Sire

!

! ! ! !

!

Ship Inspection Report (SIRE) Programme

Vessel Inspection Questionnaires for Oil Tankers, Combination Carriers, Shuttle Tankers, Chemical Tankers and Gas Tankers. (VIQ 5) 2011 Edition !

!

! ! ! "#$!%! &%'(!)*+,*-./!0%&&! !

! ! ! ! 123!4567*+2#8!9+'#-+*'25+*3!:*-2+#!;5-,6! .

2

! ! !

!

© Copyright OCIMF 2011. All rights reserved. 2

3

! SECTION 1 1.1

History of the SIRE Programme

In 1993, OCIMF established a Ship Inspection Report (SIRE) Programme, which enabled OCIMF members to submit their ship inspection reports to OCIMF for distribution to OCIMF members and certain qualifying nonOCIMF members. Participation in the original programme, as either an inspecting OCIMF Member or a programme recipient, was strictly voluntary and each programme recipient determined independently how to evaluate the information contained in the reports received from OCIMF. Under the SIRE Programme, the operator of any ship that is the subject of a report was given a copy of that report and the opportunity to submit written comments relating to the report, to both the inspecting OCIMF Member and to OCIMF. Report recipients accessed the SIRE System Index by computer and this permitted the index to be viewed or downloaded. Programme recipients could order reports and any matching operator comments from the SIRE system. Reports and comments were transmitted by facsimile to the programme recipients' pre-registered facsimile numbers on request.

1.2

Revisions to the Programme

The original SIRE Programme was first revised in 1997 and introduced the means whereby programme recipients were able to receive reports and any operator comments electronically, as well as by facsimile. Two major changes were also introduced in the 1997 Revised Programme. These were: 1. A Uniform Vessel Inspection Procedure; and, 1 2. A Vessel Particular Questionnaire (VPQ) The SIRE Programme was again revised in 2000. The 2004 revisions made further important changes to the inspection procedure whilst also adding numerous new vessel types that are inspected under the programme.2 Collectively, these are referred to herein as ³9HVVHOV´Subsequent revisions updated the VIQ questions and guidance, but did not add any questions. This 2011 Edition substantially changes the focus of the VIQ to increase the emphasis of the inspection on navigation procedures and cargo and ballast handling operations. Consequently significant changes have been made in this edition.

1 Under the Original 1993 Programme, the inspecting OCIMF Member was free to choose whatever inspection protocol and report format it desired. In 1997, the Uniform Vessel Inspection Procedure changed this. The Vessel Particular Questionnaire was a newly developed OCIMF document, also introduced in 1997 and was not part of the original programme. The Vessel Inspection Questionnaire was further revised in 2000, and the Vessel Particulars Questionnaire was also revised in 2003 when a Harmonised Vessel Particulars Questionnaire (HVPQ) was introduced. Updated VIQs were published in 2004, 2005, 2008 and 2009. 2 The SIRE Programme was expanded in 2005 to include the inspection of barges carrying petroleum products, chemicals, or gas, or vessels used in the carriage of packaged petroleum products or gas, or road tankers carrying the same commodities. Towing vessels that are utilised in the handling of barges carrying the above listed products may also be inspected under the SIRE Programme. The inspection of these vessels and associated questionnaires are addressed in separate questionnaires. © Copyright OCIMF 2011. All rights reserved. 3

4

1.3

Uniform Vessel Inspection Procedure

The programme requires that participating submitting companies follow a uniform Vessel Inspection Procedure. This procedure has an Inspection Element and a Report Element. !

The Inspection Element uses a series of detailed inspection questionnaires as appropriate for the type of vessel inspected. These questionnaires address issues associated with safety and pollution prevention. Inspectors who are employed, or contracted by submitting companies must (with certain exceptions) answer all these questions. Questions are, in many cases, accompanied by guidance notes and/or references to source documents. Their purpose is to aid the InspectRU¶VUHVSRQVH The Report Element is developed from the completed electronic questionnaire that is submitted by the Inspector, either directly to the SIRE web site, or to the submitting company for further processing prior to transmission to the vessel operator and to SIRE.


5

SECTION 2! 2.1

The Vessel Inspection Questionnaires, Inspector Manuals and VIQ Computer Programmes rd

The 3 Edition revisions to the SIRE Vessel Inspection Questionnaires and their accompanying Inspection Reports introduced significant changes to the scope and presentation of the Programme. These were: 1.

The inspection of oil tankers (together with combination carriers and shuttle tankers), chemical carriers and gas carriers. Under the revised Programme, these vessels are categorised by size.

2.

The inspection of barges carrying petroleum products, chemicals, or gas, or vessels used in the carriage of packaged petroleum products or gas or road tankers carrying the same commodities, and also towing vessels that are utilised in the handling of barges carrying the above listed products. Collectively, in the VIQ documents, WKH LQVSHFWLRQ TXHVWLRQQDLUHV WKDW DUH XVHG DUH UHIHUUHG WR DV ³9HVVHO ,QVSHFWLRQ 4XHVWLRQQDLUHV´³9,4V´

3.

The key question and sub-question concept used in the 1 and 2 Editions of the VIQ was discontinued in rd the 3 and subsequent editions and replaced (except in a few cases) with individual questions. As in the FDVHRISUHYLRXVHGLWLRQVKRZHYHUWKH³Yes´³No´³Not Seen´RU³Not ApplicableÚHVponses are utilised.

st

2.2

nd

Inspector Manuals

The Inspector Manual was a new feature introduced with the SIRE revisions in 2000. The Manual reorganised the VIQ key questions, sub-questions and guidance notes to follow the order of the route that would normally be 3 taken by an inspector in the course of an inspection . As in the case of the previous editions of the VIQ, Inspector Manuals will be used with this 2011 Edition that set out the questions into the approximate order that an inspector is likely to encounter them during the course of an inspection. 6HOHFWLRQ RI WKH TXHVWLRQQDLUH WR EH XVHG IRU HDFK SDUWLFXODU LQVSHFWLRQ LV PDGH XVLQJ D ³9HVVHO 6HOHFWLRQ:L]DUG´LQFRUSRUDWHGLQWRWKH6,5(5HSRUW(GLWRUSoftware programme. This Wizard requires a series of questions to be answered. When the Wizard is completed, the appropriate questionnaire can be printed on a local printer, with the questions set out either in the format of the VIQ itself, or in the format of the Inspector Manual. The questionnaire may be printed in A4 or Letter paper, or reduced to a size appropriate to be used with the SIRE VIQ Pocketbook. These Questionnaires must be used during each inspection. The inspection findings must be transferred from the pocketbook to the appropriate VIQ computer programme after the inspection is completed.

3 Each Inspector Manual is laid out on the assumption that an inspection takes the following course: a review RI WKH YHVVHO¶V 'RFXPHQWDWLRQ IROORZHG E\ DQ LQVSHFWLRQ RI the Wheelhouse and Navigation, Communications, General external areas (including Mooring, Main Deck and Pumproom), Cargo Control Room, Engine and Steering Compartments and finally, the Accommodation. © Copyright OCIMF 2011. All rights reserved. 5

6

SECTION 3 3.1

8VLQJWKH6,5(9HVVHO,QVSHFWLRQ4XHVWLRQQDLUHV³9,4V´

The inspection questionnaires used in this programme contain a series of questions related to safety and pollution prevention applicable to the type of vessel that is inspected. These questions are consecutively numbered and are logically grouped into separate chapters. Each chapter contains a series of questions to be answered by the inspector. Questions may be accompanied by guidance, namely: 1. Guidance notes to inspectors; 2. Reference source(s) citing regulation(s) or industry guidelines pertaining to questions; and 3. An indicator to identify issues when an inspector comment is mandatory. The above-mentioned guidance, regulatory/industry references amplify the questions and these are provided to assist the inspector to answer the questions. If the guidance and references lead the inspector to conclude that the question should be answered positively, WKHER[³Yes´LQWKH9,4FRPSXWHUSURJUDPPHVKRXOGEHFKHFNHG2QWKHRWKHUKDQGLIWKHJXLGDQFHDQGDQ\ reference sources indicate to the inspector that the question should be answered negaWLYHO\WKH³NoÉR[VKRXOG 4 be checked. :KHUHDSSURSULDWHWKH³Not Seen´RU³Not ApplicableÉR[VKRXOGEHWLFNHG The inspector must respond to all the questions appropriate to the type of vessel being inspected. Failure to do this will mean that the inspection report cannot be transmitted to the SIRE Internet site for processing by the principal who commissioned the inspection. The inspector must insert an Observation when responding to any question where the response box is marked ³No´7KH2EVHUYDWLRQmust specify and explain the reason why a negative response is made. Additionally, ZKHUH D ER[ LV PDUNHG ³Not Seen´ WKH UHDVRQ IRU WKH ³Not Seen response must be given in the Observation section accompanying the question. In cases whHUH D ³Not Applicable´ UHVSRQVH LV UHTXLUed, the ³1RW $SSOLFDEOH´ response LVWUHDWHGLQWKHVDPHZD\DVD³YesÚHVSRQVHDQGWKHUHLVQRUHTXLUHPHQWIRUWKHUHDVRQ to be made in the Observations section accompanying the question. However, if, in the inspHFWRU¶VMXGJPHQWDQ H[SODQDWRU\FRPPHQWLV QHFHVVDU\WKH LQVSHFWRUPD\PDNHVXFKFRPPHQWLQWKH³2WKHU &RPPHQWV´ section accompanying the question provided such comment makes amplification to assist the understanding of a report recipient as to an issue associated with a specific question. In some cases, where the type of vessel being inspected results in one or more questions being not applicable to that type of vessel, the Report Editor is programmed to automatically answer those questions ³1RW$SSOLFDEOHÍn many cases, the question GRHVQRWKDYHD³1RW$SSOLFDEOH´RSWLRQ For some questions, the inspector is required to comment irrespective of how the question is answered. This requirement is flagged in the printed VIQ by bold, highlighted, italic text in the guidance notes. In the electronic Report Editor software it is highlighted in yellow. At the end of each chapter there is an Additional Comments section. If the inspector has additional comments in respect of subject matter that is not covered by the specific questions in the chapter, the inspector may make such comments in the Additional Comments section.

4

A few Questions do not have guidance, in such cases; the Inspector is required to make an unaided answer.


7 The above listed requirements are summarised below. Box

Option

Response

Y

Yes

7LFN ³Yes´ LI LQ WKH LQVSHFWRU¶V SURIHVVLRQDO MXGJHPHQW DVVLVWHG E\ WKH guidance (if provided), a positive response can be made to the question. If, LQWKHLQVSHFWRU¶VMXGJHPHQWWKH
N

No

7LFN ³No´ LI LQ WKH LQVSHFWRU¶V SURIHVVLRQDO MXGJHPHQW DVVLVWHG E\ WKH guidance (if provided), a negative response should be made to the question.

NS

Not Seen

7LFN³Not Seen´LIWKHLVVXHDGGUHVVHGE\ DTXHVWLRQKDVQRWEHHQVHHQ RU checked by the inspector. The reason why the topic or issue was not seen must be recorded in the Observations box.

Not Applicable

7LFN ³Not $SSOLFDEOH´ LI WKH VXEMHFW PDWWHU FRYHUHG E\ WKH TXHVWLRQ LV QRW applicable to the vessel being inspected. In some cases, the ³1RW $SSOLFDEOH´ response is made automatically within the software and is subject to the type of vessel being inspected. In otheU FDVHV D ³Not Applicable´ UHVSRQVH LV QRW SURYLGHG WR WKH TXHVWLRQ DQG RQO\ WKH ³Yes´ ³No´ RU ³Not Seen´ response options are available. ,I LQ WKH LQVSHFWRU¶V judgement the Not Applicable response requires to be amplified with further comments, the inspector may record such comments in the Other Comments ER[,ILQWKHLQVSHFWRU¶VMXGJPHQWDQH[SODQDWRU\FRPPHQWLVQHFHVVDU\WKH LQVSHFWRU PD\ PDNH VXFK FRPPHQW LQ WKH ³2WKHU &RPPHQWV´ section accompanying the question provided such comment makes amplification to assist the understanding of a report recipient as to an issue associated with a specific question.

Observations and Other Comments

$Q 2EVHUYDWLRQ E\ WKH LQVSHFWRU LV UHTXLUHG IRU D ³No´ RU ³Not Seen´ response. Where the question specifically calls for inspector comment irrespective of how the response box is checked, such comments are required to be recorded in the ³2WKHUFRPPHQWV´section that accompanies the question. Inspectors are free to record comments even where a box is FKHFNHG ³Yes´ provided such comment makes amplification to assist the understanding of a report recipient as to an issue associated with a specific question.

Additional Comments

The Additional Comments section at the end of each chapter may be used to record comments in respect of the chapter that are additional to those which the inspector may make when responding to the specific questions.

NA

3.2

VIQ Availability to Operators

Vessel operators, who require copies of the questionnaires set out in this programme, may obtain them directly from the www.ocimf.com web site at no cost to the vessel operator.


8

SECTION 4

Conduct of Inspections 4.1

Mandatory Inspection Requirements

The following mandatory inspection requirements must be followed by inspectors in the conduct of their shipboard inspection in order for reports to meet the requirements of the SIRE Programme:

4.1.1 General Requirements. 1.

The inspector must introduce himself or herself to the Master or the MDVWHU¶V DXWKRULVHG GHSXW\ explain the scope of the inspection and discuss the preferred order in which it will be carried out, prior to commencement of the inspection. Inspectors should co-operate fully to conduct the LQVSHFWLRQLQWKHRUGHUWKDWZLOOFDXVHWKHOHDVWGLVUXSWLRQWRWKHYHVVHO¶VRSHUDWLRQV. The inspector must be accompanied by a member of the ship's staff at all times during the course of the inspection.

2.

The inspector must set a good example with respect to his or her own personal safety procedures whilst on board the vessel and in the terminal and must wear appropriate personal protection equipment at all times.

3.

Electrical or electronic equipment of non-approved type, whether mains or battery powered, must not be active, switched on or used within any gas-hazardous or other hazardous areas. This includes torches, radios, mobile telephones, radio pagers, calculators, computers, photographic equipment and any other portable equipment that is electrically powered but not approved for operation in a gas-hazardous area. It should be borne in mind that equipment such as mobile telephones and radio pagers, if switched on, can be activated remotely and a hazard can be generated by the alerting or calling mechanism and, in the case of mobile telephones, by the natural response to answer the call. Any specific Terminal requirements must be adhered to.

4.

Any Observations that the inspector intends to record in the VIQ must be pointed out and GLVFXVVHG µRQ VLWH¶ DW WKH WLPe with the member of the ship's staff assigned to accompany the inspector. This ensures that the nature of the Observations are fully understood and can also avoid extended discussion at the end of the inspection.

5.

On completion of the inspection, some Submitting Companies require the inspector to provide a list of the inspection findings in the form of written observations, others do not. In either case, the inspector must discuss the inspection findings with the Master or the Master's authorised deputy before leaving the vessel. Other than to prepare these observations, however, the inspector must not remain on the vessel to complete the inspection report. It is recognised that on occasions this may not be possible, especially when leaving and joining the vessel is done by helicopter on vessels doing STS operations.

6.

The guide time for an inspection as specified in 4.3.4 below is 8-10 hours, and this time should be used to conduct the inspection of the vessel, compile the observation list if appropriate, and conduct the close out meeting. The completion of the report using the report editor software before the inspector leaves the vessel must not occur as this reduces the time that the inspector will spend conducting the physical inspection of the vessel. As specified in 4.1.1.5 above, the inspector must leave the vessel on completion of the inspection and must not remain on board to complete entering the report details into the report editor.


9

4.1.2 Additional Requirements. In addition to the general mandatory requirements list above, the Inspector:1. 2. 3. 4. 5.

6. 7.

8. 9. 10. 11. 12.

4.2

Must respond by entering the requested information or by checking one response box for each question; Must, where guidance to a question is provided, consider all the guidance to determine how the question should be answered; Must carefully consider and provide a proper response to every question; Must XVHREMHFWLYHHYLGHQFHZKHQDQVZHULQJHDFKTXHVWLRQWKHDVVXUDQFHRIWKHYHVVHO¶VVWDIILV insufficient evidence or proof); Must include an explanatory Observation in the Observation section that accompanies a question ZKHQLWLVDQVZHUHG³No´RU³Not Seen´:KHUHWKH9,4TXHVWLRQLVDQVZHUHG³Not Applicable´RU in cases where the guidance requires a comment regardless of how a question is answered, such comment must be recorded in the ³2WKHU&RPPHQWV´section. Must not XVH D ³Yes´ UHVSRQVH WR DQ\ TXHVWLRQ ZKHUH DQ LQVSHFWRU¶V 2EVHUYDWLRQ RU 2WKHU comment contains negative elements (if there is such negative Observation or Other comment WKHQWKHDQVZHUWRWKDWTXHVWLRQVKRXOGEH³No´ Must not, in any Other Comment or Additional Comments, include i. Any overall or partial ship rating or indication of ship acceptability / non-acceptability; ii. Any matter unrelated to the topic of a VIQ chapter and, in particular, any matter unrelated to ship safety and pollution prevention; and, iii. Any overall chapter ending RURWKHUSDUWLDOVXPPDU\RIWKHLQVSHFWRU¶VILndings; Must give the factual basis and specific reasons for any opinions or subjective comments made by the inspector; Must note any deficiencies or inspector-observed conditions, to which action was taken whilst the inspector was on board, and Must not offer any comments or opinions with regard to actions to be taken in respect of any deficiencies or observed conditions noted by the inspector. Must not XVHWKHH[SUHVVLRQ³ZH´LQDQ\2EVHUYDWLRQRU2WKHUFRPPHQWXQOHVVWKHLQVSHFWLRQZDV conducted by more than one inspector. Must not at any time give any verbal indication of ship acceptability / non-acceptability.

Permitted Inspection Actions

Inspectors may: 1. ,QFOXGH LQ WKH ³2WKHU &RPPHQWV´ VHFWLRQ DFFRPSDQ\LQJ DQ\ TXHVWLRQ LQVSHFWRU FRPPHQWV HYHQ ZKHUHWKHTXHVWLRQLVDQVZHUHGZLWKD³Yes´provided such comments give useful information to the report recipient; 2.

Respond to questions or provide comments on the basis of material not included in the guidance specified for the question but must note this reliance and explain reason for the reliance;

3.

,QFOXGHLQWKH³Additional &RPPHQWV¶ for each chapter, any comments in respect of the subject matter not addressed by questions contained in the chapter additional to those that the inspector may make in response to the specific questions in the chapter; and

4.

Respond to questions which are not applicable to either the vessel or its cargo by checking such TXHVWLRQV³Not Applicable´.


10

4.3

Other Inspection Requirements. 1.

8QOHVV DXWKRULVHG E\ WKH 2&,0) ,QVSHFWLQJ 0HPEHU DQG DJUHHG E\ WKH YHVVHO¶V RSHUDWRU inspections should not take place at night.

2.

The inspector should consider requesting that equipment be run and tested to confirm that it is in operational order and that officers and crew are familiar with its operation, but must ensure that such requests do not cause delay or interfere with the safety and normal operation of the vessel.

3.

It should be recognised that the overall objective of the inspection is to provide the user of a SIRE 5HSRUWZLWKDIDFWXDOUHFRUGRIWKHYHVVHO¶VFRQGLWLRQDQGVWDQGDUGRIRSHUDWLRQDWWKHWLPHRIWKH inspection and, in turn, allow an assessment of the risk that use of the vessel might pose.

4.

The scope of a SIRE inspection is expected to enable an inspection to be accomplished within an 8-10 hour period. Inspectors must take into account the hours of rest requirements that must be observed and ensure that the SIRE inspection does not interfere with these.

5.

Under normal circumstances, a SIRE inspection will take place when a vessel is alongside in port whilst discharging or loading cargo. During the course of the inspection ballast/void tank entry is discouraged. Physical assessment of the condition of ballast tanks/void spaces etc can be made only in circumstances where the tank access hatches or plates can be removed and the tank internals sighted from the deck. In any event, actual tank access should only be made at the specific instructions of the inspecting company, with the authority of the Master and provided that port and terminal regulations allow. In all cases, the enclosed space entry procedures set out in ISGOTT Chapter 10 must be strictly observed.


11

SECTION 5 5.1

The Distributed Report

The responses recorded in the Vessel Inspection Questionnaires (the Inspection Element) serve as the basis for development of the second element of the Vessel Inspection Procedure (the Report Element) distributed XQGHU WKH SURJUDPPH 7KH LQVSHFWRU¶V FRPSOeted VIQ must be reviewed by the submitting company prior to processing in the SIRE system and transmission to the vessel operator. The processed VIQ is automatically converted into a report after the submitting company has processed it in the SIRE System. The report does not replicate the pages of the Vessel Inspection Questionnaire but is distributed in abbreviated form. It consists of a conversion of the inspector VIQ responses into a uniform report format. The report is divided into three sections as follows: Section 1 General information

- Contains the informational responses required in Chapter 1 of the VIQ plus answers to certain questions from other VIQ chapters where specific details or dates are required.

Section 2 4XHVWLRQV PDUNHG without comment.

- Lists, by index number only, the questions in the VIQ which have EHHQFKHFNHGZLWKD³YesÚHVSRQVHEXWZLWKRXWLQVSHFWRUFRPPHQW

³Yes´

Section 3 4XHVWLRQVPDUNHG³No´³Not Seen´³Not Applicable´RU otherwise commented upon and any chapter ending Additional Comments.

- Contains; in their entirety, (a) $OO9,4TXHVWLRQVZKLFKKDYHEHHQDQVZHUHGZLWKD³No´RU³Not SeenÚHVSRQVHDVZHOODVWKHFRPPHQWVPDGHE\WKHLQVSHFWRU to supplement such responses; (b) All other VIQ questions which have otherwise been commented upon, together with the comment; and, (c) Any additional comments made at the end of the VIQ chapters. (d) In cases where a question has been answered with a ³1R" response, the element or sub-element of the OCIMF Tanker Management Self Assessment (TMSA) for the ship to which the ³1R" UHVSRQVH UHIHUV WRJHWKHU ZLWK WKH RSHUDWRU¶V DVVHVVPHQW will be displayed, where appropriate. This feature will only be displayed to OCIMF members who have been granted by the operator access to their TMSA submission. Recipient members will not be able to view this TMSA feature within the report. In some cases, the SIRE Report Editor will automatically enter ³1RW$SSOLFDEOHUHVSRQVH


12

!"#$%&'()*(((+&,&'#-(.,/0'1#%20,( ( )*)! ( )*7( ( )*=(

( )*?( &

)*D( ( )*F( !

)*I! ( )*J( ! )*K( !

(

! )*)L( ! ! )*))( ! )*)7( ! )*)=(

( ( 3#1&(0/(%"&(4&55&-6!

!"#$%&&'($)*+$,&-./0&.10&22&$#345&67,#&8"#&9$&7,$:&78;$,,&#<$=&>($&>3#7>;;=&>&?>(#&")&#<$&($@*,#$($:&8>6$&")& #<$&A$,,$;4&&/<$&8>6$&67,#&9$&$8#$($:&$+>3#;=&>,&*#&>??$>(,&"8&#<$&B$(#*)*3>#$&")&C$@*,#(=4&

8&55&-(.9:(3;1<&'6( !01$#,>(.9:(3;1<&'6(

!"#$%& /<$& D"376$8#& ")& B"6?;*>83$& -D"B50& *83;7:$,& E7*:>83$& 8"#$& ($)$((*8@& #"& 3"6?>8=& 8769$(0& B"6?>8=&>8:&($@*,#$($:&"F8$(&*:$8#*)*3>#*"8&8769$(&>8:&*,&($G7*($:&"8&#<$&)";;"F*8@&3$(#*)*3>#$,&)("6&HI& J>8&KHHL%M& x <*=#'.!:*+*>#6#+'!4#-'2=2?*'#& x @5?,6#+'!5=!456732*+?#& x 9+'#-+*'25+*3!<(27!<#?,-2'.!4#-'2=2?*'#& x 45+'2+,5,8!<.+57828!"#?5-A& B(28!-#C,2-#6#+'!28!=5-!?#-'2=2?*'#8!288,#A!*='#-!%&!)*+!0%%D!*+A!#E28'2+>!?#-'2=2?*'#8!+##A!+5'!F#!*6#+A#A! ,+'23!'(#2-!-#+#G*3!A*'#8H&256#!=3*>!8'*'#8!-#C,2-#!*33!'(#!#E28'2+>!?#-'2=2?*'#8!328'#A!*F5$#!'5!(*$#!F##+! *6#+A#A!F.!%&)*+!0%%D!'5!8(5G!'(#!?567*+.!*+A!5G+#-!2A#+'2=2?*'25+!+,6F#-8H&

@#%&(%"&(2,5$&A%20,(B#5(A01$-&%&C6(

!"#$%& & N)& #<$& *8,?$3#*"8& $+#$8:,& #"& #F"& "(& 6"($& :>=,0& ($3"(:& #<$& 3*(376,#>83$,& *8& #<$& 3<>?#$(& $8:& O::*#*"8>;&3"66$8#,4&(

E0'%(0/(2,5$&A%20,6( G-#H6(

N)&>&3<>8@$&")&);>@&<>,&#>P$8&?;>3$&F*#<*8&#<$&?>,#&Q&6"8#<,0&($3"(:&#<$&:>#$&")&3<>8@$&>8:&#<$&?($A*"7,& );>@&*8&B"66$8#,4!

@&#CB&2H"%6!I6#'-2?!'5++#8J!

!"#$%&&R"(&A$,,$;,&F*#<&67;#*?;$&;">:&;*8$&3$(#*)*3>#$,0&($3"(:&#<$&6>+*676&")&#<$&>,,*@8$:&:$>:F$*@<#,4&

+'055(%0,,#H&6( @#%&(%"&(4&55&-(B#5(C&-24&'&C6(

K+.!?$(*":,&")&;>=&7?&,*83$&:$;*A$(=&,<"7;:&9$&($3"(:$:&*8&B"66$8#,4& !"#$%&&/<$&:>#$&")&:$;*A$(=&)("6&#<$&"(*@*8>;&97*;:$(&>,&;*,#$:&*8&#<$&NS''B&67,#&9$&($3"(:$:4&N)&#<$&:>#$&")& :$;*A$(=& *,& 8"#& ($3"(:$:& *8& #<$& NS''B& R"(6& O& "(& R"(6& T0& #<$& :>#$& ")& :$;*A$(=& >,& 3"8#>*8$:& *8& 2>)$#=& B"8,#(73#*"8&B$(#*)*3>#$&67,#&9$&($3"(:$:4&,IWKHYHVVHOKDVEHHQ¶UHMDJHG·WKHRULJLQDOEXLOGGDWHPXVW 9$&($3"(:$:4&

3#1&(0/(%"&(:!.9G(2,5$&A%2,H(A01$#,>6(

!"#$%&&/<$&2NCU&C$?"(#&U:*#"(&,")#F>($&>7#"6>#*3>;;=&*8,$(#,&#<$&8>6$&")&#<$&*8,?$3#*8@&3"6?>8=4&

M21&(%"&(2,5$&A%0'(<0#'C&C(%"&(4&55&-6( M21&(%"&(2,5$&A%0'(C&$#'%&C(%"&(4&55&-6(

N)&#<$& *8,?$3#*"8&#""P& ?;>3$& "A$(&#F"& "(& 6"($& :>=,0& *8&#F"& "(& 6"($& ,$,,*"8,0& "(& F>,& 3>((*$:& "7#& 9=& 6"($& #<>8&"8$&*8,?$3#"(0&($3"(:&#<$&>((*A>;&>8:&:$?>(#7($&:$#>*;,&*8&B"66$8#,4&

3#1&(0/(%"&(2,5$&A%0'6(

!"#$%&&/<$&1NV&,")#F>($&>7#"6>#*3>;;=&*8,$(#,&#<$&8>6$&")&#<$&*8,?$3#"(4&&/<*,&*,&)"(&7,$&9=&#<$&N8,?$3#*8@& B"6?>8=&>8:&)"(&SBN.R&*8#$(8>;&?7(?",$,&"8;=&>8:&F*;;&8"#&9$&:*,?;>=$:&"8&#<$&:$;*A$($:&($?"(#4& &

! ! © Copyright OCIMF 2011. All rights reserved. 12

13 )*)?(

( )*)D(

9HVVHO·VRSHUDWLRQDWWKHWLPHRIWKHLQVSHFWLRQ( L5*A2+>!

@28?(*->2+>!

M,+N#-2+>!

M*33*8'2+>!

@#F*33*8'2+>!

K'!*+?(5-!

9A3#!

K'!8#*!

"2$#-! '-*+82'!

"#7*2-8! *=35*'!

9+!A-.A5?N!

!

2+>!

@#O835772+>!

!

!

E'0C;A%N5O(<&2,H("#,C-&C6( 4-,A#!123!

@2-'.! 7#'-53#,6! @2-'.! 7#'-53#,6! 43#*+! 7#'-53#,6! P#>#'*F3#!5238! 7-5A,?'8!I35G!=3*8(J! 7-5A,?'8!I(2>(!=3*8(J! 7-5A,?'8!

K+26*3!5238!

4(#62?*38!

L2C,#=2#A!>*8!

1'(#-!I87#?2=.J!

!

!"#$,%&&O&A";>#*;$&?(":73#&*,&?$#(";$76&<>A*8@&>&);>,<&?"*8#&9$;"F&QH HB&>,&:$#$(6*8$:&9=&#<$&3;",$:&37?& 6$#<":&")&#$,#*8@4&

&

)*)F( &

&

)*)I(

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

! 8&55&-(%>$&6( 4-,A#!B*+N#-! 4(#62?*3! B.7#!999!

4-,A#QR-5A,?'8! B*+N#-!

?*--2#-! LRS!B.7#!K!

R-5A,?'8!B*+N#-!

4(#62?*3! B.7#!9!

LRS!B.7#!M!

LRS!B.7#!4!

LTS!:588!B.7#!

1-#O123!

<(,''3#!'*+N#-!

M2',6#+!B*+N#-!

!

!

LTS!:#6F-*+#!

1M1!

<,37(,-!B*+N#-!

1'(#-! I<7#?2=.! 2+! ! 4566#+'8J!

?*--2#-! 4(#62?*3! B.7#!99!

?*--2#-!

! )*)J((((((P;--(%>$&6( <2+>3#!(,33!

@5,F3#!(,33!

@5,F3#!82A#8!

;,33!F-#*A'(!A5,F3#!F5''56!

4#+'-#!'*+N!A5,F3#!F5''56!

!"#$%&&C$)$(&#"&#<$&NS''B&R"(6&T_`&#"&:$#$(6*8$&#<$&3"8,#(73#*"8&($G7*($6$8#.&

! )*)K(

1DPHRIWKHYHVVHO·VRSHUDWRU(

!"#$%& & R"(&#<$& ?7(?",$& ")&#<$& 2NCU& '("@(>66$0& >8& ¶2SHUDWRU· LV GHILQHG DVWKH FRPSDQ\ RU HQWLW\ ZKLFK $+$(3*,$,&:>=&#"&:>=&"?$(>#*"8>;&3"8#(";&")0&>8:&($,?"8,*9*;*#=&)"(0&>&A$,,$;4&&/<$&8>6$&")&#<*,&$8#*#=&3>8&9$& IRXQGLQWKHYHVVHO·V'RFXPHQWRI&RPSOLDQFH& /<$&($@*,#$($:&"F8$(&")&>&A$,,$;&6>=&"(&6>=&8"#&9$&#<$&"?$(>#"(4&

&

)*7L(

$GGUHVVRIWKHYHVVHO·VRSHUDWRU(

!"#$%&&N)&#<*,&($?"(#&*,&#"&9$&)"(F>(:$:&#"&>8&>;#$(8>#*A$&>::($,,0&($3"(:&#<$&:$#>*;,4&

! © Copyright OCIMF 2011. All rights reserved. 13

14 )*7)( ( )*77( ! )*7=( ! )*7?( !

M&-&$"0,&(,;1<&'(0/(%"&(0$&'#%0'6!

!

ST1#2-(#CC'&55(0/(%"&(0$&'#%0'6( @#%&(%"&(A;''&,%(0$&'#%0'(#55;1&C('&5$0,52<2-2%>(/0'(%"&(4&55&-6( @#%&(0/(%"&(-#5%($0'%(U%#%&(A0,%'0-(2,5$&A%20,6(

!"#$%&/<$&:>#$&($)$(,&#"&>8=&?"(#&2#>#$&*8,?$3#*"8&

&

)*7D( &

E0'%(0/(%"&(-#5%(E0'%(U%#%&(!0,%'0-(2,5$&A%20,6(

N)&#<$&A$,,$;&F>,&:$#>*8$:0&"(&*)&,*@8*)*3>8#& :$)*3*$83*$,&F$($&;*,#$:0&($3"(:&#<$&($>,"8&)"(&#<$&:$#$8#*"8&"(& #<$&8>#7($&")&#<",$&:$)*3*$83*$,&*8&3"66$8#,4! !"#$%&N.S&<>,&$83"7(>@$:&#<$&$,#>9;*,<6$8#&")&($@*"8>;&?"(#&2#>#$&3"8#(";&"(@>8*a>#*"8,&>8:&>@($$6$8#,& "8& ?"(#& 2#>#$& 3"8#(";& M& .$6"(>8:>& ")& b8:$(,#>8:*8@& "(& .Sb,& M& <>A$& 9$$8& ,*@8$:& 3"A$(*8@& >;;& ")& #<$& F"(;:c,& "3$>8,%& U7("?$& >8:& #<$& !"(#<& O#;>8#*3& -'>(*,& .Sb5d& O,*>& >8:& #<$& '>3*)*3& -/"P="& .Sb5d& Y>#*8& O6$(*3>&-O37$(:"&:$&1*e>&:$;&.>(5d&B>(*99$>8&-B>(*99$>8&.Sb5d&f$,#&>8:&B$8#(>;&O)(*3>&-O97g>&.Sb5d& #<$& T;>3P& 2$>& ($@*"8& -T;>3P& 2$>& .Sb5d& #<$& .$:*#$((>8$>8& -.$:*#$((>8$>8& .Sb5d& #<$& N8:*>8& S3$>8& -N8:*>8& S3$>8& .Sb5d& >8:& #<$& O(>9& 2#>#$,& ")& #<$& E7;)& -EBB& ."b& -C*=>:<& ."b554& f*#<& >))$3#& )("6& I,#& J>87>(=& KHII& #<$& '>(*,& .Sb& F*;;& 3<>8@$& #"& >& !$F& N8,?$3#*"8& C$@*6$& -!NC5>8:& ,<*?,& F*;;& 9$& ,79g$3#& #"& *8,?$3#*"8& "8& #<$& 9>,*,& ")& c2<*?& C*,P& '(")*;$c& *8& 3"8g783#*"8& F*#<& #<$& cB"6?>8=& '$()"(6>83$4& 2<*?,& F*;;& 9$& 3>#$@"(*,$:& >,& $*#<$(& cY"F& C*,P& 2<*?,& -YC25c0& c2#>8:>(:& C*,P& ,<*?,& -2C25& "(& c[*@<& C*,P& ,<*?,& -[C25c& #>P*8@& *8#"& >33"78#& A>(*"7,& )>3#"(,& *83;7:*8@& 3"6?>8=& ?$()"(6>83$0& #<$& (*,P& (>#*8@& ")& #<$& ,<*?& F*;;& :$#$(6*8$& *#,& *8,?$3#*"8&)($G7$83=4&'"(#&2#>#$&*8,?$3#*"8&($?"(#,&,<"7;:&9$&($#>*8$:&"8&9">(:&)"(&>#&;$>,#&#F"&=$>(,4&&

(

)*7F(

3#1&(0/(!-#552/2A#%20,(50A2&%>6!

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g$3#&#"&#<$&N3$&B;>,,&8"#>#*"8&#"&F<*3<&#<$&A$,,$;&F>,&3"8,#(73#$:0&A$,,$;,&F*;;&9$&$G7*??$:&#"&6>*8#>*8& #$6?$(>#7($&F*#<*8&#<$&>33"66":>#*"80&?("#$3#&#<$&<7;;0&:$3P&6>3<*8$(=0&?*?$;*8$,0&A$8#*;>#"(,0&>*(&*8;$#,0& ,$>&*8;$#,&>8:&9>;;>,#&,=,#$6&>@>*8,#&)($$a*8@4&.$>8,&#"&($3$*A$&>8:&:*,?;>=&*3$&3<>(#,&>8:&*3$&8>A*@>#*"8& *8)"(6>#*"8& ,<"7;:& 9$& *8,#>;;$:4& & '("#$3#*"8& #"& ?($A$8#& #<$& F<$$;<"7,$& F*8:"F,& )("6& )($$a*8@& ,<"7;:& 9$& ?("A*:$:& >8:& *)& #<$& F<$$;<"7,$& *,& 8"#& #"#>;;=& $83;",$:0& ?("#$3#$:& ;"3>#*"8,& "8& #<$& 9(*:@$& F*8@,& >8:& ,$>(3<;*@<#,&"8&$>3<&9(*:@$&F*8@&,<"7;:&>;,"&9$&?("A*:$:4&N)&#<$&A$,,$;&<";:,&>8&N3$&8"#>#*"80&*8,?$3#"(,& ,<"7;:& >,,$,,& #<$,$& ?("A*,*"8,& >8:& ?("A*:$& 3"66$8#,& *8& #<$& O::*#*"8>;& 3"66$8#,& ,$3#*"8& >#& #<$& $8:& ")& #<*,&3<>?#$(4& f<$($&#<$&A$,,$;&<>,&3<>8@$:&3;>,,&F*#<*8&#<$&?>,#&,*+&6"8#<,&>&3"?=&")&#<$&?($A*"7,&3;>,,&;>#$,#&,7(A$=& ,#>#7,&($?"(#&67,#&9$&>A>*;>9;$4& N#&*,&>8&*6?"(#>8#&($G7*($6$8#&")&'&>8:&N&B;79,&#<>#&#<$&A$,,$;&*,&)7;;=&*8&3;>,,&F*#<&>8&>??("A$:&B;>,,*)*3>#*"8& 2"3*$#=&#<("7@<"7#&#<$&?$(*":&")&3;79&$8#(=4&

( ( )*7I( !

( )*7J( ( )*7K(

@#%&(0/(&V$2'>(0/(%"&(!-#55(!&'%2/2A#%&6(

!"#$%&&/<*,&F*;;&7,7>;;=&9$&#<$&,>6$&:>#$&>,&#<>#&")&#<$&8$+#&,?$3*>;&,7(A$=4&

@#%&(%"&(-#5%(5$&A2#-(5;'4&>(B#5(A01$-&%&C6( @#%&(0/(C&$#'%;'&(/'01(%"&(-#5%(A-#55TA'&C2%&C(C'>C0AWX'&$#2'($&'20C6(

N8&>::*#*"80&*)&#<$&;>,#&:(=:"3P*8@_($?>*(&?$(*":&F>,&78,3<$:7;$:0&($3"(:&#<$&:>#$&>8:&#<$&($>,"84& !"#$%&&/<$&:>#$&")&#<$&;>,#&3;>,,M3($:*#$:&:(=:"3P&3>8&9$&)"78:&*8&#<$&B;>,,*)*3>#*"8&2"3*$#=&27(A$=&2#>#7,& C$?"(#4&&D$#>*;,&($;>#*8@&#"&#<$&;>,#&9"##"6&*8,?$3#*"8&3>8&9$&)"78:&*8&#<$&B>(@"&2<*?&2>)$#=&B"8,#(73#*"8& B$(#*)*3>#$4&

( ( © Copyright OCIMF 2011. All rights reserved. 14

15 )*=L!

& )*=)( ! &

( )*=7( ( )*==( ! ( )*=?( ( )*=D( !

@#%&(0/(%"&(-#5%(A-#55(U;'4&>(U%#%;5(Y&$0'%6!

!"#$%& & /<$& 6",#& ($3$8#& ($?"(#& ,<"7;:& 9$& >A>*;>9;$& >8:& #<*,& ,<"7;:& 9$& :>#$:& 8"#& 6"($& #<>8& )"7(& 6"8#<,& ?(*"(&#"&#<$&:>#$&")&#<$&*8,?$3#*"84&&B;>,,&27(A$=&2#>#7,&C$?"(#,&6>=&8"#&<>A$&9$$8&7?:>#$:&#"&($);$3#&#<$& ;>#$,#&,#>#7,0&:$,?*#$&#<$&:>#$&")&#<$&:"376$8#4&&["F$A$(0&3;>,,&,7(A$="(,&;$>A$&:"376$8#>#*"8&"8&9">(:& >#& #<$& #*6$& ")& ,7(A$=,& ,#>#*8@& F<>#& <>,& 9$$8& 3>((*$:& "7#& >8:& #<$,$& ,<"7;:& 9$& $+>6*8$:& #"& $8,7($& #<$& 3"(($3#&*8)"(6>#*"8&*,&($?"(#$:4&

Z"#%(B#5(%"&(2SHUDWRU·VC&/2,&C(1#V21;1(-&4&-(0/(<-00C(#-A0"0-(A0,%&,%R(

SBN.R& ($3"66$8:,& #<>#& "))*3$(,& >8:& (>#*8@,& "9,$(A$& >& ?$(*":& ")& >9,#*8$83$& )("6& >;3"<";& ?(*"(& #"& ,3<$:7;$:& F>#3;F>=,& 9$& #"& $8,7($& #<>#0& ?(*"(& #"& @"*8@&"8&,3<$:7;$:&:7#=&#<$&9;"":&>;3"<";&3"8#$8#&")&#<$&,$>)>($(&*,&#<$"($#*3>;;=&a$("4& & & -SBN.R&E7*:$;*8$,&)"(&#<$&3"8#(";&")&:(7@,&>8:&>;3"<";5&

Z"#%(B#5(%"&('&A0'C&C(/'&[;&,A>(0/(;,#,,0;,A&C(C';H(%&5%2,H6( Z"#%(B#5(%"&('&A0'C&C(/'&[;&,A>(0/(;,#,,0;,A&C(#-A0"0-(%&5%2,H6(

/<$& )($G7$83=& ")& 78>88"783$:& #$,#*8@& ,<"7;:& 9$& ,7))*3*$8#& ,"& >,& #"& ,$(A$& >,& >8& $))$3#*A$& :$#$(($8#& #"& >97,$4& -SBN.R&E7*:$;*8$,&)"(&#<$&3"8#(";&")&:(7@,&>8:&>;3"<";5&

Z"#%(B#5(%"&(C#%&(0/(%"&(-#5%(;,#,,0;,A&C(0,T<0#'C(#-A0"0-(%&5%6( Z"#%( B#5( %"&( C#%&( 0/( %"&( -#5%( ;,#,,0;,A&C( C';H( #,C( #-A0"0-( %&5%( ;,C&'%#W&,( <>( #,( &V%&',#-( #H&,A>R(

!"#$%&&/<*,&,<"7;:&9$&#<$&:>#$&")&#<$&#$,#&3>((*$:&"7#&"8&9">(:&$*#<$(&9=&>8&*8:$?$8:$8#&>@$83=&"(&78:$(& FRQWUROOHGFRQGLWLRQVE\VKLS·VSHUVRQQHOZLWKVSHFLPHQVEHLQJIRUZDUGHGWRDQLQGHSHQGHQWDJHQF\&

& ( \CC2%20,#-(!011&,%56(

N)&#<$&N8,?$3#"(&<>,&3"66$8#,&*8&($,?$3#&")&#<$&,79g$3#&6>##$(&3"A$($:&9=&#<$&B<>?#$(&>::*#*"8>;&#"&#<",$&F<*3<& #<$&N8,?$3#"(&6>=&6>P$&*8&($,?"8,$&#"&#<$&,?$3*)*3&G7$,#*"8,&*8&#<$&B<>?#$(0&#<$&N8,?$3#"(&,<"7;:&*83;7:$&,73<& >::*#*"8>;&3"66$8#,&*8&#<*,&,$3#*"84&&N8)"(6>#*"8&")&>&8"8M3"8)*:$8#*>;&8>#7($&($;>#$:&#"&#<$&3*(376,#>83$,& ,7(("78:*8@&#<$&*8,?$3#*"8&,<"7;:&>;,"&9$&($3"(:$:&<$($4&U+>6?;$,&>($&#<$&?($,$83$&")&#<$&S?$(>#"(c,& ,7?$(*8#$8:$8#0&6"($&#<>8&"8$&2NCU&*8,?$3#*"8&9$*8@&3"8:73#$:0&787,7>;&A$,,$;&"?$(>#*"8,&#<>#&<>6?$($:&"(& 37(#>*;$:&#<$&*8,?$3#*"80&$#34!


16

!"#$%&'(7*(((!&'%2/2A#%20,(#,C(@0A;1&,%#%20,( (

&'()*+*,-)*./0! 7*)(

\'&(#--(%"&(5%#%;%0'>(A&'%2/2A#%&5(-25%&C(<&-0B](B"&'&(#$$-2A#<-&](4#-2C(#,C("#4&(%"&(#,,;#-(#,C( 2,%&'1&C2#%&(5;'4&>5(<&&,(A#''2&C(0;%(B2%"2,(%"&('&[;2'&C('#,H&(C#%&5R( &

7*)*)( 7*)*7(

!&'%2/2A#%&(0/(Y&H25%'>( !0,%2,;0;5(U>,0$525(Y&A0'C((

7*)*=(

@0A;1&,%(0/(!01$-2#,A&!I@54J!!

/<$& B2C& ($3"(:,& ,<>;;& 9$& P$?#& "8& 9">(:& #<$& ,<*?& >8:& ,<>;;& 9$& >A>*;>9;$& )"(& *8,?$3#*"8& >#& >;;& #*6$,4 N*,,7$:& *8& >33"(:>83$& F*#<& 2SYO2& hNMI_`& 9=& #<$& O:6*8*,#(>#*"80&)("6& I,#& J7;=& KHH^4& & /<$& B"8#*87"7,& 2=8"?,*,& C$3"(:& -B2C5& 6>=& 9$& ?("A*:$:& *8& <>(:& 3"?=& "(& *8& $;$3#("8*3& )"(6>#4&& f<$8$A$(& >8=& 3<>8@$& #"& #<$& $8#(*$,& ;*,#$:& *8& #<$& 37(($8#& B2C& :"376$8#& <>A$& #>P$8& ?;>3$0& ?$8:*8@& #<$& *,,7$& ")& >& ($A*,$:& >8:& 7?:>#$:& B2C0& #<$& "?$(>#"(& "(& #<$& 6>,#$(& *,& ($G7*($:& #"& 3"6?;$#$&>8&>6$8:6$8#&)"(6&-R"(6&K50&#<$&"(*@*8>;&")&F<*3<&*,&#"&9$&>##>3<$:&#"&#<$&37(($8#& B2C4&/<$&*8:$+&")&>6$8:6$8#,&-R"(6&\5&67,#&9$&7?:>#$:4&&&

/<$&*,,7*8@&>7#<"(*#=&)"(&#<$&D"B&>8:&#<$&2.B&6>=&9$&:*))$($8#&"(@>8*,>#*"8,0&97#&#<$&8>6$&")& #<$&"?$(>#"(&")&#<$&A$,,$;&67,#&9$&#<$&,>6$&"8&9"#<4& /<$($& ,<"7;:& 9$& >& 3"?=& -F<*3<& 8$$:& 8"#& 9$& >& 3$(#*)*$:& 3"?=5& ")& #<$& D"B& "8& 9">(:0& F<*3<& ,<"F,&#<>#&#<$&"(*@*8>;&<>,&9$$8&$8:"(,$:&)"(&#<$&>887>;&A$(*)*3>#*"84& 7KHGRFXPHQWVKRXOGGHWDLOWKHFDUJRW\SHVWKHRSHUDWRU·VYHVVHOVDUHFHUWLILHGWRFDUU\²&*4$4&"*;0& 3<$6*3>;,&>8:_"(&@>,4& /<$& D"376$8#& ")& B"6?;*>83$& :"$,& 8"#& 8$$:& #"& 9$& $8:"(,$:& )"(& 3<$6*3>;,& *)& #<$& A$,,$;& <>,& "8;=&>&!Y2&B$(#*)*3>#$&>8:&8"#&>&B$(#*)*3>#$&")&R*#8$,,4& O8& >887>;& >7:*#& ,<"7;:& 9$& 3>((*$:& "7#& F*#<*8& #<($$& 6"8#<,& ")& #<$& >88*A$(,>(=& ")& #<$& :>#$& ")& *,,7$4&

( 7*)*?(

U#/&%>(9#,#H&1&,%(!&'%2/2A#%&!NU9!O(!

/<$& 2.B& *,& ,79g$3#& #"& ($8$F>;& A$(*)*3>#*"8& $A$(=& )*A$& =$>(,& >8:& >#& ;$>,#& "8$& *8#$(6$:*>#$& A$(*)*3>#*"80&F<*3<0&*)&"8;=&"8$0&,<>;;&9$&9$#F$$8&#<$&,$3"8:&>8:&#<*(:&>88*A$(,>(=4(

7*)*D(

! U#/&%>(S[;2$1&,%(!&'%2/2A#%&](5;$$-&1&,%&C(<>(G0'1(S(

7*)*F( 7*)*I(

U#/&%>(Y#C20(!&'%2/2A#%&](5;$$-&1&,%&C(<>(G0'1(Y( U#/&%>(!0,5%';A%20,(!&'%2/2A#%&(

/<$&2>)$#=&UG7*?6$8#&B$(#*)*3>#$&:"$,&8"#&8$$:&#"&9$&$8:"(,$:&)"(&3<$6*3>;,&*)&#<$&A$,,$;&<>,& "8;=&>&!Y2&B$(#*)*3>#$&>8:&8"#&>&B$(#*)*3>#$&")&R*#8$,,4&&/<$&Y"8@&C>8@$&N:$8#*)*3>#*"8&>8:& /(>3P*8@&2=,#$6&$8#$(,&*8#"&)"(3$&"8&#<$&\I,#&D$3$69$(&KHHW&"(&#<$&)*(,#&C>:*"&27(A$=&>)#$(&#<>#& :>#$4&&&N#&F*;;&>??;=&#"&>;;&3>(@"&,<*?,&@($>#$(&#<>8&\HH&@#&3"8,#(73#$:&9$)"($&\I,#&D$3&KHHW& "?$(>#*8@&*8&2$>&O($>,&OI0&OK&>8:&O\&-!"#&>??;*3>9;$&#"&,<*?,&)*##$:&F*#<&ON2&"?$(>#*8@&,";$;=&*8& 2$>&O($>&OI4&

/<$&2>)$#=&UG7*?6$8#0&2>)$#=&C>:*"&>8:&2>)$#=&B"8,#(73#*"8&B$(#*)*3>#$,&6*@<#&9$&"8&#<$&,>6$& )"(60&3>;;$:&#<$&2<*?&2>)$#=&B$(#*)*3>#$4&1.(2!&&F*;;&9$&>##>3<$:&*8,#$>:&")&R"(6,&U&>8:&C4&&/<$($& ,<"7;:&9$&$A*:$83$&#<>#&$>3<&>887>;&,7(A$=&<>,&9$$8&3>((*$:&"7#4& /<$& 2>)$#=& B"8,#(73#*"8& B$(#*)*3>#$& :"$,& 8"#& 8$$:& #"& 9$& $8:"(,$:& )"(& 3<$6*3>;,& *)& #<$& A$,,$;& <>,&"8;=&>&!Y2&B$(#*)*3>#$&>8:&8"#&>&B$(#*)*3>#$&")&R*#8$,,4&

7*)*J( ( ( ( ( ( 7*)*K(

.:EE(!&'%2/2A#%&](5;$$-&1&,%&C(<>(G0'1(\(0'(^(

R"(6&T&*,&"8;=&($G7*($:&*)&3>((=*8@&"*;&3>(@"$,&"(&"*;M;*P$&8"+*"7,&;*G7*:,&,79,#>83$,4&&O&;*,#&")&#<$&"*;M ;*P$&8"+*"7,&;*G7*:&,79,#>83$,&>;;"F$:&#"&9$&3>((*$:&67,#&9$&*83;7:$:4&

U%#%&1&,%(0/(!01$-2#,A&!8,773#6#+'!

C$G7*($:& )"(& A$,,$;,& ,79g$3#& #"& #<$& B"8:*#*"8& O,,$,,6$8#& 23<$6$& -,$$& G7$,#*"8& K4KK54& & O& 2#>#$6$8#&")&B"6?;*>83$&,<"7;:&9$&*,,7$:&9=&#<$&O:6*8*,#(>#*"8&$A$(=&Ki&=$>(,4& :KDWLVWKHYHVVHO·VGHVLJQDWLRQ&>,&($3"(:$:&*8&#<$&NS''&B$(#*)*3>#$0&R"(6&T0&V7$,#*"8&I4IIj& x B(7:$&"*;&#>8P$(d& x '(":73#&3>((*$(d& x '(":73#&3>((*$(&8"#&3>((=*8@&)7$;&"*;&"(&<$>A=&:*$,$;&"*;&>,&($)$(($:&#"&*8&($@7;>#*"8&KH4K&&"(& ;79(*3>#*8@&"*;d& x B(7:$&"*;_?(":73#&3>((*$(d& x B"69*8>#*"8&3>((*$(d& x 2<*?0&"#<$(&#<>8&>8&"*;&#>8P$(0&F*#<&3>(@"&#>8P,&3"6*8@&78:$(&($@7;>#*"8&K4K&")&O88$+&I&


17 x x x

")&#<$&B"8A$8#*"8d& S*;&#>8P$(&:$:*3>#$:&#"&#<$&3>((*>@$&")&?(":73#,&($)$(($:&#"&*8&($@7;>#*"8&K4^d& 7KH VKLS EHLQJ GHVLJQDWHG DV D ¶FUXGH RLO WDQNHU· RSHUDWLQJ ZLWK &2f0& *,& >;,"& GHVLJQDWHG DV D ¶SURGXFW FDUULHU· RSHUDWLQJ ZLWK &%7 IRU ZKLFK D VHSDUDWH ,233 B$(#*)*3>#$&<>,&>;,"&9$$8&*,,7$:d& 7KHVKLSEHLQJGHVLJQDWHGDVD¶SURGXFWFDUULHU·RSHUDWLQJZLWK&%7LVDOVRGHVLJQDWHG DVD¶FUXGHRLOWDQNHU·RSHUDWLQJZLWK&2:0&)"(&F<*3<&>&,$?>(>#$&NS''&B$(#*)*3>#$&<>,& >;,"&9$$8&*,,7$:d&

7*)*)L(

92,21;1(U#/&((9#,,2,H(@0A;1&,%(

7*)*))(

!&'%2/2A#%&(0/(G2%,&55(/0'(%"&(!#''2#H&(0/(!"&12A#-5(0'(+#5(

7*)*)7(

30V20;5(_2[;2C(U;<5%#,A&5(N3_UO(!&'%2/2A#%&(

( 7*)*)=(

!242-(_2#<2-2%>(!0,4&,%20,(N)KK7O(!&'%2/2A#%&(

( 7*)*)?(

N)&#<$&;>8@7>@$&7,$:&*,&8"#&U8@;*,<0&#<$&*8)"(6>#*"8&-3"8#>*8$:&*8&#<$&.*84&2>)$&.>88*8@&D"35& @*A$8&,<"7;:&*83;7:$&>&#(>8,;>#*"8&*8#"&U8@;*,<4&&&N.S&C$,4&O4WLH&-KI5&O88$+&\4K4!

/<*,&F*;;&9$&*,,7$:&$*#<$(&78:$(&#<$&NTB&"(&TB[&B":$&)"(&3<$6*3>;,0&"(&#<$&NEB0&EB&"(&UEB&B":$& )"(& @>,4& & E>,& 3>((*$(,& 3>((=*8@& :7>;& 3":$& 3>(@"$,& 67,#& <>A$& >& !Y2& B$(#*)*3>#$4& B<$6*3>;& B$(#*)*3>#$,&")&R*#8$,,&67,#&<>A$&9$$8&($8$F$:&?(*"(&#"&I,#&J>87>(=&KHHX4& !Y2&6$>8,&>8=&,79,#>83$&*8:*3>#$:&*8&#<$&?";;7#*"8&3>#$@"(=&3";768&"8&3<>?#$(&IX&"(&IW&")& #<$&NTB&B":$&"(&?("A*,*"8>;;=&>,,$,,$:&78:$(&#<$&?("A*,*"8&")&C$@&Q4\&>,&)>;;*8@&*8#"&B>#&h0&k&"(&l4&& O8&!Y2&#>8P$(&*,&>&,<*?&3"8,#(73#$:&"(&>:>?#$:&)"(&#<$&3>((*>@$&")&>8=&;*G7*:&?(":73#&;*,#$:&*8& 3<>?#$(&IX&")&#<$&NTB4&&E>,&3>((*$(,&3>((=*8@&:7>;M3":$&3>(@"$,&F*;;&($G7*($&9"#<&>&B$(#*)*3>#$&")& R*#8$,,&)"(&@>,&3>(@"$,&>8:&>8&!Y2&B$(#*)*3>#$&)"(&#<$&3>((*>@$&")&8"+*"7,&;*G7*:&,79,#>83$,4& /<$&8>6$&")&#<$&"F8$(&,<"7;:&9$&#<$&,>6$&>,&#<>#&"8&#<$&B$(#*)*3>#$&")&C$@*,#(=4 (

& 3#1&(0/(E(#,C(.(!-;<6(

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

f*#<&($,?$3#&#"&2SYO2&3$(#*)*3>#$,0&*)&#<$&;>8@7>@$&7,$:&*,&8$*#<$(&U8@;*,<&8"(&R($83<0&#<$&#$+#&,<>;;&*83;7:$&>& #(>8,;>#*"8&*8#"&"8$&")&#<$,$&;>8@7>@$,4& -2SYO2&N_I`5& !"#$%& 2*#7>#*"8,& 6>=& >(*,$& *8& 3>,$,& F<$($& >& C$3"@8*,$:& S(@>8*,>#*"8& -CS5& *,,7$,& #<$& "(*@*8>;& 3$(#*)*3>#$,& DQG WKH YHVVHO·V IODJ 6WDWH $GPLQLVWUDWLRQ FRQGXFWV VXEVHTXHQW DQQXDO VXUYH\V ,Q VXFK FDVHV LW LV >33$?#>9;$&)"(&#<$&);>@&2#>#$&#"&$8:"(,$&#<$&CS·VFHUWLILFDWHVWRDWWHVWWKDWWKHDQQXDOVXUYH\VKDYHEHHQ 3"8:73#$:4& B"6?>8=& >8:& ($@*,#$($:& "F8$(& *:$8#*)*3>#*"8& 8769$(& *,& ($G7*($:& #"& 9$& ($3"(:$:& "8& #<$,$& 3$(#*)*3>#$,& $*#<$(&)("6&I&J>8&KHHL0&"(&"8&#<$&"33>,*"8&")&($8$F>;,&")&#<$&3$(#*)*3>#$,&>,&6>=&9$&($G7*($:&9=&#<$&);>@& 2#>#$&O:6*8*,#(>#*"8&

!

6DIHW\PDQDJHPHQWDQGWKHRSHUDWRU·VSURFHGXUHVPDQXDOV! 7*7((

'RWKHRSHUDWRU·VSURFHGXUHVPDQXDOVFRPSO\ZLWK,60&RGHUHTXLUHPHQWV"( /<$&B"6?>8=&,<"7;:&$8,7($&#<>#&#<$&,>)$#=&6>8>@$6$8#&,=,#$6&"?$(>#*8@&"8&9">(:&#<$&,<*?&3"8#>*8,&>& FOHDU VWDWHPHQW HPSKDVLVLQJ WKH 0DVWHU·V DXWKRULW\ 7KH &RPSDQ\ VKRXOG HVWDEOLVK LQ WKH VDIHW\ 6>8>@$6$8#&,=,#$6&#<>#&#<$&6>,#$(&<>,&#<$&"A$((*:*8@&>7#<"(*#=&>8:&#<$&($,?"8,*9*;*#=&#"&6>P$&:$3*,*"8,& ZLWK UHVSHFW WR VDIHW\ DQG SROOXWLRQ SUHYHQWLRQ DQG WR UHTXHVW WKH &RPSDQ\·V DVVLVWDQFH DV PD\ EH 8$3$,,>(=4& &&&&&&&&&&&&&&&&&&&&&&&&&&&&&-N2.&B":$&`4K5& !"#$,%&&N#&*,&8"#&>&($G7*($6$8#&#<>#&#<$&6>87>;,&9$&F(*##$8& *8&U8@;*,<4&&["F$A$(0&*)&8"#0&#<$&)>3#&,<"7;:&9$& ($3"(:$:&*8&S#<$(&B"66$8#,4& m$=& $;$6$8#,& ")& #<$& N2.& B":$& #<>#& ,<"7;:& 9$& *83"(?"(>#$:& *8#"& #<$& ?("3$:7($,& 6>87>;,& >($& #<>#& #<$=& ,<"7;:&9$%& x C$;$A>8#&#"&#<$&,<*?d! x b,$(&)(*$8:;=d! x f(*##$8&*8&#<$&F"(P*8@&;>8@7>@$&")&#<$&3($F4!


18 O8:&#<>#&#<$=&,<"7;:&>#&;$>,#&3"8#>*8%! x O&,>)$#=&>8:&$8A*("86$8#>;&?";*3=d! x U6$(@$83=&?("3$:7($,d! U6$(@$83=& ?("3$:7($,& ,<"7;:& >#& ;$>,#& *83;7:$& 3";;*,*"80& @("78:*8@0& );"":*8@0& <$>A=& F$>#<$(& :>6>@$0& ,#(73#7(>;& )>*;7($0& )*($& -"8& :$3P& >8:& *8& 3>(@"& #>8P,0& #<$& $8@*8$& (""60& ?76?& (""6& >8:& >33"66":>#*"850& $+?;",*"80& @>,& "(& #"+*3& A>?"7(& ($;$>,$0& 3(*#*3>;& 6>3<*8$(=& )>*;7($0& ($,37$& )("6& $83;",$:&,?>3$,0&,$(*"7,&*8g7(=&>8:&<$;*3"?#$(&"?$(>#*"8,4&&& x $GHVFULSWLRQRIWKHPDVWHU·VDQGFUHZ·VUHVSRQVLELOLWLHV! x 2<*?9">(:&"?$(>#*"8&?;>8,d! x '("3$:7($,&)"(&($?"(#*8@&8"8M3"8)"(6*#*$,&>8:&)"(&3"(($3#*A$&>3#*"8d! x .>*8#$8>83$&?("@(>66$,d! x '("3$:7($,&)"(&>7:*#*8@&>8:&($A*$F,d! x '("@(>66$,&")&:(*;;,0! /<$&?("@(>66$&")&:(*;;,&67,#&>#&;$>,#&*83;7:$&#<$&$6$(@$83=&?("3$:7($,&:$#>*;$:&>9"A$&>8:&*8&>::*#*"8& >9>8:"8& ,<*?0& 6>8& "A$(9">(:0& ?";;7#*"8& 3;$>87?& >8:& ,<*?& ,$37(*#=& *83;7:*8@& :$>;*8@& F*#<& #$(("(*,6& >8:& ?*(>3=4&& 2FFDVLRQDOO\ WKH RSHUDWRU·V SURFHGXUHV DUH DYDLODEOH RQO\ LQ FRPSXWHULVHG YHUVLRQV $VFHUWDLQ ZKHWKHU #<$($&*,&>:$G7>#$&>33$,,&)"(&>;;&?$(,"88$;&#"&>&3"6?7#$(&>8:&F<$#<$(&>:$G7>#$&#(>*8*8@&<>,&9$$8&@*A$8& WRDOOSHUVRQQHOLQDFFHVVLQJWKHRSHUDWRU·VSURFHGXUHVXVLQJRQH,QDQ\FDVH>8&7?&#"&:>#$&3"?=&")&#<$& RSHUDWRU·V QDYLJDWLRQ SROLF\ DQG SURFHGXUHV PXVW EH DYDLODEOH RQ& #<$& 9(*:@$& >8:& "))*3$(,& ,<"7;:& :$6"8,#(>#$& )>6*;*>(*#=& F*#<& #<$& ?";*3=4& & N)& #<$& ?";*3=& *,& ?("A*:$:& *8& $;$3#("8*3& )"(6>#& "8;=0& >& 9>3PM7?& *8:$?$8:$8#&6$>8,&")&?"F$(&,7??;=&#"&#<$&3"6?7#$(&67,#&9$&?("A*:$:4&

! 7*=(( !

& & 7*?(( !

! 7*D(( &

! ! 7*F((

'RHVWKH2SHUDWRU·VUHSUHVHQWDWLYHYLVLWWKH4&55&-(#%(-%(<2T#,,;#-->R(

C$3"(:&#<$&:>#$&")&#<$&;>,#&A*,*#4& !"#$%&/<$&"?$(>WRU·VUHSUHVHQWDWLYHPXVWEHD7$3<8*3>;_.>(*8$&,7?$(*8#$8:$8#&"(&?$(,"8&)>6*;*>(&F*#<&#<$& 3"6?>8=c,&2.2&>8:&($,?"8,*9;$&)"(&*#,&*6?;$6$8#>#*"84&&7KH2SHUDWRU·VUHSUHVHQWDWLYH·VYLVLWVVKRXOGRFFXU >#&>??("+*6>#$;=&,*+&6"8#<&*8#$(A>;,4&

,VDUHFHQWRSHUDWRU·VDXGLWUHSRUWDYDLODEOHDQGLVDFORVHT0;%(5>5%&1(2,($-#A&(/0'(C&#-2,H(B2%"( ,0,TA0,/0'12%2&5R( !"#$%& & /<*,& >7:*#& 67,#& 9$& 3"8:73#$:& >,& ?>UW RI WKH RSHUDWRU·V 606 SURFHGXUHV 2>#*,)>3#"(=& $A*:$83$& ,<"7;:& ($3"(:& #<>#& 3"(($3#*A$& >3#*"8& F>,& #>P$8& #"& ($3#*)=& 8"8M3"8)"(6*#*$,4& & O& 3;",$M"7#& ,=,#$60& F<*3<& *83;7:$,& >& #*6$& ;*6*#& )"(& 3"(($3#*A$& >3#*"80& *8)"(6*8@& #<$& "?$(>#"(& F<$8& 3"6?;$#$:& >8:& #<$& "?$(>#"(& $8,7(*8@& #<>#& *#& <>,& 9$$80& ,<"7;:& 9$& *8& ?;>3$& >8:& #<$& *8,?$3#"(& ,<"7;:& $8,7($& #<>#& #<$& ($G7*($:& >3#*"8,& <>A$&9$$8&6>:$&F*#<*8&#<$&($G7*($:&#*6$3!!4/56',).(5!275)!/.)!75'!2SHUDWRU·V!-78*)5!-5!-!2'-/5!).!(',.(8! 9:5'(;-)*./53!

@0&5( %"&( 1#5%&'( '&42&B( %"&( 5#/&%>( 1#,#H&1&,%( 5>5%&1( #,C( '&$0'%( %0( %"&( 0$&'#%0'( 0,( #,>( C&/2A2&,A2&5R(

!"#$%&7KHPDVWHU·VUHYLHZVKRXOGEHFDUULHGRXW >#&;$>,#&>887>;;=&>8:&:"376$8#>(=&$A*:$83$&,<"7;:&9$& >A>*;>9;$&

$7(;'('&$0'%5(#C&[;#%&->(/2-&CR(

!"#$%&&/<$&)*;$&,<"7;:&3"8#>*8&3;>,,&($?"(#,&9>,$:&"8&>887>;0&*8#$(6$:*>#$0&,?$3*>;&>8:&"33>,*"8>;&,7(A$=,4&& /<$&,7(A$=&>8:&($?>*(&($?"(#,&,<"7;:&9$&>:$G7>#$;=&)*;$:&#"&)>3*;*#>#$&3<$3P*8@4&&&

&

7*I((

.5( %"&( 4&55&-( /'&&( 0/( A0,C2%20,5( 0/( A-#55( 0'( 52H,2/2A#,%( '&A011&,C#%20,5]( 1&10'#,C#( 0'( ,0%#%20,5R(

C$3"(:& >8=& 3"8:*#*"8,& ")& 3;>,,& "(& ,*@8*)*3>8#& ($3"66$8:>#*"8,0& 6$6"(>8:>& "(& 8"#>#*"8,& ")& >8=& 8>#7($0& *83;7:*8@&:7$&:>#$,&>,&>8&S9,$(A>#*"84&

f<$($& 3;>,,& ($3"(:,& >::($,,& ,#(73#7(>;& *,,7$,& ")& 3"83$(80& *83;7:*8@& 9"##"6& ?*##*8@0& >($>,& ")& ,79,#>8#*>;& 3"((",*"80&3(>3P,0&973P;*8@&"(&,$(*"7,&*8:$8#,0&($3"(:&#<$&:$#>*;,&>,&#"&#<$&$+#$8#&>8:&#<$&6$>,7($,&#>P$8&#"& >(($,#&)7(#<$(&:$A$;"?6$8#4& f<$($&>&3"8:*#*"8&")&3;>,,&<>,&9$$80&#<$&:$#>*;,&*83;7:*8@&#<$&3"8:*#*"80&"(*@*8>;&:>#$&>8:&#<$&8$F&:>#$& )"(&3"6?;$#*"8&,<"7;:&9$&($3"(:$:&>,&>8&S9,$(A>#*"84&


19 N)&($3"(:,&*8:*3>#$&#<>#&6$>,7($,&<>A$&9$$8&#>P$8&#"&>::($,,&"(&($,#"($&;",,&")&;"8@*#7:*8>;&"(&#(>8,A$(,$& ,#($8@#<0& ($3"(:& #<$& :$#>*;,& >8:& #<$& ($?>*(,& 78:$(#>P$8& *8& S#<$(& 3"66$8#,4& & /<$& $+*,#$83$& ")& :"79;$(,& DQ\ZKHUHZLWKLQWKHYHVVHO·VVWUXFWXUHDQGGHFNVWUDSSLQJPXVWEHUHSRUWHGDVDQ2EVHUYDWLRQ& !"#$%&&N)&3"8:*#*"8,&")&3;>,,&<>A$&8"#&9$$8&3"6?;$#$:&9=&#<$&($G7*($:&:7$&:>#$0&#<$8&#<$&3;>,,*)*3>#*"8&")& #<$& A$,,$;& 6>=& 9$& ,79g$3#& #"& ,7,?$8,*"84& & 4+! -! &>-55! /.)-)*./! ('?7*('5! -! :->>-5)! )-/@! ).! :'! */56',)'8! -//7->>
( 7*J((

\'&( $'0A&C;'&5( 2,( $-#A&( %0( A#''>( 0;%( '&H;-#'( 2,5$&A%20,5( 0/( A#'H0( #,C( <#--#5%( %#,W5]( 402C( VSDFHVWUXQNVDQGFRIIHUGDPVE\WKHYHVVHO·VSHUVRQQHODQGDUHUHFRUGVPDLQWDLQHG"!

!"#$%&/<$,$&($G7*($6$8#,&>??;=&#"&$A$(=&A$,,$;&($@>(:;$,,&")&F<$#<$(&*#&*,&,79g$3#&#"&$8<>83$:&,7(A$=4&N8& #<$&3>,$&")&"*;&>8:&3<$6*3>;&#>8P$(,0&*8,?$3#*"8,&")&3>(@"&#>8P,&,<"7;:&9$&6>:$&>#&*8#$(A>;,&8"#& $+3$$:*8@&K4`&=$>(,4&&T>;;>,#&#>8P,&,<"7;:&9$&*8,?$3#$:&>887>;;=4&N8&#<$&3>,$&")&@>,&3>((*$(,0&9>;;>,#&#>8P,0& >8:&A"*:&,?>3$,0&3"))$(:>6,0&>8:&<";:&,?>3$,&,<"7;:&9$&*8,?$3#$:&>887>;;=4&&C$3"(:,&")&>;;&*8,?$3#*"8& ($,7;#,&,<"7;:&9$&6>*8#>*8$:4&/<$,$&,<"7;:&*83;7:$&>&?;>8&")&$>3<&3"6?>(#6$8#&F*#<&>;;&*#,&9"78:>(*$,& >8:&,<"7;:&>#&;$>,#&3"8#>*8&:$#>*;,&>8:&#<$&;"3>#*"8&")%& & 6WUXFW7(>;&:$#$(*"(>#*"8&>8:&)>*;7($d& ([WHQWRI3"((",*"80&?*##*8@&>8:&F>,#>@$d& ([WHQWR)&:$#$(*"(>#*"8&")&>8=&3">#*8@d& $Q\OHDNDJHVLQEXON<$>:,&"(&?*?$F"(Pd& 7KHFRQGLWLRQR)&3>(@"&<>8:;*8@&>8:&6"8*#"(*8@&$G7*?6$8#d& ([WHQWRIVHGLPHQWEXLOGM7?4& & &

B/=-/,'8!$7(;'
./( %"&( 4&55&-( 25( 5;<`&A%( %0( %"&( S,"#,A&C( U;'4&>( E'0H'#11&]( 25( %"&( '&$0'%( /2-&( #C&[;#%&->( 1#2,%#2,&CR& m$=& 3"8#$8#,& ")& #<$& B"8:*#*"8& UA>;7>#*"8& C$?"(#& ,<"7;:& 9$& ($3"(:$:& *8& S#<$(& 3"66$8#,0& *83;7:*8@& #<$& :>#$&3"8:73#$:0&#<$&#>8P,&*8,?$3#$:&>8:&>&,766>(=&")&#<$&3"8:*#*"8&")&#<$&#>8P&3">#*8@,4&

!"#$%& & 2SYO2& hNMI_K& ($G7*($,& >;;& "*;& #>8P$(,0& ($@>(:;$,,& ")& ,*a$0& #"& 9$& ,79g$3#& #"& U8<>83$:& 27(A$=,4& & /<$& ($@7;>#*"8&($)$(,&#"&2SYO2&NNMI_K4IK0&F<*3<&*8(8&($)$(,&#"&.OC'SY&O88$+&I_I-`5&F<*3<&,#>#$,&#<>#&S*;&#>8P$(& 6$>8,& >& ,<*?& 3"8,#(73#$:& "(& >:>?#$:& ?(*6>(*;=& #"& 3>((=& "*;& *8& 97;P& *8& *#,& 3>(@"& ,?>3$,& >8:& *83;7:$,& 3"69*8>#*"8& 3>((*$(,0& >8=& nn!Y2& #>8P$(cc& >,& :$)*8$:& *8& O88$+& NN& ")& #<$& ?($,$8#& B"8A$8#*"8& >8:& >8=& @>,& 3>((*$(&>,&:$)*8$:&*8&($@7;>#*"8&\4KH&")&3<>?#$(&NNMI&")&2SYO2&X^&->,&>6$8:$:50&F<$8&3>((=*8@&>&3>(@"&"(& ?>(#&3>(@"&")&"*;&*8&97;P4&&/<*,&$))$3#*A$;=&6$>8,&#<>#&>8=&A$,,$;&F<$8&3>((=*8@&>&3>(@"&"(&?>(#&3>(@"&")&"*;& *8&97;P&*,&,79g$3#&#"&$8<>83$:&,7(A$=&($G7*($6$8#,&78:$(&2SYO2&hNMI_K4& /<$&@7*:$;*8$,&)"(&$8<>83$:&,7(A$=,&>($&3"8#>*8$:&*8&N.S&C$,4&O4X^^-IW54&&/<$,$&*83;7:$&#<$&($G7*($6$8#& #<>#&>8&"*;&#>8P$(&"A$(&)*A$&=$>(,&")&>@$&,<>;;&<>A$&"8&9">(:&>&3"6?;$#$&)*;$&")&,7(A$=&($?"(#,0&*83;7:*8@&#<$& ($,7;#,&")&>;;&,3>8#;*8@&6$>,7($6$8#&($G7*($:0&>,&F$;;&>,&#<$&,#>#$6$8#&")&,#(73#7(>;&F"(P&3>((*$:&"7#4&&/<*,& )*;$& 6>=& 9$& ?("A*:$:& >#&#<$&#*6$& ")& :$;*A$(=& 97#& ,<"7;:0& *8& >;;&3>,$,0& 9$& >A>*;>9;$& "8& 9">(:& >#&;$>,#& "8$& \HDUSULRUWRWKHYHVVHO·VILIWKDQQLYHUVDU\7KHILOHVKDOOEHDFFRPSDQLHGE\D&RQGLWLRQ(YDOXDWLRQ5HSRUW 3"8#>*8*8@&3"83;7,*"8,&"8&#<$&,#(73#7(>;&3"8:*#*"8&")&#<$&,<*?&>8:&*#,&($,*:7>;&,3>8#;*8@,4& ¶6XEVWDQWLDOFRUURVLRQ·LVZDVWDJHLQH[FHVVRIRIDOORZDEOHPDUJLQVEXWZLWKLQDFFHSWDEOHOLPLWV& U>3<& U8<>83$:& 27(A$=& R*;$& 67,#& 3"8#>*8& >& B"8:*#*"8& UA>;7>#*"8& C$?"(#& )"(& $>3<& U8<>83$:& 27(A$=& #<>#& <>,&9$$8&3>((*$:&"7#4&

! 7*)L(

!

.5(#(%"2AW,&55(1'&1&,%('&$0'%(#4#2-#<-&R!

E*A$&9(*$)&:$#>*;,&")&#<$&($,7;#,&")&#<$&#<*3P8$,,&6$>,7($6$8#,4& !"#$%&&/<$&)"(6&")&#>97;>#*"8&")&#<*3P8$,,&6$>,7($6$8#,&*,&:$#>*;$:&*8&C$,4&O4X^^-IW54&

&

! 7*))((

/<*3P8$,,& 6$>,7($6$8#,& 6>=& 9$& F>*A$:& 78:$(& ,"6$& 3*(376,#>83$,& ,73<& >,& *)& #<$& #>8P& 3">#*8@,& >($& *8& @"":&3"8:*#*"84&

.5(%"&(/0--0B2,H(C0A;1&,%#%20,(#4#2-#<-&(0,(<0#'CR( x x x x

.>*8&,#(73#7(>;&?;>8,&)"(&3>(@"&>8:&9>;;>,#&#>8P,d& '($A*"7,&($?>*(&<*,#"(=d& B>(@"&>8:&9>;;>,#&<*,#"(=d& U+#$8#&")&7,$&")&#<$&*8$(#&@>,&?;>8#&>8:&#>8P&3;$>8*8@&?("3$:7($,4&

!"#$%&&/<*,&:"376$8#>#*"8&8$$:&8"#&8$3$,,>(*;=&9$&P$?#&*8&#<$&,>6$&)*;$4&

( © Copyright OCIMF 2011. All rights reserved. 19

20 !

&./8*)*./!E55'552'/)!$,='2'0! 7*)7(

./(%"&(4&55&-(25(5;<`&A%(%0(%"&(!0,C2%20,(\55&551&,%(UA"&1&(N!\UO](#'&(A0$2&5(0/(%"&(!0,C2%20,( \55&551&,%(UA"&1&(G2,#-(Y&$0'%(#,C(Y&42&B(Y&A0'C(#4#2-#<-&R( /<$&($,7;#,&>8:&:>#$,&")&BO2&,7(A$=,&,<"7;:&9$&($?"(#$:&*8&S#<$(&3"66$8#,4&

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`&=$>(,&>8:&";:$(4& /<$&O:6*8*,#(>#*"8&6>=&?$(6*#&B>#$@"(=&F&>8:&G&#>8P$(,&#"&3"8#*87$&*8&"?$(>#*"8&9$="8:&KHIH&,79g$3#&#"& ,>#*,)>3#"(=& ($,7;#,& )("6& #<$& B"8:*#*"8& O,,$,,6$8#& 23<$6$0& 97#& #<$& 3"8#*87$:& "?$(>#*"8& 67,#& 8"#& @"& 9$="8:&#<$&>88*A$(,>(=&")&#<$&:>#$&")&:$;*A$(=&")&#<$&,<*?&*8&KHI`&"(&#<$&:>#$&"8&F<*3<&#<$&,<*?&($>3<$,&K`& =$>(,&")&>@$&>)#$(&#<$&:>#$&")&*#,&:$;*A$(=0&F<*3<$A$(&*,&$>(;*$(4&

! 7*)=( 7*)?((

P#5(#(U;'4&>(E-#,(/0'(%"&(!\U(<&&,(A01$-&%&C(#,C(5;<12%%&C(<>(%"&(0$&'#%0'R(

!"#$%&&/<$&27(A$=&';>8&,<"7;:&9$&,796*##$:&8"#&;$,,&#<>8&K&6"8#<,&?(*"(&#"&#<$&3"66$83$6$8#&")&BO24& &

P#5(%"&(4&55&-(<&&,(&,'0--&C(2,(#(!-#552/2A#%20,(U0A2&%>(!0,C2%20,(\55&551&,%($'0H'#11&( N!\EOR(

T5'#Y!45+A2'25+!K88#886#+'!R-5>-*66#!I4KRJ!28!*!$53,+'*-.!7-5>-*66#!=5-!8(278!5$#-!*!?#-'*2+!@ZB!*+A! *>#/!2=!'(#!$#88#3!28!T1B!#+-533#A!2+!4KR!'(#+!*+8G#UWKHTXHVWLRQ¶1$·! ! 9=!'(#!$#88#3!28!#+-533#A!2+!4KR!'(#+!-#?5-A!'(#!=5335G2+>YO! x Z(2?(!43*88!85?2#'.! x Z(2?(!*-#*8!?5$#-#A!I[,33/!:*?(2+#-./!4*->5!<.8'#68J!*+A!G(*'!-*'2+>!G*8!*G*-A#A!=5-!#*?(H! @*'#!5=!'(#!4KR!8,-$#.!IB(#!A*'#!8(5,3A!F#!'(*'!G(#+!'(#!8,-$#.!G*8!*?',*33.!?5673#'#A/!+5'!'(#! ?#-'2=2?*'#!A*'#JH( &&(

C7:>*,-)*./50! 7*)D( !

\'&(%"&($;<-2A#%20,5(-25%&C(2,(%"&(%#<-&(<&-0B](#5(#$$-2A#<-&(%0(%"&(4&55&-](#4#2-#<-&R(

!"#$%&&/<$&*8,?$3#"(&,<"7;:&6>P$&,?"#&3<$3P,&#"&$8,7($&#<>#&#<$&?79;*3>#*"8,0&>,&>??("?(*>#$&#"&#<$&A$,,$;0& >($&?("A*:$:4&

H'/'(->!-/8!2-/-D'2'/)!67:>*,-)*./50! (

(((E;<-2A#%20,(

E;<-25"&'(

SC2%20,(

@#%&(

9:1!

\'(!!

0%%D!

7KH &RGH LQFOXGHV ·7HVWLQJ DQG UA>;7>#*"8& ")& Y*)$,>A*8@& (TXLSPHQW·(

9:1!

W-A!

0%&%!

7*)D*=( .,%&',#%20,#-(!0C&(/0'(G2'&(U#/&%>(U>5%&15(NGUU(!0C&O( .,%&',#%20,#-( U"2$( #,C( E0'%( G#A2-2%>( U&A;'2%>( ( !0C&( 7*)D*?( N.UEU(!0C&O( .,%&',#%20,#-( U#/&%>( 9#,#H&1&,%( !0C&( N.U9( !0C&O( 7*)D*D( #,C( %"&( H;2C&-2,&5( 0/( %"&( 21$-&1&,%#%20,( 0/( %"&( .U9( !0C&*(( 7*)D*F( .,%&',#%20,#-( U%#,C#'C5( 0,( M'#2,2,H]( !&'%2/2A#%20,( #,C( Z#%A"W&&$2,H(/0'(U&#/#'&'5(NUM!ZO!

9:1!

0+A!

0%%]!

9:1!

&8'!

0%%W!

9:1!

W-A!!

0%&%!

9:1!

O!

0%%&!

B<4;Q9K4
&8'!!

&DD]!

7*)D*)( U:_\U!45+8532A*'#A!#A2'25+! 7*)D*7( .,%&',#%20,#-(_2/&(U#42,H(\$$-2#,A&(!0C&(N_U\(!0C&O(

/<$,$&>($&#"&*83;7:$&>6$8:6$8#,&K&>8:&\4&

7*)D*I( +;2C#,A&(9#,;#-(/0'(M#,W&'(U%';A%;'&5&


21 7*)D*J( +;2C&-2,&5( /0'( %"&( A0,%'0-( 0/( C';H5( #,C( #-A0"0-( 0,( <0#'C(5"2$5( 7*)D*K( +;2C&-2,&5(0,(G#%2H;&(

149:;!

O!

&DD\!

9:1!

!

0%%0!

94
^'(!!

0%%]!

9:1!

^'(!

0%%W!

T9!

0+A!

0%%^!

(7*)D*)=( 6KLS·V5RXWHLQJ(

9:1!

D'(!

0%%_!

(7*)D*)?( .,%&',#%20,#-(!0C&(0/(U2H,#-5( .,%&',#%20,#-(\&'0,#;%2A#-(#,C(9#'2%21&(U&#'A"( (7*)D*)D( #,C(Y&5A;&(9#,;#-](.\9U\Y(9#,;#-(N80-;1&(...O( (7*)D*)F( E&'2-(#%(U&#(#,C(U#-4#H&& (7*)D*)I( +;2C&(%0(P&-2A0$%&'XU"2$(0$&'#%20,5(

9:1!

^'(!!

0%%\!

9:1!

_'(!!

0%&%!

149:;Q94
\'(!

&DD_!

94
^'(!

0%%_!

149:;!

W-A!

0%%_!

149:;!

W-A!!

0%&%!

149:;!

^'(!

0%%]!

149:;!

&8'!

0%&%!

9:1!

O!

0%%V!

9:1!

!

0%%V!

149:;Q94
\'(!

0%%V!

149:;Q94
^'(!

0%%\!

`<4S!

O!

0%%V!

149:;!

^'(!

&DD&!

9:1!

W-A!

&DD%!

9:1!

^'(!

0%%%!

,W LV UHFRPPHQGHG WKDW WKH SXEOLFDWLRQ ´7KH +XPDQ U;$6$8#0& >& @7*:$& #"& [76>8& T$<>A*"7(& *8& #<$& 2<*??*8@& ,QGXVWU\µSXEOLVKHGE\WKH8.0&$EHFDUULHGRQERDUGWR >::&)7(#<$(&@7*:>83$&"8&#<$&*,,7$&")&)>#*@7$4&/<*,&G7$,#*"8&*,& 8"#&#"&9$&6>(P$:&c!Sc0&*)&#<*,&?79;*3>#*"8&*,&8"#&3>((*$:H(

!

I-;*D-)*./->!67:>*,-)*./50! (7*)D*)L( ^'2CH&(E'0A&C;'&5(+;2C&& (7*)D*))( !0--2520,(Y&H;-#%20,5](!0,50-2C#%&C(&C2%20,( (7*)D*)7( ^'2CH&(M(9#,#H&1&,%(

!

"..(*/D!67:>*,-)*./50! (7*)D*)J( 900'2,H(S[;2$1&,%(+;2C&-2,&5( (7*)D*)K( S//&A%24&(900'2,H( 7*)D*7L( Y&A011&,C#%20,5( /0'( S[;2$1&,%( &1$-0>&C( 2,( %"&( ^0B(900'2,H(0/(U"2$5(#%(U2,H-&(E02,%(900'2,H5( ( 7*)D*7)( \,A"0'2,H(U>5%&15(#,C(E'0A&C;'&5*( '79;*,<$:&S3#"9$(&KHIH0&"F8$(,&,<"7;:&9$&@*A$8&78#*;& J>87>(=&&KHIK&#"&"9#>*8&>&3"?=4

!

H'/'(->!)-/@'(!67:>*,-)*./50! (7*)D*77( 9\YE:_!]WQ]_!45+8532A*'#A!#A2'25+( +;2C&-2,&5(/0'(%"&(21$-&1&,%#%20,(0/(9\YE:_(( (7*)D*7=( \,,&V(8( (7*)D*7?( .U+:MM( (7*)D*7D( U"2$(%0(U"2$(M'#,5/&'(+;2C&(NE&%'0-&;1O( (7*)D*7F( aU!+(!GY(==(E#'%5()(²()7?((! aU!+(!GY(==(E#'%5()7D(²()KK(! aU!+(!GY(?F(E#'%5()(²(?L(! !

C')(.>'72!)-/@'(!56',*+*,!67:>*,-)*./50!

(7*)D*7I( Y&A011&,C#%20,5( /0'( 02-( %#,W&'( 1#,2/0-C5( #,C( #550A2#%&C(&[;2$1&,%( (7*)D*7J( .,&'%(+#5(U>5%&15( (7*)D*7K( !';C&(:2-(Z#5"2,H(U>5%&15( ! ! ! ! ! © Copyright OCIMF 2011. All rights reserved.

21

22

&='2*,->!)-/@'(!56',*+*,!67:>*,-)*./50! (7*)D*=L( .^!( !0C&/! ?56F2+#A! G2'(! '(#! 9+A#E! 5=! @*+>#-5,8! 4(#62?*38!

9:1!

W-A!!

0%%]!

9:1!

!

0%%_!

94
W-A!!

0%%0!

9:1!

0+A!

&DDW!

(7*)D*=?( +!(!0C&/!2/(#$$-2A#<-&!

9:1!

O!

&D_W!

(7*)D*=D( S+!(!0C&/!2/(#$$-2A#<-&(#,C()KJL(5;$$-&1&,%!

9:1!

O!

&D]V!

(7*)D*=F( M#,W&'(U#/&%>(+;2C&(N_2[;&/2&C(+#5O( U"2$(%0(U"2$(M'#,5/&'(+;2C&(N_2[;&/2&C(+#5O( (7*)D*=I( N_E+(M#,W&'5(:,->O( (7*)D*=J( _2[;&/2&C( H#5( "#,C-2,H( $'2,A2$-&5( 0,( 5"2$5( #,C( %&'12,#-5( (7*)D*=K( \,( .,%'0C;A%20,( %0( %"&( @&52H,( #,C( 9#2,%&,#,A&( 0/( A#'H0( 5>5%&1( E'&55;'&( Y&-2&/( 8#-4&5( 0,( <0#'C( +#5( M#,W&'5( (7*)D*?L( _2[;&/2&C($&%'0-&;1(H#5(5#1$-2,H($'0A&C;'&5( N_E+(M#,W&'5(:,->O(

94
!0+A!!

&DD\!

149:;Q94
0+A!!

&DD\!

<9SBB1!

W-A!

0%%%!

<9SBB1!

0+A!

&DD_!

<9SBB1!

&8'!

0%&%!

C$G7*($:&)"(&>8=&A$,,$;&3>((=*8@&.OC'SY&O88$+&NN&3>(@"$,0& *83;7:*8@& @>,& 3>((*$(,& 3>((=*8@& :7>;& 3":$& 3>(@"$,4& /<$& N8:$+&*,&?>(#&")&#<$&B":$4!

!0C&( /0'( %"&( !0,5%';A%20,( b( S[;2$1&,%( 0/( U"2$5( (7*)D*=)( !#''>2,H( @#,H&'0;5( !"&12A#-5( 2,( ^;-W]( 7LLJ( SC2%20,( !0C&(B2%"(#1&,C1&,%5](2/(#$$-2A#<-&& (7*)D*=7( M#,W&'(U#/&%>(+;2C&(N!"&12A#-5O( !

H-5!%-/@'(5!56',*+*,!67:>*,-)*./50! (7*)D*==( .+!(!0C&(#,C!&DDW!8,773#6#+'!

C$G7*($:&)"(&>8=&A$,,$;&3>((=*8@&@>,&3>(@"$,4&&

! ! \CC2%20,#-(!011&,%56(

N)&#<$&N8,?$3#"(&<>,&3"66$8#,&*8&($,?$3#&")&#<$&,79g$3#&6>##$(&3"A$($:&9=&#<$&B<>?#$(&>::*#*"8>;&#"&#<",$&F<*3<& #<$&N8,?$3#"(&6>=&6>P$&*8&($,?"8,$&#"&#<$&,?$3*)*3&G7$,#*"8,&*8&#<$&B<>?#$(0&#<$&N8,?$3#"(&,<"7;:&*83;7:$&,73<& >::*#*"8>;&3"66$8#,&*8&#<*,&,$3#*"84!

!


23

!"#$%&'(=*(((!'&B(9#,#H&1&,%( !"#$%& & B"M"?$(>#*"8& >8:& 3"6678*3>#*"8& 9$#F$$8& "))*3$(,& >8:& 3($F& ,<"7;:& 9$& "9,$(A$:& >8:& $A>;7>#$:4& & O;;& ?>(#*$,&,<"7;:&,<>($&>&3"66"8&@">;&#"&"?$(>#$&#<$&A$,,$;&,>)$;=&>8:&$))*3*$8#;=4&

!

&('J!2-/-D'2'/)0! =*)(( &

@0&5( %"&( 1#,,2,H( -&4&-( 1&&%( 0'( &VA&&C( %"#%( '&[;2'&C( <>( %"&( 92,21;1( U#/&( 9#,,2,H! @0A;1&,%R(

C$3"(:&#<$&C$G7*($:&6>88*8@&>8:&#<$&O3#7>;&6>88*8@&*8&S#<$(&B"66$8#,& /<$& N.S& C$,";7#*"8& O4WLH-KI5& '(*83*?;$,& ")& 2>)$& .>88*8@& >::($,,$,& #<$& )783#*"8,& #"& 9$& >::($,,$:& F<$8& :$#$(6*8*8@& #<$& ,>)$& 6>88*8@& ")& >& A$,,$;0& *83;7:*8@& 8>A*@>#*"80& 3>(@"& <>8:;*8@0& ,>)$#=0& $8@*8$$(*8@0& $;$3#(*3>;&>8:&$;$3#("8*3&$8@*8$$(*8@0&(>:*"&3"6678*3>#*"8,&>8:&6>*8#$8>83$4& -C$,4&O4WLH-KI5&O88$+&K5&

&

/<$&C$,";7#*"8&>;,"&,#>#$,&#<>#&$+3$?#&*8&,<*?,&")&;*6*#$:&,*a$&"(&?("?7;,*"8&?"F$(&-F<*3<&>($&8"#&G7>8#*)*$:50& #<$& :$#$(6*8>#*"8& ")& #<$& 6*8*676& ,>)$& 6>88*8@& ;$A$;& ,<"7;:& >;,"& #>P$& *8#"& >33"78#& #<$& ?("A*,*"8& ")& G7>;*)*$:&"))*3$(,&#"&$8,7($&#<>#&*#&*,&8"#&8$3$,,>(=&)"(&#<$&6>,#$(&"(&3<*$)&$8@*8$$(&#"&P$$?&($@7;>(&F>#3<$,& 9=&>:"?#*8@&>&#<($$MF>#3<&,=,#$64& -C$,4&O4WLH-KI5&O88$+&K5&

&

/<$& O:6*8*,#(>#*"8& ,<"7;:& #>P$& *8#"& >33"78#& >8=& >::*#*"8>;& F"(P;">:& F<*3<& 6>=& ($,7;#& )("6& #<$& *6?;$6$8#>#*"8&")&#<$&2<*?&2$37(*#=&';>8&>8:&$8,7($&#<>#&#<$&,<*?&*,&,7))*3*$8#;=&>8:&$))$3#*A$;=&6>88$:4&&N8& :"*8@& ,"& #<$& O:6*8*,#(>#*"8& ,<"7;:& A$(*)=& #<>#& ,<*?,& >($& >9;$& #"& *6?;$6$8#& #<$& <"7(,& ")& F"(P& >8:& "#<$(& 6$>,7($,&#"&>::($,,&)>#*@7$&F<*3<&<>A$&9$$8&?("67;@>#$:&9=&8>#*"8>;&;>F4& -N2'2&B":$&'>(#&T&^4KW5&

(

=*7((

!"#$%&&N8,?$3#"(,&,<"7;:&($A*$F&#<$&8769$(&")&?$(,"88$;&"8&9">(:&>@>*8,#&#<$&YHVVHO·V#(>:*8@&?>##$(8&>8:& ;$A$;&")&"?$(>#*"8&>8:&,<"7;:&3"8,*:$(&*,,7$,&,73<&>,&F<$#<$(%& x /<$&9(*:@$&*,&9$*8@&>:$G7>#$;=&6>88$:&78:$(&>;;&,>*;*8@&3"8:*#*"8,d& x /<$($&>($&,7))*3*$8#&?$(,"88$;&#"&6""(&#<$&,<*?&,>)$;=d& x /<$& 3>(@"& "?$(>#*"8& *,& 9$*8@& $))$3#*A$;=& 3"8#(";;$:& -*)& #F"& :$3P& "))*3$(,& >;#$(8>#$& #<$& 3>(@"& F>#3<$,0&*,&#<$&,$3"8:&"))*3$(&>:$G7>#$;=&$+?$(*$83$:&>8:&G7>;*)*$:&>8:&>($&(>#*8@,&,7))*3*$8#;=& )>6*;*>(&F*#<&#<$&"?$(>#*"85d&& x 2>)$#=& )783#*"8,& >($& 9$*8@& >:$G7>#$;=& >::($,,$:& -:(*;;,0& ,<*?& ,$37(*#=& *,,7$,0& $G7*?6$8#& 6>*8#$8>83$5d&>8:& x /<$&G7>;*#=&")&($,#&*,&>:$G7>#$&3"8,*:$(*8@&#<$&#(>:*8@&>($>&>8:&#<$&F"(P;">:4&

& \'&(%"&(UM!Z(#,C(IODJ$GPLQLVWUDWLRQ·VUHJXODWLRQV%"#%(A0,%'0-("0;'5(0/(B0'W(%0(12,2125&(/#%2H;&( <&2,H(/0--0B&CR(

&

O;;&?$(,"8,&F<"&>($&>,,*@8$:&:7#=&>,&"))*3$(&*8&3<>(@$&")&>&F>#3<&"(&>,&>&(>#*8@&)"(6*8@&?>(#&")&>&F>#3<& ,<>;;&9$&?("A*:$:&>&6*8*676&")&IH&<"7(,&($,#&*8&>8=&K^M<"7(&?$(*":4&

&

/<$&<"7(,&")&($,#&6>=&9$&:*A*:$:&*8#"&8"&6"($&#<>8&#F"& ?$(*":,0&"8$&")&F<*3<&,<>;;&9$&>#&;$>,#&Q&<"7(,&*8& ;$8@#<4&

&

/<$&($G7*($6$8#,&)"(&($,#&?$(*":,&8$$:&8"#&9$&6>*8#>*8$:&*8&#<$&3>,$&")&>8&$6$(@$83=&"(&:(*;;0&"(&*8&"#<$(& RYHUULGLQJFRQGLWLRQV¶2YHUULGLQJRSHUDWLRQDOFRQGLWLRQV·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f&B":$&'>(#&O&1NNN_I5( !"#$%&/<$&KHHQ&.>(*#*6$&Y>9"7(&B"8A$8#*"8&-.YB5&F<*3<&*,&$+?$3#$:&#"&3"6$&*8#"&)"(3$&*8&KHII0&,$#,&"7#& ($G7*($6$8#,&($;>#*8@&#"&F"(P*8@&<"7(,&>8:&<"7(,&")&($,#&)"(&,$>)>($(,&"#<$(&#<>8&F>#3@& $GPLQLVWUDWLRQ·V RSWLRQ&#<$,$& 6>=& 9$& 3>;37;>#$:& 78:$(&#F"&)"(67;>,0& ($;>#*8@& $*#<$(&#"& ["7(,& ")& f"(P& "(& ["7(,&")&C$,#4&&/<$&($,7;#*8@&,#*?7;>#$:&6*8*676&<"7(,&")&($,#&>($&8"#&#<$&,>6$4&& b8:$(&#<$&["7(,&")&f"(P& 3>;37;>#*"80&>&,$>)>($(&67,#&<>A$&>#&;$>,#&LQ&<"7(,&($,#&?$(&F$$P4&&b8:$(&#<$&["7(,&")&C$,#&3>;37;>#*"80&>& ,$>)>($(& 67,#& <>A$& >#& ;$>,#& XX& <"7(,& ($,#& ?$(& F$$P4& N8,?$3#"(,& 67,#& #<$($)"($& >,3$(#>*8& 78:$(& F<*3<& )"(67;>&#<$&A$,,$;&*,&"9;*@$:&#"&3"6?;=0&#"&3"8)*(6&#<>#&#<$&6>8:>#"(=&<"7(,&")&($,#0&"(&<"7(,&"(&F"(P&>($& 9$*8@&"9,$(A$:&F<$8&($,?"8:*8@&#"&V7$,#*"8&\4\4&

=*=(

& @0(#--($&'50,,&-(1#2,%#2,("0;'5(0/('&5%('&A0'C5(#,C(#'&(%"&("0;'5(0/('&5%(2,(A01$-2#,A&(B2%"( ._:( 0'(UM!Z('&[;2'&1&,%5R(

O:6*8*,#(>#*"8,& ,<"7;:& 3"8,*:$(&#<$& *8#(":73#*"8& ")& >& ($G7*($6$8#&#<>#& ($3"(:,& ")& <"7(,& ")& F"(P& "(& ($,#&")& ,$>)>($(,&,<"7;:&9$&6>*8#>*8$:4& -2/Bf&B":$&2$3#*"8&T&1NNN_IM^5&

&

O;;&?$(,"8,&F<"&>($&>,,*@8$:&:7#=&>,&"))*3$(&*8&3<>(@$&")&>&F>#3<&"(&>,&>&(>#*8@&)"(6*8@&?>(#&")&>&F>#3<& ,<>;;&9$&?("A*:$:&>&6*8*676&")&IH&<"7(,&($,#&*8&>8=&K^M<"7(&?$(*":4&


24 &

/<$&<"7(,&")&($,#&6>=&9$&:*A*:$:&*8#"&8"&6"($&#<>8&#F"&?$(*":,0&"8$&")&F<*3<&,<>;;&9$&>#&;$>,#&Q&<"7(,&*8& ;$8@#<4&

&

/<$&($G7*($6$8#,&)"(&($,#&?$(*":,&8$$:&8"#&9$&6>*8#>*8$:&*8&#<$&3>,$&")&>8&$6$(@$83=&"(&:(*;;0&"(&*8&"#<$(& RYHUULGLQJFRQGLWLRQV¶2YHUULGLQJRSHUDWLRQDOFRQGLWLRQV·DUHGHILQHG6HFWLRQ%9,,, DVWRPHDQRQO\ $,,$8#*>;& ,<*?9">(:& F"(P& F<*3<& 3>88"#& 9$& :$;>=$:& )"(& ,>)$#=& "(& $8A*("86$8#>;& ($>,"8,0& "(& F<*3<& 3"7;:& 8"#&<>A$&9$$8&($>,"8>9;=&>8#*3*?>#$:&>#&#<$&3"66$83$6$8#&")&#<$&A"=>@$4&

&

!"#F*#<,#>8:*8@& #<$& >9"A$0& #<$& 6*8*676& ?$(*":& ")& IH& <"7(,& 6>=& 9$& ($:73$:& #"& 8"#& ;$,,& #<>8& Q& 3"8,$37#*A$&<"7(,&?("A*:$:&#<>#&>8=&,73<&($:73#*"8&,<>;;&8"#&$+#$8:&9$="8:&K&:>=,&>8:&8"#&;$,,&#<>8&XH& <"7(,&")&($,#&>($&?("A*:$:&*8&$>3<&XM:>=&?$(*":4& -2/Bf&B":$&'>(#&O&1NNN_I5& !"#$%& &RPSOLDQFH ZLWK WKH PDQGDWRU\ 67&: DQG WKH IODJ 6WDWH·V ZRUN RU UHVW UHTXLUHPHQWV PXVW >,3$(#>*8$:& )"(& >;;& ,$8*"(& "))*3$(,4& R"(& g78*"(& "))*3$(,& >8:& "#<$(& ?$(,"88$;0& #<$,$& 67,#& 9$& 3<$3P$:& "8& >& (>8:"6& 9>,*,4& ["7(,& ")& C$,#& )"(& F>#3($& 3"8#(";;$:& 78:$(& #<$& ($G7*($6$8#,& ")& #<$& 2/Bf& B":$& '>(#&O&1NNN_I4&N8&#<$&3>,$&")&8"8MF>#3($&,$#&"7#&*8&.YB&KHHQ4&

&

C$,#_f"(P& ($3"(:,& 67,#& 9$& ($A*$F$:& >@>*8,#& #<$,$& >8:& 3<$3P$:& >@>*8,#& >3#7>;& "?$(>#*"8,& ($;>#$:& #"& >::*#*"8>;&&F>#3,,"3*>#$:&F*#<&&F$>#<$(0&#(>))*3&:$8,*#=&"(&?*;"#>@$0&6""(*8@_786""(*8@& "(& "?$(>#*"8,4& UA*:$83$& ")&>::*#*"8>;& :7#*$,& 6>=& 9$&)"78:& *8& Y"@& T""P,0& B>(@"&S(:$(& T""P,0& S*;& C$3"(:& T""P,0&B>(@"_T>;;>,#&/(>8,)$(&C$3"(:,0&';>88$:&.>3<*8$(=&.>*8#$8>83$&Y"@,0&U83;",$:&2?>3$&U8#(=&"(&["#& f"(P&'$(6*#,0&"(&#*6$,<$$#,&)"(&/>8P&B;$>8*8@&S?$(>#*"8,4&&&C$3"(:&>;;&*(($@7;>(*#*$,&>,&S9,$(A>#*"8,4& &

=*?(

\'&(#--($&'50,,&-(#<-&(%0(A011;,2A#%&(&//&A%24&->(2,(#(A0110,(-#,H;#H&R(

&

S8& >;;& ,<*?,0& #"& $8,7($& $))$3#*A$& 3($F& ?$()"(6>83$& *8& ,>)$#=& 6>##$(,0& >& F"(P*8@& ;>8@7>@$& ,<>;;& 9$& $,#>9;*,<$:& >8:& ($3"(:$:& *8& #KH VKLS·V ORJERRN 7KH FRPSDQ\& "(& #<$& 6>,#$(& >,& >??("?(*>#$& ,<>;;& :$#$(6*8$&#<$&>??("?(*>#$&F"(P*8@&;>8@7>@$4&&U>3<&,$>)>($(&,<>;;&9$&($G7*($:&#"&78:$(,#>8:&>8:0&F<$($& >??("?(*>#$0&@*A$&"(:$(,&>8:&*8,#(73#*"8,&>8:&#"&($?"(#&9>3P&*8&#<>#&;>8@7>@$4&&N)&#<$&F"(P*8@&;>8@7>@$&*,& 8"#&>8&"))*3*>;&;>8@7>@$&")&#<$&);>@&")&#<$&2#>#$&#<$&,<*?&*,&$8#*#;$:&#"&);=0&>;;&?;>8,&>8:&;*,#,&($G7*($:&#"&9$& ?",#$:&,<>;;&*83;7:$&>&#(>8,;>#*"8&*8#"&#<$&F"(P*8@&;>8@7>@$4& -2SYO2&1_I^4\5&

( =*D((

C$3"(:&#<$&3"66"8&F"(P*8@&;>8@7>@$&*8&S#<$(&3"66$8#,4&

@0&5(%"&(0$&'#%0'($'042C&(#(%'#2,2,H($0-2A>(&VA&&C2,H(5%#%;%0'>('&[;2'&1&,%5R( C$3"(:&#<$&#=?$&")&#(>*8*8@&#<$&"?$(>#"(&?("A*:$,&*8&S#<$(&3"66$8#,4&

!"#$%&&/(>*8*8@&*83;7:$,&)"(6>;&3"7(,$,0&N8M<"7,$&"(&"8M9">(:&#(>*8*8@&>8:&#<$&($@7;>#$:&7,$&")&A*:$",&>8:& B"6?7#$(&T>,$:&/(>*8*8@&-BT/54&/(>*8*8@&6>=&>;,"&*83;7:$&3"($&3"6?$#$83=&9>,$:&#(>*8*8@&)"(&"))*3$(,&>,& #<$=&?("@($,,&#<("7@<&#<$&3"6?>8=&>8:&)("6&"8$&3$(#*)*3>#$&")&3"6?$#$83=&#"&#<$&8$+#4&

=*F(( ( ( =*I( ( &

( P#4&(5&,20'(C&AW(0//2A&'5(#%%&,C&C(<'2CH&(%(1#,#H&1&,%(A0;'5&5R(

!"#$%&&/<$,$&,<"7;:&9$&)"(6>;&,<"($M9>,$:&3"7(,$,&")&>#&;$>,#&#<($$&:>=,&:7(>#*"8&>8:&"))*3$(,&,<"7;:&<>A$& $A*:$83$&")&<>A*8@&>##$8:$:&#<$64&

P#5(%"&(1#5%&'(#%%&,C&C(#(5"2$("#,C-2,H(A0;'5&(B"&'&(#$$-2A#<-&R(

/<$&2/Bf&B":$&'>(#&T&2$3#*"8&TM1_>&($)$(,4&& !"#$%& /<$& N.S& .":$;& 3"7(,$& I4KK& ²& 2<*?& 2*67;>#"(& >8:& T(*:@$& /$>6F"(P& 6>=& 9$& ")& >,,*,#>83$& *8& #<$& ?($?>(>#*"8& ")& 3"7(,$,4& & O& 6>,#$(& F*#<& ;$,,& #<>8& #<($$& =$>(,& ,$>& #*6$& *8& (>8P0& "(& F<"& <>,& ?(>3#*3>;& $+?$(*$83$&")&;$,,&#<>8&#<*(#=&?"(#&$8#(=_:$?>(#7($,&>,&6>,#$(0&67,#&<>A$&>##$8:$:&>&,<*?&<>8:;*8@&3"7(,$& "(& <>A$& ,7))*3*$8#& ?(>3#*3>;& $+?$(*$83$4& & '(>3#*3>;& $+?$(*$83$& 6>=& *83;7:$& #(>*8*8@& >#& 3<*$)& "))*3$(& (>8P& XQGHU D PDVWHU·V VXSHUYLVLRQ SURYLGHG WKLV LV SURSHUO\ GRFXPHQWHG ,Q WKH HYHQW WKDW WKH PDVWHU KDV LQ $+3$,,&")&#$8&=$>(,&$+?$(*$83$0&#<*,&G7$,#*"8&,<"7;:&9$&>8,F$($:&!O4&

&

=*J( & =*K( (

30(Q;&5%20,(#552H,&C*( & & Z"&'&( %"&( 4&55&-( A#''2&5( A"&12A#-5]( "#5( #( /0'1#-( $'0H'#11&( 0/( '&H;-#'( #,C( #$$'0$'2#%&( 1&C2A#-(&V#12,#%20,5(/0'($&'50,,&-(<&&,(21$-&1&,%&CR(

&('J!?7->*+*,-)*./50! =*)L(

'RHV WKH RIILFHUV·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· 0DWUL[ %='!"-)(*K! 275)! :'! '*)='(! 6(*/)'8! .7)! .(! 8.J/>.-8'8! -/8! 75'8!87(*/D! )='!


25

*/56',)*./!).!,=',@!.++*,'(!?7->*+*,-)*./5!-/8!'K6'(*'/,'3&&N8&#<$&3>,$&")&#<$&,$8*"(&"))*3$(,&-.>,#$(0&B<*$)& U8@*8$$(0&B<*$)&S))*3$(&>8:&2$3"8:&U8@*8$$(_R*(,#&O,,*,#>8#&$8@*8$$(50&#<$&>3#7>;&:$#>*;,&67,#&9$&3<$3P$:& >@>*8,#&#<$&:>#>&3"8#>*8$:&*8&#<$&.>#(*+&>8:&>8&S9,$(A>#*"8&6>:$&*8&#<$&$A$8#&")&>8=&*(($@7;>(*#*$,4&&2?"#& 3<$3P,&67,#&9$&6>:$&")&#<$&>3#7>;&($3"(:,&>??;*3>9;$&#"&g78*"(&"))*3$(,4&N8,?$3#"(,&67,#&#>P$&*8#"&>33"78#& #<>#&F<$($&($3$8#&3<>8@$,&")&?$(,"88$;&<>A$&#>P$8&?;>3$0&*#&*,&8"#&($>;*,#*3&#"&*8,#>8#;=&7?:>#$&#<$&6>#(*+& >8:& >;;"F>83$,& 67,#& 9$& 6>:$4& 9:5'(;-)*./5! 275)! /.)! :'! 2-8'! 7/>'55! )='! 6'(5.//'>! ,=-/D'L5M! )..@! 6>-,'!2.('!)=-/!5';'/!8-<5!:'+.('!)='!8-)'!.+!)='!*/56',)*./3!!N#&*,&8"#&$,,$8#*>;&#<>#&#<$&S))*3$(,&.>#(*+&*,& ?("A*:$:&*8&?>?$(&)"(6&>8:&*8,?$3#"(,&>($&8"#&$+?$3#$:&#"&,$$P&>&?>?$(&3"?=&)("6&#<$&A$,,$;4&

& ,IWKHRIILFHUV·FHUWLILFDWHVDUHQRWLVVXHGE\WKHVDPH$GPLQLVWUDWLRQDVWKHIODJ6WDWHRIWKHYHVVHOWKHQDQ #+A5-8#6#+'! I5-!*!8#7*-*'#!A5?,6#+'J!28!-#C,2-#A! G(2?(!*''#8'8!'5!'(#!-#?5>+2'25+!5=!'(*'!?#-'2=2?*'#!F.! WKHYHVVHO·V$GPLQLVWUDWLRQ$Q$GPLQLVWUDWLRQPD\DOORZDVHDIDUHUWRVHUYHIRUDSHULRGQRWH[FHHGLQJ 65+'(8/!7-5$2A#A!'(*'!A5?,6#+'*-.!7-55=!5=!*+!*7732?*'25+!28!-#*A23.!*$*23*F3#H! /<$&"?$(>#"(·VSROLF\VKRXOGHQVXUHWKDWWKHPDVWHUDQGFKLHIRIILFHUDQGWKHFKLHIHQJLQHHUDQGVHFRQG $8@*8$$(0&>($&8"#&($;*$A$:&>#&#<$&,>6$&#*6$&>8:&#<>#&#<$($&*,&>&,7*#>9;$&<>8:"A$(&?$(*":&)"(&>;;&)"7(&(>8P, ( &

!

=*))(

\'&( %"05&( 0//2A&'5( B"0( "#4&( 211&C2#%&( '&5$0,52<2-2%>( /0'( A#'H0( %'#,5/&']( 2,( $055&5520,( 0/( %"&( !&'%2/2A#%&5(0/(U$&A2#-2c&C(M'#2,2,H(#5(#$$-2A#<-&(%0(%"&(%>$&(0/(A#'H0(<&2,H(A#''2&CR( S))*3$(,&>8:&(>#*8@,&>,,*@8$:&,?$3*)*3&:7#*$,&>8:&($,?"8,*9*;*#*$,&($;>#$:&#"&3>(@"&"(&3>(@"&$G7*?6$8#&"8& #>8P$(,&,<>;;&<>A$&3"6?;$#$:%& x O#& ;$>,#& #<($$& 6"8#<,& ")& >??("A$:& ,$>@"*8@& ,$(A*3$& "8& #>8P$(,& *8& "(:$(& #"& >3G7*($& >:$G7>#$& P8"F;$:@$&")&,>)$&"?$(>#*"8>;&?(>3#*3$,d&"(& x O8&>??("A$:&#>8P$(&)>6*;*>(*,>#*"8&3"7(,$4& &&-2/Bf&B"8A$8#*"8&1_I4I5& & .>,#$(,0& 3<*$)& $8@*8$$(,0& 3<*$)& 6>#$,0& ,$3"8:& $8@*8$$(& "))*3$(,& >8:& >8=& ?$(,"8& F*#<& *66$:*>#$& ($,?"8,*9*;*#=&)"(&;">:*8@0&:*,3<>(@*8@&>8:&3>($&*8&#(>8,*#&"(&<>8:;*8@&3>(@"&,<>;;0&*8&>::*#*"8&#"&6$$#*8@&#<$& ($G7*($6$8#,&")&?>(>@(>?<&N0&<>A$%& x U+?$(*$83$&>??("?(*>#$&#"&#<$*(&:7#*$,&"8&#<$&#=?$&")&#>8P$(&"8&F<*3<&#<$=&,$(A$d&>8:& x B"6?;$#$:&>8&>??("A$:&,?$3*>;*,$:&#(>*8*8@&?("@(>66$4& -2/Bf&B"8A$8#*"8&1_I4K5& & O:6*8*,#(>#*"8,& ,<>;;& $8,7($& #<>#& >8& >??("?(*>#$& 3$(#*)*3>#$& *,& *,,7$:& #"& 6>,#$(,& >8:& "))*3$(,& F<"& >($& G7>;*)*$:& *8& >33"(:>83$& F*#<& ?>(>@(>?<,& N& "(& F& >,& >??("?(*>#$0& "(& #<>#& >8& $+*,#*8@& 3$(#*)*3>#$& *,& :7;=& $8:"(,$:4&&UA$(=&(>#*8@&F<"&*,&,"&G7>;*)*$:&,<>;;&9$&:7;=&3$(#*)*3>#$:4& -2/Bf&B"8A$8#*"8&1_I4^5& B$(#*)*3>#$,&,<"7;:&9$&*8&#<$&"))*3*>;&;>8@7>@$&")&#<$&*,,7*8@&3"78#(=&>8:&,<"7;:&*83;7:$&>&#(>8,;>#*"8&*8#"& U8@;*,<4& -2/Bf&B"8A$8#*"8&N_K4I5& O8=&3$(#*)*3>#$&($G7*($:&9=&#<$&2/Bf&B"8A$8#*"8&67,#&9$&P$?#&>A>*;>9;$&*8&*#,&"(*@*8>;&)"(6&"8&9">(:&#<$& ,<*?&"8&F<*3<&#<$&<";:$(&*,&,$(A*8@4& -2/Bf&B"8A$8#*"8&N_K4L5&

&

!"#$%&2RPH$GPLQLVWUDWLRQVLQWHUSUHWWKHH[SUHVVLRQ´LPPHGLDWHUHVSRQVLELOLW\µ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

&

J78*"(&"))*3$(,&>8:&(>#*8@,&>,,*@8$:&,?$3*)*3&:7#*$,&>8:&($,?"8,*9*;*#*$,&($;>#$:&#"&3>(@"&"(&3>(@"&$G7*?6$8#& F*;;&>7#"6>#*3>;;=&9$&G7>;*)*$:&>#&>8&"?$(>#*"8>;&;$A$;&)"(&>;;&#<($$&#=?$,&")&#>8P$(&*)&#<$=&<>A$&3"6?;$#$:& #<$&>??("A$:&)>6*;*>(*,>#*"8&3"7(,$&-2/Bf&1_I4I4I54&&N)&#<$*(&3$(#*)*3>#*"8&*,&9>,$:&"8&,$>@"*8@&,$(A*3$&#<$8& *#&F*;;&9$&,";$;=&)"(&#<$&#=?$&")&#>8P$(&#<$=&,$(A$:&"84&

&

N)0&*8&>::*#*"8&#"&#<$&6>,#$(0&"8;=&#F"&:$3P&"))*3$(,&,<>($&#<$&3>(@"&F>#3<$,0&9"#<&,<"7;:&<>A$&3"6?;$#$:& #<$&>??("A$:&,?$3*>;*,$:&#(>*8*8@&?("@(>66$4& f<$($& >& A$,,$;& *,& 3>((=*8@& 3<$6*3>;,& 78:$(& >& !"+*"7,& Y*G7*:,& B$(#*)*3>#$0& *#& *,& >& 6>##$(& )"(& #<$& ?>(#*37;>(& O:6*8*,#(>#*"8& F<$#<$(& #<$& "))*3$(,& ($G7*($& 3<$6*3>;& #>8P$(& $8:"(,$6$8#,& *8& >::*#*"8& #"& #<$*(& ?$#(";$76& $8:"(,$6$8#,4!

! ! ! ! ! © Copyright OCIMF 2011. All rights reserved. 25

26

O(7D!-/8!->,.=.>!6.>*,<0! =*)7(( @0&5(%"&(0$&'#%0'·V(@';H(#,C(\-A0"0-($0-2A>(1&&%(:!.9G(H;2C&-2,&5R( ! ! \CC2%20,#-(A011&,%56(

!

N)&#<$&N8,?$3#"(&<>,&3"66$8#,&*8&($,?$3#&")&#<$&,79g$3#&6>##$(&3"A$($:&9=&#<$&B<>?#$(&>::*#*"8>;&#"&#<",$&F<*3<& #<$&N8,?$3#"(&6>=&6>P$&*8&($,?"8,$&#"&#<$&,?$3*)*3&G7$,#*"8,&*8&#<$&B<>?#$(0&#<$&N8,?$3#"(&,<"7;:&*83;7:$&,73<& >::*#*"8>;&3"66$8#,&*8&#<*,&,$3#*"84!

!


27

!"#$%&'(?*(((3#42H#%20,( N8,?$3#*"8& ")& #<$& 9(*:@$& F*;;& 8"(6>;;=& #>P$& ?;>3$& F<$8& #<$& A$,,$;& *,& >;"8@,*:$& >& #$(6*8>;& #<$($)"($& #<$& *8,?$3#"(& 67,#&3;",$;=&*8,?$3#&3<>(#,0&;"@&9""P,&>8:&"#<$(&($3"(:,&#"&:$#$(6*8$&#<>#&#<$&A$,,$;&<>,& 9$$8&,>)$;=&8>A*@>#$:& >8:& #<>#& #<$& 9(*:@$& <>,& >#& >;;& #*6$,& 9$& >:$G7>#$;=& 6>88$:4& &RPSOLDQFH ZLWK WKH RSHUDWRU·V QDYLJDWLRQ ?("3$:7($,& ,<"7;:& 9$& $A>;7>#$:& 9"#<& 9=& "9,$(A>#*"8& >8:& 9=& :*,37,,*"8& F*#<& #<$& 6>,#$(& >8:& "))*3$(,4& & /<$& RSHUDWRU·V QDYLJDWLRQ SURFHGXUHV PXVW EH VXSSOHPHQWHG DV UHTXLUHG E\ WKH PDVWHU·V 6WDQGLQJ 2UGHUV DQG WKH T(*:@$& S(:$(& T""P4& & /<$& "9g$3#*A$& ,<"7;:& 9$& #"& >,3$(#>*8& #<>#& ,73<& ?";*3*$,& >($& 78:$(,#"":& >8:& >($& 9$*8@& 3"6?;*$:&F*#<4&& O;;& 8>A*@>#*"8& $G7*?6$8#& ,<"7;:& 9$& *8& >8& "?$(>#*"8>;& 3"8:*#*"8& ($@>(:;$,,& >,& #"& F<$#<$(& "(& 8"#& *#& *,& ($G7*($:& 9=& 2SYO24&&O8=&9(*:@$&$G7*?6$8#&F<*3<&*,&8"#&)783#*"8*8@&67,#&9$&($3"(:$:&>,&>8&S9,$(A>#*"84&&

!

C.>*,*'5A!C(.,'87('5!-/8!O.,72'/)-)*./0! ?*)((

&

.5(%"&(4&55&-($'042C&C(B2%"(DGHTXDWHRSHUDWRU·VQDYLJDWLRQLQVWUXFWLRQVDQGSURFHGXUHV"(

UA$(=&,<*?"F8*8@&"(&6>8>@$6$8#&3"6?>8=&,<"7;:&<>A$&>&,>)$#=&6>8>@$6$8#&?";*3=&>8:&?("3$:7($,4&N#& ,<"7;:& ?("A*:$& ?(>3#*3>;& @7*:>83$& 3"83$(8*8@& ,>)$& 8>A*@>#*"8& >8:& *83;7:$& >& 3;$>(& ,#>#$6$8#& $6?<>,*,*8@& #<$& 6>,#$(c,& >7#<"(*#=4& /<$& 3"6?>8=& ,<"7;:& $,#>9;*,<& *8& #<$& 2.2& #<>#& #<$& 6>,#$(& <>,& #<$& "A$((*:*8@&>7#<"(*#=&>8:&#<$&($,?"8,*9*;*#=&#"&6>P$&:$3*,*"8,&F*#<&($,?$3#&#"&,>)$#=&>8:&?";;7#*"8&?($A$8#*"8& >8:&#"&($G7$,#&#<$&3"6?>8=c,&>,,*,#>83$&>,&6>=&9$&8$3$,,>(=4&/<$&@7*:>83$&,<"7;:&3"A$(%& x >;;"3>#*"8&")&9(*:@$&F>#38:&($,?"8,*9*;*#*$,&)"(&8>A*@>#*"8>;&?("3$:7($,d& x ?("3$:7($,&)"(&A"=>@$&?;>88*8@&>8:&$+$37#*"8d& x 3<>(#&>8:&8>7#*3>;&?79;*3>#*"8&3"(($3#*"8&?("3$:7($,d& x ?("3$:7($,&#"&$8,7($&#<>#&>;;&$,,$8#*>;&8>A*@>#*"8&$G7*?6$8#&>8:&6>*8&>8:&>7+*;*>(=&6>3<*8$(=& x >($&>A>*;>9;$&>8:&)7;;=&"?$(>#*"8>;d& x >:A*3$&3"83$(8*8@&$6$(@$83=&($,?"8,$,d& x ,<*?&?",*#*"8&($?"(#*8@&?("3$:7($,d& x >33*:$8#&>8:&8$>(&6*,,&($?"(#*8@&?("3$:7($,d& x ($3"(:*8@&")&A"=>@$&$A$8#,d& x ?("3$:7($,&)"(&)>6*;*>(*,>#*"8&#(>*8*8@&>8:&<>8:"A$(&>#&3($F&3<>8@$,d& x >&($3"@8*,$:&,=,#$6&)"(&*:$8#*)=*8@&,?$3*>;&#(>*8*8@&8$$:,d& x 3"6?>8=&3"8#>3#,0&*83;7:*8@&#<$&:$,*@8>#$:&?$(,"8&78:$(&#<$&N2.&B":$& -T'E&I4\5&

&

!"#$%&&O8&7?&#"&:>#$&3"?=&RIWKHRSHUDWRU·VQ>A*@>#*"8&?";*3=&>8:&?("3$:7($,&67,#&9$&>A>*;>9;$&"8&#<$& 9(*:@$& >8:& "))*3$(,& ,<"7;:& :$6"8,#(>#$& )>6*;*>(*#=& F*#<& #<$& ?";*3=4& & N)& #<$& ?";*3=& *,& ?("A*:$:& *8& $;$3#("8*3& )"(6>#&"8;=0&>&9>3PM7?&*8:$?$8:$8#&6$>8,&")&?"F$(&,7??;=&#"&#<$&3"6?7#$(&67,#&9$&?("A*:$:4&

&

! P#5(%"&(1#5%&'(B'2%%&,("25(0B,(U%#,C2,H(:'C&'5(#,C(#'&(^'2CH&(:'C&'5(<&2,H(A01$-&%&CR(

?*7((

O#& :>*;=& *8#$(A>;,0& #<$& 6>,#$(& ,<"7;:& F(*#$& *8& #<$& 9(*:@$& "(:$(& 9""P& F<>#& *,& $+?$3#$:& ")& #<$& SSf0& F*#<& ?>(#*37;>(&($)$($83$&#"&<*,&($G7*($6$8#,&:7(*8@&#<$&<"7(,&")&:>(P8$,,4&/<$,$&"(:$(,&67,#&9$&,*@8$:&9=&$>3<& SSf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·V6WDQGLQJ2(:$(,&67,#&8"#&3"8);*3#&F*#<&WKHVKLS·V606&

( ?*=(( ( ?*?(( &

+DYHWKHGHFNRIILFHUVFRXQWHUVLJQHGWKHPDVWHU·VU%#,C2,H(:'C&'5(#,C(^'2CH&(:'C&'5(#5(<&2,H( '&#C(#,C(;,C&'5%00CR( \'&( C&AW( -0H( <00W5( #,C( &,H2,&( 104&1&,%( N<&--O( <00W5( A0''&A%->( 1#2,%#2,&C( #,C( 25( #,( #C&[;#%&('&A0'C(<&2,H(W&$%(0/(#--(%"&(,#42H#%20,#-(#A%242%2&5](<0%"(#%(5&#(#,C(;,C&'($2-0%#H&R(

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a>(:"7,& "337(($83$,& >8:& >33*:$8#,4& U))$3#*A$8$,,&")&#<$&(>:>(-,5&>,&6$>,7($:&9=&#<$&?$()"(6>83$&6"8*#"(-,5&,<"7;:&9$&($3"(:$:&9=&#<$&SSf&


28 >#&#<$&$8:&")&$>3<&F>#3<&F<$8$A$(&#<$&(>:>(-,5&>($&"?$(>#*"8>;&#"&$8,7($&#<>#&"?#*6>;&$))*3*$83=&*,&9$*8@& 6>*8#>*8$:4&&O&876$(*30&?$(3$8#>@$0&@(>?<*3>;0&"(&"#<$(&6$>,7($6$8#&A>;7$&,<"7;:&9$&($3"(:$:4& &

C$3"(:,&,<"7;:&9$&6>*8#>*8$:&F<$#<$(&#<$&A$,,$;&*,&"8&*8#$(8>#*"8>;&A"=>@$,&"(&8"#4&

&

Y"@&9""P,&>8:&$8@*8$&6"A$6$8#&-9$;;5&9""P,&,<"7;:&9$&3<$3P$:&#"&$8,7($&#<>#&#<$=&>($&7?&#"&:>#$&F*#<& $8#(*$,&?("?$(;=&6>:$&*8&*8P&>8:&8"#&*8&?$83*;4&

&

O8& $;$3#("8*3& 3<>(#& :*,?;>=& ,=,#$6& F*#<& E'2& *8?7#& -?("A*:$:& #<$& $G7*?6$8#& *,& *8& @"":& "(:$(& >8:& #<$& :>#76&7,$:&*8&$>3<&3>,$&*,&#<$&,>6$5&?("A*:$,&>&@"":&($3"(:&")&#<$&8>A*@>#*"8>;&>3#*A*#*$,4&&& f<$($&3"8#(";;>9;$&?*#3<&?("?$;;$(,&>($&)*##$:0&#<$&#*6$,&")&,*@8*)*3>8#&3<>8@$,&")&?*#3<&,<"7;:&9$&($3"(:$:& *)&#<*,&*8)"(6>#*"8&*,&8"#&>7#"6>#*3>;;=&;"@@$:&

( ?*D(( !

( ?*F(( !

$UHWKHYHVVHO·VPDQRHXYULQJFKDUDFWHULVWLFVGLVSOD\HGRQWKHEULGJH"(

R"(&>;;&,<*?,&")&IHH&6$#($,&*8&;$8@#<&>8:&"A$(&>8:&>;;&3<$6*3>;&#>8P$(,&>8:&@>,&3>((*$(,&($@>(:;$,,&")&,*a$0&>& ?*;"#&3>(:0&F<$$;<"7,$&?",#$(&>8:&6>8"$7A(*8@&9""P;$#&,<"7;:&9$&?("A*:$:4& -N.S&C$,4&O4QHI-I`55& !"#$%& & /<$& ($3"66$8:$:& )"(6& ")& #<$& F<$$;<"7,$& ?",#$(& *,& 3"8#>*8$:& *8& N.S& C$,4& O4QHI-I`5& >8:& *8& #<$& T(*:@$&'("3$:7($,&E7*:$! !!!!!!!!!!!!!&-O88$+&O^4&'>@$&WK5(

\'&($'0A&C;'&5(2,($-#A&(/0'(%"&(%&5%2,H(0/(<'2CH&(&[;2$1&,%(<&/0'&(#''24#-(#,C(C&$#'%;'&R(

f*#<*8&IK&<"7(,&9$)"($&:$?>(#7($0&#<$&,<*?c,&,#$$(*8@&@$>(&,<>;;&9$&3<$3P$:&>8:&#$,#$:&9=&#<$&,<*?c,&3($F4&&&&& & & /<$&>:6*8*,#(>#*"8&6>=&F>*A$&#<$&($G7*($6$8#,&#"&3>((=&"7#&#<$&3<$3P,&)"(&,<*?,&F<*3<&($@7;>(;=&$8@>@$& "8&A"=>@$,&")&,<"(#&:7(>#*"84&&273<&,<*?,&,<>;;&3>((=&"7#&#<$,$&3<$3P,&>8:&#$,#,&>#&;$>,#&"83$&>&F$$P4&&& & & & & & & & & & & & -2SYO2&1&KQ4`54& !"#$%& & '("3$:7($,& )"(& #$,#*8@& ")& 9(*:@$& $G7*?6$8#& ,<>;;& )";;"F& #<$& 3<$3P;*,#& TK& *8& #<$& T(*:@$& '("3$:7($,& E7*:$&-T'E&^#<&U:&ILLX54&

( ?*I(( &

( ?*J((

\'&('&A0'C5(1#2,%#2,&C(0/(/2'&(#,C(5#/&%>('0;,C5(<&2,H(A01$-&%&C(#/%&'(&#A"(B#%A"R(

!"#$%& & O& ;""P"7#& ,<"7;:& 8"#& ;$>A$& #<$& 9(*:@$& :7(*8@& #<$& F>#3<& >,& #<*,& 3"8#(>A$8$,& #<$& ($G7*($6$8#,& ")& 2SYO2& >8:& 2/Bf4& & C"78:,& ")& #<$& A$,,$;& ,<"7;:& 9$& 3"8:73#$:& >)#$(& #<$& $8:& ")& $>3<& F>#3<& :7(*8@& #<$& <"7(,& ")& :>(P8$,,0& #=?*3>;;=& )("6& KKHH& #"& HQHH4& N#& *,& ($3"@8*,$:& #<>#& *8& #<$& ,766$(& 6"8#<,& *8& #<$& <*@<$(& ;>#*#7:$,&")&#<$&!"(#<$(8&[$6*,?<$($&#<>#&?$(6>8$8#&:>=;*@<#&F*;;&"337(&>8:&*#&*,&$+?$3#$:&#<>#&("78:,&")& #<$&A$,,$;&,<"7;:&9$&3"8:73#$:&)("6&KKHH&#"&HQHH<(,4&

\'&(A"&AW-25%5(/0'($'&T#''24#-]($'&TC&$#'%;'&](B#%A"("#,C04&']($2-0%T1#5%&'(&VA"#,H&(#,C($2-0%( A#'C(&//&A%24&->(A01$-&%&CR(

!"#$%&/<$&6>,#$(&>8:&?*;"#&*8)"(6>#*"8&$+3<>8@$,&67,#&9$&3"6?;$#$:&9=&9"#<&#<$&6>,#$(&>8:&#<$&?*;"#4&& U>3<&6>,#$(&#"&?*;"#&$+3<>8@$&67,#&*83;7:$&>&6*8*676&78:$(P$$;&3;$>(>83$&3>;37;>#*"8&>8:&;*6*#>#*"8,& ($;>#*8@& #"& #<$& 6>+*676& ?$(6*,,*9;$& 9";;>(:& ?7;;& )("6& #7@,& #<>#& >($& #"& 9$& 7#*;*,$:4& & D$#>*;,& ")& :$)$3#*A$& $G7*?6$8#& #<>#& 6*@<#& >))$3#& #<$& ,>)$& 8>A*@>#*"8& ")& #<$& A$,,$;& 67,#& 9$& ($3"(:$:& "8& #<$& 6>,#$(& #"& ?*;"#& $+3<>8@$4&&

( ?*K(( !

@0&5(%"&(0$&'#%0'($'042C&(H;2C#,A&(0,(12,21;1(;,C&'(W&&-(A-&#'#,A&(#,C(5[;#%R(

5HFRUGLQ2WKHUFRPPHQWVWKHRSHUDWRU·VSROLF\UHODWLQJWRXQGHUNHHOFOHDUDQFHUHTXLUHPHQWVIRURFHDQ ?>,,>@$0&,<>;;"F&F>#$(0&F*#<*8&?"(#&;*6*#,&>8:&F<*;$&>;"8@,*:$&#<$&9$(#<&"(&>#&2T._BT.&6""(*8@4& !"#$%&&/<$&"?$(>#"(c,&?";*3=&($;>#*8@&#"&78:$(P$$;&3;$>(>83$&,<"7;:&9$&*83;7:$:&>,&?>(#&")&#<$&.>,#$(_'*;"#& *8#$(3<>8@$& *8& #<$& )"(6& ")& >& F(*##$8& 78:$(P$$;& 3>;37;>#*"84& /<$& ?";*3=& 67,#& ?("A*:$& >& 6*8*676& >;;"F$:& 78:$(&P$$;&3;$>(>83$&)"(&9"#<&3">,#>;0&(*A$(&8>A*@>#*"80&F<*;$&>;"8@,*:$&>8:&@7*:>83$&"8&#<$&>3#*"8&#"&9$& #>P$8&*8&,<>;;"F&F>#$(&#"&$8,7($&#<$&6*8*676&3;$>(>83$&*,&6>*8#>*8$:4&

&

b8:$(&P$$;&3;$>(>83$&3>8&9$&>))$3#$:&9=&,$A$(>;&)>3#"(,&>8:&#<$&78:$(P$$;&3>;37;>#*"8,&,<"7;:&*83;7:$0& 97#&8"#&8$3$,,>(*;=&9$&;*6*#$:&#"d& x /<$&?($:*3#$:&<$*@<#&")&#<$&#*:$d& x B<>8@$,&*8&#<$&?($:*3#$:&#*:>;&<$*@<#0&F<*3<&>($&3>7,$:&9=&F*8:&,?$$:&>8:&:*($3#*"8&>8:&<*@<&"(& ;"F&9>("6$#(*3&?($,,7($d& x !>#7($&>8:&,#>9*;*#=&")&#<$&9"##"6&²&*4$4&,>8:&F>A$,0&,*;#>#*"8&$#34d& x O337(>3=&")&<=:("@(>?<*3&:>#>0&-C$)$($83$,&#"&($;*>9*;*#=&*,&")#$8&*83;7:$:&"8&3<>(#,5d& x B<>8@$&")&F>#$(&:$8,*#=&>8:&#<$&*83($>,$&*8&:(>7@<#&:7$&#"&)($,<&F>#$(&>;;"F>83$d& x 7KHYHVVHO·VVLa$&>8:&<>8:;*8@&3<>(>3#$(*,#*3,&>8:&*83($>,$&*8&:(>7@<#&:7$&#"&<$$;d& x f>A$& ($,?"8,$& >;;"F>83$0& F<*3<& *,& #<$& A$(#*3>;& :*,?;>3$6$8#& ")&#<$& <7;;& :7$&#"& <$>A$0& (";;& >8:& ?*#3<&6"#*"8,d& x /<$&($;*>9*;*#=&")&:(>)#&"9,$(A>#*"8,&>8:&3>;37;>#*"8,0&*83;7:*8@&$,#*6>#$,&")&<"@@*8@&>8:&,>@@*8@d& x C$:73$:&:$?#<,&"A$(&?*?$;*8$,&>8:&"#<$(&"9,#(73#*"8,4&


&

29 S83$& #<$& >A>*;>9;$& 78:$(& P$$;& 3;$>(>83$& <>,& 9$$8& 3>;37;>#$:& #>P*8@& *8#"& >33"78#& >;;& #<$& >??;*3>9;$& )>3#"(,0& *83;7:*8@& #<",$& >9"A$0& *#& 3>8& #<$8& 9$& :$#$(6*8$:& F<$#<$(& >8=& ,?$$:& ($:73#*"8& *,& ($G7*($:& #"& 3"78#$(&#<$&$))$3#,&")&,G7>#4& &

2G7>#&*8)"(6>#*"8&($;$A>8#&#"&#<$&A$,,$;&)"(&9"#<&;">:$:&>8:&9>;;>,#&?>,,>@$,&,<"7;:&9$&($>:*;=&>A>*;>9;$& "8&#<$&9(*:@$4&

&

f<$($& #<$($& *,& :"79#& #<>#& ,7))*3*$8#& 3;$>(>83$& 3>8& 9$& 6>*8#>*8$:& :7(*8@& >8=& ?>(#& ")& #<$& A"=>@$0& #<$& 6>,#$(&67,#%& x N8)"(6&#<$&"?$(>#"(&>#&#<$&$>(;*$,#&"??"(#78*#=d& x N)& F*#<*8& ?"(#& ;*6*#,0& "9#>*8& #<$& ;>#$,#& ,"78:*8@& *8)"(6>#*"80& *83;7:*8@& #<$& 8>#7($& ")& #<$& 9"##"60& :*($3#;=&)("6&#<$&;"3>;&>7#<"(*#*$,&"(&#$(6*8>;&F$;;&9$)"($&>((*A>;4&&2<"7;:& #<*,&8"#&9$&>A>*;>9;$0&#<$& 6>,#$(&,<"7;:&($G7$,#&@7*:>83$&)("6&#<$&"?$(>#"(d& x N)&>;"8@,*:$0&A>3>#$&#<$&9$(#<&*)&*8&>8=&:"79#&>9"7#&#<$&(*,P&")&@("78:*8@4&&N#&,<"7;:&9$&($3"@8*,$:& WKDWRFFDVLRQDOO\VPDOOHUYHVVHOV¶WDNHWKHJURXQG·²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

&

/<$&F<$$;<"7,$&?",#$(&,<"7;:&9$&?$(6>8$8#;=&:*,?;>=$:&*8&#<$&F<$$;<"7,$4&&N#&,<"7;:&9$&")&,73<&>&,*a$&#"& $8,7($&$>,$&")&7,$4& -N.S&C$,4&O4QHI-I`55&

&

&

?*)L((

.5(#,(&//&A%24&(<'2CH&(%(5%';A%;'&(2,($-#A&R(

/<$& 9(*:@$& #$>6& *,& $,#>9;*,<$:& ,"& #<>#& #<$& 6",#& $))$3#*A$& 7,$& 3>8& 9$& 6>:$& ")& >A>*;>9;$& 6>8?"F$(& *8& "(:$(&#<>#&$,#>9;*,<$:&F"(P&?("3$:7($,&>($&)";;"F$:0&(*,P&*,& 6*8*6*,$:&>8:&#<$&,<*?,&>($&8>A*@>#$:&,>)$;=4&& $OOVKLS·VSHUVRQQHOZKRKDYHEULGJHQDYLJDWLRQDOGXWLHVZLOOEHSDUWRIWKHEULGJHWHDP7KHPDVWHUDQG ?*;"#-,50&>,&8$3$,,>(=0&F*;;&8$$:&#<$&,7??"(#&")&#<$&#$>60&F<*3<&F*;;&3"6?(*,$&#<$&SSf0&>&<$;6,6>8&>8:& ;""P"7#-,5&>,&($G7*($:4&

& /<$&SSf&*,&*8&3<>(@$&")&#<$&9(*:@$&>8:&#<$&9(*:@$&#$>6&)"(&#<>#&F>#3<0&78#*;&($;*$A$:4& & N#& *,& *6?"(#>8#& #<>#& #<$& 9(*:@$& #$>6& F"(P,& #"@$#<$(& 3;",$;=0& 9"#<& F*#<*8& >& ?>(#*37;>(& F>#3<& >8:& >3(",,& F>#3<$,0&,*83$&:$3*,*"8&6>:$&"8&"8$&F>#3<&6>=&<>A$&>8&*6?>3#&"8&>8"#<$(&F>#3<4& &

! ?*))((

( ?*)7((

/<$& 9(*:@$& #$>6& >;,"& <>,& >8& *6?"(#>8#& (";$& *8& 6>*8#>*8*8@& 3"6678*3>#*"8,& F*#<& #<$& $8@*8$& (""6& >8:& "#<$(&"?$(>#*8@&>($>,&")&#<$&,<*?4&&-T'E&I4K`5&

P#5(%"&(<'2CH&(<&&,(#C&[;#%&->(1#,,&C(#%(#--(5%#H&5(0/(%"&(40>#H&R(

!"#$%&/<$&$+?$(*$83$&")&#<$&F>#3<&"))*3$(,0&F$>#<$(&>8:&#(>))*3&3"8:*#*"8,&F*;;&:*3#>#$&#<$&($G7*($:&9(*:@$& 6>88*8@&3"6?",*#*"8&>#&>8=&,?$3*)*3&#*6$4&&U>3<&,#>@$&")&#<$&A"=>@$&67,#&9$&($A*$F$:&#"&$,#>9;*,<&#<>#& ,7))*3*$8#& ?$(,"88$;& F$($& "8& #<$& 9(*:@$& >8:& #<>#& >8& $))$3#*A$& 3"6678*3>#*"8,& >8:& #$>6F"(P& ,#(73#7($& F>,&*8&?;>3$4&&N8,?$3#"(,&67,#&#>P$&*8#"&>33"78#&#<$&*6?>3#&")&>::*#*"8>;&9(*:@$&6>88*8@&7?"8&#<$&F"(P& ;">:&")&>8=&*8:*A*:7>;&>8:&*6?>3#&")&<"7(,&")&($,#&($@7;>#*"8,4&

\'&(%"&(<'2CH&(-00W0;%(#''#,H&1&,%5(#C&[;#%&R((

UA$(=& A$,,$;& ,<>;;& >#& >;;&#*6$,& 6>*8#>*8& >& ?("?$(& ;""PM"7#& 9=& ,*@<#& >8:& <$>(*8@& >,& F$;;& >,& 9=& >;;& >A>*;>9;$& 6$>8,& >??("?(*>#$& #"& #<$& ?($A>*;*8@& 3*(376,#>83$,& >8:& 3"8:*#*"8,& >,& #"& 6>P$& >& )7;;& >??(>*,>;& ")& #<$& ,*#7>#*"8&>8:&#<$&(*,P&")&3";;*,*"84& -B";($@,&C7;$&`5& /<$&;""PM"7#&67,#&9$&>9;$&#"&@*A$&<*,&)7;;&>##$8#*"8&#"&#<$&P$$?*8@&")&>&?("?$(&;""PM"7#&>8:&8"&"#<$(&:7#*$,& ,<>;;&9$&78:$(#>P$8&"(&>,,*@8$:&F<*3<&3"7;:&*8#$()$($&F*#<&#<>#&#>,P4& -2/Bf&OM1NNN_KM\4I_I^5& /<$& "))*3$(& *8& 3<>(@$& ")& #<$& 8>A*@>#*"8>;& F>#3<& 6>=& 9$& #<$& ,";$& ;""PM"7#& *8& :>=;*@<#& ?("A*:$:& #<>#& "8& $>3<&"33>,*"8%& x /<$&,*#7>#*"8&<>,&9$$8&3>($)7;;=&>,,$,,$:&>8:&*#&<>,&9$$8&$,#>9;*,<$:&F*#<"7#&:"79#&#<>#&*#&*,&,>)$& #"&:"&,"d& x R7;;&>33"78#&<>,&9$$8&#>P$8&")&>;;&($;$A>8#&)>3#"(,&*83;7:*8@0&97#&8"#&;*6*#$:&#"%& x 2#>#$&")&F$>#<$(d& x 1*,*9*;*#=d& x /(>))*3&:$8,*#=d& x '("+*6*#=&")&:>8@$(,&#"&8>A*@>#*"8d&>8:& x /<$&>##$8#*"8&8$3$,,>(=&F<$8&8>A*@>#*8@&*8&"(&8$>(&#(>))*3&,$?>(>#*"8&,3<$6$,d&


30 x

O,,*,#>83$& *,& *66$:*>#$;=& >A>*;>9;$& #"& 9$& ,766"8$:& #"& #<$& 9(*:@$& F<$8& >8=& 3<>8@$& *8& #<$& ,*#7>#*"8&,"&($G7*($,4& -2/Bf&OM1NNN_KM\4I_I`5&

N#&*,&")&,?$3*>;&*6?"(#>83$&#<>#&>#&>;;&#*6$,&#<$&"))*3$(&*8&3<>(@$&")&#<$&8>A*@>#*"8>;&F>#3<&$8,7($,&#<>#&>& ?("?$(& ;""PM"7#& *,& 6>*8#>*8$:4& & N8& >& ,<*?& F*#<& >& ,$?>(>#$& 3<>(#(""6& #<$& "))*3$(& *8& 3<>(@$& ")& #<$& 8>A*@>#*"8>;& F>#3<& 6>=& A*,*#& #<$& 3<>(#(""60& F<$8& $,,$8#*>;0& )"(& >& ,<"(#& ?$(*":& )"(& #<$& 8$3$,,>(=& ?$()"(6>83$&")&8>A*@>#*"8>;&:7#*$,0&97#&,<>;;&)*(,#&$8,7($&#<>#&*,&,>)$&#"&:"&,"&>8:&#<>#&>&?("?$(&;""PM"7#&*,& 6>*8#>*8$:4& -2/Bf&OM1NNN_KM\4I_\K5& !"#$%& & 7KH RSHUDWRU·V QDYLJDWLRQDO LQVWUXFWLRQV DQG SURFHGXUHV PXVW FRQWDLQ JXLGDQFH UHODWLQJ WR 3*(376,#>83$,& F<$8&#<$& "))*3$(& ")&#<$& F>#3<& 6>=& 9$&#<$& ,";$&;""P"7#0& *83;7:*8@& 3"8,*:$(>#*"8,&#<>#&#<$& SSf&<>,&<>:&,7))*3*$8#&($,#&?(*"(&#"&,#>(#*8@&#<$&F>#3<4&&&O&;""P"7#&,<"7;:&8"#&;$>A$&#<$&9(*:@$&:7(*8@&#<$& F>#3<&>,&#<*,&3"8#(>A$8$,&#<$&($G7*($6$8#,&")&2SYO2&>8:&2/Bf4&&&

(

I-;*D-)*./!B?7*62'/)0! ! ?*)=(

./(#(<'2CH&(,#42H#%20,#-(B#%A"(#-#'1(5>5%&1(N^3Z\UO(25(/2%%&C(25(2%(0$&'#%20,#-(#%(#--(%21&5(B"&,( %"&(4&55&-(25(#%(5&#R(

O;;&,<*?,&")&I`H&@(",,&#"88>@$&>8:&7?F>(:,&,<>;;&9$&)*##$:&F*#<&>&9(*:@$&8>A*@>#*"8>;&F>#3<&>;>(6&,=,#$6& -T!fO250&>,&)";;"F,%& x 3>(@"&,<*?,&")&I`H&@(",,&#"88>@$&>8:&7?F>(:,&&3"8,#(73#$:&"8&"(&>)#$(&I&J7;=&KHIId& x 3>(@"&,<*?,&")&\0HHH&@(",,&#"88>@$&>8:&7?F>(:,&3"8,#(73#$:&9$)"($&I&J7;=&KHII0&8"#&;>#$(&#<>8&#<$& )*(,#&,7(A$=&&>)#$(&I&J7;=&KHIKd& x 3>(@"&,<*?,&")&`HH&@(",,&#"88>@$&>8:&7?F>(:,&97#&;$,,&#<>8&\0HHH&@(",,&#"88>@$&3"8,#(73#$:& 9$)"($&I&J7;=&KHII0&8"#&;>#$(&#<>8&#<$&)*(,#&,7(A$=&&>)#$(&I&J7;=&KHI\d&>8:& x 3>(@"&,<*?,&")&I`H&@(",,&#"88>@$&>8:&7?F>(:,&97#&;$,,&#<>8&`HH&@(",,&#"88>@$&3"8,#(73#$:&9$)"($& I&J7;=&KHII0&8"#&;>#$(&#<>8&#<$&)*(,#&,7(A$=&&>)#$(&I&J7;=&KHI^4& /<$&9(*:@$&8>A*@>#*"8>;&F>#3<&>;>(6&,=,#$6&,<>;;&9$&*8&"?$(>#*"8&F<$8$A$(&#<$&,<*?&*,&78:$(F>=&>#&,$>4&O& 9(*:@$&8>A*@>#*"8>;&F>#3<&>;>(6&,=,#$6&-T!fO25&*8,#>;;$:&?(*"(&#"&I&J7;=&KHII&6>=&,79,$G7$8#;=&9$& $+$6?#$:&)("6&)7;;&3"6?;*>83$&F*#<&#<$&,#>8:>(:,&>:"?#$:&9=&#<$&S(@>8*a>#*"80&>#&#<$&:*,3($#*"8&")&#<$& O:6*8*,#(>#*"8&& & & & & & & & & & -2SYO2&IL4K4K4\5& !"#$%& O& 9(*:@$& F>#3<& >;>(6& ,=,#$6& *,& >& :$A*3$& F<*3<& #(*@@$(,& >8& >;>(6& *)& >8& S))*3$(& "8& f>#3<& -SSf5& EHFRPHV LQFDSDEOH RI SHUIRUPLQJ WKH 22:·V GXWLHV ,02 KD,& >:"?#$:& #<$& ?$()"(6>83$& ,#>8:>(:& >,& .2B4&IKW&-X`5&>8:&#<$($&>($&,<*?,&F<*3<&<>A$&>;($>:=&*8,#>;;$:&#<$&$G7*?6$8#&"8&>&A";78#>(=&9>,*,4&

( ?*)?((

.5(%"&(5%#,C#'C(1#H,&%2A(A01$#55(0$&'#%20,#-]($'0$&'->(1#2,%#2,&C(#,C(#C`;5%&CR(

!"#$%&7KHPDJQHWLFFRPSDVVPXVWEHLQJRRGZRUNLQJRUGHUDQGWKHVKLS·VKHDGLQJFOHDUO\ :*,?;>=$:&>#& #<$&6>*8&,#$$(*8@&?",*#*"84&/<$&9*88>3;$&;*@<#,&67,#&9$&"?$(>#*"8>;4&/<$&3"6?>,,&67,#&9$&?("A*:$:&F*#<&>8& >a*67#<& 6*(("(& "(& "#<$(& 6$>8,& #"& #>P$& 9$>(*8@,4& /<$& 3"6?>,,& ,<>;;& 9$& >:g7,#$:& 9=& >& G7>;*)*$:& 3"6?>,,& >:g7,#$(&*)&>&?$(*":&")&#F"&=$>(,&<>,&$;>?,$:&,*83$&#<$&;>,#&>:g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g7,#$:4& & 2$?>(>#$& :$A*>#*"8& 3>(:,& ,<"7;:& 9$& ?($?>($:& )"(& #<$& ,#>8:>(:& 3"6?>,,& >8:& #<$& #(>8,6*##*8@&6>@8$#*3&3"6?>,,&($?$>#$(0&*)&)*##$:4&

&

?*)D(( (

( ?*)F(( &

.5(%"&(H>'0(A01$#55(0$&'#%2,H(5#%25/#A%0'2->R(

!"#$%& & /<$& @=("& 3"6?>,,& -"(& 3"6?>,,$,5& ,<"7;:& 9$& 3<$3P$:& #"& $8,7($& #<>#& #<$& ,?$$:& >8:& ;>#*#7:$& 3"(($3#*"8,& >($& ?("?$(;=& >??;*$:4& & E=("& 6>*8#$8>83$& ($3"(:,& ,<"7;:& 9$& ($A*$F$:& #"& 3"8)*(6& #<>#& #<$& @=("-,5& >($&"?$(>#*8@&,>#*,)>3#"(*;=4&&U>3<&")&#<$&@=("&($?$>#$(,0&*83;7:*8@&#<",$&#<>#&6>=&9$&)*##$:&*8&#<$& $6$(@$83=& ,#$$(*8@& ?",*#*"8& >8:& #<$& $8@*8$& 3"8#(";& (""6& 67,#& 9$& ,=83<("8*,$:4& & f<$($& #F"& @=(",& >($& )*##$:0&>&3<>8@$M"A$(&:$A*3$&67,#&9$&)*##$:&>8:&3<>8@$M"A$(&?("3$:7($,&67,#&9$&?",#$:4&

\'&(#;%0(%0(1#,;#-(5%&&'2,H(A"#,H&04&'($'0A&C;'&5(A-&#'->(2C&,%2/2&CR(

2*6?;$& "?$(>#*8@& *8,#(73#*"8,& F*#<& >& 9;"3P& :*>@(>6& ,<"F*8@& #<$& 3<>8@$M"A$(& ?("3$:7($,& )"(& ($6"#$& 3"8#(";& ,=,#$6,& >8:& ,#$$(*8@& @$>(& ?"F$(& 78*#,& ,<>;;& 9$& ?$(6>8$8#;=& :*,?;>=$:& "8& #<$& 8>A*@>#*"8& 9(*:@$& >8:&*8&#<$&,#$$(*8@&@$>(&3"6?>(#6$8#4& -2SYO2&1_KQ4\4I5&

! ! ! © Copyright OCIMF 2011. All rights reserved. 30

31 ?*)I(( ( ?*)J((

( ?*)K((

.5( 1#,;#-( 5%&&'2,H( ;5&C( C;'2,H( $&'20C5( 0/( '24&'( %'#,52%5( #,C( B"&,( ,#42H#%2,H( %"'0;H"( '&5%'2A%&C( B#%&'5R( !"#$%& /*6$,& >8:& ;"3>#*"8,& ")& $8@>@*8@& <>8:& ,#$$(*8@& ,<"7;:& 9$& ($3"(:$:& *8& #<$& :$3P& ;"@& 9""P& "(& 9$;;& 9""P4( &

\'&('&H;-#'(H>'0(#,C(1#H,&%2A(A01$#55(&''0'5(<&2,H(%#W&,(#,C(#'&(%"&>(<&2,H('&A0'C&CR(

.>@8$#*3&>8:&@=("&3"6?>,,&$(("(,&,<"7;:&9$&3<$3P$:&>8:&($3"(:$:&$>3<&F>#3<0&F<$($&?",,*9;$0&7,*8@& $*#<$(&>a*67#<&"(&#(>8,*#&9$>(*8@,4&O&($3"(:&")&6>@8$#*3&>8:&@=("&3"6?>,,&3"7(,$,&#"&,#$$(&>8:&3"6?>,,& $(("(,&,<"7;:&9$&6>*8#>*8$:&>8:&P$?#&>A>*;>9;$&#"&#<$&<$;6,6>8&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&-T'E&^4Q4\5& !"#$%&/<$&$(("(&")&#<$&@=("&,<"7;:&9$&:$#$(6*8$:&9=&$+#$(8>;&"9,$(A>#*"8,&²&3$;$,#*>;&9$>(*8@,0&#(>8,*#,&$#34& >8:& #<$& @=("& >8:& 6>@8$#*3& 3"6?>,,& <$>:*8@,& #<$8& 3"6?>($:& #"& :$#$(6*8$& #<$& 6>@8$#*3& 3"6?>,,& $(("(4&&f<$($&>&@=("&($?$>#$(&*,&7,$:&#"&#>P$&>&9$>(*8@0&>8&>337(>#$&3"6?>(*,"8&9$#F$$8&#<$&($?$>#$(& >8:&#<$&6>,#$(&@=("&,<"7;:&9$&6>:$4&f<$8&3"6?>,,&$(("(,&3>88"#&9$&#>P$8&*#&*,&8"#&8$3$,,>(=&#"&,#>#$& #<*,&*8&#<$&3"6?>,,&$(("(&9""P4&

@0( %"&( 1#H,&%2A( A01$#55( &''0'5( '&A0'C&C( 2,( %"&( A01$#55( &''0'( <00W( <'0#C->( #H'&&( B2%"( %"&( C&42#%20,(A#'CR(

!"#$%& /<$& ?($A*"7,& ($3"(:& 3"6?;$#$:& 9=& >& G7>;*)*$:& 3"6?>,,& >:g7,#$(& ,<"7;:& 9$& ($#>*8$:& #"& ?("A$& #<>#& >:g7,#6$8#&<>,& 8"#& 9$$8& ($G7*($:& *8&#<$& *8#$(A$8*8@& ?$(*":4& & O& 3"6?>(*,"8& 9$#F$$8&#<$& 6>@8$#*3& >8:& @=("&<$>:*8@,&,<"7;:&9$&6>:$&>#&$>3<&,79,#>8#*>;&3"7(,$&>;#$(>#*"8&>8:&"83$&$>3<&F>#3<4&D$#>*;,&67,#& 9$& ($3"(:$:& *8& #<$& D$3P& Y"@& T""P4& 2"6$& O:6*8*,#(>#*"8,& ($G7*($& 3"6?>,,& $(("(,& #"& 9$& ($3"(:$:& *8& #<$& D$3P&Y"@&T""P&(>#<$(&#<>8&>&,$?>(>#$&B"6?>,,&U(("(&T""P4& &

!

&=-()5!-/8!67:>*,-)*./50! ?*7L((

P#5(#(5>5%&1(<&&,(&5%#<-25"&C(%0(&,5;'&(%"#%(,#;%2A#-($;<-2A#%20,5(#,C(A"#'%5(#'&(0,(<0#'C(#,C( A;''&,%R(

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

?*7)(

./(%"&(4&55&-(25($'042C&C(50-&->(B2%"($#$&'(A"#'%5(#'&(#--(A"#'%5('&[;2'&C(/0'(%"&(%'#C2,H(#'(0/( %"&(4&55&-(0,(<0#'C(#,C(#'&(%"&5&(/;-->(A0''&A%&CR(

O;;& ,<*?,& *(($,?$3#*A$& ")& ,*a$& ,<>;;& <>A$& 8>7#*3>;& 3<>(#,& >8:& 8>7#*3>;& ?79;*3>#*"8,& #"& ?;>8& >8:& :*,?;>=& #<$& VKLS·VURXWHIRU&#<$&*8#$8:$:&A"=>@$&>8:&#"&?;"#&>8:&6"8*#"(&?",*#*"8,&#<("7@<"7#&#<$&A"=>@$4&& -2SYO2&1_IL4K4I4^5&

&

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

&

B"(($3#*"8,&,<"7;:&9$&3<$3P$:0&#"&$8,7($&#<>#&#<$=&<>A$&9$$8&3>((*$:&"7#& 8$>#;=d&*8&#<$&3"(($3#&3";"7(,& >8:&#<>#&#<$&3"(($3#*"8&*,&3"6?($<$8,*9;$4&

&

B"(($3#*"8,& 3>8& 7,7>;;=& 9$& "9#>*8$:& )("6& ;"3>;& >@$8#,& *)& )"(& >8=& ($>,"8& 6>*;$:& 3"?*$,& >($& ,*@8*)*3>8#;=& :$;>=$:4&

&

C$3"(:& P$$?*8@& ")& 3"(($3#*"8,& ,<"7;:& 9$& ($A*$F$:& >8:& (>8:"6& 3<$3P,& 6>:$& #"& $8,7($& #<>#& ($3"(:$:& 3"(($3#*"8,&#"&3<>(#,&>8:&"#<$(&8>7#*3>;&?79;*3>#*"8,&<>A$&9$$8&6>:$&>8:&#<>#&3<>(#,&>8:&?79;*3>#*"8,&*8& 7,$&>($&)7;;=&3"(($3#$:&>8:&7?&#"&:>#$4&

&

/<$&;>,#&8"#*3$&#"&6>(*8$(,&"8&9">(:&,<"7;:&9$&:>#$:&F*#<*8&#<$&?($A*"7,&#F"&6"8#<,4&

&

?*77(( !

Z&'&(%"&(A"#'%5(;5&C(/0'(%"&($'&420;5(40>#H&(#$$'0$'2#%&R(

!"#$%& & /<$&;>(@$,#& ,3>;$& 3<>(#,& ?79;*,<$:& ,<"7;:& 9$& 7,$:4& & /<$& 6>,#$(& ,<"7;:& <>A$& 6>:$& $A$(=& $))"(#&#"& "9#>*8&#<$&8$3$,,>(=&3<>(#,&*)&#<$&A$,,$;&*,&"(:$($:&#"&>&?"(#&8"#&3"A$($:&9=&#<$&3<>(#&)";*"&,=,#$64&&


32 &

?*7=( (

./(%"&(4&55&-(25($'042C&C(50-&->(B2%"($#$&'(A"#'%5](C0&5(%"&(0$&'#%0'("#4&($'0A&C;'&5(2,($-#A&(%0( $'&$#'&(/0'(%"&(1#,C#%0'>(2,%'0C;A%20,(0/([email protected]((

!"#$,%& /<$& KHHL& 2SYO2& O6$8:6$8#,& 6>8:>#$& #<$& 3>((*>@$& ")& UBDN2& >8:& $))$3#*A$& I& J7;=& KHIK0& 8$F& #>8P$(,&o\0HHH@#0&67,#&9$&)*##$:&F*#<&UBDN24&&N8&#<$&3>,$&")&$+*,#*8@&#>8P$(,&o\0HHH@#0&UBDN2&67,#&9$&)*##$:& 8"#& ;>#$(& #<>8& #<$& )*(,#& ,7(A$=& "8& "(& >)#$(& I& J7;=& KHI`4& & S?$(>#"(,& 67,#& 9$& >F>($& ")& #<$& )78:>6$8#>;& 3<>8@$,& *8& 8>A*@>#*"8& #<>#& #>P$& ?;>3$& F*#<& #<$& 7,$& ")& UBDN2& >8:& >& ?("@(>66$& ,<"7;:& 9$& *8& ?;>3$& #"& $8,7($&#<>#&#<$&#(>8,*#*"8&*,&,6""#<0&$G7*?6$8#&*8,#>;;$:&>8:&6>,#$(,&>8:&>;;&9(*:@$&F>#3*8$:4&$7,=!)(-*/*/D!275)!:'!:.)=!D'/'(*,!-/8!56',*+*,!).!)='!B&O4$!'?7*62'/)!)=-)!.++*,'(5!J*>>!75'3& (&',6 WUDLQLQJ PXVW EH LQFRUSRUDWHG LQWR WKH FRPSDQ\·V 606 IRU WKH XVH RI (&',6 LQ DFFRUGDQFH ZLWK ?>(>@(>?<&Q4`&")&#<$&N2.&B":$&>8:&:$3P&"))*3$(,&67,#&9$&)7;;=&)>6*;*>(&F*#<&#<$&"?$(>#*"8&")&UBDN2&?(*"(&#"& #<$&)*(,#&A"=>@$&>)#$(&#<$&*8,#>;;>#*"8&")&UBDN2&*8&>33"(:>83$&F*#<&?>(>@(>?<&Q4\&")&#<$&N2.&B":$4&/<$&N.S& 2!4I_B*(34&KXQ&M&/(>8,*#*"8*8@&R("6&'>?$(&B<>(#&#"&U;$3#("8*3&B<>(#&D*,?;>=&>8:&N8)"(6>#*"8&2=,#$6,&-UBDN25& !>A*@>#*"8& ?("A*:$,& :$#>*;,& >8:& @7*:>83$& )"(& 3"6?;*>83$4& /<$& A$,,$;& 67,#& 9$& *8& ?",,$,,*"8& ")& #<$& RSHUDWRU·VSURFHGXUHV&)"(&#<$&UBDN2&*8#(":73#*"84&

&

?*7?(

!

?*7D(

./( %"&( 4&55&-( 25( &[;2$$&C( B2%"( #,( S-&A%'0,2A( !"#'%( @25$-#>( #,C( .,/0'1#%20,( U>5%&1( [email protected]]( #'&( %"&( 9#5%&'( #,C( C&AW( B#%A"W&&$2,H( 0//2A&'5( #<-&( %0( $'0C;A&( #$$'0$'2#%&( C0A;1&,%#%20,( %"#%( H&,&'2A(#,C(%>$&T5$&A2/2A([email protected](/#12-2#'25#%20,("#5(<&&,(;,C&'%#W&,R( ( (!"#$,%&&U>3<&:$3P&F>#38&UBDN2&3$(#*)*3>#$&")&#(>*8*8@4&/<*,&E$8$(*3&

#(>*8*8@&67,#&<>A$&#>P$8&?;>3$&>#&>8&$,#>9;*,<6$8#&>??("A$:&9=&#<$&R;>@&O:6*8*,#(>#*"80&>::($,,&#<$& ,79g$3#,&,$#&"7#&*80&>8:&)7;;=&>::($,,&$>3<&")&#<$&#"?*3, 3"8#>*8$:&*8&#<$&N.S&.":$;&B"7(,$&I4KX0&-/<$& "?$(>#*"8>;&7,$&")&U;$3#("8*3&B<>(#&D*,?;>=&>8:&N8)"(6>#*"8&2=,#$6,&-UBDN2554& N)& #<$& $G7*?6$8#& "8& 9">(:& *,& ")& >& :*))$($8#& #=?$& -6>87)>3#7($(5& #"& F<*3<& #<$& @$8$(*3& #(>*8*8@& F>,& 78:$(#>P$80&#<$8&$A*:$83$&")&)>6*;*>(*,>#*"8&")&#<$&>3#7>;&$G7*?6$8#&)*##$:&"8&9">(:&,<"7;:&9$&?("A*:$:4&& C$3"(:&*8&"#<$(&3"66$8#,&#<$&8>#7($&")&>8:&:7(>#*"8&")&,73<&)>6*;*>(*a>#*"84&

./(%"&(4&55&-(25($'042C&C(50-&->(B2%"(#,(S-&A%'0,2A(!"#'%(@25$-#>(#,C(.,/0'1#%20,(U>5%&1([email protected]( C0&5(2%(1&&%(%"&('&[;2'&1&,%5(0/(U:_\UR((

!"#$,%& 1$,,$;,& #<>#& "?$(>#$& ,";$;=& 7,*8@& UBDN2& 67,#& EH ´W\SH DSSURYHGµ LQ DFFRUGDQFH ZLWK N.S& C$,& O4WIX-IL5&>,& >6$8:$:0& >8:&7,$& "8;=&"))*3*>;&U;$3#("8*3&!>A*@>#*"8&B<>(#,&-U!B,54& O&,$3"8:>(=&6$>8,&")& 8>A*@>#*"8&67,#&>;,"&9$&?("A*:$:4&&/<$&,$3"8:>(=&6$>8,&6>=&3"6?(*,$%& E! 5',./8! ´W\SH DSSURYHGµ (&',6& ?"F$($:&)("6&#<$&6>*8& >8:& $6$(@$83=& ?"F$(& ,7??;=& >8:& "?$(>#*8@& LQGHSHQGHQWRIWKHPDLQ(&',6DQGFRQQHFWHGWRWKHVKLS·VPDLQSRZHUVXSSO\&>8:&#"&>8&*8:$?$8:$8#& E'2& *8?7#4& & /<$& ,$3"8:>(=& UBDN2& 67,#& <>A$& #<$& U!B& 3<>(#& :>#>9>,$& >8:& A"=>@$& ?;>8& ;">:$:& 9$)"($& 3"66$83$6$8#&")&#<$&A"=>@$&>8:&67,#&9$&"?$(>#*"8>;&>#&>;;&#*6$,&F<$8&#<$&,<*?&*,&*8&3">,#>;&F>#$(,0&"(& E!5)-/8P->./'!B>',)(./*,!&=-()*/D!$<5)'2!LB&$M3&&O;;&8"8MUBDN2&U!B&,=,#$6,&>($&3;>,,*)*$:&>,&UB24& O8&UB2& 6>=&7,$&3"66$(3*>;&"(&(>,#$(&3<>(#,& O8&UB2&67,#&9$&*8:$?$8:$8#&")&#<$&6>*8&UBDN2&>8:&3"88$3#$:&#"& WKHVKLS·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·VIODJO:6*8*,#(>#*"84& ! !>A*@>#*8@& "))*3$(,& 67,#& 8"#& 9$3"6$& "A$(M($;*>8#& "8& UBDN24& & R($G7$8#& 3<$3P,& ,<"7;:& 9$& 6>:$& ")& #<$& UBDN2&?",*#*"8&)*+*8@&,=,#$6&-8"(6>;;=&E'25&9=&#<$&7,$&")&"#<$(&6$>8,4&&273<&3<$3P,&,<"7;:&*83;7:$%& x '>(>;;$;&*8:$+*8@&>8:&7,$&")&3;$>(*8@&9$>(*8@,d& x b,$& ")& (>:>(& #"& 3<$3P& #<$& >337(>3=& ")& #<$& 3<>(#$:& ?",*#*"8& 9=& 3"6?>(*8@& #<$& ;"3>#*"8& ")& #<$& (>:>(&#>(@$#&>@>*8,#&#<$&3<>(#$:&,=69";d& x 1*,7>;&3(",,&9$>(*8@,d& x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


33 ! ! ?*7F(

./( %"&( 4&55&-( 25( $'042C&C( B2%"( #,( S-&A%'0,2A( !"#'%( @25$-#>( #,C( .,/0'1#%20,( U>5%&1( [email protected]( %"#%( ;5&5(#($#$&'(A"#'%(<#AWT;$(5>5%&1](#'&(%"&($#$&'(A"#'%5($'042C&C](#C&[;#%&(/0'(%"&(#'(2,( B"2A"(%"&(5"2$(%'#C&5(#,C(#'&(%"&>(/;-->(A0''&A%&CR(( !"#$,%&&/<$&UBDN2&67,#&7#*;*,$&U!B,&>8:&>;;&")&#<$&?>?$(&3<>(#,&9$&)7;;=&3"(($3#$:&>8:&6>*8#>*8$:&*8&>&,#>#$& ")&($>:=&9>3PM7?&*8&#<$&3>,$&")&UBDN2&)>*;7($4&

! ?*7I(( & &

\'&(_25%5(0/(_2H"%5](M2C&(M#<-&5](U#2-2,H(@2'&A%20,5](%"&(3#;%2A#-(\-1#,#A](%"&(\,,;#-(U;11#'>(0/( 30%2A&5( %0( 9#'2,&'5( #,C( %"&( !"#'%( !#%#-0H;&( %"&( A;''&,%( &C2%20,5( #,C( "#4&( %"&>( <&&,( 1#2,%#2,&C(;$(%0(C#%&(B"&'&('&[;2'&CR(

!>7#*3>;&3<>(#,&>8:&8>7#*3>;&?79;*3>#*"8,0&,73<&>,&,>*;*8@&:*($3#*"8,0&;*,#,&")&;*@<#,0&8"#*3$,&#"&6>(*8$(,0&#*:$& #>9;$,&>8:&>;;&"#<$(&?79;*3>#*"8,&8$3$,,>(=&)"(&#<$&*8#$8:$:&A"=>@$0&,<>;;&9$&>:$G7>#$&>8:&7?&#"&:>#$4& & -2SYO2&1_KX5& & !"#$%&'79;*3>#*"8,&*8&$;$3#("8*3&)"(6>#&6>=&9$&>33$?#$:&9=&3$(#>*8&);>@&O:6*8*,#(>#*"8,4&

.

I-;*D-)*./0! ?*7J((

P#5(%"&(4&55&-(<&&,(5#/&->(,#42H#%&C(#,C(2,(A01$-2#,A&(B2%"(2,%&',#%20,#-('&H;-#%20,5R(

$VKLSVKDOOXVHDPDQGDWRU\VKLS·VURXWHLQJV\VWHPDQGLQDFFRUGDQFHZLWKWKHUHOHYDQWSURYLVLRQVXQOHVV WKHUH DUH FRPSHOOLQJ UHDVRQV QRW WR XVH D SDUWLFXODU VKLSV· URXWHLQJ V\VWHP $Q\ VXFK UHDVRQ VKDOO EH UHFRUGHGLQWKHVKLS·VORJ& -2SYO2&1_IH4X5& !"#$%&&B<>(#,&")&>#&;$>,#&#<$&3"6?;$#$&?($A*"7,&A"=>@$&,<"7;:&9$&3<$3P$:&#"&:$#$(6*8$&#<>#&#<$&A$,,$;& <>,& 9$$8& ,>)$;=& 8>A*@>#$:4& & /<$& 3"(($3#& 7,$& ")& #(>))*3& ,$?>(>#*"8& a"8$,0& *8#$(A>;,& 9$#F$$8& ?",*#*"8& )*+$,0& 6>*8#$8>83$& ")& >& ,>)$& :*,#>83$& "))& #<$& 3">,#0& >A"*:>83$& ")& ?("<*9*#$:& >($>,& >8:& :>8@$("7,& F($3P,0& >:<$($83$&#"&?(*8#$:&8"#$,&"8&#<$&3<>(#,0&$#340&F*;;&?("A*:$&$A*:$83$&")&,>)$&8>A*@>#*"84&

! ?*7K((

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f<$($& >8& $;$3#("8*3& :*,?;>=& <*,#"(=& *,& ?("A*:$:& #"& ($3"(:& WUHQGLQJDQGD9'5WRUHFRUGWLPHVD´<µUHVSRQVHVKRXOGEHPDGHWRJHWKHUZLWKDVKRUWH[SODQDWLRQLQ S#<$(&3"66$8#,4&&

! ?*=L(

Z#5(#(A01$'&"&,524&($#55#H&($-#,(#4#2-#<-&(/0'(%"&($'&420;5(40>#H&(#,C(C2C(2%(A04&'(%"&(/;--( 40>#H&(/'01(<&'%"(%0(<&'%"R(

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x '>(>;;$;&*8:$+*8@&-8"#&)("6&);">#*8@&"9g$3#,&78;$,,&#<$=&<>A$&9$$8&)*(,#&3<$3P$:&)"(&?",*#*"85d& x B<>(#&3<>8@$,d& x .$#<":,&>8:&)($G7$83=&")&?",*#*"8&)*+*8@d& x '("6*8$8#&8>A*@>#*"8&>8:&(>:>(&6>(P,d& x !"M@"&>($>,&-#<$&$+3$,,*A$&6>(P*8@&")&8"M@"&>($>,&,<"7;:&9$&:*,3"7(>@$:&²&,$$&9$;"F5d& x Y>8:)>;;&#>(@$#,&>8:&;*@<#,d& x B;$>(*8@&;*8$,&>8:&9$>(*8@,d& x /(>8,*#,0&<$>:*8@&6>(P,&>8:&;$>:*8@&;*8$,d& x 2*@8*)*3>8#&#*:$,&"(&37(($8#d& x 2>)$&,?$$:&>8:&8$3$,,>(=&,?$$:&>;#$(>#*"8,d& x B<>8@$,&*8&6>3<*8$(=&,#>#7,d& x .*8*676&78:$(&P$$;&3;$>(>83$d&


34 '",*#*"8,&F<$($&#<$&$3<"&,"78:$(&,<"7;:&9$&>3#*A>#$:d& B(",,*8@&>8:&<*@<&:$8,*#=&#(>))*3&>($>,d& 2>)$&:*,#>83$&"))d& O83<"(&3;$>(>83$d& B"8#*8@$83=&?;>8,d& O9"(#&?",*#*"8,d& 1/2&>8:&($?"(#*8@&?"*8#,0&$#34& & N8&#<$&$A$8#&#<>#&UBDN2&*,&#<$&?(*6>(=&6$>8,&")&8>A*@>#*"80&#<$&>9"A$&,<"7;:&9$&#>P$8&*8#"&>33"78#4& x x x x x x x

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

( ?*=)((

&

Z#5( $052%20,( /2V2,H( 5#%25/#A%0'>( %"'0;H"0;%( %"&( $'&420;5( 40>#H&( #,C( %"&( /'&[;&,A>( 0/( $-0%%&C( /2V&5(2,(#AA0'C#,A&(B2%"(%"&($#55#H&($-#,R(

E"":&8>A*@>#*"8>;&?(>3#*3$&:$6>8:,&#<>#&#<$&"))*3$(&")&#<$&F>#3<%& x b8:$(,#>8:,&#<$&3>?>9*;*#*$,&>8:&;*6*#>#*"8,&")&#<$&8>A*@>#*"8>;&>*:,&>8:&,=,#$6,&9$*8@&7,$:&>8:& 3"8#*87>;;=&6"8*#"(,&#<$*(&?$()"(6>83$d& x b,$,&#<$&$3<"&,"78:$(&#"&6"8*#"(&3<>8@$,&*8&F>#$(&:$?#:&($3P"8*8@&#$3<8*G7$,&#"&3<$3P&?",*#*"8&)*+$,d& x B(",,M3<$3P,&?",*#*"8M)*+$,&7,*8@&*8:$?$8:$8#&,"7(3$,&")&*8)"(6>#*"8%&#<*,&*,&?>(#*37;>(;=&&*6?"(#>8#& F<$8& $;$3#("8*3& ?",*#*"8M)*+*8@& ,=,#$6,0& ,73<& >,& E'2& >($& 7,$:& >,&#<$& ?(*6>(=& 6$>8,& ")&)*+*8@&#<$& ?",*#*"8&")&#<$&,<*?d& x b,$,&A*,7>;&8>A*@>#*"8&>*:,&#"&,7??"(#&$;$3#("8*3&?",*#*"8M)*+*8@&6$#<":,0&*4$4&;>8:6>(P,&*8&&3">,#>;& >($>,&>8:&3$;$,#*>;&8>A*@>#*"8&*8&"?$8&F>#$(,d& x &D"$,&8"#&9$3"6$&"A$(&($;*>8#&"8&>7#"6>#$:&8>A*@>#*"8>;&$G7*?6$8#0&*83;7:*8@&$;$3#("8*3&3<>(#&& ,=,#$6,0&#<$($9=&)>*;*8@&#"&6>P$&?("?$(&8>A*@>#*"8>;&7,$&")&A*,7>;&*8)"(6>#*"8d& x ';"#,&<*,#"(*3>;&,<*?&#(>3P&)"(F>(:&#"&*:$8#*)=&#<$&?("g$3#$:_>8#*3*?>#$:&?",*#*"84& -T'E&\4\4I4K5& !"#$,%&&O#&;$>,#&#F"&6$#<":,&")&?",*#*"8&)*+*8@&,<"7;:&9$&3<>(#$:0&F<$($&?",,*9;$4&&1*,7>;&>8:&(>:>(&?",*#*"8& )*+*8@&>8:&6"8*#"(*8@&#$3<8*G7$,&,<"7;:&9$&7,$:&F<$8$A$(&?",,*9;$4&&E'2&:$(*A$:&?",*#*"8,&,<"7;:&>;F>=,& 9$&A$(*)*$:&9=&>;#$(8>#*A$&6$#<":,4&/<$&)($G7$83=&")&?",*#*"8&)*+*8@&,<"7;:&9$&,73<&#<>#&#<$&A$,,$;&3>88"#& (78&*8#"&:>8@$(&:7(*8@&#<$&*8#$(A>;&9$#F$$8&)*+$,4&

! ?*=7( ! ! ?*==((

Z#5('#C#'($#'#--&-(2,C&V2,H(;5&C(%0(10,2%0'(%"&($052%20,(0/(%"&(4&55&-R(

!"#$%& & R*+$:& ?"*8#,& ,73<& >,& ;*@<#<"7,$,& >8:& <$>:;>8:,& ,<"7;:& >;F>=,& 9$& 7,$:& *8& ?($)$($83$& #"& );">#*8@& "9g$3#,0&F<*3<&,<"7;:&9$&3>($)7;;=&3<$3P$:&)"(&?",*#*"8&9$)"($&9$*8@&7,$:&)"(&?>(>;;$;&*8:$+*8@4&

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

! ?*=?(

P#5(%"&(+EU(<&&,(#C`;5%&C(%0(%"&(A0''&A%(C#%;1R(

!"#$,%& & E'2& *,& ($)$($83$:& #"& fE2W^& >8:& *#& *,& ($3"66$8:$:& #<>#& #<$& E'2& ($3$*A$(& *,& 6>*8#>*8$:& ($)$($83$:& #"& #<>#& :>#764& & [=:("@(>?<*3& "))*3$,& >($& @(>:7>;;=& 3<>8@*8@& >;;& 3<>(#,& #"& fE2W^& >8:& #<$,$& FKDUWVLQFOXGHWKHOHJHQG´:*6SRVLWLRQVFDQEHSORWWHGGLUHFWO\RQWKLVFKDUWµ6RPHFKDUWVFRQWDLQ *8)"(6>#*"8&"8&;>#*#7:$&>8:&;"8@*#7:$&,<*)#&A>;7$,&#<>#&,<"7;:&9$&>??;*$:&#"&E'2&?",*#*"8,&9$)"($&#<$=&>($& 3<>(#$:4&&S33>,*"8>;;=&#<$,$&3>8&9$&,*@8*)*3>8#0&>8:&6>8=&3<>(#,&,#*;;&,<"F&#<$&;>8:&"(&"9,#(73#*"8,&*8&#<$& F("8@&?",*#*"8&F<$8&3"6?>($:&F*#<&E'2&:>#>4& O337(>3=& ")& ?",*#*"8,& 7,*8@& E'2& 3>8& 9$& >))$3#$:0& >6"8@,#& "#<$(& #<*8@,0& 9=& :*))$($83$,& *8& :>#76,0& ,";>(& >3#*A*#=&>8:&?"F$()7;&(>:>(&"(&(>:*"&#(>8,6*,,*"8,0&*83;7:*8@&:$;*9$(>#$&g>66*8@4&


35 D*,3($?>83*$,&*8&3<>(#$:&?",*#*"8,&")&"9,#(73#*"8,&3>8&>;,"&*8#(":73$&,*@8*)*3>8#&:*))$($83$,&9$#F$$8&E'2& :$(*A$:&?",*#*"8,&>8:&6"($&#(>:*#*"8>;&6$#<":,4&

( ?*=D((

.5(%"&'&(#,(#C&[;#%&(5>5%&1(/0'(C&#-2,H(B2%"(,#42H#%20,(B#',2,H5(#,C(#'&(%"&>(<&2,H(A"#'%&CR(

1RWHV$V\VWHPVKRXOGEHLQSODFHIRUPRQLWRULQJQDYLJDWLRQDOZDUQLQJVDSSURSULDWHWRWKHVKLS·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

!

I-;*D-)*./!B?7*62'/)0! ?*=F((

.5(,#42H#%20,(&[;2$1&,%(#$$'0$'2#%&(/0'(%"&(52c&(0/(%"&(4&55&-(#,C(2,(H00C(0'C&'R(

!"#$%&&C$@>(:;$,,&")&F<$#<$(&>&A$,,$;&*,&($G7*($:&9=&;$@*,;>#*"8&#"&3>((=&,?$3*)*3&8>A*@>#*"8>;&$G7*?6$8#0&*)& $G7*?6$8#&*,&)*##$:&#<$8&*#&,<"7;:&9$&"?$(>#*"8>;4&&273<&$G7*?6$8#&6>=&9$&>&3"7(,$&($3"(:$(0&"))M3"7(,$& >;>(60& >8:& $;$3#("8*3&3<>(#& :*,?;>=& "(& $8@*8$& "(:$(& ;"@@$(_?(*8#$(4& & C>8:"6& 3<$3P,& ,<"7;:& 9$& 6>:$& #"& $8,7($&#<>#&$G7*?6$8#&*,&"?$(>#*"8>;4&

! &

%='!+.>>.J*/D!-66>*'5!).!->>!;'55'>5!,./5)(7,)'8!L*3'3!@''>!>-*8M!:'+.('!N5)!Q7>
&

E>>!5=*65A!*(('56',)*;'!.+!5*S'0! ?*=F*)(

?*=F*7(

\( '&A&24&'( /0'( #( H-0<#-( ,#42H#%20,( 5#%&--2%&( 5>5%&1( 0'( %&''&5%'2#-( ,#42H#%20,( '#C20( ,#42H#%20,( 5>5%&1*! S(&"#<$(&6$>8,0&,7*#>9;$&)"(&7,$&>#&>;;&#*6$,&#<("7@<"7#&#<$&*8#$8:$:&A"=>@$&#"&$,#>9;*,<&>8:& XSGDWHWKHVKLS·VSRVLWLRQE\DXWRPDWLFPHDQV&&&&&&&&&&&&&&&&&&&&&&&&&&&&-2SYO2&1_IL4K4I4Q5& \(3#4%&V('&A&24&'*( UA$(=&,<*?&,<>;;&9$&?("A*:$:&F*#<&>&($3$*A$(&3>?>9;$&")&($3$*A*8@&*8#$(8>#*"8>;&!O1/Uh&,$(A*3$& 9(">:3>,#,& *)& #<$& ,<*?& *,& $8@>@$:& "8& A"=>@$,& *8& >8=& >($>& *8& F<*3<& >8& *8#$(8>#*"8>;& !O1/Uh& ,$(A*3$&*,&?("A*:$:4&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&-2SYO2&N1_X4I4^5! !"#$,%&&/<$&!>A#$+&,=,#$6&9(">:3>,#,&3">,#>;&F>(8*8@,&F<*3<&3"A$(&#<$&>($>&)("6&#<$&)>*(F>=& 97"=& "7#& #"& >9"7#& K`H& 6*;$,& )("6& #<$& #(>8,6*##$(0& "(& "33>,*"8>;;=& 7?& #"& ^HH& 6*;$,& *8& 787,7>;& ?("?>@>#*"8>;&3"8:*#*"8,4& U>3<&!>A#$+&6$,,>@$&9$@*8,&F*#<&lBlB0&)";;"F$:&9=&>&,?>3$&>8:&)"7(&3<>(>3#$(,4&/<$&)*(,#0&& TN0& *:$8#*)*$,&#<$&,#>#*"80&#<$&,$3"8:0&TF0&#<$&,79g$3#&-*4$4&8>A*@>#*"8&F>(8*8@0&F$>#<$(&)"($3>,#0& @>;$& F>(8*8@0& :*,#($,,& >;$(#0& $#345& >8:& #<$& #<*(:& >8:& )"7(#<& #<$& 3"8,$37#*A$& 8769$(& ")& #<$& 6$,,>@$&)("6&#<>#&,#>#*"84&

?*=F*=( ?*=F*?(

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

! E>>!5=*65!.+!NTR!D)!-/8!76J-(850! ?*=F*D!

?*=F*F!

\($'0$&'->(#C`;5%&C(5%#,C#'C(1#H,&%2A(A01$#55*( O&,?>($&6>@8$#*3&3"6?>,,0&*8#$(3<>8@$>9;$&F*#<&#<$&,#>8:>(:&6>@8$#*3&3"6?>,,0&,<>;;&9$& 3>((*$:&78;$,,&>&,#$$(*8@&3"6?>,,&"(&@=("&3"6?>,,&*,&)*##$:4& /<$&6>@8$#*3&3"6?>,,&,<>;;&9$&?("?$(;=&>:g7,#$:&>8:&*#,&#>9;$&"(&37(A$&")&($,*:7>;&:$A*>#*"8,& ,<>;;&9$&>A>*;>9;$&>#&>;;&#*6$,4& \(5%&&'2,H(1#H,&%2A(A01$#55*( b8;$,,&<$>:*8@&*8)"(6>#*"8&?("A*:$:&9=&#<$&,#>8:>(:&3"6?>,,&>9"A$&*,&6>:$&>A>*;>9;$&>8:&


36 *,&3;$>(;=&($>:>9;$&9=&#<$&<$;6,6>8&>#&#<$&6>*8&,#$$(*8@&?",*#*"84&

?*=F*I! ?*=F*J!

2?>($& 6>@8$#*3& 3"6?>,,$,& ,<"7;:& 9$& ,#"($:& 7?,*:$& :"F8& #"& >A"*:& F$>(& ")& #<$& 8$$:;$& 9$>(*8@4& 9&#,5(/0'(%#W2,H(<&#'2,H5*( O,&8$>(;=&>,&?(>3#*3>9;$&"A$(&>8&>(3&")&#<$&<"(*a"8&")&\QH .4& \(5$#'&(1#H,&%2A(A01$#55*( /<*,&,<"7;:&9$&*8#$(3<>8@$>9;$&F*#<&#<$&,#>8:>(:&3"6?>,,4&

O&,?>($&6>@8$#*3&3"6?>,,&*,&8"#&($G7*($:&*)&>&,#$$(*8@&3"6?>,,&"(&>&@=("&3"6?>,,&*,&)*##$:4! \(%&-&$"0,&*( 2<*?,& F*#<& $6$(@$83=& ,#$$(*8@& ?",*#*"8,& ,<>;;& >#& ;$>,#& 9$& ?("A*:$:& F*#<& >& #$;$?<"8$& "(& "#<$(& 6$>8,&")&3"6678*3>#*"8&)"(&($;>=*8@&<$>:*8@&*8)"(6>#*"84( ?*=F*)L! \(C#>-2H"%(52H,#--2,H(-#1$*( O;;& ,<*?,& ")& "A$(& I`H& @#0& F<$8& $8@>@$:& "8& *8#$(8>#*"8>;& A"=>@$,0& ,<>;;& <>A$& "8& 9">(:& >8& $))*3*$8#& :>=;*@<#& ,*@8>;;*8@& ;>6?& F<*3<& ,<>;;& 8"#& 9$& ,";$;=& :$?$8:$8#& "8& #<$& ,;&?"F$(4&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&-2SYO2&ILX^&1_II5(

?*=F*K!

! E>>!5=*65!.+!GRR!D)!-/8!76J-(85!./!*/)'(/-)*./->!;.<-D'50! ?*=F*))! \,(#;%01#%2A(2C&,%2/2A#%20,(5>5%&1(N\.UO*(

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`& F>##,4& & & O7#"6>#*3&?";;*8@& 9=& >8"#<$(& ,#>#*"8& -$4@4& 9=& ?"(#& >7#<"(*#=& $G7*?6$8#& "(& >8"#<$(& ,<*?5& 3"7;:& 3>7,$& $G7*?6$8#& #"& #(>8,6*#& >#& #<$& <*@<$(& -IK4`& F>##5&;$A$;0&$A$8&F<$8&*#&*,&,$#&#"&;"F&?"F$(&-K&F>##,54& f<$8& >;"8@,*:$& >& #$(6*8>;& "(& ?"(#& >($>& F<$($& <=:("3>(9"8& @>,$,& 6>=& 9$& ?($,$8#0& #<$& ON2& ,<"7;:&$*#<$(&9$&,F*#3<$:&"))&"(&#<$&>$(*>;&*,";>#$:&>8:&#<$&ON2&@*A$8&>&:766=&;">:4&N,";>#*8@& #<$& >$(*>;& ?($,$(A$,& 6>87>;;=& *8?7#& :>#>& #<>#& 6>=& 9$& ;",#& *)& #<$& ON2& F>,& ,F*#3<$:& "))4& & N)& 8$3$,,>(=0&#<$&?"(#&>7#<"(*#=&,<"7;:&9$&*8)"(6$:4&& f<$8&>;"8@,*:$&#$(6*8>;&"(&?"(#&>($>,&F<$($&8"&<=:("3>(9"8&@>,$,&>($&;*P$;=&#"&9$&?($,$8#0& >8:&*)&#<$&78*#&<>,&#<$&)>3*;*#=0&#<$&ON2&,<"7;:&9$&,F*#3<$:&#"&;"F&?"F$(4&N)&#<$&ON2&*,&,F*#3<$:&"))& "(& *,";>#$:& F<*;,#& >;"8@,*:$0& *#& 67,#& 9$& ($>3#*A>#$:& 7?"8& ;$>A*8@& #<$& 9$(#<4& /<$& 7,$& ")& ON2& $G7*?6$8#& 6>=& >))$3#& #<$& ,$37(*#=& ")& #<$& ,<*?& "(& #<$& #$(6*8>;& >#& F<*3<& *#& *,& 9$(#<$:4& N8& ,73<& 3*(376,#>83$,0& #<$& 7,$& ")& ON2& 6>=& 9$& :$#$(6*8$:& 9=& #<$& ?"(#& >7#<"(*#=0& :$?$8:*8@& "8& #<$& ,$37(*#=&;$A$;&F*#<*8&#<$&?"(#4&-N2ES//&&^4W4^5& & f<$($& $*#<$(& "(& 9"#<& ,<*?,& *8A";A$:& *8& 2/2& "?$(>#*"8,& >($& ($G7*($:& #"& <>A$& >8& ON2& "?$(>#*8@& F<*;$& 78:$(& F>=& "(& >#& >83<"(0&#<$& ON2& $G7*?6$8#& ,<"7;:& ($6>*8& *8& 7,$& >#& >;;&#*6$,& *83;7:*8@& :7(*8@&2/2&"?$(>#*"8,4&&/<$&ON2&$G7*?6$8#&7,$:&)"(&#<$&ON2&9(">:3>,#,&8$$:&8"#& 9$&,$#&#"&;"F& ?"F$(&"7#?7#&:7(*8@&2/2&"?$(>#*"8,4&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&-2/2&/(>8,)$(&E7*:$&?$#(";$76&\4`4`4^5& !"#$,%&&N)&#<$&ON2&*,&8"#&*8#$()>3$:&F*#<&$*#<$(&>&(>:>(&"(&$;$3#("8*3&3<>(#&:*,?;>=0&*#&,<"7;:&9$& ?",*#*"8$:& >:g>3$8#& #"& "8$& ")& #<$64& & B$(#>*8& 6>87)>3#7($(,& <>A$& 6":*)*$:& #<$*(& ON2& HTXLSPHQWWRSURYLGHD´7DQNHU0RGHµWKDWSHUPLWVVHOHFWLRQRID:RXWSXW& ?*=F*)7! \(8PG('#C20*( O;;& ,<*?,& ")& \HH& @#& >8:& 7?F>(:,& ,<>;;& 9$& ?("A*:$:& F*#<& >& 1[R& *8,#>;;>#*"8& 3>?>9;$& ")& #(>8,6*##*8@&>8:&($3$*A*8@&"8&B<>88$;,&Q0&I\0&IQ&>8:&XH&-D2B54&N#&,<>;;&9$&?",,*9;$&#"&*8*#*>#$&#<$& #(>8,6*,,*"8& ")& :*,#($,,& >;$(#,& "8& 3<>88$;& XH& )("6& #<$& ?",*#*"8& )("6& F<*3<& #<$& ,<*?& *,& 8"(6>;;=& 8>A*@>#$:4!

! E>>!5=*65!.+!TRR!D)!-/8!76J-(850! ?*=F*)=! \(H>'0(A01$#55(#,C('&$&#%&'5*(

O& @=("& 3"6?>,,& ,<>;;& 9$& )*##$:& "8& ,<*?,& ")& `HH& @#& >8:& 7?F>(:,& 3"8,#(73#$:& "8& "(& >)#$(& I ,#& 2$?#$69$(&ILW^&>8:&"8&,<*?,&")&I0QHH&@#&>8:&7?F>(:,&"8&*8#$(8>#*"8>;&A"=>@$,4& 2<*?,& ")& I0QHH& @#& >8:& 7?F>(:,& ,<>;;& 9$& ?("A*:$:& F*#<& >& @=("& ($?$>#$(& "(& ($?$>#$(,& ,7*#>9;=& ?;>3$:&)"(&#>P*8@&9$>(*8@,&>,&8$>(;=&>,&?(>3#*3>9;$&"A$(&#<$&>(3&")&#<$&<"(*a"8&")&\QH .4&& O;;&,<*?,&,<>;;&<>A$&>&@=("M3"6?>,,0&"(&"#<$(&6$>8,0&#"&:$#$(6*8$&>8:&:*,?;>=&#<$*(&<$>:*8@&9=& ,<*?& 9"(8$& 8"8M6>@8$#*3& 6$>8,0& 9$*8@& 3;$>(;=& ($>:>9;$& 9=& #<$& <$;6,6>8& >#& #<$& 6>*8&


37 ,#$$(*8@&?",*#*"84&

?*=F*)?! 825;#-(A01$#55('&#C2,H5(%0(%"&(&1&'H&,A>(5%&&'2,H($052%20,*(

O((>8@$6$8#,&,<>;;&9$&?("A*:$:&)"(&,<*?,&3"8,#(73#$:&"8&"(&>)#$(&I,#&R$9(7>(=&ILLK4& ?*=F*)D! \('#C#'(2,5%#--#%20,*( O&(>:>(&3>?>9;$&")&9$*8@&"?$(>#$:&*8&#<$&L&E[a&FP¶;·EDQG VKDOOEHLQVWDOOHGRQVKLSVRI `HH&@#&>8:&7?F>(:,&3"8,#(73#$:&"8&"(&>)#$(&I ,#&2$?#$69$(&ILW^&>8:&"8&,<*?,&")&I0QHH&@#&>8:& 7?F>(:,&3"8,#(73#$:&9$)"($&I,#&2$?#$69$(&ILW^4& ["F$A$(0&,<*?,&")&IH0HHH&@#&>8:&7?F>(:,&,<>;;&9$&)*##$:&F*#<&K&(>:>(,0&$>3<&9$*8@&3>?>9;$&")& 9$*8@&"?$(>#$:&*8:$?$8:$8#;=&")&#<$&"#<$(&>8:&"8$&")&F<*3<&67,#&9$&3>?>9;$&")&"?$(>#*8@& *8&#<$&L&E[a&FP¶;·EDQG (

?*=F*)F! Y#C#'($-0%%2,H(&[;2$1&,%*(

R>3*;*#*$,&)"(&?;"##*8@&(>:>(&($>:*8@,&,<>;;&9$&?("A*:$:&"8&#<$&8>A*@>#*"8&9(*:@$&")&,<*?,&)*##$:& F*#<&(>:>(,4&

N8& ,<*?,& ")& I0QHH& @#& >8:& 7?F>(:,& 3"8,#(73#$:& >)#$(& I ,#& 2$?#$69$(& ILW^& #<$& ?;"##*8@& )>3*;*#*$,& ,<>;;&9$&>#&;$>,#&>,&$))$3#*A$&>,&>&($);$3#*"8&?;"##$(4! ?*=F*)I! \,(&A"0(50;,C&'*( f<$8&$8@>@$:&"8&*8#$(8>#*"8>;&A"=>@$,0&,<*?,&")&`HH&@#&>8:&7?F>(:,&3"8,#(73#$:&"8&"(&>)#$(& K`#<& .>=& ILWH& >8:& ,<*?,& ")& I0QHH& @#& >8:& 7?F>(:,& 3"8,#(73#$:& 9$)"($& K`#<& .>=& ILWH& ,<>;;& 9$& )*##$:&F*#<&>8&$3<"&,"78:$(4& '$()"(6>83$& ")& #<$& $3<"& ,"78:$(& ,<"7;:& 9$& #$,#$:& "8& >;;& (>8@$,& >8:& ,3>;$,& #"& A$(*)=& ($3"(:*8@,&>@>*8,#&:$?#<,&,<"F8&"8&#<$&3<>(#4! ?*=F*)J! \(5$&&C(#,C(C25%#,A&(2,C2A#%0'*( f<$8&$8@>@$:&"8&*8#$(8>#*"8>;&A"=>@$,&,<*?,&")&`HH&@#&>8:&7?F>(:,&3"8,#(73#$:&"8&"(&>)#$(& I,#&2$?#$69$(&ILW^&,<>;;&9$&)*##$:&F*#<&>&:$A*3$&#"&*8:*3>#$&,?$$:&>8:&:*,#>83$4! ?*=F*)K! Y;CC&'(#,H-&](YE9](4#'2#<-&($2%A"(#,C(<0BX5%&',(%"';5%&'(2,C2A#%0'5*( 2<*?,& ")& I0QHH& @#& >8:&7?F>(:,& 3"8,#(73#$:& 9$)"($& I,#& 2$?#$69$(&ILW^& >8:& >;;& ,<*?,& ")& `HH&@#& >8:&7?F>(:,&3"8,#(73#$:&"8&"(&>)#$(&I ,#&2$?#$69$(&ILW^&,<>;;&9$&)*##$:&F*#<&*8:*3>#"(,&,<"F*8@& #<$& (7::$(& >8@;$0& #<$& (>#$& ")& ($A";7#*"8& ")& $>3<& ?("?$;;$(& >8:& *8& >::*#*"80& F<$($& )*##$:& F*#<& A>(*>9;$& ?*#3<& ?("?$;;$(,& "(& ;>#$(>;& #<(7,#& ?("?$;;$(,0& #<$& ?*#3<& >8:& "?$(>#*"8>;& 6":$& ")& ,73<& ?("?$;;$(,4&&O;;&#<$,$&*8:*3>#"(,&,<>;;&9$&($>:>9;$&)("6&#<$&3"88*8@&?",*#*"84!

! E>>!5=*65!.+!NRARRR!D)!-/8!76J-(850! ?*=F*7L! Y#C#'(2,5%#--#%20,5*(

/F"&(>:>(&*8,#>;;>#*"8,&,<>;;&9$&?("A*:$:0&$>3<&3>?>9;$&")&"?$(>#*8@&*8:$?$8:$8#;=4& O#&;$>,#&"8$&")&#<$&*8,#>;;>#*"8,&,<>;;&"?$(>#$&*8&#<$&L&E[a&FP¶;·9>8:54&

?*=F*7)! \,(\YE\*(

/>8P$(,&")&IH0HHH&@#&>8:&7?F>(:,&,<>;;&9$&)*##$:&F*#<&>8&>7#"6>#*3&(>:>(&?;"##*8@&>*:4& 1$,,$;,&($G7*($:&#"&9$&)*##$:&F*#<&>8&OC'O&,<>;;&9$&$G7*??$:&F*#<&>&:$A*3$&#"&*8:*3>#$&,?$$:& >8:&:*,#>83$&#<("7@<&#<$&F>#$(4&-*4$4&>8&$;$3#("6>@8$#*3&"(&?*#"#&;"@45&&N)&#<$&,?$$:&#<("7@<& #<$&F>#$(&;"@&*,&8"#&"?$(>#*"8>;0&#<$&,?$$:&")&#<$&A$,,$;&67,#&9$&$8#$($:&6>87>;;=4 !

! E>>!5=*65!.+!NRRARRR!D)!-/8!76J-(850! ?*=F*77( \('#%&(0/(%;',(2,C2A#%0'*(

C$G7*($:&)"(&A$,,$;,&")&IHH0HHH&@#&>8:&7?F>(:,&3"8,#(73#$:&>)#$(&I ,#&2$?#$69$(&ILW^4!!

! %='!+.>>.J*/D!-66>*'5!).!->>!;'55'>5!,./5)(7,)'8!L*3'3!@''>!>-*8M!-+)'(!N5)!Q7>>!5=*65A!*(('56',)*;'!.+!5*S'0! ?*=F*7=! \( '&A&24&'( /0'( #( H-0<#-( 5#%&--2%&( ,#42H#%20,( 5>5%&1( 0'( %&''&5%'2#-( ,#42H#%20,( '#C20( ,#42H#%20,( 5>5%&1*( S(&"#<$(&6$>8,0&,7*#>9;$&)"(&7,$&>#&>;;&#*6$,&#<("7@<"7#&#<$&*8#$8:$:&A"=>@$&#"&$,#>9;*,<&>8:& XSGDWHWKHVKLS·VSRVLWLRQE\DXWRPDWLFPHDQV& ?*=F*7?! \(3#4%&V('&A&24&'*( UA$(=&,<*?&,<>;;&9$&?("A*:$:&F*#<&>&($3$*A$(&3>?>9;$&")&($3$*A*8@&*8#$(8>#*"8>;&!O1/Uh&,$(A*3$& 9(">:3>,#,& *)& #<$& ,<*?& *,& $8@>@$:& "8& A"=>@$,& *8& >8=& >($>& *8& F<*3<& >8& *8#$(8>#*"8>;& !O1/Uh& ,$(A*3$&*,&?("A*:$:4&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&-2SYO2&N1_X4I4^5&

!"#$,%&&/<$&!>A#$+&,=,#$6&9(">:3>,#,&3">,#>;&F>(8*8@,&F<*3<&3"A$(&#<$&>($>&)("6&#<$&)>*(F>=& 97"=& "7#& #"& K`H& 6*;$,& )("6& #<$& #(>8,6*##$(0& "(& "33>,*"8>;;=& 7?& #"& ^HH& 6*;$,& *8& 787,7>;&


38 ?("?>@>#*"8>;&3"8:*#*"8,4& U>3<&!>A#$+&6$,,>@$&9$@*8,&F*#<&lBlB0&)";;"F$:&9=&>&,?>3$&>8:&)"7(&3<>(>3#$(,4&/<$&)*(,#0&TN0& *:$8#*)*$,& #<$& ,#>#*"80& #<$& ,$3"8:0& TF0& #<$& ,79g$3#& -*4$4& 8>A*@>#*"8& F>(8*8@0& F$>#<$(& )"($3>,#0& @>;$& F>(8*8@0& :*,#($,,& >;$(#0& $#345& >8:& #<$& #<*(:& >8:& )"7(#<& #<$& 3"8,$37#*A$& 8769$(& ")& #<$& 6$,,>@$&)("6&#<>#&,#>#*"84&

?*=F*7D! ?*=F*7F! ?*=F*7I! ?*=F*7J! ?*=F*7K! ?*=F*=L! ?*=F*=)!

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`;5%&C(1#H,&%2A(A01$#55*( 2U RWKHU PHDQV LQGHSHQGHQW RI DQ\ SRZHU VXSSO\ WR GHWHUPLQH WKH VKLS·V KHDGLQJ DQG :*,?;>=&#<$&($>:*8@&>#&#<$&6>*8&,#$$(*8@&?",*#*"84& \($&-0';5(0'(A01$#55(<&#'2,H(C&42A&*( S(&"#<$(&6$>8,0&*8:$?$8:$8#&")&>8=&?"F$(&,7??;=0&#"&#>P$&9$>(*8@,&"A$(&>8&>(3&")&#<$&<"(*a"8& ")&\QH.4& 9&#,5(0/(A0''&A%2,H("&#C2,H(#,C(<&#'2,H5(%0(%';&(#%(#--(%21&5*! \(50;,C('&A&$%20,(5>5%&1*( S(& "#<$(& 6$>8,0& F<$8& #<$& 9(*:@$& *,& #"#>;;=& $83;",$:0& #"& $8>9;$& #<$& "))*3$(& *8& 3<>(@$& ")& #<$& F>#3<&#"&<$>(&,"78:&,*@8>;,&>8:&:$#$(6*8$&#<$&:*($3#*"84&! \(%&-&$"0,&*( S(&"#<$(&6$>8,0&#"&3"6678*3>#$&<$>:*8@&*8)"(6>#*"8&#"&#<$&$6$(@$83=&,#$$(*8@&?",*#*"84&

! E>>!5=*65!.+!NTR!D)!-/8!76J-(850! ?*=F*=7! \(5$#'&(1#H,&%2A(A01$#55*!

S(&"#<$(&6$>8,0&*8#$(3<>8@$>9;$&F*#<&#<$&6>@8$#*3&3"6?>,,&*8&^4KQ4KX4&

?*=F*==! \(C#>-2H"%(52H,#--2,H(-#1$*(

O;;&,<*?,&")&I`H&@#&>8:&7?F>(:,&,<>;;&9$&)*##$:&F*#<&>&:>=;*@<#&,*@8>;;*8@&;>6?0&"(&"#<$(&6$>8,0& #"&3"6678*3>#$&9=&;*@<#&:7(*8@&:>=&>8:&8*@<#&7,*8@&>8&$8$(@=&,"7(3$&")&$;$3#(*3>;&?"F$(&8"#& VROHO\GHSHQGHQWRQWKHVKLS·VSRZHUVXSSO\&

!

E>>!5=*65!.+!GRR!D)!-/8!76J-(850! ?*=F*=?! \,(&A"0(50;,C2,H(C&42A&*! ?*=F*=D! \(K(+Pc(FP¶;·EDQG UDGDU( ?*=F*=F! \,(&-&A%'0,2A($-0%%2,H(#2C*(

/"&?;"#&$;$3#("8*3>;;=&#<$&(>8@$&>8:&9$>(*8@&")&#>(@$#,&#"&:$#$(6*8$&3";;*,*"8&(*,P4&

?*=F*=I! \(5$&&C(#,C(C25%#,A&(1'2,H(C&42A&*(

/"& *8:*3>#$& ,?$$:& >8:& :*,#>83$& #<("7@<& #<$& F>#$(4& N)& #<$& :$A*3$& *,& 8"#& "?$(>#*"8>;0& ,?$$:& *8?7#&#"&#<$&OC'O0&F<$($&)*##$:0&67,#&9$&6>87>;4! ?*=F*=J! \($'0$&'->(#C`;5%&C(%'#,512%%2,H("&#C2,H(C&42A&*( S(&"#<$(&6$>8,0&#"&#(>8,6*#&<$>:*8@&*8)"(6>#*"8&)"(&*8?7#&*8#"&#<$&L&E[a&(>:>(0&#<$&?;"##*8@&>*:& >8:&#<$&,?$$:&>8:&:*,#>83$M6$>,7(*8@&:$A*3$4& ?*=F*=K! \(8PG('#C20*( O;;& ,<*?,& ")& \HH& @#& >8:& 7?F>(:,& ,<>;;& 9$& ?("A*:$:& F*#<& >& 1[R& *8,#>;;>#*"8& 3>?>9;$& ")& #(>8,6*##*8@&>8:&($3$*A*8@&"8&B<>88$;,&Q0&I\0&IQ&>8:&XH&-D2B54&N#&,<>;;&9$&?",,*9;$&#"&*8*#*>#$&#<$& #(>8,6*,,*"8& ")& :*,#($,,& >;$(#,& "8& 3<>88$;& XH& )("6& #<$& ?",*#*"8& )("6& F<*3<& #<$& ,<*?& *,& 8"(6>;;=& 8>A*@>#$:4!

!

E>>!5=*65!.+!GRR!D)!-/8!76J-(85!./!*/)'(/-)*./->!;.<-D'50! ?*=F*?L! \,(#;%01#%2A(2C&,%2/2A#%20,(5>5%&1(N\.UO*(

2<*?,& )*##$:& F*#<& ON2& ,<>;;& 6>*8#>*8& ON2& *8& "?$(>#*"8& >#& >;;& #*6$,& $+3$?#& F<$($& *8#$(8>#*"8>;& >@($$6$8#,0&(7;$,&"(&,#>8:>(:,&?("A*:$&)"(&#<$&?("#$3#*"8&")&8>A*@>#*"8>;&*8)"(6>#*"84& &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&-2SYO2&1_IL4K4^4X5& !"#$,%&&N)&#<$&ON2&*,&8"#&*8#$()>3$:&F*#<&$*#<$(&>&(>:>(&"(&$;$3#("8*3&3<>(#&:*,?;>=0&*#&,<"7;:&9$& ?",*#*"8$:&>:g>3$8#&#"&"8$&")&#<$64& &2$$&@7*:>83$&#"&V^4KQ4II4&


39 !

E>>!5=*65!.+!TRR!D)!-/8!.;'(0! ?*=F*?)! \(H>'0(A01$#55*(

S(&"#<$(&6$>8,0&#"&:$#$(6*8$&>8:&:*,?;>=&#<$&<$>:*8@&9=&,<*?&9"(8$&8"8M6>@8$#*3&6$>8,4&

?*=F*?7! \(H>'0(A01$#55("&#C2,H('&$&#%&'*(

/"&,7??;=&<$>:*8@&*8)"(6>#*"8&>#&#<$&$6$(@$83=&,#$$(*8@&?",*#*"80&*)&?("A*:$:4&

?*=F*?=! \(H>'0(A01$#55(<&#'2,H('&$&#%&'*(

/"&#>P$&9$>(*8@,&"A$(&>8&>(3&")&#<$&<"(*a"8&")&\QH.4& ?*=F*??! Y;CC&']($'0$&--&'](%"';5%]($2%A"(#,C(0$&'#%20,#-(10C&(2,C2A#%0'5*( O;;&#"&9$&($>:>9;$&)("6&#<$&3"88*8@&?",*#*"84& ?*=F*?D! \,(#;%01#%2A(%'#AW2,H(#2C*( /"&?;"#&>7#"6>#*3>;;=&#<$&(>8@$&>8:&9$>(*8@&")&"#<$(&#>(@$#,&#"&:$#$(6*8$&3";;*,*"8&(*,P4!

!

E>>!5=*65!.+!GARRR!D)!-/8!76J-(850! ?*=F*?F! \(=(+Pc(FP¶;·EDQG UDGDU(

S(& >& ,$3"8:& L& E[a& FP ¶;· EDQG (>:>(& F<$($& 3"8,*:$($:& >??("?(*>#$& 9=& #<$& >:6*8*,#(>#*"84& ?*=F*?I! \(5&A0,C(#;%01#%2A(%'#AW2,H(#2C*( R783#*"8>;;=&*8:$?$8:$8#&")&#<$&)*(,#&>7#"6>#*3&>*:4& ?*=F*?J! \(40>#H&(C#%#('&A0'C&'*(N8@YO( 1DCc,&,<>;;&9$&,79g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d& 4K&*8&#<$&3>,$&")&3>(@"&,<*?,&")&\0HHH&@(",,&#"88>@$&>8:&7?F>(:,&97#&;$,,&#<>8&KH0HHH&@(",,& #"88>@$&3"8,#(73#$:&9$)"($&I&J7;=&KHHK0&>#&#<$&)*(,#&,3<$:7;$:&:(=M:"3P*8@&>)#$(&I&J7;=&KHHX& 97#&8"#&;>#$(&#<>8&I&J7;=&KHIHd&& 4\&O:6*8*,#(>#*"8,&6>=&$+$6?#&3>(@"&,<*?,&)("6&#<$&>??;*3>#*"8&")&#<$&($G7*($6$8#,&")& ,79?>(>@(>?<,&4I&>8:&4K&F<$8&,73<&,<*?,&F*;;&9$&#>P$8&?$(6>8$8#;=&"7#&")&,$(A*3$&F*#<*8&#F"& =$>(,&>)#$(&#<$&*6?;$6$8#>#*"8&:>#$&,?$3*)*$:&*8&,79?>(>@(>?<,&4I&>8:&4K&&&>9"A$4& -2SYO2&1&C$@&KH4I45& &

!

E>>!5=*65!.+!NRARRR!D)!-/8!76J-(850! ?*=F*?K! \,(\YE\](&[;2$$&C(B2%"(5$&&C(%"'0;H"(%"&(B#%&'(2,$;%*(

O8& OC'O0& "(& "#<$(& 6$>8,0& #"& ?;"#& >7#"6>#*3>;;=& #<$& (>8@$& >8:& 9$>(*8@& ")& >#& ;$>,#& KH& "#<$(& #>(@$#,0& 3"88$3#$:& #"& >& :$A*3$& #"& *8:*3>#$& ,?$$:& >8:& :*,#>83$& #<("7@<& #<$& F>#$(0& #"& :$#$(6*8$&3";;*,*"8&(*,P,&>8:&,*67;>#$&>&#(*>;&6>8"$7A($4& ?*=F*DL! \("&#C2,H(0'(%'#AW(A0,%'0-(5>5%&1*( /"&>7#"6>#*3>;;=&3"8#(";&>8:&P$$?&#"&>&<$>:*8@&>8:_"(&,#(>*@<#&#(>3P4&

!

E>>!5=*65!.+!TRARRR!D)!-/8!76J-(850! ?*=F*D)! \('#%&(0/(%;',(2,C2A#%0'*(

S(&"#<$(&6$>8,&#"&:$#$(6*8$&>8:&:*,?;>=&#<$&(>#$&")(84& ?*=F*D7! \(5$&&C(#,C(C25%#,A&(1'2,H(C&42A&*( R("6&I,#&J7;=&KHHK&8$F&,<*?,&>($&#"&9$&$G7*??$:&F*#<&>&:$A*3$&#"&*8:*3>#$&,?$$:&>8:&:*,#>83$& "A$(&#<$&@("78:&*8&#<$&)"(F>(:&>8:&>#(#,<*?,&:*($3#*"84&

! ?*=I(

\'&(,#42H#%20,(-2H"%5(2,(H00C(0'C&'R(

!"#$%&&'(*6>(=&>8:&,$3"8:>(=&,=,#$6,&,<"7;:&9$&*8&@"":&"(:$(0&>8:&#<$($&,<"7;:&9$&>&?("3$:7($&#"&3<$3P& #<$&8>A*@>#*"8&;*@<#&)>*;7($&>;>(64&

( ( © Copyright OCIMF 2011. All rights reserved. 39

40 \CC2%20,#-(A011&,%56(

N)&#<$&N8,?$3#"(&<>,&3"66$8#,&*8&($,?$3#&")&#<$&,79g$3#&6>##$(&3"A$($:&9=&#<$&B<>?#$(&>::*#*"8>;&#"&#<",$&F<*3<& #<$&N8,?$3#"(&6>=&6>P$&*8&($,?"8,$&#"&#<$&,?$3*)*3&G7$,#*"8,&*8&#<$&B<>?#$(0&#<$&N8,?$3#"(&,<"7;:&*83;7:$&,73<& >::*#*"8>;&3"66$8#,&*8&#<*,&,$3#*"84!

!


41

!"#$%&'(D*(((U#/&%>(9#,#H&1&,%( ( D*)(( &

P#5(#(5#/&%>(0//2A&'(<&&,(C&52H,#%&C(#,C(%'#2,&C(%0(;,C&'%#W&(%"25('0-&R(

!"#$%& & S8$& ")& #<$& ?(*6>(=& )783#*"8,& ")& #<$& ,>)$#=& "))*3$(0& F<"& ?($)$(>9;=& ,<"7;:& 9$& >8& $+?$(*$83$:& ,$>)>($(0& *,& #"& *8,?$3#& >;;& >($>,& ")& #<$& A$,,$;& "8& >& ($@7;>(& 9>,*,& )"(& ,>)$#=& 3"6?;*>83$& >8:& #"& ($?"(#& >8=& :$)*3*$83*$,& 8"#$:4& & /<$& ?7(?",$& *,& #"& (>*,$& >F>($8$,,0& ?($A$8#& >33*:$8#,& >8:& #"& *:$8#*)=& ($@7;>(& RFFXUUHQFHVWKDWPLJKWUHTXLUHWKHRSHUDWRU·VLQWHUYHQWLRQRQDIOHHWMF*:$&9>,*,4&&/<$&)783#*"8&")&#<$&,>)$#=& "))*3$(& 6>=& 8"#& *8A";A$& $G7*?6$8#& 6>*8#$8>83$0& >;#<"7@<& *#& :"$,& *83;7:$& *:$8#*)=*8@& $G7*?6$8#& :$)*3*$83*$,4& UA*:$83$& #<>#& #<$& 2>)$#=& S))*3$(& <>,& 78:$(#>P$8& >8& >??("?(*>#$& 2>)$#=& S))*3$(& #(>*8*8@& 3"7(,$& ,<"7;:& 9$& ?("A*:$:4& 2>)$#=& S))*3$(& #(>*8*8@& ,<"7;:& )";;"F& #<$& 2/Bf& B":$& />9;$,& OMNN_K& >8:& OMNNN_K& >8:& #<$& N.S& .":$;& B"7(,$& \4II4& & /<*,& 3>8& >;,"& *83;7:$& *8M<"7,$& "(& )"(6>;& ,<"($& 9>,$:& #(>*8*8@4& /(>*8*8@& ($3"(:,&67,#&6>#3<&#<$&g"9&:$,3(*?#*"8&)"(&#<$&2>)$#=&S))*3$(&F*#<*8&#<$&2>)$#=&.>8>@$6$8#&2=,#$6&

&

D*7(( ! ! D*=((

$UHWKHVKLS·VRIILFHUVIDPLOLDUZLWKWKHRSHUDWLRQRIILUHILJKWLQJOLIHVDYLQJDQGRWKHUHPHUJHQF\ &[;2$1&,%R( 1RWH6KLS·VRIILFHUVVKRXOGEHIDPLOLDUZLWKWKHRSHUDWLRQRIWKHIL[HGILUHILJKWLQJV\VWHPVWKHPDLQDQG $6$(@$83=&)*($& ?76?,0&#<$& $6$(@$83=& ,#$$(*8@& @$>(0&#<$& :"88*8@& >8:& 7,$& ")& 9($>#<*8@& >??>(>#7,& >8:& "+=@$8&($,7,3*#>#*"8&$G7*?6$8#&

.5($&'50,#-($'0%&A%24&( &[;2$1&,%(5;A"(#5(<02-&'(5;2%5](5#/&%>(/00%B&#'](&>&(#,C(&#'($'0%&A%20,]( 5#/&%>( "#',&55&5( #,C( A"&12A#-( $'0%&A%24&( &[;2$1&,%( &%A*( $'042C&C( #,C( #5( '&[;2'&C]( <&2,H( B0',R( !"#$%&&D"376$8#$:&@7*:>83$&($;>#*8@&#"&#<$&7,$&")&#<*,&$G7*?6$8#&,<"7;:&9$&?("A*:$:4&

( D*?((

! D*D((

\'&(#--("#,C(%0'A"&5(#$$'04&C(/0'(;5&(2,(H#5T"#c#'C0;5(#'R(

S8;=&#"(3<$,&#<>#&<>A$&9$$8&>??("A$:&9=&>&3"6?$#$8#&>7#<"(*#=&)"(&7,$&*8&);>66>9;$&>#6",?<$($,&67,#& 9$&7,$:&"8&9">(:&#>8P$(,4& & -N2ES//&^4\4^5& & !"#$%& & /<*,& *83;7:$,& #"(3<$,& *8& 7,$& "8& :$3P0& *8& #<$& $8@*8$& (""6& >8:& #<",$& ,7??;*$:& )"(& 7,$& F*#<& #<$& ILUHPHQ·VRXWILWV&

\'&( '&H;-#'( 5#/&%>( 1&&%2,H5( "&-C]( #'&( %"&( 12,;%&5( '&A0'C&C( #,C( C0&5( %"&( 0$&'#%0'( $'042C&( 5"0'&(1#,#H&1&,%('&5$0,5&5R(

!"#$%&2>)$#=&B"66*##$$&.$$#*8@,&>($&LQWHQGHGWRSHUPLWGLVFXVVLRQDPRQJWKHYHVVHO·VRIILFHUVDQG (>#*8@,&F<$($&#<$,$&($;>#$&#"&,>)$#=4&&2>)$#=&6$$#*8@,&,<"7;:&8"#&9$&7,$:&)"(&#<$&?7(?",$,&")&*8,#(73#*"8&"(& #(>*8*8@4&

& D*F((

.5(%"&'&(#($'0A&C;'&(/0'(%"&('&$0'%2,H](2,4&5%2H#%20,(#,C(A-05&T0;%(0/(#AA2C&,%5](2,A2C&,%5](,0,T A0,/0'12%2&5(#,C(,&#'(1255&5R( !"#$%&&'"(#&,#>#$&*8,?$3#*"8&:$)*3*$83*$,&,<"7;:&9$&($3"(:$:&>,&8"8M3"8)"(6*#*$,4& &

( D*I((

.5( #( A01$-&%&C( .U+:MM( U"2$XU"0'&( U#/&%>( !"&AW( _25%( NUUU!_O( #4#2-#<-&( #,C( #'&( 2%5( $'042520,5( <&2,H(A01$-2&C(B2%"R( O8=&8"8M3"6?;*>83$&,<"7;:&9$&($3"(:$:&>,&>8&S9,$(A>#*"84& !"#$,%&&/<$&N2ES//&222BY&6>=&9$&7,$:&"(&>;#$(8>#*A$;=&>&3<$3P;*,#&?("A*:$:&9=&#<$&#$(6*8>;&"(&#<$&"?$(>#"(& F<*3<&*,&#"&>8&$G7*A>;$8#&,#>8:>(:4& /<$&3":$&;$##$(&¶$·-O@($$6$8#5&>@>*8,#&>8&*#$6&*8&#<$&3<$3P;*,#&*8:*3>#$,&#<>#&>@($$6$8#&")&>&?("3$:7($& VKRXOG H PDGH LQ WKH ¶5HPDUNV· FROXPQ RI WKH &KHFNMY*,#& "(& 3"6678*3>#$:& *8& ,"6$& "#<$(& 67#7>;;=& >33$?#>9OH IRUP 7KH FRGH OHWWHU ¶3· -'$(6*,,*"85& *8:*3>#$,& #<>#& *8& #<$& 3>,$& ")& >& 8$@>#*A$& >8,F$(0& "?$(>#*"8,&,<"7;:&8"#&9$&3"8:73#$:&F*#<"7#&F(*##$8&?$(6*,,*"8&)("6&#<$&>??("?(*>#$&>7#<"(*#=4&&/<$&3":$& OHWWHU ¶5· 5HM3<$3P5& *8:*3>#$,& *#$6,& #<>#& >($& #"& 9$& ($M3<$3P$:& >#& >@($$:& *8#$(A>;,& 9=& 9"#<& ?>(#*$,0& >#& ?$(*":,&,#>#$:&*8&#<$&:$3;>(>#*"84&&/<$&222BY&,<"7;:&3"8)*(6&#<>#&#<$,$&*#$6,&>($&9$*8@&($M3<$3P$:&>#&#<$& >@($$:&*8#$(A>;,4& &

D*J((

\'&( 510W2,H( '&H;-#%20,5( $05%&C( #,C( <&2,H( #C"&'&C( %0( #,C( #'&( 510W&( '0015( #C&[;#%&->( 2C&,%2/2&CR( /<$& :$,*@8>#$:& ,6"P*8@& >($>,& ,<"7;:& 9$& >@($$:& 9$#F$$8& #<$& ($,?"8,*9;$& "))*3$(& >8:& #<$& /$(6*8>;& C$?($,$8#>#*A$&9$)"($&"?$(>#*"8,&,#>(#4&&/<$&($,?"8,*9;$&"))*3$(&,<"7;:&$8,7($&#<>#&>;;&?$(,"8,&"8&9">(:&#<$&


42 #>8P$(& >($& *8)"(6$:& ")& #<$& ,$;$3#$:& ?;>3$,& )"(& ,6"P*8@& >8:& #<>#& ,7*#>9;$& 8"#*3$,0& *8& >::*#*"8& #"& #<$& WDQNHU·VSHUPDQHQWQRWLFHVDUHSRVWHG& B$(#>*8&3(*#$(*>&,<"7;:&9$&6$#&*8&#<$&,$;$3#*"8&")&,6"P*8@&?;>3$,&F<$8$A$(&?$#(";$76&3>(@"$,&>($&9$*8@& <>8:;$:& "(& F<$8& 9>;;>,#*8@& *8#"& 8"8M@>,& )($$& 3>(@"& #>8P,0& ?7(@*8@& F*#<& *8$(#& @>,0& @>,& )($$*8@& "(& #>8P& 3;$>8*8@&"?$(>#*"8,&>($&#>P*8@&?;>3$4& /<$&3(*#$(*>&>($%& x 26"P*8@&?;>3$,&,<"7;:&9$&3"8)*8$:&#"&;"3>#*"8,&F*#<*8&#<$&>33"66":>#*"84& x 26"P*8@&?;>3$,&,<"7;:&8"#&<>A$&:""(,&"(&?"(#,&#<>#&"?$8&:*($3#;=&"8&#"&"?$8&:$3P,4& x O33"78#& ,<"7;:& 9$& #>P$8& ")& 3"8:*#*"8,& #<>#& 6>=& ,7@@$,#& :>8@$(0& ,73<& >,& >8& *8:*3>#*"8& ")& 787,7>;;=&<*@<&?$#(";$76&@>,&3"83$8#(>#*"8,0&?>(#*37;>(;=&*8&#<$&>9,$83$&")&F*8:0&>8:&F<$8&#<$($& >($&"?$(>#*"8,&"8&>:g>3$8#&#>8P$(,&"(&"8&#<$&g$##=&9$(#<4& N8&#<$&:$,*@8>#$:&,6"P*8@&?;>3$,0&>;;&?"(#,&,<"7;:&9$&P$?#&3;",$:&>8:&:""(,&*8#"&?>,,>@$F>=,&,<"7;:&9$& P$?#&3;",$:&$+3$?#&F<$8&*8&7,$& f<*;$&#<$&#>8P$(&*,&6""($:&>#&#<$&#$(6*8>;0&$A$8&F<$8&8"&"?$(>#*"8,&>($&*8&?("@($,,0&,6"P*8@&3>8&"8;=&9$& ?$(6*##$:&*8&:$,*@8>#$:&,6"P*8@&?;>3$,&"(0&>)#$(&#<$($&<>,&9$$8&?(*"(&>@($$6$8#&*8&F(*#*8@&9$#F$$8&#<$& C$,?"8,*9;$&S))*3$(&>8:&#<$&/$(6*8>;&C$?($,$8#>#*A$0&*8&>8=&"#<$(&3;",$:&>33"66":>#*"84& f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

D*K((

\'&(&V%&',#-(C00'5]($0'%5(#,C(B2,C0B5(W&$%(A-05&C(2,($0'%R(

$ WDQNHU·V >33"66":>#*"8& >8:& 6>3<*8$(=& ,?>3$,& 3"8#>*8& $G7*?6$8#& #<>#& *,& 8"#& ,7*#>9;$& )"(& 7,$& *8& );>66>9;$&>#6",?<$($,&>8:&*#&*,&#<$($)"($&*6?"(#>8#&#<>#&?$#(";$76&@>,&*,&P$?#&"7#&")&#<$,$&,?>3$,4& O;;& $+#$(8>;& :""(,0& ?"(#,& >8:& ,*6*;>(& "?$8*8@,& ,<"7;:& 9$& 3;",$:& F<$8& 3>(@"& "?$(>#*"8,& >($& 9$*8@& 3"8:73#$:4&& N)& $+#$(8>;& :""(,& <>A$& #"& 9$& "?$8$:& )"(& >33$,,0& #<$=& ,<"7;:& 9$& 3;",$:& *66$:*>#$;=& >)#$(& 7,$4& & f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

! D*)L(

-N2ES//&222BY&E7*:$;*8$,&!"4IX5&&

.5( %"&( #AA0110C#%20,( 5$#A&( #%105$"&'&( <&2,H( 1#2,%#2,&C( #%( #( "2H"&'( $'&55;'&( %"#,( %"#%( 0/( %"&(#1<2&,%(#2'RR( O*(&3"8:*#*"8*8@&*8#>P$,&67,#&9$&,$#&#"&$8,7($&#<>#&#<$&>#6",?<$(*3&?($,,7($&*8,*:$&#<$&>33"66":>#*"8&*,& >;F>=,& @($>#$(& #<>8& #<>#& ")& #<$& $+#$(8>;& >#6",?<$($4& & O*(& 3"8:*#*"8*8@& ,=,#$6,& 67,#& 8"#& 9$& ,$#& #"& IHHp&


43 ($3*(37;>#*"80& >,& #<*,& F*;;& 3>7,$& #<$& ?($,,7($& ")& #<$& *8#$(8>;& >#6",?<$($& #"& )>;;& #"& ;$,,& #<>8& #<>#& ")& #<$& $+#$(8>;&>#6",?<$($0&:7$&#"&$+#(>3#*"8&)>8,&"?$(>#*8@&*8&,>8*#>(=&,?>3$,&>8:&@>;;$=,4&&-N2ES//&^4I5&&

( D*))(( !

.5(#--(-005&(H&#'(0,(C&AW](2,(5%0'&5(#,C(2,(2,%&',#-(5$#A&5($'0$&'->(5&A;'&CR(

O(*>>5A!%(-*/*/D!-/8!1-2*>*-(*5-)*./0! !"#$%&&N8&>33"(:>83$&F*#<&#<$&,766>(*,$:&2.2&($G7*($6$8#,&>33"6?>8=*8@&G7$,#*"8&K4K0&:(*;;,&*8A";A*8@&($;$A>8#& ?$(,"88$;&,<"7;:&9$&3>((*$:&"7#&>#&($@7;>(&*8#$(A>;,&#>P*8@&*8#"&>33"78#&#<$&,<*?&#=?$0&?$(,"88$;&3<>8@$,&>8:&>8=& "#<$(&($;$A>8#&3*(376,#>83$,4&&U>3<&:(*;;&,<"7;:&9$&>,&($>;*,#*3&>,&3*(376,#>83$,&>;;"F&>8:&#<$($&,<"7;:&9$&>&($A*$F& 7?"8& 3"6?;$#*"84& & O8=& >3#*"8& ($G7*($:& #"& *6?("A$& $))$3#*A$8$,,& ,<"7;:& 9$& 8"#$:& >8:& >3#$:& 7?"84& & b,$& ")& $;$3#("8*3&*8#$(>3#*A$&#(>*8*8@&>*:,&3>8&9$&9$8$)*3*>;0&?("A*:$:&#<$*(&7,$&*,&,#(73#7($:&>8:&?("@($,,&")&*8:*A*:7>;,&*,& 6"8*#"($:4&

D*)7(( ! ! D*)=((

! D*)?(( ! & & &

&

.5(%"&'&(#($'0A&C;'&(/0'(/#12-2#'25#%20,(/0'(,&B($&'50,,&-R(

S8MERDUGWUDLQLQJLQWKHXVHRIWKHVKLS·VOLIHM,>A*8@&>??;*>83$,0&*83;7:*8@&,7(A*A>;&3(>)#&$G7*?6$8#&>8:&*8& WKHXVHRIWKHVKLS·VILUHH[WLQJXLVKLQJDSSOLDQFHVVKDOOEHJLYHQDVVRRQDVSRVVLEOHEXWQRWODWHUWKDQWZR F$$P,&>)#$(&>&3($F&6$69$(&-)*(,#5&g"*8,&>&,<*?4& -2SYO2&NNN_IL4^4I5&

\'&(C'2--5(/0'(&1&'H&,A>($'0A&C;'&5(<&2,H(A#''2&C(0;%R(

!"#$%& & U6$(@$83=& ?("3$:7($,& ,<"7;:& >#& ;$>,#& *83;7:$& 3";;*,*"80& @("78:*8@0& );"":*8@0& <$>A=& F$>#<$(& :>6>@$0& ,#(73#7(>;& )>*;7($0& )*($& -"8& :$3P& >8:& *8& 3>(@"& #>8P,0& #<$& $8@*8$& (""60& ?76?& (""6& >8:& >33"66":>#*"850&$+?;",*"80&@>,&"(&#"+*3&A>?"7(&($;$>,$0&3(*#*3>;&6>3<*8$(=&)>*;7($0&($,37$&)("6&$83;",$:& ,?>3$,0&,$(*"7,&*8g7(=0&$6$(@$83=&#"F*8@&$G7*?6$8#&>8:&<$;*3"?#$(&"?$(>#*"8,4&

\'&(-2/&<0#%(#,C(/2'&(C'2--5('&H;-#'->("&-CR(

UA$(=&3($F&6$69$(&,<>;;&?>(#*3*?>#$&*8&>#&;$>,#&"8$&>9>8:"8&,<*?&:(*;;&>8:&"8$&)*($&:(*;;&$A$(=&6"8#<4&&/<$& :(*;;,&")&#<$&3($F&,<>;;&#>P$&?;>3$&F*#<*8&K^&<"7(,&")&#<$&,<*?&;$>A*8@&>&?"(#&*)&6"($&#<>8&K`p&")&#<$&3($F& <>A$&8"#&?>(#*3*?>#$:&*8&>9>8:"8&,<*?&>8:&)*($&:(*;;,&"8&9">(:&#<>#&?>(#*37;>(&,<*?&*8&#<$&?($A*"7,&6"8#<4& & -2SYO2&NNN_IL4\4K5& U+3$?#& >,& ?("A*:$:& *8& ?>(>@(>?<,& \4\4^& >8:& \4\4`0&$>3<& ;*)$9">#& ,<>;;& 9$& ;>783<$:0& >8:& 6>8"$7A($:& *8& #<$&F>#$(&9=&*#,&>,,*@8$:&"?$(>#*8@&3($F0&>#&;$>,#&"83$&$A$(=&#<($$&6"8#<,&:7(*8@&>8&>9>8:"8&,<*?&:(*;;4c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a>#*"84&-2$$&.2B4I_B*(34IKHQ_C$A4I5& &-2SYO2&NNN_IL4\4\4^5& R*($&:(*;;,&,<"7;:&9$&?;>88$:&*8&,73<&>&F>=&#<>#&:7$&3"8,*:$(>#*"8&*,&@*A$8&#"&($@7;>(&?(>3#*3$&*8&#<$&A>(*"7,& $6$(@$83*$,&#<>#&6>=&"337(&:$?$8:*8@&"8&#<$&#=?$&")&,<*?&>8:&#<$&3>(@"4& -2SYO2&NNN_IL4\4^4I5&

&

B($F&6$69$(,&,<>;;&9$&#(>*8$:&#"&9$&)>6*;*>(&F*#<&#<$&>((>8@$6$8#,&")&#<$&,<*?&>,&F$;;&>,&#<$&;"3>#*"8&>8:& "?$(>#*"8&")&>8=&)*($M)*@<#*8@&,=,#$6,&>8:&>??;*>83$,&#<>#&#<$=&6>=&9$&3>;;$:&7?"8&#"&7,$4&

& &

& &-2SYO2&KHH^&NNMK_I`4K4K4I5& U>3<&)*($&:(*;;&,<>;;&*83;7:$%& I4 C$?"(#*8@&#"&,#>#*"8,&>8:&?($?>(*8@&)"(&#<$&:7#*$,&:$,3(*9$:&*8&#<$&67,#$(&;*,#d& K4 2#>(#*8@& >& )*($& ?76?0& 7,*8@& >#& ;$>,#& #<$& #F"& ($G7*($:& g$#,& ")& F>#$(& #"& ,<"F& #<>#& #<$& ,=,#$6& *,& *8& ?("?$(&F"(P*8@&"(:$(d& \4 &KHFNLQJRIILUHPDQ·VRXWILWDQGRWKHUSHUVRQDOUHVFXHHTXLSPHQW& ^4 B<$3P*8@&")&($;$A>8#&3"6678*3>#*"8&$G7*?6$8#d& `4 B<$3P*8@&#<$&"?$(>#*"8&")&F>#$(#*@<#&:""(,0&)*($&:""(,0&)*($&:>6?$(,&>8:&6>*8&*8;$#,&>8:&"7#;$#,&")& A$8#*;>#*8@&,=,#$6,&*8&#<$&:(*;;&>($>d&>8:0& Q4 B<$3P*8@&#<$&8$3$,,>(=&>((>8@$6$8#,&)"(&,79,$G7$8#&>9>8:"8*8@&")&#<$&,<*?4& -2SYO2&NNN_IL4\4^4K5&

! D*)D(( !

! .5('&H;-#'(%'#2,2,H(2,(%"&(;5&(0/(-2/&T5#42,H(&[;2$1&,%(<&2,H(;,C&'%#W&,R(

,QVWUXFWLRQVLQWKHXVHRIWKHVKLS·VILUHH[WLQJXLVKLQJDSSOLDQFHVOLIHM,>A*8@&>??;*>83$,&>8:&*8&,7(A*A>;&>#&,$>& VKDOOEHJLYHQDWWKHVDPHLQWHUYDODVWKHGULOOV,QGLYLGXDOLQVWUXFWLRQPD\FRYHUGLIIHUHQWSDUWVRIWKHVKLS·V ;*)$M,>A*8@&>8:&)*($M$+#*8@7*,<*8@&>??;*>83$,0&97#&>;;&,<>;;&9$&3"A$($:&F*#<*8&>8=&?$(*":&")&#F"&6"8#<,4& &


44 & &

& -2SYO2&NNN_IL4^4I5& UA$(=&3($F&6$69$(&,<>;;&9$&@*A$8&*8,#(73#*"8,&F<*3<&,<>;;&*83;7:$&97#&8"#&8$3$,,>(*;=&9$&;*6*#$:&#"%& I4 2SHUDWLRQDQGXVHRIWKHVKLS·VLQIODWDE;$&;*)$(>)#,d& K4 '("9;$6,& ")& <=?"#<$(6*>0& )*(,#M>*:& #($>#6$8#& )"(& <=?"#<$(6*>& >8:& "#<$(& >??("?(*>#$& )*(,#M>*:& ?("3$:7($,d& \4 6SHFLDO LQVWUXFWLRQV QHFHVVDU\ IRU XVH RI WKH VKLS·V OLIHM,>A*8@& >??;*>83$,& *8& ,$A$($& F$>#<$(& >8:& ,$A$($&,$>&3"8:*#*"8,d&>8:0& ^4 S?$(>#*"8&>8:&7,$&")&)*($M$+#*8@7*,<*8@&>??;*>83$,4& -2SYO2&NNN_IL4^4K5&

&

O,& )>(& >,& *,& ($>,"8>9;$& >8:& ?(>3#*3>9;$0& ($,37$& 9">#,& "#<$(& #<>8& ;*)$9">#,& F<*3<& >($& >;,"& ($,37$& 9">#,0& ,<>;;& 9$& ;>783<$:& $>3<& 6"8#<& F*#<& #<$*(& >,,*@8$:& 3($F& >9">(:& >8:& 6>8"$7A($:& *8& #<$& F>#$(4& & N8& >;;& 3>,$,&#<*,&($G7*($6$8#&,<>;;&9$&3"6?;*$:&F*#<&>#&;$>,#&$A$(=&#<($$&6"8#<,4& -2SYO2&NNN_IL4\4\4Q5&

&

S8&9">(:&#(>*8*8@&*8&#<$&7,$&")&:>A*#M;>783<$:&;*)$(>)#,&,<>;;&#>P$&?;>3$&>#&*8#$(A>;,&")&8"#&6"($&#<>8&)"7(& 6"8#<,&"8&$A$(=&,<*?&)*##$:&F*#<&,73<&>??;*>83$,4& -2SYO2&NNN_IL4^4\5&

! D*)F(( ! &

\'&($0--;%20,(A-&#,T;$(C'2--5('&H;-#'->("&-C(%0(C&%&'12,&(%"#%(%"&(5"2$<0#'C($0--;%20,($-#,(25(;$T %0TC#%&(#,C(&//2A2&,%(#,C(#'&(%"&'&('&A0'C5R(

!"#$,%& & D(*;;,& *8& >33"(:>83$& F*#<& #<$& ($G7*($6$8#,& ")& #<$& 2S'U'& "(& 2.'U'& ,<"7;:& 9$& <$;:& >#& ($@7;>(& *8#$(A>;,4& S8&A$,,$;,&3>((=*8@&8"+*"7,&;*G7*:,0&:(*;;,&,<"7;:&>;,"&9$&($@7;>(;=&3>((*$:&"7#&*8&:$>;*8@&F*#<&3<$6*3>;&,?*;;,4&

!

$=*6!$',7(*)<0! !"#$,%&&/<$&N8#$(8>#*"8>;&2<*?&>8:&'"(#&R>3*;*#=&2$37(*#=&B":$&3>6$&*8#"&)"(3$&"8&I ,#&J7;=&KHH^4& N8,?$3#"(,& ,<"7;:& 8"#& ($G7$,#& #"& ,*@<#& ,$8,*#*A$& 6>#$(*>;0& 97#& 3"8)*(6& "8;=& F*#<& #<$& 6>,#$(0& #<>#& ?("3$:7($,& "(& ($3"(:,&>($&>A>*;>9;$&"(&6>*8#>*8$:4&

D*)I(( &

\'&(5"2$(5&A;'2%>('&A0'C5('&-#%&C(%0($0'%(A#--5(<&2,H(1#2,%#2,&CR(

&

!"#$%&&/<$&($G7*($:&:$#>*;&")&#<$&($3"(:,&*,&3"8,*:$(>9;$&>8:&*,&3"8#>*8$:&*8&2SYO2&hNMK_L4K4I4&

( D*)J(( &

\'&(5"2$(5&A;'2%>('&A0'C5('&-#%&C(%0(%"&(5"2$(5&A;'2%>($-#,(<&2,H(1#2,%#2,&CR(

! D*)K(( &

P#5(%"&(0$&'#%0'(/;',25"&C(%"&(1#5%&'(B2%"(%"&(2,/0'1#%20,('&[;2'&C(<>(%"&(.UEU(!0C&R(

&

( D*7L(( &

/<$&,<*?&,<>;;&P$$?&($3"(:,&)"(&#<$&;>,#&#$8&3>;;,&>#&?"(#&)>3*;*#*$,4&

-2SYO2&hNMK_L4K4\5&

C$3"(:,&,<"7;:&*83;7:$%& x /(>*8*8@0&:(*;;,&>8:&$+$(3*,$,d& x 2$37(*#=&#<($>#,&>8:&,$37(*#=&*83*:$8#,d& x T($>3<$,&")&,$37(*#=d& x B<>8@$,&*8&,$37(*#=&;$A$;d& x B"6678*3>#*"8,&($;>#*8@&#"&#<$&:*($3#&,$37(*#=&")&#<$&,<*?&,73<&>,&,?$3*)*3&#<($>#,&#"&#<$&,<*?&"(&#"& ?"(#&)>3*;*#*$,&#<$&,<*?&*,0&"(&<>,&9$$80&*8d& x N8#$(8>;&>7:*#,&>8:&($A*$F,&")&,$37(*#=&>3#*A*#*$,d& x '$(*":*3&($A*$F&")&#<$&,<*?&,$37(*#=&?;>8d& x N6?;$6$8#>#*"8&")&>8=&>6$8:6$8#,&#"&#<$&?;>8d& x .>*8#$8>83$0& 3>;*9(>#*"8& >8:& #$,#*8@& ")& >8=& ,$37(*#=& $G7*?6$8#& ?("A*:$:& "8& 9">(:0& *83;7:*8@& #$,#*8@&")&#<$&,<*?&,$37(*#=&>;$(#&,=,#$64& -N2'2&B":$&'>(#&O_IH4I5&

/<$& "?$(>#"(& ,<"7;:& $8,7($& #<>#& #<$& 6>,#$(& <>,& >A>*;>9;$& "8& 9">(:0& >#& >;;& #*6$,0& *8)"(6>#*"8& F<*3<& 3>8& $,#>9;*,<%& x f<"&*,&($,?"8,*9;$&)"(&>??"*8#*8@&#<$&6$69$(,&")&#<$&3($F&"(&"#<$(&?$(,"8,&37(($8#;=&$6?;"=$:&"(& $8@>@$:&"8&9">(:&#<$&,<*?d& x f<"&*,&($,?"8,*9;$&)"(&:$3*:*8@&#<$&$6?;"=6$8#&")&#<$&,<*?d&>8:0& x N8&3>,$,&F<$($&#<$&,<*?&*,&$6?;"=$:&78:$(&#<$&#$(6,&")&3<>(#$(&?>(#=-*$,50&F<"&>($&#<$&?>(#*$,&#"& ,73<&3<>(#$(&?>(#=-*$,54& -2SYO2&hNMK_`5& /<$&*8)"(6>#*"8&,<"7;:&($);$3#&#<$&3"8:*#*"8&>,&")&I ,#&J7;=&KHH^&>8:&#<$&"?$(>#"(&*,&"9;*@$:&#"&7?:>#$&>8:& P$$?&#<*,&*8)"(6>#*"8&37(($8#&>,&>8:&F<$8&3<>8@$,&"337(4& -N2'2&B":$&'>(#&T&Q4K&>8:&Q4^5!

P#5(#(5"2$(5&A;'2%>(0//2A&'(<&&,(C&52H,#%&CR(

/<$&:7#*$,&>8:&($,?"8,*9*;*#*$,&")&#<$&,<*?&,$37(*#=&"))*3$(&,<>;;&*83;7:$0&97#&>($&8"#&;*6*#$:&#"%& x b8:$(#>P*8@&($@7;>(& ,$37(*#=& *8,?$3#*"8,& ")&#<$& ,<*?&#"& $8,7($&#<>#& >??("?(*>#$& ,$37(*#=& 6$>,7($,& >($&6>*8#>*8$:d& x .>*8#>*8*8@& >8:& ,7?$(A*,*8@& #<$& *6?;$6$8#>#*"8& ")& #<$& ,<*?& ,$37(*#=& ?;>80& *83;7:*8@& >8=& >6$8:6$8#,&#"&#<$&?;>8d&


45 x x x x x x x x &

D*7)(( & ! D*77(( ! ! D*7=(( &

B"MRUGLQDWLQJWKHVHFXULW\DVSHFWVRIWKHKDQGOLQJRIFDUJRDQGVKLS·VVWRUHVZLWKRWKHUVKLSERDUG ?$(,"88$;&>8:&F*#<&#<$&($;$A>8#&?"(#&)>3*;*#=&,$37(*#=&"))*3$(,d& '("?",*8@&6":*)*3>#*"8,&#"&#<$&,<*?&,$37(*#=&?;>8d& C$?"(#*8@&#"&#<$&3"6?>8=&,$37(*#=&"))*3$(&>8=&:$)*3*$83*$,&>8:&8"8M3"8)"(6*#*$,&*:$8#*)*$:&:7(*8@& *8#$(8>;& >7:*#,0& ?$(*":*3& ($A*$F,0& ,$37(*#=& *8,?$3#*"8,& >8:& A$(*)*3>#*"8,& ")& 3"6?;*>83$& >8:& *6?;$6$8#*8@&>8=&3"(($3#*A$&>3#*"8,d& U8<>83*8@&,$37(*#=&>F>($8$,,&>8:&A*@*;>83$&"8&9">(:d& U8,7(*8@&#<>#&>:$G7>#$&#(>*8*8@&<>,&9$$8&?("A*:$:&#"&,<*?9">(:&?$(,"88$;0&>,&>??("?(*>#$d& C$?"(#*8@&>;;&,$37(*#=&*83*:$8#,d& B"M"(:*8>#*8@& *6?;$6$8#>#*"8& ")& #<$& ,<*?& ,$37(*#=& ?;>8& F*#<& #<$& 3"6?>8=& ,$37(*#=& "))*3$(& -B2S5& >8:&#<$&($;$A>8#&?"(#&)>3*;*#=&,$37(*#=&"))*3$(d&>8:0& U8,7(*8@&#<>#&,$37(*#=&$G7*?6$8#0&*)&>8=0&*,&?("?$(;=&"?$(>#$:0&#$,#$:0&3>;*9(>#$:&>8:&6>*8#>*8$:4& & -N2'2&B":$&'>(#&O_IK4K5&

P#5(%"&(5"2$(5&A;'2%>(0//2A&'('&A&24&C(#C&[;#%&(%'#2,2,HR(

!"#$%& & /<$& ,7@@$,#$:& #(>*8*8@& *,& :$#>*;$:& *8& #<$& N2'2& B":$& '>(#& T_I\4I& >8:& K& >8:& *83;7:$,& >:$G7>#$& P8"F;$:@$&")&#<$&,<*?&>8:&")&#<$&,<*?&,$37(*#=&?;>8&>8:&($;>#$:&?("3$:7($,4&

.5(#,(#C&[;#%&(C&AW(B#%A"(<&2,H(1#2,%#2,&C(%0($'&4&,%(;,#;%"0'25&C(#AA&55R(

!"#$%&&/<$&:$3P&F>#3<&,<"7;:&$8,7($&#<>#&>33$,,&#"&#<$&,<*?&*,&:$8*$:&#"&>;;&78>7#<"(*,$:&?$(,"8,4&

P#5(#(H#,HB#>(,0%2A&(<&&,($05%&C](#%(%"&(5"0'&(&,C(0/(%"&(H#,HB#>(B"&'&($0552<-&R( !"#$%&&/<$&8"#*3$&,<"7;:&>#&;$>,#&,#>#$&#<>#%& x b8>7#<"(*,$:&?$(,"8,&>($&8"#&>;;"F$:&#"&9">(:d& x 1*,*#"(,&>($&($G7*($:&#"&,<"F&*:$8#*)*3>#*"8d& x ."9*;$&?<"8$,&>8:&"#<$(&$;$3#("8*3&$G7*?6$8#&67,#&9$&,F*#3<$:&"))d& x 26"P*8@&>8:&8>P$:&;*@<#,&>($&?("<*9*#$:d& x Y*@<#$(,&>8:&6>#3<$,&>($&?("<*9*#$:&#"&9$&3>((*$:&"8&9">(:4&

!

B/,>.5'8!$6-,'!-/8!C726!U..2!B/)(
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x

/<>#&#<$&,?>3$&*,&A$8#*;>#$:4&&

x

/<>#&#<$&>#6",?<$($&*8&#<$&3"6?>(#6$8#&*,&#$,#$:&>8:&)"78:&,>#*,)>3#"(=4&&

x

/<>#&,>)$@7>(:,&>($&*8&?;>3$&#"&?("#$3#&?$(,"88$;&)("6&#<$&<>a>(:,&#<>#&>($&*:$8#*)*$:4&

x

/<>#&>??("?(*>#$&6$>8,&)"(&3"8#(";;*8@&$8#(=&>($&*8&?;>3$4&

'$(,"88$;& 3>((=*8@& "7#& F"(P& *8& >8& $83;",$:& ,?>3$& >($& ($,?"8,*9;$& )"(& )";;"F*8@& #<$& ?("3$:7($,& >8:& )"(& 7,*8@&#<$&,>)$#=&$G7*?6$8#&,?$3*)*$:4& '(*"(& #"& $8#(=& *8#"& >8& $83;",$:& ,?>3$0& >& (*,P& >,,$,,6$8#& ,<"7;:& 9$& 3"6?;$#$:& #"& *:$8#*)=& #<$& ?"#$8#*>;& <>a>(:,& >8:& #"& :$#$(6*8$& #<$& ,>)$@7>(:,& #"& 9$& >:"?#$:4& /<$& ($,7;#*8@& ,>)$& F"(P*8@& ?(>3#*3$& ,<"7;:& 9$& :"376$8#$:& >8:& >??("A$:& 9=& #<$& ($,?"8,*9;$& "))*3$(& 9$)"($& 9$*8@& 3"78#$(,*@8$:& 9=& #<$& 6>,#$(0& F<"& FRQILUPV WKDW WKH SUDFWLFH LV VDIH DQG LQ FRPSOLDQFH ZLWK WKH VKLS·V 6DIHW\ 0DQDJHPHQW 6\VWHP 7KH ?$(6*#0&"(&"#<$(&$8>9;*8@&:"376$8#0&,<"7;:&9$&,*@<#$:&>8:&3"6?;$#$:&9=&#<$&?$(,"8&$8#$(*8@&#<$&,?>3$0& ?(*"(&#"&$8#(=4& /<$&3"8#(";,&($G7*($:&)"(&,>)$&$8#(=&A>(=&F*#<&#<$&#>,P&9$*8@&?$()"(6$:&>8:&#<$&?"#$8#*>;&<>a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b8:$(& 8"& 3*(376,#>83$,&,<"7;:&#<$&?$(*":&$+3$$:&"8$&:>=4&& O&3"?=&")&#<$&?$(6*#&,<"7;:&9$&?("6*8$8#;=&:*,?;>=$:&>#&#<$&$8#(>83$&#"&#<$&,?>3$&#"&*8)"(6&?$(,"88$;&")& #<$& ?($3>7#*"8,&#"& 9$&#>P$8& F<$8& $8#$(*8@&#<$& ,?>3$& >8:& ")& >8=& ($,#(*3#*"8,& ?;>3$:& 7?"8&#<$& >3#*A*#*$,& ?$(6*##$:&F*#<*8&#<$&,?>3$4&


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f"(P&>8:&U8#(=&*8#"&U83;",$:&2?>3$,& -I,#&U:&2$?#$69$(&KHHW5&*8)"(6>#*"8&?>?$(&67,#&9$&#>P$8&*8#"&>33"78#&*8&#<$&:$A$;"?6$8#&")&$83;",$:& ,?>3$&$8#(=&?("3$:7($,4& &

D*7?((

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b8:$(&,73<&3*(376,#>83$,&3"6?>(#6$8#,&,<"7;:&9$&#>@@$:&#"&*8:*3>#$&F<*3<&>($&,>)$&#"&$8#$(&>8:&F<*3<& >($&8"#&>8:&(*@"("7,&3"8#(";&67,#&9$&*8&?;>3$&#"&$8,7($&#<>#&?$(6*#,&>($&3>83$;;$:&>8:&#<$&#>@,&3<>8@$:& F<$8&$8#(=&<>,&9$$8&3"6?;$#$:4& /"& 9$& 3"8,*:$($:& ,>)$& )"(& $8#(=& >& ($>:*8@& ")& 8"#& 6"($& #<>8& Ip& YRY& 67,#& 9$& "9#>*8$:& "8& ,7*#>9;$& 6"8*#"(*8@&$G7*?6$8#4& U8#(=&*8#"&>&3"6?>(#6$8#&F<*3<&<>,&8"#&9$&3;$>8$:&"(&?("A$:&,>)$&)"(&$8#(=&67,#&"8;=&9$&3"8,*:$($:&*8& >8&$6$(@$83=&,*#7>#*"84&&/<$&"?$(>#"(&,<"7;:&9$&*8A";A$:&*8&>8=&:$3*,*"8&#"&$8#$(&,73<&>&3"6?>(#6$8#4& /<$&7,$&")&?$(,"8>;&>8>;=a$(,&3>?>9;$&")&3"8#*87"7,;=&6"8*#"(*8@&#<$&"+=@$8&3"8#$8#&")&#<$&>#6",?<$($0& #<$&?($,$83$&")&<=:("3>(9"8&A>?"7(&>8:0&*)&>??("?(*>#$0&#"+*3&A>?"7(&*,&,#("8@;=&($3"66$8:$:4&& '$(6*,,*"8& #"& F"(P& ,<"7;:& "8;=& 9$& @*A$8& )"(& >& ?$(*":& ,7))*3*$8#& #"& 3"6?;$#$& #<$& #>,P4& & b8:$(& 8"& 3*(376,#>83$,&,<"7;:&#<$&?$(*":&$+3$$:&"8$&:>=4&&!T%&7KHWHUP´RQHGD\µPHDQVD:7(>#*"8&F<*3<&67,#& 8"#&$+3$$:&IK&<"7(,4& &

D*7D(

(\'&($;1$('001(&,%'>($'0A&C;'&5(<&2,H(A01$-2&C(B2%"R(

B>(@"&?76?(""6,&>($&#"&9$&3"8,*:$($:&>,&$83;",$:&,?>3$,&>8:&#<$&($G7*($6$8#,&")&#<*,&B<>?#$(&,<"7;:& 9$&)";;"F$:&#"&#<$&6>+*676&$+#$8#&?",,*9;$4&["F$A$(0&9$3>7,$&")&#<$*(&;"3>#*"80&:$,*@8&>8:&"?$(>#*"8>;& 8$$:& )"(& #<$& ,?>3$& #"& 9$& ("7#*8$;=& $8#$($:& 9=& ?$(,"88$;0& ?76?(""6,& ?($,$8#& >& ?>(#*37;>(& <>a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p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


47 1[R_b[R&3"6678*3>#*"8&,<"7;:&8"#&9$&7,$:&>,&>&?(*6>(=&3"6678*3>#*"8&6$#<":&F<$($&*#&*,&P8"F8&#<>#& ($3$?#*"8&6>=&8"#&9$&($;*>9;$&"(&?(>3#*3>9;$&:7$&#"&8"*,$4&f<$($&3"6678*3>#*"8&9=&1[R_b[R&*,&:*))*37;#0&*#& *,&($3"66$8:$:&#<>#&>&,#>8:9=&?$(,"8&*,&?",*#*"8$:&"8&#<$&?76?(""6&#"?&>8:&#<>#&>&A*,7>;&>8:&($6"#$& 3"6678*3>#*"8&?("3$:7($&*,&?7#&*8&?;>3$4& /<$& )($G7$83=& ")& ?76?(""6& $8#(=& )"(& ("7#*8$& *8,?$3#*"8& ?7(?",$,& :7(*8@& 3>(@"& "?$(>#*"8,& ,<"7;:& 9$& ($A*$F$:&F*#<&>&A*$F&#"&6*8*6*,*8@&?$(,"88$;&$+?",7($4& !"#*3$,&,<"7;:&9$&:*,?;>=$:&>#&#<$&?76?(""6&$8#(>83$&?("<*9*#*8@&$8#(=&F*#<"7#&)"(6>;&?$(6*,,*"84& -N2ES//&IH4IH4K5&

D*7F( &

\'&($;1$('001(5$#A&5(#C&[;#%&->(4&,%2-#%&CR(

B>(@"&?76?&(""6,&,<>;;&9$&6$3<>8*3>;;=&A$8#*;>#$:&>8:&:*,3<>(@$,&)("6&#<$&$+<>7,#&)>8,&,<>;;&9$&;$:&#"& >& ,>)$& ?;>3$& "8& :$3P4& & /<$& A$8#*;>#*"8& ")& #<$,$& (""6,& ,<>;;& <>A$& ,7))*3*$8#& 3>?>3*#=& #"& 6*8*6*,$& #<$& ?",,*9*;*#=&")&>33767;>#*"8&")&);>66>9;$&A>?"7(,4&&/<$&8769$(&")&3<>8@$,&")&>*(&,<>;;&9$&>#&;$>,#&KH&?$(& <"7(4&&/<$&A$8#*;>#*"8&,<>;;&9$&")&#<$&,73#*"8&#=?$&7,*8@&)>8,&")&8"8M,?>(P*8@&#=?$4& -2SYO2&NNMK_^4`4^4I5& S8&A$,,$;,&3"8,#(73#$:&>)#$(&I,#&J7;=&KHHK0&;*@<#*8@&*8&3>(@"&?76?M(""6,0&$+3$?#&$6$(@$83=&;*@<#*8@0&,<>;;& 9$& *8#$(;"3P$:& F*#<& A$8#*;>#*"8& ,73<& #<>#& #<$& A$8#*;>#*"8& ,<>;;& 9$& *8& "?$(>#*"8& F<$8& ,F*#3<*8@& "8& #<$& ;*@<#*8@4&&R>*;7($&")&#<$&A$8#*;>#*"8&,=,#$6&,<>;;&8"#&3>7,$&#<$&;*@<#*8@&#"&@"&"7#4& -2SYO2&KHH^&NNMK_^4`4IH4I4K5& !"#$,%&&'76?(""6&)>8,&67,#&9$&"?$(>#*8@&*8&#<$&$+#(>3#*"8&6":$4&&N)&"8;=&"8$&$+#(>3#*"8&)>8&*,&*8,#>;;$:0& >((>8@$6$8#,&67,#&9$&?("A*:$:&#"&?("A*:$&$+#(>3#*"8&*8&3>,$&")&)>*;7($4&

! D*7I( &

! D*7J(

\'&( $;1$( '001( /2'&( #,C( /-00C2,H( C#1$&'5( A-&#'->( 1#'W&C( #5( %0( %"&2'( 0$&'#%20,( #,C( 2,( H00C( 0'C&'R( !"#$%&&S)#$8&#<$&A$8#*8@&,=,#$6&*,&)*##$:&F*#<&<*@<&;$A$;&,73#*"8,&>#&"(&>9"A$&#<$&9"##"6&@(>#*8@,0&#<$&);>?,& ")&F<*3<&>($&"?$(>9;$&)("6&#<$&?76?&(""6&#"?4&&/<$&?7(?",$&")&#<$,$&,73#*"8,&*,&#"&>;;"F&#<$&)>8,&#"&9$& "?$(>#$:&F<$8&#<$&9*;@$,&>($&);"":$:4&&/<$&);>?,&,<"7;:0&78:$(&8"(6>;&"?$(>#*"8,0&9$&3;",$:4&

\'&($&'1#,&,%(#''#,H&1&,%5($'042C&C(/0'(-2/%2,H(#,(2,A#$#A2%#%&C($&'50,(/'01(%"&(A#'H0(#,C](2/( #$$-2A#<-&](%"&(<#--#5%($;1$'001](2,A-;C2,H($'042520,(0/(#(5;2%#<-&(5%'&%A"&'(0'("#',&55(#,C(25( %"&(&[;2$1&,%(2,(H00C(0'C&'R( /<$&?76?&(""6&($,37$&<>(8$,,&>8:&("?$&,<"7;:&9$&3<$3P$:&($@7;>(;=&#"&$8,7($&*#&*,&)*#&)"(&7,$&>8:&(*@@$:& )"(&*66$:*>#$&"?$(>#*"84& -N2ES//&IH4II4\5&

!

"./*).(*/D!I./P&-(D.!$6-,'50( !"#$%&&1"*:&>8:&9>;;>,#&#>8P&,?>3$,&F*#<*8&#<$&3>(@"&#>8P&9;"3P&,<"7;:&9$&("7#*8$;=&6"8*#"($:&#"&3<$3P&#<>#&8"& ;$>P>@$& <>,& "337(($:& )("6& >:g>3$8#& 3>(@"& #>8P,4& & ."8*#"(*8@& ,<"7;:& *83;7:$& ($@7;>(& 3<$3P,& )"(& <=:("3>(9"8& 3"8#$8#& >8:& ($@7;>(& ,"78:*8@_7;;>@*8@& ")& #<$& $6?#=& ,?>3$,0& ?>(#*37;>(;=& #"& $8,7($& #<>#& 9>;;>,#0& 9$)"($& *#& *,& :*,3<>(@$:0&*,&3;$>84& &

D*7K(( & & &

( D*=L( !

\'&( 5$#A&5( #C`#A&,%( %0( A#'H0( %#,W5]( 2,A-;C2,H( $2$&( C;A%5]( '&H;-#'->( 10,2%0'&C( /0'( #AA;1;-#%20,5(0/(H#5R( 27*#>9;$& ?"(#>9;$& *8,#(76$8#,& )"(& 6$>,7(*8@& "+=@$8& >8:& );>66>9;$& A>?"7(& 3"83$8#(>#*"8,& ,<>;;& 9$& ?("A*:$:4&N8&,$;$3#*8@&#<$,$&*8,#(76$8#,0&:7$&>##$8#*"8&,<>;;&9$&@*A$8&#"&#<$*(&7,$&*8&3"69*8>#*"8&F*#<&#<$& )*+$:&@>,&,>6?;*8@&;*8$&,=,#$6,&($)$(($:&#"&*8&?>(>@(>?<&`4X4K4K& -2SYO2&NNMK_^4`4X4K4I5& f<$($& #<$& >#6",?<$($& *8& :"79;$& <7;;& ,?>3$,& 3>88"#& 9$& ($;*>9;=& 6$>,7($:& 7,*8@& );$+*9;$& @>,& ,>6?;*8@& <",$,0& ,73<& ,?>3$,& ,<>;;& 9$& )*##$:& F*#<& ?$(6>8$8#& @>,& ,>6?;*8@& ;*8$,4& /<$& 3"8)*@7(>#*"8& ")& @>,& ,>6?;*8@& ;*8$,&,<>;;&9$&>:>?#$:&#"&#<$&:$,*@8&")&,73<&,?>3$,4& -2SYO2&NNMK_^4`4X4K4K5& !"#$%&&/<$($&,<"7;:&9$&>&?("3$:7($&)"(&#<$&($@7;>(&6"8*#"(*8@&")&>;;&,?>3$,&>:g>3$8#&#"&#<$&3>(@"&#>8P,&)"(& >33767;>#*"8,& ")& @>,4& & N)& 6"8*#"(*8@& *,& 6>:$& 9=& 7,$& ")& ?"(#>9;$& *8,#(76$8#,0& #<$& 6$#<":0& )($G7$83=& ")& 3<$3P*8@&>8:&>:$G7>3=&")&($3"(:,&,<"7;:&9$&$,#>9;*,<$:4&!

Z"&'&( #( /2V&C( 5>5%&1( %0( 10,2%0'( /-#11#<-&( #%105$"&'&5( 2,( ,0,TA#'H0( 5$#A&5( 25( /2%%&C]( #'&( '&A0'C&'5(#,C(#-#'15(2,(0'C&'R( !"#$%& & N8& #<$& $A$8#& ")& )>*;7($& ")& #<$& 6>*8& ,=,#$60& 6>87>;& 3<$3P,& 67,#& 9$& 6>:$4& & C$3"(:,& ,<"7;:& 9$& ($A*$F$:&#"&$8,7($&#<>#&#<$,$&<>A$&9$$8&3"8:73#$:4&&0DQXIDFWXUHUV·LQVWUXFWLRQV&)"(&#<$&6>*8#$8>83$&")& #<$&,=,#$6&,<"7;:&9$&)";;"F$:4&

! ! ! © Copyright OCIMF 2011. All rights reserved. 47

48

H-5!E/-><5*/D!B?7*62'/)0! D*=)((

\'&($0'%#<-&(H#5(#,C(0V>H&,(#,#->5&'5(#$$'0$'2#%&(%0(%"&(A#'H0&5(<&2,H(A#''2&C(#,C(#'&(%"&>( 2,(H00C(0'C&'R( />8P$(,& ,<>;;& 9$& $G7*??$:& F*#<& >#& ;$>,#& "8$& ?"(#>9;$& *8,#(76$8#& )"(& 6$>,7(*8@& );>66>9;$& A>?"7(& 3"83$8#(>#*"8,0&#"@$#<$(&F*#<&>&,7))*3*$8#&,$#&")&,?>($,4&27*#>9;$&6$>8,&,<>;;&9$&?("A*:$:&)"(&#<$&3>;*9(>#*"8& ")&,73<&*8,#(76$8#,4&&& -2SYO2&NNMK_^4`4X4I5& !"#$,%& & U>3<& A$,,$;& ,<"7;:& 3>((=& >#& ;$>,#& #F"& $>3<& "+=@$80& p& A";76$& <=:("3>(9"80& YUY& >8:& #"+*3& @>,& >8>;=,$(,4& & '$(,"8>;& "+=@$8& >8:& <=:("3>(9"8& >8>;=,$(,0& F<*3<& 3>8& 9$& 3>((*$:& *8&>& ?"3P$#& "(& "8& >& 9$;#0& ,<"7;:&9$&>A>*;>9;$&)"(&#>8P0&$83;",$:&,?>3$&"(&?76?&(""6&$8#(=4&

! D*=7((

\'&(0//2A&'5(/#12-2#'(B2%"(;5&(#,C(A#-2<'#%20,(0/($0'%#<-&(0V>H&,(#,C(">C'0A#'<0,(#,#->5&'5R(

!"#$,%& & O& ?("3$:7($& 67,#& ($G7*($& #<>#& >;;& "+=@$8& >8:& <=:("3>(9"8& >8>;=,$(,& >($& 3<$3P$:& )"(& 3"(($3#& "?$(>#*"8& 9$)"($& $>3<& 7,$4& & !*#("@$8& 67,#& @$8$(>;;=& 9$& 7,$:& F<$8& 3>;*9(>#*8@& "+=@$8& >8>;=,$(,0& 97#& ,"6$& 67;#*?;$& )783#*"8& >8>;=,$(,& 7,$& >& #$,#& @>,& F<*3<& ,$(A$,& >;;& #<$& )783#*"8,& ")& #<$& >8>;=,$(& F*#<& "8$& ,>6?;$&@>,&>8:&F<*3<&<>,&"+=@$8&3"8#$8#&")&KH4Lp4& N8& #<$& 3>,$& ")& <=:("3>(9"8& @>,& >8>;=,$(,0& #<$& 3"(($3#& WHVW JDV VSHFLILHG LQ WKH PDQXIDFWXUHUV· :"376$8#>#*"8&67,#&9$&7,$:&>8:&"))*3$(,&67,#&P8"F&F<>#&#<$&($,7;#&")&7,*8@&#<>#&#$,#&@>,&,<"7;:&9$4&&/<*,& >??;*$,& #"& $>3<& #=?$& ")& >8>;=,$(& "8& 9">(:4& & O,& >9"A$0& ,"6$& 67;#*?;$& )783#*"8& >8>;=,$(,& 7,$& >& #$,#& @>,& F<*3<&#$,#,&>;;&#<$&)783#*"8,&F*#<&"8$&,>6?;$&@>,4&

! D*==((

.5(%"&'&(#('&A0'C(0/('&H;-#'(%&5%2,H(#,C(A#-2<'#%20,(0/($0'%#<-&(#,#->5&'5R(

1RWHV7KHPDQXIDFWXUHUV·UHFRPPHQGHGLQWHUYDOVIRUVHUYLFLQJWKHHTXLSPHQWDVKRUHPXVWEHREVHUYHG >8:&?("3$:7($,&*8&?;>3$&)"(&#<$&($?;>3$6$8#&")&?>(#,&,73<&>,&)*;#$(,0&>#&WKHPDQXIDFWXUHUV·&($3"66$8:$:& *8#$(A>;,4& b,$&")&>&,$;)M#$,#&)>3*;*#=&:"$,&8"#&8$3$,,>(*;=&6$>8&#<>#&>8&>8>;=,$(&*,&"?$(>#*8@&3"(($3#;=4&&O8&*8,#(76$8#& 6>=&,$;)M#$,#&,>#*,)>3#"(*;=0&97#&#<$8&)>*;&#"&($@*,#$(&>&;>3P&")&"+=@$8&"(&#<$&?($,$83$&")&@>,4&&/<$&"8;=&F>=&#"& 9$&,7($&#<>#&>&6>3<*8$&*,&"?$(>#*8@&,>#*,)>3#"(*;=&*,&#"&7,$&>&,>6?;$&3<$3P&@>,4&

! D*=?(( ! D*=D(

.5( 5;//2A2&,%( 5$#,( A#-2<'#%20,( H#5( #4#2-#<-&( /0'( %"&( %>$&5( 0/( /2V&C( #,C( $0'%#<-&( #,#->5&'5( 0,( <0#'CR( :,( 4&55&-5( /2%%&C( B2%"( #,( 2,&'%( H#5( 5>5%&1]( #'&( 2,5%';1&,%5( A#$#<-&( 0/( 1'2,H( ">C'0A#'<0,( A0,%&,%(2,(#,(0V>H&,(C&/2A2&,%(#%105$"&'&(#4#2-#<-&](2/('&[;2'&C(#,C(2,(H00C(0'C&'R(

!"#$,%& & 1$,,$;,& $G7*??$:& F*#<& *8$(#& @>,& ,<"7;:& *8& >::*#*"8& #"& #<$& >8>;=,$(,& *8& G7$,#*"8& `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

! D*=F((

Z"&'&( %0V2A( H#5&5( 1#>( <&( &,A0;,%&'&C]( #'&( #$$'0$'2#%&( %0V2A( H#5( C&%&A%20,( #,#->5&'5( #4#2-#<-&(#,C(2,(H00C(0'C&'R(

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


49 /<$($& ,<"7;:& 9$& >8& >:$G7>#$& ,7??;=& ")& 3<$6*3>;& *8:*3>#"(& #79$,& -$4@4& D(>$@$(& #79$,50& ,?$3*)*3& #"& #<$& 3>(@"$,&9$*8@&3>((*$:&>8:&#<$=&,<"7;:&9$&F*#<*8&#<$*(&$+?*(=&:>#$4& O8&7?&#"&:>#$&*8A$8#"(=&")&3<$6*3>;&*8:*3>#"(O$,&,<"7;:&9$&6>*8#>*8$:4& '$(,"88$;& ,<"7;:& 9$& >F>($& #<>#& ,"6$& *8,#(76$8#& ,$8,"(,& 3"7;:& 9$& ?"*,"8$:& *)& $+?",$:& #"& <*@<& 3"83$8#(>#*"8,&")&BSK4&

!

V.)!W.(@!C(.,'87('50! D*=I((

\'&( "0%( B0'W( $'0A&C;'&5( 2,( #AA0'C#,A&( B2%"( %"&( '&A011&,C#%20,5( 0/( .U+:MM( U&A%20,( K*?( #,C( :!.9G(H;2C&-2,&5R(

/<$($& <>A$& 9$$8& >& 8769$(& ")& )*($,& >8:& $+?;",*"8,& :7$& #"& ["#& f"(P& *80& "80& "(& 8$>(& 3>(@"& #>8P,& "(& "#<$(& ,?>3$,& #<>#& 3"8#>*80& "(& #<>#& <>A$& ?($A*"7,;=& 3"8#>*8$:0& );>66>9;$& ,79,#>83$,& "(& ,79,#>83$,& #<>#& $6*#& );>66>9;$& A>?"7(,4& & ["#& f"(P& ,<"7;:& "8;=& 9$& 3"8,*:$($:& *)& #<$($& >($& 8"& ?(>3#*3>;& >;#$(8>#*A$& 6$>8,& ")& ($?>*(4&&&&&& & & & & & & & & & -N2ES//&L4^5& /<$& 2.2& ,<"7;:& *83;7:$& >:$G7>#$& @7*:>83$& "8& 3"8#(";& ")& ["#& f"(P& >8:& ,<"7;:& 9$& ("97,#& $8"7@<& #"& $8,7($& 3"6?;*>83$4& -2$$& R*@& L4K5& O9,$83$& ")& @7*:>83$& ,<"7;:& 9$& ($@>(:$:& >,& ?("<*9*#*"8& (>#<$(& #<>8& >??("A>;&-N.S&.2B_B*(34&IHW^54& & & & & & & & -N2ES//&L4^4I5& ! !"#$%&/<$&SBN.R&E7*:$;*8$,&"8&2>)$#=&.>8>@$6$8#&2=,#$6,&)"(&["#&f"(P&>8:&U8#(=&*8#"&U83;",$:&2?>3$,& -I,#& U:& 2$?#$69$(& KHHW5& *8)"(6>#*"8& ?>?$(& 67,#& 9$&#>P$8& *8#"& >33"78#& *8&#<$& :$A$;"?6$8#& ")& <"#& F"(P& ?("3$:7($,4& &

D*=J(

! D*=K( ! D*?L( &

! D*?)( !

.5(&-&A%'2A(B&-C2,H(&[;2$1&,%(2,(H00C(0'C&'(#,C(#'&(B'2%%&,(5#/&%>(H;2C&-2,&5(#4#2-#<-&(0,(52%&R(

f$;:*8@&>8:&"#<$(&$G7*?6$8#&7,$:&)"(&["#&f"(P&,<"7;:&9$&3>($)7;;=&*8,?$3#$:&9$)"($&$>3<&"33>,*"8&")& 7,$&#"&$8,7($&#<>#&*#&*,&*8&@"":&3"8:*#*"84&f<$($&($G7*($:0&*#&67,#&9$&3"(($3#;=&$>(#<$:4&&2?$3*>;&>##$8#*"8& 67,#&9$&?>*:&F<$8&7,*8@&$;$3#(*3&>(3&$G7*?6$8#&#"&$8,7($&#<>#%& x

U;$3#(*3>;&,7??;=&3"88$3#*"8,&>($&6>:$&*8&>&@>,&)($$&,?>3$4&

x

U+*,#*8@&,7??;=&F*(*8@&*,&>:$G7>#$&#"&3>((=&#<$&$;$3#(*3>;&37(($8#&:$6>8:&F*#<"7#&"A$(;">:*8@0& 3>7,*8@&<$>#*8@4&

x

N8,7;>#*"8&")&);$+*9;$&$;$3#(*3&3>9;$,&*,&*8&@"":&3"8:*#*"84&

x

/<$&3>9;$&("7#$&#"&#<$&F"(P&,*#$&*,&#<$&,>)$,#&?",,*9;$0&"8;=&?>,,*8@&"A$(&@>,&)($$&"(&*8$(#$:&,?>3$,4&

x

/<$&F$;:*8@&($#7(8&;$>:&,<"7;:&9$&3"88$3#$:&>,&8$>(&>,&?(>3#*3>9;$&#"&#<$&F$;:*8@&>(3d&6$#>;& (>*;,0&?*?$,&>8:&)(>6$,&,<"7;:&8"#&9$&7,$:&>,&?>(#&")&#<$&F$;:*8@&3*(37*#&78;$,,&#<$=&>($&>&?>(#&")& #<$&F"(P&?*$3$&*#,$;)4& & & & & & & & -N2ES//&L4`5&

.5(H#5(B&-C2,H(#,C(<;',2,H(&[;2$1&,%(2,(H00C(0'C&'R( .5(/2V&C($2$2,H(2,5%#--&C(/'01(%"&(H#5(A>-2,C&'5(%0(%"&(0$&'#%2,H($052%20,R(

!"#$%&&'*?*8@&,<"7;:&9$&")&,#$$;&F$;:$:&3"8,#(73#*"84&&B"??$(0&(799$(&"(&9(>*:$:&;*8$,&,<"7;:&8"#&9$&7,$:0& $+3$?#&#<>#&9(>*:$:&;*8$,&6>=&9$&7,$:&)"(&#<$&,<"(#&;$8@#<&)("6&#<$&3=;*8:$(&<$>:,&#"&#<$&6>8*)";:,&F*#<*8& #<$&,#"(>@$&,?>3$4&&'*?$F"(P&>8:&)*##*8@,&,<"7;:&9$&)($$&")&@($>,$4&

\'&(/-#5"<#AW(#''&5%0'5(/2%%&C(#%(%"&(A>-2,C&'5(#,C(#%(%"&(B0'W5%#%20,(#,C(#'&(%"&>(2,(H00C(0'C&'R(

!"#$%&&/<$&)*##*8@&")&);>,<9>3P&>(($,#"(,&>#&9"#<&#<$&3=;*8:$(,&>8:&#<$&F"(P,#>#*"8& *,&($3"66$8:$:&9=&#<$& b2O&S?$(>#*"8>;&2>)$#=&>8:&[$>;#<&O:6*8&-S2[O50&#<$&bm&[$>;#<&>8:&2>)$#=&U+$37#*A$&>8:&"#<$(&8>#*"8>;& ,>)$#=&>7#<"(*#*$,&F<$($&;"8@&;$8@#<,&")&?*?*8@&9$#F$$8&#<$&3=;*8:$(,&>8:&#<$&9;"F#"(3<&>($&*8A";A$:4&

&

D*?7(

\'&( 5$#'&( 0V>H&,( #,C( #A&%>-&,&( A>-2,C&'5( 5%0'&C( #$#'%( 2,( #( C&C2A#%&C( 5%0'#H&( #,C( 25( %"&( 5%0'#H&( 2,( #( A-&#'->( 1#'W&C]( B&--T4&,%2-#%&C( $052%20,( 0;%52C&( %"&( #AA0110C#%20,( #,C( &,H2,&( '001R(

!"#$,%&&S+=@$8&F*;;&8"#&97(8&"(&$+?;":$0&*#&"8;=&,7??"(#,&3"697,#*"8d&<"F$A$(0&>&,6>;;&>6"78#&")&$+3$,,& "+=@$8& F*;;& >;;"F& 6>#$(*>;,& F<*3<& >($& 8"#& 8"(6>;;=& 3"697,#*9;$& #"& 97(8& F*#<& )$("3*#=4& & N8:7,#(*>;& "+=@$8& 3=;*8:$(,&>($&?>*8#$:&9;7$4&&O3$#=;$8$&*,&LK4\p&3>(9"8&>8:&X4Xp&<=:("@$80&*,&;*@<#$(&#<>8&>*(&>8:&*,&<*@<;=& );>66>9;$&F*#<&>&YUY&")&K4`p4&&O3$#=;$8$&3=;*8:$(,&>($&?>*8#$:&6>(""84( S+=@$8&>8:&O3$#=;$8$&,<"7;:&9$&P$?#&*8&,$?>(>#$&3"6?>(#6$8#,&$+3$?#&*8&#<$&3>,$&")&#<$&3=;*8:$(,&#<>#& >($&*8&7,$0&F<*3<&6>=&9$&,#"($:&*8&#<$&,>6$&3"6?>(#6$8#4&&B=;*8:$(,&,<"7;:&9$&,#"F$:&>F>=&)("6&<$>#& ,"7(3$,& >8:& ,<"7;:& 8"#& 9$& *8& <$>A=& #(>))*3& >($>,& #"& ?($A$8#& >33*:$8#>;& P8"3P*8@& "A$(& "(& :>6>@$& )("6& ?>,,*8@&"(&)>*;*8@&"9g$3#,4&&1>;A$&3>?,&,<"7;:&($6>*8&"8&3=;*8:$(,&8"#&3"88$3#$:&)"(&7,$4&R7;;&>8:&$6?#=&


50 3=;*8:$(,&,<"7;:&9$&,$@($@>#$:4&&B=;*8:$(,&,<"7;:&9$&,#"($:&F*#<&#<$&A>;A$&$8:&7?4&&2#"(>@$&>($>,&,<"7;:& 9$&)($$&")&3"697,#*9;$&6>#$(*>;&>8:&8"#&$+?",$:&#"&,>;#&"(&"#<$(&3"((",*A$&3<$6*3>;,4&&&

!

X*+'!$-;*/D!B?7*62'/)0! T$)"($&#<$&,<*?&;$>A$,&?"(#&>8:&>#&>;;&#*6$,&:7(*8@&#<$&A"=>@$0&>;;&;*)$M,>A*8@&>??;*>83$,&,<>;;&9$&*8&F"(P*8@&"(:$(& >8:&($>:=&)"(&*66$:*>#$&7,$4& -2SYO2&NNN_KH4K5& !"#$%& & /<$& #$3<8*3>;& ,?$3*)*3>#*"8,& >8:& ($G7*($6$8#,& )"(& ;*)$M,>A*8@& >??;*>83$,& >($& 3"8#>*8$:& *8& #<$& Y*)$M2>A*8@& O??;*>83$,&B":$4&

D*?=(( & & & &

( D*??((

& &

&

\'&(5"2$T5$&A2/2A(-2/&T5#42,H(&[;2$1&,%(%'#2,2,H(1#,;#-5(#4#2-#<-&R(

O&#(>*8*8@&6>87>;&,<>;;&9$&?("A*:$:&*8&$>3<&3($F&6$,,&(""6&>8:&($3($>#*"8&(""60&"(&*8&$>3<&3>9*84& & -2SYO2&NNN_\`4K5& /<$& #(>*8*8@& 6>87>;& ,<>;;& 3"8#>*8& *8,#(73#*"8,& >8:& *8)"(6>#*"80& *8& $>,*;=& 78:$(,#"":& #$(6,& *;;7,#(>#$:& F<$($A$(&?",,*9;$0&"8&#<$&;*)$M,>A*8@&>??;*>83$,&?("A*:$:&*8&#<$&,<*?&>8:&"8&#<$&9$,#&6$#<":,&")&,7(A*A>;4&& O8=&?>(#&")&,73<&*8)"(6>#*"8&6>=&9$&?("A*:$:&*8&#<$&)"(6&")&>7:*"MA*,7>;&>*:,&*8&;*$7&")&#<$&6>87>;4& /<$&)";;"F*8@&,<>;;&9$&$+?;>*8$:&*8&:$#>*;%& x D"88*8@&")&;*)$g>3P$#,0&*66$(,*"8&,7*#,&>8:&>8#*M$+?",7($&,7*#,d& x .7,#$(&>#&>,,*@8$:&,#>#*"8,d& x T">(:*8@0&;>783<*8@&>8:&3;$>(*8@&#<$&,7(A*A>;&3(>)#&>8:&($,37$&9">#,d& x .$#<":&")&;>783<*8@&)("6&F*#<*8&,7(A*A>;&3(>)#d& x C$;$>,$&)("6&;>783<*8@&>??;*>83$,d& x N;;76*8>#*"8&*8&;>783<*8@&>($>,d& x b,$&")&>;;&,7(A*A>;&$G7*?6$8#d& x f*#<&#<$&>,,*,#>83$&")&*;;7,#(>#*"8,0&#<$&7,$&")&(>:*"&;*)$M,>A*8@&>??;*>83$,d& x b,$&")&:("@7$,d& x b,$&")&$8@*8$&>8:&>33$,,"(*$,d& x C$3"A$(=&")&,7(A*A>;&3(>)#&>8:&($,37$&9">#,0&*83;7:*8@&,#"F>@$&>8:&,$37(*8@d& x [>a>(:,&")&$+?",7($&>8:&#<$&8$$:&)"(&F>(6&3;"#<*8@d& x T$,#&7,$&")&,7(A*A>;&3(>)#&)>3*;*#*$,&*8&"(:$(&#"&,7(A*A$d& x .$#<":,&")&($#(*$A>;0&*83;7:*8@&#<$&7,$&")&<$;*3"?#$(&@$>(d& x O;;&"#<$(&)783#*"8,&3"8#>*8$:&*8&#<$&67,#$(&;*,#&>8:&$6$(@$83=&*8,#(73#*"8,d&>8:& x N8,#(73#*"8,&)"(&($?>*(&")&#<$&;*)$&,>A*8@&>??;*>83$,4& -2SYO2&NNN_\`4\5&

\'&(5"2$T5$&A2/2A(-2/&T5#42,H(&[;2$1&,%(1#2,%&,#,A&(2,5%';A%20,5(#4#2-#<-&(#,C(#'&(B&&W->(#,C( 10,%"->(2,5$&A%20,5(<&2,H(A#''2&C(0;%R(

/<$& )";;"F*8@& #$,#,& >8:& *8,?$3#*"8,& ,<>;;& 9$& 3>((*$:& "7#& F$$P;=& >8:& >& ($?"(#& ")& #<$& *8,?$3#*"8& ,<>;;& 9$& $8#$($:&*8&#<$&;"@M9""P%& 4I& >;;&,7(A*A>;&3(>)#0&($,37$&9">#,&>8:&;>783<*8@&>??;*>83$,&,<>;;&9$&A*,7>;;=&*8,?$3#$:&#"&$8,7($&#<>#& #<$=& >($& ($>:=& )"(& 7,$4& /<$& *8,?$3#*"8& ,<>;;& *83;7:$0& 97#& *,& 8"#& ;*6*#$:& #"0& #<$& 3"8:*#*"8& ")& <""P,0& #<$*(& >##>3<6$8#& #"& #<$& ;*)$9">#& >8:& #<$& "8M;">:& ($;$>,$& @$>(& 9$*8@& ?("?$(;=& >8:& 3"6?;$#$;=& ($,$#d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c,&<>8:9""P4&N8& ,?$3*>;& 3>,$,0& #<$& O:6*8*,#(>#*"8& 6>=& F>*A$& #<*,& ($G7*($6$8#& )"(& ,<*?,& 3"8,#(73#$:& 9$)"($& I& J7;=& ILWQd& 4\& ;*)$9">#,0& $+3$?#& )($$M)>;;& ;*)$9">#,0& "8& 3>(@"& ,<*?,& ,<>;;& 9$& 6"A$:& )("6& #<$*(& ,#"F$:& ?",*#*"80& F*#<"7#& >8=& ?$(,"8,& "8& 9">(:0& #"& #<$& $+#$8#& 8$3$,,>(=& #"& :$6"8,#(>#$& ,>#*,)>3#"(=& "?$(>#*"8& ")& ;>783<*8@&>??;*>83$,0&*)&F$>#<$(&>8:&,$>&3"8:*#*"8,&,"&>;;"Fd&>8:&& 4^& #<$&@$8$(>;&$6$(@$83=&>;>(6&,<>;;&9$&#$,#$:4cc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


51 I4 K4 \4 ^4 `4 Q4 X4

! D*?D( & &

& &

O& 3<$3P;*,#& )"(& 7,$& F<$8& 3>((=*8@& "7#& #<$& 6"8#<;=& *8,?$3#*"8,& ($G7*($:& 9=& 2SYO2& NNN_KH4X4K& >8:& NNN_\Q4Id& .>*8#$8>83$&>8:&($?>*(&*8,#(73#*"8,d& O&,3<$:7;$&")&?$(*":*3&6>*8#$8>83$d& O&:*>@(>6&")&;79(*3>#*"8&?"*8#,&F*#<&#<$&($3"66$8:$:&;79(*3>8#,d& O&;*,#&")&($?;>3$>9;$&?>(#,d& O&;*,#&")&,"7(3$,&")&,?>($&?>(#,d&>8:& O&;"@&)"(&($3"(:,&")&*8,?$3#*"8,&>8:&6>*8#$8>83$4& -2SYO2&NNN_\Q5&

\'&(1;5%&'(-25%5(#,C(-2/&`#AW&%(C0,,2,H(2,5%';A%20,5(C25$-#>&CR(

.7,#$(& ;*,#,& >8:& $6$(@$83=& *8,#(73#*"8,& ,<>;;& 9$& $+<*9*#$:& *8& 3"8,?*37"7,& ?;>3$,& #<("7@<"7#& #<$& ,<*?& *83;7:*8@&#<$&8>A*@>#*"8&9(*:@$0&$8@*8$&(""6&>8:&3($F&>33"66":>#*"8&,?>3$,4& -2SYO2&NNN_W4\5& /<$&67,#$(&;*,#&,<>;;&,<"F&#<$&:7#*$,&>,,*@8$:&#"&#<$&:*))$($8#&6$69$(,&")&#<$&3($F&*83;7:*8@%& x B;",*8@&")&#<$&F>#$(#*@<#&:""(,0&)*($&:""(,0&A>;A$,0&,37??$(,0&,*:$,37##;$,0&?"(#<";$,&>8:&"#<$(&,*6*;>(& "?$8*8@,&*8&#<$&,<*?d& x UG7*??*8@&")&#<$&,7(A*A>;&3(>)#&>8:&"#<$(&;*)$M,>A*8@&>??;*>83$,d& x '($?>(>#*"8&>8:&;>783<*8@&")&,7(A*A>;&3(>)#d& x E$8$(>;&?($?>(>#*"8,&")&"#<$(&;*)$M,>A*8@&>??;*>83$,d& x .7,#$(&")&?>,,$8@$(,d& x b,$&")&3"6678*3>#*"8&$G7*?6$8#d& x .>88*8@&")&)*($&?>(#*$,&>,,*@8$:&#"&:$>;&F*#<&)*($,d&>8:& x 2?$3*>;&:7#*$,&>,,*@8$:&*8&($,?$3#&#"&#<$&7,$&")&)*($M)*@<#*8@&$G7*?6$8#&>8:&*8,#>;;>#*"8,4& & -2SYO2&NNN_\X4\5& /<$& 67,#$(& ;*,#& ,<>;;& ,?$3*)=& F<*3<& "))*3$(,& >($& >,,*@8$:& #"& $8,7($& #<>#& ;*)$M,>A*8@& >8:& )*($& >??;*>83$,& >($& 6>*8#>*8$:&*8&@"":&3"8:*#*"8&>8:&($>:=&)"(&*66$:*>#$&7,$4& -2SYO2&NNN_\X4^5&

&

/<$&67,#$(&;*,#&,<>;;&,?$3*)=&,79,#*#7#$,&)"(&P$=&?$(,"8,&F<"&6>=&9$3"6$&:*,>9;$:0&#>P*8@&*8#"&>33"78#&#<>#& :*))$($8#&$6$(@$83*$,&6>=&3>;;&)"(&:*))$($8#&>3#*"8,4& -2SYO2&NNN_\X4`5&

&

/<$&67,#$(&;*,#&,<>;;&9$&?($?>($:&9$)"($&#<$&,<*?&?("3$$:,&#"&,$>4&

( D*?F((

.5(%"&'&(#(1#2,%&,#,A&(#,C(%&5%(5A"&C;-&(/0'(-2/&<0#%(0,T-0#C('&-&(H&#'R(

&

&Y*)$9">#&"8M;">:&($;$>,$&@$>(&,<>;;&9$%&

-2SYO2&NNN_\X4X5&

x

6>*8#>*8$:&*8&>33"(:>83$&F*#<& *8,#(73#*"8,&)"(&"8M9">(:&6>*8#$8>83$&>,&($G7*($:&9=&($@7;>#*"8& \Qd&

x

,79g$3#$:&#"&>&#<"("7@<&$+>6*8>#*"8&>8:&"?$(>#*"8>;&#$,#&:7(*8@&#<$&>887>;&,7(A$=,&($G7*($:&9=& ($@7;>#*"8,&N_X&>8:&N_W&9=&?("?$(;=&#(>*8$:&?$(,"88$;&)>6*;*>(&F*#<&#<$&,=,#$6d&>8:&

x

"?$(>#*"8>;;=&#$,#$:&78:$(&>&;">:&")&I4I&#*6$,&#<$&#"#>;&6>,,&")&#<$&;*)$9">#&F<$8&;">:$:&F*#<&*#,& )7;;&3"6?;$6$8#&")&?$(,"8&>8:&$G7*?6$8#&F<$8$A$(&#<$&($;$>,$&@$>(&*,&"A$(<>7;$:4&273<&"A$(M <>7;*8@&>8:&#$,#&,<>;;&9$&3>((*$:&"7#&>#&;$>,#&"83$&$A$(=&)*A$&=$>(,4& &&&&&&&-2SYO2&NNN_KH4II4K5&

&

!"#$%&&S)&?>(#*37;>(&*6?"(#>83$&*8&#<$&3<$3P*8@&")&;*)$9">#,&*,&#<$&"8M;">:&($;$>,$&,=,#$6&)*##$:&#"&$83;",$:& ;*)$9">#,&>8:&#<$&6>*8#$8>83$&("7#*8$,&)"(&#<$64&&O&<*@<&?$(3$8#>@$&")&>33*:$8#,&>#&,$>&>($&>##(*97#$:&#"& ;*)$9">#,&>8:&#<$*(&($;$>,$&,=,#$6,4&

&

C$)(&.2B&B*(3&IKHQ&

! D*?I((

\'&(-2/&<0#%5](2,A-;C2,H(%"&2'(&[;2$1&,%(#,C(-#;,A"2,H(1&A"#,2515](2,(H00C(0'C&'R(

&

U>3<&,7(A*A>;&3(>)#&,<>;;&9$&,#"F$:&*8&>&,#>#$&")&3"8#*87"7,&($>:*8$,,&,"&#<>#&#F"&3($F&6$69$(,&3>8&3>((=& "7#&?($?>(>#*"8,&)"(&$69>(P>#*"8&>8:&;>783<*8@&*8&;$,,&#<>8&`&6*87#$,4& -2SYO2&NNN_I\4I4\5&

&

U>3<&;*)$9">#&,<>;;&9$&;>783<$:&F*#<&*#,&>,,*@8$:&"?$(>#*8@&3($F&>9">(:&>8:&6>8"$7A($:&*8&#<$&F>#$(&>#& ;$>,#&"83$&$A$(=&#<($$&6"8#<,&:7(*8@&>8&>9>8:"8&,<*?&:(*;;4& -2SYO2&NNN_IL4\4\4\5&

&

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a>#*"84& -2SYO2&NNN4IL4\4\4^5&

&

U6$(@$83=&;*@<#*8@&)"(&67,#$(*8@&>8:&>9>8:"86$8#&,<>;;&9$&#$,#$:&>#&$>3<&>9>8:"8&,<*?&:(*;;4& & & -2SYO2&NNN_IL4\4\4L5&


52 R>;;,& 7,$:& *8& ;>783<*8@& ,<>;;& 9$& *8,?$3#$:& ?$(*":*3>;;=& -C$)$(& #"& .$>,7($,& #"& ?($A$8#& >33*:$8#,& F*#<& ;*)$9">#,& -.2B4I_B*(34IKHQ5& F*#<& ,?$3*>;& ($@>(:& )"(& >($>,& ?>,,*8@& #<("7@<& ,<$>A$,0& >8:& ($8$F$:& F<$8& 8$3$,,>(=&:7$&#"&:$#$(*"(>#*"8&")&#<$&)>;;,&"(&>#&*8#$(A>;,&")&8"#&6"($&#<>8&`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`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

! D*?J(( !

\'&(-2/&<0#%(#,C(-2/&'#/%(0$&'#%2,H(2,5%';A%20,5(C25$-#>&CR(

( D*?K(( !

.5(%"&('&5A;&(<0#%](2,A-;C2,H(2%5(&[;2$1&,%(#,C(-#;,A"2,H(#''#,H&1&,%](2,(H00C(0'C&'R( (

& & &

C$,37$&9">#,&,<>;;&9$&,#"F$:&*8&>&,#>#$&")&3"8#*87"7,&($>:*8$,,&)"(&;>783<*8@&*8&8"#&6"($&#<>8&`&6*87#$,4& & & -2SYO2&NNN_I^4I5& !"#$,%&&C$,37$&9">#&$G7*?6$8#&*,&:$#>*;$:&*8&#<$&Y2O&B":$&1_`4I4K4K0&\&>8:&^4&

'",#$(,&"(&,*@8,&,<>;;&9$&?("A*:$:&"8&"(&*8&#<$&A*3*8*#=&")&,7(A*A>;&3(>)#&>8:&#<$*(&;>783<*8@&3"8#(";,&,<>;;%& I4 N;;7,#(>#$& #<$& ?7(?",$& ")& #<$& 3"8#(";,& >8:& #<$& ?("3$:7($,& )"(& "?$(>#*8@& #<$& >??;*>83$& >8:& @*A$& ($;$A>8#&*8,#(73#*"8,&"(&F>(8*8@,d& K4 T$&$>,*;=&,$$8&78:$(&$6$(@$83=&;*@<#*8@&3"8:*#*"8,d&>8:& \4 b,$&,=69";,&*8&>33"(:>83$&F*#<&($,";7#*"8&O4XQH0&>,&>6$8:$:&9=&.2B4WK4& -2SYO2&NNN_L4K5&

B>(@"&,<*?,&,<>;;&3>((=&>#&;$>,#&"8$&($,37$&9">#4&&O&;*)$9">#&6>=&9$&>33$?#$:&>,&>&($,37$&9">#0&?("A*:$:& #<>#&*#&>;,"&3"6?;*$,&F*#<&#<$&($G7*($6$8#,&)"(&>&($,37$&9">#4& -2SYO2&NNN_\I4K5&

f*#<&($,?$3#&#"&;>783<*8@&$G7*?6$8#0&($,37$&9">#,&,<"7;:&3"6?;=&F*#<&#<$&($G7*($6$8#,&")&#<$&Y2O&B":$& ^4^4X4Q&-9=&Y2O&B":$&`4I4I4I5&>8:&$*#<$(&<>A$&#F"&($;$>,$&3>?>9*;*#*$,0&"8$&"))M;">:&>8:&"8$&"8M;">:0&"(& "8;=&"8$&*)&#<$&($,37$&9">#&3>8&"8;=&9$&($;$>,$:&F<$8&F>#$(9"(8$4& /<$&"8M;">:&($;$>,$&,<>;;&9$%& x '("#$3#$:&>@>*8,#&>33*:$8#>;&"(&?($6>#7($&7,$d& x /"& ?($A$8#& >& ?($6>#7($& "8M;">:& ($;$>,$0& "8M;">:& "?$(>#*"8& ")& #<$& ($;$>,$& 6$3<>8*,6& ,<"7;:& ($G7*($&>&,7,#>*8$:&>8:&:$;*9$(>#$&>3#*"8&9=&#<$&"?$(>#"(d& x /"&?($A$8#&>8&>33*:$8#>;&($;$>,$&#<$&6$3<>8*3>;&?("#$3#*"8&-*8#$(;"3P5&,<"7;:&"8;=&$8@>@$&F<$8& #<$&($;$>,$&6$3<>8*,6&*,&?("?$(;=&>8:&3"6?;$#$;=&,$#d&& x /<$& ($;$>,$& 6$3<>8*,6& ,<>;;& 9$& ,"& :$,*@8$:& #<>#& 3($F& 6$69$(,& *8& #<$& ;*)$9">#& 3>8& 3;$>(;=& "9,$(A$&F<$8&#<$&($;$>,$&6$3<>8*,6&*,&?("?$(;=&>8:&3"6?;$#$;=&($,$#d& x B;$>(&"?$(>#*8@&*8,#(73#*"8,&,<"7;:&9$&?("A*:$:&F*#<&>&,7*#>9;$&F"(:$:&F>(8*8@&8"#*3$d& x f<$($&>&,*8@;$&)>;;&"(&<""P&,=,#$6&*,&7,$:&)"(&;>783<*8@0&#<$&>9"A$&($G7*($6$8#,&8$$:&8"#&>??;=& >8:&>&,*8@;$&3>?>9*;*#=&#"&($;$>,$&#<$&($,37$&9">#&"8;=&F<$8&*#&*,&F>#$(9"(8$&F*;;&9$&>:$G7>#$4&

( D*DL( &

& &

\'&(-2/&'#/%5(2,(H00C(0'C&'R(

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


53 &

! D*D)( &

R"(&:>A*#&;>783<$:&;*)$(>)#,0&#<$&;>783<*8@&>??;*>83$&,<>;;&*83;7:$&>8&>7#"6>#*3&($;$>,$&<""P&>((>8@$:&,"& >,& #"& ?($A$8#& ?($6>#7($& ($;$>,$& :7(*8@& ;"F$(*8@& >8:& ,<>;;& ($;$>,$& #<$& ;*)$(>)#& F<$8& F>#$(9"(8$4& & /<$& ($;$>,$&<""P&,<>;;&*83;7:$&>&3>?>9*;*#=&#"&($;$>,$&#<$&<""P&78:$(&;">:4&&/<$&"8M;">:&($;$>,$&3"8#(";&,<>;;%& x T$&3;$>(;=&:*))$($8#*>#$:&)("6&#<$&3"8#(";&F<*3<&>3#*A>#$,&#<$&>7#"6>#*3&($;$>,$&)783#*"8d& x C$G7*($&>#&;$>,#&#F"&,$?>(>#$&>3#*"8,&#"&"?$(>#$d& x T$&:$,*@8$:&,73<&#<>#&3($F&6$69$(,&"8&:$3P&3>8&3;$>(;=&"9,$(A$&F<$8&#<$&($;$>,$&6$3<>8*,6& *,&?("?$(;=&>8:&3"6?;$#$;=&,$#4& -Y2O&B":$&1N_Q4I4`5&

\'&(">C'05%#%2A('&-&5](B"&'&(/2%%&C](A0''&A%->(#%%#A"&C(#,C(2,(H00C(0'C&'R( UA$(=&;*)$(>)#&,<>;;&9$&,#"F$:&F*#<&*#,&?>*8#$(&?$(6>8$8#;=&>##>3<$:&#"&#<$&,<*?4&

-2SYO2&NNN_I\4^4I5&

&

U>3<&;*)$(>)#&"(&@("7?&")&;*)$(>)#,&,<>;;&9$&,#"F$:&F*#<&>&);">#M)($$&>((>8@$6$8#&,"&#<>#&$>3<&);">#,&)($$&>8:& *)&*8);>#>9;$0&*8);>#$,&>7#"6>#*3>;;=&F<$8&#<$&,<*?&,*8P,4& -2SYO2&NNN_I\4^4K5&

&

Y*)$(>)#,& ,<>;;& 9$& ,"& ,#"F$:& >,& #"& ?$(6*#& 6>87>;& ($;$>,$& ")& "8$& (>)#& "(& 3"8#>*8$(& >#& >& #*6$& )("6& #<$*(& ,$37(*8@&>((>8@$6$8#,4& -2SYO2&NNN_I\4^4\5& !"#$%& & 2"6$& <=:(",#>#*3& ($;$>,$& 6>87)>3#7($(,& ($3"66$8:& #<>#& $>3<& ;*)$(>)#& *,& )*##$:& F*#<& *#,& "F8& *8:*A*:7>;&<=:(",#>#*3&($;$>,$&78*#&-[Cb50&#"&?($A$8#&#<$&?",,*9*;*#=0&F<$($&6"($&#<>8&"8$&;*)$(>)#&*,&7#*;*,*8@& #<$&,>6$&($;$>,$0&")&"8$&")&#<$&;*)$(>)#,&9($>P*8@&#<$&F$>P&;*8P&9$)"($&#<$&,$3"8:&"(&,79,$G7$8#&;*)$(>)#,& <>A$&*8);>#$:4&&f<$($&6"($&#<>8&"8$&;*)$(>)#&*,&>##>3<$:&#"&>&,*8@;$&[Cb0&$>3<&")&#<$&(>)#,&67,#&9$&)*##$:& F*#<&*#,&"F8&F$>P&;*8P4&&&Y*)$(>)#,&,#"F$:&*8&#<$&)"(F>(:&?>(#&")&#<$&A$,,$;&:"&8"#&($G7*($&>&[Cb4(

! D*D7(( &

\'&(5;'424#-(A'#/%($0'%#<-&(8PG('#C205(#,C( U&#'A"(#,C( Y&5A;&(_0A#%2,H(@&42A&5(2,(H00C(0'C&'( #,C(A"#'H&CR(

O#& ;$>,#& \& #F"MF>=& 1[R& (>:*"#$;$?<"8$& >??>(>#7,& ,<>;;& 9$& ?("A*:$:& "8& $A$(=& 3>(@"& ,<*?& ")& `HH& @(",,& #"88>@$&>8:&7?F>(:,4& -2SYO2&NNN_Q4K4I4I5&

&

/<$&#F"MF>=&(>:*"#$;$?<"8$&,<"7;:&9$&3>?>9;$&")&"?$(>#*"8&"8&#<$&)($G7$83=&I`Q4WHH&.[a&-1[R&3<>88$;& IQ5&>8:&"8&>#&;$>,#&"8$&>::*#*"8>;&3<>88$;4& -C$,4&O4WLH_\4I5&

&

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

& &

&

UG7*?6$8#&)"(&F<*3<&#<$&,"7(3$&")&$8$(@=&*,&*8#$8:$:&#"&9$&8"8M7,$(M($?;>3$>9;$&,<"7;:&9$&?("A*:$:&F*#<& >& ?(*6>(=& 9>##$(=4& & /<$& ?"(#>9;$& #F"MF>=& (>:*"#$;$?<"8$& $G7*?6$8#& ,<"7;:& 9$& )*##$:& F*#<& >& 8"8M ($?;>3$>9;$&,$>;&#"&*8:*3>#$&#<>#&*#&<>,&8"#&9$$8&7,$:4& -C$,4&O4WLH_IK4\5&

&

O#&;$>,#&"8$&(>:>(&#(>8,?"8:$(&,<>;;&9$&3>((*$:&"8&$>3<&,*:$&")&$A$(=&3>(@"&,<*?&")&`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

! D*D=(( &

&

&

\'&(-2/&<;0>5](-2H"%5](<;0>#,%(-2,&5]([;2AW('&-&(1&A"#,2515(#,C(5&-/T#A%24#%2,H(510W&(/-0#%5( 2,(H00C(0'C&'R( B>(@"&,<*?,&,<>;;&3>((=&8"#&;$,,&#<>8&#<$&)";;"F*8@&8769$(,&")&;*)$97"=,%& x b8:$(&IHH&6$#($,&*8&;$8@#<&²&Wd& x T$#F$$8&IHH&6$#($,&>8:&78:$(&I`H&6$#($,&²&IHd& x T$#F$$8&I`H&6$#($,&>8:&78:$(&KHH&6$#($,&²&IKd& x KHH&6$#($,&>8:&"A$(&²&I^4&

-2SYO2&NNN_\K4I4I5&

Y*)$97"=,&,<>;;&9$%& x 2"&:*,#(*97#$:&>,&#"&9$&($>:*;=&>A>*;>9;$&"8&9"#<&,*:$,&")&#<$&,<*?&>8:&>,&)>(&>,&?(>3#*3>9;$&"8&>;;& "?$8&:$3P,&$+#$8:*8@&WRWKHVKLS·VVLGH& x O#&;$>,#&"8$&,<>;;&9$&?;>3$:&*8&#<$&A*3*8*#=&")&#<$&,#$(8d&>8:& x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d&


54 & & & &

!"#& ;$,,& #<>8& #F"& ")& #<$,$& ,<>;;& >;,"& 9$& ?("A*:$:& F*#<& ;*)$97"=& ,$;)M>3#*A>#*8@& ,6"P$& ,*@8>;,& 3>?>9;$& ")& G7*3P&($;$>,$&)("6&#<$&8>A*@>#*8@&9(*:@$d& Y*)$97"=,&F*#<&;*@<#,&>8:&#<",$&F*#<&;*@<#,&>8:&,6"P$&,*@8>;,&,<>;;&9$&:*,#(*97#$:&$G7>;;=&"8&9"#<&,*:$,&")&#<$& ,<*?&>8:&,<>;;&8"#&9$&#<$&;*)$97"=,&?("A*:$:&F*#<&;*)$;*8$,4& -2SYO2&NNN_X4I4\5& Y*)$97"=,& *8#$8:$:& #"& "?$(>#$& #<$& G7*3PM($;$>,$& >((>8@$6$8#& ?("A*:$:& )"(& #<$& ,$;)M>3#*A>#$:& ,6"P$& ,*@8>;,&>8:&,$;)M*@8*#*8@&;*@<#,&,<>;;&<>A$&>&6>,,&,7))*3*$8#&#"&"?$(>#$&#<$&G7*3P&($;$>,$&>((>8@$6$8#4& & & -Y2O&B":$&NN_K4I4I4X5&

D*D?(( !

\'&(-2/&`#AW&%5(2,(H00C(0'C&'R(

&

/<$&;*)$g>3P$#,&7,$:&*8&#"#>;;=&$83;",$:&;*)$9">#,0&$+3$?#&)($$M)>;;&;*)$9">#,0&,<>;;&8"#&*6?$:$&$8#(=&*8#"&#<$& ;*)$9">#&"(&,$>#*8@&*83;7:*8@&"?$(>#*"8&")&#<$&,$>#&9$;#,&*8&#<$&;*)$9">#4& -2SYO2&NNN_X4K4\5&

&

Y*)$g>3P$#,& ,$;$3#$:& )"(& )($$M)>;;& ;*)$9">#,& >8:& #<$& 6>88$(& *8& F<*3<& #<$=& >($& 3>((*$:& "(& F"(80& ,<>;;& 8"#& *8#$()$($&F*#<&$8#(=&*8#"&#<$&;*)$9">#0&"337?>8#&,>)$#=&"(&"?$(>#*"8&")&#<$&;*)$9">#4& -2SYO2&NNN_X4K4^5&

( D*DD(( ! & &

O&;*)$g>3P$#&,<>;;&9$&?("A*:$:&)"(&$A$(=&?$(,"8&"8&9">(:&>8:0&*8&>::*#*"80&>&,7))*3*$8#&8769$(&")&;*)$g>3P$#,& ,<>;;&9$&3>((*$:&)"(&?$(,"8,&"8&F>#3<&>8:&)"(&7,$&>#&($6"#$;=&;"3>#$:&,7(A*A>;&3(>)#&,#>#*"8,4&&/<$&;*)$g>3P$#,& 3>((*$:&)"(&?$(,"8,&"8&F>#3<&,<"7;:&9$&,#"F$:&"8&#<$&9(*:@$0&*8&#<$&$8@*8$&3"8#(";&(""6&>8:&>#&>8=&"#<$(& 6>88$:&F>#3<&,#>#*"84& -2SYO2&NNN_X4K4I5&

\'&(211&'520,(5;2%5(2,(#(H00C(0'C&'R(

O8&*66$(,*"8&,7*#&"(&>8&>8#*M$+?",7($&,7*#0&")&>8&>??("?(*>#$&,*a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g$3#&#"&?$(*":*3&#$,#*8@&>,&,$#&"7#&*8&.2B&B*(3&III^4&

! D*DF((

\'&($>'0%&A",2A5](2,A-;C2,H(-2,&(%"'0B2,H(#$$#'#%;5](2,(C#%&(#,C(2,(H00C(0'C&'R(

& &

O8&*;;7,#(>#$:&#>9;$&:$,3(*9*8@&#<$&;*)$M,>A*8@&,*@8>;,&,<>;;&9$&($>:*;=&>A>*;>9;$&#"&#<$&"))*3$(&")&#<$&F>#3<4& & -2SYO2&1_KL5&

! D*DI((

\'&(%"&(-0A#%20,5(0/(-2/&(5#42,H(#$$-2#,A&5(1#'W&C(B2%"(.9:(5>1<0-5R(

& &

&

!"#&;$,,&#<>8&IK&("3P$#&?>(>3<7#$&);>($,&,<>;;&9$&3>((*$:&>8:&9$&,#"F$:&"8&"(&8$>(&#<$&8>A*@>#*"8&9(*:@$4& & & -2SYO2&NNN_Q4\5& O&;*8$&#<("F*8@&>??;*>83$&3"6?;=*8@&F*#<&#<$&($G7*($6$8#,&")&,$3#*"8&X4I&")&#<$&B":$&,<>;;&9$&?("A*:$:4 & & & & & & & & & & & &&&&&-2SYO2&NNN_IW5&

B"8#>*8$(,0&9(>3P$#,0&(>3P,&>8:&"#<$(&,*6*;>(&,#"F>@$&;"3>#*"8,&)"(&;*)$M,>A*8@&$G7*?6$8#&,<>;;&9$&6>(P$:& F*#<&,=69";,&*8&>33"(:>83$&F*#<&N.S&C$,4&O4XQH-IW5&*8:*3>#*8@&#<$&:$A*3$,&,#"F$:&*8&#<>#&;"3>#*"8&)"(&#<>#& ?7(?",$4& & N)& 6"($& #<>8& "8$& :$A*3$& *,& ,#"F$:& *8& #<>#& ;"3>#*"80& #<$& 8769$(& ")& :$A*3$,& ,<>;;& >;,"& 9$& *8:*3>#$:4& -2SYO2&NNN_KH4IH5&

!

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`&")&#<$&R*($&2>)$#=&2=,#$6,&B":$4& -2SYO2&KMNN_IH4^4I4`& !"#$%&/<*,&($G7*($,&#F"&,$?>(>#$&3"8#(";,&F*#<*8&>&3;$>(;=&*:$8#*)*$:&($;$>,$&9"+&#"&($;$>,$&#<$&BSK&>8:&>3#*A>#$&>8& >7:*9;$&>;>(64&S8$&3"8#(";&,<>;;&"?$8&#<$&?*?*8@&A>;A$&)"(&#<$&@>,&>8:&#<$&,$3"8:&3"8#(";&:*,3<>(@$&#<$&@>,&)("6& #<$&3"8#>*8$(,&4N)&#<$&($;$>,$&9"+&*,&;"3P$:0&>&P$=&,<>;;&9$&;"3>#$:&>:g>3$8#&*8&>&9($>P&@;>,,&#=?$&$83;",7($4& &


55 D*DJ(( !

\'&(5"2$T5$&A2/2A(/2'&(%'#2,2,H(1#,;#-5(#4#2-#<-&R(

& & &

O&#(>*8*8@&6>87>;&,<>;;&9$&?("A*:$:&*8&$>3<&3($F&6$,,&(""6&>8:&($3($>#*"8&(""60&"(&*8&$>3<&3($F&3>9*84& & & -2SYO2&NNMK_I`4K4\4I5& /<$&#(>*8*8@&6>87>;&,<>;;&9$&F(*##$8&*8&#<$&F"(P*8@&;>8@7>@$&")&#<$&,<*?4& -2SYO2&NNMK_I`4K4\4K5&

( D*DK(( !

\'&(5"2$T5$&A2/2A(/2'&(5#/&%>(0$&'#%20,#-(<00W-&%5(#4#2-#<-&R(

/<$&#(>*8*8@&6>87>;&,<>;;&$+?;>*8&#<$&)";;"F*8@&*8&:$#>*;%& I4 E$8$(>;&)*($&,>)$#=&?(>3#*3$&>8:&?($3>7#*"8,&($;>#$:&#"&#<$&:>8@$(,&")&,6"P*8@0&$;$3#(*3>;&<>a>(:,0& );>66>9;$&;*G7*:,&>8:&,*6*;>(&3"66"8&,<*?9">(:&<>a>(:,d& K4 E$8$(>;&*8,#(73#*"8,&"8&)*($M)*@<#*8@&>3#*A*#*$,&>8:&)*($M)*@<#*8@&?("3$:7($,0&*83;7:*8@&?("3$:7($,&)"(& 8"#*)*3>#*"8&")&>&)*($&>8:&7,$&")&6>87>;;=&"?$(>#$:&3>;;&?"*8#,d& \4 0HDQLQJVRIWKHVKLS·VDODUPV& ^4 S?$(>#*"8&>8:&7,$&")&)*($M)*@<#*8@&,=,#$6,&>8:&>??;*>83$,d& `4 S?$(>#*"8&>8:&7,$&")&)*($&:""(,d& Q4 S?$(>#*"8&>8:&7,$&")&)*($&>8:&,6"P$&:>6?$(,d&>8:& X4 U,3>?$&,=,#$6,&>8:&>??;*>83$,4& -2SYO2&NNMK_I`4K4\4^5&

/<$& )*($& ,>)$#=& "?$(>#*"8>;& 9""P;$#& ,<>;;& 3"8#>*8& #<$& 8$3$,,>(=& *8)"(6>#*"8& >8:& *8,#(73#*"8,& )"(& #<$& ,>)$& "?$(>#*"8& ")& #<$& ,<*?& >8:& 3>(@"& <>8:;*8@& "?$(>#*"8,& *8& ($;>#*"8& #"& )*($& ,>)$#=4& & /<$& 9""P;$#& ,<>;;& *83;7:$& LQIRUPDWLRQFRQFHUQLQJWKHFUHZ·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

! D*FL(( !

/<$&9""P;$#&,<>;;&9$&F(*##$8&*8&#<$&F"(P*8@&;>8@7>@$&")&#<$&,<*?4&

-2SYO2&NNMK_IQ4K4\5&

/<$&9""P;$#&6>=&9$&3"69*8$:&F*#<&#<$&)*($&#(>*8*8@&6>87>;4&

-2SYO2&NNMK_IQ4K4^5&

\'&( 5"2$T5$&A2/2A( /2'&( /2H"%2,H( &[;2$1&,%( 1#2,%&,#,A&( 2,5%';A%20,5( #4#2-#<-&( #,C( #'&( B&&W->( #,C(10,%"->(2,5$&A%20,5(<&2,H(A#''2&C(0;%R( .>*8#$8>83$0&#$,#*8@&>8:&*8,?$3#*"8,&,<>;;&9$&3>((*$:&"7#&9>,$:&"8&#<$&@7*:$;*8$,&*8&.2B_B*(34W`H&

&

/<$&6>*8#$8>83$&?;>8&,<>;;&9$&P$?#&"8&9">(:&#<$&,<*?&>8:&,<>;;&9$&>A>*;>9;$&)"(&*8,?$3#*"84&&&

&

/<$&6>*8#$8>83$&?;>8&,<>;;&*83;7:$&>#&;$>,#&#<$&)";;"F*8@&)*($&?("#$3#*"8&,=,#$6,&>8:&)*($&)*@<#*8@&,=,#$6,& >8:&>??;*>83$,0&F<$($&*8,#>;;$:%& I4 R*($&6>*8,0&)*($&?76?,&>8:&<=:(>8#,0&<",$,0&8"aa;$,&>8:&*8#$(8>#*"8>;&,<"($&3"88$3#*"8,d& K4 R*+$:&)*($&:$#$3#*"8&>8:&)*($&>;>(6&,=,#$6,d& \4 R*+$:&)*($&$+#*8@7*,<*8@&,=,#$6,&>8:&"#<$(&)*($&$+#*8@7*,<*8@&>??;*>83$,d& ^4 O7#"6>#*3&,?(*8P;$(0&)*($&:$#$3#*"8&>8:&)*($&>;>(6&,=,#$6,d& `4 1$8#*;>#*"8&,=,#$6,0&*83;7:*8@&)*($&>8:&,6"P$&:>6?$(,0&)>8,&>8:&#<$*(&3"8#(";,d& Q4 U6$(@$83=&,<7#:"F8&")&)7$;&,7??;=d& X4 R*($&:""(,0&*83;7:*8@&#<$*(&3"8#(";,d& W4 E$8$(>;&$6$(@$83=&>;>(6&,=,#$6,d& L4 U6$(@$83=&$,3>?$&9($>#<*8@&:$A*3$,d& IH4 '"(#>9;$&)*($&$+#*8@7*,<$(,0&*83;7:*8@&,?>($&3<>(@$,d& II4 )LUHILJKWHU·VM"7#)*#,d& IK4 N8$(#&@>,&,=,#$6,d& I\4 D$3P&)">6&,=,#$6,d& I^4 R*($&,>)$#=&>((>8@$6$8#,&*8&3>(@"&?76?&(""6,d&>8:& I`4 R;>66>9;$&@>,&:$#$3#"(,4& -2SYO2&NNMK_I^4K4K4\5&>8:&I^4^5&

&

/<$&6>*8#$8>83$&?("@(>66$&6>=&9$&3"6?7#$(M9>,$:4&

-2SYO2&NNMK_I^4K4K4K&

! D*F)(( ! &

-2SYO2&NNMK_I^4K4K4^5&

\'&( '&A0'C5( #4#2-#<-&( %0( 5"0B( %"#%( 5#1$-&5( 0/( /0#1( A01$0;,C( "#4&( <&&,( %&5%&C( #%( '&H;-#'( 2,%&'4#-5R(

/<$&)*(,#&?$(*":*3>;&3"8#(";&")&6$:*76&$+?>8,*"8&)">6&3"83$8#(>#$,&,#"($:&"8&9">(:&,<"7;:&9$&?$()"(6$:& >)#$(&>&?$(*":&")&\&=$>(,&>8:0&>)#$(&#<>#0&$A$(=&=$>(4& -.2B_B*(34XLW_`4I5& O&($3"(:&")&#<$&>@$&")&#<$&)">6&3"83$8#(>#$,&>8:&")&,79,$G7$8#&3"8#(";,&,<"7;:&9$&P$?#&"8&9">(:4&


56 &

&

D*F7((

.5( #( /2'&( A0,%'0-( $-#,( &V"2<2%&C( B2%"2,( %"&( #AA0110C#%20,]( 25( #( A0$>( #-50( #4#2-#<-&( &V%&',#-->( #,C(25(&[;2$1&,%(A0''&A%->(1#'W&C(0,(2%R(

&

! D*F=(( &

! D*F?(( ! D*FD(( ! &

D*FF(( &

-.2B_B*(34XLW_`4K5&

!"#$%& & /<$& ($G7*($6$8#,& )"(& )*($& ?;>8,& >($& 3"8#>*8$:& *8& 2SYO2& NNMK_I`4K4^4& & N.S& C$,";7#*"8& O4Q`^-IQ5& ($3"66$8:,&#<$&,=69";,&#"&9$&7,$:&"8&)*($&3"8#(";&?;>8,4&

\'&(/2'&(1#2,5]($;1$5]("05&5(#,C(,0cc-&5(2,(H00C(0'C&'(#,C(#4#2-#<-&(/0'(211&C2#%&(;5&R(

!"#$%& & B"8,*,#$8#& F*#<& ,>)$#=& >8:& F*#<"7#& *8#$()$(*8@& F*#<& "?$(>#*"8,0& (>8:"6;=& ,$;$3#& *,";>#*8@& A>;A$,& )"(& :$6"8,#(>#*"8&")&3"(($3#&"?$(>#*"84&

\'&(250-#%2,H(4#-4&5(2,(/2'&(#,C(/0#1(5>5%&1(-2,&5(A-&#'->(1#'W&C(#,C(2,(H00C(0'C&'R( .5(%"&(.,%&',#%20,#-(5"0'&(/2'&(A0,,&A%20,('&#C2->(#4#2-#<-&(&V%&',#-->(#,C(25(%"&(-0A#%20,(A-&#'->( 1#'W&CR(

/<$&3"88$3#*"8&,<>;;&9$&")&,#$$;&"(&"#<$(&,7*#>9;$&6>#$(*>;4&&/<$&3"88$3#*"8&,<>;;&9$&P$?#&>9">(:&#<$&,<*?& #"@$#<$(&F*#<&>&@>,P$#&")&>8=&6>#$(*>;&,7*#>9;$0&F*#<&)"7(&IQ&66&9";#,0&`H&66&*8&;$8@#<&>8:&$*@<#&F>,<$(,4& & & -R22&B":$&K4K5& N)&)*+$:&"8&>&,<*?0&#<$&3"88$3#*"8&,<"7;:&9$&>33$,,*9;$&)("6&9"#<&,*:$,&")&#<$&,<*?&>8:&*#,&;"3>#*"8&,<"7;:& 9$&3;$>(;=&6>(P$:4&/<$&,<"($&3"88$3#*"8&,<"7;:&9$&($>:=&)"(&7,$&F<$8$A$(&>&,<*?&*,&*8&?"(#4&-N2ES//&KQ4`4\5& &

\'&(/2V&C(/2'&(C&%&A%20,(#,C(#-#'1(5>5%&15(2,(H00C(0'C&'(#,C(%&5%&C('&H;-#'->R (

!"#$,%&&/<$($&,<"7;:&9$&>&?("3$:7($&)"(& F<$8$A$(&>&a"8$&")&>&)*($&:$#$3#*"8&,=,#$6&*,&*,";>#$:&#"&$8,7($& #<>#& ($;$A>8#& ?$(,"88$;& >($& >F>($& ")& #<$& *,";>#*"8& >8:& #<$& ($>,"8& )"(& *#& >8:& #"& $8,7($& #<>#& #<$& a"8$& *,& ($*8,#>#$:&>,&,""8&>,&?",,*9;$4&

&

/<$&$8@*8$&(""6&,<"7;:&8"#&9$&"?$(>#$:&786>88$:&F*#<&>8=&a"8$&*8&#<$&,?>3$&*,";>#$:4&

&

2?>3$,& 8"#& 3"A$($:& 9=& >& )*($& :$#$3#*"8& ,=,#$6& ,<"7;:& 9$& 3"A$($:& 9=& ($@7;>(& )*($& ?>#(";,4& & 273<& ?>#(";,& ,<"7;:&8"#&7#*;*,$&#<$&9(*:@$&;""P"7#&:7(*8@&#<$&<"7(,&")&:>(P8$,,4&

( D*FI(( &

&

! D*FJ(( &

&

\'&(%"&(1#2,(C&AW]($;1$('001](&,H2,&('001(#,C(0%"&'(/2V&C(/2'&(&V%2,H;25"2,H(5>5%&15](B"&'&( /2%%&C](2,(H00C(0'C&'(#,C(#'&(A-&#'(0$&'#%2,H(2,5%';A%20,5($05%&CR(

'>*8#& ;"3P$(,& >8:& );>66>9;$& ;*G7*:& ;"3P$(,& ,<>;;& 9$& ?("#$3#$:& 9=& >8& >??("?(*>#$& )*($M$+#*8@7*,<*8@& >((>8@$6$8#&>??("A$:&9=&#<$&O:6*8*,#(>#*"84& -2SYO2&ILX^&NNMK_IW4X&>8:&2SYO2&KHH^&NNMK_IH4Q4\4K5& R"(&,<*?,&3"8,#(73#$:&>)#$(&I,#&J7;=&KHHK0&?>*8#&;"3P$(,&,<>;;&9$&?("#$3#$:&9=%& I4 O&BSK&,=,#$60&:$,*@8$:&#"&@*A$&>&6*8*676&A";76$&")&)($$&@>,&$G7>;&#"&^Hp&")&#<$&@(",,&A";76$& ")&#<$&?("#$3#$:&,?>3$d&"(& K4 O&:(=&?"F:$(&,=,#$60&:$,*@8$:&)"(&>#&;$>,#&H4`&P@&?"F:$(_6\d&"(& \4 O&F>#$(&,?(>=*8@&,=,#$6d&"(& ^4 O&,=,#$6&?("A*:*8@&$G7*A>;$8#&?("#$3#*"80&>,&:$#$(6*8$:&9=&#<$&O:6*8*,#(>#*"84& & -2SYO2KHH^_NNMK_IH4Q4\4I5& R"(& ;"3P$(,& ")& >& :$3P& >($>& ")& ;$,,& #<>8& ^6F& F<*3<& :"& 8"#& @*A$& >33$,,& #"& >33"66":>#*"8& ,?>3$,0& >& ?"(#>9;$&BSF&$+#*8@7*,<$(&,*a$:&#"&?("A*:$&>&6*8*676&A";76$&")&)($$&@>,&$G7>;&#"&^Hp&")&#<$&@(",,&A";76$& ")&#<$&,?>3$&6>=&9$&>33$?#$:&*8&;*$7&")&>&)*+$:&,=,#$64&&O&:*,3<>(@$&?"(#&,<>;;&9$&>((>8@$:&*8&#<$&;"3P$(& #"&>;;"F&#<$&:*,3<>(@$&")&#<$&$+#*8@7*,<$(&F*#<"7#&<>A*8@&#"&$8#$(&#<$&?("#$3#$:&,?>3$4&&/<$&?"(#>9;$&)*($& $+#*8@7*,<$(& ,<>;;& 9$& ,#"F$:& >:g>3$8#& #"& #<$& ?"(#4& & O;#$(8>#*A$;=& >& ?"(#& "(& <",$& 3"88$3#*"8& 6>=& 9$& ?("A*:$:&#"&)>3*;*#>#$&#<$&7,$&")&)*($&6>*8&F>#$(4& -2SYO2&KHH^&NNMK_IH4Q4\4\5& !"#$%&&UA*:$83$&")&,>#*,)>3#"(=&#$,#*8@&")&#<$&)*($&)*@<#*8@&,=,#$6,&>8:&)">6&G7>;*#=&,<"7;:&9$&?("A*:$:4&

.5( %"&( &1&'H&,A>( /2'&( $;1$( 2,( /;--( 0$&'#%20,#-( A0,C2%20,( #,C( #'&( 5%#'%2,H( 2,5%';A%20,5( A-&#'->( C25$-#>&CR(

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`&>8:&R22&B":$&IK4K4K4I4\5& O8=&,$(A*3$&)7$;&#>8P&,<>;;&3"8#>*8&,7))*3*$8#&)7$;&#"&$8>9;$&#<$&?76?&#"&(78&"8&)7;;&;">:&)"(&>#&;$>,#&\&<"7(,& >8:& ,7))*3*$8#& ($,$(A$,& ")& )7$;& ,<>;;& 9$& >A>*;>9;$& "7#,*:$& #<$& 6>*8& 6>3<*8$(=& ,?>3$& ")& B>#$@"(=& O& #"& $8>9;$&#<$&?76?&#"&9$&(78&"8&)7;;&;">:&)"(&>8&>::*#*"8>;&I`&<"7(,4& && -2SYO2&ILX^&NNMK_^4\4\4K4^&>8:&R22&B":$&IK4K4K4K4K5&


57 UA$(=&"*;&)7$;&?*?$0&F<*3<0&*)&:>6>@$:0&F"7;:&>;;"F&"*;&#"&$,3>?$&)("6&>&,#"(>@$0&,$##;*8@&"(&:>*;=&,$(A*3$& #>8P&,*#7>#$:&>9"A$&#<$&:"79;$&9"##"60&,<>;;&9$&)*##$:&F*#<&>&3"3P&"(&A>;A$&:*($3#;=&"8&#<$&#>8P&3>?>9;$& ")&9$*8@&3;",$:&)("6&>&,>)$&?",*#*"8&"7#,*:$&#<$&,?>3$&3"83$(8$:&*8&#<$&$A$8#&")&>&)*($&"337((*8@&*8&#<$& ,?>3$&*8&F<*3<&,73<&#>8P,&>($&,*#7>#$:4& -2SYO2&X^&NNMK_I`4K4`5& S*;&)7$;& ?*?$,0& F<*3<& *)& :>6>@$:& F"7;:& >;;"F& "*;&#"& $,3>?$& )("6& >& ,#"(>@$0& ,$##;*8@& "(& :>*;=& ,$(A*3$&#>8P& <>A*8@&>&3>?>3*#=&")&`HH&;*#($,&>8:&>9"A$&,*#7>#$:&>9"A$&#<$&:"79;$&9"##"60&,<>;;&9$&)*##$:&F*#<&>&3"3P&"(& A>;A$&:*($3#;=&"8&#<$&#>8P&3>?>9;$&")&9$*8@&3;",$:&)("6&>&,>)$&?",*#*"8&"7#,*:$&#<$&,?>3$&3"83$(8$:&*8& #<$&$A$8#&")&>&)*($&"337((*8@&*8&#<$&,?>3$&*8&F<*3<&,73<&#<$&#>8P,&>($&,*#7>#$:4& -2SYO2&KHH^&NNMK_^4K4K4\4^5& &

1RWHV &RQVLVWHQW ZLWK VDIHW\ DQG ZLWKRXW LQWHUIHULQJ ZLWK WKH YHVVHO·V RSHUDWLRQV UHTXHVW WR ZLWQHVV WKH ,#>(#*8@&>8:&"?$(>#*"8&")&#<$&$6$(@$83=&)*($&?76?4&

&

N)&>&?(*6*8@&,=,#$6&<>,&9$$8&)*##$:&#"&#<$&$6$(@$83=&)*($&?76?0&*#&67,#&9$&3;>,,&>??("A$:4&

! D*FK(( !

\'&($0'%#<-&(/2'&(&V%2,H;25"&'5(2,(H00C(0'C&'(B2%"(0$&'#%2,H(2,5%';A%20,5(A-&#'->(1#'W&CR(

&

U>3<&$+#*8@7*,<$(&,<"7;:&9$&3;$>(;=&6>(P$:&F*#<&#<$&)";;"F*8@&6*8*676&*8)"(6>#*"8%& I4 !>6$&")&#<$&6>87)>3#7($(d& K4 /=?$&")&)*($&)"(&F<*3<&#<$&$+#*8@7*,<$(&*,&,7*#>9;$d& \4 /=?$&>8:&G7>8#*#=&")&$+#*8@7*,<*8@&6$:*76d& ^4 O??("A>;&:$#>*;,d& `4 N8,#(73#*"8,& )"(& 7,$& >8:& ($3<>(@$& -*#& *,& ($3"66$8:$:& #<>#& "?$(>#*8@& *8,#(73#*"8,& 9$& @*A$8& *8& ?*3#"(*>;&)"(65d& Q4 k$>(&")&6>87)>3#7($d& X4 /$6?$(>#7($&(>8@$&"A$(&F<*3<&#<$&$+#*8@7*,<$(&F*;;&"?$(>#$&,>#*,)>3#"(*;=d&>8:& W4 /$,#&?($,,7($4& -R22&B":$&^&>8:&C$,4&O4QHK5& S8$&")&#<$&?"(#>9;$&)*($&$+#*8@7*,<$(,&*8#$8:$:&)"(&7,$&*8&>8=&,?>3$&,<>;;&9$&,#"F$:&8$>(&#<$&$8#(>83$&#"& #<>#&,?>3$4& -2SYO2&KHH^&NNMK_IH4\4K4K5& R"(& A$,,$;,& 3"8,#(73#$:& >)#$(& I,#& J7;=& KHHK0& ,?>($& 3<>(@$,& ,<>;;& 9$& ?("A*:$:& )"(& IHHp& ")& #<$& )*(,#& #$8& $+#*8@7*,<$(,&>8:&`Hp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

( D*IL(( !

\'&(/2'&1&,d5(0;%/2%5(#,C(<'&#%"2,H(#$$#'#%;5(2,(H00C(0'C&'(#,C('&#C>(/0'(211&C2#%&(;5&R !

7DQNHUVVKDOOFDUU\IRXUILUHPHQ·VRXWILWVZKLFKVKDOOFRQVLVWRI& x '("#$3#*A$&3;"#<*8@&")&6>#$(*>;&#"&?("#$3#&#<$&,P*8&)("6&#<$&<$>#&(>:*>#*8@&)("6&#<$&)*($&>8:&)("6& 97(8,&>8:&,3>;:*8@&9=&,#$>64&&/<$&"7#$(&,7()>3$&,<>;;&9$&F>#$(M($,*,#>8#d& x T""#,&")&(799$(&"(&"#<$(&$;$3#(*3>;;=&8"8M3"8:73#*8@&6>#$(*>;d& x O&(*@*:&<$;6$#&?("A*:*8@&$))$3#*A$&?("#$3#*"8&>@>*8,#&*6?>3#d& x O8& $;$3#(*3& ,>)$#=&;>6?& ")&>8& >??("A$:&#=?$& F*#<& >&97(8*8@& ?$(*":& ")& \& <"7(,4& &2>)$#=&;>6?,& "8& #>8P$(,&>8:&#<",$&*8#$8:$:&#"&9$&7,$:&*8&<>a>(:"7,&>($>,&,<>;;&9$&")&>8&$+?;",*"8M?("")&#=?$d&& x O8&>+$&F*#<&>&<>8:;$&?("A*:$:&F*#<&<*@@$&*8,7;>#*"8d& x O&9($>#<*8@&>??>(>#7,&")&>8&>??("A$:&#=?$d&>8:& x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««FDUJR VKLSV WKDW DUH $G7*??$:&F*#<&,7*#>9;=&;"3>#$:&6$>8,&)"(&)7;;=&($3<>(@*8@&#<$&>*(&3=;*8:$(,&)($$&)("6&3"8#>6*8>#*"8&8$$:& 3>((=&"8;=&"8$&,?>($&3<>(@$&)"(&$>3<&($G7*($:&>??>(>#7,4& -2SYO2&KHH^&NNMK_IH4K4`5& R"(&A$,,$;,&3"8,#(73#$:&9$)"($&I,#&J7;=&KHHK0&#<$&9($>#<*8@&>??>(>#7,&6>=&9$&$*#<$(&>&,6"P$&<$;6$#&#=?$0& "(&>&,$;)M3"8#>*8$:&3"6?($,,$:&>*(&#=?$4&&O&8769$(&")&,?>($&3<>(@$,&,7*#>9;$&)"(&7,$&F*#<&#<$&>??>(>#7,& ?("A*:$:&,<>;;&9$&>A>*;>9;$&"8&9">(:&#"&#<$&,>#*,)>3#*"8&")&#<$&O:6*8*,#(>#*"8&-2SYO2&ILX^&NNMK_IX4I4K5& &


58 /<$& "7#)*#,& ,<>;;& 9$& P$?#& ($>:=& )"(& 7,$& *8& >8& $>,*;=& >33$,,*9;$& ;"3>#*"8& #<>#& *,& ?$(6>8$8#;=& >8:& 3;$>(;=& 6>(P$:& >8:0& #<$=& ,<>;;& 9$& ,#"($:& *8& F*:$;=& ,$?>(>#$:& ?",*#*"8,4& -2SYO2& ILX^& NNMK_IX4^& >8:& 2SYO2& KHH^& NNM K_IH4\4I5& 1RWHV $OWKRXJK 62/$6 UHFRPPHQGV ¶ZLGHO\ VHSDUDWHG SRVLWLRQV· ILUHM)*@<#*8@& #(>*8*8@& >:A"3>#$,& #<>#& 9($>#<*8@&>??>(>#7,&,<"7;:&9$&7,$:&9=&?$(,"88$;&*8&?>*(,4& 2$;)M3"8#>*8$:&9($>#<*8@&>??>(>#7,&,<"7;:&9$&3<$3P$:&)"(&3"8:*#*"8&>8:&,>#*,)>3#"(=&"?$(>#*"84&&f*#<&#<$& >??>(>#7,&3<>(@$:&>8:&#<$&3=;*8:$(&A>;A$&3;",$:0&#<$&:("?&*8&?($,,7($&,<"7;:&8"#&9$&6"($&#<>8IH&9>(,&*8& "8$&6*87#$4& 0DQXIDFWXUHU·VLQVWUXFWLRQV &

! D*I)(( &

&

( D*I7(( ( &

\'&(<'&#%"2,H(#$$#'#%;5(5&%5(/2%%&C(B2%"(/;-->($'&55;'25&C(#2'(A>-2,C&'5R(

O887>;& *8,?$3#*"8,& ,<"7;:& 9$& 3>((*$:& "7#& #"& $8,7($& #<>#& #<$& >*(& G7>;*#=& ")& 9($>#<*8@& >??>(>#7,& >*(& ($3<>(@*8@&,=,#$6,&*,&,>#*,)>3#"(=4&-.2B_B*(34W`H5& T($>#<*8@&>??>(>#7,&,<>;;&9$&>&,$;)M3"8#>*8$:&3"6?($,,$:&>*(M"?$(>#$:&9($>#<*8@&>??>(>#7,&)"(&F<*3<& #<$&A";76$&")&>*(&3"8#>*8$:&*8&#<$&3=;*8:$(,&,<>;;&9$&>#&;$>,#&I0KHH&;0&"(&"#<$(&,$;)M3"8#>*8$:&9($>#<*8@& >??>(>#7,&F<*3<&,<>;;&9$&3>?>9;$&")&)783#*"8*8@&)"(&>#&;$>,#&\H&6*84&&O;;&>*(&3=;*8:$(,&)"(&9($>#<*8@& >??>(>#7,&,<>;;&9$&*8#$(3<>8@$>9;$4&-R22&B":$&\4K4I4K5& !"#$,%& & O*(& 3=;*8:$(,& ,<"7;:& 9$& 3<>(@$:& #"& 8"#& ;$,,& #<>8& IHp& 9$;"F& )7;;4& & TO& >*(& 3=;*8:$(,& ,<"7;:& 9$& <=:(",#>#*3>;;=& #$,#$:& $A$(=& `& =$>(,& "(& ;$,,$(& ?$(*":& *)& ,"& ($3"66$8:$:& 9=& #<$& 6>87)>3#7($(4& & -^Mk$>(& #$,#*8@& *8#$(A>;,& >($& 37,#"6>(=& )"(& ,"6$& 3"6?",*#$& F"78:& 3=;*8:$(,45& & /<$& <=:(",#>#*3&#$,#& :>#$& 67,#& 9$& ,#>6?$:&"8&#<$&3=;*8:$(4&

$UH HPHUJHQF\ HVFDSH EUHDWKLQJ GHYLFHV ((%'·V LQ WKH DFFRPPRGDWLRQ SXPS URRP DQG &,H2,&('001(2,(H00C(0'C&'(#,C('&#C>(/0'(211&C2#%&(;5&R(

O;;&,<*?,&,<>;;&3>((=&>#&;$>,#&#F"&$6$(@$83=&$,3>?$&9($>#<*8@&:$A*3$,&F*#<*8&>33"66":>#*"8&,?>3$,4& & & -2SYO2&NNMK_I\4\4^4K5& &S8&>;;&,<*?,0&F*#<*8&#<$&6>3<*8$(=&,?>3$,0&$6$(@$83=&$,3>?$&9($>#<*8@&:$A*3$,&,<>;;&9$& ,*#7>#$:&($>:=& )"(&7,$&>#&$>,*;=&A*,*9;$&?;>3$,0&F<*3<&3>8&9$&($>3<$:&G7*3P;=&>8:&$>,*;=&>#&>8=&#*6$&*8&$A$8#&")&)*($4&&/<$& ORFDWLRQRI((%'·VVKDOOWDNHLQWRDFFRXQWWKHOD\RXWRIWKHPDFKLQHU\VSDFHDQGWKHQXPEHURISHUVRQV 8"(6>;;=&F"(P*8@&*8&#<$&,?>3$,4& -2SYO2&NNMK_I\4^4\4I5& &2?>($&$6$(@$83=&$,3>?$&9($>#<*8@&:$A*3$,&,<>;;&9$&P$?#&"8&9">(:4&

-2SYO2&NNMK_I\4\4^4I5&

&/(>*8*8@&*8&#<$&7,$&")&#<$&UUTD&,<"7;:&9$&3"8,*:$($:&>&?>(#&")&9>,*3&,>)$#=&#(>*8*8@4&

-.2B_B*(34W^L5&

&1RWH7KHUHTXLUHPHQWVIRU((%'·V&>($&3"8#>*8$:&*8&B<>?#$(&\_K4K&")&#<$&R22&B":$&>8:&.2B_B*(34W^L&>8:& >6"8@&"#<$(&6$>,7($,&"(&:$)*8*#*"8,0&,#*?7;>#$%& O8& UUTD& *,& >& ,7??;*$:& >*(& "(& "+=@$8& :$A*3$& "8;=& 7,$:& )"(& $,3>?$& )("6& >& 3"6?>(#6$8#& #<>#& <>,& >& <>a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a>(:"7,&>#6",?<$($4& .>*8#$8>83$& ($G7*($6$8#,0& 6>87)>3#7($(c,& #(>:$6>(P& >8:& ,$(*>;& 8769$(0& ,<$;)& ;*)$& F*#<& >33"6?>8=*8@& 6>87)>3#7($&:>#$&>8:&8>6$&")&#<$&>??("A*8@&>7#<"(*#=&,<>;;&9$&?(*8#$:&"8&$>3<&UUTD4&& O;;&UUTD&#(>*8*8@&78*#,&,<>;;&9$&3;$>(;=&6>(P$:4&

! D*I=(( ( D*I?((

! !

\'&(#AA0110C#%20,(#,C(4&,%2-#%20,(/#,(&1&'H&,A>(5%0$5(2,(H00C(0'C&'(#,C(A-&#'->(1#'W&C(%0( 2,C2A#%&(%"&(5$#A&5(%"&>(5&'4&R( \'&(/2'&(/-#$5(2,(H00C(0'C&'(#,C(A-&#'->(1#'W&C(%0(2,C2A#%&(%"&(5$#A&5(%"&>(5&'4&R(


59

"-)'(*->!$-+')
\'&(9#%&'2#-(U#/&%>(@#%#(U"&&%5(N9U@UO(0,(<0#'C(/0'(#--(%"&(A#'H0($'0C;A%5(<&2,H("#,C-&C!#,C( #'&(#--(0//2A&'5(/#12-2#'(B2%"(%"&2'(;5&R(

2<*?,&3>((=*8@&.OC'SY&O88$+&N&3>(@"$,0&>,&:$)*8$:&*8&O??$8:*+&N&#"&O88$+&N&")&#<$&'("#"3";&")&ILXW&($;>#*8@& #"&#<$&N8#$(8>#*"8>;&B"8A$8#*"8&)"(&#<$&'($A$8#*"8&")&'";;7#*"8&)("6&2<*?,0&ILX\0&>8:&6>(*8$&)7$;&"*;,&,<>;;&9$& ?("A*:$:&F*#<&>&6>#$(*>;&,>)$#=&:>#>&,<$$#&?(*"(&#"&#<$&;">:*8@&")&,73<&3>(@"$,& & &&& -2SYO2&KHHX&O6$8:6$8#,&1N&`MI5&&&&&&&&&&&&&&&& S8&,<*?,&3>((=*8@&.OC'SY&O88$+&NN&3>(@"$,0&'(*"(&#"&;">:*8@0&#<$&,<*??$(&,<"7;:&?("A*:$&9"#<&#"&#<$&6>,#$(& >8:& #<$& B"6?>8=0& >,& :$)*8$:& *8& #<$& N2.& B":$0& >& .>#$(*>;& 2>)$#=& D>#>& 2<$$#& -.2D250& )"(6>##$:& *8& >33"(:>83$&F*#<&($,";7#*"8&.2B4I`H-XX50&)"(&3>(@"$,&3"8#>*8*8@&9$8a$8$4&& -NTB&O??$8:*+&W&O88$+5& 4&

D*IF((

!

D*II((

D*IJ((

P#4&(9#%&'2#-(@#%#(U#/&%>(U"&&%5(<&&,($'042C&C(/0'(%"&(<;,W&'5(A;''&,%->(0,(<0#'CR(

/<$&?("A*,*"8,&")&2SYO2&($@7;>#*"8&1N_`MI&,#>8:&&#"&&*8:*3>#$&&#<>#0&&8"#F*#<,#>8:*8@&&#<$&?("A*,*"8,&")&2SYO2& ($@7;>#*"8&1N_I0&,<*?,&3>((=*8@&"*;&"(&"*;&)7$;0&>,&:$)*8$:&*8&($@7;>#*"8&I&")&O88$+&&N&&#"&&#<$&&N8#$(8>#*"8>;&& B"8A$8#*"8&&)"(&&#<$&&'($A$8#*"8&&")&&'";;7#*"8&&)("6&&2<*?,0&&ILX\0&&>,&6":*)*$:&9=&#<$&'("#"3";&")&ILXW& ($;>#*8@&#<$($#"0&,<>;;&9$&?("A*:$:&F*#<&.>#$(*>;&2>)$#=&D>#>&2<$$#,0&&9>,$:&&"8&&#<$&&($3"66$8:>#*"8,&& :$A$;"?$:&&9=&&#<$&&S(@>8*a>#*"8I0&&?(*"(&&#"&&#<$&&;">:*8@&&")&,73<&"*;&>,&3>(@"&*8&97;P&"(&978P$(*8@&")&"*;& )7$;4& & & & & & & & & & -.2B4I_B*(34I\H\5&

\'&(A"&12A#-5($'0$&'->(5%0B&C(#,C(#'&(9#%&'2#-(U#/&%>(@#%#(U"&&%5(#4#2-#<-&R(

!"#$%&&T"*;$(&#($>#6$8#&3<$6*3>;,&>8:&"#<$(&3<$6*3>;,&3>((*$:&*8&?>3P>@$:&)"(6&,<>;;&9$&?("?$(;=&,#"F$:& #"& ?($A$8#& 783"8#(";;$:& 6"A$6$8#& >8:& 67,#& 9$& ?("A*:$:& F*#<& .2D24& '("#$3#*A$& $G7*?6$8#& *83;7:*8@& >& )>3$&,<*$;:0&>?("80&@;"A$,&>8:&>8&$=$MF>,<&,<"7;:&9$&?("A*:$:&>#&#<$&?;>3$&F<$($&3<$6*3>;,&>($&,#"($:4& '$(,"88$;&F<"&<>8:;$&#<$&6>#$(*>;,&*8&G7$,#*"8&67,#&9$&>F>($&>,&#"&#<$&?7(?",$&")&#<$&.2D2&>8:&9$&>9;$& #"&:$6"8,#(>#$&)>6*;*>(*#=&F*#<&*#& &

\'&(9#%&'2#-(U#/&%>(@#%#(5"&&%5($'042C&C(/0'($#2,%5]($'0%&A%24&(A0#%2,H5(#,C(#--(0%"&'(A0''0524&( 0'(%0V2A(1#%&'2#-5(%"#%(#'&(A#''2&C(0,(<0#'CR(

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

E,,'550! D*IK((

.5(#(H#,HB#>($'042C&CR(

D*JL((

\'&( #AA0110C#%20,( -#CC&'5]( H#,HB#>5]( $2-0%( -#CC&'5( #,C( $2-0%( "025%5]( B"&'&( /2%%&C]( 2,( H00C( 0'C&'R(

$ VKLS·V JDQJZD\ FRQVLVWV RI D VWUDLJKW OLJKWZHLJKW EULGJLQJ VWUXFWXUH SURYLGHG ZLWK VLGH VWDQFKLRQV DQG <>8:(>*;,4&/<$&F>;P*8@&,7()>3$&<>,&>&8"8M,;*?&,7()>3$&"(&#(>8,A$(,$&9>(,&#"&?("A*:$&)""#&@(*?,&)"(&F<$8&*#&*,& *83;*8$:4&N#&*,&(*@@$:&?$(?$8:*37;>(&#"&#<$&,<*?c,&,*:$&>8:&,?>8,&9$#F$$8&#<$&,<*?c,&(>*;&>8:&#<$&F"(P*8@&:$3P& ")&#<$&9$(#<4&&&& & & & & & & & & -N2ES//&IQ4^4\4K5&&

.$>8,&")&$69>(P>#*"8&"8&>8:&:*,$69>(P>#*"8&)("6&,<*?,4&& I4&2<*?,&3"8,#(73#$:&"8&"(&>)#$(&I&J>87>(=&KHIH&,<>;;&9$&?("A*:$:&F*#<&6$>8,&")&$69>(P>#*"8&"8&>8:& :*,$69>(P>#*"8&)("6&,<*?,&)"(&7,$&*8&?"(#&>8:&*8&?"(#&($;>#$:&"?$(>#*"8,0&,73<&>,&@>8@F>=,&>8:& >33"66":>#*"8&;>::$(,0&*8&>33"(:>83$&F*#<&?>(>@(>?<&K4& K&4/<$&6$>8,&")&$69>(P>#*"8&>8:&:*,$69>(P>#*"8&($G7*($:&*8&?>(>@(>?<&I&,<>;;&9$&3"8,#(73#$:&>8:& *8,#>;;$:&9>,$:&"8&#<$&@7*:$;*8$,&:$A$;"?$:&9=&#<$&S(@>8*a>#*"8&-.2B4I_B*(3&IILQ5&&-2SYO2&NNMI_\ML5& & .>(P*8@& U>3<&>33"66":>#*"8&;>::$(&"(&@>8@F>=&,<"7;:&9$&3;$>(;=&6>(P$:&>#&$>3<&$8:&F*#<&>&?;>#$&,<"F*8@& #<$&($,#(*3#*"8,&"8&#<$&,>)$&"?$(>#*"8&>8:&;">:*8@0&*83;7:*8@&#<$&6>+*676&>8:&6*8*676&?$(6*##$:&:$,*@8& >8@;$,&")&*83;*8>#*"80&:$,*@8&;">:0&6>+*676&;">:&"8&9"##"6&$8:&?;>#$0&$#34&f<$($&#<$&6>+*676& "?$(>#*"8>;&;">:&*,&;$,,&#<>8&#<$&:$,*@8&;">:0&*#&,<"7;:&>;,"&9$&,<"F8&"8&#<$&6>(P*8@&?;>#$4&& & & & & & & & & & & &&&-.2B4I_B*(34I\\I_\4`5&


60 D*J)((

\'&(#--(1&#,5(0/(#AA&55(5#%25/#A%0'>](2,A-;C2,H(%"&($'042520,(0/(#(5#/&%>(,&%](-2/&<;0>(#,C(-2,&R(

(2>)$#=&8$#,&>($&8"#&($G7*($:&*)&#<$&@>8@F>=&*,&)*+$:&#"&#<$&,<"($&>8:&?("A*:$:&F*#<&>&?$(6>8$8#&,=,#$6&")& <>8:(>*;,& 6>:$& ")& ,#(73#7(>;& 6$69$(,4& R"(& "#<$(&#=?$,& ")& @>8@F>=,0& >8:& #<",$&)*##$:& F*#<&("?$& "(& 3<>*8& <>8:(>*;,&"(&($6"A>9;$&?",#,0&3"(($3#;=&(*@@$:&,>)$#=&8$#,&,<"7;:&9$&?("A*:$:4& & -N2ES//&IQ4^4`5& !"#$,%&&2>)$#=&8$#,&,<"7;:&9$&?("A*:$:&F<$($A$(&#<$($&*,&>&?",,*9*;*#=&")&>&?$(,"8&)>;;*8@&"A$(&"(&#<("7@<&#<$& ,*:$& (>*;,& ")& #<$& @>8@F>=& >8:& ,<"7;:& 9$& (*@@$:& #"& ?($A$8#& >8="8$& )>;;*8@& 9$#F$$8& #<$& ,<*?& >8:& G7>=4&& f<$($&#<$&(>*;,&?("A*:$&>:$G7>#$&?("#$3#*"80&>&,>)$#=&8$#&6*@<#&8"#&9$&8$3$,,>(=4& 5HJDUGOHVVRIZKHWKHUWKHJDQJZD\LVVXSSOLHGE\VKLSRUVKRUHLWLVWKHVKLS·VUHVSRQVLELOLW\WRHQVXUHWKDWD ,>)$#=&8$#&*,&(*@@$:4& N)&#<$&6$>8,&")&>33$,,&>($&3"8,*:$($:&#"&9$&78,>)$0&#<$8&#<$&*8,?$3#"(&67,#&8"#&?7#&<*6_<$(,$;)&>#&(*,P&9=& @"*8@&"8&9">(:4&

! D*J7(( &

\'&($2-0%(<0#'C2,H(#,C(#AA&55(#''#,H&1&,%5(5#%25/#A%0'>R(

N8&>;;&,<*?,&F<$($&#<$&:*,#>83$&)("6&,$>&;$A$;&#"&#<$&?"*8#&")&>33$,,&#"0&"(&$@($,,&)("60& #<$&,<*?&$+3$$:,&L& 6$#($,&>8:&F<$($&*#&*,&*8#$8:$:&#"&$69>(P&>8:&:*,$69>(P&?*;"#,&9=&6$>8,&")&#<$&>33"66":>#*"8&;>::$(0& "(&9=&6$>8,&")&6$3<>8*3>;&?*;"#&<"*,#,&"(&"#<$(&$G7>;;=&,>)$&>8:&3"8A$8*$8#&6$>8,&*8&3"8g783#*"8&F*#<&>& ?*;"#&;>::$(0&#<$&,<*?&,<>;;&3>((=&,73<&$G7*?6$8#&"8&$>3<&,*:$0&78;$,,&#<$&$G7*?6$8#&*,&3>?>9;$&")&9$*8@& #(>8,)$(($:&)"(&7,$&"8&$*#<$(&,*:$4& -2SYO2&1_K\4\4K5& f<$($&#<$&:*,#>83$&)("6&#<$&,7()>3$&")&#<$&F>#$(&#"&#<$&?"*8#&")&>33$,,&#"&#<$&,<*?&*,&6"($&#<>8&L60&#<$& >33"66":>#*"8&;>::$(&*8&3"8g783#*"8&F*#<&>&?*;"#&;>::$(&,<>;;&9$&7,$:4&&/<$&>33"66":>#*"8&;>::$(&,<>;;& OHDGDIWDQGWKHORZHUHQGVKDOOUHVWILUPO\DJDLQVWWKHVKLS·VVLGHZLWKLQWKHSDUDOOHOERG\OHQJWKRIWKHVKLS >8:&3;$>(&")&>;;&:*,3<>(@$,4& -2SYO2&1_K\4\4\4K5&

&

.$>8,&,<>;;&9$&?("A*:$:&#"&$8,7($&,>)$0&3"8A$8*$8#&>8:&78"9,#(73#$:&?>,,>@$&)"(&>8=&?$(,"8&$69>(P*8@& "80& "(& :*,$69>(P*8@& )("60& #<$& ,<*?& 9$#F$$8& #<$& <$>:& ")& #<$& ?*;"#& "(& >33"66":>#*"8& ;>::$(& >8:& #<$& :$3P4& -2SYO2&1_K\4^5& O:$G7>#$&;*@<#*8@&,<>;;&9$&?("A*:$:&#"&*;;76*8>#$&#<$&#(>8,)$(&>((>8@$6$8#,&"A$(,*:$0&#<$&?",*#*"8&"8&:$3P& F<$($&>&?$(,"8&$69>(P,&"(&:*,$69>(P,&>8:&#<$&3"8#(";,&")&#<$&6$3<>8*3>;&?*;"#&<"*,#4& -2SYO2&1_K\4W5&

( D*J=(( !

\'&(5#/&(#AA&55(%0(%"&(<0B(#''#,H&1&,%5(5#%25/#A%0'>R(

&

!"#$%&&/<$&($G7*($6$8#,&)"(&,>)$&>33$,,&#"&#<$&9"F&>($&3"8#>*8$:&*8&.2B4QK-QX54&&

( D*J?((

UA$(=&?$#(";$760&3<$6*3>;&>8:&@>,&#>8P$(&,<>;;&9$&?("A*:$:&F*#<&#<$&6$>8,&#"&$8>9;$&#<$&3($F&#"&@>*8& ,>)$&>33$,,&#"&#<$&9"F&$A$8&*8&,$A$($&F$>#<$(&3"8:*#*"8,4& -2SYO2&NNMI_\M\5&

./(#("&-2A0$%&'(-#,C2,H(0'(B2,A"2,H(#'&#(25($'042C&C](C0&5(2%(1&&%(.!U(H;2C&-2,&5R(

X-/8*/D!E('-%&:$)*8$:&>,&>8&"?$(>#*8@&>($>&,7*#>9;$&)"(&;>8:*8@&<$;*3"?#$(,4&/<$&;>8:*8@&>($>&6>=&3"8,*,#& ")&>&?7(?",$&97*;#&,#(73#7($&;"3>#$:&>9"A$&#<$&,<*?c,&:$3P&-($)$(($:&#"&>,&>&Z?7(?",$&97*;#&;>8:*8@&>($>Z5&"(& >&8"8&?7(?",$&97*;#&>($>&;"3>#$:&"8&#<$&,<*?c,&:$3P&-($)$(($:&#"&>,&>&Z8"8&?7(?",$&97*;#&;>8:*8@&>($>Z54&/<$& ;>8:*8@& >($>& 6>=& >;,"& 9$& 7,$:& )"(& F*83<*8@& "?$(>#*"8,& ?("A*:$:& #<>#& #<$& F*83<*8@& 3(*#$(*>& :$,3(*9$:& 9$;"F& 3>8& 9$& ,>#*,)*$:4& ["F$A$(0& F<$($& >&;>8:*8@& >($>& F*#<& >:$G7>#$& ,*a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c,&6>,#$(0&*8&3"8,7;#>#*"8&F*#<&#<$& <$;*3"?#$(& "?$(>#"(0& ,<"7;:& >,,$,,& #<$& 6$(*#,& ")& $>3<& ;"3>#*"80& #>P*8@& ?>(#*37;>(& >33"78#& ")& #<$& ,*a$& >8:& ?",*#*"8&")&"9,#>3;$,&>8:&$+?$3#$:&>$(":=8>6*3&>8:&,<*?&6"#*"8&$))$3#,4& -NB2&E7*:$&#"&[$;*3"?#$(_2<*?&S?$(>#*"8,&^4I4I5&& E$8$(>;;=0& *#& *,& 8"#& ($3"66$8:$:& #"& ;"3>#$& #<$& F*83<*8@& >($>& 8$>(& #<$& 9"F& ")& #<$& ,<*?4& N8& >::*#*"80& *#& ,<"7;:&8"#&9$&;"3>#$:&"8&#<$&9(*:@$&F*8@&*8&#<$&>9,$83$&")&>&#<"("7@<&(*,P&>,,$,,6$8#&>33$?#>9;$&#"&#<$& ,<*?c,& 6>,#$(& >8:& #<$& <$;*3"?#$(& "?$(>#"(4& /<$& F*83<*8@& >($>& ,<"7;:0& *)& ?",,*9;$0& 9$& 3;$>(& ")& >33"66":>#*"8& ,?>3$,& >8:& ?("A*:$& >:$G7>#$& :$3P& >($>& >:g>3$8#& #"& #<$& 6>8"$7A(*8@& a"8$& F<$($& ?$(,"88$;& 3>8& 67,#$(0& >8:& ?("A*:$& )"(& ,>)$& >33$,,& #"& #<$& >($>& )("6& :*))$($8#& :*($3#*"8,4& N8& ,$;$3#*8@& >& F*83<*8@&>($>0&#<$&:$,*(>9*;*#=&")&P$$?*8@&#<$&F*83<*8@&<$*@<#&#"&>&6*8*676&,<"7;:&>;,"&9$&9"(8$&*8&6*8:4& -NB2&E7*:$&#"&[$;*3"?#$(_2<*?&S?$(>#*"8,&^4^4I5&

&

!"#$,%& X-/8*/D! E('-! -)! )='! $=*6Y5! $*8'0! O& 8"8& ?7(?",$& 97*;#&;>8:*8@& >($>& ;"3>#$:& "8& >& ,<*?c,& ,*:$& ,<"7;:& 3"8,*,#& ")& >& Z3;$>(& a"8$Z& >8:& >& Z6>8"$7A(*8@& a"8$Z& O& :*>@(>6& ,<"F*8@& #<$& @$8$(>;& >((>8@$6$8#,& *,& ,$#& "7#&*8&#<$&NB2&E7*:$&R*@7($&^4I0&?>@$&KK0&F<*;$&#<$&:$#>*;,&")&#<$&;>8:*8@&>($>&6>(P*8@,&>($&:$,3(*9$:&6"($& )7;;=&*8&2$3#*"8&^4\4K&")&#<$&E7*:$4&

!

:LQFKLQJ$UHDDWWKH6KLS·V6LGH&f<$($&*#&*,&*6?(>3#*3>;&#"&?("A*:$&>&;>8:*8@&>($>&)"(&<$;*3"?#$(,&*#&6>=&9$& ?",,*9;$&#"&?("A*:$&>8&"?$(>#*8@&>($>&3>?>9;$&")&,7??"(#*8@&F*83<*8@&"?$(>#*"8,&"8;=4&O&F*83<*8@&>($>&


61 ,<"7;:& 3"8,*,#& ")& >& ´3;$>(& a"8$µ& >8:& >& ´6>8"$7A(*8@& a"8$µ4& O& :*>@(>6& ,<"F*8@& #<$& @$8$(>;& >((>8@$6$8#,&>($&,$#&"7#&*8&#<$&NB2&E7*:$&R*@7($&^4^0&?>@$&K`0&F<*;$&#<$&:$#>*;,&")&#<$&F*83<*8@&>($>&>($& :$,3(*9$:&6"($&)7;;=&*8&2$3#*"8&^4^4\&")&#<$&E7*:$4& &

D*JD(

./(%"&(<'2CH&(B2,H(25(;5&C(#5(#(B2,A"2,H(#'&#](25(#(%"0'0;H"('25W(#55&551&,%(A0,C;A%&CR( /<$& 9(*:@$& F*8@& F*;;& 8$A$(& 9$& #<$& *:$>;& ;"3>#*"8& )"(& >& F*83<*8@& >($>4& ["F$A$(0& #<$($& 6>=& 9$& 3*(376,#>83$,& F<$($& #<$($& *,& 8"& ?(>3#*3>;& >;#$(8>#*A$& #"& 7,$& ")& #<$& 9(*:@$& F*8@0& >8:& *8& ,73<& 3>,$,& >& #<"("7@<&(*,P&>,,$,,6$8#&")&#<$&"?$(>#*"8&67,#&9$&3"8:73#$:4&S8;=&*)&#<$&($,7;#,&>($&>33$?#>9;$&#"0&>8:& >??("A$:&9=0&9"#<&#<$&,<*?c,&6>,#$(&>8:&#<$&<$;*3"?#$(&"?$(>#"(&,<"7;:&F*83<*8@&#"&#<$&,<*?c,&9(*:@$&F*8@& 9$&?$(6*##$:4& &&&&&&&&&&&-NB2&E7*:$&#"&[$;*3"?#$(_2<*?&S?$(>#*"8,&^4K4K5&& !"#$%&/<$&NB2&E7*:$0&O??$8:*+&[&3"8#>*8,&@7*:>83$&#"&#<$&3"8:73#&")&>&9(*:@$&F*8@&(*,P&>,,$,,6$8#4&

&! \CC2%20,#-(A011&,%56(

N)&#<$&N8,?$3#"(&<>,&3"66$8#,&*8&($,?$3#&")&#<$&,79g$3#&6>##$(&3"A$($:&9=&#<$&B<>?#$(&>::*#*"8>;&#"&#<",$&F<*3<& #<$&N8,?$3#"(&6>=&6>P$&*8&($,?"8,$&#"&#<$&,?$3*)*3&G7$,#*"8,&*8&#<$&B<>?#$(0&#<$&N8,?$3#"(&,<"7;:&*83;7:$&,73<& >::*#*"8>;&3"66$8#,&*8&#<*,&,$3#*"84!

!


62

!"#$%&'(F*(((E0--;%20,(E'&4&,%20,( !

9*>!U',.(8!Z..@50! F*)((

\'&(%"&(S,H2,&(Y001(NE#'%(.O(#,C(!#'H0(NE#'%(..O(:2-(Y&A0'C(^00W5(N:Y^5O(A0''&A%->(A01$-&%&CR(

!"#$,%&/<$&NS''&R"(6&T&-K4K4K5&*8:*3>#$,&F<$#<$(&>&A$,,$;&*,&)*##$:&F*#<&>&I`&??6&"*;=&F>#$(&,$?>(>#"(&>8:&I`& ??6&"*;&3"8#$8#&6$#$(&)*##$:&F*#<&>8&>;>(6&>8:&>7#"6>#*3&,#"??*8@&:$A*3$4&&D*,3<>(@$&")&9*;@$,&"(&#(>8,)$(& )("6& >& 9*;@$& <";:*8@& #>8P& #"& "A$(9">(:& #<("7@<& #<*,& $G7*?6$8#& ,<"7;:& 9$& ($3"(:$:& *8& ,$3#*"8& D& ")& #<$& SCT4&2$3#*"8&U&,<"7;:&9$&7,$:&S!Yk&*8&3>,$,&F<$($&>7#"6>#*3&,#>(#*8@&,=,#$6,&#<>#&>($&>3#*A>#$:&9=&);">#& ,F*#3<$,&*8&9*;@$&F$;;,&"(&9*;@$&<";:*8@&#>8P,4&&273<&,=,#$6,&>($&(>($;=&$83"78#$($:&"8&"*;&#>8P$(,4& /(>8,)$(&)("6&9*;@$&F$;;,&#"&#<$&9*;@$&<";:*8@&#>8P&67,#&>;,"&9$& ($3"(:$:&78:$(&,$3#*"8&D&I`4\4&& f<$($&>& A";78#>(=&:$3;>(>#*"8&")&G7>8#*#*$,&($#>*8$:&"8&9">(:&*8&"*;=&9*;@$&F>#$(&<";:*8@&#>8P,&*,&$8#$($:&*8&#<$&S*;& C$3"(:& T""P0& '>(#& N0& #<$& $8#(=& ,<"7;:& 9$& 6>:$& 78:$(& B":$& -N5& -O::*#*"8>;& "?$(>#*"8>;& ?("3$:7($,& >8:& @$8$(>;& ($6>(P,5d& >8:& #<$& <$>#*8@& ")& "*;& ($,*:7$& -,;7:@$5& >,& >& 6$#<":& ")& ($:73*8@& *#,& A";76$& 9=& $A>?"(>#*"8&,<"7;:&9$&($3"(:$:&*8&#<$&S*;&C$3"(:&T""P0&'>(#&N0&78:$(&B":$&-B5& -B";;$3#*"80&#(>8,)$(&>8:& :*,?",>;&")&"*;&($,*:7$,&-,;7:@$550?>(>@(>?
&

F*7((

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f<$($&>&A";78#>(=&:$3;>(>#*"8&")&G7>8#*#*$,&($#>*8$:&"8&9">(:&*8&"*;&9*;@$&F>#$(&<";:*8@&#>8P,&*,&$8#$($:&*8& #<$&S*;&C$3"(:&T""P0&'>(#&N0&#<$&$8#(=&,<"7;:&9$&6>:$&78:$(&3":$&-N5&-.U'B4I_B*(3&Q^H54&

( F*=(( ( F*?( ( F*D(

\'&(%"&(:2-(Y&A0'C(^00W5(/'&&(0/(#,>($0--;%20,(2,A2C&,%5(0'(420-#%20,5R( P#4&( C25$05#-5( 0/( 5-0$5( #,C( C2'%>( <#--#5%( <&&,( #C&[;#%&->( '&A0'C&C( #,C( B&'&( %"&>( 2,( #AA0'C#,A&(B2%"(9\YE:_R( ./(%"&(C25$05#-(0/(&,H2,&('001(02->(B#%&'(0'(5-;CH&(%0(#(A#'H0(0'(5-0$(%#,W("#5(%#W&,($-#A&]("#5( %"&( &4&,%( <&&,( '&A0'C&C( 2,( <0%"( :2-( Y&A0'C( ^00W5]( B#5( %"&( '&A&242,H( %#,W( /'&&( 0/( A#'H0( #,C( "#4&(%"&(%'#,5/&'(#''#,H&1&,%5(<&&,(#$$'04&C(<>(!-#55R(

!

$=*6:.-(8!9*>!-/8!"-(*/'!C.>>7)*./!B2'(D'/,-/50! F*F((

.5( #,( #$$'04&C( 9\YE:_( U"2$<0#'C( :2-( E0--;%20,( S1&'H&,A>( E-#,( NU:ESEO( 0'( U"2$<0#'C( 9#'2,&( E0--;%20,(S1&'H&,A>(E-#,(NU9ESEO($'042C&CR(

UA$(=& "*;& #>8P$(& ")& I`H& @#& >8:& >9"A$& >8:& $A$(=& ,<*?& "#<$(& #<>8& >8& "*;& #>8P$(& ")& ^HH& @#& >8:& >9"A$& ,<>;;& 3>((=&"8&9">(:&>&,<*?9">(:&"*;&?";;7#*"8&$6$(@$83=&?;>8&>??("A$:&9=&#<$&O:6*8*,#(>#*"84& & -.OC'SY&O88$+&N_\X5& /<$&?;>8&,<>;;&9$&F(*##$8&*8&#<$&F"(P*8@&;>8@7>@$&")&#<$&6>,#$(&>8:&"))*3$(,&>8:&,<>;;&>#&;$>,#&3"8,*,#&")%& x /<$&?("3$:7($&#"&9$&)";;"F$:&9=&#<$&6>,#$(&"(&"#<$(&?$(,"8,&<>A*8@&3<>(@$&")&#<$&,<*?&#"&($?"(#& >8&"*;&?";;7#*"8&*83*:$8#d& x /<$&;*,#&")&>7#<"(*#*$,&"(&?$(,"8,&#"&9$&3"8#>3#$:&*8&#<$&$A$8#&")&>8&"*;&?";;7#*"8&*83*:$8#d& x O&:$#>*;$:&:$,3(*?#*"8&")&#<$&>3#*"8&#"&9$&#>P$8&*66$:*>#$;=&9=&?$(,"8,&"8&9">(:&#"&($:73$&"(& 3"8#(";&#<$&:*,3<>(@$&")&"*;&)";;"F*8@&#<$&*83*:$8#d&>8:& x /<$&?("3$:7($,&>8:&?"*8#&")&3"8#>3#&"8&#<$&,<*?&)"(&3"M"(:*8>#*8@&,<*?9">(:&>3#*"8&F*#<&8>#*"8>;& >8:&;"3>;&>7#<"(*#*$,&*8&3"69>#*8@&#<$&?";;7#*"84& -.OC'SY&O88$+&N_\X4K5&


63 UA$(=&,<*?&")&I`H&@#&>8:&>9"A$&3$(#*)*$:&#"&3>((=&8"+*"7,&;*G7*:&,79,#>83$,&*8&97;P&,<>;;&3>((=&"8&9">(:&>& ,<*?9">(:&6>(*8$&?";;7#*"8&$6$(@$83=&?;>8&)"(&8"+*"7,&;*G7*:&,79,#>83$,&>??("A$:&9=&#<$&O:6*8*,#(>#*"84& & & -.OC'SY&O88$+&NN_IX5& /<$&?;>8&,<>;;&9$&F(*##$8&*8&>&F"(P*8@&;>8@7>@$&"(&;>8@7>@$,&78:$(,#"":&9=&#<$&6>,#$(&>8:&"))*3$(,&>8:& ,<>;;&>#&;$>,#&3"8,*,#&")%& x /<$&?("3$:7($&#"&9$&)";;"F$:&9=&#<$&6>,#$(&"(&"#<$(&?$(,"8,&<>A*8@&3<>(@$&")&#<$&,<*?&#"&($?"(#&>& 8"+*"7,&;*G7*:&,79,#>83$,&?";;7#*"8&*83*:$8#d& x /<$& ;*,#& ")& >7#<"(*#*$,& "(& ?$(,"8,& #"& 9$& 3"8#>3#$:& *8& #<$& $A$8#& ")& >& 8"+*"7,& ;*G7*:& ,79,#>83$& ?";;7#*"8&*83*:$8#d& x O&:$#>*;$:& :$,3(*?#*"8&")&#<$&>3#*"8&#"&9$&#>P$8&*66$:*>#$;=&9=&?$(,"8,&"8&9">(:&#"&($:73$&"(& 3"8#(";&#<$&:*,3<>(@$&")&8"+*"7,&;*G7*:&,79,#>83$,&)";;"F*8@&#<$&*83*:$8#d&>8:& x /<$&?("3$:7($,&>8:&?"*8#&")&3"8#>3#&"8&#<$&,<*?&)"(&3"M"(:*8>#*8@&,<*?9">(:&>3#*"8&F*#<&8>#*"8>;& >8:&;"3>;&>7#<"(*#*$,&*8&3"69>#*8@&#<$&?";;7#*"84& -.OC'SY&O88$+&NN_IX4K5& N8&#<$&3>,$&")&,<*?,&#"&F<*3<&($@7;>#*"8&IX&")&O88$+&NN&")&#<$&?($,$8#&B"8A$8#*"8&>;,"&>??;*$,0&,73<&>&?;>8& 6>=& 9$& 3"69*8$:& F*#<& #<$& ,<*?9">(:& 6>(*8$& ?";;7#*"8& $6$(@$83=& ?;>8& )"(& 8"+*"7,& ;*G7*:& ,79,#>83$,& ($G7*($:&78:$(&($@7;>#*"8&IX&")&O88$+&NN&")&#<$&?($,$8#&B"8A$8#*"84&N8&#<*,&3>,$0&#<$&#*#;$&")&,73<&>&?;>8&,<>;;& 9$&nn2<*?9">(:&6>(*8$&?";;7#*"8&$6$(@$83=&?;>8cc4& -.OC'SY&O88$+&N_\X4\&>8:&O88$+&NN_IX5& !"#$%&&/<$&?;>8&*,&,79g$3#&#"&($M>??("A>;&>)#$(&>&3<>8@$&")&6>8>@$6$8#3!

! F*I(( ( F*J((

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·V HPHUJHQF\ FR8#>3#& :$#>*;,5d& #<$& ?"(#& >7#<"(*#*$,0&#<$& '& >8:& N& B;790&#<$& >@$8#& >8:&#<$& 8>#*"8>;&?";;7#*"8&($?"(#*8@&3$8#($&)("6&#<$&B">,#>;&B"8#>3#&Y*,#4&

! F*K(

.5(%"&'&(#(aU!+(#$$'04&C(8&55&-(Y&5$0,5&(E-#,(N8YEOR(

F*)L(

3#1&(0/(%"&(:E\TKL(Q;#-2/2&C(.,C242C;#-(NQ.O6(

!

!"#$%&&O&1C'&67,#&9$&?("A*:$:&)"(&"*;&>8:&3<$6*3>;&#>8P$(,&#(>:*8@&#"&#<$&b2O4&&2S'U'c,0&2.'U'c,&>8:&1C'c,& 3>8&9$&$*#<$(&*8&>&,*8@;$&3"69*8$:&?;>8&"(&*8&,$?>(>#$&:"376$8#,4& & !"#$%&&/<$&8>6$&")&#<$&S'OMLH&G7>;*)*$:&*8:*A*:7>;&67,#&9$&($3"(:$:&*8&#<$&1C'4(

&-(D.!96'(-)*./5!-/8!O',@!E('-!C.>>7)*./!C(';'/)*./0! F*))(( &

\'&( 0//2A&'5( #B#'&( 0/( %"&( '&[;2'&1&,%5( 0/( 9\YE:_( B2%"( '&5$&A%( %0( %"&( C25$05#-( 0/( <2-H&( B#%&'( #,C(A#'H0(5-0$5R( !"#$%&b8:$(&.OC'SY&O88$+&NN&#<$&"8;=&2?$3*>;&O($>&>??;*3>9;$&#"&3<$6*3>;&#>8P$(,&*,&#<$&O8#>(3#*3&,"7#<& ")&QHq&,"7#<4&

! F*)7(( !

.5(%"&(A0,C2%20,(0/(5A;$$&'($-;H5(5#%25/#A%0'>(#,C(#'&(5A;$$&'5(&//&A%24&->($-;HH&CR(

! F*)=(( !

.5(%"&(5"2$(/2%%&C(B2%"(#(1#2,C&AW(<0;,C#'>(A0#12,HR(

&

!"#$%& & 237??$(,& "8& @>,& 3>((*$(,& F*;;& "8;=& 9$& ($G7*($:& #"& 9$& ?;7@@$:& F<$8& 978P$(*8@& "(& *)& 3>((=*8@& >& .OC'SY&O88$+&I&3>(@"4&

.$>8,&,<>;;&9$&?("A*:$:&#"&P$$?&:$3P&,?*;;,&>F>=&)("6&#<$&>33"66":>#*"8&>8:&,$(A*3$&>($>,4&&/<*,&6>=& 9$& >33"6?;*,<$:& 9=& 6$>8,& ")& >& ?$(6>8$8#& 3"8#*87"7,& 3">6*8@& ")& >& <$*@<#& ")& >#& ;$>,#& \HH660& $+#$8:*8@& )("6& ,*:$& #"& ,*:$4& & 2?$3*>;& 3"8,*:$(>#*"8& ,<>;;& 9$& @*A$8& #"& #<$& >((>8@$6$8#,& >,,"3*>#$:& F*#<& ,#$(8&;">:*8@4& &&&&&-2SYO2&NNMK4^4`4I4Q5& B"8#*87"7,& 3">6*8@& ")& ,7*#>9;$& <$*@<#& ,<>;;& 9$& )*##$:& #"& P$$?& >8=& ,?*;;,& "8& :$3P& >8:& >F>=& )("6& #<$& >33"66":>#*"8&>8:&,$(A*3$&>($>,4&& -NTB&\4X4X5&

&


64 ! ! F*)?((

!"#$,%&&O&,$3"8:>(=&?7(?",$&")&#<*,&3">6*8@&*,&#"&?("A*:$&"*;&($#$8#*"8&>#&#<$&>)#$(&$8:&")&#<$&6>*8:$3P&*8& #<$&$A$8#&")&>8&"*;&,?*;;0&@*A*8@&#<$&3($F&,7))*3*$8#&#*6$&#"&:$>;&F*#<&*#&>8:&>A"*:&"*;&$8#$(*8@&#<$&F>#$(4&&&

\'&(1&#,5('&#C2->(#4#2-#<-&(/0'(C&#-2,H(B2%"(51#--(02-(5$2--5R(

!"#$,%&&.$>8,&,<"7;:&9$&?("A*:$:&)"(&#<$&?("6?#&($6"A>;&")&>8=&,?*;;>@$&"8&:$3P4&&2?*;;&$G7*?6$8#&,<"7;:& 9$&($>:*;=&>A>*;>9;$&>#&#<$&6>8*)";:&>8:&#<$($& ,<"7;:&9$&>8&>:$G7>#$&6$#<":&-,?*;;&?76?,&"(&:76?*8@& >((>8@$6$8#,&#"&>&3>(@"&#>8P&"(&"#<$(&$G7>;;=&$))$3#*A$&6$>8,5&)"(&#<$&(>?*:&:*,?",>;&")&"*;&>#&#<$&>)#&$8:& ")&#<$&6>*8&:$3P&"8&9"#<&,*:$,&")&#<$&A$,,$;4& N)& #<$& 7,$& ")& >& 3>(@"& #>8P& "(& ,;"?& #>8P& *,& 8"#& >& A*>9;$& "?#*"80& >8& >;#$(8>#*A$& $83;",$:& 3"8#>*8$(& F*#<& >& 3>?>3*#=&")&>#&;$>,#&K&6G!,<"7;:&9$&>A>*;>9;$&)"(&#<$&:*,?",>;&")&,?*;;,&>8:&"*;=&F>#$(&)("6&#<$&:$3P4& 3RUWDEOH VSLOO SXPSV VKRXOG EH ERQGHG WR WKH YHVVHO·V VWUXFWXUHWR SUHYHQW HOHFWULFDO GLVFKDUJHW"& $>(#<4&& T"8:*8@& 6>=& 9$& 6>:$& 9=& $+#$(8>;& 6$>8,0& "(& 9=& #<$& :*,3<>(@$& <",$0& *)& #<*,& *,& >##>3<$:& 9=& 6$>8,& ")& >& IODQJHGFRQQHFWLRQWRWKHYHVVHO·VVWUXFWXUH3XPSVVKRXOGDOVREHPRXQWHGWRSUHYHQWPRYHPHQWDQG ,79,$G7$8#&:>6>@$&:7(*8@&"?$(>#*"84& f<$($& ?"(#>9;$& ,?*;;& ?76?,& >($& ?("A*:$:& >8:& #<$& :*,3<>(@$& *,& ;$:& #"& >& 3>(@"& #>8P0& #<$($& ,<"7;:& 9$& >& ,7*#>9;$& )*+$:& 3"88$3#*"84& & D*,?",>;& ")& >& ,?*;;& ,<"7;:& 8"#& ($G7*($& #<$& *8,$(#*"8& ")& #<$& ,?*;;& ?76?& :*,3<>(@$& <",$&#<("7@<&>&#>8P&"?$8*8@&,73<&>,&>&,*@<#*8@&?"(#4& f<$($&:76?&A>;A$,&>($&*8,#>;;$:&>#&#<$&>)#$(&$8:&")&#<$&6>*8:$3P0&>,3$(#>*8&F<$#<$(&"?$8*8@&#<$&A>;A$,& F*;;&>3#7>;;=&($,7;#&*8&#<$&:*,?",>;&")&,?*;;$:&"*;&#"&#<$&#>8P4&&U+3$,,*A$&3>(@"&#>8P&A>?"7(&?($,,7($&3>8&($,7;#& *8&>&($;$>,$&")&?($,,7($&F<$8&#<$&:76?&A>;A$&*,&"?$8$:0&#<$($9=&>@@(>A>#*8@&#<$&,*#7>#*"84&&b&9$8:,&)*##$:& *8&#<$&:76?*8@&;*8$&#"&#<$&#>8P&6>=&>;;"F&,?*;;,&#"&9$&,>)$;=&:*,?",$:&")&F*#<"7#&)*(,#&<>A*8@&#"&:$?($,,7(*,$& #<$& #>8P0& 97#& #<*,& :$?$8:,& "8& #<$& ;*G7*:& ;$A$;& *8& #<$& b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

! F*)D(( ( F*)F(

.5(%"&(4&55&-(/'&&(/'01(#,>(4252<-&(<;-W"&#C](4#-4&(0'($2$&-2,&(-&#W#H&(-2#<-&(%0(A#;5&($0--;%20,R( \'&( A#'H0( 5>5%&1( 5&#( #,C( 04&'<0#'C( 4#-4&5( 5;2%#<->( -#5"&C]( -0AW&C( 0'( <-#,W&C( #,C( #'&( %"&>( %"0'0;H"->( A"&AW&C( %0( &,5;'&( %"#%( %"&>( #'&( /;-->( A-05&C( $'20'( %0( A011&,A&1&,%( 0/( A#'H0( %'#,5/&'R(

O#& #<$& ,#>(#& ")& ;">:*8@& >8:& >#& ($@7;>(& *8#$(A>;,& #<("7@<"7#& ;">:*8@0& :*,3<>(@*8@0& 9>;;>,#*8@& >8:& #>8P& F>,<*8@0&>&F>#3<&,<"7;:&9$&P$?#&#"&$8,7($&#<>#&"*;&*,&8"#&$,3>?*8@&#<("7@<&,$>&A>;A$,4&

2$>&>8:&"A$(9">(:&:*,3<>(@$&A>;A$,&3"88$3#$:&#"&#<$&3>(@"&>8:&9>;;>,#&,=,#$6,&67,#&9$&,$37($;=&3;",$:& >8:&;>,<$:&>8:&6>=&9$&,$>;$:&F<$8&8"#&*8&7,$4&&N8&;*8$&9;>8P,&,<"7;:&9$&*8,$(#$:&F<$($&?("A*:$:4&f<$8& ;>,<*8@& *,& 8"#& ?(>3#*3>;0& >,& F*#<& <=:(>7;*3& A>;A$,0& ,"6$& ,7*#>9;$& 6$>8,& ")& 6>(P*8@& ,<"7;:& 9$& 7,$:& #"& *8:*3>#$&3;$>(;=&#<>#&#<$&A>;A$,&>($&#"&($6>*8&3;",$:4& )RUIXUWKHULQIRUPDWLRQRQWKLVVXEMHFWUHIHUHQFHVKRXOGEHPDGHWRWKH,&62&,0)SXEOLFDWLRQ¶3UHYHQWLRQ ")&S*;&2?*;;>@$,&#<("7@<&B>(@"&'76?&C""6&2$>&9DOYHV·& & & & & -N2ES//&K^4X4K5& !"#$,%&&C$3"(:,&")&,73<&3<$3P,&,<"7;:&9$&($3"(:$:&*8&#<$&D$3P&"(&B>(@"&Y"@&T""P4&&O8#*M?";;7#*"8&F>(8*8@& 8"#*3$,&,<"7;:&9$&?",#$:&*8&#<$&A*3*8*#=&")&#<$,$&A>;A$,4&

! F*)I( ! F*)J!

./(A#'H0(5&#(5;A%20,(4#-4&5(#'&(/2%%&C](#'&(#C&[;#%&($0--;%20,($'&4&,%20,(1'&5(2,($-#A&R(

!"#$%& /F"& A>;A$,& ,<"7;:& 9$& )*##$:& >#& 3>(@"& ,$>& ,73#*"8,0& 78;$,,& #<$& ,$>& ,73#*"8,& >($& 9;>8P$:& "(& >& ,?"";& ?*$3$&#"&#<$&3>(@"&,=,#$6&<>,&9$$8&($6"A$:4&&

./(A#'H0(5&#(5;A%20,(4#-4&5(#'&(/2%%&C](#'&(4#-4&T%&5%2,H(#''#,H&1&,%5($'042C&C](#'&(%"&>(2,(H00C( 0'C&'(#,C('&H;-#'->(10,2%0'&C(/0'(-&#W#H&R(

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`4P@_36K4&

! F*)K( ( F*7L((

./(<#--#5%(-2,&5($#55(%"'0;H"(A#'H0(%#,W5(#'&(%"&>(%&5%&C('&H;-#'->(#,C(%"&('&5;-%5('&A0'C&CR( \'&( 02-( 5$2--( A0,%#2,&'5( #,C( H'#%2,H5( 2,( $-#A&( ;,C&'( %"&( A#'H0( 1#,2/0-C5( #,C( #'&( %"&>( 2,( H00C( 0'C&'R(

O&?$(6>8$8#;=&)*##$:&,?*;;&#>8P0&?("A*:$:&F*#<&,7*#>9;$&6$>8,&")&:(>*8*8@0&,<"7;:&9$&)*##$:&78:$(&>;;&,<*?&>8:& ,<"($& 6>8*)";:& 3"88$3#*"8,4& & N)& 8"& ?$(6>8$8#& 6$>8,& >($& )*##$:0& ?"(#>9;$& :(*?& #(>=,& ,<"7;:& 9$& ?;>3$:& 78:$(&$>3<&3"88$3#*"8&#"&($#>*8&>8=&;$>P>@$4&&/<$&7,$&")&?;>,#*3&,<"7;:&9$&>A"*:$:&78;$,,&?("A*,*"8&)"(& 9"8:*8@&*,&6>:$4& -N2ES//&K^4X4^5&

( F*7)(( ( F*77((

\'&(1#,2/0-C(5$2--(A0,%#2,&'5(&1$%>(#,C(#'&(%"&(C'#2,#H&(#''#,H&1&,%5(5#%25/#A%0'>R(

!"#$%&&27*#>9;$&6$>8,&")&:(>*8*8@&#<$&,?*;;&3"8#>*8$(&#"&>&3>(@"&#>8P&"(&,?*;;&#>8P&,<"7;:&9$&?("A*:$:4&

\'&(;,;5&C(A#'H0(#,C(<;,W&'($2$&-2,&(1#,2/0-C5( /;-->(<0-%&C(#,C(#'&(#--(C'#2,5(#,C(4&,%5(#,C( ;,;5&C(H#;H&(5%&15](5;2%#<->(<-#,W&C(0'(A#$$&CR(

$OOVKLS·VFDUJRDQGEXQNHUSLSHOLQHVQRWLQXVHPXVWEHVHFXUHO\EODQNHGDWWKHPDQLIROG7KHVWHUQFDUJR SLSHOLQHVVKRXOGEHLVRODWHGIURPWKHWDQNHU·VPDLQSL?$;*8$&,=,#$6&)"(F>(:&")&#<$&>)#&>33"66":>#*"8&9=& 9;>8P*8@&"(&9=&#<$&($6"A>;&")&>&,?"";&?*$3$4& & & & & & -N2ES//&K^4X4`5& &

!"#$,%& & /<*,& *83;7:$,& >;;& ?*?$;*8$,& >8:&)*##*8@,& F<*3<& >($& *8& 7,$& "(& F<*3<& 6*@<#& 9$3"6$& ?($,,7(*,$:& :7(*8@& 3>(@"&"?$(>#*"8,0&"8&9"#<&,*:$,&")&#<$&A$,,$;4& T;>8P,&,<"7;:&9$&)7;;=&9";#$:4&&D(>*8,&>8:&A$8#,&,<"7;:&9$&)*##$:&F*#<&A>;A$,&>8:&$*#<$(&3>??$:&"(&?;7@@$:4&& '($,,7($&@>7@$&,#$6,&,<"7;:&9$&)*##$:&F*#<&A>;A$,&>8:&3>??$:&F<$8$A$(&@>7@$,&>($&8"#&)*##$:4&

! F*7=((

\'&(5;2%#<-&(5$2--(A0,%#2,&'5(/2%%&C(#'0;,C(#--(/;&-](C2&5&-(#,C(-;<'2A#%2,H(02-(%#,W(4&,%5R(

!"#$,%& & /<$& <$*@<#& ")& >8=& ,>A$>;;,& >("78:& 978P$(& #>8P& A$8#,& ,<"7;:& 8"#& 9$& @($>#$(& #<>8& #<$& A$8#& <$>:,& #<$6,$;A$,0&9$3>7,$&#<*,&3"7;:&;$>:&#"&#<$&*8@($,,&")&F>#$(&*8&9>:&F$>#<$(&*)&#<$&,>A$>;;,& 9$3"6$&)*;;$:& F*#<&F>#$(4& B"8#>*8$(,&,<"7;:&9$&$6?#=&")&F>#$(&>8:&)($$&")&"*;4& D(>*8&?;7@,&,<"7;:&9$&*8&?;>3$&*8&?"(#4&

! F*7?( ! F*7D((

.5(#(5;2%#<-&(A0,%#2,1&,%(/2%%&C(#'0;,C(">C'#;-2A(#,C(0%"&'(C&AW(1#A"2,&'>R( \'&( %"&( #''#,H&1&,%5( /0'( %"&( C25$05#-( 0/( 02->( B#%&'( 2,( %"&( /0Ad5d-&( #,C( 0%"&'( 2,%&',#-( 5$#A&5( #C&[;#%&R( !"#$%&&f<$($&#<$($&*,&>&?",,*9*;*#=&")&<=:(>7;*30&)7$;&"(&"#<$(&"*;&>33767;>#*8@&*8&*8#$(8>;&,?>3$&9*;@$&F$;;,0& >:$G7>#$& >((>8@$6$8#,& ,<"7;:& 9$& *8& ?;>3$& )"(& *#,& :*,?",>;4& & f<$($& <>8:& ?76?,& "(& $g$3#"(,& >($& )*##$:0& ?";;7#*"8& ?($A$8#*"8& 8"#*3$,& ,<"7;:& 9$& ?",#$:& >8:& #<$& "A$(9">(:& A>;A$,& ,<"7;:& 9$& ,$37($:& >@>*8,#& >33*:$8#>;&"?$8*8@4!

!

C726!U..25!-/8!9*>!O*5,=-(D'!"./*).(50! F*7F(

\'&($;1$('001(<2-H&("2H"(-&4&-(#-#'15(/2%%&C]('&H;-#'->(%&5%&C(#,C(%"&('&5;-%5('&A0'C&CR(

&

!"#$,%&&/<$&?76?&(""6&9*;@$&<*@;>(6&67,#&9$&,*#$:&>#&>&;"F&?"*8#&*8&#<$&?76?&(""6&9*;@$&*8&"(:$(& #"&9$&$))$3#*A$4&&

&

( F*7I(

O;;& ?76?& (""6,& "8& >;;& #>8P$(,& 3"8,#(73#$:& "8& "(& >)#$(& I ,#& J7;=& KHHK& ,<>;;& 9$& ?("A*:$:& F*#<& 9*;@$& ;$A$;& 6"8*#"(*8@&:$A*3$,&#"@$#<$(&F*#<&>??("?(*>#$;=&;"3>#$:&>;>(6,4& -2SYO2&NNMK_^4`4IH4I4^5&

\'&( #C&[;#%&( #''#,H&1&,%5( $'042C&C( /0'( $2$&-2,&( C'#2,2,H( #,C( %"&( C25$05#-( 0/( $;1$( '001( <2-H&(#AA;1;-#%20,5R(

!"#$,%&S8&,"6$&#>8P$(,0&8"&?("A*,*"8&*,&6>:$&)"(&$))$3#*A$&;*8$&:(>*8*8@&>8:0&*8&"(:$(&#"&6$$#&#<$&:$6>8:,& ")&3$(#>*8&?(":73#&#(>:$,0&)*8>;&;*8$&3"8#$8#,&>($&:(>*8$:&#"&#<$&?76?&(""6&9*;@$4&/<*,&*,&>8&78,>)$&?(>3#*3$& >8:&*#&*,&($3"66$8:$:&#<>#&3>(@"&?("3$:7($,&9$&($A*$F$:&F*#<&#<$&>*6&")&?($A$8#*8@&>&A";>#*;$&?(":73#&


66 9$*8@&:(>*8$:&#"&#<$&9*;@$4&.$>8,&,<"7;:&9$&>A>*;>9;$&#"&<>A$&#<$&:(>*8*8@&,=,#$6&"?$(>#$:&)("6&"7#,*:$& #<$&?76?(""60&>#&;$>,#&)("6&#<$&7??$(&:$3P4! f<$($&;*8$,&#<>#&<>A$&9$$8&7,$:&)"(&9>;;>,#&<>A$&#"&9$&:(>*8$:&#"&#<$&?76?&(""6&9*;@$&"8&3"6?;$#*"8&")& :$9>;;>,#*8@0&3>($&67,#&9$&#>P$8&#"&$8,7($&#<>#&,73<&:(>*8*8@,&:"&8"#&3"8#>*8&?$#(";$764&-N2ES//&IH4II4K5&

! F*7J( ( F*7K(

(./(#,(:@9S(25(/2%%&C](25(2%(2,(H00C(0'C&'(#,C(25(%"&'&(&42C&,A&(0/('&A&,%(%&5%2,HR( ./(%"&(:@9S("#5(,0%(<&&,(0$&'#%20,#-](B#5(%"&(/#A%('&A0'C&C(2,(%"&(:2-(Y&A0'C(^00WR(

N)& #<$& SD.U& *,& 8"#& 37(($8#;=& "?$(>#*"8>;0& ($3"(:& F*#<& #<$& S9,$(A>#*"8& <"F& ;"8@& *#& <>,& 9$$8& "7#& ")& "(:$(& >8:&F<>#&($6$:*>;&>3#*"8&*,&*8#$8:$:4& !"#$%&&/<$&:>#$&>8:&#*6$&F<$8&#<$&)>*;7($&"337(($:&>8:&#<$&:>#$&>8:&#*6$&F<$8&#<$&,=,#$6&F>,&6>:$& "?$(>#*"8>;&>@>*80&#"@$#<$(&F*#<&#<$&($>,"8&)"(&#<$&)>*;7($&,<"7;:&9$&($3"(:$:&*8&#<$&S*;&C$3"(:&T""P4&

!

Z->>-5)!W-)'(!"-/-D'2'/)0! F*=L(

@0&5(%"&(0$&'#%0'("#4&(#(!-#55(#$$'04&C(<#--#5%(B#%&'(#,C(5&C21&,%5(1#,#H&1&,%($-#,(#,C( #'&('&A0'C5(<&2,H(1#2,%#2,&C(0/(#--(<#--#5%(B#%&'(&VA"#,H&5R( !"#$,%& & /<$& N8#$(8>#*"8>;& B"8A$8#*"8& )"(& #<$& B"8#(";& >8:& .>8>@$6$8#& ")& 2<*?,c& T>;;>,#& f>#$(& >8:& 2$:*6$8#,& *,& >& 8$F& *8#$(8>#*"8>;& 3"8A$8#*"8& #"& <$;?& ?($A$8#& #<$& ,?($>:& ")& <>(6)7;& >G7>#*3& "(@>8*,6,& 3>((*$:& 9=& ,<*?,c& 9>;;>,#& F>#$(0& >8:& F*;;& ($G7*($& >;;& ,<*?,& #"& *6?;$6$8#& >& 9>;;>,#& F>#$(& >8:& ,$:*6$8#,& 6>8>@$6$8#&?;>84&&2"6$&3"78#(*$,&>($&*8#(":73*8@&,?$3*)*3&($G7*($6$8#,&)"(&9>;;>,#&F>#$(&6>8>@$6$8#& >8:&($?"(#*8@0&F*#<*8&#<$*(&8>#*"8>;&;*6*#,0&?(*"(&#"&#<$&B"8A$8#*"8&3"6*8@&*8#"&)"(3$4& 7KH,02KDVSXEOLVKHG¶H7*8'>*/'5!+.(!)='!&./)(.>!-/8!"-/-D'2'/)!.+!$=*65!Z->>-5)!W-)'(!).!"*/*2*5'!)='! %(-/5+'(!.+!V-(2+7>!E?7-)*,!9(D-/*525!-/8!C-)=.D'/5·M&-N.S&C$,";7#*"8&O4WQW&-KH554&&

! F*=)(

!#,(%"&(4&55&-(A"&AW(0'(5#1$-&(5&H'&H#%&C(<#--#5%($'20'(%0(C&<#--#5%2,HR(

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g>3$8#&#"&978P$(&#>8P,4&U+3$?#&*8&#<$,$& 3>,$,0&,>6?;*8@&")&#<$&9>;;>,#&#>8P,&*,&8"#&($G7*($:4&

! F*=7(

\'&(5&H'&H#%&C(<#--#5%(%#,W5(/'&&(/'01(&42C&,A&(0/(02-R(

!"#$%& & O::*#*"8>;& #"& #<$& ($G7*($6$8#,& ")& B<>?#$(& X& #"& 3<$3P& 9>;;>,#& #>8P,& )"(& ,#(73#7(>;& >8:& 3">#*8@& 3"8:*#*"80&#<$&#>8P,&,<"7;:&>;,"&9$&3<$3P$:&)"(&"*;&3"8#>6*8>#*"84&&b8:$(&8"&3*(376,#>83$,&,<"7;:&>8&"*;& ,<$$8&9$&:$#$3#$:&"8&#<$&,7()>3$&")&9>;;>,#&F>#$(4& N8& #<$& 3>,$& ")& @>,& 3>((*$(,& #<$($& *,& 8"& ?",,*9*;*#=& ")& "*;& 3"8#>6*8>#*"8& ")& #<$& ?$(6>8$8#& 9>;;>,#& 78;$,,& "*;& ?*?$;*8$,&?>,,&#<"7@<&#<$&9>;;>,#&#>8P,&"(&#<$&9>;;>,#&#>8P,&>($&>:g>3$8#&#"&978P$(&#>8P,4&U+3$?#&*8&#<$,$& 3>,$,0&,>6?;*8@&")&#<$&9>;;>,#&#>8P,&*,&8"#&($G7*($:4&

!

B/D*/'!-/8!$)''(*/D!&.26-()2'/)50! F*==((

\'&(%"&(&,H2,&('001(<2-H&(02->(B#%&'($;1$2,H(#,C(C25$05#-(#''#,H&1&,%5(2,(H00C(0'C&'R(

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c,& ,*:$& A>;A$& >8:& >,,"3*>#$:& "A$(9">(:& ?*?$F"(P& ,<"7;:& 9$& 3<$3P$:& )"(& $A*:$83$& ")& "*;& 3"8#>6*8>#*"84&


67 F*=?((

\'&(&1&'H&,A>(<2-H&($;1$2,H(#''#,H&1&,%5('&#C>(/0'(211&C2#%&(;5&e(25(%"&(&1&'H&,A>(<2-H&( 5;A%20,( A-&#'->( 2C&,%2/2&C( #,C]( B"&'&( /2%%&C]( 25( %"&( &1&'H&,A>( 04&'<0#'C( C25A"#'H&( 4#-4&( $'042C&C(B2%"(#(,0%2A&(B#',2,H(#H#2,5%(#AA2C&,%#-(0$&,2,HR( C$@7;>#*"8,&I`&>8:&\^&-B"8#(";&")&#<$&:*,3<>(@$&")&"*;5&")&#<*,&O88$+&,<>;;&8"#&>??;=&#"%& 4I&&&&#<$&:*,3<>(@$&*8#"&#<$&,$>&")&"*;&"(&"*;=&6*+#7($&8$3$,,>(=&)"(&#<$&&?7(?",$&")&,$37(*8@&#<$&,>)$#=&")&>& ,<*?&"(&,>A*8@&;*)$&>#&,$>d&"(& 4K&&&&#<$&:*,3<>(@$&*8#"&#<$&,$>&")&"*;&"(&"*;=&6*+#7($&($,7;#*8@&)("6&:>6>@$&#"&>&,<*?&"(&*#,&$G7*?6$8#%& 4K4I& ?("A*:$:& #<>#& >;;& ($>,"8>9;$& ?($3>7#*"8,& <>A$& 9$$8& #>P$8& >)#$(& #<$& "337(($83$& ")& #<$& :>6>@$&"(&:*,3"A$(=&")&#<$&:*,3<>(@$&)"(&#<$&?7(?",$&")&?($A$8#*8@&"(&6*8*6*a*8@&#<$&:*,3<>(@$d& >8:& &K4K&$+3$?#&*)&#<$&"F8$(&"(&#<$&6>,#$(&>3#$:&$*#<$(&F*#<&*8#$8#&#"&3>7,$&:>6>@$0&"(&($3P;$,,;=&>8:& F*#<&P8"F;$:@$&#<>#&:>6>@$&F"7;:&?("9>9;=&($,7;#d&"(& \&&&&#<$&:*,3<>(@$&*8#"&#<$&,$>&")&,79,#>83$,&3"8#>*8*8@&"*;0&>??("A$:& 9=&#<$&O:6*8*,#(>#*"80&F<$8&9$*8@& 7,$:& )"(& #<$& ?7(?",$& ")& 3"69>#*8@& ,?$3*)*3& ?";;7#*"8& *83*:$8#,& *8& "(:$(& #"& 6*8*6*a$& #<$& :>6>@$& )("6& ?";;7#*"84&O8=&,73<&:*,3<>(@$&,<>;;&9$&,79g$3#&#"&#<$&>??("A>;&")&>8=&E"A$(86$8#&*8&F<",$&g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c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g$3#"(&>,&>&,79,#*#7#$&)"(&"8$&")&#<$&9*;@$&?76?,&#<$8&*#&6>=&9$&8$3$,,>(=&#"&$8,7($& #<>#&#<$&,73#*"8&A>;A$,&>($&,*6*;>(;=&,$>;$:4&

! F*=D(

\'&(C&C2A#%&C(5-;CH&($;1$5(/'&&(/'01(#,>(A0,,&A%20,(%0(#(C2'&A%(04&'<0#'C(C25A"#'H&R(

! F*=F(

.5(%"&(02->(B#%&'(5&$#'#%0'(2,(H00C(0'C&'R(

'*?*8@& #"& >8:& )("6& ,;7:@$& #>8P,& ,<>;;& <>A$& 8"& :*($3#& 3"88$3#*"8& "A$(9">(:0& "#<$(& #<>8& #<$& ,#>8:>(:& :*,3<>(@$&3"88$3#*"8&($)$(($:&#"&*8&($@7;>#*"8&I\4& -.OC'SY&IK_K5&

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`&?>(#,&?$(&6*;;*"84&N8&3"8,*:$(*8@&#<$&:$,*@8&")&,73<& $G7*?6$8#0&#<$&O:6*8*,#(>#*"8&,<>;;&<>A$&($@>(:&#"&#<$&,?$3*)*3>#*"8&($3"66$8:$:&9=&#<$&S(@>8*a>#*"84&& X&&&&&&S*;&)*;#$(*8@&$G7*?6$8#&($)$(($:&#"&*8&?>(>@(>?<&K&")&#<*,&($@7;>#*"8&,<>;;&3"6?;=&F*#<&?>(>@(>?<&Q&")& #<*,&($@7;>#*"84&N8&>::*#*"80&*#&,<>;;&9$&?("A*:$:&F*#<&>;>(6&>((>8@$6$8#,&#"&*8:*3>#$&F<$8&#<*,&;$A$;&3>88"#& 9$&6>*8#>*8$:4&/<$&,=,#$6&,<>;;&>;,"&9$&?("A*:$:&F*#<&>((>8@$6$8#,&#"&$8,7($&#<>#&>8=&:*,3<>(@$&")&"*;=& 6*+#7($,& *,& >7#"6>#*3>;;=& ,#"??$:& F<$8& #<$& "*;& 3"8#$8#& ")& #<$& $));7$8#& $+3$$:,& I`& ?>(#,& ?$(& 6*;;*"84& N8& 3"8,*:$(*8@& #<$& :$,*@8& ")& ,73<& $G7*?6$8#& >8:& >??("A>;,0& #<$& O:6*8*,#(>#*"8& ,<>;;& <>A$& ($@>(:& #"& #<$& ,?$3*)*3>#*"8&($3"66$8:$:&9=&#<$&S(@>8*a>#*"84&& &&&&&&&&&&&&&&&&&&&&&&&&-.OC'SY&C$@&I^5& &


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

! F*=I(

\'&( 5$&A2/2A( B#',2,H( ,0%2A&5( $05%&C( %0( 5#/&H;#'C( #H#2,5%( %"&( #AA2C&,%#-( 0$&,2,H( 0/( %"&( 04&'<0#'C(C25A"#'H&(4#-4&(/'01(%"&(02->(B#%&'(5&$#'#%0'R( !"#$%& & /<$& "A$(9">(:& A>;A$& ,<"7;:& 9$& ,$>;$:& >8:& ?("A*:$:& F*#<& >& F>(8*8@& 8"#*3$& *8:*3>#*8@& #<>#& #<$& A>;A$&,<"7;:&8"#&9$&"?$8$:&F*#<"7#&#<$&>7#<"(*#=&")&#<$&3<*$)&$8@*8$$(&"(&6>,#$(4&

! F*=J(

./( %"&( 02->( B#%&'( 5&$#'#%0'( 25( ,0%( /2%%&C( B2%"( #,( #;%01#%2A( 5%0$$2,H( C&42A&]( C0( &,%'2&5( 2,( %"&( :2-( Y&A0'C(^00W(E#'%()(2,C2A#%&(%"#%(2%("#5(,0%(<&&,(;5&C(2,(#(U$&A2#-(\'&#R( !"#$,%& & 2$3#*"8& K4K4K& ")& R"(6& T& ")& #<$& NS''& B$(#*)*3>#$& F*;;& *8:*3>#$& F<$#<$(& "(& 8"#& #<$& $8@*8$& (""6& "*;=& F>#$(&,$?>(>#"(&<>,&9$$8&)*##$:&F*#<&>8&>??("A$:&>7#"6>#*3&,#"??*8@&:$A*3$4&

N8&A$,,$;,&"A$(&IH0HHH&#"8,&@(",,&#"88>@$&#<$&"*;=&F>#$(&,$?>(>#"(&,<"7;:&9$&)*##$:&F*#<&>8&>;>(6&>8:&>8& >7#"6>#*3& :$A*3$&#<>#& F*;;&,#"?&#<$& :*,3<>(@$& ")& >8=&6*+#7($& >9"A$& I`& ??64& & N)&#<$& "*;=& F>#$(& ,$?>(>#"(& <>,&8"#&9$$8&)*##$:&F*#<&>8&>7#"6>#*3&,#"??*8@&:$A*3$0&#<$&*8,?$3#"(&67,#&>,3$(#>*8&#<>#&*#&<>,&8"#&9$$8& 7,$:&F*#<*8&>&2?$3*>;&O($>4&

! F*=K(

\'&(%"&(#''#,H&1&,%5(/0'(%"&(C25$05#-(0/(5%&&'2,H(A01$#'%1&,%(02->(<2-H&(B#%&'(#C&[;#%&R(

!"#$%&&f<$($&<=:(>7;*30&)7$;&"(&"#<$(&"*;&6>=&>33767;>#$& *8&,#$$(*8@&3"6?>(#6$8#&9*;@$&F$;;,0&>:$G7>#$& >((>8@$6$8#,& ,<"7;:& 9$& *8& ?;>3$& )"(& #<$& :*,?",>;& ")& *#4& & f<$($& <>8:& ?76?,& "(& $g$3#"(,& >($& )*##$:0& #<$($& ,<"7;:& 9$& ?";;7#*"8& ?($A$8#*"8& 8"#*3$,& ?",#$:& >8:& #<$& "A$(9">(:& A>;A$,& ,<"7;:& 9$& ,$37($:& >@>*8,#& >33*:$8#>;&"?$8*8@4&

!

H-(:-D'!"-/-D'2'/)0! F*?L((

& !

@0&5( %"&( 4&55&-( "#4&( #( H#'<#H&( 1#,#H&1&,%( $-#,( #,C( "#5( H#'<#H&( <&&,( "#,C-&C( #,C( C25$05&C(0/(2,(#AA0'C#,A&(B2%"(9\YE:_R(

&UA$(=&,<*?&")&^HH&@(",,&#"88>@$&>8:&>9"A$0&>8:&$A$(=&,<*?&F<*3<&*,&3$(#*)*$:&#"&3>((=&I`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c,& ?$(,"88$;& >8:0& )"(& ,<*?,& $8@>@$:& *8& A"=>@$,&#"&?"(#,&"(&")),<"($&#$(6*8>;,&78:$(&#<$&g7(*,:*3#*"8&")&"#<$(&'>(#*$,&#"&#<$&B"8A$8#*"80&,<>;;&>;,"&9$& *8&U8@;*,<0&R($83<&"(&2?>8*,<4&& -.OC'SY&O88$+&1_L4I495& f<$8& @>(9>@$& *,& 6*+$:& F*#<& "#<$(& :*,3<>(@$,& <>A*8@& :*))$($8#& :*,?",>;& "(& :*,3<>(@$& ($G7*($6$8#,& #<$& 6"($&,#(*8@$8#&($G7*($6$8#,&,<>;;&>??;=4& -.OC'SY&O88$+&1_`4\5&

&

E>(9>@$&*83*8$(>#*"8&*,&?("<*9*#$:&*8&#<$&T>;#*3&2$>4&

&

f>,#$& ($3$?#>3;$,& ,<"7;:& 9$& 3"8,#(73#$:& ")& 8"8M3"697,#*9;$& 6>#$(*>;,& F*#<& 8"& "?$8*8@,& *8& #<$& ,*:$,& "(& 9"##"64& -2SYO2&KHH^&NNMK_^4^4K5&

-[$;,*8P*&O@($$6$8#&ILLH5&

/<$& :*,?",>;& *8#"&#<$& ,$>& ")& >;;& ?;>,#*3,0& *83;7:*8@& 97#& 8"#&;*6*#$:&#"& ,=8#<$#*3&("?$,0& ,=8#<$#*3&)*,<*8@& 8$#,0& ?;>,#*3&@>(9>@$&9>@,&>8:&*83*8$(>#"(&>,<$,&)("6&?;>,#*3&?(":73#,&F<*3<&6>=&3"8#>*8&#"+*3&"(&<$>A=&6$#>;& ($,*:7$,0&*,&?("<*9*#$:d& -.OC'SY&O88$+&1_\4I->55& &

/<$& ,#"(>@$& ;"3>#*"8,& )"(& @>(9>@$& ,<"7;:& 9$& 3>($)7;;=& ,$;$3#$:& #"& $8,7($& #<>#& #<$& @>(9>@$& ?($,$8#,& 8"& ?"#$8#*>;&<>a>(:&#"&>:g>3$8#&,?>3$,4&'>(#*37;>(&3"8,*:$(>#*"8&,<"7;:&9$&@*A$8&#"&#<$&,#"(>@$&")&@>(9>@$& WKDWLVGHVLJQDWHGDV¶VSHFLDOZDVWH·VXFKDVEDWWHULHVVHQVRUVDQGIOXRUHVFHQWWXEHVWRHQVXUHWKDWRQO\ 3"6?>#*9;$&6>#$(*>;,&>($&,#"F$:&#"@$#<$(4&/<$&NB2&?79;*3>#*"80&E7*:$;*8$,&)"(&#<$&'($?>(>#*"8&")&E>(9>@$& .>8>@$6$8#&';>8,&?("A*:$,&*8)"(6>#*"8&"8&<"F&#"&3"6?;=&F*#<&O88$+&1&")&.OC'SY&X\_XW4&-N2ES//&IK4^4K5&

&

!"#$,%& & E>(9>@$& 3"8#>*8$(,& ,<"7;:& 9$& 3"A$($:0& ;$>PM?("")& >8:& *8,*:$& #<$& (>*;*8@4& .2B& B*(37;>(& IIKH& ?("A*:$,& 78*)*$:& *8#$(?($#>#*"8,& ($;>#*8@& #"& 2SYO2& NNMK4& & C$@& ^4^4K0& ,#>#$,& #<>#& #<$& ($G7*($6$8#,& )"(& F>,#$&


69 ($3$?#>3;$,&:"&8"#&?($3;7:$&#<$&7,$&")&3"697,#*9;$&6>#$(*>;,&)"(&@>(9>@$&($3$?#>3;$,&*8&@>;;$=,0&?>8#(*$,0& @>(9>@$& <>8:;*8@& "(& ,#"(>@$& ,?>3$,& >8:& *83*8$(>#"(& (""6,& ?("A*:$:& #<$=& >($& *8#$8:$:& ?7($;=& )"(& #<$& 3>((*>@$&")&F$#&F>,#$0&@;>,,&9"##;$,&>8:&6$#>;&3>8,&>8:&>($&,7*#>9;=&6>(P$:4& &

N)&)"":&F>,#$&*,&9$*8@&:*,?",$:&"A$(9">(:0&#<$($&67,#&9$&,#(*3#&,$?>(>#*"8&*8&#<$&@>;;$=4&&

&

/<$& 97(8*8@& ")& ?;>,#*3& 3"8#>*8*8@& A*8=;0& '1B& "(& 'BT& 9$;"F& >& #$6?$(>#7($& ")& WHH .B& 6>=& ?(":73$& #"+*3& $6*,,*"8,4&

! F*?)((

P#5(%"&(+#'<#H&(Y&A0'C(^00W(<&&,(A0''&A%->(A01$-&%&CR(

/<$& E>(9>@$& C$3"(:& T""P0& F<$#<$(& >,& >& ?>(#& ")& #<$& ,<*?c,& "))*3*>;& ;"@M9""P& "(& "#<$(F*,$0& ,<>;;& 9$& *8& #<$& )"(6&,?$3*)*$:&*8&#<$&>??$8:*+&#"&#<*,&O88$+d&&&& & & & & -.OC'SY&O88$+&1L_\5& &->5& & & $>3<& :*,3<>(@$& "?$(>#*"80& "(& 3"6?;$#$:& *83*8$(>#*"80& ,<>;;& 9$& & ($3"(:$:& *8& #<$& E>(9>@$& C$3"(:& T""P&>8:&,*@8$:&)"(&"8&#<$&:>#$&")&#<$&*83*8$(>#*"8&"(&:*,3<>(@$&9=&#<$&"))*3$(&*8&3<>(@$4&U>3<&3"6?;$#$:& ?>@$&")&#<$&E>(9>@$&C$3"(:&T""P&,<>;;&9$&,*@8$:&9=&#<$&6>,#$(&")&#<$&,<*?4&/<$&$8#(*$,&*8&#<$&E>(9>@$& &C$3"(:&T""P&,<>;;&9$&>#&;$>,#&*8&U8@;*,<0&R($83<&"(&2?>8*,<4&f<$($&#<$&$8#(*$,&>($&>;,"&6>:$&*8&>8&"))*3*>;& ;>8@7>@$&")&#<$&2#>#$&F<",$&);>@&#<$&,<*?&*,&$8#*#;$:&#"&);=0&#<$,$&$8#(*$,&,<>;;&?($A>*;&*8&3>,$&")&>&:*,?7#$&"(& :*,3($?>83=d&

& &-95& & & #<$& $8#(=& )"(& $>3<& *83*8$(>#*"8& "(& :*,3<>(@$& ,<>;;& *83;7:$& :>#$& >8:& #*6$0& ?",*#*"8& ")& #<$& ,<*?0& :$,3(*?#*"8&")&#<$&@>(9>@$&>8:&#<$&$,#*6>#$:&>6"78#&*83*8$(>#$:&"(&:*,3<>(@$:d& &-35&&&#<$&E>(9>@$&C$3"(:&T""P&,<>;;&9$&P$?#&"8&9">(:&#<$&,<*?&>8:&*8&,73<&>&?;>3$&>,&#"&9$&>A>*;>9;$&)"(& *8,?$3#*"8&*8&>&($>,"8>9;$&#*6$4&&/<*,&:"376$8#&,<>;;&9$&?($,$(A$:&)"(&>&?$(*":&")&#F"&=$>(,&>)#$(&#<$&;>,#& $8#(=&*,&6>:$&"8&#<$&($3"(:d& & & & & & -.OC'SY&O88$+&1&L_\5&

! \CC2%20,#-(A011&,%56(

N)&#<$&N8,?$3#"(&<>,&3"66$8#,&*8&($,?$3#&")&#<$&,79g$3#&6>##$(&3"A$($:&9=&#<$&B<>?#$(&>::*#*"8>;&#"&#<",$&F<*3<& #<$&N8,?$3#"(&6>=&6>P$&*8&($,?"8,$&#"&#<$&,?$3*)*3&G7$,#*"8,&*8&#<$&B<>?#$(0&#<$&N8,?$3#"(&,<"7;:&*83;7:$&,73<& >::*#*"8>;&3"66$8#,&*8&#<*,&,$3#*"84!

!


70

!"#$%&'(I*(((U%';A%;'#-(!0,C2%20,( !"#$%& & />8P& $8#(=& ,<"7;:& "8;=& 9$& 78:$(#>P$8& *)& >& ,7*#>9;$& ,>)$& "??"(#78*#=& $+*,#,& >8:& *)& *#& *,& ?$(6*##$:& 9=& #<$& *8,?$3#*8@&SBN.R&.$69$(0&#<$&#>8P$(&"?$(>#"(&>8:&#<$&#$(6*8>;4&

! I*)(( ! I*7((

.5(%"&(S,"#,A&C(U;'4&>(E'0H'#11&(/2-&(/'&&(/'01(#,>(2,/0'1#%20,(%"#%('#25&5(A0,A&',5('&-#%2,H(%0( WKHYHVVHO·VVWUXFWXUHR( .5(%"&(";--(/'&&(/'01(4252<-&(5%';A%;'#-(C&/&A%5(%"#%(B#''#,%(/;'%"&'(2,4&5%2H#%20,R(

!"#$,%& & N8,?$3#*"8& ")& #<$& <7;;& ,<"7;:& *83;7:$& 3<$3P*8@& )"(& >8=& $A*:$83$& ")& ,#(73#7(>;& ?("9;$6,& *83;7:*8@& 3";;*,*"8&3"8#>3#&"(&:*,#"(#*"8&)("6&<$>A=&F$>#<$(4& B;>,,&($3"(:,&,<"7;:&9$&$+>6*8$:&#"&3"8)*(6&#<>#&3;>,,&<>,&9$$8&*8A";A$:&F<$8$A$(&,*@8*)*3>8#&:>6>@$& <>,&"337(($:&"(&9$$8&($?>*($:4&

( I*=(( ( I*?(( ( I*D(( ( I*F(

\'&(B&#%"&'(C&AW5(/'&&(/'01(4252<-&(5%';A%;'#-(C&/&A%5(%"#%(B#''#,%(/;'%"&'(2,4&5%2H#%20,R(

!"#$%& & N8,?$3#*"8& ")& F$>#<$(& :$3P,& ,<"7;:& *83;7:$& 3<$3P*8@& )"(& >8=& $A*:$83$& ")& F>,#>@$0& ,#(73#7(>;& ?("9;$6,&*83;7:*8@&$A*:$83$&")&"A$(M?($,,7(*,>#*"80&3";;*,*"8&3"8#>3#&"(&:*,#"(#*"8&)("6&<$>A=&F$>#<$(4&

.5(%"&(5;$&'5%';A%;'&(/'&&(/'01(4252<-&(5%';A%;'#-(C&/&A%5(%"#%(B#''#,%(/;'%"&'(2,4&5%2H#%20,R( \'&(2,%&',#-(5$#A&5(/'&&(/'01(4252<-&(5%';A%;'#-(C&/&A%5(%"#%(B#''#,%(/;'%"&'(2,4&5%2H#%20,R( ./(#,>(A#'H0(#,CX0'(<#--#5%(%#,W5(B&'&(52H"%&C(/'01(%"&(C&AW](B&'&(%"&>(2,(H00C(0'C&'R(

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a"8#>;&)(>6*8@0&P8*)$M$:@$,&"8&9(>3P$#,0&A*,*9;$&3(>3P*8@&>8:&:$)"(6>#*"8,&")&97;P<$>:,&"(&)(>6$,4& Y$>P>@$&)("6&>:g>3$8#&#>8P,&"(&A>;A$&@;>8:,&6>=&9$&*8:*3>#$:&9=&#<$&?($,$83$&")&"*;&"(&>&,<$$8&"8&#<$& 9>;;>,#0&#<$&?($,$83$&")&@>,&"(&#<$&,"78:&")&)>;;*8@&;*G7*:4&

! I*I(

./(#,>(A#'H0(#,CX0'(<#--#5%(%#,W5(B&'&(2,5$&A%&C(2,%&',#-->](B&'&(%"&>(2,(H00C(0'C&'R( N)&>8=&3>(@"&"(&9>;;>,#&#>8P,&F$($&*8,?$3#$:&*8#$(8>;;=0&($3"(:&#<$&)";;"F*8@&*8)"(6>#*"8%& x x x x x x x x x x

/<$&8>6$,&")&#<$&3"6?>(#6$8#-,5&*8,?$3#$:d& f<$($&)*##$:0&:$#>*;,&")&#<$&3"8:*#*"8&")&>8":$,d& D$#>*;,&")&>8=&)(>3#7($,&8"#$:&*8&>8=&?>(#&")&#<$&,#(73#7($d& D$#>*;,&")&>8=&A*,*9;$&3"((",*"8&F>,#>@$d& D$#>*;,&")&;"3>;*,$:&?*##*8@0&?>(#*37;>(;=&*8&9"##"6&?;>#*8@&>8:&78:$(&9$;;&6"7#<,d& D$#>*;,&")&>8=&A*,*9;$&,*@8,&")&973P;*8@d& N)&>??;*3>9;$0&#<$&3"8:*#*"8&")&#<$&3">#*8@&-@"":0&)>*(&"(&?""(5d& D$#>*;,&")&>8=&,*@8,&")&<>(:&(7,#d& O($>,&")&3"83$(8&F*#<&($,?$3#&#"&?*?$;*8$,0&97;P<$>:&?$8$#(>#*"8,0&;>::$(,0&)*##*8@,&$#34d& UA*:$83$&")&;$>P>@$&)("6&>:g>3$8#&3"6?>(#6$8#,4&

)RUWKHSXUSRVHVRIWKLVUHSRUWFRDWLQJFRQGLWLRQ¶D..8·&¶+-*(·RU¶6..(·LVGHILQHGDVIROORZV& x H..8&3"8:*#*"8&F*#<&"8;=&6*8"(&,?"#&(7,#*8@d& x 1-*(& 3"8:*#*"8& F*#<& ;"3>;& 9($>P:"F8& >#& $:@$,& ")& ,#*))$8$(,& >8:& F$;:& 3"88$3#*"8,& >8:_"(& ;*@<#& (7,#*8@&"A$(&KHp&"(&6"($&")&>($>,&78:$(&3"8,*:$(>#*"80&97#&;$,,&#<>8&>,&:$)*8$:&)"(&M?""(&3"8:*#*"8d& x C..(&3"8:*#*"8&F*#<&@$8$(>;&9($>P:"F8&")&3">#*8@&"A$(&KHp&"(&6"($&")&>($>,&"(&<>(:&,3>;$&>#&IHp& "(&6"($&")&>($>,&78:$(&3"8,*:$(>#*"84! ! N)& #>8P& $8#(=& "(& ,*@<#*8@& )("6& #<$& :$3P& F>,& 8"#& 6>:$0& ($3"(:& >& !"#& 2$$8& ($,?"8,$& >8:& ($3"(:& #<$& 3*(376,#>83$,4& & & & &


71 \CC2%20,#-(A011&,%56(

N)&#<$&N8,?$3#"(&<>,&3"66$8#,&*8&($,?$3#&")&#<$&,79g$3#&6>##$(&3"A$($:&9=&#<$&B<>?#$(&>::*#*"8>;&#"&#<",$&F<*3<& #<$&N8,?$3#"(&6>=&6>P$&*8&($,?"8,$&#"&#<$&,?$3*)*3&G7$,#*"8,&*8&#<$&B<>?#$(0&#<$&N8,?$3#"(&,<"7;:&*83;7:$&,73<& >::*#*"8>;&3"66$8#,&*8&#<*,&,$3#*"84!

!


72

!"#$%&'(J(((!#'H0(#,C(^#--#5%(U>5%&15(T(E&%'0-&;1( !"#$%& & /<$& N8#$(8>#*"8>;& 2>)$#=& E7*:$& )"(& S*;&/>8P$(,& >8:& /$(6*8>;,& -N2ES//5& 3"8#>*8,& @7*:>83$& ?$(#>*8*8@& #"& #<$& ,>)$& 3>((*>@$& >8:& <>8:;*8@& ")& ?$#(";$76& ?(":73#,4& & N8,?$3#"(,& ,<"7;:& "9,$(A$& 3>(@"& "?$(>#*"8,0& *8#$(A*$F& UHVSRQVLEOH SHUVRQQHO UHYLHZ WKH RSHUDWRU·V RSHUDWLQJ SURFHGXUHV DQG REVHUYH WKH GHJUHH RI FRPSOLDQFH E\ "))*3$(,& >8:& 3($F& #"& >??("?(*>#$& ($@7;>#*"8,& >8:& @7*:$;*8$,4& & B"66"8& 3>7,$,& ")& *83*:$8#,& >($& ?""(& ?;>88*8@0& *6?("?$(&,7?$(A*,*"8&")&#(>8,)$(&"?$(>#*"8,0&*8>:$G7>#$&P8"F;$:@$&"(&:*,($@>(:&")&#<$&:>8@$(,&")&,#>#*3&$;$3#(*3*#=0& *8,7))*3*$8#&?$(,"88$;&"8&:7#=&>8:&*8,7))*3*$8#&"(&*83"(($3#&*8)"(6>#*"8&3"83$(8*8@&3>(@"&?("?$(#*$,4& !

C.>*,*'5A!C(.,'87('5!-/8!O.,72'/)-)*./0! J*)(( ( J*7((

,VWKHYHVVHOSURYLGHGZLWKRSHUDWRU·VSROLF\VWDWHPHQWVJXLGDQFHDQGSURFHGXUHVZLWKUHJDUG %0(5#/&(A#'H0(0$&'#%20,5R( .5(2,/0'1#%20,('&#C2->(#4#2-#<-&(0,(1#V21;1(-0#C2,H('#%&5(#,C(4&,%2,H(A#$#A2%2&5R(

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a>(:,& >8:& ?*?$;*8$& $(",*"8& >($& :$,3(*9$:& *8& N2ES//& 2$3#*"8&X4\4\4K54& & & & & & & & & & &&&&-N2ES//&X4\4\5& !"#$%&&/<*,&*8)"(6>#*"8&,<"7;:&9$&:*,?;>=$:&>#&#<$&3>(@"&3"8#(";&?",*#*"84&

( J*=(( ( J*?((( ( J*D((

\'&( -&H2<-&( #,C( ;$( %0( C#%&( $2$&-2,&( #,CX0'( 1212A( C2#H'#15( 0/( A#'H0]( 2,&'%( H#5( #,C( 4&,%2,H( 5>5%&15](#5(#$$-2A#<-&](#4#2-#<-&(2,(%"&($;1$'001N5O(#,C(A#'H0(A0,%'0-(#'&#R( (\'&(A#'H0($;1$($&'/0'1#,A&(A;'4&5(#4#2-#<-&](B"&'&(#$$-2A#<-&](/0'(4#'20;5(5$&&C5R( .5(#(B'2%%&,($'0A&C;'&($'042C&C(/0'(%"&(5#/&("#,C-2,H(0/(">(B&#%"&'(<#--#5%(2,(A#'H0(%#,W5(0,( 5&H'&H#%&C(<#--#5%(%#,W&'5R(

!

$)-:*>*)
./(#(-0#C2,H(A01$;%&'(0'($'0H'#11&(25(2,(;5&](25(2%(A-#55(#$$'04&CR(

N)&>&3;>,,&>??("A$:&;">:*8@&3"6?7#$(&*,&8"#&>A>*;>9;$0&($3"(:&*8&S#<$(&3"66$8#,0&<"F&,#($,,&>8:&,#>9*;*#=& 3>;37;>#*"8,&>($&?$()"(6$:4& !"#$,%&& 2<*?,&")&6"($&#<>8&Q`&6$#($,&*8&;$8@#<&>($&($G7*($:&9=&B;>,,&#"&9$&?("A*:$:&F*#<&>&;">:*8@&6>87>;& *83;7:*8@&?$(6*,,*9;$&;*6*#,&")&,#*;;&F>#$(&9$8:*8@&6"6$8#&>8:&,<$>(&)"(3$d&#<$&($,7;#,&")&#<$&3>;37;>#*"8,&")& ,#*;;& F>#$(& 9$8:*8@& 6"6$8#,d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

& &

&

!


73 J*I( &

Are there records indicating that the operational accuracy of the load computer is tested regularly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

&

J*J( &

! J*K(

Is the stress and stability information included with the cargo plan and are any limitations understood by the cargo watch officers?(

!"#$,%&&N8,?$3#"(,&,<"7;:&:$#$(6*8$&#<>#&?(*"(&#"&#(>8,)$(&")&3>(@"0&3>;37;>#*"8,&<>A$&9$$8&6>:$&)"(&,#($,,& >8:&,#>9*;*#=&3"8:*#*"8,&)"(&#<$&,#>(#0&*8#$(*6&>8:&3"6?;$#*"8&")&#(>8,)$(&3"8:*#*"8,4&&C$@7;>(&6"8*#"(*8@&")& ,#($,,& >8:& ,#>9*;*#=& ,<"7;:& 9$& #>P*8@& ?;>3$& #<("7@<"7#& 3>(@"& #(>8,)$(& #"& $8,7($& #<>#& #<$& 3"8:*#*"8,& <>A$& 9$$8&6>*8#>*8$:&F*#<*8&:$,*@8&;*6*#,4&&

.5(%"&(4&55&-(/'&&(0/(2,"&'&,%(2,%#A%(5%#<2-2%>($'0<-&15R(

!"#$,%& & 1$,,$;,& #<>#& <>A$& ;>(@$& F*:#<& #>8P,& F*;;& 9$& ,79g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´8µ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¶1R·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

! J*)L(

! J*))( &

! J*)7( ! J*)=((

\'&(@#1#H&(U%#<2-2%>(8&'2/2A#%20,(H;2C&-2,&5(#4#2-#<-&R(

!"#$%& /<$& A$,,$;& ,<"7;:& <>A$& >8& >??("A$:& ,#>9*;*#=& *8)"(6>#*"8& 9""P& -2NT50& F(*##$8& *8& >& ;>8@7>@$& 78:$(,#"":&9=&#<$&"))*3$(,&"8&9">(:0&>8:&#<$&2NT&,<"7;:&3"A$(&:>6>@$&3"8:*#*"8,4&/<$&A$,,$;&6>=&<>A$& >8& "89">(:& ,#>9*;*#=& 3"6?7#$(& ?("@(>66$& #<>#& *83;7:$,& :>6>@$& 3"8:*#*"8,4& & /<$& 6$#<":,& ")& A$(*)=*8@& #<$&:>6>@$&,#>9*;*#=0&*83;7:*8@&>;#$(8>#*A$&;">:$:&3"8:*#*"8,0&,<"7;:&9$&3<$3P$:&>8:&($3"(:$:&*8&c"#<$(& 3"66$8#,c4( &

@0( WKH RSHUDWRU·V RSHUDWLQJ PDQXDOV LQFOXGH SURFHGXUHV IRU UHVWRULQJ VWDELOLW\ LQ FDVH RI ;,5%#<-&(A0,C2%20,5(C&4&-0$2,H(C;'2,H(A#'H0(0$&'#%20,5](B"&'&(#$$-2A#<-&R(

!"#$%& /<$& ?("3$:7($,& ;*,#$:& *8& #<$& S?$(>#*8@& .>87>;& 67,#& 9$& *:$8#*3>;& #"& #<",$& ?",#$:& >8:& ?(>3#*3$:& -VW4L&>9"A$0&($)$(,54&N)&8"#0&($3"(:&>&Z!Z&($,?"8,$&>8:&>??("?(*>#$&S9,$(A>#*"84&

Z"&'&(#$$-2A#<-&](#'&(0//2A&'5(#B#'&(0/(%"&(C#,H&'5(0/(/'&&(5;'/#A&(&//&A%5(#,C(0/(%"&($0552<2-2%>( 0/(5%';A%;'#-(C#1#H&(A#;5&C(<>(5-05"2,H(2,(A#'H0(%#,W5R( \'&(A#'H0(#,CX0'(<#--#5%(%#,W5(/'&&(0/(5-05"2,H(0'(0%"&'('&5%'2A%20,5R(

N6?"(#>8#& ($,#(*3#*"8,& "#<$(& #<>8& 6>+*676& ?$(6*##$:& 3>(@"& :$8,*#=& ,<"7;:& 9$& ($3"(:$:& *8& S#<$(& 3"66$8#,4&

!

&-(D.!96'(-)*./5!-/8!U'>-)'8!$-+')
\'&(#--(0//2A&'5(/#12-2#'(B2%"(%"&(A#'H0(5>5%&1R(


74 ( J*)D(( !

\'&(#--(0//2A&'5(/#12-2#'(B2%"(%"&(A#''2#H&('&[;2'&1&,%5(/0'(%"&(A#'H0&5(0,(<0#'CR( !"#$%&&S))*3$(,&,<"7;:&9$&>9;$&#"&:$6"8,#(>#$&>&9>,*3&P8"F;$:@$&")&#<$&)";;"F*8@%&& x 2<*?9">(:&"?$(>#*"8,&>8:&3>(@"&<>8:;*8@d& x B;",$:&;">:*8@0&:*,3<>(@*8@&>8:&,>6?;*8@d& x C$G7*($6$8#,&)"(&6$:*3>;&#($>#6$8#&)";;"F*8@&$+?",7($&#"&<>a>(:"7,&3>(@"$,d& x 2?*;;&($,?"8,$d& x B"6678*3>#*"8&?("3$:7($,&F*#<&,<"($&>8:&$6$(@$83=&,#"?&?("3$:7($,d& O8:0&>,&($G7*($:%& x U))$3#,&")&<*@<&:$8,*#=&3>(@"$,d& x [>a>(:,&>,,"3*>#$:&F*#<&#"+*3&3>(@"$,d& x [>a>(:,&")&$;$3#(",#>#*3&@$8$(>#*"84&

! J*)F((

P#5(#(A#'H0($-#,(<&&,($'&$#'&C(#,C(C0&5(2%(A0,%#2,(#(C&%#2-&C(5&[;&,A&(0/(A#'H0(#,C(<#--#5%( %'#,5/&'R(

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x V7>8#*#=&>8:&@(>:$&")&$>3<&?>(3$;d& x D$8,*#=0&#$6?$(>#7($&>8:&"#<$(&($;$A>8#&?("?$(#*$,d& x O&?;>8&")&#<$&:*,#(*97#*"80&;*8$,&>8:&?76?,&#"&9$&7,$:d& x /(>8,)$(&(>#$,&>8:&6>+*676&>;;"F>9;$&?($,,7($,d& x B(*#*3>;&,#>@$,&")&#<$&"?$(>#*"8d& x !"#*3$&")&(>#$&3<>8@$d& x 1$8#*8@&($G7*($6$8#,d& x 2#>9*;*#=&>8:&,#($,,&*8)"(6>#*"8d& x D(>)#,&>8:&#(*6,d& x T>;;>,#&"?$(>#*"8,d& x U6$(@$83=&,#"?&?("3$:7($,d& x U6$(@$83=&,?*;;&?("3$:7($,&>8:&,?*;;&3"8#>*86$8#d&>8:& x [>a>(:,&")&#<$&?>(#*37;>(&3>(@"$,4& O8:&>;,"0&>,&($G7*($:%& x '($3>7#*"8,&>@>*8,#&,#>#*3&@$8$(>#*"8d& x N8*#*>;&,#>(#M7?&(>#$,d& x B"8#(";&")&3>(@"&<$>#*8@&,=,#$6,d& x Y*8$&3;$>(*8@d& x B(7:$&"*;&F>,<*8@&?("3$:7($,d& x b8:$(&P$$;&3;$>(>83$&;*6*#>#*"8,d& x T78P$(*8@d&>8:& x 2?$3*>;&?($3>7#*"8,&($G7*($:&)"(&#<$&?>(#*37;>(&"?$(>#*"84&

! J*)I(( !

! J*)J(( &

( J*)K(( ( J*7L(( ! !

P#5(%"&(A#'H0($-#,(<&&,(52H,&C(<>(%"&(B#%A"(0//2A&'5(%0(2,C2A#%&(%"&2'(;,C&'5%#,C2,H(0/(2%R(

!"#$%& & /<$& 3>(@"& ?;>8& ,<"7;:& 9$& 3"6?;$#$:& 9=& #<$& ($,?"8,*9;$& "))*3$(& ?(*"(& #"& 3"66$83$6$8#& ")& "?$(>#*"8,& >8:& A$(*)*$:& >8:& >??("A$:& 9=& #<$& 6>,#$(4& N#& ,<"7;:& 9$&3"6?($<$8,*A$0& 3"8#>*8&)7;;& :$#>*;,& ")& #<$&"?$(>#*"8&>8:&9$&$>,=&#"&*8#$(?($#4&

\'&(A#'H0(0$&'#%20,5(<&2,H(A#''2&C(0;%(#,C(-0HH&C(2,(#AA0'C#,A&(B2%"(%"&($-#,R(

!"#$%&&/<$&;"@&67,#&*83;7:$&:$#>*;,&")&>;;&6>g"(&$A$8#,&*83;7:*8@&,#>(#*8@&>8:&,#"??*8@&")&6>*8&3>(@"&>8:& 9>;;>,#&?76?,0&#>8P,&9$*8@&F"(P$:&>8:&>8=&:$A*>#*"8,&)("6&#<$&"(*@*8>;&?;>84!

\'&( #--( 0//2A&'5( #B#'&( 0/( %"&( &1&'H&,A>( $'0A&C;'&5( /0'( C&#-2,H( B2%"( -&#W#H&]( 5$2--#H&( 0'( /2'&( 2,40-42,H(%"&(A#'H0R( .5(%"&(4&'<#-(A011;,2A#%20,(<&%B&&,(%"&(5"2$(#,C(%"&(5"0'&(#C&[;#%&R(


75

&-(D.!-/8!Z->>-5)!V-/8>*/D!-/8!"./*).(*/D!B?7*62'/)0! J*7)((

\'&(%"&(A#'H0](<#--#5%(#,C(5%'2$$2,H($;1$5](&C;A%0'5(#,C(%"&2'(#550A2#%&C(2,5%';1&,%#%20,(#,C( A0,%'0-5(](2,(H00C(0'C&'(#,C(25(%"&'&('&A0'C&C(&42C&,A&(0/('&H;-#'(%&5%2,HR(

J*77((

\'&( %"&( A#'H0( #,C( <#--#5%( $;1$( <&#'2,H]( A#52,H( #,C( 5"#/%( H-#,C( %&1$&'#%;'&( 10,2%0'2,H( 5&,50'5(2,(H00C(0'C&'(#,C(25(%"&'&(&42C&,A&(0/('&H;-#'(%&5%2,HR( !"#$,%&&/<$&($G7*($6$8#&*,&#"&?("A*:$&>8&>;>(64&&/<$($&*,&8"& ($G7*($6$8#&)"(&#$6?$(>#7($,&#"&9$&:*,?;>=$:& "(&)"(&>&<*@<&#$6?$(>#7($&#(*?&#"&"?$(>#$&B>(@"&?76?&9$>(*8@,&67,#&8"#&<>A$&#$6?"(>(=&3"";*8@&)*##$:4(

J*7=(

\'&(%"&(A#'H0(-2,&5](A';C&(02-(B#5"2,H(-2,&5](4#$0;'(-2,&5(#,C(2,&'%(H#5(-2,&5(2,(H00C(0'C&'(#,C(25( %"&'&('&A0'C&C(&42C&,A&(0/('&H;-#'(%&5%2,HR( !"#$%&&/<*,&*83;7:$,&3"((",*"8&")&9";#,&>8:&);>8@$,&"8&:($,,$(&3"7?;*8@,4(

J*7?(

.5(%"&(A#'H0($;1$(&1&'H&,A>(5";%C0B,(5>5%&1(2,(H00C(0'C&'(#,C(25(%"&'&('&A0'C&C(&42C&,A&( 0/('&H;-#'(%&5%2,HR(

!

!"#$%&&'76?&>;>(6,&>8:&#(*?,0&;$A$;&>;>(6,0&$#340&F<$($&)*##$:0&,<"7;:&9$&#$,#$:&($@7;>(;=&#"&$8,7($&#<>#&#<$=& >($&)783#*"8*8@&3"(($3#;=0&>8:&#<$&($,7;#,&")&#<$,$&#$,#,&,<"7;:&9$&($3"(:$:4!

&

J*7D( &

J*7F( &

J*7I( ( J*7J(

&

( J*7K((

\'&(%"&(A#'H0(#,C(<#--#5%(5>5%&1(4#-4&5(2,(H00C(0'C&'(#,C(25(%"&'&('&A0'C&C(&42C&,A&(0/( '&H;-#'(%&5%2,HR( \'&( %"&( A#'H0( 5>5%&1( ;--#H&( H#;H&5]( 4#$0;'( -0AW5( #,C( a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

\'&(A#'H0($2$&-2,&5(%&5%&C(#,,;#-->R(

/<$&?($,$83$&")&>8=&;>#$8#&:$)$3#&*8&#<$&3>(@"&,=,#$6&F*;;&7,7>;;=&($A$>;&*#,$;)&F<$8&#<$&,=,#$6&*,& ?($,,7(*,$:&:7(*8@&#<$&:*,3<>(@$&"?$(>#*"84&N#&*,&@"":&?(>3#*3$&#"&?($,,7($&#$,#&3>(@"&;*8$,&"8&>&?$(*":*3& 9>,*,0&:$?$8:*8@&"8&#<$&#(>:$&")&#<$&,<*?4&&&O;#<"7@<&#<$,$&?($,,7($&#$,#,&6>=&?("A*:$&>8&*8:*3>#*"8&")&#<$& V\VWHP·VFRQGLWLR8&>#&#<$&#*6$&")&#<$&#$,#0&#<$=&,<"7;:&8"#&9$&3"8,*:$($:&>&,79,#*#7#$&)"(&($@7;>(&$+#$(8>;& *8,?$3#*"8&")&#<$&?*?$;*8$&,=,#$6&>8:&?$(*":*3&*8#$(8>;&*8,?$3#*"8,0&?>(#*37;>(;=&>#&P8"F8&)>*;7($&?"*8#,0&,73<& >,&?76?&:*,3<>(@$&9$8:,&>8:&,#79&?*?$&3"88$3#*"8,4& & & & & -N2ES//&X4\4K5& '*?$;*8$,&,<"7;:&9$&A*,7>;;=&$+>6*8$:&>8:&,79g$3#$:&#"&("7#*8$&?($,,7($&#$,#,&#"&A$(*)=&#<$*(&3"8:*#*"84&S#<$(& 6$>8,&")&8"8M:$,#(73#*A$&#$,#*8@&"(&$+>6*8>#*"80&,73<&>,&7;#(>,"8*3&F>;;&#<*3P8$,,&6$>,7($6$8#0&6>=&9$& 3"8,*:$($:&>??("?(*>#$0&97#&,<"7;:&>;F>=,&9$&,7??;$6$8#$:&9=&A*,7>;&$+>6*8>#*"84&&&&&&&&-N2ES//&IH4II4\5& !"#$,%&&B>(@"&?*?$;*8$,&,<"7;:&9$&#$,#$:&#"&IHHp&")&#<$*(&(>#$:&F"(P*8@&?($,,7($&-2"6$#*6$,&($)$(($:&#"&>,& .>+*676&O;;"F>9;$&f"(P*8@&'($,,7($&M&.Of'5&>#&;$>,#&>887>;;=4&&B>(@"&?*?$;*8$,&,<"7;:&9$&#$,#$:&#"&I4`& #*6$,&#<$*(& (>#$:& F"(P*8@& ?($,,7($& >#&;$>,#&#F*3$& F*#<*8&>8=&)*A$M=$>(& ?$(*":4& & '*?$;*8$,& ,<"7;:& 9$& 6>(P$:& F*#<&#<$&:>#$&")&#$,#&>8:&#<$&#$,#&?($,,7($4& &

J*=L( &

Z"&'&( /2%%&C( #,C( 2,( ;5&]( 25( %"&( A0,C2%20,( 0/( %"&( A#'H0( %#,W( "&#%2,H( 5>5%&1( 5#%25/#A%0'>]( 25( 2%( '&H;-#'->(%&5%&C(#,C(25(#,>(0<5&'4#%20,(%#,W(/'&&(0/(02-R( !"#$,%&&f<$($&,#$>6&3>(@"&<$>#*8@&,=,#$6,&>($&)*##$:&>8:&F<$8&>&<$>#$:&3>(@"&*,&9$*8@&3>((*$:&>#&#<$& #*6$&")&#<$&*8,?$3#*"80&>8&*8:*3>#*"8&")&#<$&3"8:*#*"8&")&#<$&<$>#*8@&3"*;,&3>8&9$&?("A*:$:&9=&*8,?$3#*"8&")& #<$&<"#&F$;;&"(&"9,$(A>#*"8&#>8P4&

&

O&A$(=&,6>;;&>6"78#&")&"*;&"8&#<$&,7()>3$&")&<"#&F$;;,&"(&"9,$(A>#*"8&#>8P,&3>8&9$&3"8,*:$($:&8"(6>;0&97#& >&;>=$(&")&"*;&"A$(&#<$&,7()>3$&*8:*3>#$,&#<>#&#<$($&*,&>&?("9;$6&")&,"6$&,*@8*)*3>83$4&

&

N8&#<$&3>,$&")&#<$(6>;&<$>#*8@&,=,#$6,0&?*?*8@&,<"7;:&9$&,"78:0&?76?,0&g"*8#,&>8:&@;>8:,&,<"7;:&9$&)($$&")& ;$>P,&>8:&#<$&<$>#$(&78*#&,<"7;:&9$&*8&@"":&"(:$(4&&f<$($&?>(#,&3>8&9$&*,";>#$:0&?("3$:7($,&,<"7;:&9$&*8& ?;>3$&#"&*:$8#*)=&>8:&($3"(:&F<*3<&?>(#&*,&*,";>#$:4&


76 !

#>>-D*/DA!$-26>*/D!-/8!&>.5'8!96'(-)*./50! J*=)(( &

( J*=7(

\'&( 4#$0;'( -0AW5]( B"&'&( /2%%&C]( A#-2<'#%&C( #,C( A&'%2/2&C( <>( #( '&A0H,25&C( A#'H0( 2,5$&A%20,( 0'H#,25#%20,R(

!"#$,%& & B"(($3#*"8,& )"(& :>#76& ;$A$;,& >8:& )"(& ;*,#& >8:& #(*6& ,<"7;:& 9$& 3<$3P$:& >8:& >??("A$:& 9=& #<$& "(@>8*,>#*"8& 3$(#*)=*8@& #<$& ,=,#$6& *)& 7;;>@$,& )("6& ($#(")*##$:& A>?"7(& ;"3P,& >($& 7,$:& )"(& 3>(@"& 3>;37;>#*"84&& f<$($&A>?"7(&;"3P,&<>A$&9$$8&($#("M)*##$:0&3$(#*)*3>#$,&")&3>;*9(>#*"8&67,#&9$&?("A*:$:&9=&>&($3"@8*,$:& B;>,,*)*3>#*"8&,"3*$#=&"(&3>(@"&*8,?$3#*"8&3"6?>8=4&

./( /2V&C( %#,W( H#;H&5( #'&( ,0%( /2%%&C]( #'&( 5;//2A2&,%( $0'%#<-&( %#$&5( $'042C&C( %0( 521;-%#,&0;5->( H#;H&(&#A"(%#,W(<&2,H(B0'W&CR( N)&>&)*+$:&3>(@"&#>8P&@>7@*8@&,=,#$6&*,&)*##$:&97#&*,&78($;*>9;$&>8:&?"(#>9;$&#>?$,_A>?"7(&;"3P,&>($&9$*8@& 7,$:& >,& #<$& 6>*8& 6$#<":& ")& 7;;>@*8@0& #<*,& )>3#& ,<"7;:& 9$& ($3"(:$:& >,& >8& S9,$(A>#*"84& & /<$& 8769$(& ")& #>?$,&*8&7,$&67,#&9$&($3"(:$:4&

&

1RWH 3RUWDEOH WDSHV VKRXOG EH FDOLEUDWHG LQ DFFRUGDQFH ZLWK PDQXIDFWXUHU·V UHFRPPHQGDWLRQV DQG A>;*:&3$(#*)*3>#$,&")&3>;*9(>#*"8&,<"7;:&9$&?("A*:$:&)"(&$>3<&*8,#(76$8#4&&

&

J*==(

( &

./(%"&(4&55&-(25("#,C-2,H(40-#%2-&(0'(%0V2A(A#'H0&5](25(2%(0$&'#%2,H(2,(#(A-05&C(A0,C2%20,R(

O;;&#>8P$(,&)*##$:&F*#<&>&)*+$:&*8$(#&@>,&,=,#$6&,<>;;&9$&?("A*:$:&F*#<&>&3;",$:&7;;>@$&,=,#$64& & & -2SYO2&NNMK_^4`4`4\4\5& !"#$,%&&O&A";>#*;$&?(":73#&*,&?$#(";$76&<>A*8@&>&);>,<&?"*8#&9$;"F&QHHB&>,&:$#$(6*8$:&9=&#<$&3;",$:&37?& 6$#<":&")&#$,#*8@4& N)&>&3>(@"&*,&9$*8@&<>8:;$:&>#&>&#$6?$(>#7($&F*#<*8&IHHB&")&*#,&);>,#*;$4&& /<$($)"($&>&3>(@"&F*#<&>&);>,#*;$&*)&<>8:;$:&>#&>&#$6?$(>#7($&")& XHHB&"(&>9"A$4&

! J*=?( !

J*=D(

&

.5(%"&(4&55&-($'042C&C(B2%"(#,(#$$'04&C(4#$0;'(A0,%'0-(5>5%&1R(

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`4`5& &

.5( %"&( 4&55&-( 2,( $055&5520,( 0/( #,( #$$'04&C( 80-#%2-&( :'H#,2A( !01$0;,C5( N8:!O( 9#,#H&1&,%( E-#,R(

O&#>8P$(&3>((=*8@& 3(7:$&"*;&,<>;;&<>A$&"8&9">(:&>8:&*6?;$6$8#&>&1SB&6>8>@$6$8#&?;>8&>??("A$:&9=& #<$& O:6*8*,#(>#*"84& 273<& >& ?;>8& ,<>;;& 9$& ?($?>($:& #>P*8@& *8#"& >33"78#& #<$& @7*:$;*8$,& :$A$;"?$:& 9=& #<$& S(@>8*a>#*"84&/<$&?;>8&,<>;;&9$&,?$3*)*3&#"&$>3<&,<*?&>8:&,<>;;&>#&;$>,#%& &&&&&&4I& & & & ?("A*:$& F(*##$8& ?("3$:7($,& )"(& 6*8*6*a*8@& 1SB& $6*,,*"8,& :7(*8@& #<$& ;">:*8@0& ,$>& ?>,,>@$& >8:& :*,3<>(@$&")&3>(@"d& &&&&&&4K&&&&@*A$&3"8,*:$(>#*"8&#"&#<$&>::*#*"8>;&1SB&@$8$(>#$:&9=&3(7:$&"*;&F>,<*8@d& &&&&&&4\&&&&*:$8#*)=&>&?$(,"8&($,?"8,*9;$&)"(&*6?;$6$8#*8@&#<$&?;>8d&>8:& &&&&&&4^&&&&)"(&,<*?,&"8&*8#$(8>#*"8>;&A"=>@$,0&9$&F(*##$8&*8&#<$&F"(P*8@&;>8@7>@$&")&#<$&6>,#$(&>8:&"))*3$(,& >8:0&*)&#<$&F"(P*8@&;>8@7>@$&")&#<$&6>,#$(&>8:&"))*3$(,&*,&8"#&U8@;*,<0&R($83<&"(&&2?>8*,<0&*83;7:$& >&#(>8,;>#*"8&*8#"&"8$&")&#<$,$&;>8@7>@$,4&& &&&&&&&&&&&&&&&&&&&&-.OC'SY&O88$+&1N4I`4Q5& !"#$%&O;;&"*;&#>8P$(,&o^HH@#&3>((=*8@&3(7:$&"*;&>($&($G7*($:&#"&<>A$&>8&>??("A$:&1SB&';>8&9$)"($&I&J7;=& KHIH4&&&N)&#<$&A$,,$;&*,&8"#&:$,*@8>#$:&#"&3>((=&3(7:$&"*;&#<$8&*#&,<"7;:&9$&>8,F$($:&c!Oc4&

! J*=F(( !

@0(%#,W("#%A"&5](%#,W(A-&#,2,H(#$&'%;'&5(#,C(52H"%2,H($0'%5(#$$&#'(%0(<&(-2[;2C(#,C(H#5(%2H"%R(

J*=I((

.5(%"&(A#'H0(4&,%2,H(5>5%&1(2,(H00C(0'C&'R(

['/)*/D!E((-/D'2'/)50!

( J*=J(( ( (

!"#$%&&/<$&3"8:*#*"8&")&?_A&A>;A$,0&6>,#&(*,$(,0&A$8#&,#>3P,0&A>?"7(&;*8$,0&A>3776&A>;A$,&>8:&);>6$&,3($$8,& ,<"7;:&9$&>,,$,,$:4&

.5(%"&(A#'H0(4&,%2,H(5>5%&1(<&2,H(0$&'#%&C(A0''&A%->R(


77 J*=K((

\'&(U:_\U(5&A0,C#'>(4&,%2,H('&[;2'&1&,%5(<&2,H(A01$-2&C(B2%"R(

O&,$3"8:>(=&6$>8,&")&)7;;&);"F&($;*$)&")&A>?"7(0&>*(&"(&*8$(#&@>,&6*+#7($,&,<>;;&9$&?("A*:$:&#"&?($A$8#&"A$(M ?($,,7($& "(& 78:$(M?($,,7($& *8& #<$& $A$8#& ")& )>*;7($& ")& #<$& ?(*6>(=& A$8#*8@& >((>8@$6$8#,4& O;#$(8>#*A$;=0& ?($,,7($& ,$8,"(,& 6>=& 9$& )*##$:& *8& $>3<& #>8P& ?("#$3#$:& 9=& #<$& ?(*6>(=& A$8#*8@& >((>8@$6$8#& F*#<& >& 6"8*#"(*8@& ,=,#$6& *8& #<$& 3>(@"& 3"8#(";& (""6& "(& #<$& ?",*#*"8& )("6& F<*3<& 3>(@"& "?$(>#*"8,& >($& 8"(6>;;=& 3>((*$:& "7#4& & 273<& 6"8*#"(*8@& $G7*?6$8#& ,<>;;& >;,"& ?("A*:$& >8& >;>(6& )>3*;*#=& F<*3<& *,& >3#*A>#$:& 9=& :$#$3#*"8&")&"A$(M?($,,7($&"(&78:$(M?($,,7($&3"8:*#*"8,&F*#<*8&>&#>8P4& &&-2SYO2&NNMK_II4Q4\4K5& 9=!4*->5!35*A2+>!*+A!F*33*8'2+>!5-!A28?(*->2+>!5=!*!?*->5!'*+N!5-!?*->5!'*+N!>-5,7!G(2?(!28!2853*'#A!=-56! *!?5665+!$#+'2+>!8.8'#6!28!2+'#+A#A/!'(*'!?*->5!'*+N!5-!?*->5!'*+N!>-5,7!8(*33!F#!=2''#A!G2'(!*!6#*+8! =5-!5$#-O7-#88,-#!5-!,+A#-O7-#88,-#!7-5'#?'25+!*8!-#C,2-#A!2+!-#>,3*'25+!&&HVHWH0H!I<1LK?"7(&3";;$3#*"8&,=,#$6,&67,#&9$&)*##$:&F*#<&>&?($,,7($&,$8,*8@&:$A*3$&#<>#&,$8,$,& #<$&?($,,7($&*8&#<$&6>*8&A>?"7(&3";;$3#*"8&;*8$0&F<*3<%& ->5&[>,&>&?($,,7($&*8:*3>#"(&;"3>#$:&"8&#<$&A$,,$;&F<$($&#<$&3>(@"&#(>8,)$(&*,&3"8#(";;$:d&>8:& -95&[>,&>&<*@<&?($,,7($&>8:&>&;"F&?($,,7($&>;>(6&#<>#%& -I5&N,&>7:*9;$&>8:&A*,*9;$&"8&#<$&A$,,$;&F<$($&3>(@"&#(>8,)$(&*,&3"8#(";;$:d& -K5& O;>(6,& >#& >& <*@<& ?($,,7($& ")& 8"#& 6"($& #<>8& LH& ?$(3$8#& ")& #<$& ;"F$,#& ?($,,7($& ($;*$)& A>;A$&,$##*8@&*8&#<$&3>(@"&#>8P&A$8#*8@&,=,#$6d&>8:& -\5& O;>(6,& >#& >&;"F& ?($,,7($& ")& 8"#& ;$,,&#<>8&)"7(& *83<$,& F>#$(& @>7@$& -H4I^^& ?,*@5& )"(& >8& *8$(#$:& #>8P,<*?0& "(& #<$& ;"F$,#& A>3776& ($;*$)& A>;A$& ,$##*8@& *8& #<$& 3>(@"& #>8P& A$8#*8@& ,=,#$6&)"(&>&8"8M*8$(#$:&#>8P,<*?4&& & & & &&&&&&&&&&&-BRC&^Q&\L4KHMI\5& !"#$,%& & B;>,,& ,"3*$#*$,& 6>=& >33$?#& >& ,=,#$6& #<>#& 6>=& 8"#& 3"6?;=& F*#<& #<$& 2SYO2& ($G7*($6$8#,& )"(& ¶6HFRQGDU\ PHDQV RI IXOO IORZ UHOLHI·4! ,Q VXFK FDVHV WKH TXHVWLRQ VKRXOG EH DQVZHUHG ¶1R·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p&@($>#$(& #<>8& #<$& 8"(6>;& >3#7>#*"8& ,$##*8@,& ")& #<$& ?($,,7($& A>;A$,& #<$6,$;A$,4& & N8& #<$& 3>,$& ")& #<$& ;"FM?($,,7($& ,$##*8@,0&#<$&?($,,7($&*8&>&#>8P&,<"7;:&8$A$(&9$&?$(6*##$:&#"&)>;;&9$;"F&a$("&>8:&#<$&?($,,7($&,$8,"(,&,<"7;:& 9$&,$#&#"&>;>(6&>9"A$&a$("4& N8&#<$&3>,$&")&8"8M*8$(#$:&A$,,$;,&*)&?($,,7($&,$8,"(,&>($&?("A*:$:0&#<$&"A$(M?($,,7($&,$##*8@&,<"7;:&9$&,$#&#"& >;>(6& >#& IHp& @($>#$(& #<>8& #<$& 8"(6>;& >3#7>#*"8& ,$##*8@,& ")& #<$& ?($,,7($& A>;A$,0& >8:& >#& >& A>3776& IHp& @($>#$(&#<>8&#<$&8"(6>;&>3#7>#*"8&,$##*8@,&")&#<$&A>3776&A>;A$,4& N8&>;;&3>,$,0&>&:$,3(*?#*"8&")&#<$&,$3"8:>(=&A$8#*8@&>((>8@$6$8#,&,<"7;:&9$&?("A*:$:0&*8&?>(#*37;>(&F<>#& A$8#,& "(& ?($,,7($_A>3776& ,$8,*8@& ,=,#$6,& >($& >A>*;>9;$& "8& $>3<& #>8P& F<$8& #<$& 6>*8& *8;$#& A>;A$& #"& NE_A$8#& 6>*8& *,& ,<7#4& & f<$($& $;$3#("8*3& ?($,,7($_A>3776& ,$8,"(,& >($& ?("A*:$:0& *:$8#*)=& >8:& ($3"(:& F<$#<$(&#<$&>;>(6,&>($&,$#&#"&"?$(>#$&>#&#<$&3"(($3#&A>;7$&"(&,"6$&"#<$(&A>;7$4&

&

J*?L(

./( 5%0$( 4#-4&5( #'&( /2%%&C( B"2A"( $&'12%( 250-#%20,( 0/( 2,C242C;#-( %#,W5( /'01( %"&( A0110,( 4&,%2,H( 5>5%&1]( #'&( %"&>( $'042C&C( B2%"( $052%24&( -0AW2,H( #''#,H&1&,%5( #,C( #'&( %"&( W&>5( ;,C&'( %"&( A0,%'0-(0/(%"&($&'50,(2,(04&'#--(A"#'H&(0/(%"&(A#'H0(%'#,5/&'R(

f<$($& #<$& >((>8@$6$8#,& >($& 3"69*8$:& F*#<& "#<$(& 3>(@"& #>8P,0& $*#<$(& ,#"?& A>;A$,& "(& "#<$(& >33$?#>9;$& 6$>8,&,<>;;&9$&?("A*:$:&#"&*,";>#$&$>3<&3>(@"&#>8P4&f<$($&,#"?&A>;A$,&>($&)*##$:0&#<$=&,<>;;&9$&?("A*:$:& F*#<&;"3P*8@&>((>8@$6$8#,&F<*3<&,<>;;&9$&78:$(&#<$&3"8#(";&")&#<$&($,?"8,*9;$&,<*?c,&"))*3$(4&/<$($&,<>;;&9$&>& 3;$>(& A*,7>;& *8:*3>#*"8& ")& #<$& "?$(>#*"8>;& ,#>#7,& ")& #<$& A>;A$,& "(& "#<$(& >33$?#>9;$& 6$>8,4& f<$($& #>8P,& <>A$&9$$8&*,";>#$:0&*#&,<>;;&9$&$8,7($:&#<>#&($;$A>8#&*,";>#*8@&A>;A$,&>($&"?$8$:&9$)"($&3>(@"&;">:*8@&"(& 9>;;>,#*8@& "(& :*,3<>(@*8@& ")& #<",$& #>8P,& *,& 3"66$83$:4& O8=& *,";>#*"8& 67,#& 3"8#*87$& #"& ?$(6*#& #<$& );"F& 3>7,$:&9=&#<$(6>;&A>(*>#*"8,&*8&>&3>(@"&#>8P&*8&>33"(:>83$&F*#<&($@7;>#*"8&II4Q4I4I4& & -2SYO2&NNMK_^4`4\4K4K5&

J*?)(( !

\'&( %"&( EX8( 4#-4&5( 2,( H00C( 0'C&']( 2,5$&A%&C( #,C( A-&#,&C( #5( $#'%( 0/( #( '&H;-#'( $-#,,&C( 1#2,%&,#,A&('0;%2,&(#,C(#'&(%"&'&('&A0'C5(%0(5;$$0'%(%"25R( !"#$,%&&[*@<&g$#&3"8$,&>8:&);>?,&,<"7;:&8"#&9$&g>3P$:&"?$80&?>(#*37;>(;=&F<$8&;">:*8@4&

1$(*)=&#<>#&?_A&A>;A$,0&F<$($&)*##$:0&>($&#*@<#&>8:&*8& @"":&"(:$(&>8:&#<>#&#<$&A$8#*8@&,=,#$6&*,&:$,*@8$:& >8:&"?$(>#$:&*8&>33"(:>83$&F*#<&2SYO24& &

[*@<&A$;"3*#=&A$8#,&>($&8"#&)*##$:&F*#<&);>6$&,3($$8,&>8:&#<$*(&3"(($3#&"?$(>#*"8&($;*$,&"8&>&?($,,7($&97*;:M 7?&F*#<*8&#<$&3"6?>(#6$8#0&F<*3<&"?$8,&#<$&A>;A$&>#&>&?($:$#$(6*8$:&;$A$;&>8:&F<*3<&#<$8&($,7;#,&*8&>& @>,& $+*#&A$;"3*#=& ")& >& 6*8*676& ")&\H& 6$#($,_,$34& &/<*,& ?("A*:$,& ?("#$3#*"8& >@>*8,#&#<$& ?>,,>@$& ")&);>6$0& #<$&,?$$:&")&F<*3<&*,&>9"7#&X4`&6$#($,_,$34&


78 B"8,*,#$8#& F*#<& ,>)$#=& >8:& F*#<"7#& *8#$()$(*8@& F*#<& "?$(>#*"8& >8:& *)& >??("?(*>#$& #"& #<$& :$,*@8& ")& #<$& A$8#*8@&$G7*?6$8#0&($G7$,#&#<$&6>87>;&;*)#*8@&")&?_A&A>;A$,&#"&:$6"8,#(>#$&,>#*,)>3#"(=&"?$(>#*"84& &

( J*?7(( &

'_1&A>;A$,&,<"7;:&9$&3<$3P$:&)"(&)($$&6"A$6$8#&?(*"(&#"&#<$&3"66$83$6$8#&")&$>3<&3>(@"&"?$(>#*"8& >,&($G7*($:&9=&#<$&2<*?&#"&2<"($&2>)$#=&B<$3P&Y*,#&M&V7$,#*"8&\I4&

\'&(/-#1&(5A'&&,5(4->(#AA&552<-&(#,C('&104#<-&](2,(H00C(0'C&'(#,C(2,5$&A%&C(#,C(A-&#,&C( #5($#'%(0/(#('&H;-#'(1#2,%&,#,A&('0;%2,&(#,C(#'&(%"&'&('&A0'C5(#4#2-#<-&R( !"#$%&&/<$&*8#>P$&#"&>&A>3776&A>;A$&")&>&?_A&A>;A$&F*;;&9$&)*##$:&F*#<&>&);>6$&,3($$84&

!

4/'()!H-5!$<5)'20! R"(&#>8P$(,&")&KH0HHH&#"88$,&:$>:F$*@<#&>8:&7?F>(:,0&#<$&?("#$3#*"8&")&#<$&3>(@"&#>8P,&,<>;;&9$&>3<*$A$:&9=&>& )*+$:& *8$(#& @>,& ,=,#$64! N)& #<$& A$,,$;& *,& 8"#& )*##$:& F*#<& >8& N8$(#& E>,& & ,=,#$6& G7$,#*"8,& W4^\& #"& W4`Q& 8$$:& 8"#& 9$& >8,F$($:4&N)&#<$&A$,,$;&*,&8"#&)*##$:&F*#<&>8&N8$(#&@>,&,=,#$60&#<$8&G7$,#*"8,&W4^\&#"&W4`Q&F*;;&9$&($6"A$:&F*#<*8&#<$& *8,?$3#"(c,&?("@(>66$&,")#F>($4&

!

J*?=( &

.5(%"&(4&55&-(/2%%&C(B2%"(#,(2,&'%(H#5(5>5%&1R(

R"(& #>8P$(,& ")& KH0HHH& #"88$,& :$>:F$*@<#& >8:& 7?F>(:,0& #<$& ?("#$3#*"8& ")& #<$& 3>(@"& #>8P,& ,<>;;& 9$& >3<*$A$:&9=&>&)*+$:&*8$(#&@>,&,=,#$64& -2SYO2&NNMK4^4`4`4I4I5&

&

J*??( ( J*?D( ( J*?F(

& &

&

Z#5(%"&(2,&'%(H#5(5>5%&1(2,(;5&(#,C(0$&'#%2,H(5#%25/#A%0'2->(#%(%"&(%21&(0/(%"&(2,5$&A%20,R( .5(#(-0H(W&$%(0/(2,&'%(H#5(0$&'#%20,5R( \'&( '&A0'C5( 1#2,%#2,&C( 0/( &[;2$1&,%( 1#2,%&,#,A&]( 2,A-;C2,H( %"&( 04&'"#;-( 0/( %"&( ,0,T'&%;',( 4#-4&R(

O#&;$>,#&#F"&8"8M($#7(8&:$A*3$,0&"8$&")&F<*3<&,<>;;&9$&>&F>#$(&,$>;0&,<>;;&9$&)*##$:&*8&#<$&*8$(#&@>,&,7??;=& 6>*80&*8&"(:$(&#"&?($A$8#&#<$&($#7(8&")&<=:("3>(9"8&A>?"7(&#"&#<$&6>3<*8$(=&,?>3$&7?#>P$,&"(&#"&>8=&@>,M ,>)$&,?>3$,&78:$(&>;;&8"(6>;&3"8:*#*"8,&")&#(*60&;*,#&>8:&6"#*"8&")&#<$&,<*?4&/<$=&,<>;;&9$&;"3>#$:&9$#F$$8& #<$& >7#"6>#*3& A>;A$& ($G7*($:& 9=& ?>(>@(>?<& K4\4I4\4I-B<4I`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`4K4\4I4^5&

&

J*?I(

,VDQRSHUDWRU·VSROLF\SURYLGHGWKDWFRPSOLHVZLWK,02JXLGHOLQHVLQFDVHRIIDLOXUHRIWKHLQHUW H#5(5>5%&1(#,C(C0(%"&(1#5%&'](A"2&/(0//2A&'(#,C(%"&(0//2A&'5(5%#,C2,H(A#'H0(B#%A"&5(;,C&'5%#,C( %"25R(

!"#$%&&N8&#<$&$A$8#&#<>#&#<$&*8$(#&@>,&,=,#$6&*,&78>9;$&#"&6$$#&"?$(>#*"8>;&($G7*($6$8#,&")&#<*,&($@7;>#*"8& >8:&*#&<>,&9$$8&>,,$,,$:&#<>#&*#&*,&*6?(>3#*3>9;$&#"&$))$3#&>&($?>*(0&#<$8&3>(@"&:*,3<>(@$0&:$9>;;>,#*8@&>8:& 8$3$,,>(=& #>8P& 3;$>8*8@& ,<>;;& "8;=& 9$& ($,76$:& F<$8& #<$& $6$(@HQF\ FRQGLWLRQV ODLG GRZQ LQ WKH ¶N.S& *XLGHOLQHVRQ,QHUW*DV6\VWHPV·DUHFRPSOLHGZLWK&N8&9(*$)0&#<$,$&@7*:$;*8$,&,#>#$&#<>#d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x /<>#& >??("A$:& :$A*3$,0& "(&);>6$& ,3($$8,0&#"& ?($A$8#&#<$& ?>,,>@$& ")& );>6$& *8#"& 3>(@"& #>8P,& >($& )*##$:&>8:&3<$3P$:&#"&$8,7($&#<>#&#<$=&>($&*8&@"":&"(:$(d& x /<$&A>;A$,&"8&#<$&6>,#&(*,$(,&>($&"?$8$:d& x !"&)($$&)>;;&")&F>#$(&"(&,;"?,&*,&?$(6*##$:d&>8:&


79 x

( J*?J( ( J*?K(

!"& :*??*8@0& 7;;>@*8@0& ,>6?;*8@& "(& "#<$(& $G7*?6$8#& ,<"7;:& 9$& *8#(":73$:& *8#"& #<$& #>8P& 78#*;& >& ?$(*":&")&)*A$&<"7(,&,*83$&*8g$3#*"8&")&*8$(#&@>,&3$>,$:4&&N)&$,,$8#*>;&)"(&#<$&,>)$#=&")&#<$&"?$(>#*"80& #<*,& ,<"7;:& 9$& :"8$& "8;=& >)#$(& \H& 6*87#$,& <>A$& $;>?,$:& >8:& >;;& 6$#>;& 3"6?"8$8#,& ,<"7;:& 9$& ,$37($;=&$>(#<$:4& -N.S&N8$(#&E>,&2=,#$6,&W4\5&

.5( %"&( 2,&'%( H#5( 5>5%&1( 2,A-;C2,H( 2,5%';1&,%#%20,]( #-#'15]( %'2$5( #,C( $'&55;'&( #,C( 0V>H&,( '&A0'C&'5](2,(H00C(0'C&'R( .5(%"&(0V>H&,(A0,%&,%(0/(%"&(2,&'%(H#5(C&-24&'>(#%(0'(<&-0B(%"&($&'12%%&C(1#V21;1R(

C$3"(:&>8&S9,$(A>#*"8&*)&#<$&"+=@$8&:$;*A$(=&*,&6"($&#<>8&`p&"(&*)&>&<*@<&"+=@$8&;$A$;&>;>(6&*,&8"#&)*##$:0& ($@>(:;$,,&")&#<$&:>#$&")&:$;*A$(=4& R"(&#>8P$(,&3"8,#(73#$:&>)#$(&I,#&2$?#$69$(&ILW^%& /<$&,=,#$6&,<>;;&9$&3>?>9;$&")&6>*8#>*8*8@&#<$&>#6",?<$($&*8&>8=&?>(#&")&>8=&3>(@"&#>8P&F*#<&>8&"+=@$8& 3"8#$8#& 8"#& $+3$$:*8@& Wp& 9=& A";76$& >8:& >#& >& ?",*#*A$& ?($,,7($& >#& >;;& #*6$,& *8& ?"(#& >8:& >#& ,$>0& $+3$?#& F<$8&*#&*,&8$3$,,>(=&)"(&#<$&#>8P&#"&9$&@>,&)($$4& -R22&B":$&I`4K4I4\4K5& /<$&,=,#$6&,<>;;&9$&3>?>9;$&")&:$;*A$(*8@&*8$(#&@>,&F*#<&>8&"+=@$8&3"8#$8#&")&8"#&6"($&#<>8&`p&9=&A";76$& *8&#<$&*8$(#&@>,&,7??;=&6>*8&#"&#<$&3>(@"&#>8P,4& -R22&B":$&I`4K4K4I4\5&

( J*DL( ( J*D)( ( J*D7( &

! J*D=(

\'&(%"&(4#$0;'(5$#A&5(2,(%"&(A#'H0(%#,W5(<&2,H(1#2,%#2,&C(#%($052%24&($'&55;'&R( @0&5(%"&(0V>H&,(A0,%&,%(2,(%"&(A#'H0(%#,W5(1&&%(.9:('&[;2'&1&,%5R( Z#5(%"&(/2V&C(0V>H&,(#,#->5&'(A#-2<'#%&C(211&C2#%&->($'20'(%0(;5&(0/(%"&(2,&'%(H#5(5>5%&1R(

!"#$%&&/<$&"+=@$8&>8>;=,$(&67,#&<>A$&9$$8&3>;*9(>#$:&8"#&6"($&#<>8&K^&<"7(,&?(*"(&#"&,#>(#*8@&")&#<$&*8$(#& @>,&,=,#$64!

@0( %"&( '&#C2,H5( 0,( %"&( -0A#-]( <'2CH&( #,C( A#'H0( A0,%'0-( '001( 0V>H&,( #,C( $'&55;'&( '&A0'C&'5]( B"&'&(/2%%&C](#H'&&R( N8,#(76$8#>#*"8& ,<>;;& 9$& )*##$:& )"(& 3"8#*87"7,;=& *8:*3>#*8@& >8:& ?$(6>8$8#;=& ($3"(:*8@& F<$8& *8$(#& @>,& *,& 9$*8@&,7??;*$:%& x /<$&?($,,7($&")&#<$&*8$(#&@>,&,7??;=&)"(F>(:&")&#<$&8"8M($#7(8&:$A*3$,d&>8:& x /<$&"+=@$8&3"8#$8#&")&#<$&*8$(#&@>,&*8&#<$&*8$(#&@>,&,7??;=&6>*8,&"8&#<$&:*,3<>(@$&,*:$&")&#<$& @>,&9;"F$(,4&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&-R22&B":$&I`4K4^4K4I5&

/<$&:$A*3$,&($)$(($:&#"&>9"A$&,<>;;&9$&?;>3$:&*8&#<$&3>(@"&3"8#(";&(""64&&T7#&F<$($&8"&3>(@"&3"8#(";& (""6&*,&?("A*:$:0&#<$=&,<>;;&9$&?;>3$:&*8&>&?",*#*"8&$>,*;=&>33$,,*9;$&#"&#<$&"))*3$(&*8&3<>(@$&")&3>(@"& "?$(>#*"8,4& -R22&B":$&I`4K4^4K4K5& N8&>::*#*"80&6$#$(,&,<>;;&9$&)*##$:%& x N8&#<$&8>A*@>#*"8&9(*:@$&#"&*8:*3>#$&>#&>;;&#*6$,&#<$&?($,,7($&")&#<$&*8$(#&@>,&6>*8&)"(F>(:&")&#<$& 8"8M($#7(8&:$A*3$,d& x N8&#<$&6>3<*8$(=&3"8#(";&(""6&"(&*8&#<$&6>3<*8$(=&,?>3$&#"&*8:*3>#$&#<$&"+=@$8&3"8#$8#&")&#<$& *8$(#&@>,&*8&#<$&*8$(#&@>,&,7??;=&6>*8,&"8&#<$&:*,3<>(@$&,*:$&")&#<$&@>,&9;"F$(,4& & &-R22&B":$&I`4K4^4K4\5&

J*D?(

.5(%"&(-2[;2C(-&4&-(2,(%"&(C&AW(5&#-(A0''&A%(#,C(A-&#'->(4252<-&R( C$3"(:&*8&S#<$(&3"66$8#&*)&>&:(=M#=?$&:$3P&,$>;&*,&)*##$:4&

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b?"8&($,#"(*8@&#<$&,7??;=0&#<$&:76?&A>;A$&,<"7;:&3;",$&>8:&#<$& 7??$(&#>8P&)*;;*8@&>8:&;"F$(&#>8P&:(>*8&A>;A$,&"?$84&

( J*DD( J*DF(

@0&5(%"&(EX8(<'&#W&'(#$$&#'(%0(<&(2,(H00C(0'C&'R(

f>#$(&)*;;$:&?($,,7($_A>3776&9($>P$(,&,<"7;:&9$&)*;;$:&#"&#<$&>??("?(*>#$&;$A$;&F*#<&>8#*M)($$a$&;*G7*:& & -N2ES//&X4I4II4\5!

!#,(C0;<-&(";--(5$#A&5(<&(2,&'%&CR(

/>8P$(,&($G7*($:&#"&9$&)*##$:&F*#<&*8$(#&@>,&,=,#$6,&,<>;;&9$&)*##$:&F*#<&,7*#>9;$&3"88$3#*"8,&)"(&#<$&,7??;=&")& *8$(#&@>,&#"&:"79;$&<7;;&,?>3$,4& -2SYO2&KHHI&NNMK_`L4^4\& />8P$(,&($G7*($:&#"&9$&)*##$:&F*#<&*8$(#&@>,&,=,#$6,&,<>;;&3"6?;=&F*#<&#<$&)";;"F*8@&?("A*,*"8,%&


80 4I&& 4K& 4\&&

:"79;$&<7;;&,?>3$,&,<>;;&9$&)*##$:&F*#<&,7*#>9;$&3"88$3#*"8,&)"(&#<$&,7??;=&")&*8$(#&@>,d& &F<$($&<7;;&,?>3$,&>($&3"88$3#$:&#"&>&?$(6>8$8#;=&)*##$:&*8$(#&@>,&:*,#(*97#*"8&,=,#$60&6$>8,&,<>;;& 9$&?("A*:$:&#"&?($A$8#&<=:("3>(9"8&@>,$,&)("6&#<$&3>(@"&#>8P,&$8#$(*8@&#<$&:"79;$&<7;;&,?>3$,& #<("7@<&#<$&,=,#$6d&>8:& F<$($&,73<&,?>3$,&>($&8"#&?$(6>8$8#;=&3"88$3#$:&#"&>8&*8$(#&@>,&:*,#(*97#*"8&,=,#$60& >??("?(*>#$&6$>8,&,<>;;&9$&?("A*:$:&#"&>;;"F&3"88$3#*"8&#"&#<$&*8$(#&@>,&6>*84&

& -2SYO2&KHHL&NNMK_^4`4`4I4\5& /<*,&($G7*($6$8#&>??;*$,&#"&A$,,$;,&3"8,#(73#$:&"8&"(&>)#$(&I ,#&S3#"9$(&ILL^4&

-2SYO2&KHHI&NNMK_`L4^4I5&

!

&(78'!9*>!W-5=*/D0!

N)&#<$&A$,,$;&*,&8"#&)*##$:&F*#<&>&3(7:$&"*;&F>,<*8@&,=,#$6&G7$,#*"8,&W4`X&#"&W4QW&8$$:&8"#&9$&>8,F$($:0&<"F$A$(&*)& #<$&A$,,$;&<>,&>&3(7:$&"*;&F>,<*8@&,=,#$6&97#&*,&8"#&*8&7,$&>#&#<$&#*6$&")&*8,?$3#*"8&#<$8&G7$,#*"8&W4`X&#"&W4QW&,<"7;:& ,#*;;& 9$& >8,F$($:4& & N)& #<$& A$,,$;& *,& 8"#& )*##$:& F*#<& >& 3(7:$& "*;& F>,<*8@& ,=,#$60& #<$8& G7$,#*"8,& W4`X& #"& W4QW& F*;;& 9$& ($6"A$:&F*#<*8&#<$&*8,?$3#"(c,&?("@(>66$&,")#F>($4&

J*DI( (

.5(%"&(4&55&-(/2%%&C(B2%"(#(A';C&(02-(B#5"2,H(5>5%&1R(

UA$(=& 8$F& 3(7:$& "*;& #>8P$(& ")& KH0HHH& #"8,& :$>:F$*@<#& >8:& >9"A$& ,<>;;& 9$& )*##$:& F*#<& >& 3>(@"& #>8P& 3;$>8*8@&,=,#$6&7,*8@&3(7:$&"*;&F>,<*8@4& -.OC'SY&O88$+&N_\\4I55&

&

J*DJ( & &

& &

./( A';C&( 02-( B#5"2,H( 25( <&2,H( A#''2&C( 0;%( #'&( %"&( %#,W5( <&2,H( !';C&( 02-( B#5"&C( 2,( #AA0'C#,A&( B2%"(.9:('&[;2'&1&,%5R(

f*#<&($,?$3#&#"&#<$&9>;;>,#*8@&")&3>(@"&#>8P,0&,7))*3*$8#&3>(@"&#>8P,&,<>;;&9$&3(7:$&"*;&F>,<$:&?(*"(&#"&$>3<& 9>;;>,#& A"=>@$& *8& "(:$(& #<>#0& #>P*8@& *8#"& >33"78#& #<$& #>8P$(c,& #(>:*8@& ?>##$(8& >8:& $+?$3#$:& F$>#<$(& 3"8:*#*"8,0&9>;;>,#&F>#$(&*,&?7#&"8;=&*8#"&3>(@"&#>8P,&F<*3<&<>A$&9$$8&3(7:$&"*;&F>,<$:4& & &-.OC'SY&O88$+&I&\`4K5( T$)"($&:$?>(#7($&"8&>&9>;;>,#&A"=>@$%& x 9>;;>,#&F>#$(&*,&?7#&"8;=&*8#"&3>(@"&#>8P,&F<*3<&<>A$&9$$8&3(7:$&"*;&F>,<$:4&&O??("+*6>#$;=&"8$& G7>(#$(&")&#<$&3>(@"&#>8P,&,<>;;&9$&3(7:$&"*;&F>,<$:&)"(&,;7:@$&3"8#(";&?7(?",$,&"8&>&("#>#*"8>;& 9>,*,& *8& >33"(:>83$& F*#<& #<$& ?("3$:7($,& ,?$3*)*$:& *8& #<$& S?$(>#*"8,& >8:& UG7*?6$8#& .>87>;4&& ["F$A$(0& )"(& #<$,$& ?7(?",$,0& 8"& #>8P& 8$$:& 9$& 3(7:$& "*;& F>,<$:& 6"($& #<>8& "83$& *8& $A$(=& )"7(& 6"8#<,d& x N)& *#& *,& 3"8,*:$($:& #<>#& >::*#*"8>;& 9>;;>,#& *8& >& 3>(@"& #>8P,& "(& #>8P,& 6>=& 9$& ($G7*($:& :7(*8@& #<$& 9>;;>,#&A"=>@$0&#<$&#>8P&"(&#>8P,&F<*3<&6>=&9$&7,$:&)"(&#<*,&9>;;>,#&,<>;;&9$&3(7:$&"*;&F>,<$:&*8& >33"(:>83$&F*#<&#<$&?("3$:7($,&*8&#<$&S?$(>#*"8,&>8:&UG7*?6$8#&.>87>;d&>8:& x T>;;>,#&F>#$(&,<>;;&8"#&9$&?7#&*8#"&3>(@"&#>8P,&#<>#&<>A$&8"#&9$$8&3(7:$&"*;&F>,<$:4& -N.S&C$,4&^^Q-hN5&Q4I&>8:&>6$8:6$8#,&O4^LQ-hNN5&>8:&O4WLX-KI5& !"#$%&N)&#<$&3(7:$&"*;&9$*8@&3>((*$:&*,&;*,#$:&*8&#<$&B(7:$&S*;&f>,<*8@&S?$(>#*"8,&>8:&UG7*?6$8#&.>87>;&>,& 9$*8@&8"#&,7*#>9;$&)"(&3(7:$&"*;&F>,<*8@&#<$8&>8,F$(&#<$&G7$,#*"8&!_O4&

! J*DK( ! J*FL( ! J*F)(

J*F7(

.5(#,(#$$'04&C(!';C&(:2-(Z#5"2,H(:$&'#%20,5(#,C(S[;2$1&,%(9#,;#-($'042C&CR( ./(%"&(4&55&-(25(A';C&(02-(B#5"2,H]("#5(#(A"&AW-25%(<&&,(A01$-&%&CR( .5(%"&($&'50,(2,(A"#'H&(0/(!:Z(0$&'#%20,5(5;2%#<->([;#-2/2&CR(

f<$($&>&?$(,"8&,73<&>,&#<$&6>,#$(0&#<$&3<*$)&"))*3$(&"(&#<$&3>(@"&3"8#(";&"))*3$(&>,,76$,&"A$(>;;&3<>(@$&")& >&3(7:$&"*;&F>,<&<$&,<>;;%& ->5& [>A$&>#&;$>,#&"8$&=$>(c,&$+?$(*$83$&"8&"*;&#>8P$(,&F<$($&<*,&:7#*$,&<>A$&*83;7:$:&#<$&:*,3<>(@$&")& 3>(@"& >8:& >,,"3*>#$:& 3(7:$& F>,<*8@4& & f<$($& <*,& :7#*$,& <>A$& 8"#& *83;7:$:& 3(7:$& "*;& F>,<*8@& "?$(>#*"8,0& <$& ,<>;;& <>A$& 3"6?;$#$:& >&#(>*8*8@& ?("@(>66$& *8& 3(7:$& "*;& F>,<*8@& *8& >33"(:>83$& F*#<&N.S&C$,";7#*"8&O4^^Q&-hN5d& -95& [>A$& ?>(#*3*?>#$:& >#& ;$>,#& #F*3$& *8& 3(7:$& "*;& F>,<& ?("@(>66$,& "8$& ")& F<*3<& ,<>;;& 9$& "8& #<$& ?>(#*37;>(& ,<*?& )"(& F<*3<& <$& *,& ($G7*($:& #"& 78:$(#>P$& #<$& ($,?"8,*9*;*#=& ")& 3>(@"& :*,3<>(@$4&& O;#$(8>#*A$;=0&#<*,&;>##$(&?>(#*3*?>#*"8&6>=&9$&>33$?#>9;$&*)&78:$(#>P$8&"8&>&,<*?&#<>#&*,&,*6*;>(&*8&>;;& ($;$A>8#&($,?$3#,d&>8:&& -35& T$&)7;;=&P8"F;$:@$>9;$&")&#<$&3"8#$8#,&")&#<$&S?$(>#*"8,&>8:&UG7*?6$8#&.>87>;4& & & -N.S&B(7:$&"*;&F>,<*8@&,=,#$6,&`4K5& &

@0('&A0'C5(2,C2A#%&(%"#%(%"&(A';C&(02-(B#5"2,H(5>5%&1(B#5($'&55;'&(%&5%&C($'20'(%0(;5&R(

T$)"($&>((*A*8@&*8&>&?"(#&F<$($&*#&*,&*8#$8:$:&#"&3(7:$&"*;&F>,<0&#<$&#>8P&F>,<*8@&,=,#$6&,<"7;:&9$&?($,,7($& #$,#$:&#"&8"(6>;&F"(P*8@&?($,,7($&>8:&$+>6*8$:&)"(&;$>P,4&


81 &&&&&&&&&&&&&&&&&&&&&&&&& /<$&,=,#$6&,<"7;:&9$&:(>*8$:&:"F8&>)#$(&#$,#*8@&#"&>A"*:&#<$&(*,P&")&;$>P,&:7$&#"&#<$(6>;&$+?>8,*"84&O8=& ;$>P,& )"78:& ,<"7;:& 9$& 6>:$& @"":0& >)#$(& F<*3<& #<$& ,=,#$6& ,<"7;:& 9$& ($M#$,#$:& >8:& ?("A$:& ;$>P& )($$4& D7(*8@& 3(7:$& "*;& F>,<*8@0& #<$& ,=,#$6& 67,#& 9$& P$?#& 78:$(& 3"8,#>8#& "9,$(A>#*"8& ,"& #<>#& >8=& ;$>P& 3>8& 9$& :$#$3#$:& *66$:*>#$;=& >8:& >3#*"8& #>P$8& #"& :$>;& F*#<& *#4& f<$8& #>8P,& )"(& 3(7:$& "*;& F>,<*8@& >($& 9$*8@& 3<>8@$:&"A$(0&#<$&?($,,7($&*8&#<$&BSf&;*8$&,<"7;:&9$&($:73$:&#"&>&6*8*676&9$)"($&>8=&A>;A$,&"8&#<$& ,=,#$6&>($&"?$8$:&"(&3;",$:0&#<$($9=&6*8*6*,*8@&#<$&?"#$8#*>;&)"(&:>6>@$&:7$&#"&,7(@$&?($,,7($4& -N2ES//&II4`4`5& &

J*F=( ( J*F?( ( J*FD( ( J*FF( ( J*FI( &

( J*FJ(

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

\'&('&A0'C5(1#2,%#2,&C(0/($'&420;5(!:Z(0$&'#%20,5R(

!"#$%& & O& ($3"(:& ,<"7;:& 9$& 9$*8@& 6>*8#>*8$:& ")& >;;& BSf& "?$(>#*"8,0& *83;7:*8@& #<$& #>8P,& F>,<$:0& #<$& 8769$(&")&6>3<*8$,&7,$:0&#<$&#*6$&F>,<*8@&,#>(#$:&>8:&F>,&3"6?;$#$:0&#<$&F>,<*8@&?>##$(8&$6?;"=$:0& #<$&F>,<*8@&;*8$&?($,,7($&>8:&#<$&6$#<":&$6?;"=$:&#"&$8,7($&#<>#&#<$&#>8P,&F$($&:(=4&

(

$)-)*,!B>',)(*,*)?#$(&\&>::($,,$,&#<$&<>a>(:,&>,,"3*>#$:&F*#<&,#>#*3&$;$3#(*3*#=4&&N2ES//&B<>?#$(&II&>::($,,$,&#<$& ?($3>7#*"8,&#<>#&67,#&9$&#>P$8&F<$8&<>8:;*8@&,#>#*3&>33767;>#"(&3>(@"$,&*8&6"($&:$#>*;4&&'("A*:$:&#<>#&>&#>8P&*,& 6>*8#>*8$:& *8& >8& *8$(#& 3"8:*#*"8& F<$8& ,#>#*3& 8"8M>33767;>#"(& 3>(@"$,& >($& 9$*8@& <>8:;$:0& "(& F<$8& *#& 3>8& 9$& @7>(>8#$$:&#<>#&#<$&#>8P&>#6",?<$($&*,&8"8M);>66>9;$0&8"&>8#*M,#>#*3&?($3>7#*"8,&>($&8$3$,,>(=4& \7'5)*./5! ]3^_! ).! ]3`^! -('! -66>*,-:>'! ).! ;'55'>5! ,-((<*/D! 5)-)*,! -,,727>-).(! ,-(D.'5! */! /./P*/'()! )-/@53& & N)& #<$& 3>(@"& *,& 8"#& >& ,#>#*3& >33767;>#"(& "(& *)& #<$& #>8P,& >($& ?("?$(;=& *8$(#$:0& #<$,$& G7$,#*"8,& F*;;& 9$& ($6"A$:& )("6& #<$& *8,?$3#"(c,&?("@(>66$&,")#F>($4& 2#>#*3& >33767;>#"(& 3>(@"$,& >($& >;;& #<",$& $+3$?#& )7$;& F*#<& >8#*M,#>#*3& >::*#*A$0& <$>A=& 9;>3P& )7$;& "*;,0& 3"8:73#*A$& 3(7:$&"*;0&9*#76$80&>;3"<";,&>8:&P$#"8$,4& &-2$$&N2ES//&/>9;$&\4I5&

J*FK(

\'&($'&A#;%20,5('&-#%2,H(%0(1#V21;1(/-0B('#%&5(C;'2,H(2,2%2#-(-0#C2,H(<&2,H(0<5&'4&CR(

( J*IL(

\'&('&[;2'&C(5&%%-2,H($&'20C5(<&2,H(0<5&'4&CR(

&

&

( J*I)(

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c,&;">:*8@&*8;$#4&&& -N2ES//&II4I4X4\5&

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·VSROLF\UHODWLQJWRDFWLRQVWREHWDNHQLQWKHHYHQWRIIDLOXUHRIWKH ?(*6>(=&)*+$:&@>7@*8@&,=,#$6&67,#&9$&($A*$F$:4!

Z"&'&(4#$0;'(-0AW5(#'&( /2%%&C(%0(A#'H0(%#,W5(%"#%(#'&(,0%( /2%%&C( B2%"( /;--(C&$%"(50;,C2,H($2$&5]( #'&(5%#%2A(&-&A%'2A2%>($'&A#;%20,5(%#W&,(%0(&,5;'&(%"#%(%"&(#$$'0$'2#%&('&-#V#%20,($&'20C(&-#$5&5( $'20'(%0(;--#H2,H(0'(5#1$-2,HR(

S?$(>#*"8,& 3>((*$:& "7#& #<("7@<& ,"78:*8@& ?*?$,& >($& ?$(6*,,*9;$& >#& >8=& #*6$& 9$3>7,$& *#& *,& 8"#& ?",,*9;$& )"(& >8=&,*@8*)*3>8#&3<>(@$&#"&>33767;>#$&"8&#<$&,7()>3$&")&#<$&;*G7*:&F*#<*8&>&3"(($3#;=&:$,*@8$:&>8:&*8,#>;;$:& ,"78:*8@&?*?$4&&O&,"78:*8@&?*?$&*,&:$)*8$:&>,&>&3"8:73#*8@&?*?$&F<*3<&$+#$8:,&#<$&)7;;&:$?#<&")&#<$&#>8P& >8:&F<*3<&*,&$))$3#*A$;=&9"8:$:&>8:&$>(#<$:&#"&#<$&#>8P&,#(73#7($&>#&*#,&$+#($6*#*$,4&&/<$&?*?$& ,<"7;:&9$&


82 ,;"##$:& *8& "(:$(& #"& ?($A$8#& >8=& ?($,,7($& :*))$($8#*>;& 9$#F$$8& #<$& *8,*:$& ")& #<$& ?*?$& >8:& #<$& #>8P& >8:& #"& $8,7($&#<>#&#(7$&;$A$;&*8:*3>#*"8,&>($&"9#>*8$:4& &-N2ES//&II4W4K4\5&&

! J*I7( &

( J*I=(

( J*I?(

\'&( 1&%#-( %#$&5( #,C( 0%"&'( H#;H2,H( 0'( 5#1$-2,H( C&42A&5( &//&A%24&->( <0,C&C( <&/0'&( <&2,H( 2,%'0C;A&C(2,%0(%#,W5R(

!"#$%& & b/N& #>?$,& 67,#& 9$& 9"8:$:& 9$)"($& 9$*8@& *8#(":73$:& *8#"& #>8P,4& & b/N& #>?$,& F<*3<& <>A$& G7*3P& 3"7?;*8@,& #"& 3"88$3#& #<$& 78*#& #"& #<$& A>?"7(& ;"3P& F*;;& ?",,*9;=& 8"#& ($G7*($& 9"8:*8@& F*($,4& & ["F$A$(0& #<$& LQWHUQDOERQGLQJRIVXFKXQLWVVKRXOGEHFKHFNHGHYHU\VL[PRQWKVLQDFFRUGDQFHZLWKWKHPDQXIDFWXUHU·V ($G7*($6$8#,4&

\'&(,#%;'#-(/2<'&('0$&5](#5(0$$05&C(%0(5>,%"&%2A](;5&C(/0'(C2$$2,H(&%A*R(

-f<$8& F>,<*8@& *8& >& 8"8M*8$(#& >#6",?<$($5& 7R &RQWURO WKH ¶6RXUFHV RI ,JQLWLRQ· LQ WKH 7DQN & UG7*?6$8#& 6>:$& $8#*($;=& ")& 8"8M6$#>;;*3& 6>#$(*>;,& 6>=0& *8& @$8$(>;0& 9$& 7,$:0& )"(& $+>6?;$& >& F"":$8& ,"78:*8@& (":& 6>=&9$&,7,?$8:$:&"8&>&8>#7(>;&)*9($&("?$&F*#<"7#&$>(#<*8@4&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&-N2ES//&II4\4`4K&,79M?>(>&-@55&

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

( J*ID((

\'&($&'50,,&-(#B#'&(0/(%"&("#c#'C5(#550A2#%&C(B2%"(%#,W(A-&#,2,H(#/%&'(%"&(A#''2#H&(0/(40-#%2-&( $'0C;A%5R( !"#$%&&/<$&($3"66$8:>#*"8,&3"8#>*8$:&*8&N2ES//&B<>?#$(&II4\&67,#&9$&,#(*3#;=&"9,$(A$:4!

( J*IF((

\'&($&'50,,&-(#B#'&(0/(%"&(,&&C(%0(#402C(%"&(/'&&(/#--(0/(-2[;2C(2,%0(%#,W5R(

Y">:*8@&"(&9>;;>,#*8@&)("6&#<$&#"?&-"A$(>;;5&:$;*A$(,&3<>(@$:&;*G7*:&#"&>&#>8P&*8&,73<&>&6>88$(&#<>#&*#&3>8& 9($>P& 7?& *8#"& ,6>;;& :("?;$#,& >8:& ,?;>,<& *8#"& #<$& #>8P4& /<*,& 6>=& ?(":73$& >& 3<>(@$:& 6*,#& >,& F$;;& >,& >8& *83($>,$&*8&#<$&?$#(";$76&@>,&3"83$8#(>#*"8&*8&#<$&#>8P4&C$,#(*3#*"8,&7?"8&;">:*8@&"(&9>;;>,#*8@&"A$(>;;&>($& @*A$8&*8&N2ES//&2$3#*"8&II4I4IK4& & & & & & & & -N2ES//&\4\4\5&

! !

"-/*+.>8!E((-/D'2'/)50! J*II(( & & & & & & &

J*IJ((

\'&(%"&(1#,2/0-C5(2,(H00C(0'C&'R(

/<$&)";;"F*8@&>??;*$,&#"&A$,,$;,&")&IQ0HHH&:F#&>8:&>9"A$%& 7KHGLVWDQFHRIWKHSUHVHQWDWLRQIODQJHVLQERDUGIURPWKHVKLS·VVLGHVKRXOGEHPP& & & -C$3"66$8:>#*"8,&)"(&.>8*)";:,&K4K5& /<$&<$*@<#&")&#<$&3$8#($,&")&#<$&?($,$8#>#*"8&);>8@$,&>9"A$&#<$&:$3P&,<"7;:&8"#&$+3$$:&KIHH&664& & -C$3"66$8:>#*"8,&)"(&.>8*)";:,&K4\4K5& /<$&F"(P*8@&?;>#)"(6&-#<$&@(>#*8@&")&#<$&,>A$>;;5&,<"7;:&9$&)*##$:&#"&>;;"F&LHH&66&9$#F$$8&#<$&;$A$;&")&#<$& ?;>#)"(6&>8:&#<$&3$8#($,&")&#<$&?($,$8#>#*"8&);>8@$,4& -C$3"66$8:>#*"8,&)"(&.>8*)";:,&K4\4\5& &

\'&(1#,2/0-C($'&55;'&(H#;H&5(/2%%&C(0;%<0#'C(0/(%"&(1#,2/0-C(4#-4&5(0,(<0%"(52C&5(0/(%"&(4&55&-( #,C(#'&(%"&>(2,(H00C(0'C&'R(

.>8*)";:& ?($,,7($& @>7@$,& ,<"7;:& 9$& )*##$:& #"& #<$& ,?"";& ?*$3$,_($:73$(,& "8& #<$& "7#9">(:& ,*:$& ")& #<$& 6>8*)";:&A>;A$,4& & -N2ES//&K^4Q4\5&

( J*IK(( ( J*JL(( ( J*J)(( &

\'&( $'&55;'&( H#;H&5( #-50( /2%%&C( %0( %"&( 0//5"0'&( 1#,2/0-C5( #,C( '&H;-#'->( A"&AW&C( C;'2,H( A#'H0( %'#,5/&'(/0'(1#,2/0-C(4#-4&(-&#W#H&R( \'&(1#,2/0-C($'&55;'&(H#;H&5(/2%%&C(B2%"(4#-4&5(0'(A0AW5R( \'&(1#,2/0-C(<-#,W(/-#,H&5(0/(#,(&[;24#-&,%('#%2,H(%0(%"#%(0/(%"&(1#,2/0-C($2$&-2,&5R(

!"#$,%&&N#&*,&@$8$(>;;=&>33$?#$:&#<>#&,#$$;&9;>8P,&,<"7;:&9$&")&#<$&,>6$&#<*3P8$,,&>,&#<$&);>8@$,&#"&F<*3<& #<$=&>($&>##>3<$:0& 97#&#<*,&F*;;&8"#&8$3$,,>(*;=&($,7;#&*8&#<$&?($,,7($&3>?>9*;*#=&9$*8@&#<$&,>6$&>,&#<>#&")& #<$&>,,"3*>#$:&?*?$F"(P4&


83 &

! J*J7(

N#&*,&#<$&?($,,7($&(>#*8@&")&#<$&9;>8P&F<*3<&*,&*6?"(#>8#&>8:&9;>8P,&6>:$&")&6>#$(*>;,&,73<&>,&#*#>8*76&<>A$& >&,7?$(*"(&,#($8@#<&>8:&6>=&#<$($)"($&9$&,*@8*)*3>8#;=&#<*88$(&)"(&#<$&,>6$&?($,,7($&(>#*8@&>,&>&6*;:&,#$$;& 9;>8P4& & N)& ,73<& 9;>8P,& >($& )*##$:0& :"376$8#>#*"8& ,<"7;:& 9$& "8& 9">(:& #"& ?("A$& #<>#& #<$& ?($,,7($& (>#*8@& *,& >:$G7>#$&)"(&#<$&,$(A*3$4&

./(%"&(4&55&-(25(/2%%&C(B2%"(4#$0;'('&%;',(1#,2/0-C5](#'&(%"&>(2,(H00C(0'C&'R(

7RJXDUGDJDLQVWWKHSRVVLEOHPLVFRQQHFWLRQRIWKHVKLS·VYDSRXUPDQLIROGWRDWHUPLQDOOLTXLGORDGLQJOLQH #<$&A>?"7(&3"88$3#*"8&,<"7;:&9$&3;$>(;=&*:$8#*)*$:&9=&?>*8#*8@&#<$&"7#9">(:&I&6$#($&,$3#*"8&F*#<&=$;;"F& DQGUHGEDQGVDQGE\VWHQFLOOLQJWKHZRUG´9$3285µLQEODFNOHWWHUVXSRQLW& N8&>::*#*"80&>&3=;*8:(*3>;&,#7:&,<"7;:&9$&?$(6>8$8#;=&>##>3<$:&#"&$>3<&?($,$8#>#*"8&);>8@$&)>3$&>#&#<$&IK& R·FORFNSRVLWLRQRQWKHIODQJHEROWFL(3;$4&/<$&,#7:&,<"7;:&?("g$3#&K`4^&66&-I&*83<5&?$(?$8:*37;>(&#"&#<$& );>8@$&)>3$0&>8:&,<"7;:&9$&IK4X&66&-i&*83<5&*8&:*>6$#$(0&*8&"(:$(&#"&?($A$8#&#<$&3"88$3#*"8&")&,#>8:>(:& ;*G7*:&#(>8,)$(&<",$,4&T;>8P&);>8@$,0&*89">(:&$8:,&")&($:73$(,&>8:&<",$,&)"(&#<$&A>?"7(&;*8$&F*;;&<>A$&>8& $+#(>&<";$&#"&>33"66":>#$&#<$&,#7:&"8&#<$&?($,$8#>#*"8&);>8@$4& R7;;&:$#>*;,&")&A>?"7(&6>8*)";:&>((>8@$6$8#,0&6>#$(*>;,&>8:&)*##*8@,&>($&3"8#>*8$:&*8&#<$&SBN.R&?79;*3>#*"8& ¶5HFRPPHQGDWLRQVIRU2LO7DQNHU0DQLIROGVDQG$VVRFLDWHG(TXLSPHQW·& & &&&&&&&&&&&-N2ES//&II4I4I\4K5!

! J*J=(

./( %"&( 4#$0;'( '&%;',( 1#,2/0-C5( #'&( C&52H,&C( /0'( ;5&( #%( 52,H-&( <;0>( 100'2,H5]( C0( %"&>( A01$->( B2%"('&[;2'&1&,%5R(

(

N)& #<$& A$,,$;& *,& 8"#& :$,*@8$:& #"& 9$& 7#*;*,$:& >#& ,*8@;$& 97"=& 6""(*8@,& #<>#& >($& $G7*??$:& F*#<& >& A>?"7(& HPLVVLRQFRQWUROV\VWHPDQVZHUWKHTXHVWLRQ´1$µ4& !"#$%&&1>?"7(&($#7(8&,=,#$6&6>8*)";:,&-1C2.5&F<*3<&>($&:$,*@8$:&)"(&7,$&>#&,*8@;$&97"=&6""(*8@,%& x 2<"7;:&9$&,7??"(#$:&#"&#<$&,>6$&,#($8@#<&>,&#<$&3>(@"&6>8*)";:,d& x [",$& (>*;,& >#& #<$& ,<*?c,& ,*:$& ,<"7;:& 9$& ")& #<$& ,>6$& ,#($8@#<& >8:& 3"8,#(73#*"8& #<("7@<"7#& #<$*(& ;$8@#<0&$+#$8:&9$="8:&#<$&1C2.&#"&?$(6*#&7,$&>#&,*8@;$&97"=&6""(*8@,&>8:&9$&)*##$:&F*#<&,#"??$(& ?;>#$,&>#&9"#<&#<$&)"(F>(:&>8:&>)#&$8:,&")&#<$&<",$&(>*;d& x O&3;",$:&3<"3P&,<"7;:&9$&)*##$:&>#&#<$&,<*?c,&,*:$&*8&;*8$&F*#<&#<$&1C2.d& x O&3(73*)"(6&9";;>(:&,<"7;:&9$&)*##$:&*8&;*8$0&"(&8$>(;=&*8&;*8$&F*#<&#<$&1C2.&#"&>;;"F&,$37(*8@&")&#<$& 1C2&<",$&<>8@M"))&3<>*8d& x /F"&:$3P&?>:M$=$,&")&,*a$&,7))*3*$8#&#"&,$37($&IQZ&);">#*8@&<",$&,<"7;:&9$&?("A*:$:0&"8$&#"&$*#<$(& ,*:$&")&#<$&;*8$&)("6&#<$&3;",$:&3<"3P&#"&#<$&1C2.d& x .$>8,& #"& #<"("7@<;=& :(>*8& #<$& 1C2.& ,<"7;:& 9$& ?("A*:$:& >#& #<$& ;"F$,#& ?"*8#& *8& #<$& 1C2& ;*8$& #"& >A"*:&(*,P&")&;*G7*:&3>((=M"A$(&*8#"&#<$&);">#*8@&<",$4& &

J*J?((

'RHV WKH YHVVHO·V SLSLQJ V\VWHP DSSHDU WR EH IUHH RI( ;,#;%"0'25&C( 2,%&'TA0,,&A%20,5( <&%B&&,( A#'H0](<;,W&'(#,C(<#--#5%(5>5%&15R(

!

C726!U..250! /<*,&,$3#*"8&>??;*$,&#"&>;;&?76?(""6,&*)&)*##$:0&*83;7:*8@&B>(@"&'76?(""6,0&T>;;>,#&?76?(""6,&>8:&R7$;&S*;&/(>8,)$(& '76?(""6,4&

J*JD( ( J*JF( ( J*JI(

:,( 4&55&-5( B2%"( $;1$( '0015]( #'&( %"&>( /'&&( 0/( &42C&,A&( 0/( 52H,2/2A#,%( -&#W5( /'01( 1#A"2,&'>]( $2$&B0'W](4#-4&(H-#,C5(#,C(2,5%';1&,%#%20,R( \'&(<;-W"&#C(5&#-5(H#5(%2H"%(#,C](2/('&[;2'&C](B&--(-;<'2A#%&CR( .5(%"&(A#'H0($;1$('001(H#5(10,2%0'2,H(5>5%&1(2,(H00C(0'C&'(#,C('&H;-#'->(A"&AW&CR(

O;;&#>8P$(,&,<>;;&9$&)*##$:0&9=&#<$&:>#$&")&#<$&)*(,#&,3<$:7;$:&:"3P*8@&>)#$(&I ,#&J7;=&KHHK&97#&8"#&;>#$(&#<>8&I ,#& J7;=&KHH`0&F*#<&>&,=,#$6&)"(&3"8#*87"7,&6"8*#"(*8@&")&#<$&3"83$8#(>#*"8&")&<=:("3>(9"8&@>,$,4&&2>6?;*8@& ?"*8#,&"(&:$#$3#"(&<$>:,&,<>;;&9$&;"3>#$:&*8&,7*#>9;$&?",*#*"8,&*8&"(:$(&#<>#&?"#$8#*>;;=&:>8@$("7,&;$>P>@$,& >($&($>:*;=&:$#$3#$:4&&f<$8&#<$&<=:("3>(9"8&@>,&3"83$8#(>#*"8&($>3<$,&>&?($M,$#&;$A$;0&F<*3<&,<>;;&8"#& 9$& <*@<$(& #<>8& IHp& ")& #<$& YUY0& >& 3"8#*87"7,& >7:*9;$& >8:& A*,7>;& >;>(6& ,*@8>;& ,<>;;& 9$& >7#"6>#*3>;;=& $))$3#$:&*8&#<$&*8&#<$&?76?&(""6&>8:&3>(@"&3"8#(";&(""6&#"&>;$(#&?$(,"88$;&#"&#<$&?"#$8#*>;&<>a>(:4& & & -2SYO2&KHHH&NNMK_^4`4IH4I4\&>8:&I4Q4X5& /<$& >;>(6& ,<>;;& 9$& >7#"6>#*3>;;=& $))$3#$:& *8& #<$& ?76?& (""60& $8@*8$& 3"8#(";& (""60& 3>(@"& 3"8#(";& (""6& >8:&8>A*@>#*"8&9(*:@$&"8&A$,,$;,&3"8,#(73#$:&"8&"(&>)#$(&I ,#&J7;=&KHHK4& -2SYO2&KHHH&NNMK_^4`4IH4I4\5& !"#$%& & U+*,#*8@& ,=,#$6,& <>A*8@& >& ?($M,$#& ;$A$;& ")& 8"#& 6"($& #<>8& \Hp& YUY& 6>=& 9$& >33$?#$: "8& A$,,$;,& 3"8,#(73#$:&9$)"($&I,#&J7;=&KHHK&

! J*JJ(

\'&($;1$('0015(A-&#,](%2C>(#,C(/'&&(0/(A01<;5%2<-&(1#%&'2#-R(


84 ! J*JK(

\'&(%"&($;1$('001(<2-H&5(/'&&(0/(A#'H0($'0C;A%R(

J*KL( !

.5(%"&(-&4&-(0/(-2H"%2,H(2,(%"&($;1$('001(#C&[;#%&R(

J*K)!

./(%"&(4&55&-(;5&5(2%5(0B,(A#'H0("05&5](#'&(%"&>(2,(H00C(0'C&']($'&55;'&(%&5%&C(#,,;#-->(%0(%"&2'( C&52H,(B0'W2,H($'&55;'&(#,C(25(#('&A0'C(0/(#--("05&(%&5%5(#,C(2,5$&A%20,5(1#2,%#2,&C(0,(<0#'CR!

&-(D.!V.5'50!

&

!"#$%&&U>3<&<",$&,<"7;:&9$&6>(P$:&F*#<&#<$&#$,#&:>#$&>8:&?($,,7($0&6>+*676&F"(P*8@&?($,,7($&>8:&9$& *8:*A*:7>;;=&8769$($:&)"(&*:$8#*)*3>#*"8&?7(?",$,4&&&

!

&-(D.!X*+)*/D!B?7*62'/)0! J*K7((

\'&(#--(A#'H0(C&''2AW5](A'#,&5(#,C(0%"&'(-2/%2,H(&[;2$1&,%($'0$&'->(1#'W&C(#,C("#5($&'20C2A#-( %&5%2,H(#,C(2,5$&A%20,(<&&,(A#''2&C(0;%R(

!"#$,%& & B>(@"& ;*)#*8@& $G7*?6$8#& ,<"7;:& 9$& ;">:& #$,#$:& $A$(=& )*A$& =$>(,& >8:& #<"("7@<;=& $+>6*8$:& 9=& >& 3"6?$#$8#&?$(,"8&>887>;;=4&&S#<$(&;*)#*8@&$G7*?6$8#&*,&8"#&($@7;>#$:&$+3$?#&>,&7,7>;;=&($G7*($:&9=&3;>,,0& 97#&,<"7;:&9$&#$,#$:&>8:&$+>6*8$:&78:$(&>&,*6*;>(&($@*6$4&&/<$&6*8*676&2fY&)"(&F<*3<&#$,#*8@&*,&($G7*($:& *,&"8$&#"88$&-I0HHH&P@,54& O& B<>*8& C$@*,#$(& *,& 8"#& ($G7*($:0& 97#& :"376$8#>#*"8& ,7??"(#*8@& #$,#*8@0& $+>6*8>#*"8& >8:& 6>*8#$8>83$& #<>#& )";;"F,& #<$& SBN.R& '79;*3>#*"8& C$3"66$8:>#*"8,& )"(& #<$& />@@*8@_Y>9$;;*8@0& /$,#*8@& >8:& .>*8#$8>83$0&D"376$8#>#*"8_B$(#*)*3>#*"8&)"(&2<*?,c&Y*)#*8@&UG7*?6$8#&,<"7;:&9$&6>*8#>*8$:4&

( J*K=((

\'&(B2,A"&5(#550A2#%&C(B2%"(-2/%2,H(&[;2$1&,%(2,(H00C(0'C&'R(

!"#$%&&B>(@"&:$((*3P&#"??*8@&;*)#,&,<"7;:&<>A$&>&6$>8,&")&,$37(*8@&#<$60&,73<&>,&>&;"3P*8@&?*8&"(&(>#3<$#0& #"&?($A$8#&#<$&F$*@<#&")&#<$&:$((*3P&9$*8@&,";$;=&#>P$8&9=&#<$&F*83<&9(>P$4&&B<$3P&#<>#& #<*,&*,&)*##$:&>8:& #<>#&*#&>8:&>8=&>,,"3*>#$:&F*83<$,&>($&*8&@"":&3"8:*#*"84&D"376$8#>#*"8&,7??"(#*8@&#$,#*8@0&$+>6*8>#*"8& >8:&6>*8#$8>83$&#<>#&)";;"F&#<$&SBN.R&'79;*3>#*"8&C$3"66$8:>#*"8,&)"(&#<$&/>@@*8@_Y>9$;;*8@0&/$,#*8@& >8:&.>*8#$8>83$0&D"376$8#>#*"8_B$(#*)*3>#*"8&)"(&2<*?,c&Y*)#*8@&UG7*?6$8#&,<"7;:&9$&6>*8#>*8$:4&

(

$=*6!).!$=*6!%(-/5+'(!96'(-)*./5!P!C')(.>'72( V7$,#*"8,&W4L^MW4LX&>,P&)"(&9>,*3&*8)"(6>#*"8&#"&:$#$(6*8$&*)&#<$&A$,,$;&3>8&9$&3"8,*:$($:&)"(&"))M,<"($&2/24&& N)& #<$& A$,,$;& *,& $G7*??$:& F*#<& ,?$3*>;*,$:& $G7*?6$8#& )"(& ($@7;>(& ,<*?M#"M,<*?& #(>8,)$(& "?$(>#*"8,& ,73<& >,& )$8:$(,& >8:& <",$,0& #<$& )>3#& ,<"7;:& 9$& ($3"(:$:& *8& O::*#*"8>;& 3"66$8#,4& N)& #<$& A$,,$;& *,& !S/& 7#*;*,$:& )"(& ($@7;>(&3"66$(3*>;&,<*?M#"M,<*?&3>(@"&#(>8,)$(0&V7$,#*"8,&W4L^MLX&67,#&9$&>8,F$($:&c!Oc& &

( J*K?( !

& & &

! J*KD(

$UHRSHUDWRU·VSURFHGXUHVSURYLGHGIRUVKLSWRVKLSRSHUDWLRQV"(

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Î4I5& !"#$,%&&2/2&"?$(>#*"8,&?;>8&>($&8"#&($G7*($:&)"(&;*)#*8@,&)("6&R'2S,0&R2S,&>8:&)"(&978P$(*8@&"?$(>#*"8,4&-2$$& .OC'SY&O88$+&N0&C$@&^H&)"(&)7;;&:$#>*;,5& S?$(>#*"8,&?;>8&,<>;;&9$&:$A$;"?$:&#>P*8@&*8#"&>33"78WWKHLQIRUPDWLRQFRQWDLQHGLQ,02·V´0DQXDORQ S*;& '";;7#*"80& 2$3#*"8& I0& '($A$8#*"8& DQG WKH ,&62&,0) ´6KLS WR 6KLS 7UDQVIHU *XLGH 3HWUROHXPµ IRXUWK $:*#*"8&KHH`4&

\'&(5;//2A2&,%(A-05&C(/#2'-&#C5(#,C(100'2,H(<2%%5($'042C&CR(

N#& *,& ($3"66$8:$:& #<>#& >;;& )>*(;$>:,& 7,$:& :7(*8@& 2/2& #(>8,)$(& "?$(>#*"8,& >($& ")& >8& $83;",$:& #=?$4& & 273<& )>*(;$>:,&,<"7;:&9$&,#("8@&$8"7@<&#"&#>P$&#<$&>8#*3*?>#$:&6""(*8@&;">:,&>8:&;>(@$&$8"7@<&#"&>;;"F&#<$& 6""(*8@&;*8$&-?;7,&>8=&,")#&("?$&>8:&#>3P;$5&#"&?>,,&#<("7@<&3"6)"(#>9;=4& -2/2&E7*:$&L4\5& N#& <>,& 9$$8&)"78:&#<>#&)7;;&,#($8@#<& $83;",$:&)>*(;$>:,&>8:& 9*##,&)"(& ,?(*8@&;*8$,& 8$$:&#"& 9$& ?",*#*"8$:& 8"& 6"($&#<>8&\`&6$#($,&)"(F>(:&>8:&>)#&")&#<$&3>(@"&6>8*)";:4& -2/2&E7*:$&L4\5& N#& *,& ($3"66$8:$:& #<>#& >;;&#>8P$(,& 9$& )*##$:& F*#<& >8& >((>=& ")& 6""(*8@& 9*##,& ")& ,7))*3*$8#& ,#($8@#<& "8& $>3<& ,*:$&")&#<$&,<*?4& -2/2&E7*:$&L4\5& N8&>::*#*"8&*#&*,&($3"66$8:$:&#<>#&?("A*,*"8&9$&6>:$&)"(&,$37(*8@&)$8:$(&;*8$,4&

-2/2&E7*:$&L4\5&


85 ( ( ( J*KF(

! J*KI(

\'&(5"2$T%0T5"2$(%'#,5/&'(A"&AW-25%5(A01$-&%&CR(

/<$&3<$3P;*,#,&,<"7;:&9$&7,$:&8"#&"8;=&>#&#<$&#*6$&")&#(>8,)$(&97#&>;,"&F<$8&#<$&"?$(>#*"8&*,&9$*8@&?;>88$:4&& O:<$($83$& #"& 3<$3P& ;*,#& ?("3$:7($,& F*;;& $8,7($& #<>#& #<$& 6",#& *6?"(#>8#& >,?$3#,& ")& >8& "?$(>#*"8& >($& 3"A$($:4&&/<$&3<$3P;*,#,&>($%& I&M&'($M)*+#7($&*8)"(6>#*"8d& K&M&T$)"($&"?$(>#*"8,&3"66$83$d& \&M&T$)"($&(78M*8&>8:&6""(*8@d& ^&M&T$)"($&3>(@"&#(>8,)$(d&>8:& `&M&T$)"($&786""(*8@4& -2/2&E7*:$&\4\&>8:&O??$8:*+&I5&

./(#(5"2$T%0T5"2$(%'#,5/&'(B#5(2,($'0H'&55(C;'2,H(%"&(2,5$&A%20,](B#5(2%(A0,C;A%&C(2,(#AA0'C#,A&( B2%"(%"&('&A011&,C#%20,5(0/(%"&(:!.9GX.!U(UMU(M'#,5/&'(+;2C&R(

!

&.2:*/-)*./!&-((*'(50! !"#$%& & b8:$(& 8"(6>;& 3*(376,#>83$,0& #<$& *8,?$3#*"8& ")& 3"69*8>#*"8& 3>((*$(,& ,<"7;:& 9$& 3"8:73#$:& "8;=& F<$8& #<$& YHVVHOLVRSHUDWLQJLQWKH¶ZHW·PRGH&

J*KJ(

$UHRSHUDWRU·VSURFHGXUHV$'042C&C(#,C(#'&('&A0'C5(1#2,%#2,&C(/0'(A"#,H2,H(<&%B&&,(%"&(B&%( #,C(C'>(10C&5R( !"#$%& & C$3"(:,& ,<"7;:& 3"8#>*8& :$#>*;,& ")& #>8P& *8,?$3#*"8,& >8:& 3"(($3#*A$& >3#*"8,& #>P$80& *)& ($G7*($:0& >)#$(& #<$&3>((*>@$&")&:(=&3>(@"$,&F*#<&($@>(:&#"&:>6>@$&3>7,$:&9=&:*,3<>(@*8@&$G7*?6$8#4&

( J*KK( +DYHWKHVHQLRUGHFNRIILFHUVKDGDWOHDVWRQH\HDUV·H[SHULHQFHRSHUDWLQJLQZHWVHUYLFH"( ( J*)LL( \'&("#%A"(A04&'5(0/(%"&(C;#-(5&#-(%>$&](#'&(%"&>(5&#%&C(A0''&A%->(#,C(#'&(%"&>(5&#-&C(#,C(H#5( %2H"%R( !"#$,%&&E7*:>83$&($;>#*8@&#"&<>#3<&3"A$(,&"8&3"69*8>#*"8&3>((*$(,&*,&3"8#>*8$:&*8&N2ES//&I^4I4W4&

,WLVUHFRPPHQGHGSUDFWLFHWKDW2%2·VDUULYHDWDWHUPLQDOZLWKDPLQLPXPWDQNYDSRXUVSDFHSUHVVXUHRI `HH&664& &

C$)$(&#"&#<$&?79;*3>#*"8&´/$,#*8@&C$G7*($6$8#,&)"(&T7;P&B>((*$(,4µ&

( J*)L)( \'&( "#%A"( A04&'5( /'&&( 0/( 4252<-&( &42C&,A&( 0/( C#1#H&( #,C( #'&( %"&( A0',&'5( 0/( "#%A"( A0#12,H5( #,C(#C`#A&,%(C&AW5(/'&&(0/(4252<-&(A'#AW5R( & J*)L7( @0('&A0'C5(2,C2A#%&(%"#%(%"&($2$&(%;,,&-(25(A-&#,(#,C(/'&&(0/(&42C&,A&(0/(-&#W#H&R( ( J*)L=( \'&(<2-H&($;1$2,H(5>5%&15(/0'(/0'B#'C(5$#A&5(2,(H00C(0'C&'R(

/<$& 6$>8,& )"(& :(>*8*8@& >8:& ?76?*8@& 9>;;>,#& #>8P,& )"(F>(:& ")& #<$& 3";;*,*"8& 97;P<$>:& >8:& 9*;@$,& ")& :(=& ,?>3$,&>8=&?>(#&")&F<*3<&$+#$8:,&)"(F>(:&")&#<$&)"($6",#&3>(@"&<";:0&,<>;;&9$&3>?>9;$&")&9$*8@&9("7@<#& *8#"& "?$(>#*"8& )("6& >& ($>:*;=& >33$,,*9;$& $83;",$:& ,?>3$0& #<$& ;"3>#*"8& ")& F<*3<& *,& >33$,,*9;$& )("6& #<$& 8>A*@>#*"8& 9(*:@$& "(& ?("?7;,*"8& 6>3<*8$(=& 3"8#(";& ?",*#*"8& F*#<"7#& #(>A$(,*8@& $+?",$:& )($$9">(:& "(& ,7?$(,#(73#7($&:$3P,4& -2SYO2&KHHK&hNN_I\4I5(

( J*)L?( .5(%"&(4&55&-(&[;2$$&C(B2%"(<2-H&(#-#'15(2,(%"&(/0'B#'C(5$#A&5(#,C("0-C5R( ! T7;P&3>((*$(,&,<>;;&9$&)*##$:&F*#<&F>#$(&;$A$;&:$#$3#"(,%& x x x

N8&$>3<&3>(@"&<";:&@*A*8@&A*,7>;&>8:&>7:*9;$&>;>(6,0&"8$&F<$8&#<$&F>#$(&;$A$;&>9"A$&#<$&*88$(& 9"##"6&*8&>8=&<";:&($>3<$,&>&<$*@<#&")&H4`&6$#($,&>8:&>8"#<$(&>#&>&<$*@<#&")&8"#&;$,,&#<>8&I`p&")& #<$&:$?#<&")&#<$&3>(@"&<";:d& N8&>8=&9>;;>,#&#>8P&)"(F>(:&")&#<$&3";;*,*"8&97;P<$>:0&@*A*8@&>8&>7:*9;$&>8:&A*,7>;&>;>(6&F<$8&#<$& ;*G7*:&*8&#<$&#>8P&($>3<$,&>&;$A$;&8"#&$+3$$:*8@&IHp&")&#<$&#>8P&3>?>3*#=d& N8&>8=&:(=&"(&A"*:&,?>3$&"#<$(&#<>8&>&3<>*8&3>9;$&;"3P$(0&>8=&?>(#&")&F<*3<&$+#$8:,&)"(F>(:&")&#<$& )"($6",#&3>(@"&<";:0&@*A*8@&>8&>7:*9;$&>8:&A*,7>;&>;>(6&>#&>&F>#$(&;$A$;&")&H4I&6$#($&>9"A$&#<$& :$3P4& & 273<& >;>(6,& 8$$:& 8"#& 9$& ?("A*:$:& *8& $83;",$:& ,?>3$,& #<$& A";76$& ")& F<*3<& :"$,& 8"#& H[FHHGRIWKHVKLS·VPD[LPXPGLVSODFHPHQWYROXPH& -2SYO2&KHHK&hNN_IK4I5&

/<$&>7:*9;$&>8:&A*,7>;&>;>(6,&,<>;;&9$&;"3>#$:&"8&#<$&8>A*@>#*"8&9(*:@$4&

-2SYO2&KHHK&hNN_IK4K5&


86 T7;P&3>((*$(,&3"8,#(73#$:&9$)"($&I,#&J7;=&KHH^&,<>;;&3"6?;=&F*#<&#<$&($G7*($6$8#,&8"#&;>#$(&#<>8&#<$&:>#$&")& #<$& >887>;0& *8#$(6$:*>#$& "(& ($8$F>;& ,7(A$=& ")& #<$& ,<*?& #"& 9$& 3>((*$:& "7#& >)#$(& I ,#& J7;=& KHH^0& F<*3<$A$(& 3"6$,&)*(,#4& -2SYO2&KHHK&hNN_IK4\5&

! J*)LD( ./(%"&(4&55&-(;5&5($0'%#<-&("05&5(/0'(A';C&(02-(B#5"2,H](#'&(%"&5&(2,(H00C(0'C&'(#,C(C0('&A0'C5( 5;$$0'%(%"#%(%"&>("#4&(<&&,('&H;-#'->(%&5%&C*( !"#$%&&'"(#>9;$&<",$,&67,#&9$&#$,#$:&)"(&3"8#*87*#=0&?<=,*3>;&:>6>@$&>8:&?($,,7($&#$,#$:&?$(*":*3>;;=&

! ! !

$=7))>'!%-/@'(50!!

!"#$,%& & /<$,$& G7$,#*"8,& >::($,,& *,,7$,& >,,"3*>#$:& F*#<& #>8P$(,& #<>#& >($& ?("A*:$:& F*#<& ,?$3*>;*,#& $G7*?6$8#& )"(& RSHUDWLRQVDWGHHSZDWHUWHUPLQDOVDQG)362·V7KLVVHFWLRQVKRXOGRQO\EHFRPSOHWHGZKHQWKHYHVVHOKDVVXFK $G7*?6$8#4&&b8;$,,&#<$&*8,?$3#*"8&*,&#>P*8@&?;>3$&>#&>8&")),<"($&*8,#>;;>#*"8&*#&6>=&8"#&9$&?",,*9;$&)"(&#<$&*8,?$3#"(& #"&?("A*:$&:$#>*;$:&($,?"8,$,&($;>#*8@&#"&#<$,$&A$,,$;,0&"(&#"&>8,F$(&,"6$&")&#<$&G7$,#*"8,4&f*#<*8&#<$&*8,?$3#"(c,& ,")#F>($0&#<$&*8,?$3#"(&3>8&,$;$3#&#F"&*8,?$3#*"8&"?#*"8,0&ZN8,?$3#*"8&>#&>8&S)),<"($&Y">:*8@&S*;)*$;:Z&"(&ZN8,?$3#*"8& >#&>&D*,3<>(@$&/$(6*8>;Z4&&R"(&>8&ZN8,?$3#*"8&>#&>8&S)),<"($&Y">:*8@&/$(6*8>;Z&>;;&G7$,#*"8,&)("6&W4IHQ&#"&W4IQL&F*;;& 9$&>::($,,$:4&&R"(&>8&ZN8,?$3#*"8&>#&>&D*,3<>(@$&/$(6*8>;Z&#<$&G7$,#*"8,&W4IHQ&#"&W4IQL&F*;;&9$&>::($,,$:&F*#<&#<$& $+3$?#*"8&")&#<$&)";;"F*8@&W4IKX0&W4I\H0&W4I\I0&W4I\K0&W4I\Q0&W4I\W0&W4IÎ0&W4I^K0&W4I^\0&W4I^^0&W4I^`0&W4I^X0&W4I^L0&W4I`H0& W4IÌ0&W4I`\0&W4I`^0&W4I``0&W4I`X0&W4I`W0&W4I`L0&W4IQH0&W4IQQ4&

!

C'(5.//'>!"-/-D'2'/)0! J*)LF( @0( #--( W&>( $&'50,,&-( 0,( <0#'C( 2,40-4&C( 2,( @E( 0$&'#%20,5( A01$->( B2%"( %"&( .9!\( #,C( af::\( 12,21;1('&[;2'&1&,%5(/0'(&V$&'2&,A&(#,C(%'#2,2,HR( !"#$%& & B"8)*(6& D'& 3$(#*)*3>#*"8& >8:& $+?$(*$83$& )("6& ;"@& 9""P,4& B"8)*(6& #<>#& U8@*8$$(,& >8:& U/S,& <>A$& >??("?(*>#$&#(>*8*8@_@7*:>83$&"8&<"F&#"&"?$(>#$_6>*8#>*8&?;>8#&F<$8&*8&D'&6":$4& -N.BO&.&IIX&C$A&IM& /<$&#(>*8*8@&>8:&U+?$(*$83$&")&P$=&D'&?$(,"88$;&bmSOO&/>8:$6&Y">:*8@&E7*:$;*8$,54(

( J*)LI( ( J*)LJ( ( ( J*)LK( ( ( J*))L(

@0(@E($&'50,,&-(;,C&'H0(#55&55&C('&/'&5"&'(%'#2,2,H(&*H*(@E(!\ER( Y&A0'C(%"&(@E(1#,,2,H(#''#,H&1&,%5*(

!"#$%&&C$3"(:&#<$&QXPEHURITXDOLILHG'32·VDQG0DVWHUV(

Y&A0'C(%"&(S,H2,&(Y001(1#,,2,H(#''#,H&1&,%5(C;'2,H(5";%%-&(%#,W&'(0$&'#%20,5*( !"#$%&C$3"(:&#<$&$8@*8$&(""6&6>88*8@&;$A$;,( .5( %"&'&( #,( S-&A%'0,2A( M&A",2A2#,( 0,<0#'C( B2%"( #$$'04&C( %'#2,2,H( 0,( %"&( 1#2,%&,#,A&( 0/( @E( 5>5%&1R( !"#$%&N.BO&.&IIX&C$A&IM&/<$&#(>*8*8@&>8:&U+?$(*$83$&")&P$=&D'&?$(,"88$;&

( J*)))( P#4&(0//2A&'5(#,C('#%2,H5("#C(5"0'&T<#5&C(%'#2,2,H(2,("&-2A0$%&'("#,C-2,H(0$&'#%20,5R( ( !

O
& J*))7( @0&5(%"&(4&55&-("#4&(0,(<0#'C(#(A0$>(0/(%"&(105%('&A&,%(G9SN!O\R( ! !

!"#$%&&C$3"(:&#<$&:>#$&")&#<$&($?"(#&>8:&>7#<"(,4&&C$3"(:&#<$&B;>,,&!"#>#*"8&")&#<$&D'&,=,#$64&

J*))=( @0(%"&(/#2-;'&(10C&5(1&&%(.9:(9U!(!2'A*F?D(B2%"(d/#2-(#5(5&%](0'(/#2-(%0(c&'0dR(( ( !"#$%&2#>#$&)>*;7($&6":$-,5& ( J*))?( .5(#('&A0'C(0/(%"&(@E($'042,H(%'2#-5(#4#2-#<-&(0,(<0#'CR( !

J*))D( P#4&(%"&('&A011&,C#%20,5(N2/(#,>O(/'01(%"&(@E($'042,H(%'2#-5(<&&,(#CC'&55&CR( ( J*))F( @0&5(%"&(4&55&-("#4&(0,(<0#'C(#(A0$>(0/(%"&(105%('&A&,%(#,,;#-(@E(%'2#-('&$0'%(N2/('&[;2'&COR( ! !"#$%&C$3"(:&#<$&#(*>;&:>#>&($?"(#&>7#<"(,& &


87 J*))I( P#4&( '&A011&,C#%20,5( /'01( %"&( @E( #,,;#-( %'2#-( '&$0'%( <&&,( #CC'&55&C( #,C( A-05&C( 0;%( #5( '&[;2'&CR( ! J*))J( \'&(#--($&'50,,&-(2,40-4&C(2,(@E(0$&'#%20,5(/#12-2#'(B2%"(%"&(G9SN!O\R( !"#$%& & B"8)*(6&#<>#&#<$& R.U-B5O& *,& F(*##$8& *8& >&;>8@7>@$& >??("?(*>#$&)"(&#<$& D'S,0& U/S,0& $8@*8$$(,& >8:& $;$3#(*3*>8,4&&&

& J*))K( ./(10C2/2A#%20,5("#4&(<&&,(;,C&'%#W&,]("#5(%"&(G9SN!O\(<&&,(;$TC#%&C(#,C(%"&(10C2/2A#%20,5( $'04&,(<>(%&5%2,HR( !"#$%& C$3"(:& 6":*)*3>#*"8,& #"0& ?("?7;,*"80& ?"F$(& @$8$(>#*"8_& ,7??;=0& D'& 3"8#(";& ,=,#$60& ?",*#*"8& ($)$($83$,4&

&

O
J*)7)! @0&5(%"&(4&55&-("#4&(#(@E(.,A2C&,%('&$0'%2,H(5>5%&1R( &

!"#$%&7KLVFDQEHHLWKHUDFFRUGLQJWRWKHYHVVHO·V,60V\VWHPRUE\XVHRIWKH,0&$05HYI0&O??$8:*+I&

J*)77( @0&5(%"&(4&55&-('&42&B(%"&('25W(#55&551&,%5(/0'(5";%%-&(%#,W&'(0$&'#%20,5($'20'(%0(@E(0$&'#%20,5R( &

!"#$%& C$A*$F,& ($);$3#& 3<>8@$,& *8& "?$(>#*8@& ;"3>#*"8,0& ?",*#*"8& ($)$($83$& ,$8,"(,& >8:& J"*8#& S?$(>#*"8,& .>87>;,&-F<$($&>??("?(*>#$54&

J*)7=( .5( %"&( @E( A0,%'0-( A0,50-&( -0A#%&C( 50( %"#%( %"&( @E:( A#,( #-50( 0<5&'4&( %"&( A0,%'0-5]( %"&( &V%&',#-( &,42'0,1&,%(#,C(%"&(B0'W2,H(0$&'#%20,5(0/(%"&(4&55&-R( !"#$,%&N)&c!"c0&,#>#$&F<$#<$(&BB/1&*,&7#*;*,$:4&N.BO&.&IH\&C$A&IM&I4Q4`&'",*#*"8&B"8#(";&N.BO&.&IH\&C$A&IM&I4K& 23"?$&")&D=8>6*3&'",*#*"8*8@4&

! J*)7?( \'&(1#,;#-(A0,%'0-5(#,C(&1&'H&,A>(5%0$5(-0A#%&C(B2%"2,(>('&#A"R(

!"#$,%&&/<$=&,<"7;:&9$&?("#$3#$:&)("6&*8>:A$(#$8#&"?$(>#*"8&>8:&@$8$(>#$&>8&>;>(6&*8&#<$&$A$8#&")&>&;*8$& 9($>P4&N.BO&.&IH\&C$A&I0&I4Q4I&&/<(7,#&78*#,&2#>#$&:>#$&#<>#&$6$(@$83=&,#"?,&F$($&;>,#&#$,#$:4&U>3<&#<(7,#$(& ,<"7;:&<>A$&>8&*8:$?$8:$8#&$6$(@$83=&,#"?&#<>#&*,&F$;;&?("#$3#$:&>@>*8,#&*8>:A$(#$8#&"?$(>#*"8j&O($& #<$&$6$(@$83=&,#"?,&>;>(6$:&>@>*8,#&)>*;7($j&

! J*)7D( Z"#%(-&4&-(0/($0B&'X%"';5%(A#,(<&(#A"2&4&C(/'01(%"&(1#2,($'0$&--&'5(B"&,(H02,H(#5%&',R((

!"#$%&C$A$(,$&#<(7,#&3>?>3*#=&F*;;&9$&#=?*3>;;=&($:73$:0&($3"(:&?"F$(_#<(7,#&;$A$;&>,&?$(3$8#>@$&")&8"(6>;& ><$>:&#<(7,#4&

&

J*)7F( !#,(%"&(A0,%'0-5(/0'($052%20,('&/&'&,A&(5>5%&15(<&(#AA&55&C(B2%"2,(>('&#A"(0/(%"&(@E(A0,%'0-( 5%#%20,R( ! J*)7I( @0&5(%"&(4&55&-("#4&(#(A01$'&"&,524&(@E(0$&'#%2,H(1#,;#-(0,(<0#'CR( !"#$,%&N.S&C$,";7#*"8&Q^`&S?$(>#*"8>;&C$G7*($6$8#4&&B"8)*(6&#<>#&#<$&6>87>;&*,&F(*##$8&*8&>&;>8@7>@$& >??("?(*>#$&)"(&#<$&D'&"?$(>#"(,4&2#>#$&F<$#<$(&6>87>;&<>,&9$$8&($A*$F$:&9=&B;>,,4&

&

J*)7J( \'&( #--( $&'50,,&-( 2,40-4&C( 2,( @E( 0$&'#%20,5( /#12-2#'( B2%"( %"&( 1#,;#-( #,C( C&10,5%'#%&( #,( ;,C&'5%#,C2,H(0/(2%5(A0,%&,%5R( ( J*)7K( \'&( A"&AW-25%5( 2,( $-#A&( %0( A04&'( <'2CH&]( &,H2,&( '001( #,C( &-&A%'2A#-( 5>5%&15( $'20'( %0( @E( 0$&'#%20,5R( ( J*)=L( \'&(@E(!#$#<2-2%>(E-0%5(2,($-#A&(%0(A04&'(%"&(,0'1#-(#,C(&V$&A%&C(0$&'#%20,5R(

( !

O
88 !"#$%&C"7#*8$,&)"(&3>;*9(>#*8@&#<$&#<(7,#$(,&,<"7;:&$*#<$(&9$&>&?>(#&")&#<$&>887>;&:=8>6*3&?",*#*"8*8@&#(*>;,& "(&*83;7:$:&*8&#<$&?;>88$:&6>*8#$8>83$&,=,#$64& &

J*)=7( .5(%"&(@>,#12A(E052%20,2,H(&[;2$1&,%(0,(<0#'C(2,(H00C(0'C&'R(

!"#$,%&&C$3"(:&#<$&:>#$&")&#<$&;>,#&6>*8#$8>83$&A*,*#&>8:&($A*$F&#<$&($?"(#4&&!"#$&>8=&($3"66$8:>#*"8,_& :$)*3*$83*$,4&&

! J*)==( ! J*)=?( ! ! J*)=D(

\'&(#--($052%20,('&/&'&,A&(5>5%&15(2,(H00C(0'C&'R( \'&(%"&(0//5&%5(#C&[;#%&->(/2-&CR(

!"#$%&&B<$3P&#<>#&#<$&)*;$&*,&($>:*;=&>A>*;>9;$&#"&D'S·,&

@0&5(4&55&-("#4&(#(C#%#('&A0'C&'(%"#%('&A0'C5(#--(@E($#'#1&%&'5R(

!"#$%&&N.BO&.&IH\&C$A&IM&I4`&S?$(>#*"80&/(>*8*8@&>8:&D"376$8#>#*"8&T$,#&?(>3#*3$&)"(&A$,,$;,&$8@>@$:&*8& ,$8,*#*A$&D'&"?$(>#*"8,4&N)&>&:>#$&($3"(:$(&*,&8"#&)*##$:0&3"8)*(6&#<>#&?("3$:7($,&>($&*8&?;>3$&)"(&,$37(*8@& ($;$A>8#&:>#>&*8&#<$&$A$8#&")&>&D'&*83*:$8#4&

&

J*)=F( .5(%"&'&(#($'0A&C;'&(/0'(A"&AW2,H(0/(%"&(5&A;'&($0B&'(5;$$->(5>5%&15($'20'(%0(@E(0$&'#%20,5R( ! & J*)=I( ./(4&55&-(25(@E(A-#55(7(N0'(&[;24#-&,%O](C0&5(%"&(@E(5>5%&1("#4&(#(A0,%2,;0;5(#,#->525(/;,A%20,( A"&AW2,H(%"#%(2,(%&'15(0/(%"';5%(#,C($0B&'(%"&(4&55&-(A#,(1#2,%#2,($052%20,(#/%&'(%"&(B0'5%(A#5&( /#2-;'&R( &

!"#$%&&N.BO&.&IH\&C$A&IM&I4Q&C$3"66$8:$:&)"(&>;;&A$,,$;,&97*;#&>)#$(&ILL^&

! J*)=J( @0(%"&(0$&'#%20,#-($'0A&C;'&5(2,A-;C&(H;2C#,A&(0,(,;1<&'(0/(H&,&'#%0'5(%0(<&(';,,2,H(#%( C2//&'&,%($0B&'(-0#C5(#,C(#'&(@E:5(#,C(&,H2,&&'5(/#12-2#'(B2%"(%"&1R( !"#$%&&E7*:>83$&,<"7;:&*83;7:$&:*($3#*"8&"8&8769$(&")&@$8$(>#"(,&#"&9$&"8;*8$&>8:&($3"66$8:$:& c,?*88*8@&($,$(A$c4&N,&#<$($&>&?";*3=&"8&,#>8:9=&@$8$(>#"(,j&

&

J*)=K( \'&(A0,5&[;&,A&(#,#->525(#-#'15(;5&C(#5(2,$;%(%0(%"&(A0,%2,H&,A>(1#%'2VR( ! J*)?L( .5(%"&(@E(5>5%&1(2,A-;C&C(B2%"2,(%"&(E-#,,&C(9#2,%&,#,A&(U>5%&1(NE9UOR( & &

!"#$%&&N83;7:*8@&>;;&?",*#*"8&($)$($83$&,=,#$6,0&b'2,&>8:&,$8,"(,4&

&-(D.!96'(-)*./50( ! J*)?)( \'&(%"&(#$$'0$'2#%&(-0#C2,H(%&'12,#-($'0A&C;'&5(1#,;#-5(0,(<0#'C(/0'(&#A"(0//5"0'&(%&'12,#-! %0(B"2A"(%"&(4&55&-(%'#C&5R(

!"#$,%&&J"*8#&S?$(>#*"8,&6>87>;,&,<"7;:&9$&>A>*;>9;$0&F<*3<&,<"7;:&*83;7:$&#<$&)";;"F*8@&*8)"(6>#*"8%&M& x 2766>(=&)*$;:&?",*#*"8&>8:&)*$;:&;>="7#&>8:&R'2S&*8)"(6>#*"8&*83;7:*8@&?;>8,&")&<$(&,#$(8&"))#>P$& >((>8@$6$8#,0&>8:&>??("?(*>#$&?<"#"@(>?<,d& x B"8#>3#&8769$(,0&3>;;&,*@8,&>8:&3"6678*3>#*"8,&3<>88$;,&)"(&9"#<&S?$(>#*"8>;&>8:&U6$(@$83=& 7,$d& x D$,3(*?#*"8&")&#<$&"));">:*8@&$G7*?6$8#&>8:&*8&?>(#*37;>(&#<$&SBU,&"8&9">(:&#<$&R'2Sd& x D$,3(*?#*"8&")&,#>8:>(:&>8:&"33>,*"8>;&g"*8#&"?$(>#*"8,&*83;7:*8@&3>(@"&#(>8,)$(&(>#$,0&;*8$&);7,<*8@& $#34d& x D>#>&,<$$#,&"8&>;;&#>8P$(,&>??("A$:&)"(&($@7;>(&"))#>P$&>#&#<>#&)*$;:d& x /$8:$(*8@&>8:&>33$?#*8@&!"#*3$&")&C$>:*8$,,&-!SC50&>8:&>8=&,?$3*>;&($G7*($6$8#,&)"(&3>(@"& G7>;*#=0&T*;;,&")&Y>:*8@&>8:&B>(@"&3>;37;>#*"8d& x 2?$$:&($:73#*"8&,$G7$83$&>8:&;*6*#,&"8&>??(">3<*8@&R>3*;*#=&_&R'2S4&2?$$:&,<"7;:&8"(6>;;=&9$& ($:73$:&#"%&& r&IK&P8"#,&]&IH&8>7#*3>;&6*;$,&)("6&#<$&R>3*;*#=&_&R'2S& r&`&P8"#,&]&\&8>7#*3>;&6*;$,&)("6&#<$&R>3*;*#=&_&R'2S& r&H4`&P8"#&]&IHHH&6$#$(,&)("6&#<$&R>3*;*#=&_&R'2S& x S?$(>#*"8>;&;*6*#,&>8:&$+$37#*A$&>3#*"8,&"8&$+3$$:*8@&;*6*#,d&& x U2D&,=,#$6,&>8:&$+$37#*A$&>3#*"8,&>#&$>3<&U2D&;$A$;4&-T"#<&)"(&#<$&R'2S&U2D&,=,#$6&>8:&#<$&g"*8#& ´2IIWDNH(6'µV\VWHP & x D$#>*;$:&3<$3P&;*,#,&)"(&#<$&R'2S&3"A$(*8@&$>3<&,#>@$&")&?($&"))#>P$&3<$3P*8@d&>??(">3<0&S))#>P$0& :*,3"88$3#*"8&>8:&?",#&"))#>P$&3<$3P*8@&")&<>(:F>($d& x D$#>*;$:&3<$3P&;*,#,&)"(&$>3<&#=?$&")&#>8P$(&3"A$(*8@&)*$;:&,?$3*)*3&>3#*"8,&>8:&($G7*($6$8#,&8"#& 3"A$($:&9=&#<$&#>8P$(,&"F8&:$#>*;$:&3<$3P;*,#,d&


89 x x

x

D7#*$,&>8:&($G7*($6$8#,&)"(&>8=&#"F*8@&>,,*,#&A$,,$;d& U6$(@$83=&($,?"8,*9*;*#*$,&>8:&?("3$:7($,4&!"#$&#<*,&,$3#*"8&")&#<$&g"*8#&"?$(>#*"8,&6>87>;&,<"7;:& EHSUHSDUHGMRLQWO\EHWZHHQWKHGXW\KROGHU·VPDQDJHPHQWWHDPUHVSRQVLEOHIRUUXQQLQJWKH *8,#>;;>#*"80&>8:&#<$&#>8P$(&6>8>@$6$8#&3"6?>8=&#"&$8,7($&#<>#&#<$($&>($&8"&@>?,&"(&"A$(;>?,&*8& 3"A$(4&-2"6$&:7#=&<";:$(,&?($)$(&#"&3"A$(&#<*,&#"?*3&9=&>&,$?>(>#$&9(*:@*8@&:"376$8#&"(& $6$(@$83=&($,?"8,$&6>87>;&)"(&#<*,&($>,"85d& T$>(*8@&*8&6*8:&#<>#&6>8=&#>8P$(,&"?$(>#$&"8&>&BSO&9>,*,&A*,*#*8@&6>8=&:*))$($8#&)*$;:,&F*#<& :*))$($8#&?("3$:7($,&$>3<&g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

! J*)?7( \'&(C&AW(0//2A&'5(/#12-2#'(%"&(#$$'0$'2#%&(-0#C2,H(%&'12,#-($'0A&C;'&5(1#,;#-5(0,(<0#'C(/0'( &#A"(0//5"0'&(%&'12,#-!%0(B"2A"(%"&(4&55&-(%'#C&5R( ( J*)?=( \'&(B&#%"&'(/0'&A#5%5('&A&24&C(#,C(#55&55&C(<&/0'&(A011&,A2,H(0//5"0'&(0$&'#%20,5R( ! J*)??( \'&('&A0'C5(0/('&H;-#'(A011;,2A#%20,5(A"&AW5(B2%"(%"&(2,5%#--#%20,(1#2,%#2,&CR( ! J*)?D( .5(%"&'&(#(A"&AW-25%(/0'(<'2CH&(0'(<0B(A0,%'0-(5%#%20,(2,5%';1&,%#%20,(#,C(A0,%'0-(5>5%&15(#,C( "#5!2%(<&&,(A0''&A%->(A01$-&%&CR( ! J*)?F( .5(%"&'&(#(A"&AW-25%(/0'(&,H2,&('001(1#A"2,&'>(#,C("#5(2%(<&&,(A0''&A%->(A01$-&%&CR( ! J*)?I( @0&5(%"&(4&55&-(#$$->(%"&(5#1&($'#A%2A&5(B"&,(-0#C2,H(/'01(%"&(0//5"0'&(%&'12,#-(#5(/0'(#,! 0,5"0'&(%&'12,#-R( & &

!"#$%&&2?$3*)*3&?("3$:7($,&,<"7;:&9$&?("A*:$:&)"(&$>3<&")&#<$&#$(6*8>;,&>#&F<*3<&#<$&A$,,$;&"?$(>#$,&

J*)?J( \'&(H'&&,(-2,&(2,%&'-0AW5(B0'W2,H(5#%25/#A%0'2->R( ! J*)?K( .5(%"&'&(#(5&'42A&('&$0'%(#4#2-#<-&(/0'(%"&(%&,520,(-0#C(A&--5R( &

!"#$%&/<$&:>#$,&,<"7;:&9$&8"#$:4&

! J*)DL( .5(%"&(C&-;H&(5>5%&1(2,(H00C(0'C&'(#,C(25(2%($'&55;'25&C(C;'2,H(-0#C2,HR( &

!"#$%&C$3"(:&#<$&:>#$&")&#<$&;>,#&#$,#4&

! J*)D)( \'&(%"&(&1&'H&,A>(5";%TC0B,(5>5%&15(2,(H00C(0'C&'(#,C(%&5%&C('&H;-#'->R( !"#$%&C$3"(:&#<$&:>#$&")&#<$&;>,#&#$,#4( ! J*)D7( .5(%"&(%&-&1&%'>(5>5%&1(2,(H00C(0'C&'R( ! !

Z.J!X.-8*/D!$<5)'25!LZX$M!-/8!$7:2'(D'8!%7((')!X.-8*/D!L$%XM!96'(-)*./5!! ! J*)D=( P#5(%"&(^_U(<&&,(5;<`&A%(%0(#,(G9SN!O\($'0A&55R( ! J*)D?( \'&(%"&(^_U(#,CX0'(UM_(5>5%&15(2,(H00C(0'C&'R( &

J*)DD( \'&(A"&AW-25%5(/0'(%"&(0$&'#%20,(0/(%"&(^_U(#,CX0'(UM_(5>5%&15(#4#2-#<-&(#,C(25(%"&'&(&42C&,A&(0/( %"&2'(A0,525%&,%(;5&R( ( J*)DF( \'&(5&#-5(0,(%"&(UM_(<;0>("#%A"(#,C(%"&(UM_('001(B#%&'%2H"%(C00'(2,(H00C(0'C&'R( ( J*)DI( .5(%"&(#-#'1(/0'(%"&(UM_('001(B#%&'%2H"%(C00'(2,(H00C(0'C&'(#,C(%&5%&C('&H;-#'->R( ! !"#$%&C$3"(:&#<$&:>#$&")&#<$&;>,#&#$,#4& ! © Copyright OCIMF 2011. All rights reserved. 89

90 J*)DJ( \'&(2,C2A#%0'5(/0'(A-052,H(C&42A&5(2,(H00C(0'C&'R( ( !"#$%&C$3"(:&#<$&:>#$&")&#<$&;>,#&#$,#4& ! J*)DK( \'&(^_U(#,CX0'(UM_(#'(/2%%&C(B2%"(C&%&A%20,X&V%2,H;25"2,H(5>5%&15(#,C(#'&(%"&>(2,(H00C(0'C&'( &

!"#$%&C$3"(:&:$#$3#*"8&,=,#$6,&)*##$:0&*4$4&R*($&:$#$3#*"8&>8:_"(&)*+$:&)*($&$+#*8@7*,<*8@0&@>,&:$#$3#*"80& A*:$"&6"8*#"(*8@&$#34(

( !

$-+')>-)*./5! ( J*)FL( P#4&(A011;,2A#%20,5(<&&,(&5%#<-25"&C(#,C(25(%"&'&(#(<#AW(;$(A011;,2A#%20,(5>5%&1R(

! !

!"#$%&N)&A$,,$;&*,&8"#&9$*8@&*8,?$3#$:&>#&>8&")),<"($&;"3>#*"8&>8,F$(&#<*,&G7$,#*"8&!O4&

J*)F)( P#4&(A011;,2A#%20,5(<&&,(&5%#<-25"&C(B2%"(%"&(/2&-C(5%#,C<>(4&55&-R( ! !"#$%&N)&A$,,$;&*,&8"#&9$*8@&*8,?$3#$:&>#&>8&")),<"($&;"3>#*"8&>8,F$(&#<*,&G7$,#*"8&!O4& ! J*)F7( \'&(B'2%%&,(&1&'H&,A>($'0A&C;'&5(/0'(0//5"0'&(-0#C2,H($'042C&CR( & &

!"#$%&2*@<#&?("3$:7($,&>8:&($3"(:,&")&:(*;;,4&

J*)F=( \'&(C'2--5($&'%#2,2,H(%0(%"&5&($'0A&C;'&5("&-C('&H;-#'->R( &

!"#$%&&2*@<#&?("3$:7($,&>8:&($3"(:,&")&:(*;;,&

! J*)F?( .5(%"&'&(#($'0A&C;'&(/0'(&1&'H&,A>(%0B2,HR( ! J*)FD( \'&(&1&'H&,A>(%0B2,H(%'2#-5(A#''2&C(0;%R( &

!"#$%&C$3"(:&)($G7$83=&")&#(*>;,&>8:&:>#$&")&#<$&;>,#&$+$(3*,$&>8:&:$#>*;,&")&>8=&;$,,"8,&;$>(8$:4!

!

C.>>7)*./!C(';'/)*./!$6',*+*,!).!9++5=.('!4/5)->>-)*./5! ( ( J*)FF( ( J*)FI( ( J*)FJ( ( J*)FK(

@0&5(%"&(U:ESE(#CC'&55($'0A&C;'&5(5$&A2/2A(%0(5";%%-&(%#,W&'(0$&'#%20,R( \'&(^_U(#,CX0'(UM_(5$#A&5(/'&&(0/(02-R( ./(#,(02-(C25A"#'H&(10,2%0'(25(/2%%&C(2,(%"&(UM_('001](25(2%(2,(H00C(0'C&'R( .5(%"&(4&55&-(&[;2$$&C(B2%"(#,(#$$'0$'2#%&(5>5%&1(/0'(C'#2,2,H(%"&(^_U(#,CX0'(UM_(5$#A&5R(

\CC2%20,#-(A011&,%56(

N)&#<$&N8,?$3#"(&<>,&3"66$8#,&*8&($,?$3#&")&#<$&,79g$3#&6>##$(&3"A$($:&9=&#<$&B<>?#$(&>::*#*"8>;&#"&#<",$&F<*3<& #<$&N8,?$3#"(&6>=&6>P$&*8&($,?"8,$&#"&#<$&,?$3*)*3&G7$,#*"8,&*8&#<$&B<>?#$(0&#<$&N8,?$3#"(&,<"7;:&*83;7:$&,73<& >::*#*"8>;&3"66$8#,&*8&#<*,&,$3#*"84!

!


91

!"#$%&'(J*(((!#'H0(#,C(^#--#5%(U>5%&15(²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h0&k0&l&>8:&S#<$(&279,#>83$,&-S254& /<$&?";;7#*"8&<>a>(:,&>8:&3>((*>@$&($G7*($6$8#,&")&>;;&3<$6*3>;,&<>A$&9$$8&($M$A>;7>#$:4&B>#$@"(*$,&h0&k&>8:&l& 3>((*>@$&($G7*($6$8#,&>($&,$#&"7#&*8&B<>?#$(&IX&")&#<$&NTB4&&B>#$@"(=&l&3>(@"$,&>($&>;,"&,$#&"7#&*8&B<>?#$(&IW&")& #<$& NTB& >;"8@& F*#<& S2& 3>(@"$,4& & '& >8:& O& .>87>;,& )"(& >;;& A$,,$;,& 3>((=*8@& B>#$@"(=& h0& k& "(& l& 3>(@"$,& 67,#& <>A$& 9$$8&($M>??("A$:&?(*"(&#"&I,#&J>87>(=&KHHX4& /<$& .U'B4K& B*(37;>(& ?("A*:$,& >& ?("A*,*"8>;& 3>#$@"(*,>#*"8& ")& ;*G7*:& ,79,#>83$,& >8:& *,& *,,7$:& *8& D$3$69$(& $>3<& =$>(4&&/<$&37(($8#&B*(37;>(&*,&.U'B4K_&B*(34IK4&b8:$(&8"(6>;&3*(376,#>83$,&3<>?#$(,&IX&>8:&IW&*)&#<$&NTB&B":$&#>P$& ?($3$:$83$& "A$(& Y*,#& I& ")& #<$& .U'B4K& B*(37;>(0& *8& #<*,& $+3$?#*"8>;& 3>,$0& #<$& $8#(*$,& *8& O88$+& I& Y*,#& I%& '7($& >8:& WHFKQLFDOO\SXUHSURGXFWVZKLFKDSSO\WR´DOOFRXQWULHVµDQGQRH[SLU\GDWHVXSHUVHGHWKRVHLQWKH,%&&RGH& &

!

C.>*,*'5A!C(.,'87('5!-/8!O.,72'/)-)*./0! J*)( ! J*7( ( J*=( ( J*?(

.5(%"&(4&55&-($'042C&C(B2%"(A01$#,>($0-2A>(5%#%&1&,%5](2,5%';A%20,5(#,C($'0A&C;'&5(B2%"('&H#'C( %0(5#/&(A#'H0(0$&'#%20,5R( .5(2,/0'1#%20,('&#C2->(#4#2-#<-&(0,(1#V21;1(-0#C2,H('#%&5(#,C(4&,%2,H(A#$#A2%2&5R( !"#$%&&/<*,&*8)"(6>#*"8&,<"7;:&9$&:*,?;>=$:&>#&#<$&3>(@"&3"8#(";&?",*#*"84&

\'&( -&H2<-&( #,C( ;$( %0( C#%&( $2$&-2,&( #,CX0'( 1212A( C2#H'#15( 0/( A#'H0]( 2,&'%( H#5( #,C( 4&,%2,H( 5>5%&15(#4#2-#<-&(2,(%"&(A#'H0(A0,%'0-(#'&#R( .5(%"&'&(#(E'0A&C;'&5(#,C(\''#,H&1&,%5(9#,;#-(#4#2-#<-&R(

!"#$%&&/<$&;*,#&")&3>(@"$,&F<*3<&#<$&A$,,$;&*,&>;;"F$:&#"&3>((=&*,&>##>3<$:&#"&#<$&N8#$(8>#*"8>;&B$(#*)*3>#$&")& R*#8$,,4&N#&*,&8"#&>&($G7*($6$8#&)"(&#<$&;*,#&")&3>(@"$,&#"&9$&>##>3<$:&#"&#<$&'&s&O&.>87>;4&

&

J*D( ( J*F( ( J*I( ! &

.5(%"&(!#'H0(Y&A0'C(^00W(A0''&A%->(A01$-&%&C(#,C(;$(%0(C#%&R(

O& B>(@"& C$3"(:& T""P& *,& ($G7*($:& F<$8& 3>((=*8@& 3<$6*3>;,& 78:$(& $*#<$(& >& B$(#*)*3>#$& ")& R*#8$,,& "(& >& !Y2& B$(#*)*3>#$4&U8#(*$,&,<"7;:&9$&($3"(:$:&>,&#<$=&"337(&>8:&8"#&>#&,"6$&;>#$(&?"*8#&*8&#*6$4&

\'&( %"&'&( $'0A&C;'&5( /0'( %#,W( A-&#,2,H( #/%&'( /-#11#<-&( #,C( %0V2A( $'0C;A%5]( ;52,H( A"&12A#-5( #,C(50-4&,%5](H#5(/'&&2,H(#,C(/0'(5%,H(A#'H0(%#,W5R( \'&(%#,W(A-&#,2,H(H;2C&-2,&5(#4#2-#<-&R(

!"#$,%& & />8P& 3;$>8*8@& *,& "8$& ")& #<$& 6",#& <>a>(:"7,& "?$(>#*"8,& *8& 3<$6*3>;& #>8P$(,& >8:& *#& *,& #<$($)"($& $,,$8#*>;&#<>#&>&3"6?($<$8,*A$&@7*:$&*,&>A>*;>9;$&"8&9">(:4& 2"6$& 6>g"(& 3<$6*3>;& #>8P$(& "?$(>#"(,& <>A$& :$A$;"?$:& #<$*(& "F8& 3"6?($<$8,*A$& #>8P& 3;$>8*8@& @7*:$;*8$,&>8:&#<$,$&,<"7;:&9$&($A*$F$:4&&N)&#<$=&<>A$&8"#0&>&($3"@8*,$:&?(")$,,*"8>;;=&?(":73$:&*8:7,#(=& ?79;*3>#*"8&,<"7;:&9$&>A>*;>9;$&"8&9">(:4&&&

&&&&&&&&&&&&&&/<$&.U'B4K_B*(34IK&,<"7;:&9$&>A>*;>9;$&*8&"(:$(&#"&A$(*)=&#<>#&#<$&#>8P&3;$>8*8@&6>#$(*>;&*8&7,$&*,&>??("A$:& 9=&#<$&N.S4&&N)&8"#&;*,#$:0&#<$&F>,<&F>#$(&6*@<#&9$&,79g$3#&#"&6>8:>#"(=&,<"($&:*,?",>;4&

! ! ! ! © Copyright OCIMF 2011. All rights reserved. 91

92

$)-:*>*),#$(&")&#<$&,<*?&,<>;;&9$&,7??;*$:&F*#<&>&;">:*8@&>8:&,#>9*;*#=&*8)"(6>#*"8&9""P;$#4&&/<*,&9""P;$#&,<>;;&3"8#>*8& :$#>*;,& ")& #=?*3>;& ,$(A*3$& >8:& 9>;;>,#& 3"8:*#*"8,0& ?("A*,*"8,& )"(& $A>;7>#*8@& "#<$(& 3"8:*#*"8,& ")& ;">:*8@& >8:& >& VXPPDU\ RI WKH VKLS·V VXUA*A>;& 3>?>9*;*#*$,4& & N8& >::*#*"80&#<$& 9""P;$#& ,<>;;& 3"8#>*8& ,7))*3*$8#& *8)"(6>#*"8&#"& $8>9;$& #<$&6>,#$(&#"&;">:&>8:&"?$(>#$&#<$&,<*?&*8&>&,>)$&>8:&,$>F"(#<=&6>88$(4&-NTB&K4K4`5&

J*J( ( J*K( &

! J*)L( ! ! J*))( J*)7(

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

\'&(C#1#H&(5%#<2-2%>(H;2C&-2,&5(#4#2-#<-&R(

!"#$,%&&D>6>@$&>,,76?#*"8,&>($&>::($,,$:&*8&B<>?#$(&K4`&")&#<$&NTB&B":$&>8:&#<$&,#>9*;*#=&9""P;$#&,<>;;& FRQWDLQLQIRUPDWLRQRQWKHVKLS·VVXUYLYDOFDSDELOLWLHV7KH?("3$:7($,&;*,#$:&*8&#<$&S?$(>#*8@&.>87>;&67,#& 9$&*:$8#*3>;&#"&#<",$&?",#$:&>8:&?(>3#*3$:&-VW4L&>9"A$0&($)$(,54&N)&8"#0&($3"(:&>8&S9,$(A>#*"84&

.5(%"&(1#5%&'(#B#'&(0/(%"&(B0'5%(C#1#H&(5%#<2-2%>(A0,C2%20,(2,(%"&(5%#<2-2%>(<00WR! & .5(%"&(4&55&-(/'&&(0/(2,"&'&,%(2,%#A%(5%#<2-2%>($'0<-&15R(

!"#$,%& & 1$,,$;,& #<>#& <>A$& ;>(@$& F*:#<& #>8P,& F*;;& 9$& ,79g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´8µ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¶1R·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

! J*)=( !

./(#(-0#C2,H(A01$;%&'(0'($'0H'#11&(25(2,(;5&](25(2%(A-#55(#$$'04&CR(

N)&>&3;>,,&>??("A$:&;">:*8@&3"6?7#$(&*,&8"#&>A>*;>9;$0&($3"(:&*8&S#<$(&3"66$8#,&<"F&,#($,,&>8:&,#>9*;*#=& 3>;37;>#*"8,&>($&?$()"(6$:4& !"#$,%&& 2<*?,&")&6"($&#<>8&Q`&6$#($,&*8&;$8@#<&>($&($G7*($:&9=&B;>,,&#"&9$&?("A*:$:&F*#<&>&;">:*8@&6>87>;& *83;7:*8@&?$(6*,,*9;$&;*6*#,&")&,#*;;&F>#$(&9$8:*8@&6"6$8#&>8:&,<$>(&)"(3$d&#<$&($,7;#,&")&#<$&3>;37;>#*"8,&")& ,#*;;& F>#$(& 9$8:*8@& 6"6$8#,d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

J*)?( (Are there records indicating that the operational accuracy of the load computer is tested regularly? &

J*)D( ( J*)F( ( J*)I( ( J*)J(

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

! \'&(-0,H2%;C2,#-(5%'&55&5](B"&'&(#$$-2A#<-&](1#2,%#2,&C(B2%"2,(C&52H,(-212%5(%"'0;H"0;%R( \'&(A#'H0(#,CX0'(<#--#5%(%#,W5(/'&&(0/(5-05"2,H(0'(B&2H"%('&5%'2A%20,5R(

N6?"(#>8#&($,#(*3#*"8,& "#<$(&#<>8&#<",$&8"(6>;;=&>??;*$:&,73<&>,&6>+*676&:$8,*#=&,<"7;:&9$&($3"(:$:&*8& S#<$(&3"66$8#,4&

Z"&'&( #$$-2A#<-&]( #'&( 0//2A&'5( #B#'&( 0/( %"&( C#,H&'5( 0/( "2H"( /'&&( 5;'/#A&( &//&A%5( #,C( 0/( %"&( $0552<2-2%>(0/(5%';A%;'#-(C#1#H&(A#;5&C(<>(5-05"2,H(2,(A#'H0(%#,W5R( 'R WKH RSHUDWRU·V RSHUDWLQJ PDQXDOV LQFOXGH SURFHGXUHV IRU UHVWRULQJ VWDELOLW\ LQ FDVH RI ;,5%#<-&(A0,C2%20,5(C&4&-0$2,H(C;'2,H(A#'H0(0$&'#%20,5](B"&'&(#$$-2A#<-&R(

!

&-(D.!96'(-)*./5!-/8!U'>-)'8!$-+')
\'&( %"&( A#'H0&5( <&2,H( A#''2&C( -25%&C( 0,( %"&( !&'%2/2A#%&( 0/( G2%,&55( 0'( .EE!( /0'( 30V20;5( _2[;2C( U;<5%#,A&5(2,(<;-WR( !"#$%&&N)&#<$&3>(@"&9$*8@&3>((*$:&*,&8"#&;*,#$:&"8&#<$&B$(#*)*3>#$&")&R*#8$,,&#<$($&67,#&9$&>7#<"(*,>#*"8&)("6& #<$& O:6*8*,#(>#*"8& "(&#<$*(& ($?($,$8#>#*A$& >;;"F*8@&#<$&?(":73#&#"& 9$& 3>((*$:4&& C$)$($83$&#"&#<$& .U'B4K_& B*(34IK&,<>;;&9$&6>:$&*8&3>,$,&F<$($&>&3>(@"&*,&8"#&;*,#$:&*8&#<$&B$(#*)*3>#$&")&R*#8$,,4&&

&

J*7L( ( J*7)(

\'&(#--(0//2A&'5(/#12-2#'(B2%"(%"&(A#'H0(5>5%&1R(

!

!"#$%&&S))*3$(,&,<>;;&9$&>9;$&#"&:$6"8,#(>#$&>&9>,*3&P8"F;$:@$&")&#<$&)";;"F*8@%& x 2<*?9">(:&"?$(>#*"8,&>8:&3>(@"&<>8:;*8@d& x B;",$:&;">:*8@0&:*,3<>(@*8@&>8:&,>6?;*8@d& x .OC'SY&O!!Uh&NN&*83;7:*8@&#<$&6$>8*8@&")&B>#$@"(=&h0&k0&l&>8:&S2&3>(@"$,d& x /<$&NTB&>8:&TB[&B":$,0&F<$($&>??;*3>9;$d& x C$G7*($6$8#,&)"(& 6$:*3>;&#($>#6$8#&)";;"F*8@& $+?",7($&#"& <>a>(:"7,&3>(@"$,d& *83;7:*8@&#<$& 7,$& ")&>8#*:"#$,&F<$8&>??;*3>9;$d& x B<$6*3>;&,?*;;&($,?"8,$d& x B"6678*3>#*"8&?("3$:7($,&F*#<&,<"($&>8:&$6$(@$83=&,#"?&?("3$:7($,4&

\'&(#--(0//2A&'5(/#12-2#'(B2%"(%"&(A#''2#H&('&[;2'&1&,%5(/0'(%"&(A#'H0&5(0,(<0#'C(#,C(A"&12A#-5( 2,(H&,&'#-R(

O8:0&>,&($G7*($:%& x D(=*8@0&?>::*8@&>8:&*8$(#*8@d& x '($3>7#*"8,&)"(&($>3#*A$&>8:&,$;)M($>3#*A$&3>(@"$,d& x Y*6*#>#*"8,&F<$8&;">:*8@&<*@<&:$8,*#=&3>(@"$,d& x [>a>(:,&>,,"3*>#$:&F*#<&3"((",*A$&3>(@"$,d& x [>a>(:,&>,,"3*>#$:&F*#<&#"+*3&3>(@"$,d& x [>a>(:,&")&$;$3#(",#>#*3&@$8$(>#*"8d& x [>a>(:,&>,,"3*>#$:&F*#<&<>8:;*8@&8*#("@$8d& x [>8:;*8@&,";*:*)=*8@&>8:&<*@<&A*,3",*#=&3>(@"$,d& x '($MF>,<&($G7*($6$8#,4!


94 J*77( !

! J*7=(

J*7?(

Z"&,(#,(;,/#12-2#'(A"&12A#-(25(%0(<&(A#''2&C](25(%"&'&(#($'0A&C;'&(%0('&42&B(%"&(5#/&%>(#5$&A%5( #,C("#,C-2,H($'0A&C;'&5R(

!"#$%&&R"(&$>3<&3<$6*3>;&3>((*$:&>&($A*$F&")&#<$&3>((*>@$&($G7*($6$8#,&,<"7;:&<>A$&9$$8&6>:$&*8&"(:$(& #"&$8,7($&#<>#&#<$&3>(@"&?;>8&3"8#>*8,&>;;&#<$&8$3$,,>(=&*8)"(6>#*"8&)"(&#<$&,>)$&3>((*>@$&")&#<$&?(":73#4&& /<$&($A*$F&,<"7;:&($)$($83$%& x /<$&NTB&B":$&B<>?#$(&IXd& x .U'B4K_B*(37;>(&IK&F<$8&>??;*3>9;$& x /<$&B$(#*)*3>#$&")&R*#8$,,d& x /<$&'&>8:&O&.>87>;d&>8:& x .>#$(*>;&2>)$#=&D>#>&2<$$#,4&

.5(#(A#'H0(A01$#%2<2-2%>(A"#'%(#4#2-#<-&R(

!"#$%&&N)&#<$&b2BE&3"6?>#*9*;*#=&3<>(#&*,&7,$:&#<$8&($)$($83$&#"&O??$8:*+&I&-95&c:>8@$("7,;=&($>3#*A$& $+3$?#*"8,&#"&#<$&3"6?>#*9*;*#=&3<>(#c&67,#&9$&6>:$&:7(*8@&?($?>(>#*"8&")&#<$&,#"F>@$&?;>84& &

P#5( #( A#'H0T"#,C-2,H( $-#,( <&&,( $'&$#'&C( B"2A"( $'042C&5( #( C&%#2-&C( 5&[;&,A&( 0/( A#'H0( #,C( <#--#5%(%'#,5/&'R( !"#$%&&/<$&?;>8&,<"7;:&3"A$(&>;;&,#>@$,&")&#<$&#(>8,)$(&"?$(>#*"8,0&8>6$;=%& x V7>8#*#=&>8:&@(>:$&")&$>3<&?>(3$;d& x D$8,*#=0&#$6?$(>#7($&>8:&"#<$(&($;$A>8#&?("?$(#*$,d& x O&?;>8&")&#<$&:*,#(*97#*"80&;*8$,&>8:&?76?,&#"&9$&7,$:d& x /(>8,)$(&(>#$,&>8:&6>+*676&>;;"F>9;$&?($,,7($,d& x B>(@"&?";;7#*"8&3>#$@"(=d& x R;>66>9*;*#=&>8:&#"+*3*#=d&-*83;7:*8@&>8#*:"#$,&*)&>??;*3>9;$5d& x R*($&?("#$3#*"8&*83;7:*8@&)*($&)*@<#*8@&>@$8#d& x .*,3*9*;*#=d& x B(*#*3>;&,#>@$,&")&#<$&"?$(>#*"8d& x !"#*3$&")&(>#$&3<>8@$d& x 1$8#*8@&($G7*($6$8#,d& x 2#>9*;*#=&>8:&,#($,,&*8)"(6>#*"8d& x D(>)#,&>8:&#(*6,d& x T>;;>,#&"?$(>#*"8,d& x U6$(@$83=&,#"?&?("3$:7($,d& x O3#*"8&#"&9$&#>P$8&*8&#<$&$A$8#&")&>&,?*;;d& x '("#$3#*A$&$G7*?6$8#&($G7*($6$8#,d&>8:& x [>a>(:,&")&#<$&?>(#*37;>(&3>(@"$,4& O8:&>;,"0&>,&($G7*($:&"(&>??;*3>9;$%& x N8<*9*#"(&($G7*($6$8#,d& x N8$(#*8@&>8:&?>::*8@d& x B>(@"&A*,3",*#=d& x B>(@"&6$;#*8@&?"*8#d& x B"";*8@d& x />8P&3">#*8@&6>#$(*>;&3"6?>#*9*;*#=d& x '($3>7#*"8,&>@>*8,#&,#>#*3&@$8$(>#*"8d& x B"8#(";&")&3>(@"&<$>#*8@&,=,#$6,d& x Y*8$&3;$>(*8@d& x b8:$(&P$$;&3;$>(>83$&;*6*#>#*"8,d& x T78P$(*8@d&>8:& x 2?$3*>;&?($3>7#*"8,&($G7*($:&)"(&#<$&?>(#*37;>(&"?$(>#*"84&

( J*7D(

J*7F( &

P#5(%"&(A#'H0($-#,(<&&,(52H,&C(<>(%"&(B#%A"(0//2A&'5(%0(2,C2A#%&(%"&2'(;,C&'5%#,C2,H(0/(2%R(

!"#$%& & /<$& 3>(@"& ?;>8& ,<"7;:& 9$& 3"6?;$#$:& 9=& #<$& ($,?"8,*9;$& "))*3$(& ?(*"(& #"& 3"66$83$6$8#& ")& "?$(>#*"8,& >8:&A$(*)*$:& >8:& >??("A$:& 9=&#<$& 6>,#$(4& N#& ,<"7;:& 9$&3"6?($<$8,*A$0& 3"8#>*8&)7;;& :$#>*;,&")& #<$&"?$(>#*"8&>8:&9$&$>,=&#"&*8#$(?($#4(

! \'&(A#'H0(0$&'#%20,5(<&2,H(A#''2&C(0;%(#,C(-0HH&C(2,(#AA0'C#,A&(B2%"(%"&($-#,R(

!"#$%&&/<$&;"@&67,#&*83;7:$&:$#>*;,&")&>;;&6>g"(&$A$8#,&*83;7:*8@&,#>(#*8@&>8:&,#"??*8@&")&6>*8&3>(@"&>8:& 9>;;>,#&?76?,&>8:&#>8P,&9$*8@&F"(P$:4!

!

J*7I(

./(%"&(A#'H0(25('&[;2'&C(%0(<&(2,"2<2%&C](25(%"&('&[;2'&C(2,/0'1#%20,(#4#2-#<-&R(

&HUWDLQFDUJRHVZLWKDUHIHUHQFHLQFROXPQ¶R·RI&KDSWHUE\WKHQDWXUHRIWKHLUFKHPLFDOPDNHM7?0& #$8:0& 78:$(& 3$(#>*8& 3"8:*#*"8,& ")& #$6?$(>#7($0& $+?",7($& #"& >*(& "(& 3"8#>3#& F*#<& >& 3>#>;=,#0& #"& 78:$(@"&


95 ?";=6$(*,>#*"80&:$3"6?",*#*"80&"+*:>#*"8&"(&"#<$(&3<$6*3>;&3<>8@$,4&&.*#*@>#*"8&")&#<*,&#$8:$83=&*,&3>((*$:& "7#& 9=& *8#(":73*8@& ,6>;;& >6"78#,& ")& 3<$6*3>;& >::*#*A$,& *8#"& #<$& ;*G7*:& 3>(@"& "(& 3"8#(";;*8@& #<$& #>8P& $8A*("86$8#4& -NTB&I`4I\4I5& B>($& ,<>;;& 9$& #>P$8& #"& $8,7($& #<>#& #<$,$& 3>(@"$,& >($& ,7))*3*$8#;=& ?("#$3#$:& #"& ?($A$8#& :$;$#$(*"7,& 3<$6*3>;& 3<>8@$& >#& >;;& #*6$,& :7(*8@& #<$& A"=>@$4& & 2<*?,& 3>((=*8@& ,73<& 3>(@"$,& ,<>;;& 9$& ?("A*:$:& F*#<& >& 3$(#*)*3>#$&")&?("#$3#*"8&)("6&#<$&6>87)>3#7($(&>8:&P$?#&:7(*8@&#<$&A"=>@$0&,?$3*)=*8@%&&& x /<$&8>6$&>8:&>6"78#&")&>::*#*A$&?($,$8#d& x f<$#<$(&#<$&>::*#*A$&*,&"+=@$8&:$?$8:$8#d& x D>#$&#<$&>::*#*A$&F>,&?7#&*8&#<$&?(":73#&>8:&#<$&:7(>#*"8&")&*#,&$))$3#*A$8$,,d& x $Q\WHPSHUDWXUHOLPLWDWLRQVTXDOLI\LQJWKHDGGLWLYH·VHIIHFWLYHOLIHWLPHDQG& x /<$& >3#*"8& #"& 9$& #>P$8& ,<"7;:& #<$& ;$8@#<& ")& #<$& A"=>@$& $+3$$:& #<$& $))$3#*A$& ;*)$#*6$& ")& #<$& >::*#*A$,4& & & & & & & &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&-NTB&I`4I\4\5&

( J*7J( &

! J*7K( ! &

! J*=L( ! J*=)( &

\'&( %"&( C#,H&'5( #550A2#%&C( B2%"( A0T12,H-2,H( ,0,TA01$#%2<-&( A#'H0&5( 2,( 5-0$( %#,W5( #,C( C'2$( %'#>5(A0,52C&'&CR( !"#$%&&/<$&3>(@"&?;>8&,<>;;&*:$8#*)=&F<$8&3>($&,<>;;&9$&#>P$8&#"&>A"*:&#<$&3"M6*8@;*8@&")&8"8M3"6?>#*9;$& 3>(@"$,&>8:&F<*3<&3>(@"$,&>($&*8A";A$:4&

\'&( #--( 0//2A&'5( #B#'&( 0/( %"&( &1&'H&,A>( $'0A&C;'&5( /0'( C&#-2,H( B2%"( -&#W#H&]( 5$2--#H&( 0'( /2'&( 2,40-42,H(%"&(A#'H0R(

S))*3$(,& ,<>;;& 9$& #(>*8$:& *8& $6$(@$83=& ?("3$:7($,& #"& :$>;& F*#<& 3"8:*#*"8,& ")& ;$>P>@$0& ,?*;;>@$& "(& )*($& *8A";A*8@&#<$&3>(@"&>8:&>&,7))*3*$8#&8769$(&")&#<$6&,<>;;&9$&*8,#(73#$:&>8:&#(>*8$:&*8&$,,$8#*>;&)*(,#&>*:&)"(& 3>(@"$,&3>((*$:4& -NTB&IQ4\4\5&& !"#$%&&'("3$:7($,&67,#&*83;7:$&#<$&7,$&")&>8#*:"#$,&F<$($&>??;*3>9;$4&

.5(%"&(4&'<#-(A011;,2A#%20,(<&%B&&,(%"&(5"2$(#,C(%"&(5"0'&(#C&[;#%&R( .5(#(%#,W(A-&#,2,H($-#,(&5%#<-25"&C($'20'(%0(A-&#,2,H(0$&'#%20,5R(

!"#$,%&&O:$G7>#$&?;>88*8@&")&3;$>8*8@&"?$(>#*"8,&*,&3(73*>;&#"&#<$&,733$,,)7;&3>((*>@$&")&3<$6*3>;,&>8:&#"& #<$& >A"*:>83$& ")& ($g$3#*"8& ")& #>8P,0& 3"8#>6*8>#*"8& ")& 3>(@"& >8:& *83*:$8#,4& & /<$& #F"& 6",#& *6?"(#>8#& 3(*#$(*>&>($&#<$&?($A*"7,&>8:&#<$&8$+#&3>(@"$,&>8:&#<$,$&#F"&)>3#"(,&F*;;&:$#$(6*8$&#<$&;$A$;&")&3;$>8*8@& ($G7*($:4&

&

';>88*8@&,<"7;:&#>P$&*8#"&>33"78#&#<$&6$#<":&")&3;$>8*8@&($G7*($:&>8:&>;,"&$8,7($&#<>#&>;;&?>(#,&")&#<$& 3>(@"&,=,#$6&F<*3<&F$($&*8&3"8#>3#&F*#<&#<$&?($A*"7,&3>(@"&>($&3;$>8$:0&*83;7:*8@&#<$&#>8P&F>;;,0&?76?,0& 3"))$(:>6,&>8:&$+<>7,#&#(>?,0&,#(*??*8@&,=,#$60&3>(@"&>8:&A$8#&;*8$,0&3>(@"&A>;A$,0&?_A&A>;A$,0&,"78:*8@& ?*?$,0&,#79&?*?$,0&:$>:&$8:,&$#34&

&

/<$&?;>8&,<"7;:&:$#>*;0&)"(&$>3<&")&#<$&?($&>8:&)*8>;&3;$>8*8@&,#$?,%& x /<$&?($A*"7,&>8:&)";;"F*8@&3>(@"$,d& x /<$&3"8:*#*"8&")&#<$&3>(@"&#>8P&#"&9$&3;$>8$:&>8:&F<$#<$(&#"+*3&"(&);>66>9;$&A>?"7(&*,&?($,$8#0& "(&F<$#<$(&;>3P&")&"+=@$8&,<"7;:&9$&,7,?$3#$:d& x O8=&?($3>7#*"8,&8$3$,,>(=&F*#<&($,?$3#&#"&#<$&3"8:*#*"8&")&#<$&#>8Pd&& x /<$& 3;$>8*8@& 6$#<":0& F<$#<$(& 97##$(F"(#<*8@0& ($3*(37;>#*"80& (*8,*8@0& ,#$>6*8@0& A$8#*;>#*8@0& "(& :(=*8@d& x /<$& 3;$>8*8@& 6$:*760& F<$#<$(& ,$>0& )($,<0& #($>#$:& "(& :$6*8$(>;*,$:& F>#$(0& "(& >& 3<$6*3>;& "(& ,";A$8#d& x f<*3<&3;$>8$(0&*)&>8=0&#"&9$&7,$:0&*#,&3"83$8#(>#*"8&>8:&F<$#<$(&*#&*,&#"&9$&*8g$3#$:0&($3*(37;>#$:0& ;"3>;;=&3;$>8$:&"(&<>8:&F*?$:Md& x /<$&F>,<*8@&#$6?$(>#7($&($G7*($:&#"&9$&6>*8#>*8$:d& x /<$&;$8@#<&")&3;$>8*8@&#*6$&($G7*($:d& x 2;"?&:*,?",>;&($G7*($6$8#,d& x f>;;&F>,<&#$,#&($G7*($6$8#,0&*)&>8=d& x O8=&($;$A>8#&>::*#*"8>;&*8,#(73#*"8,0&*83;7:*8@&?("#$3#*A$&$G7*?6$8#&($G7*($6$8#,d&>8:& x /<$&>3#*"8&#"&9$&#>P$8&*8&#<$&$A$8#&")&>8&$6$(@$83=4&

! J*=7( &

! J*==(

\'&(0//2A&'5(#B#'&(0/(%"&(C#,H&'5(#550A2#%&C(B2%"(%#,W(A-&#,2,H(0$&'#%20,5(#/%&'(%"&(A#''2#H&(0/( 40-#%2-&(0'(%0V2A($'0C;A%5R( !"#$%&&2?$3*>;&>##$8#*"8&,<>;;&9$&@*A$8&($@>(:*8@&#>8P&$8#(=&?$(6*#,&>)#$(&#>8P&3;$>8*8@&")&#"+*3&3>(@"$,4&

P#4&(5#%25/#A%0'>(A0-;1,XA0//&'C#1($;'H2,H('0;%2,&5(<&&,(&5%#<-25"&C(B"&'&(C&&$(B&--($;1$5( #'&(/2%%&CR(


96 J*=?(

& Z"&'&(A#'H0(%#,W5(#'&(0/(5%#2,-&55(5%&&-(#'&(%"&'&($'0A&C;'&5(/0'($#5524#%20,(#,C($2AW-2,HR(

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

! J*=D(

\'&(#C&[;#%&($'0A&C;'&5(2,($-#A&(/0'(A#''>2,H(0;%(B#--(B#5"(%&5%5R(

& J*=F(

.5(%"&(A#'H0(5#1$-&(-0AW&'(52%;#%&C(B2%"2,(%"&(1#2,(A#'H0(#'&#(#,C(25(2%(2,(H00C(0'C&'R((

&

!"#$%&&N)&#<$&;"3P$(&3"8#>*8,&);>66>9;$&;*G7*:,0&#<$&2SYO2&)*($&$+#*8@7*,<*8@&>((>8@$6$8#,&>($&($G7*($:4&

( J*=I(

.5(%"&(A#'H0(5#1$-&(-0AW&'(5;2%#<->(A0,5%';A%&C(%0($'&4&,%(<'&#W#H&5R(

&

2>6?;$,&F<*3<&($>3#&F*#<&$>3<&"#<$(&:>8@$("7,;=&,<>;;&8"#&9$&,#"F$:&3;",$&#"&$>3<&"#<$(4&

-NTB&IQ4`4\5&

&

2>6?;$,&,<>;;&8"#&9$&($#>*8$:&"8&9">(:&;"8@$(&#<>8&8$3$,,>(=4&

-NTB&IQ4`4^5&

! J*=J(

.5(%"&(A#'H0(5#1$-&(-0AW&'(#C&[;#%&->(4&,%2-#%&CR(

&

&

&

!"#$,%&&f>;;&F>,<&#$,#,&>($&3>((*$:&"7#&"8&#<$&97;P<$>:,&")&3>(@"&#>8P,4&&/<$($&>($&6>8=&#=?$,&*83;7:*8@& 3<;"(*:$0& 3";"7(0& 3<$6*3>;& "+=@$8& :$6>8:0& 6$#<>8";0& 8"8MA";>#*;$& 6>##$(0& ?$(6>8@>8>#$& #*6$& >8:& F>#$(&6*,3*9*;*#=&#$,#,4&'("3$:7($,&,<"7;:&*83;7:$&#<$&7,$&")&?("#$3#*A$&$G7*?6$8#&F<$($&($G7*($:4&

2>6?;$,& F<*3<& <>A$& #"& 9$& P$?#& "8& 9">(:& ,<>;;& 9$& ,#"F$:& *8& >& :$,*@8>#$:& ,?>3$& ,*#7>#$:& *8& #<$& 3>(@"& >($>0&"(0&$+3$?#*"8>;;=0&$;,$F<$($0&,79g$3#&#"&#<$&>??("A>;&")&#<$&O:6*8*,#(>#*"84-NTB&IQ4`4I5&

/<$&,#"F>@$&,?>3$&,<>;;&9$%& 4I& B$;;&:*A*:$:&*8&"(:$(&#"&>A"*:&,<*)#*8@&")&#<$&9"##;$,&>#&,$>d& 4K& .>:$&")&6>#$(*>;&)7;;=&($,*,#>8#&#"&#<$&:*))$($8#&;*G7*:,&*8#$8:$:&#"&9$&,#"F$:d&>8:& 4\& UG7*??$:&F*#<&>:$G7>#$&A$8#*;>#*"8&>((>8@$6$8#,4& & & &&&&&&&&&&&&&&&&&&&&&&-NTB&IQ4`4K5&

!"#$%&&.$3<>8*3>;&A$8#*;>#*"8&*,&8"#&($G7*($:4&

!

&-(D.!V-/8>*/D!-/8!"./*).(*/D!B?7*62'/)0! J*=K((

\'&(%"&(A#'H0](<#--#5%(#,C(5%'2$$2,H($;1$5](&C;A%0'5(#,C(%"&2'(#550A2#%&C(2,5%';1&,%#%20,(#,C( A0,%'0-5(](2,(H00C(0'C&'(#,C(25(%"&'&('&A0'C&C(&42C&,A&(0/('&H;-#'(%&5%2,HR(

( J*?L(

\'&( %"&( A#'H0( #,C( <#--#5%( $;1$( <&#'2,H]( A#52,H( #,C( 5"#/%( H-#,C( %&1$&'#%;'&( 10,2%0'2,H( 5&,50'5(2,(H00C(0'C&'(#,C(25(%"&'&(&42C&,A&(0/('&H;-#'(%&5%2,HR( !"#$,%&&/<$&($G7*($6$8#&*,&#"&?("A*:$&>8&>;>(64&&/<$($&*,&8"&($G7*($6$8#&)"(&#$6?$(>#7($,&#"&9$&:*,?;>=$:& "(&)"(&>&<*@<&#$6?$(>#7($&#(*?&#"&"?$(>#$B>(@"&?76?&9$>(*8@,&67,#&8"#&<>A$&#$6?"(>(=&3"";*8@&)*##$:4(

( J*?)(

\'&( %"&( A#'H0( -2,&5]( 4#$0;'( -2,&5( #,C( 2,&'%( H#5( -2,&5( 2,( H00C( 0'C&'( #,C( 25( %"&'&( '&A0'C&C( &42C&,A&(0/('&H;-#'(%&5%2,HR(

&

!"#$%&&/<*,&*83;7:$,&3"((",*"8&")&9";#,&>8:&);>8@$,&"8&:($,,$(&3"7?;*8@,4(

J*?7(

.5(%"&(A#'H0($;1$(&1&'H&,A>(5";%C0B,(5>5%&1(2,(H00C(0'C&'(#,C(25(%"&'&('&A0'C&C(&42C&,A&( 0/('&H;-#'(%&5%2,HR(

!

!"#$%&&'76?&>;>(6,&>8:&#(*?,0&;$A$;&>;>(6,0&$#340&F<$($&)*##$:0&,<"7;:&9$&#$,#$:&($@7;>(;=&#"&$8,7($&#<>#&#<$=& >($&)783#*"8*8@&3"(($3#;=0&>8:&#<$&($,7;#,&")&#<$,$&#$,#,&,<"7;:&9$&($3"(:$:4!

&

J*?=(

\'&(%"&(A#'H0(#,C(<#--#5%(5>5%&1(4#-4&5(2,(H00C(0'C&'(#,C(25(%"&'&('&A0'C&C(&42C&,A&(0/( '&H;-#'(%&5%2,HR(


97 &

J*??( & &

J*?D( ( J*?F(

\'&( %"&( A#'H0( 5>5%&1( ;--#H&( H#;H&5]( 4#$0;'( -0AW5( #,C( a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`4IL4Q5&

/<$&<*@<&;$A$;&>;>(6&,=,#$6&,<>;;&9$&*8:$?$8:$8#&")&#<$&"A$();"FM3"8#(";&,=,#$6&>8:&,<>;;&9$&*8:$?$8:$8#& ")&#<$&@>7@*8@&:$A*3$,&-/<$,$&>($&;*,#$:&*8&NTB&I\4I54& -NTB&I`4IL4`5&

&

( ( J*?I( ( J*?J( ( J*?K( ! J*DL(

O&#>8P&"A$();"F&3"8#(";&,=,#$6&,<>;;%& 4I& 3"6$& *8#"& "?$(>#*"8& F<$8& #<$& 8"(6>;& #>8P& ;">:*8@& ?("3$:7($,& )>*;& #"& ,#"?& #<$& ;*G7*:& ;$A$;& $+3$$:*8@&#<$&8"(6>;&)7;;&3"8:*#*"8d& 4K& @*A$&>&A*,7>;&>8:&>7:*9;$&#>8PMRYHUIORZDODUPWRWKHVKLS·VRSHUDWRUDQG& 4\& ?("A*:$&>8&>@($$:&,*@8>;&)"(&,$G7$8#*>;&,<7#:"F8&")&"8,<"($&?76?,&"(&A>;A$,&"(&9"#<&>8:&")&#<$& VKLS·V YDOYHV 7KH VLJQDO DV ZHOO DV WKH SXPS DQG YDOYH VKXWGRZQ PD\ EH GHSHQGHQW RQ RSHUDWRU·V LQWHUYHQWLRQ 7KH XVH RI VKLSERDUG DXWRPDWLF FORVLQJ YDOYHV VKDOO EH SHUPLWWHG RQO\ F<$8& ,?$3*)*3& >??("A>;& <>,& 9$$8& "9#>*8$:&)("6&#<$&O:6*8*,#(>#*"8& >8:&#<$& ?"(#& 2#>#$& >7#<"(*#=& 3"83$(8$:4& & & & & & &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&-NTB&I`4IL4X5& !"#$%&[*@<&;$A$;&>;>(6,&,<"7;:&9$&*8&"?$(>#*"8&:7(*8@&9"#<&;">:*8@&>8:&:*,3<>(@*8@&"?$(>#*"8,4&

\'&($2$&-2,&(C'#2,5(#,C(5%;<($2&A&5(4#-4&C(#,C(A#$$&C(#,C(2,(H00C(0'C&'R( \'&(A#'H0(-2,&(C'#2,5(5;2%#<->($052%20,&C(%0($'&A-;C&(-2[;2C('&1#2,2,H(2,(%"&(-2,&(#/%&'(C'#2,2,HR( \'&(A#'H0($2$&-2,&5(%&5%&C(#,,;#-->R(

!"#$%&&B>(@"&?*?$;*8$,&,<"7;:&9$&#$,#$:&#"&I4`H&#*6$,&#<$*(&(>#$:&F"(P*8@&?($,,7($&>#&;$>,#&>887>;;=&>8:&9$& 6>(P$:&F*#<&#<$&:>#$&")&#$,#&>8:&#<$&?($,,7($4&

.5( %"&( A#'H0( %#,W( "2H"T-&4&-( #-#'1( 5>5%&1( 2,C&$&,C&,%( 0/( <0%"( %"&( H#;H2,H( C&42A&5( #,C( %"&( 04&'/-0BTA0,%'0-(#-#'1(5>5%&1R(

B>(@"&#>8P,&,<>;;&9$&)*##$:&F*#<&>&A*,7>;&>8:&>7:*9;$&<*@;>(6&F<*3<&*8:*3>#$,&F<$8&#<$&;*G7*:&;$A$;& *8&#<$&3>(@"&#>8P&>??(">3<$,&#<$&8"(6>;&)7;;&3"8:*#*"84& -NTB&I`4IL4Q5& /<$&<*@<&;$A$;&>;>(6&,=,#$6&,<>;;&9$&*8:$?$8:$8#&")&#<$&"A$();"FM3"8#(";&,=,#$6&>8:&,<>;;&9$&*8:$?$8:$8#& ")&#<$&@>7@*8@&:$A*3$,&&-/<$,$&>($&Y*,#$:&*8&NTB&I\4I54& -NTB&I`4IL4`5& O&#>8P&"A$();"F&3"8#(";&,=,#$6&,<>;;%& 4I& 3"6$& *8#"& "?$(>#*"8& F<$8& #<$& 8"(6>;& #>8P& ;">:*8@& ?("3$:7($,& )>*;& #"& ,#"?& #<$& ;*G7*:& ;$A$;& $+3$$:*8@&#<$&8"(6>;&)7;;&3"8:*#*"8d& 4K& @*A$&>&A*,7>;&>8:&>7:*9;$&#>8PMRYHUIORZDODUPWRWKHVKLS·VRSHUDWRUDQG& 4\& ?("A*:$&>8&>@($$:&,*@8>;&)"(&,$G7$8#*>;&,<7#:"F8&")&"8,<"($&?76?,&"(&A>;A$,&"(&9"#<&>8:&")&#<$& VKLS·V YDOYHV 7KH VLJQDO DV ZHOO DV WKH SXPS DQG YDOYH VKXWGRZQ PD\ EH GHSHQGHQW RQ RSHUDWRU·V LQWHUYHQWLRQ 7KH XVH RI VKLSERDUG DXWRPDWLF FORVLQJ YDOYHV VKDOO EH SHUPLWWHG RQO\ F<$8& ,?$3*)*3& >??("A>;& <>,& 9$$8& "9#>*8$:&)("6&#<$&O:6*8*,#(>#*"8& >8:&#<$& ?"(#& 2#>#$& >7#<"(*#=& 3"83$(8$:4& & & & & & &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&-NTB&I`4IL4X5& 1RWH+LJKOHYHODODUPVDUHUHTXLUHGZKHUHLVLQGLFDWHGLQFROXPQ¶R·RI&KDSWHUDQGRYHUIORZ >;>(6,&F<$($&I`4IL4X&*,&*8:*3>#$:4&

( J*D)(

\'&( %"&'&( '&A0'C5( 0/( %"&( A#-2<'#%20,( 0/( W&>( A#'H0( 2,5%';1&,%#%20,]( 2,A-;C2,H( %&1$&'#%;'&( #,C( $'&55;'&(H#;H&5R( !"#$,%& & /<$($& ,<"7;:& 9$& ($3"(:,& ")& #<$& ($@7;>(& 3<$3P*8@& >8:& 3>;*9(>#*"8& ")& *8,#(76$8#>#*"80& ?>(#*37;>(;=& 3>(@"& #>8P& #$6?$(>#7($& >8:& ?($,,7($& @>7@$,4& & B>;*9(>#*"8& ,<"7;:& 9$& 3>((*$:& "7#& ?($)$(>9;=& >#& *8#$(A>;,& 8"#&$+3$$:*8@&\H&6"8#<,4&


98 B>;*9(>#*"8&")&*8,#(76$8#>#*"8&*,&")#$8&:*))*37;#&F<*;,#&#<$&A$,,$;&*,&*8&,$(A*3$&>8:&*#&*,&7,7>;;=&3>((*$:&"7#&:7(*8@& ($?>*(& ?$(*":,4& & ["F$A$(0& 3"6?>(*,"8,& 9$#F$$8& ;"3>;& >8:& ($6"#$& #<$(6"6$#$(& ($>:*8@,& ?("A*:$& >& ?(>3#*3>;&3(",,M($)$($83$4&

J*D7! ( J*D=( !

! .5(%"&(2,&'%(H#5(5>5%&1(#,CX0'(5%0'#H&(#,C(#550A2#%&C($2$&B0'W](B"&'&(/2%%&C](2,(H00C(0'C&'R( .5(%"&(H&,&'#-(A0,C2%20,(0/(%"&(A#'H0(%#,W("&#%2,H(5>5%&1(5#%25/#A%0'>R(

#>>-D*/DA!$-26>*/D!-/8!&>.5'8!96'(-)*./50! J*D?( &

( J*DD(

\'&( 4#$0;'( -0AW5]( B"&'&( /2%%&C]( A#-2<'#%&C( #,C( A&'%2/2&C( <>( #( '&A0H,25&C( A#'H0( 2,5$&A%20,( 0'H#,25#%20,R(

!"#$,%& & B"(($3#*"8,& )"(& :>#76& ;$A$;,& >8:& )"(& ;*,#& >8:& #(*6& ,<"7;:& 9$& 3<$3P$:& >8:& >??("A$:& 9=& #<$& "(@>8*,>#*"8& 3$(#*)=*8@& #<$& ,=,#$6& *)& 7;;>@$,& )("6& ($#(")*##$:& A>?"7(& ;"3P,& >($& 7,$:& )"(& 3>(@"& 3>;37;>#*"84&& f<$($&A>?"7(&;"3P,&<>A$&9$$8&($#("M)*##$:0&3$(#*)*3>#$,&")&3>;*9(>#*"8&67,#&9$&?("A*:$:&9=&>&($3"@8*,$:& B;>,,*)*3>#*"8&,"3*$#=&"(&3>(@"&*8,?$3#*"8&3"6?>8=4&

./( /2V&C( %#,W( H#;H&5( #'&( ,0%( /2%%&C]( #'&( 5;//2A2&,%( $0'%#<-&( %#$&5( $'042C&C( %0( 521;-%#,&0;5->( H#;H&(&#A"(%#,W(<&2,H(B0'W&CR( N)&>&)*+$:&3>(@"&#>8P&@>7@*8@&,=,#$6&*,&)*##$:&97#&*,&78($;*>9;$&>8:&?"(#>9;$&#>?$,_A>?"7(&;"3P,&>($&9$*8@& 7,$:& >,& #<$& 6>*8& 6$#<":& ")& 7;;>@*8@0& #<*,& )>3#& ,<"7;:& 9$& ($3"(:$:& >,& >8& S9,$(A>#*"84& & /<$& 8769$(& ")& #>?$,&*8&7,$&67,#&9$&($3"(:$:4&

&

!"#$,%& & '"(#>9;$& WDSHV VKRXOG EH FDOLEUDWHG LQ DFFRUGDQFH ZLWK PDQXIDFWXUHU·V UHFRPPHQGDWLRQV DQG A>;*:&3$(#*)*3>#$,&")&3>;*9(>#*"8&,<"7;:&9$&?("A*:$:&)"(&$>3<&*8,#(76$8#4&&

& 87, WDSHV FRQVWLWXWH ÚHVWULFWHGµ JDXJLQJ DQG PXVW QRW EH XVHG ZLWK FDUJRHV WKDW UHTXLUH ´FORVHGµ RSHUDWLRQVDVUHTXLUHGE\,%&FKDSWHUFROXPQ´Mµ& /<$($&,<"7;:&>;,"&9$&#F"&,?>($&#>?$,&"8&9">(:4!! !

J*DF(

.5(%"&(4&55&-(A#$#<-&(0/(0$&'#%2,H(2,(#(A-05&C(A0,C2%20,(2/(40-#%2-&(0'(%0V2A($'0C;A%5(#'&("#,C-&C]( 2,A-;C2,H(;--#H2,H(#,C(5#1$-2,HR(

&

S?$8&>8:&($,#(*3#$:&@>7@*8@&,<>;;&9$&>;;"F$:&"8;=&F<$($%& 4I& "?$8&A$8#*8@&*,&>;;"F$:&9=&#<$&B":$d&"(& 4K& 6$>8,&>($&?("A*:$:&)"(&($;*$A*8@&#>8P&?($,,7($&9$)"($&#<$&@>7@$&*,&"?$(>#$:4&&&&&&&&&&&&&&&&&-NTB&I\4I4\5&

!

O;;&#>8P$(,&)*##$:&F*#<&>&)*+$:&*8$(#&@>,&,=,#$6&,<>;;&9$&?("A*:$:&F*#<&>&3;",$:&7;;>@$&,=,#$64& & -2SYO2&ILX^&NNMK_QH4X&>8:&2SYO2&KHH^&NNMK_^4`4`4\4\55& !"#$,%&&S8&>&3<$6LFDOWDQNHU´FORVHGµORDGLQJLVUHTXLUHGDWDOOWLPHVZKHQVRVSHFLILHGLQ,%&FKDSWHU 3ROXPQ´Mµ,QVXFKFDVHVXVHRI?"(#>9;$&b/N&#>?$,&*,&"8;=&?$(6*##$:&F<$8&#<$,$&#>?$,&>($&3$(#*)*$:&#"&9$& 7,$:& *8& 3>,$,& ")& 3"6?;$#$& @>,M#*@<#& 3"8:*#*"8,4& & b,$& ")& @>7@$,& #<>#& >($& 3$(#*)*3>#$:& )"(& 7,$& *8& ($,#(*3#$:& "?$(>#*"8,&*,&8"#&?$(6*##$:4& O&A";>#*;$&?(":73#&*,&?$#(";$76&<>A*8@&>&);>,<&?"*8#&9$;"F&QH HB&>,&:$#$(6*8$:&9=&#<$&3;",$:&37?&6$#<":& ")&#$,#*8@4& N)&>&3>(@"&*,&9$*8@&<>8:;$:&>#&>&#$6?$(>#7($&F*#<*8&IHHB&")&*#,&);>,#*;$4&& /<$($)"($&>&3>(@"&F*#<&>&);>,#*;$&*)&<>8:;$:&>#&>&#$6?$(>#7($&")& XHHB&"(&>9"A$4&

&

&

J*DI(

./(%"&(4&55&-(25("#,C-2,H(40-#%2-&(0'(%0V2A(A#'H0&5](25(2%(0$&'#%2,H(2,(#(A-05&C(A0,C2%20,(#%(%"&(%21&( 0/(%"&(2,5$&A%20,R(

! J*DJ( !

@0(%#,W("#%A"&5](%#,W(A-&#,2,H(#$&'%;'&5(#,C(52H"%2,H($0'%5(#$$&#'(%0(<&(-2[;2C(#,C(H#5(%2H"%R(

J*DK(

.5(%"&(A#'H0(4&,%2,H(5>5%&1(2,(H00C(0'C&'R(

! J*FL(

.5(%"&(A#'H0(4&,%2,H(5>5%&1(<&2,H(0$&'#%&C(A0''&A%->R(

['/)*/D!E((-/D'2'/)50( !"#$%&&/<$&3"8:*#*"8&")&?_A&A>;A$,0&6>,#&(*,$(,0&A$8#&,#>3P,0&A>?"7(&;*8$,0&A>3776&A>;A$,&>8:&);>6$&,3($$8,& ,<"7;:&9$&>,,$,,$:4&


99 ( J*F)(

\'&(U:_\U(5&A0,C#'>(4&,%2,H('&[;2'&1&,%5(<&2,H(A01$-2&C(B2%"R(

!"#$,%&& B;>,,& ,"3*$#*$,& 6>=& >33$?#& >& ,=,#$6& #<>#& 6>=& 8"#& 3"6?;=& F*#<& #<$& 2SYO2& ($G7*($6$8#,& )"(& ¶6HFRQGDU\PHDQVRIIXOOIORZUHOLHI·!!! N8& ,73<& 3>,$,&#<$& G7$,#*"8&,<"7;:& 9$& DQVZHUHG ¶1R·&& O& )7;;& :$,3(*?#*"8& ")&#<$& ,=,#$6& >,& )*##$:& ,<"7;:& 9$& 6>:$&>,&>8&S9,$(A>#*"8&#"&>;;"F&>8&>,,$,,6$8#&")&>33$?#>9*;*#=&#"&9$&6>:$4&& & B"8#(";;$:&#>8P&A$8#*8@&,=,#$6,&,<>;;&3"8,*,#&")&>&?(*6>(=&>8:&>&,$3"8:>(=&6$>8,&")&>;;"F*8@&)7;;&);"F&($;*$)& ")&A>?"7(&#"&?($A$8#&"A$(M?($,,7($&"(&78:$(M?($,,7($&*8&#<$&$A$8#&")&)>*;7($&")&"8$&6$>8,4&& O;#$(8>#*A$;=0& #<$&,$3"8:>(=&6$>8,&6>=&3"8,*,#&")&?($,,7($&,$8,"(,&)*##$:&*8&$>3<&#>8P&F*#<&>&6"8*#"(*8@&,=,#$6&*8&#<$& VKLS·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d&>8:& -95&[>,&>&<*@<&?($,,7($&>8:&>&;"F&?($,,7($&>;>(6&#<>#%& -I5&N,&>7:*9;$&>8:&A*,*9;$&"8&#<$&A$,,$;&F<$($&3>(@"&#(>8,)$(&*,&3"8#(";;$:d& -K5&O;>(6,&>#&>&<*@<&?($,,7($&")&8"#&6"($&#<>8&LH&?$(3$8#&")&#<$&;"F$,#&?($,,7($&($;*$)&A>;A$&,$##*8@&*8&#<$& 3>(@"&#>8P&A$8#*8@&,=,#$6d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p&@($>#$(&#<>8&#<$&8"(6>;&>3#7>#*"8&,$##*8@,&")&#<$&?($,,7($&A>;A$,&#<$6,$;A$,4&&N8&#<$&3>,$&")& #<$& ;"FM?($,,7($& ,$##*8@,0& #<$& ?($,,7($& *8& >& #>8P& ,<"7;:& 8$A$(& 9$& ?$(6*##$:& #"& )>;;& 9$;"F& a$("& >8:& #<$& ?($,,7($&,$8,"(,&,<"7;:&9$&,$#&#"&>;>(6&>9"A$&a$("4& N8&#<$&3>,$&")&8"8M*8$(#$:&A$,,$;,&*)&?($,,7($&,$8,"(,&>($&?("A*:$:0&#<$&"A$(M?($,,7($&,$##*8@&,<"7;:&9$&,$#&#"& >;>(6& >#& IHp& @($>#$(& #<>8& #<$& 8"(6>;& >3#7>#*"8& ,$##*8@,& ")& #<$& ?($,,7($& A>;A$,0& >8:& >#& >& A>3776& IHp& @($>#$(&#<>8&#<$&8"(6>;&>3#7>#*"8&,$##*8@,&")&#<$&A>3776&A>;A$,4& N8&>;;&3>,$,0&>&:$,3(*?#*"8&")&#<$&,$3"8:>(=&A$8#*8@&>((>8@$6$8#,& ,<"7;:&9$&?("A*:$:0&*8&?>(#*37;>(&F<>#& A$8#,& "(& ?($,,7($_A>3776& ,$8,*8@& ,=,#$6,& >($& >A>*;>9;$& "8& $>3<& #>8P& F<$8& #<$& 6>*8& *8;$#& A>;A$& #"& NE_A$8#& 6>*8& *,& ,<7#4&& f<$($& $;$3#("8*3& ?($,,7($_A>3776& ,$8,"(,& >($& ?("A*:$:0& *:$8#*)=& >8:& ($3"(:& F<$#<$(&#<$&>;>(6,&>($&,$#&#"&"?$(>#$&>#&#<$&3"(($3#&A>;7$&"(&,"6$&"#<$(&A>;7$4&

&

J*F7( !

\'&( %"&( EX8( 4#-4&5( 2,( H00C( 0'C&']( 2,5$&A%&C( #,C( A-&#,&C( #5( $#'%( 0/( #( '&H;-#'( $-#,,&C( 1#2,%&,#,A&('0;%2,&(#,C(#'&(%"&'&('&A0'C5(%0(5;$$0'%(%"25R( !"#$,%&&[*@<&g$#&3"8$,&>8:&);>?,&,<"7;:&8"#&9$&g>3P$:&"?$80&?>(#*37;>(;=&F<$8&;">:*8@4& 1$(*)=&#<>#&?_A&A>;A$,0&F<$($&)*##$:0&>($&#*@<#&>8:&*8&@"":&"(:$(4&

&

[*@<& g$#& A$8#,& >($& 8"#& )*##$:& F*#<& );>6$& ,3($$8,& >8:& #<$*(& 3"(($3#& "?$(>#*"8& ($;*$,& "8& >& ?($,,7($& 97*;:M7?& F*#<*8&#<$&3"6?>(#6$8#&F<*3<&"?$8,&#<$&A>;A$&>#&>&?($:$#$(6*8$:&;$A$;&>8:&($,7;#,&*8&>&@>,&$+*#&A$;"3*#=& ")&>&6*8*676&")&\H&6$#($,_,$34&&/<*,&($,7;#,&*8&?("#$3#*"8&>@>*8,#&#<$&?>,,>@$&")&);>6$0&#<$&,?$$:&")&F<*3<& *,&>9"7#&X4`&6$#($,_,$34& B"8,*,#$8#& F*#<& ,>)$#=& >8:& F*#<"7#& *8#$()$(*8@& F*#<& "?$(>#*"8,& >8:& *)& >??("?(*>#$& #"& #<$& :$,*@8& ")& #<$& A$8#*8@& $G7*?6$8#0& ($G7$,#& #<$& 6>87>;& ;*)#*8@& ")& ?_A& A>;A$,& #"& :$6"8,#(>#$& ,>#*,)>3#"(=& "?$(>#*"84& '_A& A>;A$,& ,<"7;:& 9$& 3<$3P$:& )"(& )($$& 6"A$6$8#& ?(*"(& #"& #<$& 3"66$83$6$8#& ")& $>3<& 3>(@"& "?$(>#*"8& >,& ($G7*($:&9=&#<$&2<*?&#"&2<"($&2>)$#=&B<$3P&Y*,#&G7$,#*"8&\I4&

( J*F=( &

( J*F?(

\'&(/-#1&(5A'&&,5(4->(#AA&552<-&(#,C('&104#<-&](2,(H00C(0'C&'(#,C(2,5$&A%&C(#,C(A-&#,&C( #5($#'%(0/(#('&H;-#'(1#2,%&,#,A&('0;%2,&(#,C(#'&(%"&'&('&A0'C5(#4#2-#<-&R( !"#$%&&/<$&A>3776&A>;A$&")&>&?_A&A>;A$&F*;;&9$&)*##$:&F*#<&>&);>6$&,3($$84&

./( %"&( 4&55&-( 25( 0$&'#%2,H( B2%"( #( 4#$0;'( '&%;',( -2,&( A0,,&A%&C]( #'&( #$$'0$'2#%&( %'#,5/&'( $'0A&C;'&5(2,($-#A&R(

1$,,$;,&$G7*??$:&F*#<&A>?"7(&3";;$3#*"8&,=,#$6,&67,#&9$&)*##$:&F*#<&>&?($,,7($&,$8,*8@&:$A*3$&#<>#&,$8,$,& #<$&?($,,7($&*8&#<$&6>*8&A>?"7(&3";;$3#*"8&;*8$0&F<*3<%& ->5&[>,&>&?($,,7($&*8:*3>#"(&;"3>#$:&"8&#<$&A$,,$;&F<$($&#<$&3>(@"&#(>8,)$(&*,&3"8#(";;$:d&>8:& -95&[>,&>&<*@<&?($,,7($&>8:&>&;"F&?($,,7($&>;>(6&#<>#%&


100 -I5&N,&>7:*9;$&>8:&A*,*9;$&"8&#<$&A$,,$;&F<$($&3>(@"&#(>8,)$(&*,&3"8#(";;$:d& -K5& O;>(6,& >#& >& <*@<& ?($,,7($& ")& 8"#& 6"($& #<>8& LH& ?$(3$8#& ")& #<$& ;"F$,#& ?($,,7($& ($;*$)& A>;A$&,$##*8@&*8&#<$&3>(@"&#>8P&A$8#*8@&,=,#$6d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

!

$)-)*,!B>',)(*,*)?#$(&\&>::($,,$,&#<$&<>a>(:,&>,,"3*>#$:&F*#<&,#>#*3&$;$3#(*3*#=4&&N2ES//&B<>?#$(&II&>::($,,$,&#<$& ?($3>7#*"8,&#<>#&67,#&9$&#>P$8&F<$8&<>8:;*8@&,#>#*3&>33767;>#"(&3>(@"$,&*8&6"($&:$#>*;4&&'("A*:$:&#<>#&>&#>8P&*,& 6>*8#>*8$:& *8& >8& *8$(#& 3"8:*#*"80& F<$8& ,#>#*3& 8"8M>33767;>#"(& 3>(@"$,& >($& 9$*8@& <>8:;$:0& "(& F<$8& *#& 3>8& 9$& @7>(>8#$$:&#<>#&#<$&#>8P&>#6",?<$($&*,&8"8M);>66>9;$0&8"&>8#*M,#>#*3&?($3>7#*"8,&>($&8$3$,,>(=4& V7$,#*"8,&W4Q`&#"&W4X\&,<"7;:&"8;=&9$&3"6?;$#$:&)"(&A$,,$;,&3>((=*8@&,#>#*3&>33767;>#"(&3>(@"$,&*8&8"8M*8$(#&#>8P,4& ,IWKHFDUJRLVQRWDVWDWLFDFFXPXODWRURULIWKHWDQNVDUHLQHUWHGDQVZHUWKHVHTXHVWLRQV¶1$·& 2#>#*3& >33767;>#"(& ?$#(";$76& 3>(@"$,& >($& >;;& #<",$& $+3$?#& 3(7:$& "*;,0& ($,*:7>;& )7$;& "*;,0& 9;>3P& :*$,$;& "*;,& >8:& >,?<>;#,&-9*#76$8,54&&2"6$&3<$6*3>;,&>($&P8"F8&,#>#*3&>33767;>#"(,&>8:&$+>6?;$,&>($&B76$8$0&B=3;"<$+>8$0& D*$#<=;$#<$(0& [$?#>8$,0& ./TU0& !"8$8$0& S3#$8$,0& 2#=($8$0& /";7$8$& >8:& h=;$8$4& & N8& 3>,$& ")& :"79#& *#& ,<"7;:& 9$& >,,76$:&#<>#&>&?(":73#&*,&>&,#>#*3&>33767;>#"(&>8:&#<$&>??("?(*>#$&?($3>7#*"8,&,<"7;:&9$&#>P$84&&

( J*FD(

\'&($'&A#;%20,5('&-#%2,H(%0(1#V21;1(/-0B('#%&5(C;'2,H(2,2%2#-(-0#C2,H(<&2,H(0<5&'4&CR(

( J*FF(

\'&('&[;2'&C(5&%%-2,H($&'20C5(<&2,H(0<5&'4&CR(

&

&

&

( J*FI(

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c,&;">:*8@&*8;$#4&&& -N2ES//&II4I4X4\5&

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·VSROLF\UHODWLQJWRDFWLRQVWREHWDNHQLQWKHHYHQWRIIDLOXUHRIWKH ?(*6>(=&)*+$:&@>7@*8@&,=,#$6&67,#&9$&($A*$F$:4!

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

( J*FJ( &

( J*FK(

\'&( 1&%#-( %#$&5( #,C( 0%"&'( H#;H2,H( 0'( 5#1$-2,H( C&42A&5( &//&A%24&->( <0,C&C( <&/0'&( <&2,H( 2,%'0C;A&C(2,%0(%#,W5R( !"#$%& & b/N& #>?$,& 67,#& 9$& 9"8:$:& 9$)"($& 9$*8@& *8#(":73$:& *8#"& #>8P,4& & b/N& #>?$,& F<*3<& <>A$& G7*3P& 3"7?;*8@,& #"& 3"88$3#& #<$& 78*#& #"& #<$& A>?"7(& ;"3P& F*;;& ?",,*9;=&8"#& ($G7*($& 9"8:*8@& F*($,4&& ["F$A$(0& #<$& LQWHUQDOERQGLQJRIVXFKXQLWVVKRXOGEHFKHFNHGHYHU\VL[PRQWKVLQDFFRUGDQFHZLWKWKHPDQXIDFWXUHU·V ($G7*($6$8#,4&

./( $0'%#<-&( %#,W( A-&#,2,H( "05&5( #'&( ;5&C]( #'&( A0,%2,;2%>( %&5%5( A#''2&C( 0;%( #,C( %"&( '&5;-%5( '&A0'C&CR( T"8:*8@& F*($,& ,<"7;:& 9$& *83"(?"(>#$:& F*#<*8& >;;& ?"(#>9;$& #>8P& F>,<*8@& <",$,& #"& $8,7($& $;$3#(*3>;& 3"8#*87*#=4& B"7?;*8@,& ,<"7;:& 9$& 3"88$3#$:& #"& #<$& <",$& *8& ,73<& >& F>=& #<>#& $))$3#*A$& 9"8:*8@& *,& $8,7($:&


101 9$#F$$8&#<$64&[",$,&,<"7;:&9$&*8:$;*9;=&6>(P$:&#"&>;;"F&*:$8#*)*3>#*"84&&O&($3"(:&,<"7;:&9$&P$?#&,<"F*8@& #<$&:>#$&>8:&#<$&($,7;#&")&$;$3#(*3>;&3"8#*87*#=&#$,#*8@4& &&&&&&&&&&&&&&-N2ES//&II4\4Q4K5& O;;&<",$,&,7??;*$:&)"(&#>8P&F>,<*8@&6>3<*8$,&,<"7;:&9$&#$,#$:&)"(&$;$3#(*3>;&3"8#*87*#=&*8&>&:(=&3"8:*#*"8& ?(*"(&#"&7,$0&>8:&*8&8"&3>,$&,<"7;:&#<$&($,*,#>83$&$+3$$:&Q&"<6,&?$(&6$#($&;$8@#<4&&&&&&&&&&&&&-N2ES//&II4\4Q4\5&

( J*IL( &

( J*I)( &

( J*I7(

\'&($&'50,,&-(#B#'&(0/(%"&("#c#'C5(#550A2#%&C(B2%"(%#,W(A-&#,2,H(#/%&'(%"&(A#''2#H&(0/(40-#%2-&( $'0C;A%5R( !"#$%&&/<$&#>8P&3;$>8*8@&($3"66$8:>#*"8,&3"8#>*8$:&*8&N2ES//&B<>?#$(&II4\&67,#&9$&,#(*3#;=&"9,$(A$:4!

\'&($&'50,,&-(#B#'&(0/(%"&("#c#'C5(#550A2#%&C(B2%"(5%,H(A#'H0(%#,W5(#/%&'(%"&(A#''2#H&(0/( 40-#%2-&($'0C;A%5R( 2#$>6&,<"7;:&8$A$(&9$&*8g$3#$:&*8#"&>&#>8P&#<>#&6>=&3"8#>*8&>&);>66>9;$&3>(@"4&-/2E&D4\4II5&

\'&($&'50,,&-(#B#'&(0/(%"&(,&&C(%0(#402C(%"&(/'&&(/#--(0/(-2[;2C(2,%0(%#,W5R(

Y">:*8@&"(&9>;;>,#*8@&)("6&#<$&#"?&-"A$(>;;5&:$;*A$(,&3<>(@$:&;*G7*:&#"&>&#>8P&*8&,73<&>&6>88$(&#<>#&*#&3>8& 9($>P& 7?& *8#"& ,6>;;& :("?;$#,& >8:& ,?;>,<& *8#"& #<$& #>8P4& /<*,& 6>=& ?(":73$& >& 3<>(@$:& 6*,#& >,& F$;;& >,& >8& *83($>,$&*8&#<$&?$#(";$76&@>,&3"83$8#(>#*"8&*8&#<$&#>8P4&C$,#(*3#*"8,&7?"8&;">:*8@&"(&9>;;>,#*8@&"A$(>;;&>($& @*A$8&*8&N2ES//&2$3#*"8&II4I4IK4& & & & & & & & -N2ES//&\4\4\5&

( J*I=( !

\'&(A#'H0($2$&(`02,%5(<0,C&CR(

&

!"#$%&&2"6$&@>,P$#,&>($&$;$3#(*3>;;=&3"8:73#*A$&>8:&9"8:*8@&*,&8"#&($G7*($:4&

O;;&@>,P$#$:&3>(@"M?*?$&g"*8#,&>8:&<",$&3"88$3#*"8,&,<>;;&9$&$;$3#(*3>;;=&9"8:$:4-NTB&IH4K5&

&

"-/*+.>8!E((-/D'2'/)50! J*I?( J*ID(

\'&(A#'H0(1#,2/0-C(#''#,H&1&,%5(5#%25/#A%0'>R( ! \'&( 1#,2/0-C( $'&55;'&( H#;H&5( /2%%&C( 0;%<0#'C( 0/( %"&( 1#,2/0-C( 4#-4&5( #,C( #'&( %"&>( 2,( H00C( 0'C&'R( .>8*)";:& ?($,,7($& @>7@$,& ,<"7;:& 9$& )*##$:& #"& #<$& ,?"";& ?*$3$,_($:73$(,& "8& #<$& "7#9">(:& ,*:$& ")& #<$& 6>8*)";:&A>;A$,4& & -N2ES//&K^4Q4\5&

( J*IF( ( J*II( ( J*IJ( &

( J*IK( &

&

! J*JL( ( J*J)( ( J*J7( ! ! !

\'&( $'&55;'&( H#;H&5( #-50( /2%%&C( %0( %"&( 0//5"0'&( 1#,2/0-C5( #,C( '&H;-#'->( A"&AW&C( C;'2,H( %"&( C25A"#'H&(/0'(1#,2/0-C(4#-4&(-&#W#H&R( \'&(1#,2/0-C($'&55;'&(H#;H&5(/2%%&C(B2%"(4#-4&5(0'(A0AW5R( \'&(#--(/-#,H&(A0,,&A%20,5(/;-->(<0-%&CR(

!"#$%&&/<*,&*83;7:$,&>8=&;*8$&F<*3<&*,&9$*8@&7,$:&)"(0&"(&6*@<#&9$3"6$&?($,,7(*,$:&:7(*8@0&3>(@"&"?$(>#*"8,& "8&9"#<&,*:$,&")&#<$&A$,,$;4&

\'&(1#,2/0-C(<-#,W(/-#,H&5(0/(#,(&[;24#-&,%('#%2,H(%0(%"#%(0/(%"&(1#,2/0-C($2$&-2,&5R(

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

\'&(%"&(1#,2/0-C(4#-4&5(#,C(-2,&5(1#'W&C(%0(2C&,%2/>(%"&(%#,W(0'(%#,W5(%"&>(5&'4&R( \'&(%"&(1#,2/0-C5(/2%%&C(B2%"(C'#2,(-2,&5(#,C($;'H&($02,%5(#,C(#'&(%"&>(4#-4&C(#,C(A#$$&CR( .5(%"&(4&55&-(/'&&(0/(;,#;%"0'25&C(2,%&'TA0,,&A%20,5(<&%B&&,(A#'H0](<;,W&'(#,C(<#--#5%(5>5%&15R(


102

&-(D.!C726!U..20!

/<*,&,$3#*"8&>??;*$,&#"&>;;&?76?(""6,&*)&)*##$:0&*83;7:*8@&B>(@"&'76?(""6,0&T>;;>,#&?76?(""6,&>8:&R7$;&S*;&/(>8,)$(& '76?(""6,4&

J*J=( ( J*J?( J*JD(

:,( 4&55&-5( B2%"( $;1$( '0015]( #'&( %"&>( /'&&( 0/( &42C&,A&( 0/( 52H,2/2A#,%( -&#W5( /'01( 1#A"2,&'>]( $2$&B0'W](4#-4&(H-#,C5(#,C(2,5%';1&,%#%20,R( \'&(<;-W"&#C(5&#-5(H#5(%2H"%(#,C](2/('&[;2'&C](B&--(-;<'2A#%&CR( ! .5(%"&(A#'H0($;1$('001(H#5(10,2%0'2,H(5>5%&1(2,(H00C(0'C&'(#,C('&H;-#'->(A"&AW&CR(

O;;&#>8P$(,&,<>;;&9$&)*##$:0&9=&#<$&:>#$&")&#<$&)*(,#&,3<$:7;$:&:"3P*8@&>)#$(&I ,#&J7;=&KHHK&97#&8"#&;>#$(&#<>8&I ,#& J7;=&KHH`0&F*#<&>&,=,#$6&)"(&3"8#*87"7,&6"8*#"(*8@&")&#<$&3"83$8#(>#*"8&")&<=:("3>(9"8&@>,$,4&&2>6?;*8@& ?"*8#,&"(&:$#$3#"(&<$>:,&,<>;;&9$&;"3>#$:&*8&,7*#>9;$&?",*#*"8,&*8&"(:$(&#<>#&?"#$8#*>;;=&:>8@$("7,&;$>P>@$,& >($&($>:*;=&:$#$3#$:4&&f<$8&#<$&<=:("3>(9"8&@>,&3"83$8#(>#*"8&($>3<$,&>&?($M,$#&;$A$;0&F<*3<&,<>;;&8"#& 9$& <*@<$(& #<>8& IHp& ")& #<$& YUY0& >& 3"8#*87"7,& >7:*9;$& >8:& A*,7>;& >;>(6& ,*@8>;& ,<>;;& 9$& >7#"6>#*3>;;=& $))$3#$:&*8&#<$&*8&#<$&?76?&(""6&>8:&3>(@"&3"8#(";&(""6&#"&>;$(#&?$(,"88$;&#"&#<$&?"#$8#*>;&<>a>(:4& & & -2SYO2&KHHH&NNMK_^4`4IH4I4\&>8:&I4Q4X5& /<$& >;>(6& ,<>;;& 9$& >7#"6>#*3>;;=& >))$3#$:& *8& #<$& ?76?& (""60& $8@*8$& 3"8#(";& (""60& 3>(@"& 3"8#(";& (""6& >8:&8>A*@>#*"8&9(*:@$&"8&A$,,$;,&3"8,#(73#$:&"8&"(&>)#$(&I ,#&J7;=&KHHK4& -2SYO2&KHHH&NNMK_^4`4IH4I4\5& !"#$%& & U+*,#*8@& ,=,#$6,& <>A*8@& >& ?($M,$#& ;$A$;& ")& 8"#& 6"($& #<>8& \Hp& YUY& 6>=& 9$& >33$?#$: "8& A$,,$;,& 3"8,#(73#$:&9$)"($&I,#&J7;=&KHHK&

( J*JF( &

! J*JI(

.5(%"&(<2-H&($;1$(2,(H00C(0'C&'(#,C(A#,(2%(<&(0$&'#%&C(/'01(#($052%20,(0;%52C&(%"&($;1$('001R(

/<$&9*;@$&,=,#$6&,$(A*8@&#<$&3>(@"&?76?&(""6&,<>;;&9$&"?$(>9;$&)("6&"7#,*:$&#<$&3>(@"&?76?M(""64& -NTB&\4\4`5!

\'&( C25A"#'H&( $'&55;'&( H#;H&5( $'042C&C( 0;%52C&( B"&'&( #( A#'H0( $;1$( '001( 25( /2%%&C( #,C( #'&( %"&>(2,(H00C(0'C&'R(

!

$-+')
.5(%"&(4&55&-($'042C&C(B2%"(%"&($'0%&A%24&(&[;2$1&,%('&[;2'&C(<>(%"&(.^!(0'(^!P(!0C&5R(

R"(& #<$& ?("#$3#*"8& ")& 3($F& 6$69$(,& F<"& >($& $8@>@$:& *8& ;">:*8@& >8:& :*,3<>(@*8@& "?$(>#*"8,0& #<$& ,<*?& ,<>;;& <>A$& "8& 9">(:& ,7*#>9;$& ?("#$3#*A$& $G7*?6$8#& 3"8,*,#*8@& ")& ;>(@$& >?("8,0& ,?$3*>;& @;"A$,& F*#<& ;"8@& ,;$$A$,0&,7*#>9;$&)""#F$>(0&3"A$(>;;,&")&3<$6*3>;M($,*,#>8#&6>#$(*>;&>8:&#*@<#&)*##*8@&@"@@;$,&"(&)>3$&,<*$;:,& "(& 9"#<4& & /<$& ?("#$3#*A$& 3;"#<*8@& >8:& $G7*?6$8#& ,<>;;& 3"A$(& >;;& ,P*8& ,"& #<>#& 8"& ?>(#& ")& #<$& 9":=& *,& 78?("#$3#$:4& -NTB&I^4I4I5& f"(P& 3;"#<$,& >8:& ?("#$3#*A$& $G7*?6$8#& ,<>;;& 9$& P$?#& *8& $>,*;=& >33$,,*9;$& ?;>3$,& >8:& *8& ,?$3*>;& ;"3P$(,4&& 273<& $G7*?6$8#& ,<>;;& 8"#& 9$& P$?#& F*#<*8& >33"66":>#*"8& ,?>3$,0& F*#<& #<$& $+3$?#*"8& ")& 8$F0& 787,$:& $G7*?6$8#&>8:&$G7*?6$8#&F<*3<&<>,&8"#&9$$8&7,$:&,*83$&78:$(@"*8@&>&#<"("7@<&3;$>8*8@&?("3$,,4&&/<$& O:6*8*,#(>#*"8&6>=0&<"F$A$(0&>??("A$&,#"(>@$&(""6,&)"(&,73<&$G7*?6$8#&F*#<*8&>33"66":>#*"8&,?>3$,& *)&>:$G7>#$;=&,$@($@>#$:&)("6&;*A*8@&,?>3$,&,73<&>,&3>9*8,0&?>,,>@$F>=,0&:*8*8@&(""6,0&9>#<(""6,&$#34& & -NTB&I^4I4K5& '("#$3#*A$&$G7*?6$8#&,<>;;&9$&7,$:&*8&>8=&"?$(>#*"80&F<*3<&6>=&$8#>*;&:>8@$(&#"&?$(,"88$;4&&&&-NTB&I^4I4\5&&

! J*JK(

.5(%"&(4&55&-($'042C&C(B2%"(%"&(5#/&%>(&[;2$1&,%('&[;2'&C(<>(%"&(.^!(0'(^!P(!0C&5R(

6KLSVFDUU\LQJWR[LFFDUJRHVIRUZKLFKRULVOLVWHGLQFROXPQ¶R·LQWKHWDEOHRIFKDSWHU IX& ,<>;;& <>A$& "8& 9">(:& ,7))*3*$8#& 97#& 8"#& ;$,,& #<>8& #<($$& 3"6?;$#$& ,$#,& ")& ,>)$#=& $G7*?6$8#0& $>3<& ?$(6*##*8@&?$(,"88$;&#"&$8#$(&>&@>,M)*;;$:&3"6?>(#6$8#&>8:&F"(P&#<$($&)"(&>#&;$>,#&KH&6*87#$,4& -NTB&I^4K4I5& S8$&3"6?;$#$&,$#&")&,>)$#=&$G7*?6$8#&,<>;;&3"8,*,#&")%& I4& "8$&,$;)&3"8#>*8$:&>*(M9($>#<*8@&>??>(>#7,&-8"#&7,*8@&,#"($:&"+=@$85d& K4& ?("#$3#*A$&3;"#<*8@0&9""#,0&@;"A$,&>8:&#*@<#&)*##*8@&@"@@;$,d& \4& )*($?("")&;*8$&F*#<&9$;#&($,*,#>8#&#"&#<$&3>(@"$,&3>((*$:d&>8:& ^4& $+?;",*"8M?("")&;>6?4& & & & & & &&&&&&&&&&&&&&&&&&&&&-NTB&I^4K4K5& ! R"(&#<$&,>)$#=&$G7*?6$8#&($G7*($:&*8&I^4K4I0&>;;&,<*?,&,<>;;&3>((=&$*#<$(%& I4& &"8$&,$#&")&)7;;=&3<>(@$:&,?>($&>*(&9"##;$,&)"(&$>3<&9($>#<*8@&>??>(>#7,d& K4& &>&,?$3*>;&>*(&3"6?($,,"(&,7*#>9;$&)"(&#<$&,7??;=&")&<*@*(&")&#<$&($G7*($:&?7(*#=d& \4& >&3<>(@*8@&6>8*)";:&3>?>9;$&")&:$>;*8@&F*#<&,7))*3*$8#&,?>($&>*(&9"##;$,&)"(&#<$&9($>#<*8@& >??>(>#7,d&"(0&


103 ^4&

&)7;;=&3<>(@$:&,?>($&>*(&9"##;$,&F*#<&>&#"#>;&)($$&>*(&3>?>3*#=&")&>#&;$>,#&Q0HHH&;&)"(&$>3<&9($>#<*8@& >??>(>#7,&"8&9">(:&*8&$+3$,,&")&#<$&($G7*($6$8#,&")&2SYO2&($@7;>#*"8&NNMK_IH4IH4&&&&&-NTB&I^4K4\5&

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

! J*KL(

( J*K)( ! &

( J*K7( ( ( J*K=( &

( J*K?(

.5(%"&(5#/&%>(&[;2$1&,%(A0''&A%->(-0A#%&CR(

O#& ;$>,#& "8$& ,$#& ")& ,>)$#=& $G7*?6$8#& ,<>;;& 9$& P$?#& *8& >& ,7*#>9;$& 3;$>(;=& 6>(P$:& ;"3P$(& *8& >& ($>:*;=& >33$,,*9;$& ?;>3$& 8$>(& #<$& 3>(@"& ?76?& (""64& & /<$& "#<$(& ,$#,& ")& ,>)$#=& $G7*?6$8#& ,<>;;& >;,"& 9$& P$?#& *8& ,7*#>9;$0&3;$>(;=&6>(P$:0&$>,*;=&>33$,,*9;$&?;>3$,4& -NTB&I^4K4`5&

.5( %"&( 5#/&%>( &[;2$1&,%( '&[;2'&C( <>( %"&( .^!( 0'( ^!P( !0C&5( &V#12,&C( <>( #,( &V$&'%( #H&,A>( #,,;#-->(#,C(#'&('&A0'C5(#4#2-#<-&R( /<$&$G7*?6$8#&,<>;;&9$&*8,?$3#$:&>8:&#$,#$:&9=&>8&$+?$(#&>#&;$>,#&"83$&>&=$>(4&&&&&&&-NTB&I^4K4Q5&

1RWH $Q ¶H[SHUW· PD\ EH D PHPEHU RI WKH FUHZ SURYLGHG WKH\ KDYH DWWHQGHG UHOHYDQW FRXUVHV DQG <>A$&:"376$8#>#*"8&>A>*;>9;$&#"&?("A$&*#4&&

.5(%"&(5#/&%>(&[;2$1&,%(2,5$&A%&C(0,(<0#'C(10,%"->(#,C(#'&('&A0'C5(#4#2-#<-&R(

/<$& 9($>#<*8@& >??>(>#7,& ,<>;;& 9$& *8,?$3#$:& >#& ;$>,#& "83$& >& 6"8#<& 9=& >& ($,?"8,*9;$& "))*3$(0& >8:& #<$& LQVSHFWLRQUHFRUGHGLQWKHVKLS·VORJM9""P4&&& -NTB&I^4K4Q5&

\'&(&1&'H&,A>(&5A#$&(5&%5($'042C&C(/0'(&4&'>($&'50,(0,(<0#'C(B"&'&('&[;2'&CR(

6KLSV FDUU\LQJ FDUJRHV IRU ZKLFK ¶9;$& ($,?*(>#"(=& >8:& $=$& ?("#$3#*"8& ,7))*3*$8#& )"(& $A$(=& ?$(,"8& "8& 9">(:& )"(& $6$(@$83=& $,3>?$& ?7(?",$,0&,79g$3#&#"&#<$&)";;"F*8@%& 4I& )*;#$(&#=?$&($,?*(>#"(=&?("#$3#*"8&*,&78>33$?#>9;$d& 4K& ,$;)M3"8#>*8$:&9($>#<*8@&>??>(>#7,&,<>;;&<>A$&>#&;$>,#&>&:7(>#*"8&")&,$(A*3$&")&I`&6*87#$,d& 4\& $6$(@$83=& $,3>?$& ($,?*(>#"(=& ?("#$3#*"8& ,<>;;& 8"#& 9$& 7,$:& )"(& )*($M)*@<#*8@& "(& 3>(@"& <>8:;*8@& ?7(?",$,&>8:&,<>;;&9$&6>(P$:&#"&#<>#&$))$3#4& & &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&-NTB&I^4\4I5&

Z"&'&( /2-%&'T%>$&( '&5$2'#%0'5( "#4&( <&&,( $'042C&C]( 25( %"&'&( #,( #C&[;#%&( 5>5%&1( 0/( A0,%'0-( 2,( $-#A&R( !"#$,%&&b,$&")&)*;#$(&#=?$&($,?*(>#"(,&*,&:*,3"7(>@$:4&&f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

! J*KD( &

\'&( C&A0,%#12,#%20,( 5"0B&'5( #,C( #,( &>&TB#5"]( B"&'&( '&[;2'&C]( $'042C&C( 2,( 5;2%#<->( 1#'W&C( -0A#%20,5R(

&

27*#>9;=& 6>(P$:& :$3"8#>6*8>#*"8& ,<"F$(,& >8:& >8& $=$F>,<& ,<"7;:& 9$& >A>*;>9;$& "8& :$3P& *8& 3"8A$8*$8#& ;"3>#*"8,4&&/<$&,<"F$(,&>8:&$=$F>,<&,<>;;&9$&"?$(>9;$&*8&>;;&>69*$8#&3"8:*#*"8,4& -NTB&I^4\4^5& !"#$%&&R"(&7,$&*8&>;;&>69*$8#&3"8:*#*"8,0&>&($3*(37;>#*"8&,=,#$60&"(&)7;;=&<$>#M#(>3$:&;*8$&67,#&9$&?("A*:$:4& &

( J*KF(

.5(%"&(%>$&(0/(/0#1(A01$0;,C(5;2%#<-&(/0'(%"&(A#'H0&5(B"2A"(%"&(4&55&-(25(A&'%2/2&C(%0(A#''>R(

&

UA$(=&,<*?&,<>;;&9$&?("A*:$:&F*#<&>&)*+$:&:$3P&)">6&,=,#$64&

-NTB&II4\4I5&

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

!

&-(D.!V.5'50! © Copyright OCIMF 2011. All rights reserved. 103

104 J*KI(

./(%"&(4&55&-(;5&5(2%5(0B,(A#'H0("05&5](#'&(%"&>(2,(H00C(0'C&']($'&55;'&(%&5%&C(#,,;#-->(%0(%"&2'( C&52H,(B0'W2,H($'&55;'&(#,C(25(#('&A0'C(0/(#--("05&(%&5%5(#,C(2,5$&A%20,5(1#2,%#2,&C(0,(<0#'CR( /<$&#$,#&?($,,7($&,<"7;:&9$&I4`&#*6$,&#<$&F"(P*8@&?($,,7($4& /<$& <",$& ,<>;;& 9$& ,#$83*;;$:& "(& "#<$(F*,$& 6>(P$:& F*#<& #<$& :>#$& ")& #$,#*8@0& *#,& ,?$3*)*$:& 6>+*676& >8:& 6*8*676& ,$(A*3$& #$6?$(>#7($0& >,& >??;*3>9;$4& /<$& ,?$3*)*$:& 6>+*676& F"(P*8@& ?($,,7($& ,<>;;& 8"#& 9$& ;$,,& #<>8&I&.'>&@>7@$4&& & & & & & & & & -NTB&`4X4\5&

&

!"#$%&&U>3<&<",$&,<"7;:&>;,"&9$&*8:*A*:7>;;=&8769$($:&)"(&*:$8#*)*3>#*"8&?7(?",$,4&

!

&-(D.!X*+)*/D!B?7*62'/)0! J*KJ(

\'&(#--(A#'H0(C&''2AW5](A'#,&5(#,C(0%"&'(-2/%2,H(&[;2$1&,%($'0$&'->(1#'W&C(#,C("#5($&'20C2A#-( %&5%2,H(#,C(2,5$&A%20,(<&&,(A#''2&C(0;%R( !"#$,%& & B>(@"& ;*)#*8@& $G7*?6$8#& ,<"7;:& 9$& ;">:& #$,#$:& $A$(=& )*A$& =$>(,& >8:& #<"("7@<;=& $+>6*8$:& 9=& >& 3"6?$#$8#&?$(,"8&>887>;;=4&&S#<$(&;*)#*8@&$G7*?6$8#&*,&8"#&($@7;>#$:&$+3$?#&>,&7,7>;;=&($G7*($:&9=&3;>,,0& 97#&,<"7;:&9$&#$,#$:&>8:&$+>6*8$:&78:$(&>&,*6*;>(&($@*6$4&&/<$&6*8*676&2fY&)"(&F<*3<&#$,#*8@&*,&($G7*($:& *,&"8$&#"88$&-I0HHH&P@,54& O&B<>*8&C$@*,#$(&*,&8"#&($G7*($:0&97#&:"376$8#>#*"8&,7??"(#*8@&#$,#*8@0&$+>6*8>#*"8&>8:&6>*8#$8>83$& #<>#&)";;"F,&#<$&SBN.R&'79;*3>#*"8&C$3"66$8:>#*"8,&)"(&#<$&/>@@*8@_Y>9$;*8@0&/$,#*8@&>8:&.>*8#$8>83$0& D"376$8#>#*"8_B$(#*)*3>#*"8&)"(&2<*?,c&Y*)#*8@&UG7*?6$8#&,<"7;:&9$&6>*8#>*8$:4&

J*KK(

! \'&(B2,A"&5(#550A2#%&C(B2%"(-2/%2,H(&[;2$1&,%(2,(H00C(0'C&'R(

!"#$%&&B>(@"&:$((*3P&#"??*8@&;*)#,&,<"7;:&<>A$&>&6$>8,&")&,$37(*8@&#<$60&,73<&>,&>&;"3P*8@&?*8&"(&(>#3<$#0& #"&?($A$8#&#<$&F$*@<#&")&#<$&:$((*3P&9$*8@&,";$;=&#>P$8&9=&#<$&F*83<&9(>P$4&&B<$3P&#<>#&#<*,&*,&)*##$:&>8:& #<>#&*#&>8:&>8=&>,,"3*>#$:&F*83<$,&>($&*8&@"":&3"8:*#*"84&D"376$8#>#*"8&,7??"(#*8@&#$,#*8@0&$+>6*8>#*"8& >8:&6>*8#$8>83$&#<>#&)";;"F,&#<$&SBN.R&'79;*3>#*"8&C$3"66$8:>#*"8,&)"(&#<$&/>@@*8@_Y>9$;*8@0&/$,#*8@& >8:&.>*8#$8>83$0&D"376$8#>#*"8_B$(#*)*3>#*"8&)"(&2<*?,c&Y*)#*8@&UG7*?6$8#&,<"7;:&9$&6>*8#>*8$:4 !

! \CC2%20,#-(A011&,%56(

N)&#<$&N8,?$3#"(&<>,&3"66$8#,&*8&($,?$3#&")&#<$&,79g$3#&6>##$(&3"A$($:&9=&#<$&B<>?#$(&>::*#*"8>;&#"&#<",$&F<*3<& #<$&N8,?$3#"(&6>=&6>P$&*8&($,?"8,$&#"&#<$&,?$3*)*3&G7$,#*"8,&*8&#<$&B<>?#$(0&#<$&N8,?$3#"(&,<"7;:&*83;7:$&,73<& >::*#*"8>;&3"66$8#,&*8&#<*,&,$3#*"84!

(

( &

!


105

!"#$%&'(J*(((!#'H0(#,C(^#--#5%(U>5%&15(²(_E+( !"#$,%&&/<*,&3<>?#$(&3>8&"8;=&9$&3"6?;$#$:&*)&#<$&A$,,$;&*,&?("A*:$:&F*#<&>8&N8#$(8>#*"8>;&B$(#*)*3>#$&")&R*#8$,,&)"(& #<$&B>((*>@$&")&Y*G7$)*$:&E>,$,&*8&T7;P4&/<$&A$,,$;&67,#&9$&3>((=*8@&@>,&>#&#<$&#*6$& ")&#<$&*8,?$3#*"8d&<"F$A$(&>& @>,&3>((*$(&F<*3<&)"(&>&9(*$)&?$(*":&*,&8"#&>3#7>;;=&3>((=*8@&@>,&>#&#<$&#*6$&")&#<$&*8,?$3#*"80&6>=&9$&*8,?$3#$:&>,&>& @>,& 3>((*$(& ?("A*:$:& #<>#& >8& >:$G7>#$& >,,$,,6$8#& ")& #<$& ?("3$:7($,& "8& 9">(:& )"(& #<$& 3>((*>@$& ")& @>,& 3>8& 9$& 6>:$4&&N8&,73<&3>,$,0&#<$&($?"(#&67,#&3;$>(;=&8"#$&#<$&3*(376,#>83$,4& N8&>8,F$(*8@&#<$&G7$,#*"8,&9$;"F0&8"#$&#<>#%& x /<$&6>8:>#"(=&NEB&B":$&>??;*$,&"8;=&#"&#<",$&A$,,$;,&#<$&P$$;&")&F<*3<&F>,&;>*:&"8&"(&>)#$(&I ,#&J7;=&ILWQd& x /<$&6>8:>#"(=&EB&B":$&>??;*$,&#"&A$,,$;,&:$;*A$($:&>)#$(&\H#<&J78$&ILWHd&>8:& x /<$&8"8M6>8:>#"(=&UEB&B":$&>??;*$,&#"&#<",$&A$,,$;,&:$;*A$($:&"8&"(&9$)"($&#<$&\I ,#&S3#"9$(&ILXQ4& &O6$8:6$8#,&#"&#<$&NEB&>8:&EB&B":$,&*8#(":73$:&>)#$(&A$,,$;,&F$($&:$;*A$($:&:"&8"#&8$3$,,>(*;=&>??;=&#"&,73<& A$,,$;,4& E>,&3>((*$(,&#<>#&3>((=&:7>;M3":$&3>(@"$,&-D*$#<=;&$#<$(0&U#<=;$8$&"+*:$_'("?=;$8$&"+*:$&6*+#7($,&F*#<&>8&UM"& 3"8#$8#&")&8"#&6"($&#<>8&\Hp0&N,"?($8$0&N,"?("?=;>6*8$0&."8"$#<=;>6*8$0&'$8#>8$,0&'$8#$8$0&'("?=;$8$&"+*:$0& 1*8=;&$#<=;&$#<$(&>8:&1*8=;*:$8$&3<;"(*:$5&>($&>::*#*"8>;;=&($G7*($:&#"&<>A$&>&!"+*"7,&Y*G7*:&279,#>83$,&B$(#*)*3>#$4 ! E>,&3>((*$(,&3>((=*8@&"*;&3>(@"$,0&F<*3<&>($&($@7;>#$:&78:$(&O88$+&I0&>($&($G7*($:&#"&<";:&>8&NS''&B$(#*)*3>#$&F*#<& >& R"(6& T& F<*3<& *:$8#*)*$,& #<$& ,<*?& >,& >& ?(":73#& 3>((*$(4& & /<$& 2SYO2& 2>)$#=& B"8,#(73#*"8& >8:& 2>)$#=& UG7*?6$8#& &HUWLILFDWHVVKRXOGDOVRLGHQWLI\WKHYHVVHODV¶DWDQNHUHQJDJHGLQWKHWUDGHRIFDUU\LQJRLORWKHUWKDQFUXGHRLO·& C$;$A>8#& 3>(@"$,& >($& #<",$& F<*3<& :"& 8"#& 3"8#>*8& <$>A=& 3"6?"8$8#,& ;*P$;=& #"& ($6>*8& *8& #<$& #>8P,& >)#$(& >& A$8#*;>#*"8& ?("3$:7($& >8:& F*;;& #=?*3>;;=& 9$& Y*@<#& 8>?<#<>0& J$#& )7$;& ->;,"& 3>;;$:& /7(9"& )7$;& F<*#$& "(& f<*#$& 37#& @>,";*8$50&."@>,0&!>#7(>;&@>,";*8$0&B"8:$8,>#$0&'$8#>8$&>8:&B>,*8@&<$>:&@>,";*8$4& E>,&3>((*$(,&>33$?#$:&78:$(&#<*,&!"#*3$&")&UG7*A>;$83=&F*;;&<>A$%& x N8:$?$8:$8#&3>(@"&#>8P,d& x O8& >((>8@$6$8#& ,7*#>9;$& )"(& #>8P& 3;$>8*8@& 9=& A$8#*;>#*"8& ?("3$:7($,d& #>8P& 3;$>8*8@& F*#<& F>#$(& F*;;& 9$& ?("<*9*#$:&>,&>&8"(6>;&?("3$:7($d& x D$$?&F$;;&?76?,0&97#&,796$(@$:&$;$3#(*3>;&6"#"(,&F*;;&8"#&9$&>33$?#$:4&

!

C.>*,*'5A!C(.,'87('5!-/8!O.,72'/)-)*./0! J*)( ! J*7( ! ( J*=(

.5(%"&(4&55&-($'042C&C(B2%"(RSHUDWRU·VSROLF\VWDWHPHQWVLQVWUXFWLRQVDQGSURFHGXUHVZLWKUHJDUG %0(5#/&(A#'H0(0$&'#%20,5R( .5(2,/0'1#%20,('&#C2->(#4#2-#<-&(0,(1#V21;1(-0#C2,H('#%&5R(

!"#$%&&/<$&*8)"(6>#*"8&,<"7;:&9$&:*,?;>=$:&*8&#<$&3>(@"&3"8#(";&>($>4&

.5(2,/0'1#%20,(0,(A#'H0(-0#C2,H(-212%#%20,5(#4#2-#<-&R(

!"&3>(@"&#>8P,&,<"7;:&9$&6"($&#<>8&LWp&;*G7*:&)7;;&>#&#<$&($)$($83$&#$6?$(>#7($4&

-NEB&I`4I4I5&

/<$&O:6*8*,#(>#*"8&6>=&>;;"F&>&<*@<$(&)*;;*8@&;*6*#&#<>8&#<$&;*6*#&")&LWp&>#&#<$&($)$($83$&#$6?$(>#7($0&#>P*8@& *8#"& >33"78#& #<$& ,<>?$& ")& #<$& #>8P0& >((>8@$6$8#,& ")& ?($,,7($& ($;*$)& A>;A$,0& >337(>3=& ")& ;$A$;& >8:& #$6?$(>#7($& @>7@*8@& >8:& #<$& :*))$($83$& 9$#F$$8& #<$& ;">:*8@& #$6?$(>#7($& >8:& #<$& #$6?$(>#7($& 3"(($,?"8:*8@&#"&#<$&A>?"7(&?($,,7($&")&#<$&3>(@"&>#&#<$&,$#&?($,,7($&($;*$)&A>;A$,4& -NEB&I`4I4\5& &

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`4K5& C$)$($83$&#$6?$(>#7($&6$>8,%& x /<$& #$6?$(>#7($& 3"(($,?"8:*8@& #"& #<$& A>?"7(& ?($,,7($& ")& #<$& 3>(@"& >#& #<$& ,$#& ?($,,7($& ")& #<$& ?($,,7($&($;*$)&A>;A$,&F<$8&8"&3>(@"&A>?"7(&?($,,7($_#$6?$(>#7($&3"8#(";&*,&?("A*:$:d& x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`4I4^5& !"#$%& & O;#<"7@<& #<$($& >($& 8"& ($@7;>#"(=& ($G7*($6$8#,& @"A$(8*8@& #<$& 6>+*676& ?($,,7($& 9$;"F& #<$& ($;*$)& A>;A$&,$##*8@&F<*3<&#<$&3>(@"&#>8P,&,<"7;:&9$&>;;"F$:&#"&($>3<0&*#&*,&?(7:$8#&#"&6>*8#>*8&#<$&3>(@"& #>8P&


106 ?($,,7($&>#&"(&9$;"F&WHp&")&#<$&($;*$)&A>;A$&,$##*8@4&&D7(*8@&;">:*8@&#>8P,&6>=&"33>,*"8>;;=&($>3<&LHp&")& #<$&($;*$)&A>;A$&,$##*8@4&

! J*?( ( J*D(

\'&(-&H2<-&(#,C(;$(%0(C#%&($2$&-2,&(#,CX0'(1212A(C2#H'#15(0/(%"&(A#'H0](2,&'%(H#5(#,C(4&,%2,H( 5>5%&15(#5(#$$-2A#<-&](#4#2-#<-&(2,(%"&(A#'H0(A0,%'0-(#'&#R( .5( %"&'&( #( E'0A&C;'&5( #,C( \''#,H&1&,%5( 9#,;#-( #4#2-#<-&( B"&'&( C;#-( A0C&( A#'H0&5( #'&( A#''2&CR(

!"#$,%&&O&'&>8:&O&.>87>;&*,&($G7*($:&"8;=&*)&:7>;&3":$&3>(@"$,&>($&3>((*$:&>8:&F<$($&#<$($&*,&>8&NS''B& !Y2&B$(#*)*3>#$& (

J*F(

.5(%"&(!#'H0(Y&A0'C(^00W(A0''&A%->(A01$-&%&C(#,C(;$(%0(C#%&R(

O& B>(@"& C$3"(:& T""P& *,& ($G7*($:& "8;=& F<$8& 3>((=*8@& :7>;& 3":$& 3>(@"$,& 78:$(& $*#<$(& >& B$(#*)*3>#$& ")& R*#8$,,&"(&>&!Y2&B$(#*)*3>#$4&&U8#(*$,&,<"7;:&9$&($3"(:$:&>,&#<$=&"337(&>8:&8"#&>#&,"6$&;>#$(&?"*8#&*8&#*6$4&&

!

$)-:*>*),#$(& ")& #<$& ,<*?& ,<"7;:& 9$& ,7??;*$:& F*#<& >& ;">:*8@& >8:& ,#>9*;*#=& *8)"(6>#*"8& 9""P;$#4& & /<*,& 9""P;$#& ,<"7;:&3"8#>*8&:$#>*;,&")&#=?*3>;&,$(A*3$&>8:&9>;;>,#&3"8:*#*"8,0&?("A*,*"8,&)"(&$A>;7>#*8@&"#<$(&3"8:*#*"8,&")& ORDGLQJDQGDVXPPDU\RIWKHVKLS·VVXUYLYDOFDSDELOLWLHV,QDGGLWLRQWKHERRNOHWVKRXOGFRQWDLQVXIILFLHQW *8)"(6>#*"8&#"&$8>9;$&#<$&6>,#$(&#"&;">:&>8:&"?$(>#$&#<$&,<*?&*8&>&,>)$&>8:&,$>F"(#<=&6>88$(4& -NEB&K4K4`5&

J*I( ( J*J( ( J*K( !

( J*)L( J*))(

P#4&( 5%#<2-2%>( A#-A;-#%20,5( #,C]( B"&'&( #$$-2A#<-&]( 5%'&55( A#-A;-#%20,5]( <&&,( $&'/0'1&C( /0'( %"&( A;''&,%(A#'H0(0$&'#%20,R( .5( %"&( 5%'&55( #,C( 5%#<2-2%>( 2,/0'1#%20,( 2,A-;C&C( B2%"( %"&( A#'H0( $-#,( #,C( #'&( #,>( -212%#%20,5( ;,C&'5%00C(<>(%"&(A#'H0(B#%A"(0//2A&'5R( \'&(C#1#H&(5%#<2-2%>(H;2C&-2,&5(#4#2-#<-&R(

/<$& 6>,#$(& ")& #<$& ,<*?& ,<"7;:& 9$& ,7??;*$:& F*#<& >& ;">:*8@& >8:& ,#>9*;*#=& *8)"(6>#*"8& 9""P;$#4& & /<*,& 9""P;$#& ,<"7;:& 3"8#>*8& :$#>*;,& ")& #=?*3>;& ,$(A*3$& 3"8:*#*"8,0& ;">:*8@0& 78;">:*8@& >8:& 9>;;>,#*8@& "?$(>#*"8,0& SURYLVLRQVIRUHYDOXDWLQJRWKHUFRQGLWLRQVRIORDGLQJDQGDVXPPDU\RIWKHVKLS·VVXUYLYDOFDSDELOLWLHV,Q >::*#*"80&#<$&9""P;$#&,<"7;:&3"8#>*8&,7))*3*$8#&*8)"(6>#*"8&#"&$8>9;$&#<$&6>,#$(&#"&;">:&>8:&"?$(>#$&#<$& ,<*?&*8&>&,>)$&>8:&,$>F"(#<=&6>88$(4& -NEB&K4K4`5&

.5(%"&(1#5%&'(#B#'&(0/(%"&(B0'5%(C#1#H&(5%#<2-2%>(A0,C2%20,(2,(%"&(5%#<2-2%>(<00WR! ! .5(%"&(4&55&-(/'&&(0/(2,"&'&,%(2,%#A%(5%#<2-2%>($'0<-&15R(

!"#$,%& & 1$,,$;,& #<>#& <>A$& ;>(@$& F*:#<& #>8P,& F*;;& 9$& ,79g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´8µ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¶1R·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`Hp&")&#<$&A>;A$,&,<"7;:&9$&"?$8&>#&>8=&"8$&#*6$4& N)& ,?$3*)*3& ?("3$:7($,& <>A$& 9$$8& >:"?#$:& #"& >::($,,& ?"#$8#*>;& ,#>9*;*#=& ?("9;$6,0& #<$,$& ,<"7;:& 9$& ($3"(:$:&>,&>8&S9,$(A>#*"84& &


107 J*)7( &

!

./(#(-0#C2,H(A01$;%&'(0'($'0H'#11&(25(2,(;5&](25(2%(A-#55(#$$'04&CR(

N)&>&3;>,,&>??("A$:&;">:*8@&3"6?7#$(&*,&8"#&>A>*;>9;$0&($3"(:&*8&S#<$(&3"66$8#,&<"F&,#($,,&>8:&,#>9*;*#=& 3>;37;>#*"8,&>($&?$()"(6$:4& !"#$,%&& 2<*?,&")&6"($&#<>8&Q`&6$#($,&*8&;$8@#<&>($&($G7*($:&9=&B;>,,&#"&9$&?("A*:$:&F*#<&>&;">:*8@&6>87>;& *83;7:*8@&?$(6*,,*9;$&;*6*#,&")&,#*;;&F>#$(&9$8:*8@&6"6$8#&>8:&,<$>(&)"(3$d&#<$&($,7;#,&")&#<$&3>;37;>#*"8,&")& ,#*;;& F>#$(& 9$8:*8@& 6"6$8#,d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

! J*)=( (Are there records indicating that the operational accuracy of the load computer is tested regularly? &

! J*)?( ( J*)D( ( J*)F( ( J*)I(


\'&(-0,H2%;C2,#-(5%'&55&5](B"&'&(#$$-2A#<-&](1#2,%#2,&C(B2%"2,(C&52H,(-212%5(%"'0;H"0;%R( \'&(A#'H0(#,CX0'(<#--#5%(%#,W5(/'&&(0/(5-05"2,H(0'(B&2H"%('&5%'2A%20,5R(

N6?"(#>8#& ($,#(*3#*"8,& "#<$(& #<>8& 6>+*676& ?$(6*##$:& 3>(@"& :$8,*#=& ,<"7;:& 9$& ($3"(:$:& *8& S#<$(& 3"66$8#,4&

& Z"&'&( #$$-2A#<-&]( #'&( 0//2A&'5( #B#'&( 0/( %"&( C#,H&'5( 0/( "2H"( /'&&( 5;'/#A&( &//&A%5( #,C( 0/( %"&( $0552<2-2%>(0/(5%';A%;'#-(C#1#H&(A#;5&C(<>(5-05"2,H(2,(A#'H0(%#,W5R( ( 'R WKH RSHUDWRU·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

!

&-(D.!96'(-)*./5!-/8!U'>-)'8!$-+')
( J*)K( ( J*7L( !

\'&(%"&(A#'H0&5(<&2,H(A#''2&C(2,A-;C&C(0,(%"&(!&'%2/2A#%&(0/(G2%,&55R(

!"#$%&&N)&#<$&3>(@"&9$*8@&3>((*$:&*,&8"#&;*,#$:&"8&#<$&B$(#*)*3>#$&")&R*#8$,,0&#<$($&67,#&9$&>7#<"(*,>#*"8&)("6& #<$&O:6*8*,#(>#*"8&>;;"F*8@&#<$&?(":73#&#"&9$&3>((*$:4&(

\'&(#--(0//2A&'5(/#12-2#'(B2%"(%"&(A#'H0(5>5%&1R( \'&(#--(0//2A&'5(/#12-2#'(B2%"(%"&(A#''2#H&('&[;2'&1&,%5(/0'(%"&(A#'H0&5(0,(<0#'CR( !"#$%&&S))*3$(,&,<"7;:&9$&>9;$&#"&:$6"8,#(>#$&>&9>,*3&P8"F;$:@$&")&#<$&)";;"F*8@%&& x 2<*?9">(:&"?$(>#*"8,&>8:&3>(@"&<>8:;*8@d& x /<$&NEB0&EB&>8:&UEB&B":$,0&F<$($&>??;*3>9;$d& x 2NE//S&>8:&NB2&E7*:$,d&


108 x x x x x x x x

B>(@"&($;*G7$)>3#*"8&?("3$:7($,d& B>(@"&#>8P&$8A*("86$8#>;&3"8#(";&?("3$:7($,&F<$8&@>,&)($$*8@&>8:&@>,,*8@&7?d& [>a>(:,&>,,"3*>#$:&F*#<&#<$(6>;&;">:,0&?>(#*37;>(;=&F<$8&3"";*8@&:"F8d& /<$&6*8*676&3>(@"&#$6?$(>#7($d& C$G7*($6$8#,&)"(&6$:*3>;&#($>#6$8#&)";;"F*8@&$+?",7($&#"&<>a>(:"7,&3>(@"$,d& 2?*;;&($,?"8,$d& B"6678*3>#*"8&?("3$:7($,&F*#<&,<"($d& U6$(@$83=&,#"?&?("3$:7($,0&*83;7:*8@&F<*3<&,=,#$6,&>($&>))$3#$:&9=&U2D&>3#*A>#*"84&

O8:0&>,&($G7*($:%& x /<$&6$>8*8@&")&B>#$@"(=&h0k0&l&>8:&S2&3>(@"$,d& x '($3>7#*"8,&)"(&($>3#*A$&>8:&,$;)M($>3#*A$&3>(@"$,d& x Y*6*#>#*"8,&F<$8&;">:*8@&<*@<&:$8,*#=&3>(@"$,d& x U))$3#,&")&,;",<*8@&;">:,d& x [>a>(:,&>,,"3*>#$:&F*#<&#"+*3&3>(@"$,4&

( J*7)(

,VWKHFKLHIRIILFHUIDPLOLDUZLWKWKHWHUP¶UHIHUHQFHWHPSHUDWXUH·DQGKDVLWEHHQGHWHUPLQHGIRU %"25(A#'H0R( C$)$($83$&#$6?$(>#7($&6$>8,%& x /<$& #$6?$(>#7($& 3"(($,?"8:*8@& #"& #<$& A>?"7(& ?($,,7($& ")& #<$& 3>(@"& >#& #<$& ,$#& ?($,,7($& ")& #<$& ?($,,7($&($;*$)&A>;A$,&F<$8&8"&3>(@"&A>?"7(&?($,,7($_#$6?$(>#7($&3"8#(";&*,&?("A*:$:d& x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`4I4^5&

(

J*77( !

( J*7=( ! J*7?(

( Z"&,(#,(;,/#12-2#'(H#5(A#'H0(25(%0(<&(A#''2&C](25(%"&'&(#($'0A&C;'&(%0('&42&B(%"&(5#/&%>(#5$&A%5( #,C("#,C-2,H($'0A&C;'&5R( !"#$%& & R"(& $>3<& @>,& 3>((*$:& >& ($A*$F& ")& #<$& 3>((*>@$& ($G7*($6$8#,& ,<"7;:& <>A$& 9$$8& 6>:$& *8& "(:$(& #"& $8,7($&#<>#&#<$&3>(@"&?;>8&3"8#>*8,&>;;&#<$&8$3$,,>(=&*8)"(6>#*"8&)"(&#<$&,>)$&3>((*>@$&")&#<$&?(":73#4&&/<$& ($A*$F&,<"7;:&($)$($83$%& x /<$&NEB&B":$&B<>?#$(&ILd& x /<$&B$(#*)*3>#$&")&R*#8$,,d& x /<$&'&>8:&O&.>87>;d&>8:& x .>#$(*>;&2>)$#=&D>#>&2<$$#,4&

( .5(#(A#'H0(A01$#%2<2-2%>(A"#'%(#4#2-#<-&R(

!"#$%& & D>#>& ,<$$#,& >8:& 3"6?>#*9*;*#=& 3<>(#,& 3>8& 9$& )"78:& *8& #<$& 2NE//S& >8:& NB2& @7*:$,4& & R"(& $+>6?;$0& SDJHVWRRI¶X*?7'+*'8!H-5!V-/8>*/D!C(*/,*6>'5·&KDUWHUHU·VLQVWUXFWLRQVVKRXOGEHIROORZHG&&

! P#5( #( A#'H0( "#,C-2,H( $-#,( <&&,( $'&$#'&C( B"2A"( $'042C&5( #( C&%#2-&C( 5&[;&,A&( 0/( A#'H0( #,C( <#--#5%(%'#,5/&'R( !"#$%&&/<$&?;>8&,<"7;:&3"A$(&>;;&,#>@$,&")&#<$&#(>8,)$(&"?$(>#*"8,0&8>6$;=%& x V7>8#*#=&>8:&@(>:$&")&$>3<&?>(3$;d& x D$8,*#=0& #$6?$(>#7($& >8:& "#<$(& ($;$A>8#& 3"8:*#*"8,0& *83;7:*8@& #<$& ($)$($83$& #$6?$(>#7($& F<*3<& :$#$(6*8$,&#<$&)*;;*8@&;*6*#,d& x O&?;>8&")&#<$&:*,#(*97#*"80&G7>8#*#*$,0&*88>@$,0&;*8$,&>8:&?76?,&#"&9$&7,$:d& x /(>8,)$(&(>#$,&>8:&6>+*676&>;;"F>9;$&?($,,7($,d& x B(*#*3>;&,#>@$,&")&#<$&"?$(>#*"8d& x !"#*3$&")&(>#$&3<>8@$d& x 2#>9*;*#=&>8:&,#($,,&*8)"(6>#*"8d& x D(>)#,&>8:&#(*6,d& x U6$(@$83=&,#"?&?("3$:7($,d& x O3#*"8&#"&9$&#>P$8&*8&#<$&$A$8#&")&>&,?*;;d& x R;>66>9*;*#=&>8:&#"+*3*#=&F*#<&($)$($83$,&#"&3>(@"&:>#>&,<$$#,d& x T>;;>,#&"?$(>#*"8,d& x '("#$3#*A$&$G7*?6$8#&($G7*($6$8#,d& x [>a>(:,&")&#<$&?>(#*37;>(&3>(@"$,4& O8:0&>,&($G7*($:0&($G7*($6$8#,&)"(%&


109 x x x x x x x

( J*7D(

B>(@"&?";;7#*"8&3>#$@"(=d& B"";*8@&($G7*($6$8#,&*83;7:*8@&(>#$,&")&3"";M:"F8d& b,$&")&#<$&3>(@"&<$>#$(&"(&A>?"7(*,$(d& [$$;&($G7*($6$8#,&>)#$(&:*,3<>(@$d& b8:$(&P$$;&3;$>(>83$&;*6*#>#*"8,d& T78P$(*8@d&>8:& 2?$3*>;&?($3>7#*"8,&($G7*($:&)"(&#<$&?>(#*37;>(&"?$(>#*"84&

P#5(%"&(A#'H0($-#,(<&&,(52H,&C(<>(%"&(B#%A"(0//2A&'5(%0(2,C2A#%&(%"&2'(;,C&'5%#,C2,H(0/(2%R(

!"#$%& & /<$& 3>(@"& ?;>8& ,<"7;:& 9$& 3"6?;$#$:& 9=& #<$& ($,?"8,*9;$& "))*3$(& ?(*"(& #"& 3"66$83$6$8#& ")& "?$(>#*"8,& >8:&A$(*)*$:& >8:& >??("A$:& 9=&#<$& 6>,#$(4& N#& ,<"7;:& 9$&3"6?($<$8,*A$0& 3"8#>*8&)7;;& :$#>*;,&")& #<$&"?$(>#*"8&>8:&9$&$>,=&#"&*8#$(?($#(

J*7F(

! \'&(A#'H0(0$&'#%20,5(<&2,H(A#''2&C(0;%(#,C(-0HH&C(2,(#AA0'C#,A&(B2%"(%"&($-#,R(

( J*7I(

./(%"&(A#'H0(25('&[;2'&C(%0(<&(2,"2<2%&C](25(%"&('&[;2'&C(2,/0'1#%20,(#4#2-#<-&R(

&

!"#$%&&/<$&;"@&67,#&*83;7:$&:$#>*;,&")&>;;&6>g"(&$A$8#,&*83;7:*8@&,#>(#*8@&>8:&,#"??*8@&")&6>*8&3>(@"&>8:& 9>;;>,#&?76?,&>8:&#>8P,&9$*8@&F"(P$:4!

B>($&,<"7;:&9$&#>P$8&#"&$8,7($&#<>#&#<$&3>(@"&*,&,7))*3*$8#;=&*8<*9*#$:&#"&?($A$8#&?";=6$(*,>#*"8&>#&>;;&#*6$,& :7(*8@&#<$&A"=>@$4&&2<*?,&,<"7;:&9$&?("A*:$:&F*#<&>&3$(#*)*3>#$&)("6&#<$&6>87)>3#7($(&,#>#*8@%& x !>6$&>8:&>6"78#&")&*8<*9*#"(&>::$:d& x D>#$&*8<*9*#"(&F>,&>::$:&>8:&#<$&8"(6>;;=&$+?$3#$:&:7(>#*"8&")&*#,&$))$3#*A$8$,,d& x O8=&#$6?$(>#7($&;*6*#>#*"8,&>))$3#*8@&#<$&*8<*9*#"(d& x /<$& >3#*"8& #"& 9$& #>P$8& ,<"7;:& #<$& ;$8@#<& ")& #<$& A"=>@$& $+3$$:& #<$& $))$3#*A$& ;*)$#*6$& ")& #<$& *8<*9*#"(,4& & & & & & & &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&-NEB&IX4W5& 1*8=;&3<;"(*:$&6>=&9$&*8<*9*#$:4&&/<$&3"8#(";&")&#<$&"+=@$8&3"8#$8#&*8&#<$&A>?"7(&,?>3$&F<$#<$(&*8<*9*#$:& "(&8"#&*,&*6?"(#>8#4& -NEB&IX4KI5& 1RWH7KHSURGXFWVZKLFKDUHUHTXLUHGWREHLQKLELWHGDUHLGHQWLILHGLQFROXPQ¶O·RI&KDSWHU7KH\DUH T7#>:*$8$0&N,"?($8$0&1*8=;&$#<=;&$#<$(&>8:&1*8=;*:$8$&3<;"(*:$4&&'(":73#,&($G7*($:&#"&9$&*8<*9*#$:&,<"7;:&9$& ($)7,$:&*)&>8&*8<*9*#"(&3$(#*)*3>#$&*,&8"#&>A>*;>9;$4&&!

! J*7J( !

( J*7K(


S))*3$(,& ,<"7;:& 9$& #(>*8$:& *8& $6$(@$83=& ?("3$:7($,& #"& :$>;& F*#<& 3"8:*#*"8,& ")& ;$>P>@$0& ,?*;;>@$& "(& )*($& *8A";A*8@&#<$&3>(@"&>8:&>&,7))*3*$8#&8769$(&")&#<$6&,<"7;:&9$&*8,#(73#$:&>8:&#(>*8$:&*8&$,,$8#*>;&)*(,#&>*:& )"(&#<$&3>(@"$,&3>((*$:4& -NEB&IW4\4\5&&

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a*8@&>8:O$&)>*;7($&F<$8&,$>MF>#$(&*,&#<$&<$>#*8@&6$:*764&&/<$&#"#>;&"7#;$#&?($,,7($&)("6& #<$&:$$?F$;;_9"",#$(_<$>#$(&78*#&6>=&$+3$$:&#<$&(>#*8@&")&8"(6>;&($)(*@$(>#$:&;*8$,&>8:&>&,?$3*>;&<$>#$(& 3(",,"A$(&6>=&9$&($G7*($:&)"(&#<*,&?7(?",$4&!

( J*=L(

\'&(5;<1&'H&C(&-&A%'2A#-(A#'H0($;1$5](B"&'&(/2%%&C](250-#%&C(/'01(%"&2'(&-&A%'2A#-(5;$$->(C;'2,H( H#5T/'&&2,H(0$&'#%20,5R(

!"#$,%&&2796$(@$:&$;$3#(*3&?76?,&,<"7;:&8"#&9$&7,$:&)"(&"*;&?(":73#,4&

/<$&g783#*"8&9"+$,&")&,796$(@$:&$;$3#(*3&?76?,&,<"7;:&9$&A*,7>;;=&*8,?$3#$:&?(*"(&#"&$>3<&:*,3<>(@$&>8:& #<$&*8,7;>#*"8&($>:*8@&#>P$8&>8:&($3"(:$:4&

( J*=)( ( J*=7(

.5(%"&(4&'<#-(A011;,2A#%20,(<&%B&&,(%"&(5"2$(#,C(%"&(5"0'&(#C&[;#%&R( ( ./( '&/'2H&'#%&C( A#'H0&5( #'&( A#''2&C]( 25( #( 1&#,5( 0/( ">C'#%&( A0,%'0-( $'042C&C( #,C( 25( #( 5;$$->( 0/( /'&&c2,H(C&$'&55#,%(1#2,%#2,&C(0,<0#'CR(

!"#$,%&&Y'E,&6>=&"33>,*"8>;;=&3"8#>*8&,"6$&,6>;;&G7>8#*#*$,&")&F>#$(0&,"&#<$=&>($&#<$& "8;=&3>(@"$,&#<>#& >($& ,"6$#*6$,& 3"8,*:$($:& )"(& #($>#6$8#& F*#<& >& )($$a*8@& :$?($,,>8#& ,73<& >,& 6$#<>8";& "(& $#<>8";4&&


110 ["F$A$(0&8"#<*8@&F<>#,"$A$(&6>=&9$&>::$:&#"&#<$&3>(@"&F*#<"7#&3;$>(&>7#<"(*,>#*"8&)("6&#<$&,<*??$(& ²& 9$3>7,$&")&#<$&,$8,*#*A*#=&")&Y'E&->8:&6>8=&"#<$(&3>(@"$,5&#"&#<$,$&<=:(>#$&3"8#(";&?(":73#,4&&/<$($&6>=& 9$& >;#$(8>#*A$& F>=,&#"& :$>;& F*#<&)($$a*8@& "#<$(&#<>8& >::*8@& >8#*M)($$a$& ?(":73#,& ²&)"(&$+>6?;$& 9=& 7,*8@& ´KRWJDVµ& & 0HWKDQRO(WKDQRO PXVW QHYHU EH XVHG ZLWK ´FKHPLFDO JDVµ FDUJRHV VXFK DV %XWDGLHQH %XW\OHQH '("?=;$8$&"(&1*8=;&B<;"(*:$&>,&,73<&>8#*M)($$a$,&F*;;&3"8#>6*8>#$&#<$&3>(@"&>8:&6>P$&#<$6&3"66$(3*>;;=& A>;7$;$,,&>,&#<$=&3>88"#&9$&7,$:&)"(&#<$&*8#$8:$:&?";=6$(*,>#*"8&?("3$,,4&&Y*P$F*,$0&>8#*M)($$a$,&67,#&8"#& 9$& 6>:$& *8& 3<$6*3>;& @>,& 3>(@"$,& -D*$#<=;& $#<$(0& U#<=;$8$& "+*:$_'("?=;$8$& "+*:$& 6*+#7($,& F*#<& >8& UM"& 3"8#$8#&")&8"#&6"($&#<>8&\Hp0&N,"?($8$0&N,"?("?=;>6*8$0&."8"$#<=;>6*8$0&'$8#>8$,0&'$8#$8$0&'("?=;$8$& "+*:$0&1*8=;&$#<=;&$#<$(&>8:&1*8=;*:$8$&3<;"(*:$54& & & &&&&&&&&&&&&& B>((*>@$& ")& 6$#<>8";& *,& ?("<*9*#$:& 9=& ,"6$& O:6*8*,#(>#*"8,4& & N8& #<$& 3>,$& ")& $#<=;$8$& >8:& Y!E0& *8&&&&&&&&&&& >::*#*"8&#"&3>7,*8@&3"8#>6*8>#*"80&6$#<>8";&3>88"#&9$&7,$:&>,&*#&)($$a$,&>#&MLX4WqB&

!

&-(D.!V-/8>*/D!-/8!"./*).(*/D!B?7*62'/)0! J*==(

\'&( %"&( !#'H0]( <005%&']( <#--#5%( #,C( 5%'2$$2,H( $;1$5]( &C;A%0'5( #,C( %"&2'( #550A2#%&C( 2,5%';1&,%#%20,( #,C( A0,%'0-5]( B"&'&( /2%%&C]( 2,( H00C( 0'C&'( #,C( 25( %"&'&( &42C&,A&( 0/( '&H;-#'( %&5%2,HR( !"#$%&&N8,#(76$8#>#*"80&A>;A$,&>8:&?*?$F"(P&,<"7;:&9$&3;$>(;=&6>(P$:&#"&*8:*3>#$&#<$*(&,$(A*3$&>8:&F<$($& >??;*3>9;$&#<$&3"6?>(#6$8#,&#"&F<*3<&#<$=&($;>#$4(

( J*=?(

\'&( %"&( !#'H0( "&#%&'( #,CX0'( 4#$0'25&']( B"&'&( /2%%&C]( 2,( H00C( 0'C&'( #,C( 25( %"&'&( &42C&,A&( 0/( '&H;-#'(%&5%2,H(

& &

!"#$%&&/<$&8769$(&")&?;7@@$:O$,&*8&3>(@"&3"8:$8,$(,0&<$>#$(,&"(&A>?"(*,$(,&,<"7;:&8"#&$+3$$:&K`p4&

J*=D( ( J*=F(

\'&(%"&(!#'H0](4#$0;'(#,C(2,&'%(H#5(-2,&5(2,(H00C(0'C&'(#,C(25(%"&'&(&42C&,A&(0/('&H;-#'(%&5%2,HR( .5(%"&(!#'H0($;1$(&1&'H&,A>(5";%C0B,(5>5%&1(2,(H00C(0'C&'(#,C(25(%"&'&(&42C&,A&(0/('&H;-#'( %&5%2,HR( &

J*=I(

\'&(%"&(!#'H0(#,C(<#--#5%(5>5%&1(4#-4&5(2,(H00C(0'C&'(#,C(25(%"&'&(&42C&,A&(0/('&H;-#'(%&5%2,HR(

J*=J(

\'&(%"&(!#'H0(5>5%&1(%#,W($'&55;'&](%&1$&'#%;'&](#,C(-&4&-(H#;H&5(2,(H00C(0'C&'(#,C(25(%"&'&( &42C&,A&(0/('&H;-#'(%&5%2,HR( (/<$& A>?"7(& ,?>3$& ")& $>3<& 3>(@"& #>8P& ,<"7;:& 9$& ?("A*:$:& F*#<& >& ?($,,7($& @>7@$& F<*3<& ,<"7;:&

&

(

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`4I5& !"#$%& D>#$,& ")& #$,#*8@& >8:& 3"6?>(*,"8,& F*#<& ,$3"8:>(=& #>8P& ;$A$;& @>7@$,& ,<"7;:& 9$& ($A*$F$:& >8:& "9,$(A>#*"8,&($3"(:$:&*8&#<$&$A$8#&")&,*@8*)*3>8#&:*,3($?>83*$,4&&& &

J*=K( ( J*?L(

\'&(%"&(Y&10%&(#,C(-0A#-(%&1$&'#%;'&(#,C($'&55;'&(5&,50'5(#,C(H#;H&5](2,(H00C(0'C&'(#,C(25( %"&'&(&42C&,A&(0/('&H;-#'(%&5%2,HR( \'&( %"&( !#'H0( %#,W( "2H"( -&4&-( #,C( 04&'/-0B( #-#'15( 2,( H00C( 0'C&'( #,C( 25( %"&'&( &42C&,A&( 0/( '&H;-#'(%&5%2,HR(

( J*?)(

\'&($;1$(#,C(<005%&'($;1$(1&A"#,2A#-(5&#-5(/'&&(0/(02-(-&#W5R(

J*?7(

.5(#,(&1&'H&,A>(C25A"#'H&(1&%"0C(#4#2-#<-&R(

&

f<$($& 3>(@"& #(>8,)$(& *,& 9=& 6$>8,& ")& 3>(@"& ?76?,& 8"#& >33$,,*9;$& )"(& ($?>*(& F*#<& #<$& #>8P,& *8& ,$(A*3$0& >#& ;$>,#& #F"& ,$?>(>#$& 6$>8,& ,<"7;:& 9$& ?("A*:$:& #"& #(>8,)$(& 3>(@"& )("6& $>3<& 3>(@"& #>8P& >8:& #<$& :$,*@8& ,<"7;:&9$&,73<&#<>#&)>*;7($&")&"8$&3>(@"&?76?0&"(&6$>8,&")&#(>8,)$(0&F*;;&8"#&?($A$8#&#<$&3>(@"&#(>8,)$(&9=& >8"#<$(&?76?&"(&?76?,0&"(&"#<$(&3>(@"&#(>8,)$(&6$>8,4& -NEB&`4W4I5&


111 E>,&?($,,7(*,>#*"8&6>=&9$&>33$?#$:&>,&>&6$>8,&")&#(>8,)$(&")&3>(@"&)"(&#<",$&#>8P,&,"&:$,*@8$:&#<>#&#<$& :$,*@8&)>3#"(&")&,>)$#=&*,&8"#&($:73$:&78:$(&#<$&3"8:*#*"8,&?($A>*;*8@&:7(*8@&#<$&3>(@"&#(>8,)$(&"?$(>#*"84& & & -NEB&`4W4K5&

! J*?=( ( J*??( ( J*?D(

\'&(%#,W(C01&5(#,C(#550A2#%&C(/2%%2,H5(2,(H00C(0'C&'(#,C(/'&&(/'01(A0''0520,R( .5(%"&(A#'H0(5>5%&1](2,A-;C2,H(/2%%2,H5(0,(%"&(%#,W(C01&5](/'&&(0/(-&#W5R( \'&(5#1$-&(-2,&5($'042C&C(/0'(<0%"(-2[;2C(#,C(4#$0;'(#,C(#'&(%"&>(4#-4&C(#,C(A#$$&CR(

&

N#& *,& ($3"66$8:$:& #<>#& #<$& ,<*?& 3"88$3#*"8& *,& >& Ei& )$6>;$& ?>(>;;$;& #<($>:$:& 3"88$3#"(0& F*#<& >8=& ,3($F$:& )*##*8@,& ;"3P$:& #"& ?($A$8#& *8>:A$(#$8#& 78,3($F*8@& :7(*8@& 3"88$3#*"8& _& :*,3"88$3#*"8& F<*;,#& VDPSOLQJ6DPSOLQJDUUDQJHPHQWVDUHUHFRPPHQGHGWREHRIWKH¶FORVHGORRS·W\SHDQGDQ\YHQWLQJRU ?7(@*8@&")&,>6?;$&3"8#>*8$(,&3>((*$:&"7#&*8&>&,>)$&>($>4!!!!!!-2NE//S&Y*G7$)*$:&E>,&2>6?;*8@&'("3$:7($,5&! &

J*?F(

.5(-0B(%&1$&'#%;'&($2$&B0'W(#C&[;#%&->(2,5;-#%&C(/'01(%"&(";--(5%';A%;'&R(

J*?I(

./(#,>(A#'H0(0'(4#$0;'(-2,&5(#'&(2,5;-#%&C](25(%"&(2,5;-#%20,(2,(H00C(0'C&'R(

Y"F&#$6?$(>#7($&?*?*8@&,<"7;:&9$&#<$(6>;;=&*,";>#$:&)("6&#<$&>:g>3$8#&<7;;&,#(73#7($0&F<$($&8$3$,,>(=0&#"& ?($A$8#&#<$&#$6?$(>#7($&")&#<$&<7;;&)("6&)>;;*8@&9$;"F&#<$&:$,*@8&#$6?$(>#7($&")&#<$&<7;;&6>#$(*>;4& & & -NEB&`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

( J*?J( !

Z"&'&(A#'H0(0'(4#$0;'(-2,&5(#'&(250-#%&C(/'01(%"&(5%';A%;'&](#'&(`02,%5(&-&A%'2A#-->(<0,C&CR(

&

!"#$%&&2"6$&@>,P$#,&>($&$;$3#(*3>;;=&3"8:73#*A$&>8:&9"8:*8@&*,&8"#&($G7*($:4&

( J*?K( !

\'&(A#'H0(#,C(4#$0;'(-2,&(&V$#,520,(#''#,H&1&,%5(2,(H00C(0'C&'R(

&

2;*?&g"*8#,&,<"7;:&8"#&9$&7,$:&$+3$?#&F*#<*8&#<$&3>(@"&#>8P,4&

&

!"#$%&&2"6$&9$;;"F,&?*$3$,&6>=&9$&)*##$:&F*#<&3"A$(,&#"&?("#$3#&>@>*8,#&#<$&*8@($,,&")&F>#$(4&&/<*,&:$,*@8& )$>#7($&*,&>33$?#>9;$4&

( J*DL( ( J*D)( ( J*D7( !

:KHUH WDQNV RU SLSLQJ DUH VHSDUDWHG IURP WKH VKLS·V VWUXFWXUH E\ WKHUPDO LVRODWLRQ SURYLVLRQ VKRXOG EH 6>:$& )"(& $;$3#(*3>;;=& 9"8:*8@& 9"#<& #<$& ?*?*8@& >8:& #<$& #>8P,4& & O;;& @>,P$#$:& ?*?$& g"*8#,& >8:& <",$& 3"88$3#*"8,&,<"7;:&9$&$;$3#(*3>;;=&9"8:$:4& -NEB&`4K4I4^5&

'("A*,*"8&,<"7;:&9$&6>:$&9=&#<$&7,$&")&")),$#,0&;""?,0&9$8:,0&6$3<>8*3>;&$+?>8,*"8&g"*8#,&,73<&>,&9$;;"F,0& ,;*?&g"*8#,&>8:&9>;;&g"*8#,&"(&,*6*;>(&,7*#>9;$&6$>8,&#"&?("#$3#&#<$&?*?*8@&,=,#$6&3"6?"8$8#,&>8:&3>(@"&#>8P,& )("6& $+3$,,*A$& ,#($,,$,& :7$& #"& #<$(6>;& 6"A$6$8#& >8:& )("6& 6"A$6$8#,& ")& #<$& #>8P& >8:& <7;;& ,#(73#7($4&& f<$($& 6$3<>8*3>;& $+?>8,*"8& g"*8#,& >($& 7,$:& *8& ?*?*8@& #<$=& ,<"7;:& 9$& <$;:& #"& >& 6*8*676& >8:0& F<$($& ;"3>#$:&"7#,*:$&3>(@"&#>8P,0&,<"7;:&9$&")&#<$&9$;;"F,&#=?$4& -NEB&`4K4I4K5& -NEB&`4^4`4K5&

\'&(-2[;2C(#,C(4#$0;'(-2,&5(/'&&(%0(104&(2,52C&(%"&2'(A-#1$5R( \'&($2$&-2,&(C'#2,5(#,C(5%;<($2&A&5(4#-4&C(#,C(A#$$&C(#,C(2,(H00C(0'C&'R( \'&(A#'H0(-2,&(#,C(5>5%&1('&-2&/(4#-4&5(2,(H00C(0'C&'R(

O;;&?*?$;*8$,&"(&3"6?"8$8#,&F<*3<&6>=&9$&*,";>#$:&*8&>&;*G7*:M)7;;&3"8:*#*"8&,<"7;:&9$&?("A*:$:&F*#<&($;*$)& A>;A$,4& -NEB&`4K4I4Q5&

&

C$;*$)&A>;A$,&:*,3<>(@*8@&;*G7*:&3>(@"&)("6&#<$&3>(@"&?*?*8@&,=,#$6&,<"7;:&:*,3<>(@$&*8#"&#<$&3>(@"&#>8P,d& >;#$(8>#*A$;=&#<$=&6>=&:*,3<>(@$&#"&#<$&3>(@"&A$8#&6>,#&*)&6$>8,&>($&?("A*:$:&#"&:$#$3#&>8:&:*,?",$&")& ;*G7*:&3>(@"&F<*3<&6>=&);"F&*8#"&#<$&A$8#&,=,#$64&&C$;*$)&A>;A$,&"8&3>(@"&?76?,&,<"7;:&:*,3<>(@$&#"&#<$& ?76?&,73#*"84& -NEB&`4K4I4X5&

&

1RWH 6KRUW OLQH VHFWLRQ RI OHVV WKDQ OLWUHV YROXPH PD\ EH H[HPSW IURP D ´K\GURVWDWµ ($;*$)& A>;A$& ?$(& NOB2&>@($$6$8#4&&&

( J*D=(

\'&(A#'H0($2$&-2,&5(/'&&(0/(5A'&B&CT2,(A0,,&A%20,5R(

23($F$:& 3"7?;*8@,& >33$?#>9;$& #"& #<$& O:6*8*,#(>#*"8& ,<"7;:& "8;=& 9$& 7,$:& )"(& >33$,,"(=& ;*8$,& >8:& *8,#(76$8#>#*"8&;*8$,&F*#<&$+#$(8>;&:*>6$#$(,&")&K`&66&"(&;$,,4& -NEB&`4^4K4\5&


112 J*D?(

.5( %"&( A#'H0( %#,W( "2H"( -&4&-( #-#'1( 5>5%&1( 2,C&$&,C&,%( 0/( <0%"( %"&( H#;H2,H( C&42A&5( #,C( %"&( 04&'/-0BTA0,%'0-(#-#'1(5>5%&1R(

U>3<& #>8P& ,<"7;:& 9$& )*##$:& F*#<& >& <*@<& ;*G7*:& ;$A$;& >;>(6& "?$(>#*8@& *8:$?$8:$8#;=& ")& "#<$(& ;*G7*:& ;$A$;& *8:*3>#"(,& >8:& @*A*8@& >8& >7:*9;$& >8:& A*,7>;& F>(8*8@& F<$8& #<$& >3#*A>#$:4& & O8"#<$(& ,$8,"(& "?$(>#*8@& *8:$?$8:$8#;=& ")& #<$& <*@<& ;*G7*:& ;$A$;& >;>(6& ,<"7;:& >7#"6>#*3>;;=& >3#7>#$& >& ,<7#"))& A>;A$& *8& >& 6>88$(& F<*3<&9"#<&>A"*:,&$+3$,,*A$&;*G7*:&?($,,7($&*8&#<$&;">:*8@&;*8$&>8:&?($A$8#,&#<$&#>8P&)("6&9$3"6*8@&;*G7*:& )7;;4& -NEB&I\4\4I5& !$*#<$(&")&#<$,$&:$A*3$,&*,&($G7*($:&*)&#<$&3>(@"&#>8P%& x N,&>&?($,,7($&#>8P&F*#<&>&A";76$&")&8"#&6"($&#<>8&KHH&6\d& x N,& :$,*@8$:& #"& F*#<,#>8:& #<$& 6>+*676& ?",,*9;$& ?($,,7($& :7(*8@& #<$& ;">:*8@& "?$(>#*"8& >8:& ,73<& ?($,,7($&*,&9$;"F&#<>#&")&#<$&,#>(#M#"M:*,3<>(@$&?($,,7($&")&#<$&3>(@"&#>8P&($;*$)&A>;A$4& & -NEB&I\4\4K5& !"#$%&&/<$&"A$();"FM3"8#(";&>;>(6&,=,#$6&:"$,&8"#&<>A$&#"&9$&*8:$?$8:$8#&")&#<$&@>7@*8@&,=,#$64&&

( J*DD(

\'&( %"&'&( '&A0'C5( 0/( %"&( A#-2<'#%20,( 0/( W&>( A#'H0( 2,5%';1&,%#%20,]( 2,A-;C2,H( %&1$&'#%;'&( #,C( $'&55;'&(H#;H&5R( !"#$,%& & /<$($& ,<"7;:& 9$& ($3"(:,& ")& #<$& ($@7;>(& 3<$3P*8@& >8:& 3>;*9(>#*"8& ")& *8,#(76$8#>#*"80& ?>(#*37;>(;=& 3>(@"&#>8P&#$6?$(>#7($&>8:&?($,,7($&@>7@$,&>8:&($;*G7$)>3#*"8&?;>8#&*8,#(76$8#,4&&B>;*9(>#*"8&,<"7;:&9$& 3>((*$:&"7#&?($)$(>9;=&>#&*8#$(A>;,&8"#&$+3$$:*8@&\H&6"8#<,4& B>;*9(>#*"8&")&*8,#(76$8#>#*"8&*,&")#$8&:*))*37;#&F<*;,#&#<$&A$,,$;&*,&*8&,$(A*3$&>8:&*#&*,&7,7>;;=&3>((*$:&"7#&:7(*8@& ($?>*(& ?$(*":,4& & ["F$A$(0& 3"6?>(*,"8,& 9$#F$$8& ;"3>;& >8:& ($6"#$& #<$(6"6$#$(& ($>:*8@,& >8:& 3(",,& 3<$3P*8@&F*#<&3>(@"&A>?"7(&?($,,7($&-)("6&#>9;$,5&?("A*:$&>&?(>3#*3>;&3(",,M($)$($83$0&?>(#*37;>(;=&)"(&<*@<& ?7(*#=&3>(@"$,&,73<&>,&'";=6$(&E(>:$&'("?=;$8$4&

( J*DF(

./(5-2$(%;<&5(#'&(/2%%&C](#'&(%"&>(/0'(;5&(0,->(2,(&1&'H&,A2&5R(

N)&,;*?O$,&>($&#<$&"8;=&6$#<":&")&@>7@*8@0&($3"(:&#<$&)>3#&>,&>8&S9,$(A>#*"84&

!"#$%&&2;*?O$,&>($&@$8$(>;;=&7,$:&"8;=&*8&3>,$,&")&$6$(@$83=4&&O&,6>;;&>6"78#&")&3>(@"&A>?"7(&"(&;*G7*:& *,&($;$>,$:&:7(*8@&;$A$;&6$>,7($6$8#d&#<$($)"($&#<$=&>($&>&($,#(*3#$:&#=?$&")&@>7@*8@&:$A*3$&>8:&67,#&8"#& 9$&7,$:&F<$8&#"+*3&3>(@"$,&>($&3>((*$:&>8:&*8&#<$&3>,$&")&);>66>9;$&3>(@"$,0&"8;=&*)&?$(6*##$:&9=&#<$& #$(6*8>;&>8:&#<$&3<>(#$($(4&&

( J*DI( ( J*DJ(

.5(%"&("2H"(-&4&-(#-#'1(5>5%&1(0$&'#%&C(C;'2,H(<0%"(-0#C2,H(#,C(C25A"#'H2,H(0$&'#%20,5R( \'&(%"&(A#'H0(%#,W("2H"(-&4&-(#-#'15(2,C&$&,C&,%(0/(%"&(H#;H2,H(5>5%&1(#,C(2,(%"&(A#5&(0/(.+!( 4&55&-5](#-50(2,C&$&,C&,%(0/(%"&("2H"(-&4&-(5";%TC0B,(N04&'/-0B(A0,%'0-O(5>5%&1R(

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

( J*DK(

./(%"&("2H"(-&4&-(#,CX0'(5";%TC0B,(5>5%&15(A#,(<&(04&''2CC&,(<>(#(W&>(5B2%A"](25(%"&'&(#(B'2%%&,( $'0A&C;'&(C&%#2-2,H(;,C&'(B"#%(A2'A;15%#,A&5(#,C(<>(B"01(%"&(5>5%&1(1#>(<&(04&''2CC&,R(

!"#$,%&&/<$&,=,#$6&,<"7;:&"8;=&9$&"A$((*::$8&*8&$+3$?#*"8>;&3*(376,#>83$,0&,73<&>,&*)&#<$&#>8P&<>,&9$$8& "A$()*;;$:& >8:& *#& *,& 8$3$,,>(=&#"& 9=M?>,,&#<$& "A$();"F&3"8#(";& ,=,#$6&#"& :*,3<>(@$&#<$&#>8P4& & 273<& ,=,#$6,& >($&"33>,*"8>;;=&"A$(M(*::$8&>#&,$>&:7(*8@&($;*G7$)>3#*"84&

( J*FL( ! &

.5(%"&(A#'H0(%#,W("&#%2,H(5>5%&1](B"&'&(/2%%&C](0$&'#%20,#-R(

!"#$%&/<$&:>#$&")&;>,#&7,$&>8:&($3"(:,&")&#$,#*8@&,<"7;:&9$&($A*$F$:&#"&$,#>9;*,<&3"(($3#&"?$(>#*"84&&

&-(D.!&.26('55.(!-/8!".).(!U..250! J*F)( & ( J*F7( (

.5(%"&(A#'H0(A0,C2%20,2,H(N'&-2[;&/#A%20,O($-#,%(#,C(#550A2#%&C(1#A"2,&'>(#,C(2,5%';1&,%#%20,( 2,(H00C(0'C&'R( !"#$%&&C$3"(:,&,<"7;:&9$&>A>*;>9;$&")&#<$&?($,,7($&#$,#*8@&")&3>(@"&3"8:$8,$(,&>8:&")&#<$&3>;*9(>#*"8&")& 3>(@"&,=,#$6&*8,#(76$8#>#*"84&

\'&(%"&(A01$'&550'(#,C(10%0'('0015(A-&#,(#,C(/'&&(0/(A01<;5%2<-&(1#%&'2#-R(


113 J*F=(

\'&( %"&( <;-W"&#C( 5&#-5( <&%B&&,( %"&( A01$'&550'( '001( #,C( %"&( 10%0'( '001( H#5( %2H"%( #,C( B&--( -;<'2A#%&CR(

f<$($&?76?,&>8:&3"6?($,,"(,&>($&:(*A$8&9=&>&,<>)#&?>,,*8@&#<("7@<&>&97;P<$>:& "(&:$3P0&@>,#*@<#&,$>;,& F*#<& $))*3*$8#& ;79(*3>#*"8& "(& "#<$(& 6$>8,& ")& $8,7(*8@& #<$& ?$(6>8$83$& ")& #<$& @>,& ,$>;& ,<"7;:& 9$& )*##$:& *8& F>=&")&#<$&97;P<$>:&"(&:$3P4& -NEB&\4\4K5& !"#$%&&Y79(*3>#"(&($,$(A"*(,0&F<$($&)*##$:0&,<"7;:&9$&3<$3P$:&#"&$8,7($&#<$=&3"8#>*8&,7))*3*$8#&"*;4&

( J*F?( ( J*FD( ( J*FF( ( J*FI( ( J*FJ( ( J*FK( ! ( J*IL( ! J*I)(

.5(%"&(A01$'&550'('001(/'&&(0/(H#5(-&#W5R( .5(%"&(A01$'&550'('001(B&--(-2%(#,C(#'&(&-&A%'2A#-(/2%%2,H5(5;2%#<-&(/0'(;5&(2,(H#5T"#c#'C0;5(#'( #,C(2,(H00C(0'C&'R( .5(%"&(A01$'&550'('001(4&,%2-#%20,(5>5%&1(1#2,%#2,2,H(,&H#%24&($'&55;'&R( .5(%"&(10%0'('001(4&,%2-#%20,(5>5%&1(1#2,%#2,2,H($052%24&($'&55;'&(#,C(0$&'#%2,H(5#%25/#A%0'2->R( ./( %"&( 10%0'( '001( #AA&55( 25( -0A#%&C( 2,( #( H#5T"#c#'C0;5( #'&#]( 25( 2%( $'042C&C( B2%"( #,( #2'T-0AW( 5;2%#<->(#-#'1&C(%0(B#',(0/(<0%"(C00'5(<&2,H(0$&,&C(#%(%"&(5#1&(%21&R( \'&(#2'-0AW5(#,C(#-#'15(2,(H00C(0'C&'R(

O33$,,&)("6&#<$&"?$8&F$>#<$(&:$3P&#"&@>,M,>)$&,?>3$,&,<"7;:&9$&;"3>#$:&*8&>&@>,M,>)$&a"8$&>#&;$>,#&K4^& 6$#($,&>9"A$&#<$&F$>#<$(&:$3P&78;$,,&#<$&>33$,,&*,&9=&6$>8,&")&>8&>*(;"3P4& -NEB&\4`4^5!

./($'&55;'&(2,(%"&(#2'T-0AW(25(-05%](B2--(%"&(5";%C0B,(5>5%&1(0$&'#%&(A0''&A%->R((( & .5(%"&(H#5(C&%&A%20,(&[;2$1&,%(2,(H00C(0'C&'R(

O&?$(6>8$8#;=&*8,#>;;$:&,=,#$6&")&@>,&:$#$3#*"8&>8:&>7:*9;$&>8:&A*,7>;&>;>(6,&,<"7;:&9$&?("A*:$:&)"(%& x B>(@"&3"6?($,,"(&(""6,d& x ."#"(&(""6,&)"(&3>(@"&<>8:;*8@&6>3<*8$(=d& x B>(@"&3"8#(";&(""6,&78;$,,&:$,*@8>#$:&@>,M,>)$d& x S#<$(&$83;",$:&,?>3$,&*8&#<$&3>(@"&>($>&F<$($&A>?"7(&6>=&>33767;>#$&*83;7:*8@&<";:&,?>3$,& >8:&*8#$(9>((*$(&,?>3$,&)"(&*8:$?$8:$8#&#>8P,&"#<$(&#<>8&#=?$&Bd& x 1$8#*;>#*"8&<"":,&>8:&@>,&:73#,&F<$($&($G7*($:&9=&B<>?#$(&IQ&)"(&Y!E&3>((*$(,d&>8:&& x O*(;"3P,4& -NEB&I\4Q4X5& /<$& @>,& :$#$3#*"8& ,=,#$6& ,<"7;:& 9$& 3>?>9;$& ")& ,>6?;*8@& >8:& >8>;=,*8@& )"(& $>3<& ,>6?;*8@& <$>:& ,$G7$8#*>;;=&>#&*8#$(A>;,&8"#&$+3$$:*8@&\H&6*87#$,4& -NEB&I\4Q4W5&

( J*I7(

\'&(/2V&C(H#5(C&%&A%0'(5#1$-&($02,%5(/2%%&C(#%(%"&(#$$'0$'2#%&(-&4&-(/0'(%"&(A#'H0(<&2,H(A#''2&CR(

N8& $A$(=& *8,#>;;>#*"8& #<$& ?",*#*"8,& ")& )*+$:& ,>6?;*8@& <$>:,& ,<"7;:& 9$& :$#$(6*8$:& F*#<& :7$& ($@>(:& #"& #<$& :$8,*#=&")&#<$&A>?"7(,&")&#<$&?(":73#,&*8#$8:$:&#"&9$&3>((*$:&>8:&#<$&:*;7#*"8&)("6&3"6?>(#6$8#&?7(@*8@& "(&A$8#*;>#*"84& -NEB&I\4Q4K5& !"#$%&&f<$($&*#&*,&?",,*9;$&#"&6>87>;;=&3<"",$&F<$#<$(&7??$(&"(&;"F$(&;$A$;&,>6?;*8@&<$>:,&,<"7;:&9$&*8& 7,$0&;"F$(&;$A$;&,>6?;*8@&<$>:,&,<"7;:&9$&*8&7,$&)"(&>;;&3>(@"$,&$+3$?#&O66"8*>0&U#<=;$8$&>8:&Y!E4&

( J*I=( (

\'&(A#'H0(A01$'&550'5(250-#%&C(/'01(%"&(A#'H0(B"&,(A#''>2,H(E'0$>-&,&(:V2C&R(

!"#$%&&/<$($&,<"7;:&9$&>??("A$:&?("3$:7($,&)"(&#<$&3>((*>@$&")&'S0&*83;7:*8@&#<$&9;>8P*8@&"(&($6"A>;&")& ,?"";&?*$3$,&9$#F$$8&#<$&3>(@"&3"6?($,,"(,&>8:&#<$&3>(@"&3"8#>*86$8#4&&

!

[.*8!$6-,'5!-/8!$'->5!P!%<6'!&!&-(D.!%-/@50! !"#$%&&/<*,&,$3#*"8&>??;*$,&#"&/=?$&B&3>(@"&#>8P,&F<*3<&:"&8"#&($G7*($&,$3"8:>(=&9>((*$(,4&

J*I?( ! J*ID( !

\'&(402C(5$#A&(5&#-5](B"&'&(/2%%&C](2,(H00C(0'C&'R( .5(%"&(&,42'0,1&,%#-(A0,%'0-(0/(402C(5$#A&5(5#%25/#A%0'>R(

2?>3$,& ,7(("78:*8@& /=?$& B& ($)(*@$(>#$:& 3>(@"& #>8P,& 8"#& <>A*8@& ,$3"8:>(=& 9>((*$(,& ,<"7;:& 9$& )*;;$:& F*#<& ,7*#>9;$& *8$(#& @>,& "(& :(=& >*(& >8:& 9$& 6>*8#>*8$:& *8& #<*,& 3"8:*#*"8& F*#<& 6>P$7?& *8$(#& @>,& ?("A*:$:& 9=& >& ,<*?9">(:&*8$(#&@>,&@$8$(>#*"8&,=,#$60&,<*?9">(:&,#"(>@$&")&*8$(#&@>,0&"(&:(=&>*(&?("A*:$:&9=&,7*#>9;$&:(=*8@& $G7*?6$8#4& -NEB&L4\5&


114 J*IF(

( J*II( !

.5(A#'H0(%#,W(2,5;-#%20,](B"&'&(/2%%&C]('&$0'%&C(%0(<&(2,(H00C(A0,C2%20,R(

(

f<$($&>&?(":73#&*,&3>((*$:&>#&>&#$6?$(>#7($&9$;"F&²IHRB&,7*#>9;$&*8,7;>#*"8&,<"7;:&9$&?("A*:$:&#"&$8,7($& #<>#&#<$&#$6?$(>#7($&")&#<$&<7;;&,#(73#7($&:"$,&8"#&)>;;&9$;"F&#<$&6*8*676&>;;"F>9;$&:$,*@8&#$6?$(>#7($4& & -NEB&^4W4I5& !"#$%& & B<$3P& <";:& ,?>3$& *8,?$3#*"8& ($3"(:,4& & N)& ?$(;*#$& *8,7;>#*"8& *,& 7,$:0& $,#>9;*,<& #<>#& *#& *,& ($@7;>(;=& 3<$3P$:&>8:&#"??$:&7?&>,&($G7*($:4&

\'&('&-2&/(4#-4&5(/0'(402C(5$#A&5](B"&'&(/2%%&C](2,(H00C(0'C&'R!

[.*8!-/8!4/)'(:-((*'(!$6-,'5!-/8!$'->5!²!.)='(!,-(D.!)-/@!)<6'50! !"#$%&&/<*,&,$3#*"8&,<"7;:&9$&3"6?;$#$:&)"(&>;;&#=?$,&")&3>(@"&3"8#>*86$8#&"#<$(&#<>8&/=?$&B&3>(@"&#>8P,4&& /<$,$&*83;7:$&/=?$&O&>8:&T&3>(@"&#>8P,4& R"(&3>(@"&3"8#>*86$8#&,=,#$6,&"#<$(&#<>8&/=?$&B%& x N8#$(9>((*$(& >8:& <";:& ,?>3$,& >,,"3*>#$:& F*#<& 3>(@"& 3"8#>*86$8#& ,=,#$6,& )"(& );>66>9;$& @>,& ($G7*(*8@& )7;;& ,$3"8:>(=& 9>((*$(,& ,<"7;:& 9$& *8$(#$:& F*#<& >& ,7*#>9;$& :(=& *8$(#& @>,& >8:& P$?#& *8$(#$:& F*#<&6>P$M7?&@>,&?("A*:$:&9=&>&,<*?9">(:&*8$(#&@>,&@$8$(>#*"8&,=,#$60&"(&9=&,<*?9">(:&,#"(>@$& F<*3<&,<"7;:&9$&,7))*3*$8#&)"(&8"(6>;&3"8,76?#*"8&)"(&>#&;$>,#&\H&:>=,4& -NEB&L4K4I5& x N8#$(9>((*$(& >8:& <";:& ,?>3$,& >,,"3*>#$:& F*#<& 3>(@"& 3"8#>*86$8#& ,=,#$6,& )"(& );>66>9;$& @>,$,& ($G7*(*8@&?>(#*>;&,$3"8:>(=&9>((*$(,&,<"7;:&9$&*8$(#$:&F*#<&>&,7*#>9;$&:(=&*8$(#&@>,&>8:&P$?#&*8$(#$:& F*#<&6>P$M7?&@>,&?("A*:$:&9=&>&,<*?9">(:&*8$(#&@>,&@$8$(>#*"8&,=,#$60&"(&9=&,<*?9">(:&,#"(>@$& F<*3<&,<"7;:&9$&,7))*3*$8#&)"(&8"(6>;&3"8,76?#*"8&)"(&>#&;$>,#&\H&:>=,4& -NEB&L4K4K4I5&

J*IJ(

.5(%"&(0V>H&,(#,C(">C'0A#'<0,(A0,%&,%(0/(%"&(2,%&'<#''2&'(5$#A&5('&H;-#'->(10,2%0'&C(#,C(%"&( '&5;-%5('&A0'C&CR(

N8&#<$&3>,$&")&);>66>9;$&?(":73#,0&F<$($&3>(@"&3"8#>*86$8#&,=,#$6,&"#<$(&#<>8&*8:$?$8:$8#&#>8P,&>($& 7,$:0&<";:&,?>3$,&>8:&*8#$(9>((*$(&,?>3$,&,<"7;:&9$&?("A*:$:&F*#<&>&?$(6>8$8#;=&*8,#>;;$:&@>,&:$#$3#*"8& ,=,#$6& 3>?>9;$& ")& 6$>,7(*8@& @>,& 3"83$8#(>#*"8,& ")& Hp& #"& IHHp& 9=& A";76$4& /<$& :$#$3#*"8& $G7*?6$8#0& $G7*??$:& F*#<& >7:*9;$& >8:& A*,7>;& >;>(6,0& ,<"7;:& 9$& 3>?>9;$& ")& 6"8*#"(*8@& )("6& $>3<& ,>6?;*8@& <$>:& ;"3>#*"8&,$G7$8#*>;;=&>#&*8#$(A>;,&8"#&$+3$$:*8@&\H&6*87#$,4&O;>(6,&,<"7;:&9$&>3#*A>#$:&F<$8&#<$&A>?"7(& 3"83$8#(>#*"8&($>3<$,&#<$&$G7*A>;$8#&")&\Hp&")&#<$&;"F$(&);>66>9;$&;*6*#&*8&>*(&"(&,73<&"#<$(&;*6*#&>,&6>=& 9$&>??("A$:&9=&#<$&O:6*8*,#(>#*"8&*8&#<$&;*@<#&")&?>(#*37;>(&3>(@"&3"8#>*86$8#&>((>8@$6$8#,4&B"66"8& ,>6?;*8@&;*8$,&#"&#<$&:$#$3#*"8&$G7*?6$8#&,<"7;:&8"#&9$&)*##$:4&& -NEB&I\4Q4II5& !"#$,%& & R"(& Y'E0& \Hp& YUY& *,& >??("+*6>#$;=& #<$& $G7*A>;$8#& ")& H4Qp& 9=& A";76$4& & R"(& Y!E& \Hp& YUY& *,& #<$& $G7*A>;$8#&")&I4`p&9=&A";76$4&& C$3"(:,&,<"7;:&9$&P$?#&#"&:$6"8,#(>#$&#<$&;$A$;,&>8:&>8=&>??>($8#&#($8:,&"(&3<>8@$,&*8&;$A$;4&

! J*IK( ! & &

! J*JL(

( J*J)( !

\'&(%"&('&-2&/(4#-4&5(/0'(%"&("0-C(5$#A&5(#,C($'21#'>(#,C(5&A0,C#'>(<#''2&'5(2,(H00C(0'C&'R(

[";:& ,?>3$,& >8:& *8#$(9>((*$(& ,?>3$,& F<*3<& 6>=& 9$& ,79g$3#& #"& ?($,,7($,& 9$="8:& #<$*(& :$,*@8& 3>?>9*;*#*$,& ,<"7;:&9$&?("A*:$:&F*#<&>&?($,,7($&($;*$)&,=,#$64& -NEB&W4I5& N8#$(9>((*$(&,?>3$,&,<"7;:&9$&)*##$:&F*#<&?($,,7($&($;*$)&:$A*3$,&#"&#<$&,>#*,)>3#*"8&")&#<$&O:6*8*,#(>#*"84& & & -NEB&W4K4K5& !"#$%&&[";:&,?>3$,&F*#<"7#&"?$8&3"88$3#*"8&#"&#<$&>#6",?<$($&,<"7;:&9$&?("A*:$:&F*#<&,7*#>9;$&?($,,7($& @>7@$,4&

.5(A#'H0(%#,W(2,5;-#%20,](B"&'&(/2%%&C]('&$0'%&C(%0(<&(2,(H00C(0'C&'R(

(

f<$($&>&?(":73#&*,&3>((*$:&>#&>&#$6?$(>#7($&9$;"F&²IHRB&,7*#>9;$&*8,7;>#*"8&,<"7;:&9$&?("A*:$:&#"&$8,7($& #<>#&#<$&#$6?$(>#7($&")&#<$&<7;;&,#(73#7($&:"$,&8"#&)>;;&9$;"F&#<$&6*8*676&>;;"F>9;$&:$,*@8&#$6?$(>#7($4& & & -NEB&^4W4I5& !"#$,%& & B<$3P& <";:& ,?>3$& *8,?$3#*"8& ($3"(:,4& N)& ?$(;*#$& *8,7;>#*"8& *,& 7,$:0& $,#>9;*,<& #<>#& *#& *,& ($@7;>(;=& 3<$3P$:&>8:&#"??$:&7?&>,&($G7*($:4&

.5( %"&'&( #( 1&#,5( %0( 5#1$-&( /0'( 2,H'&55( 0/( B#%&'( 2,%0( %"&( 2,%&'<#''2&'( 5$#A&5( $'042C&C( #,C( #'&( A"&AW5(<&2,H('&A0'C&CR( !"#$%&&/<$($&,<"7;:&9$&>&6$>8,&>A>*;>9;$&#"&:(>*8&#<$&*8#$(9>((*$(&,?>3$,4&

4/'()!H-5!$<5)'250! J*J7( !

.5(%"&(2,&'%(H#5(5>5%&1(#,CX0'(5%0'#H&(#,C(#550A2#%&C($2$&B0'W](B"&'&(/2%%&C](2,(H00C(0'C&'R(


115 J*J=(

\'&(5;2%#<-&(#''#,H&1&,%5($'042C&C(%0($'&4&,%(%"&(<#AW/-0B(0/(A#'H0(4#$0;'(2,%0(%"&(2,&'%(H#5( 5>5%&1R(

O((>8@$6$8#,&,7*#>9;$&)"(&#<$&3>(@"&3>((*$:&,<"7;:&9$&?("A*:$:&#"&?($A$8#&#<$&9>3P);"F&")&3>(@"&A>?"7(& *8#"&#<$&*8$(#&@>,&,=,#$64& -NEB&L4^4^5& O& 6$>8,& >33$?#>9;$& #"& #<$& O:6*8*,#(>#*"80& ;"3>#$:& *8& #<$& 3>(@"& >($>0& ")& ?($A$8#*8@& #<$& 9>3P);"F& ")& 3>(@"&@>,&,<"7;:&9$&?("A*:$:4& -NEB&L4`4K5& !"#$%&&'("#$3#*"8&>@>*8,#&9>3PM);"F&")&@>,&*,&7,7>;;=&6>:$&9=&?("A*:*8@&#F"&8"8M($#7(8&A>;A$,&>8:&>&,?"";& ?*$3$4& & B<$3P& #<>#& $+3$?#& F<$8& *8$(#& @>,& *,& 9$*8@& :$;*A$($:0& #<$& ,?"";& ?*$3$& *,& 8"#& *8& ?;>3$& >8:& #<>#& "))*3$(,&3;$>(;=&78:$(,#>8:&#<*,&*6?"(#>8#&($G7*($6$8#4&

!

C('557('!U'>*'+!-/8!['/)*/D!$<5)'250( J*J?(

P#4&( %"&( 5#/&%>( '&-2&/( 4#-4&5( <&&,( %&5%&C]( #'&( %"&( %&5%( A&'%2/2A#%&5( 0,<0#'C( #,C( #'&( 0//2A&'5( #B#'&(0/(%"&2'(5&%%2,H5R(

'($,,7($&($;*$)&A>;A$,&,<"7;:&9$&,$#&>8:&,$>;$:&9=&>&3"6?$#$8#&>7#<"(*#=&>33$?#>9;$&#"&#<$&O:6*8*,#(>#*"8& >8:&>&($3"(:&")&#<*,&>3#*"80&*83;7:*8@&#<$&A>;7$,&")&,$#&?($,,7($0&,<"7;:&9$&($#>*8$:&"8&9">(:&#<$&,<*?4& & & -NEB&W4K4`5& N8&#<$&3>,$&")&3>(@"&#>8P,&?$(6*##$:&#"&<>A$&6"($&#<>8&"8$&($;*$)&A>;A$&,$##*8@&#<*,&6>=&9$&>33"6?;*,<$:& 9=%& x N8,#>;;*8@& #F"& "(& 6"($& ?("?$(;=& ,$#& >8:& ,$>;$:& A>;A$,& >8:& ?("A*:*8@& 6$>8,& >,& 8$3$,,>(=& )"(& *,";>#*8@&#<$&A>;A$,&8"#&*8&7,$&)("6&#<$&3>(@"&#>8Pd&"(& x N8,#>;;*8@& ($;*$)& A>;A$,& F<",$& ,$##*8@,& 6>=& 9$& 3<>8@$:& 9=& #<$& *8,$(#*"8& ")& ?($A*"7,;=& >??("A$:& ,?>3$(&?*$3$,&"(&>;#$(8>#*A$&,?(*8@,&"(&9=&"#<$(&,*6*;>(&6$>8,&8"#&($G7*(*8@&?($,,7($&#$,#*8@&#"&A$(*)=& #<$&8$F&,$#&?($,,7($4&&O;;&"#<$(&A>;A$&>:g7,#6$8#,&,<"7;:&9$&,$>;$:& & -NEB&W4K4Q5& !"#$%& O,3$(#>*8& #<>#& #<$& "))*3$(,& ($,?"8,*9;$& 3;$>(;=& 78:$(,#>8:& #<$& ?("3$:7($,& #"& 9$& )";;"F$:& )"(& 3<>8@*8@&,$##*8@,4&

( J*JD( ! &

( J*JF(

\'&(%"&'&(#C&[;#%&($'0A&C;'&5(/0'(%"&(A"#,H2,H(0/(%"&('&-2&/(4#-4&(5&%($'&55;'&R(

/<$&3<>8@*8@&")&#<$&,$#&?($,,7($&,<"7;:&9$&3>((*$:&"7#&78:$(&#<$&,7?$(A*,*"8&")&#<$&6>,#$(&*8&>33"(:>83$& ZLWKSURFHGXUHVDSSURYHGE\WKH$GPLQLVWUDWLRQDQGVSHFLILHGLQWKHVKLS·VRSHUDWLQJPDQXDO& -NEB&W4K4X5& !"#$%&&/$(6*8>;&($G7*($6$8#,&67,#&>;,"&9$&#>P$8&*8#"&>33"78#&F<$8&,$##*8@,&>($&3<>8@$:4&&O,3$(#>*8&#<>#& #<$&?($,,7($&,$##*8@,&*8&7,$&>($&3"(($3#&)"(&#<$&3>(@"$,&"8&9">(:4&

./(%"&( A#'H0(%#,W(5#/&%>('&-2&/( 4#-4&(5&%%2,H5(A#,( <&(#-%&'&C](#'&(%"&(#$$'0$'2#%&(5&%%2,H5(<&2,H( ;5&C( /0'( %"&( A#'H0( A#''2&C( #,C( #'&( %"&( A;''&,%( 5&%%2,H5( $'012,&,%->( C25$-#>&C( 2,( %"&( A#'H0( A0,%'0-($052%20,(#,C(#%(%"&(4#-4&5R(

&KDQJHVLQVHWSUHVVXUHVVKRXOGEHUHFRUGHGLQWKHVKLS·VORJDQGDVLJQSRVWHGLQWKHFDUJRFRQWUROURRP *)&?("A*:$:&>8:&>#&$>3<&($;*$)&A>;A$0&,#>#*8@&#<$&,$#&?($,,7($4& -NEB&W4K4X5&

( J*JI( ( J*JJ(

.5(%"&(A#'H0(4&,%(5>5%&1(2,(H00C(0'C&'R( \'&( 4&,%( 0;%-&%( $'0%&A%24&( 0'( /-#1&( 5A'&&,5( /2%%&C( #5( '&[;2'&C( #,C( #'&( %"&'&( '&A0'C5( 0/( %"&2'( '&H;-#'(2,5$&A%20,R(

27*#>9;$&?("#$3#*"8&,3($$8,&,<"7;:&9$&)*##$:&"8&A$8#&"7#;$#,&#"&?($A$8#&#<$&*8@($,,&")&)"($*@8&"9g$3#,4& & -NEB&W4K4I^5& B>(@"&#>8P&"7#;$#,&,<"7;:&9$&?("A*:$:&F*#<&($>:*;=&($8$F>9;$&>8:&$))$3#*A$&);>6$&,3($$8,&"(&,>)$#=&<$>:,& RI DQ DSSURYHG W\SH ZKHQ FDUU\LQJ D FDUJR UHIHUHQFHG LQ FROXPQ ¶L· RI &KDSWHU M& -D*$#<=;& $#<$(0& U#<=;$8$& "+*:$M'("?=;$8$& "+*:$& 6*+#7($,& F*#<& >8& UM"& 3"8#$8#& ")& 8"#& 6"($& #<>8& \Hp0& N,"?($8$0& N,"?("?=;>6*8$0& ."8"$#<=;>6*8$0& '$8#>8$,0& '$8#$8$0& '("?=;$8$& "+*:$0& 1*8=;& $#<=;& $#<$(& >8:& 1*8=;*:$8$& 3<;"(*:$54&&D7$&>##$8#*"8&,<"7;:&9$&?>*:&*8&#<$&:$,*@8&")&);>6$&,3($$8,&>8:&A$8#&<$>:,&#"&#<$&?",,*9*;*#=&")& #<$& 9;"3P>@$& ")& #<$,$& :$A*3$,& 9=& #<$& )($$a*8@& ")& 3>(@"& A>?"7(& "(& 9=& *3*8@& 7?& *8& >:A$(,$& F$>#<$(& 3"8:*#*"8,4&&S(:*8>(=&?("#$3#*"8&,3($$8,&,<"7;:&9$&)*##$:&>)#$(&#<$&($6"A>;&")&);>6$&,3($$8,4& -NEB&IX4IH5&

( J*JK(

.5(%"&'&(#(-2[;2C(5&,50'(2,(%"&(-2[;2C($'&55;'&('&-2&/(4#-4&(A0--&A%2,H(%#,W(0'](2/(,0%(/2%%&C](2,(%"&(4&,%( 1#5%R(

N8& #<$& A$8#& ?*?*8@& ,=,#$60& 6$>8,& )"(& :(>*8*8@& ;*G7*:& )("6& ?;>3$,& F<$($& *#& 6>=& >33767;>#$& ,<"7;:& 9$& ?("A*:$:4& & /<$& ?($,,7($& ($;*$)& A>;A$,& >8:& ?*?*8@& ,<"7;:& 9$& ,"& >((>8@$:& #<>#& ;*G7*:& 3>8& 78:$(& 8"& 3*(376,#>83$,&>33767;>#$&*8&"(&8$>(&#<$&?($,,7($&($;*$)&A>;A$,4& -NEB&W4K4I\5&


116 C$;*$)&A>;A$,&:*,3<>(@*8@&;*G7*:&3>(@"&)("6&#<$&3>(@"&?*?*8@&,=,#$6&,<"7;:&:*,3<>(@$&*8#"&#<$&3>(@"&#>8P,4&& O;#$(8>#*A$;=&#<$=&6>=&:*,3<>(@$&#"&#<$&3>(@"&A$8#&6>,#&*)&6$>8,&>($&?("A*:$:&#"&:$#$3#&>8:&:*,?",$&")& >8=&;*G7*:&3>(@"&F<*3<&6>=&);"F&*8#"&#<$&A$8#&,=,#$64& -NEB&`4K4I4X5&

( J*KL( !

\'&(%"&(,2%'0H&,(5,;//&'5(0,(%"&(4&,%(1#5%5](B"&'&(/2%%&C](2,(H00C(0'C&'(#,C(0$&'#%20,#-R(

J*K)(

.5(%"&(&1&'H&,A>(5";%C0B,(NSU@O(5>5%&1(/;-->(0$&'#%20,#-R(

B2'(D'/,;A$,&,<"7;:&9$&?("A*:$:&"8&#<$&,<*?&)"(&,<7##*8@& :"F8&;*G7*:&>8:&A>?"7(&3>(@"&#(>8,)$(&9$#F$$8&,<*?&>8:&,<"($4& -NEB&`4Q4I4I5& S8$&($6"#$;=&"?$(>#$:&$6$(@$83=&,<7#:"F8&A>;A$&,<"7;:&9$&?("A*:$:&>#&$>3<&3>(@"&<",$&3"88$3#*"8& *8&7,$4& -NEB&`4Q4\5&

! J*K7( !

\'&($&'50,,&-(#B#'&(0/(%"&('&[;2'&1&,%5(/0'(%"&(SU@(5>5%&1R(

( J*K=( !

\'&(%"&'&(#%(-%(%B0('&10%&($052%20,5(B"&'&(%"&(SU@(5>5%&1(A#,(<&(1#,;#-->(#A%24#%&CR(

B>(@"& ?76?,& >8:& 3"6?($,,"(,& ,<"7;:& 9$& >((>8@$:& #"& ,<7#:"F8& >7#"6>#*3>;;=& *)& #<$& $6$(@$83=& ,<7#:"F8&A>;A$,&($G7*($:&9=&`4Q4I4I&->9"A$5&>($&3;",$:&9=&#<$&$6$(@$83=&,<7#:"F8&,=,#$64& -NEB&`4Q4I4\5&

/<$&3"8#(";&,=,#$6&)"(&>;;&($G7*($:&$6$(@$83=&,<7#:"F8&A>;A$,&,<"7;:&9$&,"&>((>8@$:&#<>#&>;;&,73<&A>;A$,& 6>=& 9$& "?$(>#$:& 9=& ,*8@;$& 3"8#(";,& ,*#7>#$:& *8& >#& ;$>,#&#F"& ($6"#$&;"3>#*"8,& "8&#<$& ,<*?4& & S8$& ")&#<$,$& ;"3>#*"8,&,<"7;:&9$&*8&#<$&3"8#(";&?",*#*"8&"(&3>(@"&3"8#(";&(""64& -NEB&`4Q4^5&

( J*K?(

.5(%"&(SU@(5>5%&1(C&52H,&C(%0(/#2-TA-05&CR(

( J*KD(

.5(%"&(SU@(5>5%&1(%&5%&C($'20'(%0(A#'H0(%'#,5/&'(#,C(#'&('&A0'C5(1#2,%#2,&CR(

U6$(@$83=&,<7#M:"F8&A>;A$,&,<"7;:&9$&")&#<$&)>*;M3;",$:&-3;",$:&"8&;",,&")&?"F$(5&#=?$&>8:&9$&3>?>9;$& ")&;"3>;&6>87>;&3;",*8@&"?$(>#*"84& -NEB&`4Q4^5&

!"#$,&B"(($3#&"?$(>#*"8&")&#<$&U2D&>3#*A>#*"8&67,#&9$&#$,#$:&?(*"(&#"&$A$(=&3>(@"&#(>8,)$(4&N#&*,&8"#& >33$?#>9;$&#<>#&#<$&"8;=&>3#*A>#*"8&?"*8#&*,&"?$(>#$:&)("6&#<$&B>(@"&B"8#(";&C""64&&U>3<&")&#<$&U2D& ?",*#*"8,&67,#&9$&"?$(>#$:&>#&;$>,#&"83$&$A$(=&IK&6"8#<,&>8:&>&?";*3=&67,#&9$&*8&?;>3$&)"(&$>3<&")&#<$& U2D,&#"&9$&"?$(>#$:&*8&("#>#*"8&?(*"(&#"&$A$(=&3>(@"&#(>8,)$(4&&

&

J*KF( &

\'&( #--( 1#,2/0-C( 4#-4&5( #,C( %#,W( /2--2,H( 4#-4&5]( 2/( %"&>( /0'1( $#'%( 0/( %"&( &1&'H&,A>( 5";%C0B,( 5>5%&1](%&5%&C(#,C(%21&C(%0(A-05&(B2%"2,(=L(5&A0,C5R!

U6$(@$83=&,<7#:"F8&A>;A$,&*8&;*G7*:&?*?*8@&,<"7;:&)7;;=&3;",$&78:$(&>;;&,$(A*3$&3"8:*#*"8,&F*#<*8&\H&,$3"8:,& ")&>3#7>#*"84&&N8)"(6>#*"8&>9"7#&#<$&3;",*8@&#*6$&")&#<$&A>;A$,&>8:&#<$*(&"?$(>#*8@&3<>(>3#$(*,#*3,& ,<"7;:& 9$& >A>*;>9;$& "89">(:& >8:& #<$& 3;",*8@& #*6$& ,<"7;:& 9$& A$(*)*>9;$& >8:& ($?(":73*9;$4& & 273<& A>;A$,& ,<"7;:& 3;",$&,6""#<;=4& -NEB&`4Q4^5&

&

B>(@"& ?76?,& >8:& 3"6?($,,"(,& ,<"7;:& 9$& >((>8@$:& #"& ,<7#:"F8& >7#"6>#*3>;;=& *)& #<$& $6$(@$83=& ,<7#:"F8&A>;A$,&>($&3;",$:&9=&#<$&$6$(@$83=&,<7#:"F8&,=,#$64& -NEB&`4Q4I4\5&

&

!"#$,%&&/<$&$6$(@$83=&,<7#:"F8&A>;A$&>#&#<$&6>8*)";:&6>=&9$&;"3>#$:&$*#<$(&*89">(:&"(&"7#9">(:&")&#<$& <>8:&"?$(>#$:&6>8*)";:&A>;A$4&

&

N)&3>(@"&#>8P&A>;A$,&>($&8"#&?>(#&")&#<$&U2D&#<$*(&3;",*8@&#*6$,&>($&8"#&3"8#(";;$:&9=&#<$&($G7*($6$8#,&")&#<$& U2D4&

! J*KI(

\'&(/;52<-&($-;H5(/2%%&C(0,(%"&(-2[;2C(C01&5(#,C(2,(%"&(42A2,2%>( 0/(%"&( 1#,2/0-C5(#,C(#'&(%"&>(2,( H00C(0'C&'R(

/<$& 3"8#(";& ,=,#$6& ,<"7;:& >;,"& 9$& ?("A*:$:& F*#<& )7,*9;$& $;$6$8#,& :$,*@8$:& #"& 6$;#& >#& #$6?$(>#7($,& 9$#F$$8& LWR& >8:& IH^R& B& F<*3<& F*;;& 3>7,$& #<$& $6$(@$83=& ,<7#:"F8& A>;A$,& #"& 3;",$4& & Y"3>#*"8,& )"(& ,73<& )7,*9;$&$;$6$8#,&,<"7;:&*83;7:$&#<$&#>8P&:"6$,&>8:&;">:*8@&,#>#*"8,4& -NEB&`4Q4^5& !"#$%&&R7,*9;$&$;$6$8#,&,<"7;:&8"#&9$&?>*8#$:&"A$(&>,&#<*,&6*@<#&>))$3#&#<$&#$6?$(>#7($&>#&F<*3<&#<$=&F*;;& "?$(>#$4&

!

"-/*+.>8!E((-/D'2'/)50! J*KJ( (

\'&(A#'H0(#,C(4#$0;'(1#,2/0-C(#''#,H&1&,%5(5#%25/#A%0'>R(

1RWH 5HIHU WR ´5HFRPPHQGDWLRQV IRU 0DQLIROGV IRU 5HIULJH(>#$:& Y*G7$)*$:& E>,& B>((*$(,& -Y'E5& K8:& U:& µ&


117 J*KK(

.5(%"&(1#,2/0-C(#'&#(A-&#'(0/(0<5%';A%20,5(B"2A"(A0;-C(2,%&'/&'&(B2%"(%"&(#;%01#%2A('&-&(0/(#( "#'C(#'1R(

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

&

J*)L=( \'&(1#,2/0-C($'&55;'&(H#;H&5(/2%%&C(B2%"(4#-4&5(0'(A0AW5(#,C(C0(%"&(A0,,&A%20,5($'042C&( ( $'0%&A%20,(#H#2,5%(2,#C4&'%&,%(;,5A'&B2,HR((

!"#$%&/<$&2NE//S&Y*G7$)*$:&E>,&2>6?;*8@&'("3$:7($,&($3"66$8:&#<>#&#<$&,<*?&3"88$3#*"8&*,&>&Ei&)$6>;$& ?>(>;;$;&#<($>:$:&3"88$3#"(0&F*#<&>8=&,3($F$:&)*##*8@,&;"3P$:&#"&?($A$8#&*8>:A$(#$8#&78,3($F*8@&:7(*8@& 3"88$3#*"8_:*,3"88$3#*"8&F<*;,#&,>6?;*8@4& &!

J*)L?( \'&(#--(/-#,H&(A0,,&A%20,5(/;-->(<0-%&CR( &

!"#$%&&/<*,&*83;7:$,&>8=&;*8$&F<*3<&*,&9$*8@&7,$:&)"(0&"(&6*@<#&9$3"6$&?($,,7(*,$:&:7(*8@0&3>(@"&"?$(>#*"8,& "8&9"#<&,*:$,&")&#<$&A$,,$;4&

( J*)LD( \'&(1#,2/0-C(<-#,W(/-#,H&5(0/(#,(&[;24#-&,%('#%2,H(%0(%"#%(0/(%"&(1#,2/0-C($2$&-2,&5R( &

!"#$,%&&N#&*,&@$8$(>;;=&>33$?#$:&#<>#&,#$$;&9;>8P,&,<"7;:&9$&")&#<$&,>6$&#<*3P8$,,&>,&#<$&);>8@$,&#"& F<*3<& #<$=&>($&>##>3<$:0&97#&#<*,&F*;;&8"#&8$3$,,>(*;=&($,7;#&*8&#<$&?($,,7($&3>?>9*;*#=&9$*8@&#<$&,>6$&>,&#<>#&")& #<$&>,,"3*>#$:&?*?$F"(P4&

&

N#&*,&#<$&?($,,7($&(>#*8@&")&#<$&9;>8P&F<*3<&*,&*6?"(#>8#&>8:&9;>8P,&6>:$&")&6>#$(*>;,&,73<&>,&#*#>8*76&<>A$& >&,7?$(*"(&,#($8@#<&>8:&6>=&#<$($)"($&9$&,*@8*)*3>8#;=&#<*88$(&)"(&#<$&,>6$&?($,,7($&(>#*8@&>,&>&6*;:&,#$$;& 9;>8P4&&N)&,73<&>&9;>8P&*,&)*##$:0&#<$($&67,#&9$&:"376$8#>#*"8&"8&9">(:&#"&?("A$&#<>#&#<$&?($,,7($&(>#*8@&*,& >:$G7>#$&)"(&#<$&,$(A*3$4&

( J*)LF( \'&(%"&(1#,2/0-C(4#-4&5(#,C(-2,&5(A-&#'->(1#'W&C(#5(%0(B"&%"&'(%"&>(#'&(-2[;2C(0'(4#$0;'R( ( J*)LI( \'&(%"&(1#,2/0-C5(/2%%&C(B2%"(C'#2,(-2,&5(#,C($;'H&($02,%5(#,C(#'&(%"&>(4#-4&C(#,C(A#$$&CR( ( J*)LJ((\'&(1#,2/0-C(5%'#2,&'5](B"&'&(/2%%&C](,0%(<&2,H(<>T$#55&CR( ( J*)LK( \'&( -2[;2C( 5$2--( #''#,H&1&,%5( #C&[;#%&]( %#W2,H( 2,%0( #AA0;,%( %"&( -0B&5%( %&1$&'#%;'&( A#'H0&5( B"2A"(%"&(4&55&-(25(A&'%2/2&C(%0(A#''>R(

f<$($&;$>P>@$&6>=&9$&>8#*3*?>#$:0&,73<&>,&>#&,<"($&3"88$3#*"8,&>8:&>#&?76?&,$>;,0&?("#$3#*"8&)"(&#<$& <7;;&9$8$>#<&,<"7;:&9$&?("A*:$:4& -NEB&`4K4I4\5&

!

$-+')
27*#>9;$& ?("#$3#*A$& $G7*?6$8#& *83;7:*8@& $=$& ?("#$3#*"8& ,<"7;:& 9$& ?("A*:$:& )"(& ?("#$3#*"8& ")& 3($F& 6$69$(,& $8@>@$:& *8& ;">:*8@& >8:& :*,3<>(@*8@& "?$(>#*"8,0& #>P*8@& *8#"& >33"78#& #<$& 3<>(>3#$(& ")& #<$& ?(":73#,4& -NEB&I^4I5&

( J*)))( \'&(%"&'&(#%(-%(%B0(A01$-&%&(5&%5(0/(5#/&%>(&[;2$1&,%(0,(<0#'C(#,C(#'&(%"&>(2,(H00C(0'C&'R(

27))*3*$8#0&97#&8"#&;$,,&#<>8&#F"&3"6?;$#$&,$#,&")&,>)$#=&HTXLSPHQWLQDGGLWLRQWRWKHILUHPHQ·VRXWILWVHDFK ?$(6*##*8@&?$(,"88$;&#"&$8#$(&>8:&F"(P&*8&>&@>,M)*;;$:&,?>3$0&,<"7;:&9$&?("A*:$:4& S8$&3"6?;$#$&,$#&")&,>)$#=&$G7*?6$8#&,<"7;:&3"8,*,#&")%& x S8$&,$;)&3"8#>*8$:&>*(M9($>#<*8@&>??>(>#7,&<>A*8@&>&3>?>3*#=&")&>#&;$>,#&I0KHH&;*#($,&")&)($$&>*(d& x '("#$3#*A$&3;"#<*8@0&9""#,0&@;"A$,&>8:&#*@<#M)*##*8@&@"@@;$,d& x 2#$$;M3"($:&($,37$&;*8$&F*#<&9$;#d&>8:& x U+?;",*"8&?("")&;>6?4& & & & & & &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&-NEB&I^4K4K5&


118 O8&>:$G7>#$&,7??;=&")&3"6?($,,$:&>*(&,<"7;:&9$&?("A*:$:&>8:&,<"7;:&3"8,*,#&$*#<$(&")%&

S8$&,$#&")&)7;;=&3<>(@$:&,?>($&>*(&3=;*8:$(,&)"(&$>3<&9($>#<*8@&>??>(>#7,d& O&,?$3*>;&>*(&3"6?($,,"(&,7*#>9;$&)"(&#<$&,7??;=&")&<*@*(&")&#<$&($G7*($:&?7(*#=d&>8:& O&3<>(@*8@&6>8*)";:&3>?>9;$&")&:$>;*8@& F*#<&,7))*3*$8#&,?>($&9($>#<*8@&>??>(>#7,&>*(&3=;*8:$(,&)"(& #<$&9($>#<*8@&>??>(>#7,d&"(& R7;;=& 3<>(@$:& ,?>($& >*(& 3=;*8:$(,& F*#<& >& #"#>;& )($$& >*(& 3>?>3*#=& ")& >#& ;$>,#& Q0HHH& ;*#($,& )"(& $>3<& 9($>#<*8@&>??>(>#7,4& & & & & & &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&-NEB&I^4K4\5&

x x x x

!"#$%& & R"(& A$,,$;,& 3>((=*8@& O66"8*>& >8:& "#<$(& #"+*3& 3>(@"$,0& #<$& ,>)$#=& $G7*?6$8#& ($)$(($:& #"& >9"A$& ,<"7;:&?("A*:$&)7;;&?("#$3#*"84&&/<$&,7*#,&#<$6,$;A$,&,<"7;:&9$&3>?>9;$&")&?("A*:*8@&>:$G7>#$&?("#$3#*"8& >@>*8,#&#<$&?(":73#&>8:&#<$=&,<"7;:&9$&)*##$:&F*#<&*8#$@(>;&@;"A$,&>8:&9""#,4&&273<&,7*#,&>($&8"#&($G7*($:&*)& #<$&A$,,$;&:"$,&8"#&3>((=&#"+*3&3>(@"$,4&

( J*))7( ./( %"&( 4&55&-( "#5( #( A#'H0( A#$#A2%>( H'&#%&'( %"#,( D]LLL( 1 =]( 25( %"&( #CC2%20,#-( /2'&1&,d5( 0;%/2%( A#''2&CR( ! UA$(=&,<*?&3>((=*8@&);>66>9;$&?(":73#,&,KRXOGFDUU\ILUHPHQ·VRXWILWVFRPSO\LQJZLWK62/$6DVIROORZV& x x

`0HHH&6G&>8:&9$;"F%& O9"A$&`0HHH&6G%&!

^&"7#)*#,d& `&"7#)*#,4&&

&

&

&

&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&-NEB&II4Q4I5&

( J*))=( .5(%"&(5#/&%>(&[;2$1&,%(A0''&A%->(-0A#%&CR( ! /<$& ?("#$3#*A$& $G7*?6$8#& >8:& ,>)$#=& $G7*?6$8#& ,<"7;:& 9$& P$?#& *8& ,7*#>9;$0& 3;$>(;=& 6>(P$:& ;"3P$(,& ;"3>#$:&*8&($>:*;=&>33$,,*9;$&?;>3$,4&

-NEB&I^4K4`5&

( J*))?( Z"&'&('&[;2'&C(2,(4&55&-5(0/(#(A#'H0(A#$#A2%>(0/(7]LLL(1 =( #,C(04&'](#'&(%"&(%B0(#CC2%20,#-(5&%5( 0/(5#/&%>(&[;2$1&,%(0,(<0#'CR!

:KHUH UHTXLUHG E\ WKH QRWH LQ FROXPQ ¶K· RI &KDSWHU $FHWDOGHK\GH $PPRQLD &KORULQH D*6$#<=;>6*8$0& U#<=;$8$& "+*:$0& .$#<=;& 9("6*:$0& ."8"$#<=;>6*8$0& '$8#>8$,0& '$8#$8$& >8:& 27;?<7(& :*"+*:$50&#F"&3"6?;$#$&,$#,&")&,>)$#=&$G7*?6$8#&,<"7;:&9$&?("A*:$:&*8&>::*#*"8&#"&#<$&$G7*?6$8#&($G7*($:& >9"A$4& & O#& ;$>,#& #<($$& ,?>($& 3<>(@$:& >*(& 3=;*8:$(,& ,<"7;:& 9$& ?("A*:$:& )"(& $>3<& ,$;)M3"8#>*8$:& >*(& 9($>#<*8@&>??>(>#7,4& -NEB&I^4^4^5&

( J*))D( Z"&'&( '&[;2'&C( #'&( &1&'H&,A>( &5A#$&( 5&%5( $'042C&C( /0'( #--( $&'50,,&-]( $-;5( %B0( 5&%5( 2,( %"&( B"&&-"0;5&R( :KHUH UHTXLUHG E\ WKH QRWH LQ FROXPQ ¶K· RI &KDSWHU $PPRQLD &KORULQH 'LHWK\O HWKHU D*6$#<=;>6*8$0& U#<=;$8$& "+*:$0& N,"?("?=;>6*8$0& .$#<=;& 9("6*:$0& ."8"$#<=;>6*8$0& 27;?<7(& :*"+*:$0& 1*8=;& 3<;"(*:$0&1*8=;&$#<=;&$#<$(&>8:&1*8=;*:$8$&3<;"(*:$50&($,?*(>#"(=&>8:&$=$&?("#$3#*"8&,7*#>9;$&)"(&$6$(@$83=& $,3>?$&?7(?",$,&,<"7;:&9$&?("A*:$:&)"(&$A$(=&?$(,"8&"8&9">(:&,79g$3#&#"&#<$&)";;"F*8@%& x R*;#$(M#=?$&($,?*(>#"(=&?("#$3#*"8&*,&78>33$?#>9;$d& x 2$;)M3"8#>*8$:& 9($>#<*8@& >??>(>#7,& ,<"7;:& 8"(6>;;=& <>A$& >& :7(>#*"8& ")& ,$(A*3$& ")& >#& ;$>,#& I`& 6*87#$,d& x U6$(@$83=& $,3>?$& ($,?*(>#"(=& ?("#$3#*"8& $G7*?6$8#& ,<"7;:& 8"#& 9$& 7,$:& )"(& )*($M)*@<#*8@& "(& 3>(@"& <>8:;*8@&?7(?",$,&>8:&,<"7;:&9$&6>(P$:&#"&#<>#&$))$3#d& x /F"&>::*#*"8>;&,$#,&")&#<$&>9"A$&($,?*(>#"(=&>8:&$=$&?("#$3#*"8&,<"7;:&9$&?$(6>8$8#;=&;"3>#$:&*8& #<$&8>A*@>#*8@&9(*:@$4& & & & & & & & &&&&&&&-NEB&I^4^4K5&

& J*))F( .5( %"&( 5#/&%>( &[;2$1&,%( '&[;2'&C( <>( %"&( .+!( !0C&( &V#12,&C( <>( #,( &V$&'%( #,,;#-->( #,C( #'&( '&A0'C5(#4#2-#<-&R( ! /<$& 3"6?($,,$:& >*(& $G7*?6$8#& ,<"7;:& 9$& *8,?$3#$:&>#&;$>,#& "83$& >& 6"8#<& 9=& >& ($,?"8,*9;$& "))*3$(& >8:&

WKH LQVSHFWLRQ UHFRUGHG LQ WKH VKLS·V ORJ ERRN DQG LQVSHFWHG DQG WHVWHG E\ DQ H[SHUW DW OHDVW RQFH D =$>(4& -NEB&I^4K4Q5&

&

1RWH $Q ¶H[SHUW· PD\ EH D PHPEHU RI WKH FUHZ SURYLGHG WKH\ KDYH DWWHQGH:& ($;$A>8#& 3"7(,$,& >8:& <>A$&:"376$8#>#*"8&>A>*;>9;$&#"&?("A$&*#4&273<&3"7(,$,&67,#&9$&3"6?($<$8,*A$0&<>8:,M"8&>8:&3"A$(&>;;& >,?$3#,&")&*8,?$3#*"8&>8:&#$,#*8@&")&#<$&$G7*?6$8#4&&

! J*))I( .5(%"&(5#/&%>(&[;2$1&,%(2,5$&A%&C(0,(<0#'C(10,%"->(#,C(#'&('&A0'C5(#4#2-#<-&R( ( /<$& 3"6?($,,$:& >*(& $G7*?6$8#& ,<"7;:& 9$& *8,?$3#$:&>#&;$>,#& "83$& >& 6"8#<& 9=& >& ($,?"8,*9;$& "))*3$(& >8:& WKHLQVSHFWLRQUHFRUGHGLQWKHVKLS·VORJERRN&

-NEB&I^4K4Q5&

( J*))J( \'&( C&A0,%#12,#%20,( 5"0B&'5( #,C( #,( &>&TB#5"]( B"&'&( '&[;2'&C]( $'042C&C( 2,( 5;2%#<->( 1#'W&C( -0A#%20,5R(


119 &

27*#>9;=& 6>(P$:& :$3"8#>6*8>#*"8& ,<"F$(,& >8:& $=$F>,<& ,<"7;:& 9$& >A>*;>9;$& "8& :$3P& *8& 3"8A$8*$8#& ;"3>#*"8,4&&/<$&,<"F$(,&>8:&$=$F>,<&,<"7;:&9$&"?$(>9;$&*8&>;;&>69*$8#&3"8:*#*"8,4& -NEB&I^4^4\5&

&

!"#$,%& & /<*,& ($G7*($6$8#& *V RQO\ IRU YHVVHOV FHUWLILHG IRU WKH FDUULDJH RI FDUJRHV OLVWHG LQ FROXPQ ¶L· RI WKH #>9;$&*8&B<>?#$(&IL4&/<$,$&3>(@"$,&>($&O3$#>;:$<=:$0&O66"8*>0&B<;"(*8$0&D*$#<=;&$#<$(0&D*6$#<=;>6*8$0& U#<=;$8$& "+*:$0& U#<=;$8$& "+*:$_'("?=;$8$& "+*:$& 6*+#7($,& F*#<& >8& UM"& 3"8#$8#& ")& 8"#& 6"($& #<>8& \Hp0& N,"?($8$0& N,"?("?=;>6*8$0& .$#<=;& 9("6*:$0& ."8"$#<=;>6*8$0& '("?=;$8$& "+*:$0& 1*8=;& 3<;"(*:$0& 1*8=;& $#<=;& $#<$(&>8:&1*8=;*:$8$&3<;"(*:$4&&

( J*))K( .5(%"&(A"&12A#-(C'>($0BC&'(5>5%&1(2,(H00C(0'C&'R(

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

( J*)7L( .5(%"&(B#%&'(5$'#>(5>5%&1(2,(H00C(0'C&'R(

S8& ,<*?,& 3>((=*8@& );>66>9;$& "(& #"+*3& ?(":73#,& "(& 9"#<0& >& F>#$(M,?(>=& ,=,#$6& )"(& 3"";*8@0& )*($& ?($A$8#*"8& >8:&3($F&?("#$3#*"8&,<"7;:&9$&*8,#>;;$:&#"&3"A$(%& x U+?",$:&3>(@"&#>8P&:"6$,&>8:&>8=&$+?",$:&?>(#,&")&3>(@"&#>8P,d& x U+?",$:&"8M:$3P&,#"(>@$&A$,,$;,&)"(&);>66>9;$&"(&#"+*3&?(":73#,d& x B>(@"& ;*G7*:& >8:& A>?"7(& :*,3<>(@$& >8:& ;">:*8@& 6>8*)";:,& >8:& #<$& >($>& ")& #<$*(& 3"8#(";& A>;A$,& >8:& >8=& "#<$(& >($>,& F<$($& $,,$8#*>;& 3"8#(";& A>;A$,& >($& ,*#7>#$:& >8:& F<*3<& ,<"7;:& 9$& >#& ;$>,#& $G7>;&#"&#<$&>($>&")&#<$&:(*?&#(>=,d&>8:& x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aa;$,4& /<$& ,=,#$6& ,<"7;:& 9$& #$,#$:& ?$(*":*3>;;=& #"& $8,7($&?("?$(&"?$(>#*"8&>8:&,73<&#$,#,&,<"7;:&9$&?>(#&")&#<$&?;>88$:& 6>*8#$8>83$&,=,#$6&F*#<&($3"(:,& 6>*8#>*8$:&#"&A$(*)=&,>#*,)>3#"(=&"?$(>#*"84&&

( J*)7)( \'&(%"&(A#'H0(5$#A&(510%"&'2,H(5>5%&15(2,(H00C(0'C&'R(

O8& >??("?(*>#$& )*($& )*@<#*8@& ,=,#$6& >??("A$:& 9=& #<$& O:6*8*,#(>#*"8& ,<"7;:& ?("#$3#& #<$,$& ,?>3$,& *8& ,<*?,& :$:*3>#$:&#"&#<$&3>((*>@$&")&>&($,#(*3#$:&8769$(&")&3>(@"$,4& -NEB&II4`5& !"#$,%& & /<$& NEB& B":$& ($G7*($,& 3>(@"& 3"6?($,,"(& (""6,& #"& 9$& ?("A*:$:& F*#<& >& 3>(9"8& :*"+*:$& $+#*8@7*,<*8@&,=,#$64&&b8:$(&#<$&EB&B":$0&#<$&,?>3$,&,<"7;:&9$&?("A*:$:&F*#<&>&)*+$:&*8,#>;;>#*"8&F<*3<&*,& 3>?>9;$&")&$+#*8@7*,<*8@&>&)*($&F*#<*8&#<$&,?>3$4&

!

&-(D.!V.5'50! J*)77( ./(%"&(4&55&-(;5&5(2%5(0B,(A#'H0("05&5](#'&(%"&>(2,(H00C(0'C&']($'&55;'&(%&5%&C(#,,;#-->(%0(%"&2'( C&52H,(B0'W2,H($'&55;'&(#,C(25(#('&A0'C(0/(#--("05&(%&5%5(#,C(2,5$&A%20,5(1#2,%#2,&C(0,(<0#'CR( &

U>3<&8$F&;$8@#<&")&3>(@"&<",$&?(":73$:&,<"7;:&9$&<=:(",#>#*3>;;=&#$,#$:&>#&>69*$8#&#$6?$(>#7($&#"&>& ?($,,7($&8"#&;$,,&#<>8&I4`&#*6$,&*#,&,?$3*)*$:&6>+*676&F"(P*8@&?($,,7($&8"(&6"($&#<>8&#F"&)*)#<,&*#,&97(,#*8@& ?($,,7($4&/<$&<",$&,<"7;:&9$&,#$83*;;$:&"(&"#<$(F*,$&6>(P$:&F*#<&*#,&,?$3*)*$:&6>+*676&F"(P*8@&?($,,7($& >8:0&*)&7,$:&*8&"#<$(&#<>8&>69*$8#&#$6?$(>#7($&,$(A*3$,0&LW·V&6>+*676&"(&6*8*676&,$(A*3$&#$6?$(>#7($&"(& 9"#<4&/<$&,?$3*)*$:&6>+*676&F"(P*8@&?($,,7($&,<"7;:&8"#&9$&;$,,&#<>8&IH&9>(&@>7@$4&&&&&&&&&&&&&&&&&&&-NEB&`4X4\5&

&

!"#$,%& & /<*,& ($G7*($6$8#& >??;*$,& #"& 3>(@"& <",$,& :$;*A$($:& >)#$(& I ,#& J7;=& KHHK4& & U>3<& <",$& ,<"7;:& >;,"& 9$& 6>(P$:&F*#<&#<$&#$,#&:>#$&>8:&9$&*8:*A*:7>;;=&8769$($:&)"(&*:$8#*)*3>#*"8&?7(?",$,4&

!

&-(D.!X*+)*/D!B?7*62'/)0! J*)7=( \'&(#--(A#'H0(C&''2AW5](A'#,&5(#,C(0%"&'(-2/%2,H(&[;2$1&,%($'0$&'->(1#'W&C(#,C("#5($&'20C2A#-( %&5%2,H(#,C(2,5$&A%20,(<&&,(A#''2&C(0;%R( !"#$,%& & B>(@"& ;*)#*8@& $G7*?6$8#& ,<"7;:& 9$& ;">:& #$,#$:& $A$(=& )*A$& =$>(,& >8:& #<"("7@<;=& $+>6*8$:& 9=& >& 3"6?$#$8#&?$(,"8&>887>;;=4&&S#<$(&;*)#*8@&$G7*?6$8#&*,&8"#&($@7;>#$:&$+3$?#&>,&7,7>;;=&($G7*($:&9=&3;>,,0& 97#&,<"7;:&9$&#$,#$:&>8:&$+>6*8$:&78:$(&>&,*6*;>(&($@*6$4&&/<$&6*8*676&2fY&)"(&F<*3<&#$,#*8@&*,&($G7*($:& *,&"8$&#"88$&-I0HHH&P@,54&


120 &O& B<>*8& C$@*,#$(& *,& 8"#& ($G7*($:0& 97#& :"376$8#>#*"8& ,7??"(#*8@& #$,#*8@0& $+>6*8>#*"8& >8:& 6>*8#$8>83$& #<>#& )";;"F,& #<$& SBN.R& '79;*3>#*"8& C$3"66$8:>#*"8,& )"(& #<$& />@@*8@_Y>9$;;*8@0& /$,#*8@& >8:& .>*8#$8>83$0&D"376$8#>#*"8_B$(#*)*3>#*"8&)"(&2<*?,c&Y*)#*8@&UG7*?6$8#&,<"7;:&9$&6>*8#>*8$:4&

( ( ( J*)7?( \'&(B2,A"&5(#550A2#%&C(B2%"(-2/%2,H(&[;2$1&,%(2,(H00C(0'C&'R(

!"#$%&&N)&)*##$:0&:$((*3P&#"??*8@&;*)#,&,<"7;:&<>A$&>&6$>8,&")&,$37(*8@&#<$60&,73<&>,&>&;"3P*8@&?*8&"(&(>#3<$#0& #"&?($A$8#&#<$&F$*@<#&")&#<$&:$((*3P&9$*8@&,";$;=&#>P$8& 9=&#<$&F*83<&9(>P$4&&B<$3P&#<>#&#<*,&*,&)*##$:&>8:& #<>#& *#& >8:& >8=& >,,"3*>#$:& F*83<$,& >($& *8& @"":& 3"8:*#*"84& & D"376$8#>#*"8& ,7??"(#*8@& #$,#*8@0& $+>6*8>#*"8& >8:& 6>*8#$8>83$& #<>#& )";;"F,& #<$& SBN.R& '79;*3>#*"8& C$3"66$8:>#*"8,& )"(& #<$& />@@*8@_Y>9$;;*8@0& /$,#*8@& >8:& .>*8#$8>83$0& D"376$8#>#*"8_B$(#*)*3>#*"8& )"(& 2<*?,c& Y*)#*8@& UG7*?6$8#& ,<"7;:&9$&6>*8#>*8$:4&

(

$=*6!).!$=*6!%(-/5+'(!96'(-)*./5! N)& #<$& A$,,$;& *,& $G7*??$:& F*#<& ,?$3*>;*,$:& $G7*?6$8#& )"(& ($@7;>(& ,<*?M#"M,<*?& #(>8,)$(& "?$(>#*"8,& ,73<& >,& )$8:$(,& >8:& <",$,0& #<$& )>3#& ,<"7;:& 9$& ($3"(:$:& *8& O::*#*"8>;& 3"66$8#,4& N)& #<$& A$,,$;& *,& !S/& 7#*;*,$:& )"(& ($@7;>(&3"66$(3*>;&,<*?M#"M,<*?&3>(@"&#(>8,)$(0&V7$,#*"8,&W4IK`MIKW&67,#&9$&>8,F$($:&c!Oc&

J*)7D( $UHRSHUDWRU·VSURFHGXUHVSURYLGHGIRUVKLST%0T5"2$(0$&'#%20,5R( ! !"#$%& '("3$:7($,& ,<"7;:& )";;"F& #<$& ($3"66$8:>#*"8,& ")& #<$& SBN.R_NB2& 2/2& /(>8,)$(& E7*:$& -Y*G7$)*$:& E>,$,54&

( J*)7F( \'&(5;//2A2&,%(A-05&C(/#2'-&#C5(#,C(100'2,H(<2%%5($'042C&CR(

N#& *,& ($3"66$8:$:& #<>#& >;;& )>*(;$>:,& 7,$:& :7(*8@& 2/2& #(>8,)$(& "?$(>#*"8,& >($& ")& >8& $83;",$:& #=?$4& & 273<& )>*(;$>:,&,<"7;:&9$&,#("8@&$8"7@<&#"&#>P$&#<$&>8#*3*?>#$:&6""(*8@&;">:,&>8:&;>(@$&$8"7@<&#"&>;;"F&#<$& 6""(*8@&;*8$&-?;7,&>8=&,")#&("?$&>8:&#>3P;$5&#"&?>,,&#<("7@<&3"6)"(#>9;=4& -2/2&E7*:$&IH4\4^5& N#&<>,&9$$8&)"78:&#<>#&$83;",$:&)>*(;$>:,&>8:&9*##,&)"(&,?(*8@&;*8$,&8$$:&#"&9$&?",*#*"8$:&8"&6"($&#<>8&\`& 6$#($,&)"(F>(:&>8:&>)#&")&#<$&3>(@"&6>8*)";:4& -2/2&E7*:$&IH4\4^5& N#& *,& ($3"66$8:$:& #<>#& >;;&#>8P$(,& 9$& )*##$:& F*#<& >8& >((>=& ")& 6""(*8@& 9*##,& ")& ,7))*3*$8#& ,#($8@#<& "8& $>3<& ,*:$&")&#<$&,<*?4& -2/2&E7*:$&IH4\4`5&

( J*)7I( \'&(5"2$T%0T5"2$(%'#,5/&'(A"&AW-25%5(A01$-&%&CR(

/<$& 3<$3P;*,#,& ,<"7;:& 9$& 7,$:& 8"#& "8;=& >#& #<$& #*6$& ")& #(>8,)$(& 97#& >;,"& F<$8& "(@>8*,$(,& >($& ?;>88*8@& >8& "?$(>#*"84&&O:<$($83$&#"&3<$3P&;*,#&?("3$:7($,&F*;;&$8,7($&#<>#&#<$&6",#&$,,$8#*>;&>,?$3#,&")&>8&"?$(>#*"8& >($&3"A$($:4&&/<$&3<$3P;*,#,&>($%& I&M&'($M)*+#7($&*8)"(6>#*"8d& K&M&T$)"($&"?$(>#*"8,&3"66$83$d& \&M&T$)"($&(78M*8&>8:&6""(*8@d& ^&M&T$)"($&3>(@"&#(>8,)$(d&>8:& `&M&T$)"($&786""(*8@4& -2/2&E7*:$&\4K&>8:&O??$8:*+&I5&

! J*)7J( ./(#(5"2$T%0T5"2$(%'#,5/&'(B#5(2,($'0H'&55(C;'2,H(%"&(2,5$&A%20,](B#5(2%(A0,C;A%&C(2,(#AA0'C#,A&( B2%"(%"&('&A011&,C#%20,5(0/(%"&(:!.9GX.!U(UMU(M'#,5/&'(+;2C&(N_2[;&/2&C(+#5&5OR( ! ( \CC2%20,#-(A011&,%56( N)&#<$&N8,?$3#"(&<>,&3"66$8#,&*8&($,?$3#&")&#<$&,79g$3#&6>##$(&3"A$($:&9=&#<$&B<>?#$(&>::*#*"8>;&#"&#<",$&F<*3<& #<$&N8,?$3#"(&6>=&6>P$&*8&($,?"8,$&#"&#<$&,?$3*)*3&G7$,#*"8,&*8&#<$&B<>?#$(0&#<$&N8,?$3#"(&,<"7;:&*83;7:$&,73<& >::*#*"8>;&3"66$8#,&*8&#<*,&,$3#*"84!

!

!


121

!"#$%&'(J*(((!#'H0(#,C(^#--#5%(U>5%&15(²(_3+( !"#$,%&&/<*,&3<>?#$(&3>8&"8;=&9$&3"6?;$#$:&*)&#<$&A$,,$;&*,&?("A*:$:&F*#<&>8&N8#$(8>#*"8>;&B$(#*)*3>#$&")&R*#8$,,&)"(& #<$&B>((*>@$&")&Y*G7$)*$:&E>,$,&*8&T7;P4! N8&>8,F$(*8@&#<$&G7$,#*"8,&9$;"F0&8"#$&#<>#%& x /<$&6>8:>#"(=&NEB&B":$&>??;*$,&"8;=&#"&#<",$&A$,,$;,&#<$&P$$;&")&F<*3<&F>,&;>*:&"8&"(&>)#$(&I ,#&J7;=&ILWQd& x /<$&6>8:>#"(=&EB&B":$&>??;*$,&#"&A$,,$;,&:$;*A$($:&>)#$(&\H #<&J78$&ILWHd&>8:& x /<$&8"8M6>8:>#"(=&UEB&B":$&>??;*$,&#"&#<",$&A$,,$;,&:$;*A$($:&"8&"(&9$)"($&#<$&\I ,#&S3#"9$(&ILXQ4& O6$8:6$8#,&#"&#<$&NEB&>8:&EB&B":$,&*8#(":73$:&>)#$(&A$,,$;,&F$($&:$;*A$($:&:"&8"#&8$3$,,>(*;=&>??;=&#"&,73<& A$,,$;,4&

!

C.>*,*'5A!C(.,'87('5!-/8!O.,72'/)-)*./0! J*)( ! J*7( !

,VWKHYHVVHOSURYLGHGZLWKRSHUDWRU·VSROLF\VWDWHPHQWVLQVWUXFWLRQVDQGSURFHGXUHVZLWKUHJDUG %0(5#/&(A#'H0(0$&'#%20,5R( .5(2,/0'1#%20,('&#C2->(#4#2-#<-&(0,(1#V21;1(-0#C2,H('#%&5R(

!"#$%&&/<$&*8)"(6>#*"8&,<"7;:&9$&:*,?;>=$:&*8&#<$&3>(@"&3"8#(";&>($>&>8:&,<"7;:&,<"F&#<$&;">:*8@&(>#$&)"(& $>3<& 6>8*)";:& ;*8$& >8:& *)& 8$3$,,>(=0& #<$& 6>+*676& ;">:*8@& (>#$& )"(& $>3<& #>8P4& /<$& 3<>(>3#$(*,#*3,& ")& 6>8*)";:&,#(>*8$(&,<"7;:&9$&#>P$8&*8#"&>33"78#4&&

&

J*=(

.5(2,/0'1#%20,(0,(A#'H0(-0#C2,H(-212%#%20,5(#4#2-#<-&R(

!"&3>(@"&#>8P,&,<"7;:&9$&6"($&#<>8&LWp&;*G7*:&)7;;&>#&#<$&($)$($83$&#$6?$(>#7($4&

-NEB&I`4I4I5&

/<$&O:6*8*,#(>#*"8&6>=&>;;"F&>&<*@<$(&)*;;*8@&;*6*#&#<>8&#<$&;*6*#&")&LWp&>#&#<$&($)$($83$&#$6?$(>#7($0&#>P*8@& *8#"& >33"78#& #<$& ,<>?$& ")& #<$& #>8P0& >((>8@$6$8#,& ")& ?($,,7($& ($;*$)& A>;A$,0& >337(>3=& ")& ;$A$;& >8:& #$6?$(>#7($& @>7@*8@& >8:& #<$& :*))$($83$& 9$#F$$8& #<$& ;">:*8@& #$6?$(>#7($& >8:& #<$& #$6?$(>#7($& 3"(($,?"8:*8@&#"&#<$&A>?"7(&?($,,7($&")&#<$&3>(@"&>#&#<$&,$#&?($,,7($&($;*$)&A>;A$,4& -NEB&I`4I4\5& &

C$)$($83$&#$6?$(>#7($&6$>8,%& x /<$& #$6?$(>#7($& 3"(($,?"8:*8@& #"& #<$& A>?"7(& ?($,,7($& ")& #<$& 3>(@"& >#& #<$& ,$#& ?($,,7($& ")& #<$& ?($,,7($&($;*$)&A>;A$,&F<$8&8"&3>(@"&A>?"7(&?($,,7($_#$6?$(>#7($&3"8#(";&*,&?("A*:$:d& x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`4I4^5&

&

/<$&6>+*676&>;;"F>9;$&;">:*8@&;*6*#,&)"(&$>3<&3>(@"&#>8P&,<"7;:&9$&*8:*3>#$:4&

! J*?(

-NEB&I`4K5&

\'&(-&H2<-&(#,C(;$(%0(C#%&($2$&-2,&(#,CX0'(1212A(C2#H'#15(0/(%"&(A#'H0](2,&'%(H#5(#,C(4&,%2,H( 5>5%&15(#5(#$$-2A#<-&](#4#2-#<-&(2,(%"&(A#'H0(A0,%'0-(#'&#R(

(

$)-:*>*),#$(& ")& #<$& ,<*?& ,<"7;:& 9$& ,7??;*$:& F*#<& >& ;">:*8@& >8:& ,#>9*;*#=& *8)"(6>#*"8& 9""P;$#4& & /<*,& 9""P;$#& ,<"7;:&3"8#>*8&:$#>*;,&")&#=?*3>;&,$(A*3$&>8:&9>;;>,#&3"8:*#*"8,0&?("A*,*"8,&)"(&$A>;7>#*8@&"#<$(&3"8:*#*"8,&")& ORDGLQJDQGDVXPPDU\RIWKHVKLS·VVXUYLYDOFDSDELOLWLH,4&&N8&>::*#*"80&#<$&9""P;$#&,<"7;:&3"8#>*8&,7))*3*$8#& *8)"(6>#*"8&#"&$8>9;$&#<$&6>,#$(&#"&;">:&>8:&"?$(>#$&#<$&,<*?&*8&>&,>)$&>8:&,$>F"(#<=&6>88$(4& -NEB&K4K4`5&

J*D( ( J*F( ( J*I( !

P#4&( 5%#<2-2%>( A#-A;-#%20,5( #,C]( B"&'&( #$$-2A#<-&]( 5%'&55( A#-A;-#%20,5]( <&&,( $&'/0'1&C( /0'( %"&( A;''&,%(A#'H0(0$&'#%20,R( .5( %"&( 5%'&55( #,C( 5%#<2-2%>( 2,/0'1#%20,( 2,A-;C&C( B2%"( %"&( A#'H0( $-#,( #,C( #'&( #,>( -212%#%20,5( ;,C&'5%00C(<>(%"&(A#'H0(B#%A"(0//2A&'5R( \'&(C#1#H&(5%#<2-2%>(H;2C&-2,&5(#4#2-#<-&R(

/<$& 6>,#$(& ")& #<$& ,<*?& ,<"7;:& 9$& ,7??;*$:& F*#<& >& ;">:*8@& >8:& ,#>9*;*#=& *8)"(6>#*"8& 9""P;$#4& & /<*,& 9""P;$#& ,<"7;:& 3"8#>*8& :$#>*;,& ")& #=?*3>;& ,$(A*3$& 3"8:*#*"8,0& ;">:*8@0& 78;">:*8@& >8:& 9>;;>,#*8@& "?$(>#*"8,0& ?("A*,*"8,&)"(&$A>;7>#*8@&"#<$(&3"8:*#*"8,&")&;">:LQJDQGDVXPPDU\RIWKHVKLS·VVXUYLYDOFDSDELOLWLHV,Q


122 >::*#*"80&#<$&9""P;$#&,<"7;:&3"8#>*8&,7))*3*$8#&*8)"(6>#*"8&#"&$8>9;$&#<$&6>,#$(&#"&;">:&>8:&"?$(>#$&#<$& ,<*?&*8&>&,>)$&>8:&,$>F"(#<=&6>88$(4& -NEB&K4K4`5&

( J*J( J*K(

.5(%"&(1#5%&'(#B#'&(0/(%"&(B0'5%(C#1#H&(5%#<2-2%>(A0,C2%20,(2,(%"&(5%#<2-2%>(<00WR! ! .5(%"&(4&55&-(/'&&(0/(2,"&'&,%(2,%#A%(5%#<2-2%>($'0<-&15R(

!"#$,%& & 1$,,$;,& #<>#& <>A$& ;>(@$& F*:#<& #>8P,& F*;;& 9$& ,79g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´8µ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¶1R·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`Hp&")&#<$&A>;A$,&,<"7;:&9$&"?$8&>#&>8=&"8$&#*6$4& N)& ,?$3*)*3& ?("3$:7($,& <>A$& 9$$8& >:"?#$:& #"& >::($,,& ?"#$8#*>;& ,#>9*;*#=& ?("9;$6,0& #<$,$& ,<"7;:& 9$& ($3"(:$:&>,&>8&S9,$(A>#*"84& &

J*)L( &

!

./(#(-0#C2,H(A01$;%&'(0'($'0H'#11&(25(2,(;5&](25(2%(A-#55(#$$'04&CR(

N)&>&3;>,,&>??("A$:&;">:*8@&3"6?7#$(&*,&8"#&>A>*;>9;$0&($3"(:&*8&S#<$(&3"66$8#,&<"F&,#($,,&>8:&,#>9*;*#=& 3>;37;>#*"8,&>($&?$()"(6$:4& !"#$,%&& 2<*?,&")&6"($&#<>8&Q`&6$#($,&*8&;$8@#<&>($&($G7*($:&9=&B;>,,&#"&9$&?("A*:$:&F*#<&>&;">:*8@&6>87>;& *83;7:*8@&?$(6*,,*9;$&;*6*#,&")&,#*;;&F>#$(&9$8:*8@&6"6$8#&>8:&,<$>(&)"(3$d&#<$&($,7;#,&")&#<$&3>;37;>#*"8,&")& ,#*;;& F>#$(& 9$8:*8@& 6"6$8#,d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

J*))( (Are there records indicating that the operational accuracy of the load computer is tested regularly? &



123 J*)7( ( J*)=( & J*)?(

\'&(-0,H2%;C2,#-(5%'&55&5](B"&'&(#$$-2A#<-&](1#2,%#2,&C(B2%"2,(C&52H,(-212%5(%"'0;H"0;%R( \'&(A#'H0(#,CX0'(<#--#5%(%#,W5(/'&&(0/(5-05"2,H('&5%'2A%20,5R(

!"#$%&&N)&#<$&*8,?$3#$:&A$,,$;&*,&>&6$69(>8$&3>((*$(0&)*;;*8@&>8:&;">:*8@&;*6*#,&>8:&($,#(*3#*"8,&F*;;&9$&?",#$:4&& N8&,73<&3>,$,&:"&8"#&($3"(:&>&¶!R·&"9,$(A>#*"84&&

Z"&'&( #$$-2A#<-&]( #'&( 0//2A&'5( #B#'&( 0/( %"&( C#,H&'5( 0/( "2H"( /'&&( 5;'/#A&( &//&A%5( #,C( 0/( %"&( $0552<2-2%>(0/(5%';A%;'#-(C#1#H&(A#;5&C(<>(5-05"2,H(2,(A#'H0(%#,W5R( !"#$%& & N)&#<$& *8,?$3#$:& A$,,$;& *,& >& 6$69(>8$& Y!E& 3>((*$(0&)*;;*8@& >8:& ;">:*8@& ;*6*#,& >8:& ($,#(*3#*"8,& F*;;& 9$& ?",#$:4&&N8&,73<&3>,$,&:"&8"#&($3"(:&>&¶!R·&"9,$(A>#*"84&&

( J*)D(

'R WKH RSHUDWRU·V RSHUDWLQJ PDQXDOV LQFOXGH SURFHGXUHV IRU UHVWRULQJ VWDELOLW\ LQ A#5&( 0/( ;,5%#<-&(A0,C2%20,5(C&4&-0$2,H(C;'2,H(A#'H0(0$&'#%20,5](B"&'&(#$$-2A#<-&R(

!

&-(D.!96'(-)*./5!-/8!U'>-)'8!$-+')
( J*)J( !

( J*)K(

\'&(#--(0//2A&'5(/#12-2#'(B2%"(%"&(A#'H0(5>5%&1R( .5(#(!#'H0(:$&'#%20,5(9#,;#-(#4#2-#<-&(%"#%(A04&'5(#--('0;%2,&(A#'H0(0$&'#%20,5R(

!"#$%& S?$(>#*"8,& ,<"7;:& *83;7:$& @>,M7?0& 3"";M:"F80& 3>(@"& ;">:*8@0& ;">:$:& ?>,,>@$0& 3>(@"& :*,3<>(@$0& 9>;;>,#*8@0& 9>;;>,#& ?>,,>@$& 3>(@"& #>8P& 6>8>@$6$8#0& 3";:& >((*A>;0& @>,& )($$*8@0& ?7(@*8@& >8:& <";:& ,?>3$& 6>8>@$6$8#&"?$(>#*"8,4& &

\'&(#--(0//2A&'5(/#12-2#'(B2%"(%"&(A#''2#H&('&[;2'&1&,%5(/0'(_3+R(

!"#$%&&S))*3$(,&,<"7;:&9$&>9;$&#"&:$6"8,#(>#$&>&9>,*3&P8"F;$:@$&")&#<$&)";;"F*8@%&& x 2<*?9">(:&"?$(>#*"8,&>8:&3>(@"&<>8:;*8@d& x E>,&3"697,#*"8&,=,#$6,d& x /<$&NEB0&EB&>8:&UEB&B":$,0&F<$($&>??;*3>9;$d& x 2NE//S&>8:&NB2&E7*:$,d& x B>(@"&($;*G7$)>3#*"8&?("3$:7($,0&*)&>??;*3>9;$d& x B>(@"&#>8P&$8A*("86$8#>;&3"8#(";&?("3$:7($,&F<$8&@>,&)($$*8@&>8:&@>,,*8@&7?d& x [>a>(:,&>,,"3*>#$:&F*#<&#<$(6>;&;">:,0&?>(#*37;>(;=&F<$8&3"";*8@&:"F8d& x /<$&6*8*676&3>(@"&#$6?$(>#7($d& x C$G7*($6$8#,&)"(&6$:*3>;&#($>#6$8#&)";;"F*8@&$+?",7($&#"&Y!Ed& x 2?*;;&($,?"8,$d& x B"6678*3>#*"8&?("3$:7($,&F*#<&,<"($d& x U6$(@$83=&,#"?&?("3$:7($,0&*83;7:*8@&F<*3<&,=,#$6,&>($&>))$3#$:&9=&U2D&>3#*A>#*"8d&>8:& x U))$3#,&")&,;",<*8@&;">:,4&

P#5( #( A#'H0( "#,C-2,H( $-#,( <&&,( $'&$#'&C( B"2A"( $'042C&5( #( C&%#2-&C( 5&[;&,A&( 0/( A#'H0( #,C( <#--#5%(%'#,5/&'R( !"#$%&&/<$&?;>8&,<"7;:&3"A$(&>;;&,#>@$,&")&#<$&#(>8,)$(&"?$(>#*"8,0&8>6$;=%& x B>(@"&#$6?$(>#7($&>8:&"#<$(&($;$A>8#&3"8:*#*"8,0&*83;7:*8@&#<$&)*;;*8@&;*6*#,d& x O&?;>8&")&#<$&:*,#(*97#*"80&G7>8#*#*$,0&*88>@$,0&;*8$,&>8:&?76?,&#"&9$&7,$:d& x /(>8,)$(&(>#$,&>8:&6>+*676&>;;"F>9;$&?($,,7($,d& x B(*#*3>;&,#>@$,&")&#<$&"?$(>#*"8d& x !"#*3$&")&(>#$&3<>8@$d& x 2#>9*;*#=&>8:&,#($,,&*8)"(6>#*"8d& x D(>)#,&>8:&#(*6,d& x U6$(@$83=&,#"?&?("3$:7($,d& x O3#*"8&#"&9$&#>P$8&*8&#<$&$A$8#&")&>&,?*;;d& x R;>66>9*;*#=&>8:&#"+*3*#=&F*#<&($)$($83$,&#"&3>(@"&:>#>&,<$$#,d& x T>;;>,#&"?$(>#*"8,d& x '("#$3#*A$&$G7*?6$8#&($G7*($6$8#,d& x [>a>(:,&")&#<$&3>(@"4& x B"";*8@&($G7*($6$8#,&*83;7:*8@&(>#$,&")&3"";M:"F8d& x b,$&")&#<$&3>(@"&<$>#$(&"(&A>?"7(*,$(d& x [$$;&($G7*($6$8#,&>)#$(&:*,3<>(@$d& x b8:$(&P$$;&3;$>(>83$&;*6*#>#*"8,d& x T78P$(*8@d&>8:& x 2?$3*>;&?($3>7#*"8,&($G7*($:&)"(&#<$&?>(#*37;>(&"?$(>#*"84&


124 ( J*7L(

P#5(%"&(A#'H0($-#,(<&&,(52H,&C(<>(%"&(B#%A"(0//2A&'5(%0(2,C2A#%&(%"&2'(;,C&'5%#,C2,H(0/(2%R(

J*7)(

& \'&(A#'H0(0$&'#%20,5(<&2,H(A#''2&C(0;%(#,C(-0HH&C(2,(#AA0'C#,A&(B2%"(%"&($-#,R(

&

( J*77( !

( J*7=(

!"#$%& & /<$& 3>(@"& ?;>8& ,<"7;:& 9$& 3"6?;$#$:& 9=& #<$& ($,?"8,*9;$& "))*3$(& ?(*"(& #"& 3"66$83$6$8#& ")& "?$(>#*"8,& >8:&A$(*)*$:& >8:& >??("A$:& 9=&#<$& 6>,#$(4& N#& ,<"7;:& 9$&3"6?($<$8,*A$0& 3"8#>*8&)7;;& :$#>*;,&")& #<$&"?$(>#*"8&>8:&9$&$>,=&#"&*8#$(?($#4(

!"#$%&&/<$&;"@&67,#&*83;7:$&:$#>*;,&")&>;;&6>g"(&$A$8#,&*83;7:*8@&,#>(#*8@&>8:&,#"??*8@&")&6>*8&3>(@"&>8:& 9>;;>,#&?76?,&>8:&#>8P,&9$*8@&F"(P$:4!


S))*3$(,& ,<"7;:& 9$& #(>*8$:& *8& $6$(@$83=& ?("3$:7($,& #"& :$>;& F*#<& 3"8:*#*"8,& ")& ;$>P>@$0& ,?*;;>@$& "(& )*($& *8A";A*8@&#<$&3>(@"&>8:&>&,7))*3*$8#&8769$(&")&#<$6&,<"7;:&9$&*8,#(73#$:&>8:&#(>*8$:&*8&$,,$8#*>;&)*(,#&>*:& )"(&#<$&3>(@"$,&3>((*$:4& -NEB&IW4\4\5&&

\'&(5;<1&'H&C(&-&A%'2A#-(A#'H0($;1$5](B"&'&(/2%%&C](250-#%&C(/'01(%"&2'(&-&A%'2A#-(5;$$->(C;'2,H( H#5T/'&&2,H(0$&'#%20,5R(

!"#$%& /<$& g783#*"8& 9"+$,& ")& ,796$(@$:& $;$3#(*3& ?76?,& ,<"7;:& 9$& A*,7>;;=& *8,?$3#$:& ?(*"(& #"& $>3<& :*,3<>(@$4&

( J*7?( (

.5(%"&(4&'<#-(A011;,2A#%20,(<&%B&&,(%"&(5"2$(#,C(%"&(5"0'&(#C&[;#%&R( (

&-(D.!V-/8>*/D!-/8!"./*).(*/D!B?7*62'/)0! J*7D(

\'&( %"&( A#'H0( #,C( <#--#5%( $;1$5( #,C( %"&2'( #550A2#%&C( 2,5%';1&,%#%20,( #,C( A0,%'0-5]( 2,( H00C( 0'C&'(#,C(25(%"&'&(&42C&,A&(0/('&H;-#'(%&5%2,HR(

&

!"#$%&&N8,#(76$8#>#*"80&A>;A$,&>8:&?*?$F"(P&,<"7;:&9$&3;$>(;=&6>(P$:&#"&*8:*3>#$&#<$*(&,$(A*3$&>8:&F<$($& >??;*3>9;$&#<$&3"6?>(#6$8#,&#"&F<*3<&#<$=&($;>#$4(

&

J*7F(

\'&(%"&(!#'H0](4#$0;'(#,C(2,&'%(H#5(-2,&5(2,(H00C(0'C&'(#,C(25(%"&'&(&42C&,A&(0/('&H;-#'(%&5%2,HR(

J*7I(

.5(%"&(A#'H0($;1$(&1&'H&,A>(5";%C0B,(5>5%&1(2,(H00C(0'C&'(#,C(25(%"&'&(&42C&,A&(0/('&H;-#'( %&5%2,HR(

(

&

J*7J(

\'&(%"&(A#'H0(#,C(<#--#5%(5>5%&1(4#-4&5(2,(H00C(0'C&'(#,C(25(%"&'&(&42C&,A&(0/('&H;-#'(%&5%2,HR(

J*7K(

\'&(%"&(A#'H0(5>5%&1(%#,W($'&55;'&](%&1$&'#%;'&](#,C(-&4&-(H#;H&5(2,(H00C(0'C&'(#,C(25(%"&'&( &42C&,A&(0/('&H;-#'(%&5%2,HR( (/<$& A>?"7(& ,?>3$& ")& $>3<& 3>(@"& #>8P& ,<"7;:& 9$& ?("A*:$:& F*#<& >& ?($,,7($& @>7@$& F<*3<& ,<"7;:&

&

(

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`4I5& & !"#$%& D>#$,& ")& #$,#*8@& >8:& 3"6?>(*,"8,& F*#<& ,$3"8:>(=& #>8P& ;$A$;& @>7@$,& ,<"7;:& 9$& ($A*$F$:& >8:& "9,$(A>#*"8,&($3"(:$:&*8&#<$&$A$8#&")&,*@8*)*3>8#&:*,3($?>83*$,4&&& &

J*=L( (

J*=)(

\'&(%"&('&10%&(#,C(-0A#-(%&1$&'#%;'&(#,C($'&55;'&(5&,50'5(#,C(H#;H&5](2,(H00C(0'C&'(#,C(25( %"&'&(&42C&,A&(0/('&H;-#'(%&5%2,HR( .5(#,(&1&'H&,A>(C25A"#'H&(1&%"0C(#4#2-#<-&R(

f<$($& 3>(@"& #(>8,)$(& *,& 9=& 6$>8,& ")& 3>(@"& ?76?,& 8"#& >33$,,*9;$& )"(& ($?>*(& F*#<& #<$& #>8P,& *8& ,$(A*3$0& >#& ;$>,#& #F"& ,$?>(>#$& 6$>8,& ,<"7;:& 9$& ?("A*:$:& #"& #(>8,)$(& 3>(@"& )("6& $>3<& 3>(@"& #>8P& >8:& #<$& :$,*@8& ,<"7;:&9$&,73<&#<>#&)>*;7($&")&"8$&3>(@"&?76?0&"(&6$>8,&")&#(>8,)$(0&F*;;&8"#&?($A$8#&#<$&3>(@"&#(>8,)$(&9=& >8"#<$(&?76?&"(&?76?,0&"(&"#<$(&3>(@"&#(>8,)$(&6$>8,4& -NEB&`4W4I5& E>,&?($,,7(*,>#*"8&6>=&9$&>33$?#$:&>,&>&6$>8,&")&#(>8,)$(&")&3>(@"&)"(&#<",$&#>8P,&,"&:$,*@8$:&#<>#&#<$& :$,*@8&)>3#"(&")&,>)$#=&*,&8"#&($:73$:&78:$(&#<$&3"8:*#*"8,&?($A>*;*8@&:7(*8@&#<$&3>(@"&#(>8,)$(&"?$(>#*"84& & & -NEB&`4W4K5&


125 !"#$%&f*#<&A$(=&)$F&$+3$?#*"8,0&Y!E&A$,,$;,&>($&)*##$:&F*#<&#F"&6>*8&3>(@"&?76?,&>8:&>8"#<$(&6$#<":&")& $6$(@$83=&:*,3<>(@$4&&&R"(&.",,&A$,,$;,&*#&*,&?($,,7(*a>#*"84&&R"(&6$69(>8$&A$,,$;,&*#&*,&>8"#<$(&?76?&#<>#& 3>8&9$&)*##$:&*8&#<$&#>8P4&&&

! J*=7( ( J*==( ( J*=?(

J*=D(

\'&(%#,W(C01&5(#,C(#550A2#%&C(/2%%2,H5(2,(H00C(0'C&'(#,C(/'&&(/'01(A0''0520,R( .5(%"&(A#'H0(5>5%&1](2,A-;C2,H(/2%%2,H5(0,(%"&(%#,W(C01&5](/'&&(0/(-&#W5R( .5(-0B(%&1$&'#%;'&($2$&B0'W(#C&[;#%&->(2,5;-#%&C(/'01(%"&(";--(5%';A%;'&R(

Y"F&#$6?$(>#7($&?*?*8@&,<"7;:&9$&#<$(6>;;=&*,";>#$:&)("6&#<$&>:g>3$8#&<7;;&,#(73#7($0&F<$($&8$3$,,>(=0&#"& ?($A$8#&#<$&#$6?$(>#7($&")&#<$&<7;;&)("6&)>;;*8@&9$;"F&#<$&:$,*@8&#$6?$(>#7($&")&#<$&<7;;&6>#$(*>;4& & & -NEB&`4K4I4\5&

./(#,>(A#'H0(0'(4#$0;'(-2,&5(#'&(2,5;-#%&C](25(%"&(2,5;-#%20,(2,(H00C(0'C&'R( C$3"(:&>8&S9,$(A>#*"8&*)&#<$($&*,&>8=&$A*:$83$&")&3"((",*"84& !"#$,%& & Y*G7*:& >8:& A>?"7(& ;*8$,& >($& 8"#& ($G7*($:& #"& 9$& *8,7;>#$:4& & ["F$A$(0& *)& *8,7;>#*"8& *,& )*##$:0& >& ?("@(>66$&#"&($@7;>(;=&3<$3P&>8:&($3"(:&*#,&3"8:*#*"8&,<"7;:&9$&*8&?;>3$4&&O,3$(#>*8&#<$&3"8:*#*"8&")&#<$& 3>(@"& >8:& A>?"7(& ;*8$,& 78:$(8$>#<& *)& ?",,*9;$4& & UA*:$83$& ")& ;"3>;& ($?>*(,& #"& #<$& *8,7;>#*"8& 6*@<#& 9$& >8& *8:*3>#*"8&")&($?>*(,&#"&#<$&3>(@"&"(&A>?"7(&;*8$,&78:$(8$>#<&<>A*8@&9$$8&3>((*$:&"7#4&

( J*=F( ! &

Z"&'&(A#'H0(0'(4#$0;'(-2,&5(#'&(250-#%&C(/'01(%"&(5%';A%;'&](#'&(`02,%5(&-&A%'2A#-->(<0,C&CR(

:KHUH WDQNV RU SLSLQJ DUH VHSDUDWHG IURP WKH VKLS·V VWUXFWXUH E\ WKHUPDO LVRODWLRQ SURYLVLRQ VKRXOG EH 6>:$& )"(& $;$3#(*3>;;=& 9"8:*8@& 9"#<& #<$& ?*?*8@& >8:& #<$& #>8P,4& & O;;& @>,P$#$:& ?*?$& g"*8#,& >8:& <",$& 3"88$3#*"8,&,<"7;:&9$&$;$3#(*3>;;=&9"8:$:4& -NEB&`4K4I4^5& !"#$,%& & 2"6$& @>,P$#,& >($& $;$3#(*3>;;=& 3"8:73#*A$& >8:& 9"8:*8@& *,& 8"#& ($G7*($:4& & T"8:*8@& 6>=& 8"#& 9$& ($G7*($:&"8&";:$(&A$,,$;,&#<>#&>($&@"A$(8$:&9=&#<$&EB&"(&UEB4&

( J*=I( !

\'&(A#'H0(#,C(4#$0;'(-2,&(&V$#,520,(#''#,H&1&,%5(2,(H00C(0'C&'R(

&

2;*?&g"*8#,&,<"7;:&8"#&9$&7,$:&$+3$?#&F*#<*8&#<$&3>(@"&#>8P,4&

&

!"#$%&&2"6$&9$;;"F,&?*$3$,&6>=&9$&)*##$:&F*#<&3"A$(,&#"&?("#$3#&>@>*8,#&#<$&*8@($,,&")&F>#$(4&&/<*,&:$,*@8& )$>#7($&*,&>33$?#>9;$4&

( J*=J( ( J*=K( ! &

( J*?L( ( J*?)(

'("A*,*"8&,<"7;:&9$&6>:$&9=&#<$&7,$&")&")),$#,0&;""?,0&9$8:,0&6$3<>8*3>;&$+?>8,*"8&g"*8#,&,73<&>,&9$;;"F,0& ,;*?&g"*8#,&>8:&9>;;&g"*8#,&"(&,*6*;>(&,7*#>9;$&6$>8,&#"&?("#$3#&#<$&?*?*8@&,=,#$6&3"6?"8$8#,&>8:&3>(@"&#>8P,& )("6& $+3$,,*A$& ,#($,,$,& :7$& #"& #<$(6>;& 6"A$6$8#& >8:& )("6& 6"A$6$8#,& ")& #<$& #>8P& >8:& <7;;& ,#(73#7($4&& f<$($& 6$3<>8*3>;& $+?>8,*"8& g"*8#,& >($& 7,$:& *8& ?*?*8@& #<$=& ,<"7;:& 9$& <$;:& #"& >& 6*8*676& >8:0& F<$($& ;"3>#$:&"7#,*:$&3>(@"&#>8P,0&,<"7;:&9$&")&#<$&9$;;"F,&#=?$4& -NEB&`4K4I4K5& -NEB&`4^4`4K5&

\'&(-2[;2C(#,C(4#$0;'(-2,&5(/'&&(%0(104&(2,52C&(%"&2'(A-#1$5R( \'&(A#'H0(-2,&(#,C(5>5%&1('&-2&/(4#-4&5(2,(H00C(0'C&'R(

O;;&?*?$;*8$,&"(&3"6?"8$8#,&F<*3<&6>=&9$&*,";>#$:&*8&>&;*G7*:M)7;;&3"8:*#*"8&,<"7;:&9$&?("A*:$:&F*#<&($;*$)& A>;A$,4& -NEB&`4K4I4Q5& C$;*$)&A>;A$,&:*,3<>(@*8@&;*G7*:&3>(@"&)("6&#<$&3>(@"&?*?*8@&,=,#$6&,<"7;:&:*,3<>(@$&*8#"&#<$&3>(@"&#>8P,d& >;#$(8>#*A$;=&#<$=&6>=&:*,3<>(@$&#"&#<$&3>(@"&A$8#&6>,#&*)&6$>8,&>($&?("A*:$:&#"&:$#$3#&>8:&:*,?",$&")& ;*G7*:&3>(@"&F<*3<&6>=&);"F&*8#"&#<$&A$8#&,=,#$64&&C$;*$)&A>;A$,&"8&3>(@"&?76?,&,<"7;:&:*,3<>(@$&#"&#<$& ?76?&,73#*"84& -NEB&`4K4I4X5&

\'&(A#'H0($2$&-2,&5(/'&&(0/(5A'&B&CT2,(A0,,&A%20,5R(

23($F$:& 3"7?;*8@,& >33$?#>9;$& #"& #<$& O:6*8*,#(>#*"8& ,<"7;:& "8;=& 9$& 7,$:& )"(& >33$,,"(=& ;*8$,& >8:& *8,#(76$8#>#*"8&;*8$,&F*#<&$+#$(8>;&:*>6$#$(,&")&K`&66&"(&;$,,4& -NEB&`4^4K4\5&

.5( %"&( A#'H0( %#,W( "2H"( -&4&-( #-#'1( 5>5%&1( 2,C&$&,C&,%( 0/( <0%"( %"&( H#;H2,H( C&42A&5( #,C( %"&( 04&'/-0BTA0,%'0-(#-#'1(5>5%&1R(

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


126 J*?7(

\'&( %"&'&( '&A0'C5( 0/( %"&( A#-2<'#%20,( 0/( W&>( A#'H0( 2,5%';1&,%#%20,]( 2,A-;C2,H( %&1$&'#%;'&( #,C( $'&55;'&(H#;H&5R( !"#$,%& & /<$($& ,<"7;:& 9$& ($3"(:,& ")& #<$& ($@7;>(& 3<$3P*8@& >8:& 3>;*9(>#*"8& ")& *8,#(76$8#>#*"80& ?>(#*37;>(;=& 3>(@"&#>8P&#$6?$(>#7($&>8:&?($,,7($&@>7@$,&>8:&($;*G7$)>3#*"8&?;>8#&*8,#(76$8#,4&&B>;*9(>#*"8&,<"7;:&9$& 3>((*$:&"7#&?($)$(>9;=&>#&*8#$(A>;,&8"#&$+3$$:*8@&\H&6"8#<,4&

B>;*9(>#*"8&")&*8,#(76$8#>#*"8&*,&")#$8&:*))*37;#&F<*;,#&#<$&A$,,$;&*,&*8&,$(A*3$&>8:&*#&*,&7,7>;;=&3>((*$:&"7#&:7(*8@& ($?>*(&?$(*":,4&

( J*?=( ( J*??(

.5(%"&("2H"(-&4&-(#-#'1(5>5%&1(0$&'#%&C(C;'2,H(<0%"(-0#C2,H(#,C(C25A"#'H2,H(0$&'#%20,5R( \'&(%"&(A#'H0(%#,W("2H"(-&4&-(#-#'15(2,C&$&,C&,%(0/(%"&(H#;H2,H(5>5%&1(#,C(2,(%"&(A#5&(0/(.+!( 4&55&-5](#-50(2,C&$&,C&,%(0/(%"&("2H"(-&4&-(5";%TC0B,(N04&'/-0B(A0,%'0-O(5>5%&1R(

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

( J*?D( !

./(%"&("2H"(-&4&-(#,CX0'(5";%TC0B,(5>5%&15(A#,(<&(04&''2CC&,(<>(#(W&>(5B2%A"](25(%"&'&(#(B'2%%&,( $'0A&C;'&(C&%#2-2,H(;,C&'(B"#%(A2'A;15%#,A&5(#,C(<>(B"01(%"&(5>5%&1(1#>(<&(04&''2CC&,R(

!"#$%& f(*##$8& ?("3$:7($,& 67,#& 9$& *8& ?;>3$& #"& 3;$>(;=& ,#>#$& F<"& <";:,& #<*,& ($,?"8,*9*;*#=& >8:& 78:$(& F<>#& 3*(376,#>83$,&#<$&<*@<&;$A$;&>;>(6,&"(&,<7#&:"F8&,=,#$6,&6>=&9$&"A$((*::$84&&

! XIH!&-(D.!"-,=*/'(
\'&(A01$'&550'('0015](10%0'('0015(#,C(2/(#$$-2A#<-&](%"&('&-2[;&/#A%20,($-#,%](A-&#,(#,C(/'&&( 0/(A01<;5%2<-&(1#%&'2#-5R( \'&( %"&( <;-W"&#C( 5&#-5( <&%B&&,( %"&]( A01$'&550'( '001( #,C( %"&( 10%0'( '001]( H#5( %2H"%( #,C( 0$&'#%2,H(&//&A%24&->R(

f<$($&?76?,&>8:&3"6?($,,"(,&>($&:(*A$8&9=&>&,<>)#&?>,,*8@&#<("7@<&>&97;P<$>:&"(&:$3P0&@>,#*@<#&,$>;,& F*#<& $))*3*$8#& ;79(*3>#*"8& "(& "#<$(& 6$>8,& ")& $8,7(*8@& #<$& ?$(6>8$83$& ")& #<$& @>,& ,$>;& ,<"7;:& 9$& )*##$:& *8& F>=&")&#<$&97;P<$>:&"(&:$3P4& -NEB&\4\4K5& !"#$%&&T7;P<$>:&,<>)#&,$>;,&"8&Y!E&A$,,$;,&>($&8"(6>;;=&?("A*:$:&9=&6$>8,&")&?($,,7(*,$:&8*#("@$84& &

J*?J( ( J*?K( (

\'&( %"&( A#'H0( 1#A"2,&'>( '0015( B&--( -2%( #,C( #'&( &-&A%'2A#-( /2%%2,H5( 5;2%#<-&( /0'( ;5&( 2,( H#5T "#c#'C0;5(#'(#,C(2,(H00C(0'C&'R( \'&(%"&(!#'H0(A01$'&550'('0015(4&,%2-#%20,(5>5%&1(1#2,%#2,2,H(,&H#%24&($'&55;'&R(

!"#$%&N8&3>(@"&3"6?($,,"(&>8:&?76?&(""6,&>8:&*8&3>(@"&3"8#(";&(""6,&*)&3"8,*:$($:&@>,M:>8@$("7,0&#<$& A$8#*;>#*"8&,<"7;:&9$&")&#<$&8$@>#*A$&?($,,7($&#=?$4& &-NEB&IK4I4`45&

&

J*DL( ( & & &

./( %"&( 10%0'( '001( #AA&55( 25( -0A#%&C( 2,( #( H#5T"#c#'C0;5( #'&#]( 25( 2%( $'042C&C( B2%"( #,( #2'T-0AW( 5;2%#<->(#-#'1&C(%0(B#',(0/(<0%"(C00'5(<&2,H(0$&,&C(#%(%"&(5#1&(%21&R(

/<$&:""(,&,<"7;:&9$&,$;)M3;",*8@&>8:&F*#<"7#&>8=&<";:*8@&9>3P&>((>8@$6$8#,4&& /<$& >*(;"3P& ,?>3$& ,<"7;:& 9$& 6$3<>8*3>;;=& A$8#*;>#$:& )("6& >& @>,M,>)$& ,?>3$& >8:& 6>*8#>*8$:& >#& >8& "A$(?($,,7($&#"&#<$&@>,M:>8@$("7,&a"8$&"8&#<$&"?$8&F$>#<$(&:$3P4&& & &&&-NEB&B":$&\4Q4I45& !"#$%&O8&>*(;"3P&,<"7;:&"8;=&9$&?$(6*##$:&9$#F$$8&>&@>,M:>8@$("7,&a"8$&"8&#<$&"?$8&F$>#<$(&:$3P&>8:& >&@>,M,>)$&,?>3$&>8:&,<"7;:&3"8,*,#&")&#F"&,#$$;&:""(,&,79,#>8#*>;;=&@>,#*@<#&,?>3$:&>#&;$>,#&I4`&6&97#&8"#& 6"($&#<>8&K4`&6&>?>(#4&&

&

J*D)( ! &

\'&(#2'-0AW5(#,C(#-#'15(2,(H00C(0'C&'R(

O33$,,&)("6&#<$&"?$8&F$>#<$(&:$3P&#"&@>,M,>)$&,?>3$,&,<"7;:&9$&;"3>#$:&*8&>&@>,M,>)$&a"8$&>#&;$>,#&K4^& 6$#($,&>9"A$&#<$&F$>#<$(&:$3P&78;$,,&#<$&>33$,,&*,&9=&6$>8,&")&>8&>*(;"3P4&& /<$& >*(;"3P& ,?>3$& ,<"7;:& 9$& 6"8*#"($:& )"(& 3>(@"& A>?"7(4& O8& >7:*9;$& >8:& A*,7>;& >;>(6& ,=,#$6& #"& @*A$& >& F>(8*8@&"8&9"#<&,*:$,&")&#<$&>*(;"3P&,<"7;:&9$&?("A*:$:&#"&*8:*3>#$&*)&6"($&#<>8&"8$&:""(&*,&6"A$:&)("6& #<$&3;",$:&?",*#*"84& &-NEB&\4`4^5&


127 ( J*D7( ( J*D=(

.5(%"&(A01$'&550'('001(/'&&(0/(H#5(-&#W5R( ( .5(%"&(H#5(C&%&A%20,(&[;2$1&,%(2,(H00C(0'C&'R(

O&?$(6>8$8#;=&*8,#>;;$:&,=,#$6&")&@>,&:$#$3#*"8&>8:&>7:*9;$&>8:&A*,7>;&>;>(6,&,<"7;:&9$&?("A*:$:&)"(%& x B>(@"&3"6?($,,"(&(""6,d& x ."#"(&(""6,&)"(&3>(@"&<>8:;*8@&6>3<*8$(=d& x B>(@"&3"8#(";&(""6,&78;$,,&:$,*@8>#$:&@>,M,>)$d& x S#<$(&$83;",$:&,?>3$,&*8&#<$&3>(@"&>($>&F<$($&A>?"7(&6>=&>33767;>#$&*83;7:*8@&<";:&,?>3$,& >8:&*8#$(9>((*$(&,?>3$,&)"(&*8:$?$8:$8#&#>8P,&"#<$(&#<>8&#=?$&Bd& x 1$8#*;>#*"8&<"":,&>8:&@>,&:73#,&F<$($&($G7*($:&9=&B<>?#$(&IQ&)"(&Y!E&3>((*$(,d&& x O*(;"3P,4& -NEB&I\4Q4X5& /<$& @>,& :$#$3#*"8& ,=,#$6& ,<"7;:& 9$& 3>?>9;$& ")& ,>6?;*8@& >8:& >8>;=,*8@& )"(& $>3<& ,>6?;*8@& <$>:& ,$G7$8#*>;;=&>#&*8#$(A>;,&8"#&$+3$$:*8@&\H&6*87#$,4& -NEB&I\4Q4W5&

( J*D?(

\'&(/2V&C(H#5(C&%&A%0'(5#1$-&($02,%5(/2%%&C(#%(%"&(;$$&'(-&4&-(0/(%"&(1#A"2,&'>(5$#A&5R( !"#$%&Y!E&A>?"7(,&>($&;*@<#$(&#<>8&>*(&>8:&F*;;&>33767;>#$&*8&#<$&7??$(&>($>,&")&>&,?>3$4&

! &-(D.!U'>*?7'+-,)*./!$<5)'250!! J*DD( & & &

J*DF( ( J*DI( ( J*DJ(

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

.5(%"&(/-0B(0/(37(%0(%"&(5>5%&1(5;//2A2&,%R( \'&(%"&'&(#,>(2,%&'-0AW5(<&%B&&,(%"&(SU@(#,C(H#5(5;$$->(%0(%"&(&,H2,&('001](5;A"(%"#%(2,(%"&( &4&,%(0/(#('&-2[;&/#A%20,($-#,%(%'2$](%"&(H#5(%0(SY(B0;-C(5";%(B2%"0;%(B#',2,HR( .5(%"&('&-2[;&/#A%20,($-#,%(/2%%&C(B2%"(#,(2,C&$&,C&,%(&1&'H&,A>(5";%C0B,(A0,%'0-(2,C&$&,C&,%( 0/(%"&(A#'H0(SU@(5>5%&1*(

H-5!&.2:75)*./!$<5)'250!! &

/<*,&,79M,$3#*"8&*,&>??;*3>9;$&#"&A$,,$;,&)*##$:&F*#<&>&($;*G7$)>3#*"8&,=,#$6&"(&"#<$(&3>(@"&,=,#$6&#<>#& ($G7*($,&#<>#&>&E>,&B"697,#*"8&b8*#&-EBb5&#"&9$&)*##$:4&&

J*DK(

.5(%"&(+!a(;,2%(2,(/;-->(0$&'#%20,#-(A0,C2%20,R(

J*FL(

\'&( %"&( #-#'15( #550A2#%&C( B2%"( %"&( +!a( %&5%&C( 2,( #AA0'C#,A&( B2%"( %"&( E-#,,&C( 9#2,%&,#,A&( U>5%&1R(

J*F)(

.5(%"&(+!a('&#C>(/0'(211&C2#%&(;5&R(

(

!"#$%&/<$&EBb&,<"7;:&9$&*8&"?$(>#$:&*8&>7#"6>#*3&6":$&#"&>;;"F&)"(&)>*;7($&")&#<$&($;*G7$)>3#*"8&78*#&"(& #<$&;",,&")&@>,&3"697,#*"8&*8&#<$&6>3<*8$(=4&&N)&8"#&*8&>7#"6>#*3&6":$&>($&#<$($&,7))*3*$8#&?("3$:7($,&*8& ?;>3$&#"&?$(6*#&6>87>;&"?$(>#*"8&F<$8&($G7*($:4&

J*F7( (

.5(%"&(H#5(C&%&A%20,(5>5%&1(/0'(%"&(1#A"2,&'>(5$#A&(2,(H00C(B0'W2,H(0'C&'R(

J*F=( !

.5(%"&(H#5(/;&-($2$2,H($'0%&A%20,(2,(H00C(0'C&'R(

!"#$%&C$3"(:,&")&#$,#*8@&#<$&($,7;#,&")&,73<&#$,#*8@&,<"7;:&9$&($3"(:$:&>8:&($A*$F$:4&

&

E>,&)7$;&?*?*8@&,<"7;:&8"#&?>,,&#<("7@<&>33"66":>#*"8&,?>3$,0&,$(A*3$&,?>3$,0&"(&3"8#(";&,#>#*"8,4&&E>,& )7$;&?*?*8@&6>=&?>,,&#<("7@<&"(&$+#$8:&*8#"&"#<$(&,?>3$,&?("A*:$:&#<$=&)7;)*;&"8$&")&#<$&)";;"F*8@%& x /<$&@>,&)7$;&?*?*8@&,<"7;:&9$&>&:"79;$MF>;;&?*?*8@&,=,#$6&F*#<&#<$&@>,&)7$;&3"8#>*8$:&*8&#<$&*88$(& ?*?$4&&/<$&,?>3$&9$#F$$8&#<$&3"83$8#(*3&?*?$,&,<"7;:&9$&?($,,7(*,$:&F*#<&*8$(#&@>,&>#&>&?($,,7($& @($>#$(&#<>8&#<$&@>,&)7$;&?($,,7($4&&27*#>9;$&>;>(6,&,<"7;:&9$&?("A*:$:&#"&*8:*3>#$&>&;",,&")&*8$(#& @>,&?($,,7($&9$#F$$8&#<$&?*?$,d&"(& x /<$&@>,&)7$;&?*?*8@&,<"7;:&9$&*8,#>;;$:&F*#<*8&>&A$8#*;>#$:&?*?$&"(&:73#4&&/<$&>*(&,?>3$&9$#F$$8&#<$& @>,&)7$;&?*?*8@&>8:&*88$(&F>;;&")&#<*,&?*?$&"(&:73#&,<"7;:&9$&$G7*??$:&F*#<&6$3<>8*3>;&$+<>7,#&


128

&

J*F?(

A$8#*;>#*"8&<>A*8@&>&3>?>3*#=&")&\H&3<>8@$,&?$(&<"7(4&&/<$&A$8#*;>#*"8&,=,#$6&,<"7;:&9$&>((>8@$:& #"& 6>*8#>*8& >& ?($,,7($& ;$,,& #<>8& #<$& >#6",?<$(*3& ?($,,7($4& & B"8#*87"7,& @>,& :$#$3#*"8& ,<"7;:& 9$& ?("A*:$:&#"&*8:*3>#$&;$>P,&>8:&#"&,<7#&:"F8&#<$&@>,&)7$;&,7??;=&#"&#<$&6>3<*8$(=&,?>3$4& -NEB&IQ4\4I5&

.5(%"&(#;%01#%2A(H#5(5";%T0//(5>5%&1(2,(H00C(0'C&'(#,C('&H;-#'->(%&5%&CR(

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

(

[.*8!-/8!4/)'(:-((*'(!$6-,'5!-/8!$'->50! !"#$%& & /<*,& ,$3#*"8& ,<"7;:& 9$& 3"6?;$#$:& )"(& >;;& #=?$,& ")& 3>(@"& 3"8#>*86$8#4& & /<$,$& *83;7:$& *8#$@(>;0& 6$69(>8$0&,$6*M6$69(>8$&>8:&*8:$?$8:$8#&/=?$&O&>8:&T&3>(@"&#>8P,4& R"(&3>(@"&3"8#>*86$8#&,=,#$6,&"#<$(&#<>8&/=?$&B%& x N8#$(9>((*$(& >8:& <";:& ,?>3$,& >,,"3*>#$:& F*#<& 3>(@"& 3"8#>*86$8#& ,=,#$6,& )"(& );>66>9;$& @>,& ($G7*(*8@& )7;;& ,$3"8:>(=& 9>((*$(,& ,<"7;:& 9$& *8$(#$:& F*#<& >& ,7*#>9;$& :(=& *8$(#& @>,& >8:& P$?#& *8$(#$:& F*#<&6>P$M7?&@>,&?("A*:$:&9=&>&,<*?9">(:&*8$(#&@>,&@$8$(>#*"8&,=,#$60&"(&9=&,<*?9">(:&,#"(>@$& F<*3<&,<"7;:&9$&,7))*3*$8#&)"(&8"(6>;&3"8,76?#*"8&)"(&>#&;$>,#&\H&:>=,4& -NEB&L4K4I5& x N8#$(9>((*$(& >8:& <";:& ,?>3$,& >,,"3*>#$:& F*#<& 3>(@"& 3"8#>*86$8#& ,=,#$6,& )"(& );>66>9;$& @>,$,& ($G7*(*8@&?>(#*>;&,$3"8:>(=&9>((*$(,&,<"7;:&9$&*8$(#$:&F*#<&>&,7*#>9;$&:(=&*8$(#&@>,&>8:&P$?#&*8$(#$:& F*#<&6>P$M7?&@>,&?("A*:$:&9=&>&,<*?9">(:&*8$(#&@>,&@$8$(>#*"8&,=,#$60&"(&9=&,<*?9">(:&,#"(>@$& F<*3<&,<"7;:&9$&,7))*3*$8#&)"(&8"(6>;&3"8,76?#*"8&)"(&>#&;$>,#&\H&:>=,4& -NEB&L4K4K4I5& x O;#$(8>#*A$;=0& #<$& >:6*8*,#(>#*"8& 6>=& >;;"F& N8#$(9>((*$(& >8:& [";:& ,?>3$,& #"& 9$& )*;;$:& F*#<& D(=& >*(& ?("A*:$:& #<$& ,<*?& 6>*8#>*8,& >& ,#"($:& 3<>(@$& ")& *8$(#& @>,& "(& *,& )*##$:& F*#<& >8& *8$(#& @>,& @$8$(>#"(& ,7))*3*$8#&#"& *8$(#&#<$&;>(@$,#& ")&#<$,$& ,?>3$,d& >8:& ?("A*:$:&#<>#&#<$& 3"8)*@7(>#*"8& ")&#<$& ,?>3$,& >8:& #<$& ($;$A>8#& A>?"7(& :$#$3#*"8& ,=,#$6,0& #"@$#<$(& F*#<& #<$& & 3>?>9*;*#=& ")& #<$& *8$(#*8@& >((>8@$6$8#,0&$8,7($&#<>#&>8=&;$>P>@$&)("6&#<$&3>(@"&#>8P,&F*;;&9$&(>?*:;=&:$#$3#$:&>8:&*8$(#*8@& $))$3#$:&9$)"($&>&:>8@$("7,&3"8:*#*"8&3>8&:$A$;"?4&&UG7*?6$8#&)"(&#<$&?("A*,*"8&")&,7))*3*$8#&:(=& >*(&")&,7*#>9;$&G7>;*#=&#"&,>#*,)=&#<$&$+?$3#$:&:$6>8:&,<"7;:&9$&?("A*:$:4&&&&&&&&&&&&&&&&&&&&&-NEB&L4K4K4K5&

( J*FD( ! ( J*FF(

\'&(#2'-0AW5(#,C(#-#'15(2,(H00C(0'C&'R(

O33$,,&)("6&#<$&"?$8&F$>#<$(&:$3P&#"&@>,M,>)$&,?>3$,&,<"7;:&9$&;"3>#$:&*8&>&@>,M,>)$&a"8$&>#&;$>,#&K4^& 6$#($,&>9"A$&#<$&F$>#<$(&:$3P&78;$,,&#<$&>33$,,&*,&9=&6$>8,&")&>8&>*(;"3P4& -NEB&\4`4^5!

.5(%"&(H#5(C&%&A%20,(&[;2$1&,%(2,(H00C(0'C&'R(

O&?$(6>8$8#;=&*8,#>;;$:&,=,#$6&")&@>,&:$#$3#*"8&>8:&>7:*9;$&>8:&A*,7>;&>;>(6,&,<"7;:&9$&?("A*:$:&)"(%& x B>(@"&3"6?($,,"(&(""6,d& x ."#"(&(""6,&)"(&3>(@"&<>8:;*8@&6>3<*8$(=d& x B>(@"&3"8#(";&(""6,&78;$,,&:$,*@8>#$:&@>,M,>)$d& x S#<$(&$83;",$:&,?>3$,&*8&#<$&3>(@"&>($>&F<$($&A>?"7(&6>=&>33767;>#$&*83;7:*8@&<";:&,?>3$,& >8:&*8#$(9>((*$(&,?>3$,&)"(&*8:$?$8:$8#&#>8P,&"#<$(&#<>8&#=?$&Bd& x 1$8#*;>#*"8&<"":,&>8:&@>,&:73#,&F<$($&($G7*($:&9=&B<>?#$(&IQ&)"(&Y!E&3>((*$(,d&>8:&& x O*(;"3P,4& -NEB&I\4Q4X5& /<$& @>,& :$#$3#*"8& ,=,#$6& ,<"7;:& 9$& 3>?>9;$& ")& ,>6?;*8@& >8:& >8>;=,*8@& )"(& $>3<& ,>6?;*8@& <$>:& ,$G7$8#*>;;=&>#&*8#$(A>;,&8"#&$+3$$:*8@&\H&6*87#$,4& -NEB&I\4Q4W5&

( J*FI(

.5(%"&(0V>H&,(#,C(">C'0A#'<0,(A0,%&,%(0/(%"&(2,%&'<#''2&'(5$#A&5('&H;-#'->(10,2%0'&C(#,C(%"&( '&5;-%5('&A0'C&CR( N8&#<$&3>,$&")&);>66>9;$&?(":73#,0&F<$($&3>(@"&3"8#>*86$8#&,=,#$6,&"#<$(&#<>8&*8:$?$8:$8#&#>8P,&>($& 7,$:0&<";:&,?>3$,&>8:&*8#$(9>((*$(&,?>3$,&,<"7;:&9$&?("A*:$:&F*#<&>&?$(6>8$8#;=&*8,#>;;$:&@>,&:$#$3#*"8& ,=,#$6& 3>?>9;$& ")& 6$>,7(*8@& @>,& 3"83$8#(>#*"8,& ")& Hp& #"& IHHp& 9=& A";76$4& /<$& :$#$3#*"8& $G7*?6$8#0& $G7*??$:& F*#<& >7:*9;$& >8:& A*,7>;& >;>(6,0& ,<"7;:& 9$& 3>?>9;$& ")& 6"8*#"(*8@& )("6& $>3<& ,>6?;*8@& <$>:& ;"3>#*"8&,$G7$8#*>;;=&>#&*8#$(A>;,&8"#&$+3$$:*8@&\H&6*87#$,4&O;>(6,&,<"7;:&9$&>3#*A>#$:&F<$8&#<$&A>?"7(& 3"83$8#(>#*"8&($>3<$,&#<$&$G7*A>;$8#&")&\Hp&")&#<$&;"F$(&);>66>9;$&;*6*#&*8&>*(&"(&,73<&"#<$(&;*6*#&>,&6>=& 9$&>??("A$:&9=&#<$&O:6*8*,#(>#*"8&*8&#<$&;*@<#&")&?>(#*37;>(&3>(@"&3"8#>*86$8#&>((>8@$6$8#,4&B"66"8& ,>6?;*8@&;*8$,&#"&#<$&:$#$3#*"8&$G7*?6$8#&,<"7;:&8"#&9$&)*##$:4&& -NEB&I\4Q4II5& !"#$,%&&\Hp&YUY&*,&#<$&$G7*A>;$8#&")&I4`p&9=&A";76$4&


129 C$3"(:,&,<"7;:&9$&P$?#&#"&:$6"8,#(>#$&#<$&;$A$;,&>8:&>8=&>??>($8#&#($8:,&"(&3<>8@$,&*8&;$A$;4&

! J*FJ(

! J*FK( ! & &

( J*IL( ! & &

( J*I)(

.5(%"&(2,%&'<#''2&'(5$#A&(,2%'0H&,($;'H2,H(5>5%&1(2,(H00C(0'C&'R(

!"#$%& & C$A*$F& ($3"(:,& ")& 8*#("@$8& 3"8,76?#*"8& >8:& (788*8@& <"7(,& ")& 8*#("@$8& @$8$(>#"(& #"& 3"8)*(6& #<$& $))*3*$83=& ")& #<$& *8#$(9>((*$(& ,?>3$4& & R($G7$8#& ,F$$?*8@& "(& ?7(@*8@& F*#<& 8*#("@$80& F*#<& ($,7;#>8#& 7,$& ")& 8*#("@$80&*,&7,$:&#"&($:73$&#<$&$+?;",*A$&@>,&;$A$;,4&

.5(%"&($'&55;'&(2,(%"&(2,%&'<#''2&'(5$#A&5(<&2,H(1#2,%#2,&C(#%(#(5;//2A2&,%(-&4&-(%0($'&4&,%(2,H'&55( /'01(%"&(#%105$"&'&R(

/<$&,$3"8:>(=&9>((*$(&,<"7;:&9$&3>?>9;$&")&9$*8@&?$(*":*3>;;=&3<$3P$:&)"(&*#,&$))$3#*A$8$,,0&9=&6$>8,&")& >&?($,,7($_A>3776&#$,#0&>&A*,7>;&*8,?$3#*"80&"(&>8"#<$(&,7*#>9;$&6$#<":&>33$?#>9;$&#"&#<$&O:6*8*,#(>#*"84& & -NEB&^4X4X5! !"#$%&&/<$&*8#$(9>((*$(&,?>3$,&,<"7;:&9$&9$*8@&6>*8#>*8$:&>#&?",*#*A$&?($,,7($&>8:&($3"(:,&")&#<$&?($,,7($& ,<"7;:&9$&9$*8@&6>*8#>*8$:4&

\'&(%"&('&-2&/(4#-4&5(/0'(%"&("0-C(5$#A&5(#,C($'21#'>(#,C(5&A0,C#'>(<#''2&'5(2,(H00C(0'C&'R(

[";:& ,?>3$,& >8:& *8#$(9>((*$(& ,?>3$,& F<*3<& 6>=& 9$& ,79g$3#& #"& ?($,,7($,& 9$="8:& #<$*(& :$,*@8& 3>?>9*;*#*$,& ,<"7;:&9$&?("A*:$:&F*#<&>&?($,,7($&($;*$)&,=,#$64& -NEB&W4I5& N8#$(9>((*$(&,?>3$,&,<"7;:&9$&)*##$:&F*#<&?($,,7($&($;*$)&:$A*3$,&#"&#<$&,>#*,)>3#*"8&")&#<$&O:6*8*,#(>#*"84& & & -NEB&W4K4K5& !"#$%&&[";:&,?>3$,&F*#<"7#&"?$8&3"88$3#*"8&#"&#<$&>#6",?<$($&,<"7;:&9$&?("A*:$:&F*#<&,7*#>9;$&?($,,7($& @>7@$,4&

.5( %"&'&( #( 1&#,5( %0( 5#1$-&( /0'( 2,H'&55( 0/( B#%&'( 2,%0( %"&( 2,%&'<#''2&'( 5$#A&5( $'042C&C( #,C( #'&( A"&AW5(<&2,H('&A0'C&CR(

!"#$%&&/<$($&,<"7;:&9$&>&6$>8,&>A>*;>9;$&#"&:(>*8&#<$&*8#$(9>((*$(&,?>3$,4&%&&C$3"(:,&")&#$,#*8@&#<$&F>#$(& :$#$3#"(,&-#=?*3>;;=&3"8:73#*A*#=&3$;;&#=?$,5&,<"7;:&9$&6>*8#>*8$:4&

( J*I7(

.5( %"&( H->A0-( "&#%2,H( 5>5%&1( 2,( %"&( 402C( 5$#A&5( <&%B&&,( A#'H0( %#,W5]( B"&'&( /2%%&C]( 2,( H00C( 0'C&'R!

(

4/'()!H-5!$<5)'250! J*I=( ! J*I?(

.5(%"&(2,&'%(H#5(5>5%&1(#,CX0'(5%0'#H&(#,C(#550A2#%&C($2$&B0'W](B"&'&(/2%%&C](2,(H00C(0'C&'R( \'&(5;2%#<-&(#''#,H&1&,%5($'042C&C(%0($'&4&,%(%"&(<#AW/-0B(0/(A#'H0(4#$0;'(2,%0(%"&(2,&'%(H#5( 5>5%&1R(

O((>8@$6$8#,&,7*#>9;$&)"(&#<$&3>(@"&3>((*$:&,<"7;:&9$&?("A*:$:&#"&?($A$8#&#<$&9>3P);"F&")&3>(@"&A>?"7(& *8#"&#<$&*8$(#&@>,&,=,#$64& -NEB&L4^4^5& O& 6$>8,& >33$?#>9;$& #"& #<$& O:6*8*,#(>#*"80& ;"3>#$:& *8& #<$& 3>(@"& >($>0& ")& ?($A$8#*8@& #<$& 9>3P);"F& ")& 3>(@"&@>,&,<"7;:&9$&?("A*:$:4& -NEB&L4`4K5& !"#$%&&'("#$3#*"8&>@>*8,#&9>3PM);"F&")&@>,&*,&7,7>;;=&6>:$&9=&?("A*:*8@&#F"&8"8M($#7(8&A>;A$,&>8:&>&,?"";& ?*$3$4& & B<$3P& #<>#& $+3$?#& F<$8& *8$(#& @>,& *,& 9$*8@& :$;*A$($:0& #<$& ,?"";& ?*$3$& *,& 8"#& *8& ?;>3$& >8:& #<>#& "))*3$(,&3;$>(;=&78:$(,#>8:&#<*,&*6?"(#>8#&($G7*($6$8#4&

!

C('557('!U'>*'+!-/8!['/)*/D!$<5)'250( J*ID(

P#4&( %"&( 5#/&%>( '&-2&/( 4#-4&5( <&&,( %&5%&C]( #'&( %"&( %&5%( A&'%2/2A#%&5( 0,<0#'C( #,C( #'&( 0//2A&'5( #B#'&(0/(%"&2'(5&%%2,H5R(

'($,,7($&($;*$)&A>;A$,&,<"7;:&9$&,$#&>8:&,$>;$:&9=&>&3"6?$#$8#&>7#<"(*#=&>33$?#>9;$&#"&#<$&O:6*8*,#(>#*"8& >8:&>&($3"(:&")&#<*,&>3#*"80&*83;7:*8@&#<$&A>;7$,&")&,$#&?($,,7($0&,<"7;:&9$&($#>*8$:&"8&9">(:&#<$&,<*?4& & & -NEB&W4K4`5& N8&#<$&3>,$&")&3>(@"&#>8P,&?$(6*##$:&#"&<>A$&6"($&#<>8&"8$&($;*$)&A>;A$&,$##*8@&#<*,&6>=&9$&>33"6?;*,<$:& 9=%& x N8,#>;;*8@& #F"& "(& 6"($& ?("?$(;=& ,$#& >8:& ,$>;$:& A>;A$,& >8:& ?("A*:*8@& 6$>8,& >,& 8$3$,,>(=& )"(& *,";>#*8@&#<$&A>;A$,&8"#&*8&7,$&)("6&#<$&3>(@"&#>8Pd&"(& & -NEB&W4K4Q5& !"#$%&/<$&"8;=&3*(376,#>83$,&F<$($&($;*$)&A>;A$&,$##*8@,&6>=&9$&3<>8@$:&>($&*8&#<$&3>,$&")&.",,&A$,,$;,& F<$($0&*8&3>,$,&")&$6$(@$83=0&>&?($,,7(*,$:&:*,3<>(@$&6>=&9$&78:$(#>P$84&


130 J*IF( ( J*II(

.5(%"&(A#'H0(4&,%(5>5%&1(2,(H00C(0'C&'R( \'&( 4&,%( 0;%-&%( $'0%&A%24&( 0'( /-#1&( 5A'&&,5( /2%%&C( #5( '&[;2'&C( #,C( #'&( %"&'&( '&A0'C5( 0/( %"&2'( '&H;-#'(2,5$&A%20,R(

27*#>9;$&?("#$3#*"8&,3($$8,&,<"7;:&9$&)*##$:&"8&A$8#&"7#;$#,&#"&?($A$8#&#<$&*8@($,,&")&)"($*@8&"9g$3#,4& & -NEB&W4K4I^5&

J*IJ(

Z"&'&(%"&($'&55;'&('&-2&/(-2,&(4&,%5(C2'&A%->(%"'0;H"(#(1#5%('25&'](C0&5(%"25(5>5%&1("#4&(#(-2[;2C( 5&,50'RR(

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`4K4I4X5&

( J*IK( ( J*JL( ( ( J*J)( ( J*J7(

\'&(%"&(,2%'0H&,(5,;//&'5(0,(%"&(4&,%(1#5%5](B"&'&(/2%%&C](2,(H00C(0'C&'(#,C(0$&'#%20,#-R( .5(%"&(/0'B#'C(1#5%(4&,%(#-B#>5(0$&'#%&C(2,(#;%01#%2A(10C&R(

!"#$%&#<$&)"(F>(:&6>,#&(*,$(&,<"7;:&9$&"?$(>#$:&*8&#<$&>7#"6>#*3&6":$4&&N)&*#&*,&8"#0&($3"(:&>8&"9,$(A>#*"8& >8:&,#>#$&#<$&($>,"84&

( ( \'&(%"&'&(A-&#'($'0A&C;'&5(#,C(#;%"0'25#%20,(/0'(A"#,H2,H(5&%%2,H5(#,C(2,"2<2%2,H(#-#'15R( \'&(%"&(5"2$·5(A'&B(#B#'&(0/(%"&(4#'20;5($'&55;'&(#-#'1($02,%5(#,C(0/(%"&('&[;2'&C(#A%20,5(2,(%"&( &4&,%(0/(#-#'15(<&2,H(#A%24#%&CR&

! !

B2'(D'/,
.5(%"&(&1&'H&,A>(5";%C0B,(NSU@O(5>5%&1(/;-->(0$&'#%20,#-R(

S8$&"(&6"($&($6"#$;=&3"8#(";;$:&$6$(@$83=&,<7#:"F8&A>;A$,&,<"7;:&9$&?("A*:$:&"8&#<$&,<*?&)"(&,<7##*8@& :"F8&;*G7*:&>8:&A>?"7(&3>(@"&#(>8,)$(&9$#F$$8&,<*?&>8:&,<"($4& -NEB&`4Q4I4I5& S8$&($6"#$;=&"?$(>#$:&$6$(@$83=&,<7#:"F8&A>;A$&,<"7;:&9$&?("A*:$:&>#&$>3<&3>(@"&<",$&3"88$3#*"8& *8&7,$4& -NEB&`4Q4\5&

! J*J?( ! &

( J*JD( !

\'&($&'50,,&-(#B#'&(0/(%"&('&[;2'&1&,%5(/0'(%"&(SU@(5>5%&1R(

B>(@"& ?76?,& >8:& 3"6?($,,"(,& ,<"7;:& 9$& >((>8@$:& #"& ,<7#:"F8& >7#"6>#*3>;;=& *)& #<$& $6$(@$83=& ,<7#:"F8&A>;A$,&($G7*($:&9=&`4Q4I4I&->9"A$5&>($&3;",$:&9=&#<$&$6$(@$83=&,<7#:"F8&,=,#$64& -NEB&`4Q4I4\5& !"#$%&D"376$8#>#*"8&67,#&;*,#&#<$&$G7*?6$8#&#<>#&F*;;&9$&$))$3#$:&9=&#<$&>3#*A>#*"8&")&>8&U2D4&

\'&(%"&'&(#%(-%(%B0('&10%&($052%20,5(B"&'&(%"&(SU@(5>5%&1(A#,(<&(1#,;#-->(#A%24#%&CR(

/<$&3"8#(";&,=,#$6&)"(&>;;&($G7*($:&$6$(@$83=&,<7#:"F8&A>;A$,&,<"7;:&9$&,"&>((>8@$:&#<>#&>;;&,73<&A>;A$,& 6>=& 9$& "?$(>#$:& 9=& ,*8@;$& 3"8#(";,& ,*#7>#$:& *8& >#& ;$>,#&#F"& ($6"#$&;"3>#*"8,& "8&#<$& ,<*?4& & S8$& ")&#<$,$& ;"3>#*"8,&,<"7;:&9$&*8&#<$&3"8#(";&?",*#*"8&"(&3>(@"&3"8#(";&(""64& -NEB&`4Q4^5&

( J*JF(

.5(%"&(SU@(5>5%&1(C&52H,&C(%0(/#2-(%0(5#/&(B"&,(#A%24#%&CR(

( J*JI(

.5(%"&(SU@(5>5%&1(%&5%&C($'20'(%0(A#'H0(%'#,5/&'(#,C(#'&('&A0'C5(1#2,%#2,&CR(

N8&#<$&$A$8#&")&>&;",,&")&?"F$(&"(&3"6678*3>#*"80&#<$&$6$(@$83=&,<7#M:"F8&,=,#$6&,<"7;:&9$&")&#<$&)>*;M 3;",$:&-3;",$:&"8&;",,&")&?"F$(5&#=?$&>8:&9$&3>?>9;$&")&;"3>;&6>87>;&3;",*8@&"?$(>#*"84& -NEB&`4Q4^5&

!"#$,%&B"(($3#&"?$(>#*"8&")&#<$&U2D&>3#*A>#*"8&67,#&9$&#$,#$:&?(*"(&#"&$A$(=&3>(@"&#(>8,)$(4&N#&*,&8"#& >33$?#>9;$&#<>#&#<$&"8;=&>3#*A>#*"8&?"*8#&*,&"?$(>#$:&)("6&#<$&B>(@"&B"8#(";&C""64&&U>3<&")&#<$&U2D& ?",*#*"8,&67,#&9$&"?$(>#$:&>#&;$>,#&"83$&$A$(=&IK&6"8#<,&>8:&>&?";*3=&67,#&9$&*8&?;>3$&)"(&$>3<&")&#<$& U2D,&#"&9$&"?$(>#$:&*8&("#>#*"8&?(*"(&#"&$A$(=&3>(@"&#(>8,)$(4&&

&

J*JJ( &

\'&( #--( 1#,2/0-C( 4#-4&5( #,C( %#,W( /2--2,H( 4#-4&5]( 2/( %"&>( /0'1( $#'%( 0/( %"&( &1&'H&,A>( 5";%C0B,( 5>5%&1](%&5%&C(#,C(%21&C(%0(A-05&(B2%"2,(=L(5&A0,C5R! U6$(@$83=&,<7#:"F8&A>;A$,&*8&;*G7*:&?*?*8@&,<"7;:&)7;;=&3;",$&78:$(&>;;&,$(A*3$&3"8:*#*"8,&F*#<*8&\H&,$3"8:,& ")&>3#7>#*"84&&N8)"(6>#*"8&>9"7#&#<$&3;",*8@&#*6$&")&#<$&A>;A$,&>8:&#<$*(&"?$(>#*8@&3<>(>3#$(*,#*3,&,<"7;:&


131 9$& >A>*;>9;$& "89">(:& >8:& #<$& 3;",*8@& #*6$& ,<"7;:& 9$& A$(*)*>9;$& >8:& ($?(":73*9;$4& & 273<& A>;A$,& ,<"7;:& 3;",$&,6""#<;=4& -NEB&`4Q4^5& &

B>(@"& ?76?,& >8:& 3"6?($,,"(,& ,<"7;:& 9$& >((>8@$:& #"& ,<7#:"F8& >7#"6>#*3>;;=& *)& #<$& $6$(@$83=& ,<7#:"F8&A>;A$,&>($&3;",$:&9=&#<$&$6$(@$83=&,<7#:"F8&,=,#$64& -NEB&`4Q4I4\5&

&

!"#$,%&&/<$&$6$(@$83=&,<7#:"F8&A>;A$&>#&#<$&6>8*)";:&6>=&9$&;"3>#$:&$*#<$(&*8,*:$&"(&"7#,*:$&#<$&<>8:& "?$(>#$:&6>8*)";:&A>;A$4&

&

S8&";:$(&A$,,$;,0&#<$&3>(@"&#>8P&A>;A$,&6>=&9$&?>(#&")&#<$&U2D4&S8&6":$(8&A$,,$;,&#<$=&>($&8"#4&/<$=&F*;;0& <"F$A$(&3;",$&*8&#<$&$A$8#&")&>3#7>#*"8&")&>&<*@<&;$A$;&>;>(64&&&&

! J*JK(

\'&(/;52<-&($-;H5(/2%%&C(0,(%"&(-2[;2C(C01&5(#,C(2,(%"&(42A2,2%>( 0/(%"&( 1#,2/0-C5(#,C(#'&(%"&>(2,( H00C(0'C&'R(

/<$& 3"8#(";& ,=,#$6& ,<"7;:& >;,"& 9$& ?("A*:$:& F*#<& )7,*9;$& $;$6$8#,& :$,*@8$:& #"& 6$;#& >#& #$6?$(>#7($,& 9$#F$$8& LWR& >8:& IH^R& B& F<*3<& F*;;& 3>7,$& #<$& $6$(@$83=& ,<7#:"F8& A>;A$,& #"& 3;",$4& & Y"3>#*"8,& )"(& ,73<& )7,*9;$&$;$6$8#,&,<"7;:&*83;7:$&#<$&#>8P&:"6$,&>8:&;">:*8@&,#>#*"8,4& -NEB&`4Q4^5& !"#$%&&R7,*9;$&$;$6$8#,&,<"7;:&8"#&9$&?>*8#$:&"A$(&>,&#<*,&6*@<#&>))$3#&#<$&#$6?$(>#7($&>#&F<*3<&#<$=&F*;;& "?$(>#$4&

! J*KL( ( J*K)(

./(%"&( 4&55&-(25(/2%%&C( B2%"(#('&-2[;&/#A%20,($-#,%]( B2--(%"25(<&(%'2$$&C(2,(%"&(&4&,%(0/(#A%24#%20,(0/( %"&(SU@R( Z"2-5%( ';,,2,H( #%( 5&#]( 25( %"&( 5&A0,C#'>( %#,W( $'&55;'&( 1#,#H&1&,%( 5>5%&1( 5;//2A2&,%( %0( "#,C-&( %"&(H#5(40-;1&(2,(%"&(&4&,%(0/(#(5";%(C0B,(0/(%"&('&-2[;&/#A%20,(5>5%&1R( !"#$%&N#&*,&>,,76$:&*8&?"(#&#<>#&#<$&A$,,$;&F*;;&9$&>9;$&#"&<>8:;$&#<$&@>,&@$8$(>#$:&9=&9"*;&"))&9=&($#7(8*8@& #"& ,<"($4& f<*;,#& >#& ,$>& #<$& 7,$& ")& #<$& @>,& 3"697,#*"8& 78*#& "(& "#<$(& ,*6*;>(& 6$#<":,& F*;;& 9$& 8$3$,,>(=& #"& >A"*:&A$8#*8@4&

! J*K7( !

.5(A-&#'(H;2C#,A&($05%&C(#5(%0(%"&(#;%"0'2%>(%0(04&''2C&(#-#'15(#,C(SU@(%'2$5R(!

"-/*+.>8!E((-/D'2'/)50! J*K=( (

\'&(A#'H0(#,C(4#$0;'(1#,2/0-C(#''#,H&1&,%5(5#%25/#A%0'>R(

1RWH 5HIHU WR ´5HFRPPHQGDWLRQV IRU 0DQLIROGV IRU 5HIULJHUDWHG /LTXHILHG *DV &DUULHUV /1* 8:& U:& µ

&

J*K?( ( J*KD( J*KF( &

.5(%"&(1#,2/0-C(#'&#(A-&#'(0/(0<5%';A%20,5(B"2A"(A0;-C(2,%&'/&'&(B2%"(%"&(#;%01#%2A('&-&(0/(#( "#'C(#'1R( @0&5( %"&( 1#,2/0-C( #''#,H&1&,%( $'042C&( /0'( 5#/&( #AA&55( /0'( A0,,&A%20,( #,C( C25A0,,&A%20,( 0/( A#'H0(-2,&5R( ! \'&(4252<-&(1&#,5($'042C&C(%0('&5%'2A%(#AA&55(%0(%"&(1#,2/0-C(#'&#(C;'2,H(A#'H0(0$&'#%20,5R( !"#$%&&!"8M$,,$8#*>;&?$(,"88$;&,<"7;:&9$&P$?#&3;$>(&")&#<$&6>8*)";:&>($>&:7(*8@&3>(@"&"?$(>#*"8,4&

J*KI(

! \'&( 1#,2/0-C( $'&55;'&( H#;H&5( /2%%&C( 0;%<0#'C( 0/( %"&( 1#,2/0-C( 4#-4&5( #,C( #'&( %"&>( 2,( H00C( 0'C&'R(

( J*KJ( &

\'&(%"&(0//5"0'&(1#,2/0-C5('&H;-#'->(A"&AW&C(C;'2,H(A#'H0(%'#,5/&'(/0'(1#,2/0-C(4#-4&(-&#W#H&R(

( J*KK( &

!"#$%&/<$& ")),<"($& 6>8*)";:,& "8& Y!E& 3>((*$(,& >($& ")#$8& ?($,,7(*,$:& F*#<& 8*#("@$8&>8:& *#& *,&8"(6>;&#<>#&#<$& ,?>3$& 9$#F$$8& #<$& 6>8*)";:& A>;A$,& >8:& #<$& );>8@$,& >($& 78:$(& ?($,,7($4& & N8:*3>#*"8,& ")& ;$>P>@$& >($& *8:*3>#$:&9=&)(",#*8@0&8"#&?($,,7($4&&&

\'&(#--(/-#,H&(A0,,&A%20,5(/;-->(<0-%&CR(

!"#$%&&/<*,&*83;7:$,&>8=&;*8$&F<*3<&*,&9$*8@&7,$:&)"(0&"(&6*@<#&9$3"6$&?($,,7(*,$:&:7(*8@0&3>(@"&"?$(>#*"8,& "8&9"#<&,*:$,&")&#<$&A$,,$;4&

( J*)LL( \'&(1#,2/0-C(<-#,W(/-#,H&5(0/(#,(&[;24#-&,%('#%2,H(%0(%"#%(0/(%"&(1#,2/0-C($2$&-2,&5R( &

!"#$,%&&N#&*,&@$8$(>;;=&>33$?#$:&#<>#&,#$$;&9;>8P,&,<"7;:&9$&")&#<$&,>6$&#<*3P8$,,&>,&#<$&);>8@$,&#"&F<*3<& #<$=&>($&>##>3<$:0&97#&#<*,& F*;;&8"#&8$3$,,>(*;=&($,7;#&*8&#<$&?($,,7($&3>?>9*;*#=&9$*8@&#<$&,>6$&>,&#<>#&")& #<$&>,,"3*>#$:&?*?$F"(P4&


132 &

N#&*,&#<$&?($,,7($&(>#*8@&")&#<$&9;>8P&F<*3<&*,&*6?"(#>8#&>8:&9;>8P,&6>:$&")&6>#$(*>;,&,73<&>,&#*#>8*76&<>A$& >&,7?$(*"(&,#($8@#<&>8:&6>=&#<$($)"($&9$&,*@8*)*3>8#;=&#<*88$(&)"(&#<$&,>6$&?($,,7($&(>#*8@&>,&>&6*;:&,#$$;& 9;>8P4&&N)&,73<&>&9;>8P&*,&)*##$:0&#<$($&67,#&9$&:"376$8#>#*"8&"8&9">(:&#"&?("A$&#<>#&#<$&?($,,7($&(>#*8@&*,& >:$G7>#$&)"(&#<$&,$(A*3$4&

( J*)L)( \'&(%"&(1#,2/0-C(4#-4&5(#,C(-2,&5(A-&#'->(1#'W&C(#5(%0(B"&%"&'(%"&>(#'&(-2[;2C(0'(4#$0;'R( ( J*)L7( \'&(%"&(1#,2/0-C5(/2%%&C(B2%"(C'#2,(-2,&5(#,C($;'H&($02,%5(#,C(#'&(%"&>(4#-4&C(#,C(A#$$&CR( ( J*)L=( \'&(%"&(1#,2/0-C(5%'#2,&'5(,0%(<&2,H(<>T$#55&CR( (

!"#$%& & .>8*)";:& ,#(>*8$(,& 6>=& 9$& )*##$:& >#& #<$& "?#*"8& ")& #<$& #$(6*8>;& "(& #<$& A$,,$;4& & /<$& ?("A*,*"8& ")& #<$& ,#(>*8$(,&6>=&9$&9=&#<$&#$(6*8>;&"(&9=&#<$&A$,,$;4&

( J*)L?( \'&(_3+(5$2--(#''#,H&1&,%5(#C&[;#%&R(

f<$($&;$>P>@$&6>=&9$&>8#*3*?>#$:0&,73<&>,&>#&,<"($&3"88$3#*"8,&?("#$3#*"8&)"(&#<$&<7;;&9$8$>#<&,<"7;:& 9$&?("A*:$:4& -NEB&`4K4I4\5&

! J*)LD( .5(%"&(04&'<0#'C(B#%&'(5$'#>(A;'%#2,(2,(;5&R! &

!"#$%& #<$& 37(#>*8& ,<"7;:& ?(":73$& >:$G7>#$& F>#$(& 3"A$(>@$& ")& #<$& >($>& 9$8$>#<& #<$& 6>8*)";:& >($>0& F*#<"7#&@$8$(>#*8@&$+3$,,&,?(>=4!

! J*)LF(( .5(%"&(1#,2/0-C(C'2$(%'#>(#'&#(C&52H,&C(%0(<&(-0#C(<&#'2,HR( ( !"#$%& & /<$& 6>8*)";:& @(>#*8@,& 67,#& 9$& ")& ,7))*3*$8#& ,#($8@#<& #<>#& *8& #<$& $A$8#& ")& >& ;">:*8@& >(6& :(=& 9($>P& 3"7?;*8@&($;$>,*8@0&#<$&($,7;#*8@&;">:&F*;;&8"#&:*,#"(#&"(&:>6>@$&#<$&@(>#*8@,4&

&

J*)LI(( \'&(%"&(1#,2/0-C(C'2$(%'#>5(5&-/(C'#2,2,HR( &

!"#$%&Y>(@$&>33767;>#*"8,&")&F>#$(&67,#&9$&>A"*:$:0&>&F>#$(&;>=$(_9;>8P$#&*8&#<$&:(*?&#(>=&,<"7;:&8"#&9$& 7,$:4!

! J*)LJ(( @;'2,H(%"&(C25A0,,&A%20,(0/(%"&(-0#C2,H(#'15(#'&(%"&(A'&B(#B#'&(0/(%"&("#c#'C5('&-#%&C(%0( %"&( $;'H2,H(0/(-2[;2C(/'01(%"&(#'15(42#(%"&(C'#2,(A0AW5R( &

!

!

$-+')
27*#>9;$& ?("#$3#*A$& $G7*?6$8#& *83;7:*8@& $=$& ?("#$3#*"8& ,<"7;:& 9$& ?("A*:$:& )"(& ?("#$3#*"8& ")& 3($F& 6$69$(,&$8@>@$:&*8&;">:*8@&>8:&:*,3<>(@*8@&"?$(>#*"8,0& -NEB&I^4I5&

( J*))L( \'&(%"&'&(#%(-%(%B0(A01$-&%&(5&%5(0/(5#/&%>(&[;2$1&,%(0,(<0#'C(#,C(#'&(%"&>(2,(H00C(0'C&'R(

27))*3*$8#0&97#&8"#&;$,,&#<>8&#F"&3"6?;$#$&,$#,&")&,>)$#=&$G7*?6$8#&*8&DGGLWLRQWRWKHILUHPHQ·VRXWILWVHDFK ?$(6*##*8@&?$(,"88$;&#"&$8#$(&>8:&F"(P&*8&>&@>,M)*;;$:&,?>3$0&,<"7;:&9$&?("A*:$:4& S8$&3"6?;$#$&,$#&")&,>)$#=&$G7*?6$8#&,<"7;:&3"8,*,#&")%& x S8$&,$;)&3"8#>*8$:&>*(M9($>#<*8@&>??>(>#7,&<>A*8@&>&3>?>3*#=&")&>#&;$>,#&I0KHH&;*#($,&")&)($$&>*(d& x '("#$3#*A$&3;"#<*8@0&9""#,0&@;"A$,&>8:&#*@<#M)*##*8@&@"@@;$,d& x 2#$$;M3"($:&($,37$&;*8$&F*#<&9$;#d&>8:& x U+?;",*"8&?("")&;>6?4& & & & & & &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&-NEB&I^4K4K5&

O8&>:$G7>#$&,7??;=&")&3"6?($,,$:&>*(&,<"7;:&9$&?("A*:$:&>8:&,<"7;:&3"8,*,#&$*#<$(&")%& x x x x

S8$&,$#&")&)7;;=&3<>(@$:&,?>($&>*(&3=;*8:$(,&)"(&$>3<&9($>#<*8@&>??>(>#7,d& O&,?$3*>;&>*(&3"6?($,,"(&,7*#>9;$&)"(&#<$&,7??;=&")&<*@*(&")&#<$&($G7*($:&?7(*#=d&>8:& O&3<>(@*8@&6>8*)";:&3>?>9;$&")&:$>;*8@&F*#<&,7))*3*$8#&,?>($&9($>#<*8@&>??>(>#7,&>*(&3=;*8:$(,&)"(& #<$&9($>#<*8@&>??>(>#7,d&"(& R7;;=& 3<>(@$:& ,?>($& >*(& 3=;*8:$(,& F*#<& >& #"#>;& )($$& >*(& 3>?>3*#=& ")& >#& ;$>,#& Q0HHH& ;*#($,& )"(& $>3<& 9($>#<*8@&>??>(>#7,4& & & & & & &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&-NEB&I^4K4\5&

( J*)))( ./( %"&( 4&55&-( "#5( #( A#'H0( A#$#A2%>( H'&#%&'( %"#,( D]LLL( 1=]( 25( %"&( #CC2%20,#-( /2'&1&,·5( 0;%/2%( A#''2&CR( © Copyright OCIMF 2011. All rights reserved. 132

133 !

(YHU\VKLSFDUU\LQJIODPPDEOHSURGXFWVVKRXOGFDUU\ILUHPHQ·VRXWILWVFRPSO\LQJZLWK62/$6DVIROORZV& x `0HHH&6G&>8:&9$;"F%& ^&"7#)*#,d& x O9"A$&`0HHH&6G%&! `&"7#)*#,4&& & & & &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&-NEB&II4Q4I5&

( J*))7( .5(%"&(5#/&%>(&[;2$1&,%(A0''&A%->(-0A#%&CR( ! /<$& ?("#$3#*A$& $G7*?6$8#& >8:& ,>)$#=& $G7*?6$8#& ,<"7;:& 9$& P$?#& *8& ,7*#>9;$0& 3;$>(;=& 6>(P$:& ;"3P$(,& ;"3>#$:&*8&($>:*;=&>33$,,*9;$&?;>3$,4&

-NEB&I^4K4`5&

( J*))=( .5( %"&( 5#/&%>( &[;2$1&,%( '&[;2'&C( <>( %"&( .+!( !0C&( &V#12,&C( <>( #,( &V$&'%( #,,;#-->( #,C( #'&( '&A0'C5(#4#2-#<-&R( ! /<$& 3"6?($,,$:& >*(& $G7*?6$8#& ,<"7;:& 9$& *8,?$3#$:&>#&;$>,#& "83$& >& 6"8#<& 9=& >& ($,?"8,*9;$& "))*3$(& >8:&

#<$& *8,?$3#*"8& ($3"(:$:& *8& #<$& VKLS·V ORJ ERRN DQG LQVSHFWHG DQG WHVWHG E\ DQ H[SHUW DW OHDVW RQFH D =$>(4& -NEB&I^4K4Q5&

&

1RWH $Q ¶H[SHUW· PD\ EH D PHPEHU RI WKH FUHZ SURYLGHG WKH\ KDYH DWWHQGHG UHOHYDQW FRXUVHV DQG <>A$&:"376$8#>#*"8&>A>*;>9;$&#"&?("A$&*#4&273<&3"7(,$,&67,#&9$&3"6?($<$8,*A$0&<>8:,M"8&>8:&3"A$(&>;;& >,?$3#,&")&*8,?$3#*"8&>8:&#$,#*8@&")&#<$&$G7*?6$8#4&&

! J*))?( .5(%"&(5#/&%>(&[;2$1&,%(2,5$&A%&C(0,(<0#'C(10,%"->(#,C(#'&('&A0'C5(#4#2-#<-&R( ( /<$& 3"6?($,,$:& >*(& $G7*?6$8#& ,<"7;:& 9$& *8,?$3#$:&>#&;$>,#& "83$& >& 6"8#<& 9=& >& ($,?"8,*9;$& "))*3$(& >8:& WKHLQVSHFWLRQUHFRUGHGLQWKHVKLS·VORJERRN&

-NEB&I^4K4Q5&

( J*))D( .5(%"&(/2V&C(A"&12A#-(C'>($0BC&'(5>5%&1('&#C>(/0'(;5&(#,C(2,(H00C(0'C&'R(

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

( J*))F( .5(%"&(B#%&'(5$'#>(5>5%&1(2,(H00C(0'C&'R(

S8& ,<*?,& 3>((=*8@& );>66>9;$& "(& #"+*3& ?(":73#,& "(& 9"#<0& >& F>#$(M,?(>=& ,=,#$6& )"(& 3"";*8@0& )*($& ?($A$8#*"8& >8:&3($F&?("#$3#*"8&,<"7;:&9$&*8,#>;;$:&#"&3"A$(%& x U+?",$:&3>(@"&#>8P&:"6$,&>8:&>8=&$+?",$:&?>(#,&")&3>(@"&#>8P,d& x U+?",$:&"8M:$3P&,#"(>@$&A$,,$;,&)"(&);>66>9;$&"(&#"+*3&?(":73#,d& x B>(@"& ;*G7*:& >8:& A>?"7(& :*,3<>(@$& >8:& ;">:*8@& 6>8*)";:,& >8:& #<$& >($>& ")& #<$*(& 3"8#(";& A>;A$,& >8:& >8=& "#<$(& >($>,& F<$($& $,,$8#*>;& 3"8#(";& A>;A$,& >($& ,*#7>#$:& >8:& F<*3<& ,<"7;:& 9$& >#& ;$>,#& $G7>;&#"&#<$&>($>&")&#<$&:(*?&#(>=,d&>8:& x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aa;$,4& /<$& ,=,#$6& ,<"7;:& 9$& #$,#$:& ?$(*":*3>;;=& #"& $8,7($&?("?$(&"?$(>#*"8&>8:&,73<&#$,#,&,<"7;:&9$&?>(#&")&#<$&?;>88$:&6>*8#$8>83$&,=,#$6&F*#<&($3"(:,& 6>*8#>*8$:&#"&A$(*)=&,>#*,)>3#"(=&"?$(>#*"84&&

( J*))I( \'&(%"&(A#'H0(5$#A&(510%"&'2,H(5>5%&15(2,(H00C(0'C&'R(

O8& >??("?(*>#$& )*($& )*@<#*8@& ,=,#$6& >??("A$:& 9=& #<$& O:6*8*,#(>#*"8& ,<"7;:& ?("#$3#& #<$,$& ,?>3$,& *8& ,<*?,& :$:*3>#$:&#"&#<$&3>((*>@$&")&>&($,#(*3#$:&8769$(&")&3>(@"$,4& -NEB&II4`5&

!

&-(D.!V.5'50& J*))J( ./(%"&(4&55&-(;5&5(2%5(0B,(A#'H0("05&5(#'&(%"&>(2,(H00C(0'C&'R( & !"#$,%& [",$,& 67,#& 9$& ?("#$3#$:& )("6& ,78;*@<#& >8:& F$>#<$(& >8:& P$?#& 3"A$($:& $+3$?#& F<$8& *8& 7,$4&& &

R;>8@$,&67,#&9$&)*##$:&#"&$>3<&$8:&$>3<&>8:&#<$&<",$,&3<>(@$:&*8#$(8>;;=&F*#<&8*#("@$84&&[",$,&67,#&9$& )($$&")&A*,7>;&:>6>@$0&>9(>,*"80&3(*6?,&"(&3(7,<$:&>($>,&>8:&#<$&);>8@$&,$>;*8@&,7()>3$&)($$&")&:>6>@$4 (

J*))K( \'&(%"&("05&5($'&55;'&(%&5%&C(2,(#AA0'C#,A&(B2%"(%"&('&[;2'&1&,%(0/(%"&(.+!R( &

U>3<&8$F&;$8@#<&")&3>(@"&<",$&?(":73$:&,<"7;:&9$&<=:(",#>#*3>;;=&#$,#$:&>#&>69*$8#&#$6?$(>#7($&#"&>& ?($,,7($&8"#&;$,,&#<>8&I4`&#*6$,&*#,&,?$3*)*$:&6>+*676&F"(P*8@&?($,,7($&8"(&6"($&#<>8&#F"&)*)#<,&*#,&97(,#*8@&


134 ?($,,7($4&/<$&<",$&,<"7;:&9$&,#$83*;;$:&"(&"#<$(F*,$&6>(P$:&F*#<&*#,&,?$3*)*$:&6>+*676&F"(P*8@& ?($,,7($& >8:0&*)&7,$:&*8&"#<$(&#<>8&>69*$8#&#$6?$(>#7($&,$(A*3$,0&*#,&6>+*676&"(&6*8*676&,$(A*3$&#$6?$(>#7($&"(& 9"#<4&/<$&,?$3*)*$:&6>+*676&F"(P*8@&?($,,7($&,<"7;:&8"#&9$&;$,,&#<>8&IH&9>(&@>7@$4&&&&&&&&&&&&&&&&&&&-NEB&`4X4\5&

( J*)7L( .5(#('&A0'C(0/(#--("05&(%&5%5(#,C(2,5$&A%20,5(1#2,%#2,&C(0,(<0#'CR( & &

(

&!"#$%& B>(@"& <",$,& "8& Y!E& 3>((*$(,& 67,#& 9$& ?($,,7($& #$,#$:& ?(*"(& #"& $>3<& 7,$4& & U>3<& <",$& ,<"7;:& 9$& 6>(P$:&F*#<&#<$&#$,#&:>#$&>8:&9$&*8:*A*:7>;;=&8769$($:&)"(&*:$8#*)*3>#*"8&?7(?",$,4&

!

&-(D.!X*+)*/D!B?7*62'/)0! J*)7)( \'&(#--(A#'H0(C&''2AW5](A'#,&5(#,C(0%"&'(-2/%2,H(&[;2$1&,%($'0$&'->(1#'W&C(#,C("#4&($&'20C2A#-( %&5%2,H(#,C(2,5$&A%20,(<&&,(A#''2&C(0;%R( !"#$,%& & B>(@"& ;*)#*8@& $G7*?6$8#& ,<"7;:& 9$& ;">:& #$,#$:& $A$(=& )*A$& =$>(,& >8:& #<"("7@<;=& $+>6*8$:& 9=& >& 3"6?$#$8#&?$(,"8&>887>;;=4&&S#<$(&;*)#*8@&$G7*?6$8#&*,&8"#&($@7;>#$:&$+3$?#&>,&7,7>;;=&($G7*($:&9=&3;>,,0& 97#&,<"7;:&9$&#$,#$:&>8:&$+>6*8$:&78:$(&>&,*6*;>(&($@*6$4&&/<$&6*8*676&2fY&)"(&F<*3<&#$,#*8@&*,&($G7*($:& *,&"8$&#"88$&-I0HHH&P@,54& &O& B<>*8& C$@*,#$(& *,& 8"#& ($G7*($:0& 97#& :"376$8#>#*"8& ,7??"(#*8@& #$,#*8@0& $+>6*8>#*"8& >8:& 6>*8#$8>83$& #<>#&)";;"F,&#<$&SBN.R&'79;*3>#*"8&C$3"66$8:>#*"8,&)"(&#<$&/>@@*8@_Y>9$;*8@0&/$,#*8@&>8:&.>*8#$8>83$0& D"376$8#>#*"8_B$(#*)*3>#*"8&)"(&2<*?,·&Y*)#*8@&UG7*?6$8#&,<"7;:&9$&6>*8#>*8$:4&

( ( ( J*)77( \'&(B2,A"&5(#550A2#%&C(B2%"(-2/%2,H(&[;2$1&,%(2,(H00C(0'C&'R(

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·& Y*)#*8@& UG7*?6$8#& ,<"7;:&9$&6>*8#>*8$:4&

!

$=*6!).!$=*6!%(-/5+'(!96'(-)*./5! N)& #<$& A$,,$;& *,& $G7*??$:& F*#<& ,?$3*>;*,$:& $G7*?6$8#& )"(& ($@7;>(& ,<*?M#"M,<*?& #(>8,)$(& "?$(>#*"8,& ,73<& >,& )$8:$(,&>8:&3>(@"&<",$,0&#<$&)>3#&,<"7;:&9$&($3"(:$:&*8&O::*#*"8>;&3"66$8#,4&N)&#<$&A$,,$;&*,&!S/&7#*;*,$:& )"(&($@7;>(&3"66$(3*>;&,<*?M#"M,<*?&3>(@"&#(>8,)$(0&V7$,#*"8,&W4IK\M&IKX&67,#&9$&>8,F$($:&c!Oc4& &

J*)7=( .5(%"&(&[;2$1&,%(;5&C(/0'(5"2$T%0T5"2$(%'#,5/&'(0/(_3+(%>$&T#$$'04&CR( ( J*)7?( $UHRSHUDWRU·VSURFHGXUHVSURYLGHGIRUVKLST%0T5"2$(0$&'#%20,5R( ! !"#$%& '("3$:7($,& ,<"7;:& )";;"F& #<$& ($3"66$8:>#*"8,& ")& #<$& SBN.R_NB2& 2/2& /(>8,)$(& E7*:$& -Y*G7$)*$:& E>,$,54&

( J*)7D( \'&(5;//2A2&,%(A-05&C(/#2'-&#C5(#,C(100'2,H(<2%%5($'042C&CR(

N#& *,& ($3"66$8:$:& #<>#& >;;& )>*(;$>:,& 7,$:& :7(*8@& 2/2& #(>8,)$(& "?$(>#*"8,& >($& ")& >8& $83;",$:& #=?$4& & 273<& )>*(;$>:,&,<"7;:&9$&,#("8@&$8"7@<&#"&#>P$&#<$&>8#*3*?>#$:&6""(*8@&;">:,&>8:&;>(@$&$8"7@<&#"&>;;"F&#<$& 6""(*8@&;*8$&-?;7,&>8=&,")#&("?$&>8:&#>3P;$5&#"&?>,,&#<("7@<&3"6)"(#>9;=4& -2/2&E7*:$&IH4\4^5& N#&<>,&9$$8&)"78:&#<>#&$83;",$:&)>*(;$>:,&>8:&9*##,&)"(&,?(*8@&;*8$,&8$$:&#"&9$&?",*#*"8$:&8"&6"($&#<>8&\`& 6$#($,&)"(F>(:&>8:&>)#&")&#<$&3>(@"&6>8*)";:4& -2/2&E7*:$&IH4\4^5& N#& *,& ($3"66$8:$:& #<>#& >;;&#>8P$(,& 9$& )*##$:& F*#<& >8& >((>=& ")& 6""(*8@& 9*##,& ")& ,7))*3*$8#& ,#($8@#<& "8& $>3<& ,*:$&")&#<$&,<*?4& -2/2&E7*:$&IH4\4`5&

( J*)7F( \'&(5"2$T%0T5"2$(%'#,5/&'(A"&AW-25%5(A01$-&%&CR(

/<$& 3<$3P;*,#,& ,<"7;:& 9$& 7,$:& 8"#& "8;=& >#& #<$& #*6$& ")& #(>8,)$(& 97#& >;,"& F<$8& "(@>8*,$(,& >($& ?;>88*8@& >8& "?$(>#*"84&&O:<$($83$&#"&3<$3P&;*,#&?("3$:7($,&F*;;&$8,7($&#<>#&#<$&6",#&$,,$8#*>;&>,?$3#,&")&>8&"?$(>#*"8& >($&3"A$($:4&&/<$&3<$3P;*,#,&>($%& I&M&?($M)*+#7($&*8)"(6>#*"8d& K&M&9$)"($&"?$(>#*"8,&3"66$83$d& \&M&9$)"($&(78M*8&>8:&6""(*8@d& ^&M&9$)"($&3>(@"&#(>8,)$(d&>8:& `&M&9$)"($&786""(*8@4& -2/2&E7*:$&\4K&>8:&O??$8:*+&I5&


135 J*)7I( ./(#(5"2$T%0T5"2$(%'#,5/&'(B#5(2,($'0H'&55(C;'2,H(%"&(2,5$&A%20,](B#5(2%(A0,C;A%&C(2,(#AA0'C#,A&( B2%"(%"&('&A011&,C#%20,5(0/(%"&(:!.9GX.!U(UMU(M'#,5/&'(+;2C&(N_2[;&/2&C(+#5&5OR( ! \CC2%20,#-(A011&,%56( N)&#<$&N8,?$3#"(&<>,&3"66$8#,&*8&($,?$3#&")&#<$&,79g$3#&6>##$(&3"A$($:&9=&#<$&B<>?#$(&>::*#*"8>;&#"&#<",$&F<*3<& #<$&N8,?$3#"(&6>=&6>P$&*8&($,?"8,$&#"&#<$&,?$3*)*3&G7$,#*"8,&*8&#<$&B<>?#$(0&#<$&N8,?$3#"(&,<"7;:&*83;7:$&,73<& >::*#*"8>;&3"66$8#,&*8&#<*,&,$3#*"84!

!

!


136

!"#$%&'(K*(((900'2,H( 1RWHV 7KH 2&,0) SXEOLFDWLRQV ¶B++',)*;'! "..(*/D· ¶"..(*/D! B?7*62'/)! H7*8'>*/'5A! E/,=.(*/D! $<5)'25! -/8! C(.,'87('5·DQG¶H7*8'>*/'5!./!)='!#5'!.+!V*D=!".87>75!$#*"8&"8&>;;&>,?$3#,&")&6""(*8@&$G7*?6$8#&>8:&"?$(>#*"8,4& B"66"8&3>7,$,&")&>33*:$8#,&>($&>8&*8>:$G7>#$&78:$(,#>8:*8@&")&@"":&6""(*8@&?(>3#*3$,0&78>##$8:$:&6""(*8@& ;*8$,0&>&6*+#7($&")&F*($&>8:&8"8MF*($&6""(*8@,0&789>;>83$:&6""(*8@&>((>8@$6$8#,0&?""(&G7>;*#=&")&6""(*8@&;*8$,0& ?""(&6>*8#$8>83$&")&6""(*8@&$G7*?6$8#0&*8,7))*3*$8#&P8"F;$:@$&")&;"3>;&3"8:*#*"8,0&*8>##$8#*"8&#"&F$>#<$(&>8:& #*:>;&3"8:*#*"8,&>8:&?>,,*8@&#(>))*34

&

!

"..(*/D!'?7*62'/)!8.,72'/)-)*./0! K*)( &

\'&(A&'%2/2A#%&5(#4#2-#<-&(/0'(#--(100'2,H('0$&5(#,C(B2'&5R(

!"#$%&&O&)*;$&,<"F*8@&#<$&;"3>#*"8,&")&#<$&F*83<$,&,<"7;:&9$&6>*8#>*8$:4&/$,#&3$(#*)*3>#$,&)"(&6""(*8@&;*8$,0& .>8:$;_/"8,9$(@&,<>3P;$,&>8:&,=8#<$#*3&#>*;,&,<"7;:&9$&P$?#&*8&>&)*;$&3;$>(;=&,<"F*8@&#"&F<*3<&F*83<&$>3<& ?>(#*37;>(&3"6?"8$8#&<>,&9$$8&)*##$:4&

&

K*7(

@0(#--(100'2,H('0$&5(#,C(B"&'&(/2%%&C](100'2,H(B2'&(%#2-5](1&&%(:!.9G(H;2C&-2,&5R(

.""(*8@& ;*8$,& ,<"7;:& ?($)$(>9;=& >;;& 9$& ")& #<$& ,>6$& 6>#$(*>;& >8:& 3"8,#(73#*"84& C"?$,& F*#<& ;"F& $;>,#*3& HORQJDWLRQ SURSHUWLHV DUH UHFRPPHQGHG IRU ODUJHU WDQNHUV DV WKH\ OLPLW WKH WDQNHU·V PRYHPHQW DW WKH 9$(#<4&&[*@<&6":7;7,&,=8#<$#*3&)*9($&("?$,&>($&>&A*>9;$&($?;>3$6$8#&)"(&F*83(@$&#>8P$(,&>#&#$(6*8>;,0&"#<$(&#<>8&,*8@;$&?"*8#&6""(*8@,4&&C$3"66$8:>#*"8,&"8&#<$*(&7,$& DUHFRQWDLQHGLQWKH2&,0)SXEOLFDWLRQ¶*XLGHOLQHVRQWK$&b,$&")&[*@<&.":7;7,&2=8#<$#*3&R*9($&C"?$,&>,& 0RRULQJ/LQHVRQ/DUJH7DQNHUV·& & & & & & & & -N2ES//&K\4^4I5& f<$($& :=8>6*3& -,<"3P5& ;">:*8@& "8& 6""(*8@,& 3>8& 9$& 3>7,$:& 9=& ,F$;;& 3"8:*#*"8,& "(& #<$&3;",$& ?>,,*8@& ")& ,<*?,0&)*9($&#>*;,&"8&#<$&$8:,&")&6""(*8@&F*($,&>8:&<*@<&6":7;7,&,=8#<$#*3&)*9($&6""(*8@&("?$,&3>8&?("A*:$& ,7))*3*$8#& $;>,#*3*#=& #"& ?($A$8#& )>*;7($& ")& #<$& 6""(*8@& >8:& "#<$(& 3"6?"8$8#,& *8& #<$& 6""(*8@& ,=,#$64& & /<$& #>8P$(& "(& #<$& #$(6*8>;& 6>=& ?("A*:$& #<$& #>*;,0& F<",$& ;$8@#<& ,<"7;:& 8"#& $+3$$:& "8$& #<*(:& ")& #<$& :*,#>83$& EHWZHHQWKHVKLS·VIDLUOHDGDQGWKHVKRUHPRRULQJEROODUGH! ! ! ! -N2ES//&K\4^4I5& O8=&6>#$(*>;&<>A*8@&6":$(>#$&#"&<*@<&$;>,#*3*#=&*,&,7*#>9;$&)"(&#<$&6>87)>3#7($&")&#>*;,4&&B"66"8&6>#$(*>;,& *83;7:$&?";=$,#$(0&?";=$,#$(_?";=";$)*8&3"6?",*#$,&>8:&?";=>6*:$4&&/"&*83($>,$&)>#*@7$&;*)$&>8:&,#($8@#<0&*#& *,& ($3"66$8:$:& #<>#& #>*;,& >($& #"(G7$& 6>#3<$:& #"& #<$& 6>*8& ;*8$4& & 2=8#<$#*3& #>*;,& ,<"7;:& <>A$& >8& .TY& >#& ;$>,#&K`p&<*@<$(&#<>8&#<>#&")&#<$&6""(*8@&;*8$&#"&F<*3<&#<$=&>($&>##>3<$:4&&'";=>6*:$&#>*;,&,<"7;:&<>A$&>& \Xp&<*@<$(&.TY&#<>8&#<$&6""(*8@&;*8$&#"&#>P$&>33"78#&")&;",,&")&,#($8@#<&F<$8&F$#4&& &-.UE&Q4`4I5& & '";=>6*:$&*,&?($A*"7,;=&($)$(($:&#"&>,&!=;"8&>8:&*#&;",$,&IHMI`p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`4K5& & />*;,& ,<"7;:& 9$& ($?;>3$:& >#& ;$>,#& $A$(=& IW& 6"8#<,& 78;$,,& $+?$(*$83$& >8:& <"7(,& *8& 7,$& 3"7?;$:& F*#<& *8,?$3#*"8&*8:*3>#$,&>&;"8@$(&"(&,<"(#$(&?$(*":&*,&F>((>8#$:4&&O&($3"(:&")&,$(A*3$&,<"7;:&9$&6>*8#>*8$:&#<>#& *83;7:$,&#*6$&*8&7,$&>8:&*8,?$3#*"8&($,7;#,4&&/>*;,&,<"7;:&9$&($?;>3$:&?(*"(&#"&#<$*(&($,*:7>;&,#($8@#<&)>;;*8@&#"& QHp&")&#<$*(&"(*@*8>;&.TY4&&& & & & & & & & -.UE&Q4`4\5& & !"#$,%&/<$&IW&6"8#<&?$(*":&6$8#*"8$:&>9"A$&*,&9>,$:&7?"8&#<$&>3#7>;&#*6$&*8&7,$&"8&>8&>A$(>@$&,<*?&*8& >A$(>@$&#(>:$4&/<$&*6?"(#>8#&)>3#"(&*,&#<>#&>8&*8,?$3#*"8_>,,$,,6$8#&?("@(>66$&*,&*8&?;>3$&-F*#<&($3"(:,54&& & /<$&7,$&")&?(*6>(*;=&?";=$,#$(&9;$8:,&>,&"??",$:&#"&8=;"8&,<"7;:&9$&>33$?#>9;$0&9>,$:&"8&$+*,#*8@&SBN.R& @7*:>83$&"8&#<$&)*9($&?("?$(#*$,4& & & &


137 K*=!

./( 0,&( 0'( 10'&( <0B( 5%0$$&'5( #'&( /2%%&C( 25( #( A&'%2/2A#%&( #%%&5%2,H( %0( %"&( 5#/&( B0'W2,H( -0#C( $'042C&CR( /<$&,<*?&,<"7;:&<";:&>&FRS\RIWKHPDQXIDFWXUHU·VW\SHM>??("A>;&3$(#*)*3>#$&)"(&#<$&9"F&3<>*8&,#"??$(-,5& 3"8)*(6*8@&#<>#&#<$&9"F&3<>*8&,#"??$(-,5&>($&3"8,#(73#$:&*8&,#(*3#&3"6?;*>83$&F*#<&>&($3"@8*,$:&,#>8:>(:& #<>#&,?$3*)*$,&2fY0&=*$;:&,#($8@#<&>8:&,>)$#=&)>3#"(,4&

& /<$& ,<*?,& ,<"7;:& >;,"&<";:&>& 3$(#*)*3>#$& >##$,#*8@&#"&#<$& ,#($8@#<& ")&#<$& 9"F& 3<>*8& ,#"??$(-,5& )"78:>#*"8,& >8:&>,,"3*>#$:&,<*?&,7??"(#*8@&,#(73#7($&,79,#>8#*>#$:&9=&:$#>*;$:&$8@*8$$(*8@&>8>;=,*,&"(&3>;37;>#*"84& & T"F&3<>*8&,#"??$(,0&>,,"3*>#$:&)"78:>#*"8&>8:&,7??"(#*8@&,#(73#7($&,<"7;:&9$&,79g$3#&#"&?$(*":*3&,7(A$=0& >#&;$>,#&"83$&$A$(=&`&=$>(,0&>8:&6>*8#>*8$:&*8&@"":&"(:$(4&&T"F&3<>*8&,#"??$(,&,<"7;:&9$&?$(6>8$8#;=& 6>(P$:&F*#<&#<$*(&2fY&>8:&>??("?(*>#$&,$(*>;&8769$(&,"&#<>#&3$(#*)*3>#$,&3>8&9$&$>,*;=&3(",,&($)$($83$:4&&&&&&& -.UE&O??$8:*+&UK5&

( K*?(

K*D(

\'&(%"&'&('&A0'C5(0/(%"&(2,5$&A%20,(#,C(1#2,%&,#,A&(0/(100'2,H('0$&5](B2'&5(#,C(&[;2$1&,%R(

O;;&6""(*8@&("?$,0&F*($,&>8:&#>*;,&,<"7;:&9$&($3$*A$:&F*#<&$*#<$(&*8:*A*:7>;&3$(#*)*3>#$,&"(0&*)&?>(#&")&>&9>#3<& >&3$(#*)*3>#$&")&3"8)"(6*#=4&& N#& *,& ($3"66$8:$:& #<>#& "8& ($3$*?#0& >;;& ("?$,0& F*($,& >8:& #>*;,& 9$& ?$(6>8$8#;=& 6>(P$:& ,"& #<>#& ?",*#*A$& *:$8#*)*3>#*"8&F*#<&#<$*(&3"(($,?"8:*8@&3$(#*)*3>#$&3>8&9$&6>:$4&&C$3"(:,&,<"7;:&9$&P$?#&")&:>#$&?;>3$:&*8& 7,$0&*8,?$3#*"8,0&>8:&>8=&6>*8#$8>83$4&&-.UE&Q4I4^5&

& .5(%"&'&(#($0-2A>(2,($-#A&(/0'(%"&(%&5%2,H(0/(B2,A"(<'#W&5(#,C(#'&(%"&('&5;-%5('&A0'C&CR(

/<$&?(*6>(=&9(>NHVKRXOGEHVHWWRKROGRIWKHPRRULQJOLQH·VPLQLPXPEUHDNLQJORDG6LQFHEUDNHV PD\GHWHULRUDWHLQVHUYLFHLWLVUHFRPPHQGHGWKDWQHZHTXLSPHQWEHGHVLJQHGWRKROGRIWKHOLQH·V 6*8*676&9($>P*8@&;">:0&97#&<>A$&#<$&3>?>9*;*#=&#"&9$&>:g7,#$:&:"F8&#"&QHp4-.UE&X4^4Q5& C$@>(:;$,,&")&#<$&9(>P$&#=?$0&?$(*":*3&#$,#*8@&*,&$,,$8#*>;&#"&$8,7($&,>)$&6""(*8@&-.UE&X4^4`5& 7KHPDLQSXUSRVHRIEUDNHWHVWLQJLVWRYHULI\WKDWWKHEUDNHZLOOUHQGHUDWDORDGOHVVWKDQWKHGHVLJQURSH·V .TY4&&!$F&,<*?,&>($&8"(6>;;=&,7??;*$:&F*#<&>&9(>P$&#$,#&P*#&")&#<$&,*6?;*)*$:&#=?$4&&U>3<&F*83<&6>87)>3#7($(& F*;;& <>A$& #<$*(& "F8& #$,#& $G7*?6$8#& >8:& ?("3$:7($,& F<*3<& ,<"7;:& 9$& )";;"F$:& 9=& #<$& "?$(>#"(4& & -.UE& X4^4`4I5& (DFK ZLQFK VKRXOG EH WHVWHG LQGLYLGXDOO\ DQG WHVW VKRXOG EH FDUULHG RXW SULRU WR WKH VKLS·V GHOLYHU\ DQG #<$8&$A$(=&=$>(&#<$($>)#$(&)";;"F*8@&($3"66$8:>#*"8,&*8&N2ES//4&&N8&>::*#*"80&*8:*A*:7>;&F*83<$,&,<"7;:&9$& #$,#$:&>)#$(&3"6?;$#*"8&")&>8=&6":*)*3>#*"8&"(&($?>*(&*8A";A*8@&#<$&F*83<&9(>P$,0&"(&7?"8&>8=&$A*:$83$&")& ?($6>#7($&9(>P$&,;*??>@$&"(&($;>#$:&6>;)783#*"8,4&&T(>P$,&,<"7;:&9$&#$,#$:&#"&?("A$&#<$=&($8:$(&>#&>&;">:& WKDWLVHTXLYDOHQWWRRIWKHOLQH·V.TY&-.UE&X4^4`4K5& N#&*,&($3"66$8:$:&#<>#&>&3"6?;$#$&,$#&")&#$,#&$G7*?6$8#&*,&?;>3$:&"8&9">(:&$>3<&,<*?&?("?$(;=&,#"F$:&*8& >8& >??("?(*>#$& ;"3>#*"84& & O;#$(8>#*A$;=& #<$& "F8$(& 6>=& $;$3#& #"& ?("37($& "8$& "(& #F"& ,$#,& ")& #$,#*8@& $G7*?6$8#&)"(&$>3<&#=?$&>8:&,*a$&")&F*83<&>8:&($#>*8&#<*,&$G7*?6$8#&*8&>&3"8A$8*$8#& 3$8#(>;&;"3>#*"8&)"(& ,<*?6$8#&#"&($?>*(&)>3*;*#*$,&-.UE&X4^4`4`5& N:$>;;=0& >& 9(>P$& ,<"7;:& <";:& >8:& ($8:$(& F*#<*8& >& A$(=& ,6>;;& (>8@$& >8:& "83$& *#& ($8:$(,0& ,<"7;:& ,<$:& "8;=& $8"7@<&;">:&#"&9(*8@&#<$&;*8$&#$8,*"8&9>3P&#"&>&,>)$&;$A$;4&&b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p& ")&#<$& 6*8*676& 9($>P*8@&;">:& ")&#<$& 6""(*8@& ;*8$&)"(& F<*3<&#<$&F*83<& F>,& :$,*@8$:4& & O&)7(#<$(& 3"8,*:$(>#*"8& *8& ,73<&3>,$,& *,&#<>#& *)&#<$& "A$(M ,#($8@#<&;*8$&*,&")&>&@($>#$(&:*>6$#$(&#<>8&#<$&6""(*8@&;*8$&)"(&F<*3<&#<$&F*83<&F>,&:$,*@8$:0&)7;;&,#"F>@$& "8&#<$&:(76&67,#&9$&6>:$&>8:&*8&#<$&3>,$&")&,?;*#M:(76&F*83<$,0&67,#&8"#&($,7;#&*8&$+3$,,&;>=$(,&"8&#<$& #$8,*"8&?>(#&")&#<$&:(76&F<$8&*8&7,$4&

!

"..(*/D!6(.,'87('50! K*F(

\'&(100'2,H5(5#%25/#A%0'2->(C&$-0>&C(#,C(%&,C&CR(

E$8$(>;;=& 6""(*8@& ;*8$,& ")&#<$& ,>6$& ,*a$& >8:& #=?$& -6>#$(*>;5& ,<"7;:& 9$& 7,$:& )"(&>;;& ;$>:,4& & .""(*8@& ;*8$,& ,<"7;:&9$&>((>8@$:&,"&#<>#&>;;&;*8$,&*8&#<$&,>6$&,$(A*3$&>($&>9"7#&#<$&,>6$&;$8@#<&9$#F$$8&#<$&,<*?&>8:& #<$&,<"($&9";;>(:4& -.UE&I4`5& !"#$%&&/<$&6""(*8@&>((>8@$6$8#&*8&7,$&)"(&#<$&?"(#&>8:&*#,&$))$3#*A$8$,,&,<"7;:&9$&($A*$F$:4&&T($>,#;*8$,& ?("A*:$&#<$& 97;P& ")&#(>8,A$(,$& ($,#(>*8#0& 9>3P,?(*8@,&#<$& ;"8@*#7:*8>;4& & [$>:;*8$,& >8:& ,#$(8;*8$,& 3"8#(*97#$& 673<&;$,,&#"&#<$&6""(*8@&,#($8@#<&#<>8&*,&3"66"8;=&,7??",$:4&


138 K*I(

\'&(100'2,H(-2,&5(5&A;'&C(%0(<2%%5(#,C(%;',&C(;$(A0''&A%->R(

&

/<$&($3"66$8:$:&6$#<":&")(8*8@&7?&>&("?$&"8&9*##,&*,&#"&#>P$&"8$&"(&#F"&)7;;(8,&>("78:&#<$&;$>:*8@& ?",#&9$)"($&)*@7($&")&$*@<#*8@4&&/<$&($>,"8&)"(&#<*,&*,&#"&($:73$&#<$&#$8:$83=&#"&?7;;&#<$&#F"&?",#,&#"@$#<$(4&& ["F$A$(&F<$8(8*8@&7?&78g>3P$#HGKLJKPRGXOXVOLQHVDURXQGELWWVIRUH[DPSOHZKHQDWXJ·VOLQHIDVW #F"(8,&,<"7;:&9$&#>P$8&>("78:&#<$&;$>:*8@&?",#&?(*"(&#"(8*8@&#<$&;*8$&7?&*8&>&)*@7($&")&$*@<#&)>,<*"8&& -.UE&W4K5&& !"#$%&&.""(*8@&;*8$,&67,#&8"#&9$&,$37($:&#"&F*83<&F>(?*8@&:(76,4&

( K*J(

( \'&(#--($0B&'&C(100'2,H(-2,&5(A0''&A%->('&&-&C(0,(C';15R(

&

! K*K( (

( K*)L( &

(

O&9>8:&9(>P$&*,&:$,*@8$:&#"&F"(P&*8&"8$&:*($3#*"8&"8;=0&,"&#<$&;*8$&67,#&>;F>=,&9$&($$;$:&3"(($3#;=&"8#"& #<$& :(764& & U>3<& >((>8@$6$8#& ,<"7;:& 9$& >,,$,,$:& "8& >& 3>,$M9=M3>,$& 9>,*,& F*#<& ($)$($83$& #"& #<$& PDQXIDFWXUHU·V JXLGDQFH :LWK OLQHV FRUUHFWO\ UHHOHG WHQV*"8& "8& #<$& ;*8$& ,<"7;:& 9$& *8& >& :*($3#*"8& #<>#& 3>7,$,&#<$&)($$&$8:&")&#<$&9>8:&#"&9$&)"(3$:&#"F>(:,&#<$&)*+$:&$8:0&#<$($9=&)"(3*8@&#<$&#F"&<>;A$,&")&#<$& 9>8:&#"@$#<$(4&&& -.UE&X4^4K4Q5&

\'&(#--($0B&'&C(100'2,H(-2,&5(5&A;'&C(0,(<'#W&5(#,C(#'&(%"&(B2,A"&5(0;%(0/(H&#'R(

f*83<$,&,<"7;:&8$A$(&9$&;$)#&*8&@$>(&F*#<&#<$&6""(*8@&F*83<&9>8:&9(>P$&"84&&[=:(>7;*3&"(&$;$3#(*3&:(*A$,& 3>8&,7))$(&,$A$($&:>6>@$& ,<"7;:&#<$&9(>P$&($8:$(4&&.""(*8@& :(76,&,<"7;:&>;F>=,&9$&;$)#&:*,3"88$3#$:& )("6&#<$&F*83<&:(*A$&F<$8$A$(&#<$&6""(*8@&;*8$&*,&#$8,*"8$:&>8:&#<$&9>8:&9(>P$&*,&)7;;=&>??;*$:4&&& -.UE&X4^4K4\5(

:,(5$-2%(C';1(B2,A"&5(#'&(#--(%"&(-2,&5(1#C&(/#5%(B2%"(,0(10'&(%"#,(0,&(-#>&'(0,(&#A"(%&,520,( 52C&(0/(%"&(C';1R(

/<$& (>#$:& <";:*8@& 3>?>3*#=& *,& "8;=& >3<*$A$:& F*#<& "8$& ;>=$(& ")& ;*8$& "8& #<$& #$8,*"8& ,$3#*"8& ")& #<$& :(764&& S?$(>#*"8&F*#<&>::*#*"8>;&;>=$(,&F*;;&:$3($>,$&#<$&9(>P$&<";:*8@&3>?>3*#=&-.UE&X4^4I5&

&

K*))(

./(100'2,H(%#2-5(#'&(/2%%&C(%0(B2'&5](C0(%"&>("#4&($'0$&'(A0,,&A%2,H(-2,W5(#,C(#'&(%"&>(A0''&A%->( /2%%&CR(

/>*;,& ,<"7;:& 9$& 3"88$3#$:& #"& >& F*($& 6""(*8@& ;*8$& 7,*8@& >??("?(*>#$& ,<>3P;$,0& )"(& $+>6?;$0& #<",$& 6>87)>3#7($:& 9=& .>8:>;0& /"8,9$(@& >8:& T",,4& & /<$& 2fY& ")& #<$& g"*8*8@& ,<>3P;$& ,<"7;:& 9$& $G7>;& #"& "(& @($>#$(&#<>80&#<$&2fY&")&#<$&6""(*8@&;*8$&#"&F<*3<&*#&*,&>##>3<$:4&&N#&*,&3(*#*3>;&#<>#&#<$&3"88$3#*8@&;*8P,&>($& ULJJHGLQDFFRUGDQFHZLWKWKHPDQXIDFWXUHU·VLQVWUXFWLRQV7KHH\HRIWKHWDLOVVKRXOGEHSURWHFWHGZLWKD ,7*#>9;$&,<$>#<0&#<$&7,$&")&;$>#<$(&,<$>#<*8@&*,&8"#&($3"66$8:$:4&&N)&#<$&6>87)>3#7($(&($3"66$8:,&#<>#& *#&*,&>??("?(*>#$0&>&,=8#<$#*3&#>*;&3>8&9$&>##>3<$:&#"&>&<*@<&6":7;7,&("?$&9=&7,*8@&>&3"F&<*#3<4&&/<$&<*#3<& ?("A*:$,&>&,7*#>9;$&6$#<":&")&g"*8*8@&("?$,&F*#<"7#&#<$&7,$&")&#<*69;$,&"(&"#<$(&<>(:F>($4&&/<$&3"F&<*#3<& F*;;& ($:73$& #<$& ,#($8@#<& ")& #<$& >((>8@$6$8#& 9=& >??("+*6>#$;=& I`p4& & /<$& 7,$& ")& 3"F& <*#3<$,& *,& 8"#& ($3"66$8:$:& )"(& 3"88$3#*8@& 6""(*8@& ?$8:>8#,& #"& O(>6*:& ;*8$,& "8& >33"78#& ")& 3"6?($,,*"8& :>6>@$4&&& & & & & & & & & & & & -.UE&Q4`4^5& !"#$,%& & /"8,9$(@& <>A$& >& ,#(>*@<#& ?*8& >8:& #<$&#>*;& ,<"7;:& 9$& 3"88$3#$:&#"& *#d& .>8:>;& <>,& >& 37(A$:& (";;$(& >8:&#<$&F*($&,<"7;:&9$&3"88$3#$:&#"&*#d&&&T",,&;*8P,&3>8&9$&3"88$3#$:&*8&$*#<$(&:*($3#*"84&&N8&>;;&3>,$,0&*#&*,& FULWLFDOWKDWWKHFRQQHFWLQJOLQNVDUHULJJHGLQDFFRUGDQFHZLWKWKHPDQXIDFWXUHU·VLQVWUXFWLRQV& &

K*)7(

\'&( #--( 100'2,H( -2,&5( 5%0B&C( ,&#%->( %0( 12,2125&( %'2$$2,H( "#c#'C5( #,C( #'&( 100'2,H( #'( A-&#'( #,C(;,0<5%';A%&CR(

!

"..(*/D!'?7*62'/)0! K*)=( ( K*)?( ( K*)D(

\'&(100'2,H(B2,A"&5(2,(H00C(0'C&'R(

&

N)&#<$($&*,&,*@8*)*3>8#&F$>(&"8&#<$&9(>P$&;*8*8@,0&#<$&9(>P$&>:g7,#6$8#&,3($F&6>=&9$&>#&#<$&;*6*#&")&*#,&#(>A$;& >8:&)7(#<$(&#*@<#$8*8@&8"#&?",,*9;$4&

&

! K*)F( &

@0(100'2,H(B2,A"(/0;,C#%20,5(#$$&#'(%0(<&(2,(H00C(0'C&'R( @0(<'#W&(-2,2,H5](C';15(#,C($2,5(#$$&#'(%0(<&(2,(H00C(0'C&'R(

!"#$,%&&D$)$3#*A$&9(>P$&@$>(&*,&")#$8&$A*:$8#0&?>(#*37;>(;=&"8&";:$(&A$,,$;,4&&B<$3P&#<$&3"8:*#*"8&")&3<$$P& ?;>#$,&)"(&F>,#>@$&>8:&:*,#"(#*"80&#<$&<*8@$&?*8,&>8:&#<$*(&($#>*8*8@&:$A*3$,&>8:&#<$&3"8:*#*"8&")&#<$&9(>P$& :(76&9$;"F&#<$&;*8*8@4&

./(100'2,H(B2,A"&5(2,(#(H#5("#c#'C0;5(#'&#(#'&(&-&A%'2FDOO\SRZHUHGDUHPRWRUV([¶G·UDWHG"(

1RWHV 0RVW PRRULQJ ZLQFKHV ZLOO EH RXWVLGH JDV KD]DUGRXV DUHDV DQG WKHUHIRUH ZLOO QRW UHTXLUH DQ ¶([· UDWLQJ ,I QRW WKHUH PXVW EH HYLGHQFH DYDLODEOH HLWKHU E\ D PDQXIDFWXUHU·V SODWH RQ WKH PRWRU RU E\


&

139 :"376$8#>#*"80&#<>#&#<$&6"#"(&*,&(>#$:&)"(&7,$&*8&>&@>,MKD]DUGRXVDUHD$Q([¶G·UDWLQJPHDQVWKDWWKH HTXLSPHQW FDQ ZLWKVWDQG DQ LQWHUQDO H[SORVLRQ ZLWKRXW LJQLWLQJ WKH RXWVLGH DWPRVSKHUH ([ ¶H· LV DQ *83($>,$:&,>)$#=&(>#*8@4& &

! K*)I( &

( K*)J( &

E;>8:,&>#&#<$&?"*8#&")&$8#(=&")&$;$3#(*3&3>9;$,&*8#"&g783#*"8&9"+$,&,<"7;:&9$&3<$3P$:4&

./( 100'2,H( B2,A"&5( #'&( &-&A%'2A#-->( $0B&'&C]( #'&( 2,5;-#%20,( %&5%5( A#''2&C( 0;%( #,C( %"&( '&5;-%5( '&A0'C&CR(

!"#$%&&C$3"(:,&,<"7;:&9$&>A>*;>9;$&")&#<$&#$,#*8@&")&#<$&*8,7;>#*"8&($,*,#>83$0&)("6&#<$& ?<>,$,&#"&$>(#<0&")& 6"#"(,4&&/<$&($,*,#>83$&,<"7;:&9$&>9"A$&I&.$@"<64&&R>;;*8@&*8,7;>#*"8&($,*,#>83$&*8:*3>#$,&:$#$(*"(>#*"84&

\'&(100'2,H(B2'&5]('0$&5(#,C(5>,%"&%2A(%#2-5(2,(H00C(0'C&'R(

!"#$,%&&2?;*3*8@&")&("?$,&*,&>33$?#>9;$0&97#&($:73$,&#<$&,#($8@#<&")&#<$&("?$&9=&>9"7#&IHp4&&2?;*3$,&*8&$=$,& >8:&)"(&($?>*(,&,<"7;:&<>A$&>&6*8*676&")&ÌP,4&

&

'>(#*37;>(&>##$8#*"8&,<"7;:&9$&?>*:&#"&#<$&$=$,&")&6""(*8@&F*($,4&&N)&#<$($&>($&6"($&#<>8&#<($$&9("P$8&F*($,& *8&>8=&,#(>8:0&"(&)*A$&*8&>8=&>:g>3$8#&,#(>8:,&*8&>&;$8@#<&")&F*($&IH&#*6$,&#<$&:*>6$#$(0&#<$&:>6>@$:&?>(#& ($G7*($,&($6"A>;&>8:&#<$&F*($&($M,?;*3*8@4&

&

/<$($&,<"7;:&9$&>&("7#*8$&)"(&#<$&6>*8#$8>83$&")&F*($,&>8:&#<$&;79(*3>#*"8&")&#<$6&7,*8@&>&?($,$(A>#*A$& F<*3<&F*;;&$))$3#*A$;=&?$8$#(>#$&#<$&,#(>8:,&>8:&F*($,4(

( K*)K( ( K*7L( &

\'&( $&C&5%#-( /#2'-&#C5]( '0--&'( /#2'-&#C5( #,C( 0%"&'( '0--&'5( B&--( H'&C( #,C( /'&&( %0( %;',( #,C( #'&( <2%%5(#,C(A"0AW5(/'&&(0/(H'0042,HR( .5(100'2,H(&[;2$1&,%(1#'W&C(B2%"(2%5(UZ_R(

U>3<& )*##*8@& ,<"7;:& 9$& 3;$>(;=& 6>(P$:& 9=& 9$>:& F$;:& "7#;*8$& F*#<& *#,& 2fY0& *8& >::*#*"8& #"& >8=& 6>(P*8@,& ($G7*($:&9=&"#<$(&>??;*3>9;$&,#>8:>(:,4&&/<$&2fY&,<"7;:&9$&$+?($,,$:&*8&#"88$,&&OHWWHU¶W· DQGEHORFDWHG ,"&#<>#&*#&*,&8"#&"9,37($:&:7(*8@&#<$&"?$(>#*"8&")&#<$&)*##*8@4&&R"(&,>)$#=0&#<$&6>(P$:&2fY&,<"7;:&3"(($,?"8:& #"&#<$&;">:&*8&#<$&>,,"3*>#$:&;*8$&"(&3<>*84&&/<$($)"($0&#<$&6>(P$:&2fY&F*;;&8"(6>;;=&9$&#<$&6""(*8@&;*8$,& .TY4&&N#&F*;;&8"#&9$&#<$&($,7;#>8#&;">:&"8&#<$&)*##*8@&F<*3<&6>=&9$&<*@<$(4&&& -.UE&^4Q5&

!

E/,=.(*/D!'?7*62'/)0! K*7)( &

( K*77(

\'&(B2,C-#55&5](#,A"0'5](-0AW2,H(<#'5(#,C(A#<-&5(2,(H00C(0'C&'(#,C(0$&'#%2,H(&//&A%24&->R(

!"#$%& & /<$& 3"8:*#*"8& ")& #<$& ;"3P*8@& 9>(,& ,<"7;:& 9$& 3<$3P$:& #"& >,3$(#>*8& #<>#& #<$=& )783#*"8& 3"(($3#;=& 9=& ;"3P*8@& #<$& 3<>*8& F<$8& #<$& A$,,$;& *,& >#& >83<"(& #"& ?($A$8#& #<$& 9(>P$& <>A*8@& #"& #>P$& #<$& )7;;& ;">:& ")& #<$& 3>9;$4&

SVA&$%(B"2-5%(#-0,H52C&]( B"&,(-0AW2,H(<#'5(5"0;-C(<&(2,($-#A&](B&'&(%"&( #,A"0'5(A-&#'&C(#,C( '&#C>(/0'(211&C2#%&(;5&(C;'2,H($0'%(&,%'>R(

f<*;,#& 6""($:& >;"8@,*:$0& >83<"(,& 8"#& *8& 7,$& ,<"7;:& 9$& ?("?$(;=& ,$37($:& 9=& 9(>P$& >8:& @7*;;"#*8$0& 97#& "#<$(F*,$& 9$& >A>*;>9;$& )"(& *66$:*>#$& 7,$4& f<$($& ,?$3*)*3>;;=& "#<$(F*,$& ($G7*($:& 9=& #<$& #$(6*8>;& #<$& ($,?"8,$&,<"7;:&9$&!O0&&& &&&&&&&&&-N2ES//&K\4^4K4`5&

! K*7=( ( K*7?( (

\'&(<2%%&'(&,C(5&A;'2,H(#''#,H&1&,%5(;,0<5%';A%&C(#,C(0;%52C&(%"&(A"#2,(-0AW&'R( \'&(%"&(A"#2,(-0AW&'(C00'5(5&A;'&->(<#%%&,&C(C0B,R(

$*/D>'!C.*/)!"..(*/D50! K*7D(

.5(52,H-&($02,%(100'2,H(NUE9O(#,C(#550A2#%&C(&[;2$1&,%(/2%%&C(%0(:!.9G('&A011&,C#%20,5R(

&

([LVWLQJVKLSVGHOLYHUHGEHIRUHOLNHO\WRWUDGHWR630·VVKRXOGEHHTXLSSHG ZLWKERZFKDLQVWRSSHUV :$,*@8$:&#"&>33$?#&XQ&66&3<>)$&3<>*8%&

& & &

b?&#"&I`H0HHH&#:F%&& I`H&#"&\`H0HHH&#:F%& SA$(&\`H0HHH&#:F%& &

&

!$F& ,<*?,& :$;*A$($:& :7(*8@& "(& >)#$(& KHHL&;*P$;=&#"& A*,*#& 2'.,& ,<"7;:& 9$& $G7*??$:& F*#<& 9"F& 3<>*8& ,#"??$(,& :$,*@8$:& #"& >33$?#& XQ66& 3<>)$& 3<>*8& *8& >33"(:>83$& F*#<& #<$& )";;"F*8@& #>9;$4& & SF8$(,& ")& ,<*?,& 78:$(& 3"8,#(73#*"8&9$)"($&KHHL&>($&$83"7(>@$:&#"&3"8,*:$(&)*##*8@&9"F&3<>*8&,#"??$(,&*8&>33"(:>83$&F*#<&#<$& ($3"66$8:>#*"8,&)"(&8$F&,<*?,4&

I&,#"??$(& K&,#"??$(,& K&,#"??$(,&

KHH&#"88$,&,F;& KHH&#"88$,&,F;& K`H&#"88$,&,F;&

&


&

140 & & &

b?&#"&IHH0HHH&#:F%&& IHH&#"&IX`0HHH&#:F%& SA$(&IX`0HHH&#:F%& &

&

2#"??$(,&,<"7;:&9$&;"3>#$:&9$#F$$8&K4X&>8:&\4X&6$#($,&*89">(:&)("6&#<$&9"F&)>*(;$>:&-($@>(:;$,,&")&#<$& ,*a$&")&A$,,$;5&>8:&:7$&3"8,*:$(>#*"8&,<"7;:&9$&@*A$8&#"&#<$&3"(($3#&>;*@86$8#&")&,#"??$(,&($;>#*A$&#"&#<$& ;$>:&9$#F$$8&9"F&)>*(;$>:0&,#"??$(0&?$:$,#>;&)>*(;$>:&>8:&F*83<&:(76&"(&#<$&F>(?*8@&:(76&")&#<$&F*83<4&

&

O&9"F&)>*(;$>:&,<"7;:&6$>,7($&>#&;$>,#&QHH&9=&^`H&66&>8:&9$&?;>3$:&"8&#<$&3$8#($&;*8$4&&N)&#F"&)>*(;$>:,& >($&($3"66$8:$:&#<$,$&,<"7;:&9$&,?>3$:&K&6$#($,&3$8#($&#"&3$8#($&>?>(#0&97#&*8&8"&3>,$&6"($&#<>8&\& 6$#($,4&&&

&

-.UE&O??$8:*+&U4K5&

( _3F^!

I&,#"??$(& I&,#"??$(,& K&,#"??$(,&

KHH&#"88$,&,F;& K`H&#"88$,&,F;& \`H&#"88$,&,F;&

./(%"&(4&55&-(25(&[;2$$&C(/0'(100'2,H(#%(52,H-&($02,%(100'2,H5](C0&5(2%(1&&%(%"&( '&A011&,C#%20,5(#5(#$$-2A#<-&](A0,%#2,&C(2,(900'2,H(S[;2$1&,%(+;2C&-2,&5(N='C(SC2%20,OR( BK*5)*/D!5=*65!8'>*;'('8!:'+.('!FRR_! U+*,#*8@&,<*?,&:$;*A$($:&9$)"($&KHHL0&;*P$;=&#"&A*,*#&2'.,0&,<"7;:&9$&$G7*??$:&#"&,>)$;=&<>8:;$&?*3PM7?&("?$,& #>P*8@& *8#"& 3"8,*:$(>#*"8& ,>)$#=& >8:& ?("#$3#*"8& )("6& (*,P& ")& F<*?;>,<& *8g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·V :KHUHYHU SRVVLEOH LW LV UHFRPPHQGHG WKDW F*83<& ,#"(>@$& :(76,& 7,$:& #"& ($3"A$(& #<$& ?*3PM7?& ("?$,& >($& ?",*#*"8$:& *8& >& :*($3#& ,#(>*@<#& ;$>:& F*#<& #<$& 9"F&)>*(;$>:&>8:&9"F&3<>*8&,#"??$(&>8:&F*#<"7#&#<$&7,$&")&?$:$,#>;&(";;$(,4&&/<*,&($;>#*A$&?",*#*"8*8@&")&#<$& #>8P$(& 2'.& 6""(*8@& $G7*?6$8#& *8& >& :*($3#& ,#(>*@<#& ;$>:& *,& 3"8,*:$($:& #<$& ,>)$,#& >8:& 6",#& $))*3*$8#& >((>8@$6$8#&)"(&<>8:;*8@&#<$&?*3PM7?&("?$,4&["F$A$(0&($3"@8*,*8@&#<>#&8"#&>;;&8$F&6""(*8@&>((>8@$6$8#& :$,*@8,& F*;;& ?$(6*#& :*($3#& ,#(>*@<#& ;$>:,& #"& >& F*83<& ,#"(>@$& :(760& 3"8,*:$(>#*"8& ")& ,>)$#=& >8:& ?("#$3#*"8& )("6& (*,P& ")& F<*?;>,<& *8g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f*83<&,#"(>@$&:(76&7,$:&#"&,#"F&#<$&?*3PM7?&("?$&)"(&'K*5)*/D!-/8!/'J!5=*65&,<"7;:&9$&3>?>9;$&")&;*)#*8@& >#&;$>,#&I`&#"88$,&>8:&9$&")&,7))*3*$8#&,*a$&#"&>33"66":>#$&I`H&6$#($,&")&WH&66&:*>6$#$(&("?$4&&b,$&")& F*83<& :(76& $8:,& -F>(?*8@& $8:,5& #"& <>8:;$& ?*3PM7?& ("?$,& *,& 3"8,*:$($:& 78,>)$& >8:& ,<"7;:& 9$& >A"*:$:4&& &-.UE&O??$8:*+&U4^5& && &

K*7I(

./( %"&( 4&55&-( 25( /2%%&C( B2%"( #( ">C'#;-2A#-->( 0$&'#%&C( <0B( 5%0$$&']( #'&( 5#/&H;#'C5( $'042C&C( %0( $'&4&,%(2%5(#AA2C&,%#-('&-&R(

( (

B2'(D'/,
&

\'&( &1&'H&,A>( %0B2,H( #''#,H&1&,%5( '&#C2->( #4#2-#<-&( /0'( C&$-0>1&,%( #%( <0%"( &,C5( 0/( %"&( 4&55&-R(

/<$&($G7*($6$8#&)"(&$6$(@$83=&#"F*8@&>((>8@$6$8#,&>??;*$,&#"&"*;0&3<$6*3>;&>8:&@>,&#>8P$(,&"A$(&KH0HHH& #:F4& R"(&#>8P$(,&3"8,#(73#$:&9$)"($&I&J7;=&KHHK%& x /<$& :$,*@8& >8:& 3"8,#(73#*"8& ")& $6$(@$83=& #"F*8@& >((>8@$6$8#,& ,<>;;& 9$& >??("A$:& 9=& #<$& O:6*8*,#(>#*"80&9>,$:&"8&#<$&@7*:$;*8$,&:$A$;"?$:&9=&#<$&S(@>8*,>#*"8&-.2B4\`5d&


141 x x

x x x x

/<$&>)#&$6$(@$83=&#"F*8@&>((>8@$6$8#&,<"7;:&9$&?($M(*@@$:&>8:&3>?>9;$&")&9$*8@&:$?;"=$:&*8& >&3"8#(";;$:&6>88$(&*8&<>(9"7(&3"8:*#*"8,&9=&"8$&?$(,"8&F*#<*8&I`&6*87#$,d& /<$&?*3PM7?&@$>(&)"(&#<$&>)#&#"F*8@&?$88>8#&,<"7;:&9$&:$,*@8$:&>#&;$>,#&)"(&6>87>;&"?$(>#*"8&9=& "8$& ?$(,"8& #>P*8@& *8#"& >33"78#& #<$& >9,$83$& ")& ?"F$(& >8:& #<$& ?"#$8#*>;& )"(& >:A$(,$& $8A*("86$8#>;&3"8:*#*"8,&#<>#&6>=&?($A>*;&:7(*8@&,73<&$6$(@$83=&#"F*8@&"?$(>#*"8,4&&/<$&?*3PM 7?&@$>(&,<"7;:&9$&?("#$3#$:&>@>*8,#&#<$&F$>#<$(&>8:&"#<$(&>:A$(,$&3"8:*#*"8,&#<>#&6>=&?($A>*;d& /<$& )"(F>(:& $6$(@$83=& #"F*8@& >((>8@$6$8#& ,<"7;:& 9$& 3>?>9;$& ")& 9$*8@& :$?;"=$:& *8& <>(9"7(& 3"8:*#*"8,&*8&8"#&6"($&#<>8&"8$&<"7(4&&-N#&*,&78;*P$;=&#<>#&>&;$8@#<&")&3<>*8&3"7;:&9$&($#(*$A$:&F*#<*8& WKHWLPHOLPLWLILWLVVWRUHGLQWKHIRF·V·OHVSDFH & R"(F>(:&$6$(@$83=&#"F*8@&>((>8@$6$8#,&F<*3<&3"6?;=&F*#<&#<$&($G7*($6$8#,&)"(&>)#&$6$(@$83=& #"F*8@&>((>8@$6$8#,&6>=&9$&>33$?#$:d& O;;&$6$(@$83=&#"F*8@&>((>8@$6$8#,&,<"7;:&9$&3;$>(;=&6>(P$:&#"&)>3*;*#>#$&,>)$&>8:&$))$3#*A$&7,$& $A$8&*8&:>(P8$,,&>8:&?""(&A*,*9*;*#=d& O;;&$6$(@$83=&#"F*8@&3"6?"8$8#,&,<"7;:&9$&*8,?$3#$:&9=&,<*?&?$(,"88$;&>#&($@7;>(&*8#$(A>;,&>8:& 6>*8#>*8$:&*8&@"":&F"(P*8@&"(:$(4& -.2B4\`5&

R"(&#>8P$(,&3"8,#(73#$:&"8&"(&>)#$(&I,#&J7;=&KHHK%& x /<$& >((>8@$6$8#,& ,<>;;0& >#& >;;& #*6$,0& 9$& 3>?>9;$& ")& (>?*:& :$?;"=6$8#& *8& #<$& >9,$83$& ")& 6>*8& ?"F$(& "8& #<$& ,<*?& #"& 9$& #"F$:& >8:& $>,=& 3"88$3#*"8& #"& #<$& #"F*8@& ,<*?4& & O#& ;$>,#& "8$& ")& #<$& $6$(@$83=&#"F*8@&>((>8@$6$8#,&,<>;;&9$&?($M(*@@$:&($>:=&)"(&(>?*:&:$?;"=6$8#d&>8:0& x U6$(@$83=&#"F*8@&>((>8@$6$8#,&>#&9"#<&$8:,&,<>;;&9$&")&>:$G7>#$&,#($8@#<&#>P*8@&*8#"&>33"78#& #<$&,*a$&>8:&:$>:F$*@<#&")&#<$&,<*?&>8:&#<$&$+?$3#$:&)"(3$,&:7(*8@&9>:&F$>#<$(&3"8:*#*"8,4& & & -2SYO2&NNMI_\M^0I4K5& R"(&,<*?,&3"8,#(73#$:&>)#$(&I&J>8&KHIH&>8:&$+*,#*8@&,<*?,&8"#&;>#$(&#<>8&I,#&J>87>(=&KHIK&& x 2<*?,&,<>;;&9$&?("A*:$:&F*#<&>&,<*?M,?$3*)*3&$6$(@$83=&#"F*8@&?("3$:7($4&273<&>&?("3$:7($&,<>;;& 9$&3>((*$:&>9">(:&#<$&,<*?&)"(&7,$&*8&$6$(@$83=&,*#7>#*"8,&>8:&,<>;;&9$&9>,$:&"8&$+*,#*8@& >((>8@$6$8#,&>8:&$G7*?6$8#&>A>*;>9;$&"8&9">(:&#<$&,<*?4& /<$&?("3$:7($&,<>;;&*83;7:$%& x :(>F*8@,&")&)"($&>8:&>)#&:$3P&,<"F*8@&?",,*9;$&$6$(@$83=&#"F*8@&>((>8@$6$8#,d& x *8A$8#"(=&")&$G7*?6$8#&"8&9">(:&#<>#&3>8&9$&7,$:&)"(&$6$(@$83=&#"F*8@d&& x 6$>8,&>8:&6$#<":,&")&3"6678*3>#*"8d&>8:& x ,>6?;$&?("3$:7($,&#"&)>3*;*#>#$&#<$&?($?>(>#*"8&)"(&>8:&3"8:73#*8@&")&$6$(@$83=&#"F*8@& RSHUDWLRQVµ& -2SYO2&NNMI_\M^0K4KM\5& !"#$%&&2<*?,&,<"7;:&#$:&"8&#<$&T(*:@$0&R"3,;$&,?>3$&>8:&2<*?·,&"))*3$&"(&B>(@"&B"8#(";&(""64&& /<$&U/T&,<"7;:&3"8#>*8&?("3$:7($,0&:*>@(>6,&$#3&>,&,$#&"7#&*8&.2B4I_&B*(3&IK``4& S83$&#<$& ,=,#$6& <>,& 9$$8& :$?;"=$:&#<$& F>#$(#*@<#& *8#$@(*#=& ")& >:g>3$8#& ,?>3$,& ,<"7;:& 9$& 6>*8#>*8$:4&& /<$&?(*6$&$6$(@$83=&#"F*8@&>((>8@$6$8#&6>=&9$&)*##$:&$*#<$(&)"(F>(:&"(&>)#4&

! \CC2%20,#-(A011&,%56(

N)&#<$&N8,?$3#"(&<>,&3"66$8#,&*8&($,?$3#&")&#<$&,79g$3#&6>##$(&3"A$($:&9=&#<$&B<>?#$(&>::*#*"8>;&#"&#<",$&F<*3<& #<$&N8,?$3#"(&6>=&6>P$&*8&($,?"8,$&#"&#<$&,?$3*)*3&G7$,#*"8,&*8&#<$&B<>?#$(0&#<$&N8,?$3#"(&,<"7;:&*83;7:$&,73<& >::*#*"8>;&3"66$8#,&*8&#<*,&,$3#*"84!

!


142

!"#$%&'()L(((!011;,2A#%20,5( 2>#$;;*#$& 3"6678*3>#*"8,& $G7*?6$8#& 8"(6>;;=& "?$(>#$,& >#& I4Q& E[a& >8:& #<$& ?"F$(& ;$A$;,& @$8$(>#$:& >($& 8"#& ,7))*3*$8#& #"& ?($,$8#& >8& *@8*#*"8& <>a>(:4& & 2>#$;;*#$& 3"6678*3>#*"8,& $G7*?6$8#& 6>=& #<$($)"($& 9$& 7,$:& #"& #(>8,6*#& >8:&($3$*A$&6$,,>@$,&F<*;,#&#<$&,<*?&*,&*8&?"(#4&

(

&.227/*,-)*./5!6(.,'87('50! )L*)(( ( )L*7(( ( )L*=(( ( )L*?((

( &

! )L*D(( ! ! & & & & (

& )L*F((

\'&( 2,5%';A%20,5( /0'( 0$&'#%2,H( %"&( C2H2%#-( 5&-&A%24&( A#--2,H( N@U!O( #,C( 5#%&--2%&( A011;,2A#%20,5( &[;2$1&,%(2,(#,(&1&'H&,A>(A-&#'->(C25$-#>&CR( $UH WKH YHVVHO·V FDOO VLJQ DQG .,1#'5#%( 5"2$( 5%#%20,( 2C&,%2%>( A-&#'->( 1#'W&C( 0,( %"&( '#C20( 2,5%#--#%20,R( !#,( 0//2A&'5( C&10,5%'#%&( #( 5#%25/#A%0'>( ;,C&'5%#,C2,H( 0/( "0B( %0( 0$&'#%&( %"&( &[;2$1&,%( 2,( #,( &1&'H&,A>R( \'&( 0//2A&'5( #B#'&( 0/( %"&( '&[;2'&1&,%5( /0'( $052%20,( ;$C#%2,H( 0,( %B0TB#>( A011;,2A#%20,5( &[;2$1&,%R(

O;;&#F"MZD\FRPPXQLFDWLRQHTXLSPHQWZKLFKLVFDSDEOHRIDXWRPDWLFDOO\LQFOXGLQJWKHVKLS·VSRVLWLRQLQ #<$& :*,#($,,& >;$(#& ,<>;;& 9$& >7#"6>#*3>;;=& ?("A*:$:& F*#<& #<*,& *8)"(6>#*"8& )("6& >8& *8#$(8>;& "(& $+#$(8>;& 8>A*@>#*"8&($3$*A$(0&*)&$*#<$(&*,&*8,#>;;$:4& -2SYO2&N1_IW5& ,I VXFK D UHFHLYHU LV QRW LQVWDOOHG WKH VKLS·V SRVLWLRQ DQG WKH WLPH DW ZKLFK LW ZDV GHWHUPLQHG VKDOO EH 6>87>;;=& 7?:>#$:& >#& *8#$(A>;,& 8"#& $+3$$:*8@& )"7(& <"7(,0& F<*;$& #<$& ,<*?& *,& 78:$(F>=0& ,"& #<>#& *#& *,& >;F>=,& ($>:=&)"(&#(>8,6*,,*"8&9=&#<$&$G7*?6$8#4& -2SYO2&N1_IW5&

\'&(0//2A&'5(#B#'&(0/(%"&(/;,A%20,(0/(%"&(5"2$(5&A;'2%>(#-&'%(5>5%&1(#,C("0B(2%(0$&'#%&5R( #/8'(!/.!,*(,725)-/,'5!5=.7>8!'/?7*(*'5!:'!2-8'!-5!).!)='!5<5)'2!8')-*>53! O;;&,<*?,&3"8,#(73#$:&>)#$(&I,#&J7;=&KHH^&,<>;;&9$&)*##$:&F*#<&>&,<*?&,$37(*#=&>;$(#&,=,#$64&

-2SYO2&hNMK_Q4I4I5&

/<$&,<*?&,$37(*#=&>;$(#&,=,#$6&,<>;;0&F<$8&>3#*A>#$:0&*8*#*>#$&>8:&#(>8,6*#&>&,<*?M#"M,<"($&,$37(*#=&>;$(#&#"&>& 3"6?$#$8#& >7#<"(*#=0& F<*3<& *8& #<$,$& 3*(376,#>83$,& 6>=& *83;7:$& #<$& B"6?>8=& 0& *:$8#*)=*8@& #<$& ,<*?0& *#,& ;"3>#*"8&>8:&*8:*3>#*8@&#<>#&#<$&,$37(*#=&")&#<$&,<*?&*,&78:$(&#<($>#&"(&*#&<>,&9$$8&3"6?("6*,$:4& & -2SYO2&hNMK_Q4K4I5& N#& ,<>;;& 8"#& ,$8:& #<$& ,$37(*#=& >;$(#& #"& "#<$(& ,<*?,& "(& (>*,$& #<$& >;>(6& "8& 9">(:& >8:& *#& ,<>;;& 3"8#*87$& 78#*;& :$>3#*A>#$:&"(&($,$#4& -2SYO2&hNMK_Q4K4K0\&>8:&^5& /<$& ,<*?& ,$37(*#=& >;$(#& ,=,#$6& ,<>;;& 9$& 3>?>9;$& ")& 9$*8@& >3#*A>#$:& )("6& #<$& 8>A*@>#*"8& 9(*:@$& >8:& *8& >#& ;$>,#&"8$&"#<$(&;"3>#*"84& -2SYO2&hNMK_Q4\4I5& ((&&!"#$%&&2NCU&:$)*8$,&B"6?>8=&>,&#<$&A$,,$;&S?$(>#"(5&

P#5(#([;#-2/2&C($&'50,(<&&,(C&52H,#%&C(%0("#,C-&(C25%'&55(A011;,2A#%20,5R(

UA$(=& ,<*?& ,<>;;& 3>((=& ?$(,"88$;& G7>;*)*$:& )"(& :*,#($,,& >8:& ,>)$#=& (>:*"3"6678*3>#*"8& ?7(?",$,& #"& #<$& ,>#*,)>3#*"8&")&#<$&O:6*8*,#(>#*"84&&& -2SYO2&N1_IQ4I5& !"#$%&&/<>#&?$(,"8&,<"7;:&8"#&9$&#<$&6>,#$(4&

( )L*I((

\'&(%"&($&'20C2A#-(%&5%5(0/(A011;,2A#%20,5(&[;2$1&,%(<&2,H(A#''2&C(0;%(#5('&[;2'&CR( /<$&)";;"F*8@&#$,#,&,<"7;:&9$&3>((*$:&"7#%& & D>*;=%& x /<$&?("?$(&)783#*"8*8@&")&#<$&D2B&)>3*;*#*$,&F*#<"7#&(>:*>#*"8&")&,*@8>;,d& x T>##$(=&A";#>@$&3<$3P,d& x '(*8#$(,4&

f$$P;=%& x /<$&?("?$(&)783#*"8&")&#<$&D2B&)>3*;*#*$,&9=&6$>8,&")&>&#$,#&3>;;&F<$8&F*#<*8&3"6678*3>#*"8& (>8@$&")&>&3">,#&,#>#*"8d& x f<$($&#<$&($,$(A$&,"7(3$&")&$8$(@=&*,&8"#&9>##$(*$,0&#<$&($,$(A$&,"7(3$&#"&9$&#$,#$:4& ."8#<;=%& x U>3<& U6$(@$83=& '",*#*"8& N8:*3>#*8@& C>:*"& T$>3"8& -U'NCT5& #"& 9$& #$,#$:& #"& :$#$(6*8$& *#,& 3>?>9*;*#=&#"&"?$(>#$&?("?$(;=&7,*8@&#<$&6$>8,&?("A*:$:&"8&#<$&:$A*3$&>8:&F*#<"7#&7,*8@&#<$& ,>#$;;*#$&,=,#$6d&


143 U>3<&6>(*8$&,$>(3<&>8:&($,37$&#(>8,?"8:$(&-2OC/5&7,*8@&#<$&*8M97*;#&#$,#&)>3*;*#=&>8:&3<$3P$:& )"(&,$37(*#=&>8:&,*@8,&")&:>6>@$d& x /<$& ,$37(*#=& >8:& 3"8:*#*"8& ")& >;;& 9>##$(*$,& ?("A*:*8@& >& ,"7(3$& ")& $8$(@=& )"(& >8=& ?>(#& ")& #<$& (>:*"&*8,#>;;>#*"8d& x /<$&3"8:*#*"8&")&>;;&>$(*>;,&>8:&*8,7;>#"(,d& x U>3<&,7(A*A>;&3(>)#&#F"MF>=&1[R&$G7*?6$8#0&"8&>&)($G7$83=&"#<$(&#<>8&3<>88$;&IQ4& -C>:*"&Y"@55& !"#$%&O6$8:6$8#,&#"&C$,4&.2B4K`Q-W^50&C$,4.2B4K`L-W^50&C$,4.2B4KQH-W^50&C$,4.2B4K^Q-W\5&?$(6*#&#<$& 7,$&")&$*#<$(&E.D22M2OC/&"(&ON2M2OC/&>8:&>??;=&#"&,<*?,&3"8,#(73#$:&>)#$(&I&J>8&KHIH&"(&,<*?,&F<$($& $G7*?6$8#&*,&9$*8@&($?;>3$:4& x

&

( ( )L*J((

.5(%"&(Y#C20(_0H(<&2,H(1#2,%#2,&C(A0''&A%->R(

( )L*K(

./(#$$-2A#<-&](25(%"&(&1&'H&,A>('#C20(<#%%&'>(-0H(;$(%0(C#%&R(

/<$&)";;"F*8@&,<"7;:&9$&9$*8@&($3"(:$:%& x O&,766>(=&")&:*,#($,,0&7(@$83=&>8:&,>)$#=&3"6678*3>#*"8,d& x N6?"(#>8#&*83*:$8#,&($;>#*8@&#"&#<$&(>:*"&,$(A*3$d& x f<$($&>??("?(*>#$0&#<$&?",*#*"8&")&#<$&,<*?&>#&;$>,#&"83$&?$(&:>=d& x O&,766>(=&")&#<$&3"8:*#*"8&")&#<$&(>:*"&$G7*?6$8#0&*83;7:*8@&*#,&,"7(3$,&")&$8$(@=d& x '$(,"88$;&>,,*@8$:&($,?"8,*9*;*#=&)"(&,$8:*8@&>&:*,#($,,&>;$(#&*8,#(73#$:&#"&"?$(>#$&?("?$(;=&>;;&(>:*"& $G7*?6$8#&"8&#<$&,<*?d& x !$3$,,>(=& *8,#(73#*"8& >8:& *8)"(6>#*"8& "8& #<$& 7,$& ")& #<$& (>:*"& $G7*?6$8#& #"& ($;$A>8#& 3($F& 6$69$(,d& x '($M,>*;*8@&3<$3P,&#"&$8,7($&#<>#&>;;&$G7*?6$8#&*,&*8&>8&$))*3*$8#&F"(P*8@&3"8:*#*"8d& x /<$&($,7;#,&")&#<$&#$,#*8@&")&#<$&D2B&:*,#($,,&>8:&,>)$#=&(>:*"&$G7*?6$8#&9=&6$>8,&")&>&#$,#&3>;;&>#& ;$>,#&"83$&>&F$$Pd& x /<$& ($,7;#,& ")& #<$& #$,#*8@& ")& #<$& :*,#($,,& >8:& ,>)$#=& (>:*"& $G7*?6$8#& 9=& 6$>8,& ")& >& #$,#& >#& ;$>,#& "83$&$>3<&:>=&97#&F*#<"7#&(>:*>#*8@&>8=&,*@8>;d& x /<$&"8M;">:&>8:&"))M;">:&:>*;=&#$,#&")&#<$&9>##$(*$,d& x /<$&($,7;#,&")&#<$&F$$P;=&<=:("6$#$(&"(&;">:&#$,#&")&#<$&9>##$(*$,d& x /<$&($,7;#,&")&#<$&6"8#<;=&,$37(*#=&3<$3P&")&$>3<&9>##$(=&>8:&*#,&3"88$3#*"8,4& -.2O&C>:*"&Y"@&5&

f<$($&>&($,$(A$&,"7(3$&")&$8$(@=&3"8,*,#,&")&($3<>(@$>9;$&>33767;>#"(&9>##$(*$,0&#<$*(&3>?>3*#=&,<>;;&9$& 3<$3P$:0&7,*8@&>8&>??("?(*>#$&6$#<":0&>#&*8#$(A>;,&8"#&$+3$$:*8@&IK&6"8#<,0&F<$8&#<$&,<*?&*,&8"#&>#&,$>4& & & -2SYO2&N1_I\4Q5& &

)L*)L(( .5(%"&'&(#(1#2,%&,#,A&($'0H'#11&(2,($-#A&(%0(&,5;'&(#4#2-#<2-2%>(0/(%"&('#C20(&[;2$1&,%R(

S8&,<*?,&$8@>@$:&"8&A"=>@$,&*8&,$>&>($>,&OI&>8:&OK0&#<$&(>:*"&>A>*;>9*;*#=&,<>;;&9$&$8,7($:&9=&7,*8@&,73<& 6$#<":,&>,%& x D7?;*3>#*"8&")&$G7*?6$8#d&"(& x 2<"($&9>,$:&6>*8#$8>83$&-#<$&($G7*($6$8#&"8&E.D22&A$,,$;,&#"&<>A$&,<"($&9>,$:&6>*8#$8>83$& :"$,&8"#&*8)$(&#<$($&,<"7;:&8$3$,,>(*;=&9$&>&3"8#(>3#&97#&#<>#&6>*8#$8>83$&,<"7;:&9$&3>((*$:&"7#& >887>;;=&9=&>&,<"($MEDVHGLH¶H[SHUW·RUJDQLVDWLRQ RU& x O#M,$>&$;$3#("8*3&6>*8#$8>83$&3>?>9*;*#=d&"(& x O&3"69*8>#*"8&")&#<$,$&>,&6>=&9$&>??("A$:&9=&#<$&O:6*8*,#(>#*"84& -2SYO2&N1_I`4Q5& S8&,<*?,&$8@>@$:&"8&A"=>@$,&*8&,$>&>($>,&O\&>8:&O^0&#<$&(>:*"&>A>*;>9*;*#=&,<>;;&9$&$8,7($:&9=&7,*8@&>& 3"69*8>#*"8&")&>#&;$>,#&#F"&")&#<$&6$#<":,&:$#>*;$:&>9"A$4& -2SYO2&N1_I`4X5&

!

&.227/*,-)*./5!'?7*62'/)0! )L*))(( .5(%"&(A011;,2A#%20,5(&[;2$1&,%(2,(H00C(0'C&'R(

!"#$,%& & /<$& 6*8*676& ($G7*($6$8#,& )"(& (>:*"& $G7*?6$8#& )"(& #<$& A$,,$;& ,<"7;:& 9$& #>P$8& )("6& #<$& C>:*"& B$(#*)*3>#$& >8:& *#,& >##>3<6$8#& R"(6& C& "(& *8& R"(6& B& *)& #<$& 2>)$#=& C>:*"& B$(#*)*3>#$& *,& 3"69*8$:& *8& #<$& [>(6"8*,$:&B$(#*)*3>#$4&&N)&#<$&A$,,$;&7,$,&Uh&(>#$:&6"9*;$&?<"8$,&F*#<*8&#<$&@>,M<>a>(:"7,&>($>&3"8)*(6& #<>#&?("?$(&3$(#*)*3>#*"8&*,&?("A*:$:4& &

)L*)7(( .5(%"&(5#%&--2%&(SE.Y^(/2%%&C](#'1&C(#,C(-#<&--&C(A0''&A%->(#,C(2,5$&A%&C(2,(#AA0'C#,A&(B2%"(%"&( PDQXIDFWXUHU·VUHTXLUHPHQWV"( ! /<$&U'NCT&,<>;;&9$%& x x

3>?>9;$&")&#(>8,6*##*8@&>&:*,#($,,&>;$(#&#<("7@<&#<$&?";>(&"(9*#*8@&&,>#$;;*#$&,$(A*3$&"?$(>#*8@&*8&#<$& ^HQ&.[a&9>8:dcc& N8,#>;;$:&*8&>8&$>,*;=&>33$,,*9;$&?",*#*"8d&


144 x x x

C$>:=&#"&9$&6>87>;;=&($;$>,$:&>8:&3>?>9;$&")&9$*8@&3>((*$:&9=&"8$&?$(,"8&*8#"&>&,7(A*A>;&3(>)#d& B>?>9;$&")&);">#*8@&)($$&*)&#<$&,<*?&,*8P,&>8:&")&9$*8@&>7#"6>#*3>;;=&>3#*A>#$:&F<$8&>);">#d&>8:& B>?>9;$&")&9$*8@&>3#*A>#$:&6>87>;;=4& -2SYO2&N1_X4I4Q5&

2>#$;;*#$&U'NCT,&,<>;;&9$&>887>;;=&#$,#$:&F*#<*8&\&6"8#<,&9$)"($&#<$&$+?*(=&:>#$0&"(&\&6"8#<,&9$)"($&"(&>)#$(& #<$&>88*A$(,>(=&:>#$0&")&#<$&B>(@"&2<*?&2>)$#=&C>:*"&B$(#*)*3>#$4&&/<$&#$,#&6>=&9$&3"8:73#$:&"8&9">(:& #<$& ,<*?& "(& >#& >8& >??("A$:& #$,#*8@& ,#>#*"8d& >8:& ,79g$3#& #"& 6>*8#$8>83$& >#& *8#$(A>;,& 8"#& $+3$$:*8@& )*A$& =$>(,0&& -2SYO2&N1_I`4L5&

!

1RWHV7KHYHVVHO·VQDPHWKHVHULDOQXPEHUDQGWKHPDULWLPHPRELOHVHUYLFHVLGHQWLW\006, "(&I`&[$+&ND5& ,<"7;:&9$&3;$>(;=&*8:*3>#$:&"8&#<$&U'NCT4&

&

/<$&*8,?$3#*"8&")&(3,5%·VVKRXOGLQFOXGH& x N8,?$3#*"8&")&#<$&<"7,*8@&#"&$8,7($&*#&*,&78:>6>@$:d& x N8,?$3#*"8&")&#<$&<=:(",#>#*3&($;$>,$&78*#&#"&$8,7($&*#&*,&*8&@"":&"(:$(&>8:&*8&:>#$4&&C$;$>,$,&,<"7;:& 9$&($8$F$:&>)#$(&#F"&=$>(,d& x N8,?$3#*"8&")&#<$&;>8=>(:0&F<*3<&,<"7;:&9$&8$>#;=&,#"F$:&>8:&8"#&>##>3<$:&#"&#<$&,<*?d& x U8,7(*8@&#<>#&#<$&6>(P*8@,&($6>*8&3;$>(;=&:$3*?<$(>9;$d& x &KHFNLQJWKHEDWWHU\WRHQVXUHLWLVLQJRRGRUGHUDQGLQGDWH7KHEDWWHU\OLIHIRUPRVW(3,5%·VLV =$>(,d& x &DUU\LQJRXWDVHOIWHVW0RVW(3,5%·VKDYHD,$;)&#$,#&)>3*;*#=&F<*3<&*,&7,7>;;=&>&,?(*8@M;">:$:&,F*#3<4&& f<$8& >3#*A>#$:& >& ;*@<#& F*;;& *8:*3>#$& #<>#& #<$& #$,#& 3*(37*#,& >($& "?$(>#*8@& 3"(($3#;=& >8:& ,"6$#*6$,& #<*,& F*;;& >;,"& >3#*A>#$&#<$& ,#("9$& ;*@<#4& & N#& *,& ($3"66$8:$:& #<>#&#<$& ,$;)&#$,#& ,F*#3<&9$& <$;:&)"(& 8"& 6"($&#<>8&K&);>,<$,&")&#<$&,#("9$&;*@<#0&"(&8"&;"8@$(&#<>8&I&6*87#$&>)#$(&#<$&)*(,#&,$;)M#$,#&6":$&97(,#& #(>8,6*,,*"84& f<$8&#<$&,$;)M#$,#&*,&>3#*A>#$:&"8&>&^HQ& .[a&U'NCT0&#<$&U'NCT&*,&>;;"F$:&#"&(>:*>#$&>&,*8@;$&97(,#&F<*3<&*,& ,?$3*>;;=& 3":$:& ,"& #<>#& *#& *,& *@8"($:& 9=& #<$& BS2'O2M2OC2O/& ,=,#$64& & /<$& U'NCT& 67,#& 8$A$(& 9$& #$,#$:& 9=& >3#7>;&"?$(>#*"84& 7KHDQQXDOWHVWLQJRI0+]VDWHOOLWH(3,5%·VUHTXLUHGE\62/$6,9UHTXLUHVWHVWHTXLSPHQWFDSDEOH ")&?$()"(6*8@&>;;&#<$&($;$A>8#&6$>,7($6$8#,&:$#>*;$:&*8&.2B_B*(3&IH^H4&

( )L*)=(( ( )L*)?(( ( )L*)D(( !

\'&('#C20(&1&'H&,A>(<#%%&'2&5(2,(H00C(0'C&'(#,C(/;-->(A"#'H&CR( \'&(_25%5(0/(Y#C20(U2H,#-5(%"&(-#%&5%(&C2%20,(#,C(A0''&A%&C(;$(%0(C#%&R( .5(%"&(4&55&-(&[;2$$&C(B2%"(5;//2A2&,%(2,%'2,52A#-->(5#/&($0'%#<-&('#C205(/0'(;5&(0,(C&AWR(

!"#$%&&27))*3*$8#&?"(#>9;$&(>:*",&,<"7;:&9$&>A>*;>9;$&#"&>;;"F&3"6678*3>#*"8,&9$#F$$8&#<$&3>(@"&3"8#(";0& #<$&:$3P&"))*3$(0&#<$&:$3P&F>#3<&>8:&#<$&6>,#$(0&>,&F$;;&>,&#<$&?76?6>8&*)&($G7*($:4&

&

)L*)F( \'&( !01$#A%( G-;0'&5A&,%( _2H"%( <;-<5( ;5&C( 2,( -2H"%2,H( -0A#%&C( /#'( &,0;H"( #B#>( /'01( ,#42H#%20,#-(#,C(A011;,2A#%20,5(&[;2$1&,%(%0(#402C(A#;52,H(2,%&'/&'&,A&R( !"#$%&B"6?>3#&);7"($,3$8#&;*@<#,&-BRY5&"?$(>#*8@&*8&#<$&H4^`M\H&.[a&9>8:&6>=&3>7,$&<>(6)7;&*8#$()$($83$& >8:&67,#&8"#&9$&*8,#>;;$:&3;",$&#"&3(*#*3>;&8>A*@>#*"8&"(&3"6678*3>#*"8,&$G7*?6$8#4&&/<$&#=?$&")&;*@<#*8@& *8,#>;;$:0&?>(#*37;>(;=&3;",$&#"&#<$&9(*:@$0&67,#&9$&3<$3P$:&>8:&*8&#<$&$A$8#&#<>#&BRY,&>($&)*##$:0&>,3$(#>*8& #<>#&#<$&.>,#$(&*,&>F>($&")&#<$&?"#$8#*>;&<>a>(:,&>8:&#<$&6$>,7($,&#<>#&>($&*8&?;>3$&#"&6*#*@>#$&#<$&(*,P4&&

&

! ! \CC2%20,#-(A011&,%56(

N)&#<$&N8,?$3#"(&<>,&3"66$8#,&*8&($,?$3#&")&#<$&,79g$3#&6>##$(&3"A$($:&9=&#<$&B<>?#$(&>::*#*"8>;&#"&#<",$&F<*3<& #<$&N8,?$3#"(&6>=&6>P$&*8&($,?"8,$&#"&#<$&,?$3*)*3&G7$,#*"8,&*8&#<$&B<>?#$(0&#<$&N8,?$3#"(&,<"7;:&*83;7:$&,73<& >::*#*"8>;&3"66$8#,&*8&#<*,&,$3#*"84!

!


145

!"#$%&'())(((S,H2,&(#,C(5%&&'2,H(A01$#'%1&,%5( (

C.>*,*'5A!C(.,'87('5!-/8!O.,72'/)-)*./0! ))*)((

! ))*7(( ( ))*=(

! ))*?( !

! ))*D((

25(WKHYHVVHOSURYLGHGZLWKDGHTXDWHRSHUDWRU·VLQVWUXFWLRQVDQGSURFHGXUHV"(

!"#$%&&U8@*8$$(*8@&?("3$:7($,&,<"7;:&*83;7:$&>#&;$>,#&#<$&)";;"F*8@%& x U8@*8$&(""6&"(@>8*,>#*"8&>8:&"?$(>#*"8d& x b86>88$:&6>3<*8$(=&,?>3$&-b.25&"?$(>#*"80&F<$8&>??;*3>9;$d& x C$?"(#*8@&$G7*?6$8#&:$)*3*$83*$,d& x U8@*8$&(""6&$6$(@$83=&?($?>($:8$,,&>8:&>3#*"8,&*8&#<$&$A$8#&")&>8&$6$(@$83=d& x U8,7(*8@&#<>#&>;;&$,,$8#*>;&$8@*8$&(""6&$G7*?6$8#&*,&>A>*;>9;$&>8:&)7;;=&"?$(>#*"8>;d& x ';>88$:&6>*8#$8>83$d& x /<$&3"8#(";&")&,?>($&?>(#,4&

\'&(%"&(C;%2&5(0/(%"&(B#%A"T5%#,C2,H(0//2A&'5(#,C('#%2,H5(A-&#'->(C&/2,&CR( ./(%"&(1#A"2,&'>(5$#A&(25(A&'%2/2&C(/0'(;,1#,,&C(0$&'#%20,(25(2%(<&2,H(0$&'#%&C(2,(%"#%(10C&R(

N)& #<$& 6>3<*8$(=& ,?>3$& *,& 3$(#*)*$:& )"(& 786>88$:& "?$(>#*"8& 97#& *,& 8"#& 9$*8@& "?$(>#$:& *8& #<>#& 6":$& 9$3>7,$& ")& 78($;*>9*;*#=& ")& #<$& b.2& ?;>8#0& ($3"(:& >8& S9,$(A>#*"8& >8:& :$,3(*9$& #<$& ($>,"8& F<=4& & D"& 8"#& ($3"(:& >8& "9,$(A>#*"8& *)& >& b.2& 3$(#*)*$:& A$,,$;& *,& 9$*8@& "?$(>#$:& *8& 6>88$:& 6":$& )"(& "?$(>#*"8>;& ?7(?",$,&>8:&F<$($&#<$&6>88*8@&;$A$;&?$(6*#,4&

./(%"&(1#A"2,&'>(5$#A&(25(<&2,H(0$&'#%&C(1#,,&C](#'&(%"&'&(5;//2A2&,%(&,H2,&&'5(0,(<0#'CR(

!"#$%&&N)&#<$&6>3<*8$(=&,?>3$&*,&3$(#*)*$:&)"(&786>88$:&"?$(>#*"80&*#&F*;;&9$&;*P$;=&#<>#&#<$&2>)$&.>88*8@& B$(#*)*3>#$& F*;;& >;;"F& >& ($:73$:& 8769$(& ")& $8@*8$$(,& #"& 9$& 3>((*$:4& & U8,7($& #<>#& #<$& 6>88*8@& ;$A$;0& *)& "?$(>#*8@&6>88$:0&*,&8"#&>#&#<>#&($:73$:&;$A$;4&

P#5(%"&(A"2&/(&,H2,&&'(B'2%%&,("25(0B,(5%#,C2,H(0'C&'5(#,C(#'&(,2H"%(0'C&'5(<&2,H(A01$-&%&CR(

!"#$,%& & 2#>8:*8@& "(:$(& >8:& 8*@<#& "(:$(& 9""P,& ,<"7;:& 9$& 3<$3P$:& #"& >,3$(#>*8& #<>#& >;;& "))*3$(,& >($& *8,#(73#$:&>,&#"&#<$*(&($,?"8,*9*;*#*$,4&&2#>8:*8@&"(:$(,&,<"7;:&9$&F(*##$8&9=&#<$&3<*$)&$8@*8$$(&#"&($);$3#&#<$& VSHFLILFRSHUDWRU·VUHTXLUHPHQWVDVZHOODVKLVRZQSDUWLFXODUWRWKHYHVVHOWKHWUDGHDQGWKHH[SHULHQFH ")&#<$&$8@*8$$(*8@&"))*3$(,&>9">(:&>#&#<$&#*6$4&&N#&,<"7;:&9$&7?:>#$:&>8:&,*@8$:&9=&$>3<&3<*$)&$8@*8$$(& >,&#<$=&g"*8&#<$&A$,,$;4& !*@<#&"(:$(,&,<"7;:&9$&F(*##$8&>,&>8:&F<$8&#<$=&>($&($G7*($:&#"&,7??;$6$8#&#<$&,#>8:*8@&"(:$(,4&

( ))*F((

+DYHWKHZDWFKHQJLQHHUVFRXQWHUVLJQHGWKHFKLHIHQJLQHHU·VVWDQGLQJDQGQLJKWRUGHUVDVUHDG #,C(;,C&'5%00CR(

( ))*I(( !

\'&(%"&'&(#C&[;#%&($'0A&C;'&5(%0($'&4&,%(;,A0,%'0--&C(&,%'>(2,%0(%"&(&,H2,&('001R(

&

C>#*8@,&,<"7;:&8"#&9$&($G7*($:&#"&>##$8:&#<$&$8@*8$&(""6&>;"8$&:7(*8@&78>##$8:$:&?$(*":,4&

&

S8&A$,,$;,&F<$($&>&,*8@;$&$8@*8$$(&6>*8#>*8,&>&F>#3<0&#<$($&,<"7;:&9$&?("3$:7($,&>,&:$#>*;$:&>9"A$&#"& ($@7;>(;=& >8:& )($G7$8#;=& 6>*8#>*8& 3"8#>3#& F*#<& #<$& 9(*:@$& "(& 3>(@"& 3"8#(";& (""60& 78;$,,& >& :$>:& 6>8& >;>(6&,=,#$6&*,&)*##$:4&

( ))*J( &

! ))*K(( &

!"#$,%& & '("3$:7($,& ,<"7;:& 9$& *8& ?;>3$& #"& $8,7($& #<>#& 8"M"8$& $8#$(,& #<$& $8@*8$& 3"6?>(#6$8#& >;"8$0& )"(& $+>6?;$&#"& 3>((=& "7#&)*8>;&$A$8*8@& 3<$3P,& :7(*8@& 78>##$8:$:& ?$(*":,0& F*#<"7#&)*(,#& *8)"(6*8@&#<$& 9(*:@$4&& B"8#>3#&,<"7;:&9$&6>*8#>*8$:&>#&?($:$#$(6*8$:&?$(*":,4&

.5(%"&(C&#C(1#,(#-#'1(5>5%&1](B"&'&(/2%%&C](2,(H00C(0'C&'(#,C(;5&C(#5('&[;2'&CR(

7KH SHUVRQQHO DODUP VKRXOG DXWRPDWLFDOO\ JLYH DQ DODUP RQ WKH QDYLJDWLQJ EULGJH RU LQ WKH RIILFHUV· G7>(#$(,& >,& >??("?(*>#$0& *)& *#& *,& 8"#& ($,$#& )("6& #<$& 6>3<*8$(=& ,?>3$,& *8& >& ?$(*":& ,>#*,)>3#"(=& #"& #<$& O:6*8*,#(>#*"80& 97#& 8"#& $+3$$:*8@& \H& 6*87#$,4& -N.S& N8#$(8>#*"8>;& B":$,& "8& O;>(6,& >8:& N8:*3>#"(,0& ILL`4& X4I4I5!

.5(%"&(&,H2,&('001(-0H(<00W(#C&[;#%&->(1#2,%#2,&CR(

!"#$%&/<$&A$,,$;c,&2.2&,=,#$6&,<"7;:&*8:*3>#$&F<*3<&)*$;:,&>($&($G7*($:&#"&9$&3"6?;$#$:4&&f<$8&>&A$,,$;&*,& "?$(>#*8@& *8& #<$& b.2& 6":$0& #<$& #*6$,& F<$8& #<$& A$,,$;& *,& b.2& ,<"7;:& 9$& ($3"(:$:4& D$#>*;,& ")& 978P$(*8@& "?$(>#*"8,&>8:&6>g"(&*8#$(8>;&"*;&#(>8,)$(,&,<"7;:&>;,"&9$&($3"(:$:4&/<$&B<*$)&$8@*8$$(&>8:&6>,#$(&,<"7;:& ,*@8&#<$&;"@&9""P&"8&>&:>*;=&9>,*,0&97#&*#&*,&>33$?#>9;$&*)&#<$&6>,#$(&,*@8,&"8&>&F$$P;=&9>,*,4 &

& © Copyright OCIMF 2011. All rights reserved. 145

146 ))*)L(( .5(%"&'&(#($'0A&C;'&(%0('&5%#'%(A'2%2A#-(&[;2$1&,%R( &

!"#$%&&O&F(*##$8&?("3$:7($&,<"7;:&9$&($>:*;=&>A>*;>9;$&F*#<*8&#<$&$8@*8$&(""6&F<*3<&,<"7;:&9$&,?$3*)*3&#"& #<$& ?>(#*37;>(& ,<*?& *8& "(:$(& #"& *:$8#*)=& ($;$A>8#& 3"8#(";,4& & /<$& ?("3$:7($& ,<"7;:& *83;7:$& #<$& )";;"F*8@& @7*:>83$0&F<$($&>??;*3>9;$0&"8&<"F&#"%& x C$@>*8&?"F$(&)("6&#<$&$6$(@$83=&#"&#<$&6>*8&,F*#3<9">(:d& x B<>(@$&#<$&>*(&($3$*A$(,&)"(&#<$&6>*8&:*$,$;&@$8$(>#"(,&*8&"(:$(&#"&?("A*:$&$;$3#(*3>;&?"F$(&#"&>;;& >7+*;*>(*$,&-)7$;&>8:&;79(*3>#*8@&"*;&?76?,&>8:&#<$&9"*;$(&,7??;=5d& & x C$,#>(#&>;;&>7+*;*>(*$,d& x C$,#>(#&#<$&6>*8&$8@*8$&>8:&9"*;$(4&

( ))*))(( @0&5(%"&(0$&'#%0'(5;<5A'2<&(%0(#(/;&-](-;<'2A#%2,H(#,C(">C'#;-2A(02-(%&5%2,H($'0H'#11&] #,C(25( %"&'&(#($'0A&C;'&(2,($-#A&(%0(%#W&(2,%0(#AA0;,%(%"&('&5;-%5R(( ( !"#$%&C$?"(#&F<*3<&@("7?,&")&"*;,&>($&,79g$3#&#"&#$,#*8@&?("@(>66$&>8:&)($G7$83=&")&#$,#*8@&-*4$4&R7$;&"*;,0&

6>*8& $8@*8$& ;79& "*;,0& <=:(>7;*3& "*;,& $#34& 1$(*)=& #<$& ;>#$,#& ;79$& "*;& ,>6?;$& >8>;=,*,& *,& )($$& )("6& :$)*3*$83*$,4&& C$3"(:&>8=&:$)*3*$83*$,&)"78:&

( ! ))*)7(( \'&(C&%#2-&C(<;,W&'(%'#,5/&'(2,5%';A%20,5(#4#2-#<-&R(

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x D$#$(6*8*8@&#<>#&#<$($&*,&>:$G7>#$&,?>3$&)"(&#<$&A";76$&")&978P$(,&#"&9$&;">:$:d& x 2?$3*)*3&?("3$:7($,&)"(&,#"(>@$&>8:&,$?>(>#*"8&")&:*))$($8#&@(>:$,_,7;?<7(&3"8#$8#&")&978P$(,4& x /<$&6>+*676&)*;;*8@&A";76$d& x B"8#(";,&)"(&#<$&,$##*8@&")&978P$(&,=,#$6&A>;A$,d& x D$#$(6*8*8@&;">:*8@&(>#$,&)"(&#<$&,#>(#&")&;">:*8@0&97;P&;">:*8@&>8:&#"??*8@&"))d& x O((>8@$6$8#,&")&978P$(&#>8P&A$8#*;>#*"8d& x N8#$(8>;&#>8P&"A$();"F&>((>8@$6$8#,d& x 1$(*)*3>#*"8&")&@>7@*8@&,=,#$6&"?$(>#*"8&>8:&>337(>3=d& x O;>(6&,$##*8@,&"8&"A$()*;;&>;>(6&78*#,d& x B"6678*3>#*"8&F*#<&#<$&#$(6*8>;&#"&$,#>9;*,<&F<$8&978P$(*8@&3>8&9$&78:$(#>P$8d& x .$#<":,&")&6>8>@*8@&#<$&<>8:;*8@&")&978P$(,&F<*3<&<>A$&"(&6>=&<>A$&>&[ K2&"(&9$8a$8$&3"8#$8#& >8:&#$,#*8@&?("3$:7($,&)"(&:$#$(6*8*8@&#<$&?($,$83$&")&<=:("3>(9"8&"(&[ K2&"(&9$8a$8$&A>?"7(,d& x .$#<":&")&:$#$(6*8*8@&#<$&#$6?$(>#7($&")&#<$&978P$(,&:7(*8@&;">:*8@d& x B"6678*3>#*"8,&?("3$:7($&)"(&#<$&"?$(>#*"80&*83;7:*8@&$6$(@$83=&,#"?d& x B<>8@*8@&"A$(&#>8P,&:7(*8@&;">:*8@d& x B"8#>*86$8#&>((>8@$6$8#,&>8:&3;$>87?&$G7*?6$8#&#"&9$&>A>*;>9;$d& x .>88*8@&($G7*($6$8#&#"&$+$37#$&#<$&"?$(>#*"8&,>)$;=4& 6KLS·VSHUVRQQHOVKRXOGDOZD\VEHDOHUWWRWKHSRVVLEOHSUHVHQFHRI+K2&"(&9$8a$8$&*8&978P$(&)7$;4&

N#&*,&?($)$(>9;$&#<>#&>&:*>@(>6&")&#<$&)7$;&"*;&#(>8,)$(&?*?*8@&9$&>##>3<$:&#"&#<$&?;>84 ( ! ( ))*)=( .5( %"&( 4&55&-( #<-&( %0( 5#/&->( A01$->( B2%"( US!\( -&H25-#%20,( '&H#'C2,H( ;5&( 0/( -0B( 5;-$";'( /;&-5( 2,( <02-&'5R( !"#$,%& b,$& ")& ;"F& ,7;?<7(& :*,#*;;>#$& )7$;,& ?($,$8#,& >& ,>)$#=& (*,P& *8& 9"*;$(,& #<>#& <>A$& 8"#& 9$$8& ,?$3*)*3>;;=& :$,*@8$:&"(&6":*)*$:&)"(&,73<&7,$&>8:&*8,?$3#"(,&67,#&$,#>9;*,<&#<>#&#<$&9"*;$(,&>($&3$(#*)*3>#$:&#"&9$&>9;$& #"& ,>)$;=& 97(8& #<$,$& 978P$(,& "(& #<>#& >8& >;#$(8>#*A$& 6$#<":& ")& <$>#*8@& *,& 7#*;*,$:& #<>#& :"$,& 8"#& ($G7*($& "?$(>#*"8&")&#<$&9"*;$(&*8&?"(#4&

&

))*)?( \'&(B'2%%&,(2,5%';A%20,5($'042C&C(%0(A0,%'0-(%"&(A"#,H&(/'01('&52C;#-(%0(-0BT5;-$";'(/;&-5R(

!"#$,%&&N8,#(73#*"8,&,<"7;:&:$6"8,#(>#$&#<>#&>;;&>,?$3#,&")&#<$&?("3$,,&<>A$&9$$8&3"8,*:$($:&>8:&,$#&"7#& #<$&,#$?,&#"&9$&)";;"F$:&F<$8&3<>8@*8@&6>*8&9"*;$(-,5&>8:&>7+*;*>(=&6>3<*8$(=&)7$;&,7??;=&)("6&($,*:7>;&#"& ;"F& ,7;?<7(&)7$;& "*;& >8:&A*3$& A$(,>&#"& $8,7($& >8&78*8#$((7?#$:&)7$;& ,7??;=4& & N)&#<$&A$,,$;& :"$,& 8"#&#(>:$& *8& 2UBO&>($>,0&G7$,#*"8&#"&9$&>8,F$($:&c&!Oc4& & & &


147

! C>-//'8!"-*/)'/-/,'0! ))*)D(( .5(#($-#,,&C(1#2,%&,#,A&(5>5%&1(<&2,H(/0--0B&C(#,C(25(2%(;$(%0(C#%&R( (

&

! !

!"#$,%& O;#<"7@<& #<$($& *,& 8"& ,?$3*)*3& ($G7*($6$8#& )"(& >8=& ?>(#*37;>(& 3"6?7#$(& "(& ?>?$(M9>,$:& ?;>88$:& 6>*8#$8>83$&,=,#$6&-'.25&#"&9$&?("A*:$:0&#<$&B"6?>8=&,<"7;:&$,#>9;*,<&?("3$:7($,&#"&$8,7($&#<>#&#<$& ,<*?& *,& 6>*8#>*8$:& *8& 3"8)"(6*#=& F*#<& #<$& ?("A*,*"8,& ")& #<$& ($;$A>8#& C$@7;>#*"8,& >8:& F*#<& >8=& >::*#*"8>;& ($G7*($6$8#,& F<*3<& 6>=& 9$& $,#>9;*,<$:& 9=& #<$& B"6?>8=& >8:& ,?$3*)*$:& *8& #<$& N2.& B":$& 2$3#*"8& IH4I4& N8,?$3#"(,& 67,#& >,3$(#>*8& #<>#& >& '.2& *,& *8& ?;>3$& >8:& #<>#& *#& *,& >337(>#$0& 7?& #"& :>#$0& $))$3#*A$& >8:& 6>*8#>*8$:&*8&>33"(:>83$&F*#<&#<$&($G7*($6$8#,&")&#<$&N2.&B":$0&#<$&S?$(>#"(c,&?("3$:7($,&>8:&")&#<$& 9$,#& ?(>3#*3$,& ,$#& "7#& *8& />8P$(& .>8>@$6$8#& 2$;)& O,,$,,6$8#& -/.2O5& U;$6$8#& ^4& "#875+82F3#! 7#-85++#3! 8(5,3A!F#!*F3#!'5!A#65+8'-*'#!=*6232*-2'.!G2'(!'(#!8.8'#6H! /<$&?;>88$:&6>*8#$8>83$&?("@(>66$&,<"7;:&*83;7:$%& & x D$#>*;,& ")& 6>*8#$8>83$& ,3<$:7;$,& F<$#<$(& & 3>((*$:& "7#& >33"(:*8@& #"& (788*8@& <"7(,& "(& 3>;$8:>(& ?$(*":0&"(&*)&3"8:*#*"8&6"8*#"(*8@&*,&7,$:&>,&>&,79,#*#7#$d& x 'HWDLOVUHIHUHQFHGWRHTXLSPHQWPDQXIDFWXUHU·VLQVWUXFWLRQVRUH[SHULHQFHRIZKDWPDLQWHQDQFH *,&($G7*($:d& x [*,#"(*3>;&:>#>&"8&6>*8#$8>83$&>8:&($?>*(&F"(P&F<*3<&<>,&9$$8&3>((*$:&"7#d& x 2?>($&?>(#,&*8A$8#"(=d& x O8=& ?("?",$:& 6>g"(& ($?>*(,& "(& "A$(<>7;,& ,<"7;:& <>A$& >& 3"6?;$#*"8& ,3<$:7;$0& F*#<& ,?>($& ?>(#,& A$(*)*$:&>,&9$*8@&"8&9">(:&"(&"8&"(:$(4& & N8,?$3#"(,&67,#&#>P$&*8#"&>33"78#&#<$&B;>,,&.>3<*8$(=&27(A$=&8"#>#*"8&78:$(&F<*3<&#<$&A$,,$;&*,&"?$(>#$:& >8:& ")& #<$& ?;>88$:& 6>*8#$8>83$& ,=,#$6& >,,"3*>#$:& F*#<& #<$& 8"#>#*"84& & ';>88$:& 6>*8#$8>83$& 6>=& 9$& 3"8:73#$:&78:$(&A>(*"7,&:*))$($8#&B;>,,&,7(A$=&,3<$6$,d&<"F$A$(0&8"#&>;;&")&#<$,$&($G7*($&B;>,,&>??("A>;4&& /<$,$&,3<$6$,&>($%&& "-,=*/'(!.(!B/D*/'!$7(;',,&>??("A>;&")&#<$&'.2&*,&8"#&($G7*($:4& C>-//'8! "-*/)'/-/,'! $,='2'! LC"$M& $ ´&HUWLILFDWH RI $SSURYDO IRU 3ODQQHG 0DLQWHQDQFH 6FKHPHµ LV ($G7*($:4& &./)*/7.75! $7(;'??("A$:& )"(& B"8#*87"7,& 27(A$=& ")& 6>3<*8$(=0& #<$& ?("3$:7($&:$?$8:,&F<$#<$(&#<$&'.2&*,&>??("A$:&"(&8"#%& E66(.;'8!"-,=*/'(-//'8!"-*/)'/-/,'!$,='2'!L"C"$M!B;>,,&O??("A>;&($G7*($:&)"(&,?$3*)*3&*#$6,&")& 6>3<*8$(=&#"&9$&$+>6*8$:&9=&#<$&B<*$)&U8@*8$$(&F*#<"7#&#<$&?($,$83$&")&B;>,,&,7(A$="(4&& I./! ²! E66(.;'8! "-,=*/'(-//'8! "-*/)'/-/,'! $,='2'3! @5#8! +5'! -#C,2-#! ?;>,,& >??("A>;4& f<$($& ?",,*9;$& B;>,,& ,<"7;:& ?$()"(6& ,7(A$=,0& f<$($& B;>,,& >##$8:>83$& *,& 8"#& ?",,*9;$& #<$& B<*$)& U8@*8$$(& 3>8& ?$()"(6&*8,?$3#*"8&F<*3<&67,#&#<$8&9$&3($:*#$:&9=&B;>,,4& C>-//'8! "-*/)'/-/,'! $<5)'2! L&./8*)*./! "./*).(*/DM! C"$L&"54& b8:$(& $*#<$(& #<$& '.2& "(& '.2-B.5& ´DOWHUQDWLYHµVXUYH\V\VWHPVYHVVHOVZLOOFDUU\WKHDSSURSULDWH&ODVVQRWDWLRQVEXWLQHLWKHUFDVHDVSHFLILF B;>,,&>??("A>;&3$(#*)*3>#$&)"(&#<$&'.2&F*;;&8"#&9$&*,,7$:4& f<$($&'.2&8"#>#*"8&*,&*83;7:$:&*8&#<$&B$(#*)*3>#$&")&B;>,,0&#<$8&#<$&;>#$,#&A$(,*"8&")&#<$&'.2&*8,#>;;$:&"8& 9">(:&>8:&#<$&/=?$&O??("A>;&3$(#*)*3>#$&)"(&#<$&,?$3*)*3&'.2&A$(,*"8&,<"7;:&9$&>A>*;>9;$&"8&9">(:4! ! && &&

))*)F(( .5(#(A01$'&"&,524&(#,C(;$(%0(C#%&(2,4&,%0'>(0/(5$#'&($#'%5(<&2,H(1#2,%#2,&CR( !

$-+')
))*)I( ,V DQ HQJLQHHU·V FDOO DODUP ILWWHG DQG LV LW LQ JRRG RUGHU DQG WHVWHG UHJXODUO\ DQG WKH UHVXOWV '&A0'C&CR( !"#$%&&N8,?$3#"(,&,<"7;:&3"8,*:$(&#$,#*8@&#<*,&3(*#*3>;&>;>(64&&/"&:"&,"&*)&?$(6*##$:&>;"8@,*:$0&($G7$,#&#<>#&>& ,7*#>9;$&#$,#& >;>(6& 9H LQLWLDWHG ZKLFK VKRXOG VRXQG RQWKH EULGJH LQWKH GXW\ HQJLQHHU·V TXDUWHUV DQG LQ ?79;*3&(""6,4&&N)&8"#&>8,F$($:&F*#<*8&#<$&,?$3*)*$:&?$(*":&>&9>3PM7?&>;>(6&,=,#$6&,<"7;:&9$&>3#*A>#$:4&

! ))*)J( \'&(&1&'H&,A>(&5A#$&('0;%&5(&//&A%24&->(1#'W&C](;,0<5%';A%&C(#,C(#C&[;#%&->(-2%R( ( ))*)K(( .5(%"&(-&4&-(0/(-2H"%2,H(2,(#--(#'(0/(%"&(&,H2,&('001(5#%25/#A%0'>R( ( ))*7L(( @0('&A0'C5(2,C2A#%&(%"&('&H;-#'(%&5%2,H(0/(&1&'H&,A>(&[;2$1&,%R(


148 &

!"#$,%& & U6$(@$83=& $G7*?6$8#& F*;;& *83;7:$0& F<$($& )*##$:0& #<$& $6$(@$83=& )*($& ?76?0& 6>*8& )*($& >8:& )">6& ?76?,0& $6$(@$83=& >*(& 3"6?($,,"(0& $6$(@$83=& @$8$(>#"(0& $6$(@$83=& @$8$(>#"(& ,F*#3<9">(:0& $6$(@$83=&,#$$(*8@00&$6$(@$83=&,#"?,0&$8@*8$$(,&>;>(6,&>8:&9*;@$&$g$3#"(,4&

&

/$,#*8@& ")& #<$& $6$(@$83=& @$8$(>#"(& ,<"7;:& 9$& 3>((*$:& "7#& 78:$(& ;">:0& 97#& #"& :"& #<*,& 6>=& ($G7*($& #<$& A$,,$;& #"& 9$& 9;>3P$:& "7#4& & /<*,& #$,#*8@& *,& 8"#& #"& 9$& 3"8:73#$:& :7(*8@& >& 2NCU& *8,?$3#*"84& & N8,?$3#"(,& 67,#& $,#>9;*,<&#<>#&#<$&"?$(>#"(&<>,&>&($G7*($6$8#&)"(&#<*,&#$,#&>8:&:$#$(6*8$&)("6&($3"(:,&#<>#&*#&*,&3>((*$:&"7#& >#&;$>,#&>887>;;=4&& f<$($&)*##$:0&#<$&$6$(@$83=&>*(&3"6?($,,"(&,<"7;:&9$&($@7;>(;=&#$,#$:&#"&#<$&,#>(#*8@&?($,,7($&")&#<$&:*$,$;& @$8$(>#"(4&&/<$&$6$(@$83=&>*(&($,$(A"*(&,<"7;:&9$&?$(6>8$8#;=&6>*8#>*8$:&>#&#<$&($G7*($:&?($,,7($4& !

))*7)(( .5(%"&(/;&-(5>5%&1(/2%%&C(B2%"(4#-4&5(%"#%(#'&(A#$#<-&(0/(<&2,H(A-05&C(/'01(0;%52C&(%"&(1#A"2,&'>( 5$#A&('&H;-#'->(%&5%&C(#,C(2,(H00C(0'C&'R( S*;&)7$;&?*?$,0&F<*3<0&*)&:>6>@$:0&F"7;:&>;;"F&"*;&#"&$,3>?$&)("6&>&,#"(>@$0&,$##;*8@&"(&:>*;=&,$(A*3$&#>8P& <>A*8@&>&3>?>3*#=&")&`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

! ))*77(( \'&(&,H2,&('001(&1&'H&,A>(5%0$5(/0'(4&,%2-#%20,(/#,5(A-&#'->(1#'W&C(#,C(C0('&A0'C5(2,C2A#%&( %"#%(%"&>("#4&(<&&,('&H;-#'->(%&5%&CR( ! ))*7=(( \'&(C2&5&-(&,H2,&("2H"(#,C(-0B($'&55;'&(/;&-(C&-24&'>($2$&5(#C&[;#%&->(`#AW&%&C(0'(5A'&&,&CR( ! U+#$(8>;&<*@<&?($,,7($&)7$;&:$;*A$(=&;*8$,&9$#F$$8&#<$&<*@<&?($,,7($&)7$;&?76?,&>8:&)7$;&*8g$3#"(,&,<>;;&9$&

?("#$3#$:& F*#<& >& g>3P$#$:& ?*?*8@& ,=,#$6& 3>?>9;$& ")&3"8#>*8*8@&)7$;&)("6& >& <*@<& ?($,,7($& ;*8$&)>*;7($4& & O& g>3P$#$:& ?*?$& *83"(?"(>#$,& >8& "7#$(& ?*?$& *8#"& F<*3<& #<$& <*@<& ?($,,7($& )7$;& ?*?$& *,& ?;>3$:0& )"(6*8@& >& ?$(6>8$8#& >,,$69;=4& & /<$& g>3P$#$:& ?*?*8@& ,=,#$6& ,<>;;& *83;7:$& >& 6$>8,& )"(& 3";;$3#*"8& ")& ;$>P>@$,& >8:& >((>8@$6$8#,&,<>;;&9$&?("A*:$:&)"(&>8&>;>(6&#"&9$&@*A$8&")&>&)7$;&;*8$&)>*;7($4& -2SYO2&NNMK_^4K4K4`4K5&

( ))*7?(( \'&(C2&5&-(&,H2,&(&V"#;5%5(#,C(0%"&'("0%(5;'/#A&5(2,(%"&(42A2,2%>(0/(/;&-](C2&5&-](-;<'2A#%2,H(#,C( ">C'#;-2A(02-($2$&5($'0%&A%&C(#H#2,5%(5$'#>R( &

27()>3$,&F*#<&#$6?$(>#7($,&>9"A$&KKH RB&F<*3<&6>=&9$&*6?*8@$:&>,&>&($,7;#&")&>&;$>P&)("6&>8&"*;&,=,#$6& )>*;7($&,<>;;&9$&?("?$(;=&*8,7;>#$:4& -2SYO2&NNMK_^4K4K4Q4I5&

&

'($3>7#*"8,& ,<>;;& 9$& #>P$8& #"& ?($A$8#& >8=& "*;& #<>#& 6>=& $,3>?$& 78:$(& ?($,,7($& )("6& >8=& ?76?0& )*;#$(& "(& <$>#$(&)("6&3"6*8@&*8#"&3"8#>3#&F*#<&<$>#$:&,7()>3$,4& -2SYO2&NNMK_^4K4K4Q4K5&

! ))*7D(( \'&("0%(5;'/#A&5]($#'%2A;-#'->(C2&5&-(&,H2,&5](/'&&(0/(#,>(&42C&,A&(0/(/;&-](C2&5&-(#,C(-;<'2A#%2,H( 02-R( !"#$%&&Y>@@*8@&>8:&*8,7;>#*"8&,<"7;:&9$&*8&@"":&3"8:*#*"8&>8:&)($$&)("6&"*;4&

&

N)&#<$($&*,&$A*:$83$&")&"*;&;$>P>@$&"(&"*;&,">P$:&;>@@*8@&#<*,&67,#&9$&($3"(:$:&>,&>8&S9,$(A>#*"84&

! ))*7F(( \'&($;'2/2&'('0015(#,C(/;&-(#,C(-;<'2A#%2,H(02-("#,C-2,H(#'(4&,%2-#%&C(#,C(A-&#,R( ! !"#$%& & O& ,*@8*)*3>8#& 8769$(& ")& 6>g"(& *83*:$8#,& "337(& >,& >& ($,7;#& ")& $8@*8$& (""6& )*($,4& & N#& *,& ")& ?>(#*37;>(& *6?"(#>83$&#<>#&?7(*)*$(&(""6,&>8:&"*;&<>8:;*8@&>($>,&>($&6>*8#>*8$:&*8&>&3;$>8&3"8:*#*"84&

( ))*7I(( ./( %"&( 4&55&-( A-#55( ,0%#%20,( #--0B2,H( a9U( 0$&'#%20,]( #'&( 1#2,( &,H2,&( <&#'2,H( %&1$&'#%;'&( 10,2%0'5](0'(%"&(A'#,WA#5&(02-(125%(C&%&A%0'](2,(H00C(0'C&'R( &

N8#$(8>;&3"697,#*"8&$8@*8$,&")&K0K`H&mf&>8:&>9"A$&"(&<>A*8@&3=;*8:$(,&")&6"($&#<>8&\HH&66&9"($&,<>;;& 9$& ?("A*:$:& F*#<& 3(>8P3>,$& "*;& 6*,#& :$#$3#"(,0& "(& $8@*8$& 9$>(*8@& #$6?$(>#7($& 6"8*#"(,0& "(& $G7*A>;$8#& :$A*3$,4& -2SYO2&NNMI_^X4K5&

&&&

!"#$%&&/$,#*8@&")&#<$&:$#$3#"(&>;>(6&3>8&9$&3>((*$:&"7#&$*#<$(& $;$3#("8*3>;;=&"(&9=&($6"A*8@&>&3"A$(&>8:& 9;"3P*8@&#<$&,$8,"(&?>#<4&


149 &

N)& #<$& A$,,$;& :"$,& 8"#& <>A$& >& 3;>,,& 8"#>#*"8& #"& "?$(>#$& b.2& >8:& :"$,& 8"#& <>A$& >& 3(>8P3>,$& "*;& 6*,#& GHWHFWRU RU PDLQ HQJLQH EHDULQJ PRQLWRULQJ WKHQ DQVZHU WKH TXHVWLRQ ¶1$· +RZHYHU LI WKH& A$,,$;& :"$,& <>A$& #<$& 3(>8P3>,$& "*;& 6*,#& :$#$3#"(& "(& 6>*8& $8@*8$& 9$>(*8@& 6"8*#"(*8@& $G7*?6$8#& #<$8& #<$& G7$,#*"8& ,<"7;:&9$&>8,F$($:&>,&*)&"?$(>#*8@&b.24 &

! ))*7J(( Z"&'&(">C'#;-2A(#HH'&H#%&($;1$5(#'&(-0A#%&C( B2%"2,(%"&(1#2,( &,H2,&( A01$#'%1&,%](25(#,( 02-( 125%(C&%&A%0'(/2%%&CR( &

!"#$%& & N8& A$,,$;,& )*##$:& F*#<& :$$?MF$;;& ?76?,& :(*A$8& 9=& <=:(>7;*3& ?($,,7($& ?>3P,0& ?($,,7($& *8& #<$& #(>8,6*,,*"8&?*?$,&3>8&9$&A$(=&<*@<4&&N)&#<$&>@@($@>#$&?76?,&>($&;"3>#$:&F*#<*8&#<$&$8@*8$&3"6?>(#6$8#& *#& *,& >:A*,>9;$& #<>#& >8& "*;& 6*,#& :$#$3#"(& 9$& )*##$:4& f<$($& #<$& >@@($@>#$& ?76?,& >($& ;"3>#$:& F*#<*8& >& :$:*3>#$:0&)7;;=&,$@($@>#$:&3"6?>(#6$8#&F*#<*8&#<$&6>*8&$8@*8$&3"6?>(#6$8#0&#<$&G7$,#*"8&,<"7;:&9$& >8,F$($:&!_O4&

( ))*7K(! \'&( %"&( 1#2,( 5B2%A"<0#'C]( #-%&',#%0'5( #,C( 0%"&'( &-&A%'2A#-( &[;2$1&,%( 5#%25/#A%0'2->( $'0%&A%&C( /'01(B#%&'(5$'#>R( N)&#<$& 6>*8& ,F*#3<9">(:& *,&8"#&;"3>#$:& *8&#<$& $8@*8$&3"8#(";& (""6& "(& "#<$(& ?("#$3#$:&;"3>#*"80&($3"(:& *8& S#<$(&3"66$8#,0&#<$&6$>,7($,&#<>#&<>A$&9$$8&#>P$8&#"&?("#$3#&*#&)("6&F>#$(&,?(>=4&

!"#$%&&C*,P&:7$&#"&F>#$(&,?(>=&*8&#<$&$A$8#&")&)>*;7($&")&,$>&F>#$(&?*?$,0&*83;7:*8@&)*($&6>*8,&>8:&<=:(>8#,0& ,<"7;:&9$&>,,$,,$:4&

( ))*=L(( .5( C&AW( 2,5;-#%20,( $'042C&C( %0( %"&( /'0,%( #,C( '&#'( 0/( 1&C2;1( $0B&'( N2*&*( 77L8( #,C( #<04&O( &-&A%'2A#-(5B2%A"<0#'C5(#,C(25(2%(2,(H00C(0'C&'R(( !

f<$($& 8$3$,,>(=& 8"8M3"8:73#*8@& 6>#,& "(& @(>#*8@,& ,<>;;& 9$& ?("A*:$:& >#& #<$& )("8#& >8:& ($>(& ")& #<$& ,F*#3<9">(:4& -2SYO2&NNMI_^`4&K5&

&

!"8M3"8:73#*8@& :$3P& 3"A$(*8@,0& ,73<& >,& 8"8M3"8:73#*8@& 6>#,& "(& @(>#*8@,0& ,7*#>9;$& )"(& #<$& ,?$3*)*3& ,F*#3<9">(:&A";#>@$&,<"7;:&9$&*8,#>;;$:&)"(&?$(,"88$;&?("#$3#*"8&>#&#<$&)("8#&>8:&($>(&")&#<$&,F*#3<9">(:& >8:&,<"7;:&$+#$8:&#<$&$8#*($&;$8@#<&")&>8:&9$&")&,7))*3*$8#&F*:#<&#"&,7*#0&#<$&"?$(>#*8@&,?>3$4& & -b2BE&^Q&BRC&III4\HMII5&

&

!"#$,%&&/<$&b2BE&($G7*($6$8#,&>??;=&#"&,F*#3<9">(:,&$+3$$:*8@&K`H&A";#,4&& 2"6$&:$3P,&>($&6>:$&)("6& *8,7;>#*8@&3"6?",*#$&6>#$(*>;&>8:&F*;;&8"#&8$$:&$+#(>&*8,7;>#*"84&

( ))*=)(( \'&(H#;H&(H-#55(A-052,H(C&42A&5(0,(02-(%#,W5(0/(#(5&-/TA-052,H](/#2-T5#/&(%>$&(#,C(,0%(2,"2<2%&CR( ( ))*=7(( \'&(5&-/TA-052,H(50;,C2,H(C&42A&5(%0(C0;<-&(<0%%01(%#,W5(2,(H00C(0'C&'(#,C(A-05&CR( ( ))*==(( .5(#--(1042,H(1#A"2,&'>($'042C&C(B2%"(&//&A%24&(H;#'C5(B"&'&(%"25($'&5&,%5(#("#c#'CR( !"#$%&&E7>(:,&,<"7;:&9$&)*##$:&F<$($A$(&#<$&$G7*?6$8#&?($,$8#,&>&<>a>(:&#"&?$(,"88$;4&

( ))*=?(( @0(&,H2,&('001(1#A"2,&(%00-5("#4&(#C&[;#%&(&>&($'0%&A%20,(#4#2-#<-&R( ( ))*=D(( \'&('&A0'C5(1#2,%#2,&C(/0'(%"&('&H;-#'(2,5$&A%20,(#,C(%&5%2,H(0/(-2/%2,H(C&42A&5R(

!"#$%&&Y*)#*8@&:$A*3$,&*83;7:$,&3(>8$,0&?"(#>9;$&>8:&9$>6&3<>*8&9;"3P,0&?>:&$=$,0&;*)#*8@&9$>6,&$#34&

( ))*=F(( .5(#,(2,5$&A%20,(#,C(1#2,%&,#,A&($'0H'#11&(2,($-#A&(/0'(0%"&'(-2/%2,H(&[;2$1&,%(5;A"(#5(B2'&( 5-2,H5R( ( ))*=I(( .5(#--(-005&(H&#'(2,(%"&(1#A"2,&'>(5$#A&5](5%0'&5(#,C(5%&&'2,H(A01$#'%1&,%($'0$&'->(5&A;'&CR( ! ))*=J(( \'&(1#A"2,&'>(5$#A&5(#,C(5%&&'2,H(A01$#'%1&,%5(A-&#,(#,C(/'&&(/'01(0<420;5(-&#W5(#,C(25(%"&( 04&'#--(5%#,C#'C(0/("0;5&W&&$2,H(#,C(/#<'2A(1#2,%&,#,A&(5#%25/#A%0'>R( &

!"#$%& & f"(P,<"?,0& 3"6?($,,"(& (""6,0& 3<$6*3>;& ,#"($,0& ,?>($& @$>(& ,#"($,0& HOHFWULFLDQ·V& ,#"($_F"(P,<"?0& NE& (""6,0& >8:& 9"*;$(& (""6,& ,<"7;:& 9$& 3<$3P$:4& & 2>)$#=& 8"#*3$,& >8:& ,*@8,& >??("?(*>#$& #"& #<$& ,?$3*)*3& 3"6?>(#6$8#,&,<"7;:&9$&?",#$:4c!

( ))*=K(( \'&(<2-H&5(/'&&(0/(02-](';<<25"(#,C(5&C21&,%R( ! !"#$%&&S*;=&>($>,&*8:*3>#$&>&;>3P&")&>:$G7>#$&6>*8#$8>83$&>8:&3;$>8;*8$,,4&&["F$A$(0&>&,6>;;&>6"78#&")& "*;&*8&,>A$>;;,&,<"7;:&8"#&9$&3"8,*:$($:&78,>#*,)>3#"(=4&

( ))*?L(( .5(%"&(<2-H&("2H"(-&4&-(#-#'1(5>5%&1('&H;-#'->(%&5%&C(#,C(#'&('&A0'C5(1#2,%#2,&CR( © Copyright OCIMF 2011. All rights reserved. 149

150 !

!"#$%&&N8,?$3#"(,&,<"7;:&3"8,*:$(&($G7$,#*8@&#<>#&#<*,&3(*#*3>;&>;>(6&9$&#$,#$:&*8&#<$*(&?($,$83$4&&N#&,<"7;:&9$& 9"(8$&*8&6*8:&#<>#&6",#&9*;@$&>;>(6,&>($&)*##$:&F*#<&#*6$&:$;>=,4&

( ))*?)(( \'&(5&#B#%&'($;1$5](5&#(A"&5%5(#,C(#550A2#%&C($2$&B0'W(2,( H00C(0'C&'(#,C(/'&&(0/("#'C(';5%( #,C(%&1$0'#'>('&$#2'5]($#'%2A;-#'->(0;%<0#'C(0/(%"&(5"2$T52C&(4#-4&5R( !"#$%&&/<$&3"8:*#*"8&")&,$>&3<$,#,0&,$>&F>#$(&;*8$,0&,#"(6&A>;A$,&>8:&<7;;&?$8$#(>#*"8,&,<"7;:&9$&3>($)7;;=& 3<$3P$:&#"&$8,7($&#<>#&#<$=&>($&*8&@"":&3"8:*#*"84& UA*:$83$&")&<>(:&(7,#&"(&:$#$(*"(>#*"8&,<"7;:&9$&($3"(:$:&>,&>8&S9,$(A>#*"84!

!

!

"-,=*/'(( #$$&#'( %0( <&( B&--( 1#2,%#2,&CR( M"&(1#2,(&,H2,&e! \;V2-2#'>( &,H2,&5( #,C( H&,&'#%0'5]( 2,A-;C2,H( 5"#/%( H( #,C( &1&'H&,A>( H&,&'#%0'5( B"&'&(/2%%&C*!

& !"#$,%&&B"8,*:$(&$+>6*8*8@&;"@&9""P&$8#(*$,&#"&:$#$(6*8$&#<>#&>8=&*:;$& @$8$(>#"(,&<>A$&9$$8&(78&($3$8#;=4&

B<$3P& #<>#& #<$& >7#"6>#*3& ,F*#3<& "A$(& >((>8@$6$8#,& >8:& ?("#$3#*"8& :$A*3$,& ,73<& >,& ($A$(,$& ?"F$(& ($;>=,& >($& *8& @"":& "(:$(& >8:& #<>#& $8@*8$$(,&>($&)>6*;*>(&F*#<&?("3$:7($,&)"(&3<>8@*8@&"A$(&@$8$(>#"(,4& ^02-&'5]( 2,A-;C2,H( B#5%&( "&#%( !"#$,%& & f<$($& >7#"6>#$:& 9"*;$(,& >($& )*##$:0& #<$=& ,<"7;:& 9$& 9$*8@& #,C(C01&5%2A(<02-&'5e( "?$(>#$:&*8&>7#"6>#*3&6":$4&

! !01$'&550'5( 2,A-;C2,H( 1#2,]( 2,5%';1&,%( #,C( &1&'H&,A>( #2'( A01$'&550'5e! E;'2/2&'5( #,C( /;&-( 02-( "#,C-2,H( &[;2$1&,%e( .,&'%( H#5( $-#,%]( 2,A-;C2,H( %"&( /#,5]( 5A';<<&']( #,#->5&'( #,C( 4#-4&5e! U&B#H&($-#,%e( ^2-H&( $;1$2,H( #''#,H&1&,%5( #,C(%"&(02->(B#%&'(5&$#'#%0'e( E2$&B0'W]( 2,A-;C2,H( 5%]( /;&-]( -;<'2A#%2,H( 02-]( 5&#B#%&']( 5&B#H&]( C'#2,( #,C( #2'( $2$&5]( &%A*( Y&/'2H&'#%20,( #,C( #2'( A0,C2%20,2,H(1#A"2,&'>e( P>C'#;-2A(#HH'&H#%&($;1$5e( 8&,%2-#%20,(/#,5(#,C(%';,W2,He( U%&',( %;<&( 5&#-2,H( #''#,H&1&,%5e( \,>( 0%"&'( 2%&15( 0/( 1#A"2,&'>]( 2,A-;C2,H(5%#,CT<>(1#A"2,&'>*(

T"*;$(&3"8#(";,&,<"7;:&8"#&9$&"A$((*::$8&"(&9=M?>,,$:4& &

& !"#$%&&C$3"(:,&,<"7;:&3"8)*(6&#<>#&#$,#,&")&#(*?,&<>A$&9$$8&3>((*$:&"7#4& & & & &

& & & & &

O,& >& ?($3>7#*"8& >@>*8,#& )788$;& )*($,& >8:& ,?>(P,0& 97(8$(,0& #79$,0& 7?#>P$,0&$+<>7,#&6>8*)";:,&>8:&,?>(P&>(($,#"(,&,<"7;:&9$&6>*8#>*8$:& *8&@"":&F"(P*8@&3"8:*#*"84&-N2ES//&^4K4^4I5& ^;',&'5](%;<&5](;$%#W&5](&V"#;5%( T"*;$(O$,&,<"7;:&9$&,""#&9;"F8&?(*"(&#"&>((*A>;&>8:&>)#$(&:$?>(#7($& 1#,2/0-C5(#,C(5$#'W(#''&5%0'5(N./( )("6&>&?"(#4&&T"*;$(O$,&,<"7;:&8"#&9$&,""#&9;"F8&F<$8&#<$&,<*?&*,&*8& /2%%&CO( ?"(#4&-N2ES//&^4K4^4K5& !"#$,%& & O8& S?$(>#"(c,& ?";*3=& ,<"7;:& ,?$3*)=& #<$& 6>*8#$8>83$& >8:& 3;$>8*8@& ?("3$:7($,& #"& >A"*:& ,?>(P& $6*,,*"8,4& & Y"@& 9""P& $8#(*$,& ,<"7;:&3"8)*(6&#<>#&#<$,$&<>A$&9$$8&3"8:73#$:4&

! ))*?=( .5( %"&( &,H2,&( 52C&( 1#,0&;4'2,H( 5%#%20,( 2,( H00C( 0'C&'( #,C( #'&( &,H2,&&'5( /#12-2#'( B2%"( %"&( $'0A&C;'&(/0'(%#W2,H(A0,%'0-(/'01(%"&(<'2CH&(2,(#,(&1&'H&,A>R( ! !"#$%&&'("3$:7($,&,<"7;:&9$&($>:*;=&>A>*;>9;$&)"(&#<*,&6$#<":&")&"?$(>#*"84& ( ))*??(( \'&(A0,A25&(5%#'%2,H(2,5%';A%20,5(/0'(%"&(&1&'H&,A>(H&,&'#%0'(A-&#'->(C25$-#>&CR( © Copyright OCIMF 2011. All rights reserved. 150

151 U>3<& $6$(@$83=& @$8$(>#*8@& ,$#& >((>8@$:& #"& 9$& >7#"6>#*3>;;=& ,#>(#$:& ,<>;;& 9$& $G7*??$:& F*#<& ,#>(#*8@& :$A*3$,& >??("A$:& 9=& #<$& O:6*8*,#(>#*"8& F*#<& >& ,#"($:& $8$(@=& 3>?>9*;*#=& ")& >#& ;$>,#& #<($$& 3"8,$37#*A$& ,#>(#,4&&O&,$3"8:&,"7(3$&")&$8$(@=&,<>;;&9$&?("A*:$:&)"(&>8&>::*#*"8>;&#<($$&,#>(#,&F*#<*8&\H&6*87#$,&78;$,,& 6>87>;&,#>(#*8@&3>8&9$&:$6"8,#(>#$:&#"&9$&$))$3#*A$4& -2SYO2&NNMI_^^4K5& !"#$,%& & /<$,$& *8,#(73#*"8,& >($& 8"#& )"(& #<$& 7,$& ")& #<$& G7>;*)*$:& $8@*8$$(*8@& ?$(,"88$;0& 97#& )"(& "#<$(,& F<"& 6*@<#&9$&($G7*($:&#"&,#>(#&#<$&@$8$(>#"(&*8&>8&$6$(@$83=4& f<$($&#<$&$6$(@$83=&@$8$(>#"(&,#>(#*8@&,"7(3$&($;*$,&"8&>&,*8@;$&,#>(#$(&6"#"(0&#<$8&>&,?>($&,#>(#$(&6"#"(& ,<"7;:&9$&>A>*;>9;$4&

! ))*?D( .5(%"&(&1&'H&,A>(H&,&'#%0'('&5&'4&(/;&-(%#,W($'042C&C(B2%"(5;//2A2&,%(/;&-R( &

/<$&@$8$(>#"(&,<"7;:&9$&3>?>9;$&")&?("A*:*8@&)7;;&;">:&($G7*($6$8#,&)"(&>#&;$>,#&IW&<"7(,4& -2SYO2&NNMI_^\4K5&&

&

!"#$,%& & /<*,& 6>=& 8"#& 8$3$,,>(*;=& 6$>8& >& )7;;& #>8P4& & O& 6*8*676& G7>8#*#=& #"& ?("A*:$& ,7))*3*$8#& )7$;& )"(& #<*,& ($G7*($6$8#&,<"7;:&<>A$&9$$8&$,#>9;*,<$:4& N)&8$3$,,>(=0&#<$&$6$(@$83=&@$8$(>#"(&)7$;&#>8P&,<"7;:&9$&3<>(@$:&F*#<&)7$;&:$,*@8$:&)"(&7,$&*8&,79Ma$("& #$6?$(>#7($,4& UA$(=&"*;&)7$;&?*?$0&F<*3<0&*)&:>6>@$:0&F"7;:&>;;"F&"*;&#"&$,3>?$&)("6&>&,#"(>@$0&,$##;*8@&"(&:>*;=&,$(A*3$& #>8P&,*#7>#$:&>9"A$&#<$&:"79;$&9"##"60&,<>;;&9$&)*##$:&F*#<&>&3"3P&"(&A>;A$&:*($3#;=&"8&#<$&#>8P&3>?>9;$& ")&9$*8@&3;",$:&)("6&>&,>)$&?",*#*"8&"7#,*:$&#<$&,?>3$&3"83$(8$:&*8&#<$&$A$8#&")&>&)*($&"337((*8@&*8&#<$& ,?>3$&*8&F<*3<&,73<&#>8P,&>($&,*#7>#$:4& -2SYO2&X^&NNMK_I`4K4`5& S*;&)7$;& ?*?$,0& F<*3<& *)& :>6>@$:& F"7;:& >;;"F& "*;&#"& $,3>?$& )("6& >& ,#"(>@$0& ,$##;*8@& "(& :>*;=& ,$(A*3$&#>8P& <>A*8@&>&3>?>3*#=&")&`HH&;*#($,&>8:&>9"A$&,*#7>#$:&>9"A$&#<$&:"79;$&9"##"60&,<>;;&9$&)*##$:&F*#<&>&3"3P&"(& A>;A$&:*($3#;=&"8&#<$&#>8P&3>?>9;$&")&9$*8@&3;",$:&)("6&>&,>)$&?",*#*"8&"7#,*:$&#<$&,?>3$&3"83$(8$:&*8& #<$&$A$8#&")&>&)*($&"337((*8@&*8&#<$&,?>3$&*8&F<*3<&,73<&#<$&#>8P,&>($&,*#7>#$:4& -2SYO2&KHH^&NNMK_^4K4K4\4^5&

&

/<$& 3"8#(";,& )"(& ($6"#$& "?$(>#*"8& ")& #<$& A>;A$& )"(& #<$& $6$(@$83=& @$8$(>#"(& )7$;& #>8P& ,<>;;& 9$& *8& >& ,$?>(>#$& ;"3>#*"8& )("6& #<$& 3"8#(";,& )"(& ($6"#$& "?$(>#*"8& ")& "#<$(& A>;A$,& )"(& #>8P,& ;"3>#$:& *8& 6>3<*8$(=& ,?>3$,4& -2SYO2&KHH^&NNMK_^4K4K4\4^5&

! ))*?F( Z"&'&( #,( &1&'H&,A>( H&,&'#%0'( 25( ,0%( /2%%&C]( #'&( &,H2,&( '001( &1&'H&,A>( <#%%&'2&5( 2,( H00C( 0'C&'(#,C(/;-->(A"#'H&CR( &

!"#$%&&/<$&$6$(@$83=&9>##$(*$,&67,#&,7??;=&#<$&:$,*@8$:&?"F$(&;">:&)"(&7?&#"&IW&<"7(,4&

( ))*?I(( .5(#--(&-&A%'2A#-(&[;2$1&,%(2,A-;C2,H(`;,A%20,(<0V&5(#,C(A#<-&(';,5(2,(H00C(0'C&'R( ( ))*?J(( \'&(5B2%A"<0#'C5(/'&&(0/(52H,2/2A#,%(&#'%"(/#;-%5R( !

!"#$%&&B;>,,&(7;$,&($G7*($&>&6*8*676&*8,7;>#*"8&($,*,#>83$&")&I&6$@"<6&-I&6*;;*"8&"<6,54&& E"":&?(>3#*3$& ,7@@$,#,&#<>#&>&673<&<*@<$(&,#>8:>(:0&>,&8$>(&#"&*8)*8*#=&>,&?",,*9;$0&97#&8"#&;$,,&#<>8&`&6$@"<6,0&,<"7;:& 9$&>*6$:&)"(4&

! $)''(*/D!&.26-()2'/)0!

))*?K(( P#5(%"&(&1&'H&,A>(5%&&'2,H(H&#'(<&&,(%&5%&C(B2%"2,(%"&($#5%(%"'&&(10,%"5(#,C(#'&(%"&('&5;-%5( '&A0'C&CR( ! U6$(@$83=&,#$$(*8@&:(*;;,&,<>;;&#>P$&?;>3$&>#&;$>,#&"83$&$A$(=&#<($$&6"8#<,&*8&"(:$(&#"&?(>3#*,$&$6$(@$83=&

&

,#$$(*8@& ?("3$:7($,4& & /<$,$& :(*;;,& ,<>;;& *83;7:$& :*($3#& 3"8#(";& F*#<*8& #<$& ,#$$(*8@& @$>(& 3"6?>(#6$8#0& #<$& 3"6678*3>#*"8,& ?("3$:7($& F*#<& #<$& 8>A*@>#*"8& 9(*:@$& >8:0& F<$($& >??;*3>9;$0& #<$& "?$(>#*"8& ")& >;#$(8>#*A$&?"F$(&,7??;*$,4! -2SYO2&1_KQ4^5& /<$&6>*8&,#$$(*8@&@$>(&,<>;;&9$&3>?>9;$&")&?7##*8@&#<$&(7::$(&"A$(&)("6&\`t&"8&"8$&,*:$&#"&\Ht"8&#<$&"#<$(& ,*:$&*8&8"#&6"($&#<>8&KW&,$3"8:,d&& -2SYO2&NNMI_KL4\4K5&

&&

))*DL(( \'&( &1&'H&,A>( 5%&&'2,H( H&#'( A"#,H&04&'( $'0A&C;'&5( A-&#'->( C25$-#>&C( 2,( %"&( 5%&&'2,H( A01$#'%1&,%(#,C(2,(%"&(B"&&-"0;5&R( ( &

2*6?;$& "?$(>#*8@& *8,#(73#*"8,& F*#<& >& 9;"3P& :*>@(>6& ,<"F*8@& #<$& 3<>8@$M"A$(& ?("3$:7($,& )"(& ($6"#$& 3"8#(";& ,=,#$6,& >8:& ,#$$(*8@& @$>(& ?"F$(& 78*#,& ,<>;;& 9$& ?$(6>8$8#;=& :*,?;>=$:& "8& #<$& 8>A*@>#*"8& 9(*:@$& >8:&*8&#<$&,#$$(*8@&@$>(&3"6?>(#6$8#4& -2SYO2&1_KQ4\4I5&

! ))*D)(( \'&(0//2A&'5(/#12-2#'(B2%"(0$&'#%20,(0/(%"&(5%&&'2,H(H&#'(2,(%"&(&1&'H&,A>(10C&R( ! $OOVKLS·VRIILFHUVFRQFHUQHGZLWKWKHRSHUDWLRQDQGRUWKHPDLQWHQDQFHRIVWHHULQJJHDUVKDOOEHIDPLOLDU

F*#<& #<$& "?$(>#*"8& ")& #<$& ,#$$(*8@& ,=,#$6,& >8:& F*#<& #<$& ?("3$:7($,& )"(& 3<>8@*8@& )("6& "8$& ,=,#$6& #"& >8"#<$(4& -2SYO2&1_KQ4\4K5&


152 &

!"#$%&&/<$&"??"(#78*#=&,<"7;:&9$&#>P$8&*)&?",,*9;$&#"&($G7$,#&#<>#&>8&"))*3$(&:$6"8,#(>#$,&#<$&"?$(>#*"8&")& #<$&$6$(@$83=&,#$$(*8@&@$>(4&&&

( ))*D7(( .5(%"&(5%&&'2,H(H&#'(&1&'H&,A>('&5&'4&(%#,W(/;-->(A"#'H&CR( &

O& )*+$:& ,#"(>@$& #>8P& ,<>;;& 9$& ?("A*:$:& <>A*8@& ,7))*3*$8#& 3>?>3*#=& #"& ($3<>(@$& >#& ;$>,#& "8$& ?"F$(& >3#7>#*8@&,=,#$6&*83;7:*8@&#<$&($,$(A"*(4& -2SYO2&NNMI_KL4IK4\5&

&

!"#$%& & /<*,& 6>=& 8"#& 8$3$,,>(*;=& 6$>8& >& )7;;& #>8P4& & O& 6*8*676& ;$A$;& #"& 3"6?;=& F*#<& #<$,$& ($G7*($6$8#,& ,<"7;:&<>A$&9$$8&$,#>9;*,<$:4&

( ))*D=(( \'&(%"&(#''#,H&1&,%5(/0'(%"&($'042520,(0/("&#C2,H(2,/0'1#%20,(#C&[;#%&R(

2<*?,& F*#<& $6$(@$83=& ,#$$(*8@& ?",*#*"8,& ,<>;;& >#& ;$>,#& 9$& ?("A*:$:& F*#<& >& #$;$?<"8$& "(& "#<$(& 6$>8,& ")& 3"6678*3>#*"8&)"(&($;>=*8@&<$>:*8@&*8)"(6>#*"8&#"&,73<&?",*#*"8,4& & -2SYO2&ILX^&1_IK-)5&>8:&2SYO2&KHH^&1_IL4K4I4L5& N8& >::*#*"80& ,<*?,& ")& `HH& @#& >8:& 7?F>(:,& 3"8,#(73#$:& >)#$(& I ,#& R$9(7>(=& ILLK& ,<>;;& 9$& ?("A*:$:& F*#<& >((>8@$6$8#,&)"(&,7??;=*8@&A*,7>;&3"6?>,,&($>:*8@,&#"&#<$&$6$(@$83=&,#$$(*8@&?",*#*"84& & & -2SYO2&X^&1_IK-)5&>8:&2SYO2&KHH^&1_IL4K4`4K5&

))*D?(( ( ))*DD(( ( ))*DF(( ( ))*DI(( &

\'&(A011;,2A#%20,5(B2%"(%"&(<'2CH&(5#%25/#A%0'>R( .5(%"&(';CC&'(#,H-&(2,C2A#%0'(A-&#'->(4252<-&(#%(%"&(&1&'H&,A>(5%&&'2,H($052%20,R( .5(#AA&55(%0(5%&&'2,H(H&#'(;,0<5%';A%&CR( .5(%"&(5%&&'2,H(A01$#'%1&,%(/2%%&C(B2%"(5;2%#<-&("#,C'#2-5](H'#%2,H5(0'(0%"&'(,0,T5-2$(5;'/#A&5R(

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

! \CC2%20,#-(A011&,%56(

N)&#<$&N8,?$3#"(&<>,&3"66$8#,&*8&($,?$3#&")&#<$&,79g$3#&6>##$(&3"A$($:&9=&#<$&B<>?#$(&>::*#*"8>;&#"&#<",$&F<*3<& #<$&N8,?$3#"(&6>=&6>P$&*8&($,?"8,$&#"&#<$&,?$3*)*3&G7$,#*"8,&*8&#<$&B<>?#$(0&#<$&N8,?$3#"(&,<"7;:&*83;7:$&,73<& >::*#*"8>;&3"66$8#,&*8&#<*,&,$3#*"84!

!

( (

(


153

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

!

V7>>A!576'(5)(7,)7('!-/8!'K)'(/->!J'-)='(!8',@50! )7*)(( ( )7*7((

.5(%"&(H&,&'#-(A0,C2%20,](425;#-(#$$&#'#,A&(#,C(A-&#,-2,&55(0/(%"&(";--(5#%25/#A%0'>R(

)7*=(( !

\'&(";--(1#'W2,H5(A-&#'->(2,C2A#%&C(#,C(A0''&A%->($-#A&CR(

!

/<$&?$(6>8$8#&6>(P*8@&,<>;;&9$&?;>*8;=&A*,*9;$0&3;$>(&")&>8=&"#<$(&6>(P*8@,&"8&#<$&<7;;&>8:&,<>;;&9$&?>*8#$:& *8&>&3"8#(>,#*8@&3";"7(4& -2SYO2&hNMI_\4`4I5&

&

/<$&?$(6>8$8#&6>(P*8@&($)$(($:&#"&*8&?>(>@(>?<&I&,<>;;&9$&8"#&;$,,&#<>8&KHH&66&*8&<$*@<#4&&/<$&?$(6>8$8#& 6>(P*8@&($)$(($:&#"&*8&?>(>@(>?<&K&,<>;;&9$&8"#&;$,,&#<>8&IHH&66&*8&<$*@<#4&&/<$&F*:#<&")&#<$&6>(P,&,<>;;&9$& ?("?"(#*"8>#$&#"&#<$&<$*@<#4& -2SYO2&hNMI_\4`4K5&

!

7KH UHTXLUHPHQW IRU WKH VKLS·V LGHQWLILFDWLRQ QXPEHU VKDOO EH FRPSOLHG ZLWK QRW ;>#$(& #<>8& #<$& )*(,#& ,3<$:7;$:&:(=M:"3P*8@&>)#$(&I,#&J7;=&KHH^&)"(&,<*?,&3"8,#(73#$:&9$)"($&#<>#&:>#$4& -2SYO2&hNMI_\5&

&

!"#$%&&/<$&)";;"F*8@&,<"7;:&>;,"&9$&3;$>(;=&*8:*3>#$:0&F<$($&>??;*3>9;$%& x 7KHYHVVHO·VQDPH& x Y">:;*8$,d& x D(>)#&6>(P,d& x /<(7,#$(&F>(8*8@,d& x /7@&?7,<&?"*8#,4&

!

( )7*?(( ( )7*D(( ( )7*F((

.5(%"&(";--(/'&&(0/(02-(5%#2,2,H](&V%&,524&(A0#%2,H(<'&#WC0B,(0'(&VA&5524&(1#'2,&(H'0B%"R(

N8&#<$&$A$8#&")&>33*:$8#>;&"(&"#<$(&$+3$?#*"8>;&:*,3<>(@$&")&"*;0&,#>#$6$8#&,<>;;&9$&6>:$&*8&#<$&S*;&C$3"(:& T""P&'>(#&N&")&#<$&3*(376,#>83$,&")0&>8:&#<$&($>,"8,&)"(0&#<$&:*,3<>(@$4& N8& #<$& $A$8#& ")& >33*:$8#>;& "(& "#<$(& $+3$?#*"8>;& :*,3<>(@$& ")& "*;0& >& ,#>#$6$8#& ,<>;;& 9$& 6>:$& *8& #<$& S*;& C$3"(:&T""P&'>(#&NN&")&#<$&3*(376,#>83$,&")0&>8:&#<$&($>,"8,&)"(0&#<$&:*,3<>(@$4& -S*;&C$3"(:&T""P,&N8#(":73#*"8&'>(#,&N&>8:&NN5& ! 7KHVKLS·VLGHQWLILFDWLRQQXPEHUVKDOOEHSHUPDQHQWO\PDUNHG& x N8& >& A*,*9;$& ?;>3$& $*#<$(& "8& #<$& ,#$(8& ")& #<$& ,<*?& "(& "8& $*#<$(& ,*:$& ")& #<$& <7;;0& >6*:,<*?,& ?"(#& >8:& ,#>(9">(:0& >9"A$& #<$& :$$?$,#& >,,*@8$:& ;">:& ;*8$& "(& $*#<$(& ,*:$& ")& #<$& ,7?$(,#(73#7($0& ?"(#& >8:& ,#>(9">(:&"(&"8&#<$&)("8#&")&#<$&,7?$(,#(73#7($d&>8:0& x N8& >8& $>,*;=& >33$,,*9;$& ?;>3$& $*#<$(& "8& "8$& $8:& ")& #<$& #(>8,A$(,$& 97;P<$>:,& ")& #<$& 6>3<*8$(=& ,?>3$,0&"(&"8&"8$&")&#<$&<>#3=,&"(0&*8&#<$&3>,$&")&#>8P$(,0&*8&#<$&?76?&(""64& -2SYO2&hNMI_\4^5&

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x [=:(>7;*3&>8:&?8$76>#*3&?*?$F"(Pd& x R*($&6>*8,&>8:&>,,"3*>#$:&)*##*8@,d& x D$3P&,#$>6&;*8$,d& x B"6?($,,$:&>*(&;*8$,d& x />8P&3;$>8*8@&;*8$,4& '*?$&,$37(*8@&>((>8@$6$8#,&,<"7;:&9$&*8#>3#&>8:&?$(6*#&)($$&6"A$6$8#&")&#<$&?*?$,&>,&8$3$,,>(=4&

( )7*I(( ! )7*J((

\'&($2$&(5%#,C5](A-#1$5](5;$$0'%5(#,C(&V$#,520,(#''#,H&1&,%5(5#%25/#A%0'>R( \'&(#--(C&AW(0$&,2,H5](2,A-;C2,H(B#%&'%2H"%(C00'5(#,C($0'%"0-&5](2,(H00C(0'C&'(#,C(A#$#<-&(0/( <&2,H($'0$&'->(5&A;'&CR(


154 ! )7*K(( &

\'&( /;&-]( <#--#5%( #,C( 0%"&'( 5$#A&( 4&,%5( #,C( #2'( $2$&5( 2,( H00C( 0'C&'( #,C( C0&5( 425;#-( &42C&,A&( 2,C2A#%&('&H;-#'(1#2,%&,#,A&R( !"#$%&&1$8#&<$>:,&,<"7;:&9$&($@7;>(;=&:*,6>8#;$:&#"&?("A$&#<>#&);>6$&,3($$8,0&F<$($&)*##$:&>($&3;$>8&>8:& *8& @"":& "(:$(& >8:& #<>#& #<$& 3;",*8@& :$A*3$& F<*3<& ?($A$8#,& #<$& *8@($,,& ")& F>#$(& *,& >;,"& *8& @"":& 3"8:*#*"8& >8:&"?$(>#*8@&3"(($3#;=4!

( )7*)L(( \'&(#--(4&,%5(#,C(#2'($2$&5(A-&#'->(1#'W&C(%0(2,C2A#%&(%"&(5$#A&5(%"&>(5&'4&R( ( )7*))(( .5(%"&(H&,&'#-(A0,C2%20,](425;#-(#$$&#'#,A&(#,C(A-&#,-2,&55(0/(%"&(5;$&'5%';A%;'&(5#%25/#A%0'>R! !

B>',)(*,->!B?7*62'/)0! !

)7*)7(( .5(C&AW(-2H"%2,H(#C&[;#%&R( &

!"#$,%&&/<$&;$A$;&")&:$3P&;*@<#*8@&,<"7;:&9$&>:$G7>#$&#"&>;;"F%& x 27))*3*$8#&A*,*9*;*#=&#"&?$(6*#&,>)$&>33$,,&#"&>;;&>($>,&")&#<$&:$3P&&& x /<$&,>)$&7,$&")&6""(*8@&$G7*?6$8#d& x /<$&6"8*#"(*8@&")&#<$&:$3P&>($>&)"(&,?*;;,&>8:&;$>P>@$,d& x /<$& 6"8*#"(*8@& ")& >;;& :$3P& >($>,& >8:& #<$& >:g>3$8#& ,7(("78:*8@& >($>,& #"& ?($A$8#& 78>7#<"(*,$:& >33$,,4& B"6?>3#&);7"($,3$8#&;*@<#,&-BRY5&"?$(>#*8@&*8&#<$&H4^`M\H&.[a&9>8:&6>=&3>7,$&<>(6)7;&*8#$()$($83$& >8:&67,#&8"#&9$&*8,#>;;$:&3;",$&#"&3(*#*3>;&8>A*@>#*"8&"(&3"6678*3>#*"8,&$G7*?6$8#4&&/<$&#=?$&")& ;*@<#*8@&*8,#>;;$:0&?>(#*37;>(;=&3;",$&#"&#<$&9(*:@$0&67,#&9$&3<$3P$:&>8:&*8&#<$&$A$8#&#<>#&BRY,&>($& )*##$:0&>,3$(#>*8&#<>#&#<$&.>,#$(&*,&>F>($&")&#<$&?"#$8#*>;&<>a>(:,&>8:&#<$&6$>,7($,&#<>#&>($&*8&?;>3$& #"&6*#*@>#$&#<$&(*,P&

( )7*)=(( .5(%"&(H&,&'#-(A0,C2%20,(0/(&-&A%'2A#-(&[;2$1&,%](2,A-;C2,H(A0,C;2%5(#,C(B2'2,H](5#%25/#A%0'>R( ( )7*)?(( \'&(-2H"%(/2%%2,H5(2,(H#5T"#c#'C0;5(#'(SV(dCd('#%&C(#,C(2,(H00C(0'C&'R(

!"#$,%&&Y*@<#,&F*;;&9$&$*#<$(&$+?;",*"8M?("")&"(&?($,,7(*,$:4&&/<$&);>6$&?>#<,&")&$+?;",*"8M?("")&;*@<#,&,<"7;:& 8"#&9$&?>*8#$:&"A$(4&&R;7"($,3$8#&)*##*8@,&F*;;&@$8$(>;;=&<>A$&);>6$&?>#<,&>#&$>3<&$8:4& 7KHPDQXIDFWXUHU·VRU$GPLQLVWUDWLRQ·V 3$(#*)*3>#$&>??("A*8@&#<$&)*##*8@&)"(&7,$&*8&@>,M<>a>(:"7,&>($>,&F*;;& 9$&*8A>;*:>#$:&*)&#<$&3"(($3#&9";#,&)"(&,$37(*8@&#<$&3"A$(0&"(&#<$&3"(($3#&;*@<#&97;9&,*a$0&>($&8"#&7,$:4& '>(#*37;>(&>##$8#*"8&,<"7;:&9$&?>*:&#"&#<$&)";;"F*8@%& x B(>3P,& *8& 6$#>;0& 3(>3P$:& "(& 9("P$8& @;>,,$,& "(& )>*;7($& ")& 3$6$8#& >("78:& 3$6$8#$:& @;>,,$,& *8& );>6$?("")&"(&$+?;",*"8&?("")&$83;",7($,d& x B"A$(,&")&);>6$?("")&$83;",7($,&#"&$8,7($&#<>#&#<$=&>($&#*@<#0&#<>#&8"&9";#,&>($&6*,,*8@0&>8:&#<>#& 8"&@>,P$#,&>($&?($,$8#&9$#F$$8&6>#*8@&6$#>;&,7()>3$,d& x U>3<&3"88$3#*"8&#"&$8,7($&#<>#&*#&*,&?("?$(;=&3"88$3#$:d& x '",,*9;$&,;>3P8$,,&")&g"*8#,&*8&3"8:7*#&(78,&>8:&)*##*8@,d& 1$8#&)>80&3>(@"&?76?&>8:&3>(@"&F*83<&6"#"(,&>8:&;*@<#*8@&>($&;*P$;=&#"&9$&)"78:&F*#<*8&@>,M<>a>(:"7,& DUHDV$Q([¶G·UDWLQJPHDQVWKD#&#<$&$G7*?6$8#&3>8&F*#<,#>8:&>8&*8#$(8>;&$+?;",*"8&F*#<"7#&*@8*#*8@&#<$& RXWVLGHDWPRVSKHUH([¶H·LVDQLQFUHDVHGVDIHW\UDWLQJ&

(

4/)'(/->!$6-,'50! )7*)D(( \'&(2,%&',#-(5$#A&5(#,C(5%0'&'0015(A-&#,](/'&&(/'01(C&<'25(#,C(%2C>R( ( )7*)F(( .5(%"&(/0'&A#5%-&(5$#A&(/'&&(0/(B#%&'R( !

E,,.22.8-)*./!E('-50!

)7*)I(( .5(%"&(#AA0110C#%20,(A-&#,(#,C(%2C>R( ( )7*)J(( \'&(#--&>B#>5(/'&&(0/(0<5%';A%20,5(#,C(&V2%5(A-&#'->(1#'W&CR( ( )7*)K(( \'&( $;<-2A( 5$#A&5]( 2,A-;C2,H( 510W&( '0015]( 1&55( '0015]( 5#,2%#'>( #']( /00C( 5%0'&'0015]( /00C( "#,C-2,H( 5$#A&5]( '&/'2H&'#%&C( 5$#A&5]( H#--&>5( #,C( $#,%'2&5( A-&#,]( %2C>( #,C( 2,( #( ">H2&,2A( A0,C2%20,R( © Copyright OCIMF 2011. All rights reserved. 154

155 !"#$,%& & b897(8$:&)7$;& "(&)>##=& :$?",*#,& *8& @>;;$=& (>8@$,0& F*#<*8&);7$& ?*?$,& >8:& *8&#<$&)*;#$(& 3"F;,& ")& @>;;$=& A$8#,&3>8&3>7,$&)*($&>8:&67,#&9$&6>*8#>*8$:&*8&>&3;$>8&3"8:*#*"84& S*;& >8:& :$$?& )>#& )(=$(,& ,<"7;:& 9$& )*##$:& F*#<& #<$(6",#>#,& #"& 37#& "))& #<$& $;$3#(*3>;& ?"F$(& >8:& ?($A$8#& "A$(<$>#*8@4&

( )7*7L(( \'&(-#;,C'2&5(/'&&(0/(#AA;1;-#%20,5(0/(A-0%"2,H(%"#%(A0;-C(A0,5%2%;%&(#(/2'&("#c#'CR( ( )7*7)(( .5(%"&(-&4&-(0/(#AA0110C#%20,(-2H"%2,H(5#%25/#A%0'>R( ( )7*77(( .5(%"&(A0,C2%20,(0/(&-&A%'2A#-(&[;2$1&,%(2,(%"&(#AA0110C#%20,(5#%25/#A%0'>R( ( )7*7=( \'&($&'50,,&-(#-#'15(2,('&/'2H&'#%&C(5$#A&5(2,(H00C(0'C&'(#,C(0$&'#%20,#-R( ( \CC2%20,#-(A011&,%56(

N)&#<$&N8,?$3#"(&<>,&3"66$8#,&*8&($,?$3#&")&#<$&,79g$3#&6>##$(&3"A$($:&9=&#<$&B<>?#$(&>::*#*"8>;&#"&#<",$&F<*3<& #<$&N8,?$3#"(&6>=&6>P$&*8&($,?"8,$&#"&#<$&,?$3*)*3&G7$,#*"8,&*8&#<$&B<>?#$(0&#<$&N8,?$3#"(&,<"7;:&*83;7:$&,73<& >::*#*"8>;&3"66$8#,&*8&#<*,&,$3#*"84!

(

(


156

( (

!"#$%&'()=*(((.A&(:$&'#%20,5( /<$& SBN.R& ?79;*3>#*"8& Y%='! #5'! .+! X-(D'! %-/@'(5! */! $'-5./->! 1*(5)! b'-(! 4,'! -/8! $';'('! $7:Pc'(.! ,./8*)*./5Y! ?("A*:$,&@7*:>83$&"8&#<$&,>)$&"?$(>#*"8&")&#>8P$(,&*8&>($>,&>))$3#$:&9=&,$>,"8>;&)*(,#&=$>(&*3$4&/<*,&,$3#*"8&*,&#"&9$& 3"6?;$#$:&*)&#<$&A$,,$;&"?$(>#$,&*8&>($>,&F*#<&9$;"FM)($$a*8@&#$6?$(>#7($,&>8:&<>,&>8&N3$&B;>,,&!"#>#*"8&"(&<>,&>& A>;*:& F*8#$(*,>#*"8& 3$(#*)*3>#$4& /<$& N.S& E7*:$;*8$,& )"(& 2<*?,& S?$(>#*8@& N8& ?";>(& f>#$(,& ,$#,& "7#& ($3"66$8:>#*"8,& #<>#& >::($,,& ,<*?& ,#(73#7($0& ;*)$,>A*8@& >8:& )*($M)*@<#*8@& $G7*?6$8#0& "?$(>#*"8>;& *,,7$,& >8:& $8A*("86$8#>;& 3"8,*:$(>#*"8,4& /<$,$& A";78#>(=& @7*:$;*8$,& >($& *8#$8:$:& )"(& ,<*?,& 3"8,#(73#$:& >)#$(& I& J>8& KHII4& U+*,#*8@& ,<*?,& >($& $83"7(>@$,&#"&3"6?;=&F*#<&#<$&B":$&>,&)>(&>,&($>,"8>9;$&>8:&?(>3#*3>;4&&/<$&SBN.R&T(*$)*8@&'>?$(&)"(&3<>(#$(*8@& DQG 9HWWLQJ *URXSV WLWOHG ´7KH 8VH RI /DUJH 7DQNHUV LQ 6HDVRQDO )LUVWMk$>(& N3$& "(& 2$A$($& 279M=HUR &RQGLWLRQVµ 3"8#>*8,&3"6?($<$8,*A$&@7*:>83$&($;>#*8@&#"&#<$&7,$&")&#>8P$(,&o`H0HHH:F#&F*#<&8"0&"(&;"F&*3$&3;>,,&#<>#&>($&;*P$;=& #"&$83"78#$(&)*(,#M=$>(&*3$4&

! )=*)( ( )=*7( ( )=*=(

\'&( $'0A&C;'&5( #4#2-#<-&( /0'( ,#42H#%20,( #,C( 0$&'#%20,5( 2,( 2A&( A0,C2%20,5( #,CX0'( -0B( %&1$&'#%;'&5(NC0B,(%0(T7Dg!OR( @0&5(%"&(4&55&-("#4&(#(4#-2C(.A&(!&'%2/2A#%&(0/(\C&[;#%&(S,H2,&(E0B&'(0,(<0#'CR( @0&5(%"&(4&55&-("#4&(A-#552/2A#%20,(,0%#%20,(/0'(0$&'#%20,5(2,(A0-C(A-21#%&5(NA0110,->('&/&''&C( WRDVD¶GHTLFHQRWDWLRQ· "( !"#$%&&N)&8"#0&#<$&A$,,$;&,<"7;:&<>A$&*8&?;>3$&>&F(*##$8&F*8#$(*,>#*"8&?("3$:7($4&

( )=*?( ( )=*D( ! ! ( )=*F( ! ! ( )=*I( ! )=*J(

\'&(5#%25/#A%0'>(1&#,5($'042C&C(%0($'&4&,%(%"&(2A2,H(;$(0/(#2'($2$&5(%0(5&%%-2,H(#,C(5&'42A&(%#,W5( '&[;2'&C(/0'(%"&(0$&'#%20,(0/(%"&(1#2,($'0$;-520,($-#,%(#,C(&55&,%2#-(#;V2-2#'2&5R( ( \'&(5#%25/#A%0'>($'&A#;%20,5(%#W&,(%0($'&4&,%(%"&(/2'&(1#2,(/'01(/'&&c2,HR((( !"#$%&&6SHFLI\ORFDWLRQRIWKH¶GUDLQSRLQW·ORZHVWSRLQWLQWKHV\VWHP &

\'&(5#%25/#A%0'>($'&A#;%20,5(%#W&,(%0($'0%&A%(C&AW($2$2,H(/'01(%"&('25W(0/(/'&&c2,HR!! !"#$%&&6SHFLI\ORFDWLRQRIWKH¶GUDLQSRLQW·ORZHVWSRLQWLQWKHV\VWHP &

\'&(5#%25/#A%0'>(1&#,5($'042C&C(%0($'&4&,%( %"&(2A2,H(;$(0/(A#'H0(%#,W($'21#'>(#,C(5&A0,C#'>( 4&,%2,H(#''#,H&1&,%5R!! .5(5#%25/#A%0'>($'0%&A%20,($'042C&C(/0'(%"&(A'#,&(0$&'#%0'(#H#2,5%(B2,C(A"2--R!!!

!"#$%& & '("#$3#*"8& 3"7;:& 9$& ?("A*:$:& 9=& >& 3(>8$& 3"8#(";& 3>9*8& ?("A*:$:& F*#<& <$>#*8@4& O;#$(8>#*A$;=0& #<$& ?("A*,*"8&")&F*8#$(&3;"#<*8@&*,&>8&>33$?#>9;$&"?#*"84&&

! )=*K( .5(#("&#%2,H(A0,,&A%20,(/2%%&C(%0(#%(-%(0,&(5&#(B#%&'(2,-&%R( ! ! !"#$%&&/<$&,"7(3$&")&#<$&<$>#*8@&-$4@4&,#$>60&F>#$(5&,<"7;:&9$&,?$3*)*$:&& ( )=*)L( \'&( 5>5%&15( 2,( $-#A&( %0( &,5;'&( %"#%( %"&( <#--#5%( 5>5%&1( #,C( C'&,A"2,H( 5>5%&15( 0$&'#%&( #%( 5&#( %&1$&'#%;'&5(0/(T7g!(#,C(#2'(%&1$&'#%;'&5(0/(T7Dg!R( !"#$%&&2?$3*)=&*)&>&9>;;>,#&F>#$(&<$>#*8@&,=,#$6&*,&)*##$:&>8:0&*)&,"0&3"8)*(6&#<>#&*#&*,&"?$(>#*8@&,>#*,)>3#"(*;=4&&

& )=*))( (\'&(5#%25/#A%0'>(1&#,5(2,($-#A&(%0($'&4&,%(2A2,H(0/(%"&(B"&&-"0;5&(B2,C0B5R( &

)=*)7(( \'&(5#%25/#A%0'>(1&#,5(2,($-#A&(%0($'0%&A%($&'50,,&-(0,(%"&(<'2CH&(B2,H5R(

!"#$%&&2#>#$&F<$#<$(&9(*:@$&F*8@,&>($&#"#>;;=&$83;",$:&>8:0&*)&8"#0&#<$&6$>8,&#>P$8&#"&?("#$3#&?$(,"88$;4&

( )=*)=(( .5(#,(0$&'#%20,#-(.,/'#(Y&C(A#1&'#(/2%%&C(2,(%"&(<0B(/0'(2A&(0<5&'4#%20,R( ((((( ( )=*)?( \'&(0$&'#%20,#-(5&#'A"-2H"%5($'042C&C](10;,%&C(0,(&#A"(<'2CH&(B2,H(#,C(#%(%"&(<0BR(( ( !"#$,%&&2$>(3<;*@<#,&,<"7;:&9$&6"78#$:&"8&$>3<&9(*:@$&F*8@&>8:&>#&#<$&9"F4&/<$&8769$(0&#=?$&-*83;7:*8@& 97;9&#=?$5&>8:&6$#<":&")&3"8#(";&,<"7;:&9$&,?$3*)*$:&)"(&$>3<&,$>(3<;*@<#&;"3>#*"84&

! ! © Copyright OCIMF 2011. All rights reserved. 156

157 )=*)D( \'&( '#C#'5( /2%%&C( %"#%( #'&( 0/( #( %>$&( A-#55&C( #5( <&2,H( 5;2%#<-&( /0'( 5;<( c&'0( %&1$&'#%;'&5( #,C( "#42,H(#(/'&[;&,A>(#$$'0$'2#%&(/0'(0$&'#%2,H(2,(5&4&'&(2A&(A0,C2%20,5R( ( )=*)F(( \'&(P&#%2,H(U>5%&15($'042C&C(/0'(\2'(@'24&,(B"25%-&5(#,C(G0H(P0',5( ( )=*)I( \'&(5>5%&15(2,($-#A&(/0'(%"&('0;%2,&('&A&2$%(0/(,#42H#%20,#-](1&%&0'0-0H2A#-(#,C(&,42'0,1&,%#-( C#%#](2,A-;C2,H(2A&(C#%#(#,C(2A&(A"#'%5R( ((((( )=*)J( \'&(#C&[;#%&("&#%2,H(5>5%&15($'042C&C(/0'(#AA0110C#%20,(5$#A&5R( &

&

!"#$%&&O33"66":>#*"8&<$>#*8@&,=,#$6,&,<"7;:&<>A$&>:$G7>#$&($:78:>83=4&

! )=*)K( \'&(5#%25/#A%0'>(1'&5(%#W&,(%0(&,5;'&(%"&($'0$&'(A-05;'&(0/(#AA0110C#%20,(#2'(2,%#W&5(<>( $'&4&,%2,H(%"&2'(/'&&c2,H(#,CX0'(5,0B(<-0AW#H&R( &

!"#$%&&/<$&6$>,7($,&#>P$8&,<"7;:&9$&,?$3*)*$:4!

! )=*7L( .5(#$$'0$'2#%&(A0-C(B&#%"&'(EES($'042C&C(/0'(#--(%"&(5"2$d5(A01$-21&,%R( ( )=*7)( P#5(%'#2,2,H(5$&A2/2A#-->(#CC'&552,H(,#42H#%20,(2,(2A&(<&&,($'042C&C(%0(#$$'0$'2#%&(1&1<&'5(0/( WKHYHVVHO·VFRPSOHPHQW"( !"#$%&&/<$&8>#7($&")&#<$&#(>*8*8@&>8:&#"&F<"6&*#&<>,&9$$8&@*A$8&,<"7;:&9$&,?$3*)*$:4&

!!! ! ! ! ! !!!!!!!!!!!! ! )=*77( +DV WUDLQLQJ DGGUHVVLQJ RSHUDWLRQV LQ FROG WHPSHUDWXUHV EHHQ SURYLGHG WR WKH YHVVHO·V A01$-&1&,%R( !"#$%&&/<$&8>#7($&")&#<$&#(>*8*8@&>8:&#"&F<"6&*#&<>,&9$$8&@*A$8&,<"7;:&9$&,?$3*)*$:4& &

\CC2%20,#-(A011&,%56(

N)&#<$&N8,?$3#"(&<>,&3"66$8#,&*8&($,?$3#&")&#<$&,79g$3#&6>##$(&3"A$($:&9=&#<$&B<>?#$(&>::*#*"8>;&#"&#<",$&F<*3<& #<$&N8,?$3#"(&6>=&6>P$&*8&($,?"8,$&#"&#<$&,?$3*)*3&G7$,#*"8,&*8&#<$&B<>?#$(0&#<$&N8,?$3#"(&,<"7;:&*83;7:$&,73<& >::*#*"8>;&3"66$8#,&*8&#<*,&,$3#*"84! &

! !

( S3@(:G(@:!a9S3M(


Sire

Recommend Documents