO/0]!04+O/*47!12=*1O1!O>3*10!-E!           ./-%03<=>0/3!,24!>/-B*H0!3;0!,J*043!M*3;!3;0*/!
6!%!24H!:!%!403M-/N+9!                                 -M4!B*0M!-E!3;0!1-4*3-/*47!+-E3M2/0!+-!3;23!
                                                       3;0K!,24!+00!24H!723;0/!*4E-/123*-4!2P-O3!
!                                                      3;0*/!403M-/N!2+!3;0K!/0`O*/0!*39!
@"!!M-YG"=DC-!CF,D=FMD,]!
                                                       !
!
                                                       @"!"!!Y96:%6T:%:)7!C'3:)'+:3>!
"+*47!:;23+">!X-JH]!2!,-1>/0;04+*B0!/02J"
                                                       !
3*10!1-4*3-/*47!3--J!24H!A*1>J0!%03M-/N!
$242701043!./-3-,-J![A%$.]!,-4E*7O/0H!-4!             "+*47!:;23+">!X-JH!24H!A%$.]!./-%03<=>0/3!
2JJ!1-4*3-/0H!H0B*,0+]!./-%03<=>0/3!,24!               M*JJ!1-4*3-/!403M-/N!H0B*,0!2B2*J2P*J*3K]!
-P+0/B0!3;0!EO4,3*-42J*3K!24H!2B2*J2P*J*3K!-E!         *4,JOH*47!;2/HM2/0!2B2*J2P*J*3K]!*430/E2,0!
403M-/N!;2/HM2/0]!,*/,O*3+!24H!,-440,3*-4+9!           2B2*J2P*J*3K!24H!P24HM*H3;!O3*J*+23*-49!G4!
#;*+!>/-B*H0+!E-/!E2+3!/0+>-4+0!E/-1!#;0!              E2*JO/0!-E!2!H0B*,0!./-%03<=>0/3!M*JJ!*4E-/1!
./-%03!+O>>-/3!3021!-4!403M-/N!E2*JO/0]!               3;0!/0J0B243!,J*043!,-432,3!-E!3;0!J-++!24H!M*JJ!
2JJ-M*47!E-/!>/-PJ01+!3-!P0!/0+-JB0H!P0E-/0!           M-/N!M*3;!3;01!3-!04+O/0!3/2EE*,!*+!/-O3*47!
04H"O+0/+!-P+0/B0!3;0!H-M43*109!                       H-M4!2!/0HO4H243!>23;!*E!3;*+!*+!2B2*J2PJ0!24H!
                                                       ,-1104,0!3/-OPJ0+;--3*47!24H!/0+-JO3*-4!E-/!
!
                                                       3;0!403M-/N!-O32709!
#;0!O+0!-E!A%$.!2JJ-M+!./-%03<=>0/3!3-!
                                                       !
723;0/!2HH*3*-42J!*4E-/123*-4]!+O,;!2+!/-O30/!
-/!+M*3,;!)."]!101-/K!24H!*430/E2,0!                   !
O43*J*+23*-4]!2+!M0JJ!2+!403M-/N!3/2EE*,!EJ-M!         !
*4E-/123*-4!24H!P24HM*H3;!O+2709!<B043!J-7+!!          !

)->K/*7;3!./-%03<=>0/3!63H9!&''(!                  !                                                8C!

!
!

@"!"1!M$/'+)4!                                        -4!3;0!403M-/N!M;04!3/-OPJ0+;--3*47!
!                                                     403M-/N!*++O0+9!!

./-%03<=>0/3!M*JJ!>/-B*H0!3;0!,J*043!M*3;!            !
1-43;JK!403M-/N!/0>-/3+!+O112/*+*47!                  TK!2/,;*B*47!H0B*,0!,-4E*7O/23*-4!+,/*>3+!
1-4*3-/0H!H0B*,0+!2B2*J2P*J*3K!24H!O3*J*+23*-4!       ./-%03<=>0/3!M*JJ!`O*,NJK!P0!2PJ0!3-!/0+3-/0!
*4E-/123*-4!E-/!3;23!>0/*-H9!                         3;0!EO4,3*-42J*3K!-E!3;0!403M-/N!-4!,-1>J030!
!                                                     ;2/HM2/0!E2*JO/09!

@"!"<!F3%:3$!D34)63)!2%:$3)!Y&&$44!                   !

!                                                     @"!"H!C636>$($3)!G:3B!

#;0!,J*043!M*JJ!P0!>/-B*H0H!M*3;!24!-4J*40!V.!        !
2HH/0++!3;/-O7;!M;*,;!3;0K!M*JJ!P0!2PJ0!3-!           ./-%03<=>0/3!M*JJ!0+32PJ*+;!M*3;!3;0!,J*043!2!
;2B0!2!+*1*J2/!B*0M!3-!1-4*3-/*47!3;0*/!              Z*/3O2J!./*B230!%03M-/N![Z.%!J*4N]!3;/-O7;!
403M-/N!2+!H-0+!3;0!./-%03<=>0/3!AO>>-/3!             M;*,;!./-%03<=>0/3!M*JJ!;2B0!2,,0++!3-!
#021!24H!,24!B*0M!3;0*/!403M-/N!EO4,3*-42J*3K!        403M-/N!H0B*,0+!J-,230H!-4!3;0!,J*043!403M-/N!
24H!+323*+3*,+!*4!/02J"3*10!E-/!3;01+0JB0+9!          24H!E/-1!M;0/0!3;0K!,24!12N0!403M-/N!
!                                                     ,;2470+!-4!/0`O0+39!!

@"!"@!2'3U:>5+6):'3!2I63>$4!                          !

!                                                     !

)J*043+!M*JJ!P0!2JJ-M0H!3-!/0`O0+3!O>!3-!8'!          !
1*4-/!,;2470!/0`O0+3+!>0/!`O2/30/]!M;0/0!2!           !
1*4-/!,;2470!/0`O0+3!*+!,-4+*H0/0H!3-!32N0!           !
J0++!3;24!C'!1*4O30+9!!HH*3*-42J!,-4E*7O/23*-4!
                                                      9
,;2470+!-/!,;2470+!3;23!/0`O*/0!1-/0!3;24!C'!
1*4O30+!3-!*1>J01043!M*JJ!P0!O4H0/32N04!-4!2!
>/-F0,3!P2+*+!24H!,;2/70H!2,,-/H*47JK9!
!
@"!"0!Z'&5($3)6):'3!
!
!+!27/00H!PK!3;0!,J*043!./-%03<=>0/3!M*JJ!
12*432*4!403M-/N!H-,O104323*-4!*4,JOH*47!
403M-/N!H*27/21+!24H!,-4E*7O/23*-4+!24H!
,J*043!V#!,-432,3!*4E-/123*-49!#;*+!M*JJ!2JJ-M!
3;0!./-%03<=>0/3!047*400/!3-!`O*,NJK!
O4H0/+324H!3;0!403M-/N!+3/O,3O/0]!/0HO,*47!
3;0!3*10!/0`O*/0H!3-!*H043*EK!403M-/N!H0B*,0+!


)->K/*7;3!./-%03<=>0/3!63H9!&''(!                 !                                                   !   8R!

!
!



:0'&&%"';+)*%."'                                       !

                                                       !
!

#;0!./-%03<=>0/3!))V<!W-3J*40!>/-B*H0+!E2+3!
                                                       0"1!Z-GDV-M[!=DC-8!
2,,0++!3-!))V<!+O>>-/3!2/-O4H!3;0!7J-P09!
                                                       !
:;0/0!3;0!,J*043!;2+!2!/0`O0+3!3-!;0J>!+03!O>!
                                                       #;0!))V<!W-3J*40!*+!2B2*J2PJ0!&R!;-O/+!2!H2K]!L!
-/!,-1>J030!2!,-4E*7O/23*-4!-/!400H+!;0J>!3-!
                                                       H2K+!2!M00Ng!
O4H0/+324H!;-M!2!>/-F0,3!12K!P0!,-1>J030H!
3;0K!,24!O+0!3;0!))V<!;-3J*40!2+!2!E2+3!103;-H!        !
-E!7033*47!*4!,-432,3!M*3;!2!`O2J*E*0H!))V<9!
                                                       0"<!###"22D-EF=GD,-"2FC!
!
0"!!EF#!22D-!EF=GD,-!#FMR8!                            !
                                                       #-!+OP1*3!2!))V<!W-3J*40!`O0/K!,O+3-10/+!,24!
!                                                      ,-1>J030!3;0!E-/1!-4!3;0!
:;04!2!,O+3-10/!,-1>J030+!3;0!))V<!W-3J*40!            MMM9,,*0;-3J*409,-1!M0P+*30!-/!PK!M/*3*47!3-!
E-/1!-4!3;0!MMM9,,*0;-3J*409,-1!M0P+*30!-/!            ,,*0;-3J*40d>/-4030=>0/39,-19!
M/*30+!3-!,,*0;-3J*40d>/-4030=>0/39,-1]!3;0!           !
`O0/K!*+!*4*3*2JJK!2++*740H!3-!3;0!2>>/->/*230!
))V<!,2307-/K!M;03;0/!*3!*+!2!D-O3*47]!                !
AM*3,;*47]!A0,O/*3K]!A3-/270!03,!`O0/K9!!
                                                       !
#;0!`O0/K!M*JJ!P0!>*,N0H!O>!PK!3;0!
                                                       !
./-%03<=>0/3!->0/23*-4+!3021!M;-!M*JJ!
,-432,3!3;0!,O+3-10/!24H!2++*74!2!))V<!                !
,-4+OJ3243!3-!3;0!`O0/K]!E/-1!2!J2/70!>--J!-E!!!
))V<+!M;-!M-/N!E-/!./-%03<=>0/3!7J-P2JJK9!             !

T-3;!3;0!->0/23*-4+!3021!101P0/!24H!3;0!               !
047*400/!M*JJ!3;04!M-/N!M*3;!3;0!,O+3-10/!3-!
                                                       !
,-1>J030!3;0*/!403M-/N!/0`O*/010439!
                                                       !
!
                                                       !
!
                                                       !
!
                                                       !
!
                                                       g!:;*J0!))V<!W-3J*40!+3/*B0+!3-!/0+-JB0!`O0/*0+!&R!;-O/+!2!H2K!L!
!                                                      H2K+!2!M00N]!/0+>-4+0!12K!P0!+J*7;3JK!+J-M0/!-O3+*H0!4-/12J!
                                                       "a!M-/N*47!;-O/+!'Q9C'!3-!8Q9C'9!
!
)->K/*7;3!./-%03<=>0/3!63H9!&''(!                  !                                                                       !   8@!

!
!


<0'!"&-#%)6'!"#$%&"!

!                                                    !
H"!!8-2QMD=[!Y88-88C-,=8!                            X*B04!2!/2470!-E!30J0>;-40!0=,;2470+!3;23!
                                                     12K!*4,JOH0!1-H01+]!./-%03<=>0/3!,24!!
!
                                                     !
./-%03<=>0/3!>/-B*H0!BOJ40/2P*J*3K!
2++0++1043+!HO/*47!M;*,;!3;0*/!,-4+OJ3243+!          *H043*EK!32/703!4O1P0/+!3;23!2JJ-M!E-/!/01-30!
,J-+0JK!12>!3;0!403M-/N!2/,;*30,3O/0]!               2,,0++!24H!,24!23301>3!3-!0=>J-*3!
0=21*40!2JJ!->04!>-/3+]!;-+3+!24H!+0/B*,0+!          BOJ40/2P*J*3*0+!*4!3;0!+K+3019!!
M*3;!2,,0++!3-!3;0!:0P]!24H!04+O/0!3;23!3;0+0!       !
403M-/N!H0B*,0+!2/0!+0,O/09!!                        H"<!#-!Y**GD2Y=DF,!Y88-88C-,=8!
!
                                                     !
!3301>3+!M*JJ!P0!12H0!3-!723;0/!*4E-/123*-4!
                                                     :0P!!>>J*,23*-4!2++0++1043+!0=21*40!M;23!
+O,;!2+!H-12*4!4210+]!V.!403M-/N!/2470+]!
                                                     +0/B*,0+!2/0!P0*47!-EE0/0H!-4!:0P"P2+0H!
->0/23*47!+K+301!24H!2>>J*,23*-4+9!!J+-!3-!
                                                     >-/32J+!24H!0",-110/,0!2>>J*,23*-4+9!#;*+!
*H043*EK!+K+301+!-4!3;0!403M-/N!24H!;-M!3;0K!
                                                     2JJ-M+!./-%03<=>0/3b+!,-4+OJ3243+!3-!*H043*EK!
2/0!/0J230H9!
                                                     >-3043*2J!!BOJ40/2P*J*3*0+!M*3;!/0+>0,3!3-!
!                                                    2O3;043*,23*-4]!2O3;-/*e23*-4]!H232!*4307/*3K]!
A0/B*,0+!3;23!2/0!0=>-+0H!3;/-O7;!->04!>-/3+!        H232!,-4E*H043*2J*3K]!24H!,-4+O10/!>/*B2,K!
[+O,;!2+!;33>]!A$#.!-/!30/1*42J!+0/B*,0+9!          ,-4,0/4+9!!
G4,0!->04!>-/3+!24H!2332,;0H!+0/B*,0+!2/0!           !
*H043*E*0H]!./-%03<=>0/3!,24!H030/1*40!
                                                     ./-%03<=>0/3!,24!30+3!3;0+0!2>>J*,23*-4+!O+*47!
M;03;0/!02,;!+0/B*,0!;2+!P004!O>H230H!M*3;!
                                                     0*3;0/!e0/-"N4-MJ0H70!30+3*47!-/!EOJJ"2,,0++!
3;0!1-+3!/0,043!>23,;0+!24H!M*JJ!*H043*EK!
                                                     30+3*47!3-!0=21*40!3;0!EOJJ!/2470!-E!>-3043*2J!
-3;0/!BOJ40/2P*J*3*0+9!!
                                                     BOJ40/2P*J*3*0+9!!
!
                                                     !
H"1!ZDYG"D,!MY8!8-2QMD=[!
                                                     H"@!#DM-G-88!8-2QMD=[!Y88-88C-,=8!
Y88-88C-,=8!
                                                     !
!
                                                     :*/0J0++!403M-/N+]!M;*J0!;*7;JK!,-4B04*043]!
I*2J"*4!J*4N+!>-+0!2!>-3043*2J!3;/023!3-!3;0!
                                                     >/0+043!2HH*3*-42J!+0,O/*3K!3;/023+!+*4,0!3;0!
*4307/*3K!-E!3;0!403M-/N!+0,O/*3K!+K+3019!
                                                     M*/0J0++!+*742J+!2/0!4-3!J*1*30H!PK!3;0!>;K+*,2J!
./-%03<=>0/3!0=21*40!H*2J"O>!,-440,3*-4+!
                                                     P-O4H2/*0+!-E!2!3/2H*3*-42J!403M-/N9!!
3;23!2JJ-M!01>J-K00+!3-!2,,0++!3;0!403M-/N!
3;/-O7;!>OPJ*,!30J0>;-40!J*40+!-/!-3;0/!H*2J"        !
O>!,-440,3*-4+9!!                                    ./-%03<=>0/3b+!+0,O/*3K!,-4+OJ3243+!M-/N!M*3;!
                                                     3;0!,J*043!3-!*1>J01043!+0,O/0!M*/0J0++!
)->K/*7;3!./-%03<=>0/3!63H9!&''(!                !                                                 !     8S!

!
!

40M3-/N+!24H!>/0B043!M*/0J0++!                        "42O3;-/*e0H!2,,0++!3-!3;0+0!+K+301+!,24!
,-11O4*,23*-4+!E/-1!P0*47!0=>-+0H!3-!                 2JJ-M!24!*43/OH0/!3-!02B0+H/->!-4!24H!
02B0+H/->>*47!-/!O42O3;-/*e0H!*43/OH0/+9!             124*>OJ230!01>J-K00!B-*,012*J!10++270+]!
!                                                     *4*3*230!-O37-*47!,2JJ+!E/-1!*430/42J!,-1>24K!
                                                      J*40+]!24H!2,,0++!,-/>-/230!30J0>;-40!
!!
                                                      403M-/N+!24H!H*/0,3-/*0+9!!
H"0!8F2DYG!-,]D,--MD,]!                               !
!                                                     H";!ZY=YY8-!Y88-88C-,=8!
A-,*2J!047*400/*47!*4B-JB0+!124*>OJ23*47!
                                                      !
24H^-/!H0,0*B*47!,-1>24K!01>J-K00+!24H!
-3;0/!;O124!/0+-O/,0+!3-!72*4!O42O3;-/*e0H!           )J*043!J*+3+]!,/0H*3!,2/H!/0,-/H+]!24H!-3;0/!
2,,0++!3-!2!403M-/N!-/!3-!,-4E*H043*2J!               ,-4E*H043*2J!*4E-/123*-4!;0JH!*4!H232P2+0+!
*4E-/123*-49!!                                        1O+3!P0!7*B04!>2/3*,OJ2/!>/-30,3*-4!E/-1!
                                                      O42O3;-/*e0H!H*+,J-+O/09!!
!
                                                      !
./-%03<=>0/3!M-/N!M*3;!3;0*/!,J*043+!3-!;0J>!
3;01!3-!!*H043*EK!M02N!J*4N+!*4!3;0!+0,O/*3K!         ./-%03<=>0/3!30+3!H232P2+0!*4307/*3K!3-!
,;2*4!3;/-O7;!0=>J-*323*-4!-E!;O124!                  H030/1*40!M;03;0/!24K!BOJ40/2P*J*3K!12K!
BOJ40/2P*J*3*0+9!!                                    ,-1>/-1*+0!+04+*3*B0!*4E-/123*-49!
!                                                     !
G4,0!*4H*B*HO2J!-/!+K+301*,!M02N40++0+!2/0!
                                                      H"K!*E[8D2YG!8-2QMD=[!
*H043*E*0H]!./-%03<=>0/3!,24!/0,-1104H!
>/-,0HO/0+!H0+*740H!3-!04+O/0!3;23!                   !
01>J-K00+!H-!4-3!H*BOJ70!*4E-/123*-4!3;23!            !,,0++!3-!,-4E*H043*2J!*4E-/123*-4!,24!-E304!
,-OJH!,-1>/-1*+0!,-1>24K!2++03+9!#;0!+-,*2J!          P0!-P32*40H!PK!+*1>JK!72*4*47!>;K+*,2J!2,,0++!
047*400/*47!2++0++1043!4-3!-4JK!O+0+!32,3*,+!         3-!,-1>24K!>/01*+0+9!./-%03<=>0/3!,-4HO,3+!
*4304H0H!3-!72*4!,-4E*H043*2J!*4E-/123*-4]!PO3!       -4"+*30!+O/B0*JJ24,0!3-!2++0++!>;K+*,2J!+0,O/*3K!
2J+-!3-!*4HO,0!O4+O+>0,3*47!01>J-K00+!3-!             24H!O+0+!+-,*2J!047*400/*47]!>2++!N0K!
,/0230!BOJ40/2P*J*3*0+!3;23!,24!+OP+0`O043JK!         HO>J*,23*-4]!24H!-3;0/!30,;4*`O0+!H0+*740H!3-!
P0!0=>J-*30H!3-!72*4!2,,0++!3-!,-4E*H043*2J!          72*4!>;K+*,2J!043/K!*43-!+0,O/0!2/02+!24H!3;0!
*4E-/123*-49!!                                        403M-/N!+K+3019!
!                                                     !
                                                      V4!2HH*3*-4]!./-%03<=>0/3!-EE0/!A0,O/*3K!
H"H!=-G-2FCCQ,D2Y=DF,8!
                                                      ,-4+OJ3*47!A0/B*,0+!-4!2JJ!N*4H+!-E!A0,O/*3K!
Y88-88C-,=8!                                          0`O*>1043!+O,;!2+!X.A!3/2,N*47]!PO7+!5!32>+!
!                                                     24H!H030,3-/+]!J*+304*47!H0B*,0+]!30J0>;-40!
                                                      04,/K>3*-4]!30J0>;-40!/0,-/H0/+]!2OH*-!PO7+]!
./-%03<=>0/3!>/-B*H0!BOJ40/2P*J*3K!30+3*47!*4!
                                                      ,0JJOJ2/!04,/K>3*-4!24H!30J0>;-40!04,/K>3*-4]!
>/*B230!P24N!0=,;2470+!3;23!->0/230!,-1>24K!
                                                      M*/0J0++!F2110/+]!B-*,0!,;2470/+]!4*7;3!B*+*-4!
B-*,012*J!24H!10++27*47!+K+301+9!
)->K/*7;3!./-%03<=>0/3!63H9!&''(!                 !                                                   8L!

!
!

1-4-,OJ2/!24H!P*4-,OJ2/+]!,-O430/!                    !
+O/B0*JJ24,0!0`O*>1043]!,-B0/3!B*H0-!                 !
+O/B0*JJ24,0]!7040/*,!))#Z]!P*-103/*,2J!
                                                      !
/0,-74*3*-4]!>0/+-42J!+0,O/*3K!24H!+0JE!
H0E04+09!                                             !
!                                                     !
!                                                     !
                                                      !
H"J!2-M=DWD-Z!-=ED2YG!EY2R-M!^2-E_!
`!*-,-=MY=DF,!=-8=D,]!=MYD,D,]!
!
./-%03<=>0/3!>/-B*H0!&!H2K!.0403/23*-4!
#0+3*47!,-O/+0+!24H!@!H2K!)0/3*E*0H!<3;*,2J!
W2,N0/!#/2*4*47!*4!3;0!"a]!7*B*47!,24H*H230+!
3;0!->>-/3O4*3K!3-!M-/N!*4!24!*430/2,3*B0!
04B*/-41043!M;0/0!3;0K!2/0!+;-M4!;-M!3-!
+,24]!30+3!24H!;2,N!3;0*/!-M4!+K+301+9!
!
H"J"!!2'5+4$4!Y96:%6T%$!
!
     !    &!H2K!.0403/23*-4!#0+3*47!E-/!
          T07*440/+!
     !    &!H2K!.0403/23*-4!#0+3*47!!HB24,0H!
     !    @!H2K!)0/3*E*0H!<3;*,2J!W2,N0/![)<W!
!
H"J"1!G'&6):'34!
!
!JJ!>OPJ*,!+,;0HOJ0!,-O/+0+!2/0!;0JH!*4!
6-4H-4]!;-M0B0/!./-%03<=>0/3!,24!>/-B*H0!
*4";-O+0!3/2*4*47!7J-P2JJK!-4!/0`O0+39!
!
!
!
!
!
)->K/*7;3!./-%03<=>0/3!63H9!&''(!                 !       8Q!

!
!


=0')"&;.+*+,%"!

!                                                       !
;"!!MFQ=D,]!Y,Z!8#D=2ED,]!                              ;"!"1!8A:)&I:3>!=$&I3'%'>:$4!
                                                        !
!
                                                            ! A>244*47!#/00!./-3-,-J![A#.!^!DA#.!^!
D-O3*47!24H!AM*3,;*47!*+!,-/0!3-!0B0/K!
                                                              $A#!
403M-/N!24H!7--H!H0+*74!-E!3;23!403M-/N!*+!
                                                            ! 62K0/!&!24H!62K0/!C!<3;0/,;2440J+!
N0K!3-!->3*1*+*47!>0/E-/124,0]!/0HO4H24,K!
                                                            ! Z*/3O2J!6!%+![Z6!%+!
24H!3/2EE*,!EJ-M9!!3!./-%03<=>0/3!)*+,-!<=>0/3+!
E-,O+!-4!H0J*B0/*47!0EE*,*043!24H!;*7;JK!                   ! Z6!%!#/O4N*47![VA6!5!Q'&98`!
EO4,3*-42J!/-O3*47!24H!+M*3,;*47!403M-/N+!                  ! 62K0/!&!A0,O/*3K!
M*3;!0=,0JJ043!H0+*74!>/*4,*>J0+!*4!1*4H9!#;0!          !
./-%03<=>0/3!)*+,-!D-O3*47!24H!AM*3,;*47!               ;"!"<!D3)$+36%!M'5):3>!*+')'&'%4!
)-4+OJ324,K!A0/B*,0+!*4,-/>-/230!+3/2307*,!
                                                        !
24H!32,3*,2J!>/-F0,3!>J244*47]!403M-/N!H0+*74]!
*4+32JJ23*-4!24H!+O>>-/3!E-/!2JJ!+*e0H!403M-/N!         V430/42J!D-O3*47!./-3-,-J+!E-/1OJ230!3;0!EJ-M!
*4E/2+3/O,3O/0+]!12=*1*+*47!3;0!0EE*,*04,K!!-E!2!       -E!3/2EE*,!2,/-++!0B0/K!*430/42J!403M-/N!E-/!
1OJ3*3OH0!-E!/-O3*47!>/-3-,-J+!24H!>/*4,*>J0+9!         +12JJ!PO+*40++0+!3-!0430/>/*+0!+*e0H!
                                                        -/724*+23*-4+9!#;0!>/->0/!,-4E*7O/23*-4!-E!
!
                                                        3;0+0!>/-3-,-J+!04+O/0+!3;0!+0J0,3*-4!-E!
;"!"!!M'5):3>!=$&I3'%'>:$4!                             ->3*12J]!J-2H"P2J24,0H!24H!/0HO4H243!/-O30+9!!!
!                                                       ./-%03<=>0/3b+!,-4+OJ3243+!M-/N!M*3;!3;0*/!
    ! A323*,!D-O3*47!                                   ,J*043+!3-!;0J>!3;01!12=*1*+0!3;0!0EE*,*04,K!
                                                        -E!3;0*/!403M-/N+!24H!->3*1*+0!3;0*/!403M-/N!!
    ! DV.![D-O3*47!V4E-/123*-4!./-3-,-J!
                                                        >0/E-/124,09!!
    ! GA.U![G>04!A;-/30+3!.23;!U*/+3!
                                                        !
    ! <VXD.![<4;24,0H!V430/*-/!X230M2K!
      D-O3*47!./-3-,-J!                                #;0!./-%03<=>0/3!3021!M*JJ!;0J>!*4!
    ! VA"VA![V430/10H*230!AK+301!3-!                    ,-4E*7O/*47f!
      V430/10H*230!AK+301!                             !
    ! GID![G4!I0124H!D-O3*47!                              ! DV.![D-O3*47!V4E-/123*-4!./-3-,-J!
    ! TX.![T-/H0/!X230M2K!./-3-,-J!                        ! GA.U![G>04!A;-/30+3!.23;!U*/+3!
    ! .TD![.-J*,K!T2+0H!D-O3*47!!!                         ! <VXD.![<4;24,0H!V430/*-/!X230M2K!
    ! #/2EE*,!<47*400/*47!!                                   D-O3*47!./-3-,-J!
    ! Y-A![YO2J*3K!-E!A0/B*,0!                             ! VA"VA![V430/10H*230!AK+301!3-!
    ! V>BS![V.!Z0/+*-4!S!                                    V430/10H*230!AK+301!
!                                                           ! .TD![.-J*,K!T2+0H!D-O3*47!
!                                                           ! #/2EE*,!<47*400/*47!
!   )->K/*7;3!./-%03<=>0/3!63H9!&''(!               !                                                 8(!

!
!

    ! Y-A![YO2J*3K!-E!A0/B*,0!                      ;"!"0!a56%:)7!'U!8$+9:&$!
    ! D0H*+3/*PO3*-4!                                !
    ! %03M-/N!$0/70+!24H!GB0/J2>>*47!V.!             Y-A![YO2J*3K!-E!A0/B*,0!/0E0/+!3-!3;0!2P*J*3K!-E!
      2HH/0++*47!                                    2!403M-/N!3-!>/-B*H0!*1>/-B0H!+0/B*,0!3-!
!                                                    +0J0,30H!403M-/N!3/2EE*,!-B0/!B2/*-O+!
!                                                    O4H0/JK*47!30,;4-J-7*0+!*4,JOH*47!U/210!
;"!"@!'+L$+!]6)$A67!*+')'&'%!                       D0J2K]!!#$]!<3;0/403!24H!Q'&98!403M-/N+]!
                                                     AG%<#]!24H!V."/-O30H!403M-/N+9!!
!
T-/H0/!X230M2K!./-3-,-J![TX.!*+!3;0!,-/0!           V4!>2/3*,OJ2/]!Y-A!E023O/0+!>/-B*H0!*1>/-B0H!
V430/403!/-O3*47!>/-3-,-J9!V3!*+!O+0H!3-!            24H!1-/0!>/0H*,32PJ0!403M-/N!+0/B*,0!PK!
12*432*4!2!32PJ0!-E!V.!403M-/N+!-/!b>/0E*=0+b!       +O>>-/3*47!H0H*,230H!P24HM*H3;]!V1>/-B*47!
M;*,;!H0+*74230!403M-/N!/02,;2P*J*3K!21-47!          J-++!,;2/2,30/*+3*,+]!2B-*H*47!24H!12427*47!
2O3-4-1-O+!+K+301+![!A9!TX.!H-0+!4-3!O+0!           403M-/N!,-470+3*-4]!+;2>*47!403M-/N!3/2EE*,!
3/2H*3*-42J!VX.!103/*,+]!PO3!12N0+!/-O3*47!          24H!+033*47!3/2EE*,!>/*-/*3*0+!2,/-++!3;0!
H0,*+*-4+!P2+0H!-4!>23;]!403M-/N!>-J*,*0+!24H!       403M-/N9!!
,-1>J0=!/OJ0!+03+9!
!                                                    )*+,-!Y-A!)-4+OJ324,K!-EE0/*47+!*4,JOH0f!!
./-%03<=>0/3b+!3021!*4,JOH0+!+0B0/2J!))V<!
A0/B*,0!./-B*H0/!,0/3*E*0H!,-4+OJ3243+!24H!              ! $-HOJ2/!YO2J*3K!-E!A0/B*,0![,J2++!12>+]!
-EE0/!,-1>/0;04+*B0!)*+,-!A0/B*,0!./-B*H0/!                >-J*,K!12>+]!+0/B*,0!>-J*,*0+!
)-4+OJ324,K9!                                            ! )*+,-!)J2++*E*,23*-4!
!                                                        ! %03M-/N"T2+0H!!>>J*,23*-4!D0,-74*3*-4!
)*+,-!TX.!)-4+OJ324,K!A0/B*,0+!*4,JOH0f!!                  [%T!D!
                                                         ! )*+,-!!O3-Y-+!
    ! TX.!#/24+*3!!O3-4-1-O+!AK+301+!
                                                         ! )*+,-!Y-A!YO0*47!10,;24*+1+![UVUG]!
    ! TX.!D-O30!A0J0,3*-4!
                                                           .Y]!)Y]!66Y!
    ! .-J*,K!)-43/-J+!
                                                         ! )*+,-!Y-A!)-470+3*-4!!B-*H24,0!
    ! !33/*PO30+!$24*>OJ23*-4!
                                                           10,;24*+1+![D<I]!:D<I!
    ! .-J*,K!)-43/-J+!
                                                         ! )*+,-!Y-A!)-470+3*-4!1242701043!
    ! *TX.!24H!0TX.!
                                                         ! #/2EE*,!.-J*,*47!5!#/2EE*,!A;2>*47!
    ! A0/B*,0!./-B*H0/!)-440,3*B*3K!
                                                         ! )!D!D230!6*1*3*47!
    ! A,2J*47!A0/B*,0!./-B*H0/!%03M-/N+!
                                                         ! )*+,-!6*4N!<EE*,*04,K!10,;24*+1+![)D#.]!
    ! G>3*1*+23*-4!                                        6UV]!)-1>/0++*-4!
!                                                    !
!                                                    !
!                                                    !
!                                                    !
)->K/*7;3!./-%03<=>0/3!63H9!&''(!                !                                                        !   &'!

!
!

;"!"H!D*!V$+4:'3!H!                                     403M-/N+!3-!2B0/3!010/7*47!3;/023+!24H!
!                                                       >/-B*H0!/2>*H!/0+>-4+0!3-!+0,O/*3K!B*-J23*-4+9!!

V.BS![V.!B0/+*-4!S!*+!3;0!J230+3!B0/+*-4!-E!3;0!
                                                        !3!./-%03<=>0/3!2!+0,O/*3K!,OJ3O/0!*+!
V430/403!./-3-,-J![V.!24H!M*JJ!/0>J2,0!3;0!
                                                        ->0/230H]!M;0/0PK!2JJ!-E!*4+32JJ23*-4+!2/0!
0=*+3*47!V.BR!2HH/0++*47!+,;0109!IO0!3-!3;0!
                                                        0=0,O30H!3-!2!+03!-E!;*7;!+0,O/*3K!+324H2/H+9!!
0=>-4043*2J!7/-M3;!-E!3;0!V430/403]!3;0!M-/JH!
*+!+32/3*47!3-!/O4!-O3!-E!>OPJ*,!V.BR!2HH/0++0+!
                                                        )*+,-!A0,O/*3K!<=>0/3!A>0,*2J*+3+!24H!A0,O/*3K!
+O,;!2+![8R89898989!./-%03<=>0/3!*+!-40!-E!3;0!
                                                        ))V<+!M*3;!0=>0/3!N4-MJ0H70!24H!0=>0/*04,0!
E*/+3!,-4+OJ324,K!,-1>24*0+!3-!-EE0/!3/2*4*47]!
                                                        *4!3;0!)*+,-!A0JE!I0E04H*47!%03M-/N]!>J24!24H!
1*7/23*-4+!24H!,-1>J030!40M!H0+*74+!O+*47!V.!
                                                        PO*JH!403M-/N+!3-!P0!A0,O/*3K!)-1>J*243]!3-!
B0/+*-4!S!30,;4-J-7K9!!
                                                        1*4*1*+0!/*+N]!3-!/0HO,0!3;0!PO/H04!-E!V#!
                                                        2H1*4*+3/23*-4!24H!12=*1*+0!3;0!+>00H!-E!
I0>J-K*47!V.BS!*4!2!403M-/N!,24!P0!2!
                                                        /0+>-4+0!3;0!3;/023+!24H!2332,N+9!!
,-1>J*,230H!>/-,0++9!)-4+*H0/23*-4!1O+3!P0!
32N04!4-3!-4JK!-4!3;0!*1>J0104323*-4!-E!V.BS]!
                                                        )*+,-!A0,O/*3K!)-4+OJ324,K!A0/B*,0+!*4,JOH0f!!
PO3!2J+-!-4!3;0!*1>2,3!-E!24!V.BS!1*7/23*-4!3-!
24!0=*+3*47!V.BR!403M-/N9!!                                 ! )*+,-!!A!!U*/0M2JJ!)-4E*7O/23*-4!
                                                            ! )*+,-!.V_!U*/0M2JJ!)-4E*7O/23*-4!
V.!Z0/+*-4!S!AO>>-/3!A0/B*,0+!*4,JOH0f!!
                                                            ! )*+,-!U*/0M2JJ!A0/B*,0+!$-HOJ0!
    ! I0B0J->*47!V.BS!+3/2307*0+!                           ! )*+,-!%03M-/N!!,,0++!)-43/-J![%!)!
    ! V.BS!/02H*40++!2OH*3+!                                ! )*+,-!$-4*3-/*47]!!42JK+*+!24H!D0+>-4+0!
                                                              AK+301![$!DA!
    ! #0+3*47!24H!A327*47!V.BS!+,042/*-+!
    ! .J244*47!24H!I0+*74*47!3;0!V.BS!                      ! )*+,-!V43/O+*-4!I030,3*-4!AK+301![VIA!
      *1>J0104323*-4!!                                      ! )*+,-!V43/O+*-4!./0B043*-4!AK+301![V.A!
    ! UOJJ!V.BS!$*7/23*-4!                                  ! V.A0,!Z.%!A-JO3*-4+!
    ! V1>J01043*47!V.BS!#/24+*3*-4!U023O/0+!                ! )*+,-!Z.%!)-4,043/23-/!$*7/23*-4+!3-!
                                                              !A!!
    ! V1>J01043*47!+0,O/0!V.BS!403M-/N+!
    ! AO>>-/3*47!24H!3/-OPJ0+;--3*47!V.BS!                  ! )*+,-!II-A!$*3*723*-4!A-JO3*-4+!
      V4+32JJ23*-4+!                                        ! )*+,-!A0,O/*3K!!7043![)*+,-!)A!!
    ! UOJJ!)*+,-!V.BS!AO>>-/3!!                             ! )*+,-!!,,0++!)-43/-J!A0/B0/![)*+,-!!)A!
!                                                           ! )*+,-!V/-4>-/3!:0P!24H!<12*J!U*J30/*47!
!                                                       !
                                                        ;"1"!!=I$!2:4&'!Y8Y!W:+$A6%%!
;"1!8-2QMD=[!Y,Z!DMF,*FM=!
                                                        !
!
                                                        #;0!)*+,-!!A!!@@''!A0/*0+!!H2>3*B0!A0,O/*3K!
%03M-/N!A0,O/*3K!*+!-40!-E!3;0!1-+3!,/*3*,2J!
                                                        >/-B*H0+!*430JJ*7043!3;/023!H0E04+0!24H!+0,O/0!
,-4,0/4+!E2,*47!-/724*+23*-4+!3-H2K9!!3!
                                                        ,-11O4*,23*-4+!+0/B*,0+!3;23!+3->!2332,N+!
./-%03<=>0/3!)*+,-!<=>0/3+!H0+*74!24H!*4+32JJ!
)->K/*7;3!./-%03<=>0/3!63H9!&''(!                   !                                                      !   &8!

!
!

P0E-/0!3;0K!*1>2,3!PO+*40++!,-43*4O*3K9!#;0!          H0B*,0+]!24H!3;0/0PK!J*1*3*47!3;0!>-3043*2J!
)*+,-!!A!!@@''!+0/*0+!042PJ0+!-/724*e23*-4+!          H21270!E/-1!010/7*47!+0,O/*3K!3;/023+!24H!
3-!J-M0/!3;0*/!H0>J-K1043!24H!->0/23*-4+!             /*+N+9!!
,-+3+!M;*J0!H0J*B0/*47!,-1>/0;04+*B0!+0,O/*3K!
E-/!403M-/N+!-E!2JJ!+*e0+9!                           )*+,-!%!)!7*B0+!-/724*e23*-4+!2!>-M0/EOJ]!
!                                                     /-J0+"P2+0H!103;-H!-E!>/0B043*47!
)*+,-!!A!!U*/0M2JJ!)-4+OJ324,K!A0/B*,0+!              O42O3;-/*e0H!2,,0++!24H!*1>/-B*47!403M-/N!
*4,JOH0f!!                                            /0+*J*04,K9!

!                                                     )*+,-!%!)![%03M-/N!!H1*++*-4!)-43/-J!
    ! #/24+J23*-4+!24H!)-440,3*-4+!                   )-4+OJ324,K!A0/B*,0+!*4,JOH0f!
    ! !,,0++!)-43/-J!6*+3+![!)6+!!
                                                          ! )*+,-!%!)!!>>J*24,0!)-4E*7O/23*-4!
    ! U*/0M2JJ!DOJ0+!
                                                          ! V4"P24H!24H!GO3"-E"P24H!)-4E*7O/23*-4!
    ! )-43043!U*J30/*47!
                                                          ! )*+,-!#/O+3!!7043!
    ! GPF0,3!X/-O>*47!
                                                          ! )*+,-!A0,O/0!!,,0++!)-43/-J!A0/B0/![!)A!
    ! !O3;043*,23*-4]!!O3;-/*e23*-4]!24H!
      !,,-O43*47![!!!!                                   ! .-+3O/0!!++0++1043!

    ! !A!!$-HOJ2/!.-J*,K!U/210M-/N!                       ! )J024!!,,0++!$24270/![)!$!

    ! !HB24,0H!./-3-,-J!W24HJ*47!                         ! )J024!!,,0++!A0/B0/![)!A!

    ! Z*/3O2J!./*B230!%03M-/N+![Z.%!                 !

    ! AA6!Z.%!)-4E*7O/23*-4!^!<2+K!Z.%!               ;"1"<!C'3:)'+:3>S!Y36%74:4!63L!M$4/'34$!
    ! !4K)-440,3!)J*043!^!)*+,-!Z.%!)J*043!           874)$(!^CYM8_!
    ! U*/0M2JJ!Z*/3O2J*+23*-4!24H!)-430=3+!           !
    ! !A!!#/24+>2/043!U*/0M2JJ!                       )*+,-!A0,O/*3K!$-4*3-/*47]!!42JK+*+]!24H!
    ! !A!!U2*J-B0/!24H!D0HO4H24,K!                    D0+>-4+0!AK+301![$!DA!>/-B*H0+!+0,O/*3K!
    ! A0,O/*3K!!>>J*24,0!I0B*,0!$24270/!              1-4*3-/*47!E-/!403M-/N!H0B*,0+!24H!;-+3!
      [!AI$!                                         2>>J*,23*-4+!+O>>-/3*47!P-3;!)*+,-!24H!-3;0/!
    ! !V."A0,O/*3K!A0/B*,0+![V.A!$-HOJ0!             B04H-/+9!A0,O/*3K!1-4*3-/*47!M*3;!$!DA!
                                                      7/023JK!/0HO,0+!E2J+0!>-+*3*B0+!PK!>/-B*H*47!24!
!
                                                      04H"3-"04H!3->-J-7*,2J!B*0M!-E!3;0!403M-/N]!
;"1"1!,$)A'+B!Y&&$44!2'3)+'%!^,Y2_!
                                                      M;*,;!;0J>+!*1>/-B0!3;/023!*H043*E*,23*-4]!
!                                                     1*3*723*-4!/0+>-4+0+]!24H!,-1>J*24,09!!
)*+,-!%!)![%03M-/N!!H1*++*-4!)-43/-J!                !
04E-/,0+!24-/724*e23*-4b+!+0,O/*3K!>-J*,*0+!-4!       )*+,-!$!DA!)-4+OJ324,K!A0/B*,0+!*4,JOH0f!!
2JJ!H0B*,0+!+00N*47!403M-/N!2,,0++9!)*+,-!
%03M-/N!!H1*++*-4!)-43/-J![%!)!2JJ-M+!-4JK!              ! $-4*3-/*47!24H!A0,O/*47!W-+3!
,-1>J*243!24H!3/O+30H!04H>-*43!H0B*,0+]!+O,;!               !>>J*,23*-4!I0B*,0+!
2+!.)+]!+0/B0/+]!24H!.I!+]!-43-!3;0!403M-/N]!             ! )A"$!DA!!/,;*30,3O/0![6-,2J!)-43/-JJ0/!
/0+3/*,3*47!3;0!2,,0++!-E!4-4",-1>J*243!                    24H!XJ-P2J!)-43/-JJ0/!,-4E*7O/23*-4!
)->K/*7;3!./-%03<=>0/3!63H9!&''(!                 !                                                      !   &&!

!
!

    ! !/,;*B0!24H!D0+3-/0!./-,0HO/0+!                   ;"1"0!2:4&'!8$&5+:)7!Y>$3)!^28Y_!
    ! DO44*47]!,/023*47!24H!,O+3-1*+*47!                !
      /0>-/3+!                                          )*+,-!)A!!)*+,-h!A0,O/*3K!!7043![W-+3!
    ! V4,*H043!V4B0+3*723*-4!24H!$*3*723*-4!            V43/O+*-4!./0B043*-4!AK+301!*+!3;0!E*/+3!
    ! V4307/23*-4!-E!1OJ3*"B04H-/!H0B*,0+!              04H>-*43!+0,O/*3K!+-JO3*-4!3;23!,-1P*40+!
    ! DOJ0!)/023*-4!24H!)O+3-1*+23*-4!                  e0/-"O>H230!2332,N!H0E04+0]!>-J*,K"H/*B04!
    ! A*7423O/0!24H!6-7!60B0J!#O4*47!                   H232!J-++!>/0B043*-4]!24H!+*7423O/0"P2+0H!
!                                                       243*B*/O+!H030,3*-4!*4!2!+*47J0!270439!#;*+!
!                                                       O4*`O0!PJ04H!-E!,2>2P*J*3*0+!H0E04H+!+0/B0/+!
                                                        24H!H0+N3->+!272*4+3!+->;*+3*,230H!H2K"e0/-!
;"1"@!D3)+54:'3!Z$)$&):'3!63L!*+$9$3):'3!
                                                        2332,N+]!24H!04E-/,0+!2,,0>32PJ0"O+0!24H!
874)$(4!^DZ8!bD*8_!
                                                        ,-1>J*24,0!>-J*,*0+!M*3;*4!2!+*1>J0!
!                                                       1242701043!*4E/2+3/O,3O/09!
TO+*40++!403M-/N+!-E!2JJ!+*e0+!E2,0!*4,/02+*47JK!       !
+->;*+3*,230H!2332,N+!3;23!,24!*1>0H0!                  )*+,-!)A!!)-4+OJ324,K!A0/B*,0+!*4,JOH0f!!
>/-HO,3*B*3K]!-P+3/O,3!2,,0++!3-!2>>J*,23*-4+!
24H!/0+-O/,0+]!24H!H*+/O>3!,-11O4*,23*-4+9!                 ! )A!!$242701043!)-4+-J0!
#;0!)*+,-!V43/O+*-4!./0B043*-4!AK+301![V.A!                ! )A!!)J*043!A03O>!
>/-30,3+!3;0!043*/0!403M-/N!M*3;!2!/2470!-E!                ! )A!!!7043!a*3+!
H0>J-K1043!->3*-4+9!#;*+!*4J*40]!403M-/N"                   ! W-+3!AK+301+!./-30,3*-4![M*4H-M+!24H!
P2+0H!H0E04+0!*H043*E*0+]!,J2++*E*0+]!24H!+3->+!              "4*=!
N4-M4!24H!O4N4-M4!3;/023+!3-!K-O/!403M-/N9!                 ! )A!!!>>J*,23*-4!)J2++0+!
                                                            ! )A!!Z2/*2PJ0+!
)*+,-!V.A![V43/O+*-4!./0B043*-4!AK+301!
                                                            ! )A!!A0,O/*3K!.-J*,*0+!24H!DOJ0+!
)-4+OJ324,K!A0/B*,0+!*4,JOH0f!!
                                                            ! )A!!AK+301!)-//0J23*-4!DOJ0+!
    ! )*+,-!R&''!A0/*0+!V.A!)-4E*7O/23*-4!              !
    ! )232JK+3!S@''!VAI$"&!TJ2H0!V.A!                   ;"1"H!D+'3/'+)!
      )-4E*7O/23*-4!                                    !
    ! V.A!A*7423O/0!)-4E*7O/23*-4!                      )*+,-!V/-4.-/3!012*J!+0,O/*3K!2>>J*24,0+!2/0!
    ! V.A!A*7423O/0!#O4*47!                             02+K"3-"H0>J-K!+-JO3*-4+!3;23!H0E04H!012*J!
    ! V.A!A;O44*47!#0,;4*`O0+!                          +K+301+!272*4+3!+>21]!B*/O+0+]!>;*+;*47!24H!2!
    ! V.A!!4-12JK!I030,3*-4!                            B2/*03K!-E!-3;0/!3;/023+9!V3!*+!O+0H!PK!0*7;3!-E!
    ! V.A!A*7423O/0!">H230+!                            3;0!304!J2/70+3!VA.+!24H!1-/0!3;24!R'!>0/,043!
    ! V.A!$2*430424,0!                                  -E!3;0!M-/JHb+!J2/70+3!0430/>/*+0+9!#;0+0!
                                                        +K+301+!;2B0!2!H01-4+3/230H!2!/0,-/H!-E!
    ! V.A!!J2/1!)-4E*7O/23*-4!
                                                        O4>2/2JJ0J0H!>0/E-/124,0]!2,,O/2,K!24H!
!
                                                        /0J*2P*J*3K9!!
!                                                       !

)->K/*7;3!./-%03<=>0/3!63H9!&''(!                   !                                                       !   &C!

!
!

#;0!)*+,-!V/-4.-/3!A"A0/*0+!*+!2!;*7;",2>2,*3K!       ;"<!VFD2-!FV-M!D*!^VFD*_!
M0P!+0,O/*3K!2>>J*24,0!H0+*740H!3-!,-1P23!
                                                      !
+>KM2/0![M;*,;!;2+!`O*,NJK!0B-JB0H!3-!
P0,-10!-40!-E!3;0!1-+3!+*74*E*,243!,-/>-/230!         Z-V.!*+!1-/0!>->OJ2/!3;24!0B0/]!>/*12/*JK!HO0!
+0,O/*3K!*++O0+!24H!-3;0/!M0P"P2+0H!3;/023+9!        3;0!,-+3!+2B*47+!*3!P/*47+!3-!3;0!-/724*+23*-4+!
                                                      3;23!01>J-K!*39!!3!./-%03<=>0/3!)*+,-!Z-*,0!
!$-/0!3;24!Q'!>0/,043!-E!,-/>-/230!.)+!2/0!           ,-4+OJ3243+!M-/N!M*3;!,O+3-10/+!3-!-B0/,-10!
*4E0,30H!M*3;!+>KM2/0]!K03!J0++!3;24!8'!              ,-4,0/4+!-E!3;0!,-1>J0=!30,;4-J-7K!24H!3-!
>0/,043!-E!,-/>-/23*-4+!;2B0!H0>J-K0H!                H0J*B0/!+1--3;!1*7/23*-4+!24H!*1>/-B01043+!
>0/*1030/!+>KM2/0!H0E04+0+9!!                         3-!V.!#0J0>;-4K!403M-/N+9!!
!
)*+,-!V/-4>-/3!)-4+OJ324,K!A0/B*,0+!*4,JOH0f!!        ./-%03<=>0/3!-EE0/!,O33*47"0H70!)*+,-!Z-*,0!
                                                      -B0/!V.!)-4+OJ324,K!24H!"4*E*0H!
    ! .-J*,K!62K0/+!^!I0,/K>3*-4!.-J*,*0+!            )-11O4*,23*-4+!)-4+OJ3*47]!>/-B*H*47!0=>0/3!
    ! D-O3*47!.-J*,*0+!^!!,,0++!.-J*,*0+"D6!          2HB*,0!-4!7040/*,!Z-*,0!-B0/!V.!24H!*4!3;0!
      E*J30/*47!^!./0H0E*40H!"D6!)2307-/*0+!!         010/7*47!"4*E*0H!)-11O4*,23*-4+!12/N03!
    ! )O+3-1!"D6!)2307-/*0+!^!#*10!T2+0H!             +0710439!!
      .-J*,*0+!
                                                      )*+,-!<=>0/3!A>0,*2J*+3+!>/-B*H0!)*+,-!ZGV.!
    ! :0P!/0>O323*-4!E*J30/*47!^!#;0!IZA!!43*"
                                                      AO>>-/3!A0/B*,0+!-4f!!
      12JM2/0!<47*40!
    ! :0P/--3!^!$,!E00!^!W##.A!*4+>0,3*-4!
                                                          ! )*+,-!)2JJ!$24270/!
    ! !O3;043*,23*-4!
                                                          ! )*+,-!"4*E*0H!)-11O4*,23*-4+!$24270/!
    ! V4307/23*47!M*3;!2!H*/0,3-/K!+0/B0/!B*2!
                                                          ! )*+,-!"4*E*0H!)-432,3!)0430/!
      6I!.!
                                                          ! )*+,-!"4*E*0H!$003*47>J2,0!
    ! "+*47!10++270!E*J30/+!^!/0H*/0,3!24H!
                                                          ! )*+,-!V.!)-11O4*,23-/!
      1-H*EK!10++270+!
                                                          ! Z-*,0!X230M2K+!
    ! A2E0!H0>J-K1043!24H!H0PO77*47!-E!
                                                          ! AV.!
      10++270!E*J30/+!
                                                          ! W9C&C!
    ! I-12*4!a0K!VH043*E*0H!$2*J!
                                                          ! YO2J*3K!-E!A0/B*,0![Y-A!
    ! A04H0/!./-E*J0!U/210M-/N!B0/*E*,23*-4!!
                                                          ! Z-*,0!24H!Z*H0-!)-4E0/04,*47!
!
                                                          ! V.!#0J0>;-4K!24H!)*+,-!"4*3K!
!
                                                          ! Z-*,0!-B0/!:*/0J0++!6!%![Z-:6!%!
!                                                         ! $0++270!A0/B*,0!
!                                                         ! )*+,-!D*,;!$0H*2!

!                                                         ! %-4")*+,-!ZGV.!A-JO3*-4+!
                                                      !
!
                                                      !
!
)->K/*7;3!./-%03<=>0/3!63H9!&''(!                 !                                                  !   &R!

!
!

;"<"!!Q3:U:$L!2'((53:&6):'34!C636>$+!                   ;"@!=-G-*M-8-,2-!
!
                                                        !
)*+,-!"4*E*0H!)-11O4*,23*-4+!$24270/!
                                                        )*+,-!;2+!H0B0J->0H!24!*44-B23*B0!+-JO3*-4!
[E-/10/JK!)*+,-!)2JJ!$24270/!*+!24!0430/>/*+0"
                                                        3;23!,/0230+!24!i*4">0/+-4i!1003*47!
,J2++!V.!30J0>;-4K!,2JJ">/-,0++*47!+K+301!3;23!
                                                        0=>0/*04,0!-B0/!3;0!,-4B0/70H!403M-/N9!)*+,-!
>/-B*H0+!3/2H*3*-42J!30J0>;-4K!E023O/0+!2+!M0JJ!
                                                        #0J0./0+04,0!H0J*B0/+!/02J"3*10]!E2,0"3-"E2,0!
2+!2HB24,0H!,2>2P*J*3*0+]!+O,;!2+!1-P*J*3K]!
                                                        *430/2,3*-4+!P03M004!>0->J0!24H!>J2,0+!*4!
>/0+04,0]!>/0E0/04,0]!24H!/*,;!,-4E0/04,*47!
                                                        3;0*/!M-/N!24H!>0/+-42J!J*B0+!O+*47!2HB24,0H!
+0/B*,0+9!
                                                        B*+O2J]!2OH*-]!24H!,-JJ2P-/23*-4!30,;4-J-7*0+9!!
!
)*+,-!"4*E*0H!)-11O4*,23*-4+!$24270/!
                                                        #;0+0!30,;4-J-7*0+!3/24+1*3!J*E0"+*e0]!;*7;"
AO>>-/3!A0/B*,0+!*4,JOH0f!!
                                                        H0E*4*3*-4!*1270+!24H!+>23*2J!H*+,/030!2OH*-9!
                                                        %-M!*3b+!02+*0/!3;24!0B0/!3-!H*+,0/4!E2,*2J!
    ! V4+32JJ23*-4!24H!G>0/23*-4!-E!)*+,-!
                                                        0=>/0++*-4+!E-/!3;-+0!,/O,*2J!PO+*40++!
      "4*E*0H!)-11O4*,23*-4+!$24270/!
                                                        H*+,O++*-4+!24H!407-3*23*-4+!2,/-++!3;0!
    ! #/-OPJ0+;--3*47!24H!$2*430424,0!-E!
                                                        iB*/3O2J!32PJ09i!!
      )*+,-!"4*E*0H!)-11O4*,23*-4+!$24270/!
    ! V430/42J!,2JJ+!24H!,2JJ+!3-!3;0!.A#%!             #;0!,-1>-4043+!-E!)*+,-!#0J0./0+04,0!O+0!
    ! )*+,-!"4*E*0H!)-11O4*,23*-4+!$24270/!             +324H2/H!30,;4-J-7*0+!*4!,-4FO4,3*-4!M*3;!
    ! $0H*2!D0+-O/,0+!5!Z-*,0!12*J!                     +>0,*2J*e0H!2>>J*,23*-4+!24H!;2/HM2/0!3-!
    ! I*2J!>J24!,-4E*7O/23*-4!)*+,-!"4*E*0H!            ,/0230!24!2>>/-2,;2PJ0!+-JO3*-4!O+*47!3;0!
      )-11O4*,23*-4+!$24270/!                           403M-/N!24H!O4*E*0H!,-11O4*,23*-4+!2+!,-/0!
    ! G4",JO+30/!,-4E*7O/23*-4!                         ,-1>-4043+9!
    ! A0,O/0!)*+,-!"4*E*0H!)-11O4*,23*-4+!V.!           !
      #0J0>;-4K!                                        ./-%03<=>0/3!O4H0/+324H+]!3;23!3;0!400H!3-!
    ! )2JJ!2H1*++*-4!,-43/-J!3-!>/0B043!-B0/"           ,O3!3/2B0J!,-+3+!P0,-10+!1-/0!*1>-/3243!2+!
      +OP+,/*>3*-4!-E!3;0!V.!:!%!                       POH703+!703!3*7;30/9!GO/!)*+,-!#0J0./0+04,0!
                                                        )-4+OJ3243+!M*JJ!;0J>!K-O!H0+*74*47]!*4+32JJ*47]!
    ! )*+,-!"4*E*0H!)-11O4*,23*-4+!$24270/!
                                                        ->0/23*47]!12*432*4*47!24H!3/-OPJ0+;--3*47!
    ! <=>/0++!*4!ADA#!1-H0!
                                                        K-O/!)*+,-!#0J0./0+04,0!Z*H0-!)-4E0/04,*47!
    ! )2JJ!>/-,0++*47!/0+*J*04,K!*4!/01-30!+*30+!
                                                        AK+3019!
      O+*47!ADA#!5!$X).!!
!                                                       )*+,-!#0J0./0+04,0!AO>>-/3!A0/B*,0+!*4,JOH0f!

!
                                                        !
!                                                           ! D--1!D02H*40++!!++0++1043![DD!!O+*47!
!                                                             3;0!DD!!3--J!
                                                            ! #0J0./0+04,0!%03M-/N!!/,;*30,3O/0!24H!
!                                                             %03M-/N!.23;!!++0++1043!

)->K/*7;3!./-%03<=>0/3!63H9!&''(!                   !                                                       !   &@!

!
!

    ! )*+,-!#0J0./0+04,0!$24270/![)#$!                    ! )*+,-!%0=O+!@'''!5!)*+,-!%0=O+!L'''!
      A0/B0/!                                                +0/*0+!
    ! )*+,-!#0J0./0+04,0!)#$!A-E3M2/0!                     ! V.!$OJ3*,2+3!-4!2!J2/70!+,2J0!!
      2>>J*,23*-4!                                     !
    ! )*+,-!#0J0./0+04,0!TO+*40++!"4*3![#AT"!         ;"0"!!C*G8!
      1OJ3*>-*43!,2>2P*J*3*0+!
                                                       !
    ! #O4*47!)*+,-!#0J0./0+04,0!)210/2+!
                                                       )*+,-!VGA!$OJ3*>/-3-,-J!62P0J!AM*3,;*47!
    ! )*+,-!#0J0./0+04,0!$OJ3*>-*43!AM*3,;!
                                                       [$.6A!042PJ0+!<430/>/*+0+!24H!A0/B*,0!
    ! )*+,-!#0J0./0+04,0!AK+301!@'']!8''']!
                                                       ./-B*H0/+!3-!PO*JH!40=3"7040/23*-4!*430JJ*7043!
      C'''!5!C&''!+0/*0+!
                                                       403M-/N+!3;23!H0J*B0/!2!M*H0!B2/*03K!-E!
!                                                      2HB24,0H]!B2JO0"2HH0H!+0/B*,0+!-B0/!2!+*47J0!
!                                                      *4E/2+3/O,3O/09!!
!
;"0!8-MVD2-!*MFVDZ-M!,-=#FMRD,]!                       #;*+!0,-4-1*,2J!+-JO3*-4!,24!P0!*4307/230H!
                                                       +021J0++JK!-B0/!24K!0=*+3*47!*4E/2+3/O,3O/0]!
!
                                                       +O,;!2+!V.]!U/210!D0J2K]!!#$]!-/!<3;0/4039!!
A0/B*,0!./-B*H0/+!2/0!3;0!;02/3!-E!3;0!V430/403!
24H!2/0!,-4+*H0/0H!3-!P0!3;0!,/-M4!,J2++!-E!
                                                       AOP+,/*P0/+!M*3;!H*EE0/*47!2,,0++!J*4N+!,24!P0!
V430/403M-/N*479!!
                                                       277/07230H!-4!24!$.6A!0H70!M*3;-O3!
                                                       ,;247*47!3;0*/!,O//043!04B*/-41043+]!2+!$.6A!
A.!#0,;4-J-7K!*+!O+0H!PK!P*7!PJO0!,;*>!24H!
                                                       *+!*4H0>04H043!-E!2,,0++!30,;4-J-7*0+9!
0430/>/*+0!,O+3-10/+9!./-%03<=>0/3!01>J-K!
                                                       !
+0B0/2J!))V<!A0/B*,0!./-B*H0/!,0/3*E*0H!
                                                       GO/!)*+,-!$.6A!)-4+OJ324,K!A0/B*,0+!*4,JOH0f!!
,-4+OJ3243+!-EE0/*47!,-1>/0;04+*B0!)*+,-!
A0/B*,0!./-B*H0/!)-4+OJ324,K!-4f!!
                                                           ! )*+,-!$.6A!62K0/!C!Z.%+!
                                                           ! )*+,-!$.6A!62K0/!&!Z.%+!
    ! $OJ3*>/-3-,-J!62P0J!AM*3,;*47![$.6A!
                                                           ! )*+,-!$.6A!#/2EE*,!<47*400/*47!
    ! D-O3*47!24H!#/2EE*,!<47*400/*47!
                                                           ! YO2J*3K!-E!A0/B*,0![Y-A!
    ! V430/10H*230!AK+301!3-!V430/10H*230!
      AK+301!)-4E*7O/23*-4![VA"VA!                        ! X$.6A!
    ! T-/H0/!X230M2K!./-3-,-J![TX.!                       ! V.BS!$.6A!
      )-4E*7O/23*-4!                                       ! U2+3!D0/-O30!
    ! VGA!_D!                                              ! !4K!#/24+>-/3!-B0/!$.6A![!#-$!
    ! X*72P*3!AM*3,;!D-O30/![)*+,-!XAD!"!8&'''!        !
      +0/*0+!                                         !
    ! )*+,-!L&'']!)*+,-!LC'']!)*+,-!LR''!5!            !
      )*+,-!LS''!D-O30/!>J23E-/1+!                     !
    ! )*+,-!!AD!8'''!5!)*+,-!!AD!('''!+0/*0+!          !
    ! )*+,-!)DA"8![)2//*0/!D-O3*47!AK+301!            !
)->K/*7;3!./-%03<=>0/3!63H9!&''(!                  !                                                     !   &S!

!
!

;"H!8=FMY]-!,-=#FMRD,]!                              +O>>-/3*47!2!P/-2H!/2470!-E!>/-B*H0/]!,2//*0/]!
!                                                    24H!0430/>/*+0!+-JO3*-4+9!!
                                                     !
I232!)043/0!*4E/2+3/O,3O/0+!1O+3!0B-JB0!
                                                     #;0!./-%03<=>0/3!G>3*,2J!%03M-/N*47!
/2>*HJK!3-!*1>/-B0!/0+*J*04,K]!*4,/02+0!
                                                     )-4+OJ324,K!A0/B*,0+!*4,JOH0!0=>0/3*+0!-4f!
PO+*40++!/0+>-4+*B040++]!24H!N00>!O>!M*3;!
3;0!7/-M*47!H0124H+!-E!40M!2>>J*,23*-4+]!
                                                         ! $03/-!)-/0![G%A!8@S''!^!G%A!8@R@R!^!
M;*J+3!/0HO,*47!-B0/2JJ!>-M0/!,-4+O1>3*-49!!
                                                           AG%<#!^!AIW!^!$AA.!
A3-/270!,-+3+!2/0!7/-M*47!E2+30/!3;24!+0/B0/!            ! $03/-!I:I$![G%A!8@R@R!$A#.!^!G%A!
,-+3+]!*4,/02+*47!3;0!400H!E-/!0EE*,*043!24H!              8@@''!A0/*0+!$03/-!I:I$!
,-+3"0EE0,3*B0!+3-/2709!V4!;*7;JK!,-1>03*3*B0!           ! $03/-!<H70!!,,0++![G%A!8@C&L!^!G%A!
04B*/-41043+!3;23!,-1>JK!M*3;!7-B0/41043!                  8@C8'!^!AG%<#!^AIW!^!$A..!
/07OJ23*-4+!E-/!H232!/0,-B0/K]!&R";-O/!2,,0++!           ! )*+,-!G>3*,2J!%03M-/N!$242701043!
3-!,/*3*,2J!*4E-/123*-4!*+!*1>0/23*B09!!                 ! )*+,-!#/24+>-/3!$24270/!
                                                     !
#;0!./-%03<=>0/3!A3-/270!)-4+OJ324,K!                !
A0/B*,0+!*4,JOH0!0=>0/3*+0!-4f!
                                                     !
    ! ZA!%+!!                                        ;"K!2F,=-,=!,-=#FMRD,]!
    ! j-4*47!                                        !
    ! UV)G%!                                         )*+,-!:!!A!5!!)<!)-4+OJ324,K!P0,-10+!
    ! *A)AV!                                         1-/0!24H!1-/0!*1>-/3243!2+!PO+*40++!
                                                     H0124H+!-4!3;0!403M-/N!*4,/02+09!
    ! VZD!
    ! U2P/*,!T*4H*47!
                                                     !./-%03<=>0/3!;2+!)*+,-!:!!A!5!!)<!
    ! U)V.!5!U*P/0!);2440J+!                         )-4+OJ3243+!M;-!,24!;0J>!3-!->3*1*+0!0=*+3*47!
    ! )*+,-!$IA!('''!+0/*0+!                         *4E/2+3/O,3O/0+!E-/!;*7;",J2++!,-43043!H0J*B0/K!
!                                                    24H!>0/E-/124,09!!
!
;";!F*=D2YG!,-=#FMRD,]!                              )-43*4O0H!)*+,-!))A!AO>>-/3!A0/B*,0+!-4!3;0!
!                                                    )*+,-!)AA!88@''!)-43043!AM*3,;0+!*+!2J+-!
                                                     >/-B*H0H9!!
)*+,-!->3*,2J!30,;4-J-7K!2,,0J0/230+!+0/B*,0!
                                                     !
H0J*B0/K!3;/-O7;!/01-30!>/-B*+*-4*47!2,/-++!
                                                     ./-%03<=>0/3!)-43043!%03M-/N*47!
<3;0/403"042PJ0H!H04+0!M2B0J0473;"H*B*+*-4!
                                                     ,-4+OJ324,K!+0/B*,0+!*4,JOH0+f!
1OJ3*>J0=*47![I:I$!403M-/N+9!!
!
                                                         ! !>>J*,23*-4!)-43/-J!<47*40!2>>J*24,0!!
#;0!G%A!8@R@R!*+!3;0!EJ27+;*>!-E!3;0!)*+,-!
G>3*,2J!>-/3E-J*-]!M;*,;!*4,JOH0+!,-/0]!                 ! !)<!TJ2H0!!/,;*30,3O/0!
0H70^2,,0++]!24H!I:I$!>J23E-/1+!                         ! !)<!)-430=3+!
                                                         ! !)<!AA6!#0/1*423*-4!
)->K/*7;3!./-%03<=>0/3!63H9!&''(!                !                                                      !   &L!

!
!

    ! A0/B0/!6-2H!T2J24,*47![A6T!                        ! :*H0!!/02!!>>J*,23*-4!A0/B*,0+!
    ! 62K0/!R!"!62K0/!L!G>3*1*+23*-4!                       2>>J*24,0!
    ! :*H0!!/02!!>>J*,23*-4!A0/B*,0+!                     ! :!!A!TJ2H0!!/,;*30,3O/0+!
      2>>J*24,0!                                          ! %$<":!<!
    ! :!!A!TJ2H0!!/,;*30,3O/0+!                           ! :)).!24H!:)).B&!
    ! %$<":!<!                                            ! )2,;*47!^!YGA!^!%<#U6G:!
    ! :)).!                                               ! )*+,-!:!!A!)043/2J!$24270/!
    ! )*+,-!:!!A!!>>J*,23*-4!G>3*1*e0/+!                  ! )*+,-!:!!A!#/24+>-/3!UJ-M!
    ! )*+,-!:!!A!$-P*J0!)J*043!A-JO3*-4!                    G>3*1*e23*-4+![#UG!
    ! )*+,-!6-2H!T2J24,*47!+-JO3*-4+![)*+,-!              ! )*+,-!:!!A!,-4E*7O/23*-4!E-/!)VUA!24H!
      )-43043!AM*3,;!)AA!88@''!                            %UA!
!                                                         ! )*+,-!:!!A!!>>J*,23*-4!#/2EE*,!.-J*,*0+!
                                                          ! )*+,-!:!!A!!>>J*,23*-4!G>3*1*e0/+!
!
                                                          ! )*+,-!:!!A!$-P*J0!)J*043!A-JO3*-4!
;"J!#Y,!F*=DCD8Y=DF,!
                                                      !
!
                                                      !
:!%!->3*1*e23*-4!>/-HO,3+!+00N!3-!2,,0J0/230!
                                                      ;"!?!#DM-G-88!,-=#FMRD,]!
2!P/-2H!/2470!-E!2>>J*,23*-4+!2,,0++0H!PK!
H*+3/*PO30H!0430/>/*+0!O+0/+!PK!0J*1*423*47!          !
/0HO4H243!3/24+1*++*-4+]!+327*47!H232!*4!J-,2J!       :*/0J0++!%03M-/N*47!*+!2!N0K!/0`O*/01043!E-/!
,2,;0+]!,-1>/0++*47!24H!>/*-/*3*e*47!H232]!24H!       1-+3!-/724*+23*-4+!7*B*47!3;01!3;0!2P*J*3K!3-!
+3/021J*4*47!,;233K!>/-3-,-J+![0979!)VUA9!           >/-B*H0!*4+3243!2,,0++!3-!H232!24H!B-*,0!
                                                      M*3;-O3!>;K+*,2J!,-440,3*B*3K!3-!3;0*/!
!                                                     01>J-K00+!24H!7O0+3+9!
:!%!G>3*1*e23*-4!*+!2!+O>0/+03!-E!:!UA!*4!            !
3;23!*3!2J+-!2HH/0++0+!AA6"04,/K>30H!!A.!24H!         ./-%03<=>0/3!:*/0J0++!+0/B*,0+!*4,JOH0f!
V43/2403!2>>J*,23*-4+]!$OJ3*10H*2!0"J02/4*47!         !
2>>J*,23*-4+]!,-1>-4043!30,;4*`O0+!-E!:!%!                ! :*/0J0++!$0+;!403M-/N*47!!
G>3*1*e23*-4!*4,JOH*47!:!UA]!)VUA!>/-=K]!                 ! )*+,-!:*/0J0++!6!%!)-43/-JJ0/+]!6:!..!
W##.A!./-=K]!10H*2!1OJ3*,2+3*47]!:0P!
                                                            +-JO3*-4+]!)*+,-!RR''!+0/*0+!
,2,;*47!24H!P24HM*H3;!12427010439!
                                                          ! )*+,-!RR''!+0/*0+]!)*+,-!&8''!+0/*0+]!
!
                                                            )*+,-!:6)!403M-/N!1-HOJ0![VAD!
:!%!G>3*1*e23*-4!042PJ0+!,O+3-10/+!3-!
                                                          ! "4*E*0H!:*/0J0++!!,,0++!.-*43+!24H!
2,;*0B0!+OP+3243*2J!J-47!30/1!,-+3!+2B*47+!-4!
                                                            !430442+!
J02+0H!J*40!24H!P24HM*H3;!,-+3+9!
                                                          ! :*/0J0++!6!%!A-JO3*-4!<47*40![:6A<!
./-%03<=>0/3!:!%!G>3*1*+23*-4!+0/B*,0+!                   ! )*+,-!:*A$!PJ2H0!
*4,JOH0f!                                                 ! )*+,-!:*/0J0++!)-43/-J!AK+301!
                                                            *1>J0104323*-4+![:)A!

)->K/*7;3!./-%03<=>0/3!63H9!&''(!                 !                                                    !   &Q!

!
!

    ! )*+,-!VGA!P2+0H!2O3-4-1-O+!:6!%!                    ! T021!U-/1*47]!A>23*2J!$OJ3*>J0=*47]!
      +-JO3*-4+!                                            $2=*12J!D23*-!)-1P*47![$D)!
    ! :*/0J0++!A*30!+O/B0K+![*0!!*/!$27403!5!            ! R'!$We!);2440J!T-4H*47!
      DU!!42JK+*+!                                        ! U/210!!77/0723*-4![$AI"!^!$.I"!5!
    ! :*/0J0++!A>0,3/O1!!42JK+*+![*0!)-74*-!"!              TJ-,N!!,N4-MJ0H701043+!
      4-M!)*+,-!                                         ! &9R!XWe!5!@!XWe!Q'&9884!->0/23*-4+!
    ! 6-,23*-4!T2+0H!A0/B*,0+]!6-,23*-4!T2+0H!            ! )*+,-!Q'&9884!+-JO3*-4+![40M!
      !>>J*24,0![6TA!5!DUVI!#0,;4-J-7K!                    H0>J-K1043+!5!1*7/23*-4+!E/-1!J072,K!
    ! )*+,-!CC''!A0/*0+!$-P*J*3K!A0/B*,0+!                ! W*7;!#;/-O7;>O3!$-H0![W#!
      <47*40![$A<!                                       ! )*+,-!88R'!+0/*0+!Q'&9884!!,,0++!.-*43+!
    ! :*/0J0++!6!%!A0,O/*3K!2OH*3+!24H!                   ! )*+,-!8&@'!+0/*0+!Q'&9884!!,,0++!.-*43+!
      *1>J0104323*-4+![Q'&98=]!:.!]!:.!"&]!
                                                      !
      !<A!
                                                      !
    ! :*/0J0++!6!%!YO2J*3K!-E!A0/B*,0![Y-A!
    ! Z-*,0!-B0/!:*/0J0++!6!%![:6!%!                 ;"!!!#DCYN!
    ! :*12=!H0>J-K1043+!                              !
    ! )*+,-!Q'&9884!A-JO3*-4+!                        )*+,-!T/-2HP24H!:*/0J0++![:V$!_!*+!3;0!
    ! %-4")*+,-!Q'&9882]!Q'&9887!24H!Q'&9884!         *4HO+3/Kk+!E*/+3!04H"3-"04H!V.!40=3"7040/23*-4!
      A-JO3*-4+!                                      403M-/N![V.!%X%!+-JO3*-4!3;23!*4307/230+!
                                                      J*,04+0H!24H!O4J*,04+0H!M*/0J0++!2,,0++!
!
                                                      30,;4-J-7*0+!*43-!2!,-4B0/70H!V.!+0/B*,0!
;"!?"!!2:4&'!K?1"!!3!
                                                      H0J*B0/K!2/,;*30,3O/09!TO*J3!-4!3;0!+210!
!                                                     )2//*0/!<3;0/403!*4E/2+3/O,3O/0!O+0H!PK!,2PJ0]!
Q'&9884!;2+!1O,;!3-!-EE0/!0430/>/*+0+!*4!3;0!         M*/0J*40]!24H!1-P*J0!->0/23-/+]!)*+,-!
2/02+!-E!3;/-O7;>O3]!/0J*2P*J*3K]!24H!                T/-2HP24H!:*/0J0++!2HH+!$-P*J0!:*$!_]!
>/0H*,32P*J*3K9!W-M0B0/!*3!*+!*1>-/3243!E-/!          :*U*!;-3!+>-3+]!24H!:*U*!10+;]!,/023*47!40M!
0430/>/*+0+!3-!0=21*40!3;0!+>0,*E*,!M2K+!*4!          ->>-/3O4*3*0+!E-/!+0/B*,0!>/-B*H0/+]!
M;*,;!Q'&9884!,24!04;24,0!3;0*/!M*/0J0++!             ,O+3-10/+]!24H!12/N03+9!!
403M-/N+!24H!3-!+0>2/230!+-10!-E!3;0!;K>0!            !
E/-1!3;0!E2,3+9!!                                     #;0!H0B*,0"!24H!2,,0++"*4H0>04H04,0!042PJ0H!
!                                                     PK!V.!%X%+]!2J-47!M*3;!3;0!2P*J*3K!3-!0=0/,*+0!
./-%03!<=>0/3!*+!23!3;0!E-/0E/-43!-E!3;*+!40=3!       >/0,*+0!,-43/-J!-E!,-4B0/70H!2>>J*,23*-4+!
7040/23*-4!:*/0J0++!30,;4-J-7K!24H!-EE0/+!            1024+!3;23!K-O!H0J*B0/!4-3!FO+3!2,,0++]!PO3!
Q'&9884!,-4+OJ324,K!+0/B*,0+!2/-O4H!3;0!              EJ0=*PJ0!>0/+-42J*e0H!0=>0/*04,0+!3-!
E-JJ-M*47!>-/3E-J*-f!                                 +OP+,/*P0/+9!c-O!P0,-10!24!l0=>0/*04,0!
                                                      >/-B*H0/m!M;-!,24!,-1124H!7/0230/!
!
                                                      ,O+3-10/!J-K2J3K]!P/24H!*1>2,3]!24H!+0/B*,0!
    ! Q'&9884!$V$G![$OJ3*>J0!V4!"!$OJ*>J0!
                                                      /0B04O09!!
      GO3!

)->K/*7;3!./-%03<=>0/3!63H9!&''(!                 !                                                    !   &(!

!
!

./-%03<=>0/3!:V$!_!+0/B*,0+!,-B0/f!                   )*+,-!V.!Z*H0-!AO/B0*JJ24,0!)-4+OJ324,K!
!                                                     A0/B*,0+!*4,JOH0!TO+*40++!)-4+OJ324,K!-4!M;K!
    ! )*+,-!T#A!8'&''!                                3-!1*7/230!3-!2!)*+,-!V.!Z*H0-!AO/B0*JJ24,0!
    ! V<<<Q'&98S0"&''@!$-P*J0!:*$!_!                  A-JO3*-4!>JO+!D0"I0+*74]!I0+*74]!G>0/23*-4]!
                                                      )-4E*7O/23*-4]!#/-OPJ0+;--3*47!24H!
    ! )*+,-!A0/B*,0!!>>J*,23*-4!$-HOJ0!E-/!V.!
                                                      $2*430424,0!-E!)*+,-!V.!Z*H0-!AO/B0*JJ24,0!
      [A!$V!
                                                      A-JO3*-4+!*4,JOH*47]!A3/021!$24270/]!
    ! :*$!_!$*,/-M2B0!!,,0++!
                                                      O4H0/JK*47!A-J2/*+!*4E/2+3/O,3O/0]!242J-7O0!
      V430/->0/2P*J*3K!
                                                      ,210/2+]!H*7*32J!V.!,210/2+]!H2+;P-2/H+]!.#j!
    ! WAI.!!^!WA".!!^!6#<!
                                                      ,210/2+]!H-10+]!Z*H0-!$24270/!24H!A3-/270!
    ! :*$!_!D2H*-!V430/E2,0![GUI$!^!
                                                      AK+301![Z$AA]!Z*H0-!AO/B0*JJ24,0!$24270/!
      GUI$!!
                                                      GB0/B*0M![ZA$]!<4,-H0/+]!I0,-H0/+]!Z*H0-!
    ! )*+,-!T/-2HP24H!:*/0J0++!X230M2K!               AO/B0*JJ24,0!G>0/23*-4!$24270/![ZAG$!24H!
      [T:X!                                          )*+,-!V.!Z*H0-!AO/B0*JJ24,0!+-JO3*-4+!E-/!3;0!
    ! )*+,-!T:_!T/-2HP24H!:*/0J0++!!,,0++!            VAD![V4307/230H!A0/B*,0+!D-O30/9!!
      AK+301!
    ! )*+,-!T:_!QC''!A0/*0+!                          !
    ! )*+,-!V.!%X%!)2//*0/!<3;0/403!                  !
    ! A0JE"+0/B*,0!+*74O>!24H!>/-B*+*-4*47!           ;"!<!ZD]D=YG!C-ZDY!8-MVD2-8!
    ! )*+,-!V430JJ*7043!A0/B*,0+!X230M2K![VAX!
                                                      !
!
                                                      #;0!)*+,-!I*7*32J!$0H*2!AK+301!*+!2!
!                                                     ,-1>/0;04+*B0!+O*30!-E!H*7*32J!+*74270]!
;"!1!D*!VDZ-F!8QMV-DGGY,2-!                           <430/>/*+0!#Z]!24H!H0+N3->!B*H0-!2>>J*,23*-4+!
!                                                     3;23!2JJ-M+!,-1>24*0+!3-!O+0!H*7*32J!10H*2!3-!
#;0!)*+,-!V.!Z*H0-!AO/B0*JJ24,0!+-JO3*-4!*+!2!        *4,/02+0!+2J0+]!04;24,0!,O+3-10/!0=>0/*04,0]!
EJ0=*PJ0]!,-1>/0;04+*B0!24H!,-1>J030!                 24H!E2,*J*3230!J02/4*479!!
+-JO3*-4!3-!124270!.;K+*,2J!A0,O/*3K9!V3!
*4307/230+!+1--3;JK!M*3;!0=*+3*47]!J072,K!))#Z!           ! I*7*32J!$0H*2!$24270/!
,210/2!+-JO3*-4+!-/!,24!P0!->0/230H!-4!2!                 ! I*7*32J!A*74270!
>O/0!V.!J0B0J9!V3!-EE0/+!J*B0!24H!2/,;*B0H!               ! I0+N3->!Z*H0-!
+3/021+!*4!2JJ!,-11-4!10H*2!E-/123+!24H!                  ! I*7*32J!$0H*2!<4,-H0/![I$<!
>/-B*H0+!2/,;*B0H!+3-/270!E-/!B*H0-!+3/021+9!!            ! )*+,-!Z*H0-!.-/32J![Z.!
                                                          ! I*7*32J!$0H*2!.J2K0/![I$.!
#;0!./-%03!<=>0/3!A0,O/*3K!,-4+OJ3243+!2/0!23!
                                                          ! <430/>/*+0!#Z!
3;0!E-/0E/-43!-E!30,;4-J-7K!24H!,24!;0J>!K-O!
                                                          ! )*+,-!!)%A!.J23E-/1+!
1*7/23*47!3-!-/!*4+32JJ*47!2!EOJJ!V.!Z*H0-!
                                                          ! Z*H0-!.-/32J!5!)*+,-!V.!#0J0B*+*-
AO/B0*JJ24,0!A-JO3*-4!*4!-/H0/!3-!+2B0!;O70!
21-O43+!-4!->0/23*-42J!,-+3+9!!


)->K/*7;3!./-%03<=>0/3!63H9!&''(!                 !                                                    !   C'!

!
!



>0';(#?1(#"'                                          )G%#!)#!"A!

                                                      !
!

./-%03<=>0/3!,24!>/-B*H0!3;0*/!,J*043+!M*3;!
2HB*,0!-4!M;23!;2/HM2/0!3-!+0J0,3!*4!-/H0/!3-!
1003!3;0*/!403M-/N!/0`O*/01043+!2+!M0JJ!2+!
M;23!3;0!J230+3!+-E3M2/0!B0/+*-4+!24H!>23,;0+!
2/09!
!
./-%03<=>0/3!M*JJ!2J+-!>/-B*H0!3;0!0`O*>1043!
3-!3;0!,O+3-10/!2+!/0`O*/0H9!
!
K"!!,-=#FMR!Z-8D],!
                                                                                                !
!                                                     !
./-%03<=>0/3!,24!;0J>!3-!>O3!3-703;0/!3;0!
                                                      U-/!1-/0!*4E-/123*-4!-4!3;0!+0/B*,0+!-EE0/0H!
403M-/N!H0+*74]!E-/!,O+3-10/+!M;-!M*+;!3-!
                                                      *4!3;*+!,232J-7O0!>J02+0!,-432,3!3;0!
*1>/-B0!-/!*1>J01043!2JJ!3K>0+!-E!403M-/N!
                                                      ./-%03<=>0/3!3021!23f!
*4E/2+3/O,3O/0+9!!
                                                      *4E-d>/-4030=>0/39,-1!
#;*+!12K!*4,JOH0!*H043*EK*47!04H"-E"J*E0!
                                                      !
;2/HM2/0!24H!+O770+3*47!3;0!/0J0B243!
                                                      nRR!['!&'C&!QL''RR!<47J*+;!
/0>J2,01043+!-/!7040/2JJK!+>0,*EK*47!3;0!             nR(![Q(!(@R!L&@!S&!X0/124!
;2/HM2/0!3;23!*+!1-+3!EO4,3*-42J!24H!,-+3!            !
2>>/->/*230!3-!3;0!,O+3-10/b+!400H+9!                 -/!B*+*3!-O/!M0P+*30!23f!
                                                      MMM9>/-4030=>0/39,-1!
!                                                     !
K"1!EYMZ#YM-!8Q**G[!
                                                      !
!
./-%03<=>0/3!M-/N!3-!>/-B*H0!;2/HM2/0!-4!
/0`O0+3!3-!3;0*/!,J*043+!23!2!H*+,-O430H!/2309!

!

!

!

)->K/*7;3!./-%03<=>0/3!63H9!&''(!                 !                                                 C8!

!

More Related Content

Viewers also liked

Why Penetration Testing Services Cyber51
Why Penetration Testing Services Cyber51Why Penetration Testing Services Cyber51
Why Penetration Testing Services Cyber51martinvoelk
 
CCIE Bootcamp Training Courses
CCIE Bootcamp Training CoursesCCIE Bootcamp Training Courses
CCIE Bootcamp Training Coursesmartinvoelk
 
VoIp Security Services Technical Description Cyber51
VoIp Security Services Technical Description Cyber51VoIp Security Services Technical Description Cyber51
VoIp Security Services Technical Description Cyber51martinvoelk
 
Ppctrainer Offers
Ppctrainer OffersPpctrainer Offers
Ppctrainer Offersmartinvoelk
 
Dal pc al Piano Nazionale Scuola digitale_7_maggio_2015
Dal pc al Piano Nazionale Scuola digitale_7_maggio_2015Dal pc al Piano Nazionale Scuola digitale_7_maggio_2015
Dal pc al Piano Nazionale Scuola digitale_7_maggio_2015fran61
 
Progetto_Stalking_Frisi_MI_Dipartimenti_web_2.0
Progetto_Stalking_Frisi_MI_Dipartimenti_web_2.0Progetto_Stalking_Frisi_MI_Dipartimenti_web_2.0
Progetto_Stalking_Frisi_MI_Dipartimenti_web_2.0fran61
 
IT Network Security Services
IT Network Security ServicesIT Network Security Services
IT Network Security Servicesmartinvoelk
 

Viewers also liked (7)

Why Penetration Testing Services Cyber51
Why Penetration Testing Services Cyber51Why Penetration Testing Services Cyber51
Why Penetration Testing Services Cyber51
 
CCIE Bootcamp Training Courses
CCIE Bootcamp Training CoursesCCIE Bootcamp Training Courses
CCIE Bootcamp Training Courses
 
VoIp Security Services Technical Description Cyber51
VoIp Security Services Technical Description Cyber51VoIp Security Services Technical Description Cyber51
VoIp Security Services Technical Description Cyber51
 
Ppctrainer Offers
Ppctrainer OffersPpctrainer Offers
Ppctrainer Offers
 
Dal pc al Piano Nazionale Scuola digitale_7_maggio_2015
Dal pc al Piano Nazionale Scuola digitale_7_maggio_2015Dal pc al Piano Nazionale Scuola digitale_7_maggio_2015
Dal pc al Piano Nazionale Scuola digitale_7_maggio_2015
 
Progetto_Stalking_Frisi_MI_Dipartimenti_web_2.0
Progetto_Stalking_Frisi_MI_Dipartimenti_web_2.0Progetto_Stalking_Frisi_MI_Dipartimenti_web_2.0
Progetto_Stalking_Frisi_MI_Dipartimenti_web_2.0
 
IT Network Security Services
IT Network Security ServicesIT Network Security Services
IT Network Security Services
 

More from martinvoelk

Cyber51 Company Presentation Public
Cyber51 Company Presentation PublicCyber51 Company Presentation Public
Cyber51 Company Presentation Publicmartinvoelk
 
Consulting Flyer
Consulting FlyerConsulting Flyer
Consulting Flyermartinvoelk
 
Vulnerability Assesment Subscriptions Cyber51
Vulnerability Assesment Subscriptions Cyber51Vulnerability Assesment Subscriptions Cyber51
Vulnerability Assesment Subscriptions Cyber51martinvoelk
 
Why Penetration Tests Are Important Cyber51
Why Penetration Tests Are Important Cyber51Why Penetration Tests Are Important Cyber51
Why Penetration Tests Are Important Cyber51martinvoelk
 
AdWords Training &amp; AdWords Consulting
AdWords Training &amp; AdWords ConsultingAdWords Training &amp; AdWords Consulting
AdWords Training &amp; AdWords Consultingmartinvoelk
 
Basic Adwords Course Outline
Basic Adwords Course OutlineBasic Adwords Course Outline
Basic Adwords Course Outlinemartinvoelk
 
Pronetexpert Cisco Ccde Bootcamp Training Courses
Pronetexpert Cisco Ccde Bootcamp Training CoursesPronetexpert Cisco Ccde Bootcamp Training Courses
Pronetexpert Cisco Ccde Bootcamp Training Coursesmartinvoelk
 
Servicios de la Seguridad delos Redes
Servicios de la Seguridad delos RedesServicios de la Seguridad delos Redes
Servicios de la Seguridad delos Redesmartinvoelk
 
ProNetExpert Cisco Premier Partner &amp; Cisco Learning Partner Associate
ProNetExpert Cisco Premier Partner &amp; Cisco Learning Partner AssociateProNetExpert Cisco Premier Partner &amp; Cisco Learning Partner Associate
ProNetExpert Cisco Premier Partner &amp; Cisco Learning Partner Associatemartinvoelk
 

More from martinvoelk (9)

Cyber51 Company Presentation Public
Cyber51 Company Presentation PublicCyber51 Company Presentation Public
Cyber51 Company Presentation Public
 
Consulting Flyer
Consulting FlyerConsulting Flyer
Consulting Flyer
 
Vulnerability Assesment Subscriptions Cyber51
Vulnerability Assesment Subscriptions Cyber51Vulnerability Assesment Subscriptions Cyber51
Vulnerability Assesment Subscriptions Cyber51
 
Why Penetration Tests Are Important Cyber51
Why Penetration Tests Are Important Cyber51Why Penetration Tests Are Important Cyber51
Why Penetration Tests Are Important Cyber51
 
AdWords Training &amp; AdWords Consulting
AdWords Training &amp; AdWords ConsultingAdWords Training &amp; AdWords Consulting
AdWords Training &amp; AdWords Consulting
 
Basic Adwords Course Outline
Basic Adwords Course OutlineBasic Adwords Course Outline
Basic Adwords Course Outline
 
Pronetexpert Cisco Ccde Bootcamp Training Courses
Pronetexpert Cisco Ccde Bootcamp Training CoursesPronetexpert Cisco Ccde Bootcamp Training Courses
Pronetexpert Cisco Ccde Bootcamp Training Courses
 
Servicios de la Seguridad delos Redes
Servicios de la Seguridad delos RedesServicios de la Seguridad delos Redes
Servicios de la Seguridad delos Redes
 
ProNetExpert Cisco Premier Partner &amp; Cisco Learning Partner Associate
ProNetExpert Cisco Premier Partner &amp; Cisco Learning Partner AssociateProNetExpert Cisco Premier Partner &amp; Cisco Learning Partner Associate
ProNetExpert Cisco Premier Partner &amp; Cisco Learning Partner Associate
 

Pro Net Services Catalogue (Autumn 2009)

  • 1. ! ! !"#$%&"!'&()(*+,-"' !"#"$%!&''(! ! ! ! ! ! ! ! !!)*+,-!./01*0/!.2/340/!5!)*+,-!602/4*47!.2/340/!!++-,*230
  •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
  •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
  • 4. ! L9S9 !A3-/270!%03M-/N*47! ! ! ! ! ! ! ! &L! L9L9 !G>3*,2J!%03M-/N*47!! ! ! ! ! ! ! ! &L! L9Q9 !)-43043!%03M-/N*47! ! ! ! ! ! ! ! &L! L9(9 !:!%!G>3*1*+23*-4! ! ! ! ! ! ! ! ! &Q! L98'9 :*/0J0++!%03M-/N*47! ! ! ! ! ! ! ! &Q! L98'989 )*+,-!Q'&9884! ! ! ! ! ! ! ! &(! L9889 :V$!_!! ! ! ! ! ! ! ! ! &(! L98&9 V.!Z*H0-!AO/B0*JJ24,0! ! ! ! ! ! ! ! C'! L98C I*7*32J!$0H*2!A0/B*,0+! ! ! ! ! ! ! ! C'! ! K" E6+LA6+$! ! ! ! ! ! ! ! ! ! <!! Q989 !%03M-/N!I0+*74! ! ! ! ! ! ! ! ! C8! Q9&9 !W2/HM2/0!AO>>JK! ! ! ! ! ! ! ! ! C8! ! ! ! ! ! ! ! ! ! ! ! ! !
  • 5. ! /0'1"*&+2"')+'3#+.")"43"#) ! :*3;!+0,O/*3K!P0*47!2!>/*-/*3K!E-/!1-+3! PO+*40++0+!./-%03<=>0/3b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`O2J*E*0H! )G%A"6#!%)c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a!24H!<O/->0!./-%03<=>0/3! ! >/-B*H0!`O2J*3K!2++O/0H!)0/3*E*0H!)*+,-!#/2*4*47! #D!V%V%X!A<DZV)<A! E-/!3;0*/!,J*043+!24H!H0J07230+!-4!2!>OPJ*,! ! ))=!]!))=.]!))V<]!))I<!#/2*4*47! +,;0HOJ0!23!3->!3/2*4*47!E2,*J*3*0+!3;/-O7;-O3! ! A>0,*2J*+3!)0/3*E*,23*-4!#/2*4*47! 3;0!"a!-/!2+!32*J-/0H!3/2*4*47!24H!M-/N+;->+! H0J*B0/0H!-4!+*30!23!3;0*/!,O+3-10/!>/01*+0+9! ! .OPJ*,!A,;0HOJ0!)-O/+0+! ! T0+>-N0!#/2*4*47! U-/!403M-/N!+O>>-/3!24H!1242701043!,J*043+! ! #2*J-/0H!:-/N+;->+! ,24!,;--+0!E/-1!EOJJK!124270H]!1-4*3-/0H!24H! ! U2,*J*3*0+!2,/-++!3;0!"a! +O>>-/30H!403M-/N+!3-!->3*47!E-/!3;0!>->OJ2/! ! )O+3-10/!./01*+0+!I0J*B0/K! ./-%03<=>0/3!))V<!W-3J*40]!7*B*47!,J*043+! ! ))AV!V4+3/O,3-/!./-B*+*-4! *4+3243!2,,0++!3-!))V<+!2/-O4H!3;0!M-/JH!*4! ! )-O/+0U-=! 2*H*47!3/-OPJ0+;--3*47!-/!,-4E*7O/23*-4!,;2470! ! 62P!D0432J! /0`O*/01043+9! ! ! )->K/*7;3!./-%03<=>0/3!63H9!&''(! ! @! !
  • 6. ! ! %<#:GDa!$!%!X<$<%#! ! ! ))V<!W-3J*40!! !"<!M-W-M-,2-!*MFX-2=8!! ! UOJJK!$24270H!A-JO3*-4+! ./-%03<=>0/3!>/-B*H0!H032*J+!-E!/0,043!>/-F0,3+! ! D02J"#*10!$-4*3-/*47! 24H!-47-*47!M-/N!-4J*40!-4!3;0*/!M0P+*30!23! ! T24N!W-J*H2K!AO>>-/3! MMM9>/-4030=>0/39,-1!-/!-4!/0`O0+3!PK! ! !H"W-,!AO>>-/3! ,-432,3*47!*4E-d>/-4030=>0/39,-19!! ! A<)"DV#c!A<DZV)<A! ! ! .)V!)-1>J*24,0! ! ! .0403/23*-4!#0+3*47! ! ! A0,O/*3K!!OH*3+! ! %03M-/N!A0,O/*3K!!++0++1043+! ! ! )0/3*E*0H!<3;*,2J!W2,N0/![)<W!#/2*4*47! ! ! #<)W%G6GXV<A! ! ! D-O3*47!24H!AM*3,;*47! ! ! A0,O/*3K!24H!V/-4>-/3! ! ! Z-*,0!-B0/!V.![ZGV.! ! #0J0>/0+04,0! ! ! A0/B*,0!./-B*H0/!%03M-/N*47! ! ! A3-/270!%03M-/N*47! ! G>3*,2J!%03M-/N*47! ! ! )-43043!%03M-/N*47! ! ! :!%!G>3*1*+23*-4! ! I232!)043/0!%03M-/N*47! ! ! :*/0J0++!! ! ! :V$!_! ! V.!Z0/+*-4!S![V>BS! ! ! V.!Z*H0-!AO/B0*JJ24,0! ! ! I*7*32J!$0H*2!A0/B*,0+! ! ! W!DI:!D<! ! ! )*+,-!W2/HM2/0! ! ! I0+*74!D0,-1104H23*-4+! )->K/*7;3!./-%03<=>0/3!63H9!&''(! ! ! S! !
  • 7. ! ! ! ! 50'&+.!-*)(.&6'!"#$%&"! ! ! 1"!"1!M$(')$!Z$%:9$+7! 1"!!F,"8D=-!Y,Z!M-CF=-!Z-GDV-M[! ! ! V3!*+!-E304!E-O4H!3;23!124K!,O+3-10/+!+*1>JK! ./-%03<=>0/3!-EE0/!3;0*/!,J*043+!24!->3*-4!-E! 400H!*4+3243!+O>>-/3!3-!12N0!1*4-/! +0J0,3*47!*4+3243!H0J*B0/K!-E!M-/N!>/-B*H0H!PK! ,-4E*7O/23*-4!,;2470+9!./-%03<=>0/3!/0,0*B0! 2!/01-30!,-4+OJ3243!-/!-4"+*30!H0J*B0/K!-E! E/0`O043!/0`O0+3+!E/-1!,J*043+!24H!!V#!+32EE! >/-F0,3+!PK!3;0!,-4+OJ3243!23!3;0!,O+3-10/b+! M;-!400H!;0J>!E/-1!2!)*+,-!0=>0/3!3-! >/01*+0+9!W-M!3;0!M-/N!*+!,2//*0H!-O3!*+! ,-1>J030]!B0/*EK!-/!,J024!O>!403M-/N!H0B*,0! H030/1*40H!PK!3;0!3K>0!24H!+,2J0!-E!3;0!M-/N! ,-4E*7O/23*-4+9! 24H!*+!H*+,O++0H!M*3;!3;0!,J*043!23!3;0!>/-F0,3! ! *4*3*23*-4!>;2+09! ./-%03<=>0/3!/02J*+0!3;23!4-3!2JJ!H0J*B0/K! ! /0`O*/0+!2!+*30!B*+*3!E-/!>/-F0,3!+03O>!24H!,24! 1"!"!!F3"8:)$!Z$%:9$+7! B0/K!`O*,NJK!-/724*+0!2!,-4+OJ3243!3-!M-/N! ! M*3;!3;0!,J*043!-4!3;0!+210!H2K!-/!M;04! #;0!12F-/*3K!-E!403M-/N!>/-F0,3!/0`O*/0!-4" 400H0H9! +*30!*4+32JJ23*-4!24H!,-4E*7O/23*-49! ! ./-%03<=>0/3!>/-B*H0!>/-F0,3!>J244*47]! D01-30!H0J*B0/K!12K!2J+-!O4H0/32N04!2+!>2/3! *4+32JJ23*-4]!1242701043]!+O>>-/3!!24H! -E!2!J2/70/!>/-F0,3]!M;0/0PK!3;0!./-%03<=>0/3! `O2J*3K!,-43/-J!E-/!2JJ!+*e0+!-E!-4"+*30!>/-F0,3+9! ,-4+OJ3243!M*JJ!>/0>2/0!H0B*,0!,-4E*7O/23*-4+]! ! O4H0/32N0!H0B*,0!EO4,3*-42J*3K!30+3*47!-/! :;0/0!3;0!>/-F0,3!*+!J2/70/!*4!+,->0! H0B0J->!>/-F0,3!H0+*74!-/!1242701043! ./-%03<=>0/3!M*JJ!E*/+3!;2B0!3;0*/!,-4+OJ3243+! H-,O104323*-49! ,-10!-4!+*30!3-!1003!M*3;!3;0!/0J0B243! ! ,O+3-10/!+32EE!3-!H*+,O++!3;0*/!0=*+3*47! 1"1!,-=#FMR!=MFQG-8EFF=D,]! 403M-/N!+3/O,3O/0!24H!>/-F0,3!/0`O*/01043+]! 24H!M*JJ!>O3!3-703;0/!2!>/->-+2J!E-/!3;0!,J*043! ! *JJO+3/23*47!3;0!/0,-1104H0H!>J24!-E!2,3*-4! "3*J*+*47!403M-/N!+,244*47!+-E3M2/0! E-/!403M-/N!,;2470+!-/!*1>J0104323*-49! ./-%03<=>0/3!,24!;0J>!*H043*EK!24H!+-JB0! ! 403M-/N!*++O0+!-4!3;0!6!%!24H!:!%9!! G47-*47!M-/N!,24!P0!,2//*0H!-O3!-4"+*30!24H! ! /01-30JK!2+!2>>/->/*230!3-!3;0!>/-F0,39! TK!*H043*EK*47!M;23!3K>0!-E!3/2EE*,!*+!O3*J*+*47! ! 3;0!12F-/*3K!-E!403M-/N!P24HM*H3;! )->K/*7;3!./-%03<=>0/3!63H9!&''(! ! ! L! !
  • 8. ! ./-%03<=>0/3!,24!/0,-1104H!24H!,-4E*7O/0! 1"@!,-=#FMR!YQZD=D,]! ->3*1*+23*-4]!3/2EE*,!+>J*33*47]!>-J*,K!/-O3*47!-/! ! `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`O*>1043!,24!P0! >/-,0HO/0+!3-!P0!+O770+30H9! H0J*B0/0H!H*/0,3JK!3-!+*30!24H!,-4E*7O/0H!3;0/0]! ! H0>04H*47!-4!3;0!,J*043!/0`O*/01043+9! ! 1"0!,-=#FMR!Z-8D],! ./-%03<=>0/3!/02J*+0!3;23!3;0*/!,J*043+!2/0! ! -E304!,-4,0/40H!2P-O3!3;0!*1>2,3!-E!403M-/N! ./*-/!3-!,2//K*47!-O3!24!*4+32JJ23*-4!>/-F0,3! ,;2470+!24H!M*JJ!M-/N!M*3;!3;0*/!,J*043+!3-! ./-%03<=>0/3!M*JJ!>O3!3-703;0/!2!H0+*74! 04+O/0!2>>/->/*230!102+O/01043+!24H! H-,O1043!3;23!7*B0+!*4!P-3;!>*,3O/0!24H!*4! >J244*47!*+!O4H0/32N04!*4!-/H0/!3-!1*4*1*+0! 0=>J2423*-4!2!EOJJ!B*0M!-E!3;0!403M-/N!2+!*3!*+! H-M4!3*109!U-/!,J*043+!M;-!/0`O*/0!0B04*47!-/! 7-*47!3-!P0!*1>J010430H9!! M00N04H!*4+32JJ23*-4+]!3;*+!,24!P0!2//2470H9! ! ! I-,O104323*-4!M*JJ!*4,JOH0!403M-/N! ./-%03<=>0/3b+!,-4+OJ3243+!M-/N!3-!04+O/0! H*27/21+]!V.!2HH/0++*47]!/-O3*47!*4E-/123*-4! 2,,O/230!,-4E*7O/23*-4!-E!H0B*,0+!M;*J+3! 24H!3/2EE*,!EJ-M]!24H!0=>J2423*-4!-E!24K! >/-1-3*47!+0,O/*3K]!EO4,3*-42J*3K!24H! 2HH*3*-42J!E023O/0+!3-!P0!*1>J010430H]!E-/! /0HO4H24,K9! 0=21>J0!>-J*,K"P2+0H!/-O3*47!-/!`O2J*3K!-E! ! +0/B*,09! )->K/*7;3!./-%03<=>0/3!63H9!&''(! ! Q! !
  • 9. ! ! ! I0>04H*47!-4!3;0!+,->0!-E!3;0!>/-F0,3! 1"K!-V-,D,]8!Y,Z!#--R-,Z8! ./-%03<=>0/3!M*JJ!3K>*,2JJK!1003!M*3;!3;0! ! ,J*043!>/*-/!3-!3;0!H0+*74!>;2+0!3-!/0B*0M!3;0! ,O//043!403M-/N!*4E/2+3/O,3O/0!24H!H*+,O++!3;0! V4!2HH*3*-4!3-!>/-B*H*47!,-4+OJ324,K!+0/B*,0+! *1>2,3!24H!+O*32P*J*3K!-E!>-3043*2J!+-JO3*-4+9! M*3;*4!4-/12J!M-/N*47!;-O/+]!./-%03<=>0/3! 2J+-!-EE0/!0B04*47!24H!M00N04H!,-4+OJ324,K! ! +0/B*,0+]!2+!/0`O*/0H9! 1"H!,-=#FMR!F*=DCD8Y=DF,! ! ! ! :;0/0!+-10!,J*043+!;2B0!2!EO4,3*-42J! ! 403M-/N]!3;0K!12K!E*4H!3;23!>0/E-/124,0!*+! ! 7040/2JJK!4-3!1003*47!3;0*/!0=>0,323*-4+!-/! 3;23!*3!+OEE0/+!M;04!,0/32*4!403M-/N! ! 2>>J*,23*-4+!2/0!*4!O+09! ! ! ! ./-%03<=>0/3b+!,-4+OJ3243+!,24!>0/E-/1!2OH*3+! ! -4!3;0!403M-/N!3-!*H043*EK!M;K!3;0!403M-/N!*+! ! J277*47!24H!/0,-1104H!+-JO3*-4+!3-!*1>/-B0! ! *3]!>0/;2>+!3;/-O7;!/-O3*47!->3*1*+23*-4]! ! O+*47!`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
  • 10. ! 70')#(%.%.,'!"#$%&"! ! ! GE304!./-%03<=>0/3!,24!>/-B*H0!3/2*4*47!23!3;0! <"!!2D82F!2-M=DWD2Y=DF,!=MYD,D,]! ,O+3-10/!>/01*+0+!-/!23!2!3/2*4*47!,043/0!*E! ! /0`O*/0H]!3;23!*+!32*J-/0H!3-!1003!3;0!,J*043b+!! ./-%03<=>0/3!M-/N!M*3;!+0B0/2J!)*+,-!3/2*4*47! ! ,-1>24*0+!3-!H0J*B0/!2JJ!-EE*,*2J!)*+,-!3/2*4*47! 0=2,3!/0`O*/01043+9!#;*+!7*B0+!3;0!,J*043!3;0! ,-O/+0+!3;/-O7;-O3!3;0!"a!24H!V/0J24H]!M*3;! ->>-/3O4*3K!3-!,;--+0!M;23!3;0K!M243!3-!J02/4! +>0,*E*,!,-O/+0+!P0*47!-EE0/0H!*4!3;0!"A]! *4!2!M00N]!>0/;2>+!3;/00!H2K+!E-,O+0H!-4!)*+,-! )242H2!24H!IOP2*9! /-O30/+!24H!AM*3,;*47]!2!H2K!-4!!A!+!+0,O/*3K! ! 3/2*4*47!24H!2!H2K!-4!Z-*,09!! )-O/+0!-EE0/0H!*4,JOH0!))%!]!))I!]!))%.]! ! ))Z.]!))A.]!))I.]!))V.]!))V<!24H!))I<! <"<!=YDGFM-Z!#FMR8EF*8! ,-O/+0+!2+!M0JJ!2+!2JJ!+>0,*2J*+23*-4! ,0/3*E*,23*-4+!/0`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`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`O*/0!2!`O*,N!3M-!-/! )->K/*7;3!./-%03<=>0/3!63H9!&''(! ! ! 8'! !
  •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`O*/0!24! 3;0*/!>2/340/*47!3/2*4*47!,-1>24*0+!,-O/+0+!*4f! *4+3/O,3-/!3;23!O4H0/+324H+!/02J!M-/JH! ! 6-4H-4! 403M-/N+!24H!,24!E00H!3;23!0=>0/*04,0!3-!3;0*/! ! XO*JHE-/H! +3OH043+!3;/-O7;-O3!3;0!,-O/+0!24H!24+M0/! `O0+3*-4+!/0J23*47!3-!3/O0!403M-/N!!+,042/*-+9! ! T*/1*47;21! ! ! $24,;0+30/! ./-%03<=>0/3!,24!>/-B*H0!V4+3/O,3-/+!4-3!-4JK! ! 600H+! *430/42JJK]!PO3!2J+-!3-!1003!>2/340/!,-O/+0! ! XJ2+7-M! /0`O*/01043+9! ! <H*4PO/7;! ! ! T0JE2+3! <"K!###"2FQM8-WFN"2F"QR! ! IOPJ*4! ! ! )-O/+0!*+!./-%03<=>0/3b+!>/*12/K!,-O/+0! <"H!=MYD,D,]!WY2DGD=D-8! +,;0HOJ*47!24H!P--N*47!+*30]!E/-1!M;0/0! ! *4E-/123*-4!24H!+,;0HOJ0+!,24!P0!-P32*40H9! ! !JJ!3/2*4*47!E2,*J*3*0+!O+0H!PK!./-%03<=>0/3b+! +3OH043+!-EE0/!2!`O*03!24H!>02,0EOJ! <"J!22Z-!FF=2YC*8! 04B*/-41043!3-!2*H!3;0!,24H*H230b+!J02/4*479! ! !JJ!/--1+!2/0!EOJJK!2*/",-4H*3*-40H!24H! ,24H*H230+!M*JJ!P0!>/-B*H0H!M*3;!302!24H! ./-%03<=>0/3!+3/*B0!3-!/012*4!O>"3-"H230!-4! ,-EE00!E2,*J*3*0+!2+!M0JJ!2+!2!E/00!JO4,;9!! 3;0!40M0+3!-E!)*+,-!)0/3*E*,23*-4+9!)O//043JK! ./-%03<=>0/3!2/0!3;0!-4JK!7J-P2J!>/-B*H0/!-E! ! ))I<!M/*3304!24H!J2P!3/2*4*47!M*3;!3/2*4*47! ./-%03<=>0/3!M*JJ!2J+-!;0J>!3;0!,24H*H230]!2+! P0*47!H0J*B0/0H!PK!2!)0/3*E*0H!))I<!#/2*40/9! 400H0H]!3-!-/724*+0!;-30J+9! ! )->K/*7;3!./-%03<=>0/3!63H9!&''(! ! 88! !
  • 13. ! 80'.")1+#9'2(.(,"2".) ! ! ./-%03<=>0/3!>/-B*H0!2!/2470!-E!403M-/N! ,24!P0!12*432*40H!24H!,O+3-1*+0H!`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`O0+3+!2+!M0JJ!2+!3-!403M-/N!;2/HM2/0!-/! ! ,*/,O*3!E2*JO/0]!04+O/*47!12=*1O1!O>3*10!-E! ./-%03<=>0/3!,24!>/-B*H0!3;0!,J*043!M*3;!3;0*/! 6!%!24H!:!%!403M-/N+9! -M4!B*0M!-E!3;0!1-4*3-/*47!+-E3M2/0!+-!3;23! 3;0K!,24!+00!24H!723;0/!*4E-/123*-4!2P-O3! ! 3;0*/!403M-/N!2+!3;0K!/0`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
  • 14. ! @"!"1!M$/'+)4! -4!3;0!403M-/N!M;04!3/-OPJ0+;--3*47! ! 403M-/N!*++O0+9!! ./-%03<=>0/3!M*JJ!>/-B*H0!3;0!,J*043!M*3;! ! 1-43;JK!403M-/N!/0>-/3+!+O112/*+*47! TK!2/,;*B*47!H0B*,0!,-4E*7O/23*-4!+,/*>3+! 1-4*3-/0H!H0B*,0+!2B2*J2P*J*3K!24H!O3*J*+23*-4! ./-%03<=>0/3!M*JJ!`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`O0+39!! @"!"@!2'3U:>5+6):'3!2I63>$4! ! ! ! )J*043+!M*JJ!P0!2JJ-M0H!3-!/0`O0+3!O>!3-!8'! ! 1*4-/!,;2470!/0`O0+3+!>0/!`O2/30/]!M;0/0!2! ! 1*4-/!,;2470!/0`O0+3!*+!,-4+*H0/0H!3-!32N0! ! J0++!3;24!C'!1*4O30+9!!HH*3*-42J!,-4E*7O/23*-4! 9 ,;2470+!-/!,;2470+!3;23!/0`O*/0!1-/0!3;24!C'! 1*4O30+!3-!*1>J01043!M*JJ!P0!O4H0/32N04!-4!2! >/-F0,3!P2+*+!24H!,;2/70H!2,,-/H*47JK9! ! @"!"0!Z'&5($3)6):'3! ! !+!27/00H!PK!3;0!,J*043!./-%03<=>0/3!M*JJ! 12*432*4!403M-/N!H-,O104323*-4!*4,JOH*47! 403M-/N!H*27/21+!24H!,-4E*7O/23*-4+!24H! ,J*043!V#!,-432,3!*4E-/123*-49!#;*+!M*JJ!2JJ-M! 3;0!./-%03<=>0/3!047*400/!3-!`O*,NJK! O4H0/+324H!3;0!403M-/N!+3/O,3O/0]!/0HO,*47! 3;0!3*10!/0`O*/0H!3-!*H043*EK!403M-/N!H0B*,0+! )->K/*7;3!./-%03<=>0/3!63H9!&''(! ! ! 8R! !
  • 15. ! :0'&&%"';+)*%."' ! ! ! #;0!./-%03<=>0/3!))V<!W-3J*40!>/-B*H0+!E2+3! 0"1!Z-GDV-M[!=DC-8! 2,,0++!3-!))V<!+O>>-/3!2/-O4H!3;0!7J-P09! ! :;0/0!3;0!,J*043!;2+!2!/0`O0+3!3-!;0J>!+03!O>! #;0!))V<!W-3J*40!*+!2B2*J2PJ0!&R!;-O/+!2!H2K]!L! -/!,-1>J030!2!,-4E*7O/23*-4!-/!400H+!;0J>!3-! H2K+!2!M00Ng! O4H0/+324H!;-M!2!>/-F0,3!12K!P0!,-1>J030H! 3;0K!,24!O+0!3;0!))V<!;-3J*40!2+!2!E2+3!103;-H! ! -E!7033*47!*4!,-432,3!M*3;!2!`O2J*E*0H!))V<9! 0"<!###"22D-EF=GD,-"2FC! ! 0"!!EF#!22D-!EF=GD,-!#FMR8! ! #-!+OP1*3!2!))V<!W-3J*40!`O0/K!,O+3-10/+!,24! ! ,-1>J030!3;0!E-/1!-4!3;0! :;04!2!,O+3-10/!,-1>J030+!3;0!))V<!W-3J*40! MMM9,,*0;-3J*409,-1!M0P+*30!-/!PK!M/*3*47!3-! E-/1!-4!3;0!MMM9,,*0;-3J*409,-1!M0P+*30!-/! ,,*0;-3J*40d>/-4030=>0/39,-19! M/*30+!3-!,,*0;-3J*40d>/-4030=>0/39,-1]!3;0! ! `O0/K!*+!*4*3*2JJK!2++*740H!3-!3;0!2>>/->/*230! ))V<!,2307-/K!M;03;0/!*3!*+!2!D-O3*47]! ! AM*3,;*47]!A0,O/*3K]!A3-/270!03,!`O0/K9!! ! #;0!`O0/K!M*JJ!P0!>*,N0H!O>!PK!3;0! ! ./-%03<=>0/3!->0/23*-4+!3021!M;-!M*JJ! ,-432,3!3;0!,O+3-10/!24H!2++*74!2!))V<! ! ,-4+OJ3243!3-!3;0!`O0/K]!E/-1!2!J2/70!>--J!-E!!! ))V<+!M;-!M-/N!E-/!./-%03<=>0/3!7J-P2JJK9! ! T-3;!3;0!->0/23*-4+!3021!101P0/!24H!3;0! ! 047*400/!M*JJ!3;04!M-/N!M*3;!3;0!,O+3-10/!3-! ! ,-1>J030!3;0*/!403M-/N!/0`O*/010439! ! ! ! ! ! ! ! ! g!:;*J0!))V<!W-3J*40!+3/*B0+!3-!/0+-JB0!`O0/*0+!&R!;-O/+!2!H2K!L! ! H2K+!2!M00N]!/0+>-4+0!12K!P0!+J*7;3JK!+J-M0/!-O3+*H0!4-/12J! "a!M-/N*47!;-O/+!'Q9C'!3-!8Q9C'9! ! )->K/*7;3!./-%03<=>0/3!63H9!&''(! ! ! 8@! !
  •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b+!,-4+OJ3243+!3-!*H043*EK! 2/0!/0J230H9! >-3043*2J!!BOJ40/2P*J*3*0+!M*3;!/0+>0,3!3-! ! 2O3;043*,23*-4]!2O3;-/*e23*-4]!H232!*4307/*3K]! A0/B*,0+!3;23!2/0!0=>-+0H!3;/-O7;!->04!>-/3+! H232!,-4E*H043*2J*3K]!24H!,-4+O10/!>/*B2,K! [+O,;!2+!;33>]!A$#.!-/!30/1*42J!+0/B*,0+9! ,-4,0/4+9!! G4,0!->04!>-/3+!24H!2332,;0H!+0/B*,0+!2/0! ! *H043*E*0H]!./-%03<=>0/3!,24!H030/1*40! ./-%03<=>0/3!,24!30+3!3;0+0!2>>J*,23*-4+!O+*47! M;03;0/!02,;!+0/B*,0!;2+!P004!O>H230H!M*3;! 0*3;0/!e0/-"N4-MJ0H70!30+3*47!-/!EOJJ"2,,0++! 3;0!1-+3!/0,043!>23,;0+!24H!M*JJ!*H043*EK! 30+3*47!3-!0=21*40!3;0!EOJJ!/2470!-E!>-3043*2J! -3;0/!BOJ40/2P*J*3*0+9!! BOJ40/2P*J*3*0+9!! ! ! H"1!ZDYG"D,!MY8!8-2QMD=[! H"@!#DM-G-88!8-2QMD=[!Y88-88C-,=8! Y88-88C-,=8! ! ! :*/0J0++!403M-/N+]!M;*J0!;*7;JK!,-4B04*043]! I*2J"*4!J*4N+!>-+0!2!>-3043*2J!3;/023!3-!3;0! >/0+043!2HH*3*-42J!+0,O/*3K!3;/023+!+*4,0!3;0! *4307/*3K!-E!3;0!403M-/N!+0,O/*3K!+K+3019! M*/0J0++!+*742J+!2/0!4-3!J*1*30H!PK!3;0!>;K+*,2J! ./-%03<=>0/3!0=21*40!H*2J"O>!,-440,3*-4+! P-O4H2/*0+!-E!2!3/2H*3*-42J!403M-/N9!! 3;23!2JJ-M!01>J-K00+!3-!2,,0++!3;0!403M-/N! 3;/-O7;!>OPJ*,!30J0>;-40!J*40+!-/!-3;0/!H*2J" ! O>!,-440,3*-4+9!! ./-%03<=>0/3b+!+0,O/*3K!,-4+OJ3243+!M-/N!M*3;! 3;0!,J*043!3-!*1>J01043!+0,O/0!M*/0J0++! )->K/*7;3!./-%03<=>0/3!63H9!&''(! ! ! 8S! !
  • 17. ! 40M3-/N+!24H!>/0B043!M*/0J0++! "42O3;-/*e0H!2,,0++!3-!3;0+0!+K+301+!,24! ,-11O4*,23*-4+!E/-1!P0*47!0=>-+0H!3-! 2JJ-M!24!*43/OH0/!3-!02B0+H/->!-4!24H! 02B0+H/->>*47!-/!O42O3;-/*e0H!*43/OH0/+9! 124*>OJ230!01>J-K00!B-*,012*J!10++270+]! ! *4*3*230!-O37-*47!,2JJ+!E/-1!*430/42J!,-1>24K! J*40+]!24H!2,,0++!,-/>-/230!30J0>;-40! !! 403M-/N+!24H!H*/0,3-/*0+9!! H"0!8F2DYG!-,]D,--MD,]! ! ! H";!ZY=YY8-!Y88-88C-,=8! A-,*2J!047*400/*47!*4B-JB0+!124*>OJ23*47! ! 24H^-/!H0,0*B*47!,-1>24K!01>J-K00+!24H! -3;0/!;O124!/0+-O/,0+!3-!72*4!O42O3;-/*e0H! )J*043!J*+3+]!,/0H*3!,2/H!/0,-/H+]!24H!-3;0/! 2,,0++!3-!2!403M-/N!-/!3-!,-4E*H043*2J! ,-4E*H043*2J!*4E-/123*-4!;0JH!*4!H232P2+0+! *4E-/123*-49!! 1O+3!P0!7*B04!>2/3*,OJ2/!>/-30,3*-4!E/-1! O42O3;-/*e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`O043JK! HO>J*,23*-4]!24H!-3;0/!30,;4*`O0+!H0+*740H!3-! P0!0=>J-*30H!3-!72*4!2,,0++!3-!,-4E*H043*2J! 72*4!>;K+*,2J!043/K!*43-!+0,O/0!2/02+!24H!3;0! *4E-/123*-49!! 403M-/N!+K+3019! ! ! V4!2HH*3*-4]!./-%03<=>0/3!-EE0/!A0,O/*3K! H"H!=-G-2FCCQ,D2Y=DF,8! ,-4+OJ3*47!A0/B*,0+!-4!2JJ!N*4H+!-E!A0,O/*3K! Y88-88C-,=8! 0`O*>1043!+O,;!2+!X.A!3/2,N*47]!PO7+!5!32>+! ! 24H!H030,3-/+]!J*+304*47!H0B*,0+]!30J0>;-40! 04,/K>3*-4]!30J0>;-40!/0,-/H0/+]!2OH*-!PO7+]! ./-%03<=>0/3!>/-B*H0!BOJ40/2P*J*3K!30+3*47!*4! ,0JJOJ2/!04,/K>3*-4!24H!30J0>;-40!04,/K>3*-4]! >/*B230!P24N!0=,;2470+!3;23!->0/230!,-1>24K! M*/0J0++!F2110/+]!B-*,0!,;2470/+]!4*7;3!B*+*-4! B-*,012*J!24H!10++27*47!+K+301+9! )->K/*7;3!./-%03<=>0/3!63H9!&''(! ! 8L! !
  • 18. ! 1-4-,OJ2/!24H!P*4-,OJ2/+]!,-O430/! ! +O/B0*JJ24,0!0`O*>1043]!,-B0/3!B*H0-! ! +O/B0*JJ24,0]!7040/*,!))#Z]!P*-103/*,2J! ! /0,-74*3*-4]!>0/+-42J!+0,O/*3K!24H!+0JE! H0E04+09! ! ! ! ! ! ! H"J!2-M=DWD-Z!-=ED2YG!EY2R-M!^2-E_! `!*-,-=MY=DF,!=-8=D,]!=MYD,D,]! ! ./-%03<=>0/3!>/-B*H0!&!H2K!.0403/23*-4! #0+3*47!,-O/+0+!24H!@!H2K!)0/3*E*0H!<3;*,2J! W2,N0/!#/2*4*47!*4!3;0!"a]!7*B*47!,24H*H230+! 3;0!->>-/3O4*3K!3-!M-/N!*4!24!*430/2,3*B0! 04B*/-41043!M;0/0!3;0K!2/0!+;-M4!;-M!3-! +,24]!30+3!24H!;2,N!3;0*/!-M4!+K+301+9! ! H"J"!!2'5+4$4!Y96:%6T%$! ! ! &!H2K!.0403/23*-4!#0+3*47!E-/! T07*440/+! ! &!H2K!.0403/23*-4!#0+3*47!!HB24,0H! ! @!H2K!)0/3*E*0H!<3;*,2J!W2,N0/![)<W! ! H"J"1!G'&6):'34! ! !JJ!>OPJ*,!+,;0HOJ0!,-O/+0+!2/0!;0JH!*4! 6-4H-4]!;-M0B0/!./-%03<=>0/3!,24!>/-B*H0! *4";-O+0!3/2*4*47!7J-P2JJK!-4!/0`O0+39! ! ! ! ! ! )->K/*7;3!./-%03<=>0/3!63H9!&''(! ! 8Q! !
  • 19. ! =0')"&;.+*+,%"! ! ! ;"!!MFQ=D,]!Y,Z!8#D=2ED,]! ;"!"1!8A:)&I:3>!=$&I3'%'>:$4! ! ! ! A>244*47!#/00!./-3-,-J![A#.!^!DA#.!^! D-O3*47!24H!AM*3,;*47!*+!,-/0!3-!0B0/K! $A#! 403M-/N!24H!7--H!H0+*74!-E!3;23!403M-/N!*+! ! 62K0/!&!24H!62K0/!C!<3;0/,;2440J+! N0K!3-!->3*1*+*47!>0/E-/124,0]!/0HO4H24,K! ! Z*/3O2J!6!%+![Z6!%+! 24H!3/2EE*,!EJ-M9!!3!./-%03<=>0/3!)*+,-!<=>0/3+! E-,O+!-4!H0J*B0/*47!0EE*,*043!24H!;*7;JK! ! Z6!%!#/O4N*47![VA6!5!Q'&98`! EO4,3*-42J!/-O3*47!24H!+M*3,;*47!403M-/N+! ! 62K0/!&!A0,O/*3K! M*3;!0=,0JJ043!H0+*74!>/*4,*>J0+!*4!1*4H9!#;0! ! ./-%03<=>0/3!)*+,-!D-O3*47!24H!AM*3,;*47! ;"!"<!D3)$+36%!M'5):3>!*+')'&'%4! )-4+OJ324,K!A0/B*,0+!*4,-/>-/230!+3/2307*,! ! 24H!32,3*,2J!>/-F0,3!>J244*47]!403M-/N!H0+*74]! *4+32JJ23*-4!24H!+O>>-/3!E-/!2JJ!+*e0H!403M-/N! V430/42J!D-O3*47!./-3-,-J+!E-/1OJ230!3;0!EJ-M! *4E/2+3/O,3O/0+]!12=*1*+*47!3;0!0EE*,*04,K!!-E!2! -E!3/2EE*,!2,/-++!0B0/K!*430/42J!403M-/N!E-/! 1OJ3*3OH0!-E!/-O3*47!>/-3-,-J+!24H!>/*4,*>J0+9! +12JJ!PO+*40++0+!3-!0430/>/*+0!+*e0H! -/724*+23*-4+9!#;0!>/->0/!,-4E*7O/23*-4!-E! ! 3;0+0!>/-3-,-J+!04+O/0+!3;0!+0J0,3*-4!-E! ;"!"!!M'5):3>!=$&I3'%'>:$4! ->3*12J]!J-2H"P2J24,0H!24H!/0HO4H243!/-O30+9!!! ! ./-%03<=>0/3b+!,-4+OJ3243+!M-/N!M*3;!3;0*/! ! A323*,!D-O3*47! ,J*043+!3-!;0J>!3;01!12=*1*+0!3;0!0EE*,*04,K! -E!3;0*/!403M-/N+!24H!->3*1*+0!3;0*/!403M-/N!! ! DV.![D-O3*47!V4E-/123*-4!./-3-,-J! >0/E-/124,09!! ! GA.U![G>04!A;-/30+3!.23;!U*/+3! ! ! <VXD.![<4;24,0H!V430/*-/!X230M2K! D-O3*47!./-3-,-J! #;0!./-%03<=>0/3!3021!M*JJ!;0J>!*4! ! VA"VA![V430/10H*230!AK+301!3-! ,-4E*7O/*47f! V430/10H*230!AK+301! ! ! GID![G4!I0124H!D-O3*47! ! DV.![D-O3*47!V4E-/123*-4!./-3-,-J! ! TX.![T-/H0/!X230M2K!./-3-,-J! ! GA.U![G>04!A;-/30+3!.23;!U*/+3! ! .TD![.-J*,K!T2+0H!D-O3*47!!! ! <VXD.![<4;24,0H!V430/*-/!X230M2K! ! #/2EE*,!<47*400/*47!! D-O3*47!./-3-,-J! ! Y-A![YO2J*3K!-E!A0/B*,0! ! VA"VA![V430/10H*230!AK+301!3-! ! V>BS![V.!Z0/+*-4!S! V430/10H*230!AK+301! ! ! .TD![.-J*,K!T2+0H!D-O3*47! ! ! #/2EE*,!<47*400/*47! ! )->K/*7;3!./-%03<=>0/3!63H9!&''(! ! 8(! !
  • 20. ! ! Y-A![YO2J*3K!-E!A0/B*,0! ;"!"0!a56%:)7!'U!8$+9:&$! ! D0H*+3/*PO3*-4! ! ! %03M-/N!$0/70+!24H!GB0/J2>>*47!V.! Y-A![YO2J*3K!-E!A0/B*,0!/0E0/+!3-!3;0!2P*J*3K!-E! 2HH/0++*47! 2!403M-/N!3-!>/-B*H0!*1>/-B0H!+0/B*,0!3-! ! +0J0,30H!403M-/N!3/2EE*,!-B0/!B2/*-O+! ! O4H0/JK*47!30,;4-J-7*0+!*4,JOH*47!U/210! ;"!"@!'+L$+!]6)$A67!*+')'&'%! D0J2K]!!#$]!<3;0/403!24H!Q'&98!403M-/N+]! AG%<#]!24H!V."/-O30H!403M-/N+9!! ! T-/H0/!X230M2K!./-3-,-J![TX.!*+!3;0!,-/0! V4!>2/3*,OJ2/]!Y-A!E023O/0+!>/-B*H0!*1>/-B0H! V430/403!/-O3*47!>/-3-,-J9!V3!*+!O+0H!3-! 24H!1-/0!>/0H*,32PJ0!403M-/N!+0/B*,0!PK! 12*432*4!2!32PJ0!-E!V.!403M-/N+!-/!b>/0E*=0+b! +O>>-/3*47!H0H*,230H!P24HM*H3;]!V1>/-B*47! M;*,;!H0+*74230!403M-/N!/02,;2P*J*3K!21-47! J-++!,;2/2,30/*+3*,+]!2B-*H*47!24H!12427*47! 2O3-4-1-O+!+K+301+![!A9!TX.!H-0+!4-3!O+0! 403M-/N!,-470+3*-4]!+;2>*47!403M-/N!3/2EE*,! 3/2H*3*-42J!VX.!103/*,+]!PO3!12N0+!/-O3*47! 24H!+033*47!3/2EE*,!>/*-/*3*0+!2,/-++!3;0! H0,*+*-4+!P2+0H!-4!>23;]!403M-/N!>-J*,*0+!24H! 403M-/N9!! ,-1>J0=!/OJ0!+03+9! ! )*+,-!Y-A!)-4+OJ324,K!-EE0/*47+!*4,JOH0f!! ./-%03<=>0/3b+!3021!*4,JOH0+!+0B0/2J!))V<! A0/B*,0!./-B*H0/!,0/3*E*0H!,-4+OJ3243+!24H! ! $-HOJ2/!YO2J*3K!-E!A0/B*,0![,J2++!12>+]! -EE0/!,-1>/0;04+*B0!)*+,-!A0/B*,0!./-B*H0/! >-J*,K!12>+]!+0/B*,0!>-J*,*0+! )-4+OJ324,K9! ! )*+,-!)J2++*E*,23*-4! ! ! %03M-/N"T2+0H!!>>J*,23*-4!D0,-74*3*-4! )*+,-!TX.!)-4+OJ324,K!A0/B*,0+!*4,JOH0f!! [%T!D! ! )*+,-!!O3-Y-+! ! TX.!#/24+*3!!O3-4-1-O+!AK+301+! ! )*+,-!Y-A!YO0*47!10,;24*+1+![UVUG]! ! TX.!D-O30!A0J0,3*-4! .Y]!)Y]!66Y! ! .-J*,K!)-43/-J+! ! )*+,-!Y-A!)-470+3*-4!!B-*H24,0! ! !33/*PO30+!$24*>OJ23*-4! 10,;24*+1+![D<I]!:D<I! ! .-J*,K!)-43/-J+! ! )*+,-!Y-A!)-470+3*-4!1242701043! ! *TX.!24H!0TX.! ! #/2EE*,!.-J*,*47!5!#/2EE*,!A;2>*47! ! A0/B*,0!./-B*H0/!)-440,3*B*3K! ! )!D!D230!6*1*3*47! ! A,2J*47!A0/B*,0!./-B*H0/!%03M-/N+! ! )*+,-!6*4N!<EE*,*04,K!10,;24*+1+![)D#.]! ! G>3*1*+23*-4! 6UV]!)-1>/0++*-4! ! ! ! ! ! ! ! ! )->K/*7;3!./-%03<=>0/3!63H9!&''(! ! ! &'! !
  •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f!! PO3!2J+-!-4!3;0!*1>2,3!-E!24!V.BS!1*7/23*-4!3-! 24!0=*+3*47!V.BR!403M-/N9!! ! )*+,-!!A!!U*/0M2JJ!)-4E*7O/23*-4! ! )*+,-!.V_!U*/0M2JJ!)-4E*7O/23*-4! V.!Z0/+*-4!S!AO>>-/3!A0/B*,0+!*4,JOH0f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
  • 22. ! P0E-/0!3;0K!*1>2,3!PO+*40++!,-43*4O*3K9!#;0! H0B*,0+]!24H!3;0/0PK!J*1*3*47!3;0!>-3043*2J! )*+,-!!A!!@@''!+0/*0+!042PJ0+!-/724*e23*-4+! H21270!E/-1!010/7*47!+0,O/*3K!3;/023+!24H! 3-!J-M0/!3;0*/!H0>J-K1043!24H!->0/23*-4+! /*+N+9!! ,-+3+!M;*J0!H0J*B0/*47!,-1>/0;04+*B0!+0,O/*3K! E-/!403M-/N+!-E!2JJ!+*e0+9! )*+,-!%!)!7*B0+!-/724*e23*-4+!2!>-M0/EOJ]! ! /-J0+"P2+0H!103;-H!-E!>/0B043*47! )*+,-!!A!!U*/0M2JJ!)-4+OJ324,K!A0/B*,0+! O42O3;-/*e0H!2,,0++!24H!*1>/-B*47!403M-/N! *4,JOH0f!! /0+*J*04,K9! ! )*+,-!%!)![%03M-/N!!H1*++*-4!)-43/-J! ! #/24+J23*-4+!24H!)-440,3*-4+! )-4+OJ324,K!A0/B*,0+!*4,JOH0f! ! !,,0++!)-43/-J!6*+3+![!)6+!! ! )*+,-!%!)!!>>J*24,0!)-4E*7O/23*-4! ! U*/0M2JJ!DOJ0+! ! V4"P24H!24H!GO3"-E"P24H!)-4E*7O/23*-4! ! )-43043!U*J30/*47! ! )*+,-!#/O+3!!7043! ! GPF0,3!X/-O>*47! ! )*+,-!A0,O/0!!,,0++!)-43/-J!A0/B0/![!)A! ! !O3;043*,23*-4]!!O3;-/*e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e23*-4b+!+0,O/*3K!>-J*,*0+!-4! )*+,-!$!DA!)-4+OJ324,K!A0/B*,0+!*4,JOH0f!! 2JJ!H0B*,0+!+00N*47!403M-/N!2,,0++9!)*+,-! %03M-/N!!H1*++*-4!)-43/-J![%!)!2JJ-M+!-4JK! ! $-4*3-/*47!24H!A0,O/*47!W-+3! ,-1>J*243!24H!3/O+30H!04H>-*43!H0B*,0+]!+O,;! !>>J*,23*-4!I0B*,0+! 2+!.)+]!+0/B0/+]!24H!.I!+]!-43-!3;0!403M-/N]! ! )A"$!DA!!/,;*30,3O/0![6-,2J!)-43/-JJ0/! /0+3/*,3*47!3;0!2,,0++!-E!4-4",-1>J*243! 24H!XJ-P2J!)-43/-JJ0/!,-4E*7O/23*-4! )->K/*7;3!./-%03<=>0/3!63H9!&''(! ! ! &&! !
  • 23. ! ! !/,;*B0!24H!D0+3-/0!./-,0HO/0+! ;"1"0!2:4&'!8$&5+:)7!Y>$3)!^28Y_! ! DO44*47]!,/023*47!24H!,O+3-1*+*47! ! /0>-/3+! )*+,-!)A!!)*+,-h!A0,O/*3K!!7043![W-+3! ! V4,*H043!V4B0+3*723*-4!24H!$*3*723*-4! V43/O+*-4!./0B043*-4!AK+301!*+!3;0!E*/+3! ! V4307/23*-4!-E!1OJ3*"B04H-/!H0B*,0+! 04H>-*43!+0,O/*3K!+-JO3*-4!3;23!,-1P*40+! ! DOJ0!)/023*-4!24H!)O+3-1*+23*-4! e0/-"O>H230!2332,N!H0E04+0]!>-J*,K"H/*B04! ! A*7423O/0!24H!6-7!60B0J!#O4*47! H232!J-++!>/0B043*-4]!24H!+*7423O/0"P2+0H! ! 243*B*/O+!H030,3*-4!*4!2!+*47J0!270439!#;*+! ! O4*`O0!PJ04H!-E!,2>2P*J*3*0+!H0E04H+!+0/B0/+! 24H!H0+N3->+!272*4+3!+->;*+3*,230H!H2K"e0/-! ;"1"@!D3)+54:'3!Z$)$&):'3!63L!*+$9$3):'3! 2332,N+]!24H!04E-/,0+!2,,0>32PJ0"O+0!24H! 874)$(4!^DZ8!bD*8_! ,-1>J*24,0!>-J*,*0+!M*3;*4!2!+*1>J0! ! 1242701043!*4E/2+3/O,3O/09! TO+*40++!403M-/N+!-E!2JJ!+*e0+!E2,0!*4,/02+*47JK! ! +->;*+3*,230H!2332,N+!3;23!,24!*1>0H0! )*+,-!)A!!)-4+OJ324,K!A0/B*,0+!*4,JOH0f!! >/-HO,3*B*3K]!-P+3/O,3!2,,0++!3-!2>>J*,23*-4+! 24H!/0+-O/,0+]!24H!H*+/O>3!,-11O4*,23*-4+9! ! )A!!$242701043!)-4+-J0! #;0!)*+,-!V43/O+*-4!./0B043*-4!AK+301![V.A! ! )A!!)J*043!A03O>! >/-30,3+!3;0!043*/0!403M-/N!M*3;!2!/2470!-E! ! )A!!!7043!a*3+! H0>J-K1043!->3*-4+9!#;*+!*4J*40]!403M-/N" ! W-+3!AK+301+!./-30,3*-4![M*4H-M+!24H! P2+0H!H0E04+0!*H043*E*0+]!,J2++*E*0+]!24H!+3->+! "4*=! N4-M4!24H!O4N4-M4!3;/023+!3-!K-O/!403M-/N9! ! )A!!!>>J*,23*-4!)J2++0+! ! )A!!Z2/*2PJ0+! )*+,-!V.A![V43/O+*-4!./0B043*-4!AK+301! ! )A!!A0,O/*3K!.-J*,*0+!24H!DOJ0+! )-4+OJ324,K!A0/B*,0+!*4,JOH0f!! ! )A!!AK+301!)-//0J23*-4!DOJ0+! ! )*+,-!R&''!A0/*0+!V.A!)-4E*7O/23*-4! ! ! )232JK+3!S@''!VAI$"&!TJ2H0!V.A! ;"1"H!D+'3/'+)! )-4E*7O/23*-4! ! ! V.A!A*7423O/0!)-4E*7O/23*-4! )*+,-!V/-4.-/3!012*J!+0,O/*3K!2>>J*24,0+!2/0! ! V.A!A*7423O/0!#O4*47! 02+K"3-"H0>J-K!+-JO3*-4+!3;23!H0E04H!012*J! ! V.A!A;O44*47!#0,;4*`O0+! +K+301+!272*4+3!+>21]!B*/O+0+]!>;*+;*47!24H!2! ! V.A!!4-12JK!I030,3*-4! B2/*03K!-E!-3;0/!3;/023+9!V3!*+!O+0H!PK!0*7;3!-E! ! V.A!A*7423O/0!">H230+! 3;0!304!J2/70+3!VA.+!24H!1-/0!3;24!R'!>0/,043! ! V.A!$2*430424,0! -E!3;0!M-/JHb+!J2/70+3!0430/>/*+0+9!#;0+0! +K+301+!;2B0!2!H01-4+3/230H!2!/0,-/H!-E! ! V.A!!J2/1!)-4E*7O/23*-4! O4>2/2JJ0J0H!>0/E-/124,0]!2,,O/2,K!24H! ! /0J*2P*J*3K9!! ! ! )->K/*7;3!./-%03<=>0/3!63H9!&''(! ! ! &C! !
  • 24. ! #;0!)*+,-!V/-4.-/3!A"A0/*0+!*+!2!;*7;",2>2,*3K! ;"<!VFD2-!FV-M!D*!^VFD*_! M0P!+0,O/*3K!2>>J*24,0!H0+*740H!3-!,-1P23! ! +>KM2/0![M;*,;!;2+!`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f!! ./-%03<=>0/3!-EE0/!,O33*47"0H70!)*+,-!Z-*,0! -B0/!V.!)-4+OJ324,K!24H!"4*E*0H! ! .-J*,K!62K0/+!^!I0,/K>3*-4!.-J*,*0+! )-11O4*,23*-4+!)-4+OJ3*47]!>/-B*H*47!0=>0/3! ! D-O3*47!.-J*,*0+!^!!,,0++!.-J*,*0+"D6! 2HB*,0!-4!7040/*,!Z-*,0!-B0/!V.!24H!*4!3;0! E*J30/*47!^!./0H0E*40H!"D6!)2307-/*0+!! 010/7*47!"4*E*0H!)-11O4*,23*-4+!12/N03! ! )O+3-1!"D6!)2307-/*0+!^!#*10!T2+0H! +0710439!! .-J*,*0+! )*+,-!<=>0/3!A>0,*2J*+3+!>/-B*H0!)*+,-!ZGV.! ! :0P!/0>O323*-4!E*J30/*47!^!#;0!IZA!!43*" AO>>-/3!A0/B*,0+!-4f!! 12JM2/0!<47*40! ! :0P/--3!^!$,!E00!^!W##.A!*4+>0,3*-4! ! )*+,-!)2JJ!$24270/! ! !O3;043*,23*-4! ! )*+,-!"4*E*0H!)-11O4*,23*-4+!$24270/! ! V4307/23*47!M*3;!2!H*/0,3-/K!+0/B0/!B*2! ! )*+,-!"4*E*0H!)-432,3!)0430/! 6I!.! ! )*+,-!"4*E*0H!$003*47>J2,0! ! "+*47!10++270!E*J30/+!^!/0H*/0,3!24H! ! )*+,-!V.!)-11O4*,23-/! 1-H*EK!10++270+! ! Z-*,0!X230M2K+! ! A2E0!H0>J-K1043!24H!H0PO77*47!-E! ! AV.! 10++270!E*J30/+! ! W9C&C! ! I-12*4!a0K!VH043*E*0H!$2*J! ! YO2J*3K!-E!A0/B*,0![Y-A! ! A04H0/!./-E*J0!U/210M-/N!B0/*E*,23*-4!! ! Z-*,0!24H!Z*H0-!)-4E0/04,*47! ! ! V.!#0J0>;-4K!24H!)*+,-!"4*3K! ! ! Z-*,0!-B0/!:*/0J0++!6!%![Z-:6!%! ! ! $0++270!A0/B*,0! ! ! )*+,-!D*,;!$0H*2! ! ! %-4")*+,-!ZGV.!A-JO3*-4+! ! ! ! ! )->K/*7;3!./-%03<=>0/3!63H9!&''(! ! ! &R! !
  • 25. ! ;"<"!!Q3:U:$L!2'((53:&6):'34!C636>$+! ;"@!=-G-*M-8-,2-! ! ! )*+,-!"4*E*0H!)-11O4*,23*-4+!$24270/! )*+,-!;2+!H0B0J->0H!24!*44-B23*B0!+-JO3*-4! [E-/10/JK!)*+,-!)2JJ!$24270/!*+!24!0430/>/*+0" 3;23!,/0230+!24!i*4">0/+-4i!1003*47! ,J2++!V.!30J0>;-4K!,2JJ">/-,0++*47!+K+301!3;23! 0=>0/*04,0!-B0/!3;0!,-4B0/70H!403M-/N9!)*+,-! >/-B*H0+!3/2H*3*-42J!30J0>;-4K!E023O/0+!2+!M0JJ! #0J0./0+04,0!H0J*B0/+!/02J"3*10]!E2,0"3-"E2,0! 2+!2HB24,0H!,2>2P*J*3*0+]!+O,;!2+!1-P*J*3K]! *430/2,3*-4+!P03M004!>0->J0!24H!>J2,0+!*4! >/0+04,0]!>/0E0/04,0]!24H!/*,;!,-4E0/04,*47! 3;0*/!M-/N!24H!>0/+-42J!J*B0+!O+*47!2HB24,0H! +0/B*,0+9! B*+O2J]!2OH*-]!24H!,-JJ2P-/23*-4!30,;4-J-7*0+9!! ! )*+,-!"4*E*0H!)-11O4*,23*-4+!$24270/! #;0+0!30,;4-J-7*0+!3/24+1*3!J*E0"+*e0]!;*7;" AO>>-/3!A0/B*,0+!*4,JOH0f!! H0E*4*3*-4!*1270+!24H!+>23*2J!H*+,/030!2OH*-9! %-M!*3b+!02+*0/!3;24!0B0/!3-!H*+,0/4!E2,*2J! ! V4+32JJ23*-4!24H!G>0/23*-4!-E!)*+,-! 0=>/0++*-4+!E-/!3;-+0!,/O,*2J!PO+*40++! "4*E*0H!)-11O4*,23*-4+!$24270/! H*+,O++*-4+!24H!407-3*23*-4+!2,/-++!3;0! ! #/-OPJ0+;--3*47!24H!$2*430424,0!-E! iB*/3O2J!32PJ09i!! )*+,-!"4*E*0H!)-11O4*,23*-4+!$24270/! ! V430/42J!,2JJ+!24H!,2JJ+!3-!3;0!.A#%! #;0!,-1>-4043+!-E!)*+,-!#0J0./0+04,0!O+0! ! )*+,-!"4*E*0H!)-11O4*,23*-4+!$24270/! +324H2/H!30,;4-J-7*0+!*4!,-4FO4,3*-4!M*3;! ! $0H*2!D0+-O/,0+!5!Z-*,0!12*J! +>0,*2J*e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f! ! ! ! ! D--1!D02H*40++!!++0++1043![DD!!O+*47! ! 3;0!DD!!3--J! ! #0J0./0+04,0!%03M-/N!!/,;*30,3O/0!24H! ! %03M-/N!.23;!!++0++1043! )->K/*7;3!./-%03<=>0/3!63H9!&''(! ! ! &@! !
  • 26. ! ! )*+,-!#0J0./0+04,0!$24270/![)#$! ! )*+,-!%0=O+!@'''!5!)*+,-!%0=O+!L'''! A0/B0/! +0/*0+! ! )*+,-!#0J0./0+04,0!)#$!A-E3M2/0! ! V.!$OJ3*,2+3!-4!2!J2/70!+,2J0!! 2>>J*,23*-4! ! ! )*+,-!#0J0./0+04,0!TO+*40++!"4*3![#AT"! ;"0"!!C*G8! 1OJ3*>-*43!,2>2P*J*3*0+! ! ! #O4*47!)*+,-!#0J0./0+04,0!)210/2+! )*+,-!VGA!$OJ3*>/-3-,-J!62P0J!AM*3,;*47! ! )*+,-!#0J0./0+04,0!$OJ3*>-*43!AM*3,;! [$.6A!042PJ0+!<430/>/*+0+!24H!A0/B*,0! ! )*+,-!#0J0./0+04,0!AK+301!@'']!8''']! ./-B*H0/+!3-!PO*JH!40=3"7040/23*-4!*430JJ*7043! C'''!5!C&''!+0/*0+! 403M-/N+!3;23!H0J*B0/!2!M*H0!B2/*03K!-E! ! 2HB24,0H]!B2JO0"2HH0H!+0/B*,0+!-B0/!2!+*47J0! ! *4E/2+3/O,3O/09!! ! ;"0!8-MVD2-!*MFVDZ-M!,-=#FMRD,]! #;*+!0,-4-1*,2J!+-JO3*-4!,24!P0!*4307/230H! +021J0++JK!-B0/!24K!0=*+3*47!*4E/2+3/O,3O/0]! ! +O,;!2+!V.]!U/210!D0J2K]!!#$]!-/!<3;0/4039!! A0/B*,0!./-B*H0/+!2/0!3;0!;02/3!-E!3;0!V430/403! 24H!2/0!,-4+*H0/0H!3-!P0!3;0!,/-M4!,J2++!-E! AOP+,/*P0/+!M*3;!H*EE0/*47!2,,0++!J*4N+!,24!P0! V430/403M-/N*479!! 277/07230H!-4!24!$.6A!0H70!M*3;-O3! ,;247*47!3;0*/!,O//043!04B*/-41043+]!2+!$.6A! A.!#0,;4-J-7K!*+!O+0H!PK!P*7!PJO0!,;*>!24H! *+!*4H0>04H043!-E!2,,0++!30,;4-J-7*0+9! 0430/>/*+0!,O+3-10/+9!./-%03<=>0/3!01>J-K! ! +0B0/2J!))V<!A0/B*,0!./-B*H0/!,0/3*E*0H! GO/!)*+,-!$.6A!)-4+OJ324,K!A0/B*,0+!*4,JOH0f!! ,-4+OJ3243+!-EE0/*47!,-1>/0;04+*B0!)*+,-! A0/B*,0!./-B*H0/!)-4+OJ324,K!-4f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
  • 27. ! ;"H!8=FMY]-!,-=#FMRD,]! +O>>-/3*47!2!P/-2H!/2470!-E!>/-B*H0/]!,2//*0/]! ! 24H!0430/>/*+0!+-JO3*-4+9!! ! I232!)043/0!*4E/2+3/O,3O/0+!1O+3!0B-JB0! #;0!./-%03<=>0/3!G>3*,2J!%03M-/N*47! /2>*HJK!3-!*1>/-B0!/0+*J*04,K]!*4,/02+0! )-4+OJ324,K!A0/B*,0+!*4,JOH0!0=>0/3*+0!-4f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f! ! ! ZA!%+!! ;"K!2F,=-,=!,-=#FMRD,]! ! j-4*47! ! ! UV)G%! )*+,-!:!!A!5!!)<!)-4+OJ324,K!P0,-10+! ! *A)AV! 1-/0!24H!1-/0!*1>-/3243!2+!PO+*40++! H0124H+!-4!3;0!403M-/N!*4,/02+09! ! VZD! ! U2P/*,!T*4H*47! !./-%03<=>0/3!;2+!)*+,-!:!!A!5!!)<! ! U)V.!5!U*P/0!);2440J+! )-4+OJ3243+!M;-!,24!;0J>!3-!->3*1*+0!0=*+3*47! ! )*+,-!$IA!('''!+0/*0+! *4E/2+3/O,3O/0+!E-/!;*7;",J2++!,-43043!H0J*B0/K! ! 24H!>0/E-/124,09!! ! ;";!F*=D2YG!,-=#FMRD,]! )-43*4O0H!)*+,-!))A!AO>>-/3!A0/B*,0+!-4!3;0! ! )*+,-!)AA!88@''!)-43043!AM*3,;0+!*+!2J+-! >/-B*H0H9!! )*+,-!->3*,2J!30,;4-J-7K!2,,0J0/230+!+0/B*,0! ! H0J*B0/K!3;/-O7;!/01-30!>/-B*+*-4*47!2,/-++! ./-%03<=>0/3!)-43043!%03M-/N*47! <3;0/403"042PJ0H!H04+0!M2B0J0473;"H*B*+*-4! ,-4+OJ324,K!+0/B*,0+!*4,JOH0+f! 1OJ3*>J0=*47![I:I$!403M-/N+9!! ! ! !>>J*,23*-4!)-43/-J!<47*40!2>>J*24,0!! #;0!G%A!8@R@R!*+!3;0!EJ27+;*>!-E!3;0!)*+,-! G>3*,2J!>-/3E-J*-]!M;*,;!*4,JOH0+!,-/0]! ! !)<!TJ2H0!!/,;*30,3O/0! 0H70^2,,0++]!24H!I:I$!>J23E-/1+! ! !)<!)-430=3+! ! !)<!AA6!#0/1*423*-4! )->K/*7;3!./-%03<=>0/3!63H9!&''(! ! ! &L! !
  • 28. ! ! A0/B0/!6-2H!T2J24,*47![A6T! ! :*H0!!/02!!>>J*,23*-4!A0/B*,0+! ! 62K0/!R!"!62K0/!L!G>3*1*+23*-4! 2>>J*24,0! ! :*H0!!/02!!>>J*,23*-4!A0/B*,0+! ! :!!A!TJ2H0!!/,;*30,3O/0+! 2>>J*24,0! ! %$<":!<! ! :!!A!TJ2H0!!/,;*30,3O/0+! ! :)).!24H!:)).B&! ! %$<":!<! ! )2,;*47!^!YGA!^!%<#U6G:! ! :)).! ! )*+,-!:!!A!)043/2J!$24270/! ! )*+,-!:!!A!!>>J*,23*-4!G>3*1*e0/+! ! )*+,-!:!!A!#/24+>-/3!UJ-M! ! )*+,-!:!!A!$-P*J0!)J*043!A-JO3*-4! G>3*1*e23*-4+![#UG! ! )*+,-!6-2H!T2J24,*47!+-JO3*-4+![)*+,-! ! )*+,-!:!!A!,-4E*7O/23*-4!E-/!)VUA!24H! )-43043!AM*3,;!)AA!88@''! %UA! ! ! )*+,-!:!!A!!>>J*,23*-4!#/2EE*,!.-J*,*0+! ! )*+,-!:!!A!!>>J*,23*-4!G>3*1*e0/+! ! ! )*+,-!:!!A!$-P*J0!)J*043!A-JO3*-4! ;"J!#Y,!F*=DCD8Y=DF,! ! ! ! :!%!->3*1*e23*-4!>/-HO,3+!+00N!3-!2,,0J0/230! ;"!?!#DM-G-88!,-=#FMRD,]! 2!P/-2H!/2470!-E!2>>J*,23*-4+!2,,0++0H!PK! H*+3/*PO30H!0430/>/*+0!O+0/+!PK!0J*1*423*47! ! /0HO4H243!3/24+1*++*-4+]!+327*47!H232!*4!J-,2J! :*/0J0++!%03M-/N*47!*+!2!N0K!/0`O*/01043!E-/! ,2,;0+]!,-1>/0++*47!24H!>/*-/*3*e*47!H232]!24H! 1-+3!-/724*+23*-4+!7*B*47!3;01!3;0!2P*J*3K!3-! +3/021J*4*47!,;233K!>/-3-,-J+![0979!)VUA9! >/-B*H0!*4+3243!2,,0++!3-!H232!24H!B-*,0! M*3;-O3!>;K+*,2J!,-440,3*B*3K!3-!3;0*/! ! 01>J-K00+!24H!7O0+3+9! :!%!G>3*1*e23*-4!*+!2!+O>0/+03!-E!:!UA!*4! ! 3;23!*3!2J+-!2HH/0++0+!AA6"04,/K>30H!!A.!24H! ./-%03<=>0/3!:*/0J0++!+0/B*,0+!*4,JOH0f! V43/2403!2>>J*,23*-4+]!$OJ3*10H*2!0"J02/4*47! ! 2>>J*,23*-4+]!,-1>-4043!30,;4*`O0+!-E!:!%! ! :*/0J0++!$0+;!403M-/N*47!! G>3*1*e23*-4!*4,JOH*47!:!UA]!)VUA!>/-=K]! ! )*+,-!:*/0J0++!6!%!)-43/-JJ0/+]!6:!..! W##.A!./-=K]!10H*2!1OJ3*,2+3*47]!:0P! +-JO3*-4+]!)*+,-!RR''!+0/*0+! ,2,;*47!24H!P24HM*H3;!12427010439! ! )*+,-!RR''!+0/*0+]!)*+,-!&8''!+0/*0+]! ! )*+,-!:6)!403M-/N!1-HOJ0![VAD! :!%!G>3*1*e23*-4!042PJ0+!,O+3-10/+!3-! ! "4*E*0H!:*/0J0++!!,,0++!.-*43+!24H! 2,;*0B0!+OP+3243*2J!J-47!30/1!,-+3!+2B*47+!-4! !430442+! J02+0H!J*40!24H!P24HM*H3;!,-+3+9! ! :*/0J0++!6!%!A-JO3*-4!<47*40![:6A<! ./-%03<=>0/3!:!%!G>3*1*+23*-4!+0/B*,0+! ! )*+,-!:*A$!PJ2H0! *4,JOH0f! ! )*+,-!:*/0J0++!)-43/-J!AK+301! *1>J0104323*-4+![:)A! )->K/*7;3!./-%03<=>0/3!63H9!&''(! ! ! &Q! !
  • 29. ! ! )*+,-!VGA!P2+0H!2O3-4-1-O+!:6!%! ! T021!U-/1*47]!A>23*2J!$OJ3*>J0=*47]! +-JO3*-4+! $2=*12J!D23*-!)-1P*47![$D)! ! :*/0J0++!A*30!+O/B0K+![*0!!*/!$27403!5! ! R'!$We!);2440J!T-4H*47! DU!!42JK+*+! ! U/210!!77/0723*-4![$AI"!^!$.I"!5! ! :*/0J0++!A>0,3/O1!!42JK+*+![*0!)-74*-!"! TJ-,N!!,N4-MJ0H701043+! 4-M!)*+,-! ! &9R!XWe!5!@!XWe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k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e0H!0=>0/*04,0+!3-! E-JJ-M*47!>-/3E-J*-f! +OP+,/*P0/+9!c-O!P0,-10!24!l0=>0/*04,0! >/-B*H0/m!M;-!,24!,-1124H!7/0230/! ! ,O+3-10/!J-K2J3K]!P/24H!*1>2,3]!24H!+0/B*,0! ! Q'&9884!$V$G![$OJ3*>J0!V4!"!$OJ*>J0! /0B04O09!! GO3! )->K/*7;3!./-%03<=>0/3!63H9!&''(! ! ! &(! !
  • 30. ! ./-%03<=>0/3!:V$!_!+0/B*,0+!,-B0/f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j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
  • 31. ! >0';(#?1(#"' )G%#!)#!"A! ! ! ./-%03<=>0/3!,24!>/-B*H0!3;0*/!,J*043+!M*3;! 2HB*,0!-4!M;23!;2/HM2/0!3-!+0J0,3!*4!-/H0/!3-! 1003!3;0*/!403M-/N!/0`O*/01043+!2+!M0JJ!2+! M;23!3;0!J230+3!+-E3M2/0!B0/+*-4+!24H!>23,;0+! 2/09! ! ./-%03<=>0/3!M*JJ!2J+-!>/-B*H0!3;0!0`O*>1043! 3-!3;0!,O+3-10/!2+!/0`O*/0H9! ! K"!!,-=#FMR!Z-8D],! ! ! ! ./-%03<=>0/3!,24!;0J>!3-!>O3!3-703;0/!3;0! U-/!1-/0!*4E-/123*-4!-4!3;0!+0/B*,0+!-EE0/0H! 403M-/N!H0+*74]!E-/!,O+3-10/+!M;-!M*+;!3-! *4!3;*+!,232J-7O0!>J02+0!,-432,3!3;0! *1>/-B0!-/!*1>J01043!2JJ!3K>0+!-E!403M-/N! ./-%03<=>0/3!3021!23f! *4E/2+3/O,3O/0+9!! *4E-d>/-4030=>0/39,-1! #;*+!12K!*4,JOH0!*H043*EK*47!04H"-E"J*E0! ! ;2/HM2/0!24H!+O770+3*47!3;0!/0J0B243! nRR!['!&'C&!QL''RR!<47J*+;! /0>J2,01043+!-/!7040/2JJK!+>0,*EK*47!3;0! nR(![Q(!(@R!L&@!S&!X0/124! ;2/HM2/0!3;23!*+!1-+3!EO4,3*-42J!24H!,-+3! ! 2>>/->/*230!3-!3;0!,O+3-10/b+!400H+9! -/!B*+*3!-O/!M0P+*30!23f! MMM9>/-4030=>0/39,-1! ! ! K"1!EYMZ#YM-!8Q**G[! ! ! ./-%03<=>0/3!M-/N!3-!>/-B*H0!;2/HM2/0!-4! /0`O0+3!3-!3;0*/!,J*043+!23!2!H*+,-O430H!/2309! ! ! ! )->K/*7;3!./-%03<=>0/3!63H9!&''(! ! C8! !