SlideShare a Scribd company logo
1 of 22
Download to read offline
! ! !
!
! ! "#!
!
!"#$%&&!
'()*+,-(./+(01234*5.6*+*7-8-+2.
93*,24,-1.
.
.
.
'::/;<6=<>.?.
"#$%!&'()%*)#$!+*#,-!'#&.'%!
.
!
-*/#$0!1(%02'!
34567748!
!
.
! ! !
!
! ! $#!
>*@5-.AB.CA+2-+21.
!"#$%&'(&()*+,%-&.........................................................................................................................&/!
%0%1+!)2%&-+33",4&...................................................................................................................&5!
"#! )6!,'7+1!)'6&.......................................................................................................................&8!
"#"! %&'()*+&,-!.%/01-!2'&(3!############################################################################################################!4!
"#$! 5()60&'-!%*6!-1(.+&1-!###############################################################################################################!4!
"#7! -'(%'18+&!%*6!)51(%'+)*%/!&9%*81-!##########################################################################################!:!
$#! 1+,,%6!&3"6+("1!+,)6*&9,"1!)1%&...................................................................................&:!
$#"! /)%6(+'1;!5()60&'!<!.%*+//%!+*6+&%')(!###############################################################################!""!
$#$! =%*>%*!####################################################################################################################################!"7!
$#7! 4-!'1&9*+?01-!##########################################################################################################################!"@!
$#@! &%/+>(%'+)*!#############################################################################################################################!"@!
$#4! +*'1(*%/!%06+'!5()&1--!#############################################################################################################!"4!
7#! )--+%-&....................................................................................................................................&;8!
7#"! &)*-'(%+*'-!#############################################################################################################################!"4!
7#$! 90A%*!(1-)0(&1-!####################################################################################################################!":!
7#7! 10()51BA0/'+!/%*80%81!2A16+%!5%&=+*83!#################################################################################!"C!
7#@! D%-'1!)E!+*.1*')(F!#################################################################################################################!"C!
7#4! %E'1(!-%/1-!-1(.+&1!###################################################################################################################!"C!
@#! "(!%,&-"$%-&-%,2)1%&.............................................................................................................&;<!
@#"! &0((1*'!5()>/1A-!###################################################################################################################!"G!
@#$! >1-'!5(%&'+&1-!#########################################################################################################################!"H!
@#7! (1&)AA1*6%'+)*-!###################################################################################################################!$I!
@#@! &9%//1*81-!##############################################################################################################################!$"!
4#! 1'61$+-)'6-&........................................................................................................................&==!
:#! ,%(%,%61%-&...........................................................................................................................&==!
!
!
!
!
! ! !
!
! ! 7#!
!
>*@5-.AB.D4703-1.
!
E+80(1!"#!/)%6(+'1!A%*0E%&'0(+*8!5()&1--! C!
E+80(1!$!-'(0&'0(1!)E!'91!-055/F!%*6!&9%+*!615%('A1*'! H!
E+80(1!7#!%--1A>/F!/%F)0'! "I!
E+80(1!@#!2%3!%--1A>/F!%(1%!2>3!J)>!>%8!%*6!A%'1(+%/!-91/.1-! ""!
E+80(1!4#!.%*+//%!%*6!E/%.)0(16!+*6+&%')(-! "$!
E+80(1!:#!2%3!=%*!>%*!A%(=1'K!2>3!1A5'F!=%*!>%*!&)*'%+*1(!2&3!E+*%/!5%&=*8!%(1%! "7!
E+80(1!C#!.%*+//%!+*6+&%')(-!')!E+*%/!-9+55+*8! "@!
E+80(1!G#!&0((1*'!2%3!%*6!5()5)-16!2>3!-'(0&'0(1!E)(!-1(.+&1!&))(6+*%'+)*!%'!%&'()*+&! $"!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
! ! !
!
! ! @#!
!
=E-,024)-.:088*3F.
!
%LMNOPQL!'RLSPOTOUQRV!QV!W!XONTY!TRWYRN!OZ!OP[OWNY!XRQUSQPU!VOTMQOPV!ZON!XSRRT!TOWYRNVK!R]LW^WMONVK!
LOP^R_ON![RTMVK!ZON`TQZMV!WPY!^WNQOV!OMSRN!TOWYQPU!RaQbcRPMV#!'SQV!NRbONM!YQVLVVRV!WPY!WMMRcbMV!MO!
LNQMQLWTT_!WPWT_VR!QMV!cWPZWLMNQPU!bNOLRVVRV!WPY!cWPWURcRPM!bNWLMQLRV#!!
DQMS!W!^QVQOP!MO![RLOcR!XONTY!TRWYRN!QP!Y_PWcQL!XRQUSQPU!V_VMRc!%LMNOPQL!SWV!PYRNUOPR!W!cWdON!
MNWPVZONcWMQOP!bNOLRVV!WPY!WYObMRY!TRWP!cWPZWLMNQPU!WPY!MOMWT!aWTQM_!cWPWURcRPM#!+M!SWV![RRP!
QYRPMQZQRY! MSWM! VRN^QLRW[QTQM_! OZ! bNOYLMVK! V`QTT! VSONMWURV! WPY! O[VOTRVLRV! OZ! MRLSPOTOU_! QV! W! cWdON!
LWVR!OZ!LOPLRNP!ZON!%LMNOPQL#!'SR!VRN^QLR!!QVVR!SWV!![RRP!ZNMSRN!QP^RVMQUWMRY#!EQPWTT_K!MSQV!NRbONM!
VUURVMV!VOcR!cRWVNRV!MO!WYYNRVV!MSR!VRN^QLR!QVVR#!
6RVQUPecRMSOYOTOU_eWbbNOWLS!f!'SR!WMSON!QV!W!LNNRPM!RcbTO_RR!WM!%LMNOPQL!'RLSPOTOUQRV!/MY!WPY!
SWV![RRP!XON`QPU!ZON!TWVM!VR^RP!_RWNV#!'SR!YWMW!SWV![RRP!LOTTRLMRY![_!O[VRN^WMQOPK!QPMRN^QRXQPU!MSR!
LOTTRWURVK!UTO[WT!VbbT_!<!LSWQP!cWPWURNK!MSR!WVVQVMWPM!cWPWURN!2bNLSWVR!<!bNOYLMQOP!bTWPPQPU3!
WPY!bNOYLMQOP!VbRN^QVON#!!
=R_!XONYg!/RWP!AWPZWLMNQPUK!/OWYNQMRhK!=WP[WPK!JVM!QP!MQcR!2J+'3K!.WPQTTW!+PYQLWMONV!
!
!
!
!
!
!
!
!
!
! !
! ! !
!
! ! 4#!
59 /+23A(0,24A+.
!
%LMNOPQL!QV!W!XONTY!TRWYRN!OZ!OP[OWNY!XRQUSQPU!VOTMQOPV!ZON!XSRRT!TOWYRNVK!R]LW^WMONVK!LOP^R_ON!
[RTMVK!ZON`TQZMV!WPY!^WNQOV!OMSRN!TOWYQPU!RaQbcRPMV!RcbTO_V!O^RN!"II!bRNVOPV!QP!VQ]!LOPMNQRV#'SR!
LOcbWP_!SWV!cWPZWLMNQPU!PQM!QP!*RX!iRWTWPY#!%LMNOPQL!QV!W!UTO[WT!LOcbWP_!XQMS!OZZQLRV!QP!*RX!
iRWTWPYK!0-%K!%VMNWTQWK!&SQPW!WPY!*RMSRNTWPYV#!'SR!LOcbWP_!QPMRPYV!MO!R]MRPY!QMV!TRWYRNVSQb!MO!
PRX!UROUNWbSQL!cWN`RMV!bWNMQLTWNT_!+PYQWK!-OMS!%cRNQLW!WPY!&SQPW!MO!VMNRPUMSRP!QMV!bOVQMQOP!WV!MSR!
TRWYRNV!ZON!QcbNO^RY!bNOYLMQ^QM_!QP!MSR!WUUNRUWMRVK!XWVMRK!cQPQPUK!WPY!OMSRN!SRW^_!QPYVMNQRV#!
)^RN!7I!_RWNV!WUOK!%LMNOPQL!'RLSPOTOUQRV!/MY!QP!*RX!iRWTWPY!YR^RTObRY!W!NRTQW[TR!Y_PWcQL!XRQUSQPU!
V_VMRc!MO!VWMQVZ_!MSR!PRRY!OZ!WLLNWMRT_!XRQUSQPU!MSR!TOWY!OP!XSRRT!TOWYRNV#!%LMNOPQL!XWV!MSR!ZQNVM!
LOcbWP_!QP!MSR!XONTY!MO!QPMNOYLR!bNRLQVQOP!Y_PWcQL!XRQUSQPU!2%LMNOPQL3#!-QPLR!MSRPK!%LMNOPQL!SWV!
[RRP! YRVQUPQPUK! YR^RTObQPU! WPY! cWPZWLMNQPU! LOPMNOT! WPY! cRWVNRcRPM! V_VMRcV! ZON! SRW^_!
QPYVMNQRV#!!
?$? ',23A+4,G1.H*50-1.I>CJK.
!"#$%&'() #*+) ,#'-*"'./01.>& &OObRNWMQPU! QP! SQUS! bRNZONcQPU! MRWcV! WPY! bWNMPRNVSQbV! MO! WLSQR^R!
bRNZONcWPLR! UWQPV! ZON! RPY! LVMOcRNV#! %LMQPU! SOPRVMT_K! NRTQW[T_! WPY! XQMS! cMWT! MNVM! QP! ON!
NRTWMQOPVSQbV!WPY![RQPU!ObRP!MO!YQZZRNQPU!^QRXV!<!ObQPQOPV#!
23.-&$"') 4#53") 6&73."+8) DON`QPU! LTOVRT_! XQMS! YQVMNQ[MONV! WPY! OMSRN! cWN`RM! bWNMPRNV! MO! YRTQ^RN!
TWVMQPU![RPRZQMV!MO!RPY!LVMOcRNV![WVRY!OP!W!YRRb!PYRNVMWPYQPU!OZ!MSRQN!QVVRV!WPY!PRRYV#!DON`QPU!
QPPO^WMQ^RT_! MO! bNO^QYR! RZZRLMQ^R! VOTMQOPV! MO! cRRM! LVMOcRN! PRRYV#! 'SR! bNOYLM! QV! RWV_! ZON! RPY!
LVMOcRNV!MO!YO![VQPRVV!XQMS#!!
9".35-.) :'0;"*8) 6NQ^RP! XQMS! NURPL_! MO! WLSQR^R! OMVMWPYQPU! NRVTMV! ZONg! LVMOcRNVK! VSWNRSOTYRNVK!
VMWZZ!WPY!MSR!RP^QNOPcRPM#!
?$! 93A(0,21.*+(.:-3)4,-1.
%LMNOPQL!bNOYLMV!LWP![R!LWMRUONQjRY!QPMO!MXO!NWPURVg!/OWYNQMRh!WPY!/OUNQMRh#!/OWYNQMRh!QV!W!Y_PWcQL!
OPB[OWNY!XRQUSQPU!V_VMRc!MSWM!WLLNWMRT_!cRWVNRV!MSR!XRQUSM!XSRP!TOWY!QV!TQZMRY#!+M!LWP![R!VRY!OP!
XSRRT! TOWYRNVK! ZON`TQZMVK! R]LW^WMONVK! UWN[WUR! MNL`V! WPY! OMSRN! SRW^_! TOWYQPU! RaQbcRPMV! 2k%[OM!
/OWYNQMRKk3#! /OUNQMRh! bNOYLMV! WNR! cWPZWLMNRY! ZON! MSR! )1A! DWNWMWS! /QcQMRY#! DWNWMWS!
QPLONbONWMRV! /OUNQMRh! QPMO! MSRQN! 9WN^RVMRN! 9RWY! VRY! MO! LM! MNRRV! QP! W! bNRYRMRNcQPRY! TOU! VQjR!
! ! !
!
! ! :#!
2%LMNOPQLK!$II73#!'SR!cWQP!UNObV!OZ!LVMOcRNV!ZON!/OWYNQMR!bNOYLMV!WNR!WUUNRUWMRVK!cQPQPUK!XWVMR!
cWPWURcRPM!QPYVMNQRVK!XSRNRWV!MSR!/OUNQMR!NWPUR!QV!cWQPT_!VRY!QP!MSR!ZONRVMN_!QPYVMN_#!
?$L :23*2-74,.*+(.MN-3*24A+*5.CO*+7-1.
-QPLR! $IICK! %LMNOPQL! SWV! [RRP! PYRNUOQPU! W! cWdON! MNWPVZONcWMQOP! bNOLRVV! bNOcbMRY! [_! cWN`RM!
ObbONMPQMQRV!WPY!MSR!TNR!OZ!UNRWMRN!VLLRVV#!'SR!LOcbWP_!WYObMRY![OMS!VMNWMRU_!WPY!ObRNWMQOP!
ONQRPMRY! WbbNOWLSRV#! 'SR! LOcbWP_! SWV! VbNRWY! QMV! XQPUV! MO! PRX! UROUNWbSQLWT! cWN`RMV! R#U#! -OMS!
%cRNQLWK!&SQPWK!1NObR!WPY!+PYQW#!'SR!PRX!cWN`RM!LSWPPRTV!SW^R![RRP!RVMW[TQVSRY#!*RX!YQVMNQ[MONV!
SW^R![RRP!NRLNQMRY!WPY!WTVO!LOcbWP_!SWV!ObRPRY!QMV!NRUQOPWT!OZZQLRV!QP!&SQPWK!0-%K!1NObRK!WPY!
%VMNWTQW#!+M!VMWNMRY!VRTTQPU!YQNRLMT_!QP!&SQPW#!%LMNOPQL!QV!SRWYQPU!MOXWNYV!VRTTQPU!P[PYTRY!bNOYLMV!
MO!bNO^QYR!QPMRUNWMRY!VOTMQOP#!!
-OcR!OZ!MSR!ObRNWMQOP!ONQRPMRY!WbbNOWLSRV!QPLTYR!NRVMNLMNQPU!MSR!VbbT_!WPY!LSWQP!YRbWNMcRPM#!
%!AWPZWLMNQPU!'RLSPQLWT!'RWc!2A''3K!5NOYLMQOP!'RWcK!5NLSWVR!<!bTWPPQPU!'RWc!WPY!-MONR!<!
VSQbbQPU! MRWc! XWV! QPMRUNWMRY! QPMO! VbbT_! WPY! LSWQP! YRbWNMcRPM! ! ZON! [RMMRN! LOONYQPWMQOP! WPY!
RZZRLMQ^R! LOccPQLWMQOP#! &RNMWQP! bWNMV! WPY! V[BWVVRc[TQRV! XRNR! OMVONLRY! MO! NRUQOPV! VLS! WV!
&SQPW#!EON!R]WcbTRK!MSR!/OWYNQMR!bNQPMRN!MSWM!XWV!RWNTQRN!WVVRc[TRY!WPY!MRVMRY!QPBSOVR!SWV!POX!
[RRP!OMVONLRY!MO!W!5&>!cWPZWLMNQPU!LOcbWP_!QP!*RX!iRWTWPY#!'SR!LOcbWP_!QV!LOPMQPOVT_!
RcbTO_QPU! TOX! XWURV! <! SQUS! V`QTTRY! PRX! cQUNWPMV#! %LMNOPQL! WTVO! SRTbV! QMV! RcbTO_RRV! MO! UWQP! ON!
LOP^RNM! XON`! ^QVW! QP! MO! bRNcWPRPM! NRVQYRPM! ^QVW#! %! Pc[RN! OZ! bNOLRVV! NRBRPUQPRRNQPUK! bNOLRVV!
VMWPYWNYQVWMQOP!WPY!XR[!RPW[TRY!MOOTV!XRNR!QPMNOYLRY!2AWMSNWPQK!$I"$3#!+P!WYYQMQOPK!MSR!LOcbWP_!
SWV!VMWNMRY!/RWP!dONPR_!WPY!QPMNOYLRY!TRWP!MOOTV!WPY!MRLSPQaRV!VLS!WV!=WP[WPK!4-K!J+'!RML#!!
! !
! ! !
!
! ! C#!
!
:9 C033-+2.8*+0B*,2034+7.N3*,24,-.
!
/OWYNQMR!cWPZWLMNQPU!bNOLRVVRV!WNR!+-)HII"!LRNMQZQRY#!>RTOX!QV!MSR!O^RN^QRX!OZ!MSR!bNOLRVV#!!
!
(?@ABC&;.&$DEFB?GC&HEIAJEKGAB?I@&LBDKCMM&
!
%LLONYQPU! MO! 8WN^QP! RM! WT#K! MSRNR! WNR! MXO! WbbNOWLSRV! MO! LOPZONcWPLRg! %cRNQLWP! WPY! 'WULSQ!
WbbNOWLSRV!28NQUUK!$I"Il!(WOK!"HH:3#!%LMNOPQL!cWPZWLMNQPU!bNOLRVV!WPY!LOPZONcWPLR!QV![WVRY!OP!
MSR! %cRNQLWP! MSQP`QPU! OZ! mLOPZONcWPLR! XQMS! cRRMQPU! VbRLQZQLWMQOPVm#! %TT! QPLOcQPU! cWMRNQWTV! Q#R#!
5&>VK!LW[TRVK!SWNYXWNRK!RTRLMNOPQL!LOcbOPRPMVK!cWPWTVK!RML#!WNR!VWcbTRY!WPY!cWMLSRY!XQMS!bNRB
RVMW[TQVSRY! VMWPYWNYV#! 'SR! bWNMV! ON! LOcbOPRPMV! MSWM! LOcbT_! XQMS! VbRLQZQLWMQOPV! bWVV! MO! MSR! PR]M!
bNOLRVV!ON!RTVR!MSR!XSOTR![WMLS!QV!NRdRLMRY!WPY!NRMNPRY!MO!MSR!VbbTQRN#!*ONcWTT_K!MSR!VWcbTQPU!NWMR!
QV!"In#!+PQMQWT!MXO![WMLSRV!ZNOc!W!PRX!^RPYON!WNR!LSRL`RY!"IInK!ZOTTOXRY![_!4In!WPY!WP!OPUOQPU!
"In!LSRL`QPU#!!
ETT!ZPLMQOPWT!MRVM!QV!LWNNQRY!OM!ZON!WTT!5&>V#!%ZMRN!WVVRc[T_K!MSR!bNOYLM!PYRNUORV!W!MRcbRNWMNR!
L_LTR!MRVMK!XSRNR[_!MSR!cOYTRV!WNR!`RbM!QP!W!LSWc[RN!XQMS!MRcbRNWMNR!^WN_QPU!ZNOc!I!MO!4I!o&!WPY!
bOXRN!MO!MSR!cOYTRV!^WN_QPU!ZNOc!"$!MO!7$.#!%MOcWMQL!MRVM!RaQbcRPM!WLaQNRV!WPY!VMONRV!MSR!
MRVM! YWMW! WPY! MSRNR[_! UQ^RV! W! 5WVVeEWQT! NRVTM! [WVRY! OP! MSR! YWMW! LOPZONcQPU! MO! MSR! VbRLQZQLWMQOP!
! ! !
!
! ! G#!
TQcQMV#!'SRVR!MRVM!NRVTMV!WNR!VW^RY!QP!WP!QPMRNPWT!YWMW[WVR!MSWM!RPVNRV!MNWLQPU!OZ!MSR!bNOYLM!MRVM!
YRMWQTV!WM!W!TWMRN!YWMR#!%!EQPWT!MRVM!QV!MSRP!LWNNQRY!OM!MO!MRVM!MSR!ZPLMQOPWTQM_!OZ!MSR!bNOYLM![RZONR!
bWL`WUQPU#!1^RN_!MRVM!bNOLRVV!LSRL`V!WPY!LOPZQNcV!MSWM!MSR!bNOYLM!LOPZONcV!MO!MSR!VMWPYWNYV#!
!".-),/05&.&1/<)
+P!WP!WMMRcbM!MO!WLSQR^R!SQUS!aWTQM_K!NRTQW[TR!bNOYLMV!WM!WZZONYW[TR!LOVMK!%LMNOPQL!!YR^RTObRY!W!MRVM!
bSQTOVObS_!XSRNR!R^RN_!bNOYLM!YRTQ^RNRY!cRRMV!WTT!LVMOcRN!NRaQNRcRPMVl!ZWQTNRV!WNR!QYRPMQZQRY!
WPY!NRbWQNRY!WM!MSR!TOXRVM!TR^RT!OZ!WVVRc[T_l!MRVMQPU!QV!WMOcWMRY!ZON!cW]Qcc!RZZQLQRPL_l!WPY!MSR!
MRVM!bNOLRVV!QV!LOPMQPWTT_!QcbNO^RY#!'SQV!MRVM!bSQTOVObS_!SWV![RRP!WbbTQRY!MO!MSR!WNRWV!OZ!QPBbNOLRVV!
MRVMQPU#!
+P!MSR!QPBbNOLRVV!MRVMQPU!RZZONMK!MRVMQPU!QV!LOPYLMRY!WM!WTT!TR^RTV!OZ!WVVRc[T_!PMQT!MSR!VLLRVV!NWMR!
XWNNWPMV!MRVM!RTQcQPWMQOP#!&OcbOPRPMV!WNR!VLNRRPRY!MO!RPVNR!MSWM!OPT_!UOOY!cWMRNQWT!QV!WTTOXRY!OP!
MSR!cWPZWLMNQPU!ZTOON#!'RVMQPU!QV!WMOcWMRYK!XSRNR!ZRWVQ[TRK!MO!NRYLR!MRVM!MQcRK!WPY!MSR!Pc[RN!
OZ!YQZZRNRPM!MRVM!V_VMRcV!QV!cQPQcQjRY#!+P!WLLRbMWPLR!MRVMQPUK!MSR!UOWT!QV!MO!RZZRLMQ^RT_!cRRM!LVMOcRN!
NRaQNRcRPMV! [_! ^WTQYWMQPU! WTT! RaQbcRPM! WPY! bNOLRYNRV! WPY! bNOLRYNR! MNWLRW[QTQM_! MO!
NRaQNRcRPMVK!WbbT_!LOPZQUNWMQOP!cWPWURcRPM!MO!WTT!MRVM!bNOLRYNRV!WPY!RaQbcRPMK!LOPMNOT!MSR!
LSWPUR! bNOLRVVK! WPY! WMOcWMR! MRVMQPU! XSRP! bOVVQ[TR#! EQPWTT_K! QP! MSR! QcbNO^RcRPM! bNOUNWcK!
LOcbWP_! QV! LOPMQPOVT_! NR^QRXQPU! MRVM! YWMW! ZON! ZWQTNR! MNRPYV! MO! NRcO^R! NOOM! LWVRVK! QcbNO^R!
aWTQM_K! NRYLR! LOVMK! WPY! NRWLM! MO! MNRPYV! [RZONR! ZWQTNR! OLLNV#! 'SR! MRVM! bNOLRVV! QV! bRNQOYQLWTT_!
NR^QRXRY!ZON!QcbNO^RcRPM!MO!NRcO^R!MRVMV!XQMS!W!SQUS!VLLRVV!NWMRK!NRYLR!MRVM!MQcRK!WPY!QcbNO^R!
MRVMV!MO!RTQcQPWMR!ZWQTNR!WM!PR]M!TR^RT!OZ!WVVRc[T_#!
'SR! cWPZWLMNQPU! bNWLMQLRV! QP! %LMNOPQL! WNR! WYObMRYK! WbbTQRY! WPY! cOPQMONRY! [_! MSR! -bbT_! WPY!
&SWQP! YRbWNMcRPM! OZ! %LMNOPQL#! EQUNR! $! OMTQPRV! MSR! LNNRPM! VMNLMNR! OZ! MSR! VbbT_! WPY! LSWQP!
YRbWNMcRPM#!!!
! ! !
!
! ! H#!
!
(?@ABC&=&-GBAKGABC&DJ&GNC&-ALLOP&EIF&1NE?I&FCLEBGHCIG&
!
%VVQVMWPM! AWPWURN! 2bNOYLMQOP! <! bTWPPQPU3! LOPYLMV! cOPMST_! cRRMQPUV! XQMS! bNOYLM! cWPWURNV#!
6NQPU! MSQV! cRRMQPU! bNOYLM! cWPWURNV! bNO^QYR! VWTRV! ZONRLWVM! ZON! YQZZRNRPM! bNOYLMV! [WVRY! OP!
ZRRY[WL`!ZNOc!NRUQOPWT!cWPWURNVK!YRWTRNVK!YQVMNQ[MONV!WPY!)1A!LVMOcRNV#!-WTRV!ZONRLWVM!YNQ^RP!
YRcWPY!WPY!bNOYLM!YRcWPY!QV!ZRY!QPMO!LOcbMRN!2A%5+&!A(5!-D3#!&OcbMRN!URPRNWMRV!cWMRNQWT!
NRaQNRcRPM!NRbONM!WPY!W!bNLSWVR!ONYRN!QV!NWQVRY!WLLONYQPUT_#!!)PLR!MSR!cWMRNQWT!QV!NRLRQ^RY![_!
VMONRK!dO[V!WNR!NRTRWVRY![_!VLSRYTR#!
(RLRPMT_K! %LMNOPQL! cO^RY! MO! W! PRX! TOLWMQOPK! XSRNR! MSR! bTWPM! XWV! YRVQUPRY! MO! VbbONM! /RWP!
5SQTOVObS_! WPY! ObMQcQjR! MSR! XWVMR! OZ! cO^RcRPM#! 'SR! bTWPM! TW_OM! QV! VSOXP! QP! EQUNR! 7#! 'SR!
cWMRNQWTV!QVVRY![_!VMONR!WUWQPVM!W!dO[!WNR!`RbM!QP!VcWTT!LOPMWQPRNV!XSQLS!VQM!OP!MSR!NWL`![RSQPY!MSR!
WVVRc[T_!ObRNWMON#!'RLSPQaRV!VLS!WV!=WP[WP!WPY!J+'!2QPMNOYLMQOP!OZ!^WPQTTW!QPYQLWMONV3!SW^R![RRP!
YQVLVVRY!ZNMSRN!QP!VRLMQOPV![RTOX#!!
!
!
!
!
8TO[WT!-bbT_!
WPY!&SWQP!
AWPWURN!
%VVQVMWPM!
AWPWURN!2-MONR3!
-SQbbQPU!
&OONYQPWMON!
-MONRbRNVOPV!
2]73!
%VVQVMWPM!
AWPWURN!25(6!<!
A(53!
5NLSWVQPU!
)pLRN!
'RLSPQLWT!
AWPWURN!
5NOYLqOP!
1PUQPRRN!
'RVM!1PUQPRRN!
2r$3!
'RLSPQLQWPV!2]@3!
5NOYLqOP!
-bRN^QVON!
%VVRc[TRNV!2]G3!
! ! !
!
! ! "I#!
!
!
!
!
!
!
!
!
!
!
!
EQUNRg!bNOYLMQOP!<!%VVRc[T_!!!
!
!
!
!
!
!
!
!
!
(?@ABC&/.&"MMCHQOP&OEPDAG&
)^RP!!
=-&'")
JO[!>WUV!<!AWMRNQWT!
-SRT^RV!
%VVRc[TRN!5NOYLMQOP!!
'RLSPQLQWPV!2'RVM!%NRW3!!
EQPQVSRY!8OOYV!2-_VMRc!5WTTRMV3!-MONR!
-_VMRc!%VVRc[T_!%NRW!
EQPWT!
5WL`!
%NRW!!
%VVVRc[TRY!5WNMV!!
=WP[WP!
.WPQTTW!
+PYQLWMON!
-SQbbQPU!%NRW!
! ! !
!
! ! ""#!
!
(?@ABC&5.&RES&"MMCHQOP&"BCE&RQS&TDQ&#E@&EIF&3EGCB?EO&-NCOUCM&
!
!$? PM'QJ/>=R.93A(0,2.S.H*+455*./+(4,*2A3.
'SR! /)%6(+'1;! V_VMRc! QV! MSR! s[NRWY! WPY! [MMRN,! OZ! %LMNOPQL! LOPMNQ[MQPU! HIn! MO! MSR! [VQPRVV!
bNOZQMV#!+M!cRWVNRV!MSR!XRQUSM!OZ!W!TOWY!TQZMRY![_!XSRRT!TOWYRNVK!ZON`TQZM!MNL`V!WPY!VQcQTWN!cWLSQPRV!
MSWM!VR!S_YNWTQL!NWcV!MO!TQZM!QM#!'SR!cWQP!bWNMV!OZ!MSR!/)%6(+'1;!V_VMRc!WNR!MSR!LOPVOTR!2QPVMWTTRY!
QP!MSR!LW[!OZ!MSR!TOWYRN3!WPY!LOPPRLMRY!VRPVONV!2MNQUURN!QPVMWTTRY!OP!MSR!TQZMQPU!WNcV3#!%V!MSR!TOWY!QV!
TQZMRYK! MSR! MNQUURN! WPY! S_YNWTQL! bNRVVNR! MNWPVYLRNV! VRPY! QPZONcWMQOP! MO! MSR! LOPVOTR#! 'SQV!
QPZONcWMQOP! QV! LOP^RNMRY! QPMO! W! YQUQMWT! XRQUSM! NRWYQPU! XSQLS! WbbRWNV! OP! MSR! /)%6(+'1;! LOPVOTR!
2%LMNOPQLK!$II73#!'SR!/)%6(+'1;!V_VMRc!LWP!WYY!RWLS!TOWY!TQZMRY!MO!NPPQPU!MOMWTVK!VO!MSWM!MNL`V!
LWP! [R! TOWYRY! NQUSM! MSR! ZQNVM! MQcR! WPY! YWQT_! bNOYLMQ^QM_! TR^RTV! LWP! [R! MNWL`RY#! 'SR! /)%6(+'1;!
LOPVOTR!SWV!WP!QPMRNPWT!cRcON_!MSWM!VMONRV!VRMMQPUV!WPY!bNOYLMQOP!YWMW!R^RP!XSRP!QM!QV!VXQMLSRY!
OZZ#!!
'SR! LVMOcRN! ONYRN! ZON! /OWYNQMRh! V_VMRc! LOPVQVMV! OZ! V[! WVVRc[TQRV! VLS! WV! +PYQLWMONK! MNQUURNK!
bNRVVNR! MNWPVYLRNK! LW[TR! bWL`K! bNQPMRNK! MQTM! VRPVONK! YWMW! cOYTR! 2ObMQOPWT3! WPY! cOPMQPU!
WLLRVVONQRV#!'SRNR!WNR!cONR!MSWP!"I!^WNQWPMV!OZ!QPYQLWMONV!XQMS!MSNRR!M_bRV!OZ!MNQUURN#!%LMNOPQL!SWV!
QPMNOYLRY!W!.WPQTTW!QPYQLWMONK!XSQLS!WV!MSR!PWcR!VUURVMVK!QV!WP!QPYQLWMON!XQMSOM!W!mZTW^ONt#!+M!
WTTOXV!YRTW_!QP!WVVQUPQPU!WP!QYRPMQM_!PMQT!QM!QV!`POXP!XSWM!M_bR!OZ!QPYQLWMON!LVMOcRNV!WNR![_QPU#!
'SR! ^WPQTTW! QPYQLWMON! LWP! [R! aQL`T_! LOP^RNMRY! QP! MO! WP_! ZTW^ONRY! QPYQLWMON! [_! bTOWYQPU! MSR!
WbbNObNQWMR!VOZMXWNR!WPY!WbbT_QPU!MSR!WbbNObNQWMR!YRLWTV!WPY!TW[RTV#!!
'SR!.WPQTTW!QPYQLWMONV!_QRTY!MSR!ZOTTOXQPU!WY^WPMWURVg!
• AONR!ZTR]Q[TR!VMOL`!B!%LMNOPQL!LWP!aQL`T_!cRRM!WP!QPLNRWVR!QP!YRcWPY!ZON!W!bWNMQLTWN!M_bR!OZ!
QPYQLWMON#!EON!R]WcbTRK!QZ!TWNUR!ONYRNV!OZ!/$"GI!V_VMRcV!WNR!NRLRQ^RYK!^WPQTTW!QPYQLWMONV!LWP![R!
LOP^RNMRY!QPMO!/$"GI!QPYQLWMONV!WPY!MSR!ONYRN!LWP![R!R]RLMRY#!!
! ! !
!
! ! "$#!
• /RVV!(RXON`!B!+P!MSR!bWVMK!%LMNOPQL!SWV![RRP!`RRbQPU!TWNUR!VMOL`!OZ!ZTW^ONRY!QPYQLWMONV!R#U#!
/$"GIK!r$74IK!EONLRK!-bNQPM!RMLl![WVRY!OP!VWTRV!ZONRLWVM#!)ZMRP!LVMOcRNV!LSWPUR!MSRQN!cQPY!WM!
MSR!TWVM!cOcRPM!W[OM!MSR!M_bR!OZ!QPYQLWMON!MSR_!XWPM!MO![_#!'O!cRRM!MSQV!LSWPUR!QP!YRcWPYK!
%LMNOPQL!SWY!MO!MW`R!W!bRNZRLMT_!UOOY!QPYQLWMON!WPY!NRXON`!QM!QPMO!W!YQZZRNRPM!M_bR#!'SR!VR!OZ!
.WPQTTW!QPYQLWMONV!RTQcQPWMRY!MSQV!XWVMR#!
• (RYLRY!+P^RPMON_!B!(WMSRN!MSWP!SOTYQPU!W!bNRYRMRNcQPRY!Pc[RN!OZ!RWLS!M_bR!OZ!QPYQLWMON!
mdVM!QP!LWVRtK!%LMNOPQL!POX![QTYV!R]WLMT_!MSR!M_bR!OZ!QPYQLWMON!PRRYRY!mdVM!QP!MQcRt#!
!
!
!
!
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
(?@ABC&8.&2EI?OOE&EIF&(OEUDABCF&)IF?KEGDBM&
.WPQTTW!+PYQLWMON!
rB$74I!
-bNQPM!
/$"GI!
&SQPRVR!PQM!
! ! !
!
! ! "7#!
>_!MSR!QPMNOYLMQOP!OZ!.WPQTTW!QPYQLWMONVK!%LMNOPQL!SWV!NRYLRY!MSR!XWVMR!OZ!O^RN!bNOYLMQOPK!XWVMR!
OZ!QP^RPMON_!WPY!XWVMR!OZ!LONNRLMQOP#!
!$! T*+@*+.
+P!ONYRN!MO!LOONYQPWMR!MSR!bNOYLMQOP!WPY!cO^RcRPM!OZ!WVVRc[TQRV!WPY!V[WVVRc[TQRV!WPY!W^OQY!
VSONMWUR! ON! R]LRVVK! %LMNOPQL! VRV! MSR! =WP[WP! V_VMRc#! 'SRNR! QV! W! VTObQPU! NWL`! [RVQYRV! MSR! ZQPWT!
bWL`QPU!WNRWK!XSQLS!LOPMWQPV!/OWYNQMR!V_VMRc!LOcbOPRPMV!R#U#!ETW^ONRY!QPYQLWMONV!2/$"GIK!/$"$GK!
r$74IK! &"G4I3K! MNQUURNV! 2cWUPRMQLK! ObMQLWTK! NOMWN_3K! LW[TR! VRMVK! cOPMQPU! cRLSWPQVcK! MNWPVYLRNVK!
RML#!!'SRVR!WVVRc[TQRV!WNR!`RbM!QP!W!=WP[WP![O]!ON!LOPMWQPRN!2>WTTu!<!>WTTuK!$II43#!=WP[WP!QV!W!VQUPWT#!
+M! bNO^QYRV! WMSONQVWMQOP! MO! YRTQ^RN! ON! bNOYLR! bWNMV#! EON! R]WcbTRK! OPLR! W! =WP[WP! [O]! OZ! /$"GI!
QPYQLWMON! QV! RcbM_! ON! NPPQPU! TOXK! ^WPQTTW! QPYQLWMONV! WNR! LOP^RNMRY! MO! /$"GI! QPYQLWMONV! WPY! MSR!
=WP[WP![O]!QV!NRBVMOL`RY#!!!
!
(?@ABC&V.&RES&WEI&#EI&HEBXCGY&RQS&%HLGP&WEI&#EI&KDIGE?ICB&RKS&(?IEO&LEKXI@&EBCE&
'SRNR!WNR!ZON!=WP[WP!LOPMWQPRNV!OZ!.WPQTTW!QPYQLWMONV#!1WLS!LOPMWQPRN!SOTYV!MSQNM_!^WPQTTW!QPYQLWMONVK!
MSR! aWPMQM_! OZ! XSQLS! QV! cOPQMONRY! [_! MSR! bNOYLMQOP! WPY! MRLSPQLQWP! MRWc#! 'SR! =WP[WP! aWPMQM_!
NRUTWMRV! MSR! cWPZWLMNQPUebNOYLMQOP! VbRRY! OZ! ^WPQTTW! QPYQLWMONV#! DSRP! W! dO[! QV! NWQVRY! [_! MSR!
bNOYLMQOP!bTWPPQPU!YRbWNMcRPMK!bNOYLMQOP!VbRRYV!b!MSR!^WPQTTW!QPYQLWMON!bNOYLMQOP!NWMR#!!
'SR!=WP![WP!aWPMQM_!OZ!^WPQTTW!QPYQLWMONV!WV!XRTT!WV!OMSRN!WVVRc[TQRV!<!V[WVVRc[TQRV!QV!NR^QRXRY!
bRNQOYQLWTT_! [_! cWPWURcRPM! bNOYLMQOP! WPY! bTWPPQPU! YRbWNMcRPM! WPY! LWP! [R! WTMRNRY! YRbRPYQPU!
bOP!MSR!TWVM!_RWN!WPPWT!VWTRVK!ZMNR!ZONRLWVM!RML#!!-TObQPU!NWL`V!2=WP[WP!B!VbRNcWN`RMV3!WNR!VRY!
MSNOUSOM!MSR!bNOLRVV!ZNOc!MSR!VR!OZ!^WPQTTW!QPYQLWMONV!PMQT!ZQPWT!bNOYLM!bWL`QPU!2VRR!EQUNR!C3#!
! ! !
!
! ! "@#!
!
(?@ABC&:.&2EI?OOE&?IF?KEGDBM&GD&J?IEO&MN?LL?I@&
.
!$L &:.2-,O+4U0-1.
%LMNOPQL!VRV!4-!MRLSPQaRV!ZON!QcbNO^RcRPM!WPY!VMWPYWNYQVWMQOP!OZ!XON`!WNRW!2>SWVQP!<!>NLSRNK!
$II:l!(R.RTTRK!$II"3#!!
-DBG>&5RNQOYQLWTT_!QMRcV!WNR!VONMRY!WLLONYQPU!MO!MSRQN!QcbONMWPLR!WPY!VR!WPY!PPRLRVVWN_!QMRcV!WNR!
YQVbOVRY!OZZ#!
-CG&?I&DBFCB>&-RTRLMRY!QMRcV!WNR!WNNWPURY!QP!W!XRTT!ONUWPQjRY!WPY!cRWPQPUZT!cWPPRN!R#U#!=RRbQPU!
MSR!MOOTV!VRY!ZNRaRPMT_!PRWN!MO!MSR!XON`RN#!'SR!YRYQLWMRY!MRVM!dQUV!WPY!cRWVNQPU!QPVMNcRPMV!WNR!
`RbM!QP!MSR!NWL`!PRWN!MRVM!WNRW#!!
-N?IC>&'SR!XSOTR!XON`!WNRW!QV!`RbM!LTRWP#!'RVM!RaQbcRPMV!WPY!MOOTV!WNR!QPVbRLMRY!ZON!RWNT_!VQUPV!OZ!
YRZRLMV#!
-GEIFEBF?ZC>& 1WLS! WPY! 1^RN_! RcbTO_RR! ZOTTOXV! MSR! W[O^R! MSNRR! NTRV! MO! WLSQR^R! W! UOOY! WPY!
ONUWPQjRY!XON`!bTWLR#!
-AMGE?I>&5RObTR!WM!%LMNOPQL!WNR!MNWQPRY!WPY!cOMQ^WMRY!MO!ZOTTOX!MSRVR!UOOY!bNWLMQLRV!VQcbT_!WV!W!bWNM!
OZ!MSRQN!YW_!MO!YW_!TQZR#!1^RN_OPR!Qc[Q[RV!MSR!YQVLQbTQPR!MO!WLSQR^R!MSR!O[dRLMQ^R!OZ!MSR!ONUWPQjWMQOP#!!
!$% C*54@3*24A+.
%LMNOPQL! cWQPMWQPV! W! MOOT! QP^RPMON_! OZ! WbbNO]QcWMRT_! 4I! QMRcV! R#U#! 'RVM! dQUVK! WMOcWMRY! MRVM!
RaQbcRPMVK!MRVM!WPY!cRWVNQPU!QPVMNcRPMVK!XSQLS!NRaQNR!bRNQOYQL!LWTQ[NWMQOP#!%LMNOPQL!SWV!MSNRR!
M_bRV! OZ! NRZRNRPLR! cRMRNV! VRY! ZON! cRWVNQPU! ^OTMWUR! 2cTMQcRMRN3K! MRcbRNWMNR! 2MRcbRNWMNR!
cRMRN3!WPY!MQcR!2OVLQTTOVLObR3#!'SRVR!NRZRNRPLR!cRMRNV!NRaQNR!*%'%!-MWPYWNY!LWTQ[NWMQOP!MSWM!QV!
%VVRc[TRN!bQL`V!MSR!^WPQTTW!
QPYQLWMON!!ZNOc!=WP[WP!!<!LOP^RNMV!
QPMO!W!vW^ONRY!+PYQLWMON!R#U#!!
/$"GI!!
'RLSPQLQWP!TOWYV!WbbNObNQWMR!!-D!
<!!wPWT!MRVM!!
5NOYLqOP!!bWL`V!QP!wPWT!bWL`QPU!!
WNRW!<!
wTTV!=WP[WP!LOPMWQPRN!
-MONR!bQL`V!b!V_VMRcxV!cOYTRV!
ZNOc!=WP[WP!!&OPMWQPRN!!
R#U#!ZON!/$"GI#()'#-F-B!
2!]"!/$"GI3y2]"!(OMWN_!'NQUURN!3y!
2]$!'NWPVYLRNV3y!LW[TR!VRMy!
AOPqPU!`QM!
-SQbbQPU!MO!LVMOcRN!
! ! !
!
! ! "4#!
YOPR![_!VMWPYWNY!WPY!WMSONQVRY!TW[ONWMONQRV#!)MSRN!cRWVNQPU!WPY!MRVM!QPVMNcRPMV!WNR!LWTQ[NWMRY!
QPBSOVR#!'O![RMMRN!RPVNR!MSQV!bNOLRVV!QV!LOcbTRMRY!OP!MQcR!WPY!MSWM!PO!PBLWTQ[NWMRY!MOOTVWNR!OP!
MSR!VSOb!ZTOONK!%LMNOPQL!YR^RTObRY!W!SQUST_!RZZRLMQ^R!WPY!NRTQW[TR!cOPQMONQPU!V_VMRc!ZON!MNWL`QPU!WPY!
NRLWTTQPU!MOOTV!ZON!NRLWTQ[NWMQOP#!'SR!MRLSPQLWT!MRWc!QV!NRVbOPVQ[TR!ZON!LWTQ[NWMQOP!WLMQ^QMQRV!VLS!WV!
LWTQ[NWMQOP! bTWPPQPUK! LOPMNOT! WPY! MQcRT_! LWTQ[NWMQOP! OZ! WTT! dQUV#! %TT! MSR! MOOTV! WPY! RaQbcRPMV! WNR!
MWUURY!XQMS!LWTQ[NWMQOP!VMQL`RNV!VSOXQPU!LWTQ[NWMQOP!YRMWQTV!R#U#!LWTQ[NWMRY!OP!YWMRK!PR]M!LWTQ[NWMQOP!
YR! OPK! RML#! AONRO^RN! LWTQ[NWMQOP! NRLONYV! WNR! `RbM! OP! QPMNWPRM! XSQLS! QV! NRUTWNT_! cOPQMONRY! [_!
QPMRNPWT!WV!XRTT!WV!R]MRNPWT!WYQMONV#!!!
!$& /+2-3+*5.*0(42.N3A,-11.
'SR!bNbOVR!OZ!MSR!QPMRNPWT!WYQM!bNOLRVV!QV!MO!bNO^QYR!O[dRLMQ^R!R^QYRPLR!MSWM!MSR!aWTQM_!V_VMRc!QP!
bTWLR!LOcbTQRV!XQMS!MSR!bTWPPRY!WNNWPURcRPMV!WPY!MSR!TWQY!YOXP!YOLcRPMWMQOP#!DSRP!WP!WYQM!
QYRPMQZQRV!WP!R^RPM!OZ!POPBLOPZONcWPLR!ON!bNO[TRcV!QP!MSR!V_VMRcK!LONNRLMQ^R!WPY!bNR^RPMQ^R!WLMQOP!
QV!MW`RP![_!MSR!ONUWPQjWMQOP!MO!QcbNO^R!MSR!aWTQM_!V_VMRc#!'SR!LONNRLMQ^R!WLMQOP!WTTR^QWMRV!MSR!VSONM!
MRNc!bNO[TRcV!OZ!MSR!V_VMRcl!XSRNRWV!MSR!bNR^RPMWMQ^R!WLMQOP!WLMV!MO!bNR^RPM!MSR!VWcR!bNO[TRc!
ZNOc! OLLNNQPU! WUWQP! [_! RVVRPMQWTT_! RTQcQPWMQPU! MSR! LWVR! OZ! MSR! bNO[TRc! 2k>RVM! 5NWLMQLRV! -N^R_g!
/OL`SRRY!AWNMQP!1TRLMNOPQLV!WPY!AQVVQTRV!kK!"HH43#!
;9 /110-1.
%LMNOPQL!RPdO_V!SQUS!NRbMWMQOP!cWQPT_!QP!MSR!%VMNWTQWP!WPY!MSR!0-!cWN`RMV#!&NNRPMT_K!%LMNOPQL!QV!
WMMRcbMQPU!MO!R]MRPY!QMV!cWN`RM!MO!%VQWP!WPY!1NObRWP!LOPMNQRV#!'SRNR!WNR!W!Pc[RN!OZ!`R_!QVVRV!
XSQLS!cW_!SQPYRN!MSR!LOcbWP_,V!RZZRLMQ^RPRVV!WPY!bM![NRW`V!OP!QMV!UNOXMS#!
L$? CA+123*4+21.
%!LOPVMNWQPM!QV!WP_MSQPU!MSWM!bNR^RPMV!MSR!V_VMRc!ZNOc!WLSQR^QPU!cONR!OZ!QMV!UOWT#!&OPVQYRNQPU!MSR!
V_VMRc!WV!W!LSWQPK!MSR!XRW`RVM!TQP`!OZ!MSR!LSWQP!QV!W!LOPVMNWQPM#!!
>#5(?@*)?A;"*)
%TT!bNOYLMV!PYRNUO!W!MRcbRNWMNR!L_LTR!MRVMK!XSRNR[_!MSR!cOYTRV!WNR!`RbM!QP!W!LSWc[RN!XQMS!
MRcbRNWMNR!^WN_QPU!ZNOc!I!MO!4I!o&#!'SR!LSWc[RN!NOOc!2XWT`BQP!O^RP3!XWV!QYRPMQZQRY!WV!OPR!OZ!MSR!
LOPVMNWQPMV!QP!%LMNOPQL#!>QU!bQTRV!OZ!QP^RPMON_!WPY!QPMQMQOP!OZ!bNOLRVV!XON`RNV!UQ^R!WP!QPYQLWMQOP!OZ!
LWbWLQM_!LOPVMNWQPMV#!'SR!O^RP!MRVM!YRMRLMV!MSR!ZTOX!OZ!cWMRNQWTK![WMLS!VQjR!WPY!bNR^RPMV!VcWTT!TOM!
bNOYLMQOP#! 'SR! O^RP! MRVM! QV! W! TOPU! MRVM! TWVMQPU! b! MO! $@! SNV! WPY! SWV! W! VRMb! MQcR! OZ! @B4! SONV#!
AW]Qcc!:I!QPYQLWMONV!ON!!MNQUURNV!LWP![R!MRVMRY!QP!OPR!NP#!!+P!W!XRR`K!cW]Qcc!MSNRR!TOMV!Q#R#!"GI!
QPYQLWMONV!LWP![R!MRVMRY#!6R!MO!^WNQRM_!OZ!NRWVOPV!VLS!WV!b[TQL!SOTQYW_VK!MRLSPQLWT!bNO[TRcV!QP!
SRWMQPU!ON!LOOTQPU!V_VMRcV!RMLK!cOVM!OZMRP!OPT_!MXO!TOMV!Q#R#!"$I!QPYQLWMONV!WNR!MRVMRY!QP!W!XRR`#!!
! ! !
!
! ! ":#!
&NNRPMT_K! %LMNOPQL! QV! VRTTQPU! @II! V_VMRcV! QP! W! cOPMS! WPY! QV! UNOXQPU! ^RN_! NWbQYT_#! +P! ZMNR! QM! QV!
bOVVQ[TR! MSWM! LOPVMNWQPMV! QP! MSR! cWN`RM! LWP! [R! cO^RY! MO! XWT`! QP! O^RP! WPY! LOcbWP_! cW_! ZWQT! MO!
YRTQ^RN! MSR! V_VMRcV! OP! MQcR#! %LMNOPQL! ZOTTOXV! MSR! ZQ^RBVMRb! bNOLRVV! OZ! OPUOQPU! QcbNO^RcRPM!
bNObOVRY![_!8OTYNWMM!28OTYNWMM!<!&O]K!"HH$3!QPLTYQPUg!
"# +PYRPMQZ_!MSR!V_VMRcxV!LOPVMNWQPM2V3!!
$# 6RLQYR!SOX!MO!R]bTOQM!MSR!LOPVMNWQPM2V3!!
7# -[ONYQPWMR!R^RN_MSQPU!MO!MSR!W[O^R!YRLQVQOP!!
@# 1TR^WMR!MSR!V_VMRc!LOPVMNWQPM!2+Z!PRLRVVWN_3!!
4# 8O![WL`!MO!VMRb!"!QZ!MSR!LOPVMNWQPM!cO^RV![M!YOPxM!TRM!QPRNMQW!LWVR!W!V_VMRc!LOPVMNWQPM!
'SR!MRLSPQLQWP!TOWYV!MSR!QPYQLWMONV!OPR![_!OPR!QPMO!MSR!MNOTTR_K!TRWYQPU!MO!MSR!XWVMR!OZ!cOMQOP#!+P!
ONYRN!MO!RTQcQPWMR!MSQV!XWVMRK!MRLSPQLQWPV!LWP!VR!W!VbRLQWTQjRY!MNOTTR_!MO!VTQYR!QPYQLWMONV!QPMO!MSR!
O^RPK!NRYLQPU!MQcR!MO!TOWY#!'SQV!LWP!RPVNR!OPR!TOM!OZ!O^RP!MRVM!LWP![R!NP!bRN!YW_#!!!!
L$! V08*+.J-1A03,-1.
%LaQNQPU!WPY!NRMWQPQPU!SQUSBaWTQM_!MWTRPM!QV!LNQMQLWT!MO!WP!ONUWPQjWMQOP,V!VLLRVV#!%V!MSR!dO[!cWN`RM!
[RLOcRV!QPLNRWVQPUT_!LOcbRMQMQ^R!WPY!MSR!W^WQTW[TR!V`QTTV!UNOX!cONR!YQ^RNVRK!NRLNQMRNV!PRRY!MO![R!
cONR! VRTRLMQ^R! QP! MSRQN! LSOQLRVK! VQPLR! bOON! NRLNQMQPU! YRLQVQOPV! LWP! bNOYLR! TOPUBMRNc! PRUWMQ^R!
RZZRLMV#!%cOPUVM!MSRc!WNR!SQUS!MNWQPQPU!WPY!YR^RTObcRPM!LOVMV!MO!cQPQcQjR!MSR!QPLQYRPLR!OZ!bOON!
bRNZONcWPLR!WPY!SQUS!MNPO^RNK!XSQLS!QP!MNPK!QcbWLM!VMWZZ!cONWTRK!MSR!bNOYLMQOP!OZ!SQUS!aWTQM_!
UOOYV!WPY!VRN^QLRV!WPY!MSR!NRMRPMQOP!OZ!ONUWPQjWMQOPWT!cRcON_#!%M!XONVMK!MSR!ONUWPQjWMQOP!LWP!ZWQT!
MO!WLSQR^R!QMV!O[dRLMQ^RVK!MSRNR[_!TOVQPU!QMV!LOcbRMQMQ^R!RYUR!WPY!QMV!VSWNR!OZ!MSR!cWN`RM#!
AN#!8OMMZNQRY!5WVLSK!&1)!OZ!%LMNOPQL!SWV!QYRPMQZQRY!MWTRPM!NRLNQMcRPM!WPY!cWPWURcRPM!WV!OPR!OZ!
MSR!`R_!NRaQNRcRPMV!WV!XRTT!WV!LSWTTRPURV!OZ!WP!ONUWPQjWMQOP!VLS!WV!%LMNOPQL#!+P!W!NRLRPM!VMWMRcRPM!
QP!WP!QPMRNPWT!cOPMST_!LOPZQYRPMQWT!NRbONM!MO!MSR!%LMNOPQL!VMWZZK!SR!VWQYK!mA3')B3.0*"..)/#.)#)1&'-C&50&)
&C)D'"#-)1'&+37-.E)#).7#5#B5")$07'&?$#'("-)7/#**"5)$&+"5)#*+)#).-'&*D)B'#*+F)!/")$#G&')7&*.-'#0*-)
-/#-)B5&7(.)-/").7#50*D)&C)#)&3')B3.0*"..)0.)#7H30'0*D)#*+)'"-#0*0*D)&C)D'"#-)1"&15")I)1"&15")-&)."5"7-)
#*+)-'#0*)*"%)+0.-'0B3-&'.)0*)*"%)$07'&)$#'("-.E)1"&15")-&)."55)J).311&'-)*"%)1'&+37-.)0*-&)*"%)
-"''0-&'0".E) 1"&15") %/&) (*&%) /&%) -&) +";"5&1) *"%) 2&'") !"7/) #*+) *"%) "*+?3."') #11507#-0&*.) #*+)
1"&15")%/&)$#*3C#7-3'")#*+)-".-)#55)-/".")1'&+37-.F)K.)#)'#10+5<)D'&%0*D)7&$1#*<)%")#'")D&0*D)-&)
*""+)"L7"1-0&*#5)1"&15"E)7#1#B5")&C)%&'(0*D)0*)$35-015")735-3'".)#*+)$#'("-.FM)
! ! !
!
! ! "C#!
'SRNR!WNR!VR^RP!LOcbOPRPMV!OZ!VMNWMRUQL!VMWZZQPU#!'SRVR!WLMQ^QMQRV!WNR!XON`ZONLR!bTWPPQPUK!VONLQPUK!
NRLNQMQPUK!VRTRLMQPUK!WLaQNQPUK!YRbTO_QPU!WPY!NRMWQPQPU!MWTRPM#!%LMNOPQL!NRLNQMV!RQMSRN!QPMRNPWTT_!ON!
R]MRNPWTT_#!(RLNQMcRPM!QV!LOPYLMRY!QPMRNPWTT_!MSNOUS!bNOcOMQOP!WPY!MNWPVZRN!OZ!R]QVMQPU!bRNVOPPRT!
ON!MSNOUS!NRZRNNWTVK![_!LNNRPM!VMWZZ!cRc[RNVK!OZ!ZNQRPYV!WPY!ZWcQT_!cRc[RNV#!JO[!ObRPQPUV!WNR!
WY^RNMQVRY! OP! MSR! LOcbWP_! +PMNWPRM#! (RZRNNWTV! WNR! VWTT_! XONYBOZBcOMS! WY^RNMQVRcRPMV#! EON!
NRLNQMQPU! R]MRNPWT! LWPYQYWMRVK! %LMNOPQL! NRTQRV! bOP! MSR! NRLNQMcRPM! LOPVTMWPMV#! 'SR! LOPVTMWPMV!
WY^RNMQVR! MSR! bOVQMQOP! XSQLS! QV! MQcR! LOPVcQPU! WPY! LOVMT_#! +M! QV! NRLOccRPYRY! MO! VR! OMSRN!
WTMRNPWMQ^RV! VLS! WV! YQNRLM! NRLNQMcRPMK! PQ^RNVQM_! bWNMPRNVSQbVK! QPMRNPVSQbVK! cWQPMWQPQPU! W! bNRB
VLNRRPRY!WbbTQLWPM!bOOTK!VQPU!VOLQWT!cRYQW!2/QP`RY!+P;K!'XQMMRN;3K!RML#!
L$L =03AN-W60524.5*+70*7-.I6-(4*.N*,X4+7K.
%LMNOPQL!RPMRNRY!QPMO!MSR!1NObRWP!AWN`RM!W[OM!ZQ^R!_RWNV!WUO!WPY!ObRPRY!W!NRUQOPWT!OZZQLR!QP!MSR!
*RMSRNTWPYV#! %LMNOPQL! VRTTV! WTT! O^RN! MSR! 1NObRWP! LOPMQPRPM! QPLTYQPU! 8RNcWP_K! -bWQPK! 9PUWN_K!
ENWPLRK!5ONMUWT!MSNOUS!QMV!YQVMNQ[MON!PRMXON`#!'O!ZTZQTT!MSR![QTQPUWT!NRaQNRcRPMV!OZ!NRVbRLMQ^R!
1NObRWP! LOPMNQRVK! %LMNOPQL! b[TQVSRV! MSR! bNOYLM! QPZONcWMQOP! WPY! cWPWTV! QP! MSR! NRVbRLMQ^R!
TWPUWURV#! %! bNOYLM! cWPWTK! QP! OPR! TWPUWURK! LOPMWQPV! PRWNT_! 4I! bWURV#! +M! QV! QcbOVVQ[TR! ZON! W!
LOcbWP_!MO!cW`R!4II!bWURV!LOcbNRSRPVQ^R!cWPWT!LO^RNQPU!WTT!"I!YQZZRNRPM!TWPUWURV#!/OWYNQMR,V!
YQVMNQ[MONV!bTWLR!MSR!ONYRN!QP![T`#!'SR!ONYRN!bNOLRVVQPU!WPY!VSQbbQPU!YRbWNMcRPM!WM!%LMNOPQL!QV!POM!
WXWNR!XSRNR!MSR!bNOYLM!QV!UOQPU!MO![R!QPVMWTTRY#!+M!QV!bOVVQ[TR!MSWM!cWMRNQWTV!ONYRNRY![_!MSR!8RNcWP!
YQVMNQ[MON!cW_![R!QPVMWTTRY!QP!9PUWN_#!!
L$% Y*12-.AB./+)-+2A3F.
/OWYNQMR!V_VMRc!VRV!VbRLQWTQjRY!R]bRPVQ^R!bWNMV!R#U#!'NWPVYLRNVK!5&>VK!TOWY!LRTTV!RML#!AOVM!OZ!MSRVR!
bWNMV!WNR!cWYR!O^RNVRWV!WPY!SW^R!SQUS!TRWYBMQcR#!9RPLRK!%LMNOPQL!`RRbV!W![ZZRN!VMOL`!MO!cRRM!MSR!
PR]bRLMRY!YRcWPYV!OZ!LVMOcRNV#!-OcR!OZ!MSR!QMRcV![RLOcR!O[VOTRMR!YR!MO!W!LSWPUR!QP!YRVQUP!
ON!MRLSPOTOU_!MSWM!TRWYV!MO!XWVMR!OZ!QP^RPMON_#!1^RPMWTT_!LOcbWP_!SWV!MO!YQVbOVR!OZZ!MSRVR!QMRcV!MO!
W^OQY!LWNN_QPU!LOVM#!!
L$& 'B2-3.1*5-1.1-3)4,-.
'SR!/OWYNQMR!bNOYLMV!XRNR!WVVRVVRY!QP!MRNcV!OZ!MSR!RQUSM!YQcRPVQOPV!OZ!aWTQM_!YRZQPRY![_!8WN^QP!
QPLTYQPU!5RNZONcWPLRK!ERWMNRVK!(RTQW[QTQM_K!6NW[QTQM_K!&OPZONcWPLRK!-RN^QLRW[QTQM_K!%RVMSRMQLV!WPY!
5RNLRQ^RY!aWTQM_!2>RL`ZONYK!$IIHl!8WN^QPK!"HGG3#!+P!MSR!XRQUSQPU!QPYVMN_K!WLLNWL_K!NRTQW[QTQM_!WPY!
YNW[QTQM_! WNR! MSR! cOVM! QcbONMWPM! aWTQM_! bWNWcRMRNV#! /OWYNQMR! NWMRV! UOOY! QP! MRNcV! OZ! QMV!
bRNZONcWPLRK!NRTQW[QTQM_K!YNW[QTQM_!WPY!LOPZONcWPLR!MO!VMWPYWNYV#!/OWYNQMR,V!bRNZONcWPLR!QV!dYURY!
[WVRY!OP!QMV!WLLNWL_!OZ!I#$B"n!XSQLS!QV![RMMRN!MSWP!cOVM!OZ!QMV!LOcbRMQMONV,#!
! ! !
!
! ! "G#!
8WN^QP!YRZQPRV!VRN^QLRW[QTQM_!WV!MSR!VbRRYK!LOcbRMRPLRK!LONMRV_!WPY!RWVR!OZ!NRbWQN#!%LMNOPQLK!/MY!
bNO^QYRV!WZMRN!VWTRV!VRN^QLR!XWNNWPM_!ZON!7!_RWNV#!AWP_!OZ!MSR!cOYTRV!WNR!POM!VRN^QLRW[TR!WPY!SRPLR!
PRRY!NRbTWLRcRPM#!%V!/OWYNQMR!QV!VRY!QP!^Q[NWMQOP!bNOPR!RP^QNOPcRPMVK!VOcR!OZ!MSR!cOYTRV!WPY!
LOcbOPRPMV!WNR!UTRY!WPY!ZQTTRY!XQMS!RbO]_#!'SQV!cW`RV!QM!YQZZQLTM!MO!NRbWQN!OPLR!QM![NRW`V!YOXP#!
'SQV!bNRZRNRPLR!OZ!MSR!LOcbWP_!ZON!NRbTWLQPU!NWMSRN!MSWP!NRbWQNQPU!MSRQN!bNOYLMVK!QV!R]bRPVQ^R!WPY!
TRVV!RP^QNOPcRPM!ZNQRPYT_#!!
AONRO^RNK!MSR!VRN^QLR!MRLSPQLQWPV!WNR!POM!MNWQPRY!WLLONYQPU!MO!ZQRTY!LOPYQMQOPV!WPY!WNR!POM!WXWNR!OZ!
MSR!WbbTQLWMQOPV!OZ!MSR!bNOYLM#!'SR!ZWLMON_!MRLSPQLQWPV!WNR!POM!W[TR!MO!NRbTQLWMR!MSR!ZWTM!YRVLNQ[RY!
[_!MSR!LVMOcRNV!QP!MSR!ZWLMON_!RP^QNOPcRPM#!'SR!QPVMWTTWMQOP!OZ!MSR!bNOYLM!QV!YOPR![_!MSR!YRWTRN!
WPY!MSR!LOcbWP_!YORV!POM!LOPYLM!ZQRTY!WLLRbMWPLR!MRVMQPU#!ENMSRNcONRK!WTT!NRbWQN!WPY!VRN^QLQPU!OZ!
MSR! bNOYLM! QV! LRPMNWTQjRY! QPYLQPU! cONR! MQcR! WPY! RZZONM! ZON! MSR! LVMOcRN! QP! MSR! bNOLRVV#! EON!
R]WcbTRK!LVMOcRNV!ZNOc!&SQPW!WPY!%VMNWTQW!WNR!NRaQNRY!MO!VRPY!MSRQN!ZWTM_!cOYTRV!MO!%L`TWPYK!
*RX!iRWTWPYK!MSV!WYYQPU!cONR!YRTW_!QP!MSR!VRN^QLR!bNOLRYNR#!'SR!VRN^QLR!MQcR!QV!OP!W^RNWUR!$I!
YW_V#!9OXR^RNK!MO!LOc[WM!MSQV!QVVRK!%LMNOPQL!bNO^QYRV!MSR!YRWTRNV!XQMS!VNbTV!VMOL`!XSQLS!WNR!VRY!
WV!WP!QPMRNQc!NRbTWLRcRPM!ZON!ZWTM_!bNOYLMVK!PMQT!NRbWQNRY#!
0VRNV!QP!%VQWP!cWN`RMV!VRRc!MO!UQ^R!cONR!bNRZRNRPLR!MO!ZQRTY!VRN^QLQPU#!EON![RMMRN!VWMQVZWLMQOP!OZ!
VLS!LVMOcRNVK!QM!QV!RVVRPMQWT!MSWM!MSR!VRN^QLQPU!QV!YRBLRPMNWTQjRY!WPY!MSR!MRLSPQLQWPV!WNR!MNWQPRY!MO!
XON`!QP!ZQRTY!LOPYQMQOPV#!!
89 'B2-3.:*5-1.:-3)4,-.
!
%$? C033-+2.N3A@5-81.
%P_!LOcbTWQPMV!ZNOc!MSR!LVMOcRN!WNR!NRUQVMRNRY![_!MSR!YQVMNQ[MONV!XSO!WNR!LWbW[TR!OZ!bNO^QYQPU!
OPT_! MSR! [WVQL! ObRNWMQOPWT! WPY! ZPLMQOPWT! TR^RT! VbbONM#! 'SRVR! YQVMNQ[MONV! WNR! MNWQPRY! [_! MSR!
%LMNOPQL!MRLSPQLWT!VbbONM!MRWc!ZON!QPVMWTTWMQOP!WPY!OMSRN!ZPLMQOPWT!VbbONM#!%P_!PQMV!MSWM!PRRY!
MRLSPQLWT!QP^RVMQUWMQOP!WNR!NRMNPRY!MO!MSR!%LMNOPQL!VRN^QLR!LRPMNR![WVRY!QP!%L`TWPYK!*RX!iRWTWPY#!
'SR!VRN^QLR!LOONYQPWMON![WVRY!WM!MSR!%L`TWPY!VRN^QLR!LRPMNR!NRUQVMRNV!MSR!QVVR!WPY!bWVVRV!QM!OPMO!
MSR!VRN^QLR!MRLSPQLQWPV!QP!MSR!bNOYLMQOP!MRWc!ZON!NRbWQN#!'SR!MRLSPQLQWPV![WVRY!WM!MSQV!VQMR!MSRP!
QP^RVMQUWMR!WPY!NRbWQN!MSR!PQMV#!AONR!OZMRP!MSWP!POMK!QM!QV!ZOPY!MSWM!PQMV!MSWM!ZWQT!QP!MSR!ZQRTY!VSOX!
*EE!2PO!ZWQTNR!ZOPY3!QP!MSR!VRN^QLR!LRPMNR#!+M!QV!YQZZQLTM!ZON!MRLSPQLQWPV!MO!NRbTQLWMR!MSR!ZQRTY!bNO[TRc!
QP! MSR! VRN^QLR! LRPMNR! RP^QNOPcRPM! WPY! SRPLR! ZQPY! MSR! NOOM! LWVR! OZ! MSR! bNO[TRc#! AONRO^RNK! MSR!
cWQP!ZOLV!OZ!MSR!VRN^QLR!MRLSPQLQWPV!QV!OP!bNOYLMQOPK!XSQTR!YRWTQPU!XQMS!MSR!NRbWQN!PQMV!WV!WP!R]MNW!
TOWY#!!
! ! !
!
! ! "H#!
6R! MO! MSR! LNNRPM! VMNLMNRK! QM! QV! ^RN_! YQZZQLTM! MO! YRMRLM! MSR! bNO[TRc! bWMSXW_! Q#R#! XSRMSRN! MSR!
bNO[TRc!TQRV!QP!MSR!ObRNWMQOPV!OZ!MSR!PQM!2WM!MSR!ZQRTY3!ON!XSRMSRN!MSRNR!QV!WP!WLMWT!ZWTM!XQMS!MSR!
YR^QLR#! 'SRNR! QV! W! SUR! LOccPQLWMQOP! UWb! [RMXRRP! MSR! LVMOcRNVK! YQVMNQ[MONVK! MSR! VRN^QLR!
LOONYQPWMON! WPY! MSR! VRN^QLR! MRLSPQLQWPV! WPY! SRPLR! MSRNR! QV! PO! VQPUTR! bRNVOP! ON! MRWc! [RQPU! SRTY!
WLLOPMW[TR!ZON!MSR!NRbWQN!bNOLRVV#!'SQV!bNWLMQLR!OZ!LRPMNWT!VRN^QLR!VbbONM!QV!Lc[RNVOcR!WPY!OZMRP!
TRWYV!MO!TOPU!VRN^QLR!MQcRV!cWQPT_!YR!MO!VSQbbQPU!WPY!MNWPVbONM!OZ!MSR!NRbWQNeNRXON`RY!UOOYV!WV!
XRTT!WV!MSR!LOccPQLWMQOP![WNNQRN![RMXRRP!YQZZRNRPM!RPMQMQRV#!!
%$! Z-12.93*,24,-1.
="';07"?7"*-'07)-'#*.C&'$#-0&*)
+P! ONYRN! MO! VLLRVVZTT_! NRVbOPY! MO! MSR! LSWPUQPU! YRcWPYV! OZ! LVMOcRNVK! cWPZWLMNRNV! WNR!
MNWPVZONcQPU!MSRQN![VQPRVV!cOYRTV!MO!QPLONbONWMR!VRN^QLR!ZOLV!WTOPU!XQMS!MSR!bNOYLM!ZOLV#!%V!W!
bWNM!OZ!MSQV!MNWPVZONcWMQOP!bNOLRVVK!QM!QV!^QMWT!MSWM!cWPZWLMNRNV!cONR!V_VMRcWMQLWTT_!bNVR!MSRQN!
WZMRNBVWTR!VRN^QLR!ObbONMPQMQRV#!'SR!cOVM!LOcbRMQMQ^R!LOcbWPQRV!WNR!bRNZONcQPU!sLONR!^V#!LOPMR]M,!
WPWT_VQVl!ZOLVQPU!OP!MSRQN!LONR!LWbW[QTQMQRVl!WPY!ZQPYQPU!bWNMPRNV!ZON!SWPYTQPU!OMSRN!NRaQNRcRPMV!OZ!
MSR![VQPRVV!2(OVRK!$II:3#!
AWP_!LOcbWPQRV!SW^R!WYObMRY! MSQV! MNWPZONcWMQOP! bNOLRVV! [_! MNRWMQPU! MSRQN! VRN^QLR! [VQPRVV! WV! W!
VMNWMRUQL! NR^RPR! URPRNWMON#! .WNQOV! R]WcbTRV! OZ! +'! ZQNcV! VLS! WV! +>AK! 6RTT! &OcbMRNVK! rRNO]K!
9RXTRMMB5WL`WNY!WPY!8RPRNWT!1TRLMNQL!SW^R!PYRNUOPR!MSQV!MNWPVZONcWMQOP!bNOLRVV!QP!ONYRN!MO![RMMRN!
YNQ^R!MSRQN!bNOYLM!VWTRV!WPY!bNOZQMRW[QTQM_!2'9+*=VMNWMRUQRVK!$II@3#!!
+>A,V!MNWPVZONcWMQOP!ZNOc!W!V_VMRcV!LOcbWP_!MO!W!VRN^QLRVBTRY!VOTMQOPV!bNO^QYRN!SWV![RLOcR!W!
cOYRT!ZON!MSR!RPMQNR!+'!QPYVMN_#!)^RN!MSR!bWVM!YRLWYRK!+>A,V!VRN^QLRV![VQPRVV!URPRNWMRY!O^RN!GI!
bRNLRPM! OZ! +>A,V! MOMWT! NR^RPR! UNOXMS#! 6RTT! &OcbMRN! WTVO! LSWPURY! QMV! [VQPRVV! cOYRT! MO! SQUSB
cWNUQP! VRN^QLR! NR^RPR! URPRNWMQOP! QP! ONYRN! MO! LOcbRPVWMR! ZON! ZWTTQPU! cWNUQPV! 2'9+*=VMNWMRUQRVK!
$II@3#!
N:"O)7"*-'#50P#-0&*)
)NUWPQjWMQOPV!bNO^QYQPU!VRN^QLRV!YQZZRN!^WVMT_!QP!MSRQN![VQPRVV!VMNWMRU_!OZ!cRRMQPU!LVMOcRN!PRRYV!
YRbRPYQPU!OP!MSR!M_bR!OZ!VRN^QLRV!MSR_!bNO^QYR!WV!XRTT!WV!MSR!W^WQTW[TR!NRVONLRVK!WM!MSR!VWcR!MQcR!
cW]QcQjQPU!bNOZQMV#!'SRVR![VQPRVV!VMNWMRUQRV!R^OT^R!ZNOc!LOPYLMQPU!W!LOPMQPURPL_!WbbNOWLS![WVRY!
OP!cTMQbTR!ZWLMONV!VLS!WV!MSR!bNOYLMK!MSR!LOcbWP_!WZMRNBVWTRV!VMNWMRU_K!MSR!VRN^QLR!LSWNWLMRNQVMQLV!
WPY!MSR!bNOYLM!YQVMNQ[MQOP!VbbT_!LSWQP#!EON!R]WcbTRK!VOcR!cWPZWLMNQPU!ZQNcV!SW^R!MSR!ZQPWPLQWT!
NRVONLRV!PRRYRY!MO!bRNZONc!cOVM!ON!WTT!QMV!WLMQ^QMQRV!NWPUQPU!ZNOc!NRVRWNLS!MO!bNOYLM!YR^RTObcRPM!
MO!WZMRN!VWTRV!VbbONM#!+P!LOPMNWVMK!OMSRN!cWPZWLMNQPU!PQMVK!ObRNWMQPU!XQMS!TQcQMRY!NRVONLRVK!cW_!
! ! !
!
! ! $I#!
TWL`!MSR!W[QTQM_!MO!bRNZONc!VLS!WLMQ^QMQRV!VLS!WV!bNOYLM!YQVMNQ[MQOP!WPY!VRN^QLR!VbbONM!YQNRLMT_#!
2%NcQVMRWY!<!&TWN`K!"HH$3#!
EON! R]WcbTRK! %>&! &ONbONWMQOP! YRLRPMNWTQjRY! [OMS! QMV! bNOYLM! YQVMNQ[MQOP! WPY! WZMRNBVWTRV! VRN^QLR!
VbbONM!ZPLMQOPV#!'SR!LOcbWP_!LSOVR!QPVMRWY!MO!LOPLRPMNWMR!OP!YR^RTObQPU!QMV!bNOYLM!TQPR!WPY!
LOPMNWLMRY!XQMS!)1AV!QP!ONYRN!MO!VN^Q^R!QP!MSR!ZWVMBR^OT^QPU!LOcbMRN!QPYVMN_#!+P!LOPMNWVMK!%TbSW!
AQLNOV_VMRcVK!W!cW`RN!OZ!cQYNWPUR!LOcbMRN!V_VMRcVK!LSOVR!MO!LRPMNWTQjR![OMS!bNOYLM!YQVMNQ[MQOP!
WPY!WZMRNBVWTRV!VRN^QLR!VbbONM!ZPLMQOPV#!%TbSW!AQLNOV_VMRcV!cWYR!VRN^QLR!WP!QPMRUNWT!bWNM!OZ!QMV!
[VQPRVV!QP!ONYRN!MO!bNOMRLM!QMV!cWN`RM!VSWNR!QP!MSR!LOcbMRN!QPYVMN_!2/OOc[WK!"HH:3#!
%$L J-,A88-+(*24A+1.
6R!MO!MSR!PWMNR!OZ!%LMNOPQL,V!^WVM!YQVMNQ[MQOP!LSWPPRTVK!YRLRPMNWTQjWMQOP!OZ!MSR!WZMRN!VWTRV!VbbONM!
WPY!VRN^QLR!XQMS!LRPMNWT!LOONYQPWMQOP!XOTY![R!URMMQPU!LTOVR!MO!MSR!WZONRcRPMQOPRY![RVM!bNWLMQLRV#!
%LMNOPQL! SWV! W! XQYR! YQVMNQ[MON! PRMXON`! QP! ^WNQOV! NRUQOPWT! TOLWMQOPV#! 'SR! YQVMNQ[MONV! LWP! [R!
MRLSPQLWTT_! MNWQPRY! MO! LOPYLM! QPBZQRTY! cWQPMRPWPLR! WPY! NRbWQN#! %! VbRLQWTQjRY! cWPZWLMNQPU! ZQNc!
VLS!WV!%LMNOPQL!LWP![RPRZQM!ZNOc!SW^QPU!VRN^QLR!WV!W!NR^RPR!URPRNWMON#!%LMNOPQL!LWP![RPRZQM!ZNOc!
OZZRNQPU! WZMRN! VWTRV! VbbONM! QP! ZONcV! OZ! WP! R]MRPYRY! XWNNWPM_K! XSRNR[_! MSR! ZQRTY! MRLSPQLQWPV! LWP!
OZZRN! NRUTWN! cWQPMRPWPLR! WPY! VRN^QLR! VbbONM#! +Z! MSR! ZWTM! QV! QNNRbWNW[TRK! %LMNOPQL! LWP! bNO^QYR! W!
NRbTWLRcRPMK!bNO^QYRY!MSR!bNOYLM!QV!XQMSQP!MSR!XWNNWPM_!bRNQOY#!!
6RLRPMNWTQjWMQOP!OZ!VRN^QLR!VbbONM!LWP![R!QPQMQWMRY!QP!ZRX!`R_!TOLWMQOPV#!'SQV!PRMXON`!LWP!MSRP![R!
UNWYWTT_!R]bWPYRY!QPMO!OMSRN!NRUQOPWT!TOLWMQOPV#!1QMSRNg!2Q3!-RM!b!W!VbRLQWTQjRY!VRN^QLQPU!MRWc!ZON!
^WNQOV!TOLWMQOPV!ON!2QQ3!'NWQP!YQVMNQ[MONV!MO!bNO^QYR!VWTRV!WPY!VRN^QLR!VbbONM#!'SQV!2QQ3!XQTT!NRYLR!MSR!
LOVMV!WVVOLQWMRY!XQMS!SW^QPU!W!VbRLQWTQjRY!MRLSPQLWT!VbbONM!MRWc#!!
%LMNOPQL! LWP! WbbOQPM! W! UTO[WT! VRN^QLR! VbbONM! LOONYQPWMONecWPWURN! LRPMNWTT_! QP! %L`TWPY! XSO! QV!
MRLSPQLWTT_!VOPY!WPY!LOccPQLWMRV!XQMS!MSR!ZQRTY!MRLSPQLQWPV!ZON!LOONYQPWMQOP!OZ!VRN^QLR!WLMQ^QMQRV#!
'SR!VRN^QLR!LOONYQPWMON!XQTT![R!NRVbOPVQ[TR!ZON!`RRbQPU!MNWL`!OZ!MSR!VRN^QLR!VMWMVK!LOccPQLWMQPU!
XQMS!MSR!ZQRTY!MRLSPQLQWPV!OP!MRLSPQLWT!cWMMRNVK!ONUWPQjR!QP^RVMQUWMQOPV!WPY!NRbWQNV!MO![R!YOPR!WM!MSR!
VRN^QLR! LRPMNR! QZ! MSR! NRbWQN! LWPPOM! [R! YOPR! [_! MSR! ZQRTY! MRLSPQLQWPV! WPY! SW^R! W! VbRLQWTQjRY! MRWc!
2WT[RQM! VcWTT3! MSWM! YRWTV! XQMS! OPT_! MSR! WZMRN! VWTRV! VRN^QLR! VbbONM! WPY! NRbWQNV#! 'SQV! MRWc! LWP! WTVO!
bNO^QYR! VbbONM! QP! MRNcV! OZ! MNWQPQPU! MSR! YQVMNQ[MON! PRMXON`! OP! W! NRUTWN! [WVQV#! 'SR! VRN^QLR!
LOONYQPWMON! WPY! SQV! MRWc! XQTT! WTVO! [R! NRVbOPVQ[TR! ZON! MSR! VRN^QLR! YWMW[WVRK! XSQLS! LWP! [R! `RbM!
bYWMRY!VO!MSWM!QPZONcWMQOP!LWP![R!bTTRY!OM!RWVQT_!VSOTY!W!ZWTM!QV!NRbRWMRY#!EQUNR!G!YQVbTW_V!MSR!
LNNRPM!WPY!bNObOVRY!VMNLMNR!2[_!MSR!WMSON3!OZ!VRN^QLR!cWPWURcRPM!WM!%LMNOPQL#!!
!
! ! !
!
! ! $"#!
!
!
!
!
(?@ABC&<.&1ABBCIG&RES&EIF&9BDLDMCF&RQS&MGBAKGABC&JDB&MCBU?KC&KDDBF?IEG?DI&EG&"KGBDI?K&
!
%$% CO*55-+7-1.
+cbNO^QPU!WP!WZMRNBVWTRV![VQPRVV!QV!POM!WP!RWV_!PYRNMW`QPU#!)ZMRPK!MSRNR!WNR!PcRNOV!QPMRNPWT!
[WNNQRNV!MO!O^RNLOcR#!EQNcV!WNR!VWTT_!PWXWNR!OZ!MSR!cWN`RM!bOMRPMQWT!OZ!MSR!WZMRN!VWTRV![VQPRVVl!
SRPLR! ZQPY! QM! YQZZQLTM! MO! ZONc! [VQPRVV! VMNWMRUQRV! WNOPY! MSR! WZMRN! VWTRV! bWNM! OZ! MSR! [VQPRVV#! %P!
WZMRNBVWTRV![VQPRVV!OZMRP!SWV!W!TOXRN!LONbONWMR!WbbRWT!MSWP!W!PRX!bNOYLM![VQPRVV#!9RPLRK!ZQNcV!
WNR!NRTLMWPM!MO!YRYQLWMR!MQcR!WPY!MWTRPM!MO!MSR!VRN^QLR!bWNM!OZ!MSR![VQPRVV#!AWPWURNV!OZMRP![RTQR^R!
MSWM! RPMRNQPU! MSR! WZMRNBVWTRV! [VQPRVV! XQTT! YRMNWLM! ZNOc! MSR! XON`! OZ! VRTTQPU! PRX! bNOYLMV#! -WTRV!
YRbWNMcRPMV! ZNRaRPMT_! NRUWNY! WP! WZMRNBVWTRV! UNOb! WV! W! NQ^WTK! WPY! VO! YQVLONWUR! MSR! bNOWLMQ^R!
cWN`RMQPU!WPY!VWTRV!OZ!QMV!VRN^QLRV#!%P!RZZRLMQ^R!WbbNOWLS!SRNR!XOTY![R!MO!LOP^QPLR!MSR!VWTRV!VMWZZ!
MSWM!XSRNR!MSRNR!QV!W!YRcWPY!ZON!WZMRNBVWTRV!VRN^QLR!MSWM!QV!POM!cRM![_!MSR!ONUWPQjWMQOPK!RQMSRN!W!
VbRLQWTQjRY!LOcbRMQMON!XQTT!VRQjR!MSR!ObbONMPQM_!ON!MSR!LVMOcRNV!XQTT!VXQMLS!MO!WPOMSRN!RaQbcRPM!
VbbTQRN! MSWM! bNO^QYRV! MSR! VbbONM! MSR_! NRaQNR#! EQPWTT_K! QPVZZQLQRPM! LOONYQPWMQOP! XQMSQP! WP!
ONUWPQjWMQOP!LWP!TRWY!MO!LVMOcRN!LOPZVQOP!WPY!YQVVWMQVZWLMQOP!2=PRLSMK!/RVjQPV`QK!<!DR[RNK!"HH73#!
&1)!
8TO[WT!-RN^QLR!
-bbONM!AWPWURN!
EQRTY!-RN^QLR!
1PUQPRRN!
(RUQOP!%!!
EQRTY!-RN^QLR!
1PUQPRRN!!
(RUQOP!>!
EQRTY!-RN^QLR!
1PUQPRRN!!
(RUQOP!&!
-RN^QLR!1PUQPRRNe
'RLSPQLQWP!!
%L`TWPY!ZWLMON_!
&VMOcRN!
(RTWqOPVSQb!
AWPWURN!
&1)!
-bbT_!<!LSWQP!
AWPWURN!
AZU!MRLS!
AWPWURN!
25NOYLqOP!<!
5NLSWVR3!
&VMOcRN!
NRTWqOPVSQb!
cWPWURN!
-RN^QLR!
&OONYQPWMON!
2W3!
2[3!
! ! !
!
! ! $$#!
49 CA+,5014A+1.
!
'SQV! NRbONM! LNQMQLWTT_! WPWT_VRY! MSR! LNNRPM! cWPZWLMNQPU! bNOLRVVRV! WPY! cWPWURcRPM! bNWLMQLRV! WM!
%LMNOPQL#!%ZMRN!VWTRV!VRN^QLR!WM!WLMNOPQL!XWV!NRLOUPQjRY!MO![R!W!cWdON!QVVR!ZON!%LMNOPQL#!ENOc!MSR!
WPWT_VQV!W[O^RK!QM!QV!R^QYRPM!MSWM!bNOYLM!YQVMNQ[MQOP!WPY!WZMRNBVWTRV!VRN^QLR!VbbONM!VMNWMRUQRV!WNR!
LTOVRT_!TQP`RY!MO!RWLS!OMSRN#!'SRNR!QV!PO!OPR![RVM!bNWLMQLR!MSWM!W!ZQNc!LWP!ZOTTOX!MO!UWNWPMRR!MSRQN!
VLLRVV#!EON!%LMNOPQLK!QMV!WZMRN!VWTRV!VRN^QLR!WPY!VbbONM!LWP![RPRZQM!ZNOc!YRLRPMNWTQjWMQOP!WV!XRTT!WV!
YQZZRNRPMQWMQOP!OZ!MSR!VbbT_!WPY!LSWQP!YRbWNMcRPM#!-OcR!OZ!MSR!bOMRPMQWT!LSWTTRPURV!MSWM!QM!cW_!
ZWLR!QP!MSQV!bNOLRVV!SW^R!WTVO![RRP!NRLOUPQjRY#!!
69 J-B-3-+,-1.
!
%[OM!/OWYNQMR#!!!(RMNQR^RY!"!AW_K!$I"$K!ZNOc!SMMbgeeXXX#TOWYNQMRVLWTRV#LOceW[OMTOWYNQMR#SMcT#!
%LMNOPQL#!ZNOc!SMMbgeeXXX#WLMNOPQLMRLSPOTOUQRV#LOc#!
%LMNOPQL#!$I""K!ZNOc!SMMbgeeXXX#WLMNOPQLMRLSPOTOUQRV#LOc!
%LMNOPQL#!2$II73#!>"0D/0*D)=<.-"$)@*.-#55#-0&*)D30+"#!%LMNOPQL#!!!
%NcQVMRWYK! &#! 8#K! <! &TWN`K! 8#! 2"HH$3#! &VMOcRN! -RN^QLR! WPY! -bbONMg! +cbTRcRPMQPU! 1ZZRLMQ^R!
-MNWMRUQRV#!!
>WTTuK!E#K!<!>WTTuK!A#!2$II43#!'SR!8OTY!AQPRg!%!*O^RT!OZ!/RWP!'NPWNOPY#!!
>RL`ZONYK!J#!2$IIH3#!Q3#50-<8)K)2'0-07#5)@*-'&+37-0&*g!'W_TON!<!ENWPLQV#!
>RVM! 5NWLMQLRV! -N^R_g! /OL`SRRY! AWNMQP! 1TRLMNOPQLV! WPY! AQVVQTRV! 2"HH43K! ZNOc!
SMMbgeeXXX#[cbLOR#ONUe[RVMbNWLMQLRVeQPMRNPWTeTcRceQPYR]#SMcT!
>SWVQPK!-#K!<!>NLSRNK!5#!2$II:3#!/RWP!^QRXRY!WV!W!bSQTOVObS_#!R&3'*#5)&C)S#*3C#7-3'0*D)!"7/*&5&D<)
S#*#D"$"*-E)TU2"3K!4:BC$#!!
8WN^QPK!6#!%#!2"HGG3#!S#*#D0*D)H3#50-<8)-/").-'#-"D07)#*+)7&$1"-0-0;")"+D"F!*RX!FON`g!ENRR!5NRVV#!
8OTYNWMMK!1#!A#K!<!&O]K!J#!2"HH$3#!'SR!UOWTg!W!bNOLRVV!OZ!OPUOQPU!QcbNO^RcRPM#!!
8NQUUK!*#!2$I"I3#!Q3#50-<)=<.-"$.):".0D*)=-3+<)V30+"#!AWVVR_!0PQ^RNVQM_#!%L`TWPYK!*RX!iRWTWPY#!!
=PRLSMK!'#K!/RVjQPV`QK!(#K!<!DR[RNK!E#!%#!2"HH73#!AW`QPU!5NOZQMV!WZMRN!MSR!VWTR#!!/")S7W0*."<)Q3#'-"'5<E)
X#!
/OOc[WK! %#! 5#! -#! 2"HH:3#! /QP`WURV! [RMXRRP! bNOYLM! YQVMNQ[MQOP! WPY! VRN^QLR! VbbONM! ZPLMQOPV#!
@*-"'*#-0&*#5)R&3'*#5)&C),/<.07#5):0.-'0B3-0&*)J)Y&D0.-07.)S#*#D"$"*-E)Z[2@3K!@B$$#!!
AWMSNWPQK!-#!2$I"$3#!%Y^WPLR!+PYVMNQWT!AWPWURcRPM!5NWLMQLRV!-MY_!8QYR#g!AWVVR_!0PQ^RNVQM_#!
(WOK! %#! 2"HH:3#! !&-#5) Q3#50-<) S#*#D"$"*-8) K) 2'&..?63*7-0&*#5) ,"'.1"7-0;"g! JOSP! DQTR_! <! -OPV!
&WPWYW#!
(R.RTTRK!J#!>#!2$II"3#!AWPZWLMNQPU!9WPY[OO`!OZ!>RVM!5NWLMQLRV!g!%P!+PPO^WMQOPK!5NOYLMQ^QM_K!WPY!
?WTQM_!EOLVg!>OLW!(WMOPK!10%!g!-M#!/LQR!5NRVV#!
(OVRK!D#!>#!2$II:3#!1PMRNbNQVR!'NWPVZONcWMQOPg!0PYRNVMWPYQPU!WPY!1PW[TQPU!EPYWcRPMWT!&SWPUR#!!
'9+*=VMNWMRUQRV#! 2$II@3#! 'NWPVZONcQPU! MSR! -RN^QLR! >VQPRVV! +PMO! W! (R^RPR! 1PUQPRK! ZNOc!
SMMbgeeXXX#MSQP`VMNWMRUQRV#LOceQcWURVe1PLO^RNzDSQMRbWbRN#bYZ!
!
!

More Related Content

What's hot

Ee rashtreeya kulimuriyil_ellavarum_nagnaraanu
Ee rashtreeya kulimuriyil_ellavarum_nagnaraanuEe rashtreeya kulimuriyil_ellavarum_nagnaraanu
Ee rashtreeya kulimuriyil_ellavarum_nagnaraanuKunji Mon
 
Ebook isu isu sentral islam liberal
Ebook isu isu sentral islam liberalEbook isu isu sentral islam liberal
Ebook isu isu sentral islam liberalAbu Muhammad
 
2010 UCLA State Farm Plans Book
2010 UCLA State Farm Plans Book2010 UCLA State Farm Plans Book
2010 UCLA State Farm Plans BookChristine Takaichi
 
Zahra integrated cal+letter for sangopita
Zahra integrated cal+letter for sangopitaZahra integrated cal+letter for sangopita
Zahra integrated cal+letter for sangopitazahraslide97
 
Buku panduan pengelolaan-e-journal
Buku panduan pengelolaan-e-journalBuku panduan pengelolaan-e-journal
Buku panduan pengelolaan-e-journalCoky Fauzi Alfi
 
HOW TO TEACH SCIENCE IN 1-TO-1 PRIMARY SCHOOLS.
HOW TO TEACH SCIENCE IN 1-TO-1 PRIMARY SCHOOLS.  HOW TO TEACH SCIENCE IN 1-TO-1 PRIMARY SCHOOLS.
HOW TO TEACH SCIENCE IN 1-TO-1 PRIMARY SCHOOLS. King's College London
 
Parinya non fulltext
Parinya non fulltextParinya non fulltext
Parinya non fulltextCogito123
 
Peace through understanding Islam || Mawlana Feizel Chothia || Australian Isl...
Peace through understanding Islam || Mawlana Feizel Chothia || Australian Isl...Peace through understanding Islam || Mawlana Feizel Chothia || Australian Isl...
Peace through understanding Islam || Mawlana Feizel Chothia || Australian Isl...Muhammad Nabeel Musharraf
 
7 carrizosa, agustin
7 carrizosa, agustin7 carrizosa, agustin
7 carrizosa, agustingalan55
 

What's hot (18)

Ee rashtreeya kulimuriyil_ellavarum_nagnaraanu
Ee rashtreeya kulimuriyil_ellavarum_nagnaraanuEe rashtreeya kulimuriyil_ellavarum_nagnaraanu
Ee rashtreeya kulimuriyil_ellavarum_nagnaraanu
 
Ebook isu isu sentral islam liberal
Ebook isu isu sentral islam liberalEbook isu isu sentral islam liberal
Ebook isu isu sentral islam liberal
 
2010 UCLA State Farm Plans Book
2010 UCLA State Farm Plans Book2010 UCLA State Farm Plans Book
2010 UCLA State Farm Plans Book
 
Zahra integrated cal+letter for sangopita
Zahra integrated cal+letter for sangopitaZahra integrated cal+letter for sangopita
Zahra integrated cal+letter for sangopita
 
Buku panduan pengelolaan-e-journal
Buku panduan pengelolaan-e-journalBuku panduan pengelolaan-e-journal
Buku panduan pengelolaan-e-journal
 
HOW TO TEACH SCIENCE IN 1-TO-1 PRIMARY SCHOOLS.
HOW TO TEACH SCIENCE IN 1-TO-1 PRIMARY SCHOOLS.  HOW TO TEACH SCIENCE IN 1-TO-1 PRIMARY SCHOOLS.
HOW TO TEACH SCIENCE IN 1-TO-1 PRIMARY SCHOOLS.
 
Nutrición básica
Nutrición básicaNutrición básica
Nutrición básica
 
Parinya non fulltext
Parinya non fulltextParinya non fulltext
Parinya non fulltext
 
Peace through understanding Islam || Mawlana Feizel Chothia || Australian Isl...
Peace through understanding Islam || Mawlana Feizel Chothia || Australian Isl...Peace through understanding Islam || Mawlana Feizel Chothia || Australian Isl...
Peace through understanding Islam || Mawlana Feizel Chothia || Australian Isl...
 
Travel & Lifestyle
Travel & LifestyleTravel & Lifestyle
Travel & Lifestyle
 
Brinch hansen
Brinch hansenBrinch hansen
Brinch hansen
 
Makarajyothi 2011 page 1-50
Makarajyothi 2011   page 1-50Makarajyothi 2011   page 1-50
Makarajyothi 2011 page 1-50
 
Makarajyothi 2019
Makarajyothi 2019Makarajyothi 2019
Makarajyothi 2019
 
Kerala Village directory
Kerala Village directoryKerala Village directory
Kerala Village directory
 
7 carrizosa, agustin
7 carrizosa, agustin7 carrizosa, agustin
7 carrizosa, agustin
 
Rti handbook-malayalam uploaded by James Joseph Adhikarathil 9447464502
Rti handbook-malayalam uploaded by James Joseph Adhikarathil 9447464502Rti handbook-malayalam uploaded by James Joseph Adhikarathil 9447464502
Rti handbook-malayalam uploaded by James Joseph Adhikarathil 9447464502
 
FPC Seven to Save 2009
FPC Seven to Save 2009FPC Seven to Save 2009
FPC Seven to Save 2009
 
Makarajyothi 2011 page 201-250
Makarajyothi 2011  page 201-250Makarajyothi 2011  page 201-250
Makarajyothi 2011 page 201-250
 

Viewers also liked

PROJECT REPORT LR908 INVESTIGATION
PROJECT REPORT LR908 INVESTIGATIONPROJECT REPORT LR908 INVESTIGATION
PROJECT REPORT LR908 INVESTIGATIONDinesh Mathur
 
Investigation stage of the MYP Personal Project
Investigation stage of the MYP Personal ProjectInvestigation stage of the MYP Personal Project
Investigation stage of the MYP Personal ProjectNeil Commons
 
Aerodynamics Project
Aerodynamics ProjectAerodynamics Project
Aerodynamics ProjectAgate Utane
 
MYP Personal Project stages
MYP Personal Project stagesMYP Personal Project stages
MYP Personal Project stagesNeil Commons
 
Toshiba Investigation Report (Summary)
Toshiba Investigation Report (Summary)Toshiba Investigation Report (Summary)
Toshiba Investigation Report (Summary)asianextractor
 
Juvenile delinquency
Juvenile delinquencyJuvenile delinquency
Juvenile delinquencyAnas Vj
 
Juveniledeliquency
JuveniledeliquencyJuveniledeliquency
JuveniledeliquencyJOBIN CHACKO
 
Ink made from teabags
Ink made from teabagsInk made from teabags
Ink made from teabagsGeberlyn
 
Juvenile Delinquency
Juvenile DelinquencyJuvenile Delinquency
Juvenile Delinquencyguest544226
 
juvenile delinquency
juvenile delinquencyjuvenile delinquency
juvenile delinquencyMuhammad Afiq
 
Juvenile delinquency
Juvenile delinquencyJuvenile delinquency
Juvenile delinquencyAbino David
 
The investigatory project
The investigatory projectThe investigatory project
The investigatory projectMarlo Ortinez
 
Research paper - Calamansi (Citrofortunella Microcarpa) Fruit Extract as Perfume
Research paper - Calamansi (Citrofortunella Microcarpa) Fruit Extract as PerfumeResearch paper - Calamansi (Citrofortunella Microcarpa) Fruit Extract as Perfume
Research paper - Calamansi (Citrofortunella Microcarpa) Fruit Extract as PerfumeJulienne Mae Potonia
 
Factors affecting the academic performance of college students (1)
Factors affecting the academic performance of college students (1)Factors affecting the academic performance of college students (1)
Factors affecting the academic performance of college students (1)Shubham Aggarwal
 
Questionnaire for the survey of electronics market(for school/college projects)
Questionnaire for the survey of electronics market(for school/college projects)Questionnaire for the survey of electronics market(for school/college projects)
Questionnaire for the survey of electronics market(for school/college projects)Dan John
 

Viewers also liked (20)

PROJECT REPORT LR908 INVESTIGATION
PROJECT REPORT LR908 INVESTIGATIONPROJECT REPORT LR908 INVESTIGATION
PROJECT REPORT LR908 INVESTIGATION
 
Investigation stage of the MYP Personal Project
Investigation stage of the MYP Personal ProjectInvestigation stage of the MYP Personal Project
Investigation stage of the MYP Personal Project
 
Aerodynamics Project
Aerodynamics ProjectAerodynamics Project
Aerodynamics Project
 
MYP Personal Project stages
MYP Personal Project stagesMYP Personal Project stages
MYP Personal Project stages
 
Toshiba Investigation Report (Summary)
Toshiba Investigation Report (Summary)Toshiba Investigation Report (Summary)
Toshiba Investigation Report (Summary)
 
Juvenile delinquency
Juvenile delinquencyJuvenile delinquency
Juvenile delinquency
 
Juveniledeliquency
JuveniledeliquencyJuveniledeliquency
Juveniledeliquency
 
Ink made from teabags
Ink made from teabagsInk made from teabags
Ink made from teabags
 
Juvenile delinquency
Juvenile delinquencyJuvenile delinquency
Juvenile delinquency
 
Investigatory project parts
Investigatory project partsInvestigatory project parts
Investigatory project parts
 
Science investigatory project
Science investigatory projectScience investigatory project
Science investigatory project
 
Juvenile Delinquency
Juvenile DelinquencyJuvenile Delinquency
Juvenile Delinquency
 
juvenile delinquency
juvenile delinquencyjuvenile delinquency
juvenile delinquency
 
Juvenile delinquency
Juvenile delinquencyJuvenile delinquency
Juvenile delinquency
 
The investigatory project
The investigatory projectThe investigatory project
The investigatory project
 
Investigatory Project
Investigatory ProjectInvestigatory Project
Investigatory Project
 
Research paper - Calamansi (Citrofortunella Microcarpa) Fruit Extract as Perfume
Research paper - Calamansi (Citrofortunella Microcarpa) Fruit Extract as PerfumeResearch paper - Calamansi (Citrofortunella Microcarpa) Fruit Extract as Perfume
Research paper - Calamansi (Citrofortunella Microcarpa) Fruit Extract as Perfume
 
Factors affecting the academic performance of college students (1)
Factors affecting the academic performance of college students (1)Factors affecting the academic performance of college students (1)
Factors affecting the academic performance of college students (1)
 
Questionnaire for the survey of electronics market(for school/college projects)
Questionnaire for the survey of electronics market(for school/college projects)Questionnaire for the survey of electronics market(for school/college projects)
Questionnaire for the survey of electronics market(for school/college projects)
 
Questionnaire
QuestionnaireQuestionnaire
Questionnaire
 

Similar to Assignment_1_DineshMathur_22_feedback

Automechanika frankfurt velyen 2018 innovations
Automechanika frankfurt velyen 2018 innovations Automechanika frankfurt velyen 2018 innovations
Automechanika frankfurt velyen 2018 innovations Luis_Dominguez_Alarcon
 
Digitaal erfgoed voor het onderwijs
Digitaal erfgoed voor het onderwijsDigitaal erfgoed voor het onderwijs
Digitaal erfgoed voor het onderwijsErfgoed 2.0
 
Its not easy being green
Its not easy being greenIts not easy being green
Its not easy being greenmediaman64
 
אומנות הלחימה גדעון אונה
אומנות הלחימה גדעון אונהאומנות הלחימה גדעון אונה
אומנות הלחימה גדעון אונהLior Medan
 
Alice Cohen - Ecotourism Green Mondays 12-12-11
Alice Cohen - Ecotourism Green Mondays 12-12-11Alice Cohen - Ecotourism Green Mondays 12-12-11
Alice Cohen - Ecotourism Green Mondays 12-12-11blueridgesustainability
 
Writing Sample Press Relaease
Writing Sample Press RelaeaseWriting Sample Press Relaease
Writing Sample Press Relaeasetbartlett21
 
WestEd Evaluation of Hawaii Special Education Program
WestEd Evaluation of Hawaii Special Education ProgramWestEd Evaluation of Hawaii Special Education Program
WestEd Evaluation of Hawaii Special Education ProgramHonolulu Civil Beat
 
Agravo regimental -_ms_bloqueio_de_bens_-_para_protocolo
Agravo regimental -_ms_bloqueio_de_bens_-_para_protocoloAgravo regimental -_ms_bloqueio_de_bens_-_para_protocolo
Agravo regimental -_ms_bloqueio_de_bens_-_para_protocoloEditora 247
 
C O N T R O L L I N G S P E C T R A L H A R M O N Y W I T H K O H O N E N...
C O N T R O L L I N G  S P E C T R A L  H A R M O N Y  W I T H  K O H O N E N...C O N T R O L L I N G  S P E C T R A L  H A R M O N Y  W I T H  K O H O N E N...
C O N T R O L L I N G S P E C T R A L H A R M O N Y W I T H K O H O N E N...Frédéric Maintenant
 
Building A Database Driven Website Using Php & My Sql
Building A Database Driven Website Using Php & My SqlBuilding A Database Driven Website Using Php & My Sql
Building A Database Driven Website Using Php & My Sqlyufypang
 
Darren stanley
Darren stanleyDarren stanley
Darren stanleybicacafe
 
Building_a_database_with_PHP_and_SQL
Building_a_database_with_PHP_and_SQLBuilding_a_database_with_PHP_and_SQL
Building_a_database_with_PHP_and_SQLHoàng Hải Nguyễn
 
Spring 2010 closed memo assignment jellyvision v. aflac complaint pdf
Spring 2010 closed memo assignment jellyvision v. aflac complaint pdfSpring 2010 closed memo assignment jellyvision v. aflac complaint pdf
Spring 2010 closed memo assignment jellyvision v. aflac complaint pdfLyn Goering
 

Similar to Assignment_1_DineshMathur_22_feedback (20)

Piece by Piece - Impact Report
Piece by Piece - Impact Report Piece by Piece - Impact Report
Piece by Piece - Impact Report
 
Urban Agriculture
Urban AgricultureUrban Agriculture
Urban Agriculture
 
Urban Agriculture Australia & Canberra City Farm
Urban Agriculture Australia & Canberra City FarmUrban Agriculture Australia & Canberra City Farm
Urban Agriculture Australia & Canberra City Farm
 
DDIH Yr 2 Brochure June 2010
DDIH Yr 2 Brochure June 2010DDIH Yr 2 Brochure June 2010
DDIH Yr 2 Brochure June 2010
 
Automechanika frankfurt velyen 2018 innovations
Automechanika frankfurt velyen 2018 innovations Automechanika frankfurt velyen 2018 innovations
Automechanika frankfurt velyen 2018 innovations
 
Digitaal erfgoed voor het onderwijs
Digitaal erfgoed voor het onderwijsDigitaal erfgoed voor het onderwijs
Digitaal erfgoed voor het onderwijs
 
Its not easy being green
Its not easy being greenIts not easy being green
Its not easy being green
 
אומנות הלחימה גדעון אונה
אומנות הלחימה גדעון אונהאומנות הלחימה גדעון אונה
אומנות הלחימה גדעון אונה
 
Alice Cohen - Ecotourism Green Mondays 12-12-11
Alice Cohen - Ecotourism Green Mondays 12-12-11Alice Cohen - Ecotourism Green Mondays 12-12-11
Alice Cohen - Ecotourism Green Mondays 12-12-11
 
Writing Sample Press Relaease
Writing Sample Press RelaeaseWriting Sample Press Relaease
Writing Sample Press Relaease
 
WestEd Evaluation of Hawaii Special Education Program
WestEd Evaluation of Hawaii Special Education ProgramWestEd Evaluation of Hawaii Special Education Program
WestEd Evaluation of Hawaii Special Education Program
 
Parser
ParserParser
Parser
 
Agravo regimental -_ms_bloqueio_de_bens_-_para_protocolo
Agravo regimental -_ms_bloqueio_de_bens_-_para_protocoloAgravo regimental -_ms_bloqueio_de_bens_-_para_protocolo
Agravo regimental -_ms_bloqueio_de_bens_-_para_protocolo
 
C O N T R O L L I N G S P E C T R A L H A R M O N Y W I T H K O H O N E N...
C O N T R O L L I N G  S P E C T R A L  H A R M O N Y  W I T H  K O H O N E N...C O N T R O L L I N G  S P E C T R A L  H A R M O N Y  W I T H  K O H O N E N...
C O N T R O L L I N G S P E C T R A L H A R M O N Y W I T H K O H O N E N...
 
Building A Database Driven Website Using Php & My Sql
Building A Database Driven Website Using Php & My SqlBuilding A Database Driven Website Using Php & My Sql
Building A Database Driven Website Using Php & My Sql
 
Darren stanley
Darren stanleyDarren stanley
Darren stanley
 
Adam saad
Adam saadAdam saad
Adam saad
 
Building_a_database_with_PHP_and_SQL
Building_a_database_with_PHP_and_SQLBuilding_a_database_with_PHP_and_SQL
Building_a_database_with_PHP_and_SQL
 
New earth leaders brazilie 2011
New earth leaders brazilie 2011New earth leaders brazilie 2011
New earth leaders brazilie 2011
 
Spring 2010 closed memo assignment jellyvision v. aflac complaint pdf
Spring 2010 closed memo assignment jellyvision v. aflac complaint pdfSpring 2010 closed memo assignment jellyvision v. aflac complaint pdf
Spring 2010 closed memo assignment jellyvision v. aflac complaint pdf
 

Assignment_1_DineshMathur_22_feedback

  • 1. ! ! ! ! ! ! "#! ! !"#$%&&! '()*+,-(./+(01234*5.6*+*7-8-+2. 93*,24,-1. . . . '::/;<6=<>.?. "#$%!&'()%*)#$!+*#,-!'#&.'%! . ! -*/#$0!1(%02'! 34567748! ! .
  • 2. ! ! ! ! ! ! $#! >*@5-.AB.CA+2-+21. !"#$%&'(&()*+,%-&.........................................................................................................................&/! %0%1+!)2%&-+33",4&...................................................................................................................&5! "#! )6!,'7+1!)'6&.......................................................................................................................&8! "#"! %&'()*+&,-!.%/01-!2'&(3!############################################################################################################!4! "#$! 5()60&'-!%*6!-1(.+&1-!###############################################################################################################!4! "#7! -'(%'18+&!%*6!)51(%'+)*%/!&9%*81-!##########################################################################################!:! $#! 1+,,%6!&3"6+("1!+,)6*&9,"1!)1%&...................................................................................&:! $#"! /)%6(+'1;!5()60&'!<!.%*+//%!+*6+&%')(!###############################################################################!""! $#$! =%*>%*!####################################################################################################################################!"7! $#7! 4-!'1&9*+?01-!##########################################################################################################################!"@! $#@! &%/+>(%'+)*!#############################################################################################################################!"@! $#4! +*'1(*%/!%06+'!5()&1--!#############################################################################################################!"4! 7#! )--+%-&....................................................................................................................................&;8! 7#"! &)*-'(%+*'-!#############################################################################################################################!"4! 7#$! 90A%*!(1-)0(&1-!####################################################################################################################!":! 7#7! 10()51BA0/'+!/%*80%81!2A16+%!5%&=+*83!#################################################################################!"C! 7#@! D%-'1!)E!+*.1*')(F!#################################################################################################################!"C! 7#4! %E'1(!-%/1-!-1(.+&1!###################################################################################################################!"C! @#! "(!%,&-"$%-&-%,2)1%&.............................................................................................................&;<! @#"! &0((1*'!5()>/1A-!###################################################################################################################!"G! @#$! >1-'!5(%&'+&1-!#########################################################################################################################!"H! @#7! (1&)AA1*6%'+)*-!###################################################################################################################!$I! @#@! &9%//1*81-!##############################################################################################################################!$"! 4#! 1'61$+-)'6-&........................................................................................................................&==! :#! ,%(%,%61%-&...........................................................................................................................&==! ! ! ! !
  •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
  • 4. ! ! ! ! ! ! @#! ! =E-,024)-.:088*3F. ! %LMNOPQL!'RLSPOTOUQRV!QV!W!XONTY!TRWYRN!OZ!OP[OWNY!XRQUSQPU!VOTMQOPV!ZON!XSRRT!TOWYRNVK!R]LW^WMONVK! LOP^R_ON![RTMVK!ZON`TQZMV!WPY!^WNQOV!OMSRN!TOWYQPU!RaQbcRPMV#!'SQV!NRbONM!YQVLVVRV!WPY!WMMRcbMV!MO! LNQMQLWTT_!WPWT_VR!QMV!cWPZWLMNQPU!bNOLRVVRV!WPY!cWPWURcRPM!bNWLMQLRV#!! DQMS!W!^QVQOP!MO![RLOcR!XONTY!TRWYRN!QP!Y_PWcQL!XRQUSQPU!V_VMRc!%LMNOPQL!SWV!PYRNUOPR!W!cWdON! MNWPVZONcWMQOP!bNOLRVV!WPY!WYObMRY!TRWP!cWPZWLMNQPU!WPY!MOMWT!aWTQM_!cWPWURcRPM#!+M!SWV![RRP! QYRPMQZQRY! MSWM! VRN^QLRW[QTQM_! OZ! bNOYLMVK! V`QTT! VSONMWURV! WPY! O[VOTRVLRV! OZ! MRLSPOTOU_! QV! W! cWdON! LWVR!OZ!LOPLRNP!ZON!%LMNOPQL#!'SR!VRN^QLR!!QVVR!SWV!![RRP!ZNMSRN!QP^RVMQUWMRY#!EQPWTT_K!MSQV!NRbONM! VUURVMV!VOcR!cRWVNRV!MO!WYYNRVV!MSR!VRN^QLR!QVVR#! 6RVQUPecRMSOYOTOU_eWbbNOWLS!f!'SR!WMSON!QV!W!LNNRPM!RcbTO_RR!WM!%LMNOPQL!'RLSPOTOUQRV!/MY!WPY! SWV![RRP!XON`QPU!ZON!TWVM!VR^RP!_RWNV#!'SR!YWMW!SWV![RRP!LOTTRLMRY![_!O[VRN^WMQOPK!QPMRN^QRXQPU!MSR! LOTTRWURVK!UTO[WT!VbbT_!<!LSWQP!cWPWURNK!MSR!WVVQVMWPM!cWPWURN!2bNLSWVR!<!bNOYLMQOP!bTWPPQPU3! WPY!bNOYLMQOP!VbRN^QVON#!! =R_!XONYg!/RWP!AWPZWLMNQPUK!/OWYNQMRhK!=WP[WPK!JVM!QP!MQcR!2J+'3K!.WPQTTW!+PYQLWMONV! ! ! ! ! ! ! ! ! ! ! !
  • 5. ! ! ! ! ! ! 4#! 59 /+23A(0,24A+. ! %LMNOPQL!QV!W!XONTY!TRWYRN!OZ!OP[OWNY!XRQUSQPU!VOTMQOPV!ZON!XSRRT!TOWYRNVK!R]LW^WMONVK!LOP^R_ON! [RTMVK!ZON`TQZMV!WPY!^WNQOV!OMSRN!TOWYQPU!RaQbcRPMV!RcbTO_V!O^RN!"II!bRNVOPV!QP!VQ]!LOPMNQRV#'SR! LOcbWP_!SWV!cWPZWLMNQPU!PQM!QP!*RX!iRWTWPY#!%LMNOPQL!QV!W!UTO[WT!LOcbWP_!XQMS!OZZQLRV!QP!*RX! iRWTWPYK!0-%K!%VMNWTQWK!&SQPW!WPY!*RMSRNTWPYV#!'SR!LOcbWP_!QPMRPYV!MO!R]MRPY!QMV!TRWYRNVSQb!MO! PRX!UROUNWbSQL!cWN`RMV!bWNMQLTWNT_!+PYQWK!-OMS!%cRNQLW!WPY!&SQPW!MO!VMNRPUMSRP!QMV!bOVQMQOP!WV!MSR! TRWYRNV!ZON!QcbNO^RY!bNOYLMQ^QM_!QP!MSR!WUUNRUWMRVK!XWVMRK!cQPQPUK!WPY!OMSRN!SRW^_!QPYVMNQRV#! )^RN!7I!_RWNV!WUOK!%LMNOPQL!'RLSPOTOUQRV!/MY!QP!*RX!iRWTWPY!YR^RTObRY!W!NRTQW[TR!Y_PWcQL!XRQUSQPU! V_VMRc!MO!VWMQVZ_!MSR!PRRY!OZ!WLLNWMRT_!XRQUSQPU!MSR!TOWY!OP!XSRRT!TOWYRNV#!%LMNOPQL!XWV!MSR!ZQNVM! LOcbWP_!QP!MSR!XONTY!MO!QPMNOYLR!bNRLQVQOP!Y_PWcQL!XRQUSQPU!2%LMNOPQL3#!-QPLR!MSRPK!%LMNOPQL!SWV! [RRP! YRVQUPQPUK! YR^RTObQPU! WPY! cWPZWLMNQPU! LOPMNOT! WPY! cRWVNRcRPM! V_VMRcV! ZON! SRW^_! QPYVMNQRV#!! ?$? ',23A+4,G1.H*50-1.I>CJK. !"#$%&'() #*+) ,#'-*"'./01.>& &OObRNWMQPU! QP! SQUS! bRNZONcQPU! MRWcV! WPY! bWNMPRNVSQbV! MO! WLSQR^R! bRNZONcWPLR! UWQPV! ZON! RPY! LVMOcRNV#! %LMQPU! SOPRVMT_K! NRTQW[T_! WPY! XQMS! cMWT! MNVM! QP! ON! NRTWMQOPVSQbV!WPY![RQPU!ObRP!MO!YQZZRNQPU!^QRXV!<!ObQPQOPV#! 23.-&$"') 4#53") 6&73."+8) DON`QPU! LTOVRT_! XQMS! YQVMNQ[MONV! WPY! OMSRN! cWN`RM! bWNMPRNV! MO! YRTQ^RN! TWVMQPU![RPRZQMV!MO!RPY!LVMOcRNV![WVRY!OP!W!YRRb!PYRNVMWPYQPU!OZ!MSRQN!QVVRV!WPY!PRRYV#!DON`QPU! QPPO^WMQ^RT_! MO! bNO^QYR! RZZRLMQ^R! VOTMQOPV! MO! cRRM! LVMOcRN! PRRYV#! 'SR! bNOYLM! QV! RWV_! ZON! RPY! LVMOcRNV!MO!YO![VQPRVV!XQMS#!! 9".35-.) :'0;"*8) 6NQ^RP! XQMS! NURPL_! MO! WLSQR^R! OMVMWPYQPU! NRVTMV! ZONg! LVMOcRNVK! VSWNRSOTYRNVK! VMWZZ!WPY!MSR!RP^QNOPcRPM#! ?$! 93A(0,21.*+(.:-3)4,-1. %LMNOPQL!bNOYLMV!LWP![R!LWMRUONQjRY!QPMO!MXO!NWPURVg!/OWYNQMRh!WPY!/OUNQMRh#!/OWYNQMRh!QV!W!Y_PWcQL! OPB[OWNY!XRQUSQPU!V_VMRc!MSWM!WLLNWMRT_!cRWVNRV!MSR!XRQUSM!XSRP!TOWY!QV!TQZMRY#!+M!LWP![R!VRY!OP! XSRRT! TOWYRNVK! ZON`TQZMVK! R]LW^WMONVK! UWN[WUR! MNL`V! WPY! OMSRN! SRW^_! TOWYQPU! RaQbcRPMV! 2k%[OM! /OWYNQMRKk3#! /OUNQMRh! bNOYLMV! WNR! cWPZWLMNRY! ZON! MSR! )1A! DWNWMWS! /QcQMRY#! DWNWMWS! QPLONbONWMRV! /OUNQMRh! QPMO! MSRQN! 9WN^RVMRN! 9RWY! VRY! MO! LM! MNRRV! QP! W! bNRYRMRNcQPRY! TOU! VQjR!
  • 6. ! ! ! ! ! ! :#! 2%LMNOPQLK!$II73#!'SR!cWQP!UNObV!OZ!LVMOcRNV!ZON!/OWYNQMR!bNOYLMV!WNR!WUUNRUWMRVK!cQPQPUK!XWVMR! cWPWURcRPM!QPYVMNQRVK!XSRNRWV!MSR!/OUNQMR!NWPUR!QV!cWQPT_!VRY!QP!MSR!ZONRVMN_!QPYVMN_#! ?$L :23*2-74,.*+(.MN-3*24A+*5.CO*+7-1. -QPLR! $IICK! %LMNOPQL! SWV! [RRP! PYRNUOQPU! W! cWdON! MNWPVZONcWMQOP! bNOLRVV! bNOcbMRY! [_! cWN`RM! ObbONMPQMQRV!WPY!MSR!TNR!OZ!UNRWMRN!VLLRVV#!'SR!LOcbWP_!WYObMRY![OMS!VMNWMRU_!WPY!ObRNWMQOP! ONQRPMRY! WbbNOWLSRV#! 'SR! LOcbWP_! SWV! VbNRWY! QMV! XQPUV! MO! PRX! UROUNWbSQLWT! cWN`RMV! R#U#! -OMS! %cRNQLWK!&SQPWK!1NObR!WPY!+PYQW#!'SR!PRX!cWN`RM!LSWPPRTV!SW^R![RRP!RVMW[TQVSRY#!*RX!YQVMNQ[MONV! SW^R![RRP!NRLNQMRY!WPY!WTVO!LOcbWP_!SWV!ObRPRY!QMV!NRUQOPWT!OZZQLRV!QP!&SQPWK!0-%K!1NObRK!WPY! %VMNWTQW#!+M!VMWNMRY!VRTTQPU!YQNRLMT_!QP!&SQPW#!%LMNOPQL!QV!SRWYQPU!MOXWNYV!VRTTQPU!P[PYTRY!bNOYLMV! MO!bNO^QYR!QPMRUNWMRY!VOTMQOP#!! -OcR!OZ!MSR!ObRNWMQOP!ONQRPMRY!WbbNOWLSRV!QPLTYR!NRVMNLMNQPU!MSR!VbbT_!WPY!LSWQP!YRbWNMcRPM#! %!AWPZWLMNQPU!'RLSPQLWT!'RWc!2A''3K!5NOYLMQOP!'RWcK!5NLSWVR!<!bTWPPQPU!'RWc!WPY!-MONR!<! VSQbbQPU! MRWc! XWV! QPMRUNWMRY! QPMO! VbbT_! WPY! LSWQP! YRbWNMcRPM! ! ZON! [RMMRN! LOONYQPWMQOP! WPY! RZZRLMQ^R! LOccPQLWMQOP#! &RNMWQP! bWNMV! WPY! V[BWVVRc[TQRV! XRNR! OMVONLRY! MO! NRUQOPV! VLS! WV! &SQPW#!EON!R]WcbTRK!MSR!/OWYNQMR!bNQPMRN!MSWM!XWV!RWNTQRN!WVVRc[TRY!WPY!MRVMRY!QPBSOVR!SWV!POX! [RRP!OMVONLRY!MO!W!5&>!cWPZWLMNQPU!LOcbWP_!QP!*RX!iRWTWPY#!'SR!LOcbWP_!QV!LOPMQPOVT_! RcbTO_QPU! TOX! XWURV! <! SQUS! V`QTTRY! PRX! cQUNWPMV#! %LMNOPQL! WTVO! SRTbV! QMV! RcbTO_RRV! MO! UWQP! ON! LOP^RNM! XON`! ^QVW! QP! MO! bRNcWPRPM! NRVQYRPM! ^QVW#! %! Pc[RN! OZ! bNOLRVV! NRBRPUQPRRNQPUK! bNOLRVV! VMWPYWNYQVWMQOP!WPY!XR[!RPW[TRY!MOOTV!XRNR!QPMNOYLRY!2AWMSNWPQK!$I"$3#!+P!WYYQMQOPK!MSR!LOcbWP_! SWV!VMWNMRY!/RWP!dONPR_!WPY!QPMNOYLRY!TRWP!MOOTV!WPY!MRLSPQaRV!VLS!WV!=WP[WPK!4-K!J+'!RML#!! ! !
  • 7. ! ! ! ! ! ! C#! ! :9 C033-+2.8*+0B*,2034+7.N3*,24,-. ! /OWYNQMR!cWPZWLMNQPU!bNOLRVVRV!WNR!+-)HII"!LRNMQZQRY#!>RTOX!QV!MSR!O^RN^QRX!OZ!MSR!bNOLRVV#!! ! (?@ABC&;.&$DEFB?GC&HEIAJEKGAB?I@&LBDKCMM& ! %LLONYQPU! MO! 8WN^QP! RM! WT#K! MSRNR! WNR! MXO! WbbNOWLSRV! MO! LOPZONcWPLRg! %cRNQLWP! WPY! 'WULSQ! WbbNOWLSRV!28NQUUK!$I"Il!(WOK!"HH:3#!%LMNOPQL!cWPZWLMNQPU!bNOLRVV!WPY!LOPZONcWPLR!QV![WVRY!OP! MSR! %cRNQLWP! MSQP`QPU! OZ! mLOPZONcWPLR! XQMS! cRRMQPU! VbRLQZQLWMQOPVm#! %TT! QPLOcQPU! cWMRNQWTV! Q#R#! 5&>VK!LW[TRVK!SWNYXWNRK!RTRLMNOPQL!LOcbOPRPMVK!cWPWTVK!RML#!WNR!VWcbTRY!WPY!cWMLSRY!XQMS!bNRB RVMW[TQVSRY! VMWPYWNYV#! 'SR! bWNMV! ON! LOcbOPRPMV! MSWM! LOcbT_! XQMS! VbRLQZQLWMQOPV! bWVV! MO! MSR! PR]M! bNOLRVV!ON!RTVR!MSR!XSOTR![WMLS!QV!NRdRLMRY!WPY!NRMNPRY!MO!MSR!VbbTQRN#!*ONcWTT_K!MSR!VWcbTQPU!NWMR! QV!"In#!+PQMQWT!MXO![WMLSRV!ZNOc!W!PRX!^RPYON!WNR!LSRL`RY!"IInK!ZOTTOXRY![_!4In!WPY!WP!OPUOQPU! "In!LSRL`QPU#!! ETT!ZPLMQOPWT!MRVM!QV!LWNNQRY!OM!ZON!WTT!5&>V#!%ZMRN!WVVRc[T_K!MSR!bNOYLM!PYRNUORV!W!MRcbRNWMNR! L_LTR!MRVMK!XSRNR[_!MSR!cOYTRV!WNR!`RbM!QP!W!LSWc[RN!XQMS!MRcbRNWMNR!^WN_QPU!ZNOc!I!MO!4I!o&!WPY! bOXRN!MO!MSR!cOYTRV!^WN_QPU!ZNOc!"$!MO!7$.#!%MOcWMQL!MRVM!RaQbcRPM!WLaQNRV!WPY!VMONRV!MSR! MRVM! YWMW! WPY! MSRNR[_! UQ^RV! W! 5WVVeEWQT! NRVTM! [WVRY! OP! MSR! YWMW! LOPZONcQPU! MO! MSR! VbRLQZQLWMQOP!
  • 8. ! ! ! ! ! ! G#! TQcQMV#!'SRVR!MRVM!NRVTMV!WNR!VW^RY!QP!WP!QPMRNPWT!YWMW[WVR!MSWM!RPVNRV!MNWLQPU!OZ!MSR!bNOYLM!MRVM! YRMWQTV!WM!W!TWMRN!YWMR#!%!EQPWT!MRVM!QV!MSRP!LWNNQRY!OM!MO!MRVM!MSR!ZPLMQOPWTQM_!OZ!MSR!bNOYLM![RZONR! bWL`WUQPU#!1^RN_!MRVM!bNOLRVV!LSRL`V!WPY!LOPZQNcV!MSWM!MSR!bNOYLM!LOPZONcV!MO!MSR!VMWPYWNYV#! !".-),/05&.&1/<) +P!WP!WMMRcbM!MO!WLSQR^R!SQUS!aWTQM_K!NRTQW[TR!bNOYLMV!WM!WZZONYW[TR!LOVMK!%LMNOPQL!!YR^RTObRY!W!MRVM! bSQTOVObS_!XSRNR!R^RN_!bNOYLM!YRTQ^RNRY!cRRMV!WTT!LVMOcRN!NRaQNRcRPMVl!ZWQTNRV!WNR!QYRPMQZQRY! WPY!NRbWQNRY!WM!MSR!TOXRVM!TR^RT!OZ!WVVRc[T_l!MRVMQPU!QV!WMOcWMRY!ZON!cW]Qcc!RZZQLQRPL_l!WPY!MSR! MRVM!bNOLRVV!QV!LOPMQPWTT_!QcbNO^RY#!'SQV!MRVM!bSQTOVObS_!SWV![RRP!WbbTQRY!MO!MSR!WNRWV!OZ!QPBbNOLRVV! MRVMQPU#! +P!MSR!QPBbNOLRVV!MRVMQPU!RZZONMK!MRVMQPU!QV!LOPYLMRY!WM!WTT!TR^RTV!OZ!WVVRc[T_!PMQT!MSR!VLLRVV!NWMR! XWNNWPMV!MRVM!RTQcQPWMQOP#!&OcbOPRPMV!WNR!VLNRRPRY!MO!RPVNR!MSWM!OPT_!UOOY!cWMRNQWT!QV!WTTOXRY!OP! MSR!cWPZWLMNQPU!ZTOON#!'RVMQPU!QV!WMOcWMRYK!XSRNR!ZRWVQ[TRK!MO!NRYLR!MRVM!MQcRK!WPY!MSR!Pc[RN! OZ!YQZZRNRPM!MRVM!V_VMRcV!QV!cQPQcQjRY#!+P!WLLRbMWPLR!MRVMQPUK!MSR!UOWT!QV!MO!RZZRLMQ^RT_!cRRM!LVMOcRN! NRaQNRcRPMV! [_! ^WTQYWMQPU! WTT! RaQbcRPM! WPY! bNOLRYNRV! WPY! bNOLRYNR! MNWLRW[QTQM_! MO! NRaQNRcRPMVK!WbbT_!LOPZQUNWMQOP!cWPWURcRPM!MO!WTT!MRVM!bNOLRYNRV!WPY!RaQbcRPMK!LOPMNOT!MSR! LSWPUR! bNOLRVVK! WPY! WMOcWMR! MRVMQPU! XSRP! bOVVQ[TR#! EQPWTT_K! QP! MSR! QcbNO^RcRPM! bNOUNWcK! LOcbWP_! QV! LOPMQPOVT_! NR^QRXQPU! MRVM! YWMW! ZON! ZWQTNR! MNRPYV! MO! NRcO^R! NOOM! LWVRVK! QcbNO^R! aWTQM_K! NRYLR! LOVMK! WPY! NRWLM! MO! MNRPYV! [RZONR! ZWQTNR! OLLNV#! 'SR! MRVM! bNOLRVV! QV! bRNQOYQLWTT_! NR^QRXRY!ZON!QcbNO^RcRPM!MO!NRcO^R!MRVMV!XQMS!W!SQUS!VLLRVV!NWMRK!NRYLR!MRVM!MQcRK!WPY!QcbNO^R! MRVMV!MO!RTQcQPWMR!ZWQTNR!WM!PR]M!TR^RT!OZ!WVVRc[T_#! 'SR! cWPZWLMNQPU! bNWLMQLRV! QP! %LMNOPQL! WNR! WYObMRYK! WbbTQRY! WPY! cOPQMONRY! [_! MSR! -bbT_! WPY! &SWQP! YRbWNMcRPM! OZ! %LMNOPQL#! EQUNR! $! OMTQPRV! MSR! LNNRPM! VMNLMNR! OZ! MSR! VbbT_! WPY! LSWQP! YRbWNMcRPM#!!!
  • 9. ! ! ! ! ! ! H#! ! (?@ABC&=&-GBAKGABC&DJ&GNC&-ALLOP&EIF&1NE?I&FCLEBGHCIG& ! %VVQVMWPM! AWPWURN! 2bNOYLMQOP! <! bTWPPQPU3! LOPYLMV! cOPMST_! cRRMQPUV! XQMS! bNOYLM! cWPWURNV#! 6NQPU! MSQV! cRRMQPU! bNOYLM! cWPWURNV! bNO^QYR! VWTRV! ZONRLWVM! ZON! YQZZRNRPM! bNOYLMV! [WVRY! OP! ZRRY[WL`!ZNOc!NRUQOPWT!cWPWURNVK!YRWTRNVK!YQVMNQ[MONV!WPY!)1A!LVMOcRNV#!-WTRV!ZONRLWVM!YNQ^RP! YRcWPY!WPY!bNOYLM!YRcWPY!QV!ZRY!QPMO!LOcbMRN!2A%5+&!A(5!-D3#!&OcbMRN!URPRNWMRV!cWMRNQWT! NRaQNRcRPM!NRbONM!WPY!W!bNLSWVR!ONYRN!QV!NWQVRY!WLLONYQPUT_#!!)PLR!MSR!cWMRNQWT!QV!NRLRQ^RY![_! VMONRK!dO[V!WNR!NRTRWVRY![_!VLSRYTR#! (RLRPMT_K! %LMNOPQL! cO^RY! MO! W! PRX! TOLWMQOPK! XSRNR! MSR! bTWPM! XWV! YRVQUPRY! MO! VbbONM! /RWP! 5SQTOVObS_! WPY! ObMQcQjR! MSR! XWVMR! OZ! cO^RcRPM#! 'SR! bTWPM! TW_OM! QV! VSOXP! QP! EQUNR! 7#! 'SR! cWMRNQWTV!QVVRY![_!VMONR!WUWQPVM!W!dO[!WNR!`RbM!QP!VcWTT!LOPMWQPRNV!XSQLS!VQM!OP!MSR!NWL`![RSQPY!MSR! WVVRc[T_!ObRNWMON#!'RLSPQaRV!VLS!WV!=WP[WP!WPY!J+'!2QPMNOYLMQOP!OZ!^WPQTTW!QPYQLWMONV3!SW^R![RRP! YQVLVVRY!ZNMSRN!QP!VRLMQOPV![RTOX#!! ! ! ! ! 8TO[WT!-bbT_! WPY!&SWQP! AWPWURN! %VVQVMWPM! AWPWURN!2-MONR3! -SQbbQPU! &OONYQPWMON! -MONRbRNVOPV! 2]73! %VVQVMWPM! AWPWURN!25(6!<! A(53! 5NLSWVQPU! )pLRN! 'RLSPQLWT! AWPWURN! 5NOYLqOP! 1PUQPRRN! 'RVM!1PUQPRRN! 2r$3! 'RLSPQLQWPV!2]@3! 5NOYLqOP! -bRN^QVON! %VVRc[TRNV!2]G3!
  • 10. ! ! ! ! ! ! "I#! ! ! ! ! ! ! ! ! ! ! ! EQUNRg!bNOYLMQOP!<!%VVRc[T_!!! ! ! ! ! ! ! ! ! ! (?@ABC&/.&"MMCHQOP&OEPDAG& )^RP!! =-&'") JO[!>WUV!<!AWMRNQWT! -SRT^RV! %VVRc[TRN!5NOYLMQOP!! 'RLSPQLQWPV!2'RVM!%NRW3!! EQPQVSRY!8OOYV!2-_VMRc!5WTTRMV3!-MONR! -_VMRc!%VVRc[T_!%NRW! EQPWT! 5WL`! %NRW!! %VVVRc[TRY!5WNMV!! =WP[WP! .WPQTTW! +PYQLWMON! -SQbbQPU!%NRW!
  • 11. ! ! ! ! ! ! ""#! ! (?@ABC&5.&RES&"MMCHQOP&"BCE&RQS&TDQ&#E@&EIF&3EGCB?EO&-NCOUCM& ! !$? PM'QJ/>=R.93A(0,2.S.H*+455*./+(4,*2A3. 'SR! /)%6(+'1;! V_VMRc! QV! MSR! s[NRWY! WPY! [MMRN,! OZ! %LMNOPQL! LOPMNQ[MQPU! HIn! MO! MSR! [VQPRVV! bNOZQMV#!+M!cRWVNRV!MSR!XRQUSM!OZ!W!TOWY!TQZMRY![_!XSRRT!TOWYRNVK!ZON`TQZM!MNL`V!WPY!VQcQTWN!cWLSQPRV! MSWM!VR!S_YNWTQL!NWcV!MO!TQZM!QM#!'SR!cWQP!bWNMV!OZ!MSR!/)%6(+'1;!V_VMRc!WNR!MSR!LOPVOTR!2QPVMWTTRY! QP!MSR!LW[!OZ!MSR!TOWYRN3!WPY!LOPPRLMRY!VRPVONV!2MNQUURN!QPVMWTTRY!OP!MSR!TQZMQPU!WNcV3#!%V!MSR!TOWY!QV! TQZMRYK! MSR! MNQUURN! WPY! S_YNWTQL! bNRVVNR! MNWPVYLRNV! VRPY! QPZONcWMQOP! MO! MSR! LOPVOTR#! 'SQV! QPZONcWMQOP! QV! LOP^RNMRY! QPMO! W! YQUQMWT! XRQUSM! NRWYQPU! XSQLS! WbbRWNV! OP! MSR! /)%6(+'1;! LOPVOTR! 2%LMNOPQLK!$II73#!'SR!/)%6(+'1;!V_VMRc!LWP!WYY!RWLS!TOWY!TQZMRY!MO!NPPQPU!MOMWTVK!VO!MSWM!MNL`V! LWP! [R! TOWYRY! NQUSM! MSR! ZQNVM! MQcR! WPY! YWQT_! bNOYLMQ^QM_! TR^RTV! LWP! [R! MNWL`RY#! 'SR! /)%6(+'1;! LOPVOTR!SWV!WP!QPMRNPWT!cRcON_!MSWM!VMONRV!VRMMQPUV!WPY!bNOYLMQOP!YWMW!R^RP!XSRP!QM!QV!VXQMLSRY! OZZ#!! 'SR! LVMOcRN! ONYRN! ZON! /OWYNQMRh! V_VMRc! LOPVQVMV! OZ! V[! WVVRc[TQRV! VLS! WV! +PYQLWMONK! MNQUURNK! bNRVVNR! MNWPVYLRNK! LW[TR! bWL`K! bNQPMRNK! MQTM! VRPVONK! YWMW! cOYTR! 2ObMQOPWT3! WPY! cOPMQPU! WLLRVVONQRV#!'SRNR!WNR!cONR!MSWP!"I!^WNQWPMV!OZ!QPYQLWMONV!XQMS!MSNRR!M_bRV!OZ!MNQUURN#!%LMNOPQL!SWV! QPMNOYLRY!W!.WPQTTW!QPYQLWMONK!XSQLS!WV!MSR!PWcR!VUURVMVK!QV!WP!QPYQLWMON!XQMSOM!W!mZTW^ONt#!+M! WTTOXV!YRTW_!QP!WVVQUPQPU!WP!QYRPMQM_!PMQT!QM!QV!`POXP!XSWM!M_bR!OZ!QPYQLWMON!LVMOcRNV!WNR![_QPU#! 'SR! ^WPQTTW! QPYQLWMON! LWP! [R! aQL`T_! LOP^RNMRY! QP! MO! WP_! ZTW^ONRY! QPYQLWMON! [_! bTOWYQPU! MSR! WbbNObNQWMR!VOZMXWNR!WPY!WbbT_QPU!MSR!WbbNObNQWMR!YRLWTV!WPY!TW[RTV#!! 'SR!.WPQTTW!QPYQLWMONV!_QRTY!MSR!ZOTTOXQPU!WY^WPMWURVg! • AONR!ZTR]Q[TR!VMOL`!B!%LMNOPQL!LWP!aQL`T_!cRRM!WP!QPLNRWVR!QP!YRcWPY!ZON!W!bWNMQLTWN!M_bR!OZ! QPYQLWMON#!EON!R]WcbTRK!QZ!TWNUR!ONYRNV!OZ!/$"GI!V_VMRcV!WNR!NRLRQ^RYK!^WPQTTW!QPYQLWMONV!LWP![R! LOP^RNMRY!QPMO!/$"GI!QPYQLWMONV!WPY!MSR!ONYRN!LWP![R!R]RLMRY#!!
  • 12. ! ! ! ! ! ! "$#! • /RVV!(RXON`!B!+P!MSR!bWVMK!%LMNOPQL!SWV![RRP!`RRbQPU!TWNUR!VMOL`!OZ!ZTW^ONRY!QPYQLWMONV!R#U#! /$"GIK!r$74IK!EONLRK!-bNQPM!RMLl![WVRY!OP!VWTRV!ZONRLWVM#!)ZMRP!LVMOcRNV!LSWPUR!MSRQN!cQPY!WM! MSR!TWVM!cOcRPM!W[OM!MSR!M_bR!OZ!QPYQLWMON!MSR_!XWPM!MO![_#!'O!cRRM!MSQV!LSWPUR!QP!YRcWPYK! %LMNOPQL!SWY!MO!MW`R!W!bRNZRLMT_!UOOY!QPYQLWMON!WPY!NRXON`!QM!QPMO!W!YQZZRNRPM!M_bR#!'SR!VR!OZ! .WPQTTW!QPYQLWMONV!RTQcQPWMRY!MSQV!XWVMR#! • (RYLRY!+P^RPMON_!B!(WMSRN!MSWP!SOTYQPU!W!bNRYRMRNcQPRY!Pc[RN!OZ!RWLS!M_bR!OZ!QPYQLWMON! mdVM!QP!LWVRtK!%LMNOPQL!POX![QTYV!R]WLMT_!MSR!M_bR!OZ!QPYQLWMON!PRRYRY!mdVM!QP!MQcRt#! ! ! ! ! & & & & & & & & & & & & & & & & & (?@ABC&8.&2EI?OOE&EIF&(OEUDABCF&)IF?KEGDBM& .WPQTTW!+PYQLWMON! rB$74I! -bNQPM! /$"GI! &SQPRVR!PQM!
  • 13. ! ! ! ! ! ! "7#! >_!MSR!QPMNOYLMQOP!OZ!.WPQTTW!QPYQLWMONVK!%LMNOPQL!SWV!NRYLRY!MSR!XWVMR!OZ!O^RN!bNOYLMQOPK!XWVMR! OZ!QP^RPMON_!WPY!XWVMR!OZ!LONNRLMQOP#! !$! T*+@*+. +P!ONYRN!MO!LOONYQPWMR!MSR!bNOYLMQOP!WPY!cO^RcRPM!OZ!WVVRc[TQRV!WPY!V[WVVRc[TQRV!WPY!W^OQY! VSONMWUR! ON! R]LRVVK! %LMNOPQL! VRV! MSR! =WP[WP! V_VMRc#! 'SRNR! QV! W! VTObQPU! NWL`! [RVQYRV! MSR! ZQPWT! bWL`QPU!WNRWK!XSQLS!LOPMWQPV!/OWYNQMR!V_VMRc!LOcbOPRPMV!R#U#!ETW^ONRY!QPYQLWMONV!2/$"GIK!/$"$GK! r$74IK! &"G4I3K! MNQUURNV! 2cWUPRMQLK! ObMQLWTK! NOMWN_3K! LW[TR! VRMVK! cOPMQPU! cRLSWPQVcK! MNWPVYLRNVK! RML#!!'SRVR!WVVRc[TQRV!WNR!`RbM!QP!W!=WP[WP![O]!ON!LOPMWQPRN!2>WTTu!<!>WTTuK!$II43#!=WP[WP!QV!W!VQUPWT#! +M! bNO^QYRV! WMSONQVWMQOP! MO! YRTQ^RN! ON! bNOYLR! bWNMV#! EON! R]WcbTRK! OPLR! W! =WP[WP! [O]! OZ! /$"GI! QPYQLWMON! QV! RcbM_! ON! NPPQPU! TOXK! ^WPQTTW! QPYQLWMONV! WNR! LOP^RNMRY! MO! /$"GI! QPYQLWMONV! WPY! MSR! =WP[WP![O]!QV!NRBVMOL`RY#!!! ! (?@ABC&V.&RES&WEI&#EI&HEBXCGY&RQS&%HLGP&WEI&#EI&KDIGE?ICB&RKS&(?IEO&LEKXI@&EBCE& 'SRNR!WNR!ZON!=WP[WP!LOPMWQPRNV!OZ!.WPQTTW!QPYQLWMONV#!1WLS!LOPMWQPRN!SOTYV!MSQNM_!^WPQTTW!QPYQLWMONVK! MSR! aWPMQM_! OZ! XSQLS! QV! cOPQMONRY! [_! MSR! bNOYLMQOP! WPY! MRLSPQLQWP! MRWc#! 'SR! =WP[WP! aWPMQM_! NRUTWMRV! MSR! cWPZWLMNQPUebNOYLMQOP! VbRRY! OZ! ^WPQTTW! QPYQLWMONV#! DSRP! W! dO[! QV! NWQVRY! [_! MSR! bNOYLMQOP!bTWPPQPU!YRbWNMcRPMK!bNOYLMQOP!VbRRYV!b!MSR!^WPQTTW!QPYQLWMON!bNOYLMQOP!NWMR#!! 'SR!=WP![WP!aWPMQM_!OZ!^WPQTTW!QPYQLWMONV!WV!XRTT!WV!OMSRN!WVVRc[TQRV!<!V[WVVRc[TQRV!QV!NR^QRXRY! bRNQOYQLWTT_! [_! cWPWURcRPM! bNOYLMQOP! WPY! bTWPPQPU! YRbWNMcRPM! WPY! LWP! [R! WTMRNRY! YRbRPYQPU! bOP!MSR!TWVM!_RWN!WPPWT!VWTRVK!ZMNR!ZONRLWVM!RML#!!-TObQPU!NWL`V!2=WP[WP!B!VbRNcWN`RMV3!WNR!VRY! MSNOUSOM!MSR!bNOLRVV!ZNOc!MSR!VR!OZ!^WPQTTW!QPYQLWMONV!PMQT!ZQPWT!bNOYLM!bWL`QPU!2VRR!EQUNR!C3#!
  • 14. ! ! ! ! ! ! "@#! ! (?@ABC&:.&2EI?OOE&?IF?KEGDBM&GD&J?IEO&MN?LL?I@& . !$L &:.2-,O+4U0-1. %LMNOPQL!VRV!4-!MRLSPQaRV!ZON!QcbNO^RcRPM!WPY!VMWPYWNYQVWMQOP!OZ!XON`!WNRW!2>SWVQP!<!>NLSRNK! $II:l!(R.RTTRK!$II"3#!! -DBG>&5RNQOYQLWTT_!QMRcV!WNR!VONMRY!WLLONYQPU!MO!MSRQN!QcbONMWPLR!WPY!VR!WPY!PPRLRVVWN_!QMRcV!WNR! YQVbOVRY!OZZ#! -CG&?I&DBFCB>&-RTRLMRY!QMRcV!WNR!WNNWPURY!QP!W!XRTT!ONUWPQjRY!WPY!cRWPQPUZT!cWPPRN!R#U#!=RRbQPU! MSR!MOOTV!VRY!ZNRaRPMT_!PRWN!MO!MSR!XON`RN#!'SR!YRYQLWMRY!MRVM!dQUV!WPY!cRWVNQPU!QPVMNcRPMV!WNR! `RbM!QP!MSR!NWL`!PRWN!MRVM!WNRW#!! -N?IC>&'SR!XSOTR!XON`!WNRW!QV!`RbM!LTRWP#!'RVM!RaQbcRPMV!WPY!MOOTV!WNR!QPVbRLMRY!ZON!RWNT_!VQUPV!OZ! YRZRLMV#! -GEIFEBF?ZC>& 1WLS! WPY! 1^RN_! RcbTO_RR! ZOTTOXV! MSR! W[O^R! MSNRR! NTRV! MO! WLSQR^R! W! UOOY! WPY! ONUWPQjRY!XON`!bTWLR#! -AMGE?I>&5RObTR!WM!%LMNOPQL!WNR!MNWQPRY!WPY!cOMQ^WMRY!MO!ZOTTOX!MSRVR!UOOY!bNWLMQLRV!VQcbT_!WV!W!bWNM! OZ!MSRQN!YW_!MO!YW_!TQZR#!1^RN_OPR!Qc[Q[RV!MSR!YQVLQbTQPR!MO!WLSQR^R!MSR!O[dRLMQ^R!OZ!MSR!ONUWPQjWMQOP#!! !$% C*54@3*24A+. %LMNOPQL! cWQPMWQPV! W! MOOT! QP^RPMON_! OZ! WbbNO]QcWMRT_! 4I! QMRcV! R#U#! 'RVM! dQUVK! WMOcWMRY! MRVM! RaQbcRPMVK!MRVM!WPY!cRWVNQPU!QPVMNcRPMVK!XSQLS!NRaQNR!bRNQOYQL!LWTQ[NWMQOP#!%LMNOPQL!SWV!MSNRR! M_bRV! OZ! NRZRNRPLR! cRMRNV! VRY! ZON! cRWVNQPU! ^OTMWUR! 2cTMQcRMRN3K! MRcbRNWMNR! 2MRcbRNWMNR! cRMRN3!WPY!MQcR!2OVLQTTOVLObR3#!'SRVR!NRZRNRPLR!cRMRNV!NRaQNR!*%'%!-MWPYWNY!LWTQ[NWMQOP!MSWM!QV! %VVRc[TRN!bQL`V!MSR!^WPQTTW! QPYQLWMON!!ZNOc!=WP[WP!!<!LOP^RNMV! QPMO!W!vW^ONRY!+PYQLWMON!R#U#!! /$"GI!! 'RLSPQLQWP!TOWYV!WbbNObNQWMR!!-D! <!!wPWT!MRVM!! 5NOYLqOP!!bWL`V!QP!wPWT!bWL`QPU!! WNRW!<! wTTV!=WP[WP!LOPMWQPRN! -MONR!bQL`V!b!V_VMRcxV!cOYTRV! ZNOc!=WP[WP!!&OPMWQPRN!! R#U#!ZON!/$"GI#()'#-F-B! 2!]"!/$"GI3y2]"!(OMWN_!'NQUURN!3y! 2]$!'NWPVYLRNV3y!LW[TR!VRMy! AOPqPU!`QM! -SQbbQPU!MO!LVMOcRN!
  • 15. ! ! ! ! ! ! "4#! YOPR![_!VMWPYWNY!WPY!WMSONQVRY!TW[ONWMONQRV#!)MSRN!cRWVNQPU!WPY!MRVM!QPVMNcRPMV!WNR!LWTQ[NWMRY! QPBSOVR#!'O![RMMRN!RPVNR!MSQV!bNOLRVV!QV!LOcbTRMRY!OP!MQcR!WPY!MSWM!PO!PBLWTQ[NWMRY!MOOTVWNR!OP! MSR!VSOb!ZTOONK!%LMNOPQL!YR^RTObRY!W!SQUST_!RZZRLMQ^R!WPY!NRTQW[TR!cOPQMONQPU!V_VMRc!ZON!MNWL`QPU!WPY! NRLWTTQPU!MOOTV!ZON!NRLWTQ[NWMQOP#!'SR!MRLSPQLWT!MRWc!QV!NRVbOPVQ[TR!ZON!LWTQ[NWMQOP!WLMQ^QMQRV!VLS!WV! LWTQ[NWMQOP! bTWPPQPUK! LOPMNOT! WPY! MQcRT_! LWTQ[NWMQOP! OZ! WTT! dQUV#! %TT! MSR! MOOTV! WPY! RaQbcRPMV! WNR! MWUURY!XQMS!LWTQ[NWMQOP!VMQL`RNV!VSOXQPU!LWTQ[NWMQOP!YRMWQTV!R#U#!LWTQ[NWMRY!OP!YWMRK!PR]M!LWTQ[NWMQOP! YR! OPK! RML#! AONRO^RN! LWTQ[NWMQOP! NRLONYV! WNR! `RbM! OP! QPMNWPRM! XSQLS! QV! NRUTWNT_! cOPQMONRY! [_! QPMRNPWT!WV!XRTT!WV!R]MRNPWT!WYQMONV#!!! !$& /+2-3+*5.*0(42.N3A,-11. 'SR!bNbOVR!OZ!MSR!QPMRNPWT!WYQM!bNOLRVV!QV!MO!bNO^QYR!O[dRLMQ^R!R^QYRPLR!MSWM!MSR!aWTQM_!V_VMRc!QP! bTWLR!LOcbTQRV!XQMS!MSR!bTWPPRY!WNNWPURcRPMV!WPY!MSR!TWQY!YOXP!YOLcRPMWMQOP#!DSRP!WP!WYQM! QYRPMQZQRV!WP!R^RPM!OZ!POPBLOPZONcWPLR!ON!bNO[TRcV!QP!MSR!V_VMRcK!LONNRLMQ^R!WPY!bNR^RPMQ^R!WLMQOP! QV!MW`RP![_!MSR!ONUWPQjWMQOP!MO!QcbNO^R!MSR!aWTQM_!V_VMRc#!'SR!LONNRLMQ^R!WLMQOP!WTTR^QWMRV!MSR!VSONM! MRNc!bNO[TRcV!OZ!MSR!V_VMRcl!XSRNRWV!MSR!bNR^RPMWMQ^R!WLMQOP!WLMV!MO!bNR^RPM!MSR!VWcR!bNO[TRc! ZNOc! OLLNNQPU! WUWQP! [_! RVVRPMQWTT_! RTQcQPWMQPU! MSR! LWVR! OZ! MSR! bNO[TRc! 2k>RVM! 5NWLMQLRV! -N^R_g! /OL`SRRY!AWNMQP!1TRLMNOPQLV!WPY!AQVVQTRV!kK!"HH43#! ;9 /110-1. %LMNOPQL!RPdO_V!SQUS!NRbMWMQOP!cWQPT_!QP!MSR!%VMNWTQWP!WPY!MSR!0-!cWN`RMV#!&NNRPMT_K!%LMNOPQL!QV! WMMRcbMQPU!MO!R]MRPY!QMV!cWN`RM!MO!%VQWP!WPY!1NObRWP!LOPMNQRV#!'SRNR!WNR!W!Pc[RN!OZ!`R_!QVVRV! XSQLS!cW_!SQPYRN!MSR!LOcbWP_,V!RZZRLMQ^RPRVV!WPY!bM![NRW`V!OP!QMV!UNOXMS#! L$? CA+123*4+21. %!LOPVMNWQPM!QV!WP_MSQPU!MSWM!bNR^RPMV!MSR!V_VMRc!ZNOc!WLSQR^QPU!cONR!OZ!QMV!UOWT#!&OPVQYRNQPU!MSR! V_VMRc!WV!W!LSWQPK!MSR!XRW`RVM!TQP`!OZ!MSR!LSWQP!QV!W!LOPVMNWQPM#!! >#5(?@*)?A;"*) %TT!bNOYLMV!PYRNUO!W!MRcbRNWMNR!L_LTR!MRVMK!XSRNR[_!MSR!cOYTRV!WNR!`RbM!QP!W!LSWc[RN!XQMS! MRcbRNWMNR!^WN_QPU!ZNOc!I!MO!4I!o&#!'SR!LSWc[RN!NOOc!2XWT`BQP!O^RP3!XWV!QYRPMQZQRY!WV!OPR!OZ!MSR! LOPVMNWQPMV!QP!%LMNOPQL#!>QU!bQTRV!OZ!QP^RPMON_!WPY!QPMQMQOP!OZ!bNOLRVV!XON`RNV!UQ^R!WP!QPYQLWMQOP!OZ! LWbWLQM_!LOPVMNWQPMV#!'SR!O^RP!MRVM!YRMRLMV!MSR!ZTOX!OZ!cWMRNQWTK![WMLS!VQjR!WPY!bNR^RPMV!VcWTT!TOM! bNOYLMQOP#! 'SR! O^RP! MRVM! QV! W! TOPU! MRVM! TWVMQPU! b! MO! $@! SNV! WPY! SWV! W! VRMb! MQcR! OZ! @B4! SONV#! AW]Qcc!:I!QPYQLWMONV!ON!!MNQUURNV!LWP![R!MRVMRY!QP!OPR!NP#!!+P!W!XRR`K!cW]Qcc!MSNRR!TOMV!Q#R#!"GI! QPYQLWMONV!LWP![R!MRVMRY#!6R!MO!^WNQRM_!OZ!NRWVOPV!VLS!WV!b[TQL!SOTQYW_VK!MRLSPQLWT!bNO[TRcV!QP! SRWMQPU!ON!LOOTQPU!V_VMRcV!RMLK!cOVM!OZMRP!OPT_!MXO!TOMV!Q#R#!"$I!QPYQLWMONV!WNR!MRVMRY!QP!W!XRR`#!!
  • 16. ! ! ! ! ! ! ":#! &NNRPMT_K! %LMNOPQL! QV! VRTTQPU! @II! V_VMRcV! QP! W! cOPMS! WPY! QV! UNOXQPU! ^RN_! NWbQYT_#! +P! ZMNR! QM! QV! bOVVQ[TR! MSWM! LOPVMNWQPMV! QP! MSR! cWN`RM! LWP! [R! cO^RY! MO! XWT`! QP! O^RP! WPY! LOcbWP_! cW_! ZWQT! MO! YRTQ^RN! MSR! V_VMRcV! OP! MQcR#! %LMNOPQL! ZOTTOXV! MSR! ZQ^RBVMRb! bNOLRVV! OZ! OPUOQPU! QcbNO^RcRPM! bNObOVRY![_!8OTYNWMM!28OTYNWMM!<!&O]K!"HH$3!QPLTYQPUg! "# +PYRPMQZ_!MSR!V_VMRcxV!LOPVMNWQPM2V3!! $# 6RLQYR!SOX!MO!R]bTOQM!MSR!LOPVMNWQPM2V3!! 7# -[ONYQPWMR!R^RN_MSQPU!MO!MSR!W[O^R!YRLQVQOP!! @# 1TR^WMR!MSR!V_VMRc!LOPVMNWQPM!2+Z!PRLRVVWN_3!! 4# 8O![WL`!MO!VMRb!"!QZ!MSR!LOPVMNWQPM!cO^RV![M!YOPxM!TRM!QPRNMQW!LWVR!W!V_VMRc!LOPVMNWQPM! 'SR!MRLSPQLQWP!TOWYV!MSR!QPYQLWMONV!OPR![_!OPR!QPMO!MSR!MNOTTR_K!TRWYQPU!MO!MSR!XWVMR!OZ!cOMQOP#!+P! ONYRN!MO!RTQcQPWMR!MSQV!XWVMRK!MRLSPQLQWPV!LWP!VR!W!VbRLQWTQjRY!MNOTTR_!MO!VTQYR!QPYQLWMONV!QPMO!MSR! O^RPK!NRYLQPU!MQcR!MO!TOWY#!'SQV!LWP!RPVNR!OPR!TOM!OZ!O^RP!MRVM!LWP![R!NP!bRN!YW_#!!!! L$! V08*+.J-1A03,-1. %LaQNQPU!WPY!NRMWQPQPU!SQUSBaWTQM_!MWTRPM!QV!LNQMQLWT!MO!WP!ONUWPQjWMQOP,V!VLLRVV#!%V!MSR!dO[!cWN`RM! [RLOcRV!QPLNRWVQPUT_!LOcbRMQMQ^R!WPY!MSR!W^WQTW[TR!V`QTTV!UNOX!cONR!YQ^RNVRK!NRLNQMRNV!PRRY!MO![R! cONR! VRTRLMQ^R! QP! MSRQN! LSOQLRVK! VQPLR! bOON! NRLNQMQPU! YRLQVQOPV! LWP! bNOYLR! TOPUBMRNc! PRUWMQ^R! RZZRLMV#!%cOPUVM!MSRc!WNR!SQUS!MNWQPQPU!WPY!YR^RTObcRPM!LOVMV!MO!cQPQcQjR!MSR!QPLQYRPLR!OZ!bOON! bRNZONcWPLR!WPY!SQUS!MNPO^RNK!XSQLS!QP!MNPK!QcbWLM!VMWZZ!cONWTRK!MSR!bNOYLMQOP!OZ!SQUS!aWTQM_! UOOYV!WPY!VRN^QLRV!WPY!MSR!NRMRPMQOP!OZ!ONUWPQjWMQOPWT!cRcON_#!%M!XONVMK!MSR!ONUWPQjWMQOP!LWP!ZWQT! MO!WLSQR^R!QMV!O[dRLMQ^RVK!MSRNR[_!TOVQPU!QMV!LOcbRMQMQ^R!RYUR!WPY!QMV!VSWNR!OZ!MSR!cWN`RM#! AN#!8OMMZNQRY!5WVLSK!&1)!OZ!%LMNOPQL!SWV!QYRPMQZQRY!MWTRPM!NRLNQMcRPM!WPY!cWPWURcRPM!WV!OPR!OZ! MSR!`R_!NRaQNRcRPMV!WV!XRTT!WV!LSWTTRPURV!OZ!WP!ONUWPQjWMQOP!VLS!WV!%LMNOPQL#!+P!W!NRLRPM!VMWMRcRPM! QP!WP!QPMRNPWT!cOPMST_!LOPZQYRPMQWT!NRbONM!MO!MSR!%LMNOPQL!VMWZZK!SR!VWQYK!m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
  • 17. ! ! ! ! ! ! "C#! 'SRNR!WNR!VR^RP!LOcbOPRPMV!OZ!VMNWMRUQL!VMWZZQPU#!'SRVR!WLMQ^QMQRV!WNR!XON`ZONLR!bTWPPQPUK!VONLQPUK! NRLNQMQPUK!VRTRLMQPUK!WLaQNQPUK!YRbTO_QPU!WPY!NRMWQPQPU!MWTRPM#!%LMNOPQL!NRLNQMV!RQMSRN!QPMRNPWTT_!ON! R]MRNPWTT_#!(RLNQMcRPM!QV!LOPYLMRY!QPMRNPWTT_!MSNOUS!bNOcOMQOP!WPY!MNWPVZRN!OZ!R]QVMQPU!bRNVOPPRT! ON!MSNOUS!NRZRNNWTVK![_!LNNRPM!VMWZZ!cRc[RNVK!OZ!ZNQRPYV!WPY!ZWcQT_!cRc[RNV#!JO[!ObRPQPUV!WNR! WY^RNMQVRY! OP! MSR! LOcbWP_! +PMNWPRM#! (RZRNNWTV! WNR! VWTT_! XONYBOZBcOMS! WY^RNMQVRcRPMV#! EON! NRLNQMQPU! R]MRNPWT! LWPYQYWMRVK! %LMNOPQL! NRTQRV! bOP! MSR! NRLNQMcRPM! LOPVTMWPMV#! 'SR! LOPVTMWPMV! WY^RNMQVR! MSR! bOVQMQOP! XSQLS! QV! MQcR! LOPVcQPU! WPY! LOVMT_#! +M! QV! NRLOccRPYRY! MO! VR! OMSRN! WTMRNPWMQ^RV! VLS! WV! YQNRLM! NRLNQMcRPMK! PQ^RNVQM_! bWNMPRNVSQbVK! QPMRNPVSQbVK! cWQPMWQPQPU! W! bNRB VLNRRPRY!WbbTQLWPM!bOOTK!VQPU!VOLQWT!cRYQW!2/QP`RY!+P;K!'XQMMRN;3K!RML#! L$L =03AN-W60524.5*+70*7-.I6-(4*.N*,X4+7K. %LMNOPQL!RPMRNRY!QPMO!MSR!1NObRWP!AWN`RM!W[OM!ZQ^R!_RWNV!WUO!WPY!ObRPRY!W!NRUQOPWT!OZZQLR!QP!MSR! *RMSRNTWPYV#! %LMNOPQL! VRTTV! WTT! O^RN! MSR! 1NObRWP! LOPMQPRPM! QPLTYQPU! 8RNcWP_K! -bWQPK! 9PUWN_K! ENWPLRK!5ONMUWT!MSNOUS!QMV!YQVMNQ[MON!PRMXON`#!'O!ZTZQTT!MSR![QTQPUWT!NRaQNRcRPMV!OZ!NRVbRLMQ^R! 1NObRWP! LOPMNQRVK! %LMNOPQL! b[TQVSRV! MSR! bNOYLM! QPZONcWMQOP! WPY! cWPWTV! QP! MSR! NRVbRLMQ^R! TWPUWURV#! %! bNOYLM! cWPWTK! QP! OPR! TWPUWURK! LOPMWQPV! PRWNT_! 4I! bWURV#! +M! QV! QcbOVVQ[TR! ZON! W! LOcbWP_!MO!cW`R!4II!bWURV!LOcbNRSRPVQ^R!cWPWT!LO^RNQPU!WTT!"I!YQZZRNRPM!TWPUWURV#!/OWYNQMR,V! YQVMNQ[MONV!bTWLR!MSR!ONYRN!QP![T`#!'SR!ONYRN!bNOLRVVQPU!WPY!VSQbbQPU!YRbWNMcRPM!WM!%LMNOPQL!QV!POM! WXWNR!XSRNR!MSR!bNOYLM!QV!UOQPU!MO![R!QPVMWTTRY#!+M!QV!bOVVQ[TR!MSWM!cWMRNQWTV!ONYRNRY![_!MSR!8RNcWP! YQVMNQ[MON!cW_![R!QPVMWTTRY!QP!9PUWN_#!! L$% Y*12-.AB./+)-+2A3F. /OWYNQMR!V_VMRc!VRV!VbRLQWTQjRY!R]bRPVQ^R!bWNMV!R#U#!'NWPVYLRNVK!5&>VK!TOWY!LRTTV!RML#!AOVM!OZ!MSRVR! bWNMV!WNR!cWYR!O^RNVRWV!WPY!SW^R!SQUS!TRWYBMQcR#!9RPLRK!%LMNOPQL!`RRbV!W![ZZRN!VMOL`!MO!cRRM!MSR! PR]bRLMRY!YRcWPYV!OZ!LVMOcRNV#!-OcR!OZ!MSR!QMRcV![RLOcR!O[VOTRMR!YR!MO!W!LSWPUR!QP!YRVQUP! ON!MRLSPOTOU_!MSWM!TRWYV!MO!XWVMR!OZ!QP^RPMON_#!1^RPMWTT_!LOcbWP_!SWV!MO!YQVbOVR!OZZ!MSRVR!QMRcV!MO! W^OQY!LWNN_QPU!LOVM#!! L$& 'B2-3.1*5-1.1-3)4,-. 'SR!/OWYNQMR!bNOYLMV!XRNR!WVVRVVRY!QP!MRNcV!OZ!MSR!RQUSM!YQcRPVQOPV!OZ!aWTQM_!YRZQPRY![_!8WN^QP! QPLTYQPU!5RNZONcWPLRK!ERWMNRVK!(RTQW[QTQM_K!6NW[QTQM_K!&OPZONcWPLRK!-RN^QLRW[QTQM_K!%RVMSRMQLV!WPY! 5RNLRQ^RY!aWTQM_!2>RL`ZONYK!$IIHl!8WN^QPK!"HGG3#!+P!MSR!XRQUSQPU!QPYVMN_K!WLLNWL_K!NRTQW[QTQM_!WPY! YNW[QTQM_! WNR! MSR! cOVM! QcbONMWPM! aWTQM_! bWNWcRMRNV#! /OWYNQMR! NWMRV! UOOY! QP! MRNcV! OZ! QMV! bRNZONcWPLRK!NRTQW[QTQM_K!YNW[QTQM_!WPY!LOPZONcWPLR!MO!VMWPYWNYV#!/OWYNQMR,V!bRNZONcWPLR!QV!dYURY! [WVRY!OP!QMV!WLLNWL_!OZ!I#$B"n!XSQLS!QV![RMMRN!MSWP!cOVM!OZ!QMV!LOcbRMQMONV,#!
  • 18. ! ! ! ! ! ! "G#! 8WN^QP!YRZQPRV!VRN^QLRW[QTQM_!WV!MSR!VbRRYK!LOcbRMRPLRK!LONMRV_!WPY!RWVR!OZ!NRbWQN#!%LMNOPQLK!/MY! bNO^QYRV!WZMRN!VWTRV!VRN^QLR!XWNNWPM_!ZON!7!_RWNV#!AWP_!OZ!MSR!cOYTRV!WNR!POM!VRN^QLRW[TR!WPY!SRPLR! PRRY!NRbTWLRcRPM#!%V!/OWYNQMR!QV!VRY!QP!^Q[NWMQOP!bNOPR!RP^QNOPcRPMVK!VOcR!OZ!MSR!cOYTRV!WPY! LOcbOPRPMV!WNR!UTRY!WPY!ZQTTRY!XQMS!RbO]_#!'SQV!cW`RV!QM!YQZZQLTM!MO!NRbWQN!OPLR!QM![NRW`V!YOXP#! 'SQV!bNRZRNRPLR!OZ!MSR!LOcbWP_!ZON!NRbTWLQPU!NWMSRN!MSWP!NRbWQNQPU!MSRQN!bNOYLMVK!QV!R]bRPVQ^R!WPY! TRVV!RP^QNOPcRPM!ZNQRPYT_#!! AONRO^RNK!MSR!VRN^QLR!MRLSPQLQWPV!WNR!POM!MNWQPRY!WLLONYQPU!MO!ZQRTY!LOPYQMQOPV!WPY!WNR!POM!WXWNR!OZ! MSR!WbbTQLWMQOPV!OZ!MSR!bNOYLM#!'SR!ZWLMON_!MRLSPQLQWPV!WNR!POM!W[TR!MO!NRbTQLWMR!MSR!ZWTM!YRVLNQ[RY! [_!MSR!LVMOcRNV!QP!MSR!ZWLMON_!RP^QNOPcRPM#!'SR!QPVMWTTWMQOP!OZ!MSR!bNOYLM!QV!YOPR![_!MSR!YRWTRN! WPY!MSR!LOcbWP_!YORV!POM!LOPYLM!ZQRTY!WLLRbMWPLR!MRVMQPU#!ENMSRNcONRK!WTT!NRbWQN!WPY!VRN^QLQPU!OZ! MSR! bNOYLM! QV! LRPMNWTQjRY! QPYLQPU! cONR! MQcR! WPY! RZZONM! ZON! MSR! LVMOcRN! QP! MSR! bNOLRVV#! EON! R]WcbTRK!LVMOcRNV!ZNOc!&SQPW!WPY!%VMNWTQW!WNR!NRaQNRY!MO!VRPY!MSRQN!ZWTM_!cOYTRV!MO!%L`TWPYK! *RX!iRWTWPYK!MSV!WYYQPU!cONR!YRTW_!QP!MSR!VRN^QLR!bNOLRYNR#!'SR!VRN^QLR!MQcR!QV!OP!W^RNWUR!$I! YW_V#!9OXR^RNK!MO!LOc[WM!MSQV!QVVRK!%LMNOPQL!bNO^QYRV!MSR!YRWTRNV!XQMS!VNbTV!VMOL`!XSQLS!WNR!VRY! WV!WP!QPMRNQc!NRbTWLRcRPM!ZON!ZWTM_!bNOYLMVK!PMQT!NRbWQNRY#! 0VRNV!QP!%VQWP!cWN`RMV!VRRc!MO!UQ^R!cONR!bNRZRNRPLR!MO!ZQRTY!VRN^QLQPU#!EON![RMMRN!VWMQVZWLMQOP!OZ! VLS!LVMOcRNVK!QM!QV!RVVRPMQWT!MSWM!MSR!VRN^QLQPU!QV!YRBLRPMNWTQjRY!WPY!MSR!MRLSPQLQWPV!WNR!MNWQPRY!MO! XON`!QP!ZQRTY!LOPYQMQOPV#!! 89 'B2-3.:*5-1.:-3)4,-. ! %$? C033-+2.N3A@5-81. %P_!LOcbTWQPMV!ZNOc!MSR!LVMOcRN!WNR!NRUQVMRNRY![_!MSR!YQVMNQ[MONV!XSO!WNR!LWbW[TR!OZ!bNO^QYQPU! OPT_! MSR! [WVQL! ObRNWMQOPWT! WPY! ZPLMQOPWT! TR^RT! VbbONM#! 'SRVR! YQVMNQ[MONV! WNR! MNWQPRY! [_! MSR! %LMNOPQL!MRLSPQLWT!VbbONM!MRWc!ZON!QPVMWTTWMQOP!WPY!OMSRN!ZPLMQOPWT!VbbONM#!%P_!PQMV!MSWM!PRRY! MRLSPQLWT!QP^RVMQUWMQOP!WNR!NRMNPRY!MO!MSR!%LMNOPQL!VRN^QLR!LRPMNR![WVRY!QP!%L`TWPYK!*RX!iRWTWPY#! 'SR!VRN^QLR!LOONYQPWMON![WVRY!WM!MSR!%L`TWPY!VRN^QLR!LRPMNR!NRUQVMRNV!MSR!QVVR!WPY!bWVVRV!QM!OPMO! MSR!VRN^QLR!MRLSPQLQWPV!QP!MSR!bNOYLMQOP!MRWc!ZON!NRbWQN#!'SR!MRLSPQLQWPV![WVRY!WM!MSQV!VQMR!MSRP! QP^RVMQUWMR!WPY!NRbWQN!MSR!PQMV#!AONR!OZMRP!MSWP!POMK!QM!QV!ZOPY!MSWM!PQMV!MSWM!ZWQT!QP!MSR!ZQRTY!VSOX! *EE!2PO!ZWQTNR!ZOPY3!QP!MSR!VRN^QLR!LRPMNR#!+M!QV!YQZZQLTM!ZON!MRLSPQLQWPV!MO!NRbTQLWMR!MSR!ZQRTY!bNO[TRc! QP! MSR! VRN^QLR! LRPMNR! RP^QNOPcRPM! WPY! SRPLR! ZQPY! MSR! NOOM! LWVR! OZ! MSR! bNO[TRc#! AONRO^RNK! MSR! cWQP!ZOLV!OZ!MSR!VRN^QLR!MRLSPQLQWPV!QV!OP!bNOYLMQOPK!XSQTR!YRWTQPU!XQMS!MSR!NRbWQN!PQMV!WV!WP!R]MNW! TOWY#!!
  • 19. ! ! ! ! ! ! "H#! 6R! MO! MSR! LNNRPM! VMNLMNRK! QM! QV! ^RN_! YQZZQLTM! MO! YRMRLM! MSR! bNO[TRc! bWMSXW_! Q#R#! XSRMSRN! MSR! bNO[TRc!TQRV!QP!MSR!ObRNWMQOPV!OZ!MSR!PQM!2WM!MSR!ZQRTY3!ON!XSRMSRN!MSRNR!QV!WP!WLMWT!ZWTM!XQMS!MSR! YR^QLR#! 'SRNR! QV! W! SUR! LOccPQLWMQOP! UWb! [RMXRRP! MSR! LVMOcRNVK! YQVMNQ[MONVK! MSR! VRN^QLR! LOONYQPWMON! WPY! MSR! VRN^QLR! MRLSPQLQWPV! WPY! SRPLR! MSRNR! QV! PO! VQPUTR! bRNVOP! ON! MRWc! [RQPU! SRTY! WLLOPMW[TR!ZON!MSR!NRbWQN!bNOLRVV#!'SQV!bNWLMQLR!OZ!LRPMNWT!VRN^QLR!VbbONM!QV!Lc[RNVOcR!WPY!OZMRP! TRWYV!MO!TOPU!VRN^QLR!MQcRV!cWQPT_!YR!MO!VSQbbQPU!WPY!MNWPVbONM!OZ!MSR!NRbWQNeNRXON`RY!UOOYV!WV! XRTT!WV!MSR!LOccPQLWMQOP![WNNQRN![RMXRRP!YQZZRNRPM!RPMQMQRV#!! %$! Z-12.93*,24,-1. ="';07"?7"*-'07)-'#*.C&'$#-0&*) +P! ONYRN! MO! VLLRVVZTT_! NRVbOPY! MO! MSR! LSWPUQPU! YRcWPYV! OZ! LVMOcRNVK! cWPZWLMNRNV! WNR! MNWPVZONcQPU!MSRQN![VQPRVV!cOYRTV!MO!QPLONbONWMR!VRN^QLR!ZOLV!WTOPU!XQMS!MSR!bNOYLM!ZOLV#!%V!W! bWNM!OZ!MSQV!MNWPVZONcWMQOP!bNOLRVVK!QM!QV!^QMWT!MSWM!cWPZWLMNRNV!cONR!V_VMRcWMQLWTT_!bNVR!MSRQN! WZMRNBVWTR!VRN^QLR!ObbONMPQMQRV#!'SR!cOVM!LOcbRMQMQ^R!LOcbWPQRV!WNR!bRNZONcQPU!sLONR!^V#!LOPMR]M,! WPWT_VQVl!ZOLVQPU!OP!MSRQN!LONR!LWbW[QTQMQRVl!WPY!ZQPYQPU!bWNMPRNV!ZON!SWPYTQPU!OMSRN!NRaQNRcRPMV!OZ! MSR![VQPRVV!2(OVRK!$II:3#! AWP_!LOcbWPQRV!SW^R!WYObMRY! MSQV! MNWPZONcWMQOP! bNOLRVV! [_! MNRWMQPU! MSRQN! VRN^QLR! [VQPRVV! WV! W! VMNWMRUQL! NR^RPR! URPRNWMON#! .WNQOV! R]WcbTRV! OZ! +'! ZQNcV! VLS! WV! +>AK! 6RTT! &OcbMRNVK! rRNO]K! 9RXTRMMB5WL`WNY!WPY!8RPRNWT!1TRLMNQL!SW^R!PYRNUOPR!MSQV!MNWPVZONcWMQOP!bNOLRVV!QP!ONYRN!MO![RMMRN! YNQ^R!MSRQN!bNOYLM!VWTRV!WPY!bNOZQMRW[QTQM_!2'9+*=VMNWMRUQRVK!$II@3#!! +>A,V!MNWPVZONcWMQOP!ZNOc!W!V_VMRcV!LOcbWP_!MO!W!VRN^QLRVBTRY!VOTMQOPV!bNO^QYRN!SWV![RLOcR!W! cOYRT!ZON!MSR!RPMQNR!+'!QPYVMN_#!)^RN!MSR!bWVM!YRLWYRK!+>A,V!VRN^QLRV![VQPRVV!URPRNWMRY!O^RN!GI! bRNLRPM! OZ! +>A,V! MOMWT! NR^RPR! UNOXMS#! 6RTT! &OcbMRN! WTVO! LSWPURY! QMV! [VQPRVV! cOYRT! MO! SQUSB cWNUQP! VRN^QLR! NR^RPR! URPRNWMQOP! QP! ONYRN! MO! LOcbRPVWMR! ZON! ZWTTQPU! cWNUQPV! 2'9+*=VMNWMRUQRVK! $II@3#! N:"O)7"*-'#50P#-0&*) )NUWPQjWMQOPV!bNO^QYQPU!VRN^QLRV!YQZZRN!^WVMT_!QP!MSRQN![VQPRVV!VMNWMRU_!OZ!cRRMQPU!LVMOcRN!PRRYV! YRbRPYQPU!OP!MSR!M_bR!OZ!VRN^QLRV!MSR_!bNO^QYR!WV!XRTT!WV!MSR!W^WQTW[TR!NRVONLRVK!WM!MSR!VWcR!MQcR! cW]QcQjQPU!bNOZQMV#!'SRVR![VQPRVV!VMNWMRUQRV!R^OT^R!ZNOc!LOPYLMQPU!W!LOPMQPURPL_!WbbNOWLS![WVRY! OP!cTMQbTR!ZWLMONV!VLS!WV!MSR!bNOYLMK!MSR!LOcbWP_!WZMRNBVWTRV!VMNWMRU_K!MSR!VRN^QLR!LSWNWLMRNQVMQLV! WPY!MSR!bNOYLM!YQVMNQ[MQOP!VbbT_!LSWQP#!EON!R]WcbTRK!VOcR!cWPZWLMNQPU!ZQNcV!SW^R!MSR!ZQPWPLQWT! NRVONLRV!PRRYRY!MO!bRNZONc!cOVM!ON!WTT!QMV!WLMQ^QMQRV!NWPUQPU!ZNOc!NRVRWNLS!MO!bNOYLM!YR^RTObcRPM! MO!WZMRN!VWTRV!VbbONM#!+P!LOPMNWVMK!OMSRN!cWPZWLMNQPU!PQMVK!ObRNWMQPU!XQMS!TQcQMRY!NRVONLRVK!cW_!
  • 20. ! ! ! ! ! ! $I#! TWL`!MSR!W[QTQM_!MO!bRNZONc!VLS!WLMQ^QMQRV!VLS!WV!bNOYLM!YQVMNQ[MQOP!WPY!VRN^QLR!VbbONM!YQNRLMT_#! 2%NcQVMRWY!<!&TWN`K!"HH$3#! EON! R]WcbTRK! %>&! &ONbONWMQOP! YRLRPMNWTQjRY! [OMS! QMV! bNOYLM! YQVMNQ[MQOP! WPY! WZMRNBVWTRV! VRN^QLR! VbbONM!ZPLMQOPV#!'SR!LOcbWP_!LSOVR!QPVMRWY!MO!LOPLRPMNWMR!OP!YR^RTObQPU!QMV!bNOYLM!TQPR!WPY! LOPMNWLMRY!XQMS!)1AV!QP!ONYRN!MO!VN^Q^R!QP!MSR!ZWVMBR^OT^QPU!LOcbMRN!QPYVMN_#!+P!LOPMNWVMK!%TbSW! AQLNOV_VMRcVK!W!cW`RN!OZ!cQYNWPUR!LOcbMRN!V_VMRcVK!LSOVR!MO!LRPMNWTQjR![OMS!bNOYLM!YQVMNQ[MQOP! WPY!WZMRNBVWTRV!VRN^QLR!VbbONM!ZPLMQOPV#!%TbSW!AQLNOV_VMRcV!cWYR!VRN^QLR!WP!QPMRUNWT!bWNM!OZ!QMV! [VQPRVV!QP!ONYRN!MO!bNOMRLM!QMV!cWN`RM!VSWNR!QP!MSR!LOcbMRN!QPYVMN_!2/OOc[WK!"HH:3#! %$L J-,A88-+(*24A+1. 6R!MO!MSR!PWMNR!OZ!%LMNOPQL,V!^WVM!YQVMNQ[MQOP!LSWPPRTVK!YRLRPMNWTQjWMQOP!OZ!MSR!WZMRN!VWTRV!VbbONM! WPY!VRN^QLR!XQMS!LRPMNWT!LOONYQPWMQOP!XOTY![R!URMMQPU!LTOVR!MO!MSR!WZONRcRPMQOPRY![RVM!bNWLMQLRV#! %LMNOPQL! SWV! W! XQYR! YQVMNQ[MON! PRMXON`! QP! ^WNQOV! NRUQOPWT! TOLWMQOPV#! 'SR! YQVMNQ[MONV! LWP! [R! MRLSPQLWTT_! MNWQPRY! MO! LOPYLM! QPBZQRTY! cWQPMRPWPLR! WPY! NRbWQN#! %! VbRLQWTQjRY! cWPZWLMNQPU! ZQNc! VLS!WV!%LMNOPQL!LWP![RPRZQM!ZNOc!SW^QPU!VRN^QLR!WV!W!NR^RPR!URPRNWMON#!%LMNOPQL!LWP![RPRZQM!ZNOc! OZZRNQPU! WZMRN! VWTRV! VbbONM! QP! ZONcV! OZ! WP! R]MRPYRY! XWNNWPM_K! XSRNR[_! MSR! ZQRTY! MRLSPQLQWPV! LWP! OZZRN! NRUTWN! cWQPMRPWPLR! WPY! VRN^QLR! VbbONM#! +Z! MSR! ZWTM! QV! QNNRbWNW[TRK! %LMNOPQL! LWP! bNO^QYR! W! NRbTWLRcRPMK!bNO^QYRY!MSR!bNOYLM!QV!XQMSQP!MSR!XWNNWPM_!bRNQOY#!! 6RLRPMNWTQjWMQOP!OZ!VRN^QLR!VbbONM!LWP![R!QPQMQWMRY!QP!ZRX!`R_!TOLWMQOPV#!'SQV!PRMXON`!LWP!MSRP![R! UNWYWTT_!R]bWPYRY!QPMO!OMSRN!NRUQOPWT!TOLWMQOPV#!1QMSRNg!2Q3!-RM!b!W!VbRLQWTQjRY!VRN^QLQPU!MRWc!ZON! ^WNQOV!TOLWMQOPV!ON!2QQ3!'NWQP!YQVMNQ[MONV!MO!bNO^QYR!VWTRV!WPY!VRN^QLR!VbbONM#!'SQV!2QQ3!XQTT!NRYLR!MSR! LOVMV!WVVOLQWMRY!XQMS!SW^QPU!W!VbRLQWTQjRY!MRLSPQLWT!VbbONM!MRWc#!! %LMNOPQL! LWP! WbbOQPM! W! UTO[WT! VRN^QLR! VbbONM! LOONYQPWMONecWPWURN! LRPMNWTT_! QP! %L`TWPY! XSO! QV! MRLSPQLWTT_!VOPY!WPY!LOccPQLWMRV!XQMS!MSR!ZQRTY!MRLSPQLQWPV!ZON!LOONYQPWMQOP!OZ!VRN^QLR!WLMQ^QMQRV#! 'SR!VRN^QLR!LOONYQPWMON!XQTT![R!NRVbOPVQ[TR!ZON!`RRbQPU!MNWL`!OZ!MSR!VRN^QLR!VMWMVK!LOccPQLWMQPU! XQMS!MSR!ZQRTY!MRLSPQLQWPV!OP!MRLSPQLWT!cWMMRNVK!ONUWPQjR!QP^RVMQUWMQOPV!WPY!NRbWQNV!MO![R!YOPR!WM!MSR! VRN^QLR! LRPMNR! QZ! MSR! NRbWQN! LWPPOM! [R! YOPR! [_! MSR! ZQRTY! MRLSPQLQWPV! WPY! SW^R! W! VbRLQWTQjRY! MRWc! 2WT[RQM! VcWTT3! MSWM! YRWTV! XQMS! OPT_! MSR! WZMRN! VWTRV! VRN^QLR! VbbONM! WPY! NRbWQNV#! 'SQV! MRWc! LWP! WTVO! bNO^QYR! VbbONM! QP! MRNcV! OZ! MNWQPQPU! MSR! YQVMNQ[MON! PRMXON`! OP! W! NRUTWN! [WVQV#! 'SR! VRN^QLR! LOONYQPWMON! WPY! SQV! MRWc! XQTT! WTVO! [R! NRVbOPVQ[TR! ZON! MSR! VRN^QLR! YWMW[WVRK! XSQLS! LWP! [R! `RbM! bYWMRY!VO!MSWM!QPZONcWMQOP!LWP![R!bTTRY!OM!RWVQT_!VSOTY!W!ZWTM!QV!NRbRWMRY#!EQUNR!G!YQVbTW_V!MSR! LNNRPM!WPY!bNObOVRY!VMNLMNR!2[_!MSR!WMSON3!OZ!VRN^QLR!cWPWURcRPM!WM!%LMNOPQL#!! !
  • 21. ! ! ! ! ! ! $"#! ! ! ! ! (?@ABC&<.&1ABBCIG&RES&EIF&9BDLDMCF&RQS&MGBAKGABC&JDB&MCBU?KC&KDDBF?IEG?DI&EG&"KGBDI?K& ! %$% CO*55-+7-1. +cbNO^QPU!WP!WZMRNBVWTRV![VQPRVV!QV!POM!WP!RWV_!PYRNMW`QPU#!)ZMRPK!MSRNR!WNR!PcRNOV!QPMRNPWT! [WNNQRNV!MO!O^RNLOcR#!EQNcV!WNR!VWTT_!PWXWNR!OZ!MSR!cWN`RM!bOMRPMQWT!OZ!MSR!WZMRN!VWTRV![VQPRVVl! SRPLR! ZQPY! QM! YQZZQLTM! MO! ZONc! [VQPRVV! VMNWMRUQRV! WNOPY! MSR! WZMRN! VWTRV! bWNM! OZ! MSR! [VQPRVV#! %P! WZMRNBVWTRV![VQPRVV!OZMRP!SWV!W!TOXRN!LONbONWMR!WbbRWT!MSWP!W!PRX!bNOYLM![VQPRVV#!9RPLRK!ZQNcV! WNR!NRTLMWPM!MO!YRYQLWMR!MQcR!WPY!MWTRPM!MO!MSR!VRN^QLR!bWNM!OZ!MSR![VQPRVV#!AWPWURNV!OZMRP![RTQR^R! MSWM! RPMRNQPU! MSR! WZMRNBVWTRV! [VQPRVV! XQTT! YRMNWLM! ZNOc! MSR! XON`! OZ! VRTTQPU! PRX! bNOYLMV#! -WTRV! YRbWNMcRPMV! ZNRaRPMT_! NRUWNY! WP! WZMRNBVWTRV! UNOb! WV! W! NQ^WTK! WPY! VO! YQVLONWUR! MSR! bNOWLMQ^R! cWN`RMQPU!WPY!VWTRV!OZ!QMV!VRN^QLRV#!%P!RZZRLMQ^R!WbbNOWLS!SRNR!XOTY![R!MO!LOP^QPLR!MSR!VWTRV!VMWZZ! MSWM!XSRNR!MSRNR!QV!W!YRcWPY!ZON!WZMRNBVWTRV!VRN^QLR!MSWM!QV!POM!cRM![_!MSR!ONUWPQjWMQOPK!RQMSRN!W! VbRLQWTQjRY!LOcbRMQMON!XQTT!VRQjR!MSR!ObbONMPQM_!ON!MSR!LVMOcRNV!XQTT!VXQMLS!MO!WPOMSRN!RaQbcRPM! VbbTQRN! MSWM! bNO^QYRV! MSR! VbbONM! MSR_! NRaQNR#! EQPWTT_K! QPVZZQLQRPM! LOONYQPWMQOP! XQMSQP! WP! ONUWPQjWMQOP!LWP!TRWY!MO!LVMOcRN!LOPZVQOP!WPY!YQVVWMQVZWLMQOP!2=PRLSMK!/RVjQPV`QK!<!DR[RNK!"HH73#! &1)! 8TO[WT!-RN^QLR! -bbONM!AWPWURN! EQRTY!-RN^QLR! 1PUQPRRN! (RUQOP!%!! EQRTY!-RN^QLR! 1PUQPRRN!! (RUQOP!>! EQRTY!-RN^QLR! 1PUQPRRN!! (RUQOP!&! -RN^QLR!1PUQPRRNe 'RLSPQLQWP!! %L`TWPY!ZWLMON_! &VMOcRN! (RTWqOPVSQb! AWPWURN! &1)! -bbT_!<!LSWQP! AWPWURN! AZU!MRLS! AWPWURN! 25NOYLqOP!<! 5NLSWVR3! &VMOcRN! NRTWqOPVSQb! cWPWURN! -RN^QLR! &OONYQPWMON! 2W3! 2[3!
  • 22. ! ! ! ! ! ! $$#! 49 CA+,5014A+1. ! 'SQV! NRbONM! LNQMQLWTT_! WPWT_VRY! MSR! LNNRPM! cWPZWLMNQPU! bNOLRVVRV! WPY! cWPWURcRPM! bNWLMQLRV! WM! %LMNOPQL#!%ZMRN!VWTRV!VRN^QLR!WM!WLMNOPQL!XWV!NRLOUPQjRY!MO![R!W!cWdON!QVVR!ZON!%LMNOPQL#!ENOc!MSR! WPWT_VQV!W[O^RK!QM!QV!R^QYRPM!MSWM!bNOYLM!YQVMNQ[MQOP!WPY!WZMRNBVWTRV!VRN^QLR!VbbONM!VMNWMRUQRV!WNR! LTOVRT_!TQP`RY!MO!RWLS!OMSRN#!'SRNR!QV!PO!OPR![RVM!bNWLMQLR!MSWM!W!ZQNc!LWP!ZOTTOX!MO!UWNWPMRR!MSRQN! VLLRVV#!EON!%LMNOPQLK!QMV!WZMRN!VWTRV!VRN^QLR!WPY!VbbONM!LWP![RPRZQM!ZNOc!YRLRPMNWTQjWMQOP!WV!XRTT!WV! YQZZRNRPMQWMQOP!OZ!MSR!VbbT_!WPY!LSWQP!YRbWNMcRPM#!-OcR!OZ!MSR!bOMRPMQWT!LSWTTRPURV!MSWM!QM!cW_! ZWLR!QP!MSQV!bNOLRVV!SW^R!WTVO![RRP!NRLOUPQjRY#!! 69 J-B-3-+,-1. ! %[OM!/OWYNQMR#!!!(RMNQR^RY!"!AW_K!$I"$K!ZNOc!SMMbgeeXXX#TOWYNQMRVLWTRV#LOceW[OMTOWYNQMR#SMcT#! %LMNOPQL#!ZNOc!SMMbgeeXXX#WLMNOPQLMRLSPOTOUQRV#LOc#! %LMNOPQL#!$I""K!ZNOc!SMMbgeeXXX#WLMNOPQLMRLSPOTOUQRV#LOc! %LMNOPQL#!2$II73#!>"0D/0*D)=<.-"$)@*.-#55#-0&*)D30+"#!%LMNOPQL#!!! %NcQVMRWYK! &#! 8#K! <! &TWN`K! 8#! 2"HH$3#! &VMOcRN! -RN^QLR! WPY! -bbONMg! +cbTRcRPMQPU! 1ZZRLMQ^R! -MNWMRUQRV#!! >WTTuK!E#K!<!>WTTuK!A#!2$II43#!'SR!8OTY!AQPRg!%!*O^RT!OZ!/RWP!'NPWNOPY#!! >RL`ZONYK!J#!2$IIH3#!Q3#50-<8)K)2'0-07#5)@*-'&+37-0&*g!'W_TON!<!ENWPLQV#! >RVM! 5NWLMQLRV! -N^R_g! /OL`SRRY! AWNMQP! 1TRLMNOPQLV! WPY! AQVVQTRV! 2"HH43K! ZNOc! SMMbgeeXXX#[cbLOR#ONUe[RVMbNWLMQLRVeQPMRNPWTeTcRceQPYR]#SMcT! >SWVQPK!-#K!<!>NLSRNK!5#!2$II:3#!/RWP!^QRXRY!WV!W!bSQTOVObS_#!R&3'*#5)&C)S#*3C#7-3'0*D)!"7/*&5&D<) S#*#D"$"*-E)TU2"3K!4:BC$#!! 8WN^QPK!6#!%#!2"HGG3#!S#*#D0*D)H3#50-<8)-/").-'#-"D07)#*+)7&$1"-0-0;")"+D"F!*RX!FON`g!ENRR!5NRVV#! 8OTYNWMMK!1#!A#K!<!&O]K!J#!2"HH$3#!'SR!UOWTg!W!bNOLRVV!OZ!OPUOQPU!QcbNO^RcRPM#!! 8NQUUK!*#!2$I"I3#!Q3#50-<)=<.-"$.):".0D*)=-3+<)V30+"#!AWVVR_!0PQ^RNVQM_#!%L`TWPYK!*RX!iRWTWPY#!! =PRLSMK!'#K!/RVjQPV`QK!(#K!<!DR[RNK!E#!%#!2"HH73#!AW`QPU!5NOZQMV!WZMRN!MSR!VWTR#!!/")S7W0*."<)Q3#'-"'5<E) X#! /OOc[WK! %#! 5#! -#! 2"HH:3#! /QP`WURV! [RMXRRP! bNOYLM! YQVMNQ[MQOP! WPY! VRN^QLR! VbbONM! ZPLMQOPV#! @*-"'*#-0&*#5)R&3'*#5)&C),/<.07#5):0.-'0B3-0&*)J)Y&D0.-07.)S#*#D"$"*-E)Z[2@3K!@B$$#!! AWMSNWPQK!-#!2$I"$3#!%Y^WPLR!+PYVMNQWT!AWPWURcRPM!5NWLMQLRV!-MY_!8QYR#g!AWVVR_!0PQ^RNVQM_#! (WOK! %#! 2"HH:3#! !&-#5) Q3#50-<) S#*#D"$"*-8) K) 2'&..?63*7-0&*#5) ,"'.1"7-0;"g! JOSP! DQTR_! <! -OPV! &WPWYW#! (R.RTTRK!J#!>#!2$II"3#!AWPZWLMNQPU!9WPY[OO`!OZ!>RVM!5NWLMQLRV!g!%P!+PPO^WMQOPK!5NOYLMQ^QM_K!WPY! ?WTQM_!EOLVg!>OLW!(WMOPK!10%!g!-M#!/LQR!5NRVV#! (OVRK!D#!>#!2$II:3#!1PMRNbNQVR!'NWPVZONcWMQOPg!0PYRNVMWPYQPU!WPY!1PW[TQPU!EPYWcRPMWT!&SWPUR#!! '9+*=VMNWMRUQRV#! 2$II@3#! 'NWPVZONcQPU! MSR! -RN^QLR! >VQPRVV! +PMO! W! (R^RPR! 1PUQPRK! ZNOc! SMMbgeeXXX#MSQP`VMNWMRUQRV#LOceQcWURVe1PLO^RNzDSQMRbWbRN#bYZ! ! !