Liquid Force 2015 by Michel Watersport

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0*´W ):% WGYJJ KYEVHW TVSXIGX XLI 0) EKEMRWX EFVEWMSR ERH MQTEGX

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(SYFPI PEQMREXIH LMKL WXVIRKXL XS [IMKLX VEXMS VMT WXST GERST] QEXIVMEP

,MKLIV W[IIT QIERW MRGVIEWIH XYVRMRK WTIIH FEV JIIHFEGO ERH IJJSVXPIWW VI PEYRGL IZIR MR XLI PMKLXIWX [MRH ZIPSGMX]

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%(.978%&0) 1%-20-2) '0)%8 )EWMP] QSZI XLI XVMQ GPIEX YT ERH HS[R JSV TIVWSREP TVIJIVIRGI ERH VIEGL

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% 1)(-91 63'/)6 & 73*8 *0)< ' ;33( '31437-8) '36)

% 1)(-91 63'/)6 & 892)( *0)< ' *900 ;33( '36)

7836= 7QSSXL ERH ZIVWEXMPI XLI &PMWW FVMRKW XLI YPXMQEXI HS MX EPP FSEVH XS [SQIR 1SHIPIH EJXIV XLI XVMIH ERH XVYI -RJPYIRGI XLI &PMWW JIEXYVIW E QIHMYQ VSGOIV TVSJMPI ERH E VI IRKMRIIVIH WSJX JPI\ TEXXIVR HIPMZIVMRK TS[IVJYP TST E WYTIV TVIGMWI JIIP GYWL] PERHMRKW WXIPPEV KVMT IJJMGMIRX YT[MRH TVSNIGXMSR ERH FSYRGI JVII KPMHI XLVSYKL GLST -2'09()( 786%4 %2( 4%(7 8LI *YWMSR JSSXTEH ERH WXVET WIXYT HIPMZIVW [SVPH GPEWW GSQJSVX YPXMQEXI TIVJSVQERGI ERH IJJSVXPIWW IEWI SJ YWI %:%-0%&0) 7->)7 < < '1 *)%896)7 %PP EVSYRH [SQER´W FSEVH '2' XST ERH FSXXSQ GSRXSYVW ;SSH JSEQ GSVI GSRWXVYGXMSR 1MH VSGOIV TIVJSVQERGI 0MUYMH 6EMP HYVEFMPMX] 7SJX JPI\ 1SPHIH TIVJSVQERGI JMRW

7836= &EWIH SJJ XLI PIKEG] SJ 0MUYMH *SVGI´W QSWX TSTYPEV OMXIFSEVH SJ EPP XMQI XLI -RJPYIRGI XLI 0IKEG] HIPMZIVW E GYXXMRK IHKI SZIVLEYP 4VSZMHMRK E WMQMPEV JIIP XLI 0IKEG] LEW E XLMRRIV ERH PMKLXIV HIWMKR JSV YRVMZEPIH TIVJSVQERGI 8LI 0IKEG]´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

'30367

&SEVH*SGYW &6%2( 2); 83 396 0-2)94 8,) *3'97 -7 4%'/)( ;-8, 4)6*361%2') )2,%2'-2+ *)%896)7 ()0-:)6-2+ % &%2+)6 :)67%8-0) *))0 *36 %00 %6392( 6-()67

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

;%/)78=0) ()*-2)( 8,) )',3

% ,-+, 63'/)6 & 78-** *0)< ' *900 ;33( '36) 7836= )GLSMRK XLI XST WLIPJ TIVJSVQERGI SJ XLI (0< XLI EPP RI[ )GLS MW FYMPX XS QIIX XLI HIQERHMRK RIIHW SJ [EOIWX]PI QEWXIV &VERHSR 7GLIMH (IWMKRIH F] 7GLIMH ERH PIKIRHEV] [EOIFSEVH ERH OMXIFSEVH WLETIV .MQQ] 6IHQSR XLI )GLS JIEXYVIW XLI QSWX EHZERGIH WLETI ERH HIWMKR SJ XLI 0* TVSJMPIH [SSH GSVI PMRIYT 8LI VIWYPX# %R EKKVIWWMZI VMHIVÂ´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

'30367

&SEVH)GLS

&SEVH(VMZI

&SEVH3ZIV(VMZI

3**)6-2+ 8,) 908-1%8) :%09) 83 4)6*361%2') 6%8-3 8,) (6-:) *)%896)7 1%2= 3* 396 1378 %(:%2')( 8)',2303+-)7 %2( -7 348-1->)( 74)'-*-'%00= *36 463+6)77-32 78%=-2+ 94;-2( .914-2+ %2( (3-2+ %-6 86%27-8-327

0-+,8;-2( *92 8,) 3:)6 (6-:) &6-2+7 ,-+, )2( *6))78=0) 4)6*361%2') 83 8,) 0-+,8 ;-2( %6)2%

% 03; 63'/)6 & 1-( *0)< ' *900 ;33( '36)

% 1-2-1%0 63'/)6 & 1-( *0)< ' *900 ;33( '36)

7836= )RKMRIIVIH XS XVERWJSVQ E OMXIV´W VMHMRK MR E WLSVX TIVMSH SJ XMQI XLI (VMZI TEGOW E TSXIRX IQTS[IVMRK TYRGL 3JJIVMRK XLI YPXMQEXI ZEPYI XS TIVJSVQERGI VEXMS XLI (VMZI JIEXYVIW QER] SJ SYV QSWX EHZERGIH XIGLRSPSKMIW ERH MW STXMQM^IH WTIGMJMGEPP] JSV TVSKVIWWMSR WXE]MRK YT[MRH NYQTMRK ERH HSMRK EMV XVERWMXMSRW %PP JYR EPP XLI XMQI

7836= 2I[ XS SYV FSEVH PMRIYT XLI 3ZIV (VMZI FVMRKW LMKL IRH JVIIWX]PI TIVJSVQERGI XS XLI PMKLX [MRH EVIRE *IEXYVMRK E RSR SJJWIX WXERGI QMRMQEP VSGOIV E LIEVX] [MHXL QMH JPI\ ERH E TVSJMPIH [SSH GSVI [MXL JPEX FSXXSQ XLI 3ZIV (VMZI SJJIVW IEVP] ERH IJJMGMIRX TPERMRK I\GITXMSREP YT[MRH GETEFMPMX] TS[IVJYP TST ERH E WQSSXL TVIHMGXEFPI JIIP

-2'09()( 786%4 %2( 4%(7 8LI *YWMSR JSSXTEH ERH WXVET WIXYT HIPMZIVW [SVPH GPEWW GSQJSVX YPXMQEXI TIVJSVQERGI ERH IJJSVXPIWW IEWI SJ YWI

%:%-0%&0) 7->)7 < < < < '1 *)%896-2+ %PP PIZIP TVSKVIWWMSR FSEVH )JJMGMIRX YT[MRH TIVJSVQERGI 7SPMH [SSH GSVI GSRWXVYGXMSR (YVEFPI 0MUYMH 6EMP 0S[ VSGOIV TVSJMPI 1IHMYQ WSJX JPI\ &IEYXMJYP XIGL IRLERGMRK KVETLMGW 1SPHIH TIVJSVQERGI JMRW

*)%896-2+ *IEXYVMRK 0MKLX [MRH IJJMGMIRG] WLETI 7SPMH [SSH GSVI GSRWXVYGXMSR (YVEFPI 0MUYMH 6EMP 0S[ VSGOIV TVSJMPI 1IHMYQ JPI\ &IEYXMJYP XIGL IRLERGMRK KVETLMGW 1SPHIH TIVJSVQERGI JMRW

'30367

%:%-0%&0) 7->)7 < < '1

&SEVH)HKI &9-08 *36 6%4-( 463+6)77-32 8,) )(+) -7 32) 3* 396 1378 92-59) )%7= 83 6-() &3%6(7

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

&SEVH7OMQ 0-+,8 %2( '314%'8 8,-7 &3%6( ,%7 :-689%00= 23 63'/)6 1%/-2+ -8 8,) 908-1%8) 0-+,8 ;-2( 4)6*361)6

% 1-2-1%0 63'/)6 & 78-** *0)< ' '3146)77-32 130()( '36) 7836= 8LI /MXI 7OMQ [MPP QEOI ER] UYMZIV E [LSPI PSX FIXXIV 0MKLX ERH GSQTEGX XLMW FSEVH LEW ZMVXYEPP] RS VSGOIV QEOMRK MX XLI YPXMQEXI PMKLX [MRH TIVJSVQIV *SV EHHIH KVMT XLI /MXI 7OMQ JIEXYVIW E VIQSZEFPI MRGL JMR ERH E WMRKPI FEVVIP GLERRIP VYRW SYX XLI RSWI ERH XEMP [LMGL TVSZMHIW WSPMH KVMT ERH WQSSXL [EXIV VIPIEWI 'SQTPIXI [MXL E JYPP ):% HIGO

%:%-0%&0) 7->)7 '1 *)%896-2+ *IEXYVMRK 0MKLX [MRH WTIGMEPX] UYMZIV FSEVH (YVEFPI GSQTVIWWMSR QSPHIH GSRWXVYGXMSR &SXXSQ GLERRIP GSRXSYV 1SPHIH GIRXIV JMR STXMSR

4LSXS0YOEW4VYHO] 6MHIV.EWSR7PI^EO

/MXIWYVJW5YMGORIWW

/MXIWYVJW'.

8,) 59-'/2)77 % 869) 796*&3%6( *)%896-2+ % *900 237) %2( 03; 63'/)6 *36 )**-'-)28 94;-2( 6-(-2+ 8,) 59-'/2)77 Â´ Â² ,%7 % 70-+,8 8%-0 63'/)6 4900)( *631 8,) 1-((0) 83;%6(7 8,) &%'/ ;,-', ()0-:)67 4-:38%0 72%44= 4)6*361%2')

8,) '. -7 32) ;)00 6392()( &%(%77 &3%6( Â° -2 &-+ 71338, 7-() 3** '32(-8-327 83 70344= &)%', &6)%/ 4)%/7

% 03; )286= 63'/)6 & *-2 7)894 ' 43;)6*90 *%78

% ,-+, 63'/)6 & 59%( *-2 7)894 ' (6-:)= 0337)

7836= % XVYI WYVJFSEVH JIEXYVMRK E JYPP RSWI ERH PS[ VSGOIV JSV IJJMGMIRX YT[MRH VMHMRK XLI 5YMGORIWW Â´ Â² LEW E WPMKLX XEMP VSGOIV TYPPIH JVSQ XLI QMHHPI XS[EVHW XLI FEGO [LMGL HIPMZIVW TMZSXEP WRETT] TIVJSVQERGI 'SQTPIXI [MXL E JMR WIXYT XLVYWXIV SV UYEH %RH [LIR XLIVIÂ´W PMXXPI XS RS TS[IV MR XLI OMXI XLMW FSEVH [SRÂ´X FSK HS[R )UYMTTIH [MXL ):% HIGOTEHW ERH WXVETW XLI 5YMGORIWW I\GIPW MR EPP GSRHMXMSRW SJ WYVJ

7836= 8LI '. MW SRI [IPP VSYRHIH FEHEWW FSEVH Â° MR FMK WQSSXL WMHI SJJ GSRHMXMSRW XS WPSTT] FIEGL FVIEO TIEOW (IWMKRIH XS FI VMHHIR [MXL SV [MXLSYX TS[IV JVSQ XLI OMXI XLMW UYEH JMR WIXYT JIEXYVIW E REVVS[ SYXPMRI ERH QIHMYQ VSGOIV PMRI [MXL WLEPPS[ WMRKPI GSRGEZI JSV JEWX TS[IVJYP TIVJSVQERGI ERH E PSSWI HVMZI] JIIP 'SQTPIXI [MXL TVI MRWXEPPIH ):% XEMPTEH ERH WXVETW

7->) Â´ Â² < Â² < Â² Â° 0

-2'09()( 786%47 7XE]MRK GSRRIGXIH [MXL XLI MRGPYHIH 7YVJ 7XVETW

/MXIWYVJW1IWWIRKIV

8,) Â´ Â² 1)77)2+)6 *)%896)7 136) :3091) %2( %(()( +0-() 1%/-2+ -8 8,) 4)6*)'8 7)894 *36 ()43;)6)( 6-44-2+ %2( *36 ,)%:-)6 6-()67

8,) 1)77)2+)6 *)%896)7 % 6):3098-32%6= 7,%4) *36 6)(9')( 7;-2+ ;)-+,8 1%/-2+ 786%40)77 %-67 %2( 8%-0 *-678 0%2(-2+7 6):)68-2+ 398 % ;,30) 038 )%7-)6

% 1)(-91 63'/)6 & 59%( *-2 7)894 ' %(()( &93=%2'=

% 1)(-91 63'/)6 & 59%( *-2 7)894 ' *%78 3980-2)

7836= 8LI Â´ Â² 1IWWIRKIV JIEXYVIW QSVI ZSPYQI ERH EHHIH KPMHI QEOMRK MX XLI TIVJIGX WIXYT JSV HITS[IVIH VMTTMRK ERH JSV LIEZMIV VMHIVW ;MXL MXW IRLERGIH [MHXL ERH PSRK VEMP PMRIW XLI Â´ Â² JIIPW EFSYX WM\ MRGLIW FMKKIV ]IX HIPMZIVW XLI I\XVIQIP] UYMGO VIWTSRWI ]SYÂ´H I\TIGX JVSQ E WQEPP FSEVH 'SQTPIXI [MXL LSRI]GSQF KPEWW JMRW

7836= 8LI 1IWWIRKIV JIEXYVIW E VIZSPYXMSREV] WLETI JSV VIHYGIH W[MRK [IMKLX QEOMRK WXVETPIWW EMVW ERH XEMP JMVWX PERHMRKW VIZIVXMRK SYX E [LSPI PSX IEWMIV ;LIR MX GSQIW XS XVEHMXMSREP HS[R XLI PMRI XST XS FSXXSQ OMXIWYVJMRK XLMW JEWX VIWTSRHMRK FSEVH TEGOW E [LSPI PSX SJ LMKL TIVJSVQERGI MRXS E WQEPP IJJMGMIRX ERH TSXIRX WLETI 'SQTPIXI [MXL LSRI]GSQF KPEWW JMRW

7->) Â´ Â² < Â² < Â² Â° 0 -2'09()( 786%47 7XE]MRK GSRRIGXIH [MXL XLI MRGPYHIH 7YVJ 7XVETW

4LSXS0YOEW4VYHO] 6MHIV.YPMIR*MPPMSR

/MXI*SMP %6) =39 6)%(= 83 *0=#

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´ ² *SMP FEK MRGPYHIH

*)%896)7 0MKLX [IMKLX EPYQMRYQ QEWX ERH JYWIPEKI 'EVFSR QSPHIH [MRKW (YEP TYVTSWI GSQTVIWWMSR QSPHIH /MXI *SMP *MWL FSEVH 'IRXIV PMRI MRWIVXW JSV WXVETW WXVETW MRGPYHIH 1SHYPEV GSQTSRIRXW XLEX EVI IEW] XS VITPEGI *SMP FEK MRGPYHIH

7XVETW 4EHW*YWMSR 8,) *97-32 *3384%( %2( 786%4 7)894 ()0-:)67 ;360( '0%77 '31*368 908-1%8) 4)6*36 1%2') %2( )**3680)77 )%7) 3* 97)

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

7XVETW 4EHW7SPS

7XVETW 4EHW*YWMSR *)%896-2+ %00 8,) %(:%2')( 8)',2303+= '31*368 %2( 4)6*361%2') 3* 8,) *97-32 8,) *97-32 < ()0-:)67 8,) *-2)78 -2 *-8 *)%896-2+ % ,-+, :-7-&-0-8= =)003; ;,-8) '3036 %2( >32%0 %(.9781)28 ;-8, -8Â´7 (9%0 :)0'63 786%47

% '3140)8) %(.978%&-0-8= & ,-+, 4)6*361%2') '31*368 ' *-87 %2= &3%6( 7836= *IEXYVMRK EPP XLI EHZERGIH XIGLRSPSK] GSQJSVX ERH TIVJSVQERGI SJ XLI *YWMSR XLI *YWMSR < HIPMZIVW XLI JMRIWX MR JMX JIEXYVMRK E LMKL ZMWMFMPMX] ]IPPS[ [LMXI GSPSV ERH >SREP %HNYWXQIRX [MXL MXÂ´W HYEP :IPGVS WXVETW %:%-0%&0) 7->)7 71%00 1)(-91 97 7->) 0%6+) < 0%6+) 97 7->) << 0%6+) 97 7->)

7XVETW7YVJ

71338, %2( :)67%8-0) 8,) &0-77 &6-2+7 8,) 908-1%8) (3 -8 %00 &3%6( 83 ;31)2

78%=-2+ '322)'8)( -7 8,%8 )%7=

% 7-2+0) 0%') %(.9781)28 & 0-+,8;)-+,8 ' *-87 ):)6=32)

% '31*368%&0) *900 2)346)2) & 1908-40) %(.9781)28 ' 0-+,8;)-+,8

7836= 7XE] GSRRIGXIH

%:%-0%&0) 7->)7 3RI 7M^I *MXW %PP

4LSXS:MRGIRX&IVKIVSR 6MHIV&VERHSR7GLIMH

&MRHMRKW0*/ 8LI 0*/ FMRHMRK JYWIW GSQJSVX ERH TIVJSVQERGI MRXS E PMKLX[IMKLX TEGOEKI

% 0-+,8;)-+,8 &9-08 -2 0-2)6 & -4< ',%77-7 ' 1)(-91 *0)< 7836= )ZIV]SRI [ERXW E PMKLX[IMKLX FMRHMRK &YX XLI GLEPPIRKI LEW FIIR XS JYWI PMKLX[IMKLX ERH PSRK XIVQ HYVEFMPMX] 8LI 0*/ FMRHMRK YWIW E FYMPX MR PMRIV W]WXIQ XLEX VIHYGIW [IMKLX [MXL SYX WEGVMJMGMRK XLI PIKIRHEV] 0MUYMH *SVGI HYVEFMPMX] 4EGOIH [MXL TIVJSVQERGI VEMWMRK JIEXYVIW PMOI ^SREP PEGI ERH :IPGVS EHNYWXQIRX GERXIH JSSX FIH ERH XLI -4< GLEWWMW XLI 0*/ [MPP WIX XLI FMRHMRK WXERHEVH MR OMXIFSEHMRK %:%-0%&0) 7->)7

'30367

&MRHMRKW:ERXEKI/MXI 3**)6-2+ 463 0):)0 4)6*361%2') 8,) :%28%+) /-8) &-2(-2+7 *)%896) % 78-** *0)< &9-08 9432 8,) 0-59-( *36') -4< ',%77-7 *36 8,) 908-1%8) *338 83 &3%6( *))0

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

&MRHMRKW9PXVE

&MRHMRKW7]RIVK] ; 8,) ;31%2Â´7 7=2)6+= ()0-:)67 %(.978%&0) 4)6*361%2') 3**)6-2+ % 1)(-91 *0)< ;-8, 348-1%0 7944368 8,) 7=2)6+= -7 &9-08 9432 % *0)< *6)) -4< ',%77-7 *36 >)63 ,))0 0-*8 %2( 8,) 908-1%8) &338 83 &3%6( 7=2)6+-78-' *))0

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

&MRHMRKW'VEHPI

78)11-2+ *631 2)%60= 8;3 ()'%()7 3* -223:%8-32 463 6-()6 -2498 %2( 6)0)280)77 6)*-2)1)28 8,) )2( 6)7908 -7 8,) 9086% /-8) Â° %:%-0%&0) -2 34)2 %2( '037)( 83) :)67-327

-()%0 *36 )286= 83 1-( 0):)0 6-()67 033/-2+ 730-( 7944368 1)(-91 *0)< %2( 1%<-191 %(.978%&-0-8= 8,) 34)2 83) '6%(0) -7 4)6*)'8 *36 2); /-8)67 36 032+8-1) 6-()67 033/ -2+ 83 +-:) &-2(-2+7 % 86=

% 73*8 *0)< & '328630 0-2)6 ' '037)( 36 34)2 83)

% 1)(-91 *0)< & '31*368 0-2)6 ' >32%0 :)0'63

7836= 7XIQQMRK JVSQ RIEVP] X[S HIGEHIW SJ MRRSZEXMSR TVS VMHIV MRTYX ERH VIPIRXPIWW VIJMRIQIRX XLI IRH VIWYPX MW XLI 9PXVE /MXI Â° EZEMPEFPI MR STIR ERH GPSWIH XSI ZIVWMSRW ;LMPI XLI L]FVMH GSRWXVYGXMSR SJJIVW WYTIVMSV GSRXVSP MX EPWS JIEXYVIW WSJX JPI\ JSV JYPP VERKI SJ QSXMSR 8LI 9PXVE /MXI MW FEWIH YTSR XLI -4< WYTIV PS[ GLEWWMW ERH JIEXYVIW ER MQTEGX HEQTIRMRK WSPI ( QSPHIH IVKSRSQMG ):% JSSXFIH SYV 'SRXVSP 0MRIV ERH E 849 MRNIGXMSR YTTIV 2S SXLIV FMRHMRK MR SYV PMRIYT TVSZMHIW WYGL E TVSJSYRH PMKLX[IMKLX GSQFMREXMSR SJ WYTTSVX JMX ERH JPI\

7836= (IWMKRIH F] PIKIRHEV] [EOIFSEVH ERH OMXIFSEVH W-HIEP JSV IRXV] XS QMH PIZIP VMHIVW PSSOMRK WSPMH WYTTSVX QIHMYQ JPI\ ERH QE\MQYQ EHNYWXEFMPMX] XLI STIR XSI 'VEHPI MW TIVJIGX JSV RI[ OMXIVW SV PSRKXMQI VMHIVW PSSOMRK XS KMZI FMRHMRKW E XV] 0MOI EPP 0* FSSXW XLI 'VEHPI YXMPM^IW E JPI\ JVII WYTIV PS[ -4< GLEWWMW XS IRWYVI YPXMQEXI LIIP LSPH ERH XLI JMRIWX JSSX XS FSEVH JIIP ;MXL ER MQTEGX HEQTIRMRK WSPI ( QSPHIH IVKSRSQMG ):% JSSXFIH ERH 0MUYMH *SVGIÂ´W 'SQJSVX 0MRIV XLMW FMRHMRK EPWS JIEXYVIW XLVII IEW] XS EHNYWX :IPGVS WXVETW JSV GYWXSQM^IH JMX

%:%-0%&0) 7->)7

,EVRIWWIW7SPS

,EVRIWWIW7YTVIQI

,-+, 4)6*361%2') -2 % 0-+,8;)-+,8 ()7-+2

794)6-36 '31*368 7%*)8= %2( '32:)2-)2') 8,) 7946)1)

% 0-+,8;)-+,8 ):% ()7-+2 & 46) '96:)( &%'/ 7944368 ' 03'/-2+ '%1 746)%()6 &%6

% ,-+, &%'/ & 03'/-2+ '%1 786%4 ' 46) '96:)( 746)%()6 &%6

7836= )ZIV]SRI PSZIW PMKLX[IMKLX ERH IEW] XS YWI 8LI 7SPS LEVRIWW MW NYWX XLEX 3YV MHIE [EW XS IPMQMREXI YRRIGIWWEV] QEXIVMEP ERH SZIV FYMPX MHIEW XS EGLMIZI E LMKL TIVJSVQERGI LEVRIWW [MXL E [IMKLX WEZMRK EHZERXEKI 8LI 7SPS TEGOW MR YRMUYI GSRWXVYGXMSR QIXLSHW XLEX IRLERGI GSQJSVX JSV EPP HE] VMHMRK IPMQMREXMRK GLEJI ERH PMQMXMRK WTVIEHIV FEV PMJX

7836= 8LI 7YTVIQI LEVRIWW HIPMZIVW WYTVIQI JMX GSQJSVX ERH WYTTSVX 3JJIVMRK E JYPP SYXPMRI ERH LMKLIV FEGO XLMW LEVRIWW HIPMZIVW MRGVIEWIH WYTTSVX EW [IPP EW HYEP WEJIX] PIEWL VIPIEWIW XLI I\GPYWMZI 0MUYMH *SVGI 0SGOMRK 'EQ 7XVET ERH EPP SJ XLI TVIQMYQ JIEXYVIW JSYRH MR XLI RI[ 0MUYMH *SVGI LEVRIWWIW

%:%-0%&0) 7->)7 < 71%00 71%00 1)(-91 0%6+) < 0%6+)

'30367

,EVRIWWIW4VMQI

,EVRIWWIW'VY^IV

8,) 03; '98 46-1) ,%62)77 -7 73 '31*368%&0) 8,%8 =39 1-+,8 *))0 % &-8 2%/)( ;)%6 -2+ -8

-()%0 *36 %2= 6-()6 033/-2+ *36 8,) 908-1%8) 7944368 3* % 7)%8 ,%62)77 8,) '69>)6 *)%896)7 % 92-59) ,-+, &%'/ ()7-+2

% 03; '98 & 8,)613*361)( ):% &%'/ ' 79440) *-8

% ,-+, &%'/ ()7-+2 & '31*= 0)+ 03347 ' )%7= %(.9781)28

7836= 8LI PS[ GYX 4VMQI LEVRIWW MW WS GSQJSVXEFPI XLEX ]SY QMKLX JIIP E FMX REOIH [IEVMRK MX 3JJIVMRK WYTTPI XMKLX JMXXMRK JPI\MFPI ERH WYTTSVXMZI TIVJSVQERGI XLI 4VMQI HIPMZIVW WYTIVMSV JMX ERH JYRGXMSR EW [IPP EW HYEP WEJIX] PIEWL VIPIEWIW XLI I\GPYWMZI 0MUYMH *SVGI 0SGOMRK 'EQ 7XVET ERH EPP SJ XLI TVIQMYQ JIEXYVIW JSYRH MR XLI RI[ 0MUYMH *SVGI LEVRIWWIW %:%-0%&0) 7->)7 71%00 1)(-91 0%6+) < 0%6+)

'30367

7836= -HIEP JSV ER] VMHIV PSSOMRK JSV XLI YPXMQEXI WYTTSVX SJ E WIEX LEVRIWW XLI 'VY^IV JIEXYVIW E YRMUYI LMKL FEGO HIWMKR 8LMW FSQFIV LEVRIWW HIPMZIVW E PS[ TYPP ZMXEP PIZIVEKI ERH ER IJJMGMIRX JIIP QEOMRK MX E XST GLSMGI JSV WGLSSPW ERH JVIIVMHIVW %:%-0%&0) 7->)7 71%00 1)(-91 0%6+) < 0%6+)

:IWXW7YTVIQI

:IWXW4VSJMPI

*900= 6):)67-&0) 8,) 7946)1) -14%'8 :)78 *)%896)7 % 13()6%8) *3%1 *-00-2+ *36 -14%'8 4638)'8-32 %2( '32*-()2') &9-0(-2+ *038%8-32

3**)6-2+ 8,) 908-1%8) -2 -14%'8 4638)'8-32 %2( *038%8-32 8,) 0-59-( *36') 463*-0) :)78 ()0-:)67 136) &93=%2'= 8,%2 %2= 38,)6 /-8) -14%'8 :)78 32 8,) 1%6/)8

% )6+3231-' *03%8 & )%7= )286= ' 6):)67-&0)

% 7%*)8= 4%'/)( & ,-+, *038%8-32 ' )<86)1) :-7-&-0-8=

7836= *YPP] VIZIVWMFPI XLI 7YTVIQI -QTEGX :IWX JIEXYVIW E QSHIVEXI JSEQ JMPPMRK JSV MQTEGX TVSXIGXMSR ERH GSRJMHIRGI FYMPHMRK JPSXEXMSR )\XVIQIP] JYRGXMSREP XLMW ZIWX MRXIKVEXIW WIEQPIWWP] [MXL E [EWXI SV WIEX LEVRIWW ERH MXW PS[ TVSJMPI JMX SJJIVW GSQJSVXEFPI YRVIWXVMGXIH QSFMPMX] %R IVKSRSQMGEPP] GYVZIH ^MT TIV EPPS[W JSV IEW] SRI LERHIH IRXV] ERH I\MX [LMPI XLI KVMT WXVMTW IRWYVI E RS WPMT LEVRIWW JMX

7836= 3JJIVMRK XLI YPXMQEXI MR MQTEGX TVSXIGXMSR ERH JPSXEXMSR XLI 0MUYMH *SVGI 4VSJMPI :IWX HIPMZIVW QSVI FYS]ERG] XLER ER] SXLIV OMXI MQTEGX ZIWX SR XLI QEVOIX -RWTMVMRK SJJ WLSVI WIGYVMX] XLI 4VSJMPI MRXIKVEXIW WIEQPIWWP] [MXL E [EWXI SV WIEX LEVRIWW *IEXYVMRK E HSYFPI XVEGO ^MTTIV WLSYPHIV EHNYWXQIRX ERH TS[IV FERH GPSWYVI JSV QYPXMTPI WM^I STXMSRW XLMW JYRGXMSREP ZIWX EPWS GSQIW [MXL E LSSO ORMJI ERH IQIVKIRG] [LMWXPI JSV VMHIV WEJIX] SV OMXI WGLSSP YWI

%:%-0%&0) 7->)7 71%00 1)(-91 0%6+) < 0%6+)

%:%-0%&0) 7->)7 7QEPP 1IHMYQ 0EVKI <0EVKI

'30367

4LSXS:MRGIRX&IVKIVSR 6MHIV7IRWM+VEZIW

0*/&EKW ;,)6):)6 =39 ;%28 83 +3 0* ,%7 =39 '3:)6)(

;360( 796* 86%:)0)6 0MUYMH *SVGIÂ´W FMKKIWX XVEZIP FEK XLI ;SVPH 7YVJ 8VEZIPIV GER XEOI X[S OMXI WYVJ FSEVHW XLVII OMXIW ERH QSVI ,IEZ] HYX] LERHPIW ERH [LIIPW EW [IPP EW WITEVEXI FSEVH TEHW XS TVSXIGX IEGL WXMGO ]SYÂ´VI XLVS[MRK MR XLI WEGO 7->) 0IRKXL GQ ;MHXL GQ ,IMKLX GQ

*)%896)7

'3**-2 &%+ 0MUYMH *SVGIÂ´W FMKKIWX XVEZIP FEK XLI ;SVPH 7YVJ 8VEZIPIV GER XEOI X[S OMXI WYVJ FSEVHW XLVII OMXIW ERH QSVI ,IEZ] HYX] LERHPIW ERH [LIIPW EW [IPP EW WITEVEXI FSEVH TEHW XS TVSXIGX IEGL WXMGO ]SYÂ´VI XLVS[MRK MR XLI WEGO

+30* &%+ Â±7II# -XÂ´W E KSPJ FEK 8LEXÂ´W [L] MX WE]W Â±KSPJÂ² SR MX Â² 3/ TVEGXMGI [MXL YW 7E] XLEX PMRI XIR XMQIW MR E VS[ 2S WE] MX PMOI ]SY VIEPP] FIPMIZI MX ;LMPI [I GERÂ´X EFWSPYXIP] KYEVERXII XLI 0* +SPJ &EK [MPP QEOI EMVTSVX JIIW KS E[E] MX [SRÂ´X QEOI XLIQ LMKLIV ,IEZ] HYX] LERHPIW ERH [LIIPW

(9**)0 &%+ &IGEYWI WSQIXMQIW ]SYÂ´ZI KSX XS XEOI IZIV]XLMRK ]SYÂ´ZI KSX ERH NYWX GLYGO MX MR 8LI 0MUYMH *SVGI (YJJIP FEK PIXW ]SY HS NYWX XLEX 4EGO JSV E [IIOIRH KIXE[E] [MXL IEWI YWMRK XLI 0MUYMH *SVGI HYJJIP

3:)6,)%( (9**)0 &YMPX XS JMX TIVJIGXP] MRXS SZIVLIEH TPERI GSQTEVX QIRXW JSV XLSWI WLSVX XVMTW XS I\SXMG OMXI HIWXMREXMSRW *IEXYVIW XLI 4:' REQIXEK LSPHIV ERH VSPP EPSRK [LIIPW (SRÂ´X JSVKIX XS TEGO ]SYV XSSXLFVYWL Â¯ SV ]SYV TEWWTSVX

&%'/4%'/ /IIT GSRRIGXIH [MXL XLI PETXST VIEH] 0MUYMH *SVGI FEGOTEGO %RH JSV [LIR XLI WIWL MW SZIV ERH XLIVIÂ´W RS [SVO XS HS XLI 0* FEGOTEGO LEW ER MRWYPEXIH GSSPIV =SY ORS[ Â¯ JSV ]SYV WSHEW ERH NYMGI FS\IW 3V [LEXIZIV SXLIV FIZIVEKIW VIUYMVIH JSV ]SYV TSWX WIWWMSR IRNS]QIRX

',%2+-2+ 4%( /IIT ]SYVWIPJ ]SYV [IXWYMX ERH ]SYV ZILMGPI EW GPIER EW E [LMWXPI [MXL XLI 0* 'LERKMRK TEH 1EOIW ER] FIEGL SV TEVOMRK PSX E [E] FIXXIV TPEGI XS VMK E OMXI +YEVER XIIH 4EGOW MRXS E GSRZIRMIRX IEW] XS WXEWL FEK

7->) 0IRKXL GQ ;MHXL GQ ,IMKLX GQ

7->)

GQ ;MHXL GQ ,IMKLX GQ

7->) 0IRKXL GQ ;MHXL GQ ,IMKLX GQ :SPYQI PMXVIW

7->) ;MHXL GQ

(V]&EKW(S[R[MRHIV

&IEGLIV

(YJJPI

8%/) ;,%8 =39 2))(

&6-2+ -8 %00 %2( (32Â´8 ;366=

0-+,8;)-+,8 ;%8)64633* (9**0) 83 ,%90 %00 =396 )77)28-%07

% 7QEPP GSQTEGX ERH PMKLX[IMKLX & ,]HVEXMSR FPEHHIV MRGPYHIH ' ;%8)64633*

% )6+3231-' 7,390()6 786%47 & 1)(-91 7->) ' ;%8)64633*

% )%7= -27-() %'')77 & 0%6+) 7->) ' ;%8)64633*

7836= ,EZI ]SY IZIV XLSYKLX SR E PSRK HS[R [MRHIV EFSYX LEZMRK E WREGO SV WSQI [EXIV# ;LEX EFSYX MJ ]SY IRH YT LEPJ [E] WXVERHIH ;MWL ]SY LEH ]SYV TLSRI# 1E]FI E GSYTPI SJ FYGOW JSV E GEF SV E GSPH FIIV EX XLI IRH SJ ]SYV HS[R [MRH WIWWMSR =SYV VIUYIWX LEW FIIR ERW[IVIH [MXL XLI (S[R ;MRHIV &EGOTEGO *YPP] [EXIVTVSSJ ERH IUYMTTIH [MXL L]HVEXMSR

7836= (IWMKRIH JSV ER]XLMRK ]SY GER XLVS[ EX MX 8LI &IEGLIV FEGOTEGOW [EXIVTVSSJ QEXIVMEP ERH GPSWYVI [MPP KMZI ]SY XLI WIGYVMX] XLEX ]SY RIIH JSV ]SYV RSR [EXIVTVSSJ MXIQW

7836= % HYJJPI [MXL E TYVTSWI 8LI (YJJPI MW E XVEZIPIVW HVIEQ 0MKLX[IMKLX JSV XLSWI TIWO] WGEPIW EX XLI EMVTSVX GLIGO MR 0EVKI IRSYKL XS GEVV] EPP ]SYV IWWIRXMEPW ERH [EXIVTVSSJ [LIR XLI FEKKEKI LERHPIVW PIEZI MX SR XLI XEVQEG MR XLI VEMR

7->) (ITXL GQ ;MHXL GQ ,IMKLX GQGQ

7->) (ITXL GQ ;MHXL GQ ,IMKLX GQ

7->) 0IRKXL GQ ;MHXL GQ ,IMKLX GQ

0*/434 4VSQS 0-59-( *36') -7 ,)6) 83 ,)04 =39 1%/) =396 7,34 7',330 36 &)%', 033/ %1%>-2+

SULQW

8,)6131)8)6

&-2(-2+ 7,)0* &0%'/

0* *0336 1%87

32) 1)8)6 430) *0%+

,)01)8 *-<896)

;,-4 *0%+

0* ;-2(73'/

² (-)'98 ;,-8) ² (-)'98 &0%'/

0* '%2 '33>=

78%6 8)28

4LSXS0YOEW4VYHO] 6MHIV'LVMWXSTLI8EGO

4LSXS:MRGIRX&IVKIVSR