N\Y!=\Uf]hm!LY[]ghfUh]cb!HiaVYf!]g!7*!!!!..00432 



N\Y!JUfcW\]U`!=\ifW\!=cibW]`!cZ!N\Y!?WW`Yg]Ugh]WU`!JUf]g\!cZ!Bc`m! Nf]b]hm)!Bcfk]W\)!>]cWYgY!IZ!GUbW\YghYf 

LYdcfh!UbX!;WWcibhg 

## 0.!>YWYaVYf!/-/0 



IVS!EO`]QVWOZ!7Vc`QV!7]c\QWZ!]T!IVS!9QQZSaWOabWQOZ!EO`WaV!]T!=]Zg! I`W\Wbg'!=]`eWQV'!8W]QSaS!DT!BO\QVSabS` 

## GS^]`b!O\R!OQQ]c\ba!T]`!bVS!gSO`!S\RSR!-+!8SQS[PS`!,*,- 

## 7]\bS\ba 

||EOUS||
|---|---|---|
|7VO`WbgW\T]`[ObW]\||.|
|I`cabSSa$5\\cOZGS^]`b||.|
|HbObS[S\b]TRW`SQb]`a$`Sa^]\aWPWZWbWSa||.0|
|5QQ]c\bO\ba$`S^]`b||.1|
|1XQHV>WEWIPIQWV+%|||
|MhUhYaYbhcZ@]bUbW]U`;Wh]j]h]Yg||.2|
|MhUhYaYbhcZ@]bUbW]U`;Wh]j]h]Yg*Jf]cfSYUfghUhYaYbh||.3|
|GcjYaYbhg]bZibXg||.4|
|LYjYbiY@ibXg||.5|
|@]lYX;ggYhZibXg||.5|
|MiaaUfmcZZibXg||.5|
|6OZO\QSaVSSb||.6|
|C]bSab]bVSOQQ]c\ba||/.|





## IVS!EO`]QVWOZ!7Vc`QV!7]c\QWZ!]T!IVS!9QQZSaWOabWQOZ!EO`WaV!]T!=]Zg!I`W\Wbg'!=]`eWQV'! 8W]QSaS!DT!BO\QVSabS` 

## I`cabSSa$!5\\cOZ!GS^]`b!T]`!bVS!gSO`!S\RSR!-+!8SQS[PS`!,*,- 

N\Y!NfighYYg!dfYgYbh!h\Y]f!LYdcfh!UbX!;WWcibhg!Zcf!h\Y!mYUf!YbXYX!0.!>YWYaVYf!/-/0+ 

## GSTS`S\QS!O\R!OR[W\Wab`ObWdS!RSbOWZa 

## ?LI!GLEUMW\!QEPI& 

N\Y!`Y[U`!bUaY!cZ!h\Y!W\Uf]hm!]g7*!N\Y!JUfcW\]U`!=\ifW\!=cibW]`!cZ!N\Y!?WW`Yg]Ugh]WU`!JUf]g\!cZ!Bc`m!Nf]b]hm)! Bcfk]W\)!>]cWYgY!IZ!GUbW\YghYf+ 

N\Y!W\Uf]hm!]g!U`gc!_bckb!Vm!]hg!cdYfUh]b[!bUaY)!Bc`m!Nf]b]hm!J==)!Bcfk]W\+ 

## ?LI!GLEUMW\#V!EUIEV!RSIUEWMRQ!EQH!@5!GLEUMWEFOI!UIKMVWUEWMRQ& 

N\Y!W\Uf]hm!]g!fY[]ghYfYX!]b!?b[`UbX!$!QU`Yg!k]h\!h\Y!=\Uf]hm!=caa]gg]cb!]b!?b[`UbX!$!QU`Yg!&==?Q'!!k]h\! W\Uf]hm!biaVYf!..00432+ 

+ 

N\Y!W\Uf]hm!XcYg!bch!cdYfUhY!]b!Ubm!cjYfgYUg!^if]gX]Wh]cbg+ 

## 6IKEO!VWUXGWXUI!RJ!WLI!GLEUMW\ 

N\Y!W\Uf]hm!]g!Wcbgh]hihYX!Ug!Ub!ib]bWcfdcfUhYX!W\Uf]hm+N\Y!J==!cZ!Bc`m!Nf]b]hm!Bcfk]W\!]g!Ub!]bXYdYbXYbh! W\Uf]hm!k\]W\!]g!dUfh!cZ!h\Y!>]cWYgY!cZ!GUbW\YghYf!k]h\]b!h\Y!=\ifW\!cZ!?b[`UbX+!N\Y!J==!]g!fY[]ghYfYX!k]h\! h\Y!=\Uf]hm!=caa]gg]cb!Ug!=\Uf]hm!..00432+!Bc`m!Nf]b]hm!]g!cbY!cZ!U!hYUa!cZ!Zcif!dUf]g\Yg!]b!h\Y!Ob]hYX! <YbYZ]WY!cZ!Bcfk]W\!UbX!L]j]b[hcb+ 

J==g!UfY![cjYfbYX!Vm!hkc!d]YWYg!cZ!=\ifW\!cZ!?b[`UbX!`Y[]g`Uh]cb)!WU``YX!GYUgifYg+!N\YgY!UfY7 

- " N\Y!JUfcW\]U`!=\ifW\!=cibW]`g!&JckYf'!GYUgifY!.623!Ug!UaYbXYX)!k\]W\!XYZ]bYg!h\Y! df]bW]dU`!ZibWh]cb)!cf!difdcgY)!cZ!h\Y!J==!Ug!rdfcach]b[!]b!h\Y!dUf]g\!h\Y!k\c`Y!a]gg]cb! cZ!h\Y!W\ifW\s+ 

- " N\Y!=\ifW\!LYdfYgYbhUh]cb!Li`Yg!&WcbhU]bYX!]b!MW\YXi`Y!0!hc!h\Y!MmbcX]WU`! AcjYfbaYbh!GYUgifY!.636!Ug!UaYbXYX'+ 

N\YfY!UfY!bc!fYghf]Wh]cbg!]b!h\Y![cjYfb]b[!XcWiaYbhg!cb!h\Y!cdYfUh]cb!cZ!h\Y!=\Uf]hm!cf!cb!]hg! ]bjYghaYbh!dckYfg!ch\Yf!h\Ub!h\cgY!]adcgYX!Vm!=\Uf]hm!FUk+ 

. 



## IVS!EO`]QVWOZ!7Vc`QV!7]c\QWZ!]T!IVS!9QQZSaWOabWQOZ!EO`WaV!]T!=]Zg!I`W\Wbg'!=]`eWQV'! 8W]QSaS!DT!BO\QVSabS` 

## I`cabSSa$!5\\cOZ!GS^]`b!T]`!bVS!gSO`!S\RSR!-+!8SQS[PS`!,*,- 

N\Y!J==!\Ug!U!MhUbX]b[!=caa]hhYY!UbX!g]l!ch\Yf!Wcaa]hhYYg+!N\Y!Wcaa]hhYYg!UfY!@]bUbWY!UbX!<i]`X]b[8! Qcfg\]d8!McW]U`8!?Wc*=\ifW\8!Scih\8!UbX!JUghcfU`!=UfY+!?UW\!Wcaa]hhYY!bcfaU``m!aYYhg!VYhkYYb!J==! aYYh]b[g+!Cb!UXX]h]cb)!Bc`m!Nf]b]hm!\Ug!Z]bUbW]U`!fYgdcbg]V]`]hm!Zcf!h\Y!hYUa!HUa]V]U!Wcaa]hhYY!UbX!h\Y!hYUa! Scih\!G]b]ghfm!Jfc^YWh+!N\Y!J==!fYWY]jY!fY[i`Uf!fYdcfhg!Zfca!h\Y!>YUbYfm!MmbcX8!=\ifW\Yg!Nc[Yh\Yf!]b! Bcfk]W\!UbX!L]j]b[hcb8!h\Y!NYUa!=cibW]`!cZ!Bcfk]W\!UbX!L]j]b[hcb8!Bcfk]W\!JUf]g\!=?!Jf]aUfm!MW\cc`!UbX! h\Y!Bcfk]W\!UbX!L]j]b[hcb!Scih\!G]b]ghfm!Jfc^YWh+!N\Y!hYfag!cZ!fYZYfYbWY!Zcf!h\Y!J==!UbX!YUW\!cZ!h\Y! Wcaa]hhYYg!UfY!gYh!cih!]b!h\Y!J==!=cbgh]hih]cb!UbX!=caa]hhYY!MhfiWhifY!XcWiaYbhg+!<ch\!XcWiaYbhg!UfY! fY[i`Uf`m!fYj]YkYX!Uh!h\Y!;bbiU`!JUfcW\]U`!=\ifW\!GYYh]b[!&;J=G'+! 

N\Y!]bWiaVYbh!cZ!h\Y!dUf]g\!]g!h\Y!W\U]f!cZ!h\Y!WcibW]`+!BckYjYf)!ibXYf!fi`Y!G.6&/W'!cZ!h\Y!=\ifW\! LYdfYgYbhUh]cb!Li`Yg!h\Y!]bWiaVYbh!WUb!]bj]hY!h\Y!`Um!j]WY*W\U]f!hc!UWh!Ug!W\U]f!Zcf!h\Y!aYYh]b[g!UbX!\UjY!U``! h\Y!dckYfg!jYghYX!]b!h\Y!W\U]f+!N\Y!]bWiaVYbh!cZ!Bc`m!Nf]b]hm!\Ug!]bjc_YX!h\]g!dckYf!UbX!]bj]hYX!h\Y!j]WY* W\U]f!&(cb!dU[Y!0'!hc!Zi`Z]`!h\]g!fc`Y+!N\Y!J==!=cbgh]hih]cb!UddfcjYX!Vm!h\Y!;J=G!XYhYfa]bYg!h\Uh!id!hc!hkc! ;FGg!!UbX!hkc!LYUXYfg!UfY!Uddc]bhYX!X]fYWh`m!cb!hc!h\Y!J==+!Ih\Yf!;FGg!k\c!gYfjY!cb!h\Y!J==!UfY! Y`YWhYX!]b!ch\Yf!WUhY[cf]Yg!cZ!aYaVYfg\]d+!N\Y!XYW]g]cb!hc!fYXiWY!h\Y!biaVYf!cZ!Y`YWhYX!`Um!aYaVYfg!cb! h\Y!J==!Zfca!2!hc!1!dYf!mYUf!hcc_!YZZYWh!Uh!h\]g!mYUfqg!;J=G)!]b!UWWcfX!k]h\!h\Y!fYei]fYaYbhg!cZ!h\Y!=\ifW\! LYdfYgYbhUh]cb!Li`Yg+!N\YfY!UfY!h\YfYZcfY!./!Y`YWhYX!`Um!aYaVYfg!cb!h\Y!J==+!N\]g!XYW]g]cb!kUg!hU_Yb! VYWUigY!h\Y!biaVYf!cZ!W\ifW\!aYaVYfg!cb!h\Y!?`YWhcfU`!Lc``!\UX!ZU``Yb!VY`ck!/--+ 

N\Y!hfighYYg!UfY!U``!!]bX]j]XiU`g+ 

/ 



## IVS!EO`]QVWOZ!7Vc`QV!7]c\QWZ!]T!IVS!9QQZSaWOabWQOZ!EO`WaV!]T!=]Zg!I`W\Wbg'!=]`eWQV'! 8W]QSaS!DT!BO\QVSabS` 

## I`cabSSa$!5\\cOZ!GS^]`b!T]`!bVS!gSO`!S\RSR!-+!8SQS[PS`!,*,- 

IVS!^`W\QW^OZ!]^S`ObW\U!ORR`Saa'!bSZS^V]\S!\c[PS`'!S[OWZ!O\R!eSP!ORR`SaaSa!]T!bVS!QVO`Wbg!O`S4( 

=\ifW\!MhfYYh 

Bcfk]W\)! <F3!3;; NY`Yd\cbY7!-./-136//2/ ?aU]`!;XXfYgg7!!W\ifW\hYUacZZ]WY9[aU]`+Wca QYV!UXXfYgg7! kkk+UW\ifW\bYUfmci+Wca,W\ifW\,.3-2/ 

IVS!I`cabSSa!W\!]TTWQS!]\!bVS!RObS!bVS!`S^]`b!eOa!O^^`]dSR!eS`S4( 

9B>F!7B@LHJ!>GA!2G@MF?BGL N\Y!LYjX!H]Wc`U!<ihhYfkcfh\ !=\U]f 5JA>DGBA!3H@>E!4DGDKLBJK N\Y!LYjX!H]Wc`U!A]``UfX ,MLCHJDKBA!3>P!4DGDKLBJK!ED@BGKBA!DG!LCB!I>JDKC Gfg!DYbbm!>U[bU`` Gfg!MigUb!EYff MYWfYhUfm 7B>ABJ!ED@BGKBA!DG!LCB!I>JDKC Gf!>Uj]X!BUkYg >f!LcbU`X!Ebchh .CMJ@CO>JABGK Gf!AfYbj]``Y!BUfh`Ym Gfg!MigUb!JfYghcb 7BIJBKBGL>LDNBK!HG!LCB!/B>GBJP!8PGHA Gfg!MigUb!LUmbYf >f!LcbU`X!Ebchh 0EB@LBA!FBF?BJK Gf!>Uj]X!;fbc`X Gf!BYfVYfh!;g\hcb Gf!GUhh\Yk!<fcW_ Gf!FYg`]Y!>iW_kcfh\ Gfg!FYg`Ym!AfYYb\U`[\ NfYUgifYf Gfg!MigUb!AfYYb*NckbgYbX Gf!>Uj]X!Jf]hW\UfX P]WY*=\U]f!( Gfg!GUf`YbY!Jf]hW\UfX Gfg!G]fUbXU!Q]``]Uag 

0 



IVS!EO`]QVWOZ!7Vc`QV!7]c\QWZ!]T!IVS!9QQZSaWOabWQOZ!EO`WaV!]T!=]Zg!I`W\Wbg'!=]`eWQV'! 8W]QSaS!DT!BO\QVSabS` 

## I`cabSSa$!5\\cOZ!GS^]`b!T]`!bVS!gSO`!S\RSR!-+!8SQS[PS`!,*,- 

IVS!T]ZZ]eW\U!^S`a]\a!aS`dSR!Oa!I`cabSSa!Rc`W\U!bVS!gSO`!S\RSR!-+!8SQS[PS`!,*,-!4( 

N\Y!hfighYYg!k\c!gYfjYX!Ug!U!hfighYY!]b!h\Y!fYdcfh]b[!dYf]cX)!UbX)!]Z!Udd`]WUV`Y)!h\Y]f!XUhYg!cZ!Uddc]bhaYbh!cf! fYg][bUh]cb!Xif]b[!h\Y!mYUf!kYfY7*+ 


**----- Start of picture text -----**<br>
|||||
|---|---|---|---|
|9B>F!7B@LHJ!>GA!2G@MF?BGL|
|N\Y!LYjX!H]Wc`U!<ihhYfkcfh\|!=\U]f|
|5JA>DGBA!3H@>E!4DGDKLBJK|
|N\Y!LYjX!H]Wc`U!A]``UfX|
|N\Y!LYjX!=Ufc`]bY!NfUWYm|ibh]`!.3|[h\!]|;df]`!/-/0|
|,MLCHJDKBA!3>P!4DGDKLBJK!ED@BGKBA!DG!LCB!I>JDKC|
|Gfg!DYbbm!>U[bU``|
|Gfg!MigUb!EYff|MYWfYhUfm|
|7B>ABJ!ED@BGKBA!DG!LCB!I>JDKC|
|Gf!>Uj]X!BUkYg|
|>f!LcbU`X!Ebchh|
|.CMJ@CO>JABGK|
|Gf!AfYbj]``Y!BUfh`Ym|
|Gf!=\f]ghcd\Yf!Ebck`Yg|ibh]`!.3|[h\]|;df]`!/-/0|
|Gfg!MigUb!JfYghcb|Zfca!.3|[h\!]|;df]`!/-/0|
|7BIJBKBGL>LDNBK!HG!LCB!/B>GBJP!8PGHA|
|Gfg!DUWeiY`]bY!GUXY`Ym|ibh]`!./|[h\!]|GUfW\!/-/0|
|Gfg!MigUb!LUmbYf|
|>f!LcbU`X!Ebchh|Zfca!.3|[h\!]|;df]`!/-/0|
|0EB@LBA!FBF?BJK|Gf!>Uj]X!;fbc`X|
|Gf!BYfVYfh!;g\hcb|
|Gf!GUhh\Yk!<fcW_|
|Gf!FYg`]Y!>iW_kcfh\|
|Gfg!FYg`Ym!AfYYb\U`[\|NfYUgifYf|
|Gfg!MigUb!AfYYb*NckbgYbX|Zfca!.3|[h\]|!;df]`!/-/0|
|Gfg!JUh!BUff]gcb|ibh]`!/|[bX]|!GUm!/-/0!!|
|Gfg!MigUb!JfYghcb!|ibh]`!.3|[h\!]|;df]`!/-/0!!!!!!!!!!!!!!!!!!!|
|Gf!>Uj]X!Jf]hW\UfX|P]WY*=\U]f|
|Gfg!GUf`YbY!Jf]hW\UfX|
|Gfg!G]fUbXU!Q]``]Uag|

**----- End of picture text -----**<br>


1 



IVS!EO`]QVWOZ!7Vc`QV!7]c\QWZ!]T!IVS!9QQZSaWOabWQOZ!EO`WaV!]T!=]Zg!I`W\Wbg'!=]`eWQV'! 8W]QSaS!DT!BO\QVSabS` 

## I`cabSSa$!5\\cOZ!GS^]`b!T]`!bVS!gSO`!S\RSR!-+!8SQS[PS`!,*,- 

## DPXSQba!O\R!OQbWdWbWSa!]T!bVS!QVO`Wbg 

## ?LI!SXUSRVIV!RJ!WLI!GLEUMW\!EV!VIW!RXW!MQ!MWV!KRYIUQMQK!HRGXPIQW& 

Jfcach]b[!]b!h\Y!YWW`Yg]Ugh]WU`!dUf]g\!h\Y!k\c`Y!a]gg]cb!cZ!h\Y!=\ifW\+ 

## ?LI!PEMQ!EGWMYMWMIV!XQHIUWENIQ!MQ!UIOEWMRQ!WR!WLRVI!SXUSRVIV!HXUMQK!WLI!\IEU& 

Bc`m!Nf]b]hm!J==!\Ug!h\Y!fYgdcbg]V]`]hm!cZ!Wc*cdYfUh]b[!k]h\!h\Y!]bWiaVYbh!]b!dfcach]b[)!]b!h\Y!YWW`Yg]Ugh]WU`! dUf]g\)!h\Y!k\c`Y!a]gg]cb!cZ!h\Y!=\ifW\)!dUghcfU`)!YjUb[Y`]gh]W)!gcW]U`)!UbX!YWiaYb]WU`+!!Ch!U`gc!\Ug! aU]bhYbUbWY!fYgdcbg]V]`]h]Yg!Zcf!h\Y!=\ifW\!Vi]`X]b[!UbX!JUf]g\!BU``!]b!=\ifW\!MhfYYh)!Bcfk]W\+!!!!! 

## ?LI!PEMQ!EGWMYMWMIV!XQHIUWENIQ!HXUMQK!WLI!\IEU!WR!JXUWLIU!WLI!GLEUMW\#V!SXUSRVI!JRU! WLI!SXFOMG!FIQIJMW& 

N\Y!hfighYYg!VY`]YjY!h\Uh!h\Y!UWh]j]h]Yg!WUff]YX!cih!VYbYZ]h!h\Y!diV`]W!Vm!dfcj]X]b[!cddcfhib]h]Yg!hc!aYYh!Ug!U! Wcaaib]hm)!hc!gYfjY!cbY!Ubch\Yf!UbX!hc!dfcj]XY!gYfj]WY!UbX!ch\Yfk]gY!Ugg]gh!h\cgY!]bX]j]XiU`g!]b!bYYX! VYWUigY!cZ!gcW]U`!YlW`ig]cb)!dcjYfhm)!X]gUV]`]hm)!cf!`UW_!cZ!cddcfhib]hm+ 

N\Y!hfighYYg!\UjY!\UX!fY[UfX!hc!h\Y!=\Uf]hm!=caa]gg]cb%g![i]XUbWY!cb!diV`]W!VYbYZ]h!]b!aUbU[]b[!h\Y! UWh]j]h]Yg!cZ!h\Y!W\Uf]hm+! 

## IVS![OW\!OQVWSdS[S\ba!O\R!^S`T]`[O\QS!]T!bVS!QVO`Wbg!Rc`W\U!bVS!gSO`) 

## 7Vc`QV!ObbS\RO\QS 

N\YfY!UfY!bck!.63!dUf]g\]cbYfg!cb!h\Y!?`YWhcfU`!Lc``)!2-!cZ!k\ca!UfY!bch!fYg]XYbh!k]h\]b!h\Y!dUf]g\+!N\]g!]g! ]b!WcadUf]gcb!hc!h\Y!/-//!Z][ifY!k\Yb!h\YfY!kYfY!.61!dUf]g\]cbYfg!cb!h\Y!?`YWhcfU`!Lc``!cZ!k\ca!16!kYfY! bch!fYg]XYbh!k]h\]b!h\Y!dUf]g\+!Cb!/-/0)!h\Y!dUf]g\!fYgiaYX!]hg!bcfaU`!dUhhYfb!cZ!kcfg\]d!UWh]j]h]Yg+!N\]g!mYUf! h\Y!kYY_`m!UhhYbXUbWY!cZ!UXi`hg!UbX!W\]`XfYb)!]b!IWhcVYf)!kUg!5/+!!N\]g!WcadUfYX!hc!h\Y!/-//!Z][ifY!cZ!4.)! h\Y!/-/.!Z][ifY!cZ!5/)!h\Y!/-/-!Z][ifY!cZ!1/!UbX!h\Y!/-.6!Z][ifY!cZ!.3-+!>if]b[!h\Y!mYUf!Zcf!gYjYfU`!gYfj]WYg)! UhhYbXUbWY!\Ug!VYYb!g][b]Z]WUbh`m![fYUhYf!h\Ub!h\Y!IWhcVYf!Z][ifY+!N\YgY!]bW`iXY)!Uacb[gh!ch\Yfg)!h\Y!?UghYf! >Um!Wcaaib]cb!gYfj]WY!8!h\Y!=Y`YVfUh]cb!gYfj]WY!Zcf!h\Y!E]b[qg!=cfcbUh]cb8!h\Y!;bbiU`!GYacf]U`!MYfj]WY!hc! fYaYaVYf!ZUa]`m!aYaVYfg!k\c!\UjY!X]YX8!h\Y!=f]V!MYfj]WY!UbX!=\f]ghaUg!gYfj]WYg+!Cb!UXX]h]cb)!gYjYfU`! ZibYfU`!gYfj]WYg!\UjY!\UX!Ub!UhhYbXUbWY!cZ!cjYf!.--)!]bW`iX]b[!cbY!cZ!/4.!Zcf!U!W\ifW\!aYaVYf+!Ch!kUg!U`gc! jYfm!YbWcifU[]b[!hc!gYY!h\Uh!UhhYbXUbWYg!Zcf!=\f]ghaUg!gYfj]WYg!kYfY!XciV`Y!h\Y!Z][ifYg!]b!/-//+ 

2 



## IVS!EO`]QVWOZ!7Vc`QV!7]c\QWZ!]T!IVS!9QQZSaWOabWQOZ!EO`WaV!]T!=]Zg!I`W\Wbg'!=]`eWQV'! 8W]QSaS!DT!BO\QVSabS` 

## I`cabSSa$!5\\cOZ!GS^]`b!T]`!bVS!gSO`!S\RSR!-+!8SQS[PS`!,*,- 

## GSdWSe!]T!bVS!gSO`!O\R!Tcbc`S!RSdSZ]^[S\ba 

N\Y!Zi``!J==!aYh!gYjYb!h]aYg!Xif]b[!h\Y!mYUf!UbX!g]l!cZ!h\cgY!kYfY!bcfaU``m!gW\YXi`YX!aYYh]b[g+!N\YfY! kUg!cbY!gdYW]U`!aYYh]b[!]b!@YVfiUfm!Uh!k\]W\!h\Y!;fYU!>YUb!cZ!<c`hcb)!h\Y!LYjX!M]acb!=cc_)!hcc_! eiYgh]cbg!cb!Z]bUbW]U`!UbX!Vi]`X]b[!aUhhYfg+!N\Y!UjYfU[Y!`YjY`!cZ!UhhYbXUbWY!kUg!45#!Zcf!U``!aYYh]b[g! WcadUfYX!hc!U!Z][ifY!cZ!5-#!]b!/-//+!=caa]hhYYg!aYh!VYhkYYb!aYYh]b[g!UbX!a]bihYg!cZ!h\Y]f!XY`]VYfUh]cbg! kYfY!fYWY]jYX!UbX!X]gWiggYX!Uh!YUW\!J==!aYYh]b[+!N\Y!J==!\Ug!Wcad`]YX!k]h\!]hg!Xihm!ibXYf!gYWh]cb!2!cZ! h\Y!MUZY[iUfX]b[!UbX!=`Yf[m!>]gW]d`]bY!GYUgifY!/-.3!UbX!\Ug!\UX!fY[UfX!hc!BcigY!cZ!<]g\cdgq![i]XUbWY!cb! gUZY[iUfX]b[!W\]`XfYb!UbX!ji`bYfUV`Y!UXi`hg+! 

Bc`m!Nf]b]hm!]g!cbY!cZ!h\Y!Zcif!dUf]g\Yg!]b!h\Y!Ob]hYX!<YbYZ]WY!cZ!Bcfk]W\!UbX!L]j]b[hcb+!N\Y!ch\Yf!dUf]g\Yg! UfY!Mh+!=Uh\Yf]bYqg!Bcfk]W\)!Mh+!?`]nUVYh\qg!Bcfk]W\!UbX!L]j]b[hcb!=\ifW\+!N\Y!W\ifW\Yg!k]h\]b!h\Y!Ob]hYX! <YbYZ]WY!UfY!dUfh!cZ!cbY!cZ!h\Y!Zcif!G]gg]cb!=caaib]h]Yg!k]h\]b!h\Y!>YUbYfm!cZ!<c`hcb+!N\Y!dUf]g\Yg!k]h\]b! h\Y!Bcfk]W\!UbX!L]j]b[hcb!hYUa!UfY!VfcUX`m!YjUb[Y`]WU`!]b!hfUX]h]cb+!N\Y!LYWhcf!cZ!Bcfk]W\!UbX!L]j]b[hcb)! h\Y!LYjX!H]Wc`U!<ihhYfkcfh\!]g!h\Y!]bWiaVYbh!cZ!Bc`m!Nf]b]hm!UbX!L]j]b[hcb!W\ifW\Yg)!k\]`gh!h\Y!gh]dYbX]Ufm! a]b]ghYf)!LYjX!G]W\UY`!<Y\fYbX)!]g!h\Y!]bWiaVYbh!cZ!Mh!=Uh\Yf]bYqg!UbX!Mh!?`]nUVYh\qg+!;!gh]dYbX]Ufm!WifUhY)! F]VVm!AfYYb\U`[\)!\Ug!VYYb!Uddc]bhYX!hc!h\Y!hYUa!k]h\!YZZYWh!Zfca!Di`m!/-/1+!N\Y!Ob]hYX!<YbYZ]WY!\Ug!Zcif! IfXU]bYX!FcWU`!G]b]ghYfg!&IFGg'!cZ!k\ca!h\Y!LYjX!H]Wc`U!A]``UfX!]g!df]bW]dU``m!VUgYX!Uh!Bc`m!Nf]b]hm+!N\Y! dUf]g\!\Ug!hkc!LYUXYfg!?aYf]hig+!>if]b[!h\Y!mYUf)!h\Y!biaVYf!cZ!;ih\cf]gYX!FUm!G]b]ghYfg!&;FGg'!VUgYX!Uh! h\Y!W\ifW\!\Ug!fYXiWYX!Zfca!Z]jY!hc!h\fYY)!Ug!hkc!dYcd`Y!\UjY!ghYddYX!VUW_!Zfca!h\Y!fc`Y!XiY!hc!dYfgcbU`! W]fWiaghUbWYg+!N\Y!IFGg)!LYUXYfg!UbX!;FGg!UfY!`]WYbgYX!UWfcgg!h\Y!hYUa!W\ifW\Yg+!N\YfY!]g![ccX!Wc* cdYfUh]cb!VYhkYYb!h\Y!hYUa!W\ifW\Yg!]b!h\Y!]XYbh]Z]WUh]cb!UbX!dfcach]cb!cZ![ccX!dfUWh]WY!]b!UfYUg!giW\!Ug! W\]`X!dfchYWh]cb!UbX!gUZY[iUfX]b[+!N\Y!XYjY`cdaYbh!cZ!cb*`]bY!dfcj]g]cb!k]h\]b!h\Y!hYUa!cZ!W\ifW\Yg!\Ug! Wcbh]biYX!hc!XYjY`cd!Xif]b[!h\Y!mYUf+!N\]g!\Ug!igYX!@UWYVcc_!dU[Yg!UbX!Tcca!Uacb[gh!ch\Yf!ghfUhY[]Yg+!!Ch! ]g!fYWc[b]gYX!h\Uh!h\]g!]g!U![ccX!kUm!hc!ghUm!WcbbYWhYX!k]h\!h\cgY!k\c!\UjY!UWWYgg!hc!gcW]U`!aYX]U+ 

3 



## IVS!EO`]QVWOZ!7Vc`QV!7]c\QWZ!]T!IVS!9QQZSaWOabWQOZ!EO`WaV!]T!=]Zg!I`W\Wbg'!=]`eWQV'! 8W]QSaS!DT!BO\QVSabS` 

## I`cabSSa$!5\\cOZ!GS^]`b!T]`!bVS!gSO`!S\RSR!-+!8SQS[PS`!,*,- 

N\Y!WiffYbh!dUhhYfb!cZ!MibXUm!kcfg\]d!Uh!Bc`m!Nf]b]hm!kUg!]ad`YaYbhYX!]b!/-.0+!Ch!]bW`iXYX!U!gU]X! Wcaaib]cb!gYfj]WY!Uh!5Ua8!Ub!]bZcfaU`!gYfj]WY!Uh!6+.2Ua)!k]h\!E]Xg!Zcf!=\f]gh!&E1=')!h\Y!W\ifW\qg!MibXUm! gW\cc`)!aYYh]b[!]b!h\Y!UX^UWYbh!JUf]g\!BU``8!h\fYY!Wcaaib]cb!gYfj]WYg!UbX!U!Gcfb]b[!JfUmYf!gYfj]WY!dYf! acbh\!Uh!.-+12!Ua!UbX!U!MibXUm!YjYb]b[!gYfj]WY!Uh!3+0-da+!N\YfY!kYfY!gcaY!W\Ub[Yg!hc!h\]g!dUhhYfb! Xif]b[!/-//+!N\Y!5+--Ua!gU]X!Wcaaib]cb!]g!bck!hk]WY!acbh\`m!UbX!h\Y!dUf]g\!]g!jYfm!UddfYW]Uh]jY!cZ!h\Y! fYh]fYX!W`Yf[m!k\c!df]bW]dU``m!ghUZZ!h\Uh!gYfj]WY+!Ch!kUg!bch!dcgg]V`Y!hc!fYgiaY!E1=!]b!]hg!dfYj]cig!ZcfaUh)! VYWUigY!cZ!h\Y!fYh]fYaYbh!cZ!`YUXYfg!Zc``ck]b[!h\Y!=cj]X!dUbXYa]W+!BckYjYf)!h\YfY!UfY!bck!W\]`XfYbqg! UWh]j]h]Yg!Uh!h\Y!6+.2Ua!gYfj]WY!k]h\]b!h\Y!W\ifW\!Vi]`X]b[+!N\Y!h]a]b[!cZ!h\Y!`UhYf!acfb]b[!gYfj]WY!kUg! W\Ub[YX!Zfca!.-+12Ua!hc!..+--Ua!hc!Ugg]gh!W`Yf[m!XYd`cmaYbh!k]h\]b!h\Y!hYUa+!?jYb]b[!gYfj]WYg)!Uh!Bc`m! Nf]b]hm)!cb!h\Y!ZcfaYf!fY[i`Uf!VUg]g)!\UjY!bch!fY*ghUfhYX+!N\]g!mYUf!\Ug!U`gc!gYYb!h\Y!fYh]fYaYbh!cZ!h\Y!W\ifW\! cf[Ub]gh)!;`Ub!<Yj]g)!UZhYf!b]bY!mYUfgq!gYfj]WY!]b!h\Y!fc`Y+!N\Y!dUf]g\!]g!UddfYW]Uh]jY!cZ!h\Y!jU`iYX!aig]WU`! Wcbhf]Vih]cb!cZ!h\Y!Gig]W!Afcid!UbX!h\Y!=\c]f!hc!h\Y!6+.2Ua!UbX!..+--Ua!gYfj]WYg!fYgdYWh]jY`m+ 

N\fYY!h]aYg!U!mYUf)!h\YfY!UfY!gdYW]U`!gYfj]WYg!Zcf!h\Y!ib]ZcfaYX!cf[Ub]gUh]cbg!WcbbYWhYX!hc!W\ifW\)!k\]W\! VY[]b!k]h\!gUigU[Y!VUfaWU_Yg)!df]cf!hc!h\Y!6+.2Ua!gYfj]WY+!N\]g!mYUf!U`gc!gUk!h\Y!fY*]bhfcXiWh]cb!cZ!h\Y! <cc_!MibXUm!df]nY![]j]b[!gYfj]WY!hc!W\]`XfYb!UbX!mcib[!dYcd`Y!k\c!UhhYbX!W\ifW\!fY[i`Uf`m+!N\]g!mYUf!3.! W\]`XfYb!UbX!mcib[!dYcd`Y!fYWY]jYX!Vcc_g+!N\Y!Z][ifY!]bW`iXYg!W\]`XfYb!cjYf!..+!N\YfY!UfY!21!W\]`XfYb!ibXYf! ..!cb!h\Y!W\ifW\qg!jc`ibhUfm!UhhYbXUbWY!fY[]ghYf!Zcf!gW\cc`!UXa]gg]cb!cZ!k\ca!/.!UfY!ibXYf!Z]jY+!;g!dUfh!cZ! h\Y!W\ifW\qg!dfcj]g]cb!Zcf!mcib[!dYcd`Y!UbX!h\Y]f!ZUa]`]Yg)!XYjY`cdaYbhg!!]bW`iXYX!U!B]_Y!hc!L]j]b[hcb!J]_Y! cb!AccX!@f]XUm!UbX!h\Y!Scih\!G]b]ghfm!UWh]j]h]Yg+ 

>if]b[!h\Y!mYUf)!bc*cbY!kUg!WcbZ]faYX)!UbX!bc!mcib[!dYcd`Y!kYfY!UXa]hhYX!hc!Wcaaib]cb+!N\YfY!kYfY!/0! VUdh]gag)!/!kYXX]b[g)!.1!ZibYfU`g!]b!W\ifW\)!.-!gYfj]WYg!Uh!U!WfYaUhcf]ia!Zcf!U!dYfgcb!k]h\!U!WcbbYWh]cb!hc! Bc`m!Nf]b]hm!UbX!..!Vif]U`!cZ!Ug\Yg!WYfYacb]Yg+!N\]g!WcadUfYg!hc!h\Y!/-//!Z][ifYg!cZ!04!VUdh]gag)!/! kYXX]b[g)!.2!ZibYfU`g!]b!W\ifW\)!..!gYfj]WYg!Uh!U!WfYaUhcf]ia!Zcf!U!dYfgcb!k]h\!U!WcbbYWh]cb!hc!Bc`m!Nf]b]hm! UbX!6!Vif]U`!cZ!Ug\Yg!WYfYacb]Yg)!Ug!kY``!Ug!gYfj]WYg!Uh!WfYaUhcf]iag+!Cb!UXX]h]cb)!]b!YUW\!cZ!h\YgY!mYUfg)! h\Y!hYUa!W`Yf[m!WcbXiWhYX!ZibYfU`g!Uh!WfYaUhcf]iag+!!Cb!UXX]h]cb!hc!giddcfh!dfcj]XYX!hc!VYfYUjYX!ZUa]`]Yg)! dUghcfU`!giddcfh!hc!aYaVYfg!cZ!h\Y!Wcb[fY[Uh]cb!\Ug!Wcbh]biYX!hc!VY!ghfcb[!Xif]b[!h\Y!mYUf!UbX!\Ug!VYYb! aiW\!UddfYW]UhYX+!N\Y!]bhfcXiWh]cb!cZ!U!LYZ`YWh]jY!=Ufc`!MYfj]WY!hc!giddcfh!ZUa]`]Yg!kUg!U`gc!aiW\! UddfYW]UhYX+ 

4 



## IVS!EO`]QVWOZ!7Vc`QV!7]c\QWZ!]T!IVS!9QQZSaWOabWQOZ!EO`WaV!]T!=]Zg!I`W\Wbg'!=]`eWQV'! 8W]QSaS!DT!BO\QVSabS` 

## I`cabSSa$!5\\cOZ!GS^]`b!T]`!bVS!gSO`!S\RSR!-+!8SQS[PS`!,*,- 

MdYbX]b[!cb!W\ifW\!]adfcjYaYbhg!UbX!fcih]bY!aU]bhYbUbWY!kUg!u.-)236!WcadUfYX!hc!Z][ifYg!cZ!!u.0)-31!]b! /-//)!u/)565!]b!/-/.)!u..)1-3!]b!/-/-!UbX!u./)620!]b!/-.6+!GU]bhYbUbWY!UbX!]bgdYWh]cb!kcf_!\Ug! Wcbh]biYX!hc!YbgifY!h\Y!W\ifW\!fYaU]bg!]b!Wcad`]UbWY!k]h\!`Y[U`!fYei]fYaYbhg!UbX!gUZY!Zcf!igY+!Qcf_!cb!h\Y! W\ifW\!Vi]`X]b[!kUg!WUff]YX!cih!Vm!U!Z]fa!cZ!ghYYd`Y^UW_g)!B][\`]ZY!LcdY!;WWYgg+!N\Y!J==!bchYX!h\Y!jYfm!!!! g][b]Z]WUbh!]bWfYUgY!]b!YbYf[m!Wcghg!Zcf!h\Y!W\ifW\!Vi]`X]b[+!N\]g!mYUf)!h\Y!aU^cf!ZcWig!cZ!h\Y!J==!kUg!cb!h\Y! YggYbh]U`!fYdU]fg!hc!h\Y!W\ifW\!Vi]`X]b[+!Cb!/-.6)!h\YfY!kUg!U!WcadfY\Ybg]jY!gifjYm!cZ!h\Y!cihg]XY!cZ!h\Y! W\ifW\!Vi]`X]b[!kUg!dfcXiWYX!Vm!h\Y!W\ifW\!UfW\]hYWhg!<ihhfYgg!cZ!GUbW\YghYf+!N\Y!fYdcfh!]bX]WUhYX!h\Uh!jYfm! g][b]Z]WUbh!kcf_!kUg!fYei]fYX!cb!h\Y!W\ifW\!hckYf!UbX!h\Y!fYgh!cZ!h\Y!cihg]XY!cZ!h\Y!Vi]`X]b[!!cjYf!h\Y!bYlh! ZYk!mYUfg+!IjYf!h\Y!dUgh!ZYk!mYUfg)!h\Y!J==!\Ug!jYfm!WUfYZi``m!Wcbg]XYfYX!\ck!hc!]ad`YaYbh!h\Y!fYdcfh)!]b! dUfh!cf!]b!Zi``)!]b!j]Yk!cZ!h\Y!WiffYbh!Z]bUbW]U`!g]hiUh]cb!cZ!h\Y!W\ifW\+!;bm!giW\!YldYbX]hifY!k]``!fYei]fY! g][b]Z]WUbh![fUbh!ZibX]b[!]b!UXX]h]cb!hc!fYgcifWYg!Zfca!W\ifW\!ZibXg+!Cb!GUfW\)!h\Y!J==!XYW]XYX!hc!Udd`m!hc! h\Y!>]cWYgY!cZ!GUbW\YghYf!Zcf!U!ZUWi`hm!Zcf!U``!h\Y!fYWcaaYbXYX!kcf_+!N\Y!kcf_!cb!h\Y!W\ifW\!hckYf!kUg! VYWca]b[!if[Ybh+!N\Y!J==!U`gc!XYW]XYX!hc!gYY_!hc!Wcad`YhY!h\Y!kcf_!]b!cbY!dfc^YWh)!U`h\ci[\!h\]g!XYdYbXg! cb!fU]g]b[!h\Y!bYWYggUfm!ZibX]b[+!N\]g!mYUf)!h\Y!J==!`UibW\YX!U!JUhfcbU[Y!MW\YaY!hc!Ugg]gh!]b!h\Y!dfcWYgg! cZ!fU]g]b[!h\Y!bYWYggUfm!acb]Yg+!Ch!]g!U`gc![fUhYZi`!hc!h\Y!W\ifW\!VY``f]b[Yfg!k\c!Wcad`YhYX!U!W\Uf]hm!ZibX* fU]g]b[!kU`_!hc!h\fYY!`cWU`!W\ifW\Yg!k\YfY!h\Ym!U`gc!fib[!h\Y!VY``g+!;h!h\Y!YbX!cZ!h\Y!mYUf)!h\Y!ZUWi`hm!Zcf!h\Y! Vi]`X]b[!kcf_!kUg![fUbhYX+!N\Y!J==!U`gc!\UX!h\Y!Wcghg!Zcf!h\Y!kcf_!idXUhYX+!N\Y!kcf_!cb!h\Y!hckYf!]g! Ygh]aUhYX!hc!Wcgh!u/..)---!UbX!h\Y!Wcgh!Zcf!h\Y!fYgh!cZ!h\Y!cihg]XY!cZ!h\Y!W\ifW\!Vi]`X]b[!]g!u0.-)---+!N\Y! hchU`!Ygh]aUhYX!Wcgh!]g!h\YfYZcfY!u2/.)---+!N\Y!J==!k]``!`UibW\!U!aU^cf!ZibX*fU]g]b[!WUadU][b!Zcf!h\Y!kcf_g! ]b!/-/1)!k\]W\!k]``!]bW`iXY!Udd`]WUh]cbg!Zcf!g][b]Z]WUbh![fUbh!ZibX]b[+ 

>YjY`cdaYbhg!]bjc`j]b[!h\Y!`cWU`)!bUh]cbU`)!UbX!]bhYfbUh]cbU`!Wcaaib]h]Yg!\UjY!Wcbh]biYX+!;acb[!h\Y!`cWU`! ]b]h]Uh]jYg!UfY!Ub!IihfYUW\!NYU!Zcf!`cWU`!dYbg]cbYfg!UbX!U!BYf]hU[Y!kYY_YbX!]b!MYdhYaVYf!+!Cb!UXX]h]cb)!h\Y! W\ifW\!\Ug!cf[Ub]gYX!gcW]U`!YjYbhg!Zcf!h\Y!dUf]g\!]bW`iX]b[!WcbWYfhg!Vm!h\Y!FUXmVf]X[Y!M]b[Yfg!UbX!h\Y!HYk! LcgYaYfY!M]b[Yfg+!N\Y!dUf]g\!\Ug!Wcbh]biYX!]hg!giddcfh!cZ!h\Y!kYY_`m!QUfa!MdUWY!]b]h]Uh]jY!]b!h\Y!W\ifW\! Vi]`X]b[+!N\]g!]b]h]Uh]jY!]g!dUfh!cZ!h\Y!`cWU`!UbX!bUh]cbU`!ghfUhY[m)!hc!giddcfh!aYaVYfg!cZ!h\Y!Wcaaib]hm+!N\Y! `UhYgh!ghUh]gh]Wg!]bX]WUhYX!h\Uh!h\Y!dUf]g\!dcdi`Uh]cb!cZ!Bc`m!Nf]b]hm!cZ!6)-1/)!]g!h\Y!55h\!`Uf[Ygh!dUf]g\! dcdi`Uh]cb!]b!h\Y!X]cWYgY!UbX!Bc`m!Nf]b]hm!]g!fUb_YX!.20!cih!cZ!/23!UWfcgg!h\Y!X]cWYgY!]b!hYfag!cZ!ai`h]d`Y! XYdf]jUh]cb)!k]h\!.!VY]b[!h\Y!acgh!XYdf]jYX+!N\Y!dUf]g\!\Ug!Wcbh]biYX!]b!/-/0!hc!giddcfh!h\Y!bUh]cbU`!UbX! X]cWYgUb!?Wc*=\ifW\!ghfUhY[m+!N\Y!dUf]g\qg!hUg_![fcid!\Ug!XYjY`cdYX!U!biaVYf!cZ!]b]h]Uh]jYg!UbX!\Ug! UW\]YjYX!h\Y!<fcbnY!;kUfX!UbX!VYWUaY!U!ZcfaU`!Wcaa]hhYY!cZ!h\Y!J==!Uh!h\Y!/-/0!;J=G+!Cb!/-/0!h\Y! dUf]g\)!hc[Yh\Yf!k]h\!h\Y!ch\Yf!W\ifW\Yg!]b!h\Y!Ob]hYX!<YbYZ]WY)!Zifh\Yf!]bWfYUgYX!]hg!giddcfh!Zcf!h\Y!kcf_!cZ! OfVUb!IihfYUW\!]b!<c`hcb)!U!=\f]gh]Ub!W\Uf]hm!kcf_]b[!k]h\!X]gUXjUbhU[YX!ZUa]`]Yg!k]h\!h\Y!Zcfhb][\h`m!Xfcd*cZZ! XUm)!h\Y!giaaYf!<F!`ibW\Yg!UbX!]hg!Wcbh]bi]b[!X]ghf]Vih]cb!cZ!ZccX!dUfWY`g!UbX!]hg!=\f]ghaUg!>]bbYf!cb! DYgig!]b]h]Uh]jY+!!N\]g!mYUf!Zcf!h\Y!=\f]ghaUg!>]bbYf!cb!DYgig!]b]h]Uh]jY)!OfVUb!IihfYUW\!gYbh!cih!U!hchU`!cZ! /-1-!=\f]ghaUg!\UadYfg!ZYYX]b[!3444!dYcd`Y+!N\]g!WcadUfYg!hc!h\Y!biaVYfg!]b!/-//!k\Yb!UbX!U!hchU`!cZ! .622!=\f]ghaUg!\UadYfg!ZYYX]b[!3.13!dYcd`Y!kYfY!gYbh!cih+!N\Y!dUf]g\!\Ug!Wcbh]biYX!hc!giddcfh!h\Y! ]b]h]Uh]jYg!cZ!=\ifW\Yg!Nc[Yh\Yf!]b!Bcfk]W\!UbX!L]j]b[hcb+!Bc`m!Nf]b]hm!\Ug!aU]bhU]bYX!]hg!Wcaa]haYbh!hc!@U]f! NfUXY)!Wcbh]biYX!hc!giddcfh!CbhYfbUh]cbU`!;]X!k]h\!h\Y!M\cYVclYg!]b]h]Uh]jY!cZ!=\f]ghaUg![]Zhg!Zcf!ZUa]`]Yg! `]j]b[!]b!XYdf]jUh]cb!cjYfgYUg)!UbX!\Ug![]jYb!U!XcbUh]cb!hc!=\f]gh]Ub!;]X+ 

N\Y!dUf]g\!\Ug!ckbYfg\]d!cZ!h\Y!hkc!dfcdYfh]Yg!cb!h\Y!JUf]g\!BU``!g]hY!k\]W\!UX^c]bg!h\Y!W\ifW\![fcibXg)!h\Y! JUf]g\!BU``)!UbX!h\Y!;bbYlY+!N\Y!dfcdYfh]Yg!UfY!igYX!Vm!U!df]jUhY!bifgYfm)!Bcfk]W\!>Um!HifgYfm)!Xif]b[!h\Y! kYY_+!Bcfk]W\!>Um!HifgYfm!]g!hchU``m!fYgdcbg]V`Y!Zcf!U``!fYdU]fg!UbX!bYWYggUfm!]adfcjYaYbhg!hc!h\Y!;bbYlY! Vch\!]bg]XY!UbX!cihg]XY!h\Y!Vi]`X]b[+!N\Y!JUf]g\!BU``!]g!U`gc!igYX!Vm!h\Y!W\ifW\!NcXX`Yf!Afcid)!Bcfk]W\! Q][[`Yhchg)!cb!GcbXUm!acfb]b[g!UbX!ib]ZcfaYX!cf[Ub]gUh]cbg!]b!h\Y!YjYb]b[g+!N\Y!J==!\Ug!Uih\cf]gYX! YldYbX]hifY!Vch\!cb!h\Y!]bhYf]cf!UbX!h\Y!YlhYf]cf!cZ!h\Y!\U``!Vi]`X]b[!Xif]b[!h\Y!mYUf+!!N\Y!aU^cf!gcifWY!cZ! ]bWcaY!Zcf!h\Y!JUf]g\!BU``!]b!/-/0!\Ug!VYYb!h\Y!\]f]b[!W\Uf[Y!cZ!u.2).3-!!Zfca!h\Y!`]WYbWY!\c`XYfg+!;bm! YlWYgg!cZ!]bWcaY!cjYf!YldYbX]hifY!Zfca!h\Y!JUf]g\!BU``!]g!\Y`X!]b!U!XYg][bUhYX!ZibX)!XYhU]`g!cZ!k\]W\!UfY! ]bW`iXYX!]b!bchY!.2+!Cb!>YWYaVYf!/-/0)!h\YfY!kUg!U!VU`UbWY!]b!h\]g!ZibX!cZ!u.5)-66+!N\Y!Wcgh!cZ!h\Y! ]bgifUbWY!Zcf!h\Y!JUf]g\!BU``)!k\]W\!]b!/-/0!kUg!u264)!]g!U`kUmg!dU]X!Zfca![YbYfU`!ZibXg!Ug!]h!fY`UhYg!hc! ]bgif]b[!h\Y!f]g_!cZ!h\Y!J==!UggYh+ 

5 



## IVS!EO`]QVWOZ!7Vc`QV!7]c\QWZ!]T!IVS!9QQZSaWOabWQOZ!EO`WaV!]T!=]Zg!I`W\Wbg'!=]`eWQV'! 8W]QSaS!DT!BO\QVSabS` 

## I`cabSSa$!5\\cOZ!GS^]`b!T]`!bVS!gSO`!S\RSR!-+!8SQS[PS`!,*,- 

Bcfk]W\!JUf]g\!=?!Jf]aUfm!MW\cc`!]g!U!`Uf[Y)!hkc*Zcfa!Ybhfm!U]XYX!gW\cc`!`]b_YX!hc!h\Y!dUf]g\+!N\Y!gW\cc`)! ZcibXYX!]b!.50/)!]g!cb!U!g]hY!UX^c]b]b[!h\Y!W\ifW\+!Ch!Wcbhf]VihYg!hc!h\Y!a]gg]cb!cZ!h\Y!dUf]g\)!k]h\!U!fc`Y! k\]W\!XYacbghfUhYg!gYfj]WY!hc!h\Y!Wcaaib]hm+!;g!Ub!U]XYX!gW\cc`)!h\Y!J==!\Ug!h\Y!fYgdcbg]V]`]hm!cZ! Uddc]bh]b[!g]l!ZcibXUh]cb![cjYfbcfg!hc!h\Y!gW\cc`+!Cb!UXX]h]cb)!h\Y!LYWhcf!]g!Ub!Yl*cZZ]W]c![cjYfbcf!k\]`gh!]b! dcgh)!UbX!h\Y!X]cWYgY!Uddc]bhg!U!X]cWYgUb![cjYfbcf+!N\Y!fYaU]bXYf!cZ!h\Y![cjYfb]b[!VcUfX!]g!Wcadf]gYX!cZ! dUfYbhU`!UbX!ghUZZ!aYaVYfg!UbX!U!bca]bYY!Zfca!<c`hcb!=cibW]`+!>if]b[!h\Y!mYUf!h\Y!J==!\Ug!aUXY! Uddc]bhaYbhg!hc!h\Y!VcUfX!Ug!jUWUbW]Yg!cWWif+!N\Y!W\ifW\!\Ug!U!jYfm![ccX!kcf_]b[!fY`Uh]cbg\]d!k]h\!h\Y! gW\cc`!k\]W\!igYg!h\Y!W\ifW\!Vi]`X]b[!cb!U!kYY_`m!VUg]g+!Cb!UXX]h]cb)!gdYW]U`!gYfj]WYg!UbX!YjYbhg!\UjY!hU_Yb! d`UWY!]b!W\ifW\!Xif]b[!h\Y!mYUf)!]bW`iX]b[!<UW_!hc!MW\cc`!MibXUm!UbX!h\Y!gW\cc`!=\f]ghaUg!dYfZcfaUbWYg+! N\Y!gW\cc`!U`gc!\Y`X!U!rHUa]V]Us!>Um!]b!Di`m!]b!WccdYfUh]cb!k]h\!h\Y!HUa]V]U!Wcaa]hhYY+!Cb!/-/0!Ug!]b!/-//! UbX!/-/.)!VYWUigY!h\Y!W\ifW\!Z]bUbW]U`!g]hiUh]cb)!h\YfY!\Ug!VYYb!bc!Wcbhf]Vih]cb!Zfca!h\Y!J==!Zcf![fUbh! kcf_!hc!h\Y!gW\cc`!Vi]`X]b[!UbX!]bgifUbWY!dfcj]g]cb+!N\]g!WcadUfYg!k]h\!Wcbhf]Vih]cbg!cZ!u1)2-1!]b!/-/-!UbX! u./)/4.!]b!/-.6+! 

N\Y!hYUa!mcih\!a]b]ghfm!\Ug!Wcbh]biYX!hc!kcf_!UWfcgg!h\Y!hYUa!cZ!W\ifW\Yg!Xif]b[!h\Y!mYUf+!N\Y!dfc^YWh! kcf_g!k]h\!U!kYY_`m!rCbgd]fYs![fcid!Zcf!gW\cc`!mYUfg!2!hc!5!)!kcf_g!]b!W\ifW\!gYfj]WYg!UbX!\Ug!kcf_YX!k]h\! `cWU`!df]aUfm!UbX!gYWcbXUfm!gW\cc`g+!N\Y!Scih\!G]b]ghYf!fYg][bYX!]b!@YVfiUfm!UbX!h\Y!XYW]g]cb!kUg!aUXY! bch!hc!fYd`UWY!h\]g!dU]X!dcgh!Uh!h\]g!h]aY+!N\Y!dfc^YWh!\Ug!\UX)!]b!h\Y!dUgh)!g][b]Z]WUbh!X]ZZ]Wi`hm!fYWfi]h]b[!h\Y! jc`ibhYYfg!bYWYggUfm!hc!giddcfh!UbX!gighU]b!h\Y!dfc^YWh+!BckYjYf)!h\]g!mYUf!\Ug!gYYb!XYjY`cdaYbhg!k\]W\! aUm!YbUV`Y!h\Y!dfc^YWh!hc!fY*YghUV`]g\!U![fcid!kcf_]b[!k]h\!mcib[!dYcd`Y!]b!gW\cc`!mYUfg!6*.0+!;!\][\`][\h!cZ! h\Y!mYUf!kUg!=UhU`mgh!U!fYg]XYbh]U`!kYY_YbX!k\]W\!]bW`iXYX!mcib[!dYcd`Y!UWfcgg!h\Y!G]gg]cb!=caaib]hm+!.3! cih!cZ!h\Y!03!mcib[!dYcd`Y!UhhYbX]b[!WUaY!Zfca!h\Y!Bcfk]W\!UbX!L]j]b[hcb!hYUa!cZ!W\ifW\Yg+!Ib!VY\U`Z!cZ! h\Y!hYUa)!Bc`m!Nf]b]hm!UWhg!Ug!h\Y!Yad`cmYf!Zcf!h\Y!Scih\!G]b]ghYf!UbX!\Ug!h\Y!fYgdcbg]V]`]hm!Zcf!Z]bUbW]U`! aUhhYfg+!JYfgcbU`!Wcbhf]Vih]cbg!Zfca!aYaVYfg!cZ!h\Y!hYUa!Wcb[fY[Uh]cbg!dfcj]XY!h\Y!ZibX]b[!Zcf!h\Y!Scih\! G]b]ghfm+!@]bUbW]U`!XYhU]`g!UfY!]bW`iXYX!]b!h\Y!MhUhYaYbh!cZ!;WWcibhg+! 

?UW\!mYUf!g]bWY!.665)!j]g]hg!\UjY!hU_Yb!d`UWY!VYhkYYb!h\Y!dUf]g\!UbX!cif!hkc!`]b_!dUf]g\Yg!Uh!I_Uh\]hci!UbX! LiUWUbU!]b!HUa]V]U+!N\YfY!\UjY!VYYb!bc!j]g]hg!g]bWY!/-.6+!!HUa]V]U!\Ug!YldYf]YbWYX!gYjYfU`!jYfm!X]ZZ]Wi`h! mYUfg!XYU`]b[!k]h\!h\Y!WcbgYeiYbWYg!cZ!h\Y!=cj]X!dUbXYa]W!UbX!dccf!\UfjYghg+!N\Y!Wcaa]hhYY!\Ug!gYbh! acb]Yg!hc!ZibX!YggYbh]U`!ZccX!gidd`]Yg+!N\Y!HUa]V]U!Wcaa]hhYY!]g!U!hYUa!Wcaa]hhYY!k\]W\!cdYfUhYg!UWfcgg! U``!Zcif!W\ifW\Yg!]b!h\Y!Ob]hYX!<YbYZ]WY+!N\]g!mYUf)!aYaVYfg!Zfca!Ubch\Yf!`cWU`!W\ifW\!\UjY!^c]bYX!h\Y! Wcaa]hhYY!UbX!Ug!U!WcbgYeiYbWY!h\Y!Wcaa]hhYY!]g!Wcbg]XYf]b[!YghUV`]g\]b[!]hgY`Z!Ug!U!gYdUfUhY!W\Uf]hm+! =iffYbh`m!fYgdcbg]V]`]hm!fYghg!k]h\!Bc`m!Nf]b]hm!J==!UbX!h\Y!XYhU]`g!cZ!h\Y!Wcaa]hhYYqg!Z]bUbWYg!UfY!]bW`iXYX! ]b!h\Y!MhUhYaYbh!cZ!;WWcibhg+ 

6 



IVS!EO`]QVWOZ!7Vc`QV!7]c\QWZ!]T!IVS!9QQZSaWOabWQOZ!EO`WaV!]T!=]Zg!I`W\Wbg'!=]`eWQV'! 8W]QSaS!DT!BO\QVSabS` 

## I`cabSSa$!5\\cOZ!GS^]`b!T]`!bVS!gSO`!S\RSR!-+!8SQS[PS`!,*,- 

## Hb`cQbc`S'!U]dS`\O\QS!O\R![O\OUS[S\b!]T!bVS!QVO`Wbg 

## ?LI!PIWLRHV!XVIH!WR!UIGUXMW!EQH!ESSRMQW!QIZ!GLEUMW\!WUXVWIIV& 

N\Y!aYh\cX!cZ!Uddc]bhaYbh!cZ!J==!aYaVYfg!&hfighYYg'!]g!gYh!cih!]b!JUfh!6!cZ!!h\Y!=\ifW\! LYdfYgYbhUh]cb!Li`Yg+!;``!=\ifW\!UhhYbXYYg!UfY!YbWcifU[YX!hc!fY[]ghYf!cb!h\Y!?`YWhcfU`!Lc``!UbX! ghUbX!Zcf!Y`YWh]cb!hc!h\Y!J==+ 

6O\YS`a HUhQYgh!<Ub_ <UfW`Umg!<Ub_ /4!FYY!FUbY .*2!GUf_Yh!MhfYYh Bcfk]W\ <c`hcb <c`hcb <F.!.<O <F3!4NA 

## >\RS^S\RS\b!SfO[W\S` 

FUb[Yfg =\UfhYfYX!=Yfh]Z]YX!;WWcibhUbhg 5*.-!AUh`Ym!LcUX =\YUX`Y =\Yg\]fY!! ME5!.JS 

## ;W\O\QWOZ!`SdWSe 

## ?LI!GLEUMW\#V!JMQEQGMEO!SRVMWMRQ!EW!WLI!IQH!RJ!WLI!\IEU!IQHIH!*(!/IGIPFIU!)')* 

N\Y!Z]bUbW]U`!dcg]h]cb!cZ!h\Y!W\Uf]hm!Uh!0.!>YWYaVYf!/-/0!UbX!WcadUfUh]jYg!Zcf!h\Y!df]cf!dYf]cX)!Ug! acfY!Zi``m!XYhU]`YX!]b!h\Y!UWWcibhg)!WUb!VY!giaaUf]gYX!Ug!Zc``ckg7* 

|>Yg][bUhYXLYjYbiY@ibXg<br>>Yg][bUhYX@]lYX;ggYh@ibXg<br>?RWEO@QUIVWUMGWIH1XQHV<br>LYghf]WhYXLYjYbiY@ibXg<br>I]bOZ;c\Ra<br>CSbW\Q][S<br>ObfYghf]WhYXLYjYbiY@ibXgUjU]`UV`YZcfh\Y<br>[YbYfU`difdcgYgcZh\YW\Uf]hm|,*,-<br>i<br>12)252<br>..0)--5<br>.-)01.<br>.1).56<br>+-1'/-2<br>..6)..4<br>/23)322|,*,,<br>i<br>1)/23<br>43)/14<br>6)004<br>.2)-43<br>+**'00*<br>..-)1-6<br>/..)-36|
|---|---|---|



.- 



IVS!EO`]QVWOZ!7Vc`QV!7]c\QWZ!]T!IVS!9QQZSaWOabWQOZ!EO`WaV!]T!=]Zg!I`W\Wbg'!=]`eWQV'! 8W]QSaS!DT!BO\QVSabS` 

## I`cabSSa$!5\\cOZ!GS^]`b!T]`!bVS!gSO`!S\RSR!-+!8SQS[PS`!,*,- 

## 1MQEQGMEO!UIYMIZ!RJ!WLI!SRVMWMRQ!EW!WLI!UISRUWMQK!HEWI$!*(!/IGIPFIU!)')*!& 

Cb!giWWYgg]jY!;bbiU`!LYdcfhg!h\Y!NfighYYg!\UjY!WcaaYbhYX!h\Uh!h\Y!dUf]g\!gh]``!bYYXg!Z]bUbW]U`!ghUV]`]hm!hc! giddcfh!]hg!a]gg]cb!hc!h\Y!Wcaaib]hm+!N\Y!mYUfg!g]bWY!/-.6!\UjY!VYYb!h\Y!acgh!W\U``Yb[]b[!Zcf!Bc`m!Nf]b]hm! Zcf!aUbm!mYUfg+!;g!aUbm!ch\Yf!W\ifW\Yg!\UjY!ZcibX)!h\Y!WcbgYeiYbWYg!cZ!h\Y!dUbXYa]W!\UjY!\UX!U!jYfm! g][b]Z]WUbh!YZZYWh!bch!cb`m!cb!W\ifW\!kcfg\]d!UbX!UWh]j]h]Yg)!Vih!cb!h\Y!Z]bUbWYg!cZ!h\Y!dUf]g\+!N\]g!mYUf!\Ug! gYYb!h\Y!fYh]fYaYbh!cZ!cif!CbXYdYbXYbh!?lUa]bYf!BY`Yb!<c`hcb!k\c!\Ug!VYYb!]b!dcgh!Zcf!h\Y!`Ugh!hkY`jY! mYUfg+!M\Y!\Ug!VYYb!fYd`UWYX!Vm!FUb[Yfg!cZ!=\YUX`Y+!N\Y!dUf]g\!\Ug!Wcbh]biYX!hc!VYbYZ]h!Zfca!h\Y!jYfm! YZZ]W]Ybh!UbX!YZZYWh]jY!Z]bUbW]U`!UbX![]Zh!U]X!gmghYag!cdYfUhYX!Vm!h\Y!NfYUgifYf!UbX!A]Zh!;]X!MYWfYhUfm 

NchU`!]bWcaY!Zcf!h\Y!mYUf!kUg!u.1/)403!WcadUfYX!hc!u.01)136!]b!/-//)!u.01)16.!]b!/-/.!UbX!u.12)-/2!]b! /-/-+!N\Y!hchU`!Z][ifY!Zcf!XcbUh]cbg!UbX!`Y[UW]Yg!]b!/-/0!kUg!u..4)00/!WcadUfYX!hc!u.-6)3-1!]b!/-//)! u...)06.!]b!/-/.!UbX!u.0-)611!]b!/-/-+! 

NchU`!YldYbX]hifY!]b!h\Y!mYUf!kUg!u64).2.!WcadUfYX!hc!u.0-)-45!]b!/-//)!u.-3)401!]b!/-/.!UbX!u.12).11!]b! /-/-+!CbW`iXYX!]b!h\YgY!Z][ifYg!kYfY!fYghf]WhYX!ZibXg!cZ!u/3)1/0!WcadUfYX!hc!u/2).46!]b!/-//)!u0.)-3.!]b! /-/.!UbX!u01)252!]b!/-/-+!FUf[Ygh!UfYUg!cZ!YldYbX]hifY)!ch\Yf!h\Ub!JUf]g\!M\UfY)!kYfY!h\Y!YldYbX]hifY!cb! h\Y!Scih\!G]b]ghYf)!W\ifW\!Yei]daYbh!UbX!fYdU]fg)!a]gg]cbUfm!UbX!W\Uf]hUV`Y![]j]b[)!ih]`]h]Yg)!UbX!]bgifUbWY+ 

;g!]b!/-//)!Bc`m!Nf]b]hm!X]X!bch!dUm!]hg!Zi``!JUf]g\!M\UfY!cZ!u44)-46+!N\]g!gia!cZ!u/-)---!kUg!dU]X+!N\]g! WcadUfYg!hc!h\Y!Uacibh!dU]X!cZ!u1-)---!]b!/-//)!u1-)---!]b!/-/.!UbX!u35)2.5!]b!/-/-+!N\Y!fYUgcb!h\Uh!Zi``! JUf]g\!M\UfY!kUg!bch!dU]X!]b!/-/0!]g!VYWUigY!cZ!h\Y!WiffYbh!Z]bUbW]U`!dcg]h]cb!cZ!h\Y!W\ifW\+!N\Y!X]cWYgUb! JUf]g\!M\UfY!`Uf[Y`m!dfcj]XYg!h\Y!gh]dYbXg!UbX!\cig]b[!Zcf!h\Y!W`Yf[m+!N\Y!gia!h\Uh!=\ifW\Yg!\UjY!hc!Z]bX!]g! g\UfYX!VYhkYYb!h\Y!=\ifW\Yg!UWWcfX]b[!hc!U!Zcfai`U!h\Uh!]g!VUgYX!aU]b`m!cb!U!\YUX!Wcibh!UbX!UjYfU[Y! ]bWcaY!`YjY`g!cZ!aYaVYfg!cZ!h\Y!Wcb[fY[Uh]cbg+ 

N\Y!bYh!fYgi`h!Zcf!h\Y!mYUf!cb!ibfYghf]WhYX!ZibXg!kUg!U!gifd`ig!cZ!]bWcaY!Ug!WcadUfYX!hc!YldYbX]hifY!cZ! u04)110+!N\]g!WcadUfYg!hc!gifd`ig!Z][ifYg!cZ!u5)046!]b!/-//)!u00+315!]b!/-/.!UbX!!U!XYZ]W]h!Z][ifY!cZ!u.0)-46! ]b!/-/-+!N\Y!acjYaYbh!cb!h\Y![YbYfU`!ZibX!Wcadf]gYX!cZ!U!gifd`ig!cZ!u/6)--/!Zfca!/-/0!UWh]j]h]Yg+!N\]g! WcadUfYg!hc!U!gifd`ig!cZ!u.0)512!]b!/-//)!u0/)611!]b!/-/.!UbX!U!XYZ]W]h!cZ!u.-)231!]b!/-/-+ 

.. 



IVS!EO`]QVWOZ!7Vc`QV!7]c\QWZ!]T!IVS!9QQZSaWOabWQOZ!EO`WaV!]T!=]Zg!I`W\Wbg'!=]`eWQV'! 8W]QSaS!DT!BO\QVSabS` 

## I`cabSSa$!5\\cOZ!GS^]`b!T]`!bVS!gSO`!S\RSR!-+!8SQS[PS`!,*,- 

## ;ROMGMIV!RQ!UIVIUYIV& 

ObfYghf]WhYX!ZibXg!]bW`iXYX!XYg][bUhYX!VU`UbWYg!Zcf!ZihifY!XYdfYW]Uh]cb!W\Uf[Yg!cb!Z]lYX!UggYhg)!fcih]bY! Wcghg!fY!h\Y!JUf]g\!BU``!UbX!cf[Ub!Wcghg+!;bm!Uacibhg!k\]W\!UfY!ibfYghf]WhYX!UbX!bch!XYg][bUhYX!Vm!h\Y! J==!UfY!XYgWf]VYX!Ug!ZfYY!fYgYfjYg+!Ch!]g!J==!dc`]Wm!hc!U]a!Zcf!U!VU`UbWY!cb!ZfYY!fYgYfjYg!&]Z!dcgg]V`Y')! k\]W\!YeiUhYg!hc!VYhkYYb!h\fYY!hc!g]l!acbh\g!bcfaU`!ibfYghf]WhYX!dUmaYbhg)!hc!WcjYf!YaYf[YbWm!g]hiUh]cbg! h\Uh!aUm!Uf]gY!Zfca!h]aY!hc!h]aY+!N\]g!kci`X!VY!VYhkYYb!u/2)---!UbX!u2-)---+!Ib!0.gh!>YWYaVYf!/-/0)! h\YfY!kUg!U!VU`UbWY!cZ!u.-2)/16!!]b!giW\!ZibXg+!N\]g!WcadUfYg!hc!h\Y!Z][ifY!cZ!u43)/14!!]b!/-//)!u3/)1-/!]b! /-/.!UbX!u/6)125!]b!/-/-!+!Cb!/-/-)!k]h\cih!h\Y!hfUbgZYf!cZ!u/-)---!Zfca!XYg][bUhYX!ZibXg!h\Y!VU`UbWY!cZ! u/6)125!kci`X!\UjY!VYYb!jYfm!g][b]Z]WUbh`m!VY`ck!h\Y!hUf[Yh!Z][ifY+!Cb!]hg!/-/-!fYdcfh)!h\Y!J==!ghUhYX!h\Uh!]h! kci`X!hU_Y!if[Ybh!UWh]cb!hc!]adfcjY!h\Y!VU`UbWY!Z][ifY!Zcf!]hg!ZfYY!fYgYfjYg+!N\]g!\Ug!VYYb!UW\]YjYX! df]bW]dU``m!h\fci[\!fYXiWh]cbg!]b!JUf]g\!M\UfY!UbX!JUf]g\!MW\cc`!Wcbhf]Vih]cbg+!Ch!]g!bYWYggUfm!hc!giddcfh!h\Y! Z]bUbW]U`!dcg]h]cb!cZ!h\Y!W\ifW\!UbX!hc!dfYdUfY!Zcf!YldYbX]hifY!fYei]fYX!cb!h\Y!W\ifW\!Vi]`X]b[+ 

N\Y!VU`UbWY!cZ!u..6)..4!]b!fYghf]WhYX!ZibXg!WcadUfYg!hc!Z][ifYg!cZ!u..-)1-6!]b!/-//)!u..1)20.!]b!/-/.!UbX! u./-)1//!]b!/-/-+!N\Y!fYghf]WhYX!ZibX!VU`UbWYg!]bW`iXY!Uacibhg!hc!ZibX!cb*[c]b[!Vi]`X]b[!kcf_)!h\Y!Scih\! G]b]ghYf!UbX!giddcfh!hc!HUa]V]U+!Ch!]g!cif!dc`]Wm!hc!]bjYgh!gcaY!cZ!cif!fYghf]WhYX!ZibXg!VU`UbWYg!k]h\!h\Y! GUbW\YghYf!>]cWYgY!=cbgc`]XUhYX!=\ifW\!UbX!AYbYfU`!?ldYbX]hifY!>Ydcg]h!;WWcibh!ibh]`!h\Ym!UfY!bYYXYX+ 

## ,YEMOEFMOMW\!EQH!EHITXEG\!RJ!EVVIWV!RJ!IEGL!RJ!WLI!JXQHV 

N\Y!VcUfX!cZ!hfighYYg!]g!gUh]gZ]YX!h\Uh!h\Y!W\Uf]hm%g!UggYhg!]b!YUW\!ZibX!UfY!UjU]`UV`Y!UbX!UXYeiUhY! hc!Zi`Z]`!]hg!cV`][Uh]cbg!]b!fYgdYWh!cZ!YUW\!ZibX+ 

## 8SbOWZa!]T!IVS!>\RS^S\RS\b!9fO[W\S` 

MhYjYb!H]lcb 

GYaVYf!cZ!=\UfhYfYX!=Yfh]Z]YX!;WWcibhUbhg 5*.-!AUh`Ym!LcUX =\YUX`Y ME5!.JS 

./ 



The Parochial Church Council of The Ecclesiastical Parish of Holy Trinity, Horwich,
Diocese Of Manchester
Trustees, Annual Report for the year ended 31 December 2023
Statement of Trustees, Responsibilities
The charills Irustees are responsible for Ihe preparats'on of the accounts in accordance with the terms of the
Charities Act 2011 and the Charilies IA¢¢ounls and Repot1s1 Regulations 2008. Nolwilhstanding Ihe explicit
requiremenl in the ex¢anl statutory regulations.lhe Charities (Accounts and Reports) Regulations 2008, ¢0
prepare the financial slalemenls in accordance with the SORP 2005, in view of the lacl that the SORP 2005
has been withdrawn, the Trustees determined lo interpret Ihis responsibility as reqLJiring them ¢0 follow
current best praclice and prepare the accounts according lo the FRS 102 SORP (Statement ol
Recommended prac￿￿ for Accounling and Reporting by Charities) 2015, las amended by the Bulletin
issued in Oclober 2018 and applicable lo all accounling periods beginning on or after 1st January 20191,
rrhe SORPI, .
In particular, charity law requires the Trustees, if Ihey prepare accounts on an accruals basis, to prepare
financial statements for each financial year which give a true and lair view of the slate ol affairs ol the charity
as at the end ol the financial year and of the surplus or deficit of the charity. In preparing those financial
statements the Trustees are required lo :_
- lo prepare the accounts in accordance with United Kingdom Generally Accepted
Accounting Practice Iuniled Kingdom Accounling Standards and applicable lawl.
select suitable accounting policies and apply them consistently.,
make judgements and estimates that are reasonable and prudent..
prepare the financial statements on the going concern basis unless il is inappropriate
lo presume that the charity will continue in business.,
stale whether applicable accounting standards and stslemenls ol
recommended practice have been followed, subject lo any material
departures disclosed and explained in the finaneial slalemenls.,
The law reqUI￿S that the Iruslees musl not approve the accounts unless they are satisfied that they give a
true and fair view ol Ihe slate of affairs of Ihe charity and of the surplus or defiol of the charrty for Ihe year.
The Truslees are also responsible for maintaining adequate accounting records which disclose with
reasonable accuracy al any lime the financial position ol the Charity and which are sufficient to show and
explain the charily's transactions and enable them lo ensure that the financial stalemenls comply with
regulations made under the Charities Act 2011. They are also responsible for safeguarding the assets of I
charily and hence for tsking reasonable sleps lor the prevention and deleclion ol fraud and other
irregularities.
The Truslees are also responsible for the conlenls of Ihe Trusiees. report, and the slalulory responsibility of
the Independent Examiner in relation to the Trustees, report is limited lo examining the report and ensuring
that , on the face ol the rewjrt, there are no material inconsistencies wrth the figures disclosed in the financial
stalernenls.
This report was approved by the board of Iruslees on li March 2024
David Pritchard
PCC Chair
13

## **The Parochial Church Council of The Ecclesiastical Parish of Holy Trinity, Horwich, Diocese Of Manchester** 

I report to the trustees on my examination of the accounts of The Parochial Church Council of The Ecclesiastical Parish of Holy Trinity, Horwich, Diocese Of Manchester for the year ended 31 December 2023 

As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”). 

I report in respect of my examination of  the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. 

I have completed my examination.  I confirm that no material matters have come to my attention in connection with the examination (other than that disclosed below *) which gives me cause to believe that in, any material respect: 

- the accounting records were not kept in accordance with section 130 of the Charities Act; or 

- the accounts did not accord with the accounting records; or 

- the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination. 

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. 

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://rulebook.accaglobal.com/ 

Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. 


Steven Nixon, FCCA BSc (Hons) 

Langers MN Limited Chartered Certified Accountants 8-10 Gatley Road Cheadle SK8 1PY 

26 March 2024 

_…......................_ 

14 



IVS!EO`]QVWOZ!7Vc`QV!7]c\QWZ!]T!IVS!9QQZSaWOabWQOZ!EO`WaV!]T!=]Zg!I`W\Wbg'!=]`eWQV'!8W]QSaS! DT!BO\QVSabS`!(!HbObS[S\b!]T!;W\O\QWOZ!5QbWdWbWSa!T]`!bVS!gSO`!S\RSR!-+!8SQS[PS`!,*,- 

## >WEWIPIQW!RJ!1MQEQGMEO!,GWMYMWMIV!JRU!WLI!\IEU!IQHIH!*(!/IGIPFIU!)')* 

|7c``S\bgSO`<br>J\`Sab`WQbSR<br>;c\Ra<br>,*,-<br>i<br>>\Q][S#9\R]e[S\baT`][4<br>>cbUh]cbg$FY[UW]Yg<br>;.<br>6/)0-0<br>=\Uf]hUV`YUWh]j]h]Yg<br>;/<br>3)/04<br>Ih\YfhfUX]b[UWh]j]h]Yg<br>;0<br>.3)216<br>CbjYghaYbhg<br>;1<br>.)//1<br>Ih\Yf<br>;2<br>*<br>I]bOZW\Q][S<br>5<br>++0'-+-<br>9f^S\RWbc`S]\4<br>LU]g]b[ZibXg<br><.<br>123<br>=\Uf]hUV`YUWh]j]h]Yg<br></<br>45)65-<br>I]bOZSf^S\RWbc`S<br>6<br>13'.-0<br>CSbW\Q][ST]`bVSgSO`<br>-0'211<br>CSbW\Q][SOTbS`b`O\aTS`a<br>5(6(7<br>-0'211<br>-0'211<br>GSQ]\QWZWObW]\]TTc\Ra4(<br>9<br>I]bOZTc\RaP`]cUVbT]`eO`R<br>.--)33-<br>I]bOZTc\RaQO``WSRT]`eO`R<br>+-1'/-1<br>CSb[]dS[S\bW\Tc\Ra<br>HDGE<br>GST|7c``S\bgSO`<br>GSab`WQbSR<br>;c\Ra<br>,*,-<br>i<br>/2)-/6<br>.)//.<br>.2-<br>*<br>/0<br>,0'.,-<br>/12<br>.4)14-<br>+1'1+/<br>2'1*2<br>2'1*2<br>2'1*2<br>..-)1-6<br>++3'++1|7c``S\bgSO`<br>I]bOZ;c\Ra<br>,*,-<br>i<br>++1'--,<br>1'./2<br>+0'033<br>+',,.<br>,-<br>+.,'1-0<br>1*+<br>30'./*<br>31'+/+<br>./'/2/<br>./'/2/<br>./'/2/<br>,++'*03<br>,/0'0/.|E`W]`NSO`<br>I]bOZ;c\Ra<br>,*,,<br>i<br>.-6)3-1<br>5)/20<br>.2)66/<br>13/<br>/0<br>+-.'--.<br>11-<br>./6)305<br>+-*'*12<br>.',/0<br>.',/0<br>.',/0<br>/-3)5.0<br>,++'*03|
|---|---|---|---|



N\Y!%MILJ!LYZ%!]bX]WUhYX!UVcjY!]g!h\Y!W`Ugg]Z]WUh]cb!cZ!]bWcaY!gYh!cih!]b!h\Y!ZcfaU`!MILJ!XcWiaYbhg+!;g!fYei]fYX!Vm! dUfU[fUd\!1+3-!cZ!h\Y!MILJ)!h\Y!Vfci[\h!ZcfkUfX!UbX!WUff]YX!ZcfkUfX!ZibXg!UVcjY!\UjY!VYYb!U[fYYX!hc!h\Y!<U`UbWY! M\YYh+ 

;!gYdUfUhY!MhUhYaYbh!cZ!NchU`!LYWc[b]gYX!AU]bg!UbX!FcggYg!!]g!bch!fYei]fYX!Ug!h\]g!ghUhYaYbh!]bW`iXYg!U``!fYWc[b]gYX! [U]bg!UbX!`cggYg+ 

;``!UWh]j]h]Yg!XYf]jY!Zfca!Wcbh]bi]b[!cdYfUh]cbg 

IVS!\]bSa!ObbOQVSR!]\!^OUSa!,+!b]!-3!T]`[!O\!W\bSU`OZ!^O`b!]T!bVSaS!OQQ]c\ba) 

.2 



IVS!EO`]QVWOZ!7Vc`QV!7]c\QWZ!]T!IVS!9QQZSaWOabWQOZ!EO`WaV!]T!=]Zg!I`W\Wbg'!=]`eWQV'!8W]QSaS! DT!BO\QVSabS`!(!HbObS[S\b!]T!;W\O\QWOZ!5QbWdWbWSa!T]`!bVS!gSO`!S\RSR!-+!8SQS[PS`!,*,- 

IVS!EO`]QVWOZ!7Vc`QV!7]c\QWZ!]T!IVS!9QQZSaWOabWQOZ!EO`WaV!]T!=]Zg!I`W\Wbg'!=]`eWQV'!8W]QSaS! DT!BO\QVSabS`!(!5\OZgaWa!]T!^`W]`!gSO`!b]bOZ!Tc\Ra'!Oa!`S_cW`SR!Pg!^O`OU`O^V!.),!]T!bVS! HDGE 

|E`W]`NSO`<br>J\`Sab`WQbSR<br>;c\Ra<br>,*,,<br>i<br>>\Q][S#9\R]e[S\baT`][4<br>>cbUh]cbg$FY[UW]Yg<br>;.<br>6-)033<br>=\Uf]hUV`YUWh]j]h]Yg<br>;/<br>4)/41<br>Ih\YfhfUX]b[UWh]j]h]Yg<br>;0<br>.2)342<br>CbjYghaYbhg<br>;1<br>13/<br>Ih\Yf<br>;2<br>*<br>I]bOZW\Q][S<br>5<br>..0)444<br>9f^S\RWbc`S]\4<br>LU]g]b[ZibXg<br><.<br>1.5<br>=\Uf]hUV`YUWh]j]h]Yg<br></<br>.-1)15.<br>I]bOZSf^S\RWbc`S<br>6<br>+*.'233<br>CSbW\Q][ST]`bVSgSO`<br>5)545<br>I`O\aTS`aPSbeSS\Tc\Ra<br>7<br>*<br>CSbW\Q][SOTbS`b`O\aTS`a<br>5(6(7<br>5)545<br>2'212<br>GSQ]\QWZWObW]\]TTc\Ra4(<br>9<br>I]bOZTc\RaP`]cUVbT]`eO`R<br>6/)/5/<br>I]bOZTc\RaQO``WSRT]`eO`R<br>+*+'+0*<br>HDGE<br>GST<br>CSb[]dS[S\bW\Tc\Ra|E`W]`NSO`<br>GSab`WQbSR<br>;c\Ra<br>,*,,<br>i<br>.6)/05<br>646<br>0.4<br>*<br>/0<br>*<br>/-)224<br>//<br>/2).24<br>,/'+13<br>&1)3//'<br>*<br>&1)3//'<br>%.'0,,&<br>..1)20.<br>+*3'3*3|E`W]`NSO`<br>I]bOZ;c\Ra<br>,*,,<br>i<br>+*3'0*.<br>2',/-<br>+/'33,<br>.0,<br>,-<br>+-.'--.<br>..*<br>+,3'0-2<br>+-*'*12<br>1)/23<br>(<br>1)/23<br>.',/0<br>,*0'2+-<br>,++'*03|
|---|---|---|



## 5ZZ!OQbWdWbWSa!RS`WdS!T`][!Q]\bW\cW\U!]^S`ObW]\a 

;!gYdUfUhY!MhUhYaYbh!cZ!NchU`!LYWc[b]gYX!AU]bg!UbX!FcggYg!]g!bch!fYei]fYX!Ug!h\]g!ghUhYaYbh!]bW`iXYg!U``!fYWc[b]gYX! [U]bg!UbX!`cggYg+% 

IVS!\]bSa!ObbOQVSR!]\!^OUSa!,+!b]!-3!T]`[!O\!W\bSU`OZ!^O`b!]T!bVSaS!OQQ]c\ba) 

.3 



IVS!EO`]QVWOZ!7Vc`QV!7]c\QWZ!]T!IVS!9QQZSaWOabWQOZ!EO`WaV!]T!=]Zg!I`W\Wbg'!=]`eWQV'!8W]QSaS! DT!BO\QVSabS`!(!HbObS[S\b!]T!;W\O\QWOZ!5QbWdWbWSa!T]`!bVS!gSO`!S\RSR!-+!8SQS[PS`!,*,- 

IVS!EO`]QVWOZ!7Vc`QV!7]c\QWZ!]T!IVS!9QQZSaWOabWQOZ!EO`WaV!]T!=]Zg!I`W\Wbg'!=]`eWQV'!8W]QSaS! DT!BO\QVSabS`!(!GSa]c`QSa!O^^ZWSR!W\!bVS!gSO`!S\RSR!-+!8SQS[PS`!,*,-!b]eO`Ra!TWfSR! OaaSba!T]`!7VO`Wbg!caS4( 

|@ibXg[YbYfUhYX]bh\YmYUfUgXYhU]`YX]bh\YMI@;<br>CSb`Sa]c`QSaOdOWZOPZSb]Tc\RQVO`WbOPZSOQbWdWbWSa|,*,-<br>i<br>12)252<br>./'/2/|,*,,<br>i<br>1)/23<br>.',/0|
|---|---|---|



IVS!\]bSa!ObbOQVSR!]\!^OUSa!,+!b]!-3!T]`[!O\!W\bSU`OZ!^O`b!]T!bVSaS!OQQ]c\ba) 

B]dS[S\ba!W\!`SdS\cS!O\R!QO^WbOZ!Tc\Ra!T]`!bVS!gSO`!S\RSR!-+!8SQS[PS`!,*,- 

## GSdS\cS!OQQc[cZObSR!Tc\Ra 

|;WWiai`UhYXZibXgVfci[\hZcfkUfX<br>7Z]aW\U`SdS\cSTc\Ra<br>LYWc[b]gYX[U]bgUbX`cggYgVYZcfY<br>hfUbgZYfg|J\`Sab`WQbSR<br>;c\Ra<br>,*,-<br>i<br>.--)33-<br>03)544<br>+-1'/-1<br>+-1'/-1|GSab`WQbSR<br>;c\Ra<br>,*,-<br>i<br>..-)1-6<br>5)4-5<br>++3'++1<br>++3'++1|I]bOZ<br>;c\Ra<br>,*,-<br>i<br>/..)-36<br>12)252<br>,/0'0/.<br>,/0'0/.|AOabgSO`<br>I]bOZ;c\Ra<br>,*,,<br>i<br>+3+'1-1<br>1)/23<br>+3/'33-<br>+3/'33-|
|---|---|---|---|---|



.4 



IVS!EO`]QVWOZ!7Vc`QV!7]c\QWZ!]T!IVS!9QQZSaWOabWQOZ!EO`WaV!]T!=]Zg!I`W\Wbg'!=]`eWQV'!8W]QSaS! DT!BO\QVSabS`!(!HbObS[S\b!]T!;W\O\QWOZ!5QbWdWbWSa!T]`!bVS!gSO`!S\RSR!-+!8SQS[PS`!,*,- 

|8SaWU\ObSR`SdS\cSTc\RaW\QZcRSReWbVW\bVSc\`Sab`WQbSRTc\RaOP]dS<br>I]bOZ<br>;c\Ra<br>,*,-<br>i<br>;h.DUbiUfm<br>6)004<br>Mifd`ig,&XYZ]W]h']bmYUf<br>6)0/5<br>5b-+8SQS[PS`<br>.5)332<br>;WfSROaaSbTc\Ra<br>8SaWU\ObSR<br>GSab`WQbSR<br>I]bOZ<br>;c\Ra<br>;c\Ra<br>;c\Ra<br>,*,-<br>,*,-<br>,*,-<br>i<br>i<br>i<br>;h.DUbiUfm<br>.2)-43<br>*<br>.2)-43<br>Mifd`ig,&XYZ]W]h']bmYUf<br>&554'<br>*<br>&554'<br>5b-+8SQS[PS`<br>+.'+23<br>(<br>+.'+23<br>N\YdifdcgYgZcfk\]W\h\YgYZibXg\UjYVYYbXYg][bUhYXUfYXYgWf]VYX]bHchY.4hch\YUWWcibhg+|AOabgSO`<br>I]bOZ;c\Ra<br>,*,,<br>i<br>6)004<br>*<br>6)004<br>AOabgSO`<br>I]bOZ;c\Ra<br>,*,,<br>i<br>.2)-43<br>*<br>+/'*10|
|---|---|



N\Y!difdcgYg!cZ!h\Y!hfUbgZYfg!hc!Z]lYX!UggYh!ZibXg!UfY!XYgWf]VYX!]b!HchY!.4!hc!h\Y!UWWcibhg!UbX!ibXYf!h\Y!UWWcibh]b[! dc`]Wm!%;WWcibh]b[!Zcf!WUd]hU`![fUbhg!UbX!Z]lYX!UggYh!ZibXg%+ 

|Hc[[O`g]TTc\Ra<br>J\`Sab`WQbSR<br>O\R<br>8SaWU\ObSRTc\Ra<br>,*,-<br>i<br>LYjYbiYUWWiai`UhYXZibXg<br>.-1)350<br>LYjYbiYXYg][bUhYXZibXg<br>.5)332<br>@]lYXUggYhZibXg<br>.1).56<br>I]bOZTc\Ra<br>+-1'/-1|GSab`WQbSR<br>;c\Ra<br>,*,-<br>i<br>..6)..4<br>*<br>*<br>++3'++1|I]bOZ<br>;c\Ra<br>,*,-<br>i<br>,,-'2**<br>+2'00/<br>+.'+23<br>,/0'0/.|AOabNSO`<br>I]bOZ;c\Ra<br>,*,,<br>i<br>.53)323<br>6)004<br>.2)-43<br>,++'*03|
|---|---|---|---|



IVS!\]bSa!ObbOQVSR!]\!^OUSa!,+!b]!-3!T]`[!O\!W\bSU`OZ!^O`b!]T!bVSaS!OQQ]c\ba) 

.5 



IVS!EO`]QVWOZ!7Vc`QV!7]c\QWZ!]T!IVS!9QQZSaWOabWQOZ!EO`WaV!]T!=]Zg!I`W\Wbg'!=]`eWQV'!8W]QSaS!DT! BO\QVSabS`!(!!6OZO\QS!HVSSb!Oa!Ob!-+!8SQS[PS`!,*,- 

|||HDGE|||||
|---|---|---|---|---|---|---|
||HchY|GST||,*,-||,*,,|
|||||i||i|
|;WfSROaaSba||;|||||
|NUb[]V`YUggYhg|6|;/||.1).56||.2)-43|
|7c``S\bOaaSba||<|||||
|>YVhcfg|.-|</|..)302||2)/5.||
|=Ug\UhVUb_UbX]b\UbX||<1|/02).05||.63)30-||
|I]bOZQc``S\bOaaSba|||/13)440||/-.)6..||
|7`SRWb]`a4O[]c\baTOZZW\URcSeWbVW\|||||||
|]\SgSO`|..|=.|&1)0-5'||&2)6.5'||
|CSbQc``S\bOaaSba||||/1/)132||.62)660|
|IVSb]bOZ\SbOaaSba]TbVSQVO`Wbg||||,/0'0/.||,++'*03|
|IVSb]bOZ\SbOaaSba]TbVSQVO`WbgO`STc\RSRPgbVSTc\Ra]TbVSQVO`Wbg'OaT]ZZ]ea4(|||||||
|GSab`WQbSRTc\Ra|||||||
|LYghf]WhYXLYjYbiY@ibXg|.2|>/|..6)..4||..-)1-6||
|J\`Sab`WQbSR;c\Ra||||..6)..4||..-)1-6|
|ObfYghf]WhYXLYjYbiY@ibXg|.2|>0|.-1)350||43)/14||
|8SaWU\ObSR;c\Ra||||.-1)350||43)/14|
|>Yg][bUhYXLYjYbiY@ibXg|.2|>0|.5)332||6)004||
|>Yg][bUhYX@]lYX;ggYh@ibXg|.2|>0|.1).56||.2)-43||
|||||('$+*)||')$)&(|
|I]bOZQVO`WbgTc\Ra||||,/0'0/.||,++'*03|



N\Y!%MILJ!LYZ%!]bX]WUhYX!UVcjY!]g!h\Y!W`Ugg]Z]WUh]cb!cZ!<U`UbWY!M\YYh!]hYag!Ug!gYh!cih!]b!h\Y!ZcfaU`!MILJ! XcWiaYbhg+!;g!fYei]fYX!Vm!dUfU[fUd\!1+3-!cZ!h\Y!MILJ)!h\Y!Vfci[\h!ZcfkUfX!UbX!WUff]YX!ZcfkUfX!ZibXg!UVcjY! \UjY!VYYb!U[fYYX!hc!h\Y!MI@;++ 

.6 



The Parochlal Church Coun¢ll of The Ec¢leslastl¢al Parlsh of Holy Trfnlty, Horwl¢h, Dlo¢ese Of
Manchoster- Balance Sheet as at 31 December 2023
The Trustees acknowledge their responsibilities for complying wlh the requirements ol charily legislation wlh
respecl lo accounting ￿cordS and the preparation of accounts.
The charity is subject lo Independent Exarrination under charity legislation. and the report of the Independent
Examiner is on page 14.
The Trustees are satisfied Ihal, although the tharity is not registered under the Companies Acts, if il were so
registered, it would ￿ eligible lo prepare accounts in accordance wlh the provisions in Part 15 of the
Companies Act 2006. applicable lo companies subjecl lo the small companEs regime.
Davld Prftchard
PCC Chair
Approved by Ihe board oftruslees on 11 March 2024
The notes attached on pages 21 to 39 fom) an Integral part of these accounts.

## IVS!EO`]QVWOZ!7Vc`QV!7]c\QWZ!]T!IVS!9QQZSaWOabWQOZ!EO`WaV!]T!=]Zg!I`W\Wbg'!=]`eWQV'! 8W]QSaS!DT!BO\QVSabS` 

## C]bSa!b]!bVS!5QQ]c\ba!T]`!bVS!gSO`!S\RSR!-+!8SQS[PS`!,*,- 

- + 5QQ]c\bW\U!^]ZWQWSa 

## ;ROMGMIV!UIOEWMQK!WR!WLI!SURHXGWMRQ!RJ!WLI!EGGRXQWV& 

## 6OaWa!]T!^`S^O`ObW]\!O\R!OQQ]c\bW\U!Q]\dS\bW]\ 

N\Y!UWWcibhg!\UjY!VYYb!dfYdUfYX!cb!h\Y!UWWfiU`g!VUg]g)!ibXYf!h\Y!\]ghcf]WU`!Wcgh!WcbjYbh]cb)!UbX!]b!UWWcfXUbWY!k]h\! h\Y!@]bUbW]U`!LYdcfh]b[!MhUbXUfX!.-/)!&YZZYWh]jY!.gh!DUbiUfm!/-.3'!UbX!%@LM!.-/!MILJ!&MhUhYaYbh!cZ!LYWcaaYbXYX! JfUWh]WY!Zcf!;WWcibh]b[!UbX!LYdcfh]b[!Vm!=\Uf]h]Yg'!!/-.2)!&Ug!UaYbXYX!Vm!h\Y!<i``Yh]b!]ggiYX!]b!IWhcVYf!/-.5!UbX! Udd`]WUV`Y!hc!U``!UWWcibh]b[!dYf]cXg!VY[]bb]b[!cb!cf!UZhYf!.gh!DUbiUfm!/-.6')!&N\Y!MILJ')!diV`]g\YX!Vm!h\Y!=\Uf]hm! =caa]gg]cb!]b!?b[`UbX!$!QU`Yg!&==?Q'!)!YZZYWh]jY!DUbiUfm!/-.3)!)!UbX!]b!UWWcfXUbWY!k]h\!U``!Udd`]WUV`Y!`Uk!]b!h\Y! W\Uf]hm%g!^if]gX]Wh]cb!cZ!fY[]ghfUh]cb)!YlWYdh!h\Uh!h\Y!W\Uf]hm!\Ug!dfYdUfYX!h\Y!Z]bUbW]U`!ghUhYaYbhg!]b!UWWcfXUbWY!k]h\!h\Y! @LM!.-/!MILJ!&MhUhYaYbh!cZ!LYWcaaYbXYX!JfUWh]WY!Zcf!;WWcibh]b[!UbX!LYdcfh]b[!Vm!=\Uf]h]Yg'!!/-.2)!&Ug!UaYbXYX! Vm!h\Y!<i``Yh]b!]ggiYX!]b!IWhcVYf!/-.5!UbX!Udd`]WUV`Y!hc!U``!UWWcibh]b[!dYf]cXg!VY[]bb]b[!cb!cf!UZhYf!.gh!DUbiUfm!/-.6')! &N\Y!MILJ')!!]b!dfYZYfYbWY!hc!h\Y!dfYj]cig!MILJ)!h\Y!MILJ!/--2)!k\]W\!\Ug!VYYb!k]h\XfUkb)!bchk]h\ghUbX]b[!h\Y!ZUWh! h\Uh!h\Y!YlhUbh!ghUhihcfm!fY[i`Uh]cbg)!h\Y!=\Uf]h]Yg!&;WWcibhg!UbX!LYdcfhg'!LY[i`Uh]cbg!/--5!fYZYf!Yld`]W]h`m!hc!h\Y!MILJ! /--2+!N\]g!\Ug!VYYb!XcbY!hc!UWWcfX!k]h\!WiffYbh!VYgh!dfUWh]WY+! 

N\Y!Z]bUbW]U`!ghUhYaYbhg!\UjY!VYYb!dfYdUfYX!cb!U![c]b[!WcbWYfb!VUg]g)!]b!UWWcfXUbWY!k]h\!h\Y!MhUhYaYbh!cZ! LYWcaaYbXYX!JfUWh]WY!";WWcibh]b[!UbX!fYdcfh]b[!Vm!=\Uf]h]Yg!/-.2!&@LM!.-/'"!UbX!h\Y!=\ifW\!;WWcibh]b[! LY[i`Uh]cbg!/--3+ 

N\Y!Z]bUbW]U`!ghUhYaYbhg!\UjY!VYYb!dfYdUfYX!ibXYf!h\Y!\]ghcf]WU`!Wcgh!WcbjYbh]cb!YlWYdh!Zcf!h\Y!jU`iUh]cb!cZ!]bjYghaYbh! UggYhg)!k\]W\!UfY!g\ckb!Uh!aUf_Yh!jU`iY+!N\Y!Z]bUbW]U`!ghUhYaYbhg!]bW`iXY!U``!hfUbgUWh]cbg)!UggYhg!UbX!`]UV]`]h]Yg!Zcf! k\]W\!h\Y!J==!]g!fYgdcbg]V`Y!]b!`Uk+!N\Ym!Xc!bch!]bW`iXY!h\Y!UWWcibhg!cZ!W\ifW\![fcidg!h\Uh!ckY!h\Y]f!aU]b!UZZ]`]Uh]cb!hc! Ubch\Yf!VcXm)!bcf!h\cgY!h\Uh!UfY!]bZcfaU`![Uh\Yf]b[g!cZ!W\ifW\!aYaVYfg 

## <]W\U!7]\QS`\ 

N\Y!W\Uf]hUV`Y!UWh]j]h]Yg!UfY!Ybh]fY`m!XYdYbXYbh!cb!Wcbh]bi]b[![fUbh!U]X!UbX!jc`ibhUfm!XcbUh]cbg!Ug!kY``!Ug!ZibXfU]g]b[! fYjYbiYg+!;g!U!WcbgYeiYbWY)!h\Y![c]b[!WcbWYfb!VUg]g!]g!XYdYbXYbh!cb!h\Y!ZihifY!Z`ck!cZ!h\YgY!ibWYfhU]b!ZibX]b[! ghfYUag+!;WWcfX]b[`m)!h\Y!NfighYYg!\UjY!cVhU]bYX!ZcfYWUghg!UbX)!UZhYf!fYj]Yk]b[!h\Y!Z]bUbW]U`!ZcfYWUghg!Zcf!ZihifY!dYf]cXg! h\Y!NfighYYg!UfY!gUh]gZ]YX!h\Uh)!Uh!h\Y!h]aY!cZ!Uddfcj]b[!h\Y!Z]bUbW]U`!ghUhYaYbhg)!]h!]g!!Uddfcdf]UhY!!hc!UXcdh!h\Y![c]b[! WcbWYfb!!VUg]g!!]b!dfYdUf]b[!!h\Y!Z]bUbW]U`!ghUhYaYbhg+!Ih\Yf!h\Ub!h\YgY!aUhhYfg)!h\Y!NfighYYg!UfY!bch!UkUfY!cZ!Ubm! aUhYf]U`!ibWYfhU]b]hYg!UVcih!h\Y!W\Uf]hm%g!UV]`]hm!hc!Wcbh]biY!Ug!U![c]b[!WcbWYfb+ 

## GWaYa!O\R!Tcbc`S!Oaac[^bW]\a 

## ;ROMGMIV!UIOEWMQK!WR!GEWIKRUMIV!RJ!MQGRPI!EQH!MQGRPI!UIGRKQMWMRQ& 

## GS\bOZ!W\Q][S 

CbWcaY!Zfca!hYbUbhg!]b!fYgdYWh!cZ!fYbhYX!dfcdYfhm!]g!fYWc[b]gYX!]b!h\Y!dYf]cX!hc!k\]W\!]h!fY`UhYg+!LYbh!dU]X!]b!UXjUbWY!]g! XYZYffYX!UbX!WUff]YX!ZcfkUfXYX!Ug!]bWcaY!]b!UXjUbWY!]b!WfYX]hcfg+!LYbhU`!]bWcaY!]bW`iXYg!Uacibhg!fYWY]jYX!]b!fYgdYWh! cZ!h\Y!JUf]g\!BU``!UbX!h\Y!Bcfk]W\!J`UmWUfY!Vi]`X]b[ 

## ;c\R`OWaW\U!W\Q][S 

CbWcaY!Zfca!ZibXfU]g]b[!YjYbhg!]g!fYWc[b]gYX!]b!h\Y!dYf]cX!]b!k\]W\!h\Y!YjYbh!hU_Yg!d`UWY+!CbWcaY!Zcf!gdYW]Z]W!difdcgYg! ]g!]bW`iXYX!]b!fYghf]WhYX!ZibXg 

## >\Q][S!T`][!ZSUOQWSa 

CbWcaY!Zfca!`Y[UW]Yg!]g!fYWc[b]gYX!k\Yb!h\Y!W\Uf]hm!\Ug!giZZ]W]Ybh!Yj]XYbWY!h\Uh!U![]Zh!\Ug!VYYb!`YZh!hc!h\Ya)!h\Uh!k\YfY! fYei]fYX)!dfcVUhY!\Ug!VYYb![fUbhYX)!h\Y!YlYWihcf!]g!gUh]gZ]YX!h\Uh!h\Y!dfcdYfhm!]b!eiYgh]cb!k]``!bch!VY!fYei]fYX!hc!gUh]gZm! W`U]ag!]b!h\Y!YghUhY)!h\Uh!]h!]g!dfcVUV`Y!h\Uh!h\Y!Uacibh!k]``!VY!fYWY]jYX!Vm!h\Y!W\Uf]hm)!UbX!h\Y!Uacibh!hc!VY!fYWY]jYX!WUb! VY!Ygh]aUhYX!k]h\!giZZ]W]Ybh!UWWifUWm)!UbX!h\Uh!Ubm!WcbX]h]cbg!UhhUW\YX!hc!h\Y!`Y[UWm!UfY!Y]h\Yf!k]h\]b!h\Y!Wcbhfc`!cZ!h\Y! W\Uf]hm!cf!\UjY!VYYb!aYh+ 

/. 



## IVS!EO`]QVWOZ!7Vc`QV!7]c\QWZ!]T!IVS!9QQZSaWOabWQOZ!EO`WaV!]T!=]Zg!I`W\Wbg'!=]`eWQV'! 8W]QSaS!DT!BO\QVSabS` 

## C]bSa!b]!bVS!5QQ]c\ba!T]`!bVS!gSO`!S\RSR!-+!8SQS[PS`!,*,- 

Q\YfY!U!dUmaYbh!]g!fYWY]jYX!Zfca!Ub!YghUhY!cf!]g!bch]Z]YX!Ug!fYWY]jUV`Y!Vm!h\Y!YlYWihcfg!UZhYf!h\Y!fYdcfh]b[!XUhY!UbX! VYZcfY!h\Y!UWWcibhg!UfY!Uih\cf]gYX!Zcf!]ggiY!Vih!]h!]g!W`YUf!h\Uh!h\Y!dUmaYbh!\UX!VYYb!U[fYYX!Vm!h\Y!YlYWihcfg!df]cf!hc! h\Y!YbX!cZ!h\Y!fYdcfh]b[!dYf]cX)!h\Yb!h\Y!Uacibh!WcbWYfbYX!]g!hfYUhYX!Ug!Ub!UX^igh]b[!YjYbh!UbX!UWWfiYX!Ug!]bWcaY!]b! h\Y!UWWcibh]b[!dYf]cX!]Z!fYWY]dh!]g!dfcVUV`Y+ 

Q\YfY!h\Y!W\Uf]hm!\Ug!YghUV`]g\YX!Ybh]h`YaYbh!hc!U!`Y[UWm!Vih!h\YfY!]g!ibWYfhU]bhm!Ug!hc!h\Y!Uacibh!cZ!h\Y!dUmaYbh)! XYhU]`g!cZ!h\Y!`Y[UWm!UfYX]gW`cgYX!Ug!U!Wcbh]b[Ybh!UggYh!ibh]`!h\Y!Wf]hYf]U!Zcf!]bWcaY!fYWc[b]h]cb!UfY!aYh+!Q\YfY!U!`Y[UWm! ]g!giV^YWh!hc!h\Y!]bhYfYgh!cZ!U!`]ZY!hYbUbh)!h\Y!`Y[UWm!]g!bch!fYWc[b]gYX!Ug!]bWcaY!ibh]`!h\Y!XYUh\!cZ!h\Y!`]ZY!hYbUbh+ 

CZ!]h!]g!XciVhZi`!h\Uh!Zi``!gYhh`YaYbh!cZ!U!`Y[UWm!XYVhcf!k]``!VY!fYWY]jYX)!h\Yb!Ub!UX^ighaYbh!]g!aUXY!hc!fYXiWY!h\Y!Uacibh! cZ!h\Y!`Y[UWm!XYVhcf!UbX!`Y[UWm!]bWcaY!fUh\Yf!h\Ub!W\Uf[]b[!h\Y!UX^ighaYbh!Ug!YldYbX]hifY!]b!h\Y!MhUhYaYbh!cZ!@]bUbW]U`! ;Wh]j]h]Yg 

## ;ROMGMIV!UIOEWMQK!WR!I[SIQHMWXUI!RQ!KRRHV!EQH!VIUYMGIV!SURYMHIH!WR!WLI!GLEUMW\& 

## GSQ]U\WbW]\!]T!ZWOPWZWbWSa!O\R!Sf^S\RWbc`S 

;!`]UV]`]hm)!UbX!h\Y!fY`UhYX!YldYbX]hifY)!]g!fYWc[b]gYX!k\Yb!U!`Y[U`!cf!WcbghfiWh]jY!cV`][Uh]cb!Yl]ghg!Ug!U!fYgi`h!cZ!U!dUgh! YjYbh)!UbX!k\Yb!]h!]g!acfY!`]_Y`m!h\Ub!bch!h\Uh!U!hfUbgZYf!cZ!YWcbca]W!VYbYZ]hg!k]``!VY!fYei]fYX!]b!gYhh`YaYbh)!UbX!k\Yb! h\Y!Uacibh!cZ!h\Y!cV`][Uh]cb!WUb!VY!aYUgifYX!cf!fY`]UV`m!Ygh]aUhYX++ 

F]UV]`]h]Yg!Uf]g]b[!Zfca!ZihifY!ZibX]b[!Wcaa]haYbhg!UbX!WcbghfiWh]jY!cV`][Uh]cbg)!]bW`iX]b[!dYfZcfaUbWY!fY`UhYX![fUbhg)! k\YfY!h\Y!h]a]b[!cf!h\Y!Uacibh!cZ!h\Y!ZihifY!YldYbX]hifY!fYei]fYX!hc!gYhh`Y!h\Y!!cV`][Uh]cb!UfY!ibWYfhU]b)![]jY!f]gY!hc!U! dfcj]g]cb!]b!h\Y!UWWcibhg)!k\]W\!]g!fYj]YkYX!Uh!h\Y!UWWcibh]b[!mYUf!YbX+!N\Y!dfcj]g]cb!]g!]bWfYUgYX!hc!fYZ`YWh!Ubm! ]bWfYUgYg!]b!`]UV]`]h]Yg)!UbX!]g!XYWfYUgYX!Vm!h\Y!ih]`]gUh]cb!cZ!Ubm!dfcj]g]cb!k]h\]b!h\Y!dYf]cX)!UbX!fYjYfgYX!]Z!Ubm!dfcj]g]cb! ]g!bc!`cb[Yf!fYei]fYX+!N\YgY!acjYaYbhg!UfY!W\Uf[YX!cf!WfYX]hYX!hc!h\Y!fYgdYWh]jY!ZibXg!UbX!UWh]j]h]Yg!hc!k\]W\!h\Y! dfcj]g]cb!fY`UhYg+ 

## ;ROMGMIV!UIOEWMQK!WR!EVVIWV$!OMEFMOMWMIV!EQH!SURYMVMRQV!EQH!RWLIU!PEWWIUV& 

## ?EQKMFOI!JM[IH!EVVIWV 

=cbgYWfUhYX!UbX!VYbYZ]WY!dfcdYfhm!giW\!Ug!h\Y!=\ifW\!UbX!LYWhcfm!UfY!bch!]bW`iXYX!]b!h\Y!UWWcibhg!]b!UWWcfXUbWY!k]h\! g+.-!cZ!h\Y!=\Uf]h]Yg!;Wh!/-..+!GU^cf!YldYbX]hifY!hc!]adfcjY!h\YgY!Vi]`X]b[g!]g!kf]hhYb!cZ!]b!h\Y!mYUf!]bWiffYX)!fUh\Yf!h\Ub! WUd]hU`]gYX+ 

Ih\Yf!dfcdYfh]Yg!ckbYX!Vm!h\Y!J==!UfY!Wcbg]XYfYX!ZibWh]cbU`!UggYhg!UbX!UfY!]bW`iXYX!]b!h\Y!VU`UbWY!g\YYh!Uh!Y]h\Yf!Wcgh! `Ygg!XYdfYW]Uh]cb!cf!hfighYYg!jU`iUh]cb+!@ibWh]cbU`!UggYhg!Wcbg]gh!cZ!h\Y!JUf]g\!BU``!UbX!h\Y!;bbYlY)!Vch\!cZ!k\]W\!kYfY! XcbUhYX!hc!h\Y!J==!gYjYfU`!mYUfg!U[c!k\Yb!h\Ym!kYfY!bc!`cb[Yf!bYYXYX!Zcf!igY!Vm!h\Y!gW\cc`+!Hc!Wcgh!]bZcfaUh]cb!]g! UjU]`UV`Y!Zcf!h\YgY!Vi]`X]b[g!k\]W\!UfY!igYX!Zcf!MibXUm!gW\cc`!UWh]j]h]Yg)!Ug!U!W\ifW\!\U``)!Vm!jUf]cig!ib]ZcfaYX! cf[Ub]gUh]cbg!UbX!Vm!U!WcaaYfW]U`!d`Um!WUfY!WcadUbm+!?UW\!dfcdYfhm!kUg!]b]h]U``m!WUd]hU`]gYX!Uh!U!bch]cbU`!jU`iY!cZ!u.)! cb!h\Y!VUg]g!cZ!]hg!X]`Ud]XUhYX!ghUhY!k\Yb!]h!kUg!hfUbgZYffYX!hc!h\Y!J==+!Cb!.66/!YlhYbg]jY!fYbcjUh]cbg!kYfY!Wcad`YhYX! cb!h\Y!JUf]g\!BU``)!UbX!]b!/-.2!Zifh\Yf!Yb\UbWYaYbhg)!UbX!h\Y!jU`iY!cZ!h\YgY!kUg!WUd]hU`]gYX!UbX!XYdfYW]UhYX!cjYf!U!/2! mYUf!`]ZY+!?ldYbX]hifY!cb!h\Y!Vi]`X]b[g!k\]W\!!]g!Wcbg]XYfYX!hc!VY!cZ!U!aU]bhYbUbWY!bUhifY!\Ug!bch!VYYb!WUd]hU`]gYX!Vih! kf]hhYb!cZZ!]b!h\Y!mYUf!h\Y!kcf_!]g 

XcbY)!Ug!fYgcifWYg!YldYbXYX+! 

N\Y!cdYb!aUf_Yh!jU`iY!cZ!ZibWh]cbU`!dfcdYfhm!]g!`]_Y`m!hc!VY!]b!YlWYgg!cZ!]hg!fYWcfXYX!bYh!Vcc_!jU`iY+PU`iUh]cbg!UfY!bch! WUff]YX!cih!]b!fYgdYWh!cZ!Vi]`X]b[g!cb!h\Y!VUg]g!h\Uh!h\YfY!]g!bc!]bhYbh]cb!hc!X]gdcgY!cZ!h\Ya)!UbX!hc!dUm!Zcf!U!jU`iUh]cb! kci`X!bch!VY!Wcbg]XYfYX![ccX!igY!cZ!h\Y!UggYhg!cZ!h\Y!J==+! 

GcjYUV`Y!W\ifW\!Zifb]g\]b[g!\Y`X!Vm!h\Y!LYWhcf!UbX!W\ifW\kUfXYbg!cb!gdYW]U`!hfigh!Zcf!h\Y!J==!UbX!k\]W\!fYei]fY!U! ZUWi`hm!Zcf!X]gdcgU`!UfY!]bU`]YbUV`Y!dfcdYfhm!UbX!`]ghYX!]b!h\Y!W\ifW\qg!]bjYbhcfm)!k\]W\!WUb!VY!]bgdYWhYX!Uh!Ubm! fYUgcbUV`Y!h]aY+!?ldYbX]hifY!]g!kf]hhYb!cZZ!k\Yb!]bWiffYX!fUh\Yf!h\Ub!]bW`iXYX!]b!Z]lYX!UggYhg)!cb!h\Y!VUg]g!h\Uh!h\Y!]hYag! UfY!Wcbg]XYfYX!dUfh!cZ!h\Y!ZUVf]W!cZ!h\Y!W\ifW\!+! 

Ih\Yf!UggYhg!k\]W\!UfY!igYX!cb!U!Wcbh]bi]b[!VUg]g!Zcf!h\Y!kcf_!cZ!h\Y!J==)!giW\!Ug!Y`YWhfcb]W!UbX!;iX]c j]giU`! Yei]daYbh!UfY!Wcbg]XYfYX!@ibWh]cbU`!UggYhg!UbX!h\YgY!UfY!]bW`iXYX!]b!h\Y!VU`UbWY!g\YYh!Uh!Wcgh!`Ygg!UWWiai`UhYX! XYdfYW]Uh]cb+!CbX]j]XiU`!]hYag!Wcgh]b[!`Ygg!h\Ub!u/)---!UfY!bch!WUd]hU`]gYX)!Vih!kf]hhYb!cZZ!Ug!fYjYbiY!YldYbX]hifY!]b!h\Y! mYUf!cZ!UWei]g]h]cb+! 

// 



## IVS!EO`]QVWOZ!7Vc`QV!7]c\QWZ!]T!IVS!9QQZSaWOabWQOZ!EO`WaV!]T!=]Zg!I`W\Wbg'!=]`eWQV'! 8W]QSaS!DT!BO\QVSabS` 

## C]bSa!b]!bVS!5QQ]c\ba!T]`!bVS!gSO`!S\RSR!-+!8SQS[PS`!,*,- 

>YdfYW]Uh]cb!\Ug!VYYb!dfcj]XYX!Uh!h\Y!Zc``ck]b[!fUhYg!]b!cfXYf!hc!kf]hY!cZZ!h\Y!UggYhg!hc!h\Y]f!Ubh]W]dUhYX!fYg]XiU`!jU`iY! cjYf!h\Y]f!Ygh]aUhYX!igYZi`!`]jYg+ 

;iX]c!P]giU`!UbX!?`YWhfcb]W!?ei]daYbh /2 #!ghfU][\h!`]bY JUf]g\!BU``!Yei]daYbh /- #!ghfU][\h!`]bY JUf]g\!BU``!Vi]`X]b[ 1 #!ghfU][\h!`]bY 

;!fY[i`Uf!UbbiU`!fYj]Yk!cZ!h\Y!`]_Y`]\ccX!cZ!UggYh!]adU]faYbh!]g!ibXYfhU_Yb+ 

## 8SPb]`a 

>YVhcfg!UfY!aYUgifYX!Uh!h\Y]f!fYWcjYfUV`Y!Uacibhg!Uh!h\Y!VU`UbWY!g\YYh!XUhY+ 

## 7`SRWb]`a!O\R!^`]dWaW]\a 

=fYX]hcfg!k]h\!bc!ghUhYX!]bhYfYgh!fUhY!UbX!fYWY]jUV`Y!cf!dUmUV`Y!k]h\]b!cbY!mYUf!UfY!fYWcfXYX!Uh! hfUbgUWh]cb!df]WY+ 

## ES\aW]\a!(!RSTW\SR!Q]\b`WPcbW]\!aQVS[Sa 

N\Y!W\Uf]hm!cdYfUhYg!U!XYZ]bYX!Wcbhf]Vih]cb!dYbg]cb!gW\YaY+!!=cbhf]Vih]cbg!UfY!W\Uf[YX!hc!h\Y!dfcZ]h!UbX!`cgg!UWWcibh!Ug! h\Ym!VYWcaY!dUmUV`Y!]b!UWWcfXUbWY!k]h\!h\Y!fi`Yg!cZ!h\Y!gW\YaY+ 

## ;c\R!5QQ]c\bW\U 

ObfYghf]WhYX!ZibXg!UfY!UjU]`UV`Y!Zcf!igY!Uh!h\Y!X]gWfYh]cb!cZ!h\Y!hfighYYg!]b!Zifh\YfUbWY!cZ!h\Y![YbYfU`!cV^YWh]jYg!cZ!h\Y! W\Uf]hm+ 

>Yg][bUhYX!ZibXg!Wcadf]gY!ibfYghf]WhYX!ZibXg!h\Uh!\UjY!VYYb!gYh!Ug]XY!Vm!h\Y!hfighYYg!Zcf!dUfh]Wi`Uf difdcgYg+!N\Y!U]a!UbX!igY!cZ!YUW\!XYg][bUhYX!ZibX!]g!gYh!cih!]b!h\Y!bchYg!hc!h\Y!Z]bUbW]U`!ghUhYaYbhg+ 

LYghf]WhYX!ZibXg!UfY!giV^YWhYX!hc!fYghf]Wh]cbg!cb!h\Y]f!YldYbX]hifY!]adcgYX!Vm!h\Y!Xcbcf!cf!h\fci[\!h\Y!hYfag!cZ!Ub! UddYU`!cf!Ug!]ad`]YX!Vm!`Uk+!N\Y!U]a!UbX!igY!cZ!YUW\!fYghf]WhYX!ZibX!]g!gYh!cih!]b!h\Y!bchYg!hc!h\Y!Z]bUbW]U`!ghUhYaYbhg+ 

N\YfY!UfY!bc!YbXckaYbh!ZibXg+ 

## , AWOPWZWbg!b]!bOfObW]\ 

N\Y NfighYYg Wcbg]XYf h\Uh h\Y W\Uf]hm gUh]gZ]Yg h\Y hYghg gYh cih ]b JUfU[fUd\ . MW\YXi`Y 3 cZ h\Y @]bUbWY ;Wh /-.- Zcf OE WcfdcfUh]cb hUl difdcgYg+ ;WWcfX]b[`m) h\Y =\Uf]hm ]g dchYbh]U``m YlYadh Zfca hUlUh]cb ]b fYgdYWh cZ ]bWcaY cf WUd]hU` [U]bg fYWY]jYX k]h\]b WUhY[cf]Yg WcjYfYX Vm W\UdhYf 0 dUfh .. cZ h\Y =cfdcfUh]cb NUl ;Wh /-.- cf MYWh]cb /23 cZ h\Y NUlUh]cb cZ =\Uf[YUV`Y AU]bg ;Wh .66/) hc h\Y YlhYbh h\Uh giW\ ]bWcaY cf [U]bg UfY Udd`]YX YlW`ig]jY`m cb h\Y gdYW]Z]W W\Uf]hUV`Y cV^YWhg cZ h\Y W\Uf]hm UbX Zcf bc ch\Yf difdcgY+ PU`iY ;XXYX NUl ]g bch fYWcjYfUV`Y Vm h\Y W\Uf]hm) UbX ]g h\YfYZcfY!]bW`iXYX!]b!h\Y!fY`YjUbh!Wcghg!]b!h\Y!MhUhYaYbh!cZ!@]bUbW]U`!;Wh]j]h]Yg+ 

## - LW\RW\U!c^!]`!RWaa]ZcbW]\!]T!bVS!QVO`Wbg 

CZ idcb k]bX]b[ id cf X]ggc`ih]cb cZ h\Y W\Uf]hm h\YfY fYaU]b Ubm UggYhg) UZhYf h\Y gUh]gZUWh]cb cZ U`` XYVhg UbX `]UV]`]h]Yg) h\Y UggYhg fYdfYgYbhYX Vm h\Y UWWiai`UhYX ZibX g\U`` VY hfUbgZYffYX hc gcaY ch\Yf W\Uf]hUV`Y VcXm cf VcX]Yg \Uj]b[ g]a]`Uf!cV^YWhg!hc!h\Y!W\Uf]hm+ 

## . HWU\WTWQO\QS!]T!TW\O\QWOZ!W\ab`c[S\ba!b]!bVS!QVO`Wbg$a!^]aWbW]\ 

N\Y!W\Uf]hm!cb`m!\Ug!Z]bUbW]U`!UggYhg!UbX!Z]bUbW]U`!`]UV]`]h]Yg!cZ!U!_]bX!h\Uh!eiU`]Zm!Ug!VUg]W!Z]bUbW]U` ]bghfiaYbhg!h\Uh!\UjY!bc!g][b]Z]WUbh!]ad`]WUh]cbg!hc!h\Y!W\Uf]hm%g!dcg]h]cb+ 

/0 



## IVS!EO`]QVWOZ!7Vc`QV!7]c\QWZ!]T!IVS!9QQZSaWOabWQOZ!EO`WaV!]T!=]Zg!I`W\Wbg'!=]`eWQV'! 8W]QSaS!DT!BO\QVSabS` 

## C]bSa!b]!bVS!5QQ]c\ba!T]`!bVS!gSO`!S\RSR!-+!8SQS[PS`!,*,- 

/ CSb!ac`^Zca!PST]`S!bOf!W\!bVS!TW\O\QWOZ!gSO`! 

|,*,-<br>i<br>N\YbYhgifd`igVYZcfYhUl]bh\YZ]bUbW]U`mYUf]gghUhYXUZhYfW\Uf[]b[7*<br>>YdfYW]Uh]cbcZckbYXZ]lYXUggYhg<br>554<br>JYbg]cbWcghg<br>0.4<br>0<br>HbOTTQ]abaO\RS[]Zc[S\ba<br>>EOEU\GRVWV<br>,*,-<br>i<br>AfcggMU`Uf]YgYlW`iX]b[hfighYYgUbX_YmaUbU[YaYbhdYfgcbbY`<br>1)5-/<br>?ad`cmYf%gcdYfUh]b[WcghgcZXYZ]bYX<br>Wcbhf]Vih]cbdYbg]cbgW\YaYg<br>0.4<br>I]bOZaOZO`WSa'eOUSaO\R`SZObSRQ]aba<br>/'++3<br>N\YUjYfU[YbiaVYfcZZi``h]aYghUZZYad`cmYX]bh\YmYUfkUg<br>(<br>N\YYgh]aUhYXZi``h]aYYei]jU`YbhbiaVYfcZU``ghUZZYad`cmYX]bh\YmYUfkUg<br>(<br>?LIIVWMPEWIHITXMYEOIQWQXPFIURJJXOOWMPIVWEJJHISOR\IHMQHMJJIUIQWEGWMYMWMIVMQWLI\IEUZEV+%<br>?b[U[YXcbW\Uf]hUV`YUWh]j]h]Yg<br>(<br>?LIIVWMPEWIHJXOOWMPIITXMYEOIQWQXPFIURJEOOVWEJJIPSOR\IHEVEFRYI<br>(|,*,,<br>i<br>554<br>4-.<br>,*,,<br>i<br>.1)23/<br>4-.<br>+/',0-<br>(<br>(<br>(<br>*|
|---|---|



HY]h\Yf!h\Y!hfighYYg!bcf!Ubm!dYfgcbg!WcbbYWhYX!k]h\!h\Ya!\UjY!fYWY]jYX!Ubm!fYaibYfUh]cb!Zfca!h\Y!W\Uf]hm!cf!Ubm! fY`UhYX!Ybh]hm)!Y]h\Yf!]b!h\Y!WiffYbh!cf!df]cf!mYUf+ 

Hc!Yad`cmYYg!fYWY]jYX!Yac`iaYbhg!&YlW`iX]b[!dYbg]cb!Wcghg'!]b!YlWYgg!cZ!u3-)---!dYf!Ubbia+ 

- ?LI!SIQVMRQ!HIWEMOV!RJ!VXGL!LMKLIU!SEMH!VWEJJ!ZIUI!+% 

|8XPFIUVRJVXGLVWEJJWRZLRPFIQIJMWVEUIEGGUXMQK+%<br>ObXYfacbYmdifW\UgYdYbg]cbgW\YaYg|i<br>C]<br>+<br>+|i<br>C]<br>+<br>+|
|---|---|---|



## 1 8STW\SR!Q]\b`WPcbW]\!^S\aW]\!aQVS[Sa 

N\Y!W\Uf]hm!cdYfUhYg!U!XYZ]bYX!Wcbhf]Vih]cb!dYbg]cb!gW\YaY)!h\Y!Wcghg!cZ!k\]W\!UfY!g\ckb!UVcjY+! ;bm!`]UV]`]hYg!UbX!UggYhg!UggcW]UhYX!k]h\!h\Y!gW\YaY!UfY!g\ckb!ibXYf!XYVhcfg!UbX!WfYX]hcfg+ 

/1 



## IVS!EO`]QVWOZ!7Vc`QV!7]c\QWZ!]T!IVS!9QQZSaWOabWQOZ!EO`WaV!]T!=]Zg!I`W\Wbg'!=]`eWQV'! 8W]QSaS!DT!BO\QVSabS` 

## C]bSa!b]!bVS!5QQ]c\ba!T]`!bVS!gSO`!S\RSR!-+!8SQS[PS`!,*,- 

## 2 GS[c\S`ObW]\!O\R!^Og[S\ba!b]!I`cabSSa!O\R!^S`a]\a!Q]\\SQbSR!eWbV!bVS[ 

Cb!/-/0!UbX!/-//)!h\Y!]bWiaVYbh!UbX!h\Y!WifUhY!kYfY!fYaibYfUhYX!Vm!kUm!cZ!gh]dYbX!UbX!Vm!U!fY`UhYX!dUfhm)!VY]b[!h\Y! >]cWYgY!cZ!GUbW\YghYf+k\c!UfY!fYgdcbg]V`Y!Zcf!gYhh]b[!h\Y!`YjY`!cZ!fYaibYfUh]cb+!;g!]h!]g!ghUbXUfX!dfUWh]WY!]b!h\Y!=\ifW\! cZ!?b[`UbX)!h\Y!W`Yf[m!kYfY!dfcj]XYX!k]h\!\cig]b[!Vm!h\Y!>]cWYgY+ 

N\Y!aYaVYfg!cZ!h\Y!J==)!k\c!UfY!h\Y!=\Uf]hm!NfighYYg)!UfY!Ybh]h`YX!hc!W`U]a!cih!cZ!dcW_Yh!YldYbgYg!hc!WcjYf!dcghU[Y)! hY`Yd\cbY!UbX!a]`YU[Y!UbX!ch\Yf!giW\!YldYbgYg+! 

Hc!hfighYYg!cf!dYfgcbg!WcbbYWhYX!k]h\!h\Ya!fYWY]jYX!Ubm!fYaibYfUh]cb!Zfca!h\Y!W\Uf]hm)!cf!Ubm!fY`UhYX!Ybh]hm+ 

## 3 IO\UWPZS!TWfSR!OaaSba 

|.XUUIQWDIEU<br>7]ab<br>;h.DUbiUfm/-/0<br>5b-+8SQS[PS`,*,-<br>8S^`SQWObW]\<br>;h.DUbiUfm/-/0<br>=\Uf[YZcfh\YmYUf<br>5b-+8SQS[PS`,*,-<br>CSbP]]YdOZcS<br>5b-+8SQS[PS`,*,-<br>5b-+8SQS[PS`,*,,<br>;UMRUDIEU<br>7]ab<br>;h.DUbiUfm/-/0<br>-+8SQS[PS`,*,,<br>8S^`SQWObW]\<br>;h.DUbiUfm/-/0<br>=\Uf[YZcfh\YmYUf<br>-+8SQS[PS`,*,,<br>CSbP]]YdOZcS<br>-+8SQS[PS`,*,,<br>-+8SQS[PS`,*,+|AO\RO\R<br>6cWZRW\Ua<br>u<br>63).4/<br>30'+1,<br>5.)-63<br>554<br>2+'32-<br>+.'+23<br>+/'*10<br>AO\RO\R<br>6cWZRW\Ua<br>u<br>63).4/<br>30'+1,<br>5-)/-6<br>554<br>2+'*30<br>+/'*10<br>+/'30-|EO`WaV=OZZ<br>9_cW^[S\b<br>u<br>5)213<br>2'/.0<br>5)213<br>*<br>2'/.0<br>(<br>(<br>EO`WaV=OZZ<br>9_cW^[S\b<br>u<br>5)213<br>2'/.0<br>5)213<br>*<br>2'/.0<br>(<br>(|7Vc`QV<br>9_cW^[S\b<br>u<br>/.).03<br>,+'+-0<br>/.).03<br>*<br>,+'+-0<br>(<br>(<br>7Vc`QV<br>9_cW^[S\b<br>u<br>/.).03<br>,+'+-0<br>/.).03<br>*<br>,+'+-0<br>(<br>(|I]bOZ<br>u<br>./2)521<br>+,/'2/.<br>..-)445<br>554<br>+++'00/<br>+.'+23<br>+/'*10<br>I]bOZ<br>u<br>./2)521<br>+,/'2/.<br>.-6)56.<br>554<br>++*'112<br>+/'*10<br>+/'30-|
|---|---|---|---|---|



/2 



## IVS!EO`]QVWOZ!7Vc`QV!7]c\QWZ!]T!IVS!9QQZSaWOabWQOZ!EO`WaV!]T!=]Zg!I`W\Wbg'!=]`eWQV'! 8W]QSaS!DT!BO\QVSabS` 

## C]bSa!b]!bVS!5QQ]c\ba!T]`!bVS!gSO`!S\RSR!-+!8SQS[PS`!,*,- 

## +* 8SPb]`a 

|NfUXYXYVhcfg<br>Ih\YfXYVhcfg<br>++ 7`SRWb]`a4O[]c\baTOZZW\URcSeWbVW\]\SgSO`<br>;WWfiU`g<br>Ih\YfWfYX]hcfg<br>Q]h\]bXYVhcfg]gU`cUbaUXYhcUhfighYYk\]W\]gWcjYfYX]bbchY./+|,*,-<br>i<br>/)-5/<br>6)220<br>++'0-/<br>,*,-<br>i<br>1)0-5<br>*<br>.'-*2|,*,,<br>i<br>/02<br>2)-13<br>/',2+<br>,*,,<br>i<br>1)544<br>.)-1.<br>/'3+2|
|---|---|---|



## +, GSZObSR!^O`bg!b`O\aOQbW]\a 

CbW`iXYX!k]h\]b!ch\Yf!XYVhcfg!]g!U!`cUb!hc!h\Y!ZUa]`m!cZ!U!W\ifW\!hfighYY+!@c``ck]b[!Wcbgi`hUh]cb!k]h\!h\Y!X]cWYgY)!h\Y! W\ifW\!dfcj]XYX!WcbZ]XYbh]U`!hYadcfUfm!Z]bUbW]U`!Ugg]ghUbWY!hc!h\Y!ZUa]`m+!N\Y!Z]bUbW]U`!Ugg]ghUbWY!kUg!]bhYfYgh!ZfYY!UbX! h\Y!acb]Yg!UfY!]b!h\Y!dfcWYgg!cZ!VY]b[!fYdU]X+ 

|+- >\Q][SO\R9f^S\RWbc`SOQQ]c\bac[[O`g<br>5b+?O\cO`g,*,-<br>Mifd`igUZhYfhUlZcfh\YmYUf<br>5b-+8SQS[PS`,*,-|,*,-<br>i<br>/..)-36<br>12)252<br>,/0'0/.|,*,,<br>i<br>/-3)5.0<br>1)/23<br>,++'*03|
|---|---|---|



## +. EO`bWQcZO`a!]T!V]e!^O`bWQcZO`!Tc\Ra!O`S!`S^`SaS\bSR!Pg!OaaSba!O\R!ZWOPWZWbWSa! 

|5b-+8SQS[PS`,*,-<br>NUb[]V`Y@]lYX;ggYhg<br>=iffYbh;ggYhg<br>=iffYbhF]UV]`]h]Yg<br>5b+?O\cO`g,*,-<br>NUb[]V`Y@]lYX;ggYhg<br>=iffYbh;ggYhg<br>=iffYbhF]UV]`]h]Yg|J\`Sab`WQbSR<br>Tc\Ra<br>i<br>*<br>.-5)023<br>&/)66-'<br>+*/'-00<br>J\`Sab`WQbSR<br>Tc\Ra<br>i<br>*<br>5/).32<br>&2)6.5'<br>10',.1|8SaWU\ObSR<br>Tc\Ra<br>i<br>.1).56<br>.4)65/<br>*<br>-,'+1+<br>8SaWU\ObSR<br>Tc\Ra<br>i<br>.2)-43<br>6)004<br>*<br>,.'.+-|GSab`WQbSR<br>Tc\Ra<br>i<br>*<br>./-)102<br>&.)0.5'<br>++3'++1<br>GSab`WQbSR<br>Tc\Ra<br>i<br>*<br>..-)1-6<br>*<br>++*'.*3|I]bOZ<br>;c\Ra<br>i<br>+.'+23<br>,.0'11-<br>%.'-*2&<br>,/0'0/.<br>I]bOZ<br>;c\Ra<br>i<br>+/'*10<br>,*+'3++<br>%/'3+2&<br>,++'*03|
|---|---|---|---|---|



/3 



## IVS!EO`]QVWOZ!7Vc`QV!7]c\QWZ!]T!IVS!9QQZSaWOabWQOZ!EO`WaV!]T!=]Zg!I`W\Wbg'!=]`eWQV'! 8W]QSaS!DT!BO\QVSabS` 

## C]bSa!b]!bVS!5QQ]c\ba!T]`!bVS!gSO`!S\RSR!-+!8SQS[PS`!,*,- 

+/ 7VO\US!W\!b]bOZ!Tc\Ra!]dS`!bVS!gSO`!Oa!aV]e\!W\!C]bS!+.!'!O\OZgaSR!Pg!W\RWdWRcOZ!Tc\Ra 

|@QUIVWUMGWIHEQHHIVMKQEWIHJXQHV+%<br>AYbYfU`ZfYYfYgYfjYg<br>>Yg][bUhYXfYjYbiYZibXg<br>@]lYXUggYhXYdfYW]Uh]cb<br>I]bOZc\`Sab`WQbSRO\RRSaWU\ObSRTc\Ra<br>=IVWUMGWIHJXQHV+%<br>=\ifW\Vi]`X]b[UbXW\ifW\mUfX<br>Scih\a]b]ghYf<br>HUa]V]U<br>@`ckYfg<br>I]bOZ`Sab`WQbSRTc\Ra<br>I]bOZQVO`WbgTc\Ra|;c\RaP`]cUVb<br>T]`eO`RT`][<br>,*,,<br>i<br>43)/14<br>6)004<br>.2)-43<br>+**'00*<br>32)6-2<br>00)/11<br>.-)6-.<br>026<br>++*'.*3<br>,++'*03|B]dS[S\bW\<br>Tc\RaW\,*,-<br>HSSC]bS+0<br>i<br>/6)./-<br>5)311<br>&554'<br>-0'211<br>.3)041<br>&1)/6/'<br>&0)0.2'<br>&26'<br>2'1*2<br>./'/2/|HSSC]bS*<br>i<br>%++1&<br>++1<br>(<br>(<br>*<br>*<br>*<br>*<br>(<br>(<br>I`O\aTS`a<br>PSbeSS\<br>Tc\RaW\,*,-|;c\RaQO``WSR<br>T]`eO`Rb]<br>,*,.<br>i<br>+*/',/*<br>+2'*32<br>+.'+23<br>+-1'/-1<br>2,',13<br>,2'3/,<br>1'/20<br>-**<br>++3'++1<br>,/0'0/.|
|---|---|---|---|---|



+0 5\OZgaWa!]T![]dS[S\ba!W\!Tc\Ra!]dS`!bVS!gSO`!Oa!aV]e\!W\!C]bS!+/ 

|@QUIVWUMGWIHEQHHIVMKQEWIHJXQHV+%<br>AYbYfU`ZfYYfYgYfjYg<br>>Yg][bUhYXfYjYbiYZibXg<br>@]lYXUggYhXYdfYW]Uh]cb<br>=IVWUMGWIHJXQHV+%<br>=\ifW\Vi]`X]b[UbXW\ifW\mUfX<br>Scih\a]b]ghYf<br>HUa]V]U<br>@`ckYfg|>\Q][S<br>,*,-<br>i<br>.-.)-.1<br>.2)/66<br>*<br>.6)156<br>.)511<br>1).16<br>61.<br>+.,'1-0|9f^S\RWbc`S<br>,*,-<br>i<br>&4.)561'<br>&3)322'<br>&554'<br>&0)..2'<br>&3).03'<br>&4)131'<br>&.)---'<br>%31'+/+&|DbVS`<br><OW\a#<br>A]aaSa<br>,*,-<br>i<br>*<br>*<br>*<br>*<br>*<br>*<br>*<br>(|B]dS[S\b<br>W\Tc\Ra<br>,*,-<br>i<br>,3'+,*<br>2'0..<br>%221&<br>+0'-1.<br>%.',3,&<br>%-'-+/&<br>%/3&<br>./'/2/|
|---|---|---|---|---|



/4 



## IVS!EO`]QVWOZ!7Vc`QV!7]c\QWZ!]T!IVS!9QQZSaWOabWQOZ!EO`WaV!]T!=]Zg!I`W\Wbg'!=]`eWQV'! 8W]QSaS!DT!BO\QVSabS` 

## C]bSa!b]!bVS!5QQ]c\ba!T]`!bVS!gSO`!S\RSR!-+!8SQS[PS`!,*,- 

+1 IVS!^c`^]aSa!T]`!eVWQV!bVS!Tc\Ra! 

|@QUIVWUMGWIHEQHHIVMKQEWIHJXQHV+%||
|---|---|
|AYbYfU`ZfYYfYgYfjYg|N\YgYZibXgUfY\Y`XZcfh\YaYYh]b[h\YcV^YWh]jYgcZh\YW\Uf]hm)UbXhc|
||dfcj]XYfYgYfjYgZcfZihifYUWh]j]h]Yg)UbX)giV^YWhhcW\Uf]hm`Y[]g`Uh]cb)UfY|
||ZfYYZfcaU``fYghf]Wh]cbgcbh\Y]figY+|
|If[Ub|N\]gXYg][bUhYXZibX]gigYXZcfYggYbh]U`cf[UbaU]bhYbUbWY)hib]b[UbX|
||W\c]faig]W+N\YVU`UbWYcbh\YZibX]gUjU]`UV`YZcfUbmZihifYWcghg+|
|>Yg][bUhYXfYjYbiYZibXg|CbWcaYUbXYldYbX]hifYfY`Uh]b[hch\YJUf]g\BU``UfYU``cWUhYXhcU|
||XYg][bUhYXZibXgch\YJ==WUbgYYh\YZ]bUbW]U`YZZYWhcZh\]gdfcdYfhm|
||UbX]hgigYg+JYf]cX]WU``mYlWYggZibXgaUmVYhfUbgZYffYXhc[YbYfU`ZibXg|
||hcgiddcfhh\Y[YbYfU`WcghgcZW\ifW\`]ZY+CbUXX]h]cbhcWcghgU``cWUhYX|
||U[U]bghh\]gXYg][bUhYXZibX)h\YJ==WcjYfgh\YWcghcZ]bgifUbWYX]fYWh`m|
||Zfca[YbYfU`ZibXg)Ugh\]g]gUdfYa]iahcdfchYWhh\Y]f]bjYghaYbh+|
|@]lYXUggYhXYdfYW]Uh]cb|N\]gXYg][bUhYXZibXkUgYghUV`]g\YXhcWcjYfXYdfYW]Uh]cbk\]W\k]``VY|
||W\Uf[YXcbUggYhgWUd]hU`]gYXVmh\YJ==+Q\YbUggYhgUfYWUd]hU`]gYXh\Y|
||Wcgh]ghfUbgZYffYXZfcah\YfY`YjUbhfYghf]WhYXcf[YbYfU`ZibX]bhch\]g|
||XYg][bUhYXZibX+CbgiVgYeiYbhdYf]cXgh\YXYdfYW]Uh]cbW\Uf[Y]g|
||U``cWUhYXU[U]bghh\]gZibX+N\YVU`UbWYUhUbmh]aYfYdfYgYbhgh\YbYh|
||Vcc_jU`iYcZZ]lYXUggYhg+|
|=IVWUMGWIHJXQHV+%||
|LYghf]WhYX@]lYX;ggYh@ibXg|N\YdifdcgYcZh\YgYZibXg]gXYgWf]VYXibXYfh\YUWWcibh]b[dc`]Wm|
||%;WWcibh]b[ZcfWUd]hU`[fUbhgUbXZ]lYXUggYhZibXg%+|
|LYghf]WhYXLYjU`iUh]cbLYgYfjY|N\]gZibXfYdfYgYbhgh\YfYghf]WhYXgifd`igUf]g]b[cbh\YfYjU`iUh]cbcZh\Y|
||W\Uf]hm%gUggYhg+|
|=\ifW\Vi]`X]b[UbXW\ifW\mUfX|>cbUh]cbgUbXZibXfU]g]b[dfcWYYXgZcfkcf_cbW\ifW\Vi]`X]b[gUbXh\Y|
||W\ifW\mUfXUfY\Y`X]bh\]gfYghf]WhYXZibXUjU]`UV`YZcfdfc^YWhghcYb\UbWY|
||cffYdU]fh\YVi]`X]b[UbX[fcibXg+N\YVU`UbWYcbh\YZibXUhh\YYbXcZ|
||YUW\mYUf]gWUff]YXZcfkUfXZcfZihifYkcf_+|
|Scih\a]b]ghYf|N\]gZibXkUgYghUV`]g\YXhc\c`XXcbUh]cbghcdUmUmcih\a]b]ghYfk\c|
||cdYfUhYgUWfcggh\YNYUaVih]gYad`cmYXVmh\YJ==+N\YJ==U]aghc|
||\c`XgiZZ]W]YbhZibXghcWcjYfUddfcl]aUhY`mcbYmYUfg%gWcghg+MhUZZWcghg|
||UfYdU]XZfcah\YZibXUbXfY[i`UfXcbUhcbgWcbh]biYhcVYWcaY]bZfca|
||ch\YfW\ifW\Yg]bh\YhYUaUbXZfca]bX]j]XiU`g+N\YVU`UbWYk]``VY|
||WUff]YXZcfkUfXZcfZihifYWcghg+|
|JUf]g\BU``]adfcjYaYbhg|N\YJUf]g\BU``]gUgYdUfUhYVi]`X]b[bYUfh\Y=\ifW\k\]W\]gckbYXUbX|
||cdYfUhYXVmh\YJ==+>cbUh]cbgUbXZibXfU]g]b[dfcWYYXgZcfkcf_cbh\Y|
||JUf]g\BU``UfY\Y`X]bh\]gfYghf]WhYXZibXUjU]`UV`YZcfdfc^YWhghcYb\UbWY|
||h\YVi]`X]b[+Q\YfY]adfcjYaYbhgUfYcZUWUd]hU`bUhifY)h\YWcgh]g|
||YldYbXYXZfcah\YfYghf]WhYXZibXVmkUmcZUhfUbgZYfhcUXYg][bUhYXZibX|
||ZcfZ]lYXUggYhghcWcjYfZihifYXYdfYW]Uh]cb+N\YVU`UbWYcbh\YZibXUhh\Y|
||YbXcZYUW\mYUf]gWUff]YXZcfkUfXZcfZihifYkcf_+|
|HUa]V]U|N\]gfYghf]WhYXZibXdfcj]XYggiddcfhhccif`]b_dUf]g\]bHUa]V]U)gcaYcZ|
||k\]W\]gU``cWUhYXhcgW\cc`g]bh\YdUf]g\UbXgcaYhcgdYW]U`dfc^YWhg)|
||giW\UgdUm]b[Zcfgc`Uf`][\h]b[)W`ch\]b[UbXV`Ub_Yhg)YhW+GcbYmWcaYg|
||]bZfcaXcbUh]cbgUbXjUf]cigZibXfU]g]b[]b]h]Uh]jYg+;giV*Wcaa]hhYYcZ|
||h\YJ==)_bckbUgh\YHUa]V]U=caa]hhYY)cjYfgYUgh\YU``cWUh]cbcZh\Y|
||ZibXghckcfh\mWUigYg]bHUa]V]UcfigYgZibXghcUgg]gh]bhfUjY`Wcghg|
||YhW+cZj]g]hcfgZfcaUbXhch\UhWcibhfm+|
|@`ckYfg|>cbUh]cbgaUXYgdYW]Z]WU``mZcfZ`ckYfg]bW\ifW\UfY\Y`X]bh\]gfYghf]WhYX|
||ZibX)UbXigYXhcVimZ`ckYfgUbXfY`UhYXYldYbX]hifY+;bmVU`UbWYUhh\Y|
||YbXcZh\YmYUf]gUjU]`UV`YhcgdYbX]bgiVgYeiYbhmYUfg+|



/5 



## IVS!EO`]QVWOZ!7Vc`QV!7]c\QWZ!]T!IVS!9QQZSaWOabWQOZ!EO`WaV!]T!=]Zg!I`W\Wbg'!=]`eWQV'! 8W]QSaS!DT!BO\QVSabS` 

## C]bSa!b]!bVS!5QQ]c\ba!T]`!bVS!gSO`!S\RSR!-+!8SQS[PS`!,*,- 

## +2 JZbW[ObS!Q]\b`]ZZW\U!^O`bg 

N\Y!W\Uf]hm!]g!ibXYf!h\Y!Wcbhfc`!cZ!]hg!`Y[U`!aYaVYfg+ 

!?jYfm!aYaVYf!cZ!h\Y!W\Uf]hm!\Ug!ib`]a]hYX!^c]bh!UbX!gYjYfU`!`]UV]`]hm!Zcf!h\Y!XYVhg!cZ!h\Y!W\Uf]hm+ 

/6 



## IVS!EO`]QVWOZ!7Vc`QV!7]c\QWZ!]T!IVS!9QQZSaWOabWQOZ!EO`WaV!]T!=]Zg!I`W\Wbg'!=]`eWQV'!8W]QSaS! DT!BO\QVSabS` 

8SbOWZSR!O\OZgaWa!]T!W\Q][S!O\R!Sf^S\RWbc`S!T]`!bVS!gSO`!S\RSR!-+!8SQS[PS`!,*,-!Oa!`S_cW`SR!Pg!bVS! HDGE!,*+/ 

?LMV!EQEO\VMV!MV!GOEVVVMJMIH!F\!GRQYIQWMRQEO!QRPMQEO!HIVGUMSWMRQV!EQH!QRW!F\!EGWMYMW\&! 

> +3 8]\ObW]\a'!<`O\ba!O\R!ASUOQWSa! 

|8]\ObW]\aO\RUWTbaT`][W\RWdWRcOZa<br>I]bOZR]\ObW]\aO\RUWTbaT`][<br>W\RWdWRcOZa<br>LYZibXgZfcaBGL=cb[]ZhU]XYXXcbUh]cbg<br>MaU``XcbUh]cbg]bX]j]XiU``m`Yggh\Ubu.---|7c``S\bgSO`<br>J\`Sab`WQbSR<br>;c\Ra<br>,*,-<br>i<br>4-)152<br>.3)5-.<br>21',20|7c``S\bgSO`<br>GSab`WQbSR<br>;c\Ra<br>,*,-<br>i<br>./)4..<br>/).12<br>+.'2/0|7c``S\bgSO`<br>I]bOZ;c\Ra<br>,*,-<br>i<br>2-'+30<br>+2'3.0<br>+*,'+.,|E`W]`NSO`<br>I]bOZ;c\Ra<br>,*,,<br>i<br>55)-21<br>.6)5--<br>+*1'2/.|
|---|---|---|---|---|



8]\ObW]\a!O\R!UWTba!T`][!W\RWdWRcOZa!%>\QZcRS!=BG7!`STc\Ra!]\!UWTb!OWRSR!R]\ObW]\a&!(!E`W]`!NSO`!O\OZgaWa HSS!O^^S\RWf!T]`!O!RSbOWZSR!O\OZgaWa!]T!OZZ!W\Q][S!O\R!Sf^S\RWbcS 

|E`W]`gSO`<br>ASUOQWSa`SQSWdOPZS<br>MigUbEUm<br>MaU```Y[UW]Yg]bX]j]XiU``m`Yggh\Ubu.---<br>I]bOZZSUOQWSa`SQSWdOPZS|E`W]`NSO`<br>J\`Sab`WQbSR<br>;c\Ra<br>,*,,<br>i<br>22'0+0<br>7c``S\bgSO`<br>J\`Sab`WQbSR<br>;c\Ra<br>,*,-<br>i<br>*<br>*<br>(|E`W]`NSO`<br>GSab`WQbSR<br>;c\Ra<br>,*,,<br>i<br>+3',-2<br>7c``S\bgSO`<br>GSab`WQbSR<br>;c\Ra<br>,*,-<br>i<br>.40<br>.-)---<br>+*'+1-|E`W]`NSO`<br>I]bOZ;c\Ra<br>,*,,<br>i<br>+*1'2/.<br>7c``S\bgSO`<br>I]bOZ;c\Ra<br>,*,-<br>i<br>+1-<br>+*'***<br>+*'+1-|E`W]`NSO`<br>I]bOZ;c\Ra<br>,*,,<br>i<br>*<br>*<br>(|
|---|---|---|---|---|



0- 



## IVS!EO`]QVWOZ!7Vc`QV!7]c\QWZ!]T!IVS!9QQZSaWOabWQOZ!EO`WaV!]T!=]Zg!I`W\Wbg'!=]`eWQV'!8W]QSaS! DT!BO\QVSabS` 

8SbOWZSR!O\OZgaWa!]T!W\Q][S!O\R!Sf^S\RWbc`S!T]`!bVS!gSO`!S\RSR!-+!8SQS[PS`!,*,-!Oa!`S_cW`SR!Pg!bVS! HDGE!,*+/ 

|7c``S\bgSO`<br>J\`Sab`WQbSR<br>;c\Ra<br>,*,-<br>i<br>/).54<br>/)50-<br>/'*+1<br>I]bOZ8]\ObW]\a'<`O\baO\RASUOQWSa<br>I]bOZ8]\ObW]\a'<`O\baO\R<br>ASUOQWSa<br>5+<br>3,'-*-<br>;``h\YXcbUh]cbgUbX[]Zhg]bh\Ydf]cfmYUfkYfYibfYghf]WhYX+<br>;UMRU\IEU<br>J\`Sab`WQbSR<br>;c\Ra<br>,*,,<br>i<br>I]bOZ8]\ObW]\a'<`O\baO\R<br>ASUOQWSa<br>5+<br>3*'-00<br>,* >\Q][ST`][QVO`WbOPZSOQbWdWbWSa(I`ORW\U5QbWdWbWSa<br>.XUUIQW\IEU<br>7c``S\bgSO`<br>J\`Sab`WQbSR<br>;c\Ra<br>,*,-<br>i<br>E`W[O`g^c`^]aSO\RO\QWZZO`gb`ORW\U<br>1)660<br>*<br>.)/11<br>0',-1<br>GSdS\cSU`O\baT`][U]dS`\[S\bO\R<br>^cPZWQP]RWSa<br>MaU``[fUbhg]bX]j]XiU``m`Yggh\Ubu.---<br>G><@\YUh]b[[fUbh<br>J]_YP]Yk`]WYbWYZYYg<br>Ih\Yf]bWcaYZfcaW\ifW\UWh]j]h]Yg<br>I]bOZE`W[O`g^c`^]aSO\RO\QWZZO`g<br>b`ORW\U<br>QYXX]b[UbXZibYfU`ZYYg<br>I]bOZ^cPZWQaSQb]``SdS\cSU`O\ba|7c``S\bgSO`<br>J\`Sab`WQbSR<br>;c\Ra<br>,*,-<br>i<br>/).54<br>/)50-<br>/'*+1|7c``S\bgSO`<br>GSab`WQbSR<br>;c\Ra<br>,*,-<br>i<br>*<br>*<br>(|7c``S\bgSO`<br>I]bOZ;c\Ra<br>,*,-<br>i<br>,'+21<br>,'2-*<br>/'*+1|E`W]`NSO`<br>I]bOZ;c\Ra<br>,*,,<br>i<br>2--<br>.)/2-<br>+'1/*<br>+*3'0*.<br>E`W]`NSO`<br>I]bOZTc\Ra<br>,*,,<br>i<br>3)244<br>*<br>.)343<br>2',/-|
|---|---|---|---|---|
||||||
|||,/'*,3<br>GSab`WQbSR<br>;c\Ra<br>,*,,<br>i<br>+3',-2<br>7c``S\bgSO`<br>GSab`WQbSR<br>;c\Ra<br>,*,-<br>i<br>346<br>*<br>21/<br>+',,+|++1'--,<br>E`W]`NSO`<br>I]bOZ;c\Ra<br>,*,,<br>i<br>+*3'0*.<br>7c``S\bgSO`<br>I]bOZ;c\Ra<br>,*,-<br>i<br>/'01,<br>(<br>+'120<br>1'./2||



;``!h\Y!hfUX]b[!UWh]j]h]Yg!]b!h\Y!df]cf!mYUf!kYfY!ibfYghf]WhYX+ 

0. 



## IVS!EO`]QVWOZ!7Vc`QV!7]c\QWZ!]T!IVS!9QQZSaWOabWQOZ!EO`WaV!]T!=]Zg!I`W\Wbg'!=]`eWQV'!8W]QSaS! DT!BO\QVSabS` 

8SbOWZSR!O\OZgaWa!]T!W\Q][S!O\R!Sf^S\RWbc`S!T]`!bVS!gSO`!S\RSR!-+!8SQS[PS`!,*,-!Oa!`S_cW`SR!Pg!bVS! HDGE!,*+/ 

|;UMRU\IEU<br>E`W[O`g^c`^]aSO\RO\QWZZO`gb`ORW\U<br>I]bOZE`W[O`g^c`^]aSO\RO\QWZZO`gb`ORW\U<br>,+<br>.XUUIQW\IEU<br>NchU`]bWcaYZfcaW\Uf]hUV`YhfUX]b[<br>I]bOZT`][QVO`WbOPZSOQbWdWbWSa<br>5,<br>>\Q][ST`][QVO`WbOPZSOQbWdWbWSa(E`W]`NSO`O\OZgaWa<br>;UMRU\IEU<br>NchU`]bWcaYZfcaW\Uf]hUV`YhfUX]b[<br>CbWcaYZfcaZibXYfg<br>I]bOZ>\Q][ST`][QVO`WbOPZSOQbWdWbWSa<br>QYXX]b[UbXZibYfU`ZYYg|E`W]`NSO`<br>J\`Sab`WQbSR<br>;c\Ra<br>,*,,<br>i<br>2)265<br>1',1.<br>7c``S\bgSO`<br>J\`Sab`WQbSR<br>;c\Ra<br>,*,-<br>i<br>3)/04<br>0',-1<br>E`W]`NSO`<br>J\`Sab`WQbSR<br>;c\Ra<br>,*,,<br>i<br>4)/41<br>*<br>1',1.|E`W]`NSO`<br>GSab`WQbSR<br>;c\Ra<br>,*,,<br>i<br>646<br>313<br>7c``S\bgSO`<br>GSab`WQbSR<br>;c\Ra<br>,*,-<br>i<br>.)//.<br>+',,+<br>E`W]`NSO`<br>GSab`WQbSR<br>;c\Ra<br>,*,,<br>i<br>646<br>*<br>313|E`W]`NSO`<br>I]bOZ;c\Ra<br>,*,,<br>i<br>0'/11<br>2',/-<br>7c``S\bgSO`<br>I]bOZ;c\Ra<br>,*,-<br>i<br>1'./2<br>1'./2<br>E`W]`NSO`<br>I]bOZ;c\Ra<br>,*,,<br>i<br>5)/20<br>*<br>2',/-|E`W]`NSO`<br>I]bOZ;c\Ra<br>,*,,<br>i<br>5)/20<br>2',/-|
|---|---|---|---|---|



0/ 



## IVS!EO`]QVWOZ!7Vc`QV!7]c\QWZ!]T!IVS!9QQZSaWOabWQOZ!EO`WaV!]T!=]Zg!I`W\Wbg'!=]`eWQV'!8W]QSaS! DT!BO\QVSabS` 

8SbOWZSR!O\OZgaWa!]T!W\Q][S!O\R!Sf^S\RWbc`S!T]`!bVS!gSO`!S\RSR!-+!8SQS[PS`!,*,-!Oa!`S_cW`SR!Pg!bVS! HDGE!,*+/ 

> ,, >\Q][S!T`][!]bVS`'!\]\!QVO`WbOPZS'!b`ORW\U!OQbWdWbWSa 

|7c``S\bgSO`<br>7c``S\bgSO`<br>J\`Sab`WQbSR<br>;c\Ra<br>GSab`WQbSR<br>;c\Ra<br>,*,-<br>,*,-<br>i<br>i<br>.52<br>.2-<br>4/1<br>*<br>15-<br>*<br>.2).3-<br>*<br>I]bOZT`][]bVS`OQbWdWbWSa<br>5-<br>+0'/.3<br>+/*<br>>\Q][ST`][]bVS`'\]\QVO`WbOPZS'b`ORW\UOQbWdWbWSa(E`W]`NSO`O\OZgaWa<br>J\`Sab`WQbSR<br>;c\Ra<br>GSab`WQbSR<br>;c\Ra<br>E`W]`NSO`<br>+/'01/<br>-+1<br>,- >\dSab[S\bW\Q][S<br>7c``S\bgSO`<br>7c``S\bgSO`<br>J\`Sab`WQbSR<br>;c\Ra<br>GSab`WQbSR<br>;c\Ra<br>,*,-<br>,*,-<br>i<br>i<br><Ub_CbhYfYghLYWY]jUV`Y<br>.)//1<br>*<br>I]bOZW\dSab[S\bW\Q][S<br>5.<br>+',,.<br>(<br>;``h\Y]bWcaY]bh\Ydf]cfmYUfkUgibfYghf]WhYX+<br>,. DbVS`W\Q][SO\RUOW\a<br>7c``S\bgSO`<br>7c``S\bgSO`<br>.XUUIQW\IEU<br>J\`Sab`WQbSR<br>;c\Ra<br>GSab`WQbSR<br>;c\Ra<br>,*,-<br>,*,-<br>i<br>i<br>*<br>/0<br>I]bOZ]bVS`W\Q][S<br>5/<br>(<br>,-<br>MibXfmch\Yf]bWcaY<br>CbWcaYZfcaZibXfU]g]b[UWh]j]h]Yg<br>CbWcaYZfcafYbhcZUbbYlVi]`X]b[<br>CbWcaYZfca`Yhh]b[UbX`]WYbg]b[cZ<br>dfcdYfhmZcfbcbW\Uf]hUV`YdifdcgYg<br>CbWcaYZfcaaU[Un]bYUXjYfh]g]b[|7c``S\bgSO`<br>7c``S\bgSO`<br>J\`Sab`WQbSR<br>;c\Ra<br>GSab`WQbSR<br>;c\Ra<br>,*,-<br>,*,-<br>i<br>i<br>.52<br>.2-<br>4/1<br>*<br>15-<br>*<br>.2).3-<br>*<br>I]bOZT`][]bVS`OQbWdWbWSa<br>5-<br>+0'/.3<br>+/*<br>>\Q][ST`][]bVS`'\]\QVO`WbOPZS'b`ORW\UOQbWdWbWSa(E`W]`NSO`O\OZgaWa<br>J\`Sab`WQbSR<br>;c\Ra<br>GSab`WQbSR<br>;c\Ra<br>E`W]`NSO`<br>+/'01/<br>-+1<br>,- >\dSab[S\bW\Q][S<br>7c``S\bgSO`<br>7c``S\bgSO`<br>J\`Sab`WQbSR<br>;c\Ra<br>GSab`WQbSR<br>;c\Ra<br>,*,-<br>,*,-<br>i<br>i<br><Ub_CbhYfYghLYWY]jUV`Y<br>.)//1<br>*<br>I]bOZW\dSab[S\bW\Q][S<br>5.<br>+',,.<br>(<br>;``h\Y]bWcaY]bh\Ydf]cfmYUfkUgibfYghf]WhYX+<br>,. DbVS`W\Q][SO\RUOW\a<br>7c``S\bgSO`<br>7c``S\bgSO`<br>.XUUIQW\IEU<br>J\`Sab`WQbSR<br>;c\Ra<br>GSab`WQbSR<br>;c\Ra<br>,*,-<br>,*,-<br>i<br>i<br>*<br>/0<br>I]bOZ]bVS`W\Q][S<br>5/<br>(<br>,-<br>MibXfmch\Yf]bWcaY<br>CbWcaYZfcaZibXfU]g]b[UWh]j]h]Yg<br>CbWcaYZfcafYbhcZUbbYlVi]`X]b[<br>CbWcaYZfca`Yhh]b[UbX`]WYbg]b[cZ<br>dfcdYfhmZcfbcbW\Uf]hUV`YdifdcgYg<br>CbWcaYZfcaaU[Un]bYUXjYfh]g]b[|7c``S\bgSO`<br>7c``S\bgSO`<br>J\`Sab`WQbSR<br>;c\Ra<br>GSab`WQbSR<br>;c\Ra<br>,*,-<br>,*,-<br>i<br>i<br>.52<br>.2-<br>4/1<br>*<br>15-<br>*<br>.2).3-<br>*<br>I]bOZT`][]bVS`OQbWdWbWSa<br>5-<br>+0'/.3<br>+/*<br>>\Q][ST`][]bVS`'\]\QVO`WbOPZS'b`ORW\UOQbWdWbWSa(E`W]`NSO`O\OZgaWa<br>J\`Sab`WQbSR<br>;c\Ra<br>GSab`WQbSR<br>;c\Ra<br>E`W]`NSO`<br>+/'01/<br>-+1<br>,- >\dSab[S\bW\Q][S<br>7c``S\bgSO`<br>7c``S\bgSO`<br>J\`Sab`WQbSR<br>;c\Ra<br>GSab`WQbSR<br>;c\Ra<br>,*,-<br>,*,-<br>i<br>i<br><Ub_CbhYfYghLYWY]jUV`Y<br>.)//1<br>*<br>I]bOZW\dSab[S\bW\Q][S<br>5.<br>+',,.<br>(<br>;``h\Y]bWcaY]bh\Ydf]cfmYUfkUgibfYghf]WhYX+<br>,. DbVS`W\Q][SO\RUOW\a<br>7c``S\bgSO`<br>7c``S\bgSO`<br>.XUUIQW\IEU<br>J\`Sab`WQbSR<br>;c\Ra<br>GSab`WQbSR<br>;c\Ra<br>,*,-<br>,*,-<br>i<br>i<br>*<br>/0<br>I]bOZ]bVS`W\Q][S<br>5/<br>(<br>,-<br>MibXfmch\Yf]bWcaY<br>CbWcaYZfcaZibXfU]g]b[UWh]j]h]Yg<br>CbWcaYZfcafYbhcZUbbYlVi]`X]b[<br>CbWcaYZfca`Yhh]b[UbX`]WYbg]b[cZ<br>dfcdYfhmZcfbcbW\Uf]hUV`YdifdcgYg<br>CbWcaYZfcaaU[Un]bYUXjYfh]g]b[|7c``S\bgSO`<br>I]bOZ;c\Ra<br>,*,-<br>i<br>--/<br>1,.<br>.2*<br>+/'+0*<br>+0'033<br>I]bOZ;c\Ra<br>+/'33,|E`W]`NSO`<br>I]bOZ;c\Ra<br>,*,,<br>i<br>0.4<br>414<br>15-<br>.1)115<br>+/'33,<br>E`W]`NSO`<br>I]bOZ;c\Ra<br>,*,,<br>i<br>13/<br>.0,<br>E`W]`NSO`<br>I]bOZ;c\Ra<br>,*,,<br>i<br>/0<br>,-|
|---|---|---|---|---|
||||||
||7c``S\bgSO`<br>J\`Sab`WQbSR<br>;c\Ra<br>,*,-<br>i<br>.)//1<br>+',,.<br>7c``S\bgSO`<br>J\`Sab`WQbSR<br>;c\Ra<br>,*,-<br>i<br>*<br>(|7c``S\bgSO`<br>GSab`WQbSR<br>;c\Ra<br>,*,-<br>i<br>*<br>(<br>7c``S\bgSO`<br>GSab`WQbSR<br>;c\Ra<br>,*,-<br>i<br>/0<br>,-|7c``S\bgSO`<br>I]bOZ;c\Ra<br>,*,-<br>i<br>+',,.<br>+',,.<br>7c``S\bgSO`<br>I]bOZ;c\Ra<br>,*,-<br>i<br>,-<br>,-||



00 



## IVS!EO`]QVWOZ!7Vc`QV!7]c\QWZ!]T!IVS!9QQZSaWOabWQOZ!EO`WaV!]T!=]Zg!I`W\Wbg'!=]`eWQV'!8W]QSaS! DT!BO\QVSabS` 

8SbOWZSR!O\OZgaWa!]T!W\Q][S!O\R!Sf^S\RWbc`S!T]`!bVS!gSO`!S\RSR!-+!8SQS[PS`!,*,-!Oa!`S_cW`SR!Pg!bVS! HDGE!,*+/ 

DbVS`!W\Q][S!O\R!UOW\a!(!E`W]`!gSO`!O\OZgaWa 

|;UMRUDIEU<br>I]bOZ]bVS`W\Q][S<br>5/<br>MibXfmch\Yf]bWcaY|E`W]`NSO`<br>J\`Sab`WQbSR<br>;c\Ra<br>,*,,<br>i<br>*<br>(|E`W]`NSO`<br>GSab`WQbSR<br>;c\Ra<br>,*,,<br>i<br>/0<br>,-|E`W]`NSO`<br>I]bOZ;c\Ra<br>,*,,<br>i<br>,-<br>,-|
|---|---|---|---|



> ,/ 9f^S\RWbc`S!]\!QVO`WbOPZS!OQbWdWbWSa!(!8W`SQb!a^S\RW\U 

|.XUUIQWDIEU<br>I]bOZRW`SQba^S\RW\U<br>6,O<br>;UMRUDIEU<br>I]bOZRW`SQba^S\RW\U<br>6,O<br>Ih\YfW\ifW\UWh]j]h]Yg<br>MYfj]WYWcghg<br>NfUjY`UbXMiVg]ghYbWY*=\Uf]hUV`Y<br>;Wh]j]h]Yg<br>MYfj]WYWcghg<br>NfUjY`UbXMiVg]ghYbWY*=\Uf]hUV`Y<br>;Wh]j]h]Yg<br>AfcggkU[YgUbXgU`Uf]Yg*W\Uf]hUV`Y<br>UWh]j]h]Yg<br>>YZ]bYXWcbhf]Vih]cbdYbg]cbWcghg*<br>W\Uf]hUV`YUWh]j]h]Yg<br>JUf]g\g\UfY<br>AfcggkU[YgUbXgU`Uf]Yg*W\Uf]hUV`Y<br>UWh]j]h]Yg<br>=`Yf[mYldYbgYgUbXfYWhcfmWcghg<br>>YZ]bYXWcbhf]Vih]cbdYbg]cbWcghg*<br>W\Uf]hUV`YUWh]j]h]Yg|7c``S\bgSO`<br>J\`Sab`WQbSR<br>;c\Ra<br>,*,-<br>i<br>*<br>*<br>4-<br>/-)---<br>.)133<br>*<br>/)//5<br>,-'10.<br>E`W]`NSO`<br>J\`Sab`WQbSR<br>;c\Ra<br>,*,,<br>i<br>*<br>*<br>*<br>/)015<br>/*',.*|7c``S\bgSO`<br>GSab`WQbSR<br>;c\Ra<br>,*,-<br>i<br>1)5-/<br>0.4<br>./0<br>*<br>/44<br>*<br>.)---<br>0'/+3<br>E`W]`NSO`<br>GSab`WQbSR<br>;c\Ra<br>,*,,<br>i<br>.1)23/<br>4-.<br>64.<br>.)0--<br>+1'/-.|7c``S\bgSO`<br>I]bOZ;c\Ra<br>,*,-<br>i<br>.'2*,<br>-+1<br>+3-<br>,*'***<br>+'1.-<br>(<br>-',,2<br>-*',2-<br>E`W]`NSO`<br>I]bOZ;c\Ra<br>,*,,<br>i<br>+.'/0,<br>1*+<br>31+<br>-'0.2<br>01'11.|E`W]`NSO`<br>I]bOZ;c\Ra<br>,*,,<br>i<br>+.'/0,<br>1*+<br>31+<br>.*'***<br>.',*3<br>-'02-<br>-'0.2<br>01'11.|
|---|---|---|---|---|



01 



## IVS!EO`]QVWOZ!7Vc`QV!7]c\QWZ!]T!IVS!9QQZSaWOabWQOZ!EO`WaV!]T!=]Zg!I`W\Wbg'!=]`eWQV'!8W]QSaS! DT!BO\QVSabS` 

8SbOWZSR!O\OZgaWa!]T!W\Q][S!O\R!Sf^S\RWbc`S!T]`!bVS!gSO`!S\RSR!-+!8SQS[PS`!,*,-!Oa!`S_cW`SR!Pg!bVS! HDGE!,*+/ 

,0 9f^S\RWbc`S!]\!QVO`WbOPZS!OQbWdWbWSa(!<`O\b!Tc\RW\U!]T!OQbWdWbWSa 

|.XUUIQWDIEU<br>I]bOZU`O\b[OYW\UQ]aba<br>6,Q<br>.XUUIQWDIEU<br>=\f]gh]Ub?Wc`c[m<br><fYUgh=UbWYfOE<br><`YU_\c`h;b]aU`MUbWhiUfm<br>;Wh]cbZcf=\]`XfYb<br>GWG]``Ub=UbWYfMiddcfh<br>=\ifW\YgNc[Yh\Yf<br>N\Y=\f]gh]YHBM@cibXUh]cbNfigh<br>Ai]XY>c[g<br><f]h]g\BYUfh@cibXUh]cb<br>=\]`XfYbgBYUfh@YXYfUh]cb<br>N\YMUaUf]hUbg<br>GUf]Y=if]Y<br>;`XYfBYm<br>G]gWUff]U[Y;ggcW]Uh]cb<br>GH>;ggcW]Uh]cb<br>OfVUbIihfYUW\<br>=\f]ghaUg>]bbYfcbDYgig<br>HUa]V]U@ccXMiddcfh<br>HUa]V]U<]_YQcf_g\cd<br>@f]YbXgcZHUa]V]U<br>AfUbhgaUXYhccf[Ub]gUh]cbg<br>6`SOYR]e\]T<`O\ba[ORSb]]`UO\WaObW]\a|7c``S\bgSO`<br>J\`Sab`WQbSR<br>;c\Ra<br>,*,-<br>i<br>.)516<br>+'2.3<br>7c``S\bgSO`<br>J\`Sab`WQbSR<br>;c\Ra<br>,*,-<br>i<br>1-<br>1-<br>/-<br>/2-<br>.--<br>2-<br>.-2<br>/0<br>42<br>/-<br>042<br>5-<br>/2<br>.25<br>55<br>02-<br>2-<br>+'2.3|7c``S\bgSO`<br>GSab`WQbSR<br>;c\Ra<br>,*,-<br>i<br>4)131<br>1'.0.<br>7c``S\bgSO`<br>GSab`WQbSR<br>;c\Ra<br>,*,-<br>i<br>*<br>*<br>*<br>*<br>*<br>*<br>*<br>*<br>*<br>*<br>*<br>*<br>*<br>*<br>*<br>*<br>*<br>4)..6<br>0.2<br>0-<br>1'.0.|7c``S\bgSO`<br>E`W]`NSO`<br>I]bOZ;c\Ra<br>I]bOZ;c\Ra<br>,*,-<br>,*,,<br>i<br>i<br>3'-+-<br>.'3,/<br>3'-+-<br>.'3,/<br>7c``S\bgSO`<br>I]bOZ;c\Ra<br>,*,-<br>i<br>1-<br>1-<br>/-<br>/2-<br>.--<br>2-<br>.-2<br>/0<br>42<br>/-<br>042<br>5-<br>/2<br>.25<br>55<br>02-<br>2-<br>4)..6<br>0.2<br>0-<br>3'-+-|
|---|---|---|---|



;``!h\Y!YldYbX]hifY!]b!h\Y!df]cf!mYUf!kUg!ibfYghf]WhYX+ 

02 



## IVS!EO`]QVWOZ!7Vc`QV!7]c\QWZ!]T!IVS!9QQZSaWOabWQOZ!EO`WaV!]T!=]Zg!I`W\Wbg'!=]`eWQV'!8W]QSaS! DT!BO\QVSabS` 

8SbOWZSR!O\OZgaWa!]T!W\Q][S!O\R!Sf^S\RWbc`S!T]`!bVS!gSO`!S\RSR!-+!8SQS[PS`!,*,-!Oa!`S_cW`SR!Pg!bVS! HDGE!,*+/ 

|;UMRUDIEU<br>I]bOZU`O\b[OYW\UQ]aba<br>6,Q<br>;``h\YYldYbX]hifY]bh\Ydf]cfmYUfkUgibfYghf]WhYX+<br>6`SOYR]e\]T<`O\ba[ORSb]]`UO\WaObW]\a<br>;UMRUDIEU<br>=UbWYffYgYUfW\<br><c`hcbBcgd]WY<br>JfcghUhY=UbWYfOE<br><]g\cdgcfX]bUh]cbZibX<br>LYUW\HQ<br>;`n\Y]aYf%gMcW]Yhm<br>H][\h]b[U`YBcigYBcgd]WY<br>GWG]``UbHifgYg<br>M;H>M<br>Ncaam%g<br><f]h]g\BYUfh@cibXUh]cb<br>HUa]V]U@ccX<br><c`hcbLcmU`Bcgd]hU`*HYcbUhU`Ob]h<br>AfUbhgaUXYhccf[Ub]gUh]cbg|E`W]`NSO`<br>J\`Sab`WQbSR<br>;c\Ra<br>,*,,<br>i<br>/)///<br>,',,,<br>E`W]`NSO`<br>J\`Sab`WQbSR<br>;c\Ra<br>,*,,<br>i<br>66<br>2-<br>.44<br>..-<br>.1<br>2-<br>/-<br>04<br>00<br>.1-<br>01-<br>.--<br>*<br>*<br>,',,,|E`W]`NSO`<br>GSab`WQbSR<br>;c\Ra<br>,*,,<br>i<br>/)4-0<br>,'1*-<br>E`W]`NSO`<br>GSab`WQbSR<br>;c\Ra<br>,*,,<br>i<br>*<br>*<br>*<br>*<br>*<br>*<br>*<br>*<br>*<br>*<br>*<br>*<br>/)4-0<br>*<br>,'1*-|E`W]`NSO`<br>I]bOZ;c\Ra<br>,*,,<br>i<br>.'3,/<br>.'3,/<br>E`W]`NSO`<br>I]bOZ;c\Ra<br>,*,,<br>i<br>66<br>2-<br>.44<br>..-<br>.1<br>2-<br>/-<br>04<br>00<br>.1-<br>01-<br>.--<br>/)4-0<br>*<br>.'3,/|
|---|---|---|---|



03 



## IVS!EO`]QVWOZ!7Vc`QV!7]c\QWZ!]T!IVS!9QQZSaWOabWQOZ!EO`WaV!]T!=]Zg!I`W\Wbg'!=]`eWQV'!8W]QSaS! DT!BO\QVSabS` 

8SbOWZSR!O\OZgaWa!]T!W\Q][S!O\R!Sf^S\RWbc`S!T]`!bVS!gSO`!S\RSR!-+!8SQS[PS`!,*,-!Oa!`S_cW`SR!Pg!bVS! HDGE!,*+/ 

|,1<br>7c``S\bgSO`<br>7c``S\bgSO`<br>.XUUIQWDIEU<br>J\`Sab`WQbSR<br>;c\Ra<br>GSab`WQbSR<br>;c\Ra<br>,*,-<br>,*,-<br>i<br>i<br>0PSOR\IIGRVWVQRWMQGOXHIHMQHMUIGWGRVWV<br>22.<br>0--<br>;UIPMVIV0[SIQVIV<br>41-<br>*<br>1)./6<br>*<br>.3)623<br>*<br>3)--4<br>*<br>..)0/0<br>0)..2<br>.)152<br>*<br>4)/64<br>*<br>,HPMQMVWUEWMYIRYIULIEHV<br>1/1<br>*<br>.).5.<br>*<br>351<br>*<br>1MQEQGMEOGRVWV<br>554<br>*<br>Hc^^]`bQ]abaPST]`S`SOZZ]QObW]\<br>/+'00.<br>-'.+/<br>I]bOZac^^]`bQ]aba(7c``S\bNSO`<br>/+'00.<br>-'.+/<br>N\YVUg]gcZU``cWUh]cbcZWcghgVYhkYYbUWh]j]h]Yg]gXYgWf]VYXibXYfUWWcibh]b[dc`]W]Yg<br>7c``S\bgSO`<br>7c``S\bgSO`<br>;UMRUDIEU<br>J\`Sab`WQbSR<br>;c\Ra<br>GSab`WQbSR<br>;c\Ra<br>,*,-<br>,*,-<br>i<br>i<br>0PSOR\IIGRVWVQRWMQGOXHIHMQHMUIGWGRVWV<br>NfU]b]b[UbXkY`ZUfY*ghUZZ<br>*<br>.42<br>;UIPMVIV0[SIQVIV<br>.4)4.3<br>1)02.<br>/*'/03<br>.'/,0<br>/*'/03<br>.'/,0<br>N\YVUg]gcZU``cWUh]cbcZWcghgVYhkYYbUWh]j]h]Yg]gXYgWf]VYXibXYfUWWcibh]b[dc`]W]Yg<br>CbZcfaUh]cbUbXdiV`]WUh]cbg<br>>YdfYW]Uh]cb$;acfh]gUh]cb]bhchU`Zcf<br>JfYa]gYgfYdU]fg)fYbYkU`gUbX<br>aU]bhYbUbWY<br>NY`Yd\cbY)ZUlUbX]bhYfbYh<br>NfU]b]b[UbXkY`ZUfY*ghUZZ<br>Hc^^]`bQ]abaT]`QVO`WbOPZSOQbWdWbWSa<br>=`YUb]b[UbXkUghYaUbU[YaYbh<br>Ih\YfJfYa]gYg=cghg<br>F]WYbWYZYYgdUmUV`Y<br>JfcdYfhm]bgifUbWY<br>F][\h)\YUhUbXdckYf<br>JfYa]gYgfYdU]fg)fYbYkU`gUbX<br>aU]bhYbUbWY<br>>XSSRUWGRVWVFIJRUIUIEOORGEWMRQ<br>LUhYgUbXkUhYfW\Uf[Yg<br>I]bOZac^^]`bQ]aba(E`W]`NSO`<br>?ei]daYbh)fYdU]fg)YldYbgYgUbXaU]bhYbUbWY|7c``S\bgSO`<br>I]bOZ;c\Ra<br>,*,-<br>i<br>2/+<br>1.*<br>.'+,3<br>+0'3/0<br>0'**1<br>+.'.-2<br>+'.2/<br>1',31<br>.,.<br>+'+2+<br>02.<br>221<br>//'*13<br>//'*13<br>E`W]`NSO`<br>I]bOZ;c\Ra<br>,*,,<br>i<br>+1/<br>,,'*01<br>//'*3/<br>//'*3/|E`W]`NSO`<br>I]bOZ;c\Ra<br>,*,,<br>i<br>+1/<br>012<br>(<br>3'.12<br>+/'-/3<br>,,'*01<br>(<br>0'./+<br>(<br>(<br>(<br>221<br>//'*3/<br>//'*3/<br>(<br>(<br>(|
|---|---|---|



04 



## IVS!EO`]QVWOZ!7Vc`QV!7]c\QWZ!]T!IVS!9QQZSaWOabWQOZ!EO`WaV!]T!=]Zg!I`W\Wbg'!=]`eWQV'!8W]QSaS! DT!BO\QVSabS` 

8SbOWZSR!O\OZgaWa!]T!W\Q][S!O\R!Sf^S\RWbc`S!T]`!bVS!gSO`!S\RSR!-+!8SQS[PS`!,*,-!Oa!`S_cW`SR!Pg!bVS! HDGE!,*+/ 

,2 DbVS`!9f^S\RWbc`S!(!<]dS`\O\QS!Q]aba 

|.XUUIQWDIEU<br>CbXYdYbXYbh?lUa]bYf%gZYYg<br>;Xa]b]ghfUh]jYWcghg<br>I]bOZ<]dS`\O\QSQ]aba<br>;UMRUDIEU<br>I]bOZ<]dS`\O\QSQ]aba<br>,3 I]bOZ7VO`WbOPZSSf^S\RWbc`S<br>.XUUIQWDIEU<br>NchU`X]fYWhgdYbX]b[<br>6,O<br>NchU`[fUbhaU_]b[Wcghg<br>6,Q<br>NchU`giddcfhWcghg<br>6,R<br>NchU`AcjYfbUbWYWcghg<br>6,S<br>I]bOZQVO`WbOPZSSf^S\RWbc`S<br>6,<br>;UMRUDIEU<br>NchU`X]fYWhgdYbX]b[<br>6,O<br>NchU`[fUbhaU_]b[Wcghg<br>6,Q<br>NchU`giddcfhWcghg<br>6,R<br>NchU`AcjYfbUbWYWcghg<br>6,S<br>I]bOZQVO`WbOPZSSf^S\RWbc`S<br>6,<br>;Xa]b]ghfUh]jYWcghg|7c``S\bgSO`<br>J\`Sab`WQbSR<br>;c\Ra<br>,*,-<br>i<br>.)/3-<br>110<br>+'1*-<br>E`W]`NSO`<br>J\`Sab`WQbSR<br>;c\Ra<br>,*,,<br>i<br>2/2<br>+'./*<br>7c``S\bgSO`<br>J\`Sab`WQbSR<br>;c\Ra<br>,*,-<br>i<br>/0)431<br>.)516<br>2.)331<br>.)4-0<br>12'32*<br>E`W]`NSO`<br>J\`Sab`WQbSR<br>;c\Ra<br>,*,,<br>i<br>2-)/1-<br>/)///<br>2-)236<br>.)12-<br>+*.'.2+|7c``S\bgSO`<br>GSab`WQbSR<br>;c\Ra<br>,*,-<br>i<br>*<br>4/<br>1,<br>E`W]`NSO`<br>GSab`WQbSR<br>;c\Ra<br>,*,,<br>i<br>061<br>-3.<br>7c``S\bgSO`<br>GSab`WQbSR<br>;c\Ra<br>,*,-<br>i<br>3)2.6<br>4)131<br>0)1.2<br>4/<br>+1'.1*<br>E`W]`NSO`<br>GSab`WQbSR<br>;c\Ra<br>,*,,<br>i<br>.4)201<br>/)4-0<br>1)2/3<br>061<br>,/'+/1|7c``S\bgSO`<br>I]bOZ;c\Ra<br>,*,-<br>i<br>+',0*<br>/+/<br>+'11/<br>E`W]`NSO`<br>I]bOZ;c\Ra<br>,*,,<br>i<br>3+3<br>+'2..<br>7c``S\bgSO`<br>I]bOZ;c\Ra<br>,*,-<br>i<br>-*',2-<br>3'-+-<br>//'*13<br>+'11/<br>30'./*<br>E`W]`NSO`<br>I]bOZ;c\Ra<br>,*,,<br>i<br>01'11.<br>.'3,/<br>//'*3/<br>+'2..<br>+,3'0-2|E`W]`NSO`<br>I]bOZ;c\Ra<br>,*,,<br>i<br>3,/<br>3+3<br>+'2..<br>E`W]`NSO`<br>I]bOZ;c\Ra<br>,*,,<br>i<br>01'11.<br>.'3,/<br>//'*3/<br>+'2..<br>+,3'0-2|
|---|---|---|---|---|



05 



## IVS!EO`]QVWOZ!7Vc`QV!7]c\QWZ!]T!IVS!9QQZSaWOabWQOZ!EO`WaV!]T!=]Zg!I`W\Wbg'!=]`eWQV'!8W]QSaS! DT!BO\QVSabS` 

8SbOWZSR!O\OZgaWa!]T!W\Q][S!O\R!Sf^S\RWbc`S!T]`!bVS!gSO`!S\RSR!-+!8SQS[PS`!,*,-!Oa!`S_cW`SR!Pg!bVS! HDGE!,*+/ 

- -* 9f^S\RWbc`S!]\!`OWaW\U!Tc\Ra!O\R!Q]aba!]T!W\dSab[S\b![O\OUS[S\b 

|.XUUIQWDIEU<br>=cghcZZibXfU]g]b[UWh]j]h]Yg<br>I]bOZTc\R`OWaW\UQ]aba<br>6+<br>;UMRUDIEU<br>=cghcZZibXfU]g]b[UWh]j]h]Yg<br>I]bOZTc\R`OWaW\UQ]aba<br>6+|7c``S\bgSO`<br>J\`Sab`WQbSR<br>;c\Ra<br>,*,-<br>i<br>123<br>./0<br>E`W]`NSO`<br>J\`Sab`WQbSR<br>;c\Ra<br>,*,,<br>i<br>1.5<br>.+2|7c``S\bgSO`<br>GSab`WQbSR<br>;c\Ra<br>,*,-<br>i<br>/12<br>,./<br>E`W]`NSO`<br>GSab`WQbSR<br>;c\Ra<br>,*,,<br>i<br>//<br>,,|7c``S\bgSO`<br>E`W]`NSO`<br>I]bOZ;c\Ra<br>I]bOZ;c\Ra<br>,*,-<br>,*,,<br>i<br>i<br>1*+<br>..*<br>1*+<br>..*<br>E`W]`NSO`<br>I]bOZ;c\Ra<br>,*,,<br>i<br>..*<br>..*|
|---|---|---|---|



06 

