Submit Search
Upload
AIG-Hospitals-Brochure.pdf
•
0 likes
•
47 views
M
MOHAMMED YASER HUSSAIN
Follow
Hi document uploaded
Read less
Read more
Health & Medicine
Report
Share
Report
Share
1 of 33
Download now
Download to read offline
Recommended
Fundamentos da educação especial inclusiva
Fundamentos da educação especial inclusiva
Geisse Martins
Think emotion
Think emotion
Luigi Gallerani
Think2014 light
Think2014 light
Luigi Gallerani
2016 08-23-note-10-31 os architecture
2016 08-23-note-10-31 os architecture
Abhishek Kumar
Lenses and Filters
Lenses and Filters
Luigi Gallerani
Eva_chicoXav
Eva_chicoXav
Ari Carrasco
plinear.pdf
plinear.pdf
ssuser592c91
el_monito_parlanchin.pdf
el_monito_parlanchin.pdf
Jesus Manuel Aguero
Recommended
Fundamentos da educação especial inclusiva
Fundamentos da educação especial inclusiva
Geisse Martins
Think emotion
Think emotion
Luigi Gallerani
Think2014 light
Think2014 light
Luigi Gallerani
2016 08-23-note-10-31 os architecture
2016 08-23-note-10-31 os architecture
Abhishek Kumar
Lenses and Filters
Lenses and Filters
Luigi Gallerani
Eva_chicoXav
Eva_chicoXav
Ari Carrasco
plinear.pdf
plinear.pdf
ssuser592c91
el_monito_parlanchin.pdf
el_monito_parlanchin.pdf
Jesus Manuel Aguero
Statistics_for_Hackers.pdf
Statistics_for_Hackers.pdf
VishYrdy
As dores da alma (psicografia francisco do espirito santo neto espirito ham...
As dores da alma (psicografia francisco do espirito santo neto espirito ham...
Thais Karoline Ribeiro
T.10 mates de alet y de nerea
T.10 mates de alet y de nerea
afcovelo
Lens design basics
Lens design basics
Luigi Gallerani
Basic administration for net scaler 9.2 workbook
Basic administration for net scaler 9.2 workbook
apshirame
Versace Palace Stone
Versace Palace Stone
pompeimosaictile
__ACI 2243r-95-Expansion Joint Spacing. الكود الامريكي لفواصل التمدد وتأثير ...
__ACI 2243r-95-Expansion Joint Spacing. الكود الامريكي لفواصل التمدد وتأثير ...
Dr.youssef hamida
A%20 %20 homem%20integral
A%20 %20 homem%20integral
Instituto de Psicobiofísica Rama Schain
T8 onled spanish
T8 onled spanish
gucchino3800
T8 LED
T8 LED
gucchino3800
Bernardo Guimaraes Sclava Isaura
Bernardo Guimaraes Sclava Isaura
Tataie Micu
Basic administration netscaler cns 203-3 i
Basic administration netscaler cns 203-3 i
apshirame
Htc thermo hygro meter 288-cth & 288-ath
Htc thermo hygro meter 288-cth & 288-ath
Monarch Controls
Rogério Vieira
Rogério Vieira
Ana Santos
Docker du poste de dev à la prod
Docker du poste de dev à la prod
bitardo
MAPA MENTAL
MAPA MENTAL
afcovelo15
Nf en 1991 1-1
Nf en 1991 1-1
Enthalpie
Configuracion de la BIOS
Configuracion de la BIOS
degarden
Configuracion bios
Configuracion bios
luismarchan26
Samba
Samba
joeyjofer
Antares_Investor_Presentation_March_2022.pdf
Antares_Investor_Presentation_March_2022.pdf
MOHAMMED YASER HUSSAIN
Pharma RD Webinar 2022.pdf
Pharma RD Webinar 2022.pdf
MOHAMMED YASER HUSSAIN
More Related Content
Similar to AIG-Hospitals-Brochure.pdf
Statistics_for_Hackers.pdf
Statistics_for_Hackers.pdf
VishYrdy
As dores da alma (psicografia francisco do espirito santo neto espirito ham...
As dores da alma (psicografia francisco do espirito santo neto espirito ham...
Thais Karoline Ribeiro
T.10 mates de alet y de nerea
T.10 mates de alet y de nerea
afcovelo
Lens design basics
Lens design basics
Luigi Gallerani
Basic administration for net scaler 9.2 workbook
Basic administration for net scaler 9.2 workbook
apshirame
Versace Palace Stone
Versace Palace Stone
pompeimosaictile
__ACI 2243r-95-Expansion Joint Spacing. الكود الامريكي لفواصل التمدد وتأثير ...
__ACI 2243r-95-Expansion Joint Spacing. الكود الامريكي لفواصل التمدد وتأثير ...
Dr.youssef hamida
A%20 %20 homem%20integral
A%20 %20 homem%20integral
Instituto de Psicobiofísica Rama Schain
T8 onled spanish
T8 onled spanish
gucchino3800
T8 LED
T8 LED
gucchino3800
Bernardo Guimaraes Sclava Isaura
Bernardo Guimaraes Sclava Isaura
Tataie Micu
Basic administration netscaler cns 203-3 i
Basic administration netscaler cns 203-3 i
apshirame
Htc thermo hygro meter 288-cth & 288-ath
Htc thermo hygro meter 288-cth & 288-ath
Monarch Controls
Rogério Vieira
Rogério Vieira
Ana Santos
Docker du poste de dev à la prod
Docker du poste de dev à la prod
bitardo
MAPA MENTAL
MAPA MENTAL
afcovelo15
Nf en 1991 1-1
Nf en 1991 1-1
Enthalpie
Configuracion de la BIOS
Configuracion de la BIOS
degarden
Configuracion bios
Configuracion bios
luismarchan26
Samba
Samba
joeyjofer
Similar to AIG-Hospitals-Brochure.pdf
(20)
Statistics_for_Hackers.pdf
Statistics_for_Hackers.pdf
As dores da alma (psicografia francisco do espirito santo neto espirito ham...
As dores da alma (psicografia francisco do espirito santo neto espirito ham...
T.10 mates de alet y de nerea
T.10 mates de alet y de nerea
Lens design basics
Lens design basics
Basic administration for net scaler 9.2 workbook
Basic administration for net scaler 9.2 workbook
Versace Palace Stone
Versace Palace Stone
__ACI 2243r-95-Expansion Joint Spacing. الكود الامريكي لفواصل التمدد وتأثير ...
__ACI 2243r-95-Expansion Joint Spacing. الكود الامريكي لفواصل التمدد وتأثير ...
A%20 %20 homem%20integral
A%20 %20 homem%20integral
T8 onled spanish
T8 onled spanish
T8 LED
T8 LED
Bernardo Guimaraes Sclava Isaura
Bernardo Guimaraes Sclava Isaura
Basic administration netscaler cns 203-3 i
Basic administration netscaler cns 203-3 i
Htc thermo hygro meter 288-cth & 288-ath
Htc thermo hygro meter 288-cth & 288-ath
Rogério Vieira
Rogério Vieira
Docker du poste de dev à la prod
Docker du poste de dev à la prod
MAPA MENTAL
MAPA MENTAL
Nf en 1991 1-1
Nf en 1991 1-1
Configuracion de la BIOS
Configuracion de la BIOS
Configuracion bios
Configuracion bios
Samba
Samba
More from MOHAMMED YASER HUSSAIN
Antares_Investor_Presentation_March_2022.pdf
Antares_Investor_Presentation_March_2022.pdf
MOHAMMED YASER HUSSAIN
Pharma RD Webinar 2022.pdf
Pharma RD Webinar 2022.pdf
MOHAMMED YASER HUSSAIN
2022-04-novartis-new-organizational-model-presentation.pdf
2022-04-novartis-new-organizational-model-presentation.pdf
MOHAMMED YASER HUSSAIN
Investor-Presentation-Q1-1.pdf
Investor-Presentation-Q1-1.pdf
MOHAMMED YASER HUSSAIN
SPIL-IR-Presentation-September-2022-INR.pdf
SPIL-IR-Presentation-September-2022-INR.pdf
MOHAMMED YASER HUSSAIN
Roche_Genentech_Company_Presentation_2022.pdf
Roche_Genentech_Company_Presentation_2022.pdf
MOHAMMED YASER HUSSAIN
2022-Full-Year-Investor-Presentation.pdf
2022-Full-Year-Investor-Presentation.pdf
MOHAMMED YASER HUSSAIN
MHS-2022-IHCP-Roadshow-Presentation.pdf
MHS-2022-IHCP-Roadshow-Presentation.pdf
MOHAMMED YASER HUSSAIN
AMN-Investor-Presentation-May-2022-FINAL.pdf
AMN-Investor-Presentation-May-2022-FINAL.pdf
MOHAMMED YASER HUSSAIN
ASCO-2022-IR-Presentation.pdf
ASCO-2022-IR-Presentation.pdf
MOHAMMED YASER HUSSAIN
DHA Industry Day Slides 2022 v5.pdf
DHA Industry Day Slides 2022 v5.pdf
MOHAMMED YASER HUSSAIN
asx_20220223_2345299.pdf
asx_20220223_2345299.pdf
MOHAMMED YASER HUSSAIN
Tenet-2022-JPM-Presentation.pdf
Tenet-2022-JPM-Presentation.pdf
MOHAMMED YASER HUSSAIN
AHEL-Investor-Presentation-June-22-INR.pdf
AHEL-Investor-Presentation-June-22-INR.pdf
MOHAMMED YASER HUSSAIN
q2-2022-investor-presentation.pdf
q2-2022-investor-presentation.pdf
MOHAMMED YASER HUSSAIN
5.CRCRole_Documentation.pdf
5.CRCRole_Documentation.pdf
MOHAMMED YASER HUSSAIN
Handout-Structure-of-med-res-paper-RG-checklists_FINAL.pdf
Handout-Structure-of-med-res-paper-RG-checklists_FINAL.pdf
MOHAMMED YASER HUSSAIN
Elsevier.How to write a world-class paper.pdf
Elsevier.How to write a world-class paper.pdf
MOHAMMED YASER HUSSAIN
omega-healthcare-new-investor-presentation-4q21-april-2022.pdf
omega-healthcare-new-investor-presentation-4q21-april-2022.pdf
MOHAMMED YASER HUSSAIN
HealthCare-Global-HCG-Q2FY18-Investor-Presentation.pdf
HealthCare-Global-HCG-Q2FY18-Investor-Presentation.pdf
MOHAMMED YASER HUSSAIN
More from MOHAMMED YASER HUSSAIN
(20)
Antares_Investor_Presentation_March_2022.pdf
Antares_Investor_Presentation_March_2022.pdf
Pharma RD Webinar 2022.pdf
Pharma RD Webinar 2022.pdf
2022-04-novartis-new-organizational-model-presentation.pdf
2022-04-novartis-new-organizational-model-presentation.pdf
Investor-Presentation-Q1-1.pdf
Investor-Presentation-Q1-1.pdf
SPIL-IR-Presentation-September-2022-INR.pdf
SPIL-IR-Presentation-September-2022-INR.pdf
Roche_Genentech_Company_Presentation_2022.pdf
Roche_Genentech_Company_Presentation_2022.pdf
2022-Full-Year-Investor-Presentation.pdf
2022-Full-Year-Investor-Presentation.pdf
MHS-2022-IHCP-Roadshow-Presentation.pdf
MHS-2022-IHCP-Roadshow-Presentation.pdf
AMN-Investor-Presentation-May-2022-FINAL.pdf
AMN-Investor-Presentation-May-2022-FINAL.pdf
ASCO-2022-IR-Presentation.pdf
ASCO-2022-IR-Presentation.pdf
DHA Industry Day Slides 2022 v5.pdf
DHA Industry Day Slides 2022 v5.pdf
asx_20220223_2345299.pdf
asx_20220223_2345299.pdf
Tenet-2022-JPM-Presentation.pdf
Tenet-2022-JPM-Presentation.pdf
AHEL-Investor-Presentation-June-22-INR.pdf
AHEL-Investor-Presentation-June-22-INR.pdf
q2-2022-investor-presentation.pdf
q2-2022-investor-presentation.pdf
5.CRCRole_Documentation.pdf
5.CRCRole_Documentation.pdf
Handout-Structure-of-med-res-paper-RG-checklists_FINAL.pdf
Handout-Structure-of-med-res-paper-RG-checklists_FINAL.pdf
Elsevier.How to write a world-class paper.pdf
Elsevier.How to write a world-class paper.pdf
omega-healthcare-new-investor-presentation-4q21-april-2022.pdf
omega-healthcare-new-investor-presentation-4q21-april-2022.pdf
HealthCare-Global-HCG-Q2FY18-Investor-Presentation.pdf
HealthCare-Global-HCG-Q2FY18-Investor-Presentation.pdf
Recently uploaded
Call Girls Aurangabad Just Call 9907093804 Top Class Call Girl Service Available
Call Girls Aurangabad Just Call 9907093804 Top Class Call Girl Service Available
Dipal Arora
Call Girls Bangalore Just Call 9907093804 Top Class Call Girl Service Available
Call Girls Bangalore Just Call 9907093804 Top Class Call Girl Service Available
Dipal Arora
Premium Call Girls Cottonpet Whatsapp 7001035870 Independent Escort Service
Premium Call Girls Cottonpet Whatsapp 7001035870 Independent Escort Service
vidya singh
Call Girls Bareilly Just Call 9907093804 Top Class Call Girl Service Available
Call Girls Bareilly Just Call 9907093804 Top Class Call Girl Service Available
Dipal Arora
Call Girls Nagpur Just Call 9907093804 Top Class Call Girl Service Available
Call Girls Nagpur Just Call 9907093804 Top Class Call Girl Service Available
Dipal Arora
Chandrapur Call girls 8617370543 Provides all area service COD available
Chandrapur Call girls 8617370543 Provides all area service COD available
Dipal Arora
(👑VVIP ISHAAN ) Russian Call Girls Service Navi Mumbai🖕9920874524🖕Independent...
(👑VVIP ISHAAN ) Russian Call Girls Service Navi Mumbai🖕9920874524🖕Independent...
Taniya Sharma
VIP Call Girls Indore Kirti 💚😋 9256729539 🚀 Indore Escorts
VIP Call Girls Indore Kirti 💚😋 9256729539 🚀 Indore Escorts
aditipandeya
VIP Service Call Girls Sindhi Colony 📳 7877925207 For 18+ VIP Call Girl At Th...
VIP Service Call Girls Sindhi Colony 📳 7877925207 For 18+ VIP Call Girl At Th...
jageshsingh5554
Top Rated Hyderabad Call Girls Erragadda ⟟ 6297143586 ⟟ Call Me For Genuine ...
Top Rated Hyderabad Call Girls Erragadda ⟟ 6297143586 ⟟ Call Me For Genuine ...
chandars293
Russian Escorts Girls Nehru Place ZINATHI 🔝9711199012 ☪ 24/7 Call Girls Delhi
Russian Escorts Girls Nehru Place ZINATHI 🔝9711199012 ☪ 24/7 Call Girls Delhi
AlinaDevecerski
Call Girls Jabalpur Just Call 9907093804 Top Class Call Girl Service Available
Call Girls Jabalpur Just Call 9907093804 Top Class Call Girl Service Available
Dipal Arora
Call Girls Varanasi Just Call 9907093804 Top Class Call Girl Service Available
Call Girls Varanasi Just Call 9907093804 Top Class Call Girl Service Available
Dipal Arora
VIP Russian Call Girls in Varanasi Samaira 8250192130 Independent Escort Serv...
VIP Russian Call Girls in Varanasi Samaira 8250192130 Independent Escort Serv...
Neha Kaur
Best Rate (Hyderabad) Call Girls Jahanuma ⟟ 8250192130 ⟟ High Class Call Girl...
Best Rate (Hyderabad) Call Girls Jahanuma ⟟ 8250192130 ⟟ High Class Call Girl...
astropune
Vip Call Girls Anna Salai Chennai 👉 8250192130 ❣️💯 Top Class Girls Available
Vip Call Girls Anna Salai Chennai 👉 8250192130 ❣️💯 Top Class Girls Available
Nehru place Escorts
The Most Attractive Hyderabad Call Girls Kothapet 𖠋 6297143586 𖠋 Will You Mis...
The Most Attractive Hyderabad Call Girls Kothapet 𖠋 6297143586 𖠋 Will You Mis...
chandars293
VIP Mumbai Call Girls Hiranandani Gardens Just Call 9920874524 with A/C Room ...
VIP Mumbai Call Girls Hiranandani Gardens Just Call 9920874524 with A/C Room ...
Garima Khatri
Call Girls Siliguri Just Call 9907093804 Top Class Call Girl Service Available
Call Girls Siliguri Just Call 9907093804 Top Class Call Girl Service Available
Dipal Arora
Call Girls Service Jaipur Grishma WhatsApp ❤8445551418 VIP Call Girls Jaipur
Call Girls Service Jaipur Grishma WhatsApp ❤8445551418 VIP Call Girls Jaipur
parulsinha
Recently uploaded
(20)
Call Girls Aurangabad Just Call 9907093804 Top Class Call Girl Service Available
Call Girls Aurangabad Just Call 9907093804 Top Class Call Girl Service Available
Call Girls Bangalore Just Call 9907093804 Top Class Call Girl Service Available
Call Girls Bangalore Just Call 9907093804 Top Class Call Girl Service Available
Premium Call Girls Cottonpet Whatsapp 7001035870 Independent Escort Service
Premium Call Girls Cottonpet Whatsapp 7001035870 Independent Escort Service
Call Girls Bareilly Just Call 9907093804 Top Class Call Girl Service Available
Call Girls Bareilly Just Call 9907093804 Top Class Call Girl Service Available
Call Girls Nagpur Just Call 9907093804 Top Class Call Girl Service Available
Call Girls Nagpur Just Call 9907093804 Top Class Call Girl Service Available
Chandrapur Call girls 8617370543 Provides all area service COD available
Chandrapur Call girls 8617370543 Provides all area service COD available
(👑VVIP ISHAAN ) Russian Call Girls Service Navi Mumbai🖕9920874524🖕Independent...
(👑VVIP ISHAAN ) Russian Call Girls Service Navi Mumbai🖕9920874524🖕Independent...
VIP Call Girls Indore Kirti 💚😋 9256729539 🚀 Indore Escorts
VIP Call Girls Indore Kirti 💚😋 9256729539 🚀 Indore Escorts
VIP Service Call Girls Sindhi Colony 📳 7877925207 For 18+ VIP Call Girl At Th...
VIP Service Call Girls Sindhi Colony 📳 7877925207 For 18+ VIP Call Girl At Th...
Top Rated Hyderabad Call Girls Erragadda ⟟ 6297143586 ⟟ Call Me For Genuine ...
Top Rated Hyderabad Call Girls Erragadda ⟟ 6297143586 ⟟ Call Me For Genuine ...
Russian Escorts Girls Nehru Place ZINATHI 🔝9711199012 ☪ 24/7 Call Girls Delhi
Russian Escorts Girls Nehru Place ZINATHI 🔝9711199012 ☪ 24/7 Call Girls Delhi
Call Girls Jabalpur Just Call 9907093804 Top Class Call Girl Service Available
Call Girls Jabalpur Just Call 9907093804 Top Class Call Girl Service Available
Call Girls Varanasi Just Call 9907093804 Top Class Call Girl Service Available
Call Girls Varanasi Just Call 9907093804 Top Class Call Girl Service Available
VIP Russian Call Girls in Varanasi Samaira 8250192130 Independent Escort Serv...
VIP Russian Call Girls in Varanasi Samaira 8250192130 Independent Escort Serv...
Best Rate (Hyderabad) Call Girls Jahanuma ⟟ 8250192130 ⟟ High Class Call Girl...
Best Rate (Hyderabad) Call Girls Jahanuma ⟟ 8250192130 ⟟ High Class Call Girl...
Vip Call Girls Anna Salai Chennai 👉 8250192130 ❣️💯 Top Class Girls Available
Vip Call Girls Anna Salai Chennai 👉 8250192130 ❣️💯 Top Class Girls Available
The Most Attractive Hyderabad Call Girls Kothapet 𖠋 6297143586 𖠋 Will You Mis...
The Most Attractive Hyderabad Call Girls Kothapet 𖠋 6297143586 𖠋 Will You Mis...
VIP Mumbai Call Girls Hiranandani Gardens Just Call 9920874524 with A/C Room ...
VIP Mumbai Call Girls Hiranandani Gardens Just Call 9920874524 with A/C Room ...
Call Girls Siliguri Just Call 9907093804 Top Class Call Girl Service Available
Call Girls Siliguri Just Call 9907093804 Top Class Call Girl Service Available
Call Girls Service Jaipur Grishma WhatsApp ❤8445551418 VIP Call Girls Jaipur
Call Girls Service Jaipur Grishma WhatsApp ❤8445551418 VIP Call Girls Jaipur
AIG-Hospitals-Brochure.pdf
1.
,)%08,'%6) =39'%286978 ,)%08,'%6) =39'%286978
2.
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ƼVWXTVMSVMX]MWXLI[IPPFIMRKSJSYVTEXMIRXWERHE WMRKYPEVJSGYWSRTVSZMHMRKXLILMKLIWXUYEPMX]QSWXGSQTEWWMSREXIGEVIXSEPPXLIPMZIW[IXSYGL 9XMPM^MRKSYVVIWSYVGIWIƾGMIRXP]ERHIJJIGXMZIP] -QTEVXMRKIHYGEXMSRXSGSQQYRMX]HSGXSVWXSIRWYVI IEVP]ERHEGGYVEXIHMEKRSWMW -QTVSZMRKTEXMIRXE[EVIRIWWEFSYXHMWIEWIWERH XVIEXQIRXW (ITPS]MRKWXEXISJXLIEVXGYXXMRKIHKIXIGLRSPSK] -RZIWXMRKERHTEVXMGMTEXMRKMR6IWIEVGL (IZIPSTQIRX TVSNIGXWJSVEHZERGIQIRXSJLIEPXLGEVI 2850,66,21 8STVSZMHI[SVPHGPEWWLIEPXLGEVIXS-RHMERERH -RXIVREXMSREPTEXMIRXW[LMPWXIRWYVMRK MRGPYWMZMX] JSVEPP
F] 396:-7-32 )GIPPIRGIERH -RRSZEXMSRXS IRWYVIFIWXMRGPEWW LIEPXLGEVIEXER EJJSVHEFPITVMGI %X%-+ [ILEZIXLI TS[IVXS VIMRZIRX LIEPXLGEVI ERHGLERKI PMZIW
3.
%X%-+ ,SWTMXEPW IZIV]TEWWMRK QMRYXIMWE GLERGIXS LIEPWSQISRI (V(2EKIWL[EV6IHH] 1((1(7'*%17*6'4 *%7+)*%'+1;+3 'LMIJSJ+EWXVSIRXIVSPSK] 8LIVETIYXMG)RHSWGST] KDLUPDQ V0HVVDJH 8LINSYVRI]SJ%WMER-RWXMXYXISJ+EWXVSIRXIVSPSK]
%-+ WXEVXIH]IEVWEKS-XIQEREXIHJVSQSYVZMWMSRXSXVERWPEXI XLIFIWXSJWGMIRXMƼGORS[PIHKIERHEHZERGIHVIWIEVGLMRXSEJJSVHEFPITEXMIRXGIRXVMGLIEPXLGEVIMR-RHME 8SHE]-GERTVSYHP]WXEXIXLEX%-+LEWEGLMIZIHKPSFEPTVSQMRIRGIMRXLIƼIPHSJ+EWXVSIRXIVSPSK]ERHMWGSRWMHIVIH EWE'IRXVISJ)GIPPIRGIVYFFMRKWLSYPHIVW[MXLXLIFIWXMRXLI[SVPH I]SRHXLIEGGSPEHIWERHVIGSKRMXMSRIRHS[IHYTSRYWF]REXMSREPERH-RXIVREXMSREPEKIRGMIW -JIIPEHIITWIRWISJJYPƼPQIRXXLEX%-+LEWFIGSQIEREQIXLEXƼ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ƼIPHSJQIHMGEPWGMIRGI
4.
:RUOGFODVV3DWLHQWDUH 8,)4-00%673*396 )8,37 4%8-)28*-678 1YPXMHMWGMTPMREV] XIEQWSJ GPMRMGMERW [SVOMRK XSKIXLIV JSVTVIZIRXMSR ERHGYVIEPP YRHIVSRIVSSJ RPSUHKHQVLYH $IIRUGDEOH )RWYVIXLEX XLITISTPI [LSRIIH XLIFIWXSJ QIHMGEPGEVI LEZI EGGIWW XSYW 7HDPZRUN ;SVOXSKIXLIV EWEXIEQXS VIWSPZIMWWYIW ERHIRWYVI TEXMIRXHIPMKLX 3HUIHFWLRQ *SGYWSR[SVO WTIGMEPM^EXMSR XLEXIREFPIW LIEPXLGEVI WIVZMGIHIPMZIV] QEXGLMRK KPSFEP WXERHEVHW 7UXVW %GXMRXLI FIWXMRXIVIWX SJSYVTEXMIRXW [MXLWLEVIH HIGMWMSRQEOMRK LSRIWX]ERH GSRƼ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ƂORS[RJSVMRRSZEXMSRWMRHMKIWXMZIHMWSVHIVWSVKER XVERWTPERXEXMSRRITLVSPSK]GVMXMGEPGEVIERHQSVIƂSJJIVGSQTVILIRWMZIWXEXISJXLIEVXQIHMGEP GEVIJVSQTVMQEV]GEVIXSPIEHMRKIHKIXVIEXQIRXSJGSQTPIERHVEVIHMWSVHIVW-REHHMXMSRSYV GPMRMGMERWERHVIWIEVGLIVWEVIVIGSKRM^IHMRXIVREXMSREPP]JSVXLIMVGSRXVMFYXMSRWXSXLIQIHMGEPƼIPH
5.
$5HVHDUFK3RZHUKRXVH 0%36%836=83'0-2-' 8LIZMWMSRSJ(V(2EKIWL[EV6IHH][EWXLIKIRIWMWSJ%WMER,IEPXLGEVI*SYRHEXMSR %,* MR%,*MW VIGSKRM^IHEWE7GMIRXMƼGERH-RHYWXVMEP6IWIEVGL3VKERM^EXMSRF]XLI(ITEVXQIRXSJ7GMIRXMƼGERH-RHYWXVMEP 6IWIEVGL
(7-6 +SZIVRQIRXSJ-RHME %,*MWXLIJSVIVYRRIVMRIWXEFPMWLMRK8VERWPEXMSREP6IWIEVGL-RWXMXYXI[MXLWXEXISJXLIEVX+IRSQMGWERH7IUYIRGMRK JEGMPMX]ERH+14JEGMPMX]TPYW'IRXVEPM^IH1SPIGYPEVMSPSK]PEFSVEXSVMIW8LIQEMRSFNIGXMZISJXLI-RWXMXYXIMWXS GSRHYGXVIWIEVGLXLEXGERFIXVERWPEXIHJVSQ0%XS'0-2-' %,*W]QFSPM^IWEW]RIVKMWXMGGSQFMREXMSRSJGPMRMGEP ITIVXMWIERHWGMIRXMƼGXEPIRXMRXVERWPEXMRKVIWIEVGL ƼRHMRKWMRXSGPMRMGEPTVEGXMGI8LI[IEPXLSJGPMRMGEP QEXIVMEPERHWSTLMWXMGEXIHMRWXVYQIRXEXMSRJEGMPMXMIW IQTS[IVVIWIEVGLIVWXSXVERWPEXIVIWIEVGLƼRHMRKWJSV TEXMIRXFIRIƼXW (IZIPSTMRK'0-2-'-%27'-)28-787ERHTEVXMGMTEXMRK MRXLI7/-00():)0341)284VSKVEQSJ+SZIVRQIRXSJ -RHMEEVIX[SQENSVXVEMRMRKEGXMZMXMIW -HIRXMJ]MRK+IRSQMGWIUYIRGIZEVMEXMSRWMR-RHMERW [MXL+EWXVSMRXIWXMREPHMWIEWIWXLEXHMJJIVJVSQ;IWXIVR GSYRXVMIWMWSRISJXLIXLVYWXEVIEWJSVHIZIPSTMRK XEVKIXIHXLIVETMIW 6IKIRIVEXMZI1IHMGMRIXLIJYXYVISJQSHIVR'IPPERH 8VERWTPERXEXMSRWXVEXIK]JSVVITPEGMRKHEQEKIHXMWWYIW MWJEVVIEGLMRKERHWIIOWXSXVERWPEXIXSTEXMIRXFIRIƼXW MRPMRI[MXLXLILMKLIWXIXLMGEPWXERHEVHW VIWIEVGL TETIVWERH GSYRXMRK %-+MW ITPSVMRKXLI YRITPSVIH
6.
+IRIXMGW +IRSQMGWSJ'LVSRMG0MZIV(MWIEWI 4ERGVIEXMGHMWIEWIW-Rƽ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ƼIPHSJ6IKIRIVEXMZIXLIVETMIW ,IQEXSTSIXMGWXIQGIPPWJSV'LVSRMG0MZIVHMWIEWI 1IWIRGL]QEPWXIQGIPPWJSV0MZIVTERGVIEXMGERH MRƽEQQEXSV]FS[IPHMWIEWIW -RHYGIHTPIYVMTSXIRXWXIQGIPPVIWIEVGLJSGYWIHSR (VYKXSMGMX]XIWXMRK ']XSXLIVET][MXL4ERGVIEXMG-WPIXGIPPWXVERWTPERXEXMSR (MWGSZIVMRK XLITSXIRXMEPSJ 6IKIRIVEXMZI 1IHMGMRI
7.
/HDGHUVLQ(GXFDWLRQDQG7UDLQLQJ '6)%8-2+):-()2')%7)(46%'8-')',%14-327 8LIWYGGIWWSJ%-+,SWTMXEPWMWHVMZIRF]XLIWXVSRKEGEHIQMGERHVIWIEVGLSVMIRXEXMSRSJMXWHSGXSVW;ITVSZMHI XSTRSXGLIHYGEXMSRXSSYVHSGXSVWSRXLIPEXIWXQIHMGEPEHZERGIQIRXWWSXLEXXLI]GERHIPMZIVXLIFIWXSJGEVIXS XLITEXMIRXW3YVGSRWYPXERXWHMWWIQMREXITVEGXMGEPGPMRMGEPIZMHIRGIEXZEVMSYWMRXIVREXMSREPGSRJIVIRGIWERH YRMZIVWMXMIWJSVXLIFIRIƼ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ƼXSJ XLITVEGXMXMSRIVW4PYWQYPXMHMWGMTPMREV]IHYGEXMSREPHMWGYWWMSR ERHMRJSVQEPEHZMGIVIKEVHMRKXVIEXQIRXSTXMSRWJSVGSQTPI GEWIWEHHKVIEXZEPYI ;SVOWLSTW %-+,SWTMXEPWVIKYPEVP]GSRHYGXWGPMRMGEP [SVOWLSTWQER]SJXLIQMREPMZIIRZMVSRQIRXWYGLEW%-+ )RHSWGST];SVOWLST4S[IV7TMVEP;SVOWLST8LIERRYEP ƽEKWLMTIZIRXMW%-+0MZI[MXLJSGYWSRMRRSZEXMZI KEWXVSIRXIVSPSK]XIGLRSPSKMIWERHGPMRMGEPETTPMGEXMSRW 7]QTSWMYQWERH1EWXIV'PEWW%-+,SWTMXEPWMWEXXLIJSVIJVSRX [LIRMXGSQIWXSMRXIVREXMSREPW]QTSWMYQWERH1EWXIV 'PEWWIW7SQISJXLIVIGIRXIZIRXWMRGPYHI6IWTMGSR )RHSWGST]1EWXIV'PEWW-RXIVREXMSREP7]QTSWMYQSR-( )RHSWGST]7YQQMXERH-,4%-RHME %XMQI XSPIEVRERH EXMQIXS TEWWSRXLEX ORS[PIHKIƁ XLIGPSGO RIZIVWXSTW EX%-+ (V:MNE]/YQEV(EXPE%YHMXSVMYQ
8.
OLQLFDO6NLOO/DEV '6)%8-2+8,)2)8+)2)6%8-323*'0-2-'%0)4)687 %WMER,IEPXLGEVI*SYRHEXMSR %,* LEWIWXEFPMWLIH SRISJXLIQSWXWSTLMWXMGEXIHERHZIVWEXMPIWOMPPPEFWEX %-+,SWTMXEPW8LMWEHZERGIHJEGMPMX]XLEXLEWFSXLHV] PEFERH[IXPEFMWYXMPM^IHXSXVEMR]SYRKHSGXSVWSRXLI PEXIWXXIGLRMUYIWERHLIPTXLIQWXE]YTHEXIHSR GYVVIRXXIGLRSPSKMIW8VEMRIIWKIXXLISTTSVXYRMX]XS [SVOSRWMQYPEXSVWERMQEPERHEVXMƼ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
9.
%-+,SWTMXEPWTPEGIWXLILMKLIWXTVMSVMX]SRMXWGSQQMXQIRXXS TVEGXMGMRKQIHMGMRIMREQERRIVXLEXIRWYVIWGSRWMWXIRXHIPMZIV]SJ XLIWEJIWXGEVITSWWMFPIJSVIZIV]TEXMIRX 3YVETTVSEGLXSUYEPMX]TEXMIRXGEVIIRGSQTEWWIWSYVGSQQMXQIRX XSWEJIX]IJJIGXMZIRIWWTEXMIRXGIRXIVIHRIWWXMQIPMRIWWERH Iƾ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
10.
%-+,SWTMXEPWLEWFIIRGSRGITXYEPMWIHXSWIVZISYVGSQQYRMXMIWERHXLSWIMRRIIHFSXLPSGEPP]ERHKPSFEPP] %GSQQMXQIRXXLEXNYWXKVS[WWXVSRKIVIZIV]HE]EWSYVGSQQYRMX]VIEGLGSRXMRYIWXSITERHJEVFI]SRH-RHMEW FSVHIVW;ITEVXRIV[MXLGSQQYRMXMIWFSXLGPSWIXSLSQIERHEGVSWWGSRXMRIRXWXSFYMPHMQTVSZIERHWYWXEMR LIEPXLGEVIHIPMZIV]ERHMRGVIEWIXLILIEPXLERH[IPPFIMRKSJXLSWI[LSPMZIERH[SVOMRXLIWIGSQQYRMXMIW %-+,SWTMXEPWSJJIVWMRXIVREXMSREPTEXMIRXWETIVWSREPMWIHITIVMIRGIEPSRK[MXL[SVPHGPEWWQIHMGEPGEVIERHMW GSQQMXXIHXSQEOIIZIV]TEXMIRXWITIVMIRGIHIPMKLXJYPERHGSQJSVXEFPIMR-RHME8LIHIHMGEXIH-RXIVREXMSREP4EXMIRX 8IEQXEOIWGEVISJEPPTEXMIRXERHEXXIRHERXVIUYMVIQIRXW 6HUYLQJWKHRPPXQLW/RFDOODQG*OREDOO 6(59,(6 7IEQPIWWGSSVHMREXMSRFIX[IIRXLILSWTMXEPHSGXSVWERHTEXMIRXW 7 GLIHYPMRKETTSMRXQIRXW 6 IQSXIGSRWYPXEXMSRW '
SYRWIPPMRKTEXMIRXWSRWXE]ƼRERGMEPHIXEMPWERHGPMRMGEPTVSGIHYVIW * EGMPMXEXMSRJSVFSEVHMRKPSHKMRKERHXVERWTSVX % WWMWXERGIJSVQIHMGEPZMWEJSVQEPMXMIW - RXIVTVIXIVWIVZMGIW *663 *SVIMKR2EXMSREP6IKMSREP6IKMWXVEXMSR3ƾGI EWWMWXERGI 7 TIGMEPHMIXEV]ERHVIPMKMSYWRIIHW 4 SWXHMWGLEVKIJSPPS[YT 0 SGEPWMKLXWIIMRKEWVIUYMVIH ;ITEVXRIV[MXL GSQQYRMXMIW FSXLGPSWIXS LSQIERH EGVSWWSGIERW XSMQTVSZI LIEPXLGEVI HIPMZIV]
11.
7KH6WRUEWKH1XPEHUV ,SWTMXEPEHQMWWMSRW 8SXEP,SWTMXEPTEXMIRXW 0EFXIWXW )RHSWGST]TVSGIHYVIW -RXIVREXMSREPTEXMIRXW 3$7,(17$5( /,1,$/ 2YVWIW 'SRWYPXERXW (SGXSVW8VEMRIH 6IWIEVGL4ETIVW EWMG7GMIRXMWXW ,1)5$6758785( 4EXMIRXIHW 7UJX%VIE 3TIVEXMSR8LIEXVIW )RHSWGST]7YMXIW 'EXLIXIV0EFW (MEP]WMW9RMXW 7IEX%YHMXSVMYQ 'SRWYPXEXMSR6SSQW %RRYEPƼKYVIW GSQFMRIHJSV+EGLMFS[PMERH7SQENMKYHE,SWTMXEP0SGEXMSRW 1YPXMPIZIP8VEZIPEXSVW %HE] MRXLIPMJISJ %-+,SWTMXEPW IUYEPWE PMJIXMQISJ LIEPXL] QIQSVMIW JSVSYV KYIWXW
12.
3ZIV'SRWYPXERXWYRHIVSRIVSSJIREFPI %-+ ,SWTMXEPW XS
TVSZMHI QYPXMHMWGMTPMREV] GEVIXSIZIV]TEXMIRXERHEGSQTVILIRWMZI XVIEXQIRX TPER 8LI JYPP XMQI GPMRMGEP XIEQ IRWYVIWXLEXGEVIMWTVSZMHIH[MXLGPSWI QSRMXSVMRKSJXLITEXMIRXWTVSKVIWW 1ENSVMX]SJXLIGSRWYPXERXWLEZIXVEMRIHERH TVEGXMWIH MR PIEHMRK LSWTMXEPW MR XLI 9/ +IVQER]ERHXLI97ERHFVMRKXLIIXLSWERH GYPXYVI SJ MRXIVREXMSREP LIEPXLGEVI HIPMZIV] W]WXIQWERHXVIEXQIRXQSHEPMXMIW 4PYW XLI] TEVXMGMTEXI MR MRXIVREXMSREP GSRJIVIRGIWERH[SVOWLSTWXLEXGSRXMRYEPP] IRLERGIXLIMVWOMPPWERHOIITXLIQELIEHSJ XLIGYVZI-XMWRSWYVTVMWIXLIRXLEXTEXMIRXW GSRWMHIV%-+,SWTMXEPWEWXLIMVHIWXMREXMSRSJ GLSMGIJSVWYTIVPEXMZIGEVI 8)%1
13.
+IRIXMGWXS +IVMEXVMGW 'SQTPIXI 'SQTVILIRWMZI 'EVI %-+,SWTMXEPW[EWFSVRSYXSJE GSQFMRIHZMWMSRSJ'PMRMGMERW EWMG7GMIRXMWXW8IGLRSPSK] +MERXW-RXIPPIGXYEPWERH 4LMPERXLVSTMWXW[LS[SVOIH VIPIRXPIWWP]XSGVIEXIER SVKERM^EXMSR[LMGLSJJIVW[SVPH GPEWWLIEPXLGEVIXSEPPWIKQIRXW SJXLIWSGMIX]EW[IPPEWTVSZMHIW ETPEXJSVQJSVZMFVERXEGEHIQME ERHSVMKMREPVIWIEVGLXSTVSWTIV ƁEPPYRHIVSRIVSSJ %X%-+MXMWSYVIRHIEZSYVXS QSZITEXMIRXGEVIXSXLIRIX SVFMXSJIGIPPIRGIMR-RHMEERH XLEXƅW[L][IEVITIVLETWXLI SRP]LSWTMXEP[LMGLLEW MRXIKVEXIHEPPXLIWTIGMEPMXMIW XIGLRMGEPP]ERHXIGLRSPSKMGEPP] XSFSXLMRWMHIERHXLISYXWMHI [SVPH 'SQFMRMRKMX[MXLEQYPXM MRXIVHMWGMTPMREV]ETTVSEGLERH IQTEXLIXMGWXEJJ[IEVIWYVI XLEX[I[SYPHFIEFPIXSTVSZMHI MQTVSZIHSYXGSQIWERHEFIXXIV UYEPMX]SJPMJIJSVSYVTEXMIRXW 0IHF]4EHQELYWLER(V(2EKIWL[EV6IHH]'LEMVQERERH1EREKMRK(MVIGXSV (V+:6ES(MVIGXSVERH (V'6S]%[EVHII%-+,SWTMXEPWSJJIVWGSQTVILIRWMZILIEPXLGEVIWIVZMGIWEGVSWWEVERKISJWTIGMEPXMIW 6XSHU6SHFLDOLVWVIRU6XSHUODWLYHDUH 1IHMGEP 7YVKMGEP +EWXVSIRXIVSPSK] 0MZIV7GMIRGIW 3VKER8VERWTPERX 4YPQSREV]7GMIRGIW 6IREP7GMIRGIW 3RGSPSK] 'EVHMEG7GMIRGIW 3FIWMX]
1IXEFSPMG8LIVET] +IRIVEP7YVKIV] 6 SFSXMG7YVKIV] ) RHSGVMRSPSK] : EWGYPEVWYVKIV] - RXIVREP1IHMGMRI ) QIVKIRG]1IHMGMRI ' VMXMGEP'EVI1IHMGMRI 4 W]GLMEXV] 9 VSPSK] 2 IYVSWGMIRGI 4 EMR'PMRMG + ]REIGSPSK] 3 VXLSTEIHMGW .SMRX6ITPEGIQIRX ) 28 ( IVQEXSPSK] 'SWQIXSPSK] 3 VEP 1EMPPSJEGMEP7YVKIV] 4 PEWXMG7YVKIV] -RXIVZIRXMSREP6EHMSPSK] .(63(,$/7,(6 (175(62)(;(//(1(
14.
0HGLFDO*DVWURHQWHURORJ 8LI'IRXVISJ)GIPPIRGISJ+EWXVSIRXIVSPSK]EX%-+,SWTMXEPW LEWXLIITIVXMWIMRLERHPMRKEPPHMWIEWIWSJWXSQEGL MRXIWXMRIWTERGVIEWKEPPFPEHHIVFMPIHYGXERHPMZIV[MXLE XIEQSJLMKLP]EGGSQTPMWLIHGSRWYPXERXW-XGSQFMRIWGPMRMGEP ITIVMIRGIIEVRIHSZIVHIGEHIWERHEWXEXISJXLIEVXJEGMPMX] IUYMTTIH[MXLWSTLMWXMGEXIHIRHSWGSTMGIUYMTQIRXPIHF] ITIVMIRGIHKEWXVSIRXIVSPSKMWXWERHIRHSWGSTMWXW )6'4JSVTERGVIEXMGWXSRIWERHWXVMGXYVIW )6'4JSVFMPIHYGXWXSRIWFIRMKRERHQEPMKRERXWXVMGXYVIW )7;0JSVTERGVIEXMGWXSRIW -RXVEHYGXEPXLIVETMIW[MXLHMKMXEPGLSPERKMSWGST] -RXVEHYGXEPEFPEXMSRSJXYQSV (53)253$15($7, %,/,$5',625'(56 1EKRMƼGEXMSRIRHSWGST]YWMRKWXEXISJXLIEVXIRHSWGSTI 2EVVS[ERH-QEKMRK )RXIVSWGST]Ɓ4S[IV7TMVEPERHWMRKPIFEPPSSRIRXIVSWGSTI (1'26232/212623(17(52623 %HZERGIHJSGEPMQEKMRKMRGPYHMRKMRXVEHYGXEPYPXVEWSYRH GSRXVEWXIRLERGIH -RXIVZIRXMSREP)97 (VEMREKISJTERGVIEXMGƽYMHGSPPIGXMSRYWMRKTPEWXMG SVQIXEPWXIRX %HZERGIHFMPMEV]HVEMREKITVSGIHYVIW )97KYMHIHXYQSYVEFPEXMSR )97KYMHIHGIPMEGTPIYWRIYVSP]WMW )97KYMHIHZEWGYPEVMRXIVZIRXMSR )97KEWXVSIRXIVSWXSQ] (86 ,MKLVIWSPYXMSR)WSTLEKIEP1ERSQIXV] ,]HVSKIRVIEXL8IWXMRK+-QSXMPMX]WXYHMIW )WSTLEKIEP-QTIHERGIT,IZEPYEXMSRW 'ETWYPIIRHSWGST] /80,1$/*$6752(17(52/2* %-+LEWZEWXITIVMIRGIMRXLIHMEKRSWMW XVIEXQIRXSJ-RƽEQQEXSV]S[IP(MWIEWIMRGPYHMRK XLIPEVKIWXIPIGXVSRMGVIKMWXV]MR-RHME -(WIVZMGIWMRGPYHI ,1)/$00$725%2:(/',6($6(
,%' (175(2)(;(//(1( )RHSWGST] [MHIVERKMRKIRHSWGSTMGTVSGIHYVIW *EIGEPXVERWTPERXEXMSRERHWXIQGIPPYRMX 7TIGMEPM^IHLMWXSTEXLSPSK]ERH-,'YRMX +IRIXMGEREP]WMWMRGPYHMRK841829(8 %HZERGIHWXSQEGEVIYRMX (1'2%$5,$75,6 +EWXVMGFEPPSSRMQTPERXEXMSR )RHSWGSTMG7PIIZI+EWXVSTPEWX] )RHSWPIIZIJSVQIXEFSPMGIRHSWGST] 117)WSTLEKIEP1ERSQIXV]
15.
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ƼFVISTXMGWXLVSYKLXLI)RHSWGST] ERH7YVKMGEPWXYHMSWIREFPMRK,((/PMZIXVERWQMWWMSRW 8IPIGSRJIVIRGMRK8IPIGSRWYPXEXMSRW8IPI8IEGLMRKWEGVSWWXLIKPSFI 'SQTPI,47YVKIVMIW ' SPSVIGXEP7YVKIV] - (7YVKIV] * SVIKYX7YVKIV] 0
ETEVSWGST]Ɓ)RHSWGST],]FVMH7YVKIV] - RXVESTIVEXMZI,SX'LIQSXLIVET],-4)' -RXVSHYGIH238)7[SVPH[MHI[LIRXLI[SVPHWƼVWX8VERWKEWXVMG%TTIRHIGXSQ][EWTIVJSVQIH -RXVSHYGIHQER]TVSGIHYVIWERHWYVKIVMIWMR-RHMEERHXLI%WME4EGMƼGVIKMSRJSVXLIƼVWXXMQI WYGLEW+)6(786)88%43)1+43)178)66)7()16)RHSWGSTMG7PIIZI+EWXVSTPEWX] -RXIVZIRXMSREP+%TVSGIHYVIW-WPIX'IPP8VERWTPERXEXMSRIXG
16.
2EHVLW 0HWDEROLF7KHUDS %-+,SWTMXEPWSJJIVWTIVWSREPMWIHGEVIJSV3FIWMX]ERH(MEFIXIWXLEXMRGPYHIWEGSQTPIXIIZEPYEXMSRF]EQYPXM HMWGMTPMREV]XIEQSJHSGXSVW%GGSVHMRKP]SRIMWEHZMWIH2SRWYVKMGEP[IMKLXPSWWTVSGIHYVIWSVEVMEXVMG QIXEFSPMGWYVKIV] $'9$17$*(6 7MRKPIMRGMWMSROI]LSPIWYVKIV]PSWWSJYTXS
SJIGIWW[IMKLXRSWGEVW+SPH7XERHEVHQIXLSH TIVQERIRX[IMKLXPSWWFIXXIVPSRKXIVQVIWYPXW JEWXVIGSZIV] (1'2%$5,$75,6)25121685*,$/:(,*+7/266 3ZIVWYGGIWWJYP)RHSWGSTMG7PIIZI+EWXVSTPEWX] TVSGIHYVIWLEZIFIIRTIVJSVQIHEX%-+,SWTMXEPWƁ SRISJXLILMKLIWXMR-RHME 4EXMIRXWEVIFIRIƼXIHJVSQXLMWHE]GEVITVSGIHYVI [MXLRSWYVKIV]SVGYXW4PYWXLMWLIPTWXSGSRXVSP(MEFIXIW 'LSPIWXIVSPLIEVXHMWIEWIWPIITETRIEIXG .(+2/(%$5,$75, 0(7$%2/,685*(5 %-+LEWFIIREGLMIZMRKWYGGIWWJYPSYXGSQIWJSV /I]LSPIEVMEXVMGERH1IXEFSPMGWYVKIVMIWWMRGI %HZERGIHXVIEXQIRXSTXMSRWJSVSFIWMX]ERH HMEFIXIWQEREKIQIRXMRGPYHI 4IVWSREPMWIH;IMKLXPSWW3TXMSRW 0ETEVSWGSTMG7PIIZI+EWXVIGXSQ] 0ETEVSWGSTMG+EWXVMG]TEWW 0ETEVSWGSTMG1MRM+EWXVMG]TEWW 1IXEFSPMGWYVKIV]JSV(MEFIXIWQEREKIQIRX (3TIVEXMSR8LIEXVI 4)6732%0-7)(;)-+,81%2%+)1)28
17.
:25/' 6 0267 623+,67,$7(' (1'2623 68,7(6 %-+,SWTMXEPWMWSRISJXLIPEVKIWXVIJIVVEPGIRXVIWMRXLI[SVPHJSVHMEKRSWXMGERHXLIVETIYXMG)RHSWGST]4EXMIRXWEVIVIJIVVIH JVSQRSXSRP]QSWXGMXMIWMR-RHMEFYXEPWSJVSQWYVVSYRHMRKGSYRXVMIWPMOI7VM0EROEERKPEHIWL1EPE]WME2ITEPIXG %-+LEWSRISJXLIPEVKIWXERHQSWXEHZERGIHKEWXVSMRXIWXMREPIRHSWGST]WYMXIWMRXLI[SVPH(MEKRSWXMGERHXLIVETIYXMG IRHSWGST]TVSGIHYVIWMRGPYHIHMEKRSWXMGIRHSWGST]ERHGSPSRSWGST])6'4IRHSWGSTMGYPXVEWSRSKVETL]IXVEGSVTSVIEPWLSGO [EZIPMXLSXVMTW] )7;0
ERHTSP]TIGXSQ]-REHHMXMSRMRRSZEXMZIERHGSQTPIIRHSWGSTMGTVSGIHYVIWMRGPYHMRKTIVSVEP IRHSWGSTMGQ]SXSQ][MXLSV[MXLSYXJYRHSTPMGEXMSR 43)1 WYFQYGSWEPXYRRIPPMRKIRHSWGSTMGVIWIGXMSR 78)6 IRHSWGSTMG WYFQYGSWEPHMWWIGXMSR )7( IRHSWGSTMGQYGSWEPVIWIGXMSR )16 IRHSWGSTMGFEVMEXVMGTVSGIHYVIW )7+ ERXMVIƽ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o---)7;0JSVTERGVIEXMG FMPMEV]PMXLSXVMTW]*MVWXMR%WME ()6'4[MXL(MKMXEPP]-RXIKVEXIH3P]QTYW)2(3%04,%ERH7MIQIRW%VXMW^II8IGLRSPSK] (MKMXEPWXYHMSJSVPMZIWXVIEQMRKSJ)RHSWGST]TVSGIHYVIWKPSFEPP] )RHSWGST]WYMXIW
18.
%-+'IRXVIJSV0MZIV7GMIRGIWHIPMZIVWEGSQTVILIRWMZIQYPXMHMWGMTPMREV]ETTVSEGLJSVQEREKIQIRXSJPMZIVHMWIEWIW QEMRXEMRMRKMRXIVREXMSREPWXERHEVHWERHKYMHIPMRIW7IVZMGIWMRGPYHI0MZIV8VERWTPERXWYVKIV]0MZIV6IWIGXMSR WYVKIVMIW STIR PETEVSWGSTMG
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
19.
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ƽS[WXYHMIWPMZIVFMSTWMIWFSXL TIVGYXERISYWERHXVERWNYKYPEV-RXIVZIRXMSREPZEWGYPEVTVSGIHYVIWJSV-:'SFWXVYGXMSRYHH'LMEVMW]RHVSQIIXGXS REQIEJI[ 7'34)3*7)6:-')7 MRGPYHI+IRIVEP,ITEXSPSK]4EIHMEXVMG,ITEXSPSK]ZMVEPLITEXMXMWGPMRMGJSVLITEXMXMW%'ERH )*EXX]PMZIVGPMRMGTSVXEPL]TIVXIRWMSRGPMRMGVIKIRIVEXMZIQIHMGMRIGPMRMG4VIERHTSWXXVERWTPERXGPMRMGWERH QEREKIQIRXSJ,ITEXSGIPPYPEVGEVGMRSQE(SGXSVW[MXLWTIGMƼGMRXIVIWXMRIEGLƼIPHVYRXLIWIGPMRMGWXSTVSZMHI EHZERGIHQIHMGEPGEVI 8LIHITEVXQIRXMWEPWSIRKEKIHMRFEWMGVIWIEVGLMRWXYH]MRKXLIRYXVMXMSRERHKIRIXMGWSJRSREPGSLSPMGPMZIVHMWIEWI ERHQEMRXIRERGISJER,''VIKMWXV]'PMRMGEPVIWIEVGLXSIZEPYEXIXLIVSPISJWXIQGIPPWMRPMZIVGMVVLSWMWMWFIMRK GEVVMIHSYXYRHIVWXVMGXQSRMXSVMRKF]VIKYPEXSV]EYXLSVMXMIW-REHHMXMSRWMKRMƼGERXTVSKVIWWLEWFIIRQEHIMR WXYH]MRKXLITVSƼPISJTEXMIRXW[MXLPIER2%7,ERHEPWSXLIVSPISJTPEWQETLIVIWMWERHLIQSƼPXVEXMSR[MXLEHZERGIH GEVXVMHKIWMRTEXMIRXW[MXLEGYXISVGLVSRMGPMZIVJEMPYVI 'SRWYPXERXWMRXLIHITEVXQIRXEVIVIGSKRMWIHJEGYPX]MRQENSVREXMSREPERHMRXIVREXMSREPGSRJIVIRGIW[MXLXLIMV VIWIEVGL[SVOLEZMRKFIIRTVIWIRXIHERHTYFPMWLIHMRQSWXQENSVEGEHIQMGJSVYQW *MFVSWGER
20.
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
:EPZYPSTPEWX] )PIGXVSTL]WMSPSKMGEPWXYHMIW %FPEXMSRTVSGIHYVIWJSVGSQTPIEVVL]XLQMEW 4EGIQEOIVMQTPERXEXMSRMRGPYHMRK-'(WERH'68 $5',27+25$,$1'9$68/$5685*(5,(6 '%+ƁSJJTYQTFIEXMRKLIEVXQMRMQEPP]MRZEWMZI 8SXEPEVXIVMEPVIZEWGYPEVM^EXMSR :EPZI3TIVEXMSRWƁ6ITEMVWERHVITPEGIQIRXW 7YVKIVMIWJSVGSRKIRMXEPLIEVXHMWIEWIW %SVXMGWYVKIVMIW%RIYV]WQWERH(MWWIGXMSRW 0YRK8LSVEGMGSTIVEXMSRWERH:%87 4IVMTLIVEPZEWGYPEVERH'EVSXMHSTIVEXMSRW 7YVKIVMIWJSVLIEVXJEMPYVIMRGPYHMRK LIEVXXVERWTPERXEXMSRERHEWWMWXHIZMGIW )PIGXMZISVIQIVKIRG]WYVKIV]JSVGSVSREV] EVXIV]HMWIEWIEVVL]XLQMEWLIEVXJEMPYVI 6SFSXMGEPP]EWWMWXIHERHTIVGYXERISYWTVSGIHYVIW $5',2/2*352('85(6
21.
2QFRORJ '%2')6;%66-3671%6',-2+%,)%( 8LI3RGSPSK]'IRXVISJ)GIPPIRGIEX%-+,SWTMXEPWSJJIVWGSQTVILIRWMZIGERGIVGEVIMRGPYHMRKTVIZIRXMSR HMEKRSWMWXVIEXQIRXSJEPPWSPMHXYQSYVWERHFPSSHGERGIVWTPYWTEPPMEXMZIGEVIJSVEPPEKIKVSYTW1YPXMHMWGMTPMREV] GSQTVILIRWMZIGERGIVGEVI[MXLELSPMWXMGETTVSEGLXSXVIEXQIRXMWSYVLEPPQEVO8LI3RGSPSK]XIEQMRGPYHIW VIRS[RIH ITIVMIRGIHQIHMGEPSRGSPSKMWXWWYVKMGEPSRGSPSKMWXWVEHMEXMSRSRGSPSKMWXWTEXLSPSKMWXWERH VEHMSPSKMWXW[LSHMWGYWWIEGLGEWIXSƼRHXLIFIWXTSWWMFPIQEREKIQIRXJSVERMRHMZMHYEPTEXMIRXGSRWMHIVMRKXLI TL]WMGEPWSGMEPTW]GLSPSKMGEPERHIQSXMSREPWXEXYWSJXLITEXMIRX'SQTPIGEWIWEVIHMWGYWWIHMREQYPXM HMWGMTPMREV]XYQSYVFSEVHJSVSJJIVMRKXLIFIWXXVIEXQIRXTPERXEMPSVIHJSVERMRHMZMHYEP %(:%2')(796+-'%032'303+=XVIEXQIRXMWSJJIVIHJSV,IEHERH2IGOVIEWX8LSVEGMG+]REIGSPSKMGEP7OMR ERH7SJX8MWWYI+IRMXSYVMREV]+EWXVSMRXIWXMREPSRIERH.SMRXXYQSYVW 1)(-'%032'303+=EX%-+MWEGSQTVILIRWMZI JEGMPMX]ERH[IPPIUYMTTIHJSVXLIEHQMRMWXVEXMSR SJGLIQSXLIVET]XEVKIXIHXLIVET]ERH MQQYRSXLIVET];IXVIEXFSXLWSPMHERH LEIQEXSPSKMGEP PIYOEIQMEERHP]QTLSQEW
GERGIVW8LISRI1EVVS[XVERWTPERXYRMX JIEXYVIWLEIQEXSTSMIXMGWXIQGIPP XVERWTPERXEXMSRELMKLIRHGYVEXMZIXVIEXQIRX 8LIGLIQSXLIVET][EVHMWHIWMKRIHJSVTEXMIRX GSQJSVXERHGSRZIRMIRGI[MXLWOMPPIHRYVWIWERH QSRMXSVMRKSJHVYKEHQMRMWXVEXMSR 869))%1780MRIEV%GGIPIVEXSV 6%(-%8-3232'303+=XVIEXQIRXEX%-+,SWTMXEPWMWHVMZIRF] 869))%1780MRIEV%GGIPIVEXSVXLIQSWXEHZERGIH WXIVISXEGXMGVEHMSWYVKIV]W]WXIQSJMXWOMRH[LMGLQMRMQM^IW VEHMEXMSRITSWYVIXSLIEPXL]XMWWYIWERHLEWEPEVKISTIR HIWMKRJSVKVIEXIVTEXMIRXGSQJSVX8LMWSJJIVWIGITXMSREPP] EGGYVEXIRSRMRZEWMZIERHTEMRPIWWXVIEXQIRXXSTEXMIRXW 8VIEXQIRXQSHEPMXMIWMRGPYHI-RXIRWMX]1SHYPEXIH6EHMEXMSR 8LIVET] -168 6ETMH%VG:SPYQIXVMG1SHYPEXIH%VG8LIVET] :1%8 -QEKI+YMHIH6EHMEXMSR8LIVET] -+68 7XIVISXEGXMG 6EHMSWYVKIV] 767 7XIVISXEGXMGSH]6EHMSXLIVET] 768 '816-FEWIH-QEKI+YMHIHVEGL]XLIVET]8LIWIEVI WYTTSVXIHF]('8 6IEPXMQI4SWMXMSR 1SRMXSVMRKERH 4)8'8FEWIH6EHMEXMSR8VIEXQIRX4PERRMRK 8VYIIEQJIEXYVIWMQTVSZIHWSJXXMWWYIZMWYEPM^EXMSRZME MXIVEXMZI'SRIIEQ'8 M''8 ERHIRLERGIQIRXWXS MRXVEJVEGXMSRQSXMSRQEREKIQIRXXIGLRMUYIW-RFYMPX,(10' LMKLHSWIVEXIIRIVK]QSHIW***ERH***(GSYGLERH (GSRIFIEQ'8IREFPILMKLTVIGMWMSR767768ERH+EXIH %VGXVIEXQIRXW ,MKL(SWI6EXI ,(6 VEGL]XLIVET][MXLGSQTYXIV GSRXVSPPIH+EQQE1IHTPYWƦ MEJXIVPSEHIVMQTVSZIW XVIEXQIRXIƾGEG]ERHWEJIX]8LIEGGYVEXIHSWIHIPMZIV]SJ ,(6QMRMQM^IWHSWIXSLIEPXL]XMWWYIERHXLIVETMHHSWI HIPMZIV]EPPS[WJSVQSVITEXMIRXJVMIRHP]SYXTEXMIRXXVIEXQIRXW
22.
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ƾGYPXEWXLQEXVIEXQIRX
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ƽEMPGLIWX 7QSOMRKGIWWEXMSRWIVZMGIW 8VIEXQIRXJSV8VEGLIEPWXIRSWMW 8VEGLIEPHMWSVHIVW ,]TIVWIRWMXMZMX]TRIYQSRMXMWSVTMKISRFVIIHIVWHMWIEWI 21',7,2160$1$*(' 3P]QTYW)97VSRGLSWGSTI -RXIVWXMXMEP0YRK(MWIEWIW -0( ERHEYXSMQQYRIPYRKHMWIEWIWIKZEWGYPMXMHIWWEVGSMHSWMW
23.
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
FSXL[MXLPMZIERHGEHEZIVSVKERW 4VIZIRXMZI2ITLVSPSK]QEREKIQIRXSJ KPSQIVYPEVHMWIEWITVIKRERG]VIPEXIHOMHRI]HMWIEWIERH4VIIGPEQTWMEERHTPEWQEIGLERKI %-+,SWTMXEPWSJJIVWLMKLIRHUYEPMX]HMEP]WMW[MXLXLIPEXIWXWIVMIWQEGLMRIWERH4IVQEGEXLJSVPSRKXIVQ HMEP]WMWXLIVET]%YRMUYISTXMSRMWXLIYWISJ-RGVIQIRXEP(MEP]WMW[MXLETIVWSREPMWIHPS[HSWI 3RPMRI,EIQSHMEƼPXVEXMSR ,(* XVIEXQIRXQSHEPMX][MXLYPXVETYVIHMEP]WEXIXLEXVIHYGIWXLIVMWOSJ GEVHMSZEWGYPEVGSQTPMGEXMSRW 7YWXEMRIH0S[)ƾGMIRG](MEP]WMW 70)( MWSJJIVIHEWEVIREPVITPEGIQIRXQSHEPMX]MRGVMXMGEPP]MPPTEXMIRXW [MXL%GYXI/MHRI]-RNYV] %/- ERHLEIQSH]REQMGMRWXEFMPMX] 8LI'SRXMRYSYW6IREP6ITPEGIQIRX8LIVETMIW '668 WIXYTMRGPYHIW 'SRXMRYSYW:IRS:IRSYW,IQSHMEP]WMW '::,( 'SRXMRYSYW:IRS :IRSYW,IQSƼPXVEXMSR '::, 'SRXMRYSYW:IRS:IRSYW ,IQSHMEƼPXVEXMSR '::,(* JSVKIRXPIERHSTXMQEPƽYMHVIQSZEP ;ITVSZMHIGSQTVILIRWMZIHMEKRSWXMGJEGMPMXMIWERHHSGXSVWEVI[IPP ITIVMIRGIHMRTVSGIHYVIWPMOI6IREPMSTW]8YRRIPPIH'EXLIXIV-RWIVXMSR ERH'%4(GEXLIXIVMRWIVXMSR (MEP]WMW[EVH[MXLWIVMIWQEGLMRIW
24.
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
RHSYVSPSK] 1 MRMQEPP]-RZEWMZIWYVKIV] 2 IYVSYVSPSK] 4 EIHMEXVMGYVSPSK] 6 IGSRWXVYGXMZIYVSPSK] 9 VSSRGSPSK] 9 VSK]REIGSPSK] HMEP]WMW 6(59,(6 3TIVEXMSR8LIEXVI 3TIVEXMSR8LIEXVIW
25.
5DGLRORJ 4)8'8WGERW MRWTIGXFPSSHƽS[ S]KIRMRXEOISVXLI QIXEFSPMWQSJ SVKERWERHXMWWYIW 8LI]WLS[TVSFPIQW EXXLIGIPPYPEVPIZIP KMZMRKSYVHSGXSVWXLI FIWXZMI[SJGSQTPI W]WXIQMGHMWIEWIW 8LIWIWGERWEVI GSQQSRP]YWIHXS HIXIGXGERGIVLIEVX TVSFPIQWFVEMR ERHGIRXVEPRIVZSYW W]WXIQHMWSVHIVW ,-46)'-7-32-1%+-2+*36%''96%8)(-%+237-7 +EQQE'EQIVE 7MIQIRW%VXMW^II HMKMXEPP]MRXIKVEXIH [MXL3P]QTYW )2(3%04,% MRXIVZIRXMSREP MQEKMRKW]WXIQXLEX TVSHYGIWIGIPPIRX LMKLHIƼRMXMSR MQEKIW[MXL MRXIPPMKIRXHSWI STXMQMWEXMSR 8LMWGERFIYWIHJSV TVSGIHYVIWWYGLEW ()RHSWGSTMG 6IXVSKVEHI'LSPERKMS 4ERGVIEXSKVEQ )6'4 MRXIVZIRXMSREP ƽYSVSWGST]MQEKMRK -RXIVZIRXMSREP GEVHMSPSK] MRXIVZIRXMSREP VEHMSPSK] -RXIVZIRXMSREP 3RGSPSK]ERH -RXIVZIRXMSREP 2IYVSVEHMSPSK] 4LMPMTW-RKIRME 8IWPE16-HIPMZIVW TVIQMYQTEXMIRX GIRXVMGMQEKIUYEPMX] [MXLHMKMXEPGPEVMX]ERH WTIIH *IEXYVIWQ(-32 (**)1YPXM7XEXMSR JSVLMKLVIWSPYXMSR MQEKMRKEYXSQEXIH LIEHXSXSIMQEKMRK 30(WTIGMEPMWXJSV EHZERGIHRIYVS MQEKMRK 7TIGXVSWGST]%70 2IYVSWTIGMEPMWX Q(-325YERX( TVSGIHYVIJSVRSR MRZEWMZIPMZIVJEX UYERXMƼGEXMSR 7XEV5YERXGEVHMSPSK] ETTPMGEXMSRWERH QSVI +EQQE'EQIVEƁ YWIWEJJSVHEFPIERH LMKLVIWSPYXMSR MQEKMRKXIGLRSPSK] XSTVSHYGIJYRGXMSREP WGERWSJXLIFVEMR PYRKWXL]VSMH WXSQEGLPMZIV WOIPIXSRKEPPFPEHHIV ERHOMHRI]W 2SRMRZEWMZIP]LIPTW KEXLIVGVMXMGEP MRJSVQEXMSRIKWM^I SJLIEVXGLEQFIVW LS[IJJIGXMZIP]]SYV LIEVXTYQTWFPSSH ƽS[MRGSVSREV] EVXIVMIWLIEVXQYWGPI HEQEKIRIIHJSV MRXIVZIRXMSREP TVSGIHYVIWERHIEVP] GERGIVHIXIGXMSR 4LMPMTW-RKIRYMX] WPMGI'8IREFPIW QSVIEGGYVEXIERH TVIGMWIXVIEXQIRX TPERRMRKEW[IPPEW WLSVXIVWGERXMQIW *IEXYVIW.SK7GER JSVHSYFPITIVJYWMSR GSZIVEKI%HZERGIH VEMR4IVJYWMSR 'SQTVILIRWMZI 'EVHMEG%REP]WMW 1YPXM1SHEPMX] %HZERGIH:IWWIP %REP]WMW %:%
JSV( ZMWYEPM^EXMSR:MVXYEP 'SPSRSWGST]0MZIV %REP]WMW'EVXMPEKI %WWIWWQIRXIXG ()6'4YWMRK7MIQIRW%VXMW^II
26.
'LDJQRVWLFV +)88-2+838,)')003*8,)1%88)6 8LI(ITEVXQIRXSJ0EF1IHMGMRIEX%-+,SWTMXEPWMW WTVIEHSZIVWUYEVIJIIXERHJYRGXMSRW[MXLER EMQSJTVSZMHMRKEGGYVEXIVITVSHYGMFPIQIHMGEPVITSVXW [MXLKVIEXTVIGMWMSRERHUYMGOXYVREVSYRHXMQI0EF 1IHMGMRIIRGSQTEWWIW,EIQEXSPSK]'PMRMGEP4EXLSPSK] ,MWXSTEXLSPSK]']XSTEXLSPSK]1SPIGYPEV4EXLSPSK] 'PMRMGEPMSGLIQMWXV]1MGVSFMSPSK]ERH7IVSPSK] (ITEVXQIRXWEVIPIHF]XIEQWSJITIVXHSGXSVW[MXL WTIGMEPMWIHXVEMRMRKMR-RHMEERHEFVSEHWYTTSVXIHF][IPP XVEMRIHXIGLRMGEPWXEJJERHTLPIFSXSQMWXW0EFSVEXSVMIWEVI HIWMKRIHFEWIHSR+PSFEPRSVQWERHIUYMTTIH[MXLPEXIWX GYXXMRKIHKIXIGLRSPSK]EYXSQEXIHPEFSVEXSV]WSPYXMSRW TRIYQEXMGWEQTPIXVERWTSVXEXMSRLMKLXLVSYKLTYX QEGLMRIWERHZIVWEXMPIEREP]^IVWMRXIKVEXIH[MXLTVI EREP]XMGEP[SVOWXEXMSRWERHGSRRIGXIH[MXLEYXSQEXIH WPMHIWXEMRIVWERHMQEKIEREP]WMWW]WXIQW%-+MWSRISJ XLIƼVWXLSWTMXEPWMR-RHMEYWMRK(MKMXEP1MGVSWGST]ERH 8IPITEXLSPSK] 8IPITEXLSPSK][MXLVIEPXMQIVSFSXMGQMGVSWGST]W]WXIQ
27.
'LDJQRVWLFV 4%8,303+=-3',)1-786= 1-'63-303+= '(3$570(172)3$7+2/2* 3ZIVFPSSHWEQTPIWJVSQTEXMIRXWEVITVSGIWWIH HEMP]7TIGMEPMRZIWXMKEXMSRWMRGPYHISRI1EVVS[ EWTMVEXMSR SRIQEVVS[MSTWMIWGSEKYPEXMSRERH XLVSQFSXMGTVSƼPIXIWXWERHƽS[G]XSQIXV]1SVIXLER FMSTWMIW
*2%'WEQTPIWEVITVSGIWWIH ERRYEPP]MR,MWXSPSK] ']XSPSK]VIWTIGXMZIP] *EGMPMXMIWJVS^IRXMWWYIEREP]WMWJSVMRXVESTIVEXMZI GSRWYPXEXMSRWMQQYRSLMWXSGLIQMWXV]TERIPSJQEVOIVW JSVEPPPIWMSRWPMUYMHG]XSPSK]ERHQSPIGYPEVTEXLSPSK] JSVGSQTPIXIXYQSYVEREP]WMW ',*,7$/,0$*,1* ,EIQEXSPSK]'PMRMGEPTEXLSPSK]'PMRMGEPGLIQMWXV] HITEVXQIRXWLEZIPEXIWXQEGLMRIWPMROIHXSHMKMXEP W]WXIQW(MKMXEPMQEKMRKPIEHWXSQSVIIƾGMIRXERH WXERHEVHM^IHXIWXMRKIRWYVMRKJEWXIVERHTVIGMWI VITSVXW 7(/(3$7+2/2* 6IEPXMQIVSFSXMGQMGVSWGST]W]WXIQWERHZMVXYEP WPMHIWEPPS[GSRWYPXERXTEXLSPSKMWXWXSIZEPYEXI LMWXSTEXLSPSK]G]XSPSK]WPMHIWVIQSXIP]JSV6ETMH SRWMXIIZEPYEXMSRERHVITSVXMRKSJ)RHSWGSTMG YPXVEWSYRH)97IRHSWGSTMGFMSTW]F]STIVEXMRKE VSFSXGSRXVSPPIHQSXSVM^IHQMGVSWGSTIPSGEXIHEXE HMWXERXWMXI IKIRHSWGST])6'4VSSQ 8LMWWEZIW XMQIERHGSWXJSVTEXMIRXW 8LIWXVIRKXLSJ%-+0EFWMWVIƽ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ƼPI -VSR8-' ERH*SPEXI 4+IXGYWMRKEYXSQEXIHQEGLMRIW 8IWXWJSV-(QEVOIV *IGEPGEPTVSXIGXMR ERHJSV ISGVMRIMRWYƾGMIRG]SJTERGVIEW *IGEPIPEWXEWI EVI WTIGMƼGEPP]HSRISRP]EX%-+ ,SVQSRIEWWE]W8L]VSMHTVSƼPI8YQSYVQEVOIVW 8(1 8LIVETIYXMG(VYKQSRMXSVMRK EVIEREP]WIHSR JYPP]EYXSQEXIHMQQYRSEWWE]W]WXIQW %HZERGIHHMEKRSWXMGXIGLRMUYIWMRGPYHI )PIGXVSTLSVIWMW)0-7%,40'ERHRITLIPSQIXV] '(3$570(172)0,52%,2/2* 8LI'PMRMGEP1MGVSFMSPSK]0EFSVEXSV]EX%-+,SWTMXEPW TIVJSVQWHMEKRSWXMGXIWXMRKMREGXIVMSPSK]1]GSPSK] 1]GSFEGXIVMSPSK]4EVEWMXSPSK]ERH7IVSPSK] 8LI0EFMWIUYMTTIH[MXLJYPP]EYXSQEXIHPSSH'YPXYVI 7]WXIQEG8%0)68([LMGLEPWSWYTTSVXW 1]GSFEGXIVMSPSK]0MUYMHFEWIH'YPXYVIW:MXIO 'SQTEGXMWEZEMPEFPIJSV-HIRXMƼGEXMSRERH 7YWGITXMFMPMX]XIWXMRKSJEGXIVMEPMWSPEXIW:-8637 [MXLEXLVSYKLTYXSJXIWXWLSYVERHJEGMPMX]XS VYRHMJJIVIRXTEVEQIXIVWWMQYPXERISYWP]MWEZEMPEFPI JSV:MVEPWGVIIRMRKERHSXLIVWIVSPSKMGEPXIWXW 'SRWYPXERX'PMRMGEP1MGVSFMSPSKMWXWEVIEZEMPEFPIJSV GSRWYPXEXMSRSRHMEKRSWXMGXIWXWIPIGXMSRMRXIVTVIXEXMSR SJVIWYPXWERH'PMRMGEP+YMHERGI %YXSQEXIH'SFEWIQSHYPIJSVMQQYRSEWWE]XIWXWYWMRKIPIGXVSGLIQMPYQMRIWGIRGIXIGLRSPSK]
28.
7UDQVIXVLRQ0HGLFLQH 8LI(ITEVXQIRXSJ8VERWJYWMSR1IHMGMRIEX%-+,SWTMXEPWLEWEWXEXISJXLIEVXPEF[MXLXLIPEXIWXIUYMTQIRX 3YVQMWWMSRMWXSTVSZMHILMKLUYEPMX]SJWEJIFPSSH GSQTSRIRXW 8LIMQQYRSLIQEXSPSK]PEFMWIUYMTTIH[MXLJYPP]EYXSQEXIHTPEXJSVQZMWMSRJSVIXIRHIH MQQYRSLIQEXSPSK][SVOYTSJHSRSV TEXMIRXW *YPP]EYXSQEXIHRI[XIGLRSPSK])'0-%MWYWIHXSWGVIIRXLIFPSSHHSRSVW %PPXLIFPSSHYRMXWYRHIVKS2YGPIMG%GMH%QTPMƼGEXMSR8IWXMRK
2%8 %TLIVIWMWPEFMWIUYMTTIH[MXLEYXSQEXIHGIPPWITEVEXSVWXLEXEVIƽIMFPIXSTVSHYGIZEVMSYWGSQTSRIRXW PMOITPEXIPIXWTPEWQEERHKVERYPSG]XIWJYRGXMSREP 4PYWXLIHITEVXQIRXEPWSTIVJSVQWTVSGIHYVIWPMOI8LIVETIYXMGTPEWQEIGLERKI 84) 4IVMTLIVEPPSSH7XIQ'IPP 47' GSPPIGXMSRFSXLEYXS EPPS6IHGIPPIGLERKI0IYGETLIVIWMW ;IEVIE GSQTSRIRXPEFTVITEVMRKEPPGSQTSRIRXWMRGPYHMRKPIYGSHITPIXIHTVSHYGXW MVVEHMEXIH [EWLIH46' 8VERWJYWMSR%TLIVIWMWQEGLMRI*VIWIRMYW/EFM'318)'
29.
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
30.
3UHYHQWLYH+HDOWK )2,%2')=396463(9'8-:-8= 1SHIVRPMJIWX]PIERH[SVOIRZMVSRQIRXWQEOIMXMQTIVEXMZIXSLEZIEVSYXMRILIEPXLGLIGOHSRIXSXVEGOER]LMHHIR LIEPXLGSRGIVRWERHTVIZIRXWIVMSYWGSQTPMGEXMSRW %-+,SWTMXEPWTVSZMHIWZEVMSYWLIEPXLERH[IPPRIWWQEREKIQIRXTPERWHIWMKRIHXSWYMXSVKERMWEXMSRW;MXLEƼVQ JSGYWSRHMWIEWITVIZIRXMSR%-+,SWTMXEPWMWXLITVIJIVVIHLIEPXLTEVXRIVJSV]SYVIQTPS]IIWSVPSZIHSRIW=SYGER GLSSWIFIX[IIRER]SJSYVWXERHEVHLIEPXLGLIGOTEGOEKIWSVHMWGYWWETIVWSREPMWIHTEGOEKIFIXXIVWYMXIHXS]SYV [SVOSVPMJIWX]PI 8LIGSQTVILIRWMZIQIHMGEPIZEPYEXMSREX%-+,SWTMXEPWGSQFMRIWSYVEHZERGIHHMEKRSWXMGITIVXMWI[MXLTVIZIRXMZI QIHMGMRIYWYEPP]MREGSRZIRMIRXXSHE]TIVMSH -RXIPPMKIRX0EF%YXSQEXMSR7]WXIQ[MXLXLI%'0834JEQMP]SJ%REP]^IVW $,*+263,7$/6+($/7+352*5$0$'9$17$*(6 'SVTSVEXI7IVZMGIW ' YWXSQM^IHTVIZIRXMZILIEPXLGLIGOYTW % HZERGIHHMEKRSWXMGJEGMPMXMIWMRGPYHMRK(2%XIWXMRK ;
MHIVERKISJSYXTEXMIRXJEGMPMXMIWYRHIVSRIVSSJ ' SRWYPXEXMSREGVSWWEPPWYTIVWTIGMEPXMIW 4VMSVMX]EHQMWWMSR ( IHMGEXIH,IEPXLGLIGOQEREKIV 3 RWMXI[IPPRIWWWIWWMSRW % GSQTVILIRWMZIQIHMGEPLMWXSV]ERHTL]WMGEPIEQMREXMSRF]ERMRXIVREPQIHMGMRIWTIGMEPMWX 7GVIIRMRKXIWXWJSVIEVP]HIXIGXMSRSJGERGIVLIEVXHMWIEWIERHSXLIVWIVMSYWGSRHMXMSRW 'EVHMSZEWGYPEVƼXRIWWIZEPYEXMSRMRGPYHMRKGEVHMEGWXVIWWXIWX %VIZMI[ERHYTHEXISJQIHMGEXMSRWERHMQQYRM^EXMSRW 0MJIWX]PIEWWIWWQIRXVIZMI[SJRYXVMXMSRWXVIWWQEREKIQIRXERHHMWIEWIVMWOJEGXSVW -JHIWMVIHHIVQEXSPSK]GSRWYPXEXMSRWXVIWWQEREKIQIRXGSYRWIPPMRK [IMKLXQEREKIQIRXGSRWYPXEXMSRSVXLSTEIHMGWGSRWYPXEXMSRERHQSVI 73,$//9,6,760$,1/8'(
31.
0RGHUQ'HVLJQIRU3HDFHDQGRPIRUW %X%-+,SWTMXEPW[IFIPMIZIXLEXXLIIRZMVSRQIRXERHRSRQIHMGEPWIVZMGIWLEZIEWMKRMƼGERXVSPIXSTPE]JSVXLI GSQJSVXERHGSRZIRMIRGISJTEXMIRXWERHEXXIRHIVW3YV[SVPHGPEWWXIGLRSPSKMIWEVIQEXGLIH[MXLJEGMPMXMIWXLEXEVI HIWMKRIHXSIRWYVIEQIQSVEFPIITIVMIRGIJSVEPPSYVKYIWXW %GLSMGISJWTEGMSYW4EXMIRXVSSQW +IRIVEP8[MRWLEVMRK7MRKPI(IPYI7YMXIERH 4VIWMHIRXMEP7YMXIW 7IVIRIKEVHIR[MXLVIPEEXMSR^SRIW 1YPXMPIZIPEWIQIRXTEVOMRKERH:EPIXWIVZMGI LSYV4LEVQEG] %QFYPERGI7IVZMGIW %QTPIWIEXMRKMR34[EMXMRKEVIEW 'EJʣ'ERXIIRERHTEXMIRXQIEPWIVZMGIW 4PEXMRYQ[MRKJSVTVMSVMX]WIVZMGIW )IGYXMZI,IEPXL'LIGOYT0SYRKI WIEX%YHMXSVMYQ 'IRXVEPP]EMVGSRHMXMSRIH *IIHMRK6SSQ 'PSEO6SSQ 4VE]IV6SSQW +VERH4VIWMHIRXMEP7YMXI
32.
%-+,SWTMXEPWMWGSQQMXXIHXS 'SVTSVEXI7SGMEP6IWTSRWMFMPMX] ERHIWXEFPMWLMRKXLIGYPXYVISJ ƈ+MZMRK7SQIXLMRKXSXLI7SGMIX]Ɖ ;IFIPMIZIXLEX[IEVISFPMKIHXS KMZIXLIWEQIEQSYRXSJSYVGEVI ERHQIHMGEPEXXIRXMSRXSEPPGMXM^IRW MRGPYHMRKXLIYRHIVTVMZMPIKIHMR WIQMYVFERERHVYVEPEVIEW ;IEVIEP[E]WVIEH]XSWLEVIXLI VIWTSRWMFMPMXMIW[ILEZIXS[EVHW SYVWSGMIX]ERHEGXMZIP]GSRXVMFYXI XS2EXMSREP4YFPMG,IEPXL4VSKVEQW %X%-+,SWTMXEPWXLINSYVRI]RIZIVIRHW MXNYWXKIXWQSVIIRVMGLMRK
33.
$,*+RVSLWDOV %YRMXSJ%WMER-RWXMXYXISJ+EWXVSIRXIVSPSK] 4PSX2S7YVZI]2S 1MRHWTEGI6SEH+EGLMFS[PM ,]HIVEFEH8IPERKERE-2(-% MRJS$EMKLSWTMXEPWGSQ ZZZDLJKRVSLWDOVFRP *SPPS[YWSR
Download now