Professional Documents
Culture Documents
IUNZBNPage 2 of 150
CDU(L@G@3,XLÆ
CDUS@F@X`(#-CM-C@YHÄQÄCH-SJ@
EFWBU]HZBUS²DIBOEBÁ]OBOE°BLUJÁ]SBLUBEBOUJL
%FW².IUNZBN r(LG@J@K(e(3XVD1eVLBHQ`IODHUHMX@DF
°S²NBILM²QS²UZBSUIFQSBUIBNBDBSJUSBKBQFWJOJZPHBÁ]
r(¯F@1X$ML
]]°S²EVSHZBJOBNBÁ]] 7X@MLÆ
]EIZOBN]
Vr(¯F@1RÏYS(
?NEFBÖFCDTB@OOHQÇ@°#4KÃTYTZE(HYQ
PNLIBºHB©DBLSBHBEF¹VDQBQBSJHI¸DIÄMB©CIV°V´º²©°JSBÁ
]]BUIB°S²EVSHTBQUB°BU²]]
YR-CWS(JQ$HvMXM@RU@1ØÃ4@US@LÆ
eVL@D7X@X
°BµLIB©TBOEBEIBU²©LBSBJTUSJOBZBO©TBSWµHBCIĹW®UN]
M(K@9L
THSL@2XO@CCYJ@RDUDLG@J@HKJ@
QSBUIBNPEIZZBÁ O²M°NBEZVUJNTZBQEBEB°BL©TFWFNBILMJL©
X@L2S@$32UHOSDGQ@$JLKI@DG-STLWTJ@$PÃLÆ
HUHMX@DF ZNBTUBVUTWBQJUFIBSBVLBNBMBKPIBOUV©NBEIV©LBV¾BCIBN]]
WJOJZPHBÁ
?MLoHZEJ@X$
2Xr(eVLBHQ`2Xg|@;HLG@J@K( PNOBNB°DB´ºJLZBJ]]
BTZB°S²QSBUIBNBDBSJUSBTZB]CSBIN®¹JÁ]NBILM²
%FW².IUNZBNPage 3 of 150 %FW².IUNZBNPage 4 of 150
?DL@J1ZEDXU@B
S2XS$QÃUCXTµLHSeAKCHZEM
PNBJ©NSLB´ºFZBVWDB]]]] UBTZBUBJSBCIBWBEZVEEIBNBUJQSBCBMBEB´ºJOBÁ]
-X4M$QHORS$XT1µDJ@DK@HU7UHRHÃHI1S
R@UH:1R4X1SMX@DX@DLMTJ6XSDuL OZÄOBJSBQJTBUBJSZVEEIFLPMWJEIWB©TJCIJSKJUBÁ]]]]
TWBS´JÁTÄSZBUBOBZPZPNBOVÁLBUIZBUF¹¾BNBÁ]
HMY@LXS¯3OH^HU2SQ@¶CS@DLL
SS2UOTQL@X@S@DHMICDY@HWO@DÃUSÆ
OJ°NBZBUBEVUQBUUJ©WJTUBSEHBEBUPNBNB]]]] UBUBÁTWBQVSBNZUPOJKBEF°EIJQPCIBWBU]
@Ö@-SRLG@Ã@F2S$2SC@eAK@HQHÃ
LG@L@X@MTÃ@UDMXV@L-U-SQ@HWO LSOUBÁTBNBICIHBTUBJTUBEQSBCBMSJCIJÁ]]]]
NBINZOVCIWFOBZBUINBOWBOUBSEIJQBÁ]
RAÃ4ULG@Ã@FR@UH:12SMX@DQUD
L@3X$A1HKHï1u$¯1A1K2X¯Q@3LHÃ
TBCBCIÄWBNBICIHBÁTWBS´JTUBOBZPSBWFÁ]]]] BNUZBJSCBMJCIJSEV¹¾BJSEVSCBMBTZBEVSUNBCIJÁ]
J@DY@DAKB@OzSS`@HO2UOTQDSS
2U@Q@DHBD-SQDO4UB$`UYRLTaU LP°PCBMB©DQBI®UB©UBUSQJTWBQVSFUBUBÁ]]]]
TWSPDJ¹FOUBSFQÄSWB©DBJUSBWB©°BTBNVECIBWBÁ]
RTQV@DM@LQ@I@Ã43RL2SDH<HSLZEKD
SS@DLFX@5X@IDMzS2U@,XRÃ4OHS
TVSBUIPONBSKCIÄUTBNBTUFL¹JUJNB´ºBMF]]]] UBUPN®HBZWZKFOBI®UBTWNZBÁTBCIÄQBUJÁ]
J@J(GXL@kÐIF@LFGMUMLÆ
S2XO@KXSR,XJeI@OT`@HMU@$QR@MÆ FLL²IBZBNSVIZBKBHNBHBIBOB©WBOBN]]]]
UBTZBQMBZBUBÁTBNZBLQSBKÁQVUSOJWBVSBTO]
AÃ4UTY`U@DÃ4O@J@DK@HU7UHRM2SC@
RS`@rLL¸@<(HCbIUX12XLDWR
CBCIÄWVÁ°BUSBWPCIÄQÁLPMWJEIWB©TJOBTUBE]]]] TBUBUS°SBNBNBESL¹²EEWJKBWBSZBTZBNFEIBTBÁ]
eY@-Ss@OC@J(:LTHMHYX@DOY@DHÃSLÆ
QSB°OUB°WQBEL²S´B©NVOJ°J¹ZPQB°PCIJUBN]]]]
%FW².IUNZBNPage 5 of 150 %FW².IUNZBNPage 6 of 150
S2V@$JH®3RJ@KBLTHMM@SDMR3JS RHBSR@DHS¯NDM<XJ@DY@DFHLXHS
UBTUIBVLB¸DJUTBLMB©DBNVOJOUFOBTBUL®UBÁ] TB¸DJUBÁTPUJEVÁLIFOBL¹BZB©LP°PHBNJ¹ZBUJ]
R@DHB-SX^C@S`LL3U@JuL@MR S`HUe@rL@>X@YDU$9XLDJCCY1R
TPDJOUBZBUUBEUBUSBNBNBUWL®¹¾BNOBTBÁ] UBUSBWJQS°SBNCIZ°FWBJ°ZBNFLB©EBEBS°BTBÁ]
La¿3X$2S$QRb¿^$W1L1SO@+XSDMU@ RY@DJÅUJ2L@_U¯L1M@ÅUKyXRD
NBECI®UZBJTUBJSBTBEW®UUBJSEIBSNBUBÁQMZBUFOBW] TB°PLBJWBLBTNUUWB©EVSNBOJWBMBL¹ZBTF]
XDLL@MTFS@HM3XeR@CWMÃ@DIM$
ZFNBNOVHBUOJUZB©QSBTEBEIBOBCIPKBOBJÁ]]]]
U$9XU@B
WBJ°ZBVWDB]]]]
MTUH^TUSD
JU1-3X-XLG(ÃS@LÆ
BOVW®UUJ©EISVWB©UFEZBLVSWBOUZBOZBNBI²CI®UN]
RL@HWM@1LU$9X@DGLT3Oº@DWHMM@JKD
TBNEIJSONBWBJ°ZPIBNVUQBOOPEIBOJO©LVMF]]]]
R,X&5XXY(K$2S$JU1HaRSS5XXLÆ
BTBNZBHWZBZB°²MBJTUBJÁLVSWBECIJÁTBUBUB©WZBZBN]]]]
%FW².IUNZBNPage 7 of 150 %FW².IUNZBNPage 8 of 150
HUG(MoWM$C@1Q$OT`$Q@C@XLDWMLÆ
WJI²OB°DBEIBOBJSESBJÁQVUSBJSEZBNFEIBOBN]]]]
U$9XU@B
WBJ°ZBVWDB]]]]
UML>X@FS@D¯N(HMQ2So@ÏA-WTHÃ
WBOBNBCIZHBUPEVÁLI²OJSBTUB°DQUBCBOEIVCIJÁ]
ULDS
V@e@GÃU@M2L¶SUB
FWBNFUBEZBUIQSIBCIBWOBTNBEHBUB©WBDBÁ]]]]
R@DGMUDH¹OT`@:@JYK@JYK@H3LJ@LÆ
TPIB©OBWFENJQVUS´©LV°BMLV°BMUNJLN]]]] HJJQ@DHLMAÓ@HSLLHMtTQS@LM
LJ©LBSPNJOBCBEIOUJNBNBOJ¹¾IVSBU©NBOBÁ]
eUH^2UIM@M@BC@Q@:@B@`RH2VS
QSBW®UUJ©TWBKBOO©DBES´©DUSBTB©TUIJUBÁ]
X$R3X)XHOSxDGWMKT!W$HM1Q@JS
ZBJÁTBOUZBKZBQJU®TOFIB©EIBOBMVCEIBJSOJSL®UBÁ]]]]
HJMTSD@FGD<DLL<DLHJMTR@,eSLÆ
LJ©OVUF¹©H®IFL¹FNBNBL¹FNB©LJ©OVTNQSBUBN]]]] OHS2UIMG@CBG@HC1SDUDULDLM
QBUJTWBKBOBISEB©DBISEJUF¹WFWBNFNBOBÁ]
JVSDHJMTRb¿^@¯U1^@HJMTLDRTS@
LBUIB©UFLJ©OVTBEW®UUEVSW®UUÁLJ©OVNFTVUÁ]]]]
HJLDSº@HÃI@M@HLI@MºHOLG@LSD
LJNFUBOOCIJKONJKOBOOBQJNBINBUF]]]]
Q@I@DU@B
SKPWDB]]]]
X3eDLeU:HB^HUFT:DUHOA-WTT
ZBUQSFNBQSBWB´B©DJUUB©WJHV´F¹WBQJCBOEIV¹V]
LL3UFSQ@)X2XQ@)X@ØDUHNKDUHO
L@J1ZEDXU@B
NBNBUWB©HBUBSKZBTZBSKZµHF¹WBLIJMF¹WBQJ]]]]
NSLB´ºFZBVWDB]]]]
I@MS@DHOXV@\2XHJLDS-LTHMR^L
SS2S@$RHGS@$HUeSLTHMRLTOH2VS@$
KOBUPQJZBUIK¸BTZBLJNFUBONVOJTBUUBNB]
UBUBTUBVTBIJUBVWJQSBUB©NVOJ©TBNVQBTUIJUBV]]]]
XBHMJSOT`$C@1Q$Ã13X$2SV@DH)'S
RL@HWM@1LU$9X@DR@$RBO@HV1UR^L BZB©DBOJL®UBÁQVUSBJSESBJSCI®UZBJTUBUIPKKIJUBÁ]]]]
TBNEIJSONBWBJ°ZPTBVTBDBQSUIJWBTBUUBNBÁ]
2UIMDMBR3XÄ2SDTG@C(1SV@/XHS
J3U@STS@$XV@-X@XXV@GSDMRHUCLÆ
TWBKBOFOBDBTBOUZBLUBTUF¹VISE²UBUIQZBUJ]
L®UWUVUBVZBUIOZZB©ZBUISIB©UFOBTB©WJEBN]]]]
ULDSV@GBb@U/X3X-S¯HNS@$
OHUu@$JV@J@Ho×ÖSTU$19XO@HV1U@$
FWBNF¹BUBUIIB©DBEWWBQZBUZBOUBEVÁLIJUBV]]]]
VQBWJ¹¾BVLBUIÁL°DJDDBLSBUVSWBJ°ZBQSUIJWBV]]]]
}uC@DDHOHUXDLL3U@JuL@MR@$
Q@I@DU@B
E®¹¾BEP¹FQJWJ¹BZFNBNBUWL®¹¾BNOBTBV]
L@MT@LMTI5X@R@HÃK@@RTS@MÆeHS
\@MLH2SRL2S2XI-S@DHU1XF@DBQD
NOV¹NBOVKBWZHISBTCIJM¹ÁTVUOQSBUJ]]]]
K¸OBNBTUJTBNBTUBTZBKBOUPSWJ¹BZBHPDBSF]]]]
K@DÃ@SÆe3XTOJ@Q@XM-UDS@MÆHJMO9XHR
HUX@oLG@Ã@FX@H-SB$UOV*OVJ MPCIUQSBUZVQBLSZBOBOWFUOLJ©OBQB°ZBTJ]
WJ¹BZ°DBNBICIHBZOUJDBJWB©Q®UIBLQ®UIBL]
SV@HOLLS@U^D1L@DGFSD1HMO@HSS@
HCU@-W@e@H:MJDHB¸@`@U-W@2SV@OQD
UBUIQJNBNBUWBSUUFNPIBHBSUFOJQUJUÁ]]]]
EJWOEIÁQS´JOBÁLFDJESUSWBOEITUBUIQBSF]]]]
LG@L@X@eÃ@UD:RR@QH2VHSJ@HQ:@
JDHBH´U@SV@Q@`@$e@H:M2ST+X}uX NBINZQSBCIWF´BTB©TSBTUIJUJLSJ´]
LFDJEEJWUBUISUSBVQS´JOBTUVMZBE®¹¾BZBÁ]
Sº@`HU2LXJ@X@D1X@DFHM¸@IF3OSD
\@HMM@DLMTI@R3XHJSTSDMHGJDUKLÆ
UBOOUSBWJTNBZBÁLSZPZPHBOJESKBHBUQBUFÁ]]]]
K¸OJOPNBOVKÁTBUZB©LJ©UVUFOBIJLFWBMBN]]]]
LG@L@X@GQDo$@SX@R,L@DÐSDIFSÆ
XS@DHG\@HMMRUD1OYTOH<LF@CX NBINZIBSF°DBJ¹UBZTBNNPIZBUFKBHBU
ZBUPIJK¸OJOBÁTBSWFQB°VQBL¹JN®HEBZBÁ]
\@HMM@LHOBDS@HRCDU(ÃFUS(HGR@
\@MBS-LMTX@:@X^D@LFOH<:@LÆ
K¸OJONBQJDFU©TJEFW²CIBHBWBU²IJT]]]]
K¸OB©DBUBONBOV¹Z´©ZBUUF¹©N®HBQBL¹J´N]]]]
AK@C@JXL@DG@XLG@L@X@eX"#HS
LMTX@:@BX^D@ST+XL-X^V@DÃX@D CBMEL®¹ZBNPIZBNBINZQSBZBDDIBUJ]
NBOV¹Z´©DBZBUUF¹©UVMZBNBOZBUUBUIPCIBZPÁ]
SX@HUR)XSDHUsIFCDS×Q@BQLÆ
\@MDHORHSO9X$S@MÆOSØ@°#@UB®TT
UBZWJT®KZBUFWJ°WB©KBHBEFUBDDBSDBSBN]]]]
K¸OFQJTBUJQB°ZBJUOQBUBµH¸DIWBDB¸DV¹V]]]]
%FW².IUNZBNPage 13 of 150 %FW².IUNZBNPage 14 of 150
R@HU
@OQL@LTÄDGD1STÃ4S@RM@SM(
TWJEZQBSBNNVLUFSIFUVCIÄUTBOUBO²]]]]
HM3X$UR@IF-L4HS12SX@RU1HLCSSLÆ
OJUZBJWBTKBHBONÄSUJTUBZTBSWBNJEB©UBUBN]]]]
RR@QA-WGDSToR$URUD1sQDsQ(
TB©TSBCBOEIBIFUV°DBTBJWBTBSWF°WBSF°WBS²]]]]
SV@HOS3RLT3OH^A1¤W@r4XS@LL
UBUIQJUBUTBNVUQBUUJSCBIVEI°SÄZBU©NBNB]
X@DFHM¸@XC@HU:TI1F3XDJ@:1U(JSD
gU(HSJVLT3Oº@R@JL@12X@oHJHbI ZPHBOJES©ZBEWJ¹´VSKBHBUZFLS´BW²L®UF]]]]
CSBW²UJLBUIBNVUQBOOTLBSNTZ°DBLJ©EWJKB]
SC@b@URTQ@$Ç@DQ@$HU.X@S@$LWTJ$PÃ@$
S3RUr@DSTHL"#@HL3U^@Dg|HUC@UQ
UBEEWWBTVSBVHIPSBVWJLIZUBVNBEIVLBJ¾BCIBV]]]]
UBUTBSWB©°SPUVNJDDINJUWBUUPCSBINBWJE©WBSB]]]]
HU:TJ:1LK@DaS@$G-STg|@:LT
S@$
WJ¹´VLBS´BNBMPECIÄUBVIBOUV©CSBIN´BNVEZBUBV]
RM@HÃJLKDHU:@DH2VS@Dg|@eI@OHS
TBOCIJLBNBMFWJ¹´PÁTUIJUPCSBINQSBKQBUJÁ]]]]
%FW².IUNZBNPage 15 of 150 %FW².IUNZBNPage 16 of 150
}PU@S@URTQ@$B@D@$eRTÏBIM@C1MLÆ 3ULDUR7X@R@HU`(3UCDHUIMM(OQ@
E®¹¾WUWBTVSBVDPHSBVQSBTVQUB©DBKBOSEBOBN] UWBNFWBTBOEIZTWJUS²UWB©EFWJKBOBO²QBS]
HUA@DWM@V@1XGQDG1HQMD`JS@KX@LÆ 3UX$SSÆO@+XSDCDHU3UL32X-SDBRU1C@
WJCPEIBOSUIZBIBSFSIBSJOFUSBL®UMBZN] UWBZBJUBUQMZBUFEFWJUWBNBUTZBOUFDBTBSWBE]
LG@HU
@LG@L@X@LG@LDW@LG@2LHS
g|@DU@B
NBIWJEZNBINZNBINFEINBITN®UJÁ]]]]
CSBINPWDB]]]]
LG@L@DG@BÃUS(LG@CDU(LGDsQ(
3U2U@G@3U2UW@3UHGUPJ@Q2UQ@H3LJ@
NBINPIDBCIBWBU²NBIEFW²NBIF°WBS²]
UWB©TWIUWB©TWBEIUWB©IJWB¹B¾LSBÁTWBSUNJL]]]]
eJHS23UBRU12XFT:`XHUÃ@HUM(
RTW@3UL<QDHM3XDH`W@L@`@H3LJ@H2VS@ QSBL®UJTUWB©DBTBSWBTZBHV´BUSBZBWJCIWJO²]]]]
TVEIUWBNBL¹BSFOJUZFUSJEINUSUNJLTUIJU]
J@KQ@H`L1G@Q@H`L@D1GQ@H`oC@k:@
W1L@`@H2VS@HM3X@X@MT×@X@1HUYDS
LMBSUSJSNBISUSJSNPIBSUSJ°DBESV´]
BSEIBNUSTUIJUOJUZZOVDDSZWJ°F¹BUBÁ]]]]
3Ur(23UL(sQ(3U¥(23UATHµA@D1WK<:@
UWB©°S²TUWBN²°WBS²UWB©IS²TUWB©CVEEIJSCPEIBMBL¹B´]]]]
%FW².IUNZBNPage 17 of 150 %FW².IUNZBNPage 18 of 150
KÙ@OTHu2SV@STHu23UY@H-S<@H-SQDUB J@HQS@2SDXS@DS23U@J2S@DSTYHÄL@MÆÃUDSÆ
MBKKQV¹¾JTUBUIUV¹¾JTUWB©°OUJÁL¹OUJSFWBDB] LSJUTUFZBUPUBTUW©LBÁTUPUV©°BLUJNOCIBWFU]
YHM(B@HOM(A@:ÃTYTZE(OHQÇ@XTW@ L@DGX$S@$¯Q@W@1URTQ@$LWTJ$PÃ@$
°BµLIJO²DQJO²C´BCIV°V´º²QBSJHIZVEI] NPIBZBJUBVEVSEIBS¹WBTVSBVNBEIVLBJ¾BCIBV]
X×HJHB3*UHBb2STRCRb@HNK@H3LJD
ZBDDBLJ¸DJULWBDJEWBTUVTBEBTBEWLIJMUNJLF]]]]
;HkU@B
®¹JSVWDB]]]]
S2XRU12XX@YHÄR@3UHJ2S4XRDLX@
UBTZBTBSWBTZBZ°BLUJÁTUWB©LJ©TUÄZBTFNBZ]
U2STS@SC@CDU(S@LR(S`UDWR@
FWB©TUVUUBEEFW²UNBT²UBUSBWFEIBT]]]]
XX@3UX@IFSÆwu@IF3O@3XH^X@DIFSÆ
ZBZUWBZKBHBUTSB¹¾KBHBUQUZBUUJZPKBHBU]]]] HU:@DeA@DWM@V@1XHMG-STLWTJ$PÃ@$
WJ¹´PÁQSBCPEIBOSUIZBOJIBOUV©NBEIVLBJ¾BCIBV]
R@DHOHM¸@UYM(SJ23U@2S@DSTHLGDsQ
TPQJOJESWB°B©O²UBÁLBTUW©TUPUVNJIF°WBSBÁ]
MD`@2XM@HRJ@A@¤zCXD>X2SV@DQR
OFUSTZBOTJLCIVI®EBZFCIZBTUBUIPSBTBÁ]]]]
HU:TYQ(QG:LGL(Y@MUB
WJ¹´VÁ°BS²SBHSBIB´BNBIBN²°OBFWBDB]]]]
%FW².IUNZBNPage 19 of 150 %FW².IUNZBNPage 20 of 150
^2V@$BIFº@V2SX@LTÄ@DIM@C1M
VUUBTUIBVDBKBHBOOUIBTUBZNVLUPKBOSEBOBÁ]]]]
ÃUDS@L
LDSTu@$LLU7X@UTÃ@UHO
CIBWFUNBEZBNFUV¹¾BVNBNBWBEIZWVCIWBQJ]]]]
J@:1UDHGYXM@^SRC}YDBS@$
FLS´BWFIJ°BZBOUUBUBÁTBEBE®°FDBUBV]
HJL-XDMUQD:@`S@UHµUSLX@
LJNBOZFOBWBSF´USBFUWBEEIJW®UB©NBZ]]]]
LWTJ$PÃ@$¯Q@3L@M@UHSU(X1OQ@ÖL@$
NBEIVLBJ¾BCIBVEVSUNOWBUJW²SZBQBSLSBNBV]]]] ;HkU@B
®¹JSVWDB]]]]
Ö@DWQÄD<:@U^Tg|@:IHMS@D
L@$
LSPEIBSBLUFL¹B´WBUUV©CSBIN´B©KBOJUPEZBNBV] UH®S@>X@HLHSSC@RU1L@O@DLXIFSÆ
RLT3V@XSS2S@>X@XTXTWDÃFU@MÆGHQ
WB¸DJUCIZNJUJUBETBSWBNQPNBZB©KBHBU]]]]
TBNVUUIZBUBUBTUCIZ©ZVZVEIFCIBHBWOIBSJÁ]]]]
HUK@D*XS@>X@FHCS@DÃFU@MÆJLKD<:
O®U1RGw@H:A@¤eGQ:@DHUÃT WJMPLZBUCIZ©HBEJUPCIBHBWOLBNBMFL¹B´BÁ]
QB¸DBWBS¹BTBIBTS´JCIVQSBIBSB´PWJCIVÁ] @U@IHGMX`@DU(1RHKKDMOHQ/KTS@
S@U/XHSAK@D-L^@$LG@L@X@HUL@DHGS@$
W©KBIJOBZBUSPSW²TBMJMFOBQBSJQMVU]]]]
UWBQZBUJCBMPONBUUBVNBINZWJNPIJUBV]]]]
ÄU-S@$UQ@D2L^@DHpXS@HLHSJDYULÆ
VLUBWBOUBVWBSPTNBUUPWSJZBUNJUJLF°BWBN]]]]
%FW².IUNZBNPage 21 of 150 %FW².IUNZBNPage 22 of 150
;HkU@B
®¹JSVWDB]]]]
HbS(X@D7X@X
SVD3XT
U@ÃFUS@YBÖFC@ÃS@
UBUIFUZVLUWCIBHBWBU°BµLIBDBLSBHBECI®U]
EWJU²ZPEIZZBÁ
J3U@BÖD:U$H#ºDIÇMDHYQR(SX@D
L®UWDBLSF´BWBJDIJOOFKBHIBOF°JSBT²UBZPÁ]]]] HUHMX@DF
WJOJZPHBÁ
ULD@RLT3Oº@g|:@R2STS@2UXLÆ
2Xr(L7XLBHQ`2XHU:T;1H
FWBNF¹TBNVUQBOOCSBINB´TB©TUVUTWBZBN]
D? °S²NBIMBL¹N²SEFWBU]V¹´JLDIBOEBÁ]°LBNCIBS²°BLUJÁ]
2UH2Sr(L@J1ZEDXOTQ@:DR@UH:1JDL-U-SQD r(LG@KyL(e(3XVD1L7XLBHQ`IODHUHMX@DF
°S²NBIMBL¹N²QS²UZBSUIFNBEIZBNBDBSJUSBKBQFWJOJZPHBÁ]
]]TWBTUJ°S²NSLB´ºFZBQVS´FTWBS´JLFNBOWBOUBSF
CDU(L@G@3,XDLWTJ$PÃUW@DM@L
EFW²NIUNZFNBEIVLBJ¾BCIBWBEIPONB
7X@MLÆ
]EIZOBN]
eVL@D7X@X
QSBUIBNPEIZZBÁ]]]]
<w*OQY4FCDTJHKYO¹WMTJHZEJ@
BL¹BTSBLQBSB°ÄHBEF¹VLVMJ°B©QBENB©EIBOVÁLV´ºJL©
%FW².IUNZBNPage 23 of 150 %FW².IUNZBNPage 24 of 150
CZEYHÄLHRBBL1IKIÇZP@RTQ@Ã@IMLÆ XV@U^SX@D2Sb-LHG@RTQBDHuSLÆ
EB´ºB©°BLUJNBTJ©DBDBSNBKBMBKB©HIB´¾©TVSCIKBOBN] ZBUIW®UUB©UBZPTUBEWBONBIJ¹TVSBDF¹¾JUBN]
Y4KO@YRTCY1MDBCWS(G2S$eU@KeÃ@ H`CY@JVX@L@RTCD1U@HÃÃUHU2SQLÆ
°ÄMB©Q°BTVEBS°BOFDBEBEIBU²©IBTUBJÁQSBWMBQSBCI© USJEB°ÁLBUIBZNTVSEFWCIJCIBWBWJTUBSBN]]]]
RDUDR$HQÃLHC1M(HLGLG@KyL(RQ@DIH2VS@LÆ
TFWFTBJSJCIBNBSEJO²NJIBNBIMBL¹N²©TBSPKBTUIJUN]]
R4XD1-¸@&-XHMKD-±M@XL2XUk:2XB
TÄSZFOESHOZBOJMFOEÄO©ZBNBTZBWBSV´BTZBDB]
-XD@B@HWJ@Q@-R2UXLDU@HWHStHS
?¥(;HkU@B
BOZF¹©DEIJLSOTBTWBZBNFWEIJUJ¹¾IBUJ]]]]
PNIS²N®¹JSVWDB]]]]
2UF@1HºQ@JS@RUD1SDMCDUF:@ÃTHU
CDU@RTQLÃ4
TµO4:1L!CYSOTQ@ TWBSHOOJSL®UÁTBSWFUFOBEFWBHB´CIVWJ]
EFWTVSBNBCIÄEZVEEIB©QÄS´BNBCEB°BUB©QVS]
HUBQH-SXV@L3X@1LHGD:¯Q@3LM@
LHGDRTQ@:@LHWODCDU@M@BOTQ-CQD
WJDBSBOUJZBUINBSUZNBIJ¹F´BEVSUNBO]]]]
NBIJ¹FTVS´NBEIJQFEFWO©DBQVSBOEBSF]]]]
SbJHVSRU1LLQ@HQHUBDHuSLÆ
S`@RTQ$L1G@U(X$1CD1UR$-XOQ@HISLÆ FUBEWBÁLBUIJUB©TBSWBNBNBSSJWJDF¹¾JUBN]
UBUSTVSBJSNBIW²SZBJSEFWBTBJOZB©QBSKJUBN]
YQ:UeOº@2L@DUW2S2XHUHB-3XS@LÆ
HI3U@BRJK@MÆCDU@HM-¸@DÃ4-LHG@RTQ
°BSB´B©WBÁQSBQBOOÁTNPWBEIBTUBTZBWJDJOUZBUN]]]]
KJUWDBTBLBMOEFWOJOESPCIÄONBIJ¹TVSBÁ]]]]
Å3VHMY,XCDU@M@UB@HRLWTR4CM
SSOQ@HIS@CDU@O¹X@DHMeI@OHSLÆ JUUIB©OJ°BNZBEFWO©WBD©TJNBEIVTÄEBOBÁ]
UBUBÁQBSKJUEFWÁQBENBZPOJ©QSBKQBUJN]
BJ@QJ@DOY,ÃToTJP(JHPK@MM@$
OTQ2J3XFS@2S`X`DYFkE7UI@$
DBLSBLPQB©°BNCIV°DBCISVLV¾²LV¾JMOBOBV]]]]
QVSBTL®UZBHBUTUBUSBZBUSF°BHBSVºBEIWBKBV]]]]
%FW².IUNZBNPage 25 of 150 %FW².IUNZBNPage 26 of 150
SS@DHSJ@DOO4:12XBHÖ:@DUCM@^S R@$,XDM2SMX@DXT1&LL7XB$-¸D:B@ÃUSÆ
UBUPUJLPQBQÄS´BTZBDBLSJ´PWBEBOUUBUBÁ] TBVNZFOBTUBOBZPSZVHNB©NBEIZB©DBJOESF´BDCIBWBU]
-XD@B$UCDU@M@YÖ@C(M@YQ(QS g|:2SDIR@O@C@$SCØ«+X@DJ1SDIR@
BOZF¹©DBJWBEFWO©°BLSE²O©°BS²SBUBÁ] CSBINB´BTUFKBTQEBVUBEBµHVMZPSLBUFKBT]
S(USDIRJP)UK-SHLUOU1SLÆ S2X@2STC-S@R,Ã4S@e@I@O3XDMSDIR@
BU²WBUFKBTBÁLľB©KWBMBOUBNJWBQBSWBUBN] UBTZTUVEBOUÁTBNCIÄUÁQSKQBUZFOBUFKBT]
STKS`S^DIRU1CDUYQ(QILÆ TU@$BR7XX@D2SDIrU:@UHMK2XB
BUVMB©UBUSBUBUUFKBÁTBSWBEFWB°BS²SBKBN] CISVWBVDBTBOEIZBZPTUFKBÁ°SBWB´WBOJMBTZBDB]
XCÃ4"#@,ÃUSDI2SDM@I@XSS-LTNLÆ SSRL2SCDU@M@SDI@DQ@HYRLTaU@LÆ
ZBEBCIÄDDINCIBWB©UFKBTUFOKZBUBUBONVLIBN] UBUBÁTBNBTUBEFWO©UFKPS°JTBNVECIBWN]
J@KoC^U@MÆNEFS2X$BL1BHML1KLÆ
Y4KY4K@HbHMJXCC@$S2X$HOM@JWJ LMB°DBEBUUBWOLIBºHB©UBTZBJDBSNBDBOJSNBMBN]]]]
°ÄMB©°ÄMEWJOJ¹L®¹ZBEBEBVUBTZBJQJOLBEI®L]
B4E@LH:SV@HC5XJZEKDJPJ@HMB
YBUk:YHÄCC@$S2X$¤S@YM DĺNB´J©UBUIEJWZB©LV´ºBMFLB¾BLOJDB]]]]
°BµLIB©DBWBSV´BÁ°BLUJ©EBEBVUBTZBJIVU°BOBÁ]
M4OTQ@$HULK@$SbC$UDXJLMT^LLÆ
UHL-¸RLT3O@PJHKY@CLQ@HWO OÄQVSBVWJNBMBVUBEWBEHSBJWFZBLBNBOVUUBNBN]]]]
WBKSBNJOESBÁTBNVUQ¾ZBLVMJ°EBNBSEIJQBÁ]
HUsJL@1CC@$S2X$OQYTB@HSHML1KLÆ
J@KCZE@
L@DCZEO@YB@,ATOHSC1C@$ WJ°WBLBSNEBEBVUBTZBJQBSB°V©DUJOJSNBMBN]]]]
LMBEB´ºEZBNPEB´ºB©Q°B©DNCVQBUJSEBEBV]
,K@MOI@L@K@HYQ2XTQHRB@OQ@LÆ
BNMOBQBµLBK©NM©°JSBTZVSBTJDQBSN]]]]
%FW².IUNZBNPage 29 of 150 %FW².IUNZBNPage 30 of 150
CCÙKHW2S2X$OIB@HSY@DÃMLÆ BB@KURTW@BDKTRJK@oLG(WQ@
BEBEBKKBMBEIJTUBTZBJQBµLBKB©DUJ°PCIBOBN] DBDMBWBTVEIDFMVÁTBLBM°DBNBI²EIBSÁ]
CC@UY4-XRTQX@O@MO@`WM@HWO STuTUTLT1MXo$M@ÃHÄMl@3LL4S1X
EBEWB°ÄOZB©TVSBZQOBQUSB©EIBOEIJQBÁ] UV¹¾VWVSNVOBZB°DBJO©CIBLUJOBNSUNBNÄSUBZBÁ]
M@FG@QCC@$S2X$W^DXOHVU(HLL@LÆ Rºµ@HNKR$-X@2SDRLT^2VTkC@XTW@
OHBISB©EBEBVUBTZBJEIBUUFZBÁQ®UIJW²NJNN] TBOOBEEILIJMBTBJOZTUFTBNVUUBTUIVSVEZVEIÁ]
R,L@HMS@MM@C@D×$R@¡G@RLT¤LT1¤ >XW@USSY!CLYD$QRTQ$U1S
TBNNOJUOBOEPDDBJÁT¾¾BITB©NVIVSNVIVÁ] BCIZBEIWBUBUB©°BCEBNB°F¹BJSBTVSBJSW®UBÁ]
L@XS@HSLGS@eHSY!C@DLG@MÃ4SÆ O@C@Ö@-3X@MSÃTUHJQ(P@DH¢HNS@,AQ@LÆ
BNZBUUJNBIBUQSBUJ°BCEPNBIOBCIÄU] QELSOUZOBUBCIVWB©LJS²¾PMMJLIJUNCBSN]
HCY@DÃTIRGwD:RL-S@@/XRH2VS@LÆ US@DQV@M@J@DP@BXTµDSH2LºXT7XS
EJ°PCIVKBTBIBTSF´BTBNBOUEWZQZBTB©TUIJUN] W®UPSBUIO©LP¾ZDBZVEEIFUBTNJOOBZVEIZBUB]
Yv@v$A1¤W@LTÄ$Q@C(HOSHCF-SQLÆ XTXTWDRXTFDS`QV@M@OHQU@HQS
°BTUSTUSBJSCBIVEINVLUBJSE²QJUBEJHBOUBSBN] ZVZVEIFTB©ZVHFUBUSBSBUIO©QBSJWSJUBÁ]
XTXTWDB@LQo@-X$oSTQØAK@H-US XTXTWTRXTFDCD5X@RGS`LG@RTQ@
ZVZVEIFDNBSB°DOZBJ°DBUVSBµHBCBMOWJUBÁ] ZVZVEIVÁTB©ZVHFEFWZTBIBUBUSBNBITVSÁ]
XT7XS@XTS@M@BRGwD:LG@GMT GX@M@BUS@DXTµDS`@Ã4-LHG@RTQ
BZVEIZBUZVUO©DBTBIBTSF´BNBIIBOVÁ] IBZO©DBW®UPZVEEIFUBUSCIÄONBIJ¹TVSBÁ]
XTS@M@YS$HEÃA@1JK@DXTXTWDQ:D XTXTWTRXTFDCD5X@NEF$OQYTOH¡Y$
BZVUO©°BUBJÁ¹BºCIJSC¹LBMPZVZVEIFSB´F] ZVZVEIVÁTB©ZVHFEFWZLIBºHBJÁQBSB°VQB¾¾J°BJÁ]
CDU(NEFeG@Q$2STSDS@G-STeBÖLT M@YX-S@DRTQF:@MÆCDU(Y
XTOAHGS@
EFW²©LIBºHBQSBISBJTUVUFU©IBOUV©QSBDBLSBNVÁ] O°BZBOUPTVSBHB´OEFW²°BLUZVQBC®©IJUÁ]
K(KX$UeHB"#DCHMIYv@vUH1:( LCØ@oSV$U@-XDSH2LMÆXTµLG@D3RUD
M²MBZBJWBQSBDJDDIFEBOJKB°BTUSTUSBWBS¹J´²] N®EBµH©°DBUBUIBJWOZFUBTNJOZVEEIBNBIPUTBWF]
LTL@DB@RTQCDGDTYv@ZXv@H:BDsQ( NEF@HCHÃoYSY@DHMIÇ@MLG@RTQ@MÆ
NVNPDTVSBEFIF¹V°BTUS´ZBTUS´JDF°WBS²] LIBºHEJCIJ°DB°BUB°POJKBHIOBNBITVSO]
BB@Q@RTQR$-XDTUMDHUU¤S@YM RTQ@MÆÃTHUO@YDMAC7U@B@-X@MJ1XSÆ
DBDSTVSBTBJOZF¹VWBOF¹WJWBIVU°BOBÁ] BTVSOCIVWJQ°FOBCBEEIWDOZOBLBS¹BZBU]
SUR
R,Ã4S@F:@YSRGwY HUO@DHVS@HMO@SDMFCX@ÃTHUYDQSD
UBFWBTBEZBÁTBNCIÄUHB´Á°BUBTBIBTSB°BÁ] WJQPUIJUOJQUFOBHBEBZCIVWJ°FSBUF]
JDHBHºOHSS@Ã4L@$Hú@Y4KDMU<HR JA-W@H9#ºHYQRNEFY
XHuO@:X
LFDJOOJQBUJUCIÄNBVCIJOOÁ°ÄMFOBWBL¹BTJ] LBCBOEI°DIJOOB°JSBTBÁLIBºHB°BLUZ®¹¾JQ´BZBÁ]
9XDM@MTJ@HQ:e@:@MÆLTLTBTHvCY@C1M@ O@HSS$QVM@F@s$QRTQ$oURT-WQ@
°ZFOOVLSJ´BÁQS´ONVNVDVTUSJEB°SEBOÁ] QUJUBJSBUIBOH°WBJSBTVSBJ°DBWBTVOEIBS]
HYQ@HRODSTQ-XD@L-XDL7XDHUC@HQS@ Y@DH:S@$Ç@LG@M
R
2S`eRTwTUT
°JS©TJQFUVSBOZF¹NBOZFNBEIZFWJESJUÁ] °P´JUBVHINBIOBEZBÁTBEZBTUBUSBQSBTVTSVWVÁ]
JA@ÒH<BQ:@JDHB´D5X@HbW@JS@ <:DMS-LG@R$-XLRTQ@:@SV@H,AJ@
FLBCIWBL¹JDBSB´ÁLFDJEEFWZEWJEIL®UÁ] L¹B´FOBUBONBITBJOZBNBTVS´©UBUINCJL]
JA-W@XTXTWTCD15X@FG(SOQL@XTW@ RBHRG@DLG@M@CLT3RIMÆWTSJDRQ
LBCBOEIZVZVEIVSEFWZH®I²UBQBSBNZVEIÁ] TBDBTJ©IPNBIOEBNVUT®KBOEIVUBLFTBSBÁ]
CD5X@F:$oS$2S`JSXTµSV@RTQ$
EFWZHB´BJ°DBUBJTUBUSBL®UB©ZVEEIB©UBUITVSBJÁ]
2UH2Sr(L@J1ZEDXOTQ@:DR@UH:1JDL-U-SQD ?;HkU@B
]]TWBTUJ°S²NSLB´ºFZBQVS´FTWBS´JLFNBOWBOUBSF PN®¹JSVWDB]]]]
CDU(L@G@3,XDLHG@RTQR$-XUW@DM@L
EFW²NIUNZFNBIJ¹TVSBTBJOZBWBEIPONB HMG-XL@MS3R$-XLUK@D*XLG@RTQ
HbS(X@D7X@X
OJIBOZBNOB©UBUTBJOZBNBWBMPLZBNBITVSBÁ]
EWJU²ZPEIZZBÁ]]]] RDM@M(Ho<TQJ@DO@
X@$X@Dµ«LV@H,AJ@LÆ
TFOO²°DJL¹VSBÁLPQEZBZBVZPEEIVNBUINCJLN]]]]
RCDU(YQUD1:UU1RLQDRTQ
TBEFW²©°BSBWBS¹F´BWBWBS¹BTBNBSFTVSBÁ]
XV@LDkHFQDYØS@DXUD1:S@DXC
ZBUINFSVHJSFÁ°®µHB©UPZBWBS¹F´BUPZBEBÁ]]]]
S2XH#3U@SS@DCDU(K(KX$UYQ@D3JQ@MÆ
UBTZBDIJUWUBUPEFW²M²MBZBJWB°BSPULBSO]
IÇ@MSTQF@-A@:$X1-S@QB$UU@HIM@LÆ
KBHIOBUVSBHOC´BJSZBOUSB©DBJWBWKJON]]]]
%FW².IUNZBNPage 39 of 150 %FW².IUNZBNPage 40 of 150
HB"#DCBWMTR
@D7UIB@HSRLT"#SLÆ }PU@SC@OS"#4KCDU(Y4KLLT®S
DJDDIFEBDBEIBOVÁTBEZPEIWBKB©DUJTBNVDDI®UBN] E®¹¾WUBEQBUBDDIÄMB©EFW²°ÄMBNBNV¸DBUB]
RH"#ºW-U@HUQV@DGS@s@DGSR@QHV GSDSH2L-LG@U(XD1LHG2XBL4OS@$
TBDDIJOOBEIBOWWJSBUIPIBU°WPIBUBTSBUIJÁ] IBUFUBTNJONBIW²SZFNBIJ¹BTZBDBNÄQBUBV]
HRGL@G3XNEFDMS(y:W@QD:L4W1HM R@DHOYHÄLTL@DB@VCD5X@2S@LH,AJ@¸«SLÆ
TJ©IBNIBUZBLIBºHFOBU²L¹´BEISF´BNÄSEIBOJ] TPQJ°BLUJ©NVNPDUIBEFWZTUNBNCJLESVUBN]
HB<DOBSS2S^TøJ@+X@LG@RTQ SSHRGRLT3O3XFIJ,Ã@-SQDH2VS
DJL¹FQBDBUBUBTUBUUVCIBESBLMZ©NBITVSBÁ] UBUBÁTJ©IBÁTBNVUQBUZBHBKBLVNCIOUBSFTUIJUBÁ]
XT7XL@M@$SS2S@$STS2L@º@F@-LG(FS@$ HAE@K2X@HRM@J@X@SÆO@SX@L@RU$HYQ
ZVEIZBNOBVUBUBTUBVUVUBTNOOHONBI²©HBUBV] CJºMBTZTJOLZUQUBZNTBWBJ°JSBÁ]
SS@DUDF@SÆNLT3O3XHMO3XBLF@HQ:@ UR<(XL@:DST2UR$-XDLHG@RTQ
UBUPWFHULIBNVUQBUZBOJQBUZBDBN®HSJ´] FWB©TBµL¹²ZBN´FUVTWBTBJOZFNBIJ¹TVSBÁ]
CoQ:DCD5X@HYK@U<@HCHÃG1S J@Ho^TZEeG@QD:NTQ<DO$2SV@OQ@MÆ
VEBHSB°DBSB´FEFWZ°JMW®L¹EJCIJSIBUBÁ] L©°DJUUV´ºBQSBISF´BLIVSBL¹FQBJTUBUIQBSO]
CDU(Öµ@FC@O@S$o4:1X@L@RB@DµSLÆ UDFDMJ@HoCOQ@º@CDML:DMB
EFW²LSVEEIHBEQUBJ°DÄS´BZNTBDPEEIBUBN] WFHFOBL©°DJEBQBSOOEFOBCISBNB´FOBDB]
@2XLTU(XBSV$UBLG@GMTLÆ HMO@3XeLV@M(JL>XW@USR@DRTQ
VHSTZBNVHSBW²SZB©DBUBUIBJWBDBNBIIBOVN] OJQUZBQSBNBUIO²LBNBCIZBEIWBUBTPTVSBÁ]
R@DHOJ@DO@-LG@U(X1NTQ<TZ:LG(SK SSHRG@DÃU3R
@DX@U^2X@H,AJ@HYQ
TPQJLPQONBIW²SZBÁLIVSBL¹V´´BNBI²UBMBÁ] UBUBÁTJ©IPCIBWBUTBEZPZWBUUBTZNCJL°JSBÁ]
UDFL:HU<TZ:@LG(S2X5XY(X1S SSU@YTOTkCDU(HB"#DCR@XJ$
WFHBCISBNB´BWJL¹V´´NBI²UBTZBWZB°²SZBUB] UBUBFW°VQVSV¹B©EFW²DJDDIFEBTZBLBJÁ]
WTSYØHUHú@oNZENZEXXTÇ1M@ JQD:BLG@HRGSBJ1IFI1B
EIVUB°®µHBWJCIJOO°DBLIB´ºB©LIB´ºB©ZBZVSHIBOÁ] LBSF´BDBNBITJ©IB©UB©DBLBS¹BKBHBSKBDB]
ÅHSÖ@DWRL@7L@SL@OS-SLG@RTQLÆ SS@DLG@RTQ@DÃ4X@DL@HGUOTQ@H2VS
JUJLSPEIBTBNEINUBNQBUBOUB©NBITVSBN] UBUPNBITVSPCIÄZPNIJ¹B©WBQVSTUIJUBÁ]
R@H<ÑU@S2XU$O@YSAA-WLG@RTQLÆ SSÖµ@IF-L@S@BHZEJ@O@MLT^LLÆ
TL¹JQUWUBTZBWBJQ°B©UB©CBCBOEIBNBITVSBN] UBUBÁLSVEEIKBHBONUDB´ºJLQOBNVUUBNBN]
MMC1B@RTQR@DHOAKU(X1LC@DµS SSR@DHOOC@Ö@-S2SX@HMILTN@^C@
OBOBSEBDTVSBÁTPQJCBMBW²SZBNBEPEEIBUBÁ] UBUBÁTPQJQBELSOUBTUBZOJKBNVLIUUBE]
R@BS@-eHGS@2SDMB4:1X-S(YQ@D3JQ$ W1HMÖ@-SU@R@$XT7XL@M@DLG@RTQ
TDBUOQSBIJU©TUFOBDÄS´BZBOU²°BSPULBSBJÁ] BSEIBOJ¹LSOUBFWTBVZVEIZBNOPNBITVSBÁ]
eGBOQI<RJK@CDUS@F:@
FI1FI1<:L4%LWTX@UH3OA@,XGLÆ QSBIBS¹B©DBQBSB©KBHNVÁTBLBMEFWBUHB´Á]]]]
HBSKBHBSKBL¹B´B©NĺIBNBEIVZWBUQJCNZBIBN]
IFTF1-WU1OSX@DMMSTo@/RQ@DF:@
;HkU@B
KBHVSHBOEIBSWBQBUBZPOBO®UV°DQTBSPHB´Á]]]]
®¹JSVWDB]]]]
ULT
U@RLT3O3XR@m%@SLG@RTQLÆ
FWBNVLUWTBNVUQBUZBTSĺIUB©NBITVSBN]
O@CDM@Ö,XJZ0DBY4KDM$MLS@EXSÆ
QEFOLSBNZBLB´¾IFDB°ÄMFOBJOBNBUºBZBU]]]]
%FW².IUNZBNPage 47 of 150 %FW².IUNZBNPage 48 of 150
2UH2Sr(L@J1ZEDXOTQ@:DR@UH:1JDL-U-SQD
]]TWBTUJ°S²NSLB´ºFZBQVS´FTWBS´JLFNBOWBOUBSF
BSTV@D
1 7X@X
CDU(L@G@3,XDLHG@RTQUW@DM@L DBUVSUIPEIZZBÁ
EFW²NIUNZFNBIJ¹TVSBWBEIPONB
SS(X@D7X@X
?;HkU@B
U®U²ZPEIZZBÁ]]]] PN®¹JSVWDB]]]]
YÖ@CXRTQF:@HMGSDHSU(XD1
°BLSEBZBÁTVSBHB´OJIBUFUJW²SZF
SH2L-¯Q@3LHMRTQ@HQAKDBCD5X@
UBTNJOEVSUNBOJTVSSJCBMFDBEFWZ]
S@STuTUTe:HSMlHYQ@DWQ@R@
U©UV¹¾VWVÁQSB´BUJOBNSB°JSPEIBS©T
U@H&ÃeG1OTKJ@D¶LB@kCDG@
WHCIJÁQSBIBS¹BQVMBLPEHBNBDSVEFIÁ]]]]
CD5X@XX@SSHLCIFC@3LY
X@
EFWZZBZUBUBNJEB©KBHBEUNB°BLUZ
HMYDCDUF:YHÄRL4GL43X@1
OJÁ°F¹BEFWBHB´B°BLUJTBNÄIBNÄSUZ]
%FW².IUNZBNPage 49 of 150 %FW².IUNZBNPage 50 of 150
S@LH,AJ@LHNKCDULGH1O4)X@ HJU:1X@LSUmOLHB-3XLDSSÆ
UNBNCJLNBLIJMBEFWBNBIBS¹JQÄKZ© LJ©WBS´BZNBUBWBSÄQBNBDJOUZBNFUBU
Ã
X@MS@2LHUCW@STYTÃ@HMR@M
HJB@HSU(X1LRTQ<XJ@HQÃ4HQ
CIBLUZOBUÁTNBWJEBEIUV°VCIOJTOBÁ]]]] LJ¸DUJW²SZBNBTVSBL¹BZBLSJCIÄSJ]
HJB@GUDTBHQS@HMSU@HSX@HM
X2X@eÃ@ULSTKÃFU@MM-S@D LJ©DIBWF¹VDBSJUOJUBWUJZOJ
ZBTZÁQSBCIWBNBUVMB©CIBHBWOBOBOUP
RUD1TCD5XRTQCDUF:@HCJDT
g|@GQoMHGUÄLKAKB TBSWF¹VEFWZBTVSBEFWBHB´EJLF¹V]]]]
CSBINIBSB°DBOBIJWBLUVNBMB©CBMB©DB]
R@BHZEJ@HNKIF3OHQO@KM@X GDSTRL2SIFS@H`FT:@HOC@D$Â
TDB´ºJLLIJMBKBHBUQBSJQMBOZB IFUVÁTBNBTUBKBHBU©USJHV´QJEP¹BJ-
M@Y@XB@YTÃÃX2XLHSJQ@DST
M1\@XRDGHQGQ@HCHÃQ/XO@Q@
O°ZBD°VCIBCIBZBTZBNBUJ©LBSPUV]]]] SOBK¸ZBTFIBSJIBSEJCIJSBQZBQS]
RU@1rX@HNKHLCIFCYÃ4SÂ
X@r(2UXRTJHSM@ÃUMDUKyL( TBSW°SBZLIJMBNJEB©KBHBEB©°BCIÄUB-
Z°S²ÁTWBZB©TVL®UJO©CIBWBOF¹WBMBL¹N²Á
L5X@JS@HGOQL@eJHS23UL@
@
O@O@3LM@JSHWX@zCXDTATHµ NBWZL®UIJQBSBNQSBL®UJTUWBNEZ]]]]
QQUNBO©L®UBEIJZ©I®EBZF¹VCVEEIJÁ]
rµ@RS@JKIMeÃU2XKÙ@ X2X@RL2SRTQS@RLTC(Q:DM
°SBEEITBU©LVMBKBOBQSBCIBWBTZBMBKK ZBTZÁTBNBTUBTVSBUTBNVE²SB´FOB
S@3U@MS@2LOHQO@KXCDHUHUsLÆ
SHÏeX@HSRJKDTLNDTCDHU
U©UW©OBUÁTNBQBSJQMBZBEFWJWJ°WBN]]]] U®QUJ©QSBZUJTBLBMF¹VNBLIF¹VEFWJ]
%FW².IUNZBNPage 51 of 150 %FW².IUNZBNPage 52 of 150
2U@G@HRU$HOSF:2XBSHÏGDSTÂ LDW@HRCDHUHUHCS@HNKY@vR@Q@
TWITJWBJQJU®HB´BTZBDBU®QUJIFUV- NFEITJEFWJWJEJULIJMB°TUSBTS
k×@X1RD3ULSUIM$2UW@B
¯F@1HR¯F1ÃUR@FQM@$QRØ@
SVDDSZBTFUWBNBUBFWBKBOBJÁTWBEIDB]]]] EVSHTJEVSHBCIBWBTHBSBOBVSBTBµH]
r(J$PÃ@HQzCX$JJS@HWU@R@
X@LTHÄGDSTQHUHB-3XLG@pS@3U °S²ÁLBJ¾BCISJI®EBZBJLBL®UEIJWT
ZNVLUJIFUVSBWJDJOUZBNBIWSBUUWB©
F@$Q(3ULDUYHYL@$HKJSeHSt@
>X2XRDRTHMXSDH-¸XS_UR@Q$ HBVS²UWBNFWB°B°JNBVMJL®UBQSBUJ¹¾I]]]]
BCIZBTZBTFTVOJZBUFOESJZBUBUUWBTSBJÁ]
L@D<@HV1HÃLT1HMHÃQ2SRL2SC@D$ 3RG@RLLKOHQO4:1B-¸Â
NPL¹SUIJCIJSNVOJCIJSBTUBTBNBTUBEP¹BJ- ²¹BUTBITBNBNBMB©QBSJQÄS´BDBOESB-
HU1
@HRR@ÃFUS(OQL@HGCDHU
HA,A@MTJ@HQJMJ@D^LJ@H-SJ@-SLÆ
SWJEZTJTCIBHBWBU²QBSBNIJEFWJ]]]] CJNCOVLSJLBOBLPUUBNBLOUJLOUBN]
3Xa«SezSL@^k@SV@HO
Y!C@H3LJ@RTHULK&X1IT@HMW@MÂ BUZBECIVUB©QSBI®UBNUUBSV¹UBUIQJ
°BCEUNJLTVWJNBMBSHZBKV¹©OJEIOB-
UHUK@D*XRGR@LHG@RTQD:
LT¶(VQ,XOCO@0US@BR@j@LÆ WBLUSB©WJMPLZBTBIBTNBIJ¹TVSF´B]]]]
NVEH²UIBSBNZBQBEBQ¾IBWBU©DBTNON]
CDHU`X(ÃFUS(ÃUÃ@UM@X }PU@STCDHUJHOSTJP(JQ@KÂ
EFWJUSBZ²CIBHBWBU²CIBWBCIWBOZB E®¹¾WUVEFWJLVQJUB©CISVLV¾²LBSMB-
U@S@1HRRU1IFS@OQL@HS1G¼(
LT
"#Y@R}Y"#HUXºR
WSUTJTBSWBKBHBU©QBSBNSUJBOUS²]]]] NVEZBDDIB°µLBTBE®°BDDIBWJZBOOBTBEZBÁ]
%FW².IUNZBNPage 53 of 150 %FW².IUNZBNPage 54 of 150
e@:@MÆLTL@DBLHG2SCS(UHB` W,X@1H:CDHURJK@HMRC$UJL@1Â
QS´ONVNPDBNBIJ¹BTUBEBU²WBDJUSB© EIBSNZBÖJEFWJTBLBMOJTBEBJWBLBSN-
2UFeX@HSBSS@DÃUS(eR@C@Â
CDHUeR(COQL@ÃUS(ÃU@X TWBSHB©QSBZUJDBUBUPCIBWBU²QSBTE-
EFWJQSBT²EBQBSBNCIBWBU²CIBWZB
¢@DJ`XDHO KC@MMTCDHUSDM
R
@DHUM@YXHRJ@DOUS(JK@HM MMPLBUSBZFQJQIBMBEOBOVEFWJUFOB]]]]
TBEZPWJO°BZBTJLPQBWBU²LVMOJ]
HU\@SLDSCWTM$UXC2SLDSÂ ¯FD12LS@GQHRÃ(HSLYDI-S@D
WJK¸UBNFUBEBEIVOBJWBZBEBTUBNFUB- EVSHFTN®UIBSBTJCI²UJNB°F¹BKBOUPÁ
C@HQ¯NÃXG@HQH:J@3UC-X@
SDR,LS@IMOCDTWM@HMSD@ ESJESZBEVÁLIBCIBZBISJ´JLUWBEBOZ
UFTBNNBUKBOBQBEF¹VEIBOOJUF¹©
RU@D1OJ@QJQ:@XRC@¸1HB^@
SD@XY@HRMBR(CHSA-WTUF1 TBSWPQBLSBLBSB´ZBTBESESBIJUU]]]]
UF¹©ZB°©TJOBDBT²EBUJCBOEIVWBSHBÁ]
W-X@2SUHMÃS@3LIÃ3XC@Q@ HÃG1S$I1F¯O$HSRTNSV$SD
EIBOZTUBFWBOJCI®UUNBKBCI®UZBES FCIJSIBUBJSKBHBEVQBJUJTVLIB©UBUIBJUF
R@LL3XTLHWF,XHCUeX@-ST ¯U1^U^YLMSUCDHUY(K
TBµHSNBN®UZVNBEIJHBNZBEJWB©QSBZOUV EVSW®UUBW®UUB°BNBOB©UBWBEFWJ°²MB©
U(XBG-SzSCDUOQ@ÖL@:@
}PU$UHJMÃUS(eJQ@DHSÃ2L W²SZB©DBIBOU®I®UBEFWBQBSLSBN´©
E®¹¾WBJWBLJ©OBCIBWBU²QSBLBSPUJCIBTNB
U$HQUHOeJHPS$UCX@3UXD3VLÆ
RU@1RTQ@MHQTXSÆeHG:@DHYvLÆ WBJSJ¹WBQJQSBLB¾JUBJWBEBZUWBZFUUIBN]]]]
TBSWTVSOBSJ¹VZBUQSBIJ´P¹J°BTUSBN]
K@DJ@-eX@-STHQOU@DHOHGYvO4S@ JDM@DOL@ÃUSTSD2XOQ@ÖL2X
MPLOQSBZOUVSJQBWPQJIJ°BTUSBQÄU LFOPQBNCIBWBUVUFTZBQBSLSBNBTZB
HB^DJO@RLQHMtTQS@B}u@
NEFeÃ@HMJQHU2 Q:$2SV@D$ DJUUFL®QTBNBSBOJ¹¾IVSBUDBE®¹¾
LIBºHBQSBCIOJLBSBWJTQIVSB´BJTUBUIPHSBJÁ
3U8XDUCDHUUQCDÃTUM`XDHO
Y4K@J@H-SHMUGDM}Y@DRTQ@:@LÆ UWBZZFWBEFWJWBSBEFCIVWBOBUSBZFQJ]]]]
°ÄMHSBLOUJOJWBIFOBE®°PTVS´N]
Xº@FS@HUKXLYTLHC-¯NZEÂ `$K@D*XLDSCHNKHQOTM@YMDM
ZBOOHBUWJMBZBNB©°VNBEJOEVLIB´ºB- USBJMPLZBNFUBEBLIJMB©SJQVO°BOFOB
2L@JLT-LCRTQ@HQÃUML2SD
BTNLBNVONBEBTVSSJCIBWB©OBNBTUF]]]]
U2STS@RTQ$HC15X$JRTL$M1-CM@DaU$
FWB©TUVUTVSBJSEJWZBJÁLVTVNBJSOBOEBOPECIBWBJÁ]
ÇZP@2UMDMMO@HGB@O)X@HM2UMDMB
HIB´¾TWBOFOBOBÁQIJDQBKZOJÁTWBOFOBDB]]]]
Ã
X@RL2S$HvCY$HC15X$W41O$RTW4HOS@
CIBLUZTBNBTUBJTUSJEB°BJSEJWZBJSEIÄQBJÁTVEIÄQJU]
@L:DM@3LY4K2X^Q2X@SVDsHQ
CISNB´FOUNB°ÄMBTZBVUUBSBTZ©UBUIF°WBSJ]]]]
CD5XTU@B
EFWZVWDB]]]]
R@$,X@HMX@HMmO@H:`$K@D*XDHUBQH-SSD
TBVNZOJZOJSÄQ´JUSBJMPLZFWJDBSBOUJUF]
HpXS@H`CY@RUD1XC2L^@DHÃU@H°#SLÆ
WSJZBU©USJEB°ÁTBSWFZBEBTNBUUPCIJW¸DIJUBN]]]]
X@HMB@3X-SÇ@DQ@H:S$Q<@2L@2SV@ÃTULÆ
ZOJDUZBOUBHIPS´JUBJSBL¹TN©TUBUICIVWBN]]]] CDU@=BT
EFWÄDVÁ]]]]
NEFY4KFC@C(HMX@HMB@v@HMSDH,AJD
LIBºHB°ÄMBHBEE²OJZOJDTUSOJUFNCJLF] ÃFU3X@JSRUMHJHBCUHYXSD
JQO¢URØ(HMS$Q2L@MÆQ<RU1S
CIBHBWBUZL®UB©TBSWB©OBLJ¸DJEBWB°J¹ZBUF]]]]
LBSBQBMMBWBTBµH²OJUBJSBTNOSBL¹BTBSWBUBÁ]]]]
%FW².IUNZBNPage 59 of 150 %FW².IUNZBNPage 60 of 150
XCXHMGSY`TQ2L@JLHG@RTQ Å3XDS3JHVSÃ4OR,Ã4S@R@XV@OTQ@
ZBEBZB©OJIBUBÁ°BUSVSBTNLB©NBIJ¹TVSBÁ] JUZFUBULBUIJUB©CIÄQBTBNCIÄUTZBUIQVS]
R2LS@R2LS@3UM@DHGRDV@OQL@OC OTMoF@$Q(CDG@3R@RLTaS@XV@ÃUSÆ
TB©TN®UTB©TN®UUWB©OPIJ©TFUIÁQBSBNQBEBÁ] QVOB°DBHBVS²EFIUTTBNVECIÄUZBUICIBWBU]
S2XHU^Hµ1HUÃU$W1MC@Q@HCR,OC@LÆ Q<:@XBK@DJ@M@CDU@M@LTOJ@HQ:(
UBTZBWJUUBSEEIJ]WJCIBWBJSEIBOBESEJTBNQBEN] SBL¹B´ZBDBMPLO©EFWONVQBLSJ´²]
ÅHSeR@HCS@CDU$I1FS@DVD1SV@3LM
2UH2Sr(L@J1ZEDXOTQ@:DR@UH:1JDL-U-SQD
JUJQSBTEJUEFWBJSKBHBUPSUIFUBUIUNBOBÁ] ]]TWBTUJ°S²NSLB´ºFZBQVS´FTWBS´JLFNBOWBOUBSF
BSTV@D17X@X
DBUVSUIPEIZZBÁ]]]]
%FW².IUNZBNPage 61 of 150 %FW².IUNZBNPage 62 of 150
G2S@f$C1WS(ÇM@-SHUKR"#(S@YTST+XeÃ@LÆ
IBTUCKBJSEBEIBU²©HIBOOUBWJMBTBDDI²U©°VUVMZBQSBCIN]
O®L@D7X@X F@$Q(CDGRLTaU@H`IFS@L@W@QÃ4S@LG@Â
QB¸DBNPEIZZBÁ HBVS²EFIBTBNVECIBW©USJKBHBUNEISBCIÄU©NBI-
O4U@1L`RQ2US(LMTÃIDYT,Ã@HCC$3X@HC1M(LÆ
QÄSWNBUSBTBSBTWBU²NBOVCIBKF°VNCIEJEBJUZSEJO²N]]
HUHMX@DF
WJOJZPHBÁ
?(;HkU@B
2Xr(^QBHQ`2Xk¸;Hr(LG@RQ2US(
PNLM²N®¹JSVWDB]]]]
BTZB°S²VUUBSBDBSJUSBTZBSVESB®¹JÁ]°S²NBITBSBTWBU²
OTQ@YT,ÃHMYT,Ã@>X@LRTQ@>X@YB(OSD
CDUS@ MTuTOÆ#-CÃ(L@YHÄ@LQ( QVS°VNCIBOJ°VNCICIZNBTVSCIZ©°BD²QBUFÁ]
EFWBU]BOV¹¾VQDIBOEBÁ]CI²N°BLUJÁ]CISNBS²
`$K@D*XX\Ã@F@ozS@LCAK@rX@SÆ
A(ILÆR4X12S_ULÆR@LUDC2UmOLÆ USBJMPLZB©ZBK¸BCIH°DBI®UNBEBCBM°SBZU]]]]
C²KBN]TÄSZBTUBUUWBN]TNBWFEBÁTWBSÄQBN]
r(LG@RQ2US(e(3XVD1^QBHQ`O@0DHUHMX@DF S@UDUR4X1S@SbCHWJ@QSV$-CULÆ
°S²NBITBSBTWBU²QS²UZBSUIFVUUBSBDBSJUSBQ¾IFWJOJZPHBÁ] UWFWBTÄSZBU©UBEWBEBEIJLSB©UBUIBJOEBWBN]
J@$ADQLVX@,XBBÖ@SDUk:2XB
7X@MLÆ LBVCFSBNBUIBZNZB©DBDBLSUFWBSV´BTZBDB]]]]
]EIZOBN]
S@UDUOUMHµBBÖSTU1H{JL1B
ÇZP@Y4KGK@HMYLTRKDBÖWMTR@XJ UWFWBQBWBOBSEEIJ©DBDBLSBUVSWBIOJLBSNBDB]
HIB´¾°ÄMBIBMOJ°BµLIBNVTBMFDBLSB©EIBOVÁTZBLB© SS@DCDU@HUHMW41S@uQ@)X@OQ@HIS@
UBUPEFWWJOJSEIÄUCISB¹¾BSKZÁQBSKJUÁ]]]]
%FW².IUNZBNPage 63 of 150 %FW².IUNZBNPage 64 of 150
zS@HWJ@Q@HvCY@2S@>X@RUD1HMQ@JS@ Q@$¸@X$ML@DHM3X@X$F@$X$1W@²X$ML@DML
I®UEIJLSTUSJEB°TUCIZ©TBSWFOJSL®UÁ] SBVESZBJOBNPOJUZZBJHBVSZBJEIUSZBJOBNPOBNBÁ]
SX@2L@JUQ@DC^@DXV@O3RT2LS@HNK@ J+X@ZX$e:S@Uµ$HRµ$JL@D1ML@DML
UBZTNLB©WBSPEBUUPZBUIQBUTVTN®ULIJMÁ] LBMZ´ZBJQSB´BUW®EEIZBJTJEEIZBJLVSNPOBNPOBNBÁ]
ÅHSJ3U@LHSCDU@HGLU-SMFDsQLÆ ¯F@1X$¯F1O@Q@X$R@Q@X$RU1J@HQZX$
JUJL®UWNBUJ©EFWIJNBWBOUB©OBHF°WBSBN] EVSHZBJEVSHBQSZBJTSZBJTBSWBLSJ´ZBJ]
CDU@=BT
HSR@$,X@HSQ@$¸@X$MS@2S2X$ML@DML
EFWÄDVÁ]]]] BUJTBVNZUJSBVESZBJOBUTUBTZBJOBNPOBNBÁ]
ML@DIF3eHSt@X$CD5X$J3X$ML@DML
ML@DCD5X$LG@CD5X$HYU@X$RSSML OBNPKBHBUQSBUJ¹¾IZBJEFWZBJL®UZBJOBNPOBNBÁ]]]]
OBNPEFWZBJNBIEFWZBJ°JWZBJTBUBUB©OBNBÁ]
MLeJ3X$ø@X$HMXS@e:S@2LS@LÆ
X@CDU(RU1Ã4SDTHU:TL@XDHSYH!CS@
OBNBÁQSBL®UZBJCIBESZBJOJZBUÁQSB´BUÁTNBUN]]]] ZEFW²TBSWBCIÄUF¹VWJ¹´VNZFUJ°BCEJU]
ML2S2X$ML2S2X$ML2S2X$ML@DML
Â
OBNBTUBTZBJOBNBTUBTZBJOBNBTUBTZBJOBNPOBNBÁ]]-]]
%FW².IUNZBNPage 65 of 150 %FW².IUNZBNPage 66 of 150
X@CDU(RU1Ã4SDTBDSMD3XHÃW(XSD X@CDU(RU1Ã4SDTYHÄmOD:RH2VS@
ZEFW²TBSWBCIÄUF¹VDFUBOFUZBCIJEI²ZBUF] ZEFW²TBSWBCIÄUF¹V°BLUJSÄQF´BTB©TUIJU]
X@CDU(RU1Ã4SDTATHµmOD:RH2VS@ X@CDU(RU1Ã4SDTS:@mOD:RH2VS@
ZEFW²TBSWBCIÄUF¹VCVEEIJSÄQF´BTB©TUIJU] ZEFW²TBSWBCIÄUF¹VU®¹´SÄQF´BTB©TUIJU]
X@CDU(RU1Ã4SDTHM¸@mOD:RH2VS@ X@CDU(RU1Ã4SDT<@H-SmOD:RH2VS@
ZEFW²TBSWBCIÄUF¹VOJESSÄQF´BTB©TUIJU] ZEFW²TBSWBCIÄUF¹VL¹OUJSÄQF´BTB©TUIJU]
X@CDU(RU1Ã4SDT<TW@mOD:RH2VS@ X@CDU(RU1Ã4SDTI@HSmOD:RH2VS@
ZEFW²TBSWBCIÄUF¹VL¹VEISÄQF´BTB©TUIJU] ZEFW²TBSWBCIÄUF¹VKUJSÄQF´BTB©TUIJU]
X@CDU(RU1Ã4SDT#@X@mOD:RH2VS@ X@CDU(RU1Ã4SDTKÙ@mOD:RH2VS@
ZEFW²TBSWBCIÄUF¹VDIZSÄQF´BTB©TUIJU] ZEFW²TBSWBCIÄUF¹VMBKKSÄQF´BTB©TUIJU]
X@CDU(RU1Ã4SDTY@H-SmOD:RH2VS@ X@CDU(RU1Ã4SDT2LHSmOD:RH2VS@
ZEFW²TBSWBCIÄUF¹V°OUJSÄQF´BTB©TUIJU] ZEFW²TBSWBCIÄUF¹VTN®UJSÄQF´BTB©TUIJU]
X@CDU(RU1Ã4SDTrµ@mOD:RH2VS@ X@CDU(RU1Ã4SDTCX@mOD:RH2VS@
ZEFW²TBSWBCIÄUF¹V°SBEEISÄQF´BTB©TUIJU] ZEFW²TBSWBCIÄUF¹VEBZSÄQF´BTB©TUIJU]
X@CDU(RU1Ã4SDTJ@H-SmOD:RH2VS@ X@CDU(RU1Ã4SDTSTHumOD:RH2VS@
ZEFW²TBSWBCIÄUF¹VLOUJSÄQF´BTB©TUIJU] ZEFW²TBSWBCIÄUF¹VUV¹¾JSÄQF´BTB©TUIJU]
X@CDU(RU1Ã4SDTKyL(mOD:RH2VS@ X@CDU(RU1Ã4SDTL@SmOD:RH2VS@
ZEFW²TBSWBCIÄUF¹VMBL¹N²SÄQF´BTB©TUIJU] ZEFW²TBSWBCIÄUF¹VNU®SÄQF´BTB©TUIJU]
X@CDU(RU1Ã4SDTUH^mOD:RH2VS@ X@CDU(RU1Ã4SDT@H-SmOD:RH2VS@
ZEFW²TBSWBCIÄUF¹VW®UUJSÄQF´BTB©TUIJU] ZEFW²TBSWBCIÄUF¹VCISOUJSÄQF´BTB©TUIJU]
ÅH-¸X@:@LHWt@`(Ã4S@M@B@HNKDTX@ X@B2LS@S3<:LDUGH-SM
JOESJZ´NBEIJ¹¾IUS²CIÄUO©DLIJMF¹VZ] ZDBTN®UUBUL¹B´BNFWBIBOUJOBÁ
ML2S2X$ML2S2X$ML2S2X$ML@DML
Â
OBNBTUBTZBJOBNBTUBTZBJOBNBTUBTZBJOBNPOBNBÁ]]-]]
U2SU@HÃXTÄ@M@CDU@M@S`O@U1S(
FWB©TUBWCIJZVLUO©EFWO©UBUSBQSWBU²]
^V@RTQD-¸D:HCMDTRDHUS@
UUBUITVSFOESF´BEJOF¹VTFWJU]
R@gU(^@MÆRTQ@MÆRT4Ã1UHa2S4XSD`J@
TCSBW²UUOTVSOTVCISÄSCIBWBECIJÁTUÄZBUFUSBL]
JQ@DSTR@MYTÃGDSTQ(sQ(
LBSPUVTOBÁ°VCIBIFUVS²°WBS²
YQ(QJ@DYSo@2X@RLTaS@gU(H"#U@
°BS²SBLP°BUB°DTZÁTBNVECIÄUCSBW²DDIJW]]]]
YTÃ@HMø@ZXHÃG-STB@OC
°VCIOJCIBES´ZBCIJIBOUVDQBEBÁ]]]] 2S@D`LL$SH3ÖXSDYT,ÃC$3XHMQ@JS$
TUPUSB©NBNBJUBULSJZBUF°VNCIBEBJUZBOJSL®UBJÁ]
X@R@,eSB@DµSC$3XS@HOS$Â
ZTNQSBUB©DPEEIBUBEBJUZBUQJUBJ-
CDU$RLDS$RLQDHMYT,ÃDMOQ@HIS$
EFWBJÁTBNFUBJÁTBNBSFOJ°VNCIFOBQBSKJUBJÁ]]]]
Q2L@HÃQ(Y@BRTQ$M1L2XSD
SBTNCIJS²°DBTVSBJSOBNBTZBUF]
%FW².IUNZBNPage 71 of 150 %FW².IUNZBNPage 72 of 150
YQ(QJ@DY@
^2X@O@U13X@HMRS@H,AJ@ v(QLHSB@U1Ø(
@DSX-S(HCYH23U@
°BS²SBLP°EZBUUBTZÁQSWBUZOJÁT®UNCJL] TUS²SBUOBNBUJDSWBµH²EZPUBZBOU²EJ°BTUWJ¹]
S2X@HUHMF1S@X@STJ:@Ã43R@HOO@U1S( X@HMQ@HML:X@DFI@s@C(HMU$eÃ@D
UBTZ©WJOJSHBUZ©UVL®¹´CIÄUTQJQSWBU²] ZOJSBUOOJNB´BZPHBK°WE²OJWBJQSBCIP]
SS@DH,AJ@OQmOHA@:@RTLM@DGQLÆ DQ@USRL@M(S@DFIQOTQ-CQ@SÆ
UBUPNCJL©QBSB©SÄQB©CJCIS´©TVNBOPIBSBN] BJSWBUBÁTBNO²UPHBKBSBUOB©QVSBOEBSU]
S@>X@YT,Ã@XB@.X@S@R@S(URTLM@DGQ@ HUL@MGRRXTÄLDSH^tHSSDØ:D
UCIZ©°VNCIZBDLIZUTU²WBTVNBOPIBS] WJNOB©IB©TBTB©ZVLUBNFUBUUJ¹¾IBUJUFµHB´F]
M$US@}J*UHB¸O}uJDMHB¯^LLÆ HMHWQDLG@O¹RL@M(S@DWMDsQ@SÆ
OBJWBUE®LLWBDJESÄQB©E®¹¾B©LFOBDJEVUUBNBN] OJEIJSF¹BNBIQBENBÁTBNO²UPEIBOF°WBSU]
SV@X2X-CMUQ@DXOTQ@R(3eI@OSD
UBUIZB©TZBOEBOBWBSPZBÁQVST²UQSBKQBUFÁ]]]]
HMY,XDHSUBYT,ÃRSC@BZELTZEX@D
OJ°BNZFUJWBDBÁ°VNCIBÁTBUBEDB´ºBNV´ºBZPÁ]
O@YRHKKQ@I2X@ST2SUOHQGD
Q°BÁTBMJMBSKBTZBCISUVTUBWBQBSJHSBIF]]]]
ÅHSBDHSBUÄ5X@R@F3U@UBM@-LL
JUJDFUJDBWBLUBWZTHBUWWBDBOONBNB]
UH{QHOCC@$ST>XLHY@$BDBU@RR(
WBIOJSBQJEBEBVUVCIZBNBHOJ°BVDFDBWTBT²]]]]
RS`F3U@X`@2SDY$K@D´DYDHSY@DÃMD
TBUBUSBHBUWZBUSTUF°BJMPEEF°FUJ°PCIBOF]
v(QLD@J+X@:(3UX@J2L@ºFÐSD
TUS²SBUOBNF¹LBMZ´²UWBZLBTNOOBH®IZBUF]]]]
±SU@B
EÄUBVWDB]]]]
CDHUC$3XDsQYT,Ãv$K@D*XDOQLDsQ
EFWJEBJUZF°WBSBÁ°VNCIBTUSBJMPLZFQBSBNF°WBSBÁ]
±S@DGeDHS2SDM3U3RJ@YHLG@FS
EÄUPIB©QSF¹JUBTUFOBUWBUTBL°BNJIHBUBÁ]]]]
%FW².IUNZBNPage 75 of 150 %FW².IUNZBNPage 76 of 150
5X@GS@\RU@1RTXRC@CDUX@DHMT v(QÃ4S@3U@CDHUK@DJDL-X@LGDUXLÆ
BWZIBUK¸BÁTBSWTVZBÁTBEEFWBZPOJ¹V] TUS²SBUOBCIÄU©UW©EFWJMPLFNBOZNBIFWBZBN]
LL`$K@D*XLHNKLLCDU@UY@MTF@ L@U@LL@MTIU@HOHMYT,ÃLTkHUÖLLÆ
NBNBUSBJMPLZBNBLIJMB©NBNBEFWWB°OVHÁ] N©WNBNOVKB©WQJOJ°VNCIBNVSVWJLSBNBN]
`$K@D*XDUQQ@HMLLU9X@-XYDS OQL$sX1LSTKe@/2XRDL3OHQG@SÆ
USBJMPLZFWBSBSBUOOJNBNBWB°ZOZB°F¹BUBÁ] QBSBNBJ°WBSZBNBUVMB©QSQTZBTFNBUQBSJHSBIU]
×$rURR\S3eH:O3XRLHO1SLÆ
VDDBJÁ°SBWBTBTB¸K¸B©UBUQSB´JQBUZBTBNBSQJUBN]]]]
Å3XTÄ@R@SC@CDU(F,Ã(Q@-SH2LS@IF@$
JUZVLUTUBEEFW²HBNCI²SOUBÁTNJUKBHBV]
QÃ4S@HMÃ4S@HMS@HML8XDUY@DÃMD
SBUOBCIÄUOJCIÄUOJUOJNBZZFWB°PCIBOF]]]]
%FW².IUNZBNPage 77 of 150 %FW².IUNZBNPage 78 of 150
R3XLTÄ3UX@M@`HL6X@HJHB_UX@DHCSLÆ UHKÏ@HRL$U3UCDHUg4HGLL@S
TBUZBNVLUB©UWBZOUSBNJUIZLJ¸DJUUWBZPEJUBN] BWBMJQUTJNBJWB©UWB©EFWJCSÄIJNBNHSBUBÁ]
HJ3U`X3eHS\@SHL6X@SH3ÖXSDJVLÆ -XD@LHOC$3X@M@RUD1CDU@MU$XTHW
LJ©UWBUSBZBUQSBUJK¸UB©NJUIZUBULSJZBUFLBUIBN] BOZF¹NBQJEBJUZO©TBSWFEFWOBWBJZVEIJ]
X@DL@IXHSR@LDX@DLDCO5XO@DGHS Å-¸@
@RJK@CDU@2S2VTXD1@MRXTFD
ZPN©KBZBUJTBµHSNFZPNFEBSQB©WZBQPIBUJ] JOESEZÁTBLBMEFWTUBTUIVSZF¹©OBTB©ZVHF]
SC@F"#STYT,Ã@D`HMYT,Ã@DU@LG@AK R@3UF"#LX$U@DÄ@O@sYT,ÃHMYT,ÃX@D
UBEHBDDIBUV°VNCIPUSBOJ°VNCIPWNBICBMBÁ] TUWB©HBDDIBNBZBJWPLUQS°WB©°VNCIBOJ°VNCIBZPÁ]
CD5XTU@B
EFWZVWDB]]]]
t@D7X@X
ULDSCAK(YT,Ã@DHMYT,Ão@HOS@}Y
FWBNFUBECBM²°VNCIPOJ°VNCIB°DQJUE®°BÁ]
¹B¹¾IPEIZZBÁ
HJJQ@DHLeHS\@LDXCM@K@DHBS@OTQ@
LJ©LBSPNJQSBUJK¸NFZBEBOMPDJUQVS]]]] ?;HkU@B
PN®¹JSVWDB]]]]
R3UF"#LX@DÄSDXCDS3RU1L@}S
TBUWB©HBDDIBNBZPLUB©UFZBEFUBUTBSWBNE®UBÁ] Å3X@JZX1UB@DCD5X@R±S@DL1O4HQS
SC@ByU@RTQD-¸@XRBXTÄJQ@DSTXSÆ
JUZLBS´ZBWBDPEFWZÁTBEÄUPNBS¹BQÄSJUBÁ]
UBEDBL¹WTVSFOESZBTBDBZVLUB©LBSPUVZBU]]]] RL@BuRL@F,XC$3XQ@I@XHU2SQ@SÆ
TBNDB¹¾BTBNHBNZBEBJUZBSKZBWJTUBSU]]]]
2UH2Sr(L@J1ZEDXOTQ@:DR@UH:1JDL-U-SQD S2X±S2XSb@*XL@JZX@1RTQQ@PSS
]]TWBTUJ°S²NSLB´ºFZBQVS´FTWBS´JLFNBOWBOUBSF UBTZBEÄUBTZBUBEWLZBNLBS´ZTVSBS¾UBUBÁ]
CDU(L@G@3,XDCD5X@±SRU@C@DM@L RÖ@DWe@GC$3X@M@LHWOW4lK@DBMLÆ
EFW²NIUNZFEFWZEÄUBTB©WEPONB TBLSPEIBÁQSIBEBJUZONBEIJQB©EIÄNSBMPDBOBN]]]]
O®L@D7X@X
QB¸DBNPEIZZBÁ]]]] GDW4lK@DBM@YT3U2UR$-XOHQU@HQS
IFEIÄNSBMPDBO°VUWB©TWBTBJOZBQBSJWSJUBÁ]
S@L@MXAK@´«u@JDY@J1:HUÒK@LÆ
UNOBZBCBMEEV¹¾©LF°LBS¹B´BWJIWBMN]]]]
%FW².IUNZBNPage 81 of 150 %FW².IUNZBNPage 82 of 150
S3OHQ`@:CJHo
HCU@DH^tSDOQ CD5XTU@B
UBUQBSJUS´BEBÁLB°DJEZBEJWPUUJ¹¾IBUFQBSBÁ] EFWZVWDB]]]]
RG-S5X@DLQ@DU@HOX<@DF-WU1UU@
TBIBOUBWZPNBSPWQJZBL¹PHBOEIBSWBFWBW]]]]
C$3XDsQD:eHGS@DAKU@-AKRUS
EBJUZF°WBSF´BQSBIJUPCBMBWOCBMBTB©W®UBÁ]
USu@RGw@:@LRTQ@:@¸«SXX@$
W®UBÁ¹B¹¾ZTBIBTS´NBTVS´©ESVUB©ZBZBV]]]]
Å3XTÄR@D>XW@U^@LRTQ@DW4lK@DBM
JUZVLUBÁTPCIZBEIWBUUNBTVSPEIÄNSBMPDBOBÁ]
IF@C@D×$eX@G(HSL4KYT,ÃHMYT,ÃX@D
KBHEPDDBJÁQSBZI²UJNÄMB©°VNCIBOJ°VNCIBZPÁ]]]]
VÖµLG@R$-XLRTQ@:@SV@H,AJ@
BUIBLSVEEIB©NBITBJOZBNBTVS´©UBUINCJL]
MBD3e(3X@
ÃUS(LaS@1QLTO$XHS UU1R@XJ$2S(y:$2SV@YHÄOQsW$
OBDFUQS²UZEZBCIBWBU²NBECIBSUSBNVQBJ¹ZBUJ] WBWBS¹BTZBLBJTU²L¹´BJTUBUI°BLUJQBSB°WBEIBJÁ]]]]
SS@DAK@ºX@,XDJDY@J1:HUÒK@LÆ
UBUPCBMOOBZNZF¹BLF°LBS¹B´BWJIWBMN]]]]
SS@DWTSRPJ@DO@3J3U@M@CRTÃ$QULÆ
UBUPEIVUBTB¾BÁLPQUL®UWOEB©TVCIBJSBWBN]
OO@S@RTQRDM@X@HRG@DCD5X@2UU@GM
QBQUTVSBTFOZ©TJ©IPEFWZÁTWBWIBOBÁ]]]]
%FW².IUNZBNPage 83 of 150 %FW².IUNZBNPage 84 of 150
JD@HB3O@PX@L@RMN$J@Dt@HMJDRQ( GDBZEGDLTZEAK$A1¤HÃOHQU@HQS@$
LF¹¸DJUQ¾BZNTBOBLIBJÁLP¹¾IOJLFTBS²] IFDB´ºBIFNV´ºBCBMBJSCBIVCIJÁQBSJWSJUBV]
HUH"#ºA@¤HYQRJS@2SDMSV@OQD JDYDU@JXAC7U@U@XHCURYX@DXTHW
WJDDIJOOBCIV°JSBTBÁL®UTUFOBUBUIQBSF] LF°F¹WL®¹ZBCBEEIWWZBEJWBÁTB©°BZPZVEIJ]
<:DMS·KRU<XM(SLG@3LM@ S2X@GS@X@¯u@X@HRGDBHUHMO@HSSD
L¹B´FOBUBECBMB©TBSWB©L¹BZB©O²UB©NBIUNBO] UBTZ©IBUZ©EV¹¾Z©TJ©IFDBWJOJQUJUF]
rT3U@SLRTQCD5X@HMGSW4lK@DBMLÆ
°SVUWUBNBTVSB©EFWZOJIBUB©EIÄNSBMPDBOBN]
AKB<HXSJ3xCDU(JDRHQ:@SS
CBMB©DBL¹BZJUB©L®UTOB©EFW²LFTBSJ´UBUBÁ]]]]
%FW².IUNZBNPage 85 of 150 %FW².IUNZBNPage 86 of 150
2UH2Sr(L@J1ZEDXOTQ@:DR@UH:1JDL-U-SQD
]]TWBTUJ°S²NSLB´ºFZBQVS´FTWBS´JLFNBOWBOUBSF
RÏL@D7X@X
CDU(L@G@3,XDYT,ÃHMYT,ÃRDM@M(W4lK@DBMUW@D TBQUBNPEIZZBÁ
EFW²NIUNZF°VNCIBOJ°VNCIBTFOO²EIÄNSBMPDBOBWBEIP
M@Lt@D7X@X
?;HkU@B
ONB¹B¹¾IPEIZZBÁ]]]] PN®¹JSVWDB]]]]
@\Ï@2SDSS@DC$3X@oZELTZEOTQ@DFL@
K¸BQUTUFUBUPEBJUZ°DB´ºBNV´ºBQVSPHBNÁ]
BSTQØAK@DODS@XXTQ>XT
S@XTW@
DBUVSBµHBCBMPQFUZBZVSBCIZVEZBUZVEIÁ]]]]
C}YT2SDSS@DCDU(L(µ@R@5XUH2VS@LÆ
EBE®°VTUFUBUPEFW²N²¹BEEIT©WZBWBTUIJUN]
HRG2X@DOHQY$KD-¸YØDLGHSJ@®MD
TJ©IBTZPQBSJ°BJMFOESB°®µHFNBIBUJL¸DBOF]]]]
SD}PU@S@RL@C@STLT
LBÖk
S@
UFE®¹¾WU©TBNEUVNVEZBNB©DBLSVSVEZBUÁ]
@JuB@O@HRWQ@2SV@-XDS3RL(OF@
L®¹¾BDQTJEIBSTUBUIOZFUBUTBN²QBHÁ]]]]
%FW².IUNZBNPage 87 of 150 %FW².IUNZBNPage 88 of 150
SSJ@DOBJ@Q@D×$QH,AJ@S@MQ(-eHS O@H:1@G@«Y@GX@DWÇZP@RLH-US@MÆ
UBUBÁLPQB©DBLSPDDBJSBNCJLUOBS²OQSBUJ] QS¹´JHSIµLV°BHSIBZPEIBHIB´¾TBNBOWJUO]
HUHB`NPU@ØWQ@MQL@K@HUÃ4:@ JI@GJDYDT(U@X@LVB@OQLÆ
WJDJUSBLIB¾WµHBEIBSOBSBNMWJCIĹB´] FLB©KBHSIBLF°F¹VHS²WZNBUIBDQBSBN]
HSHU2S@QUCM@HIÒ@KKMÃ(:@ S$LT1Ä@HMBYv@H:LG@v@H:SV@RTQ$
BUJWJTUSBWBEBOKJIWMBMBOBCI²¹B´] UBJSNVLUOJDB°BTUS´JNBITUS´JUBUITVSBJÁ]
R@UDFDM@HÃOHSS@Ç@SX-S(LG@RTQ@MÆ AHKM@S·KRU1LRTQ@:@¯Q@3LM@LÆ
TWFHFOCIJQBUJUHIUBZBOU²NBITVSO] CBMJO©UBECBMB©TBSWBNBTVS´©EVSUNBON]
HRM@HMGS@JDHB3JDHB3NPU@ØS@HES@ 3V@XBLG@HRGCDU(BZELW@US
BTJOOJIBUÁLFDJULFDJULIB¾WµHBUºJUÁ] VUUIZBDBNBITJ©IB©EFW²DB´ºBNBEIWBUB]
<:DMS·KRU1LRTQ@:@HMO@HSSLÆ VLTZE@D>XW@U^@}PU@BZEHMO@HSSLÆ
L¹B´FOBUBECBMB©TBSWBNBTVS´©OJQUJUBN] BUIBNV´ºPCIZBEIWBUU©E®¹¾WDB´ºB©OJQUJUBN]
YQU$1L1G@Ã(L$Ã(1L@<(S@LG@RTQ GSYDSSR$-X}PU@BZEHMO@HSSLÆ
°BSBWBS¹BJSNBICI²NBJSCI²NL¹²©U©NBITVSBÁ] IBUB°F¹B©UBUBÁTBJOZB©E®¹¾WDB´ºB©OJQUJUBN]
S@HMBÖ@ZXMDJ@HMHUYL@M@HMS-LTNLÆ HYQoZE2XJ@K(BFG(3U@LTZELDUB
UOJDBLS´ZBOFLOJWJ°BNOOJUBONVLIBN] °JSB°DB´ºBTZBLM²DBH®I²UWNV´ºBNFWBDB]
SS@DIG@R@HSk@Ã(LÃ$QUM@HCM( LX@SU@`@DOzS@$BZELTZE@$LG@OY4
UBUPKBITUJSV¹CI²NB©CIBJSBWBOEJO²] NBZUBWUSPQBI®UBVDB´ºBNV´ºBVNBIQB°Ä]
;HkU@B
®¹JSVWDB]]]]
uL@D7X@X
S@U@M(S@$SS@D}PU@BZELTZE@$LG@RTQ@$
UWO²UBVUBUPE®¹¾WDB´ºBNV´ºBVNBITVSBV]
B¹¾BNPEIZZBÁ
U@BJ@K(J+X@:(KHKSBHZEJ@UB
VWDBLM²©LBMZ´²MBMJUB©DB´ºJLWBDBÁ]]]] ?;HkU@B
PN®¹JSVWDB]]]]
X2L@×ZEBLTZEBFG(3U@3ULTO@FS@
ZBTNDDB´ºB©DBNV´ºB©DBH®I²UWUWBNVQHBU] BZEDBHMGSDC$3XDLTZEDBHUHMO@HSSD
B@LTZEDHSSS@DK@DJD.X@S@CDU(ÃHUXHR
DB´ºFDBOJIBUFEBJUZFNV´ºFDBWJOJQUJUF]
DNV´ºFUJUBUPMPLFLIZUEFW²CIBWJ¹ZBTJ]]]] A¤KDTBR$-XDT<HXSDURTQDsQ
CBIVMF¹VDBTBJOZF¹VL¹BZJUF¹WBTVSF°WBSBÁ]]]]
2UH2Sr(L@J1ZEDXOTQ@:DR@UH:1JDL-U-SQD SSJ@DOOQ@W(MBDS@YT,ÃeS@OU@MÆ
]]TWBTUJ°S²NSLB´ºFZBQVS´FTWBS´JLFNBOWBOUBSF UBUBÁLPQBQBSEI²OBDFUÁ°VNCIBÁQSBUQBWO]
CDU(L@G@3,XDBZELTZEUW@DM@L
@DFRU1R$-X@M@C$3X@M@L@HCCDYG
EFW²NIUNZFDB´ºBNV´ºBWBEIPONB VEZPHB©TBSWBTBJOZO©EBJUZONEJEF°BIB]]]]
RÏL@D7X@X
TBQUBNPEIZZBÁ]]]]
RU1AK$C$13X@EY(HSkC@XTW@
BEZBTBSWBCBMBJSEBJUZÁ¹BºB°²UJSVEZVEIÁ]
J,A4M@BSTQY(HSHM1X@1-ST2UAK$U1S@
LBNCÄO©DBUVSB°²UJSOJSZOUVTWBCBMBJSW®UÁ]]]]
%FW².IUNZBNPage 93 of 150 %FW².IUNZBNPage 94 of 150
J@DHPU(X@1H:O®@YCRTQ@:@JK@HMU$ WMT)X@1HRGÇZP@M@M@C@O4HQSHCLTN@
LP¾JW²SZ´JQB¸D°BEBTVS´©LVMOJWBJ] EIBOVSKZTJ©IBHIB´¾O©OEQÄSJUBEJµNVLI]
J@KJ@C@$z1C@L@$U@1J@HKJDX@2SV@RTQ@ SHMM@CLTOrT3XC$3XR$-X$oSTHC1YLÆ
LMBLEBVSI®ENBVSWÁLMJLFZTUBUITVSÁ] UB©OJOEBNVQB°SVUZBEBJUZBTBJOZBJ°DBUVSEJ°BN]
Å3X@\@/X@RTQOHSYT,Ã@DÃ$QUY@RM SH2Lº-SQDÃ4OHUM@Y@XRTQHb@LÆ
JUZK¸QZTVSBQBUJÁ°VNCIPCIBJSBWB°TBOBÁ] FUBTNJOOBOUBSFCIÄQBWJO°ZBTVSBEWJ¹N]
@X@-SBHZEJ@}PU@S3R$-XLHSÃ(:LÆ g|DYFTGHU:4M@SVD-¸2XBYÄX
ZOUB©DB´ºJLE®¹¾WUBUTBJOZBNBUJCI²¹B´BN] CSBINF°BHVIBWJ¹´ÄO©UBUIFOESBTZBDB°BLUBZBÁ]
SSHRG@DLG@M@CLS(UJSU@ºO X2XCDU2XX¸OXV@Ã4:U@GMLÆ
UBUBÁTJ©IPNBIOEBNBU²WBL®UBWOO®QB] ZBTZBEFWBTZBZBESÄQB©ZBUICIĹB´BWIBOBN]
GRXTÄHUL@M@DR@<R4`JLZEKT M@QHRG(MHRG2XHAS(R}YUOT
IB©TBZVLUBWJNOHSFTL¹BTÄUSBLBNB´ºBMVÁ] OSBTJ©I²O®TJ©IBTZBCJCISBU²TBE®°B©WBQVÁ]
L@GDsQ(U@m%@H`Y4KUQW@HQ:( UG2S@SV$U$-¸(FIQ@I@DOHQH2VS@
NIF°WBS²W®¹SĺIUSJ°ÄMBWBSBEISJ´²] WBKSBIBTUUBUIBJWBJOES²HBKBSKPQBSJTUIJU]
J@$L@Q(YHÄG2S@BLX4QUQU@GM@ SSOHQUS2S@HÃQ(Y@M@DCDUYHÄHÃ
LBVNS²°BLUJIBTUDBNBZÄSBWBSBWIBO] UBUBÁQBSJW®UBTUCIJS²°OPEFWB°BLUJCIJÁ]
SV$UU$:U(YHÄF1kE@DOHQRH2VS@ SS@DCDU(YQ(Q@^THUHMÖ@-S@HSÃ(:@
UBUIBJWBWBJ¹´BW²°BLUJSHBSVºPQBSJTB©TUIJU] UBUPEFW²°BS²SUUVWJOJ¹LSOUUJCI²¹B´]
X\U@Q@GLSTKmOX@HAS@DGQD R@B@GW4lIHPKL(Y@MLOQ@HIS@
ZBK¸BWSIBNBUVMB©SÄQB©ZCJCISBUPIBSFÁ] TDIBEIÄNSBKB¾JMBN²°OBNBQBSKJU]
g4HGYT,ÃHMYT,ÃBC@MU@UHSFHU1S@$ SSeVLLDU@DYQY
XHuUHuHÃ
CSÄIJ°VNCIB©OJ°VNCIB©DBEOBWWBUJHBSWJUBV] UBUBÁQSBUIBNBNFWHSF°BSB°BLUZ®¹¾JW®¹¾JCIJÁ]
`$K@D*XHL-¸@DKÃS@CDU@R-STGHUÃT1I R@BS@MÆeHGS@MÆA@:@°#4KYHÄOQsW@MÆ
USBJMPLZBNJOESPMBCIBU©EFWÁTBOUVIBWJSCIVKBÁ] TDBUOQSBIJUOC´¸DIÄMB°BLUJQBSB°WBEIO]
AK@UKDO@CVBDaU-S@DXTµJ@H<: S2X@S2SV@J@K(Y4KO@SHUC@HQS@MÆ
CBMWBMFQEBUIBDFECIBWBOUPZVEEIBLµL¹J´BÁ] UBTZHSBUBTUBUILM²°ÄMBQUBWJESJUO]
XS@DHMXTÄ@DC@$3XDMSX@CD5X@HYU2UXLÆ JLZEKTIK@<DOGSU(X@1MÆGS@$IR
ZBUPOJZVLUPEBVUZFOBUBZEFWZ°JWBÁTWBZBN] LBNB´ºBMVKBML¹FQBIBUBW²SZOIBUBVKBTBÁ]
SDHOrT3U@UB@DCD5X@YU@1.X@SLG@RTQ@ L@GDsQ(H`Y4KDMSV@BÖD:U$:U(
UFQJ°SVUWWBDPEFWZÁ°BSWLIZUB©NBITVSÁ] NIF°WBS²USJ°ÄMFOBUBUIDBLSF´BWBJ¹´BW²]
D-¸(JHKYO@SDMYSY@DC$3XC@MU@ OK@XMOQ@-}PU@C$3X@-L@SF:@HC1S@MÆ
BJOES²LVMJ°BQUFOB°BUB°PEBJUZBEOBWÁ] QBMZBOBQBSOE®¹¾WEBJUZONU®HB´SEJUO]
MN$HU1C@HQS@o@-X@MÆÃ<X-S(LG@RTQ@MÆ XTXTWDRFC@O@H:HQ-¸Y
X@LG@RTQ
OBLIBJSWJESJU©°DOZOCIBL¹BZBOU²NBITVSO] ZVZVEIFTBHBEQ´JSJOESB°BLUZNBITVSBÁ]
BZE@¡G@R$QRTQ@HYU±3XHñHS@ JHKYDM@GS2X@YTA¤RTw@UY@DH:SLÆ
DB´º¾¾BITBJSBTVSÁ°JWBEÄUZBCIJEĹJUÁ] LVMJ°FOIBUBTZ°VCBIVTVTSWB°P´JUBN]
ÅHSL@SF:ÖµLC1X-SLG@RTQ@MÆ X@U-SOHSS@2S2XYQ(Q@¸ÄHA-CU
JUJNU®HB´B©LSVEEIB©NBSEBZBOUB©NBITVSO] ZWBOUBÁQBUJUTUBTZB°BS²SESBLUBCJOEBWBÁ]
SDB@HOXTXTWT2S`OTk@QÄR,ÃU@ RB@HOFCX@C$3XRU@1U@GMSÆOVJ
UFDQJZVZVEIVTUBUSBQVSV¹SBLUBTBNCIBWÁ] TBDQJHBEBZEBJUZBÁTBSWFWIBOBUQ®UIBL]
OTMoUO@SDM<SL2XHYQ@DXC@ S2X@GS2XA¤W@YHÄY4K@HCHÃÃT1HU
QVOB°DBWBKSBQUFOBL¹BUBNBTZB°JSPZBE] UBTZIBUBTZBCBIVEI°BLUJ°ÄMEJCIJSCIVWJ]
U$:U(RLQDB$MBÖD:@HÃIÇ@MG S$o@RTQ@R*R,Ã4S$QRTQ$RJKIFSÆ
WBJ¹´BW²TBNBSFDBJOB©DBLSF´CIJKBHIOBIB] UBJ°DTVST®LTBNCIÄUBJSBTVSBJÁTBLBMB©KBHBU]
U$:U(BÖHú2XkHWQw@UR,ÃU$ S@MÆHUZ:@MÆRTQ@MÆ}PU@BHZEJ@e@GR3UQLÆ
WBJ¹´BW²DBLSBCIJOOBTZBSVEIJSBTSWBTBNCIBWBJÁ] UOWJ¹B´´OTVSOE®¹¾WDB´ºJLQSIBTBUWBSBN]
Y
X@IÇ@MJ@$L@Q(U@Q@G(BSV@HRM@ L"#vO@SR,Ã4S@MÆQÄHA-±MÆLG@RTQ@MÆ
°BLUZKBHIOBLBVNS²WSI²DBUBUITJO] NBDDIBTUSBQUBTBNCIÄUOSBLUBCJOEÄONBITVSO]
Ã<X-S(BQQ:DS¯3Oº@-LG@RTQ@MÆ S@oN@C@VB@LTZE@OO@$S2XBY@DH:SLÆ
CIBL¹BZBOU²DBSBSB´FUBEVUQBOOONBITVSO] U©°DBLIEUIBDNV´ºQBQBVUBTZBDB°P´JUBN]
ÃyXL@:@23UX@B@D@MB@D3O32XH-SB@OQD IÇ@MQÄA(ISB@LTZE@O(SY@DH:SLÆ
CIBL¹ZBN´TUWBZDPHSOBDPUQBUTZBOUJDQBSF] KBHIOBSBLUBC²KB©UB©DNV´ºQ²UB°P´JUBN]
LTNDMJ@K(IFGDQÄA(I2XY@DH:SLÆ M(QÄoLG(O@KQÄA(I@DLG@RTQ
NVLIFOBLM²KBH®IFSBLUBC²KBTZB°P´JUBN] O²SBLUB°DBNBI²QMBSBLUBC²KPNBITVSBÁ]
S2X@GS2XCDG@^TA¤RTw@UY@DH:SLÆ
UBTZIBUBTZBEFIUUVCBIVTVTSWB°P´JUBN]]]]
2UH2Sr(L@J1ZEDXOTQ@:DR@UH:1JDL-U-SQD
]]TWBTUJ°S²NSLB´ºFZBQVS´FTWBS´JLFNBOWBOUBSF
XS2SS2SbD:B@LTZE@R,eS("#HS CDU(L@G@3,XDQÄA(IUW@D
ZBUBTUBUBTUBEWBLUSF´BDNV´ºTBNQSBU²DDIBUJ]
EFW²NIUNZFSBLUBC²KBWBEIP
LTNDRLT¶S@XD2X@QÄO@S@-LG@RTQ@
M@L@uL@D7X@X
NVLIFTBNVEHBUZFTZSBLUBQUONBITVSÁ]]]]
ON¹¾BNPEIZZBÁ]]]]
%FW².IUNZBNPage 105 of 150 %FW².IUNZBNPage 106 of 150
;HkU@B
®¹JSVWDB]]]]
MUL@D7X@X
BJ@QJ@DOLSTKQÄA(IDHMO@HSSD
OBWBNPEIZZBÁ DBLSBLPQBNBUVMB©SBLUBC²KFOJQUJUF]
YT,Ã@RTQ@DHMYT,ÃoGSDU-XDTB@GUD
°VNCITVSPOJ°VNCIB°DBIBUF¹WBOZF¹VDIBWF]]]]
?Q@I@DU@B
PNSKPWDB]]]]
G-XL@MLG@R$-XHUK@D*X@L1LTbGMÆ
IBOZBNOB©NBITBJOZB©WJMPLZNBS¹BNVEWBIBO]
HUHB`HLCL@.X@SÃFUMÆÃUS@LL
WJDJUSBNJEBNLIZUB©CIBHBWBOCIBWBUNBNB]
>XW@UHºYT,Ã@DVLT.XX@RTQRDMX@
BCIZBEIWBOOJ°VNCIPUIBNVLIZBZTVSBTFOBZ]]]]
CD5X@oHQSL@G@3,XQÄA(IUW@HrSLÆ
EFWZ°DBSJUBNIUNZB©SBLUBC²KBWBEI°SJUBN]]]]
S2X@S2SV@OtDO@s1X@DoLG@RTQ@
UBTZHSBUBTUBUIQ®¹¾IFQS°WBZP°DBNBITVSÁ]
Ã4XoD"#@,XGr@DSTQÄA(IDHMO@HSSD
CIÄZB°DFDDINZBIB©°SPUV©SBLUBC²KFOJQUJUF]
RCu@$tOTP@Öµ@G-STCDU(LTO@XXT
TBOEB¹¾BV¹¾IBQV¾ÁLSVEEIIBOUV©EFW²NVQZBZVÁ]]]]
BJ@QYT,Ã@DX3JL1HMYT,Ão@HSJ@DOM
DBLSB°VNCIPZBULBSNBOJ°VNCIB°DUJLPQBOBÁ]]]]
@IF@LLG@U(X1YT,Ã@DHO2UAK$U1S
KBHNBNBIW²SZBÁ°VNCIPQJTWBCBMBJSW®UBÁ]
HMG-STBHZEJ@J@DO@3J3U@XTµSTL@SHÃ
OJIBOUV©DB´ºJL©LPQUL®UWZVEEIB©UVNU®CIJÁ]]]]
%FW².IUNZBNPage 107 of 150 %FW².IUNZBNPage 108 of 150
SS@DXTµLS(U@R(´D5X@YT,ÃHMYT,ÃX@D J@DO@7L@S@DHMYT,Ã@DVY4KI@GC@MU
UBUPZVEEIBNBU²WT²EEFWZ°VNCIBOJ°VNCIBZPÁ] LPQEINUPOJ°VNCIPUIB°ÄMB©KBHSIBEOBWBÁ]
HB"#DC@2S@°#Q@2S@>X@BHZEJ@2UYQ@D3JQ$ @HU7X@VFC@R@DHOHB<DOBHZEJ@eHS
DJDDIFETU¸DIBS©TUCIZ©DB´ºJLTWB°BSPULBSBJÁ] WJEIZUIBHBE©TPQJDJL¹FQBDB´ºJL©QSBUJ]
HMYT,Ã@DHMHYSNEFBL1B@C@XRTeÃLÆ SSOQYTG2SSL@X@-SC$3XOTØULÆ
OJ°VNCIPOJ°JUB©LIBºHB©DBSNBDEZBTVQSBCIBN] UBUBÁQBSB°VIBTUB©UBNZOUB©EBJUZBQVµHBWBN]
S@HESDU@GMDCDU(<TQeD:@HRLT^LLÆ SH2LHºOHSSDÃ4L@$HMYT,ÃDÃ(LHUÖLD
UºJUFWIBOFEFW²L¹VSBQSF´TJNVUUBNBN] UBTNJOOJQBUJUFCIÄNBVOJ°VNCIFCI²NBWJLSBNF]
H#ºDBL1H:NEFDBYHÄHB<DOR@DRTQ RQV2V2SV@3XT×$F1G(SOQL@XTW$
DIJOOFDBSNB´JLIBºHFDB°BLUJ©DJL¹FQBTPTVSBÁ] TBSBUIBTUIBTUBUIUZVDDBJSH®I²UBQBSBNZVEIBJÁ]
SL@X@-SRL@K@D*XCDU(YLU@CXSÆ ¯Q@3LH2StHStDHS5X@IG@Q@H,AJ@XC@
UBNZOUB©TBNMPLZBEFW²°BµLIBNBWEBZBU] EVSUNB©TUJ¹¾IBUJ¹¾IFUJWZKBISNCJLZBE]
O4QX@L@RJJÃ@DHMIÇZP@2UMDMB YT,ÃDM@F3XX@YHÄLT1Ä@)U@K@HSÃ(:@
QÄSBZNTBLBLVCIPOJKBHIB´¾TWBOFOBDB] °VNCIFOHBUZBZ°BLUJSNVLUKWMUJCI²¹B´]
SSHRG@DLG@M@C$23X@HISDÃLG@LC$ HRGM@CDMYT,Ã2X5X@ÏK@DJ`X@-SQLÆ
UBUBÁTJ©IPNBIOEBJTUZKJUFCIBNBINBEBJÁ] TJ©IBOEFOB°VNCIBTZBWZQUB©MPLBUSBZOUBSBN]
SSJ@K(RLT3O3XFFMyL@LS@EXSÆ YT,ÃLTÄ@°#Q@-CDU(YT,Ã2S3eHGS@°#Q@MÆ
UBUBÁLM²TBNVUQBUZBHBHBOB©L¹NNBUºBZBU] °VNCIBNVLU¸DIBSOEFW²°VNCIBTUBUQSBIJU¸DIBSO]
¡@¡G@RLHYUHYU±S(BJ@QG SSR@BHZEJ@Öµ@Y4KDM@HÃIÇ@MSLÆ
B¾¾¾¾BITBNB°JWB©°JWBEÄU²DBLSBIB] UBUBÁTDB´ºJLLSVEEI°ÄMFOCIJKBHIOBUBN]
SS@DHMYT,ÃR,e@/XBDSM@L@^J@LT1J Y4KG2SRL@X@-SHMYT,ÃLLQ@C1MLÆ
UBUPOJ°VNCIBÁTBNQSQZBDFUBONUUBLSNVLBÁ] °ÄMBIBTUB©TBNZOUB©OJ°VNCIBNBNBSSEBOBN]
OTMoJ3U@A@M@LXTSCMTIDsQ Hú2XS2XY4KDMzCX@HºRS@DOQ
QVOB°DBL®UWCIÄONBZVUB©EBOVKF°WBSBÁ] CIJOOBTZBUBTZB°ÄMFOBI®EBZOOJÁT®UPQBSBÁ]
SS@DÃFUS(Öµ@¯F@1¯F@1HS1M@HYM( S2XHMÖ@LS@DCDU(eG2X2UMU^S
UBUPCIBHBWBU²LSVEEIEVSHEVSHSUJO°JO²] UBTZBOJ¹LSNBUPEFW²QSBIBTZBTWBOBWBUUBUBÁ]
S2X@OSSU@YTFC@HB"#DCBHZEJ@ J@$L@Q(YHÄHMHÃ1º@JDHBºDYTL1G@RTQ@
UBTZQBUBUBFW°VHBE©DJDDIFEBDB´ºJL] LBVNS²°BLUJOJSCIJOOÁLFDJOOF°VSNBITVSÁ]
L@GDsQ(H`Y4KDMHú@ODST2SV@OQD
NIF°WBS²USJ°ÄMFOBCIJOOÁQFUVTUBUIQBSF]
HMYT,ÃHMGS}PU@@SQe@:RH,LSLÆ
JDHBHbMDYTQRTQ@JDHBºu@LG@GU@SÆ OJ°VNCIB©OJIBUB©E®¹¾WCISUBSB©QS´BTBNNJUBN]
LFDJEWJOF°VSBTVSÁLFDJOOB¹¾NBIIBWU]
G-XL@MAKB$UYT,ÃÖµ@DgU(bB
ÃH<S@o@OQDJ@K(HYU±S(LF@HWO$
IBOZBNOB©CBMB©DBJWB°VNCIBÁLSVEEIPCSBW²EWBDBÁ]]]]
CIBL¹JU°DQBSFLM²°JWBEÄU²N®HEIJQBJÁ]]]]
AK@UKDO¯uD3UL@¯FD1FU1L@UG
2UH2Sr(L@J1ZEDXOTQ@:DR@UH:1JDL-U-SQD CBMWBMFQBEV¹¾FUWB©NEVSHFHBSWBNWBIB]
]]TWBTUJ°S²NSLB´ºFZBQVS´FTWBS´JLFNBOWBOUBSF -X@R@AKL@Hr3XXTµRDB@HSL@HMM(
CDU(L@G@3,XDHMYT,ÃUW@DM@L BOZT©CBMBN°SJUZBZVEEIZBTFDUJNOJO²]]]]
EFW²NIUNZFOJ°VNCIBWBEIPONB
MUL@D7X@X
OBWBNPEIZZBÁ]]]]
%FW².IUNZBNPage 115 of 150 %FW².IUNZBNPage 116 of 150
CD5XTU@B
;HkU@B
EFWZVWDB]]]] ®¹JSVWDB]]]]
J$U@GIF3X`HbS(X@J@LL@OQ@ SSeUUSDXTµCD5X@YT,Ã2XB@DÃX@D
FLBJWIB©KBHBUZBUSBEWJU²ZLNBNQBS] UBUBÁQSBWBW®UFZVEEIB©EFWZÁ°VNCIBTZBDPCIBZPÁ]
SSRL2S@2S@CD5X@Dg|@:(eLTN@KXLÆ YQU$1HYS$Yv$2SV@B@v$RTC@k:$
UBUBÁTBNBTUTUEFWZPCSBIN´²QSBNVLIMBZBN] °BSBWBS¹BJÁ°JUBJÁ°BTUSBJTUBUIDTUSBJÁTVESV´BJÁ]
CD5XTU@B
HC5X@-Xv@H:YSY@DLTLTBDX@-XV@H,AJ@
EFWZVWDB]]]] EJWZOZBTUS´J°BUB°PNVNVDFZOZBUINCJL]
AÃS@HMC$3XD-¸2S3eS(Ç@SJS1HÃ
GHUÃ43X@A¤HÃHQGmO$X1C@H2VS@ CBCIB¸KBUOJEBJUZFOESBTUBUQSBU²HIUBLBSU®CIJÁ]]]]
BIB©WJCIÄUZCBIVCIJSJIBSÄQBJSZBETUIJU]
S3RzSLX$J$UHSt@,X@I@$H2VQ@DÃU
LTÄ@HMSDMB@v@H:HC5X@HMOQLDsQ(
UBUTB©I®UB©NBZBJLBJWBUJ¹¾INZKBVTUIJSPCIBWB]]]] NVLUOJUFOBDTUS´JEJWZOJQBSBNF°WBS²]
AÃK(KX$U@D¤@Q@D×@Q:@HCHÃ
CBCIB¸KBM²MBZBJWPHSBIVµLSPDDSB´EJCIJÁ]]]]
%FW².IUNZBNPage 117 of 150 %FW².IUNZBNPage 118 of 150
SSYQYS$CD1U(L@"#@CXSR@DRTQ GS@sRSC@C$3XH9#ºW-U@HUR@QHV
UBUBÁ°BSB°BUBJSEFW²NDDIEBZBUBTPTVSBÁ] IBU°WBÁTBUBEEBJUZB°DIJOOBEIBOWWJTSBUIJÁ]
H#ºDWMTHC$3XD-¸2SV@YHÄLV@CCD HB"#DC@OSS2S2XLT¶QHMHYS$YQ$
DIJOOFEIBOV¹JEBJUZFOESBTUBUI°BLUJNBUIEBEF] DJDDIFEQBUBUBTUBTZBNVEHBSB©OJ°JUBJÁ°BSBJÁ]
SSNEFLTO@C@XYSB-¸BÃ@MTLSÆ RLTHuO@SX@L@RzCXDC$3XOTØU
UBUBÁLIBºHBNVQEZB°BUBDBOESB©DBCIOVNBU] TBNV¹¾J©QUBZNTBI®EBZFEBJUZBQVµHBWBÁ]
S2X@OSSU@YTNEFHB"#DCBHZEJ@ SKeG@Q@HÃGS@DHMOO@SLG(SKD
UBTZQBUBUBFW°VLIBºHB©DJDDIFEBDB´ºJL] UBMBQSBISCIJIBUPOJQBQUBNBI²UBMF]
s@oO@SX@L@RQVR@QHVM@RG
B°W©°DBQUBZNTBSBUIB©TSBUIJOTBIB]]]]
3O3XBeFÐ@D×$CD1U(FFML@H2VS
VUQBUZBDBQSBH®IZPDDBJSEFW²©HBHBOBNTUIJUBÁ]
S`@HOR@HMQ@W@Q@XTXTWDSDMBHZEJ@
UBUSQJTOJSEISZVZVEIFUFOBDB´ºJL]]]]
%FW².IUNZBNPage 119 of 150 %FW².IUNZBNPage 120 of 150
HMXTµNDSC@C$3XoHZEJ@BOQ2OQLÆ SSeRºLHNKGSDSH2LMƯQ@3LHM
OJZVEEIB©LIFUBEEBJUZB°DB´ºJLDBQBSBTQBSBN] UBUBÁQSBTBOOBNBLIJMB©IBUFUBTNJOEVSUNBOJ]
SS@DHMXTµRTHBQJ3U@SDM@H,AJ@RG 3O@SLDÇ@R@D+J@XDe@F@R2SDYLXXT
UBUPOJZVEEIB©TVDJSB©L®UWUFONCJLTBIB] VUQUBNFHIÁTPMLZFQSHTB©TUF°BNB©ZBZVÁ]
RH<Ï@DWQ:(e@/XLTHuLT
,XUDFU@MÆ SS@DCDUF:@RUD1G1HMÃ1QL@MR@
TBL¹JQUPEIBSB´²©QSQZBNV¹¾JNVEZBNZBWFHBWO] UBUPEFWBHB´ÁTBSWFIBS¹BOJSCIBSBNOBTÁ]
SL@X@-SSS@DCDU(RU1C$3XIMDsQLÆ U@CX2SV$U@-XDMMSTo@/RQ@DF:@
UBNZOUB©UBUPEFW²TBSWBEBJUZBKBOF°WBSBN] BWEBZB©TUBUIBJWOZFOBO®UV°DQTBSPHB´Á]
B@KXMÆRJK@O6U(R@H!Wb(O@ROU1S@LÆ
DMBZBOTBLBM©Q®UIW²©TCEIJEW²Q©TBQBSWBUN]]]]
%FW².IUNZBNPage 121 of 150 %FW².IUNZBNPage 122 of 150
2UH2Sr(L@J1ZEDXOTQ@:DR@UH:1JDL-U-SQD
]]TWBTUJ°S²NSLB´ºFZBQVS´FTWBS´JLFNBOWBOUBSF
J@CY@D7X@X
CDU(L@G@3,XDYT,ÃUW@DM@L FLEB°PEIZZBÁ
EFW²NIUNZF°VNCIBWBEIPONB
CD5X@GSDS`LG@RTQD-¸D
EFWZIBUFUBUSBNBITVSFOESF
RD-¸@RTQ@UH{OTQ@DFL@2S@LÆ
TFOESÁTVSWBIOJQVSPHBNTUN]
J@3X@XM(STuTUTHQuK@Ã@C
LUZZBO²©UV¹¾VWVSJ¹¾BMCIE
HUJ@HYU@fHUJ@HYS@Y@
WJL°JWBLUSCKBWJL°JU°Á]]]]
CDHUeOº@HS1GQDeR(C
EFWJQSBQBOOSUJIBSFQSBT²EB
eR(CL@SI1FS@DHNK2X
QSBT²EBNUBSKBHBUPLIJMBTZB]
%FW².IUNZBNPage 123 of 150 %FW².IUNZBNPage 124 of 150
eR(CHUsDsHQO@HGHUs HU
@RL2S@2SUCDHUÃDC@
QSBT²EBWJ°WF°WBSJQIJWJ°WB© WJEZÁTBNBTUTUBWBEFWJCIFEÁ
3UL(sQ(CDHUBQ@BQ2X
HvXRL2S@RJK@IF3RT
UWBN²°WBS²EFWJDBSDBSBTZB]]]] TUSJZBÁTBNBTUÁTBLBMKBHBUTV]
3UX$JX@O4HQSL,AX$SSÆ
@W@QÃ4S@IFS23ULDJ@ UWBZBJLBZQÄSJUBNBNCBZBJUBU
EISBCIÄUKBHBUBTUWBNFL
J@SD2STHS2S5XOQ@OQ@DHÄ
LG(2UmOD:XSH2VS@HR LUFTUVUJÁTUBWZBQBSQBSPLUJÁ]]]]
NBI²TWBSÄQF´BZBUBÁTUIJUTJ]
O@2UmOH2VSX@3UX$SÂ RU1Ã4S@XC@CDU(ÃTHÄLTHÄeC@HXM(
BQ©TWBSÄQBTUIJUBZUWBZBJUB- TBSWBCIÄUZBEEFW²CIVLUJNVLUJQSBEZJO²]
C@/X@XSDJ3xLKÀXU(XD1
3U2STS@2STSXDJ@U@ÃU-STOQL@DÄX
EQZZBUFL®UTOBNBMBµHIZBW²SZF]]]] UWB©TUVUTUVUBZFLWCIBWBOUVQBSBNPLUBZBÁ]]]]
3UU$:U(YHÄQM-SU(X@1 RU12XATHµmOD:IM2XzHCRH2VSD
UWB©WBJ¹´BW²°BLUJSBOBOUBW²SZ TBSWBTZBCVEEIJSÄQF´BKBOBTZBI®EJTB©TUIJUF]
HUs2XA(IOQL@HRL@X@ 2UF@1OUF1CDCDHUM@Q@XH:ML@D2STSD
WJ°WBTZBC²KB©QBSBNTJNZ] TWBSHQBWBSHBEFEFWJOSZB´JOBNPTUVUF]]]]
R,L@DHGSCDHURL2SLDSSÆ
TBNNPIJUB©EFWJTBNBTUBNFUBU
JK@J@t@HCmOD:OHQ:@LeC@HXHM
LBML¹¾IEJSÄQF´BQBSJ´NBQSBEZJOJ]
3UU$eRº@ÃTHULTHÄGDST
UWB©WBJQSBTBOOCIVWJNVLUJIFUVÁ]]]]
HUs2X@DOQS@$YÄDM@Q@XH:ML@D2STSD
WJ°WBTZPQBSBUBV°BLUFOSZB´JOBNPTUVUF]]]]
%FW².IUNZBNPage 125 of 150 %FW².IUNZBNPage 126 of 150
RU1LØKL@Ø+XDHYUDRU@1V1R@HWJD LX4QJÊPUSDLG@YHÄWQDMÇD
TBSWBNBµHBMBNµHBMZF°JWFTBSWSUIBTEIJLF] NBZÄSBLVLLV¾BW®UFNBI°BLUJEIBSFOBHIF]
RHuH2VHSHUM@Y@M@YHÄÃ4SDRM@SHM YBÖFC@Y@Ø1FG(SOQL@XTWD
T®¹¾JTUIJUJWJO°O©°BLUJCIÄUFTBOUBOJ] °BµLIBDBLSBHBE°SµHBH®I²UBQBSBNZVEIF]
GRXTÄHUL@M2VDg|@:(mOW@HQH: MHRGmOD:@DD:G-STC$3X@MÆJS@D
LD
IB©TBZVLUBWJNOBTUIFCSBIN´²SÄQBEISJ´J] O®TJ©IBSÄQF´PHSF´BIBOUV©EBJUZOL®UPEZBNF]
H`Y4KB-¸@HGWQDLG@UÃU@HGHM HJQ(HPHMLG@UDRGwMXM@D))UKD
USJ°ÄMBDBOESIJEIBSFNBIW®¹BCIBWIJOJ] LJS²¾JOJNBIWBKSFTBIBTSBOBZBOPKKWBMF]
HYU±S(2UmOD:GSC$3XLG@AKD S^DUCMR@$,XK@DBM`XÃ4HSLÆ
°JWBEÄU²TWBSÄQF´BIBUBEBJUZBNBICBMF] FUBUUFWBEBOB©TBVNZB©MPDBOBUSBZBCIĹJUBN]
KHyLKÙDLG@HU
DrµDOTHu2UWDTUD HGMH2SC$3XSDI@HR2UMDM@O4X1X@IFSÆ
MBL¹NJMBKKFNBIWJEZF°SBEEIFQV¹¾JTWBEIFEISVWF] IJOBTUJEBJUZBUFK©TJTWBOFOQÄSZBZKBHBU]
LDWDRQ2UHSUQDÃ4HSA@HUS@LHR RTQ@R&UR@OBHB1S2SDJQ@D))UK
NFEIFTBSBTWBUJWBSFCIÄUJCCISBWJUNBTJ] BTVST®HWBTQBµLBDBSDJUBTUFLBSPKKWBMBÁ]
RU12UmODRUD1YDRU1YHÄRLH-USD Q@DF@MYD@MOGHRSTu@
TBSWBTWBSÄQFTBSWF°FTBSWB°BLUJTBNBOWJUF] SPHOB°F¹OBQBIB©TJUV¹¾
3U@L@HrS@M@MHUOºQ@:@ Q<@HRX`@DHU@oM@F@
UWN°SJUO©OBWJQBOOBS´© SBL¹©TJZBUSPHSBWJ¹°DBOH
C@U@MK@DX`SV@H!WL7XD
S3JSX3JCM3UX@
EWOBMPZBUSBUBUICEIJNBEIZF
FUBUL®UB©ZBULBEBOB©UWBZEZB
S`H2VS@3UOHQO@HRHUsLÆ
WL1Hb@CDHULG@RTQ@:@LÆ UBUSBTUIJUUWB©QBSJQTJWJ°WBN]]]]
EIBSNBEWJ¹©EFWJNBITVS´N]
mO$QMDJ$A1¤W@3LL4HS HUsDsHQ3UOHQO@HRHUs
SÄQBJSBOFLBJSCBIVEIUNBNÄSUJ© WJ°WF°WBSJUWB©QBSJQTJWJ°WB©
HUsDYU-
@ÃUS(ÃUH-S
HU
@RTY@vDTHUUDJC(ODÂ WJ°WF°BWBOEZCIBWBU²CIBWBOUJ
WJEZTV°TUSF¹VWJWFLBE²QF-
HUs@rX@XD3UHXÃHÄMl@
U@
DTU@*XDTBJ@3UC-X@ WJ°W°SBZZFUWBZJCIBLUJOBNSÁ]]]]
¹WEZF¹VWLZF¹VDBLUWBEBOZ]
LL3UFSD1HSLG@-WJ@QD CDHUeR(COHQO@KXM@DHQÃ(SDÂ
NBNBUWBHBSUFUJNBIOEIBLSF EFWJQSBT²EBQBSJQMBZBOPSJCI²UF-
3O@SO@JIHMS@oLG@DORF@1MÆ
VUQUBQLBKBOJU©°DBNBIPQBTBSHO]]]]
U$U2USD-SQDe@ÏD u@HUYHSLDXTFD
WBJWBTWBUFOUBSFQSQUFB¹¾WJ©°BUJNFZVHF]
`$K@D*XU@HRM@L(EDK@DJ@M@UQC@ÃU
USBJMPLZBWTJON²ºZFMPLO©WBSBECIBWB]]]]
M-CF@DOFGDI@S@XY@DC@FÃ1R,ÃU@
OBOEBHPQBH®IFKUZB°PEHBSCIBTBNCIBW]
UQC@GRTQF:@UQX-LMRD"#V OTMQ/XHSQ@$¸D:mOD:OHVU(SKD
WBSBEIB©TVSBHB´WBSB©ZBONBOBTFDDIBUIB] QVOBSBQZBUJSBVESF´BSÄQF´BQ®UIJW²UBMF]
QÄ@C-S@ÃHUXH-SC@HEL(JRTL@DOL@
RU@1A@W@eYLM`$K@D*X2X@HNKDsHQ SBLUEBOUCIBWJ¹ZBOUJEºJN²LVTVNPQBNÁ]]]]
TBSWCEIQSB°BNBOB©USBJMPLZBTZLIJMF°WBSJ]
ULDU3UX@J@X1L2Lb$HQHUM@YMLÆ
FWBNFWBUWBZLSZBNBTNBEWBJSJWJO°BOBN]]]]
%FW².IUNZBNPage 133 of 150 %FW².IUNZBNPage 134 of 150
SS@DL@CDUS@2UFD1L3X1K@DJDBL@MU@ ¯F@1CDU(HSHU.X@SS-LDM@LÃHUXHS
UBUPN©EFWBUÁTWBSHFNBSUZBMPLFDBNOBWÁ] EVSHEFW²UJWJLIZUB©UBONFONBCIBWJ¹ZBUJ]
Ã4XoYSU@H1*X@LM@Uu@LM,ÃHR Q<@HRÃ<HXX@HLLTM(M@`@:J@Q:@SÆ
CIÄZB°DB°BUBWS¹JLZNBOW®¹¾ZNBOBNCIBTJ] SBL¹©TJCIBL¹BZJ¹ZNJNVO²O©US´BLSB´U]
SSYSDMMD`@:@HMQ(H<X@,XGLTM(MÆ Ã(L@CDU(HSHU.X@SS-LDM@LÃHUXHS
UBUBÁ°BUFOBOFUS´©OJS²L¹J¹ZNZBIB©NVO²O] CI²NEFW²UJWJLIZUB©UBONFONBCIBWJ¹ZBUJ]
SS@DGLHNKK@DJL@3LCDGRLTaU$ SC@G@LQmOJ3U@R.XDXPOCLÆ
UBUPIBNBLIJMB©MPLBNUNBEFIBTBNVECIBWBJÁ] UBEIB©CISNBSB©SÄQB©L®UWTBµLIZFZB¹B¾QBEBN]
Y@J,ÃQ(HSHU.X@HSSC@X@2X@,XGÃTHU @LQ(HSBL@K@DJ@2SC@2S@DXH-SRU1S
°LBNCIBS²UJWJLIZUJ©UBEZTZNZBIB©CIVWJ] CISNBS²UJDBN©MPLTUBETUP¹ZBOUJTBSWBUBÁ]
SC@SC@US(X@1GJHQX@,XHQR<XLÆ
UBEUBEWBU²SZIB©LBSJ¹ZNZBSJTBµL¹BZBN]]]]
b@CY@D7X@X
2UH2Sr(L@J1ZEDXOTQ@:DR@UH:1JD EWEB°PEIZZBÁ
]]TWBTUJ°S²NSLB´ºFZBQVS´FTWBS´JLF
L-U-SQDCDU(L@G@3,XD ?CD5XTU@B
NBOWBOUBSFEFW²NIUNZF PNEFWZVWDB]]]]
M@Q@X:(2STHSM@1L$J@CY@D7X@X
OSZB´²TUVUJSONBJLEB°PEIZZBÁ]]]] HÃ2SU$oL@HM3X2S@DXSDXRL@HGS
FCIJÁTUBWBJ°DBN©OJUZB©TUP¹ZBUFZBÁTBNIJUBÁ]
S2X@GRJK@A@W@YLHXX@,XRYXLÆ
UBTZIB©TBLBM©CEI©°BNBZJ¹ZNZBTB©°BZBN]]]]
LWTJ$PÃM@YBLHG@RTQÇ@SMLÆ
NBEIVLBJ¾BCIBO°B©DBNBIJ¹TVSBHIUBOBN]
J(S1HXXH-SXDSbbWYT,ÃHMYT,ÃX@D
L²SUBZJ¹ZBOUJZFUBEWBEWBEIB©°VNCIBOJ°VNCIBZPÁ]]]]
u,X@BBSTC19X@MU,X@B$JBDSR
B¹¾BNZ©DBDBUVSEB°Z©OBWBNZ©DBJLBDFUBTBÁ]
r@DXH-SB$UXDÃ
X@LLL@G@3,XLT^LLÆ
°SP¹ZBOUJDBJWBZFCIBLUZNBNBNIUNZBNVUUBNBN]]]]
%FW².IUNZBNPage 137 of 150 %FW².IUNZBNPage 138 of 150
MSD@¯JSHJH®´«JS@D3V@MB@OC AHKeC@MDO4I@X@LHJ@XD1LG@D3RUD
OBUF¹©EV¹L®UB©LJ¸DJEEV¹L®UPUUIOBDQBEBÁ] CBMJQSBEOFQÄKZNBHOJLSZFNBIPUTBWF]
Y`T>X@DMÃXS2XC2XTS@DU@MQ@IS I@MS@I@MS@U@HOAHKO4I@XV@JS@LÆ
°BUSVCIZPOBCIBZB©UBTZBEBTZVUPWOBSKBUBÁ] KOBUKOBUWQJCBMJQÄK©ZBUIL®UN]
S2L@-LL$S-L@G@3,XOH0S5XRL@HGS$ YQ3J@KDLG@O4I@HÖXSDX@BU@H1J(
UBTNONBNBJUBONIUNZB©QB¾IJUBWZB©TBNIJUBJÁ] °BSBULMFNBIQÄKLSJZBUFZDBWS¹JL²]
ORF@1MYD@2STLG@L@Q(RLTaU@MÆ RU@1A@W@HUHMLT1Ä@DWMW@-XRLH-US
VQBTBSHOB°F¹©TUVNBINS²TBNVECIBWO] TBSWCEIWJOJSNVLUPEIBOBEIOZBTBNBOWJUBÁ]
X`$S3O0SDR,XHM3XL@XSMDLL rT3U@LL$S-L@G@3,XSV@B@D3O^XYTÃ@
ZBUSBJUBUQB¾IZBUFTBNZBµOJUZBNZBUBOFNBNB] °SVUWNBNBJUBONIUNZB©UBUIDPUQBUUBZBÁ°VCIÁ]
HQOUR<XX@H-SJ+X@:B@DOO
SD RULL$S-L@G@3,XLLRHºHWJ@QJLÆ
SJQBWBÁTBµL¹BZB©ZOUJLBMZ´B©DPQBQBEZBUF] TBSWB©NBNBJUBONIUNZB©NBNBTBOOJEIJLSBLBN]
Y@H-SJL1H:RU1`SV@¯2UCY1MD HUe@:@Ã@DIM$G@D1L$e@D<:(X$QGHM1YLÆ
°OUJLBSNB´JTBSWBUSBUBUIEVÁTWBQOBEBS°BOF] WJQS´©CIPKBOBJSIPNBJÁQSPL¹B´²ZBJSBIBSOJ°BN]
ORF@1YLX@H-SGO(E@oC@k:@ e(HSLD1HÖXSDR@H2LMÆRJ¯×HQSDrTSD
VQBTBSHÁ°BNB©ZOUJHSBIBQ²º°DBESV´Á] QS²UJSNFLSJZBUFTTNJOTBL®EVDDBSJUF°SVUF]
A@KG@HÃÃ4S@M@A@K@M@Y@H-SJ@QJLÆ Q<@JQ@DHSÃ4SD>X@DI-LM@J(S1MLL
CMBHSBICIJCIÄUO©CMO©°OUJLSBLBN] SBL¹©LBSPUJCIÄUFCIZPKBONBO©L²SUBOB©NBNB]
¯U1^@M@LYD@:@AKG@HMJQOQLÆ SH2L°«SDU$HQJSÃXOTR@MI@XSD
EVSW®UUONB°F¹´©CBMBIOJLBSB©QBSBN] UBTNJ¸DISVUFWBJSJL®UB©CIBZB©QV©T©OBKZBUF]
QZXDe@-SQDU@HOC@U@HOHQU@HQS
BSB´ZFQSOUBSFWQJEWHOJQBSJWSJUBÁ]]]]
;HkU@B
®¹JSVWDB]]]]
C2XTHÃU@1USY4-XDFG(S@DU@HOY`THÃ
EBTZVCIJSWW®UBÁ°ÄOZFH®I²UPWQJ°BUSVCIJÁ]
Å3XT
U@R@ÃFUS(BHZEJ@BZEHUÖL@
JUZVLUWTCIBHBWBU²DB´ºJLDB´ºBWJLSBN]]]]
HRG5X@@MTX@S@DU@UMDU@UMGH2SHÃ
TJ©IBWZHISOVZUPWWBOFWWBOBIBTUJCIJÁ]]]] O9XS@RU1CDU@M@S`$U@-SQW(XS
QB°ZBU©TBSWBEFWO©UBUSBJWOUBSBEI²ZBUB]
Q@\@ÖµDMB@\Ï@DU7X@DA-WFS@DHOU@
SK¸LSVEEIFOBDK¸BQUPWBEIZPCBOEIBHBUPQJW]
SDHOCDU@HMQ@S@2U@HWJ@Q@-XV@OTQ@
UFQJEFWOJSUBµLÁTWEIJLSOZBUIQVS]]]]
@Ç4H:1S@DU@U@SDMH2VSO@DSDLG@:1UD
HIÄS´JUPWWUFOBTUIJUBÁQPUFNBIS´BWF]]]] X\Ã@FÃTIRUD1BÖHU1HMGS@QX
ZBK¸BCIHBCIVKBÁTBSWFDBLSVSWJOJIBUSBZBÁ]
OS3RTB@HOYvDTR@LDÃYC@k:D
QBUBUTVDQJ°BTUSF¹VTBµHSNFCI®°BESV´F]
C$3X@oCD5X@HMGSDYT,ÃDCDUHQO@$XTHW
EBJUZ°DBEFWZOJIBUF°VNCIFEFWBSJQBVZVEIJ]]]]
RU@1A@W@RTÇ@DQ@RTUDCM@>XHC1S@DHOU@
TBSWCEITVHIPSTVWFEBOCIZBSEJUPQJW]]]] IFHb7URJDSH2LMÆLG@DDSTKHUÖLD
KBHBEWJEIWB©TBLFUBTNJONBIPHSFUVMBWJLSBNF]
2LQMÆLL$S×HQSMQ@DLT"XDSRP@SÆ
TNBSBONBNBJUBDDBSJUB©OBSPNVDZFUBTBµLB¾U]
HMYT,ÃDBLG@U(XD1YD@O@S@KL@XXT
OJ°VNCIFDBNBIW²SZF°F¹ÁQUMBNZBZVÁ]]]]
LLeÃ@U@H3RG@
@C2XU@DU$HQ:2SV@
NBNBQSBCIWUTJ©IEZEBTZBWPWBJSJ´BTUBUI]]]]
%FW².IUNZBNPage 143 of 150 %FW².IUNZBNPage 144 of 150
UÃFUS(CDU(R@HM3X@HOOTMOTM 2STS@R,O4HIS@OTO$F1-WW4O@HCHÃ2SV@
FWB©CIBHBWBU²EFW²TOJUZQJQVOBÁQVOBÁ] TUVUTBNQÄKJUQV¹QBJSHBOEIBEIÄQEJCIJTUBUI]
SX$S-L@DÐSDHUsR$UHUseR4XSD
UBZBJUBONPIZBUFWJ°WB©TBJWBWJ°WB©QSBTÄZBUF]
2UH2Sr(L@J1ZEDXOTQ@:DR@UH:1JDL-U-SQD
]]TWBTUJ°S²NSLB´ºFZBQVS´FTWBS´JLFNBOWBOUBSF
R@X@HBS@BHU\@MSTu@;HµeX"#HS
TZDJUDBWJK¸OB©UV¹¾®EEIJ©QSBZBDDIBUJ]]]]
CDU(L@G@3,XDÃFUS(U@*X
EFW²NIUNZFCIBHBWBU²WLZB©
LG@CD5X@LG@J@K(LG@L@Q(2UmOX@
NBIEFWZNBILM²NBINS²TWBSÄQBZ]]]]
R$UJ@KDLG@L@Q(R$URHuÃ1U3XI@
TBJWBLMFNBINS²TBJWBT®¹¾JSCIBWBUZBK]
H2VHSJQ@DHSÃ4S@M@R$UJ@KDRM@SM(
TUIJUJ©LBSPUJCIÄUO©TBJWBLMFTBOUBO²]]]]
ÃUJ@KDM:@R$UKyL(U1HµeC@FGD
CIBWBLMFO®´©TBJWBMBL¹N²SW®EEIJQSBEH®IF]
R$U@Ã@UDSV@KyL(HU1M@Y@X@DOI@XSD
TBJWCIWFUBUIMBL¹N²SWJO°ZPQBKZBUF]]]]
%FW².IUNZBNPage 145 of 150 %FW².IUNZBNPage 146 of 150
@Q@HWS@R$UM:@Ã@DF2UF@1OUF1C@
SEIJUTBJWBO®´©CIPHBTWBSHQBWBSHBE]]]]
`X@DCY@D7X@X
L@J1ZEDXU@B
USBZPEB°PEIZZBÁ NSLB´ºFZBVWDB]]]]
?;HkU@B
ÅHSS2XUBrT3U@RTQVRMQ@HWO
PN®¹JSVWDB]]]] JUJUBTZBWBDBÁ°SVUWTVSBUIBÁTBOBSEIJQBÁ]]]]
S^DJHVSÃ4OCDU(L@G@3,XLT^LLÆ eH:O3XLG@Ã@FSLHRHYSpSLÆ
FUBUUFLBUIJUB©CIÄQBEFW²NIUNZBNVUUBNBN] QSB´JQBUZBNBICIHB©UBN®¹J©TB©°JUBWSBUBN]
UeÃ@U@R@CDU(XXDCW@X1SDIFSÆ
HMHU1Z:@DHSLL3UDMQ@)X@OGQ:DMB
FWBNQSBCIWTEFW²ZBZFEB©EISZBUFKBHBU]]]] OJSWJ´´PUJNBNBUWFOBSKZQBIBSB´FOBDB]]]]
HU
@SV$UHÖXSDÃFUHb:TL@XX@ IF@LR
2SORDRBU$9X@DLG@LTMD
WJEZUBUIBJWBLSJZBUFCIBHBWBEWJ¹´VNZBZ] KBHNBTBEZBTUBQBTFTBDBWBJ°ZPNBINVOF]
SX@3ULDU$9XoSV$U@-XDHUUDHJM
RCY1M@V1L,A@X@MC(OTHKML@H2VS
UBZUWBNF¹BWBJ°ZB°DBUBUIBJWOZFWJWFLJOBÁ]]]] TBOEBS°BOSUIBNBNCZOBE²QVMJOBNTUIJUBÁ]]]]
L@DÐ-SDL@DHGS@o$UL@DGLDXH-SB@OQD RBU$9X2SO2SDODCDU(R4ÄOQIOMÆ
TBDBWBJ°ZBTUBQBTUFQFEFW²TÄLUB©QBSB©KBQBO]
NPIZBOUFNPIJU°DBJWBNPIBNF¹ZBOUJDQBSF]
HMQ@G@Q@$XS@3L@M@$S-LM2J@$RL@HGS@$
OJSISBVZBUUNOBVUBONBOBTLBVTBNIJUBV]]]]
SS@DUpDMO@DQ@)XLHU9X-XI-LHM
UBUPWBWSFO®QPSKZBNBWJCISB©°ZBOZBKBONBOJ]
URL@Q@WXS@DHvHÃU1$1X1S@3LM@D
FWB©TBNSEIBZBUPTUSJCIJSWBS¹BJSZBUUNBOPÁ]]]]
R@DHOU$9X2SS@D\@MUpDHMHU1Z:L@MR
TPQJWBJ°ZBTUBUPK¸OB©WBWSFOJSWJ´´BNOBTBÁ]
L^2S3e@/XS@RUOHQSTu@CC@HLSD
NBUUBTUBUQSQZBU©TBSWB©QBSJUV¹¾EBENJUF]]]]
G3U@HQO4M2NHKSSUS`ÃHUXHS
IBUWSJQÄOBTLIBMJUB©UBWBUBUSBCIBWJ¹ZBUJ]]]]
LSoÃ4XR,e@/XI-LCDU@HbU2US
N®UB°DBCIÄZBÁTBNQSQZBKBONBEFWEWJWBTWBUBÁ]]]]
%FW².IUNZBNPage 149 of 150 %FW².IUNZBNPage 150 of 150
AÃ4U@-SHG1S@R
@DÃ
X@S@>X@LHÃuTS@
U$9XUX13UX@XoUQ@D2L^@DHÃU@H°#S
CBCIÄWOUBSIJUTBEZPCIBLUZUCIZNBCIJ¹¾VU]]
WBJ°ZBWBSZBUWBZZB°DBWBSPTNBUUPCIJW¸DIJUBÁ]]]]
UCD5X@UQK!7U@RTQV<H`X1Ã
SeX"#@HLRHRµ$SU\@MÃHUXHS
FWB©EFWZWBSB©MBCEIWTVSBUIBÁL¹BUSJZBS¹BCIBÁ]
UB©QSBZBDDINJTB©TJEEIZBJUBWBK¸OB©CIBWJ¹ZBUJ]]]]
R4X@1Ù-LRL@R@
R@UH:1Ã1HUS@LMT
L@J1ZEDXU@B
TÄSZKKBONBTBNTEZBTWBS´JSCIBWJUNBOVÁ]]
NSLB´ºFZBVWDB]]]]
(?
ÅHSC_U@SX@DCD1U(XV@HÃKHSUQLÆ ]LM²NPN]
JUJEBUUWUBZPSEFW²ZBUICIJMB¹JUB©WBSBN]
2UH2Sr(L@J1ZEDXOTQ@:DR@UH:1JDL-U-SQD
AÃ4U@-SHG1S@R
@DÃ
X@S@>X@LHÃuTS@
]]TWBTUJ°S²NSLB´ºFZBQVS´FTWBS´JLFNBOWBOUBSF
CBCIÄWOUBSIJUTBEZPCIBLUZUCIZNBCIJ¹¾VU]]]]
CDU(L@G@3,XDRTQVU$9XX@DU1QeC@MM@L
UCD5X@UQK!7U@RTQV<H`X1Ã EFW²NIUNZFTVSBUIBWBJ°ZBZPSWBSBQSBEOB©ONB
TÄSZKKBONBTBNTEZBTWBS´JSCIBWJUNBOVÁ]]]]
r(RÏYS(CDU(L@G@3,XRL@ÏLÆ
]]°S²TBQUB°BU²EFW²NIUNZB©TBNQUBN]]
?SSÆRSÆ?
]]PNUBUTBUPN]]