Investing in the land: agricultural transition towards sustainable land use in the Philippines forest fringe
Hele tekst
(2) . . . $PTUCFOFmUBOBMZTJTPGUFSSBDJOH DPOUPVSCVOETBOEUSFFQMBOUJOH. A&WFSZUIJOHTFFNTUPIBWFBWBMVFUPEBZBOEFWFSZQSPEVDUUIBUDPVMECF EFSJWFEGSPNUIFHSPVOEDBOCFNBSLFUFEFWFSZXIFSF "'JMJQJOPGBSNFS 3FTFBSDI%JBSZ . ѮJTDIBQUFSBUUFNQUTUPMPPLBUUIFFDPOPNJDQSPêUBCJMJUZDSJUFSJPOPGUIFNBKPS JOWFTUNFOUTJOUIFRVBMJUZPGUIFMBOE *2- BTBDSVDJBMNPUJWBUJPOPGUIFIPVTF IPMETOPUPOMZGPSUIFJSQFSTJTUFOUBEPQUJPOCVUBMTPPOUIFJSPSJFOUBUJPOUPXBSET IBMUJOHEFGPSFTUBUJPOѮFQSFWJPVTDIBQUFSEPFTOPUJODMVEFFYQMJDJUNFBTVSFT PGQSPêUBCJMJUZ POMZQSPYJFT CFDBVTFJUJTEJēDVMUUPPCUBJONFBTVSFTPGQSPêU BCJMJUZBUUIFIPVTFIPMEMFWFM%JYPOBOE)VGTDINJEU DBMMUIJTUZQFPG $#"BêOBODJBMBOBMZTJT EFêOFEBTDPODFSOFEXJUIUIFEJSFDUDPTUTCPSOFCZUIF IPVTFIPMETBOEUIFEJSFDUCFOFêUTUIFZEFSJWFGSPNUIFJOWFTUNFOUT ѮFVTFGVMOFTTPG$#"GSPNUIFIPVTFIPMETWJFXQPJOUDBOCFEFEVDFEJOSFMB UJPOUPJUTSPMFJOEFUFSNJOJOHXIZUIFTFJOWFTUNFOUTQSFWBJMBOEVOEFSUBLFOBU EJĒFSFOUJOUFOTJUJFTѮFTFJOWFTUNFOUTBSFPQUJPOTXIJDIUIFIPVTFIPMETBSF NPUJWBUFEUPVOEFSUBLFDPOTJEFSJOHUIFJSQIZTJDBM TPDJPFDPOPNJD BOEQPMJUJ DBMFOWJSPONFOU"UUSBDUJWFOFTTPGUIF*2-GSPNUIFêOBODJBMTJEFJTOFDFTTBSZ GPSTVTUBJOBCMFBEPQUJPO )PXFWFS TVTUBJOBCMFBEPQUJPOCBTFEPOêOBODJBMBOBMZTJTJTOPUBTTVSFEJGUIFSF BSFDPOTUSBJOUTPOUIFIPVTFIPMET TVDIBTMBCPSPSDBQJUBMNBSLFUJNQFSGFD UJPOTѮFBOBMZTJTJOUIFQSFWJPVTDIBQUFSTVHHFTUTUIBUUIJTJTJOEFFEUIFDBTF 'PSJOTUBODF IPVTFIPMETXJUIOPOGBSNJODPNFBSFNVDINPSFMJLFMZUPJOWFTU TVHHFTUJOHUIFQSFTFODFPGTFSJPVTDSFEJUNBSLFUJNQFSGFDUJPOT)FODF SFNPWBM PGTVDIDPOTUSBJOUUPHFUIFSXJUIUIFêOBODJBMWJBCJMJUZPG*2-XJMMMFBEUPJO DSFBTFEJOWFTUNFOUJO*2-. $PODFQUTBOEGSBNFXPSLPGDPTUCFOFmUTBOBMZTJT ѮFIPVTFIPMETJOWFTUNFOUQSPCMFNDBOCFJOWFTUJHBUFEGSPNUXPTUBOEQPJOUT UIFTPDJFUZBOEUIFJOEJWJEVBMIPVTFIPME'SPNUIFTPDJFUZTQFSTQFDUJWF BMMUIF DPTUTBOECFOFêUTPGBDFSUBJOBDUJWJUZBDDSVJOHUPTPDJFUZBUMBSHFNVTUCFBD DPVOUFE"GPSFTUSZQSPKFDU GPSFYBNQMF TIPVMEDPOTJEFSOPUPOMZUIFWBMVF PGPVUQVUBOEUIFFĒFDUTPOTPJMGFSUJMJUZ POTJUF CVUBMTPJUTFĒFDUTPOEPXO TUSFBNTJMUBUJPOPGSJWFSTBOESFTFSWPJST PĒTJUF 7BMVBUJPOPGUIFUSVFPQQPS UVOJUZDPTUPGUIFSFTPVSDFTVUJMJ[FEJOBOEBDRVJSFEGSPNUIFQSPKFDUTIPVMECF.
(3) . */7&45*/( */ 5)& -"/% . BEKVTUFEUPBDDPVOUGPSBOZEJTUPSUJPOTBTBSFTVMUGSPNNBSLFUGBJMVSFTPSQPMJDZ JOUFSWFOUJPOT0OUIFPUIFSIBOE IPVTFIPMETDPOTJEFSPOMZUIFBDUVBMDPTUT BOECFOFêUTUIBUBDDSVFUPUIFNSFTVMUJOHGSPNUIFJSEFDJTJPOTBTSFHBSETUPUIF VTFPGSFTPVSDFTѮFSFJTOPBUUFNQUUPBEKVTUGPSEJTUPSUJPOTPGUIFDPTUTBOE CFOFêUTTJODFUIFZWBMVFUIFTFBUQSJDFTUIFZBDUVBMMZDPOGSPOU *OUIJTTUVEZ UIFDPTUCFOFêUBOBMZTJTPGJOWFTUNFOUTJOMBOERVBMJUZJTEPOF GSPNUIFQFSTQFDUJWFPGUIFIPVTFIPME-BOEVTFEFDJTJPOTBSFNBEFCZUIF IPVTFIPMETUIFNTFMWFTJODPOTJEFSBUJPOPGUIFJSPXOHPBMTBOEBTQJSBUJPOT QSP EVDUJPOBOEDPOTVNQUJPOQPTTJCJMJUJFT BOEDPOTUSBJOUTBQBSUGSPNUIFUIFPSFUJ DBMPQFSBUJPOTPGTPDJFUZTXFMGBSF*OWJFXPGUIJT EFUFSNJOJOHUIFJODFOUJWFT PSCFOFêUT BOEEJTJODFOUJWFT PSDPTUT DPOGSPOUJOHJOEJWJEVBMIPVTFIPMETJT OFDFTTBSZUPVOEFSTUBOESFTPVSDFVTFQBUUFSOTBOEBTTPDJBUFEQSPCMFNTXIJDI MFBEUPUIFGPSNVMBUJPOPGTVJUBCMFSFTQPOTFT-BOEVTFEFDJTJPOTBSFNPTUMZ EFQFOEFOUPOQMPUQMVTIPVTFIPMETJUFTQFDJêDDIBSBDUFSJTUJDTXIJDIOFDFTTJUBUF UIFIPVTFIPMEMFWFMPGBOBMZTJT-JLFXJTF POTJUFFĒFDUTPGMBOEDVMUJWBUJPOPO QSPEVDUJWJUZDBOCFFNQIBTJ[FEFTQFDJBMMZUIBUBTJHOJêDBOUOVNCFSPGQFPQMF JTDSJUJDBMMZEFQFOEFOUPODSPQZJFMET0ĒTJUFFĒFDUT TVDIBTTJMUBUJPOPGSJWFST BOEEBNTBOEëBTIëPPEJOH BSFBMTPJNQPSUBOUCVUPOTJUFGBSNQSPEVDUJWJUZJT TUJMMUIFQSJNBSZDPODFSOJOBOZMBOEJOWFTUNFOU *OUIFPSZ BIPVTFIPMETJOWFTUNFOUCFIBWJPSDBOCFBOBMZ[FEFNQMPZJOHUIF TUBOEBSENJDSPFDPOPNJDUIFPSZPGUIFêSN BTTVNJOHUIBUQSPEVDUJPOBOE DPOTVNQUJPOEFDJTJPOTBSFTFQBSBUFE&WFOUIPVHIQSPEVDUJPOEFDJTJPOTBSF OPUTFQBSBCMFXJUIDPOTVNQUJPOEFDJTJPOTBTEJTDVTTFEJO$IBQUFS UIFZDBO CFNBEFTFQBSBCMFJGBMMNBSLFUTFYJTUBOEBMMHPPETBSFUSBEBCMFUIVTNBLJOH BMMQSJDFTUPCFFYPHFOPVT #BSOVNBOE4RVJSF BOE4JOHI 4RVJSFBOE 4USBVTT *OUIFDBTFPGJNQFSGFDUPSNJTTJOHNBSLFUT AQSJDFTPGHPPETGPS XIJDINBSLFUTBSFNJTTJOHBSFJOUFSQSFUFEBTTIBEPXQSJDFTUIBUSFëFDUUIFGBSN IPVTFIPMETQFSDFQUJPOPGUIFTFWFSJUZPGUIFDPOTUSBJOUTUIFZGBDF -VU[ 1BHJPMB BOE3FJDIF 'SPNUIJTQFSTQFDUJWF UIFIPVTFIPMETQSPCMFNJOWPMWJOH JOWFTUNFOUTJOJNQSPWJOHUIFRVBMJUZPGUIFMBOEDBOCFBOBMZ[FEBTB$#"QSPC MFNXIFSFBMMDPTUTBOECFOFêUTBSFWBMVFEBHBJOTUUIFJSBDUVBMQSJDFTPSTIBEPX QSJDFTJODBTFPGNJTTJOHNBSLFUT *OUIJTDIBQUFS IPXFWFS XFVTF$#"UPBOBMZ[FUIFêOBODJBMWJBCJMJUZPGJOWFTU NFOUJOUIFRVBMJUZPGMBOECZWBMVJOHUIFDPTUTBOECFOFêUTBHBJOTUNBSLFUQSJD FT JHOPSJOHIPVTFIPMEMFWFMDPOTUSBJOUTJOUFSNTPGBDDFTTUPNBSLFUT'JOBODJBM WJBCJMJUZPGJOWFTUNFOUJOUIFRVBMJUZPGMBOEDBOCFWJFXFEBTBOFDFTTBSZDPOEJ UJPOGPSTVTUBJOBCMFBEPQUJPOBMUIPVHIOPUTVēDJFOUJGIPVTFIPMETEPOPUIBWF BEFRVBUFBDDFTTUPNBSLFUT 1BHJPMB BOE-VU[FUBM ѮSPVHIPVUUIFDIBQUFS *XJMMBTTVNFUIBUQSJDFTDSFBUJOHDPTUTBOECFOFêUT BSFUIFTBNFGPSBMMIPVTFIPMETBOEWJMMBHFT*XJMMIPXFWFSBOBMZ[FUIFFĒFDUPG QSJDFWBSJBUJPOTPWFSUJNF.
(4) $045 #&/&'*5 "/"-:4*4 0' 5&33"$*/(. . $0 /5063 #6/%4 "/% 53&& 1-"/5*/( . 'SPNUIFQFSTQFDUJWFPGIPVTFIPMETJOWFTUNFOUCFIBWJPS UIFJOWFTUNFOUDIPJDF EFQFOETPOUIFIPVTFIPMETDPNQBSJTPOCFUXFFOUIFPMEOPO*2-QSBDUJDFTBOE UIFOFX*2-QSBDUJDFT&BDITZTUFNIBTQSPEVDUJPOBOEDPOTFSWBUJPOGVODUJPOT UIBUBSFEJTUJODUUPFBDIQSBDUJDFBOEFBDIQSPEVDFBEJĒFSFOUPQUJNBMDPOEJ UJPOѮFIPVTFIPMEJOWFTUNFOUQSPCMFN UIFO JTXIFUIFSUIFOFUQSFTFOUWBMVF PGUIFTUSFBNPGFYQFDUFEOFUSFUVSOTPGUIFOFX*2-JTATVēDJFOUMZHSFBUFSUIBO UIFOFUQSFTFOUWBMVFPGUIFTUSFBNPGFYQFDUFESFUVSOTPGUIFOPO*2-QSBDUJDFT UPSBUJPOBMJ[FUIFDPTUPGTIJѫJOH 0OUIFXIPMF JUJTJOUIFIPVTFIPMETJOUFSFTUUPEP*2-JGUIFOFUQSFTFOUWBMVF PGUIFSFUVSOTPGUIFOFX*2-TDFOBSJP JODMVEJOHUIFDPTUPGTIJѫJOH JTQPTJ UJWF /17 ѮJTGSBNFXPSLJTFRVJWBMFOUUPBDPNNPODPTUCFOFêUBOBMZTJT TUSVDUVSFXIJDIDBOCFXPSLFEPVUJOUPBOFNQJSJDBMBOBMZTJTHJWFOUIFBWBJM BCJMJUZPGEBUB'SPNUIJTGSBNFXPSL UIFWBMVFTPGUIFDPTUTPGJOQVUTBOESFW FOVFTPGFBDIJOWFTUNFOUTDFOBSJPBSFDBMDVMBUFECBTFEPOUIFJOGPSNBUJPOHFO FSBUFEJOUIFIPVTFIPMETVSWFZѮJTXJMMCFUIFCBTJTGPSUIFEFUFSNJOBUJPOPG UIFFDPOPNJDQFSGPSNBODFPGFBDIJOWFTUNFOUPQUJPOUPCFFYQSFTTFEJOUFSNT PGOFUQSFTFOUWBMVFBOEJOUFSOBMSBUFPGSFUVSO. .FBTVSFTPGFDPOPNJDQSPmUBCJMJUZ 'JHVSFTIPXTBTJNQMJêFEHSBQIPGUIFUZQJDBMTUSFBNTPGDPTUTBOECFOFêUT PWFSUJNFѮFOFUCFOFêU /#U JTPCUBJOFECZTVCUSBDUJOHUIFWBMVFTPGCFOFêUT XJUIUIBUPGUIFDPTUT $U *OUIFJOJUJBMTUBHFTPGUIFJOWFTUNFOUPQUJPOT UIFOFU CFOFêUTBSFVTVBMMZOFHBUJWFCFDBVTFUIJTJTXIFONPTUPGUIFJOWFTUNFOUDBQJUBM UBLFTQMBDF*OTPNFDBTFT VOUJM*2-FTUBCMJTINFOUJTDPNQMFUF UIFSFJTOPPVU QVUZFUGSPNUIFJOWFTUNFOUBOETPOPCFOFêUTBSFSFBMJ[FE/FUCFOFêUT UIFO CFDPNFPOMZQPTJUJWFBUTPNFQFSJPEPGUJNFBѫFSFTUBCMJTINFOU. #U $PTUT#FOFmUT. /#U. 'JHVSFo$PTUTBOECFOFmUTPGJOWFTUNFOUTPWFSUJNF. 5JNF $U.
(5) . */7&45*/( */ 5)& -"/% . ѮJTTUVEZEFUFSNJOFTUXPNFBTVSFTPG$#"GPSFBDIJOWFTUNFOUPQUJPOUIF OFUQSFTFOUWBMVF /17 BOEUIFJOUFSOBMSBUFPGSFUVSO *33 /17JTPOFPG UIFNPTUXJEFMZVTFENFBTVSFPGBQSPKFDUTNFSJU*UEFUFSNJOFTUIFQSFTFOU WBMVFPGOFUCFOFêUTCZEJTDPVOUJOHUIFTUSFBNTPGCFOFêUTBOEDPTUTCBDLUP UIFCFHJOOJOHPGUIFCBTFZFBS %JYPOBOE.FJTUFS ѮF/17TIPXTUIF QSFTFOUWBMVFPGUIFJODPNFTUSFBNHFOFSBUFECZUIFJOWFTUNFOUBOEXIJDIBD DSVFTUPUIFIPVTFIPMET'PSFBDIDBTFPGMBOEVTFTZTUFNT UIFGPSNVMBVTFEGPS /17JT Q Q %W &W ¤ 139 ¤ W. . U
(6). . U
(7) W W W XIFSF/17JTUIFOFUQSFTFOUWBMVF # U JTUIFCFOFêUBUUJNFU $ UJTUIFDPTUBU UJNFUBOESJTUIFEJTDPVOUSBUF 0OUIFPUIFSIBOE *33JTUIFSBUFPGSFUVSOXIJDIFRVBUFTUIFQSFTFOUWBMVFPG CFOFêUTBOEDPTUTEVFUPUIFJOWFTUNFOU'SPNUIFIPVTFIPMETQFSTQFDUJWFEP JOHUIFJOWFTUNFOUT JUJTUIFNBYJNVNJOUFSFTUUIBUBOJOWFTUNFOUDPVMEQBZGPS UIFSFTPVSDFTVTFEJGUIFJOWFTUNFOUJTUPSFDPWFSJUTJOJUJBMBOEPQFSBUJOHDPTUT BOETUJMMCSFBLFWFO*OBEEJUJPO UIFSBUFPGEJTDPVOUUIBUFRVBUFTUIFOFUQSFTFOU WBMVFPGFBDIMBOEVTFTZTUFNTUP[FSPDPSSFTQPOETUPUIF*33"MBOEVTFPQUJPO XJUIBO*33FYDFFEJOHUIFQSFTDSJCFESBUFPGEJTDPVOUXPVMECFQSPêUBCMFѮF GPSNVMBVTFEJOEFUFSNJOJOH*33JT Q Q %W &W ¤ ¤ W W W U
(8) W U
(9) ѮFTFUXPNFBTVSFTBSFEFUFSNJOFEGPSFBDIJOWFTUNFOUTDFOBSJP&BDITZTUFN IBTJUTPXOQSPEVDUJPOGVODUJPOTBOEDPOTFSWBUJPOGVODUJPOTBOEUIFSFGPSF HFOFSBUFTEJĒFSFOUTUSFBNTPGDPTUTBOECFOFêUT. 5JNFIPSJ[PO EJTDPVOUSBUFTBOEHFOFSBMBTTVNQUJPOT 5PCFNFBOJOHGVMJOUIJTTUVEZ UIFWBMVFTPG/17BOE*33GPSUIFWBSJPVTGBSN JOHUFDIOJRVFTPGBOBWFSBHFIPVTFIPMEBSFDPNQBSFEѮFQFSJPEPGBOBMZTJTJT ZFBSTVTJOHBEJTDPVOUSBUFPGQFSDFOUѮFEFDJTJPOUPVTFBZFBSQFSJPE PGBOBMZTJTJTCBTFEPOUIFGBDUUIBUUIF*33PGUIFEJĒFSFOU*2-JTTUBCJMJ[FEBU UIJTUJNFIPSJ[POBTTIPXOJO'JHVSFѮFJOUFSFTUSBUFPGQFSDFOUIBTCFFO EFUFSNJOFEBTUIFBWFSBHFPGUIFQSFWBJMJOHJOUFSFTUSBUFPGCPSSPXJOHCZUIF IPVTFIPMETGSPNJOGPSNBMDSFEJUNBSLFUTXIJDISBOHFTGSPNUPQFSDFOU %VFUPQPTTJCMFDIBOHFTJOUIFWBMVFTPGUIFIPVTFIPMETSFTPVSDFT TQFDJêDBMMZ MBOEBSFBT BTFOTJUJWJUZBOBMZTJTJTDPOEVDUFEGPSFBDIPGUIFGBSNJOHUFDIOJRVFT UPEFUFSNJOFUIFQPTTJCMFFĒFDUTPOUIFFDPOPNJDDSJUFSJB)PVTFIPMETXIP IBWFNBKPS*2- TVDIBTUFSSBDFTBOEDPOUPVSCVOET FTUBCMJTIFEBOBWFSBHFPG MFTTUIBOPOFIFDUBSF*OTVDIDBTF BOBOBMZTJTUIBUDPOTJEFSTBVOJUBSFBPGPOF.
(10) $045 #&/&'*5 "/"-:4*4 0' 5&33"$*/(. $0 /5063 #6/%4 "/% 53&& 1-"/5*/( . . IFDUBSFGPSBOBWFSBHFIPVTFIPMEXPVMECFBQQSPQSJBUFUPBMMPXGPSBTVēDJFOU BTTFTTNFOU 'PSQVSQPTFTPGUIJTTUVEZ UIF$#"UFDIOJRVFTVTFUIFTVSWFZEBUBPOBHSJ DVMUVSBMQSBDUJDFTGPSUIFWBSJPVTNBKPS*2-QSFTFOUFEJO$IBQUFS%BUBPO JOQVUTBOEPVUQVUTPOUIFPUIFSMBOEVTFTZTUFNT TVDIBTUIFTMBTIBOECVSO NBOHPCBTFEBHSPGPSFTUSZ BOEUSFFGBSN BSFUBLFOGSPNUIFWJMMBHFQSPêMFTBOE TFDPOEBSZJOGPSNBUJPOHBUIFSFEEVSJOHUIFêFMEXPSLѮJTJTUPFOTVSFUIBUUIF QSPEVDUJPOCVEHFUTDPOTJEFSFEJOUIFBOBMZTJTBDDVSBUFMZSFëFDUUIFBDUJWJUJFT QSBDUJDFECZUIFIPVTFIPMETBOEQSJDFTPGJOQVUTBOEPVUQVUTJOUIFWJMMBHFT *UJTBMTPBTTVNFEUIBUJOQVUTQSPWJEFECZUIFIPVTFIPMET FHGBNJMZMBCPS BSFWBMVFECBTFEPOUIFOFBSFTUNBSLFUѮJTMBUUFSBTTVNQUJPOJTCBTFEPOUIF QSFTFODFPGGVODUJPOBMBHSJDVMUVSBMMBCPSNBSLFU JFOPUPOMZTFBTPOBM JOUIF WJMMBHFTTUVEJFE 1SJDFTPGBMMQSPEVDUJPOJOQVUTBOEPVUQVUTBSFWBMVFEBUUIFNBSLFUQSJDFT XIJDIBSFHFOFSBUFEEVSJOHUIFIPVTFIPMETVSWFZ&YDFQUGPSIBVMJOHDPTU JUJT BTTVNFEUIBUUIFIPVTFIPMETEPOPUJODVSBOZPUIFSUSBOTBDUJPODPTUTJGUIFJS QSPEVDUTBSFUPCFTPMEJOUPUIFNBSLFU0OFIFDUBSFPGMBOEJTWBMVFEBUBDPTU PG1IQ XIJDIJTBQQMJFEUPBMMJOWFTUNFOUTDFOBSJPT 5BCMFTIPXTUIFWBSJBCJMJUZPGQSJDFTPGBHSJDVMUVSBMQSPEVDUTBNPOHWBSJPVT DSPQTѮJTJOGPSNBUJPOJTCBTFEGSPNJOUFSWJFXTPGLFZJOGPSNBOUTDPOTJTUJOH PGGBSNFSTBOEUSBEFSTJOUIFWJMMBHFTTUVEJFE*OHFOFSBUJOHUIFJOGPSNBUJPO UIFLFZJOGPSNBOUTXFSFBTLFEIPXNVDIUIFQSJDFEFDMJOFTEVSJOHUIFIBSWFTU JOHTFBTPOPGUIFQBSUJDVMBSDSPQTHSPXO7FHFUBCMFDSPQT TVDIBTUPNBUPBOE CFBOT BSFNPSFWBSJBCMFUIBOUIFHSBJODSPQT TVDIBTSJDFBOEDPSO'PSUIFTFO TJUJWJUZBOBMZTJTPGFBDIJOWFTUNFOUTDFOBSJP BOBWFSBHFQSJDFDIBOHF EFDSFBTF PSJODSFBTF PGQFSDFOUUPBMMDSPQTXJMMCFVTFE)PXFWFS UIFBDUVBMBWFSBHF QSJDFDIBOHFGPSFBDIDSPQXJMMBMTPCFVTFEUPQSPWJEFJOGPSNBUJPOPOIPX FBDIJOWFTUNFOUPQUJPOXJMMSFTQPOEUPUIFSFBMQSJDFDIBOHFTPGFBDIDSPQѮJT JOGPSNBUJPOBMTPSFëFDUTUIFQSJDFSJTLGPSFBDIJOWFTUNFOUPQUJPOXIJDIDPVME CFQFSDFJWFECZFBDIIPVTFIPME'PSFYBNQMF UIFSFEVDUJPOPGUIF*33GPSSJDF UFSSBDJOHJOWFTUNFOUJTBMNPTUPOFIBMGJGUIFPWFSBMMQSJDFBWFSBHFEFDSFBTFGPS BMMDSPQTJTVTFE*GUIFBWFSBHFQSJDFEFDSFBTFPGSJDFJTVTFE UIF*33EFDSFBTFT POMZQFSDFOU *UJTBDPNNPOQSBDUJDFJOUIFWJMMBHFTUIBUQBZNFOUGPSMBCPSJTCBTFEPOBXPSL QFSJPEXJUIBEVSBUJPOPGFJUIFSIBMGBEBZPSPOFEBZTVDIUIBUDPNQVUFEBWFS BHFOVNCFSPGEBZTPGMBCPSFRVBMPSMFTTUIBOJTDPOTJEFSFEIBMGBEBZBOE POFEBZJGPUIFSXJTF. . ѮJTJTCBTFEPOUIFUPUBMMBCPSVTFE NBOEBZT JODMFBSJOH SFCVSOJOHBOEDMFBOJOHPGVO CVSOFENBUFSJBMTGPSPOFIFDUBSFPGOFXMBOEBOEWBMVFEBU1IQQFSEBZ-BOEDPTU 1IQ .
(11) . */7&45*/( */ 5)& -"/% . *OUIF$#" UIF/17BOE*33GPSUIFBWFSBHFBSFBEJTDVTTFEJO$IBQUFSBTXFMM BTPOFIFDUBSFQMPUXJMMCFEPOF#VUPOMZUIFPOFIFDUBSFVOJUQMPUJTDPOTJEFSFE JOUIFTFOTJUJWJUZBOBMZTJT 5BCMFo"WFSBHFQFSDFOUBHFDIBOHFPGNBSLFUQSJDFTPGBHSJDVMUVSBMQSPEVDUT "HSJDVMUVSBM1SPEVDUT. /PSNBM1SJDF 1IQ. "WFSBHF%FDSFBTF JO1SJDF 1IQ. 1FSDFOU $IBOHF . 3JDF. . . . $PSO. . . . 5PNBUP. . . . #FBOT. . . . .BOHP. . . . 5SFFT -VNCFS. . . . "WFSBHF. . 5FSSBDJOH ѮFSFBSFUXPDPNQPOFOUTGPSUFSSBDJOHUIFSJDFQBEEJFTBOEUIFJSSJHBUJPO DIBOOFMT3JDFQBEEJFTBSFNBEFVQPGFJUIFSTPJMPOMZ SPDLPOMZ PSNJYUVSFPG TPJMBOESPDLT-BSHFSPDLTXJUIJOUIFGBSNTPSOFBSCZBSFUVSOFEJOUPTJ[FTBQ QSPQSJBUFGPSUFSSBDFXBMMTXJUIUIFVTFEPGEZOBNJUFCPVHIUCZUIFIPVTFIPMET TPNFXIFSFѮJTBOBMZTJTDPOTJEFSTUFSSBDFXBMMTNBEFVQPGBDPNCJOBUJPOPG TPJMBOESPDLT "TTVNQUJPOT. "TJOEJDBUFEBCPWF UIFEBUBVTFEJOUIFDBMDVMBUJPOTPG$#"QBSBNFUFSTBSF CBTFEPOUIFTVSWFZSFTVMUTEJTDVTTFEJO$IBQUFSѮFDPTUTDPNQPOFOUTPG UFSSBDJOHBSFUIFDPOTUSVDUJPODPTUTPGUFSSBDFTBOEJSSJHBUJPODIBOOFMT DPTUPG NBJOUFOBODFGPSCPUI BOESJDFQSPEVDUJPODPTUT3JDFPVUQVUUXPUJNFTBZFBS JTUIFPOMZEJSFDUCFOFêUUIBUDBOCFEFSJWFECZUIFIPVTFIPMETGSPNUFSSBDJOH "MMWBMVFTBSFFYQSFTTFEJOQSJDFTXJUI1IJMJQQJOFQFTP 1IQ UPUIFEPM MBSFRVJWBMFOUPG1IQ5BCMFTVNNBSJ[FTUIFDPTUTPGBIFDUBSFBOE BPOFIFDUBSFSJDFUFSSBDFXIJMF"QQFOEJY%QSFTFOUTUIFDVMUVSBMQSBDUJDFTPG SJDFQSPEVDUJPO $POTUSVDUJPOBOENBJOUFOBODFDPTUT ѮFBWFSBHFBSFBPGUFSSBDFTJTIFDUBSF$POTJEFSJOHUIBUUIFUPUBMBSFBNPTU GSFRVFOUMZUFSSBDFEJTIFDUBSFBOEUIFDBTIDPOTUSBJOUDPOEJUJPOPGUIF IPVTFIPMET UFSSBDFTBSFDPOTUSVDUFEJOTUBHHFSFECBTJTFHIFDUBSFXJMM CFUFSSBDFEJOUIFêSTUZFBSXIJMFUIFSFNBJOJOHBSFBJTEPOFJOUIFTFDPOEZFBS ѮFSFBSFBCPVUNBOEBZTPGMBCPSSFRVJSFEGPSUIFIBUFSSBDFTNBEF GSPNNJYFESPDLBOETPJMNBUFSJBMTXIJDIJTEJWJEFEJOUPZFBSTUPDPSSFTQPOE.
(12) $045 #&/&'*5 "/"-:4*4 0' 5&33"$*/(. . $0 /5063 #6/%4 "/% 53&& 1-"/5*/( . 5BCMFo$BQJUBM MBCPS BOEPUIFSQSPEVDUJPOJOQVUTPGMPXMBOESJDFDVMUJWBUJPOJOB IFDUBSFUFSSBDF7BMVFTJOQBSFOUIFTJTBSFGPSIFDUBSFGBSN $BQJUBM -BCPS PUIFS QSPEVDUJPOJOQVUT. -BCPS NBOEBZT 2VBOUJUZ. 6OJU$PTU 1IQ. 5PUBM$PTU 1IQ. . . . . . . .JTDFYQFOTFT QFSZFBS EVSJOHDPOTUSVDUJPOQFSJPE PGUFSSBDFT. . . . $IBOOFMDPOTUSVDUJPO TU ZFBS. . . . 3FQBJSNBJOUFOBODFPG DIBOOFMT. . . . .JTDFYQFOTFT QFSZFBS EVSJOHDPOTUPGDIBOOFMT. . . . $POTUSVDUJPO$PTU 5FSSBDFDPOTUSVDUJPO QFSZFBSGPSZST 3FQBJSBOENBJOUFOBODF PGUFSSBDFT. 4VCUPUBM. . -BCPSGPSSJDFDVMUJWBUJPO. TUDSPQ. OEDSPQ. TUDSPQ. OEDSPQ. 4FFECFEQSFQOTPXJOH. . . . . . -BOEQSFQBSBUJPO. . . . . . 1VMMJOHPGTFFEMJOHT. . . . . . 5SBOTQMBOUJOH. . . . . . 'FSUJMJ[FSQFTUJDJEFBQQMJDO. . . . . . *SSJHBUJOH. . . . . . 8FFEJOH. . . . . . . . . . . . . . . . .BOVBMIBSWFTUJOH )BVMJOHUPSFTJEFODF 5ISFTIJOH PG UPUIBSWFTU. . . . . 5SBOTQPSUDPTUUPNBSLFU 1IQLHPGQSPETPME. . . . . 4VCUPUBM. . 0UIFSQSPEVDUJPOJOQVUT 4FFET. LH. . . 1FTUJDJEF. £MJUFS. . . 'FSUJMJ[FS 6SFBDPNQMFUF. CBHT. . . ,OBQTBDLTQSBZFS. TFU. . . 4QSBZFSSFQBJS TUBSUJOHPO UIFSEZFBSFWFSZBGUFS ZSUIFSFBGUFSSFQMBDF NFOUFWFSZZFBST. TFU. ZS SFQBJS ZS. SFQBJS. SFQMBDFNFOU. 4VCUPUBM. FYDMSFQBJSPG TQSBZFS.
(13) . */7&45*/( */ 5)& -"/% . XJUIUIFZFBSUFSSBDJOHQFSJPEѮFMBCPSXBHFSBUFJT1IQQFSEBZGPS IPVSTQFSEBZPGXPSL"UPUBMBNPVOUPG1IQGPSUIFIFDUBSFUFS SBDFTBSFBDDPVOUFEGPSNJTDFMMBOFPVTFYQFOTFTTVDIBT GPPET DJHBSFUUFT XJOF BOEPUIFSUSBOTBDUJPODPTUTѮJTDPTUJTBMTPEJWJEFEUPDPOGPSNUPUIFZFBS DPOTUSVDUJPOQFSJPE5PLFFQUIFUFSSBDFTJOPQFSBUJOHDPOEJUJPOT NBJOUFOBODF DPTUJTFTUJNBUFEUPCFBCPVUNBOEBZTQFSZFBSUISPVHIPVUUIFQFSJPEPG BOBMZTJT ѮFJSSJHBUJPODIBOOFMJTUZQJDBMMZDPOTUSVDUFEJOUIFêSTUZFBSPGUFSSBDJOHBU NBOEBZTXJUIBOOVBMSFQBJSBOENBJOUFOBODFPGNBOEBZT0UIFSDPTUGPS JSSJHBUJPODIBOOFMDPOTUSVDUJPOJTBCPVU1IQUPCFBDDPVOUFEEVSJOHUIF êSTUZFBS ѮFLOBQTBDLTQSBZFSJTGBSNFRVJQNFOUOFDFTTBSZUPDPOUSPMJOTFDUT QFTUT BOE EJTFBTFTXIJDITVCTFRVFOUMZJODSFBTFDSPQPVUQVUTѮJTJTBDRVJSFEJOUIFêSTU ZFBS UPCFSFQBJSFETUBSUJOHJOUIFUIJSEZFBSBOEFWFSZBѫFSPOFZFBSUIFSFBѫFS ѮJTJTBTTVNFEUPIBWFBOFDPOPNJDMJGFPGUFOZFBSTTPUIBUJUXJMMCFSFQMBDFE FWFSZUFOZFBST 1SPEVDUJPODPTUT ѮFQSPEVDUJPODPTUTGPSBIFDUBSFBOEPOFIFDUBSFPGSJDFDVMUJWBUJPOJT TIPXOJO5BCMF-BCPSJTOFFEFEJOTFFECFEQSFQBSBUJPOBOETPXJOH MBOE QSFQBSBUJPO QVMMJOHPGTFFEMJOHT USBOTQMBOUJOH GFSUJMJ[FSBOEQFTUJDJEFBQQMJ DBUJPO JSSJHBUJOH XFFEJOH BOEIBSWFTUJOH%BUBPOTFFECFEQSFQBSBUJPOBOE TPXJOH QVMMJOHPGTFFEMJOHT GFSUJMJ[FSBOEQFTUJDJEFBQQMJDBUJPOBSFUBLFOGSPN TFDPOEBSZJOGPSNBUJPOTJODFUIFTFXFSFOPUHFOFSBUFECZUIFIPVTFIPMETVSWFZ ѮSFTIJOHJTEPOFCZFJUIFSNBOVBMMBCPSPSNFDIBOJDBMUISFTIFSXJUIBOFTUJ NBUFEDPTUPGBCPVUPGUIFUISFTIFEDSPQPVUQVU GSPNLFZJOGPSNBOUJO UFSWJFXT 4FMMJOHUPUIFNBSLFUPGHSBJOQSPEVDUTFOUBJMTBIBVMJOHDPTUPGBCPVU 1IQQFSLJMPHSBNPGHSBJOIBVMFE'BSNJOQVUT XIJDIBSFJODMVEFEJOUIF QSPEVDUJPODPTUT BSFTFFET GFSUJMJ[FSTBOEQFTUJDJEFT 3FWFOVF ѮFPOMZSFWFOVFUIBUDPVMECFEFSJWFEGSPNSJDFQSPEVDUJPOBDUJWJUZJOUFSSBD JOHJTUIFDSPQZJFMEUIBUDPVMECFIBSWFTUFEBѫFSEBZTPGHSPXJOHQFSJPE #BTFEPOUIFIPVTFIPMETVSWFZ UIFBWFSBHFZJFMEGPSUIFIFDUBSFBSFBJT CBHTQFSDSPQQJOHTFBTPOPSFRVJWBMFOUUPLHBULHQFSCBH*UJTBT TVNFE IPXFWFS UIBUUIJTBWFSBHFZJFMEDBOCFBUUBJOFEPOUIFêѫIZFBSDPOTJE FSJOHUIBUBIPVTFIPMEIBTUPEFBMXJUITPNFDPOTUSBJOUTJOGBSNJOH TVDIBTUIF SFRVJSFEJOQVUTGPSUIFOFXGBSNJOHUFDIOPMPHZBOEXIBUFWFSBEKVTUNFOUTPO DVMUVSBMQSBDUJDFTUIBUIFIBTUPNBLFJOIJTOFXGBSNFOUFSQSJTJOHCFIBWJPVSBT BXIPMFѮVT DSPQZJFMEGPSUIFêSTUUXPZFBSTJTBSCJUSBSJMZBTTVNFEUPCFBCPVU CBHTGPSUIFêSTUDSPQQJOHBOEBCPVUCBHTGPSUIFTFDPOEDSPQQJOHPSB UPUBMPGCBHTQFSZFBSѮJTJTFYQFDUFEUPJODSFBTFJOUIFUIJSEBOEGPVSUIZFBS UPBCPVUCBHTBOECBHTGPSUIFêSTUBOETFDPOEDSPQQJOH SFTQFDUJWFMZPSB.
(14) $045 #&/&'*5 "/"-:4*4 0' 5&33"$*/(. $0 /5063 #6/%4 "/% 53&& 1-"/5*/( . . UPUBMPGCBHTQFSZFBS0OUIFêѫIUPOJOUIZFBS SJDFIBSWFTUXJMMJODSFBTFUP CBHTJOUIFêSTUDSPQQJOHBOECBHTJOUIFTFDPOEDSPQQJOHXIJDITUBCJMJ[FT UPBOOVBMDSPQZJFMEPGCBHTPOUIFUFOUIZFBSPOXBSETѮFBWFSBHFQSJDFPG QBMBZHSBJOJT1IQQFSLJMPHSBN /FU1SFTFOU7BMVF /17 BOEJOUFSOBMSBUFPGSFUVSO *33 . 5BCMFQSFTFOUTUIFTVNNBSZPGUIFFTUJNBUFE/17BOE*33GPSSJDFUFS SBDFTBOEUIFPUIFSIPVTFIPMETJOWFTUNFOUT'PSZFBSQFSJPEPGBOBMZTJT UIF FTUJNBUFE/17PGBIFDUBSFBSFBPGUFSSBDFTXJUIMPXMBOESJDFBOEBEJT DPVOUSBUFPGQFSDFOUJTBCPVU1IQ XIJMFUIFFTUJNBUFE*33JTBCPVU QFSDFOU*GUIFBSFBIBTJODSFBTFEUPPOFIFDUBSF UIF/17IBTBMTPJODSFBTFE UPBCPVU1IQ XJUIBDPSSFTQPOEJOHJODSFBTFJOUIF*33UPQFSDFOU ѮJTJODSFBTFJOUIFWBMVFTPG/17BOE*33JTEVFUPUIFJODSFBTFEFē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ѮFEJBNFUFSPGUIFUVCFTSBOHFTGSPN JODIUP JODIJOXIJDIPOFFOEJTIFMEUJHIUMZBUUIFTPVSDFXIJMFUIFPUIFS FOEJTBUUBDIFEBSPUBUJOHTQSJOLMFSNFDIBOJTNLOPXOMPDBMMZBTASBJOCVSTU*G POMZPOFSBJOCVSTUJTBWBJMBCMFGPSBHJWFOQMPU UIFGBSNFSLFFQTPONPWJOHUIF TQSJOLMFSNFDIBOJTNVOUJMBMMUIFFOUJSFBSFBJTJSSJHBUFE .BLJOHPGDPOUPVSCVOEJTBGBSNJOHBDUJWJUZBTTPDJBUFEXJUIHSPXJOHPGWFH FUBCMFT TVDIBTUPNBUP CFBOT DVDVNCFS BOEFHHQMBOUѮJTJTPOFPGUIFNB KPSBDUJWJUJFTPGWFHFUBCMFHSPXJOHQSBDUJDFECZIPVTFIPMETJO#BMFUFBOE7JMMB 'MPSFOUJOPXIJDIJTVTVBMMZEPOFBCPVUEBZTBѫFSTPXJOHPSUSBOTQMBOUJOH "TTVNQUJPOT. ѮFBWFSBHFBSFBPGWFHFUBCMFQSPEVDUJPOVTJOHDPOUPVSCVOETJTBCPVU IFDUBSFѮJTXJMMCFUIFBSFBUPCFDPOTJEFSFEJOUIFJOJUJBM$#"CVUUIFBOBMZ TJTJTBMTPEPOFBMTPGPSBPOFIFDUBSFBSFBѮFDPTUDPNQPOFOUTPGDPOUPVS CVOETDPOTJTUTPGUIFDBQJUBMDPTUTPGUIFJSSJHBUJPOTZTUFN DPOTUSVDUJPODPTUT BOEUIFQSPEVDUJPODPTUTPGHSPXJOHWFHFUBCMFT5PNBUPJTUIFNBKPSWFHFUBCMF DSPQVTVBMMZDVMUJWBUFEJOUIFêSTUDSPQQJOHTFBTPOBOEUIFOGPMMPXFECZ#BHVJP CFBOTPSTUSJOHCFBOTJOUIFTFDPOEDSPQQJOH%VFUPVOQSFEJDUBCMFXFBUIFS.
(15) . */7&45*/( */ 5)& -"/% . DPOEJUJPOTBOEQSJDFëVDUVBUJPOT IPVTFIPMETEPOPUGVMMZQMBOUUIFJSQMPUTJO UIFTFDPOEDSPQQJOHTVDIUIBUPOMZPOFIBMGPGUIFUPUBMBSFBJTDVMUJWBUFEXIJMF UIFPUIFSIBMGJTMFѫUPGBMMPX-BOEQSFQBSBUJPOGPSUIFê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êSTUDSPQQJOHBOEUIFOGPMMPXFECZQPMFPSTUSJOHCFBOTJOUIFTFDPOEDSPQ QJOHѮJTQSBDUJDFPGQMBOUJOHCFBOTJOUIFTFDPOEDSPQQJOHJTEVFNBJOMZPO UIFXJEFQSJDFë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Ѯ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ѫFSCVUJUIBTUPCFSFQMBDFEFWFSZBѫFS UFOZFBST 1SPEVDUJPODPTUT 5BCMFTBOETIPXUIFQSPEVDUJPODPTUTGPSUPNBUPBOETUSJOHPSQPMF CFBOT'PSUPNBUPDVMUJWBUJPO TFFECFEQSFQBSBUJPOBOETPXJOHPGTFFET QVMMJOH PGTFFEMJOHTBOEUSBOTQMBOUJOHBSFSFRVJSFE4USJOHPSQPMFCFBOT POUIFPUIFS.
(16) $045 #&/&'*5 "/"-:4*4 0' 5&33"$*/(. . $0 /5063 #6/%4 "/% 53&& 1-"/5*/( . IBOE SFRVJSFQPMFTPSUSFMMJTUIBUDPVMECFHBUIFSFEGSPNUBMMHSBTTFTHSPXJOHJO MBOETUIBUBSFBMMPXFEUPGBMMPX 5BCMFo$BQJUBM MBCPS BOEPUIFSQSPEVDUJPOJOQVUTPGUPNBUPDVMUJWBUJPOJODPOUPVS CVOET IFDUBSF 7BMVFTJOQBSFOUIFTJTBSFGPSBPOFIFDUBSFBSFB $BQJUBM -BCPS PUIFS QSPEVDUJPOJOQVUT. -BCPS NBOEBZT 2VBOUJUZ. 6OJU$PTU 1IQ. 5PUBM$PTU 1IQ. TFU. . . . . . t.JTDFMMBOFPVTFYQFOTFT. . . . t"OOVBMSFQBJSPGJSSJHGBDJMJUJFT. . . . $BQJUBMDPOTUSVDUJPODPTUT 17$QJQFTBOESBJOCVSTU t-BCPSDPTUGPSMBZJOHPVUQJQFT. 4VCUPUBM. . -BCPSGPSUPNBUPDVMUJWBUJPO IB. t 4FFECFEQSFQBSBUJPOTPXJOH. . . . . . . . . . t5SBOTQMBOUJOH. . . . t.BOVSFBQQMJDBUJPO. . . . t$POUPVSCVOENBLJOH. . . . t8FFEJOH. . . . t*SSJHBUJOH. . . . . . . . . . LH. . . t-BOEQSFQBSBUJPO IPFJOH. t1VMMJOHPGTFFEMJOHT. t'FSUJMJ[FSQFTUJDJEFBQQMJDBUJPO t.BOVBMIBSWFTUJOH t)BVMJOH5SBOTQPSUUPNBSLFU 4VCUPUBM. . .BUFSJBMDPTUT t 4FFET t1FTUJDJEF. QBDLT. . . MJUFS. . . CBHT. . . CBHT. . . t ,OBQTBDLTQSBZFS. TFU. . . t 4QSBZFSSFQBJSFWFSZZFBST SFQMBDFFWFSZZFBST. TFU. ZS SFQBJS ZS. SFQBJS. SFQMBDFNFOU. t0SHBOJDGFSUJ DIJDLFONBOVSF. t'FSUJMJ[FS 6SFBDPNQMFUF. 4VCUPUBM. . .VDIMBCPSJTSFRVJSFEJOHBUIFSJOHBOEQVUUJOHVQUIFTFQPMMTPSUSFMMJTJOUIF DVMUJWBUFEBSFB)PVTFIPMETBMTPBQQMZGFSUJMJ[FSTBOEQFTUJDJEFTUPJODSFBTFDSPQ ZJFMETѮFDPTUPGIBVMJOHJTCBTFEPOUIFBNPVOUPGIBSWFTUFEZJFMEXIJDIJT.
(17) . */7&45*/( */ 5)& -"/% . BCPVU1IQQFSLJMPHSBNѮFUZQFTPGGFSUJMJ[FSTVTFEBSFCPUIPSHBOJDBOE JOPSHBOJD0SHBOJDGFSUJMJ[FSTBSFNPTUMZDIJDLFONBOVSFXIJDIDBOCFCPVHIU JOQPVMUSZIPVTFT 5BCMFo1SPEVDUJPOJOQVUTPGTUSJOHPSQPMFCFBOTDVMUJWBUJPOJODPOUPVSCVOET IFDUBSF 7BMVFTJOQBSFOUIFTJTBSFGPSBPOFIFDUBSFQMPU 1SPEVDUJPOJOQVUT. -BCPS NBOEBZT 2VBOUJUZ. 6OJU$PTU 1IQ. 5PUBM$PTU 1IQ. . . . t1MBOUJOH. . . . t.BOVSFBQQMJDBUJPO. . . . t$POUPVSCVOENBLJOH. . . . t*SSJHBUJOH. . . . t(BUIFSJOHPGQPMFNBUFSJBMT. . . . t1VUUJOHVQPGQPMFTUSFMMJT. . . . t#FBOTWJOFUSBJOJOH. . . . . . . . . . -BCPSGPSTUSJOHCFBOTDVMUJWBUJPO t -BOEQSFQBSBUJPO IPFJOH. t8FFEJOH t'FSUJMJ[FSQFTUJDJEFBQQMJDBUJPO t.BOVBMIBSWFTUJOH t)BVMJOH. . . . . . . 4VCUPUBM. . 0UIFSQSPEVDUJPOJOQVUT t 4FFET t1FTUJDJEF t0SHBOJDGFSUJ DIJDLFONBOVSF. t'FSUJMJ[FS 6SFBDPNQMFUF. 4VCUPUBM. LH. . . MJUFS. . . CBHT. . . CBHT. . . . 3FWFOVF )BSWFTUJOHPGUPNBUPGSVJUTTUBSUTEBZTBѫFSUSBOTQMBOUJOHBUBOBWFSBHFIBS WFTUPGLHQFSIBSWFTUGPSBIBBSFBPSBUPUBMUPNBUPZJFMEPGLH GPSBCPVUUJNFTIBSWFTUJOHGSFRVFODZѮVT BUBVOJUQSJDFPG1IQQFS LJMPHSBN UIFUPUBMHSPTTJODPNFGPSUPNBUPDVMUJWBUJPOJTFTUJNBUFEUPCF1IQ QFSHSPXJOHTFBTPOGPSUIFIBBSFB 'PSTUSJOHPSQPMFCFBOT IBSWFTUJOHTUBSUTEBZTBѫFSQMBOUJOHXJUIBUPUBM BWFSBHFNBSLFUBCMFZJFMEPGBCPVULHGPSUIFIFDUBSFDVMUJWBUFEBSFB ѮFUPUBMHSPTTJODPNFUIFOJTFTUJNBUFEBU1IQ BUBOBWFSBHFVOJUQSJDF PG1IQQFSLJMPHSBN.
(18) $045 #&/&'*5 "/"-:4*4 0' 5&33"$*/(. $0 /5063 #6/%4 "/% 53&& 1-"/5*/( . . /FU1SFTFOU7BMVF /17 BOEJOUFSOBMSBUFPGSFUVSO *33 . 4JNJMBSUPUFSSBDJOH UIFQFSJPEPGBOBMZTJTJTGPSUZZFBST6TJOHBEJTDPVOUSBUF PGQFSDFOU UIFFTUJNBUFE/17PGBIFDUBSFDPOUPVSCVOEXJUIUPNB UPJOUIFêSTUDSPQQJOHBOEQPMFCFBOTJOUIFTFDPOEDSPQQJOHJTBCPVU1IQ BOEUIFDPSSFTQPOEJOH*33JTBCPVUQFSDFOU 5BCMF *GUIF BSFBJTTDBMFEVQUPPOFIFDUBSF UIF/17JTBMNPTUEPVCMFECVUUIF*33IBT POMZTMJHIUMZJODSFBTFE"QFSDFOUESPQJOUIFNBSLFUQSJDFTPGUPNBUPBOE CFBOTTJHOJêDBOUMZEFDSFBTFTUIF*33UPBMNPTUPOFIBMGCVUXJUITUJMMIJHIWBMVF PGBCPVUQFSDFOU'JHVSFTIPXTUIFQBUUFSOPG*33EVFUPDIBOHFTJO QSJDFT "NPOHUIFDSPQTDVMUJWBUFE UIFQSJDFPGUPNBUPEFDSFBTFTTPSBQJEMZUPBCPVU QFSDFOUXIJDIDPSSFTQPOEJOHMZSFTVMUUPBO*33PGBCPVUQFSDFOU. .BOHPCBTFEBHSPGPSFTUSZ "HSPGPSFTUSZJTPOFPGUIFMBOEVTFTZTUFNTFODPVSBHFECZHPWFSONFOUBOEOPO HPWFSONFOUPSHBOJ[BUJPOTUPSFEVDFQSFTTVSFJOUIFSFNBJOJOHOBUVSBMGPSFTUT GPSXPPESFRVJSFNFOUT QSPWJEFBTVTUBJOBCMFJODPNFGPSVQMBOEGBSNFST BOE QSPWJEFFOWJSPONFOUBMTFSWJDFT TVDIBTVQHSBEJOHPGMBOERVBMJUZUISPVHIEJ NJOJTIJOHTPJMFSPTJPOBOEJODSFBTFPGTPJMPSHBOJDNBUUFS"HSPGPSFTUSZTZTUFNT UIBUFWPMWFEJOUIFTUVEZWJMMBHFTBSFNBOHPQMBOUBUJPOT CPVOEBSZQMBOUJOHBOE MJWFGFODFQPTUT BOEXPPEMPUTJOUFSDSPQQFEXJUIQFSFOOJBMDSPQT .BOHPQMBOUBUJPOJTUIFNPTUQPQVMBSBHSPGPSFTUSZTZTUFNBEBQUFECZIPVTF IPMETVUJMJ[JOHUIFUBVOHZBTZTUFNBOEBMTPEFTDSJCFECZ$VSSFOUFUBM JO UIFJSTUVEZPG$FOUSBM"NFSJDBOBOE$BSJCCFBODPVOUSJFT6OEFSUIJTTZTUFN WFHFUBCMFTTVDIBTUPNBUPBOEQPMFCFBOTBSFDPOUJOVPVTMZHSPXOCFUXFFOUIF NBOHPUSFFTEVSJOHUIFêSTUêWFZFBSTPGFTUBCMJTINFOU.BUVSJOHNBOHPUSFFT FOIBODFTIBEJOHTPUIBUUIFIPVTFIPMETTIJѫMBUFSUPSPPUDSPQT TVDIBTZBN HBCJ BOEHJOHFSXIJDIBSFUPMFSBOUUPQBSUJBMTIBEJOH "TTVNQUJPOT. "TJOEJDBUFEBCPWF DBTIDSPQTMJLFUPNBUPBOECFBOTBSFUPCFQMBOUFEEVSJOH UIFêSTUêWFZFBSTPGQMBOUBUJPOFTUBCMJTINFOUѮFXIPMFBSFBJTUPCFQMBOUFE XJUIUPNBUPEVSJOHUIFêSTUDSPQQJOHXIJMFPOMZBCPVUPOFIBMGJTUPCFQMBOUFE XJUIQPMFCFBOTEVSJOHUIFTFDPOEDSPQQJOHѮVT UIFEBUBVTFEGPSUPNBUPBOE QPMFCFBOTDVMUJWBUJPOJOUIJTTFDUJPOBSFTJNJMBSUPUIFPOFEFTDSJCFEJOTFDUJPO ѮFSFJTOPMBOEDMFBSJOHSFRVJSFETJODFUIFNBOHPQMBOUBUJPOFNFSHFGSPN WFHFUBCMFQSPEVDUJPOPGUIFQSFWJPVTDSPQQJOHZFBS#BTFEPOUIFIPVTFIPME TVSWFZ UIFBWFSBHFBSFBEFWFMPQFEJOUPBHSPGPSFTUSZPSUSFFGBSNJTIFD UBSFTѮFBOBMZTJTJTMBUFSTDBMFEEPXOUIFBSFBUPPOFIFDUBSF.
(19) . */7&45*/( */ 5)& -"/% . 5BCMFBo&TUBCMJTINFOUBOEQSPEVDUJPODPTUTPGNBOHPCBTFEBHSPGPSFTUSZ IB 7BM VFTJOQBSFOUIFTFTBSFGPSBPOFIFDUBSFQMPU &TUBCMJTINFOUDPTUT *OJUJBMDPTUT t17$QJQFTBOESBJOCVSTU t .JTDFMMBOFPVTFYQFOTFT "OOVBMNBJOUFOBODFPG JSSJHBUJPOGBDJMJUJFT 4VCUPUBM -BCPSDPTUT t-BZJOHPVUQJQFTSBJOCVSTU t%JHHJOHIPMFTNBOVSF BQQMJDBUJPO t 5SBOTQMBOUJOH 4VCUPUBM .BUFSJBMDPTUT t(SBGUFENBOHPTFFEMJOHT t 0SHBOJDGFSUJ DIJDLFONBOVSF. 4VCUPUBM 5PUBMFTUBCMJTINFOUDPTUT .BJOUFOBODFDPTUT 1SPEVDUJPODPTUT $BQJUBMDPTUT .BJOUFOBODFDPTUTPGJSSJHBUJPO TQSJOLMFS SEZFBSPOXBSET 'VFMNBJOUFOBODFDPTUTPGQPXFS TQS UIUIZFBS UIUIZFBS 1PXFSTQSBZFS nPXFSJOEVDUJPO JOUIFUIZFBS. 4VCUPUBM -BCPSDPTUT 8BUFSJOHXFFEJOH NEXL XFFLTQFSZFBS. 'FSUJMJ[FSBQQMJDBUJPO ZSJOUFS. 'MPXFSJOH UIZFBSPOXBSET. .BOVBMIBSWFTUJOH UIZS JODSFBTFCZNEZSVQUPUIZS. )BVMJOH WBSJBCMF. 4VCUPUBM .BUFSJBMDPTUT 3FQMBDFNFOUPGNBOHP UIZS. 'FSUJMJ[FS UIZS ZSJOUFSWBM. 'MPXFSJOEVDUJPO UIZFBSPOX. )BSWFTUJOHNBU 1IQ TUBSUJOHUI BEEJUJPOBMZS 4VCUPUBM. -BCPS NBOEBZT 2VBOUJUZ. 6OJU$PTU 1IQ. 5PUBM$PTU 1IQ. TFU . . . . . . . . . . . . QDT CBHT. . . . . . . . . . . . . . . . TFU. . . . . QFSZFBS . . . . . . ,H. . . QDT CBHTZFBS LH
(20) LHZS . . . . TU ZFBS . . .
(21) $045 #&/&'*5 "/"-:4*4 0' 5&33"$*/(. $0 /5063 #6/%4 "/% 53&& 1-"/5*/( . . ѮFQMBOUJOHEJTUBODFPGUIFNBOHPQMBOUBUJPOJTNCZN IFODFUIFUPUBM OVNCFSPGUSFFTJTUSFFTGPSUIFIFDUBSFQMPU"MTP UIJTJTFRVJWBMFOUUP USFFTQFSIFDUBSF &TUBCMJTINFOUBOEPUIFSQSPEVDUJPODPTUT ѮFDPTUPGJOTUBMMJOHUIFJSSJHBUJPOTZTUFNGPSUPNBUPBOEQPMFCFBOTJTUPCFJO DMVEFEJOUIFFTUBCMJTINFOUDPTUTTJODFUIFQMBOUBUJPOBMTPOFFETUIFUPPMTEVS JOHUIFFTUBCMJTINFOUQFSJPEѮFFTUBCMJTINFOUBOEQSPEVDUJPODPTUTPGNBOHP QMBOUBUJPOBSFTIPXOJO5BCMFTB "ѫFSTFWFOZFBST JUJTFYQFDUFEUIBUUIFPQUJNVNHSPXUIPGUIFNBOHPQMBOUT IBTCFFOBUUBJOFEXIJDIOFDFTTJUBUFTUIFBDRVJTJUJPOPGQPXFSTQSBZFSGPSëPXFS JOEVDUJPO8FFETBSFUPCFDPOUSPMMFEBOENBOHPQMBOUTBSFUPCFJSSJHBUFEPODF BXFFLXJUIJOBXFFLQFSJPEQFSZFBS(SBѫFENBOHPTFFEMJOHTDPTUT1IQ QFSTFFEMJOHTJODMVEJOHUSBOTQPSUBUJPODPTUT3FQMBDFNFOUPGNBOHPQMBOUTEVF UPNPSUBMJUZPGQFSDFOUXJMMCFEPOFBѫFSZFBSTBOEUIFSFBѫFS$IJDLFO NBOVSFJTUPCFNJYFEXJUITPJMEVSJOHUIFQMBOUJOHPGUIFNBOHPTFFEMJOHT XIJMFJOPSHBOJDGFSUJMJ[FSIBTUPCFBQQMJFEPOMZPOBêWFZFBSJOUFSWBMTUBSUJOH POUIFêѫIZFBSBѫFSQMBOUJOH.BSLFUBCMFBNPVOUPGNBOHPGSVJUTBSFFYQFDUFE JOUIFêѫIZFBSTPUIBUIBSWFTUJOHNBUFSJBMTBSFBMTPOFFEFEUIFOѮJTNBUF SJBMDPTUXJMMJODSFBTFBOOVBMMZXIJDIDPSSFTQPOETUPUIFJODSFBTFJOIBSWFTUBCMF NBOHPGSVJUT 3FWFOVF 5BCMFCTIPXTUIFFTUJNBUFEIBSWFTUTPGNBOHPGSVJUTXIJDIJTCBTFEPOLFZ JOGPSNBOUJOUFSWJFXTPGNBOHPHSPXFSTBOETFDPOEBSZTPVSDFT.BOHPQMBOUT BSFFYQFDUFEUPCFBSGSVJUJOUIFêѫIZFBSBUBOJOJUJBMIBSWFTUBCMFZJFMEPGLH QFSUSFFPSBUPUBMZJFMEPGLHQFSZFBSGPSUIFUSFFTѮFZJFMEJTBTTVNFE UPJODSFBTFCZLHQFSUSFFJOUIFTJYUIZFBSѮJTNBSLFUBCMFZJFMEJTFYQFDUFE UPJODSFBTFFWFSZZFBSBUUBJOJOHJUTNBYJNVNPG LHJOUIFêѫFFOUIZFBS BOEMFWFMPĒBUUIJTBNPVOUJOUIFTVDDFFEJOHZFBST"NBOHPGSVJUIBTBVOJU QSJDFPG1IQQFSLJMPHSBN"MUIPVHINBOHPQMBOUTXJMMMJWFVQUPZFBST QFSTPOBMDPNNVOJDBUJPOBOEPXOPCTFSWBUJPO PSNPSF UIJTBOBMZTJTXJMMCF DPOêOFEPOMZVQUPZFBST /FU1SFTFOU7BMVF /17 BOE*OUFSOBM3BUFPG3FUVSO *33. ѮFSFTVMUJOH/17PGBIFDUBSFNBOHPCBTFEBHSPGPSFTUSZGPMMPXJOHUIF UBVOHZBTZTUFNXJUIUPNBUPJOUIFêSTUDSPQQJOHBOEQPMFCFBOTJOUIFTFDPOE DSPQQJOHJTBCPVU1IQ ѮFSFTVMUJOH*33JTBCPVUQFSDFOUXIJDI TMJHIUMZEFDSFBTFTUPBCPVUQFSDFOUXJUIBEFDSFBTFJOUIFBSFBUPPOFIFD UBSF"QFSDFOUESPQJOUIFPVUQVUQSJDFTSFEVDFTUIFUISFFEJHJU*33UPBCPVU QFSDFOUXIJDIJOEJDBUFBTIBSQEPXOXBSEEJSFDUJPOPGUIF*33 'JHVSF $POTJEFSJOHUIFBWFSBHFQSJDFEFDSFBTFPGUIFDSPQTGPSUIJTJOWFTUNFOUPQUJPO XPVMENBLFUIF*33FWFOMPXFSUPBCPVUQFSDFOU.
(22) . */7&45*/( */ 5)& -"/% . 5BCMFCo&TUJNBUFEIBSWFTUPGNBOHPGSVJUTGPSUIFIFDUBSFGBSN7BMVFT JOQBSFOUIFTJTBSFGPSIFDUBSF :FBS. .BSLFUBCMFGSVJUT LH. 6OJU1SJDF 1IQ. (SPTT3FWFOVF 1IQ. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $PSOGBSNJOHXJUIUSFFTJOMBOECPVOEBSJFT $PSOJTPOFPGUIFNBKPSDSPQTPGIPVTFIPMETJOUIFGPSFTUDPNNVOJUJFT#F DBVTFPGJUTGPPERVBMJUZ UIFUSBEJUJPOBMWBSJFUZJTTUJMMCFJOHQMBOUFE FTQFDJBMMZ JO2VJCBM QSJNBSJMZGPSIPVTFIPMEDPOTVNQUJPOXIJMFUIFFYDFTTIBSWFTUTBSF CFJOHTPMEJOUPUIFNBSLFUѮFIZCSJEDPSOJTQMBOUFENBJOMZGPSDBTICVUSF RVJSFTNPSFGBSNJOQVUTUPHFOFSBUFBIJHIZJFMEѮFHSPXJOHQFSJPEJTBCPVU EBZTXIJDITUBSUTNJE"QSJMPS.BZBOEFOETBUFOEPG"VHVTUPSNJE4FQ UFNCFS4FDPOEDSPQQJOHTUBSUTFOEPG0DUPCFSVOUJM'FCSVBSZUIFGPMMPXJOH ZFBS)PVTFIPMETVTVBMMZQMBOUUSFFTJOMBOECPVOEBSJFTUPEFMJOFBUFUIFJSQMPUT XJUIPUIFSGBSNFSTBTXFMMBTUPTFSWFBTGFODFBHBJOTUTUSBZBOJNBMT4JODFJMMFHBM MPHHJOHJTCFDPNJOHNPSFEJēDVMUBOEXJUIFYUFOTJPOTFSWJDFTGSPNHPWFSO NFOUBHFODJFTXIJDIQSPNPUFBHSPGPSFTUSZ USFFTQMBOUFEJOMBOECPVOEBSJFTBSF BMTPJOUFOEFEGPSGVFMXPPEBOEUJNCFSVUJMJ[BUJPOѮJTGBSNJOHTUSBUFHZFOUBJMT BEEJUJPOBMDPTUTUPIPVTFIPMETEVSJOHFTUBCMJTINFOUCVUCFOFêUTBSFHFOFSBUFE JOUIFMPOHSVO "TTVNQUJPOT. ѮFIZCSJEZFMMPXDPSOJTTFMFDUFENBJOMZGPSDBTI*OMBOECPVOEBSJFT HNFMJOB USFFTQFDJFTJTBMTPQMBOUFEGPSGVFMXPPEBOEUJNCFSQVSQPTFT"TNBMMBNPVOU JTFYQFDUFEIPXFWFSJOGVFMXPPEQSPEVDUJPOTJODFUIFRVBMJUZPGUIFUJNCFSPG UIFHNFMJOBUSFFTDBOCFFēDJFOUMZVUJMJ[FEJOCPUIDPOTUSVDUJPOBOEGVSOJUVSF NBLJOHѮVT UIFêSTUDIPJDFPGVUJMJ[BUJPOPGUIFUJNCFSJTGPSDPOTUSVDUJPO BOEGVSOJUVSFNBLJOHTPUIBUXIBUFWFSJTMFѫDBOCFVUJMJ[FEGPSGVFMXPPE%VF.
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ѮFPOMZFRVJQNFOUOFDFTTBSZGPSUIF GBSNFSJODPSOQSPEVDUJPOJTLOBQTBDLTQSBZFSXIJDIOFFETSFQBJSFWFSZUISFF ZFBSTBOEUPCFSFQMBDFEFWFSZUFOZFBST 5BCMFBo1SPEVDUJPODPTUTPGBDPSOmFMEXJUIUSFFTJOMBOECPVOEBSJFT IB 7BMVFTJO QBSFOUIFTFTBSFGPSBPOFIFDUBSFQMPU $BQJUBM -BCPS PUIFS QSPEVDUJPOJOQVUT. -BCPS NBO EBZT2VBOUJUZ. 6OJU$PTU 1IQ. 5PUBM$PTU 1IQ. -BOEQSFQBSBUJPO. IB. . . 'VSSPXJOH. . . . . . . -BCPSGPSDPSODVMUJWBUJPO IB. 1MBOUJOH 'FSUJMJ[FSBQQMJDBUJPO Y. . . . . . . 1FTUJDJEFTQSBZJOH. . . . .BOVBMIBSWFTUJOH. . . . 8FFEJOH. )BVMJOH %SZJOH 5SBOTQPSUDPTUUPNBSLFU 1IQLHPGQSPETPME. . . . NBOEBZT. . . . . . 4VCUPUBM. . .BUFSJBMDPTUT 4FFET. LH. . . 1FTUJDJEF. MJUFS. . . 'FSUJMJ[FS QMVTCBHT SEZSPO. CBHT. .
(24) SEZSPO. ,OBQTBDLTQSBZFS. TFU. . . 4QSBZFSSFQBJSPOUIFSEZFBS FWFSZPUIFSZFBSUIFSFBGUFS SFQMBDFFWFSZZFBST. TFU. ZSSFQBJS ZS GPSSFQMBDFN. ZS SFQBJS. SFQMBDFNFOU. 4VCUPUBM. .
(25) . */7&45*/( */ 5)& -"/% . ѮFDPSOGBSNJTFODMPTFEXJUICBSCFEXJSFGFODFUPLFFQUIFUSFFTJOMBOE CPVOEBSJFTGSPNTUSBZBOJNBMT4FFEMJOHQSPEVDUJPOFYQFOTFTCZUIFIPVTF IPMETBSFFTUJNBUFEBTFRVBMUPUIFQSJDFQFSTFFEMJOHJGJUJTQVSDIBTFEPVUTJEF 5PFOIBODFHSPXUIPGUIFUSFFTBTXFMMBTSFEVDJOHUIFTIBEFEBSFBT QSVOJOHUIF USFFCSBODIFTJTBOFDFTTBSZBOOVBMBDUJWJUZXIJDITUBSUTJOUIFUIJSEZFBS 5BCMFCo&TUBCMJTINFOUBOENBJOUFOBODFDPTUTPGUSFFCPVOEBSJFTGPSUIFIBDPSO BOEUSFFGBSN *UFNT. -BCPS NBOEBZT 2VBOUJUZ. 6OJUDPTUT 1IQ. 5PUBMDPTUT 1IQ. .BUFSJBMDPTUT 1PTUTGPSGFODJOH. QDT. . . #BSCFEXJSFJOMBOECPVOEBSJFT. SPMMT. . . 4FFEMJOHT QMVTNPSUBMJUZ. TFFEMJOHT. . . NBOEBZT. . . . . . . . . . . -BCPSDPTUT 1VUUJOHVQQPTUTCBSCFEXJSF 5SBOTQMBOUJOH 8BUFSJOH mSTUZFBST. SE. 8FFEJOH1SVOJOH ZFBSPOXBSET. 5PUBMDPTUT. 1IQ . 3FWFOVF ѮFBWFSBHFDPSOZJFMEJTFTUJNBUFEBUDBWBOTGPSUIFBWFSBHFBSFBPG IFDUBSFGBSNPSFRVJWBMFOUUPLHBULHQFSDBWBOGPSUIFêSTUDSPQQJOH 4FDPOEDSPQQJOHDPSOZJFMEJTMPXFSEVFUPBDPSSFTQPOEJOHSFEVDFEBNPVOUPG SBJOGBMMGSPNNJE0DUPCFSUP'FCSVBSZѮJTJTUIFHFOFSBMSBJOGBMMQBUUFSOGPS BMMWJMMBHFTBMUIPVHIBUBHSFBUFSJOUFOTJUZJOPOFWJMMBHF ,BQBUBMBO UIBOUIF PUIFSWJMMBHFTѮVT UIFBWFSBHFZJFMEJTFYQFDUFEUPCFBCPVUDBWBOTGPSUIF TFDPOEDSPQQJOHPSFRVJWBMFOUUPLH"U1IQQFSLJMPHSBN UIFBWFSBHF HSPTTBOOVBMSFWFOVFHFOFSBUFEGSPNDPSOGBSNJOHJTBCPVU1IQ #FTJEFT UIFDPSOPVUQVU (NFMJOBUSFFTBSFIBSWFTUFEJOUIFUFOUIZFBSHFOFSBUJOHBO BEEJUJPOBMJODPNFPGBCPVU1IQ GSPNMVNCFSBOEGVFMXPPEѮJTJT FRVJWBMFOUUPBOBWFSBHFIBSWFTUBCMFMVNCFSZJFMEPGCPBSEGFFUQFSUSFFXJUI BQSJDFPG1IQQFSCPBSEGPPU*UJTFTUJNBUFEUIBUIBSWFTUBCMFUSFFTJTMFTT QFSDFOUPGUSFFTPOMBOECPVOEBSZEVFUPVOFWFOUSFFTJ[FT(NFMJOBUSFFT BSFBCMFUPDPQQJDFBѫFSIBSWFTUJOHFOTVSJOHBDPOUJOVPVTUSFFTHSPXJOHPOMBOE CPVOEBSZ 1BSUJBMTIBEJOHBSPVOEUIFMBOECPVOEBSJFTJTFYQFDUFEUPSFEVDFDPSOZJFME XIJDIJTBTTVNFEUPCFBCPVUQFSDFOUCFHJOOJOHJOUIFUIJSEZFBSUPêѫIZFBS BOEQFSDFOUGSPNTJYUIZFBSVQUPUIFFOEPGUIF$#"QFSJPE.
(26) $045 #&/&'*5 "/"-:4*4 0' 5&33"$*/(. $0 /5063 #6/%4 "/% 53&& 1-"/5*/( . . /FU1SFTFOU7BMVF /17 BOE*OUFSOBM3BUFPG3FUVSO *33. ѮFFTUJNBUFE/17PGDPSOGBSNJOHXJUIHNFMJOBUSFFTPOMBOECPVOEBSZGPS BIFDUBSFGBSNJTBCPVU1IQ XIJMFUIFFTUJNBUFE*33JTBCPVU QFSDFOU5SBOTGPSNJOHUIFBSFBUPPOFIFDUBSFEPFTOPUQSBDUJDBMMZDIBOHFUIF *33CVUBEFDSFBTFPGBCPVUQFSDFOUJOUIFPVUQVUQSJDFTJHOJêDBOUMZSFEVDFT UIF*33UPBCPVUQFSDFOU*GUIFBWFSBHFQSJDFEFDSFBTFPGUIFDSPQTHSPXOJO UIJTJOWFTUNFOUPQUJPOJTVTFE UIF*33WBMVFJTBCPVUQFSDFOUѮJTJOEJDBUFT UIBUUIJTUZQFPGBHSPGPSFTUSZTZTUFNJTTFOTJUJWFUPQSJDFëVDUVBUJPOTBTTIPXO JO'JHVSF. $PSOGBSNJOH $PSOGBSNJOHJTUIFXJEFMZQSBDUJDFEQSPEVDUJPOTZTUFNJOUIFTUVEZTJUFTQSJNB SJMZGPSUIFNBSLFU*UJTQSFTFOUFEIFSFGPSQVSQPTFTPGDPNQBSJOHXJUIIPVTF IPMETJOWFTUNFOUTѮFBTTVNQUJPOTVTFEJO4FDUJPOEFUBJMJOHUIFDPTUTBOE CFOFêUTPGDPSOUSFFDPNCJOBUJPOTXJMMCFVTFEEJTSFHBSEJOHUIFFTUBCMJTINFOU DPTUTPGUSFFCPVOEBSJFTBOEUIFSFEVDUJPOPGDPSOZJFMEEVFUPTIBEJOH "DDPSEJOHMZ UIF/17PGBIBDPSOêFMEJTBCPVU1IQ PWFSUIF ZFBSQFSJPEPGBOBMZTJTXJUIBO*33PGBCPVUQFSDFOU*GUIFBSFBJTSFEVDFT UPPOFIFDUBSF UIF*33IBTTMJHIUMZEFDSFBTF"EFDSFBTFJOUIFQSJDFPGDPSO IPXFWFSDPSSFTQPOEJOHMZSFEVDFTUIF*33UPBOFHBUJWFWBMVFPGQFSDFOU. 5SFFQMBOUBUJPO #PUIUIFHPWFSONFOUBOEOPOHPWFSONFOUPSHBOJ[BUJPOTFODPVSBHFUSFFHSPX JOHNBLJOHJUBTPOFPGUIFNBJOBDUJWJUJFTPGBOZVQMBOEEFWFMPQNFOUQSPKFDUT BTEFTDSJCFEJO$IBQUFSѮVT IPVTFIPMETQMBOUFEUSFFTJOMBOECPVOEBSJFTPS GVMMZJOUIFJSQMPUT "TTVNQUJPOT. ѮFNPTUDPNNPOUSFFTQFDJFTQMBOUFECZIPVTFIPMETJOUIFTUVEZTJUFTJT HNFMJ OBBSCPSFBCFDBVTFPGBHSPXJOHEFNBOEPGSBXNBUFSJBMTGPSNBLJOHGVSOJUVSF *OPUIFSQBSUTPGUIFDPVOUSZ HNFMJOBUSFFTBSFBMTPVTFEGPSFMFDUSJDQPTUTCVU UIJTLJOEPGVUJMJ[BUJPOJTTUJMMMJNJUFEJOUIFSFHJPOXIFSFUIFTUVEZTJUFTBSF MPDBUFE/FWFSUIFMFTT UIFPCKFDUJWFPGUSFFHSPXJOHCZIPVTFIPMETJTUPTVQQMZ XPPENBUFSJBMTOFFEFECPUIJOUIFDPOTUSVDUJPOBOEGVSOJUVSFJOEVTUSJFTTJODF XPPEGSPNOBUVSBMGPSFTUTJTJODSFBTJOHMZCFDPNJOHTDBSDF &TUBCMJTINFOUBOENBJOUFOBODFDPTUT ѮFQMBOUJOHEJTUBODFPGHNFMJOBQMBOUBUJPOJTNYNѮVT UIFOVNCFSPG TFFEMJOHTOFFEFEGPSBIFDUBSFQMPUJTBCPVUJODMVEJOHQFSDFOUBM MPXBODFGPSNPSUBMJUZSFQMBDFNFOU 5BCMF &BDITFFEMJOHJTFTUJNBUFEUPDPTU.
(27) . */7&45*/( */ 5)& -"/% . UIFIPVTFIPMETBU1IQXIFUIFSQVSDIBTFEPVUTJEFPSQSPEVDFEBUIPNF ѮFQMPUJTUPCFGFODFEUPQSPUFDUUIFUSFFTGSPNTUSBZBOJNBMTFTQFDJBMMZXJUIJO UIFêSTUUISFFZFBSTPGFTUBCMJTINFOU5BCMFQSFTFOUTUIFFTUBCMJTINFOUBOE NBJOUFOBODFDPTUTPGBHNFMJOBUSFFQMBOUBUJPO 3FWFOVF (NFMJOBUSFFTSFBDINBSLFUBCMFTJ[FJOUIFUFOUIZFBS&BDIUSFFZJFMETBUJNCFS WPMVNFPGCPBSEGFFUXJUIBQSJDFPG1IQQFSCPBSEGPPU(NFMJOBUSFFT IBWFDPQQJDJOHBCJMJUZUIVTOPSFQMBOUJOHJTOFFEFEBUUIFFOEPGUIFIBSWFTUJOH QFSJPEѮFUPUBMOVNCFSPGUSFFTFYQFDUFEUPCFIBSWFTUFEJTBCPVUUSFFT UBLJOHJOUPBDDPVOUVOIBSWFTUBCMFUSFFTPSEVFUPNPSUBMJUZBUIBSWFTUJOHQFSJPE "TTVDIBOEDPOTJEFSJOHBUFOZFBSJOUFSWBMBOEPOMZUXPIBSWFTUJOHTDIFEVMFT UIFHSPTTSFWFOVFHFOFSBUFEGSPNUSFFQMBOUJOHJTBCPVU1IQ 5BCMFo&TUBCMJTINFOUBOENBJOUFOBODFDPTUTPGUSFFQMBOUBUJPO IB 7BMVFTJOQBSFOUIFTJTBSFGPSPOFIFDUBSFQMPU *UFNT. -BCPS NBOEBZT 2VBOUJUZ. 6OJUDPTUT 1IQ. 5PUBMDPTUT 1IQ. .BUFSJBMDPTUT QDT. . . #BSCFEXJSFJOMBOECPVOEBSJFT. 1PTUTGPSGFODJOH. SPMMT. . . 4FFEMJOHT QMVTNPSUBMJUZ. TFFEMJOHT. . . -BCPSDPTUT 1VUUJOHVQQPTUTCBSCFEXJSF. NBOEBZT. . . . . . 8BUFSJOH mSTUZFBST. . . . 8FFEJOH1SVOJOH SEZFBSPOXBSET. . . . 5SBOTQMBOUJOH. 5PUBMDPTUT. . /FU1SFTFOU7BMVF /17 BOEJOUFSOBMSBUFPGSFUVSO *33. ѮFFTUJNBUFE/17PGUSFFQMBOUBUJPOPGHNFMJOBUSFFTXJUIBOBSFBPGIFD UBSFTJTBCPVU1IQ XIJMFUIFFTUJNBUFE*33JTBCPVUQFSDFOU1SBDUJ DBMMZ UIFSFJTOPTJHOJêDBOUDIBOHFJO*33XJUIBSFEVDUJPOPGUIFBSFBUPPOF IFDUBSFCVUUIJTJOWFTUNFOUPQUJPOJTTMJHIUMZTFOTJUJWFUPDIBOHFTJOUJNCFSBOE GVFMXPPEQSJDFT FWFOJGUIFBDUVBMBWFSBHFQSJDFEFDSFBTFJTVTFE GSPNBO*33 PGBCPVUQFSDFOUUPQFSDFOU.
(28) $045 #&/&'*5 "/"-:4*4 0' 5&33"$*/(. $0 /5063 #6/%4 "/% 53&& 1-"/5*/( . . *OUFHSBUFETVTUBJOBCMFGBSNJOHTZTUFNT .BOZIPVTFIPMETJOUIFTUVEZTJUFTQSBDUJDFBDPNCJOBUJPOPGTVTUBJOBCMFDSPQ QJOHUFDIOJRVFT*OTPNFTJUVBUJPOT BIPVTFIPMENBZUSBOTGPSNBIFDUBSF QMPUJOUPWBSJPVTDSPQQJOHUFDIOJRVFTSJDFUFSSBDFT WFHFUBCMFHBSEFOXJUIDPO UPVSCVOET USFFGBSNJOTUFFQTMPQFT UJHFSHSBTTGPSIBOEJDSBѫ BOEUIFIPVTF 'PSUIJTIFDUBSFQMPU WFHFUBCMFHSPXJOHNBZCFBMMPUUFEIFDUBSF XIJMF SJDFUFSSBDFT USFFGBSN BOEUIFUJHFSHSBTTJODMVEJOHUIFIPVTFBSFBFBDIPDDVQZ BOBSFBPGIFDUBSF"MMUIFBSFBTPGUIFBCPWFGBSNJOHTVCTZTUFNTXJMMCF FRVBMUPIFDUBSFJGUIFUPUBMGBSNBSFBJTPOFIFDUBSF"TDIFNBUJDESBXJOH PGUIJTUZQFPGGBSNJOHTZTUFNJTTIPXOCFMPX. 3JDFUFSSBDFT. 5SFFGBSN 7FHFUBCMF HBSEFOT. )PVTF UJHFSHSBTT. "TTVNQUJPOT. "IPVTFIPMEPSHBOJ[FTMBCPSTVDIUIBUFBDIIPVTFIPMENFNCFSDBOQBSUJDJQBUF JOBMMBDUJWJUJFTPGUIFGBSNѮFIPVTFIPMEIFBEPSUIFIVTCBOENBJOMZEPFT UIFMBOEQSFQBSBUJPOGPSBMMGBSNTXIJMFUIFXJGFIFMQTJOUIFQMBOUJOH XFFEJOH BOEIBSWFTUJOHBDUJWJUJFT6TVBMMZ IPVTFIPMETVUJMJ[FPVUTJEFMBCPSEVSJOHMBOE QSFQBSBUJPOBOEXFFEJOHFTQFDJBMMZJOUIFSJDFBOEWFHFUBCMFêFMET *OUFHSBUFEGBSNJOHTUSBUFHJFTBSFQSFGFSSFECZIPVTFIPMETCFDBVTFPGSJTLTBOE VODFSUBJOUZEVFUPCBEXFBUIFS TVDIBTESPVHIUBOEUIFPDDVSSFODFPGUZQIPPOT BOEQSJDFëVDUVBUJPOT.BJOUBJOJOHBSJDFQBEEZQSPWJEFTTUBCMFGPPETVQQMZ ѮSPVHIUIFWFHFUBCMFGBSNT DBTIDBOCFHFOFSBUFEJOBTIPSUUJNFXIJDIUIF IPVTFIPMEOFFETUISPVHIPVUUIFZFBS5SFFTBSFNBJOUBJOFEBUBWFSZMPXDPTU XIJMFFOTVSJOHBGVUVSFJODPNFBOEBTPVSDFPGUJNCFSGPSIPVTFDPOTUSVDUJPO %VSJOHJEMFNPOUIT UIFIPVTFIPMENBZFOHBHFJOIBOEJDSBѫT QBSUJDVMBSMZ NBLJOHPGTPѫCSPPNTVUJMJ[JOHUIFUJHFSHSBTTBTSBXNBUFSJBMTXIJDIUIFZDBO HSPXJOWBDBOUQPSUJPOPGUIFJSGBSNT.
(29) . */7&45*/( */ 5)& -"/% . 'PSUIJTDBTF FTUBCMJTINFOUBOEQSPEVDUJPODPTUTBOECFOFêUTGPSFBDITVCQMPU JTQSFTFOUFE &TUBCMJTINFOUDPTUTPGUIFJOUFHSBUFEGBSNJOHTZTUFN 5BCMFTIPXTUIFFTUBCMJTINFOUDPTUTPGUIFJOUFHSBUFEIFDUBSFGBSN XIJDIJTBEPQUFEGSPNUIFBWFSBHFBSFBPGBOBHSPGPSFTUSZPSUSFFQMBOUBUJPO HFOFSBUFEGSPNUIFIPVTFIPMETVSWFZ'PSQSBDUJDBMSFBTPOT UIFIPVTFIPMEQVUB GFODFBSPVOEUIFMBOECPVOEBSZ*OBEEJUJPO BLOBQTBDLTQSBZFSJTOFFEFEUIBU DBOCFVTFEJOBMMUIFQSPEVDUJPOTVCTZTUFNTHJWFOBTZTUFNBUJDXPSLTDIFEVM JOHPGUIFGBSNFS 5BCMFo&TUBCMJTINFOUBOENBJOUFOBODFDPTUTPGBIFDUBSFJOUFHSBUFEGBSNJOHTZT UFN7BMVFTJOQBSFOUIFTJTBSFGPSBPOFIFDUBSFJOUFHSBUFEGBSN *UFNT. -BCPS NBOEBZT 2VBOUJUZ. 6OJUDPTUT 1IQ. 5PUBMDPTUT 1IQ. QDT. . . SPMMT. . . TFU. . . . . . NBOEBZT. . . .BUFSJBMDPTUT 1PTUTGPSGFODJOH #BSCFEXJSFJOMBOECPVOEBSJFT ,OBQTBDLTQSBZFS .BJOUFOBODFPGQPTUT -BCPSDPTUT 1VUUJOHVQQPTUTCBSCFEXJSF 5PUBMDPTUT. . 5BCMFT BOEQSFTFOUUIFFTUBCMJTINFOUBOEQSPEVDUJPODPTUT PGUIFEJĒFSFOUQSPEVDUJPOTVCTZTUFNTGPSUIFIFDUBSFIPVTFIPMEGBSN $POTUSVDUJPODPTUTJOUIFJOJUJBMZFBSDPNQSJTFUIFNBKPSDPTUPGMPXMBOESJDF GBSNJOHXIJDIIPVTFIPMETVOEFSUBLFDPOTJEFSJOHUIFBWBJMBCJMJUZPGTBWJOHTBOE DVSSFOUJODPNFUPêOBODFUFSSBDJOH-BCPSJTUIFNPTUOFFEFEJOQVUCVUNJT DFMMBOFPVTFYQFOTFT TVDIBTGPPE ESJOLT BOEEZOBNJUFTBSFBMTPJODMVEFEJO UIFBOBMZTJT%VFUPUIFIJHIJOWFTUNFOUDPTUGPSUFSSBDJOHBOEUIFCVEHFUDPO TUSBJOUTGBDJOHBIPVTFIPME UIFUPUBMBSFBGPSSJDFUFSSBDFTJTNBJOUBJOFEBU IFDUBSFXIJDIJTFRVBMUPUIFBSFBPGUIFPUIFSTVCTZTUFNTBTEFTDSJCFEBCPWF 'PSWFHFUBCMFHBSEFOJOH UPNBUPBOEQPMFCFBOTBSFHSPXOJOUIFêSTUBOETFD POEDSPQQJOH SFTQFDUJWFMZ)PVTFIPMETVTVBMMZGPMMPXDSPQSPUBUJPOCFMJFWJOH UIBUZJFMEEFDSFBTFTTJHOJêDBOUMZJGTJNJMBSDSPQJTHSPXOPOUIFMBOETVDDFT TJWFMZ4FFECFEQSFQBSBUJPOBOEUSBOTQMBOUJOHBSFSFRVJSFEPOMZJOUPNBUPQSP EVDUJPOXIJMFEJSFDUMZQMBOUJOHPGTFFET HBUIFSJOHBOEQVUUJOHVQPGQPMFT BOE WJOFUSBJOJOHBSFBDUJWJUJFTEPOFPOMZJOUIFHSPXJOHPGTUSJOHPSQPMFCFBOTѮF BTTVNQUJPOTPGQSPEVDUJPODPTUTBOECFOFêUTVTFEJO4FDUJPOXJMMCFVTFE JOUIJTTFDUJPOQBSUJDVMBSMZGPSUIFIFDUBSFWFHFUBCMFHBSEFOJOHTVCTZTUFNJO UIFIBJOUFHSBUFEGBSN"TTUBUFEBCPWF UIJTCFDPNFTIFDUBSFJGUIFUPUBM.
(30) $045 #&/&'*5 "/"-:4*4 0' 5&33"$*/(. . $0 /5063 #6/%4 "/% 53&& 1-"/5*/( . 5BCMFo$BQJUBM MBCPS BOEPUIFSQSPEVDUJPOJOQVUTPGBIFDUBSFMPXMBOESJDFUFSSBDFT DPNQPOFOUGPSBIFDUBSFJOUFHSBUFEMBOEVTFTZTUFN $BQJUBM -BCPS PUIFS QSPEVDUJPOJOQVUT. -BCPS NBO EBZT2VBOUJUZ. 6OJU$PTU 1IQ. 5PUBM$PTU 1IQ. . . . . . . . . $IBOOFMDPOTUSVDUJPO TUZFBS. . . . 3FQBJSNBJOUFOBODFPGDIBOOFMT. . . . .JTDFYQFOTFT QFSZFBSEVSJOH DPOTUPGDIBOOFMT. . . . $POTUSVDUJPO$PTU 5FSSBDFDPOTUSVDUJPO QFSZFBSGPSZST 3FQBJSBOENBJOUFOBODFPGUFSSBDFT .JTDFYQFOTFT QFSZFBSEVSJOH DPOTUSVDUJPOQFSJPEPGUFSSBDFT. . 4VCUPUBM. TU. OE. DSPQ. OEDSPQ. . . . . . . . DSPQ. DSPQ. 4FFECFEQSFQBSBUJPOTPXJOH. . . -BOEQSFQBSBUJPO. . -BCPSGPSSJDFDVMUJWBUJPO IB. 1VMMJOHPGTFFEMJOHT. TU. . . . . . . . . . . . . . . . *SSJHBUJOH. . . . . . 8FFEJOH. . . . . . .BOVBMIBSWFTUJOH. . . . . . )BVMJOHUPSFTJEFODF. . . . . . 5SBOTQMBOUJOH 'FSUJMJ[FSQFTUJDJEFBQQMJDO. 5ISFTIJOH PGUPUIBSWFTU. . . . . 5SBOTQPSUDPTUUPNBSLFU 1IQ LHPGQSPETPME. . . . . . . 4VCUPUBM 0UIFSQSPEVDUJPOJOQVUT 4FFET 1FTUJDJEF. LH. . . MJUFS. . . 'FSUJMJ[FS 6SFBDPNQMFUF. CBH. . . ,OBQTBDLTQSBZFS. TFU. . . 4QSBZFSSFQBJS TUBSUJOHPOUIFSE ZFBSFWFSZBGUFSPOFZFBSUIFSF BGUFSSFQMBDFNFOUFWFSZZFBST. TFU. ZS SFQBJS ZS. SFQBJS. SFQMBDFNFOU. 4VCUPUBM. FYDM SFQBJSPGLTQSBZFS.
(31) . */7&45*/( */ 5)& -"/% . BSFBPGUIFJOUFHSBUFEGBSNSFEVDFTUPPOFIFDUBSFѮVT UIFQSPEVDUJPODPTUT QSFTFOUFEJOUIJTTFDUJPOJTGPSIFDUBSF 5BCMFo$BQJUBM MBCPS BOEPUIFSQSPEVDUJPOJOQVUTPGUPNBUPDVMUJWBUJPOJODPOUPVS CVOETXJUIBOBSFBPGIFDUBSF $BQJUBM -BCPS PUIFS QSPEVDUJPOJOQVUT. -BCPS NBOEBZT 2VBOUJUZ. 6OJU$PTU 1IQ. 5PUBM$PTU 1IQ. TFU. . . . . . .JTDFMMBOFPVTFYQFOTFT. . . . "OOVBMSFQBJSPGJSSJHGBDJMJUJFT. . . . $BQJUBMDPOTUSVDUJPODPTUT 17$QJQFTBOESBJOCVSTU -BCPSDPTUGPSMBZJOHPVUQJQFT. 4VCUPUBM. . -BCPSGPSUPNBUPDVMUJWBUJPO 4FFECFEQSFQBSBUJPOTPXJOH. . . . -BOEQSFQBSBUJPO IPFJOH. . . . 1VMMJOHPGTFFEMJOHT. . . . 5SBOTQMBOUJOH. . . . .BOVSFBQQMJDBUJPO. . . . $POUPVSCVOENBLJOH. . . . 8FFEJOH. . . . *SSJHBUJOH. . . . 'FSUJMJ[FSQFTUJDJEFBQQMJDBUJPO. . . . .BOVBMIBSWFTUJOH. . . . LH. . . )BVMJOH5SBOTQPSUUPNBSLFU 4VCUPUBM. . .BUFSJBMDPTUT 4FFET 1FTUJDJEF 0SHBOJDGFSUJ DIJDLFONBOVSF. 'FSUJMJ[FS 6SFBDPNQMFUF. 4VCUPUBM. QBDL. . . MJUFS. . . CBHT. . . CBH. . . )PVTFIPMETBQQMZDPOUPVSCVOEJOHJOWFHFUBCMFQSPEVDUJPOXIJDISFRVJSFBE EJUJPOBMMBCPSDPTUCVUUIJTBMTPQSFWFOUTNBTTJWFTPJMFSPTJPOBOESBQJEEFDMJOF PGTPJMGFSUJMJUZѮJTUFDIOJRVFJTQSFGFSSFENPTUMZCZIPVTFIPMETPWFSUIFPUIFS TPJMDPOTFSWBUJPOUFDIOJRVFT TVDIBTIFEHFSPXTBOEBMMFZDSPQQJOH.
(32) $045 #&/&'*5 "/"-:4*4 0' 5&33"$*/(. . $0 /5063 #6/%4 "/% 53&& 1-"/5*/( . 5BCMFo1SPEVDUJPOJOQVUTPGHSPXJOHTUSJOHPSQPMFCFBOTEVSJOHTFDPOEDSPQQJOHJO DPOUPVSCVOETGPSWFHFUBCMFGBSNXJUIBOBSFBPGIB 1SPEVDUJPOJOQVUT. -BCPS NBOEBZT 2VBOUJUZ. 6OJU$PTU 1IQ. 5PUBM$PTU 1IQ. -BOEQSFQBSBUJPO IPFJOH. . . . 1MBOUJOH. . . . .BOVSFBQQMJDBUJPO. . . . $POUPVSCVOENBLJOH. . . . *SSJHBUJOH. . . . (BUIFSJOHPGQPMFNBUFSJBMT. . . . 1VUUJOHVQPGQPMFTUSFMMJT. . . . . . . 8FFEJOH. . . . 'FSUJMJ[FSQFTUJDJEFBQQMJDBUJPO. . . . .BOVBMIBSWFTUJOH. . . . LH. . . -BCPSGPSTUSJOHCFBOTDVMUJWBUJPO. #FBOTWJOFUSBJOJOH. )BVMJOH5SBOTQPSUUPNBSLFU 4VCUPUBM. . 0UIFSQSPEVDUJPOJOQVUT 4FFET. LH. . . 1FTUJDJEF. £ MJUFS. . . 0SHBOJDGFSUJ DIJDLFONBOVSF. CBHT. . . 'FSUJMJ[FS 6SFBDPNQMFUF. CBHT. . . 4VCUPUBM. . "CPVUTFFEMJOHTBSFOFFEFEJOUIFUSFFGBSNDPTUJOHUIFIPVTFIPMETPGBCPVU 1IQѮFTFBSFVTVBMMZQMBOUFEJOUIFTUFFQFSTMPQFTBOEVQTUSFBNQPSUJPO PGUIFGBSNXIJDIEPOPUSFRVJSFGFSUJMJ[BUJPO8FFEJOHBOEBMTPQSVOJOHBDUJWJ UJFTBSFSFRVJSFEUPBUUBJOHPPEUJNCFSTUBOEBOEGBTUFSHSPXUIPGUSFFT 1MBOUJOHPGUJHFSHSBTTJOWBDBOUQPSUJPOTJOUIFGBSNTSFRVJSFTBCPVUNBO EBZTPGMBCPSBOEBOPUIFSPOFNBOEBZJTOFFEFEGPSXFFEJOHCFUXFFOUIF QMBOUTѮFMBCPSBOENBUFSJBMDPTUPGNBLJOHBTPѫCSPPNJTFTUJNBUFEBU1IQ QFSQJFDF 3FWFOVF ѮFSJDFUFSSBDFTJTFTUJNBUFEUPQSPEVDFBCPVULHPGHSBJOJOUIFêSTUZFBS CFDBVTFPOMZIFDUBSFJTFYQFDUFEUPCFUFSSBDFEѮJTPVUQVUJODSFBTFTUP LHJOUIFTFDPOEZFBSTJODFUIFBSFBGPSSJDFUFSSBDFTIBTJODSFBTFEUP IFDUBSF"NBYJNVNBOOVBMIBSWFTUPGBCPVULHWBMVFEBU1IQ TUBSUJOHJOUIFUFOUIZFBS.
(33) . */7&45*/( */ 5)& -"/% . 5BCMFo&TUBCMJTINFOUBOENBJOUFOBODFDPTUTPGBIBUSFFGBSN *UFNT. -BCPS NBOEBZT 2VBOUJUZ. 6OJUDPTUT 1IQ. 5PUBMDPTUT 1IQ. TFFEMJOHT. . . %JHHJOHIPMFTUSBOTQMBOUJOH. . . . 8BUFSJOH mSTUZFBST. . . . . . .BUFSJBMDPTUT 4FFEMJOHT QMVTNPSUBMJUZ. -BCPSDPTUT. SE. 8FFEJOH1SVOJOH ZFBSPOXBSET. 5PUBMDPTUT. 1IQ. ѮFUPUBMBOOVBMIBSWFTUPGUPNBUPGSVJUTJTFTUJNBUFEUPCFLH"UBVOJU QSJDFPG1IQQFSLJMPHSBN UIJTJTFRVJWBMFOUUPBOBOOVBMSFWFOVFPGBCPVU 1IQ ѮFFTUJNBUFEBOOVBMZJFMEPGUIFCFBOTJTBCPVULHWBMVFEBU 1IQ ѮFQSJDFQFSLJMPHSBNPGCFBOTJT1IQ 5SFFTBSFUPCFIBSWFTUFEBѫFSUFOZFBSTѮFUJNCFSWPMVNFUPCFIBSWFTUFE GSPNFBDIUSFFJTBTTVNFEUPCFCPBSEGFFUXIJDIDBOCFTPMEBUBVOJUQSJDFPG BCPVU1IQQFSCPBSEGPPUѮFUPUBMOVNCFSPGUSFFTUPCFIBSWFTUFEJTBCPVU UBLJOHJOUPBDDPVOUBCPVUQFSDFOUPGUIFUPUBMQMBOUFEUSFFTOPUSFBEZGPS IBSWFTUPSEVFUPNPSUBMJUZѮVT UIFUPUBMSFWFOVFPGUIFUSFFGBSNJTBCPVU1IQ XIJDIBSFFYQFDUFEPOMZJOUIFUFOUIBOEUXFOUJFUIZFBS ѮFBOOVBMHSPTTSFWFOVFUIBUDPVMECFHFOFSBUFEJOHSPXJOHPGUJHFSHSBTTBOE MBUFSCFNBEFJOUPTPѫCSPPNTJTBCPVU1IQ /FU1SFTFOU7BMVFBOE*OUFSOBM3BUFPG3FUVSO. ѮFIFDUBSFJOUFHSBUFEGBSNIBTBO/17PGBCPVU1IQ PWFSBGPSUZ ZFBSQFSJPEBOEBUBEJTDPVOUSBUFPGQFSDFOUѮFFTUJNBUFE*33JTBCPVU QFSDFOU*GUIFUPUBMBSFBEFDSFBTFTUPPOFIFDUBSF /17DPSSFTQPOEJOHMZ EFDSFBTFTUPBCPVU1IQ BOEUIF*33EFDSFBTFTUPBCPVUQFSDFOU" QFSDFOUESPQJOUIFPVUQVUQSJDFGPSBPOFIFDUBSFBSFBEFDSFBTFTUIF*33UP BCPVUQFSDFOUѮF*33JTBCPVUQFSDFOUJGUIFBWFSBHFQSJDFEFDSFBTFPG FBDIDSPQJTVTFEѮJTQBUUFSOJTTIPXOJO'JHVSF. 4MBTIBOECVSO. LBJOHJO GBSN. )PVTFIPMETDMFBSUIFGPSFTUGPSTMBTIBOECVSODVMUJWBUJPOMPDBMMZLOPXOBT LBJOHJOGBSNJOHѮJTJTEFTDSJCFEBTUIFDMFBSDVUUJOHPGUSFFTJOGPSFTUMBOETBU UIFCFHJOOJOHPGUIFESZTFBTPOVTVBMMZCFHJOOJOHPGUIFZFBSJO+BOVBSZ#VSO JOHJTEPOFQSJPSUPUIFSBJOZTFBTPOVTVBMMZBUUIFCFHJOOJOHPG.BSDIPGFWFSZ ZFBSUPIBWFFēDJFOUCVSOJOH$PNQMFUFCVSOJOHJTUIFHPBMPG LBJOHJOGBSNFST.
(34) $045 #&/&'*5 "/"-:4*4 0' 5&33"$*/(. . $0 /5063 #6/%4 "/% 53&& 1-"/5*/( . UPFYQPTFUIFTPJMGPSFBTZQMBOUJOHUIVTSFRVJSJOHUIFGFMMFEUSFFTBOEVOEFS HSPXUIWFHFUBUJPOUPCFDPNQMFUFMZESZ"SBJOGBMMFWFOUQSJPSUPCVSOJOHJTB EJTBEWBOUBHFPVTUPUIFGBSNFSTPUIBUCVSOJOHTIPVMECFVOEFSUBLFOCFGPSFUIF TUBSUPGUIFSBJOZTFBTPO*GOPUCVSOFEFēDJFOUMZ UIFVOCVSOFEUSFFTBSFDPM MFDUFEBOEUIFOSFCVSOFE SFRVJSJOHBEEJUJPOBMMBCPSGPSUIFIPVTFIPME "TTVNQUJPOT. "TEFTDSJCFEBCPWF TMBTIBOECVSOSFRVJSFTJOJUJBMMBCPSGPSDMFBSJOHBOECVSO JOH*GGFMMFEUSFFTBOEVOEFSHSPXUIBSFOPUCVSOFEFēDJFOUMZ BEEJUJPOBMMB CPSJTOFFEFEGPSUIFDPMMFDUJPOBOESFCVSOJOHPGNBUFSJBMTOPUCVSOFEEVSJOH UIFJOJUJBMCVSOJOHBDUJWJUZ)PVTFIPMETVTVBMMZQSFGFSBTFDPOEBSZGPSFTUUPEP TMBTIBOECVSOGBSNJOHCFDBVTFTNBMMUSFFTQSFTFOUJOUIFTFBSFBTBSFFBTJMZDVU BOECVSOFEXIJDISFRVJSFMFTTMBCPSEVSJOHUIFDMFBSJOHQSPDFTT*OUIJTBOBMZ TJT IPVTFIPMETBSFDBTIDPOTUSBJOFETPUIBUMBCPSJTUIFBWBJMBCMFSFTPVSDFVUJ MJ[FEJOBDRVJSJOHMBOET 1SPEVDUJPODPTUT 5BCMFTIPXTUIFMBCPSBOENBUFSJBMDPTUTPGTMBTIBOECVSOGBSNJOHGPSUIF DVMUJWBUJPOPGVQMBOESJDFJOUIFêSTUDSPQQJOHGPMMPXFECZOBUJWFXIJUFDPSOJO UIFTFDPOEDSPQQJOHѮFDMFBSFEMBOEVOEFSHPFTBGBMMPXQFSJPEPGUISFFZFBST BѫFSDVMUJWBUJOHUIFMBOEGPSUISFFDPOTFDVUJWFZFBST'BMMPXQFSJPEJODSFBTFTUP êWFZFBSTBѫFSUISFFDPOTFDVUJWFDVMUJWBUJPOGBMMPXDZDMFTJOPSEFSUPNBJOUBJO UIFJOJUJBMQSPEVDUJPOMFWFMTGSPNUIFMBOE 5BCMFo-BCPSBOENBUFSJBMDPTUTPGTMBTIBOECVSOGBSNJOH IB. 1SPEVDUJPOJOQVUT VQMBOESJDFJO TUDSPQQJOH DPSOOEDSPQQJOH. -BCPS NBOEBZT 2VBOUJUZ. 6OJU$PTU 1IQ. 5PUBM$PTU 1IQ. . . . -BCPS $MFBSDVUUJOH #VSOJOHSFCVSOJOH. . . . 1MBOUJOH. . . . 8FFEJOH. . . . .BOVBMIBSWFTUJOH. . . . )BVMJOHUPSFTJEFODF. . . . . . 5SBOTQPSUUPNBSLFU 1IQLHPGQSPETPME. 4VCUPUBM. . .BUFSJBMJOQVUT 4FFET. LH LH. . 4VCUPUBM /PUF/VNCFSTJOQBSFOUIFTJTBSFGPSDPSODVMUJWBUJPOJOUIFTFDPOEDSPQQJOH. . .
(35) . */7&45*/( */ 5)& -"/% . 3FWFOVF )PVTFIPMEJODPNFHFOFSBUFEGSPNTMBTIBOECVSOGBSNJOHDPOTJTUTPGUIFDSPQ ZJFMETGSPNUIFVQMBOESJDFBOEDPSOEVSJOHUIFêSTUBOETFDPOEDSPQQJOH SF TQFDUJWFMZ6QMBOESJDFZJFMEJTFTUJNBUFEBUBCPVULHXIJMFUSBEJUJPOBMXIJUF DPSOZJFMEJTBCPVULH"UBVOJUQSJDFPG1IQBOE1IQQFSLHPGSJDF BOEDPSO SFTQFDUJWFMZ UIFUPUBMBNPVOUPGJODPNFHFOFSBUFEGSPNUIFMBOEJT BCPVU1IQ QFSZFBS%VSJOHUIFGBMMPXQFSJPE BOJODPNFPGBCPVU1IQ JTBTTVNFEUPCFHFOFSBUFEGSPNDPWFSDSPQTVTVBMMZPOGBMMPXMBOE MJLF TXFFUQPUBUPBOEUBSP /FU1SFTFOU7BMVFBOE*OUFSOBM3BUFPG3FUVSO. ѮF/17PGTMBTIBOECVSOGBSNJOHJTBCPVU1IQXIJMFUIF*33JTFTUJ NBUFEBUBCPVUQFSDFOU/FHBUJWF/17TPDDVSJGUIFEJTDPVOUSBUFJTIJHIBU BCPVUQFSDFOUBOEUIFQSJDFEFDSFBTFTCZQFSDFOUѮF*33WBMVFTCFDPNF WFSZMPX TJOHMFEJHJU XJUIDPSSFTQPOEJOHEFDSFBTFJOQSJDFTѮFTFMPXWBMVFT BSFUIFNBKPSSFBTPOTXIZUIFIPVTFIPMETIBWFUPBCBOEPOUIJTQSBDUJDFBѫFS TFWFSBMZFBSTBOEUSBOTGPSNUIFJSMBOETUPBNPSFQFSNBOFOUGBSNJOHTZTUFN 0CWJPVTMZJOUIFFDPOPNJDDPOUFYU UIFPOMZSBUJPOBMFCFIJOE LBJOHJONBLJOH JTUIBUJUPQFOTVQUIFGPSFTUGPSPUIFS NPSFWJBCMFMBOEVTF BOEUIBUUIJTNBZ CFBDIJFWFEXJUIPVUNBUFSJBMJOQVUT IFODFBDDFTTJCMFGPSUIFQPPSBOENJHSBOU GBSNFST2VJDLMZZJFMEJOH BUMFBTUTPNFSJDFGPSTVSWJWBM LBJOHJOJTUIFLFZPQ UJPOGPSUIFêSTUZFBSTPGQJPOFFSGBSNJOH. *OWFTUNFOUJODIJMESFOTFEVDBUJPO 0OFPGUIFBTQJSBUJPOTPGBIPVTFIPMEIFBEJTTFOEJOHUIFJSDIJMESFOUPTDIPPM CFZPOEUIFTFDPOEBSZMFWFMXIJDIJTFJUIFSUXPZFBSWPDBUJPOBMDPVSTFPSBGPVS ZFBSDPVSTFJOUIFDPMMFHFMFWFMѮFQSFTFODFPGTDIPPMGBDJMJUJFTJOBMNPTUBMM CBSBOHBZTJOUIF1IJMJQQJOFTBOEUIFHPWFSONFOUTGSFFFEVDBUJPOQPMJDZFOBCMFE UIFIPVTFIPMETUPTFOEUIFJSDIJMESFOXJUIPVUNVDIFYQFOTFJOUIFFMFNFOUBSZ MFWFM*OUIFMBUFT GSFFFEVDBUJPOQPMJDZFYQBOEFEJOUIFTFDPOEBSZMFWFMCVU IPVTFIPMETTUJMMIBWFUPTQFOEIJHIFSBNPVOUUIBOUIBUJOUIFFMFNFOUBSZMFWFM FTQFDJBMMZXIFOTFDPOEBSZTDIPPMGBDJMJUJFTBSFMPDBUFEBXBZGSPNUIF CBSBO HBZTѮJTTJUVBUJPOJTPCTFSWFECZ&EFS JO4BO+PTF 1BMBXBO TUBUJOH UIBUBCPVUUPQFSDFOUPGUIFDIJMESFOHSBEVBUFEGSPNUIFTFDPOEBSZMFWFM ѮVT FEVDBUJPOBMEJĒFSFOUJBUJPOPGDIJMESFOJO1IJMJQQJOFWJMMBHFTJTPCTFSWFE POUIPTFXIPTUPQQFEHPJOHUPTDIPPMBѫFSêOJTIJOHTFDPOEBSZBOEUIPTFXIP BUUFOEDPMMFHFJOBUXPZFBSPSGPVSZFBSDPVSTF 1TBDIBSPQPVMPT JOUSPEVDFENFUIPETPGEFUFSNJOJOHUIFJOUFSOBMSBUFPG SFUVSOPGJOWFTUNFOUJOBDIJMETFEVDBUJPOXIJDIBSFBEPQUFEJOTFWFSBMEF WFMPQJOHDPVOUSJFTJODMVEJOHUIF1IJMJQQJOFT*ONZBOBMZTJT *VTFEUIFAGVMM EJTDPVOUJOHNFUIPE.
(36) $045 #&/&'*5 "/"-:4*4 0' 5&33"$*/(. $0 /5063 #6/%4 "/% 53&& 1-"/5*/( . . "TTVNQUJPOT. )PVTFIPMET TQFDJêDBMMZQBSFOUT BSFDPODFSOFEBCPVUUIFGVUVSFPGUIFJSDIJM ESFOGPSFNPTUPGXIJDIJTBUUBJOJOHBDPMMFHFFEVDBUJPOѮJTJTBGPSNPGJOWFTU NFOUPGUIFIPVTFIPMEXIJDIDBODPNQFUFXJUIGBSNJOWFTUNFOU"IPVTFIPME NFNCFSXIPêOJTIFTBDPMMFHFEFHSFFJTFYQFDUFEUPHFUBKPCTPNFXIFSFBOE HFOFSBUFJODPNFUIBUIFMQTPVUUIFêOBODJBMTUBCJMJUZPGUIFIPVTFIPME)FJTBMTP FYQFDUFEUPTFOESFNJUUBODFTUIBUDBOCFVTFEJOGBSNJOHBDUJWJUJFT ѮFSFBSFUXPFEVDBUJPOBMQBUIXBZTCFZPOETFDPOEBSZFEVDBUJPOUIBUBSFDPO TJEFSFEJOUIJTBOBMZTJTFOSPMMJOHJOBUXPZFBSDVSSJDVMVNBUBQSJWBUFDPMMFHF PSVOJWFSTJUZPSFOSPMMJOHJOBGPVSZFBSDVSSJDVMVNBUBTUBUFDPMMFHFPSVOJWFS TJUZ%JĒFSFODFTJOFEVDBUJPOBMFYQFOTFTCFUXFFOUIFQSJWBUFBOETUBUFDPMMFHFT PSVOJWFSTJUJFTBSFWFSZTJHOJêDBOU"MUIPVHIFYQFOTFTBSFIJHIJOUIFQSJWBUF TDIPPM TPNFQBSFOUTDIPPTFUPTFOEUIFJSDIJMESFOUPUBLFUFDIOJDBMDPVSTFT JOBHSJDVMUVSF NJEXJGFSZ DPNQVUFSTDJFODFBOEPUIFST XJUIBTIPSUEVSBUJPO FTQFDJBMMZJGUIFIPVTFIPMETBSFMBSHFBOEIBWFBMJNJUFEJODPNF0UIFSQBS FOUTBOEDIJMESFOTUJMMQSFGFSBGPVSZFBSDVSSJDVMVNEVFUPIJHIFSQSPCBCJMJUZ PGFNQMPZNFOUBOEIJHIFSTBMBSJFTCVUDIPPTJOHUPFOUFSJOBTUBUFDPMMFHFPS VOJWFSTJUZCFDBVTFPGTJHOJêDBOUMZMPXFSGFFTѮVT UIFDPTUCFOFêUBOBMZTFTBSF QSFNJTFEPOUIFTFUXPPQUJPOT ѮFWBMVFTPGUIFDPTUTPGFEVDBUJPOBSFCBTFEGSPNLFZJOGPSNBOUJOUFSWJFXTPG WJMMBHFMFBEFSTBOEUFBDIFSTѮFWJMMBHFMFBEFSTXFSFBTLFEPOUIFFYQFOTFTUIFZ FODPVOUFSFEJOTFOEJOHUIFJSDIJMESFOUPTDIPPMXIJMFUIFUFBDIFSTXFSFBTLFE UIFQPTTJCMFDPMMFDUJPOPOFBDIPGUIFJSQVQJMTPSTUVEFOUTXIJDIJTOPUQSPWJEFE CZUIFHPWFSONFOU QBSUJDVMBSMZUIF%FQBSUNFOUPG&EVDBUJPO %FQ&E 0OUIFPUIFSIBOE UIFTBMBSJFTPSXBHFTPGQFSTPOTVQPOFNQMPZNFOU XIJDI BSFUIFEJSFDUCFOFêUTPGFEVDBUJPO BSFCBTFEPOUIF3FWJTFE2VBMJêDBUJPO 4UBOEBSETPGUIF$JWJM4FSWJDF$PNNJTTJPO $4$ PGUIF1IJMJQQJOFT .FNP SBOEVN$JSDVMBS/P T BOEUIF4BMBSZ4DIFEVMFDPWFSFEJO&YFDVUJWF 0SEFS/PPGJNQMFNFOUFEJO/PWFNCFS.FNPSBOEVN$JS DVMBS/PTQFDJêFTUIFRVBMJêDBUJPOSFRVJSFNFOUTGPSFBDIQPTJUJPOTVDIBT FEVDBUJPOBMBUUBJONFOU FMJHJCJMJUZBOEFYQFSJFODFTXIJMF&YFDVUJWF0SEFS/P QSFTDSJCFTUIFTBMBSZPGFBDIQPTJUJPOJODMVEJOHBEKVTUNFOUTEVFUPTBMBSZ JODSFBTFTѮFWBMVFTJOUIJTFYFDVUJWFPSEFS IPXFWFSJTDPSSFDUFEGPSMJLFMJIPPE PGVOFNQMPZNFOU'PSUIFQFSJPEUP UIFBWFSBHFVOFNQMPZNFOUSBUF PGUIF1IJMJQQJOFTJTBCPVUQFSDFOU .BOHVJBUFUBM $PTUTPGFEVDBUJPOBOEGPSFHPOFCFOFêUT ѮFDPTUTPGFEVDBUJPOBSFCBTFEPODIJMESFOTDMPUIJOHTJODMVEJOHTDIPPMVOJ GPSNT EBJMZBMMPXBODFT QBSFOUTAWPMVOUBSZDPOUSJCVUJPOTPSEPOBUJPOT BOE TDIPPMGFFTJOTFDPOEBSZBOEDPMMFHFMFWFMT'PSFHPOFCFOFêUTEVFUPMPTTPGMB CPSUIBUDPVMEIBWFCFFOUBLFOCZUIFDIJMESFOBSFBMTPDPOTJEFSFEBTBOBEEFE DPTU*OBTUVEZPGFEVDBUJPOJOUIF1IJMJQQJOFT UIF8PSME#BOL FTUJNBU.
(37) . */7&45*/( */ 5)& -"/% . FEUIFIPVTFIPMETEJSFDUQSJWBUFDPTUTPGFMFNFOUBSZFEVDBUJPOBTQFSDFOU PGUIFUPUBMDPTUT JODMVEJOHDPTUTUPTPDJFUZ PGBCPVU1IQQFSZFBSJO QSJDFTѮJTJTFRVJWBMFOUUP1IQQFSZFBSJOQSJDFTBOEFYDMVEFTDPTUT PGTDIPPMVOJGPSNT NFBMTBOECPBSEJOH BOEUIFPQQPSUVOJUZDPTUPGGPSFHPOF FBSOJOHTPGUIFDIJMEXIJMFJOTDIPPM 4DIPMBSTIJQHSBOUTBSFWFSZMJNJUFEBOEJGUIFZFYJTU UIFZBSFTPDPNQFUJUJWFUIBU HFUUJOHPOFJTBMNPTUOPUQPTTJCMF *OB1IJMJQQJOFWJMMBHFTDIPPMTFUUJOH BDIJMEJTFODPVSBHFEUPXFBSDMFBODMPUIFT FWFSZEBZTVDIUIBUBQBSFOUJTPCMJHFEUPCVZêWFTFUTPGDMPUIFTJOBHJWFOZFBS JODMVEJOHUXPTFUTPGTDIPPMVOJGPSNT"OFYUSBDMPUIJOHBOEBQBJSPGTIPFT BSFBMTPOFFEFEGPSTQFDJBMPDDBTJPOTPSTDIPPMQSPHSBNTXIJDIUIFDIJMESFO BSFPCMJHFEUPBUUFOECVUUIFTFBSFQVSDIBTFEPOMZFWFSZUXPZFBST5XPTFUT PGUIFTFDMPUIFTBSFUPCFDIBOHFEUXJDFBZFBSUIBUJT NPOUITPG+VOFBOE %FDFNCFSXIJDIBSFBUUIFCFHJOOJOHBOENJEEMFPGFWFSZTDIPPMZFBSCVUUIF EJĒFSFOUJBMQSJDFTUPUIBUPGPSEJOBSZDMPUIFTJGUIFDIJMEJTOPUHPJOHUPTDIPPM BSFDPOTJEFSFEJOUIJTBOBMZTJTѮFDPTUPGDMPUIJOHUIFOJTBTTVNFEUPCF1IQ BOOVBMMZGPSUIFêSTUTJYZFBSTPGFMFNFOUBSZFEVDBUJPOѮJTJTSFEVDFEUP 1IQBOOVBMMZBѫFSUXPZFBSTJGUIFTDIPPMVOJGPSNTBSFSFQMBDFEEVSJOHUIJT QFSJPEѮJTJODSFBTFTUP1IQQFSZFBSJOUIFTFDPOEBSZBOEDPMMFHFMFWFMT XJUIJOUFSWBMSFEVDUJPOPG1IQ ѮFBOOVBMUPUBMTDIPPMDPTUTUPTQFOEGPSUSBOTQPSU TOBDLTBOEPUIFSTJT1IQ QFSZFBSJOUIFFMFNFOUBSZMFWFM 1IQQFSZFBSJOUIFTFDPOEBSZMFWFM BOE1IQ JOUIFDPMMFHFMFWFM ѮF1IJMJQQJOFHPWFSONFOUQSPWJEFTGSFFUVJUJPOGFFTJOUIFFMFNFOUBSZBOETFD POEBSZMFWFMTCVUJUJTBTTVNFEUIBUPUIFSTDIPPMGFFTPGBCPVU1IQQFSZFBS JOUIFFMFNFOUBSZMFWFMBOE1IQQFSZFBSQFSTUVEFOUTJOQVCMJDPSQSJWBUF TFDPOEBSZTDIPPMTBSFDPMMFDUFEGSPNQBSFOUT*GUIFDIJMESFHJTUFSTJOBUXPZFBS DPVSTFBUBQSJWBUFTDIPPM TDIPPMGFFTBSFFTUJNBUFEBUBCPVU1IQ JOUIF êSTUZFBSJODSFBTJOHUPBCPVU1IQ JOUIFTFDPOEZFBSJOXIJDIIFHSBEV BUFT*OBGPVSZFBSDPVSTFBUBTUBUFDPMMFHFPSVOJWFSTJUZ BOOVBMTDIPPMGFFTBSF FTUJNBUFEBUBCPVU1IQ1BSUJDJQBUJPOJOFEVDBUJPOBMêFMEUSJQDPVMEDPTU UIFQBSFOUTUPBCPVU1IQQFSZFBS %VSJOHUIFFMFNFOUBSZQFSJPEPGUIFDIJME GPSFHPOFCFOFêUTEVFUPMPTTPGMBCPS JTPCTFSWFEPOUIFQBSUPGUIFQBSFOUTXIPDPVMEOPUHPJOUPUIFêFMECFDBVTFOP POFJTMFѫJOUIFIPVTFUPEPIPVTFIPMEDIPSFTPSUPUBLFDBSFGPSUIFZPVOHFS CSPUIFST*OBHJWFOZFBS UIJTMPTTPGMBCPSJTFTUJNBUFEUPCFBCPVUNBOEBZT FRVJWBMFOUUPBCPVU1IQ.
GERELATEERDE DOCUMENTEN
3FHSFTTJPOBOBMZTJTPGIPVTFIPMETJOWFTUNFOUJOMBOERVBMJUZ ѮFNBKPSJOWFTUNFOUTJOMBOERVBMJUZ "DPODFQUVBMNPEFMPGJOWFTUNFOUCFIBWJPVS
r BOPUIFSWJMMBHFOPUTPGBSGSPN.BOJMBXJUIMPXQPQVMBUJPOEFOTJUZCVUJO BHPPENBSLFUQPTJUJPOCFDBVTFJUJTDMPTFUPUIFIJHIXBZBOEXJUIBHPPE DMJNBUFGPSVSCBOWFHFUBCMFT #BMFUF
'PSFTUEFHSBEBUJPOBOESFTPVSDF DPOTFSWBUJPOJOUIF1IJMJQQJOFT
PBUT 0OUIFBWFSBHF HPBUTQFSIPVTFIPMETBSFPXOFECZBCPVUQFSDFOUPGUIFUPUBM IPVTFIPMETѮFTFBSFTPMEXJUIJOPSPVUTJEFPGUIFCBSBOHBZBUBQSJDFSBOHJOH GSPN1IQ UP1IQ QFSIFBE
UIF1IJMJQQJOFT DVMUJWBUJPOPOMBOETXJUITMPQFTIJHIFSUIBOJTQSPIJCJUFE BOEJOTUFBEGBSNFSTBSFFODPVSBHFEUPSFTFSWFUIFTFBSFBTGPSUSFFT
FĒFDU QSPEVDUJPOPQUJPOTUIBUHFOFSBUFJODPNFPOMZJOBCPVUêWFUPUFOZFBST BTJONBOZDPOTFSWBUJPOQSBDUJDFT EJTDPVSBHFIPVTFIPMET *OUIFDPTUBOECFOFêUBOBMZTJTPG$IBQUFS
QSFTDSJQUJPOJTUIFNPOJUPSJOHBOEFWBMVBUJPONFDIBOJTNTUIBUGVSUIFSQSP NPUFUBLJOHBDUJPOPOUIFHPBMT AFOET PGTVTUBJOBCJMJUZ'PSFYBNQMF
BOOVBMDSPQT MPXMBOESJDF VQMBOESJDF OBUJWFDPSO ZFMMPXDPSO XIJUFDPSO NVOHP DPXQFBT TUSJOHCFBOT PUIFS TQFDJGZ.. &m'VUVSFJOWFTUNFOUT PXMJLFMZBSFGVUVSFJOWFTUNFOUTJO QMFBTFDIFDL