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ϭϭϰ ZĂLJůůĂ ,ĂƌŝĞů ĚĞ ^ŽƵnjĂ

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ŽůĠŐŝŽ >ĞŽŶ sLJŐŽƚƐŬLJ ϭϭϱ


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΀Ĩ͘ϭϳ΁ > ' E ^͗ ΀Ĩ͘ϭϲ΁ DĂƉĂ ĐŽŵ ůŽĐĂĕĆŽ ĚĂ ǀĞŐĞƚĂĕĆŽ ĚĂ ĄƌĞĂ ĂŶĂůŝƐĂĚĂ͘ &ŽŶƚĞ͗ ĂƵƚŽƌŝĂ ƉƌſƉƌŝĂ͘

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ZĞƐŝĚĞŶĐŝĂů ŽƉĂĐĂďĂŶĂ

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ϭϬй ϭϲ͕ϳϬй ϯϲ͕ϳϬй

DĂŝƐ ĚĞ ŝŶĐŽ

ϮϬй ϭϬй ϲ͕ϳϬй

YƵĂƚƌŽ

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ZĞƐŝĚĞŶĐŝĂů ZĞŶLJ ƵƌLJ

Ϯ͕ϲϯй ϭϯ͕ϭϲй ϮϮй Ϯϲ͕ϯϮй ϯϰ͕Ϯϭй Ϯ͕ϲϯй

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dĠĐŶŝĐŽ /ŶƚĞŐƌĂĚŽ ĂŽ ŶƐŝŶŽ DĠĚŝŽ

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ZĞŶLJ ƵƌLJ

ϮϮ͕ϬϬй

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ŶƐŝŶŽ ^ƵƉĞƌŝŽƌ

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ZĞŶLJ ƵƌLJ

E K ^dh D

ZĞƐŝĚĞŶĐŝĂů ŽƉĂĐĂďĂŶĂ ZĞƐŝĚĞŶĐŝĂů ZĞŶLJ ƵƌLJ

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ϭǑ ĂŽ ϯǑ ĂŶŽ ĚŽ ŶƐŝŶŽ DĠĚŝŽ

ϰϯй ϯϴ͕ϬϬй

ŽƉĂĐĂďĂŶĂ

Ϯϲ͕ϯϭй

ZĞŶLJ ƵƌLJ

Ϯϯ͕ϳϬй

ϱǑ ĂŽ ϵǑ ĂŶŽ ĚŽ ŶƐŝŶŽ &ƵŶĚĂŵĞŶƚĂů

ŽƉĂĐĂďĂŶĂ

Ϯϭй

ZĞŶLJ ƵƌLJ

hŵĂ

΀Ĩ͘Ϯϲ΁

΀Ĩ͘Ϯϳ΁

΀Ĩ͘Ϯϴ΁

ϭϮ͕ϱϬй

ϭǑ ĂŽ ϰǑ ĂŶŽ ĚŽ ŶƐŝŶŽ &ƵŶĚĂŵĞŶƚĂů &ƵŶĚĂŵĞŶƚĂů

ŽƉĂĐĂďĂŶĂ

ϭϬ͕ϱϬй

ZĞŶLJ ƵƌLJ

/Ed Z ^^ ^

Ϯϱй

ϰϬй

ϯ͕ϯϯй

ϱϱй

ϭϯ͕ϯϯй

WĂůĞƐƚƌĂƐ :ŽŐŽƐͬ ƐƉŽƌƚĞƐ ĂŶĕĂͬ DƷƐŝĐĂͬdĞĂƚƌŽ ƵƌƐŽƐͬKĮĐŝŶĂƐ

ϯϬй

ϭϲ͕ϲϳй

΀Ĩ͘Ϯϵ΁

:ŽƌŶĂŝƐ Ğ ZĞǀŝƐƚĂƐ

Ϭй

ϭϱй

Ϯϲ͕ϲϳй >ŝǀƌŽƐ

ϲ͕ϲϳй

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^ŝƚĞƐ Ğ ŵĂƚĠƌŝĂƐ ŶĂ ŝŶƚĞƌŶĞƚ

ϯϲ͕ϲϳй Ϯϯ͕ϯϯй

΀Ĩ͘ϯϬ΁

&ĞƐƚĂƐͬ'ŝŶĐĂŶĂƐ &ĞŝƌĂ ĚĞ ĐŝġŶĐŝĂƐͬ ƵůƚƵƌĂů

EƵŶĐĂ

Ɛ ǀĞnjĞƐ

&ƌĞƋƵĞŶƚĞŵĞŶƚĞ

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:K\K Y Z\YTO^Y NY ONSPÌMSY ON_MKMS K^S`SNKNO] O VYMKS] PY]]OW WKS] 1\KXNO ZK\^O NY] OX^\O`S]^KNY]

YXKV MYWZ\OOXNO\ K[_OVO] [_O Z\ÒbSWY] ]OW K XOMO]]SNKNO NO [_O ZK\K\KW NO O]^_NK\ O]MVK\O _]_P\_S\ÂY NY O]ZKÆY È QK\KX^S\ VYMYWYÆÂY OW Q\KXNO O]MKVK XY MOW [_O Y WY^S`Y Z\SXMSZKV È

_WK Z\YZY]^K OPSMSOX^O O MYW [_KV K WKSY\ ZK\^O NK MYW_XSNKNO ZY\[_O ^\KLKVRKW N_\KX^O Y NSK O

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^O MYVO^S`Y MYW /4+ N_\KX^O Y ZO\ÌYNY

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W O X ^Y N O ] O T K X N Y [ _ O ^K S ]

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> ' E ^͗ ΀Ĩ͘Ϯϴ΁ /ŶĨŽŐƌĄĮĐŽ ƐŽďƌĞ Ă ĞƚĂƉĂ ĞƐĐŽůĂƌ ƋƵĞ ƐĞ ĞŶĐŽŶƚƌĂŵ ĂƐ ĐƌŝĂŶĕĂƐ͕ ũŽǀĞŶƐ Ğ ĂĚƵůƚŽƐ ƋƵĞ ĨƌĞƋƵĞŶƚĂŵ ŝŶƐƟƚƵŝĕƁĞƐ ĚĞ ĞŶƐŝŶŽ͘ &ŽŶƚĞ͗ ƵƚŽƌŝĂ ƉƌſƉƌŝĂ͘ ΀Ĩ͘Ϯϵ΁ /ŶĨŽŐƌĄĮĐŽ ĚĂƐ ĂƟǀŝĚĂĚĞƐ ĞĚƵĐĂƟǀĂƐ ĚĞ ĐŽŵƵŵ ŝŶƚĞƌĞƐƐĞ ĚĞŶƚƌŽ ĚĂ ĐŽŵƵŶŝĚĂĚĞ͘ &ŽŶƚĞ͗ ƵƚŽƌŝĂ ƉƌſƉƌŝĂ͘ ΀Ĩ͘ϯϬ΁ /ŶĨŽŐƌĄĮĐŽ ƐŽďƌĞ Ž ŝŶƚĞƌĞƐƐĞ ă ůĞŝƚƵƌĂ Ğ ŝŶĨŽƌŵĂĕĆŽ͘ &ŽŶƚĞ͗ ƵƚŽƌŝĂ ƉƌſƉƌŝĂ͘

ŽůĠŐŝŽ >ĞŽŶ sLJŐŽƚƐŬLJ ϭϮϭ


"WBMJBÎÍP EP BNCJFOUF FTDPMBS

΀Ĩ͘ϯϭ΁

> ' E ^͗ ΀Ĩ͘ϯϭ΁ ĞƐĞŶŚŽ ĚŽ ůƵŐĂƌ ƉƌĞĨĞƌŝĚŽ ;ƐĂůĂ ĚĞ ŝŶĨŽƌŵĄƟĐĂͿ͘ &ŽŶƚĞ͗ ĂůƵŶŽ;ĂͿ ĚŽ ϯǑ ĂŶŽ ĚĂ ͘D͘ ZŽĚŽůĨ DŝŬĞů 'ŚĂŶŶĂŶ͘

΀Ĩ͘ϯϮ΁

΀Ĩ͘ϯϮ΁ ĞƐĞŶŚŽ ĚŽ ĚĞƐĞũŽ ƉĞƐƐŽĂů ;ƐĂůĂ ĚĞ ŵƷƐŝĐĂͿ͘ &ŽŶƚĞ͗ ĂůƵŶŽ;ĂͿ ĚŽ ϰǑ ĂŶŽ ĚĂ ͘D͘ ZŽĚŽůĨ DŝŬĞů 'ŚĂŶŶĂŶ͘

΀Ĩ͘ϯϰ΁ ĞƐĞŶŚŽ ĚŽ ůƵŐĂƌ ƉƌĞĨĞƌŝĚŽ ;ƋƵĂĚƌĂͿ͘ &ŽŶƚĞ͗ ĂůƵŶŽ;ĂͿ ĚŽ ϮǑ ĂŶŽ ĚĂ ͘D͘ ŽƌĂ ŽƌĂůŝŶĂ͘

΀Ĩ͘ϯϯ΁

΀Ĩ͘ϯϲ΁ 'ƌĄĮĐŽ ĚŽ ůƵŐĂƌ ƉƌĞĨĞƌŝĚŽ͘ &ŽŶƚĞ͗ ĂůƵŶŽƐ;ĂƐͿ ĚĂ ͘D͘ ͘D͘ >Ƶŝnj ĂƌůŽƐ ŝnjŝŶŽƚŽ͘ /ůƵƐƚƌĂĕĆŽ͗ ĂƵƚŽƌŝĂ ƉƌſƉƌŝĂ͘ ΀Ĩ͘ϯϳ΁ 'ƌĄĮĐŽ ĚŽ ůƵŐĂƌ ƉƌĞĨĞƌŝĚŽ͘ &ŽŶƚĞ͗ ĂůƵŶŽƐ;ĂƐͿ ĚĂ ͘D͘ ͘D͘ ŽƌĂ ŽƌĂůŝŶĂ͘ /ůƵƐƚƌĂĕĆŽ͗ ĂƵƚŽƌŝĂ ƉƌſƉƌŝĂ͘

5YaKV^Ya]US MS^K [_O W_S^K]

ZO][_S]K] NO K`KVSKÆÂY NY

KWLSOX^O O]MYVK\ _^SVSdKW Y

NO]OXRY ZK\K MYXROMO\ Y]

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ϱй

΀Ĩ͘ϯϰ΁

ϭϮϮ ZĂLJůůĂ ,ĂƌŝĞů ĚĞ ^ŽƵnjĂ

.O]]K\^O O]^K ZO][_S]K NO

MKWZY MYXPS\WK MO\^K] KPS\WKÆÔO]

NO 5YaKV^Ya]US YXNO KPS\WK [_O

XK `S]ÂY NY KV_XY Y] ZYX^Y]

ZY]S^S`Y] NK O]MYVK MYXMOX^\KW ]O Z\SXMSZKVWOX^O OW VYMKS] NO

]YMSKLSVSNKNO MYWY ]KVK NO K_VK

\OPOS^Ò\SY VYMKS] Ob^O\XY] NO

K^S`SNKNO] NO VKdO\ MYWY K

[_KN\K O Y ZÀ^SY O^M +]]SW

ZO\MOLO ]O Y [_ÂY È SWZY\^KX^O

K ObS]^ÉXMSK NO O]ZKÆY] KNO[_K NY] ZK\K K Z\À^SMK NY VKdO\ O

OX^\O^OXSWOX^Y XK O]MYVK

ϭϲй

ϯϱй

ϰϰй 2VBESB 4BMB %F "VMB 4BMB %F *OGPSNÈUJDB

΀Ĩ͘ϯϱ΁

3FGFJUØSJP

͘D >Ƶŝnj ĂƌůŽƐ ŝnjŝŶŽƚŽ >h' Z WZ & Z/ K

`S]^K NS]]Y PYS \O[_S]S^KNY ZK\K

[_O M\SKXÆK [_O NO]OXRK]]O NYS]

NO]OXRY]$ Y Z\SWOS\Y SXNSMKXNY

]O_ V_QK\ Z\OPO\SNY NK O]MYVK O Y

]OQ_XNY SXNSMKXNY KVQY [_O

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K Z VS MK N K X K ] ^ \É ] O ] MY V K ]

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/ 7 <YNYVP 7SUOV 1RKXXKX% K

/ 7 6_Sd -K\VY] ,SdSXY^Y O K / 7

-Y\K -Y\KVSXK OW _W ^Y^KV NO

! KV_XY]

΀Ĩϯϯ΁ ĞƐĞŶŚŽ ĚŽ ůƵŐĂƌ ƉƌĞĨĞƌŝĚŽ ;ƋƵĂĚƌĂͿ͘ &ŽŶƚĞ͗ ĂůƵŶŽ;ĂͿ ĚŽ ϮǑ ĂŶŽ ĚĂ ͘D͘ >Ƶŝnj ĂƌůŽƐ ŝnjŝŶŽƚŽ͘

΀Ĩ͘ϯϱ΁ 'ƌĄĮĐŽ ĚŽ ůƵŐĂƌ ƉƌĞĨĞƌŝĚŽ͘ &ŽŶƚĞ͗ ĂůƵŶŽƐ;ĂƐͿ ĚĂ ͘D͘ ZŽĚŽůĨ DŝŬĞů 'ŚĂŶŶĂŶ͘ /ůƵƐƚƌĂĕĆŽ͗ ĂƵƚŽƌŝĂ ƉƌſƉƌŝĂ͘

9 Z\SXMSZKV _]_À\SY NY KWLSOX^O

O]MYVK\ È Y KV_XY [_O ZY]]_S

XOMO]]SNKNO] ON_MKMSYXKS] O

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SX N S ` ÌN _ Y . O ] ] K W K X O S\K

K^OXNO\ ¿ O]]K] XOMO]]SNKNO] È

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O]^\_^_\KW K ]K^S]PKÆÂY NY

SXNS`ÌN_Y MYW Y ONSPÌMSY O]MYVK\

1ÈUJP 2VBESB 4BMB EF BVMB

΀Ĩ͘ϯϲ΁

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ϲй

ϭϵй

ϭϵй

ϱϲй

1ÈUJP 2VBESB 4BMB EF BVMB ΀Ĩ͘ϯϳ΁ 4BMB EF JOGPSNÈUJDB


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KY] Z\YPO]]Y\O] NK] WO]WK]

O]MYVK] OW _W ^Y^KV NO " YXNO

Z\YM_\Y_ SNOX^SPSMK\ K] NOPSMSÉXMS K] O]ZKMSKS] NK] O]MYVK] LOW

MYWY ^KWLÈW K] MK_]K] NY

`KXNKVS]WY% K [_O]^ÂY NK

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VKdO\

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ϰϬй

΀Ĩ͘ϯϴ΁

1JTDJOB

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΀Ĩ͘ϲϰ΁ 3,/$5

΀Ĩ͘ϲϯ΁ &ŽƚŽ ĚŽ ƚƌĂĐĂͲ ƚƌĂĐĂ Ğ Ă ĨŽƌŵĂ ĞůĂďŽƌĂĚĂ ƉĂƌĂ Ă ƚƌĞůŝĕĂ͘ &ŽƚŽƐ͗ ZĂLJůůĂ ,ĂƌŝĞů͘ ΀Ĩ͘ϲϰ΁ &ŽƚŽ ĚŽ ƚƌĂĐĂͲ ƚƌĂĐĂ Ğ Ă ĨŽƌŵĂ ĞůĂďŽƌĂĚĂ ƉĂƌĂ Ž ƉŝůĂƌ ĚĂ ďŝďůŝŽƚĞĐĂ͘ &ŽƚŽƐ͗ ZĂLJůůĂ ,ĂƌŝĞů͘

6$3$7$

΀Ĩ͘ϲϱ΁ /ůƵƐƚƌĂĕĆŽ ĚĂ ĨƵŶĚĂĕĆŽ͘ &ŽŶƚĞ͗ ZĂLJůůĂ ,ĂƌŝĞů͘

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ŽůĠŐŝŽ >ĞŽŶ sLJŐŽƚƐŬLJ ϭϱϱ



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