7)!8)%&0,%+9&!:/1+3#+)2!;0-’+%%&(!%-!%4 ... ·...

MRPC Regional Energy Model 1

!

!

!

"#$%&'!(#)*'+,$!,-'./%&0!$+'/1*%+-)!'-(&1+)2!%-!3-0&,*$%!%4&!

&)&02#!(&'*)($!3-0!%4&!5-)%*,4/$&%%!0&2+-)!/)(&0!*!6*0+&%#!-3!

"+'/1*%+-)$!*)(!",&)*0+-$!

!7)!8)%&0*,%+9&!:/*1+3#+)2!;0-<&,%!=&.-0%!

"/>'+%%&(!%-!%4&!?*,/1%#!-3!

@A=BC"DC=!;AEFDCBGH8B!8H"D8DIDC!

8)!.*0%+*1!3/13+11'&)%!-3!%4&!0&J/+0&'&)%!3-0!%4&!

K&20&&!-3!L*,4&1-0!-3!",+&),&!

!

L#!

MMMMMMMMMMMMMMMMMMMMMMMMMMMMMM!

5+,4*&1!;N!6*/(0&/+1!

MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM!

K*)+&1!=N!O/&0+)!


5*0P!=N!70)-1(!


L&)<*'+)!"N!D+''$!

!


!

K*%&Q!5*#!RS%4!RTUU!

!

7(9+$-0Q!5+,4*&1!VN!=*(W+,P+!

7$$-,+*%&!;0-3&$$-0!-3!!

"-,+*1!",+&),&!X!;-1+,#!"%/(+&$!

".-)$-0&(!>#Q!D4&!5-)%*,4/$&%%!=&2+-)*1!;1*))+)2!B-''+$$+-)!


Y5=;BZ!

!"#$%&'$(

(A)&!-3!%4&!20&*%&$%!,4*11&)2&$!3*,+)2!%4&!4/'*)!0*,&!+$!.1*))+)2!3-0!*)(!'&&%+)2!%4&!&)&02#!)&&($!

*)(!(&'*)($!-3!%-'-00-[N!D4&!5-)%*,4/$&%%!=&2+-)*1!C)&02#!3-0&,*$%+)2!'-(&1!(-&$!%4+$!/$+)2!

$#$%&'!(#)*'+,$!/)(&0!*!9*0+&%#!-3!$+'/1*%+-)$!*)(!$,&)*0+-$N!D4&!'-(&1!1--P$!*%!%4&!(&'*)(!-3!%4&!

0&2+-)\$!&)&02#!)&&($!*)(!$4-[$!%4&!&33&,%!-3!(+33&0&)%!9*0+*>1&$N!8%!1--P$!*%!%4&!.-./1*%+-)]!0&2+-)*1!

$&09+,&$]!0&2+-)*1!*%%0*,%+9&)&$$]!1*)(!-,,/.+&(]!*)(!*!9*0+&%#!-3!-%4&0!3*,%-0$!%-!(&%&0'+)&!4-[!%4&!

0&2+-)![+11!(&9&1-.!*)(!4-[!+%$!&)&02#!(&'*)(![+11!,4*)2&!*,,-0(+)21#N!!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!(


)&"*+(,-(.,/$+/$! D+%1&!;*2&!

! 7>$%0*,%!

! D*>1&!-3!B-)%&)%$!

! D*>1&!-3!?+2/0&$!

! D*>1&!-3!D*>1&$!

! 8)%0-(/,%+-)!

! "#$%&'!K#)*'+,$!5-(&1+)2!G+$%-0#!

! E+%&0*%/0&!=&9+&[!

! @4*%!+$!"#$%&'!K#)*'+,$!

! @-0P$4-.!

! "/09&#!

! "%*%/$!=&.-0%!5&&%+)2!

! =&2+-)*1!K*%*>*$&!

! D4&!5-(&1!

! K&'-20*.4+,!*)(!G-/$+)2!"&,%-0!

! =&2+-)!7%%0*,%+9&)&$$!"&,%-0!

! E*)(!I$&!"&,%-0!

! L/$+)&$$!7%%0*,%+9&)&$$!"&,%-0!

! L/$+)&$$!"&,%-0!

! C)&02#!K&'*)($!"&,%-0^"&,%-0!

! 5-(&1!6*1+(+%#!

! 5-(&1!=/)$!

! L*$&!=/)!

! G#>0+($!6$N!C1&,%0+,!B*0$!

! A+1!C'>*02-!

! ;+,P&)$!;1*)!7..1+&(!%-!%4&!5-)%*,4/$&%%!=&2+-)!

! "'*0%!O0-[%4!

! D*_&$!-)!L/$+)&$$&$!

! ;-./1*%+-)!8)31/_!

! =-*(!8'.0-9&'&)%$!X!C_.*)$+-)!

! B4*11&)2&$!X!=&,-''&)(*%+-)$!

! B-),1/$+-)$!

! 7,P)-[1&(2&'&)%$!

! =&3&0&),&$!!

! 7..&)(+,&$!

!

!

!

!

!

!

;*2&!UN!

;*2&!RN!

;*2&!`N!

;*2&!abSN!

;*2&!cN!

;*2&!dN!

;*2&!eN!

;*2&!fN!!

;*2&!USN!

;*2&!UeN!

;*2&!UfN!

;*2&!RUN!

;*2&!RRN!

;*2&!RaN!

!

!

!

!

!

!

!

!

;*2&!aTN!

!

!

!

!

!

!

!

!

!

;*2&!deN!

;*2&!eTN!

;*2&!eTN!

;*2&!eUN!

;*2&!eaN!

!

!

!

!

!

!

!

!


)&"*+(,-(0123%+#

!"#$%&'(')*+,-'./0'!1+2')*%$,*$%&'2"*3'

!&&04.,-'

!"#$%&'5'6.$7.1'8++9':".#%.;'

!"#$%&'<':&;+#%.93",'=.%*'+>'*3&':&;+#%.93",'

./0'?+$7"/#')&,*+%'

!"#$%&'@'?+$7"/#'=.%*'+>'*3&':&;+#%.93",'./0'

?+$7"/#')&,*+%'

!"#$%&'A'6.$7.1'8++9':".#%.;'B68:C'

!"#$%&'D'E"/+%'>&&04.,-'8++97F'=+7"*"G&'./0'

H&#.*"G&'B4.1./,"/#C'

!"#$%&'I'8./0'J7&')&,*+%'

!"#$%&'K'L$7"/&77'M**%.,*"G&/&77'8++9'

!"#$%&'N'L$7"/&77')&,*+%'

!"#$%&'(O'M**%.,*"G&/&77')&,*+%'

!"#$%&'(('L$7"/&77'M**%.,*"G&/&77')&,*+%'

!"#$%&'(5'P/&%#Q')&,*+%'

!"#$%&'(<'L.7&'R$/'R&#"+/'M**%.,*"G&/&77'

!"#$%&'(@'L.7&'R$/'8./0'J7&'5O(O''''''''''''

'!"#$%&'(A'L.7&'R$/'8./0'J7&'5O<O'

!"#$%&'(D'L.7&'R$/'8./0'J7&'5OAO'''''''''''''''''''''

!"#$%&'(I'L.7&'R$/'8./0'$7&'5OIO'

!"#$%&'(K'L.7&'R$/'P/&%#Q'J7&'5O(O''''''''''''''''

!"#$%&'(N'L.7&'R$/'P/&%#Q'J7&'5O<O'

!"#$%&'5O'L.7&'R$/'P/&%#Q'J7&'5OAO''''''''''''''

'!"#$%&'5('L.7&'R$/'P/&%#Q'J7&'5OIO!

!"#$%&'55'L.7&'R$/'=+9$1.*"+/'

!"#$%&'5<'L.7&'R$/'S+*.1'P/&%#Q'

!"#$%&'5@'L.7&'R$/'R&7"0&/*".1'6+;9.%"7+/'

!"#$%&'5A'L.7&'R$/'6+;;&%,".1'6+;9.%"7+/'

!"#$%&'5D'?Q4%"07'T7F'P1&,*%",'6.%7'S+*.1'P/&%#Q'

:&;./0'

!"#$%&'5I'?Q4%"07'T7F'P1&,*%",'6.%7'S+*.1'

P1&,*%","*Q':&;./0'

!"#$%&'5K'?Q4%"07'T7F'P1&,*%",'6.%7'S+*.1'

U.7+1"/&'./0':"&7&1':&;./0'

!"#$%&'5N'?Q4%"07'T7F'P1&,*%",'6.%7'P1&,*%",'

T&3",1&':&;./0'

!"#$%&'<O'V"1'P;4.%#+'P/&%#Q'J7&'5O(O''''''''

'!"#$%&'<('V"1'P;4.%#+'P/&%#Q'J7&'5O<O'

!"#$%&'<5'V"1'P;4.%#+'P/&%#Q'J7&'5OAO'''''''

!"#$%&'<<'V"1'P;4.%#+'P/&%#Q'$7&'5OIO'

!"#$%&'<@'V"1'P;4.%#+'L$7"/&77'M**%.,*"G&/&77'

!"#$%&'<A'V"1'P;4.%#+'S+*.1'P/&%#Q':&;./0'

!"#$%&'<D'V"1'P;4.%#+'W+47'

!"#$%&'<I'V"1'P;4.%#+'S+*.1'9+9$1.*"+/'

!"#$%&'<K'=",-+/7'=1./'P/&%#Q'J7&'5O(O''''''

'!"#$%&'<N'=",-+/7'=1./'P/&%#Q'J7&'5O<O'

!"#$%&'@O'=",-+/7'=1./'S+*.1'P1&,*%","*Q':&;./0'

!"#$%&'@('=",-+/7'=1./'S+*.1'P/&%#Q'

!"#$%&'@5'=",-+/7'=1./'H.*$%.1'U.7':&;./0'

!"#$%&'@<'=",-+/7'=1./'S+*.1'U.7+1"/&'./0'

:"&7&1':&;./0'

!"#$%&'@@');.%*'U%+2*3'8./0'J7&'5O(O'''''''''''''''

'!"#$%&'@A');.%*'U%+2*3'1./0'J7&'5O<O'


!"#$%&'@D');.%*'U%+2*3'8./0'J7&'5OAO''''''''''

!"#$%&'@I');.%*'U%+2*3'8./0'J7&'5OIO'

!"#$%&'@K');.%*'U%+2*3'P/&%#Q'J7&'5O(O'''''''''''''

!"#$%&'@N');.%*'U%+2*3'P/&%#Q'J7&'5O<O'

!"#$%&'AO');.%*'U%+2*3'P/&%#Q'J7&'5OAO'''''''''

'!"#$%&'A(');.%*'U%+2*3'P/&%#Q'J7&'5OIO'

!"#$%&'A5');.%*'U%+2*3'?+$7&3+10'U.7+1"/&'

./0':"&7&1'

!"#$%&'A<');.%*'U%+2*3'8./0'J7&0'R&7"0&/*".1'

!"#$%&'A@');.%*'U%+2*3'S+*.1'P/&%#Q'

!"#$%&'AA');.%*'U%+2*3'S+*.1'=+9$1.*"+/'

!"#$%&'AD'S.X&7'+/'L$7"/&77'8./0'J7&'5O(O''''''''

!"#$%&'AI'S.X&7'+/'L$7"/&77'8./0'J7&'5O<O'

!"#$%&'AK'S.X&7'+/'L$7"/&77'P/&%#Q'J7&'5O(O''''''''''

!"#$%&'AN'S.X&7'+/'L$7"/&77'P/&%#Q'J7&'5O<O'

!"#$%&'DO'S.X&7'+/'L$7"/&77'P/&%#Q'J7&'5OAO''''''''

'!"#$%&'D('S.X&7'+/'L$7"/&77'P/&%#Q'J7&'5OIO'

!"#$%&'D5'S.X&7'+/'L$7"/&77'W+47'

!"#$%&'D<'S.X&7'+/'L$7"/&77'=&%,&"G&0'L$7"/&77'

M**%.,*"G&/&77'

!"#$%&'D@'S.X&7'+/'L$7"/&77'S+*.1'=+9$1.*"+/'

!"#$%&'DA'=+9$1.*"+/'Y/>1$X'8./0'J7&'5O(O'''''''''''

!"#$%&'DD'=+9$1.*"+/'Y/>1$X'8./0'J7&'5O<O'

!"#$%&'DI'=+9$1.*"+/'Y/>1$X'8./0'J7&'5OAO''''''''''

!"#$%&'DK'=+9$1.*"+/'Y/>1$X'8./0'J7&'5OIO'

!"#$%&'DN'=+9$1.*"+/'Y/>1$X'8./0'J7&'5OAO''''''''''

!"#$%&'IO'=+9$1.*"+/'Y/>1$X'8./0'J7&'5OIO'

!"#$%&'I('=+9$1.*"+/'Y/>1$X'S+*.1'=+9$1.*"+/'

!"#$%&'I5'=+9$1.*"+/'Y/>1$X'=&%,&9*"+/'

!"#$%&'I<'=+9$1.*"+/'Y/>1$X'?+$7"/#'

!"#$%&'I@'=+9$1.*"+/'Y/>1$X'S+*.1'P/&%#Q'

!"#$%&'IA'=+9$1.*"+/'Y/>1$X'W+47!

!"#$%&'ID'R+.07'Y;9%+G&;&/*7'Z'PX9./7"+/'

L$7"/&77'M**%.,*"G&/&77'

!"#$%&'II'R+.0'Y;9%+G&;&/*7'Z'PX9./7"+/'

W+47'

!"#$%&'IK'R+.0'Y;9%+G&;&/*7'Z'PX9./7"+/'

S+*.1'=+9$1.*"+/!

!"#$%&'IN'R+.0'Y;9%+G&;&/*7'Z'PX9./7"+/'

8./0'J7&'5O(O'''''''

'!"#$%&'KO'R+.0'Y;9%+G&;&/*7'Z'PX9./7"+/'

8./0'J7&'5O<O'

!"#$%&'K('R+.0'Y;9%+G&;&/*7'Z'PX9./7"+/'

8./0'J7&'5OAO'

!"#$%&'K5'R+.0'Y;9%+G&;&/*7'Z'PX9./7"+/'

8./0'J7&'5OIO!

!"#$%&'K<'R+.0'Y;9%+G&;&/*7'Z'PX9./7"+/'

P/&%#Q'J7&'5O(O'

!"#$%&'K@'R+.0'Y;9%+G&;&/*7'Z'PX9./7"+/'

P/&%#Q'J7&'5O<O'

!"#$%&'KA'R+.0'Y;9%+G&;&/*7'Z'PX9./7"+/'

P/&%#Q'J7&'5OAO'

!"#$%&'KD'R+.0'Y;9%+G&;&/*7'Z'PX9./7"+/'

P/&%#Q'J7&'5OIO!

!

(


)&"*+(,-()&"*+#(!

D*>1&!UN!"#$%&'!K#)*'+,$!"#'>-1$!

D*>1&!RN!5=;B!D-%*1!E*)(!I$&!

D*>1&!`N!"/09&#!=&$/1%$!

D*>1&!aN!D4&+1!"%*%$!=&$/1%$!

Table 5. Model Boundary Chart

D*>1&!cN!=/)!",-0&$!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!


4/$%,53'$1,/(

A)&!-3!%4&!20&*%&$%!,4*11&)2&$!3*,+)2!%4&!4/'*)!0*,&!+$!'&&%+)2!*)(!.1*))+)2!3-0!%4&!&)&02#!

)&&($!*)(!(&'*)($!-3!%-'-00-[N!8)!*![-01(!%0#+)2!%-!g2-!20&&)\]!4-[!,*)![&!$/..1#!*)(!/$&!&)&02#!

[4+1&!0&(/,+)2!-/0!,-)$/'.%+-)!*)(!(&,0&*$+)2!-/0!+'.*,%!-)!%4&!&)9+0-)'&)%h!5*)#!,-''/)+%+&$!

*)(!-02*)+W*%+-)$!4*9&!$&&)!%4&!)&&(!3-0!.1*))+)2!3-0!-/0!3/%/0&!&)&02#!)&&($!*)(!4*9&!,0&*%&(!

&)&02#!.1*)$!3-0!%4&+0!1-,*1!*0&*$N!D4&!5-)%*,4/$&%%!=&2+-)*1!;1*))+)2!B-''+$$+-)!+$!$/,4!*)!

-02*)+W*%+-)]![4+,4!(-&$!0&2+-)*1!.1*))+)2!3-0!RR!%-[)$!+)!)-0%4!,&)%0*1!5*$$*,4/$&%%$N!D4&!

B-''-)[&*1%4!-3!5*$$*,4/$&%%$!&$%*>1+$4&(!5=;B!+)!Ufce!%-!.0-9+(&!,-'.0&4&)$+9&!.1*))+)2!3-0!

%4&!0&2+-)N!7$!.*0%!-3!5=;B\$!$&09+,&$!+%!4*$!*!;1*))+)2!B-''+$$+-)]!5&%0-.-1+%*)!;1*))+)2!

A02*)+W*%+-)]!D0*)$.-0%*%+-)!B-''+%%&&]!C,-)-'+,!K&9&1-.'&)%!"%0*%&2+&$!B-''+%%&&]!=&2+-)*1!

L0-[)3+&1(!=&/$&!8)+%+*%+9&!B-''+%%&&]!5-)%*,4/$&%%!C)%&0.0+$&!B&)%&0]!8),N!Y5CBZ!*)(!*)!C)&02#!

7(9+$-0#!B-''+%%&&N!D4&!5=;B\$!./0.-$&!+$!%-!'*P&!i,*0&3/1!$%/(+&$!-3!%4&!0&$-/0,&$]!.-$$+>+1+%+&$!

*)(!)&&($!-3!+%$!0&2+-)]!*)(!-)!%4&!>*$+$!-3!%4-$&!$%/(+&$!'*P&$!0&,-''&)(*%+-)$!3-0!%4&!.4#$+,*1]!

$-,+*1!*)(!&,-)-'+,!+'.0-9&'&)%!-3!+%$!(+$%0+,%Nj!YUZ!!

D-!3-11-[!%4+$!./0.-$&!%4&!5=;B!*..1+&(!3-0!*!3&(&0*1!20*)%!%40-/24!%4&!C,-)-'+,!

K&9&1-.'&)%!7('+)+$%0*%+-)N!D4&!20*)%![*$!0&,&+9&(!+)!%4&!&*01#!3*11!-3!RTUT!3-0!kcc]TTT!30-'!%4&!

?&(&0*1!C,-)-'+,!K&9&1-.'&)%!7('+)+$%0*%+-)!%40-/24!%4&!;1*))+)2!7$$+$%*),&!O0*)%!;0-20*'N!D4&!

.0-<&,%![*$!3-0!%4&!iK&9&1-.'&)%!-3!*!=&2+-)*1!C)&02#!;1*)!3-0!%4&!5-)%*,4/$&%%!C,-)-'+,!

K&9&1-.'&)%!K+$%0+,%N!D4&!.1*)![+11!*$$&$$!%4&!0&2+-)\$!,/00&)%!&)&02#!$-/0,&$]!.0-<&,%!+%$!3/%/0&!

)&&($!*)(!'*P&!0&,-''&)(*%+-)$Nj!YUZ!?0-'!%4+$!20*)%!V-4)!G/'&!Y5=;B!;1*))+)2!*)(!

K&9&1-.'&)%!K+0&,%-0Z!,-11*>-0*%&(![+%4!7$$-,+*%&!;0-3&$$-0!5+,4*&1!VN!=*(W+,P+!-3!"-,+*1!",+&),&!*)(!

;-1+,#!"%/(+&$!*%!@-0,&$%&0!;-1#%&,4)+,!8)$%+%/%&!%-!3-0'!-/0!%&*'N!D4&!./0.-$&!%4*%!5=;B![*)%&(!

3-0!%4+$!8)%&0*,%+9&!:/*1+3#+)2!;0-<&,%!Y8:;Z![*$!%-!(&9&1-.!*!"#$%&'!K#)*'+,$!,-'./%&0!$+'/1*%+-)!


'-(&1!%-!3-0&,*$%!%4&!&)&02#!(&'*)($!3-0!%4&!5-)%*,4/$&%%!0&2+-)!/)(&0!*!9*0+&%#!-3!$+'/1*%+-)$!

*)(!$,&)*0+-$N!!

!

67#$+8(97/&81'#(:,5+*1/2(;1#$,%7(

"#$%&'!K#)*'+,$!4*$!>&&)!/$&(!30&J/&)%1#!3-0!'-(&1+)2!&)&02#!$+),&!%4&!&*01#!UfdT$]!$%*0%+)2!

[+%4!iE+'+%$!%-!%4&!O0-[%4j!(-)&!>#!D4&!5*$$*,4/$&%%$!8)$%+%/%&!-3!D&,4)-1-2#!Y58DZNYRZ!58D![*$!

*$P&(!>#!%4&!B1/>!-3!=-'&!*)(!7/0&1+-!;&,,&+!%-!/$&!$#$%&'!(#)*'+,$!%-!3-0&,*$%!%4&!&)&02#!$&,%-0$\!

3/%/0&!(&9&1-.'&)%$![4&)!+%!+)%&0*,%&(![+%4!$-,+-&,-)-'+,$!%4*%!,*/$&(!%4&!20-[%4!-3!21->*1!

.-./1*%+-)!*)(!+)(/$%0#!.0-(/,%+-)N!Y`ZYaZ!"#$%&'!K#)*'+,$![*$!*1$-!/$&(!>#!=-2&0!H*+11!YUfd`]!RaeZ!

[4-!$+'/1*%&(!2*$!.0-(/,%+-)!*)(!&_.1-0*%+-)!/$+)2!S3&'1">&',Q,1&'*3&+%Q'+>'+"1'./0'#.7'0"7,+G&%Q'./0'

9%+0$,*"+/!.0-.-$&(!>#!5N!l+)2!G/>>&0%!*!.&%0-1&/'!2&-1-2+$%N!YSZ!H*+11![+%4!4+$!,-11&*2/&$!1*%&0!

,0&*%&(!$&9&0*1!'-(&1$!%4*%!+),1/(&(!BA7ER]![4+,4!(&*1%![+%4!%4&!I"!0&1+*),&!-)!,-*1!*)(!%4&!'-(&1!

?A""8ER]![4+,4!(&*1%![+%4!3-$$+1!3/&1$!&33&,%$!-)!%4&!IN"N!&,-)-'#N!YSZYcZYdZN!D4&!IN"N!C)&02#!

K&.*0%'&)%!/$&(!?A""8ER!(/0+)2!%4&!dT$]!eT$]!*)(!&*01#!fT$!%-!/)(&0$%*)(!%4&!&33&,%$!-3!&)&02#!-)!

%4&!IN"N!&,-)-'#N!YRZ(!

! 71%4-/24!%4&!'-(&1!?A""8E![-0P&(![&11!+%!$%+11!4*(!.0->1&'$![+%4!+)%&0&$%!0*%&$]!)-)b

,-)9&)%+-)*1!&)&02#!%&,4)-1-2+&$!,-$%]!OK;!*)(!-%4&0!+'.-0%*)%!9*0+*>1&$N!V-4)!"%&0'*)![4-!4*(!

*10&*(#![-0P&(!-)!%4&!?A""8E!'-(&1![-0P&(!-)!$-19+)2!%4&$&!.0->1&'$!>#!$%/(#+)2!%4&!I"!&)&02#!

%0*)$+%+-)!*)(!%--P!%4&$&!*)(!-%4&0!3*,%-0$!+)%-!*,,-/)%!+)!%4&!'-(&1N!YeZ!YRZ(73%&0!%4+$]!D-'!

?+((*'*)!YUffdZ!+'.0-9&(!-)!"%&0'*)\$!'-(&1!,*11+)2!4+$!'-(&1!?=CC!Y?&&(>*,Pb=+,4!C)&02#!

C,-)-'#!'-(&1ZN!YfZ!D4+$!'-(&1!+)%&20*%&(!&_%&0)*1+%+&$!'-(&1+)2!Y&N2N!,1+'*%+,!,4*)2&$ZN!!7$!4*$!

>&&)!$4-[)!*>-9&!"#$%&'!K#)*'+,$!4*$!>&&)![+(&1#!/$&(!*)(!0&3+)&(!-9&0!%4&!#&*0$!+)!&)&02#!

.1*))+)2!*)(!+$!%-%*11#!J/*1+3+&(!%-!>&!/$&(!+)!&)&02#!'-(&1+)2N(


<1$+%&$3%+(=+>1+?(

D4&!./0.-$&!-3!%4+$!1+%&0*%/0&!0&9+&[!+$!%-!1--P!*%!&'.+0+,*1!0&$&*0,4!.*.&0$!*)(!*0%+,1&$!%4*%!/$&!

$#$%&'!(#)*'+,$!+)!'-(&1+)2!*)(!$%0*%&2+&$!+)!,0&*%+)2!*!4+24bJ/*1+%#!'-(&1N!

@1,/++%(A&**+7(B/+%27(@*&/(CDEF(

! L&,*/$&!-3!%4&!./>1+,\$!(&$+0&!%-!>&!&)&02#!&33+,+&)%!'*)#!0&2+-)*1!.1*))+)2!,-''+$$+-)$!

4*9&!,0&*%&(!&)&02#!.1*)$!3-0!%4&+0!$.&,+3+,!0&2+-)$N!5*)#!0&2+-)$!1+P&!%4&!L&0P$4+0&!=&2+-)*1!;1*))+)2!

B-''+$$+-)!YL=;BZ]!B&)%0*1!5*$$*,4/$&%%$!=&2+-)*1!;1*))+)2!B-''+$$+-)!YB5=;BZ]!*)(!-%4&0$!4*9&!

,0&*%&(!0&2+-)*1!&)&02#!.1*)$]!$-'&!*0&!&_%&)$+9&![4+1&!-%4&0$!*0&!$'*11&0N!D4&!;+-)&&0!6*11&#!

;1*))+)2!B-''+$$+-)!Y;6;BZ!+)!RTTd!+)%0-(/,&(!%4&+0!&)&02#!.1*)!3-0!%4&!0&2+-)N!D40-/24!%4&+0!%[-!

#&*0$!-3!0&$&*0,4!%4&#!4*(!,-'&!/.![+%4!a!2-*1$!3-0!%4*%!0&2+-)N!YUTZ!

!

! O-*1!A)&Q!=&(/,&!%4&!0&2+-)\$!&)&02#!,-)$/'.%+-)!%-!RTTT!1&9&1$!>#!%4&!&)(!-3!RTTf!*)(!

0&(/,&!%4*%!>#!US!.&0,&)%!>&%[&&)!RTUTbRTRTN!!

! O-*1!D[-Q!!"+%&!$/33+,+&)%!)&[!,*.*,+%#!%-!2&)&0*%&!RUa!'+11+-)!P+1-[*%%!4-/0$!-3!,1&*)!

&)&02#!*))/*11#!+)!%4&!;+-)&&0!6*11&#!>#!%4&!&)(!-3!RTTf!*)(!*)-%4&0!aaT!'+11+-)!P+1-[*%%!4-/0$!

.&0!#&*0!>#!RTRTN!!

! ! O-*1!D40&&Q!=&(/,&!%4&!0&2+-)\$!20&&)4-/$&!2*$!&'+$$+-)$!>#!eT!.&0,&)%!>&1-[!#&*0!

! RTTT!1&9&1$!>#!RTSTN!!

! ! O-*1!?-/0Q!B0&*%&!1-,*1!<->$!+)!%4&!,1&*)!&)&02#!$&,%-0N!!

D-!*,,-'.1+$4!%4&$&!2-*1$!%4&!;6;B!P)&[!%4*%!%4&#!'/$%!4*9&Q!YUTZ!

• !!!B-11&,%+9&!7,%+-)Q!L&%[&&)!%-[)$!!

• 8''&(+*%&!7,%+-)Q!D-!'&&%!2-*1$!!

• ;*0*11&1!7,%+-)Q!C9&0#!%-[)!(-+)2!+%$!.*0%!%-2&%4&0![+%4!-%4&0$!!


• C9*1/*%&Q!D-!+)$/0&!.1*))&(!2-*1$![&0&!*,,-'.1+$4&(N!!

! 71%4-/24!%4&!;6;B]!5=;B!*)(!-%4&0!.1*))+)2!,-''+$$+-)$!4*9&!$%*0%&(![+%4!%4&!$*'&!

2-*1!%4&#!4*9&!3-11-[&(!'*)#![*#$!%-!*,,-'.1+$4!+%N!E+P&!;6;B]!%4&!5=;B!.1*))&0$!*)(!2&)&0*1!./>1+,!

4*9&!0&,-2)+W&(!%4&!)&&(!3-0!i,-11&,%+9&!*,%+-)j!>&%[&&)!%-[)$N!L/%!5=;B!+$!*1$-!$&&P+)2!%-!.1*)!

*4&*(!3-0!%4&+0!0&2+-)\$!&)&02#!)&&($]!>#!)-%!-)1#!,0&*%+)2!*)!&)&02#!.1*)]!>/%!%4&#!*1$-![*)%!%-!

/)(&0$%*)(!4-[!%4&#!,*)!(-!+%!%4&!'-$%!$/$%*+)*>1&![*#N!D4+$!+$![4#!%4&#!,4-$&!%-!4*9&!*)!&)&02#!

'-(&1!,0&*%&(!%4*%![-/1(!2+9&!%4&'!0&$-/0,&3/1!+(&*$!-)!4-[!%-!'*P&!%4&!0&2+-)!&)&02#!&33+,+&)%!

[+%4!'*)*2&*>1&!2-*1$N!C*,4!0&2+-)!4*$!+%$!-[)!.&0$-)*1!%-/,4!*)(!3-,/$&(!*0&*]![4+,4!+%![*)%$!%-!

*,,-'.1+$4]!>/%!%4&!'*+)!2-*1!-3!>&,-'+)2!+),0&*$+)21#!&)&02#!&33+,+&)%!+$!$%+11!3-/)(!+)!&*,4N!!

!

<+##,/#(-%,8(:1//+#,$&(GEHE((CDDF(

@-0P+)2!+)!,-)</),%+-)![+%4!%4&!5=;B!-/0!8:;!%&*'!*..0-*,4&(!%4+$!.0-<&,%![+%4!*!0&*1!

.*0%)&0$4+.!+)!'+)(N!!8%![*$!+'.-0%*)%!%-!'&&%]!*)(!$%*#!+)!,-''/)+,*%+-)![+%4!%4&!5=;B!%-!+11+,+%!%4&!

-.+)+-)!-3!%4&!$%*P&4-1(&0$!+)9-19&(N!!D4+$!>&)&3+%$!>-%4!%4&!'-(&1&0$!*)(!%4&!$%*P&4-1(&0$N!!D4&!

'-(&1&0$!>&)&3+%!>&,*/$&![+%4!*!.1*+)!/)(&0$%*)(+)2!-3![4*%!%4&!$%*P&4-1(&0$!3+)(!+'.-0%*)%]!%4&!

'-(&1&0$!,*)!>/+1(!*!'-(&1!%4*%!%0/1#!*((0&$$&$!%4&!.0->1&'!J/&$%+-)N!!7)(!'-0&!+'.-0%*)%1#]!%4&!

$%*P&4-1(&0$![+11!3&&1!%4*%!%4&#!,-)%0+>/%&(!%-!%4&!>/+1(+)2!-3!%4&!'-(&1]!,0&*%+)2!*!$&)$&!-3!

-[)&0$4+.!%4*%![+11!+),0&*$&!%4&!1+P&1+4--(!%4*%!%4&!'-(&1![+11!*,%/*11#!2&%!/$&(N!!@&!*,,-'.1+$4&(!

%4+$!$%*P&4-1(&0!.*0%+,+.*%+-)!>#!,-)(/,%+)2!*!@-01(!B*3m!3*,+1+%*%+-)!'&&%+)2!*%!%4&!>&2+))+)2!-3!-/0!

.*0%)&0$4+.]!*)(!*!.0&1+'+)*0#!'-(&1!.0&$&)%*%+-)!%4*%!3/0%4&0!&),-/0*2&(!%4&!.*0%+,+.*%+-)!-3!%4&!

$%*P&4-1(&0$N!

@+%4!3&&(>*,P!30-'!$%*P&4-1(&0$]![&![&0&!%4&)!*>1&!%-!,0&*%&!$,&)*0+-$!+)!%4&!'-(&1]!*)(!0/)!

$+'/1*%+-)$!%4*%!0&31&,%&(!%4&!3&&(>*,PN!!L&,*/$&!'*)#!-3!%4&!9*0+*>1&$!+)!%4&!'-(&1!*0&!&_-2&)-/$]!


%4*%!+$!%4&#!i*0+$&!30-'![+%4-/%j!-0!-/%$+(&!%4&!'-(&1!>-/)(*0#]!YURZ![&!/$&(!%4+$!i$,&)*0+-!

9+$+-)+)2j!$%0*%&2#!3-0!'-$%!-3!%4&!$+'/1*%+-)!0/)$N!!!

D4&!>&)&3+%$!-3!.*0%+,+.*%-0#!$#$%&'!(#)*'+,$!'-(&1+)2!*)(!$,&)*0+-!9+$+-)+)2!*0&!(+$,/$$&(!

+)!%4&!.*.&0!iI$+)2!",&)*0+-!6+$+-)+)2!*)(!;*0%+,+.*%-0#!"#$%&'!K#)*'+,$!5-(&1+)2!%-!8)9&$%+2*%&!%4&!

?/%/0&Q!E&$$-)$!30-'!5+))&$-%*!RTSTj!YUUZ!>#!*/%4-0$!E*/0*!lN!",4'+%%!A1*>*$+]!7))&!=N!l*./$,+)$P+]!

l0+$!7N!V-4)$-)]!;&%&0!LN!=&+,4]!L0+*)!"%&)J/+$%!*)(!l*%40#)!VN!K0*&2&0N!!!

i8)!*!%40&&!#&*0!1-)2!,-11*>-0*%+-)]!%4&!*/%4-0$!.*0%)&0&(![+%4!0&2+-)*1!-02*)+W*%+-)$!

+)!5+))&$-%*!%-!(&$+2)!*!3/%/0&!9+$+-)+)2!.0-,&$$!%4*%!+),-0.-0*%&(!>-%4!$,&)*0+-$!*)(!

.*0%+,+.*%-0#!$#$%&'!(#)*'+,$!'-(&1+)2jN!

!D4&!%40&&!2-*1$!-3!%4+$!.0-<&,%![&0&Q!!

i3+0$%]!%-!*$$+$%!0&2+-)*1!1&*(&0$!+)!'*P+)2!$%0*%&2+,!(&,+$+-)$!%4*%![-/1(!'*P&!%4&+0!

,-''/)+%+&$!$/$%*+)*>1&n!$&,-)(]!%-!+(&)%+3#!0&$&*0,4!2*.$!%4*%!,-/1(!+'.&(&!%4&!*>+1+%#!-3!

0&2+-)*1!*)(!$%*%&!20-/.$!%-!.1*)!3-0!%4&!3/%/0&n!*)(!3+)*11#]!%-!+)%0-(/,&!'-0&!$#$%&'$!

%4+)P+)2!+)%-!.1*))+)2!*)(!.-1+,#b'*P+)2!*0-/)(!&)9+0-)'&)%*1!+$$/&$jN!!

D4&#!3-/)(!%4*%!$,&)*0+-$!*)(!'-(&1+)2!,-'.1&'&)%&(!-)&!*)-%4&0]!*)(!%4*%!>-%4!%&,4)+J/&$!

*11-[&(!0&2+-)*1!20-/.$!%-!3-,/$!-)!%4&!$/$%*+)*>+1+%#!-3!3/)(*'&)%*1!$/..-0%!$#$%&'$!Y&)&02#]!3--(]!

*)(![*%&0!$/..1#ZN!D4&!.0-,&$$!+)%0-(/,&(!$-'&!,0&*%+9&!%&)$+-)$!>&%[&&)!+'*2+)*%+9&!$,&)*0+-!

9+$+-)+)2!*)(!J/*)%+%*%+9&!$#$%&'!(#)*'+,$!'-(&1+)2N!!D4&!*/%4-0$!$/22&$%!%4*%!%4&$&!%&)$+-)$!,*)!

$%+'/1*%&!'-0&!*2+1&]!$%0*%&2+,!%4+)P+)2!>#!0&2+-)*1!.1*))&0$]!*>-/%!%4&!3/%/0&N!

D4&![-0P!(-)&!3-0!%4&!5+))&$-%*!RTST!.0-<&,%!$4-[$!%4*%!$,&)*0+-!9+$+-)+)2!*)(!.*0%+,+.*%-0#!

$#$%&'!(#)*'+,$!'-(&1+)2!(-![-0P![&11!%-2&%4&0N!!D4&!%[-!'&%4-(-1-2+&$!3-$%&0&(!&)4*),&(!

$#$%&'$!%4+)P+)2]!*)(!%4+)P+)2!$/$%*+)*>1#!3-0!>-%4!0&$&*0,4&0$!*)(!$%*P&4-1(&0$N!D4&$&!%[-!

*..0-*,4&$!4*9&!$&9&0*1!,4*0*,%&0+$%+,$!+)!,-''-)N!iD4&#!>-%4!*,P)-[1&(2&!%4&!(#)*'+,!*)(!


/).0&(+,%*>1&!)*%/0&!-3!%4&!3/%/0&!+)!*!,-'.1&_!$#$%&'!*)(!%4&#!>-%4!&),-/0*2&!$#$%&'+,!%4+)P+)2!

*)(!*)!/)(&0$%*)(+)2!-3!,*/$*1!0&1*%+-)$4+.$jN!

!

D4&!2-*1$!%4*%!%4&!5+))&$-%*!.0-<&,%!0&$&*0,4&0$!$.&11!-/%!3-0!%4&!$%*P&4-1(&0$!*)(!0&2+-)*1!

.1*))&0$!-3!5+))&$-%*!*0&!2-*1$!%4*%!-/0!@;8!$%/(&)%!8:;!%&*'![+$4&$!%-!*,4+&9&![+%4!-/0![-0P![+%4!

%4&!5=;B!$%*P&4-1(&0$N!!D4&!3+0$%!2-*1]!*$$+$%+)2!%4&!5=;B!+)!'*P+)2!$%0*%&2+,!(&,+$+-)$!%4*%![-/1(!

'*P&!%4&!5-)%*,4/$&%%!0&2+-)!$/$%*+)*>1&]!+$!->%*+)*>1&!%40-/24!/$&!-3!%4&!'-(&1N!!I$+)2!%4&!'-(&1!

%-!&_.&0+'&)%![+%4!.-1+,+&$!>&3-0&!%4-$&!.-1+,+&$!*0&!3/11#!+'.1&'&)%&(!+)!%4&!0&*1![-01(]!,*)!>&!

+)9*1/*>1&!+)!%4&!$%0*%&2+,!(&,+$+-)!'*P+)2!.0-,&$$N!!D4&!$&,-)(!2-*1![&!4-.&!%-!,-'&!-/%!-3!-/0!

[-0P![+%4!%4&!5=;B!+$!%-!+(&)%+3#!0&$&*0,4!2*.$!%4*%!'*#!+'.&(&!.1*))+)2!3-0!%4&!3/%/0&N!!!

A)&!-3!%4&!20&*%&$%!>&)&3+%$!*)(!1&$$-)$!1&*0)&(!>#!%4&!5+))&$-%*!RTST!.0-,&$$![*$!%4*%!+%!

.0-9+(&(!*!'&*)$!3-0!.*0%+,+.*)%$!*)(!$%*P&4-1(&0$!%-!+(&)%+3#!,-)%0-11*>1&!*,%+-)$!+)!%4&!,-)%&_%!-3!*!

4+241#!/),&0%*+)!$&%!-3!3/%/0&!$%*%&$N!!8%!+$!-/0!%&*'\$!$+),&0&$%![+$4!%4*%!-/0![-0P![-/1(!4&1.!+(&)%+3#!

,-)%0-11*>1&!*,%+-)$!3-0!%4&!5=;B!3/%/0&!&)&02#!(&'*)($N!

!

.,**+'$1/2(&/5(&/&*7I1/2(J3&*1$&$1>+(5&$&(-,%(#7#$+8(57/&81'#K(8+$L,5#(&/5(8,5+*#((

M7(E/+$!?&1+.&!E/)*b=&#&$o!*)(!K&>-0*4!E+)&$!7)(&0$&)!YU`Z(

! @4&)!,0&*%+)2!*!$#$%&'!(#)*'+,$!'-(&1!+%!4*$!>&&)!&$%*>1+$4&(!%4*%!*!2--(!'-(&1![&+24$!%4&!

,1+&)%\$!(&$+0&$!'-0&!%4*)!)/'&0+,*1!(*%*N!=+,4*0(!*)(!;/24!YUaZ!$*+(!!

! i8%!(-&$!)-%!0&J/+0&]!*$!$-'&!'+24%!&_.&,%]!%4*%!%4&!'-(&1&0!4*9&!*,,&$$!%-!&_.1+,+%!

)/'&0+,*1!(*%*NNNN!@4+1&!(*%*!*0&!9&0#!4&1.3/1]!-)&!+$!-3%&)!3*,&(![+%4!*!(#)*'+,!.0->1&'!+)!

[4+,4!*!P&#!9*0+*>1&!+$!)-%!%0*(+%+-)*11#!J/*)%+3+&(!-0!%*>/1*%&(N!8%!+$!&9&)!'-0&!1+P&1#]!

4-[&9&0]!%4*%!%4&!'-(&1&0!-0!%4&!,1+&)%!P)-[$!%4&!(#)*'+,!>&4*9+-0!-3!+)%&0&$%![+%4-/%!

0&3&00+)2!%-!(*%*NjN!


! 71%4-/24!%4+$!$&&'$!%-!>&!,-)%0*(+,%-0#!+%!4*$!31&$4&(!+%$&13!-/%!(/0+)2!%4&!1+3&!-3!-/0!

.0-<&,%N!D4&!3&&(>*,P!30-'!%4&!5=;B!*)(!%4&!,-''/)+%#!4*$!>&&)!+)9*1/*>1&!3-0!/$!*$!'-(&1&0$!%-!

/)(&0$%*)(!4-[!%4&#!$&&!%4&!0&2+-)N!@&![&0&!%4&0&3-0&!*>1&!%-!'-(&1!%4&!0&2+-)!+)!*!(+33&0&)%!1+24%!

%4*)!*!'-(&1&0![4-!(-&$!)-%!P)-[!*>-/%!%4&!0&2+-)!>#![&+24%+)2!,&0%*+)!9*0+*>1&$!>#![4*%!%4&!

./>1+,!4*(!(&$+0&(N!V*#!@N!?-00&$%&0]!;0-3&$$-0!-3!5*)*2&'&)%!K+0&,%-0!X!58D!"#$%&'!K#)*'+,$!

O0-/.!*)(!*!0&)-[)&(!1&*(&0!+)!$#$%&'!(#)*'+,$]!*1$-!0&,-2)+W&(!%4&!)&&(!3-0!*!,1+&)%!%-!4*9&!+)./%!

+)%-!%4&!'-(&1N!A/0!.0-20&$$!+)!%4&!'-(&1\$!3-0'*%+-)!4*$!3-11-[&(!4+$!1&*(!%40-/24!%4&![-0P$4-.]!

$/09&#!*)(!$&9&0*1!'&&%+)2$![+%4!5=;B!*)(!%4&!,-''/)+%#!-9&0!%4&!&)%+0&!1&)2%4!-3!%4&!.0-<&,%N!

E/)*b=&#&$!*)(!7)(&0$&)!*1$-!.-+)%!-/%!%4&!)&&(!3-0!+)%&09+&[![+%4!%4&!,1+&)%]!%4+$![*$!*,,-'.1+$4&(!

%40-/24!%4&!'&&%+)2$!*)(!&'*+1!,-)9&0$*%+-)$!,-)(/,%&(![+%4!5=;BN!!

!

N%"&/((97/&81'#O)L+(-1%#$(-1-$7(7+&%#(YUSZ(L#!E-/+$!C([*0(!713&1(!

!

8)!I0>*)!K#)*'+,$!p!D4&!3+0$%!3+3%#!#&*0$]!E-/+$!713&1(!0&,-/)%$!4+$!&_.&0+&),&$![+%4!3+9&!*..1+,*%+-)$!

-3!%4&!/0>*)!(#)*'+,$!'-(&1N!?-/0!-3!%4&$&!*..1+,*%+-)$!-,,/00&(!*0-/)(!L-$%-)!Y)*'&1#!E-[&11]!

L-$%-)]!B-),-0(]!*)(!5*01>-0-/24Z![4+1&!%4&!1*$%!*..1+,*%+-)!-,,/00&(!+)!%4&!?1-0+(*!,-''/)+%#!-3!

;*1'!B-*$%N!8)!&*,4!*..1+,*%+-)!(+33&0&)%!.0->1&'$!*0-$&]!*)(!1&$$-)$![&0&!1&*0)&(!30-'!%4&$&!

,4*11&)2&$N!E-[&11!(&'-)$%0*%&(!%4&!+'.-0%*),&!-3!1+'+%&(!1*)(!0&$-/0,&$!+)!$4*.+)2!/0>*)!.-1+,#N!

;0-<&,%$!+)!L-$%-)!$4-[&(!4-[!/0>*)!*2+)2![+(&)&(!%4&!2*.!>&%[&&)!*!4+24!.0+,&(!<->!>*$&!*)(!*!

1-[!.0+,&(!4-/$+)2!$%-,PN!B-),-0(q$!'-(&1!,*.%/0&(!4-[!.-[&03/1!3&&(>*,P!3-0,&$!(0+9&!'+20*%+-)!

*)(!20-[%4]!*)(!5*01>-0-/24!/$&(!%4&!1-2+,!>&4+)(!'-(&1+)2!%-!$/..-0%!.-1+%+,*1!*,%+-)$!*+'&(!*%!

'*+)%*+)+)2!(#)*'+,!&J/+1+>0+/'!+)!-1(&0!)&+24>-04--($N!?1-0+(*!(&$+2)&(!*!'-(&1!%-!20-[!%4&+0!

$'*11!,-''/)+%#!-9&0!%4&!,-/0$&!-3!eT!#&*0$N!!

! D4&0&![&0&!'*)#!.0->1&'$!%4*%![&0&!&),-/)%&0&(!-9&0!%4&!1+3&!-3!%4&!'-(&1N!8)!E-[&11]!-)&!


$&0+-/$!.0->1&'![*$!%4*%!%4&!'-(&1![*$!)-%!*,,&$$+>1&]!*)(!+)!%/0)![*$!)-%!/$&(!>#!%4&!,-''+%%&&!

%4*%!+%![*$!>/+1%!3-0N!B-''/)+,*%+-)![*$!*!P&#!+$$/&!%4*%![*$!)-%!*((0&$$&(]!*)(![4+1&!%4&!'-(&1!

'*#!4*9&!>&&)!*,,/0*%&!+%!(+(!)-%!'&*)!%4*%!%4&!'-(&1![*$!/$&(N!8)!L-$%-)]!%4&!.0->1&'![*$!)-%!*$!

'/,4!,-''/)+,*%+-)!>/%]!'-0&!%4*%!%4&!'-(&1!(+(!)-%!%*P&!%4&!,/00&)%!.-1+%+,*1!0&*1+%#!+)%-!*,,-/)%N!

@4+1&!%4&!'-(&1!0&.-0%!$/22&$%&(!%4*%!*11!.0->1&'$!>&!3+_&(!+)!-)&!$[&&.+)2!,4*)2&]!%4&!$4-0%b%&0'!

*>+1+%#!-3!%4&!$%*%&!(+(!)-%!4*9&!%4&!.-[&0!%-!(-!%4+$N!B-),-0(![*$!'-0&!$/,,&$$3/1!%4*)!.0&9+-/$!

*..1+,*%+-)$]!*$!%4&+0!2-*1!-3!'*+)%*+)+)2!%4&+0!.-./1*%+-)![*$!'-0&!0&*1+$%+,!%4*)!L-$%-)!-0!E-[&11q$N!

5*01>-0-/24q$!$/,,&$$![*$!+)!/$+)2!%4&!'-(&1!%-!0&*1+W&![4*%![*$!)&&(&(!%-!.0&9&)%!3*11+)2!.0-.&0%#!

9*1/&!*)(!+''+20*%+-)!30-'!(&$%*>+1+W+)2!%4&!*0&*N!D4&!?1-0+(*!'-(&1![*$!$/,,&$$3/1!>&,*/$&!+%!

.0-9+(&(!*!%--1!3-0!*)$[&0+)2!.1*))+)2!J/&$%+-)$!*$!-..-$&(!%-!>&+)2!3-,/$&(!-)!,0&*%+)2!*!i9*1+(!

'-(&1jN!!

! ?+)*11#]!%4&!I0>*)!K#)*'+,$!5-(&1!$&&'$!%-!4*9&!*2&(!.--01#N!@4+1&!+%$!*..1+,*%+-)$!4*9&!

4&1.&(!,-''/)+%+&$!*$!$4-[)]!%4&!'-(&1!(+(!)-%!1+9&!/.!%-!+%$!.-%&)%+*1!*)(!+$!)-[!$&&)!*$!'-0&!-3!*!

0&1+,!-3!%4&!.*$%!%4*)!*!9*1+(!>*$&!3-0!3/%/0&!*..1+,*%+-)$N!D4&!*/%4-0!$&&$!%4&!2/+(+)2!.0+),+.1&$!-3!

3/%/0&!*%%&'.%$!*%!/0>*)!(#)*'+,$!>&+)2!UN!C'.4*$+W+)2!*)$[&0$]!)-%!'-(&1$]!*)(!RN!C'.4*$+W+)2!

+)%&03*,&]!)-%!(*%*N!D4&$&!.0+),+.1&$!%-2&%4&0!*0&!+'.-0%*)%!%4&!0&$/1%+)2!'-(&1!>&+)2!/$&3/1!*)(!)-%!

</$%!,-00&,%]!*)(!(+0&,%1#!+'.*,%![4&%4&0!-0!)-%!*!/$&0![+11!4*9&!*)#!,-)3+(&),&!+)!%4&!0&$/1%$N!!

8)!,-),1/$+-)]!+%!4*$!>&&)!$4-[)!%4*%!"#$%&'!K#)*'+,$!+$!J/*1+3+&(!%-!(-!J/*1+%#!0&2+-)*1!

'-(&1$!*)(!-/0!.0-,&(/0&]!(*%*!,-11&,%+-)]!*)(!3&&(>*,P!3-11-[!&$%*>1+$4&(!.0-,&$$&$N!!

PL&$(1#(67#$+8(97/&81'#Q(

V*#!?-00&$%&0!,0&*%&(!"#$%&'!K#)*'+,$!+)!%4&!UfST\$N!!A0+2+)*11#!%0*+)&(!*$!*)!&1&,%0+,*1!

&)2+)&&0]!?-00&$%&0!%--P![4*%!4&!1&*0)&(!*>-/%!$#$%&'$]!*)(!*..1+&(!%4*%!%-!&9&0#(*#!P+)($!-3!

$#$%&'$NYUcZ!!D4&0&!*0&!'*)#![*#$!%-!$%/(#!,-'.1&_!$#$%&'$!>/%![4*%!+$!(+33&0&)%!*>-/%!$#$%&'!


(#)*'+,$!+$!%4&!/$&!-3!3&&(>*,P!1--.$N!

Table 1. System Dynamics Symbols!

Name Description

Stock A stock represents things in the model that can

accumulate. The stock will rise and drop

depending on its flows, and will remain constant

while in equilibrium.

Flow A flow is the rate of change of a stock. Inflows

add to a stock, out flows take away from the

stock. Equilibrium occurs when inflows to all

stocks are equal to the outflows.

Influence

Arrow

The blue arrows in the model represent when

one variable, a, directly influences the current

value of another, b.

!

8)!$#$%&'!(#)*'+,$]!$%-,P$]!31-[$]!*)(!3&&(>*,P!1--.$!0&.0&$&)%!,-'.1&_!$#$%&'$N!D-!

/)(&0$%*)(!%4&$&!%&0'$!%4+)P!-3!*!>*%4%/>![+%4!*!3*/,&%!*)(!*!(0*+)N!!D4&!>*%4%/>!+$!%4&!$%-,P]!%4&!

3*/,&%!+$!%4&!+)31-[]!%4&!(0*+)!+$!%4&!-/%31-[]!*)(!%4&0&!'*#!>&!+)3-0'*%+-)!30-'!-%4&0!.*0%$!-3!%4&!

$#$%&'!3&&(+)2!>*,P!%-!&+%4&0!%4&!3*/,&%!-0!%4&!(0*+)]!(+,%*%+)2!%4&!0*%&!-3!31-[N!!D4&!$%0/,%/0&!-3!

,-'.1&_!$#$%&'$!,-/1(!4*9&!'*)#!$%-,P$!*)(!31-[$]![+%4!'*)#!3&&(>*,P!1--.$N!!I$+)2!%4&!>*%4%/>!

*)*1-2#]!-)&!%/>!'*#!(0*+)!+)%-!%4&!3*/,&%!-3!*)-%4&0!%/>]![4+,4!'*#!(0*+)!+)%-!#&%!*)-%4&0!3*/,&%!-3!

*!(+33&0&)%!%/>N!!8%!+$!%4+$!$%0/,%/0&!%4*%![&!/$&!+)!$#$%&'!(#)*'+,$!%-!$%/(#!%4&!>&4*9+-0!-3!,-'.1&_!

$#$%&'$!-9&0!%+'&!>#!/$+)2!,-'./%&0!'-(&1$N!!

?+2/0&!UN!+11/$%0*%&$!%4+$!>*%4%/>!,-),&.%!/$+)2!%4&!6&)$+'!$-3%[*0&![4+,4!%4&!%&*'!/$&(!+)!+%$!

'-(&1+)2N!!@&!$&&!%4&!"%-,P!0&.0&$&)%&(![+%4!*!>-_]!*)(!9*19&$!0&.0&$&)%!%4&!31-[$N!!D4&!>1/&!*00-[$!

*0&!3&&(>*,P!1--.$!-3![4+,4![&!4*9&!%[-!(&.+,%&(]!*)(!%4&#!0&.0&$&)%!*!0&1*%+-)$4+.!>&%[&&)!"%-,P!

*)(!%4&!8)31-[]!*)(!%4&!"%-,P!*)(!%4&!A/%31-[!0&$.&,%+9&1#N!!D4&!3&&(>*,P!1--.!30-'!%4&!"%-,P!%-!%4&!

8)31-[!,-/1(!'&*)!%4*%![4&)!%4&!$%-,P!0&*,4&$!*!,&0%*+)!1&9&1]!%4&)!%4&!8)31-[!$%-.$N!D4&!3&&(>*,P!

1--.!30-'!%4&!"%-,P!%-!%4&!A/%31-[!,-/1(!'&*)!%4*%![4&)!%4&!"%-,P!4*$!,-'.1&%&1#!&'.%+&(!%4&)!%4&!


A/%31-[!$%-.$N!!8%!+$!/.!%-!%4&!'-(&1&0!%-!(&%&0'+)&!%4&!*..0-.0+*%&!0&1*%+-)$4+.$!-3!*11!%4&!9*0+*>1&$!

%4*%!'*P&!/.!%4&!$#$%&'!>&+)2!'-(&1&(N!

!"#$%&'KI')*+,-'./0'!1+2')*%$,*$%&'2"*3'!&&04.,-'

!

D4&!,-'./%&0!'-(&1!+$![4*%![&!/$&!+)!"#$%&'!K#)*'+,$!%-!0/)!*!9*0+&%#!-3!$+'/1*%+-)$![+%4!

0&$.&,%!%-!*!.*0%+,/1*0!.0->1&'!J/&$%+-)!*%!4*)(N!!B-'./%&0!'-(&1$!.0-9+(&!*!20&*%!*(9*)%*2&!>#!

>&+)2!*>1&!%-!,-'.0&$$!$.*,&!*)(!%+'&]!*)(!*11-[!'*)#!$+'/1*%+-)$!%-!>&!,-'.1&%&(!+)!*!$4-0%!

*'-/)%!-3!%+'&N!!8%!,*)!0&*$-)*>1#!>&!,-),1/(&(!%4*%]!+3![&!,-)$%0/,%!*!$#$%&'!(#)*'+,$!'-(&1!%4*%!

'+00-0$!%4&!>&4*9+-0!-3!%4&!*,%/*1!$#$%&'!%4*%!+$!>&+)2!'-(&1&(]!%4&)!%4&!$+'/1*%+-)!0&$/1%$!30-'!%4&!

,-'./%&0!'-(&1!,-/1(!1&2+%+'*%&1#!'*)+3&$%!+)!%4&!*,%/*1!$#$%&'!%4*%!+$!>&+)2!'-(&1&(N!!?-0!+)$%*),&]!

+3!#-/![&0&!'-(&1+)2!%4&!'*)/3*,%/0+)2!.0-,&$$!-3![+(2&%$!*)(![*)%&(!%-!P)-[!+3!+'.1&'&)%+)2!*!

,4*)2&!+)!%4&!'*)/3*,%/0+)2!.0-,&$$![-/1(!+),0&*$&!%4&!&33+,+&),#!-3!%4&!.0-,&$$]!8%![-/1(!>&!'/,4!

,4&*.&0]!*)(!%*P&!1&$$!%+'&!%-!0/)!*!.*0%+,/1*0!$+'/1*%&(!$,&)*0+-![+%4!%4&!,-'./%&0!'-(&1]!0*%4&0!

%4*)!&_.&0+'&)%+)2![+%4!%4&!*,%/*1!'*)/3*,%/0+)2!.0-,&$$N!

@&!*$!4/'*)$!*0&!,-2)+%+9&1#!1+'+%&(!+)!-/0!*>+1+%#!%-!%4+)P!%40-/24!,-'.1&_!.0->1&'$N!!@&!

%&)(!%-!1--P!3-0!,*/$&$!%4*%!*0&!,1-$&!+)!%+'&!*)(!$.*,&!%-!%4&!&33&,%$N!!71$-]![&!*0&!1+'+%&(!%-!%4&!

)/'>&0!-3!+%&'$![&!,*)!,-2)+%+9&1#!*%%&)(!%-!*%!*)#!2+9&)!'-'&)%!+)!%+'&N!!8)!4+$!UfSc!.*.&0!iD4&!

5*2+,*1!H/'>&0!"&9&)]!;1/$!-0!5+)/$!D[-Q!"-'&!E+'+%$!-)!-/0!B*.*,+%#!3-0!;0-,&$$+)2!8)3-0'*%+-)j]!

O&-02&!7N!5+11&0!*!G*09*0(!I)+9&0$+%#!%0*+)&(!.$#,4-1-2+$%]!3-/)(!%4*%!.&-.1&!-)!*9&0*2&!,*)!4-1(!


-)1#!$&9&)!.1/$!-0!'+)/$!%[-!-><&,%$!+)![-0P+)2!'&'-0#N!!71$-]!=&$&*0,4&0$!4*9&!+(&)%+3+&(!%4*%!

g&_.&0%$\!*0&!%#.+,*11#!-9&0,-)3+(&)%!*>-/%!%4&+0!(&,+$+-)$N!YUdZ!D4+$!,-2)+%+9&!1+'+%*%+-)!+$!+'.-0%*)%!

%-!P&&.!+)!'+)(!*$![&!(+$,/$$!"#$%&'!K#)*'+,$N!!7)-%4&0!+'.-0%*)%!,-),&.%!+)!"#$%&'!K#)*'+,$!+$!

%4&!+(&*!-3!5&)%*1!5-(&1$N!!@&!4/'*)$!4*9&!+)!-/0!'+)($!'&)%*1!0&.0&$&)%*%+-)$!-3!-/0!3*'+1+&$]!

$,4--1$]!,+%+&$]!2-9&0)'&)%$]!-0!&9&)!-/0!+(&*!-3![4*%!+%!'&*)$!%-!>&!*!$%/(&)%N!!!D4&$&!'&)%*1!

'-(&1$!%4*%![&!,0&*%&!-3!-/0![-01(!*0-/)(!/$]!,*)!>&!9&0#!9+9+(!*)(!(&%*+1&(]!>/%!*0&!-3%&)!+)*,,/0*%&!

*)(!-3%&)!,4*)2&N!!8)!$#$%&'!(#)*'+,$!'-(&1+)2]![&!%0#!%-!'*_+'+W&!%4&!$%0&)2%4$!-3!.&-.1&\$!'&)%*1!

'-(&1$!*)(!'+)+'+W&!%4&+0![&*P)&$$&$N!!L#!/$+)2!*!$#$%&'!(#)*'+,$!'-(&1![&!,*)!/$&!.&-.1&\$!

'&)%*1!'-(&1$!%-!/)(&0$%*)(!*>-/%!%4&+0!(&,+$+-)b'*P+)2]!*)(!1&%!%4&!,-'./%&0!%0*,&!%40-/24!%4&!

$#$%&'!30-'!,*/$&$!%-!&33&,%$N!YUeZ!

D-!>&%%&0!/)(&0$%*)(!%4&!,*/$&!*)(!&33&,%!0&1*%+-)$4+.$![&!,*)!9+$/*11#!0&.0&$&)%!%4-$&!

0&1*%+-)$4+.$!+)!*!,*/$*1!1--.!(+*20*'N!!7!,*/$*1!1--.!(+*20*'!,-)%*+)$!%4&!P&#!&1&'&)%$!-3!%4&!'-(&1]!

,-))&,%&(!+)!*![*#!%4*%!$4-[$!%4&!3&&(>*,P!1--.$N!!D4&!P&#!&1&'&)%$!3-0!%4&!'-(&1!*0&!,-))&,%&(!>#!

*00-[$!%4*%!4*9&!*!.1/$!-0!'+)/$!$+2)!1-,*%&(!)&_%!%-!%4&!4&*(!-3!%4&!*00-[!%-!$+2)+3#!%4&!&33&,%!-3!%4&!

,-))&,%+-)N!!7!.1/$!$+2)!'&*)$!%4*%!*)!+),0&*$&!-0!*!(&,0&*$&!+)!%4&!9*0+*>1&!*%!%4&!%*+1!-3!%4&!*00-[!

[-/1(!,*/$&!%4&!&1&'&)%!*%!%4&!4&*(!-3!%4&!*00-[!%-!'-9&!+)!%4&!$*'&!(+0&,%+-)N!!7!'+)/$!$+2)![-/1(!

,*/$&!%4&!9*0+*>1&!*%!%4&!4&*(!-3!%4&!*00-[!%-!'-9&!+)!%4&!-..-$+%&!(+0&,%+-)!-3!%4&!9*0+*>1&!*%!%4&!

%*+1!-3!%4&!*00-[N!!8)!%4&!3+2/0&!>&1-[![&!$&&!%4&!.-$+%+9&!3&&(>*,P!1--.![+%4!9*0+*>1&$!L+0%4$!*)(!D-%*1!

;-./1*%+-)N!!D4+$!1--.!+$!.-$+%+9&!>&,*/$&!*)!+),0&*$&!+)!L+0%4$![-/1(!,*/$&!*)!+),0&*$&!+)!D-%*1!

;-./1*%+-)]![4+,4!+)!%/0)!,*/$&$!L+0%4$!%-!+),0&*$&!3/0%4&0N!!D4&0&!+$!*!)&2*%+9&!3&&(>*,P!1--.![+%4!

9*0+*>1&$!C1(&0!K&*%4$!*)(!D-%*1!.-./1*%+-)N!!D4+$!1--.!+$!)&2*%+9&!>&,*/$&!*$!%4&!9*0+*>1&!C1(&0!

K&*%4$!+),0&*$&$!+%!,*/$&$!D-%*1!;-./1*%+-)!%-!(&,0&*$&]!-0!'-9&!+)!%4&!-..-$+%&!(+0&,%+-)N!

!


!"#$%&'KK'6.$7.1'8++9':".#%.;'

D4&!*>-9&!(+*20*'!+$!*!>*$+,!,*/$*1!1--.!(+*20*'!0&.0&$&)%+)2!%4&!K&'-20*.4+,!.-0%+-)!-3!%4&!

'-(&1N!

!

)L+(P,%R#L,S(

8)!*,,-0(*),&![+%4!%4&!20*)%\$!$.&,+3+,*%+-)$!$&9&0*1![-0P$4-.$![&0&!,-)(/,%&(!3-0!%4&!

,-''/)+%+&$!-3!5=;BN!A)&!-3!%4&$&![-0P$4-.$![*$!(&$+2)&(!3-0!-/0!%&*'!%-!->%*+)!%4&!./>1+,\$!

%4-/24%$!*>-/%!%4&!0&2+-)N!?-0!%4+$![-0P$4-.!%4&![+%10'6.>\'%&,4)+J/&![*$!/$&(![+%4!`!=-/)($N!

K/0+)2!&*,4!0-/)(!)&[!J/&$%+-)$![*$!*$P&(!%-!$%+'/1*%&!,-)9&0$*%+-)N!7$!%4&!,-)9&0$*%+-)!

.0-20&$$&(!-/0!%&*'!*%!&*,4!%*>1&!0&,-0(&(!%4&!+(&*$!%4*%![&0&!%*1P&(!*>-/%N!D4&!J/&$%+-)$![&0&!*$!

3-11-[$N!

=-/)(!UQ!!

@4*%!3*,%-0$!*0&^[+11!>&!+'.-0%*)%!%-!&)&02#!(&'*)(!+)!%4&!5-)%*,4/$&%%!=&2+-)!(/0+)2!%4&!

)&_%!ST!#&*0$h!

=-/)(!RQ!!

@4*%! 3*,%-0$! [+11! '*P&! %4&! 5-)%*,4/$&%%! =&2+-)! *)! .**%.,*"G&! .1*,&! %-! [4+,4! .&-.1&! [+11!

'-9&h!@4*%! 3*,%-0$! [+11! '*P&! %4&! 5-)%*,4/$&%%! =&2+-)! *)! $/.**%.,*"G&! .1*,&! .&-.1&! [+11!

*9-+(h!!

!

=-/)(!`Q!!

@4*%\$!%*P+)2!$4*.&h!@4*%!+(&*$!$%0/,P!#-/!*$!+'.-0%*)%h!@4*%!,-))&,%+-)$!*0&!#-/!$&&+)2h!

@4*%!.*%%&0)$!*)(!%4&'&$!*0&!&'&02+)2h!

!

?+)*1!=&9+&[!:/&$%+-)Q!!

O+9&)! %4&! +(&*$]! .*%%&0)$]! %4&'&$]! ,-))&,%+-)$! %4*%! 4*9&! &'&02&(! %-(*#]! [4*%! $4-/1(! %4&!

'-(&1+)2!%&*'\$!.0+-0+%+&$!>&!2-+)2!3-0[*0(h!

!


73%&0!%4&!,-),1/$+-)!-3!%4+$![-0P$4-.!*!(-,/'&)%!-3!%4&!,-'.1&%&!)-%&$!%*P&)!*%!%4&![-0P$4-.!

[*$! *1$-! ,0&*%&(! Y"&&!7..&)(+_ZN! 73%&0! %4&$&! )-%&$![&0&! ,-'.+1&(! %4&! .-+)%$! %4*%! %4&! ./>1+,! P&.%!

3-,/$+)2!-)![&0&!)*00-[&(!(-[)!%-!%4&!3-11-[+)2!.-+)%$Q!

• B-''&0,+*1^+)(/$%0+*1^4-/$+)2!W-)+)2!

• =/0*1!$&%%+)2$!

• C(/,*%+-)!3-0!%4&!./>1+,!-)!&)&02#!&33+,+&),#!$-1/%+-)$!

• B1/$%&0!4-/$+)2!

• =&2+-)*1+W*%+-)^!%-[)!,-)9&0$*%+-)$!

• C(/,*%+-)!p>&$%!.0*,%+,&$Q!0&)&[*>1&!&)&02#!>&)&3+%$!X!,-$%$!

• ;1*)!3-0!+'.1&'&)%*%+-)!-3!%4&!'-(&1!0&$/1%$!+)%-!%4&!0&2+-)!

• 5-(&1!$4-/1(!.0-9+(&!(&'*)(!$,&)*0+-$!Y*220&2*%&!9$N!'+_&(Z!

• r-)+)2!3-0!0&$+(&)%+*1!X!,-''&0,+*1!/$&!!

D4&$&!.-+)%$![&0&!%*P&)!+)%-!*,,-/)%!%-!2+9&!%4&!'-(&1!*!.&0$-)*1!3&&1!3-0!%4&!0&2+-)N!A/0!%&*'!

(&$+0&(!%-!,0&*%&!*!'-(&1!%4*%!%--P!%4&!./>1+,!%4-/24%$!+)%-!*,,-/)%!*)(!%4+$![-/1(!+)!%/0)!,0&*%&!*!

>&%%&0!0&,&.%+-)!-3!%4&!'-(&1\$!3-0&,*$%$!%4*)!*!'-(&1!%4*%!4*(!)-!./>1+,!+)./%N!D4&![-0P$4-.!*1$-!

'&%!%4&!./0.-$&!-3!2&%%+)2!%4&!./>1+,!+)9-19&(!*)(!+)%&0&$%&(N!

63%>+7(

! 73%&0!%4&!@-01(!B*3m![-0P$4-.]!-/0!%&*'!3&1%!%4&0&![*$!*!)&&(!3-0!'-0&!+)./%!30-'!%4&!

.&-.1&![4-![&0&!2-+)2!%-!/$&!%4&!'-(&1!*)(!%4&!./>1+,N!@&!%4&0&3-0&!,-)$%0/,%&(!*)(!(+$%0+>/%&(!*!

J/&$%+-))*+0&![+%4!"/09&#!5-)P&#!*![&11bP)-[)!$+%&!3-0!'*P+)2!8)%&0)&%!$/09&#$N!D4+$!$/09&#![-/1(!

)-%!-)1#!+)$/0&!%4&!./>1+,\$!+(&*$!*)(!%4-/24%$![&0&!0+24%1#!/)(&0$%--(!(/0+)2!%4&![-0P$4-.]!>/%!

[-/1(!*2*+)!2&%!%4&!./>1+,!+)9-19&(![+%4!%4&!'-(&1!>/+1(+)2!.0-,&$$N!!D4&!'*+)!./0.-$&!-3!%4&!$/09&#!

[*$!%-!2*+)!,-)3+(&),&!30-'!%4-$&!+)9-19&(!*)(!%-!2&%!+)./%!-)!4-[!'/,4![&+24%![&!$4-/1(!*$$+2)!


9*0+*>1&$N!!

! D4&!$/09&#![*$!,&)%&0&(!-)!%4&!%40&&!*0&*$!-3!*%%0*,%+9&)&$$Q!*%%0*,%+9&)&$$!-3!%4&!0&$+(&)%+*1!

$&,%-0]!*%%0*,%+9&)&$$!-3!%4&!>/$+)&$$!$&,%-0]!*)(!*%%0*,%+9&)&$$!-3!%4&!2-9&0)'&)%!*)(!./>1+,!$&,%-0N!

D4&!$/09&#![*$!+)!%4&!3-11-[+)2!3-0'*%N!!

DT(!$$%&'$1,/(,-($L+(%+21,/(O(?L&$(5%&?#(S+,S*+($,($L+(&%+&Q(

( =/0*1!70&*$!b!-.&)!$.*,&]!1-,*1!3*0'$!

I0>*)!70&*$!b!<->$]!$4-..+)2!

=&,0&*%+-)*1!7,%+9+%+&$!b!$P++)2]!4+P+)2]!&%,N!

",&)+,!L&*/%#!b!%-/0+$']![*1P+)2!%0*+1$]!)*%/0*1!*%%0*,%+-)$!

GT(!$$%&'$1>+/+##($,("3#1/+##+#(&/5(',/#38+%#(

B-$%!-3!E+9+)2!b!.0+,&!-3!4-/$+)2]!%*_!0*%&$!

C,-)-'+,!K&9&1-.'&)%!b!W-)+)2]!,-$%$]!+),&)%+9&$!

D0*)$.-0%*%+-)!b!,-''/%&0!30+&)(1+)&$$]!./>1+,!%0*)$.-0%*%+-)!

C)&02#!"/..1#!b!20&&)!&)&02#]!+),&)%+9&$!

UT(!$$%&'$1>+/+##(,-(2,>+%/8+/$(

;/>1+,!;-1+,#!b!20-[%4!'*)*2&'&)%]!.&0'+%$]!W-)+)2!

C(/,*%+-)!b!J/*1+%#!-3!$,4--1$]!,-11&2&$]!3/)(+)2!

;/>1+,!"&09+,&$!b!0&,#,1+)2]![*%&0]!$&[&0$]!&%,N!

=&2+-)*1!C33-0%!b!+)(+9+(/*1!%-[)$![-0P+)2!%-2&%4&0!

D4&!$/09&#!*1$-!+),1/(&(!$.*,&!3-0!$/22&$%+-)$!*)(!*(9+,&!%4*%![-/1(!2+9&!/$!+)$+24%!+)%-!*0&*$!

[&!4*()q%!,-)$+(&0&(N!;&-.1&![&0&!*$P&(!%-!0*)P!*!)/'>&0!-3!,0+%&0+*!>*$&(!-)!%4&+0!.&0,&+9&(!

$+2)+3+,*),&N!!

D*>1&!`N!"/09&#!=&$/1%$!


DT(!$$%&'$1,/(,-($L+(%+21,/(O(?L&$(5%&?#(S+,S*+($,($L+(&%+&Q(

=&/R1/2OOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO( D( G( U( V(

=/0*1!70&*$!b!-.&)!$.*,&]!1-,*1!3*0'$! c! a! a! S!

I0>*)!70&*$!b!<->$]!$4-..+)2! `! `! a! f!

=&,0&*%+-)*1!7,%+9+%+&$!b!$P++)2]!4+P+)2]!&%,N! a! c! f! R!

",&)+,!L&*/%#!b!%-/0+$']![*1P+)2!%0*+1$]!)*%/0*1!*%%0*,%+-)$! f! d! R! R!

GT(!$$%&'$1>+/+##($,("3#1/+##+#(&/5(',/#38+%#((


B-$%!-3!E+9+)2!b!.0+,&!-3!4-/$+)2]!%*_!0*%&$! US! R! R! R!

C,-)-'+,!K&9&1-.'&)%!b!W-)+)2]!,-$%$]!+),&)%+9&$! R! US! R! T!

D0*)$.-0%*%+-)!b!,-''/%&0!30+&)(1+)&$$]!./>1+,!%0*)$.-0%*%+-)! U! T! e! f!

C)&02#!"/..1#!b!20&&)!&)&02#]!+),&)%+9&$! R! `! d! e!

UT(!$$%&'$1>+/+##(,-(2,>+%/8+/$(


;/>1+,!;-1+,#!b!20-[%4!'*)*2&'&)%]!.&0'+%$]!W-)+)2! f! c! R! `!

C(/,*%+-)!b!J/*1+%#!-3!$,4--1$]!,-11&2&$]!3/)(+)2! d! S! c! R!

;/>1+,!"&09+,&$!b!0&,#,1+)2]![*%&0]!$&[&0$]!&%,N! a! S! d! R!

=&2+-)*1!C33-0%!b!+)(+9+(/*1!%-[)$![-0P+)2!%-2&%4&0! R! `! a! UU!

!

D40-/24!%4&![+(&!(+$%0+>/%+-)!-3!%4&!$/09&#!%4*)P$!%-!5=;B![&!0&,&+9&(!,-''&)%$!30-'!%4&!

2&)&0*1!./>1+,]!-%4&0!.1*))+)2!>-*0($]!&)&02#!&_.&0%$!*)(!-%4&0!.0-3&$$+-)*1$!%4*%![&0&!&_%0&'&1#!

4&1.3/1!'-(&1N!D4&!0&$/1%!Y"&&!D*>1&!`NZ!-3!%4&!$/09&#![*$!*!$4-0%!1+$%!-3![4*%!.&-.1&!$*[!*$!*%%0*,%+9&!

%-!%4&!0&2+-)N!D4+$!>0-/24%!%-!1+24%!%4*%!.0+,&![*$!>#!3*0!%4&!'-$%!+'.-0%*)%!3*,%-0!%-!>/$+)&$$&$]!

[4&%4&0!+%!>&!%40-/24!1*)(!.0+,&$!-0!%4&!*,%+9+%#!-3!%4&!&,-)-'#!+)!%4*%!*0&*N!D4+$!'*P&$!$&)$&!

>&,*/$&!%4&!.0+9*%&!$&,%-0!+$!.0-3+%!$&&P+)2!*)(!)&&($!%-!3+)(!3&0%+1&!'*0P&%$!%-!$%*#!*31-*%N!71$-]!%4&!

0&$+(&)%+*1!$&,%-0!$4-[&(!%4*%!1*)(!.0+,&$![&0&!,0+%+,*1!+)!(&%&0'+)+)2!'+20*%+-)N!A)&!+'.-0%*)%!

,-)$+(&0*%+-)!%4*%![*$!>0-/24%!/.!*)(!$/>$&J/&)%1#!+),1/(&(![*$!%4&!%4-/24%!-3!*,,&$$!%-!

%0*)$.-0%*%+-)!,4*)2+)2!*%%0*,%+9&)&$$!-3!*!0&2+-)!%-!>/$+)&$$N!!

6$&$3#(%+S,%$(8++$1/2(

A)!5*0,4!UU%4![&!*2*+)!'&&%![+%4!5=;B!*)(!%4&!./>1+,!(/0+)2!%4&!5=;B!C)&02#!7(9+$-0#!

,-''+%%&&!'&&%+)2N!G&0&![&![&0&!*>1&!%-!.0&$&)%!%4&!,/00&)%!.0-20&$$!-3!%4&!'-(&1!*)(!*2*+)!2*+)!


3&&(>*,P!30-'!%4&!*%%&)(&&$N!D4+$!'&&%+)2!*2*+)!*..1+&(![4*%!-%4&0!'-(&1&0$!4*9&!(-)&![+%4!

,1+&)%$N!D4&!'&&%+)2!*1$-!4&1.&(!/$!%-!$&&!*)#!.*%4$!%4*%![&!$4-/1(!2-!(-[)!*)(![4+,4!-)&$!%-!*9-+(!

[4&)!0&3+)+)2!%4&!'-(&1N!!

(=+21,/&*(B/+%27(@*&/(9&$&"&#+(

D4&!0&2+-)*1!&)&02#!'-(&1!0&J/+0&(!%4&!*,,/'/1*%+-)!-3!(*%*!30-'!%4&!5=;B!0&2+-)N!L&,*/$&!

-3!%4&!1*02&!*'-/)%!-3!+)3-0'*%+-)!%4*%![*$!>&+)2!,-11&,%&(!-9&0!%4&!1+3&!-3!%4&!.0-<&,%!*!(*%*>*$&!

[*$!,0&*%&(!%-!-02*)+W&!+%N!D4&!./0.-$&!-3!%4&!(*%*>*$&![*$!%-!*11-[!%4&!$%-0+)2!*)(!0&%0+&9+)2!-3!

(*%*!'-0&!$%0*+24%3-0[*0(!3-0!&9&0#-)&N!L&3-0&!%4&!(*%*>*$&![*$!,0&*%&(!5=;B![*$!,-)$/1%&(!-)!

%4&!3-0'*%!-3!%4&!(*%*>*$&]!>/%!(+(!)-%!4*9&!*!.0&3&0&),&N!5+,0-$-3%!C_,&1![*$!,-),1/(&(!%-!>&!%4&!

>&$%!$-3%[*0&!3-0'*%!3-0!,0&*%+)2!%4&!(*%*>*$&!>&,*/$&!-3!+%$![&11bP)-[)!3&*%/0&$!*)(!*,,&$$+>+1+%#N!

L&,*/$&!-3!%4&!*'-/)%!-3!(*%*]!%4&!(*%*>*$&![*$!,0&*%&(!%-!)-%!-)1#!-02*)+W&!%4&!(*%*!+)!*!$+'.1+$%+,!

*)(!/)$-.4+$%+,*%&(![*#]!>/%!*11-[!3-0!&*$#!*,,&$$!%-!%4&!(*%*!30-'!%4-$&![4-!)*9+2*%&!%40-/24!+%N!8%!

*1$-![+11!*11-[!%4-$&![4-!,-)%+)/&![-0P!-)!%4&!'-(&1!%-!$&&![4&0&!%4&!(*%*![*$!3-/)(!*)(!0&%0+&9&!

+%N!!

D4&!5=;B!0&2+-)!4*$!RR!%-[)$!+)!+%$!0&2+-)!*)(!%4&0&3-0&!%4&!(*%*>*$&![*$!>0-P&)!+)%-!%4&$&!

%-[)$N!C*,4!%-[)![*$!3/0%4&0!$&.*0*%&(!+)%-Q!

• O&)&0*1Q!K&'-20*.4+,$!

• "-,+*1Q!",4--1!*%%&)(*),&]!&(/,*%+-)*1!*%%*+)'&)%]!'*0%+*1!$%*%/$!

• C,-)-'+,$Q!A,,/.*%+-)]!+),-'&]!<->!$%*%+$%+,$!

• G-/$+)2!B4*0*,%&0+$%+,$Q!G-/$&!)/'>&0$]!4&*%+)2!%#.&$]!4-/$+)2!*2&$]!4-/$+)2!9*1/&$!

• E*)(!I$&Q!"&&!?+2/0&!>&1-[!

!


Table 2 MRPC Total Land Use

!

73%&0!*11!%4&!(*%*!3-0!&*,4!%-[)![*$!,-11&,%&(!%4&!%-[)$![&0&!*((&(!%-2&%4&0!%-!2+9&!*!%-%*1!

.+,%/0&!-3!%4&!0&2+-)N!A%4&0!.*0%$!-3!%4&!(*%*>*$&!,-'.-$&!%4&!$/09&#\$!0&$/1%$]!&)&02#!(*%*]!

%0*)$.-0%*%+-)!(*%*!*)(!-%4&0!&_%0*!(*%*N!C)&02#!,-)$/'.%+-)!(*%*![*$!,-11&,%&(!3-0!%4&!0&2+-)![*$!

-02*)+W&(!>#!&)&02#!%#.&N!D0*)$.-0%*%+-)!(*%*![*$!2*%4&0&(!%-!$&&!%4&!)/'>&0!-3!9&4+,1&$!*)(!

&$%+'*%&!%4&!,-)$/'.%+-)!-3!2*$-1+)&N!?-0!%4&!&)&02#!/$&!-3!%4&!0&2+-)!$%*%&!*9&0*2&$![&0&!/$&(!3-0!

%4&!'-$%!.*0%]!>/%!*%!$-'&!.-+)%!)*%+-)*1!*9&0*2&$![&0&!-)1#!->%*+)*>1&N!D4&!3/&1!/$&!3-0!%4&!0&2+-)\$!

0&$+(&)%+*1!,-)$/'.%+-)![*$!->%*+)&(!%40-/24!%4&!,&)$/$]!>/%!3-0!>/$+)&$$&$!3/&1!/$&![*$!)-%!1-,*%&(!

3-0!%4&!5=;B!0&2+-)N!!

D4&!(*%*!$%-0&(!+)!%4&!(*%*>*$&![*$!0&%0+&9&(!30-'!%4&!3-11-[+)2!$-/0,&$Q!5=;B]!%4&!IN"N!

B&)$/$!L/0&*/]!IN"N!C)&02#!8)3-0'*%+-)!7('+)+$%0*%+-)]!5*$$*,4/$&%%$!K+9+$+-)!-3!C)&02#!=&$-/0,&$]!


IN"N!K&.*0%'&)%!-3!C)&02#]!*)(!C_&,/%+9&!A33+,&!-3!C)&02#!*)(!C)9+0-)'&)%*1!733*+0$N!D4&!$-/0,&$!-3!

&*,4!%*>!+)!%4&!(*%*>*$&!*0&!1-,*%&(!+)!%4&!i"-/0,&$j!%*>!-3!%4&!(*%*>*$&!-0!*%!%4&!>-%%-'!-3!&*,4!

%*>N!

)L+(:,5+*(

9+8,2%&SL1'(&/5(;,3#1/2(6+'$,%(

D4&!K&'-20*.4+,!*)(!G-/$+)2!"&,%-0![*$!+)!1*02&!.*0%!>-00-[&(!30-'!*!'-(&1!-3!"%&01+)2!

5*$$*,4/$&%%$!>#!*!@;8!$%/(&)%]!l*%0+)*!G/11N!YUfZ!!D4+$!$&,%-0!3&*%/0&$!*!a!$%-,P!*2+)2!,4*+)!%4*%!

0&.0&$&)%$!%4&!%-%*1!.-./1*%+-)!>0-P&)!(-[)!>#!*2&!20-/.$!iTbUfj]!iRTbaaj]!iaSbcaj]!*)(!%4&!icSsj!

20-/.N!!D4&!$%-,P!*)(!31-[!$%0/,%/0&!-3!%4&!*2+)2!,4*+)!>&2+)$![+%4!%4&!+)31-[!-3!L+0%4$!%-!%4&!$%-,P!-3!

TbUfN!!711!%4&!>+0%4$!-3!%4&!0&2+-)!-9&0!%4&!$.*)!-3!-)&!#&*0!*,,/'/1*%&!+)!%4&!TbUf!$%-,PN!!D4+)P+)2!

>*,P!%-!%4&!>*%4%/>!*)*1-2#]!%4&!>+0%4$!*0&!%4&!3*/,&%!*)(!%4&!$%-,P!iTbUfj!+$!%4&!>*%4%/>N!!7$![&!

.0-20&$$!3/0%4&0!*1-)2!%4&!*2+)2!,4*+)]![&!)&_%!$&&!*)!-/%31-[!30-'!%4&!iTbUfj!$%-,P!,*11&(!

i5*%/0+)2jN!!D4+$!-/%31-[!+$!*)*1-2-/$!%-!%4&!(0*+)!-3!%4&!>*%4%/>N!!7$!,*)!>&!$&&)!+)!%4&!(+*20*']!

5*%/0+)2!+$!)-%!-)1#!%4&!A/%31-[!Y(0*+)Z!-3!%4&!iTbUfj!"%-,P!Y>*%4%/>Z]!>/%!+%!*1$-!>&,-'&$!%4&!+)31-[!

Y3*/,&%Z!%-!%4&!iRTbaaj!*2&!20-/.]![4+,4!+$!%4&!)&_%!"%-,P!+)!%4&!$&J/&),&N!!D4&!*2+)2!,4*+)!,-)%+)/&$!

[+%4!%4&!-/%31-[!i72+)2j!>&,-'+)2!%4&!+)31-[!%-!%4&!iaSbcaj!*2&!20-/.]!3-11-[&(!>#!%4&!-/%31-[!

i=&%+0+)2j!31-[+)2!+)%-!%4&!1*$%!*2&!20-/.!$%-,P!icSsj!%4*%!%4&)!4*$!%4&!-/%31-[!iC1(&0!K&*%4$jN!!!

@4+1&!%4&!>+0%4!0*%&!*)(!%4&!(&*%4!0*%&![+11!*33&,%!%4&!%-%*1!.-./1*%+-)]!%4&!'-$%!+'.-0%*)%!3*,%-0!%4*%!

(0+9&$!%-%*1!.-./1*%+-)!/.!-0!(-[)!0&1*%+9&!%-!%4+$!.0-<&,%!+$!%4&!i;&0,&+9&(!7%%0*,%+9&)&$$j!-3!%4&!

0&2+-)N!!D4*%!+$!%-!$*#!%4*%!+3!.&-.1&!.&0,&+9&]!-0!>&1+&9&!%4*%!*!0&2+-)!+$!.*0%+,/1*01#!*%%0*,%+9&n!%4&#!

[-/1(!%4&)!'+20*%&!%-!%4*%!0&2+-)N!!A)!%4&!-%4&0!4*)(!+3!.&-.1&!.&0,&+9&!*!0&2+-)!%-!>&!/)*%%0*,%+9&Q!

%4&#![-/1(!%4&)!'+20*%&!*[*#!30-'!%4*%!0&2+-)N!!i;&0,&+9&(!7%%0*,%+9&)&$$j!+$!(&%&0'+)&(!>#!%4&!

7%%0*,%+9&)&$$!"&,%-0]![4+,4![+11!>&!(+$,/$$&(!1*%&0!+)!%4+$!0&.-0%N!


!

!"#$%&'KN':&;+#%.93",'=.%*'+>'*3&':&;+#%.93",'./0'?+$7"/#')&,*+%'

D4&!G-/$+)2!.*0%!-3!%4&!K&'-20*.4+,!*)(!G-/$+)2!"&,%-0!(&$,0+>&$!4-[!%4&!9*0+*>1&!

iG-/$+)2j!+'.*,%$!%4&!>&4*9+-0!-3!%4&!'-(&1N!!D4&!+)31-[!iG-/$&!B-)$%0/,%+-)j!*(($!%-!%4&!$%-,P!

iG-/$+)2j]![4+1&!%4&!-/%31-[!iG-/$+)2!K&'-1+%+-)j!(0*+)$!%4&!iG-/$+)2j!$%-,P]!*1>&+%!*%!*!9&0#!1-[!

0*%&N!!iG-/$&!,-)$%0/,%+-)j!+$!(&%&0'+)&(!>#!$&9&0*1!3*,%-0$!%4*%!,-'>+)&!%-!$4-[!%4*%!.&-.1&!'-9&!

+)%-!*!0&2+-)!+3!%4&0&!+$!*>/)(*)%!4-/$+)2]!*)(!.&-.1&!'-9&!*[*#![4&)!4-/$+)2!+$!$,*0,&N!!G-/$&!

B-)$%0/,%+-)!+),0&*$&$![4&)!%4&!iG-/$&4-1(!%-!G-/$&!=*%+-j!+$!4+24]![4+,4!'&*)$!%4&0&!*0&!'-0&!

.&-.1&!(&'*)(+)2!4-/$+)2!%4*)!+$!*9*+1*>1&!+)!%4&!0&2+-)N!!D4&!iD-%*1!;-./1*%+-)j!30-'!%4&!

K&'-20*.4+,!.*0%!-3!%4&!$&,%-0!3&&($!+)%-!%4&!iG-/$&4-1(!%-!G-/$&!=*%+-j]!1+)P+)2!%4&!%[-!.*0%$!

%-2&%4&0N!!L/%!%4&0&!+$!</$%!$-!'/,4!1*)(!*9*+1*>1&!%-!>/+1(!-)!*)(!*$!1*)(!>&,-'&$!'-0&!*)(!'-0&!

$,*0,&]!%4&!iG-/$&!B-)$%0/,%+-)j!0*%&![+11!(&,0&*$&N!!D4+$!+$!$&&)!+)!%4&!(+*20*'!*$!*!0&$/1%!-3!

=&$+(&)%+*1!E*)(!?0*,%+-)!A,,/.+&(!YE?AZ!3*,%-0&(![+%4!%4&!iG-/$+)2!E*)(!5/1%+.1+&0jN!!!


!"#$%&'NO'?+$7"/#'=.%*'+>'*3&':&;+#%.93",'./0'?+$7"/#')&,*+%'

!

D-!>&%%&0!/)(&0$%*)(]!*)(!$&&!%4&!(#)*'+,!+)31/&),&$!-3!%4&!K&'-20*.4+,!*)(!G-/$+)2!"&,%-0]!

+%!+$!4&1.3/1!%-!1--P!*%!*!,*/$*1!1--.!(+*20*'N!!!D4&!B*$/*1!E--.!K+*20*'!YBEKZ!+)!?+2/0&!S!+11/$%0*%&$!%4&!

'*<-0!3&&(>*,P!1--.!30-'!%4+$!$&,%-0!*)(!4-[!+%!+$!1+)P&(!%-!%4&!7%%0*,%+9&)&$$!$&,%-0N!!!

!

!"#$%&'N('6.$7.1'8++9':".#%.;'B68:C'

!

E--P+)2!*%!%4&!K&'-20*.4+,!*)(!G-/$+)2!$&,%-0!30-'!%4+$!.&0$.&,%+9&!+%!,*)!>&!$&&)!%4*%!%4&!

iD-%*1!;-./1*%+-)j!+)31/&),&$!%4&!iG-/$&4-1(!%-!G-/$&!=*%+-j]![4+,4!+)31/&),&$!%4&!iG-/$+)2j]![4+,4!

+)31/&),&$!%4&!i;&0,&+9&(!7%%0*,%+9&)&$$j]![4+,4!%4&)!3&&($!>*,P!%-!+)31/&),&!%4&!iD-%*1!;-./1*%+-)jN!!

D4&!.1/$!$+2)!*%!%4&!*00-[!4&*($!$+2)+3#!%4*%]!+3!iD-%*1!;-./1*%+-)j!+),0&*$&$]!%4&)!%4&!iG-/$&4-1(!%-!


G-/$&!=*%+-j!+),0&*$&$N!!7)(]!+3!iD-%*1!;-./1*%+-)j!(&,0&*$&$]!%4&)!iG-/$&4-1(!%-!G-/$&!=*%+-j!

(&,0&*$&$]!-0!+)!-%4&0![-0($!'-9&$!+)!%4&!$*'&!(+0&,%+-)N!!D4&0&!*0&!*1$-!'+)-0!3&&(>*,P!1--.$!+)!%4+$!

$&,%-0N!!D4&$&!*0&!$&&)!%40-/24-/%!%4&!'-(&1!*$!*!20-[%4!0*%&!'/1%+.1+&(!>#!*!$%-,PN!!8)!%4&!

K&'-20*.4+,!.*0%!-3!%4&!$&,%-0!%4&0&!+$!*!'+)-0!1--.!,-)%*+)+)2!L+0%4$!*)(!;-./1*%+-)]!*)(!+)!%4&!

G-/$+)2!.*0%!-3!%4&!$&,%-0!%4&0&!+$!%4&!'+)-0!3&&(>*,P!1--.!,-)%*+)+)2!%4&!31-[!iG-/$&!B-)$%0/,%+-)j!

*)(!%4&!iG-/$+)2j!$%-,PN!!D4&$&!'+)-0!1--.$!(0+9&!%4&!'-(&1!3-0!.-$+%+9&!20-[%4]!>/%!*$!#-/!,*)!$&&!

30-'!?+2/0&!c!%4&#!*0&!>*1*),&(!>#!)&2*%+9&!1--.$]!%4/$!1+'+%+)2!%4&!.-$+%+9&!20-[%4!%4*%!%4&$&!'+)-0!

1--.$!+'.*0%N!!A9&0*11!%4&!'+)-0!1--.$!(-!)-%!,-)%0+>/%&!+)!*)!+)%&0&$%+)2![*#!%-!%4&!-9&0*11!(#)*'+,$!

-3!%4&!'-(&1N!!?+2/0&!c!>&1-[!$4-[$!.-$+%+9&!*)(!)&2*%+9&!'+)-0!1--.$N!!;-$+%+9&!1--.$!(0+9&!%4&!

20-[%4!+)!%4&!'-(&1]![4+1&!)&2*%+9&!1--.$!1+'+%!%4&!20-[%4N!

!

!

!"#$%&'N5'E"/+%'>&&04.,-'8++97F'=+7"*"G&'./0'H&#.*"G&'B4.1./,"/#C'

<&/5(N#+(6+'$,%(

@&!,4-$&!%-!/$&!%4&!$*'&!'-(&1!$%0/,%/0&!30-'!G/11\$!"%&01+)2!'-(&1!3-0!%4&!E*)(!I$&!"&,%-0!


-3!-/0!5=;B!'-(&1N!!@&!>&1+&9&!4&0!$%0/,%/0&![-/1(!>&!&J/*11#!$/+%&(!3-0!-/0!0&2+-)*1!'-(&1!*$!+%!

[*$!3-0!%4&!"%&01+)2!D-[)!'-(&1N!YUfZ!

D4&!E*)(!I$&!"&,%-0!,*1,/1*%&$!%4&!D-%*1!E*)(!?0*,%+-)!A,,/.+&(!>#!G-/$+)2]!B-''&0,+*1!*)(!

8)(/$%0+*1!"%0/,%/0&$!+)!%4&!0&2+-)N!!D-!(-!%4+$![&!)&&(&(!%-!3+2/0&!-/%!%4&!%-%*1!*'-/)%!-3!1*)(!W-)&(!

3-0!0&$+(&)%+*1]!,-''&0,+*1]!*)(!+)(/$%0+*1N!!@&![&0&!*>1&!%-!2&%!%4*%!(*%*!30-'!V*$-)!"%*)%-)!-3!%4&!

5=;BN!!83![&!1--P!*%!%4&!,-''&0,+*1!1&2!-3!%4&!$&,%-0![&!,*)!$&&!%4*%!%4&!9*0+*>1&!E*)(!I$&(!

B-''&0,+*1!(+9+(&(!>#!%4&!9*0+*>1&!E*)(!r-)&(!B-''&0,+*1!2+9&!/$!%4&!B-''&0,+*1!E*)(!?0*,%+-)!

A,,/.+&(N!!D0*,+)2!>*,P!+)!%4+$!1&2!-3!%4&!$%0/,%/0&]!%4&!9*0+*>1&!iE*)(!I$&(!B-''&0,+*1j!+$!,*1,/1*%&(!

>#!'/1%+.1#+)2!%4&!9*0+*>1&$!iE*)(!;&0!B-''&0,+*1b>#bB-''&0,+*1!"%0/,%/0&$j]!*)(!%4&)!%4+$!.0-(/,%!

+$!,-'>+)&(![+%4!%4&!.0-(/,%$!30-'!%4&!-%4&0!1&2$!-3!%4&!$&,%-0!*)(!3+)*11#!(+9+(&(!>#!%4&!iD-%*1!E*)(!

79*+1*>1&j!%-!2+9&!/$!%4&!iD-%*1!E*)(!?0*,%+-)!A,,/.+&(jN!

iD-%*1!E*)(!?0*,%+-)!A,,/.+&(j!*33&,%$!%4&!*%%0*,%+9&)&$$!-3!%4&!0&2+-)N!!83!%4&!iE*)(!?0*,%+-)!

A,,/.+&(j!+$!1-[]!%4&)!%4&!5-)%*,4/$&%%!0&2+-)![+11!>&!.&0,&+9&(!%-!>&!'-0&!*%%0*,%+9&!%-!.&-.1&!*)(!

>/$+)&$$&$N!!7$!'-0&!1*)(!+$!/$&(!3-0!4-/$+)2]!,-''&0,+*1]!*)(!+)(/$%0+*1!)&[!,-)$%0/,%+-)]!1*)(!

>&,-'&$!+),0&*$+)21#!$,*0,&0]!*)(!%4&!iD-%*1!E*)(!?0*,%+-)!A,,/.+&(j!+),0&*$&$N!!!

8%\$!+'.-0%*)%!%-!)-%&!%4*%!%4&!5=;B!'-(&1!4*$!%[-!7%%0*,%+9&)&$$!$&,%-0$]!-)&!3-0!0&$+(&)%+*1!

,-)$%0/,%+-)!0&.0&$&)%&(!>#!%4&!9*0+*>1&!iG-/$+)2j]!*)(!*)!7%%0*,%+9&)&$$!"&,%-0!3-0!L/$+)&$$&$N!!

B-)$&J/&)%1#!%4&0&!*0&!%[-!3&&(>*,P!1--.$!+)!%4+$!$&,%-0Q!!-)&!3&&(>*,P!1--.!3-0!4-/$+)2!*)(!-)&!

3&&(>*,P!1--.!3-0!>/$+)&$$&$N!!D4&$&!%[-!1--.$!*0&!+)(&.&)(&)%!30-'!-)&!*)-%4&0!*)(!>-%4!*0&!

>*1*),+)2]!-0!)&2*%+9&!1--.$!*$!&9+(&),&(!>#!*%%0*,%+9&)&$$!2-+)2!(-[)!*$!iD-%*1!E*)(!?0*,%+-)!

A,,/.+&(j!2-&$!/.N!E*)(!W-)+)2!3-0!'-$%!'-(&1!$+'/1*%+-)!0/)$!0&'*+)$!/),4*)2&(]!4-[&9&0]!1*)(!

W-)+)2!+$!*!%-.+,!-3!+)%&0&$%!%-!%4&!5=;B!*)(![&![+11!+),1/(&!*!,-/.1&!$+'/1*%+-)!0/)$!%4*%!(&*1![+%4!

W-)+)2!,4*)2&$N!


!

!"#$%&'N<'8./0'J7&')&,*+%'

M3#1/+##+#(6+'$,%(

L-00-[+)2!*2*+)!30-'!%4&!"%&01+)2!D-[)!'-(&1]![&!/$&(!%4&!$*'&!$%-,P!*)(!31-[!$%0/,%/0&!3-0!

,-''&0,+*1!*)(!+)(/$%0+*1!$%0/,%/0&$N!YUfZ!8)!4&0!"%&01+)2!D-[)!'-(&1]!l*%0+)*!G/11!1--P&(!*%!

>/(2&%+)2!(&,+$+-)$!3-0!%4&!%-[)N!!G-[&9&0!+)!-/0!'-(&1![&!1--P!*%!%4&!3/%/0&!&)&02#!(&'*)($!-3!*)!

&)%+0&!0&2+-)]!%4/$![&!4&*9+1#!'-(+3+&(!%4&!"%&01+)2!D-[)!'-(&1!>/$+)&$$!$&,%-0]!'*+)1#!%40-/24!

&1+'+)*%+)2!'*)#!-3!%4&!9*0+*>1&$!/$&(!%-!'-(&1!>/(2&%+)2!3-0!%4&!%-[)N!!A/0!0&2+-)*1!'-(&1]!3-0!

+)$%*),&!(-&$!)-%!+),1/(&!*)#!.0-9+$+-)$!3-0!3+0&!(&.*0%'&)%$]!.-1+,&!(&.*0%'&)%$]!-0!%*_&$N!!D4&!'*+)!

2-*1!-3!%4&!L/$+)&$$&$!"&,%-0!-3!%4&!5=;B!'-(&1!+$!%-!%0*,P!%4&!20-[%4!-0!(&,1+)&!-3!,-''&0,+*1!*)(!

+)(/$%0+*1!>/$+)&$$&$!+)!%4&!0&2+-)N!L/$+)&$$&$![+11!20-[!+)!%4&!0&2+-)]!+3!%4&!0&2+-)!+$!.&0,&+9&(!%-!>&!

*%%0*,%+9&!%-!>/$+)&$$N!!E+P&[+$&]!>/$+)&$$&$!,-/1(!$%*2)*%&]!-0!&9&)!(&,1+)&!+)!%4&!0&2+-)!+3!%4&!


.&0,&.%+-)!-3!%4&!0&2+-)!+$!)&/%0*1!-0!/)*%%0*,%+9&N!

!

!

!"#$%&'N@'L$7"/&77'M**%.,*"G&/&77'8++9'


!

!"#$%&'NA'L$7"/&77')&,*+%'

!$$%&'$1>+/+##(6+'$,%(

D4&!)&_%!$&,%-0!-3!-/0!'-(&1!+$!%4&!7%%0*,%+9&)&$$!"&,%-0N!!D4+$!$&,%-0!P&&.$!%0*,P!-3!4-[!

9*0+-/$!3*,%-0$!*33&,%!%4&!-9&0*11!*%%0*,%+9&)&$$!-3!%4&!0&2+-)!%-!,/00&)%!*)(!.-%&)%+*1!0&$+(&)%$N!!

D4+)2$!1+P&!2--(!%-[)!$&09+,&$]!-.&)!$.*,&!*)(!*!0/0*1!3&&1]!*)(!<->$!'*P&!%4&!0&2+-)!*%%0*,%+9&]![4+1&!

%4&+0!*>$&),&$!'*P&!%4&!0&2+-)!/)*%%0*,%+9&N!!D4&$&!3*,%-0$![&0&!,4-$&)!>&,*/$&!-3!%4&!0&$/1%$!-3!%4&!

[-01(!,*3m!'&&%+)2!*)(!%4&!$/09&#N!!C*,4!-3!%4&$&!3*,%-0$!+$!$,*1&(!30-'!W&0-!%-!%[-]![+%4!W&0-!>&+)2!

&_%0&'&1#!/)*%%0*,%+9&!*)(!%[-!>&+)2!&_%0&'&1#!*%%0*,%+9&N!!C*,4!&33&,%!+$!*1$-!*$$+2)&(!*!$%0&)2%4!


9*0+*>1&N!!D4&$&!9*1/&$!*0&!-)1#!+'.-0%*)%!0&1*%+9&!%-!-)&!*)-%4&0]!*)(!*0&!/$&(!%-![&+24%!%4&$&!

&33&,%$!>*$&(!-)![4*%!.&-.1&!,-)$+(&0!'-0&!+'.-0%*)%N!!?-0!%4&!>*$&!0/)]![&!$&%!*11!$%0&)2%4$!&J/*1!

*%!TNSN!!D4&!&33&,%$!*)(!%4&+0!$%0&)2%4$!*0&!*9&0*2&(!%-2&%4&0!+)%-!-9&0*11!0&2+-)!*%%0*,%+9&)&$$!/$+)2!

%4&+0!2&-'&%0+,!'&*)N!!D4+$!P&&.$!%4&!*%%0*,%+9&)&$$!>&%[&&)!-)&!*)(!%[-]!*)(![+11!)-%!2-!%-!W&0-!

/)1&$$!*11!%40&&!3*,%-0$!2-!%-!W&0-N!!D4&!-)&!*((+%+-)*1!.+&,&!-3!%4+$!'-(&1!+$!%4&!.&0,&.%+-)!$%0/,%/0&N!!

8%!(-&$!)-%!'*%%&0!%-!.&-.1&!4-[!*%%0*,%+9&!%4&!0&2+-)!+$N!!@4*%!*33&,%$![4&%4&0!-0!)-%!%4&#!'-9&!

+)%-!-0!-/%!-3!%4&!0&2+-)!+$!4-[!*%%0*,%+9&!%4&#!.&0,&+9&!+%!*$N!!;&-.1&!(-!)-%!,4*)2&!%4&+0!'+)($!*>-/%!

*!0&2+-)!+)$%*)%1#n!+%!%*P&$!$-'&!%+'&!3-0!%4+$!,4*)2&!%-!-,,/0N!!D-!0&.0&$&)%!%4+$]!%4&0&!+$!*!$%-,P!3-0!

.&0,&+9&(!*%%0*,%+9&)&$$]![+%4!*!31-[!%-!0&.0&$&)%!%4&!,4*)2&!+)!.&0,&.%+-)N!!D4&!.&0,&.%+-)![+11!

,4*)2&![4&)!+%!(-&$!)-%!0&.0&$&)%!%4&!*,%/*1!*%%0*,%+9&)&$$!%-!'*%,4!+%!'-0&!,1-$&1#N!!D4&!'-(&1!

*$$/'&$!+%!%*P&$!.&-.1&!*>-/%!*!#&*0!%-!$&&!%4&!,4*)2&$!+)!*%%0*,%+9&)&$$N!

!

!"#$%&'ND'M**%.,*"G&/&77')&,*+%'

M3#1/+##(!$$%&'$1>+/+##(6+'$,%(

D4&!)&_%!$&,%-0!+$!%4&!>/$+)&$$!*%%0*,%+9&)&$$!$&,%-0N!!D4+$!$&,%-0!+$!&_*,%1#!%4&!$*'&!*$!%4&!


7%%0*,%+9&)&$$!"&,%-0!&_,&.%!3-0!%4&!3*,%-0$N!!D4&0&!*0&!3+9&!3*,%-0$!*33&,%+)2!>/$+)&$$!*%%0*,%+9&)&$$Q!

*9*+1*>+1+%#!-3!$P+11&(!1*>-0]!%*_!0*%&$]!%0*)$.-0%*%+-)]!.0-_+'+%#!%-!'*<-0!4+24[*#$!*)(!$&*.-0%$]!*)(!

0&2+-)*1!0&2/1*%-0#!&)9+0-)'&)%N!!D4&$&!3*,%-0$!*)(!%4&+0!$%0&)2%4$![&0&!,4-$&)!>*$&(!-)!%4&!0&$/1%$!

-3!%4&!$/09&#]!*)(!30-'!*!.*.&0![0+%%&)!>#!?*40+!l*0*P*#*!*)(!B&'!B*)&1!%+%1&(!iI)(&01#+)2!

K+'&)$+-)$!-3!L/$+)&$$!E-,*%+-)!K&,+$+-)$Nj!!D4+$!.*.&0!(&$,0+>&(!%4&!0&$/1%$!-3!*!$/09&#!-3!

>/$+)&$$&$!+)!%4&!H&[!C)21*)(!*0&*!*$P+)2!*>-/%![4*%!3*,%-0&(!+)%-!(&,+$+-)$!-3![4&0&!%-!1-,*%&!

>/$+)&$$&$N!!D4&!.*.&0!*20&&(!+)!1*02&!.*0%![+%4!-/0!-[)!$/09&#]!$-![&!3&1%!,-)3+(&)%!+)!%4&!3*,%-0$![&!

/$&(!*)(!%4&!0&1*%+9&!$%0&)2%4$!-3!&*,4N!

!

!"#$%&'NI'L$7"/&77'M**%.,*"G&/&77')&,*+%'

B/+%27(6+'$,%(

D4&!C)&02#!$&,%-0!,*.%/0&$!%4&!a!(+33&0&)%!&)&02#!$-/0,&$!-3!iD-%*1!O*$-1+)&!*)(!K+&$&1j]!D-%*1!

H*%/0*1!O*$!K&'*)(j]!iD-%*1!C1&,%0+,+%#!K&'*)(j!*)(!iD-%*1!G&*%+)2!A+1!K&'*)(jN!!D4&$&!a!*0&!%4&)!

*((&(!%-2&%4&0!%-!2+9&!/$!%4&!iD-%*1!=&2+-)*1!C)&02#!K&'*)(j]![4+,4!%4&)!31-[$!+)%-!%4&!$%-,P!,*11&(!

iB/'/1*%+9&!C)&02#!K&'*)(!.&0!B*.+%*jN!!!!!


D40-/24!(*%*!,-11&,%+-)]![&!(&%&0'+)&(!%4&!)/'>&0!-3!&)&02#!,-)$/'&0$!+)!%4&!0&2+-)!*)(!%4&#!*0&!

0&.0&$&)%&(!>#!iG-/$&4-1($j]!iB-''&0,+*1!L/$+)&$$&$j]!i8)(/$%0+*1!L/$+)&$$&$j]!*)(!i5/)+,+.*1!

6&4+,1&$jN!!@&!)&&(&(!%-!,-11&,%!3/0%4&0!(*%*!3-0!&*,4!&)&02#!,-)$/'&0!%-!(&%&0'+)&!%4&+0!*9&0*2&!

/$&!-3!&)&02#!.&0!#&*0N!!?-0!&_*'.1&]!1&%\$!1--P!*%!iG-/$+)2j]!3-0!&*,4!4-/$&!%4&0&!*0&!UNfR!9&4+,1&$!

.&0!4-/$&4-1(!YRUZ!%4*%!2&%!UfNe!'.2N!YRRZ!K&%&0'+)+)2!%4&!*9&0*2&!'+1&$!(0+9&)!.&0!#&*0![*$!*!>+%!

%0+,P#!>&,*/$&!-3!9*0+*>1&$!$/,4!*$!*2&!-3!9&4+,1&]!*)(!%4&!%#.&!-3!9&4+,1&N!YB*0!-0!1+24%!%0/,PZ!!@&!

&$%+'*%&(!#&*01#!'+1&$!(0+9&)!-)!%4&!4+24!&)(!-3!%4&!0*)2&!*)(!/$&(!US]TTT!'+1&$!.&0!#&*0N!YR`Z!@&!

%4&)!%--P!US]TTT!i792N!5+1&$!K0+9&)!G-/$&4-1(!6&4+,1&$j!*)(!(+9+(&(!%4*%!>#!UfNe!i792N!5;O!;&0!

G-/$&4-1(!6&4+,1&j!%4&)!'/1%+.1+&(!>#!UNfR!i6&4+,1&$!.&0!G-/$&4-1(j!*)(!3+)*11#!'/1%+.1+&(!%4*%!>#!

%4&!)/'>&0!-3!iG-/$&4-1($j!%-!3+)*11#!2&%!%4&!iG-/$&4-1(!O*$-1+)&!*)(!K+&$&1j!2*11-)$!(&'*)(&(N!!

D4+$![*$!(-)&!*1$-!3-0!iB-''&0,+*1!L/$+)&$$&$j]!i8)(/$%0+*1!L/$+)&$$&$j!*)(!i5/)+,+.*1!6&4+,1&$j]!

*)(!%4&)!%4&#!*0&!*11!*((&(!%-!2&%!%4&!iD-%*1!O*$-1+)&!*)(!K+&$&1!K&'*)(&(j!!

K&%&0'+)+)2!%4&!(&'*)(!3-0!)*%/0*1!2*$]!&1&,%0+,+%#!*)(!4&*%+)2!-+1![*$!</$%!*!'*%%&0!-3!3+)(+)2!%4&!

(*%*!3-0!%4&!*9&0*2&!/$&!.&0!#&*0!3-0!iG-/$+)2j]!iB-''&0,+*1!L/$+)&$$&$j]!*)(!i8)(/$%0+*1!

L/$+)&$$&$j]!*)(!%4&)!'/1%+.1#+)2!%4&!*9&0*2&!/$&!.&0!#&*0!>#!%4&!)/'>&0!-3!4-/$&$]!*)(!%4&!)/'>&0!

-3!,-''&0,+*1!*)(!+)(/$%0+*1!>/$+)&$$&$N!!7((+)2!/.!iG-/$+)2!C1&,%0+,+%#!K&'*)(j]!iB-''&0,+*1!

C1&,%0+,+%#!K&'*)(j]!*)(!i8)(/$%0+*1!C1&,%0+,+%#!K&'*)(j!2+9&$!/$!%4&!iD-%*1!C1&,%0+,+%#!K&'*)(jN!!D4&!

)*%/0*1!2*$!*)(!4&*%+)2!-+1!1&2$!-3!%4&!$&,%-0!*0&!%-%*1&(!%4&!$*'&![*#N!!!

?+)*11#]!*11!a!&)&02#!$-/0,&$!*0&!,-)9&0%&(!%-!LDI$!*)(!%4&)!*((&(!/.!%-!2&%!%4&!iD-%*1!=&2+-)*1!

C)&02#!K&'*)(j]![4+,4!%4&)!+$!,-)9&0%&(!%-!*!.&0!,*.+%*!0*%&!%4*%!*,,/'/1*%&$!+)!%4&!$%-,P!,*11&(!

iB/'/1*%+9&!C)&02#!K&'*)(!.&0!B*.+%*jN!!711!%4&!0&2+-)*1!&)&02#!(&'*)(&(!30-'!%4&!>&2+))+)2!-3!

%4&!'-(&1!YUfdTZ!*,,/'/1*%&$!+)!%4+$!$%-,PN!

(


!

!"#$%&'NK'P/&%#Q')&,*+%'

:,5+*(A&*151$7(W()L+1*(6$&$#(

(BX$%+8+(.,/51$1,/#K(

! 7!2--(!'-(&1![+11![-0P![&11!/)(&0!*11!,-)(+%+-)$]!+),1/(+)2!%4-$&!%4*%!'*#!$&&'!&_%0&'&!-0!

/)0&*$-)*>1&N!!7)!&_*'.1&!-3!%4+$!'*#!>&!+)!%4&!#&*0!RTRT]!*11!4-/$&$!+)!%4&!0&2+-)!$%*0%!2&%%+)2!

(&'-1+$4&(]![+%4!4-/$&!,-)$%0/,%+-)!$%-..+)2!*1%-2&%4&0!*%!%4&!$*'&!%+'&N!!I$+)2!,-''-)!$&)$&]!

[4*%!$4-/1(!4*..&)!4&0&h!!;&-.1&![+11!4*9&!)-!.1*,&!%-!1+9&]!$-!%4&#![+11!0/)!-/%!-3!%4&!0&2+-)N!!

=&2+-)!*%%0*,%+9&)&$$!$4-/1(!(0-.N!!L/$+)&$$&$!,*)!$%+11!3/),%+-)!3-0!*!1+%%1&!>+%!(/&!%-![-0P&0$!*)(!

,/$%-'&0$!,-''/%+)2!30-'!&1$&[4&0&]!>/%!$4-/1(!J/+,P1#!3-11-[!%4&!.&-.1&!-/%!-3!%4&!0&2+-)N!!C)&02#!

/$&!$4-/1(!(0-.!%-!W&0-!-),&!)-!-)&!+$!%4&0&!%-!/$&!*)#!'-0&!&)&02#N!!@4&)!%4&!$,&)*0+-![*$!0/)!+)!

%4&!'-(&1]!%4+$![*$!&_*,%1#![4*%!4*..&)&(N!!D4&!-)&!$/0.0+$&![*$!%4*%!>/$+)&$$&$!4/)2!*0-/)(!


1-)2&0!%4*)!&_.&,%&(]!>/%!%4&#!(+(!J/+,P1#!*)(!$%&*(+1#!31&&!%4&!0&2+-)$]![+%4!*>-/%!U`!>/$+)&$$&$!1&3%!

>#!%4&!#&*0!RTdT]![4+,4!,*)!'*P&!$&)$&!>&,*/$&!*!3&[!>/$+)&$$&$!,-/1(!-.&0*%&!)&*0!%4&!&(2&!-3!%4&!

0&2+-)]!.1/$!)-!%0*33+,!3-0!&'.1-#&&$!2-+)2!%-![-0P![-/1(!'*P&!3-0!*!20&*%!,-''/%&N!!@&!0*)!-%4&0!

$,&)*0+-$![+%4!&J/*11#!&_%0&'&!*)(!+'.-$$+>1&!,*$&$!$/,4!*$!3&0%+1+%#!+),0&*$+)2!%-!%4&!.-+)%![4&0&!%4&!

*9&0*2&!RTbaa!#&*0b-1(![-/1(!4*9&!3+9&!>*>+&$!.&0!#&*0]!%*P+)2!*11!<->$!-/%!-3!%4&!0&2+-)]!$4/%%+)2!

(-[)!>+0%4$]!*)(!)-%!1&%%+)2!*)#-)&!&)%&0!-0!1&*9&!%4&!0&2+-)N!!C*,4!-3!%4&$&!$,&)*0+-$![*$!%&$%&(!+)!

%4&!'-(&1]!*)(!+)!&*,4!,*$&!%4&!'-(&1!*,%&(!*,,-0(+)21#N!

4/$+2%&$1,/(B%%,%K(

! A,,*$+-)*11#!$-'&!>&4*9+-0!+)!*!'-(&1!,*)!>&!%4&!0&$/1%!-3!*)!&00-0!+)!+)%&20*%+-)]!0*%4&0!%4*)!

%4&!$%0/,%/0&!-3!%4&!'-(&1N!!D4&!%+'&!$%&.![&!/$&(!3-0!0/)$![*$!TNTcRS!#&*0$]!-0!*>-/%!R`!(*#$N!!D-!

&)$/0&!%4*%!%4+$!%+'&!$%&.![*$!)-%!,*/$+)2!*)#!&00-0$]![&!0&b0*)!$-'&!0/)$!/$+)2!%+'&!$%&.$!-3!TNRS!

#&*0$!Y`!'-)%4$Z!*)(!TNTUScRS!Y*>-/%!c!(*#$ZN!!D4&!0&$/1%$![&0&!%4&!$*'&!0&2*0(1&$$!-3!,4*)2&$!%-!

%+'&!$%&.N!

M+L&>1,%(=+S%,53'$1,/K(

7!'-(&1!+$!)-%![-0%4!'/,4!+3!+%!(-&$!)-%!.0-(/,&!0&$/1%$]![4+,4!*0&!,-)$+$%&)%![+%4!%4&!0&*1!

[-01(N!!A)&!'&%4-(!,-''-)1#!/$&(!+)!"#$%&'!K#)*'+,$!%-!$&&!4-[![&11!*!'-(&1!'*%,4&$!*,%/*1!

(*%*!+$!%4&!/$&!-3!D4&+1\$!+)&J/*1+%#!$%*%+$%+,$N!!D4&!>*$+,$!-3!%4&$&!$%*%+$%+,$!*0&!,*1,/1*%+)2!%4&!'&*)!

$J/*0&!&00-0!*)(!+%$!%40&&!,-'.-)&)%!.*0%$Q!>+*$]!9*0+*),&]!*)(!,-9*0+*),&N!!D4&!>+*$!1--P$!*%!*)(!

,-'.*0&$!%4&!*9&0*2&!9*1/&$!-3!%4&!*,%/*1!*)(!$+'/1*%&(!(*%*N!!6*0+*),&!1--P$!*%!4-[!,1-$&1#!%4&!

%0&)($!+)!%4&!*,%/*1!*)(!$+'/1*%&(!(*%*!'*%,4N!!?+)*11#]!,-9*0+*),&!1--P$!*%!4-[!,1-$&!%4&!*,%/*1!*)(!

$+'/1*%&(!(*%*!-)!*!.-+)%b>#b.-+)%!>*$+$N!!D4&!9*1/&$!2+9&)!>#!%4&$&!%40&&!&00-0$!0&.0&$&)%!%4&!

.&0,&)%*2&!-3!%4&!%-%*1!&00-0]![4+,4![*$!,*/$&(!>#!&*,4!$-/0,&]![+%4!%4&!$/'!-3!%4&!>+*$]!9*0+*),&]!

*)(!,-9*0+*),&!>&+)2!UN!


D4&0&![&0&!3-/0!9*0+*>1&$![&!4*(!&)-/24!4+$%-0+,!(*%*!-)!%-!,-'.*0&![+%4!$+'/1*%&(!(*%*!*)(!

3+)(!%4&!D4&+1!$%*%+$%+,$!3-0Q!.-./1*%+-)]!,-''&0,+*1!1*)(!/$&]!+)(/$%0+*1!1*)(!/$&]!*)(!0&$+(&)%+*1!1*)(!

/$&N!!D4&!'&*)!*>$-1/%&!.&0,&)%!&00-0!%&11$!4-[!,1-$&1#!-)!*9&0*2&!%4&!$+'/1*%&(!(*%*!'*%,4&$!%4&!

*,%/*1!(*%*N!!711!3-/0!9*0+*>1&$![&0&![+%4+)!UTt!-)!*9&0*2&]!*)(!%40&&!-3!%4&!3-/0!*0&![+%4+)!StN!!A3!

%4&!&00-0!%4*%![*$!%4&0&]!+%![*$!3-/)(!%4*%!3-0!,-''&0,+*1]!+)(/$%0+*1]!*)(!0&$+(&)%+*1!1*)(!/$&]!%4&!

1*02&$%!.*0%![*$!,*/$&(!>#!>+*$N!!D4+$!+$!*!2--(!%4+)2]!>&,*/$&!+%!'&*)$!%4*%!%4&!&00-0!+$!)-%!(/&!%-!*!

(+33&0&),&!+)!%0&)(]!$-!-/0!'-(&1!+$!,*.%/0+)2!%4&!%0&)(!9&0#![&11N!!D4&!-)&!9*0+*>1&![4&0&!9*0+*%+-)!

[*$!%4&!.0+'*0#!,*/$&!-3!&00-0!+$!%4&!.-./1*%+-)N!!D4+$![*$!$-'&[4*%!-3!*!,-),&0)!>&,*/$&!+%!'&*)$!

%4&!'*<-0+%#!-3!%4&!&00-0![*$!>&,*/$&!%4&!%0&)(!+$!-33]!>/%!$+),&!%4&!%-%*1!&00-0![*$!1&$$!%4*)!St]!%4+$!

(+(!)-%!+)(+,*%&!*!1*02&!31*[!+)!%4&!'-(&1N!!A9&0*11]!%4&!0&$/1%$!30-'!%4&!D4&+1!"%*%+$%+,$![&0&!.-$+%+9&!

*)(!2*9&!/$!,-)3+(&),&!%4*%!-/0!'-(&1![*$!*,,/0*%&1#!0&.0&$&)%+)2!%4&!0&*1!$#$%&'N!

!

!!!!!D*>1&!aN!D4&+1!"%*%$!=&$/1%$!

D4&+1!"%*%$!0&$/1%$! ;-./1*%+-)! B-''&0,+*1! 8)(/$%0#! =&$+(&)%+*1!

!! !! !! !! !!

B-00&1*%+-)!B-&3! TNfde`! TNffff! TNfdS`! TNffRc!

=uR! TNfSdT! TNfffe! TNfSU`! TNfeSR!

5&*)!7>$N!;&0,&)%!C00-0! TNTa`R! TNTaè! TNTfS`! TNTaec!

5&*)!"J/*0&!C00-0! USd]TaT]TTT! Uc]e`R! Rda]afc! a]cc`]TTT!

=--%!5&*)!"J/*0&!C00-0! UR]SÙ! URfNda! SR`NfR! R]USf!

L+*$! TNTece! TNcèS! TNeTTf! TNdcTd!

6*0+*%+-)! TNeaSU! TN`cTS! TNUU`d! TNUè!


B-9*0+*%+-)! TNTcd`! TNTTTc! TNTeSS! TNUTUU!

!! !! !! !! !!

B-&3!-3!6*0N!!b!"+'! UTN`! eN`U`! URNSf! URNcU!

B-&3!-3!6*0N!!b!7,%! SNTec! UUNUf! UaNeR! USNRR!

(

M+L&>1,%(!/,8&*7K(

( 8)!-0(&0!%-!,4&,P!+3!,&0%*+)!.+&,&$!-3!%4&!'-(&1![&0&!0&*11#!)&,&$$*0#]![&!0*)!*!3&[!$,&)*0+-$!

[4&0&!,&0%*+)!3&&(>*,P!1--.$![&0&!0&'-9&(!30-'!%4&!'-(&1N!!D4&!3+0$%!1--.![&!%0+&(!0&'-9+)2![*$!

%4&!-)&!+)9-19+)2!<->$N!!8)$%&*(!-3!1&%%+)2!<->$!9*0#!(&.&)(+)2!-)!%4&!>/$+)&$$&$!+)!%4&!0&2+-)]![&!$&%!

+%!&J/*1!%-!UTT]TTT!3-0!%4&!&)%+0&!0/)N!!D4&!0&$/1%!-3!%4+$![*$!'/,4!J/+,P&0!+)+%+*1!20-[%4!+)!.-./1*%+-)!

%4*)!%4&!>*$&!0/)]!3-11-[&(!>#!*!(&,1+)&![4&)!%4&0&!*0&!'-0&!.&-.1&!%4*)!<->$]!*)(!)&[!<->$!*0&)\%!

>&+)2!,0&*%&(N!!D4&!0&$/1%$!-3!%4&!0/)![&0&!$+2)+3+,*)%1#!(+33&0&)%!%4*)!%4&!>*$&!0/)]!+)(+,*%+)2!%4*%!%4&!

0&'-9&(!1--.!(+(!4*9&!*!$+2)+3+,*)%!+'.*,%!-)!%4&!'-(&1N!!8)!*!$&.*0*%&!0/)]![&!0&'-9&(!%4&!1--.!-3!

.&-.1&!*%%0*,%+)2!>/$+)&$$&$]!>#!$&%%+)2!%4&!$P+11&(!1*>-0!%-!*!,-)$%*)%!9*1/&!-3!aS]TTT!.&-.1&N!!D4&!

0&$/1%!-3!%4+$![*$!3*$%&0!+)+%+*1!>/$+)&$$!20-[%4]!3-11-[&(!>#!$1-[&0!20-[%4!%-[*0($!%4&!&)(!-3!%4&!

0/)N!!72*+)]!%4&!0&$/1%$![&0&!$+2)+3+,*)%1#!(+33&0&)%!30-'!%4&!>*$&!0/)]!$-![&!(&%&0'+)&(!%4*%!%4&!1--.!

[*$!+'.-0%*)%!%-!%4&!$%0/,%/0&!-3!%4&!'-(&1N!

D4&$&!%&$%$![&0&!*11!(&$,0+>&(!+)!L$7"/&77':Q/.;",7]')Q7*&;7'S3"/-"/#'./0'E+0&1"/#'>+%'.'

6+;91&X'[+%10!>#!V-4)!KN!"%&0'*)N!YRaZ!

Boundary Adequacy:

The following chart shows the variables of the model that are endogenous, exogenous, and

variables that are excluded.

Table 5. Model Boundary Chart


Endogenous Exogenous Excluded

As John D. Sterman says in his textbook, “System dynamics seeks endogenous explanations for

phenomena”. (24) The variables that are endogenous in the model interact to generate dynamics within

the model’s boundary. On the flip side, variables that are outside the model’s boundary are exogenous

variables. Much of the behavior of exogenous variables in the model is assumed, and not explicitly

modeled.

The Minnesota Project discussed earlier in the report gave us confidence using exogenous

variables, many of which came about from running the simulations of the stakeholder scenarios. That

being said, there were a few areas in the model that we would have liked to expand upon, if time

available, but this was didn’t occur. Because people of different age groups are attracted to a region for

different reasons, we would have liked to add endogenous variables to the aging chain from the

Birth rate

Death rate

House construction rate

Demolition rate

Influence of relative regional

services

Influence of proximity to

major highways/seaports

Influence of relative

regulatory environment

Influence of relative tax rates

Energy Supply

Prices/Costs

Population of the region

• !"#$%&'

• ()"*)' $%#+,)%'

-.,/$%++.'

• 01-$%&'

• 2")#-$"+*' $+34#+5' $%1'

#1)"+*'

Housing

Labor force – gainfully employed

Land already used

Commercial businesses

Industrial Businesses

Region business attractiveness

Region attractiveness to people

Total energy demand

• 6+$-/' *-$,#-/' )-&'

.15-*.'

• 6+$-/')-&+/"*1'-*.'."1&1/'

.15-*.'

• 6+$-/' %1-$"*)' +"/'

.15-*.'

• 6+$-/'1/17$#"7"$8'.15-*.'


demographic sector to model that behavior. More recommendations will be mentioned later in this

report.

Family Member:

Our model was built to mimic the Montachusett region. The family member test asks, “Can the

model generate the behavior of other instances in the same class as the system the model was built to

mimic”. (24) Our answer to this question is “Yes”. Our model can be applied to other regions as well

as individual towns. During the process of the model build the team discussed from time to time this

“Family Member” quality of our model.

(

:,5+*(=3/#(

(D4&!3-11-[+)2!'-(&1!0/)$![&0&!(&,+(&(!>#!5=;B!*)(!-/0!%&*'N!D4&!0/)$!%4*%!-/0!%&*'!,4-$&!

[&0&!,4-$&)!>&,*/$&!-3!%4&+0!+'.*,%!*)(!3*$,+)*%+)2!(#)*'+,$N!

M&#+(=3/(

(

D4&!>*$&!0/)!-3!%4&!'-(&1!$4-[$!%4&!$,&)*0+-![4&0&!)-)&!-3!%4&!&_-2&)-/$!9*0+*>1&$!,4*)2&]!

*)(!%4&0&!+$!)-!$4-,P!2+9&)!%-!%4&!$#$%&'!-3!*)#!P+)(N!!D4&!>+0%4!*)(!(&*%4!0*%&$!*0&!,-)$%*)%]!

&1&,%0+,+%#]!)*%/0*1!2*$]!*)(!2*$-1+)&!/$*2&!.&0!4-/$&!*)(!.&0!>/$+)&$$!+$!,-)$%*)%]!.0-_+'+%#!%-!.-0%$!

*)(!*+0.-0%$!+$!,-)$%*)%]!%0*)$.-0%*%+-)!$&09+,&$!*0&!,-)$%*)%]!*9&0*2&!3*'+1#!$+W&!+$!,-)$%*)%]!*)(!%*_!

0*%&$!*)(!0&2+-)*1!$&09+,&$!*0&!,-)$%*)%!*$![&11N!!D4&!-)1#!&_-2&)-/$!9*0+*>1&!%4*%!(-&$!,4*)2&!-9&0!

%+'&!+)!%4&!>*$&!0/)!+$!%4&!4&*%+)2!-+1!/$&(!.&0!4-/$&!*)(!>/$+)&$$]![4+,4!4*$!>&&)!4+$%-0+,*11#!

(0-..+)2!(/&!%-!*(9*),&$!+)!%&,4)-1-2#!+)!%4*%!*0&*N!

K&$.+%&!&9&0#%4+)2!%4*%!+$!)-%!,4*)2+)2]!%4&0&!+$!$%+11!*!1-%!2-+)2!-)N!!7%!%4&!9&0#!>&2+))+)2!-3!

%4&!$+'/1*%+-)]!%4&!0&2+-)!+$!/)*%%0*,%+9&!'-$%1#!(/&!%-!4*9+)2!'-0&!4-/$&4-1($!%4*)!4-/$&$!+)!UfdTN!!


G-[&9&0!9&0#!$--)!$-'&!.&-.1&!1&*9&]!$-'&!4-/$&$!2-!/.]!*)(!>#!UfdR!%4&!0&2+-)!+$!*%%0*,%+9&!+)!

%&0'$!-3!%4&0&!>&+)2!&)-/24!4-/$&$N!!8%!+$!$4-0%1#!*3%&0!%4+$![4&0&!%4&!20-[%4!0&*11#!$%*0%$]!*)(!%4&!

'-(&1!$&%%1&$!+)%-!*!.*%4N!!D4&!0&2+-)!+$!*)!*%%0*,%+9&!&)-/24!.1*,&![4&0&!.&-.1&!*0&!'-9+)2!+)!3*$%&0!

%4*)!%4&#!*0&!'-9+)2!-/%N!!D4&!'*+)!0&*$-)!3-0!%4+$!+$!(/&!%-!%4&!9&0#!1*02&!*'-/)%$!-3!-.&)!1*)(]!

[4+,4!.&-.1&!3+)(!%-!>&!*!9&0#!*%%0*,%+9&!3&*%/0&!-3!%4&!5-)%*,4/$&%%!0&2+-)N!!;&-.1&!'-9&!+)!

>&,*/$&!+%!+$!*%%0*,%+9&]!*)(![4+,4!4*$!'*)#!&33&,%$N!!D4&!(+0&,%!&33&,%$!*0&!%4*%!%4&!4+24&0!.-./1*%+-)!

+),0&*$&$!%4&!4-/$&4-1(!%-!4-/$&!0*%+-]!%4&!1*>-0!3-0,&]!*)(!%4&!&)&02#!/$&(N!!D4&$&!&33&,%$!+)!%/0)!

'*P&!+%!4*0(&0!%-!3+)(!*!4-/$&]![4+,4!'*P&$!%4&!0&2+-)!1&$$!*%%0*,%+9&!>/%!*1$-!&),-/0*2&$!4-/$+)2!

20-[%4]![4+,4!%4&)!'*P&$!%4&!0&2+-)!'-0&!*%%0*,%+9&N!!D4&!4+24&0!1*>-0!3-0,&!+),0&*$&$!,-'.&%+%+-)!

3-0!<->$]!>/%!*1$-!&)%+,&$!'-0&!>/$+)&$$&$!%-!,-'&!%-!%4&!*0&*]![4+,4!,0&*%&!<->$N!!D4&$&!<->$!*)(!

4-/$&$!%4&)!>0+)2!+)!&9&)!'-0&!.&-.1&]![4+,4![-/1(!,*/$&!20-[%4!%-!%*P&!-33!-/%!-3!,-)%0-1!+3!)-%!3-0!

$-'&!0&$%0*+)+)2!3*,%-0$N!

D4&!'*<-0!0&$%0*+)+)2!3*,%-0!%-!20-[%4!+)!%4&!>*$&!0/)!+$!%4&!3*,%!%4*%!.&-.1&!1+P&!-.&)!$.*,&!

*)(!*!0/0*1!*%'-$.4&0&!+)!%4&!0&2+-)N!!7$!'-0&!.&-.1&!*)(!>/$+)&$$&$!'-9&!+)]!%4&#!%*P&!/.!'-0&!

$.*,&]!'*P+)2!%4&!0&2+-)!'/,4!1&$$!*%%0*,%+9&N!!D4&!i>*%%1&j!>&%[&&)!*)!+),0&*$+)2!*%%0*,%+9&)&$$!(/&!

%-!<->!20-[%4!*)(!(&,0&*$+)2!*%%0*,%+9&)&$$!(/&!%-!-.&)!1*)(!>&+)2!>/+1%!-)!+$!$4-[)!+)!%4&!3+2/0&!

>&1-[N!


!

!"#$%&'NN'L.7&'R$/'R&#"+/'M**%.,*"G&/&77'

D4&!%[-!&33&,%$!)&*01#!,*),&1!&*,4!-%4&0!-/%]![4+,4!+$![4#!%4&!.-./1*%+-)!(-&$!)-%!20-[!

&_.-)&)%+*11#]!)-0!(-&$!+%!$%-.!20-[+)2!*1%-2&%4&0N!!H-[!4-[!(-&$!*11!%4+$!*33&,%!%4&!&)&02#!(&'*)(h!!

8%!+$!$+'.1&]!*$!'-0&!.&-.1&!*)(!>/$+)&$$&$!&)%&0!%4&!0&2+-)]!'-0&!&)&02#!+$!(&'*)(&(N!!C1&,%0+,+%#]!

)*%/0*1!2*$]!*)(!2*$-1+)&!*0&!*11!/$&(!'-0&!*)(!'-0&!*$!%4&!0&2+-)!20-[$]![+%4!4&*%+)2!-+1!>&+)2!%4&!

-)1#!$-/0,&!-3!&)&02#!+)!(&,1+)&N!!G&*%+)2!-+1!(&,1+)&$!>&,*/$&!&9&)!%4-/24!'-0&!4-/$&$!'&*)$!'-0&!

4-/$&$!/$+)2!4&*%+)2!-+1]!%4&!*'-/)%!/$&(!>#!&*,4!4-/$&!+$!(0-..+)2!*%!*!3*$%!&)-/24!0*%&![4&0&!%4&!

)&%!&33&,%!+$!*!(&,0&*$+)2!(&'*)(N!!D4&!%-%*1!&)&02#!+$!*1$-!0+$+)2]!*$!%40&&!-3!+%$!3-/0!,-'.-)&)%$!*0&!

0+$+)2!-9&0!%+'&N!!

!

(


!

!"#$%&'(OO'L.7&'R$/'8./0'J7&'5O(O''''''''''''!"#$%&'(O('L.7&'R$/'8./0'J7&'5O<O'

!

!"#$%&'(O5'L.7&'R$/'8./0'J7&'5OAO''''''''''''''''''''!"#$%&'(O<'L.7&'R$/'8./0'$7&'5OIO'


!

!"#$%&'(O@'L.7&'R$/'P/&%#Q'J7&'5O(O'''''''''''''''!"#$%&'(OA'L.7&'R$/'P/&%#Q'J7&'5O<O'

'

!"#$%&'(OD'L.7&'R$/'P/&%#Q'J7&'5OAO''''''''''''''!"#$%&'(OI'L.7&'R$/'P/&%#Q'J7&'5OIO!


'

!"#$%&'(OK'L.7&'R$/'=+9$1.*"+/'

!

!

!"#$%&'(ON'L.7&'R$/'S+*.1'P/&%#Q'


!

!"#$%&'((O'L.7&'R$/'R&7"0&/*".1'6+;9.%"7+/'

!

!"#$%&'((('L.7&'R$/'6+;;&%,".1'6+;9.%"7+/'

'

;7"%15#(A#T(B*+'$%1'(.&%#(

(D! -!0&.0&$&)%!%4+$!+)!%4&!'-(&1![&!'&0&1#!)&&(&(!%-!(&%&0'+)&!4-[!'*)#!'+1&$!.&0!2*11-)!%4&!

*9&0*2&!4#>0+(!2&%$N!!7$![+%4!'/,4!-3!%4&!(*%*!,-11&,%+-)!3-0!%4+$!.0-<&,%]!%4+$![*$!)-%!*)!&*$#!%*$PN!!

@&!3-/)(!(*%*!3-0!%4&!*9&0*2&!'.2!3-0!4#>0+(!9&4+,1&$!%4*%!0*)2&(!30-'!%4&!1-[!RT\$!%-!*$!'/,4!*$!

ST!'.2N!!I)*>1&!%-!3+)(!*!,0&(+>1&!$-/0,&!%4*%!$%*%&(!*)!&_*,%!*9&0*2&!'.2!3-0!4#>0+(!9&4+,1&$]![&!


,4-$&!%4&!)/'>&0!`S!*$!*!$/+%*>1&!0&.0&$&)%*%+9&!3-0!%4&!*9&0*2&!'.2N!!A/0!$+'/1*%+-)!.-$&$!%4&!

J/&$%+-)]!i@4*%!+3]!-9&0!%4&!$.*)!-3!RT!#&*0$]!U!+)!UT!9&4+,1&$!-)!%4&!0-*(![&0&!4#>0+($jN!!D4&!+'.*,%!

-)!%4&!&)&02#!(&'*)(!+$!>*$+,*11#!*!$*9+)2$!-3!2*$-1+)&!>#![*#!-3!+),0&*$+)2!%4&!'.2!3-0!U!+)!UT!

9&4+,1&$!+)!%4&!'-(&1N!!D4&!*9&0*2&!,-'>+)&(!5;O!3-0!*11!I"!,*0$!*)(!1+24%!%0/,P$!-)!%4&!0-*(!%-(*#!+$!

UfNe!5;ON!YRSZN!!@&!4*9&!UfNe!*$!*!)*%+-)*1!*9&0*2&!'.2!3-0!*/%-'->+1&$!3-0!%4&!>*$&!0/)N!!D4&!

G#>0+(!6&4+,1&!$+'/1*%+-)!0/)![-/1(!%4&)!$4-[!*!2*$-1+)&!$*9+)2$!-3!USNR!'.2!3-0!U!+)!UT!,*0$N!

B4*$+)2!(-[)!%4&!(*%*!3-0!&1&,%0+,!9&4+,1&$!.0-9&(!(+33+,/1%N!!@&![*)%&(!%-!3+)(!-/%!4-[!'/,4!

&1&,%0+,+%#!%4&!*9&0*2&!/$&0![-/1(!/$&!.&0!,4*02&N!!5*)#!-3!%4&!$-/0,&$!$&&'&(!0&1/,%*)%!%-!$*#!

&_*,%1#!4-[!'*)#!P[G!%4*%![*$!(0*[)!30-'!#-/0!,4*02+)2!$-/0,&]!+)!%4+$!,*$&![&!*$$/'&(!%4*%!%-!>&!

%4&!/$&0\$!0&$+(&),&N!!D4&0&![*$!+)3-0'*%+-)!-)!4-[!'/,4!P[G^'+1&![&0&!/$&(!>#!$-'&!&1&,%0+,!

9&4+,1&$]!4-[&9&0!%4&#!0*)2&(!0*%4&0!$+2)+3+,*)%1#N!!@&!(&,+(&(!%-!/$&!(*%*!3-0!%4&!B4&9#!6-1%!&1&,%0+,!

9&4+,1&!3-0!%4&!$+'/1*%+-)!0/)N!!7$!$/,4]!2+9&)!%4&!C;7!&$%+'*%&$!-3!`c!P[G!.&0!UTT!'+1&$]!#-/![+11!

)&&(!%-!./%!0-/241#!dNR!P[G!+)%-!%4&!B4&9#!6-1%!.&0!(*#N!YRcZ!

(


!

!"#$%&'((5'?Q4%"07'T7F'P1&,*%",'6.%7'S+*.1'P/&%#Q':&;./0'

!

!"#$%&'((<'?Q4%"07'T7F'P1&,*%",'6.%7'S+*.1'P1&,*%","*Q':&;./0'


!

!"#$%&'((@'?Q4%"07'T7F'P1&,*%",'6.%7'S+*.1'U.7+1"/&'./0':"&7&1':&;./0'

D4&!0&$/1%$!-3!%4&!G#>0+(!9&4+,1&!$+'/1*%+-)!0/)!$4-[&(!*!U`!'+11+-)!2*11-)!$*9+)2$!+)!2*$-1+)&!*)(!

(+&$&1!*,0-$$!%4&!0&2+-)]![4+,4!&J/*%&$!%-!*!fN`t!(0-.!+)!(&'*)(!>#!%4&!&)(!-3!%4&!RT!#&*0!G#>0+(!

9&4+,1&!.4*$+)2!+)N!

D4&!C1&,%0+,!9&4+,1&!$+'/1*%+-)!0/)!+),0&*$&$!&1&,%0+,+%#!(&'*)(!>#!Sc!'+11+-)!P[G^#&*0!>#!%4&!&)(!-3!

%4&!RTb#&*0!.4*$+)2!+)!-3!%4&!$,&)*0+-N!!D4+$!'*P&$!3-0!*!RNd!t!+),0&*$&!+)!%-%*1!&1&,%0+,+%#!(&'*)(!+)!

%4&!0&2+-)N!!D4&!2*$-1+)&!(&'*)(!+)!RT`T!(0-.$!%-!UdcNRf!'+11+-)!2*11-)$]!,-'.*0&(!%-!%4&!>*$&!0/)!

-3!UfSNRR!'+11+-)!2*11-)$N!!D4+$!&J/*%&$!%-!*)!UeNf`!'+11+-)!2*11-)$!$*9+)2$]!-0!*!Nfd!t!(&,0&*$&!+)!%-%*1!

2*$-1+)&!*)(!(+&$&1!(&'*)(!-3!%4&!0&2+-)N!!

!


!

!"#$%&'((A'?Q4%"07'T7F'P1&,*%",'6.%7'P1&,*%",'T&3",1&':&;./0'

!

Y1*(B8"&%2,(

(

D4&!-+1!&'>*02-!-3!Ufd`!1*$%&(!*>-/%!-)&!#&*0!*)(!,0&*%&(!*)!&)&02#!,0+$+$!3-0!%4&!I)+%&(!"%*%&$N!!A/0!

(&.&)(&),&!-)!3-0&+2)!-+1!1&*9&$!/$!9/1)&0*>1&!3-0!$/,4!,0+$&$N!!D-!0&.0&$&)%!%4&!&)&02#!,0+$+$!+)!-/0!

'-(&1![&![-)(&0&(!i[4*%!+3!%4&!,0+$+$!1*$%&(!UT!#&*0$!+)$%&*(!-3!U!#&*0N!!?-0!UT!#&*0$!%4&!-+1!(&'*)($!

[-/1(!>&!20&*%&0!%4*)!%4&!$/..1#!>#!RT!tN!!7$!*!0&$/1%!.0+,&$!3-0!-+1!*)(!2*$-1+)&!2-!/.!(0*'*%+,*11#!

*)(!%4+$!1-)2&0b%&0'!,0+$+$![-/1(!%0+22&0!,&0%*+)!&,-)-'+,!+'.*,%$]![4+,4![&![+11!>0+&31#!(+$,/$$!4&0&!

+)!%4&!0&.-0%N!

A)&![*#!*!.0+,&!,4*)2&!*33&,%$!,-)$/'.%+-)!+$!%4&!+),-'&!&33&,%N!!D4&!+),-'&!&33&,%!$*#$!i*!,4*)2&!

+)!*!,-)$/'&0\$!0&*1!./0,4*$+)2!.-[&0!>0-/24%!*>-/%!>#!*!,4*)2&!+)!%4&!.0+,&!-3!*!2--(jN!YRdZ!83!

.0+,&$!2-!/.!3-0!*!2--(]!%4&)!%4&!J/*)%+%#!(&'*)(&(![+11!2-!(-[)]!*)(!1+P&[+$&!+3!.0+,&$!2-!(-[)!3-0!

*!2--(]!%4&)!%4&!J/*)%+%#!(&'*)(&(!2-&$!/.N!!8)!%4&!,*$&!-3!*)!-+1!&'>*02-]!.0+,&$![+11!2-!/.!

(0*'*%+,*11#!*1'-$%!-9&0)+24%!*)(!%4&!+),-'&!&33&,%![+11!>&!3&1%!+''&(+*%&1#N!!B-)$/'&0$![-/1(!

,/0%*+1!%-!*!(&20&&!%4&+0!(&'*)(!3-0!4&*%+)2!-+1!*)(!2*$-1+)&!*)(!(+&$&1!3/&1N!!@&![-/1(!/$&!-/0!,*0$!


-)1#![4&)!)&,&$$*0#]!*)(![&![-/1(!$&%!-/0!4-'&!%4&0'-$%*%$!1-[&0N!!;*#+)2!4+24&0!.0+,&$!3-0!*!

.*0%+,/1*0!2--(![-/1(!'&*)!%4*%![&!4*9&!1&$$!'-)&#!%-!$.&)(!-)!-%4&0!2--($]!>&,*/$&!-/0!

(+$,0&%+-)*0#!+),-'&!4*$!*,%/*11#!(&,0&*$&(!*$!*!0&$/1%!-3!$P#0-,P&%+)2!.0+,&$!(/&!%-!%4&!-+1!&'>*02-N!!!

8)!%4&!$4-0%!0/)]!%4&!-+1!&'>*02-![-/1(!0&$/1%!+)!*)!+),-'&!&33&,%N!!!

A/0!-+1!&'>*02-!$,&)*0+-!1*$%$!UT!#&*0$!*)(!%4&!1&)2%4#!(/0*%+-)!-3!%4+$!&9&)%![-/1(!%0+22&0!*!

$/>$%+%/%+-)!&33&,%N!!D4&!$/>$%+%/%+-)!&33&,%!$*#$!%4*%!i,-)$/'&0$!*1[*#$!$[+%,4!30-'!$.&)(+)2!-)!

4+24&0b.0+,&(!2--($!%-!1-[&0b.0+,&(!-)&$!*$!%4&#!*%%&'.%!%-!'*+)%*+)!%4&+0!1+9+)2!$%*)(*0(!+)!3*,&!-3!

0+$+)2!.0+,&$j!YReZ!@4&)!,-)$/'&0$!$&)$&!%4*%!%4&!.0+,&!3-0!-+1![+11!>&!4&1(!*%!4+24&0!1&9&1$!+)%-!%4&!

3/%/0&]!%4&#!%4&)![-/1(!$&&P!1&$$!,-$%1#!*1%&0)*%+9&$!%-!3/&1!%4&+0!,*0$!*)(!4-'&$N!!;&-.1&!,-/1(!

,-)9&0%!%4&+0!,*0$!%-!)*%/0*1!2*$!*$!*![*#!%-!$/>$%+%/%&!*[*#!30-'!%4&!4+24&0!.0+,&(!2*$-1+)&!*)(!

(+&$&1n!%4&#!,-/1(!*1$-!,-)9&0%!%4&+0!4-'&!3/0)*,&$!%-!)*%/0*1!2*$!%-!$/>$%+%/%&!*[*#!30-'!4&*%+)2!-+1]!

+3!%4*%!-.%+-)!+$!*9*+1*>1&!%-!%4&'N!!7((+)2!.&11&%!$%-9&$!*)(!$-1*0!.*)&1$!%-!%4&+0!4-'&$!,-/1(!>&!

.1*/$+>1&!$,&)*0+-$!+)!%4&![*P&!-3!4+24&0!$/$%*+)&(!.0+,&$N!!!

D+'&!,-)$%0*+)%$!.0&9&)%&(!-/0!%&*'!30-'!&_.1-0+)2!%4&!+),-'&!*)(!$/>$%+%/%+-)!&33&,%$!+)!%4&!'-(&1!

[+%4!*)#!(&.%4N!!E--P+)2!*%!%4&!0&$/1%$!-3!-/0!$+'/1*%+-)]!%4&!+)+%+*1!$4-,P!-3!%4&!-+1!&'>*02-!%-!%4&!

$#$%&'!+$!(0*'*%+,N!!!=&3&0!%-!%4&!iD-%*1!=&2+-)*1!C)&02#!K&'*)(j!20*.4]!#-/!,*)!$&&!%4*%!&9&)!*3%&0!

%4&!UT!#&*0!-+1!&'>*02-!&)($!+%!%*P&$!$&9&0*1!#&*0$!3-0!%4&!-+1!&'>*02-!(&'*)(!1+)&!%-!&9&)%/*11#!

,-'&!,1-$&!%-!%4&!>*$&!0/)!(&'*)(!1+)&N!!A/0!20*.4!&)($!+)!#&*0!RTdT!*)(!$%+11!%4&!-+1!&'>*02-!$4-,P!

+$!+)31/&),+)2!%4&!$#$%&'N!

(


!

!"#$%&'((D'V"1'P;4.%#+'P/&%#Q'J7&'5O(O''''''''!"#$%&'((I'V"1'P;4.%#+'P/&%#Q'J7&'5O<O'

!

!"#$%&'((K'V"1'P;4.%#+'P/&%#Q'J7&'5OAO''''''''''''!"#$%&'((N'V"1'P;4.%#+'P/&%#Q'$7&'5OIO'

!


!

!"#$%&'(5O'V"1'P;4.%#+'L$7"/&77'M**%.,*"G&/&77'

!

!"#$%&'(5('V"1'P;4.%#+'S+*.1'P/&%#Q':&;./0'


!

!"#$%&'(55'V"1'P;4.%#+'W+47'

!

!"#$%&'(5<'V"1'P;4.%#+'S+*.1'9+9$1.*"+/'

!

(@1'R+/#(@*&/(!SS*1+5($,($L+(:,/$&'L3#+$$(=+21,/(

!

DN!L--)&!;+,P&)$!YRfZ!+$!*!1&2&)(*0#!-+1!*)(!2*$!&_&,/%+9&]![4-!.0-.-$&(!*!.1*)!%-![&*)!%4&!

I)+%&(!"%*%&$!30-'!+%$!(&.&)(&),&!-)!3-0&+2)!-+1N!!D4&![&>$+%&!;+,P&)$;1*)N,-'!$%*%&$!%4*%!+)!UfdT!


%4&!IN"N!+'.-0%&(!Rat!-3!+%$!-+1]!*)(!%-(*#![&!*0&!+'.-0%+)2!cSt!-3!-/0!-+1N!D4&!;+,P&)$!;1*)!,*11$!3-0!

%4&!/$&!-3!.0+'*0+1#![+)(!.-[&0!*)(!)*%/0*1!2*$]!>-%4!-3![4+,4!%4&!I)+%&(!"%*%&$!4*$!+)!*>/)(*),&N!!!

D4&!;+,P&)$!;1*)!+$!*$!3-11-[$Q!

• "/..1#+)2!/.!%-!RRt!-3!%4&!)*%+-)\$!%-%*1!&1&,%0+,+%#!>#!/$+)2![+)(!%/0>+)&$]!,0&*%+)2!'+11+-)$!-3!

)&[!<->$!%-!>/+1(!-/%!%4+$!,*.*,+%#N!!71$-]!*((+%+-)*1!$-1*0!2&)&0*%+-)!-3!&1&,%0+,+%#N!

• L/+1(+)2!*!RU$%!,&)%/0#!>*,P>-)&!&1&,%0+,*1!%0*)$'+$$+-)!20+(N!

• ;0-9+(+)2!+),&)%+9&$!3-0!4-'&-[)&0$!*)(!%4&!-[)&0$!-3!,-''&0,+*1!>/+1(+)2$!%-!/.20*(&!%4&+0!

+)$/1*%+-)!*)(!-%4&0!&)&02#!$*9+)2!-.%+-)$n!*)(!

• I$+)2!7'&0+,*q$!)*%/0*1!2*$!%-!0&.1*,&!+'.-0%&(!-+1!*$!*!%0*)$.-0%*%+-)!3/&1!+)!*((+%+-)!%-!+%$!

-%4&0!/$&$!+)!.-[&0!2&)&0*%+-)]!,4&'+,*1$]!&%,N!

@&!%4-/24%!+%![-/1(!>&!+)%&0&$%+)2!%-!*..1#!%4&!;+,P&)$!;1*)!%-!%4&!5-)%*,4/$&%%!0&2+-)N!!=&,*11+)2!

%4*%!%4&!'-(&1!-)1#!1--P$!*%!%4&!(&'*)(!$+(&!-3!&)&02#!*)(!)-%!%4&!$/..1#!$+(&]![&!*..1+&(!

.*0*'&%&0$!%-!%4&!'-(&1!*$!3-11-[$Q!!?+0$%n![&!4*(!%-!*((0&$$!%4&![+)(!.-[&0!+'.*,%!-)!%4&!

&1&,%0+,+%#!(&'*)(N!!"+),&![&!4*9&!)-%!+),1/(&(!%4&!$/..1#!$+(&!-3!&)&02#!+)!%4&!'-(&1]![&!,0&*%&(!*!

9*0+*>1&!,*11&(!i@+)(!;-[&0!8'.*,%j!%-!%4&!'-(&1!%4*%!0&(/,&(!%4&!%-%*1!&1&,%0+,+%#!>#!RTtN!!"/..1#!

$+(&!9*0+*>1&$]!+3!+),1/(&(]![-/1(!>&!*((+)2!%-!%4&!%-%*1$!-3!&)&02#!(&'*)($N!!!

@&!)&_%!4*(!%-!4*)(1&!%4&!)*%/0*1!2*$!*$.&,%!-3!;+,P&)$!;1*)N!!5*)#!&1&,%0+,!.-[&0!.1*)%$!*0&!(0+9&)!

>#!)*%/0*1!2*$]!;+,P&)$!*$$&0%$!%4*%!%4&!)*%/0*1!2*$!%4*%!+$!$*9&(!%40-/24!%4&!*((+%+-)!-3![+)(!.-[&0!

%-!%4&!&1&,%0+,*1!20+(]!,*)!>&!(+9&0%&(!%-!%4&!%0*)$.-0%*%+-)!$&,%-0!*)(!/$&(!%-!.-[&0!31&&%!$&09+,&!

9&4+,1&$N!!D-!,*.%/0&!%4+$!.*0%!-3!%4&!;+,P&)$!;1*)![&!*((&(!%-!%4&!'-(&1!*!i5/)+,+.*1!6&4+,1&j!

9*0+*>1&!%4*%!,*.%/0&$!*11!%4&!3&(&0*1]!$%*%&!*)(!'/)+,+.*1!-[)&(!9&4+,1&$]!&_,1/(+)2!'-%-0,#,1&$N!!@&!

*1$-!4*9&!%4&$&!'/)+,+.*1!9&4+,1&$!+)!-%4&0!$+'/1*%+-)!0/)$!(0*[+)2!-)!%4&!iD-%*1!O*$-1+)&!*)(!K+&$&1!

K&'*)(jN!!D4+$![*#![&!,*)!$&&!20*.4$!$+(&!>#!$+(&!>&%[&&)!%4&!%[-!(+33&0&)%![*#$!-3!3/&11+)2!


'/)+,+.*1!9&4+,1&$N!!

D4&!i@+)(!;-[&0!8'.*,%j!9*0+*>1&!4*$!*!0*%4&0!$%0*+24%3-0[*0(!'*%4!&J/*%+-)N!!8%!>*$+,*11#!'/1%+.1+&$!

%4&!iD-%*1!C1&,%0+,+%#!K&'*)(j!>#!eTtN!!D4+$!+$!%4&!$*'&!*$!*!0&(/,%+-)!+)!iD-%*1!C1&,%0+,+%#!K&'*)(j!

>#!RTt]!*..0-_+'*%&1#![4*%!%4&!;+,P&)$!;1*)![-/1(!*,,-'.1+$4N!

D4&!'*%4!3-0!%4&!9*0+*>1&!i5/)+,+.*1!6&4+,1&$j!+$!*!>+%!'-0&!+)9-19&(N!!D4&!&J/*%+-)!+$!*$!3-11-[$Q!!

YYD-%*1!;-./1*%+-)ÛURZo792N!5+1&$!K0+9&)!5/)+,+.*1!6&4+,1&$!o!792N!5;O!;&0!5/)+,+.*1!6&4+,1&Z!o!

URcNcd!o!568!

L&,*/$&!0&2+-)*1!(*%*!+$!$-!4*0(!%-!,-'&!>#![&!4*(!%-!/$&!$%*%&!)/'>&0$!*)(!%4&)!0&(/,&!

%4&'!%-!3+%!%4&!5-)%*,4/$&%%!0&2+-)N!!?-0!+)$%*),&]![&!4*(!%-!(-!%4+$!3-0!i5/)+,+.*1!6&4+,1&$jn![&!

3-/)(!*!$.0&*($4&&%!%4*%!4*(!%-%*1$!3-0!%4&!$%*%&]!-3!./>1+,*11#!-[)&(!9&4+,1&$N!!A/0!$-/0,&!3-0!%4&!

(*%*!+$!%4&!K&.*0%'&)%!-3!D0*)$.-0%*%+-)!?&(&0*1!G+24[*#!7('+)+$%0*%+-)![&>.*2&N!Y`TZ!!@&!/$&(!

%4&!%-%*1!.-./1*%+-)!-3!5*$$*,4/$&%%$!*)(!(+9+(&(!%4*%!>#!%4&!%-%*1!)/'>&0!-3!./>1+,*11#!-[)&(!

9&4+,1&$]!*)(!2-%!%4&!*9&0*2&!)/'>&0!-3!.&-.1&!.&0!./>1+,*11#!-[)&(!9&4+,1&N!!!

c]àf]Tfd!^!Sc]`è!v!UUR!.&-.1&!.&0!'/)+,+.*1!9&4+,1&!

7..1#+)2!%4+$!%-!%4&!5-)%*,4/$&%%!0&2+-)]![&!/$&!%4&!%-%*1!.-./1*%+-)!-3!%4&!0&2+-)!*)(!(+9+(&!>#!UUR!

.&-.1&!.&0!'/)+,+.*1!9&4+,1&N!

RR`]ecS!^!UUR!v!U]fff!'/)+,+.*1!9&4+,1&$!3-0!%4&!5-)%*,4/$&%%!0&2+-)N!

H&_%]![&!4*(!%-!(&%&0'+)&!%4&!*9&0*2&!'+1&$!(0+9&)]!*)(!%4&!*9&0*2&!'+1&$!.&0!2*11-)!3-0!'/)+,+.*1!

9&4+,1&$N!!?-0%/)*%&1#!-/0!$-/0,&!Y`TZ!4*$!9&4+,1&$!>0-P&)!(-[)!>#!*/%-'->+1&$]!>/$&$]!*)(!%0/,P$!

*)(!%0*,%-0$]!*)(![&![&0&!*>1&!%-!3+)(!%4&!*9&0*2&!'.2!3-0!&*,4!%#.&!-3!9&4+,1&!30-'!-%4&0!$-/0,&$N!!

K&%&0'+)+)2!%4&!*9&0*2&!'+1&$!(0+9&)!.&0!#&*0]!.&0!'/)+,+.*1!9&4+,1&]![*$!9&0#!(+33+,/1%!%-!3+)(N!!@&!

3-/)(!$-'&!(*%*!30-'!H&[!F-0P!B+%#!0&2*0(+)2!%4&!*9&0*2&!'+1&$!(0+9&)!.&0!#&*0]!>/%!%4*%!.&0%*+)&(!

%-!-)1#!*/%-'->+1&$N!!!D*P+)2!+)%-!*,,-/)%!%4*%!>/$&$!*)(!%0/,P$!4*9&!'/,4!1-[&0!'.2!Y*92N!abd!'.2!


30-'!'/1%+.1&!$-/0,&$Z!*)(!%4*%!%4&#!0&.0&$&)%&(!$'*11&0!)/'>&0$!%4*)!*/%-'->+1&$]![&![&0&!*>1&!

%-!&$%+'*%&!%4&!*9&0*2&!'+1&$!(0+9&)!>#!'/)+,+.*1!9&4+,1&$!%-!>&!c]TTT!'+1&$N!

"[+%,4+)2!'/)+,+.*1!9&4+,1&$!30-'!2*$-1+)&!*)(!(+&$&1!%-!)*%/0*1!2*$!0&J/+0&(!*!,-)9&0$+-)!>&!

(-)&N!!@&!)&&(&(!%-!,-)9&0%!*!2*11-)!-3!2*$!%-!+%$!)*%/0*1!2*$!&J/+9*1&)%N!!I$+)2!%4&!ONONCN!-0!2*$-1+)&!

2*11-)!&J/+9*1&)%!,-)9&0$+-)![&!1&*0)&(!%4*%!Ub2*11-)!-3!2*$!+$!&J/+9*1&)%!%-!URcNcd!,/N!3%N!-3!)*%/0*1!

2*$N!

!

!

!"#$%&'(5@'=",-+/7'=1./'P/&%#Q'J7&'5O(O'''''''!"#$%&'(5A'=",-+/7'=1./'P/&%#Q'J7&'5O<O'

!


!

!"#$%&'(5D'=",-+/7'=1./'S+*.1'P1&,*%","*Q':&;./0'

!

!"#$%&'(5I'=",-+/7'=1./'S+*.1'P/&%#Q'

w!


!

!"#$%&'(5K'=",-+/7'=1./'H.*$%.1'U.7':&;./0'

!

!"#$%&'(5N'=",-+/7'=1./'S+*.1'U.7+1"/&'./0':"&7&1':&;./0'

!

68&%$(Z%,?$L(

D4+$!0/)!$+'/1*%&(!%4&!&33&,%$!-3!$'*0%!20-[%4]![4+,4!+$!*!'&%4-(!-3!0&2+-)*1!20-[%4!%4*%!

3*9-0$!20-/.$!-3!(&)$&!.-./1*%+-)!*0&*$!*$!-..-$&(!%-!/0>*)!$.0*[1N!!"'*0%!20-[%4!+$!(&$+2)&(!%-!

&),-/0*2&!.&-.1&!%-!(0+9&!1&$$]!$+),&!%4&#![+11!>&!,1-$&0!%-![4&0&!%4&#![*)%!%-!2-]![4+1&!*1$-!

+),0&*$+)2!/$&!-3!./>1+,!%0*)$.-0%*%+-)!>#!'*P+)2!+%!'-0&!,-)9&)+&)%N!!7((+%+-)*11#]!$'*11&0!1-%!$+W&$!


[+11!4&1.!.0&$&09&!-.&)!$.*,&!*)(!$,&)&0#!+)!%4&!0&2+-)N!!D-!$+'/1*%&!%4+$]!8!,4*)2&(!%4&!9*1/&!-3!E*)(!

.&0!G-/$&!30-'!TNaS`a!%-!TNaS`R!b!=75;YTNTT`]!RTUT]!UTTZ!*,0&$!.&0!4-/$&N!!D4+$!'&*)$!%4*%!$%*0%+)2!

+)!%4&!#&*0!RTUT]!%4&!*9&0*2&!1-%!$+W&![+11!(&,0&*$&!>#!`!%4-/$*)(%4$!-3!*)!*,0&!&*,4!#&*0!(/&!%-!)&[!

(&9&1-.'&)%$!4*9+)2!$'*11&0!1-%$N!!7((+%+-)*11#]!8!,4*)2&(!%4&!79&0*2&!5+1&$!K0+9&)!.&0!G-/$&4-1(!

6&4+,1&!30-'!USTTT!%-!USTTT!b!=75;YUTT!]!RTUT]!UTTZN!!D4+$![+11!(&,0&*$&!%4&!'+1&$!(0+9&)!.&0!,*0!.&0!

#&*0!>#!UTT!'+1&$!&*,4!#&*0!$%*0%+)2!+)!RTUTN!!D4+$!$+'/1*%&$!%4&!&33&,%!-3!$'*0%!20-[%4!(&9&1-.'&)%$]!

[4+,4!,*/$&!%#.+,*1!.&-.1&!%-!)-%!(0+9&!*$!'/,4!-0!*$!3*0N!!7$!'-0&!(&9&1-.'&)%$!>&,-'&!$'*0%!

20-[%4!(&9&1-.'&)%$]!%4&!*9&0*2&![+11!(0-.N!!D4+$!$+'/1*%+-)!*$$/'&$!$'*0%!20-[%4!4*$!%4&!(&$+0&(!

&33&,%$]!>/%!%4&!$+'/1*%+-)!0&$/1%$!*0&!+)%&0&$%+)2N!!71%4-/24!%4&!'+1&$!(0+9&)!.&0!4-/$&4-1(!9&4+,1&!+$!

$+2)+3+,*)%1#!1-[&0]!%4&!-9&0*11!&)&02#!/$&!(-&$)\%!(0-.!>#!*$!'/,4!*$!-)&!'+24%!&_.&,%N!!D4&!0&*$-)!

3-0!%4+$!+$!%4*%!%4&!20&*%&0!*'-/)%!-3!-.&)!$.*,&!+$!*%%0*,%+9&!%-!.&-.1&]!$-!%4&!.-./1*%+-)!0+$&$!'-0&!

J/+,P1#!%4*)!+)!%4&!>*$&!0/)N!!D4+$!20&*%&0!.-./1*%+-)!1&*($!%-!'-0&!4-/$&$!*)(!>/$+)&$$&$]![4+,4!*0&!

*11!/$+)2!&)&02#N!!"-!*1%4-/24!%4&!2*$-1+)&!*)(!(+&$&1!(&'*)(&(!(&,0&*$&]!%4&!&1&,%0+,*1]!)*%/0*1!2*$]!

*)(!4&*%+)2!-+1!(&'*)($!*0&!*11!4+24&0!%4*)!+)!%4&!>*$&!0/)N!!8!%4+$!0/)]!%4&!-9&0*11!&)&02#!/$&!(+(!

(&,1+)&!(/&!%-!$'*0%!20-[%4]!>/%!(&.&)(+)2!-)!%4&!,-)(+%+-)$!+%!+$!.-$$+>1&!%-!+),0&*$&!%4&!%-%*1!

&)&02#!(&'*)(!%40-/24!$'*0%!20-[%4!$+'.1#!>&,*/$&!#-/!*%%0*,%!%--!'*)#!.&-.1&N!!D4&!3-11-[+)2!

*0%+,1&!(+$,/$$&$!%4+$!.4&)-'&)-)!P)-[)!*$!%4&!.*0*(-_!-3!+)%&)$+3+,*%+-)N!Y`UZ!

!


!

!"#$%&'(<O');.%*'U%+2*3'8./0'J7&'5O(O'''''''''''''''!"#$%&'(<(');.%*'U%+2*3'1./0'J7&'5O<O'

!

!"#$%&'(<5');.%*'U%+2*3'8./0'J7&'5OAO'''''''''!"#$%&'(<<');.%*'U%+2*3'8./0'J7&'5OIO'

!

!


!

!"#$%&'(<@');.%*'U%+2*3'P/&%#Q'J7&'5O(O''''''''''''!"#$%&'(<A');.%*'U%+2*3'P/&%#Q'J7&'5O<O'

!

!"#$%&'(<D');.%*'U%+2*3'P/&%#Q'J7&'5OAO'''''''''!"#$%&'(<I');.%*'U%+2*3'P/&%#Q'J7&'5OIO'

!

!


!

!"#$%&'(<K');.%*'U%+2*3'?+$7&3+10'U.7+1"/&'./0':"&7&1'

!

!"#$%&'(<N');.%*'U%+2*3'8./0'J7&0'R&7"0&/*".1'


!

!"#$%&'(@O');.%*'U%+2*3'S+*.1'P/&%#Q'

! !

!"#$%&'(@(');.%*'U%+2*3'S+*.1'=+9$1.*"+/'

!

)&X+#(,/(M3#1/+##+#(

8!,4*)2&(!%4&!&J/*%+-)!3-0!=&2+-)*1!D*_!=*%&$!30-'!RS!%-!RS!s!"DC;Y!S]!RTUSZN!!D4+$!'&*)$!

%4&0&!+$!*)!+),0&*$&!-3!S!*%!%4&!#&*0!RTUSN!!7$!*!0&$/1%!-3!%4+$]!>/$+)&$$!*%%0*,%+9&)&$$!(0-.$N!!D4+$!

,*/$&$!3&[&0!>/$+)&$$&$!%-!'-9&!+)%-!%4&!*0&*]!%4-/24!%4&0&!+$!$%+11!*!)&%!+),0&*$&!-3!'-0&!>/$+)&$$&$!

'-9+)2!+)!%4*)!'-9+)2!-/%N!!D4+$!4*$!$&9&0*1!&33&,%$]!*11!-3![4+,4!,*)!>&!.0&%%#!&*$+1#!*)%+,+.*%&(N!!D4&!


)/'>&0!-3!>/$+)&$$&$!+$!1&$$!%4*)!+)!%4&!>*$&!0/)]!'&*)+)2!3&[&0!<->$!%4*)!+)!%4&!>*$&!0/)N!!D4+$!

'*P&$!%4&!<->!'*0P&%![-0P]!'*P+)2!%4&!0&2+-)!1&$$!*%%0*,%+9&!3-0!.&-.1&]!$-!.-./1*%+-)!+$!*1$-!1-[&0!

%4*)!+)!%4&!>*$&!0/)N!!G-[&9&0!+)$%&*(!-3!%4+$!'*P+)2!%4&0&!>&!1&$$!*9*+1*>1&![-0P&0$!%-!4+0&]!%4&!

1-[&0!)/'>&0!-3!>/$+)&$$&$!+)!%4&!*0&*!'&*)$!%4&0&!*0&!*,%/*11#!'-0&![-0P&0$!*9*+1*>1&!.&0!

>/$+)&$$]!$-!%4&!*9*+1*>+1+%#!-3!1*>-0!+$!'-0&!*%%0*,%+9&!%4*)!+)!%4&!>*$&!0/)N!!7((+%+-)*11#]!%4&0&!*0&!

3&[&0!$%0/,%/0&$!*0-/)(]!$-!%4&0&!+$!*!4+24&0!.-$+%+9&!&33&,%!30-'!1*)(!-,,/.+&(]!>/%!)-%!&)-/24!%-!

,-/)%&0*,%!%4&!&33&,%!-3!%4&![-0$&!<->!'*0P&%N!

(

!

!"#$%&'(@5'S.X&7'+/'L$7"/&77'8./0'J7&'5O(O'''''''!"#$%&'(@<'S.X&7'+/'L$7"/&77'8./0'J7&'5O<O'


!

!"#$%&'(@@'S.X&7'+/'L$7"/&77'8./0'J7&'5OAO''''''''!"#$%&'(@A'S.X&7'+/'L$7"/&77'8./0'J7&'5OIO'

!

!

!

!"#$%&'(@D'S.X&7'+/'L$7"/&77'P/&%#Q'J7&'5O(O'''''''''!"#$%&'(@I'S.X&7'+/'L$7"/&77'P/&%#Q'J7&'5O<O'


!

!"#$%&'(@K'S.X&7'+/'L$7"/&77'P/&%#Q'J7&'5OAO''''''''!"#$%&'(@N'S.X&7'+/'L$7"/&77'P/&%#Q'J7&'5OIO'

!

!

!"#$%&'(AO'S.X&7'+/'L$7"/&77'W+47'


!

!"#$%&'(A('S.X&7'+/'L$7"/&77'=&%,&"G&0'L$7"/&77'M**%.,*"G&/&77'

!

!"#$%&'(A5'S.X&7'+/'L$7"/&77'S+*.1'=+9$1.*"+/'

!

@,S3*&$1,/(4/-*3X(

8!,4*)2&(!%4&!&J/*%+-)!3-0!H-0'*1!8)b5+20*%+-)!30-'!TNTfe`!%-!TNTef`!s!

RoTNTef`o;IE"CYRTUS]SZN!!D4+$!%0+.1&$!%4&!+''+20*%+-)!3-0!%4&!.&0+-(!-3!%+'&!30-'!RTUS!%-!RTRTN!!D-!

2-!*1-)2![+%4!%4+$]!8!*1$-!,4*)2&(!%4&!D+'&!%-!B4*)2&!;&0,&+9&(!7%%0*,%+9&)&$$!30-'!U!#&*0!%-!S!#&*0$]!


%-!'*P&!+%!$-!%4*%!.&-.1&!(-!)-%!)-%+,&!%4&!,4*)2&$!+)!%4&!0&2+-)!J/+%&!*$!J/+,P1#N!!L&3-0&!*(</$%+)2!

%4&!%+'&!%-!,4*)2&!.&0,&+9&(!*%%0*,%+9&)&$$]!%4&!.-./1*%+-)!>0+&31#!0+$&$]!>/%!%4&)!(0-.$!>*,P!%-!+%$!

)-0'*1!*'-/)%N!!@4&)!%4&!%+'&!%-!,4*)2&![*$!+),0&*$&(]!-$,+11*%+-)!-,,/00&(]!>&,*/$&!.&-.1&!0&*1+W&!

*3%&0!%4&!+)31/_!%4&!0&2+-)!+$!1&$$!*%%0*,%+9&]!$-!%4&#!>&2+)!1&*9+)2]!>/%!(-!)-%!0&*1+W&!+%!+$!2&%%+)2!>&%%&0!

/)%+1!'-0&!.&-.1&!4*9&!1&3%!%4*)!%4&!0&J/+0&(!*'-/)%!%-!>0+)2!+%!>*,P!%-!%4&!>*$&!$,&)*0+-N!!D4+$!%4&)!

1&*9&$!%4&!0&2+-)!9&0#!*%%0*,%+9&]!$-!.&-.1&!>&2+)!'-9+)2!+)!*2*+)N!!D4&0&!+$!)-!'*<-0!,4*)2&!%-!

>/$+)&$$!20-[%4!+)!%4&!*0&*!(/&!%-!%4&!.-./1*%+-)!,4*)2&$]!*)(!%4&!,4*)2&!+)!&)&02#!/$*2&![*$!*!

$.+P&![4&)!%4&!.-./1*%+-)![*$!'/,4!4+24&0![4+,4!%4&)!2-&$!>*,P!(-[)!%-!'*%,4!%4&!>*$&!0/)N!

(

! !

!"#$%&'(A<'=+9$1.*"+/'Y/>1$X'8./0'J7&'5O(O''''''''''!"#$%&'(A@'=+9$1.*"+/'Y/>1$X'8./0'J7&'5O<O'


'

!"#$%&'(AA'=+9$1.*"+/'Y/>1$X'8./0'J7&'5OAO'''''''''!"#$%&'(AD'=+9$1.*"+/'Y/>1$X'8./0'J7&'5OIO'

(

!

!"#$%&'(AI'=+9$1.*"+/'Y/>1$X'S+*.1'=+9$1.*"+/'


!

!"#$%&'(AK'=+9$1.*"+/'Y/>1$X'=&%,&9*"+/'

!

!"#$%&'(AN'=+9$1.*"+/'Y/>1$X'?+$7"/#'


! !

!"#$%&'(DO'=+9$1.*"+/'Y/>1$X'S+*.1'P/&%#Q'

! !

!"#$%&'(D('=+9$1.*"+/'Y/>1$X'W+47!

(=,&5(48S%,>+8+/$#(W(BXS&/#1,/(

D4&!>*$&!0/)!-3!%4&!'-(&1!(-&$!)-%!,-)%*+)!*)#!&_.*)$+-)!-3!%0*)$.-0%*%+-)!$&09+,&$N!!

G-[&9&0]!%4+$!+$!*)!*0&*![4&0&!%4&!0&2+-)!,-/1(!0&*1+$%+,*11#!&_.*)(!+)!/.,-'+)2!#&*0$]!*)(!+%![-/1(!

>&!&)%+0&1#!/.!%-!%-[)$!%-!(&,+(&![4&%4&0!-0!)-%!%-!(-!$-N!!D-!0&.0&$&)%![4*%![-/1(!4*..&)!+)!%4&!

0&2+-)!(&,+(&(!%-!2-!*4&*(!*)(!(&9&1-.!'-0&!1*)(!3-0!%0*)$.-0%*%+-)!./0.-$&$]!8!,4*)2&(!%4&!

&J/*%+-)!3-0!E*)(!I$&(!3-0!D0*)$.-0%*%+-)!30-'!RURe!%-!RURe!s!=75;YRT!]!RTRT!]!RTdTZ!*,0&$N!!D4+$!


,4*)2&!$+'/1*%&$!*!20-[%4!+)!%4&!1*)(!/$&(!3-0!%0*)$.-0%*%+-)!>#!RT!*,0&$!&9&0#!#&*0!$%*0%+)2!+)!RTRT!

/)%+1!RTdT]![4&)!%4&!$+'/1*%+-)!&)($N!!D-!*11-[!3-0!%4+$]!8!*1$-!)&&(&(!%-!+),0&*$&!%4&!1*)(!W-)&(!3-0!

%0*)$.-0%*%+-)N!!!D-!'-(&1!%4+$!8!,4*)2&(!30-'!RSTT!%-!RSTT!s!"DC;YRSTT!]!RTRTZ!*,0&$]!+)(+,*%+)2!+)!

RTRT]![4&)!%4&!0&2+-)!$%*0%&(!>/+1(+)2!'-0&!0-*($]!%4&!0&2+-)!*1$-!(-/>1&(!%-!1*)(!W-)&(!30-'!RSTT!

*,0&$!%-!STTT!*,0&$!$-!%4&0&!+$!*!.1*,&!%-!./%!%4&!+'.0-9&'&)%$N!

D4&!0&$/1%!-3!%4&$&!,4*)2&$![*$!3*$%&0!20-[%4!+)!%4&!0&2+-)N!!D4&!+''&(+*%&!&33&,%![*$!%4&!

>&%%&0!%0*)$.-0%*%+-)!$&09+,&$!'*(&!%4&!0&2+-)!'-0&!*%%0*,%+9&!%-!>/$+)&$$N!!D4+$!&),-/0*2&(!%4&!

'+20*%+-)!-3!>/$+)&$$&$!+)%-!%4&!0&2+-)]![4+,4!,0&*%&(!'-0&!<->$]!'*P+)2!%4&!0&2+-)!'-0&!*%%0*,%+9&!

%-!.&-.1&]![4+,4!+)!%/0)!,*/$&!'-0&!.&-.1&!%-!'-9&!+)N!!D4&!-)1#!(+0&,%!)&2*%+9&!&33&,%!%4*%!>/+1(+)2!

0-*($!4*(!-)!20-[%4![*$!%4&!&33&,%!-3!1*)(!30*,%+-)!-,,/.+&(N!!5-0&!1*)(![*$!/$&(!3-0!0-*($]!$-!1&$$!

[*$!-.&)!$.*,&]![4+,4!'*(&!%4&!0&2+-)!1&$$!*%%0*,%+9&!%4*)!+%!-%4&0[+$&![-/1(!4*9&!>&&)]!>/%!%4&!

.-$+%+9&!&33&,%!30-'!'-0&!<->$![*$!*!$%0-)2&0!.-$+%+9&!&33&,%N!

!

!"#$%&'(D5'R+.07'Y;9%+G&;&/*7'Z'PX9./7"+/'L$7"/&77'M**%.,*"G&/&77'


!

!"#$%&'(D<'R+.0'Y;9%+G&;&/*7'Z'PX9./7"+/'W+47'

!

!"#$%&'(D@'R+.0'Y;9%+G&;&/*7'Z'PX9./7"+/'S+*.1'=+9$1.*"+/!


!

!"#$%&'(DA'R+.0'Y;9%+G&;&/*7'Z'PX9./7"+/'8./0'J7&'5O(O'''''''

'!"#$%&'(DD'R+.0'Y;9%+G&;&/*7'Z'PX9./7"+/'8./0'J7&'5O<O'

! !

!"#$%&'(DI'R+.0'Y;9%+G&;&/*7'Z'PX9./7"+/'8./0'J7&'5OAO'

!"#$%&'(DK'R+.0'Y;9%+G&;&/*7'Z'PX9./7"+/'8./0'J7&'5OIO!

(

(

(


!

!"#$%&'(DN'R+.0'Y;9%+G&;&/*7'Z'PX9./7"+/'P/&%#Q'J7&'5O(O'

!"#$%&'(IO'R+.0'Y;9%+G&;&/*7'Z'PX9./7"+/'P/&%#Q'J7&'5O<O'

! !

!"#$%&'(I('R+.0'Y;9%+G&;&/*7'Z'PX9./7"+/'P/&%#Q'J7&'5OAO'

!"#$%&'(I5'R+.0'Y;9%+G&;&/*7'Z'PX9./7"+/'P/&%#Q'J7&'5OIO!

(

:,5+*(=3/#(.,/'*3#1,/(

(@+%4!*11!-3!%4&!(+33&0&)%!$,&)*0+-$!%4*%![&!4*9&!0/)]!*)(!*11!%4&!.-$$+>1&!-)&$!%4*%!,*)!>&!%0+&(!

+)!%4&!3/%/0&]!+%!+$!+'.-0%*)%!%-!3+)(!$-'&![*#!%-!,-'.*0&!%4&'N!!D-!(-!%4+$]!$-'&!$-0%!-3!*!$,-0+)2!

'&,4*)+$'!+$!)&&(&(!%-!2+9&!)/'&0+,*1!9*1/&$!-3!4-[!i2--(j!*!.*0%+,/1*0!0/)!+$N!!D4&!3+0$%!'&%4-(!


%4*%!,-'&$!%-!'+)(![+%4!*)!&)&02#!'-(&1!+$!%4*%![4+,4&9&0!0/)!/$&$!%4&!1&*$%!&)&02#!+$!%4&!>&$%N!!D4&!

.0->1&'![+%4!%4+$!'&%4-(!+$!%4*%!+%!%0&*%$!20-[%4!.--01#N!!5-0&!.&-.1&!*)(!'-0&!>/$+)&$$!'&*)!'-0&!

&)&02#!/$&(]![4+,4![-/1(!'&*)!*![-0$&!$,-0&N!!D-!(&*1![+%4!%4+$]![&!+)$%&*(![&)%![+%4!,/'/1*%+9&!

&)&02#!.&0!,*.+%*!3-0!-/0!$,-0+)2!'&,4*)+$'N!!D4&!*'-/)%!-3!&)&02#!/$&(!&*,4!#&*0]!(+9+(&(!>#!%4&!

.&-.1&!+)!%4&!0&2+-)!%4*%!#&*0]!+$!$/''&(!/.!3-0!&)%+0&!UTT!#&*0!0/)N!!D4+$!$,-0+)2!'&*$/0&!$4-[$!

4-[!&33+,+&)%1#!.&-.1&!*0&!/$+)2!&)&02#]!0*%4&0!%4*)!</$%!4-[!'*)#!.&-.1&!*0&!/$+)2!&)&02#N!!I$+)2!

%4+$!'&,4*)+$']![&!$,-0&(!&9&0#!0/)!*)(!,*'&!/.![+%4!*!0*)P+)2!-3!%4&!0/)$N!

S.41&'D'R$/'),+%&7'

=/)! LDI$!.&0!B*.+%*!

"'*0%!O0-[%4!

!!!!!!!!!

U`]adR]TSc]`RT!!

C1&,%0+,!B*0$!

!!!!!!!!!

Ua]UUc]dca]cdR!!

G#>0+($!

!!!!!!!!!

Ua]UeS]SSa]faa!!

A+1!C'>*02-!

!!!!!!!!!

Ua]Ufd]fTT]Ree!!

;+,P&)$!;1*)!

!!!!!!!!!

Ua]RTR]eeR]Tae!!

L/$+)&$$!D*_&$!

!!!!!!!!!

Ua]`e`]SaS]`aa!!

L*$&!

!!!!!!!!!

Ua]aRe]fcc]fUR!!


8)31/_!-3!;&-.1&!

!!!!!!!!!

Ua]a`c]RUe]eeT!!

L/+1(+)2!=-*($!

!!!!!!!!!

Ua]acc]UUc]cTe!!

!

! 7$!#-/!,*)!$&&!+)!%4&!%*>1&]!$'*0%!20-[%4![*$!%4&!>&$%!0/)!/$+)2!%4+$!$,-0+)2!$#$%&']![4+1&!

>/+1(+)2!0-*($!(+(!%4&![-0$%N!!8%!'*P&$!$&)$&!3-0!$'*0%!20-[%4!%-!(-![&11]!>&,*/$&!+%!3-,/$&$!+)!.*0%!-)!

%0#+)2!%-!,-)$&09&!&)&02#]!*)(!*,,-'.1+$4&$!%4*%!2-*1N!!@4*%!+$!$/0.0+$+)2!+$!%4*%!%4&!>/+1(+)2!0-*($!

0/)!(-&$!$-!.--01#N!!D4&!0&*$-)!+$!%4*%!>/+1(+)2!0-*($!&),-/0*2&$!*!1-%!-3!>/$+)&$$!20-[%4N!!D4&$&!

>/$+)&$$&$!*11!/$&!&)&02#]!*)(!&9&)!%4-/24!%4-$&!>/$+)&$$&$!>0+)2!+)!'-0&!.&-.1&]!%4&!>/$+)&$$&$!$%+11!

/$&!*!4+24&0!.&0,&)%*2&!-3!%4&!&)&02#!%4*)!+)!%4&!>*$&!0/)N!!D4&!$+'.1&!&J/*%+-)!-3!&)&02#!(+9+(&(!>#!

.-./1*%+-)!(-&$!)-%!0&[*0(!0/)$![4&0&!>/$+)&$$!20-[$!3*$%&0!%4*)!.-./1*%+-)N!!A/0!$,-0+)2!

'&,4*)+$'!+$!)-%!.&03&,%]!>/%!+%!(-&$!+)!.0-9+(&!*!J/+,P!$)*.$4-%!-3!&)&02#!/$*2&]![+%4-/%!./)+$4+)2!

3-0!.-./1*%+-)!20-[%4N!

(

.L&**+/2+#(W(=+',88+/5&$1,/#(!

D4+$!.0-<&,%!>0-/24%!'*)#!.0->1&'$!%-!%4&!$/03*,&!%4*%!*%!3+0$%!(+(!)-%!$&*'!%-!>&!*!

3-0&$&&*>1&!.0->1&'N!A)&!2*.![&!(+$,-9&0&(!+$!%4&!1*,P!-3!(*%*!%4*%!,*)!>&!3-/)(!3-0!%4&!

5-)%*,4/$&%%!0&2+-)!*$!*![4-1&N!!@&![-/1(!$%0-)21#!0&,-''&)(!%4*%!%4&!5=;B!%0#!%-!,-11&,%!*))/*1!

(*%*!30-'!%4&!%-[)$!*)(!,+%+&$!+)!+%$!0&2+-)N!!8(&)%+3#+)2!%4+$!(*%*!2*.![*$!'*(&!,1&*0!>#!%4&!'-(&1!

>/+1(N!!@4*%!+3!%40-/24!%4&!/$&!-3!%4&!'-(&1!#-/![&0&!*>1&!%-!+(&)%+3#!*!P)-[1&(2&!2*.N!!;&04*.$!*!

20-/.!-3!$%*P&4-1(&0$!&)9+$+-)&(!/$+)2!5-)%*,4/$&%%!0&2+-)!-.&)!1*)(!*0&*!%-!20-[!*1%&0)*%+9&!

3/&1$x>/%![&0&!/)*[*0&!-3!%4&!.-%&)%+*1!,-)$&J/&),&$!3-0!1*)(!*)(![*%&0!0&$-/0,&$N!!D4&!


P)-[1&(2&!2*.!.-%&)%+*11#!+(&)%+3+&(!+)!%4+$!,*$&!'+24%!>&!3*+1/0&!%-!,-)$+(&0!%4&!0&*1+%+&$!-3!*!1+'+%&(!

1*)(!>*$&!*)(!,-'.&%+)2!/$&$N!!D4&!3-11-[+)2!.-+)%$![&0&!0&,-''&)(&(!%-!5=;B!%-!&)4*),&!%4&!

,-11&,%+-)!-3!(*%*!3-0!%4&!0&2+-)N!

pC_.*)(!-)!(*%*>*$&!3-0!0&2+-)!

pF&*01#!,-11&,%+-)!-3!(*%*!30-'!%-[)$!

pK&%&,%!2*.$![4&0&!(*%*!+$!)&&(&(!

!

@&!*1$-![-/1(!0&,-''&)(!%4*%!%4&!3-11-[+)2!.-+)%!>&!+),-0.-0*%&(!+)%-!%4&!'-(&1N!

p K+$*220&2*%&!0&2+-)*1!$&09+,&$!

o ?+0&]!;-1+,&]!",4--1$]!L/(2&%!*33&,%$!

pB-$%!-3!1+9+)2!

pK+$*220&2*%&!*%%0*,%+9&)&$$!3-0!*2&!20-/.$!

p!?&&(>*,P!+)%-!D0*)$.-0%*%+-)!

!

D4&$&!.-+)%$![-/1(!2+9&!*!.0-9+(&!*)!&)4*),&(!'-(&1!%4*%![-/1(!.0-(/,&!*!+),0&*$+)21#!*,,/0*%&!

-/%,-'&$N!

7)-%4&0!,4*11&)2&![*$!3-0!%4+$!.0-<&,%![*$!(&%&0'+)+)2![4*%!%-!./%!+)%-!%4&!'-(&1!*)(![4*%!

%-!1&*9&!-/%N!7$!.0-3&$$-0!=*(W+,P+!$*+(!i7!9&%&0*)!'-(&1&0!$*#$![4*%!,*)!8!1&*9&!-/%]![4+1&!*!0--P+&!

'-(&1&0!$*#$![4*%!,*)!8!./%!+)jN!D4&!+)./%!30-'!%4&!,-''/)+%#!%40-/24!%4&!$/09&#!*)(![-0P$4-.$!

[*$!9&0#!4&1.3/1!+)!/)(&0$%*)(+)2![4*%!%4&!.&-.1&!30-'!%4&!0&2+-)!%4+)P!+$!+'.-0%*)%N!D4&$&!%4+)2$!

[&0&!%*P&)!+)%-!,*0&3/1!,-)$+(&0*%+-)![4&)![*+%+)2!%4&!'-(&1$!9*0+*>1&$!*)(!,0&*%+)2!%4&!$%0/,%/0&N!

?+)*11#]![&![+$4!%-!+'.*0%!'-0&!$#$%&'$!%4+)P+)2![+%4!.1*))+)2!*)(!.-1+,#!'*P+)2N!!

I)(&0$%*)(+)2!%4*%!.'+)31/&),&$!4^![4+,4!+)31/&),&$!,]![4+,4!%4&)!+)31/&),&$!.F''"#$%&'$!%4+)P+)2!

'&*)$!/)(&0$%*)(+)2!%4*%!,*/$&$!*)(!&33&,%$!*0&!-3%&)!$&.*0*%&(!>#!%+'&!*)(!$.*,&N!!5-$%!&9&0#-)&!

,*)!$&&!%4*%'.!+)31/&),&$!4![4+,4!%4&)!+)31/&),&$!,]!>/%!+%\$!4*0(!$-'&%+'&$!%-!$&&!%4*%!,!,*)!

$-'&%+'&$!+)31/&),&$!.]!>&,*/$&!,!*)(!*!*0&!$&.*0*%&(]!>#!%+'&!*)(!$.*,&N!

!

!


.,/'*3#1,/(

8)!,-),1/$+-)!-/0!'-(&1!4*$!>&&)!*!$/,,&$$!+)!'-(&1+)2!%4&!0&2+-)!*)(!-/0!%&*'!4-.&$!%4*%!%4&!

5=;B![+11!/$&!%4+$!'-(&1!%-!3/13+11!%4&+0!2-*1!-3!'*P+)2!%4&!0&2+-)!)-%!-)1#!&)&02#!&33+,+&)%]!>/%!*1$-!>&!

.0&.*0&(!3-0!%4&!3/%/0&!)&&($!-3!%4&!0&2+-)N!!

!

!'R/,?*+52+8+/$#(

(@&![-/1(!1+P&!%-!%4*)PN!5+,4*&1!=*(W+,4+]!V&))+3&0!"+,+1+*)-]!V&))+3&0!7)(&0$&)]!V*$-)!"%*)%-)]!

V-4)!G/'&]!C0+,!"'+%4]!E+)(*!;*0*'&)%&0]!"4*[)!G*'+1%-)]!50$N!L0-[)]!*)(!%4&!./>1+,![4-!*%%&)(&(!

%4&!'&&%+)2$]![-0P$4-.]!*)(!3+11&(!-/%!%4&!$/09&#N!C9&0#-)&![*$!9&0#!4&1.3/1!*)(!,-/0%&-/$!+)!

4&1.+)2!/$!%-!*,,-'.1+$4!-/0!2-*1N!

!

!

!

!

!

!

!

!

!

!

!

!


=+-+%+/'+#(

YUZ!G/'&!V-4)]!i5=;B!=&2+-)*1!C)&02#!;1*)!7..1+,*%+-)!3-0!?&(&0*1!7$$+$%*),&j!

(

YRZ!70'&)+*!"%&3*)-!]!?*>0+W+-!!L*1(-)+]!K+&2-!!?*1$+)+]!*)(!C'*)/&1&!D*+>+N!y7!"#$%&'!K#)*'+,$!!

C)&02#!5-(&1!3-0!*!"/$%*+)*>1&!D0*)$.-0%*%+-)!"#$%&'Ny!)Q7*&;':Q/.;",7N!RTUTN!@&>N!RT!5*#!

RTUUN!z4%%.Q^^[[[N$#$%&'(#)*'+,$N-02^,-)3&0&),&$^RTUT^.0-,&&(^.*.&0$^;U`RRN.(3{N!

!

Y`Z!5&*(-[$!!KNEN]!!5&*(-[$]!!KNGN]!!YUfd`Z!!S+2.%0'U1+4.1''P_$"1"4%"$;]''6+11&,*&0''=.9&%7]!!!

;0-(/,%+9+%#!;0&$$!8),N!!

!

YaZ!H*+11!=-2&0]!i=&$-/0,&!C,-)-'+,$Q!K+$,-9&0#!*)(!;0-(/,%+-)!-3!H*%/0*1!O*$!+)!%4&!I"7j!

z!4%%.Q^^[[[N[$/N&(/^|3-0(*^=&$-/0,&tRTC,-)-'+,$N.(3!{!

!

YSZ!H*+11]!!=N!!?N]!!YUfddZ!!E./.#"/#''*3&''&/&%#Q''*%./7"*"+/]''.''7Q7*&;''0Q/.;",7''7&.%,3''>+%'!!

.1*&%/.*"G&7'*+'+"1'./0'#.7]!L*11+)2&0!;/>1+$4+)2!B-'.*)#]!B*'>0+(2&]!57N!!

(

YcZ!L/(W+P!!;N!!5N]!!H*+11!!=N!!?N]!!YUfdcZ!!!V))Y8(]''M''9+1",Q''./.1Q7"7'';+0&1''+>''*3&''JF)F''&/&%#Q'!!

' *%./7"*"+/]!!"-/0,&!!@+)%&0!!"+'/1*%+-)!!B-)3&0&),&!!*0,4+9&!!b!!;0-,&&(+)2$!!-3!!%4&!!dc!!!

! L+,&)%&))+*1!!,-)3&0&),&!!-)!!@+)%&0!!$+'/1*%+-)!!%*>1&!!-3!!,-)%&)%$]!!O*+%4&0$>/02]!!5K]!!..N!!!

UaS!b!USR!N!!

!

YdZ!L*,P/$]!!ON!!7N]!!YUfddZ!!!V))Y8(]'':+,$;&/*.*"+/N!!K"K!!}ecN!!=&$-/0,&!!;-1+,#!!B&)%&0N!!!

! K*0%'-/%4!B-11&2&]!G*)-9&0]!H&[!G*'.$4+0&N!!!

!

YeZ!"%&0'*)]!!VN!!KN]!!YUfeUZ!!S3&''P/&%#Q''S%./7"*"+/''./0''*3&''P,+/+;Q]''M'')Q7*&;'':Q/.;",7'!!

' M99%+.,3N!!K-,%-0*1!!D4&$+$!!"/>'+%%&(!!%-!!%4&!!7130&(!!;N!!"1-*)!!",4--1!!-3!!5*)*2&'&)%N!!!

! 5*$$*,4/$&%%$!8)$%+%/%&!-3!D&,4)-1-2#N!B*'>0+(2&]!57N!!

!

YfZ!?+((*'*)]!!DN!!"N]!!YUffdZ!!!&&04.,-''6+;91&X"*Q''"/''Y/*&#%.*&0''61";.*&`P,+/+;Q''E+0&17N!!!

! K-,%-0*1!!D4&$+$!!"/>'+%%&(!!%-!!%4&!!7130&(!!;N!!"1-*)!!",4--1!!-3!!5*)*2&'&)%N!!!


! 5*$$*,4/$&%%$!8)$%+%/%&!-3!D&,4)-1-2#N!B*'>0+(2&]!57N!!

(

YUTZ!;+-)&&0!6*11&#!=&)&[*>1&!C)&02#!B-11*>-0*%+9&N!="+/&&%'T.11&Q'=1.//"/#'6+;;"77"+/N!V*)N!RTTeN!!

@&>N!RT!5*#!RTUUN!

z4%%.Q^^[[[N.9.,N-02^0&$-/0,&$^1*)(/$&^B1&*)tRTC)&02#tRT;1*)^7..&)(+_N.(3{N!

!

YUUZ!!",4'+%%!A1*>+$+]!E*/0*!lN]!7))&!=N!l*./$,+)$P]!l0+$!7N!V-4)$-)]!;&%&0!LN!=&+,4]!L0+*)!"%&)J/+$%]!!

*)(!l*%40#)!!VN!K0*&2&0N!yI$+)2!",&)*0+-!6+$+-)+)2!*)(!;*0%+,+.*%-0#!"#$%&'!K#)*'+,$!5-(&1+)2!

%-!8)9&$%+2*%&!%4&!?/%/0&Q!E&$$-)$!30-'!5+))&$-%*!RTSTNy!E:=YN!Ra!7/2N!RTUTN!@&>N!RT!5*#!

RTUUN!z4%%.Q^^[[[N'(.+N,-'^RTdUbUTST^R^e^Rcec^.(3{N!

!

YURZ!"%&0'*)]!V-4)N!yL/$+)&$$!K#)*'+,$Ny!EYSN!RTTTN!@&>N!RU!5*#!RTUUN!!

! z4%%.Q^^[&>N'+%N&(/^<$%&0'*)^[[[^L/$K#)RN4%'1{N!

!

YU`Z!E/)*b=&#&$]!E/+$!?N]!*)(!K&>-0*4!EN!7)(&0$&)N!yB-11&,%+)2!*)(!7)*1#W+)2!:/*1+%*%+9&!K*%*!3-0!!

"#$%&'!K#)*'+,$Q!5&%4-($!*)(!5-(&1$Ny!"&.%N!RTT`N!@&>N!RT!5*#!RTUUN!

z4%%.Q^^(-[)1-*(N,1+>N.$/N*,N%4^(*%*[&>,1+>^&M0&$-/0,&^%0+*1M(*%*>*$&^@+1&#8)%&0",+&),&BK

^.(3^"K=^"K=MaN.(3{N!

!

YUaZ!=*)(&0$!VN!O/+(&1+)&$!3-0!'-(&1!,-),&.%/*1+W*%+-)]!+)!C1&'&)%$!-3!%4&!"#$%&'!!

K#)*'+,$!5&%4-(]!=*)(&0$!V!Y&(NZN!UfeT!58D!;0&$$Q!B*'>0+(2&]!57]!UUdpU`fN!

!

YUSZ!713&1(]!E-/+$!CN!yI0>*)!K#)*'+,$bD4&!?+0$%!?+3%#!F&*0$Ny!PX9+/&/*".1'Y;9%+G&;&/*N!@&>N!!

z4%%.Q^^[[[N&_.-)&)%+*1+'.0-9&'&)%N,-'^,'$^/.1-*($^I0>*)K#)*'+,$?+0$%?+3%#F&*0$N.(3{N!

!

YUcZ!y"#$%&'!K#)*'+,$Ny!["-".N!@&>N!RT!5*#!RTUUN!

z4%%.Q^^.$#,4-1-2#N[+P+*N,-'^[+P+^"#$%&'M(#)*'+,${N!

YUdZ!G&)0+-)]!5N!*)(!LN!?+$,44-33]!7$$&$$+)2!/),&0%*+)%#!+)!.4#$+,*1!,-)$%*)%$N!Ufec!M;&%",./''

! W+$%/.1'+>'=3Q7",7]!Sa]!dfUbdfeN!

!

YUeZ!=*(W+,P+]!5+,4*&1!VN]!*)(!=->&0%!7N!D*#1-0N!yIN"N!K&.*0%'&)%!-3!C)&02#q$!8)%0-(/,%+-)!%-!"#$%&'!!


K#)*'+,$Ny!)Q7*&;':Q/.;",7'?+;&'=.#&N!UffdN!@&>N!RT!5*#!RTUUN!

z4%%.Q^^[[[N$#$%&'(#)*'+,$N-02^KEb8)%0-"#$K#)^+)(&_N4%'1{N!

!

YUfZ!G/11]!l*%0+)*!7N!y"%&01+)2!D-[)!5-(&1Ny![+%,&7*&%'=+1Q*&,3/",'Y/7*"*$*&N!Ra!7.0N!RTTeN!@&>N!RT!!

5*#!RTUUN!z4%%.Q^^[[[N[.+N&(/^;/>$^Cb.0-<&,%^79*+1*>1&^Cb.0-<&,%bTaRaTeb

TaadTc^/)0&$%0+,%&(^"%&01+)2D-[)5-(&1N.(3{N!

YRUZ!

yG-/$&4-1(!6&4+,1&$!*)(!B4*0*,%&0+$%+,$Ny!6&/*&%'>+%'S%./79+%*.*"+/'M/.1Q7"7N!@&>N!

z4%%.Q^^,%*N-0)1N2-9^(*%*^%&(>Rf^C(+%+-)RfMB4*.%&0TeN.(3Z{N!

!

YRRZ!!

yO--21&N-02Ny!U++#1&F+%#'`'U++#1&'S&,3/+1+#Q`:%"G&/'=3"1./*3%+9QN!RTTfN!@&>N!RR!5*#!RTUUN!

z4%%.Q^^[[[N2--21&N-02^0&,4*02&^(*$4>-*0(^,*1,/1*%-0{N!

!

YR`Z!!

yC'+$$+-)!?*,%$Q!O0&&)4-/$&!O*$!C'+$$+-)$!30-'!*!D#.+,*1!;*$$&)2&0!6&4+,1&!~!I"!C;7Ny!J)'

P/G"%+/;&/*.1'=%+*&,*"+/'M#&/,QN!@&>N!z4%%.Q^^[[[N&.*N2-9^A5"^,1+'*%&^aRT3TSTTaN4%'{N!

!

YRaZ!"%&0'*)]!V-4)!KN!L$7"/&77':Q/.;",7]')Q7*&;7'S3"/-"/#'./0'E+0&1"/#'>+%'.'6+;91&X'[+%10N!

L-$%-)!�&%,NQ!80[+)^5,O0*[bG+11]!RTTTN!;0+)%N!

!

YRSZ!yB4&9#!6-1%!X!C1&,%0+,!B*0!A33!;&*P!B4*02+)2!B-$%!7)*1#$+$!~!5#B4&90-1&%6-1%N,-'Ny!63&GQ'T+1*'

L1+#^'63&G%+1&*'T+1*'L1+#^'63&G%+1&*'T+1*'R&G"&2^'63&GQ'T+1*'V2/&%7^'EQ63&G%+1&*T+1*N!@&>N!RTUUN!

z4%%.Q^^[[[N'#,4&90-1&%9-1%N,-'^,4&9#b9-1%b&1&,%0+,b,*0b-33b.&*Pb,4*02+)2b,-$%b*)*1#$+${N!

YRcZ!G+24[*#!"%*%+$%+,$!30-'!%4&!IN"N!K&.*0%'&)%!-3!D0*)$.-0%*%+-)]!?&(&0*1!G+24[*#!K+9+$+-)]!RTTS!

!

YRdZ!L0-[)+)2]!C(2*0!lN]!*)(!5*0P!7N!r/.*)N!y5+,0-&,-)-'+,$Q!D4&-0#!*)(!7..1+,*%+-)$N!;2!efNy!RTTc!

!

YReZ!y@4*%!8$!"/>$%+%/%+-)!C33&,%h!K&3+)+%+-)!*)(!5&*)+)2Ny!L$7"/&77:",*"+/.%QF,+;'`'V/1"/&'L$7"/&77'

:",*"+/.%QN!@&>N!RTUUN!z4%%.Q^^[[[N>/$+)&$$(+,%+-)*0#N,-'^(&3+)+%+-)^$/>$%+%/%+-)b&33&,%N4%'1{N!

!

!YRfZ!;+,P-)$]!L--)&!;N!y7>-/%!%4&!;1*)Ny!=",-+/7'=1./N!@&>N!RT!5*#!RTUUN!!

z4%%.Q^^[[[N.+,P&)$.1*)N,-'^*>-/%{N!


!

Y`TZ!y;/>1+,1#!A[)&(!6&4+,1&$!D*>1&!b!56dNy!?+;&'a'!&0&%.1'?"#32.Q'M0;"/"7*%.*"+/N!@&>N!RT!5*#!

RTUUN!!

z4%%.Q^^[[[N34[*N(-%N2-9^-4+'^4$TT^'9dN4%'{N!

!

!Y`UZ!;*0P4/0$%]!O0*4*']!G/24!L*0%-)]!*)(!"%&9&!5&1+*N!yD4&!;*0*(-_!-3!8)%&)$+3+,*%+-)Ny!@&>N!

z4%%.$Q^^&.0+)%$N/[&N*,N/P^UTSSS^R^'&1+*b>*0%-)b.*0P4/0$%MD4&M;*0*(-_M-3M8)%&)$+3+,*%+-)N.(3{N!

!

!

!

!

!

!SS+/51X(

9+#'%1S$1,/(,-(@%,[+'$(CDF(

?0-'!O0*)%!7..1+,*%+-)Q!iK&9&1-.'&)%!-3!*!=&2+-)*1!C)&02#!;1*)!3-0!%4&!5-)%*,4/$&%%!

C,-)-'+,!K&9&1-.'&)%!K+$%0+,%N!D4&!.1*)![+11!*$$&$$!%4&!0&2+-)\$!,/00&)%!&)&02#!$-/0,&$]!.0-<&,%!+%$!

3/%/0&!)&&($!*)(!'*P&!0&,-''&)(*%+-)$Nj!

iD4+$!.0-<&,%![+11!*$$+$%!%-!0&$.-)(!31&_+>1#!%-!.0&$$+)2!&)&02#!0&1*%&(!&,-)-'+,!0&,-9&0!+$$/&$!*)(!

4&1.!*((0&$$!&)&02#!,4*11&)2&$!)-%!*)(!+)%-!%4&!3/%/0&Nj!

!

.%+&$1,/(,-(:,5+*1/2($+&8((

73%&0!>&+)2!,-)%*,%&(!>#!V-4)!G/'&!;0-3&$$-0!=*(W+,P+!.0-,&&(&(!%-!*$$&'>1&!*!'-(&1+)2!

%&*'N!!

;0-3&$$-0!=*(W+,P+![*$!%-!>&!%4&!.0-<&,%!*(9+$-0]![4-!*$!*)!&_.&0+&),&(!$#$%&'$!(#)*'+,$!'-(&1&0!

*)(!$#$%&'$!%&*,4&0!4&1.$!-/%!%4&!'-(&1+)2!%&*'![+%4!J/&$%+-)$!*)(!.0-9+(&$!2-*1$!*)(!,0+%&0+*!3-0!

%4&!20-[%4!-3!-/0!.0-<&,%N!D4&!%[-!'&'>&0$!K*)+&1!O/&0+)!*)(!5+,4*&1!6*/(0&/+1![&0&!%-!(-!*,%/*1!


'-(&1+)2]!$+),&!%4&#!4*(!>-%4!%*P&)!$#$%&'!(#)*'+,$!,1*$$&$!*)(!P)&[!4-[!%-!'-(&1!/$+)2!6&)$+'!

$-3%[*0&N!D4&!)&_%!%[-!'&'>&0$!5*0P!70)-1(!*)(!L&)<*'+)!D+''$!.0-9+(&(!(*%*!,-11&,%+-)]!

*$$+$%*),&!*)(!1-2+$%+,$!%-!%4&!-%4&0!'&'>&0$!-3!%4&!%&*'N!?+)*11#!*!,-)$/1%*)%!<-+)&(!-/0!%&*'!%-!

)*'&(!V&))+3&0!7)(&0$-)![4-!+$!*!.0-3&$$+-)*1!$#$%&'!(#)*'+,$!'-(&1&0]!*!@;8!O0*(/*%&!*)(!4&0!

0-1&![*$!*$$+$%![+%4!%4&!.0-<&,%!+)!>-%4!*)!+)%&03*,&!(&$+2)!*)(!,-)$/1%*)%![+%4!-/%!%&*'!-)!%4&!

'-(&1N!

!

:=@.(P,%R#L,S(:,3/$(P&'L3#+$$(.,883/1$7(.,**+2+(

Z&%/+%(.&8S3#(

9+'+8"+%(D\(GEDE(!

=,3/5(DK(PL&$(-&'$,%#(&%+]?1**("+(18S,%$&/$($,(+/+%27(5+8&/5(1/($L+(:,/$&'L3#+$$(=+21,/(53%1/2(

$L+(/+X$(HE(7+&%#Q(

(

• 5*+)%&)*),&! -3! Y&_+$%+)2Z! +)30*$%0/,%/0&]! +),1/(+)2! >/+1(+)2$]! &)&02#! $-/0,&$]! *)(! &)&02#!

(&1+9&0#!

• "&09+,&!.0-9+(&0$\!*>+1+%#!%-!4*)(1&!3/%/0&!(&'*)($!

• I),&0%*+)%#!-3![4&0&!%4&!&)&02#![+11!,-'&!30-'!%-!'&&%!3/%/0&!(&'*)($!

• 8),&)%+9&$!

o ;-[&0!,-'.*)+&$!2&%!%4&'!

o D-[)$!,*)\%!2&%!+),&)%+9&$!

o 8),&)%+9&$!3-0!'*P+)2!.0-.&0%+&$!&33+,+&)%!

o ;0-.&0!/$&!-3!=COO8C!3/)($!Y3/)($!3-0!'*P+)2!%4&!$%*%&$!'-0&!&)&02#!&33+,+&)%Z!

• K&'*)(!3-0!&1&,%0+,+%#!

o C1&,%0+,!,*0$!

o =-*($!$+W&(!%-!3+%!&1&,%0+,!,*0$]!*)(!$&09+,&!$%*%+-)$!3-0!%4&'!

o C1&,%0+,!2*(2&%$!

o 8)(/$%0+*1!&)&02#!)&&($!

o O0&&)!>/+1(+)2$!

o =&%0-3+%%+)2!>/+1(+)2$!%-!0&(/,&!&)&02#!)&&($!

• B-$%!-3!&)&02#n![+%4!-+1!.0+,&!2-+)2!/.]!(&'*)(!3-0!*1%&0)*%+9&!&)&02#!$-/0,&$!2-&$!/.!

o >/$+)&$$!(&'*)(!

! ,-''&0,+*1!*)(!+)(/$%0+*1!20-[%4^!20+(!.0-%&,%+-)!

! +(&*!3-0![+)('+11$!-)!1+24%$!+)!.*0P+)2!1-%$!

! .0-3+%*>+1+%#!9$N!&33&,%!-)!$-,+&%#!

o *%%0*,%+9&)&$$!-3!0&2+-)!

! [*%&0!$/..1#!!

o [*%&0!&)&02#^4#(0-.-[&0!


o )/,1&*0!&)&02#!

! .&-.1&!*0&!*30*+(!-3!4+$%-0#!*)(!,-),&0)&(!*>-/%!(+$*$%&0!

o [+)(!&)&02#!

! [+)(!&)&02#!'*.$!$4-[!3&*$+>+1+%#!-3![+)(!

o $-1*0!&)&02#!

! $-1*0![*%&0!Y!`!#&*0!.*#-33Z!!

! ,-$%!>&)&3+%!

! 3+_&(!&)&02#!>+11^$/>$+(+&$!

! .4-%-9-1%*+,!,&11$!

o "'*0%!O0+(!*..1+,*%+-)$!

• ;-$$+>1&!$,&)*0+-Q!*$!O0&&)!&)&02#!/$&!2-&$!/.]!%4&!(&'*)(!-)!/%+1+%+&$!2-!(-[)!!

• r-)+)2!3-0![+)(!.-[&0!2&)&0*%+-)!

o r-)+)2!'&*$/0&$!>&+)2!0&,&.%+9&!%-!(&'*)($!

• =&$%0+,%+-)$!-)!1*)(!3-0!,-)$&09*%+-)!

• E*)(!*9*+1*>+1+%#]!1*)(!/$&!%&,4)+J/&$!

• ;0+,&!-3!2*$!

• A+1!$/..1#!

• 7(9*),&$!+)!%&,4)-1-2#!3-0!0&)&[*>1&!&)&02#!

!

b)$991Q'+>'+"1c#.7'!'=%",&'+>'+"1c#.7'!'M0G./,&7'"/'%&/&2.41&'&/&%#Q'#&/&%.*"+/d'

!

• ;/>1+,!.-1+,#!3-0!0&)&[*>1&!&)&02#!2&)&0*%+-)!

o L+-'*$$!

o @*$%&!C)&02#!

o 8),&)%+9&$b0&)&[*>1&!• L#1*[$!!

• ?/%/0&!0&2/1*%+-)$!*)(!0&$%0+,%+-)$!+'.&(+)2!%4&!.0-,&$$!%-!'&&%!(&'*)(!

• E+24%!(&.*0%'&)%$! 3-0! +)(+9+(/*1! %-[)$! 9$! 1*02&0! $,*1&! $/..1+&0]! .0-$! *)(! ,-)$!-3! &*,4]! 1&2*1!

*$.&,%$!

• B*.!*)(!D0*(&!

• ;-./1*%+-)!20-[%4^'+20*%+-)!

o %&,4)-1-2#!+),0&*$&$!(&'*)(!

o &)&02#!,-)$,+-/$)&$$!-3!%4&!)&_%!2&)&0*%+-)!

• B*.+%*1!+)9&$%'&)%!+)!./>1+,!%0*)$+%!

• I$&!-3!./>1+,!%0*)$.-0%*%+-)!

• "'*0%!20-[%4!p!,-'.*,%!(&9&1-.'&)%$!

o DAK!

• C,-)-'+,!K&9&1-.'&)%!

• C)&02#!"-/0,&!;0-%&,%+-)!

o @&!*0&!/).0&.*0&(!3-0!&'&02&),+&$!

o +,&!$%-0'!,-),&0)$^/)(&020-/)(![+0+)2!,-)(/+%!

o '*)(*%-0#!>/0+&(!/%+1+%+&$!Y,-),&0)$!*>-/%!$*)(!>*$&Z!

o K&1+9&0#!-3!$&09+,&!p!4-[!*)(!*%![4*%!,-$%!

• C(/,*%+-)!-3!./>1+,!*>-/%!&)&02#!+)!2&)&0*1!*)(!*>-/%!0&)&[*>1&!&)&02#!

o ,-)9+),&!./>1+,!-3!&33&,%+9&)&$$!


o *[*0&)&$$!-3!+'.*,%!

o '*)#!3+)(!*1%&0)*%+9&!&)&02#!*)!&#&$-0&^!i)-%!+)!'#!>*,P#*0(j!

o $&)+-0$!,-),&0)&(!*>-/%![4*%!+$!+)!+%!3-0!%4&']!'*#!9-%&!(-[)!

o >-*%+)2!,-'.1*+)%$!3-0![+)('+11$!

o $*3&%#!*)(!&33&,%+9&)&$$!-3!*1%&0)*%&!'&%4-($!

o ;/>1+,!*,,&$$!%-!+)3-0'*%+-)!*>-/%!&)&02#!

• 6-1/)%&&0$!*0&!'*P+)2!%4&!'-$%!(+33&0&),&!+)!'*P+)2!%-[)$!'-0&!&33+,+&)%N!!

• @&!)&&(!%-!,*%,4!/.!%-!-%4&0!$%*%&$![+%4![4*%!%4&#!*0&!(-+)2!3-0!&)&02#!

!

!

=,3/5(GK(PL&$(-&'$,%#(?1**(8&R+($L+(:,/$&'L3#+$$(=+21,/(&/("##$"%#&'((S*&'+($,(?L1'L(S+,S*+(?1**(

8,>+Q(PL&$(-&'$,%#(?1**(8&R+($L+(:,/$&'L3#+$$(=+21,/(&/()*"##$"%#&'((S*&'+(S+,S*+(?1**(&>,15Q(

(

!$$%&'$1>+!!

!+#$L+$1'#(&/5(/&$3%+(

• =/0*1!B4*0*,%&0n!0/0*1!1+9+)2!

• A.&)!$.*,&!

• G*9+)2!1-,*1!3*0'$!

• @&11b.1*))&(!%-[)!,&)%&0$!

• H*%/0*1!0&$-/0,&$b0+9&0$!

• ",&)+,!>&*/%#!

• D-/0+$'!Y$P++)2!*)(!4+P+)2Z!

• =&,0&*%+-)*1!*,%+9+%+&$!Y$P++)2]!3*11!3-1+*2&]!V-4))#!7..1&$&&(!%0*+1Z!

• E-%$!-3!)*%/0*1!*%%0*,%+-)$!

• L+P&!*)(![*1P+)2!%0*+1$!p!'*0P&%+)2![4*%!+$!*10&*(#!%4&0&!

• 8),0&*$&!%4&!+)%&0,-))&,%&()&$$!-3!%0*+1$!*,0-$$!%4&!0&2+-)!

• "*3&%#!-3!0&,0&*%+-)!*0&*$!

!

.,#$(,-(*1>1/2(

• E-[!,-$%!-3!1+9+)2!Y'*)#!.&-.1&!9+&[!%4+$!(+33&0&)%1#Z!

• 733-0(*>1&!=&2+-)!p!C)%0#!1&9&1!%-!$%*0%!3*'+1#!

• 733-0(*>+1+%#!-3!4-/$+)2!*)(!3--(!

• B-''/)*1!4-/$+)2!

!

B',/,81'(5+>+*,S8+/$(

• B-''&0,+*1]!+)(/$%0+*1!(&9&1-.'&)%^!.0&$&),&!-3!<->$!

• ;-%&)%+*1!3-0!0&$&*0,4!X!(&9&1-.'&)%!

• V->$]!$.&,+3+,*11#!4+24!%&,4!*)(!20&&)!<->$!

• D0*+)&(![-0P3-0,&!p!*%%0*,%+9&!%-!>/$+)&$$&$!

!

B/+%27(#3SS*7(

• I)(&020-/)(!/%+1+%+&$!

• L&%%&0!&)&02#!$&09+,&!

• C1&,%0+,!$%*%+-)$!3-0!,*0!,4*02+)2!

• @*%&0!$/..1#]!&)&02#!2&)&0*%+-)]!4#(0-!.-[&0!


• K*'$]!,0&*%+-)!-3!.-)($]!,0&*%+-)!-3!.-[&0]!%-/0+$'!*$.&,%!

• G*9+)2!*!>*1*),&(!(+$%0+>/%+-)!-3!&)&02#!$-/0,&$!*,0-$$!%4&!0&2+-)N!

• =&2+-)*1!*..0-*,4!%-!=&$-/0,&!711-,*%+-)!YO0&&)Z!

• 8),0&*$&!&1&,%0+,!9&4+,1&!+)30*$%0/,%/0&!%-!/$&0!30+&)(1#!1&9&1$N!

!

:+51'&*(#+%>1'+#(](8+51'&*('&%+(

!

@3"*1'(S,*1'7(&/5(2,>+%/8+/$(

• D0*)$.*0&),#!+)!%4&!O-9&0)'&)%N!!

8),&)%+9&$!9$!0&(!%*.&!Y0&(/,&!&_.&)$&$Z!

• E&*(&0$![^-.&)!'+)($!*)(!)-!*2&)(*$!

• B1&*)1+)&$$!^!1*,P!-3!/.P&&.!0&2*0(+)2!./>1+,!>/+1(+)2$!+),1/(+)2!$,4--1$N!

• K&$+0&!3-0!'-0&!./>1+,!3/)(+)2!3-0!%-[)$N!

• =&2+-)*1! *..0-*,4! %-! +),0&*$+)2! %4&! *%%0*,%+9&)&$$! -3! *0&*! Y0*%4&0! %4*)! %-[)$! ,-'.&%+)2!

*2*+)$%!&*,4!-%4&0Z!

• "-'&! %-[)$!'-0&! 0&$+$%*)%! %-! ,4*)2&! %4*)!-%4&0$! p!(+33+,/1%! %-! *,4+&9&! ,-''-)!2-*1$! *$! *!

0&2+-)N!

• A9&0,-'+)2!+)(+9+(/*1!%-[)!%0*(+%+-)$!p!iD4*%\$!%4&![*#![&\9&!*1[*#$!(-)&!+%N!

!

6'L,,*#]B53'&$1,/((

• G-[!.&-.1&!%4+)P!*>-/%!&)&02#!*)(!'*P+)2!%4&![-01(!'-0&!&)&02#!&33+,+&)%!

• O--(!$,4--1$!

• C(/,*%+-)!*)(!&)&02#!*[*0&)&$$!

• C(/,*%+-)]!>-%4!.0+'*0#!*)(!$&,-)(*0#!

• C(/,*%+-)!p!%4&!2&)&0*1!./>1+,!p!=&)&[*>1&!&)&02#!$-/0,&$N!

!

)%&/#S,%$&$1,/(

• B-''/%&0!30+&)(1#n!1*,P!-3!4&*9#!%0*33+,!

• D0*)$.-0%*%+-)!$#$%&'!Y0*+1]!>/$]!,*0]!*+0Z!X!&*$#!*,,&$$!%-!+%!

• D0*)$.-0%*%+-)!%-!<->$^.-./1*%+-)!,&)%&0$!

• C_.*)(+)2!0*+1^%0*+)!,-''/%&0!1+)&$!%-!L-$%-)!

• =*+1!$#$%&'!*)(!+)%&0'-(*1!%0*)$.-0%*%+-)!

• B0&*%&!*!'-0&!/$&0!30+&)(1#!0*+1!$#$%&'N!

!

N/&$$%&'$1>+!!

B/+%27(1##3+#(

• K-)\%!$-19&!&)&02#!.0->1&'$!

• O0+(!=&1+*>+1+%#!Y/)0&1+*>1&Z!

• G+24!,-$%!-3!&)&02#!

• C)&02#!$&09+,&$!

• ;0->1&'$!*)(!,-$%$!-3!&1&,%0+,!$/..1+&0$!

!

^,"#(


• E*,P!-3!,-''&0,+*1^+)(/$%0+*1!$.*,&!�!1&$$!<->$!'&*)!'-0&!,-''/%+)2!

• B-$%!-3!1*>-0^<->$!$4+..&(!-9&0$&*$!

• E*,P!-3!%&'.!$&09+,&$!p!/)*%%0*,%+9&!3-0!>/$+)&$$&$!

• ;*.&0'+11$!,1-$&(!

• ;0&9*+1+)2![*2&$!

• K&*1+)2![+%4!0&2/1*%+-)$!s!/)+-)$!1-[&0$!,-'.&%+%+9&)&$$!

!

:+51'&*('&%+(

• E*,P!-3!4&*1%4!3*,+1+%+&$!

!

@3"*1'(S,*1'7(&/5(2,>+%/8+/$(

• E&$$b%4*)b+(&*1!0&2+-)*1!,--.&0*%+-)!YO-9&0)'&)%Z!

I)*%%0*,%+9&!0&2/1*%+-)!

• G*9+)2!%-!4+0&!*0,4+%&,%^&)2+)&&0!

• 5*)(*%&$!30-'!$%*%&!%-!'/)+,+.*1+%+&$!

• B-$%!-3!2-9&0)'&)%!*,%+-)!

• I)3/)(&(!'*)(*%&$!

• D*_&$!

• 7.*%4#!

!

=+21,/&*(5+>+*,S8+/$(

• G+24!,-$%!-3!1+9+)2!^!4+24!&_.&)$&$!

• K+33+,/1%!*,,&$$!%-!%-[)!,&)%&0$!

• I)*%%0*,%+9&!%-[)!,&)%&0$!

• 5*#!)-%!>&!*!(&$%+)*%+-)!.1*,&!3-0!$-'&!.&-.1&!

• ".0*[1+)2!(&9&1-.'&)%!

!

6'L,,*#(

• "%*2)*)%!$,4--1$!!

• YE*,P!-3Z!.0+'*0#!$,4--1$!

!

)%&/#S,%$&$1,/(

• E*,P!-3!./>1+,!%0*)$.-0%*%+-)!b!0/0*1!*0&*$!

• "-'&!%-[)$!4*9&!1+'+%&(!4+24[*#!*,,&$$!

• E*,P!-3!'*<-0!%0*)$.-0%*%+-)!0-/%&$!

(

(

=,3/5( UK(PL&$_#( $&R1/2( #L&S+Q(PL&$( 15+&#( #$%3'R( 7,3( &#( 18S,%$&/$Q(PL&$( ',//+'$1,/#( &%+( 7,3(

#++1/2Q(PL&$(S&$$+%/#(&/5($L+8+#(&%+(+8+%21/2Q(

!

!$$%&'$1,/(

• E-%$!-3!/.$+(&$!*)(!(-[)$+(&$!%-!I0>*)!".0*[1!

o G-'&$!%-!-[)]!.1*,&$!%-!1+9&]!'-0&!0&$-/0,&$!

o E&$$!-.&)!$.*,&]!1&$$!-3!*)!/0>*)!3&&1!

• B-$%!-3!1+9+)2!%+&(!+)![+%4!,-$%!-3!&)&02#!

• C_.&)$&$!*33&,%!&9&0#%4+)2!


o B-$%!-3!1+9+)2!

o B-$%$!30-'!&)&02#!$/..1+&0$!

• 8)%&0)&%!*,,&$$!^!*,,&$$!%-!L0-*(>*)(!

• 5&(+,*1!$&09+,&$!

• E*)(!*9*+1*>+1+%#!

• D0*33+,!

• E-,*1!3*0'$!

• @-0P+)2!=&2+-)*11#!

o ,-11&,%+9&!&33-0%!

• V->$!

• =&,0&*%+-)!

!

B',/,81'(5+>+*,S8+/$(

• C,-)-'#b!1-)2b0*)2&!&,-)-'+,!(&9&1-.'&)%!

• K&.&)(&),&!-)!&)&02#!

• 7331/&),&!p!(+$.-$*>1&!+),-'&!

• 733-0(*>+1+%#!-3!0&2+-)!

• V->$!

o +)(/$%0#!./11!+)^!)-%!0&(/,+)2!>&*/%#!

o &,-)-'+,!&)&02#]!,-$%$!*0&!4+24!

o >/$+)&$$!.0-3+%*>+1+%#!

o >0+)2+)2!+)(/$%0#!*)(!.&-.1&!

o +),0&*$&(!0&9&)/&!

o *,,&.%*),&!-3!%&,4)-1-2#!+)!*1%&0)*%+9&!&)&02#!

o G+24!D&,4!*)(!O0&&)!D&,4!<->$!

G&*%+)2!,-$%$!3-0!>/$+)&$$!

;*.&0!'+11$!1&3%!(/&!%-!&)&02#!,-$%$!'*P+)2!>/$+)&$$!/).0-3+%*>1&!

o 1-[!1*>-0!.0+,&$!-9&0$&*$!

B-'.&%+%+9&!+)!4+24!%&,4^1+24%!+)(/$%0#!*..1+,*%+-)$!

?/%/0&!%0*)$+%+-)*1!,-$%$!p!/),&0%*+)%#!

D&'.!*2&),+&$!%-!*%%0*,%!>/$+)&$$&$!

!

B53'&$1,/(

• C(/,*%+-)!-3!$%/(&)%!*)(!./>1+,!%-!>&!

o =&$-/0,&3/1!

o C33+,+&)%!

!

B/+%27(1##3+#(

B-$%$!-3!&)&02#!

=&2/1*%+-)!*)(!0&$%0+,%+-)!/),&0%*+)%+&$!p![+11!%4&#!4&1.!-0!4+)(&0!%4&!0&2+-)\$!3/%/0&!&)&02#!2-*1$!

• C)&02#!(&'*)(!30-'!.-./1*%+-)!*)(!+)(/$%0#!

• =&)&[*>1&!&)&02#Q!(&$+0&!3-0]!>0+)2+)2!-)1+)&]!&(/,*%+)2!%4&!./>1+,!

• D-[)!-33+,+*1$!p!>&,-'&!'-0&!P)-[1&(2&*>1&!*>-/%!20&&)!&)&02#!

• =&)&[*>1&!&)&02#!/$*2&!%-!%*P&!'-0&!.0+-0+%#!+)%-!%4&!3/%/0&!

• ;*%,4[-0P!-3!$&09+,&!.0-9+(&0$!p!,*)!%4&#!4*)(1&!3/%/0&!(&'*)($h!


• 8),&)%+9&$!%-!'-9&!%-[*0(!20&&)!&)&02#!$-/0,&$!

• 8'.1&'&)%!"'*0%O0-[%4!;1*))+)2!

• 8),0&*$&!+)30*$%0/,%/0&!3-0!0&)&[*>1&!&)&02#!

• L/+1(+)2$!>&,-'+)2!'-0&!&)&02#!&33+,+&)%b!)&[!,-)$%0/,%+-)!*)(!&_+$%+)2!

!

@3"*1'(S,*1'7(&/5(2,>+%/8+/$(

H&&(!3-0!0&2+-)*1!.1*))+)2!

=&2+-)*1!&33-0%!9$N!%-[)!&33-0%!

o ,-11&,%+9&!&)&02#!

o 0&2+-)*1!20*)%$!*)(!+),&)%+9&$!3-0!>/$+)&$$!

! %0*)$.-0%*%+-)!

! 4-/$+)2!.0+,&$!

• B-''/)+%#!p!30+&)(1#!0&2+-)*1!>#b1*[$!

• =&2+-)*1!&33-0%!%-!.0-9+(&!

o C1&,%0+,!,*0!0&$-/0,&$!

o D0*)$.-0%*%+-)!8)30*$%0/,%/0&!

• ?/)(+)2!

• D0*)$.*0&),#!

• r-)+)2!*)(!.1*))+)2]!.&0'+%%+)2!$.&&(!!

• "%*)(*0(+W&(!0&2/1*%+-)$!

• "'*11!%-[)$!*9-+(+)2!+)(/$%0#!9$N!>+2!%-[)$!Y9-%+)2!.-[&0!s!.-1+%+,$!3-0,+)2!>+2!%-[)$!-)!$'*11Z!

• ;&-.1&![*)%!,4*)2&]!>/%!(-)q%![*)%!%-!.*#!

o /)[+11+)2!%-!,-),&(&!

• 8),&)%+9&$!31-[+)2!%-!,-''/)+%#!1&9&1!

!

)%&/#S,%$&$1,/(

D0*+)$!*)(!./>1+,!%0*)$.-0%*%+-)!

o 0-*([*#$!*0&!>&+)2!-9&0/$&(!

• =*+1!$#$%&'!'-0&!/$&0!30+&)(1#!

• ;/>1+,!%0*)$.-0%*%+-)!

o =/0*1!*0&*$!)-%!$&09&(!

!

!

01/&*( =+>1+?K( Z1>+/( $L+( 15+&#\( S&$$+%/#\( $L+8+#\( ',//+'$1,/#( $L&$( L&>+( +8+%2+5( $,5&7\( ?L&$(

#L,3*5($L+(8,5+*1/2($+&8_#(S%1,%1$1+#("+(2,1/2(-,%?&%5Q(

!

• B-''&0,+*1^+)(/$%0+*1^4-/$+)2!W-)+)2!

• =/0*1!$&%%+)2$!

• C(/,*%+-)!3-0!%4&!./>1+,!-)!&)&02#!&33+,+&),#!$-1/%+-)$!

• B1/$%&0!4-/$+)2!

• =&2+-)*1+W*%+-)^!%-[)!,-)9&0$*%+-)$!

• C(/,*%+-)!p>&$%!.0*,%+,&$!0&N!0&)&[*>1&!&)&02#!>&)&3+%$!X!B-$%$N!

• ;1*)!3-0!+'.1&'&)%*%+-)!X!'-(&1!0&$/1%$!+)%-!%4&!0&2+-)!

• 5-(&1!$4-/1(!.0-9+(&!(&'*)(!$,&)*0+-$!Y*220&2*%&!9$N!'+_&(Z!

• r-)+)2!3-0!0&$+(&)%+*1!X!,-''&0,+*1!/$&!!


• 5-(&1![+11!0&31&,%!+)31/&),&$!

!

+(,-.(!/"*#(0!1,$(!#&1(!#,!#2&*3!"4,)#!-$&,$&#&(56!5,!/(!"7$((0!#,!%$("#(!"*!,*.&*(!-,..!5,!#2(8!%"*!

%2,,5(!#2(!1,5#!&1-,$#"*#!&55)(59!

!

:,5+*(BJ3&$1,/#(

8)+%+*1!E*)(!/$&(!B-''&0,+*1!v!UfeU!

! |! *,0&$!

! |! UfeU!+$!%4&!1*)(!/$&!>#!,-''&0,+*1!+)!UfdU!

! !!

!

8)+%+*1!E*)(!/$&(!8)(/$%0#!v!èÙ!

! |! *,0&$!

! |! èÙ!+$!%4&!1*)(!/$&!>#!+)(/$%0#!+)!UfdU!

! !!

!

H*%/0*1!O*$!+)!LDI$!v!D-%*1!H*%/0*1!O*$!K&'*)(oLDIq$!.&0!B/>+,!?&&%!H*%/0*1!O*$!

! |! LDI$^F&*0!!

!

yD-%*1!O*$^K+&$&1!+)!LDI$y!v!LDIq$!.&0!O*11-)!O*$-1+)&!o!D-%*1!O*$-1+)&!*)(!K+&$&1!K&'*)(!

! |! LDI$^F&*0!!

!

LDI$!.&0!P@4!v!àU`!

! |! LDI$^l@4!!

!

LDIq$!.&0!B/>+,!?&&%!H*%/0*1!O*$!v!UTRd!

! |! LDI$^B/>+,!?&&%!!

!

LDIq$!.&0!O*11-)!O*$-1+)&!v!URSTTT!

! |! LDI$^2*11-)$!!

!

LDIq$!.&0!2*11-)!G&*%+)2!A+1!v!UèTfS!

! |! LDI$^2*11-)$!!

!

8)+%+*1!B-''&0,+*1!L/$+)&$$&$!v!8)+%+*1!E*)(!/$&(!B-''&0,+*1Ê*)(!.&0!B-''&0,+*1!

! |! L/$+)&$$&$!!

!

D-%*1!C1&,%0+,*1!LDI$!v!D-%*1!C1&,%0+,+%#!K&'*)(oLDI$!.&0!P@4!

! |! LDI$^F&*0!!

!

8)+%+*1!8)(/$%0+*1!L/$+)&$$&$!v!8)+%+*1!E*)(!/$&(!8)(/$%0#Ê*)(!.&0!8)(/$%0#!

! |! L/$+)&$$&$!!


!

G&*%+)2!A+1!+)!LDI$!v!D-%*1!G&*%+)2!A+1!K&'*)(oLDIq$!.&0!2*11-)!G&*%+)2!A+1!

! |! LDI$^F&*0!!

!

F&*01#!K&'*)(!.&0!,*.+%*!v!D-%*1!=&2+-)*1!C)&02#!K&'*)(!^!D-%*1!;-./1*%+-)!

! |! LDI$^;&-.1&^F&*0!!

!

B/'/1*%+9&!C)&02#!K&'*)(!.&0!B*.+%*v!8HDCO!Y!

! F&*01#!K&'*)(!.&0!,*.+%*]!

! ! TZ!

! |! LDI$^;&-.1&!

! |! D4+$!,*.%/0&$!%4&!%-%*1!*'-/)%!-3!&)&02#!/$&(!3-0!%4&!0&2+-)!-9&0!%4&!UTT!#&*0!

$+'/1*%+-)!.&0+-(!(+9+(&(!>#!4-[!'*)#!.&-.1&!*0&!/$+)2!%4*%!&)&02#!-9&0!%4&![4-1!.&0+-(!

! !!

!

D-%*1!=&2+-)*1!C)&02#!K&'*)(!v!H*%/0*1!O*$!+)!LDI$!sD-%*1!C1&,%0+,*1!LDI$s!yD-%*1!O*$^K+&$&1!+)!

LDI$y!s!G&*%+)2!A+1!+)!LDI$!

! |! LDI$^F&*0!

! |! B-)9&0$+-)!%-!-)&!,-''-)!/)+%!$/,4!*$!LNDNIN!0&,-''&)(&(!

! !!

!

G-/$&4-1(!O*$-1+)&!*)(!K+&$&1!v!Y792!5+1&$!K0+9&)!G-/$&4-1(!6&4+,1&!^!792!5;O!;&0!G-/$&4-1(!

6&4+,1&Z!o!792!6&4+,1&$!;&0!G-/$&4-1(!o!YD-%*1!;-./1*%+-)^792!?*'+1#!"+W&Z!

! |! 2*11-)$^F&*0!!

!

5/)+,+.*1!6&4+,1&$!v!YYD-%*1!;-./1*%+-)!^!=&$+(&)%$!.&0!5/)+,+.*1!6&4+,1&Z!o!792!5+1&$!K0+9&)!

5/)+,+.*1!6&4+,1&$!Z!^!792!5;O!;&0!5/)+,+.*1!6&4+,1&!

! |! 2*11-)$^F&*0!!

!

D-%*1!O*$-1+)&!*)(!K+&$&1!K&'*)(!v!B-''&0,+*1!O*$-1+)&!*)(!K+&$&1!s!G-/$&4-1(!O*$-1+)&!*)(!K+&$&1!

s!8)(/$%0+*1!O*$-1+)&!*)(!K+&$&1!s!5/)+,+.*1!6&4+,1&$!

! |! 2*11-)$^F&*0!!

!

=&$+(&)%$!.&0!5/)+,+.*1!6&4+,1&!v!UUR!

! |! ;&-.1&^,*0$!

! |! D4+$!+$!%4&!5*$$*,4/$&%%$!.-./1*%+-)!(+9+(&(!>#!%4&!%-%*1!'/)+,+.*1!9&4+,1&$!+)!

5*$$*,4/$&%%$!

! !!

!

792!5;O!;&0!5/)+,+.*1!6&4+,1&!v!UT!

! |! 5+1&$^2*11-)$!

! |! D4+$![*$!*)!&$%+'*%+-)!>*$&(!-)!%4&!'+1&$!.&0!2*11-)!3-0!(+33&0&)%!9&4+,1&$!*)(![4+,4!

9&4+,1&$![&0&!%#.+,*11#!/$&(!3-0!'/)+,+.*1!./0.-$&$!

! !!

!

792!5+1&$!K0+9&)!5/)+,+.*1!6&4+,1&$!v!cTTT!


! |! 5+1&$^,*0$^F&*0!

! |! &$%+'*%&!>*$&(!-)!%4&!3-11-[+)2!$-/0,&Q!4%%.Q^^[[[N$%0&&%$>1-2N-02^RTUT^Td^Rc^,+%#b

$&&P$b%-b$*9&b>#b0&(/,+)2!bRcTTTb9&4+,1&b'/)+,+.*1b31&&%^!

! !!

!

792!G&*%+)2!A+1!I$&!;&0!B-''&0,+*1!L/$+)&$$!v!cRSToC�;Y!bTNTUadoYD+'&!b!UfdTZZ!

! |! 2*11-)$^F&*0^L/$+)&$$&$!

! |! D4+$!&J/*%+-)![*$!3-/)(!>*$&(!-)!%4&!4-[!%4&!*9&0*2&!4&*%+)2!-+1!/$&(!.&0!

,-''&0,+*1!>/$+)&$$!%4*%!/$&$!+%!,4*)2&(!-9&0!%+'&]!'/1%+.1+&(!>#!%4&!.&0,&)%!-3!4-/$&$!+)!%4&!

5-)%*,4/$&%%!=&2+-)!%4*%!/$&!4&*%+)2!-+1!

! !!

!

792!G&*%+)2!A+1!I$&!;&0!8)(/$%0+*1!L/$+)&$$!v!cRSToC�;Y!bTNTUadoYD+'&!b!UfdTZZ!

! |! 2*11-)$^F&*0^L/$+)&$$&$!

! |! D4+$!&J/*%+-)![*$!3-/)(!>*$&(!-)!%4&!4-[!%4&!*9&0*2&!4&*%+)2!-+1!/$&(!.&0!+)(/$%0+*1!

>/$+)&$$!%4*%!/$&$!+%!,4*)2&(!-9&0!%+'&]!'/1%+.1+&(!>#!%4&!.&0,&)%!-3!4-/$&$!+)!%4&!5-)%*,4/$&%%!

=&2+-)!%4*%!/$&!4&*%+)2!-+1!

! !!

!

yB-''&0,+*1!A/%b5+20*%+-)y!v!B-''&0,+*1!L/$+)&$$&$!o!yC33&,%!-3!7%%0*,%!-)!B-''!A/%b5+2y!o!

yH-0'*1!B-''&0,+*1!A/%b5+20*%+-)y!

! |! L/$+)&$$&$^F&*0!!

!

y8)(!7%%0*,%!8)b5+2!E--P/.yY!

! �YT]TZbYR]RZ�]YT]TZ]YTNS]TNaZ]YU]UZ]YUNS]UNcZ]YR]RZZ!

! |! K')1!!

!

y8)(!7%%0*,%!A/%b5+2!E--P/.yY!

! �YT]TZbYR]RTZ�]YT]RTZ]YTNRS]dZ]YTNS]`Z]YU]UZ]YR]TZZ!

! |! K')1!!

!

y8)(/$%0#!8)b5+20*%+-)y!v!8)(/$%0#!E?A!E--P/.Y8)(/$%0#!E?AZ!o!8)(/$%0+*1!L/$+)&$$&$oyC33&,%!-3!7%%0*,%!

-)!8)(!8)b5+2y!oyH-0'*1!8)(/$%0#!8)b5+20*%+-)y!

! |! L/$+)&$$&$^F&*0!!

!

y8)(/$%0#!A/%b5+20*%+-)y!v!8)(/$%0+*1!L/$+)&$$&$!o!yH-0'*1!8)(/$%0#!A/%b5+20*%+-)y!o!yC33&,%!-3!

7%%0*,%!-)!8)(!A/%b5+2y!

! |! L/$+)&$$&$^F&*0!!

!

yC33&,%!-3!7%%0*,%!-)!B-''!A/%b5+2y!v!yB-''!7%%0*,%!A/%b5+2!E--P/.yY=&2+-)!L/$+)&$$!

7%%0*,%+9&)&$$Z!

! |! K')1!!

!

yC33&,%!-3!7%%0*,%!-)!B-''!8)b5+2y!v!yB-''!7%%0*,%!8)b5+2!E--P/.yY=&2+-)!L/$+)&$$!7%%0*,%+9&)&$$Z!

! |! K')1!!

!


yC33&,%!-3!7%%0*,%!-)!8)(!A/%b5+2y!v!y8)(!7%%0*,%!A/%b5+2!E--P/.yY=&2+-)!L/$+)&$$!7%%0*,%+9&)&$$Z!

! |! K')1!!

!

yC33&,%!-3!7%%0*,%!-)!8)(!8)b5+2y!v!y8)(!7%%0*,%!8)b5+2!E--P/.yY=&2+-)!L/$+)&$$!7%%0*,%+9&)&$$Z!

! |! K')1!!

!

yB-''!7%%0*,%!A/%b5+2!E--P/.yY!

! �YT]TZbYR]RTZ�]YT]RTZ]YTNRS]dZ]YTNS]`Z]YU]UZ]YR]TZZ!

! |! K')1!!

!

yB-''!7%%0*,%!8)b5+2!E--P/.yY!

! �YT]TZbYR]RZ�]YT]TZ]YTNS]TNaZ]YU]UZ]YUNS]UNcZ]YR]RZZ!

! |! K')1!!

!

yB-''&0,+*1!8)b5+20*%+-)y!v!B-''&0+,*1!E?A!E--P/.YB-''&0,+*1!E?AZoyC33&,%!-3!7%%0*,%!-)!B-''!

8)b5+2yoB-''&0,+*1!L/$+)&$$&$!oyH-0'*1!B-''&0,+*1!8)b5+20*%+-)y!

! |! L/$+)&$$&$^F&*0!!

!

792!5;O!;&0!B-''&0,+*1!6&4+,1&!v!UeNU!

! |! 5+1&$^2*11-)$!

! |! I)*>1&!%-!2*%4&0!&_*,%!(*%*!3-0!%4+$!*9&0*2&]!$-![&!/$&(!*!3+2/0&!%4*%![*$!1-[&0!%4*)!

%4&!792N!'.2!3-0!4-/$&4-1(!9&4+,1&$!%-!0&31&,%!%4&!3*,%!%4*%!>/$+)&$$&$!-[)!4&*9#!%0/,P$!*$![&11!*$!

,*0$N!

! !!

!

792!5+1&$!K0+9&)!B-''&0,+*1!6&4+,1&!v!URTTT!

! |! 5+1&$^,*0$^F&*0!

! |! B-/1(!-)1#!3+)(!(*%*!3-0!4-/$&4-1(!9&4+,1&!*9&0*2&$N!D4&!*9&0*2&!'+1&$!(0+9&)!>#!

4-/$&4-1(!9&4+,1&!*9&0*2&$!UR]TTT!%-!US]TTTN!"-!3-0!,-''&0,+*1!*)(!+)(/$%0+*1!>/$+)&$$&$![&!/$&(!

%4&!>-%%-'!&)(!-3!%4&!4-/$&4-1(!0*)2&!b!UR]TTT!'+1&$!

! !!

!

792!5;O!;&0!8)(/$%0+*1!6&4+,1&!v!UeNU!

! |! 5+1&$^2*11-)$!

! |! I$&(!%4&!$*'&!(*%*!*$!,-''&0,+*1!>/$+)&$$&$!

! !!

!

792!5+1&$!K0+9&)!8)(/$%0+*1!6&4+,1&$!v!URTTT!

! |! 5+1&$^,*0$^F&*0!

! |! B-/1(!-)1#!3+)(!(*%*!3-0!4-/$&4-1(!9&4+,1&!*9&0*2&$N!D4&!*9&0*2&!'+1&$!(0+9&)!>#!

4-/$&4-1(!9&4+,1&!*9&0*2&$!UR]TTT!%-!US]TTTN!"-!3-0!,-''&0,+*1!*)(!+)(/$%0+*1!>/$+)&$$&$![&!/$&(!

%4&!>-%%-'!&)(!-3!%4&!4-/$&4-1(!0*)2&!b!UR]TTT!'+1&$!

! !!

!

792!6&4+,1&$!;&0!8)(/$%0+*1!L/$+)&$$!v!RNU!

! |! ,*0$^L/$+)&$$&$!


! |! I$&(!%4&!$*'&!(*%*!*$!,-''&0,+*1!>/$+)&$$&$!

! !!

!

792!6&4+,1&$!;&0!B-''&0,+*1!L/$+)&$$!v!RNU!

! |! ,*0$^L/$+)&$$&$!

! |! K/&!%-!*!,-)31+,%![+%4!(*%*!$-/0,&$]!%4&!RNU!3-0!792!6&4+,1&$!;&0!B-''&0,+*1!L/$+)&$$!

$4-/1(!>&!*(</$%&(!%-!aNc!*$!+)(+,*%&(!+)!%4&!(*%*>*$&!/)(&0!%4&!%0*)$.-0%*%+-)!%*>N!

! !!

!

792!C1&,%0+,+%#!I$&!;&0!8)(/$%0+*1!L/$+)&$$!v!cddaRa!

! |! l@4^F&*0^L/$+)&$$&$!

! |! $-/0,&Q![[[N&+*N(-&N2-9^,)&*3^&1&,%0+,+%#^&$0^%*>1&SN_1$!!=&3&0!%-!(*%*>*$&!

! !!

!

792!H*%/0*1!O*$!I$&!;&0!B-''&0,+*1!L/$+)&$$!v!USTTTT!

! |! B/>+,!?&&%^F&*0^L/$+)&$$&$!

! |! $-/0,&Q!4%%.Q^^[[[N&+*N(-&N2-9^)*%/0*12*$^!!=&3&0!%-!(*%*>*$&!

! !!

!

792!C1&,%0+,+%#!I$&!;&0!B-''&0,+*1!L/$+)&$$!v!dUcca!

! |! l@4^F&*0^L/$+)&$$&$!

! |! $-/0,&Q![[[N&+*N(-&N2-9^,)&*3^&1&,%0+,+%#^&$0^%*>1&SN_1$!!=&3&0!%-!K*%*>*$&!

! !!

!

792!H*%/0*1!O*$!I$&!;&0!8)(/$%0+*1!L/$+)&$$!v!`N`d&sTTc!

! |! B/>+,!?&&%^F&*0^L/$+)&$$&$!

! |! $-/0,&Q!4%%.Q^^[[[N&+*N(-&N2-9^)*%/0*12*$^!!=&3&0!%-!(*%*>*$&!

! !!

!

792!G&*%+)2!A+1!I$&!;&0!G-/$+)2!v!fdSoC�;Y!bTNTUadoYD+'&!b!UfdTZZ!

! |! 2*11-)$^F&*0^G-/$&$!

! |! D4+$!&J/*%+-)![*$!3-/)(!>*$&(!-)!%4&!4-[!%4&!*9&0*2&!4&*%+)2!-+1!/$&(!.&0!4-/$&!%4*%!

/$&$!+%!,4*)2&(!-9&0!%+'&]!'/1%+.1+&(!>#!%4&!.&0,&)%!-3!4-/$&$!+)!%4&!5-)%*,4/$&%%!=&2+-)!%4*%!/$&!

4&*%+)2!-+1!

! !!

!

G-/$+)2!G&*%+)2!A+1!v!792!G&*%+)2!A+1!I$&!;&0!G-/$+)2!o!G-/$+)2!

! |! 2*11-)$^F&*0!!

!

B-''&0,+*1!C1&,%0+,+%#!K&'*)(!v!792!C1&,%0+,+%#!I$&!;&0!B-''&0,+*1!L/$+)&$$!o!B-''&0,+*1!

L/$+)&$$&$!

! |! l@4^F&*0!!

!

B-''&0,+*1!O*$-1+)&!*)(!K+&$&1!v!Y792!5+1&$!K0+9&)!B-''&0,+*1!6&4+,1&^792!5;O!;&0!B-''&0,+*1!

6&4+,1&Z!o!792!6&4+,1&$!;&0!B-''&0,+*1!L/$+)&$$!o!B-''&0,+*1!L/$+)&$$&$!

! |! 2*11-)$^F&*0!!


!

G-/$+)2!H*%/0*1!O*$!v!792!H*%/0*1!O*$!I$&!;&0!G-/$+)2!o!G-/$+)2!

! |! B/>+,!?&&%^F&*0!!

!

8)(/$%0+*1!C1&,%0+,+%#!K&'*)(!v!792!C1&,%0+,+%#!I$&!;&0!8)(/$%0+*1!L/$+)&$$!o!8)(/$%0+*1!L/$+)&$$&$!

! |! l@4^F&*0!!

!

8)(/$%0+*1!O*$-1+)&!*)(!K+&$&1!v!Y792!5+1&$!K0+9&)!8)(/$%0+*1!6&4+,1&$^792!5;O!;&0!8)(/$%0+*1!6&4+,1&Z!

o!792!6&4+,1&$!;&0!8)(/$%0+*1!L/$+)&$$!o!8)(/$%0+*1!L/$+)&$$&$!

! |! 2*11-)$^F&*0!!

!

8)(/$%0+*1!G&*%+)2!A+1!v!792!G&*%+)2!A+1!I$&!;&0!8)(/$%0+*1!L/$+)&$$!o!8)(/$%0+*1!L/$+)&$$&$!

! |! 2*11-)$^F&*0!!

!

8)(/$%0+*1!H*%/0*1!O*$!I$&!v!792!H*%/0*1!O*$!I$&!;&0!8)(/$%0+*1!L/$+)&$$!o!8)(/$%0+*1!L/$+)&$$&$!

! |! B/>+,!?&&%^F&*0!!

!

792!H*%/0*1!O*$!I$&!;&0!G-/$+)2!v!UeeTT!

! |! B/>+,!?&&%^F&*0^G-/$&$!

! |! $-/0,&!Q!4%%.Q^^[[[N&+*N(-&N2-9^)*%/0*12*$^!!!!=&3&0!%-!(*%*>*$&!

! !!

!

792!6&4+,1&$!;&0!G-/$&4-1(!v!UNfR!

! |! ,*0$^G-/$&4-1($!

! |! $-/0,&!Q!4%%.Q^^,%*N-0)1N2-9^(*%*^%&(>Rf^C(+%+-)RfMB4*.%&0TeN.(3!

! !!

!

792!C1&,%0+,+%#!I$&!;&0!G-/$+)2!v!d`RT!

! |! l@4^G-/$&$^F&*0!

! |! $-/0,&!Q!4%%.Q^^[[[N&+*N(-&N2-9^&'&/^0&.$^&)(/$&^&0TUM/$M3+2$N4%'1}R!=&3&0!%-!

(*%*>*$&!

! !!

!

792!5+1&$!K0+9&)!G-/$&4-1(!6&4+,1&!v!USTTT!

! |! 5+1&$^,*0$^F&*0!

! |! $-/0,&!Q!4%%.Q^^[[[N&.*N2-9^A5"^,1+'*%&^aRT3TSTTaN4%'!

! !!

!

792!5;O!;&0!G-/$&4-1(!6&4+,1&!v!UfNe!

! |! 5+1&$^2*11-)$!

! |! $-/0,&!Q!4%%.Q^^[[[N2--21&N-02^0&,4*02&^(*$4>-*0(^,*1,/1*%-0!

! !!

!

B-''&0,+*1!H*%/0*1!O*$!v!792!H*%/0*1!O*$!I$&!;&0!B-''&0,+*1!L/$+)&$$!o!B-''&0,+*1!L/$+)&$$&$!

! |! B/>+,!?&&%^F&*0!!

!


D-%*1!H*%/0*1!O*$!K&'*)(!v!B-''&0,+*1!H*%/0*1!O*$!s!G-/$+)2!H*%/0*1!O*$!s!8)(/$%0+*1!H*%/0*1!O*$!

I$&!

! |! B/>+,!?&&%^F&*0!!

!

D-%*1!C1&,%0+,+%#!K&'*)(!v!B-''&0,+*1!C1&,%0+,+%#!K&'*)(!s!G-/$+)2!C1&,%0+,+%#!K&'*)(!s!8)(/$%0+*1!

C1&,%0+,+%#!K&'*)(!

! |! l@4^F&*0!!

!

G-/$+)2!C1&,%0+,+%#!K&'*)(!v!792!C1&,%0+,+%#!I$&!;&0!G-/$+)2!o!G-/$+)2!

! |! l@4^F&*0!!

!

D-%*1!G&*%+)2!A+1!K&'*)(!v!B-''&0,+*1!G&*%+)2!A+1!s!G-/$+)2!G&*%+)2!A+1!s!8)(/$%0+*1!G&*%+)2!A+1!

! |! 2*11-)$^F&*0!!

!

B-''&0,+*1!G&*%+)2!A+1!v!792!G&*%+)2!A+1!I$&!;&0!B-''&0,+*1!L/$+)&$$!o!B-''&0,+*1!L/$+)&$$&$!

! |! 2*11-)$^F&*0!!

!

K&$+0&(!"P+11&(!E*>-0!v!"P+11&(!E*>-0&0$!=&J/+0&(!.&0!V->oV->$!

! |! ;&-.1&!!

!

7,%/*1!=&2+-)*1!"&09+,&$!v!UNdfdaa!

! |! "&09+,&$!

! |! D4+$![*$!3-/)(!>#!-.%+'+W*%+-)!%&,4)+J/&$!

! !!

!

"P+11&(!E*>-0&0$!=&J/+0&(!.&0!V->!v!TN`!

! |! ;&-.1&^<->$!

! |! D4+$![*$!*)!&$%+'*%+-)![4+,4![*$!3-/)(!%-!$/+%!%4&!'-(&1![&11!

! !!

!

?0*,%+-)!-3!E*>-0&0$!"P+11&(!v!TN`ca!

! |! K')1!

! |! D4+$!+$!%4&!.&0,&)%*2&!-3!*(/1%$!RS!-0!-1(&0!+)!%4&!0&2+-)![+%4!*)!*$$*-,+*%&q$!(&20&&!-0!

4+24&0!

! !!

!

79*+1*>1&!"P+11&(!E*>-0!v!E*>-0!?-0,&o?0*,%+-)!-3!E*>-0&0$!"P+11&(!

! |! ;&-.1&!!

!

8)(/$%0#!E?A!v!E*)(!I$&(!8)(/$%0#^!E*)(!r-)&(!8)(/$%0+*1!

! |! K')1!!

!

E*)(!I$&(!8)(/$%0#!v!8)(/$%0+*1!L/$+)&$$&$oE*)(!.&0!8)(/$%0#!

! |! *,0&$!!

!

E*)(!I$&(!B-''&0,+*1!v!B-''&0,+*1!L/$+)&$$&$oE*)(!.&0!B-''&0,+*1!


! |! *,0&$!!

!

=&$+(&)%+*1!E?A!v!E*)(!I$&(!=&$+(&)%+*1!^!E*)(!r-)&(!=&$+(&)%+*1!

! |! K')1!!

!

B-''&0,+*1!E?A!v!E*)(!I$&(!B-''&0,+*1^!E*)(!r-)&(!B-''&0,+*1!

! |! K')1!!

!

7,%/*1!;-./1*%+-)Q!v!O&%!�E"!K7D7Y!q*,%/*1!(*%*N_1$_q]!q"4&&%Uq]!qUUq]!q7URqZ!

! |! ;&-.1&!

! |! K*%*![*$!3-/)(!30-'!%4&!,&)$/$!

! !!

!

E*)(!I$&(!=&$+(&)%+*1!v!G-/$+)2oE*)(!.&0!G-/$&!

! |! *,0&$!!

!

E*)(!I$&(!=&$+(&)%+*1!K*%*Q!v!O&%!�E"!K7D7Y!q*,%/*1!(*%*N_1$_q]!q"4&&%Uq]!qUq]!q7eqZ!

! |! *,0&$!

! |! D4+$!(*%*![*$!2+9&)!%-!/$!>#!5=;B!

! !!

!

E*)(!I$&(!B-''&0,+*1!K*%*Q!v!O&%!�E"!K7D7Y!q*,%/*1!(*%*N_1$_q]!q"4&&%Uq]!qUq]!q7RqZ!

! |! *,0&$!

! |! D4+$!(*%*![*$!2+9&)!%-!/$!>#!5=;B!

! !!

!

E*)(!I$&(!8)(/$%0+*1!K*%*Q!v!O&%!�E"!K7D7Y!q*,%/*1!(*%*N_1$_q]!q"4&&%Uq]!qUq]!q7SqZ!

! |! *,0&$!

! |! D4+$!(*%*![*$!2+9&)!%-!/$!>#!5=;B!

! !!

!

8)(/$%0#!E?A!E--P/.Y!

! �YT]TZbYU]UZ�]YT]UZ]YTNff]UZ]YU]TZZ!

! |! K')1!

! |! D4+$!'*P&$!+%!$-!%4*%![4&)!%4&!1*)(!30*,%+-)!-,,/.+&(!0&*,4&$!fft]!%4&!+)b'+20*%+-)!

0*%&![+11!(&,0&*$&!(0*'*%+,*11#N!I)%+1!%4*%!.-+)%]!'+20*%+-)!+$!2-9&0)&(!>#!*%%0*,%+9&)&$$N!

! !!

!

B-''&0+,*1!E?A!E--P/.Y!

! �YT]TZbYU]UZ�]YT]UZ]YTNff]UZ]YU]TZZ!

! |! K')1!

! |! D4+$!'*P&$!+%!$-!%4*%![4&)!%4&!1*)(!30*,%+-)!-,,/.+&(!0&*,4&$!fft]!%4&!+)b'+20*%+-)!

0*%&![+11!(&,0&*$&!(0*'*%+,*11#N!I)%+1!%4*%!.-+)%]!'+20*%+-)!+$!2-9&0)&(!>#!*%%0*,%+9&)&$$N!

! !!

!

V->$!.&0!8)(/$%0#!v!dT!


! |! <->$^L/$+)&$$&$!

! |! D4+$![*$!*)!&$%+'*%+-)![4+,4![*$!3-/)(!%-!2+9&!%4&!'-(&1&(!20-[%4!$+'+1+*0!%-!*,%/*1!

20-[%4!

! !!

!

V->$!v!8)(/$%0+*1!L/$+)&$$&$oV->$!.&0!8)(/$%0#sB-''&0,+*1!L/$+)&$$&$oV->$!.&0!B-''&0,+*1!

! |! <->$!!

!

V->$!.&0!B-''&0,+*1!v!RTNUUR!

! |! <->$^L/$+)&$$&$!

! |! D4+$![*$!3-/)(!%40-/24!-.%+'+W*%+-)!

! !!

!

8)(/$%0+*1!L/$+)&$$&$v!8HDCO!Y!

! y8)(/$%0#!8)b5+20*%+-)yby8)(/$%0#!A/%b5+20*%+-)y]!

! ! 8)+%+*1!8)(/$%0+*1!L/$+)&$$&$Z!

! |! L/$+)&$$&$!!

!

yH-0'*1!B-''&0,+*1!8)b5+20*%+-)y!v!TNTR!

! |! L/$+)&$$&$^F&*0^L/$+)&$$&$!

! |! D4+$![*$!*)!&$%+'*%+-)![4+,4![*$!3-/)(!%-!2+9&!%4&!'-(&1&(!20-[%4!$+'+1+*0!%-!*,%/*1!

20-[%4!

! !!

!

yH-0'*1!8)(/$%0#!8)b5+20*%+-)y!v!TNTRS!

! |! L/$+)&$$&$^F&*0^L/$+)&$$&$!

! |! D4+$![*$!*)!&$%+'*%+-)![4+,4![*$!3-/)(!%-!2+9&!%4&!'-(&1&(!20-[%4!$+'+1+*0!%-!*,%/*1!

20-[%4!

! !!

!

yH-0'*1!8)(/$%0#!A/%b5+20*%+-)y!v!TNTU!

! |! L/$+)&$$&$^F&*0^L/$+)&$$&$!

! |! D4+$![*$!*)!&$%+'*%+-)![4+,4![*$!3-/)(!%-!2+9&!%4&!'-(&1&(!20-[%4!$+'+1*0!%-!*,%/*1!

20-[%4!

! !!

!

B-''&0,+*1!L/$+)&$$&$v!8HDCO!Y!

! yB-''&0,+*1!8)b5+20*%+-)ybyB-''&0,+*1!A/%b5+20*%+-)y]!

! ! 8)+%+*1!B-''&0,+*1!L/$+)&$$&$Z!

! |! L/$+)&$$&$!!

!

yH-0'*1!B-''&0,+*1!A/%b5+20*%+-)y!v!TNTU!

! |! L/$+)&$$&$^F&*0^L/$+)&$$&$!

! |! D4+$![*$!*)!&$%+'*%+-)![4+,4![*$!3-/)(!%-!2+9&!%4&!'-(&1&(!20-[%4!$+'+1+*0!%-!*,%/*1!

20-[%4!

! !!


!

=&2+-)*1!D*_!=*%&$!v!RS!

! |! K')1!

! |! D4+$![*$!+)+%+*11#!*$$/'&(!%-!>&!&J/*1!%-!(&$+0&(]!>/%!,*)!>&!,4*)2&(!3-0!$+%/*%+-)$!-0!

+)!3/%/0&!(&9&1-.'&)%!-3!%4&!'-(&1!

! !!

!

7,%/*1!D0*)$.-0%*%+-)*1!"&09+,&$!v!E*)(!I$&(!3-0!D0*)$.-0%*%+-)^D-%*1!E*)(!70&*!

! |! K')1!!

!

=&2+-)*1!=&2/1*%-0#!C)9+0-)'&)%!v!RS!

! |! K')1!

! |! D4+$![*$!+)+%+*11#!*$$/'&(!%-!>&!&J/*1!%-!(&$+0&(]!>/%!,*)!>&!,4*)2&(!3-0!$+%/*%+-)$!-0!

+)!3/%/0&!(&9&1-.'&)%!-3!%4&!'-(&1!

! !!

!

C33&,%!-3!D0*)$.-0%*%+-)*1!$&09+,&$v!@8DG!EAAlI;!Y!

! K&$+0&(!D0*)$.-0%*%+-)*1!"&09+,&$^7,%/*1!D0*)$.-0%*%+-)*1!"&09+,&$]!

! ! Y�YT]TZbYR]RZ�]YT]RZ]YTNR]UNfSZ]YTNa]UNeaZ]YTNc]UNcdZ]YTNe]UNaUZ]YU]UZ]YUNR]TNcfZ]Y!

UNa]TNaeZ]YUNc]TN`aZ]YUNe]TNRaZ]YR]!

! ! TNUcZ!ZZ!

! |! K')1!

! |! @4&)!%4&!%0*)$.-0%*%+-)*1!$&09+,&$!*0&!>&%%&0!%4*)!(&$+0&(]!%4&!0&2+-)!+$!*%%0*,%+9&!3-0!

>/$+)&$$&$N!D4&!0&2+-)!+$!/)*%%0*,%+9&![4&)!%4&!-..-$+%&!+$!%0/&N!

! !!

!

B-'.&%+%+9&!D*_!=*%&$!v!RS!

! |! K')1!

! |! D4+$!+$!*)!*0>+%0*0#!9*1/&!/$&(!%-!,-'.*0&!%4&!*,%/*1!*2*+)$%!

! !!

!

B-'.&%+%+9&!=&2/1*%-0#!C)9+0-)'&)%!v!RS!

! |! K')1!

! |! D4+$!+$!*)!*0>+%0*0#!9*1/&!/$&(!%-!,-'.*0&!%4&!*,%/*1!*2*+)$%!

! !!

!

D0*)$.-0%*%+-)!E?A!v!E*)(!I$&(!3-0!D0*)$.-0%*%+-)^E*)(!r-)&(!D0*)$.-0%*%+-)!I$&$!

! |! K')1!!

!

E*)(!I$&(!3-0!D0*)$.-0%*%+-)!v!RURe!

! |! *,0&$!

! |! D4+$!(*%*![*$!2+9&)!%-!/$!>#!5=;B!

! !!

!

D-%*1!E*)(!?0*,%+-)!A,,/.+&(!v!Y!G-/$+)2!o!E*)(!.&0!G-/$&!s!B-''&0,+*1!L/$+)&$$&$!o!E*)(!.&0!

B-''&0,+*1!s!8)(/$%0+*1!L/$+)&$$&$!


! !o!E*)(!.&0!8)(/$%0#!sE*)(!I$&(!3-0!D0*)$.-0%*%+-)Z!^!D-%*1!E*)(!70&*!

! |! K')1!!

!

K&$+0&(!D0*)$.-0%*%+-)*1!"&09+,&$!v!TNTTaeSe!

! |! K')1!

! |! D4+$![*$!+)+%+*11#!*$$/'&(!%-!>&!&J/*1!%-!%4&!*,%/*1]!>/%!,*)!>&!,4*)2&(!3-0!$+%/*%+-)$!

-0!+)!3/%/0&!(&9&1-.'&)%!-3!%4&!'-(&1!

! !!

!

E*)(!r-)&(!D0*)$.-0%*%+-)!I$&$!v!RSTT!

! |! *,0&$!

! |! D4&!'-(&1!(-&$!)-%!,-)%*+)!20-[%4!+)!1*)(!/$&(!3-0!%0*)$.-0%*%+-)]!$-!%4&!1*)(!W-)&(!

3-0!%0*)$.-0%*%+-)!(-&$!)-%!'*%%&0!*$!1-)2!*$!+%!+$!20&*%&0!%4*)!%4&!1*)(!/$&(N!RSTT!*,0&$![*$!,4-$&)!

*0>+%0*0+1#N!

! !!

!

;&0,&+9&(!L/$+)&$$!7%%0*,%+9&)&$$v!8HDCO!Y!

! B4*)2&!;&0,&+9&(!L/$+)&$$!7%%0*,%+9&)&$$]!

! ! =&2+-)!L/$+)&$$!7%%0*,%+9&)&$$Z!

! |! K')1!

! |! D4+$!,*.%/0&$!4-[!>/$+)&$$&$!$&&!%4&!*%%0*,%+9&)&$$!+)!%4&!0&2+-)]!*)(![+11!>&!(&1*#&(!

>&4+)(!%4&!*,%/*1!*%%0*,%+9&)&$$N!

! !!

!

y;0-_+'+%#!%-!5*<-0!G+24[*#$^$&*.-0%$y!v!RS!

! |! 5+1&$!

! |! D4+$!+$!*)!*0>+%0*0#!9*1/&!/$&(!%-!,-'.*0&!%4&!(&$+0&(!*2*+)$%!

! !!

!

yK&$+0&(!;0-_+'+%#!%-!5*<-0!G+24[*#$^"&*.-0%$y!v!``NUcac!

! |! 5+1&$!

! |! D4+$!9*1/&![*$!3-/)(!%40-/24!-.%+'+W*%+-)!%&,4)+J/&$!

! !!

!

=&2+-)!L/$+)&$$!7%%0*,%+9&)&$$!v!Y!YyC33&,%!A3!;0-_+'+%#!%-!5*<-0!G+24[*#$^"&*.-0%$y!u!y"%0&)2%4!-3!

;0-_+'+%#!%-!G+24[*#$^"&*.-0%$!C33&,%y!Z!o!Y!C33&,%!-3!79*+1*>+1+%#!-3!"P+11&(!E*>-0!u!"%0&)2%4!-3!"P+11&(!

E*>-0!79*+1*>+1+%#!C33&,%!Z!o!Y!C33&,%!-3!=&1*%+9&!=&2/1*%-0#!C)9+0-)'&)%!u!"%0&)2%4!-3!=&1*%+9&!

=&2/1*%-0#!C)9+0-)'&)%!C33&,%!Z!o!Y!C33&,%!-3!D0*)$.-0%*%+-)*1!$&09+,&$!u!"%0&)2%4!-3!D0*)$.-0%*%+-)*1!

"&09+,&$!C33&,%!ZoYC33&,%!-3!=&1*%+9&!D*_!=*%&$!u!"%0&)%4!-3!=&1*%+9&!D*_!=*%&$!C33&,%!ZZ!u!Y!U!^!Y!"%0&)2%4!

-3!"P+11&(!E*>-0!79*+1*>+1+%#!C33&,%!s!"%0&)2%4!-3!=&1*%+9&!=&2/1*%-0#!C)9+0-)'&)%!C33&,%!s!"%0&)2%4!-3!

D0*)$.-0%*%+-)*1!"&09+,&$!C33&,%!s!"%0&)%4!-3!=&1*%+9&!D*_!=*%&$!C33&,%!s!y"%0&)2%4!-3!;0-_+'+%#!%-!

G+24[*#$^"&*.-0%$!C33&,%yZ!Z!

! |! K')1!

! |! D4+$!+$!%4&!2&-'&%0+,!'&*)!-3!%4&!9*0+-/$!3*,%-0$!*33&,%+)2!0&2+-)*1!>/$+)&$$!

*%%0*,%+9&)&$$N!D4&!/$&!-3!%4+$!$%0/,%/0&!*)(!&J/*%+-)!%-!0&.0&$&)%!*%%0*,%+9&)&$$!+)!*!$#$%&'!

(#)*'+,$!'-(&1![*$!3+0$%!(-)&!>#!5+,4*&1!L&*)N!


! !!

!

C33&,%!-3!79*+1*>+1+%#!-3!"P+11&(!E*>-0v!@8DG!EAAlI;!Y!

! �8KrYK&$+0&(!"P+11&(!E*>-0]79*+1*>1&!"P+11&(!E*>-0]RZ]!

! ! Y�YT]TZbYR]RZ�]YT]RZ]YTNR]UNf`Z]YTNa]UNdfZ]YTNc]UNcUZ]YTNe]UN``Z]YU]UZ]YUNR]TNcdZ]Y!

UNa]TNaRZ]YUNc]TNRcZ]YUNe]TNTfZ]YR]TNTTUZ!ZZ!

! |! K')1!

! |! @4&)!%4&0&!*0&!'-0&!$P+11&(!1*>-0&0$!.0&$&)%!%4*)!(&$+0&(]!%4&!0&2+-)!+$!*%%0*,%+9&!3-0!

>/$+)&$$&$N!D4&!0&2+-)!+$!/)*%%0*,%+9&![4&)!%4&!-..-$+%&!+$!%0/&N!

! !!

!

D+'&!%-!B4*)2&!;&0,&+9&(!L/$+)&$$!7%%0*,%+9&)&$$!v!U!

! |! F&*0!

! |! @&!*$$/'&(!+%![-/1(!%*P&!*>-/%!*!#&*0!%-!0&,-2)+W&!*!,4*)2&!+)!%4&!0&2+-)!

! !!

!

yC33&,%!A3!;0-_+'+%#!%-!5*<-0!G+24[*#$^"&*.-0%$yv!@8DG!EAAlI;!Y!

! yK&$+0&(!;0-_+'+%#!%-!5*<-0!G+24[*#$^"&*.-0%$y^y;0-_+'+%#!%-!5*<-0!G+24[*#$^$&*.-0%$y!]!



! |! K')1!

! |! @4&)!%4&!.0-_+'+%#!%-!'*<-0!4+24[*#$!*)(!$&*.-0%$!+$!20&*%&0!%4*)!(&$+0&(]!%4&!0&2+-)!

+$!*%%0*,%+9&!3-0!>/$+)&$$&$N!D4&!0&2+-)!+$!/)*%%0*,%+9&![4&)!%4&!-..-$+%&!+$!%0/&N!

! !!

!

"%0&)2%4!-3!D0*)$.-0%*%+-)*1!"&09+,&$!C33&,%!v!TNf!

! |! K')1!

! |! D4&!$%0&)2%4$![&0&!(&%&0'+)&(!>*$&(!-)!%4&!$/09&#!0&$/1%$!*)(!30-'!%4&!.*.&0!

I)(&01#+)2!(+'&)$+-)$!-3!>/$+)&$$!1-,*%+-)!(&,+$+-)$!>#!?*40+!l*0*P*#*!*)(!B&'!B*)&1!

! !!

!

B4*)2&!;&0,&+9&(!L/$+)&$$!7%%0*,%+9&)&$$!v!Y=&2+-)!L/$+)&$$!7%%0*,%+9&)&$$b;&0,&+9&(!L/$+)&$$!

7%%0*,%+9&)&$$Z^D+'&!%-!B4*)2&!;&0,&+9&(!L/$+)&$$!7%%0*,%+9&)&$$!

! |! U^F&*0!!

!

C33&,%!-3!=&1*%+9&!=&2/1*%-0#!C)9+0-)'&)%v!@8DG!EAAlI;!Y!

! =&2+-)*1!=&2/1*%-0#!C)9+0-)'&)%^B-'.&%+%+9&!=&2/1*%-0#!C)9+0-)'&)%]!


UNa]TNaeZ]YUNc]TN`aZ]YUNe]TNRaZ]YR]TNUcZ!ZZ!

! |! K')1!

! |! @4&)!%4&0&!+$!1&$$!0&2/1*%+-)!+)!%4&!0&2+-)!%4*)!+)!)&*0>#!0&2+-)$]!%4&!0&2+-)!+$!

*%%0*,%+9&!3-0!>/$+)&$$&$N!D4&!0&2+-)!+$!/)*%%0*,%+9&![4&)!%4&!-..-$+%&!+$!%0/&N!

! !!

!

C33&,%!-3!=&1*%+9&!D*_!=*%&$v!@8DG!EAAlI;!Y!

! =&2+-)*1!D*_!=*%&$^B-'.&%+%+9&!D*_!=*%&$]!




! |! K')1!

! |! @4&)!%4&!0&2+-)*1!%*_!0*%&$!*0&!1-[&0!%4*)!%4&!%*_!0*%&$!-3!)&*0>#!0&2+-)$]!%4&!0&2+-)!

+$!*%%0*,%+9&!3-0!>/$+)&$$&$N!D4&!0&2+-)!+$!/)*%%0*,%+9&![4&)!%4&!-..-$+%&!+$!%0/&N!

! !!

!

y"%0&)2%4!-3!;0-_+'+%#!%-!G+24[*#$^"&*.-0%$!C33&,%y!v!TNc!

! |! K')1!

! |! D4&!$%0&)2%4$![&0&!(&%&0'+)&(!>*$&(!-)!%4&!$/09&#!0&$/1%$!*)(!30-'!%4&!.*.&0!

I)(&01#+)2!(+'&)$+-)$!-3!>/$+)&$$!1-,*%+-)!(&,+$+-)$!>#!?*40+!l*0*P*#*!*)(!B&'!B*)&1!

! !!

!

"%0&)2%4!-3!=&1*%+9&!D*_!=*%&$!C33&,%!v!TNe!

! |! K')1!

! |! D4&!$%0&)2%4$![&0&!(&%&0'+)&(!>*$&(!-)!%4&!$/09&#!0&$/1%$!*)(!30-'!%4&!.*.&0!

I)(&01#+)2!(+'&)$+-)$!-3!>/$+)&$$!1-,*%+-)!(&,+$+-)$!>#!?*40+!l*0*P*#*!*)(!B&'!B*)&1!

! !!

!

"%0&)2%4!-3!=&1*%+9&!=&2/1*%-0#!C)9+0-)'&)%!C33&,%!v!TNd!

! |! K')1!

! |! D4&!$%0&)2%4$![&0&!(&%&0'+)&(!>*$&(!-)!%4&!$/09&#!0&$/1%$!*)(!30-'!%4&!.*.&0!

I)(&01#+)2!(+'&)$+-)$!-3!>/$+)&$$!1-,*%+-)!(&,+$+-)$!>#!?*40+!l*0*P*#*!*)(!B&'!B*)&1!

! !!

!

"%0&)2%4!-3!"P+11&(!E*>-0!79*+1*>+1+%#!C33&,%!v!U!

! |! K')1!

! |! D4&!$%0&)2%4$![&0&!(&%&0'+)&(!>*$&(!-)!%4&!$/09&#!0&$/1%$!*)(!30-'!%4&!.*.&0!

I)(&01#+)2!(+'&)$+-)$!-3!>/$+)&$$!1-,*%+-)!(&,+$+-)$!>#!?*40+!l*0*P*#*!*)(!B&'!B*)&1!

! !!

!

C33&,%!-3!G-/$+)2!79*+1*>+1+%#v!@8DG!EAAlI;!Y!

! G-/$&4-1(%-G-/$&!=*%+-]!



! |! K')1!

! |! @4&)!%4&0&!*0&!'-0&!4-/$&$!%4*)!4-/$&4-1($]!4-/$&$![+11!>&!*9*+1*>1&!*)(!,4&*.&0]!$-!

%4&!0&2+-)![+11!>&!*%%0*,%+9&!*)(!/)*%%0*,%+9&![4&)!%4&!-..-$+%&!+$!%0/&N!

! !!

!

;0-%&,%&(!E*)(!v!RS`e!

! |! *,0&$!

! |! D4+$!+$!1*)(!W-)&(!3-0!,-)$&09*%+-)N!D4&!(*%*![*$!.0-9+(&(!>#!5=;B!

! !!

!

L/+1(*>1&!E*)(!?0*,%+-)!A,,/.+&(!v!YD-%*1!E*)(!70&*oD-%*1!E*)(!?0*,%+-)!A,,/.+&(Z^YD-%*1!E*)(!70&*b


;0-%&,%&(!E*)(Z!

! |! K')1!!

!

C33&,%!-3!E*)(!A,,/.+&(v!@8DG!EAAlI;!Y!

! D-%*1!E*)(!?0*,%+-)!A,,/.+&(^K&$+0&(!E*)(!?0*,%+-)!A,,/.+&(]!



! |! K')1!

! |! @4&)!%4&0&!+$!1&$$!1*)(!-,,/.+&(!%4*)!%4&!(&$+0&(!-0!&_.&,%&(!*'-/)%]!'&*)+)2!'-0&!

-.&)!$.*,&]!+%!+$!*%%0*,%+9&!*)(!/)*%%0*,%+9&![4&)!%4&!-..-$+%&!+$!%0/&N!

! !!

!

=&2+-)!7%%0*,%+9&)&$$!v!Y!Y!C33&,%!-3!G-/$+)2!79*+1*>+1+%#!u!"%0&)2%4!-3!G-/$+)2!79*+1*>+1+%#!C33&,%!Z!o!Y!

C33&,%!-3!=&1*%+9&!=&2+-)*1!"&09+,&$!

! !u!"%0&)2%4!-3!=&1*%+9&!=&2+-)*1!"&09+,&$!C33&,%!Z!o!Y!C33&,%!-3!=&1*%+9&!V->!5*0P&%!u!"%0&)2%4!-3!

=&1*%+9&!V->!5*0P&%!C33&,%ZZoYC33&,%!-3!E*)(!A,,/.+&(u"%0&)%4!-3!E*)(!A,,/.+&(!C33&,%!Z!u!Y!U!^!Y!

"%0&)2%4!-3!G-/$+)2!79*+1*>+1+%#!C33&,%!s!"%0&)2%4!-3!=&1*%+9&!=&2+-)*1!"&09+,&$!C33&,%!s!"%0&)2%4!-3!

=&1*%+9&!V->!5*0P&%!C33&,%s"%0&)%4!-3!E*)(!A,,/.+&(!C33&,%!

! !Z!Z!

! |! K')1!

! |! D4+$!+$!%4&!2&-'&%0+,!'&*)!-3!%4&!9*0+-/$!3*,%-0$!*33&,%+)2!0&2+-)*1!*%%0*,%+9&)&$$N!D4&!

/$&!-3!%4+$!$%0/,%/0&!*)(!&J/*%+-)!%-!0&.0&$&)%!*%%0*,%+9&)&$$!+)!*!$#$%&'!(#)*'+,$!'-(&1![*$!3+0$%!

(-)&!>#!5+,4*&1!L&*)N!

! !!

!

K&$+0&(!E*)(!?0*,%+-)!A,,/.+&(!v!TNUdS!

! |! K')1!

! |! D4+$![*$!3-/)(!/$+)2!-.%+'+W*%+-)!%&,4)+J/&$!

! !!

!

"%0&)2%4!-3!E*)(!A,,/.+&(!C33&,%!v!TNS!

! |! K')1!!

!

E*)(!r-)&(!=&$+(&)%+*1!v!`fSTS`!

! |! *,0&$!

! |! D4+$!(*%*![*$!2+9&)!%-!/$!>#!5=;B!

! !!

!

G-/$+)2!E*)(!5/1%+.1+&0!v!yG-/$+)2!E*)(!5/1%!E--Pb/.y!Y!=&$+(&)%+*1!E?A!Z!

! |! K')1!

! |! D4&!1--Pb/.!3/),%+-)!*..1+&(!'*P&$!+%!$-!*!4+24!1*)(!30*,%+-)!-,,/.+&(!-3!%4&!0&$+(&)%+*1!

$&,%-0![+11!(&,0&*$&!,-)$%0/,%+-)]!*)(!*!1-[!30*,%+-)![+11!+),0&*$&!,-)$%0/,%+-)]!>&,*/$&!%4&!'-$%!

+(&*1!1-%$![+11!>&!*9*+1*>1&!%-!>/+1(!-)N!

! !!

!

E*)(!r-)&(!B-''&0,+*1!v!UUUdT!


! |! *,0&$!

! |! D4+$!(*%*![*$!2+9&)!%-!/$!>#!5=;B!

! !!

!

E*)(!.&0!8)(/$%0#!v!e!

! |! *,0&$^L/$+)&$$&$!

! |! D4+$!9*1/&![*$!%*P&)!30-'!%4&!"%&01+)2!'-(&1]!*)(![*$!3-/)(!%-!.0-9+(&!*,,/0*%&!

$+'/1*%+-)$!+)!%4+$!'-(&1!*$![&11N!

! !!

!

E*)(!.&0!B-''&0,+*1!v!R!

! |! *,0&$^L/$+)&$$&$!

! |! D4+$!9*1/&![*$!%*P&)!30-'!%4&!"%&01+)2!'-(&1]!*)(![*$!3-/)(!%-!.0-9+(&!*,,/0*%&!

$+'/1*%+-)$!+)!%4+$!'-(&1!*$![&11N!

! !!

!

E*)(!.&0!G-/$&!v!TNaS`a!

! |! *,0&$^G-/$&$!

! |! D4+$![*$!%4&!1*)(!/$&(!-3!0&$+(&)%+*1!./0.-$&$!+)!%4&!#&*0!RTTT!(+9+(&(!>#!%4&!)/'>&0!

-3!4-/$+)2!/)+%$!+)!%4&!0&2+-)!%4*%!#&*0N!

! !!

!

D-%*1!E*)(!70&*!v!a`eTR`!

! |! *,0&$!

! |! D4+$!(*%*![*$!2+9&)!%-!/$!>#!5=;B!

! !!

!

E*)(!r-)&(!8)(/$%0+*1!v!UcUSf!

! |! *,0&$!

! |! D4+$!(*%*![*$!2+9&)!%-!/$!>#!5=;B!

! !!

!

G-/$&!79*+1!5/1%!v!yG-/$+)2!79*+1!5/1%!E--Pb/.y!Y!G-/$&4-1(%-G-/$&!=*%+-!Z!

! |! K')1!

! |! D4&!1--Pb/.!3/),%+-)!*..1+&(!'*P&$!+%!$-!*!4+24!4-/$&4-1(!%-!4-/$&!0*%+-![+11!+),0&*$&!

,-)$%0/,%+-)]!*)(!*!1-[!0*%+-![+11!(&,0&*$&!,-)$%0/,%+-)!

! !!

!

792!?*'+1#!"+W&!v!RNcda!

! |! ;&-.1&^G-/$&4-1($!

! |! D4+$!+$!%4&!*9&0*2&!.&-.1&!.&0!4-/$&4-1(!+)!%4&!0&2+-)N!D4+$!(*%*!,*'&!30-'!%4&!RTTT!

,&)$/$N!

! !!

!

G-/$&4-1(%-G-/$&!=*%+-!v!�8KrYY!D-%*1!;-./1*%+-)!^!792!?*'+1#!"+W&!Z]G-/$+)2]RTTTTZ!

! |! G-/$&4-1($^G-/$&$!!


!

G-/$+)2v!8HDCO!Y!

! !G-/$&!B-)$%0/,%+-)!b!G-/$+)2!K&'-1+%+-)]!

! ! cUedcZ!

! |! G-/$&$!

! |! D4&!+)+%+*1!9*1/&!+$!%4&!1*)(!/$&(!>#!%4&!0&$+(&)%+*1!$&,%-0!+)!%4&!0&2+-)!+)!UfdU!(+9+(&(!

>#!%4&!E*)(!.&0!G-/$&!

! !!

!

yG-/$+)2!79*+1!5/1%!E--Pb/.yY!

! �YTNc]TZbYUNa]RZ�]YTNc]TNUZ]YTNce]TNUSZ]YTNdc]TN`Z]YTNea]TNaSZ]YTNfR]TNcZ]YU]UZ]YUNTe!

]UN`SZ]YUNUc]UNcZ]YUNRa]UNeZ]YUN`R]UNfSZ]YUNa]RZZ!

! |! K')1!!

!

G-/$+)2!B-)$%0/,%+-)!H-0'*1!v!TNTSRS!

! |! G-/$&$^F&*0^G-/$&$!

! |! D4+$!9*1/&!-0+2+)*11#!,*'&!30-'!%4&!"%&01+)2!%-[)!'-(&1!*)(![*$!3-/)(!%-!3+%!%4&!0&2+-)!

[&11N!

! !!

!

G-/$+)2!K&'-1+%+-)!v!K&'-1+%+-)!H-0'*1!o!G-/$+)2!

! |! G-/$&$!^!F&*0!!

!

yG-/$+)2!E*)(!5/1%!E--Pb/.yY!

! �YT]TZbYU]UNUdZ�]YT]UNUdZ]YTNR]TNfeZ]YTNRSRRfa]TNeTdTUeZ]YTN`RScee]TNcaT`SUZ]YTNaddTca!

]TNad`ceaZ]YTNccSU`e]TNRdUf`Z]YTNedUSc]TNTeddUf`Z]YU]TZZ!

! |! K')1!!

!

K&'-1+%+-)!H-0'*1!v!TNTUS!

! |! G-/$&$^F&*0^G-/$&$!

! |! D4+$!9*1/&!-0+2+)*11#!,*'&!30-'!%4&!"%&01+)2!%-[)!'-(&1!*)(![*$!3-/)(!%-!3+%!%4&!0&2+-)!

[&11N!

! !!

!

G-/$&!B-)$%0/,%+-)!v!G-/$+)2!B-)$%0/,%+-)!H-0'*1!o!G-/$&!79*+1!5/1%!o!G-/$+)2!E*)(!5/1%+.1+&0!o!

G-/$+)2!

! |! G-/$&$!^!F&*0!!

!

C33&,%!-3!=&1*%+9&!V->!5*0P&%v!@8DG!EAAlI;!Y!

! �8KrYE*>-0!?-0,&]V->$]RZ]!



! |! K')1!

! |! @4&)!%4&0&!*0&!'-0&!<->$!%4*)!.&-.1&!+)!%4&!1*>-0!3-0,&]!+%!*$!*%%0*,%+9&!*)(!

/)*%%0*,%+9&![4&)!%4&!-..-$+%&!+$!%0/&N!

! !!


!

yT!b!Uf!H&%!8''+20*%+-)y!v!5*_YyH-0'*1!8)b5+20*%+-)y!o!yT!b!Ufy!o!;&0,&+9&(!7%%0*,%+9&)&$$!b!�8KrYyT!b!

Ufy!o!yH-0'*1!A/%b5+20*%+-)y!]!;&0,&+9&(!7%%0*,%+9&)&$$]!yT!b!UfyZ]!bU!o!yT!b!UfyZ!

! |! ;&-.1&^F&*0!

! |! D4+$!&J/*%+-)!'/1%+.1+&$!%4&!)/'>&0!-3!TbUf!#&*0b-1($!,/00&)%1#!+)!%4&!0&2+-)![+%4!%4&!

)-0'*1!+)b'+20*%+-)!0*%&!*)(!%4&!.&0,&+9&(!*%%0*,%+9&)&$$!%-!2+9&!%4&!.&-.1&!'-9+)2!+)%-!%4&!0&2+-)N!

8%!*1$-!'/1%+.1+&$!%4&!$%-,P!9*1/&!>#!%4&!)-0'*1!-/%b'+20*%+-)]!*)(!(+9+(&$!%4*%!>#!%4&!.&0,&+9&(!

*%%0*,%+9&)&$$]!/$+)2!�8Kr!%-!$*#!+3!%4&!*%%0*,%+9&)&$$!+$!W&0-]!&9&0#-)&!'-9&$!-/%N!D4&!)&%!'+20*%+-)!

+$!.&-.1&!'-9+)2!+)!'+)/$!.&-.1&!'-9+)2!-/%]!*)(!*!'*_!3/),%+-)!+$!/$&(!%-!&)$/0&!'-0&!.&-.1&!,*)q%!

'-9&!-/%!+)!*!$+)21&!#&*0!%4*)!*0&!,/00&)%1#!%4&0&N!

! !!

!

yT!b!Ufyv!8HDCO!Y!

! yT!b!Uf!H&%!8''+20*%+-)ys!L+0%4$!b!5*%/0+)2]!

! ! SRRaSZ!

! |! ;&-.1&!

! |! D4&!+)+%+*1!9*1/&!+$!%4&!.&0,&)%*2&!-3!5*$$*,4/$&%%$!0&$+(&)%$![4-!*0&!*2&!TbUf!

'/1%+.1+&(!>#!%4&!0&2+-)q$!UfdT!.-./1*%+-)N!

! !!

!

;&0,&+9&(!7%%0*,%+9&)&$$v!8HDCO!Y!

! B4*)2&!;&0,&+9&(!7%%0*,%+9&)&$$]!

! ! =&2+-)!7%%0*,%+9&)&$$Z!

! |! K')1!

! |! D4+$!,*.%/0&$!4-[!.&-.1&!$&&!%4&!*%%0*,%+9&)&$$!+)!%4&!0&2+-)]!*)(![+11!>&!(&1*#&(!

>&4+)(!%4&!*,%/*1!*%%0*,%+9&)&$$N!

! !!

!

B4*)2&!;&0,&+9&(!7%%0*,%+9&)&$$!v!Y=&2+-)!7%%0*,%+9&)&$$b;&0,&+9&(!7%%0*,%+9&)&$$Z^D+'&!%-!B4*)2&!

;&0,&+9&(!7%%0*,%+9&)&$$!

! |! U^F&*0!!

!

E*)(!*0&*!v!cea!

! |! 5+1&o5+1&!!

!

F-/)2!7(/1%!H&%!8''+20*%+-)!v!5*_Y;&0,&+9&(!7%%0*,%+9&)&$$!oyH-0'*1!8)b5+20*%+-)y!o!yRT!b!aay!b!

�8KrYyRT!b!aay!o!yH-0'*1!A/%b5+20*%+-)y!]!;&0,&+9&(!7%%0*,%+9&)&$$]!yRT!b!aayZ]!bU!o!yRT!b!aayZ!

! |! ;&-.1&^F&*0!

! |! D4+$!&J/*%+-)!'/1%+.1+&$!%4&!)/'>&0!-3!#-/)2!*(/1%$!,/00&)%1#!+)!%4&!0&2+-)![+%4!%4&!

)-0'*1!+)b'+20*%+-)!0*%&!*)(!%4&!.&0,&+9&(!*%%0*,%+9&)&$$!%-!2+9&!%4&!.&-.1&!'-9+)2!+)%-!%4&!0&2+-)N!

8%!*1$-!'/1%+.1+&$!%4&!$%-,P!9*1/&!>#!%4&!)-0'*1!-/%b'+20*%+-)]!*)(!(+9+(&$!%4*%!>#!%4&!.&0,&+9&(!

*%%0*,%+9&)&$$]!/$+)2!�8Kr!%-!$*#!+3!%4&!*%%0*,%+9&)&$$!+$!W&0-]!&9&0#-)&!'-9&$!-/%N!D4&!)&%!'+20*%+-)!

+$!.&-.1&!'-9+)2!+)!'+)/$!.&-.1&!'-9+)2!-/%]!*)(!*!'*_!3/),%+-)!+$!/$&(!%-!&)$/0&!'-0&!.&-.1&!,*)q%!

'-9&!-/%!+)!*!$+)21&!#&*0!%4*)!*0&!,/00&)%1#!%4&0&N!

! !!

!


7(/1%!H&%!8''+20*%+-)!v!5*_Y;&0,&+9&(!7%%0*,%+9&)&$$!o!yH-0'*1!8)b5+20*%+-)y!o!yaS!b!cay!b!�8KrY!yaS!

b!cay!o!yH-0'*1!A/%b5+20*%+-)y!]!;&0,&+9&(!7%%0*,%+9&)&$$]!yaS!b!cay!Z]!bU!o!yaS!b!cayZ!

! |! ;&-.1&^F&*0!

! |! D4+$!&J/*%+-)!'/1%+.1+&$!%4&!)/'>&0!-3!*(/1%$!,/00&)%1#!+)!%4&!0&2+-)![+%4!%4&!)-0'*1!

+)b'+20*%+-)!0*%&!*)(!%4&!.&0,&+9&(!*%%0*,%+9&)&$$!%-!2+9&!%4&!.&-.1&!'-9+)2!+)%-!%4&!0&2+-)N!8%!*1$-!

'/1%+.1+&$!%4&!$%-,P!9*1/&!>#!%4&!)-0'*1!-/%b'+20*%+-)]!*)(!(+9+(&$!%4*%!>#!%4&!.&0,&+9&(!

*%%0*,%+9&)&$$]!/$+)2!�8Kr!%-!$*#!+3!%4&!*%%0*,%+9&)&$$!+$!W&0-]!&9&0#-)&!'-9&$!-/%N!D4&!)&%!'+20*%+-)!

+$!.&-.1&!'-9+)2!+)!'+)/$!.&-.1&!'-9+)2!-/%]!*)(!*!'*_!3/),%+-)!+$!/$&(!%-!&)$/0&!'-0&!.&-.1&!,*)q%!

'-9&!-/%!+)!*!$+)21&!#&*0!%4*)!*0&!,/00&)%1#!%4&0&N!

! !!

!

yH-0'*1!A/%b5+20*%+-)y!v!TNTd!

! |! ;&-.1&^F&*0^;&-.1&!

! |! D4+$!9*1/&!-0+2+)*11#!,*'&!30-'!%4&!"%&01+)2!%-[)!'-(&1!*)(![*$!3-/)(!%-!3+%!%4&!0&2+-)!

[&11N!

! !!

!

C1(&0!H&%!8''+20*%+-)!v!5*_Y;&0,&+9&(!7%%0*,%+9&)&$$!o!yH-0'*1!8)b5+20*%+-)y!o!ycSsy!b!�8Kr!YycSsy!

o!yH-0'*1!A/%b5+20*%+-)y!]!;&0,&+9&(!7%%0*,%+9&)&$$]!ycSsyZ]!bUoycSsyZ!

! |! ;&-.1&^F&*0!

! |! D4+$!&J/*%+-)!'/1%+.1+&$!%4&!)/'>&0!-3!&1(&0$!,/00&)%1#!+)!%4&!0&2+-)![+%4!%4&!)-0'*1!

+)b'+20*%+-)!0*%&!*)(!%4&!.&0,&+9&(!*%%0*,%+9&)&$$!%-!2+9&!%4&!.&-.1&!'-9+)2!+)%-!%4&!0&2+-)N!8%!*1$-!

'/1%+.1+&$!%4&!$%-,P!9*1/&!>#!%4&!)-0'*1!-/%b'+20*%+-)]!*)(!(+9+(&$!%4*%!>#!%4&!.&0,&+9&(!

*%%0*,%+9&)&$$]!/$+)2!�8Kr!%-!$*#!+3!%4&!*%%0*,%+9&)&$$!+$!W&0-]!&9&0#-)&!'-9&$!-/%N!D4&!)&%!'+20*%+-)!

+$!.&-.1&!'-9+)2!+)!'+)/$!.&-.1&!'-9+)2!-/%]!*)(!*!'*_!3/),%+-)!+$!/$&(!%-!&)$/0&!'-0&!.&-.1&!,*)q%!

'-9&!-/%!+)!*!$+)21&!#&*0!%4*)!*0&!,/00&)%1#!%4&0&N!

! !!

!

D+'&!%-!B4*)2&!;&0,&+9&(!7%%0*,%+9&)&$$!v!U!

! |! F&*0!

! |! D4+$!9*1/&![*$!*)!*$$/'.%+-)!%4*%!+%!%*P&$!*>-/%!*!#&*0!3-0!*!%#.+,*1!.&0$-)!%-!

0&,-2)+W&!*!,4*)2&!+)!%4&!0&*$-)!

! !!

!

8)+%+*1!B0-[(+)2!v!RdT!

! |! ;&-.1&^Y5+1&o5+1&Z!!

!

C33&,%!-3!=&1*%+9&!=&2+-)*1!"&09+,&$v!@8DG!EAAlI;!Y!

! !K&$+0&(!=&2+-)*1!"&09+,&$!^!7,%/*1!=&2+-)*1!"&09+,&$]!



! |! K')1!

! |! @4&)!%4&!*,%/*1!0&2+-)*1!$&09+,&$!*0&!>&%%&0!%4*)!%4&!(&$+0&(!$&09+,&$]!+%!*$!*%%0*,%+9&]!

*)(!/)*%%0*,%+9&![4&)!%4&!-..-$+%&!+$!%0/&N!

! !!

!


yH-0'*1!8)b5+20*%+-)y!v!TNTef`!

! |! ;&-.1&^YF&*0o;&-.1&Z!

! |! D4+$!9*1/&!-0+2+)*11#!,*'&!30-'!%4&!"%&01+)2!%-[)!'-(&1!*)(![*$!3-/)(!%-!3+%!%4&!0&2+-)!

[&11N!

! !!

!

"%0&)2%4!-3!=&1*%+9&!=&2+-)*1!"&09+,&$!C33&,%!v!TNS!

! |! K')1!!

!

K&$+0&(!=&2+-)*1!"&09+,&$!v!R!

! |! "&09+,&$!

! |! D4+$![*$!*)!*0>+%0*0#!9*1/&!,4-$&)!3-0!7,%/*1!=&2+-)*1!$&09+,&$!%-!>&!,-'.*0&(!*2*+)$%!

! !!

!

"%0&)2%4!-3!=&1*%+9&!V->!5*0P&%!C33&,%!v!TNS!

! |! K')1!!

!

"%0&)2%4!-3!G-/$+)2!79*+1*>+1+%#!C33&,%!v!TNS!

! |! K')1!!

!

7(/1%!K&*%4!=*%&!v!TNTU!

! |! ;&-.1&^YF&*0o;&-.1&Z!

! |! D4+$!+$!%4&!)*%+-)*1!(&*%4!0*%&!*'-)2!.&-.1&!*2&$!aSbca!

! !!

!

C1(&0!K&*%4$!v!ycSsy^C1(&0!=&'*+)+)2!E+3&!

! |! ;&-.1&^F&*0!!

!

7(/1%!K&*%4$!v!yaS!b!cayo7(/1%!K&*%4!=*%&!

! |! ;&-.1&^F&*0!!

!

C1(&0!=&'*+)+)2!E+3&!v!U`!

! |! F&*0!

! |! D4+$!+$!%4&!)*%+-)*1!*9&0*2&!1+3&!$.*)!YdeZ!'+)/$!cSN!

! !!

!

72+)2!v!yRT!b!aay^RS!

! |! ;&-.1&^F&*0!!

!

=&%+0+)2!v!yaS!b!cay^RT!

! |! ;&-.1&^F&*0!!

!

5*%/0+)2!v!yT!b!Ufy^RT!

! |! ;&-.1&^F&*0!!

!

yRT!b!aayv!8HDCO!Y!


! 5*%/0+)2sF-/)2!7(/1%!H&%!8''+20*%+-)b72+)2]!

! ! dSdSSZ!

! |! ;&-.1&!

! |! D4&!+)+%+*1!9*1/&!+$!%4&!.&0,&)%*2&!-3!5*$$*,4/$&%%$!0&$+(&)%$![4-!*0&!*2&!RTbaa!

'/1%+.1+&(!>#!%4&!0&2+-)q$!UfdT!.-./1*%+-)N!

! !!

!

yaS!b!cayv!8HDCO!Y!

! 7(/1%!H&%!8''+20*%+-)!s!72+)2!b!7(/1%!K&*%4$!b!=&%+0+)2]!

! ! aSTUUZ!

! |! ;&-.1&!

! |! D4&!+)+%+*1!9*1/&!+$!%4&!.&0,&)%*2&!-3!5*$$*,4/$&%%$!0&$+(&)%$![4-!*0&!*2&!aSbca!

'/1%+.1+&(!>#!%4&!0&2+-)q$!UfdT!.-./1*%+-)N!

! !!

!

ycSsyv!8HDCO!Y!

! C1(&0!H&%!8''+20*%+-)!s!=&%+0+)2!b!C1(&0!K&*%4$]!

! ! RdURdZ!

! |! ;&-.1&!

! |! D4&!+)+%+*1!9*1/&!+$!%4&!.&0,&)%*2&!-3!5*$$*,4/$&%%$!0&$+(&)%$![4-!*0&!cS!-0!-1(&0!

'/1%+.1+&(!>#!%4&!0&2+-)q$!UfdT!.-./1*%+-)N!

! !!

!

L+0%4$!v!yRT!b!aay!o!L+0%4!=*%&!

! |! ;&-.1&^F&*0!!

!

E?;=!v!TNc!

! |! K')1!!

!

L+0%4!=*%&!v!TNTa!

! |! ;&-.1&^YF&*0o;&-.1&Z!

! |! D4+$!+$!%4&!)*%+-)*1!.&0!,*.+%*!>+0%40*%&!*'-)2!RTbaa!#&*0b-1($N!

! !!

!

D-%*1!;-./1*%+-)!v!yT!b!UfysyRT!b!aaysyaS!b!caysycSsy!

! |! ;&-.1&!!

!

E*>-0!?-0,&!v!YyRT!b!aaysyaS!b!cayZoE?;=!

! |! ;&-.1&!

!

7)!8)%&0*,%+9&!:/*1+3#+)2!;0-’+%%&(!%-!%4 ... ·...

Documents

7)!8)%&0,%+9&!:/1+3#+)2!;0-’+%%&(!%-!%4 ... ·...