NZBA Newsletter March 2008

Page 1

5L^ZSL[[LY 1EVGL

3P[PNH[PVU PU JYPZPZ · ^OH[ JYPZPZ& *VUMLYLUJL OLHYZ Z[YVUN JYP[PJPZT VM Z`Z[LT

7

XVSRK GVMXMGMWQW SJ XLI GYVVIRX GMZMP PMXMKEXMSR W]WXIQ [IVI QEHI EX E GSRJIVIRGI SVKERMWIH F] XLI 2I[ >IEPERH &EV %WWSGMEXMSR ERH XLI 0IKEP 6IWIEVGL *SYRHEXMSR 8LI HE] PSRK GSRJIVIRGI [EW XMXPIH 0MXMKEXMSR MR 'VMWMW ¯ ;LEX 'VMWMW ERH [EW JYPP] WYFWGVMFIH .YHKIW JVSQ XLI 2I[ >IEPERH ,MKL 'SYVX ERH 'SYVX SJ %TTIEP 5YIIR´W 'SYRWIP TVEGXMXMSRIVW GSRWYQIVW ERH MRXIVREXMSREP WTIEOIVW HIPMZIVIH E VERKI SJ TETIVW I\TVIWWMRK GSRGIVR EFSYX

0U [OPZ PZZ\L 3P[PNH[PVU JYPZPZ&

W

4LU[VYPUN WYVNYHTTL

W

*VTTLYJPHS SH^ JVKL

W

6[OLY ]PL^Z

W

)HY *OH[

W

)VVR YL]PL^

W

(WWLSSH[L JV\Y[Z

W

.YHU[Z MVY WYVNYHTTL

W

0U[»UH[PVUHS JVUMLYLUJLZ W *V\UJPS TPU\[LZ

W

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½HIRGI XLEX XLI W]WXIQ [SYPH GLERKI WYFWXERXMEPP] -J MX HMH RSX XLIVI [EW YRPMOIP] XS FI QYGL GMZMP PMXMKEXMSR MR JYXYVI 5YIIR´W 'SYRWIP 6SFIVX *MWLIV HMWGYWWIH XLI GVMXMGMWQW QEHI SJ XLI GMZMP PMXMKEXMSR W]WXIQ ,I WEMH XLEX MX [EW EVKYIH XLEX XLI ±WERH[MGL GPEWW² FIX[IIR XLI [IEPXL] ERH XLI PIKEPP] EMHIH [EW YRPMOIP] XS EJJSVH ER]XLMRK FYX XLI WLSVXIWX ERH WMQTPIWX GMZMP PMXMKEXMSR 2I[ >IEPERH´W GSYVX W]WXIQ ETTIEVIH XS FI HSMRK PIWW [SVO ERH HSMRK MX PIWW IJ½GMIRXP] 1SVISZIV TIVQMXXMRK RSR

PE[]IV WLEVILSPHIVW SJ PIKEP ½VQW [SYPH I\EGIVFEXI XLI QIVGERXMPMWEXMSR SJ XLI PIKEP TVSJIWWMSR ,S[IZIV LI WEMH XLEX RSX EPP SJ XLIWI GVMXMGMWQW WIIQIH XS FI NYWXM½IH EW ER MRGVIEWMRKP] GSQTPI\ WSGMIX] [EW TPEGMRK I\XVE HIQERHW SR XLI W]WXIQ 1V *MWLIV MHIRXM½IH XLI LIEVX SJ XLI TVSFPIQ EW FIMRK E PEGO SJ TVSTSVXMSREXIP] MR XLI GSWX SJ XLI O 'SRX SR T

;OL 5L^ ALHSHUK )HY (ZZVJPH[PVU ^PSS JLSLIYH[L P[Z [O HUUP]LYZHY` VU -YPKH` 1\S` ;OL *V\UJPS PZ WSHUUPUN H ZWLJPHS L]LU[ [V THYR [OL VJJHZPVU 4VYL KL[HPSZ ^PSS IL JVTT\UPJH[LK [V TLTILYZ

7O! -H_! 7 6 )V_ (\JRSHUK ,THPS! UaIHY'UaIHY VYN Ua 5 A )HY (ZZVJPH[PVU 5L^ZSL[[LY :LW[LTILY 7HNL


*VU[PU\LK MYVT WHNL

3P[PNH[PVU PU JYPZPZ · ^OH[ JYPZPZ& W]WXIQ ,I WEMH XLEX MX QMKLX FI EGGITXEFPI XS WTIRH XS VIGSZIV QMPPMSR FYX XS TE] XLI WEQI EQSYRX XS VYR E GPEMQ JSV [SYPH GIVXEMRP] FI YREGGITXEFPI IZIR XLSYKL XLI WEQI TVSJIWWMSREP XMQI QMKLX FI VIUYMVIH 8LI GYVVIRX W]WXIQ LI WEMH [EW JSVGMRK GPMIRXW XS HVMZI 6SPPW 6S]GIW [LIR [LEX XLI] QMKLX VIUYMVI [EW E FMG]GPI XS KS XS XLI HEMV] ,I VINIGXIH XLI MHIE SJ W[MXGLMRK XS ER MRUYMWMXSVMEP TVSGIWW WYKKIWXMRK XLEX XLI FIWX STXMSR [SYPH FI XS YWI XLI FIWX JIEXYVIW SJ IEGL W]WXIQ

,

MKL 'SYVX NYHKI .YWXMGI .SLR ,ERWIR WEMH XLEX XLI SZIVEPP QEREKIQIRX SJ GSYVXW [EW QSVI IJ½GMIRX [MXL XLMW YRHSYFXIHP] FIMRK EWWMWXIH F] XLI QSVI EGXMZI VSPI EHSTXIH F] NYHKIW MR XLI TEWX HIGEHI ,S[IZIV GEWI QEREKIQIRX VIPMIH SR XLI WOMPP SJ XLI NYHMGMEP SJ½GIV MRZSPZIH ERH MX [EW GPIEV XLEX WYGL MRXIVZIRXMSRW LEH VIHYGIH RIMXLIV HIPE] RSV GSWXW MR XLI W]WXIQ 4EVXMIW WIIOMRK E ½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½RI XYRMRK XLI W]WXIQ FYX LI FIPMIZIH XLEX MX [EW MRGVIEWMRKP] SYX SJ XSYGL [MXL XLI GSQQYRMX] MX WSYKLX XS WIVZI 8LIVI [EW MRGVIEWMRKP] PIWW VIWTIGX JSV XLI GSYVXW EW TISTPI GSYPH RSX VIWTIGX E W]WXIQ [LMGL XLI] GSYPH RSX EGGIWW .YWXMGI ,ERWIR WEMH XLEX XLI GMZMP PMXMKEXMSR W]WXIQ [EW JEMV FYX MX [EW RSX XMQIP] ERH MXW QSWX JYRHEQIRXEP TVSFPIQ [EW MXW GSWX

.YWXMGI ,ERWIR WEMH XLEX MJ XLI W]WXIQ GSRXMRYIH EW EX TVIWIRX ERH QEHI RS MRXIVREP IJJSVX EX VIJSVQ IZIRXYEPP] E KSZIVRQIRX [SYPH PIKMWPEXI JSV XLI I\IGYXMSR SJ XLI KSPHIR KSSWI ,I WEMH XLEX MX [EW EVVSKERX XS EWWIVX XLEX XLI )YVSTIER GMZMP PE[ W]WXIQ [EW MRJIVMSV 8LI XMQI LEH GSQI XS WIX EWMHI ZIWXIH MRXIVIWXW ERH HIFEXI [LIXLIV WSQI SXLIV W]WXIQ GSYPH FVMRK MQTVSZIQIRXW 'SYVX SJ %TTIEP NYHKI .YWXMGI 6SFIVX 'LEQFIVW HIWGVMFIH XEPO SJ E GVMWMW EW ±SZIVFPS[R VLIXSVMG ² ±8LIVI MW RS GVMWMW 3J GSYVWI XLI TVIWIRX W]WXIQ GER FI MQTVSZIH FYX JYRHEQIRXEPP] XLI PIKEP W]WXIQ MR 2I[ >IEPERH GSRXMRYIW XS TVSZMHI E JEMV ERH XMQIP] QIERW SJ VIWSPZMRK GMZMP HMWTYXIW ERH IREFPMRK XLI ZMGXSV XS IRJSVGI ER] NYHKQIRX YPXMQEXIP] SFXEMRIH ² .YWXMGI 'LEQFIVW HMWGYWWIH XLI GEWI QEREKIQIRX W]WXIQ MR HIXEMP WE]MRK XLEX MX LEH EWWMWXIH MR MQTVSZMRK TVSGIWWIW ,I WEMH XLEX XLI JSGYW SJ XLI WIQMREV [EW SR ,MKL 'SYVX GMZMP PMXMKEXMSR ,S[IZIV XLI FYPO SJ GMZMP PMXMKEXMSR ¯ QSVI XLER GEWIW E ]IEV ¯ XSSO TPEGI MR XLI (MWXVMGX 'SYVX -X [EW XLEX GSYVX´W TVSGIWWIW [LMGL [IVI YRHIV QSWX WXVEMR ERH [LMGL VIUYMVIH VEHMGEP GLERKI .YWXMGI 'LEQFIVW MHIRXM½IH XLI PEGO SJ TVSTSVXMSREPMX] EW XLI HVMZIV FILMRH XLI GLERKIW VIUYMVIH MR XLI (MWXVMGX 'SYVX

'

LETQER 8VMTT TEVXRIV .EGO ,SHHIV EHSTXIH E VEHMGEPP] HMJJIVIRX ZMI[ WE]MRK XLEX MJ XLI GMZMP PMXMKEXMSR W]WXIQ [EW HIWGVMFIH XS TISTPI RSX MRZSPZIH MR MX XLI] [SYPH WE] XLEX MX [EW ±WIVMSYWP] WXYJJIH ² ,I SFWIVZIH XLEX XLI] [SYPH FI VMKLX UYIV]MRK [LIXLIV XLSWI MR XLI EYHMIRGI [SYPH IRGSYVEKI XLIMV JVMIRHW SV JEQMPMIW XS FIGSQI MRZSPZIH [MXL XLI PIKEP W]WXIQ ,I WEMH XLEX XLI GYVVIRX W]WXIQ SJ GMZMP TVSGIHYVI LEH PEVKIP]

PSWX GSQQIVGMEP ERH TVEGXMGEP GVIHMFMPMX] E VI¾IGXMSR SR XLI PIZIPW SJ GSWX HIPE] ERH YRGIVXEMRX] MRZSPZIH MR XLI W]WXIQ 1V ,SHHIV WEMH XLEX E WMKRM½GERX WLEVI SJ XLI JEMPMRKW MR XLI W]WXIQ GSYPH FI EXXVMFYXIH XS I\TERWMZI ETTIPPEXI O 'SRX SR T

1= %DU $VVRFLDWLRQ 2IILFLDO 1HZVOHWWHU (',725 &DWULRQD 0DF/HQQDQ 7HOHSKRQH (PDLO FDWPDF#FOHDU QHW Q] /$<287 '(6,*1 *UDKDP :HDU 7HOHSKRQH (PDLO ZHDUV#FOHDU QHW Q] -RKQ 6ODQH 7HOHSKRQH (PDLO M VODQH#[WUD FR Q] (',725,$/ &200,77(( 0LULDP 'HDQ 4& &RQYHQHU 7HOHSKRQH (PDLO PLULDP#EDUULVWV FR Q] 0DULDQ +LQGH 7HOHSKRQH )D[

-RGL /LEEH\ 7HOHSKRQH (PDLO M OLEEH\#[WUD FR Q] 6WHSKHQ .yV 7HOHSKRQH (PDLO MVN# MRKQVWRQ FR Q] 0RQLTXH 3HDUVRQ 7HOHSKRQH (PDLO Q]EDU#Q]EDU RUJ Q]

5 A )HY (ZZVJPH[PVU 5L^ZSL[[LY 4HYJO 7HNL


)HY KPUULY OLSK VU -LIY\HY` H[ [OL 5VY[OLYU *S\I PU JLSLIYH[PVU VM [OL HKTPZZPVU [V [OL 0UULY )HY VM 4H[[OL^ *HZL` :[LWOLU 4PSSZ +LIVYHO /VSSPUNZ *OYPZ[VWOLY .\KZLSS HUK :\ZHU /\NOLZ

*VU[PU\LK MYVT WHNL

3P[PNH[PVU PU JYPZPZ · ^OH[ JYPZPZ& HIGMWMSRW ERH E PEGO SJ PIKMWPEXMZI EGXMSR 1EVOIH GLERKIW [IVI VIUYMVIH XS GYVF HMWGSZIV] MHIRXMJ] JEGXYEP ERH PIKEP MWWYIW IEVP] ERH FVMRK IEVPMIV NYHMGMEP EXXIRXMSR XS XLI QIVMXW SJ GEWIW ,I GVMXMGMWIH PIRKXL] HMWGSZIV] TVSGIWWIW [LMGL LI WEMH VIWYPXIH MR ]SYRK PE[]IVW JVSQ PEVKI ½VQW PIEZMRK XLI TVSJIWWMSR ERH EHSTXMRK EPXIVREXMZI GEVIIVW ,I WEMH MX [EW I\XVIQIP] HMJ½GYPX JSV ]SYRK PE[]IVW XS SFXEMR EHZSGEG] I\TIVMIRGI EW XLIVI [IVI JI[ WQEPP GEWIW MR [LMGL XLI] GSYPH ETTIEV 1V ,SHHIV GEPPIH JSV YVKIRX EQIRHQIRXW XS XLI ,MKL 'SYVX 6YPIW MRGPYHMRK E WXVSRK TVIWYQTXMSR EKEMRWX I\XIRWMZI HMWGSZIV] PMQMXIH TVI GSQQIRGIQIRX TVSGIHYVIW ERH E QSHIVEXI TVIWYQTXMSR EKEMRWX GVSWW I\EQMREXMSR 5YIIR´W 'SYRWIP .MQ *EVQIV WEMH

XLEX HIWGVMFMRK GMZMP PMXMKEXMSR EW FIMRK MR GVMWMW [EW TVSFEFP] ER SZIV HVEQEXMG ERH I\EKKIVEXIH EWWIWWQIRX 9PXMQEXIP] XLI WXVIRKXLW SJ XLI NYHMGMEP W]WXIQ [IVI WXMPP XLIVI MRGPYHMRK ER MRHITIRHIRX NYHMGMEV] E VIWTIGX JSV XLI VYPI SJ PE[

0TWYV]LTLU[ WVZZPISL I\[ º;OLYL PZ UV JYPZPZ» · 1\Z[PJL 9VILY[ *OHTILYZ

ERH E PEGO SJ GSVVYTXMSR MR XLI W]WXIQ ,S[IZIV GMZMP PMXMKEXMSR MR 2I[ >IEPERH [EW RSX FIMRK GSRHYGXIH IJ½GMIRXP] ERH EX E VIEWSREFPI GSWX ±8LI [SVV] MW XLEX F] ZMVXYI SJ XLI GSWX HIPE] ERH MRIJ½GMIRG] SJ XLI W]WXIQ

XLI GSYVXW [MPP FIGSQI PIWW ERH PIWW VIPIZERX XS XLI VIWSPYXMSR SJ GMZMP GEWIW ¯ ETEVX JVSQ XLSWI [LIVI E GLEPPIRKI XS E VIKYPEXSV´W HIGMWMSRW SV GSRHYGX SV XLI IRJSVGIQIRX SJ VIKYPEXMSR PIEZIW RS STXMSR FYX XS MRZSOI XLI VIQIHMIW XLEX XLI GSYVXW TVSZMHI 8LI GSWXW SJ PMXMKEXMSR XLI IZIV MRGVIEWMRK TVIWGVMTXMZI REXYVI SJ GSYVX TVSGIWWIW ERH XLI XMQI XEOIR XS LEZI PMXMKEXMSR HMWTSWIH SJ EVI PMOI E GERGIV WPS[P] FYX WYVIP] YRHIVQMRMRK XLI JYRHEQIRXEP WXVIRKXLW SJ XLI W]WXIQ ² (V *EVQIV WIX SYX E ½ZI TSMRX TPER JSV GLERKI MRGPYHMRK WSQI NYHMGMEP WTIGMEPMWEXMSR JYVXLIV VIZMI[ SJ XLI EHQMRMWXVEXMSR SJ XLI GSYVXW ERH [LSPIWEPI WMQTPM½GEXMSR SJ XLI VYPIW ,I [EVRIH XLEX MJ WYGL GLERKIW HMH RSX SGGYV XLIVI [SYPH FI E GEPP JSV NYHKIW XS I\IVGMWI JYPP MRUYMWMXSVMEP QIXLSHW SJ HIGMWMSR QEOMRK Q

5 A )HY (ZZVJPH[PVU 5L^ZSL[[LY 4HYJO 7HNL


4LU[VYPUN WYVNYHTTL SH\UJOLK 8

LI 'SYRGMP MW TPIEWIH XS ERRSYRGI XLI PEYRGL SJ XLI %WWSGMEXMSR´W RI[ 1IRXSVMRK 4VSKVEQQI 8LI TVSKVEQQI MW EZEMPEFPI XS QIQFIVW SJ XLI 2>&% ERH EMQW XS TVSZMHI E QIERW JSV PIWW I\TIVMIRGIH TVEGXMXMSRIVW ERH QIQFIVW [LS EVI RI[ XS XLI MRHITIRHIRX FEV ERH SV XS XLI 2>&% [MXL ER STTSVXYRMX] XS VIGIMZI ZEPYEFPI WYTTSVX ERH KYMHERGI MR XLIMV TVSJIWWMSREP HIZIPSTQIRX JVSQ E WIRMSV QIQFIV SJ XLI %WWSGMEXMSR

-X MW IQTLEWMWIH XLEX XLI 1IRXSVMRK 4VSKVEQQI MW ER MRJSVQEP EVVERKIQIRX XLEX MW QEHI FIX[IIR E QIRXSV ERH QIRXII 8LI 'SYRGMP MW GSRWGMSYW XLEX XLIVI EVI JEV XSS QER] ZEVMEFPIW XS GSRWMHIV E ±SRI WM^I ½XW EPP² ETTVSEGL *SV XLEX VIEWSR XLI EMQ SJ XLI TVSKVEQQI MW XS FI ¾I\MFPI MR E [E] XLEX EPPS[W E QIRXII XS HIZIPST EX E

5DSLG 6FULEH \RXU DQVZHU WR DOO \RXU RXWVRXUFLQJ QHHGV 5DSLG 6FULEH LV D WUDQVFULSWLRQ VHUYLFH FRPSDQ\ ZKLFK WUDQVFULEHV DOO W\SHV RI GRFXPHQWV WR VXLW HDFK LQGLYLGXDO QHHG LQ D SURIHVVLRQDO DQG FRQ¿GHQWLDO PDQQHU 2XWVRXUFLQJ \RXU ZRUG SURFHVVLQJ KDV QHYHU EHHQ HDVLHU DQG PRUH FRVW HIIHFWLYH :LWK RYHU \HDUV OHJDO VHFUHWDULDO H[SHULHQFH SUHGRPLQDQWO\ ZRUNLQJ ZLWK EDUULVWHUV LQFOXGLQJ VHQLRU FRXQVHO \RX ZRQ¶W EH GLVDSSRLQWHG E\ WKH TXDOLW\ RI ZRUN

-X MW MQTSVXERX XS RSXI XLEX XLI TVSKVEQQI MW RSX E WYFWXMXYXI JSV GSRXMRYMRK PIKEP IHYGEXMSR SV MRXIRHIH EW E NYRMSVMRK WGLIQI 2SV MW MX E ±JVMIRHW TERIP² )WWIRXMEPP] XLI QIRXSV MW WSQISRI [LS GER TVSZMHI E LIPTJYP ±WSYRHMRK FSEVH² JSV XLI QIRXII MR EHZERGMRK LMW LIV TVSJIWWMSREP HIZIPSTQIRX

XLI 'SYRGMP XS FI EFPI XS TVSZMHI E PMWX SJ QIRXSVW XS MRXIVIWXIH QIRXIIW -RXIVIWXIH QIRXSVW EVI XLIVIJSVI EWOIH XS GSRXEGX XLI I\IGYXMZI HMVIGXSV F] %TVMP 8LI I\IGYXMZI HMVIGXSV [MPP XLIR PMWX EZEMPEFPI QIRXSVW SR XLI %WWSGMEXMSR´W [IFWMXI %W EX XLEX HEXI MRXIVIWXIH QIRXIIW GER XLIR ZMWMX XLI [IFWMXI ERH ZMI[ E TVS½PI JSV IEGL QIRXSV ERH GSQTPIXI XLIMV ETTPMGEXMSR JSVQ

1IRXIIW

1IRXSVW 8LI 'SYRGMP IRGSYVEKIW WIRMSV QIQFIVW SJ XLI FEV XS FI TVITEVIH XS QIRXSV XLI QSVI NYRMSV QIQFIVW SJ XLIMV TVSJIWWMSR 1IQFIVW QYWX FI MRXIVIWXIH MR FIMRK E QIRXSV ERH IRXLYWMEWXMG EFSYX XLI TVSKVEQQI ERH FI TVITEVIH XS GSQQMX WSQI ZEPYEFPI XMQI ERH IRIVK] XS XLI QIRXII 1IRXSVW [MPP FI VIUYMVIH XS TVSZMHI XLI I\IGYXMZI HMVIGXSV [MXL ER YT XS HEXI WLSVX TVS½PI % PMWX SJ QIRXSVW [MPP FI HMWTPE]IH SR XLI %WWSGMEXMSR´W [IFWMXI [[[ R^FEV SVK R^ ERH TVSWTIGXMZI QIRXIIW [MPP FI MRZMXIH XS ZMWMX XLI [IFWMXI ERH ZMI[ E TVS½PI JSV IEGL QIRXSV &IJSVI XLI TVSKVEQQI GER FI MQTPIQIRXIH MX MW SFZMSYWP] GVMXMGEP JSV

1IRXIIW EVI VIUYMVIH XS QEOI E [VMXXIR ETTPMGEXMSR MRHMGEXMRK XLI VIEWSR JSV VIUYIWXMRK TEVXMGYPEV QIRXSV W TVSZMHMRK E GST] SJ XLIMV VqWYQq ERH WTIGMJ]MRK [LEX MX MW XLI] LSTI XS EGLMIZI JVSQ XLI QIRXSVMRK VIPEXMSRWLMT 8LI I\IGYXMZI HMVIGXSV [MPP XLIR GSRWYPX [MXL XLI MHIRXM½IH QIRXSVW ERH EHZMWI XLI QIRXII [LS [MPP FI XLIMV QIRXSV -X MW YT XS XLI TSXIRXMEP QIRXSV W LS[IZIV XS HIGMHI [LIXLIV XS EGGITX ER] VIUYIWX QEHI XS XLIQ XS EGX EW E QIRXSV JSV E TEVXMGYPEV QIRXII 1SVI HIXEMPW EFSYX XLI TVSKVEQQI GER FI SFXEMRIH JVSQ XLI I\IGYXMZI HMVIGXSV 1MVMEQ 6 (IER 5' 'SRZIRSV 1IRXSVMRK 'SQQMXXII

EGD;>A:

&RQWDFW 1LFROH RU HPDLO QLFROH#UDSLGVFULEH FRP DX RU YLVLW RXU ZHEVLWH ZZZ UDSLGVFULEH FRP DX

GSQJSVXEFPI TEGI

8DGEDG6I: G:6A :HI6I:

;OL )H`SL`Z *VYWVYH[L 9LHS ,Z[H[L ;LHT OHZ L_[LUZP]L JVYWVYH[L SLHZPUN ZHSLZ HUK WYVWLY[` JVUZ\S[HUJ` L_WLYPLUJL ;OPZ JVTIPUH[PVU VM L_WLYPLUJL HSSV^Z \Z [V HWWS` IV[O H KPYLJ[ THYRL[PUN HUK MHJPSP[H[P]L HWWYVHJO [V PKLU[PM`PUN [OL PZZ\LZ HUK WYV]PKPUN H THYRL[ KYP]LU ZVS\[PVU -VY HSS `V\Y WYVWLY[` ULLKZ WSLHZL JVU[HJ[ *OYPZ <YY` *VTTLYJPHS 3LHZPUN 4HUHNLY

)H`SL`Z 9LHS ,Z[H[L

( TLTILY VM )H`SL`Z 9LHS[` .YV\W

5 A )HY (ZZVJPH[PVU 5L^ZSL[[LY 4HYJO 7HNL


*VTTLYJPHS SH^ PU 5L^ ALHSHUK

;PTL [V JVUZPKLY JVKPÄJH[PVU& 2

I[ >IEPERH WLSYPH GSRWMHIV GSHMJ]MRK MXW GSQQIVGMEP PE[ MR XERHIQ IMXLIV [MXL %YWXVEPME SV F] EHSTXMRK XLI 9RMXIH 7XEXIW 9RMJSVQ 'SQQIVGMEP 'SHI 9RMZIVWMX] SJ ;EMOEXS 7GLSSP SJ 0E[ (IER 4VSJIWWSV .SLR *EVVEV WEMH 4VSJIWWSV *EVVEV WEMH XLEX YRHIVXEOMRK E GSHM½GEXMSR SJ XLI [LSPI SJ GSRXVEGX PE[ [EW ER IPEFSVEXI I\IVGMWI [LMGL QYWX FI PSSOIH EX JVSQ E GSWX FIRI½X TSMRX SJ ZMI[ ±)ZIR QSVI WS E GSHM½GEXMSR SJ XLI [LSPI SJ GSQQIVGMEP PE[ 2I[ >IEPERH EHSTXIH E XIGLRMUYI SJ TEVXMEP GSHM½GEXMSR SJ XLI PE[ SJ GSRXVEGX [LMGL LEW LEH QM\IH WYGGIWW -X JSPPS[IH XLI )RKPMWL GSQQIVGMEP GSHIW SJ XLI RMRIXIIRXL GIRXYV] FYX LEW VIGIRXP] XYVRIH MXW EXXIRXMSR XS XLI 'EREHMER I\TIVMIRGI -R XLI 9RMXIH 7XEXIW QEWWMZI IJJSVX [EW TYX MRXS XLI HVEJXMRK SJ XLI 9RMJSVQ 'SQQIVGMEP 'SHI [LMGL LEW FIIR E KVIEX WYGGIWW ² 4VSJIWWSV *EVVEV HIPMZIVIH E TETIV XMXPIH 8LI 'SHM½GEXMSR SJ 'SQQIVGMEP 0E[ XS XLI 0E[ 0MFIVX] ERH 0IKMWPEXMSR GSRJIVIRGI LIPH EX XLI 9RMZIVWMX] SJ

'ERXIVFYV] MR LSRSYV SJ )QIVMXYW 4VSJIWWSV .SLR &YVVS[W ,I WEMH XLEX SRI SJ XLI QSWX HMJ½GYPX UYIWXMSRW JEGMRK PE[]IVW XEGOPMRK GSHM½GEXMSR [EW [LEX JSVQ XLI GSHI WLSYPH XEOI 8LI X[S FEWMG TEVEHMKQW [IVI XLI *VIRGL ERH XLI +IVQER GMZMP GSHIW 8LI JSVQIV GSQTVMWIH QSVI SJ E WXEXIQIRX SJ KIRIVEP TVMRGMTPIW PIEZMRK XLI GSYVXW [MXL E RIGIWWEVMP] GVIEXMZI VSPI MR JEGX MJ RSX MR XLISV] 8LI +IVQER GSHI LS[IZIV [EW QSVI HIXEMPIH ERH EMQIH XS TVSZMHI E GSQTPIXI ERW[IV XS ER] PIKEP TVSFPIQ [MXLMR XLI GSRGITXYEP JVEQI[SVO SJ XLI GSHI -R GSQQIVGMEP PE[ LI WEMH XLIVI [EW E RIIH XS FEPERGI GIVXEMRX] [MXL ¾I\MFMPMX] -R VIPEXMSR XS XLI VSPI SJ XLI GSYVXW 4VSJIWWSV *EVVEV WEMH XLEX XLI ETTVSEGL MR VIPEXMSR XS GSHIW HMJJIVIH JVSQ XLEX MR VIWTIGX SJ WXEXYXIW -R XLI GEWI SJ E GSRWSPMHEXMRK EGX XLI GSYVXW FIKER [MXL E TVIWYQTXMSR XLEX RS WMKRM½GERX GLERKIW [IVI MRXIRHIH ,S[IZIV MR XLI GEWI SJ E GSHI XLI FEWMG ½VWX TVMRGMTPI [EW XLEX XLI PERKYEKI SJ XLI WXEXYXI WLSYPH FI I\EQMRIH ERH MRXIVTVIXIH [MXLSYX VIGSYVWI XS XLI TVIZMSYW WXEXI

SJ XLI PE[ 7IGXMSR SJ XLI 7EPI SJ +SSHW %GX JSV I\EQTPI TVSZMHIH XLEX GSQQSR PE[ VYPIW MRGPYHMRK XLI PE[ QIVGLERX GSRXMRYIH XS ETTP] XS GSRXVEGXW JSV XLI WEPI SJ KSSHW WEZI MRWSJEV EW XLI] [IVI MRGSRWMWXIRX [MXL XLI EGX

4

VSJIWWSV *EVVEV [IRX SR XS SFWIVZI XLEX 0SVH 7GEVQER XLI ½VWX GLEMV QER SJ XLI )RKPMWL 0E[ 'SQQMWWMSR LEH IQTLEWMWIH XLEX XLI VSPI SJ NYHKIW [SYPH GLERKI MJ QSVI ERH QSVI PE[ [EW GSHM½IH 0SVH 7GEVQER LEH WEMH XLEX NYHKIW [SYPH PSWI XLIMV ±TVMIWXP] GLEV EGXIV EW SVEGPIW HVE[MRK JVSQ [MXLMR YTSR XLI I\TIVMIRGI SJ XLIQWIPZIW ERH XLIMV TVIHIGIWWSVW MR SJ½GI XS HIGPEVI XLI PE[ XLI] [MPP WXERH JSVXL EW XLI EY XLSVMXEXMZI MRXIVTVIXIVW SJ XLI GSHI ² 4VSJIWWSV *EVVEV WEMH XLEX GSHM½GEXMSR [EW E QEXXIV SJ GSRXVSZIVW] 8LI QEMR EVKYQIRX MR MXW JEZSYV [EW XLI KVIEX FYPO SV YR[MIPHMRIWW SJ XLI TVIWIRX PE[ -X [EW EWWIVXIH XLEX GSHM½GEXMSR [SYPH TVSHYGI MR MXW TPEGI W]WXIQEXMG GSQTEGX ERH EGGIWWMFPI PE[ 8LI PE[ [SYPH FI O 'SRX SR T

5A )HY (ZZVJPH[PVU ¶ *V\UJPS · *VU[HJ[ KL[HPSZ -RQDWKDQ (DWRQ M HDWRQ#EULGJHVLGHFKDPEHUV FR Q]

3K )[ 3 2 %R[ &KULVWFKXUFK

6WHSKHQ 0LOOV 4&

3K )[ 3 2 %R[ $XFNODQG

3 2 %R[ $XFNODQG

'DYLG %LJLR GDYLG#ELJLR FR Q]

3K )[ 3 2 %R[ $XFNODQG

&KULVWRSKHU *XGVHOO 4& FWJXGVHOO#[WUD FR Q]

3K )[ 3 2 %R[ +DPLOWRQ

7UHYRU 6KLHOV

3K

&ROLQ &DUUXWKHUV 4& FUF#FUFDUUXWKHUV FR Q]

3K )[ 3 2 %R[ :HOOLQJWRQ

(OOLRW +XGVRQ HOOLRWKXGVRQ#[WUD FR Q]

3K )[ 3 2 %R[ +DPLOWRQ

.DWH 'DYHQSRUW NDWH#NDWHGDYHQSRUW FR Q]

3K )[ 3 2 %R[ $XFNODQG

7RQ\ +XJKHV -RKQVRQ 4& DFKM#[WUD FR Q]

3K )[ 3 2 %R[ &KULVWFKXUFK

0LULDP 'HDQ 4& PLULDP#EDUULVWV FR Q]

3K )[ 3 2 %R[ $XFNODQG

.HQ -RKQVWRQ N MRKQVWRQ#FOHDU QHW Q]

3K )[ 3 2 %R[ :HOOLQJWRQ

3UHVLGHQW -DPHV )DUPHU 4& MDPHVIDUPHU#TXHHQVFRXQVHO FR Q]

3K

VWHSKHQ PLOOV#VKRUWODQGFKDPEHUV FR Q] )[

WUHYRU VKLHOV#EDUULVWHUVFKDPEHUV FR Q] )[

3 2 %R[ 'XQHGLQ

7HUU\ 6LVVRQV WHUU\ VLVVRQV#[WUD FR Q]

3K )[ 3 2 %R[ :HOOLQJWRQ

0DWWKHZ :DUG -RKQVRQ ZDUG MRKQVRQ#WJDFKDPEHUV FR Q]

3K )[ 3 2 %R[ 7DXUDQJD

-XQLRU %DUULVWHUV 5HSUHVHQWDWLYH /DXUHQ /LQGVD\ /DXUHQ#ODXUHQOLQGVD\ FR Q]

3K )[ 3 2 %R[ 6KRUWODQG 6W $XFNODQG

5 A )HY (ZZVJPH[PVU 5L^ZSL[[LY 4HYJO 7HNL


*VU[PU\LK MYVT WHNL

*VTTLYJPHS SH^ · JVKPÄJH[PVU KLIH[L QSVI EGGIWWMFPI XS XLI TYFPMG ERH EFPI XS FI EHETXIH QSVI UYMGOP] ,S[IZIV E RYQFIV SJ GVMXMGMWQW SJ GSHM½GEXMSR [IVI EPWS EHZERGIH 8LIWI MRGPYHIH MRGSQTPIXIRIWW ERH XLI MREFMPMX] XS TVSZMHI JSV EPP JYXYVI GEWIW HMJ½GYPX] MR QEOMRK EQIRHQIRXW XLI EWWIVXMSR XLEX E GSHI [EW QSVI PMOIP] XS IRKIRHIV GSQTIXMXMSR SJ GSR¾MGXMRK VYPIW ERH TVMRGMTPIW XLER XLI GSQQSR PE[ 3XLIV HVE[FEGOW SJ GSHM½GEXMSR HMWGYWWIH F] 4VSJIWWSV *EVVEV [IVI XLI EVKYQIRX XLEX MX [SYPH HIWXVS] GSRXMRYMX] MR PIKEP HIZIPSTQIRX ERH FI YREFPI XS QIIX XLI GLERKMRK RIIHW SJ WSGMIX] -X [EW JYVXLIV WYKKIWXIH XLEX GSHM½GEXMSR [SYPH PIEH XS E HIGVIEWI MR XLI MR¾YIRGI SJ )RKPMWL PE[ SYXWMHI XLI 9RMXIH /MRKHSQ ,S[IZIV 4VSJIWWSV *EVVEV GSRGPYHIH XLEX XLI EVKYQIRXW FSXL JSV ERH EKEMRWX GSHM½GEXMSR [IVI SJ WYGL E LMKL PIZIP SJ KIRIVEPMX] XLEX XLI] GSYPH RSX FI IWXEFPMWLIH SV VIJYXIH WGMIRXM½GEPP] %X XLI IRH SJ XLI HE] XLI GLSMGI ETTIEVIH XS FI SRI SJ TSPMG] FSXL EW XS [LIXLIV ERH [LEX XS GSHMJ] ERH EW XS XLI JSVQ XLI GSHI WLSYPH XEOI 4VSJIWWSV *EVVEV IRHIH LMW EHHVIWW F] WE]MRK XLEX XLIVI [EW QYGL XS FI WEMH JSV FSXL XLI GSHM½GEXMSR SJ XLI [LSPI PE[ SJ GSRXVEGX ERH XLI TVSHYGXMSR SJ E 9RMJSVQ 'SQQIVGMEP 'SHI ,S[IZIV LI WEMH XLEX MX [SYPH FI E QMWXEOI JSV 2I[ >IEPERH E WQEPP NYVMWHMGXMSR [MXL PMQMXIH VIWSYVGIW XS XEGOPI IMXLIV SJ XLSWI ZIRXYVIW SR MXW S[R -X [SYPH FI FIXXIV MJ FSXL GSYPH FI HSRI SR E XVERW 8EWQER SV 'SQQSR[IEPXL FEWMW %YWXVEPME LEH VIGIRXP] WIX YT XLI %YWXVEPMER %GEHIQ] SJ 0E[ [LSWI JYRGXMSRW ETTIEVIH XS FI REVVS[IV XLER XLSWI SJ XLI %QIVMGER 0E[ -RWXMXYXI ±-X [SYPH FI [SVXL VIZMWMXMRK XLI MHIE SJ E XVERW 8EWQER %GEHIQ] SJ 0E[ SV -RWXMXYXI XS GSRWMHIV QENSV TVSNIGXW SJ XLMW OMRH %PXIVREXMZIP] 2I[ >IEPERH QMKLX FI XLI ½VWX 'SQQSR[IEPXL

GSYRXV] XS EHSTX XLI 9RMXIH 7XEXIW 9RMJSVQ 'SQQIVGMEP 'SHI %PVIEH] [MXL XLI 4IVWSREP 4VSTIVX] 7IGYVMXMIW %GX [I LEZI EHSTXIH PIKMWPEXMSR FEWIH SR %VXMGPI SJ XLEX GSHI -X QE] FI LS[IZIV XLEX JSV FVSEHIV TSPMXMGEP VIEWSRW YRGSRRIGXIH [MXL PE[ VIJSVQ [I [MPP KS RS JYVXLIV ²

4

VSJIWWSV 4IXIV ;EXXW SJ XLI 9RMZIV WMX] SJ %YGOPERH *EGYPX] SJ 0E[ HIPMZ IVIH E TETIV XMXPIH 4VMRGMTEPW´ 'PEMQW JSV %KIRXW´ ; VSRKJYP %WWIVXMSRW SJ %YXLSVMX] ¯ -W XLIVI E RIIH JSV %RSXLIV 8SVXMGPI# ,I I\EQMRIH XLI XSVXMSYW PMEFMPMX] SJ XLI YREYXLSVMWIH EKIRX WXEXMRK XLEX XLIVI [IVI EX PIEWX ½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´W EGXMSRW ERH XLI EKIRX´W ZIV] MRXIRXMSR [EW XS LEVQ XLI TVMRGMTEP -X [SYPH FI E GSQTPIXI ½GXMSR EGGSVHMRKP] XS ½RH IMXLIV XLEX XLI TVMRGMTEP LEH FEVKEMRIH I\TVIWWP] SV MQTPMIHP] XLEX XLI EKIRX [SYPH RSX HS [LEX LI SV WLI HMH SV XLEX XLI EKIRX LEH YRHIVXEOIR XS GSQTIRWEXI XLI TVMRGMTEP JSV XLI LEVQJYP GSRHYGX -R VIPEXMSR XS YRHIVEKI EKIRXW 4VSJIWWSV ;EXXW WEMH XLEX XLIVI [EW RSXLMRK XS TVIGPYHI E QMRSV FIMRK ZIWXIH [MXL EYXLSVMX] XS FMRH ER EHYPX MR GSRXVEGX XS E XLMVH TEVX] -J QMRSVW GSYPH LEZI EGXYEP EYXLSVMX] XLIR XLI] GSYPH EPWS LEZI ETTEVIRX EYXLSVMX] 8LIVI [EW RS VIEWSR XS TPEGI XLI VMWO

SJ ER EFWIRGI SJ EGXYEP EYXLSVMX] SR XLI XLMVH TEVX] [LIR XLI TVMRGMTEP LEH LIPH SYX XLI QMRSV EW IQTS[IVIH XS FMRH LMQ SV LIV 4VSJIWWSV ;EXXW WEMH SRI [SYPH I\TIGX XLEX WS PSRK EW ER YRHIVEKI EKIRX HIZMEXIH WYJ½GMIRXP] JVSQ XLI XIVQW SJ ER] QERHEXI XS XEOI LMQWIPJ SV LIVWIPJ SYXWMHI XLI EYXLSVMX] KMZIR XSVXMSYW PMEFMPMX] [SYPH EVMWI -R VIWTIGX SJ GSRZIVWMSR 4VSJIWWSV ;EXXW WEMH XLEX [LIVI XLI EKIRX´W I\GIWW SJ QERHEXI MRZSPZIH XLI HMWTSWMXMSR SJ XLI TVMRGMTEP´W XERKMFPI EWWIXW PMEFMPMX] XS XLI TVMRGMTEP MR XLI XSVX SJ GSRZIVWMSR GSYPH EVMWI 8LMW [EW WS RSX[MXLWXERHMRK XLEX XLI FY]IV LEH KSX E KSSH XMXPI IMXLIV FIGEYWI SJ XLI EKIRX´W ETTEVIRX EYXLSVMX] SV EW E VIWYPX SJ XLI ETTPMGEXMSR SJ XLI I\GITXMSRW XS XLI VYPI RIQS HEX UYSH RSR LEFIX 4VSJIWWSV ;EXXW WEMH XLEX XLI TSWMXMSR SJ MQTSWXSVW QYWX FI WXVEMKLXJSV[EVH 8LIMV MRXIVZIRXMSR [EW RSX HMJJIVIRX XS XLEX SJ XLMIZIW SV GSQTPIXI WXVERKIVW -R QSWX GEWIW XLIMV GSRHYGX [SYPH FI [MPJYP -X [EW GSRGIMZEFPI LS[IZIV XLEX XLI] GSYPH LEZI FIIR EWOIH XS EGX F] ER MRXIVQIHMEXI [VSRKHSIV ERH SR XLEX EGGSYRX FI MRRSGIRX 8LI XSVX [EW [MXL WSQI UYEPM½GEXMSRW SRI SJ WXVMGX PMEFMPMX] 8LI GEWI SJ XLI HIZMEXMRK EKIRX [EW WEMH 4VSJIWWSV ;EXXW QSVI HMJ½GYPX -X [EW PMOIP] XLEX PMEFMPMX] MR GSRZIVWMSR [SYPH RSX EVMWI MR IZIV] GEWI SJ HIZMEXMSR JVSQ QERHEXI -R TEVXMGYPEV [LIVI XLI EKIRX LEH WSQI EYXLSVMX] XS HMWTSWI SJ XLI KSSHW EX XLI XMQI SJ WEPI FYX MR QEOMRK XLI HMWTSWMXMSR HITEVXIH JVSQ XLI WXMTYPEXMSRW SJ XLI TVMRGMTEP GSRZIVWMSR [EW TVSFEFP] RSX XLI ETTVSTVMEXI XSVX FYX SRP] ER EGXMSR SR XLI GEWI 4VSJIWWSV ;EXXW EPWS HMWGYWWIH RIKPMKIRGI WXVMGX PMEFMPMX] PMEFMPMX] EX IUYMX] ERH PMEFMPMX] YRHIV XLI *EMV 8VEHMRK %GX Q

5 A )HY (ZZVJPH[PVU 5L^ZSL[[LY 4HYJO 7HNL


7OPSHU[OYVWPZ[Z» WLYZWLJ[P]L

%

GSRWYQIV TIVWTIGXMZI SR TVSFPIQW MR GMZMP PMXMKEXMSR [EW TVSZMHIH F] 'LVMWXGLYVGL TLMPERXLVSTMWXW +VERX ERH 1EVMP]R 2IPWSR [LS EVI XVYWXIIW SJ XLI +EQE *SYRHEXMSR 8LI GSYTPI [IVI MRZSPZIH MR E ½ZI ]IEV PSRK PIKEP FEXXPI XS VIUYMVI E GSQTER] XS TE] JSV HEQEKI MX GEYWIH XS E FYMPHMRK MX PIEWIH JVSQ XLI JSYRHEXMSR 8LI] [IVI WS ETTEPPIH F] XLIMV I\TIVMIRGI XLEX XLI] WYFWIUYIRXP] HSREXIH QMPPMSR XS IWXEFPMWL E 0IKEP -WWYIW 'IRXVI EX XLI 9RMZIVWMX] SJ 3XEKS 8LI GIRXVI EMQW XS GEVV] SYX ERH HMWWIQMREXI VIWIEVGL MRXS GVIEXMRK E QSVI EGGIWWMFPI EJJSVHEFPI ERH IJ½GMIRX PIKEP W]WXIQ -X [MPP EPWS MRZIWXMKEXI LS[ XLI GSYVXW GER FIXXIV EWGIVXEMR XLI XVYXL ERH EVVMZI EX JEMV ERH NYWX SYXGSQIW

7YVTW[ HJ[PVU JHSS VU HK]LYZHYPHS Z`Z[LT 8

LI EHZIVWEVMEP W]WXIQ [EW TEWX MXW YWI F] HEXI YRPIWW TVSQTX IJJIGXMZI EGXMSR [EW XEOIR XS QEOI NYWXMGI VIEHMP] EGGIWWMFPI XS EPP WEMH VIXMVIH ,MKL 'SYVX .YHKI )RKPERH ERH ;EPIW 7MV +EZMR 0MKLXQER 7MV +EZMR WEMH XLEX XLI ;SSPJ

XLSWI [MXLSYX XLI QIERW SJ EGGIWW ERH PIKEP TVSXIGXMSR SJ XLSWI [LS GERRSX VMWO ER EHZIVWI SVHIV JSV GSWXW EVI SFZMSYW RIGIWWMXMIW FYX XLI TSPMXMGEP [MPP LEW RSX EW ]IX FIIR JSVXLGSQMRK 7EH XS WE] XLSWI [MXL RS ZSMGI MR XLI GSYVXW LEZI RS ZSMGI MR XLI PIKMWPEXYVI ²

3P[PNH[PVU PU JYPZPZ · ^OH[ JYPZPZ&

1V 2IPWSR XSPH XLI GSRJIVIRGI XLEX XLI GSYTPI´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

VIJSVQW SJ [LMGL LEH EMQIH XS MQTVSZI XLI [SVOMRK SJ XLI EHZIVWEVMEP W]WXIQ ERH SXLIV QYGL RIIHIH TVSGIHYVEP YTHEXIW GSYPH SRP] XMROIV [MXL XLI TVSFPIQ ±8LI JYRHEQIRXEP MWWYI MW [LIXLIV XLI GMXM^IR MW XS LEZI QIERMRKJYP EGGIWW XS XLI GSYVXW 8LI EHZIVWEVMEP W]WXIQ [MPP SRP] [SVO MJ WYGL EGGIWW MW EZEMPEFPI *SV XLMW TYVTSWI TYFPMG JYRHMRK JSV

7MV +EZMR WEMH XLEX XLIVI LEH FIIR E KVEHYEP GSR ZIVKIRGI SJ XLI EHZIVWEVMEP ERH XLI MRUYMWMXSVMEP PIKEP W]WXIQW EW GSQQSR ERH GMZMP PE[]IVW LEH FIGSQI MRGVIEWMRKP] YRHIVWXERHMRK SJ IEGL SXLIV´W W]WXIQW 8LEX GSYTPIH [MXL E HVMZI JSV QSHIVRMWEXMSR LEH QIERX XLEX GIVXEMR SJ XLI TVIZMSYWP] HMWXMRGXMZI JIEXYVIW SJ IEGL W]WXIQ LEH HMWETTIEVIH SV FIGSQI FPYVVIH 7MV +EZMR HIWGVMFIH O 'SRX SR T

$V D %DUULVWHU \RX ZLOO VRRQ EH DEOH WR LQFRUSRUDWH %DUULVWHUV ZLOO EH DEOH WR LQFRUSRUDWH ZKHQ WKH /DZ\HUV DQG &RQYH\DQFHUV $FW FRPHV LQWR IRUFH 7KLV LV VFKHGXOHG IRU -XO\ :H DFW IRU D VLJQL¿FDQW QXPEHU RI EDUULVWHUV DV ZHOO DV WKH 1= %DU $VVRFLDWLRQ $V D &KDUWHUHG $FFRXQWDQF\ ¿UP ZH KDYH RXUVHOYHV JRQH WKURXJK WKH WUDQVLWLRQ IURP D SDUWQHUVKLS WR DQ LQFRUSRUDWHG ¿UP :H FDQ DVVLVW ZLWK O 1HZ VHW XS DV DQ LQFRUSRUDWHG %DUULVWHU O 9DOXDWLRQ RI H[LVWLQJ EXVLQHVV O 1HZ UHPXQHUDWLRQ VWUXFWXUH ZLWK GLYLGHQGV DQG VDODULHV O $FFRXQWLQJ DQG JHQHUDO WD[DWLRQ FRPSOLDQFH 3OHDVH FRQWDFW 6DP %DVVHWW ± VDP EDVVHWW#PDUNKDPV DNO FR Q] '', 2U *HRII +DWWHQ ± JHRII KDWWHQ#PDUNKDPV DNO FR Q] '', 0DUNKDPV 05, $XFNODQG /HYHO 4 9 %XLOGLQJ 4XHHQ 6WUHHW 3 2 %R[ $XFNODQG ZZZ PDUNKDPVPUL FR Q]

O 'SRX SR T 5 A )HY (ZZVJPH[PVU 5L^ZSL[[LY 4HYJO 7HNL


*VU[PU\LK MYVT WHNL

7YVTW[ HJ[PVU JHSS VU HK]LYZHYPHS Z`Z[LT XLI EHZIVWEVMEP W]WXIQ EW PEFSYV MR XIRWMZI ERH I\TIRWMZI JSV XLI TEVXMIW [LMPI XLI MRUYMWMXSVMEP W]WXIQ XIRHIH XS FI PEFSYV MRXIRWMZI JSV XLI NYHKI -X [EW EPWS GSRWMHIVEFP] QSVI I\TIRWMZI JSV XLI WXEXI EW QER] QSVI NYHKIW LEH XS FI IQTPS]IH XS YRHIVXEOI XLIMV [SVO 7MV +EZMR WEMH XLEX XLI GVMWMW JEGMRK XLI GMZMP PMXMKEXMSR W]WXIQ EVSWI JVSQ XLI IZIV MRGVIEWMRK IWGEPEXMSR SJ GSWXW VI¾IGXMRK XLI JEGX XLEX XLI PIKEP TVSJIWWMSR [EW PIWW E TVSJIWWMSR XLER E FYWMRIWW 8LI GSVSPPEV] [EW XLEX SRP] E WQEPP QMRSVMX] SJ TISTPI GSYPH EJJSVH XS IRKEKI PE[]IVW SV XEOI XLI VMWO SJ GSWXW´ PMEFMPMX] *YVXLIV TYFPMG JYRHMRK MR XLI JSVQ SJ PIKEP EMH LEH FIIR IJJIGXMZIP] [MXLHVE[R WEZI MR ZIV] PMQMXIH GEXIKSVMIW SJ GMZMP TVSGIIHMRKW ,I [IRX SR XS HMWGYWW [LEX LI HIWGVMFIH EW ±JYVXLIV TEPPMEXMZI QIEWYVIW² EMQIH EX VIHYGMRK XLI GSWX SJ PMXMKEXMSR FYX WEMH XLEX XLIVI [IVI JYRHEQIRXEP ¾E[W MR XLI EHZIVWEVMEP W]WXIQ 7XITW WLSYPH EGGSVHMRKP] FI XEOIR XS FVMRK XLI W]WXIQ QSVI GPSWIP] MRXS PMRI [MXL XLI MRUYMWMXSVMEP W]WXIQ 8LI WIXXMRK YT SJ GSYVXW ERH XVMFYREPW MR [LMGL NYHKIW

LEH ER MRUYMWMXSVMEP VSPI LEH FIGSQI RSX SRP] XLMROEFPI FYX VMKLX 8LMW [SYPH FI XLI SRP] W]WXIQ JSV VIWSPZMRK HMWTYXIW [LMGL GSYPH EJJSVH EGGIWW XS XLI GSYVXW JSV EPP MVVIWTIGXMZI SJ QIERW

2

I[ 7SYXL ;EPIW 'SYVX SJ %TTIEP NYHKI .YWXMGI 6YXL 1G'SPP HMW GYWWIH [LEX WXITW [IVI FIMRK XEOIR MR %YWXVEPME XS EHHVIWW TVSFPIQW [MXL XLI GMZMP PMXMKEXMSR W]WXIQ 7LI WEMH XLEX XLI PEWX JSYV HIGEHIW LEH WIIR ER MRGVIEWMRK JSGYW SR XLI %YWXVEPMER NYHMGMEV] XEOMRK E LERHW SR ETTVSEGL XS QEREKMRK GEWIW 'EWI QEREKIQIRX LEH FYVKISRIH MR 2I[ 7SYXL ;EPIW JSPPS[MRK GSRGIVRW EFSYX XLI GSWX XMQIPMRIWW IJ½GMIRG] ERH EGGIWWMFMPMX] SJ XLI GMZMP NYWXMGI W]WXIQ .YWXMGI 1G'SPP WEMH XLEX TVSGIHYVEP VIJSVQW MR XLI 7YTVIQI 'SYVX LEH FIIR EGGSQTERMIH F] E HIZIPSTMRK NYVMWTVYHIRGI GSRGIVRMRK XLI VSPI SJ GEWI QEREKIQIRX MR XLI EHQMRMWXVE XMSR SJ WYFWXERXMZI NYWXMGI % GLERKMRK TVSGIHYVEP PERHWGETI ERH GLERKMRK PIKEP GYPXYVI LEH QIERX XLEX XLI PIKEP TVSJIWWMSR GSYPH FI YRHIV RS MPPYWMSRW XLEX XVMEP F] EQFYWL [EW ER] PSRKIV EGGITXEFPI 8LI GSYVXW LEH EPWS QSZIH

XS KVIEXIV YWI SJ EPXIVREXMZI HMWTYXI VIWSPYXMSR %VFMXVEXMSRW LEH ¾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±;LMPI [I WXVMZI XS MQTVSZI GSYVX TIVJSVQERGI XS IRWYVI XLI QSWX IJ½GMIRX HMWTSWMXMSR SJ GEWIW EX XLI PS[IWX GSWX [I WLSYPH RSX PSWI WMKLX SJ XLI SZIVVMHMRK SFNIGXMZI SJ HSMRK NYWXMGI XS EPP [LS GSQI FIJSVI XLI GSYVXW -J [I PSWI WMKLX SJ XLEX KSEP [I LEZI GVIEXIH E TSSVIV W]WXIQ SJ NYWXMGI ² Q

3P[PNH[PVU PU JYPZPZ · ^OH[ JYPZPZ&

7OPSHU[OYVWPZ[Z» WLYZWLJ[P]L ! *VU[PU\LK MYVT WHNL ERH EKVIIH XS EVFMXVEXMSR ,S[IZIV WEMH 1V 2IPWSR XLIVI [IVI I\XIRWMZI HIPE]W EW PE[]IVW SR FSXL WMHIW [IVI RSX VIEH] XS TVSGIIH %JXIV X[S ERH E LEPJ ]IEVW STIRMRK WYFQMWWMSRW FIKER EX XLI EVFMXVEXMSR FYX XLI PE[]IVW JSV XLI XIRERX XLIR VEMWIH E XIGLRMGEP MWWYI ;LIR XLI EVFMXVEXSV VYPIH EKEMRWX XLIQ XLI] ETTIEPIH XS XLI ,MKL 'SYVX ERH XLIR XLI 'SYVX SJ %TTIEP ERH XLI EVFMXVEXMSR LEH XS FI EFERHSRIH MR XLI MRXIVMQ 8LI 'SYVX SJ %TTIEP HIWGVMFIH XLI XIRERX´W GEWI EW PEGOMRK ER] SFZMSYW QIVMX ERH

FIMRK JYXMPI 1V 2IPWSR WEMH XLEX MR XLI GSYVWI SJ XLI SRKSMRK HMWTYXI LI ERH LMW [MJI VIGIMZIH X[S WIXXPIQIRX SJJIVW [MXL XLIMV PE[]IVW VIGSQQIRHMRK XLEX XLI] EGGITX ER SJJIV [LMGL [SYPH LEZI GSZIVIH SRP] TIV GIRX SJ XLI HEQEKI 1V 2IPWSR WEMH MX WIIQIH [VSRK XLEX XLI JSYRHEXMSR WLSYPH FIEV TIV GIRX SJ XLI PSWW [LIR XLI XIRERX LEH GEYWIH XLI HEQEKI ERH HVE[R SYX XLI HMWTYXI -R XLI IRH [LIR XLI EVFMXVEXMSR VIWYQIH XLI] VIGSZIVIH TIV GIRX SJ XLI PSWW 1V 2IPWSR GSRXVEWXIH XLMW

I\TIVMIRGI [MXL LMW MRZSPZIQIRX MR E VIWSYVGI QEREKIQIRX GEWI [LMGL [EW HMWTSWIH SJ MR QSRXLW 8LMW HIQSRWXVEXIH XLEX ±QSHIVR HI GMWMSR QEOMRK² EW LI TYX MX GSYPH [SVO E PSX FIXXIV ERH FVMRK UYMGO ERH GLIET VIWYPXW LI WEMH 1V 2IPWSR WEMH LI [EW HMWXYVFIH XS PIEVR XLEX PE[]IVW TVITEVIH FVMIJW SJ IZMHIRGI ,I FIPMIZIH XLEX XLIWI WLSYPH FI TVITEVIH F] [MXRIWWIW XLIQWIPZIW )\TIVX [MXRIWWIW WLSYPH FI WYFNIGX XS MRGIRXMZIW SV HIXIVVIRXW XS IRWYVI XLEX XLI] [IVI XVYXLJYP Q

5 A )HY (ZZVJPH[PVU 5L^ZSL[[LY 4HYJO 7HNL


&%6 ',%8 %RRSYRGIQIRXW 8LI &EV %WWSGMEXMSR SJJIVW MXW [EVQIWX GSRKVEXYPEXMSRW XS 8LI ,SRSYVEFPI .YWXMGI ;MPPMEQ 1G0ISH ;MPWSR SR LEZMRK FIIR ETTSMRXIH E NYHKI SJ XLI 7YTVIQI 'SYVX ERH 8LI ,SRSYVEFPI .YWXMGI ;MPPMEQ (EZMH &EVEK[EREXL SR LEZMRK FIIR ETTSMRXIH E NYHKI SJ XLI 'SYVX SJ %TTIEP 8LI &EV %WWSGMEXMSR SJJIVW MXW KSSH [MWLIW XS (V +ISVKI &EVXSR 5' [LS GIPIFVEXIW E PSRK ERH HMWXMRKYMWLIH GEVIIV EX XLI FEV SR 1EVGL REQIP] ]IEVW WMRGI EHQMWWMSR

2I[ &EV %WWSGMEXMSR QIQFIVW 8LI &EV %WWSGMEXMSR [IPGSQIW XLI JSPPS[MRK RI[ QIQFIVW XS XLI MRHITIRHIRX FEV ERH SV XLI &EV %WWSGMEXMSR %HVMIRRI 1EGPIER 4IXIV 1SWIW 4LMPPMT 6MGI

%YGOPERH %YGOPERH %YGOPERH

%QERHE *S[PHW ,EVXPI]

+VI]XS[R

(MRIIR +VERXLEQ

8EYTS

'LVMWXSTLIV %FFSXX

&E] SJ 4PIRX]

1EXXLI[ 7QMXL

;IPPMRKXSR

7XYEVX 4MPOMRXSR

'ERFIVVE

)ZIRXW GEPIRHEV ® HMEVMWI XLIWI MQTSVXERX HEXIW RS[ %TVMP

)ZIRX

%TVMP MW VIRI[EP XMQI JSV QIQFIVWLMT WYFWGVMTXMSRW 4PIEWI VIJIV XS XLI [IFWMXI [[[ R^FEV SVK R^ XS GSR½VQ ]SYV WYFWGVMTXMSR EQSYRX *IIW GER RS[ FI TEMH IPIGXVSRMGEPP] 'SRXEGX XLI %WWSGMEXMSR SR JSV JYVXLIV MRJSVQEXMSR

1E]

)ZIRX :IRYI

2>&% 'SYRGMP QIIXMRK JSPPS[IH F] E &IRGL &EV HMRRIV %YGOPERH

.YRI

)ZIRX

%TTPMGEXMSRW GPSWI JSV 2>&% WGLSPEVWLMTW JSV XLI 0MXMKEXMSR 7OMPPW 'SYVWI

.YP]

)ZIRX :IRYI

2>&% GIPIFVEXIW MXW XL ERRMZIVWEV] 8S FI GSR½VQIH

%YKYWX

)ZIRX :IRYI

%RRYEP GSRJIVIRGI 7]HRI]

%YKYWX

)ZIRX :IRYI

2>07 0MXMKEXMSR 7OMPPW 'SYVWI 'LVMWXGLYVGL

5 A )HY (ZZVJPH[PVU 5L^ZSL[[LY 4HYJO 7HNL


&SSO VIZMI[ 6IZMI[IH F] ,SR 6SFIVX *MWLIV 5' +MZIR Q] GSQQSRVSSQ RMGOREQI ±7LSTTMRK 0MWX *MWLIV² FEWIH - FIPMIZI SR Q] EXXIQTXW XS VIHYGI XLI PE[ XS E WIVMIW SJ WYGGMRGX TVSTSWMXMSRW - [EW EP[E]W KSMRK XS FI FMEWIH MR JEZSYV SJ -ER &EWWIXX´W LERHFSSO SR GSRXVEGX PE[ ,IVI EX PEWX MW E WLSTTMRK PMWX XI\XFSSO 8LI GSRGMWI WX]PI MW GETXYVIH F] ER I\XVEGX XEOIR EX VERHSQ ± -RXIRXMSR XS GVIEXI PIKEP VIPEXMSRW %R SFNIGXMZIP] EWGIVXEMRIH MRXIR XMSR F] XLI TEVXMIW XS GVIEXI PIKEP VIPEXMSRW MW E TVIVIUYMWMXI XS E PIKEPP] FMRHMRK GSRXVEGX 8LIVI MW YWYEPP] E VIEWSREFPI MRJIVIRGI SJ WYGL ER MRXIRXMSR [LIVI EVQ´W PIRKXL GSRXVEGXMRK TEVXMIW QEOI TVSQMWIW MR I\ GLERKI JSV KSSH GSRWMHIVEXMSR *PIQMRK Z &IIZIVW ? A 2>06 EX '% ²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

([ SHZ[ H ZOVWWPUN SPZ[ [L_[IVVR -X MW YRGPIEV [LIXLIV WIGXMSRW ERH SJ XLI 'SRXVEGXYEP 1MWXEOIW %GX I\GPYHI XLI IUYMXEFPI NYVMWHMGXMSR SJ VIGXM½GEXMSR JSV E QMWXEOI F] SRI TEVX] EW XS XLI GSRXIRX SJ E [VMXXIR EKVIIQIRX

6 $ 8 21

- #

- (

8VM 7XEV 'YWXSQW ERH *SV[EVHMRK 0XH Z (IRRMRK ? A 2>06 EX

'% ²

2I[ >IEPERH LEW LEH QSVI XLER MXW WLEVI SJ PIKEP XI\XFSSOW [LMGL TPSYKL XLVSYKL MRXIVQMREFPI HIGMWMSRW [MXLSYX EHIUYEXI W]RXLIWMW 8LMW FSSO MW W]RXLIWMW EX MXW FIWX 1V &EWWIXX WE]W MR XLI TVIJEGI XLEX XLI FSSO SYXPMRIW XLI FVSEH TVMRGMTPIW SJ GSRXVEGX PE[ JSV O 'SRX SR T

6DYH RQ %XVLQHVV WHOHFRPPXQLFDWLRQV &DOO3OXV LV 1HZ =HDODQGÒ‹V WKLUG ODUJHVW IXOO VHUYLFH WHOHFRPPXQLFDWLRQV FRPSDQ\ DQG LV SURXG WR EH NLZL RZQHG &DOO3OXV RIIHUV D IXOO UDQJH RI EXVLQHVV WHOHFRPPXQLFDWLRQ SURGXFWV DQG VHUYLFHV $V D &DOO3OXV EXVLQHVV FXVWRPHU \RX KDYH DFFHVV WR

x

x

7KH PRVW DGYDQFHG RQOLQH FDOO PDQDJHPHQW DQG UHSRUWLQJ

´6PDUW &RGLQJµ IRU FRVW FHQWUH DOORFDWLRQ DW \RXU ILQJHUWLSV

x

'LUHFW VDYLQJV RQ HYHU\ FDOO \RX PDNH

7R ILQG RXW PRUH DQG WR FRQGXFW D IXOO DQDO\VLV RI \RXU WHOHFRPPXQLFDWLRQV VHUYLFHV DQG SULFLQJ FRQWDFW .HUU\ .LOJRXU 'LUHFW 6DOHV 0DQDJHU RQ

NHUU\N#FDOOSOXV FR Q] ZZZ FDOOSOXV FR Q]

5 A )HY (ZZVJPH[PVU 5L^ZSL[[LY 4HYJO 7HNL


+LJSPUPUN YVSL WYVZWLJ[ MVY HWWLSSH[L JV\Y[Z 7XMQYPEXIH F] XLI 2>&%´W ERRYEP GSRJIVIRGI PEWX ]IEV .YWXMGI 1MGLEIP /MVF] LEW [VMXXIR E TETIV %TTIPPEXI 6IEWSRW [LMGL QE] FI SJ MRXIVIWX XS QIQFIVW 8LI TETIV MW TYFPMWLIH MR

%YWXVEPMER &EV 6IZMI[ ,MW ,SRSYV WYKKIWXW XLEX ±YRPIWW WSQIXLMRK MW HSRI XS IRLERGI XLI GETEGMX] SJ ETTIPPEXI HIGMWMSR QEOMRK F] GSYVXW XLIVI MW E TVSWTIGX XLEX QSVI [SVO [MPP HVMJX JVSQ XLI GSYVXW XS

*VU[PU\LK MYVT WHNL

)VVR YL]PL^ FYW] PIKEP TVEGXMXMSRIVW ERH WXYHIRXW -R XLMW - XLMRO LI MW XSS QSHIWX - WYWTIGX XLEX NYHKIW ERH EGEHIQMGW XSS [MPP ½RH MX EX PIEWX E YWIJYP WXEVXMRK TSMRX MR ER] TVSFPIQ EFSYX GSRXVEGX -R QSWX GEWIW XLI FSSO [MPP FI XLI IRH TSMRX EW [IPP -X MW WYVTVMWMRK LS[ QYGL XMQI XIRHW XS FI XEOIR YT MR STMR MSRW WYFQMWWMSRW XI\XFSSOW ERH NYHK QIRXW TPSYKLMRK XLVSYKL EYXLSVMXMIW SR E QEXXIV [LMGL MR XLI IRH GSYPH LEZI FIIR FSMPIH HS[R XS E WMRKPI MVVIJYXEFPI TVSTSWMXMSR MJ XLI XMQI LEH FIIR XEOIR XS [SVO SYX [LEX MX [EW 8LI GLEPPIRKI MR QSWX GSRXVEGX GEWIW MW XS ETTP] YRHI RMEFPI PIKEP TVMRGMTPIW XS XLI JEGXW RSX XS HIFEXI XLI PIKEP TVMRGMTPIW XLIQWIPZIW 3FZMSYWP] XLEX MW RSX XS HIR] XLI VI UYMVIQIRX ETTVSTVMEXIP] EGORS[PIHKIH F] 1V &EWWIXX ERH WMKREPPIH MR XLI FSH] SJ XLI XI\X XS VIWIEVGL JYVXLIV [LIVI XLI PE[ SR ER MWWYI MW WXMPP STIR XS WIVM SYW EVKYQIRX - VIGSQQIRH XLMW FSSO XS EPP - TIVWSREPP] YWI MX JVIUYIRXP] 1] LSTI RS[ MW XLEX 1V &EWWIXX GER FI TIVWYEHIH XS TVSHYGI XLI IUYMZEPIRX JSV XLI PE[ SJ XSVXW 'SRXVEGX 0E[ MR 2I[ >IEPERH 0E[]IVW´ ,ERHFSSO F] -ER &EWWIXX 7SYXLIVR 'VSWW 4YFPMWLMRK -7&2 4ETIVFEGO T MRGPYHMRK +78 %ZEMPEFPI JVSQ [[[ GSRXVEGX PE[ GS R^ :MG&SSOW MR ;IPPMRKXSR EPP &IRRIXXW FSSOWLSTW 9&7 9RMZIVWMX] &SSOWLSTW MR %YGOPERH ERH (YRIHMR ERH 0IKEPP] &SYRH &SSOWLST %(07 %YGOPERH Q

QIHMEXMSR EVFMXVEXMSR ERH SXLIV RSR GSYVX HIXIVQMREXMSRW SV XLEX QSVI FEVVMIVW SJ PIEZI XS ETTIEP SV WTIGMEP PIEZI [MPP FI MQTSWIH XS WXIQ XLI XMHI SJ TVSGIIHMRKW VIUYMVMRK HIGMWMSR² ,MW ,SRSYV WYKKIWXW TSWWMFPI GLERKIW MR XLI JYXYVI RSX PIEWX MRGPYHMRK QYPXMQIHME TVIWIRXEXMSRW SJ NYHMGMEP VIEWSRW XLI TSWWMFPI MRXVSHYGXMSR SJ ER SJ½GI PMOI XLEX SJ XLI %HZSGEXI +IRIVEP SJ XLI )YVSTIER 'SYVX SJ .YWXMGI ERH TVI IQTXSV] HMWTSWMXMSRW

,MW ,SRSYV GSRGPYHIW XLEX XLI ±MRIJ½GMIRGMIW ERH MQTIVJIGXMSRW SJ XLI [SVO QIXLSHW SJ ETTIPPEXI GSYVXW² HIQERH XLEX ETTIPPEXI NYHKIW ±XLMRO JVIWLP] EFSYX XLI VSPI SJ XLIMV GSYVX XLI SVKERMWEXMSR SJ XLIMV [SVO XLI QEXXIVW [EVVERXMRK XLIMV EXXIRXMSR ERH XLSWI XLEX HS RSX ERH XLI [E] VIEWSRW JSV HIGMWMSR WLSYPH FI KMZIR XLEX JYP½P XLI GIRXVEP TYVTSWIW SJ ETTIPPEXI HIGMWMSR QEOMRK² Q

5A )HY (ZZU NYHU[Z MVY 3P[PNH[PVU :RPSSZ 7YVNYHTTL (EXIW %YKYWX :IRYI 0MRGSPR 9RMZIVWMX] 'LVMWXGLYVGL 'VMXIVME XS ]IEVW I\TIVMIRGI MR PMXMKEXMSR 7OMPPW -R HITXL XVEMRMRK MR XLI WOMPPW SJ WYGGIWWJYP GSYVXVSSQ EHZSGEG] 'PSWMRK HEXI JSV ETTPMGEXMSRW XS XLI 2>07 1SRHE] .YRI 8VEMPMRK XLI 2I[ >IEPERH &EV %WWSGMEXMSR´W ERRYEP GSRJIVIRGI MR 7]HRI] MW XLI [IIO PSRK 2>07 0MXMKEXMSR 7OMPPW 4VSKVEQQI 8LI TVSKVEQQI [MPP VYR JVSQ %YKYWX ERH TVSZMHI MR HITXL LERHW SR XVEMRMRK MR WYGGIWWJYP GSYVXVSSQ EHZSGEG] 8LI GSYVWI [MPP FI LIPH EX 0MRGSPR 9RMZIVWMX] 'LVMWXGLYVGL

SJ I\TIVX [MXRIWWIW ERH SR (E] *SYV XLIVI [MPP FI QMRM XVMEPW ERH HVMPPW SR STIRMRK EHHVIWWIW 3R (E] *MZI TEVXMGMTERXW [MPP TVEGXMWI GPSWMRK EVKY QIRXW ERH FIKMR TVITEVEXMSR JSV XLI JYPP QSGO XVMEPW [LMGL XEOI TPEGI EX XLI 'LVMWXGLYVGL GSYVXW SR (E] 7M\ 8LMW GSYVWI MW HIWMKRIH JSV TVEG XMXMSRIVW [LS LEZI FIIR MR TVEGXMGI FIX[IIR X[S XS ½ZI ]IEVW 8LI GSYVWI MW VIWXVMGXIH XS TEVXMGMTERXW [LS [MPP FI RSXM½IH SJ XLI WYGGIWW SJ XLIMV ETTPMGEXMSR EX XLI GSQTPIXMSR SJ XLI WIPIGXMSR TVSGIWW

8LI XIEGLMRK QIXLSHW JSV XLI TVS KVEQQI LEZI FIIR EHETXIH JVSQ XLSWI SJ XLI 97 2EXMSREP -RWXMXYXI JSV 8VMEP %HZSGEG] 2-8% )EGL HE] SJ XLI TVSKVEQQI EPPS[W JSV MRXIRWMZI TVEGXMGI SJ HMWGVIXI EHZSGEG] WOMPPW ERH IRGSYVEKIW TEVXMGMTERXW XS PIEVR F] HSMRK ERH F] SFWIVZEXMSR 8LVSYKLSYX XLI GSYVWI TEVXMGMTERXW EVI KYMHIH F] WTIGM½G GERHMH ERH GSRWXVYGXMZI GVMXMUYI JVSQ I\TIVMIRGIH JEGYPX] QIQFIVW JVSQ EPP SZIV 2I[ >IEPERH

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

(E] 3RI MW WXVYGXYVIH EVSYRH PIEHMRK IZMHIRGI GVSWW I\EQMREXMSR ERH TVSHYGXMSR SJ I\LMFMXW (E] 8[S [MPP EPPS[ TEVXMGMTERXW XS TVEGXMWI GVSWW I\EQMREXMSR ERH MQTIEGLQIRX (E] 8LVII [MPP MRZSPZI XLI I\EQMREXMSR

'PSWMRK HEXI JSV ETTPMGE XMSRW JSV E WGLSPEVWLMT MW .YRI *SV JYVXLIV MRJSVQEXMSR TPIEWI GSRXEGX 1SRMUYI 4IEVWSR EX XLI 2I[ >IEPERH &EV %WWSGMEXMSR

5 A )HY (ZZVJPH[PVU 5L^ZSL[[LY 4HYJO 7HNL


05;,95(;065(3 *65-,9,5*,: >VYSK )HY *VUMLYLUJL ¶ 1\UL 8LI -RXIVREXMSREP 'SYRGMP SJ %HZSGEXIW ERH &EVVMWXIVW MW LSPHMRK MXW ;SVPH GSRJIVIRGI MR (YFPMR ERH &IPJEWX JVSQ .YRI 8LI SFNIGX SJ XLI 'SYRGMP MRGPYHIW XLI TVSQSXMSR ERH QEMRXIRERGI SJ XLI VYPI SJ PE[ ERH XLI IJJIGXMZI EHQMRMWXVEXMSR SJ NYWXMGI ¯ MXW JSGYW JEPPW SR QEXXIVW TEVXMGYPEVP] MQTSVXERX XS XLI FEV [SVPH[MHI MRGPYHMRK XLI 2I[ >IEPERH FEV 1ER] IQQMRIRX WTIEOIVW [MPP FI EHHVIWWMRK EXXIRHIIW MRGPYHMRK XLI 4VIWMHIRX SJ -VIPERH 1EV] 1G%PIIWI 6SFIVX *MWO 1MHHPI )EWX GSVVIWTSRHIRX -RHITIRHIRX 2I[WTETIVW 9/ 4EYP +EPPEKLIV 7' %XXSVRI] +IRIVEP SJ -VIPERH .YWXMGI 6YXL 1G'SPP .YHKI SJ XLI 2I[ 7SYXL ;EPIW 'SYVX SJ %TTIEP 1W &IEXVMGI 1XIX[E 4VIWMHIRX SJ XLI >MQFEF[I 0E[ 7SGMIX] ERH .SLR 'SSOI .YHKI SJ XLI )YVSTIER 'SYVX SJ *MVWX -RWXERGI XS REQI SRP] E JI[ SJ XLI WTIEOIVW -X TVSQMWIW XS FI ER I\GMXMRK GSRJIVIRGI ERH QIQFIVW GER SFXEMR MRJSVQEXMSR SV VIKMWXIV ERH TE] SR PMRI JSV XLI 'SRJIVIRGI EX [[[ [SVPHFEVSRPMRI GSQ

0)( (UU\HS *VUMLYLUJL ¶ 6J[VILY 8LMW ]IEV XLI 7IGXMSRW ERH 'SQQMXXIIW SJ XLI -&%´W 0IKEP 4VEGXMGI (MZMWMSR EVI SRGI EKEMR SJJIVMRK WGLSPEVWLMTW XS ]SYRK PE[]IVW [LS [MWL XS TEVXMGMTEXI MR XLI -&% %RRYEP 'SRJIVIRGI FYX [LS EVI YREFPI XS HS WS S[MRK XS ½RERGMEP GSRWXVEMRXW 8LI WGLSPEVWLMT E[EVHW MRGPYHI XLI JSPPS[MRK O O O O O

*VII VIKMWXVEXMSR JSV XLI -&% %RRYEP 'SRJIVIRGI FIMRK LIPH MR &YIRSW %MVIW %VKIRXMRE % GSRXVMFYXMSR XS[EVHW XVEZIP GSWXW XS XLI GSRJIVIRGI 'SZIV SJ EGGSQQSHEXMSR GSWXW [LMPI EXXIRHMRK XLI GSRJIVIRGI 8[S ]IEVW JVII -&% QIQFIVWLMT MRGPYHMRK QIQFIVWLMT SJ SRI 04( GSQQMXXII ERH SRI 44-( GSRWXMXYIRX % [EMZIV SJ IMXLIV XLI RI\X -&% %RRYEP 'SRJIVIRGI VIKMWXVEXMSR JII SV XLI VIKMWXVEXMSR JII SJ SRI SJ XLI GLSWIR GSQQMXXIIW´ WTIGMEPMWX GSRJIVIRGI MR O *VII QIQFIVWLMT SJ XLI 7GLSPEVWLMT %PYQRM +VSYT )EGL ETTPMGEXMSR QYWX FI EGGSQTERMIH F] E [SVH TETIV SR E WYFNIGX WIPIGXIH F] IEGL SJ XLI 7IGXMSRW 'SQQMXXIIW %TTPMGERXW EVI SRP] TIVQMXXIH XS ETTP] JSV SRI 7IGXMSR SV 'SQQMXXII WGLSPEVWLMT ERH QYWX FI ]IEVW SV YRHIV EX XLI XMQI SJ XLI GSRJIVIRGI 8LI HIEHPMRI JSV WYFQMWWMSRW MW 1SRHE] %TVMP :MWMX [[[ MFERIX SVK JSV JYVXLIV HIXEMPW

(\Z[YHSPHU 3H^`LYZ (SSPHUJL (UU\HS *VUMLYLUJL ¶ 6J[VILY 8LI %0% [MPP LSPH MXW %RRYEP 'SRJIVIRGI EX XLI 0ERKLEQ ,SXIP MR %YGOPERH % JYPP TVSKVEQQI ERH VIKMWXVEXMSR HIXEMPW [MPP FI EZEMPEFPI MR .YRI 1IQFIVW MJ ]SY EVI MRXIVIWXIH MR TVIWIRXMRK E TETIV EX XLMW GSRJIVIRGI TPIEWI WYFQMX E [SVH QE\MQYQ EFWXVEGX SR ]SYV TVSTSWIH XSTMG 8LI %0% MW TEVXMGYPEVP] MRXIVIWXIH MR XSTMGW XLEX LEZI E [MHI %YWXVEPMER ERH 2I[ >IEPERH VIPIZERGI ERH E TVEGXMGEP JSGYW %FWXVEGXW WLSYPH FI WIRX ZME IQEMP XS GSRJIVIRGIW$PE[]IVWEPPMERGI GSQ EY

5 A )HY (ZZVJPH[PVU 5L^ZSL[[LY 4HYJO 7HNL


(K]LY[VYPHS

7R 'LVFORVH RU QRW 'LVFORVH 0RVW 1HZ =HDODQG EXVLQHVVHV DQG WKH LQGLYLGXDOV HPSOR\HG E\ WKHP ZLOO QHHG WR EH FRYHUHG E\ YDULRXV LQVXUDQFH FRQWUDFWV WR SURWHFW WKHLU LQVXUDEOH LQWHUHVWV GXULQJ WKHLU ZRUNLQJ OLIH :KLOH WKH SUHFLVH QDWXUH RI WKH FRYHU ZLOO YDU\ WKH IRXQGLQJ SULQFLSOH RQ ZKLFK WKH LQVXUDQFH LV WDNHQ UHPDLQV DV D ´GXW\ RI XWPRVW JRRG IDLWKµ $V \RX ZLOO DOUHDG\ NQRZ ERWK SDUWLHV WR DQ LQVXUDQFH FRQWUDFW DUH ERXQG E\ WKLV UXOH EXW SUREOHPV JHQHUDOO\ RFFXU ZKHQ WKH LQVXUHG IDLOV LQ WKHLU GXW\ RI GLVFORVXUH ZKHQ LQLWLDOO\ DSSO\LQJ IRU LQVXUDQFH :KHQ LQLWLDOO\ DSSO\LQJ IRU OLIH WUDXPD GLVDELOLW\ RU PHGLFDO LQVXUDQFH \RX ZLOO EH UHTXLUHG WR GLVFORVH WR WKH LQVXUHU VSHFLÀF LQ IRUPDWLRQ UHJDUGLQJ FXUUHQW LQVXU DQFH DUUDQJHPHQWV PHGLFDO KLV WRU\ KDELWV OLIHVW\OH UHFUHDWLRQDO DFWLYLWLHV DQG GHWDLOV RI FXUUHQW DQG HYHQ SDVW RFFXSDWLRQV %HVLGHV DQ VZHULQJ WKH VSHFLÀF TXHVWLRQV LQ WKH LQVXUDQFH FRPSDQ\·V SURSRVDO WKH LQVXUHG LV DOVR REOLJDWHG WR DQVZHU JHQHUDO RSHQ HQGHG TXHV WLRQV 7KRVH DSSO\LQJ IRU LQVXUDQFH RIWHQ ÀQG WKLV SDUW RI WKH DSSOLFDWLRQ SURFHVV RQHURXV DQG VWUXJJOH WR XQGHUVWDQG ZK\ VR PXFK SHUVRQDO LQIRUPDWLRQ LV EHLQJ UHTXHVWHG )URP WKH LQVXUHU·V SRLQW RI YLHZ WKLV LQIRUPDWLRQ DOORZV WKHP WR DVVHVV ZKDW \RXU SDUWLFXODU ULVN FKDUDFWHULVWLFV DUH 7KH DQVZHUV WR WKHVH TXHVWLRQV GHWHUPLQH ZKHWKHU WKH SUREDELOLW\ RI \RXU FODLPLQJ LV LQ OLQH ZLWK WKRVH RI WKH JHQHUDO SRSXODWLRQ RU ZKHWKHU LQ IDFW WKHUH QHHGV WR EH H[WUD SUHPLXP FKDUJHG

RU VSHFLÀ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·V LQVXUDEOH LQWHUHVW LV DQG RIWHQ SURYLGH GHWDLOHG VXSSRUWLQJ ÀQDQFLDO GRFXPHQWDWLRQ WR DVVLVW WKH XQGHUZULWHU·V ULVN DVVHVVPHQW 7KLV FRPSUHKHQVLYH XQGHUZULWLQJ SURFHVV HIIHFWLYHO\ DOORZV XV WR QHJRWLDWH LQVXUDQFH FRQWUDFWV VSHFL ÀFDOO\ WDLORUHG IRU RXU FOLHQW·V LQGLYLGXDO FLUFXPVWDQFHV UDWKHU WKDQ DFFHSWLQJ WKH VWDQGDUG OLQH RI SURGXFWV UHDGLO\ DYDLODEOH LQ WKH PDUNHW SODFH %\ JRLQJ EH\RQG ZKDW WKH ODZ UHTXLUHV DQG E\ GHPRQVWUDWLQJ RXU FOLHQWV· LQVXUDEOH LQWHUHVW OLIH LQVXUDQFH FRPSDQLHV WKDW SDUWQHU ZLWK &URPELH /RFNZRRG DUH ZLOOLQJ WR RIIHU LQVXUDQFH FRQWUDFWV WKDW SURYLGH D IXQGDPHQWDOO\ PRUH VRSKLVWLFDWHG UHVSRQVH DW WKH WLPH RI FODLP DQ H[DPSOH RI ZKLFK LV WKDW UDWKHU WKDQ KDYLQJ RQH OXPS VXP SD\PHQW SD\DEOH IRU D VSHFLÀF LQFLGHQFH RI WUDXPD &URPELH /RFNZRRG FDQ RIIHU .H\ 3HUVRQ EXVLQHVV FRYHU SURYLGLQJ PXOWLSOH SD\PHQWV SDLG WR WKH

EXVLQHVV DFFRUGLQJ WR WKH OHYHO RI GLVDELOLW\ VXIIHUHG DQG WKH À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·V LQVXUDEOH LQWHUHVW 2XU FRPPLWPHQW WR KDQGOLQJ RXU RZQ FODLPV PHDQV WKDW ZH DUH LQ WKH XQLTXH SRVLWLRQ WR GHVLJQ EHVSRNH LQVXUDQFH FRQWUDFWV SURYLGLQJ RXU FOLHQWV ZLWK VXSHULRU SHUIRUPDQFH ZLWK ZKDW PD\ WXUQ RXW WR EH WKH PRVW YDOXDEOH FRQWUDFW WKH\·UH SDUW\ WR -HUHP\ %HUQVWHLQ LV D VSHFLDOLVW /LIH +HDOWK DGYLVRU ZKR DORQJ ZLWK -DFN 7XOO DOVR RI &URPELH /RFNZRRG DGYLVHV PHPEHUV RI WKH $VVRFLDWLRQ RQ WKHLU SHUVRQDO ZHOIDUH LQVXUDQFH QHHGV -HUHP\ LV DYDLODEOH RQ RU MHUHP\ EHUQVW HLQ#FURPELHORFNZRRG FR Q] -DFN FDQ EH FRQWDFWHG RQ RU MDFN WXOO#FURPELHORFNZRRG FR Q] Q

5 A )HY (ZZVJPH[PVU 5L^ZSL[[LY 4HYJO 7HNL


%UDQGHG ([HFXWLYH )ROGHU

3XUFKDVH )RUP

([HFXWLYH ]LSSHG FRPSHQGLXP %OLQG HPERVVHG ZLWK WKH 1HZ =HDODQG %DU $VVRFLDWLRQ ORJR 7KH IROGHU LV PDQXIDFWXUHG LQ VXSHULRU TXDOLW\ EODFN VRIW JUDLQ .RVNLQ ,W KDV D GHHS JXVVHWHG IXOO SRFNHW IRU GRFXPHQWV EURFKXUHV DQG PDJD]LQHV D EXVLQHVV FDUG ZLQGRZ DQG FRPHV FRPSOHWH ZLWK D OLQHG ZULWLQJ SDG DQG SHQ 3XUFKDVH 3ULFH 1= LQFOXGHV *67 SRVWDJH DQG SDFNDJLQJ

1DPH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB &RQWDFW 1XPEHU BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB (PDLO BBBBBBBBBBBBBBBBBBBBBBBBBBBBB 3RVWDO $GGUHVV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB , ZLVK WR RUGHU BBBBBBBBBBBBBBBBB FRPSHQGLXPV DW SHU FRPSHQGLXP LQFOXVLYH RI *67 7RWDO RUGHU 1= BBBBBBBBBBBBBBB LQFOXVLYH RI *67

7$; ,192,&(

*67 12

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB † †

,I SD\LQJ E\ FKHTXH 3OHDVH VHQG WR 7KH 1HZ =HDODQG %DU $VVRFLDWLRQ 3 2 %R[ 6KRUWODQG 6WUHHW $XFNODQG ,I PDNLQJ GLUHFW SD\PHQW 3OHDVH UHPHPEHU WR TXRWH \RXU QDPH DV D 5HIHUHQFH DQG ID[ WKH SD\PHQW DGYLFH WR

1HZ =HDODQG %DU $VVRFLDWLRQ $1= %DQN 4XHHQ 6WUHHW $XFNODQG $FFRXQW 1R 3OHDVH UHWXUQ WR 0RQLTXH 3HDUVRQ 1HZ =HDODQG %DU $VVRFLDWLRQ 32 %R[ 6KRUWODQG 6WUHHW $XFNODQG 3KRQH )D[ 0HPEHUV VKRXOG UHWDLQ D FRS\ RI WKLV SXUFKDVH IRUP IRU WKHLU UHFRUGV

5 A )HY (ZZVJPH[PVU 5L^ZSL[[LY 4HYJO 7HNL


2I[ >IEPERH &EV %WWSGMEXMSR 'SYRGMP

:\TTHY` VM TLL[PUN TPU\[LZ 1MRYXIW SJ XLI 'SYRGMP QIIXMRK SJ XLI 2I[ >IEPERH &EV %WWSGMEXMSR LIPH SR 8LYVWHE] 2SZIQFIV EX EQ EX XLI 2SVXLIVR 'PYF MR %YGOPERH -R EXXIRHERGI [IVI .MQ *EVQIV 5' 'LVMW +YHWIPP 5' 'SPMR 'EVVYXLIVW 5' (EZMH &MKMS )PPMSXX ,YHWSR /EXI (EZIRTSVX /IR .SLRWXSR 1MVMEQ (IER 5' 1EXXLI[ ;EVH .SLRWSR 7XITLIR 1MPPW 5' 8VIZSV 7LMIPW 8IVV] 7MWWSRW 8SR] ,YKLIW .SLRWSR 5' ERH 1SRMUYI 4IEVWSR %TSPSK] VIGIMZIH JVSQ .SREXLER )EXSR

x ¯ %YKYWX ° 7]HRI] 'SYRGMP QIIXMRK ERRYEP GSRJIVIRGI %+1

(EZMH &MKMS ERH 1EXXLI[ ;EVH .SLRWSR [IVI GS STXIH EW 'SYRGMP QIQFIVW

x 2SZIQFIV ° 'LVMWXGLYVGL 'SYRGMP QIIXMRK JSPPS[IH F] HVMROW JYRGXMSR

8LI JSPPS[MRK QIQFIVW SJ XLI 'SYRGMP [IVI ETTSMRXIH EW ZMGI TVIWMHIRXW JSV

8VIZSV 7LMIPW VITSVXIH SR XLI 2>&%´W ½RERGMEP TSWMXMSR JSV XLI ]IEV

x 1MVMEQ (IER 5' ° %YGOPERH x 'LVMW +YHWIPP 5' ° ,EQMPXSR

VITVIWIRXMRK XLI TVSZMRGMEP EVIEW x 'SPMR 'EVVYXLIVW 5' ° ;IPPMRKXSR x .SREXLSR )EXSR ° 'LVMWXGLYVGL

VITVIWIRXMRK XLI 7SYXL -WPERH .MQ *EVQIV VIEJ½VQIH XLI VEXMSREPI FILMRH XLI ETTSMRXQIRX SJ EHHMXMSREP ZMGI TVIWMHIRXW *MVWX XS WLEVI XLI PIEHIVWLMT VSPI [MXL XLI TVIWMHIRX ERH WIGSRHP] XS TVSZMHI ER MQTIXYW JSV QSVI PSGEP EGXMZMXMIW 8LI 'SYRGMP VIZMI[IH ERH WYFWIUYIRXP] EHSTXIH XLI TVSTSWIH GSQQMXXIIW´ WXVYGXYVI JSV 1SRMUYI 4IEVWSR EHZMWIH XLEX E PMWX SJ XLI WYF GSQQMXXIIW [SYPH FI QEHI EZEMPEFPI SR XLI %WWSGMEXMSR´W [IFWMXI 8VIZSV 7LMIPW [EW ETTSMRXIH XVIEWYVIV 7XITLIR 1MPPW [EW ETTSMRXIH GSRZIRSV SJ XLI 6YPIW 7YF GSQQMXXII 8LI 'SYRGMP XIRXEXMZIP] EHSTXIH XLI JSPPS[MRK QIIXMRK HEXIW JSV

x *IFVYEV] ° ;IPPMRKXSR 'SYRGMP QIIXMRK ERH PYRGLISR [MXL XLI PSGEP FEV x 1E] ° %YGOPERH 'SYRGMP QIIXMRK JSPPS[IH F] &IRGL ERH &EV HMRRIV x .YRI ° :MHIS GSRJIVIRGI

1SRMUYI 4IEVWSR EHZMWIH XLEX RI[ QIQFIVW LEH NSMRIH XLI %WWSGMEXMSR HYVMRK XLI TIVMSH 7ITXIQFIV XS 2SZIQFIV FVMRKMRK XLI XSXEP QIQFIVWLMT XS 1MVMEQ (IER VITSVXIH SR XLI PEYRGL SJ XLI 2>&% 1IQFIV &IRI½XW 4SVXJSPMS E FVSGLYVI PMWXMRK XLI GSQQIVGMEP FIRI½XW ERH HMWGSYRXW EZEMPEFPI XS QIQFIVW XLIMV JEQMP] ERH WYTTSVX WXEJJ -X [EW IRZMWEKIH XLEX XLI FVSGLYVI [SYPH FI TSWXIH XS EPP QIQFIVW SJ XLI %WWSGMEXMSR 8LI 6YPIW 7YF GSQQMXXII TVSZMHIH E WYQQEXMSR SJ XLIMV VIWTIGXMZI WYF QMWWMSRW 8LI 'SRWXMXYXMSREP 6IZMI[ 'SQ QMXXII [EW EWOIH XS GSRHYGX E KIRIVEP VIZMI[ SJ XLI 2>&% VYPIW XS MHIRXMJ] [LEX EVIEW SJ GSRWXMXYXMSREP VIJSVQ [IVI RIGIWWEV] 0EYVIR 0MRHWE] WTSOI XS LIV VITSVX SR E WYMXEFPI XVEMRMRK QSHIP JSV NYRMSV O 'SRX SR T

VW 1HZ =HDODQG %DU $VVRFLDWLRQ ,QWHUQDWLRQDO &RQIHUHQFH 7KH 1HZ =HDODQG %DU $VVRFLDWLRQ $QQXDO &RQIHUHQFH ZLOO EH KHOG LQ 6\GQH\ WKLV \HDU 7KLV LV WKH %DU $VVRFLDWLRQ·V ÀUVW LQWHUQDWLRQDO FRQIHUHQFH 7KH ZHHNHQG SODQQHG LV )ULGD\ DQG 6DWXUGD\ $XJXVW 7KH %DU $VVRFLDWLRQ SODQV DQ H[FLWLQJ SURJUDPPH ZLWK LQSXW IURP WKH 1HZ 6RXWK :DOHV %DU $VVRFLDWLRQ 7KH WKHPH RI WKH FRQIHUHQFH LV $ *OREDO $SSURDFK WR /DZ ² /LIH DV D %DUULVWHU LQ WKH VW FHQWXU\ 7RSLFV ZLOO LQFOXGH WKH FKDQJLQJ IDFH RI D EDUULVWHU·V SUDFWLFH LVVXHV IDFLQJ WKH EDU WKH LQWHUQDWLRQDOLVD WLRQ RI OLWLJDWLRQ WUDQV 7DVPDQ DQG RWKHU DVSHFWV HPHUJLQJ RS SRUWXQLWLHV IRU LQWHUQDWLRQDO SUDF WLFH DQG ÀQDOO\ D SUDFWLFDO VHVVLRQ RQ KRZ WR GHYHORS DQ LQWHUQDWLRQDO SUDFWLFH *UHDW VRFLDO HYHQWV DUH SODQQHG LQFOXGLQJ DQ LQIRUPDO GULQNV DQG FDQDSp VHVVLRQ RQ WKH )ULGD\ QLJKW ZLWK WKH 1HZ 6RXWK :DOHV EDU DQG D IDEXORXV IRUPDO GLQQHU ZKLFK LV FXUUHQWO\ SODQQHG WR EH DW WKH 0XVHXP RI &RQWHPSRUDU\ $UW RQ WKH 6DWXUGD\ QLJKW :H GR KRSH WKDW \RX FDQ MRLQ XV 7KH GHWDLOV RI WKH DFFRPPRGDWLRQ DQG FRQIHUHQFH SDFNDJHV ZLOO EH DYDLODEOH VRRQ ,I \RX ZRXOG OLNH WR UHJLVWHU \RXU LQWHUHVW SOHDVH HPDLO 0RQLTXH 3HDUVRQ DW Q]EDU#Q]EDU RUJ Q]

5L_[ 5L^ZSL[[LY W\ISPJH[PVU KH[L! 1\UL

5 A )HY (ZZVJPH[PVU 5L^ZSL[[LY 4HYJO 7HNL


*VU[PU\LK MYVT WHNL

5A )HY (ZZU *V\UJPS! Z\TTHY`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¾I\MFPI ERH YT XS XLI QIRXSV ERH QIRXII XS IWXEFPMWL TVIGMWIP] LS[ XLI QIRXSVMRK VIPEXMSRWLMT [SYPH FI IWXEFPMWLIH 8LI TVSTSWIH WGLIQI MW RSX ER ±EYRX YRGPI² TVSKVEQQI 8LI QIIXMRK HMWGYWWIH XLI ZEVMSYW GEXIKSVMIW SJ EWWSGMEXI QIQFIVWLMT IPMKMFMPMX] SJ ETTPMGERXW ERH JII WXVYGXYVI 1SRMUYI 4IEVWSR VITSVXIH SR LIV ZMWMX XS XLI 27; &EV %WWSGMEXMSR .MQ *EVQIV YTHEXIH XLI 'SYRGMP SR LMW EHHVIWW XS XLI 27; &EV %WWSGMEXMSR SR XLI WYFNIGX SJ MRXIVREXMSREP TVEGXMGI GSZIVMRK MWWYIW WYGL EW PIKEP ERH TVEGXMGEP SFWXEGPIW ERH X]TIW SJ [SVO XLEX EVI VIEPMWXMGEPP] EXXEMREFPI

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½\XYVIW ERH TVSZMHIH I\EQTPIW .MQ *EVQIV XLEROIH XLI 'LMIJ ,MKL 'SYVX .YHKI JSV GSRXVMFYXMRK XS XLI QIIXMRK 8LI 'SYRGMP HMWGYWWIH XLI JSPPS[MRK YTGSQMRK IZIRXW

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

5 A )HY (ZZVJPH[PVU 5L^ZSL[[LY 4HYJO 7HNL


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.