ࡱ > l n g h i j k #` bjbjmm 7t 4 % $ $ $ $ $ $ $ 8 ^ ^ ^ 8 X^ < ` 8 W! \b \b " ~b ~b ~b k k k v x x x x x x $ # h }% > u $ 4l ui > k 4l 4l $ $ ~b ~b ! \{ \{ \{ 4l & $ p ~b $ ~b v \{ 4l v \{ \{
$ ~b Pb Pќ ^ Zq . ` d '! 0 W! % w j % % $ k k \{ k k S k k k z j k k k W! 4l 4l 4l 4l 8 8 8 T ] D 8 8 8 ] 8 8 8 $ $ $ $ $ $ !" !" / ! ! #
! !# !" + - '! # !""
0D54@0: 87=5A 04<8=8AB@8@>20=85
!?5F80;L=>ABL: #?@02;5=85 187=5A><
+ # ! / "
=0 B5<C: >?@>AK @5AB@C:BC@870F88 187=5A0
!BC45=B:0 3@C??K 2 5 5 5 : 0A0=>20 !. .
C:>2>48B5;L:
:0=4840B M:>=><8G5A:8E =0C: /3C1>2 (. -.
8. >. 702. :0D. :
4. M. =. , ?@>D5AA>@ 110A>2 . .
0:C 2 0 1 0
3;02;5=85
2545=85 & & & & & & & & & & & & & & & & & & & & & & & & & & & . 3
;020 1 . "5>@5B8G5A:85 >A=>2K @5AB@C:BC@870F88 187=5A0 & & & & & . . . . 4
!CI=>ABL, >1J5:B82=K5 ?@8G8=K 8 CA;>28O @5AB@C:BC@870F88 187=5A0 & & & & & & & & & & & & & & & . . & & & & & & & & & . . 4
84K @5AB@C:BC@870F88 187=5A0 & & & . & & & & & & & & & & & . . . 9
@54?>AK;:8 @5AB@C:BC@870F88 187=5A0 & & & & & & & . . & & . & 2 2
;020 2 . A=>2=K5 =0?@02;5=8O @5AB@C:BC@870F88 187=5A0 2 75@109460=5 2 8
@820B870F8O 3>AC40@AB25==KE 8<CI5AB2 2 75@109460=5 & & & . 2 8
07@01>B:0 ?@>3@0<<K @5AB@C:BC@870F88 187=5A0 & & & & . . . & & . 3 4
!B@C:BC@=K5 ?@5>1@07>20=8O 187=5A0 & & & & . & & & & & & & & 4 3
K2>4K & & & & & & & & & & & & & & & & & & & & & & & & & & & . 4 8
!?8A>: 8A?>;L7>20==>9 ;8B5@0BC@K & & & & & & & & & & & & & & & . 4 9
2545=85
>=OB85 @5AB@C:BC@870F8O :0: ?@>F5AA :><?;5:A=>3> 87<5=5=8O <5B>4>2 8 CA;>289 DC=:F8>=8@>20=8O ?@54?@8OB89 2 A>>B25BAB288 A 2=5H=8<8 CA;>28O<8 8 AB@0B53859 55 @0728B8O 2>H;> 2 187=5A >B=>A8B5;L=> =5402=>. 5AB@C:BC@870F88 187=5A0 <>65B AB0BL :;NG>< : M:>=><8G5A:><C 2>7@>645=8N 75@109460=0, A?>A>1AB2>20BL ?@54?@8OB89 2 CA;>28OE @K=>G=KE >B=>H5=89, 70<5=0 >1>@C4>20=8O, 2=54@5=8N ?5@54>2KE B5E=>;>389, >A2>5=8N :>=:C@5=B>A?>A>1=>9 ?@>4C:F88, @>ABC ?@>872>48B5;L=>AB8 B@C40< MDD5:B82=>AB8 ?@>872>4AB20
K=>G=K5 @5D>@<K 2 75@109460=5 70:>=>40B5;L=> 70:@5?8;8 <=>3>>1@0785 D>@< A>1AB25==>AB8 8 @53C;8@>20=85 A2O70==KE A =8<8 3@0640=A:8E ?@02>>B=>H5=89, A45;0;8 2>7<>6=K< @0728B85 A2>1>4=>3> ?@54?@8=8<0B5;LAB20. 0728B85 A>2@5<5==>9 @K=>G=>9 M:>=><8:8 =5;L7O A515 ?@54AB028BL 157 ?@8<5=5=8O A>2@5<5==KE 8=AB@C<5=B>2 MDD5:B82=>3> C?@02;5=8O A>1AB25==>ABLN.
@>F5AA @5AB@C:BC@870F88 187=5A0 ( ?@54?@8OB8O) 4> A8E ?>@ >AB05BAO =54>AB0B>G=> 87CG5==K<. >;LH8=AB2> @>1>B 2 40==>9 >1;0AB8 A2>48BAO : :><18=8@>20=8N @07;8G=KE 20@80=B>2 8A?>;L7>20=8O <5B>48: D8=0=A>2>3> 0=0;870 4;O @5AB@C:BC@870F88 ?@54?@8OB8O. 4=0:> 2 MB8E <5B>48:0E >BACBAB2CNB ?@0:B8G5A:85 @5:><5=40F88 ?> ?@>2545=8N @5AB@C:BC@870F88 187=5A0 4;O A>740=8O 8 @50;870F88 AB@0B5388 MDD5:B82=>3> C?@02;5=8O 75@109460=A:8<8 ?@54?@8OB8O<8.
A=>2=K5 ?>;>65=8O 2K?CA:=>9 @01>BK 1078@C5BAO =0 =0CG=KE ?@54AB02;5=8OE > ACI=>AB8 @5AB@C:BC@870F88 :0: M:>=><8G5A:>3> 8=AB@C<5=B0, =0?@02;5==>3> =0: @0A:@KB85 M:>=><8G5A:>3> A>45@60=8O AB@0B538G5A:>9 8 >?5@0F8>==>9 @5AB@C:BC@870F88; >?@545;5=85 D0:B>@>2, 2>7459AB2CNI8E =0 AB>8<>ABL ?@54?@8OB8O, C?@02;5=85 :>B>@K<8 O2;O5BAO >A=>2>9 ?@>2>48<>9 @5AB@C:BC@870F88.
;020 1 . "5>@5B8G5A:85 >A=>2K @5AB@C:BC@870F88 187=5A0
1 . 1 . !CI=>ABL, >1J5:B82=K5 ?@8G8=K
8 CA;>28O @5AB@C:BC@870F88 187=5A0
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
725AB=>, GB> 2 AB@C:BC@5 E>7O9AB20 2K@0605BAO A8AB5<0 @0745;5=8O >1I5AB25==>3> B@C40, B> 8 A0<> ?>=OB85 AB@C:BC@K =5 <5=55 <=>3>>1@07=>, :0: 8 ?>=OB85 @0745;5=8O B@C40. 5?>A@54AB25==> >B@060O A8AB5<C >1I5AB25==>3> @0745;5=8O B@C40, >B@0A;520O AB@C:BC@0 A>740QB <0B5@80;L=CN >A=>2C 4;O @0728B8O 2A5E 4@C38E 0A?5:B>2 53> AB@C:BC@K. IQ . "CA8 8AE>4=K< ?C=:B><, =0G0;>< A2>8E M:>=><8G5A:8E 2>77@5=89 AB028; B578A >1 >1I5AB25==>< @0745;5=88 B@C40 :0: 8AB>G=8: 1>30BAB20. 53> A>G8=5=8OE ?@>A;568205BAO A2O7L <564C @0745;5=85< B@C40 2 >1I5AB25 8 @>AB>< ?@>872>4AB20 ?@>4C:F88, B. 5. 2>7<>6=>ABLN >1@07>20=8O 871KB>G=>3> ?@>4C:B0, AB0;> 1KBL 8 2KE>45 53> =0 @K=>:. 1I5AB25==>5 @0745;5=85 B@C40 A;C68B >A=>2>9 4;O >1<5=0 @57C;LB0B0<8 B@C4>2>9 45OB5;L=>AB8 <564C ?@>872>48B5;O<8 8 B5< A0<K< A?>A>1AB2CNB @0728B8N <5=>2KE >B=>H5=89. = >1>A=>20; =5>1E>48<>ABL ?@>2545=8O @07C<=>9 M:>=><8G5A:>9 ?>;8B8:8, @0AA<0B@820; 5Q 2 :0G5AB25 ACI5AB25==>3> @>AB0 =0@>4=>3> 1;03>A>AB>O=8O.
. !<8B 2 A2>Q 2@5<O >B<5G0;, GB>: " 5;8G09H89 ?@>3@5AA 2 @0728B88 ?@>872>48B5;L=>9 A8;K B@C40 8 7=0G8B5;L=0O 4>;O 8A:CAAB20, C<5=8O 8 A>>1@078B5;L=>AB8, A :0:8< >= =0?@02;O5BAO 8 ?@8;0305BAO, O28;8AL, ?>- 2848<><C, A;54AB285< @0745;5=8O B@C40" . 7 53> 0=0;870 ?@8G8= 2>7=8:=>25=8O @0745;5=8O B@C40 A;54C5B, GB> >=> =5 O2;O5BAO @57C;LB0B>< GL59- ;81> <C4@>AB8, 0 ?@54AB02;O5B A>1>9 ?>A;54AB285 >?@545;Q==>9 A:;>==>AB8 G5;>25G5A:>9 ?@8@>4K : >1<5=C, B>@3>2;8, 2708<>459AB28N ?@>872>48B5;59 8 ?>B@518B5;59 B>20@>2. '5< 2KH5 C@>25=L ?@>872>48B5;L=>9 A8;K >1I5AB20, B5< A>25@H5==55 D>@<0 >1I5AB25==>3> @0745;5=8O B@C40.
@>4>;60O 8458 284=KE CGQ=KE B>3> 2@5<5=8, . 0@:A 2 A2>8E B@C40E >1>30B8;, 4>?>;=8; 8 C45;8; >A>1>5 2=8<0=85 MB><C 2>?@>AC. 0?@8<5@, 2 " 5<5F:>9 845>;>388" >= >B<5G0;: " #@>25=L @0728B8O ?@>872>48B5;L=KE A8; =0F88 >1=0@C68205BAO ?@5645 2A53> =03;O4=55 2 B><, 2 :0:>9 AB5?5=8 @0728B> C =5Q @0745;5=85 B@C40" . "0:65 : MB8< 2>?@>A0< 2>72@0I0;AO . . 5=8=. = ?8A0;, GB> A?5F80;870F8O >1I5AB25==>3> B@C40 " . . . ?> A0<><C ACI5AB2C A2>5<C, 15A:>=5G=0 B>G=> B0:65, :0: 8 @0728B85 B5E=8:8" . . 8 " >1I5AB25==>5 @0745;5=85 B@C40 5ABL >A=>20 2A53> ?@>F5AA0 @0728B8O B>20@=>3> E>7O9AB20" .
@>F5AA @0745;5=8O B@C40 2K@0605BAO 2 B><, GB> 2 @07;8G=KE AD5@0E =0F8>=0;L=>9 M:>=><8:8 ?@>8AE>48B >1>A>1;5=85 @07;8G=KE ?@>872>4AB25==KE 548=8F. @>F5AA 2K45;5=8O =>2KE 8;8 ?@5:@0I5=8O ACI5AB2>20=8O AB0@KE >B@0A;59 2A5E C@>2=59 ?>;CG8;8 =0720=85 >B@0A;52>9 48DD5@5=F80F88 ?@>872>4AB20. 8=0<8:0 MB>3> ?@>F5AA0 >B@0605BAO 2 ?5@8>48G5A:8 >1=>2;O5<KE :;0AA8D8:0F8OE >B@0A;59 =0F8>=0;L=>9 M:>=><8:8. =0;87 ?@>F5AA0 >1I53> @0745;5=8O B@C40 4>AB0B>G=> A;>65= 8 ?>MB><C 4>;65= 8A?>;L7>20BLAO ?@8=F8? :>=:@5B870F88 ?@87=0:>2 >1I=>AB8 M:>=><8G5A:>9 45OB5;L=>AB8. -:>=><8G5A:>5 >1>A>1;5=85 ?>4@0745;5=8O ?@>8AE>48B 2 @57C;LB0B5 ?>AB5?5==>3> =0:>?;5=8O <5;:8E :>;8G5AB25==KE ?@87=0:>2, E0@0:B5@87CNI8E B>B 8;8 8=>9 284 M:>=><8G5A:>9 45OB5;L=>AB8 8 ?>O2;5=8O 2 >?@545;Q==K5 <><5=BK =>2>3> :0G5AB20, :>340 MB>B 284 45OB5;L=>AB8 >:07K205B ACI5AB25==>5 2;8O=85 =0 25;8G8=C 8 ?>B@51;O5B 7=0G8<CN G0ABL @5AC@A>2. A=>2=>9 F5;LN MB>3> O2;O5BAO ?>2KH5=85 :0G5AB20 8 C@>2=O 687=8 =0A5;5=8O AB@0=K. "> 5ABL, =0F8>=0;L=0O M:>=><8:0 ;N1>9 AB@0=K ?@54AB02;O5B :><?;5:A 2708<>A2O70==KE <564C A>1>9 >B@0A;59, 2>7=8:0NI8E 8 @072820NI8EAO 2 @57C;LB0B5 @07;8G=KE D>@< >1I5AB25==>3> @0745;5=8O B@C40. :0: ?@028;L=> >B<5G05B . >@B5@, =C6=> 8AE>48BL 87 ?@8=F8?0 AB@0B5388 ?>2KH5=8O :>=:C@5=B>A?>A>1=>AB8 2 >B45;L=> 27OBKE >B@0A;OE A CGQB>< >1I59 AB@0B5388 @0728B8O =0F8>=0;L=>9 M:>=><8:8.
!B@0B538O >B@0A;8 206=0 B5<, GB> 87<5=5=85 AB@C:BC@K A>740QB @50;L=K5 2>7<>6=>AB8 4;O AB@0=K 2=54@8BLAO 2 =>2K5 >B@0A;8 8 4>AB865=8O >?@545;Q==>3> CA?5E0 2 <8@>2>< M:>=><8G5A:>< ?@>AB@0=AB25, B> 5ABL =5 B>;L:> 87<5=5=85 AB@C:BC@K >B@0A;8, => 8 ?@028;L=K9 2K1>@ ?>78F88 2 ?@545;0E >B@0A;8. -B> A;54C5B 87 B>3>, GB> A>25@H5=AB2>20=85 8 >1=>2;5=85 B5E=>;>388 4>;6=> 4020BL ?@58<CI5AB20 2 @0728B88 8 2 2KO2;5=88 CA?5H=KE >B@0A;59 2 =0F8>=0;L=>9 M:>=><8:5, 0 4;O ?>=OB8O 48=0<8G5A:8E ?@>F5AA>2 2 E>45 @0728B8O ?@><KH;5==>AB8 =5>1E>48<> 87CG8BL 8AB>@8N >B@0A;8, ?>A:>;L:C 3;02=0O F5;L - ?><>GL 2 2K1>@5 =081>;55 ?>4E>4OI59 AB@0B5388 @0728B8O @048 4>AB865=8O 2KA>:>9 ?@>4C:B82=>AB8, O2;ONI59AO >A=>2>9 =0F8>=0;L=>3> ?@>F25B0=8O.
1J5:B82=>9 ?@8G8=>9 @5AB@C:BC@870F88 ?@><KH;5==>AB8 ?>A;C68; @0A?04 !!! , :>B>@K9 ?@82Q; : ?>O2;5=8N ?@8=F8?80;L=> =>2>9 35>?>;8B8G5A:>9 8 M:>=><8G5A:>9 A8BC0F88. 07@K2 A2O759 M:>=><8: >B45;L=KE @5A?C1;8:, >15A?5G820NI8E 8E 2708<>A2O7L 8 2708<>7028A8<>ABL 548=>9 M:>=><8G5A:>9 A8AB5<K ?@825;> : ?>8A:C ?CB59 2KE>40 87 A;>682H59AO A8BC0F88 2A;54AB288 =0;8G8O ACI5AB25==KE =54>AB0B:>2 8 48A?@>?>@F89:
7=0G8B5;L=K9 @07@K2 <564C @5A?C1;8:0=A:8< 8 A@54=5- A>N7=K< C@>2=O<8 4CH52>3> ?@>872>4AB20 8 ?>B@51;5=8O =0F8>=0;L=>3> 4>E>40;
?@5>1;040=85 4>1K20NI8E 8 ?5@28G=KE >B@0A;59 8 ?@>872>4AB2 2 AB@C:BC@5 ?@><KH;5==>AB8, =87:89 C45;L=K9 25A >B@0A;59, >?@545;ONI85 =0CG=>- B5E=8G5A:89 ?@>3@5AA;
=87:89 C@>25=L 2>2;5G5=8O 2 >1I5AB25==>5 ?@>872>4AB2> B@C4>2KE @5AC@A>2;
=87:89 C@>25=L :><?;5:A=>AB8 <56>B@0A;52KE A2O759 ?> 4>1KG5, ?5@28G=>9 8 :>=5G=>9 >1@01>B:5 AK@LO 8 <0B5@80;>2;
=5@02=><5@=>5 @07<5I5=85 ?@>872>48B5;L=KE A8; ( 1>;LH0O :>=F5=B@0F8O 2 0:C- !C<308BA:>9 7>=5 ?@8 =87:>< C@>2=5 @0728B8O 4@C38E @538>=>2) ;
=54>AB0B>G=K B5<?K >1=>2;5=8O >A=>2=KE D>=4>2, B5E=8G5A:>3> ?5@52>>@C65=8O ?@>872>4AB20;
?@>2545=85 B0:B8:8 ?>42545=8O M:>=><8G5A:>9 107K ?>4 ?>;8B8G5A:85 ?@54?>GB5=8O;
CA8;5=85 M:>;>38G5A:>9 =0?@O6Q==>AB8, 2A;54AB288 :>=F5=B@0F88 ?@><KH;5==>3> ?@>872>4AB20 1>;LH59 G0ABLN 2 ?H5@>=A:>< @09>=5;
A;>682H0OAO B5@@8B>@80;L=0O 48DD5@5=F80F8O 2 CA;>28OE M:>=><8G5A:>3> 8 A>F80;L=>3> @0728B8O A?>A>1AB2>20;> 2KA>:>9 8=B5=A82=>AB8 2=CB@8@5A?C1;8:0=A:>9 <83@0F88 A5;LA:>3> =0A5;5=8O 2 3>@>40, 2 G0AB=>AB8 2 0:C 8 4@.
5AB@C:BC@870F8N ?@><KH;5==KE 8 D8=0=A>2KE :><?0=89 <>6=> >?@545;8BL :0: ?@>F5AA, =0?@02;5==K9 =0 A>740=85 CA;>289 4;O MDD5:B82=>3> 8A?>;L7>20=8O 2A5E D0:B>@>2 ?@>872>4AB20 2 F5;OE ?>2KH5=8O D8=0=A>2>9 CAB>9G82>AB8 8 @>AB0 :>=:C@5=B>A?>A>1=>AB8. 5AB@C:BC@870F8O ?@><KH;5==KE 8 D8=0=A>2KE :><?0=89 B@51C5B =5 >B45;L=KE @07@>7=5==KE <5B>48:, 0 F5;>AB=>9 :>=F5?F88, B@51CNI59 >B25B0 =0 A;54CNI85 2>?@>AK:
A<>65B ;8 :><?0=8O 4>AB8GL ?>;>68B5;L=KE @57C;LB0B>2 45OB5;L=>AB8;
:0:8< >1@07><, ?@8 :0:8E CA;>28OE MB> >ACI5AB28<> 8 :0: 4>;3> B0:>9 ?@>F5AA 1C45B 4;8BLAO;
:0:85 2;>65=8O :0?8B0;0 ?>B@51CNBAO >B 8=25AB>@>2.
&5;8 ?@>F5AA0 @5AB@C:BC@870F88:
C25;8G5=85 @K=>G=>9 AB>8<>AB8 A>1AB25==>3> :0?8B0;0 :><?0=88 :0: >1O70B5;L=>3> CA;>28O 55 :>=:C@5=B>A?>A>1=>AB8;
C;CGH5=85 M:>=><8G5A:8E 8 D8=0=A>2KE ?>:070B5;59 DC=:F8>=8@>- 20=8O :><?0=88;
?@82;5G5=85 4>;3>A@>G=KE 2;>65=89 :0?8B0;0 2 2845 ?@O<KE 8=25AB8F89 8;8 4>;3>A@>G=KE 4>;3>2KE >1O70B5;LAB2;
CA8;5=85 :>=:C@5=B>A?>A>1=>AB8 :><?0=89 70 AG5B A;8O=89 8 ?>3;>I5=89.
5AB@C:BC@870F8O ?@>2>48BAO, 5A;8 ?@><KH;5==0O 8;8 D8=0=A>20O :><?0=8O:
=0E>48BAO 2 :@878A=>9 A8BC0F88 8 =5>1E>48<> D8=0=A>2>5 >74>@>2;5=85, A>740=85 CA;>289 4;O MDD5:B82=>3> DC=:F8>=8@>20=8O 2 4>;3>A@>G=>< ?5@8>45;
>15A?5G8205B @>AB @K=>G=>9 AB>8<>AB8 A>1AB25==>3> :0?8B0;0 70 AG5B F5=B@0;870F88 :0?8B0;0.
=0;87 ?@0:B8:8 @5AB@C:BC@870F88 075@109460=A:8E :><?0=89 ?>:070;, GB> C1548B5;L=0O 8 A>3;0A>20==0O A> 2A5<8 CG0AB=8:0<8 @5AB@C:BC@870F88 ( C?@02;ONI8<8, :@548B>@0<8 8 8=25AB>@0<8) :>=F5?F88 @5AB@C:BC@870F88 ?@><KH;5==KE :><?0=89 O2;O5BAO ?@54?>AK;:>9 4;O >:070=8O ?><>I8 A> AB>@>=K 10=:>2 8 0:F8>=5@>2. >=F5?F8O 4>;6=0 1KBL @07@01>B0=0 2 B5G5=85 >3@0=8G5==>3> ?5@8>40, ?>B><C >A>15==> 206=>, GB>1K F5;8 :>=F5?F88 1K;8 G5B:> AD>@<C;8@>20=K. 5G5B:> AD>@<C;8@>20==K5 8;8 =5@50;L=K5 F5;8 =587156=> ?@8254CB : B><C, GB> :><?0=8O ?>A;5 CA?5H=>9 >?5@0B82=>9 @5AB@C:BC@870F88 =5 A<>65B 2 40;L=59H5< @072820BLAO 8 CA8;820BL A2>N :>=:C@5=B>A?>A>1=>ABL, 2 B> 2@5<O 4@C385 :><?0=88 B>9 65 >B@0A;8 2 A>AB>O=88 MB> A45;0BL.
5>1E>48<> CG8BK20BL, GB> @50;870F8O :>=F5?F88 @5AB@C:BC@870F88 B@51C5B 2KA>:>:20;8D8F8@>20==>3> 8 65AB:>3> C?@02;5=8O <0B5@80;0<8, B@C4>2K<8 8 D8=0=A>2K<8 @5AC@A0<8. @0:B8G5A:0O @50;870F8O :>=F5?F88 @5AB@C:BC@870F88 4>;6=0 2K7K20BL CAB>9G82K5 ?>;>68B5;L=K5 :@0B:>- 8 4>;3>A@>G=K5 87<5=5=8O 2 45OB5;L=>AB8 ?@54?@8OB8O, @57C;LB0B>< :>B>@KE 1C45B @>AB @K=>G=>9 AB>8<>AB8 A>1AB25==>3> :0?8B0;0 :><?0=88 8 :C@A>2>9 AB>8<>AB8 55 >1K:=>25==KE 0:F89.
1 . 2 . 84K @5AB@C:BC@870F88 187=5A0
!CI=>ABL >?5@0B82=>9 @5AB@C:BC@870F88 70:;NG05BAO 2 B><, GB> >=0 =0?@02;5=0 =0 @5H5=85 ?@>1;5< ?> 2>AAB0=>2;5=8N ?;0B565A?>A>1=>AB8 :><?0=88 2 :@0B:>A@>G=>< ?5@8>45 8 @50;87C5BAO 70 AG5B 2=CB@5==8E @575@2>2.
A=>2=K5 7040G8 >?5@0B82=>9 @5AB@C:BC@870F88 >1CA;>2;5=K 55 ACI=>ABLN:
2>AAB0=>2;5=85 ?;0B565A?>A>1=>AB8 :><?0=88 2 B5:CI89 <><5=B 2@5<5=8;
A>740=85 M:>=><8G5A:8E 8 D8=0=A>2KE CA;>289 4;O CAB>9G82>3> DC=:F8>=8@>20=8O :><?0=88 2 4>;3>A@>G=>< ?5@8>45 8 >15A?5G5=8O :>=:C- @5=B>A?>A>1=>AB8;
A>740=85 CA;>289 4;O 8=25AB8F8>==>9 ?@82;5:0B5;L=>AB8 :><?0=88.
> ACI5AB2C, 2 ?5@8>4 >?5@0F8>==>9 @5AB@C:BC@870F88 4>;6=K @5H0BLAO ?@>1;5<K, :>B>@K5 AD>@<8@>20;8AL A8AB5<5 E>7O9AB2>20=8O 8 2 ?>A;54=85 45AOBL ;5B ?@0:B8G5A:8 CA8;820;8 A2>5 @07@CH0NI55 2>7459AB285.
>=F5?F88 D>@<8@>20=8O >B@0A;52KE ?@>3@0<< @5AB@C:BC@870F88 ?>4G5@:8205BAO, GB> =5>1E>48<>ABL @5AB@C:BC@870F88 >B45;L=KE ?@54?@8OB89 8 >B@0A;59 ?@><KH;5==>AB8 >1CA;>2;5=0, ?@5645 2A53>:
=52>AB@51>20==>ABLN =0 @K=:5 ?@>872>48<>9 B>20@=>9 ?@>4C:F88;
>BACBAB285< @01>B>A?>A>1=>9 2 CA;>28OE @K=:0 A8AB5<K C?@02;5=8O B>@3>2>9 8 A1KB>2>9 45OB5;L=>ABLN;
:>=:C@5=F859 A @>AA89A:8<8 8 70@C156=K<8 ?@>872>48B5;O<8;
=87:8< :0G5AB2>< ?@>872>48<>9 ?@>4C:F88;
D878G5A:8< 8 <>@0;L=K< AB0@5=85< >A=>2=KE ?@>872>4AB25==KE D>=4>2;
B@048F8>==> A;>682H8<AO 2 70B@0B=>9 M:>=><8:5 2KA>:8< C@>2=5< 70B@0B.
@8 @07@01>B:5 ?@>3@0<< >?5@0B82=>3> >74>@>2;5=8O ?@54?@8OB89 =5>1E>48<> C45;OBL >A>1>5 @5H5=8O M:>=><8G5A:8E ?@>1;5<, AB>OI8E ?5@54 ?@54?@8OB85<. ! MB>9 B>G:8 7@5=8O F5;5A>>1@07=> ?@>2545=85 B0:8E <5@>?@8OB89, :0::
A=865=85 8745@65: ?@>872>4AB20;
?@>2545=85 8=25=B0@870F88;
2=54@5=85 =>2KE ?@>3@5AA82=KE D>@< 8 <5B>4>2 C?@02;5=8O;
A>:@0I5=85 G8A;5==>AB8 70=OBKE;
2@5<5==0O >AB0=>2:0 :0?8B0;L=>3> AB@>8B5;LAB20;
?@>4060 87;8H=53> >1>@C4>20=8O, <0B5@80;>2, A:;048@>20==KE 3>B>2KE 8745;89;
?@>4060 =57025@H5==>3> ?@>872>4AB20;
?@>4060 4>G5@=8E D8@< 8 4>;59 2 :0?8B0;5 4@C38E ?@54?@8OB89;
@5AB@C:BC@870F8O 4>;3>2KE >1O70B5;LAB2 ?CB5< ?@5>1@07>20=8O :@0B:>A@>G=KE 704>;65==>AB59 2 4>;3>A@>G=K5 AAC4K;
>?B8<870F8O 4518B>@A:>9 704>;65==>AB8;
A>25@H5=AB2>20=85 >@30=870F88 B@C40;
:0?8B0;L=K9 @5<>=B, <>45@=870F8O >A=>2=KE D>=4>2, 70<5=0 CAB0- @52H53> >1>@C4>20=8O, ?@8>1@5B5=85 4>?>;=8B5;L=KE >A=>2=KE D>=4>2.
0 MB8E >?5@0B82=>9 @5AB@C:BC@870F88 4;O 2KO2;5=8O 2=CB@5==8E 8AB>G=8:>2 C;CGH5=8O M:>=><8G5A:>3> 8 D8=0=A>2>3> ?>;>65=8O ?@54?@8OB8O =5>1E>48<> 45B0;L=> ?@>0=0;878@>20BL AB5?5=L 8A?>;L7>20=8O D>=4>2 ?@>872>4AB20.
1>@>B=K5 D>=4K ?;NA >1@0I5=8O ( 45=56=K5 A@54AB20 2 :0AA5, =0 @0AG5B=KE AG5B0E 2 :><<5@G5A:>< 10=:5, 2 =57025@H5==KE ?;0B560E) A>AB02;ONB >1>@>B=K5 A@54AB20, 8;8 >1>@>B=K9 :0?8B0;.
A=>2=K5 ?@>872>4AB25==K5 D>=4K >?@545;ONB D>=4>2>- >@C65==>ABL B@C40 8 A>AB02;ONB 2 AB@C:BC@5 ?@>872>4AB25==KE D>=4>2 ?@><KH;5==KE @>AA89A:8E :><?0=89 >:>;> 8 0 - 8 5 % .
A=>2=K5 ?@>872>4AB25==K5 D>=4K ( >A=>2=>9 :0?8B0;) ?5@5=>AOB G0ABL A2>59 AB>8<>AB8 =0 ?@>872>48<K5 B>20@K ?> G0ABO< 2 2845 87=>A0. 5>1E>48<> 8<5BL 2 284C, GB> 87=>A ( :0: 8 =0;>3 =0 8<CI5AB2>) =0G8A;O5BAO =57028A8<> >B >1J5<>2 @50;870F88 ?> 2A5< =0E>4OI8<AO =0 10;0=A5 AB0=:0<, <0H8=0< 8 >1>@C4>20=8N, 2 B>< G8A;5 8 =5 CAB0=>2;5==><C 8;8 =58A?>;L7C5<>< ( 70 8A:;NG5=85< 70:>=A5@28@>20==>3> >1>@C4>20=8O) .
1>@>B=K5 D>=4K ?5@5=>AOB 2AN A2>N AB>8<>ABL =0 AB>8<>ABL ?@>872>48<KE B>20@>2 ?>;=>ABLN 2 B5G5=85 >4=>3> ?@>872>4AB25==>3> F8:;0. !B>8<>ABL 87@0AE>4>20==KE >1>@>B=KE D>=4>2 8 70B@0B =0 @01>GCN A8;C >?@545;ONB ?>B@51=>ABL ?@54?@8OB8O 2 >1>@>B=>< :0?8B0;5, :>B>@0O @0AAG8BK205BAO ?> 40==K< @5B@>A?5:B82=>3> ?5@8>40 2 ?@>F5=B0E : 2K@CG:5 >B @50;870F88.
<5NI89AO A>1AB25==K9 >1>@>B=K9 :0?8B0; >?@545;O5BAO :0: @07=>ABL <564C B5:CI8<8 0:B820<8 8 B5:CI8<8 ?0AA820<8 ?> D>@<C;5
! = " " ,
345 ! A>1AB25==K9 >1>@>B=K9 :0?8B0;;
" B5:CI85 0:B82K;
" B5:CI85 >1O70B5;LAB20.
-DD5:B82=>ABL 8A?>;L7>20=8O >A=>2=>3> :0?8B0;0 8 :0G5AB2> C?@02;5- =8O >1>@>B=K< :0?8B0;>< =5?>A@54AB25==> >B@060NBAO =0 25;8G85 8745@65: ?@>872>4AB20, :>B>@K5 2:;NG0NB 2 A51O CA;>2=>- ?>AB>O==K5 ( =5 7028AOI85 >B >1J5<>2 @50;870F88 ?@>4C:F88) 8 CA;>2=>- ?5@5<5==K5 @0AE>4K ( AB>8<>ABL 87@0AE>4>20==KE >1>@>B=KE D>=4>2 8 70@01>B=0O ?;0B0 @01>G8E) .
!CI=>ABL >?5@0B82=>9 @5AB@C:BC@870F88, B. 5. MB0?0, =0 :>B>@>< 8A?>;L7CNBAO 2=CB@5==85 8AB>G=8:8 @0728B8O, 70:;NG05BAO 2 ?>8A:5 @575@2>2 4;O A=865=8O 8745@65: ?@>872>4AB20 8 ?>2KH5=8O 8=25AB8F8>==>9 ?@82;5:0B5;L=>AB8 ?@><KH;5==KE :><?0=89.
$8=0=A>20O CAB>9G82>ABL MB> >?@545;5==>5 A>AB>O=85 AG5B>2 ?@54?@8OB8O, 30@0=B8@CNI55 53> ?>AB>O==CN ?;0B565A?>A>1=>ABL. @57C;LB0B5 >ACI5AB2;5=8O :0:>9- ;81> E>7O9AB25==>9 >?5@0F88 D8=0=A>2>5 A>AB>O=85 ?@54?@8OB8O <>65B <5=OBLAO. >B>: >?5@0F89, A>25@H05<KE 5654=52=>, <>65B AB0BL ?@8G8=>9 ?5@5E>40 ?@54?@8OB8O 87 >4=>3> A>AB>O=8O 2 4@C3>5.
=0;87 48=0<8:8 87<5=5=8O >A=>2=KE :>MDD8F85=B>2, E0@0:B5@87CNI8E 45OB5;L=>ABL :><?0=88, ?>72>;8B A2>52@5<5==> >F5=8BL 87<5=5=8O 8 55 ?@>872>4AB25==>9, D8=0=A>2>9 8;8 8=25AB8F8>==>9 45OB5;L=>AB8 8 @07@01>B0BL ?;0=K D8=0=A>2>3> >74>@>2;5=8O, =0?@02;5==K5 =0 C;CGH5=85 D8=0=A>2>3> A>AB>O=8O, C25;8G5=85 CAB>9G82>AB8 8 :>=:C@5=B>A?>A>1=>AB8 :><?0=88.
&5;8 D8=0=A>2>3> 0=0;870:
>F5=8BL MDD5:B82=>ABL ?@54?@8OB8O, GB>1K >?@545;8BL 53> A8;L=K5 8 A;01K5 AB>@>=K;
>15A?5G8B >A=>2C 4;O ?;0=8@>20=8O @0728B8O ?@54?@8OB8O 2 1C4CI5<.
0;0=A>2K9 >BG5B >B@0605B 0:B82K, 4>;3>2K5 >1O70B5;LAB20 8 A>1AB25==K9 :0?8B0; ?@54?@8OB8O =0 >?@545;5==CN 40BC ?> 10;0=A>2>9 AB>8<>AB8. 8=0<8:0 AB@C:BC@K 0:B82>2 8 ?0AA82>2 >B@0605B 87<5=5=8O 2 :0G5AB25 C?@02;5=8O :><?0=859.
BG5B > @57C;LB0B0E D8=0=A>2>9 45OB5;L=>AB8 >B@0605B 70B@0BK 8 4>E>4K ?@54?@8OB8O 70 >?@545;5==K9 ?5@8>4, =0?@8<5@ 70 :20@B0;, 3>4. ;O A>?>AB028<>AB8 ?>:070B5;59 10;0=A0 8 >BG5B0 > @57C;LB0B0E D8=0=A>2>9 45OB5;L=>AB8 =5>1E>48<> 40==K5 MB>3> >BG5B0 A@02=820BL A> A@54=53>4>2K<8 ?>:070B5;O<8 10;0=A0. 0?@8<5@, 5A;8 @0AAG8BK205BAO AB02:0 4>E>4=>AB8 0:B82>2, B> ?>:070B5;L ?@81K;8 70 3>4 =5>1E>48<> A>?>AB02;OBL A> A@54=53>4>2>9 AB>8<>ABLN 0:B82>2.
BG5B > 42865=88 45=56=K9 A@54AB2 >B@0605B 42865=85 45=56=K9 ?>B>:>2 ( 2 ?@>B82>?>;>6=>ABL 42C< ?@54K4CI8< D>@<0< D8=0=A>2>9 >BG5B=>AB8, >A=>20==K< =0 <5B>45 =0G8A;5=89) . BG5B > 42865=88 45=56=KE A@54AB2 8<55B B@8 @0745;0:
5=56=K5 ?>B>:8 >B >?5@0F8>==>9 45OB5;L=>AB8 ( 2:;NG0NB 2AN ?@>872>4AB25==CN 45OB5;L=>ABL, 35=5@8@CNICN ?>B>: 4>E>4>2, @0AE>4K 8 87<5=5=8O 2 >1>@>B=>< :0?8B0;5) .
5=56=K5 ?>B>:8 >B 8=25AB8F89 ( 2:;NG0NB @57C;LB0BK 45OB5;L=>AB8 :><?0=88 ?> ?>:C?:5 8;8 ?@>4065 @50;L=KE ( <0B5@80;L=KE) 8;8 4>;3>A@>G=KE D8=0=A>2KE 0:B82>2, :>B>@K5 =5 @0AA<0B@820NBAO :0: M:2820;5=B 45=56=KE A@54AB2 =0?@8<5@ ?@828;538@>20==0O 0:F8O, 8A?>;L7>20==0O :0: 8=25AB8F88) .
5=56=K5 ?>B>:8 >B D8=0=A>2>9 45OB5;L=>AB8 ( 2:;NG0NB C25;8G5=85 D>=4>2 70 AG5B 8=25AB>@>2 ( 0:F8>=5@>2 8 :@548B>@>2) 8 2K?;0BC 4>E>4=>9 8=25AB>@0<) .
=0;87 10;0=A0 ?>72>;O5B >B25B8BL =0 A;54CNI85 2>?@>AK:
@52KH0NB ;8 0:B82K >1O70B5;LAB20?
0: <5=O5BAO AB@C:BC@0 0:B82>2 8 >1O70B5;LAB2?
0:>2 C45;L=K9 25A >A=>2=KE AB0B59 0:B820 >A=>2=KE A@54AB2, B>20@=KE 70?0A>2, @0AG5B>2 A 4518B>@0<8?
/2;ONBAO ;8 MB8 ?>:070B5;8 E0@0:B5@=K<8 4;O 40==>9 AD5@K 187=5A0?
0:>20 4>;O 1KAB@>@50;87C5<KE 0:B82>2?
@>8AE>48B ;8 @>AB 8;8 A>:@0I5=85 70?0A>2, <>3CB ;8 >=8 2KABC?0BL 2 :0G5AB25 70;>30?
0: ?@>405BAO ?@>4C:F8O :><?0=88?
=0;87 >BG5B0 > D8=0=A>2KE @57C;LB0B0E 405B 2>7<>6=>ABL >B25B8BL
=0 2>?@>AK:
0ABCB 8;8 ?040NB 20;>2K5 4>E>4K?
:0:>9 AB5?5=8 MB8 87<5=5=8O A2O70=K A ?>:070B5;O<8 8=D;OF88 70 MB>B 65 ?5@8>4?
0: 87<5=ONBAO 48=0<8:0 A515AB>8<>AB8 ?@>4C:F88, @0AE>4K =0 A>45@60=85 04<8=8AB@0B82=>3> 0??0@0B0, 0@5=4C ?><5I5=89 8 B. 4. ?
=0;87 >BG5B0 > 42865=88 45=56=KE A@54AB2 ?>72>;O5B >F5=8BL 87- <5=5=8O 45=56=>3> ?>B>:0. @8 @0AG5B5 45=56=>3> ?>B>:0, :>B>@K9 2 >B;8- G85 >B ?@81K;8 1>;55 ?>;=> >B@0605B D8=0=A>2>5 ?>;>65=85 ?@54?@8OB8O, =5>1E>48<> CG8BK20BL, GB> C<5=LH5=85 0:B82>2 ( 4518B>@A:8E 704>;65=- =>AB8 8;8 B>20@=>- <0B5@80;L=KE 70?0A>2) C25;8G8205B 45=56=K9 ?>B>:, 0 A>:@0I5=85 AC<<K >1O70B5;LAB2 ?@54H5AB2CNI53> ?5@8>40 53> C<5=LH0NB.
A>>B25BAB288 A =>@<0B82=K<8 4>:C<5=B0<8, @53C;8@CNI8<8 @5AB@C:BC@870F8N ?@><KH;5==KE ?@54?@8OB89 F5;5A>>1@07=> ?@>2>48BL 25@B8:0;L=K9 8 3>@87>=B0;L=K9 0=0;87.
"01;8F0 1 .
5@B8:0;L=K9 0=0;87 10;0=A0 % ( % : 8B>3C)
>:070B5;8 0 =0G0;> 3>40 0 :>=5F 3>40 7<5=5=85 1 . !>1AB25==K5 A@54AB20 8 ?@>G85 2=5>1>@>B=K5 0:B82K 2 , 4 5 , 1 + 2 , 7 1>@>B=K5 A@54AB20:
70?0AK 8 70B@0BK
@0AG5BK A 4518B>@0<8
45=56=K5 A@54AB20 8 ?@>G85 0:B82K 9 7 , 6
6 6 , 2
1 5 , 8
1 5 , 6 9 4 , 8
7 1 , 6
3 , 7
1 9 , 5 - 2 , 8
+ 5 , 4
- 1 2 , 1
+ 3 , 9 " 0:B82K 1 0 0 , 0 1 0 0 , 0 !>1AB25==K9 :0?8B0;:
CAB02=K9 :0?8B0;
=5@0A?@545;5==0O ?@81K;L 1 2 , 0
1 , 3
1 0 , 7 1 2 , 7
3 , 5
9 , 2 + 0 , 7
+ 2 , 2
- 1 , 5 05<=K9 :0?8B0;:
4>;3>A@>G=K5 AAC4K
:@0B:>A@>G=K5 AAC4K 8 709<K
@0AG5BK A :@548B>@0<8 8 ?@>G85 ?0AA82K 8 8 , 0
8 8 , 0 8 7 , 3
8 7 , 3
" ?0AA82K 1 0 0 , 0 1 0 0 , 0 5@B8:0;L=><C 0=0;87C ( B01. 1 ) <>6=> ?>425@30BL 8AE>4=CN 1CE30;B5@- A:CN >BG5B=>ABL A F5;LN >?@545;5=8O 48=0<8:8 AB@C:BC@K 0:B82>2 8 ?0AA82>2, ?>A:>;L:C 2A;54AB285 8=D;OF88 A>?>AB02;5=85 01A>;NB=KE 1CE30;B5@A:8E 40==KE =0 =0G0;> 8 :>=5F 3>40 ?@>25AB8 4>2>;L=> A;>6=>. 0 >A=>25 25@B8:0;L=>3> 0=0;870 10;0=A>2>3> >BG5B0 27OB>3> CA;>2=>3> ?@8<5@0 <>6=> A45;0BL 2K2>4 > A=865=88 4518B>@A:>9 704>;65==>AB8 8 >1 87<5=5=8OE 2 AB@C:BC@5 ?@82;5G5==>3> :0?8B0;0 ( A>1AB25==>3> 8 705<=>3>) .
5@B8:0;L=K9 0=0;87 =5>1E>48<> 4>?>;=8B 3>@87>=B0;L=K< 0=0;87><. 8<5==> ?>AB@>8BL >4=C 8;8 =5A:>;L:> 0=0;8B8G5A:8E B01;8F, 2 :>B>@KE 01A>;NB=K5 40==K5 1CE30;B5@A:>9 >BG5B=>AB8 4>?>;=ONBAO >B=>A8B5;L=K<8 B5<?0<8 @>AB0 ( A=865=8O) . !B5?5=L 03@538@>20==>AB8 ?>:070B5;59 7028A8B >B F5;59 0=0;870 8 >?@545;O5BAO 0=0;8B8:><.
"01;8F0 2 .
>@87>=B0;L=K9 0=0;87 10;0=A0 ( @C1. : % )
>:070B5;8 0 =0G0;> 3>40 n ( 1078A=K5 40==K5) 3>40 n + 1 3>40 n + 2 1 . A=>2=K5 A@54AB20 8 ?@>G85 2=5>-
1>@>B=K5 0:B82K:
>A=>2=K5 A@54AB20
?@>G85 2=5>1>@>B=K5 0:B82K 1 2 5 , 0 : 1 0 0 %
1 2 5 , 0 : 1 0 0 %
1 0 0 0 , 5 : 8 0 0 %
9 8 9 0 , 5 : 7 8 4
2 0 , 0 2 . 1>@>B=K5 A@54AB20 2A53>
B>< G8A;5:
70?0AK 8 70B@0BK
@0AG5BK A 4518B>@0<8
45=56=K5 A@54AB20 8 ?@>G85 0:B82K 5 1 1 0 , 5 : 1 0 0
3 4 6 6 , 6 : 1 0 0
8 2 8 , 7 : 1 0 0
8 1 5 , 2 : 1 0 0 1 8 2 2 9 , 6 : 3 5 7
1 3 7 6 4 , 6 : 1 0 0
7 1 3 , 0 : 8 6
3 7 5 2 , 0 : 4 6 0 " 0:B82K 5 1 1 0 , 5 : 1 0 0 1 9 2 3 0 , 1 : 3 6 7 1 . !>1AB25==K9 :0?8B0; 2A53>
B>< G8A;5:
A>1AB25==K5 A@54AB20
=5@0A?@545;5==0O ?@81K;L 6 2 6 , 3 : 1 0 0
6 5 , 3 : 1 0 0
5 6 1 , 3 : 1 0 0 2 4 4 8 , 1 : 3 9 1
6 8 0 , 2 : 1 0 4 2
1 7 6 7 , 9 : 3 1 5 2 . 05<=K9 :0?8B0; 2A53>
B>< G8A;5:
4>;3>A@>G=K5 AAC4K 8 709<K
:@0B:>A@>G=K5 AAC4K 8 709<K
@0AG5BK A :@548B>@0<8 4 6 6 0 9 , 2 : 1 0 0
4 6 0 9 , 2 : 1 0 0 1 6 7 8 2 , 0 : 3 6 4
1 6 7 8 2 , 0 : 3 6 4 " ?0AA82K 5 2 3 5 , 5 : 1 0 0 1 9 2 3 0 , 1 : 3 6 7 "0:8< >1@07><, 8A?>;L7CO 40==K5 10;0=A0, 2>7<>6=> >F5=8BL 8=25AB8- F8>==CN ?@82;5:0B5;L=>ABL ?@54?@8OB8O.
?5@0B82=0O 8 AB@0B538G5A:0O @5AB@C:BC@870F8O =0?@02;5=K =0 ?>2KH5- =85 8=25AB8F8>==>9 ?@82;5:0B5;L=>AB8 ?@54?@8OB8O, B0: :0: >1O70B5;L=K< CA;>285< 53> CAB>9G82>AB8 8 :>=:C@5=B>A?>A>1=>AB8 =57028A8<> >B AD5@K 45O- B5;L=>AB8 O2;O5BAO =5?@5@K2=K9 @K=>G=>9 AB>8<>AB8 A>1AB25==>3> :0?8B0;0 ?@54?@8OB8O.
=25AB8F8>==CN ?@82;5:0B5;L=>ABL :><?0=89- M<8B5=B>2 A;54C5B @0A- A<0B@820BL A B>G:8 7@5=8O >?@545;5==>9 3@C??K ?>B5=F80;L=KE 8=25AB>@>2. >7<>6=K5 ?>B5=F80;L=K5 8=25AB>@K ?>:070=K =0 @8AC=:5 1 .
8A. 1 . >B5=F80;L=K5 8=25AB>@K
=25AB8F8>==0O ?@82;5:0B5;L=>ABL ?@54?@8OB8O 4;O 3>AC40@AB20 >?@545;O5BAO 1>;55 H8@>:>< :@C3>< ?>:070B5;59, G5< 4;O G0AB=>3> :0?8B0;0, ?>A:>;L:C 3>AC40@AB2C =5>1E>48<> CG8BK20BL 2;8O=85 8=25AB8F8>==>3> ?@>5:B0 =0 >1I55 A>F80;L=>- M:>=><8G5A:>5 @0728B85 8 C@>25=L 70=OB>AB8 B@C4>A?>A>1=>3> =0A5;5=8O @538>=0, 0 B0:65 =0 A<56=K5 >B@0A;8 8 M:>;>38N.
=>AB@0==K5 8=25AB>@K ?><8<> AB02:8 4>E>4=>AB8 8 ?@85<;5<>3> C@>2=O @8A:0 @0AAG8BK20NB C@>25=L AB@0=>2>3> @8A:0, >1CA;>2;5==>3> A;5-
4CNI8<8 D0:B>@0<8:
?>;8B8:>9 M:A?@>?@80F88;
?>;8B8:>9 =0F8>=0;870F88;
?>;8B8G5A:>9 AB018;L=>AB8;
>B=>H5=85< : 8=>AB@0==K< 8=25AB8F8O<;
>B=>H5=85< : G0AB=><C :0?8B0;C;
2;8O=85< >@30=87>20==>9 ?@5ABC?=>AB8;
>3@0=8G5=8O<8 =0 42865=85 :0?8B0;0;
:>=25@B8@C5<>ABL 20;NBK;
CAB>9G82>ABLN =0;>3>2>3> 70:>=>40B5;LAB20;
C@>2=5< 8=D;OF88;
AB018;L=>ABLN 20;NB=>3> :C@A0;
B5<?0<8 @0728B8O M:>=><8:8.
4=0:> 2 >A=>2=>< 8=B5@5AK 8=25AB>@>2 AE>4OBAO 8=25AB8F88 =0 4>;3>A@>G=>9 >A=>25 ?@>872>4OBAO A F5;N ?>;CG5=8O CAB>9G82>3> ?>B>:0 4>E>4>2 2 1C4CI5<.
=25AB8F8>==0O ?@82;5:0B5;L=>ABL :><?0=89- M<8B5=B>2 >?@545;O5BAO B0:8<8 ?>:070B5;O<8, :0::
>B=>A8B5;L=K5 A@02=8B5;L=0O 4>E>4=>ABL 0:F89 ?> A@02=5=8N A >1;830F8O<8, 20;NB>9, 45?>78B=K<8 2:;040<8 8 4>E>4=>9 =542868<>ABLN;
D0:B>@=K5 ?>B>:8 4>E>4>2, 2K?;0B0 482845=4>2, >B=>H5=85 F5=K 0:F88 : G8AB>9 ?@81K;8, >B=>H5=85 G8AB>3> 4>E>40 =0 0:F8N : 482845=40< =0 0:F8N, B. 5. :>MDD8F85=B ?>:@KB8O. A;8 :>MDD8F85=B ?>:@KB8O @025= 1 , B> MB> ?;>E>9 ?@87=0:, >7=0G0NI89, GB> 2 A;54CNI5< 3>4C 4>E>4K C?04CB, 8 482845=4K >:06CBAO =5 ?>:@KBK<8. # AB018;L=> @01>B0NI59 :><?0=88 :>MDD8F85=B ?>:@KB8O 4>;65= 1KBL =5 <5=5 2 . 5A;8 :><?0=8O =5 D8=0=A8- @C5B A2>9 @>AB, B> >=0 4>;6=0 2K?CA:0BL =>2K5 0:F88 8;8 1@0BL :@548B.
F5=820O :><?0=8N, =5>1E>48<> CG8BK20BL >B=>H5=85 B5:CI59 F5=K 0:F88 : G8AB>9 ?@81K;8, :>B>@>5 3>2>@8B > B><, A:>;L:> ;5B =5>1E>48<> 4;O >:C?05<>AB8 70B@0B. >?B8<0;L=>< 20@80=B5 >=> 4>;6=> 1KBL @02=> 8;8 2KH5 1 0 .
A;8 >B=>H5=85 F5=K : G8AB>9 ?@81K;8 <5=LH5 1 0 , B> MB> 45H520O :><?0=8O, GB> <>6=> >1JOA=8BL >4=>9 87 42CE ?@8G8=:
D>=4>2>9 @K=>: =54>AB0B>G=> MDD5:B825= 8 =5 >F5=8; ?5@A?5:B82=CN :><?0=8N;
MB> C<8@0NI0O :><?0=8O, =5 8<5NI0O ?5@A?5:B82 4;O @0728B8O, 8 ?>B><C @K=>: =5 40; 59 4>;6=CN F5=C.
"5:CI0O AB>8<>ABL 0:F89 =0E>48BAO 2 ?@O<>9 7028A8<>AB8 >B 25;8G8=K 482845=4=KE 2K?;0B, 8 2 >1@0B=>9 >B B@51C5<>9 AB02:8 4>E>4=>AB8:
345 V B5:CI0O AB>8<>ABL 0:F89;
D 482845=4K, 2K?;0G5==K5 2 ?>A;54=5< ?5@8>45;
R B@51C5<0O AB02:0 4>E>4=>AB8.
0==K9 ?>4E>4 : >F5=:5 AB>8<>AB8 0:F89 >A=>20= =0 <5B>45 :0?8B0;8- 70F88 ?>B>:0 4>E>4>2 8 ?@8<5=8< ?@8 CA;>288, GB> 8<55BAO CAB>9G82K9 ?>B>: 4>E>4>2 2 =5>?@545;5==> 4;8B5;L=>< ?5@8>45.
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
B> 65 2@5<O CAB>9G82K9 @>AB :C@A>2KE F5= 0:F89 2>7459AB2C5B =0 AB>8<>ABL A>1AB25==>3> :0?8B0;0 :><?0=88. :F88 :><?0=88 >1;040NB 8=25AB8F8>==>9 ?@82;5:0B5;L=>ABLN, 5A;8 2=CB@5==OO AB>8<>ABL 0:F88 ?@52KH05B 55 :C@A>2CN F5=C, >?@545;O5<CN A>>B=>H5=85< A?@>A0 8 ?@54;>65=8O 8 A8BC0F859 =0 D8=0=A>2>< @K=:5.
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
@0728B>9 @K=>G=>9 M:>=><8:5 >F5=I8:8 8AE>4OB 87 ?@54?>AK;:8, GB> C?@02;O5<K5 =0 C@>2=5 :><?0=88 @8A:8 4825@A8D8F8@>20=K 2 @57C;LB0B5 2KA>:>3> :0G5AB20 C?@02;5=8O D8=0=A>2K<8 @5AC@A0<8 8 8=25AB8F8O<8.
#G5B @8A:>2 2>7<>65= 42C<O <5B>40<8:
@0AG5B>< 45=56=KE ?>B>:>2 =0 <=>3>20@80=B=>9 >A=>25;
CG5B>< 2>7<>6=KE C@>2=59 @8A:>2 2 AB02:5 48A:>=B8@>20=8O.
A?>;L7>20=85 ;N1>3> 87 MB8E <5B>4>2 B@51C5B :0G5AB25==>3> 0=0;870 @8A:>2, E0@0:B5@=KE 4;O :><?0=88.
0G5AB25==K9 0=0;87 @8A:0, E0@0:B5@=>3> 4;O :><?0=88. 8A: MB> =5>?@545;5==>ABL ?>;CG5=8O ( 8;8 =5?>;CG5=8O) 4>E>40 8 25@>OB=>ABL CB@0BK A>1AB25==>3> :0?8B0;0 :><?0=88. A0<>< >1I5< 2845 E0@0:B5@=K5 4;O :><?0=88 @8A:8 2>7<>6=K ?> ?@8G8=0<:
D8=0=A>2>9 =5AB018;L=>AB8, >1CA;>2;5==>9 7=0G8B5;L=K<8 :>;510=88O<8 :C@A>2 20;NB;
2=570?=> =0ABC?82H8E =5?@542845==KE 87<5=5=89 >:@C60NI59 A@54K ?0@B=5@0, 2K=C640NI8E 53> 87<5=8BL CA;>28O 4>3>2>@0 A 40==>9 :><?0=859 ( ?>2KH5=85 F5=, 87<5=5=85 =0;>3>2>3> 70:>=>40B5;LAB20, A>F80;L=>- ?>;8B8G5A:>9 A8BC0F88 8 B. ?. ) ;81> >B:070BLAO >B 70:;NG5=8O 8;8 2K?>;=5=8O ?@56=53> A>3;0H5=8O;
?>O2;5=8O 1>;55 2K3>4=KE ?@54;>65=8O, GB> ?>1C6405B ?0@B=5@>2 >B:070BLAO >B 70:;NG5=8O 8;8 2K?>;=5=8O ?@56=8E A>3;0H5=89;
?5@5<5=K 2 F5;52KE CAB0=>2:0E ?0@B=5@>2 2A;54AB285 ?>2KH5=8O AB0BCA0, =0:>?;5=8O ?>78B82=KE @57C;LB0B>2 45OB5;L=>AB8, 87<5=5=8O >@85=B0F88 8 B. 4. ;
87<5=5=8O CA;>289 ?5@5<5I5=8O B>20@=KE, D8=0=A>2KE 8 B@C4>2KE @5AC@A>2 <564C :><?0=8O<8 ( ?>O2;5=8O =>2KE B0<>65==KE CA;>289, =>2KE 3@0=8F 8 B. 4. ) .
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
K45;ONB B@8 >A=>2=KE 284K @8A:0 2 45OB5;L=>AB8 ?@><KH;5==KE :><?0=89.
@>872>4AB25==K9 @8A:. = A2O70= A ?@>872>4AB2>< ?@>4C:F88 ( B>20-
@>2, CA;C3) , A >ACI5AB2;5=85< ;N1KE 284>2 ?@>872>4AB25==>9 45OB5;L=>AB8. !@548 3;02=KE ?@8G8= 2>7=8:=>25=8O ?@>872>4AB25==>3> @8A:0 2>7<>6=>5 A=865=85 ?@54?>;0305<KE >1J5<>2 ?@>872>4AB20, @>AB <0B5@80;L=KE 8;8 4@C38E 70B@0B, C?;0B0 ?>2KH5==KE >BG8A;5=89 8 =0;>3>2.
><<5@G5A:89 @8A:. "0:>9 @8A: 2>7=8:05B 2 ?@>F5AA5 @50;870F88 B>20@>2 8 CA;C3, ?@>872545==KE 8;8 70:C?;5==KE :><?0=859. @8G8=0<8 :><<5@G5A:>3> @8A:0 O2;ONBAO: A=865=8O >1J5<0 @50;870F88 2A;54AB285 87<5=5=8O :>=JN=:BC@K 8 ?>2KH5=8O 70:C?>G=>9 F5=K B>20@>2; =5?@542845==>5 A=865=85 >1J5<0 70:C?>:; ?>B5@8 B>20@0 2 ?@>F5AA5 >1@0I5=8O; ?>2KH5=85 8745@65: >1@0I5=8O.
$8=0=A>2K9 @8A:. >4>1=K9 @8A: E0@0:B5@5= 4;O AD5@K >B=>H5=89 ?@54?@8OB8O A 10=:0<8 8 4@C38<8 D8=0=A>2K<8 8=AB8BCB0<8. $8=0=A>2K9 @8A: 45OB5;L=>AB8 ?@54?@8OB8O 87<5@O5BAO G0I5 2A53> >B=>H5=85< 25;8G8=K 705<=KE A@54AB2 : A>1AB25==><C :0?8B0;C. '5< 2KH5 4>;O 705<=>3> :0?8B0;0, B5< 2 1>;LH59 AB5?5=8 ?@54?@8OB8O 7028A8B 2 A2>59 45OB5;L=>AB8 >B :@548B>2, B5< 1>;LH5 8 D8=0=A>2K9 @8A:, 81> ?@5:@0I5=85 :@548B>20=8O 8;8 C65AB>G5=85 CA;>289 ?@54>AB02;5=8O :@548B0 <>65B ?>2;5GL 70 A>1>9 >AB0=>2:C ?@>872>4AB20.
=0;87 @8A:0 =5>1E>48<> =0G8=0BL A 2KO2;5=8O 53> 8AB>G=8:>2 8 ?@8G8=. > 8AB>G=8:C 2>7=8:=>25=8O ?@8OB=> @07;8G0BL @8A:8:
D8=0=A>2K5;
A>1AB25==> E>7O9AB25==K5;
A2O70==K5 A ;8G=>ABLN G5;>25:0;
>1CA;>2;5==K5 ?@8@>4=K<8 D0:B>@0<8.
> ?@8G8=0< 2>7=8:=>25=8O F5;5A>>1@07=> 2K45;OBL @8A:8, >1CA;>2- ;5==K5:
=5>?@545;5==>ABLN 1C4CI53>;
=5?@54A:07C5<>ABLN ?>2545=8O ?0@B=5@>2;
=54>AB0B:>< 8=D>@<0F88.
1 . 3 . @54?>AK;:8 @5AB@C:BC@870F88 187=5A0
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
!;>682H0OAO A8BC0F8O A2845B5;LAB2C5B > B><, GB> <K =5 A<>3;8 8A?>;L7>20BL 8<5NI85AO ?>;>68B5;L=K5 >?KBK AB@0=, ?@>E>482H85 G5@57 045:20B=CN A8BC0F8N. 5@5E>4=K9 ?5@8>4 >:070;AO 1>;55 A;>6=K< 8 ?@>B82>@5G82K<, GB> 5I5 1>;55 A2845B5;LAB2C5B > F5;5A>>1@07=>AB8 ?@5>4>;5=8O AB@C:BC@=>9 8 B5E=8:>- B5E=>;>38G5A:>9 >BAB0;>AB8 ?@>872>4AB20, @5H5=8O <=>38E <0:@>M:>=><8G5A:8E ?@>1;5<. ;O MB>3> C =0A 5ABL >?@545;5==K5 ?@8@>4=K5 1>30BAB20, => A53>4=O 2065= =5 D0:B 8E =0;8G8O, 0 MDD5:B82=>5 8A?>;L7>20=85 8 A>E@0=5=85; ?@>AB0820NI85 ?@>872>4AB25==K5 <>I=>AB8 702>4>2, D01@8: 8 4@. ; 8<5NI89AO ?@>872>4AB25==K9 8 =0CG=>- B5E=8G5A:89 ?>B5=F80;, 2K=C645==K5 157@01>B=K5 :20;8D8F8@>20==K5 A?5F80;8ABK 8 @01>G85; D8=0=A>2K9 ?>B5=F80;; ?>B5=F80; 8=B53@0F8>==KE ?@>F5AA>2, :>B>@K9 D>@<8@C5B ?@54?>AK;:8 4;O ?>;=>F5==>9 @50;870F88 2>7<>6=>AB59 M:>=><8G5A:>3> @>AB0; M:A?>@B=K5 2>7<>6=>AB8.
"> 5ABL, 8<5NBAO ?@8@>4=>- M:>=><8G5A:85 ( <8=5@0;L=>- AK@L52K5, 2>4=K5, ;5A=K5, B>?;82=>- M=5@35B8G5A:85, A5;LA:>E>7O9AB25==K5) 8 A>F80;L=>- M:>=><8G5A:85 ( =0A5;5=85 8 B@C4>2K5 @5AC@AK, =0CG=>- B5E=8G5A:89 ?>B5=F80;, B@0=A?>@B=K5 CA;>28O, @0728B8O 8=D@0AB@C:BC@K 8 4@. ) @5AC@AK, @0F8>=0;L=>5 8A?>;L7>20=85 :>B>@KE A?>A>1AB2C5B C;CGH5=8N :0G5AB20 M:>=><8G5A:>3> @>AB0 :0: 206=59H53> CA;>28O CAB>9G82>3> ?>2KH5=8O 1;03>A>AB>O=8O ;N459 2 4>;3>A@>G=>9 ?5@A?5:B825. 0 3;>10;L=>< C@>2=5 206=0 45OB5;L=>ABL =0 ?>2KH5=85 @57C;LB0B82=>AB8 <5@ A>459AB28O @0728B8N, B0: :0: 8AA;54>20=85 ?>B5=F80;L=KE 2>7<>6=>AB59 A?>A>1AB2C5B =5 B>;L:> 2KO2;5=8N >A>15==>AB59 8 70:>=><5@=>AB59, => 8 ?@028;L=><C >?@545;5=8N AB@0B5388 40;L=59H53> A>25@H5=AB2>20=8O AB@C:BC@K ?@><KH;5==>AB8.
-B> 8AE>48B 87 B>3>, GB> ?@58<CI5AB20 2 3;>10;L=KE >B@0A;OE >?@545;ONB @>;L AB@0=K =0 <8@>2>< @K=:5. @8 MB>< 206=> B0:65 >?@545;8BL 2;8O=85 AB@0=K =0 @0728B85 >B@0A;8 A CG5B>< >?@545;5==>9 AB@0B5388 @0728B8O, ?>G5<C 8<5==> @0728B85 3;>10;L=>9 >B@0A;8 ?@85<;5<> 2 MB>9 AB@0=5, B> 5ABL A>G5B0=85 ?@58<CI5AB2, 8<5NI85AO 2 AB@0=5 A B5<, :>B>@K5 >15A?5G820NB ?@>G=K5 ?>78F88 AB@0=K 2 <8@5. MB>< ?@>F5AA5 B0:65 >?@545;5==0O @>;L ?@8=04;568B >1=>2;5=8N 8 C;CGH5=8N A>AB>O=8O >B@0A;59, B> 5ABL =5 B>;L:> A>740=85 >A=>2 ?@58<CI5AB2 4;O >B@0A;59, 0 8E MDD5:B82=>5 8A?>;L7>20=85 8 @0AH8@5=85, B0: :0: A>25@H5=AB2>20=85 8 >1=>2;5=85 >B@0A;8 =5?@5@K2=K9 ?@>F5AA. 06=> =5 B>;L:> 2KO2;OBL, 0 >1>A=>2K20BL 8<5NI85AO ?@58<CI5AB20 @0728B8O >B@0A;8 4;O C:@5?;5=8O ?>78F89 AB@0=K 2 <8@>2>< M:>=><8G5A:>< ?@>AB@0=AB25; 206=>, 4;O >?@545;5=8O ?5@A?5:B82 @0728B8O >B@0A;8, 87CG5=85 55 2 B5G5=88 >?@545;5==>3> >B@57:0 2@5<5=8 8 2 @57C;LB0B5 ?>=8<0=8O ?@>F5AA>2, 1;03>40@O :>B>@K< >=0 2>7=8:;0 2 40==>9 AB@0=5, 4>AB83;0 CA?5E0 2 <564C=0@>4=>< <0AHB015 ( =0?@8<5@, =5DBL 75@109460=0 A?>A>1AB2>20;0 @0728B8N =5DB5?5@5@01>B:8, <5B0;;C@388, <0H8=>AB@>5=8O, E8<88 8 =5DB5E8<88, ;53:>9 8 ?8I52>9 >B@0A;59) , B0: :0: 1070 A;>682H8EAO >B@0A;59 2;8O5B =0 8E @0728B85.
;>682H0OAO >B@0A;520O AB@C:BC@0 <>65B A?>A>1AB2>20BL @50;L=><C 2 :0G5AB25==> C;CGH5==>< A>AB025 2>AAB0=>2;5=8N AB@C:BC@K ?@><KH;5=- =>AB8, ?>A:>;L:C 75@109460= A 8<5NI8<8AO ?@58<CI5AB20<8 A?>A>15= 4>AB8GL >?@545;5==KE ?@85<;5<KE 5<C M:>=><8G5A:8E @57C;LB0B>2.
75@109460= >1;0405B 1>30B59H8<8 ?@8@>4=K<8 @5AC@A0<8 8 1;03>40@O >A>15==>ABO< 35>3@0D8G5A:8E CA;>289 @0728B8O, =0;8G8N @07=>>1@07=KE 5AB5AB25==KE @5AC@A>2 8 M:>=><8G5A:8E CA;>289, 2K3>4=><C B@0=A?>@B=>- 35>3@0D8G5A:><C ?>;>65=8N 8<5NBAO >?@545;5==K5 ?@58<CI5AB20 4;O @0728B8O ?@>872>4AB20 2 @07;8G=KE >B@0A;OE M:>=><8:8. -:>=><8:0 75@109460=0 n : < ` b (
ĵuhaQE: h8mo 5CJ$ \aJ$ h/Yd h U 5CJ$ aJ$ h/Yd h U 5CJ$ aJ$ mH,sH, hQ h U hQ h U CJ, OJ QJ h U CJ, OJ QJ h h U 5CJ aJ h h U CJ aJ h i CJ OJ QJ aJ %h h U B*CJ OJ QJ aJ ph h h U CJ OJ QJ aJ hQ h U 5CJ hQ h U 5CJ mH,sH,h* h U 5mH,sH,h* h U CJ aJ h* h U 6CJ aJ n < ,
.
0
2
4
6
dh gd $Gdh ]Ga$gd U gd U gd U dh gd gd U dh gdr' dh gd U ]gd U $]a$gd* ` (
*
,
0
2
4
6
D
H
V
^
`
$ ( , . @ D H ƺ{r{i]TK h U 5CJ aJ h5}g 5CJ aJ h h U 5CJ aJ hQ h U aJ h[ 5CJ aJ h h U 5CJ aJ h hK 5CJ aJ h 5CJ aJ hI9 hK 5CJ aJ h-' 5CJ aJ hK 5CJ aJ h hK 5CJ aJ h h" CJ OJ QJ aJ
h U 5CJ hQ h U 5CJ h/Yd h U 5CJ$ aJ$ h/Yd h U 5CJ$ \aJ$ 6
& ( * , . F H J ` b J
$
& F dh a$gd d
$dh a$gd d
$d a$gd d $ dh ` a$gd d $a$gd U gd U gd U dh gd dh gdK H J ` b
(
8
:
<
>
@
B
F
H
Z
^
`
R T V \ ֻ֨֍֍֍֠֘{rjb hW0 CJ aJ h j CJ aJ hW0 hW0 CJ hW0 CJ mH sH h CJ aJ h!5 h.! CJ aJ h l CJ aJ h CJ aJ hM CJ aJ h!5 h,` CJ aJ h!5 h
Mh CJ aJ h /^ CJ aJ h CJ aJ h!5 h d CJ aJ h!5 h d 5CJ aJ h d 5CJ aJ h /^ 5CJ aJ $\ ^ j v ~ 0 2 R d T v ݺݺݔ~ݔvnc[ݜ h8. CJ aJ h!5 h& CJ aJ hON' CJ aJ h( CJ aJ h!5 hhN CJ aJ h!5 h) CJ aJ h, CJ aJ h^= CJ aJ h!5 hhX CJ aJ h!5 h>{ CJ aJ hN CJ aJ hC] CJ aJ h!5 ht CJ aJ h l CJ aJ h!5 h d CJ aJ h j CJ aJ hW0 CJ aJ h<" CJ aJ # L
$dh a$gdkZg
$dh a$gd d
$d a$gd d $
& F d a$gdr R $
& F dh a$gd d Gdh ]Ggd^= $
& F d a$gd d F H J | ~ ں~~~~ui`i h/3 5CJ aJ h/3 h 5CJ aJ h A` 5CJ aJ
hq~ 5CJ
haF 5CJ haF CJ aJ h8R_ h d 5CJ aJ h', 5CJ aJ hF~i 5CJ aJ h$ CJ aJ h d CJ aJ hQ CJ aJ h/F CJ aJ hHL CJ aJ h!5 h d CJ aJ h!5 h? CJ aJ hON' CJ aJ hH CJ aJ " Z \ & 0. $ dh ` a$gd1N% $ dh -D M
` a$gd $dh -D M
a$gd/3
$dh a$gd/3
$dh a$gdCT $ ` a$gdaF $ dh ` a$gdaF
$dh a$gdkZg V ,! " " \# # % % & l& & z' `( ( ( .) ) * * * b+ d+ + + @, , ȻȻzmbWbJ hQ h1N% @CJ aJ hQ hD CJ aJ hQ h1N% CJ aJ hQ h1N% @ CJ aJ hQ h @ CJ aJ hQ h @ CJ aJ hQ h @ CJ aJ hQ hU @CJ aJ hQ h @ CJ aJ hQ h @CJ aJ hQ h CJ aJ hU h @ CJ aJ hU h @CJ aJ hU h CJ aJ h CJ aJ , - - - 0. L. N. . `0 0 1 "2 2 2 2 4 5 26 r6 v6 6 z7 |7 7 T8 8 vk_Sk h>'- B*CJ aJ ph hQ B*CJ aJ ph h1N% h1N% CJ aJ !h1N% h1N% @ B*CJ aJ ph !h1N% h1N% @B*CJ aJ ph h1N% h1N% B*CJ aJ ph !h1N% h1N% @ B*CJ aJ ph !h1N% h1N% @B*CJ aJ ph hQ @ B*CJ aJ ph !h1N% h1N% @ B*CJ aJ ph hQ h1N% CJ aJ hQ h1N% @ CJ aJ 0. 2 |7 *B G J K 2M M l l F % $
& F
dh -D M
^ ` a$gdL + $
& F
dh -D 1$ 7$ 8$ H$ M
^ ` a$gdL $ dh -D M
` a$gd
$ dh ` a$gd3. $ dh ` a$gdvg $ dh -D M
] ` a$gd1N% $ dh -D M
` a$gd1N% 8 8 ,9 .9 9 9 : b: d: : T; ; = X> > 4? ?
@ @ @ @ A A &B (B ±¢¢¢q`qSF hb5 hvg @ CJ aJ hb5 hz @ CJ aJ !hz hz @ B* CJ aJ ph !hz hz @ B*CJ aJ ph !hz hz @ B*CJ aJ ph hz hz B* CJ aJ ph hz hz B*CJ aJ ph !hz hz @B* CJ aJ ph !hz hz @B*CJ aJ ph hvg B*CJ aJ ph hz h1N% B*CJ aJ ph !hz h1N% @ B*CJ aJ ph (B B C C RD 2E
F `F tF F F RG TG pG rG G G G H I vI J öudSBd !h3. h3. @B*CJ aJ ph !h3. h3. @B*CJ aJ ph !h3. h3. @B*CJ aJ ph h[E @B*CJ aJ ph !h3. h[E @B*CJ aJ ph !h3. h;X @B*CJ aJ ph !h3. h[E @B*CJ aJ ph h3. h;X @ CJ aJ h[E hz @ CJ aJ h[E hz CJ aJ hb5 hz @CJ aJ hb5 hz @ CJ aJ hb5 hz CJ aJ J J 0J 2J 6J 8J LJ NJ TJ lJ nJ J J J J J J \K ^K nK K K K K lL reXeXM@ h h3. @CJ aJ h h3. CJ aJ h h3. @CJ aJ h hKj @CJ aJ h hKj @CJ aJ h h3. @CJ aJ h3. h3. CJ aJ hL @B*CJ aJ ph h@W @B*CJ aJ ph h)u @B*CJ aJ ph !h3. h3. @B*CJ aJ ph h3. @B*CJ aJ ph !h3. h3. @B*CJ aJ ph h)u @B*CJ aJ ph lL nL L L L L M $M 0M 2M M M M .N N N N N N N N N O jO O O P .P LP fP hP P ̴̴̿sf[P h=Uj h y CJ aJ h=Uj h=Uj CJ aJ h y h3. @CJ aJ h h) @CJ aJ h hI) @CJ aJ h h3. @CJ aJ h h3. @CJ aJ h h3. @CJ aJ h h3. CJ aJ h h3. @CJ aJ h h3. @CJ aJ h hs @CJ aJ h h3. @CJ aJ h hs @CJ aJ M N O hP Q R S V } b O $
dh ` a$gd4Y $
& F
dh ^ ` a$gd)>- $
& F
dh ^ ` a$gdIq^ $
& F
dh ^ ` a$gd=Uj % $
& F
dh -D M
^ ` a$gdL % $
& F
dh -D M
^ ` a$gdL P P Q Q pQ Q Q Q R R R R S DS S S 0U V V V ^W ȷuh]UME=5 h CJ aJ h+ CJ aJ h! CJ aJ hDw CJ aJ hO w CJ aJ h! h CJ aJ h4Y h y @CJ aJ h4Y h y CJ aJ h y h y B*CJ aJ ph ha_ B*CJ aJ ph h y h y CJ aJ !h y h y @B* CJ aJ ph !h y h y @B*CJ aJ ph !h y h y @ B*CJ aJ ph !h y h y @B*CJ aJ ph h=Uj h y CJ aJ h=Uj hIq^ CJ aJ V `W X |X X Y 8Z [ [ ,\ L] ^ t t $
& F
dh ^ ` a$gd ' $ dh ` a$gd $
& F
dh ^ ` a$gd1 $ dh ` a$gd1 $
& F
dh ^ ` a$gdV
& F
dh ]^ ` gd+ ^W `W W X X zX |X X X Y Y Z Z Z [ [ [ [ *\ ,\ J] L] p] ^ ^ ^ Z^ ^ ^ ^ _ _ f_ h_ ` иxpxh`h` h9k CJ aJ h(+ CJ aJ h4N CJ aJ h CJ aJ h6k CJ aJ h{ CJ aJ hdB CJ aJ hs/H CJ aJ hC CJ aJ hL CJ aJ h CJ aJ h g CJ aJ hy CJ aJ hD+ CJ aJ h CJ aJ h1 CJ aJ h6 CJ aJ h& CJ aJ h CJ aJ hDw CJ aJ " ` ` a a rb b 0c c c c "d d e Be
g g g g g Rg Vg g h i i Ni js ps hu u v v ȸȑyoh^hohWhPhP
h 5CJ
hO.o 5CJ h^
h 6CJ
h 5CJ h$ h 6CJ hW0 hE CJ hE hE CJ
hE CJ
hY 6CJ hS CJ aJ hHF CJ aJ hH5P CJ aJ h=2 CJ aJ h CJ aJ hs/H CJ aJ hh CJ aJ h{ CJ aJ hJr CJ aJ h# CJ aJ hS CJ aJ h CJ aJ h CJ aJ ^ c g g Tg Vg h i j 4k k Fm n >o p xp p Pq q s $
& F
^ ` a$gd $
& F
^ ` a$gd $ ` a$gd gddM) $a$gddM) $ dh ` a$gddB s s t tt t u u u pv Nw w w x z { H} p . " $ B d gdk $ d ` a$gdk $ ` a$gd $
& F!
^ ` a$gd $
& F!
^ ` a$gd v Xx hx H} } p " $ B D ʉ Љ 6 b @ ^ x ( ̒ f {qe[ h6w h 6CJ h` h 56CJ h` h 6CJ
h!3 5CJ hb h 56CJ h0Q h 6CJ hm h 6CJ hP h 56CJ h h 6CJ
hu!; 5CJ
hvd6 5CJ
hk CJ
h CJ
hk 5CJ hPo h 56CJ h$y h 56CJ
hV R 5CJ
h 5CJ "B D ΄ J : ޏ b ( f $
& F%
^ ` a$gd-p $
& F#
^ ` a$gd $ ` a$gdu!; $ ` a$gd $`a$gd $^`a$gd $h`ha$gd d gdk f 4 r ʘ ؚ 8 \ * 0 2 ( | 2 4 У D F " $ t 4 滭桖~phLT h 5CJ EHaJ h h aJ h47 h CJ
h CJ hPy h CJ aJ hPy h 5CJ aJ
hX9 5CJ
h 5CJ
h 6CJ h{rt h 6CJ
h`! 5CJ hD h 5CJ h 56CJ
h 5CJ
h-p 5CJ hg h 56CJ , | r j 2 J 0 ( $
& F'
@ ^ ` a$gd $a$gd $
& F&
G ]G^ ` a$ gd $
& F&
^ ` a$gd $ ` a$gd $
& F%
^ ` a$gd ( \
$ B ^ t
@d $If gd)
@d gd $
@ ` a$gd $
@ d ` a$gd $
@ ` a$gd
t v ^ G 7 7 7
@d $If gd) $
@d $If ]a$ gd) kd $$If l \ WB $ L
t 0 6 4 4
l a & H r ^ F 3 3 $
@d $If a$gd) $
& F
hd $If a$gd kd $$If l \ WB $ L
t 0 6 4 4
l a r ʨ Ԩ ި * 6
@d $If gd)
@Ld $If ]`Lgd)
6 8 R ^ j l ^ K ; ; ;
@d $If gd) $
@d $If a$gd) kd $$If l \ WB $ L
t 0 6 4 4
l a l n ^ > + + $
@d $If a$gd) $
& F#
h@ d $If ^ ` a$gd kd $$If l \ WB $ L
t 0 6 4 4
l a " . : F
@d $If gd) F H j ^ > + $
@d $If a$gd) $
& F#
h@ d $If ^ ` a$gd kd $$If l \ WB $ L
t 0 6 4 4
l a Ȫ $ ( * 4 > B F H R V Z ^ ` d
@d $If gd) $
@d $If a$ gd) $
@d $If ]a$ gd) d f ^ K ; ; ;
@d $If gd) $
@d $If a$gd) kd $$If l \ WB $ L
t 0 6 4 4
l a \ ܱ ޱ ^ N N ; $
@ d ` a$gd;h $
@ ` a$gd kd $$If l \ WB $ L
t 0 6 4 4
l a 4 r ޱ B \ ^ p r v Ȳ Ҳ Բ ֲ ڲ ܲ > ֵ * ܶ z b d Ǻǭǭ⣜zzhD h 5CJ h f h 5CJ aJ hgq h 5CJ aJ
h 5aJ hkz h 5aJ hG+C h CJ mH sH hG+C h CJ mH sH hG+C h CJ hUDd h CJ hw?3 h CJ
h CJ hkM h CJ
h 5CJ
h;h 5CJ 0ޱ D F ^ r t C | kd $$If l 4 0 $`
t 0 6 4 4
l a
@d $If gdG+C
@ d ` gd;h
@ ` gd $
@ d ` a$gd;h t v Բ
@Gd $If ]G`gdG+C
@d $If gdG+C $
@d $If a$gdG+C Բ ֲ @ d ] J J 7 7 $
@d $If a$gdG+C $
@d $If a$ gdG+C kd $$If l 4 \ % $ p p
t 0 6 4 4
l a г Գ $
@d $If a$gdG+C
@d $If gdG+C V p ^ K K 4 4 $
@ d $If ` a$gdG+C $
@d $If a$gdG+C kd $$If l \ % $ p p
t 0 6 4 4
l a 6 N h ҵ Ե $
@d $If a$gdG+C
@d $If gdG+C $
@ d $If ]` a$ gdG+C Ե ֵ
& ( ^ K ; ; K
@d $If gdG+C $
@d $If a$gdG+C kd $$If l \ % $ p p
t 0 6 4 4
l a ( * h ^ K K 4 4 $
@ d $If ` a$gdG+C $
@d $If a$gdG+C kd $$If l \ % $ p p
t 0 6 4 4
l a & @ B \ v x $
@d $If a$gdG+C
@d $If gdG+C x z ʷ 8 ^ K K 4 4 $
@ d $If ` a$gdG+C $
@d $If a$gdG+C kd $$If l \ % $ p p
t 0 6 4 4
l a 8 d ¸ Ƹ $
@d $If a$gdG+C
@d $If gdG+C $
@ d $If ` a$gdG+C
: < ^ K ; ; K
@d $If gdG+C $
@d $If a$gdG+C kd{ $$If l \ % $ p p
t 0 6 4 4
l a * Z \ ^ ־ P N
@ B D < } h/ h 5CJ h 5CJ mH sH hG h 5CJ h's h 56CJ h\< h 56CJ
h3] 5CJ h8I h 6CJ hr h CJ hr h aJ
h CJ !j h 5CJ UmH nH u
h 5CJ hkz h 5aJ 1< > b ^ N N N N N N N $
@ ` a$gd kd $$If l \ % $ p p
t 0 6 4 4
l a \ ^ B t * j 0 $
& F(
@ ^ ` a$gd $
@a$gd3] $
@ ` a$gd $
@ d ` a$gd $
@ ` a$gd 0 N
| $ d ` a$gd $ ` a$gd $
& F*
s ^ ` a$gd $
@ ` a$gd3] $
& F)
@ ^ ` a$gd $
@ ` a$gd $
& F(
@ ^ ` a$gd < N B | 0 n X J > $
& F,
^ ` a$gd $ ` a$gd6 $
& F+
^ ` a$gd $8`8a$gd $ ` a$gd < > b 8 h B P R j l * n X b 4 6 t ԽԞԞԞԞԒԄԞԞԞԞԞԞԞ h0/) h 56CJ aJ h0/) h 6CJ aJ h6 5CJ aJ h 56CJ aJ h d x l @ X $
& F.
^ ` a$gd $
& F-
^ ` a$gd $a$gd $ ` a$gd $
& F,
^ ` a$gd < " . l
8 F r ` 8 Ꚏskc[SK h CJ aJ hpN CJ aJ h\( CJ aJ htH CJ aJ h CJ aJ h hQ @CJ aJ h h 5@CJ aJ h h2` 5CJ aJ h h2` 5@CJ aJ h> h 6CJ aJ hf9 h 6CJ aJ h% h 6CJ aJ h R 5CJ aJ h,
+ h 6CJ aJ h6 5CJ aJ h 5CJ aJ h[+ h 6CJ aJ J h" 6) $/ 8 : $+ dh -D M
^+ `a$gdW7 $ dh ` a$gd $
dh ]` a$gd^ $
dh ]a$gd( 2 $
f z ,
^
t `
xxph`X`PHPhuTB CJ aJ hT&L CJ aJ hL CJ aJ h| CJ aJ h< J CJ aJ h8, CJ aJ h0{ CJ aJ hP& CJ aJ h)L CJ aJ hY< CJ aJ hlK& CJ aJ hY CJ aJ hrw CJ aJ h&w] CJ aJ hp CJ aJ hy_ CJ aJ h;N CJ aJ h14 CJ aJ h CJ aJ h! CJ aJ h@~ CJ aJ h ~ xph`XPHh= CJ aJ h\ CJ aJ hE1 CJ aJ hf; CJ aJ hf CJ aJ hd' CJ aJ hV- CJ aJ h? CJ aJ h; CJ aJ h/u CJ aJ h&w] CJ aJ hY CJ aJ h P CJ aJ hoV CJ aJ hL CJ aJ hO. CJ aJ h +T CJ aJ h CJ aJ haS CJ aJ h CJ aJ hD CJ aJ hT&L CJ aJ huTB CJ aJ x f H J . J * L $ ȸxph`XPH hN6 CJ aJ h\n4 CJ aJ hwL CJ aJ hW[ CJ aJ h
0 CJ aJ h{} CJ aJ hK CJ aJ hWP CJ aJ h+ CJ aJ hFu CJ aJ hch[ CJ aJ h\F CJ aJ h CJ aJ h5E CJ aJ h2j CJ aJ hY CJ aJ h5 CJ aJ hP[ CJ aJ h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
;020 2 . A=>2=K5 =0?@02;5=8O
@5AB@C:BC@870F88 187=5A0 2 75@109460=5
2 . 1 . @820B870F8O 3>AC40@AB25==KE 8<CI5AB2 2 75@109460=5
75@109460=5, :0: 8 2> 2A5E AB@0=0E A ?5@5E>4=>9 M:>=><8:>9, 2 ?@>F5AA5 ?@>2>48<KE ?@5>1@07>20=89 C<5=LH8;AO C@>25=L 3>AC40@AB25==>- 3> @53C;8@>20=8O M:>=><8:8. >, 2 M:>=><8G5A:>9 ;8B5@0BC@5 G0AB> 84QB ?@>B82>?>AB02;5=85 3>AC40@AB25==>3> @53C;8@>20=8O 8 ;815@0;870F88 M:>=><8:8. ! MB8< =5;L7O A>3;0A8BLAO 2A;54AB288 B>3>, GB> =0 :0:><- B> C@>2=5 >=8 <>3CB 4>?>;=OBL 4@C3 4@C30. 2 MB>< ?@>F5AA5 =5 =04> A<5H820BL ?>=OB8O " 3>AC40@AB25==>5 @53C;8@>20=85" 8 " 3>AC40@AB25==>5 2<5H0B5;LAB2>" 2 M:>=><8:C. ">;L:> 2 1 9 9 4 3. 2 75@109460=5 AB0;0 A:;04K20BLAO A8AB5<0 3>AC40@AB25==>3> @53C;8@>20=8O M:>=><8:8, A>740NI0O >A=>2K M:>=><8G5A:>3> @>AB0. >MB><C >A=>2=>9 M:>=><8G5A:>9 ?@>1;5<>9 AB0=>28BAO A?>A>1=>ABL M:>=><8:8 @072820BLAO B0:, GB>1K ?>;CG0BL 1>;55 3;C1>:85 :>=:C@5=B=K5 ?@58<CI5AB20 8 ?>2KH0BL ?@>872>48B5;L=>ABL, GB> A?>A>1AB2C5B ?>2KH5=8N C@>2=O 687=8 =0A5;5=8O 8 M:>=><8G5A:><C @0728B8N AB@0=K.
;O 4>AB865=8O @>AB0 ?@>872>48B5;L=>AB8 M:>=><8:8 F5;5A>>1@07=> =5?@5@K2=> A>25@H5=AB2>20BLAO, GB> ?@54?>;0305B =5C:;>==K5 C;CGH5=8O 8 =>2>22545=8O 2 ACI5AB2CNI8E >B@0A;OE 8 A?>A>1=>ABL :>=:C@8@>20BL 2 =>2KE >B@0A;OE; A>74020BL @01>G85 <5AB0 4;O B5E, :B> ?>?>;=O5B A>AB02 @01>G59 A8;K 2A;54AB288 @>AB0 ?@>872>48B5;L=>AB8 2 CA?5H=> @01>B0NI8E >B@0A;OE 8 :><?5=A0F88 ?>B5@L @01>G8E <5AB 2 <5=55 ?@>872>48B5;L=KE >B@0A;OE. 57C;LB0B>< MB>3> AB0=>28BAO 48=0<87< 8 ?@>3@5AA, B> 5ABL ?>A;54>20B5;L=K9 @>AB ?@>872>48B5;L=>AB8, ?>A:>;L:C MB> 1C45B 8AE>48BL 87 ?@028;L=> 2K1@0==>9 F5;8 8 H03>2 ?@028B5;LAB20 ?> ?>4:@5?;5=8N >?@545;Q==>3> :C@A0. >2K5 M:>=><8G5A:85 @50;88 B@51CNB 1>;55 2725H5==>3> ?>4E>40 : >B@0A;O< ?@><KH;5==>AB8. >MB><C, =0@O4C A B5E=>;>38G5A:>9 <>45@=870F859 206=K 8=AB8BCF8>=0;L=K5 87<5=5=8O. E ACBL - A>740=85 @K=:0 ?@>872>48B5;59. MB>< ?@>F5AA5 ?>O2;ONBAO >?@545;Q==K5 ?@>1;5<K 8 @5H5=85 8E B@51C5B 8A?>;L7>20=8O >?@545;Q==KE @KG03>2 @53C;8@>20=8O M:>=><8:8.
725AB=>, GB> >A=>2=K<8 @53C;OB>@0<8 M:>=><8:8 O2;ONBAO - =0;>3>20O ?>;8B8:0; @53C;8@>20=85 20;NB=>3> 8 2 F5;>< D8=0=A>2>3> @K=:0; @53C;8@>20=85 @K=:0 B@C40; @53C;8@>20=85 ?@>F54C@ ?@820B870F88 8 ?@02>2>3> AB0BCA0 ?@54?@8OB89; @53C;8@>20=85 70:;NG05<KE A45;>:, ;8F5=78@>20=85 >?@545;Q==KE 284>2 45OB5;L=>AB8; @53C;8@>20=85 2=5H=59 B>@3>2;8; @53C;8@>20=85 45=56=>3> >1@0I5=8O; @53C;8@>20=85 @K=:0 F5==KE 1C<03; @53C;8@>20=85 5AB5AB25==KE <>=>?>;89. 06=> ?@028;L=> 8A?>;L7>20BL M:>=><8G5A:85 @53C;OB>@K, A?>A>1AB2CNI85 2KE>4C 87 A;>682H59AO A8BC0F88 ?CBQ< @5AB@C:BC@870F88 A CGQB>< 8<5NI8EAO ?@58<CI5AB2 2 @0728B88 M:>=><8:8.
815@0;870F8O 20;NB=KE >?5@0F89 A>740;0 >A=>2C 4;O @53C;8@>20=8O 20;NB=>3> 8 2 F5;>< D8=0=A>2>3> @K=:0, :>B>@0O =0 >?@545;Q==>< MB0?5 AB0;0 >4=>9 87 AD5@ =081>;55 MDD5:B82=>3> ?@8<5=5=8O 3>AC40@AB25==KE @53C;8@CNI8E ?@8Q<>2. 53C;8@>20=85 @K=:0 B@C40 @072820;>AL ?> ?CB8 >15A?5G5=8O CA;>289 ?>2KH5=8O 48=0<8:8 @01>G59 A8;K 8 1>@L10 A 157@01>B8F59, => >@30=870F8O A8AB5<K ?5@5?>43>B>2:8 8 ?5@5:20;8D8:0F88 >AB0;0AL 157 2=8<0=8O. 53C;8@>20=85 ?@>F54C@ ?@820B870F88 8 ?@02>2>3> AB0BCA0 ?@54?@8OB89 A>740;8 CA;>28O 4;O ?>AB5?5==>3> 87<5=5=8O <>B820- F89 E>7O9AB2>20=8O, A?>A>1AB2CNI85 ?>2KH5=8N 53> MDD5:B82=>AB8. >AB5?5==> 2>7@0AB0;0 4>;O AB@0B538G5A:8E 8=25AB>@>2 2 :0?8B0;5 ?@54?@8OB89, GB> B0:65 ?@82>48;> : ?>2KH5=8N MDD5:B82=>AB8 ?@8=8<05- <KE C?@02;5=G5A:8E @5H5=89 8 ?5@2>=0G0;L=> @0A?K;5==0O A>1AB25=- =>ABL AB0;0 :>=F5=B@8@>20BLAO. >=F5=B@0F8O ?@>872>4AB20 8 :0?8B0;0 O2;O5BAO >4=8< 87 ?@8>@8B5B>2 ?@>2>48<>9 M:>=><8G5A:>9 ?>;8B8:8.
53C;8@>20=85 70:;NG05<KE A45;>:, ;8F5=78@>20=85 >?@545;Q==KE 284>2 45OB5;L=>AB8 5IQ =5@0728B0 4> 4>;6=>3> C@>2=O, GB> A>740QB 1;03>?@8OB=CN A@54C 4;O G8=>2=8GL53> :;0AA0 8 CEC4H0O A8BC0F8N 4;O ?@54?@8=8<0B5;59. 53C;8@>20=85 2=5H=59 B>@3>2;8 ?CBQ< CAB0=>2;5=8O >?@545;Q==>3> B0<>65==>3> B0@8D0 8 @07@5H5=8O 2K2>70 8;8 22>70 B>20@>2 2 A>>B25BAB288 A ?>;CG5==>9 ;8F5=7859 8;8 :2>B>9 =5 A?>A>1AB2>20;> AB018;L=>AB8 2 B>@3>2KE >?5@0F8OE 2A;54AB288 702KH5==>AB8 B0@8D>2 8 G0ABKE 8E ?5@5A<>B@>2. 53C;8@>20=85 45=56=>3> >1@0I5=8O, F5==KE 1C<03, 5AB5AB25==KE <>=>?>;89 B0:65 =5 >B25G0;> ?>AB02;5==K< B@51>20=8O<. >MB><C =570:>=G5==>ABL ?@>2>48<KE <5@>?@8OB89 ?@825;0 : =5MDD5:B82=>AB8 3>AC40@AB25==>3> @53C;8@>20=8O, GB> ?@825;> : A=865=8N AB5?5=8 C?@02;O5<>AB8 =0 2A5E C@>2=OE 8 2> 2A5E 725=LOE DC=:F8>=8@>20=8O 3>AC40@AB20. A;54AB288 87;>65==>3> ?>O2;O5BAO ?>B@51=>ABL 2 <>45@=870F88, 345 459AB2CNB <5E0=87<K A>F80;L=>3> @53C;8@>20=8O.
@8 MB>< 2065= ?>8A: =>2KE <5B>4>2 8 A@54AB2 C?@02;5=8O, ?>72>;ONI85 ;CGH59 040?B0F88 ?@54?@8OB89 : @K=>G=K< CA;>28O<. A;54AB288 B>3>, GB> 8<5NB <5AB> >3@0=8G5=8O N@848G5A:>9 8 M:>=><8G5A:>9 A0<>AB>OB5;L=>AB8 >@30=>2 C?@02;5=8O ?@54?@8OB8O, 459AB2CNI0O A8AB5<0 C?@02;5=8O ( DC=:F8>=0;L=0O ?>4G8=5==>ABL A F5=B@0;870F859 >@30=>2 C?@02;5=8O) =5 <>65B @0F8>=0;L=> @5H0BL ?>AB02;5==K5 7040G8. >2K5 CA;>28O B@51CNB 87<5=5=89 459AB2CNI8E AB@C:BC@ C?@02;5=8O 8 >@30=870F88 ?@>872>4AB20 4;O ?@840=8O 8< 381:>AB8, M;0AB8G=>AB8 8 A?>A>1=>AB8 <0:A8<0;L=> 8A?>;L7>20BL 8<5NI89AO B2>@G5A:89 ?>B5=F80; @01>B=8:>2. -B> 8AE>48B 87 B>3>, GB> >@30=870F8>==K5 AB@C:BC@K C?@02;5=8O ?@54?@8OB8O 4>;6=K A;C68BL 8=AB@C<5=B>< 4;O 2K@01>B:8 8 @50;870F88 :0: AB@0B538G5A:8E, B0: 8 >?5@0B82=KE 2>?@>A>2; 8A?>;L7>20=8O <5B>4>2 M:>=><8G5A:>3> 8 04<8=8AB@0B82=>3> 2>7459AB28O 4;O >15A?5G5=8O ?@0:B8G5A:>9 @50;870F88 AB@0B5388 ?@54?@8OB8O, B5:CI85 2>?@>AK; >15A?5G5=8O G5B:>AB8, 1KAB@>BK @5038@>20=8O =0 DC=:F8>=8@>20=85 ?@54?@8OB8O.
50;870F8O 2A53> MB>3> 405B 2>7<>6=>ABL @5H5=8N ?>AB02;5==KE 7040G, @0F8>=0;L=> 8A?>;L7>20BL 8<5NI85AO <0B5@80;L=K5, M=5@35B8G5A:85, B@C4>2K5 8 D8=0=A>2K5 @5AC@AK, GB> 2 8B>35 ?@82>48B : D8=0=A>2><C >74>@>2;5=8N ?@54?@8OB8O, 40;L=59H5<C A>25@H5=AB2>20=8N 8 @0728B8N ?@>872>4AB20. &5;5A>>1@07=> CAB0=>2;5=85 B0:8E B0@8D>2 =0 8<?>@B=CN 3>B>2CN ?@>4C:F8N, ?@8 :>B>@>9 =0H8 0=0;>38G=K5 AB0;8 1K =>@<0B82=> @5=B015;L=K<8 8 ?>2KA8;8 1K ?@>F5=B A2>59 @50;870F88.
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
>AC40@AB2> <>65B >ACI5AB2;OBL 0:B82=CN AB@C:BC@=>- 8=25AB8F8>==CN ?>;8B8:C, :>B>@0O >?8@0OAL ?@58<CI5AB25==> =0 M:>=><8G5A:85 <5B>4K, >15A?5G8;0 1K =5>1E>48<K5 AB@C:BC@=K5 A42838 2 E>7O9AB25. 5>1E>48< >BE>4 >B >B@0A;52>3> ?>4E>40 : =0?@02;5=8N 8=25AB8F89, B0: :0: 206=> =5 B>;L:> 87<5=5=85 AB@C:BC@K >B@0A;8, => 8 ?@028;L=K9 2K1>@ ?>78F88 2 ?@545;0E >B@0A;8 2A;54AB288 =5>1E>48<>AB8 AB@C:BC@ ?> C?@02;5=8N ?@>4C:F859. =25AB8F8>==0O ?>;8B8:0 4>;6=0 A>>B25BAB2>20BL >1I59 AB@0B538G5A:>9 F5;8 @0728B8O ?@><KH;5==>AB8, B>340 1C45B A>G5B0=85 AB@C:BC@=>- 8=25AB8F8>==>9 ?>;8B8:8 A> AB@0B538G5A:>9 F5;LN 8 2 F5;>< 1C45B =C6=>5 =0?@02;5=85 2 @0728B88 M:>=><8:8. -B> 8AE>48B 87 B>3>, GB> D8=0=A>2>- :@548B=0O ?>;8B8:0, =0@O4C A A>740=85< CA;>289 4;O CAB>9G82>3> 45=56=>3> >1@0I5=8O 8 ?;0BQ6=>3> 10;0=A0 4>;6=0 A?>A>1AB2>20BL ?>O2;5=8N 1;03>?@8OB=>3> 8=25AB8F8>==>3> :;8<0B0 A F5;LN B@0=AD>@<0F88 =0:>?;5=89 2 8=25AB8F88, :0: >A=>2K 1C4CI53> M:>=><8G5A:>3> @>AB0.
@028B5;LAB2> =5 <>65B A>74020BL :>=:C@5=B>A?>A>1=K5 >B@0A;8, >=> D>@<8@C5B 8;8 >:07K205B 2;8O=85 =0 :>=B5:AB 8 8=AB8BCF8>=0;L=CN AB@C:BC@C, ?>72>;ONI55 4>AB830BL :>=:C@5=B=>5 ?@58<CI5AB2>, => =5 2>2;5:0O ?@028B5;LAB2> 2 MB>B ?@>F5AA =5?>A@54AB25==>. !>74020O CA;>28O B5< A0<K< ?@028B5;LAB2> 40QB >A=>2C =5?@5@K2=><C >1=>2;5=8N. 8=0<8G=>5 >1=>2;5=85 254QB : :>=:C@5=B=><C ?@58<CI5AB2C, => =5 : :@0B:>A@>G=K< 2K83@KH0< =0 C@>2=5 A=865=8O 8745@65:. @8 MB><, :>=:C@5=B=>5 ?@58<CI5AB2>, >A=>20==>5 =0 8<5NI8EAO 8AB>G=8:0E - ?@8@>4=K5 @5AC@AK, =87:0O AB>8<>ABL @01>G59 A8;K - A>?@>2>6405BAO =87:>9 ?@>872>48B5;L=>ABLN 8 =5AB018;L=>ABLN.
A>15==>ABL A53>4=OH=53> ?5@8>40 - @5AB@C:BC@870F8O, GB> B@51C5B 0:B82=>9 AB@C:BC@=>9 ?>;8B8:8, => =5 ?@>B82>@5G0NI59 >A=>2=>9 ;8=88 =0 @0728B85 @K=>G=>9 M:>=><8:8, =0 <>45@=870F8N ?>A@54AB2>< G0AB=>9 8=8F80B82K. &5;LN AB@C:BC@=>9 ?>;8B8:8 O2;O5BAO >?5@560NI55 @0728B85 ?@>872>4AB20 8 M:A?>@B0 3>B>2KE 8745;89, 2KA>:8E B5E=>;>389. 5E0=87< ?@>2545=8O AB@C:BC@=>9 ?>;8B8:8 A;54CNI89: 0=0;87 M:A?>@B0 3>B>2KE 8745;89 8 CA;C3 A F5;LN 2KO2;5=8O 8<5NI8E ?5@A?5:B82C 8 B@51CNB >:070=8O ?>445@6:8; A>740=85 CA;>289 4;O <0;>3> 187=5A0, O2;ONI89AO @575@2>< @>AB0 M:>=><8:8; ?>445@60=85 <0;>3> 8==>20F8>==>3> 187=5A0; ?5@A?5:B82=K5 ?@>4C:BK, A?>A>1=K5 ?@>=8:=CBL 8 70:@5?8BLAO =0 @K=:0E, ?>;CG0;8 2>7<>6=>ABL @0728B8O, B. 5. ?>A;54CNI0O ?>445@6:0.
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
;02=K<8 F5;O<8 ?@820B870F88 1K;8:
D>@<8@>20=85 A;>O G0AB=KE A>1AB25==8:>2, A>459AB2CNI8E A>740=8N A>F80;L=>- >@85=B8@>20==>9 @K=>G=>9 M:>=><8:8;
?>2KH5=85 MDD5:B82=>AB8 45OB5;L=>AB8 ?@54?@8OB89;
A>F80;L=0O 70I8B0 =0A5;5=8O 8 @0728B85 >1J5:B>2 A>F80;L=>9 8=D@0AB@C:BC@K 70 AG5B A@54AB2, ?>ABC?82H8E >B ?@820B870F88;
A>459AB285 ?@>F5AAC AB018;870F88 D8=0=A>2>3> ?>;>65=8O 2 >AA89A:>9 $545@0F88;
A>740=85 :>=:C@5=B=>9 A@54K 8 A>459AB285 45<>=>?>;870F88 =0@>4=>3> E>7O9AB20;
?@82;5G5=85 8=>AB@0==KE 8=25AB8F89.
"0:8< >1@07><, F5;8, ?>AB02;5==K5 2 3>AC40@AB25==>9 ?@>3@0<<5 ?@820B870F88, =5 CG8BK20;8 @50;L=>3> A>F80;L=>- M:>=><8G5A:>3> ?>;>65=8O 2 AB@0=5 8 ?>B><C =5 1K;8 2K?>;=5=K.
04> ?@87=0BL 2AN A;>6=>ABL A8BC0F88, =587156=>ABL A8AB5<=>3> :@878A0 8 =5>1E>48<>ABL AB@C:BC@=>9 ?5@5AB@>9:8. MB8E CA;>28OE ?@>3@0<<0 3>AC40@AB25==>9 ?@820B870F88 <>3;0 2K?>;=8BL B>;L:> >4=C 87 >A=>2=KE 7040G A>740BL >?@545;5==K9 A>F80;L=K9 A;>9, 708=B5@5A>20==K9 2 @K=>G=KE @5D>@<0E. -B0 7040G0 1K;0 B5< 1>;55 0:BC0;L=0, GB> A> AB>@>=K 48@5:B>@A:>3> :>@?CA0, B@C4>2KE :>;;5:B82>2, 2>A?8B0==KE =0 845OE C@02=8B5;L=>3> @0A?@545;5=8O, <5AB=KE >@30=>2 2;0AB8 1K;> ?@>O2;5=> =5?@8OB85 8 A>?@>B82;5=85 845O< @5D>@<.
=B5@5A=>, GB> ?> >F5=:5 0=0;8B8:>2 A5<8@=>3> 10=:0 ?@>3@0<<0 <0AA>2>9 ?@820B870F88 1K;0 ?@8720=0 CA:>@8BL ?@820B870F8N :@C?=KE 8 A@54=8E ?@54?@8OB89, >15A?5G8BL ?>;8B8G5A:CN ?>445@6:C A0<>9 ?@>3@0<<K 8 C25;8G8BL :0?8B0; ?@54?@8OB89 1;03>40@O @0A?@545;5=8N 0:F89 A@548 H8@>:8E A;>52 =0A5;5=8O.
0==0O 7040G0, @5H5==0O 2 ?@>F5AA5 ?@820B870F88, >1CA;>2;5=0 A?5F8D8G5A:8< ?>;>65=85< >AA88, =5>1E>48<>ABLN ?5@5E>40 : @K=>G=>9 M:>=><8:5, :>B>@0O 2 >B;8G85 >B ?;0=>2>- 04<8=8AB@0B82=>9 M:>=><8:8 ?>:070;0 A2>N 687=5A?>A>1=>ABL 2 B5G5=85 4;8B5;L=>3> ?5@8>40.
A;8 3>2>@8BL > F5;OE ?@820B870F88 2 CA;>28OE A;>682H59AO @K=>G=>9 M:>=><8:8, B> >G5284=>, GB> 2> 2A5< <8@5 ?@820B870F8O ?@>2>48BAO A F5;LN ?>2KH5=8O MDD5:B82=>AB8 45OB5;L=>AB8 ?@54?@8OB89 8 ?@82;5G5=8O 8=25AB8F89 >B =>2KE A>1AB25==8:>2.
2 . 2 . 07@01>B:0 ?@>3@0<<K @5AB@C:BC@870F88 187=5A0
5AB@C:BC@870F8O ?@54?@8OB8O O2;O5BAO 4;8B5;L=K< ?@>F5AA><, >ACI5AB2;O5<K< ?@8 ?><>I8 A?5F80;8AB>2 A0<>3> @07=>3> ?@>D8;O 8 =0?@02;5==K< =0 ?>2KH5=85 MDD5:B82=>AB8 8A?>;L7>20=8O A>1AB25==>3> 2=CB@5==53> ?>B5=F80;0 >@30=870F88 8 040?B0F88 : =>2K< @K=>G=K< CA;>28O<.
07@01>B:0 ?@>3@0<<K @5AB@C:BC@870F88 MB> F5;K9 :><?;5:A @01>B, =0G8=0O >B ?@>@01>B:8 :>=F5?F88 @5AB@C:BC@870F88 ?@54?@8OB8O, F5;59 8 AB@0B5389 53> @0728B8O 4> D>@<8@>20=8O :>=:@5B=>3> 187=5A- ?;0=0 @5AB@C:BC@870F88.
0G5AB25==0O ?@>3@0<<0 @5AB@C:BC@870F88, >A=>20==0O =0 @50;L=>< ?@54AB02;5=88 > 2=CB@5==59 8 2=5H=59 A@545 ?@54?@8OB8O, O2;O5BAO 70;>3>< 40;L=59H59 55 @50;870F88.
0AA<>B@8< ?>4@>1=> ?>A;54>20B5;L=>ABL MB0?>2 ?@>@01>B:8 ?@>3@0<<K @5AB@C:BC@870F88.
A=>2=K5 MB0?K @01>BK ?> A>740=8N ?@>3@0<<K @5AB@C:BC@870F88:
@>2545=85 :><?;5:A=>3> 0=0;870 A>AB>O=8O ?@54?@8OB8O.
KO2;5=85 2=CB@5==8E @575@2>2 8 2>7<>6=>AB59 M:>=><88 <0B5@80;L=>- B5E=8G5A:8E @5AC@A>2.
5B0;L=0O ?@>@01>B:0 2>7<>6=>AB59 A>:@0I5=8O ?@>A@>G5==>9 :@548B>@A:>9 704>;65==>AB8.
@>@01>B:0 F5;5A>>1@07=>AB8 8 2>7<>6=>AB8 @5AB@C:BC@870F88 8<CI5AB25==>3> :><?;5:A0 ?@54?@8OB8O.
@>@01>B:0 2>7<>6=>AB59 8 =081>;55 @50;L=KE ?5@A?5:B82 @0728B8O ?@54?@8OB8O.
07@01>B:0 ?@54;>65=89 ?> >?B8<870F88 A8AB5<K C?@02;5=8O ?@54?@8OB85<.
@>@01>B:0 F5;5A>>1@07=>AB8 8 2>7<>6=>AB8 ?@82;5G5=8O 2=5H=53> D8=0=A8@>20=8O 4;O >15A?5G5=8O B5:CI59 D8=0=A>2>- E>7O9AB25==>9 45OB5;L=>AB8 8 ?5@A?5:B82=>3> @0728B8O ?@54?@8OB8O.
D>@<;5=85 >A=>2=KE ?@54;>65=89 ?> @57C;LB0B0< 2K?>;=5==KE ?@54H5AB2CNI8E MB0?>2 @01>BK 2 2845 87=5A- ?;0=0 @5AB@C:BC@870F88 .
-B0?K 1 - 7 >ACI5AB2;ONBAO 2 @0<:0E 4803=>AB8:8 ?@54?@8OB8O.
-B0? 1 . @>2545=85 :><?;5:A=>3> 0=0;870 A>AB>O=8O ?@54?@8OB8O.
@0<:0E MB>3> MB0?0 @01>B ?@>2>48BAO 0=0;87 A;54CNI8E >A=>2=KE E0-
@0:B5@8AB8: 187=5A0:
N@848G5A:>3> AB0BCA0 ?@54?@8OB8O;
A8;L=KE 8 A;01KE AB>@>= ?@54?@8OB8O, 1;03>?@8OB=KE 2>7<>6=>AB59 8 C3@>7 ( S W O T - 0=0;87) ;
>A=>2=KE =0?@02;5=89 45OB5;L=>AB8;
@K=>G=>3> ?>B5=F80;0 ( ?;0B565A?>A>1=>3> A?@>A0, ?>:C?0B5;59 8 ?>AB02I8:>2, :>=:C@5=B>2 8 ?0@B=5@>2 8 B. 4. ) ;
8<5NI59AO AB@0B5388 2545=8O 187=5A0 ( A8AB5<0 A1KB0, A=0165=8O,
>A>15==>AB59 @0AG5B>2 8 B. 4. ) ;
284>2 2K?CA:05<>9 ?@>4C:F88 ( 8;8 CA;C3) , C@>2=O :0G5AB20 ?@>4C:F88;
M:>=><8G5A:8E E0@0:B5@8AB8: ?@>4C:F88 ( F5= @50;870F88, A515AB>8<>AB8 8 @5=B015;L=>AB8 ?> 2840< ?@>4C:F88) ;
D8=0=A>2KE ?>:070B5;59 45OB5;L=>AB8 ?@54?@8OB8O ( AB@C:BC@K 70B@0B, ?@81K;8 8 B. 4. ) ;
=0;8G8O =5?@>872>4AB25==>9 AD5@K 45OB5;L=>AB8 8 70B@0B =0 55 A>45@60=85;
8<5NI8EAO B5E=>;>389 ?@>872>4AB20, 8=65=5@=KE A5B59 8 :><<C=8:0F89;
A>AB020 >1>@C4>20=8O, <0H8= 8 <5E0=87<>2 8 @5AC@A=KE 2>7<>6=>AB59 8E 8A?>;L7>20=8O;
>ACI5AB2;O5<KE :0?8B0;L=KE 2;>65=89 2 @0728B85 ?@54?@8OB8O;
70?0A>2 B>20@=>- <0B5@80;L=KE F5==>AB59 2A5E 284>2 8 2>7<>6=>AB59 8E @50;870F88;
A>AB020 ?@>G8E 0:B82>2 ?@54?@8OB8O ( 4518B>@A:>9 704>;65==>AB8, D8=0=A>2KE 2;>65=89, 45=56=KE A@54AB2) ;
D>@<8@>20=8O A>1AB25==>3> :0?8B0;0 ?@54?@8OB8O;
A>AB020 :@548B>@A:>9 704>;65==>AB8;
A8AB5<K C?@02;5=8O 8 >@30=870F8>==>9 AB@C:BC@K ?>4@0745;5=89
?@54?@8OB8O;
:04@>2>3> ?>B5=F80;0 ?@54?@8OB8O.
> @57C;LB0B0< 0=0;870 A>AB02;O5BAO 0=0;8B8G5A:89 >BG5B.
-B0? 2 . KO2;5=85 2=CB@5==8E @575@2>2 8 2>7<>6=>AB59 M:>=><88 <0B5@80;L=>- B5E=8G5A:8E @5AC@A>2.
> 40==K< ?@>2545==>3> 0=0;870 2KO2;ONBAO 8 >F5=820NBAO 2A5 ?>B5=F80;L=K5 2=CB@5==85 @575@2K ?@54?@8OB8O. @8<5@0<8 B0:8E @575@2>2 O2;ONBAO:
87;8H=85 70?0AK B>20@=>- <0B5@80;L=KE F5==>AB59;
A2>1>4=K5 ?;>I048 740=89 8 B5@@8B>@89;
=58A?>;L7C5<>5 8;8 =5703@C65==>5 >1>@C4>20=85;
=52>AB@51>20==0O 4518B>@A:0O 704>;65==>ABL;
=5MDD5:B82=K5 :0?8B0;L=K5 2;>65=8O;
A25@E=>@<0B82=K5 @0AE>4K =0 A>45@60=85 ?@>872>4AB20 8 =5?@>872>4AB25==>9 AD5@K;
871KB>: ?5@A>=0;0 ?@54?@8OB8O.
> @57C;LB0B0< MB>3> MB0?0 A>AB02;ONBAO >BG5B > 2KO2;5==KE @575@20E 8 A2>1>4=K5 ?@>3=>7=K5 @0AG5BK ?>:070B5;59 MDD5:B82=>AB8 8A?>;L7>20=8O MB8E @575@2>2.
-B0? 3 . 5B0;L=0O ?@>@01>B:0 2>7<>6=>AB59 A>:@0I5=8O ?@>A@>G5=- =>9 :@548B>@A:>9 704>;65==>AB8.
-B>B MB0? =5 O2;O5BAO >1O70B5;L=K<; 5A;8 =5B ?@>A@>G5==KE 704>;65==>AB59, B> >= =5 ?@>2>48BAO. @8 =5>1E>48<>AB8 =0 MB>< MB0?5 ?> @57C;LB0B0< ?@>2545==>3> 0=0;870 87CG0NBAO 2>7<>6=>AB8 A;54CNI8E 459AB289 ?> A>:@0I5=8N ?@>A@>G5==>9 :@548B>@A:>9 704>;65==>AB8:
@5AB@C:BC@870F88 704>;65==>AB8 ?> A@>:0< 55 >?;0BK;
A:C?:8 704>;65==>AB8 ( G5@57 ?>A@54=8:0) 70 G0ABL AB>8<>AB8 4>;30;
?@>2545=8O 2708<>70G5B>2;
A?8A0=8O AC<< HB@0D>2 8 ?5=8.
> @57C;LB0B0< MB>3> MB0?0 >D>@<;ONBAO >BG5B > F5;5A>>1@07=>AB8 8 2>7<>6=>AB8 A>:@0I5=8O AC<< ?@>A@>G5==>9 :@548B>@A:>9 704>;65==>AB8, ?@>3=>7=K5 @0AG5BK 70B@0B 8 MDD5:B82=>AB8 B0:8E 459AB289.
-B0? 4 . @>@01>B:0 F5;5A>>1@07=>AB8 8 2>7<>6=>AB8 @5AB@C:BC@8- 70F88 8<CI5AB25==>3> :><?;5:A0 ?@54?@8OB8O.
> @57C;LB0B0< 0=0;870 <>3CB 1KBL 2KO2;5=K =5>1E>48<>ABL 8 F5;5A>>1@07=>ABL @5AB@C:BC@870F88 ?@54?@8OB8O, B. 5. @0745;5=8O 8<CI5AB25==>3> :><?;5:A0 8;8 2K45;5=8O AB@C:BC@=KE ?>4@0745;5=89 2 @O4 A0<>AB>OB5;L=KE N@848G5A:8E ;8F.
5>1E>48<>ABL @5AB@C:BC@870F88 2>7=8:05B 2 A2O78 A ?@>3=>78@C5<K<8 25@>OB=K<8 ?>B5@O<8 ( ?> ?@8G8=5 10=:@>BAB20) =081>;55 F5==>3> 8<CI5AB20 ;81> 4;O ?>2KH5=8O MDD5:B82=>AB8 @01>BK AB@C:BC@=KE ?>4@07-
45;5=89 8 ?@54?@8OB8O 2 F5;><.
?@>F5AA5 2K?>;=5=8O MB>3> MB0?0 @01>BK @0AA<0B@820NBAO B5E=8G5A:85, M:>=><8G5A:85 8 N@848G5A:85 0A?5:BK ?@>F5AA0 @5AB@C:BC@870F88, 2K?>;=ONBAO =5>1E>48<K5 A>?>AB028B5;L=K5 @0AG5BK 20@80=B>2 8 >F5=8205BAO 25@>OB=>ABL ?@0:B8G5A:>3> >ACI5AB2;5=8O 2A5E =5>1E>48<KE N@848G5A:8E ?@>F54C@.
> @57C;LB0B0< MB0?0 A>AB02;O5BAO 0=0;8B8G5A:89 >BG5B > F5;5A>>1- @07=>AB8 @5AB@C:BC@870F88 8<CI5AB25==>3> :><?;5:A0 ?@54?@8OB8O.
-B0? 5 . ?@>@01>B:0 2>7<>6=>AB59 8 =081>;55 @50;L=KE ?5@A?5:B82 @0728B8O ?@54?@8OB8O.
-B>B MB0? =0?@O<CN A2O70= A 25@>OB=>9 =5>1E>48<>ABLN :>@@5:B8@>2:8 AB@0B5388 @0728B8O ?@54?@8OB8O, :>B>@0O >A=>2K205BAO =0 @57C;LB0B0E 0=0;870 A8BC0F88 =0 @K=:0E A1KB0 ?@>4C:F88, 0 B0:65 =0 B5E=>;>38G5A:8E 8 @5AC@A=KE 2>7<>6=>ABOE ?@>872>4AB20.
@><5 B>3>, =0 MB>< MB0?5 2=>AOBAO ?@54;>65=8O ?> @57C;LB0B0< 0=0;870 @50;87C5<KE =0 ?@54?@8OB88 8=25AB8F8>==KE ?@>5:B>2, 0 B0:65 <>3CB 1KBL ?@54;>65=K =>2K5, 1>;55 MDD5:B82=K5 8 ?5@A?5:B82=K5 ?@>5:BK.
> @57C;LB0B0< MB0?0 A>AB02;O5BAO 0=0;8B8G5A:89 >BG5B A ?@54;>65- =8O<8 > F5;5A>>1@07=>AB8 :>@@5:B8@>2:8 AB@0B5388 @0728B8O ?@54?@8OB8O 8 2K?>;=5==K<8 @0AG5B0<8 MDD5:B82=>AB8 ?@54;0305<KE <5@>?@8OB89.
-B0? 6 . 07@01>B:0 ?@54;>65=89 ?> >?B8<870F88 A8AB5<K C?@02;5=8O ?@54?@8OB85<.
> 40==K< ?@>2545==>3> 0=0;870 ?@>@010BK20NBAO F5;5A>>1@07=>ABL 8 2>7<>6=>ABL >?B8<870F88 ACI5AB2CNI59 =0 ?@54?@8OB88 A8AB5<K C?@02;5=8O.
A>15==> 45B0;L=> 87CG0NBAO 2>7<>6=>AB8 1>;55 MDD5:B82=>3> DC=:F8>=8@>20=8O :><<5@G5A:8E ( >ACI5AB2;ONI8E A1KB 8 A=0165=85) , 0
B0:65 D8=0=A>2>- M:>=><8G5A:8E A;C61 ?@54?@8OB8O.
?B8<870F8O 45OB5;L=>AB8 C:070==KE A;C61 8 ?@8<5=O5<KE <5B>4>2 >ACI5AB2;5=8O :><<5@G5A:>9 45OB5;L=>AB8 <>65B ?@825AB8 : ACI5AB25==>9 M:>=><88 <0B5@80;L=KE 8 D8=0=A>2KE @5AC@A>2 ?@54?@8OB8O ( 70 AG5B C45H52;5=8O 70:C?>:, C25;8G5=8O >1J5<>2 ?@>406, CA:>@5=8O >1>@0G8205<>AB8 45=56=KE A@54AB2, M:>=><88 =0 @0AE>40E ?> A>45@60=8N ?5@A>=0;0 8 B. 4. ) .
> @57C;LB0B0< MB0?0 D>@<8@C5BAO 0=0;8B8G5A:89 >BG5B A @5:><5=40F8O<8 ?> >?B8<870F88 ACI5AB2CNI59 A8AB5<K C?@02;5=8O 8 87<5=5=8N >@30=870F8>==>9 AB@C:BC@K A;C61 C?@02;5=8O, 0 B0:65 A @0AG5B0<8 8 >F5=:0<8 F5;5A>>1@07=>AB8 87<5=5=8O <5B>4>2 >ACI5AB2;5=8O :><<5@G5A:>9 45OB5;L=>AB8.
-B0? 7 . @>@01>B:0 F5;5A>>1@07=>AB8 8 2>7<>6=>AB8 ?@82;5G5=8O 2=5H=53> D8=0=A8@>20=8O 4;O >15A?5G5=8O B5:CI59 D8=0=A>2>- E>7O9AB25==>9 45OB5;L=>AB8 8 ?5@A?5:B82=>3> @0728B8O ?@54?@8OB8O.
@O40 A;CG052, =5A<>B@O =0 B5:CI55 :@8B8G5A:>5 D8=0=A>2>5 A>AB>O=85 ( 5A;8 B0:>2>5 8<55B <5AB>) , >B45;L=K5 ?@54?@8OB8O 8<5NB ?>B5=F80;L=K5 2>7<>6=>AB8 4;O ?@82;5G5=8O 2=5H=53> D8=0=A8@>20=8O ( 2 2845 :@548B>2, 709<>2 8;8 ?CB5< ?@>4068 ?0:5B0 0:F89) .
0 MB>< MB0?5 @01>BK >F5=820NBAO ?> @57C;LB0B0< ?> @57C;LB0B0< ?@>2545==>3> 0=0;870 F5;5A>>1@07=>ABL 8 2>7<>6=>ABL ?@82;5G5=8O 2=5H=53> D8=0=A8@>20=8O 4;O ?@54?@8OB8O.
@><5 B>3>, ?@>2>4OBAO A@02=8B5;L=K5 @0AG5BK M:>=><8G5A:>9 MDD5:B82=>AB8 8 >F5=:0 @8A:>2 @07;8G=KE A?>A>1>2 ?@82;5G5=8O 2=5H=53> :0?8B0;0. 0 MB>< MB0?5 @01>BK 2>7<>6=> B0:65 ?@>2545=85 @K=>G=>9 >F5=:8 AB>8<>AB8 ?@54?@8OB8O ( 187=5A) 8;8 >B45;L=KE >1J5:B>2 53> 8<CI5AB20 ( =542868<>ABL, <0H8=, >1>@C4>20=8O, 8=B5;;5:BC0;L=>9 A>1AB25==>AB8) . 57C;LB0BK >F5=:8 1C4CB =5>1E>48<K< >A=>20=85< 4;O ?@>2545=8O ?5@53>2>@>2 A ?>B5=F80;L=K<8 :@548B>@0<8 8;8 8=25AB>@0<8.
> 8B>30< MB>3> MB0?0 @01>BK A>AB02;O5BAO 0=0;8B8G5A:89 >BG5B A >1>A-
=>20=85< F5;5A>>1@07=>AB8 8 ?>B5=F80;L=>9 2>7<>6=>AB8 ?@82;5G5=8O 2=5H=53> D8=0=A8@>20=8O 4;O =C64 ?@54?@8OB8O, 0 B0:65 A @57C;LB0B0<8 2K?>;=5==KE @0AG5B>2 MDD5:B82=>AB8 708<AB2>20=8O.
-B0? 8 . D>@<;5=85 >A=>2=KE ?@54;>65=89 ?> @57C;LB0B0< 2K?>;=5==KE ?@54H5AB2CNI8E MB0?>2 @01>BK 2 2845 187=5A- ?;0=0 @5AB@C:BC@870F88 .
0 40==>< MB0?5 ?@>3@0<<0 8 187=5A- ?;0= >D>@<;ONBAO 2 2845 548=>3> 4>:C<5=B0, ?@>2>48BAO 8E >:>=G0B5;L=>5 A>3;0A>20=85 A @C:>2>4AB2>< ?@54?@8OB8O 8 CB25@640NBAO 3@0D8: @50;870F88 ?@>3@0<<K 8 >B25BAB25==K5 70 MB> 4>;6=>AB=K5 ;8F0.
> 8B>30< MB>3> MB0?0 @01>BK D>@<8@C5BAO >D>@<;5==K9 >:>=G0B5;L=K9 20@80=B ?@>3@0<<K @5AB@C:BC@870F88 ?@54?@8OB8O.
0:;NG8B5;L=K< MB0?>< 40==>9 @01>BK O2;ONBAO ?@>F5AAK @50;870F88 CB25@645==>9 ?@>3@0<<K @5AB@C:BC@870F88 ?@54?@8OB8O.
!;54C5B >B<5B8BL, GB> ?@>3@0<<K <>65B 2:;NG0BL :0: 2A5 ?5@5G8A;5==K5 MB0?K @01>BK, B0: 8 B>;L:> G0ABL 8E, =081>;55 0:BC0;L=CN ( A B>G:8 7@5=8O @C:>2>48B5;59 ?@54?@8OB8O) 4;O 40==>3> :>=:@5B=>3> ?@54?@8OB8O.
0B5@80;K, >1>A=>2K20NI85 8=25AB8F88 2 ?@>5:BK @5AB@C:BC@870F88, @5:><5=4C5BAO ?>43>B02;820BL 2 ?@8=OB>9 2> 2A5< <8@5 D>@<5 187=5A- ?;0=0 ( 187=5A- ?@>A?5:B0) , :>B>@K9 4>;65= 40BL 2>7<>6=>ABL 8=25AB>@C A45;0BL :><?;5:A=CN >F5=:C ?@>5:B0 8 2 ?5@2CN >G5@54L ?>:070BL, GB> 8=25AB8@>20=85 ?@>5:B0 2K3>4=>.
0745;K :064>3> 8E ?@54AB02;5==KE 187=5A- ?;0=>2 2 B>< 8;8 8=>< 2845 ?@8ACBAB2CNB 2> 2A5E ?@82545==KE 2KH5 <5B>48:0E. AE>4O 87 MB>3>, <>6=> @5:><5=4>20BL 8=25AB8@C5<><C AC1J5:BC AB@>8BL A2>9 187=5A- ?;0= ?> 1;>G=><C B8?C 8 B>;L:> ?@8 ?@54AB02;5=88 <0B5@80;>2 :>=:@5B=><C 8=25AB>@C D>@<8@>20BL 187=5A- ?;0= 87 703>B>2;5==KE @0745;>2 ?>4 B@51C5<CN <5B>48:C.
<5==> MB8 >A=>2>?>;030NI85 @0745;K, >@30=8G=> A2O70==K5 >@30=870-
F8>==K< ?;0=>< ( :>=:@5B=>9 AE5<>9 @50;870F88 ?@>5:B0) , A>>B25B- AB2CNI8< @0AG5B0< @8A:>2 8 >?@545;5=8N :><?5=A0F8>==KE <5@>?@8OB89, 8 70;>68;8 DC=40<5=B @>AA89A:8E AB0=40@B>2 D>@<8@>20=8O 187=5A- ?;0=>2.
87=5A- ?;0= O2;O5BAO >A=>2>9 ?@>5:B0 @5AB@C:BC@870F88. =5< >?@545;ONBAO F5;8 8 7040G8, :>B>@K5 =5>1E>48<> @5H8BL 2 ?@>F5AA5 @5AB@C:BC@870F88, A?>A>1K 4>AB865=8O ?>AB02;5==KE F5;59, B5E=8:>- M:>=><8G5A:85 ?>:070B5;8 ?@>5:B0, >F5=:0 ?@54?@8OB8O 8 53> 2=5H=59 A@54K.
$>@<8@>20=85 187=5A- ?;0=0 405B 2>7<>6=>ABL:
>?@545;8BL 687=5A?>A>1=>ABL ?@>5:B0 @5AB@C:BC@870F88 2 A;>682H8EAO 2=CB@5==8E 8 2=5H=8E CA;>28OE;
>?@545;8BL, :0: 4>;65= @072820BLAO ?@>5:B @5AB@C:BC@870F88;
?@54AB028BL D8=0=A>2K5 70B@0BK =0 @50;870F8N ?@>5:B0 8 >?@545;8BL =5>1E>48<>ABL ?@82;5G5=8O 2=5H=8E 8=25AB>@>2, 40BL 2>7<>6=>ABL 2=5H=8< 8=25AB>@0< >F5=8BL MDD5:B82=>ABL ?@>5:B0.
#A?5E @5AB@C:BC@870F88 ?@54?@8OB8O 2> <=>3>< >?@545;O5BAO :0G5AB2>< @07@01>B0==>3> 187=5A- ?;0=0, :>B>@K9 2:;NG05B: >?@545;5=85 AB@0B5388 8 B0:B8:8 ?>2545=8O, 2K45;5=85 ?5@A?5:B82=KE F5;59 2 @0<:0E @50;87C5<>3> ?@>5:B0, <5E0=87<>2 8E 4>AB865=8O 8 @5AC@A=>3> >15A?5G5=8O. 5H5=85 B@8548=>9 7040G8 GB>, :0: 8 4;O ?@>872>48BL 1078@C5BAO =0 A8AB5<0B8G5A:>9 @07@01>B:5 C?@02;5=G5A:8E @5H5=89 > F5;OE, A@54AB20E 8 459AB28OE ?CB5< A@02=8B5;L=>3> 0=0;870 8 >F5=:8 0;LB5@=0B82=KE 20@80=B>2 2 ?@>3=>78@C5<>< ?5@8>45. A=>2C B0:>9 45OB5;L=>AB8 A>AB02;O5B 187=5A- ?;0=8@>20=85.
87=5A- ?;0=8@>20=85 MB> ?@>F5AA @07@01>B:8 8 45B0;L=>3> >1>A=>20=8O :>=F5?F88 @50;870F88 ?@54?@8=8<0B5;LA:>9 8458, :>B>@K9 2:;NG05B 0=0;87 8=D>@<0F88 > ?@54AB>OI8E 459AB28OE, >?@545;5=85 =08;CGH8E A?>A>1>2 4>AB865=8O ?>AB02;5==KE F5;59.
87=5A- ?;0= MB> 4>:C<5=B, 2 :>B>@>< ?@54AB02;5=> :><?;5:A=>5 8AA;54>20=85 >A=>2=KE AB>@>= ?@54?@8=8<0B5;LA:>3> ?@>5:B0; >?8A0=85 <5E0=87<0 A>740=8O 8 DC=:F8>=8@>20=8O =>2>3> 8;8 @5:>=AB@C8@>20==>3> ?@54?@8OB8O. 87=5A- ?;0= 2 >B;8G85 >B ?;0=0 >B@0605B @0728B85 :0:>3>- ;81>
>4=>3> =0?@02;5=8O.
K45;ONB 420 2840 187=5A- ?;0=>2:
187=5A- ?;0= 4;O ?@82;5G5=8O 2=5H=53> D8=0=A8@>20=8O ( 2=5H=89 187=5A- ?;0=) ;
187=5A- ?;0= 4;O @5H5=8O 2=CB@5==8E ?@>1;5< 459AB2CNI53> ?@54?@8OB8O ( 2=CB@5==89 187=5A- ?;0=) .
#B25@645==K9 187=5A- ?;0= @0728205BAO 2 2845 ?;0=0 @5AB@C:BC@870F88, :>=:@5B878@CNI53> A8AB5<C <5@>?@8OB89, ?@54CA<0B@820NI8E F5;8, A>45@60=85, A10;0=A8@>20==>ABL @5AC@A>2, >1J5<, <5B>4K, ?>A;54>20B5;L=>ABL 8 A@>:8 2K?>;=5=8O @01>B 2 @0<:0E ?@>5:B0 @5AB@C:BC@870F88.
87=5A- ?;0=, :0: ?@028;>, @07@010BK205BAO 8B5@0F8>==K< ?CB5< A @07;8G=>9 AB5?5=LN 45B0;870F88. @82545< B@8 20@80=B0 187=5A- ?;0=0, >B@01>B0==K5 2 @>AA89A:>9 ?@0:B8:5.
I . 87=5A- ?;0=- ?@>A?5:B ( 2 - 7 AB@. B5:AB0, ?>4:@5?;5==>3> D8=0=A>2K<8 @0AG5B0<8) . A=>2=>5 =07=0G5=85 ?@545;L=> A60B0O 0=0;8B8G5A:0O 8=D>@<0F8O, =5>1E>48<0O 4;O ?@8=OB8O @5H5=8O > F5;5A>>1@07=>AB8 40;L=59H53> @0AA<>B@5=8O ?@>5:B0 @5AB@C:BC@870F88.
I I . @0B:89 187=5A- ?;0= 8=25AB8F8>==>3> ?@>5:B0 ( 3 0 - 5 0 AB@. 8 ?@8;>65=8O) . A=>2=>5 =07=0G5=85 4>AB0B>G=> 45B0;L=0O >F5=:0 ?@54;>65=89, ?@54AB02;5=85 AB@C:BC@8@>20==>9 8=D>@<0F88 8=25AB>@C 8 >B1>@ ?@>5:B>2 4;O 40;L=59H59 ?@>@01>B:8 A F5;LN 8=25AB8@>20=8O. @>4>;68B5;L=>ABL @07@01>B:8 4> <5AOF0. 01>B0NB 2 - 3 M:A?5@B0 ?> @07;8G=K< 0A?5:B0< ?@>5:B0 8 :>>@48=0B>@. 40;L=59H5< 2>7<>6=> D>@<8@>20=85 :@0B:>3> 187=5A- ?;0=0 :0: 2K68<:8 =081>;55 ACI5AB25==>9 8=D>@<0F88 87 ?>;=>3> 187=5A- ?;0=0.
I I I . >;=K9 187=5A- ?;0= 8=25AB8F8>==>3> ?@>5:B0 ( >B 1 0 0 AB@. ) . A=>2=>5 =07=0G5=85 =5>1E>48<>5 4;O >:>=G0B5;L=>3> @5H5=8O :><?;5:A=>5, 45B0;L=> ?@>@01>B0==>5 >1>A=>20=85 8A?>;L7>20=8O 8=25AB8F89 8 D>@<8@>20=85 @01>G53> ?;0=0 459AB289 ?> @50;870F88 ?@>5:B0. 07@010BK205BAO A ?@82;5G5=85< :>=AC;LB0=B>2 4;O ?@>5:B>2, ?@5420@8B5;L=> >B>1@0==KE 8=25AB>@>< 8 ?> :>B>@K< >= 70B@51>20; 4>?>;=8B5;L=CN 8=D>@<0F8N. @>4>;68B5;L=>ABL @07@01>B:8 3 - 5 <5A. ( 2 7028A8<>AB8 >B <0AHB010 ?@>5:B0) :><0=4>9 2 7 - 1 0 G5;>25:. $8=0=A8@>20=85 @07@01>B:8 ( 8 :>@@5:B8@>2:0 2 ?@>F5AA5 @50;870F88 ?@>5:B0) 187=5A- ?;0=0 2:;NG05BAO 2 70?@0H8205<K5 8=25AB8F88 ( 3 - 7 % 8=25AB8F89 2 7028A8<>AB8 >B <0AHB010 ?@>5:B0) . !>AB02K ?>;=>3> 8 :@0B:>3> 187=5A- ?;0=>2 A>2?040NB, => AB5?5=L 8E 45B0;870F88, 3;C18=K ?@>@01>B:8 8 4>AB>25@=>AB8 40==KE @07;8G05BAO. 0?@8<5@, 2 ?>;=>< 187=5A- ?;0=5 ?@>872>4AB25==K9 @0745; 4>2545= 4> C@>2=O B5E?@>5:B0, 0 2 <0@:5B8=3- ?;0=5 ?@>0=0;878@>20=K 2A5 :>=:C@5=BK 8 ?@>2545=0 <=>3>C@>2=520O A53<5=B0F8O @K=:0.
2 . 3 . !B@C:BC@=K5 ?@5>1@07>20=8O 187=5A0
:>=F5 9 0 - E 3>4>2 2 !( 1K; ?@>2545= >?@>A @C:>2>48B5;59 ?@>- <KH;5==KE D8@< > ?@0:B8:5 :>@5==>9 @5>@30=870F88. F5;>< >?@>H5==K5 ?@87=0NB 55 1>;LH85 ?@58<CI5AB20 8 =5>1E>48<>ABL. A=>2=K<8 <>B820<8, ?>1C482H8<8 8E ?>9B8 =0 >ACI5AB2;5=85 :>@5==>9 ?5@5AB@>9:8, >?@>H5==K5 @C:>2>48B5;8 =0720;8, ?@5645 2A53>, AB@5<;5=85 C4>2;5B2>@8BL 70?@>AK ?>B@518B5;59 ( 3 3 % ) , =0<5@5=85 CAB>OBL 2 :>=:C@5=B=>9 1>@L15 ( 3 3 % ) , AB@5<;5=85 4>18BLAO =08;CGH8E D8=0=A>2KE ?>:070B5;59 ( 2 1 % ) .
;O <=>38E @C:>2>48B5;59 AB0=>28BAO 2A5 1>;55 >G5284=K<, GB> 2 =0AB>OI55 2@5<O =5;L7O C?@02;OBL D8@<>9, :0: 2 ?@>H;><, =57028A8<> >B B>3>, =0A:>;L:> CA?5H=K< 1K;> MB> ?@>H;>5. @>H;K9 CA?5E 5I5 =5 30@0=B8@C5B 2K6820=85 2 1C4CI5<. @5>1@07>20=8O, 2 B>< G8A;5 8 AB@C:BC@=K5, 2K720=K =5>1E>48<>ABLN ?>AB>O==>9 040?B0F88 : 1KAB@><5=ONI8<AO CA;>28O< 2=5H=59 A@54K.
4@C38E ?@><KH;5==> @0728BKE AB@0=0E 9 0 - 5 3>4K B0:65 1K;8 >7=0<5-
=>20=K 2>;=>9 :@C?=KE ?@5>1@07>20=89 2 :><?0=8OE. @878A 1@8B0=A:>9 ?@><KH;5==>AB8 8 =5>1E>48<>ABL >1=>2;5=8O ?@>45<>=AB@8@>20;8 :;NG52CN @>;L AB@0B538G5A:>3> ;845@AB20. &5;>5 ?>:>;5=85 ;845@>2 1@8B0=A:>3> 187=5A0 702>520;> A2>N @5?CB0F8N 1;03>40@O ?@>2545==>9 8<8 @5>@30=870F88 8 ?5@5AB@>9:5 <=>38E :@C?=KE :>@?>@0F89 ( A@548 =8E K u r t o l d s , I C I , B r i t i s h S t e e l , R o v e r ) . >2KE ;845@>2 187=5A0, 4>AB83H8E O@:8E CA?5E>2, >B;8G05B @O4 >1I8E G5@B: >=8 ?>O28;8AL 2 ?5@8>4 :@878A0, ?>4 8E @C:>2>4AB2>< ?5@5AB@>9:5 ?>425@3;8AL 2A5 0A?5:BK 187=5A0 AB@0B538O, >@30=870F8>==0O AB@C:BC@0, <5B>4K D8=0=A8@>20=8O, :>@?>@0B82=0O :C;LBC@0.
@57C;LB0B5 87CG5=8O A>2@5<5==KE B5=45=F89 2 >1;0AB8 B5>@88 8 ?@0:B8:8 C?@02;5=8O <>6=> 2K45;8BL A;54CNI85 =081>;55 0:BC0;L=K5 :>=F5?F88 8 ?>4E>4K, :>B>@K5 <>3CB 1KBL 8A?>;L7>20=K ?@8 @5AB@C:BC@870F88 ?@54?@8OB89:
@5AB@C:BC@870F8O =0 >A=>25 A>740=8O 187=5A- 548=8F;
:>=F5?F8O :;NG52>9 :><?5B5=B=>AB8 ;
@5AC@A=K9 ?>4E>4;
:>=F5?F8O <8=8<0;87<0 ;
:>=F5?F8O A>25@H5==>3> ?@54?@8OB8O .
@30=870F8>==0O AB@C:BC@0 1K2H8E 3>AC40@AB25==KE ?@54?@8OB89, :0: ?@028;>, AB@>8;0AL =0 DC=:F8>=0;L=>9 >A=>25, 345 2A5 @5H5=8O ?@8=8<0;8AL F5=B@0;87>20==>. "0:0O A8AB5<0 1K;0 ?@54=07=0G5=0 4;O @01>BK 2 CA;>28OE AB018;L=>9 M:>=><8:8.
CA;>28OE =>2>9 M:>=><8G5A:>9 @50;L=>AB8 C?@02;OBL ?@54?@8OB85< 87 F5=B@0 AB0=>28BAO 2A5 B@C4=55. =>385 ?@54?@8OB8O 5I5 4> ?@820B870F88 1K;8 H8@>:> 4825@A8D8F8@>20=K, B. 5. 2K?CA:0;8 @07;8G=K5 284K ?@>4C:F88. E @C:>2>48B5;8 AB0;:820NBAO A =5>1E>48<>ABLN @5H0BL 2>?@>AK 2 A>25@H5==> @07;8G=KE >1;0ABOE, >BA;56820BL ?>;>65=85 45; A@07C =0 =5A:>;L:8E @K=:0E 8 >A20820BL 25AL A?5:B@ =02K:>2, =5>1E>48<KE 4;O CA?5E0 =0 MB8E @K=:0E.
;O A>E@0=5=8O :>=:C@5=B>A?>A>1=>AB8 ?@54?@8OB8O >@30=870F8>==0O AB@C:BC@0 4>;6=0 1KBL B0:>9, GB>1K 2AO @01>B0 1K;0 AD>:CA8@>20=0 =0 :>=:@5B=>< :>=5G=>< ?>B@518B5;5. #A?5E =52>7<>65= 157 :><?5B5=F88 2 ?@>872>4AB25 >B45;L=KE 284>2 8 3@C?? ?@>4C:F88.
B> 65 2@5<O 45F5=B@0;870F8O ?>4@0745;5=89 2 =5:>B>@KE A;CG0OE <>65B AB0BL B>@<>7>< =0 ?CB8 AB@0B538G5A:>3> @0728B8O ?@54?@8OB8O 8 C:@5?;5=8O AD5@ :;NG52>9 :><?5B5=B=>AB8 . >6=> =0720BL A;54CNI85 =530B82=K5 <><5=BK, 2>7=8:0NI85 2 @57C;LB0B5 45F5=B@0;870F88:
1 . C:>2>48B5;8 >B45;L=KE ?>4@0745;5=89, :>=:C@8@CNI8E <564C A>-
1>9 70 D8=0=A>2K5 ?>:070B5;8 45OB5;L=>AB8, =5 E>BOB =5AB8 >B25BAB25==>ABL 70 A>740=85 8 ?@>872>4AB2> 107>2KE ?@>4C:B>2 8 =5 8<5NB 4>AB0B>G=KE A@54AB2 4;O @0728B8O AD5@ :;NG52>9 :><?5B5=B=>AB8.
2 . BACBAB2C5B 4>;6=0O :>>@48=0F8O <564C ?>4@0745;5=8O<8, GB> ?@5?OBAB2C5B ?>8A:C =>2KE 2>7<>6=>AB59.
3 . C:>2>48B5;8 >B45;L=KE ?>4@0745;5=89 @0AA<0B@820NB B0;0=B;82KE A?5F80;8AB>2, >1;040NI8E =C6=K<8 4;O @0728B8O :;NG52>9 :><?5B5=B- =>AB8 7=0=8O<8 :0: A2>N A>1AB25==>ABL 8 ?@5?OBAB2CNB 8E ?5@5<5I5=8N.
4 . C:>2>48B5;8 >B45;L=KE ?>4@0745;5=89 ?>>I@ONB ;8HL B5 @07@01>B:8, :>B>@K5 <>3CB ?@825AB8 : CA>25@H5=AB2>20=8N 2K?CA:05<>9 8<8 ?@>4C:F88, 8 =5 A?>A>1AB2CNB >ACI5AB2;5=8N 381@84=KE @07@01>B>: >A=>2K 107>2KE ?@>4C:B>2 8 :;NG52>9 :><?5B5=B=>AB8.
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
0==K9 >?KB 4>;65= CG8BK20BLAO 8 @>AA89A:8<8 @C:>2>48B5;O<8: A>2<5I5=85 ?>;>68B5;L=KE <><5=B>2 482878>=0;L=>9 AB@C:BC@K A =5>1E>48<>ABLN A>E@0=5=8O 548=AB20 ?@54?@8OB8O 4;O >15A?5G5=8O CAB>9G82>AB8 8 :>=:C@5=B>A?>A>1=>AB8.
9 0 - 5 3>4K >4=>9 87 =>2KE 8 ?5@A?5:B82=KE AB0;0 :>=F5?F8O :;NG52>9 :><?5B5=B=>AB8 ( >4=8<8 87 ?5@2KE :>=F5?F8N >?8A0;8 . %M<M@, ?@>D5AA>@ >=4>=A:>9 H:>;K 187=5A0, 8 . @ME0;4, ?@>D5AA>@ #=825@A8B5B0 HB0B0 8G830=) .
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
5@5E>4 : A>2@5<5==K< <5B>40< C?@02;5=8O A2O70= A A5B52K<8 >@30=870F8>==K<8 AB@C:BC@0<8. -B> >1CA;>2;5=> B5<, GB> ?@>872>4AB25==0O 8 :><<5@G5A:0O 45OB5;L=>ABL 2A5 1>;55 CA;>6=O5BAO, 8 ?@54?@8OB8O 4;O A2>53> 2K6820=8O 8 @0728B8O 4>;6=K 8A:0BL <5B>4K 040?B0F88 : 87<5=5=88-
O< A@54K.
!5B52>9 E0@0:B5@ =0@>640NI59AO >@30=870F88 1C4CI53> 2 =0AB>OI55
2@5<O >1AC6405BAO 2 =0CG=>9 ;8B5@0BC@5. 5@2K5 @01>BK ?> A5BO< ?@8<5=8B5;L=> : 2>?@>A0< C?@02;5=8O >@30=870F8O<8 A2O70=K A 0=0;87>< ?>2545=8O 8=48284>2 8 7=0G5=8O =5D>@<0;L=KE A2O759. ?>A;54=8E @01>B0E @0AA<0B@8205BAO 2;8O=85 <56D8@<5==>3> A>B@C4=8G5AB20 =0 AB@0B538N ?@54?@8OB89, 0 B0:65 >A=>2K D>@<8@>20=8O A5B59 ?@54?@8OB89.
!>740=85 A5B52>9 AB@C:BC@K :@C?=>9 :><?0=88 ?@8720=> >15A?5G8B 1;03>?@8OB=K5 CA;>28O 4;O 2KA>:>MDD5:B82=>3> @0728B8O, AB8<C;8@>20BL A>2<5AB=K9 @>AB. K1>@ A5B52>9 >@30=870F8>==>9 AB@C:BC@K AB0=>28BAO CA;>285< @50;870F88 >A>1>3> 2840 @>AB0, :>340 >= 2 ?@O<>< ?>=8<0=88 A;>20 =5 ?@54CA<0B@8205BAO, ?>A:>;L:C @5GL 845B > :>>?5@0F8>==KE A>3;0H5=8OE.
!B@0B538O A5B870F88 A@02=8<0 A <5B>40<8 AC65=8O A>1AB25==>9 ?@>872>4AB25==>9 45OB5;L=>AB8, :>340 ?@54?@8OB85 ?5@5AB05B 70=8<0BLAO :0:8<8- B> 2840<8 ?@>872>4AB20 8 ?5@5?>@CG05B 8E 2=5H=8< 8A?>;=8B5;O<.
>4>1=0O AB@0B538O ?@54AB02;O5BAO C<5AB=>9 8 =0 <=>38E :@C?=KE 4825@A8D8F8@>20==KE @>AA89A:8E ?@54?@8OB8OE 8;8 =5:>B>@KE =>2KE G0AB=KE D8@<0E, :>B>@K5 <>3CB A:>=F5=B@8@>20BLAO =0 ?@8>@8B5B=KE 4;O A51O >1;0ABOE A?5F80;870F88, 0 4@C385 284K 45OB5;L=>AB8 ?5@540BL 2=5H=8< 8A?>;=8B5;O<, A?@02;ONI8<8AO A =8<8 CA?5H=55, G5< 2=CB@5==85 ?>4@0745;5=8O.
@30=870F8O 2 D>@<5 A5B8 381@84=>5 @5H5=85, >1J548=ONI55 B@8 B8?0 AB@C:BC@ ( DC=:F8>=0;L=CN, 482878>=0;L=CN, <0B@8G=CN) , >15A?5G820NI55 1>;55 MDD5:B82=K9 20@80=B @073@0=8G5=8O 45OB5;L=>AB8 8 A2O759, 0 B0:65 ?@>?>@F89 <564C 02B>=><859 8 :>=B@>;5<.
K2>4K
5AB@C:BC@870F8O MB> ?@>F5AA 2=54@5=8O AB@C:BC@=KE 87<5=5=89 2 ?@>872>4AB25==CN 45OB5;L=>ABL ?@54?@8OB8O 4;O A>E@0=5=8O 8;8 C25;8G5=8O ?@81K;L=>AB8 ?>4 402;5=85< 87<5=ONI8EAO 2=5H=8E M:>=><8G5A:8E CA;>289. 5AB@C:BC@870F8O >1KG=> ?@82>48B : ;8:2840F88 C1KB>G=KE ?@>872>4AB2, A>740=8N =>2KE DC=:F8>=0;L=KE A;C61, E>7O9AB25==><C >1>A>1;5=8N B5E=>;>38G5A:8E <0;> A2O70==KE 4@C3 A 4@C3>< ?>4@0745;5=89, :>=F5=B@0F88 @5AC@A>2 8 CA;>289 =0 AB@0B538G5A:8E ?5@A?5:B82=KE =0?@02;5=8OE.
@>F5AA >@30=870F88 >ACI5AB2;5=8O @5AB@C:BC@870F88 =>A8B 4>AB0B>G=> C=825@A0;L=K9 E0@0:B5@, A2>9AB25==K9 @50;870F88 A;>6=KE ?@>5:B>2. 5AB@C:BC@870F8O O2;O5BAO A;>6=K< 8 >B25BAB25==K< 45;>< 4;O >@30=870F88 8 55 @C:>2>4AB20.
@>2540==>9 0=0;87 8 >1>1I5=85 ?>4E>4>2 8 <5B>4>2, 8A?>;L7C5<KE 2 ?@>F5AA5 D>@<8@>20=8O :>=F5?F88 8 ?@>3@0<<K @5AB@C:BC@8@>20=8O ?>:070;8, GB> C=825@A0;L=K9 =01>@ A@54AB2 8 <5B>4>2 2K1>@0 AB@0B5388 @5AB@C:BC@8@>20=8O >BACBAB2C5B. 064K9 8=AB@C<5=B 8<55B A2>8 4>AB>8=AB20 8 =54>AB0B:8. 081>;55 ?@85<;5<K< O2;O5BAO ?>4E>4, 2 @0<:0E :>B>@>3> 8A?>;L7C5<K5 <5B>4K >?@545;ONBAO 2 7028A8<>AB8 >B A8BC0F88, 2=5H=8E 8 2=CB@5==8E CA;>289 DC=:F8>=8@>20=8O.
#A?5E @5AB@C:BC@870F88 ?@54?@8OB8O 2> <=>3>< >?@545;O5BAO :0G5AB2>< @07@01>B0==>3> 187=5A- ?;0=0, :>B>@K9 2:;NG05B: >?@545;5=85 AB@0B5388 8 B0:B8:8 ?>2545=8O, 2K45;5=85 ?5@A?5:B82=KE F5;59 2 @0<:0E @50;87C5<>3> ?@>5:B0, <5E0=87<>2 8E 4>AB865=8O 8 @5AC@A=>3> >15A?5G5=8O. 5H5=85 B@8548=>9 7040G8 GB>, :0: 8 4;O ?@>872>48BL 1078@C5BAO =0 A8AB5<0B8G5A:>9 @07@01>B:5 C?@02;5=G5A:8E @5H5=89 > F5;OE, A@54AB20E 8 459AB28OE ?CB5< A@02=8B5;L=>3> 0=0;870 8 >F5=:8 0;LB5@=0B82=KE 20@80=B>2 2 ?@>3=>78@C5<>< ?5@8>45.
!?8A>: 8A?>;L7>20==>9 ;8B5@0BC@K
1 . . HOBCKHB FKDK4D:M. F:K4H;. 7:I0. $. . $88DKI<3B JL3LH C4LH :C2D;5FKH H4F. D;M, "3:4DB , 2 0 0 5
2 . 5;KE . . , $54>B>20 . . 5AB@C:BC@870F8O ?@54?@8OB8O. >A:20, . "- , 2 0 0 1
3 . 0;409F52 !. . F5=:0 187=5A0 8 C?@02;5=85 AB>8<>ABLN ?@54?@8OB8O. >A:20, . "- , 2 0 0 1
4 . @81>2 . . A=>2K 187=5A0. >A:20, $8=0=AK 8 AB0B8AB8:K , 2 0 0 1
5 . @C3;>20 . .. A=>2K 187=5A0. >A:20, 740B5;LAB2> , 2 0 0 2
6 . 8AB>20 . . 5AB@C:BC@870F8O ?@54?@8OB89. >A:20, ;L?8=0 01;8H5@, 2 0 0 2
7 . 07C@ . . , )0?8@> . . 5AB@C:BC@870F8O ?@54?@8OB89 8 :0<?0=89. >A:20, -:>=><8:0 , 2 0 0 1
8 . F5=:0 187=5A0. >A:20, $8=0=AK 8 AB0B8AB8:0 , 2 0 0 3
9 . D@5<>2 . !. !B@0B538O 187=5A0. >=F5?F88 8 <5B>4K ?;0=8@>20=8O. >A:20, $8=?@5AA, 1 9 9 8
1 0 . #B:8= -. . 87=5A- @58=68=8@8=3. >A:20, - !, 1 9 9 8
P A G E
P A G E 3
D878G5A:85 ;8F0
0F8>=0;L=K9 :0?8B0;
?>B5=F80;L=K5 8=25AB>@K
N@848G5A:85 ;8F0
=>AB@0==K9 :0?8B0;
3>AC40@AB20
G0AB=K9
3>AC40@AB25==K9
D
V = - - - - - - ,
R
4 | ~ * : V z & > l t xph`XPH hv|h CJ aJ hk CJ aJ h CJ aJ h ( CJ aJ h" CJ aJ h52 CJ aJ ht CJ aJ h?_; CJ aJ hn CJ aJ h6 CJ aJ hl CJ aJ h[ CJ aJ hj CJ aJ h< CJ aJ h
H CJ aJ h| CJ aJ hg CJ aJ hj] CJ aJ h+9 CJ aJ h6| CJ aJ hf^ CJ aJ h
e CJ aJ hO CJ aJ : v x > ( , ǾǾǾ۱ g g 䴳 !g g B*䴳 g P# 䴳 g P# C <V h
CJ aJ h<V hP# @ CJ aJ hdx @CJ aJ h<V hP# @CJ aJ h<V hP# CJ aJ h 5CJ aJ h h 5CJ aJ hdx 5CJ aJ h 5CJ aJ h ht CJ aJ h3j CJ aJ hD CJ aJ " $ & ( * , . 0 2 4 6 8 : x > @ $+ dh -D M
^+ `a$gd
$dh a$gd $+ dh -D M
^+ `a$gdW7 @ N , x P m m R $+ dh -D M
^+ ` a$gd) $
+ dh ^+ ` a$gdK $+ dh -D M
^+ ` a$gdU 屷?? 3 3 *䴳 !3 3 *䴳 !3 3 B*䴳 3 <V B*CJ aJ ph h\_3 hK B*CJ aJ ph h\_3 hgL B*CJ aJ ph !hgL hgL @ B*CJ aJ ph !hgL hgL @B*CJ aJ ph hgL hgL B*CJ aJ ph hS hgL @ CJ aJ hS hgL @ CJ aJ hS hgL @CJ aJ hS hgL CJ aJ ^ < j D * , пtcUcI8 !hWY5 hWY5 @ B*CJ aJ ph hWY5 B*CJ aJ ph hdx @ B*CJ aJ ph !hWY5 hWY5 @ B*CJ aJ ph hdx @ B*CJ aJ ph !hWY5 hWY5 @ B*CJ aJ ph !hWY5 hWY5 @ B*CJ aJ ph hdx B*CJ aJ ph hWY5 hWY5 B*CJ aJ ph !hWY5 h\_3 @ B*CJ aJ ph hWY5 h\_3 B*CJ aJ ph h\_3 h\_3 B*CJ aJ ph !h\_3 h\_3 @B*CJ aJ ph N . ~ X 6 Z x V ̬̻̔ݻtcRARt !hU udSdSdBdS7 h) h) CJ aJ !h) h) @ B*CJ aJ ph !h) h) @B*CJ aJ ph !h) h) @B*CJ aJ ph h) hK CJ aJ h) hK @CJ aJ h) hK @ CJ aJ hF&t hK @ CJ aJ hF&t hK @CJ aJ hF&t hK @CJ aJ hF&t hK @ CJ aJ hF&t hK @ CJ aJ hF&t hK CJ aJ hF&t hK @CJ aJ hF&t hK @ CJ aJ x Z ~ V l L J! " " 𮝌{l`lOl>lO !h2a7 h2a7 @ B*CJ aJ ph !h2a7 h2a7 @B*CJ aJ ph h .i B* CJ aJ ph h2a7 h2a7 B*CJ aJ ph !h2a7 h2a7 @ B*CJ aJ ph !h hK @B*CJ aJ ph !h h) @B*CJ aJ ph h h) B*CJ aJ ph !h) h) @ B*CJ aJ ph !h) h) @ B*CJ aJ ph !h) h) @B*CJ aJ ph h) h) B*CJ aJ ph " ( V( 2) ) * $+ + , ^- f1 3 5 $
dh ` a$gd? $
& F
dh ^ ` a$gduU $
+ dh ^+ ` a$gd!Fe $+ dh -D M
^+ ` a$gd2a7 $
+ dh ^+ ` a$gd " " |# ~# # $ $ & ' ' ( ( T( V( ( 0) 2) |) ) ) ) * :* ± ~vnf^vVN^NF> h2% CJ aJ hd~ CJ aJ h= CJ aJ h [T CJ aJ hw CJ aJ hK CJ aJ h5r CJ aJ hho CJ aJ !h!Fe h??L @B*CJ aJ ph !h!Fe h2a7 @B*CJ aJ ph !h!Fe h2a7 @B*CJ aJ ph !h2a7 h2a7 @B*CJ aJ ph !h2a7 h2a7 @B*CJ aJ ph !h2a7 h2a7 @B* CJ aJ ph !h2a7 h2a7 @B*CJ aJ ph h2a7 h2a7 CJ aJ :* * * * "+ $+ \+ v+ + + + , - \- ^- / J0 0 0 d1 f1 2 X2 f2 2 3 3 3 4 ~4 4 4 4 5 Ȩxphp`X h CJ aJ h{l CJ aJ ht CJ aJ h- CJ aJ hg< CJ aJ h9rJ CJ aJ ha CJ aJ hIc CJ aJ h CJ aJ hxZM CJ aJ h CJ aJ hP CJ aJ h CJ aJ hB{ CJ aJ h}] CJ aJ h3 CJ aJ hI CJ aJ h CJ aJ h I CJ aJ h= CJ aJ h| CJ aJ !5 5 *5 >5 Z5 5 5 5 7 7 7 7 8 8 (8 8 N9 : : ; D; ; ui]QE9 hPF B*CJ aJ ph h$ B*CJ aJ ph h& B*CJ aJ ph h> B*CJ aJ ph h d B*CJ aJ ph h
Y B*CJ aJ ph hq& B*CJ aJ ph h+ B*CJ aJ ph h> h> 5CJ aJ h> 5CJ aJ hao9 5CJ aJ h+ 5CJ aJ hh^ CJ aJ hso: CJ aJ h k CJ aJ h; CJ aJ hF CJ aJ h>h CJ aJ h CJ aJ hF CJ aJ 5 7 7 8 8 : ; = = 8> > V? @ @ ^A A PC PD $
& F dh ^ ` a$gdmv $ dh ` a$gdDv $ dh ` a$gd& $ dh ` a$gd+
$dh a$gd5 $
dh ` a$gdh^ ; ; ; ; = = = = = = = > 6> 8> x> > > T? V? j? ? ? @ @ @ ÷ϫ{o{ocWKoK h6 B*CJ aJ ph hQ B*CJ aJ ph hJz B*CJ aJ ph hg^ B*CJ aJ ph hl? B*CJ aJ ph h!~ B*CJ aJ ph h| B*CJ aJ ph h
B*CJ aJ ph h> B*CJ aJ ph hL B*CJ aJ ph h7 B*CJ aJ ph h B*CJ aJ ph h% B*CJ aJ ph hY B*CJ aJ ph h
B*CJ aJ ph @ @ \A ^A C C D JD LD ND PD D D D D D E *E @E DE FE E ÷÷竟q`OC7 hW} B*CJ aJ ph hB B*CJ aJ ph h6! hB 6B*CJ aJ ph h6! hi 6B*CJ aJ ph h6! h%s 6B*CJ aJ ph h6! hs1D 6B*CJ aJ ph hu& B*CJ aJ ph h6c B*CJ aJ ph h^f B*CJ aJ ph hj B*CJ aJ ph h@` B*CJ aJ ph hHX B*CJ aJ ph h6 B*CJ aJ ph h8" B*CJ aJ ph h
FD B*CJ aJ ph PD D FE E E B*CJ aJ ph h`k B*CJ aJ ph h { 6B*CJ aJ ph h2 h2 6B*CJ aJ ph h2 hHT 6B*CJ aJ ph hHT 6B*CJ aJ ph hHT B*CJ aJ ph h}i B*CJ aJ ph hZf B*CJ aJ ph hk= B*CJ aJ ph h# B*CJ aJ ph h B*CJ aJ ph h] B*CJ aJ ph h\ B*CJ aJ ph t] ] B^ D^ ^ ^ F_ l_ _ _ _ ` ` b` a a a Hb Jb b b b b Jc Lc ÷矇{occWWKc h!' B*CJ aJ ph h B*CJ aJ ph h B*CJ aJ ph hJ a B*CJ aJ ph hQ B*CJ aJ ph hI B*CJ aJ ph h B*CJ aJ ph h+F B*CJ aJ ph h# B*CJ aJ ph hG< B*CJ aJ ph ho B*CJ aJ ph hq B*CJ aJ ph h2 B*CJ aJ ph ho B*CJ aJ ph hF2q B*CJ aJ ph Lc c *d |d d e e e f f bg rg tg g g Dh h i i i i ˿wk_NB h1R B*CJ aJ ph h9`: h9`: 6B*CJ aJ ph h9`: B*CJ aJ ph hD B*CJ aJ ph h B*CJ aJ ph h B*CJ aJ ph hQ{[ B*CJ aJ ph hu
B*CJ aJ ph h!' B*CJ aJ ph h!M B*CJ aJ ph h
% B*CJ aJ ph hK B*CJ aJ ph hO@B B*CJ aJ ph hWq B*CJ aJ ph h!' h!' 6B*CJ aJ ph i j >j pj j j j j k jk k k k k k l l l l m Lm fm n Ϸϫ{ocWK? hwS B*CJ aJ ph hhz B*CJ aJ ph h D B*CJ aJ ph hiu B*CJ aJ ph hB[6 B*CJ aJ ph h\ B*CJ aJ ph h+ B*CJ aJ ph h(^ B*CJ aJ ph h| B*CJ aJ ph hy B*CJ aJ ph hw+ B*CJ aJ ph h9`: B*CJ aJ ph h>e B*CJ aJ ph hQG B*CJ aJ ph hBDg B*CJ aJ ph h $ B*CJ aJ ph n Hn Zn n n n n n n o o o o p p p p q hr Ϸ{ocWF5 hi hi 6B*CJ aJ ph hi h#~ 6B*CJ aJ ph hI B*CJ aJ ph hr"t B*CJ aJ ph hl B*CJ aJ ph h"m B*CJ aJ ph h3 B*CJ aJ ph hja B*CJ aJ ph h&c B*CJ aJ ph heZ B*CJ aJ ph h(^ B*CJ aJ ph hwS B*CJ aJ ph hE B*CJ aJ ph ht4 B*CJ aJ ph h((l B*CJ aJ ph h B*CJ aJ ph l n p jr \t u By y @{ P| ~ * Ҋ
$dh a$gd=5 $ dh ` a$gd# $ dh ` a$gdq\ $ dh ` a$gd&
$dh a$gd+ $ dh ` a$gd u` $ dh ` a$gdY hr jr r r &s (s ,s ds s s s Zt \t Bu u u v v lw w ˿wk_SG; h<0 B*CJ aJ ph h. B*CJ aJ ph h7 B*CJ aJ ph hU$ B*CJ aJ ph h:7 B*CJ aJ ph hGOF B*CJ aJ ph h u` B*CJ aJ ph hi B*CJ aJ ph h B*CJ aJ ph h
B*CJ aJ ph hv" B*CJ aJ ph h4 B*CJ aJ ph h!m B*CJ aJ ph h=) B*CJ aJ ph hd B*CJ aJ ph hi hI 6B*CJ aJ ph w nx px x @y By ny |y y y y y z *{ ,{ 2{ >{ @{ | J| L| N| P| | ÷veveTH hA B*CJ aJ ph h*Hd h5p 6B*CJ aJ ph h*Hd h*Hd 6B*CJ aJ ph h*Hd hog" 6B*CJ aJ ph hv8 B*CJ aJ ph h+ B*CJ aJ ph h5p B*CJ aJ ph hI B*CJ aJ ph hVfo B*CJ aJ ph hB B*CJ aJ ph hGOF B*CJ aJ ph he/ B*CJ aJ ph h B*CJ aJ ph hp
R B*CJ aJ ph | >} ~ ~ V~ ~ J H ÷緫{k_SGS hU
. B*CJ aJ ph hm B*CJ aJ ph hz B*CJ aJ ph hU B*CJ aJ mH ph sH hb{. B*CJ aJ ph h`Z B*CJ aJ ph hU B*CJ aJ ph h W B*CJ aJ ph h:) B*CJ aJ ph hPX B*CJ aJ ph h B*CJ aJ ph h \ B*CJ aJ ph h B*CJ aJ ph hP1G B*CJ aJ ph h B*CJ aJ ph ރ ʄ F & * J , 4 , Њ Ҋ ÷{ocWK?o? hgX B*CJ aJ ph hu5 B*CJ aJ ph hU B*CJ aJ ph hi B*CJ aJ ph hr= B*CJ aJ ph h
3 B*CJ aJ ph h B*CJ aJ ph hyc B*CJ aJ ph hD *䴳 *䴳 o# *䴳 ٻ *䴳 /& *䴳 *䴳 *䴳 n *䴳 b *䴳 ?# *䴳 ) *䴳 *䴳 #9 *䴳 g *䴳 G( *䴳 * ڌ ̍ < @ h @ ^ P 0 $ dh ` a$gd\ $ dh ` a$gdc# $
& F
dh ^ ` a$gdn/
$dh a$gd=5 $ dh ` a$gdS) $
& F
dh ^ ` a$gdG( $ dh ` a$gd# Ҕ > @ f h > @ Ҙ ʙ d ~ Κ \ ^ ÷ëß{ocWKo hxC B*CJ aJ ph hN B*CJ aJ ph h) B*CJ aJ ph h,n B*CJ aJ ph hygu B*CJ aJ ph hP B*CJ aJ ph hc# B*CJ aJ ph hTL B*CJ aJ ph h3+ B*CJ aJ ph h=5 B*CJ aJ ph hg/J B*CJ aJ ph hI B*CJ aJ ph hW B*CJ aJ ph hal B*CJ aJ ph h/& B*CJ aJ ph ^ ` d N N P T R T ɽl[OC7+ hh
" B*CJ aJ ph hqi B*CJ aJ ph hvl B*CJ aJ ph hE B*CJ aJ ph hE hE 6B*CJ aJ ph (hE hE 6B*CJ aJ mH ph sH hxC B*CJ aJ ph h`D B*CJ aJ ph hk B*CJ aJ ph h| B*CJ aJ ph hL1 B*CJ aJ ph hk2 B*CJ aJ ph h2F hk2 6B*CJ aJ ph h2F h t 6B*CJ aJ ph (h2F h*L 6B*CJ aJ mH ph sH T x 2 H Z . 0 8 B Z ( . ÷ymaUI=1 h=5 B*CJ aJ ph h K B*CJ aJ ph h" B*CJ aJ ph h{ B*CJ aJ ph hJ' B*CJ aJ ph hG+ B*CJ aJ ph hs B*CJ aJ ph hs hs 6B*CJ aJ ph (hs hs 6B*CJ aJ mH,ph sH, hI B*CJ aJ ph h5 B*CJ aJ ph hSbV B*CJ aJ ph hpb B*CJ aJ ph h _ B*CJ aJ ph h [` B*CJ aJ ph ha B*CJ aJ ph . L
^ ` b ܩ ީ R ÷xocZoNBN6 hKg B*CJ aJ ph h | B*CJ aJ ph h B*CJ aJ ph h> 5CJ aJ h> h> 5CJ aJ h$u 5CJ aJ h ! 5CJ aJ hx9 hx9 B*CJ aJ ph hE hqi B*CJ aJ ph h}h B*CJ aJ ph h3 B*CJ aJ ph hL B*CJ aJ ph h2 B*CJ aJ ph hf9 B*CJ aJ ph hpI B*CJ aJ ph h K B*CJ aJ ph hY B*CJ aJ ph 0 ` b
گ ` @ T Ʒ D p b $ dh ` a$gd+ $
& F
dh ^ ` a$gdEe
$dh a$gd $ dh ` a$gd
$dh a$gd>
$dh a$gd> $ dh ` a$gd\ R Z z @
P < ̯ د گ 0 \ Ϸ{ocWK?3 hv B*CJ aJ ph hK B*CJ aJ ph h
N B*CJ aJ ph hrh B*CJ aJ ph h"N B*CJ aJ ph h66 B*CJ aJ ph h| B*CJ aJ ph h3+ B*CJ aJ ph h) B*CJ aJ ph h3 B*CJ aJ ph hP K B*CJ aJ ph h B*CJ aJ ph h-$? B*CJ aJ ph h$ B*CJ aJ ph hA B*CJ aJ ph h " , 0 : r Ϸtttth\P\PD hUR B*CJ aJ ph h_J B*CJ aJ ph hB B*CJ aJ ph h* B*CJ aJ ph h @ h @ B*CJ aJ ph h @ B*CJ aJ mH ph sH h @ B*CJ aJ ph hrQ B*CJ aJ ph hH B*CJ aJ ph h | B*CJ aJ ph h> B*CJ aJ ph h! B*CJ aJ ph h-0 B*CJ aJ ph hv B*CJ aJ ph h B*CJ aJ ph > @ Z j Ҷ R T j D d * @ ÷ۓ{o{cWK? h B*CJ aJ ph hT B*CJ aJ ph h4q B*CJ aJ ph h"7 B*CJ aJ ph hH B*CJ aJ ph h2 B*CJ aJ ph hr B*CJ aJ ph hA B*CJ aJ ph h2ZO B*CJ aJ ph hM
I B*CJ aJ ph h"^ B*CJ aJ ph h7L B*CJ aJ ph h= B*CJ aJ ph h(B B*CJ aJ ph hty B*CJ aJ ph h6] B*CJ aJ ph j
ڻ b v B ` n p x ÷{ocWKW?3 h B*CJ aJ ph h$M B*CJ aJ ph hT B*CJ aJ ph hdc B*CJ aJ ph h- B*CJ aJ ph hZ B*CJ aJ ph h? B*CJ aJ ph hu B*CJ aJ ph hT B*CJ aJ ph h[R B*CJ aJ ph hi B*CJ aJ ph h[& B*CJ aJ ph h b B*CJ aJ ph h{"> B*CJ aJ ph h i B*CJ aJ ph hR) B*CJ aJ ph h( B*CJ aJ ph @ Ⱦ ` b j l r t ÷ë{ocWcKWK? h] B*CJ aJ ph h6k B*CJ aJ ph h HD B*CJ aJ ph hv[ B*CJ aJ ph h" B*CJ aJ ph hW B*CJ aJ ph h+l B*CJ aJ ph h B*CJ aJ ph hdc B*CJ aJ ph h0 B*CJ aJ ph h* B*CJ aJ ph h,E B*CJ aJ ph hFE B*CJ aJ ph hE B*CJ aJ ph hoh B*CJ aJ ph hn B*CJ aJ ph b l r > : h @ $ dh ` a$gd$ $ dh ` a$gdk&
$dh a$gd9
$dh a$gd $ dh ` a$gdf
$dh a$gd HD $ dh ` a$gd+ p r x < > ÷χdz³ Y *䴳 )܊ *䴳 <6 B*CJ aJ ph hR> B*CJ aJ ph hS0f B*CJ aJ ph h- B*CJ aJ ph h}c B*CJ aJ ph h$ B*CJ aJ ph h% B*CJ aJ ph h B*CJ aJ ph h" B*CJ aJ ph hK B*CJ aJ ph h^ B*CJ aJ ph hW B*CJ aJ ph h# B*CJ aJ ph B P ~ Z | 4 6 8 : R t ÷{occWK? h@ B*CJ aJ ph hl B*CJ aJ ph hYH B*CJ aJ ph hhS B*CJ aJ ph h y B*CJ aJ ph h^ B*CJ aJ ph hl* B*CJ aJ ph h` B*CJ aJ ph h}> B*CJ aJ ph h@ B*CJ aJ ph hJ B*CJ aJ ph h&3 B*CJ aJ ph h}Cd B*CJ aJ ph h U B*CJ aJ ph h Z B*CJ aJ ph h5 B*CJ aJ ph t " < V P ÷Ó{ocWK? hl. B*CJ aJ ph h6 B*CJ aJ ph h3 B*CJ aJ ph h6[ B*CJ aJ ph hw7! B*CJ aJ ph hmY B*CJ aJ ph h7\B B*CJ aJ ph h[l B*CJ aJ ph h> B*CJ aJ ph h
p B*CJ aJ ph hF B*CJ aJ ph h1g B*CJ aJ ph h2 B*CJ aJ ph hY B*CJ aJ ph hhS B*CJ aJ ph h)C B*CJ aJ ph \ ` ` f h ÷{o{cWKW?3 hk[ B*CJ aJ ph ha] B*CJ aJ ph h9 B*CJ aJ ph h[ B*CJ aJ ph hN B*CJ aJ ph h B*CJ aJ ph h= B*CJ aJ ph hE B*CJ aJ ph h0 @ v ÷{o{cWK?{3 hlN B*CJ aJ ph h| B*CJ aJ ph hh B*CJ aJ ph h.. B*CJ aJ ph hk B*CJ aJ ph hF B*CJ aJ ph h\Q B*CJ aJ ph h\{ B*CJ aJ ph h B*CJ aJ ph he B*CJ aJ ph hC B*CJ aJ ph hj#L B*CJ aJ ph h= B*CJ aJ ph h0Sb B*CJ aJ ph hW B*CJ aJ ph hV B*CJ aJ ph h|u B*CJ aJ ph v x $ & ( ( x z | P ÷~vkcvWKWvCvCv h&} CJ aJ h% B*CJ aJ ph h>> B*CJ aJ ph hpo CJ aJ hpo hpo CJ aJ h>> CJ aJ hz hz 5CJ aJ hz h>> 5CJ aJ hT~ 5CJ aJ h B*CJ aJ ph h B*CJ aJ ph hF B*CJ aJ ph h B*CJ aJ ph h B*CJ aJ ph h^ B*CJ aJ ph ha B*CJ aJ ph h
B*CJ aJ ph | J L v z $ dh ` a$gd
=
$dh a$gd>>
$dh a$gd>> $ dh ` a$gdc@ $ dh ` a$gd!
$dh a$gdz P f H J L P R T ^ ` b f h l n r t x z ƺ𪠲wqwqmwqwbwq hQ 0J mH nH uhv
hv 0J j hv 0J UhiT j hiT Uh 2 h>> CJ aJ h'G( CJ aJ hL ] CJ OJ QJ h
= CJ aJ hL ] CJ aJ hFZ$ hFZ$ 5CJ aJ h>> 5C $ >> 5C 9 5C c *䴳 >> 䴳 . 䴳 & < ^ ` d f j l p r v x h]hgd+m: &`#$gdF~ $
+ dh ^+ `a$gd $ dh ` a$gd
=
Ǽ h 2 h>> CJ aJ h? h17 h mH sH h mH sH ho h CJ aJ h hL h CJ aJ hiT hv 2 4 V X
$a$gd $
+ dh ^+ `a$gd 5
01h:p+m: . A!"R#n$n% $$If !v h5 5z5q5#v #vz#vq#v:V l
t 6 5 L55 $$If !v h5 5z5q5#v #vz#vq#v:V l
t 6 5 L55 $$If !v h5 5z5q5#v #vz#vq#v:V l
t 6 5 L55 $$If !v h5 5z5q5#v #vz#vq#v:V l
t 6 5 L55 $$If !v h5 5z5q5#v #vz#vq#v:V l
t 6 5 L55 $$If !v h5 5z5q5#v #vz#vq#v:V l
t 6 5 L55 $$If !v h5 5z5q5#v #vz#vq#v:V l
t 6 5 L55e $$If !v h5 '5<#v '#v<:V l 4
t 6 + 5 5 $$If !v h5 '55555#v '#v5#v:V l 4
t 6 + ,5 5p5{ $$If !v h5 '55555#v '#v5#v:V l
t 6 5 5p5{ $$If !v h5 '55555#v '#v5#v:V l
t 6 5 5p5{ $$If !v h5 '55555#v '#v5#v:V l
t 6 5 5p5{ $$If !v h5 '55555#v '#v5#v:V l
t 6 5 5p5{ $$If !v h5 '55555#v '#v5#v:V l
t 6 5 5p5{ $$If !v h5 '55555#v '#v5#v:V l
t 6 5 5p5 B @ B d 1KG=K9 CJ _HaJ mHsHtH^ @ ^ d 03>;>2>: 1 $ < @& 5CJ KH OJ QJ \^J aJ X @ X d 03>;>2>: 2 $$d @&a$ 5CJ$ OJ QJ aJ R @ R d 03>;>2>: 3 $d @& 5CJ$ OJ QJ aJ X @ X d 03>;>2>: 4 $$dh @&a$ 5CJ OJ QJ aJ R @ R U 03>;>2>: 5
< @& 56CJ \]aJ L @ L U 03>;>2>: 6
< @& 5CJ \aJ > @ > U 03>;>2>: 7
< @& B A@ B A=>2=>9 H@8DB 0170F0 X i@ X 1KG=0O B01;8F0 4
l 4 a . k@ .
5B A?8A:0 @ >@ @ d 0720=85 $dh a$ 5aJ p @ p S
!5B:0 B01;8FK 7 :V 0 L @ L +m: 5@E=89 :>;>=B8BC;
E$ 4 )@ !4 +m: ><5@ AB@0=8FK , E W l z 5 ! , E W l z
5 t 7 t u v w Z [ # $ % 0 1 ] A { D { O
u v M } |! ! " " R# # 4$ $ % % l' ' ( >( ( ( ) ) ) * * + - / / / / 0 0 1 1 1 2 3 3 4 <4 e4 4 4 5 5 6 :6 Z6 6 6 6 87 7 7 7 t8 J9 9 : 8< = > > !> "> N> g> > ? @ %B C C C 1D E F G VH rI J >J aJ J J 9K `K K K L %L GL L M N OO PO [O O O O O O O O O O O O O P $P 9P [P `P eP jP oP tP yP }P P P P P P P P P P P P P P P P P Q Q
Q Q Q Q #Q $Q 5Q HQ dQ Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q S T T T "U #U /U 9U :U ;U TU _U jU kU U U U U U U U U U U V V V
V +V 8V IV ^V V V V V V V V V V V V V V V W W W W 4W AW VW oW {W |W W W W W W W W W W W X X 2X @X BX DX QX _X aX cX rX sX tX X X X X X Y 1Z Z Z Z Z Z [ [ [
[
[ [ .[ /[ \ ] !] :] T] o] ] ] ] ] ^ C^ U^ t^ ^ '_ _ ` a b Ec c c yd {d |d }d d d d e oh i k m n n o Ro o p p %r r 2s s u v Jv Xw x z 6{ B{ \{ |{ { { | ,| D| E| o| p|
Ԅ C 4 g l
M N O P Q R S T U V W X Y Z [ \ ] ^ _ ` a b c m ? \ G ( _ X u y O q ( u n ) i ; ^
) m , u
I 0 T _ C r 1 * - a l H ! ) A g f G [ % / [ f u n ^ L M v w K f = p ~ w | c B $ -% 7% z% & ( ( ?* 7+ 8+ 9+ :+ ;+ B+ C+ "- . / 1 1 1 1 1 P2 2 3 D3 3 3 ,4 d4 4 4 4 4 4 4 4 4 4 5 5 5 5
5 5 5 5 5 5 5 5 5 5 05 15 F5 G5 _5 `5 q5 r5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 H 0 X 0 0 7 0 7 0 7 0 0 0 0 0 8 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 h 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 ! 0 ! 0 ! 0 ! 0 ! 0 ! 0 ! 0 ! 0 ! 0 ! 0 ! 0
! 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 # 0 # 0 0 0 0 % 0 % 0 % 0 0 & 0 & 0 & 0 & 0 & 0 & 0 & 0 0 0 ' 0 ' 0 ' 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 # 0 C 0 0 0 0 0 0 0 0 0 0 0 0 # 0 C 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 ( 0 ( 0 ( 0 ( 0 ( 0 ( 0 ( 0 ( 0 ( 0 ( 0 ( 0
( 0 0 0 ) 0 ) 0 0 0 * 0 * 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + 0 + 0 0 0 , 0 , 0 , 0 , 0 , 0 0 0 0 0 0 0 0 - 0 - 0 - 0 - 0 0 . 0 . 0 . 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 I 0 0 & 0 0 I 00 & 0 0 I 00 & 0 0 I 00 & 0 0 I 00 &I 00 I 00 @ 0 @ 0 I 0 0 & 0 0 I 00 LI 00 I 00 I 0 0 0 0 0 @ 0 0 @ 0 0 @ 0 0 @ 0 0 @ 0 0 0 @ 0 0 0 @ 0 0 0 @ 0 0 0 0 @ 0 0 0 5 K 0 0
0 0 $ $ $ $ $ ' (
H \ , 8 (B J lL P ^W ` v f 4 <
$ ) 3 ; 4 N
" :* 5 ; @ E ^K P T X t] Lc i n hr w | ^ T . R \ t v P 6
0. M V ^ s B ( t r 6 l F d ޱ t Բ Ե ( x 8 < 0 > @ 5 PD M V l Ҋ 0 b ' ! ! 8 ! " @ ! L (
H
#
H
#
H
#
H
#
H
#
H
#
B
B
N B
S D H B
C D H B
C D H B
C D N B
S D N B
S D N B
S D N B
S D N B
S D
N B
S D V
!
#
" `
B
S ? Z Z Z Z Z Z Z Z Z Z [ [ [ [ [ [
[ [ yd 5 t" t
t ;
; t ; t ; t ; ; t t E $ t E t" t 2 t
t t" t t t t t <
< t < < t ~ t 4 ~ t ! @ F ~ t h + u 5 w 5 9 *urn:schemas-microsoft-com:office:smarttagsplace \ @! J! # # $ $ ) ) 1 1 a3 t3 ,8 88 *: =: > > PM ZM M M N (N O O R R T T @U AU U U U U U U X X DY NY Y Y mZ {Z \ \ ] ] a a (e 6e !j ,j 2k 9k k
l p p Dv Hv { { } } z ƀ Ѐ ɞ 5 G ] n # ˯ կ Ͱ ۰ % z
# 4 % Q Y [ b ^ b @ H a n ^ m # # (( 1( * * 1 1 1 2 2
2 2 2 2 2 !2 &2 '2 +2 ,2 52 62 92 ;2 ?2 B2 H2 2 2 2 2 33 =3 3 3 3 3 3 3 3 3 4 4 4 4 4 4 4 4 4 4 4 4 4 4 5 5 5 5 5 T b _ a 6
! ! ! 0" :" ) ) 1 1 ?5 E5 Q6 X6 ,8 88 > > PM ZM M M R R U !U U U U U U U U V V V V V V V V V V V V V V V V V V W W W tW vW W W W W W W W W W W 9X ;X JX LX XX ZX jX mX X X X X X X DY NY mZ {Z /[ \ ^ ^ _ _ a a Ec Mc d d d d (e 6e !j ,j 2k 9k k k p p v Iv y y \{ e{ |{ { { { ,} i z " - % \ i X ] n ˯ կ # +
# 4 m y t u ^ c o
O V U ] ! ! % !% ( >* - - /. . 0 1 1 1 2 2 4 4 4 4 4 4 4 4 4 4 4 4 5 5 5 5 5 5 5 3 3 3 3 7 [ %
{ 4$ $ >( ^( <4 e4 5 6 :6 6 6 6 7 7 C C >J aJ 9K `K K K L %L O O O 9P [P dQ Q Q #U ^U _U jU U
V V W AW W X X ] ^ b b { { { p| c l _ ; ^ T C 1 ; p H -% 7% ;+ C+ 4 4 4 4 4 4 4 4 4 4 5 5 5 5 5 /5 15 E5 G5 ^5 `5 p5 r5 5 5 5 5 5 5 5 5 5 5 4 4 4 4 4 4 4 4 4 4 5 5 5 5 5 - V U D . \R@ eB 1 (QR, *i 4C
?ex{" |=/Ɏ u*. d +'$ d 6$t "(~9 }* ^ . 0$ P 1m D 4` &@6 Z n~ڽ 'n? iq@0P V @Ȫ4 DW^B" "lD< fE;H8 IKRu FLtK (BN,h PlQ@h ?fSĩ ^ -+` P 1 6$ ?ex *i bAz fE;H n 4C }* D 4 |=/ FL V @ e 2y . 0 lw ]=q PlQ n~< @ f +'$ ^ IK 'n? pC D @ U OJ QJ ^J o( %C @ P OJ QJ ^J o( %- - ) XT ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) zґ ) ) ) ) ) ) ) Yyt Q -' 2 M Q n Jz ? v ! = z 4 ~ % % J PX 4Y 2` i t Ax
r/ / 3 L o [ ^( D+ P, A K S g @~ { Y( b i B S J !M v | 9 lN aj 66 ID HT V a]
e > ) + dz ( 0 F ^ 5 մ ) . <
M Q ^ Zf ;~ +
1 /= oX F + t 3 t dx ! hW Y ! # 6 < H SQ Z P^ ^f $ Z/ 2 P[ ! H'! .! 6! w7! *K! `! " h
" " 8" <" Z" og" g" u" z" }" # # n# ?# G# P# c# o# $ &;$ FZ$ m$ ?o$ &% [% 9% 1N% w
& /& lK& [& Ek& q& !' J' ON' r' t' w' u}' \( ( ( ( :( 'G( G( R) ) 6) :) TH) dM) CV) ~* A* {* + G+ + X.+ 3+ 6+ N+ W+ n+ 8, 4, "8, - :- - >'- 0- .4- )>- ]I-
Y- My- . .. U
. . 5. 8. O. Kv. b{. !/ 8#/ n/ W0 ?0 B0 xU0 1 1 1 01 L1 L1 sY1 Y[1 v1 52 92 Gh2 k2 Cp2 !3 ;*3 /3 \_3 4 )4 *+4 14 N4 \n4 t4
5 u5 !5 S!5 =5 WY5 k[5 d5 k5 r5 6 6 6 ] 6 ;56 I:6 <6 N6 P6 B[6 vd6 {6
~6 7 7 "7 #7 $7 ]A7 2a7
8 8 W8 l8 *s8 v8 'x8 ~8 +9 p69 ~D9 X9
d9 f9 ao9 * : 1: >: fW: ]: 9`: +m: so: ut: ; u!; 1; @C;
G; gV; ?_; 2a; f; j; "< 4= <= X= d= k= m= r= u=
> > > "> (> >> > ݴ> R> }> ? -$? e Ee !Fe 'f S0f Cf g BDg kZg 5}g
h h h ;h Dh
Mh v|h Ji V i i !i .i \i qi F~i 3j 5j 6j Kj =Uj eVj {j k N k k k 4k 6k 9k G;k Nk rk uk l l +"l ((l +l ?6l Fl gNl [l _cl m m nn ,n Pfn
o O.o Y:o _Fo Uo [o Vfo ho jo 8mo po p -p Fp ZJp q q F2q 4q Wq lq 5r Y r p r =r Jr Mr j\r dr {r ?s L!s ! t E t t r"t F&t Lt a~t /u )u 1Pu ygu v v 0 U {c 4
- > L 8P Q e \z Lv i # & 2 ` cm B{ G K db ze }
: i> ? g &k y z ^ w0 2 E ;N S mY \ ,` o p t K4 E N KS U \ _ b p | ) h< _J q -K RU Bk ', O> C ^ D ) ~: @ HF ~T X f D; hM =} } p# w+ w= wJ jk n [( @ Q : W Ko @ P c% T Y q $ :' g< C [ 1 \ j \ Y f^ ja c ;@ O \ {} <0
L , + 5 P9 } ~ & 0 7 F H I 7a z z # IP n >{
m ! 1 w] N 5 > L s\ |
% + 1 $7 Q j] t #~ ~ " & l4 \{ 5 l* 1 i v &$ 7- 6 c< U u& S) ,
0 -0 # 7 ^= [R _X | E 5 = Zf i ]l q | 6 n % 49 H: C w G L N O Y [ p 6# 2 8 HL L X 9f
p ) |- u3 I pN Dw 0 3 M d k {
[ R h )s } % o` g o
1 A B R aS O` ` Rm , uI $u 84 6 h F I L X ] b vg 6" N U HX s H ' . #3 Jf g ? YH X -d f W - = B B L Q aV gk 3p p ! \/ ;9 E 7O T A] _i
+ - M. T k e$ X7 L U$ ' 2 R u y " k1 :K Z 6] c p e ! : C C rU W i j
K S j rv K 3 "> p | % 1S h $ Z g g : K * 6 /D F }] ^ d' j* I P ] ^ j | 0= N Q SR ]Y \ d d we !m P1 K W 0l % ! o 64 I
V Z ^ + ) - J P XT V W q d~ >h k ! " ^$ I) ) #9 9 I K K M V [ _ B* '3 7 O< S _ a 1f Er V- U d { ) p, F U +a | p & 3. b5 < I \ \ L
e T 0 O [ }a 6 ( _4 F<
= D M k[ Va vl ( % Y w* @ 7 oh "p vv 0{ 1 ! 3 8 K ^ l /l ! &3 G< I N ^ h @r H A b" k& ; N \Q @` h 2j " . * T* 5 N ]f %s G& :7 s z V~ =) , s> 'K Q T uU a |u i 6 ! #
3 6 V> | } ~ M H } 6 T
F Y ' * '8 D u W Jt y 73 5 < I p j l' > D Y a Tm Yz b f 6 K }h } $ 2% r J 7 ?I K U -f S $ =2 @ m 8 I L \ j 6k Q k z L
N _
u G F6 JU >^ b l t
5 > )L W L` }i {l Np ( | ' x9
H
g! ( 0 E c g ~ x ? Lg u
# e/ e= LB rQ y_ k u & 7 - I oW [ ^ b o{ O O O O O O O O O O O [P oP P P P P P P P P P Q Q #Q $Q Q Q Q Q Q Q Q Q Q Q #U /U 9U :U ;U TU _U jU kU U U V V
V V V V V V V W W W W oW W W W W 2X QX rX sX tX X X X X X 5 @ OF p + Q V W [ ƚ 5 ` ` ` ` ^ ` ` ` ` ` U n k n o w n G z T i m e s N e w R o m a n 5 S y m b o l 3& z A r i a l E& A 2 A r i a l A z L a t E A 2 T i m e s A z L a t ?5 z C o u r i e r N e w ; W i n g d i n g s " 1 h F*f % . 0 . 0 ! n 4 Y4 Y4 2q HP ? Ji 2 B i z n e s A D I U -
! " # $ % & ' ( ) * + , Oh +'0 \
$
0 < D L T Biznes Normal.dot ADIU 1794 Microsoft Office Word @ Q8 @ K @ { . ՜. +,0 h p
ADİU 0 Y4 ' Название
! " # $ % & ' ( ) * + , - . / 0 1 2 3 4 5 6 7 8 9 : ; < = > ? @ A B C D E F G H I J K L M N O P Q R S T U V W X Y Z [ \ ] ^ _ ` a b c d e f g h i j k l m n o p q r s t u v w x y z { | } ~
! " # $ % & ' ( ) * + , - . / 0 1 2 3 4 5 6 7 8 9 : ; < = > ? @ A B C D E F G H I J K L M N O P Q R S T U V W X Y Z [ \ ] ^ _ ` a b c d e f g h i j k l m n o p q r s t u v w x y z { | } ~
! " # $ % & ' ( ) * + , - . / 0 1 2 3 4 5 6 7 8 9 : ; < = > ? @ A B C D E F G H I J K L M N O P Q R S T U V X Y Z [ \ ] ^ ` a b c d e f m R o o t E n t r y F 0 o D a t a
1 T a b l e {& W o r d D o c u m e n t 7t S u m m a r y I n f o r m a t i o n ( W D o c u m e n t S u m m a r y I n f o r m a t i o n 8 _ C o m p O b j q
F Microsoft Office Word
MSWordDoc Word.Document.8 9q