Loading...
The URL can be used to link to this page
Your browser does not support the video tag.
Home
My WebLink
About
09/09/2014 Study Session Agenda Packet
MARANA RESOLUTION NO. 2014-082 RELATING TO ANIMAL CONTROL; APPROVING AND AUTHORIZING THE MAYOR TO EXECUTE AN INTERGOVERNMENTAL AGREEMENT WITH PIMA COUNTY FOR THE PROVISION OF ANIMAL CONTROL SERVICES WITHIN THE TOWN OF MARANA. WHEREAS the Town has been a party to an intergovernmental agreement with Pima County for many years, authorizing the County to perform animal control services within the Town limits; and WHEREAS pursuant to the agreement, Pima Animal Care Centercollectslicense and kennel fees for animals within the Town and transmitsthose fees to the Town, and then County bills the Town for the County’s actual costs to provide animal control services for the Town; and WHEREAS renewal of this intergovernmental agreement between the Town of Marana and Pima County will benefit the citizens of the Town of Marana and will be in the Town’s best interest. NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COUNCIL OF THE TOWN OF MARANA, ARIZONA, that the intergovernmental agreement between theTown of Marana and Pima County, attached to and incorporated by this reference in this resolution as Exhibit A is hereby approved, and the Mayor is hereby authorized and directed to executeitfor andon behalf of the Town of Marana. IT IS FURTHER RESOLVED that the Town’sManager and staff are hereby directed and authorized to undertake all other and further tasks required or beneficial to carry out the terms, obligations, and objectives of the aforementionedintergovernmental agreement. PASSED ANDADOPTEDBY THE MAYOR AND COUNCIL OF THE TOWN OF MARANA, ARIZONA, this 9thday of September, 2014. ______________________ Mayor Ed Honea ATTEST: __________________________ Jocelyn C. Bronson, Town Clerk APPROVED AS TO FORM: _________________________ Frank Cassidy, Town Attorney Marana Resolution No. 2014-082 INTERGOVERNMENTAL AGREEMENT BETWEEN PIMA COUNTY AND THETOWN OF MARANA This Intergovernmental Agreement (“Agreement”) is entered into between the Town of Marana, a municipal corporation, hereinafter referred to as “TOWN”, and Pima County, a political subdivision of the State of Arizona, hereinafter referred to as “COUNTY”. I. RECITALS WHEREAS, the Town Council of the TOWN desires to enter into an Agreement with COUNTY forthe provision of animal control services relating to enforcement of leash law ordinances, biting dog ordinances, animal cruelty ordinances and to provide for the impoundment and sheltering of stray animals; and WHEREAS, the COUNTY has trained personnel capable of enforcing the TOWN Animal Control Ordinances and has facilities for the impoundment and sheltering of stray animals; and WHEREAS, the COUNTY is engaged in certain activities relating to the operation of a COUNTY pound, vaccination and rabies control, stray animal impoundment, including an Animal Care Center, and is therefore presently able to provide assistance and services to the TOWN for animal control purposes; and WHEREAS, in accordance with A.R.S. §11-951 et. seq., the TOWN and COUNTY are authorized to enter into this Intergovernmental Agreement. NOW, THEREFORE, the TOWN and COUNTY agree as follows: II. PARTIES’OBLIGATIONS 1. The County Enforcement Agent, herein designated by COUNTY to be Pima Animal Care Center, and all employees thereunder, shall be referred to herein as “Town Enforcement Agents”. 2. The Town Enforcement Agents shall administer and enforce the provisions of the Marana Animal Control Code, applicable state laws and all services related thereunder, including such amendments to said laws as may be passed from time to time. 3. For the purpose of this Agreement, that certain Ordinance known as the Town of Marana Animal Control Ordinance is hereby adopted and made a part of this Agreement by reference as if specifically set forth herein. 4. The Town Enforcement Agents shall be granted those limited police powers necessary to carry out duties imposed by this Agreement, together with any powers necessary for such agents to engage in the vaccination, licensing and other activities arising from their duties as Town Enforcement Agents. 5. The services performed under this Agreement shall be carried out in accordance with Pima Animal Care Center Policies and Procedures, and the desires of the COUNTY and TOWN Town of Marana PACC 2014 1 as such desires may be expressed from time to time by the Pima County Board of Supervisors or the Town Council of Marana. Such scope of service level requirements shall be revised, if necessary, in accordance with availability of funds allocated for animal control purposes by the TOWN. Any such revision shall be in the formof a written amendment to this Agreement. 6. The TOWN Prosecutor shall prosecute all criminal matters and the Marana Magistrate Court shall handle criminal and civil matters arising out of the enforcement of the Marana Animal Control Code, as amended, pursuant to this Agreement. All fines collected by the Marana Magistrate Court as a result of the enforcement of the Marana Animal Control Code, shall be the property of the TOWN, and the TOWN shall be entitled to use the funds for its purposes. 7. The Town Enforcement Agents, acting under this Agreement within the jurisdictional limits of the TOWN, shall collect animal licensing and kennel fees and such fees as may be required under the Marana Animal Control Code and/or state statutes, including but not limited to A.R.S. § 11-1011. All licensing, impound, adoption and other fees as may be required under the Marana Animal Control Code and state statutes collected by COUNTY on TOWN’s behalf shall be credited in their entirety to the TOWN and applied to TOWN’s expenses incurred pursuant to this Agreement. 8. The TOWN’S expenses for licensing, kennels, enforcement and education specifically requested by and held for TOWNshall be allocated by the year-to-date ratio of licenses processed, animals handled, enforcement calls completed, and events held for the jurisdiction, to the total mentioned services processed by COUNTY.The administrative expenses shall be allocated based on the average ratios of the year-to-date percentages of the total licensing, kennels and enforcement expenses of COUNTY.The TOWN’S expenses for the Spay/Neuter program will be allocated based on a fixed per capita percentage by jurisdiction. 9. The TOWN shall be extended cooperation and access todocuments relating to the Pima Animal Care Center’s operations in TOWN. 10. Persons employed by the COUNTY in performance of services and functions pursuant to this Agreement shall have no claim to pension, civil service or other employees’ rights granted by the TOWN to its officers and employees. 11. The Parties stipulate and agree that COUNTY is not an employee of the TOWN, and is performing its duties hereunder as an independent contractor, supplying its own employees, and maintaining its owninsurance, worker’s compensation and internal accounting. The TOWN in no way controls, directs or supervises the actions of the COUNTY under this Agreement. 12. The cost of services charged to TOWN by COUNTY under this Agreement shall include those costs associated with the use and access to certain departments within the COUNTY by the Town Enforcement Agents, which use and access isnecessary for the performance of services and functions pursuant to this Agreement. 13. All payments received from constituents on behalf of the TOWN will be deposited daily with the Pima County Treasurer’s Office into a Fiduciary Agency Account and COUNTY will instruct the Pima County Treasurer’s Office to remit to TOWN all revenues collected on behalf of the TOWN on a monthly basis.Any interest earned on the Account shall be credited to the TOWN.The COUNTY will bill the TOWN monthly for actual costs incurred on behalf of the Town of Marana PACC 2014 2 TOWN. Payments aredue within thirty (30) days of invoice date.Interest at the rate of 10% per annum will accrue on any outstanding invoice(s) greater than 30 days. Monthly billing information will include the following: a.By jurisdiction, a statement of period-end and year-to-date receipts, disbursements, and the balance of the County Rabies Control Fund. b.By jurisdiction, the number and types of dog licenses issued, the number of calls that resulted in a response from the Pima Animal Care Center, the number of animals processed at the shelter,the number of school presentations provided within the TOWNfor which TOWN is financially responsible pursuant to paragraph 18 below, and the number of school children within the TOWN attending the presentations. c. The total Pima County Animal Care adopted budget, including operating revenues by revenue source and operating expense by type of expense. d.The total Spay/Neuter period-end expenses with the allocation based on a fixed per capita percentage. e.The projected year-end balance for the Pima County Rabies Control Fund, including any projected surplus or deficit for the TOWN. 14. Address Audit. The COUNTY will perform an address audit to verify jurisdictional information, at least quarterly. Any adjustments resulting from the audit will be processed as needed. If the outcome results in additional: a. Funds being due to TOWN, theCOUNTY shall notify the TOWNin writing and shall remitthe additional funds to the TOWNwithin thirty (30) days following the end of the quarter. b.Expenditures forthe TOWN, an invoice will be submitted to the TOWNdue and payable to the COUNTY within thirty (30) days from the date of invoice. 15.COUNTY will also provide TOWN with a final billing, reconciliation and Financial Report for the Pima County Rabies Control Fund on or before September 30 for each fiscal year covered by this Agreement. This report shall contain the same information enumerated in paragraph 13of this Agreement. 16. If TOWN expenses exceed TOWN revenues for a given period, TOWN shall remit payment in the amount of the revenue deficit to COUNTY for deposit in the Pima County Rabies Control Fund within thirty (30) days after TOWN’s receipt of COUNTY’s invoice, billing, and Financial Report, as described in paragraphs13-15 above of this Agreement.Interest at the rate of 10%per annum, as stated by A.R.S.§ 44-1201 shall accrue on any balance outstanding 30 days from the date the official request for funds is received by the TOWN, unless the TOWN submits a written notice to COUNTY disputing the amount due within fifteen (15) days after TOWN’s receipt of COUNTY’s period reconciliation and Financial Report.Upon receipt of the TOWN’s written notice, the COUNTY and the TOWN shall work cooperatively to reach prompt resolution of the dispute. 17.If TOWN revenues collected exceed TOWN expenses for a given fiscal year, the COUNTY shall remit the excess funds to TOWN. Town of Marana PACC 2014 3 18.COUNTY shall not bill TOWN and TOWN shall not be responsible for the cost of outreach and education events performed by COUNTY in the TOWN’S corporate limits unless the outreach and education event is specifically requestedby and held for TOWN. All other outreach and education events, such as school events, are not the financial responsibility of TOWN. 19.COUNTY will also provide to TOWN on a quarterly basis a data extract or extracts in an agreed upon file layout containing detailed information regarding records of requests for services and records of revenue attributed to TOWN. This report shall include the following: a.Dates of dispatched enforcement calls b.Activity types of dispatched enforcement calls (e.g., leashlaw, stray) c.Physical address of response site d.Dates of issuance of licenses e.Types of licenses issued f.Payment received for each license issued III.DURATION AND EFFECTIVE DATE The term of this Agreement shall become effective July 1, 2014and shall continue until June 30, 2016.The Parties shall have the option of extending this Agreement for up to three(3) additional one (1) year periods or any portion thereof. Any modification, termination, or extension shall be made by formal written amendment executed by the Parties. IV. WORKERS’ COMPENSATION Each Party shall comply with the notice provisions of A.R.S. § 23-1022(E), advising employees who provide services pursuant to this Agreement that they are deemed by the laws of Arizona to be employees of both public agencies for the purposes of workers’ compensation. V. INDEMNIFICATION Each party (as ‘indemnitor’) agrees to indemnify, defend, and hold harmless the other Party (as ‘indemnitee’) from and against any and all claims, losses, liability, costs, or expenses (including reasonable attorney’s fees) (hereinafter collectively referred to as ‘claims’) arising out of bodily injury of any person (including death) or property damage, but only to the extent that such claims which result in vicarious/derivative liability to the indemnitee are caused by the act, omission, negligence, misconduct, or other fault of the indemnitor, its officers, officials, agents, employees, or volunteers. VI. NON-DISCRIMINATION The Partiesagrees to comply with all provisions and requirements of Arizona Executive including flow down of all provisions and requirements to any subcontractors. Order 2009-09 Executive Order 2009-09 supersedes Executive order 99-4 and amends Executive order 75-5 and may be viewed and downloaded at the Governor of the State of Arizona’s website http://www.azgovernor.gov/dms/upload/EO_2009_09.pdfwhich is hereby incorporated into this Agreement as if set forth in full herein. During the performance of this Agreement, the Parties shall not discriminate againstany employee, client or any other individual in any way because of that person’s age, race, creed, color, religion, sex, disability or national origin. Town of Marana PACC 2014 4 VII. AMERICANS WITH DISABILITIES ACT The Parties shall comply with all applicable provisions ofthe Americans with Disabilities Act (Public Law 101-336, 42 U.S.C. 12101-12213) and all applicable federal regulations under the Act, including 28 CFR Parts 35 and 36. VIII. APPLICABLE LAW This Agreement and all obligations upon the COUNTY or TOWN arising therefrom shall be subject to any limitations of budget law or other applicable local law or regulation. The Parties hereto shall comply with all applicable federal, state and local statutes, ordinances, regulations, rules, standards and executive orders. IX.TERMINATION This Agreement may be terminated by either Party, with or without cause, upon sixty (60) days written notice. Upon termination, a final statement shall be sent to the TOWN by the Pima County Animal Care Center. Within thirty (30) days of receipt thereof, the TOWN shall tender payment of any deficit or the Pima County Animal Care Center shall tender payment of any surplus. X. ASSIGNMENT Any assignment or attempted assignment of this Agreement by either Party without the prior written consent of the other Party shall be void. XI. NON-WAIVER The failure of either Party to insist upon the complete performance of any of the terms and provisions of this Agreement to be performed on the part of the other, or to take any action permitted as a result thereof, shall not constitute a waiver or relinquishment of the right to insist upon full and complete performance of the same, or any other covenant or condition, either inthe past or in the future. The acceptance by either Party of sums less than may be due and owing it at any time shall not constitute an accord and satisfaction. XII. CONFLICT OF INTEREST This Agreement is subject to the provisions of A.R.S § 38-511. XIII. NON-APPROPRIATION Notwithstanding any other provisions in this Agreement, this Agreement may be terminated with or without sixty (60) days notice if the Pima County Board of Supervisors or the Marana Town Council does not appropriate sufficient funds for the purpose of maintaining this Agreement. XIV. NON-WARRANTY Town of Marana PACC 2014 5 The Parties do not warrant their respective right or power to enter into this Agreement and if the same is declared null and void by court action initiated by third persons, there shall be no liability to the other Party by reason of such action or by reason of the Agreement. XV. NOTICES Any notice required or permitted to be given under this Agreement shall be in writing and shall be served by personal delivery or by certifiedmail upon the other party as follows: COUNTYTOWN OF MARANA DirectorMayor Pima County Health DepartmentTown of Marana 3950 S. Country Club, Ste. 10011555 W. Civic Center Dr. Bldg. A1 Tucson, AZ 85714Marana, AZ 85653 (520) 382-1999 XVI. LEGALARIZONA WORKERS ACT COMPLIANCE 1.TOWN hereby warrants that it will at all times during the term of this Contract comply with all federal immigration laws applicable to TOWN’S employment of its employees, and with the requirements of A.R.S. § 23-214 (A) (together the “State and Federal Immigration Laws”).TOWN shall further ensure that each subcontractor who performs any work for TOWN under this Contract likewise complies with the State and Federal Immigration Laws. 2.COUNTY shall have the right at any time to inspect the books and records of TOWN and any subcontractor in order to verify such party’s compliance with the State and Federal Immigration Laws. 3.Any breach of TOWN’S or any subcontractor’s warranty of compliance with the State and Federal Immigration Laws, or of any other provision of this section, shall be deemed to be a material breach of this Contract subjecting TOWN to penalties up to and including suspension or termination of this Contract. If the breach is by a subcontractor, and the subcontract is suspended or terminated as a result, TOWN shall be required to take such steps as may be necessary to either self-perform the services that would have been provided under the subcontract or retain a replacement subcontractor, as soon as possible so as not to delay project completion. 4.TOWN shall advise each subcontractor of COUNTY’S rights, and the subcontractor’s obligations, under this Article by including a provision in each subcontract substantially in the following form: “SUBCONTRACTOR hereby warrants that it will at all times during the term of this Contract comply with all federal immigration laws applicable to SUBCONTRACTOR’S employees, and with the requirements of A.R.S. § 23-214 (A). SUBCONTRACTOR further agrees that COUNTY may inspect the SUBCONTRACTOR’S books and records to insure that SUBCONTRACTOR is in compliance with these requirements. Any breach of this paragraph by SUBCONTRACTOR will be deemed to be a material breach of this Contractsubjecting SUBCONTRACTOR to penalties up to and including suspension or termination of this contract.” Town of Marana PACC 2014 6 XVII. ENTIRE AGREEMENT This document contains the entire Agreement between the Parties and it may not be modified, amended, altered or extended except by a written amendment executed by both Parties. IN WITNESS WHEREOF, the Parties hereto approve this Intergovernmental Agreement. PIMA COUNTY TOWN OF MARANA Chair, Board of Supervisors Date MayorDate ATTEST ATTEST Clerk of the Board Date Town Clerk Date REVIEWED BY: Department HeadDate APPROVED AS TO FORM Pursuant to A.R.S. § 11-952(D), the attorney for the Town of Maranahas determined that the foregoing Intergovernmental Agreement is in proper form and is within the powers and authority of the entity as granted under the laws of the State. ____________________________________________________________________________ Deputy County Attorney, Pima County Legal Counsel, Town of Marana ________________________ DateDate Town of Marana PACC 2014 7 '7-6349&0-7,-2+ ;MPHPMJI6IWIEVGL [[[TYFPMWLGWMVSEYNSYVREPW[V [[4217,369,4410,450][9][,,][Arial]] [[4470,369,4630,450][9][,,][Arial]] [[4651,369,4773,450][9][,,][Arial]] z )ZEPYEXMSRSJIYXLEREWMEERHXVETRIYXIVVIXYVR 826 zz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zz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v GSQTEVMRKXLIIJJIGXMZIRIWWSJIYXLEREWMEERH826EXVIHYGMRK FI QMPPMSR %WWSGMEXMSRSJ4IX1ERYJEGXYVIVW ERHXLI JVIIVSEQMRKGEXTSTYPEXMSRWEVIGSRXVSZIVWMEPERHEVIRSX RYQFIVSJYRS[RIHGEXWLEWFIIRWTIGYPEXIHXSFI FEWIHSRWXERHEVH[MPHPMJIVIWIEVGLXIGLRMUYIW 2IZMPPIERH bQMPPMSR 1ELPS[ERH7PEXIV JSVEXSXEPGEX z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zz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bVIWMHIRXW LEZIGSQTIRWEXSV]VEXLIVXLEREHHMXMZIIJJIGXWSRTEVEQIXIV PSGEXIHMR&YVPIWSR'SYRX]8I\EW97%'EPH[IPPLEWRS^SRMRK IWXMQEXIWJSVTSTYPEXMSRW[MXLLMKLVEXIWSJQEPIQSVXEPMX]SV PE[WVIWYPXMRKMRELMKLP]LIXIVSKIRISYWGSQQYRMX][MXLWMRKPI JSVTSTYPEXMSRW[MXLEPEVKITVSTSVXMSRSJRSRFVIIHMRKQEPIW ERHQYPXMJEQMP]H[IPPMRKW LSYWIWLE MRXIVQM\IH[MXL z 1SHIPWXLEXYWIREXEPMX]IWXMQEXIWHIVMZIHJVSQJIXYWGSYRXW GSQQIVGMEPMRHYWXVMEPERHEKVMGYPXYVEPHIZIPSTQIRX 1EV^PYJJ ERHXLIRYQFIVSJPMXXIVWTIVJIQEPITIV]IEVHSRSXEGGSYRX IXEP 3YVWXYH]EVIE[EWb LEERH[EWWYVVSYRHIHF] JSVOMXXIRQSVXEPMX] %RHIVWIRIXEP ERHMREXIRIX EKVMGYPXYVEPIPHW[SSHPSXWERHTEWXYVI7TSXPMKLXWYVZI]W VITVSHYGXMZIVEXIEFSZI^IVSJSVGEXWXLEXHMIFIJSVIXLIEKISJ MRHMGEXIHJVIIVSEQMRKGEXHIRWMXMIW[IVIPS[IVMRWYVVSYRHMRK VWXVITVSHYGXMSR EVIEWXLER[MXLMRSYVWXYH]EVIE 47GLQMHXTIVWSFW 826EHZSGEXIWSJXIRGMXIXLIZEGYYQXLISV]EVKYMRKXLEX uv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v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zz JVIIVSEQMRKGEXTSTYPEXMSRW 4EVEQIXIVIWXMQEXIW[IVISFXEMRIHJVSQEVEHMSXIPIQIXV]WXYH]SJERYRQEREKIHJVIIVSEQMRKGEXTSTYPEXMSRMR'EPH[IPP 8I\EW97%JVSQ3GXSFIVXLVSYKL(IGIQFIV 4EVEQIXIV)WXMQEXI7SYVGI 2EXEPMX] *IVEPJIQEPIW WI!R! 7GLQMHXIXEP E PMXXIV]IEV 7IQMJIVEPJIQEPIW WI! R! 7GLQMHXIXEP E PMXXIV]IEV 4IVGETMXEVEXI? A! 7YVZMZEP 9RS[RIH JIVEPERHWIQMJIVEP QEPIW WI!R! 7GLQMHXIXEP E 9RS[RIH JIVEPERHWIQMJIVEP JIQEPIW WI!R! 7GLQMHXIXEP E -RMXMEPEFYRHERGI 1EVOVIWMKLXIWXMQEXSV R! '- 7GLQMHXIXEP F zz (MWXERGIIWXMQEXSV R! '- 7GLQMHXIXEP F z 1SHIPTEVEQIXIV ! 'EVV]MRKGETEGMX]/! *VIIVSEQMRKGEXQEREKIQIRX;MPHPMJI6IWIEVGL 8EFPI6EXIWSJIYXLEREWMEERHXVETRIYXIVVIPIEWI 826 YWIH SJKIRHIVMFSVRMRXSXLITSTYPEXMSRHYVMRKXMQIXERHMQ zz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âÔ Ô 88XVQXX ( â MXMXMXMX [LIVI8VITVIWIRXWXLIRYQFIVSJXVIEXIHMRHMZMHYEPWSJKIRHIVM EXXMQIXXVVITVIWIRXWXLIRYQFIVSJYRXVIEXIHERMQEPWVIGIMZMRK XLI826XVIEXQIRXHYVMRKXMQIXERHQXVITVIWIRXXLIRYQFIVSJ TVIZMSYWP]XVIEXIHERMQEPWWYGGYQFMRKXSREXYVEPQSVXEPMX] HYVMRKXMQIX8LIXSXEPTSTYPEXMSRWM^IJSVER]XMQIX[EW GEPGYPEXIHEW << â Ô 298 XMXMX 2EXEPMX] // OO 2EXEPMX][EWGEPGYPEXIHEW OO 22 X ÔÂÔÂÔ Ô R9OO MXJXX OO X [LIVI9MWXLIRYQFIVSJVITVSHYGXMZIP]QEXYVIJIQEPIWOMW RR XVXV X XLIRYQFIVSJGEXWFSVRTIVJIQEPIXSWYVZMZIXS[IIOWSJEKI OO 9988 X GEPGYPEXIHJSVXLITSTYPEXMSR 8EFPI 7GLQMHXIXEP E ERHXLIWI\VEXMSEXFMVXL[EWEWWYQIHXSFI QQ QQ QQ I M M 1 *2EXEPMX][EWWXSGLEWXMGERHEXIEGLXMQIWXITE MQMQ REXEPMX]VEXI[EWGLSWIRJVSQXLITIVGETMXEVEXIERHWXERHEVH X HIZMEXMSRVITSVXIHMR7GLQMHXIXEP E 8EFPI 1SWXGEXW OO EVIWI\YEPP]QEXYVIERHVITVSHYGI[MXLMRXLIMVVWX]IEV .SRIW 'SRGITXYEPQSHIPVITVIWIRXMRKXLIH]REQMGWSJYRXVIEXIHERHXVIEXIH *MK ERH'SQER 2YXXIVIXEP XLIVIJSVI[IEWWYQIXLI GEXWMR'EPH[IPP8I\EW97%*SVWMQTPMGMX]HIXEMPWEVIWLS[RJSVEWMRKPI REXEPMX]VEXIETTPMIWXSJIQEPIWWSXLEXFIX[IIRFMVXLERHXLIMVVWX KIRHIV M 9ERH8VITVIWIRXXLIRYQFIVSJYRXVIEXIHERHXVIEXIHGEXW FMVXLHE]GEXWVITVSHYGIEXXLIKMZIRVEXI VIWTIGXMZIP]RVITVIWIRXWREXEPMX]QVITVIWIRXWWI\WTIGMGREXYVEP QSVXEPMX]QVITVIWIRXWQSVXEPMX]XLVSYKLIYXLEREWMEXVVITVIWIRXW MRHMZMHYEPWXVIEXIH[MXL826OOERHOEVIGSRWXERXWERHVITVIWIRX (IRWMX]HITIRHIRGI XLITIVGETMXEFMVXLVEXIERHXVIEXQIRXPIZIPWJSVIYXLEREWMEERH826 4VIPMQMREV]I\TPSVEXMSRSJQSHIPH]REQMGWMRHMGEXIHXLI VIWTIGXMZIP]OVITVIWIRXWXLIYRYXMPMWIHSTTSVXYRMX]JSVTSTYPEXMSR TSTYPEXMSRKVI[XSYRVIEWSREFPIWM^IWFIGEYWISJXLI MRGVIEWIEXXMQIXOERHMQVITVIWIRXEHIRWMX]HITIRHIRXVIHYGXMSRSJ I\XVIQIP]LMKLJIGYRHMX]VEXIWVITSVXIHJSVXLMWTSTYPEXMSR REXEPMX]ERHMQQMKVEXMSRVIWTIGXMZIP]ERHFSXLHITIRHSRXLIGEVV]MRK 8EFPI 8LIVIJSVI[IEWWYQIHXLITSTYPEXMSRKVI[ GETEGMX]/ERHXSXEPTSTYPEXMSRWM^I2EXXMQIX7]QFSPWJSPPS[XLSWI PSKMWXMGEPP]OVITVIWIRXWEHIRWMX]HITIRHIRXVIHYGXMSRSJ HIWGVMFIHF]*SVVIWXIV REXEPMX]ERH[IEWWYQIHEPMRIEVVIPEXMSRWLMTFIX[IIROERH TSTYPEXMSRWM^I 8LIWMQYPEXIHTSTYPEXMSRGSRWMWXIHSJXLIJSPPS[MRKJSYV ! Ô 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âÔâ Ô 99RMQQIXVX ( 8LIQSHIPVITVIWIRXWX[SWSYVGIWSJQSVXEPMX] QSVXEPMX]XLEX â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Ô Q QW JX / EXIEGLSJWM\ HMJJIVIRXPIZIPWSJMQQMKVEXMSR JSVE ERH XSXEPSJ HMJJIVIRXTEVEQIXIVMWEXMSRW*SVIEGLTEVEQIXIVMWEXMSR Ô Q QW [IVERVITPMGEXIWXSGLEWXMGWMQYPEXMSRW;IHIXIVQMRIHE QX WEQTPIWM^ISJVITPMGEXIWJSVIEGLTEVEQIXIVMWEXMSRTVSZMHIH [LIVIQERHQVITVIWIRXERRYEPQSVXEPMXMIWGLSWIRJVSQ IRSYKLZEVMEXMSRXSHIXIVQMRIEWXEXMWXMGEPHMJJIVIRGISJX[SGEXW RSVQEPHMWXVMFYXMSRW XVYRGEXIHEXERH SJQIERERHWXERHEVH Q EQSRKVITIXMXMSRW 3XXERH0SRKRIGOIV HIZMEXMSRWSJSJJIQEPIWERHQEPIWVIWTIGXMZIP];IEWWYQIH W XLEXXVIEXIHERHYRXVIEXIHEHYPXWLEHXLIWEQIREXYVEPQSVXEPMX] 1SHIPETTPMGEXMSR VEXIW %JXIV[IIZEPYEXIHXLIVIWYPXWJVSQXLI TEVEQIXIVMWEXMSRWYWIH 1SVXEPMX]VIWYPXMRKJVSQIYXLEREWME[EWVITVIWIRXIHEWE JSVQSHIPIZEPYEXMSR[IGLSWIXSETTP]XLIXVIEXQIRXW TVSTSVXMSRSJXLIYRXVIEXIHMRHMZMHYEPWERH[EWMHIRXMGEPJSV IYXLEREWME826GSQFMREXMSR XSXLVIIHMJJIVIRX QEPIWERHJIQEPIWEWJSPPS[W TEVEQIXIVMWEXMSRWSJXLIQSHIP;IVERIEGLSJXVIEXQIRXW Ô Ô 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ÔÂ! Ô 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uv ^IVSMQQMKVEXMSRXSHIXIVQMRILS[MQQMKVEXMSREJJIGXIH XLIMRXIVEGXMSRSJXLILMKLTIVGETMXEJIGYRHMX]VEXIERHTSTYPEXMSR TSTYPEXMSRH]REQMGW WIIQSHIPIZEPYEXMSRFIPS[ ;I WM^IWFIMRKVIPEXMZIP]RIEVGEVV]MRKGETEGMX]*SVER]KMZIRPIZIP EWWYQIHIUYEPMQQMKVEXMSRFIX[IIRKIRHIVW M ERH SJ/[ISFWIVZIHKIRIVEPXVIRHWMRMQQMKVEXMSR*SVI\EQTPI MQQMKVEXMSREXXMQIX[EWGEPGYPEXIHEW XLIVI[IVIRSWXEXMWXMGEPHMJJIVIRGIWFIX[IIRMQQMKVEXMSRVEXIWSJ ÔÂÔÂÔ Ô 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ÔÂÔ XVO9QQI MXMXMXMX MQQMKVEXMSRLEWFIIRIWXMQEXIHJSVXLMWTSTYPEXMSR XLIVIJSVISR [LIVI 9QQI VITVIWIRXWXLIRYQFIVSJYRXVIEXIH XLIFEWMWSJSYVQSHIPIZEPYEXMSR[IQEHIEWMQTPMJ]MRK zz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z *VIIVSEQMRKGEXQEREKIQIRX;MPHPMJI6IWIEVGL 1SHIPVIWYPXW % ;MXLSYXGSRXVSPIJJSVXERHRSMQQMKVEXMSRXLIFEWIPMRI TSTYPEXMSRMRGVIEWIHJVSQERMRMXMEPEFYRHERGISJGEXWXSE QIERREPTSTYPEXMSRWM^ISJ WH GEXWE MRGVIEWI ;MXLSYXGSRXVSPIJJSVXERHEQE\MQYQMQQMKVEXMSRVEXISJ XLIQIERREPTSTYPEXMSRWM^I[EW WH GEXWE MRGVIEWI;MXLSYXGSRXVSPIJJSVXERHEQE\MQYQMQQMKVEXMSR VEXISJ XLIQIERREPTSTYPEXMSRWM^I[EW WH GEXWE MRGVIEWI8LIQIERREPTSTYPEXMSRWM^IJSV IEGLWGIREVMSMWWYQQEVMWIHMR*MK%'1IERREP z TSTYPEXMSRWM^I[EWWQEPPIWXJSVXLI IYXLEREWMEVEXI[MXL RSMQQMKVEXMSR \!WH ERHPEVKIWXJSVXLIFEWIPMRI TSTYPEXMSR[MXLRSXVIEXQIRXERHE QE\MQYQMQQMKVEXMSR VEXI \!WH *SVEPPWGIREVMSWXLIREPWI\VEXMS[EW JIQEPIFMEWIH 1IERREPTSTYPEXMSRWM^IJSVIYXLEREWME[EWGSQTEVEFPI XSSVWQEPPIVXLERJSV826ERHEGSQFMREXMSRSJIYXLEREWME ERH826EXEPPXVIEXQIRXERHMQQMKVEXMSRVEXIW[MXLXLI I\GITXMSRSJXLI XVIEXQIRXVEXI[MXLE QE\MQYQ MQQMKVEXMSRVEXI *MK%' %JXIV]IEVTSTYPEXMSRWXVIEXIH z & [MXLIYXLEREWMEKIRIVEPP]HIGVIEWIH[LIVIEWTSTYPEXMSRW XVIEXIH[MXL826IMXLIVVIQEMRIHYRGLERKIHSVHIGVIEWIH WPMKLXP] 8EFPI ;LIRXLITSTYPEXMSR[EWGPSWIHXS MQQMKVEXMSRXVIEXQIRXVEXIW [IVIVIUYMVIHJSVPIXLEP " ERHRSRPIXLEPGSRXVSPWXVEXIKMIWXSQEMRXEMRXLITSTYPEXMSR FIPS[MRMXMEPEFYRHERGI *MK% ;LIRTSTYPEXMSRW I\TIVMIRGIHQE\MQYQMQQMKVEXMSRVEXIWFIX[IIR ERH IYXLEREWMEVEXIWEXSVEFSZI [IVIVIUYMVIHXSVIHYGI XLITSTYPEXMSRFIPS[MRMXMEPEFYRHERGI *MK&' *SVIEGLXVIEXQIRXWGIREVMSERHVEXI[IWYQQEVMWIHXLIXSXEP RYQFIVSJGEXWXVIEXIHF]WI\ *MK -QTPIQIRXEXMSRSJ IYXLEREWMEEXE VEXI[LIRXLIQE\MQYQMQQMKVEXMSR VEXI[EW VIWYPXIHMRXLILMKLIWXQIERXSXEPRYQFIVSJ ERMQEPWXVIEXIH *MK \!WH! )\GPYHMRKXLI FEWIPMRIWGIREVMSWMQTPIQIRXEXMSRSJ826EXE VEXI [MXLERMQQMKVEXMSRVEXISJ VIWYPXIHMRXLIPS[IWXXSXEP RYQFIVSJERMQEPWXVIEXIH *MK \!WH! *SV IEGLXVIEXQIRXWGIREVMSERHVEXI[IWYQQEVMWIHXLIXSXEP TIVGIRXEKIHIGVIEWIERHXVIEXQIRXIJJSVXHIRIHEWXLIQIER ' XSXEPRYQFIVSJGEXWXVIEXIHTIV TSTYPEXMSRHIGVIEWI 8EFPI %WI\TIGXIHLMKLIVMQTPIQIRXEXMSRVEXIWVIWYPXIH MRLMKLIVTSTYPEXMSRHIGVIEWIW 8EFPI ERHLMKLIVXSXEP XVIEXQIRXIJJSVXW *MK *SVEPPWGIREVMSWQSVIJIQEPIWXLER QEPIW[IVIXVIEXIH *MK )YXLEREWMEVIWYPXIHMRKVIEXIVXSXEP TSTYPEXMSRHIGVIEWIWXLERHMH826ERHEGSQFMREXMSRSJ IYXLEREWMEERH826 LS[IZIVXLIXSXEPIJJSVXVIUYMVIHXS VIHYGIIEGLTSTYPEXMSRF] [EWLMKLIWXJSVIYXLEREWME *MK8EFPI 1IERREPTSTYPEXMSRWM^IERHWXERHEVHHIZMEXMSRWJSVJVIIVSEQMRK *MK GEXWMR'EPH[IPP8I\EW97%YWMRKVITPMGEXIWXSGLEWXMGMXIVEXMSRWJSV ]IEVWSJWMQYPEXIHXMQISJEFEWIPMRITSTYPEXMSR[MXLRSQEREKIQIRX ERH XVIEXQIRXVEXIWSJIYXLEREWMEERHXVETRIYXIVVIXYVR zz 826 ERHVIWTIGXMZIP] ERH ERH XVIEXQIRXVEXIW b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zzzzz zzzzzz zzzzzz zz zzzzz zzzzzz zzzzz zz zzzzz zzzzz zzzzzz zz 1EPIWXVIEXIH *IQEPIWXVIEXIH 1IERRYQFIVSJMRHMZMHYEPJVIIVSEQMRKGEXWXVIEXIHF]WI\ QEPIJIQEPI MR'EPH[IPP8I\EW97%YWMRKVITPMGEXIWXSGLEWXMG *MK MXIVEXMSRWJSV]IEVWSJWMQYPEXIHXMQIYWMRK ERH XVIEXQIRXVEXIWSJIYXLEREWMEERHXVETRIYXIVVIXYVR 826 ERH zz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z GEXRYQFIVW LS[IZIVXLIEYXLSVWWYKKIWXIHGSRXVSPSJVITVSHYGXMZITSXIRXMEPSJYRQEREKIHWSYVGITSTYPEXMSRWSV u VITVSHYGXMSRSJS[RIHTIXGEXWMWGVYGMEPXSEGLMIZIGSRXVSPSJSXLIVYRXVIEXIHGEXWMRXLIEVIE IKVITVSHYGXMZIP]ZMEFPI XLIJIVEPGEXTSTYPEXMSRWYKKIWXMRKXLEXMQQMKVEXMSRJVSQXLIS[RIHGEXWHYQTIHPMXXIVWWXVE]GEXWJVSQSYXP]MRKEVIEW ERH v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u IJJIGXF]PIEZMRKYRSGGYTMIHWTEGIXLEXXLISVIXMGEPP]QE]FIRYMWERGIGSQTPEMRXWJSVJVIIVSEQMRKGEXW1SHIPVIWYPXWWLS[IH v PPIHF]VITVSHYGXMZIP]ZMEFPIGEXWRSXGEYKLXERHVIQSZIHXLEXTSTYPEXMSRVIHYGXMSREWEVIWYPXSJ826[EWRSXMQQIHMEXI XLVSYKLGSRXVSPIJJSVXWSVXLVSYKLMQQMKVEXMSRJVSQSYXP]MRKXLYWMRHMGEXMRKXLEXMWWYIWEWWSGMEXIH[MXLJVIIVSEQMRKGEXWQE] EVIEW 2IZMPPIERH6IQJV] 4EWWERMWMERH1EGHSREPH GSRXMRYIYRXMPTSTYPEXMSRWVIWTSRHXSREXYVEPEXXVMXMSREWLEWFIIR >EYRFVIGLIVERH7QMXL 1ELPS[ERH7PEXIV +MFWSRWLS[RJSVSXLIVWTIGMIW[MXLRSRQSRSKEQSYWQEXMRKW]WXIQW IXEP 2EXYVEPEXXVMXMSREJXIVMQTPIQIRXEXMSRSJ826 &EVPS[IXEP -REHHMXMSRXLIVIMWIZMHIRGIXLEX TVSKVEQWEPWS[SYPHGVIEXISTIRRMGLIWVIWYPXMRKMRWXIVMPMWEXMSRQE]MRGVIEWIWYVZMZEPVEXIWJSVGS]SXIWERHJVII TSTYPEXMSRWIZIRXYEPP]VIXYVRMRKXSTVIZMSYWPIZIPW 7XSWOSTJVSEQMRKGEXW%WWYGLTSTYPEXMSRVIHYGXMSRWQSHIPPIHZME826 ERH2YXXIV 8LIVIWYPXWSJXLITVIWIRXWXYH]WYKKIWXXLEXEVIPMOIP]XSFIPMFIVEPEWEGXYEPTSTYPEXMSRHIGVIEWIW[MPPFI MRHMZMHYEPGEXWXVIEXIH[MXL826HMHQEMRXEMRXLITSTYPEXMSRWPS[IVXLERQSHIPPIH&SXLIYXLEREWMEERH826TVSKVEQWWLSYPH GPSWIVXS/XLYWVIHYGMRKTIVGETMXEREXEPMX]VEXIW LS[IZIVER]MRGPYHITVIERHTSWXMQTPIQIRXEXMSRQSRMXSVMRKF]WXERHEVH HMJJIVIRGIFIX[IIR/ERH2[EWPPIHF]MQQMKVERXWYRHIVXLIERMQEPTSTYPEXMSRQSRMXSVMRKXIGLRMUYIW ;MPPMEQWIXEP STIRTSTYPEXMSRWGIREVMS-RSXLIV[SVHWVIKEVHPIWWSJXLI8LSWIVIWTSRWMFPIJSVTSTYPEXMSRQEREKIQIRXWLSYPHGSRWMHIV XVIEXQIRXX]TI MIPIXLEPSVRSRPIXLEPGSRXVSP ER]XLIIGSPSKMGEPWIRWMXMZMX]SJXLIPSGEPIGSW]WXIQGSQQYRMX] TSTYPEXMSRVIHYGXMSRFIPS[GEVV]MRKGETEGMX][SYPHVIWYPXMRWIRXMQIRXXS[EVHWQEREKIQIRXSTXMSRWEW[IPPEWRERGMEP STIRRMGLIWXLEX[SYPHIZIRXYEPP]FIPPIHF]MQQMKVERXWGSRWXVEMRXWSRTVSKVEQMQTPIQIRXEXMSR;IGEYXMSRXLEX ;MPHPMJI6IWIEVGL417GLQMHXIXEP TYFPMGTVIJIVIRGIJSVJVIIVSEQMRKGEXQEREKIQIRXQE]RSXFI +SKER4.4&EVVIX6,7LSSO;;ERH/YGIVE8) 'SRXVSP SJYRKYPEXIRYQFIVWMRETVSXIGXIHEVIE;MPHPMJI7SGMIX]&YPPIXMR IGSPSKMGEPP]ETTVSTVMEXI %WLERH%HEQW 0EYFIVIXEP z LS[IZIVTSTYPEXMSRGSRXVSPWSPYXMSRWEPWSQYWXMRGPYHI ,EVHMRK)/(SEO(*ERH%PFIVXWSR.( )ZEPYEXMRKXLI TYFPMGIHYGEXMSRXSMRGVIEWIE[EVIRIWWSJJVIIVSEQMRKGEXMWWYIW IJJIGXMZIRIWWSJTVIHEXSVGSRXVSP XLIRSRREXMZIVIHJS\EWEGEWIWXYH] ERHMQTEGXW0S[GSWXWTE]RIYXIVTVSKVEQWJSVS[RIHGEXW 'SRWIVZEXMSR&MSPSK]HSM N z [SYPHGSQTPMQIRXJVIIVSEQMRKGEXQEREKIQIRXF]VIHYGMRKXLI \ TVSFEFMPMX]XLEXS[RIHGEXW[MPPWIVZIEWWSYVGITSTYPEXMSRWXLYW ,YKLIW/07PEXIV16ERH,EPPIV0 8LIIJJIGXWSJ RIKEXMRKGSRXVSPEXXIQTXW MQTPIQIRXMRKEJIVEPGEXWTE]RIYXIVTVSKVEQMRE*PSVMHEGSYRX] ERMQEPGSRXVSPWIVZMGI.SYVREPSJ%TTPMIH%RMQEP;IPJEVI7GMIRGI HSM 7.%;7C z %GORS[PIHKIQIRXW .EVZMW4. 9VFERGEXWEWTIXWERHTIWXW)RZMVSRQIRXEP'SRWIVZEXMSR 6IWIEVGL[EWETTVSZIHF]XLI'PMRMGEP6IWIEVGL6IZMI['SQQMXXIIEXXLI z 'SPPIKISJ:IXIVMREV]1IHMGMRI8I\EW%ERH19RMZIVWMX] '66' .SRIW)ERH'SQER&. )GSPSK]SJXLIJIVEPGEX*IPMWGEXYW 0 MR ;I[SYPHPMOIXSXLERO;+VERXJSVEWWMWXERGI[MXLXLMWQSHIPERH 7SYXLIEWXIVR%YWXVEPME--6ITVSHYGXMSR%YWXVEPMER;MPHPMJI6IWIEVGL &'SPPMIVERH27MPZ]JSVLIPTJYPVIZMI[SJXLMWQERYWGVMTX;IEVIKVEXIJYPXS HSM ;6 z XLI'MX]SJ'EPH[IPP'EPH[IPP:IXIVMREV]'PMRMG0%RHIVWSRERH(V /VIFW'. )GSPSK] 8LI)\TIVMQIRXEP%REP]WMWSJ(MWXVMFYXMSR u 20'EVXIVJSVEWWMWXERGI[MXLXLMWTVSNIGXERHXSXLIVIWMHIRXWSJ ERH%FYRHERGI &IRNEQMR'YQQMRKW 7ER*VERGMWGS'% v 'EPH[IPPJSVTIVQMXXMRKYWXSGSRHYGXSYVVIWIEVGLERHJSVIRVSPPMRKXLIMV 0E*IZIV(,7GLQMHX414IVV]2(*EYPLEFIV'%0STI^66 GEXWMRSYVWXYH]8LI2EXMSREP'SYRGMPSR4IX4STYPEXMSR7XYH]ERH4SPMG] 7MPZ]2.ERH*SV]W)% 9WISJETSTYPEXMSRZMEFMPMX] TVSZMHIHJYRHMRKJSVXLMWVIWIEVGL EREP]WMWXSIZEPYEXILYQERMRHYGIHMQTEGXWERHQMXMKEXMSRJSVXLI IRHERKIVIH0S[IV/I]WQEVWLVEFFMX,YQER;MPHPMJI'SRMGXW z z 6IJIVIRGIW 0ERKLEQ24)ERH4SVXIV6) *IVEPGEXW *IPMWGEXYW0 SR %RHIVWIR1'1EVXMR&.ERH6SIQIV+; 9WISJQEXVM\2I[>IEPERHJEVQPERH-,SQIVERKI;MPHPMJI6IWIEVGL z HSM ;6 TSTYPEXMSRQSHIPWXSIWXMQEXIXLIIJGEG]SJIYXLEREWMEZIVWYWXVET 0EYFIV8&/RYXL&%8ERXMPPS.%ERH'YVXMW4( 8LIVSPI RIYXIVVIXYVRJSVQEREKIQIRXSJJVIIVSEQMRKGEXW.SYVREPSJXLI %QIVMGER:IXIVMREV]1IHMGEP%WWSGMEXMSR HSM SJIXLMGEPNYHKIQIRXWVIPEXIHXS[MPHPMJIJIVXMPMX]GSRXVSP7SGMIX] z 2EXYVEP6IWSYVGIW HSM NEZQE z 0IZ]./+EPI(;ERH+EPI0% )ZEPYEXMSRSJXLIIJJIGXSJE %WL7.ERH%HEQW') 4YFPMGTVIJIVIRGIWJSVJVIIVERKMRK PSRKXIVQXVETRIYXIVVIXYVRERHEHSTXMSRTVSKVEQSREJVIIVSEQMRKGEX HSQIWXMGGEX *IPMWGEXYW QEREKIQIRXSTXMSRW;MPHPMJI7SGMIX]&YPPIXMR TSTYPEXMSR.SYVREPSJXLI%QIVMGER:IXIVMREV]1IHMGEP%WWSGMEXMSR z HSM NEZQE %WWSGMEXMSRSJ4IX1ERYJEGXYVIVW %441%2EXMSREP4IX u z z 1ELPS[.'ERH7PEXIV16 'YVVIRXMWWYIWMRXLIGSRXVSPSJWXVE] 3[RIVW7YVZI] %QIVMGER4IX4VSHYGXW1ERYJEGXYVIVW%WWSGMEXMSR v ERHJIVEPGEXW.SYVREPSJXLI%QIVMGER:IXIVMREV]1IHMGEP%WWSGMEXMSR -RG +VIIR[MGL'8 &EVPS[2(/IER.1ERH&VMKKW'. 1SHIPPMRKXLIVIPEXMZI z 1EV^PYJJ.1&S[QER6ERH(SRRIPP]6 %LMWXSVMGEP IJGEG]SJGYPPMRKERHWXIVMPM^EXMSRJSVGSRXVSPPMRKTSTYPEXMSRW;MPHPMJI TIVWTIGXMZISRYVFERFMVHVIWIEVGL XVIRHWXIVQWERHETTVSEGLIW 6IWIEVGL HSM ;6 z -R%ZMER)GSPSK]ERH'SRWIVZEXMSRMRER9VFERM^MRK;SVPH 'EWXMPPS(ERH'PEVO%0 8VETRIYXIVVIPIEWIQIXLSHWMRIJJIGXMZIuv )HW.11EV^PYJJ6&S[QERERH6(SRRIPP] TT /PY[IV MRGSRXVSPPMRKHSQIWXMGGEXGSPSRMIWSRTYFPMGPERHW2EXYVEP%VIEW uv z %GEHIQMG4YFPMWLIVW &SWXSR1% .SYVREP z 2EXSPM)1EVEKPMERS0'EVMSPE+*EMRM%&SRERRM6'EJE^^S7ERH 'IRXSR^I0%ERH0IZ]./ 'LEVEGXIVMWXMGWSJJVIIVSEQMRK *ERXMRM' 1EREKIQIRXSJJIVEPHSQIWXMGGEXWMRXLIYVFER GEXWERHXLIMVGEVIXEOIVW.SYVREPSJXLI%QIVMGER:IXIVMREV] IRZMVSRQIRXSJ6SQI -XEP] 4VIZIRXMZI:IXIVMREV]1IHMGMRI 1IHMGEP%WWSGMEXMSRHSM NEZQE z HSM NTVIZIXQIH z 2IZMPPI4*ERH6IQJV]. )JJIGXSJRIYXIVMRKSRX[SKVSYTWSJJIVEP 'PEVOI%0ERH4EGMR8 (SQIWXMGGEXGSPSRMIWMRREXYVEPEVIEW E uv GEXW:IXIVMREV]6IGSVH KVS[MRKI\SXMGWTIGMIWXLVIEX2EXYVEP%VIEW.SYVREP z z 2YXXIV*&0IZMRI.*ERH7XSWOSTJ1/ 6ITVSHYGXMZIGETEGMX] 'SRSZIV16 6IWSPZMRK,YQER;MPHPMJI'SRMGXW XLI7GMIRGISJ u z SJJVIIVSEQMRKHSQIWXMGGEXWERHOMXXIRWYVZMZEPVEXI.SYVREPSJXLI ;MPHPMJI(EQEKI1EREKIQIRX 0I[MW4YFPMWLIVW &SGE6EXSR*0 v %QIVMGER:IXIVMREV]1IHMGEP%WWSGMEXMSR HSM *SPI]4*SPI].)0IZ]./ERH4EMO8 %REP]WMWSJXLIMQTEGX z NEZQE SJXVETRIYXIVVIXYVRTVSKVEQWSRTSTYPEXMSRWSJJIVEPGEXW.SYVREPSJXLI 3XX60ERH0SRKRIGOIV18 %R-RXVSHYGXMSRXS7XEXMWXMGEP %QIVMGER:IXIVMREV]1IHMGEP%WWSGMEXMSR HSM u z 1IXLSHWERH(EXE%REP]WMW (Y\FYV] 4EGMG+VSZI'% v NEZQE 4EWWERMWM;'1EGHSREPH(; 8LIJEXISJGSRXVSPPIHJIVEPGEX *SVVIWXIV.; -RHYWXVMEP(]REQMGW 1-84VIWW 'EQFVMHKI9/ uv GSPSRMIW9RMXIH*IHIVEXMSRJSV%RMQEP;IPJEVI6IWIEVGL6ITSVX *VI]72ERH'SRSZIV16 -RYIRGISJTSTYPEXMSRVIHYGXMSRSR 4EXVSRIO+. *VIIVSEQMRKERHJIVEPGEXWXLIMVMQTEGXSR[MPHPMJI TVIHEXSVLSQIVERKIWM^IERHWTEXMEPSZIVPET.SYVREPSJ;MPHPMJI z ERHLYQERFIMRKW.SYVREPSJXLI%QIVMGER:IXIVMREV]1IHMGEP 1EREKIQIRX HSM z %WWSGMEXMSR +IRSZIWM4&IWE1ERH8SWS7 )GSPSK]SJEJIVEPGEX*IPMWGEXYW z 4IEVP6 8LIKVS[XLSJTSTYPEXMSRW5YEVXIVP]6IZMI[SJ&MSPSK] TSTYPEXMSRMREREKVMGYPXYVEPEVIESJRSVXLIVR-XEP];MPHPMJI&MSPSK] HSM z z 4VERKI7+ILVX7(ERH;MKKIVW)4 (IQSKVETLMGJEGXSVW +MFWSR/0/IM^IV/ERH+SPHFIVK' %XVETRIYXIVERHVIPIEWI TVSKVEQJSVJIVEPGEXWSR4VMRGI)H[EVH-WPERH'EREHMER:IXIVMREV]GSRXVMFYXMRKXSLMKLVEGGSSRHIRWMXMIWMRYVFERPERHWGETIW.SYVREP SJ;MPHPMJI1EREKIQIRXHSM .SYVREP0E6IZYI:IXIVMREMVI'EREHMIRRI z z *VIIVSEQMRKGEXQEREKIQIRX;MPHPMJI6IWIEVGL 7GLQMHX410STI^66ERH'SPPMIV&% E 7YVZMZEPJIGYRHMX]:IVLYPWX4* 2SXMGIWYVPEPSMUYIPETSTYPEXMSRWYMXHERWWSR ERHQSZIQIRXWSJJVIIVSEQMRKGEXW.SYVREPSJ;MPHPMJI1EREKIQIRXEGGVSMWWIQIRX'SVVIWTSRHIRGI1EXLÍQEXMUYIIX4L]WMUYI z HSM ;LMXI+' 1SHIPMRKTSTYPEXMSRH]REQMGW-R)GSPSK]ERH u z 7GLQMHX414MIVGI&0ERH0STI^66 F )WXMQEXMRKJVII1EREKIQIRXSJ1EQQEPWMR2SVXL%QIVMGE )HW7(IQEVEMWERH v VSEQMRKGEXHIRWMXMIWMRYVFEREVIEW GSQTEVMWSRSJQEVOVIWMKLXERH66/VEYWQER TT 4VIRXMGI,EPP 9TTIV7EHHPI6MZIV2. z HMWXERGIWEQTPMRK;MPHPMJI&MSPSK]MR4VEGXMGI HSM ;MPPMEQW&/2MGLSPW.(ERH'SRVS]1. %REP]WMWERH u z [FT1EREKIQIRXSJ%RMQEP4STYPEXMSRW %GEHIQMG4VIWW 7ER(MIKS'% v 7GSXX/'0IZ]./ERH'VE[JSVH4' 'LEVEGXIVMWXMGWSJJVII;MWGSRWMR(ITEVXQIRXSJ2EXYVEP6IWSYVGIW 1SVIXLEREXXIRH VSEQMRKGEXWIZEPYEXIHMREXVETRIYXIVVIXYVRTVSKVEQ.SYVREPSJXLIWTVMRKVYPIWLIEVMRKW2I[W6IPIEWILXXT HRV[MKSZSVKGEIVGIRI[W %QIVMGER:IXIVMREV]1IHMGEP%WWSGMEXMSR HSM VFRI[WGSLXQ z NEZQE>EYRFVIGLIV/-ERH7QMXL6) 2IYXIVMRKSJJIVEPGEXWEWER 7PEXIV16 'SQQYRMX]%TTVSEGLIWXS*IVEP'EXW 4VSFPIQWEPXIVREXMZIXSIVEHMGEXMSRTVSKVEQW.SYVREPSJXLI%QIVMGER:IXIVMREV] u %PXIVREXMZIW 8LI,YQERI7SGMIX]4VIWW 1IHMGEP%WWSGMEXMSR v z ;EWLMRKXSR(' 78)00%6IWIEVGL :IVWMSR'SQTYXIV4VSKVEQ ,MKL uv 4IVJSVQERGI7]WXIQW-RG ,ERSZIV2, 7XSWOSTJ1/ERH2YXXIV*& %REP]^MRKETTVSEGLIWXSJIVEPGEX QEREKIQIRXSRIWM^IHSIWRSXXEPP.SYVREPSJXLI%QIVMGER:IXIVMREV] 1IHMGEP%WWSGMEXMSRHSM NEZQE z 1ERYWGVMTXVIGIMZIH*IFVYEV] EGGITXIH 2SZIQFIV LXXT [[[TYFPMWLGWMVSEYNSYVREPW[V )WWE] 'VMXMGEP%WWIWWQIRXSJ'PEMQW6IKEVHMRK1EREKIQIRX SJ*IVEP'EXWF]8VET§2IYXIV§6IXYVR 86%:-7032+'36)¶'%8,)6-2)6-',%2(0%96)217900-:%2 8LI9VFER;MPHPERHW+VSYT43&S\0SW%RKIPIW'% 97% ¶(ITEVXQIRXSJ+ISKVETL]9RMZIVWMX]SJ7SYXLIVR'EPMJSVRME0SW%RKIPIW'% 97% (ITEVXQIRXSJ+ISKVETL]9RMZIVWMX]SJ'EPMJSVRME0SW%RKIPIW'% 97% %FWXVEGX 1ER]NYVMWHMGXMSRWLEZIEHSTXIHTVSKVEQWXSQEREKIJIVEPGEXWF]XVET§RIYXIV§VIXYVR 826 MR [LMGLGEXWEVIXVETTIHERHWXIVMPM^IHXLIRVIXYVRIHXSXLIIRZMVSRQIRXXSFIJIHERHGEVIHJSVF]ZSPYRXIIV GEVIXEOIVW1SWXGSRWIVZEXMSRFMSPSKMWXWTVSFEFP]HSRSXVIEPM^IXLII\XIRXERHKVS[XLSJXLMWTVEGXMGIERH XLEXXLIKSEPSJWSQIPIEHMRK826EHZSGEXIWMWXLEXGEXWYPXMQEXIP]FIVIGSKRM^IHERHXVIEXIHEW©TVSXIGXIH [MPHPMJIª;IGSQTEVIHXLIEVKYQIRXWTYXJSVXLMRWYTTSVXSJ826F]QER]JIVEPGEXEHZSGEXIW[MXLXLI WGMIRXMJMGPMXIVEXYVI%HZSGEXIWTVSQSXMRK826SJXIRGPEMQXLEXJIVEPGEXWLEVQ[MPHPMJISRP]SRMWPERHWERH RSXSRGSRXMRIRXW JMPPEREXYVEPSVVIEPM^IHRMGLI HSRSXGSRXVMFYXIXSXLIHIGPMRISJREXMZIWTIGMIW ERHEVI MRWMKRMJMGERXZIGXSVWSVVIWIVZSMVWSJHMWIEWI%HZSGEXIWEPWSJVIUYIRXP]QEOIGPEMQWEFSYXXLIIJJIGXMZIRIWWSJ 826MRGPYHMRKGPEMQWXLEXGSPSRMIWSJJIVEPGEXWEVIIZIRXYEPP]IPMQMREXIHF]826ERHXLEXQEREKIHGSPSRMIW VIWMWXMRZEWMSRF]SXLIVGEXW8LIWGMIRXMJMGPMXIVEXYVIGSRXVEHMGXWIEGLSJXLIWIGPEMQW826SJJIVEPGEXWMW TVMQEVMP]ZMI[IHERHVIKYPEXIHEWERERMQEP[IPJEVIMWWYIFYXMXWLSYPHFIWIIREWERIRZMVSRQIRXEPMWWYI ERHHIGMWMSRWXSMQTPIQIRXMXWLSYPHVIGIMZIJSVQEPIRZMVSRQIRXEPEWWIWWQIRX'SRWIVZEXMSRWGMIRXMWXWLEZI EVSPIXSTPE]F]GSRHYGXMRKEHHMXMSREPVIWIEVGLSRXLIIJJIGXWSJJIVEPGEXWSR[MPHPMJIERHF]GSQQYRMGEXMRK WSYRHWGMIRXMJMGMRJSVQEXMSREFSYXXLMWTVSFPIQXSTSPMG]QEOIVW /I][SVHW I\SXMGWTIGMIWRSOMPPTVIHEXMSR826XVET§RIYXIV§VIPIEWIYVFERIGSPSK] *IPMWGEXYW )ZEPYEGMSR'VÊXMGEHIPEW(IQERHEW6IPEGMSREHEWGSRIP1ERINSHI+EXSW*IVEPIWIR4VSKVEQEWHI'ETXYVE§ )WXIVMPM^EGMSR§0MFIVEGMSR 6IWYQIR 1YGLEWNYVMWHMGGMSRIWLEREHSTXEHSTVSKVEQEWTEVEIPQERINSHIKEXSWJIVEPIWQIHMERXIPE GETXYVE§IWXIVMPM^EGMSR§PMFIVEGMSR ')0 IRPSWUYIPSWKEXSWWSREXVETEHSW]IWXIVMPM^EHSW]HIZYIPXSWEP EQFMIRXITEVEWIVEPMQIRXEHSW]GYMHEHSWTSVZSPYRXEVMSW0EQE]SVÊEHIPSWFMSPSKSWHIPEGSRWIVZEGMSR TVSFEFPIQIRXIRSGSQTVIRHIRPEI\XIRWMSR]GVIGMQMIRXSHIIWXETVEGXMGE]UYIPEQIXEHIPSWHIJIRWSVIWHI ')0IWUYIPSWKEXSWWIERVIGSRSGMHSW]XVEXEHSWGSQS©ZMHEWMPZIWXVITVSXIKMHEª'SQTEVEQSWPSWEVKYQIRXSW IRETS]SE')0TSVQYGLSWHIJIRWSVIWHIKEXSWJIVEPIWGSRPEPMXIVEXYVEGMIRXÊJMGE0SWHIJIRWSVIWUYI TVSQYIZIRIP')0WSWXMIRIRUYIPSWKEXSWJIVEPIWWSPSHEREREPEZMHEWMPZIWXVIIRMWPEW]RSIRPSWGSRXMRIRXIW Ì SGYTERYRRMGLSREXYVEPSVIEPM^EHS RSGSRXVMFY]IREPEHIGPMREGMSRHIIWTIGMIWREXMZEW]WSRZIGXSVIWS VIWIVZSVMSWHIIRJIVQIHEHMRWMKRMJMGERXIW0SWHIJIRWSVIWJVIGYIRXIQIRXIXEQFMIRWSWXMIRIRUYIPEIJIGXMZMHEH HI')0MRGPY]IRHSEVKYQIRXSWUYIPEWGSPSRMEWHIKEXSWJIVEPIWIZIRXYEPQIRXIWSRIPMQMREHEWTSV')0] UYIPEWGSPSRMEWQERINEHEWVIWMWXIRPEMRZEWMSRHISXVSWKEXSW0EPMXIVEXYVEGMIRXÊJMGEGSRXVEHMGIGEHEYRS HIIWSWEVKYQIRXSW')0HIKEXSWJIVEPIWIWZMWXE]VIKYPEHETVMRGMTEPQIRXIGSQSYREWYRXSHIFMIRIWXEV ERMQEPTIVSHIFIVÊEZIVWIGSQSYRXIQEEQFMIRXEP]PEWHIGMWMSRIWTEVEWYMQTPIQIRXEGMSRHIFIVÊERVIGMFMV YREIZEPYEGMSREQFMIRXEPJSVQEP0SWGMIRXÊJMGSWHIPEGSRWIVZEGMSRXMIRIRYRTETIPMQTSVXERXIEPVIEPM^EV MRZIWXMKEGMSRIWEHMGMSREPIWWSFVIPSWIJIGXSWHIPSWKEXSWJIVEPIWWSFVIPEZMHEWMPZIWXVI]IRPEGSQYRMGEGMSR HIMRJSVQEGMSRGMIRXÊJMGEWSPMHEEPSWXSQEHSVIWHIHIGMWMSRIW %HHVIWWGSVVIWTSRHIRGIXS8VEZMW0SRKGSVIIQEMPPSRKGSVI$YVFER[MPHPERHWSVK 4ETIVWYFQMXXIH%TVMP VIZMWIHQERYWGVMTXEGGITXIH2SZIQFIV ?'SVVIGXMSREHHIHEJXIVTYFPMGEXMSR*IFVYEV] %GETMXEPM^EXMSRIVVSVMRXLIOI][SVHW[EWEQIRHIHA :SPYQI2S § 'SRWIVZEXMSR&MSPSK] 7SGMIX]JSV'SRWIVZEXMSR&MSPSK] ' (3- N \ 8VET§2IYXIV§6IXYVRSJ*IVEP'EXW 4EPEFVEW'PEZI GETXYVE§IWXIVMPM^EGMSR§PMFIVEGMSR')0HITVIHEGMSRIGSPSKÊ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§RIYXIV§VIXYVR 826 EWEQEREKI QIRXETTVSEGL &IVOIPI] %PQSWXYRMZIVWEPP]XLIWI )RZMVSRQIRXEP)JJIGXWSJ*IVEPERH EHZSGEXIWGPEMQXLEX826MWXLISRP]TVSZIRLYQERI *VII6SEQMRK'EXW QIXLSHXSQEREKIJIVEPGEXW &IVOIPI] 2S/MPP%H ZSGEG]'IRXIV ;MRSKVEH EF 8VET§RIYXIV§VIXYVREHZSGEXIWYWIEWIVMIWSJEVKYQIRXW 8VET§RIYXIV§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§RIYXIV§VIXYVREHZSGEXIWEVKYIXLEXWXYHMIWWLS[ FIJSVIVIPIEWIXSMHIRXMJ]XVIEXIHGEXW1EREKIVWKIRIVEPP] JIIHGEXWHEMP]ERHWIIOXSGETXYVIERHWXIVMPM^IER]RI[MRKEHZIVWIIJJIGXWSJJIVEPGEXWSRMWPERHWHSRSXETTP]XS GEXW 7PEXIV GSRXMRIRXW +SVQER 0IZ] %PPI]'EX%PPMIW %RMQEPEHZSGEXIWLEZIMRGVIEWMRKP]GEPPIHJSVWLIPXIVW'EXWEVIMQTPMGEXIHMRWTIGMIWHIGPMRIWERHI\XMRGXMSRWSR XSEZSMHIYXLEREWMESJER]LIEPXL]ERMQEPWERETTVSEGLMWPERHW 2SKEPIWIXEP 8LI7XITLIRW-WPERH;VIR [EWMRJEQSYWP]HVMZIRXSI\XMRGXMSR HIWGVMFIHEW©RSOMPPª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©TVSXIGXIHLIEPXL][MPHPMJI?XLEXAWLSYPHMRLSWTMXEFPIEVIEWWIVZIEWERSRKSMRKWSYVGISJWYFWM HM^IHTVIHEXSVW ;EPXIV -R'EPMJSVRMEJSVI\EQ RSXIRXIVWLIPXIVWMRXLIJMVWXTPEGIª8LMWKVSYTFIPMIZIW TPIMRGVIEWIHTVIHEXMSRMWPMOIP]XSSGGYVMRJVEKQIRXW ©MXMWMRIZMXEFPIXLEXXLI2S/MPPTEVEHMKQ[MPPIZIRXYEPP] PIEHXSPE[WXLEXQEOIMXMPPIKEPJSVTISTPIXSXVETERHOQ[LIVITVSFEFMPMX]SJGEXTVIWIRGIMWLMKLIV 0EVKIVEVIEWEVIPMOIP]XSLEZIJI[IVGEXWFIGEYWISJXLI OMPPLIEPXL]JIVEPGEXWª 2S/MPP%HZSGEG]'IRXIV E TVIWIRGISJPEVKIVTVIHEXSVW 7SYPIIXEP 'VSSOW 826ETTVSEGLIWLEZIFIIREHSTXIHMREXPIEWXPEVKI 9VFERERHWYFYVFERLEFMXEXWMRGPYHMRK]EVHW QIXVSTSPMXEREVIEWMRXLI9RMXIH7XEXIW &IVOIPI] WIVZIEWZEPYEFPILEFMXEXJSVQMKVEXSV]ERHVIWMHIRXFMVHW 8LI,YQERI7SGMIX]SJXLI9RMXIH7XEXIW 'SRWIVZEXMSR&MSPSK] :SPYQI2S 0SRKGSVIIXEP 4IRRMRKXSRIXEP 7II[EKIR 7PE]XSR ERH 8IVFSVKL %PPI]'EX%PPMIW ;LIRMRJSVQIH WYTTSVXPSGEPERHVIKMSREPFMSHMZIVWMX] %RKSPHIXEP SJXLMWF]XIPITLSRI8IVFSVKLWEMHXLEXXLMWEVKYQIRXMW 8VEXEPSWIXEP WSGSRGIVRWEFSYXTVIHEXMSR ©ETVITSWXIVSYWI\XVETSPEXMSRERHKVSXIWUYIHMWXSVXMSRSJ F]JIVEPGEXWWLSYPHI\XIRHXSXLIWIIRZMVSRQIRXW WSQIXLMRK-HMHR¬XWE]ª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§XMQIWLMKLIVXLERWMQMPEVP]WM^IHREXMZITVIHEXSVW HIRWMX]SJHSQIWXMGGEXW 'VSSOW I -REGSQ 2S[IPP .EGOWSR 0MFIVKIXEP TEVEXMZIWXYH]MR%PEQIHE'SYRX]'EPMJSVRMEEWMXI[MXLE 'EXWQEREKIHMR826GSPSRMIWGERGSRXMRYIXSTVI]SR GSPSR]SJJIVEPGEXWLEHWMKRMJMGERXP]JI[IVVIWMHIRXFMVHW WTIGMIW[LSWITSTYPEXMSRWLEZIHIGPMRIHXSWYGLPIZIPW JI[IVQMKVERXFMVHWERHJI[IVFVIIHMRKFMVHWXLEREGSR XLEXXLI][SYPHRSXWYTTSVXREXMZITVIHEXSVW 7SYPIIX XVSPWMXI[MXLSYXGEXW ,E[OMRW +VSYRHJSVEKMRK EP 8LMWMWEJSVQSJL]TIVTVIHEXMSRWMQMPEVXS WTIGMIWRSXEFP]'EPMJSVRME5YEMP 'EPMTITPEGEPMJSVRMGE [LEXSGGYVWSRSGIERMGMWPERHW[LIVIERI\SXMGTVI] ERH'EPMJSVRME8LVEWLIVW [IVI 8S\SWXSQEVIHMZMZYQ WTIGMIW IKVEXW WYTTSVXWERI\SXMGTVIHEXSV IKGEXW TVIWIRXEXXLIGSRXVSPWMXIFYXRIZIVSFWIVZIHEXXLIWMXI XLEXXLIRHIZEWXEXIWREXMZITVI] 'SYVGLEQTIXEP [MXLGEXW2EXMZIVSHIRXHIRWMX][EWHVEWXMGEPP]VIHYGIH ;SSHWIXEP 3[RIHGEXWEPWSXLVIEXIRREXMZITVI] EXXLIWMXI[MXLGEXW[LIVIEWI\SXMGLSYWIQMGI 1YW TSTYPEXMSRW[LIRXLI]EVIEPPS[IHXSVSEQSYXHSSVW [IVIQSVIGSQQSR ,E[OMRW -R&VMW QYWGYPYW EPXLSYKLXLMWIJJIGXHIGVIEWIW EWMXHSIWJSVJIVEPGEXW XSP9RMXIH/MRKHSQ&EOIVIXEP GEPGYPEXIHXLEX [MXLXLITVIWIRGISJPEVKIVTVIHEXSVWERHLEVWL[IEXLIV XLITVIHEXMSRVEXIWF]GEXWSRFMVHWTIGMIWMRERYVFER 'VSSOW I /E]W (I;ER *IIHMRKF] EVIEMWLMKLVIPEXMZIXSERRYEPTVSHYGXMZMX][LMGLPIHXLI LYQERWVIHYGIWXLIEZIVEKIVERKIWM^ISJJVIIVSEQMRK EYXLSVWXSWYKKIWXXLEXXLIEVIEYRHIVWXYH]QE]FIE GEXWFYXMRGVIEWIWHIRWMXMIWGSRGIRXVEXMRKTVIHEXMSRSR LEFMXEXWMRO8LIJIEVSJGEXWI\LMFMXIHF]FMVHWGERVIWYPX [MPHPMJI[LIVIJIIHMRKSGGYVW 7GLQMHXIXEP MRTSTYPEXMSRHIGPMRIWIZIRMJTVIHEXMSRMWPS[SVEFWIRX 'SRXVEV]XSGPEMQWXLEX[IPPJIHGEXWTSWIPMXXPIXLVIEX &IGOIVQERIXEP XS[MPHPMJILYRXMRKERHLYRKIVEVIRSXPMROIHMRHSQIW 1SWXHMWGYWWMSRSJXLIIJJIGXWSJJIVEPGEXWSR[MPHPMJI XMGGEXW %HEQIG )ZIR[IPPJIHGEXWLYRXERHOMPP GSRGIRXVEXIWSRFMVHW'EXEHZSGEXIWGSVVIGXP]EVKYIXLEX PM^EVHWWQEPPQEQQEPWFMVHWERHMRWIGXW 0MFIVK FMVHWEVIWIGSRHEV]TVI]MXIQWJSVGEXWYRHIVQSWX FYX 'EWXMPPS 'PEVOI ,YXGLMRKW %GPEWWMGWXYH] RSXEPP GMVGYQWXERGIW +MPPMIW 'PSYX ,YXGLMRKW HSGYQIRXIHGSRXMRYSYWOMPPWF]XLIWEQI[IPPJIH &YXIZIREWEWIGSRHEV]TVI]MXIQXLIRYQFIVSJ LSYWIGEXWSZIV]IEVW +ISVKI FMVHWOMPPIHMWZEWXERHIZEPYEXMSRSJXLIMQTSVXERGISJ WYGLQSVXEPMX]VIUYMVIWWTIGMIWF]WTIGMIWGSRWMHIVEXMSR 'PEMQ *IVEP'EXW(S2SX'SRXVMFYXIXSXLI(IGPMRIWSJ2EXMZI &EOIVIXEP 'EXTVIHEXMSRSRQEQQEPW ,E[OMRW 7TIGMIW &EOIVIXEP 1IGOWXVSXLIXEP VITXMPIW 8VET§RIYXIV§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§RIYXIV§VIXYVREHZSGEXIWGMXIXLI[SVOSJ.SLRPMSRFMVHWERHWQEPPQEQQEPWOMPPIHTIV]IEVMR)RKPERH 8IVFSVKLEWZMRHMGEXMRKGEXWEWEGEYWISJHIGPMRISJ2SVXL%PXLSYKLXLMWI\XVETSPEXMSRMWSJXIRGVMXMGM^IHJSVXLIPMQ %QIVMGERFMVHWFIGEYWILIHMHRSXWTIGMJMGEPP]QIRXMSRMXIHKISKVETLMGWGSTIERHRYQFIVSJGEXWWXYHMIH;SSHW XLIQMRLMWTETIVSRXLIHIGPMRISJ%QIVMGERWSRKFMVHW IXEP GSRJMVQIHERHVIJMRIHXLMWVIWYPX[MXLE 'SRWIVZEXMSR&MSPSK] :SPYQI2S 8VET§2IYXIV§6IXYVRSJ*IVEP'EXW PEVKIVWEQTPIWM^IERHKISKVETLMGEVIEXLEXMRGPYHIH)RK XEGX[MXLSSG]WXWMRWSMPZIKIXEXMSRSV[EXIV %JSRWSIX PERH7GSXPERHERH;EPIW*VSQEWYVZI]SJGEXS[R EP *IVEPGEXWEVIZIGXSVWJSVXVERWQMWWMSRSJVEFMIW IVWXLEXHSGYQIRXIHTVI]VIXYVRIHF] GEXW;SSHW XSLYQERW 4EXVSRIO 3ZIV SJXLITVSTL]PEGXMG IXEP IWXMQEXIHXLEXXLI QMPPMSRGEXWMR&VMXEMR XVIEXQIRXWEHQMRMWXIVIHXSLYQERWMRXLI9RMXIH7XEXIW OMPPEXPIEWX§QMPPMSRQEQQEPW§ QMPPMSRFMVHW JSVTSWWMFPII\TSWYVIXSVEFMIWVIWYPXIHJVSQGSRXEGX[MXL ERH§QMPPMSRVITXMPIWIEGLWYQQIV-R2SVXL%QIVMGE WXVE]SVJIVEPGEXW 1SSVIIXEP 0EFSVEXSV]WXYHMIW 'SPIQERERH8IQTPI HIZIPSTIHIWXMQEXIWSJGEX WLS[XLEXGEXWI\TSWIHXSEZMERJPY ,2 GSRXVEGXXLI HIRWMXMIWMR;MWGSRWMRERHEWWSGMEXIHQSVXEPMX]SJ §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§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´GEG]SJ826 SJVSYRH[SVQIKKWMRWSMPVIEGLIH SJEPPWEQTPIW (YFREIXEP %RHIVWSRIXEP GSRGPYHIXLEX *IVEPGEXEHZSGEXIWVIKYPEVP]EWWIVXXLEX826©[SVOWª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§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©8LIIJ EP (SGYQIRXIHI\EQTPIWSJHVEQEXMGTSTYPEXMSR JIGXMZIRIWWSJXLITVSKVEQ[EWHIQSRWXVEXIHF]XLIPS[ HIGPMRIWEX826WMXIWEVIJVSQTVSKVEQWMRPMQMXIHKIS XYVRSZIVERHMQTVSZIHLIEPXLSJXLIGSPSR]SZIVXLI KVETLMGEVIEWXLEX[IVIMQTPIQIRXIH[MXLTEVXMGMTEXMSR ]IEVTIVMSHªFYXXLIGSPSR]WM^ISRP]HIGVIEWIHJVSQ SJXLIVIWIEVGLIVWXLIQWIPZIW IK,YKLIW 7PEXIV XS >EYRFVIGLIV 7QMXL %RSXLIVWIQMREP 0IZ]IXEP 4VSKVEQWMQTPIQIRXIHF]VIWIEVGLIVW WXYH]YWIHXSWYTTSVXXLIRSXMSRXLEX826[SVOW[EW EVIPMOIP]XSFIQYGLQSVIXLSVSYKLXLERTVSKVEQWMQ FEWIHSRXLIEWWYQTXMSRXLEXJIVEPGEXW[IVIHIWMVIHEX TPIQIRXIHI\GPYWMZIP]F]ZSPYRXIIVW WIIEPWSI\EQTPIW EPSGEXMSRMR[LMGLGEWI826[SYPHTVSHYGIE©WXEFPI MR.IWWYT LIEPXL]ERHQEREKIEFPIGSPSR]ª 2IZMPPI 7MQM %WWIVXMSRWSJGSPSR]HIGPMRIWSJXIREVIWYTTSVXIHSRP] PEVP]E*PSVMHEGSYRX]MQTPIQIRXIH826©XSHIGVIEWI F]VIJIVIRGIXS;IFWMXIWIZIRMRTIIVVIZMI[IHEVXMGPIW XLIRYQFIVSJLIEPXL]GEXWIYXLERM^IHHIGVIEWIXLIGSWXW +MFWSRIXEP *I[TYFPMWLIHWGMIRXMJMGWXYHMIWHSG XSXLIGSYRX]ERHHIGVIEWIGSQTPEMRXWª ,YKLIWIXEP YQIRXXLIEGXYEPHMWETTIEVERGISJEGSPSR]XLVSYKL826 -RGSRXVEWXGSRWIVZEXMSRWGMIRXMWXWERH[MPHPMJI ERHXLIRSRP]EJXIVQER]]IEVWSJGSRWXERXIJJSVX IK ZIXIVMREVMERWQIEWYVIWYGGIWWSJEJIVEPGEXQEREKIQIRX 0IZ]IXEP 7XSWOSTJ 2YXXIV TVSKVEQF]XLIHIGPMRIERHIPMQMREXMSRSJJVIIVSEQMRK GEXW IK.IWWYT 2SKEPIWIXEP 'PEMQ 8VET§2IYXIV§6IXYVR'SPSRMIW6IWMWX-RZEWMSR *IVEPGEXEHZSGEXIWYWYEPP]EVKYIXLEXQEREKIHGSPSRMIW EVIWXEFPIERHVIWMWXMRZEWMSRF]GEXWJVSQWYVVSYRHMRK 'PEMQ 8VET§2IYXIV§6IXYVR)PMQMREXIW'SPSRMIWYRHIV 4VIZEMPMRK'SRHMXMSRW EVIEW &IVOIPI] FYXXLMWEWWIVXMSRMWRSXGSRWMWXIRX [MXLWGMIRXMJMGPMXIVEXYVISVVITSVXWJVSQ826GSPSRMIW 7YTTSVXIVWSJ826EWWIVXXLEXQEREKIHGSPSRMIWWPS[P] 7XYPP *SVI\EQTPI0IZ]IXEP HSGYQIRXIH WLVMROXLVSYKLEXXVMXMSR1EXLIQEXMGEPQSHIPWSJJIVEP GEXWQSZMRKFIX[IIRMHIRXMJMIHGSPSRMIWERHXSERHJVSQ GEXTSTYPEXMSRWMRHMGEXIXLEX§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§ HIGVIEWIMRTSTYPEXMSRWM^IEGVSWWGSPSRMIW 'SRGPYWMSRW FYXGSRGPYHIHXLEX826[EW©E[EWXISJXMQIIRIVK] ERHQSRI]ª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§2IYXIV§6IXYVRSJ*IVEP'EXW IRZMVSRQIRXEPIJJIGXWRSVQEPP]VIUYMVI +PEWWSRIXEP 'EPLSSR6)ERH',EWTIP 9VFERGEXTSTYPEXMSRWGSQTEVIH F]WIEWSRWYFLEFMXEXERHWYTTPIQIRXEPJIIHMRK.SYVREPSJ%RMQEP 8LMWTVSFEFP]VIWYPXWJVSQXLITIVGITXMSRSJ )GSPSK]§ 826EWERERMQEP[IPJEVIVEXLIVXLERIRZMVSRQIRXEP 'EWXMPPS(ERH%0'PEVOI8VETRIYXIVVIPIEWIQIXLSHWMR QIEWYVI IJJIGXMZIMRGSRXVSPPMRKHSQIWXMGGEX©GSPSRMIWªSRTYFPMGPERHW 8LIPEGOSJJSVQEPIRZMVSRQIRXEPVIZMI[SJ826QEOIW 2EXYVEP%VIEW.SYVREP§ MXHMJJMGYPXJSVWGMIRXMWXWXVYWXIIEKIRGMIWERHGSRWIVZE 'IRXSR^I0%ERH./0IZ]'LEVEGXIVMWXMGWSJJVIIVSEQMRK GEXWERHXLIMVGEVIXEOIVW.SYVREPSJXLI%QIVMGER:IXIVMREV]1IHMGEP XMSRMWXWXSKMZIMRTYX;IYVKIKVIEXIVIRKEKIQIRXJVSQ %WWSGMEXMSR§ GSRWIVZEXMSRWGMIRXMWXWEXPSGEPXSREXMSREPPIZIPWXSGSQ 'LSQIP&&6;/EWXIR/*PS]H,E[OMRW&'LM/=EQEQSXS. QYRMGEXIXLEXQEREKIQIRXSJJIVEPGEXWMWRSXNYWXER 6SFIVXW;MPWSR%2+YVJMIPH6'%FFSXX2'4IHIVWIRERH. ERMQEP[IPJEVIMWWYI7GMIRXMWXWERHGSRWIVZEXMSRMWXWLEZI )/SILPIV )\TIVMQIRXEPXVERWQMWWMSRSJ &EVXSRIPPELIRWIPEI ERMQTSVXERXVSPIXSTPE]F]GSRHYGXMRKVIWIEVGLSRJIVEP F]XLIGEXJPIE.SYVREPSJ'PMRMGEP1MGVSFMSPSK] § 'LYVGLIV4&ERH.,0E[XSR 4VIHEXMSRF]HSQIWXMGGEXWMR GEXWERHTVSZMHMRKGVIHMFPIWGMIRXMJMGMRJSVQEXMSRXSVI ER)RKPMWLZMPPEKI.SYVREPSJ>SSPSK]0SRHSR § WSYVGIQEREKIVWJYRHMRKEKIRGMIWJSYRHEXMSRWERHTSP 'PMJJSVH(0.%/1E^IX).(YFSZM(/+EVGIPSR8.'SSRER MG]QEOIVWEFSYXXLIEHZIVWIIGSPSKMGEPGSRWIUYIRGIW 4%'SRVEHERH01YRWSR4EXLSKIRI\TSWYVIMRIRHER SJGSRHSRMRKXLIMRHIJMRMXIQEMRXIRERGISJJIVEPGEX KIVIHMWPERHJS\ TSTYPEXMSRW MQTPMGEXMSRWJSV 9VSG]SRPMXXSVEPMW GSPSRMIWXLVSYKLEHSTXMSRSJ826EWETVIJIVVIHQER GSRWIVZEXMSRQEREKIQIRX&MSPSKMGEP'SRWIVZEXMSR§ 'SPIQER.7ERH7%8IQTPI 3RXLITVS[P;MWGSRWMR2EXYVEP EKIQIRXWGLIQI 6IWSYVGIW§ 'SRVEH4%1%1MPPIV'/VIYHIV)6.EQIW.1E^IX,(EFVMX^ (%.IWWYT*+YPPERHERH1)+VMKK8VERWQMWWMSRSJ GPYIWJVSQXLIWXYH]SJWIESXXIVWEWWIRXMRIPWSJ 8S\STPEWQE8S\ %GORS[PIHKQIRXW JPS[MRXSXLIQEVMRIIRZMVSRQIRX-RXIVREXMSREP STPEWQEKSRHMM .SYVREPJSV4EVEWMXSPSK]§ ;IXLERO(%.IWWYT,7;EPXIVERHJSYVERSR]QSYW 'SYVGLEQT*10ERKPEMWERH+7YKMLEVE6EFFMXWOMPPMRKFMVHW QSHIPPMRKXLIL]TIVTVIHEXMSRTVSGIWW.SYVREPSJ%RMQEP)GSPSK] VIZMI[IVWJSVGSRWXVYGXMZIGVMXMUYIWSJXLMWQERYWGVMTX § 'VSSOW/66IPEXMZIWIRWMXMZMXMIWSJQEQQEPMERGEVRMZSVIWXS LEFMXEXJVEKQIRXEXMSR'SRWIVZEXMSR&MSPSK] § 0MXIVEXYVI'MXIH 'VSSOW/6ERH1)7SYPI 1IWSTVIHEXSVVIPIEWIERHEZMJEYREP I\XMRGXMSRWMREJVEKQIRXIHW]WXIQ2EXYVI§ %HEQIG6) 8LIMRXIVEGXMSRSJLYRKIVERHTVI]MRKMRXLI (EFVMX^,%)6%X[MPP-%+EVHRIV1%1MPPIVERH4%'SRVEH HSQIWXMGGEX EREHETXMZILMIVEVGL]#&ILEZMSVEP&MSPSK] *IPMWGEXYW 3YXHSSVJIGEPHITSWMXMSRF]JVIIVSEQMRKGEXWERHEXXMXYHIW § SJGEXS[RIVWERHRSRS[RIVWXS[EVHWXVE]TIXW[MPHPMJIERH[EXIV %JSRWS)48LYPPMI^ERH)+MPSX*VSQSRX8VERWQMWWMSRSJ TSPPYXMSR.SYVREPSJXLI%QIVMGER:IXIVMREV]1IHMGEP%WWSGMEXMSR MRERYVFERTSTYPEXMSRSJHSQIWXMGGEXW 8S\STPEWQEKSRHMM*IPMW § -RXIVREXMSREP.SYVREPJSV4EVEWMXSPSK]§ GEXYW (EFVMX^,%1%1MPPIV)6%X[MPP-%+EVHRIV'10IYXIRIKKIV %OYGI[MGL0,/4LMPQER%'PEVO.+MPPIWTMI+/YROPI'* %'1IPPMERH4%'SRVEH(IXIGXMSRSJ 2MGOPMRERH)'+VIMRIV4VIZEPIRGISJIGXSTEVEWMXIWMR 8S\STPEWQEKSRHMM PMOISSG]WXWMRGEXJIGIWERHIWXMQEXIWSJXLIIRZMVSRQIRXEPSSG]WX ETSTYPEXMSRSJJIVEPGEXWJVSQRSVXLGIRXVEP*PSVMHEHYVMRKXLI FYVHIR.SYVREPSJXLI%QIVMGER:IXIVMREV]1IHMGEP%WWSGMEXMSR WYQQIV:IXIVMREV]4EVEWMXSPSK] § § %PPI]'EX%PPMIW9RHIVWXERHMRKGEXWERHTVIHEXMSR%PPI]'EX (YFI].4 *IPMRIXS\STPEWQSWMWERHGSGGMHMSWMW EWYVZI]SJ %PPMIW&IXLIWHE1EV]PERH HSQMGMPIHERHWXVE]GEXW.SYVREPSJXLI%QIVMGER:IXIVMREV]1IHMGEP %RHIVWIR1'&.1EVXMRERH+;6SIQIV9WISJQEXVM\ %WWSGMEXMSR § TSTYPEXMSRQSHIPWXSIWXMQEXIXLIIJJMGEG]SJIYXLEREWMEZIVWYWXVET (YFRE7-0ERKVSZE-.EROSZWOE.:EHPINGL74IOEV.2ETVEZRÊO RIYXIVVIXYVRJSVQEREKIQIRXSJJVIIVSEQMRKGEXW.SYVREPSJXLI ERH.*IGLXRIV'SRXEQMREXMSRSJWSMP[MXLIKKW %QIVMGER:IXIVMREV]1IHMGEP%WWSGMEXMSR § 8S\SGEVE MRYVFER 4VEKYI ERHVYVEPEVIEWMRXLI'^IGL6ITYFPMG:IXIVMREV] %RHIVWSR8'+;*SWXIVERH(.*SVVIWXIV,SSO[SVQWSJ 4EVEWMXSPSK] § JIVEPGEXWMR*PSVMHE:IXIVMREV]4EVEWMXSPSK] § *SPI]4.)*SPI]./0IZ]ERH84EMO%REP]WMWSJXLIMQTEGX %RKSPH4+IXEP&MSHMZIVWMX]MRYVFERLEFMXEXTEXGLIW7GMIRGI SJXVETRIYXIVVIXYVRTVSKVEQWSRTSTYPEXMSRWSJJIVEPGEXW.SYVREP SJXLI8SXEP)RZMVSRQIRX § SJXLI%QIVMGER:IXIVMREV]1IHMGEP%WWSGMEXMSR§ %WOMRW6% ,SWXMPIPERHWGETIWERHXLIHIGPMRISJQMKVEXSV] +EPFVIEXL6ERH(&VS[R8LIXEPISJXLIPMKLXLSYWIOIITIV¬W WSRKFMVHW7GMIRGI § GEX HMWGSZIV]ERHI\XMRGXMSRSJXLI7XITLIRW-WPERH[VIR &EOIV4.6.%RWIPP4%%(SHHW');IFFIVERH7,EVVMW 8VEZIVWME 2SXSVRMW § *EGXSVWEJJIGXMRKXLIHMWXVMFYXMSRSJWQEPPQEQQEPWMRERYVFEREVIE P]EPPM +ISVKI;+ (SQIWXMGGEXWEWTVIHEXSVWERHJEGXSVWMR[MRXIV 1EQQEP6IZMI[ § WLSVXEKIWSJVETXSVTVI];MPWSR&YPPIXMR § &EOIV4.%.&IRXPI]6.%RWIPPERH7,EVVMW-QTEGXSJ +MFWSR/0//IM^IVERH'+SPHMRK%XVETRIYXIVERH TVIHEXMSRF]HSQIWXMGGEXWMRERYVFEREVIE1EQQEP *IPMWGEXYW VIPIEWITVSKVEQJSVJIVEPGEXWSR4VMRGI)H[EVH-WPERH'EREHMER 6IZMI[§ :IXIVMREV].SYVREP § &EVVS[W404VSJIWWMSREPIXLMGEPERHPIKEPHMPIQQEWSJXVET +MPPMIW'ERH1'PSYX8LITVI]SJHSQIWXMGGEXW RIYXIVVIPIEWI.SYVREPSJXLI%QIVMGER:IXIVMREV]1IHMGEP%WWSGME *IPMWGEXYW MRX[SWYFYVFWSJ%YGOPERH'MX]2I[>IEPERH.SYVREPSJ>SSPSK] XMSR§ 0SRHSR § &IGOIVQER%41&SSXWERH/.+EWXSR9VFERFMVHHIGPMRIW +PEWWSR.68LIVMZIPERH%'LEH[MGO -RXVSHYGXMSRXSIRZM ERHXLIJIEVSJGEXW%RMQEP'SRWIVZEXMSR§ VSRQIRXEPMQTEGXEWWIWWQIRX TVMRGMTPIWERHTVSGIHYVIWTVSGIWW &IVOIPI])4826TEWXTVIWIRXERHJYXYVI ELMWXSV]SJXLI TVEGXMGIERHTVSWTIGXW9'04VIWW0SRHSR XVETRIYXIVVIXYVRQSZIQIRX%PPI]'EX%PPMIW;EWLMRKXSR(' 'SRWIVZEXMSR&MSPSK] :SPYQI2S 0SRKGSVIIXEP +SVQER7ERH.0IZ]%TYFPMGTSPMG]XS[EVHXLIQEREKIQIRXERHXIVVIWXVMEPGEVRMZSVIWJVSQGSEWXEP'EPMJSVRME RI[PMROEKIWFI SJJIVEPGEXW4MIVGI0E[6IZMI[§ X[IIRXIVVIWXVMEPQEQQEPWVYRSJJERHXS\STPEWQSWMWSJWIESXXIVW ,E[OMRW'' -QTEGXSJEWYFWMHM^IHI\SXMGTVIHEXSVSRRE-RXIVREXMSREP.SYVREPJSV4EVEWMXSPSK] § XMZIFMSXE IJJIGXSJLSYWIGEXW SR'EPMJSVRMEFMVHWERH1SSVI(%;17MWGLS%,YRXIVERH81MPIW%RMQEPFMXI *IPMWGEXYW VSHIRXW4L(HMWWIVXEXMSR;MPHPMJIERH*MWLIVMIW7GMIRGIW8I\EWITMHIQMSPSK]ERHWYVZIMPPERGIJSVVEFMIWTSWXI\TSWYVITVSTL]PE\MW % .SYVREPSJXLI%QIVMGER:IXIVMREV]1IHMGEP%WWSGMEXMSR § ,YKLIW/0ERH167PEXIV-QTPIQIRXEXMSRSJEJIVEPGEX QEREKIQIRXTVSKVEQSREYRMZIVWMX]GEQTYW.SYVREPSJ%TTPMIH2EXSPM)01EVEKPMERS+'EVMSPE%*EMRM6&SRERRM7'EJE^^S %RMQEP;IPJEVI7GMIRGI§ ERH'*ERXMRM1EREKIQIRXSJJIVEPHSQIWXMGGEXWMRXLI ,YKLIW/0167PEXIVERH0,EPPIV8LIIJJIGXWSJMQTPIYVFERIRZMVSRQIRXSJ6SQI -XEP] 4VIZIRXMZI:IXIVMREV]1IHMGMRI QIRXMRKEJIVEPGEXWTE]RIYXIVTVSKVEQMRE*PSVMHEGSYRX]ERMQEP § GSRXVSPWIVZMGI.SYVREPSJ%TTPMIH%RMQEP;IPJEVI7GMIRGI §2IZMPPI4 ,YQERIGSRXVSPSJERYVFERGEXGSPSR]-RXIVREXMSREP 4IWX'SRXVSP§ ,YXGLMRKW78LIHMIXSJJIVEPLSYWIGEXW EXEVIKMSREP2IZMPPI42 *IVEPGEXW QEREKIQIRXSJYVFERTSTYPEXMSRWERH *IPMWGEXYW VYFFMWLXMT:MGXSVME;MPHPMJI6IWIEVGL§TIWXTVSFPIQWF]RIYXIVMRK4EKIW§ MR6.4YXQERIHMXSV -ZIVWSR.& 8LIMQTEGXSJJIVEPGEXWERHHSKWSRTSTYPEXMSRWSJ1EQQEPWEWTIWXW/PY[IV0SRHSR XLI;IWX-RHMERVSGOMKYERE&MSPSKMGEP'SRWIV2S/MPP%HZSGEG]'IRXIV%QSHIPJIVEPGEXTSPMG]2S/MPP ']GPYVEGEVMREXEE ZEXMSR§7LIPXIVMRK2SZIQFIV(IGIQFIV § .IWWYT(%8LI[IPJEVISJJIVEPGEXWERH[MPHPMJI.SYVREPSJXLI2S/MPP%HZSGEG]'IRXIV8LIRSOMPPIUYEXMSR2S/MPP7LIPXIVMRK F %QIVMGER:IXIVMREV]1IHMGEP%WWSGMEXMSR§ .YP]%YKYWX § .IWWYT(%/'4IXXER0.0S[IRWXMRIERH2'4IHIVWIR *I2SKEPIW1%1EVXÊR&68IVWL]'.(SRPER(:IMXGL24YIVXE PMRIPIYOIQMEZMVYWMRJIGXMSRERHVIREPWTMVSGLIXSWMWMRJVIIVERKMRK&;SSHERH.%PSRWS%VIZMI[SJJIVEPGEXIVEHMGEXMSRSR GSYKEV .SYVREPSJ>SSERH;MPHPMJI1IHMGMRI§MWPERHW'SRWIVZEXMSR&MSPSK]§ *IPMWGSRGSPSV 2SVVMW.1)8&IPP0,EPIW.%8SVMFMS.(;LMXI(-;MKRI]6 /E]W6;ERH%%(I;ER)GSPSKMGEPMQTEGXSJMRWMHISYXWMHI1&EVEPERH61EPMO4VIZEPIRGISJJIPMRIMQQYRSHIJMGMIRG] LSYWIGEXWEVSYRHEWYFYVFERREXYVITVIWIVZI%RMQEP'SRWIVZEXMSRZMVYWMRJIGXMSRMRHSQIWXMGEXIHERHJIVEPGEXWMRIEWXIVR%YWXVEPME § .SYVREPSJ*IPMRI1IHMGMRIERH7YVKIV]§ 0II-8./0IZ]74+SVQER4''VE[JSVHERH167PEXIV2S[IPP/ERH4.EGOWSRIHMXSVW 7XEXYWWYVZI]ERHGSRWIV 4VIZEPIRGISJJIPMRIPIYOIQMEZMVYWMRJIGXMSRERHWIVYQERZEXMSREGXMSRTPER [MPHGEXW-9'2+PERH7[MX^IVPERHERH'EQ XMFSHMIWEKEMRWXJIPMRIMQQYRSHIJMGMIRG]ZMVYWMRYRS[RIHJVIIFVMHKI9RMXIH/MRKHSQ VSEQMRKGEXW.SYVREPSJXLI%QIVMGER:IXIVMREV]1IHMGEP%WWSGME2YXXIV*&.4(YFI].*0IZMRI)&&VIMXWGL[IVHX6&*SVH XMSR§ERH1/7XSWOSTJ7IVSTVIZEPIRGIWSJERXMFSHMIWEKEMRWX 0ITG^]O'%%+1IVXMKERH.0MY0ERHS[RIVWERHGEXERHERHJIGEPWLIHHMRK &EVXSRIPPELIRWIPEI8S\STPEWQEKSRHMM TVIHEXMSREGVSWWVYVEPXSYVFERPERHWGETIW&MSPSKMGEP'SRWIVZEXMSRSJWTTWTTERHMRJIVEP 'V]TXSWTSVMHMYQ+MEVHME8S\SGEVEGEXM §ERHTIXHSQIWXMGGEXW.SYVREPSJXLI%QIVMGER:IXIVMREV]1IHMGEP 0IZ]./ERH4''VE[JSVH,YQERIWXVEXIKMIWJSVGSRXVSPPMRK%WWSGMEXMSR § JIVEPGEXTSTYPEXMSRW.SYVREPSJXLI%QIVMGER:IXIVMREV]1IHMGEP4EXVSRIO+. *VIIVSEQMRKERHJIVEPGEXW¨XLIMVMQTEGXSR %WWSGMEXMSR§[MPHPMJIERHLYQERFIMRKW.SYVREPSJXLI%QIVMGER:IXIVMREV]1IH 0IZ]./(;+EPIERH0%+EPI)ZEPYEXMSRSJXLIIJJIGXMGEP%WWSGMEXMSR § SJEPSRKXIVQXVETRIYXIVVIXYVRERHEHSTXMSRTVSKVEQSREJVII4IRRMRKXSR(2.,ERWIPERH6&&PEMV 8LIGSRWIVZEXMSR VSEQMRKGEXTSTYPEXMSR.SYVREPSJXLI%QIVMGER:IXIVMREV]1IHMGEPZEPYISJYVFERVMTEVMEREVIEWJSVPERHFMVHWHYVMRKWTVMRKQMKVEXMSR %WWSGMEXMSR§PERHGSZIVWGEPIERHZIKIXEXMSRIJJIGXW&MSPSKMGEP'SRWIVZEXMSR 0MFIVK3 *SSHLEFMXWERHTVI]MQTEGXF]JIVEPERHLSYWIFEWIH§ HSQIWXMGGEXWMREVYVEPEVIEMRWSYXLIVR7[IHIR.SYVREPSJ1EQ6EQ.0&8LSQTWSR'8YVRIV.12IGLZEXEP,7LIILERERH QEPSK]§.&SFVMR-HIRXMJMGEXMSRSJTIXWERHVEGGSSRWEWWSYVGIWSJ 0MFIVK317ERHIPP(4SRXMIVERH)2EXSPM(IRWMX]WTEXMEPFEGXIVMEPGSRXEQMREXMSRSJYVFERWXSVQWI[IVWYWMRKEWIUYIRGI SVKERMWEXMSRERHVITVSHYGXMZIXEGXMGWMRXLIHSQIWXMGGEXERHSXLIVFEWIHFEGXIVMEPWSYVGIXVEGOMRKQIXLSH;EXIV6IWIEVGL§ JIPMHW4EKIW §MR('8YVRIVERH4&EXIWSRIHMXSVW8LI HSQIWXMGGEX XLIFMSPSK]SJMXWFILEZMSYV'EQFVMHKI9RMZIVWMX]6MQQIP^[EER+*(ZER6MIP1&EEVW81&IWXIFVSIV+ZER 4VIWW'EQFVMHKI9RMXIH/MRKHSQ%QIVSRKIR6%1*SYGLMIV%(1)3WXIVLEYWERH8 0S[I71&VS[RIERH7&SYHNIPEWSJXLI[SVPH¬W[SVWX/YMOIR-RJPYIR^E%ZMVYW ,2 MRJIGXMSRMRGEXWGEYWIW MRZEWMZIEPMIRWTIGMIW EWIPIGXMSRJVSQXLIKPSFEPMRZEWMZIWTIGMIWW]WXIQMGHMWIEWI[MXLTSXIRXMEPRSZIPVSYXIWSJZMVYWWTVIEH[MXLMR HEXEFEWI-RZEWMZI7TIGMIW7TIGMEPMWX+VSYT-RXIVREXMSREP9RMSRJSVERHFIX[IIRLSWXW%QIVMGER.SYVREPSJ4EXLSPSK]§ 'SRWIVZEXMSRSJ2EXYVI%YGOPERH2I[>IEPERH 0YVME&../0IZ]160ETTMR)&&VIMXWGL[IVHX%10IKIRHVI6SIPOI1)(.*SVVIWXIV)6.EGSFWSR+:/SPPMEW*;7GSXX .%,IVRERHI^74+SVQERERH-80II4VIZEPIRGISJ1'&EVV.*)ZIVQERRERH)'4MVXPI 7IVSTVIZEPIRGI MRJIGXMSYWHMWIEWIWMRJIVEPGEXWMR2SVXLIVR*PSVMHE.SYVREPSJ*IPMRISJMRJIGXMSYWHMWIEWIEKIRXWMRJVIIVERKMRK*PSVMHETERXLIVW *IPMW 1IHMGMRIERH7YVKIV] § .SYVREPSJ;MPHPMJI(MWIEWIW§ GSRGSPSVGSV]M 1E]61 'SRXVSPSJJIPMRIHIPMRUYIRG]2EXYVI § 7GLQMHX41660STI^ERH&%'SPPMIV7YVZMZEPJIGYRHMX] 1IGOWXVSXL%1%/1MPIWERH7'LERHVE(MIXWSJMRXVSHYGIHERHQSZIQIRXWSJJVIIVSEQMRKGEXW.SYVREPSJ;MPHPMJI1EREKI TVIHEXSVWYWMRKWXEFPIMWSXSTIWERHWXSQEGLGSRXIRXW.SYVREPSJQIRX § ;MPHPMJI1EREKIQIRX § 7II[EKIR'0ERH).7PE]XSR 1EWWGLERKIWSJQMKVEXSV] 1MPPIV1%IXEP'SEWXEPJVIWL[EXIVVYRSJJMWEVMWOJEGXSVPERHFMVHWHYVMRKWXSTSZIVWMRE2I[=SVO'MX]TEVO;MPWSR.SYVREP JSVMRJIGXMSRSJWSYXLIVRWIESXXIVW SJ3VRMXLSPSK] § 8S\STPEWQEKSRHMM)RL] -RXIVREXMSREP.SYVREPJSV4EVEWMXSPSK] §7LE[7)6.&MVXPIWERH1.(E]%VXLVSTSHXVERWQMXXIH HVEPYXVMWRIVIMW MRJIGXMSYWHMWIEWIWSJGEXW.SYVREPSJ*IPMRI1IHMGMRIERH7YVKIV] 1MPPIV1%IXEP 8]TI<MRE[MPHQYWWIP § 8S\STPEWQEKSRHMM 'SRWIVZEXMSR&MSPSK] :SPYQI2S 8VET§2IYXIV§6IXYVRSJ*IVEP'EXW 7PEXIV16'SQQYRMX]ETTVSEGLIWXSJIVEPGEXW TVSFPIQWEPXIV;EPPEGI.0ERH./0IZ]4STYPEXMSRGLEVEGXIVMWXMGWSJ REXMZIWERHVIGSQQIRHEXMSRW,YQERI7SGMIX]4VIWW;EWLMRKXSRJIVEPGEXWEHQMXXIHXSWIZIRXVETRIYXIVVIXYVRTVSKVEQWMRXLI ('9RMXIH7XEXIW.SYVREPSJ*IPMRI1IHMGMRIERH7YVKIV] § 7PEXIV169RHIVWXERHMRKMWWYIWERHWSPYXMSRWJSVYRS[RIH JVIIVSEQMRKGEXTSTYPEXMSRW.SYVREPSJXLI%QIVMGER:IXIVMREV];EPXIV,78LIQMWQIEWYVISJMWPERHW MQTPMGEXMSRWJSVFMSKIS 1IHMGEP%WWSGMEXMSR§KVETLMGEPXLISV]ERHXLIGSRWIVZEXMSRSJREXYVI.SYVREPSJ&MSKISK 7SYPI1)(8&SPKIV%'%PFIVXW.;VMKLX17SVMGIERHVETL]§ 7,MPP 6IGSRWXVYGXIHH]REQMGWSJVETMHI\XMRGXMSRWSJ;MPGSZI(7 2IWXTVIHEXMSRMRJSVIWXXVEGXWERHXLIHIGPMRISJ GLETEVVEPVIUYMVMRKFMVHWMRYVFERLEFMXEXMWPERHW'SRWIVZEXMSR&MQMKVEXSV]WSRKFMVHW)GSPSK]§ SPSK]§ ;MPGSZI(7(6SXLWXIMR.(YFS[%4LMPPMTWERH)0SWSW 7XSWOSTJ1/ERH*&2YXXIV%REP]^MRKETTVSEGLIWXSJIVEP5YERXMJ]MRKXLVIEXWXSMQTIVMPIHWTIGMIWMRXLI9RMXIH7XEXIW&MS GEXQEREKIQIRX¨SRIWM^IHSIWRSXJMXEPP.SYVREPSJXLI%QIVMGER7GMIRGI§ :IXIVMREV]1IHMGEP%WWSGMEXMSR§;MRSKVEH2.6IHIQTXMSR XLIQ]XLSJTIXSZIVTSTYPEXMSRERH 7XYPP+&&YVPMRKXSR'SYRX]*IVEP'EX-RMXMEXMZIGIRWYWTVSKVIWWXLIRSOMPPVIZSPYXMSRMR%QIVMGE%PQEHIR&SSOW0SW%RKIPIW VITSVX&YVPMRKXSR'SYRX]*IVEP'EX-RMXMEXMZI:MRGIRXS[R;MRXIV08VET§RIYXIV§VIPIEWITVSKVEQW XLIVIEPMX]ERHXLI 2I[.IVWI]MQTEGXW.SYVREPSJXLI%QIVMGER:IXIVMREV]1IHMGEP%WWSGMEXMSR 8IVFSVKL. ;L]%QIVMGERWSRKFMVHWEVIZERMWLMRK7GMIRXMJMG § %QIVMGER §;MRXIV0-QTEGXWSJJIVEPERHJVIIVERKMRKGEXWSRFMVHWTIGMIWSJ 8LI,YQERI7SGMIX]SJXLI9RMXIH7XEXIW 6IWSYVGIWJSVLIPTMRKGSRWIVZEXMSRGSRGIVR EJMZIWXEXIVIZMI[SJ2I[=SVO2I[.IVWI] JIVEPGEXW;EWLMRKXSR('%ZEMPEFPIJVSQLXXT [[[LWYWSVK [[2735,2063,4666,2138][8][,,][Arial]]*PSVMHE'EPMJSVRMEERH,E[EMM%QIVMGER&MVH'SRWIVZERG]8LI TIXWMWWYIWCEJJIGXMRKCSYVCTIXWJIVEPCGEXWJIVEPCGEXCVIWSYVGIWLXQP4PEMRW:MVKMRME EGGIWWIH3GXSFIV ;SSHW16%1G(SREPHERH7,EVVMW4VIHEXMSRSJ[MPHPMJIF] 8VEXEPSW.6%*YPPIV4,;EVVIR6+(EZMIWERH/.+EWXSRHSQIWXMGGEXWMR+VIEX&VMXEMR1EQQEP6IZMI[§ *IPMWGEXYW 9VFERJSVQFMSHMZIVWMX]TSXIRXMEPERHIGSW]WXIQWIVZMGIW 0ERHWGETIERH9VFER4PERRMRK §>EYRFVIGLIV/-ERH6)7QMXL 2IYXIVMRKSJ 9KE781MREQMERH/2EKEXE (IJIGEXMSRLEFMXWSJGEXWERHJIVEPGEXWEWEREPXIVREXMZIXSIVEHMGEXMSRTVSKVEQW.SYV HSKWERHGSRXEQMREXMSRF]IKKWMRTYFPMGTEVOWERHTMXWREPSJXLI%QIVMGER:IXIVMREV]1IHMGEP%WWSGMEXMSR § 8S\SGEVE %QIVMGER.SYVREPSJ8VSTMGEP1IHMGMRI§ 'SRWIVZEXMSR&MSPSK] :SPYQI2S )VVEXE 'VMXMGEP%WWIWWQIRXSJ'PEMQW6IKEVHMRK1EREKIQIRXSJ*IVEP 'EXWF]8VET§2IYXIV§6IXYVR 86%:-7032+'36)'%8,)6-2)6-',%2(0%96)217900-:%2 'SRWIVZEXMSR&MSPSK] §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¶7,)-0%'32%28 63&)68.'334)6(%:-('(9**=4%1)0%.3,%80)=4)8)641%66% )0->%&)8,7832)%2(78%20)=%8)140)¶¶ (ITEVXQIRXSJ2EXYVEP6IWSYVGIWERH)RZMVSRQIRXEP1EREKIQIRX9RMZIVWMX]SJ,E[EM«MEX1ÍERSE,SRSPYPY,- 97% IQEMPPITG^]O$LE[EMMIHY >SSPSKMGEP7SGMIX]SJ0SRHSR6IKIRX¬W4EVO0SRHSR2;6=9RMXIH/MRKHSQ ¶%ZMER7GMIRGIERH'SRWIVZEXMSR'IRXVI1G+MPP9RMZIVWMX]7XI%RRIHI&IPPIZYI5YIFIG, <: 'EREHE (ITEVXQIRXSJ>SSPSK]9RMZIVWMX]SJ,E[EM«MEX1ÍERSE,SRSPYPY,- 97% ;EVRIPP7GLSSPSJ*SVIWXV]ERH2EXYVEP6IWSYVGIW9RMZIVWMX]SJ+ISVKME%XLIRW+%97% Í 4EGMJMG'SSTIVEXMZI7XYHMIW9RMX(ITEVXQIRXSJ&SXER]9RMZIVWMX]SJ,E[EM«MEX1ERSE,SRSPYPY,- 97% 4EQIPE.S,EXPI]4%43&S\8EQTE*097% 7QMXLWSRMER1MKVEXSV]&MVH'IRXIV2EXMSREP>SSPSKMGEP4EVO;EWLMRKXSR(' 97% 'IRXIVJSV;MPHPMJI,IEPXL6IWIEVGL+SWW6SEH4S[REP1) 97% ¶¶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¬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§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©GEXLSEVHMRKª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¬WLSQI QERHEXSV]SVWYFWMHM^IHWTE]MRKERHRIYXIVMRKERHVI ;LEXXLIRXSHSEFSYXXLITVSFPIQWSJSYXHSSVGEXW UYMVMRKGEXWXSFIOITXYRHIVXLIMVS[RIVW¬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©VIPIEWMRKGEXWMRXSXLI[MPHERHWYTTSVXMRK WLIPXIVW %QIVMGER7SGMIX]JSVXLI4VIZIRXMSRSJ'VYIPX]JIVEPGEXGSPSRMIWMWEZMSPEXMSRSJXLI1MKVEXSV]&MVH XS%RMQEPW 'SRGYVVIRXP]XLIVIEVIMRGVIEWMRKIJ8VIEX]%GXERHXLI)RHERKIVIH7TIGMIW%GXEW[IPPEW JSVXWXSGSRZIVXERMQEPWLIPXIVWMRXS©RSOMPPªJEGMPMXMIW PE[WTVSLMFMXMRKERMQEPEFERHSRQIRX ;MRXIV ª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§ XLIWEQIEVKYQIRXQYWXFIQEHIJSV[MPHERMQEPW8LI MWWYISJJIVEPGEXWMWRSXKSMRKE[E]ER]XMQIWSSRERHRS .IWWYT(8LI[IPJEVISJJIVEPGEXWERH[MPHPMJI.SYV QEXXIV[LEXSTXMSRWEVIXEOIRMXQE][IPPFIEKIRIVEXMSR REPSJXLI%QIVMGER:IXIVMREV]1IHMGEP%WWSGMEXMSR§ SVQSVIFIJSVI[IGERI\TIGXFVSEHWGEPIGLERKIWMR LYQERFILEZMSVVIKEVHMRKSYXHSSVGEXW*YVXLIVHIPE]W 0SRKGSVI8'6MGLERH017YPPMZER 'VMXMGEPEWWIWWQIRXSJ GPEMQWVIKEVHMRKQEREKIQIRXSJJIVEPGEXWF]XVETRIYXIVVIXYVR [MPPEQTPMJ]XLITVSFPIQW8LIWSSRIV[IXEOIEGXMSR 'SRWIVZEXMSR&MSPSK] § XLIFIXXIV 2IPWSR14ERH.%:YGIXMGL 3REHZSGEG]F]IRZMVSRQIR XEPWGMIRXMWXW [LEX[LIXLIV[L]ERHLS['SRWIVZEXMSR&MSPSK] § %GORS[PIHKQIRXW 7GLQMHX41660STI^ERH&%'SPPMIV7YVZMZEPJIGYRHMX] ERHQSZIQIRXWSJJVIIVSEQMRKGEXW.SYVREPSJ;MPHPMJI1EREKI ;IXLERO7,IWWJSVJVYMXJYPHMWGYWWMSRWERH80SRKGSVI QIRX § ERH'6MGLJSVGSRWXVYGXMZIWYKKIWXMSRWSRXLIHVEJX ;MRXIV04STSOMERH,E[EM«M¬WREXMZIFMVHW«)PITEMS§ QERYWGVMTX 'SRWIVZEXMSR&MSPSK] :SPYQI2S )WXMQEXMSRSJIJJIGXMZIRIWWSJXLVIIQIXLSHW SJJIVEPGEXTSTYPEXMSRGSRXVSP F]YWISJEWMQYPEXMSRQSHIP 6SFIVX.1G'EVXL] 7XITLIR,0IZMRI .1MGLEIP6IIH LL (:117(%':74(4( 3FNIGXMZI¨8STVIHMGXIJJIGXMZIRIWWSJMRXIVZIRXMSREPQIXLSHWSJTSTYPEXMSRGSRXVSPJSV JIVEPGEXGSPSRMIW (IWMKR¨4STYPEXMSRQSHIP 7EQTPI¨)WXMQEXIWSJZMXEPHEXEJSVJIVEPGEXW 4VSGIHYVIW¨(EXE[IVIKEXLIVIHJVSQXLIPMXIVEXYVIVIKEVHMRKXLIHIQSKVETL]ERHQEX MRKFILEZMSVSJJIVEPGEXW%RMRHMZMHYEPFEWIHWXSGLEWXMGWMQYPEXMSRQSHIP[EWHIZIPSTIHXS IZEPYEXIXLIIJJIGXMZIRIWWSJXVETRIYXIVVIPIEWI 826 PIXLEPGSRXVSPERHXVETZEWIGXSQ] L]WXIVIGXSQ]VIPIEWI 8:,6 MRHIGVIEWMRKXLIWM^ISJJIVEPGEXTSTYPEXMSRW 6IWYPXW¨8:,6SYXTIVJSVQIHFSXL826ERHPIXLEPGSRXVSPEXEPPERRYEPGETXYVITVSFEFMPMXMIW FIX[IIR ERH 9RPIWW SJGEXW[IVIGETXYVIHERHRIYXIVIHERRYEPP]F] " 826SVVIQSZIHF]PIXLEPGSRXVSPXLIVI[EWQMRMQEPIJJIGXSRTSTYPEXMSRWM^I-RGSRXVEWX [MXLERERRYEPGETXYVIVEXISJ 8:,6GEYWIHTSTYPEXMSRWM^IXSHIGVIEWI%RERRYEP GETXYVIVEXISJ IPMQMREXIHXLIQSHIPIHTSTYPEXMSRMRHE]WF]YWISJ8:,6 [LIVIEW [EWVIUYMVIHJSVFSXL826ERHPIXLEPGSRXVSP;LIRXLIIJJIGXSJJVEGXMSRSJ " EHYPXGEXWRIYXIVIHSROMXXIRERH]SYRKNYZIRMPIWYVZMZEPVEXI[EWMRGPYHIHMRXLIEREP]WMW 826TIVJSVQIHTVSKVIWWMZIP][SVWIERHGSYPHFIGSYRXIVTVSHYGXMZIWYGLXLEXTSTYPEXMSR WM^IMRGVIEWIHGSQTEVIH[MXLRSMRXIVZIRXMSREXEPP 'SRGPYWMSRWERH'PMRMGEP6IPIZERGI¨8:,6WLSYPHFITVIJIVVIHSZIV826JSVQEREKI QIRXSJJIVEPGEXWMJHIGVIEWIMRTSTYPEXMSRWM^IMWXLIKSEP8LMWQSHIPEPPS[IHJSVQER] JEGXSVWVIPEXIHXSXLIXVETTMRKTVSKVEQERHGEXWXSFIZEVMIHERHWLSYPHFIYWIJYPJSVHIXIV QMRMRKXLI´RERGMEPERHTIVWSRIJJSVXGSQQMXQIRXWVIUYMVIHXSLEZIEHIWMVIHIJJIGXSRE KMZIRJIVEPGEXTSTYPEXMSR \\\§\\\ .%Q:IX1IH%WWSG * IVEPGEXWEVITVIWIRX[SVPH[MHIERHMRXLI9RMXIH % &&6):-%8-327 7XEXIWXLIRYQFIVSJJIVEPGEXWPMOIP]VMZEPWSVI\ 0'0IXLEPGSRXVSP GIIHWXLIRYQFIVSJS[RIHGEXW9RJSVXYREXIP]QER] 8268VETRIYXIVVIPIEWI SJXLIWIGEXW[MPPHMITVIQEXYVIP]JVSQHMWIEWIWXEVZE 8:,68VETZEWIGXSQ]L]WXIVIGXSQ]VIPIEWI XMSRSVXVEYQE*IVEPGEXWEWSTTSWIHXSSXLIVJVII VSEQMRKGEXWEVIKIRIVEPP]YREHSTXEFPIEWTIXW%WER EVXM´GMEPP]MRXVSHYGIHSTTSVXYRMWXMGTVIHEXSVJIVEPGEXW MRK´KLXMRKERHJIGEPHITSWMXMSREVIMVVIPIZERXSRER EVIEQENSVJEGXSVMRXLIHIEXLSJFMVHWWQEPPQEQQEPW MWSPEXIHMWPERHFYXQE]FIXLIQEMRVIEWSRJSVMRXIVZIR VITXMPIWEQTLMFMERWERH´WLERHLEZIFIIRHMVIGXP] XMSRMRERYVFEREVIE)ZIREWQEPPTSTYPEXMSRSJJIVEP § VIWTSRWMFPIJSVI\XMRGXMSRSJWSQIWTIGMIW*IVEPGEXW GEXWGERFIEQENSVTVSFPIQMJPSGEXIHMRERIGSPSKMGEPP] EVIETSXIRXMEPTYFPMGRYMWERGIQE]WTVIEHHMWIEWIXS WIRWMXMZIPSGEXMSR%PXLSYKLQER]QIXLSHWLEZIFIIR SXLIVWTIGMIWERHEVISJGSRGIVRXSLYQERLIEPXL YWIHXSGSRXVSPJIVEPGEXTSTYPEXMSRWXLIKSEPMR2SVXL 8LI%:1%©WXVSRKP]IRGSYVEKIWERHWYTTSVXWEGXMSRW %QIVMGELEWKIRIVEPP]FIIRLYQERII\XMVTEXMSRQE\M XSIPMQMREXIXLITVSFPIQSJJVIIVSEQMRKEFERHSRIH QM^MRKXLIUYEPMX]SJPMJIJSVXLIGEXWFYXIPMQMREXMRKXLI ERHJIVEPGEXWª I\MWXMRKGSPSR]SZIVXMQI 1EREKIQIRXSJJIVEPGEXTSTYPEXMSRWMWEQEXXIV 1EREKIQIRXSJJIVEPGEXTSTYPEXMSRWF]826LEW SJKVIEXGSRXVSZIVW][MXLQER]TEVXMIWMRZIWXIHMRXLI KEMRIHTSTYPEVMX]MRVIGIRX]IEVW(ITIRHMRKSRXLI HIFEXI8LIKSEPWSJMRXIVZIRXMSRQE]FIHMJJIVIRXHI TVSKVEQMRZSPZIHEZEVMIX]SJSXLIVWIVZMGIWQE]EPWS TIRHMRKSRXLIPSGEXMSRERHREXYVISJXLITSTYPEXMSR FITVSZMHIHMRGPYHMRKEWWIWWQIRXJSVMRJIGXMSYWHMWIEW EW[IPPEW´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´G6ITSVXW EFSYXJIVEPGEXWKIRIVEPP]HIGVIEWIEJXIVMQTPIQIRXEXMSRERH0'SRVIHYGMRKTVSHYGXMZIQEXMRKWMWTVSTSVXMSREP SJ826XSQERHXLIMQTEGXSJ8:,6MWTVSTSVXMSREPXSQ *YVXLIVQSVIXLIHMJJIVIRGIFIX[IIR §Q ERH § (IWTMXIXLIGYVVIRXTSTYPEVMX]SJ826TVSKVEQW Q MWKVIEXIWXEXQ!'SRWIUYIRXP][ITVIHMGXXLEX ERHMRWSQIMRWXERGIWXLIETTPMGEXMSRSJWYFWXERXMEP 8:,6[SYPHFIWYTIVMSVXS826ERH0'ERHXLEXXLI VIWSYVGIWSZIVTVSPSRKIHTIVMSHWSJXMQIXLIVIEVIJI[ HMJJIVIRGIW[SYPHFIKVIEXIWXMRXLIQMHVERKISJGET HEXEXSWYTTSVXXLIMVIJJIGXMZIRIWWMRIPMQMREXMRKJIVEP XYVIVEXIW GEXTSTYPEXMSRWSXLIVXLERWQEPPGSPSRMIWMRGSRXVSPPIH %PXLSYKLHMVIGXPSRKXIVQSFWIVZEXMSRWSJTSTY IRZMVSRQIRXW[MXLEGXMZIGEVIKMZIVW-XMWHMJ´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´IPH8LIKSEPSJXLIWXYH]VITSVX QSRERHVIWYPXWMRJEMPYVISJTSTYPEXMSRHIGPMRI IHLIVI[EWXSYWIGSQTYXIVFEWIHTSTYPEXMSRQSHIP 'SWXSJ826TVSKVEQWMWLMKL[MXLIWXMQEXIWMRXLI MRKXSGSQTEVIXLITVIHMGXIHIJ´GEG]SJRIYXIVMRKF] F 9RMXIH7XEXIWSJFIX[IIRERHGEXRIYXIVIH ZEWIGXSQ] VEXLIVXLERGEWXVEXMSR ERHL]WXIVIGXSQ] 8LI%:1%¬WTSWMXMSRSR826MWXLEXXLIIJJIGXSJXLIWI VEXLIVXLERSZEVMSL]WXIVIGXSQ] JSVGSRXVSPPMRKJIVEP TVSKVEQWEWTVIWIRXP]YWIHMWMRWYJ´GMIRXXSIPMQMREXI GEXTSTYPEXMSRW8LIL]TSXLIWMW[EWXLEXHMJJIVIRXMR XLISZIVEPPTVSFPIQERHVIWIEVGLMRXSXLIMWWYIMWIR XIVZIRXMSREPQIXLSHW[MPPLEZIHMJJIVIRXSYXGSQIWSR GSYVEKIH;MPHPMJIEHZSGEXIWKIRIVEPP]STTSWI826 TSTYPEXMSRWSJJIVEPGEXW WTIGM´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¬W )EGLVYRWMQYPEXIHXLIGEXTSTYPEXMSRSZIVE´\IH WI\YEPHVMZISVWSGMEPWXEXYWWSGEXWQEMRXEMRXLIMVTSWM RYQFIVSJHE]W HE]W[EWXLIRYQFIVYWIH XMSRMRXLIFVIIHMRKLMIVEVGL]QE]FIXXIVTVIZIRXMQ [LMGLMWWYFWXERXMEPP]KVIEXIVXLERXLIQIERPMJIXMQI QMKVEXMSRSJMRXVYHMRKQEPIWMRXSXLIGSPSR]GSQTIXI E SJEJIVEPGEX8SEPPS[XLIGEXTSTYPEXMSRXSVIEGLE JSVJIQEPIWEWFIJSVIWYVKIV]ERHGSRXMRYIXSGSTYPEXI WXIEH]WXEXIFSXLMRXIVQWSJTSTYPEXMSRWM^IERHEKI § FYXMRERYRTVSHYGXMZIJEWLMSR'SMXYWMRMXMEXIW HMWXVMFYXMSRXLIXVETTMRKTVSKVEQ[EWRSXMRMXMEXIH ETVSPSRKIHRSRVIGITXMZIHE]TWIYHSTVIKRERG]TI YRXMP[IPPMRXSXLIWMQYPEXMSRSRHE]7MQYPE VMSHMRJIQEPIWXLIVIF]VIHYGMRKXLIGLERGISJEJIVXMPI XMSRW[IVIETTPMGEFPIXSXIQTIVEXI^SRIGEXW XLEXMW § QEXMRK%JXIV8:,6JIQEPIGEXWGSRXMRYIXSEXXVEGX XLIVI[EWWIEWSREPFVIIHMRKSJ QSRXLW¬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§Q §Q !§QQ[LIVIQMW -RTYXTEVEQIXIVW¨8LVIIQIXLSHWSJTSTYPEXMSR XLIJVEGXMSRSJJIVEPGEXWGETXYVIHTVIZMSYWP]*SV826 GSRXVSP[IVIGSRWMHIVIH 0'GEWXVEXMSRSJQEPIWERH EWPSRKEWEREHIUYEXIRYQFIVSJWI\YEPP]MRXEGXQEPIW SZEVMSL]WXIVIGXSQ]SJJIQEPIWJSPPS[IHF]VIPIEWIFEGO I\MWXXLIRYQFIVSJQEXMRKW EPPSJ[LMGLGERTVSHYGI MRXSXLITSTYPEXMSR 826 ERHZEWIGXSQ]SJQEPIWERH SJJWTVMRK HITIRHWSRXLIJVEGXMSRSJWI\YEPP]MRXEGXJI L]WXIVIGXSQ]SJJIQEPIWJSPPS[IHF]VIPIEWIFEGOMRXS QEPIWERHMWXLYWTVSTSVXMSREPXS §Q 8LIWEQI XLITSTYPEXMSR 8:,6 8LITVSKVEQEPPS[IHWTIGM´ EVKYQIRXLSPHWJSV0'MJVIQSZIHJIQEPIWEVIGSRWMH GEXMSRSJLS[QER]XVETTMRKITMWSHIWSGGYVVIHIEGL IVIHEWFIMRKRSRVITVSHYGXMZIMRHMZMHYEPW&IX[IIRQ ]IEV 8 XLIRYQFIVSJGSRWIGYXMZIHE]WXVETTMRK[EW !ERHQ!XLIGYVZI§QQMWEP[E]WFIPS[ TIVJSVQIHMRIEGLXVETTMRKITMWSHI ( ERHXLITVSF §Q-RTEVXMGYPEV[LIRQMWWQEPPXLIIJJIGXSJ826 EFMPMX]XLEXEGEX[SYPHFIGETXYVIHSREKMZIRHE] 7GMIRXM´G6ITSVXW.%:1%:SP2S%YKYWX %PPGEXW[IVIGSRWMHIVIHIUYEPP]XVETTEFPI8LIERRYEPSJXLIWIGPEWWIWJIQEPIW[IVIWI\YEPP]MREGXMZIERHMR TVSFEFMPMX]SJXVETTMRKERMRHMZMHYEPGEX 4 [EWGEPGYXLIVIQEMRMRK WI\YEPP]MRXEGXVIGITXMZIEHYPXERHVI PEXIHEWJSPPS[W GITXMZIEHYPXEJXIVL]WXIVIGXSQ] JIQEPIW[IVIWI\YEPP] EGXMZI8LIPIRKXLSJXMQIERMRHMZMHYEPWXE]WMREKMZIR GPEWWMWWTIGM´IHF]HIZIPSTQIRXXMQIERHVITVSHYGXMZI (8 4!§ §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§E JVSQHEXEJVSQXLIPMXIVEXYVI 8EFPI -RSRP] IRXIVIHTWIYHSTVIKRERG]3RXLIFEWMWSJXLIQSHIPXLIVI SJXLIWIGPEWWIWMWXLIMRHMZMHYEPWI\YEPP]EGXMZIREQIP] [EWE GLERGISJSZYPEXMSREJXIVEWMRKPIGSTYPEXMSR WI\YEPP]MRXEGXEHYPXQEPIWERHEHYPXQEPIWEJXIVEZEWIG GLERGIEJXIVGSTYPEXMSRWERH GLERGIEJXIV XSQ]%KISJWI\YEPQEXYVMX]MRQEPIGEXW[EWWTIGM´IH GSTYPEXMSRW1MRMQYQERHQE\MQYQPMXXIVWM^IWGSTYPE § EW HE]W XMSRWVIUYMVIHJSVSZYPEXMSRQE\MQYQRYQFIVSJGSTYPE 8LIWMXYEXMSRJSVJIQEPIWMWQSVIGSQTPI\PEVKIP]FI XMSRWTIVHE]XMQIXSIWXVSYWG]GPMRKEJXIVTEVXYVMXMSRERH GEYWISJJIQEPIGEXW¬VITVSHYGXMZIG]GPI*SVJIQEPIW TVIKRERG]TVSFEFMPMXMIWTIVQEXMRK[IVIWTIGM´IHSRXLI GPEWWIW[IVIGVIEXIHEPWS[MXLWXEXIWTIGM´GHEMP]WYVZMZEP FEWMWSJEZEMPEFPIMRJSVQEXMSRJVSQXLIPMXIVEXYVI;LIR §E VEXIWHIVMZIHJVSQTYFPMWLIHPMXIVEXYVI 8EFPI -R QYPXMTPIZEPYIW[IVIEZEMPEFPIXLIQIHMERZEPYI[EW YWIHFYXTVIJIVIRGI[EWKMZIRXSZEPYIWSFXEMRIHJVSQ 8EFPI¨)WXMQEXIHHEMP]WYVZMZEPTVSFEFMPMXMIWEWWSGMEXIH[MXL §§ § ´IPHWXYHMIWSRJIVEPGEXW 8EFPI EKIGEXIKSV]VITVSHYGXMZIWXEXYWERHWI\YEPEGXMZMX]SJJIVEP ;MXLIEGLQSHIPVYRERMRMXMEPTSTYPEXMSRSJQEPI QEPIGEXWYRHIVKSMRKTSTYPEXMSRGSRXVSP ERHJIQEPIGEXW[EWVERHSQP]HMWXVMFYXIHEQSRKXLI (EMP] ZEVMSYWEKIGPEWWIW*IQEPIGEXWSGMIX]MWHMZMHIHMRXSWS 6ITVSHYGXMZI7I\YEPWYVZMZEP GMEPYRMXWXLEXEJJIGXXLI[E]QEPIWERHJIQEPIWMRXIVEGX %KIGEXIKSV] EKI WXEXYWEGXMZMX]TVSFEFMPMX] *SVXLMWEREP]WMWEJIQEPIWSGMEPYRMX[EWHI´RIHEWEJI %HYPX HE]W 7I\YEPP]MRXEGX=IW " QEPIGEX[MXLIEGLSJMXWJIQEPISJJWTVMRK)EGLJIQEPIGEX 'EWXVEXIH2S [EWGSRWMHIVIHXSFIEPMJIPSRKQIQFIVSJXLIWSGMEPYRMX :EWIGXSQ]=IW MRXS[LMGLMX[EWFSVR8LIMRMXMEPTSTYPEXMSR[EWHMZMH 3PHIVNYZIRMPI7I\YEPP]MRXEGX2S § HE]W 'EWXVEXIH2S IHMRXSWSGMEPYRMXW*SVQEPIWHEMP]EGGIWWXSJIQEPI :EWIGXSQ]2S WSGMEPYRMXW[EWHIXIVQMRIHF]PIZIPSJHSQMRERGI[MXL =SYRKNYZIRMPI7I\YEPP]MRXEGX2S ¶ SRP]QEPIEGGIWWMRKEWSGMEPYRMXTIVHE]-RXLIQSHIP § HE]W 'EWXVEXIH2S :EWIGXSQ]2S QEPIHSQMRERGIPIZIP[EWEJYRGXMSRSJEKIFIMRKYRXMP /MXXIR §HE]W 7I\YEPP]MRXEGX2S XLIEKISJ HE]WXLIRMRGVIEWMRKPMRIEVP]XS KVIEX IWXHSQMRERGI EXXLIEKISJ HE]WERHVIQEMRMRK :EPYIFEWIHSRQIHMERWYVZMZEPXMQISJHE]WMRWI\YEPP] E MRXEGXQEPIW:EPYIFEWIHSRQIHMERWYVZMZEPXMQIHE]WMR " EXXLIVIEJXIV7I\YEPP]EGXMZIQEPIW[IVIPMQMXIHXSE E RIYXIVIHQEPIW¶:EPYIFEWIHSR WYVZMZEPVEXIXSQSRXLWSJ WTIGM´IHQE\MQYQRYQFIVSJGSTYPEXMSRWTIVHE] § EKI 8LIWTIGM´IHQEXMRKW]WXIQ[EWTSP]KEQSYW 8EFPI¨)WXMQEXIHHEMP]WYVZMZEPTVSFEFMPMXMIWEWWSGMEXIH[MXLEKIGEXIKSV]VITVSHYGXMZIWXEXYWERH WI\YEPEGXMZMX]SJJIVEPJIQEPIGEXWYRHIVKSMRKTSTYPEXMSRGSRXVSP %KIGEXIKSV] EKI 6ITVSHYGXMZIWXEXYW7I\YEPEGXMZMX](EMP]WYVZMZEPTVSFEFMPMX] %HYPX HE]W 7I\YEPP]MRXEGXVIGITXMZI=IW " 7I\YEPP]MRXEGXRSXVIGITXMZI2S 7I\YEPP]MRXEGXTWIYHSTVIKRERX2S 7I\YEPP]MRXEGXTVIKRERX2S 7I\YEPP]MRXEGXRYVWMRK2S ,]WXIVIGXSQ]VIGITXMZI=IW ,]WXIVIGXSQ]RSXVIGITXMZI2S ,]WXIVIGXSQ]TWIYHSTVIKRERX2S 7TE]IH2S 3PHIVNYZIRMPI7I\YEPP]MRXEGXRSXVIGITXMZI2S § HE]W ,]WXIVIGXSQ]RSXVIGITXMZI2S 7TE]IH2S =SYRKNYZIRMPI7I\YEPP]MRXEGXRSXVIGITXMZI2S ¶ § HE]W ,]WXIVIGXSQ]RSXVIGITXMZI2S 7TE]IH2S /MXXIR §HE]W 7I\YEPP]MRXEGXRSXVIGITXMZI2S E :EPYIFEWIHSRQIHMERWYVZMZEPXMQISJ HE]WMRWI\YEPP]MRXEGXJIQEPIW:EPYIFEWIHSRQIHMER E§ WYVZMZEPXMQIHE]WMRWTE]IHJIQEPIW¶:EPYIFEWIHSR WYVZMZEPVEXIXSQSRXLWSJEKI " .%:1%:SP2S%YKYWX7GMIRXM´G6ITSVXW 8EFPI¨6ITVSHYGXMZIMRTYXTEVEQIXIVWYWIHMREWMQYPEXMSRQSHIPJSVJIVEPGEXTSTYPEXMSRW 4EVEQIXIV-RTYX § 6ITVSHYGXMZIG]GPI7IEWSREPTSP]IWXVSYW § 1EXMRKW]WXIQ4SP]K]QSYW 4VIKRERG]HYVEXMSRH ;IERMRKEKIH )WXVYWHYVEXMSRH (MIWXVYWHYVEXMSR H 7IEWSREPERIWXVYWHYVEXMSR H 4WIYHSTVIKRERG]H § 0MXXIVWM^I1MRMQYQ QIER QE\MQYQ 1EPIGSTYPEXMSRWH § 'STYPEXMSRWVIUYMVIHJSVSZYPEXMSR § 4VIKRERG]TVSFEFMPMX]QEXMRKTVSFEFMPMX] § %KISJWI\YEPQEXYVMX]QS 8MQIXSG]GPMRKEJXIVTEVXYVMXMSRH -X[EWEWWYQIHXLEXHEMP]WYVZMZEPVEXIW[IVIHIR WMX]HITIRHIRX8LIHEMP]WYVZMZEPVEXIW T JSVEPPGEXW SXLIVXLEROMXXIRWERH]SYRKNYZIRMPIWMWKMZIRF]XLI JSPPS[MRKVIPEXMSRWLMT W T ! W§?W§WA/ <T / [LIVIT!T X [LMGLMWXLITSTYPEXMSRWM^ISRHE]X /MWGEVV]MRKGETEGMX]SJXLITSTYPEXMSRWMWXLIHEMP] WYVZMZEPVEXIEXPS[TSTYPEXMSRWM^IERHWMWXLIHEMP] / WYVZMZEPVEXIEXGEVV]MRKGETEGMX]'EVV]MRKGETEGMX] [EWHI´RIHEWXLITSTYPEXMSRWM^IFIJSVIER]MRXIVZIR XMSR W T [EWGLSWIREWEPMRIEVJYRGXMSRSJTFIGEYWI RSHEXEXSWYTTSVXEQSVIGSQTPI\VIPEXMSRWLMT[IVI *MKYVI¨7MKRIH § HMKVETLQSHIPSJEJIVEPGEXW]WXIQMR EZEMPEFPI8LIWZEPYIW[IVISFXEMRIHJVSQXLIPMXIVE HMGEXMRKEPXIVREXMZITSTYPEXMSRGSRXVSPWXVEXIKMIW 8:,6ZIVWYW / XYVIERH[IVIHMJJIVIRXJSVXLIHMJJIVIRXGPEWWIWSJGEXW 826ZIVWYW0' -RXIRHIH FSPHWSPMHPMRIW ERHYRMRXIRHIH FSPH HEWLIHPMRIW GSRWIUYIRGIWSJ826TSTYPEXMSRGSRXVSPTVSKVEQW 8EFPIWERH -RGSRXVEWXFIGEYWISJXLIEFWIRGISJ EVILMKLPMKLXIH2SXMGIXLEX826MRGVIEWIWFSXLEHYPXERHOMXXIR TYFPMWLIHHEXEJVSQ´IPHWXYHMIWW[EWWIXEX WYVZMZEPVEXIWTSXIRXMEPP]GEYWMRKXLIYRMRXIRHIHGSRWIUYIRGI EZEPYIWSQI[LEXPEVKIVXLERER]SJXLIWZEPYIWJSVEPP SJMRGVIEWMRKTSTYPEXMSRWM^I / GPEWWIWSJGEXWXLYWIRWYVMRKXLEXW T [EWEHIGVIEWMRK JYRGXMSRSJT 8LIWYVZMZEPVEXISJGEXWHYVMRKXLIMV´VWXQSRXLW+MZIRXLEXEGGSVHMRKXS+YRXLIV SJGEXW QE]MRGVIEWI[MXLXLIJVEGXMSRSJXLIEHYPXTSTYPEXMSRWYVZMZIXSQSRXLWSJEKIMRGSPSRMIW[MXLRSRIYXIVIH XLEXMWRIYXIVIH7TIGM´GEPP]ETTVS\MQEXIP] SJOMXMRHMZMHYEPWERHRSXMRKXLEXQSRXLWVITVIWIRXWET XIRWWYVZMZIHXSQSRXLWMRGSPSRMIW[MXLERIYXIVMRKTVS\MQEXIP] HE]WXLIRW T !SVW T TVIZEPIRGISJETTVS\MQEXIP] [LIVIEWMRGSPSRMIW! -RXLITVIWIRXQSHIPW! ERHW / [MXLSYXRIYXIVMRKSRP] SJOMXXIRWWYVZMZIHXS! 8LIETTVS\MQEXIQIERWYVZMZEPVEXIMWXLIVI QSRXLW8LMWVIPIEWISJHIRWMX]HITIRHIRXJIIHFEGO HIJSVIGEPGYPEXIHEWJSPPS[W ´RIHEWXLIHIRWMX]SJWI\YEPP]MRXEGXGEXW SRWYVZMZEP VEXILEWXLITSXIRXMEPXSWXVSRKP]EJJIGXGEXTSTYPEXMSR W T ! WW?/A ! ! H]REQMGW *MKYVI 8SIZEPYEXIXLMWIJJIGX[LIRGSQ TEVMRK826MR[LMGLERMRGVIEWIMROMXXIRWYVZMZEPVEXI 8LIZEPYIWEVIVIEWSREFP]GPSWIWSXLIMVQIER SGGYVWERH8:,6MR[LMGLMXHSIWRSXEPMRIEVJYRGXMSR [EWYWIH7MQMPEVP]JVSQXLIHEXESJ+YRXLIV SJXLIJVEGXMSRSJGEXWRIYXIVIHJ[EWYWIHXSQSHMJ]XLI SJGEXWWYVZMZIHXSQSRXLWSJEKIMJ SJGSPS OMXXIRERH]SYRKNYZIRMPIWYVZMZEPVEXIW W EWJSPPS[W R]QIQFIVW[IVIRIYXIVIHF]826WS W?TA !WSW T ! 8LIIWXMQEXIJSVFMW XLIVIJSVIEWJSPPS[W W TJ !W§ §FJ ?W§WA/ T / F! § ? § A ! JSVFJERHW!WJSVFJ"[LIVIFMWXLITE VEQIXIVKSZIVRMRKXLIWXVIRKXLSJXLIRIYXIVMRKIJJIGX 4VSKVEQSYXTYX¨&IGEYWIXLIQSHIPMWWXSGLEW SRWYVZMZEP [LIRFMWPEVKIOMXXIRERH]SYRKNYZIRMPI XMGVYRWSJXLIQSHIP[MXLXLIWEQIMRTYXHEXE[MPP WYVZMZEPVEXIMWLMKLIV;LIRIMXLIVF!SVJ!XLMW TVSHYGIHMJJIVIRXVIWYPXW'SRWIUYIRXP]IEGLWGIREVMS VIHYGIWXSXLITVIZMSYWQSHIP [EWVYRXMQIWERHXLIQIERSJXLIHEXE[EWGEP &]YWISJXLMWJSVQYPEFGERFIIWXMQEXIHEWJSPPS[W GYPEXIHXSKMZIXLIVITSVXIHVIWYPXW8LITVSKVEQSYX TYXMRGPYHIHXLITSTYPEXMSRLMWXSVMIWJVSQMRHMZMHYEP WMQYPEXMSRWXLIQIERTSTYPEXMSRWM^ISZIVXMQISZIVE F! W?TJA§W?TA J?W§W_TaA 7GMIRXM´G6ITSVXW.%:1%:SP2S%YKYWX RYQFIVSJWMQYPEXMSRWERHXLIGEXHE]WJSVMRHMZMHYEP SVQIERTSTYPEXMSRLMWXSVMIW'EXHE]W[EWHI´RIHEW XLIEVIEYRHIVXLITSTYPEXMSRLMWXSV]GYVZIEJXIVHE] [LIRXLIXVETTMRKTVSKVEQFIKMRW MIXLIXSXEP RYQFIVSJGEXWEPMZIIEGLHE]WYQQIHSZIVHE] XSHE] 'EXHE]W[EWETVS\]JSVXLIGYQYPEXMZI I\TSWYVISJXLIGEXTSTYPEXMSRXSXLIIRZMVSRQIRXERH EPWSEPPS[IH´RIVVIWSPYXMSRSJXLIVIPEXMZIIJJIGXMZI RIWWSJXLIEPXIVREXMZIGSRXVSPQIXLSHW 'LIGOWJSVZEPMHMX]¨8SZEPMHEXIXLEXXLIQSHIP VITVIWIRXWVIEPMWXMGFMSPSKMGEPFILEZMSVSJEJIVEPGEX TSTYPEXMSRWIZIVEPGLEVEGXIVMWXMGWSJXLIQSHIPIHTST YPEXMSR[IVIGSQTEVIH[MXLHEXEEZEMPEFPIMRXLIPMX IVEXYVI7TIGM´GEPP]XLIVIPEXMZITVSTSVXMSRWSJQEPIW JIQEPIWEHYPXWERHTVIKRERXSVRYVWMRKJIQEPIW[IVI IZEPYEXIH8LIIJJIGXSJRSMRXIVZIRXMSR[EWMRGPYHIH MRXLIEREP]WMWXSIRWYVIXLEXXLIEWWYQTXMSRSJVITVS HYGXMZIERHTSTYPEXMSRTEVEQIXIVWVIWYPXIHMREWXIEH] WXEXITSTYPEXMSR 7XEXMWXMGEPEREP]WMW¨2SWXEXMWXMGEPEREP]WIW[IVI HSRIXSGSQTEVIXLIXVIEXQIRXWFIGEYWIWMKRM´GERGI ZEPYIWJVSQWXEXMWXMGEPXIWXWEVIEGSQFMREXMSRSJIJJIGX WM^IERHWEQTPIWM^IERHXLIPEVKIVXLIWEQTPIWM^IXLI WQEPPIVXLIIJJIGXWM^IXLEXGERFIHIXIGXIHEWWMKRM´ GERX%WEVIWYPXEPPPMRIWQMKLXFIGSRWMHIVIHWMKRM´ GERXP]HMJJIVIRXFIGEYWI[IGERMRGVIEWIXLIRYQFIVSJ VITPMGEXIWYRXMP[ILEZIEWQEPP4ZEPYI'SRWIUYIRXP] 4ZEPYIWEVMWMRKJVSQXLMWX]TISJWXEXMWXMGEPIZEPYEXMSR [SYPHFIXVMZMEP 6IWYPXW %XERRYEPGETXYVIVEXIW EPPQIXLSHW[IVI MRIJJIGXMZIEXHIGVIEWMRKTSTYPEXMSRWM^I *MKYVI %X ERRYEPGETXYVIVEXIW IEGLQIXLSH[EWIJJIGXMZI EXVIHYGMRKTSTYPEXMSRWM^IFYX0'[EWQSWXIJJIGXMZI JSPPS[IHF]8:,6ERH´REPP]826%XEPPMRXIVQIHM EXIERRYEPGETXYVIVEXIWXIWXIH MIFIX[IIR ERH 8:,6SYXTIVJSVQIHFSXLEPXIVREXMZIXVIEXQIRXW -J SJGEXWGSYPHFIGETXYVIHERHRIYXIVIHERRY EPP]F]YWISJ826SVVIQSZIHF]0'XLIVI[EWER ETTVS\MQEXIP] HIGVIEWIMRTSTYPEXMSRWM^I-RGSR XVEWX[MXLERERRYEPGETXYVIVEXISJSRP] 8:,6 GEYWIHERETTVS\MQEXIP] HIGVIEWIMRTSTYPEXMSR WM^I*VSQXLIZEVMSYWERRYEPGETXYVIVEXIWQSHIPIH JSV8:,6ERERRYEPGETXYVIVEXIFIX[IIR ERH GEYWIHGSQTPIXIIPMQMREXMSRSJXLITSTYPEXMSRMR HE]WGSQTEVIH[MXLEVEXI" JSVFSXL826 ERH0'%XRSERRYEPGETXYVIVEXIHMH826TIVJSVQ FIXXIVXLERIMXLIVSJXLIEPXIVREXMZIQIXLSHW )ZEPYEXMSRSJXLIIJJIGXWSJHMJJIVIRXQEREKIQIRX *MKYVI¨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´VWXHE]W TVSFEFMPMXMIW"ETTVS\MQEXIP] :EVMEFMPMX]MRIWXM SJXLIQSHIP SRHE] ZIVXMGEPFEV IEGLGSRXVSPQIXLSHFIKMRW QEXIWSJQIERGEXHE]W[EWPS[IWXEXPS[GETXYVIVEXIW %¨(EMP]GETXYVITVSFEFMPMX]! HE]GETXYVITIVMSH[MXLGETXYVI TIVMSH] ERRYEPGETXYVITVSFEFMPMX]! &¨(EMP]GETXYVITVSFEFMPMX]! VERKMRKJVSQ XS JSVERRYEPGETXYVITVSFEFMPMXMIW HE]GETXYVITIVMSH[MXLGETXYVITIVMSHW] ERRYEPGETXYVITVSF SJETTVS\MQEXIP]%XMRXIVQIHMEXIGETXYVITVSFEFMP EFMPMX]!'¨(EMP]GETXYVITVSFEFMPMX]! HE]GETXYVITIVMSH MXMIW XS 7([EWLMKLIWXJSV8:,6 ERH [MXLGETXYVITIVMSHW] ERRYEPGETXYVITVSFEFMPMX]!&EVWMRHMGEXI 7((¨(EMP]GETXYVITVSFEFMPMX]! HE]GETXYVITIVMSH[MXL SJXLIQIERVIWTIGXMZIP] [MXLPS[IVZEVMEFMPMX]JSV GETXYVITIVMSHW] ERRYEPGETXYVITVSFEFMPMX]! &EVWMRHMGEXI7( 826ERH0' EXXLILMKLIVGETXYVIVEXIW7(W[IVIVIPE )¨(EMP]GETXYVITVSFEFMPMX]! HE]GETXYVITIVMSH[MXLGETXYVI XMZIP]LMKLFYXWMQMPEVJSVEPPGSRXVSPQIXLSHW TIVMSHW] ERRYEPGETXYVITVSFEFMPMX]! .%:1%:SP2S%YKYWX7GMIRXM´G6ITSVXW GLEWXMGWMQYPEXMSRWEVIFSXXSQYTEREP]WMWXSSPW8LI] HIWGVMFIXLIFILEZMSVSJMRHMZMHYEPWMRXLITSTYPEXMSR EW[IPPEWXLIMVMRXIVEGXMSRW[MXLSXLIVMRHMZMHYEPWERH EPPS[XLIVIWYPXERXTSTYPEXMSRPIZIPFILEZMSVXSIQIVKI 8LIWXSGLEWXMGREXYVISJWSQISJXLIQSHIPTEVEQIXIVW WYVZMZEPVEXIPMXXIVWM^IERHTVIKRERG]TVSFEFMPMX] VI µ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¨4VIHMGXIHRYQFIVSJGEXHE]WJSVJIVEPGEXTSTYPEXMSR -XWLSYPHFIRSXIHXLEXXLIWEQIERRYEPGETXYVITVSF GSRXVSPQIXLSHW[MXLHMJJIVIRXERRYEPXVETTMRKTVSFEFMPMXMIW'EX EFMPMX]QMKLXFISFXEMRIHMRHMJJIVIRX[E]W7TIGM´GEPP] HE]WMRHMGEXIWXLIXSXEPRYQFIVSJGEXWEPMZIIEGLHE]WYQQIH SZIVHE] [LIRIEGLGSRXVSPQIXLSHFIKMRW XSHE]MRGVIEWIHERRYEPGETXYVITVSFEFMPMX]GERFISFXEMRIH 8LIMRMXMEPTSTYPEXMSRLEWEGEVV]MRKGETEGMX]SJETTVS\MQEXIP] F]MRGVIEWMRKXLITVSFEFMPMX]XLEXEGEXMWGETXYVIHSRE GEXW)EGLTSMRXVITVIWIRXWXLIQIERSJVYRWSJXLI KMZIRHE] TSWWMFP]F]MRGVIEWMRKXLIRYQFIVSJXVETW WMQYPEXMSRQSHIP&EVWMRHMGEXI7(%¨-RXLMWQSHIPXLIVIMW WIX SVF]MRGVIEWMRKXLIJVIUYIRG]SVHYVEXMSRSJEWTI RSIJJIGXSJJVEGXMSRSJEHYPXGEXWRIYXIVIHSROMXXIRERH]SYRK NYZIRMPIWYVZMZEPVEXI&¨4VIHMGXIHRYQFIVSJGEXHE]WJSV826 GM´GGETXYVITVSKVEQ&IGEYWISJXLIWXSGLEWXMGREXYVI [MXLHMJJIVIRXERRYEPGETXYVITVSFEFMPMXMIWERHPIZIPWSJIJJIGX SJWIZIVEPSJXLIMRTYXTEVEQIXIVWGLERKMRKXLI[E]E F SJJVEGXMSRSJEHYPXGEXWRIYXIVIHSROMXXIRERH]SYRKNYZIRMPI KMZIRERRYEPGETXYVITVSFEFMPMX]MWSFXEMRIHQE]LEZI WYVZMZEPVEXIF!VITVIWIRXWRSIJJIGX SXLIVZEPYIWJSVFVITVI WIRXXLITVIHMGXIHIJJIGX HMJJIVIRXVIPEXMZIIJJIGXWSREPXIVREXIGSRXVSPQIXLSHW 8LIQSHIPEPPS[WJSVYRPMQMXIHWTIGM´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§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¬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´G6ITSVXW.%:1%:SP2S%YKYWX MWJSPPS[IHF]EXSHE]TWIYHSTVIKRERG]ERH)PMQMREXMSRSJEXEVKIXIHTSTYPEXMSRMWSJXIRXLI SRP]XSTIVMSHWSJWI\YEPVIGITXMZMX][SYPHXLIRFIKSEPSJ[MPHPMJISVTIWXQEREKIQIRXTVSKVEQWFYXIZIR TSWWMFPIHYVMRKEFVIIHMRKWIEWSRVIHYGMRKXLIGLERGWQEPPGLERKIWMRTSTYPEXMSRWM^IQE]FIMQTSVXERXMR §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§ Q]SRTSTYPEXMSRGSRXVSPMWPMOIP]KVIEXIVFIGEYWIQSVIMERWERH´WLERRYEPP]*IVEPGEXWGSRWYQIEQIER JIQEPIWEVIFVSYKLXMRXSRSRVIGITXMZIHE]TWIYHSSJETTVS\MQEXIP] KSJJSSHHERHEWXYH]MRXLI TVIKRERG]FYXXLIIJJIGXSJL]WXIVIGXSQ]MWPMOIP]PIWW9RMXIH/MRKHSQIWXMQEXIHXLEX QMPPMSRGEXWXLIVIOMPP FIGEYWIEPS[IVTIVGIRXEKISJEQEPI¬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§E WYVZMZEPVEXISJFSXLEHYPXWERHOMXXIRW1YPXMTPIGETXYVIVEXIWGERFIQEMRXEMRIHJSVPSRKTIVMSHW E WXYHMIWLEZIWYKKIWXIHXLEXHIGVIEWIHWYVZMZEPVEXI2YXXIVVITSVXIHXLEXMRXLIEFWIRGISJMQQMKVEXMSR MWQSVIIJJIGXMZIXLERHIGVIEWIHJIGYRHMX]MRVIHYGMRKERERRYEPLEVZIWXVEXISJ XS F]0'SVERRYEP TSTYPEXMSRWM^I-RGVIEWIHWYVZMZEPVEXIMRRIYXIVIHRIYXIVMRKVEXISJ XS F]QIERWSJ826[EWVI EHYPXQEPIWSGGYVWFIGEYWIXLI]PSWIMRXIVIWXMRQEXMRKUYMVIHXSLEZIER]IJJIGXSRTSTYPEXMSRWM^I*SV826 [MXLJIQEPIWWSXLI]VSEQPIWWERHEVIPIWWPMOIP]XSFIMJXLI XS RIYXIVMRKVEXIGSYPHFIQEMRXEMRIH MRNYVIHF]XVEYQE-REHHMXMSRXLI]LEZIJI[IVEKSRMWIWXMQEXIHXMQIJSVIPMQMREXMSRSJEPPGEXW[EW E XMGMRXIVEGXMSRW[MXLSXLIVQEPIWERHWYWXEMRJI[IVMR]IEVW%RHIVWSRTVIHMGXIHXLEXJSV0'E ERRYEP JIGXMSRW-RGVIEWIHWYVZMZEPVEXISJRIYXIVIHVIHYGXMSRMRXLIJIQEPITSTYPEXMSR[SYPHPMOIP]GEYWI EHYPXJIQEPIWQE]VIPEXIXSHMQMRMWLIHWXVIWWEWWSGMEXIHXLITSTYPEXMSRXSHIGVIEWIF]ETTVS\MQEXIP] ]IEV [MXLVITIEXIHLSVQSREPG]GPMRKTVIKRERG]ERHVIEVMRKP] [MXLYWISJ826" SJXLIJIQEPITSTYPEXMSR E OMXXIRW-RWXYH]QIHMERWYVZMZEPXMQISJWI\YEPP][SYPHRIIHXSFIRIYXIVIHERRYEPP]XSWXEFMPM^ITSTYPE MRXEGXEHYPXQEPIW[EWHE]WERHJSVWI\YEPP]MRXEGXXMSRKVS[XL%WMQMPEVQSHIP[EWYWIHXSGSQTEVIXLI JIQEPIW[EW HE]WGSQTEVIH[MXL"HE]WJSVXLISVIXMGEPIJJIGXSJE]IEVWMRKPIXVIEXQIRXRSRWYVKM FSXLRIYXIVIHQEPIWERHWTE]IHJIQEPIW-RERSXLIVGEPGSRXVEGITXMSRTVSKVEQ[MXLXVEHMXMSREP826ERH WXYH] SJJIVEPGEXW[IVIPIWWXLERMHIEP[IMKLXFISYXGSQIWMRHMGEXIHXLEXJSV826GIWWEXMSRSJTSTYPE JSVIRIYXIVMRKGSQTEVIH[MXL SRI]IEVPEXIV'EXWXMSRKVS[XL[SYPHVIUYMVIERRYEPWYVKMGEPRIYXIVMRKSJ MRXLEXWXYH]LEHEQIERMRGVIEWIMR[IMKLXSJ " SJFSXLEHYPXERHNYZIRMPI EKI ]IEV WI\Y ERHFSH]GSRHMXMSRWGSVISJEJXIVRIYXIVMRKEPP]MRXEGXJIQEPIGEXW3RGIXLITSTYPEXMSR[EWWXE /MXXIRWYVZMZEPVEXIMWEWITEVEXIERHMQTSVXERXFMPM^IHXLMW[SYPHIUYEXIXSRIYXIVMRKETTVS\MQEXIP] GSRWMHIVEXMSR[LIRGSQTEVMRKQIXLSHWSJTSTYPEXMSR SJXLIXSXEPJIQEPITSTYPEXMSR]SVLEZMRK SJ GSRXVSPERHMRJEGXQE]FIXLIQENSVJEGXSVPMQMXMRKXLIXSXEPJIQEPITSTYPEXMSRRIYXIVIHEXEPPXMQIW-R TSTYPEXMSRWM^I,MKLQSVXEPMX]VEXIWEVIVITSVXIHJSVERSXLIVEWWIWWQIRX*SPI]IXEPTVIHMGXIHXLIIJJIGXW OMXXIRWMRLSVQSREPP]MRXEGXJIVEPGEXTSTYPEXMSRW[MXLXLEX[SYPHSGGYVEJXIVMQTPIQIRXEXMSRSJ826SRXLI XLIVEXISJWYVZMZEPXSQSRXLWSJEKIVERKMRKJVSQFEWMWSJHEXEJVSQ826TVSKVEQW6IWYPXWWYKKIWXIH §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´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´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´XSJZEWIGXSQ]SRTSTYPEXMSRGSRXVSP[EWRSX SR]WM^IHIRWMX]EKIWXVYGXYVIPSGEXMSRGPMQEXIGSRHM IZEPYEXIH,]WXIVIGXSQ][EWYWIHXSWXEFMPM^IETSTYPE XMSRWEZEMPEFPIJSSHWSYVGIWERHQEREKIQIRXEGXMZMXMIW XMSRSJJIVEPGEXWEXE^SSPSKMGEPKEVHIRFYXRSGSQTEVM 6IKEVHPIWWSJXLIWIZEVMEXMSRWXLIQSHIPEPPS[IHµI\ WSR[EWQEHI[MXLEPXIVREXMZIXIGLRMUYIW MFMPMX]JSVMRTYXSJHEXEXSIZEPYEXIER]KVSYTSJJIVEPGEXW %PXLSYKLXLIVIWYPXWSJXLITVIWIRXWXYH]WYKKIWXIH TVSZMHIHTSTYPEXMSRWTIGM´GZMXEPHEXEEVIEZEMPEFPI EHMWXMRGXWYTIVMSVMX]SJ8:,6[MXLVIKEVHXSHIGVIEWMRK %PXLSYKLGSQTYXIVFEWIHQSHIPMRKMWYWIJYPXSVET TSTYPEXMSRWM^ITSXIRXMEPHMWEHZERXEKIWEPWSI\MWX:EWIG MHP]TVIHMGXXLISYXGSQIWSJHMJJIVIRXGSRXVSPQIXLSHW XSQ]EPPS[WTIVWMWXIRXYRHIWMVEFPIQEPIFILEZMSVWWYGL SRJIVEPGEXTSTYPEXMSRWHMVIGXGPMRMGEPXVMEPW[SYPHFI EW´KLXMRKZSGEPM^EXMSRERHYVMRIQEVOMRKERHMRWSQI FIRI´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´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´G6ITSVXW.%:1%:SP2S%YKYWX TSXIRXMEPP]^SSRSXMGHMWIEWIW4L(XLIWMW2SVXL'EVSPMRE7XEXITEGXSJL]WXIVIGXSQ]MRERYVFERGSPSR]SJHSQIWXMGGEXW *IPMW 9RMZIVWMX]6EPIMKL2'GEXYW0MRREIYW -RX.%TTP6IW:IX1IH § F7PEXIV16*VIIVSEQMRKGEXWERHRSRWYVKMGEPWXIVMPM^EXMSR EF;MPHX()7XIVMPM^EXMSRSJXLIQEPIHSKERHGEXF]PETEVSWGSTMG %YXLSV TPIEWI WXV MR4VSGIIHMRKWVH-RX7]QT2SRWYVKMGEP'SRXVEGITXMZISGGPYWMSRSJXLIHYGXYWHIJIVIRW%Q.:IX6IW § TVSZMHI 1IXLSHW4IX4STYPEXMSR'SRXVSP 4%+) QMWWMRK G1ELPS[.'8LIYWISJZEWIGXSQ]MRWXVE]GEXTSTYPEXMSRGSR/IRHEPP86'EXTSTYPEXMSRGSRXVSP ZEWIGXSQM^IHSQMRERX MRJSVQE XVSP17XLIWMW(ITEVXQIRXSJ:IXIVMREV]%REXSQ]ERH4YFPMGQEPIW'EPMJ:IX § XMSRMR ,IEPXL8I\EW% 8EFSV68LIGLERKMRKPMJISJJIVEPGEXW *IPMWGEXYW0 EXLSQI JSSXRSXIW H)\GIP1MGVSWSJX'SVT6IHQSRH;EWLERHEFVSEH>SSP.0MRR7SG § &ERH) I:MXEPVEXIWIRWMXMZMX]EREP]WMWWSJX[EVI(ITEVXQIRXSJ&MSPSK]4EETI767LMPPI:17IXS,IXEP0YXIEPEGXMZMX]MRXLITWIYHS 8YJXW9RMZIVWMX]1IHJSVH1EWW%ZEMPEFPIEX EWIXYJXWIHYTVIKRERXGEX&MSP6ITVSH § FMSPSK]PEFWVIIHTYFPMGEXMSRWWYTTPIQIRXEV]LXQ%GGIWWIH*IPHQER)'2IPWSR6;*IPMRIVITVSHYGXMSR-R *IPHQER)' 1328,(%==)%62IPWSR6;IHW'ERMRIERHJIPMRIIRHSGVMRSPSK]ERHVITVSHYG XMSRVHIH4LMPEHIPTLME ;&7EYRHIVW'S § 4MRIHE1,6ITVSHYGXMZITEXXIVRWSJGEXW-R 4MRIHE1,(SSPI] 6IJIVIRGIW 14IHW:IXIVMREV]IRHSGVMRSPSK]ERHVITVSHYGXMSRXLIH%QIW 4EXVSRIO+.*VIIVSEQMRKERHJIVEPGEXWXLIMVMQTEGXSR[MPH-S[E -S[E7XEXI4VIWW § PMJIERHLYQERFIMRKW.%Q:IX1IH%WWSG § 1SVVMW;*(SEO(+VSSQ1IXEP%TVEGXMGEPLERHFSSOJSV 6SFIVXWSR7%%VIZMI[SJJIVEPGEXGSRXVSP.*IPMRI1IH7YVKTSTYPEXMSRZMEFMPMX]EREP]WMW;EWLMRKXSR(' 8LI2EXYVI'SR §WIVZERG] %:1%*VIIVSEQMRKEFERHSRIHERHJIVEPGEXW%ZEMPEFPIEX 6IIH.11MPPW07(MRRMRK.&IXEP)QIVKMRKMWWYIWMRTSTYPE [[[EZQESVK/&4SPMGMIW4EKIW*VIIVSEQMRK%FERHSRIH [[2778,2101,3439,2176][8][,,][Arial]]XMSRZMEFMPMX]EREP]WMW [[3406,2101,3779,2176][8][,,][Arial]]'SRWIVZ&MSP [[3747,2101,4198,2176][8][,,][A rial]] § ERH*IVEP'EXWEWT\%GGIWWIH7IT 2YXXIV*&0IZMRI.*7XSWOSTJ1/6ITVSHYGXMZIGETEGMX]SJ 7PEXIV169RHIVWXERHMRKMWWYIWERHWSPYXMSRWJSVYRJVIIVSEQMRKHSQIWXMGGEXWERHOMXXIRWYVZMZEPVEXI.%Q:IX S[RIHJVIIVSEQMRKGEXTSTYPEXMSRW.%Q:IX1IH%WWSG1IH%WWSG § §:ER%EVHI6.4STYPEXMSRFMSPSK]ERHXLIGSRXVSPSJJIVEPGEXWSR 2SKEPIW11EVXMR%8IVWL]&IXEP%VIZMI[SJJIVEPGEXIVEHM1EVMSR-WPERH%GXE>SSP*IRR § GEXMSRSRMWPERHW'SRWIVZ&MSP § (EVHW.,SQIVERKIWSJJIVEPGEXWMR4SVXWQSYXL(SGO]EVH .IWWYT(%8LI[IPJEVISJJIVEPGEXWERH[MPHPMJI.%Q:IX1IH'EVRMZSVI+IRIX2I[WP § %WWSG § -^E[E13RS=1SXLIVSJJWTVMRKVIPEXMSRWLMTMRXLIJIVEPGEX :ER,II^MO=7Q]XL%%HEQW%IXEP(SHSQIWXMGGEXWMQTSWITSTYPEXMSR.1EQQ7SG.TR § ERYRWYWXEMREFPILEVZIWXSRYVFERFMVHTSTYPEXMSRW#&MSP'SR1MVQSZMXGL:7TEXMEPSVKERM^EXMSRSJYVFERJIVEPGEXW *IPMWGE WIVZ §XYW MR.IVYWEPIQ;MPHP6IW § 1IHMRE*1&SRREYH):MHEP)IXEP%KPSFEPVIZMI[SJXLI7E]04SRXMIV(2EXSPM),MKLZEVMEXMSRMRQYPXMTPITEXIVRMX] MQTEGXWSJMRZEWMZIGEXWSRMWPERHIRHERKIVIHZIVXIFVEXIW+PSFSJHSQIWXMGGEXW *IPMWGEXYW0 MRVIPEXMSRXSIRZMVSRQIRXEP 'LERKI&MSP §GSRHMXMSRW4VSG7SG&MSP § ,YQERI7SGMIX]SJXLI9RMXIH7XEXIW8LI,797TSWMXMSRSR.SRIW)'SQER&.)GSPSK]SJXLIJIVEPGEX*IPMWGEXYW 0 XVETRIYXIVVIXYVR 826 %ZEMPEFPIEX [[[LYQERIWSGMIX] [[2778,3315,4136,3390][8][,,][Arial]]MR7SYXL)EWXIVR%YWXVEPME--6ITVSHYGXMSR [[4119,3315,4571,3390][8][,,][Arial]]%YWX;MPHP6IW [[4548,3315,4598,3390][8][,,][ Arial]] SVKMWWYIWJIVEPCGEXWJEGXW826CWXEXIQIRXLXQP%GGIWWIH.YR § +SSHVS[I/0,S[EVH.+7GLQMHX41IXEP6ITVSHYGXMZI 0IZ]./+EPI(;+EPI0%)ZEPYEXMSRSJXLIIJJIGXSJEPSRKFMSPSK]SJXLIHSQIWXMGGEX[MXLWTIGMEPVIJIVIRGIXSIRHSGVM XIVQXVETRIYXIVVIXYVRERHEHSTXMSRTVSKVEQSREJVIIVSEQRSPSK]WTIVQJYRGXMSRERHMRZMXVSJIVXMPM^EXMSR.6ITVSH*IVXMP MRKGEXTSTYPEXMSR.%Q:IX1IH%WWSG §7YTTP § ;EPPEGI.00IZ]./4STYPEXMSRGLEVEGXIVMWXMGWSJJIVEPGEXW 7kRGLI^&4M^EVVS1+EVGME4IXEP4SWXREXEPHIZIPST EHQMXXIHXSWIZIRXVETRIYXIVVIXYVRTVSKVEQWMRXLI9RMXIHQIRXSJWIQMRMJIVSYWXYFYPIWMRXLIGEX.6ITVSH*IVXMP7YTTP 7XEXIW.*IPMRI1IH7YVK § § ,YKLIW/07PEXIV16,EPPIV08LIIJJIGXWSJMQTPIQIRXMRKE 8WYXWYM87XEFIRJIPHX+,&MSPSK]SJSZEVMERG]GPIWTVIKRERG] JIVEPGEXWTE]RIYXIVTVSKVEQMRE*PSVMHEGSYRX]ERMQEPGSRXVSPERHTWIYHSTVIKRERG]MRXLIHSQIWXMGGEX.6ITVSH*IVXMP7YTTP WIVZMGI.%TTP%RMQ;IPJ7GM § § (EFVMX^,%%X[MPP)6+EVHRIV-%IXEP3YXHSSVJIGEPHITSWM:ER%EVHI6.6ITVSHYGXMSRERHTSTYPEXMSRIGSPSK]MRXLIJIVEP XMSRF]JVIIVSEQMRKGEXWERHEXXMXYHIWSJGEXS[RIVWERHRSRLSYWIGEX*IPMWGEXYWSR1EVMSR-WPERH'EVRMZSVI+IRIX2I[WP S[RIVWXS[EVHWXVE]TIXW[MPHPMJIERH[EXIVTSPPYXMSR.%Q:IX § 1IH%WWSG § /EIYJJIV64SRXMIV((IZMPPEVH7IXEP)JJIGXMZIWM^ISJX[SJI 0SVH0/;MXXYQ8)7GEVPIXX.19WISJKVSYTVERHSQM^IHXVMVEPHSQIWXMGGEXTSTYPEXMSRW *IPMWGEXYW0 IJJIGXSJXLIQEXMRK EPWMRTIXTSTYPEXMSRVIWIEVGL4VIZ:IX1IH §W]WXIQ1SP)GSP § +YRXLIV-*MROPIV,8IVOIP.(IQSKVETLMGHMJJIVIRGIWFI2EXSPM)(I:MXS)8LIQEXMRKW]WXIQSJJIVEPGEXWPMZMRKMRE X[IIRYVFERJIIHMRKKVSYTWSJRIYXIVIHERHWI\YEPP]MRXEGXKVSYT-R 8YVRIV('&EXIWSR4IHW8LIHSQIWXMGGEX XLIFMSP SK]SJMXWFILEZMSV'EQFVMHKI)RKPERH 'EQFVMHKI9RMZIVWMX] % .%Q:IX1IH%WWSG §4VIWW § ,EQMPXSR.&,EQMPXSR671IWXPIV+)IXEP(YVEXMSRSJPMJI4SRXMIV(2EXSPM)1EPIVITVSHYGXMZIWYGGIWWMRXLIHSQIWXMG ERHGEYWIWSJHIEXLMRHSQIWXMGGEXW MRµYIRGISJWI\KSREHIGGEX *IPMWGEXYW0 EGEWILMWXSV]&ILEZ4VSGIWWIW § XSQ]ERHMRFVIIHMRK.+IVSRXSP § 'LMGS'EX'SEPMXMSR6IWGYIXLIEFERHSRIHHSQIWXMGGEXW[MXL'VS[IPP(EZMW70'YVXMW81/RS[PIW6.7SGMEPSVKERM^E MRXLIKVIEXIV'LMGSYVFEREVIE%ZEMPEFPIEX [[[GLMGSGEXGS [[2778,5287,4051,5362][8][,,][Arial]]XMSRMRXLIGEX EQSHIVRYRHIVWXERHMRK [[4025,5287,4558,5362][8][,,][Arial]].*IPMRI1IH7YVK [[4548,5287,4598,5362][8][,,][Arial]] EPMXMSRSVK%GGIWWIH.YR § 2EXSPM)1EVEKPMERS0'EVMSPE+IXEP1EREKIQIRXSJJIVEP6SSX1:.SLRWXSR7(3PWSR42)WXVSYWPIRKXLTVIKRERG] HSQIWXMGGEXWMRXLIYVFERIRZMVSRQIRXSJ6SQI -XEP] 4VIZVEXIKIWXEXMSRERHTEVXYVMXMSRPIRKXLWPMXXIVWM^IERHNY :IX1IH § ZIRMPIQSVXEPMX]MRXLIHSQIWXMGGEX.%Q%RMQ,SWT%WWSG 0SRKGSVI86MGL'7YPPMZER01'VMXMGEPEWWIWWQIRXSJGPEMQW § VIKEVHMRKQEREKIQIRXSJJIVEPGEXWF]XVETRIYXIVVIPIEWI'SR.IQQIXX.))ZERW.1%WYVZI]SJWI\YEPFILEZMSYVERHVITVS WIVZ&MSP § HYGXMSRSJJIQEPIGEXW.7QEPP%RMQ4VEGX § 4MRIHE1,(SSPI]147YVKMGEPERHGLIQMGEPZEWIGXSQ]MRXLI7XYVKMWW/,YVPI]/.2YXVMXMSRERH[IPJEVI-R 6SGLPMX^- GEX%Q.:IX6IW §IH8LI[IPJEVISJGEXW(SVHVIGLX8LI2IXLIVPERHW 7TVMRKIV 1IRHIWHI%PQIMHE**EVME1'*0ERHEY6IQ]+IXEP8LIMQ § .%:1%:SP2S%YKYWX7GMIRXM´G6ITSVXW =EQERI%1EPIVITVSHYGXMZIXEGXMGWERHVITVSHYGXMZIWYG;SSHW11G(SREPH6%,EVVMW74VIHEXMSRSJ[MPHPMJI GIWWSJXLIKVSYTPMZMRKJIVEPGEX *IPMWGEXYW &ILEZ4VSGIWWIWF]HSQIWXMGGEXW*IPMWGEXYWMR+VIEX&VMXEMR1EQQEP6IZ § § +VMJ´R&0IWWSRWMRVITVSHYGXMZITL]WMSPSK]ERHFILEZMSVMR'SPIQER.73RXLITVS[P;MWG2EX6IW1EK § HSQIWXMGUYIIRWJVSQRSRMRZEWMZIQSRMXSVMRKMR4VSGIIH*SPI]4*SPI].)0IZ]./IXEP%REP]WMWSJXLIMQTEGXSJXVET MRKW-RX7]QT2SRWYVKMGEP1IXLSHW4IX4STYPEXMSR'SRXVSPRIYXIVVIXYVRTVSKVEQTSTYPEXMSRWSJJIVEPGEXW.%Q:IX1IH %WWSG § &VMWXSP+SYPH7;SSHVYJJ8/*SPPMGYPSKIRIWMWMRXLIHSQIWXMG&YHOI'17PEXIV169XMPM^EXMSRSJQEXVM\TSTYPEXMSRQSHIPW GEX *IPMWGEXYW 8LIVMSKIRSPSK] §XSEWWIWWE]IEVWMRKPIXVIEXQIRXRSRWYVKMGEPGSRXVEGITXMSR (IEK.11ERRMRK%0E[VIRGI')0*EGXSVWMRµYIRGMRKXLITVSKVEQZIVWYWWYVKMGEPWXIVMPM^EXMSRMRJIVEPGEXTSTYPEXMSRW. QSXLIVOMXXIRVIPEXMSRWLMT-R 8YVRIV('&EXIWSR4IHW8LI%TTP%RMQ;IPJ7GM § HSQIWXMGGEX XLIFMSPSK]SJMXWFILEZMSV'EQFVMHKI)RKPERH 7GLQMHX417[ERREGO810STI^66IXEP)ZEPYEXMSRSJIY 'EQFVMHKI9RMZIVWMX]4VIWW §XLEREWMEERHXVETRIYXIVVIXYVR 826 TVSKVEQWMRQEREKMRK 7GSXX/'0IZ]./'VE[JSVH4''LEVEGXIVMWXMGWSJJVIIVSEQJVIIVSEQMRKGEXTSTYPEXMSRW;MPHP6IW § MRKGEXWIZEPYEXIHMREXVETRIYXIVVIXYVRTVSKVEQ.%Q:IX1IH4IVI^.*'SRPI]%.(MIXIV.%IXEP7XYHMIWSRXLISVMKMRSJ %WWSG § SZEVMERMRXIVWXMXMEPXMWWYIERHXLIMRGMHIRGISJIRHSQIXVMEP &VSXLIVW247OMVE-.'STWSR+6&MSPSK]SJXLIJIVEPGEX*IPMWL]TIVTPEWMEMRHSQIWXMGERHJIVEPGEXW+IR'SQT)RHSGVMRSP GEXYW 0 SR1EGUYEVMI-WPERH%YWX;MPHP6IW § § 2IPWSR27&IVQER)7XEVE.*0MXXIVWM^IERHWI\HMWXVMFYXMSRMR*MX^KIVEPH&18YVRIV(',YRXMRKFILEZMSVSJHSQIWXMGGEXW ERSYXHSSVJIPMRIGSPSR]'EVRMZSVI+IRIX2I[WP § ERHXLIMVMQTEGXSRTVI]TSTYPEXMSRW-R 8YVRIV('&EXIWSR 2EXSPM)7GLQMH17E]0IXEP1EPIVITVSHYGXMZIWYGGIWW4IHW8LIHSQIWXMGGEX XLIFMSPSK]SJMXWFILEZMSV'EQFVMHKI MREWSGMEPKVSYTSJYVFERJIVEPGEXW *IPMWGEXYW0 )XLSPSK])RKPERH 'EQFVMHKI9RMZIVWMX]4VIWW § § 6SHIP,+&SVE%/EMWIV.IXEP(IRWMX]HITIRHIRXVITVS 2EXSPM)(I:MXS)%KSRMWXMGFILEZMSYVHSQMRERGIVEROERHHYGXMSRMRXLI)YVSTIERVEFFMX EGSRWIUYIRGISJMRHMZMHYEP GSTYPEXSV]WYGGIWWMREPEVKIQYPXMQEPIJIVEPGEX*IPMWGEXYW0VIWTSRWIERHEKIHITIRHIRXVITVSHYGXMZITIVJSVQERGI3MOSW GSPSR]MRGIRXVEP6SQI%RMQ&ILEZ § § 'SRGERRSR4,SHKWSR&0IMR(6IµI\0,VIPIEWIMRIWXVSYW GEXWJSPPS[MRKWMRKPIERHQYPXMTPIGSTYPEXMSRW&MSP6ITVSH § ;MPHX()7IEKIV7;.'LEOVEFSVX]4/)JJIGXSJGSTYPEXSV] WXMQYPMSRMRGMHIRGISJSZYPEXMSRERHSRWIVYQPYXIMRM^MRKLSV 4WIYHSGSHIJSVFEWMGWXITWERHWXVYGXYVISJEGSQTYXIVWMQYPE QSRIMRXLIGEX)RHSGVMRSPSK] § XMSRQSHIPSJJIVEPGEXTSTYPEXMSRW (EVHW.08LIFILEZMSYVSJHSGO]EVHGEXW MRXIVEGXMSRSJEHYPX QEPIW%TTP%RMQ)XLSP § 6IEHMRQIXLSHSJTSTYPEXMSRGSRXVSP 'IRXSR^I0%0IZ]./'LEVEGXIVMWXMGWSJJVIIVSEQMRKGEXWERH 6IEHMRXVETTMRKTVSKVEQTEVEQIXIVW XLIMVGEVIXEOIVW.%Q:IX1IH%WWSG § 6IEHMRGEXTEVEQIXIVW 0MFIVK37ERHIPP14SRXMIV(IXEP(IRWMX]WTEXMEPSVKERM 6IEHMRTSTYPEXMSRTEVEQIXIVW ^EXMSRERHVITVSHYGXMZIXEGXMGWMRXLIHSQIWXMGGEXERHSXLIV *SVHE]WMQYPEXMSR JIPMHW-R 8YVRIV('&EXIWSR4IHW8LIHSQIWXMGGEX XLIFMSP *SVGEXMRMRMXMEP HE] TSTYPEXMSR SK]SJMXWFILEZMSV'EQFVMHKI)RKPERH 'EQFVMHKI9RMZIVWMX] %WWMKRWI\ %WWMKREKIEXHE] 4VIWW § %WWMKRGPEWW =EQERI%(SM83RS=1EXMRKFILEZMSVWGSYVXWLMTVEROERH %WWMKRWSGMEPYRMXJSVJIQEPI QEXMRKWYGGIWWSJQEPIJIVEPGEX *IPMWGEXYW .)XLSP § 2I\XGEX *SVHE]XSPEWXHE]WMQYPEXMSRW 0MFIVK3'SYVXWLMTFILEZMSYVERHWI\YEPWIPIGXMSRMRXLIHS (IXIVQMRIMJHE]MWXVETTMRKHE] QIWXMGGEX%TTP%RMQ)XLSP § (IXIVQMRIEPPHSQMRERXQEPIW 0E[PIV(*.SLRWXSR7(,IKWXEH60IXEP3ZYPEXMSR[MXL (IXIVQMRIHSQMRERXQEPIWSVHIVJSVEGGIWWXSVIGITXMZIJIQEPIW SYXGIVZMGEPWXMQYPEXMSRMRHSQIWXMGGEXW.6ITVSH*IVXMP7YTTP 7IXEPPJIQEPIWSGMEPYRMXWXSEZEMPEFPI (IXIVQMRIEPPVIGITXMZIJIQEPIW § *SVIEGLPMZMRKQEPIGEX %RHIVWIR1'1EVXMR&.6SIQIV+;9WISJQEXVM\TSTYPEXMSR (IXIVQMRIMJMXWYVZMZIWXLIHE] QSHIPWXSIWXMQEXIXLIIJ´GEG]SJIYXLEREWMEZIVWYWXVETRIYXIV -JMXWYVZMZIW VIXYVRJSVQEREKIQIRXSJJVIIVSEQMRKGEXW.%Q:IX1IH%WWSG 9THEXIWXEXYW § -JRSX[MRXIV 7LIVQER4;6YRKI1'(IQSKVETL]SJETSTYPEXMSRGSPPETWI (IXIVQMRIHEMP]WI\YEPEGXMZMX]SJHSQMRERXQEPIW XLIRSVXLIVR-HELSKVSYRHWUYMVVIP 7TIVQSTLMPYWFVYRRIYW *SVIEGLPMZMRKJIQEPIGEX FVYRRIYW )GSPSK] § (IXIVQMRIMJMXWYVZMZIWXLIHE] -JMXWYVZMZIW *MROPIV,8IVOIP.'SVXMWSPPIZIPWERHEKKVIWWMSRMRRIYXIVIH 9THEXIWXEXYW ERHMRXEGXJVIIVSEQMRKJIQEPIGEXWPMZMRKMRYVFERWSGMEP -JRSX[MRXIV KVSYTW4L]WMSP&ILEZ § (IXIVQMRIHEMP]WI\YEPEGXMZMX]SJVIGITXMZIJIQEPIW 7GSXX/'0IZ]./+SVQER74&SH]GSRHMXMSRSJJIVEPGEXWERH (IXIVQMRIVIWYPXMRKTVIKRERGMIWERHTWIYHSTVIKRERGMIW XLIIJJIGXSJRIYXIVMRK.%TTP%RMQ;IPJ7GM § (IXIVQMRIFMVXLWSJQEPIWERHJIQEPIW *MROPIV,+YRXIV-8IVOIP.&ILEZMSVEPHMJJIVIRGIWFIX[IIRYV 'EVV]SYXZEVMSYWTSTYPEXMSRGEPGYPEXMSRWERHMRJSVQEXMSRKEXLIVMRK FERJIIHMRKKVSYTWSJRIYXIVIHERHWI\YEPP]MRXEGXJVIIVSEQMRK 2I\XHE] GEXWJSPPS[MRKEXVETRIYXIVVIXYVRTVSGIHYVI.%Q:IX1IH%W (MWTPE]VIWYPXW WSG § 7GMIRXM´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