Citation
Cacao Value Chain Analysis in Belize

Material Information

Title:
Cacao Value Chain Analysis in Belize
Creator:
Mander, Gentry
Place of Publication:
[Gainesville, FL]
Publisher:
University of Florida
Publication Date:
Language:
English
Physical Description:
Project in lieu of thesis

Thesis/Dissertation Information

Degree:
Master's
Degree Grantor:
University of Florida
Committee Chair:
Schmink, Marianne
Committee Co-Chair:
Ankersen, Thomas

Subjects

Subjects / Keywords:
Agricultural land ( jstor )
Cacao ( jstor )
Crops ( jstor )
Environmental conservation ( jstor )
Fair trade ( jstor )
Farms ( jstor )
Forests ( jstor )
Market prices ( jstor )
Mayan culture ( jstor )
Prices ( jstor )

Notes

Abstract:
The young developing nation of Belize is struggling with the classic conflict of conservation and development. This conflict is especially pronounced in the rural, southernmost district of Toledo, where the poor constitute a staggering 60.4% of the population and deforestation for agriculture is on the rise. Can these conflicting interests be reconciled? The Belize Cacao Agroforestry Restoration Project initiated by the Belize Foundation for Research and Environmental Education (BFREE) is attempting to promote conservation--‐ friendly agricultural practices that will also economically benefit local small farmers. By promoting cacao agroforestry as an alternative livelihood, BFREE hopes to develop buffer zone to Belize’s biodiversity--‐rich forest reserves. Although organic cacao can be a valuable crop and lessen the threat to forested land and biodiversity, the economic viability of cacao has not been examined in the context of southern Belize. Through informal, semi--‐structured interviews and a review of secondary data, I conducted a value chain analysis to explore the economic opportunities and barriers for smallholder farmers who cultivate organic, shade grown cacao in Belize. This exploratory field practicum tracked the flow and prices of Belizean cacao beans domestically and abroad, analyzed the enabling environment and the service providers, and investigated the market potential and risks for fine flavor, organic, shade grown, bird--‐friendly cacao within the unique context of Belize. The value chain analysis demonstrated that while a strong market exists internationally for cacao, the mechanisms for accessing this market as a small farmer in Belize are insufficient. While the opportunities abound, the challenges faced due to a limited enabling environment and few service providers will be a daunting, but not insurmountable hurdle for reconciling conservation and development objectives.
General Note:
Sustainable Development Practice (MDP) Program final field practicum report
General Note:
The MDP Program is administered jointly by the Center for Latin American Studies and the Center for African Studies.

Record Information

Source Institution:
University of Florida Institutional Repository
Holding Location:
University of Florida
Rights Management:
Copyright Gentry Mander. Permission granted to the University of Florida to digitize, archive and distribute this item for non-profit research and educational purposes. Any reuse of this item in excess of fair use or other copyright exemptions requires permission of the copyright holder.
Resource Identifier:
1039729350 ( OCLC )

Downloads

This item is only available as the following downloads:


Full Text
xml version 1.0 encoding UTF-8
REPORT xmlns http:www.fcla.edudlsmddaitss xmlns:xsi http:www.w3.org2001XMLSchema-instance xsi:schemaLocation http:www.fcla.edudlsmddaitssdaitssReport.xsd
INGEST IEID EDB7S59QT_EFD196 INGEST_TIME 2016-04-21T20:22:17Z PACKAGE AA00023805_00001
AGREEMENT_INFO ACCOUNT UF PROJECT UFDC
FILES


xml version 1.0 encoding UTF-8
REPORT xmlns http:www.fcla.edudlsmddaitss xmlns:xsi http:www.w3.org2001XMLSchema-instance xsi:schemaLocation http:www.fcla.edudlsmddaitssdaitssReport.xsd
INGEST IEID EX0CH0YZT_7OHGSS INGEST_TIME 2016-04-19T22:12:14Z PACKAGE AA00023805_00001
AGREEMENT_INFO ACCOUNT UF PROJECT UFDC
FILES



PAGE 1

!"!"#$%"&'($!)"*+$"+"&,-*-$*+$.(&*/( $ ! ! ! ! ! ! ! ! ! "#"#$!%#&'(!")#*+!#+#&,-*-!*+!.(&*/( ! 012345$672814 $ "$9:1;8$<47=3:=>?$@1AB43$C>D?:3318$:2$A743:7;$E>;E:;;?123$BE$3F1$41G>:41?123C$EB4$7$67C314$ BE$->C37:27D;1$H1I1;BA?123$<47=3:=1$H1J411$73$3F1$'2:I14C:35$BE$9;B4:87K $ :2$07:21CI:;;1K$9&$'-" $ "A4:; $ LMNO $ $ ->A14I:CB45$!B??:3311P $ 674:7221$-=F?:2QK$!F7:4 $ RFB?7C$"2Q14C12K$61?D14 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

PAGE 2

!"!"#$%"&'($!)"*+$"+"&,-*-$*+$.(&*/( $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ H11A$J473:3>81$728$?725$3F72QCK $ 1 CA1=:7;;5$3BP $ $ 65$J>:81$728$E4:128K$(;?14$RS7;7? T $ 65$B4J72:S73:B27;$FBC3CK$U7=BD$674;:2$728$)173F14$.7441 33T $ 65$78I:CB4CK$H4 V$674:7221$-=F?:2Q$728$<4BEV$RFB?7C $ "2Q14C12 T $ 65$8:41=3B4$728$78I:CB4K$H4V$0;122$07;;BW75T $ 65$=BB48:273B4K$!:285$R74314T $ 65$E>2814K$UBF2$HV$728$!73F14:21$RV$67="43F>4$9B>2873:B2 T $ 65$E7?:;5T $ 65$D1C3$E4:128 $ 728$ CB>28:2J$DB748 V $

PAGE 3

!"!"#$%"&'($!)"*+$"+"&,-*-$*+$.(&*/( $ 01234!56!" 5784789 $ *78:5;<=8>57 ???????????????????????????????? ???????????????????????????????? ???????????????????????????????? ???????????????????????????????? ??????????? @ $ .1=AB:5<7;!17;!"5784C8 ???????????????????????????????? ???????????????????????????????? ???????????????????????????????? ???????????????????? D $ .43>E4 ???????????????????????????????? ???????????????????????????????? ???????????????????????????????? ???????????????????????????????? ???????????????????????????????? ??? D $ 01BJ47AF5$X$):C3B45 $ VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVVVVVVVV $ Y $ H1?BJ47AF:=C$728$-B=:B1=B2B?:=C $ VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVVVVVVVVVVV $ O $ (2I:4B2?1237;$*CC>1C $ VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVVVVVVV $ Z $ &728$R12>41 $ VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVV $ [ $ "1=15!17;!"F5=53184 ???????????????????????????????? ???????????????????????????????? ???????????????????????????????? ???????????????????????????????? ?????? G $ ):C3B45$BE$!7=7B$(\AB43:2J$:2$.1;:S1 $ VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVVVVVVVVVV $ ] $ !>;3:I73:B2$72 8$<4B=1CC:2J $ VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVV $ ^ $ *2314273:B27;$674Q13 $ VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVVVVVV $ NM $ !B2C14I73:B2$RF4173C $ VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVVVV $ NY $ .1;:S1$!7=7B$"J4BEB41C345$@1C3B473:B2$<4B_1=3$`.!"@84:18<:4!M4N>4K ???????????????????????????????? ???????????????????????????????? ???????????????????????????????? ?????????????????????????????? @G $ "1=15!#B:565:498:O!-O984J9!>7!.<664:!/5749!65:!"5794:N18>57 ???????????????????????????????? ????????????????????? @G $ P>:4=8!0:1;4!N9?!I1>:!0:1;4 ???????????????????????????????? ???????????????????????????????? ???????????????????????????????? ???????????????????????? QR $ 97:4$R4781 $ VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVV $ LN $ H:41=3$R4781 $ VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVV $ LL $ +>=F4!S1:A48>7B!19!-1648O!+489!65:!.55JT.<98!"O=349 ???????????????????????????????? ???????????????????????????????? ???? QQ $ S48F5;9!U!#713O9>9 ???????????????????????????????? ???????????????????????????????? ???????????????????????????????? ??????????????????????????? QV $ %13<4!"F1>7!#713O9>9 ???????????????????????????????? ???????????????????????????????? ???????????????????????????????? ???????????????????????????????? ???? QV $ P49>B7W!*JH34J47818>57!U!#713O9>9 ???????????????????????????????? ???????????????????????????????? ???????????????????????????????? ???????? QL $ %13<4!"F1>7!'HB:1;>7B ???????????????????????????????? ???????????????????????????????? ???????????????????????????????? ???????????????????????????????? QX $ M49<389!17;!P>9=<99>57 ???????????????????????????????? ???????????????????????????????? ???????????????????????????????? ???????????????????? D@ $ Y4O!#=85:9 ???????????????????????????????? ???????????????????????????????? ???????????????????????????????? ???????????????????????????????? ???????????????????????? D@ $ 6757$6B>237:2$!7=7B$&3 8V $ VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVV $ YN $ RB;18B$!7=7B$04BW14Cb$"CCB=:73:B2 $ VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVVVVVVVV $ YY $ %13<4!"F1>7!56!"1=15!>7!.43>E4 ???????????????????????????????? ???????????????????????????????? ???????????????????????????????? ?????????????????? DD $ 674Q13$67A $ VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVV $ YO $ (27D;:2J$(2I:4B2?123 $ VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVV $ Y] $ -14I:=1$<4BI:814C $ VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVVVVVVVVVVVV $ Y^ $ "5798:1>789!U!$HH5:8<7>8>49 ???????????????????????????????? ???????????????????????????????? ???????????????????????????????? ????????????????????? Z@ $ (27D;:2J$(2I:4B2?123 $ VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVV $ ON $ -14I:=1$<4BI:814C $ VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVVVVVVVVVVVV $ OL $ (\AB43:2J $ VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVV $ OY $ M4=5JJ47;18>579 ???????????????????????????????? ???????????????????????????????? ???????????????????????????????? ???????????????????????????? ZG $ 01BJ47AF:=$*28:=73:B2 $ VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVVV $ O] $ (27D;:2J$(2I:4B2?123$'AJ4781 $ VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVVVVVVVVVVVVVVV $ O] $ !7A7=:35$.>:;8:2J $ VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVVVVVVVVVVVVVVVVVVVVVVV $ O^ $ .>23>5B:1HFO ???????????????????????????????? ???????????????????????????????? ???????????????????????????????? ???????????????????????????????? ???????? [Q $ #HH47;>=49 ???????????????????????????????? ???????????????????????????????? ???????????????????????????????? ???????????????????????????????? ?????????? [G $ #HH47;>C!@\!-1JH34!"1=15!I1:J4:!]<498>579 ???????????????????????????????? ???????????????????????????????? ????????????????????? [G $ #HH47;>C!Q\!-1JH34!"F5=53184!S1A4:!]<498>579 ???????????????????????????????? ???????????????????????????????? ??????????????? [X $ #HH47;>C!D\!-1JH34!(CH5:84:!]<498>579 ???????????????????????????????? ???????????????????????????????? ?????????????????????????????? VR $ $

PAGE 4

!"!"#$%"&'($!)"*+$"+"& ,-*-$*+$.(&*/( $ #298:1=8 RF1$ 5B>2J$ 81I1;BA:2J$273:B2$BE$.1;:S1$ :C$C34>JJ;:2J $ W:3F$3F1$=;7CC:=$=B2E;:=3$BE$ =B2C14I73 :B2$ 728$ 81I1;BA?123V$ RF:C$=B2E;:=3$:C$1CA1=:7;;5$A4B2B>2=18$:2$3F1$4>47;K$ CB>3F142?BC3$8:C34:=3$BE$RB;18B K $ WF141$ 3F1$ AB B4$ =B2C3:3>31$7$ C37JJ14:2J$ [MVO c$ BE$3F1$ ABA>;73:B2$ 728$81EB41C373:B2$ EB4$ 7J4:=>;3>41$:C$B2$3F1$4:C1V$!72$3F1C1$=B2E;:=3:2J$:23141C3C$ D1$41=B2=:;18d$ $ RF1$.1;:S1$!7=7B$" J4BEB41C345$@1C3B473:B2$<4B_1=3$:2:3:7318 $ D5$3F1$.1;:S1$ 9B>2873:B2$EB4$@1C174=F$728$(2I:4B2? 1237;$(8>=73:B2 $ `.9@((a $ :C$7331?A3:2J$3B$ A4B?B31$ =B2C14I73:B2 e E4:128;5$7J4:=>;3>47;$A47=3:=1C$3F73$W:;;$7;CB$ 1=B2B?:=7;;5$ D121E:3$;B=7;$C?7;;$ E74?14CV$ .5$ A4B?B3:2J$ =7=7B$7J4BEB41C345 $ 7C$72$7;314273:I1$;:I1;:FBB8K$.9@(($FBA1C$3B$ 81I1;BA$D>EE14$S B21C$3B$.1; : S1bC$D:B8:I14C:35 e 4:=F$EB41C3$ 41C14I1CV$ ";3FB>JF$B4J72:=$=7=7B$ =72$D1$7$I7;>7D;1$=4BA$728$;1CC12$3F1$3F4173$3B$EB41C318$;728$728$D:B8:I14C:35K$3F1$1=B2B?:=$ I:7D:;:35$BE$=7=7B$F7C$2B3$D112$1\7?:218$:2$3F1$=B231\3$BE$CB>3F142$.1;:S1V$ $ RF4B>JF$:2EB4?7;K$C1?: e C34>=3>418$:2314I:1WC$728$7$41I:1W$ BE$ C1=B28745$8737K$*$ = B28>=318$7$I7;>1$=F7:2$727;5C:C$3B$1\A;B41$ 3F1$1=B2B?:=$BAAB43>2:3:1C$728$D744:14C$ EB4$ C?7;;FB;814$E74?14C$ WFB$ =>;3:I731$B4J72:=K$ CF781$J4BW2 $ =7=7B$:2$.1;:S1V $ RF:C$ 1\A;B473B45$ E:1;8$A47=3:=>?$347=Q18 $ 3F1$E;BW$728$A4:=1C$BE$.1;:S172$=7=7B$D172C$8B?1C3:=7;;5$728$ 7D4B78K$727;5S18$3F1$127D;:2J$12I:4B2?123$728$3F1$C14I:=1$A4BI:814CK$728$:2I1C3:J7318$3F1$ ?74Q13$AB31 23:7;$728$4:CQC$EB4$E:21$ E;7IB4K$B4J72:=K$ CF781$J4BW2 K$D:48 e E4:128;5$=7=7B$W:3F:2$ 3F1$>2:G>1$ =B231\3$BE$.1;:S1V $ $ RF1$I7;>1$=F7:2$727;5C:C$ 81?B2C347318$3F73$WF:;1 $ 7$C34B2J$?74Q13 $ 1\:C3C $ :2314273:B27;;5 $ EB4$=7=7BK$3F1$?1=F72:C?C$EB4$7==1CC:2J$3F:C$?74Q13$7C$7$C?7;;$E74?14$:2$ .1;:S1$ 741$:2C>EE:=:123 V$ fF:;1$3F1$BAAB43>2:3:1C$7DB>28K$3F1$=F7;;12J1C$E7= 18$8>1$3B$7$

PAGE 5

!"!"#$%"&'($!)"*+$"+"& ,-*-$*+$.(&*/( $ ;:?:318$127D;:2J$12I:4B2?123$728$ E1W$C14I:=1$A4BI: 814C $ W:;;$D1$ 7$87>23:2J K$D>3$2B3$ :2C>4?B>237D;1 $ F>48;1$EB4$41=B2=:;:2J$=B2C14I73:B2$728$81I1;B A?123$ BD_1=3:I1C V$

PAGE 6

!"!"#$%"&'($!)"*+$"+"&,-*-$*+$.(&*/( $ N $ *78:5;<=8>57 .1;:S1$C34>JJ;1C$W:3F$7$A41=74:B>C$D7;72=:2J$7=3$7C$:3$81I1;BAC$7C$ 7$273:B2V$#2$B21$ F728K$.1;:S1$F7C$7$8>35$3B$ A4B31=3$:3C$4:=FK$D:B;BJ:=7;;5$8:I14C1$1=BC5C31?CV$#2$3F1$B3F14$ F728K$3F1$273:B2$F7C$3B$=B2C:814$3F1$A47=3:=7;$417;:3:1C$BE$:3C$A1BA;1K$1CA1=:7;;5$.1;:S172Cb$ 2118$3B$1742$7$;:I:2J$728$E118$3F1:4$E7?:;:1CV$ fF:;1$2 73:B27;;5 $ NZV]c $ BE$.1;:S172C$741 $ :28:J123 K$3F:C$2>?D14$_>?AC$C:J2:E:=723;5$:2$3F1$4 >47;$8 :C34:=3$BE$RB;1 8B$WF141$ O^Vg c$BE$3F1$ ABA> ;73:B2$ :C$:28:J123 $ `)7;=4BW$LMNMaV$6 BC3$BE$3F1C1$ :?ABI14:CF18$ :28:I:8>7;C$741$E74?14C $ ` *9"H$LMNY aV $ RF1C1$ E74?14C$741$BE312$3F1 $ A1BA;1$WFBC1$;:I1;:FBB8C$=B2E;:=3$?BC3$W:3F$ =B2C14I73:B2$1EEB43CV$ fF:;1$B2$A7A14$.1;:S1$ F7C$A;7=18$ 7$C:J2:E:=723$7?B>23 $ BE$:3C$;728$ :2$ A4B31=318$7417C $ ` H1%4:1C$13$7; V $ LMMY a K$ 3F:C$A4B31=3:B2$:C$CB?13:?1C$ :21EE1=3:I1 K $ 728$ 3F1$4731$ BE$81EB41C373:B2K $ 1CA1=:7; ;5$ 8>1$3B$ =;174 e = >33:2J$EB4 $ 7J4:=>;3>41K $ :C$B2$3F1$4:C1 $ ` .>3;14$LMNL a V$ .1;:S1$E7=1C$7$8:EE:=>;3$G>1C3:B2$:2$:3C$81I1;BA?123P$!72$ .1;:S1$41=B2=:;1$3F1C1 $ C11?:2J;5$ =B2E;:=3:2J$:23141C3C$BE $ =B2C14I73:B2$728$81I1;BA?123$3F4B>JF$7J4:=>;3>41 d $ $ #4J72:=$=7=7B $ J4BW 2$:2$7$?>;3: e 3:1418 K $ 8:I14C1$EB41C3$=72BA5$W:3F$OM e gMc $ CF781 $ = BI147J1$ =72$D1$7$;>=473:I1$=7CF$=4BA V$* E$3F1$C5C31?$:C$F17;3F5$728$W1;;$?727J18K$:3$=72$7;C B$ 5:1;8$C>DC:C312=1$A4B8>=3C$B4 $ 788:3:B27;$=7CF$=4BACV$ +B3$B2;5$ =B>;8 $ 3F:C$81=417C1$3F1$ 81?728$EB4$ =;17 418 $ ;728K$3F1$C>C37:218$:2=B?1$= B>;8 $ 7;CB$81=417C1$3F1 $ 81?728$EB4 $ B3F14$ EB41C3$41CB>4=1C $ 7C$W1;;$ `fF:2215$ LMNY aV$ !7=7B$7J4BEB41C345$C5C31?C$F7I1$7;CB$D112$ CFBW2$3B$A;75$72$:?AB43723$4B;1$:2$ D:B8:I14C:35$=B44:8B4C$728$ D>EE14$SB21C$EB4$A4B31=318$ 7417C K$7C$3F 1$:237=3$EB41C3$C5C31?$41?7:2C$E7IB47D;1$ EB4$ 72:?7;$F7D:373 $ `0B=QBWCQ:$X$-B2W7$ LMM]a V$ $ $ RF4B>JF $ 7$>2:G>1K $ =BBA1473:I1$ E>28:2J$ 7J411?123$ 3F1$.1;:S1$9B>2873:B2$EB4$ @1C174=F$728$(2I:4B2?1237;$(8>=73:B2 $ `.9@((a $ F7C$:2:3:7318$3F1$.1;:S1$!7=7B$

PAGE 7

!"!"#$%"&'($!)"*+$"+"&,-*-$*+$.(&*/( $ L $ "J 4BEB41C345$@1C3B 473:B2$<4B_1=3$`.!"@< aK$WF:=F $ 7:?C$3B$:?A4BI1$;B=7;$ ;:I1;:FBB8CK $ 1C37D;:CF$D>EE14$SB21C$3B$3F1$6757$6B>237:2$+B43F$9B41C3$@1C14I1 K $ 728$41C3B41 $ 21B34BA:=7; $ ?:J473B45$D:48$F7D:373$:2$R4:B$%:;;7J1K$RB;18B$H:C34:=3K$.1;:S1V$ ";3FB>JF$B4J72:=$=7=7B$=72$D1 $ 7$I7;> 7D;1$=4BA $ 728$;1CC12$3F1$3F4173$3B$EB41C318$;728$728$D:B8:I14C:35K$3F1$1=B2B?:=$ I:7D:;:35$BE$ =7=7B $ F7C$2B3$D112$1\7?:218$:2$3F1$=B231\3$BE$CB>3F142$.1;:S1V$ *3$:C$:?AB43723$ 3F73$B4J72:=K$ CF781$J4BW2 $ =7=7B$F7C$72$7==1CC:D;1 $ 728$A4BE:37D;1 $ B>3;13 $ :2$B4814 $ EB4 $ :3C$ =>;3:I73:B2$3B$ ?113$ 3F1 $ 8>7;$ JB7; C $ BE$:?A4BI18$;:I1;:FBB8C$728$=B2C14I73:B2V$ $ RF1$BD_1=3:I1$BE$?5$E:1;8$A47=3:=>?$W7C$3B$=B28>=3$7$I7;>1$=F7:2$727;5C:C$ BE$=7=7B$ 3F4B>JF$7$41I:1W$BE$C1=B28745$8737$728$3F4B>JF$ C1?: e C34>=3>418$:2314I:1WC$W:3F$;B=7;$ E74?1 4C$728$I74:B>C$7=3B4C$7;B2J$3F1$I7;>1$=F7:2V $ RF1$A>4ABC1$BE$=B28>=3:2J$7$I7;>1$=F7:2$ 727;5C:C $ W7C$3B $ 1\7?:21$3F1$1=B2B?:=$I:7D:;:35$BE$=7=7B $ D5 $ :8123:E5 :2J$ 3F1$1=B2B?:=$ BAAB43>2:3:1C$728$D744:14C$EB4$ C?7;;FB;814$ E74?14C$3F73$=>;3:I731$B4J72:=K$ CF781$J4BW2 $ =7=7B$:2$.1;:S1V $ RF:C$E:1;8$A47=3:=>?$ 347=Q18$3F1$E;BW$728$A4:=1C$BE$.1;:S172$=7=7B$ D172C $ 8B?1C3:=7;;5$728$7D4B78K$ 727;5S18$3F1$127D;:2J$12I:4B2?123$728$3F1$C14I:=1$A4BI:814C K $ 728$:2I1C3:J7318$3F1$?74Q13$AB3123:7;$ 728$4:CQC$ EB4$ E:21$ E;7IB4 K$B4J72:=K$ CF781$ J4BW2 K$D:48$ E4:128;5$=7=7B$W:3F:2$3 F1$>2:G>1$=B231\3$BE$.1;:S1V$ $

PAGE 8

!"!"#$%"&'($!)"*+$"+"&,-*-$*+$.(&*/( $ Y $ .1=AB:5<7; 17;!"5784C8 .1;:S1 $ !"#$%&'() +*,-./#%) .1;:S1$:C $ ;B=7318 $ :2$!12347;$"?14:=7K$ DB4814:2J $ 61\:=B$3B$3F1$2B43F$728$0>731?7;7$3B$ 3F1$W1C3$728$3B$3F1$CB>3FV$RB$3F1$17C3K$.1;:S1$ DB4814C $ 3F1$!74:DD172$-17$728$3F1$.1;:S1$.744:14$ @11EV$RF1$.1;:S1$.744:14$@11E$:C$7$fB4;8$)14:37J1$ -:31K$728$7$;74J1$C1J?123$BE$3F1$61CB7?14:=72$ .744:14$@11E$C5C31?K$3F1$C1=B28$;74J1C3$D744:14$ 411E$C5C31?$:2$3F1$WB4;8V$f:3F$ ]K]MZ$CG>741$ ?:;1C $ BE$;728K$.1;:S1 $ :C$C ;:JF3;5$;74J14$3F72$(;$ -7;I78B4 $ `]KNLO$CG>741$?:;1Ca K$3F1$B2;5$B3F14$ !12347;$"?14:=72$=B>2345$ 3F73 $ DB4814C$ B2;5$ B21$B=172V$ fF:;1$(;$-7;I78B4$:C$C:?:;74$:2$7417$ 3B$.1;:S1K$:3$ F7C$7$ABA>;73:B2$BE$?B41$3F 72$[$?:;;:B2K$WF1417C$.1;:S1$F7C $ 7$ABA>;73:B2$BE $ 7AA4B\ :?731;5$YOMKMMMV$ ) :C3B4:=7;;5 K$.1;:S1bC$81?BJ47AF:=$?7Q1 >A$W7C$C>DC3723:7;;5$ !74:DD172K $ D>3$1?:J473:B2$D5$?725$!41B;1C$728$3F1$:2E;>\$BE$!12347;$"?14:=72$:??:J4723C$ F7C $ =F72J18$3F1$13F2:=$=B?ABC:3:B2V$ ";3FB>JF$(2J;:CF$:C$3F1$BEE:=:7;$;72J>7J1K$ -A72:CF$:C$ 2 BW$3F1 $ ?BC3$=B??B2 ;5$CABQ12 $ ;72J>7J1 V $ !12347;$"?14:=72$:??:J4723C$741$1C37D;:CF:2J $ 21W$=B??>2:3:1C$:2$4>47;$7417CV$RF1$81I1;BA?123$BE$21W$=B??>2:3:1C$3F417312 $ .1;:S1bC$ ?725$A4B31=318$7417C$7C$21W$4B78C$A4BI:81$7==1CC$3B$A41I:B>C;5$C1=;>818$7417C $ 3F73$741$ F :JF$:2$D:B8:I14C:35 V$ $ $ I>B<:4!@\!S1H!56!.43>E4 $

PAGE 9

!"!"#$%"&'($!)"*+$"+"&,-*-$*+$.(&*/( $ O $ RFB>JF$E7:4;5$5B>2J$7C$7$CBI141:J2 $ 273:B2K$.1;:S1$F7C$7$4:=F$6757 $ 728$=B; B2:7;$ F:C3B45V$RF1$=>44123$6757 $ ABA>;73:B2$`NMV[c$BE$ 3F1$3B37; $ ABA>;73:B2a$347=1C$3F1:4$72 =1C345$ D7=Q$3B$3F1$C1I147;$6757$=:35 e C3731C$EB>28$:2$.1;:S1$>23:;$3F1:4 $ 81=;:21$73$3F1$128$BE$3F1$E:4C3$ ?:;;122:>?$"VHV$H>4:2J$3F1$Ng 3F $ 728$N] 3F $ =123>45K$3F1$.4:3:CF$728$3F1$-A72:CF$8:CA>318$3F1$ 41J:B2K$WF:=F$EB4?7;;5$D1=7?1$.4:3:CF$)B28>47C$:2$N]ZOV$!B2E;:=3$D13W112$3F1$'2:318$ h:2J8B?$728$0>731?7;7$=B23:2>18 K $ 728$81;7518$.1; :S1bC$:281A12812=1$>23:;$N^]NK$W:3F$ 0>731?7;7$41E>C:2J$3B$41=BJ2:S 1$.1;:S1bC$:281A12812=1$ >23:;$N^^LV$.1;:S1bC$=B221=3:B2$W:3F$ 3F1$'2:318$h:2J8B?$A14C:C3C$81CA:31$:3C$:281A12812=1K$7C$:3$:C$7$?1?D14$BE$3F1$ !B??B2W17;3F$BE$+73:B2CV$(I12 $ 7E314$:281A12812=1K$ .1;:S1bC$=B>43$BE$;7C3$41CB43$W7C$3F1 $ <4:I5$!B>2=:;$:2$&B28B2 $ >23:;$LMNM$WF12$ .1;:S1$_B:218$ 3F1$!74:DD172$!B>43$BE$U>C3:=1 $ `!*"$ LMNYaV $ 0"1#$%&'(-2.*&34*5#2-#"2#3#1-2. .1;:S1$:C$^[$BE$N]g$=B>234:1C$728$3144:3B4:1C$B2$3F1$ LMNY$ )>?72$H1I1;BA?123$*281\$ `)H*aK$ A;7=:2J$:3$:2$3F1$?18:>?$F>?72$81I1;BA?123$=731JB45 $ `'+H<$LMNYa V $ RF1$)H*$ ?17C>41C$F17;3FK$ 18>=73:B2K$728$;:I:2J$C3728748CV$.1;:S1bC $ )H*$I7;>1$:C$MVgMLK$WF:=F$:C$>A$ E4B?$ M V[LN$:2$N^]MV$RF:C$I7;>1$:C$7DBI1$7I147J1$EB4$=B>234:1C$:2$&73:2$"?14:=7$728$3F1$ !74:D D172V$-:2=1$N^]MK$3F1$;:E1$1\A1=372=5$73$D:43F$F7C$:2=417C18$D5$[VN$5174C $ 3B$g[VY $ 5174C K$ ?172$5174C$BE$C=FBB;:2J$F7C$:2=417C18$D5$MVg$5174C $ 3B$]$5174C $ 728$3F1$ J4BCC$273:B27;$ :2=B?1$ A14$=7A:37$:2=417C18$D5$[Nc$ 3B$iZKYLg$ `'+H<$LMNYaV$ RF1$J4BCC$8B?1C3:=$A4B8> =3$ ` :2$=>44123$'-H a $ :2$LMNN$ W7C $ iNVOgO $ D:;;:B2$` '+8737$LMNOaV $ @>47;$7417C$BE$.1;:S1$3128$3B$D1$ABB414$3F72$>4D72$7417C K$1CA1=:7;;5$:2$RB;18B$ H:C34:=3K$WF141$.9@(($BA14731CV$RB;18B$H:C34:=3$:C$3F1$ ABB41C3$728$ ;17C3$81I1;BA18$8:C34:=3$ :2$.1;:S1 T$]Lc$BE$3F1$A BA>;73:B2$:C$4>47;V$`)7;=4BW$LMNMaV $ R12$A14=123$BE$3F1$ABA>;73:B2$BE$

PAGE 10

!"!"#$%"&'($!)"*+$"+"&,-*-$*+$.(&*/( $ Z $ .1;:S1$ `#<)*$LMNYa$728$ 7$I74:135$BE$=>;3>41C $ =7;;$RB;18B$FB?1 P$6757K$ :2=;>8:2J$6BA72$728$ h1Q=F:$6757K$6122B2:31CK$61C3:SBCK$!41B;1K$074:E>27K$(7C3$*28:72CK$728$:??:J4723C$E4B?$ 1;C1WF141$: 2$!12347;$"?14:=7 $ `)7;=4BW$LMNMa V$$ RF1 $ 6757$ =B2C3:3>318 $ [^VOc$BE$3F1$ ABA>;73:B2$BE$RB;18B $ :2$LMM^ V$ *2$LMM^K$ LZVZ c$BE$3F1$ABA>; 73:B2$BE$.1;:S1$W7C$ABB4 N K$ 728$ 72$ 788:3:B27;$N ZV]c$W141$:28:J123 $ `ONVYc$3B37;$ABB4$ABA>;73:B2a V $ *2$ =B2347C3 K$ NMVgc$BE$3F1$ ABA>;73: B2$ BE$RB;18B$ W7C$ABB4$728$72$788:3:B27;$O^Vgc$W141$:28:J123V$RF1$LMM^$3B37;$ BE$ ABB4$ .1;:S172C $ W7C$ [MVOc K$C:J2:E:=723;5$;BW14$3F72$g^VMcK$3F1$3B37;$BE$ABB4$.1;:S172C$:2$ L MML $ `)7;=4BW$LMNMaV $ 6BC3$BE $ 3F1$:?ABI14:CF18$741$E74?14CK$WFB$1:3F14$E74? $ 3F1:4 $ BW2$ ;72 8$B4$WB4Q$EB4$W7J1C $ B2$ ;74J1$A;72373:B2CV $ 6 B41$3F72$F7;E$BE$.1;:S1bC$ABB4$741$C>DC:C312=1$ E74?14CV$!F:;8412$741$?B41$I>;2147D;1$3B$ABI1435$3F72$B3F14$7J1$J4B>ACK$1CA1=:7;;5$ =F:;8412$BE$6757$81C=123$`*9"H$ LMNY aV $ $ 637-%#31"3/&8*9..:". *3$:C$1C3:?7318$3F73$34 BA:=7;$47:2EB41C3C$7==B>23$EB4$?B41$3F72$F7;E$BE$3F1$A;723$728$ 72:?7;$CA1=:1C$B2$1743FK$WF:;1$=BI14:2J$B2;5$gc$BE$3F1$;728$7417V$"AA4B\:?731;5$F7;E$BE$3F1$ 34BA:=7;$47:2EB41C3C$F7I1$D112$81C34B518$:2$3F1$;7C3$=123>45$728$72$1C3:?7318$LgKMMM$ CA1=:1C$741$;BC3 $ 17=F$5174$8>1$3B$3F1$81C34>=3:B2$BE$3F1:4$F7D:373K$EB4$WF:=F$7J4:=>;3>4 1 $ :C$ ?BC3 ;5 $ 3B$D;7?1$`0B=QBWCQ:$X$-B2W7$LMM]aV$ $ $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ $$$$$$$$$$$$$$$ $ 1 Acknowledging the difficulties in measuring poverty, the Country Poverty Assessment calculates two poverty lines: The Household Indigence Line represents the minimum cost of a food basket needed to provide a healthy, local, balanced diet of 2,400 calories for an adult male. This number is then adjusted for the household's age sex composition. Households whose expenditure is below this amount are defined as indigent, as it is u nable to satisfy its basic food needs. The General Poverty Line is made up of the Household Indigence Line plus an allowance for non food expenditure. Households whose expenditure is below the amount that includes non food items, are defined as poor (Halc row 2010).

PAGE 11

!"!"#$%"&'($!)"*+$"+"&,-*-$*+$.(&*/( $ [ $ .1;:S1$ C>AAB43C $ 7$F:JF$;1I1;$BE$D:B8:I14 C:35P $ ?B41$3F72$NZM$CA1=:1C$BE$?7??7;CK$ZOM$ CA1=:1C$BE$D:48CK$NZN$CA1=:1C$BE$7?AF:D:72C$728$41A3 :;1CK$[MM$CA1=:1C$BE$E:CF1C$728$YKOM]$ CA1=:1C$BE$I7C=>;74$A;723CV$.1;:S1$7;CB$ DB7C3C$ 7$;74J1$74475$BE$1=B35A1C K $ 7$ J1213:=7; ;5$8:C3:2=3$ J1BJ47AF:=$I74:135 $ B4$ABA>;73:B2$ W:3F :2 $ 7$CA1=:1C $ 3F73$:C$ 787A318$3B$:3C$A743:=>;74$ 12I:4B2?123 V$ .1;:S1 $ :C$FB?1$3B$3F1$WB 4;8bC$C1=B28$;74J1C3$D744:14$411E$C5C31?$728$A;75C$7$ C:J2:E:=723$A743$:2$?7:237:2:2J$3F1$61CB7?14:=72$.:B;BJ:=7;$!B44:8B4K$7$213WB4Q$BE$ A4B31=318$7417C$C3413=F:2J$E4B?$61\:=B$3B$<727?7$`.(@H-$LMM^aV$ $ .1;:S1$ ?7:237:2C $ C>DC3723:7;$EB41C3$=BI14K$D>3$41AB4318$ EB41C3$=BI14$728$ 81EB41C373:B2$4731C$F7I1$D112$:2=B2C:C3123$B4$B>387318V$!F144:2J3B2$13$7; V $ EB>28$3F73$EB41C3$ =BI14$:2$.1;:S1$W7C$7AA4B\:?731;5$gZV^c$:2$N^]M$728$84BAA18$3B$[LVgc$:2$LMNMK$7$ MV[c$ A14$ 5174 $ 4731$BE$81EB41C373:B2$EB4$3F:C$3:?1$A14:B8$`LMNMaV$R F:C $ 4731 $ :C$C:J2:E:=723;5$;BW14$ 3F72$3F1$9BB8$728$"J4:=>;3>41$#4J72:S73:B2bC$1C3:?731C$BE $ 7 $ LVYc $ 4731$BE$81EB41C373:B2$ $ `!F144:2J3B2$13$7; V $ LMNMaV$ .>3$C:2=1$LMNMK$ D7C18$B2$C731;;:31$:?7J145K$ 81EB41C373:B2$F7C$ 7==1;147318 $ :2$.1;:S1 V$ *2$LMNLK$3F1$EB41C3$=BI1 4$ F78$E7;;12$ 3B$[NV[c K$72$ 722>7;$;BCC$BE$ YNKLNO$ 7=41C $ `.>3;14$LMNLaV$ H1EB41C373:B2$:2$.1;:S1$F7C$D112$?BC3$E7=:;:37318$D5$3F1$=4173:B2$BE$ 4B78CK$WF:=F$BA12C$EB41C3$7417$3B$;BJJ:2J$728$3B$3F1$1\A72C:B2$BE$7J4:=>;3>41V$@B78C$A;75$7$ =B2C:8147D;1$ 4B;1$:2$81314 ?:2:2J$;728$>C1 K $ D5$;BW14:2J$3F1$=BC3$BE$?:J473:B2K$ :2=417C:2J$ ;728$7==1CC$728$;728$=;174:2J T $ 728$ :2$ 81314?:2:2J$4123CK$D5$7EE1=3:2J$3F1$=BC3C$ BE$:2A>3C$728$ AB3123:7;$B>3A>3C$ `!FB?:3S$N^^[aV $ ;&34*< "3: %" $ fF:;1$ 3F1$ 6757 $ =B2C3:3>31$NMV[ c $ BE$3F1$.1;:S172$A BA> ;73:B2K$:2$RB;18B$H:C34:=3$ [^VO c$BE$3F1$ABA>;73:B2$:C$6757V $ f:3F$3F1$1\=1A3:B2$BE$7$E1W$A4:I731$;728C$728$ :28:J12B>C$ 41C14I1CK$;728$:2$RB;18B $ H:C34:=3 $ :C$BW218$D5$3F1$ .1;:S172$JBI142?123 V$ $ RF1 $ .4:3:CF$

PAGE 12

!"!"#$%"&'($!)"*+$"+"&,-*-$*+$.(&*/( $ g $ 1C37D;:CF18$3F1 $ :28:J12B>C $ 41C14I1C$:2$N][] $ `&1I7CC1>4$ X$#;:I:14$LMMMa K$D>3$3 F1$N^^L$ .1;:S1$+73:B27;$&728C$"=3$ 3F73$ 41A;7=18$3F1 $ N][]$ =B;B2:7; $ ;7W$ 8B1C$2B3$41=BJ2:S1$3F1$ 41C14I1C V$.1;:S1$ =B23:2>1C$3B$8125$3F1$ ?7_B4:35$BE$ 6757$ =B??>2:3:1C$ 725$72=1C347;$;728$ 4:JF3C $ 3B$3F1$;728C$3F15$;:I1$B2 K$81CA:31 $ 4>;:2JC$E4B? $ 3F1$*2314 e "?14:=72$!B>43$BE$)>?72$ @:JF3C $ `H1%4:1C$13$7; V $ LMMYa V$ -:2=1$ 3F1$1C37D;:CF?123$BE$3F1$41C14I1CK$ ?BC3$ 6757$ =B??>2:3:1C$F7I1$B>3J4BW2$3F1$41C14I1C$ 728$741$;:I:2J$728$E74?:2J$:;;1J7;;5$B2$ JBI142?123$;728V$ H1CA:31$ 3F1$B2 e JB:2J$ =B2E;:=3$:2$;728$4:JF3C $ :2$RB;18B K$ 3F1$ 6757 $ =B23:2>1 $ 3B $ ;:I1$:2$=B??>27;$;728$312>41$C5C31?CV$ "2 $ 1;1=318$7;=7;81 $ ?727J1C$3F1$;728$728$ :C$7;CB$ 3F1$F178$BE$3F1$=B??>2:35V$ RB$=;7:?$7$A;B3$W:3F:2$3F1$41C14I1K$B21$?>C3$=;174$:3 $ 728$E74?$:3V$ !;7:?18$; 728$=72$ 3F12$ D1$:2F14:318$B4$J:I12 $ 3B$E7?:;5 $ `'!$.14Q1;15$N^^]a V$-:2=1$3F1$6757$ 8B$2B3$BW2$;728$728$35A:=7;;5$8B$2B3$F7I1$7$;17C1K$:3$:C$I145$8:EE:=>;3$EB4$3F1?$3B$BD37:2$7$ E:272=:7;$;B72V$ $ $ RF1$ ;728$312>41$ C:3>73:B2$:C$2B3$3F1$C7?1$WF141$.9@(($:C$WB4Q:2JV$.9@(($ WB4QC $ :2$ 3F1 $ E4B23:14$=B??> 2:35$ BE$R4:BK$WF:=F$=B2C:C3C $ ?7:2;5$BE$-A72:CF e CA17Q:2JK$!12347;$ "?14:=72$:??:J4723CV$ RF1$=B??>2:35$BE$R 4:B$W7C$1\A72818$:2$LMM[K$WF12 $ 7$N KO]Y e 7=41 $ A:1=1 $ BE$;728$W7C$=74I18$B>3 $ BE$3F1$6757$6B>237:2$ +B43F$ 9B41C3$@1C14I1$ 728$81 e 41C14I18$ EB4$7J4:=>;3>47;$A;B3 C$EB4$;17C1 K$ ;:Q1;5$ :2$1\=F72J1$EB4$AB;:3:=7;$IB31CV$ $ !B234745$3B$3F1$ 6757bC $ ;7=Q$BE $ ;728$4:JF3 C K$3F1C1$:??:J4723$E74?14C $ F7I1$ YM e 7=41 $ A;B3C$;17C18$E4B?$3F1$ JBI142?123V$ $

PAGE 13

!"!"#$%"&'($!)"*+$"+"&,-*-$*+$.(&*/( $ ] $ !7=7B$728$!FB=B;731 $ ,-./#%)*#=*>&2&#* 6?'#%/-3$ -3*@"8-A" 94B?$N^]O e N^]gK$)14CF15$!B4AB 473:B2K$3F1$.1;:S1$6:2:C345$BE$ +73>47;$@1CB>4=1C$ 728$ "J4:=>;3>41 $ `6+@"a $ 728$' 2:318$-3731C$ J12=5$EB4$ 2314273:B27;$ H 1I1;BA?123$`'-"*Ha $ :?A;1?12318$7$A4BJ47?$=7;;18$.1;:S1$"==1;147318$!7=7B$<4B8>=3:B2$<4B_1=3 K$78?:2:C31418$ D5$3F1$RB;18B$"J4:=>;3>47;$674Q:2J $ <4B_1=3$`R"6<$%*R"a$`97:434781$9B>2873:B2$LMM^a $ `0BCC$ LMNY a V$ RF1$A4BJ47?$374J1318$3F1$6757K$ 3F1$?7_B4:35$BE$ WFB ?$W141 $ C>DC:C312=1$ E74?14C $ 728$12=B>47J18$3F1?$3B$=>;3:I731$=7=7B V$ )14CF15$!B4AB473:B2$81I1;BA18$7$ =7=7B$ A;72373:B2$BE$YMM e OMM$7=41C$728$=B??:33 18$3B$D>5$D172C$E4B?$ E74?14C $ :2$RB;18B$728$-3722$ !411Q$H:C34:=3C $ `0BCC$ LMNY a V$ *2$N^]]K$3F1$3411C$D1J72$3B$D174$E4>:3$728$E74?14C$41=1:I18$ iMV[LZ $ '-Hj;D V $ EB4$84:18$D172CV $ )BW1I14K$3F1$?74Q13$W7C$CFB43 e ;:I18 V$* 2$N^^N$3F141$W7C $ 7$ C:J2:E:=723$84BA $ `3B$iMVLZ$'Ha $ :2$3F1$WB4;8$?74Q13$A4:=1 $ 728$)14CF15bC$;1E3$.1;:S1$7C$:3$ D1=7?1$=F17A14$3B$D>5$D172C$B2$3F1$WB4;8$?74Q13 $ `97:434781$9B>2873:B2$LMM^ a$`0BCC$ LMNYa V$ $ $ RF1 $ RB;18B$!7=7B$04BW14Cb$"CCB=:73:B2$`R!0"a$W7C$EB>2818$:2$N^]OK$3F4B>JF$ E>28:2J$E4B?$'-"*HV$R!0"$:C$7$ 2B2 e A4BE:3$B4J72:S73:B2$3F73$kC11QC$3B$:?A4BI1$3F1$ CB=:B1=B2B?:=$C3728748$BE$:3C$?1?D14C$3F4B>JF$7$8:I14C:E:18$C5C31?$BE$A4B8>=3:B2$ :2=B4AB473:2J$CB>28$1=B;BJ:=7;$A47=3:=1Cl$`R!0"$ LMNY aV$$"E314$7$E1W$5174C$BE$:27=3:I:35 $ 7E 314$ 3F1$?74Q13$=B;;7AC1 K$R!0"$EB>2 8$7$D>514$:2 $ 3F1$'2:318$h:2J8B? $ =FB=B;731$ ?7Q14 K $ 04112$X$ .;7=Qb C $ 728$ D1=7?1$B4J72:=$ 728$ 97:4 34781$=143:E:18V$*2$N^^OK$R!0"$?781$3F1:4$E:4C3$ CF:A?123$3B$04112$X$.;7=QbC K$WF:=F$;7>2=F18$3F1$6757$0B;8$=FB=B;731$D74$`97:434781$ 9B>2873:B2$LMM^a V$R!0"$C3:;;$F7C$ 7$E:I1 e 5174$4B;;:2J$=B2347=3$W:3F$04112$X$.;7=QbC$3B$D>5$7C$ ?>=F$=7=7B$7C$R!0"$W723C$3B$C1;;$3B$3F1?$`>A$3B$7AA4B\:?731;5$OZM $ ?134:=$3B2 C$`6Ra aV$ $

PAGE 14

!"!"#$%"&'($!)"*+$"+"&,-*-$*+$.(&*/( $ ^ $ $ f:3F$3F1$1\=1A3:B2$BE$7$E1W$>2Q2BW2$8:41=3$A>4=F7C14CK$R!0"$W7C$3F1$CB;1$1\AB4314$ BE$=7=7B$D172C$EB4$7$;:33;1 $ BI14$E:E3112$5174CV$*2$LMNMK$72$"?14:=72$WB? 72$C374318$6 757$ 6 B>237:2$ 7=7B$`66!a K$W:3F$C3743 e >A$=7A:37;$E4B?$ 3F1$BW214$BE$ R7S7$!FB=B;731$728$ 3F1$ BW214$BE$ !B33B2$R411$&B8J1V $ R F1$3B37; $ =7=7B $ A4B8>=3:B2$:2$.1;:S1$:2$LMNL$W7C$74B>28$]]6 RV $ R B37;$5:1;8$:C$ 1\A1= 318$3B$:2=417C1$7C$3411C$A;72318$=:4=7$LMMO e LMM[$417=F$D174:2J$5174C V$ -:2=1$R!0"$ A;7518$7$4B;1$:2$A;723:2J$?BC3$BE$3F1$3411C$=>44123;5$:2$A4B8>=3:B2$:2$.1;:S1K$ R!0"$D1;:1I1C$ :3$F7C$7$4:JF3$3B$3F1$D>5$3F1$A4B8>=3:B2$E4B?$3F1C1$3411CV$! B?A13:3:B2$3B$D>5 $ 728$ 1\AB43 $ 3F1$ ;:?:318$C>AA;5$BE$=7=7B$ A4B8>=18$D5$.1;:S1bC$C?7;;$E74?14C $ F7C$=7>C18 $ 41C123?123 $ 3B$ 81I1;BA$ D13W112$1\AB4314CV$ $ >:8/-7&/-#3 &34*B%#2"..-3$ !7=7B$F74I1C3$37Q1C$A;7=1$8>4:2J$3F1$845$C17CB2 K$D1J:22:2J$:2$H1=1?D14 $ 728$ =B23:2>:2J$3F4B>JF$675 V$H>4:2J$ 3F1$ 47:25$ C17CB2K$U>21$3F4B>JF$+BI1?D14K$21W$A;723C$741$ A4BA7J7318K$3411C$741$C34>=3>47;;5$A4>218 K$3F1$E74?$:C$W11818 K $ 728$8:C17C1$=B234B; $ ?17C>41C$741$>281437Q12V$ H>4:2J$F74I1C3K$3F1$AB8C$741$:28:I:8>7;;5$C1;1=318$EB4$4:A121CC $ 728$=>3$E4B?$3F1$34>2Q$728$3 F1$D472=F1C V$RF1$AB8C$741$3F12$BA1218$728$3F1$W13$D172C$741$ 1: 3F14$W47AA18$:2$;74J1$;17I1C$728$ A;7=18$:2$D>=Q13C$EB4$E14?12373:B2 $ B4$A>3$:23B$WBB812$ DB\1C V$ #E312$3F1$1?A35K$CA;:3$AB8C$741$ 8:C=74818$3F4B>JFB>3$3F1$E74?$3B$413>42$2>34:123C$3B$ 3F1$CB:; $ 728$3B $ A4BI:81$D4118:2J$F7D:373$EB4$?BCG>:3BCK$72$:?AB43723$AB;;:273B4$EB4$=7=7B V$ RF1$ ?B:C3>41$BE $ 3F1$A>;A$C>44B>28:2J$3F1$D172C $ 728$3F1$F:JF$31?A1473>41 $ W:3F:2$3F1$ E14?12373:B2$=B237:214 $ :C$7;;$3F73$:C$211818$3B$ :28>=1 $ E14?12373:B2V$ "E314$Z e g$875C K $ E 14?12373:B2 $ :C$=B?A;131 K$ 728$ 3F1$D172C$741$ 3F12$ ;7:8$:2$7$C:2J;1$;7514 $ 728$84:18 $ C;BW;5 $ >2814$3F1$C>2 $ EB4 $ 72B3F14 $ Z e g$875C V$*3$:C$:?AB43723$3F73$3F15$8B$2B3$ J13$47:218$B2$8>4:2J$

PAGE 15

!"!"#$%"&'($!)"*+$"+"&,-*-$*+$.(&*/( $ NM $ 3F:C$3:?1V$ 6BC3$BE$3F1 $ ABC3 e F 74I1C3:2J$A4B=1CC:2J$:C$8B21$B2 $ B4$2174$3F1$E74?V$ RF1$ABC3 e F 74I1C3$A4B=1CC:2J$BE$D172C$F7C$?725$I74:7D;1C$3F73$7EE1=3 $ 3F1$G>7;:35$BE$3F1$84:18$D172T$3 F1$ W173F14K$IB;>?1$BE$D172CK$31?A1473>41K$71473:B2 K $ 728$ 12I:4B2?123$=72$7;;$7EE1=3$ 3F1$G>7;:35$ BE$ABC3 e A4B=1CC18$D172C V$ $ "E314$3F1$F74I1C3:2J$728$ABC3 e F74I1C3$A4B=1CC :2JK$3F1$D172C$741$4B7C318K$J4B>28$:23B$ =7=7B$;:G>B4$`7;CB$41E14418$3B$7C$A7C31aK$728$3F12$A41CC18$728$=B2I14318$:23B$=B=B7$D>3314$ `3F1$ E73K $ >C18$:2$=FB=B;731$?72>E7=3>4:2Ja$728$=B=B7$ABW814$`3F1$CB;:8K$>C18$EB4$ =B2E1=3:B2C$728$84:2QCaV$RF1$D172CK$=B=B7$D> 3314K$=B=B7$ABW814 K $ 728$=FB=B;731$=72$7;;$D1$ C3B418K$ 7;;BW:2J $ 3F1$C1=B28745$A4B=1CC:2J$7=3:I:3:1C$ 3B$ D1 $ =B?A;1318 $ :2$1:3F14$3F1$ 1\AB43:2J$ B4$:?AB43:2J$=B>2345 $ `h7A;:2CQ5$LMMOaV $ 93/"%3&/-#3&8* C&%D"/ $ -?7;;FB;814C$741$41CAB2C:D;1$EB4$7AA4B\:?731;5$][c$BE$3F 1 $ WB4;8W:81$=7=7B$ A4B8>=3:B2T $ 3F1$B3F14$NOc$:C$A4B8>=18$D5$;74J1 e C=7;1$BA1473:B2C$`6BF7??18$13$7; V $ LMNLaV$ !7=7B$J4BW:2J$:C$=>44123;5 $ F17I:;5$ J1BJ47AF:=7;;5$ =B2=12347318T$OOc$BE$7;;$=7=7B$=B?1C$ E4B?$3F1$*IB45$!B7C3$728$=B?D:218$W:3F$3F1$21\3$3WB$;74J1C3$1\AB 4314C$`0F727$728$ *28B21C:7aK$3F1C1$3F411$=B>234:1C$7==B>23$EB4$gZc$BE$3B37;$=7=7B$1\AB43C$`h7A;:2CQ5$LMMOaV$ RF:43112$A14=123$BE$=7=7B$=B?1C$E4B?$3F1$"?14:=7CK$NOc$E4B?$"C:7$728$gYc$E4B?$"E4:=7$ `f!9$LMNLaV$ !FB=B;731$?7Q14C$728$=FB=B;731$123F>C:7C3C$FB;8$=7= 7B$E4B?$3F1$!74:DD172 $ :2$ F:JF$41J748$D1=7>C1$=7=7B$E4B?$3F:C$41J:B2$:C$=B2C:81418$E:21 $ E;7I B4$74B?73:=V$9:21$ E;7IB4$ =7=7B$7==B>23C$EB4$B2; 5$Zc$BE$3F1$WB4;8$A4B8>=3:B2$ ` !74:DD172$"J4:D>C:21CC $ LMNY aV$ $ .1;:S1$ :C$7$?1?D14$BE$3F1$!74:DD172$9:21$!B=B7$9B4>? K $ 7$2 B2 e JBI142?1237;$B4J72:S73:B2 $ 1C37D;:CF18$3B$F1;A$81I1;BA$3F1$= 7=7B $ :28>C345 V$$61?D14CF:A$ :C$BA12$3B$725$:28:I:8>7;K$ =B?A725K$7J12=5 K $ B4$:2C3:3>3:B2$` !74:DD172 $ 9:21$!B=B7$9B4>?$ LMNY aV$ $

PAGE 16

!"!"#$%"&'($!)"*+$"+"&,-*-$*+$.(&*/( $ NN $ $ 7=7B$ E>3>41C$741 $ 347818$B2$3WB$WB4;8$1\=F72J1CK$&B28B2$728$+1W$,B4Q K $ 7 28$741$ 81C:J218$3B$BEEC13$3F1$4:CQ$BE$78I14C1$A4:=1$?BI1?123C$`*!!#$ LMNLa V$*2$LMNN e LMNLK$3B37;$ WB4;8$ =7=7B $ A4B8>=3:B2$W7C$YV^]$?:;;:B2$6R$`f!9$LMNLaV$*2$LMNLK$.1;:S1bC$1C3:?7318$ =7=7B$ A4B8>=3:B2$W7C$]]6RK$B4$MV MMLc$BE$3F1$WB4;8$A4B8>=3:B2V$*2$LMNLK$Z[Y KMMM $ 6R$BE$= 7=7B $ W7C$A4B8>=18$:2$3F1$"?14:=7C K $ BE$WF:=F$.1 ;:S1bC$]]$6R$W7C$7AA4B\:?731;5$MVMLc $ `f!9$ LMNLaV$$*3$:C$A4B_1=318$3F73$3F141$W:;;$D1$7$ZMKMMM e NMMKMMM$6R$81E:=:3$:2$=7=7B$:2$LMNYK$ WF:=F$CFB>;8$47:C1$3F1$A4:=1$BE$=7=7B$WB4;8W:81V$RF:C$81E:=:3$:C$8>1$3B $ 72$:2=417C18$81?728$ EB4$=7=7B$:2$"C:7$728$7$81=417C18$C>AA;5$ E4B?$ "E4:=7$7E314$7$ 84B>JF3$ :2$3F1$D1J:22:2J$BE$ LMNL$`"J4:34781$LMNLaV $ $ $ !BEE11K$72B3F14$34BA:=7;$=B??B8:35K$F7C$7$F:JF;5$8:EE14123:7318$?74Q13K$7C$=72$D1$C112 $ :2$3F1$37D;1 $ 73 $ 3F1 $ 3BA$BE $ 9:J>41$ LV$ RF:C$37D;1$CFBWC$3F1$87:;5$:28:=73B4$A4:=1C$EB4$=BEE11K$ A>D;:CF18$D5$3F1$*2314273:B27;$!BEE11$#4J72:S73:B2$`*!#aV$ RF1$A4:=1C$EB4$=BEE11$ =72$81A128$ B2$3F1$=B>2345 $ 728$3F1$I74:135V$RF:C$7CC>41C$3F73$F:JF14$G>7;:35$=BEE11$41=1:I1C$7$F:JF14$ ?:2:?>?$ A4:=1V$' 2EB43>2731;5K$ ?74Q13$8:EE14123:73:B2$:C $ 2B3$3F1$=7C1$W:3F$=7=7BV$ RF1$37D;1$ B2$3F1$DB33B?$BE$9:J>41$L$CFBWC$3F1$87:;5$A4:=1$BE$=7=7BK$A>D;:CF18$D5$3F1$*2314273:B27;$ !B=B7$#4J72:S73:B2$`*!!#aV$"C$=72$D1$C112$:2$3F:C$37D;1K$3 F141$:C $ _>C3$B21$WB4;8$?74Q13$A4:= 1$ EB4$=7=7BK$WF:=F$:C$ D7C18$B2$3F1$A4:=1$BE$E>3>41C$CB;8$B2$"E4:=72$= 7=7BV$"E4:=72$=7=7B$:C$2B3$ E:21$ E;7IB4K$728$3F>C$2B3$ 7C$ W1;;$C>:318$EB4$3F1$F:JF14$A4:=1$874Q$=FB=B;731$A4B8>=3CV$"E4:=72$ =7=7B$:C$2B3$ CF781$J4BW2 $ 728$2B3$B4J72:=T$?172:2J$3F1$5:1;8$A14$7 =41$:C$C:J2:E:=723;5$F:JF14V$ RF1$WB4;8$?74Q13$A4:=1K$3F141EB41K$:C$2B3$72$7==>4731$41A41C12373:B2$BE$3F1$W B43F$BE$ .1;:S172$B4$B3F14$E:21$E ;7IB4$=7=7BK$2B4$8B1C$:3$41E;1=3$3F1$788:3:B27;$;7DB4$41G>:418$3B$1742$ 7$A4BE:3$A4B8>=:2J$;BW e 5:1;8$=7=7BV $

PAGE 17

!"!"#$%"&'($!)"*+$"+"&,-*-$*+$.(&*/( $ NL $ .9@(( $ .9@(($:C$7$ 'V-V e D7C18$ 2B2 e A4BE:3$B4J72:S73:B2$C374318$:2$N^^Z$D5$U7=BD$728$h1;;5$ 674;:2$3F73$F7C$D112$WB4Q:2J$3B$A41C14I1$3F1$47:2EB41C3$:2$CB>3F142$.1;:S1 V$ .9@(($F7C$72$ BEE:=1$:2$07:21CI:;;1K$9;B4:87 K$WF:=F$BEE14C$78?:2:C3473:I1$728 $ ;BJ:C3:=7;$C>AAB43$EB4$:3C $ NKNZY e 7=41$D:B;BJ:=7;$E:1;8$C373:B2$728$A4:I731$41C14I1$:2$3F1$EBB3F:;;C$BE$3F1$6757$ 6B>237:2C$:2$ RB;18B$H:C34:=3K$ .1;:S1V$.9@((bC$?:CC:B2$:C$3B$k=B2C14I1$3F1$D:B8:I14C:35$728$ =>;3>47;$F14:37J1$BE$.1;:S1l$728$C11QC$3B$8B$CB$3F4B >JF$C=:123:E:=$41C174=FK$12I:4B2?1237;$ 18>=73:B2K$728$D5$A4BI:8:2J$7;314273:I1$;:I1;:FBB8C$EB4$;B=7;$=B??>2:35$?1?D14C $ `.9@(($ LMNYaV $ $ I>B<:4!Q \! P>664:478>184;!"56644!S1:A48!^85H_!N4:9<9 '7;>664:478>184;!"5=51!S1:A48 ^25885J_

PAGE 18

!"!"#$%"&'($!)"*+$"+"&,-*-$*+$.(&*/( $ NY $ >#3."%7&/-#3*<(%"&/. $ .1;:S1$ 3F1B413:=7;;5$ A4B31=3C$ 725WF141$ E4B?$N]V ZYc $ `.(@H-$LMM^a$3B$?B41$3F72$OMc $ `H1%4:1C$13$7; V $ LMM Ya$ BE$:3C$;728$728$C17$>2814$ I74:B>C$?727J1?123$C34>=3>41C V$ )BW1I14$ ?725$A74QC$741$=B2C:81418$kA7A14$A74QCl $ 7C$ 3F15$;7=Q$7=3>7;$?727J1?123$728$A4B31=3:B2$ `H1%4:1C$13$7; V $ LMMYaV$ .9@(($:C$7$=728:8731$3B$ F7I1$:3C$NKNZY$7=41C$BEE:=:7;;5$41=BJ2:S18$7C$7$ A4:I731 $ 41C14I1$`.(@H-$LMM^aV$.9@(($:C$ 78_7=123$3B$3F1$.;7812$+73>41$@1C14I1K$3F1$ H11A$@:I14$9B41C3$@1C14I1$728$DB481418$D5$3F1$!B=QC=B?D$.7C:2$f:;8;:E1$-72=3>745$728$ 3F1$6757$6B>237:2$9B41C3$@1C14I1V$)BW1I14K$:2$LMM[K$W:3F$_>C3$7$C34BQ1$BE$7$A12K$ NKO]Y$ 7=41C $ BE$ 3F1$6757$6B>237:2$9B41C3$@1C14I1$`.9@((bC$17C3142$DB4814a$W 141 $ 81 e 41C14I18$ D5$ 6:2:C314:7;$E:73$ EB4$7J4:=>;3>47;$81I1;BA?123$728$3F1$1\A72C:B2$BE$3F1$I:;;7J1$BE$R4:BK$3F1$ ABA> ;73:B2$BE$WF:=F$F78$8B>D;18 $ 3B$[MM$A1BA;1 $ :2 $ _>C3 $ E:I1 $ 5174C V $ ->DC1G>123$3B$3F1$21 W$ 81I1;BA?123$728$21W$4B78CK$:;;1J7;$;BJJ:2JK$E:CF:2 JK$F>23:2JK$728$ ABCC:D;5$ ;BB3:2J$BE$6757 $ 4>:2C$F7C$:2312C:E:18$DB3F$:2$3F1$ 21:JFDB4:2J $ A4B31=318 $ 7417C$728$B2$.9@((bC$A4:I 731$ A4BA1435V$.9@((bC$?:CC:B2 $ :C$2BW$3F41731218V$ RF1$B4J72:S73:B2$F7C$=FBC12$3B$78 841CC$ 3F1C1$21W$3F4173C$3B$=B2C14I73:B2$D5$EB;;BW:2J$3F1:4$I:C:B2$C3731?123T$ kD5$C>==1CCE>;;5$ :231J473:2J$C=:123:E:=$41C174=FK$12I:4B2?1237;$18>=73:B2K$728$=B2C14I73:B2$:2:3:73:I1C$:2$3F1$ 6757$6B>237:2C$BE$.1;:S1K$WF:;1$7;CB$12F72=:2J$C>C37:27D;1$81I1;BA?1 23K$A4BI:8:2J$ 7;314273:I1$;:I1;:FBB8CK$728$>;3:?731;5$:?A4BI:2J$3F1$G>7;:35$BE$;:E1$EB4$.1; :S172C$728$ I >B<:4!D \!`:584=84;!#:419!56!.43>E4 !

PAGE 19

!"!"#$%"&'($!)"*+$"+"&,-*-$*+$.(&*/( $ NO $ I:C:3B4C$E4B?$7D4B78 l $ `.9@(( $ LMNY a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g e N^g]K$=B?A72:1C$3F73$A4B8>=18$31\3:;1$851C$728$:2314?18:731C$: 2$72$:28>C34:7;$7417$2174$ "CF;728K$67CC7=F>C133CK$J12147318$F:JF$IB;>?1C$BE$:28>C34:7;$W7C31C$3F73$=B237?:27318$ 3F1$C>44B>28:2J$12I:4B2?123V$$RF1$?BC3$C:J2:E:=723$:?A7=3$BE$3F1$=F1?:=7;$W7C31$W7C$ ?14=>45$=B237?:273:B2$BE$3F1$->8D>45$@:I14$728$3F1$F7D:373$8 1J47873:B2$BE$3F1$;B=7;$E7>27V$ "$iYVg$?:;;:B2$8B;;74$C133;1?123$2BW$A4BI:81C$E>28:2J$EB4$41C3B473:B2$7=3:I:3:1CV $ '2814$RF1$ '2:318$-3731Cb$ !B?A41F12C:I1$(2I:4B2?1237;$@1CAB2C1K$!B?A12C73:B2K$728$&:7D:;:35$"=3$BE$ N^]M$`!(@!&"aK$7C$7?12818K$=B??B2;5$Q2BW2$7C$ ->A14E>28$`OL$'V-V$!B81$ m$^[MN$13$C1GVaK$ A743:1C$41CAB2C:D;1$EB4$:2_>4:2J$273>47;$41CB>4=1C$=B234B;;18$D5$3F1$'2:318$-3731CK$?75$F7I1$ =;7:?C$EB4$?B213745$87?7J1C$D4B>JF3$7J7:2C3$3F1?$3B$41C3B41$B4$41A;7=1$3F1$:2_>418$ 273>47;$41CB>4=1CV $ @1C3B473:B2$7=3:I:3: 1C$35A:=7;;5$41C3B41$3F1$ ;B=7;$ F7D:373$3F73$W7C$ 87?7J18 V$ )BW1I14K$72$733B4215$:2$3F1$-B;:=:3B4bC$#EE:=1$BE$3F1$'V-V$H1A743?123$BE$3F1$ *2314:B4$`H#*a$A4BABC18$7$A4B_1=3$3F73$WB>;8$=F7221;$?B215$8BW2$3F 1$?:J473B45$=B44:8B4$ BE$3F1$21B 34BA:=7;$D:48$CA1=:1C $ 3F7 3$W141$F74?18$D5$3F1$=B237?:273:B2 V$RF1$C>A14E>28$C:31 $ :C $ 3F1 $ D4118:2J$F7D:373$ EB4$3F1C1$?:J473B45$D:48CK$ 728$.1;:S1$:C$3F1:4$ W:2314$FB?1V$.5$ C:?>;3721B>C;5$41C3B4:2J$DB3F$3F1$D4118:2J$728$W:2314:2J$F7D:373K$3F1$FBA1$:C$3F73$3F1$D:48$

PAGE 20

!"!"#$%"&'($!)"*+$"+"&,-*-$*+$.(&*/( $ NZ $ ABA>;73:B2$W:;;$ D1$F17 ;3F:14$728$?B41$;:Q1;5$3B $ 3F4:I1 $ 3F4B>JFB>3$:3C$472J1 V$ #2$7$E7=3 e E:28:2 J$?:CC:B2K$3F1$H#*$:8123:E:18$.9@(( $ 7C$3F1$41=:A:123$BE$3F1$E>28C L $ C13$7C:81$3B$ 41C3B41$ D:48$F7D:373$:2$.1;:S1$ `"2Q14C12$X$672814$LMNYa $ `H#*$LMNNa V$ f:3F$3F1$H#*K$.9@(($F7C$ 81C:J2 18$7 $ A4 B_1=3$3F73$:3$FBA1C$W:;;$C73:CE5$:3C$BD_1=3:I1C $ BE$ A4BI:8:2J$BAAB43>2:3:1C$EB4$ ;:I1;:FBB8C$3F73$WB4Q$W:3F:2$3F1$E47?1WB4Q$BE$=B2C14I73:B2 K$ 3F1$H#*bC$BD_1=3:I1 $ BE$ 21B34BA:=7;$?:J473B45$D:48$F7D:373$41C3B473:B2 K $ 7C$W1;;$7C$3F1$:23141C3C$BE$3F1$A1BA;1$W:3F$ WF B?$ .9@(($ 12J7J1 C V$ $ #4J7 2:=$=7=7BK$1CA1=:7;;5$:E$:3$:C $ F:JF$G>7;:35K$=72$D1$7$;>=473:I1$n72=FB 4b$=7CF$=4BAV$"2$ 72=FB4$=4BA$:C$7$=4BA $ EB4$WF:=F$7$?73>41$?74Q13$1\:C3CV$RB$J4BW$C>C37:27D;1$=7=7BK$7$?>;3: e 3:1418$8:I14C1$EB41C3$=72BA5$W:3F$OM e gMc$CF781$:C$21181 8V$ -F781$J4BW2 $ =7=7B$8B1C$2B3$ 211 8$3B$D1$J4BW2 $ :2$A4:?745$EB41C3V$*2$E7=3K$7J4BEB41C345$=7=7B $ =72$A;75$7$4B;1$:2$7:8:2J$ EB41C3$41C3B473:B2$EB4$C1=B28745$J4BW3F$EB41C3CV$ RF:C$C5C31?$73347=3C $ D121E:=:7;$A41873B4 $ :2C1=3C$EB4$A1C3$=B234B; $ 728$A4BI:81C$ D4118:2J $ BAAB43>2:3:1C$EB4$AB;;:273B4C$728$F7D:373$EB4$ E;B47$7 28$E7>27V$*2$=B?A74:CB2$3B$=B2I123:B27;$=7=7B$=>;3:I73:B2K$ 3F1$ :2A>3C$ EB4$B4J72:=$ =>;3:I73:B2$ 741$?:2:?7; K$ WF:=F$:C $ D121E:=:7;$EB4$E74?14Cb $ :2=B?1C K$3F1:4$F17;3FK$728$3F1$ F17;3F$BE$ 3F1$12I:4B2?123V$"$F : JF e G>7;:35$J4BW:2J$12I:4B2?123$=72$7;CB$5:1;8$C>DC:C312=1$ A4B8>=3C$B4$788:3:B27;$=7CF$=4BACV$.5$F7I:2J$7$C>C37:218$:2=B?1$3F4B>JF$=7=7BK$:3$:C $ FBA18 $ 3F73$3F1$81?728$EB4$B3F14$EB41C3$41CB>4=1C$W:;;$84BA$` fF:2215$LMNY aV$"88:3:B27;;5K$3F1$ =4173:B2$BE$D>EE14$S B21C$728$D:B8:I14C:35$=B44:8B4C$:C$:?AB43723$:2$?7:237:2:2J$3F1$:231J4:35$ BE$3F1$A4B31=318$7417CK$728$=7=7B$7J4B e EB41C3C$F7I1$D112$CFBW2$3B$A4BI:81$3F:C$C14I:=1$:2$ "E4:=7$`0B=QBWCQ:$X$-B2W7$LMM]aV $ $ D>EE14$SB21$:C$72$7417$B>3C:81$BE$7$A4B31=318$7417$ $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ $$$$$$$$$$$$$$$ $ 2 Partial funding for BCARP is supported by a cooperative agreement from the DOI, Fish and Wildlife Service (FWS), on behalf of the Nyanza Natural Resource Damage Trustee Council comprised of the FWS, Commonwealth of Massachusetts and Nationa l Oceanic and Atmospheric Administration.

PAGE 21

!"!"#$%"&'($!)"*+$"+"&,-*-$*+$.(&*/( $ N[ $ WF141$ F>?72$:2F7D:3723C $ =72$814:I1$1=B2B?:=$D121E:3CK$D>3$3F1$;728$:C$C3:;;$A4BI:8:2J$ F7D:373$EB4$W:;8;:E1$728$ A4BI:8:2J$ 1=BC5C31?$C14I:=1C $ `6=0475$LMMYa V$ :B8: I14C:35$ =B44:8B4C$741$A:1=1C$BE$3F1$;728C=7A1$ 3F73$?75$2B3$D1$C>:37D;1$EB4$A14?72123$:2F7D:372=1K$ D>3$ 3F73$A4BI:81$=B221=3:I:35$D13W112$F7D:373C $ 3B$ 7;;BW$E;B47$728$E7>27$3B$?BI1$ 3F4B>JFB>3$3F1 $ 7417 $ :2$B4814$3B$A14EB4?$ 3F1:4$1CC123:7;$;:E1$E>2=3:B2C$` -:;F14 $ LMNLaV$ $ .9@(($F7C$D112$1\A14:?123:2J$B2 $ :3C$A4BA1435$W:3F$=>;3:I73:2J$?>;3:A;1 $ I74:13:1C$BE$ B4J72:=K$ CF781$J4BW2 $ =7=7B$728$?B2:3B4:2J$3F1$D:48$ABA>;73:B2C$W:3F:2$3F1$A;72373:B2V$ RF15$7;CB$D1J72$7$C?7;;$2>4C145K$WF:=F$F7C$1\A72818$3B$7$C1=B28$2>4C145$W:3F:2$R4:BV $ .9@(($F7C$=B2347=318$W:3F$3F411$R4:B$E74?14CK$A4BI:8:2J$3F1?$W:3F$7$C3:A128$3F411$3:?1C$7$ 5174 $ EB4$E:I1$5174C$WF:;1$3F15$=B2I143$7$AB43:B2$BE$3F1:4$A4BA1435$ 81C3:218$EB4$ =;17 4 e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

PAGE 22

!"!"#$%"&'($!)"*+$"+"&,-*-$*+$.(&*/( $ Ng $ "57=4H8<13!I:1J4K5:A $ RF1$=B2=1A3>7;$E47?1WB4Q$ :2$9:J>41$O $ A41C123C$3F1$41;73:B2CF:A$D13W112$.!"@<$`:2$ 418a$728$ 3F1$I7;>1$=F7:2$727;5C:C$ `:2$D;>1a$ BE$?5$E:1;8$A47=3:=>? $ `:2$51;;BWa V$ $ .9@(( bC$A4B_1= 3 $ 7:?C$3B$12J7J1 $ ;B=7;$E74?14C$:2$=B2C14I73:B2$A47=3:=1CK$WF:;1$7;CB$ :?A4BI:2J$3F1:4$;:I1;:FBB8$BAAB43>2:3:1C V$ RF1$E47?1WB4Q$BE$.!"@<$:C$:2$418V $ .9@(($ A4BI:81C$ E74?14C$W:3F$=7=7B$C118C$728$D7JCK$31=F2:=7;$347:2:2JK$728$A75?123C$EB4$ 7J4B e 12I:4B2?1237;$C14I: =1C$ EB4$E:I1$5174CV$*2$1\=F72J1K$ 3F1$E74?14C$W:;;$A;723$B4J72:=K$ CF781$ J4BW2 $ =7=7B$B2$ 7$AB43:B2$BE$3F1:4$; 17C18$A4BA1435$B4:J:27;;5$C;7318$ 3B$D1$=;174 e =>3$EB4$ 7J4:=>;3>47;$A4B8>=3:B2 V$RF1$FBA1$:C$3F73$=7=7B$W:;;$D1$7$F :JF14$I7;>1$=7CF$=4BA$3F72$B3F14$ =B??B 2$;B=7;$=4BAC$3F73$741$J4BW2 $ :2$=;1741 8$E:1;8CK$1:3F14$:2$J4BCC$I7;>1$B4$:2$213$I7;>1$ ! I>B<:4!Z \!"57=4H8<13!I:1J4K5:A !

PAGE 23

!"!"#$%"&'($!)"*+$"+"&,-*-$*+$.(&*/( $ N] $ WF12$=B2C:814:2J $ 3F1 $ ;7DB4 $ 728$:2A>3C $ :2IB;I18$:2$3F1$ A4B8>=3:B2$BE$I74:B>C$=4BAC V$ *E$=7=7B$ :C$;1CC$;7DB4:B>C$3F72$B3F14$=4BAC$728$3F1$I7;>1$:C$F:JF14K$E74?1 4Cb$;:I1;:FBB 8 C $ CFB>;8$ :?A4BI1V$*E$;:I1;:FBB8C$:?A4BI1K$E74?14C$?75$D1$;1CC$;:Q1;5$3B$12 J7J1$:2$:;;1J7;$;BJJ:2J$7C$ A743$BE$3F1:4 $ ;:I1;:FBB8$ C34731J:1C$ 728$;1CC$; :Q1;5$3B$ =B23:2>1$=;174 e =>33:2J$3F1$EB41 C3$EB4 $ 7J4:=>;3>41V$RF1C1$7J4BEB41C345$A47=3:=1C$W:;;$;178$3B$F:JF14 $ E74?$D:B8:I14C:35 $ 728$J417314$ EB41C3$=B2C14I73:B2$728$41C3B473:B2V $ 65$4B;1$:2$3F1$A4B_1=3 $ `7DBI1$:2$51;;BW$728$D;>1a $ W7C$3B$=B28>=3$:2EB4?7;K$ C1?: e C34>=3>418$:2314I:1WC$728$3B$41I:1W$C1=B28745$8737$:2$B4814$3B$81I1;BA$7$I7;>1$=F7:2$ 727;5C:CV$ RF1$E:4C3$=B? AB2123$BE$7$I7;>1$=F7:2$727;5C:C$:C$3F1$81I1;BA?123$BE$7$?74Q13$?7A$ 3F73$347=1C$3F1$A4:=1C$BE$3F1$=4BA$E4B?$C118$3B$=FB=B;731$3F4B>JF$3F1$I74:B>C$D>514C$728$ C1;;14CV$RF1$21\3$=B?AB2123$ :C $ 72$727;5C:C$BE $ 3F1$C3731$BE$3F1$127D;:2J$12I:4B2?123$728$ FBW$:3$F:28 14C$B4$F1;AC$3F1$=7=7B$?74Q13V$RF1$E:27;$=B?AB2123$:C$72$727;5C:C $ BE$3F1$C14I:=1$ A4BI:814C$3B$ :8123:E5 $ B3F14$I7;>1$=F7:2$7=3B4C$728$FBW$3F15$=B234:D>31$3B$3F1$E>2=3:B2:2J$BE$ 3F1$?74Q13$:2$.1;:S1V$ *E$E74?14C$=72$BD37:2$7$JBB8$A4:=1$ EB4$3F1:4$=7=7B$E4B?$7$81 8:=7318$ D>514K$3F15$W:;;$D1$?B41$;:Q1;5$3B$=B23:2 >1$12J7J:2J$:2$12I:4B2?1237;;5$E 4:128;5$ 7J4:=>;3>47;$A47=3:=1C$:2$7417C$DB4814:2J$A4B31=318$EB41C3$41C14I1CV$ $ &>84:18<:4!M4N>4K !7=7B$"J4BEB41C345$-5C31?C$:2$.>EE14$/B21C$EB4$!B2C14I73:B2 $ *2$R4:B$I:;;7J1K$WF 141$.9@(($:C$WB4Q:2JK$E74?14C$35A:=7;;5$F7I1$ YM e 7=41 $ ;17C1FB;8CV$ 6725$BE$3F1C1$;17C1FB;8C$F7I1$7;41785$D112$ E>;;5$B4$A743:7;;5$ =;174 e =>3$EB4$E>;;$3:?1$ 7J4:=>;3>47;$A4B8>=3:B2K$ WF:=F$:C$ >2;:Q1$3F1$ 3478:3:B27;$6757$CW:8812 $ C5C31?$BE$4B373:B27;$ C;7CF$728$D>42 $ 728$;B2J e 314?$E7;;BW$=5=;1C V$ RFBC1$7417C$ :2$R4:B$ 3F73$4137:2$3F1:4$C1=B28745$

PAGE 24

!"!"#$%"&'($!)"*+$"+"&,-*-$*+$.(&*/( $ N^ $ EB41C3CK$ W:;;$;:Q1;5 $ 128$>A$=;174 e =>3 $ B2=1 $ E74?14C$ F7I1$3F1$ 2118 $ 728$?172C $ 3B$=;17 4$ 788:3:B27;$;728$EB4$E74?;728 V$f F:;1$41C174=F$CFBWC$3F73$A4:C3:21$EB41C3$:C$A41E147D;1 $ EB4$ D:B8 :I14C:35$=B2C14I73:B2 K$WF12$=B2C:81418$41;73:I1$3B$3F1$E731$BE$ =;174 e =>33:2J K$=7=7B e D7C18$7J4BEB41C345$C11?C$3F1$D13314$BA3:B2$EB4$D:B8:I14C:35$=B2C14I73:B2 $ :2$CB>3F142$ .1;:S1 V$$ $ 0B=QBWCQ:$728$-B2W7$ `LMM]a$ C>4I1518$3F1$12I:4B2?1237;$728$1=B2B?:=$34781BEEC$ D13W112$;BW$A4B8>=3:I:35$ =7=7B $ 7J4BEB41C345$C5C31? C $ 728$:2312C:I1$ =7=7B $ A4B8>=3:B2$:2$ "E4:=7 V$ RF15$EB>28$3F73$:2$B4814$EB4$3F1$;BW14$5:1;8K$D:B8:I14C1$=7=7B$7J4BEB41C345$C5C31?C$ 3B$D1$A4BE:37D;1K$?B41$=7=7B$3411C$WB>;8$2118$3B$D1$A;72318 V$RF1$2>?D14$ BE$=7= 7B$3411C$ 2118 18$3B$D7;72=1$B>3$3F1$;BW$5:1;8 $ WB>;8$ 41G>:41$ 3F73$ ?BC3$BE$3F1$41?7:2:2J$EB41C3$:2$ 0F727K$+:J14:7$728$*IB45$!B7C3$D1$=B2I14318$3B$ =7=7B$ 7J4BEB41C345$C5C31?CV$ fF:;1$3F1C1$ 7J4BEB41C345$C5C31?C$4137:2$J417314$D:B8:I14C:35$3F72$3F1$:2312C:E:18$C5C 31?CK$3F1$ D:B8:I14C:35$:2$3F1$E74?C$:C$2B3$7C$J4173$7C$:2$:237=3$EB41C3V$$)BW1I14K$C:2=1$3F1$= 7=7B $ EB41C3C$ =B2C14I1$7$C:J2:E:=723$A743$BE$3F1$D:B8:I14C:35$728 $ 8B $ ?7:237:2$72$:237=3$1=BC5C31?K$3F1C1$ 7J4BEB41C345$C5C31?C$741$BE$F:JF$>3:;:35$WF12$3F15$741$7$; 74J1$=B?AB2123$BE$D>EE14$SB21C$ 728$D:B8:I14C:35$=B44:8B4C$D13W112$A4B31=318$7417CV$$RF1$7>3FB4C$7;CB$2B318$3F73$WF:;1$ F:JF$A4BE:3C$728$F:JF$D:B8:I14C:35$741$2B3$?>3>7;;5$1\=;>C:I1K$3F1$EB4?14$41G>:41C$ =B2C:C3123$728$17C5$7==1CC$3B$?74Q13CV$RF15$7;CB$AB:23$ B>3$3F73$:E$7J4BEB41C345$D>EE14$SB21C$ 741$JB:2J$3B$D1$I:7D;1K$CB?1$C>DC:8:1C$B4$ :2=123:I1C $ ?:JF3$D1$21=1CC745$EB4$E74?14C$ `0B=QBWCQ:$X$-B2W7$LMM]aV$ $ @1C174=F$:2$*28B21C:7$EB>28$3F141$ 3F73$ 741$3F411$;728$?727J1?123$BA3:B2C$3B$ :?A4BI1$:2=B?1$:2$3F1$34BA:=CP$ EB41C3$=;17472=1K$7J4BEB41C345$:2312C:E:=73:B2$W:3F$CF781$ 3411$41?BI7; K $ 728$3F1$3F:22:2J$BE$F:JF$CF781$3411$=BI14V$";;$3F411$41C>;3 $ :2$D:B8:I14C:35$;BCCK$

PAGE 25

!"!"#$%"&'($!)"*+$"+"&,-*-$*+$.(&*/( $ LM $ D>3$3F1$3F:22:2J$BE$F:JF$CF781$3411$=BI14 $ :C$3F1$?BC3$7==1A37D;1 K $ 41;73:I1$3B$3F1$B3F14$ BA3:B2CV$RF1$7 >3FB4C$BDC14I18$3F73$WF:;1$;BJ:=7;;5$:3$WB>;8$C11?$3F73$F:JF$5:1;8K$CF781 e ;1CC$ 7J4:=>;3>41$WB>;8$?:2:?:S1$81?728$EB4$;728$EB4$ 7J4:=>;3>41K $ 3F1:4$BDC14I73:B2C$CFBW18$ 3F73$B2;5$E74?14C$W:3F$C>A14:B4$=7A:37;K$7C$BAABC18$3B$C>DC:C312=1$E74?14CK$741$;:Q1;5$3B$ E B;;BW$3F1C1$ 7J4:=>;3>47;$ A47=3:=1C $ 73$7;; V$ &:Q1$0B=QBWCQ:$728$-B2W7bC$C3>85K$3 F:C$C3>85$7;CB$ EB>28$3F73$1=B2B?:=$:2=123:I1C$B4$?74Q13 e D7C18$=B?A12C73:B2$ EB4$;BW14$5:1;8$7J4:=>;3>47;$ A47=3:=1C$ :C$21=1CC745$3B$A41I123$E>43F14$7J4:=>;3>47;$:2312C:E:=73:B2$D15 B28$ 3F1$ 3F:22:2J$BE$ CB?1$CF781$=BI14$`-31EE72 e H1W12314$LMMgaV$ $ H:41=3$R 4781$I CV$97:4$R 4781 $ %143:=7;$=BB48:273:B2$:C$3F1$81I1;BA?123$BE$;B2J e 314?$41;73:B2CF:AC$D13W112$D>514C$ 728$C1;;14CK$CB?13:?1C$3F4B>JF$=B2347=3C$`6:3=F1;$ 13$7;V $ LMM^aV$*3$:C$72$:?AB43723 $ >AJ478:2J$ C34731J5$EB4$I7;>1$=F7:2$81I1;BA?123 $ 7C$:3 $ A4BI:81C$J417314$ ?74Q13$ C1=>4:35$3B$E74?14CK$ D5$ J:I:2J$E74?14C$7$J417314$C37Q1$:2$3F1$D>514jC1;;14$41;73:B2CF:AV$RF1$41;73:B2CF:A$3F73$:C$ 81I1;BA18$3F4B>JF$I 143:=7;$=BB48:273:B2$:C$7$I145$:?AB43723$=B?A B2123$BE$3F1$C>==1CC$BE$ = 7=7B e D7C18$7J4BEB41C345$C5C31?C$ 7C$D>EE14$SB21C$3 B$A4B31=318$7417C K$D1=7>C1$:3$7=3 C$7C$7$ J>7472311T$ :E$7 $ D>514$W:3F847WCK$E74?14C$?75$E:28$:3$8:EE:=>;3$3B$BD37:2$72B3F14$D>514$728$ ?75$CW:3=F$3B$72B3F14$;:I1;:FBB8$ BA3:B2$ 3F73$:C$;1C C$E7IB47D;1$3B$3F1$12I:4B2?123V$ $ 97:4$ 34781$728$8:41=3$34781$741$ 1\7?A;1C$BE$ 34781$ ?B81;C$3F73$1?A;B5$I143:=7;$=BB48:273:B2V$97:4$ 34781$728$8:41=3$34781$741$7;CB$ 3F:48 e A7435$ =143:E:=73:B2$C=F1?1CV$ RF1$ 34781$?B81;C $ W:;;$D1$ :8123:E:18$D5 $ ;BW14=7C1$ 728$ 3F1$=1 43:E:=73:B2$C=F1?1C$W:;;$D1$=7A:37;:S18V$ $

PAGE 26

!"!"#$%"&'($!)"*+$"+"&,-*-$*+$.(&*/( $ LN $ J&-%*< %&4" $ RF1$JB7;$BE$E7:4$34781 $ :C$3B $ C>AAB43$C>C37:27D;1$A4B8>=3:B2$D5$A4BI:8:2J$k?>3>7;;5$ D121E:=:7;$;B2J e 314?$3478:2J$41;73:B2CF:ACl$`97:434781$9B>2873:B2$LMNNaV$97:4 $ 3 4781$ =143:E:=73:B2$EB4$ =7=7B $ :C$7I7:;7D; 1$EB4$E74?14$B4J72:S73:B2C$3F73$741$JBI14218$728$BW218$D5$ 3F1$E74?14CV$97:4 $ 34781$=143:E:=73:B2$A4BI:81C$=1437:2$C3728748C$3B$7=3$7C$7$C7E135$213K$7C$3F1$ = 7=7B $ ?74Q13$:C$>2A418:=37D;1V$ *2$.1;:S1K$ 97:434781 $ 9B>2873:B2 $ A>4=F7C14C$A7 5$7$?:2:?>?$ A4:=1$BE$iLKL M Mj6R $ B4$3F1$?74Q13$A4:=1$`:E$F:JF14aK$ A;>C$ 72$B4J72:=$A41?:>?$BE$iYMMj6RK $ 7$ 97:434781$A41?:>?$BE$iLMMj6R $ 728$72$B4:J:2$A41?:>? V$RF1$A41?:>?C$741$>C18$7C$3F1$ C1;;14$B4J72:S73:B2$1;1=3CV $ ";CB$7I7:;7D;1$>2814$3F1$97:434781$41;73:B2CF:A$:C$A41 e E:272=:2J K$ WF:=F $ 7;;BWC$3F1$=BBA1473:I1$3B$A>4=F7C1$3F1$A4B8>=3$A4:B4$3B$C1;;:2J$:3$3B$3F1$D>514 $ `97:434781$9B>2873:B2$LMNNaV $ $ H1CA:31 $ 3F1C1$D121E:3C$728$C3728748CK$E 7:4 $ 34781$F7C$D112$=4: 3:=:S18$41=123;5V$9B4$B21K$ 3F1$E 7:4 $ 34781$A4:=1$A41?:>?C $ JB$3B$3F1$=BBA1473:I1K$ 2B3$ 8:41=3;5$3B $ E74?14C V$RF1$ =BBA1473:I1$D>5C$3F1$D172C$73$3F1$?:2:?>?$B4$?74Q13$A4:=1$728$C1;;C$3F1$D172C$3B$3F1$ A>4=F7C14$EB4$3F1$A4:=1$3F73$:2=;>81C$3F1$A41?:>?CV$ "2B3F 14$=4:3:=:C?$:C$ 3F73$ 3F1$=BC3$3B$D1$ 9 7:434781$=143:E:18$:C$F:JF$728$3F1$D>417>=47=5$CB? 13 :?1C$D>4812CB?1V$ R!0"$A75C$iYKMMM$ A14$5174$3B$D1$97:434781$=143:E:18 T$3 F:C$=BC3$ A75C $ EB4$5174;5$:2CA1=3:B2C$728$7>8:3:2JV$R F1$ =FB=B;731$ ?7Q14C $ 3F12$ A75$97:434781$ 7$;:=12C:2J$E11$ 3B$D1$7D;1$3B$>C1$3F1$97:434781$;BJB$B2$ 3F1:4$A4B8>=3C V$ $ 9B4$.1;:S1K$E 7:4 $ 3478 1$?:JF3$2B 3$D1$3F1$D1C3$?B81;V$ -:2=1 $ 3 F1$ E7:4$34781 $ A4:=1$:C$D7C18$ B2$3F1$WB4;8$?74Q13$A4:=1 $ `B4$7$A4:=1$E;BB4a V$*2$3F1$=7C1$BE$=7=7BK$3F1$WB4;8$?74Q13$A4:=1$:C$ D7C18$B2$"E4:=72$= 7=7B$ E>3>41CK$ WF:=F$?172C$3F1$A4:=1$:C$D7C18$ B2$7 $ 2B2 e B4J72:=K $ ;BW14$ G>7;:35K $ F:JF14$5:1;8 $ I74:135$BE$=7=7B$:2$7$41J:B2$WF141$3F1$=BC3$BE$;:I:2J$:C$;BW14$3F72$:2$

PAGE 27

!"!"#$%"&'($!)"*+$"+"&,-*-$*+$.(&*/( $ LL $ .1;:S1V$fF:;1$ 3F1$ 97:434781$ 9B>2873:B2$ A4BI:81C$788:3:B27;$A41?:>?C$3F73$41=BJ2:S1$3F1$ B4J72:=$ 273>41$ BE$.1;:S1 72 $ =7=7BK$3F1$ 97:434781$ A4:=1$:C$2B3$C>EE:=:123$3B$=BI14$3F1 $ 8:EE1412=1C$:2$ A4B8>=3:B2 $ 5:1;8C $ B4$3F1$F:JF14 $ =BC3C$BE$;:I:2JV$ RF>C K$ 7$A4:=1$D7C18$B2$3F1$ WB4;8$?74Q13 $ A4:=1 K $ WF12$=B2C:81418 $ :2$3F1$=B23 1\3$BE$.1;:S1K$:C$2B3 $ E7:4$:2$A47=3:=1V $ $ 0-%"2/*<%&4" $ "2B3F14$ I143:=7;$=BB48:273:B2$34781$ ? B81; $ :C$8:41=3$34781K$WF: =F$:C$7$E7=1 e 3B e E7=1$ 41;73:B2CF:A$D13W112$3F1$D>514$728$3F1$ E74?14 V$ H :41=3$34781$ BE312$ BEE14C$7$F:JF14$A4:=1K$7C$ >C>7;;5$ 3F141$:C$ 2B$?:88;1?72V$B?13:?1C$ :3$ :2=;>81C$A4BE:3$CF74:2J$B4$B3F14$=B??>2:35$ 81I1;BA?123$E>28:2JV$ RF141$:C$7$ H:41=3$R4781$ 3F:48$A7435 $ =143:E:=73:B2$C=F1?1$ 3F73$A75C$7$ LZc$A41?:>?$7DBI1$3F1$E7:4$34781$A4:=1$:2$1\=F72J1$E B4$7$F:JF14$G>7;:35$A4B8>=3V$-:2=1$3 F1$ H:41=3$R 4781$=143:E:=73:B2$1?AF7C:S1C$41;73:B2CF:AC$W:3F$ E74?14C K $ =B?A72:1C$?>C3$C>D?:3$ 1I:812=1$BE$3F1:4$ B2JB:2J$ =B??>2:=73:B2$W:3 F$E74?14CV$$H:41=3$34781K$1:3F14$3 F1$ 34781$ ?B81;$B4$3F1$=143:E:=73:B2 $ C=F1?1 K $ 41G>:41 C $ 7$34>C3:2J$41;73:B2CF:AV$ RF1$D>514$D121E:3C$E4B?$ F7I:2J$J417314$=B234B;$ BI14$3F1$G>7;:35$BE$3F1$D172CK$ 728$ 3F1$ E74?14 $ D121E:3C$E4B?$41=1:I:2J$ 7$J417314$A14=123 7J1 $ BE$3F1 $ C1;;:2J$ A4:=1$728$ F7I:2J $ 7$ J417314$C37Q1$:2$3F1$41;73:B2CF:AV $ +:=F1$674Q13:2J $ 7C$-7E135$+13C$EB4$.BB?j.>C3$!5=;1C $ $ 7=7B$:C$A415$3B$DBB?jD>C3$ =5=;1C$ 3F73 $ =B>;8 $ 3F417 312$3F1$ I7;>1$ BE$=7=7B$ 7J4BEB41C345$ 7C$7$=B2C14I73:B2$3BB; V$"C$3411C$7J1$728$3F1:4$A4B8>=3 :B2$8:?:2:CF 1C K$E74?14C $ ?75 $ :2C3:2=3>7;;5$7331?A3$3B$:2=417C1$5:1;8$D5$E >43F14$3F:2 2:2J $ 3F1$=72BA5$3B$7;;BW$?B41$ C>2;:JF3$3B$A12134731 $ :23B$3F1$>2814C3B45 V$fF:;1$3F1$:2=417C18$C>2$1\ABC>41$ ?75$:2=417C1 $ 5:1;8C$:2$3F1$CFB43$314?K$:3$7;CB$:2=417C1C$3F1$AF5C:B ;BJ:=7;$C341CC$B2$3F1$ =7=7B$ 3411 C K$WF:=F$ :2=417C1C$3F1$3411Cb$C>C=1A3:D:;:35$3B$A1C3C$728$8:C17C1CV$ $ RF1$D733;1$7J7:2C3$A1C3C$728$

PAGE 28

!"!"#$%"&'($!)"*+$"+"&,-*-$*+$.(&*/( $ LY $ 8:C17C1C$ =B>;8$ ;178$E74?14C$3B$1\A14:?123$ W:3F$A1C3:=:81C K$AB3123:7;;5$;BC:2J$3F1$B4J72:=$ C373>C$BE$3F1$E74?V$RF1$81=417C:2J$5 :1;8C$ E4B?$7J:2J$3411C$A;7J>18$W:3F$7$I74:135$BE$ C341CC1C $ =72$>;3:?731;5$=7>C1$3F1$;B=7;$?74Q13$3B$D>C3V$RF1$81=417C18$ E74?$ :2=B?1$?7Q1C $ E74?$728$ A4B8>=3:B2 $ >AJ4781C$ 8:EE:=>;3 K $ ;178 :2J $ E74?14C$3B$J:I1 $ >A$B2$3F1:4$ =7=7B$7J4BEB41C345 $ C5C31? $ `!;B>JF$13$7;V$LM M^aV $ RF1$ 1\=1CC:I1$ 3F:22:2J$BE$3F1$=72BA5 $ :C $ 7;CB $ =B234745$3B $ 3F1$A>4ABC1$BE$7$=7=7B$ 7J4BEB41C345$C5C31?$ 7C$7$F7D:373$EB4$W:;8;:E1V$RF1C1$ 7J4BEB41C345 $ ?727J1?123 $ :CC>1C$741$ BE312$1\7=14D7318$D5$3F1$;7=Q$BE$31=F2:=7;$347:2:2J$7I7:;7D;1$3B$C?7;;FB;814$C>DC:C 312=1$ E74?14CV$*2$?725$=7C1CK$3F1:4$Q2BW;18J1$81I1;BAC$BI14$3:?1$3F4B>JF$1\A14:12=1$728$ 3F4B>JF$3F1:4$21:JFDB4Cb$1\A14:12=1CV$RF1$ :CC>1$EB4$=B2C14I73:B2$3F12 $ D1=B?1C$FBW$3B$ :2C>41$3F73$12I:4B2?1237;;5$E4:128;5$7J4BEB41C345$ A47=3:=1C $ =72$ =B23:2>1$3F4B>JFB>3 $ 3F1$ ;:E1$=5=;1$BE$3F1$=7=7B$3411$`!;B>JF$13$7;V$LMM^aV$-B?1$ABCC:D;1$CB;>3:B2C$B>3;:218$D5$!;B>JF$ 13$7; V $ `LMM^a $ :2=;>81 P$kA75:2J$=7=7B$E74?14C$3B$Q11AK$A;723 K $ 728$8:I14C:E5$3F1:4$CF781$3411CK$ 3F4B>JF$A41?:>?$A4B8>=14$A4:=1C$728K$:2$E>3>41K$41?>21473:B2$EB 4$=74DB 2$C3B47J1$:2$ CF7818$7J4BEB41C3Cl V$ $ $ .9@((bC$A4B_1=3$:2$R4:B$I:;;7J1$ 7;41785$1?A;B5C $ 3F1$ =B2=1A3$ BE$ J:I:2J $ E74?14C$ 1=B2B?:=$:2=123:I1C$ EB4$=B2C14I:2J$ 34BA:=7;$E B41C3CV$)BW1I14K$3F:C$8B1C$2B3$7AA174$3B$D1$ 7$ C>C37:27D;1$?13FB8$7C$+0#C$2B3B4:B>C;5$F7I1$ 8 :EE:=>;35$:2$A4B=>4:2J $ 7 $ =B23:2>B>C$CB>4=1$BE $ E>28:2J V$<14F7AC$7$?B41$C>C37:27D;1$?13FB8$EB4$:2=123:I:S:2J$A4BA14$7J4BEB41C345$ A47=3:=1C$;:1C$:2$A41?:>?$ A4:=1C$EB4$E74?14C V$RF1C1$A4:=1C$WB>;8 $ =B2C:814$3F1$I74:B>C$ 1=BC5C31?$C14I:=1C$=7=7B$E74?C$728$E74?14C $ A4BI:81K$1CA1=:7;;5$41;73:I1$3B$3F1$B3F14$=4BA$ BA3:B2C$E74?14C$F7I1$:2$3F73$41J:B2 V$$* 817;;5 K $ 3F1$A41?:>?$A4:=1$WB>;8 $ =B?1$=;BC14$3B$ ?73=F:2J$3F1$ 34>1$ I7;>1$BE $ B4J72:=K$ CF781$J4BW2 $ =7=7B V $

PAGE 29

!"!"#$%"&'($!)"*+$"+"&,-*-$*+$.(&*/( $ LO $ $ <743$BE$3F1$=B2347=3$D13W112$3F1$=7=7B$E74?14C$728$.9@(($C3:A>;731 C$3F73$3F1$ E74?14C$?>C3$7;;BW$.9@(($7==1CC$3B$3F1:4$A4BA1435$EB4$D:48$?B2:3B4:2JK$WF:=F$:C$=B2C:C3123$ W:3F$.9@((bC$41C174=F$?:CC:B2V$!>44123;5K$3F1$-?:3FCB2:72$6:J473B45$.:48$!12314 $ `-6.!a $ .:48$94:128;5$1=B e ;7D1;$:C$CA1=:E:=$3B$=BEE11$`6.!$ LMNY aV$)BW1I14K$ :3C$818:=73:B2$3B$ 12=B>47J:2J$ CF781$J4BW2 K$B4J72:=$A4B8>=3C$=B>;8$3472C;731$3B$=7=7B$7C$W1;;K$1CA1=:7;;5$:2$ R4:B$WF141$3F1$=7=7B$=>;3:I73:B2$ :C$;:Q1;5$3B $ =B?A;5$W:3F$3F1C1$41G>:41?123CV$$RF:C$ =143:E:=73:B2$k:8123:E:1C$728$I14:E:1C$3F4B>JF$3F:48 e A7435K$:281 A128123$:2CA1=3:B2$728$ =143:E:=73:B2$3F73$=BEE11$F7C$D112$J4BW2$>C:2J$CF781$?727J1?123$A47=3:=1C$3F73$A4BI:81$ JBB8$D:48$F7D:373CV$-F781$=F747=314:C3:=C$?>C3$?113$C=:12=1 e D7C18$=4:314:7$81I1;BA18$E4B?$ B42:3FB;BJ:=7;$E:1;8$WB4Ql$`(=B;7D1;$*281\$ LMNY aV$ $ $ .7=B 2$`WFB$ C3>8:18 $ =BEE11a$74J>1C$3F73$WF12$81314?:2:2J$3F1$C>C37:27D:;:35$BE$ A4B8>=3:B2K$B21$2118C$3B$=B2C:814$2B3$_>C3$3F1$:2=B?1$AB3123:7;K$D>3$7;CB$3F1$;:I1;:FBB8$ I>;2147D:;:35$BE$ E74?14CV$RF:C$7AA4B7=F$37Q1C$:2 3B$=B2C:81473:B2$7==1CC$3B$;728K$3F1$=4173:B2 $ BE$C34B2J$ E74?14 $ B4J72:S73:B2CK$7;314273:I1$?74Q13CK$728$A4B8>=3$8:I14C:E:=73:B2$`LMMZaV $ *2$ RB;18BK$?BC3$BE$3F1$=7=7B$E74?14C$741$6757$C>DC:C312=1$E74?14CV$ $ *E$3F1$ 81?728$EB4$=7=7B$ E4B?$.1;:S1$41?7:2C$=B2C3723$B4$=B23:2>1C$3B$J4BWK$ : 3$:C$:?AB43723$3F73$3F 1$ B4J72:S73:B2C$ 728$1\AB4314C$3F73$WB4Q$W:3F$C>DC:C312=1$ E74?14C $ 1?AF7C:S1$EBB8$C1=>4:35 V$ $ RF1 41$?75$D1$ 7 $ 31?A373:B2$3B$CW:3=F$E4B?$ C>DC:C312=1 $ =4BAC$3B$F:JF$I7;>1$=7CF$=4BA $ 728$:3$:C$:?AB43723$ 3F73$E74?14C$8B$2B3$E7;;$A415V$RF1$ABCC:D:;:35 $ 7;W75C$1\:C3C$3 F73$3F1$=B??B8:35$?74Q13$?75$ E7;;K$728$E74?14C$C3:;;$2118$3B$D1$7D;1$3B$E118$3F1?C1;I1C$CFB>;8$3F1:4$=7=7B$=4BA$D1$;1CC$ I7;>7D;1$73$725$AB:23$:2$3F1$E>3>41V$ $ $ < 4:C3:21$EB41C3$:C$D1C 3$EB4$D:B8:I14C:35$=B2C14I73:B2V$)BW1I14K $ =7=7B$7J4BEB41C345$ C5C31?C$741$A4 1E147D;1$3B$=;1 74 e =>3$?B2B=>;3>41$A4B8>=3:B2K$ C:2=1$7J4BEB41C345$ 73$3F1$I145$

PAGE 30

!"!"#$%"&'($!)"*+$"+"&,-*-$*+$.(&*/( $ LZ $ ;17C3 $ Q11AC$3F1$EB41C3$=BI14$:237=3 K$72$:?AB43723 $ 1;1?123 $ BE$D:B8:I14C:35$=B44:8B4CV$ R5A:= 7;;5$ 3F1C1$7J4BEB41C345$C5C31?C $ 7337:2$;BW14$5:1;8CK$728$3F 141EB41$ 741$;1CC$A4BE:37D;1V$0 B=QBWCQ:$ 728$-B2W7$ `LMM]a$ AB:2318$B>3$3F73$ =B2C:C3123$728$17C5$7==1CC$3B$?74Q13CK$728$AB3123:7;;5$ C>DC:8:1C$B4$:2=123:I1C K $ 741$Q15$3B$:2C>4:2J$3F73$ 7J4BEB41C345$C5C31?C$A14C:C3$EB4$3F1$C7Q1$BE$ D:B8:I14C:35$=B2C14I73:B2V$ RF1C1$E7=3B4C$741$7;CB$Q15$3B$:2C>4: 2J$3F1$C>C37:27D:;:35$BE$3F1$ 7;314273:I1$; :I1;:FBB8$BE$=7=7B$=>;3:I73:B2V$ "==B48:2J;5 K$7CC1CC:2J$ 3F1$I7;>1$=F7:2$728$ ?74Q13$7==1C CK$4:CQC$728$AB3123:7;C $ EB4$B4J72:=K$ CF781$J4BW2 $ =7=7B$:2$4>47;$ .1;:S1$W141 $ C:J2:E:=723$=B?AB2123 C $ BE$3F:C$C3>85V$ $

PAGE 31

!"!"#$%"&'($!)"*+$"+"&,-*-$*+$.(&*/( $ L[ $ S48F5;9!U!# 713O9>9 %7;>1$!F7:2$"27;5C:C $ "$nI7;>1$=F7:2b$:C$3F1$kE>;;$472J1$BE$7=3:I:3:1C$WF:=F$741$41G>:418$3B$D4:2J$7$A4B8>=3$B4$ C14I:=1$E4B?$=B2=1A3:B2K$3F4B>JF$3F1$8:EE14123$AF7C1C$BE$A4B8>=3:B2$`:2IB;I:2J$7$ =B?D:273:B2$BE$AF5C:=7;$3472CEB4?73:B2$728$3F1$:2A>3$BE$ I74:B>C$A4B8>=14$C14I:=1CaK$ 81;:I145$3B$E:27;$=B2C>?14CK$728$E:27;$8:CABC7;$7E314$>C1l$`h7A;:2CQ5$X$6B44: C$LMMNK$OaV$+ 1W$ A4B8>=14CK$ WFB $ ?75$D1$ABB4$728$E4B?$ABB4$=B>234:1CK$ =72$E:28$I7;>1$:2$7$I7;>1$=F7:2$ 727;5C:C $ 7C$:3$A4BI:81C$:?AB43723$:2C:JF3C$:23B$FBW $ k4>47;$ABB4$=72$A743:=:A731$J7:2E>;;5$:2$ ;B=7;K$41J:B27;$728$J;BD7;$34781l$`6:3=F1;$13$7;V$LMM^K$NaV$ $ %7;>1$=F7:2$727;5C:C $ =72$D1$>C18$7C$ 7 $ 3BB;$3B$>2814C3728$3F1$AB;:=5$12I:4B2?123K$WF:=F$:2E;>12=1C$41CB>4=1$7;;B=73:B2$728$ 7==1CC$W:3F:2$3F1$8B?1C3:=$?74Q 13$`h7A;:2CQ5$X$6B44:C$LMNNaV$ $ RF1$=4173:B2$BE$7$C:?A;1$I7;>1$=F7:2$:C$3F1$E:4C3$C31A$:2$7$ I7;>1$=F7:2$727;5C:C V$RF:C$ C31A$:8123:E:1C$3F1$?7:2$7=3B4C$728$7=3:I:3:1C$:2$3F1$A4B8>=3:B2$728$=B??14=:7;:S73:B2$ AF7C1$`)1;;:2$X$61:_14$LMM[aV$$ + 1\3$ :C$3F1$81I1;BA? 123$BE$7 $ ?74Q13$?7A$3F73$347=1C$3F1$E;BW$ 728$A4:=1C$BE$3F1$A4B8>=3 T $ 728$3F12$:8123:E:=73:B2$BE$ 3F1$127D;:2J$12I:4B2?123$728$C14I:=1$ A4BI:814CV$RF1C1$= B?AB2123C$BE$3F1 $ I7;>1$=F7:2$727;5C:C$ 741$>C18 $ 3B$:8123:E5$AB;:=5$:CC>1C$ 3F73$?75$F:2814$B4$12F72=1$E>2=3: B2:2J$BE$3F1$=F7:2V$RF1$127D;:2J$12I:4B2?123$ 12=B?A7CC1C$3F1$=4:3:=7;$E7=3B4C$3F73$CF7A1$3F1$I7;>1$=F7:2V$RF1C1$E7=3B4C$741$J12147318$D5$ C34>=3>41C$`273:B27;$728$;B=7;$7>3FB4:3:1CK$41C174=F$7J12=:1Ca$728$:2C3:3>3:B2C$`AB;:=:1CK$ 41J>;73:B2C$728$A47=3:=1Ca$3 F73$741$D15B28$3F1$8:41=3$=B234B;$BE$7=3B4CV$RF1$C14I:=1$ A4BI:814C$741$D>C:21CC$728$1\312C:B2$C14I:=1C$3F73$C>AAB43$3F1$I7;>1$=F7:2$BA1473:B2V$ RF1C1$C14I:=1C$?75$:2=;>81P$:2A>3$C>AA;:1CK$31=F2:=7;$7CC:C372=1K$?74Q13$:2EB4?73:B2K$ E:272=:7;$C14I:=1CK$3472CAB 43$C14I:=1CK$ 728$ G>7;:35$7CC>472=1$`)1;;:2$X$61:_14$LMM[aV $

PAGE 32

!"!"#$%"&'($!)"*+$"+"&,-*-$*+$.(&*/( $ Lg $ ";3FB>JF$ 3F141$741$2B$C13$4>;1C$EB4$=B28>=3:2J$7 $ I7;>1$=F7:2$727;5C:C K$:3$35A:=7;;5 $ :2=;>81C$G>7;:373:I1$728$G>723:373:I1$ 1I7;>73:B2$ 3BB;CV$RF1$G>7;:373:I1$7AA4B7=F K $ >C:2J$ C1?: e C34>=3>418$:2314I:1W C$728$EB=>C$J4B>AC K $ :C$1?A;B518$E:4C3V$FB>;8$3:?1$728$41CB>4=1C$ A14?:3K$7$G>723:373:I1$C3>85$`C>4I15$B4$G>1C3:B227:41a$=72$EB;;BWV$*2$3F1$=7C1$3F73$7$ G>723:373:I1$C3>85$:C$A4BF:D:3:I1K$?>=F$BE$3F:C$:2EB4?73:B2$=72$ BE312$ D1$EB>28$3F4B>JF$ C1=B28745$CB>4=1C$ `)1;;:2$X$61:_14$LMM[aV$ $ H1C:J2K$ *?A;1?12 373:B2 $ X$"27;5C:C $ RF1$:2:3:7;$C13$BE$G>1C3:B2C$C13$EB43F$:2$3F1$A4BABC7;$W7C$A4BI:818$D5$.9@(($728$W7C$ 787A318$E4B?$k0>:81;:21C$EB4$I7;>1$=F7:2$727;5C:Cl$`)1;;:2$X$61:_14$LMM[aV$9>43F14$ G>1C3:B2C$W141$814:I18$E4B?$k <743:=:A73B45$674Q13$!F7:2$"27;5C:C$EB4$-?7;;FB;814$ <4B8>=14Cl$`&>285$13$7; V $ LMMgaK$E4B?$3F1$7221\$BE$7$=B2C>;372=5$41AB43$EB4$R!0"$=7;;18$ k!F747=314:C3:=C$BE$3F1$!B=B7$->AA;5$!F7:2$:2$.1;:S1$728$H:7J2BC:C$BE$!BBA1473:B2$"?B2J$ -37Q1FB;814Cl$`H>DB2$LMMgaK$7 28$E4B?$k"CC1CC:2J$3F1$:?A7=3$BE$I7;>1$=F7:2$7AA4B7=F1C$B2$ 4>47;$ABI1435l$`HB2BI72$X$-3B:72$LMM^aV$R5A:=7;;5$3F1$G>1C3:B2C$3F12$1IB;I18$7C$*$CB>JF3$ 3B$E :;;$:2$J7AC$:2$?5$>2814C3728:2J $ B4$CB>JF3$3B$;: ?:3$3F1$:?ABC:3:B2$B2$A1BA;1bC $ 3:?1V$$ *2$ ?725$=7C1CK$E74? 14C$C11?18$3B$D1$:2314I:1W e E73:J>18$E4B?$B3F14$B4J72:S73:B2C$728$ C3>8123C$ :2314I:1W:2J$3F1? $ :2$3F1$41=123$A7C3V $ *2314I:1WC$W:3F$ C>DC1G>123$ Q15$7=3B4C$ =F72J18$ D7C18$B2 $ 3F1$1\3123$BE$:2EB4?73:B2$*$F78$ 7;41785$ BD37:218$728$ D7C18$ B2$ WF73 $ :2EB4?73:B2 $ 211818$=;7 4:E:=73:B2K$=B2E:4?73:B2 K $ B4$W7C$C3:;;$;7=Q:2J$7;3BJ13F14V $ *$:2314I:1W 18$B21$E74?14 $ WFB$F7C$=B2347=318$3B$A743:=:A731$:2$.9@((bC$=7=7B$ :2:3:73:I1K$728$ EB>43112 $ 6757 $ E74?14C$B4$7$E7?:;5$?1?D14K$WFB$741$=>44123;5$J4BW:2J$ B4J72:=$=7=7BV$RF1$JB7;$W7C$3B$>2814C 3728$3F1:4$=>44123$A47=3:=1CK$W F141$728$E4B?$WFB?$ 3F15$41=1:I1 $ 7CC:C372=1K$FBW$?>=F$3F15$CA128$728$ 1742 $ :2$=7=7B$=>;3:I73:B2K$728$3F1:4$

PAGE 33

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bC$=7=7B$=>;3:I73:B2$B4$2B3F:2J$73$7;;V$-B?13:?1C$*$W7C$2B3$ =1437:2 $ :E$3F15$W141 $ >2 Q2BW;18J17D;1$B4$ 473F14$ 8:8$2B3$E11; $ :3$W7C$3F1:4$A;7=1$3B$CF741$3F1$ :2 EB4?73:B2$W:3F$?1$W:3FB>3$3F1:4$F>CD728Cb$7AA4BI7;V $ -:2=1$ CB?1$WB?12 $ W141$ =B ?EB437D;1$BA3:2J$2B3$3B$72CW14$=1437:2$G>1C3:B2CK$*$E1;3$ 7C$3FB>JF$ 3F1$41CAB2C1C$3B$3F1$ G>1C3:B2C$3F15$W141$W:;;:2J$3B$72CW14$W141 $ =418:D;1V $ RF1 $ 87>JF314 $ W:3F$WFB?$*$CABQ1$ W7C$ 7AA4 B\:?731;5$L M$5174C$B;8$728$W7C$I145$Q2BW;18 J17D;1$BE$F14$E73F14b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

PAGE 34

!"!"#$%"&'($!)"*+$"+"&,-*-$*+$.(&*/( $ L^ $ C12C:3:I1$728 $ *$E1;3$:2314I:1WC$W:3F$Q15$7=3B4C$WB>;8$D1$ >217C5 $ 728$;1CC$=728:8$:E$1I145$ WB48$728$:2C:2>73:B2$W7C$41=B4818V$RF141EB41K$*$3BBQ$2B31C$D5$F728$728$;7314$35A18$3F1?K$ 7;B2 J$W:3F$B3F14$:?A41CC:B2C$728$:2EB4?73:B2$*$F78$41=1:I18$3F73$?:JF3$2B3$F7I1$D112$ =;174$D7C18$B2$3F1$2B31C$7;B21V$*$>C18$7$WB48$A4B=1CCB4$=7;;18$-=4:I1214$3F73$:C$81C:J218$EB4$ 41C174=F$A4B_1=3CK$C=4112A;75C K $ 728$2BI1;CV$*$81IB318$7$k=F7A314l$3B$17=F$:2314I: 1WK$WF:=F$ =B>;8$3F12$D1$ B4J72:S18 V$ $ %7;>1$!F7:2$'AJ478:2J RF4B>JF$B2;:21$41C174=FK$*$W7C$7D;1$3B$J1214731$7$C:?A;1$I7;>1$=F7:2V$ "E314$ =B?A;13:2J$3F1$:2:3:7;$:2314I:1WCK$*$W7C$7D;1$3B$=41731$3F1$?74Q13$?7AK$WF:=F$347=18$3F1$ A4:=1C$728$ E;BW $ BE$=7=7B$3F4B>JF$ .1;:S1$728$7D4B78V$#2=1$3F1$?74Q13$?7A$W7C$=B?A;1318K$*$ W7C$3F12$7D;1$3B$EB=>C$3F1$C>DC1G>123$:2314I:1WC$B2$3F1$A4BI:C:B2C$BE$3F1$C14I:=1$A4BI:814C$ 728$B2$3F1$1\3123$728$1EE:=:12=5$BE$3F1$127D;:2J$12I:4B2?123$ 41;7318$3B$3F1$=>;3:I73:B2$728$ 1\AB4373:B2$BE $ = 7=7B$:2$.1;:S1V$ $ *$727;5S18$3F1$:2EB4?73:B2$E4B?$3F1$:2314I:1WC$728$C1=B28745$8737$:2$B4814$3B$ 81314?:21$3F1$41;73:B2CF:AC$D13W112$I7;>1$=F7:2$7=3B4C$728$3F1$BAAB43>2:3:1C$728$ F:28472=1C$:2$=7=7B$A4B8>=3:B2$7C$A14=1:I18$D5$E74?14CK$:2314?18:74:1C K $ 728$D>51 4CV$RF1$ I7;>1$=F7:2$727;5C:C$ 7:818$?1$:2$:8123:E5:2J$ 7417C $ :2$3F1$I7;>1$=F7:2$WF141$>AJ4781C$?:JF3$ 5:1;8$A4B?:C:2J$41C>;3C$EB4$J417314$C?7;;$E74?14$:231J473:B2 $ W:3F $ 3F1$?74Q13V$ $ RF141$741$C1I12$35A1C$BE$41=BJ2:S18$I7;>1$=F7:2$>AJ4781CK$WF:=F$:2=;>81P$FB4:S B237;$ =BB48:273:B2$`=B;;1=3:I1$A4B8>=3:B2$728$A4B=1CC:2JaK$I143:=7;$=BB48:273:B2$`=B2347=3$ E74?:2J$W:3F$A4B=1CCB4C$B4$1\AB4314CaK$E>2=3:B27;$ >AJ4781$` :2=417C:2J $ B4$81=417C:2J$3F1 $ 2>?D14$BE$7=3:I:3:1C$A14EB4?18$D5$E74?14CaK$A4B=1CC $ >AJ478:2J $ `:?A4BI:2J$1EE: =:12=:1CaK$ A4B8>=3$ >AJ478:2J$ `;7D1;:2JK$C>=F$7C$B4J72:=$728$E7:4$34781aK$:2314 e =F7:2 $ >AJ478:2J $ `>C:2J$

PAGE 35

!"!"#$%"&'($!)"*+$"+"&,-*-$*+$.(&*/( $ YM $ 7J4:=>;3>47;$CQ:;;C$3B$J4BW$CB?13F:2J$1;C1$7C$W1;;aK$ 728$ 127D;:2J$12I:4B2?123 $ >AJ478:2J $ `:?A4BI1?123C$3B$C>AAB43K$C14I:=1CK$:2C3:3>3:B27;K$;1J7; K $ 728$AB;: =5$E47?1WB4QCa$`6:3=F1;;$ 13$7; V $ LMM^aV $ *$=B2C:81418$17=F$BE$3F1C1$41=BJ2: S18$>AJ4781C$WF12$>C:2J$3F1$I7;>1$=F7:2$ 727;5C:C$ 3B$?7Q1$41=B??12873:B2C$EB4$3F1$=7=7B$C1=3B4$:2$.1;:S1V$ $ $ $ $

PAGE 36

!"!"#$%"&'($!)"*+$"+"&,-*-$*+$.(&*/( $ YN $ M49<389 17;!P>9=<99>57 h15$"=3B4C $ C&)&*C#:3/&-3*>&2&#*;/4K* $ (?:;5$-3B21 $ C374318$6757$6B>237:2$!7=7B$:2$LMNM$7C$6BFB$@:I14$!7=7BK$W:3F$C3743 e >A$ =7A:37;$E4B?$";1\$fF:3?B41$BE$R7S7$!FB=B;731$728$U1EE$2818$R7S7$!FB=B;731$:2$LMMZ$7E314$ EB4?:2J$7$41; 73:B2CF:A$W:3F$7$=7=7B$=BBA1473:I1$:2$3F1$HB?:2:=72$@1A>D;:=V$"C$R7S7$J41WK$ fF:3?B41$;BBQ18$3B$.1;:S1$7C$72$73347=3:I1$AB3123:7;$C>AA;:14$BE$34:2 :374:B$728$=4:B;;B$E:21$ E;7IB4 $ =7=7B$D172C$3F73$7;CB$=744 :18 $ 3F1$?74Q137D;1$C3B45$BE$F:C3B4:= $ =>;3:I73:B2 $ D5$3F 1$ 6757 V$fF:3?B41$?13$4=F7C 1$ D172C$E4B?$ R!0"V$fF:3?B41$ :C$72$BAAB2123$BE$E 7:4 $ 34781$728$?781$72$BEE14$3B$R!0"$3B$12J7J1$:2$ 7$ 8:41=3$34781$ ?B81; V$ fF:3?B41bC$BAABC:3:B2 $ 3B$3F1$ E 7:4 $ 34781$?B81;$C31?C$E4B?$:3C$1\A12C :I1$ D>417>=47=5K$3F1$;7=Q$BE$ :2=123:I1C$EB4$ G>7;:35$ A4B8>=3C K $ 728$3F1$;7=Q$BE$1I:812=1$3F73$ E 7:4 $ 34781$F7C$F78$ABC:3:I1$:?A7=3C $ B2$ E74?14 C V$ RF1$A4BABC:3:B2$EB4$8:41=3$34781$W:3F$R!0"$ :2=;>818$A75:2J$3F1$WB4;8$?74Q13$A4:=1K$A;>C$7$iNMMMj6R$A41?:>?V$ RF:C$BEE 14$7;CB$ :2=;>818$2B$=143:E:=73:B2$E11CK$7$41G>:41?123$ 3B $ 41=1:I 1 $ B2;5$3F1$D1C3$ G>7;:35$BE$ D172CK$728$ 3F1$>2814C3728:2J$3F73$fF:3?B41$WB>;8$A75$EB4$3F1$=B237:214$B2=1$:3$W7C$CF:AA18V$ R!0"$ 8:8$2B3$E11;$=B?EB437D;1 $ J:I:2J$>A$3F1:4$;B2J e 314?$41;73:B2CF:A$W:3F$ 04112$X$.;7=Q b C $ 728$ 3F1$97:434781$9B>2873:B2 V$ "3$3F73$3:?1$04112$X$.;7=QbC$W7C$D>5:2J $ 7;;$BE$R !0"bC$D172C$ 81CA:31$3F1$G>7;:35K$W7C$A75:2J$7$F:JF14$A4:=1$3F72$3F15$=>44123;5$8BK$728$3F15$W141$W:;;:2J$ 3B$J:I1$A41 e E:272=:2JK$WF:=F$:C$=4>=:7;$EB4$R!0"bC$BA1473 :B2V $ "E314$CB?1$81D731$7?B2J C3 $ 3F1$ R!0"$DB748 $ 728$3F1$R!0"$E74?14C K$R!0"$BA318$2B3$3B$=F72J1$3F1:4$34781$?B81;V$ $ $

PAGE 37

!"!"#$%"&'($!)"*+$"+"&,-*-$*+$.(&*/( $ YL $ $ *2$LMNMK$-3B21$744:I18$:2$.1;:S1K$?13$07D4:1;$:35$A743214CV$.1C:81C$7$C1=B28$:2I1C3?123$E4B?$R7S7K$66!$F7C$2B3$ 41=1:I18$E:272=:7;$7CC:C372=1$C:2= 1$3F1$:2:3:7;$C3743 e >A$E>28:2J$E4B?$fF:3?B41$728$5C$W13$D172C$8:41=3;5$E4B?$3F1$E74?14Cb$E:1; 8C$B4$FB?1C$7$=B>A;1$BE$3:?1C$7$ W11QV$ 66! $ 3472CAB43C $ 3F1$D172C$3B$3F1:4$=12347;$A4B=1CC:2J$E7=:;:35$WF141$ 3F15$741$ E14?12318$:2 $ OZM$AB>28$D73=F1C$EB4$Z e g$875C$73$NNY e NLM$81J411C $ 728$C3:4418$87:;5V$"E314$ E14?12373:B2$3 F1$D172C$741$ 84:18$:2$CB;74$84514C $ 728$ 47Q18$C1I147;$3:?1C$7$875V$(7=F$D73=F$ :C$347=Q18$3F4B>JFB>3$3F1$A4B=1CC$728$F7C$7$E;7IB4$727;5C:C$=B?A;1318 $ B2$:3 V$66!bC$A4B8>=3$ :C$I145$=B2C:C3123$728$F:JF$G>7;:35V$ $ $ 66!$F7C$NM$1?A;B511CK$ WF:=F$:2=;>81C$ 3F1:4$E:1;8$317?$3F73$A4BI:81C$31=F2:=7;$ 7CC:C372=1 $ 728$:C$B2$=7;;$EB4$F1;A:2J$E74?14CV$66!$D>5C$E4B?$LMM e YMM$E74?14C$ WFB$ =>;3:I731$ 7$3B37;$BE$ZYO$7=41C $ BE$=7=7BV$*3 $ :C$>2=1437:2$WF13F14$3F1 $ E74?14C$C1;;$1\=;>C:I1;5$3B$ 66!V$66!$E:4C3$D1J72$A>4=F7C:2J$D172C$:2$LMNNV$*2$LMNLK$66!$CB;8$LM$6R$BE$=7=7B$D172C$ 72 8$1\A1=3C$3B$C1;;$YZ$6R$:2$LMNYV$"C$BE$U>;5 $ LMNY K$:3$F78$7;41785$CB;8$LO$6RV$66!$ 1C3:?731C$3F73$:3$W:;;$ D1$A4BE:37D;1$73$gM$6RK$WF:=F$W7C $ 7;?BC3$7;;$BE$.1;:S1bC$5174;5$ A4B8>=3:B2$ :2 $ LMNL V$974?14C$ WFB $ C1;;$3B$66!$C:J2$7$=B2347=3$ WF:=F$C75C$3F73$3F1$E74?14 $ W :;;$A4B8>=1$B4J72:=$=7=7B$728$66!$W:;;$D>5$>A$3B$NMMc$BE$3F1 $ E74?14Cb $ A4B8>=3V$#2=1$7$ ?1?D14$BE$66!K$E74?14C$741$7;CB$1;:J:D;1$EB4$;B72C$3F4B>JF$h*%"K$F1;A$E4B?$3F1$31=F2:=7;$ E:1;8$317?K$728$:2I:373:B2 C $ 3B$66!$1I123C$728$?113:2JCV$66!$A75C$EB4$3F1$B4J72:=$ =143 :E:=73:B2K$WF:=F$:C$3B$3F1$'2:318$-3731C$H1A743?123$BE$"J4:=>;3>41$B4J72:=$ C3728748V $

PAGE 38

!"!"#$%"&'($!)"*+$"+"&,-*-$*+$.(&*/( $ YY $ <#8"4#*>&2&#*!%#L"%.M*E..#2-&/-#3 $ R!0"$C3:;;$F7C$7$E:I1 e 5174$4B;;:2J$=B2347=3$W:3F$04112$X$.;7=QbC V$04112$X$.;7=QbC$7J411C$ 3B $ D>5$7C$?>=F$=7=7B$7C$R!0"$W723C$3B$C1;;$ 3B$3F1?V$RF:C$J:I1C$R!0"$3F1$BA3:B2$3B$C1;;$ C?7;;$7?B>23C$3B$;B=7;$ =FB=B;731$?7Q14C V$RF1$7CCB=:73:B2$=>44123;5$F7C$NKNMM $ ?1?D14C K$ 7;3FB>JF$2B3$7;;$741$7=3:I1; 5$12J7J18$:2$=7=7B$=>;3:I73:B2V$R F1C1$E74?14C$A4B8>=18$Zg$6R$BE$ =7=7B$D172C$:2$LMNLV$ $ $ R!0"$:C$C34 >JJ;:2J$W:3F$D1=B?:2J$C1;E e C>EE:=:123T$ 3F1$DB748$ 1C3:?731 C $ 3F73$R!0"$2118C$ 3B$C1;;$YMM$6R$7$5174$3B$D1$C1;E e C>EE:=:123V$h11A$:2$?:28$3F73$.1;:S1$7C$7$WFB;1$B2;5$ A4B8>=18$]]$6R$;7C3$5174V$!>44123;5K$B2;5$Z e ]c$BE$R!0"bC$BA1473:2J$=BC3C$741$=BI1418$D5$ 3F1:4$C 7;1C$3B$04112$X$.;7=Q b C$728$3F1$;B=7;$=FB=B;731$ ?7Q14C V$*2$3F1$A7C3K$WF12$3F1$A4:=1$ A7:8$D5$04112$X$.;7=QbC$W7C$ F:JF14K$C7;1C$=BI1418$7AA4B\:?731;5$LZ e YMc$BE$BA1473:2J$ =BC3CV$(I1453F:2J$1;C1$:C$=>44123;5$E>2818$3F4B>JF$A4B_1=3C$BE$3F1$*2314 e "?14:=72$ H1I1;B A?123$.72Q$728$3F1$(>4BA172$'2:B2V$R!0"$ 7AA174C$ 3B$41=BJ2:S1$3F73$3F1:4$A4B8>=3$ :C$2B3$7C$ =B2C:C3123 $ 7C$66!K$ C:2=1 $ 17=F$ R!0"$ E74?14$E14?123C$728$84:1C$ 3F1:4 $ BW2$D172CV$ )BW1I14K$R!0"$ :C$2B3$:23141C318$ :2$=F72J:2J$3F1:4$?B81; K$WF:=F$1?AF7C:S1C$ D>:;8:2J$ =7A7= :35$:2$3F1$E74?14C$3B$A4B=1CC$3F1:4$BW2$D172C V$R!0"$FBA1C $ 3F73$1I123>7;;5$E74?14C$ W:;;$F7I1$12B>JF$ =7=7B$D172 C $ A4B8>=18 $ B2$3F1:4$BW2$E74?C $ 728 $ 1\A143:C1 $ :2$ABC3 e F74I1C3$ A4B=1CC:2J $ 3B$ D1$7D;1$3B$ E14?123$3F1:4$BW2$D172C $ 3B$3F1$F:JF1C3$C3728748 V$ $ f:3FB>3 $ =F72 J:2J$R!0"bC$BA1473:2J$?B81;K$ R!0"$:C$C3743:2J$3B$D>:;8$ C731;;:31 e A4B=1CC:2J $ E7=:;:3:1C$CB$ =B??>2:3:1C$=72$=B?D:21$5:1;8$3B$BD37:2$3F1$=4:3:=7;$?7CC$EB4$A4BA14$E14?12373:B2V $ %7;>1$!F7:2 $ BE$!7=7B$:2$.1;:S1 $ $ U>C3$C:\$5174C$7JBK$7$=B2C>;372=5$41AB43$EB4$R!0"$E B>28$3F73$3F1$=7=7B$I7;>1$=F7:2$:2$ .1;:S1$W7C$2B2 e 1\:C3123$`H>DB2$LMMgaV$fF:;1$*$EB>28$3F:C$:C$2B$;B2J14$3F1$=7C1K$:3$:C$

PAGE 39

!"!"#$%"&'($!)"*+$"+"&,-*-$*+$.(&*/( $ YO $ =1437:2;5$CFB43$728$C:?A;1K$728$=F747=314:S18$D5$7$I145$;:?:318$127D;:2J$12I:4B2?123$728$ E1W$7=3:I1$C14I:=1$A4BI:814CV $ C&%D"/*C&' $ .1;B W$:C$3F1$.1;:S1$=7=7B$?74Q13$?7A $ `9:J>41$Z a V$RF1$?74Q13$?7A$81?B2C34731C$FBW$ 728$73$WF73$A4: =1$ =7=7B$347I1; C $ 3F4B>JF$3F1$?74Q13V$RF1$E:4C3$=B;>?2$:28:=731C$3F1$A4:=1$EB4$ A>4=F7C:2J$=7=7B$C118CV$RF1$C1=B28$:2=;>C:I1$=B;>?2K$B4$;:JF3$D;>1$DB\K$:28:=731C$3F1$ C1=B28$C31A$:2$3F1$=F7:2$728$3F1$A4:=1C$=7=7B$BD37:2C$:2$3F1$.1;:S172$?74Q13V$-:2=1$:2$.1;:S1$ D172C$741$A>4=F7C18$1:3F14$:??18:731;5$ABC3 e F74I1C3$B4$7E314$ABC3 e F74I1C3$A4B=1CC:2JK$3F:C$ DB\$CFBWC$3F1$8:EE1412=1C$:2$A4:=1C $ J7421418$EB4$W13$728$845$D172C V$#2$ 3F1$;1E3$F728$C:81K$ 3F1$A4:=1$3F73$ 66! $ A75C$EB4$W13$D172C$:C$CFBW2V$#2$3F1$4:JF3$F728$C:81K$3F1$A4:=1$EB4$84:18$ =7=7B$D172C$:C$:28:=7318K$81A128:2J$B2$3F1$A>4=F7C14V$RF1$3F:48$=B;>?2$CFBWC$3F1$A4:=1C$ 3F73$ R!0"$728$66! $ BD37:2 $ EB4$3F1:4$=7=7B $ E4B?$8B?1C3:=$= FB=B;731$?7Q14C$`;1E3$F728$C:81a$ 728$:2314273:B27;$ =FB=B;731$?7Q14C $ `4:JF3$F728$C:81aV$RF1$E:27;$=B;>?2$CFBWC$3F1$A4:=1C$ =FB=B;731$?7Q14C$C13$EB4$7$AB>28$BE$874Q$=FB=B;731$A4B8>=18$E4B?$.1;:S172$=7=7B$D172C K$ C1A747318$D5$3F1$C1;;14$`66!$:2$418K$R!0"$:2$D;> 1a V$ "$AB>28$BE$874Q$=FB=B;731$:C$2B3$ A41=:C1;5$ 1G>7;$3B$7$AB>28$BE$84:18$=7=7BK$728$3F1$473:B$8:EE14C$D7C18$B2$3F1$=FB=B;731$ ?7Q14bC$41=:A1V$)BW1I14K$3F1$473:B$BE$ B21$AB>28$BE$ =7=7B$D172C$3B$ B21$AB>28$BE$ 874Q$ =FB=B;731$:C$=;BC1$12B>JF$ 3B$?7Q1$7$=B?A74:CB2V $ RF1$=FB=B;731$?7Q14C$;B=7318$:2$.1;:S1$741$ :8123:E:18$D5$:37;:=CV$ $

PAGE 40

!"!"#$%"&'($!)"*+$"+"&,-*-$*+$.(&*/( $ YZ $ $ RF1$?74Q13$EB4$=7=7B$C118C$`:2A>3Ca$:C$I145$:2EB4?7;V$-:2=1$3F1$C118C$2118$3B$D1$W13$ 728$E41CFK$3F15$741$>27D;1$3B$D1$C3B418$:2$7$8B4?723$C3731$D1EB41$J14?:273:2JV$#==7C:B27;;5K$ ,7b\7=F1 $ !B2C14I73:B2$R4>C3$`,!Ra$W:;;$C1;;$C118C$B4$A;723C$B>3$BE$3F1:4$2>4C145K$7;3FB>JF$ ?B41$BE312K$3F1C1$41CB>4=1C$741$41C14I18$EB4$3F1:4$B4J72:S73:B2bC$81I1;BA?123$728$ =B2C14I73:B2$A4B_1=3CV$RF1$A4:=1$E4B?$,!R$:C$ =>44123;5$ iMVMZ$A14$C118V$6BC3$E74?14C$C11?$ 3B $ F7I1$41=1:I18$3F1:4$C118C $ :2$3F1$A7C3 $ 1:3F14$EB4$E411$E4B?$,!R$ 3F4B>JF$7$81I1;BA?123$ A4B_1=3$ B4$3F4B>JF$CBE3$;B72C$E4B?$R!0" V$#3F14$E74?14C$C37318$3F73$3F15$DB>JF3$AB8C$E4B?$ 3F1:4$21:JFDB4CV$RF1$A4:=1C$472J18$E4B?$i M VZMjAB8$3B$iNVZMjAB8V$.>5:2J$C118C$E4B? $ 21:JFDB4C$728$C1;;:2J$AB8C$3B$21:JFDB4C$BD37:2C$7$F:JF14$A4:=1$3F72$D>5:2J$E4B?$B4$C1;;:2J$ ! I>B<:4![ \!S1:A48!S1H !

PAGE 41

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iMVOM e iMVZM$A14$AB>28V$*E$ 3F1$E74?14$:C$Q2BW2$EB4$A4B8>=:2J$F:JF$G>7;:35$728$=B2C:C3123$84:18$=7=7BK$66!$W:;;$D>5$ 845$D17 2C$EB4$iNVLZ$A14$AB>28$E4B?$3F1C1$C1;1=3$E74?14CV$974?14C$3F73$BA3$3B$C1;;$3B$R!0"$ ?>C3$E:4C3$E14?123$728$845$3F1:4$ D172C $ 3F12$3472CAB43$3F1:4$A4B8>=3$3B$R!0"$WF141$3F15$ >2814JB$7$=>3$31C3$EB4$G>7;:35V$ *E$3 F1$D172C$ W141$ A4BA14;5$A4B=1CC18$ABC3 e F74I1C3K$E74 ?14C$ =72$1\A1=3$3B$41=1:I1$E4B?$iNVNM e iNVLZ$7$AB>28V $ R!0"$W:;;$3>42$7W75$D172C$3F73$741$2B3$ C73:CE7=3B4:;5$A4B=1CC18V $ *2$3F1$E14?123:2J$728$845:2J$A4B=1CC$3F1$D172C$;BC1$ 7AA4 B\:?731;5$YZ e Ygc$BE$3F1:4$W1:JF3V$RF>C $ 3F1$A4:=1$A14$AB>28$BEE1418$D5$66!$EB4$W13$ D172C$:C$1CC123:7;;5$1G>7;$3B$3F1$A4:=1$A14$AB>28 $ 66!$BEE14C$EB4$845$D172C$` 2B3$:2=;>8:2J$ 3F1$I7;>1$BE$3F1$;7DB4$41G>:418$3B$E14?123$728$845$3F1$D172C a V$ $ ):JF$W7314$=B23123$8>1$3B$ :2=417C18$47:2$=72$D1$7$E7=3B4$WF12$ A4B=1CCB4C $ 81=:81$B2$3F1$A4:=1$3B$BEE14$ EB4$W13$D172C$ C:2=1$3F1:4$ 84:18$D172$ 5:1;8$WB>;8$>;3:?731;5$D1$;BW14V$+B4?7;;5$3F1$W13 e 3B e 845$D172$5:1;8$ :C$74B>28$YY$A14=123K$D>3$:2$3:?1C$BE$:2=417C18$47:2 $ 3F1$473:B$=72$84BAK$A4B?A3:2J$D>514C$3B$ BEE14$7$;BW14$A4:=1 $ EB4$W13$D172C $ `%:2757Q$LMNLa V $ $ RF1$7I1 47J1$WB4;8$?74Q13$A4:=1$:2$LMNL$W7C$iLKY^NV]gj6R$B4$iNVM^j;D$EB4$845$D172CV$ `*!!#$LMNLaV$66!$C1;;C$3B$7$I74:135$BE$ =FB=B;731$?7Q14C $ :2$3F1$'2:318$-3731C$728$3B$6BFB$ !FB=B;731$:2$.1;:S1V$RF1$A4:=1$E;BB4$ C13$D5$66!$ EB4$ :2314273:B27;$=FB=B;731$?7Q14C$EB4$

PAGE 42

!"!"#$%"&'($!)"*+$"+"&,-*-$*+$.(&*/( $ Yg $ 66! b C $ E14?12318$728$845$D172C$:C$iOKZMMj6R$B4$7AA4B\:?731;5$iLVMOj;DV$66!$1\A1=3C$3B$ D1$7D;1$3B$47:C1$3F1$A4:=1K$D>3$F7C$2B3$513$7331?A318$3B$8B$CBV $ 66!$C1;;C$D172C$3B$6BFB$ !FB=B;731$EB4$iNV^]V $ R! 0"$C1;;C$3B$.1;:S172$=FB=B;731$?7Q14C $ EB4$iNV[Mj;DV$728$C75C$3F1 5$ C1;;$3B$04112$728$.;7=QbC$EB4$iNVgYj;DV$)BW1I14K$WF12$*$8B$3F1$=7;=>;73:B2C$EB4$3F1$A4:=1$ 41=1:I18$D5$R!0"$E4B?$04112$728$.;7=QbC$*$E:28 $ 3F1$A4:=1$A14$AB>28$472J1C$E4B?$iNVOZ$ e $ iNVZ^V$ 04112$X$.;7=QbC$A75C$R!0" $ 3F1$WB4;8$?74Q13$A4:=1$`7AA4B\:?731;5$iLKLMM aK$A;>C$7$ 97:434781$A41?:>?$`iLMMaK$A;>C$72$B4J72:=$A41?:>?$`iYMMaK$A;>C$72$B4:J:2$A41?:>?$3F73$ E;>=3>731C$D7C18$B2$81?728$`iZMM e ]MMaV$RF:C$ 3B37; K$73$3F1$F:JF$128$BE$iYKZMMj6R$B2;5$ =B?1C$B>3$3B$iNVZ^j;DV$728$73$3F1$;BW$128$BE$iYKLMMj6R$=B?1C$3B$iNVOZj;DV$R F1$A4:=1C$ 41=1:I18$D5$R!0"$C11?$3B$E;>=3>731$E7:4;5$C:J2:E:=723;5V$*2$3F1$A7C3K$04112$728$.;7=QbC$A7:8$ R!0"$>AW748C$BE$iLVNYj;DV$728$73$3:?1C$3F1$97:434781$788:3:B27;$A41?:>?$EB4$B4J72:=$ =7=7B$W7C$7C$F:JF$7C$iNKZMMj6RV$ 66!$728$R!0"$B2;5$?74Q$3F1$A4:=1$ >A$ i MVYZ$3B$iMVg^$A14$ AB>28V$66!$?74QC$>A$3F1$A4:=1$C;:JF3;5$?B41$3F72$R!0" V$) BW1I14 K $ 66!$F7C$1\A12C1C$ 3F73$ R!0"$8B1C$2B3$F7I1K$C>=F$7C $ J7CK$3:?1K$728$;7DB4 $ :2$=B;;1=3:2J$ 3F1$D172C$728$ 3:?1$728$;7DB4$ :2IB;I18$:2$ A 4B=1CC:2J V $ $ $ RF1$ =FB=B;731$?7Q14C $ D7C18$B>3$BE$ .1;:S1K$3F1$'2:318$-3731C K $ 728$3F1$'2:318$h:2J8B?$ 741$3F1$E:27;$C31A$:2$3F1$.1;:S172$=7=7B$=F7:2V$H74Q$=FB=B;731$D74C$472J1$:2$C:S1$E4B?$MVZ$ B>2=1C$`R1_7C $ !FB=B;731 a$3B$O$B>2=1C$`*\=7=7BaV$ !FB=B;731$?7Q14C $ BW218$D5$3F1$1G>:35$ A743214C$BE$66! $ ` @B2:$->1 bC $ !F B=B;731K$6BFB$!FB=B;731$728$R7S7 $ !FB=B;731 a $ C1;;$3F1:4$874Q$ =FB=B;731$D74C$EB4$iYL$3B$iYZj;DV$66!bC$B3F14$D>514C $ ` H:=Q$R75;B4 $ !FB=B;731 K$67C3$ .4B3F14C$ !FB=B;731$ 728$R1_7C$!F B=B;731 a $ C1;;$3F1:4$D74C$EB4$iZO$3B$i[O j;DV$RF1$04112$728$ .;7=QbC$6757 $ 0B;8$=FB=B;7 31$D74K$B2;5$=B237:2C$Lc$.1;:S172$=FB=B;731$728$C1;;C$ EB4$iNOj;DV$ .1;:S172$=FB=B;731$?7Q14C$ C1;;$3F1:4$A4B8>=3$EB4$iLM $ 3B$iZZj;DV$ RF1$ .1;:S172$ = FB=B;731$

PAGE 43

!"!"#$%"&'($!)"*+$"+"&,-*-$*+$.(&*/( $ Y] $ ?7Q14 $ 3F73$C1;;C$EB4$iZZj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`273:B27;$728$;B=7;$7>3FB4:3:1CK$41C174=F$7J12=:1Ca$728$:2C3:3>3:B2C$ `AB;:=:1CK$41J>;73:B2C$728$A47=3:=1Ca$3F73$74 1$D15B28$3F1$8:41=3$=B234B;$BE$Q15 $ I7;>1$=F7:2$ 7=3B4C$`)1;;:2$X$61:_14$LMM [aV$ $ RF1$127D;:2J$12I:4B2?123$:2$.1;:S1$8B1C$2B3$C11?$I145$k127D;:2JVl$<4:B4$3B$3F1$!7=7B$ 9B4>?$B2$k#AAB43>2:3:1C$728$0;BD7;$<14CA1=3:I1$BE$!B=B7$:2$.1;:S1l$B4J72:S18$D5$3F1$ 6+@" $ :2$U>21$LMNYK$3F1$JBI142?123$C11?18$3B$A75$;:33;1$3B$2B$733123:B2$3B$=7=7B$ A 4B8>=3:B2$:2$ CB>3F142$ .1;:S1V$):C3B4:=7;;5K$RB;18B$8:C34:=3$W7C$FB?1$3B$?725$4:=1$J4BW14C$ WFB$41=1:I18 $ JBI142?123$C>DC:8:1C$EB4$3F:C$=4BAV$)BW1I14K$4:=1$A4B8>=3:B2$F7C$?BI18$ 2B43FW748$728$3F1$JBI142?123$F7C$2B3$513$3>4218$:3C$733123:B2$3B$=7=7BV$RF1$B>3=B? 1$BE$ 3F1$EB4>?$W7C$3F1$81I1;BA?123$BE$7$+73:B27;$!7=7B$ <;73EB4?$3B$8:C=>CC $ C34731J:1C$EB4$ =4173:2J$7$?B41 $ 127D;:2J$12I:4B2?123 $ EB4$=7=7B V$ $ $ fF:;1$*$W7C$>27D;1$3B$?113$W:3F$3F1$8:C34:=3$C>A14I:CB4$BE$3F1$6+@"$:2$RB;18BK$:3$W7C$ ?5$:?A41CC:B2$3F73$J12147;;5$3 F141$741$2B$F:2814:2J$B4$F1;AE>;$AB;:=:1C$B4$41J>;73:B2C$ C>44B>28:2J$=7=7B$A4B8>=3:B2 V$*3$:C$:;;1J7;$3B$41?BI1K$:2_>41 K $ B4$D>42$?7FBJ725$728$=1874$

PAGE 44

!"!"#$%"&'($!)"*+$"+"&,-*-$*+$.(&*/( $ Y^ $ 3411CK$=B??B2$BI14 e C3B45$F748WBB8C K$W:3FB>3$7$A14?:3 $ `<4:I731$9B41C3$`!B2C14I73:B2a$"=3 $ LMMMa V$RF:C$?75$D1$F1 ;AE>;$EB4$E74?14C$:E$:3$=B>;8$A4BI:81$CB?1$41841CC$:E$3F1:4$=7=7B$E74? K$ 728 $ 3F1$;1J7;;5$ A4B31=318$BI14 e C3B45 K $ :C$D>4218$?7;:=:B>C;5 $ B4$21J;:J123;5 V$ .1C:81C$3F1$ A41C12=1$BE$2B2 e A4BE:3$B4J72:S73:B2C$C>=F$7C$->C37:27D;1$)74I1C3$*2314273:B27;$`-)*a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`:5N>;4:9 !

PAGE 45

!"!"#$%"&'($!)"*+$"+"&,-*-$*+$.(&*/( $ OM $ 8:I14C:E:=73:B2$`)1;;:2$X$61:_14$LMM[a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e EB=>C18$A4B_1=3C$3F73$A4BI:81$C>AA;:1C$728$CB?1$1\312C:B2$ C14I:=1CV$RF1$RB;18B$R17=F14C$!418:3$'2:B2$`RR!'a$8B1C$A4BI:81$;B72$C14I:=1CV$)BW1I14K$ 3F1$314?C$741$2B3$E7IB47D;1$7C$3F15$=7445$NLc$:23141C3$728$7$;B72$41=:A:123$?>C3 $ F7I1$iZM$ :2$C7I:2JC$D1EB41$D1:2J$1;:J:D;1$EB4$7$;B72V$RF1$RR!'bC$@>47;$9:272=1$<4BJ47?$:C$7$JBB8$ BAAB43>2:35$EB4$C?7;;$E74?14CK$D>3$=7=7B$:C$2B3$72$:817;$=4BA$EB4$3F1$;B72$A4BJ47?$8>1$3B$:3C$ ;B2J$ ?73>473:B2 $ A14:B8$728$F12=1$3F1$:27D:;:35$BE$E74?14C$3B$41A 75$3F1$;B72$E4B?$3F1$=4BA$ 1742:2JC$W:3F:2$7$5174V$R!0"bC$I74:B>C$E>2814C$=B>;8$D1$=B2C:81418$7$A743$BE$3F1$C14I:=1$ A4BI:814C$7C$3F15$?7Q1$?725$BE$R!0"bC$C14I:=1C$ABCC:D;1K$D>3$3F15$F7I1$I74:18$3F4B>JFB>3$ 3F1$5174C$728$3F1:4$=B23:2>18$C>AAB43$:C$2B3$J>74723 118V$RF1$D>C$=B?A72:1C$>C18$D5$ E74?14C$D4:2J:2J$3F1:4$A4B8>=3$3B$R!0"$A4BI:81$3472CAB43$C14I:=1C$EB4$7$E11V$ 66!$:28:41=3;5$ A4BI:81C$3 472CAB43$C14I:=1C$7C$3F 15 $ A:=Q$>A$ W13$=7=7B$D172C$ 73$17=F$=B??>2:35$?>;3:A;1$ 3:?1C$7$W11QV$R472CAB4373:B2$728$3F1$;7=Q$BE$E 74?$4B78C$ 741 $ =B??B2$=B?A;7:23 C $ 728$ =B2=142 C $ BE$E74?14CK$C14I:=1$A4BI:814CK$66! K $ 728$R!0"V$ $

PAGE 46

!"!"#$%"&'($!)"*+$"+"&,-*-$*+$.(&*/( $ ON $ !B2C347:23C $ X$#AAB43>2:3:1C $ 63&N8-3$*637-%#31"3/ $ RF1$127D;:2J$12I:4B2?123 $ :2$.1;:S1$:C$ 7;?BC3$2B2 e 1\:C3123 K$728$:2$CB?1$ =F747=314:C3:= C $ ?B41$F:2814:2J$3F72$127D;:2 J V$RF:C$ ?7Q1C$:3$8:EE:=>;3 $ EB4$C?7;;$E74?14C K$ 1\AB4314C K$728$=FB=B;731$?7Q14C $ 3B$7==1CC$7$?74Q13K$WF13F14$;B=7;K$41J:B27; K $ B4$J;BD7;V$ '23:;$ 3F1$C>??14$BE$LMNYK$3F1$JBI142?123$BE$.1;:S1$A7:8$2B$733123:B2$3B$3F1$ D>4J1B2:2J$=7=7B$ C1=3B4$:2$CB>3F142$.1;:S1V$fF :;1$3F:C$;7=Q$BE$733123:B2$8B1C$2B3$8:41=3;5$F:2814$3F1$?74Q13K$:3$ 7;CB$ 8B1C$2B3$7:8$3F1$?74Q13$3F4B>JF$E7IB47D;1$273:B27;$AB;:=:1CV$ $ RF1$ 6+@" $ 8B1C$F7I1$72$ BEE:=1$:2$RB;18BK$D>3$ :3$8B1C$2B3$BE312$C14I:=1$C?7;;$E74?14C$ WFB$ 2118$:3C$7CC:C372=1V$.1;:S1$ 7;CB$8 B1C$2B3$=>44123;5$F7I1$=143:E:=73:B2$C3728748C$BE$:3C$BW2K$41G>:4:2J$1\AB4314C$3B$A75$ EB4 $ B4J72:= $ =143:E:=73:B2C$E4B?$ EB41:J2$:2C3:3>3:B2C V$ .1;:S1bC$8>3:1C$B2$:?AB4318$C>AA;:1C$741$ 7;CB$7$F:28472=1$3B$3F1$?74Q13V$(\AB4314C$728$=FB=B;731$?7Q14C$F7I1$8:EE:=> ;35$:2$BD37:2:2J$ A7=Q7J:2J$E4B?$7D4B78$728$3F12$?>C3$7;CB$A75$8>3:1C$ >A$3B $ NMMcV$&728$312>41$:2$RB;18B$:C$ >2=1437:2$728$ 3F1$81$E7 =3B$=B??>27;$C5C31?$BE$3F1$6757 $ 8B1C$2B3$E7IB4$;B2J e 314?$=4BAC$ C>=F$7C$=7=7BV$ $ $ *2314273:B27;;5K$3F1$=7=7B$:28>C345$:C$7;CB$8:C 7D;:2J$3B$7$C?7;;$ A4B8>=14 $ 273:B2$C>=F$ 7C$.1;:S1V$RF1$>28:EE14123:7318$?74Q13$E7IB4C$3F1$F:JF$5:1;8K$2B2 e B4J72:=K$ D:3314$=FB=B;731$ J4BW2$:2$"E4:=7$728$A>4=F7C18$D5$)14CF15bC$728$!78D>45V$ RF1$WB4;8$?74Q13$A4:=1$:C$D7C18$ B2$7$A4B8>=3$3F73$3>42C$:23B$7$iNVMM$ =7285 $ D74V$ RF1$D7C1$A4:=1$EB4$.1;:S172$ =7=7B $ :C$3F1$ C7?1K$81CA:31$3F1$E7=3$3F73$ 7$ .1;:S172$874Q$=FB=B;731$D74$:C$WB43F$i ZVMM e i]VMMV$ < >4=F7C14C$ BE$.1;:S172$=7=7B$D172C$;:Q1$3B$ 3B>3$3F73$3F15$741$A75:2J$ 7;?BC3$ NMMc$ 7DBI1$WB4;8$?74Q13$ A4:=1 $ EB4$.1;:S172$D172C K$D>3$3F:C$ :C$?:C;178:2J$C:2=1$3F1$.1;:S172$D172C$741$WB43F$ C:J2:E:=723;5 $ ?B41$3F72$NMMc$7DBI1$3F1$WB4;8$?74Q13$A4:=1V$ $

PAGE 47

!"!"#$%"&'($!)"*+$"+"&,-*-$*+$.(&*/( $ OL $ $ #E$3F1$E74?14C$*$CABQ1$3BK$3F1$?7_B4:35$BE$3F1?$=:318$E:41$7C$3F1$J41731C3$=F7;;12J1$3B$ J4BW:2J$=7=7BV$f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e NMMKMMM$6R$81E:=:3$:2$=7=7B$ :2$LMNY K$728$3F1$ 81?728$E4B?$!F:27$EB4$=FB=B;731$:C$:2=417C:2JV$ RF1$AB3123:7;$F17;3F$D121E:3C $ BE$874Q$ =FB=B;731$728$ =7=7B$ 741 $ 7;CB $ :2=417C:2J$3F1$A4BE:;1$BE$E:21$ E;7IB4$=7=7BK$1CA1=:7;;5$:2$3F1$ f1C3V$ $ 5"%7-2"*B%#7-4"%. $ #21$BE $ 3F1$ ;74J1C3$ =B2C347:23C$EB4$.1;:S172$=7=7B$:C$3F1$;BW$5:1;8$728$;BW$G>7;:35$BE$ E74?14 e A4B=1CC18$D172CV$ RF1$D1C3$W75$3B$78841CC$ 3F1C1$:CC>1C$:C $ 3F4B>JF$31=F2:=7;$347:2:2JV$ 66!$:C$ 345:2J$3B$ 78841CC$3F1$G>7;:35$7CA1=3$D5$A>4=F7C:2J$W13$D172C$728$=B28>=3:2J$3 F1$ E14?123:2J$728$845:2J$ 73$3F1:4$E7=:;:3:1CV$.1;:S1bC$E74?14C$ WB>;8$D121E:3$E4B?$:2=417C:2J$3F1$ A4B8>=3:B2 $ BE$=7=7BV$fF:;1$3F141$C11?C$3B$D1$A;1235$BE$EB=>C$B2$A;723:2J$21W$=7=7B$3411CK$ 3F141$7;CB$2118C$3B$D1$72$1?AF7C:C$B2$:?A4BI:2J$3F1$5:1;8$BE$1\:C3:2J $ 3411CV$*2$B4 814$3B$ :2=417C1$3F1$5:1;8$W:3FB>3$E143:;:S14CK$CF781$ 3411C$ 2118$3B$D1$?727J18$I145$=741E>;;5V$RBB$ ?>=F$CF781$ B4$3BB$;:33;1$CF781$ =7>C1C$;BW$5:1;8C$ 728$ 3F1$A4B;:E1473:B2$BE$A1C3C$728$8:C17C1V$ *2$B4814$3B$F1;A$E74?14C$:?A4BI1$3F1$5:1;8$728$3F1:4 $ A4B=1CC:2J$CQ:;;CK$?B41$EB=>C$ CFB>;8 $ D1$ A;7=18$B2$A4BI:8:2J$31=F2:=7;$347:2:2JV$fF:;1 $ DB3F$R!0"$728$66!$345$3B$A4BI:81$3F:C$ C14I:=1$3B$3F1:4$?1?D14CK$3F1$2>?D14$BE$1\312C:B2$C37EE$:C$ ;BW$=B?A7418$3B$3F1$ 2>?D14$BE$

PAGE 48

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e Z$?:;1 C$7W75$E4B?$3F1$E74?14Cb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e 31 4?$;B72V $ $ 6?'#%/-3$ $ 9B4$E74?14C$;B=7318$2174$3F1$C14I:=1C$BE$66!$728$R!0"K$A 4:=1 e W:C1K$ 66!$BEE14C$7$ D13314$817;$EB4$E74?14C $ 3F72$ 8B1C$ R!0" V$9B4$72$1G>7;$B4$C;:JF3;5$D13314$A4:=1$3F72$R!0"$ BEE14C K $ 66! $ E74?14C$=72$F7I1$ 3F1:4$W13$D172C $ A:=Q18$>A $ D5$66! $ 73$3F 1:4$E74?$B4$:2$3F1:4$

PAGE 49

!"!"#$%"&'($!)"*+$"+"&,-*-$*+$.(&*/( $ OO $ =B??>2:35 $ `C7I:2J$3F1?$3F1$=BC3$728$3:?1$BE$7$4B>28$34:A$D>C$4:81a $ 728$3F15$8B$2B3$2118$3B$ :2I1C3$72$788:3:B27;$3WB$W11QC$:2$4:CQ5$ABC3 e F74I1C3$A4B=1CC:2JV$974?14C$3F73$C1;;$3B$66!$ C11?$J12147;;5$C73:CE:18$W:3F$3F1$A:=Q$>A$C14I:=1K$D>3 $ 8B$2B3$E11;$;:Q1$66!$ A4BI:81C$ 12B>JF$ 31=F2:=7;$7CC:C372=1V$ 66!$WB>;8$74J>1$3F73$7C$7$EB4 e A4BE:3$C3743>AK$3F15$741$73$7$ 8:C78I7237J1$3B$R!0"$7C$3F15$741$2B3$1;:J:D;1$EB4$E>28:2J$3B$F1;A$3F1?$A4BI:81$D13314$ 31=F2:=7;$347:2:2JV$ 94B?$3F1 $ A14CA1=3:I1$BE$R!0" K$ 66!bC$?B81;$8B1C$2B3$D>:;8$=7A7=:35$:2$ 3F1$E74?14C$7C$:3$41?BI1C$3F1:4$ :2IB;I1?123$ E4B?$7$C:J2:E:=723$AB43:B2$BE$3F1$A4B=1CC K$ 418>=:2J$3F1$BAAB43>2:35$EB4$3F1$E74?14C$3B$788$I7;>1$3B$3F1$=4BA V$#2$3F1$B3F14$F728K$1I12$ :E$E74?14C$4137:2$3F1$ABC3 e F74I1C3$A4B= 1CC:2J$41CAB2C:D:;:3:1CK$3F15$741$2B3$7D;1$3B$J13$7$ F:JF14$A4:=1$E4B?$725$BE$3F1$=>44123$D>514CK$81CA:3 1$3F1$I7;>1$3F15$78818$3B$3F1$A4B8>=3 V$ f:3F$3F1$1\=1A3:B2$BE$3F1$6BFB$!FB=B;731K$3F1$:2 e =B>2345$ =FB=B;731$?7Q14C $ 8B$2B3$D>5$ E4B?$66!$728$C11?$3B$F7I1$72$ >2C37318$7I14C:B2$3B$8B:2J$CBV$fF:;1$66!$:C$787?723$3F73$ :3 $ W:;;$=B23:2>1$3B$1\:C3$:23B$3F1$E>3>41K$:2$B4814$3B$D1$A4BE:37D;1K$66!$2118C$3B$8B>D;1$:3C$ A4B8>=3:B2$728$BD37:2$7;?BC3$7;;$BE$3F1$=7=7B$D172C$ =>44123;5$ A4B8>=18$:2$.1;:S1V$fF: ;1$ 66!$=B23:2>1C$3B$ :2=417C1 $ 3F1$IB;>?1$BE$D172$A>4=F7C1 8 K$3F15$ 741$ :2$=B?A13:3:B2$W:3F$ R!0" K$WF:=F $ F7C$D112$:2$1\:C312=1$EB4$7$;B2 J$3:?1 $ 728$F7C$7$;B3$BE$;B=7;$ 728$273:B27;$ C>AAB43V$ $ $ $ 974?14$E4>C3473:B2$W:3F$3F1$D>514C$:2$.1;:S1$C11?C$3B$D1$7$=B??B2$3F4178V$974?14C$ 741$>2C7 3:CE:18$W:3F$3F1$A4:=1K$3F1$1\312C:B2$C14I:=1CK$728$3F1$;7=Q$BE$3472CA7412=5$ 41J748:2J$3F1$A41?:>?$E>28C$41=1:I18$D5$R!0"$3F4B>JF$97:434781V$#21$D121E:3$3B$WB4Q:2J$ W:3F$R!0"$ :C$:3C$;B2J$F:C3B45$:2$RB;18BK$1I12$:2$CA:31$BE $ 3F1$=>44123$=B2=142C$BE$ C>C37:27D: ;:35V$R!0"$F7C$3F1$E 7IB4$BE$3F1$JBI142?123$728$3F1$JBI142?123bC$4 1=BJ2:3:B2$3F73$ R!0"bC$ =B;;7AC1$WB>;8$D1 $ 8134:?1237;$3B$E74?14C$81CA:31$3F1$A41C12=1$BE$ 66! V$ R!0"$F7C$

PAGE 50

!"!"#$%"&'($!)"*+$"+"&,-*-$*+$.(&*/( $ OZ $ =B2C:C3123;5$=744:18$3F1$97:434781$;7D1;K$3F1$J41731C3$I7;>1$BE$WF:=F$1\:C3C$ :2$3F1$=B2C> ?14$ 7W74121CC$BE$97:434781$728$:3C$D7C:=$A4:2=:A;1CV$'2EB43>2731;5K$3F1$E7:4$34781$?B81;$?:JF3$ 2B3$D1$:817;$W:3F:2$3F1$=B231\3$BE$.1;:S1$ D1=7>C1 $ :3C$A4:=1$C3728748C$ 741 $ D7C18$B2$3F1$WB4;8$ ?74Q13$A4:=1$BE$=7=7B K $ WF:=F$:C$D7C18$B2$E>3>41C$BE$ 3F1$ 2B2 e B4J72:=K $ F:JF e 5:1;8K$;BW14$E7IB4$ G>7;:35$I74:135$BE$=7=7B$J4BW2$:2$"E4:=7K$WF141$3F1$=BC3$BE$;:I:2J$:C$;BW14V$

PAGE 51

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k8:C7D;:2J V l$ RF1 $ C14I:=1$A4BI:814CK$81CA:31$7331?A3C$3B$ 7CC:C3$:2$3F1$?74Q13K$ E7;;$CFB43 $ BE$ C73:CE5:2J$ E74?14C b $ 2118 C$:2$B4814 $ 3B$ ?7Q1$=7=7B$ =>;3:I73:B2$7C$A4BE:37D;1$7C$ABCC:D ;1V$ 974?14C$F7I1$8:EE:=>;35$J133:2J$3F1:4$A4B8>=3$3B$3F1$ ?74Q13K$3F1$5:1;8$:C$C:J2:E:=723;5$;BW14$3F72$:3$=B>;8$D1K$ 728$3F1$G>7;:35$BE$E74?14 e 84:18$ D172C $ :C$:2781G>731$3B$BD37:2$7$F:JF14$ A4:=1V$ $ *2 $ CA:31$BE$3F1$C11?:2J;5$ 81D:;:373:2J$=B2C347:23CK$3F1$?74Q1 3$7;CB$ BEE14C$:2=418:D;1$ BAAB43>2:3:1CK $ 1CA1=:7;;5$:2$314?C $ BE$2:=F1$?74Q13:2J$728 $ 3F1$ F:JF;5$ E7IB47 D;1$C>AA;5$728$ 81?728$=>4I1V$ $ =F72=1$ 1\:C3C$ 3F73$D5$78841CC:2J$CB?1$BE$3F1 C1$?74Q13 $ =B2C347:23CK$3F1$ E74?14C$=B>;8$D121E:3$E4B?$3F1$BAAB43>2:35$3B$:?A4BI1$ 3F1:4$;:I1;:FBB8CV$ 0:I12$3F1$ C:J2:E:=723;5$F:JF$A4:=1$3F73$.1;:S172$=7=7B$ 7337:2C $ :2$3F1$EB4?$BE$ 874Q$=FB=B;731 K$:3$WB>;8$ C>JJ1C3$3F73$3F1$?74Q13$:C$W:;;:2J$3B$D174$3F:C$=BC3V$*3$C11?C$3F73$7$?74Q13 e 18>=7318$ E74?14 $ CFB>;8$D1$7 D;1$3B$21JB3:731$7$F:JF14$A4:= 1K$WF:=F$WB>;8$D1$7DCB4D18$1:3F14$D5$3F1$ =B2C>?14$B4$3F1$ =FB=B;731$?7Q14 K $ 3B$3F1$D121E:3$BE$ 3F1$C?7;;$E74?14CV $ "C$EB4$3F1$ =B2C14I73:B2$JB7;C$D1F:28$3F1$A4B_1=3K$>2;1CC$3F1$E74?14C$=72$BD37:2$7$D13314$B>3;13$EB4$ 3F1:4$=7=7BK$ 3F1C1$JB7;C$;:Q1;5$W:;;$2B3$D1$? 13V$ *E$=7=7B$8B1C$2B3$ 1742$?B41$3F72$B3F14$=7CF$ =4BAC K$;728 e AB B4$E74?14C$?75 $ 2B3$7;;BW$3F1:4$;728$3B$41?7:2$3:18$>A$:2$=7 =7B$728$?75 $ CW:3=F$3B$CB?13F:2J$?B41 $ 1=B2B?:=7;;5 $ E7IB47D;1V$ $

PAGE 52

!"!"#$%"&'($!)"*+$"+"&,-*-$*+$.(&*/( $ Og $ (;C1WF141$:2$3F1$WB4;8 K $ = 7=7B$7J4BEB41C345$F7C$D112$CFBW2$3B$D1$72$1\=1;; 123$ ?13FB8$EB4$41=B2=:;:2J$7J4:=>;3>41$728$=B2C14I73:B2V$ fF:;1$=7=7B$F7C$D112$J4BW2$:2$.1;:S1$ EB4$?725$5174CK$3F141$F7C$2B3$A41I:B>C;5$D112$7$EB=>C$B2$?7Q:2J$=7=7B$7J4BEB41C345$WB4Q$ EB4$=B2C14I:2J$.1;:S1bC$ D:B8:I14C:35$728$34BA:=7;$47:2EB41C3CV$ *$EB>28$3F7 3$3F1$AB3123:7;$EB4$ =7=7B$7J4BEB41C345$ 3B$D1$C>==1CCE>;$ :2$.1;:S1 $ :2$314?C$BE$=B2C14I73:B2$728$;:I1;:FBB8$ 81I1;BA?123 $ :C$I145$F:JFK$D>3$?725$=F72J1C $ 2118$3B$D1$:?A;1?12318$:2$B4814$3B$E7=:;:3731$ 3F1$41=B2=:;:73:B2$BE$3F1C1$=B?A13:2J$:23141C3CV$-B?1$=F72J1C $ 741$C:?A;14$3F72$B3F14C$728$ CFB>;8$A4BD7D;5$ D1$78841CC18$E:4C3V$ $ $ $ RF1$J41731C3$;:?:373:B2 $ 3B$ ?5$E:1;8$A47=3:=>? $ W7C$3F1$:2=B2C:C3123$728$CB?13:?1C$ >27I7:;7D;1$2>?D14C$ 41G>:418 $ 3B$ J13$7$E>;;$A:=3>41$BE$3F1$I7;>1$=F7:2V$#E312K$ 5:1;8$728$ 7=417J1$2>?D14C $ W14 1$>27I7:;7D;1$C:?A;5$D1=7>C1$ E74?14C $ 8:8$2B3$Q11 A$41=B48C$BE$3F1:4$ =7=7B$5:1;8$728 $ E74?$1\A12C1C $ 728$:2=B?1 V$"C$EB4$3F1$B4J72:S73:B2C$ 728$=B?A72:1C$ *$ :2314I:1W18K$ 2>?D14C$W141$ CB?13:?1C $ :2=B2C:C3123 K$WF:=F$:2$A 743$:C$ D1=7>C1 $ CB?1 $ G>723:E:=73:B2 $ *$41=1:I18$ W141 $ 7=3>7;;5 $ 1C3:?73:B2CV$ f:3FB>3$3F1C1$=B?A41F12C:I1$ 2>?D14CK$:3$:C$8:EE:=>;3$3B$8B $ ?B41$3F72$?7Q1$J12147;:S73:B2C$EB4$3F1$?74Q13$?7AV$ H 1CA:31$ 3F:C$C:J2:E:=723$;:?:373:B2K$J12147;:S73:B2C$C11?$3B$A4BI:81$C>EE:=:123$8737$3B$727;5S1$3F1$ C:3>73:B2$728$?7Q1$ 41=B??12873:B2C $ EB4$>AJ478:2J$3F1$I7;>1$=F7:2$3B$D121E:3$DB3F$C?7;;$ E74?14C$728$=B2C14I73:B2V $ $ "2B3F14$;:?:373:B2$W7C$ 3F1$ :2=B?A;131 $ 7?B>23$ BE$:23 14I:1WC$*$W7C$7D;1$3B$=B28>=3T$ 3 F141$W141$C1I147;$:?AB43723$7=3B4C$ W:3F$WFB?$* $ W7C$>27D;1$3B$ ?113V$65$8737$W7C $ 7;CB$ ;:?:318$D5$?5$>2=1437:235$:2$ WF13F14$3F1$:2314I:1W11 C $ W 141$ D 1:2J$123:41;5$FB21C3$B4$ >AE4B23V $ -:2=1 $ 3F141$741$_>C3$7$E1W$7=3B4C $ :2$3F1$I7;>1$=F7:2$BE$.1;:S1 K$*$W7C$A41I12318$E4B?$ 34:72J>;73:2J$:2EB4?73:B2$E4B?$?>;3:A;1$CB>4=1CV$$ $ $

PAGE 53

!"!"#$%"&'($!)"*+$"+"&,-*-$*+$.(&*/( $ O] $ M4=5JJ47;18>579 ! !"# $%&'(-2*934-2&/-#3 * $ $ "C$*$F7I1$?123:B218K$.1;:S1bC$1C3:?7318$ =7=7B $ A4B8>=3:B2$W7C$]] 6RK$B4$MV MMLc$BE$ 3F1$WB4;8$A4B8>=3:B2 V$fF:;1$3F:C$:C$7$?:2>31$AB43:B2$BE$3F1$WB4;8$?74Q13K$;:?:3:2J$.1;:S1bC$ ?74Q13:2J$AB W14K$.1;:S1$8B1C$DB7C3$3F1$E:21$ E;7IB4 $ I74:135$BE$ =7=7B $ 728$7$ >2:G>1$W:;8$ I74:135$BE$=4:B;;B$3F73$F7C$WF:31$D172C$473F14$3F72$874Q$A>4A;1 $ D172C V$.1;:S1$WB>;8$D121E:3$ E4B?$7$D4728:2J$:2:3:73:I1$3F73$>2:31C$3F1$.1;:S172$?74Q13 $ `A4B8>=3$>AJ478:2Ja V$ "$ 41=B??12818$?13FB8$EB4$8B:2J$CB$:2IB;I1C$7AA ;5:2J$EB4$7$J1 BJ47AF:=$:28:=73:B2 $ EB4$3F1$ I74:135$ BE$=7=7B$3F73$F7C$81I1;BA18$:2$C B>3F142$.1;:S1V$ RF:C$35A1$BE$:28:=73:B2 $ WB>;8$D1$ C:?:;74$3B$ k 9;B4:87$B472J1CK l $ B4$ k*87FB$AB373B1CVl$ RF:C$:28:=73:B2$=B>;8$D1$>C18$D5$725B21$ =>;3:I7 3:2J$3F1$A743:=>;74 $ I74:135$BE$=7=7B $ 3B$3 F1$G>7;:E:=73:B2C$C13$D5$7$RB;18B e D7C18$ C3728748C$DB748 K$3F>C$3F1$I7;>1$78818$WB>;8$D121E:3$1I145B21$ A743:=:A73:2J$:2$3F1$I7;>1$ =F7:2$ :2$.1;:S1V$ $ 63&N8-3$*637-%#31"3/ O'$%&4" $ $ RF1$127D;:2J$12I:4B2?123$W:;;$;:Q1;5$D1$7$8:EE:=>;3$7417$3B$?7Q1$:?A4BI1?123C$C :2=1$ :3$1237:;C$=F72J:2J$AB;:=:1C$728$41J>;73:B2C$ 728$:2E;>12=:2J$273:B27;$728$;B=7;$JBI142?123$ C34>=3>41CV$ f :3F$3F1$1C37D;:CF?123$BE$3F1$+73:B27;$!7=7B$<;73EB4?$:2$U>21$LMNYK$3F1$ BAAB43>2:35$?75$2BW$1\:C3$3B$J:I1$=7= 7B$E74?14C$ 3F1$BAAB43>2:35$3B$IB:=1$3F1 :4$=B2=142C$ W:3F$=7=7B$A4B8>=3:B2$3F73$3F1$JBI142?123$F7C$3F1$7D:;:35$3B$78841CCV $ -FB>;8$3F1$BAAB43>2:35$EB4$=F72J1$74:C1K$3F 1$E:4C3$A;7=1$=F72J1C$CFB>;8$D1$?781$ :C $ :2$ 41J748C$3B$E:41V$9:41$:C$3F1$2>?D14$B21$3F4173$3B$=7=7B$=>;3:I73:B2V$ 6725 $ 7=41C$741$;BC3 $ 722>7;;5$8>1$3B$7==:8123 C $ ` B>3$BE$=B234B;$ C;7CF e 728 e D>42$ A47=3:=1Ca$B4$?7;:=1$`74CB2aV$!7=7B$ CFB>;8$D1$7$A4B31=318$3411$>2814$273:B27;$41J>;73:B2C$CB$3F73$7 3$;17C3$B2$A7A14K$E74?14C$

PAGE 54

!"!"#$%"&'($!)"*+$"+"&,-*-$*+$.(&*/( $ O^ $ F7I1$3F1 $ AB3123:7;$ 3B$41=1:I1$ 87?7J1C$EB4$ 725$=7C>7;3:1C $ 3B$3F1:4$=7=7B$= 4BAV$RF:C$:C$ 1CA1=:7;;5$:?AB43723$C:2=1$E74?14C$F7I1$:2I1C318$?725$5174C$:2$3F1 $ =4BA $ D1EB41$3F1$3411C$ 1I12$D1J:2$3B$D174$E4>:3V $ 9:41$=B>;8$7;CB$=7>C1$E74?14C$3B$;BC1 $ I7;>7D;1$3:?D14$A4B8>=3CK$ B3F14$7J4:=>;3>47;$=4BACK$B4$2B2 e 3:?D14$EB41C3$A4B8>=3CV$ f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f:3F$A4BA14$A4>2:2J$728$CF781$?727J1?123K$E74?14C$=72$:2=4 17C1$3F1:4$5:1 ;8$ C:J2:E:=723;5V$$f :3F$347:2:2J K$1G>:A?123 K $ 728$C>EE:=:123$D172$?7CC K$E74?14C$=72$:?A4BI1$3F1$ G>7;:35$BE$3F1$ABC3 e F74I1C3$A4B=1CC:2J$3F73$37Q1C$A;7=1$B2$3F1:4$E74?CV$RF1$C14I:=1$A4BI:814C$ :2$RB;18B$?>C3$81314?:21$7$ D13314$ ?13FB8$3B$ D>:;8$=7A7=:35$:2$3F1:4 $ E74?14CV$"E314$2174 ;5$ YM$5174C$BE$1\:C312=1K$R!0"$ C3:;;$3>42 C $ 7W75$ABB4$G>7;:35$D172C$728$ B2;5$ 7337:2 C $ 7I 147J1$ A4:=1C$EB4$3F1:4$1\AB43CV$ R!0"$1?AF7C:S1C $ D>:;8:2J$=7A7=:35$D5$;17I:2J$3F1$ ABC3 e F74I1C3$ A4B= 1CC:2J$:2$3F1$F728C$BE$E74?14CK$:2C3178$BE$=B234B;;: 2J$3F1$ABC3 e F74I1C3$A4B=1C C:2J$7C$

PAGE 55

!"!"#$%"&'($!)"*+$"+"&,-*-$*+$.(&*/( $ ZM $ 8B1C$ 66!V$RF:C$?B81;$WB>;8$D1$J4173$:E$3F1$788:3:B27;$41CAB2C:D:;:35$728$I7;>1$78818$D5$ 3F1$E74?14C$W7C$41E;1=318$:2$3F1$A4:=1$3F15$41=1:I18$EB4$3F1:4$D172CV$'2EB43>2731;5K$3F1$ A4:=1$E74?14C$41=1:I1$E4B?$R!0"$:C$ BE312 $ ;BW1 4$3F72$3F73$A7:8$D5$66! K$1I12$3FB>JF$3F1$ E74?14C$741$3F1$A7435 $ 788:2J$3F1$I7;>1 $ 3B$3F1$D172C$ WF12$3F15$C1;;$3B$R!0" V$-:2=1$3F1$ E74?14C$BE312$8B$2B3$ABC3 e F74I1C3$A4B=1CC$7C$W1;;$7C$66!$ =72 $ W:3F$3F1:4$D>;Q$BE$D172C K$3F1$ A4:=1$3F1 $ E74?14C b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jB4$=F:;8412V$ $ 9:21$ E;7IB4K$B4J72:=K$ CF781$J4BW2 $ =7=7B$F7C$3F1$AB3123:7;$3B$ =B234:D>31$3B $ 3F1$ 41=B2=:;:73:B2$BE$ =B2C14I73:B2$728$81I1;BA?123$:2$CB>3F142$.1;:S1V$ RF1$=>;3:I73:B2$BE$=7=7B$ :2$3F:C$?72214 $ 728$:2$3F:C$41J:B2$BE$.1;:S1$ =72 $ 81I 1;BA$D>EE14$SB21C$3B$3F1$D:B8:I14C:35 e 4:=F$ EB41C3$A41C14I1C$728$ A4BI:81$72$:2=B?1$ 3B$C?7;;$E74?14C$ 7C$7$;>=473:I1$=7CF$=4BAV$ $ RF1$ :2314273:B27;$?74Q13$EB4$.1;:S172$=7=7B$:C$C34B2JV$H1CA:31$3F1$E7=3$3F73$3F1$?1=F72:C?C$EB4$

PAGE 56

!"!"#$%"&'($!)"*+$"+"&,-*-$*+$.(&*/( $ ZN $ 7==1CC:2J$3F1$ ?74Q13$741$ :2C>EE:=: 123 K $ E74?14C$:2$.1;:S1$ 8B$ F7I1$7==1CC $ 3B$3F1$?74Q13V$ H1I1;BA:2J$3F1$127D;:2J$12I:4B2?123$728$A4BI:8:2J$?B41$C14I:=1C$3B$C?7;;$E74?14C$=72$ :?A4BI1$7==1CCK$728$3F1$:?A4BI1?123C$741$7;41785$>2814W75V$ $

PAGE 57

!"!"#$%"&'($!)"*+$"+"&,-*-$*+$.(&*/( $ ZL $ $ .>23>5B:1HFO $ "J4:34781V$`LMNLaV$k(\1=>3:I1$.4:1E$'A8731 $ LMNLP$!7=7B$-1=3B4Vl$@134:1I18$E4B?$ $ 7J4:34781V=37V:23j"J4:=>;3>41j!B??B8:3:1Cj!B=B7j(\1=>3:I1 e .4:1E e 'A8731 e LMNL e $ !B=B7 e C1=3B4 V $ "2 Q14C12 K $ RV$728$0V$672814$`LMNYaV$k"87A3:2J$3F1$!;:2:=7;$&1J7;$(8>=73:B2$6B81;$3B$ $ ->AAB43$->C37:27D;1$H1I1;BA?123P$"2$*22BI73 :B2$W:3F$!B?AB>28:2J$9>3>41$ $ *23141C3Vl$ ->D?:3318$EB4$A>D;:=73:B2V$ $ .7=B2K$!V$`LMMZaV$k!B2E4B23:2J$3F1$!BEE11$!4:C:CP$!72$97:4$R4781K$#4J72:=K$728$-A1=:7;35$ $ !BEE11C$@18>=1$-?7;; e -=7;1$974?14$%>;2147D:;:35$:2$+B43F142$+:=747J>7dl$ P#%84* 0"7"8#'1"3/K* %B;$YY PY$`O^g e ZNNaV$ $ .1;:S1$9B>2873:B2$EB4$@1C174=F$728$(2I:4B2?1237;$(8>=73:B2$`.9@((aV $ `LMNOa $ @134:1I18$ $ E4B?$WWWVDE411DSVB4JV$ $ .:B8:I14C:35$X$(2I:4B2?1237;$@1CB>4=1$H737$-5C31?$BE$.1;:S1$`.(@H-aV$`LMM^aV$k<4B31=318$ $ "417CVl$@134:1I18$E4B?$F33APjjWWWVD:B8:I14C :35VDSjE:28jA4B31=318o7417jV$ $ .>3;14K$@F133V$`LMNLaV$k.1;:S1P$(2I:4B2?1237;$<4BE:;1Vl$ C#3$&N&)K2#1K $ @134:1I18$E4B?$ $ F33APjj47:2EB41C3CV?B2J7D75V=B?jLMD1;:S1VF3?V $ .>3;14K$@F133V$`LMNLaV$kH1EB41C373:B2$7==1;14731C$:2$.1;:S1Vl$ C#3$&N&)K2#1K $ @134:1I18$E4B?$ $ F3 3APjj21WCV?B2J7D75V=B?jLMNLjM]M^ e D1;:S1 e 81EB41C373:B2 e LMNM e LMNLVF3?;V $ !74:DD172$"J4:D>C:21CCV$ ` LMNY aV$k!B=B7Vl$@134:1I18$E4B?$7J4:=74:DVB4JjA4:?745 e $ 84BA8BW2j=B=B7V $ !74:DD172$9:21$!B=B7$9B4>?V$` LMNY aV$k61?D14CF:AVl$@134:1I18$E4B?$ $ F33APjjWWWV=74:DD172E:21= B=B7EB4>?VB4Jj?1?D14CF:AVAFAV $

PAGE 58

!"!"#$%"&'($!)"*+$"+"&,-*-$*+$.(&*/( $ ZY $ !12347;$*231;;:J12=1$"J12=5$`!*"aV$`LMMYaV$kRF1$fB4;8$97=3DBBQVl$@134:1I18$E4B?$ $ F33ACPjjWWWV=:7VJBIj;:D4745jA>D;:=73:B2Cj3F1 e WB4;8 e E7=3DBBQjJ1BCjDFVF3?;V $ !F144:2J3B2K$("VK$(QK$(VK$!FBK$JFK$,VK$97>C3K$)VK$RC=F7423Q1K$RV$`LMM^aV$k!7=7B$DBB?$728$D>C3P$C>C37:27D:;:35$BE$ $ 7J4BEB41C3C$728$BAAB43>2:3:1C$EB4$D:B8:I14C:35$=B2C14I73:B2Vl$ >#3."%7&/-#3*;"//"%. V$ $ %B;$LV$`N^g e LMZaV$ $ H1%4:1CK$0V$13$7;V$`LMMYaV$ k.7=QJ4B>28l$:2$ 63(&32-3$*>#88&N#%&/-#3*=#%*>#3."%7&/-#3*&34* 0"7"8#'1"3/*-3*5#:/("%3*@"8-A"* `NN e OLaV$'2:I14C:35$BE$6:=F:J72K$-=FBB;$BE$+73>47;$ @1CB>4=1C$X$(2I:4B2?123V$@134:1I18$E4B?$ F33APjjWWWVC241V>?:=FV18>j1=B?J3jA>DCjD1;:S1VF3?V $ H1%4:1CK$0V$13$7;V$`LMM YaV$k RF1$-34>JJ;1$EB4$&728$R12>41$728$@1CB>4=1$!B234B;$:2$-B>3F142$ $ .1;:S1l$:2$ 63(&32-3$*>#88&N#%&/-#3*=#%*>#3."%7&/-#3*&34*0"7"8#'1"3/*-3*5#:/("%3* @"8-A"* `OY e g[aV$'2:I14C:35$BE$6:=F:J72K$-=FBB;$BE$+73>47;$@1CB>4=1C$X$(2I:4B2?123V$ $ @134:1I18$E4B?$ F33APjj WWWVC241V>?:=FV18>j1=B?J3jA>DCjD1;:S1VF3? ? HB2BI72K$UV$728$HV$-3B:72V$`LMM^aV$k"CC1CC:2J$3F1$:?A7=3$BE$I7;>1$=F7:2$7AA4B7=F1C$B2$4>47; $ $ $ ABI1435Vl$ >E<96K* $ H>DB2K$"V$`LMMgaV$k!F747=314:C3:=C$BE$3F1$!B=B7$->AA;5$!F7:2$:2$.1;:S1$728$H:7J2BC:C$BE$ $ !BBA1473:B2$ "?B2J$-37Q1FB;814CVl$@134:1I18$E4B?$

PAGE 59

!"!"#$%"&'($!)"*+$"+"&,-*-$*+$.(&*/( $ ZO $ $ F33APjj:2347213V=73:1V7=V=4jA==j*2EB4j.1;:=1j9:27;cLM@1AB43cLM e $ cLM.1;:S1cLM!7=7BcLM!F7:2VA8E V $ (=B;7D1;$*281\V $ ` LMNY aV$k.:48$94:128;5$!BEE11Vl$@134:1I18$E4B?$ $ F33APjjWWWV1=B;7D1;:281\V=B?j1=B;7D1;jD:48 e E4:128;5 e =BEE11 V $ (=B;7D1;$*281\V$` LMNY aV$k@7:2EB41C3$";;:72=1$!143:E:18Vl$@134:1I18$E4B?$ $ F33APjjWWWV1=B;7D1;:281\V=B?j1=B;7D1;j47:2EB41C3 e 7;;:72=1 e =143:E:18 V $ 97:43 4781$9B>2873:B2V$`LMM^aV$kRB;18B$!7=7B$04BW14Cb$"CCB=:73:B2Vl$@134:1I18$E4B? $ $ F33APjjWWWVE7:434781VB4JV>QjA4B8>=14Cj=7=7Bj3B;18Bo=7=7BoJ4BW14Co7CCB=:73:B2oD $ 1;:S1j81E7>;3V7CA\ V $ 97:434781$9B>2873:B2V$`LMNNaV$k97:434781$728$!B=B7Vl$ >#11#4-/)*@%-"=-3$K 0B=QBW CQ:K$UVK$728$-B2W7K$HV$`LMM]aV$k.:B8:I14C:35$728$C?7;;FB;814$=B= B 7$A4B8>=3:B2$ $ C5C31?C$:2$f1C3$"E4:=7Vl$ 93/"%3&/-#3&8*93./-/:/"*=#%*<%#'-2&8*E$%-2:8/:%"K $ @134:1I18$ $ E4B?$ $ F33APjjWWWV::37VB4Jj=j8B=>?123o;:D4745jJ13oE:;1dAo;o:8p^]]^]XEB;814*8p^^^L^X2 $ 7?1pH&9 ( e NNN]VA8EV $ 0BCCK$hV$` LMNY aV$k.1;:S1$!FB=B;731Vl$@134:1I18$E4B?$F33APjjWWWVD1;:S1V=B?jD1;:S1 e $ =FB=B;731V $ )7;=4BW$04B>A$&:?:318V$ `LMNMaV$ k !B>2345$A;B78CjLMNLjNLj.1;:S1 e LMM^ e @1AB43 e % B;NVA8E V $ )1;;:2K$UV$728$6V$61:_14V$`LMM[aV$k0>:81;:21C$EB4$I7;>1$=F7:2$727;5C:CVl$ $ *2314273:B27;$!B=B7$#4J72:S73:B2$`*!!#aV$`LMM[aV$k"27;5C:C$BE$3F1$%7;>1$!F7:2$:2$!B=B7$ $ <4B8>=:2J$!B>234:1CP$<4BABC7;$EB4$7$0;BD7;$!B?A7473:I1$-3>85Vl$ $

PAGE 60

!"!"#$%"&'($!)"*+$"+"&,-*-$*+$.(&*/( $ ZZ $ *2314273:B27;$!B=B7$# 4J72:S73:B2$`*!!#aV$`LMNLaV$kR478:2J$728$-F:AA:2JVl$@134:1I18$E4B?$ $ F33APjjWWWV:==BVB4Jj7DB>3 e =B=B7j3478:2J e 7 e CF:AA:2JVF3?;V $ *2314273:B27;$9>28$EB4$"J4:=>;3>47;$H1I1;BA?123$`*9"HaV$` LMNY aV$k@>47;$ABI1435$:2$ $ .1;:S1Vl$ F:%&8'#7"%/)'#%/&8K#%$ V$@134:I18$E4B?$ $ WWWV4>47;ABI1435AB437;VB4Jj=B>2345jFB?1j37JCjD1;:S1V $ h7A;:2CQ5K$@V$`LMMOaV$k!B?A13:3:B2C$1$!F7:2CVl$ $ *2C3:3>31$BE$H1I1;BA?123$-3>8:1CK$'2:I14C:35$BE$->CC1\$728$!12341$EB4$@1C174=F$:2 $ $ $ *22BI73:B2$6727J1?123K$'2:I1 4C:35$BE$.4:JF3B2V$<7A14$A41A7418$EB4$'2:318$+73:B2C$ $ !B2E1412=1$EB4$R4781$728$H1I1;BA?123V $ h7A;:2CQ5K$@$728$6V$6B44:CV$`LMMNaV$k"$)728DBBQ$EB4$%7;>1$!F7:2$@1C174=FVl$@134:1I18$ $ E4B?$ F33APjj7C:7284:I14CVBA12V7=V>Qj8B=>?123Cj%7;>1o=F7:2o)728DBBQo $ $ $ @h66o+BI oLMMNVA8E V $ &1I7CC1>4K$%VK$728$"V$#;:I:14V$`LMMMaV$kRF1$E74?:2J$C5C31?$728$3478:3:B27;$7J4BEB41C345 $ $ $ C5C31?C$:2$3F1$6757$=B??>2:35$BE$-72$UBC1K$.1;:S1Vl$ E$%#=#%"./%)*5)./"1. $ O^P$LgZ e $ L]]V$ &>285K$6VK$0B33413K$6V%VK$#C3147JK$!K$.1C3K$@VK$728$-V$9144:CV$`LMM gaV$k<743:=:A73B45$674Q13$ $ !F7:2$"27;5C:C$EB4$-?7;;FB;814$<4B8>=14CVl$ >"3/%#*93/"%3&/-#3&8*E$%-2:8/:%&* <%#'-2&8K $ $ 6=0475K$)V$`LMMYaV$k.>EE14$/B21C$7C$7$!B2C14I73:B2$-34731J5Vl$ Q#:%3&8*#=*5:./&-3&N8"* J#%"./%)K* %B;$N[P $ NMY e NN^ V $ 6:J473B45$.:48$!12314$`6.!a V$` LMNY aV$k.:48$94:128;5$!BEE11$<4BJ47?$):C3B45$728$q>:=Q $ $ $ 97=3CVl$ 51-/(.#3-&3*R&/-#3&8*S##8#$-2&8*B&%D V$@134:1I18$E4B?$ $ F33APjj273:B27;SBBVC:V18>jC=D:j?:J473B45D:48Cj=BEE11jF:C3B45V=E?V $

PAGE 61

!"!"#$%"&'($!)"*+$"+"&,-*-$*+$.(&*/( $ Z[ $ 6:3=F1;;K$UVK$!B;1CK$!VK$728$h1721K$UV$`LMM^aV$k'AJ478:2J$";B2J$%7;> 1$!F7:2CP$-34731J:1C$EB4$ $ =3:B2$:2$&73:2$"?14:=7Vl$ >#1"%2-#*)*B#N%"A&*"3*;&/-3#*E1T%-2&* H>UB;EI V$ $ 6BF7??18K$HVK$"C7?B7FK$HVK$728$"C:18> e "AA:7FK$9V$`LMNLaV$ k!B=B7$%7;>1$!F7:2$ r $ $ *?A;:=73:B2$EB4$3F1$-?7;;FB;814$974?14C$:2$0F727Vl$@134:1I18$E4B?$ $ F33APjjWWWVCW8C:VB4JjCW8C:LMNLjA4B=118:2JCoLMNLjA7A14Cj<7A14Cj<"NZgVA8E $ #\EB48$?72$H1I1;BA?123$*2:3:73:I1$`#<)*aV$`LMNYaV$k!B>2345$.4:1E:2JP$ $ .1;:S1Vl$ U?=#%4*0"'&%/1"3/*#=*93/"%3&/-#3&8*0"7"8#'1"3/K $ @134:1I18$E4B?$ $ WWWVBAF:VB4JV>QjWA e =B23123 j>A;B78Cj.1;:S1 e LMNYVA8Ed=87[=N V $ <4: I731$9B41C3C$ `!B2C14I73:B2a$"=3K$!F7A314$LNgK$LMMMV$@134:1I18$E4B?$ $ F33APjjWWWVEB41C381A743?123VJBIVDSj:?7J1Cj# 3."%7&/-# 3* 5/%&/"$)*=#%*/("*!%"&/"%*B#%/8&34 V W&32#:7"%*F"$-#3K RF1$*23143W:21$";;:72=1 K* -31EE72 e H1W12314K$*$13$7;V$`LMMgaV$kR4781BEEC$D13W112$:2=B?1K$D:B8:I14C:35K$728$1=BC5C31?$ $ E>2=3:B2:2J$8>4:2J$34BA:=7;$47:2EB41C3$=B2I14C:B2$728$7J4BEB41C345$:2312C:E :=73:B2Vl $ $ $ B%#2""4-3$.*#=*/("*R&/-#3&8*E2&4"1)*#=*52-"32"K* %B;$NMOP$NL$`O^gY e O^g]aV$ $ '2:318$-3731C$H1A743?123$BE$*2314:B4$`H#*aV$`LMNNaV$kH47E3$@1C3B473:B2$<;72$728$ $ (2I:4B2?1237;$"CC1CC?123$EB4$3F1$+572S7$!F1?:=7;$f7C31$H>?A$->A14E>28$-:31l$ $ <41A7418$D5$ -3473>C$!B2C>;3:2J$*2=V$ $ RB;18B$!7=7B$04BW14C$"CCB=:73:B2V$` LMNY aV$@134:1I18$E4B? $ $ F33APjj3=J7D1;:S1V=B?j7DB>3j V $ '2:318$+73:B2$H737$`LMNOaV$k.1;:S1$!B>2345$<4BE:;1Vl$@134:1I18$E4B?$ $ F33APjj8737V>2VB4Jj!B>2345<4BE:;1V7CA\d=4+7?1p.(&*/( V$ $

PAGE 62

!"!"#$%"&'($!)"*+$"+"&,-*-$*+$.(&*/( $ Zg $ '2:318$+73:B2C$H1I1 ;BA?123$<4BJ47??1V$`LMNYaV$k)>?72$H1I1;BA?123$@1AB43$LMNYP$RF1$ $ @:C1$BE$3F1$-B>3FP$)>?72$<4BJ41CC$:2$7$H:I14C1$fB4;8K$.1;:S1Vl$@134:1I18$E4B?$ $ F84C373CV>28AVB4Jj:?7J1Cj1\A;7273:B2Cj.&/VA8EV $ '2:I14C:35$BE$!7;:EB42:7K$.14Q1;15V$`N^^]aV$k&728$'C1Vl$@134:1I18$ E4B?$ $ F33APjjB;8W1DVJ1BJVD14Q1;15V18>j<4B_1=3C@1CB>4=1Cj67572"3;7Cj6757"3;7Cj;728> $ C1VF3?V $ %:2757QK$"VUV$`LMNLaV$kf13$=B=B7$D172$A4:=1$8BW2K$845$41?7:2C$>2=F72J18Vl$ <("*,-34:* @:.-3"..*;-3"K $ @134:1I18$E4B?$F33APjjWWWV3F1F:28>D>C:21CC;:21V=B?j:28>C345 e 728 $ e 1=B2B?5j7J4: e D:SjW13 e =B=B7 e D172 e A4:=1 e 8BW2 e 845 e 41?7:2C e $ >2=F72J18j743:=;1Y[LgONMV1=1V$ $ fF:2215K$UV$`LMNY aV$k!B2C:81473:B2C$EB4$3F1$->C37:27D;1$<4B8>=3:B2$BE$!B=B7Vl$ U%$&3-2 * >#11#4-/)*B%#G"2/K*51-/(.#3-&3*R&/-#3&8*S##8#$-2&8*B&%DK $ @134:1I18$E4B?$ $ F33APjj27 3:B27;SBBVC:V18>jC=D:j?:J473B45D:48Cj41C174=Fj=7=7BjWF:2215V=E?V $ fB4;8$!B=B7$9B>2873:B2 $ `f!9a V$`LMNLaV$k!B=B7$674Q13$'A8731Vl$@134:1I18$E4B?$ $ F33APjjW B4;8=B=B7EB>2873:B2VB4JjWA e =B23123j>A;B78Cj!B=B7 e 674Q13 e 'A8731 e 7C e $ BE e YVLMVLMNLVA8E V $

PAGE 63

!"!"#$%"&'($!)"*+$"+"&,-*-$*+$.(&*/( $ Z] $ $ #HH47;>=49 "AA128:\$NP$-7?A;1$!7=7B$974?14$q>1C3:B2C $ $ fFB$8B$5B>$C1;;$5B>4$D172C$3Bd $ fF5$8B$5B>$C1;;$3B$R!0"d$#4$66!d $ )BW$?>=F$8B$5B>$C1;;$5B>4$D17 2C$EB4d$HB1C$1I145B21 $ C1;;$EB4$3F1$C7?1$A4:=1d $ HB$5B>$Q2BW$3F1$WB4;8$?74Q13$A4:=1d $ HB$5B>$C1;;$3B$5B>4$21:JFDB4Cd $ HB$5B>$=B2C>?1$725$=7=7B$73$FB?1d $ )BW$?725$AB>28C$8B$5B>$C1;;$7$5174d $ "41$5B>$C73:CE:18$W:3F$5B>4$D>514d $ )BW$?725$7=41C$BE$=7=7B$8B$5B>$F7I1d $ "41$5B>$A;723:2J$?B41 $ 3411Cd$fF5$B4$WF5$ 2B3d $ HB$5B>$;17C1$5B>4$;728d $ )BW$B;8$741$5B>4$3411Cd $ fF141$8:8$5B>$J13$5B>4$C118Cd$)BW$?>=F$8:8$5B>$A75$EB4$5B>4$C118Cd $ fF73$1;C1$8B$5B>$J4BWd $ fF 5$WB>;82b3$CB?1B21$W723$3B$J4BW$=7=7Bd $ "41$5B>$7$?1?D14$BE$R!0"$B4$66!d$ $ )BW$?>=F$8B1C$:3$=B C3$3B$D1$7$?1?D14$BE$R!0"d$#4$66!d $ HB$5B>$JB$3B$R!0"$?113:2JCd$#4$66!$?113:2JCd $ )7I1$5B>$41=1:I18$725$;B72C$E4B?$R!0"d$#4$66!d $ )7C$R!0"$B4$66!$1I14$812:18$5B>4$D172Cd $ )7I1$5B>$41=1:I18$725$347:2:2Jd$fF141$F7I1$5B>$41=1:I18$347:2:2Jd $ HB$5B>$A41E14$3B$C1;;$5 B>4$D172C$W13$B4$845d $ H:8$5B>$C:J2$7$=B2347=3$W:3F$R!0"$B4$66!d$fF73$8B1C$3F:C$41G>:41d $ )BW$BE312$8B$5B>$C11$3F1$D>514d $ !72$5B>$C1;;$3B$CB?1B21$1;C1d $ HB$5B>$F7I1$3B$C1;;$7$=1437:2$7?B>23d $ )BW$8B$5B>$3472CAB43$5B>4$D172C$3B$<>237$0B487d $ )BW$E74$7W75$:C$=7=7 B$E:1;8d $ )BW$8B$5B>$417=F$3F1$=7=7B$E:1;8d $ HB$5B>$F7I1$7$I1F:=;1d $ )BW$?>=F$3:?1$8B$5B>$CA128$:2$3F1$=7=7B$E:1;8d $ HB1C$5B>4$E7?:;5$F1;A$W:3F$3F1$=7=7Bd $ HB$5B>$A75$EB4$WB4Q14C$3B$F1;A$5B>$:2$5B>4$=7=7B$E:1;8d$ $ )BW$?>=F$8B$5B>$A4B8>=1$A14$7=41d$ $ HB$5B>$>C1$E1 43:;:S14Cd$HB$5B>$>C1$A1C3:=:81Cd $ fF73$:C$5B>4$D:JJ1C3$=F7;;12J1$W:3F$J4BW:2J$=7=7Bd $ fF73$:C$5B>4$D:JJ1C3$=F7;;12J1$W:3F$C1;;:2J$=7=7Bd $ $ $

PAGE 64

!"!"#$%"&'($!)"*+$"+"&,-*-$*+$.(&*/( $ Z^ $ "AA128:\$LP$-7?A;1$ !FB=B;731$67Q14 $ q>1C3:B2C $ $ )BW$? 725$AB>28C$BE$D172C$8B$5B>$D>5$:2$7$5174d $ fFB$8B$5B>$D>5$D172C$E4B? d$ $ fF5$8B$5B>$D>5$D172C$E4B?$ ? d $ fF5$8B$5B>$2B3$D>5$D172C$E4B?$ ) d $ )BW$8B$5B>$C1;1=3$D172Cd $ )BW$?>=F$=FB=B;731$8B$5B>$A4B8>=1$:2$7$5174d $ )BW$?>=F$3:?1$3B$?7Q1$7$D73=F$BE$=FB=B;731d $ fF73$741$5B>4$B3F14$:2A>3Cd$)BW$?>=F$8B$3F15$=BC3d $ )BW$?>=F$8B$5B>$CA128$B2$? 74Q13:2Jd $ )BW$?>=F$8B$5B>$CA128$B2$A7=Q7J:2Jd $ "41$7;;$3F1$D172C$F:JF$12B>JF$G>7;:35$3B$>C1d $ "41$3F141$725$F:28472=1C$3B$34781d $ fF141$8B$5B>$J13$5B>4$A7=Q7J:2Jd$ $ )BW$?>=F$8B1C$3F1$A7=Q7J:2J$=BC3d $ fF73$741$3F1$8>3:1C$B2$3F1$A7=Q7J:2Jd $ HB$5B>$1\AB43d$ $ fF5$8B$ 5B>$2B3$1\AB43d $ )BW$?>=F$8B$5B>$C1;;$5B>4$=FB=B;731$EB4d $ HB$5B>$=B??>2:=731$W:3F$3F1$ E74?14C d $ HB$5B>$A>4=F7C1$D172C$8:41=3;5d$)7I1$5B>$1I14$A>4=F7C18$8:41=3;5d $ fF5$8B$5B>d$#4$WF5$8B$5B>$2B3d $ HB$5B>$F7I1$725$=143:E:=73:B2C$B2$5B>4$A4B8>=3d $ fF73$741$5B>4$J41 731C3$=F7;;12J1Cd $ $

PAGE 65

!"!"#$%"&'($!)"*+$"+"&,-*-$*+$.(&*/( $ [M $ "AA128:\$YP$-7?A;1$(\AB4314$q>1C3:B2C $ $ fF73$:C$3F1$F:C3B45$BE$5B>4$B4J72:S73:B2d $ )BW$?725$D172C$8B$5B>$D>5$7$5174d $ )BW$?725$1?A;B511C$8B$5B>$F7I1d $ )BW$?>=F$8B$5B>$2118$3B$1\AB43$3B$D1$C>C37:27D;1jA4BE:37D;1d $ fF73$:C$5B>4$B4J72:S73:B27;$ C34>=3>41d $ )BW$?>=F$8B$5B>$C1;;$D172C$EB4d $ )BW$=B>;8$5B>$WB4Q$W:3F$72B3F14$1\AB43:2J$B4J72:S73:B2j=B?A725d $ fF5$8B$5B>$D>5$D172C$W13j845d $ HB$5B>$F7I1$725$E74?14C$1?A;B518d $ fF73$C14I:=1C$8B$5B>$A4BI:81$E74?14Cd $ )BW$?725$?1?D14C$8B$5B>$F7I1d $ HB1C$3F1$JBI142?1 23$F1;A$B4$F:2814$5B>4$1\AB43:2Jd $ HB$5B>$=B2347=3$W:3F$3F1$E74?14Cd$fF73$8B1C$3F1$=B2347=3$C75d $ fF73$35A1$BE$=143:E:=73:B2$8B1C$5B>4$A4B8>=3$=7445d$)BW$8B$5B>$D1=B?1$=143:E:18d$ fF73$8B1C$:3$=BC3d $ fF141$8Bj8:8$5B>$J13$E>28:2Jd $ HB$5B>$A4BI:81$;B72C$EB4$E74?1 4Cd $ )BW$8B$5B>$81314?:21$5B>4$A4:=1d $ )BW$8B1C$97:4$R4781jH:41=3$R4781$WB4Qd $ )BW$F7C$3F1$?74Q13$=F72J18d $ )BW$;B2J$=72$5B>4$C3B41$D172Cd $ )BW$?725$ E74?14 C$8B$5B>$F7I1d $ )BW$BE312$8B$5B>$=B;;1=3$D172Cd $ )BW$8B$5B>$788$I7;>1$3B$3F1$D172Cd $ *C$5B>4$C>AA;5$41;:7D;1d $ "41$5B>$C>AA;5:2J$3F1$81?728d $ *C$3F141$7$A4:=1$J478:123$EB4$G>7;:35d $ )BW$8B$5B>$1\AB43d$fFB$A75C$1\AB43:2J$=BC3Cd $ HB1C$.1;:S1$F7I1$7$=B?A13:3:I1$78I7237J1d $ "41$3F141$34781$41C34:=3:B2Cd $ fF73$:C$3F1$1\AB43:2J$A4B=1CCd $ HB$5B>$F7I1$7$=B2347=3$W:3F$3F1$D>514d $ fF73$741$5B>4$J41731C3$=F7;;12J1Cd $ fF73$=FB=B;731$?7Q14C$8B$5B>$C1;;$3Bd $ $ $ $ $