Documente Academic
Documente Profesional
Documente Cultură
%FW².IUNZBN
r(¯F@1X$ML
]]°S²EVSHZBJOBNBÁ]]
Vr(¯F@1RÏYS(
]]BUIB°S²EVSHTBQUB°BU²]]
eVL@D7X@X
QSBUIBNPEIZZBÁ
HUHMX@DF
WJOJZPHBÁ
r(LG@J@K(e(3XVD1eVLBHQ`IODHUHMX@DF
°S²NBILM²QS²UZBSUIFQSBUIBNBDBSJUSBKBQFWJOJZPHBÁ]
7X@MLÆ
]EIZOBN]
?NEFBÖFCDTB@OOHQÇ@°#4KÃTYTZE(HYQ
PNLIBºHB©DBLSBHBEF¹VDQBQBSJHI¸DIÄMB©CIV°V´º²©°JSBÁ
YR-CWS(JQ$HvMXM@RU@1ØÃ4@US@LÆ
°BµLIB©TBOEBEIBU²©LBSBJTUSJOBZBO©TBSWµHBCIĹW®UN]
M(K@9L
THSL@2XO@CCYJ@RDUDLG@J@HKJ@
O²M°NBEZVUJNTZBQEBEB°BL©TFWFNBILMJL©
X@L2S@$32UHOSDGQ@$JLKI@DG-STLWTJ@$PÃLÆ
ZNBTUBVUTWBQJUFIBSBVLBNBMBKPIBOUV©NBEIV©LBV¾BCIBN]]
?MLoHZEJ@X$
PNOBNB°DB´ºJLZBJ]]
%FW².IUNZBNPage 3 of 150
?DL@J1ZEDXU@B
PNBJ©NSLB´ºFZBVWDB]]]]
R@UH:1R4X1SMX@DX@DLMTJ6XSDuL
TWBS´JÁTÄSZBUBOBZPZPNBOVÁLBUIZBUF¹¾BNBÁ]
HMY@LXS¯3OH^HU2SQ@¶CS@DLL
OJ°NBZBUBEVUQBUUJ©WJTUBSEHBEBUPNBNB]]]]
LG@L@X@MTÃ@UDMXV@L-U-SQ@HWO
NBINZOVCIWFOBZBUINBOWBOUBSEIJQBÁ]
RAÃ4ULG@Ã@FR@UH:12SMX@DQUD
TBCBCIÄWBNBICIHBÁTWBS´JTUBOBZPSBWFÁ]]]]
2U@Q@DHBD-SQDO4UB$`UYRLTaU
TWSPDJ¹FOUBSFQÄSWB©DBJUSBWB©°BTBNVECIBWBÁ]
RTQV@DM@LQ@I@Ã43RL2SDH<HSLZEKD
TVSBUIPONBSKCIÄUTBNBTUFL¹JUJNB´ºBMF]]]]
S2XO@KXSR,XJeI@OT`@HMU@$QR@MÆ
UBTZBQMBZBUBÁTBNZBLQSBKÁQVUSOJWBVSBTO]
AÃ4UTY`U@DÃ4O@J@DK@HU7UHRM2SC@
CBCIÄWVÁ°BUSBWPCIÄQÁLPMWJEIWB©TJOBTUBE]]]]
%FW².IUNZBNPage 4 of 150
S2XS$QÃUCXTµLHSeAKCHZEM
UBTZBUBJSBCIBWBEZVEEIBNBUJQSBCBMBEB´ºJOBÁ]
-X4M$QHORS$XT1µDJ@DK@HU7UHRHÃHI1S
OZÄOBJSBQJTBUBJSZVEEIFLPMWJEIWB©TJCIJSKJUBÁ]]]]
SS2UOTQL@X@S@DHMICDY@HWO@DÃUSÆ
UBUBÁTWBQVSBNZUPOJKBEF°EIJQPCIBWBU]
@Ö@-SRLG@Ã@F2S$2SC@eAK@HQHÃ
LSOUBÁTBNBICIHBTUBJTUBEQSBCBMSJCIJÁ]]]]
L@3X$A1HKHï1u$¯1A1K2X¯Q@3LHÃ
BNUZBJSCBMJCIJSEV¹¾BJSEVSCBMBTZBEVSUNBCIJÁ]
J@DY@DAKB@OzSS`@HO2UOTQDSS
LP°PCBMB©DQBI®UB©UBUSQJTWBQVSFUBUBÁ]]]]
SS@DLFX@5X@IDMzS2U@,XRÃ4OHS
UBUPN®HBZWZKFOBI®UBTWNZBÁTBCIÄQBUJÁ]
J@J(GXL@kÐIF@LFGMUMLÆ
FLL²IBZBNSVIZBKBHNBHBIBOB©WBOBN]]]]
RS`@rLL¸@<(HCbIUX12XLDWR
TBUBUS°SBNBNBESL¹²EEWJKBWBSZBTZBNFEIBTBÁ]
eY@-Ss@OC@J(:LTHMHYX@DOY@DHÃSLÆ
QSB°OUB°WQBEL²S´B©NVOJ°J¹ZPQB°PCIJUBN]]]]
%FW².IUNZBNPage 5 of 150
S2V@$JH®3RJ@KBLTHMM@SDMR3JS
UBTUIBVLB¸DJUTBLMB©DBNVOJOUFOBTBUL®UBÁ]
ÅSoDSoHUBQ2SH2LMÆLTHMUQ@rLD
JUB°DFUB°DBWJDBSB©TUBTNJONVOJWBS°SBNF]]]]
R@DHB-SX^C@S`LL3U@JuL@MR
TPDJOUBZBUUBEUBUSBNBNBUWL®¹¾BNOBTBÁ]
L3O4U$1O@HKSO4ULX@G(MOTQHGSSÆ
NBUQÄSWBJÁQMJUB©QÄSWB©NBZI²OB©QVSB©IJUBU]]]]
La¿3X$2S$QRb¿^$W1L1SO@+XSDMU@
NBECI®UZBJTUBJSBTBEW®UUBJSEIBSNBUBÁQMZBUFOBW]
MI@MDReW@M@DLDY4Q@DG2S(RC@LC
OBKOFTBQSBEIOPNF°ÄSPIBTU²TBENBEBÁ]]]]
LLU$HQUYX@SJ@MÆÃ@DF@MTOK/2XSD
NBNBWBJSJWB°B©ZUBÁLOCIPHOVQBMBQTZBUF]
XDLL@MTFS@HM3XeR@CWMÃ@DIM$
ZFNBNOVHBUOJUZB©QSBTEBEIBOBCIPKBOBJÁ]]]]
MTUH^TUSD
JU1-3X-XLG(ÃS@LÆ
BOVW®UUJ©EISVWB©UFEZBLVSWBOUZBOZBNBI²CI®UN]
R,X&5XXY(K$2S$JU1HaRSS5XXLÆ
BTBNZBHWZBZB°²MBJTUBJÁLVSWBECIJÁTBUBUB©WZBZBN]]]]
%FW².IUNZBNPage 6 of 150
RHBSR@DHS¯NDM<XJ@DY@DFHLXHS
TB¸DJUBÁTPUJEVÁLIFOBL¹BZB©LP°PHBNJ¹ZBUJ]
S×@-X×RSSHB-SX@L@RO@HV1U
FUBDDOZBDDBTBUBUB©DJOUBZNTBQSUIJWBÁ]]]]
S`HUe@rL@>X@YDU$9XLDJCCY1R
UBUSBWJQS°SBNCIZ°FWBJ°ZBNFLB©EBEBS°BTBÁ]
ROu2SDMJ23UÃ@DGDSTo@FLMD`J
TBQ®¹¾BTUFOBLBTUWB©CIPIFUV°DHBNBOFUSBLBÁ]]]]
RY@DJÅUJ2L@_U¯L1M@ÅUKyXRD
TB°PLBJWBLBTNUUWB©EVSNBOJWBMBL¹ZBTF]
Å3X@JZX1UB2S2XÃ4OSDe:X@DHCSLÆ
JUZLBS´ZBWBDBTUBTZBCIÄQBUFÁQSB´BZPEJUBN]]]]
e3XTU@BRSU$9XerX@UMS@DMOLÆ
QSBUZVWDBTBUB©WBJ°ZBÁQSB°SBZWBOBUPO®QBN]]]]
U$9XU@B
WBJ°ZBVWDB]]]]
RL@HWM@1LU$9X@DGLT3Oº@DWHMM@JKD
TBNEIJSONBWBJ°ZPIBNVUQBOOPEIBOJO©LVMF]]]]
%FW².IUNZBNPage 7 of 150
OT`C@Q$HM1Q2SoWMK@DÃ@CR@WTHÃ
QVUSBESBJSOJSBTUB°DBEIBOBMPCIEBTEIVCIJÁ]
HUG(MoWM$C@1Q$OT`$Q@C@XLDWMLÆ
WJI²OB°DBEIBOBJSESBJÁQVUSBJSEZBNFEIBOBN]]]]
UML>X@FS@D¯N(HMQ2So@ÏA-WTHÃ
WBOBNBCIZHBUPEVÁLI²OJSBTUB°DQUBCBOEIVCIJÁ]
R@DGMUDH¹OT`@:@JYK@JYK@H3LJ@LÆ
TPIB©OBWFENJQVUS´©LV°BMLV°BMUNJLN]]]]
eUH^2UIM@M@BC@Q@:@B@`RH2VS
QSBW®UUJ©TWBKBOO©DBES´©DUSBTB©TUIJUBÁ]
HJMTSD@FGD<DLL<DLHJMTR@,eSLÆ
LJ©OVUF¹©H®IFL¹FNBNBL¹FNB©LJ©OVTNQSBUBN]]]]
JVSDHJMTRb¿^@¯U1^@HJMTLDRTS@
LBUIB©UFLJ©OVTBEW®UUEVSW®UUÁLJ©OVNFTVUÁ]]]]
Q@I@DU@B
SKPWDB]]]]
X$HM1Q2S@DÃU@]¢T!W$OT`C@Q@HCHÃW1M$
ZBJSOJSBTUPCIBWÖMMVCEIBJÁQVUSBESEJCIJSEIBOBJÁ]]]]
%FW².IUNZBNPage 8 of 150
SDTHJÃUSxDGLMTAÓ@HSL@MRLÆ
UF¹VLJ©CIBWBUBÁTOFIBNBOVCBEIOUJNOBTBN]]]]
U$9XU@B
WBJ°ZBVWDB]]]]
ULDS
V@e@GÃU@M2L¶SUB
FWBNFUBEZBUIQSIBCIBWOBTNBEHBUB©WBDBÁ]]]]
HJJQ@DHLMAÓ@HSLLHMtTQS@LM
LJ©LBSPNJOBCBEIOUJNBNBOJ¹¾IVSBU©NBOBÁ]
X$R3X)XHOSxDGWMKT!W$HM1Q@JS
ZBJÁTBOUZBKZBQJU®TOFIB©EIBOBMVCEIBJSOJSL®UBÁ]]]]
OHS2UIMG@CBG@HC1SDUDULDLM
QBUJTWBKBOBISEB©DBISEJUF¹WFWBNFNBOBÁ]
HJLDSº@HÃI@M@HLI@MºHOLG@LSD
LJNFUBOOCIJKONJKOBOOBQJNBINBUF]]]]
X3eDLeU:HB^HUFT:DUHOA-WTT
ZBUQSFNBQSBWB´B©DJUUB©WJHV´F¹WBQJCBOEIV¹V]
SD@JSDLDHMs@R@DC@$L1M2XBI@XSD
UF¹©L®UFNFOJÁ°WTPEBVSNBOBTZB©DBKZBUF]]]]
%FW².IUNZBNPage 9 of 150
JQ@DHLHJXºLM2SDUe(HSTHMtTQLÆ
LBSPNJLJ©ZBOOBNBOBTUF¹WBQS²UJ¹VOJ¹¾IVSBN]]]]
L@J1ZEDXU@B
NSLB´ºFZBVWDB]]]]
SS2S@$RHGS@$HUeSLTHMRLTOH2VS@$
UBUBTUBVTBIJUBVWJQSBUB©NVOJ©TBNVQBTUIJUBV]]]]
RL@HWM@1LU$9X@DR@$RBO@HV1UR^L
TBNEIJSONBWBJ°ZPTBVTBDBQSUIJWBTBUUBNBÁ]
J3U@STS@$XV@-X@XXV@GSDMRHUCLÆ
L®UWUVUBVZBUIOZZB©ZBUISIB©UFOBTB©WJEBN]]]]
OHUu@$JV@J@Ho×ÖSTU$19XO@HV1U@$
VQBWJ¹¾BVLBUIÁL°DJDDBLSBUVSWBJ°ZBQSUIJWBV]]]]
Q@I@DU@B
SKPWDB]]]]
ÃFU23U@LGeuTHL"#@,XDJUC2USSÆ
CIBHBWB©TUWNBIB©QSB¹¾VNJDDINZFLB©WBEBTWBUBU]]]]
%FW².IUNZBNPage 10 of 150
¯N@XX-LDLMR2UHB^@X^S@HUM@
EVÁLIZBZBONFNBOBTBÁTWBDJUUZBUUBU©WJO]
LL3UFSQ@)X2XQ@)X@ØDUHNKDUHO
NBNBUWB©HBUBSKZBTZBSKZµHF¹WBLIJMF¹WBQJ]]]]
I@MS@DHOXV@\2XHJLDS-LTHMR^L
KOBUPQJZBUIK¸BTZBLJNFUBONVOJTBUUBNB]
XBHMJSOT`$C@1Q$Ã13X$2SV@DH)'S
BZB©DBOJL®UBÁQVUSBJSESBJSCI®UZBJTUBUIPKKIJUBÁ]]]]
2UIMDMBR3XÄ2SDTG@C(1SV@/XHS
TWBKBOFOBDBTBOUZBLUBTUF¹VISE²UBUIQZBUJ]
ULDSV@GBb@U/X3X-S¯HNS@$
FWBNF¹BUBUIIB©DBEWWBQZBUZBOUBEVÁLIJUBV]]]]
}uC@DDHOHUXDLL3U@JuL@MR@$
E®¹¾BEP¹FQJWJ¹BZFNBNBUWL®¹¾BNOBTBV]
SH3JLDS-LG@Ã@FX-L@DG@D\@HMM@DQHO
UBULJNFUBONBICIHBZBONPIPK¸OJOPSBQJ]]]]
LL@2XBÃU3XD@HUUDJ@-W2XL4%S@
NBNTZBDBCIBWBUZF¹WJWFLOEIBTZBNĺIBU]]]]
%FW².IUNZBNPage 11 of 150
;HkU@B
®¹JSVWDB]]]]
\@MLH2SRL2S2XI-S@DHU1XF@DBQD
K¸OBNBTUJTBNBTUBTZBKBOUPSWJ¹BZBHPDBSF]]]]
HUX@oLG@Ã@FX@H-SB$UOV*OVJ
WJ¹BZ°DBNBICIHBZOUJDBJWB©Q®UIBLQ®UIBL]
HCU@-W@e@H:MJDHB¸@`@U-W@2SV@OQD
EJWOEIÁQS´JOBÁLFDJESUSWBOEITUBUIQBSF]]]]
JDHBH´U@SV@Q@`@$e@H:M2ST+X}uX
LFDJEEJWUBUISUSBVQS´JOBTUVMZBE®¹¾BZBÁ]
\@HMM@DLMTI@R3XHJSTSDMHGJDUKLÆ
K¸OJOPNBOVKÁTBUZB©LJ©UVUFOBIJLFWBMBN]]]]
XS@DHG\@HMMRUD1OYTOH<LF@CX
ZBUPIJK¸OJOBÁTBSWFQB°VQBL¹JN®HEBZBÁ]
\@MBS-LMTX@:@X^D@LFOH<:@LÆ
K¸OB©DBUBONBOV¹Z´©ZBUUF¹©N®HBQBL¹J´N]]]]
LMTX@:@BX^D@ST+XL-X^V@DÃX@D
NBOV¹Z´©DBZBUUF¹©UVMZBNBOZBUUBUIPCIBZPÁ]
\@MDHORHSO9X$S@MÆOSØ@°#@UB®TT
K¸OFQJTBUJQB°ZBJUOQBUBµH¸DIWBDB¸DV¹V]]]]
%FW².IUNZBNPage 12 of 150
J:L@D<@}S@MÆL@DG@3O(EL@M@MHO<TW@
LB´BNPL¹E®UONPIUQ²ºZBNOOBQJL¹VEI]
L@MT@LMTI5X@R@HÃK@@RTS@MÆeHS
NOV¹NBOVKBWZHISBTCIJM¹ÁTVUOQSBUJ]]]]
K@DÃ@SÆe3XTOJ@Q@XM-UDS@MÆHJMO9XHR
MPCIUQSBUZVQBLSZBOBOWFUOLJ©OBQB°ZBTJ]
SV@HOLLS@U^D1L@DGFSD1HMO@HSS@
UBUIQJNBNBUWBSUUFNPIBHBSUFOJQUJUÁ]]]]
LG@L@X@eÃ@UD:RR@QH2VHSJ@HQ:@
NBINZQSBCIWF´BTB©TSBTUIJUJLSJ´]
Sº@`HU2LXJ@X@D1X@DFHM¸@IF3OSD
UBOOUSBWJTNBZBÁLSZPZPHBOJESKBHBUQBUFÁ]]]]
LG@L@X@GQDo$@SX@R,L@DÐSDIFSÆ
NBINZIBSF°DBJ¹UBZTBNNPIZBUFKBHBU
\@HMM@LHOBDS@HRCDU(ÃFUS(HGR@
K¸OJONBQJDFU©TJEFW²CIBHBWBU²IJT]]]]
AK@C@JXL@DG@XLG@L@X@eX"#HS
CBMEL®¹ZBNPIZBNBINZQSBZBDDIBUJ]
SX@HUR)XSDHUsIFCDS×Q@BQLÆ
UBZWJT®KZBUFWJ°WB©KBHBEFUBDDBSDBSBN]]]]
%FW².IUNZBNPage 13 of 150
R$@eRº@UQC@M:@ÃUHSLTÄXD
TBJ¹QSBTBOOWBSBEO®´©CIBWBUJNVLUBZF]
R@HU
@OQL@LTÄDGD1STÃ4S@RM@SM(
TWJEZQBSBNNVLUFSIFUVCIÄUTBOUBO²]]]]
RR@QA-WGDSToR$URUD1sQDsQ(
TB©TSBCBOEIBIFUV°DBTBJWBTBSWF°WBSF°WBS²]]]]
Q@I@DU@B
SKPWDB]]]]
ÃFUMÆJ@HGR@CDU(LG@L@XDHSX@ÃU@MÆ
CIBHBWBOLIJTEFW²NBINZFUJZ©CIBWO]]]]
gU(HSJVLT3Oº@R@JL@12X@oHJHbI
CSBW²UJLBUIBNVUQBOOTLBSNTZ°DBLJ©EWJKB]
X3eÃ@U@BR@CDU(X32UmO@X¯aU@
ZBUQSBCIWDBTEFW²ZBUTWBSÄQZBEVECIBW]]]]
S3RUr@DSTHL"#@HL3U^@Dg|HUC@UQ
UBUTBSWB©°SPUVNJDDINJUWBUUPCSBINBWJE©WBSB]]]]
%FW².IUNZBNPage 14 of 150
;HkU@B
®¹JSVWDB]]]]
HM3X$UR@IF-L4HS12SX@RU1HLCSSLÆ
OJUZBJWBTKBHBONÄSUJTUBZTBSWBNJEB©UBUBN]]]]
SV@HOS3RLT3OH^A1¤W@r4XS@LL
UBUIQJUBUTBNVUQBUUJSCBIVEI°SÄZBU©NBNB]
CDU@M@J@X1HRµV1L@HUÃ1UHSR@XC@
EFWO©LSZBTJEEIZBSUIBNWJSCIBWBUJTZBE]]]]
3OºDHSSC@K@DJDR@HM3X@/XHÃW(XSD
VUQBOOFUJUBEMPLFTOJUZQZBCIJEI²ZBUF]
X@DFHM¸@XC@HU:TI1F3XDJ@:1U(JSD
ZPHBOJES©ZBEWJ¹´VSKBHBUZFLS´BW²L®UF]]]]
@2S(X1YDLÃISÆJ+O@-SDÃFU@MÆeÃT
TU²SZB°F¹BNBCIBKBULBMQOUFCIBHBWOQSBCIVÁ]
SC@b@URTQ@$Ç@DQ@$HU.X@S@$LWTJ$PÃ@$
UBEEWWBTVSBVHIPSBVWJLIZUBVNBEIVLBJ¾BCIBV]]]]
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
}PU@S@URTQ@$B@D@$eRTÏBIM@C1MLÆ
E®¹¾WUWBTVSBVDPHSBVQSBTVQUB©DBKBOSEBOBN]
STu@UX@DFHM¸@S@LDJ@zCXH2VS
UV¹¾WBZPHBOJES©UNFLHSBI®EBZBÁTUIJUBÁ]]]]
HUA@DWM@V@1XGQDG1HQMD`JS@KX@LÆ
WJCPEIBOSUIZBIBSFSIBSJOFUSBL®UMBZN]
HUsDsQ(IFµ@`(H2VHSRG@QJ@HQ:(LÆ
WJ°WF°WBS²©KBHBEEIUS²©TUIJUJTB©ISBLSJ´²N]]]]
HM¸@ÃFUS(HU:@DQSTK@SDIReÃT
OJES©CIBHBWBU²©WJ¹´PSBUVM©UFKBTBÁQSBCIVÁ]]]]
g|@DU@B
CSBINPWDB]]]]
3U2U@G@3U2UW@3UHGUPJ@Q2UQ@H3LJ@
UWB©TWIUWB©TWBEIUWB©IJWB¹B¾LSBÁTWBSUNJL]]]]
RTW@3UL<QDHM3XDH`W@L@`@H3LJ@H2VS@
TVEIUWBNBL¹BSFOJUZFUSJEINUSUNJLTUIJU]
W1L@`@H2VS@HM3X@X@MT×@X@1HUYDS
BSEIBNUSTUIJUOJUZZOVDDSZWJ°F¹BUBÁ]]]]
%FW².IUNZBNPage 16 of 150
3ULDUR7X@R@HU`(3UCDHUIMM(OQ@
UWBNFWBTBOEIZTWJUS²UWB©EFWJKBOBO²QBS]
3UX$Sµ@X1SDHUs3UX$SSÆR)XSDIFSÆ
UWBZBJUBEEISZBUFWJ°WB©UWBZBJUBUT®KZBUFKBHBU]]]]
3UX$SSÆO@+XSDCDHU3UL32X-SDBRU1C@
UWBZBJUBUQMZBUFEFWJUWBNBUTZBOUFDBTBSWBE]
HURu@$RHumO@3UH2VHSmO@BO@KMD
WJT®¹¾BVT®¹¾JSÄQUWB©TUIJUJSÄQDBQMBOF]]]]
SV@RzHSmO@-SDIFS@D2XIF-LXD
UBUITB©I®UJSÄQOUFKBHBUPTZBKBHBONBZF]
LG@HU
@LG@L@X@LG@LDW@LG@2LHS
NBIWJEZNBINZNBINFEINBITN®UJÁ]]]]
LG@L@DG@BÃUS(LG@CDU(LGDsQ(
NBINPIDBCIBWBU²NBIEFW²NBIF°WBS²]
eJHS23UBRU12XFT:`XHUÃ@HUM(
QSBL®UJTUWB©DBTBSWBTZBHV´BUSBZBWJCIWJO²]]]]
J@KQ@H`L1G@Q@H`L@D1GQ@H`oC@k:@
LMBSUSJSNBISUSJSNPIBSUSJ°DBESV´]
3Ur(23UL(sQ(3U¥(23UATHµA@D1WK<:@
UWB©°S²TUWBN²°WBS²UWB©IS²TUWB©CVEEIJSCPEIBMBL¹B´]]]]
%FW².IUNZBNPage 17 of 150
KÙ@OTHu2SV@STHu23UY@H-S<@H-SQDUB
MBKKQV¹¾JTUBUIUV¹¾JTUWB©°OUJÁL¹OUJSFWBDB]
NHEFM(Y4HKM(Ç@DQ@FHCM(BHÖ:(SV@
LIBºHJO²°ÄMJO²HIPSHBEJO²DBLSJ´²UBUI]]]]
YHM(B@HOM(A@:ÃTYTZE(OHQÇ@XTW@
°BµLIJO²DQJO²C´BCIV°V´º²QBSJHIZVEI]
R@$,X@R@$,XSQ@YDR@$,XD>X23UHSRT-CQ(
TBVNZTBVNZBUBS°F¹BTBVNZFCIZBTUWBUJTVOEBS²]]]]
OQ@OQ@:@OQL@3ULDUOQLDsQ(
QBSQBS´©QBSBNUWBNFWBQBSBNF°WBS²]
X×HJHB3*UHBb2STRCRb@HNK@H3LJD
ZBDDBLJ¸DJULWBDJEWBTUVTBEBTBEWLIJMUNJLF]]]]
S2XRU12XX@YHÄR@3UHJ2S4XRDLX@
UBTZBTBSWBTZBZ°BLUJÁTUWB©LJ©TUÄZBTFNBZ]
XX@3UX@IFSÆwu@IF3O@3XH^X@DIFSÆ
ZBZUWBZKBHBUTSB¹¾KBHBUQUZBUUJZPKBHBU]]]]
R@DHOHM¸@UYM(SJ23U@2S@DSTHLGDsQ
TPQJOJESWB°B©O²UBÁLBTUW©TUPUVNJIF°WBSBÁ]
HU:TYQ(QG:LGL(Y@MUB
WJ¹´VÁ°BS²SBHSBIB´BNBIBN²°OBFWBDB]]]]
%FW².IUNZBNPage 18 of 150
J@HQS@2SDXS@DS23U@J2S@DSTYHÄL@MÆÃUDSÆ
LSJUTUFZBUPUBTUW©LBÁTUPUV©°BLUJNOCIBWFU]
R@3UHL3VeÃ@U$2U$kC@Q$CD1HUR2STS@
TUWBNJUUIB©QSBCIWBJÁTWBJSVESBJSEFWJTB©TUVU]]]]
L@DGX$S@$¯Q@W@1URTQ@$LWTJ$PÃ@$
NPIBZBJUBVEVSEIBS¹WBTVSBVNBEIVLBJ¾BCIBV]
eA@DWBIF32U@L(M(XS@L"XTS@DKÇT
QSBCPEIB©DBKBHBUTWN²O²ZBUNBDZVUPMBHIV]]]]
A@DWoHÖXS@L2XG-STLDS@$LG@RTQ@$
CPEIB°DBLSJZBUNBTZBIBOUVNFUBVNBITVSBV]]]]
;HkU@B
®¹JSVWDB]]]]
U2STS@SC@CDU(S@LR(S`UDWR@
FWB©TUVUUBEEFW²UNBT²UBUSBWFEIBT]]]]
HU:@DeA@DWM@V@1XHMG-STLWTJ$PÃ@$
WJ¹´PÁQSBCPEIBOSUIZBOJIBOUV©NBEIVLBJ¾BCIBV]
MD`@2XM@HRJ@A@¤zCXD>X2SV@DQR
OFUSTZBOTJLCIVI®EBZFCIZBTUBUIPSBTBÁ]]]]
%FW².IUNZBNPage 19 of 150
HMF1,XCY1MDS2V@$g|:@D5XÄI-LM
OJSHBNZBEBS°BOFUBTUIBVCSBINB´PWZBLUBKBONBOBÁ]
^2V@$BIFº@V2SX@LTÄ@DIM@C1M
VUUBTUIBVDBKBHBOOUIBTUBZNVLUPKBOSEBOBÁ]]]]
J@:1UDHGYXM@^SRC}YDBS@$
FLS´BWFIJ°BZBOUUBUBÁTBEBE®°FDBUBV]
LWTJ$PÃ@$¯Q@3L@M@UHSU(X1OQ@ÖL@$
NBEIVLBJ¾BCIBVEVSUNOWBUJW²SZBQBSLSBNBV]]]]
Ö@DWQÄD<:@U^Tg|@:IHMS@D
L@$
LSPEIBSBLUFL¹B´WBUUV©CSBIN´B©KBOJUPEZBNBV]
RLT3V@XSS2S@>X@XTXTWDÃFU@MÆGHQ
TBNVUUIZBUBUBTUCIZ©ZVZVEIFCIBHBWOIBSJÁ]]]]
O®U1RGw@H:A@¤eGQ:@DHUÃT
QB¸DBWBS¹BTBIBTS´JCIVQSBIBSB´PWJCIVÁ]
S@U/XHSAK@D-L^@$LG@L@X@HUL@DHGS@$
UWBQZBUJCBMPONBUUBVNBINZWJNPIJUBV]]]]
ÄU-S@$UQ@D2L^@DHpXS@HLHSJDYULÆ
VLUBWBOUBVWBSPTNBUUPWSJZBUNJUJLF°BWBN]]]]
%FW².IUNZBNPage 20 of 150
r(ÃFU@MTU@B
°S²CIBHBWOVWDB]]]]
ÃUDS@L
LDSTu@$LLU7X@UTÃ@UHO
CIBWFUNBEZBNFUV¹¾BVNBNBWBEIZWVCIWBQJ]]]]
HJL-XDMUQD:@`S@UHµUSLX@
LJNBOZFOBWBSF´USBFUWBEEIJW®UB©NBZ]]]]
;HkU@B
®¹JSVWDB]]]]
UH®S@>X@HLHSSC@RU1L@O@DLXIFSÆ
WB¸DJUCIZNJUJUBETBSWBNQPNBZB©KBHBU]]]]
HUK@D*XS@>X@FHCS@DÃFU@MÆJLKD<:
WJMPLZBUCIZ©HBEJUPCIBHBWOLBNBMFL¹B´BÁ]
@U@IHGMX`@DU(1RHKKDMOHQ/KTS@
W©KBIJOBZBUSPSW²TBMJMFOBQBSJQMVU]]]]
%FW².IUNZBNPage 21 of 150
;HkU@B
®¹JSVWDB]]]]
SVD3XT
U@ÃFUS@YBÖFC@ÃS@
UBUIFUZVLUWCIBHBWBU°BµLIBDBLSBHBECI®U]
J3U@BÖD:U$H#ºDIÇMDHYQR(SX@D
L®UWDBLSF´BWBJDIJOOFKBHIBOF°JSBT²UBZPÁ]]]]
ULD@RLT3Oº@g|:@R2STS@2UXLÆ
FWBNF¹TBNVUQBOOCSBINB´TB©TUVUTWBZBN]
eÃ@UL2X@CD5X@2STÃ4XY:TUC@HLSD
QSBCIWBNBTZEFWZTUVCIÄZBÁ°®´VWBENJUF]]]]
D?
]BJNPN]
2UH2Sr(L@J1ZEDXOTQ@:DR@UH:1JDL-U-SQD
]]TWBTUJ°S²NSLB´ºFZBQVS´FTWBS´JLFNBOWBOUBSF
CDU(L@G@3,XDLWTJ$PÃUW@DM@L
EFW²NIUNZFNBEIVLBJ¾BCIBWBEIPONB
eVL@D7X@X
QSBUIBNPEIZZBÁ]]]]
%FW².IUNZBNPage 22 of 150
HbS(X@D7X@X
EWJU²ZPEIZZBÁ
HUHMX@DF
WJOJZPHBÁ
2Xr(L7XLBHQ`2XHU:T;1H
BTZB°S²NBEIZBNBDBSJUSBTZBWJ¹´VS®¹JÁ]
r(LG@KyL(e(3XVD1L7XLBHQ`IODHUHMX@DF
°S²NBIMBL¹N²QS²UZBSUIFNBEIZBNBDBSJUSBKBQFWJOJZPHBÁ]
7X@MLÆ
]EIZOBN]
<w*OQY4FCDTJHKYO¹WMTJHZEJ@
BL¹BTSBLQBSB°ÄHBEF¹VLVMJ°B©QBENB©EIBOVÁLV´ºJL©
%FW².IUNZBNPage 23 of 150
CZEYHÄLHRBBL1IKIÇZP@RTQ@Ã@IMLÆ
EB´ºB©°BLUJNBTJ©DBDBSNBKBMBKB©HIB´¾©TVSCIKBOBN]
Y4KO@YRTCY1MDBCWS(G2S$eU@KeÃ@
°ÄMB©Q°BTVEBS°BOFDBEBEIBU²©IBTUBJÁQSBWMBQSBCI©
RDUDR$HQÃLHC1M(HLGLG@KyL(RQ@DIH2VS@LÆ
TFWFTBJSJCIBNBSEJO²NJIBNBIMBL¹N²©TBSPKBTUIJUN]]
?¥(;HkU@B
PNIS²N®¹JSVWDB]]]]
CDU@RTQLÃ4
TµO4:1L!CYSOTQ@
EFWTVSBNBCIÄEZVEEIB©QÄS´BNBCEB°BUB©QVS]
LHGDRTQ@:@LHWODCDU@M@BOTQ-CQD
NBIJ¹FTVS´NBEIJQFEFWO©DBQVSBOEBSF]]]]
S`@RTQ$L1G@U(X$1CD1UR$-XOQ@HISLÆ
UBUSTVSBJSNBIW²SZBJSEFWBTBJOZB©QBSKJUBN]
HI3U@BRJK@MÆCDU@HM-¸@DÃ4-LHG@RTQ
KJUWDBTBLBMOEFWOJOESPCIÄONBIJ¹TVSBÁ]]]]
SSOQ@HIS@CDU@O¹X@DHMeI@OHSLÆ
UBUBÁQBSKJUEFWÁQBENBZPOJ©QSBKQBUJN]
OTQ2J3XFS@2S`X`DYFkE7UI@$
QVSBTL®UZBHBUTUBUSBZBUSF°BHBSVºBEIWBKBV]]]]
%FW².IUNZBNPage 24 of 150
XV@U^SX@D2Sb-LHG@RTQBDHuSLÆ
ZBUIW®UUB©UBZPTUBEWBONBIJ¹TVSBDF¹¾JUBN]
H`CY@JVX@L@RTCD1U@HÃÃUHU2SQLÆ
USJEB°ÁLBUIBZNTVSEFWCIJCIBWBWJTUBSBN]]]]
R4XD1-¸@&-XHMKD-±M@XL2XUk:2XB
TÄSZFOESHOZBOJMFOEÄO©ZBNBTZBWBSV´BTZBDB]
-XD@B@HWJ@Q@-R2UXLDU@HWHStHS
BOZF¹©DEIJLSOTBTWBZBNFWEIJUJ¹¾IBUJ]]]]
2UF@1HºQ@JS@RUD1SDMCDUF:@ÃTHU
TWBSHOOJSL®UÁTBSWFUFOBEFWBHB´CIVWJ]
HUBQH-SXV@L3X@1LHGD:¯Q@3LM@
WJDBSBOUJZBUINBSUZNBIJ¹F´BEVSUNBO]]]]
SbJHVSRU1LLQ@HQHUBDHuSLÆ
FUBEWBÁLBUIJUB©TBSWBNBNBSSJWJDF¹¾JUBN]
YQ:UeOº@2L@DUW2S2XHUHB-3XS@LÆ
°BSB´B©WBÁQSBQBOOÁTNPWBEIBTUBTZBWJDJOUZBUN]]]]
Å3VHMY,XCDU@M@UB@HRLWTR4CM
JUUIB©OJ°BNZBEFWO©WBD©TJNBEIVTÄEBOBÁ]
BJ@QJ@DOY,ÃToTJP(JHPK@MM@$
DBLSBLPQB©°BNCIV°DBCISVLV¾²LV¾JMOBOBV]]]]
%FW².IUNZBNPage 25 of 150
SS@DHSJ@DOO4:12XBHÖ:@DUCM@^S
UBUPUJLPQBQÄS´BTZBDBLSJ´PWBEBOUUBUBÁ]
HMoÖ@LLG^DI@Dg|:YQ2XB
OJ°DBLSNBNBIBUUFKPCSBINB´BÁ°BµLBSBTZBDB]]]]
-XD@B$UCDU@M@YÖ@C(M@YQ(QS
BOZF¹©DBJWBEFWO©°BLSE²O©°BS²SBUBÁ]
HMF1SRTLG^DI2S×$*XRLF"#S
OJSHBUB©TVNBIBUUFKBTUBDDBJLZB©TBNBHBDDIBUB]]]]
S(USDIRJP)UK-SHLUOU1SLÆ
BU²WBUFKBTBÁLľB©KWBMBOUBNJWBQBSWBUBN]
C}YT2SDRTQ@2S`)U@K@5X@ÏHCF-SQLÆ
EBE®°VTUFTVSTUBUSBKWMWZQUBEJHBOUBSBN]]]]
STKS`S^DIRU1CDUYQ(QILÆ
BUVMB©UBUSBUBUUFKBÁTBSWBEFWB°BS²SBKBN]
J2VSCÃ4º@Q(5X@ÏK@DJ`XH3U@
FLBTUIB©UBEBCIÄOOS²WZQUBMPLBUSBZB©UWJ¹]]]]
XCÃ4"#@,ÃUSDI2SDM@I@XSS-LTNLÆ
ZBEBCIÄDDINCIBWB©UFKBTUFOKZBUBUBONVLIBN]
X@,XDMB@ÃUMÆJDY@A@GU@DHU:TSDIR@
ZNZFOBDCIBWBOLF°CIBWPWJ¹´VUFKBT]]]]
%FW².IUNZBNPage 26 of 150
R@$,XDM2SMX@DXT1&LL7XB$-¸D:B@ÃUSÆ
TBVNZFOBTUBOBZPSZVHNB©NBEIZB©DBJOESF´BDCIBWBU]
U@k:DMBIÇ@DmHMS,A2SDIR@ÃTU
WSV´FOBDBKBµHIPSÄOJUBNCBTUFKBTCIVWBÁ]]]]
g|:2SDIR@O@C@$SCØ«+X@DJ1SDIR@
CSBINB´BTUFKBTQEBVUBEBµHVMZPSLBUFKBT]
UR4M@BJQ@Ø«+XJ@$ADQD:BM@HRJ@
WBTÄO©DBLBSµHVMZBÁLBVCFSF´BDBOTJL]]]]
S2X@2STC-S@R,Ã4S@e@I@O3XDMSDIR@
UBTZTUVEBOUÁTBNCIÄUÁQSKQBUZFOBUFKBT]
MXMH`SXI\DSV@O@UJSDIR@
OBZBOBUSJUBZB©KBK¸FUBUIQWBLBUFKBT]]]]
TU@$BR7XX@D2SDIrU:@UHMK2XB
CISVWBVDBTBOEIZBZPTUFKBÁ°SBWB´WBOJMBTZBDB]
-XD@B$UCDU@M@R,ÃU2SDIR@HYU@
BOZF¹©DBJWBEFWO©TBNCIBWBTUFKBT©°JW]]]]
SSRL2SCDU@M@SDI@DQ@HYRLTaU@LÆ
UBUBÁTBNBTUBEFWO©UFKPS°JTBNVECIBWN]
S@HUK@D*XLTCe@OTQLQ@LHG@HC1S@
U©WJMPLZBNVEB©QSQVSBNBSNBIJ¹SEJUÁ]
%FW².IUNZBNPage 27 of 150
SS@DCDU@C¯2S2X$2U@HM2U@-X@XTW@HMB
UBUPEFWEBEVTUBTZBJTWOJTWOZZVEIOJDB]]]]
Y4KY4K@HbHMJXCC@$S2X$HOM@JWJ
°ÄMB©°ÄMEWJOJ¹L®¹ZBEBEBVUBTZBJQJOLBEI®L]
BÖBC^U@MÆJ:RLT3O@P2UBÖS
DBLSB©DBEBUUBWOL®¹´BÁTBNVUQ¾ZBTWBDBLSBUBÁ]]]]
YBUk:YHÄCC@$S2X$¤S@YM
°BµLIB©DBWBSV´BÁ°BLUJ©EBEBVUBTZBJIVU°BOBÁ]
L@kS@DC^U@o@OA@:O4:D1SVDTW(
NSVUPEBUUBW©°DQB©C´BQÄS´FUBUIF¹VEI²]]]]
UHL-¸RLT3O@PJHKY@CLQ@HWO
WBKSBNJOESBÁTBNVUQ¾ZBLVMJ°EBNBSEIJQBÁ]
CC@$S2X$RGw@<@DÇZP@L$Q@US@¶I@SÆ
EBEBVUBTZBJTBIBTSL¹PHIB´¾NBJSWBUEHBKU]]]]
J@KCZE@
L@DCZEO@YB@,ATOHSC1C@$
LMBEB´ºEZBNPEB´ºB©Q°B©DNCVQBUJSEBEBV]
eI@OHSo@<L@K@CC@$g|@JLZEKTLÆ
QSBKQBUJ°DL¹BNM©EBEBVCSBINLBNB´ºBMVN]]]]
%FW².IUNZBNPage 28 of 150
RL2SQ@DLJODTHMIQ9L(MÆHCU@JQ
TBNBTUBSPNBLÄQF¹VOJKBSB°N²OEJWLBSBÁ]
J@KoC^U@MÆNEFS2X$BL1BHML1KLÆ
LMB°DBEBUUBWOLIBºHB©UBTZBJDBSNBDBOJSNBMBN]]]]
<(Q@DCo@LKG@QLIQDBSV@,AQD
L¹²SPEB°DNBMB©ISBNBKBSFDBUBUINCBSF]
B4E@LH:SV@HC5XJZEKDJPJ@HMB
DĺNB´J©UBUIEJWZB©LV´ºBMFLB¾BLOJDB]]]]
W1B-¸SV@YTJDX4Q@MÆRU1A@¤T
BSEIBDBOESB©UBUI°VCISB©LFZÄSOTBSWBCIV¹V]
M4OTQ@$HULK@$SbC$UDXJLMT^LLÆ
OÄQVSBVWJNBMBVUBEWBEHSBJWFZBLBNBOVUUBNBN]]]]
Ø«K(XJQ@HMRL2S@2UØ«K(TB
BµHVM²ZBLBSBUOOJTBNBTUTWBµHVM²¹VDB]
HUsJL@1CC@$S2X$OQYTB@HSHML1KLÆ
WJ°WBLBSNEBEBVUBTZBJQBSB°V©DUJOJSNBMBN]]]]
v@ZXMDJmO@H:SV@ÃD
BCYMLÆ
BTUS´ZBOFLBSÄQ´JUBUICIFEZB©DBEB©°BOBN]
,K@MOI@L@K@HYQ2XTQHRB@OQ@LÆ
BNMOBQBµLBK©NM©°JSBTZVSBTJDQBSN]]]]
%FW².IUNZBNPage 29 of 150
CCÙKHW2S2X$OIB@HSY@DÃMLÆ
BEBEBKKBMBEIJTUBTZBJQBµLBKB©DUJ°PCIBOBN]
HGLU@MÆU@GMHRGQ@HMHUHUW@HMB
IJNBWOWIBOB©TJ©IB©SBUOOJWJWJEIOJDB]]]]
CC@UY4-XRTQX@O@MO@`WM@HWO
EBEWB°ÄOZB©TVSBZQOBQUSB©EIBOEIJQBÁ]
YDoRU1M@FDY@DLG@LH:HUÃ4HSLÆ
°F¹B°DBTBSWBOHF°PNBINB´JWJCIĹJUBN]]]]
M@FG@QCC@$S2X$W^DXOHVU(HLL@LÆ
OHBISB©EBEBVUBTZBJEIBUUFZBÁQ®UIJW²NJNN]
-X$QHORTQ$CD1U(Ã4:$Q@XTW$2SV@
BOZBJSBQJTVSBJSEFW²CIĹB´BJSZVEIBJTUBUI]]]]
R,L@HMS@MM@C@D×$R@¡G@RLT¤LT1¤
TBNNOJUOBOEPDDBJÁT¾¾BITB©NVIVSNVIVÁ]
S2X@M@CDMÇ@DQD:J3xL@O4HQSMÃ
UBTZOEFOBHIPSF´BL®UTOBNQÄSJUB©OBCIBÁ]]]]
L@XS@HSLGS@eHSY!C@DLG@MÃ4SÆ
BNZBUUJNBIBUQSBUJ°BCEPNBIOBCIÄU]
BT<TÃTRJK@K@DJ@RLT¸@oBJH,OQD
DVL¹VCIVÁTBLBMMPLÁTBNVES°DBDBLBNQJSF]]]]
%FW².IUNZBNPage 30 of 150
BB@KURTW@BDKTRJK@oLG(WQ@
DBDMBWBTVEIDFMVÁTBLBM°DBNBI²EIBSÁ]
IXDHSCDU@oLTC@S@L4BTHRGU@HGM(LÆ
KBZFUJEFW°DBNVEUNÄDVÁTJ©IBWIJO²N]]]]
STuTUTLT1MXo$M@ÃHÄMl@3LL4S1X
UV¹¾VWVSNVOBZB°DBJO©CIBLUJOBNSUNBNÄSUBZBÁ]
}PU@RL2SR<T!W`$K@D*XLLQ@QX
E®¹¾WTBNBTUB©TBµL¹VCEIB©USBJMPLZBNBNBSSBZBÁ]]]]
Rºµ@HNKR$-X@2SDRLT^2VTkC@XTW@
TBOOBEEILIJMBTBJOZTUFTBNVUUBTUIVSVEZVEIÁ]
@HJLDSHCHSÖ@DW@C@Ã@XLHG@RTQ
ÁLJNFUBEJUJLSPEIECI¹ZBNBIJ¹TVSBÁ]]]]
>XW@USSY!CLYD$QRTQ$U1S
BCIZBEIWBUBUB©°BCEBNB°F¹BJSBTVSBJSW®UBÁ]
RCCY1SS@DCDU(5X@ÏK@DJ`X@H3U@
TBEBEBS°BUBUPEFW²©WZQUBMPLBUSBZ©UWJ¹]]]]
O@C@Ö@-3X@MSÃTUHJQ(P@DH¢HNS@,AQ@LÆ
QELSOUZOBUBCIVWB©LJS²¾PMMJLIJUNCBSN]
<@DHÃS@YDO@S@K@WMT)X@1HM2UMDMS@LÆ
L¹PCIJU°F¹BQUM©EIBOVSKZOJÁTWBOFOBUN]]]]
%FW².IUNZBNPage 31 of 150
HCY@DÃTIRGwD:RL-S@@/XRH2VS@LÆ
EJ°PCIVKBTBIBTSF´BTBNBOUEWZQZBTB©TUIJUN]
SSeUUSDXTµSX@CD5X@RTQHb@LÆ
UBUBÁQSBWBW®UFZVEEIB©UBZEFWZTVSBEWJ¹N]]]]
Yv@v$A1¤W@LTÄ$Q@C(HOSHCF-SQLÆ
°BTUSTUSBJSCBIVEINVLUBJSE²QJUBEJHBOUBSBN]
LHG@RTQRDM@M(Ho<TQ@.X@DLG@RTQ
NBIJ¹TVSBTFOO²°DJL¹VSLIZPNBITVSBÁ]]]]
XTXTWDB@LQo@-X$oSTQØAK@H-US
ZVZVEIFDNBSB°DOZBJ°DBUVSBµHBCBMOWJUBÁ]
QV@M@LXTS$HEÃkC@.X@DLG@RTQ
SBUIONBZVUBJÁ¹BºCIJSVEBHSLIZPNBITVSBÁ]]]]
XT7XS@XTS@M@BRGwD:LG@GMT
BZVEIZBUZVUO©DBTBIBTSF´BNBIIBOVÁ]
O®@YHaoHMXTS$QHRK@DL@LG@RTQ
QB¸D°BECIJ°DBOJZVUBJSBTJMPNNBITVSBÁ]]]]
XTS@M@YS$HEÃA@1JK@DXTXTWDQ:D
BZVUO©°BUBJÁ¹BºCIJSC¹LBMPZVZVEIFSB´F]
FIU@HIRGw@$Ç$QMDJ$OHQU@HQS
HBKBWKJTBIBTSBVHIBJSBOFLBJÁQBSJWSJUBÁ]]]]
%FW².IUNZBNPage 32 of 150
US@DQV@M@J@DP@BXTµDSH2LºXT7XS
W®UPSBUIO©LP¾ZDBZVEEIFUBTNJOOBZVEIZBUB]
HAE@K@.X@DXTS@M@BO®@YHaQV@XTS$
CJºMLIZPZVUO©DBQB¸D°BECIJSBUIZVUBJÁ]]]]
XTXTWDRXTFDS`QV@M@OHQU@HQS
ZVZVEIFTB©ZVHFUBUSBSBUIO©QBSJWSJUBÁ]
-XDBS`@XTSY@DQVM@FGX$U1S@
BOZFDBUBUSZVUB°PSBUIBOHBIBZBJSW®UÁ]]]]
XTXTWTRXTFDCD5X@RGS`LG@RTQ@
ZVZVEIVÁTB©ZVHFEFWZTBIBUBUSBNBITVSÁ]
J@DHPJ@DHPRGw$2STQV@M@CH-SM@SV@
LP¾JLP¾JTBIBTSBJTUVSBUIO©EBOUJO©UBUI]]]]
GX@M@BUS@DXTµDS`@Ã4-LHG@RTQ
IBZO©DBW®UPZVEEIFUBUSCIÄONBIJ¹TVSBÁ]
S@DLQ$HÃ1H-CO@K$oYHÄHÃLT1RK$2SV@
UPNBSBJSCIJOEJQMBJ°DB°BLUJCIJSNVTBMBJTUBUI]]]]
XTXTWTRXTFDCD5X@NEF$OQYTOH¡Y$
ZVZVEIVÁTB©ZVHFEFWZLIBºHBJÁQBSB°VQB¾¾J°BJÁ]
JDHB×HBH<OTYÄ(JDHBSÆO@Y@2SV@OQD
LFDJDDBDJL¹JQVÁ°BLU²ÁLFDJUQ°©TUBUIQBSF]]]]
%FW².IUNZBNPage 33 of 150
CDU(NEFeG@Q$2STSDS@G-STeBÖLT
EFW²©LIBºHBQSBISBJTUVUFU©IBOUV©QSBDBLSBNVÁ]
R@HOCDU(SS2S@HMYv@ZXv@H:BHZEJ@
TQJEFW²UBUBTUOJ°BTUS´ZBTUS´JDB´ºJL]]]]
K(KX$UeHB"#DCHMIYv@vUH1:(
M²MBZBJWBQSBDJDDIFEBOJKB°BTUSTUSBWBS¹J´²]
M@X2S@MM@CDU(2S4XL@M@RTQH1HÃ
BOZBTUOBOEFW²TUÄZBNOTVSBS¹JCIJÁ]]]]
LTL@DB@RTQCDGDTYv@ZXv@H:BDsQ(
NVNPDTVSBEFIF¹V°BTUS´ZBTUS´JDF°WBS²]
R@DHOÖµ@DWTSRP@DCD5X@U@GMJDRQ(
TPQJLSVEEIPEIVUBTB¾PEFWZWIBOBLFTBS²]]]]
BB@Q@RTQR$-XDTUMDHUU¤S@YM
DBDSTVSBTBJOZF¹VWBOF¹WJWBIVU°BOBÁ]
HMs@R@MÆLTLTBDX@oXT7XL@M@Q:DH,AJ@
OJÁ°WTONVNVDFZ©°DBZVEIZBNOSB´FNCJL]]]]
SUR
R,Ã4S@F:@YSRGwY
UBFWBTBEZBÁTBNCIÄUHB´Á°BUBTBIBTSB°BÁ]
XTXTWT2SDOQYTHÃHÃ1H-CO@K@HROH¡Y$
ZVZVEIVTUFQBSB°VCIJSCIJOEJQMTJQB¾¾J°BJÁ]]]]
%FW².IUNZBNPage 34 of 150
M@YX-S@DRTQF:@MÆCDU(Y
XTOAHGS@
O°BZBOUPTVSBHB´OEFW²°BLUZVQBC®©IJUÁ]
U@CX-SOPG@MÆF:@Y@2SV@OQD
BWEBZBOUBQB¾BIOHB´Á°BµLI©TUBUIQBSF]]]]
LCØ@oSV$U@-XDSH2LMÆXTµLG@D3RUD
N®EBµH©°DBUBUIBJWOZFUBTNJOZVEEIBNBIPUTBWF]
SS@DCDU(H`Y4KDMFCX@YHÄUHuHÃ
UBUPEFW²USJ°ÄMFOBHBEBZ°BLUJW®¹¾JCIJÁ]]]]
NEF@HCHÃoYSY@DHMIÇ@MLG@RTQ@MÆ
LIBºHEJCIJ°DB°BUB°POJKBHIOBNBITVSO]
O@SX@L@RB$U@-X@MÆÇZP@2UMHUL@DHGS@MÆ
QUBZNTBDBJWOZOHIB´¾TWBOBWJNPIJUO]]]]
RTQ@MÆÃTHUO@YDMAC7U@B@-X@MJ1XSÆ
BTVSOCIVWJQ°FOBCBEEIWDOZOBLBS¹BZBU]
JDHBCHbW@JS@2S(y:$NEFO@S$2SV@OQD
LFDJEEWJEIL®UTU²L¹´BJÁLIBºHBQUBJTUBUIQBSF]]]]
HUO@DHVS@HMO@SDMFCX@ÃTHUYDQSD
WJQPUIJUOJQUFOBHBEBZCIVWJ°FSBUF]
UDLToJDHB¸«HWQLTRKDMÃYGS@
WFNV°DBLFDJESVEIJSB©NVTBMFOBCI®°B©IBUÁ]]]]
%FW².IUNZBNPage 35 of 150
JDHBHºOHSS@Ã4L@$Hú@Y4KDMU<HR
LFDJOOJQBUJUCIÄNBVCIJOOÁ°ÄMFOBWBL¹BTJ]
HMQ-SQ@YQ@$ÇD:JS@JDHB¸:@HIQD
OJSBOUBSÁ°BSBVHIF´BL®UÁLFDJESB´KJSF]]]]
9XDM@MTJ@HQ:e@:@MÆLTLTBTHvCY@C1M@
°ZFOOVLSJ´BÁQS´ONVNVDVTUSJEB°SEBOÁ]
JD@HBCA@GUH9#º@H9#º(U@2SV@OQD
LF¹¸DJECIBWB°DIJOO°DIJOOBHS²WTUBUIQBSF]]]]
HYQ@HRODSTQ-XD@L-XDL7XDHUC@HQS@
°JS©TJQFUVSBOZF¹NBOZFNBEIZFWJESJUÁ]
HUH"#ºIÇ@23UOQDODSTk5X@LG@RTQ@
WJDDIJOOBKBµHITUWBQBSFQFUVSVSWZ©NBITVSÁ]]]]
JA@ÒH<BQ:@JDHB´D5X@HbW@JS@
FLBCIWBL¹JDBSB´ÁLFDJEEFWZEWJEIL®UÁ]
H#ºDHOB@-XDHYQHROHSS@OTMkH3VS@
DIJOOFQJDOZF°JSBTJQBUJUÁQVOBSVUUIJUÁ]]]]
JA-W@XTXTWTCD15X@FG(SOQL@XTW@
LBCBOEIZVZVEIVSEFWZH®I²UBQBSBNZVEIÁ]
MMSTo@OQDS`XTµDS4X1KX@HrS@
OBO®UV°DQBSFUBUSBZVEEIFUÄSZBMBZ°SJUÁ]]]]
%FW².IUNZBNPage 36 of 150
JA-W@H9#ºHYQRNEFY
XHuO@:X
LBCBOEI°DIJOOB°JSBTBÁLIBºHB°BLUZ®¹¾JQ´BZBÁ]
HStHStDHSÃ@-S@DCDU(L-XDLG@RTQ@
UJ¹¾IBUJ¹¾IFUJCI¹BOUPEFW²NBOZFNBITVSÁ]]]]
O@HSS$QVM@F@s$QRTQ$oURT-WQ@
QUJUBJSBUIBOH°WBJSBTVSBJ°DBWBTVOEIBS]
F,X@R@ÃU^`X`@Ã4SÆRLG@Q:
BHBNZTCIBWBUUBUSBZBUSCIÄUTBNBISB´BÁ]]]]
Y@DH:S@$Ç@LG@M
R
2S`eRTwTUT
°P´JUBVHINBIOBEZBÁTBEZBTUBUSBQSBTVTSVWVÁ]
L7XDB@RTQR$-X2XU@Q:@RTQU@HIM@LÆ
NBEIZFDTVSBTBJOZBTZBWSB´TVSBWKJON]]]]
<:DMS-LG@R$-XLRTQ@:@SV@H,AJ@
L¹B´FOBUBONBITBJOZBNBTVS´©UBUINCJL]
HM-XD<XXV@UH{2S:C@kLG@BXLÆ
OJOZFL¹BZB©ZBUIWBIOJTU®´BESVNBIDBZBN]]]]
RBHRG@DLG@M@CLT3RIMÆWTSJDRQ
TBDBTJ©IPNBIOEBNVUT®KBOEIVUBLFTBSBÁ]
YQ(QD>X@DLQ@Q(:@LR4HMUHUHB-UHS
°BS²SFCIZPNBSS²´NBTÄOJWBWJDJOWBUJ]]]]
%FW².IUNZBNPage 37 of 150
CD5X@F:$oS$2S`JSXTµSV@RTQ$
EFWZHB´BJ°DBUBJTUBUSBL®UB©ZVEEIB©UBUITVSBJÁ]
XV$@STSTTCD1U@OTOUHuLTB@DHCHU
ZBUIBJ¹©UVUV¹VSEFWÁQV¹QBW®¹¾JNVDPEJWJ]]]]
2UH2Sr(L@J1ZEDXOTQ@:DR@UH:1JDL-U-SQD
]]TWBTUJ°S²NSLB´ºFZBQVS´FTWBS´JLFNBOWBOUBSF
CDU(L@G@3,XDLHG@RTQR$-XUW@DM@L
EFW²NIUNZFNBIJ¹TVSBTBJOZBWBEIPONB
HbS(X@D7X@X
EWJU²ZPEIZZBÁ]]]]
%FW².IUNZBNPage 38 of 150
SS(X@D7X@X
U®U²ZPEIZZBÁ
?;HkU@B
PN®¹JSVWDB]]]]
HMG-XL@MS3R$-XLUK@D*XLG@RTQ
OJIBOZBNOB©UBUTBJOZBNBWBMPLZBNBITVSBÁ]
RDM@M(Ho<TQJ@DO@
X@$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$UU@HIM@LÆ
KBHIOBUVSBHOC´BJSZBOUSB©DBJWBWKJON]]]]
%FW².IUNZBNPage 39 of 150
HB"#DCBWMTR
@D7UIB@HSRLT"#SLÆ
DJDDIFEBDBEIBOVÁTBEZPEIWBKB©DUJTBNVDDI®UBN]
HU5X@WB$UF@`DTH#ºW-U@ML@YTF$
WJWZEIBDBJWBHUSF¹VDIJOOBEIBOWOBN°VHBJÁ]]]]
RH"#ºW-U@HUQV@DGS@s@DGSR@QHV
TBDDIJOOBEIBOWWJSBUIPIBU°WPIBUBTSBUIJÁ]
>XW@USS@CDU(NEFBL1WQ@DRTQ
BCIZBEIWBUBU©EFW²©LIBºHBDBSNBEIBSPTVSBÁ]]]]
HRGL@G3XNEFDMS(y:W@QD:L4W1HM
TJ©IBNIBUZBLIBºHFOBU²L¹´BEISF´BNÄSEIBOJ]
@IÇ@MÃTIDR5XDCDU(L/XHSUDFU@MÆ
KBHIOBCIVKFTBWZFEFW²NBQZBUJWFHBWO]]]]
S2X@NEF@DÃTIe@/XO @KMOM-CM
UBTZÁLIBºHPCIVKB©QSQZBQBQIMBO®QBOBOEBOB]
SS@DI@GY4KRJ@DO@Ck:K@DBM
UBUPKBHSIB°ÄMB©TBLPQEBSV´BMPDBOBÁ]]]]
HB<DOBSS2S^TøJ@+X@LG@RTQ
DJL¹FQBDBUBUBTUBUUVCIBESBLMZ©NBITVSBÁ]
I@)U+XL@MSDI@DÃ(QHUHA,AHLU@,AQ@SÆ
KKWBMZBNOB©UFKPCI²SBWJCJNCBNJWNCBSU]]]]
%FW².IUNZBNPage 40 of 150
}PU@SC@OS"#4KCDU(Y4KLLT®S
E®¹¾WUBEQBUBDDIÄMB©EFW²°ÄMBNBNV¸DBUB]
SDMS"#SW@M(SY4KRBLG@RTQ
UFOBUBDDIBUBEIO²UB©°ÄMB©TBDBNBITVSBÁ]]]]
GSDSH2L-LG@U(XD1LHG2XBL4OS@$
IBUFUBTNJONBIW²SZFNBIJ¹BTZBDBNÄQBUBV]
@IF@LFI@m%o@LQHvCY@C1M
KBHNBHBKSĺIB°DNBSBTUSJEB°SEBOBÁ]]]]
R@DHOYHÄLTL@DB@VCD5X@2S@LH,AJ@¸«SLÆ
TPQJ°BLUJ©NVNPDUIBEFWZTUNBNCJLESVUBN]
¤J@Q@HÃGS@Ã4L@$O@SX@L@RHMeÃ@LÆ
IVµLSCIJIBU©CIÄNBVQUBZNTBOJ¹QSBCIN]]]]
Ã@YHÄHMOHSS@}PU@Ö@DWRLH-US
CIBHO©°BLUJ©OJQBUJU©E®¹¾WLSPEIBTBNBOWJUBÁ]
HB<DOB@LQY4KA@:$2SCHOR@H"#MSÆ
DJL¹FQBDNBSBÁ°ÄMB©C´BJTUBEBQJTDDIJOBU]]]]
SSHRGRLT3O3XFIJ,Ã@-SQDH2VS
UBUBÁTJ©IBÁTBNVUQBUZBHBKBLVNCIOUBSFTUIJUBÁ]
A@¤XTµDMXTXTWDSDM@D×$HvCY@HQ:@
CIVZVEEIFOBZVZVEIFUFOPDDBJTUSJEB°SJ´]]]]
%FW².IUNZBNPage 41 of 150
XT7XL@M@$SS2S@$STS2L@º@F@-LG(FS@$
ZVEIZBNOBVUBUBTUBVUVUBTNOOHONBI²©HBUBV]
XTXTW@SDHSRQ!W@$eG@Q$QHSC@k:$
ZVZVEIUFUJTB©SBCEIBVQSBISBJSBUJESV´BJÁ]]]]
SS@DUDF@SÆNLT3O3XHMO3XBLF@HQ:@
UBUPWFHULIBNVUQBUZBOJQBUZBDBN®HSJ´]
JQeG@QD:HYQo@LQ2XOVJJSLÆ
LBSBQSBISF´B°JSB°DNBSBTZBQ®UIBLL®UBN]]]]
CoQ:DCD5X@HYK@U<@HCHÃG1S
VEBHSB°DBSB´FEFWZ°JMW®L¹EJCIJSIBUBÁ]
C-SLTHuSK$o$UJQ@KoHMO@HSS
EBOUBNV¹¾JUBMBJ°DBJWBLBSMB°DBOJQUJUBÁ]]]]
CDU(Öµ@FC@O@S$o4:1X@L@RB@DµSLÆ
EFW²LSVEEIHBEQUBJ°DÄS´BZNTBDPEEIBUBN]
A@JKHÃH-CO@KDMA@:$2S@lSV@-WJLÆ
C¹LBMB©CIJOEJQMFOBC´BJTUNSB©UBUIOEIBLBN]]]]
@2XLTU(XBSV$UBLG@GMTLÆ
VHSTZBNVHSBW²SZB©DBUBUIBJWBDBNBIIBOVN]
H`MD`@BH`Y4KDMIÇ@MOQLDsQ(
USJOFUSDBUSJ°ÄMFOBKBHIOBQBSBNF°WBS²]]]]
%FW².IUNZBNPage 42 of 150
HAE@K2X@HRM@J@X@SÆO@SX@L@RU$HYQ
CJºMBTZTJOLZUQUBZNTBWBJ°JSBÁ]
¯W1Q¯LT1NB@DÃ@$YQ$HM1-XDXL<XLÆ
EVSEIBSB©EVSNVLIB©DPCIBV°BSBJSOJOZFZBNBL¹BZBN]]]]
UR<(XL@:DST2UR$-XDLHG@RTQ
FWB©TBµL¹²ZBN´FUVTWBTBJOZFNBIJ¹TVSBÁ]
L@HGD:2UmOD:`@RX@L@RS@MÆF:@MÆ
NIJ¹F´BTWBSÄQF´BUSTBZNTBUOHB´O]]]]
J@Ho^TZEeG@QD:NTQ<DO$2SV@OQ@MÆ
L©°DJUUV´ºBQSBISF´BLIVSBL¹FQBJTUBUIQBSO]
K@ØKS@HES@o@-X@MÆYØ@>X@BHUC@HQS@MÆ
MµHÄMBUºJU©°DOZO°®µHCIZ©DBWJESJUO]]]]
UDFDMJ@HoCOQ@º@CDML:DMB
WFHFOBL©°DJEBQBSOOEFOBCISBNB´FOBDB]
HMs@ROUMDM@-X@-O@SX@L@RÃ4SKD
OJÁ°WTBQBWBOFOOZOQUBZNTBCIÄUBMF]]]]
HMO@3XeLV@M(JL>XW@USR@DRTQ
OJQUZBQSBNBUIO²LBNBCIZBEIWBUBTPTVSBÁ]
HRGG-STLG@CD5X@J@DOBÖDSS@DH,AJ@
TJ©IB©IBOUV©NBIEFWZÁLPQB©DBLSFUBUPNCJL]]]]
%FW².IUNZBNPage 43 of 150
R@DHOJ@DO@-LG@U(X1NTQ<TZ:LG(SK
TPQJLPQONBIW²SZBÁLIVSBL¹V´´BNBI²UBMBÁ]
YØ@>X@OU1S@MT×@Ho<DOBMM@CB
°®µHCIZ©QBSWBUOVDD©°DJL¹FQBDBOBOEBDB]]]]
UDFL:HU<TZ:@LG(S2X5XY(X1S
WFHBCISBNB´BWJL¹V´´NBI²UBTZBWZB°²SZBUB]
K@ØKDM@GSo@H!W/K@UX@L@RRU1S
MµHÄMFOIBUB°DCEIJÁQMWBZNTBTBSWBUBÁ]]]]
WTSYØHUHú@oNZENZEXXTÇ1M@
EIVUB°®µHBWJCIJOO°DBLIB´ºB©LIB´ºB©ZBZVSHIBOÁ]
s@R@HMK@2S@YSY@DHMODSTM1ÃR@DBK@
°WTOJMTUÁ°BUB°POJQFUVSOBCIBTPDBMÁ]]]]
ÅHSÖ@DWRL@7L@SL@OS-SLG@RTQLÆ
JUJLSPEIBTBNEINUBNQBUBOUB©NBITVSBN]
}PU@R@BHZEJ@J@DOSbW@XSC@JQ@DSÆ
E®¹¾WTDB´ºJLLPQB©UBEWBEIZBUBELBSPU]]]]
R@H<ÑU@S2XU$O@YSAA-WLG@RTQLÆ
TL¹JQUWUBTZBWBJQ°B©UB©CBCBOEIBNBITVSBN]
S3X@IL@HGmOR@DHOAµ@DLG@LWD
UBUZKBNIJ¹B©SÄQB©TPQJCBEEIPNBIN®EIF]]]]
%FW².IUNZBNPage 44 of 150
SSHRG@DÃU3R
@DX@U^2X@H,AJ@HYQ
UBUBÁTJ©IPCIBWBUTBEZPZWBUUBTZNCJL°JSBÁ]
H#MH^S@USÆOTkNEFO@H:Q}9XS
DIJOBUUJUWBUQVSV¹BÁLIBºHBQ´JSBE®°ZBUB]]]]
SSU@YTOTkCDU(HB"#DCR@XJ$
UBUBFW°VQVSV¹B©EFW²DJDDIFEBTZBLBJÁ]
SNEFBL1:@R@WSSR@DÃ4-LG@FI
UB©LIBºHBDBSNB´TSEIB©UBUBÁTPCIÄONBIHBKBÁ]]]]
JQD:BLG@HRGSBJ1IFI1B
LBSF´BDBNBITJ©IB©UB©DBLBS¹BKBHBSKBDB]
J1S2STJQCDU(NEFDMHMQJ-SS
LBS¹BUBTUVLBSB©EFW²LIBºHFOBOJSBL®OUBUB]]]]
SS@DLG@RTQ@DÃ4X@DL@HGUOTQ@H2VS
UBUPNBITVSPCIÄZPNIJ¹B©WBQVSTUIJUBÁ]
SV$U<@DÃX@L@R`$K@D*XRBQ@BQLÆ
UBUIBJWBL¹PCIBZNTBUSBJMPLZB©TBDBSDBSBN]]]]
SSÖµ@IF-L@S@BHZEJ@O@MLT^LLÆ
UBUBÁLSVEEIKBHBONUDB´ºJLQOBNVUUBNBN]
OO@$OTMOTMo$UIG@R@k:K@DBM@
QBQBVQVOBÁQVOB°DBJWBKBITSV´BMPDBO]]]]
%FW².IUNZBNPage 45 of 150
MMC1B@RTQR@DHOAKU(X1LC@DµS
OBOBSEBDTVSBÁTPQJCBMBW²SZBNBEPEEIBUBÁ]
HU@:@>X@BHB<DOBHZEJ@eHSÃ4WQ@MÆ
WJ¹´CIZ©DBDJL¹FQBDB´ºJL©QSBUJCIÄEIBSO]]]]
R@BS@-eHGS@2SDMB4:1X-S(YQ@D3JQ$
TDBUOQSBIJU©TUFOBDÄS´BZBOU²°BSPULBSBJÁ]
U@BSLC@DµSLTNQ@F@JK@<QLÆ
VWDBUB©NBEPEEIÄUBNVLIBSHLVML¹BSBN]]]]
CD5XTU@B
EFWZVWDB]]]]
FI1FI1<:L4%LWTX@UH3OA@,XGLÆ
HBSKBHBSKBL¹B´B©NĺIBNBEIVZWBUQJCNZBIBN]
LX@3UHXGSD`$UFHI1X-3X@YTCDUS@
NBZUWBZJIBUFUSBJWBHBSKJ¹ZBOUZ°VEFWBUÁ]]]]
;HkU@B
®¹JSVWDB]]]]
ULT
U@RLT3O3XR@m%@SLG@RTQLÆ
FWBNVLUWTBNVUQBUZBTSĺIUB©NBITVSBN]
O@CDM@Ö,XJZ0DBY4KDM$MLS@EXSÆ
QEFOLSBNZBLB´¾IFDB°ÄMFOBJOBNBUºBZBU]]]]
%FW².IUNZBNPage 46 of 150
SSR@DHOOC@Ö@-S2SX@HMILTN@^C@
UBUBÁTPQJQBELSOUBTUBZOJKBNVLIUUBE]
W1HMÖ@-SU@R(´D5X@U(XD1:RUS
BSEIBOJ¹LSOUBFWT²EEFWZW²SZF´BTB©W®UBÁ]]]]
W1HMÖ@-SU@R@$XT7XL@M@DLG@RTQ
BSEIBOJ¹LSOUBFWTBVZVEIZBNOPNBITVSBÁ]
SX@LG@HRM@CD5X@HYQH9#_U@HMO@HSS
UBZNBITJOEFWZ°JSB°DIJUUWOJQUJUBÁ]]]]
SS@DG@G@JSRUC$3XR$-XMM@YSSÆ
UBUPIIL®UB©TBSWB©EBJUZBTBJOZB©OBO°BUBU]
eGBOQI<RJK@CDUS@F:@
QSBIBS¹B©DBQBSB©KBHNVÁTBLBMEFWBUHB´Á]]]]
STuTUT2S@RTQ@CDU(RGHC5X$L1GH1HÃ
UV¹¾VWVTU©TVSEFW²©TBIBEJWZBJSNBIBS¹JCIJÁ]
IFTF1-WU1OSX@DMMSTo@/RQ@DF:@
KBHVSHBOEIBSWBQBUBZPOBO®UV°DQTBSPHB´Á]]]]
%FW².IUNZBNPage 47 of 150
2UH2Sr(L@J1ZEDXOTQ@:DR@UH:1JDL-U-SQD
]]TWBTUJ°S²NSLB´ºFZBQVS´FTWBS´JLFNBOWBOUBSF
CDU(L@G@3,XDLHG@RTQUW@DM@L
EFW²NIUNZFNBIJ¹TVSBWBEIPONB
SS(X@D7X@X
U®U²ZPEIZZBÁ]]]]
%FW².IUNZBNPage 48 of 150
BSTV@D
1 7X@X
DBUVSUIPEIZZBÁ
?;HkU@B
PN®¹JSVWDB]]]]
YÖ@CXRTQF:@HMGSDHSU(XD1
°BLSEBZBÁTVSBHB´OJIBUFUJW²SZF
SH2L-¯Q@3LHMRTQ@HQAKDBCD5X@
UBTNJOEVSUNBOJTVSSJCBMFDBEFWZ]
S@STuTUTe:HSMlHYQ@DWQ@R@
U©UV¹¾VWVÁQSB´BUJOBNSB°JSPEIBS©T
U@H&ÃeG1OTKJ@D¶LB@kCDG@
WHCIJÁQSBIBS¹BQVMBLPEHBNBDSVEFIÁ]]]]
CD5X@XX@SSHLCIFC@3LY
X@
EFWZZBZUBUBNJEB©KBHBEUNB°BLUZ
HMYDCDUF:YHÄRL4GL43X@1
OJÁ°F¹BEFWBHB´B°BLUJTBNÄIBNÄSUZ]
%FW².IUNZBNPage 49 of 150
S@LH,AJ@LHNKCDULGH1O4)X@
UNBNCJLNBLIJMBEFWBNBIBS¹JQÄKZ©
Ã
X@MS@2LHUCW@STYTÃ@HMR@M
CIBLUZOBUÁTNBWJEBEIUV°VCIOJTOBÁ]]]]
X2X@eÃ@ULSTKÃFU@MM-S@D
ZBTZÁQSBCIWBNBUVMB©CIBHBWOBOBOUP
g|@GQoMHGUÄLKAKB
CSBINIBSB°DBOBIJWBLUVNBMB©CBMB©DB]
R@BHZEJ@HNKIF3OHQO@KM@X
TDB´ºJLLIJMBKBHBUQBSJQMBOZB
M@Y@XB@YTÃÃX2XLHSJQ@DST
O°ZBD°VCIBCIBZBTZBNBUJ©LBSPUV]]]]
X@r(2UXRTJHSM@ÃUMDUKyL(
Z°S²ÁTWBZB©TVL®UJO©CIBWBOF¹WBMBL¹N²Á
O@O@3LM@JSHWX@zCXDTATHµ
QQUNBO©L®UBEIJZ©I®EBZF¹VCVEEIJÁ]
rµ@RS@JKIMeÃU2XKÙ@
°SBEEITBU©LVMBKBOBQSBCIBWBTZBMBKK
S@3U@MS@2LOHQO@KXCDHUHUsLÆ
U©UW©OBUÁTNBQBSJQMBZBEFWJWJ°WBN]]]]
%FW².IUNZBNPage 50 of 150
HJU:1X@LSUmOLHB-3XLDSSÆ
LJ©WBS´BZNBUBWBSÄQBNBDJOUZBNFUBU
HJB@HSU(X1LRTQ<XJ@HQÃ4HQ
LJ¸DUJW²SZBNBTVSBL¹BZBLSJCIÄSJ]
HJB@GUDTBHQS@HMSU@HSX@HM
LJ©DIBWF¹VDBSJUOJUBWUJZOJ
RUD1TCD5XRTQCDUF:@HCJDT
TBSWF¹VEFWZBTVSBEFWBHB´EJLF¹V]]]]
GDSTRL2SIFS@H`FT:@HOC@D$Â
IFUVÁTBNBTUBKBHBU©USJHV´QJEP¹BJ-
M1\@XRDGHQGQ@HCHÃQ/XO@Q@
SOBK¸ZBTFIBSJIBSEJCIJSBQZBQS]
RU@1rX@HNKHLCIFCYÃ4SÂ
TBSW°SBZLIJMBNJEB©KBHBEB©°BCIÄUB-
L5X@JS@HGOQL@eJHS23UL@
@
NBWZL®UIJQBSBNQSBL®UJTUWBNEZ]]]]
X2X@RL2SRTQS@RLTC(Q:DM
ZBTZÁTBNBTUBTVSBUTBNVE²SB´FOB
SHÏeX@HSRJKDTLNDTCDHU
U®QUJ©QSBZUJTBLBMF¹VNBLIF¹VEFWJ]
%FW².IUNZBNPage 51 of 150
2U@G@HRU$HOSF:2XBSHÏGDSTÂ
TWITJWBJQJU®HB´BTZBDBU®QUJIFUV-
k×@X1RD3ULSUIM$2UW@B
SVDDSZBTFUWBNBUBFWBKBOBJÁTWBEIDB]]]]
X@LTHÄGDSTQHUHB-3XLG@pS@3U
ZNVLUJIFUVSBWJDJOUZBNBIWSBUUWB©
>X2XRDRTHMXSDH-¸XS_UR@Q$
BCIZBTZBTFTVOJZBUFOESJZBUBUUWBTSBJÁ]
L@D<@HV1HÃLT1HMHÃQ2SRL2SC@D$Â
NPL¹SUIJCIJSNVOJCIJSBTUBTBNBTUBEP¹BJ-
HU1
@HRR@ÃFUS(OQL@HGCDHU
SWJEZTJTCIBHBWBU²QBSBNIJEFWJ]]]]
Y!C@H3LJ@RTHULK&X1IT@HMW@MÂ
°BCEUNJLTVWJNBMBSHZBKV¹©OJEIOB-
LT¶(VQ,XOCO@0US@BR@j@LÆ
NVEH²UIBSBNZBQBEBQ¾IBWBU©DBTNON]
CDHU`X(ÃFUS(ÃUÃ@UM@X
EFWJUSBZ²CIBHBWBU²CIBWBCIWBOZB
U@S@1HRRU1IFS@OQL@HS1G¼(
WSUTJTBSWBKBHBU©QBSBNSUJBOUS²]]]]
%FW².IUNZBNPage 52 of 150
LDW@HRCDHUHUHCS@HNKY@vR@Q@
NFEITJEFWJWJEJULIJMB°TUSBTS
¯F@1HR¯F1ÃUR@FQM@$QRØ@
EVSHTJEVSHBCIBWBTHBSBOBVSBTBµH]
r(J$PÃ@HQzCX$JJS@HWU@R@
°S²ÁLBJ¾BCISJI®EBZBJLBL®UEIJWT
F@$Q(3ULDUYHYL@$HKJSeHSt@
HBVS²UWBNFWB°B°JNBVMJL®UBQSBUJ¹¾I]]]]
3RG@RLLKOHQO4:1B-¸Â
²¹BUTBITBNBNBMB©QBSJQÄS´BDBOESB-
HA,A@MTJ@HQJMJ@D^LJ@H-SJ@-SLÆ
CJNCOVLSJLBOBLPUUBNBLOUJLOUBN]
3Xa«SezSL@^k@SV@HO
BUZBECIVUB©QSBI®UBNUUBSV¹UBUIQJ
UHUK@D*XRGR@LHG@RTQD:
WBLUSB©WJMPLZBTBIBTNBIJ¹TVSF´B]]]]
}PU@STCDHUJHOSTJP(JQ@KÂ
E®¹¾WUVEFWJLVQJUB©CISVLV¾²LBSMB-
LT
"#Y@R}Y"#HUXºR
NVEZBDDIB°µLBTBE®°BDDIBWJZBOOBTBEZBÁ]
%FW².IUNZBNPage 53 of 150
e@:@MÆLTL@DBLHG2SCS(UHB`
QS´ONVNPDBNBIJ¹BTUBEBU²WBDJUSB©
J$I(15XSDHGJHOS@-SJCY1MDM
LBJSK²WZBUFIJLVQJUOUBLBEBS°BOFOB]]]]
CDHUeR(COQL@ÃUS(ÃU@X
EFWJQSBT²EBQBSBNCIBWBU²CIBWZB
R
@DHUM@YXHRJ@DOUS(JK@HM
TBEZPWJO°BZBTJLPQBWBU²LVMOJ]
HU\@SLDSCWTM$UXC2SLDSÂ
WJK¸UBNFUBEBEIVOBJWBZBEBTUBNFUB-
º(SAKRTHUOTKLHG@RTQ2X
OO²UB©CBMB©TVWJQVMB©NBIJ¹TVSBTZB]]]]
SDR,LS@IMOCDTWM@HMSD@
UFTBNNBUKBOBQBEF¹VEIBOOJUF¹©
SD@XY@HRMBR(CHSA-WTUF1
UF¹©ZB°©TJOBDBT²EBUJCBOEIVWBSHBÁ]
W-X@2SUHMÃS@3LIÃ3XC@Q@
EIBOZTUBFWBOJCI®UUNBKBCI®UZBES
XD@RC@>XTCXC@ÃUS(eRº@
ZF¹©TBECIZVEBZBECIBWBU²QSBTBOO]]]]
%FW².IUNZBNPage 54 of 150
W,X@1H:CDHURJK@HMRC$UJL@1Â
EIBSNZBÖJEFWJTBLBMOJTBEBJWBLBSN-
ZX3X@}SeHSHCMRTJS(JQ@DHS
´ZBUZE®UBÁQSBUJEJOB©TVL®U²LBSPUJ]
2UFeX@HSBSS@DÃUS(eR@C@Â
TWBSHB©QSBZUJDBUBUPCIBWBU²QSBTE-
¯FD12LS@GQHRÃ(HSLYDI-S@D
EVSHFTN®UIBSBTJCI²UJNB°F¹BKBOUPÁ
2U2V$2LS@LHSLS(UYTÃ@CC@HR
TWBTUIBJÁTN®UNBUJNBU²WB°VCI©EBETJ]
C@HQ¯NÃXG@HQH:J@3UC-X@
ESJESZBEVÁLIBCIBZBISJ´JLUWBEBOZ
RU@D1OJ@QJQ:@XRC@¸1HB^@
TBSWPQBLSBLBSB´ZBTBESESBIJUU]]]]
HÃG1S$I1F¯O$HSRTNSV$SD
FCIJSIBUBJSKBHBEVQBJUJTVLIB©UBUIBJUF
JU1-STM@LMQJ@XHBQ@XO@OLÆ
LVSWBOUVONBOBSBLZBDJSZBQQBN]
%FW².IUNZBNPage 55 of 150
R@LL3XTLHWF,XHCUeX@-ST
TBµHSNBN®UZVNBEIJHBNZBEJWB©QSBZOUV
L3UDHSM4MLHGS@H-UHMGHRCDHU
NBUWFUJOÄOBNBIJUOWJOJIB©TJEFWJ]]]]
}PU$UHJMÃUS(eJQ@DHSÃ2L
E®¹¾WBJWBLJ©OBCIBWBU²QSBLBSPUJCIBTNB
RU@1RTQ@MHQTXSÆeHG:@DHYvLÆ
TBSWTVSOBSJ¹VZBUQSBIJ´P¹J°BTUSBN]
K@DJ@-eX@-STHQOU@DHOHGYvO4S@
MPLOQSBZOUVSJQBWPQJIJ°BTUSBQÄU
Å3VLHSÃ1UHSSDUHGSDTR@7U(
JUUIB©NBUJSCIBWBUJUF¹WBIJUF¹VTEIW²]]]]
NEFeÃ@HMJQHU2 Q:$2SV@D$
LIBºHBQSBCIOJLBSBWJTQIVSB´BJTUBUIPHSBJÁ
Y4K@J@H-SHMUGDM}Y@DRTQ@:@LÆ
°ÄMHSBLOUJOJWBIFOBE®°PTVS´N]
Xº@FS@HUKXLYTLHC-¯NZEÂ
ZBOOHBUWJMBZBNB©°VNBEJOEVLIB´ºB-
X@D&X@MMSUHUK@DJXS@SCDSSÆ
ZPHZOBOB©UBWBWJMPLBZBU©UBEFUBU]]]]
%FW².IUNZBNPage 56 of 150
¯U1^U^YLMSUCDHUY(K
EVSW®UUBW®UUB°BNBOB©UBWBEFWJ°²MB©
mOSV$SCHUHB-3XLST+XL-X$
SÄQB©UBUIBJUBEBWJDJOUZBNBUVMZBNBOZBJÁ]
U(XBG-SzSCDUOQ@ÖL@:@
W²SZB©DBIBOU®I®UBEFWBQBSLSBN´©
U$HQUHOeJHPS$UCX@3UXD3VLÆ
WBJSJ¹WBQJQSBLB¾JUBJWBEBZUWBZFUUIBN]]]]
JDM@DOL@ÃUSTSD2XOQ@ÖL2X
LFOPQBNCIBWBUVUFTZBQBSLSBNBTZB
mOBY`TÃXJ@X1HSG@HQJ`
SÄQB©DB°BUSVCIBZBLSZBUJISJLVUSB]
HB^DJO@RLQHMtTQS@B}u@
DJUUFL®QTBNBSBOJ¹¾IVSBUDBE®¹¾
3U8XDUCDHUUQCDÃTUM`XDHO
UWBZZFWBEFWJWBSBEFCIVWBOBUSBZFQJ]]]]
`$K@D*XLDSCHNKHQOTM@YMDM
USBJMPLZBNFUBEBLIJMB©SJQVO°BOFOB
`@S3UX@RLQL4W1HMSDHOG3U@
USUB©UWBZTBNBSBNÄSEIBOJUFQJIBUW]
%FW².IUNZBNPage 57 of 150
M(S@HCUHQOTF:@ÃXL/XO@2SLÆ
O²UEJWB©SJQVHB´CIBZBNBQZBQTUBN
2L@JLT-LCRTQ@HQÃUML2SD
BTNLBNVONBEBTVSSJCIBWB©OBNBTUF]]]]
Y4KDMO@HGM@DCDHUO@HGNEFDMB@H,AJD
°ÄMFOBQIJOPEFWJQIJLIBºHFOBDNCJLF]
ÇZP@2UMDMMO@HGB@O)X@HM2UMDMB
HIB´¾TWBOFOBOBÁQIJDQBKZOJÁTWBOFOBDB]]]]
e@"X@Q<eS("X@BBHZEJDQ<CH<:D
QSDZ©SBL¹BQSBU²DZ©DBDB´ºJLFSBL¹BEBL¹J´F]
@L:DM@3LY4K2X^Q2X@SVDsHQ
CISNB´FOUNB°ÄMBTZBVUUBSBTZ©UBUIF°WBSJ]]]]
R@$,X@HMX@HMmO@H:`$K@D*XDHUBQH-SSD
TBVNZOJZOJSÄQ´JUSBJMPLZFWJDBSBOUJUF]
X@HMB@3X-SÇ@DQ@H:S$Q<@2L@2SV@ÃTULÆ
ZOJDUZBOUBHIPS´JUBJSBL¹TN©TUBUICIVWBN]]]]
NEFY4KFC@C(HMX@HMB@v@HMSDH,AJD
LIBºHB°ÄMBHBEE²OJZOJDTUSOJUFNCJLF]
JQO¢URØ(HMS$Q2L@MÆQ<RU1S
LBSBQBMMBWBTBµH²OJUBJSBTNOSBL¹BTBSWBUBÁ]]]]
%FW².IUNZBNPage 58 of 150
;HkU@B
®¹JSVWDB]]]]
U2STS@RTQ$HC15X$JRTL$M1-CM@DaU$
FWB©TUVUTVSBJSEJWZBJÁLVTVNBJSOBOEBOPECIBWBJÁ]
HB1S@IFS@W@`(SV@F-W@MTKDOM$
BSDJUKBHBU©EIUS²UBUIHBOEIOVMFQBOBJÁ]]]]
Ã
X@RL2S$HvCY$HC15X$W41O$RTW4HOS@
CIBLUZTBNBTUBJTUSJEB°BJSEJWZBJSEIÄQBJÁTVEIÄQJU]
e@GeR@CRTLTN(RL2S@MÆe:S@MÆRTQ@MÆ
QSIBQSBTEBTVNVLI²TBNBTUOQSB´BUOTVSO]]]]
CD5XTU@B
EFWZVWDB]]]]
HpXS@H`CY@RUD1XC2L^@DHÃU@H°#SLÆ
WSJZBU©USJEB°ÁTBSWFZBEBTNBUUPCIJW¸DIJUBN]]]]
CDU@=BT
EFWÄDVÁ]]]]
ÃFU3X@JSRUMHJHBCUHYXSD
CIBHBWBUZL®UB©TBSWB©OBLJ¸DJEBWB°J¹ZBUF]]]]
%FW².IUNZBNPage 59 of 150
XCXHMGSY`TQ2L@JLHG@RTQ
ZBEBZB©OJIBUBÁ°BUSVSBTNLB©NBIJ¹TVSBÁ]
XHCB@HOUQ@DCDX23UX@2L@JLGDsHQ
ZBEJDQJWBSPEFZBTUWBZTNLB©NBIF°WBSJ]]]]
R2LS@R2LS@3UM@DHGRDV@OQL@OC
TB©TN®UTB©TN®UUWB©OPIJ©TFUIÁQBSBNQBEBÁ]
XoL3X12SU$QDHÃ23U@2S@DX3XLK@MMD
ZB°DBNBSUZB]ÁTUBWBJSFCIJTUW©TUP¹ZBUZBNBMOBOF]]]]
S2XHU^Hµ1HUÃU$W1MC@Q@HCR,OC@LÆ
UBTZBWJUUBSEEIJ]WJCIBWBJSEIBOBESEJTBNQBEN]
UµXD2L3eRº@3UÃUDV@RU1C@H,AJD
W®EEIBZFTNBUQSBTBOOUWB©CIBWFUIÁTBSWBENCJLF]]]]
;HkU@B
®¹JSVWDB]]]]
ÅHSeR@HCS@CDU$I1FS@DVD1SV@3LM
JUJQSBTEJUEFWBJSKBHBUPSUIFUBUIUNBOBÁ]
SVD3XT
U@øJ@K(AÃ4U@-SHG1S@MO
UBUIFUZVLUWCIBESBLM²CBCIÄWOUBSIJUO®QB]]]]
%FW².IUNZBNPage 60 of 150
Å3XDS3JHVSÃ4OR,Ã4S@R@XV@OTQ@
JUZFUBULBUIJUB©CIÄQBTBNCIÄUTZBUIQVS]
CDU(CDUYQ(QD>X@DIF3`XHGS$H:(
EFW²EFWB°BS²SFCIZPKBHBUUSBZBIJUBJ¹J´²]]]]
OTMoF@$Q(CDG@3R@RLTaS@XV@ÃUSÆ
QVOB°DBHBVS²EFIUTTBNVECIÄUZBUICIBWBU]
UW@X¯uC$3X@M@SV@YT,ÃHMYT,ÃX@D
WBEIZBEV¹¾BEBJUZO©UBUI°VNCIBOJ°VNCIBZPÁ]]]]
Q<:@XBK@DJ@M@CDU@M@LTOJ@HQ:(
SBL¹B´ZBDBMPLO©EFWONVQBLSJ´²]
S"#:TULX@.X@SXV@U3JVX@HLSD
UBDDI®´V¹WBNBZLIZUB©ZBUIWBULBUIBZNJUF]]]]
¥(?
]IS²NPN]
2UH2Sr(L@J1ZEDXOTQ@:DR@UH:1JDL-U-SQD
]]TWBTUJ°S²NSLB´ºFZBQVS´FTWBS´JLFNBOWBOUBSF
CDU(L@G@3,XDYÖ@HC2STHSM@1L
EFW²NIUNZF°BLSEJTUVUJSONB
BSTV@D17X@X
DBUVSUIPEIZZBÁ]]]]
%FW².IUNZBNPage 61 of 150
O®L@D7X@X
QB¸DBNPEIZZBÁ
HUHMX@DF
WJOJZPHBÁ
2Xr(^QBHQ`2Xk¸;Hr(LG@RQ2US(
BTZB°S²VUUBSBDBSJUSBTZBSVESB®¹JÁ]°S²NBITBSBTWBU²
r(LG@RQ2US(e(3XVD1^QBHQ`O@0DHUHMX@DF
°S²NBITBSBTWBU²QS²UZBSUIFVUUBSBDBSJUSBQ¾IFWJOJZPHBÁ]
7X@MLÆ
]EIZOBN]
ÇZP@Y4KGK@HMYLTRKDBÖWMTR@XJ
HIB´¾°ÄMBIBMOJ°BµLIBNVTBMFDBLSB©EIBOVÁTZBLB©
%FW².IUNZBNPage 62 of 150
G2S@f$C1WS(ÇM@-SHUKR"#(S@YTST+XeÃ@LÆ
IBTUCKBJSEBEIBU²©HIBOOUBWJMBTBDDI²U©°VUVMZBQSBCIN]
F@$Q(CDGRLTaU@H`IFS@L@W@QÃ4S@LG@Â
HBVS²EFIBTBNVECIBW©USJKBHBUNEISBCIÄU©NBI-
O4U@1L`RQ2US(LMTÃIDYT,Ã@HCC$3X@HC1M(LÆ
QÄSWNBUSBTBSBTWBU²NBOVCIBKF°VNCIEJEBJUZSEJO²N]]
?(;HkU@B
PNLM²N®¹JSVWDB]]]]
OTQ@YT,ÃHMYT,Ã@>X@LRTQ@>X@YB(OSD
QVS°VNCIBOJ°VNCICIZNBTVSCIZ©°BD²QBUFÁ]
`$K@D*XX\Ã@F@ozS@LCAK@rX@SÆ
USBJMPLZB©ZBK¸BCIH°DBI®UNBEBCBM°SBZU]]]]
S@UDUR4X1S@SbCHWJ@QSV$-CULÆ
UWFWBTÄSZBU©UBEWBEBEIJLSB©UBUIBJOEBWBN]
J@$ADQLVX@,XBBÖ@SDUk:2XB
LBVCFSBNBUIBZNZB©DBDBLSUFWBSV´BTZBDB]]]]
S@UDUOUMHµBBÖSTU1H{JL1B
UWFWBQBWBOBSEEIJ©DBDBLSBUVSWBIOJLBSNBDB]
SS@DCDU@HUHMW41S@uQ@)X@OQ@HIS@
UBUPEFWWJOJSEIÄUCISB¹¾BSKZÁQBSKJUÁ]]]]
%FW².IUNZBNPage 63 of 150
zS@HWJ@Q@HvCY@2S@>X@RUD1HMQ@JS@
I®UEIJLSTUSJEB°TUCIZ©TBSWFOJSL®UÁ]
LG@RTQ@>X@S@CDU(R2LQ-3XOQ@HIS@LÆ
NBITVSCIZ©U©EFW²©TB©TNBSBOUZBQBSKJUN]]]]
SX@2L@JUQ@DC^@DXV@O3RT2LS@HNK@
UBZTNLB©WBSPEBUUPZBUIQBUTVTN®ULIJMÁ]
ÃUS@M@YHXX@HLS3<:@3OQL@OC
CIBWBU©O°BZJ¹ZNJUBUL¹B´UQBSBNQBEBÁ]]]]
ÅHSJ3U@LHSCDU@HGLU-SMFDsQLÆ
JUJL®UWNBUJ©EFWIJNBWBOUB©OBHF°WBSBN]
I<2S`SS@DCDU(HU:TL@X@eSTuTUT
KBHNVTUBUSBUBUPEFW²©WJ¹´VNZ©QSBUV¹¾VWVÁ]]]]
CDU@=BT
EFWÄDVÁ]]]]
ML@DCD5X$LG@CD5X$HYU@X$RSSML
OBNPEFWZBJNBIEFWZBJ°JWZBJTBUBUB©OBNBÁ]
MLeJ3X$ø@X$HMXS@e:S@2LS@LÆ
OBNBÁQSBL®UZBJCIBESZBJOJZBUÁQSB´BUÁTNBUN]]]]
%FW².IUNZBNPage 64 of 150
Q@$¸@X$ML@DHM3X@X$F@$X$1W@²X$ML@DML
SBVESZBJOBNPOJUZZBJHBVSZBJEIUSZBJOBNPOBNBÁ]
)X@D3x@X$BD-¯mHOZX$RTN@X$RSSML
KZPUTOZBJDFOEVSÄQJ´ZBJTVLIZBJTBUBUB©OBNBÁ]]]]
J+X@ZX$e:S@Uµ$HRµ$JL@D1ML@DML
LBMZ´ZBJQSB´BUW®EEIZBJTJEEIZBJLVSNPOBNPOBNBÁ]
M$;13X$Ã4ÃS@Ky,X$YU@1ZX$SDML@DML
OBJS®UZBJCIÄCI®U©MBL¹NZBJ°BSW´ZBJUFOBNPOBNBÁ]]]]
¯F@1X$¯F1O@Q@X$R@Q@X$RU1J@HQZX$
EVSHZBJEVSHBQSZBJTSZBJTBSWBLSJ´ZBJ]
.X@3X$SV$UJ:@X$W4l@X$RSSML
LIZUZBJUBUIBJWBL®¹´ZBJEIÄNSZBJTBUBUB©OBNBÁ]]]]
HSR@$,X@HSQ@$¸@X$MS@2S2X$ML@DML
BUJTBVNZUJSBVESZBJOBUTUBTZBJOBNPOBNBÁ]
ML@DIF3eHSt@X$CD5X$J3X$ML@DML
OBNPKBHBUQSBUJ¹¾IZBJEFWZBJL®UZBJOBNPOBNBÁ]]]]
X@CDU(RU1Ã4SDTHU:TL@XDHSYH!CS@
ZEFW²TBSWBCIÄUF¹VWJ¹´VNZFUJ°BCEJU]
ML2S2X$ML2S2X$ML2S2X$ML@DML
Â
OBNBTUBTZBJOBNBTUBTZBJOBNBTUBTZBJOBNPOBNBÁ]]-]]
%FW².IUNZBNPage 65 of 150
X@CDU(RU1Ã4SDTBDSMD3XHÃW(XSD
ZEFW²TBSWBCIÄUF¹VDFUBOFUZBCIJEI²ZBUF]
ML2S2X$ML2S2X$ML2S2X$ML@DML
Â
OBNBTUBTZBJOBNBTUBTZBJOBNBTUBTZBJOBNPOBNBÁ]]-]]
X@CDU(RU1Ã4SDTATHµmOD:RH2VS@
ZEFW²TBSWBCIÄUF¹VCVEEIJSÄQF´BTB©TUIJU]
ML2S2X$ML2S2X$ML2S2X$ML@DML
Â
OBNBTUBTZBJOBNBTUBTZBJOBNBTUBTZBJOBNPOBNBÁ]]-]]
X@CDU(RU1Ã4SDTHM¸@mOD:RH2VS@
ZEFW²TBSWBCIÄUF¹VOJESSÄQF´BTB©TUIJU]
ML2S2X$ML2S2X$ML2S2X$ML@DML
Â
OBNBTUBTZBJOBNBTUBTZBJOBNBTUBTZBJOBNPOBNBÁ]]-]]
X@CDU(RU1Ã4SDT<TW@mOD:RH2VS@
ZEFW²TBSWBCIÄUF¹VL¹VEISÄQF´BTB©TUIJU]
ML2S2X$ML2S2X$ML2S2X$ML@DML
Â
OBNBTUBTZBJOBNBTUBTZBJOBNBTUBTZBJOBNPOBNBÁ]]-]]
X@CDU(RU1Ã4SDT#@X@mOD:RH2VS@
ZEFW²TBSWBCIÄUF¹VDIZSÄQF´BTB©TUIJU]
ML2S2X$ML2S2X$ML2S2X$ML@DML
Â
OBNBTUBTZBJOBNBTUBTZBJOBNBTUBTZBJOBNPOBNBÁ]]-]]
%FW².IUNZBNPage 66 of 150
X@CDU(RU1Ã4SDTYHÄmOD:RH2VS@
ZEFW²TBSWBCIÄUF¹V°BLUJSÄQF´BTB©TUIJU]
ML2S2X$ML2S2X$ML2S2X$ML@DML
Â
OBNBTUBTZBJOBNBTUBTZBJOBNBTUBTZBJOBNPOBNBÁ]]-]]
X@CDU(RU1Ã4SDTS:@mOD:RH2VS@
ZEFW²TBSWBCIÄUF¹VU®¹´SÄQF´BTB©TUIJU]
ML2S2X$ML2S2X$ML2S2X$ML@DML
Â
OBNBTUBTZBJOBNBTUBTZBJOBNBTUBTZBJOBNPOBNBÁ]]-]]
X@CDU(RU1Ã4SDT<@H-SmOD:RH2VS@
ZEFW²TBSWBCIÄUF¹VL¹OUJSÄQF´BTB©TUIJU]
ML2S2X$ML2S2X$ML2S2X$ML@DML
Â
OBNBTUBTZBJOBNBTUBTZBJOBNBTUBTZBJOBNPOBNBÁ]]-]]
X@CDU(RU1Ã4SDTI@HSmOD:RH2VS@
ZEFW²TBSWBCIÄUF¹VKUJSÄQF´BTB©TUIJU]
ML2S2X$ML2S2X$ML2S2X$ML@DML
Â
OBNBTUBTZBJOBNBTUBTZBJOBNBTUBTZBJOBNPOBNBÁ]]-]]
X@CDU(RU1Ã4SDTKÙ@mOD:RH2VS@
ZEFW²TBSWBCIÄUF¹VMBKKSÄQF´BTB©TUIJU]
ML2S2X$ML2S2X$ML2S2X$ML@DML
Â
OBNBTUBTZBJOBNBTUBTZBJOBNBTUBTZBJOBNPOBNBÁ]]-]]
%FW².IUNZBNPage 67 of 150
X@CDU(RU1Ã4SDTY@H-SmOD:RH2VS@
ZEFW²TBSWBCIÄUF¹V°OUJSÄQF´BTB©TUIJU]
ML2S2X$ML2S2X$ML2S2X$ML@DML
Â
OBNBTUBTZBJOBNBTUBTZBJOBNBTUBTZBJOBNPOBNBÁ]]-]]
X@CDU(RU1Ã4SDTrµ@mOD:RH2VS@
ZEFW²TBSWBCIÄUF¹V°SBEEISÄQF´BTB©TUIJU]
ML2S2X$ML2S2X$ML2S2X$ML@DML
Â
OBNBTUBTZBJOBNBTUBTZBJOBNBTUBTZBJOBNPOBNBÁ]]-]]
X@CDU(RU1Ã4SDTJ@H-SmOD:RH2VS@
ZEFW²TBSWBCIÄUF¹VLOUJSÄQF´BTB©TUIJU]
ML2S2X$ML2S2X$ML2S2X$ML@DML
Â
OBNBTUBTZBJOBNBTUBTZBJOBNBTUBTZBJOBNPOBNBÁ]]-]]
X@CDU(RU1Ã4SDTKyL(mOD:RH2VS@
ZEFW²TBSWBCIÄUF¹VMBL¹N²SÄQF´BTB©TUIJU]
ML2S2X$ML2S2X$ML2S2X$ML@DML
Â
OBNBTUBTZBJOBNBTUBTZBJOBNBTUBTZBJOBNPOBNBÁ]]-]]
X@CDU(RU1Ã4SDTUH^mOD:RH2VS@
ZEFW²TBSWBCIÄUF¹VW®UUJSÄQF´BTB©TUIJU]
ML2S2X$ML2S2X$ML2S2X$ML@DML
Â
OBNBTUBTZBJOBNBTUBTZBJOBNBTUBTZBJOBNPOBNBÁ]]-]]
%FW².IUNZBNPage 68 of 150
X@CDU(RU1Ã4SDT2LHSmOD:RH2VS@
ZEFW²TBSWBCIÄUF¹VTN®UJSÄQF´BTB©TUIJU]
ML2S2X$ML2S2X$ML2S2X$ML@DML
Â
OBNBTUBTZBJOBNBTUBTZBJOBNBTUBTZBJOBNPOBNBÁ]]-]]
X@CDU(RU1Ã4SDTCX@mOD:RH2VS@
ZEFW²TBSWBCIÄUF¹VEBZSÄQF´BTB©TUIJU]
ML2S2X$ML2S2X$ML2S2X$ML@DML
Â
OBNBTUBTZBJOBNBTUBTZBJOBNBTUBTZBJOBNPOBNBÁ]]-]]
X@CDU(RU1Ã4SDTSTHumOD:RH2VS@
ZEFW²TBSWBCIÄUF¹VUV¹¾JSÄQF´BTB©TUIJU]
ML2S2X$ML2S2X$ML2S2X$ML@DML
Â
OBNBTUBTZBJOBNBTUBTZBJOBNBTUBTZBJOBNPOBNBÁ]]-]]
X@CDU(RU1Ã4SDTL@SmOD:RH2VS@
ZEFW²TBSWBCIÄUF¹VNU®SÄQF´BTB©TUIJU]
ML2S2X$ML2S2X$ML2S2X$ML@DML
Â
OBNBTUBTZBJOBNBTUBTZBJOBNBTUBTZBJOBNPOBNBÁ]]-]]
X@CDU(RU1Ã4SDT@H-SmOD:RH2VS@
ZEFW²TBSWBCIÄUF¹VCISOUJSÄQF´BTB©TUIJU]
ML2S2X$ML2S2X$ML2S2X$ML@DML
Â
OBNBTUBTZBJOBNBTUBTZBJOBNBTUBTZBJOBNPOBNBÁ]]-]]
%FW².IUNZBNPage 69 of 150
ÅH-¸X@:@LHWt@`(Ã4S@M@B@HNKDTX@
JOESJZ´NBEIJ¹¾IUS²CIÄUO©DLIJMF¹VZ]
Ã4SDTRSSS2X$5X@ÑX$CD5X$ML@DML
CIÄUF¹VTBUBUB©UBTZBJWZQUZBJEFWZBJOBNPOBNBÁ]]]]
HBHSmOD:X@J3xLDSC5X@/XH2VS@IFSÆ
DJUJSÄQF´BZL®UTOBNFUBEWZQZBTUIJUKBHBU]
ML2S2X$ML2S2X$ML2S2X$ML@DML
Â
OBNBTUBTZBJOBNBTUBTZBJOBNBTUBTZBJOBNPOBNBÁ]]-]]
2STS@RTQ$O4U1LÃ(uRrX@Â
TUVUTVSBJÁQÄSWBNBCI²¹¾BTB©°SBZ-
^V@RTQD-¸D:HCMDTRDHUS@
UUBUITVSFOESF´BEJOF¹VTFWJU]
JQ@DSTR@MYTÃGDSTQ(sQ(
LBSPUVTOBÁ°VCIBIFUVS²°WBS²
YTÃ@HMø@ZXHÃG-STB@OC
°VCIOJCIBES´ZBCIJIBOUVDQBEBÁ]]]]
X@R@,eSB@DµSC$3XS@HOS$Â
ZTNQSBUB©DPEEIBUBEBJUZBUQJUBJ-
Q2L@HÃQ(Y@BRTQ$M1L2XSD
SBTNCIJS²°DBTVSBJSOBNBTZBUF]
%FW².IUNZBNPage 70 of 150
X@B2LS@S3<:LDUGH-SM
ZDBTN®UUBUL¹B´BNFWBIBOUJOBÁ
RU@1OC@DÃHÄHUMlL4HS1HÃ
TBSWQBEPCIBLUJWJOBNSBNÄSUJCIJÁ]]]]
;HkU@B
®¹JSVWDB]]]]
U2SU@HÃXTÄ@M@CDU@M@S`O@U1S(
FWB©TUBWCIJZVLUO©EFWO©UBUSBQSWBU²]
x@STL>X@XX@$S@DXDI@{5X@MOM-CM
TOUVNBCIZZBZBVUPZFKIOBWZO®QBOBOEBOB]]]]
R@gU(^@MÆRTQ@MÆRT4Ã1UHa2S4XSD`J@
TCSBW²UUOTVSOTVCISÄSCIBWBECIJÁTUÄZBUFUSBL]
YQ(QJ@DYSo@2X@RLTaS@gU(H"#U@
°BS²SBLP°BUB°DTZÁTBNVECIÄUCSBW²DDIJW]]]]
2S@D`LL$SH3ÖXSDYT,ÃC$3XHMQ@JS$
TUPUSB©NBNBJUBULSJZBUF°VNCIBEBJUZBOJSL®UBJÁ]
CDU$RLDS$RLQDHMYT,ÃDMOQ@HIS$
EFWBJÁTBNFUBJÁTBNBSFOJ°VNCIFOBQBSKJUBJÁ]]]]
%FW².IUNZBNPage 71 of 150
YQ(QJ@DY@
^2X@O@U13X@HMRS@H,AJ@
°BS²SBLP°EZBUUBTZÁQSWBUZOJÁT®UNCJL]
J@$HYJ(HSRL2SDTSS@DK@DJDTF(XSD
LBV°JL²UJTBNBTUF¹VUBUPMPLF¹VH²ZBUF]]]]
S2X@HUHMF1S@X@STJ:@Ã43R@HOO@U1S(
UBTZ©WJOJSHBUZ©UVL®¹´CIÄUTQJQSWBU²]
J@HKJDHSRL@.X@S@HGL@BKJS@rX@
LMJLFUJTBNLIZUIJNDBMBL®U°SBZ]]]]
SS@DH,AJ@OQmOHA@:@RTLM@DGQLÆ
UBUPNCJL©QBSB©SÄQB©CJCIS´©TVNBOPIBSBN]
CCY1BZE@DLTZEoÃ3X@$YT,ÃHMYT,ÃX@D
EBEBS°BDB´ºPNV´ºB°DBCI®UZBV°VNCIBOJ°VNCIBZPÁ]]]]
S@>X@YT,Ã@XB@.X@S@R@S(URTLM@DGQ@
UCIZ©°VNCIZBDLIZUTU²WBTVNBOPIBS]
J@/X@2SDv(LG@Q@IÃ@RX-S(HGL@BKLÆ
LQZTUFTUS²NBISKBCITBZBOU²IJNDBMBN]]]]
M$US@}J*UHB¸O}uJDMHB¯^LLÆ
OBJWBUE®LLWBDJESÄQB©E®¹¾B©LFOBDJEVUUBNBN]
\@XS@J@/XR@$CDU(FÐS@B@RTQDsQ
K¸ZBU©LQZBTBVEFW²H®IZBU©DTVSF°WBSB]]]]
%FW².IUNZBNPage 72 of 150
v(QLHSB@U1Ø(
@DSX-S(HCYH23U@
TUS²SBUOBNBUJDSWBµH²EZPUBZBOU²EJ°BTUWJ¹]
R@STHStHSC$3XD-¸S@ÃU@MƸuTLG1HS
TUVUJ¹¾IBUJEBJUZFOESBU©CIBWOESB¹¾VNBSIBUJ]]]]
X@HMQ@HML:X@DFI@s@C(HMU$eÃ@D
ZOJSBUOOJNB´BZPHBK°WE²OJWBJQSBCIP]
`$K@D*XDSTRL2S@HMR@,eSÃ@H-SSDFGD
USBJMPLZFUVTBNBTUOJTNQSBUB©CIOUJUFH®IF]]]]
DQ@USRL@M(S@DFIQOTQ-CQ@SÆ
BJSWBUBÁTBNO²UPHBKBSBUOB©QVSBOEBSU]
O@HQI@SSko@XSV$U@D×$rU@GX
QSJKUBUBSV°DZB©UBUIBJWPDDBJÁ°SBWIBZBÁ]]]]
HUL@MGRRXTÄLDSH^tHSSDØ:D
WJNOB©IB©TBTB©ZVLUBNFUBUUJ¹¾IBUJUFµHB´F]
QÃ4SHLG@M(SXC@R(bDWR@Da«SLÆ
SBUOBCIÄUBNJIO²UB©ZBET²EWFEIBTPECIVUBN]]]]
HMHWQDLG@O¹RL@M(S@DWMDsQ@SÆ
OJEIJSF¹BNBIQBENBÁTBNO²UPEIBOF°WBSU]
HJH+JM(CC@$B@H!WL@1K@L,K@MOI@LÆ
LJ¸KBMLJO²©EBEBVDCEIJSNMNBNMOBQBµLBKN]]]]
%FW².IUNZBNPage 73 of 150
#`SDU@k:FDGDJ@®Mw@HUHStHS
DIBUSB©UFWSV´B©HFIFL¸DBOBTSWJUJ¹¾IBUJ]
SV@X2X-CMUQ@DXOTQ@R(3eI@OSD
UBUIZB©TZBOEBOBWBSPZBÁQVST²UQSBKQBUFÁ]]]]
L3X@Dk3Ö@H-SC@M@LYHÄQ(Y3UX@zS@
N®UZPSVULSOUJEONB°BLUJS²°BUWBZI®U]
O@YRHKKQ@I2X@ST2SUOHQGD
Q°BÁTBMJMBSKBTZBCISUVTUBWBQBSJHSBIF]]]]
HMYT,Ã2X@H!WI@S@oRL2S@QI@SX
OJ°VNCIBTZCEIJKU°DBTBNBTUSBUOBKUBZBÁ]
UH{QHOCC@$ST>XLHY@$BDBU@RR(
WBIOJSBQJEBEBVUVCIZBNBHOJ°BVDFDBWTBT²]]]]
UC$3XD-¸Q@HMRL2S@-X@zS@HMSD
FWB©EBJUZFOESBSBUOOJTBNBTUOZI®UOJUF]
v(QLD@J+X@:(3UX@J2L@ºFÐSD
TUS²SBUOBNF¹LBMZ´²UWBZLBTNOOBH®IZBUF]]]]
%FW².IUNZBNPage 74 of 150
;HkU@B
®¹JSVWDB]]]]
HMY,XDHSUBYT,ÃRSC@BZELTZEX@D
OJ°BNZFUJWBDBÁ°VNCIBÁTBUBEDB´ºBNV´ºBZPÁ]
eDX@L@RRT(U±SCD5X@LG@RTQLÆ
QSF¹BZNTBTVHS²WB©EÄUB©EFWZNBITVSBN]]]]
ÅHSBDHSBUÄ5X@R@F3U@UBM@-LL
JUJDFUJDBWBLUBWZTHBUWWBDBOONBNB]
XV@B@>XDHSR,e(3X@SV@J@X3UX@KÇT
ZBUIDCIZFUJTBNQS²UZUBUILSZB©UWBZMBHIV]]]]
RS`F3U@X`@2SDY$K@D´DYDHSY@DÃMD
TBUBUSBHBUWZBUSTUF°BJMPEEF°FUJ°PCIBOF]
S@BCDU(SSe@GÎy:LWTQX@HFQ@
U©DBEFW²©UBUBÁQSIB°MBL¹´B©NBEIVSBZHJS]]]]
±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
5X@GS@\RU@1RTXRC@CDUX@DHMT
BWZIBUK¸BÁTBSWTVZBÁTBEEFWBZPOJ¹V]
HMHI1S@HNKC$3X@HQRXC@GY:TUSSÆ
OJSKJULIJMBEBJUZSJÁTBZBEIB°®´V¹WBUBU]]]]
LL`$K@D*XLHNKLLCDU@UY@MTF@
NBNBUSBJMPLZBNBLIJMB©NBNBEFWWB°OVHÁ]
X\Ã@F@MGRU@1MTO@q@HLOVJOVJ
ZBK¸BCIHOBIB©TBSWOVQ°ONJQ®UIBLQ®UIBL]]]]
`$K@D*XDUQQ@HMLLU9X@-XYDS
USBJMPLZFWBSBSBUOOJNBNBWB°ZOZB°F¹BUBÁ]
SV$UFIQBzSCDUD-¸U@GMLÆ
UBUIBJWBHBKBSBUOB©DBI®UB©EFWFOESBWIBOBN]]]]
<(Q@DCLVM@DaSLsQLL@LQ$
L¹²SPEBNBUIBOPECIÄUBNB°WBSBUOB©NBNNBSBJÁ]
×$rURR\S3eH:O3XRLHO1SLÆ
VDDBJÁ°SBWBTBTB¸K¸B©UBUQSB´JQBUZBTBNBSQJUBN]]]]
X@HMB@-X@HMCDUDTF-WUD14QFDTB
ZOJDOZOJEFWF¹VHBOEIBSWF¹ÄSBHF¹VDB]
QÃ4S@HMÃ4S@HMS@HML8XDUY@DÃMD
SBUOBCIÄUOJCIÄUOJUOJNBZZFWB°PCIBOF]]]]
%FW².IUNZBNPage 76 of 150
v(QÃ4S@3U@CDHUK@DJDL-X@LGDUXLÆ
TUS²SBUOBCIÄU©UW©EFWJMPLFNBOZNBIFWBZBN]
R@3UL2L@MTO@F"#XS@DQÃTI@DUXLÆ
TUWBNBTNOVQHBDDIBZBUPSBUOBCIVKPWBZBN]]]]
L@U@LL@MTIU@HOHMYT,ÃLTkHUÖLLÆ
N©WNBNOVKB©WQJOJ°VNCIBNVSVWJLSBNBN]
ÃI3UB®K@O@HØQÃ4S@HRU$XS
CIBKBUWB©DB¸DBMQµHJSBUOBCIÄUTJWBJZBUBÁ]]]]
OQL$sX1LSTKe@/2XRDL3OHQG@SÆ
QBSBNBJ°WBSZBNBUVMB©QSQTZBTFNBUQBSJHSBIU]
S·«µ@RL@K@D"XL3OHQGS@pI
FUBECVEEIZTBNMPDZBNBUQBSJHSBIBU©WSBKB]]]]
;HkU@B
®¹JSVWDB]]]]
Å3XTÄ@R@SC@CDU(F,Ã(Q@-SH2LS@IF@$
JUZVLUTUBEEFW²HBNCI²SOUBÁTNJUKBHBV]
¯F@1ÃFUS(ø@XXDCW@X1SDIFSÆ
EVSHCIBHBWBU²CIBESZBZFEB©EISZBUFKBHBU]]]]
%FW².IUNZBNPage 77 of 150
CD5XTU@B
EFWZVWDB]]]]
R3XLTÄ3UX@M@`HL6X@HJHB_UX@DHCSLÆ
TBUZBNVLUB©UWBZOUSBNJUIZLJ¸DJUUWBZPEJUBN]
`$K@D*X@HWOHSYT,Ã@DHMYT,Ão@HOS@}Y
USBJMPLZEIJQBUJÁ°VNCIPOJ°VNCIB°DQJUE®°BÁ]]]]
HJ3U`X3eHS\@SHL6X@SH3ÖXSDJVLÆ
LJ©UWBUSBZBUQSBUJK¸UB©NJUIZUBULSJZBUFLBUIBN]
r4XS@L+OATHµ3U@3eHS\@X@JS@OTQ@
°SÄZBUNBMQBCVEEIJUWUQSBUJK¸ZL®UQVS]]]]
X@DL@IXHSR@LDX@DLDCO5XO@DGHS
ZPN©KBZBUJTBµHSNFZPNFEBSQB©WZBQPIBUJ]
X@DLDeHSAK@DK@DJDRLDÃS@1ÃHUXHS
ZPNFQSBUJCBMPMPLFTBNFCIBSUCIBWJ¹ZBUJ]]]]
SC@F"#STYT,Ã@D`HMYT,Ã@DU@LG@AK
UBEHBDDIBUV°VNCIPUSBOJ°VNCIPWNBICBMBÁ]
L@HI3U@HJHBQD:@`O@H:F¦@STLDKÇT
N©KJUWLJ©DJSF´USBQ´J©H®I´UVNFMBHIV]]]]
%FW².IUNZBNPage 78 of 150
±SU@B
EÄUBVWDB]]]]
UHKÏ@HRL$U3UCDHUg4HGLL@S
BWBMJQUTJNBJWB©UWB©EFWJCSÄIJNBNHSBUBÁ]
`$K@D*XDJOTL@H2StDCDYT,ÃHMYT,ÃX@D
USBJMPLZFLBÁQVN©TUJ¹¾IFEBHSF°VNCIBOJ°VNCIBZPÁ]]]]
-XD@LHOC$3X@M@RUD1CDU@MU$XTHW
BOZF¹NBQJEBJUZO©TBSWFEFWOBWBJZVEIJ]
HStH-SR,LTNDCDHUHJOTMv(3ULDHJJ@
UJ¹¾IBOUJTBNNVLIFEFWJLJ©QVOBÁTUS²UWBNFLJL]]]]
Å-¸@
@RJK@CDU@2S2VTXD1@MRXTFD
JOESEZÁTBLBMEFWTUBTUIVSZF¹©OBTB©ZVHF]
YT,Ã@C(M@JVSD@v(eX@2XHRR,LTNLÆ
°VNCIE²O©LBUIB©UF¹©TUS²QSBZTZBTJTBNNVLIBN]]]]
R@3UF"#LX$U@DÄ@O@sYT,ÃHMYT,ÃX@D
TUWB©HBDDIBNBZBJWPLUQS°WB©°VNCIBOJ°VNCIBZPÁ]
JDY@J1:HMW41SF@$QU@L@FHLXHR
LF°LBS¹B´BOJSEIÄUBHBVSBWNHBNJ¹ZBTJ]]]]
%FW².IUNZBNPage 79 of 150
CD5XTU@B
EFWZVWDB]]]]
ULDSCAK(YT,Ã@DHMYT,Ão@HOS@}Y
FWBNFUBECBM²°VNCIPOJ°VNCIB°DQJUE®°BÁ]
HJJQ@DHLeHS\@LDXCM@K@DHBS@OTQ@
LJ©LBSPNJQSBUJK¸NFZBEBOMPDJUQVS]]]]
R3UF"#LX@DÄSDXCDS3RU1L@}S
TBUWB©HBDDIBNBZPLUB©UFZBEFUBUTBSWBNE®UBÁ]
SC@ByU@RTQD-¸@XRBXTÄJQ@DSTXSÆ
UBEDBL¹WTVSFOESZBTBDBZVLUB©LBSPUVZBU]]]]
2UH2Sr(L@J1ZEDXOTQ@:DR@UH:1JDL-U-SQD
]]TWBTUJ°S²NSLB´ºFZBQVS´FTWBS´JLFNBOWBOUBSF
CDU(L@G@3,XDCD5X@±SRU@C@DM@L
EFW²NIUNZFEFWZEÄUBTB©WEPONB
O®L@D7X@X
QB¸DBNPEIZZBÁ]]]]
%FW².IUNZBNPage 80 of 150
t@D7X@X
¹B¹¾IPEIZZBÁ
?;HkU@B
PN®¹JSVWDB]]]]
Å3X@JZX1UB@DCD5X@R±S@DL1O4HQS
JUZLBS´ZBWBDPEFWZÁTBEÄUPNBS¹BQÄSJUBÁ]
RL@BuRL@F,XC$3XQ@I@XHU2SQ@SÆ
TBNDB¹¾BTBNHBNZBEBJUZBSKZBWJTUBSU]]]]
S2X±S2XSb@*XL@JZX@1RTQQ@PSS
UBTZBEÄUBTZBUBEWLZBNLBS´ZTVSBS¾UBUBÁ]
RÖ@DWe@GC$3X@M@LHWOW4lK@DBMLÆ
TBLSPEIBÁQSIBEBJUZONBEIJQB©EIÄNSBMPDBOBN]]]]
GDW4lK@DBM@YT3U2UR$-XOHQU@HQS
IFEIÄNSBMPDBO°VUWB©TWBTBJOZBQBSJWSJUBÁ]
S@L@MXAK@´«u@JDY@J1:HUÒK@LÆ
UNOBZBCBMEEV¹¾©LF°LBS¹B´BWJIWBMN]]]]
%FW².IUNZBNPage 81 of 150
S3OHQ`@:CJHo
HCU@DH^tSDOQ
UBUQBSJUS´BEBÁLB°DJEZBEJWPUUJ¹¾IBUFQBSBÁ]
RG-S5X@DLQ@DU@HOX<@DF-WU1UU@
TBIBOUBWZPNBSPWQJZBL¹PHBOEIBSWBFWBW]]]]
;HkU@B
®¹JSVWDB]]]]
SDM@\Ï2SSY(RC$3X@DW4lK@DBM
UFOK¸BQUBTUBUBÁ°²HISB©TBEBJUZPEIÄNSBMPDBOBÁ]
USu@RGw@:@LRTQ@:@¸«SXX@$
W®UBÁ¹B¹¾ZTBIBTS´NBTVS´©ESVUB©ZBZBV]]]]
R}PU@S@SS@DCDU(STHGM@BKRH2VS@LÆ
TBE®¹¾WU©UBUPEFW²©UVIJODBMBTB©TUIJUN]
IF@C@D×$eX@G(HSL4KYT,ÃHMYT,ÃX@D
KBHEPDDBJÁQSBZI²UJNÄMB©°VNCIBOJ°VNCIBZPÁ]]]]
MBD3e(3X@
ÃUS(LaS@1QLTO$XHS
OBDFUQS²UZEZBCIBWBU²NBECIBSUSBNVQBJ¹ZBUJ]
SS@DAK@ºX@,XDJDY@J1:HUÒK@LÆ
UBUPCBMOOBZNZF¹BLF°LBS¹B´BWJIWBMN]]]]
%FW².IUNZBNPage 82 of 150
CD5XTU@B
EFWZVWDB]]]]
C$3XDsQD:eHGS@DAKU@-AKRUS
EBJUZF°WBSF´BQSBIJUPCBMBWOCBMBTB©W®UBÁ]
AK@ºXHRL@LDUSSHJSDJQ@D,XGLÆ
CBMOOBZBTJNNFWB©UBUBÁLJ©UFLBSPNZBIBN]]]]
;HkU@B
®¹JSVWDB]]]]
Å3XTÄR@D>XW@U^@LRTQ@DW4lK@DBM
JUZVLUBÁTPCIZBEIWBUUNBTVSPEIÄNSBMPDBOBÁ]
¤J@QD:$USÃ2LR@BJ@Q@H,AJ@SC@
IVµLSF´BJWBUB©CIBTNBTDBLSNCJLUBE]]]]
VÖµLG@R$-XLRTQ@:@SV@H,AJ@
BUIBLSVEEIB©NBITBJOZBNBTVS´©UBUINCJL]
UU1R@XJ$2S(y:$2SV@YHÄOQsW$
WBWBS¹BTZBLBJTU²L¹´BJTUBUI°BLUJQBSB°WBEIBJÁ]]]]
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
J@Ho3JQeG@QD:C$3X@M@2XDMB@OQ@MÆ
L©°DJULBSBQSBISF´BEBJUZOTZFOBDQBSO]
@Ö@-3X@B@WQD:@-X@MÆIÇ@MRLG@RTQ@MÆ
LSOUZDEIBSF´OZOKBHIOBTBNBITVSO]]]]
JD@HB3O@PX@L@RMN$J@Dt@HMJDRQ(
LF¹¸DJUQ¾BZNTBOBLIBJÁLP¹¾IOJLFTBS²]
SV@SKeG@QD:HYQ@HRJSU@-OVJ
UBUIUBMBQSBISF´B°JS©TJL®UBWOQ®UIBL]]]]
HUH"#ºA@¤HYQRJS@2SDMSV@OQD
WJDDIJOOBCIV°JSBTBÁL®UTUFOBUBUIQBSF]
OO@$BkHWQJ@Dt@C-XD@WTSJDRQ
QBQBVDBSVEIJSB©LP¹¾IEBOZF¹©EIVUBLFTBSBÁ]]]]
<:DMS·KRU<XM(SLG@3LM@
L¹B´FOBUBECBMB©TBSWB©L¹BZB©O²UB©NBIUNBO]
SDMJDRHQ:@CD5X@U@GMDM@HSJ@DHOM@
UFOBLFTBSJ´EFWZWIBOFOUJLPQJO]]]]
rT3U@SLRTQCD5X@HMGSW4lK@DBMLÆ
°SVUWUBNBTVSB©EFWZOJIBUB©EIÄNSBMPDBOBN]
AKB<HXSJ3xCDU(JDRHQ:@SS
CBMB©DBL¹BZJUB©L®UTOB©EFW²LFTBSJ´UBUBÁ]]]]
%FW².IUNZBNPage 84 of 150
BTJ@DOC$3X@HWOHSYT,Ãe2 HQS@WQ
DVLPQBEBJUZEIJQBUJÁ°VNCIBÁQSBTQIVSJUEIBSBÁ]
@\@OX@L@RBS@$BZELTZE@$LG@RTQ@$
K¸QBZNTBDBUBVDB´ºBNV´ºBVNBITVSBV]]]]
GDBZEGDLTZEAK$A1¤HÃOHQU@HQS@$
IFDB´ºBIFNV´ºBCBMBJSCBIVCIJÁQBSJWSJUBV]
S`F"#SF3U@BR@RL@M(XS@KÇT
UBUSBHBDDIBUBHBUWDBTTBNO²ZBU©MBHIV]]]]
JDYDU@JXAC7U@U@XHCURYX@DXTHW
LF°F¹WL®¹ZBCBEEIWWZBEJWBÁTB©°BZPZVEIJ]
SC@YD@XTW$RU$1QRTQ$HU1HMG-XS@LÆ
UBE°F¹ZVEIBJÁTBSWBJSBTVSBJSWJOJIBOZBUN]]]]
S2X@GS@X@¯u@X@HRGDBHUHMO@HSSD
UBTZ©IBUZ©EV¹¾Z©TJ©IFDBWJOJQUJUF]
Y(L@F,XS@AC7U@FG(3U@S@LV@H,AJ@LÆ
°²HISBNHBNZBU©CBEEIWH®I²UWUNBUINCJLN]]]]
%FW².IUNZBNPage 85 of 150
2UH2Sr(L@J1ZEDXOTQ@:DR@UH:1JDL-U-SQD
]]TWBTUJ°S²NSLB´ºFZBQVS´FTWBS´JLFNBOWBOUBSF
CDU(L@G@3,XDYT,ÃHMYT,ÃRDM@M(W4lK@DBMUW@D
EFW²NIUNZF°VNCIBOJ°VNCIBTFOO²EIÄNSBMPDBOBWBEIP
M@Lt@D7X@X
ONB¹B¹¾IPEIZZBÁ]]]]
%FW².IUNZBNPage 86 of 150
RÏL@D7X@X
TBQUBNPEIZZBÁ
?;HkU@B
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
SSJ@DOBJ@Q@D×$QH,AJ@S@MQ(-eHS
UBUBÁLPQB©DBLSPDDBJSBNCJLUOBS²OQSBUJ]
J@DODMB@2X@UCML(U:1LÃ4^C@
LPQFOBDTZWBEBOB©NB¹²WBS´BNBCIÄUUBE]]]]
J@K(JQ@KUCM@HUHMÖ@-S@HRO@HYM(
LM²LBSMBWBEBOWJOJ¹LSOUTJQ°JO²]]]]
HUHB`NPU@ØWQ@MQL@K@HUÃ4:@
WJDJUSBLIB¾WµHBEIBSOBSBNMWJCIĹB´]
b(HOBL1OQ(W@M@YTJL@R@HSÃ$QU@
EW²QJDBSNBQBS²EIO°V¹LBN©TUJCIBJSBW]]]]
HSHU2S@QUCM@HIÒ@KKMÃ(:@
BUJWJTUSBWBEBOKJIWMBMBOBCI²¹B´]
HML@QÄMXM@M@C@O4HQSHCLTN@
OJNBHOSBLUBOBZBOOEQÄSJUBEJµNVLI]]]]
R@UDFDM@HÃOHSS@Ç@SX-S(LG@RTQ@MÆ
TWFHFOCIJQBUJUHIUBZBOU²NBITVSO]
R$-XDS`RTQ@Q(:@LÃ<XSS·KLÆ
TBJOZFUBUSBTVSS²´NBCIBL¹BZBUBUBECBMBN]]]]
%FW².IUNZBNPage 88 of 150
O@H:1@G@«Y@GX@DWÇZP@RLH-US@MÆ
QS¹´JHSIµLV°BHSIBZPEIBHIB´¾TBNBOWJUO]
RL@C@X$JG2SDMLTNDHB<DOU@Q:@MÆ
TBNEZBJLBIBTUFOBNVLIFDJL¹FQBWSB´O]]]]
SV$UX@DWSTQF$QVR@QHVM@RG
UBUIBJWBZPEIB©UVSBHBJSBUIB©TSBUIJOTBIB]
HMH</XUDCYM$oU1X-3XHSÃ$QULÆ
OJL¹JQZBWBLUSFEB°BOBJ°DBSWBZBOUZBUJCIBJSBWBN]]]]
JI@GJDYDT(U@X@LVB@OQLÆ
FLB©KBHSIBLF°F¹VHS²WZNBUIBDQBSBN]
O@CDM@Ö,XB$U@-XLTQR@-XLO@DVXSÆ
QEFOLSBNZBDBJWOZBNVSBTOZBNBQPUIBZBU]]]]
S$LT1Ä@HMBYv@H:LG@v@H:SV@RTQ$
UBJSNVLUOJDB°BTUS´JNBITUS´JUBUITVSBJÁ]
LTNDMI@Gk@CYM$L1HVS@-XHO
NVLIFOBKBHSIBSV¹EB°BOBJSNBUIJUOZBQJ]]]]
AHKM@S·KRU1LRTQ@:@¯Q@3LM@LÆ
CBMJO©UBECBMB©TBSWBNBTVS´©EVSUNBON]
LLC@1Ã<X×@-X@M-X@o@S@EX^C@
NBNBSECIBL¹BZBDDOZOBOZ©°DUºBZBUUBE]]]]
%FW².IUNZBNPage 89 of 150
HRM@HMGS@JDHB3JDHB3NPU@ØS@HES@
BTJOOJIBUÁLFDJULFDJULIB¾WµHBUºJUÁ]
I<HU1M@YLRTQ@C-S@@HÃGS@2SV@
KBHNVSWJO°BNBTVSEBOUHSCIJIBUTUBUI]]]]
<:DMS·KRU1LRTQ@:@HMO@HSSLÆ
L¹B´FOBUBECBMB©TBSWBNBTVS´©OJQUJUBN]
}PU@BZE@DHï¸@US@J@K(LHSÃ(:@LÆ
E®¹¾WDB´ºPCIJEVESWBU©LM²NBUJCI²¹B´N]]]]
YQU$1L1G@Ã(L$Ã(1L@<(S@LG@RTQ
°BSBWBS¹BJSNBICI²NBJSCI²NL¹²©U©NBITVSBÁ]
#@CX@L@RBÖ$oLTZEH<Ï$RGwY
DIEBZNTBDBLSBJ°DBNV´ºBÁL¹JQUBJÁTBIBTSB°BÁ]]]]
S@HMBÖ@ZXMDJ@HMHUYL@M@HMS-LTNLÆ
UOJDBLS´ZBOFLOJWJ°BNOOJUBONVLIBN]
AÃTX1V@J1HA,A@HMRTAHMÇM@DCQLÆ
CBCIVSZBUISLBCJNCOJTVCBIÄOJHIBOPEBSBN]]]]
SS@DIG@R@HSk@Ã(LÃ$QUM@HCM(
UBUPKBITUJSV¹CI²NB©CIBJSBWBOEJO²]
J@K(JQ@KUCM@¯C1Y1CYM@D))UK@
LM²LBSMBWBEBOEVSEBS°BEB°BOPKKWBM]]]]
%FW².IUNZBNPage 90 of 150
3V@XBLG@HRGCDU(BZELW@US
VUUIZBDBNBITJ©IB©EFW²DB´ºBNBEIWBUB]
FG(3U@B@2XJDYDTHYQ2SDM@HRM@H"#MSÆ
H®I²UWDTZBLF°F¹V°JSBTUFOTJODDIJOBU]]]]
VLTZE@D>XW@U^@}PU@BZEHMO@HSSLÆ
BUIBNV´ºPCIZBEIWBUU©E®¹¾WDB´ºB©OJQUJUBN]
SL/XO@SXaL@$R@NEF@HÃGSk@
UBNBQZBQUBZBECIÄNBVTLIBºHCIJIBUB©SV¹]]]]
GSYDSSR$-X}PU@BZEHMO@HSSLÆ
IBUB°F¹B©UBUBÁTBJOZB©E®¹¾WDB´ºB©OJQUJUBN]
LTZEBRTLG@U(XHCY@DÃDIDÃX@STQLÆ
NV´ºB©DBTVNBIW²SZB©EJ°PCIFKFCIBZUVSBN]]]]
HYQoZE2XJ@K(BFG(3U@LTZELDUB
°JSB°DB´ºBTZBLM²DBH®I²UWNV´ºBNFWBDB]
e@GeBZE@¡G@RHLrL>XD3XBHZEJ@LÆ
QSIBQSBDB´º¾¾BITBNJ°SBNBCIZFUZBDB´ºJLN]]]]
LX@SU@`@DOzS@$BZELTZE@$LG@OY4
NBZUBWUSPQBI®UBVDB´ºBNV´ºBVNBIQB°Ä]
XTµX\D2UXYT,ÃHMYT,ÃBGHMXHR
ZVEEIBZBK¸FTWBZB©°VNCIB©OJ°VNCIB©DBIBOJ¹ZBTJ]]]]
%FW².IUNZBNPage 91 of 150
;HkU@B
®¹JSVWDB]]]]
S@U@M(S@$SS@D}PU@BZELTZE@$LG@RTQ@$
UWO²UBVUBUPE®¹¾WDB´ºBNV´ºBVNBITVSBV]
U@BJ@K(J+X@:(KHKSBHZEJ@UB
VWDBLM²©LBMZ´²MBMJUB©DB´ºJLWBDBÁ]]]]
X2L@×ZEBLTZEBFG(3U@3ULTO@FS@
ZBTNDDB´ºB©DBNV´ºB©DBH®I²UWUWBNVQHBU]
B@LTZEDHSSS@DK@DJD.X@S@CDU(ÃHUXHR
DNV´ºFUJUBUPMPLFLIZUEFW²CIBWJ¹ZBTJ]]]]
2UH2Sr(L@J1ZEDXOTQ@:DR@UH:1JDL-U-SQD
]]TWBTUJ°S²NSLB´ºFZBQVS´FTWBS´JLFNBOWBOUBSF
CDU(L@G@3,XDBZELTZEUW@DM@L
EFW²NIUNZFDB´ºBNV´ºBWBEIPONB
RÏL@D7X@X
TBQUBNPEIZZBÁ]]]]
%FW².IUNZBNPage 92 of 150
uL@D7X@X
B¹¾BNPEIZZBÁ
?;HkU@B
PN®¹JSVWDB]]]]
BZEDBHMGSDC$3XDLTZEDBHUHMO@HSSD
DB´ºFDBOJIBUFEBJUZFNV´ºFDBWJOJQUJUF]
A¤KDTBR$-XDT<HXSDURTQDsQ
CBIVMF¹VDBTBJOZF¹VL¹BZJUF¹WBTVSF°WBSBÁ]]]]
SSJ@DOOQ@W(MBDS@YT,ÃeS@OU@MÆ
UBUBÁLPQBQBSEI²OBDFUÁ°VNCIBÁQSBUQBWO]
@DFRU1R$-X@M@C$3X@M@L@HCCDYG
VEZPHB©TBSWBTBJOZO©EBJUZONEJEF°BIB]]]]
RU1AK$C$13X@EY(HSkC@XTW@
BEZBTBSWBCBMBJSEBJUZÁ¹BºB°²UJSVEZVEIÁ]
J,A4M@BSTQY(HSHM1X@1-ST2UAK$U1S@
LBNCÄO©DBUVSB°²UJSOJSZOUVTWBCBMBJSW®UÁ]]]]
%FW².IUNZBNPage 93 of 150
J@DHPU(X@1H:O®@YCRTQ@:@JK@HMU$
LP¾JW²SZ´JQB¸D°BEBTVS´©LVMOJWBJ]
YSJK@HMW@$l@:@HMF1"#-STLL@\X@
°BUB©LVMOJEIBVNS´©OJSHBDDIBOUVNBNK¸BZ]]]]
J@KJ@C@$z1C@L@$U@1J@HKJDX@2SV@RTQ@
LMBLEBVSI®ENBVSWÁLMJLFZTUBUITVSÁ]
XTµ@XRÙ@HMX@1-ST @\X@3UHQS@LL
ZVEEIZBTBKKOJSZOUVK¸BZUWBSJUNBNB]]]]
Å3X@\@/X@RTQOHSYT,Ã@DÃ$QUY@RM
JUZK¸QZTVSBQBUJÁ°VNCIPCIBJSBWB°TBOBÁ]
HMI1F@LLG@R$-XRGw$A1¤HÃU1S
OJSKBHNBNBITBJOZBTBIBTSBJSCBIVCIJSW®UBÁ]]]]
@X@-SBHZEJ@}PU@S3R$-XLHSÃ(:LÆ
ZOUB©DB´ºJLE®¹¾WUBUTBJOZBNBUJCI²¹B´BN]
)X@2UM$O4QX@L@RWQ:(FFM@-SQLÆ
KZTWBOBJÁQÄSBZNTBEIBSB´²HBHBOOUBSBN]]]]
SSHRG@DLG@M@CLS(UJSU@ºO
UBUBÁTJ©IPNBIOEBNBU²WBL®UBWOO®QB]
ÇZP@2UMDMS@º@C@MH,AJ@B@DOAGXSÆ
HIB´¾TWBOFOBUOOEOBNCJLDPQBC®©IBZBU]]]]
%FW².IUNZBNPage 94 of 150
WMT)X@1HRGÇZP@M@M@C@O4HQSHCLTN@
EIBOVSKZTJ©IBHIB´¾O©OEQÄSJUBEJµNVLI]
HMM@C$Ã(1:$J@K(HI&XDHU2S@HQS@MM@
OJOEBJSCI²¹B´BJÁLM²KJHZFWJTUSJUOBO]]]]
SHMM@CLTOrT3XC$3XR$-X$oSTHC1YLÆ
UB©OJOEBNVQB°SVUZBEBJUZBTBJOZBJ°DBUVSEJ°BN]
CDU(HRG2SV@J@K(RQ@D$OHQU@HQS@
EFW²TJ©IBTUBUILM²TBSP¹BJÁQBSJWSJUÁ]]]]
SH2Lº-SQDÃ4OHUM@Y@XRTQHb@LÆ
FUBTNJOOBOUBSFCIÄQBWJO°ZBTVSBEWJ¹N]
ÃU@X@LQHRG@M@LHSU(X1AK@H-US@
CIBWZNBSBTJ©IONBUJW²SZBCBMOWJUÁ]]]]
g|DYFTGHU:4M@SVD-¸2XBYÄX
CSBINF°BHVIBWJ¹´ÄO©UBUIFOESBTZBDB°BLUBZBÁ]
YQ(QD>X@DHUHMÖ,XS¸O$oHZEJ@XXT
°BS²SFCIZPWJOJ¹LSBNZBUBESÄQBJ°DB´ºJL©ZBZVÁ]]]]
X2XCDU2XX¸OXV@Ã4:U@GMLÆ
ZBTZBEFWBTZBZBESÄQB©ZBUICIĹB´BWIBOBN]
SbCDUHGS"#HÄQRTQ@-X@Dµ«L@XX@$
UBEWBEFWBIJUBDDIBLUJSBTVSOZPEEIVNZBZBV]]]]
%FW².IUNZBNPage 95 of 150
GRXTÄHUL@M@DR@<R4`JLZEKT
IB©TBZVLUBWJNOHSFTL¹BTÄUSBLBNB´ºBMVÁ]
@X@S@g|:YHÄg1|@:(3XHÃW(XSD
ZUCSBINB´BÁ°BLUJSCSBIN´²UZBCIJEI²ZBUF]]]]
L@GDsQ(U@m%@H`Y4KUQW@HQ:(
NIF°WBS²W®¹SĺIUSJ°ÄMBWBSBEISJ´²]
LG@HGUKX@e@Ï@B-¸QDN@HUÃ4:@
NBIIJWBMBZQSQUDBOESBSFLIWJCIĹB´]]]]
J@$L@Q(YHÄG2S@BLX4QUQU@GM@
LBVNS²°BLUJIBTUDBNBZÄSBWBSBWIBO]
X@Dµ«L>X@XX@$C$3X@MH,AJ@FTGmHO:(
ZPEEIVNBCIZZBZBVEBJUZOBNCJLHVIBSÄQJ´²]]]]
SV$UU$:U(YHÄF1kE@DOHQRH2VS@
UBUIBJWBWBJ¹´BW²°BLUJSHBSVºPQBSJTB©TUIJU]
YBÖFC@Y@Ø1NEFG2S@>XTO@XX@$
°BµLIBDBLSBHBE°SµHBLIBºHBIBTUCIZVQZBZBV]]]]
X\U@Q@GLSTKmOX@HAS@DGQD
ZBK¸BWSIBNBUVMB©SÄQB©ZCJCISBUPIBSFÁ]
YHÄR@/X@XX@$S`U@Q@G(HAS(SMTLÆ
°BLUJÁTQZZBZBVUBUSBWSI²©CJCISBU²UBOVN]]]]
%FW².IUNZBNPage 96 of 150
M@QHRG(MHRG2XHAS(R}YUOT
OSBTJ©I²O®TJ©IBTZBCJCISBU²TBE®°B©WBQVÁ]
e@Ï@S`RP@<DOH<ÏM<`RGHS
QSQUUBUSBTB¾L¹FQBL¹JQUBOBL¹BUSBTB©IBUJÁ]]]]
UG2S@SV$U$-¸(FIQ@I@DOHQH2VS@
WBKSBIBTUUBUIBJWBJOES²HBKBSKPQBSJTUIJU]
e@Ï@RGwMXM@XV@YÖ2SV$UR@
QSQUTBIBTSBOBZBOZBUI°BLSBTUBUIBJWBT]]]]
SSOHQUS2S@HÃQ(Y@M@DCDUYHÄHÃ
UBUBÁQBSJW®UBTUCIJS²°OPEFWB°BLUJCIJÁ]
G-X-S@LRTQ@Y(LLe(3X@GBHZEJ@LÆ
IBOZBOUNBTVSÁ°²HISB©NBNBQS²UZIBDB´ºJLN]]]]
SS@DCDU(YQ(Q@^THUHMÖ@-S@HSÃ(:@
UBUPEFW²°BS²SUUVWJOJ¹LSOUUJCI²¹B´]
BHZEJ@YHÄQ3XT@HYU@YSHMM@HCM(
DB´ºJL°BLUJSBUZVHS°JW°BUBOJOEJO²]]]]
R@B@GW4lIHPKL(Y@MLOQ@HIS@
TDIBEIÄNSBKB¾JMBN²°OBNBQBSKJU]
±S3UF"#ÃFUMÆO@sYT,ÃHMYT,ÃX@D
EÄUBUWB©HBDDIBCIBHBWBOQS°WB©°VNCIBOJ°VNCIBZPÁ]]]]
%FW².IUNZBNPage 97 of 150
g4HGYT,ÃHMYT,ÃBC@MU@UHSFHU1S@$
CSÄIJ°VNCIB©OJ°VNCIB©DBEOBWWBUJHBSWJUBV]
XDB@-XDC@MU@2S`XTµ@XRLTOH2VS@
ZFDOZFEOBWTUBUSBZVEEIZBTBNVQBTUIJUÁ]]]]
`$K@D*XHL-¸@DKÃS@CDU@R-STGHUÃT1I
USBJMPLZBNJOESPMBCIBU©EFWÁTBOUVIBWJSCIVKBÁ]
X4XeX@SO@S@KXHCI(HUSTHL"#V
ZÄZB©QSBZUBQUMB©ZBEJK²WJUVNJDDIBUIB]]]]
AK@UKDO@CVBDaU-S@DXTµJ@H<:
CBMWBMFQEBUIBDFECIBWBOUPZVEEIBLµL¹J´BÁ]
SC@F"#SS/X-STLH"#U@HOHYSDMU
UBEHBDDIBUBU®QZBOUVNBDDIJWÁQJ°JUFOBWBÁ]]]]
XS@DHMXTÄ@DC@$3XDMSX@CD5X@HYU2UXLÆ
ZBUPOJZVLUPEBVUZFOBUBZEFWZ°JWBÁTWBZBN]
HYU±S(HSK@DJDH2L2SSR@.X@HSL@FS@
°JWBEÄU²UJMPLFTNJ©TUBUBÁTLIZUJNHBU]]]]
SDHOrT3U@UB@DCD5X@YU@1.X@SLG@RTQ@
UFQJ°SVUWWBDPEFWZÁ°BSWLIZUB©NBITVSÁ]
L@1O4HQS@I<X1`J@3X@XM(H2VS@
BNBS¹QÄSJUKBHNVSZBUSBLUZZBO²TUIJU]]]]
%FW².IUNZBNPage 98 of 150
SSeVLLDU@DYQY
XHuUHuHÃ
UBUBÁQSBUIBNBNFWHSF°BSB°BLUZ®¹¾JW®¹¾JCIJÁ]
UUT1kµS@L@12S@CDU(LLQ@QX
WBWBS¹VSVEEIBUNBS¹TU©EFW²NBNBSSBZBÁ]]]]
R@BS@MÆeHGS@MÆA@:@°#4KYHÄOQsW@MÆ
TDBUOQSBIJUOC´¸DIÄMB°BLUJQBSB°WBEIO]
HB"#DCK(KX@7L@SWMTLT1Ä$L1GDTHÃ
DJDDIFEBM²MBZEINUBEIBOVSNVLUBJSNBIF¹VCIJÁ]]]]
S2X@S2SV@J@K(Y4KO@SHUC@HQS@MÆ
UBTZHSBUBTUBUILM²°ÄMBQUBWJESJUO]
NPU@ØO@DHVS@o@Q(-JU1S(5XBQ^C@
LIB¾WµHBQPUIJU©°DS²OLVSWBU²WZBDBSBUUBE]]]]
JLZEKTIK@<DOGSU(X@1MÆGS@$IR
LBNB´ºBMVKBML¹FQBIBUBW²SZOIBUBVKBTBÁ]
g|@:(B@JQ@D"#`4-XDMXDM2LW@UHS
CSBIN´²DLBSPDDIBUSÄOZFOBZFOBTNBEIWBUJ]]]]
L@GDsQ(H`Y4KDMSV@BÖD:U$:U(
NIF°WBS²USJ°ÄMFOBUBUIDBLSF´BWBJ¹´BW²]
C$3X@Ç@MJ@$L@Q(SV@Y
X@HSJ@DOM@
EBJUZ¸KBHIOBLBVNS²UBUI°BLUZUJLPQBO]]]]
%FW².IUNZBNPage 99 of 150
D-¸(JHKYO@SDMYSY@DC$3XC@MU@
BJOES²LVMJ°BQUFOB°BUB°PEBJUZBEOBWÁ]
ODSTHU1C@HQS@O65X@kHWQ@$ÇeUH1:
QFUVSWJESJUÁQ®UIWZ©SVEIJSBVHIBQSBWBS¹J´BÁ]]]]
STZEeG@QHU7U2S@Cu@<SU<R
UV´ºBQSBISBWJEIWBTUEB©¹¾SHSBL¹BUBWBL¹BTBÁ]
U@Q@GL43X@1-XOSoÖD:BHUC@HQS@
WSIBNÄSUZOZBQBUB©°DBLSF´BDBWJESJUÁ]]]]
MN$HU1C@HQS@o@-X@MÆÃ<X-S(LG@RTQ@MÆ
OBLIBJSWJESJU©°DOZOCIBL¹BZBOU²NBITVSO]
M@QHRG(BB@Q@I@$M@C@O4:1HCF,AQ@
OSBTJ©I²DBDSKBVOEQÄS´BEJHBNCBS]]]]
BZE@¡G@R$QRTQ@HYU±3XHñHS@
DB´º¾¾BITBJSBTVSÁ°JWBEÄUZBCIJEĹJUÁ]
ODSTOHV5X@OHSS@2S@oN@C@VR@SC@
QFUVÁQ®UIJWZ©QBUJU©TU©°DBLIEUIBTUBE]]]]
ÅHSL@SF:ÖµLC1X-SLG@RTQ@MÆ
JUJNU®HB´B©LSVEEIB©NBSEBZBOUB©NBITVSO]
}PU@>XTO@X$HU1HUW$MD1YTCD1U@HQR$HMJ@
E®¹¾WCIZVQZBJSWJWJEIBJSOF°VSEFWSJTBJOJLÁ]]]]
%FW².IUNZBNPage 100 of 150
OK@XMOQ@-}PU@C$3X@-L@SF:@HC1S@MÆ
QBMZBOBQBSOE®¹¾WEBJUZONU®HB´SEJUO]
X@Dµ«L>X@XX@$Öµ@DQÄA(I@DLG@RTQ
ZPEEIVNBCIZZBZBVLSVEEIPSBLUBC²KPNBITVSBÁ]]]]
QÄHA-¯X1C@Ã4L@$OS3X2XYQ(QS
SBLUBCJOEVSZBECIÄNBVQBUBUZBTZB°BS²SBUBÁ]
RLT3OSHSLDHC-X@S3eL@:@DLG@RTQ
TBNVUQBUBUJNFEJOZ©UBUQSBN´PNBITVSBÁ]]]]
XTXTWDRFC@O@H:HQ-¸Y
X@LG@RTQ
ZVZVEIFTBHBEQ´JSJOESB°BLUZNBITVSBÁ]
SSo$-¸(2UUD:QÄA(ILS@EXSÆ
UBUB°DBJOES²TWBWBKSF´BSBLUBC²KBNBUºBZBU]]]]
JHKYDM@GS2X@YTA¤RTw@UY@DH:SLÆ
LVMJ°FOIBUBTZ°VCBIVTVTSWB°P´JUBN]
RLT^2VT2SS@DX@DW@2S¸O@2S3OQ@ÖL@
TBNVUUBTUIVTUBUPZPEITUBESÄQTUBUQBSLSBNÁ]]]]
X@U-SOHSS@2S2XYQ(Q@¸ÄHA-CU
ZWBOUBÁQBUJUTUBTZB°BS²SESBLUBCJOEBWBÁ]
S@U-SOTk@I@S@2Sb(X1AKHUÖL@
UWBOUBÁQVSV¹KUTUBEW²SZBCBMBWJLSBNÁ]]]]
%FW².IUNZBNPage 101 of 150
SDB@HOXTXTWT2S`OTk@QÄR,ÃU@
UFDQJZVZVEIVTUBUSBQVSV¹SBLUBTBNCIBWÁ]
RLL@SHÃQ3XTYvO@S@HSÃ(:LÆ
TBNB©NU®CIJSBUZVHSB°BTUSBQUUJCI²¹B´BN]]]]
OTMoUO@SDM<SL2XHYQ@DXC@
QVOB°DBWBKSBQUFOBL¹BUBNBTZB°JSPZBE]
UU@GQÄOTk@2SS@DI@S@RGwY
WBWIBSBLUB©QVSV¹TUBUPKUÁTBIBTSB°BÁ]]]]
U$:U(RLQDB$MBÖD:@HÃIÇ@MG
WBJ¹´BW²TBNBSFDBJOB©DBLSF´CIJKBHIOBIB]
FCX@S@EX@L@RD-¸(SLRTQDsQLÆ
HBEBZUºBZNTBBJOES²UBNBTVSF°WBSBN]]]]
U$:U(BÖHú2XkHWQw@UR,ÃU$
WBJ¹´BW²DBLSBCIJOOBTZBSVEIJSBTSWBTBNCIBWBJÁ]
RGwY@DIF@ÏS3eL@:$L1G@RTQ$
TBIBTSB°PKBHBEWZQUB©UBUQSBN´BJSNBITVSBJÁ]]]]
Y
X@IÇ@MJ@$L@Q(U@Q@G(BSV@HRM@
°BLUZKBHIOBLBVNS²WSI²DBUBUITJO]
L@GDsQ(H`Y4KDMQÄA(ILG@RTQLÆ
NIF°WBS²USJ°ÄMFOBSBLUBC²KB©NBITVSBN]]]]
%FW².IUNZBNPage 102 of 150
RB@HOFCX@C$3XRU@1U@GMSÆOVJ
TBDQJHBEBZEBJUZBÁTBSWFWIBOBUQ®UIBL]
L@SJ@DORL@HUu@DQÄA(I@DLG@RTQ
NU±ÁLPQBTBNWJ¹¾PSBLUBC²KPNBITVSBÁ]]]]
S2X@GS2XA¤W@YHÄY4K@HCHÃÃT1HU
UBTZIBUBTZBCBIVEI°BLUJ°ÄMEJCIJSCIVWJ]
OO@SX@DU$QÄ@$Ç2SDM@R°#SY@DRTQ@
QBQUBZPWBJSBLUBVHIBTUFOTB¸DIBUB°PTVSÁ]]]]
S$o@RTQ@R*R,Ã4S$QRTQ$RJKIFSÆ
UBJ°DTVST®LTBNCIÄUBJSBTVSBJÁTBLBMB©KBHBU]
5X@ÏL@R(^S@DCDU@ÃXL@I<k^LLÆ
WZQUBNT²UUBUPEFWCIBZBNKBHNVSVUUBNBN]]]]
S@MÆHUZ:@MÆRTQ@MÆ}PU@BHZEJ@e@GR3UQLÆ
UOWJ¹B´´OTVSOE®¹¾WDB´ºJLQSIBTBUWBSBN]
U@BJ@K(B@LTZEDHU2S(:UCMJk
VWDBLM²©DNV´ºFWJTU²S´B©WBEBOB©LVSV]]]]
L"#vO@SR,Ã4S@MÆQÄHA-±MÆLG@RTQ@MÆ
NBDDIBTUSBQUBTBNCIÄUOSBLUBCJOEÄONBITVSO]
QÄHA-C@DeS("#3UUD:@MDMUDHFM@
SBLUBCJOEPÁQSBU²DDIBUWB©WBLUSF´OFOBWFHJO]]]]
%FW².IUNZBNPage 103 of 150
Ã<X-S(BQQ:DS¯3Oº@-LG@RTQ@MÆ
CIBL¹BZBOU²DBSBSB´FUBEVUQBOOONBITVSO]
ULD<XC$3X<D:QÄ@DFHLXHS
FWBNF¹BL¹BZB©EBJUZBÁL¹F´BSBLUPHBNJ¹ZBUJ]]]]
ÃyXL@:@23UX@B@D@MB@D3O32XH-SB@OQD
CIBL¹ZBN´TUWBZDPHSOBDPUQBUTZBOUJDQBSF]
Å3XT
U@S@SS@DCDU(Y4KDM@HÃIÇ@MSLÆ
JUZVLUWU©UBUPEFW²°ÄMFOCIJKBHIOBUBN]]]]
LTNDMJ@K(IFGDQÄA(I2XY@DH:SLÆ
NVLIFOBLM²KBH®IFSBLUBC²KBTZB°P´JUBN]
SS@DR@U@IÇ@M@VFCX@S`BHZEJ@LÆ
UBUPTWKBHIOUIBHBEBZUBUSBDB´ºJLN]]]]
MB@2X@UDCM@BÖDFC@O@S@DH+OJ@LHO
OBDTZWFEBO©DBLSFHBEQUPMQJLNBQJ]
S2X@GS2XCDG@^TA¤RTw@UY@DH:SLÆ
UBTZIBUBTZBEFIUUVCBIVTVTSWB°P´JUBN]]]]
XS2SS2SbD:B@LTZE@R,eS("#HS
ZBUBTUBUBTUBEWBLUSF´BDNV´ºTBNQSBU²DDIBUJ]
LTNDRLT¶S@XD2X@QÄO@S@-LG@RTQ@
NVLIFTBNVEHBUZFTZSBLUBQUONBITVSÁ]]]]
%FW².IUNZBNPage 104 of 150
S@oN@C@VB@LTZE@OO@$S2XBY@DH:SLÆ
U©°DBLIEUIBDNV´ºQBQBVUBTZBDB°P´JUBN]
CDU(Y4KDMUD:A@:$QHRHÃ;1HuHÃ
EFW²°ÄMFOBWBKSF´BC´BJSBTJCIJS®¹¾JCIJÁ]]]]
IÇ@MQÄA(ISB@LTZE@O(SY@DH:SLÆ
KBHIOBSBLUBC²KB©UB©DNV´ºQ²UB°P´JUBN]
ROO@SLG(OtDYvRÇRL@GS
TBQBQUBNBI²Q®¹¾IF°BTUSBTBµHIBTBNIBUBÁ]]]]
M(QÄoLG(O@KQÄA(I@DLG@RTQ
O²SBLUB°DBNBI²QMBSBLUBC²KPNBITVSBÁ]
SS2SDG1LSTKLU@OTHvCY@MO
UBUBTUFIBS¹BNBUVMBNBWQVTUSJEB°O®QB]]]]
SD@L@SF:@DI@S@DMMS@1RLC@DµS
UF¹©NU®HB´PKUPOBOBSUT®µNBEPEEIBUBÁ]]]]
2UH2Sr(L@J1ZEDXOTQ@:DR@UH:1JDL-U-SQD
]]TWBTUJ°S²NSLB´ºFZBQVS´FTWBS´JLFNBOWBOUBSF
CDU(L@G@3,XDQÄA(IUW@D
EFW²NIUNZFSBLUBC²KBWBEIP
M@L@uL@D7X@X
ON¹¾BNPEIZZBÁ]]]]
%FW².IUNZBNPage 105 of 150
MUL@D7X@X
OBWBNPEIZZBÁ
?Q@I@DU@B
PNSKPWDB]]]]
HUHB`HLCL@.X@SÃFUMÆÃUS@LL
WJDJUSBNJEBNLIZUB©CIBHBWBOCIBWBUNBNB]
CD5X@oHQSL@G@3,XQÄA(IUW@HrSLÆ
EFWZ°DBSJUBNIUNZB©SBLUBC²KBWBEI°SJUBN]]]]
Ã4XoD"#@,XGr@DSTQÄA(IDHMO@HSSD
CIÄZB°DFDDINZBIB©°SPUV©SBLUBC²KFOJQUJUF]
BJ@QYT,Ã@DX3JL1HMYT,Ão@HSJ@DOM
DBLSB°VNCIPZBULBSNBOJ°VNCIB°DUJLPQBOBÁ]]]]
%FW².IUNZBNPage 106 of 150
;HkU@B
®¹JSVWDB]]]]
BJ@QJ@DOLSTKQÄA(IDHMO@HSSD
DBLSBLPQBNBUVMB©SBLUBC²KFOJQUJUF]
YT,Ã@RTQ@DHMYT,ÃoGSDU-XDTB@GUD
°VNCITVSPOJ°VNCIB°DBIBUF¹WBOZF¹VDIBWF]]]]
G-XL@MLG@R$-XHUK@D*X@L1LTbGMÆ
IBOZBNOB©NBITBJOZB©WJMPLZNBS¹BNVEWBIBO]
>XW@UHºYT,Ã@DVLT.XX@RTQRDMX@
BCIZBEIWBOOJ°VNCIPUIBNVLIZBZTVSBTFOBZ]]]]
S2X@S2SV@OtDO@s1X@DoLG@RTQ@
UBTZHSBUBTUBUIQ®¹¾IFQS°WBZP°DBNBITVSÁ]
RCu@$tOTP@Öµ@G-STCDU(LTO@XXT
TBOEB¹¾BV¹¾IBQV¾ÁLSVEEIIBOUV©EFW²NVQZBZVÁ]]]]
@IF@LLG@U(X1YT,Ã@DHO2UAK$U1S
KBHNBNBIW²SZBÁ°VNCIPQJTWBCBMBJSW®UBÁ]
HMG-STBHZEJ@J@DO@3J3U@XTµSTL@SHÃ
OJIBOUV©DB´ºJL©LPQUL®UWZVEEIB©UVNU®CIJÁ]]]]
%FW².IUNZBNPage 107 of 150
SS@DXTµLS(U@R(´D5X@YT,ÃHMYT,ÃX@D
UBUPZVEEIBNBU²WT²EEFWZ°VNCIBOJ°VNCIBZPÁ]
YQU1LS(U@DLDÇX@DHQUU1S@D
°BSBWBS¹BNBU²WPHSB©NFHIBZPSJWBWBS¹BUPÁ]]]]
HB"#DC@2S@°#Q@2S@>X@BHZEJ@2UYQ@D3JQ$
DJDDIFETU¸DIBS©TUCIZ©DB´ºJLTWB°BSPULBSBJÁ]
S@EX@L@RB@ØDTYv@$Ç$QRTQDsQ@$
UºBZNTBDµHF¹V°BTUSBVHIBJSBTVSF°WBSBV]]]]
HMYT,Ã@DHMHYSNEFBL1B@C@XRTeÃLÆ
OJ°VNCIPOJ°JUB©LIBºHB©DBSNBDEZBTVQSBCIBN]
S@EX-L4HÓ1HRGCD5X@U@GMLT^LLÆ
BUºBZBONÄSEIOJTJ©IB©EFWZWIBOBNVUUBNBN]]]]
S@HESDU@GMDCDU(<TQeD:@HRLT^LLÆ
UºJUFWIBOFEFW²L¹VSBQSF´TJNVUUBNBN]
HMYT,Ã2X@YTHB"#DCBL1B@/XuB-¸JLÆ
OJ°VNCIBTZ°VDJDDIFEBDBSNBDQZB¹¾BDBOESBLBN]]]]
H#ºDBL1H:NEFDBYHÄHB<DOR@DRTQ
DIJOOFDBSNB´JLIBºHFDB°BLUJ©DJL¹FQBTPTVSBÁ]
S@L/X2XHbW@BÖDBÖD:@HÃLTN@FS@LÆ
UNBQZBTZBEWJEIDBLSFDBLSF´CIJNVLIHBUN]]]]
%FW².IUNZBNPage 108 of 150
J@DO@7L@S@DHMYT,Ã@DVY4KI@GC@MU
LPQEINUPOJ°VNCIPUIB°ÄMB©KBHSIBEOBWBÁ]
@X@SLTHuO@SDMCDU(S×@/XB4:1XSÆ
ZUB©NV¹¾JQUFOBEFW²UBDDQZBDÄS´BZBU]]]]
@HU7X@VFC@R@DHOHB<DOBHZEJ@eHS
WJEIZUIBHBE©TPQJDJL¹FQBDB´ºJL©QSBUJ]
R@HOCD5X@RÆH`Y4KDMHú@Ã2L3UL@FS@
TQJEFWZTUSJ°ÄMFOBCIJOOCIBTNBUWBNHBU]]]]
SSOQYTG2SSL@X@-SC$3XOTØULÆ
UBUBÁQBSB°VIBTUB©UBNZOUB©EBJUZBQVµHBWBN]
@G3XCDU(A@:@$Ç$QO@SXSÃ4SKD
IBUZBEFW²C´BVHIBJSBQUBZBUBCIÄUBMF]]]]
SH2LHºOHSSDÃ4L@$HMYT,ÃDÃ(LHUÖLD
UBTNJOOJQBUJUFCIÄNBVOJ°VNCIFCI²NBWJLSBNF]
@SX1S(URÖµeXX@$G-STLH,AJ@LÆ
CISUBSZBU²WBTBµLSVEEIBÁQSBZBZBVIBOUVNBNCJLN]]]]
RQV2V2SV@3XT×$F1G(SOQL@XTW$
TBSBUIBTUIBTUBUIUZVDDBJSH®I²UBQBSBNZVEIBJÁ]
ÃTI$Qu@HÃQSTK$5X@1/X@YDAÃ@$MÃ
CIVKBJSB¹¾CIJSBUVMBJSWZQZ°F¹B©CBCIBVOBCIBÁ]]]]
%FW².IUNZBNPage 109 of 150
SL@X@-SRL@K@D*XCDU(YLU@CXSÆ
UBNZOUB©TBNMPLZBEFW²°BµLIBNBWEBZBU]
)X@Y!CB@HOWMToJ@Q@S(U¯RGLÆ
KZ°BCEB©DQJEIBOV¹B°DBLSU²WBEVÁTBIBN]]]]
O4QX@L@RJJÃ@DHMIÇZP@2UMDMB
QÄSBZNTBLBLVCIPOJKBHIB´¾TWBOFOBDB]
RL2SC$3XR$-X@M@SDI@DUWHUW@HXM@
TBNBTUBEBJUZBTBJOZO©UFKPWBEIBWJEIZJO]]]]
SSHRG@DLG@M@C$23X@HISDÃLG@LC$
UBUBÁTJ©IPNBIOEBJTUZKJUFCIBNBINBEBJÁ]
O4QX@L@RFFMF@SV$UHCY@DCY
QÄSBZNTBHBHBOB©H©UBUIBJWBEJ°PEB°B]]]]
SSJ@K(RLT3O3XFFMyL@LS@EXSÆ
UBUBÁLM²TBNVUQBUZBHBHBOB©L¹NNBUºBZBU]
JQ@>X@SHºM@CDMe@J2UM@2SDHSQ@DHGS@
LBSCIZ©UBOOJOEFOBQSLTWBOTUFUJSPIJUÁ]]]]
¡@¡G@RLHYUHYU±S(BJ@QG
B¾¾¾¾BITBNB°JWB©°JWBEÄU²DBLSBIB]
U$Y!C$QRTQ@vDRTYT,ÃJ@DOOQXX@$
WBJÁ°BCEBJSBTVSTUSFTVÁ°VNCIBÁLPQB©QBSB©ZBZBV]]]]
%FW².IUNZBNPage 110 of 150
¯Q@3LH2StHStDHS5X@IG@Q@H,AJ@XC@
EVSUNB©TUJ¹¾IBUJ¹¾IFUJWZKBISNCJLZBE]
SC@IXD3XHÃHGSCDU$Q@J@YRH2VS$
UBEKBZFUZBCIJIJUB©EFWBJSL°BTB©TUIJUBJÁ]]]]
YT,ÃDM@F3XX@YHÄLT1Ä@)U@K@HSÃ(:@
°VNCIFOHBUZBZ°BLUJSNVLUKWMUJCI²¹B´]
@X@-S(UH{JP@Ã@R@HMQ2S@LG@D+JX@
ZOU²WBIOJLľCITOJSBTUNBIPMLBZ]]]]
HRGM@CDMYT,Ã2X5X@ÏK@DJ`X@-SQLÆ
TJ©IBOEFOB°VNCIBTZBWZQUB©MPLBUSBZOUBSBN]
HMÇ@1SHM2UM@DÇ@DQ@DHISU@MUM(OSD
OJSHIUBOJÁTWBOPHIPSPKJUBWOBWBO²QBUF]]]]
YT,ÃLTÄ@°#Q@-CDU(YT,Ã2S3eHGS@°#Q@MÆ
°VNCIBNVLU¸DIBSOEFW²°VNCIBTUBUQSBIJU¸DIBSO]
HB"#DC2UYQ$k$YSY@DVRGwY
DJDDIFEBTWB°BSBJSVHSBJÁ°BUB°PUIBTBIBTSB°BÁ]]]]
SSR@BHZEJ@Öµ@Y4KDM@HÃIÇ@MSLÆ
UBUBÁTDB´ºJLLSVEEI°ÄMFOCIJKBHIOBUBN]
RSC@HÃGS@DÃ4L@$L4H"#1S@DHMOO@SG
TBUBECIJIBUPCIÄNBVNÄSDDIJUPOJQBQUBIB]]]]
%FW².IUNZBNPage 111 of 150
SS@DHMYT,ÃR,e@/XBDSM@L@^J@LT1J
UBUPOJ°VNCIBÁTBNQSQZBDFUBONUUBLSNVLBÁ]
@IÇ@MYQ$CD1U(J@K(JDRHQ:SV@
KBHIOB°BSBJSEFW²©LM²©LFTBSJ´B©UBUI]]]]
OTMoJ3U@A@M@LXTSCMTIDsQ
QVOB°DBL®UWCIÄONBZVUB©EBOVKF°WBSBÁ]
BÖ@XTWDMHCHSI9#@CX@L@RBHZEJ@LÆ
DBLSZVEIFOBEJUJKB°DIEBZNTBDB´ºJLN]]]]
SS@DÃFUS(Öµ@¯F@1¯F@1HS1M@HYM(
UBUPCIBHBWBU²LSVEEIEVSHEVSHSUJO°JO²]
HB"#DCCDU(BÖ@H:2UYQ$R@XJ@oS@MÆ
DJDDIFEBEFW²DBLS´JTWB°BSBJÁTZBL©°DBUO]]]]
SS@DHMYT,Ã@DUDFDMFC@L@C@XBHZEJ@LÆ
UBUPOJ°VNCIPWFHFOBHBENEZBDB´ºJLN]
>XW@USU$G-STC$3XR$-XRL@US
BCIZBEIWBUBWBJIBOUV©EBJUZBTBJOZBTBNW®UBÁ]]]]
S2X@OSSU@YTFC@HB"#DCBHZEJ@
UBTZQBUBUBFW°VHBE©DJDDIFEBDB´ºJL]
NEFDMHYSW@QD:RBY4KRL@CCD
LIBºHFOB°JUBEISF´BTBDB°ÄMB©TBNEBEF]]]]
%FW².IUNZBNPage 112 of 150
Y4KG2SRL@X@-SHMYT,ÃLLQ@C1MLÆ
°ÄMBIBTUB©TBNZOUB©OJ°VNCIBNBNBSSEBOBN]
zHCHU5X@WY4KDMUDF@HUµDMBHZEJ@
I®EJWJWZEIB°ÄMFOBWFHWJEEIFOBDB´ºJL]]]]
Hú2XS2XY4KDMzCX@HºRS@DOQ
CIJOOBTZBUBTZB°ÄMFOBI®EBZOOJÁT®UPQBSBÁ]
LG@AK@DLG@U(X1H2StDHSOTk@DUCMÆ
NBICBMPNBIW²SZBTUJ¹¾IFUJQVSV¹PWBEBO]]]]
S2XHMÖ@LS@DCDU(eG2X2UMU^S
UBTZBOJ¹LSNBUPEFW²QSBIBTZBTWBOBWBUUBUBÁ]
HYQHo"#DCNEFDMSS@DR@UOSa«HU
°JSB°DJDDIFEBLIBºHFOBUBUPTWBQBUBECIVWJ]]]]
SSHRGoN@C@DCu@<TZ:HYQ@DWQ@MÆ
UBUBÁTJ©IB°DBLIEPHSBEB©¹¾SL¹V´´B°JSPEIBSO]
RTQ@2S@2SV@J@K(HYU±S(SV@OQ@MÆ
BTVS©TU©TUBUILM²°JWBEÄU²UBUIQBSO]]]]
J@$L@Q(YHÄHMHÃ1º@JDHBºDYTL1G@RTQ@
LBVNS²°BLUJOJSCIJOOÁLFDJOOF°VSNBITVSÁ]
g|@:(L¼O4SDMS@DXDM@-XDHMQ@JS@
CSBIN´²NBOUSBQÄUFOBUPZFOOZFOJSL®UÁ]]]]
%FW².IUNZBNPage 113 of 150
L@GDsQ(H`Y4KDMHú@ODST2SV@OQD
NIF°WBS²USJ°ÄMFOBCIJOOÁQFUVTUBUIQBSF]
U@Q@G(STZEÇ@SDMJDHB×4:(1JS@ÃTHU
WSI²UV´ºBHIUFOBLFDJDDÄS´²L®UCIVWJ]]]]
NZENZEBBÖD:U$:5X@C@MU@JS@
LIB´ºB©LIB´ºB©DBDBLSF´BWBJ¹´BWZEOBWÁL®UÁ]
UD:B$-¸(G2S@HULTÄDMSV@OQD
WBKSF´BDBJOES²IBTUHSBWJNVLUFOBUBUIQBSF]]]]
JDHBHbMDYTQRTQ@JDHBºu@LG@GU@SÆ
LFDJEWJOF°VSBTVSÁLFDJOOB¹¾NBIIBWU]
ÃH<S@o@OQDJ@K(HYU±S(LF@HWO$
CIBL¹JU°DQBSFLM²°JWBEÄU²N®HEIJQBJÁ]]]]
2UH2Sr(L@J1ZEDXOTQ@:DR@UH:1JDL-U-SQD
]]TWBTUJ°S²NSLB´ºFZBQVS´FTWBS´JLFNBOWBOUBSF
CDU(L@G@3,XDHMYT,ÃUW@DM@L
EFW²NIUNZFOJ°VNCIBWBEIPONB
MUL@D7X@X
OBWBNPEIZZBÁ]]]]
%FW².IUNZBNPage 114 of 150
CYL@D7X@X
EB°BNPEIZZBÁ
?;HkU@B
PN®¹JSVWDB]]]]
HMYT,ÃHMGS}PU@@SQe@:RH,LSLÆ
OJ°VNCIB©OJIBUB©E®¹¾WCISUBSB©QS´BTBNNJUBN]
G-XL@MAKB$UYT,ÃÖµ@DgU(bB
IBOZBNOB©CBMB©DBJWB°VNCIBÁLSVEEIPCSBW²EWBDBÁ]]]]
AK@UKDO¯uD3UL@¯FD1FU1L@UG
CBMWBMFQBEV¹¾FUWB©NEVSHFHBSWBNWBIB]
-X@R@AKL@Hr3XXTµRDB@HSL@HMM(
BOZT©CBMBN°SJUZBZVEEIZBTFDUJNOJO²]]]]
%FW².IUNZBNPage 115 of 150
CD5XTU@B
EFWZVWDB]]]]
J$U@GIF3X`HbS(X@J@LL@OQ@
FLBJWIB©KBHBUZBUSBEWJU²ZLNBNQBS]
O9X$S@¯uL8XDUHUY-3X@DLHbÃ4SX
QB°ZBJUEV¹¾BNBZZFWBWJ°BOUZPNBEWJCIÄUBZBÁ]]]]
SSRL2S@2S@CD5X@Dg|@:(eLTN@KXLÆ
UBUBÁTBNBTUTUEFWZPCSBIN´²QSBNVLIMBZBN]
S2X@CD5X@2SM@$I<QDJ$U@R(^C@H,AJ@
UBTZEFWZTUBOBVKBHNVSFLBJWT²UUBENCJL]]]]
CD5XTU@B
EFWZVWDB]]]]
GHUÃ43X@A¤HÃHQGmO$X1C@H2VS@
BIB©WJCIÄUZCBIVCIJSJIBSÄQBJSZBETUIJU]
S3RzSLX$J$UHSt@,X@I@$H2VQ@DÃU
UBUTB©I®UB©NBZBJLBJWBUJ¹¾INZKBVTUIJSPCIBWB]]]]
%FW².IUNZBNPage 116 of 150
;HkU@B
®¹JSVWDB]]]]
SSeUUSDXTµCD5X@YT,Ã2XB@DÃX@D
UBUBÁQSBWBW®UFZVEEIB©EFWZÁ°VNCIBTZBDPCIBZPÁ]
O9XS@RU1CDU@M@LRTQ@:@BC@k:LÆ
QB°ZBU©TBSWBEFWONBTVS´©DBESV´BN]]]]
YQU$1HYS$Yv$2SV@B@v$RTC@k:$
°BSBWBS¹BJÁ°JUBJÁ°BTUSBJTUBUIDTUSBJÁTVESV´BJÁ]
SX@DXT1µLÃ4aXRU1K@DJÃXQLÆ
UBZPSZVEEIBNBCIÄECIÄZBÁTBSWBMPLBCIBZBµLBSBN]]]]
HC5X@-Xv@H:YSY@DLTLTBDX@-XV@H,AJ@
EJWZOZBTUS´J°BUB°PNVNVDFZOZBUINCJL]
AÃS@HMC$3XD-¸2S3eS(Ç@SJS1HÃ
CBCIB¸KBUOJEBJUZFOESBTUBUQSBU²HIUBLBSU®CIJÁ]]]]
LTÄ@HMSDMB@v@H:HC5X@HMOQLDsQ(
NVLUOJUFOBDTUS´JEJWZOJQBSBNF°WBS²]
AÃK(KX$U@D¤@Q@D×@Q:@HCHÃ
CBCIB¸KBM²MBZBJWPHSBIVµLSPDDSB´EJCIJÁ]]]]
%FW².IUNZBNPage 117 of 150
SSYQYS$CD1U(L@"#@CXSR@DRTQ
UBUBÁ°BSB°BUBJSEFW²NDDIEBZBUBTPTVSBÁ]
R@HOS3JHOS@CDU(WMTHo"#DCBDTHÃ
TQJUBULVQJUEFW²EIBOV°DJDDIFEBDF¹VCIJÁ]]]]
H#ºDWMTHC$3XD-¸2SV@YHÄLV@CCD
DIJOOFEIBOV¹JEBJUZFOESBTUBUI°BLUJNBUIEBEF]
HB"#DCCDU(BÖD:S@L/X2XJQDH2VS@LÆ
DJDDIFEBEFW²DBLSF´BUNBQZBTZBLBSFTUIJUN]]]]
SSNEFLTO@C@XYSB-¸BÃ@MTLSÆ
UBUBÁLIBºHBNVQEZB°BUBDBOESB©DBCIOVNBU]
>XW@USS@CDU(C$3X@M@LHWODsQ
BCIZBEIWBUBU©EFW²©EBJUZONBEIJQF°WBSBÁ]]]]
S2X@OSSU@YTNEFHB"#DCBHZEJ@
UBTZQBUBUBFW°VLIBºHB©DJDDIFEBDB´ºJL]
WMTLT1Ä$HYS$A@1:$oL1B@J1JQ@LKLÆ
EIBOVSNVLUBJÁ°JUBJSC´BJ°DBSNBDSLBLBSNBMBN]
s@oO@SX@L@RQVR@QHVM@RG
B°W©°DBQUBZNTBSBUIB©TSBUIJOTBIB]]]]
%FW².IUNZBNPage 118 of 150
GS@sRSC@C$3XH9#ºW-U@HUR@QHV
IBU°WBÁTBUBEEBJUZB°DIJOOBEIBOWWJTSBUIJÁ]
I@GLT¶QÇ@DQLH,AJ@HMWM@D
S
KBHSIBNVEHBSB©HIPSBNBNCJLOJEIBOPEZBUBÁ]]]]
HB"#DC@OSS2S2XLT¶QHMHYS$YQ$
DJDDIFEQBUBUBTUBTZBNVEHBSB©OJ°JUBJÁ°BSBJÁ]
SV@HOR@D>XW@U^@LTHuLT
,XUDFU@MÆ
UBUIQJTPCIZBEIWBUU©NV¹¾JNVEZBNZBWFHBWO]]]]
RLTHuO@SX@L@RzCXDC$3XOTØU
TBNV¹¾J©QUBZNTBI®EBZFEBJUZBQVµHBWBÁ]
CD5X@2SB@HOR@CDU(SKDM@DQ2XS@EXSÆ
EFWZTUB©DQJTEFW²UBMFOPSBTZBUºBZBU]]]]
SKeG@Q@HÃGS@DHMOO@SLG(SKD
UBMBQSBISCIJIBUPOJQBQUBNBI²UBMF]
RC$3XQ@IRGR@OTMQDUSV@DH3VS
TBEBJUZBSKBÁTBIBTQVOBSFWBUBUIPUUIJUBÁ]]]]
3O3XBeFÐ@D×$CD1U(FFML@H2VS
VUQBUZBDBQSBH®IZPDDBJSEFW²©HBHBOBNTUIJUBÁ]
S`@HOR@HMQ@W@Q@XTXTWDSDMBHZEJ@
UBUSQJTOJSEISZVZVEIFUFOBDB´ºJL]]]]
%FW².IUNZBNPage 119 of 150
HMXTµNDSC@C$3XoHZEJ@BOQ2OQLÆ
OJZVEEIB©LIFUBEEBJUZB°DB´ºJLDBQBSBTQBSBN]
BÖSTeVLHRµLTHMHU2LXJ@QJLÆ
DBLSBUVÁQSBUIBNB©TJEEIBNVOJWJTNBZBLSBLBN]]]]
SS@DHMXTµRTHBQJ3U@SDM@H,AJ@RG
UBUPOJZVEEIB©TVDJSB©L®UWUFONCJLTBIB]
3O@P@LX@L@RHB<DOWQ:(SKD
VUQ¾ZBCISNBZNTBDJL¹FQBEIBSB´²UBMF]]]]
RH<Ï@DWQ:(e@/XLTHuLT
,XUDFU@MÆ
TBL¹JQUPEIBSB´²©QSQZBNV¹¾JNVEZBNZBWFHBWO]
>XW@US¯u@3L@BHZEJ@HMWMD"#X@
BCIZBEIWBUBEV¹¾UNDB´ºJLOJEIBOFDDIBZ]]]]
SL@X@-SSS@DCDU(RU1C$3XIMDsQLÆ
UBNZOUB©UBUPEFW²TBSWBEBJUZBKBOF°WBSBN]
IF3X@O@SX@L@RHÃ_U@Y4KDMU<HR
KBHBUZ©QUBZNTBCIJUUW°ÄMFOBWBL¹BTJ]]]]
RFS@RTOO@S@D5X@CDU(Y4K@HU<S
TBHBUTVÁQBQUPSWZ©EFW²°ÄMHSBWJL¹BUBÁ]
B@KXMÆRJK@O6U(R@H!Wb(O@ROU1S@LÆ
DMBZBOTBLBM©Q®UIW²©TCEIJEW²Q©TBQBSWBUN]]]]
%FW².IUNZBNPage 120 of 150
SSeRºLHNKGSDSH2LMƯQ@3LHM
UBUBÁQSBTBOOBNBLIJMB©IBUFUBTNJOEVSUNBOJ]
IF32U@26XLS(U@OHML1KB@ÃUºÃ
KBHBUTWTUIZBNBU²WQBOJSNBMB©DCIBWBOOBCIBÁ]]]]
3O@SLDÇ@R@D+J@XDe@F@R2SDYLXXT
VUQUBNFHIÁTPMLZFQSHTB©TUF°BNB©ZBZVÁ]
RHQS@DL@F1U@HG-X2SV@R2S`O@HSSD
TBSJUPNSHBWIJOZBTUBUITB©TUBUSBQUJUF]]]]
SS@DCDUF:@RUD1G1HMÃ1QL@MR@
UBUPEFWBHB´ÁTBSWFIBS¹BOJSCIBSBNOBTÁ]
AÃ4UTHM1GSDSH2LMÆF-WU@1KHKSIFT
CBCIÄWVSOJIBUFUBTNJOHBOEIBSWMBMJUB©KBHVÁ]]]]
U@CX2SV$U@-XDMMSTo@/RQ@DF:@
BWEBZB©TUBUIBJWOZFOBO®UV°DQTBSPHB´Á]
UUTOTZX@2SV@U@S@RTeÃ@DÃ4H´U@JQ
WBWVÁQV´ZTUBUIWUÁTVQSBCIPCIÄEEJWLBSBÁ]]]]
I)UKTo@XY@-S@Y@-S@HC&IHMS2UM@
KBKWBMV°DHOBZBÁ°OUÁ°OUEJHKBOJUBTWBOÁ]]]]
%FW².IUNZBNPage 121 of 150
2UH2Sr(L@J1ZEDXOTQ@:DR@UH:1JDL-U-SQD
]]TWBTUJ°S²NSLB´ºFZBQVS´FTWBS´JLFNBOWBOUBSF
CDU(L@G@3,XDYT,ÃUW@DM@L
EFW²NIUNZF°VNCIBWBEIPONB
CYL@D7X@X
EB°BNPEIZZBÁ]]]]
%FW².IUNZBNPage 122 of 150
J@CY@D7X@X
FLEB°PEIZZBÁ
?;HkU@B
PN®¹JSVWDB]]]]
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
eR(CHUsDsHQO@HGHUs
QSBT²EBWJ°WF°WBSJQIJWJ°WB©
3UL(sQ(CDHUBQ@BQ2X
UWBN²°WBS²EFWJDBSDBSBTZB]]]]
@W@QÃ4S@IFS23ULDJ@
EISBCIÄUKBHBUBTUWBNFL
LG(2UmOD:XSH2VS@HR
NBI²TWBSÄQF´BZBUBÁTUIJUTJ]
O@2UmOH2VSX@3UX$SÂ
BQ©TWBSÄQBTUIJUBZUWBZBJUB-
C@/X@XSDJ3xLKÀXU(XD1
EQZZBUFL®UTOBNBMBµHIZBW²SZF]]]]
3UU$:U(YHÄQM-SU(X@1
UWB©WBJ¹´BW²°BLUJSBOBOUBW²SZ
HUs2XA(IOQL@HRL@X@
WJ°WBTZBC²KB©QBSBNTJNZ]
R,L@DHGSCDHURL2SLDSSÆ
TBNNPIJUB©EFWJTBNBTUBNFUBU
3UU$eRº@ÃTHULTHÄGDST
UWB©WBJQSBTBOOCIVWJNVLUJIFUVÁ]]]]
%FW².IUNZBNPage 124 of 150
HU
@RL2S@2SUCDHUÃDC@
WJEZÁTBNBTUTUBWBEFWJCIFEÁ
HvXRL2S@RJK@IF3RT
TUSJZBÁTBNBTUÁTBLBMKBHBUTV]
3UX$JX@O4HQSL,AX$SSÆ
UWBZBJLBZQÄSJUBNBNCBZBJUBU
J@SD2STHS2S5XOQ@OQ@DHÄ
LUFTUVUJÁTUBWZBQBSQBSPLUJÁ]]]]
RU1Ã4S@XC@CDU(ÃTHÄLTHÄeC@HXM(
TBSWBCIÄUZBEEFW²CIVLUJNVLUJQSBEZJO²]
3U2STS@2STSXDJ@U@ÃU-STOQL@DÄX
UWB©TUVUTUVUBZFLWCIBWBOUVQBSBNPLUBZBÁ]]]]
RU12XATHµmOD:IM2XzHCRH2VSD
TBSWBTZBCVEEIJSÄQF´BKBOBTZBI®EJTB©TUIJUF]
2UF@1OUF1CDCDHUM@Q@XH:ML@D2STSD
TWBSHQBWBSHBEFEFWJOSZB´JOBNPTUVUF]]]]
JK@J@t@HCmOD:OHQ:@LeC@HXHM
LBML¹¾IEJSÄQF´BQBSJ´NBQSBEZJOJ]
HUs2X@DOQS@$YÄDM@Q@XH:ML@D2STSD
WJ°WBTZPQBSBUBV°BLUFOSZB´JOBNPTUVUF]]]]
%FW².IUNZBNPage 125 of 150
RU1LØKL@Ø+XDHYUDRU@1V1R@HWJD
TBSWBNBµHBMBNµHBMZF°JWFTBSWSUIBTEIJLF]
YQZXD²X,AJDF@$HQM@Q@XH:ML@D2STSD
°BSB´ZFUSZBNCBLFHBVSJOSZB´JOBNPTUVUF]]]]
RHuH2VHSHUM@Y@M@YHÄÃ4SDRM@SHM
T®¹¾JTUIJUJWJO°O©°BLUJCIÄUFTBOUBOJ]
FT:@rXDFT:LXDM@Q@XH:ML@D2STSD
HV´°SBZFHV´BNBZFOSZB´JOBNPTUVUF]]]]
YQ:@FSC(M@S1OHQ`@:OQ@X:D
°BSB´HBUBE²OSUBQBSJUS´BQBSZB´F]
RU12X@HS1GQDCDHUM@Q@XH:ML@D2STSD
TBSWBTZSUJIBSFEFWJOSZB´JOBNPTUVUF]]]]
GRXTÄHUL@M2VDg|@:(mOW@HQH:
IB©TBZVLUBWJNOBTUIFCSBIN´²SÄQBEISJ´J]
J@$Y@,Ã<HQJDCDHUM@Q@XH:ML@D2STSD
LBV°NCIBÁL¹BSJLFEFWJOSZB´JOBNPTUVUF]]]]
H`Y4KB-¸@HGWQDLG@UÃU@HGHM
USJ°ÄMBDBOESIJEIBSFNBIW®¹BCIBWIJOJ]
L@GDsQ(2UmOD:M@Q@XH:ML@D2STSD
NIF°WBS²TWBSÄQF´BOSZB´JOBNPTUVUF]]]]
%FW².IUNZBNPage 126 of 150
LX4QJÊPUSDLG@YHÄWQDMÇD
NBZÄSBLVLLV¾BW®UFNBI°BLUJEIBSFOBHIF]
J@$L@Q(mOR2V@MDM@Q@XH:ML@D2STSD
LBVNS²SÄQBTB©TUIOFOSZB´JOBNPTUVUF]]]]
YBÖFC@Y@Ø1FG(SOQL@XTWD
°BµLIBDBLSBHBE°SµHBH®I²UBQBSBNZVEIF]
eR(CU$:U(mODM@Q@XH:ML@D2STSD
QSBT²EBWBJ¹´BW²SÄQFOSZB´JOBNPTUVUF]]]]
FG(S@DLG@BÖDCu@Dµ¿SURT-WQD
H®I²UPHSBNBIDBLSFEB©¹¾SPEEI®UBWBTVOEIBSF]
UQ@GmHOH:HYUDM@Q@XH:ML@D2STSD
WBSIBSÄQJ´J°JWFOSZB´JOBNPTUVUF]]]]
MHRGmOD:@DD:G-STC$3X@MÆJS@D
LD
O®TJ©IBSÄQF´PHSF´BIBOUV©EBJUZOL®UPEZBNF]
`$K@D*X`@:RHGSDM@Q@XH:ML@D2STSD
USBJMPLZBUS´BTBIJUFOSZB´JOBNPTUVUF]]]]
HJQ(HPHMLG@UDRGwMXM@D))UKD
LJS²¾JOJNBIWBKSFTBIBTSBOBZBOPKKWBMF]
U`e@:GQDB$H-¸M@Q@XH:ML@D2STSD
W®USBQS´BIBSFDBJOESJOSZB´JOBNPTUVUF]]]]
%FW².IUNZBNPage 127 of 150
HYU±S(2UmOD:GSC$3XLG@AKD
°JWBEÄU²TWBSÄQF´BIBUBEBJUZBNBICBMF]
Ç@DQmODLG@Q@UDM@Q@XH:ML@D2STSD
HIPSBSÄQFNBISWFOSZB´JOBNPTUVUF]]]]
Cu@JQ@KUCMDHYQ@DL@K@HUÃ4:D
EB©¹¾SLBSMBWBEBOF°JSPNMWJCIĹB´F]
B@LTZEDLTZELVMDM@Q@XH:ML@D2STSD
DNV´ºFNV´ºBNBUIBOFOSZB´JOBNPTUVUF]]]]
KHyLKÙDLG@HU
DrµDOTHu2UWDTUD
MBL¹NJMBKKFNBIWJEZF°SBEEIFQV¹¾JTWBEIFEISVWF]
LG@Q@H`LG@L@XDM@Q@XH:ML@D2STSD
NBISUSJNBINZFOSZB´JOBNPTUVUF]]]]
LDWDRQ2UHSUQDÃ4HSA@HUS@LHR
NFEIFTBSBTWBUJWBSFCIÄUJCCISBWJUNBTJ]
HMXSD3UeR(CDYDM@Q@XH:ML@D2STSD
OJZBUFUWB©QSBT²EF°FOSZB´JOBNPTUVUF]]]]
RU12UmODRUD1YDRU1YHÄRLH-USD
TBSWBTWBSÄQFTBSWF°FTBSWB°BLUJTBNBOWJUF]
ÃXD>Xv@HGM@DCDHU¯FD1CDHUML@D2STSD
CIBZFCIZBTUSIJOPEFWJEVSHFEFWJOBNPTUVUF]]]]
%FW².IUNZBNPage 128 of 150
S^DUCMR@$,XK@DBM`XÃ4HSLÆ
FUBUUFWBEBOB©TBVNZB©MPDBOBUSBZBCIĹJUBN]
O@STMRU1Ã4SD>XJ@3X@XHMML@D2STSD
QUVOBÁTBSWBCIÄUFCIZBÁLUZZBOJOBNPTUVUF]]]]
)U@K@JQ@KL3XTLYD@RTQR4CMLÆ
KWMLBSMBNBUZVHSBNB°F¹TVSBTÄEBOBN]
H`Y4KO@STM@DÃ(SDÃ1¸J@HKML@D2STSD
USJ°ÄMB©QUVOPCI²UFSCIBESBLMJOBNPTUVUF]]]]
HGMH2SC$3XSDI@HR2UMDM@O4X1X@IFSÆ
IJOBTUJEBJUZBUFK©TJTWBOFOQÄSZBZKBHBU]
R@ÇZP@O@STM@DCDHUO@OD>X@DMRTS@HMU
THIB´¾QUVOPEFWJQQFCIZPOBÁTVUOJWB]]]]
RTQ@R&UR@OBHB1S2SDJQ@D))UK
BTVST®HWBTQBµLBDBSDJUBTUFLBSPKKWBMBÁ]
YTÃ@XNEF@DÃUSTBHZEJD3U@MS@UXLÆ
°VCIZBLIBºHPCIBWBUVDB´ºJLFUW©OBUWBZBN]]]]
Q@DF@MYD@MOGHRSTu@
SPHOB°F¹OBQBIB©TJUV¹¾
ku@STJ@L@MÆRJK@MÃ(u@MÆ
SV¹¾UVLNOTBLBMOBCI²¹¾O]
%FW².IUNZBNPage 129 of 150
3U@L@HrS@M@MHUOºQ@:@
UWN°SJUO©OBWJQBOOBS´©
3U@L@HrS@Ð@rXS@eX@H-S
UWN°SJUIZ°SBZBU©QSBZOUJ]]]]
S3JSX3JCM3UX@
FUBUL®UB©ZBULBEBOB©UWBZEZB
WL1Hb@CDHULG@RTQ@:@LÆ
EIBSNBEWJ¹©EFWJNBITVS´N]
mO$QMDJ$A1¤W@3LL4HS
SÄQBJSBOFLBJSCBIVEIUNBNÄSUJ©
J3U@H,AJDS3eJQ@DHSJ@-X@
L®UWNCJLFUBUQSBLBSPUJLOZ]]]]
HU
@RTY@vDTHUUDJC(ODÂ
WJEZTV°TUSF¹VWJWFLBE²QF-
U@
DTU@*XDTBJ@3UC-X@
¹WEZF¹VWLZF¹VDBLUWBEBOZ]
LL3UFSD1HSLG@-WJ@QD
NBNBUWBHBSUFUJNBIOEIBLSF
HU@LX3XDSCS(UHUsLÆ
WJCISNBZBUZFUBEBU²WBWJ°WBN]]]]
%FW².IUNZBNPage 130 of 150
Q<@HRX`@DHU@oM@F@
SBL¹©TJZBUSPHSBWJ¹°DBOH
X`@QX@DC2XTAK@HMX`
ZBUSSBZPEBTZVCBMOJZBUSB]
C@U@MK@DX`SV@H!WL7XD
EWOBMPZBUSBUBUICEIJNBEIZF
S`H2VS@3UOHQO@HRHUsLÆ
UBUSBTUIJUUWB©QBSJQTJWJ°WBN]]]]
HUsDsHQ3UOHQO@HRHUs
WJ°WF°WBSJUWB©QBSJQTJWJ°WB©
HUs@H3LJ@W@QXR(GHUsLÆ
WJ°WUNJLEISBZBT²IBWJ°WBN]
HUsDYU-
@ÃUS(ÃUH-S
WJ°WF°BWBOEZCIBWBU²CIBWBOUJ
HUs@rX@XD3UHXÃHÄMl@
WJ°W°SBZZFUWBZJCIBLUJOBNSÁ]]]]
CDHUeR(COHQO@KXM@DHQÃ(SDÂ
EFWJQSBT²EBQBSJQMBZBOPSJCI²UF-
HM13XXV@RTQUW@CWTM$UR
SOJUZB©ZBUITVSBWBEIEBEIVOBJWBTBEZBÁ]
%FW².IUNZBNPage 131 of 150
O@O@HMRU1IFS@eYLMX@YT
QQOJTBSWBKBHBU©QSB°BNB©OBZ°V
3O@SO@JIHMS@oLG@DORF@1MÆ
VUQUBQLBKBOJU©°DBNBIPQBTBSHO]]]]
e:S@M@eR(C3UCDHUHUs@HS1G@HQH:
QSB´BUO©QSBT²EBUWB©EFWJWJ°WSUJISJ´J]
`$K@D*XU@HRM@L(EDK@DJ@M@UQC@ÃU
USBJMPLZBWTJON²ºZFMPLO©WBSBECIBWB]]]]
CD5XTU@B
EFWZVWDB]]]]
UQC@GRTQF:@UQX-LMRD"#V
WBSBEIB©TVSBHB´WBSB©ZBONBOBTFDDIBUIB]
SU:T7UeX"#@HLIFS@LTOJ@QJLÆ
UB©W®´VEIWB©QSBZBDDINJKBHBUNVQBLSBLBN]]]]
CDU@=BT
EFWÄDVÁ]]]]
RU@1A@W@eYLM`$K@D*X2X@HNKDsHQ
TBSWCEIQSB°BNBOB©USBJMPLZBTZLIJMF°WBSJ]
ULDU3UX@J@X1L2Lb$HQHUM@YMLÆ
FWBNFWBUWBZLSZBNBTNBEWBJSJWJO°BOBN]]]]
%FW².IUNZBNPage 132 of 150
CD5XTU@B
EFWZVWDB]]]]
U$U2USD-SQDe@ÏD u@HUYHSLDXTFD
WBJWBTWBUFOUBSFQSQUFB¹¾WJ©°BUJNFZVHF]
YT,Ã@DHMYT,Ão$U@-X@UT3O32XDSDLG@RTQ@$
°VNCIPOJ°VNCIB°DBJWOZWVUQBUTZFUFNBITVSBV]]]]
M-CF@DOFGDI@S@XY@DC@FÃ1R,ÃU@
OBOEBHPQBH®IFKUZB°PEHBSCIBTBNCIBW]
SS2S@$M@YHXX@HLHU-7X@BKHMU@HRM(
UBUBTUBVO°BZJ¹ZNJWJOEIZDBMBOJWTJO²]]]]
OTMQ/XHSQ@$¸D:mOD:OHVU(SKD
QVOBSBQZBUJSBVESF´BSÄQF´BQ®UIJW²UBMF]
US(X1GHMX@HLU$eHB^@oC@MU@MÆ
BWBU²SZBIBOJ¹ZNJWBJQSBDJUU©°DBEOBWO]]]]
Ã<X-3X@oS@MT@MÆU$eHB^@MÆLG@RTQ@MÆ
CIBL¹BZBOUZ°DBUOVHSOWBJQSBDJUUONBITVSO]
QÄ@C-S@ÃHUXH-SC@HEL(JRTL@DOL@
SBLUEBOUCIBWJ¹ZBOUJEºJN²LVTVNPQBNÁ]]]]
%FW².IUNZBNPage 133 of 150
SS@DL@CDUS@2UFD1L3X1K@DJDBL@MU@
UBUPN©EFWBUÁTWBSHFNBSUZBMPLFDBNOBWÁ]
2STU-S@D5X@GHQXH-SRSSQÄCH-SJ@LÆ
TUVWBOUPWZIBSJ¹ZBOUJTBUBUB©SBLUBEBOUJLN]]]]
Ã4XoYSU@H1*X@LM@Uu@LM,ÃHR
CIÄZB°DB°BUBWS¹JLZNBOW®¹¾ZNBOBNCIBTJ]
LTHMHÃR2LS@Ã4L@$R,ÃHUX@,XX@DHMI@
NVOJCIJÁTB©TN®UCIÄNBVTBNCIBWJ¹ZNZBZPOJK]]]]
SSYSDMMD`@:@HMQ(H<X@,XGLTM(MÆ
UBUBÁ°BUFOBOFUS´©OJS²L¹J¹ZNZBIB©NVO²O]
J(S1HXXH-SLMTI@YS@<(HLHSL@SS
L²SUBZJ¹ZBOUJNBOVKÁ°BUL¹²NJUJN©UBUBÁ]]]]
SS@DGLHNKK@DJL@3LCDGRLTaU$
UBUPIBNBLIJMB©MPLBNUNBEFIBTBNVECIBWBJÁ]
ÃHQX@HLRTQ@Y@J$Q@UuDe@:W@QJ$
CIBSJ¹ZNJTVSÁ°LBJSW®¹¾FÁQS´BEISBLBJÁ]]]]
Y@J,ÃQ(HSHU.X@HSSC@X@2X@,XGÃTHU
°LBNCIBS²UJWJLIZUJ©UBEZTZNZBIB©CIVWJ]
S`$UBUHWX@HL¯F1L@.XLG@RTQLÆ
UBUSBJWBDBWBEIJ¹ZNJEVSHBNLIZB©NBITVSBN]]]]
%FW².IUNZBNPage 134 of 150
¯F@1CDU(HSHU.X@SS-LDM@LÃHUXHS
EVSHEFW²UJWJLIZUB©UBONFONBCIBWJ¹ZBUJ]
OTMo@GXC@Ã(LmOJ3U@HGL@BKD
QVOB°DIB©ZBECI²NB©SÄQB©L®UWIJNDBMF]]]]
Q<@HRÃ<HXX@HLLTM(M@`@:J@Q:@SÆ
SBL¹©TJCIBL¹BZJ¹ZNJNVO²O©US´BLSB´U]
SC@L@LTMXRUD12S@DX-3X@MlL4S1X
UBEN©NVOBZBÁTBSWFTUP¹ZBOUZOBNSBNÄSUBZBÁ]]]]
Ã(L@CDU(HSHU.X@SS-LDM@LÃHUXHS
CI²NEFW²UJWJLIZUB©UBONFONBCIBWJ¹ZBUJ]
XC@k:@.Xv$K@D*XDLG@A@W@JHQXHS
ZBESV´LIZBTUSBJMPLZFNBICEI©LBSJ¹ZBUJ]]]]
SC@G@LQmOJ3U@R.XDXPOCLÆ
UBEIB©CISNBSB©SÄQB©L®UWTBµLIZFZB¹B¾QBEBN]
`$K@D*X2XHGS@V@1XUHWX@HLLG@RTQLÆ
USBJMPLZBTZBIJUSUIZBWBEIJ¹ZNJNBITVSBN]]]]
@LQ(HSBL@K@DJ@2SC@2S@DXH-SRU1S
CISNBS²UJDBN©MPLTUBETUP¹ZBOUJTBSWBUBÁ]
Å3VXC@XC@A@W@C@MU@D3V@ÃHUXHS
JUUIB©ZBEZBECEIEOBWPUUICIBWJ¹ZBUJ]]]]
%FW².IUNZBNPage 135 of 150
SC@SC@US(X@1GJHQX@,XHQR<XLÆ
UBEUBEWBU²SZIB©LBSJ¹ZNZBSJTBµL¹BZBN]]]]
2UH2Sr(L@J1ZEDXOTQ@:DR@UH:1JD
]]TWBTUJ°S²NSLB´ºFZBQVS´FTWBS´JLF
L-U-SQDCDU(L@G@3,XD
NBOWBOUBSFEFW²NIUNZF
M@Q@X:(2STHSM@1L$J@CY@D7X@X
OSZB´²TUVUJSONBJLEB°PEIZZBÁ]]]]
%FW².IUNZBNPage 136 of 150
b@CY@D7X@X
EWEB°PEIZZBÁ
?CD5XTU@B
PNEFWZVWDB]]]]
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
MSD@¯JSHJH®´«JS@D3V@MB@OC
OBUF¹©EV¹L®UB©LJ¸DJEEV¹L®UPUUIOBDQBEBÁ]
ÃHUXHSMC@HQMB$UDuHUX@DIMLÆ
CIBWJ¹ZBUJOBESJESZB©OBDBJWF¹¾BWJZPKBOBN]]]]
Y`T>X@DMÃXS2XC2XTS@DU@MQ@IS
°BUSVCIZPOBCIBZB©UBTZBEBTZVUPWOBSKBUBÁ]
MYv@MKS@DX@$Ç@SÆJC@HBSÆR,ÃHUXHS
OB°BTUSOBMBUPZBVHIULBEDJUTBNCIBWJ¹ZBUJ]]]]
S2L@-LL$S-L@G@3,XOH0S5XRL@HGS$
UBTNONBNBJUBONIUNZB©QB¾IJUBWZB©TBNIJUBJÁ]
r@DS5XBRC@Ã
X@OQ2U23XXMLGSÆ
°SPUBWZB©DBTBECIBLUZQBSB©TWBTUZBZBOB©NBIBU]]]]
ORF@1MYD@2STLG@L@Q(RLTaU@MÆ
VQBTBSHOB°F¹©TUVNBINS²TBNVECIBWO]
SV@H`HUWLT3O@SL@G@3,XYLXD-LL
UBUIUSJWJEIBNVUQUB©NIUNZB©°BNBZFONBNB]]]]
X`$S3O0SDR,XHM3XL@XSMDLL
ZBUSBJUBUQB¾IZBUFTBNZBµOJUZBNZBUBOFNBNB]
RC@MSHbL@DyX@HLR@HM7XS`LDH2VSLÆ
TBEOBUBEWJNPL¹ZNJTOOJEIZB©UBUSBNFTUIJUBN]]]]
%FW².IUNZBNPage 138 of 150
AHKeC@MDO4I@X@LHJ@XD1LG@D3RUD
CBMJQSBEOFQÄKZNBHOJLSZFNBIPUTBWF]
RULL$S-L@G@3,XLÆ×@Xr@5XLDUB
TBSWB©NBNBJUBONIUNZBNVDDSZB©°SWZBNFWBDB]]]]
I@MS@I@MS@U@HOAHKO4I@XV@JS@LÆ
KOBUKOBUWQJCBMJQÄK©ZBUIL®UN]
eS(H<X@,XGe(3X@UH{G@DLSV@JSLÆ
QSBU²L¹J¹ZNZBIB©QS²UZWBIOJIPNB©UBUIL®UBN]]]]
YQ3J@KDLG@O4I@HÖXSDX@BU@H1J(
°BSBULMFNBIQÄKLSJZBUFZDBWS¹JL²]
S2X@LL$S-L@G@3,XrT3U@ÃHÄRLH-US
UBTZ©NBNBJUBONIUNZB©°SVUWCIBLUJTBNBOWJUBÁ]]]]
RU@1A@W@HUHMLT1Ä@DWMW@-XRLH-US
TBSWCEIWJOJSNVLUPEIBOBEIOZBTBNBOWJUBÁ]
LMTX@DL3eR@CDMÃHUXHSMRYX
NBOV¹ZPNBUQSBTEFOBCIBWJ¹ZBUJOBTB©°BZBÁ]]]]
rT3U@LL$S-L@G@3,XSV@B@D3O^XYTÃ@
°SVUWNBNBJUBONIUNZB©UBUIDPUQBUUBZBÁ°VCIÁ]
OQ@ÖLBXTµDTI@XSDHMÃ1XOTL@MÆ
QBSLSBNB©DBZVEEIF¹VKZBUFOJSCIBZBÁQVNO]]]]
%FW².IUNZBNPage 139 of 150
HQOUR<XX@H-SJ+X@:B@DOO
SD
SJQBWBÁTBµL¹BZB©ZOUJLBMZ´B©DPQBQBEZBUF]
M-CSDBJKOTR@L@G@3,XLLYZUS@LÆ
OBOEBUFDBLVMB©QV©T©NIUNZB©NBNB°®´WBUN]]]]
Y@H-SJL1H:RU1`SV@¯2UCY1MD
°OUJLBSNB´JTBSWBUSBUBUIEVÁTWBQOBEBS°BOF]
GO(E@RTB@D@RTL@G@3,XY:TX@-LL
HSBIBQ²ºTVDPHSTVNIUNZB©°®´VZONBNB]]]]
ORF@1YLX@H-SGO(E@oC@k:@
VQBTBSHÁ°BNB©ZOUJHSBIBQ²º°DBESV´Á]
¯2UBMHÃ}1uRT2ULTOI@XSD
EVÁTWBQOB©DBO®CIJSE®¹¾B©TVTWBQOBNVQBKZBUF]]]]
A@KG@HÃÃ4S@M@A@K@M@Y@H-SJ@QJLÆ
CMBHSBICIJCIÄUO©CMO©°OUJLSBLBN]
RÇ@SÃDCDBM:@L$`(JQ:LT^LLÆ
TBµHIUBCIFEFDBO®´©NBJUS²LBSB´BNVUUBNBN]]]]
¯U1^@M@LYD@:@AKG@HMJQOQLÆ
EVSW®UUONB°F¹´©CBMBIOJLBSB©QBSBN]
Q<@DÃ4SHOY@B@M@O0M@CDUM@YMLÆ
SBL¹PCIÄUBQJ°DO©QB¾IBOEFWBO°BOBN]]]]
%FW².IUNZBNPage 140 of 150
RULL$S-L@G@3,XLLRHºHWJ@QJLÆ
TBSWB©NBNBJUBONIUNZB©NBNBTBOOJEIJLSBLBN]
OYTOTO@ÀX1W4O$oF-WC(O$2SV@D^L$
QB°VQV¹QSHIZBEIÄQBJ°DBHBOEIBE²QBJTUBUIPUUBNBJÁ]]]]
HUe@:@Ã@DIM$G@D1L$e@D<:(X$QGHM1YLÆ
WJQS´©CIPKBOBJSIPNBJÁQSPL¹B´²ZBJSBIBSOJ°BN]
-X$oHUHUW$Ã@D1F$eC@M$U13RQD:X@
BOZBJ°DBWJWJEIBJSCIPHBJÁQSBEOBJSWBUTBSF´BZ]]]]
e(HSLD1HÖXSDR@H2LMÆRJ¯×HQSDrTSD
QS²UJSNFLSJZBUFTTNJOTBL®EVDDBSJUF°SVUF]
rTSGQHSO@O@HMSV@Q@D&XeX"#HS
°SVUB©IBSBUJQQOJUBUISPHZB©QSBZBDDIBUJ]]]]
Q<@JQ@DHSÃ4SD>X@DI-LM@J(S1MLL
SBL¹©LBSPUJCIÄUFCIZPKBONBO©L²SUBOB©NBNB]
XTµDTBHQSX-LD¯uC$3XHMAG1:LÆ
ZVEEIF¹VDBSJUB©ZBONFEV¹¾BEBJUZBOJCBSIB´BN]]]]
SH2L°«SDU$HQJSÃXOTR@MI@XSD
UBTNJ¸DISVUFWBJSJL®UB©CIBZB©QV©T©OBKZBUF]
XTL@HÃ2STSX@DX@oX@og|H1HÃJS@
ZV¹NCIJÁTUVUBZPZ°DBZ°DBCSBINBS¹JCIJÁL®UÁ]]]]
%FW².IUNZBNPage 141 of 150
g|:@BJS@2S@2STeX"#-STYTÃ@LHSLÆ
CSBINB´DBL®UTUTUVQSBZBDDIBOUV°VCI©NBUJN]
QZXDe@-SQDU@HOC@U@HOHQU@HQS
BSB´ZFQSOUBSFWQJEWHOJQBSJWSJUBÁ]]]]
C2XTHÃU@1USY4-XDFG(S@DU@HOY`THÃ
EBTZVCIJSWW®UBÁ°ÄOZFH®I²UPWQJ°BUSVCIJÁ]
HRG5X@@MTX@S@DU@UMDU@UMGH2SHÃ
TJ©IBWZHISOVZUPWWBOFWWBOBIBTUJCIJÁ]]]]
Q@\@ÖµDMB@\Ï@DU7X@DA-WFS@DHOU@
SK¸LSVEEIFOBDK¸BQUPWBEIZPCBOEIBHBUPQJW]
@Ç4H:1S@DU@U@SDMH2VSO@DSDLG@:1UD
HIÄS´JUPWWUFOBTUIJUBÁQPUFNBIS´BWF]]]]
OS3RTB@HOYvDTR@LDÃYC@k:D
QBUBUTVDQJ°BTUSF¹VTBµHSNFCI®°BESV´F]
RU@1A@W@RTÇ@DQ@RTUDCM@>XHC1S@DHOU@
TBSWCEITVHIPSTVWFEBOCIZBSEJUPQJW]]]]
2LQMÆLL$S×HQSMQ@DLT"XDSRP@SÆ
TNBSBONBNBJUBDDBSJUB©OBSPNVDZFUBTBµLB¾U]
LLeÃ@U@H3RG@
@C2XU@DU$HQ:2SV@
NBNBQSBCIWUTJ©IEZEBTZBWPWBJSJ´BTUBUI]]]]
%FW².IUNZBNPage 142 of 150
±Q@CDUOK@X-SD2LQSoHQSLL
EÄSEFWBQBMZBOUFTNBSBUB°DBSJUB©NBNB]]]]
;HkU@B
®¹JSVWDB]]]]
Å3XT
U@R@ÃFUS(BHZEJ@BZEHUÖL@
JUZVLUWTCIBHBWBU²DB´ºJLDB´ºBWJLSBN]]]]
O9XS@RU1CDU@M@S`$U@-SQW(XS
QB°ZBU©TBSWBEFWO©UBUSBJWOUBSBEI²ZBUB]
SDHOCDU@HMQ@S@2U@HWJ@Q@-XV@OTQ@
UFQJEFWOJSUBµLÁTWEIJLSOZBUIQVS]]]]
X\Ã@FÃTIRUD1BÖHU1HMGS@QX
ZBK¸BCIHBCIVKBÁTBSWFDBLSVSWJOJIBUSBZBÁ]
C$3X@oCD5X@HMGSDYT,ÃDCDUHQO@$XTHW
EBJUZ°DBEFWZOJIBUF°VNCIFEFWBSJQBVZVEIJ]]]]
IFHb7URJDSH2LMÆLG@DDSTKHUÖLD
KBHBEWJEIWB©TBLFUBTNJONBIPHSFUVMBWJLSBNF]
HMYT,ÃDBLG@U(XD1YD@O@S@KL@XXT
OJ°VNCIFDBNBIW²SZF°F¹ÁQUMBNZBZVÁ]]]]
%FW².IUNZBNPage 143 of 150
UÃFUS(CDU(R@HM3X@HOOTMOTM
FWB©CIBHBWBU²EFW²TOJUZQJQVOBÁQVOBÁ]
R,Ã4XJkSDÃ4OIFSOHQO@KMLÆ
TBNCIÄZBLVSVUFCIÄQBKBHBUBÁQBSJQMBOBN]]]]
SX$S-L@DÐSDHUsR$UHUseR4XSD
UBZBJUBONPIZBUFWJ°WB©TBJWBWJ°WB©QSBTÄZBUF]
R@X@HBS@BHU\@MSTu@;HµeX"#HS
TZDJUDBWJK¸OB©UV¹¾®EEIJ©QSBZBDDIBUJ]]]]
5X@ÏSX$S3RJKg|@ZELMTIDsQ
WZQUB©UBZBJUBUTBLBMB©CSBIN´ºB©NBOVKF°WBSB]
LG@CD5X@LG@J@K(LG@L@Q(2UmOX@
NBIEFWZNBILM²NBINS²TWBSÄQBZ]]]]
R$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 144 of 150
2STS@R,O4HIS@OTO$F1-WW4O@HCHÃ2SV@
TUVUTBNQÄKJUQV¹QBJSHBOEIBEIÄQEJCIJTUBUI]
CC@HSHU^OT`@oLHSWLD1FHSYTÃ@LÆ
EBEUJWJUUB©QVUS©°DBNBUJ©EIBSNFHBUJ©°VCIN]]]]
2UH2Sr(L@J1ZEDXOTQ@:DR@UH:1JDL-U-SQD
]]TWBTUJ°S²NSLB´ºFZBQVS´FTWBS´JLFNBOWBOUBSF
CDU(L@G@3,XDÃFUS(U@*X
EFW²NIUNZFCIBHBWBU²WLZB©
b@CY@D7X@X
EWEB°PEIZZBÁ]]]]
%FW².IUNZBNPage 145 of 150
`X@DCY@D7X@X
USBZPEB°PEIZZBÁ
?;HkU@B
PN®¹JSVWDB]]]]
S^DJHVSÃ4OCDU(L@G@3,XLT^LLÆ
FUBUUFLBUIJUB©CIÄQBEFW²NIUNZBNVUUBNBN]
UeÃ@U@R@CDU(XXDCW@X1SDIFSÆ
FWBNQSBCIWTEFW²ZBZFEB©EISZBUFKBHBU]]]]
HU
@SV$UHÖXSDÃFUHb:TL@XX@
WJEZUBUIBJWBLSJZBUFCIBHBWBEWJ¹´VNZBZ]
SX@3ULDU$9XoSV$U@-XDHUUDHJM
UBZUWBNF¹BWBJ°ZB°DBUBUIBJWOZFWJWFLJOBÁ]]]]
L@DÐ-SDL@DHGS@o$UL@DGLDXH-SB@OQD
NPIZBOUFNPIJU°DBJWBNPIBNF¹ZBOUJDQBSF]
S@LTO$HGLG@Q@IYQ:OQLDsQ(LÆ
UNVQBJIJNBISKB°BSB´B©QBSBNF°WBS²N]]]]
%FW².IUNZBNPage 146 of 150
@Q@HWS@R$UM:@Ã@DF2UF@1OUF1C@
SEIJUTBJWBO®´©CIPHBTWBSHQBWBSHBE]]]]
L@J1ZEDXU@B
NSLB´ºFZBVWDB]]]]
ÅHSS2XUBrT3U@RTQVRMQ@HWO
JUJUBTZBWBDBÁ°SVUWTVSBUIBÁTBOBSEIJQBÁ]]]]
eH:O3XLG@Ã@FSLHRHYSpSLÆ
QSB´JQBUZBNBICIHB©UBN®¹J©TB©°JUBWSBUBN]
HMHU1Z:@DHSLL3UDMQ@)X@OGQ:DMB
OJSWJ´´PUJNBNBUWFOBSKZQBIBSB´FOBDB]]]]
IF@LR
2SORDRBU$9X@DLG@LTMD
KBHNBTBEZBTUBQBTFTBDBWBJ°ZPNBINVOF]
RCY1M@V1L,A@X@MC(OTHKML@H2VS
TBOEBS°BOSUIBNBNCZOBE²QVMJOBNTUIJUBÁ]]]]
RBU$9X2SO2SDODCDU(R4ÄOQIOMÆ
TBDBWBJ°ZBTUBQBTUFQFEFW²TÄLUB©QBSB©KBQBO]
S@$SH2LMÆOTHKMDCD5X@J3U@L4HSLG(LX(LÆ
UBVUBTNJOQVMJOFEFWZÁL®UWNÄSUJ©NBI²NBZ²N]]]]
%FW².IUNZBNPage 147 of 150
G1:@BÖST2S2X@OTOW4O@HSO1:$
BSIB´©DBLSBUVTUBTZÁQV¹QBEIÄQHOJUBSQB´BJÁ]
HMQ@G@Q@$XS@3L@M@$S-LM2J@$RL@HGS@$
OJSISBVZBUUNOBVUBONBOBTLBVTBNIJUBV]]]]
CCST2S@$AHKB$UHMIF@`@RFTH<SLÆ
EBEBUVTUBVCBMJ©DBJWBOJKBHUST®HVL¹JUBN]
URL@Q@WXS@DHvHÃU1$1X1S@3LM@D
FWB©TBNSEIBZBUPTUSJCIJSWBS¹BJSZBUUNBOPÁ]]]]
OHQSTu@IFµ@`(e3X<e@GBHZEJ@
QBSJUV¹¾KBHBEEIUS²QSBUZBL¹B©QSIBDB´ºJL]]]]
CD5XTU@B
EFWZVWDB]]]]
X3e@6X1SD3UX@Ã4O3UX@BJKM-CM
ZBUQSSUIZBUFUWBZCIÄQBUWBZDBLVMBOBOEBOB]
L^2S3e@/XS@RUOHQSTu@CC@HLSD
NBUUBTUBUQSQZBU©TBSWB©QBSJUV¹¾EBENJUF]]]]
%FW².IUNZBNPage 148 of 150
L@J1ZEDXU@B
NSLB´ºFZBVWDB]]]]
SS@DUpDMO@DQ@)XLHU9X-XI-LHM
UBUPWBWSFO®QPSKZBNBWJCISB©°ZBOZBKBONBOJ]
`$UBHMIQ@)XGSY`TAKAK@SÆ
BUSBJWBDBOJKB©SKZB©IBUB°BUSVCBMB©CBMU]]]]
R@DHOU$9X2SS@D\@MUpDHMHU1Z:L@MR
TPQJWBJ°ZBTUBUPK¸OB©WBWSFOJSWJ´´BNOBTBÁ]
LLD3XGHLHSe@\RØHU"XTHSJ@QJLÆ
NBNFUZBIBNJUJQSK¸BÁTBµHBWJDZVUJLSBLBN]]]]
CD5XTU@B
EFWZVWDB]]]]
2U+O$QG@DHÃM1OSD2UQ@)Xe@/2XSDÃU@MÆ
TWBMQBJSBIPCIJSO®QBUFTWB©SKZB©QSQTZBUFCIBWO]]]]
G3U@HQO4M2NHKSSUS`ÃHUXHS
IBUWSJQÄOBTLIBMJUB©UBWBUBUSBCIBWJ¹ZBUJ]]]]
LSoÃ4XR,e@/XI-LCDU@HbU2US
N®UB°DBCIÄZBÁTBNQSQZBKBONBEFWEWJWBTWBUBÁ]]]]
%FW².IUNZBNPage 149 of 150
R@UH:1J@DLMTM@1LÃU@-ÃTHUÃHUXHS
TWBS´JLPNBOVSONBCIBWOCIVWJCIBWJ¹ZBUJ]]]]
U$9XUX13UX@XoUQ@D2L^@DHÃU@H°#S
WBJ°ZBWBSZBUWBZZB°DBWBSPTNBUUPCIJW¸DIJUBÁ]]]]
SeX"#@HLRHRµ$SU\@MÃHUXHS
UB©QSBZBDDINJTB©TJEEIZBJUBWBK¸OB©CIBWJ¹ZBUJ]]]]
L@J1ZEDXU@B
NSLB´ºFZBVWDB]]]]
ÅHSC_U@SX@DCD1U(XV@HÃKHSUQLÆ
JUJEBUUWUBZPSEFW²ZBUICIJMB¹JUB©WBSBN]
AÃ4U@-SHG1S@R
@DÃ
X@S@>X@LHÃuTS@
CBCIÄWOUBSIJUTBEZPCIBLUZUCIZNBCIJ¹¾VU]]]]
UCD5X@UQK!7U@RTQV<H`X1Ã
FWB©EFWZWBSB©MBCEIWTVSBUIBÁL¹BUSJZBS¹BCIBÁ]
R4X@1Ù-LRL@R@
R@UH:1Ã1HUS@LMT
TÄSZKKBONBTBNTEZBTWBS´JSCIBWJUNBOVÁ]]]]
%FW².IUNZBNPage 150 of 150
ÅHSC_U@SX@DCD1U(XV@HÃKHSUQLÆ
JUJEBUUWUBZPSEFW²ZBUICIJMB¹JUB©WBSBN]
AÃ4U@-SHG1S@R
@DÃ
X@S@>X@LHÃuTS@
CBCIÄWOUBSIJUTBEZPCIBLUZUCIZNBCIJ¹¾VU]]
UCD5X@UQK!7U@RTQV<H`X1Ã
FWB©EFWZWBSB©MBCEIWTVSBUIBÁL¹BUSJZBS¹BCIBÁ]
R4X@1Ù-LRL@R@
R@UH:1Ã1HUS@LMT
TÄSZKKBONBTBNTEZBTWBS´JSCIBWJUNBOVÁ]]
(?
]LM²NPN]
2UH2Sr(L@J1ZEDXOTQ@:DR@UH:1JDL-U-SQD
]]TWBTUJ°S²NSLB´ºFZBQVS´FTWBS´JLFNBOWBOUBSF
CDU(L@G@3,XDRTQVU$9XX@DU1QeC@MM@L
EFW²NIUNZFTVSBUIBWBJ°ZBZPSWBSBQSBEOB©ONB
`X@DCY@D7X@X
USBZPEB°PEIZZBÁ]]]]
r(RÏYS(CDU(L@G@3,XRL@ÏLÆ
]]°S²TBQUB°BU²EFW²NIUNZB©TBNQUBN]]
?SSÆRSÆ?
]]PNUBUTBUPN]]